/raid1/www/Hosts/bankrupt/TCREUR_Public/140428.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, April 28, 2014, Vol. 15, No. 82
Headlines
B U L G A R I A
BDZ: Creditors May Sell Most Valuable Assets
C Y P R U S
CYPRUS: Fitch Affirms 'B-' Issuer Default Rating, Outlook Stable
C Z E C H R E P U B L I C
LESS & TIMBER: Declared Bankrupt by Prague Court
F R A N C E
CERBA EUROPEAN: S&P Affirms 'B+' Corp. Credit Rating
G R E E C E
INTRALOT SA: Fitch Affirms B+ Issuer Default Rating, Outlook Neg
NAT'L BANK OF GREECE: S&P Affirms 'CCC/C' Ratings; Outlook Neg
PUBLIC POWER: S&P Assigns 'B' Rating to EUR500MM Unsecured Notes
I R E L A N D
CONNAUGHT TELEGRAPH: In Voluntary Liquidation; Seeks Buyers
EATON VANCE VII: S&P Lowers Ratings on 2 Note Classes to 'B-'
SETANTA INSURANCE: European Commission to Investigate Collapse
TOM HAYES: Unsecured Creditors Unlikely to Recover Money
I T A L Y
GTECH SPA: S&P Raises Subordinated Debt Rating to 'BB+'
N E T H E R L A N D S
CONSTELLIUM: Moody's Hikes Corporate Family Rating to 'Ba3'
CONSTELLIUM NV: S&P Raises CCR to 'BB-'; Outlook Stable
HIGHLANDER EURO II: Moody's Affirms Ba1 Rating on Class D Notes
INTERXION HOLDING: S&P Affirms 'B+' CCR; Outlook Positive
JUBILEE CDO VIII: S&P Raises Rating on Class E Notes to 'B+'
R U S S I A
KARELIA: Fitch Affirms 'BB-' Long-Term IDRs; Outlook Negative
KOMI REPUBLIC: Fitch Affirms 'BB+' LT IDRs; Outlook Negative
TAMBOV REGION: Fitch Affirms 'BB+' LT Issuer Default Ratings
S W I T Z E R L A N D
NORD ANGLIA: 1H 2014 Results No Impact on Moody's 'B1' Rating
U N I T E D K I N G D O M
BANK OF SCOTLAND: Swap Agreement No Impact on Moody's D+ Rating
DORCHESTER CARE: 2 Care Homes Go Into Administration
GEORGE BULLER: In Administration, Business Closes
GHERKIN: In Administration, Tenants Future Uncertain
STACEY CONSTRUCTION: In Administration, Cuts 60 Jobs
WINDERMERE XI: Fitch Cuts Rating on GBP12MM Cl. C Notes to 'Dsf'
X X X X X X X X
* BOND PRICING: For the Week April 21 to 25, 2014
*********
===============
B U L G A R I A
===============
BDZ: Creditors May Sell Most Valuable Assets
--------------------------------------------
Novinite.com reports that creditors of Bulgaria's State Railways
(BDZ) will most likely sell of the company's most valuable
assets.
According to Novinite.com, Danail Papazov, Bulgaria's transport
minister, said that the large creditors -- the banks BNP Paribas,
Societe Generale, KFW, Dexia, Depfa and First Investment Bank --
will have a meeting in the beginning of May, at which will decide
to sell off the 25 diesel Desiro trains and more than 3000
freight cars.
Mr. Papazov, as cited by Novinite.com, said that this would not
bankrupt BDZ.
The company owes its creditors BGN620 million, Novinite.com
discloses. The negotiations with them are hard, as they want a
meeting with Prime Minister Plamen Oresharski and a state
guarantee covering the debts, Novinite.com notes.
Mr. Papazov said the hardest negotiations were with the German
FMS Wertmanagement who froze BDZ's bank accounts in March because
of a default on EUR11 million debt, Novinite.com relates.
BDZ is a Bulgarian railway holding company.
===========
C Y P R U S
===========
CYPRUS: Fitch Affirms 'B-' Issuer Default Rating, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Cyprus's Long-term
foreign currency Issuer Default Rating (IDR) to Stable from
Negative and affirmed the IDR at 'B-'. The agency has also
upgraded the Long-term local currency IDR to 'B-' from 'CCC'.
Other ratings have been affirmed with Short-term foreign-currency
IDR at 'B' and Country Ceiling at 'B'. The issue ratings on
Cyprus's senior unsecured foreign-law bonds have been affirmed at
'B-' and the issue ratings on unsecured local-law bonds have been
upgraded to 'B-' from 'CCC'.
Key Rating Drivers
The revision of the Outlook and the upgrade reflect the following
key rating drivers and their relative weights:
High:
Reform implementation under the EU-IMF program continues to
progress, supporting policy coherence and credibility. In
particular, wages and prices are adjusting downwards in contrast
to previous episodes of recession. Driven by spending cuts in
the public sector, compensation per employee fell 6% yoy in 2013.
In the private sector compensation per employee fell by 5.3%.
Fitch expects the government to continue to adhere to program
parameters, following parliamentary approval on privatization
plans despite initial resistance from some political parties.
Fiscal targets have been exceeded by a significant margin. The
general government deficit to GDP (GGD) ratio was contained at
5.4% in 2013, below the projected 7.8% under the second Troika
review of the program and Fitch's previous forecast of 6.7%. The
outcome reflects a large fiscal correction and a less severe-
than-expected recession. Tight expenditure control contributed
significantly to the favorable outcome. Fitch has revised its
fiscal deficit projections to 5% of GDP in 2014 and 4.6% in 2015,
from 7.5% and 6.9%, previously.
The economy has proven to be more resilient than previously
expected. GDP contracted 5.4% in 2013, compared with the
forecast 7.7% contraction under the second Troika review and
Fitch's previous forecast of 7% decline. Tourism and
professional services (excluding banking) have shown some
resilience. Households have also been using their savings to
smooth their consumption. Fitch has revised its GDP projections
for 2014 to a contraction of 3.9%, from a 5.1% decline
previously.
The risk of a repeat of Cyprus restructuring its domestic law
bonds, which occurred in 2013, has reduced, resulting in the
Long-term domestic and foreign currency IDRs being equalized.
This equalization is supported by the improved fiscal and
economic performance relative to Fitch's previous expectations,
leading to stronger financing buffers within the program.
Medium:
Cyprus's external debt position has improved compared with
Fitch's previous forecast, in part due to favorable revisions to
previous official data. The improvement also reflects positive
trends in capital flows, including a significantly narrower
current account deficit.
Cyprus's 'B-' Long term foreign currency and local currency IDR
ratings also reflect the following key rating drivers:
There are still significant risks to creditworthiness posed by
Cyprus's continued deep economic and financial adjustment, which
is still in its early stages.
The restructuring of the banking sector has also undermined the
potential growth of the economy and unemployment will remain
elevated in the near term. The stock of NPLs (as per Central
Bank of Cyprus's new definition) on average reached 42% of gross
loans at end-December 2013, and in some banks, was above 50%.
The quality of assets may deteriorate further in the next
quarters, albeit potentially at a slower pace. Banks have taken
steps to enhance their internal arrears and restructuring
processes and now face the challenge of limiting any additional
credit deterioration and recovering NPLs without affecting their
recently restored capital positions.
Public debt, at around 112% of GDP in 2013, was almost three
times higher than the 'B' median of 42% and has yet to peak.
There is little further fiscal scope to absorb any additional
domestic or external shocks.
Risks to program implementation have eased on recent performance
but remain elevated. Medium-term fiscal targets, in particular,
are ambitious. Official projections show a 3.3pp improvement in
general government primary balance in 2016 to a surplus of 1.2%
of GDP which could prove difficult to achieve. A significant
portion of the consolidation also remains outside the program
period which ends in 1Q16.
Cyprus's financing requirements rise significantly after the end
of the program period, which could be challenging for the
government. According to projections by the IMF gross financing
needs, including for buffers, will rise to EUR3.6 billion in 2017
from EUR1.7 billion in 2016, with maturing medium- to long- term
debt increasing to EUR2.7bn from EUR0.6 billion. This includes
the EUR1.8bn domestic law bond held by Bank of Cyprus, which can
be rolled over annually until 2017.
The process of lifting capital controls carries risks, and a
premature exit could trigger material capital flight with
negative economic consequences.
Rating Sensitivities
Future developments that may, individually or collectively, lead
to a negative rating action include:
-- Significant slippage from program targets, in particular
fiscal deficits, or adverse changes to public debt dynamics,
for example, caused by a deeper-than-expected recession or
political shocks
-- A recession that is materially deeper or longer than assumed
by Fitch which would have adverse consequences for public
debt dynamics
-- Re-intensification of the banking crisis in Cyprus, for
example, capital flight from banks if capital controls are
lifted prematurely
Future developments that may, individually or collectively, lead
to a positive rating action include:
-- A longer track record of successful implementation of the EU-
IMF program
-- Signs of a stabilization in economic output and the banking
sector
-- Improvements in export performance that help facilitate the
rebalancing of the economy
-- Lifting of capital controls with no material negative
economic consequences. A removal of capital controls would
also lead to an upgrade of the Country Ceiling.
Key Assumptions
Fitch expects the recession to be deeper and the downturn to last
longer than assumed under the EU/IMF program. The agency expects
output to contract by around 3.9% in 2015 and 1% in 2016 and not
return to growth until 2017. This compares with the Troika
program forecast for the economy to grow from 2015.
Fitch assumes moderate slippage from Troika fiscal targets in the
medium term, especially in 2016 when the primary balance is
expected under the program to improve significantly. The
official program targets a primary balance surplus of 4% of GDP
by 2018 from a deficit of 2% in 2013. It is likely that the
fiscal adjustment will need to be greater to achieve the
ambitious long- term targets for the primary balance, especially
as downside risks to growth remain high.
Fitch's debt dynamics projections assume the government concludes
the asset swap of a portion of the outstanding government debt
held by Cyprus Central Bank (EUR1 billion), generates proceeds
from privatization (of at least EUR1 billion within the program
period and EUR0.4 billion outside) and dividends from the central
bank (EUR0.4 billion).
Public debt has improved slightly from the previous rating
review. Fitch expects gross general government debt (GGGD) to
peak at 126% of GDP in 2016 (compared with over 131% in the
previous review) and to gradually decline to 117% by 2020. The
improvement is due to better growth projections and smaller
fiscal deficit forecasts in the near term.
Fitch currently assumes that the fiscal costs of bank
recapitalization will not exceed the EUR2.5 billion specified
under the Troika program, which includes a contingency buffer of
EUR1 billion.
Fitch assumes that there will be no material escalation in
developments between Russia and Ukraine that would lead to a
significant external shock to the Cypriot economy. Tourism from
Russia has been rising and Russians account for a sizeable share
of foreign deposits in banks. Our projections also do not include
the impact on growth of potential future gas reserves off the
southern shores of Cyprus, the benefits from which are several
years into the future, although now less speculative. A second
test drill is planned for autumn. Similarly while talks to
resolve the Cyprus issue has resumed after a two-year break we do
not expect a solution any time soon.
Fitch assumes Cyprus and the euro zone as a whole will avoid
long-lasting deflation, such as that experienced by Japan from
the 1990s. However, given the nominal adjustment underway in
Cyprus, downward price pressures will be significant over the
medium term. This will hinder the balance-sheet adjustment of the
public and private sectors.
Fitch assumes the gradual progress in deepening fiscal and
financial integration at the euro zone level will continue; key
macroeconomic imbalances within the currency union will be slowly
unwound; and euro zone governments will tighten fiscal policy
over the medium term. It also assumes that the risk of
fragmentation of the euro zone remains low.
===========================
C Z E C H R E P U B L I C
===========================
LESS & TIMBER: Declared Bankrupt by Prague Court
------------------------------------------------
CTK reports that the Regional Court in Prague on April 23 sent
into bankruptcy Less & Timber as banks have not accepted the
company's proposed reorganization plan.
According to CTK, the court decision does not necessarily have to
have an impact on employment because secured creditors and the
insolvency administrator are interested in the company's further
operations.
"People should not theoretically even notice it," Jan Micanek,
the company's owner, as cited by CTK, said about potential impact
on some 300 employees.
Less & Timber is a Czech domestic wood processing company.
===========
F R A N C E
===========
CERBA EUROPEAN: S&P Affirms 'B+' Corp. Credit Rating
----------------------------------------------------
Standard & Poor's Rating Services said that it affirmed its 'B+'
long-term corporate credit rating on France-based clinical
laboratory operator Cerba European Lab SAS (Cerba). The outlook
is stable.
At the same time, S&P affirmed its 'B+' issue rating on Cerba's
EUR445 million senior secured notes, including the proposed
increase of EUR80 million, due 2020. The recovery rating on the
notes is '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.
The affirmation reflects S&P's view that Cerba's plan to issue an
additional EUR80 million of senior secured notes to finance its
mergers and acquisitions strategy is in line with its growth
strategy, and will not lead its debt protection metrics to
deteriorate beyond the levels S&P assumes under its base case.
"We derive our 'B+' rating on Cerba from our anchor of 'b', which
in turn is based on our "fair" business risk and "highly
leveraged" financial risk profile assessments for the company.
We adjust the anchor upward by one notch to account for our
positive view of Cerba under our comparable rating analysis,
whereby we review an issuer's credit characteristics in
aggregate," S&P added.
S&P's positive comparable rating analysis primarily reflects
Cerba's strong cash generation and interest coverage, supported
by S&P's calculation of funds from operations (FFO) to cash
interest comfortably in excess of 2x. It further reflects S&P's
view of Cerba's business risk profile as firmly within the "fair"
category, reflecting that the company is steadily improving its
EBITDA margin.
"We assess the industry in which Cerba operates as posing an
intermediate level of risk, reflecting long-term sustainable
growth in the low-single digits thanks to increasing volumes,
partly offset by negative price trends. The health care segment
of most European countries is subject to strict regulations, with
increasing price pressures. As the clinical laboratory market is
not materially different in this respect, Cerba is likely to face
the task of adapting its cost structures to lower reimbursement
rates," S&P noted.
S&P views positively Cerba's position as a leading operator of
clinical laboratory testing services in France, Belgium, and
Luxembourg, countries that S&P views as posing a low level of
risk.
S&P views Cerba's revenue diversification and its growing size as
an advantage in the fragmented, highly regulated, and price-
competitive environment. This enables the company to exploit
cost advantages through common procurement and overhead
optimization. These benefits are reflected in comparatively high
operating margins. S&P estimates that Cerba's EBITDA margins
will remain in the low- to mid-twenties, which compares favorably
with the margins of the company's larger international peers.
Cerba's business risk profile is further supported by what S&P
views as favorable underlying trends and the characteristics of
the clinical laboratory services industry. Chief among these
characteristics is the atomistic supply-and-demand structure,
involving a multitude of individual orders and transactions with
no dependence on one large customer or contracts. As customers
are mainly individual patients undergoing diagnostic tests,
payment risk is virtually nonexistent since most bills are
settled by public and private health insurance or hospitals. In
addition, factors such as aging populations, increasingly
unhealthy lifestyles that are accompanied by prevalent diseases
such as diabetes and cancer, and the increasing demand for
precise diagnostics and early detection will in our view continue
to drive volumes.
These strengths are partially offset, in S&P's opinion, by
Cerba's still-relatively-modest size, with annual revenues of
about EUR352 million in 2013. This compares with the value of
the French clinical laboratories diagnostic services market of
about EUR7.3 billion.
Cerba's market share is still somewhat low in the routine segment
of the French clinical laboratories diagnostic services market.
Furthermore, it will take time to expand this share
significantly, given the small size of the company's
acquisitions.
At the same time, S&P considers Cerba's acquisitive business
model as the main weakness of its business risk profile. In
addition, the clinical laboratories diagnostic services industry
lacks barriers to entry, and Cerba's business model is
susceptible to market entry by much larger players. This creates
risks of margin erosion or escalating purchase prices of takeover
targets, and could lead to greater competition.
Furthermore, as European governments seek to meet budgetary
constraints, the clinical laboratory segment is becoming subject
to stricter regulation and increasing pricing pressure. As such,
Cerba is likely to be confronted with the challenge of adapting
its cost structures to the more regulated and subsequently more
expensive operating environment, and to lower selling prices.
While a consolidator such as Cerba is, in S&P's view, in a better
position to absorb pricing pressure than smaller laboratories,
increasing exposure to regulatory actions is highly likely.
Apart from price regulation, S&P believes a further challenge
could come from limits on reimbursement for diagnostic tests.
This could mean greater out-of-pocket contributions from patients
and consequently a lower demand for standard tests.
S&P anticipates continued strong double-digit sales growth in
2013 and 2014, owing to management's planned pace of
acquisitions. Without external growth, S&P believes that Cerba's
underlying revenue growth will be in the low-single digits. S&P
believes that the company's operating margins will continue to
improve slightly on a pro forma basis, assuming a swift
integration of acquired units.
S&P foresees that the laboratory industry in France will continue
to consolidate in the coming years and that Cerba will play an
active role in the process. S&P therefore includes in its base
case estimates of about EUR200 million-EUR300 million of
discretionary spending on acquisitions over the next three years.
Cerba is tapping the bond market to raise an additional EUR80
million of notes on top of the EUR365 million of notes it raised
in 2013, to finance its mergers and acquisitions strategy. S&P
estimates that Cerba's Standard & Poor's-adjusted debt-to-EBITDA
ratio will be about 9x over the next three years, in line with
S&P's "highly leveraged" financial risk profile assessment.
S&P's estimate includes financial debt of EUR507 million and
about EUR441 million in the form of preference shares,
convertible bonds, and other debt-like instruments such as
shareholder loans.
Although S&P views these latter instruments as debt-like, it
recognizes their cash-preserving function. Excluding these debt-
like instruments, Cerba's leverage would be about 4.8x over the
next three years. Due to Cerba's long-dated debt maturity
profile and acquisitive strategy, any future improvement in
leverage is likely to result from higher profitability rather
than from any reduction in debt.
Assuming that Cerba's acquisitions are profit-accreting from the
start, S&P estimates that the company should be able to maintain
adjusted FFO cash interest coverage above 2x over the next three
years (averaging about 2.5x), which S&P views as supportive of
the rating. S&P estimates that Cerba will achieve adjusted
EBITDA of about EUR100 million-EUR135 million by 2016, supported
by positive free operating cash flow (FOCF).
S&P's base-case estimates for Cerba assume:
-- GDP growth of 0.7% in 2014 and 1.4% in 2015 in France; and
1.1% in 2014 and 1.5% in 2015 in Belgium.
-- A limited correlation between these rates and Cerba's
revenue growth.
-- This is because the company's revenue performance is driven
by tariffs set by the state and insurers, and S&P uses GDP
as an indication of the state's willingness to pay.
-- Price cuts in Belgium and small price increases in France.
-- Continuing efficiency improvements. The centralization of
Cerba's laboratories drives margin stability, which S&P
estimates will remain about 23%.
-- An increase in capex of EUR24 million in 2014, and of about
EUR20 million in 2015 and 2016, to fund a new laboratory
being built in Luxembourg, plus capacity increases.
-- Acquisition spending of EUR134 million in 2014, as spending
planned for 2013 is carried over, and EUR70 million per
year thereafter.
-- Only small dividends of about EUR3 million per year to
minority shareholders.
Based on these assumptions, S&P arrives at the following credit
measures:
-- An adjusted debt-to-EBITDA ratio of about 9x.
-- Adjusted FFO-cash-interest coverage of about 2.5x.
The stable outlook reflects S&P's view that over the next 12-18
months, Cerba will sustain positive underlying revenue growth of
at least low-single digits, while successfully integrating new
acquisitions and at least maintaining its operating performance.
This is despite the potentially negative effects of European
public spending cuts on health care. S&P views adjusted FFO cash
interest coverage of well above 2x at all times as commensurate
with the 'B+' rating.
Downside scenario
S&P could take a negative rating action if Cerba's adjusted
EBITDA interest coverage drops to less than 2x. This would most
likely occur if operating margins deteriorate due to Cerba's
inability to profitably integrate newly acquired operations.
Upside scenario
A positive rating movement is unlikely over the next two years,
due to Cerba's already high adjusted leverage. However, S&P
would likely take a positive rating action if the company
sustains adjusted debt to EBITDA of less than 5x.
===========
G R E E C E
===========
INTRALOT SA: Fitch Affirms B+ Issuer Default Rating, Outlook Neg
----------------------------------------------------------------
Fitch Ratings has affirmed Intralot SA's Long-Term Issuer Default
Rating (IDR) at 'B+' and revised the Outlook to Negative from
Stable.
Fitch has also affirmed the EUR325 million 9.75% Eurobond due in
August 2018, issued by the company's wholly-owned entity Intralot
Finance Luxembourg S.A. at 'BB-'and assigned Intralot's wholly-
owned entity Intralot Capital Luxembourg SA's planned bond issue
of EUR200 million an expected senior unsecured rating of 'BB-
'(EXP)'/RR3'.
The final ratings for these bonds are contingent upon receipt of
final documentation conforming to information already received by
Fitch.
The new EUR200 million 2021 senior unsecured (S/U) bond issue
will repay around EUR147 million of revolving credit facility
(RCF) drawings and local loan debt, while EUR50 million will be
used as a cash buffer. The precise use of this EUR50 million new
cash has not been earmarked but can be used for capex, working
capital or acquisition purposes. Fitch estimates that there
could be a material negative carry back from low-earning large
cash deposits in 2014, which could adversely affect credit
metrics, notably fixed charge coverage (FCC) and funds from
operations (FFO) gross and net leverage. The EUR200 million S/U
bond will maintain gross leverage between 4.5x and 5.0x in 2014,
although net leverage will remain between 3.2x and 3.5x in 2014
and 2015. Fitch is focusing on the gross leverage ratio, as we
have limited visibility regarding the excess cash available for
debt service and this justifies the Negative Outlook.
Key Rating Drivers
Senior Unsecured Ranking
The planned EUR200 million 2021 bond will be issued by Intralot
Capital Luxembourg S.A., a Luxembourg-based financial vehicle
wholly owned by Intralot through Intralot Global Securities B.V.
ranking as a senior unsecured obligation pari passu with its bank
debt. It benefits from guarantees from Intralot SA and Intralot
Global Securities BV and by the main operating subsidiaries of
Intralot Global Securities B.V. These guarantors will account for
approximately 65% of group assets and EBITDA.
Bond Notched Up from IDR
Fitch considers that expected recoveries upon default would be
maximised in a going-concern scenario rather than in liquidation
given the asset-light nature of Intralot's business. Fitch has
applied a discount of 30% to Intralot's FY13 consolidated EUR192m
EBITDA to reflect downside risks as well as the material minority
interests in some of its subsidiaries and a 4x distressed
multiple to derive a distressed enterprise value of EUR537
million. Taking into account the new debt structure including the
EUR150m RCF as fully drawn, we assess the recovery rate for the
senior notes in the 51%-70% range ('RR3') leading to a one-notch
uplift to the senior unsecured rating from the IDR of 'B+'.
Adequate Post-Issuance Liquidity
Intralot will use the bond proceeds to repay around EUR147
million of RCF and local loan debt, while around EUR50 million
will be used as a cash buffer. Together with around EUR146
million of existing cash, Intralot should have sufficient
liquidity to repay the remaining EUR80 million term loan due in
December 2014, should the term loan facility and the current RCF
EUR150 million facility not be refinanced. Intralot is also
working to improve its liquidity by refinancing the existing
EUR150 million RCF facility and EUR80 million term loan, which
both mature in December 2014. Fitch understands that subject to
documentation the company has received over EUR200 million of
commitments from their bank group for the refinancing of these
credit facilities.
The ratings are premised on the successful issuance of the
prospective notes, so that sufficient liquidity is available to
repay the RCF and term loan debt maturing in December 2014.
Fitch would expect Intralot to raise at least EUR100 million to
retain sufficient liquidity.
Solid Operations, Higher Leverage
Leverage at end-2013 was higher than Fitch forecast due to higher
interest costs, working capital requirements and tax paid. Fitch
expects gross leverage to stay between 4.5x and 5.0x in 2014.
Should Intralot make a profit accretive acquisition and/or repay
debt, leverage could reduce back to a level commensurate with the
'B+' guideline.
Low Free Cash Flow
Free cash flow (FCF) should remain positive in 2014 due to a
significant reduction of capex, but will be held back by
increased working capital requirements and increased taxation in
line with the expansion of the business. A factor of cash flow
absorption is linked to the significant proportion of EBITDA that
does not belong to Intralot (although fully consolidated), linked
to joint ventures. This resulted in approximately EUR17 million
of annual minority dividend distributions in 2013, which reduced
FFO and ultimately FCF in 2013.
Solid Track Record
The 'B+' IDR reflects its established track record of winning and
retaining high profile gaming contracts, steady EBITDA growth
from its licensed operations division and a well- diversified
contract portfolio. The ratings are however held back by the low
credit quality of some of the countries in which the company
operates, the important role and dividends paid to minorities,
rising tax paid and the increasing working capital requirements
of this expanding business.
Limited Linkage with Greece
Intralot generates only 5% of its revenues and less than 10% of
its EBITDA in Greece. While its management and a major
proportion of its software developers and machine designers are
based in Greece, overall Greece-based employees only account for
15% of the total. As of YE13 less than 10% of group cash was
lodged in Greece or Cyprus.
Rating Sensitivities
Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:
-- Positive EBITDA growth derived from stronger return on
capital on existing and future contracts with limited capex
outlays.
-- FFO-based net lease adjusted leverage reducing sustainably
below 3.0x (FFO gross lease adjusted leverage below 4.0x),
with cash deposited predominantly in investment grade-rated
counterparties.
-- FFO fixed charge cover above 4.0x, unaided by favorable
interest carry.
-- Evidence of sustained positive FCF generation.
Future developments that may, individually or collectively, lead
to a stabilization of the rating Outlook include:
-- Positive EBITDA growth derived from stronger return on
capital on existing and future contracts with limited capex
outlays.
-- FFO-based net lease adjusted leverage reducing sustainably
below 3.5x (FFO gross lease adjusted leverage below 4.5x),
with cash deposited predominantly in investment grade-rated
counterparties.
-- FFO fixed charge cover around 3.0x, unaided by favorable
interest carry.
-- Evidence of sustained positive FCF generation.
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
-- Evidence that new contracts or renewals are occurring at
materially less favorable conditions for Intralot, such as
lower margins, large upfront concession fees or capex
outlays.
-- FFO-based net lease adjusted leverage sustainably above 4.0x
(FFO gross lease adjusted leverage above 5.0x).
-- FFO fixed charge cover below 2.0x.
-- Material reduction in liquidity without a commensurate
reduction in gross leverage
NAT'L BANK OF GREECE: S&P Affirms 'CCC/C' Ratings; Outlook Neg
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC/C' long- and short-term counterparty credit ratings on
Greece-based National Bank of Greece S.A. (NBG). The outlook
remains negative.
The rating action follows NBG's announcement that it intends to
raise up to EUR2.5 billion in new capital, mainly to address the
capital needs identified by the Bank of Greece. The final
decision on the capital increase, including the final amount,
will be decided in an extraordinary meeting that will take place
on May 10, 2014. The bank also stated that it will go ahead with
the asset sales already committed with the European Commission as
part of its restructuring plan.
The affirmation reflects S&P's opinion that NBG will continue to
benefit from capital support from the Hellenic Financial
Stability Fund (HFSF), as well as liquidity support from the
European Central Bank (ECB).
In S&P's opinion, the EUR2.5 billion capital increase would not
provide a sufficient cushion against the impact on the bank's
solvency of the large credit losses S&P expects the bank to
experience over the next two years. S&P also generally do not
factor into the ratings plans to raise capital through asset
sales until it has certainty about their size and likely
realization.
As a result, S&P anticipates that NBG will need additional
capital to meet the minimum regulatory ratio that is required for
the bank to operate, which S&P defines as Basel III fully loaded
core Tier 1, of 8% as of year-end 2015. That said, S&P believes
that NBG's capital shortfall is significantly lower than that of
the other Greek banks, and that the residual shortfall that would
remain if the EUR2.5 billion capital increase was successful
would be limited. In S&P's view, the HFSF will remain willing
and able to provide enough capital support to NBG to restore the
bank's minimum regulatory capital ratio in case NBG was not able
to cover its capital deficit, and S&P therefore expects NBG's
projected risk-adjusted capital ratio to remain sustainably above
3% in 2015. S&P therefore continues to incorporate one notch of
uplift for short-term support into its long-term rating on NBG to
reflect the potential for this capital support.
S&P anticipates continued erosion of NBG's capital because of the
high credit losses it expects from its large stock of
nonperforming assets (NPAs), as well as the high volume of what
S&P views as vulnerable restructured loans that the bank has not
classified as nonperforming. NBG accumulated these loans during
the prolonged and intense economic downturn in Greece.
S&P anticipates that NBG will continue to experience material
asset quality deterioration in 2014 and 2015 as inflows of new
NPAs remain sizable. This will lead to substantial additional
credit losses, in S&P's view. S&P believes that NBG will likely
face less severe credit losses than its peers, mainly as its
business mix is more skewed toward residential mortgages and
because of its geographical diversification. However, S&P
estimates credit losses will exceed NBG's projected operating
profits in 2014 and 2015.
S&P views of the bank's future capital requirements also takes
into account the bank's weak capital quality, which reflects the
large amount of deferred tax assets the bank has accumulated in
the past three years.
The negative outlook reflects the possibility that S&P could
downgrade NBG over the next 18-24 months if S&P believed it was
going to default on its obligations because of insufficient
capital or liquidity support.
S&P could lower the ratings on NBG if its access to the EU's
extraordinary liquidity support mechanisms, including the
emergency lending assistance discount facility at the ECB, and to
the ECB itself, were impaired for any reason. This support
currently underpins the bank's capacity to meet its financing
requirements.
S&P could also lower the ratings if it believed that the bank was
going to default on its obligations as a result of any
developments associated with an impairment in its solvency.
S&P could revise the outlook to stable if economic conditions in
Greece considerably improved and pressure on NBG's fragile asset
quality and financial profile eased, or if substantial additional
external support materialized.
PUBLIC POWER: S&P Assigns 'B' Rating to EUR500MM Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said assigned its 'B' issue
rating to PPC Finance Plc's proposed EUR500 million senior
unsecured notes due 2017/2019 and guaranteed by Greek utility
Public Power Corp. S.A. (PPC; B/Stable/--).
S&P understands that PPC will use approximately half the proceeds
of the proposed notes for a partial prepayment of the EUR2.2
billion five-year syndicated loan it recently contracted with a
consortium of Greek banks. The remaining net proceeds will be
used to fund capital expenditures and for general corporate
purposes.
The notes are subject to financial covenants, including a
limitation on debt incurrence if PPC's interest coverage ratio
(EBITDA to net interest expense) is less than 2.0x. Restrictions
on shareholder distributions apply if leverage exceeds 3.25x
EBITDA. Some restrictions on the use of proceeds from asset
sales also apply, including the disposal of the transmission grid
expected in 2014 and the spin-off of 30% of the company's
generation and supply franchise planned in 2015.
=============
I R E L A N D
=============
CONNAUGHT TELEGRAPH: In Voluntary Liquidation; Seeks Buyers
-----------------------------------------------------------
Laura Slattery at The Irish Times reports that Connaught
Telegraph has gone into voluntary liquidation.
According to The Irish Times, the newspaper has been operating
under a temporary license by Celtic Media Group. It will
continue to be published, the report notes.
The newspaper's proprietor, Dr. John Connolly, and the Connolly
family have ended their long ties with the newspaper after it ran
into trading difficulties, The Irish Times relates.
Sean McNamara, a business restructuring and recovery specialist,
of the Dublin-based firm Smith & Williamson, has been appointed
as liquidator to the company, The Irish Times discloses.
The liquidator was expected to place advertisements in national
newspapers from Sunday, April 27, seeking expressions of interest
from buyers, The Irish Times states.
Connaught Telegraph is a weekly Castlebar-based newspaper, which
was founded in 1828 as the Mayo Telegraph.
EATON VANCE VII: S&P Lowers Ratings on 2 Note Classes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in Eaton Vance CDO VII PLC.
Specifically, S&P has:
-- Raised its ratings on the class B-1 and B-2 notes;
-- Lowered its ratings on the class E-1 and E-2 notes; and
-- Affirmed its ratings on the class A-1, A-2, C-1, C-2, D-1,
D-2, and VFN notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated
March 13, 2014 and the application of its relevant criteria.
Since the end of the reinvestment period in June 2013, the class
A and VFN notes has partially amortized. The most junior notes
(the class E notes) have also amortized. Since June 2011, 20% of
all remaining interest proceeds after payments of senior expenses
and interest on the notes are used to amortize the class E notes.
Due to the deleveraging of the class VFN, A, and E notes, the
available credit enhancement for these classes of notes has
increased. However, due to further defaults since our April 10,
2012 review, the available credit enhancement for the remaining
capital structure has decreased.
The portfolio is well diversified, in our view, with more than
280 obligors, with an average exposure of 0.36%. S&P has
observed that the portfolio's credit quality has improved since
its 2012 review. The weighted-average rating of the portfolio is
now 'BBB' (from 'BBB-' as of our 2012 review). The percentage of
'CCC' rated assets (debt obligations of obligors rated 'CCC+',
'CCC', or 'CCC-') in the portfolio has decreased to 1.25% from
2.48% since S&P's 2012 review (as a percentage of performing
assets). With the portfolio's improved credit quality, the
scenario default rates (SDRs) are lower than in S&P's previous
review.
The SDRs represent the stressed level of cumulative asset
defaults commensurate, in S&P's view, with economic stresses
assumed at different rating levels. The SDRs at a given rating
level will increase or decrease with changes in the underlying
collateral characteristics of the portfolio, including changes in
obligor ratings and maturity composition, issuer, industry, and
country concentrations.
Defaulted assets in the underlying portfolio have increased since
S&P's 2012 review--to 1.33% from 1.18% of the portfolio
(excluding cash). All classes of notes are passing their
overcollateralization tests, as they were at S&P's previous
review.
Eaton Vance CDO VII has a dual-currency liability structure. The
term notes and the variable funding notes fund both the euro-
denominated assets and the U.S. dollar-denominated assets to
create a natural hedge. To address the risk arising from
defaults on euro- and U.S. dollar-denominated assets, the issuer
entered into option swaps at closing with Citibank N.A. As the
downgrade provisions in the options agreement do not comply with
S&P's current counterparty criteria, the maximum rating that the
counterparty can support is no higher than one notch above the
long-term rating on the counterparty. For rating scenarios above
this level, our cash flow analysis has to show that the available
credit enhancement for the notes is sufficient to withstand
losses, if the counterparty fails to perform and the transaction
is exposed to foreign currency risk. S&P's cash flow analysis
indicates that its ratings on the class A, B, and VFN notes would
not be affected by the nonperformance of the option provider.
The portfolio's reported weighted-average spread on euro-
denominated assets has increased to 3.75% from 3.50% since S&P's
2012 review. The weighted-average spread on U.S. dollar-
denominated assets has decreased to 3.25% from 3.47% over the
same period. Based on the trustee report data, we have observed
that approximately 60% of the assets are U.S. dollar-denominated
and the rest are euro-denominated.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level. The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still fully pay interest and repay principal to
the noteholders. S&P used the portfolio balance that it
considers to be performing, the reported weighted-average spread,
and the weighted-average recovery rates calculated in accordance
with S&P's 2009 corporate collateralized debt obligation (CDO)
criteria. S&P applied various cash flow stress scenarios using
its standard default patterns and timings for each rating
category assumed for each class of notes, combined with different
interest stress scenarios as outlined in S&P's criteria.
S&P also applied high and low correlation and lower recovery
sensitivity tests to the notes at each rating level. In addition
to S&P's cash flow analysis, it also performed its supplemental
tests, which are intended to address both event risk and model
risk. These tests assess whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a predefined recovery
rate.
S&P's ratings on the class A, B, and VFN notes address the timely
payment of interest and ultimate payment of principal. S&P's
ratings on the class C to E notes address the ultimate payment of
principal and interest.
S&P's cash flow analysis indicates that the available credit
enhancement for the class A, C, D, and VFN notes is commensurate
with their current ratings. S&P has therefore affirmed its
ratings on these classes of notes.
According to S&P's analysis, the available credit enhancement for
the class B notes can support higher ratings than previously
assigned. S&P has therefore raised to 'AA (sf)' from 'AA- (sf)'
its ratings on the class B-1 and B-2 notes.
Due to increased available credit enhancement, S&P's cash flow
tests indicate that the class E notes can support higher ratings
than 'B+'. However, the supplemental test results suggest lower
ratings than previously assigned. S&P has therefore lowered to
'B- (sf)' from 'B+ (sf)' its ratings on the class E-1 and E-2
notes.
Eaton Vance CDO VII is a cash flow CDO transaction that
securitizes a portfolio of senior secured leveraged loans,
second-lien loans, collateralized loan obligations (CLOs), and
mezzanine loans. The transaction closed in April 2006 and Eaton
Vance Management is the manager.
RATINGS LIST
Class Rating
To From
Eaton Vance CDO VII PLC
EUR260 Million, US$174 Million Secured Floating-Rate Deferrable
Notes
Ratings Raised
B-1 AA (sf) AA- (sf)
B-2 AA (sf) AA- (sf)
Ratings Lowered
E-1 B- (sf) B+ (sf)
E-2 B- (sf) B+ (sf)
Ratings Affirmed
A-1 AA+ (sf)
A-2 AA+ (sf)
C-1 A (sf)
C-2 A (sf)
D-1 BBB- (sf)
D-2 BBB- (sf)
VFN AA+ (sf)
SETANTA INSURANCE: European Commission to Investigate Collapse
--------------------------------------------------------------
Charlie Weston at Independent.ie reports that the European
Commission will conduct a probe into the collapse of Setanta
Insurance.
According to Independent.ie, EU Commissioner for Internal Markets
Michel Barnier confirmed that his office is to investigate the
closure.
The decision to liquidate the insurer has meant 75,000 drivers
have no cover and has left a huge question mark over how claims
will be paid, Independent.ie notes.
In a statement, Setanta, as cited by Independent.ie, said it was
not in a position to confirm that any insurance claims would be
met.
And even though the insurer is not regulated here, any claims
that Setanta cannot pay will have to be met by compensation funds
set up by the State, Independent.ie notes.
The insurer only operated in Ireland, but was licensed in Malta
and regulated by the Maltese Financial Services Authority,
Independent.ie says.
The insurer had been winding down its business in Ireland since
the start of the year, when it had 100,000 policyholders,
according to Independent.ie.
Setanta Insurance, a subsidiary of Malta-based Setanta Insurance,
was established in 2007 and was authorized to write business in
Ireland by the Malta Financial Services Authority on a freedom of
services basis.
TOM HAYES: Unsecured Creditors Unlikely to Recover Money
--------------------------------------------------------
Gordon Deegan at Irish Examiner reports that the liquidator to
Tom Hayes Ltd. said on Thursday that it is "a little bit
unlikely" that unsecured creditors owed over EUR2.7 million will
see any of their monies.
Partner at BDO Ireland Brian McEnery -- bmcenery@bdo.ie -- was on
Thursday commenting on the progress of the liquidation of the
Killaloe firm, which collapsed in January 2011, Irish Examiner
relates.
Mr. McEnery, as cited by Irish Examiner, said that he was "happy"
with how the liquidation process is progressing, adding it will
probably take another 12 months.
According to Irish Examiner, Mr. McEnery said that it is a
"little bit unlikely" and "a stretch" that the unsecured
creditors will receive any of their monies, with Mr. McEnery's
most recent statement to the Companies Office showing that
preferential creditors -- who must be paid before any unsecured
creditors -- are owed EUR627,596.
In his review of the Statement of Affairs by the firm,
Mr. McEnery said that at the date of liquidation, the company had
negative net assets of EUR2.8 million rather than the EUR1.65
million advised by the directors, Irish Examiner relays.
Tom Hayes Ltd. has been involved in a number of high profile
building contracts, including work on the University of Limerick,
Limerick Institute of Technology, and a number of church projects
including work at Knock shrine. The company was founded in 1955
and is based in Killaloe, Co Clare.
=========
I T A L Y
=========
GTECH SPA: S&P Raises Subordinated Debt Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Italy-based lottery operator and gaming technology
provider GTECH S.p.A. to 'BBB' from 'BBB-', and raised its short-
term rating to 'A-2' from 'A-3'. The outlook is stable
At the same time, S&P raised its issue-level ratings on the
company's senior unsecured debt to 'BBB' from 'BBB-', and its
issue-level rating on the company's subordinated debt to 'BB+'
from 'BB'.
The upgrade reflects S&P's expectation that over the long run,
credit measures will remain in line with an "intermediate"
financial risk profile, and particularly adjusted leverage will
remain under 3x. While leverage was 2.5x at Dec. 31, 2013, and
S&P forecasts low-single-digit percent EBITDA growth in 2014, it
believes that in a scenario of meaningful investment spending
(including large upfront lottery concession payments for new or
renewed contracts), leverage may spike above 3x. A temporary
spike in leverage above 3x would likely not move the rating, if
S&P believed the new or renewed contracts strengthened or
preserved GTECH's business risk profile and would generate
sufficient returns for the company, and if S&P foresaw
improvement in leverage below 3x over the near term.
S&P's 'BBB' rating on GTECH reflects its assessment of its
business risk profile as "satisfactory" and its financial risk
profile as "intermediate."
"Our assessment of GTECH's business risk profile as
"satisfactory" reflects the company's leading market share in
several jurisdictions, as well as high switching costs among
lottery operators, which has led to GTECH's entrenched position
with several lottery authorities throughout the world. As of
December 2013, GTECH serviced 25 of the 44 online lotteries in
the U.S., is the sole concessionaire of the Italian lotto, has
over 40% market share in the Canadian video lottery terminal
(VLT) market, and has the leading position in the Italian VLT,
amusement with prize (AWP), and interactive gaming markets," S&P
said.
"While we view the lottery segment as somewhat mature
(particularly in the U.S.) and highly competitive, we believe
that over time, demand will continue to grow in line with GDP
growth. Our assessment also reflects our belief that the
stability of the company's recurring revenue streams (largely
from long-term contracts with various jurisdictions for lottery
systems) provides some offset to the potential volatility in
product sales (although product sales represent less than 10% of
GTECH's total revenue). GTECH also benefits from above average
EBITDA margins (in the mid-30% area, based on our forecast) and
high barriers to entry in the industry. We believe that the
capital intensive nature of the lottery and gaming industry, and
the company's geographic concentration in Italy (57% of revenue
from Italy in 2013), which we are forecasting to grow at a slower
pace than that of the eurozone, pose risks to GTECH's business
risk profile," S&P added.
"Our assessment of GTECH's financial risk profile as
"intermediate" reflects our expectation that, over the long run,
adjusted leverage will remain under 3x, and EBITDA coverage of
interest expense will remain in the high-6x area. In a scenario
where GTECH commits to meaningful lottery concession payments for
new contracts or contract renewals and leverage temporarily
spiked above 3x, we likely would not lower the rating if we
believed the contracts would generate sufficient returns for the
company and we expected leverage to improve to below 3x over the
near term. Our measure of debt is adjusted for operating leases
and pensions. Our measure of EBITDA is adjusted for operating
leases, pensions, one-time charges, and distributions to minority
interests. In March 2014, GTECH acquired from UniCredit its
12.5% stake in the Italian Gratta e Vinci (Scratch & Win)
licensee LotterieNazionaliS.r.l., thereby increasing GTECH's
interest in Gratta e Vinci to 64% from 51.5% and reducing
payments made to minority interests beginning in 2014," S&P
noted.
=====================
N E T H E R L A N D S
=====================
CONSTELLIUM: Moody's Hikes Corporate Family Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has upgraded Constellium's corporate
family rating (CFR) to Ba3 from B1 and its probability of default
rating (PDR) to Ba3-PD from B1-PD. At the same time, Moody's
assigned a (P)Ba3 rating to the company's proposed EUR590 million
equivalent, dual currency senior unsecured notes maturing
April 2021 for the Euro tranche, and April 2024 for the US Dollar
tranche. The outlook remains stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the notes. A definitive rating may
differ from a provisional rating.
The company plans to use the proceeds from the issuance of the
new notes to repay the existing term loan B (approximately EUR333
million outstanding), pay transaction fees and call premium and
leave ca. EUR239 million on the balance sheet to strengthen the
liquidity position of the Group.
Ratings Rationale
The upgrade of Constellium's corporate family rating (CFR) to Ba3
considers the positive trend in the company's operating
performance in 2013 despite a weak economic environment,
primarily driven by strong aerospace demand, recovery in the
automotive sector volumes (also driven by a substitution effect
from steel for lighter vehicles) and operational improvements,
notably in the US. The proposed refinancing on the company's
capital structure and liquidity position also strengthens the Ba3
rating positioning of the company. The rating also positively
reflects Constellium's strong market position in Europe for many
of its market segments; high visibility for sales in the medium-
term owing to long-term contracts for the majority of its
revenues; and the stability of the consumer-based can sheet and
rigid packaging parts of its business, which represents
approximately one third of the revenues. The company's operating
performance improved significantly in 2013, with EBITDA rising to
about EUR245 million for the year (EBITDA has been adjusted for
Moody's standard adjustments). Despite the higher debt brought
about by the company's refinancing, leverage on a pro forma Total
Debt/EBITDA basis remains moderate at ca.4.3x, even when
including approximately EUR310 million of underfunded pension
obligations. Moody's also notes that at closing, Constellium cash
balance will be of ca. EUR466 million which results in an Moody's
adjusted Net Debt / EBITDA of 2.4x.
The ratings are nevertheless constrained by Constellium's
reliance on cyclical end markets such as automotive, aerospace,
industrial manufacturing and construction, its high capital
expenditure and interest costs, which limit free cash flow (FCF)
generation. Furthermore, Moody's notes that FCF will be
negatively impacted in 2015 by the amount of capex which will
materially increase following the decision of the company to
expand its production capacity of body in white products in
Europe and in the US (albeit through a JV in the US) to meet the
increased demand. Capacity expansion is also programmed in the
aerospace segment, particularly to expand the top of the range
'Airware' product. Finally, despite positive earnings gains
realised in 2013 compared with 2012, Constellium's EBIT margin
remains low at ca.6%.
Moody's expects that Constellium will be able to benefit from an
improvement in its end markets and from the favorable demand
trends for its aerospace (new contracts signed with a major
manufacturer), automotive and packaging products. Aerospace looks
set to grow at a healthy pace as scheduled airplane build rates
rise, reflecting an increase in air passenger miles and the need
to replace old fleets with lighter more fuel efficient planes. In
addition, the company should continue to rely on its leading
market position in the European aluminium beverage can market,
which is also expected to grow as fewer steel cans are used.
Overall, Moody's expects that Constellium will be able to improve
its profitability by leveraging on a better product mix from
increased penetration in the added value aerospace segment and
expected increase in demand for body in white from the automotive
industry.
The (P)Ba3 rating on the senior unsecured notes is in line with
the CFR though the notes are by nature subordinated to the
factoring (with recourse) and ABL credit facilities in place.
Moody's also notes that the new EUR120 million revolver will rank
pari passu to the unsecured notes in right of payment in an
enforcement scenario. Both the notes and the RCF will be
guaranteed on a senior unsecured basis by some of Constellium's
material subsidiaries.
Pro forma for the refinancing transaction, Moody's believes that
Constellium's liquidity will be solid and sufficient to cover its
operational requirements and debt service, with no amortization
and no debt maturity before 2021. However, due to the high level
of interest, Moody's expects that the company's free cash flow
for 2014 will be moderate. Furthermore, in light of the
anticipated high level of development capex in 2015, Moody's
expects that the company's FCF will turn negative for the year,
before getting positive again in 2016. Pro forma of the
transaction, Constellium's liquidity will consist of ca. EUR472
million of cash, the fully-undrawn EUR120 million RCF, which has
two Financial Covenant based on maximum net leverage ratio and
minimum coverage ratio (albeit only when the RCF is drawn for
more than 30%), and the factoring lines in Europe and ABL
facility in the US, which give the company the necessary
flexibility to manage its working capital swings.
The stable outlook reflects the company's strong European market
share, good visibility among its largest end markets, adequate
liquidity stemming from its factoring, ABL facilities and
overfunding resulting in a cash position of EUR472 million post
refinancing, and the stability of its packaging business. It also
reflects that the gross leverage is anticipated to reduce in 2014
compared to the pro-forma level at YE 2013 to well below 4.0x.
What Could Change The Ratings UP
The indicators for a potential upgrade are: 1) an expectation of
consistently positive operating cash flow as measured by CFO-
Dividend/Debt of ca.23% throughout the high capex spend program;
2) an improvement in the company's EBIT margins at a level
sustainably of 7% or higher and 3) Moody's adjusted leverage
under 3.0x.
What Could Change The Ratings DOWN
The ratings could be lowered if 1) free cash flow remains
negative once the capex program has ended; 2) the company is not
able to maintain its profitability at current level; and 3)
Moody's adjusted leverage exceeds 4.0x EBITDA.
The principal methodology used in this rating was the Global
Steel Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.
Constellium produces approximately 1 million tonnes per year of
fabricated aluminium products and has operations in Europe, North
America and Asia. It sells to the packaging, automotive and
transportation, aerospace, general industrial and construction
industries. Following last year successful IPO the company is
based in The Netherlands and the shareholding is devised between
Fonds Strategique d'Investissement (12%), the management (4.0%)
and free float (84%). For the full year 2013 the company reported
shipments of 1,025 ktons, which translated into sales of EUR3.5
billion.
CONSTELLIUM NV: S&P Raises CCR to 'BB-'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Rating Services raised its long-term corporate
credit rating on downstream aluminum producer Constellium N.V. to
'BB-' from 'B'. The outlook is stable.
At the same time, S&P assigned its 'BB-' issue ratings to the
proposed EUR590 million senior unsecured notes (provisionally
split in two tranches of EUR300 million and US$400 million). The
recovery rating on these notes is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.
Also, S&P raised the rating on the company's EUR350 million
senior secured term loan to 'BB-' from 'B'. The recovery rating
on this loan remains unchanged at '4'.
The upgrade of Constellium reflects S&P's view of the following:
-- Constellium's improved operational performance on the back
of cost savings in recent years;
-- The company's positive product-mix shift;
-- Its well-balanced end markets with high resilience in can
packaging, and a strong contract backlog and healthy demand
from the aerospace and automotive industries; and
-- Its improved capital structure following its successful IPO
in 2013 and the exit of private equity owner Apollo.
"We have revised our view of Constellium's business risk profile
to "fair" from "weak." This reflects its improved profitability
and operating efficiency, with continued benefit of cost savings
realized in 2010-2012 and ongoing efficiency measures that aim to
offset cost inflation. As a result, the EBITDA margin improved
to about 8% in 2013, more than the 5%-7% range we needed to see
to consider an upgrade. Our assessment of Constellium's business
risk profile also reflects the company's focus on more
specialized products, including Airware and other proprietary
aerospace alloys, where Constellium will invest EUR70 million.
In addition, in the past year, Constellium has reduced its
exposure to lower-margin construction-destined aluminum products.
This has supported the increase in the average EBITDA per metric
ton at the group level to about EUR270 per ton in 2013 and we
forecast it will continue to improve in 2014," S&P said.
"We also regard Constellium's end-market exposure as more
diversified than that of its peers Kaiser Aluminum Corp. and
Aleris International Inc., with balanced EBITDA generated from
various uncorrelated industry cycles. Both its aerospace and
automotive structures segments (respectively, 43% and 21% of
company reported EBITDA in 2013) benefit from multiyear contract
backlogs and positive substitution trends globally for high-
quality, low-weight aluminum specialties," S&P added.
"In our view, growth prospects for the aeronautics segment should
improve, thanks to two new major long-term contracts and
increased market shares with Airbus Group and Boeing Co. for
aluminum supply. The automotive rolled products segment should
also experience growth -- owing to six years of production
visibility at end-2013, according to the company's reports --
where Constellium intends to spend about EUR300 million to expand
capacities in Europe and the U.S. Furthermore, the packaging
segment (38% of reported EBITDA) diversifies the company's
developments, in our view, despite lower margins, because the
share of aluminum can in packaging in Europe is still growing (in
contrast to the U.S. market)," S&P noted.
Nevertheless, Constellium invoices 70% of its sales from Europe,
and this concentration, although expected to decrease, leaves the
company more exposed to Europe than its peers. If market demand
in the auto or aerospace industries is lighter than expected, in
S&P's view, there will be some remaining execution risks related
to its significant investments. These markets still depict a
degree of cyclicality: Constellium's contract backlog represents
contracted volumes on the basis of fixed market shares and at
secured prices, but remains subject to the actual airplane and
car production volumes of its customers. The company limits the
risks of its exposure to relatively volatile aluminum prices (of
which a portion is sourced from the secondary recycled aluminum
market) through pass-through clauses and the use of derivatives.
S&P continues to view Constellium's financial risk profile as
"aggressive." S&P takes into account the refinancing of the
EUR350 million existing gross debt through the issue of EUR590
million senior unsecured notes. The remaining proceeds will stay
on the balance sheet as additional liquidity against
Constellium's upcoming increased capital expenditures. S&P views
Constellium's adjusted net debt estimated at EUR750 million at
end-2014 as relatively high, notably because we include a
material EUR430 million adjustment for pensions and
postretirement deficits. S&P also treats EUR100 million of cash
as not immediately available for debt repayment and therefore do
not net this amount from debt.
"According to our base-case scenario, we arrive at an adjusted
ratio of funds from operations (FFO) to debt of about 25% at end-
2014. Nevertheless, we anticipate that this ratio could reduce
to 20% in 2015-2016, given the expected rise in debt on the back
of negative free cash flow. This takes into account that
Constellium's operating cash flows of EUR190 million annually
will not cover high expansion capital expenditures of EUR200
million-EUR300 million each year in 2014-2015, according to our
estimates," S&P said.
Additionally, although S&P has excluded potential acquisitions
from its base case, S&P believes the possibility of potential
acquisitions should be acknowledged in light of the very high
cash balances likely after the transaction (about EUR470
million). Nevertheless, S&P understands that management is
committed to keeping high cash balances, which it will partly use
to cover projected negative free cash flow. It will also use it
as a cushion against cyclicality of the business, important
intraseasonal working capital outflows, and now lesser cash
margin swings under derivatives.
Under S&P's base case, it assumes:
-- Low- to mid-single-digit sales growth over 2014-2015,
reflecting its diversified end-market base and the
contribution of signed contracts. S&P should also see more
impact of its large projects from 2016 onward.
-- Slightly improving EBITDA to EUR270 million-EUR280 million
from 2014 onward, reflecting widening margins, the
company's product mix focus, and the benefits of realized
restructuring, versus 2013 EBITDA of EUR250 million, which
S&P understands from management was negatively affected by
price lags.
-- Hefty capital expenditures of EUR200 million in 2014,
peaking at more than EUR300 million in 2015, of which S&P
understands EUR120 million-EUR140 million comprises
recurring capital expenditures.
-- Increasing working capital requirements in line with
production ramp-ups.
-- No acquisitions or dividends.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Negative free cash flows in 2014, 2015, and 2016, funded by
internal cash and cash proceeds from the proposed bond
issuance.
-- Adjusted FFO to debt of about 20% over 2014-2016.
-- Adjusted debt to EBITDA reaching 3x in 2015, the peak
investment year.
The stable outlook reflects S&P's expectation that Constellium's
ambitious investment program is supported by perceived favorable
market dynamics for aluminum specialties, together with the
benefits of a well-diversified product portfolio.
This, coupled with a solid liquidity cushion, should enable the
company to accommodate the hefty capital expenditures related to
its large expansion projects. S&P would view adjusted FFO to
debt of about 20% as commensurate with the rating.
"Our rating on Constellium also accounts for management's
commitment to keeping substantial cash balances. Although not
part of our base case, we think the company's current credit
metrics could accommodate a cash-funded acquisition in the range
of EUR100 million-EUR200 million at the current rating level, as
long as its operating performance remains solid and the adjusted
FFO-to-debt ratio does not fall greatly below the 20% threshold
we see as commensurate with the current rating," S&P said.
S&P sees rating upside as unlikely at this stage, given
Constellium's limited track record of EBITDA increase. S&P would
likely consider a positive rating action if Constellium expands
as planned, supported by industry demand, and if it posts a
return to positive free cash flows as of 2016. Moreover, a
positive rating action would likely hinge on an EBITDA margin
sustainably above 8% and financial policies that support adjusted
FFO to debt above 25%.
Rating pressure might appear from a larger-than-expected cash or
debt-funded acquisition that pushes adjusted FFO to debt down to
15% without a near-term prospect of recovery or from an
unexpected dividend distribution during the upcoming investment
phase. Furthermore, S&P might consider a negative rating action
if EBITDA is greatly affected by unfavorable market conditions--
notably arising from softer demand in aeronautics or automotive
segments where the company makes the bulk of its investments.
HIGHLANDER EURO II: Moody's Affirms Ba1 Rating on Class D Notes
---------------------------------------------------------------
Moody's Investors Service has announced that it has taken the
following rating actions on the following notes issued by
Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman)
Ltd.:
Issuer: Highlander Euro CDO II B.V.
EUR479.5M (current oustanding balance of EUR460,729,471) Class
A Primary Senior Secured Floating Rate Notes due 2022, Upgraded
to Aaa (sf); previously on Sep 23, 2011 Confirmed at Aa1 (sf)
EUR56M Class B Primary Senior Secured Floating Rate Notes due
2022, Upgraded to Aa2 (sf); previously on Sep 23, 2011 Upgraded
to A2 (sf)
EUR42M Class C Primary Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to A3 (sf); previously on Sep 23, 2011
Upgraded to Baa2 (sf)
EUR28M Class D Primary Senior Secured Deferrable Floating Rate
Notes due 2022, Affirmed Ba1 (sf); previously on Sep 23, 2011
Upgraded to Ba1 (sf)
Issuer: Highlander Euro CDO II (Cayman) Ltd
EUR3M Class C Secondary Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to A3 (sf); previously on Sep 23, 2011
Upgraded to Baa2 (sf)
EUR2.5M Class D Secondary Senior Secured Deferrable Floating
Rate Notes due 2022, Affirmed Ba1 (sf); previously on Sep 23,
2011 Upgraded to Ba1 (sf)
EUR24.5M (current oustanding balance of EUR 21,189,680) Class E
Secondary Senior Secured Deferrable Floating Rate Notes due
2022, Affirmed Ba3 (sf); previously on Sep 23, 2011 Upgraded to
Ba3 (sf)
EUR7M (current oustanding balance of EUR 5,414,314) Class X
Secondary Combination Securities due 2022, Upgraded to Baa3
(sf); previously on Sep 23, 2011 Upgraded to Ba1 (sf)
Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman)
Ltd. issued in December 2006, is a single currency Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly senior
secured European loans. This transaction passed its reinvestment
period in December 2013.
Ratings Rationale
According to Moody's, the rating actions taken on the notes
result from a stabilization in credit metrics of the underlying
portfolio and also the benefit of modelling actual credit metrics
following the expiry of the reinvestment period in December 2013.
In light of reinvestment restrictions during the amortization
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analyzed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed
that the deal will benefit from a shorter amortization profile
and higher spread levels compared to the levels assumed prior the
end of the reinvestment period in December 2013.
The credit quality has remained stable as reflected in the
average credit rating of the portfolio (measured by the weighted
average rating factor, of WARF) and a decrease in the proportion
of securities from issuers with ratings of Caa1 or lower. As of
the trustee's September 2013 report, the WARF was 2606, compared
with 2634 in March 2014 and 2418 at the time of the last rating
action in September 2011. Securities with ratings of Caa1 or
lower currently make up approximately 3.23% of the underlying
portfolio, versus 6.28% in September 2013.
The rating on the combination note address the repayment of the
rated balance on or before the legal final maturity. For the
Class X note, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date times
a rated coupon of 0.25% per annum accrued on the rated balance on
the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR625.3
million, defaulted par of EUR30.4 million, a weighted average
default probability of 19.49% (consistent with a WARF of 2652 and
a weighted average life of 4.77 years) a weighted average
recovery rate upon default of 47.69% for a Aaa liability target
rating, a diversity score of 42 and a weighted average spread of
3.84%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 10.94% of obligors in Italy, Ireland, and Spain,
whose LCC is A2 (Italy and Ireland) and A1 (Spain), Moody's ran
the model with different par amounts depending on the target
rating of each class of notes, in accordance with Section 4.2.11
and Appendix 14 of the methodology. The portfolio haircuts are a
function of the exposure to peripheral countries and the target
ratings of the rated notes, and amount to 0.376% for the Class A
notes, 0.235% for the Class B notes and 0.094% for the Class C
notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 93.99% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the liquidation
agent/the collateral manager or be delayed by an increase in loan
amend-and-extend restructurings. Fast amortization would usually
benefit the ratings of the notes beginning with the notes having
the highest prepayment priority.
2) Around 24.82% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
INTERXION HOLDING: S&P Affirms 'B+' CCR; Outlook Positive
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based data center operator Interxion Holding B.V. to
positive from stable. At the same time, S&P affirmed its 'B+'
long-term corporate credit rating on Interxion.
In addition, S&P affirmed the 'BB' issue rating on Interxion's
super senior revolving credit facility (RCF) and the 'B+' issue
rating on its senior secured notes. The recovery ratings on
these facilities are unchanged at '1' and '3', respectively.
The outlook revision reflects the potential for an upgrade if
Interxion continues to report robust revenue and EBITDA growth.
S&P bases its assumptions on Interxion's strong growth in recent
years and good track record of strengthening its margins, thanks
to the group's rising scale, high occupancy rates, and relatively
high recurring revenues. S&P anticipates that Interxion will
maintain leverage at about 4.0x following a peak in 2014, while
maintaining a ratio of funds from operations to debt in the mid-
to-high 10s. S&P's leverage assumptions are despite a proposed
additional EUR150 million tap issuance that S&P anticipates
Interxion will use to sustain double-digit growth. Finally, S&P
forecasts that Interxion will achieve neutral free operating cash
flow (FOCF) in 2015, thanks, notably, to the gradual decrease of
capital expenditures (capex) after an expected peak in 2014 of
about EUR230 million.
S&P views positively that Interxion will resume its spending on
growth capex only when it has locked in contracts that represent
a significant portion of the data center's leasable space (on
average, 25%).
S&P assess Interxion's business risk profile as "fair," under its
criteria. The competitive environment in which Interxion
operates could lead to meaningful shifts in the supply-demand
dynamics of the data center and co-location market over the
medium term. These potential variations could increase pressure
on the group's operating margins, owing to its inherently high
operating leverage, and on cash flow generation.
However, this is partially offset by, for example, Interxion's
status as one of the few carrier-neutral data center providers
with a presence in most European communications hubs and moderate
barriers to entry in the industry. This is thanks, in
particular, to the search for high-end connectivity within
industry sectors such as financial services, cloud services, and
multimedia. Furthermore, currently favorable supply-demand
dynamics help to accelerate the development of new and existing
data centers. These supply-demand patterns are driven by the
limited amount of space available in key Internet hub locations;
growth in Internet traffic and communications volumes in general;
and limited penetration, so far, of outsourced data centers in
Europe. S&P also take into account Interxion's relatively high
revenue visibility -- customer contracts typically last for an
initial period of three to five years, with automatic one-year
renewal thereafter -- which S&P views as positive.
S&P believes that Interxion's established customer relationships
and communities of interest among clients support customer
loyalty. This can be seen in the company's low churn rate of
0.5%-0.75% on average per month over the past few years, which
results in a high level of recurring revenue. In addition, the
opening of new data centers introduces the group to new
customers.
Interxion has reported strong and improving profitability over
the past several years, with a reported EBITDA margin at the low
end of the 40% range over the past two years. Although the
introduction of additional data center capacity can put pressure
on profit margins, the group has been able to maintain relatively
high capacity utilization rates while increasing capacity.
S&P's assessment of Interxion's financial risk profile as
"aggressive" reflects its forecast of an adjusted leverage ratio
of about 4.0x-4.5x in 2014 and 2015, combined with continued
negative FOCF generation in 2014, before it breaks even in 2015.
Interxion's FOCF is still sensitive to the pace of the group's
growth projects, which would require significant expansion capex.
About 0.7x of our estimate of adjusted leverage in 2014 reflects
S&P's adjustment for operating leases.
Interxion's rating further reflects the application of a one-
notch negative adjustment for S&P's "comparable ratings
analysis," whereby S&P reviews an issuer's credit characteristics
in aggregate. S&P's comparable ratings analysis is based on its
view that Interxion's cash flow generation is not in line with
its peers (it is still negative) due to continued important
capital expenditure (capex). However, in S&P's view, the level
of such investments would underpin Interxion's growth prospects
in the medium term.
Standard & Poor's base case for Interxion assumes:
-- Double-digit revenue growth for 2014 and 2015, underpinned
by significant investment in the opening of new data
centers and the acceleration of the development of existing
centers during the second half of 2014.
-- A continued improvement in the overall utilization rate to
78%-80% in 2016 from 75% in 2013.
-- The adjusted EBITDA margin stabilizing in the low-50s, due
to a balance between new data centers returning low margins
during their ramp-up phase, and older, fuller centers
displaying higher margins.
-- A capex peak in 2014 at EUR230 million, declining to EUR135
million in 2015.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted leverage of about 4.2x in 2014 and 3.9x in 2015.
-- Adjusted FFO to debt generation in the mid-10s, improving
beyond 2015.
-- Continued negative adjusted FOCF in 2014, improving to
breakeven levels in 2015.
The positive outlook reflects the possibility of S&P upgrading
Interxion in the next 12 months if the company continues to grow
its revenues and margins. S&P could also raise the rating if the
group strengthens its core ratios, notably its adjusted leverage
ratio and adjusted FFO to debt, on the back of EBITDA growth.
An upgrade would also depend on Interxion being able to maintain
its adjusted leverage ratio at about 4.0x on a sustainable basis,
and achieve at least breakeven FOCF generation.
Additionally, an upgrade would hinge on liquidity remaining
"adequate."
JUBILEE CDO VIII: S&P Raises Rating on Class E Notes to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Jubilee CDO VIII B.V.'s class A-1, B, C, and E notes. At the
same time, S&P has affirmed its ratings on the class A-2 and D
notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated March 5,
2014 and the application of its relevant criteria.
S&P conducted our cash flow analysis to determine the break-even
default rates (BDR) for each rated class of notes at each rating
level. The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still pay interest and fully repay principal to
the noteholders. S&P used the portfolio balance that it
considers to be performing, the reported weighted-average spread,
and the weighted-average recovery rates that S&P considered to be
appropriate. S&P incorporated various cash flow stress scenarios
using its standard default patterns and timings for each rating
category assumed for each class of notes, combined with different
interest stress scenarios as outlined in S&P's criteria.
The portfolio's credit quality has improved as the proportion of
assets rated 'BB-' and above has increased by 10.3% since S&P's
previous review on March 6, 2012. A portfolio currency swap,
euro-denominated options, and asset-specific currency swaps with
various derivatives counterparties hedge the portfolio's non-
euro-denominated assets. In S&P's opinion, the derivative
documentation does not fully reflect its current counterparty
criteria. Therefore, in S&P's cash flow analysis, for ratings
above its long-term issuer credit rating plus one notch on each
of the derivative counterparties, S&P has considered scenarios
where the relevant counterparty does not perform and where the
transaction may be exposed to greater currency risk as a result.
The results of S&P's cash flow analysis following the application
of the stresses to the derivatives counterparties indicate that
the class A-1 and B notes are now able to sustain defaults at
higher rating levels. S&P has therefore raised its ratings on
the class A-1 and B notes.
S&P's credit and cash flow analysis, without giving credit to the
portfolio's currency swap and options counterparty (Barclays Bank
PLC), indicates that the available credit enhancement for the
class A-2 notes is commensurate with the currently assigned
rating. S&P has therefore affirmed its rating on the class A-2
notes.
Under S&P's cash flow analysis, the class C, D, and E notes' BDRs
exceed their scenario default rates (SDRs) at higher rating
levels. The SDR is the minimum level of portfolio defaults that
S&P expects each CDO tranche to be able to support at the
specific rating level using CDO Evaluator. S&P has therefore
raised its ratings on the class C and E notes.
However, the application of the largest obligor default test
constrains S&P's rating on the class D notes at its currently
assigned rating. S&P has therefore affirmed its rating on the
class D notes.
The largest obligor test measures the risk of several of the
largest obligors within the portfolio defaulting simultaneously.
We introduced this supplemental stress test in S&P's 2009
criteria update for corporate collateralized debt obligations
(CDOs).
Jubilee CDO VIII is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
December 2007 and is managed by Alcentra Ltd. Its reinvestment
period ended in January 2014 and the issuer used all scheduled
principal proceeds to redeem the notes in the transaction's
documented priority of payments.
RATINGS LIST
Class Rating
To From
Jubilee CDO VIII B.V.
EUR400 Million Senior Secured Floating-Rate Notes
Ratings Raised
A-1 AA+ (sf) AA- (sf)
B A+ (sf) A (sf)
C BBB+ (sf) BBB (sf)
E B+ (sf) CCC+ (sf)
Ratings Affirmed
A-2 AA- (sf)
D BB+ (sf)
===========
R U S S I A
===========
KARELIA: Fitch Affirms 'BB-' Long-Term IDRs; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has revised the Outlooks on the Russian Republic of
Karelia's Long-term Issuer Default Ratings (IDR) and National
Long-term rating to Negative from Stable. The agency also
affirmed the republic's Long-term foreign and local currency IDRs
at 'BB-' and its Short-term foreign currency IDR at 'B'. The
National Long-term rating has been affirmed at 'A+(rus)'.
Karelia's outstanding senior unsecured domestic bonds of RUB4.75
billion have also been affirmed at 'BB-' and 'A+(rus)'.
Key Rating Drivers
The revision of Outlook to Negative and IDR affirmation reflect
the following rating drivers and their relative weights:
High:
The Outlook reflects sharp deterioration in Karelia's operating
performance in 2013: its operating balance turned to a negative
7.5% of operating revenue (2012: 7.7% surplus), while its deficit
before debt variation widened to 19.8% of total revenue (2012:
8.1%). This was due to increased operating expenditure and
reduced tax proceeds. Restoring the republic's operating
surpluses is not likely in 2014-2015, while a small surplus of
1%-2% is expected by 2016.
Fitch believes the federal government's election pledges in 2012
to raise public sector salaries will continue to fuel operating
expenditure growth over the medium term. New fiscal rules
introduced in 2013, comprising the introduction of consolidated
groups of taxpayers and advanced deprecation for large
corporations, led to a 15% yoy decline in taxes.
Russia's institutional framework for subnationals is a
constraining factor on the republic's ratings. Frequent changes
in allocation of revenue sources and assignment of expenditure
responsibilities between the tiers of government limit the
republic's forecasting ability and negatively affect its fiscal
capacity and financial flexibility.
Medium:
Fitch updated its base case scenario and now expects a
substantially sharper increase in Karelia's direct risk to 65%-
70% of current revenue in 2014-2016, compared with 45%-50%
previously. The increased debt will be used to fund the
republic's budget deficit and refinance maturing debt in 2014-
2016. The region's direct risk rose to 60% in 2013 (2012: 42%)
and was composed of bank loans (40%), domestic bonds (35%), and
loans contracted from the federal government (25%).
The republic's cash position weakened during 2013, as Karelia saw
its cash reserves fall to RUB182 million from RUB1.8 billion a
year earlier. The region's liquidity is supported by untapped
committed credit lines totaling RUB1.2 billion as of end-1Q14.
The Republic of Karelia's ratings also reflect the following
rating drivers:
Karelia's contingent risk remains low and is limited to the
modest indebtedness of the region's public sector and few issued
guarantees. The aggregate debt of the region's public-sector
entities for 2013 is not yet available; in 2012 it stood at a low
RUB324 million. The republic had RUB208 million worth of issued
guarantees at end-2013.
The region's economic profile is dominated by the industrial
sector, which contributed 34% of gross regional product in 2012.
Local industries were negatively affected by the slowdown of the
national economy, leading to a 1% yoy decline in Karelia's GRP in
2013. The republic's government expects the local economy to
recover to a 3%-4% growth in 2014-2016.
Rating Sensitivities
A downgrade could result from continued weak budgetary
performance that is insufficient for debt service and from a
continued increase of direct risk to above 65%-70% of current
revenue in 2014-2015.
KOMI REPUBLIC: Fitch Affirms 'BB+' LT IDRs; Outlook Negative
------------------------------------------------------------
Fitch Ratings has revised Russian Republic of Komi's Outlook to
Negative from Stable. The agency has affirmed the republic's
Long-term foreign and local currency Issuer Default Ratings
(IDRs) at 'BB+', National Long-Term rating at 'AA(rus)' and
Short-term foreign currency IDR at 'B'.
The republic's outstanding senior unsecured domestic bonds of
RUB4.2 billion (ISIN RU000A0JS0N1, RU000A0JR3B1 and RU000A0GKKB7)
have been affirmed at Long-term local currency 'BB+' and National
Long-term 'AA(rus)'.
Key Rating Drivers
The Outlook revision reflects the following rating drivers and
their relative weights:
High:
Komi's budgetary performance deteriorated in 2013 to sharply
below historical levels. The operating balance turned to a
negative 7% of operating revenue compared with an average
operating surplus of 12% for 2008-2012. Overall deficit widened
to an unsustainable 24% of total revenue, leading to a depletion
of the republic's historically high liquidity and almost a
doubling of debt. The weak operating performance was due to a
sharp fall in corporate income tax (CIT) and the federal
government's order to align public sector salaries with Komi's
fairly high average salary.
Fitch expects CIT to resume growth in 2014, following completion
of accelerated depreciation charges utilized by consolidated
taxpayer groups in 2013. However, the federal government's
election pledges will continue to fuel expenditure. The net
result will be weak budgetary performance in 2014-2016, with
operating surpluses insufficient for debt service and continued
overall deficits leading to growth of indebtedness.
Komi's creditworthiness remains constrained by the institutional
framework for local and regional governments (LRGs) in Russia.
The predictability of Russian LRGs' budgetary policy is hampered
by frequent reallocation of revenue and expenditure
responsibilities between the tiers of government.
Medium:
Komi's direct risk increased to 37% of current revenue at end-
2013 from 21% a year earlier. The republic's indebtedness is
still moderate compared with international peers. However,
pressure on operating expenditure will lead to continued growth
of debt. Fitch forecasts that the republic's direct risk will
exceed 50% of current revenue by 2016, while debt coverage will
remain unsustainable in the medium term.
The republic depleted its historically strong cash reserves
during 2013. Liquidity dropped to RUB1.7 billion as of 1 March
2014 from RUB5.5 billion at end-2012. Komi has low refinancing
risk in 2014 at RUB3 billion but faces a refinancing peak of
RUB11 billion in 2015. However, Fitch does not expect Komi to
face difficulties in accessing debt markets or rolling over
existing loans with Sberbank of Russia (BBB/Negative).
The Republic of Komi's ratings also reflect the following key
rating drivers:
Komi has a strong economy with wealth indicators significantly
above the national median. The republic's gross regional product
per capita (GRP) in 2012 exceeded the national median by more
than 2x while average salary in December 2013 exceeded the
national median by more than 50%. Fitch expects Komi's GRP to
expand at about 2% annually in 2014-2016.
The strong economy is, however, weighted towards the natural
resources sector, leading to high tax concentration. The top two
taxpayers - OAO LukOil (BBB/Negative) and OAO Gazprom
(BBB/Negative) - together contributed 25% of total tax revenue in
2013. Harsh climate and the republic's remote location from
major markets hinder investments in industries outside natural
resources.
Rating Sensitivities
Growth of direct risk to above 50% of current revenue, coupled
with consistently weak budgetary performance resulting in
operating balances insufficient for debt service and a reduced
capacity to obtain affordable funding for its debt refinancing
needs, will lead to a downgrade.
TAMBOV REGION: Fitch Affirms 'BB+' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Russian Tambov Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', with Stable Outlooks, and its Short-term foreign currency
IDR at 'B'. The agency has also affirmed the region's National
Long-term rating at 'AA(rus)' with a Stable Outlook.
Key Rating Drivers
The affirmation reflects Tambov's solid operating performance and
low, albeit increasing, direct risk. The ratings also factor in
continuous pressure on operating expenditure, high refinancing
needs and the modest size of the economy, which leads to a high
dependence on transfers from the federal budget.
Fitch expects Tambov to report stable budgetary performance in
2014-2016 with an operating balance at about 10% of operating
revenue. Its operating balance deteriorated in 2013 to 10.4%,
from 16.9% a year earlier, but remained sufficient to cover debt
servicing needs. The deterioration was due to rising operating
expenditure pressure following the federal government's decision
to increase public sector salaries.
Fitch estimates Tambov's deficit before debt variation to
stabilize at about 6% of total revenue in 2014-2016, due to an
expected decline in capex. The region recorded a large 13%
deficit before debt variation in 2013 after two years of
surpluses. The deficit was driven by increased capex that was, to
a large extent, carried forward from the previous year. As about
60% of the deficit was covered by cash accumulated growth of
Tambov's direct risk was limited.
Fitch expects the region's direct risk to increase to fund its
budget deficit in 2014-2016. Direct risk will reach RUB9.3
billion, equivalent to a moderate 28% of current revenue by end-
2014 (2013: 25% or RUB7.8 billion), and will gradually rise to
35% by end-2016. The region relies mostly on bank loans
contracted with Sberbank of Russia (BBB/Negative/bbb) with three-
year maturities, which is short-term by international standards.
In 2014 the region faces maturing debt of RUB3.1 billion, which
corresponded to 42% of direct risk as of 1 March 2014. Fitch
expects the region will deplete its liquidity to fund part of its
deficit in 2014, increasing refinancing risk. However,
refinancing pressure is mitigated, albeit in the near-term, by
short term budget loans from the federal government at subsidized
interest rates.
Tambov's economy is historically weaker than that of the average
Russian region. Wealth indicators remain below the national
median despite the region's recent rapid development. This
suppresses the region's tax base and leads to a high dependence
on federal transfers (2013: 51% of operating revenue).
Positively, the federal transfers act as a stabilizing factor
during recessions, making the region less vulnerable to negative
external shocks.
Rating Sensitivities
Direct risk stabilization at about 20% of current revenue,
coupled with maintaining a sustainable strong operating balance
at about 15% of operating revenue, will lead to an upgrade.
Deterioration in budgetary performance with the operating balance
below 10% of operating revenue for two consecutive years, leading
to weaker debt coverage than average debt maturity would lead to
negative rating action.
=====================
S W I T Z E R L A N D
=====================
NORD ANGLIA: 1H 2014 Results No Impact on Moody's 'B1' Rating
-------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE, B1 stable) results for the first half of the fiscal year
ended February 28,2014 (1H 2014) were in line with expectations.
Neither the results nor the company's announced acquisition of
Dover Court School in Singapore affect its ratings or stable
outlook.
"NAE is executing as expected. Its acquisitions of schools within
existing geographies funded from internally generated cash are in
line with the company's strategy. We expect that these should
quickly be accretive to its earnings and cash flow," says Joe
Morrison, a Moody's Vice President and Senior Analyst.
NAE reported sales for 1H 2014 of US$272 million, up 52% from the
prior year. On a last 12 months (LTM) basis, NAE's adjusted
EBITDA margin was about 36%, versus 35.3% for FY2013, as the
company continued to increase tuition fees while controlling
costs. Adjusted debt to EBITDA improved to about 7.8x for the LTM
to February 2014 from about 9.7x in 2013.
Moody's projects that adjusted debt to EBITDA (pro forma for the
2013 acquisition of WCL Group Limited) will decrease to about
6.6x in FY2014 and further to 5.7x in FY2015 from about 7.5x in
FY2013. In addition, Moody's expects EBITDA less capex to
interest expense to improve to over 3.0x for FY2015 from about
1.3x in FY2014. These ratios will be in line with NAE's B1
rating.
This improvement will be mainly driven by a robust increase in
earnings, underpinned by NAE opening new schools in Hong Kong,
Dubai, and Switzerland later this year, and by benefits
associated with its recently concluded initial public offering
and debt refinancing.
NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.
The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.
Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 28 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 18,000 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the fiscal year ended August 31, 2013, NAE
generated pro forma revenues of US$415 million.
===========================
U N I T E D K I N G D O M
===========================
BANK OF SCOTLAND: Swap Agreement No Impact on Moody's D+ Rating
---------------------------------------------------------------
Moody's Investors Service has announced that Royal Bank of
Scotland plc (RBS; deposits Baa1 negative, standalone bank
financial strength rating D+/ adjusted baseline credit assessment
ba1) has, as the swap provider in Bank of America's covered bond
program ("BA Covered Bond Program"), undertaken the proposed
execution of a deed of undertaking (the "Deed"). This Deed
relates to the swap agreement (the "Swap Agreement") between BA
Covered Bond Issuer (the "Issuer") and RBS.
Moody's says that the proposed execution of the deed will not, in
and of itself and at this time, result in a reduction or
withdrawal of the current ratings of the bonds (the "Bonds") that
BA Covered Bond issues.
On March 13, 2014, Moody's downgraded the long-term senior
unsecured rating of RBS to Baa1 from A3. This resulted in a
"ratings trigger event" under the Swap Agreement, which will give
rise to an additional termination event, unless RBS takes
suitable remedial action within 30 days (the "Cure Period"). The
Swap Agreement contemplates several alternative remedial actions,
which are in each case, broadly: (a) transferring the swap to an
appropriately higher-rated third party; (b) obtaining a guarantee
by an appropriately rated guarantor; and (c) taking some other
action such that the downgrade of RBS does not have a negative
rating impact on the Bonds. RBS proposes to take remedial
action under (c) by executing the Deed.
Under the Deed, RBS will provide new undertakings to take one of
the remedial actions (a) to (c) above within 160 business days
from the date of the Downgrade. Failure to take one of these
actions will constitute an additional termination event under the
swap agreement. Therefore, the Deed effectively extends the Cure
Period from 30 days to 160 business days.
RBS has told Moody's that it intends to propose further remedial
actions (with a view to performing its undertaking under the
Deed) promptly and, in any case, well within 160 business days.
Furthermore, RBS has informed Moody's that it is devoting
significant resources to facilitate timely performance of its
trigger-related obligations under covered bond swaps. On this
basis, and since Moody's generally assumes that a downgraded swap
counterparty will take significantly longer than 30 days to
effect a transfer to a new counterparty, Moody's considers that
the extension of the Cure Period to 160 business days does not
materially affect the likelihood of successful remedial actions.
Moody's opinion on the Deed only addresses its relevance to
Moody's ratings. Moody's does not express an opinion as to
whether the extension of the Cure Period has or could have any
other effects that investors may or may not view positively.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the Bonds. Moody's ratings address
only the credit risks associated with the transaction. Other
risks have not been addressed, but may have a significant effect
on yield to investors.
The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in March 2014.
Moody's will continue monitoring the ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.
DORCHESTER CARE: 2 Care Homes Go Into Administration
----------------------------------------------------
Insider Media reports that buyers are being sought after a trio
of care homes across Bournemouth and Dorset slipped into
administration.
Between them, Greenbushes Nursing Home, Avenue House Nursing Home
and Windsor Court Nursing Home can accommodate 134 residents,
according to Insider Media.
Bob Maxwell and Julie Palmer, of insolvency practitioner Begbies
Traynor, were appointed joint administrators for Dorchester Care
and its designated member Lyndale Healthcare on April 10, 2014.
Dorchester Care owns the 42-bed Greenbushes Nursing Home and the
33-bed Avenue House Nursing Home, both in Dorchester. Meanwhile,
Lyndale Healthcare owns Bournemouth-based Windsor Court Nursing
Home, which can accommodate 59 residents.
Greenbushes closed before the arrival of administrators, while
Avenue House and Windsor Court are continuing to run as normal,
the report relates. Begbies Traynor has brought in care home
operator Goldcare Future Management to manage Avenue House and
Windsor Court on a temporary basis, the report discloses.
The report says that Avenue House employs 36 members of staff,
with no redundancies made following the appointment of Begbies
Traynor. Windsor Court has 38 employees but four people were
made redundant prior to administration, the report notes. And
Greenbushes has no employees since its closure.
GEORGE BULLER: In Administration, Business Closes
-------------------------------------------------
Insider Media reports that a Walsall-based painting and
decorating business, which has been trading since 1896, has been
forced to close.
Fifth generation family company George Buller & Son has been
placed into voluntary liquidation after rising costs and
increased competition left it unable to trade, according to
Insider Media.
Business recovery and insolvency experts Poppleton & Appleby,
which has offices in Birmingham, Coventry and Wolverhampton, has
been appointed to manage its closure.
Brothers Steve and Dave Buller were the latest generation to run
the company.
Insider Media notes that Andy Turpin, partner at Poppleton &
Appleby, added: "Losses have been funded by increased borrowing
from the company's bank and although management accounts produced
up until the end of 2013 show a slight improvement this was not
sufficient to make inroads into the previous losses sustained."
During its peak, George Buller & Son employed about 50 staff.
However, in recent years, it has reduced its workforce by almost
half to 25, the report adds.
GHERKIN: In Administration, Tenants Future Uncertain
----------------------------------------------------
channelweb.co.uk reports that iconic London building the Gherkin
plunged into administration today, sparking an uncertain future
for its tenants, which include security integrator NTT Com
Security.
30 St Mary Axe was received by Deloitte after senior leaders
"reluctantly" called it in, according to channelweb.co.uk.
NTT Com Security, formerly Integralis, moved into the Gherkin in
2011 and the location is a permanent base for about 30 of its
staff. It has other UK offices in Reading, Leeds and Manchester.
The report notes that Deloitte insisted it was working hard to
minimise the disruption to tenants.
The report notes that Neville Kahn, joint receiver and
restructuring services partner at Deloitte, said: "The Gherkin is
a truly exceptional building, a landmark recognised around the
globe. Our priority is to preserve the value of this asset. We
are in the process of communicating with all tenants and working
with the property manager to ensure the continuation of all
property management services with no interruption to tenants."
STACEY CONSTRUCTION: In Administration, Cuts 60 Jobs
----------------------------------------------------
BBC News reports that 60 people have lost their jobs at a
construction company in Somerset which has gone into
administration.
Stacey Construction, in Wiveliscombe, was set up in 1967 and
specialises in building petrol stations and motorway services.
Administrator Nick O'Reilly said: "Timing-wise, there just isn't
enough cash to keep continuing paying the staff, the report
notes."
"Even if the money came in tomorrow, the damage has been done,"
the report quoted Mr. O'Reilly as saying.
The report relates that the company said it was owed two large
sums of money by clients.
WINDERMERE XI: Fitch Cuts Rating on GBP12MM Cl. C Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Windermere XI plc's class A notes,
downgraded the Class C notes, and affirmed the rest, as:
GBP8.73 million Class A: upgraded to 'BBBsf' from 'BBsf';
Outlook Stable
GBP52.9 million Class B: affirmed at 'CCsf'; Recovery Estimate
(RE) 80%
GBP12 million Class C: downgraded to 'Dsf' from 'Csf'; RE0%
GBP0 million Class D: affirmed at 'Dsf'; RE0%
Windermere XI is now a securitization of a single loan backed by
commercial real estate assets located across the UK.
Key Rating Drivers
The upgrade to the class A notes reflects the deleveraging of the
transaction, following ongoing asset sales and unscheduled
principal payments from the Government Income Portfolio (GIP)
loan. This, together with repayment of the GBP111.5 million Long
Acre and GBP191.9 million Devonshire House Loans (as expected by
Fitch), has reduced the class A balance to GBP8.7 million from
GBP318.9 million at Fitch's last rating action in July 2013. The
downgrade of the class C notes follows the resolution and loss
allocation attributable to the GBP46.6 million Westville loan.
The GBP73.7 million GIP loan is the sole remaining loan in the
transaction. It is now secured by 13 properties (down from 16
properties at the time of Fitch's last rating action) following
the sale of three assets at the October 2013 IPD. Although the
achievable proceeds of each of the assets sales were not
sufficient to meet the property's release price, the sales were
permitted under the provision of the current extended loan
agreement. Combined with a partial cash sweep (not all rental
income after interest debt service is required to be used to
repay principal), disposal activity was sufficient to reduce the
loan's outstanding balance to below the GBP76 million target,
triggering an automatic loan extension until October 2014.
Although the portfolio is predominantly let to government
tenants, the weighted average lease length is only 3.6 years.
The assets are not located in prime locations, and capital
expenditure is required to preserve value. This is reflected in
the portfolio's 2012 valuation, which showed an approximately 50%
fall in value compared with 2010, reflecting a current loan to
value ratio of 150%. The recent disposal prices were consistent
with the most recent valuation.
If the loan's outstanding balance is reduced to GBP40 million by
October, an additional extension to April 2015 will be granted.
Fitch does not believe that this target will be achieved, given
the secondary quality of the underlying collateral that remains.
A loan default at this time should trigger a full cash sweep,
which, in addition to further asset sales, should repay the class
A notes well in advance of the transaction's legal final maturity
in April 2017, despite the inevitable loss that will be suffered
by the loan.
The last remaining property securing the GBP73.7 million
Westville loan was sold in April, leaving the loan's losses to be
allocated to the notes at the corresponding IPD. As a result,
the class D balance has been written down to zero, while a
GBP29.3 million loss has been allocated to the class C notes
(hence Fitch's downgrade to 'Dsf')
Rating Sensitivities
Fitch's estimated 'Bsf' recovery amount is GBP48 million.
The ratings are sensitive to the resolution timing of the GIP
loan. However, given the relative size of the class A notes, as
well as the likelihood of its repayment through asset sales or
excess cash prior to the notes' legal final maturity in three
years' time, further rating changes for the most senior tranche
are unlikely.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 21 to 25, 2014
-------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.70
Alpine Holding Gmb 6.00 5/22/2017 EUR 0.25
Alpine Holding Gmb 5.25 7/1/2015 EUR 0.25
Alpine Holding Gmb 5.25 6/10/2016 EUR 0.25
A-TEC Industries A 8.75 10/27/2014 EUR 1.63
A-TEC Industries A 2.75 5/10/2014 EUR 2.00
A-TEC Industries A 5.75 11/2/2010 EUR 1.88
Hypo Alpe-Adria-Ba 0.79 11/29/2032 EUR 70.93
Hypo Alpe-Adria-Ba 0.68 12/18/2030 EUR 72.49
Investkredit Bank 4.63 4/12/2022 EUR 74.70
KA Finanz AG 4.90 6/23/2031 EUR 67.75
KA Finanz AG 4.44 12/20/2030 EUR 65.13
Oberoesterreichisc 0.63 11/6/2030 EUR 72.60
Oberoesterreichisc 0.52 4/25/2042 EUR 65.26
Oesterreichische V 1.06 7/29/2018 EUR 25.00
Oesterreichische V 5.27 2/8/2027 EUR 63.00
Raiffeisen Centrob 14.40 3/6/2014 EUR 73.77
UniCredit Bank Aus 0.75 8/20/2033 EUR 73.41
UniCredit Bank Aus 0.70 12/27/2031 EUR 71.81
UniCredit Bank Aus 0.57 1/25/2031 EUR 73.50
UniCredit Bank Aus 0.61 1/24/2031 EUR 73.64
UniCredit Bank Aus 0.72 1/22/2031 EUR 73.74
BELGIUM
-------
Econocom Group 4.00 6/1/2016 EUR 27.70
Ideal Standard Int 11.75 5/1/2018 EUR 72.33
Ideal Standard Int 11.75 5/1/2018 EUR 73.13
BULGARIA
--------
Petrol AD 8.38 1/26/2017 EUR 57.66
Aralco Finance SA 10.13 5/7/2020 USD 75.05
Aralco Finance SA 10.13 5/7/2020 USD 74.63
OGX Austria GmbH 8.50 6/1/2018 USD 12.03
OGX Austria GmbH 8.38 4/1/2022 USD 12.03
OGX Austria GmbH 8.50 6/1/2018 USD 11.88
OGX Austria GmbH 8.38 4/1/2022 USD 11.88
Clariden Leu Ltd/N 5.25 8/6/2014 CHF 65.59
Clariden Leu Ltd/N 4.50 8/13/2014 CHF 62.47
Credit Suisse/Nass 7.25 4/4/2014 USD 64.87
Clariden Leu Ltd/N 4.52 9/10/2014 CHF 65.99
CYPRUS
------
Cyprus Government 4.63 2/3/2020 EUR 73.86
Cyprus Government 6.00 7/1/2023 EUR 73.75
Cyprus Government 4.75 7/1/2020 EUR 73.13
Cyprus Government 5.25 7/1/2022 EUR 71.00
Cyprus Government 5.00 7/1/2021 EUR 71.75
CZECH REPUBLIC
--------------
Sazka AS 9.00 7/12/2021 EUR 10.13
DENMARK
-------
Kommunekredit 0.50 7/30/2027 TRY 26.38
Kommunekredit 0.50 9/19/2019 BRL 53.55
Kommunekredit 0.50 2/20/2020 BRL 51.34
Kommunekredit 0.50 5/11/2029 CAD 50.52
Kommunekredit 0.50 10/22/2019 BRL 53.10
Kommunekredit 0.50 12/14/2020 ZAR 60.44
FINLAND
-------
Municipality Finan 0.50 10/27/2016 BRL 73.96
Municipality Finan 0.50 11/30/2016 BRL 73.14
Municipality Finan 0.50 11/16/2017 TRY 71.26
Municipality Finan 0.50 6/19/2024 ZAR 37.00
Municipality Finan 0.50 2/17/2017 BRL 71.34
Municipality Finan 0.50 4/27/2018 ZAR 70.77
Municipality Finan 0.50 5/31/2022 ZAR 45.84
Municipality Finan 0.50 11/17/2016 BRL 73.90
Municipality Finan 0.50 11/10/2021 NZD 67.05
Municipality Finan 0.50 11/21/2018 ZAR 67.19
Municipality Finan 0.50 4/26/2022 ZAR 46.35
Municipality Finan 0.50 12/20/2018 ZAR 66.70
Municipality Finan 0.50 3/28/2018 BRL 62.02
Municipality Finan 0.50 12/14/2018 TRY 64.02
Municipality Finan 0.50 2/7/2018 BRL 68.42
Municipality Finan 0.50 3/16/2017 BRL 71.42
Municipality Finan 0.50 2/22/2019 IDR 65.22
Municipality Finan 0.50 11/21/2018 TRY 64.13
Municipality Finan 0.50 1/10/2018 BRL 64.01
Municipality Finan 0.50 6/22/2017 IDR 74.39
Municipality Finan 0.50 1/23/2018 BRL 64.50
Municipality Finan 0.25 6/28/2040 CAD 23.91
Municipality Finan 0.50 12/21/2021 NZD 66.64
Municipality Finan 0.50 11/25/2020 ZAR 54.11
Municipality Finan 0.50 3/17/2025 CAD 61.50
Talvivaara Mining 4.00 12/16/2015 EUR 17.99
FRANCE
------
Air France-KLM 4.97 4/1/2015 EUR 12.75
Air France-KLM 2.03 2/15/2023 EUR 10.59
Alcatel-Lucent/Fra 4.25 7/1/2018 EUR 3.12
Alcatel-Lucent/Fra 5.00 1/1/2015 EUR 3.36
Assystem 4.00 1/1/2017 EUR 24.27
AtoS 2.50 1/1/2016 EUR 61.09
AtoS 1.50 7/1/2016 EUR 60.87
BNP Paribas SA 0.50 1/31/2018 RUB 73.33
BNP Paribas SA 0.50 11/16/2032 MXN 39.68
BNP Paribas SA 0.50 5/6/2021 MXN 71.71
Caisse Centrale du 7.00 5/16/2014 EUR 53.03
Caisse Centrale du 7.00 5/18/2015 EUR 9.08
Caisse Centrale du 7.00 9/10/2015 EUR 15.35
Cap Gemini SA 3.50 1/1/2014 EUR 48.05
CGG SA 1.75 1/1/2016 EUR 28.39
CGG SA 1.25 1/1/2019 EUR 31.31
Club Mediterranee 6.11 11/1/2015 EUR 19.71
Credit Agricole Co 0.50 2/28/2018 RUB 73.06
Credit Agricole Co 0.50 3/6/2023 RUB 48.05
Dexia Credit Local 0.88 7/10/2017 EUR 74.75
Dexia Credit Local 4.38 2/12/2019 EUR 71.75
Etablissements Mau 7.13 7/31/2014 EUR 16.90
Etablissements Mau 7.13 7/31/2015 EUR 15.67
Faurecia 4.50 1/1/2015 EUR 24.46
Faurecia 3.25 1/1/2018 EUR 27.55
GFI Informatique S 5.25 1/1/2017 EUR 5.30
Ingenico 2.75 1/1/2017 EUR 57.77
Le Noble Age 4.88 1/3/2016 EUR 19.50
Nexans SA 2.50 1/1/2019 EUR 72.92
Nexans SA 4.00 1/1/2016 EUR 58.43
Novasep Holding SA 9.75 12/15/2016 USD 49.50
Novasep Holding SA 9.75 12/15/2016 USD 49.50
OL Groupe 7.00 12/28/2015 EUR 6.53
Orpea 1.75 1/1/2020 EUR 48.99
Orpea 3.88 1/1/2016 EUR 51.28
Peugeot SA 4.45 1/1/2016 EUR 26.65
Publicis Groupe SA 1.00 1/18/2018 EUR 60.32
SG Option Europe S 8.00 9/29/2015 USD 62.49
SG Option Europe S 7.00 5/5/2017 EUR 52.35
SG Option Europe S 7.00 9/22/2017 EUR 68.73
SG Option Europe S 8.00 12/18/2014 USD 40.49
SG Option Europe S 7.50 12/24/2014 EUR 38.00
SG Option Europe S 7.25 8/5/2014 EUR 62.59
Societe Air France 2.75 4/1/2020 EUR 21.03
Societe Generale S 0.50 6/12/2023 RUB 45.95
Societe Generale S 0.50 4/3/2023 RUB 46.79
Societe Generale S 0.50 11/29/2022 AUD 63.45
Societe Generale S 0.50 7/11/2022 USD 71.63
Societe Generale S 0.50 4/27/2022 USD 72.50
Societe Generale S 0.50 12/21/2022 AUD 63.21
Societe Generale S 0.50 4/30/2023 RUB 46.47
Societe Generale S 0.50 7/11/2022 AUD 64.99
Societe Generale S 0.50 12/6/2021 AUD 67.38
Societe Generale S 0.50 4/27/2022 AUD 65.81
Societe Generale S 0.50 9/7/2021 AUD 69.04
SOITEC 6.75 9/18/2018 EUR 2.50
SOITEC 6.25 9/9/2014 EUR 8.61
Tem SAS 4.25 1/1/2015 EUR 55.58
Zlomrex Internatio 8.50 2/1/2014 EUR 62.00
Zlomrex Internatio 8.50 2/1/2014 EUR 62.00
GEORGIA
-------
Bank J Safra Saras 13.60 2/17/2014 CHF 71.13
Bank Julius Baer & 6.20 4/15/2014 CHF 63.95
Bank Julius Baer & 9.00 12/13/2013 USD 67.65
Bank Julius Baer & 14.00 5/23/2014 USD 55.80
Bank Julius Baer & 8.50 12/13/2013 USD 56.05
Bank Julius Baer & 9.50 12/13/2013 USD 61.50
Bank Julius Baer & 12.60 12/13/2013 USD 52.65
Bank Julius Baer & 7.25 4/10/2014 USD 64.50
Bank Julius Baer & 9.00 1/29/2014 CHF 71.40
Bank Julius Baer & 6.10 4/17/2014 CHF 65.15
Bank Julius Baer & 6.20 4/17/2014 EUR 65.45
Bank Julius Baer & 5.00 12/23/2013 CHF 67.05
Bank Julius Baer & 10.20 11/29/2013 USD 52.45
Bank Julius Baer & 11.50 3/18/2014 USD 61.85
Bank Julius Baer & 6.80 4/11/2014 USD 70.15
Bank Julius Baer & 6.50 4/11/2014 USD 71.25
Bank Julius Baer & 9.00 4/11/2014 USD 71.05
Bank Julius Baer & 7.80 2/14/2014 USD 70.35
Bank Julius Baer & 7.50 2/14/2014 CHF 69.75
Bank Julius Baer & 10.00 4/4/2014 USD 62.75
Bank Julius Baer & 6.90 3/21/2014 USD 70.45
Banque Cantonale V 4.90 9/9/2014 CHF 73.73
EFG International 6.00 11/30/2017 EUR 39.45
EFG International 13.40 11/14/2013 CHF 58.64
EFG International 6.82 6/4/2014 CHF 70.01
EFG International 12.86 10/30/2017 EUR 35.40
EFG International 12.10 3/10/2014 USD 50.04
EFG International 4.50 2/20/2014 USD 58.50
EFG International 5.85 10/14/2014 CHF 72.75
EFG International 10.00 12/17/2013 USD 66.27
Leonteq Securities 11.90 1/15/2014 EUR 50.01
Leonteq Securities 17.00 11/21/2013 CAD 40.23
Leonteq Securities 9.25 11/5/2013 USD 36.80
Leonteq Securities 12.65 12/10/2013 EUR 50.06
Leonteq Securities 7.80 8/26/2014 CHF 55.40
Leonteq Securities 15.00 2/13/2014 CHF 55.94
Leonteq Securities 12.00 11/15/2013 CHF 54.70
Leonteq Securities 17.05 2/14/2014 CHF 42.69
Leonteq Securities 10.03 10/25/2013 CHF 48.39
Leonteq Securities 5.06 5/26/2014 CHF 74.49
Leonteq Securities 18.00 12/6/2013 CHF 58.34
Leonteq Securities 8.40 11/27/2013 CHF 69.11
Leonteq Securities 8.80 12/6/2013 EUR 66.34
Leonteq Securities 20.00 12/12/2013 CHF 59.36
Leonteq Securities 12.80 12/12/2013 CHF 56.01
Leonteq Securities 8.00 12/12/2013 CHF 67.47
Leonteq Securities 8.10 12/13/2013 CHF 56.63
Leonteq Securities 9.20 11/15/2013 CHF 72.96
Leonteq Securities 7.21 11/14/2013 CHF 72.00
Leonteq Securities 10.00 11/21/2013 CHF 48.23
Leonteq Securities 13.60 12/6/2013 CHF 53.15
Leonteq Securities 8.75 6/6/2014 GBP 71.26
Leonteq Securities 8.00 12/6/2013 USD 65.15
Leonteq Securities 12.89 12/10/2013 GBP 52.10
Leonteq Securities 10.20 11/14/2013 CHF 56.32
Leonteq Securities 8.01 11/15/2013 CHF 44.99
Leonteq Securities 21.75 5/22/2014 USD 45.78
Leonteq Securities 20.00 5/27/2014 CHF 71.16
Leonteq Securities 12.00 2/24/2014 CHF 69.73
Leonteq Securities 9.46 6/3/2014 AUD 61.68
Leonteq Securities 24.40 2/25/2014 USD 44.15
Leonteq Securities 22.75 2/4/2014 USD 68.91
Leonteq Securities 15.60 2/6/2014 CHF 55.74
Leonteq Securities 12.25 1/30/2014 CHF 49.87
Leonteq Securities 20.52 3/25/2014 USD 50.23
Leonteq Securities 10.00 1/17/2014 CHF 54.64
Leonteq Securities 21.50 3/21/2014 USD 57.05
Leonteq Securities 8.90 3/28/2014 EUR 63.16
Leonteq Securities 14.25 2/13/2015 USD 62.34
Leonteq Securities 11.50 2/11/2014 USD 70.57
Leonteq Securities 20.50 2/13/2014 CHF 65.24
Leonteq Securities 5.80 8/20/2014 USD 70.34
Leonteq Securities 13.25 2/14/2014 USD 60.87
Leonteq Securities 10.00 7/29/2014 USD 58.84
Leonteq Securities 29.61 10/26/2017 EUR 39.70
Leonteq Securities 9.00 10/31/2013 CHF 43.77
Leonteq Securities 12.00 3/5/2014 CHF 60.81
Leonteq Securities 8.50 12/24/2013 USD 54.18
Leonteq Securities 14.06 12/18/2013 USD 52.76
Leonteq Securities 5.76 12/20/2013 GBP 67.92
Leonteq Securities 10.00 1/23/2014 CHF 54.82
Leonteq Securities 8.00 6/19/2014 CHF 73.01
Leonteq Securities 6.80 12/19/2014 USD 71.84
Leonteq Securities 14.05 12/27/2013 CHF 55.88
Leonteq Securities 6.00 5/20/2014 CHF 66.65
Leonteq Securities 10.00 11/27/2013 CHF 74.15
Leonteq Securities 20.00 11/27/2013 CHF 57.98
Leonteq Securities 11.95 11/29/2013 EUR 54.01
Leonteq Securities 8.35 1/3/2014 AUD 70.38
Leonteq Securities 9.20 12/27/2013 CHF 70.21
Leonteq Securities 9.60 1/8/2014 USD 47.95
Leonteq Securities 8.40 1/15/2014 CHF 74.30
Leonteq Securities 14.00 9/22/2014 CHF 66.90
Leonteq Securities 10.80 1/15/2014 CHF 54.68
Leonteq Securities 5.50 1/25/2016 EUR 64.28
Leonteq Securities 12.00 12/6/2013 GBP 52.45
Leonteq Securities 20.14 4/9/2014 USD 55.40
Leonteq Securities 5.50 8/19/2014 USD 72.76
Leonteq Securities 20.07 2/19/2014 USD 41.82
Leonteq Securities 10.00 2/6/2014 USD 57.48
Leonteq Securities 23.90 1/24/2014 USD 43.75
Leonteq Securities 10.00 11/5/2013 USD 71.34
Leonteq Securities 25.70 1/24/2014 USD 50.45
Mare Baltic PCC Lt 2.00 11/1/2015 DKK 0.00
Zurcher Kantonalba 12.35 11/13/2013 CHF 56.78
Zurcher Kantonalba 8.22 11/15/2013 CHF 56.56
Zurcher Kantonalba 6.05 12/19/2013 EUR 65.62
Zurcher Kantonalba 9.00 12/31/2013 CHF 58.57
Zurcher Kantonalba 10.40 12/5/2013 EUR 60.48
Zurcher Kantonalba 10.65 12/6/2013 CHF 57.99
GERMANY
-------
ATU Auto-Teile-Ung 7.47 10/1/2014 EUR 18.67
BDT Media Automati 8.13 10/9/2017 EUR 65.75
BNP Paribas Emissi 6.00 11/21/2013 EUR 72.21
BNP Paribas Emissi 5.00 11/21/2013 EUR 58.40
BNP Paribas Emissi 7.00 12/30/2013 EUR 60.64
BNP Paribas Emissi 5.50 11/21/2013 EUR 60.09
BNP Paribas Emissi 5.00 11/21/2013 EUR 60.05
BNP Paribas Emissi 6.50 12/30/2013 EUR 59.53
BNP Paribas Emissi 5.50 11/21/2013 EUR 68.77
BNP Paribas Emissi 4.50 11/21/2013 EUR 72.24
BNP Paribas Emissi 6.00 11/21/2013 EUR 74.37
Bremer Landesbank 0.69 3/21/2031 EUR 67.09
Bremer Landesbank 0.72 4/5/2041 EUR 54.49
Centrosolar Group 7.00 2/15/2016 EUR 13.75
Commerzbank AG 8.40 12/30/2013 EUR 2.56
Commerzbank AG 5.05 12/24/2013 EUR 67.54
DekaBank Deutsche 2.21 9/22/2021 EUR 13.92
Deutsche Bank AG 7.00 10/31/2013 EUR 56.20
Deutsche Bank AG 5.00 11/29/2013 EUR 65.00
Deutsche Bank AG 5.00 10/31/2013 EUR 64.80
Deutsche Bank AG 6.00 10/31/2013 EUR 61.70
Deutsche Bank AG 6.00 11/29/2013 EUR 62.00
Deutsche Bank AG 7.00 11/29/2013 EUR 56.60
Deutsche Bank AG 8.20 6/24/2014 EUR 61.80
Deutsche Bank AG 6.20 6/24/2014 EUR 66.00
Deutsche Bank AG 7.20 6/24/2014 EUR 62.90
Deutsche Bank AG 6.20 3/25/2014 EUR 66.40
Deutsche Bank AG 8.20 3/25/2014 EUR 61.50
Deutsche Bank AG 7.20 3/25/2014 EUR 62.90
Deutsche Bank AG 5.00 8/20/2014 EUR 69.00
Deutsche Bank AG 5.00 8/20/2014 EUR 65.10
Deutsche Bank AG 5.00 8/20/2014 EUR 61.50
Deutsche Bank AG 5.00 8/20/2014 EUR 56.80
Deutsche Bank AG 6.00 8/20/2014 EUR 69.80
Deutsche Bank AG 6.00 8/20/2014 EUR 65.90
Deutsche Bank AG 6.00 8/20/2014 EUR 62.30
Deutsche Bank AG 6.00 8/20/2014 EUR 57.70
Deutsche Bank AG 7.00 8/20/2014 EUR 70.70
Deutsche Bank AG 7.00 8/20/2014 EUR 66.70
Deutsche Bank AG 7.00 8/20/2014 EUR 63.20
Deutsche Bank AG 7.00 8/20/2014 EUR 58.50
Deutsche Bank AG 6.00 6/25/2014 EUR 66.70
Deutsche Bank AG 5.00 6/25/2014 EUR 59.24
Deutsche Bank AG 7.50 6/24/2014 EUR 55.20
Deutsche Bank AG 8.50 6/24/2014 EUR 55.90
Deutsche Bank AG 9.50 6/24/2014 EUR 56.60
Deutsche Bank AG 5.50 6/24/2014 EUR 52.50
Deutsche Bank AG 6.50 6/24/2014 EUR 53.20
Deutsche Bank AG 7.50 6/24/2014 EUR 53.90
Deutsche Bank AG 8.50 6/24/2014 EUR 54.50
Deutsche Bank AG 9.50 6/24/2014 EUR 55.20
Deutsche Bank AG 5.50 6/24/2014 EUR 51.20
Deutsche Bank AG 6.50 6/24/2014 EUR 51.90
Deutsche Bank AG 7.50 6/24/2014 EUR 52.60
Deutsche Bank AG 8.50 6/24/2014 EUR 53.30
Deutsche Bank AG 9.50 6/24/2014 EUR 53.90
Deutsche Bank AG 5.50 6/24/2014 EUR 60.00
Deutsche Bank AG 6.50 6/24/2014 EUR 60.70
Deutsche Bank AG 7.50 6/24/2014 EUR 61.30
Deutsche Bank AG 8.50 6/24/2014 EUR 62.00
Deutsche Bank AG 9.50 6/24/2014 EUR 62.70
Deutsche Bank AG 5.50 6/24/2014 EUR 58.30
Deutsche Bank AG 6.50 6/24/2014 EUR 59.00
Deutsche Bank AG 7.50 6/24/2014 EUR 59.70
Deutsche Bank AG 8.50 6/24/2014 EUR 60.40
Deutsche Bank AG 9.50 6/24/2014 EUR 61.00
Deutsche Bank AG 6.50 6/24/2014 EUR 57.40
Deutsche Bank AG 7.50 6/24/2014 EUR 58.10
Deutsche Bank AG 8.50 6/24/2014 EUR 58.80
Deutsche Bank AG 9.50 6/24/2014 EUR 59.50
Deutsche Bank AG 6.50 6/24/2014 EUR 55.90
Deutsche Bank AG 7.50 6/24/2014 EUR 56.60
Deutsche Bank AG 8.50 6/24/2014 EUR 57.30
Deutsche Bank AG 9.50 6/24/2014 EUR 58.00
Deutsche Bank AG 5.50 6/24/2014 EUR 53.80
Deutsche Bank AG 6.50 6/24/2014 EUR 54.50
Deutsche Bank AG 6.00 4/24/2014 EUR 68.90
Deutsche Bank AG 7.00 4/24/2014 EUR 65.30
Deutsche Bank AG 8.00 4/24/2014 EUR 62.10
Deutsche Bank AG 8.00 7/22/2014 EUR 72.10
Deutsche Bank AG 9.50 3/25/2014 EUR 62.10
Deutsche Bank AG 5.50 3/25/2014 EUR 58.60
Deutsche Bank AG 6.50 3/25/2014 EUR 59.10
Deutsche Bank AG 7.50 3/25/2014 EUR 59.50
Deutsche Bank AG 9.50 3/25/2014 EUR 60.40
Deutsche Bank AG 8.50 3/25/2014 EUR 58.30
Deutsche Bank AG 6.50 3/25/2014 EUR 55.90
Deutsche Bank AG 7.50 3/25/2014 EUR 56.30
Deutsche Bank AG 8.50 3/25/2014 EUR 56.80
Deutsche Bank AG 9.50 3/25/2014 EUR 57.20
Deutsche Bank AG 5.50 3/25/2014 EUR 54.00
Deutsche Bank AG 8.50 3/25/2014 EUR 55.30
Deutsche Bank AG 9.50 3/25/2014 EUR 55.70
Deutsche Bank AG 8.50 3/25/2014 EUR 53.90
Deutsche Bank AG 6.50 3/25/2014 EUR 51.70
Deutsche Bank AG 9.50 3/25/2014 EUR 53.00
Deutsche Bank AG 7.50 9/23/2014 EUR 74.80
Deutsche Bank AG 8.50 9/23/2014 EUR 73.60
Deutsche Bank AG 8.00 12/20/2013 EUR 54.70
Deutsche Bank AG 9.50 12/20/2013 EUR 63.80
Deutsche Bank AG 11.00 12/20/2013 EUR 64.10
Deutsche Bank AG 7.50 3/25/2014 EUR 61.20
Deutsche Bank AG 6.50 3/25/2014 EUR 57.40
Deutsche Bank AG 6.50 3/25/2014 EUR 54.40
Deutsche Bank AG 7.50 3/25/2014 EUR 54.90
Deutsche Bank AG 5.50 3/25/2014 EUR 52.60
Deutsche Bank AG 6.50 3/25/2014 EUR 53.00
Deutsche Bank AG 7.50 3/25/2014 EUR 53.50
Deutsche Bank AG 5.50 3/25/2014 EUR 51.30
Deutsche Bank AG 8.50 3/25/2014 EUR 52.60
Deutsche Bank AG 8.00 12/20/2013 EUR 63.60
Deutsche Bank AG 8.00 12/20/2013 EUR 59.70
Deutsche Bank AG 9.50 12/20/2013 EUR 60.00
Deutsche Bank AG 9.50 12/20/2013 EUR 55.00
Deutsche Bank AG 11.00 12/20/2013 EUR 60.20
Deutsche Bank AG 6.00 3/25/2014 EUR 66.40
Deutsche Bank AG 8.00 3/25/2014 EUR 61.40
Deutsche Bank AG 7.00 3/25/2014 EUR 62.80
Deutsche Bank AG 11.00 12/20/2013 EUR 55.20
Deutsche Bank AG 6.00 10/31/2013 EUR 62.70
Deutsche Bank AG 8.00 10/31/2013 EUR 53.80
Deutsche Bank AG 6.00 11/29/2013 EUR 63.00
Deutsche Bank AG 8.00 10/31/2013 EUR 72.80
Deutsche Bank AG 7.00 2/28/2014 EUR 60.60
Deutsche Bank AG 5.00 12/20/2013 EUR 63.10
Deutsche Bank AG 7.00 12/20/2013 EUR 56.10
Deutsche Bank AG 7.50 11/29/2013 EUR 55.80
Deutsche Bank AG 5.00 11/29/2013 EUR 67.30
Deutsche Bank AG 7.00 11/29/2013 EUR 59.20
Deutsche Bank AG 8.00 11/29/2013 EUR 54.30
Deutsche Bank AG 6.00 2/28/2014 EUR 64.00
Deutsche Bank AG 8.00 2/28/2014 EUR 56.00
Deutsche Bank AG 6.00 12/20/2013 EUR 59.40
Deutsche Bank AG 6.50 11/29/2013 EUR 59.20
Deutsche Bank AG 8.50 10/31/2013 EUR 58.90
Deutsche Bank AG 7.50 10/31/2013 EUR 62.70
Deutsche Bank AG 7.50 11/29/2013 EUR 63.20
Deutsche Bank AG 8.50 11/29/2013 EUR 59.40
Deutsche Bank AG 7.50 12/20/2013 EUR 59.60
Deutsche Bank AG 10.00 12/20/2013 EUR 53.60
Deutsche Bank AG 8.00 12/20/2013 EUR 56.30
Deutsche Bank AG 8.50 12/20/2013 EUR 56.40
Deutsche Bank AG 9.00 12/20/2013 EUR 54.90
Deutsche Bank AG 5.00 10/31/2013 EUR 67.10
Deutsche Bank AG 7.00 10/31/2013 EUR 58.80
Deutsche Bank AG 9.00 11/29/2013 EUR 73.50
Deutsche Bank AG 5.50 11/29/2013 EUR 62.90
Deutsche Bank AG 8.50 12/20/2013 EUR 59.80
Deutsche Bank AG 9.00 12/20/2013 EUR 58.10
Deutsche Bank AG 10.00 12/20/2013 EUR 58.30
Deutsche Bank AG 6.00 12/20/2013 EUR 55.90
Deutsche Bank AG 6.50 12/20/2013 EUR 56.00
Deutsche Bank AG 6.00 12/20/2013 EUR 57.60
Deutsche Bank AG 7.00 12/20/2013 EUR 57.80
Deutsche Bank AG 8.00 12/20/2013 EUR 57.90
Deutsche Bank AG 7.50 12/20/2013 EUR 56.20
Deutsche Bank AG 10.00 12/20/2013 EUR 56.60
Deutsche Bank AG 7.00 12/20/2013 EUR 59.50
Deutsche Bank AG 9.50 12/20/2013 EUR 56.50
Deutsche Bank AG 6.00 3/26/2014 EUR 66.95
Deutsche Bank AG 7.50 12/20/2013 EUR 57.90
Deutsche Bank AG 9.00 12/20/2013 EUR 59.90
Deutsche Bank AG 5.00 3/26/2014 EUR 70.59
Deutsche Bank AG 9.00 12/20/2013 EUR 56.40
Deutsche Bank AG 12.00 12/20/2013 EUR 51.20
Deutsche Bank AG 6.50 12/20/2013 EUR 59.40
Deutsche Bank AG 10.00 12/20/2013 EUR 55.00
Deutsche Bank AG 5.00 6/24/2014 EUR 71.70
Deutsche Bank AG 4.50 3/25/2014 EUR 75.00
Deutsche Bank AG 5.00 3/25/2014 EUR 72.70
Deutsche Bank AG 7.00 1/31/2014 EUR 62.00
Deutsche Bank AG 8.00 1/31/2014 EUR 60.40
Deutsche Bank AG 5.50 3/25/2014 EUR 60.30
Deutsche Bank AG 6.50 3/25/2014 EUR 60.80
Deutsche Bank AG 8.50 3/25/2014 EUR 61.60
Deutsche Bank AG 8.50 3/25/2014 EUR 59.90
Deutsche Bank AG 7.50 3/25/2014 EUR 57.90
Deutsche Bank AG 9.50 3/25/2014 EUR 58.70
Deutsche Bank AG 9.50 3/25/2014 EUR 54.30
Deutsche Bank AG 7.50 3/25/2014 EUR 52.20
Deutsche Bank AG 6.00 1/31/2014 EUR 65.80
Deutsche Bank AG 4.50 6/24/2014 EUR 73.70
Dresdner Bank AG 0.89 11/19/2029 EUR 51.13
Dresdner Bank AG 5.45 2/22/2029 EUR 65.92
Dresdner Bank AG 1.08 12/31/2021 EUR 72.13
DZ Bank AG Deutsch 12.00 10/25/2013 EUR 73.65
DZ Bank AG Deutsch 2.35 3/24/2023 EUR 70.50
DZ Bank AG Deutsch 6.25 10/25/2013 EUR 70.93
DZ Bank AG Deutsch 8.50 10/25/2013 EUR 72.67
DZ Bank AG Deutsch 7.00 10/25/2013 EUR 50.42
DZ Bank AG Deutsch 5.75 12/31/2013 EUR 55.46
DZ Bank AG Deutsch 7.00 12/31/2013 EUR 72.18
DZ Bank AG Deutsch 7.75 11/8/2013 EUR 54.90
DZ Bank AG Deutsch 6.25 10/25/2013 EUR 73.66
DZ Bank AG Deutsch 7.00 12/31/2013 EUR 51.95
DZ Bank AG Deutsch 5.00 12/13/2013 EUR 62.43
DZ Bank AG Deutsch 5.75 11/22/2013 EUR 74.95
DZ Bank AG Deutsch 6.50 11/22/2013 EUR 49.33
DZ Bank AG Deutsch 6.25 11/8/2013 EUR 56.39
DZ Bank AG Deutsch 5.00 12/31/2013 EUR 64.79
DZ Bank AG Deutsch 9.40 12/31/2013 EUR 58.13
DZ Bank AG Deutsch 9.50 10/25/2013 EUR 48.70
DZ Bank AG Deutsch 15.75 11/22/2013 EUR 4.94
DZ Bank AG Deutsch 10.75 12/31/2013 EUR 56.51
DZ Bank AG Deutsch 9.25 3/28/2014 EUR 58.18
DZ Bank AG Deutsch 5.75 6/27/2014 EUR 60.94
DZ Bank AG Deutsch 9.75 6/27/2014 EUR 58.40
DZ Bank AG Deutsch 8.50 9/26/2014 EUR 59.94
DZ Bank AG Deutsch 7.00 4/7/2014 EUR 62.91
DZ Bank AG Deutsch 7.50 6/13/2014 EUR 63.50
DZ Bank AG Deutsch 5.00 10/25/2013 EUR 58.00
DZ Bank AG Deutsch 5.00 12/20/2013 EUR 68.68
DZ Bank AG Deutsch 9.50 1/10/2014 EUR 65.98
DZ Bank AG Deutsch 12.25 1/10/2014 EUR 68.31
DZ Bank AG Deutsch 10.75 7/11/2014 EUR 74.40
DZ Bank AG Deutsch 6.30 7/11/2014 EUR 69.50
DZ Bank AG Deutsch 5.50 12/13/2013 EUR 55.94
DZ Bank AG Deutsch 3.50 12/31/2013 EUR 64.92
DZ Bank AG Deutsch 7.50 6/13/2014 EUR 66.92
DZ Bank AG Deutsch 2.50 12/13/2013 EUR 68.49
DZ Bank AG Deutsch 8.00 3/28/2014 EUR 53.91
DZ Bank AG Deutsch 7.40 7/11/2014 EUR 68.63
DZ Bank AG Deutsch 4.75 12/13/2013 EUR 59.73
DZ Bank AG Deutsch 7.50 1/15/2014 EUR 74.79
DZ Bank AG Deutsch 6.00 11/11/2013 EUR 49.46
DZ Bank AG Deutsch 5.00 12/13/2013 EUR 59.41
DZ Bank AG Deutsch 6.25 3/7/2014 EUR 58.45
DZ Bank AG Deutsch 5.50 2/14/2014 EUR 56.46
DZ Bank AG Deutsch 10.00 12/31/2013 EUR 63.87
DZ Bank AG Deutsch 5.25 6/27/2014 EUR 69.05
DZ Bank AG Deutsch 8.75 9/26/2014 EUR 66.80
DZ Bank AG Deutsch 9.25 3/28/2014 EUR 65.56
DZ Bank AG Deutsch 9.75 6/27/2014 EUR 65.38
DZ Bank AG Deutsch 4.00 12/13/2013 EUR 60.82
DZ Bank AG Deutsch 5.25 10/25/2013 EUR 54.26
DZ Bank AG Deutsch 6.00 12/13/2013 EUR 72.70
DZ Bank AG Deutsch 6.50 6/27/2014 EUR 64.75
DZ Bank AG Deutsch 7.50 6/27/2014 EUR 63.09
DZ Bank AG Deutsch 9.75 6/13/2014 EUR 64.24
DZ Bank AG Deutsch 4.50 12/31/2013 EUR 62.28
DZ Bank AG Deutsch 6.50 3/14/2014 EUR 52.87
DZ Bank AG Deutsch 6.00 1/17/2014 EUR 58.65
DZ Bank AG Deutsch 4.00 3/28/2014 EUR 57.78
DZ Bank AG Deutsch 4.00 12/20/2013 EUR 68.55
DZ Bank AG Deutsch 5.75 11/22/2013 EUR 58.79
DZ Bank AG Deutsch 9.75 11/22/2013 EUR 53.48
DZ Bank AG Deutsch 7.50 1/10/2014 EUR 70.79
DZ Bank AG Deutsch 6.00 3/28/2014 EUR 60.96
EDOB Abwicklungs A 7.50 3/29/2049 EUR 3.25
EDOB Abwicklungs A 7.50 3/29/2049 EUR 3.25
Estavis AG 7.75 6/25/2017 EUR 2.29
getgoods.de AG 7.75 10/2/2017 EUR 68.50
Goldman Sachs & Co 11.00 10/23/2013 EUR 60.54
Goldman Sachs & Co 13.00 10/23/2013 EUR 47.86
Goldman Sachs & Co 7.00 12/27/2013 EUR 68.38
Goldman Sachs & Co 12.00 12/27/2013 EUR 44.22
Goldman Sachs & Co 13.00 12/27/2013 EUR 72.58
Goldman Sachs & Co 7.00 12/27/2013 EUR 67.54
Goldman Sachs & Co 10.00 11/20/2013 EUR 70.02
Goldman Sachs & Co 16.00 12/27/2013 EUR 43.09
Goldman Sachs & Co 16.00 11/20/2013 EUR 61.82
Goldman Sachs & Co 13.00 12/27/2013 EUR 47.51
Goldman Sachs & Co 10.00 12/27/2013 EUR 48.06
Goldman Sachs & Co 14.00 10/23/2013 EUR 44.71
Goldman Sachs & Co 14.00 11/20/2013 EUR 72.30
Goldman Sachs & Co 16.00 10/23/2013 EUR 68.51
Goldman Sachs & Co 12.00 3/26/2014 EUR 73.08
Goldman Sachs & Co 8.00 3/26/2014 EUR 57.54
Goldman Sachs & Co 14.00 10/23/2013 EUR 69.75
Goldman Sachs & Co 11.00 3/26/2014 EUR 74.11
Goldman Sachs & Co 14.00 11/20/2013 EUR 70.69
Goldman Sachs & Co 16.00 10/23/2013 EUR 68.67
Goldman Sachs & Co 16.00 11/20/2013 EUR 66.17
Goldman Sachs & Co 16.00 3/26/2014 EUR 69.23
Goldman Sachs & Co 6.00 10/23/2013 EUR 72.71
Goldman Sachs & Co 12.00 10/23/2013 EUR 71.90
Goldman Sachs & Co 14.00 11/20/2013 EUR 72.42
Goldman Sachs & Co 8.00 11/20/2013 EUR 57.14
Goldman Sachs & Co 9.00 10/23/2013 EUR 47.84
Goldman Sachs & Co 11.00 3/26/2014 EUR 56.14
Goldman Sachs & Co 8.00 10/23/2013 EUR 52.12
Goldman Sachs & Co 18.00 10/23/2013 EUR 43.70
Goldman Sachs & Co 12.00 11/20/2013 EUR 74.24
Goldman Sachs & Co 13.00 11/20/2013 EUR 72.22
Goldman Sachs & Co 9.00 12/27/2013 EUR 55.96
Goldman Sachs & Co 7.00 3/26/2014 EUR 54.46
Goldman Sachs & Co 12.00 10/23/2013 EUR 49.40
Goldman Sachs & Co 15.00 11/20/2013 EUR 46.58
Goldman Sachs & Co 16.00 3/26/2014 EUR 50.67
Goldman Sachs & Co 17.00 10/23/2013 EUR 72.12
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.79
Goldman Sachs & Co 13.00 12/24/2014 EUR 72.15
Goldman Sachs & Co 9.00 12/24/2014 EUR 61.30
Goldman Sachs & Co 15.00 12/27/2013 EUR 71.38
Goldman Sachs & Co 8.00 12/27/2013 EUR 67.72
Goldman Sachs & Co 14.00 12/27/2013 EUR 50.02
Goldman Sachs & Co 16.00 12/27/2013 EUR 46.96
Goldman Sachs & Co 8.00 12/27/2013 EUR 67.65
Goldman Sachs & Co 6.00 3/26/2014 EUR 69.01
Goldman Sachs & Co 10.00 12/27/2013 EUR 59.73
Goldman Sachs & Co 15.00 12/27/2013 EUR 55.64
Goldman Sachs & Co 9.00 12/27/2013 EUR 54.56
Goldman Sachs & Co 10.00 3/26/2014 EUR 53.04
Goldman Sachs & Co 6.00 12/27/2013 EUR 67.36
Goldman Sachs & Co 6.00 12/27/2013 EUR 60.95
Goldman Sachs & Co 9.00 12/27/2013 EUR 61.49
Goldman Sachs & Co 15.00 12/27/2013 EUR 55.92
Goldman Sachs & Co 4.00 3/26/2014 EUR 63.10
Goldman Sachs & Co 5.00 3/26/2014 EUR 67.72
Goldman Sachs & Co 5.00 3/26/2014 EUR 65.56
Goldman Sachs & Co 7.00 3/26/2014 EUR 58.88
Goldman Sachs & Co 9.00 3/26/2014 EUR 56.78
Goldman Sachs & Co 10.00 3/26/2014 EUR 60.15
Goldman Sachs & Co 5.00 6/25/2014 EUR 61.58
Goldman Sachs & Co 8.00 6/25/2014 EUR 61.84
Goldman Sachs & Co 10.00 6/25/2014 EUR 59.71
Goldman Sachs & Co 15.00 3/26/2014 EUR 54.92
Goldman Sachs & Co 19.00 3/26/2014 EUR 56.61
Goldman Sachs & Co 4.00 6/25/2014 EUR 66.52
Goldman Sachs & Co 4.00 6/25/2014 EUR 62.76
Goldman Sachs & Co 6.00 9/24/2014 EUR 61.79
Goldman Sachs & Co 8.00 9/24/2014 EUR 65.32
Goldman Sachs & Co 8.00 9/24/2014 EUR 63.62
Goldman Sachs & Co 19.00 6/25/2014 EUR 57.83
Goldman Sachs & Co 5.00 9/24/2014 EUR 67.95
Goldman Sachs & Co 13.00 9/24/2014 EUR 58.17
Goldman Sachs & Co 17.00 9/24/2014 EUR 59.59
Goldman Sachs & Co 8.00 10/23/2013 EUR 49.40
Goldman Sachs & Co 5.00 10/23/2013 EUR 62.52
Goldman Sachs & Co 5.00 12/27/2013 EUR 57.12
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.94
Goldman Sachs & Co 7.00 8/20/2014 EUR 58.46
Goldman Sachs & Co 10.00 12/27/2013 EUR 69.58
Goldman Sachs & Co 7.00 12/27/2013 EUR 49.99
Goldman Sachs & Co 11.00 12/27/2013 EUR 59.96
Goldman Sachs & Co 13.00 12/27/2013 EUR 58.55
Goldman Sachs & Co 7.00 12/27/2013 EUR 64.12
Goldman Sachs & Co 14.00 12/27/2013 EUR 71.02
Goldman Sachs & Co 11.00 12/27/2013 EUR 47.15
Goldman Sachs & Co 10.00 12/27/2013 EUR 49.26
Goldman Sachs & Co 6.50 12/27/2013 EUR 43.13
Goldman Sachs & Co 8.00 12/27/2013 EUR 37.67
Goldman Sachs & Co 3.00 12/24/2014 EUR 68.05
Goldman Sachs & Co 12.00 3/26/2014 EUR 54.84
Goldman Sachs & Co 17.00 2/26/2014 EUR 74.27
Goldman Sachs & Co 8.00 12/27/2013 EUR 59.43
Goldman Sachs & Co 9.00 3/26/2014 EUR 59.71
Goldman Sachs & Co 17.00 3/26/2014 EUR 55.75
Goldman Sachs & Co 8.00 1/22/2014 EUR 61.77
Goldman Sachs & Co 7.00 3/26/2014 EUR 61.74
Goldman Sachs & Co 17.00 1/22/2014 EUR 72.86
Goldman Sachs & Co 12.00 12/27/2013 EUR 52.26
Goldman Sachs & Co 14.00 2/26/2014 EUR 52.23
Goldman Sachs & Co 11.00 1/22/2014 EUR 58.90
Goldman Sachs & Co 13.00 1/22/2014 EUR 56.41
Goldman Sachs & Co 16.00 1/22/2014 EUR 55.68
Goldman Sachs & Co 17.00 12/27/2013 EUR 70.65
Goldman Sachs & Co 11.00 12/24/2014 EUR 58.55
Goldman Sachs & Co 13.00 12/27/2013 EUR 50.47
Goldman Sachs & Co 7.00 12/27/2013 EUR 72.82
Goldman Sachs & Co 13.00 12/27/2013 EUR 55.54
Goldman Sachs & Co 16.00 12/27/2013 EUR 73.11
Goldman Sachs & Co 10.00 12/27/2013 EUR 73.16
Goldman Sachs & Co 8.00 12/27/2013 EUR 70.65
Goldman Sachs & Co 14.00 11/20/2013 EUR 66.64
Goldman Sachs & Co 12.00 10/23/2013 EUR 61.94
Goldman Sachs & Co 15.00 12/27/2013 EUR 63.22
Goldman Sachs & Co 14.00 3/26/2014 EUR 66.42
Goldman Sachs & Co 6.00 3/26/2014 EUR 63.94
Goldman Sachs & Co 8.00 11/20/2013 EUR 50.98
Goldman Sachs & Co 10.00 10/23/2013 EUR 49.39
Goldman Sachs & Co 11.00 3/26/2014 EUR 49.64
Goldman Sachs & Co 11.00 11/20/2013 EUR 45.17
Goldman Sachs & Co 15.00 11/20/2013 EUR 42.06
Goldman Sachs & Co 17.00 11/20/2013 EUR 41.31
Goldman Sachs & Co 13.00 10/23/2013 EUR 70.25
Goldman Sachs & Co 10.00 3/26/2014 EUR 73.65
Goldman Sachs & Co 16.00 11/20/2013 EUR 67.23
Goldman Sachs & Co 13.00 3/26/2014 EUR 69.70
Goldman Sachs & Co 6.00 3/26/2014 EUR 54.89
Goldman Sachs & Co 9.00 12/27/2013 EUR 56.40
Goldman Sachs & Co 18.00 12/27/2013 EUR 52.01
Goldman Sachs & Co 15.00 3/26/2014 EUR 54.90
Goldman Sachs & Co 12.00 2/26/2014 EUR 55.73
Goldman Sachs & Co 7.00 12/27/2013 EUR 59.19
Goldman Sachs & Co 7.00 12/27/2013 EUR 48.72
Goldman Sachs & Co 12.00 11/20/2013 EUR 73.14
Goldman Sachs & Co 12.00 3/26/2014 EUR 68.12
Goldman Sachs & Co 12.00 3/26/2014 EUR 51.20
Goldman Sachs & Co 7.00 10/23/2013 EUR 74.87
Goldman Sachs & Co 13.00 12/27/2013 EUR 66.31
Goldman Sachs & Co 15.00 10/23/2013 EUR 71.91
Goldman Sachs & Co 6.00 11/20/2013 EUR 52.23
Goldman Sachs & Co 14.00 11/20/2013 EUR 48.85
Goldman Sachs & Co 16.00 11/20/2013 EUR 45.57
Goldman Sachs & Co 11.00 10/23/2013 EUR 74.03
Goldman Sachs & Co 8.00 12/27/2013 EUR 56.22
Goldman Sachs & Co 11.00 11/20/2013 EUR 49.88
Goldman Sachs & Co 18.00 10/23/2013 EUR 42.71
Goldman Sachs & Co 15.00 3/26/2014 EUR 47.30
Goldman Sachs & Co 15.00 10/23/2013 EUR 70.26
Goldman Sachs & Co 15.00 10/23/2013 EUR 70.26
Goldman Sachs & Co 15.00 11/20/2013 EUR 70.55
Goldman Sachs & Co 13.00 12/27/2013 EUR 54.06
Goldman Sachs & Co 16.00 12/27/2013 EUR 65.08
Goldman Sachs & Co 13.00 12/27/2013 EUR 68.50
Goldman Sachs & Co 9.00 12/27/2013 EUR 61.48
Goldman Sachs & Co 10.00 12/27/2013 EUR 56.30
Goldman Sachs & Co 6.00 12/27/2013 EUR 57.30
Goldman Sachs & Co 15.00 12/27/2013 EUR 68.63
Goldman Sachs & Co 14.00 12/27/2013 EUR 48.78
Goldman Sachs & Co 13.00 12/27/2013 EUR 48.65
Goldman Sachs & Co 6.00 11/20/2013 EUR 64.83
Goldman Sachs & Co 14.00 11/20/2013 EUR 51.46
Goldman Sachs & Co 16.00 11/20/2013 EUR 50.28
Goldman Sachs & Co 15.00 3/26/2014 EUR 52.47
Goldman Sachs & Co 16.00 12/27/2013 EUR 48.06
Goldman Sachs & Co 12.00 10/23/2013 EUR 49.43
Goldman Sachs & Co 17.00 10/23/2013 EUR 50.76
Goldman Sachs & Co 9.00 3/26/2014 EUR 53.69
Goldman Sachs & Co 11.00 12/27/2013 EUR 47.15
Goldman Sachs & Co 13.00 12/27/2013 EUR 71.84
Goldman Sachs & Co 10.00 12/27/2013 EUR 55.02
Goldman Sachs & Co 9.00 12/27/2013 EUR 59.61
Goldman Sachs & Co 4.00 12/27/2013 EUR 60.59
Goldman Sachs & Co 4.00 12/27/2013 EUR 69.44
Goldman Sachs & Co 7.00 3/26/2014 EUR 57.47
Goldman Sachs & Co 3.00 3/26/2014 EUR 64.72
Goldman Sachs & Co 8.00 9/24/2014 EUR 59.95
Goldman Sachs & Co 13.00 2/26/2014 EUR 48.40
Goldman Sachs & Co 9.00 10/23/2013 EUR 52.85
Goldman Sachs & Co 6.00 10/23/2013 EUR 64.68
Goldman Sachs & Co 7.00 12/27/2013 EUR 63.13
Goldman Sachs & Co 4.00 3/26/2014 EUR 74.62
Goldman Sachs & Co 9.00 6/25/2014 EUR 60.40
Gunther Zamek Prod 7.75 5/15/2017 EUR 55.50
Hamburgische Lande 0.60 1/22/2041 EUR 68.03
Hamburgische Lande 0.61 10/30/2040 EUR 68.07
Hamburgische Lande 0.61 11/28/2030 EUR 74.77
Hamburgische Lande 0.60 10/25/2030 EUR 75.00
Hamburgische Lande 0.56 10/30/2030 EUR 74.24
Hamburgische Lande 0.64 7/18/2031 EUR 74.20
Hamburgische Lande 0.69 11/8/2030 EUR 74.82
Hamburgische Lande 0.59 2/5/2031 EUR 73.86
Hamburgische Lande 0.58 10/25/2030 EUR 74.61
Hamburgische Lande 0.59 12/1/2030 EUR 73.55
Hanwha Q-CELLS Gmb 6.75 10/21/2015 EUR 1.32
HSBC Trinkaus & Bu 10.50 12/30/2013 EUR 73.80
HSBC Trinkaus & Bu 12.50 12/30/2013 EUR 70.21
HSBC Trinkaus & Bu 11.00 12/30/2013 EUR 73.68
HSH Nordbank AG 1.03 2/14/2017 EUR 68.24
HSH Nordbank AG 1.07 2/14/2017 EUR 68.16
IKB Deutsche Indus 1.12 9/13/2016 EUR 74.66
IKB Deutsche Indus 0.97 1/23/2017 EUR 71.62
KFW 0.25 10/6/2036 CAD 33.42
Landesbank Berlin 4.80 11/7/2014 EUR 58.28
Landesbank Berlin 7.25 6/27/2014 EUR 58.30
Landesbank Berlin 4.00 12/30/2013 EUR 63.19
Landesbank Berlin 5.00 6/27/2014 EUR 64.20
Landesbank Berlin 4.00 12/30/2014 EUR 68.24
Landesbank Berlin 7.00 12/30/2014 EUR 64.80
Landesbank Berlin 4.75 12/30/2014 EUR 65.47
Landesbank Berlin 8.50 3/28/2014 EUR 62.32
Landesbank Berlin 4.75 3/28/2014 EUR 70.71
Landesbank Berlin 8.50 3/28/2014 EUR 65.88
Landesbank Berlin 11.00 12/30/2013 EUR 7.94
Landesbank Berlin 5.50 6/27/2014 EUR 62.69
Landesbank Berlin 4.00 3/28/2014 EUR 61.97
Landesbank Berlin 5.00 8/8/2014 EUR 58.13
Landesbank Berlin 5.00 3/28/2014 EUR 60.58
Landesbank Berlin 6.00 3/28/2014 EUR 65.28
Landesbank Berlin 3.00 3/28/2014 EUR 72.82
Landesbank Berlin 4.50 3/28/2014 EUR 68.83
Landesbank Berlin 5.00 12/30/2013 EUR 59.52
Landesbank Berlin 4.00 3/28/2014 EUR 65.95
Landesbank Berlin 8.00 3/28/2014 EUR 60.17
Landesbank Berlin 7.00 6/27/2014 EUR 58.72
Landesbank Berlin 11.00 6/27/2014 EUR 14.56
Landesbank Berlin 4.00 6/27/2014 EUR 65.46
Landesbank Berlin 5.50 12/23/2013 EUR 60.90
Landesbank Berlin 4.00 6/27/2014 EUR 68.01
Landesbank Berlin 7.00 6/27/2014 EUR 62.46
Landesbank Hessen- 0.85 7/18/2031 EUR 63.96
Landesbank Hessen- 4.00 6/20/2014 EUR 59.10
Landeskreditbank B 0.25 10/13/2037 CAD 29.38
Landeskreditbank B 0.50 5/10/2027 CAD 57.81
Landwirtschaftlich 0.50 4/19/2017 TRY 74.97
LBBW 0.62 10/4/2030 EUR 71.11
LBBW 4.00 11/22/2013 EUR 74.51
LBBW 4.00 3/28/2014 EUR 60.31
LBBW 5.00 3/28/2014 EUR 57.49
LBBW 3.00 11/22/2013 EUR 66.79
LBBW 5.00 11/22/2013 EUR 62.53
LBBW 4.00 11/22/2013 EUR 65.79
LBBW 4.00 7/25/2014 EUR 64.82
LBBW 3.00 2/28/2014 EUR 67.30
LBBW 5.00 2/28/2014 EUR 58.88
LBBW 6.00 2/28/2014 EUR 56.10
LBBW 5.00 11/22/2013 EUR 58.10
LBBW 3.00 11/22/2013 EUR 63.63
LBBW 4.00 11/22/2013 EUR 60.83
LBBW 3.00 6/27/2014 EUR 64.58
LBBW 4.00 6/27/2014 EUR 61.78
LBBW 5.00 6/27/2014 EUR 59.62
LBBW 3.00 8/22/2014 EUR 67.39
LBBW 4.00 8/22/2014 EUR 65.35
LBBW 5.00 8/22/2014 EUR 63.72
LBBW 3.00 2/28/2014 EUR 64.90
LBBW 5.00 2/28/2014 EUR 61.60
LBBW 5.00 9/26/2014 EUR 61.16
LBBW 4.00 10/25/2013 EUR 58.36
LBBW 4.00 3/28/2014 EUR 61.06
LBBW 3.00 3/28/2014 EUR 64.74
LBBW 4.00 1/24/2014 EUR 67.54
LBBW 6.00 1/24/2014 EUR 60.58
LBBW 7.00 1/24/2014 EUR 58.00
LBBW 7.00 11/22/2013 EUR 69.09
LBBW 4.00 6/27/2014 EUR 63.66
LBBW 6.00 6/27/2014 EUR 59.62
LBBW 6.00 7/25/2014 EUR 61.69
LBBW 4.00 3/28/2014 EUR 60.09
LBBW 5.10 1/15/2014 EUR 68.01
LBBW 5.00 6/27/2014 EUR 58.31
LBBW 4.00 6/27/2014 EUR 59.42
LBBW 3.00 6/27/2014 EUR 61.09
LBBW 3.00 9/26/2014 EUR 64.39
LBBW 4.00 9/26/2014 EUR 62.54
LBBW 7.00 9/26/2014 EUR 59.20
LBBW 5.00 11/22/2013 EUR 63.58
LBBW 6.00 11/22/2013 EUR 64.98
LBBW 8.00 11/22/2013 EUR 58.71
Norddeutsche Lande 0.69 10/21/2030 EUR 74.42
Praktiker AG 5.88 2/10/2016 EUR 1.50
Qimonda Finance LL 6.75 3/22/2013 USD 3.44
SiC Processing Gmb 7.13 3/1/2016 EUR 5.50
Solarwatt GmbH 7.00 11/1/2015 EUR 14.75
Solarworld AG 6.13 1/21/2017 EUR 37.25
Solarworld AG 6.38 7/13/2016 EUR 33.00
Solon SE 1.38 12/6/2012 EUR 0.63
Sparkasse KoelnBon 0.68 5/7/2031 EUR 71.54
Sparkasse KoelnBon 0.74 9/29/2034 EUR 68.26
TAG Immobilien AG 6.50 12/10/2015 EUR 9.45
TUI AG 2.75 3/24/2016 EUR 64.09
UniCredit Bank AG 0.92 11/19/2029 EUR 65.48
Vontobel Financial 5.45 12/31/2013 EUR 59.48
Vontobel Financial 5.47 3/17/2014 EUR 35.50
Vontobel Financial 4.30 12/31/2013 EUR 63.20
Vontobel Financial 7.70 12/31/2013 EUR 54.94
Vontobel Financial 5.30 6/27/2014 EUR 60.94
Vontobel Financial 4.25 12/31/2013 EUR 63.14
Vontobel Financial 5.30 12/31/2013 EUR 59.38
Vontobel Financial 9.85 12/31/2013 EUR 73.66
Vontobel Financial 4.20 12/31/2013 EUR 63.14
Vontobel Financial 5.35 12/31/2013 EUR 59.50
Vontobel Financial 7.40 12/31/2013 EUR 54.84
Vontobel Financial 9.85 12/31/2013 EUR 51.06
Vontobel Financial 6.10 12/31/2013 EUR 59.66
Vontobel Financial 5.50 12/31/2013 EUR 59.56
Vontobel Financial 6.85 12/31/2013 EUR 54.78
Vontobel Financial 7.15 12/31/2013 EUR 54.82
Vontobel Financial 9.10 12/31/2013 EUR 50.96
Vontobel Financial 5.10 4/14/2014 EUR 30.60
Vontobel Financial 17.15 12/31/2013 EUR 52.48
Vontobel Financial 4.25 12/31/2013 EUR 63.20
Vontobel Financial 8.65 12/31/2013 EUR 56.66
Vontobel Financial 6.30 12/31/2013 EUR 59.72
Vontobel Financial 8.70 12/31/2013 EUR 73.44
Vontobel Financial 7.85 12/31/2013 EUR 50.72
Vontobel Financial 5.50 12/31/2013 EUR 54.52
Vontobel Financial 5.10 6/27/2014 EUR 60.50
Vontobel Financial 8.00 12/31/2013 EUR 55.02
Vontobel Financial 7.35 6/27/2014 EUR 57.28
Vontobel Financial 4.60 3/28/2014 EUR 60.20
Vontobel Financial 4.75 12/31/2013 EUR 59.42
Vontobel Financial 7.20 3/28/2014 EUR 56.40
Vontobel Financial 7.45 12/31/2013 EUR 59.94
Vontobel Financial 10.20 12/31/2013 EUR 56.98
Vontobel Financial 4.80 12/31/2013 EUR 56.58
Vontobel Financial 5.50 12/31/2013 EUR 56.38
Vontobel Financial 8.85 12/31/2013 EUR 54.96
Vontobel Financial 8.35 12/31/2013 EUR 56.92
Vontobel Financial 7.70 12/31/2013 EUR 54.74
Vontobel Financial 7.40 12/31/2013 EUR 59.92
Vontobel Financial 5.40 6/27/2014 EUR 57.68
Vontobel Financial 5.05 3/28/2014 EUR 57.46
Vontobel Financial 7.60 3/28/2014 EUR 58.24
Vontobel Financial 5.65 3/28/2014 EUR 57.40
Vontobel Financial 4.35 12/31/2013 EUR 63.26
Vontobel Financial 8.65 12/31/2013 EUR 60.16
Vontobel Financial 7.75 12/31/2013 EUR 54.72
Vontobel Financial 8.15 12/31/2013 EUR 56.38
Vontobel Financial 15.75 12/31/2013 EUR 52.14
Vontobel Financial 10.45 12/31/2013 EUR 55.40
Vontobel Financial 6.35 12/31/2013 EUR 54.68
Vontobel Financial 8.00 12/31/2013 EUR 54.98
Vontobel Financial 5.25 12/31/2013 EUR 59.50
Vontobel Financial 6.45 12/31/2013 EUR 74.82
Vontobel Financial 5.00 1/24/2014 EUR 61.50
Vontobel Financial 7.39 11/25/2013 EUR 62.60
WGZ-Bank AG Westde 2.50 12/23/2013 EUR 68.43
WGZ-Bank AG Westde 3.00 1/30/2014 EUR 69.85
WGZ-Bank AG Westde 4.00 1/30/2014 EUR 65.48
WGZ-Bank AG Westde 5.00 1/30/2014 EUR 63.64
WGZ-Bank AG Westde 6.00 12/18/2013 EUR 52.92
WGZ-Bank AG Westde 4.00 12/18/2013 EUR 59.07
WGZ-Bank AG Westde 5.00 12/18/2013 EUR 55.81
WGZ-Bank AG Westde 7.50 12/18/2013 EUR 50.43
WGZ-Bank AG Westde 4.00 3/27/2014 EUR 66.20
WGZ-Bank AG Westde 3.00 6/25/2014 EUR 61.31
WGZ-Bank AG Westde 5.50 6/25/2014 EUR 56.15
WGZ-Bank AG Westde 4.00 6/25/2014 EUR 58.30
WGZ-Bank AG Westde 7.00 6/25/2014 EUR 54.32
WGZ-Bank AG Westde 6.00 1/30/2014 EUR 61.94
WGZ-Bank AG Westde 6.00 3/11/2014 EUR 54.62
WGZ-Bank AG Westde 4.00 9/30/2014 EUR 74.98
WGZ-Bank AG Westde 5.00 9/30/2014 EUR 73.89
WGZ-Bank AG Westde 6.00 9/30/2014 EUR 73.00
WGZ-Bank AG Westde 3.00 3/27/2014 EUR 68.09
WGZ-Bank AG Westde 5.00 3/27/2014 EUR 64.45
WGZ-Bank AG Westde 6.00 3/27/2014 EUR 62.91
Windreich GmbH 6.50 7/15/2016 EUR 11.13
Windreich GmbH 6.50 3/1/2015 EUR 9.88
Windreich GmbH 6.75 3/1/2015 EUR 11.13
Windreich GmbH 6.25 3/1/2015 EUR 11.13
GREECE
------
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
ICELAND
-------
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88
Kaupthing Bank Hf 5.75 10/4/2011 USD 22.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.13
Kaupthing Bank Hf 3.00 2/12/2010 CHF 22.88
Kaupthing Bank Hf 4.70 2/15/2010 CAD 22.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88
Kaupthing Bank Hf 4.65 2/19/2013 EUR 22.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 22.88
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.13
Kaupthing Bank Hf 1.99 7/5/2012 JPY 22.88
Kaupthing Bank Hf 9.75 9/10/2015 USD 22.88
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Kaupthing Bank Hf 5.50 2/2/2009 USD 22.88
Kaupthing Bank Hf 1.80 10/20/2009 JPY 22.88
Kaupthing Bank Hf 5.80 9/7/2012 EUR 22.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 22.88
Kaupthing Bank Hf 0.80 2/15/2011 EUR 22.88
Kaupthing Bank Hf 7.50 12/5/2014 ISK 22.88
Kaupthing Bank Hf 3.75 2/15/2024 ISK 22.88
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.13
Kaupthing Bank Hf 5.25 7/18/2017 BGN 22.88
Kaupthing Bank Hf 1.65 7/5/2010 JPY 22.88
Kaupthing Bank Hf 7.90 2/1/2016 EUR 22.88
Kaupthing Bank Hf 4.95 5/6/2009 EUR 22.88
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.13
Kaupthing Bank Hf 7.70 10/2/2011 EUR 22.88
Kaupthing Bank Hf 4.50 1/17/2011 EUR 22.88
Kaupthing Bank Hf 0.69 5/21/2011 JPY 22.88
Kaupthing Bank Hf 7.00 7/24/2009 ISK 22.88
Kaupthing Bank Hf 0.20 7/12/2009 JPY 22.88
Kaupthing Bank Hf 5.00 11/8/2013 EUR 22.88
Kaupthing Bank Hf 7.50 4/2/2011 EUR 22.88
Kaupthing Bank Hf 7.50 10/2/2010 EUR 22.88
Kaupthing Bank Hf 7.00 1/3/2011 EUR 22.88
Kaupthing Bank Hf 4.53 4/24/2012 EUR 22.88
Kaupthing Bank Hf 4.47 10/27/2010 EUR 22.88
Kaupthing Bank Hf 0.95 10/20/2010 JPY 22.88
Kaupthing Bank Hf 5.00 1/4/2027 SKK 22.88
Kaupthing Bank Hf 4.90 5/29/2017 EUR 22.88
Kaupthing Bank Hf 6.50 10/8/2010 ISK 22.88
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.13
Kaupthing Bank Hf 7.90 4/28/2016 EUR 22.88
Kaupthing Bank Hf 1.75 6/7/2016 EUR 22.88
Kaupthing Bank Hf 6.40 12/15/2015 EUR 22.88
LBI HF 6.10 8/25/2011 USD 8.00
LBI HF 3.20 5/10/2010 SKK 8.00
LBI HF 2.25 2/14/2011 CHF 8.00
LBI HF 6.10 8/25/2011 USD 8.00
LBI HF 3.00 12/7/2010 CHF 8.00
LBI HF 4.40 1/18/2010 CAD 8.00
LBI HF 4.38 10/20/2008 EUR 8.00
LBI HF 4.75 5/31/2013 EUR 8.00
LBI HF 4.53 4/24/2012 EUR 8.00
LBI HF 7.25 4/2/2011 EUR 8.00
LBI HF 8.65 5/1/2011 ISK 8.00
LBI HF 4.08 3/16/2015 EUR 8.00
LBI HF 6.75 8/18/2015 EUR 8.00
LBI HF 4.40 11/3/2009 CZK 8.00
LBI HF 6.00 6/6/2017 EUR 8.00
LBI HF 5.44 9/3/2018 EUR 0.13
LBI HF 4.28 11/19/2010 EUR 8.00
LBI HF 2.14 2/3/2020 JPY 8.00
LBI HF 4.32 1/31/2010 EUR 8.00
LBI HF 4.40 11/30/2035 EUR 0.13
LBI HF 5.25 6/5/2023 EUR 8.00
LBI HF 5.08 3/1/2013 ISK 8.00
LBI HF 7.00 4/2/2010 EUR 8.00
LBI HF 3.00 10/22/2015 EUR 8.00
LBI HF 1.68 12/22/2014 JPY 8.00
LBI HF 4.00 9/23/2015 EUR 8.00
LBI HF 3.45 12/18/2033 JPY 0.13
LBI HF 2.22 10/15/2019 JPY 8.00
LBI HF 4.34 3/1/2011 EUR 8.00
LBI HF 3.34 5/11/2012 EUR 8.00
LBI HF 7.75 2/22/2016 USD 8.00
LBI HF 2.75 3/16/2011 EUR 8.00
LBI HF 3.36 8/17/2012 EUR 8.00
LBI HF 7.20 4/27/2026 EUR 0.13
LBI HF 6.75 2/18/2015 EUR 8.00
LBI HF 3.11 11/10/2008 EUR 8.00
LBI HF 4.34 12/22/2025 EUR 8.00
IRELAND
-------
Corsicanto Ltd 3.50 1/15/2032 USD 74.94
Depfa ACS Bank 4.90 8/24/2035 CAD 69.73
Depfa ACS Bank 0.50 3/3/2025 CAD 46.53
Kalvebod PLC 2.00 5/1/2106 DKK 40.00
ITALY
-------
Banca delle Marche 1.18 6/1/2017 EUR 42.39
A2A SpA 3.20 8/10/2036 EUR 62.44
Banca delle Marche 5.50 9/16/2030 EUR 69.25
Banca di Cividale 0.34 10/2/2036 EUR 57.63
Banca Monte dei Pa 1.23 1/15/2018 EUR 74.60
Cassa Depositi e P 0.29 10/31/2029 EUR 61.70
Cirio Finanziaria 8.00 12/21/2005 EUR 0.63
City of Lecco Ital 0.46 6/30/2026 EUR 67.27
Comune di Andrano 3.92 12/31/2035 EUR 71.20
Comune di Fiumicin 0.49 12/31/2026 EUR 66.65
Comune di Grontard 4.10 12/31/2035 EUR 73.36
Comune di Marcheno 4.23 12/31/2036 EUR 74.59
Comune di Marscian 4.03 12/31/2035 EUR 72.47
Comune di Mercato 3.97 12/31/2035 EUR 71.83
Comune di Piadena 4.05 12/31/2035 EUR 72.74
Comune di San Ferd 0.53 12/27/2026 EUR 67.26
Comune di Santa Ma 0.60 5/31/2026 EUR 69.00
Comune di Seminara 0.72 10/31/2026 EUR 69.14
Comune di Verona 0.43 12/1/2026 EUR 64.53
Enel SpA 0.96 10/20/2032 EUR 63.62
Intesa Sanpaolo Sp 1.06 3/20/2023 EUR 74.70
Italy Government I 1.85 9/15/2057 EUR 65.06
Italy Government I 2.00 9/15/2062 EUR 67.03
Italy Government I 2.20 9/15/2058 EUR 72.77
Italy Government I 2.87 5/19/2036 JPY 69.43
Province of Bresci 0.73 12/22/2036 EUR 57.22
Province of Bresci 0.72 6/30/2036 EUR 57.58
Province of Chieti 0.65 12/29/2023 EUR 74.35
Province of Milan 0.59 12/22/2033 EUR 63.54
Province of Rovigo 0.59 12/28/2035 EUR 58.80
Province of Teramo 0.44 12/30/2030 EUR 60.80
Province of Teramo 0.47 12/30/2025 EUR 68.61
Province of Trevis 0.47 12/31/2034 EUR 58.04
Province of Trevis 0.57 12/31/2034 EUR 59.52
Province of Trevis 0.34 12/31/2034 EUR 56.82
Region of Abruzzo 0.68 11/7/2036 EUR 63.64
Region of Abruzzo 0.52 11/7/2031 EUR 61.27
Region of Abruzzo 4.45 3/1/2037 EUR 70.52
Region of Aosta Va 0.45 5/28/2021 EUR 73.65
Region of Molise I 0.72 12/15/2033 EUR 64.40
Region of Piemont 0.45 11/27/2036 EUR 55.47
Region of Puglia I 0.74 2/6/2023 EUR 69.69
Seat Pagine Gialle 10.50 1/31/2017 EUR 23.00
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.75
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.13
Seat Pagine Gialle 10.50 1/31/2017 EUR 22.63
LUXEMBOURG
----------
3W Power SA 9.25 12/1/2015 EUR 55.75
ArcelorMittal 7.25 4/1/2014 EUR 20.83
Bank of New York M 4.48 12/30/2099 EUR 18.04
Bank of New York M 4.73 12/15/2050 EUR 52.00
Cerruti Finance SA 6.50 7/26/2004 EUR 3.00
Cirio Finance Luxe 7.50 11/3/2002 EUR 1.25
Cirio Holding Luxe 6.25 2/16/2004 EUR 0.13
Codere Finance Lux 8.25 6/15/2015 EUR 52.02
Codere Finance Lux 9.25 2/15/2019 USD 50.50
Codere Finance Lux 9.25 2/15/2019 USD 50.98
Codere Finance Lux 8.25 6/15/2015 EUR 50.75
Codere Finance Lux 8.25 6/15/2015 EUR 51.75
Codere Finance Lux 8.25 6/15/2015 EUR 50.75
Del Monte Finance 6.63 5/24/2006 EUR 13.63
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
Erste Europaeische 0.27 2/1/2037 USD 55.57
European Media Cap 10.00 2/1/2015 USD 75.00
European Media Cap 10.00 2/1/2015 USD 75.00
Finmek Internation 7.00 12/3/2004 EUR 0.13
Hellas Telecommuni 8.50 10/15/2013 EUR 0.13
Hellas Telecommuni 8.50 10/15/2013 EUR 0.13
Hypothekenbank Fra 0.25 12/20/2029 USD 67.37
International Indu 9.00 7/6/2011 EUR 1.00
International Indu 11.00 2/19/2013 USD 0.88
IT Holding Finance 9.88 11/15/2012 EUR 0.13
IT Holding Finance 9.88 11/15/2012 EUR 0.13
La Veggia Finance 7.13 11/14/2004 EUR 0.25
Teksid Aluminum Lu 11.38 7/15/2011 EUR 0.75
NETHERLANDS
-----------
Astana Finance BV 7.88 6/8/2010 EUR 4.00
Astana Finance BV 9.00 11/16/2011 USD 3.50
Astana Finance BV 14.50 7/2/2013 USD 3.75
Bank Nederlandse G 0.50 5/10/2017 TRY 73.62
Bank Nederlandse G 0.50 7/12/2022 ZAR 52.90
Bank Nederlandse G 0.50 7/12/2017 TRY 72.46
Bank Nederlandse G 0.50 6/7/2022 ZAR 53.32
Bank Nederlandse G 0.50 6/12/2017 TRY 73.13
Bank Nederlandse G 0.50 8/9/2017 TRY 72.30
Bank Nederlandse G 0.50 6/22/2021 ZAR 57.64
Bank Nederlandse G 0.50 3/29/2021 NZD 70.64
Bank Nederlandse G 0.50 8/15/2022 ZAR 52.50
Bank Nederlandse G 0.50 8/9/2022 MXN 64.98
Bank Nederlandse G 0.50 3/3/2021 NZD 64.80
Bank Nederlandse G 0.50 2/24/2025 CAD 65.15
Bank Nederlandse G 0.50 5/12/2021 ZAR 58.17
Bank Nederlandse G 0.50 9/20/2022 ZAR 52.08
BLT Finance BV 7.50 5/15/2014 USD 9.01
BLT Finance BV 12.00 2/10/2015 USD 10.25
BLT Finance BV 7.50 5/15/2014 USD 9.63
Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38
Bulgaria Steel Fin 12.00 5/4/2013 EUR 0.38
Cirio Del Monte NV 7.75 3/14/2005 EUR 3.38
Cooperatieve Centr 0.50 11/26/2021 ZAR 48.95
Cooperatieve Centr 0.50 10/30/2043 MXN 23.60
Cooperatieve Centr 0.50 8/21/2028 MXN 46.15
Cooperatieve Centr 0.50 7/30/2043 MXN 23.80
Cooperatieve Centr 0.50 1/31/2033 MXN 36.68
Cooperatieve Centr 0.50 10/29/2027 MXN 48.35
Cooperatieve Centr 0.50 11/30/2027 MXN 48.11
Cooperatieve Centr 0.50 12/29/2027 MXN 47.89
Cooperatieve Centr 9.20 3/13/2014 USD 60.77
Cooperatieve Centr 8.60 3/13/2014 CHF 60.50
Cooperatieve Centr 8.15 3/5/2014 CHF 58.60
Cooperatieve Centr 9.20 3/13/2014 USD 60.43
JP Morgan Structur 6.00 2/7/2014 USD 69.19
JP Morgan Structur 5.00 12/3/2013 CHF 64.32
JP Morgan Structur 6.00 2/25/2014 EUR 73.83
JP Morgan Structur 12.30 11/29/2013 USD 48.32
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 10.00 3/15/2012 EUR 0.25
KPNQwest NV 8.13 6/1/2009 USD 0.38
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
KPNQwest NV 7.13 6/1/2009 EUR 0.25
Lehman Brothers Tr 7.25 10/5/2035 EUR 9.75
Lehman Brothers Tr 6.00 11/2/2035 EUR 6.00
Lehman Brothers Tr 8.25 3/16/2035 EUR 14.00
Lehman Brothers Tr 6.00 2/15/2035 EUR 6.00
Lehman Brothers Tr 7.00 5/17/2035 EUR 10.38
Lehman Brothers Tr 2.88 3/14/2013 CHF 2.13
Lehman Brothers Tr 5.00 9/22/2014 EUR 6.00
Lehman Brothers Tr 5.00 2/16/2015 EUR 6.00
Lehman Brothers Tr 5.10 5/8/2017 HKD 2.50
Lehman Brothers Tr 7.00 11/26/2013 EUR 6.00
Lehman Brothers Tr 6.00 3/14/2011 EUR 6.00
Lehman Brothers Tr 5.00 2/27/2014 EUR 6.00
Lehman Brothers Tr 8.50 7/5/2016 EUR 6.00
Lehman Brothers Tr 4.00 2/16/2017 EUR 1.38
Lehman Brothers Tr 14.90 9/15/2008 EUR 1.38
Lehman Brothers Tr 4.50 5/2/2017 EUR 6.00
Lehman Brothers Tr 5.00 3/18/2015 EUR 6.00
Lehman Brothers Tr 3.03 1/31/2015 EUR 1.38
Lehman Brothers Tr 4.00 10/24/2012 EUR 6.00
Lehman Brothers Tr 1.00 5/9/2012 EUR 6.00
Lehman Brothers Tr 5.25 5/26/2026 EUR 6.00
Lehman Brothers Tr 8.25 12/3/2015 EUR 1.38
Lehman Brothers Tr 5.70 3/18/2015 USD 6.00
Lehman Brothers Tr 7.00 6/6/2017 EUR 6.00
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 4.00 12/2/2012 EUR 6.00
Lehman Brothers Tr 6.00 10/30/2012 EUR 6.00
Lehman Brothers Tr 1.46 2/19/2012 JPY 2.50
Lehman Brothers Tr 3.00 6/23/2009 EUR 6.00
Lehman Brothers Tr 1.75 2/7/2010 EUR 1.38
Lehman Brothers Tr 4.00 2/28/2010 EUR 1.38
Lehman Brothers Tr 4.00 7/20/2012 EUR 6.00
Lehman Brothers Tr 10.00 6/17/2009 USD 1.38
Lehman Brothers Tr 7.00 10/22/2010 EUR 6.00
Lehman Brothers Tr 4.00 7/27/2011 EUR 6.00
Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00
Lehman Brothers Tr 10.44 11/22/2008 CHF 1.38
Lehman Brothers Tr 5.00 8/16/2017 EUR 6.00
Lehman Brothers Tr 12.22 11/21/2017 USD 6.00
Lehman Brothers Tr 3.00 9/13/2010 JPY 2.50
Lehman Brothers Tr 4.10 6/10/2014 SGD 1.38
Lehman Brothers Tr 8.00 4/20/2009 EUR 6.00
Lehman Brothers Tr 3.86 9/21/2011 SGD 1.38
Lehman Brothers Tr 3.50 12/20/2027 USD 6.00
Lehman Brothers Tr 5.00 5/12/2011 CHF 6.00
Lehman Brothers Tr 5.00 8/1/2025 EUR 6.00
Lehman Brothers Tr 5.55 3/12/2015 EUR 1.38
Lehman Brothers Tr 7.05 4/8/2015 USD 6.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00
Lehman Brothers Tr 6.25 9/5/2011 EUR 6.00
Lehman Brothers Tr 23.30 9/16/2008 USD 1.38
Lehman Brothers Tr 8.00 10/17/2014 EUR 6.00
Lehman Brothers Tr 8.88 1/28/2011 HKD 2.50
Lehman Brothers Tr 5.25 11/21/2009 USD 6.00
Lehman Brothers Tr 4.10 2/19/2010 EUR 6.00
Lehman Brothers Tr 10.00 1/3/2012 BRL 6.00
Lehman Brothers Tr 13.50 6/2/2009 USD 1.38
Lehman Brothers Tr 6.00 8/7/2013 EUR 6.00
Lehman Brothers Tr 8.00 3/21/2018 USD 6.00
Lehman Brothers Tr 13.50 11/28/2008 USD 1.38
Lehman Brothers Tr 10.00 6/11/2038 JPY 6.00
Lehman Brothers Tr 3.50 9/19/2017 EUR 1.38
Lehman Brothers Tr 5.50 4/23/2014 EUR 6.00
Lehman Brothers Tr 5.50 6/22/2010 USD 6.00
Lehman Brothers Tr 8.00 2/16/2016 EUR 6.00
Lehman Brothers Tr 4.00 3/10/2011 EUR 6.00
Lehman Brothers Tr 4.00 4/13/2011 CHF 6.00
Lehman Brothers Tr 4.50 3/7/2015 EUR 6.00
Lehman Brothers Tr 7.60 1/31/2013 AUD 1.38
Lehman Brothers Tr 16.00 11/9/2008 USD 1.38
Lehman Brothers Tr 9.75 6/22/2018 USD 6.00
Lehman Brothers Tr 5.12 4/30/2027 EUR 1.38
Lehman Brothers Tr 7.50 5/2/2017 EUR 6.00
Lehman Brothers Tr 5.00 2/28/2032 EUR 6.00
Lehman Brothers Tr 4.60 7/6/2016 EUR 6.00
Lehman Brothers Tr 5.10 6/22/2046 EUR 1.38
Lehman Brothers Tr 6.65 8/24/2011 AUD 2.50
Lehman Brothers Tr 16.00 12/26/2008 USD 1.38
Lehman Brothers Tr 2.50 12/15/2011 GBP 1.38
Lehman Brothers Tr 4.68 12/12/2045 EUR 1.38
Lehman Brothers Tr 7.06 12/29/2008 EUR 6.00
Lehman Brothers Tr 4.05 9/16/2008 EUR 6.00
Lehman Brothers Tr 2.00 6/28/2011 EUR 6.00
Lehman Brothers Tr 5.70 3/4/2015 USD 6.00
Lehman Brothers Tr 4.69 2/19/2017 EUR 1.38
Lehman Brothers Tr 7.59 11/22/2009 MXN 2.50
Lehman Brothers Tr 1.28 11/6/2010 JPY 2.50
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 6.60 2/9/2009 EUR 6.00
Lehman Brothers Tr 0.50 6/2/2020 EUR 1.38
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 5.38 2/4/2014 USD 6.00
Lehman Brothers Tr 6.30 12/21/2018 USD 6.00
Lehman Brothers Tr 7.00 2/15/2010 CHF 1.38
Lehman Brothers Tr 16.20 5/14/2009 USD 1.38
Lehman Brothers Tr 4.60 10/11/2017 ILS 2.38
Lehman Brothers Tr 15.00 3/30/2011 EUR 6.00
Lehman Brothers Tr 7.50 10/24/2008 USD 1.38
Lehman Brothers Tr 8.00 8/3/2009 USD 1.38
Lehman Brothers Tr 8.60 7/31/2013 GBP 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.50 7/2/2020 EUR 1.38
Lehman Brothers Tr 5.25 7/8/2014 EUR 1.38
Lehman Brothers Tr 6.50 5/16/2015 EUR 6.00
Lehman Brothers Tr 14.90 11/16/2010 EUR 1.38
Lehman Brothers Tr 6.72 12/29/2008 EUR 6.00
Lehman Brothers Tr 0.50 12/20/2017 AUD 6.00
Lehman Brothers Tr 15.00 6/4/2009 CHF 1.38
Lehman Brothers Tr 18.25 10/2/2008 USD 1.38
Lehman Brothers Tr 3.50 10/31/2011 USD 6.00
Lehman Brothers Tr 2.80 3/19/2018 JPY 1.38
Lehman Brothers Tr 2.00 11/16/2009 EUR 6.00
Lehman Brothers Tr 7.25 10/6/2008 EUR 1.38
Lehman Brothers Tr 5.00 11/22/2012 EUR 6.00
Lehman Brothers Tr 9.25 6/20/2012 USD 6.00
Lehman Brothers Tr 7.60 5/21/2013 USD 6.00
Lehman Brothers Tr 13.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 0.01 9/20/2011 USD 6.00
Lehman Brothers Tr 6.00 2/19/2023 USD 6.00
Lehman Brothers Tr 10.60 4/22/2014 MXN 6.00
Lehman Brothers Tr 3.00 12/3/2012 EUR 6.00
Lehman Brothers Tr 2.50 8/23/2012 GBP 1.38
Lehman Brothers Tr 2.37 7/15/2013 USD 6.00
Lehman Brothers Tr 4.87 10/8/2013 USD 1.38
Lehman Brothers Tr 5.75 6/15/2009 CHF 1.38
Lehman Brothers Tr 6.00 10/24/2008 EUR 1.38
Lehman Brothers Tr 7.38 9/20/2008 EUR 1.38
Lehman Brothers Tr 3.00 8/15/2017 EUR 6.00
Lehman Brothers Tr 3.50 9/29/2017 EUR 1.38
Lehman Brothers Tr 3.00 8/8/2017 EUR 6.00
Lehman Brothers Tr 8.25 2/3/2016 EUR 6.00
Lehman Brothers Tr 13.43 1/8/2009 ILS 1.38
Lehman Brothers Tr 16.00 10/8/2008 CHF 1.38
Lehman Brothers Tr 5.00 3/13/2009 EUR 6.00
Lehman Brothers Tr 5.25 4/1/2023 EUR 1.38
Lehman Brothers Tr 7.63 7/22/2011 HKD 1.38
Lehman Brothers Tr 11.00 7/4/2011 CHF 1.38
Lehman Brothers Tr 7.80 3/31/2018 USD 6.00
Lehman Brothers Tr 5.00 5/2/2022 EUR 1.38
Lehman Brothers Tr 4.25 5/15/2010 EUR 6.00
Lehman Brothers Tr 8.28 7/31/2013 GBP 6.00
Lehman Brothers Tr 4.35 8/8/2016 SGD 2.50
Lehman Brothers Tr 8.50 7/6/2009 CHF 1.38
Lehman Brothers Tr 10.50 8/9/2010 EUR 1.38
Lehman Brothers Tr 7.00 7/11/2010 EUR 6.00
Lehman Brothers Tr 4.82 12/18/2036 EUR 1.38
Lehman Brothers Tr 4.20 12/3/2008 HKD 6.00
Lehman Brothers Tr 3.00 6/3/2010 EUR 6.00
Lehman Brothers Tr 12.40 6/12/2009 USD 1.38
Lehman Brothers Tr 11.00 7/4/2011 USD 1.38
Lehman Brothers Tr 12.00 7/4/2011 EUR 1.38
Lehman Brothers Tr 5.50 7/8/2013 EUR 6.00
Lehman Brothers Tr 9.30 12/21/2010 EUR 1.38
Lehman Brothers Tr 8.00 12/31/2010 USD 1.38
Lehman Brothers Tr 1.50 2/8/2012 CHF 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 0.50 12/20/2017 USD 6.00
Lehman Brothers Tr 11.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 10.00 2/16/2009 CHF 1.38
Lehman Brothers Tr 8.00 3/19/2012 USD 6.00
Lehman Brothers Tr 9.50 4/1/2018 USD 6.00
Lehman Brothers Tr 7.15 3/21/2013 USD 6.00
Lehman Brothers Tr 6.25 11/30/2012 EUR 6.00
Lehman Brothers Tr 1.00 2/26/2010 USD 6.00
Lehman Brothers Tr 3.50 6/20/2011 EUR 6.00
Lehman Brothers Tr 7.50 2/14/2010 AUD 1.38
Lehman Brothers Tr 10.00 10/23/2008 USD 1.38
Lehman Brothers Tr 10.00 10/22/2008 USD 1.38
Lehman Brothers Tr 6.45 2/20/2010 AUD 1.38
Lehman Brothers Tr 10.00 5/22/2009 USD 1.38
Lehman Brothers Tr 4.60 8/1/2013 EUR 6.00
Lehman Brothers Tr 8.00 5/22/2009 USD 1.38
Lehman Brothers Tr 7.60 3/4/2010 NZD 1.38
Lehman Brothers Tr 3.63 3/2/2012 EUR 1.38
Lehman Brothers Tr 7.75 2/21/2016 EUR 6.00
Lehman Brothers Tr 8.80 12/27/2009 EUR 1.38
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 0.75 3/29/2012 EUR 6.00
Lehman Brothers Tr 5.00 12/6/2011 EUR 1.38
Lehman Brothers Tr 11.00 12/20/2017 AUD 6.00
Lehman Brothers Tr 4.00 1/4/2011 USD 1.38
Lehman Brothers Tr 11.75 3/1/2010 EUR 1.38
Lehman Brothers Tr 3.82 10/20/2009 USD 1.38
Lehman Brothers Tr 3.00 8/13/2011 EUR 6.00
Lehman Brothers Tr 4.80 11/16/2012 HKD 1.38
Lehman Brothers Tr 4.00 10/12/2010 USD 1.38
Lehman Brothers Tr 8.00 10/23/2008 USD 1.38
Lehman Brothers Tr 6.00 9/20/2011 EUR 6.00
Lehman Brothers Tr 3.40 9/21/2009 HKD 1.38
Lehman Brothers Tr 2.30 4/28/2014 JPY 6.00
Lehman Brothers Tr 7.50 6/15/2017 USD 6.00
Lehman Brothers Tr 6.00 12/30/2017 EUR 6.00
Lehman Brothers Tr 4.10 5/20/2009 USD 1.38
Lehman Brothers Tr 2.00 5/17/2010 EUR 1.38
Lehman Brothers Tr 13.00 7/25/2012 EUR 1.38
Lehman Brothers Tr 10.00 8/2/2037 JPY 6.00
Lehman Brothers Tr 1.50 10/12/2010 EUR 6.00
Lehman Brothers Tr 4.10 8/23/2010 USD 1.38
Lehman Brothers Tr 4.60 11/9/2011 EUR 6.00
Lehman Brothers Tr 6.00 2/14/2012 EUR 1.38
Lehman Brothers Tr 7.00 2/15/2012 EUR 1.38
Lehman Brothers Tr 6.00 5/12/2017 EUR 6.00
Lehman Brothers Tr 6.60 2/22/2012 EUR 1.13
Lehman Brothers Tr 5.20 3/19/2018 EUR 1.38
Lehman Brothers Tr 1.95 11/4/2013 EUR 1.38
Lehman Brothers Tr 11.00 12/19/2011 USD 6.00
Lehman Brothers Tr 10.00 3/27/2009 USD 6.00
Lehman Brothers Tr 5.00 10/24/2008 CHF 1.38
Lehman Brothers Tr 7.00 4/14/2009 EUR 1.38
Lehman Brothers Tr 7.75 1/30/2009 EUR 1.38
Lehman Brothers Tr 0.25 7/21/2014 EUR 6.00
Lehman Brothers Tr 4.95 10/25/2036 EUR 6.00
Lehman Brothers Tr 11.00 6/29/2009 EUR 1.38
Lehman Brothers Tr 5.50 6/15/2009 CHF 1.38
Lehman Brothers Tr 1.50 10/25/2011 EUR 6.00
Lehman Brothers Tr 6.75 4/5/2012 EUR 6.00
Lehman Brothers Tr 5.00 4/24/2017 EUR 6.00
Lehman Brothers Tr 7.39 5/4/2017 USD 6.00
Lehman Brothers Tr 3.35 10/13/2016 EUR 6.00
Lehman Brothers Tr 0.80 12/30/2016 EUR 6.00
Lehman Brothers Tr 6.00 5/23/2018 CZK 6.00
Lehman Brothers Tr 4.00 5/30/2010 USD 1.38
Lehman Brothers Tr 4.00 5/17/2010 USD 6.00
Lehman Brothers Tr 2.48 5/12/2009 USD 6.00
Lehman Brothers Tr 2.25 5/12/2009 USD 6.00
Lehman Brothers Tr 2.30 6/27/2013 USD 1.38
Lehman Brothers Tr 3.50 10/24/2011 USD 6.00
Lehman Brothers Tr 0.25 10/19/2012 CHF 6.00
Lehman Brothers Tr 1.68 3/5/2015 EUR 6.00
Lehman Brothers Tr 9.00 5/15/2022 USD 6.00
Lehman Brothers Tr 7.50 7/31/2013 GBP 6.00
Lehman Brothers Tr 7.32 7/31/2013 GBP 6.00
Lehman Brothers Tr 7.50 9/13/2009 CHF 1.38
Lehman Brothers Tr 6.50 7/24/2026 EUR 6.00
Lehman Brothers Tr 4.50 8/2/2009 USD 1.38
Lehman Brothers Tr 0.50 2/16/2009 EUR 1.38
Lehman Brothers Tr 4.25 3/13/2021 EUR 1.38
Lehman Brothers Tr 6.00 3/17/2011 EUR 6.00
Lehman Brothers Tr 4.70 3/23/2016 EUR 6.00
Lehman Brothers Tr 6.00 12/6/2016 USD 6.00
Lehman Brothers Tr 5.00 9/1/2011 EUR 6.00
Lehman Brothers Tr 3.70 6/6/2009 EUR 6.00
Lehman Brothers Tr 4.50 3/6/2013 CHF 6.00
Lehman Brothers Tr 4.00 4/24/2009 USD 1.38
Lehman Brothers Tr 9.00 6/13/2009 USD 1.38
Lehman Brothers Tr 9.00 3/17/2009 GBP 1.38
Lehman Brothers Tr 7.00 11/28/2008 CHF 1.38
Lehman Brothers Tr 3.85 4/24/2009 USD 1.38
Lehman Brothers Tr 8.00 5/22/2009 USD 1.38
Lehman Brothers Tr 4.50 7/24/2014 EUR 6.00
Lehman Brothers Tr 4.50 12/30/2010 USD 1.38
Lehman Brothers Tr 7.75 1/3/2012 AUD 1.38
Lehman Brothers Tr 3.10 6/4/2010 USD 1.38
Lehman Brothers Tr 2.50 8/15/2012 CHF 6.00
Lehman Brothers Tr 13.15 10/30/2008 USD 1.38
Lehman Brothers Tr 0.50 8/1/2020 EUR 1.38
Lehman Brothers Tr 14.10 11/12/2008 USD 1.38
Lehman Brothers Tr 4.00 8/11/2010 USD 6.00
Lehman Brothers Tr 12.00 7/13/2037 JPY 6.00
Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38
Lehman Brothers Tr 6.00 7/28/2010 EUR 1.38
Lehman Brothers Tr 7.50 8/1/2035 EUR 6.00
Lehman Brothers Tr 4.90 7/28/2020 EUR 6.00
Lehman Brothers Tr 4.15 8/25/2020 EUR 1.38
Lehman Brothers Tr 7.50 5/30/2010 AUD 1.38
Lehman Brothers Tr 11.00 5/9/2020 USD 6.00
Lehman Brothers Tr 4.30 6/4/2012 USD 1.38
Lehman Brothers Tr 4.00 6/5/2011 USD 1.38
Lehman Brothers Tr 2.30 6/6/2013 USD 1.38
Lehman Brothers Tr 6.00 6/21/2011 EUR 6.00
Lehman Brothers Tr 2.00 6/21/2011 EUR 6.00
Lehman Brothers Tr 10.00 1/4/2010 USD 6.00
Lehman Brothers Tr 17.00 6/2/2009 USD 1.38
Lehman Brothers Tr 16.80 8/21/2009 USD 1.38
Lehman Brothers Tr 5.22 3/1/2024 EUR 1.38
Lehman Brothers Tr 6.60 5/23/2012 AUD 1.38
Lehman Brothers Tr 3.45 5/23/2013 USD 6.00
Lehman Brothers Tr 16.00 10/28/2008 USD 1.38
Lehman Brothers Tr 5.00 2/15/2018 EUR 6.00
Lehman Brothers Tr 9.00 5/6/2011 CHF 1.38
Lehman Brothers Tr 2.75 10/28/2009 EUR 6.00
Lehman Brothers Tr 5.50 11/30/2012 CZK 6.00
Lehman Brothers Tr 2.50 11/9/2011 CHF 6.00
Lehman Brothers Tr 4.00 11/24/2016 EUR 6.00
Lehman Brothers Tr 6.00 10/30/2012 USD 1.38
Lehman Brothers Tr 3.00 9/12/2036 JPY 2.50
Lehman Brothers Tr 13.00 12/14/2012 USD 6.00
Lehman Brothers Tr 2.40 6/20/2011 JPY 6.00
Lehman Brothers Tr 1.60 6/21/2010 JPY 6.00
Lehman Brothers Tr 8.05 12/20/2010 HKD 1.38
Lehman Brothers Tr 7.25 6/20/2010 USD 6.00
Lehman Brothers Tr 7.00 9/20/2011 USD 6.00
Lehman Brothers Tr 6.70 4/21/2011 USD 6.00
Magyar Telecom BV 9.50 12/15/2016 EUR 45.04
Magyar Telecom BV 9.50 12/15/2016 EUR 44.63
Morgan Stanley BV 9.00 4/16/2015 EUR 71.90
Nederlandse Waters 0.50 3/11/2025 CAD 65.79
New World Resource 7.88 5/1/2018 EUR 68.24
New World Resource 7.88 1/15/2021 EUR 36.78
New World Resource 7.88 1/15/2021 EUR 36.25
New World Resource 7.88 5/1/2018 EUR 68.47
NIBC Bank NV 25.98 5/7/2029 EUR 50.62
Nutritek Internati 8.75 12/11/2008 USD 2.00
Q-Cells Internatio 1.38 4/30/2012 EUR 32.45
Q-Cells Internatio 5.75 5/26/2014 EUR 32.09
Sairgroup Finance 4.38 6/8/2006 EUR 10.50
Sairgroup Finance 6.63 10/6/2010 EUR 12.13
Sidetur Finance BV 10.00 4/20/2016 USD 55.25
Sidetur Finance BV 10.00 4/20/2016 USD 55.00
SNS Bank NV 6.25 10/26/2020 EUR 2.13
SNS Bank NV 6.63 5/14/2018 EUR 4.13
WPE International 10.38 9/30/2020 USD 59.90
WPE International 10.38 9/30/2020 USD 59.38
NORWAY
------
Eksportfinans ASA 0.25 7/14/2033 CAD 8.50
Eksportfinans ASA 0.50 5/9/2030 CAD 14.25
Kommunalbanken AS 0.50 3/7/2017 BRL 69.77
Kommunalbanken AS 0.50 5/10/2017 BRL 68.32
Kommunalbanken AS 0.50 8/29/2017 BRL 66.85
Kommunalbanken AS 0.50 5/25/2018 ZAR 70.89
Kommunalbanken AS 0.50 9/26/2017 BRL 65.80
Kommunalbanken AS 0.50 3/28/2017 BRL 68.91
Kommunalbanken AS 0.50 6/28/2017 BRL 67.67
Kommunalbanken AS 0.50 9/20/2018 BRL 64.71
Kommunalbanken AS 0.50 3/2/2018 BRL 62.66
Kommunalbanken AS 0.50 6/1/2017 BRL 68.22
Kommunalbanken AS 0.50 8/15/2018 BRL 67.16
Kommunalbanken AS 0.50 3/29/2017 BRL 70.51
Kommunalbanken AS 0.50 8/16/2016 BRL 73.83
Kommunalbanken AS 0.50 5/27/2022 ZAR 47.60
Kommunalbanken AS 0.50 7/28/2016 BRL 74.11
Norske Skogindustr 7.00 6/26/2017 EUR 60.59
Norske Skogindustr 11.75 6/15/2016 EUR 74.02
Norske Skogindustr 6.13 10/15/2015 USD 72.75
Norske Skogindustr 6.13 10/15/2015 USD 69.53
Norske Skogindustr 7.13 10/15/2033 USD 51.63
Norske Skogindustr 11.75 6/15/2016 EUR 73.50
Norske Skogindustr 7.13 10/15/2033 USD 50.08
Petromena ASA 9.75 5/24/2014 NOK 6.75
Petromena ASA 10.85 11/19/2010 USD 6.75
PORTUGAL
--------
AdP - Aguas de Por 0.33 1/23/2023 EUR 63.88
Banco Espirito San 3.50 1/2/2043 EUR 50.13
Caixa Geral de Dep 5.98 3/3/2028 EUR 57.00
CP - Comboios de P 5.70 2/5/2030 EUR 60.31
Empresa de Desenvo 0.33 11/21/2018 EUR 66.63
Metropolitano de L 4.80 12/7/2027 EUR 73.38
Metropolitano de L 4.06 12/4/2026 EUR 71.93
Parpublica - Parti 4.20 11/16/2026 EUR 68.25
Portugal Obrigacoe 4.10 4/15/2037 EUR 72.12
Rede Ferroviaria N 4.25 12/13/2021 EUR 70.38
Rede Ferroviaria N 4.05 11/16/2026 EUR 71.78
ROMANIA
-------
City of Iasi Roman 4.45 11/15/2028 RON 71.23
RUSSIA
------
Arizk 3.00 12/20/2030 RUB 46.44
Kuzbassenergo-Fina 8.70 4/15/2021 RUB 72.01
Mechel 8.40 5/27/2021 RUB 70.02
Mechel 8.40 6/1/2021 RUB 70.13
Mechel 8.40 5/27/2021 RUB 70.21
Mobile Telesystems 5.00 6/29/2021 RUB 74.25
MORTGAGE AGENT AHM 3.00 9/9/2045 RUB 9.17
Novosibirsk TIN Pl 12.50 8/26/2014 RUB 5.00
RBC OJSC 3.27 4/19/2018 RUB 51.50
Russian Railways J 8.40 6/8/2028 RUB 100.00
Saturn Research & 8.50 6/6/2014 RUB 1.01
TGC-2 12.00 10/10/2018 RUB 75.00
World of Building 4.20 6/25/2019 RUB 3.60
SPAIN
-----
Autonomous Communi 4.25 10/31/2036 EUR 65.75
Autonomous Communi 4.22 4/26/2035 EUR 64.14
Autonomous Communi 4.69 10/28/2034 EUR 68.88
Autonomous Communi 2.97 9/8/2039 JPY 59.88
Autonomous Communi 0.48 10/17/2022 EUR 70.50
Autonomous Communi 2.10 5/20/2024 EUR 73.97
Autonomous Communi 0.27 11/29/2021 EUR 74.92
Banco de Castilla 1.50 6/23/2021 EUR 65.00
Bankinter SA 6.00 12/18/2028 EUR 65.13
City of Madrid Spa 0.34 10/10/2022 EUR 66.37
City of Madrid Spa 4.55 6/16/2036 EUR 73.57
Comunidad Autonoma 3.90 11/30/2035 EUR 63.84
Comunidad Autonoma 4.20 10/25/2036 EUR 66.58
Comunidad Autonoma 4.06 11/23/2035 EUR 63.94
Diputacion Foral d 4.32 12/29/2023 EUR 61.41
Ibercaja Banco SAU 1.09 4/20/2018 EUR 70.93
Junta Comunidades 0.41 12/5/2023 EUR 54.38
Junta Comunidades 3.88 1/31/2036 EUR 60.38
Junta de Extremadu 0.95 6/10/2024 EUR 72.31
Pescanova SA 5.13 4/20/2017 EUR 18.74
Pescanova SA 8.75 2/17/2019 EUR 17.79
Pescanova SA 6.75 3/5/2015 EUR 17.96
Spain Government I 2.92 12/2/2030 JPY 69.99
SWEDEN
------
Dannemora Mineral 11.75 3/22/2016 USD 41.50
Northland Resource 4.00 10/15/2020 USD 6.63
Northland Resource 4.00 10/15/2020 NOK 7.00
Svensk Exportkredi 0.50 9/14/2016 BRL 74.58
Svensk Exportkredi 0.50 2/22/2022 ZAR 46.97
Svensk Exportkredi 0.50 6/29/2017 IDR 73.20
Svensk Exportkredi 0.50 1/31/2022 ZAR 47.32
Svensk Exportkredi 0.50 6/28/2022 ZAR 45.13
Svensk Exportkredi 0.50 3/19/2018 IDR 68.74
Svensk Exportkredi 0.50 8/28/2018 BRL 59.21
Svensk Exportkredi 0.50 3/15/2022 ZAR 46.66
Svensk Exportkredi 0.50 8/26/2021 AUD 68.36
Svensk Exportkredi 0.50 12/17/2027 USD 60.33
Svensk Exportkredi 0.50 12/14/2016 BRL 72.32
Svensk Exportkredi 0.50 9/28/2017 IDR 71.27
Svensk Exportkredi 0.50 2/3/2017 BRL 70.83
Svensk Exportkredi 0.50 7/21/2017 BRL 67.44
Svensk Exportkredi 0.50 12/21/2016 BRL 72.17
Svensk Exportkredi 0.50 9/20/2017 TRY 71.95
Svensk Exportkredi 0.50 12/22/2016 BRL 72.19
Svensk Exportkredi 0.50 8/28/2020 TRY 54.02
Svensk Exportkredi 0.50 9/5/2017 IDR 71.10
Svensk Exportkredi 0.50 3/10/2017 BRL 70.65
Svensk Exportkredi 0.50 1/26/2017 BRL 71.31
Svensk Exportkredi 0.50 6/30/2017 BRL 67.86
Svensk Exportkredi 1.00 11/15/2021 AUD 72.00
Svensk Exportkredi 0.50 6/21/2017 BRL 68.05
Svensk Exportkredi 0.50 8/25/2021 ZAR 56.85
SWITZERLAND
-----------
UBS AG 24.75 1/3/2014 EUR 66.60
Banque Cantonale V 11.80 1/29/2014 CHF 63.63
Banque Cantonale V 6.50 10/5/2015 CHF 72.74
Banque Cantonale V 2.00 7/8/2014 CHF 61.29
SAir Group 6.25 10/27/2002 CHF 11.00
SAir Group 4.25 2/2/2007 CHF 11.63
SAir Group 2.13 11/4/2004 CHF 11.00
SAir Group 0.13 7/7/2005 CHF 11.25
SAir Group 5.50 7/23/2003 CHF 11.00
SAir Group 2.75 7/30/2004 CHF 11.00
SAir Group 2.75 7/30/2004 CHF 11.13
SAir Group 6.25 4/12/2005 CHF 10.88
UBS AG 24.50 1/3/2014 EUR 53.44
UBS AG 23.75 1/3/2014 EUR 58.46
UBS AG 8.87 4/15/2014 USD 10.17
UBS AG 24.00 1/3/2014 EUR 71.67
UBS AG 24.25 1/3/2014 EUR 60.63
UBS AG 18.45 10/24/2013 USD 8.73
UBS AG 14.25 1/3/2014 EUR 52.30
UBS AG 20.00 1/3/2014 EUR 56.56
UBS AG 7.25 7/29/2014 USD 31.57
UBS AG 6.03 5/14/2014 USD 54.95
UBS AG 24.50 1/3/2014 EUR 67.05
UBS AG 7.50 1/3/2014 EUR 64.51
UBS AG 12.70 4/22/2014 USD 66.71
UBS AG 8.94 2/13/2014 USD 14.64
UBS AG 6.29 2/26/2014 USD 32.99
UBS AG 6.22 2/26/2014 USD 38.93
UBS AG 24.00 1/3/2014 EUR 72.58
UBS AG 16.50 1/3/2014 EUR 69.19
UBS AG 18.25 1/3/2014 EUR 62.22
UBS AG 18.75 1/3/2014 EUR 66.02
UBS AG 20.25 1/3/2014 EUR 63.41
UBS AG 17.25 1/3/2014 EUR 42.91
UBS AG 11.50 1/3/2014 EUR 52.05
UBS AG 15.50 1/3/2014 EUR 72.73
UBS AG 22.00 1/3/2014 EUR 61.74
UBS AG 17.75 1/3/2014 EUR 68.54
UBS AG 6.04 8/29/2014 USD 35.75
UBS AG 10.46 1/2/2014 USD 35.35
UBS AG 8.75 1/3/2014 EUR 69.50
UBS AG 15.25 1/3/2014 EUR 63.26
UBS AG 10.75 1/3/2014 EUR 69.94
UBS AG 12.50 1/3/2014 EUR 62.75
UBS AG 19.00 1/3/2014 EUR 53.05
UBS AG 14.25 1/3/2014 EUR 70.59
UBS AG 20.50 1/3/2014 EUR 69.50
UBS AG 8.50 1/3/2014 EUR 69.72
UBS AG 24.00 1/3/2014 EUR 63.30
UBS AG 22.25 1/3/2014 EUR 63.98
UBS AG 9.53 12/17/2013 USD 48.94
UBS AG 6.49 5/23/2014 USD 21.20
UBS AG 6.53 5/27/2014 USD 21.09
UBS AG 6.33 5/12/2014 USD 19.48
UBS AG 9.25 4/30/2014 USD 9.78
UBS AG 14.00 6/27/2014 EUR 55.27
UBS AG 11.75 6/27/2014 EUR 48.70
UBS AG 8.29 1/14/2014 USD 19.98
UBS AG 5.22 1/28/2014 USD 11.48
UBS AG 7.86 1/31/2014 USD 20.24
UBS AG 9.17 6/30/2014 USD 67.70
UBS AG 7.25 8/8/2014 USD 45.54
UBS AG 8.35 10/24/2013 USD 50.89
UBS AG 9.45 10/22/2013 USD 20.95
UBS AG 9.00 1/3/2014 EUR 48.64
UBS AG 14.75 1/3/2014 EUR 44.63
UBS AG 7.15 2/26/2014 USD 32.50
UBS AG 10.75 1/3/2014 EUR 55.72
UBS AG 5.00 1/3/2014 EUR 63.46
UBS AG 8.21 2/26/2014 USD 50.39
UBS AG 10.00 1/3/2014 EUR 43.67
UBS AG 13.50 1/3/2014 EUR 56.28
UBS AG 13.75 1/3/2014 EUR 56.97
UBS AG 10.00 1/3/2014 EUR 62.22
UBS AG 8.25 1/3/2014 EUR 62.15
UBS AG 23.00 1/3/2014 EUR 69.99
UBS AG 18.75 1/3/2014 EUR 69.15
UBS AG 7.25 1/3/2014 EUR 69.51
UBS AG 23.25 1/3/2014 EUR 48.61
UBS AG 22.75 1/3/2014 EUR 59.35
UBS AG 21.50 1/3/2014 EUR 61.38
UBS AG 17.50 1/3/2014 EUR 68.73
UBS AG 14.50 1/3/2014 EUR 74.99
UBS AG 16.00 1/3/2014 EUR 71.69
UBS AG 21.00 1/3/2014 EUR 38.60
UBS AG 6.19 1/8/2014 USD 19.82
UBS AG 9.93 6/18/2014 USD 50.46
UBS AG 9.89 11/22/2013 EUR 71.22
UBS AG 8.00 1/3/2014 EUR 55.16
UBS AG 4.75 1/3/2014 EUR 69.04
UBS AG 4.50 6/27/2014 EUR 48.72
UBS AG 8.75 6/27/2014 EUR 58.09
UBS AG 6.80 2/20/2014 USD 27.83
UBS AG 6.80 2/20/2014 USD 27.76
UBS AG 5.50 3/28/2014 EUR 55.86
UBS AG 9.50 3/28/2014 EUR 50.93
UBS AG 13.50 3/28/2014 EUR 62.47
UBS AG 12.00 3/28/2014 EUR 42.70
UBS AG 11.50 1/3/2014 EUR 39.79
UBS AG 14.00 3/28/2014 EUR 52.93
UBS AG 7.75 6/27/2014 EUR 45.94
UBS AG 6.00 3/28/2014 EUR 49.43
UBS AG 7.00 6/27/2014 EUR 50.45
UBS AG 11.00 3/28/2014 EUR 46.42
UBS AG 11.00 6/27/2014 EUR 59.64
UBS AG 13.00 6/27/2014 EUR 45.50
UBS AG 13.00 1/3/2014 EUR 59.17
UBS AG 10.75 3/28/2014 EUR 58.16
UBS AG 5.00 6/27/2014 EUR 63.87
UBS AG 10.50 6/27/2014 EUR 52.89
UBS AG 12.25 6/27/2014 EUR 71.08
UBS AG 6.25 6/27/2014 EUR 56.36
UBS AG 11.25 3/28/2014 EUR 72.74
UBS AG 11.00 1/3/2014 EUR 70.06
UBS AG 12.25 3/28/2014 EUR 68.98
UBS AG 12.00 1/3/2014 EUR 66.02
UBS AG 13.75 6/27/2014 EUR 65.24
UBS AG 8.00 3/28/2014 EUR 56.96
UBS AG 20.25 1/3/2014 EUR 67.22
UBS AG 24.50 1/3/2014 EUR 59.05
UBS AG 21.75 1/3/2014 EUR 58.98
UBS AG 12.25 1/3/2014 EUR 52.20
UBS AG 18.00 1/3/2014 EUR 64.27
UBS AG 24.75 1/3/2014 EUR 54.61
UBS AG 22.00 1/3/2014 EUR 63.63
UBS AG 19.25 1/3/2014 EUR 71.52
UBS AG 23.50 1/3/2014 EUR 72.60
UBS AG 18.50 1/3/2014 EUR 71.37
UBS AG 6.50 1/3/2014 EUR 63.77
UBS AG 13.00 1/3/2014 EUR 49.48
UBS AG 5.75 1/3/2014 EUR 54.70
UBS AG 4.25 1/3/2014 EUR 54.36
UBS AG 6.25 1/3/2014 EUR 48.11
UBS AG 20.00 1/3/2014 EUR 64.93
UBS AG 14.41 11/21/2013 USD 40.01
UBS AG 23.25 1/3/2014 EUR 65.06
UBS AG 15.50 1/3/2014 EUR 45.13
UBS AG 18.25 1/3/2014 EUR 41.49
UBS AG 6.75 1/3/2014 EUR 68.80
UBS AG 20.75 1/3/2014 EUR 70.05
UBS AG 16.25 1/3/2014 EUR 72.22
UBS AG 19.75 1/3/2014 EUR 64.89
UBS AG 10.00 1/3/2014 EUR 55.96
UBS AG 13.75 1/3/2014 EUR 47.78
UBS AG 12.50 1/3/2014 EUR 49.77
UBS AG 8.50 1/3/2014 EUR 60.73
UBS AG 23.50 1/3/2014 EUR 36.11
UBS AG 22.75 1/3/2014 EUR 59.75
UBS AG 19.50 1/3/2014 EUR 65.22
UBS AG 20.50 1/3/2014 EUR 70.00
UBS AG 23.50 1/3/2014 EUR 72.59
UBS AG 18.25 1/3/2014 EUR 41.55
UBS AG 24.75 1/3/2014 EUR 72.66
UBS AG 17.50 1/3/2014 EUR 69.19
UBS AG 21.50 1/3/2014 EUR 61.80
UBS AG 7.98 3/17/2014 USD 10.60
UBS AG 14.75 3/28/2014 EUR 71.70
UBS AG 11.50 6/27/2014 EUR 74.62
UBS AG 4.50 3/28/2014 EUR 64.14
UBS AG 6.50 3/28/2014 EUR 44.45
UBS AG 7.30 7/7/2014 USD 28.53
TURKEY
------
APP International 11.75 10/1/2005 USD 5.00
Yuksel Insaat AS 9.50 11/10/2015 USD 72.64
UKRAINE
-------
Agroton Public Ltd 12.50 7/14/2014 USD 50.00
UNITED KINGDOM
--------------
Alpha Credit Group 0.73 2/21/2021 EUR 52.38
Alpha Credit Group 6.00 7/29/2020 EUR 72.88
Barclays Bank PLC 0.61 12/28/2040 EUR 64.00
Barclays Bank PLC 8.00 5/23/2014 USD 10.81
Barclays Bank PLC 2.20 11/30/2025 USD 21.86
Barclays Bank PLC 0.50 3/13/2023 RUB 47.04
Barclays Bank PLC 6.75 10/16/2015 GBP 1.15
Barclays Bank PLC 7.40 2/13/2014 GBP 1.04
Barclays Bank PLC 2.50 3/7/2017 EUR 35.67
Barclays Bank PLC 8.25 1/26/2015 USD 1.13
Barclays Bank PLC 1.99 12/1/2040 USD 71.38
Barclays Bank PLC 1.64 6/3/2041 USD 66.57
Barclays Bank PLC 7.50 4/29/2014 GBP 1.06
Barclays Bank PLC 2.33 1/2/2041 USD 73.08
Cattles Ltd 6.88 1/17/2014 GBP 2.50
Cattles Ltd 7.13 7/5/2017 GBP 2.50
Commercial Bank Pr 5.80 2/9/2016 USD 69.01
Co-Operative Bank 9.25 4/28/2021 GBP 72.74
Co-Operative Bank 5.75 12/2/2024 GBP 68.46
Co-Operative Bank 7.88 12/19/2022 GBP 70.52
Co-Operative Bank 5.88 3/28/2033 GBP 69.57
Co-Operative Bank 5.63 11/16/2021 GBP 55.13
Co-Operative Bank 1.01 5/18/2016 EUR 69.71
Credit Suisse AG/L 11.50 4/4/2014 CHF 70.01
Credit Suisse AG/L 8.50 11/5/2013 CHF 45.66
Credit Suisse AG/L 6.50 1/14/2014 CHF 55.22
Credit Suisse AG/L 9.00 11/14/2013 CHF 51.41
Credit Suisse AG/L 1.64 6/1/2042 USD 46.62
Credit Suisse AG/L 8.00 1/14/2014 USD 55.38
Credit Suisse AG/L 6.85 8/8/2014 USD 57.36
Credit Suisse AG/L 10.50 11/15/2013 USD 51.48
Credit Suisse Inte 4.40 10/24/2013 EUR 57.10
Credit Suisse Inte 4.45 12/13/2013 EUR 53.20
Dunfermline Buildi 6.00 3/31/2015 GBP 1.38
Emporiki Group Fin 5.00 2/24/2022 EUR 60.75
Emporiki Group Fin 5.00 12/2/2021 EUR 61.13
Emporiki Group Fin 5.10 12/9/2021 EUR 62.13
ERB Hellas PLC 0.52 9/3/2014 EUR 72.13
Goldman Sachs Inte 2.50 8/17/2018 EUR 20.40
HSBC Bank PLC 0.50 4/3/2023 AUD 62.86
HSBC Bank PLC 0.50 12/2/2022 AUD 64.19
HSBC Bank PLC 0.50 2/24/2023 AUD 63.27
HSBC Bank PLC 0.50 10/25/2021 AUD 68.62
HSBC Bank PLC 0.50 11/30/2021 NZD 65.52
HSBC Bank PLC 0.50 12/20/2018 RUB 69.82
HSBC Bank PLC 0.50 6/30/2021 NZD 67.16
HSBC Bank PLC 0.50 2/2/2023 AUD 63.51
HSBC Bank PLC 0.50 12/29/2022 AUD 63.89
HSBC Bank PLC 0.50 2/5/2018 RUB 74.86
HSBC Bank PLC 0.50 3/1/2018 RUB 74.48
HSBC Bank PLC 0.50 4/27/2027 NZD 47.02
HSBC Bank PLC 0.50 11/22/2021 AUD 68.35
HSBC Bank PLC 0.50 7/30/2027 NZD 46.29
HSBC Bank PLC 0.50 1/29/2027 NZD 47.70
HSBC Bank PLC 0.50 10/30/2026 NZD 48.42
HSBC Bank PLC 0.50 12/29/2026 AUD 50.10
HSBC Bank PLC 0.50 12/8/2026 AUD 50.28
HSBC Bank PLC 0.50 2/24/2027 NZD 47.50
Royal Bank of Scot 1.69 11/14/2016 GBP 1.10
RSL Communications 10.50 11/15/2008 USD 1.20
RSL Communications 10.13 3/1/2008 USD 1.25
RSL Communications 9.13 3/1/2008 USD 1.25
RSL Communications 9.88 11/15/2009 USD 1.25
RSL Communications 12.00 11/1/2008 USD 1.25
UBS AG/London 25.00 3/20/2014 CHF 62.25
UBS AG/London 7.63 9/30/2015 USD 16.71
UBS AG/London 20.25 4/17/2014 CHF 66.13
UBS AG/London 6.88 8/31/2015 USD 15.37
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *