/raid1/www/Hosts/bankrupt/TCREUR_Public/140623.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, June 23, 2014, Vol. 15, No. 122
Headlines
B U L G A R I A
CORPORATE COMMERCIAL: Seeks Insolvency Protection
HOLDINGS ROADS: Declared Insolvent by Sofia City Court
C Y P R U S
CYPRUS: Fitch Says Bond Issue Pos. But Sovereign Risks Still High
H U N G A R Y
OTP BANK: S&P Revises Outlook to Stable & Affirms 'BB/B' Ratings
* HUNGARY: 14,683 Cos. Under Liquidation in Period Ending May 31
I R E L A N D
DAN MORRISSEY: Interim Examiner Appointed
I T A L Y
CORDUSIO RMBS 4: Fitch Affirms 'CCC' Rating on Class E Tranche
SEAT PAGINE: Creditors May Opt for Debt-for-Equity Swap
K A Z A K H S T A N
KAZAKH AGRARIAN: S&P Affirms 'BB+/B' Ratings; Outlook Stable
N E T H E R L A N D S
E-MAC DE 2006-I: S&P Lowers Rating on Class E Notes to 'D'
P O R T U G A L
BANCO BPI: S&P Lowers Rating on Preference Shares to 'D'
R U S S I A
IRKUTSK OBLAST: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
U K R A I N E
KYIV CITY: S&P Affirms 'CCC' Issuer Credit Rating; Outlook Neg.
UKRAINE: In Talks with Creditors Over Debt Restructuring
U N I T E D K I N G D O M
ASCOT BLACK: Moody's Places 'B3' Rating on Review for Upgrade
CORNERSTONE TITAN 2005-1: S&P Withdraws 'D' Ratings on 3 Notes
TAURUS CMBS UK 2014-1: Fitch Rates Cl. C Certs 'BB(EXP)sf'
X X X X X X X X
* BOND PRICING: For the Week June 16 to June 20, 2014
*********
===============
B U L G A R I A
===============
CORPORATE COMMERCIAL: Seeks Insolvency Protection
-------------------------------------------------
Agence France-Presse reports that Corporate Commercial Bank
halted payments on June 20 after a run on its funds and sought
insolvency protection.
Doubts about the soundness of CCB, majority-owned by a
controversial businessman, were sparked last week after police
raided its headquarters and questioned of 12 top managers, AFP
relates.
On June 18, the deputy governor of the central bank in charge of
supervising lenders was indicted for alleged abuse of office and
failure to act when CCB far exceeded the limit for bad loans
after it loaned money to firms associated with its tycoon owner,
Tsvetan Vasilev, AFP relays.
"In order to protect the interests of its depositors and clients,
CCB decided to seek institutional support from the BNB (central
bank) . . . proposing to the central bank to place CCB under
special supervision due to insolvency risk," AFP quotes CCB as
saying in a statement on June 20.
It cited "an unprecedented campaign against the bank that
involved the judiciary" as the reason behind its decision, AFP
notes.
The central bank, as cited by AFP, said CCB had informed it the
lender "had exhausted its liquidity and discontinued payments and
all sorts of bank operations."
BNB Governor Ivan Iskrov said CCB shareholder rights have been
suspended for three months and administrators were appointed to
try and get the bank back on its own feet, AFP discloses.
Corporate Commercial Bank is the fourth largest private lender
with total assets topping BGN7.3 billion in the first quarter of
2014, or 8.4% of total Bulgarian private banking assets,
according to AFP.
HOLDINGS ROADS: Declared Insolvent by Sofia City Court
------------------------------------------------------
SeeNews reports that Holding Roads said it has been declared
insolvent, its activity has been terminated and its property
placed under distraint.
"A decision of Sofia City Court from June 11, 2014 has been
registered with the Commercial Register to the Registry Agency on
June 16, 2014 promulgating the insolvency and overindebtedness of
Holding Roads as of September 30, 2013," SeeNews quotes the
company as saying in a bourse filing on June 17.
The company said the first meeting of creditors will take place
on July 15 in Sofia Court House, SeeNews relates.
Holding Roads is a Bulgarian construction company.
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C Y P R U S
===========
CYPRUS: Fitch Says Bond Issue Pos. But Sovereign Risks Still High
-----------------------------------------------------------------
Cyprus's return to the international bond market is positive for
the sovereign, helping it meet funding needs and improving its
financing flexibility, Fitch Ratings says. But it is not certain
that market access will be permanent, and the high level of
sovereign risk in Cyprus is reflected in its 'B-' rating.
Cyprus priced its EUR750 million 5-year bond to yield 4.85% on 18
June. Orders were close to EUR2 billion. The issue comes 15
months after Cyprus entered its EUR10 billion EU-IMF program, but
three years after it lost international bond market access.
Cyprus is the fourth bailed-out sovereign to re-enter the
international bond market, following Ireland, Portugal, and
Greece. The amount of time for which each sovereign lost market
access varied, from around 20 months in the case of Ireland and
Portugal, to approximately four years for Greece. In both
Ireland and Portugal's case, successful bond issues helped
prepare the sovereign for subsequent program exits.
Issuing five-year bonds strengthens financing buffers within
Cyprus's EU-IMF program, which already includes a buffer of more
than EUR2 billion. Proceeds will be used to partly repay a
government bond issued to Bank of Cyprus as part of its
restructuring. Cyprus's debt repayments are set to increase to
around EUR1 billion in 2016 and EUR1.5 billion in 2017. The
authorities plan to smooth the post-program bond redemption
profile through future market operations.
The re-opening of the market for Cyprus reflects the strong
performance of peripheral eurozone sovereign debt this year, with
Greek, Portuguese, and Irish yields all falling substantially.
This will be beneficial for funding costs, debt sustainability
and wider economic sentiment. However, the fall in yields is not
necessarily commensurate with a fall in credit risk.
In the case of Cyprus, good implementation of the EU-IMF program
and better-than-expected fiscal and economic performance saw us
revise our Outlook on the sovereign's 'B-' Long-Term Foreign-
Currency Issuer Rating (IDR) to Stable from Negative last month,
and upgrade the Local-Currency IDR to 'B-' from 'CCC'.
The equalization of the IDRs reflected the reduced risk of
restructuring of local law bonds. Cyprus has outperformed its
program targets (the primary fiscal deficit in 2013 was 2% of
GDP, versus a program forecast of 3.1%), partly because the GDP
contraction following the collapse of the financial sector was
not severe as forecast. Government expenditure control has also
been tight.
But Cyprus's continued deep economic and financial adjustment
still poses significant risks to creditworthiness. Medium-term
targets under the program remain ambitious. The ratio of gross
general government debt to GDP is high and will peak at 126.3% of
GDP in 2016 under our baseline projections. The main risk to debt
sustainability would be failure to reduce the primary deficit
further.
Although not as bad as feared last year, the recession will
remain deep (we forecast a 3.9% GDP contraction in 2014). The
core domestic financial sector has been recapitalized, but asset
quality has deteriorated.
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H U N G A R Y
=============
OTP BANK: S&P Revises Outlook to Stable & Affirms 'BB/B' Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on OTP Bank PLC and OTP Mortgage Bank to stable from
negative. At the same time, S&P affirmed its 'BB/B' long- and
short-term counterparty credit ratings on both banks.
The rating actions reflect S&P's view that OTP Bank has
significant buffers to absorb anticipated asset quality
deterioration in some of its overseas operations, mainly Ukraine
and Russia, as well as further one-time costs in Hungary, without
any impact on the current ratings. They also factor in the
reduced economic risks related to the banks' domestic operating
environment. S&P has observed a rebalancing of Hungary's open
economy and steadying economic prospects.
However, S&P still believes that the forthcoming foreign currency
mortgage law and ruling on mortgage fees could harm OTP Bank's
profitability. Furthermore, S&P thinks that OTP Bank's high
earnings capacity will be hit by the deteriorated situation in
Ukraine and Russia, which have been major contributors. In S&P's
base case, it assumes that the potential deterioration in
profitability and capitalization will not have a significant
impact on the bank's risk adjusted capital (RAC) ratio, S&P's key
measure of capitalization.
S&P equalizes the ratings on OTP Mortgage Bank with those on OTP
Bank because of its "core" status. S&P's view of its status is
based on its full ownership by and very close organizational and
operational integration with OTP Bank.
The stable outlook on OTP Bank and OTP Mortgage Bank reflects the
outlook on Hungary, as well as S&P's expectation that the banks'
business and financial profiles will remain relatively unchanged
over the next 12 months. Despite an expected increase of credit
costs from its Russian and Ukrainian operations, as well as one-
time costs coming from regulatory measures related to its foreign
currency mortgage portfolio, S&P believes OTP Bank has adequate
buffers to absorb these, while maintaining its level of
capitalization. It also reflects S&P's view that OTP Bank will
benefit from the steadying economic prospects in its home market
while at the same time facing increasing pressure from its
overseas operations in the same period.
If OTP Bank's capitalization were to deteriorate substantially,
as reflected in S&P's RAC ratio before diversification falling to
less than 5%, this would trigger a negative rating action on OTP
Bank and OTP Mortgage Bank. S&P could also lower the ratings on
the banks if new nonperforming loan (NPL) formation accelerates
materially in 2014, further increasing the stock of NPLs from its
high level of almost 20% at year-end 2013.
The ratings on OTP Bank and OTP Mortgage Bank are at the same
level as the foreign currency ratings on Hungary. Accordingly,
any negative rating action on the foreign currency ratings on the
sovereign would have negative implications for the ratings on the
banks.
A positive rating action on the foreign currency ratings on
Hungary would not automatically trigger a similar action on OTP
Bank and OTP Mortgage Bank. Such an action would also require an
improvement in OTP Bank's stand-alone credit profile (SACP).
Although very unlikely, this could come from a significant
improvement in OTP Bank's asset quality.
* HUNGARY: 14,683 Cos. Under Liquidation in Period Ending May 31
----------------------------------------------------------------
According to MTI-Econews, company-monitoring website
feketelista.hu, citing data from public data bases, said a total
of 33,563 companies were launched in Hungary over the twelve
months ending on May 31, while 14,683 companies were liquidated
during the period.
The website said that 211,750 companies had been launched over
the five-year period ending on May 31, while 88,585 companies had
been liquidated, MTI-Econews relates.
=============
I R E L A N D
=============
DAN MORRISSEY: Interim Examiner Appointed
-----------------------------------------
RTE reports that an interim examiner has been appointed to
concrete plant Dan Morrissey Limited.
According to RTE, the company can continue trading pending
efforts to come up with a survival plan within 100 days.
A court application was made because the directors believe it is
possible for the business to continue as a going concern by
restructuring the debt and pay it off by continuing to trade, RTE
relates.
If the company had been liquidated, 131 employees would have lost
their jobs, RTE notes.
Dan Morrissey Limited is a quarrying and concrete production
plant in Carlow.
=========
I T A L Y
=========
CORDUSIO RMBS 4: Fitch Affirms 'CCC' Rating on Class E Tranche
--------------------------------------------------------------
Fitch Ratings has affirmed 15 tranches of the Cordusio RMBS
series and downgraded one tranche. The four prime Italian RMBS
are backed by mortgage loans originated by UniCredit S.p.A
(BBB+/Negative/F2).
Key Rating Drivers
Varied Asset Performance
Over the past 12 months, the transactions have reported late
stage arrears (loans with at least three monthly installments
overdue) between 1.5% (Cordusio 2) and 2.3% (Cordusio 4). The
pipeline of cumulative defaults, defined as mortgages in arrears
for more than 12 months, is reported between 1.2% (Cordusio 1)
and 4.4% (Cordusio 3) of the original portfolio balance compared
with between 1.1% (Cordusio 1) and 3.8% (Cordusio 3) 12 months
ago.
Fitch notes that the more seasoned transactions, Cordusio 1 and
2, have displayed stable performance, and given their low current
loan-to-value (LTV) ratios of 27% and 30.1%, respectively, it is
expected to remain sound. Hence, the notes have been affirmed.
In contrast, the agency considers that the more volatile
performances of Cordusio 3 and 4 are driven by the higher
original LTV ratios and more adverse pool characteristics.
Cordusio 3's portfolio comprised 92.2% broker-originated
mortgages and 17.8% mortgages granted to foreign borrowers, while
exposure to these borrower groups is slightly lower in Cordusio
4's underlying pool (62% broker-originated mortgages and 6.2% of
mortgages to foreign borrowers). The more adverse nature of these
two portfolios has led Fitch to assume that of Cordusio 3's
performance will remain weak. This is reflected in the revision
of the Outlook to Negative from Stable on the class C notes and
the downgrade of the class D notes to 'BBB-sf'.
Fitch believes that the Cordusio 4 should experience a more
stable performance given the lower current LTV (41.5%) and less
prominent adverse portfolio characteristics. Therefore, the
agency has revised the Outlook on the class A2, A3 and B notes to
Stable.
Reserve Fund Draws
The combination of large pipeline of defaults and insufficient
excess spread has led to severe draws on Cordusio 3's cash
reserve, which is presently at 72% of its target balance, while
Cordusio 4 cash reserve was depleted 12 months ago. Given the
weak performance of Cordusio 3, Fitch expects further draws over
the next months and has therefore downgraded the class D tranche
to 'BBB-sf' and revised the Outlook on the class C notes to
Negative.
RATING SENSITIVITIES
The rating of all senior notes is at the 'AA+sf' cap for Italian
structured finance transactions, which is six notches above the
sovereign's 'BBB+' Long-term Issuer Default Rating. A change in
Italy's sovereign rating could result in rating changes to the
'AA+sf'-rated tranches.
An increase in the proportion of mortgage loans with adverse
characteristics, especially loans granted to foreign borrowers as
well as broker-originated loans due to different amortization
profiles, defaults and buybacks, could result in weaker asset
performance. Should this lead to a deterioration of the
underlying pools' credit quality beyond Fitch's expectations,
negative rating actions could be taken.
The rating actions are as follows:
Cordusio RMBS S.r.l (Cordusio 1):
Class A2 (ISIN IT0003844948): affirmed at 'AA+sf'; Outlook Stable
Class B (ISIN IT0003844955): affirmed at 'AA+sf'; Outlook Stable
Class C (ISIN IT0003844963): affirmed at 'BBB+sf'; Outlook Stable
Cordusio RMBS 2 S.r.l (Cordusio 2):
Class A2 (ISIN IT0004087174): affirmed at 'AA+sf'; Outlook Stable
Class B (ISIN IT0004087182): affirmed at 'AAsf'; Outlook Stable
Class C (ISIN IT0004087190): affirmed at 'BBB+sf'; Outlook
Negative
Cordusio RMBS 3 - UBCasa 1 S.r.l. (Cordusio 3)
Class A2 (ISIN IT0004144892): affirmed at 'AA+sf'; Outlook Stable
Class B (ISIN IT0004144900): affirmed at 'AAsf'; Outlook Stable
Class C (ISIN IT0004144934): affirmed at 'A+sf'; Outlook revised
to Negative from Stable
Class D (ISIN IT0004144959): downgraded to 'BBB-sf' from
'BBB+sf'; Outlook Negative
Cordusio RMBS Securitisation S.r.l. - Series 2007 (Cordusio 4):
Class A2 (IT0004231236): affirmed at 'AA+sf'; Outlook revised to
Stable from Negative
Class A3 (IT0004231244): affirmed at 'AA+sf'; Outlook revised to
Stable from Negative
Class B (IT0004231285): affirmed at 'AA-sf'; Outlook revised to
Stable from Negative
Class C (IT0004231293): affirmed at 'Asf'; Outlook Negative
Class D (IT0004231301): affirmed at 'BBsf'; Outlook Negative
Class E (IT0004231319): affirmed at 'CCCsf'; Recovery Estimate
revised to 80% from 0%
SEAT PAGINE: Creditors May Opt for Debt-for-Equity Swap
-------------------------------------------------------
Julie Miecamp at Bloomberg News reports that Seat Pagine Gialle
SpA's creditors will vote next month to push the company into
administration or exchange more than US$2 billion of debt for
ownership of the Yellow Pages publisher that's got a stock value
of US$35 million.
According to Bloomberg, an agreement on July 10 will allow the
Turin, Italy-based company to restructure bonds and loans for the
second time in two years, with creditors already having wiped out
EUR1.3 billion (US$1.8 billion) of borrowings. When investors
led by BC Partners Holdings Ltd. bought a stake in the company in
2003, it had a market capitalization of as much as EUR7.3
billion, Bloomberg notes.
Among the new owners of the company will be a distressed debt
fund controlled by New York-based Avenue Capital Group LLC,
co-founded by billionaire Marc Lasry and his sister Sonia
Gardner, Bloomberg discloses. The fund holds some of Seat's
10.5% bonds due in January 2017, Bloomberg says, citing company
filings last year.
A debt-for-equity swap in 2012 stripped control of the company
from its private equity owners, Bloomberg relays. Seat sought
creditor protection in February last year when it said that a
slump in sales meant that its debt burden was unsustainable,
Bloomberg recounts.
The group's net financial borrowings totaled EUR1.5 billion at
the end of March, Bloomberg says, citing an earnings report. The
debt comprised EUR713 million of bank borrowing, including a
EUR571 million term loan and EUR796 million of bonds, Bloomberg
states.
About SEAT Pagine
SEAT Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers. It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing. Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others. Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.
* * *
As reported by the Troubled Company Reporter-Europe on Feb. 26,
2014, Standard & Poor's Ratings Services said that it affirmed
its long-term corporate credit rating on Italy-based classified
directories publisher SEAT PagineGialle SpA at 'D' (default). At
the same time, S&P affirmed its 'D' issue ratings on SEAT's
EUR661 million senior secured facilities, EUR750 million senior
secured notes, and EUR65 million senior secured notes. In
addition, S&P revised downward its recovery rating on these debt
instruments to '5' from '3', indicating its expectation of modest
(10%-30%) recovery prospects in the event of a payment default.
Finally, S&P withdrew all the aforementioned ratings at SEAT's
request.
===================
K A Z A K H S T A N
===================
KAZAKH AGRARIAN: S&P Affirms 'BB+/B' Ratings; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term and 'B' short-term issuer credit ratings on
Kazakh Agrarian Credit Corp. (KACC), a Kazakh government entity
that provides cheap lending to the agricultural sector. The
outlook is stable.
At the same time, S&P affirmed its 'kzAA-' Kazakhstan national
scale rating on KACC.
The affirmation follows S&P's recent revision of its outlook on
the Republic of Kazakhstan to negative from stable. The
affirmation reflects S&P's unchanged assessment of KACC's stand-
alone credit profile (SACP) at 'b+', its "strategically
important" role for the parent, KazAgro National Management
Holding JSC, and S&P's opinion of a "high" likelihood that KACC
would receive timely and sufficient extraordinary support from
the Kazakh government, its ultimate owner via KazAgro Holding.
The 'b+' SACP reflects KACC's "moderate" business position, "very
strong" capital and earnings, "moderate" risk position, "below-
average" funding, and "moderate" liquidity, as our criteria
define these terms.
KACC is one of the largest subsidiaries of KazAgro Holding, whose
primary mission is to channel government support to the
agricultural sector and rural areas.
In accordance with S&P's criteria for rating government-related
entities, it bases its opinion of a "high" likelihood of
extraordinary government support on its view of the company's
"important" role for and "very strong" link with the Kazakh
government, which wholly owns KACC through KazAgro Holding..
The stable outlook reflects S&P's expectation of continued strong
ongoing parental support to KACC, resulting in the maintenance of
"very strong" capitalization and reliance on parental funding.
S&P also factors in KACC's strategic importance to KazAgro
Holding and our view that there's a "high" likelihood of timely
and sufficient extraordinary government support to KACC if
needed. In addition, the outlook incorporates S&P's expectations
that KACC's direct lending to agribusiness will gradually
decrease over time and be replaced by conditional funding to
commercial banks. Nevertheless, S&P expects KACC to retain its
business position in lending to microcredit organizations in
rural areas and in the livestock segment.
Any weakening in KACC's SACP, which could follow material
deterioration in the credit quality of its loan book and sharply
increased credit costs, might prompt S&P to consider lowering the
ratings on KACC. A marked shift in KACC's strategy, leading to a
scaling down of lending operations and of the company's
importance for the government and KazAgro Holding, might also
result in a negative rating action, although S&P do not think
this is likely in the next 12-18 months.
A downgrade of Kazakhstan (and consequent downgrade of KazAgro
Holding) would not automatically result in a similar action on
KACC, which S&P currently rates three notches lower than the
sovereign. This is because S&P still expects the investment-
grade KazAgro Holding to provide support to its subsidiary KACC,
owing to KACC's "strategically important" role to the holding
company.
S&P might consider a positive rating action if it observed
increased importance of KACC's role within KazAgro Holding over
the longer term. A stronger probability of extraordinary
government support also might lead S&P to take a positive rating
action on KACC, although it do not currently expect this.
=====================
N E T H E R L A N D S
=====================
E-MAC DE 2006-I: S&P Lowers Rating on Class E Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
E-MAC DE 2006-I B.V. and E-MAC DE 2007-I B.V.'s class C and D
notes. At the same time, S&P has lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class E notes in both transactions.
Cumulative losses over the original portfolio balance for E-MAC
DE 2006-I have increased to 7.00% at the end of May 2014, up from
4.84% a year ago. For E-MAC DE 2007-I, this figure has increased
to 4.47% from 2.30% over the same period. The collateral pools'
poor performance resulted in the reserve funds being depleted in
May 2013 and November 2013 for E-MAC DE 2006-I and E-MAC DE 2007-
I, respectively. This has reduced the available credit
enhancement for all classes of notes in both transactions.
Due to the increased cumulative net losses, E-MAC DE 2006-I and
E-MAC DE 2007-I's class E notes missed their interest payments on
the May 2014 interest payment date. Consequently, S&P has
lowered to 'D (sf)' from 'CCC- (sf)' its ratings on these classes
of notes.
S&P has lowered its ratings on the class C notes (to 'CCC (sf)'
from 'CCC+ (sf)') and the class D notes (to 'CCC- (sf)' from
'CCC (sf)') in both transactions. In S&P's view, the timeframe
for when we anticipate these classes of notes to default has
reduced, due to weakening collateral performance and limited
available credit enhancement.
The transactions are true sale German RMBS transactions,
originated by GMAC RFC and serviced by Paratus AMC.
RATINGS LIST
Class Rating Rating
To From
Ratings Lowered
E-MAC DE 2006-I B.V.
EUR502.5 Million Mortgage-Backed Floating-Rate Notes
C CCC (sf) CCC+ (sf)
D CCC- (sf) CCC (sf)
E D (sf) CCC- (sf)
E-MAC DE 2007-I B.V.
EUR569.9 Million Mortgage-Backed Floating-Rate Notes
C CCC (sf) CCC+ (sf)
D CCC- (sf) CCC (sf)
E D (sf) CCC- (sf)
===============
P O R T U G A L
===============
BANCO BPI: S&P Lowers Rating on Preference Shares to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services took the following rating
actions:
-- It lowered to 'D' (Default) from 'C' its issue ratings on
the preference shares issued by BPI Capital Finance Ltd.
and guaranteed by Banco BPI S.A. (ISIN XS0174443449).
-- S&P affirmed its 'B-' issue rating on the dated
subordinated notes due in 2017 issued by Banco BPI S.A.
(ISIN PTBPM9OM0001).
The rating actions follow the completion on June 12, 2014, of the
tender offer to holders of Portuguese Banco BPI's preference
shares and subordinated debt issued or guaranteed by the bank.
Banco BPI launched the offer on May 28, 2014. The launch
affected five debt instruments with an aggregate nominal amount
of about EUR127 million. Banco BPI announced that it had
completed its offer and that it had accepted a total amount of
about EUR116 million tendered for exchange under the offer.
However, Standard & Poor's only rates preference shares and dated
subordinated notes that, after the completion of the offer, have
a combined outstanding amount of EUR2 million.
S&P communicated at the tender offer's launch that it considered
the offer to holders of preference shares to be a "distressed
exchange." This is because investors received less value than
what was promised for the original securities; instruments are
valued at 75% of their nominal value, and investors received in
exchange a junior instrument (ordinary shares issued by Banco
BPI).
Moreover, S&P did not consider the offer to be "opportunistic"
under its criteria. This is because the bank made the offer to
strengthen its core capital base and, ultimately, to enable it to
repay the remaining EUR420 million of contingent convertible
securities that the government injected into the bank.
S&P expects to review its 'D' (Default) issue rating on the
preference shares once it has more visibility on coupon payment
resumption by Banco BPI on the next scheduled date, Aug. 12,
2014. Based on current information, S&P would expect to raise the
issue rating on the outstanding preference shares to 'CCC+', the
rating assigned to the instruments before the announcement of the
tender offer.
S&P has affirmed its 'B-' rating on the dated subordinated notes.
These notes were subject to the same offer, but S&P did not
consider it as a "distressed exchange" as investors received an
amount of shares that did not imply a meaningful loss.
The rating actions do not affect S&P's counterparty credit
ratings or outlook on Banco BPI.
===========
R U S S I A
===========
IRKUTSK OBLAST: S&P Revises Outlook to Neg. & Affirms 'BB+' ICR
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Irkutsk
Oblast, a Russian region in Eastern Siberia, to negative from
stable. At the same time, S&P affirmed its 'BB+' long-term
issuer credit rating and 'ruAA+' Russia national scale rating on
the oblast.
Rationale
The ratings on Irkutsk Oblast are based on S&P's view of Russia's
"developing and unbalanced" institutional framework, as well as
the oblast's relatively low economic wealth in an international
context and its high infrastructure spending needs. All this
translates into very limited budgetary flexibility.
S&P assess the oblast's financial management as "negative" in an
international comparison, because of the lack of reliable long-
term planning and a constrained capacity to withstand federal
pressure to raise expenditures. Modest contingent liabilities
and currently moderate, although weakening, budgetary performance
are neutral for the oblast's credit quality, in S&P's view. The
ratings are supported by the oblast's low debt burden and
"positive" liquidity.
Similar to many Russian regions, in 2013 Irkutsk Oblast's
budgetary performance sharply deteriorated following a decrease
in tax revenues and a hike in social-related spending, both
driven by the federal government's decisions regarding national
tax legislation and the 2012 presidential decrees that required
regions to significantly increase public sector salaries and
other social-related expenditures. Under Russia's "developing
and unbalanced" institutional framework, the federal government
regulates more than 90% of regional budget revenues, including
major taxes and transfers, and also outlines spending
responsibilities. This leaves very limited budgetary flexibility
within the scope of the regional financial management. In S&P's
view, Irkutsk Oblast's spending flexibility is further restricted
by large infrastructure development needs that have accumulated
over the previous several years.
At the same time, the oblast's budget revenues are exposed to
world commodity prices and the performance of the few largest
taxpayers, due to some economic concentration in the mining
industry. The region is rich in natural resources, especially
oil, gas, and coal, and growing oil production and transportation
have provided almost 20% of tax revenues in recent years. In
2013, the oblast's tax revenues decreased by almost 10% compared
with 2012, because its leading taxpayers, oil producer Rosneft
and its subsidiaries and oil transporter Transneft, reduced
payments following the creation of consolidated taxpayer groups
in line with new tax legislation. Coupled with accelerating
spending, lower tax revenues led to an operating deficit of
almost 5% of operating revenues and a large deficit after capital
accounts equal to 16% of revenues.
S&P expects that Irkutsk Oblast's budgetary performance will
remain under pressure in 2014-2016, and will hinge on the
management's willingness and ability to constrain spending
growth. S&P forecasts a slow recovery of tax revenues, mostly
thanks to personal income tax linked to increasing salaries, and
higher property taxes. The oblast might also receive additional
transfers from the federal government, following the recent
announcements of higher financial support to be provided to
regions in 2014. However, in S&P's view, this will likely only
partly compensate for corporate profit tax losses and additional
spending mandates that were imposed on the oblast. The
management will have to apply stricter control over non-salary-
related spending and to redistribute funds in favor of social
expenditures in order to keep budget deficits under control.
Currently it doesn't plan to significantly revise the 2014
budget, but might have a more conservative approach to planning
for 2015-2017.
"Under our base-case scenario, we assume that the operating
balance will remain negative in 2014, but will gradually improve
and become marginally positive in 2015-2016. This will still be
significantly weaker than the solid 10% surplus in 2010-2012. We
expect the oblast's capital expenditure to be lower in 2014
compared with 2013, when it provided a one-off subsidy of Russian
ruble (RUB)2 billion to the newly created investment fund that
will coordinate investment projects in the oblast. We therefore
forecast that the deficit after capital accounts will decrease to
about 8% of total revenues in 2014, and might further improve to
less than 5% on average in 2015-2016," S&P said.
During the next three years, budget deficits will require the
oblast to accumulate direct debt again, after paying down almost
all its direct debt in 2011-2012. However, tax-supported debt
will likely remain low, reaching only 20% of consolidated
operating revenues at year-end 2016. In S&P's view, contingent
liabilities stemming from overdue municipal payables and the need
to maintain and develop infrastructure across the region's vast
territory will remain modest and neutral for the oblast's
creditworthiness.
S&P views Irkutsk Oblast's financial management as a "negative"
factor for its creditworthiness in an international context, as
S&P do for most Russian local and regional governments. This is
mainly due to S&P's view of a lack of reliable long-term
financial and capital planning. It remains to be seen over the
next couple of years to what extent the expenditure pressure
leads the management to deviate from the conservative financial
policy that the oblast implemented in 2010-2012.
Liquidity
S&P views Irkutsk Oblast's liquidity as "positive," as defined in
its criteria. In S&P's view, the oblast's average free cash on
accounts in 2014 will exceed its currently very low debt service
by more than 3x. At the same time, S&P views the oblast's access
to external liquidity as "limited," due to the weaknesses of the
Russian capital market and its banking sector.
In 2013, the oblast used more than two-thirds of its previously
ample cash reserves to cover the deficit after capital accounts.
In S&P's view, throughout 2014 and the next two years, the
oblast's average cash levels will be structurally lower compared
with 2010-2013, due to only modest budgetary performance and
relatively large deficits after capital accounts, according to
S&P's forecasts. S&P estimates that, in the second half of 2014
and the first half of 2015, average free cash net of the deficit
after capital accounts will equal about RUB4 billion, down from
about RUB10 billion in 2013.
Over the next 12 months, cash will cover more than 300% of the
oblast's very low debt service, which S&P estimates at less than
1% of operating revenues in 2014. In 2015, debt service will
likely increase to about 3% of operating revenues, and it might
continue growing after that, depending on the maturity of new
debt that the oblast attracts in 2015-2016. In our base-case
scenario, S&P expects that in 2014 it will primarily rely on
medium-term bank loans. The oblast is also contemplating
placement of a bond issue for the first time since 2009.
However, in S&P's view, due to the currently turbulent market
situation, the placement might be postponed until 2015.
Outlook
The negative outlook reflects S&P's view that Irkutsk Oblast's
budgetary performance might remain weak in 2014-2016, due to slow
revenue growth, the need to increase social spending, and the
oblast's very limited budgetary flexibility. Larger-than-forecast
deficits after capital accounts might also further reduce the
oblast's average cash reserves and lead to weaker debt service
coverage in 2015.
S&P could lower the ratings within the next 12 months if, in line
with its downside scenario, the oblast's constrained capacity to
control spending growth led to weak budgetary performance in
2014-2015, with a persistently negative operating balance and
deficits after capital accounts of more than 10% on average.
This might also result in more rapid debt accumulation and cash
depletion, which might lead S&P to revise downward its assessment
of the oblast's liquidity.
S&P could revise the outlook to stable over the next 12 months
if, in line with its base-case scenario, the oblast were to
stabilize its budgetary performance at moderate levels, and
deficits after capital accounts were to improve to less than 5%
of revenues on average in 2015-2016. S&P would also expect the
oblast to maintain "positive" liquidity by relying on medium-term
borrowing and keeping debt service low.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed; CreditWatch/Outlook Action
Rating Rating
To From
Irkutsk Oblast
Issuer Credit Rating BB+/Negative/-- BB+/Stable/--
Ratings Affirmed
Irkutsk Oblast
Russia National Scale ruAA+/--/--
=============
U K R A I N E
=============
KYIV CITY: S&P Affirms 'CCC' Issuer Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
issuer credit rating on the city of Kyiv. The outlook remains
negative.
Rationale
The rating on Ukraine's capital, Kyiv, reflects S&P's view of
Ukraine's institutional framework as "volatile and underfunded."
Other rating weaknesses are the city's severely constrained
financial flexibility; weak budgetary performance; "negative"
financial management; "very negative" liquidity; material debt
burden, with associated foreign-exchange risks and high interest
payments; and high contingent liabilities.
The rating is supported by the city's position as the
administrative and economic center of Ukraine, its fairly
diversified economy, and wealth levels that are low, but
noticeably exceed the national average.
The city's fiscal flexibility remains severely constrained
because of very limited discretion over revenue sources and
spending policies, and S&P's view of Ukraine's "volatile and
underfunded" public finance system. The city's substantial
investment requirements continue to restrict its spending
flexibility.
In S&P's 2014-2016 forecast period, it expects only modest tax
revenue growth, fuelled mostly by the inflation rate. S&P
expects central government grants to support the city however.
The city's consolidation efforts will likely support an operating
surplus of 2.5%-3.5% of operating revenues on average in
2014-2016, which is close to the 3.7% recorded on average in
2011-2013. After a peak in investments related to the Euro 2012
soccer event, S&P thinks the city will likely slow its investment
program in real terms and post deficits after capital accounts of
about 5% of total revenues in 2014-2016.
"In our base-case scenario, we assume Kyiv will implement some
cost-containment measures, although we continue to regard the
city's financial management as "negative" under our criteria.
This assessment is in line with our view of other Ukrainian local
and regional governments and implies only emerging long-term
planning, as well as weak management of debt, liquidity, and the
city's government-related entities. We have also factored in
remaining legal uncertainty regarding the split of responsibility
between the mayor (who is elected) and the city's head of state
administration, who is to be appointed by Ukraine's president,"
S&P said.
"Under our base-case scenario, Kyiv's tax-supported debt will
remain exposed to foreign exchange risks and stay well above 60%
of operating revenues over our 2014-2015 outlook horizon. Our
calculation of tax-supported debt includes direct debt, and debt
at Kyiv's government-related entities (including guaranteed loans
from multilateral lending institutions). We do not include
central government loans that will come due only if the city's
revenues outperform the central government's targets; should we
include these loans, debt levels would be about 80%. The state
might write off these loans. In our view, the city's new
borrowing will mostly be to tackle refinancing needs," S&P added.
Kyiv's economy is diversified and is Ukraine's wealthiest,
although wealth levels are low in a global context. The city's
personal income levels are likely to remain twice as high as the
national average, by S&P's estimates. S&P also thinks the
unemployment rate will continue to be the lowest in Ukraine.
After Kyiv's efforts to evaluate and settle payables of its
utility companies, which provide services at artificially low
tariffs, and the provision of strong earmarked grants from the
central government, these payables have somewhat diminished and
stabilized. The central government is responsible for setting
utility and transport tariffs. However, the city's companies'
still-large payables represent a significant contingent liability
on its budget.
Liquidity
S&P regards Kyiv's liquidity position as "very negative" under
its criteria. In S&P's opinion, the city's cash position will
likely remain very low, and volatile, while its access to
external liquidity will remain "uncertain" against its continuous
exposure to material refinancing risks in 2014 and in 2015.
Kyiv's reported cash stood at Ukrainian hryvnia (UAH) 492 million
(about US$41 million) on April 1, 2014.
The city's liquidity position is severely undermined by large
refinancing risks. It faces bullet repayments in late 2014 and
2015, with debt service hitting about 24% of expected operating
revenues in 2014 and exceeding 35% in 2015. The refinancing plan
for 2014 is based on domestic refinancing. In S&P's current
base-case scenario, it envisage refinancing similar to that
conducted in 2012.
S&P regards Kyiv's access to external liquidity as "uncertain."
However, S&P notes that the city's liquidity has so far derived
some support from uninterrupted and timely access to short-term
liquidity loans from the state treasury, available for interest
payments (but not principal).
The weaknesses of Ukraine's banking sector are reflected in S&P's
Banking Industry Country Risk Assessment (BICRA), which
classifies Ukraine in group '10'. S&P's BICRA ranks risk
relating to banking systems on a scale of '1' to '10', with '1'
being the lowest risk and '10' being the highest risk.
OUTLOOK
The negative outlook on the city of Kyiv reflects that on
Ukraine.
S&P would revise the outlook to stable only if it took a similar
action on Ukraine and if other rating factors developed in line
with our base-case scenario.
A negative rating action on Kyiv would follow a negative action
on Ukraine. S&P could also take a negative rating action on the
city, even if the sovereign ratings remain unchanged, if the
central government's support for Kyiv diminished, leading to
higher refinancing risks for the city. This would likely be the
result of restricted access to liquidity from the state banks and
treasury.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Kyiv (City of)
Issuer Credit Rating CCC/Negative/--
Senior Unsecured CCC
Kyiv Finance PLC
Senior Unsecured CCC
UKRAINE: In Talks with Creditors Over Debt Restructuring
--------------------------------------------------------
Ian Talley at The Wall Street Journal reports that the Institute
of International Finance said on June 19, Ukraine's government
held informal talks with private bondholders about the
possibility of extending the maturities of its debt to help buy
the country breathing room to repair its economy.
Lubomir Mitov, a senior economist with the IIF, said the
discussions were an exploration to determine what type of bond
restructuring might be possible if Ukraine's economic crisis
worsened, the Journal relates.
"No decision has been taken, there are no numbers or framework,"
the Journal quotes Mr. Mitov as saying. "But what they're
looking at is if there is any scope for some sort of voluntary
bond exchange for maturity extensions."
The IIF represents over 450 of the world's largest banks, hedge
funds, pension funds and other private financial firms.
Mr. Mitov, as cited by the Journal, said in an interview to be
sure, no debt restructuring is planned or being negotiated.
That is partly because it isn't yet clear whether Ukraine will
need a reprofiling of its debt: the International Monetary Fund
and Kiev are still assessing the extent of the repairs needed to
fix the country's economy, the Journal notes.
The IMF said a preliminary review showed no debt restructuring is
currently needed, though the IIF previously said investors
shouldn't rule out such a move, the Journal relays. Any
potential debt restructuring would need approval by the emergency
lender, which organized a multibillion-dollar bailout for Ukraine
in April, the Journal states.
At the same time, the IMF acknowledges there are major
uncertainties surrounding Ukraine's economic fate, particularly
given the ongoing battles over the eastern parts of the country,
the Journal says. The fund has already said a bigger bailout may
be needed given the political turmoil, the Journal notes.
The exploratory talks began before the IMF bailout, but any
potential restructuring decision likely wouldn't be decided until
much later in the year, after the IMF has a better grip on the
depth of Ukraine's problems, according to the Journal.
===========================
U N I T E D K I N G D O M
===========================
ASCOT BLACK: Moody's Places 'B3' Rating on Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
ratings of classes A to E CDS Notes in the Ascot Black CLO (Ascot
Black) transaction and the ratings on all mezzanine and junior
notes issued by Sandown Gold 2011-1 plc (Sandown Gold 2011-1).
The action reflects the better-than-expected collateral
performance and the increase in credit enhancement supporting
those notes since the last rating action.
Ascot Black is an unfunded synthetic securitization of loans
extended to small and medium-sized enterprises (SMEs) in the UK
by Lloyds Bank Plc (Lloyds, deposits A1 negative, bank financial
strength rating C-/ baseline credit assessment baa1), closed in
October 2006. Sandown Gold 2011-1 is a cash securitization of
loans extended to micro-sized enterprises in the UK by Lloyds,
closed in July 2011.
List of Affected Ratings:
Transaction: Ascot Black CLO
GBP42M A CDS Notes, Aa1 (sf) Placed Under Review for Possible
Upgrade; previously on Dec 1, 2009 Downgraded to Aa1 (sf)
GBP45.75M B CDS Notes, A1 (sf) Placed Under Review for Possible
Upgrade; previously on Dec 1, 2009 Downgraded to A1 (sf)
GBP44.25M C CDS Notes, Baa2 (sf) Placed Under Review for
Possible Upgrade; previously on Dec 1, 2009 Downgraded to
Baa2 (sf)
GBP19.5M D CDS Notes, Ba3 (sf) Placed Under Review for Possible
Upgrade; previously on Dec 1, 2009 Downgraded to Ba3 (sf)
GBP33M E CDS Notes, B3 (sf) Placed Under Review for Possible
Upgrade; previously on Dec 1, 2009 Downgraded to B3 (sf)
Issuer: Sandown Gold 2011-1 PLC
GBP100M B Notes, Aa2 (sf) Placed Under Review for Possible
Upgrade; previously on Jul 27, 2011 Definitive Rating Assigned
Aa2 (sf)
GBP110M C Notes, Baa2 (sf) Placed Under Review for Possible
Upgrade; previously on Jul 27, 2011 Definitive Rating Assigned
Baa2 (sf)
Ratings Rationale
The rating action reflects the better-than-expected collateral
performance and the increase in credit enhancement supporting the
notes since the last rating action.
Better-Than-Expected Collateral Performance
Both transactions performed much better than expected. In Ascot
Black, cumulative defaults since closing have stood at 1.29% of
the total securitized pool, while the pool factor stood at 19.10%
as of June 2014. In comparison, the current cumulative default
rate assumption was 12.5% over the life of the transaction, which
means that the pool has performed much better than initially
anticipated. In Sandown Gold 2011-1, cumulative defaults since
closing have stood at 0.34% of the total securitized pool, while
the pool factor stood at 77.40% as of April 2014. In comparison,
the current cumulative default rate assumption was 14.1% over the
life of the transaction.
Substantial Levels Of Credit Enhancement
In both transactions, notes affected by the rating action have
benefitted from a large increase in credit enhancement since
their last rating action. For Ascot Black, credit enhancement
levels have tripled while for Sandown Gold 2011-1 credit
enhancement levels have increased by around 30%. Moody's believes
those credit enhancement levels could potentially justify ratings
that are higher than those currently assigned to the notes, and
will conclude its review once it has performed an in-depth
analysis of the securitized portfolio credit quality.
Methodology
The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in January 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors that would cause an upgrade of the ratings include an
increase in credit enhancement for the notes and improvements in
collateral performance.
Factors that would cause a downgrade of the ratings include a
decline in the overall performance of the pool and an increase in
counterparty risks.
CORNERSTONE TITAN 2005-1: S&P Withdraws 'D' Ratings on 3 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D (sf)' credit
ratings on Cornerstone Titan 2005-1 PLC's class D, E, and F
notes.
A principal loss was applied to the class D, E, and F notes on
the April 2014 interest payment date as the last remaining loan
repaid at a loss. S&P had previously anticipated this principal
loss.
S&P has therefore withdrawn its ratings on the class D, E, and F
notes as there are no loans remaining in the transaction.
Cornerstone Titan 2005-1 was a 2005-vintage U.K. commercial
mortgage-backed securities (CMBS) transaction. It was originally
secured on nine commercial real estate loans secured by 71
properties.
RATINGS LIST
Cornerstone Titan 2005-1 PLC
GBP592.043 mil commercial mortgage-backed floating- and variable-
rate notes
Rating Rating
Class Identifier To From
D XS0227575981 NR D (sf)
E XS0227577417 NR D (sf)
F XS0227578068 NR D (sf)
NR-Not Rated.
TAURUS CMBS UK 2014-1: Fitch Rates Cl. C Certs 'BB(EXP)sf'
----------------------------------------------------------
Fitch Ratings has assigned Taurus CMBS UK 2014-1 expected ratings
as follows:
GBP133.3 million Class A due May 2022 (ISIN: TBC): 'A(EXP)sf';
Outlook Stable
GBP48.8 million Class B due May 2022 (ISIN: TBC): 'BBB-
(EXP)sf'; Outlook Stable
GBP29.4 million Class C due May 2022 (ISIN: TBC): 'BB(EXP)sf';
Outlook Stable
The final ratings are contingent upon the receipt of final
documents and legal opinions conforming to the information
already received.
The transaction is a securitization of a 95% participation in a
GBP222.7 million commercial mortgage loan granted by Merrill
Lynch International (ML) to 13 cross-collateralized and cross-
defaulted borrowers, ultimately owned by Apollo EPF II
Partnership (the sponsor), to acquire a portfolio of 132 retail,
office, leisure and logistics properties located throughout the
UK.
Key Rating Drivers
The expected ratings are based on Fitch's assessment of the
underlying collateral, available credit enhancement and the
transaction's sound legal structure.
The property portfolio mainly comprises secondary and tertiary
properties located throughout the UK. The portfolio was purchased
by the sponsor at auction in December 2013 after receivers had
been appointed by Aviva plc, the previous senior lender.
The sponsor's business plan envisages an asset liquidation
strategy with quarterly amortization targets. Failure to comply
with these targets will result in full cash sweep and inability
to exercise two one-year loan extension options. In its analysis,
Fitch has considered adverse disposal scenarios, including zero
disposal and early default, to test debt repayment.
The loan LTV at closing is 65%. Although it does not benefit from
any scheduled amortization, disposal targets, annual
revaluations, robust interest coverage ratio (ICR) and LTV cash
trap/default covenants should enable performance deterioration to
be checked before loan default.
With the exception of cash trap/sweep amounts (applied to the
notes sequentially), prior to loan default principal proceeds are
repaid on a pro rata basis. As a result, the senior notes may be
exposed to adverse selection risk, if the best performing assets
are sold first and the average collateral quality deteriorates as
a result of the disposal process. However, Fitch notes that the
larger and best performing assets are to be held for longer in
the sponsor's disposal plan and, if sold, are subject to a higher
release pricing calculation.
The predominantly secondary quality retail portfolio, prolonged
pro-rata pay-down and absence of a liquidity facility each
contributes to a rating cap at 'Asf'.
KEY PROPERTY ASSUMPTIONS
'Bsf' LTV: 84%
'Bsf' weighted average capitalization rate (by market value):
6.6%
'Bsf' weighted average structural vacancy (by net rent): 29.9%
'Bsf' weighted average rental value decline (by net rent): 2.3%
RATING SENSITIVITIES
Fitch tested the rating sensitivity of the class A to C notes to
various scenarios, including steeper rental value declines,
increasing capitalization rates and rising structural vacancy.
The expected impact on the notes' ratings is as follows:
Class A/B/C
Current Rating: 'A(EXPsf)'/'BBB-(EXP)sf'/'BB(EXP)sf'
Deterioration in all factors by 1.1x:
'BBB+(EXP)sf'/'BB(EXP)sf'/'B(EXP)sf'
Deterioration in all factors by 1.2x: 'BBB-
(EXP)sf'/'B+(EXP)sf'/'CCC(EXP)sf'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 16 to June 20, 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
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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
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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
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Yioula Glassworks 9.00 12/1/2015 EUR 74.00
Yioula Glassworks 9.00 12/1/2015 EUR 74.00
ICELAND
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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.
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 * * *