/raid1/www/Hosts/bankrupt/TCREUR_Public/141020.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, October 20, 2014, Vol. 15, No. 207
Headlines
A U S T R I A
OESTERREICHISCHE VOLKSBANKEN: Austria Optimistic on ECB Talks
B U L G A R I A
CORPORATE COMMERCIAL: Bankruptcy to Hit Local Insurance Companies
G E R M A N Y
DECO 15-PAN EUROPE 6: Fitch Affirms CCsf Rating on Class E Notes
G R E E C E
ESTIA MORTGAGE II: S&P Cuts Rating on Class B Notes to CCCsf
H U N G A R Y
ERSTE BANK: Fitch Affirms 'b-' Viability Rating; Outlook Stable
I C E L A N D
RUV: Essentially "Bankrupt", Progressive Party MP Says
I R E L A N D
EPIC PLC: S&P Affirms 'B-(sf)' Rating on Class F Notes
SORRENTO PARK: Moody's Assigns 'B2(sf)' Rating to Class E Notes
SORRENTO PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
I T A L Y
ANDROMEDA FINANCE: Fitch Cuts Rating on Class A2 Notes to 'B'
L U X E M B O U R G
QGOG CONSTELLATION: Fitch Affirms 'BB-' Issuer Default Ratings
RIOFORTE: Faces Liquidation After Creditor Protection Denied
N E T H E R L A N D S
ORANGE LION 2013-10: Fitch Affirms 'BB+' Rating on Class E Loans
R O M A N I A
SWAN OFFICE: Put Up for Auction at EUR22-Mil. Starting Price
S P A I N
AYT HIPOTECARIO IV: Moody's Confirms Ba2 Rating on Class B Notes
LA CAIXA: Fitch Affirms 'BB+' Subordinated Debt Rating
TDA 27: Fitch Lowers Rating on Class B Notes to 'CCsf'
UNION FENOSA: Fitch Affirms 'BB+' Subordinated Debt Rating
U N I T E D K I N G D O M
DLG ACQUISITIONS: Moody's Assigns B3 Corporate Family Rating
HEATHROW FINANCE: Moody's Assigns Ba3 Rating to GBP250MM Notes
LONDON & REGIONAL: S&P Reinstates 'BB' Rating on Class B Notes
NWS OF BARNSLEY: Owes GBP3.4 Million to Creditors
ROTHSCHILDS CONTINUATIONS: Fitch Affirms 'BB+' Hybrid Debt Rating
SLATE NO. 1: Moody's Assigns '(P)Ba3' Rating to Class E Notes
SLATE NO. 2: Moody's Assigns '(P)Ba3' Rating to Class E Notes
X X X X X X X X
* BOND PRICING: For the Week October 13 to October 17, 2014
*********
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A U S T R I A
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OESTERREICHISCHE VOLKSBANKEN: Austria Optimistic on ECB Talks
-------------------------------------------------------------
Boris Groendahl and Alexander Weber at Bloomberg News report that
Austria is optimistic about talks with the European Central Bank
on addressing a capital gap at Austria's cooperative Volksbanken
group that may be revealed by the ECB's health check on Oct. 26.
According to Bloomberg, Finance Minister Hans Joerg Schelling
told a conference in Vienna on Oct. 17 that the Austrian
government, which owns 43% of Oesterreichische Volksbanken AG
(VBPS) after three bailouts in the last six years, has drafted a
plan with Austrian regulators to carve out OeVAG's bad assets in
a separate unit. The plan was presented by OeVAG on Oct. 3,
Bloomberg relates.
"In the stress test of the ECB, there seems to be stress,"
Bloomberg quotes Mr. Schelling as saying. "We've made
precautions about how to deal with this stress. The negotiations
with the ECB are under way. We're on a good path."
Facing a capital shortfall in the ECB's Comprehensive Assessment
mainly due to its Romanian subsidiary and bad corporate loans in
eastern Europe, the Volksbanken group will reduce the number of
its member banks from 51 to 12, and turn its central bank OeVAG
into a pure wind-down vehicle that will return its banking
license next year, Bloomberg discloses.
Oesterreichische Volksbanken-AG is an Austrian internationally
active commercial bank. The Bank divides its business activities
into five main business segments: Corporates, Retail, Real
Estate, Financial Markets, as well as Investment Book/Other
Operations.
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B U L G A R I A
===============
CORPORATE COMMERCIAL: Bankruptcy to Hit Local Insurance Companies
-----------------------------------------------------------------
Focus News Agency reports that despite the deceptive rhetoric of
some politicians and financial experts that the bankruptcy of
Corporate Commercial Bank would not affect the local financial
sector, a report of the Financial Supervision Commission for the
second quarter of 2014 called "Review of the nonbanking financial
sector in Bulgaria" suggests otherwise.
According to Focus News, the paper says local insurance companies
will end up losing at least BGN103 million, if Bulgaria's fourth
largest lender and its subsidiary CB Victoria go bankrupt.
The paper also suggests investment intermediaries, asset
management companies and mutual funds will sustain direct losses
of BGN 42.9 million, which they currently hold on deposits and
payment accounts at Corporate Commercial Bank and CB Victoria,
Focus News notes.
Insurance companies will have to part with a combined BGN41.1
million, Focus News discloses.
Corporate Commercial Bank is Bulgaria's 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.
On June 20, 2014, the central bank placed Corporate Commercial
Bank under supervision after an audit found "actions incompatible
with the law and good banking practices" that led to a BGN1
billion run on the bank.
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G E R M A N Y
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DECO 15-PAN EUROPE 6: Fitch Affirms CCsf Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has upgraded DECO 15 - Pan Europe 6 Ltd.'s class
A1, A2, B and C notes due 2018 and affirmed the class D and E
notes as follows:
EUR32.7 million class A2 (XS0307400258) upgraded to 'AAAsf' from
'AAsf'; Outlook Stable
EUR68.2 million class A3 (XS0307400506) upgraded to 'AAsf' from
'Asf'; Outlook Stable
EUR52.0 million class B (XS0307401140) upgraded to 'BBBsf' from
'BBsf'; Outlook Stable
EUR53.5 million class C (XS0307405133) upgraded to 'BBsf' from
'Bsf'; Outlook Stable
EUR41.3 million class D (XS0307405729) affirmed at 'CCCsf';
Recovery Estimate (RE) 75%
EUR15.7 million class E (XS0307406453) affirmed at 'CCsf'; RE0%
The transaction was originally the securitization of 10
commercial mortgage loans secured on assets located in Germany,
Austria and Switzerland. In July 2014, four loans remained.
Although three loans have defaulted and one remains current, all
four are trapping surplus cash to amortize the outstanding
balances or fund capital expenditure (capex) on the collateral
(predominantly retail warehouses in Germany).
Key Rating Drivers
The upgrades reflect the switch to pro rata principal allocation
and the better than expected performance of the EUR27 million AOK
Schwerin loan, which was expected to produce approximately a 30%
loss and repaid in full. Other two facilities repaid as expected,
for an aggregate balance of EUR155 million. Of the two expected
repayments, one occurred after loan maturity. Although a short
term extension was granted, the failure to repay timely ended the
modified pro rata principal allocation to the notes, which was
constraining the ratings of the class A2 and A3 notes.
The EUR141.9 million Mansford OBI Large failed to repay at its
scheduled maturity in July 2014 and entered special servicing.
The interest coverage ratio (ICR) increased to 5.5x from 1.5x pre
default, as interest payments became floating. This allowed the
securitized loan to be repaid by EUR0.8 million over the last
quarter alone.
The collateral, 10 retail warehouses located across Germany is
fully let predominantly to OBI (a DIY chain) on leases maturing
in 7.4 years (weighted average or WA). The first revaluation
since closing is currently being conducted. Fitch believes that
no equity remains and that the planned asset disposal will result
in a significant loss.
The EUR68.9 million Main loan has been in special servicing since
failing to repay at its maturity in July 2011. Since then, the
asset manager has attempted to stabilize asset performance before
the assets are sold. Various tenants have been approached
regarding lease extensions (as the WA remaining lease term of the
32 underlying retail warehouses is short at 3.6 years).
Furthermore, potentially value-enhancing capex measures (store
extensions, adding retail units) have been identified as well as
10 assets which are ready to be sold.
The collateral is currently 93% occupied. Like Mansford OBI, the
loan is benefiting from a floating interest rate in a low-rate
environment. This allowed the repayment of EUR13 million since
the default. Nevertheless, Fitch expects a significant loss as
the loan-to-value (LTV) ratio stands at 139%, based on a 2013
revaluation.
The EUR75.5 million Freiburg loan remains current and will mature
in April 2015. Surplus income has been used to amortize the
facility since July 2012 (in line with the loan maturity),
although the fixed interest rate (at 5.4x) limits the benefits of
the cash sweep. The borrower has announced that it is in
refinancing negotiations. Failing that, Fitch believes that a
floating rate after maturity will help improve the exit position
of the loan sufficiently for a full repayment. The loan is
secured on a shopping center and a retail asset located in
Freiburg, both near fully let.
The smallest loan, EUR11.8 million Plus Retail, has been in
default since its maturity in 2012. Substantial works on the
largest of the five underlying asset (including lease extensions,
removal of defaulted tenants and reletting) improved the
collateral value, although with an LTV of 137.8% (down from
149.4% 12 months ago) an ultimate loss remains likely. The
application of trapped surplus rent towards further value
enhancing measures or loan redemption partially mitigates the
high leverage.
Rating Sensitivities
Should the Freiburg loan remain outstanding past its maturity,
the senior notes may become subject to rating caps within 18 to
24 months prior to bond maturity. Recoveries below Fitch's
expectations on any of the loans may put downward pressure on the
class C and D notes.
Fitch estimates 'Bsf' recoveries of approximately EUR234m.
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G R E E C E
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ESTIA MORTGAGE II: S&P Cuts Rating on Class B Notes to CCCsf
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' and
'CC (sf)' from 'B- (sf)' its credit ratings on Estia Mortgage
Finance II PLC's class B and C notes, respectively. S&P's rating
on the class A notes is unaffected.
According to the August 2014 interest payment date report, the
cumulative net default ratio was 8.09% of the total original
balance. This has steadily increased over time. The transaction
has an interest payment deferral mechanism for the class B and C
notes, providing additional protection for the class A notes.
This mechanism applies if the net cumulative default ratio
increases to above 12.4% for the class B notes, or to 9.5% for
the class C notes.
S&P expects the transaction to breach the interest deferral
trigger for the class C notes over the next 12 to 18 months. As
a result, S&P has lowered to 'CC (sf)' from 'B- (sf)' its rating
on the class C notes. S&P also expects interest to be deferred
on the class B notes, but over a longer period of time. S&P has
therefore lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
class B notes.
Estia Mortgage Finance II is Greek residential mortgage-backed
securities (RMBS) transaction backed by Greek mortgage loans that
Piraeus Bank S.A. originated.
RATINGS LIST
Class Rating Rating
To From
Estia Mortgage Finance II PLC
EUR1.25 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
B CCC (sf) B- (sf)
C CC (sf) B- (sf)
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H U N G A R Y
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ERSTE BANK: Fitch Affirms 'b-' Viability Rating; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded Kereskedelmi es Hitelbank Zrt's
(K&H) and Erste Bank Hungary Zrt's (EBH) Long-term Issuer Default
Ratings (IDR) to 'BBB-' from 'BBB'. The Outlooks are Stable.
Fitch has also affirmed CIB Bank Zrt's Long-term IDR (CIB) at
'BBB-' and revised the Outlook to Stable from Negative. All other
ratings were affirmed.
KEY RATING DRIVERS: IDRS and SUPPORT RATINGS
The downgrade of K&H's and EBH's Long-term IDRs is driven by a
reassessment of the linkage between sovereign and bank credit
risk in Hungary. As a result, Fitch has capped bank ratings at
one notch above the sovereign (BB+/Stable). The numerous
government interventions in the banking sector, including most
recently the imposition of additional losses on retail loans,
amplify country risks for banks operating locally, in Fitch's
view. These constrain Fitch's confidence that the banks' ability
to service their debt and/or parent banks' readiness to continue
providing support would withstand a sovereign default.
The revision of the Outlook on CIB to Stable from Negative
mirrors that on Intesa.
The IDRs and Support Ratings of K&H, CIB and EBH continue to
reflect Fitch's opinion that there is a high probability that
they would be supported, if required, by their sole shareholders:
KBC Bank (A-/Stable/a-), Intesa Sanpaolo (BBB+/Stable/bbb+) and
Erste Group Bank AG (Erste, A/Negative/bbb+), respectively.
In Fitch's view, KBC, Intesa and Erste will continue to have a
high propensity to support their Hungarian subsidiaries, given
that the Central and Eastern European region remains
strategically important for each of them. However, in Fitch's
view, over the longer term there is greater uncertainty with
respect to the strategic importance of the Hungarian market for
Intesa and Erste, in light of their subsidiaries' large
accumulated losses and weak prospects. As a result, Fitch expects
to maintain at least a two-notch difference between the ratings
of CIB and EBH and their parent banks. In Fitch's view, there is
currently less uncertainty about the long-term commitment of KBC
to the Hungarian market, given K&H's more stable performance.
Accordingly, K&H could be rated within one notch of its parent,
if country risks allow.
Fitch's base case expectation is that parent banks will continue
to recapitalize their subsidiaries to ensure compliance with
regulatory capital requirements. The recent track record of
support for the subsidiaries has been strong. Between end-2009
and end-3Q14, CIB and EBH received a total of HUF267 billion
(about EUR0.9 billion) and HUF314 billion (about EUR1bn) new
equity from their owners, respectively. These recapitalizations
represented 101% and 185%, respectively, of their equity at end-
2009, the year before the banks started to report losses. K&H has
not required capital support from its parent.
RATING SENSITIVITIES - IDRS AND SUPPORT RATINGS
An upgrade of the banks' IDRs would require an upgrade of the
sovereign rating (all three banks), coupled with an upgrade of
their parents' Viability Ratings (CIB and EBH). The IDRs of all
three banks would be downgraded if there was a downgrade of the
Hungarian sovereign rating. CIB's IDRs and Support Rating would
likely be downgraded if Intesa is downgraded. The ratings of all
three banks could also come under pressure if support is delayed
when needed, or should further onerous domestic bank regulation
and weak market prospects make shareholders' commitment to their
subsidiaries less certain.
KEY RATING DRIVERS - VIABILITY RATINGS (VRS)
The VRs of all three banks suffer from a difficult operating
environment, erosion of capitalization and subdued performance
due to material non-operating charges (reflecting onerous banking
regulation in Hungary). K&H's higher VR of 'bb-' reflects its
better asset quality, adequate capitalization and relatively
resilient performance. The VRs of CIB (ccc) and EBH (b-) are
constrained by their weak asset quality and capitalization
(particularly at CIB). Restructuring of both banks is hampered by
their large (albeit slowly declining) legacy problem loan
exposures, which increase their cost of risk and results in a
drag on revenue.
Asset quality at all three banks is weak and will remain under
pressure due to the fragile economic recovery in Hungary. At end-
1H14, loans overdue by 90 days or more stood at 12.2% (K&H), 21%
(EBH) and 26% (CIB), compared with the market average of 15.4%.
K&H's better asset quality reflects its historically lower risk
appetite in the non-retail segment. CIB's weaker asset quality is
driven by its large exposure to commercial real estate (mostly
delinquent).
At end-1H14, foreign currency (FC) retail mortgages represented
31% (K&H), 21% (CIB) and 46% (EBH) of total gross loans. The
government plans to convert them into forint in 1H15, which would
lower credit risk in the outstanding retail loan portfolio.
However, banks do not expect that the conversion will help
resolving already defaulted borrowers. The government plans to
launch a bad bank for non-retail exposures in Q414, but the
details of this have yet to be finalized.
K&H's internal capital generation is weak but has been positive
since the onset of the financial crisis in 2008. CIB's and EBH's
capital bases have been repeatedly depleted by losses incurred
since 2010, but the capital shortfalls were replenished by their
respective owners. Fitch believes that CIB may need another
capital injection from its parent to cover likely regulatory-
driven and operational losses. At end-1H14, adjusted Tier 1
ratios for CIB, EBH and K&H were 8.3%, 11.4% and 11.4%
(standalone ratio), respectively. Fitch has adjusted the ratios
for CIB and EBH to reflect capital injections in 3Q14 (HUF15
billion and HUF95 billion, respectively) and so far unrecognized
additional losses from the overcharge refund law (based on
Fitch's own estimation in the case of CIB). The Tier 1 ratios
should be viewed in light of much higher capital requirements
under Pillar 2, which was also the case at other Hungarian banks.
However, the ratios are supported by moderate specific reserve
coverage of loans overdue by 90 days or more (67% at CIB, 58% at
EBH and 58% at K&H at end-1H14).
In 2014, all three banks are likely to report annual losses. This
mainly reflects provisions related to the overcharge refund law,
which equal 33% (K&H), 33% (CIB; based on Fitch's total loss
estimation) and 61% (EBH) of the banks' equity at end-2013. This
law deemed the bid/offer spreads (on FC retail loans) and
unilateral changes to interest rates as unfair and requires banks
to refund all related costs to customers by a reduction of
outstanding loan principal. The law will also drag on the bank's
future results because the refund could reduce the monthly
installments on remaining loan balances by about 25% on average,
according to the central bank's estimations. The government's
plan to restrict costs of banking services could also further
constrain revenue generation capacity at medium-sized banks, such
as CIB, EBH and K&H.
Fitch's base case assumes that the FC loan conversion will be at
market rates and so should not result in further losses for the
banking sector. However, if a conversion exchange rate is
considerably below the spot rate (such as the 25% discount
applied in the early repayment scheme in 2011) then all three
banks would require recapitalization to maintain their regulatory
minimum capital ratios. There is also uncertainty about how
interest rates on the new forint mortgages will be determined.
Forint liquidity at K&H, CIB and EBH is strong, reflecting muted
lending activity and a material stock of liquid securities,
eligible for repo with the central bank. Fitch believes that the
gradual outflow of deposits to higher margin investments in light
of the low interest rate environment is manageable for the banks
due to their fairly strong deposit franchises and limited new
lending. The refinancing risk at all three banks is relatively
low (despite high loan/deposit ratios at EBH and CIB) as their
parents represent the majority of on- and off-balance sheet non-
deposit funding. However, the reliance on parental funding is
likely to materially shrink in 2015 because banks plan to repay
their FC debt after the conversion of FC mortgages. The central
bank plans to offer over-the-counter FC refinancing facilities to
Hungarian banks to facilitate this process.
RATING SENSITIVITIES - VRS
The VRs of K&H, EBH and CIB could be downgraded if there is a
further marked deterioration in their asset quality or
capitalization, in particular if the conversion of FC mortgages
is onerous and its negative impact is not offset by timely
capital increases. A sustainable stabilization of asset quality,
significant strengthening of capitalization (particularly at CIB)
and improved performance of the Hungarian economy could result in
positive rating action.
The rating actions are as follows:
K&H
Long-term IDR: downgraded to 'BBB-' from 'BBB', Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '2'
EBH
Long-term IDR: downgraded to 'BBB-' from 'BBB', Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '2',
CIB
Long-term IDR: affirmed at 'BBB-', Outlook revised to Stable from
Negative
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '2',
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I C E L A N D
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RUV: Essentially "Bankrupt", Progressive Party MP Says
------------------------------------------------------
Eyglo Svala Arnarsdottir at Iceland Review reports that
Progressive Party MP Karl Garoasson declared at Althing, the
Icelandic parliament, on Oct. 15 that RUV, the national
broadcasting service, was essentially "bankrupt," and that
courage is needed to review its operations and everything
concerning public limited companies.
According to Iceland Review, Mr. Garoasson, as cited by
Frettablaoio, said "RUV can no longer serve everyone all the
time. It doesn't work out". He added that tough questions must
be answered, Iceland notes.
"Are we prepared to allocate almost ISK900 million [USD7.5
million, EUR5.9 million] annually to RUV's news service, ISK300
million to Ras 1, ISK200 million to Ras 2 and ISK1.3 billion to
television programs other than news?" Iceland Review quotes
Mr. Garoasson as saying.
He stressed that people must realize that RUV's accumulated need
for investment in the next four years amounts to ISK 1.5 billion,
Iceland Review notes.
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I R E L A N D
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EPIC PLC: S&P Affirms 'B-(sf)' Rating on Class F Notes
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Epic (Brodie) PLC's class A, B, C, D, and E notes. At the same
time, S&P has affirmed its rating on the class F notes.
The rating actions follow S&P's review of the transaction's
credit quality in view of the approaching note legal final
maturity date in Jan. 2016.
Epic (Brodie) is a 2006-vintage synthetic commercial mortgage-
backed securities (CMBS) transaction. It initially referenced
the performance of a portfolio of five loans that were secured on
70 properties in Finland, Germany, Spain, and France. The Royal
Bank of Scotland PLC (RBS) originated and services all of the
loans.
Since closing, four of the reference loans have repaid. The
Terry loan is the only outstanding loan. The notes' aggregate
balance decreased to EUR107.4 million as of July 2014, from
EUR759.3 million at closing.
The Terry loan was originally secured on 10 German predominantly
retail assets. The loan was initially scheduled to mature in
April 2011, however, the borrower failed to repay the balance at
maturity. At the time, the servicer and junior lenders reached
an agreement with the borrower to extend the loan maturity date
until January 2014. Under the agreement's terms, the borrower
was required to make principal payments to the loan on the
January 2013 and July 2013 payment dates. Following the
borrower's failure to make the required payment in July 2013, the
loan defaulted. This led the swap counterparty, RBS, to issue a
credit event notice on Oct. 14, 2013. The borrower then failed
to repay the principal loan amount on the extended loan maturity
date of January 2014.
Of the original portfolio, the servicer has sold four assets.
The portfolio currently comprises six assets, including high
street retail properties, shopping centers, leisure properties,
hotels, retail warehouses, and office accommodation. The
properties are located in five different German regions. The
largest asset is a retail shopping center in Freiburg, Germany.
A valuation of the portfolio in November 2012 reported a market
value of EUR110.0 million. S&P considers the portfolio's
properties to be of reasonable quality. Occupancy levels are
strong, with an average vacancy rate of 2.5%. The servicer is
discussing the repayment of the reference obligation with its
professional advisors and other relevant parties. The borrower
has appointed a sales agent to assist with the sale of the
underlying property assets and the loan's repayment.
The transaction's cash deposit agreement requires the cash
deposit account provider to be rated at least 'AA-/A-1+'. If
this rating trigger is breached, under the transaction documents,
the cash administrator can either find a replacement with the
minimum required rating under the cash deposit agreement, or
enter into a repurchase agreement with RBS.
In applying S&P's current counterparty criteria, it considers the
most conservative replacement option for the transaction. Under
these criteria, the maximum potential rating in this transaction
is 'A (sf)' -- i.e., one notch above our long-term 'A-' issuer
credit rating on RBS.
S&P inadvertently did not lower the rating on the class A notes
to 'A (sf)' from 'A+ (sf)' when S&P revised its rating on RBS to
'A-' on Nov. 7, 2013. Given that S&P has lowered its rating on
the class A notes for credit reasons to 'A (sf)', the
counterparty risk is now adequately addressed, in line with S&P's
current counterparty criteria.
S&P's ratings in the transaction address the timely payment of
interest and ultimate payment of principal no later than the
January 2016 legal final maturity date.
Following S&P's review, it has lowered its recovery expectations.
S&P considers that the servicer might not have sufficient time to
maximize recoveries, particularly in higher rating stress
scenarios, given the approaching legal final maturity date of
January 2016. S&P therefore considers the available credit
enhancement for the class A to E notes to be commensurate with
lower rating levels, in light of the risk of principal losses
from the underlying loan. As a result, S&P has lowered its
ratings on these classes of notes.
S&P has affirmed its 'B- (sf)' rating on the class F notes, as it
considers them to be exposed to the risk of principal losses
under S&P's 'B' rating stress scenario.
RATINGS LIST
Epic (Brodie) PLC
EUR759.264 million commercial mortgage-backed floating-rate notes
Rating Rating
Class Identifier To From
A XS0258760080 A (sf) A+ (sf)
B XS0258762961 BBB (sf) A (sf)
C XS0258763936 BB+ (sf) BBB+ (sf)
D XS0258769115 B+ (sf) BB+ (sf)
E XS0258770550 B (sf) B+ (sf)
F XS0258771442 B- (sf) B- (sf)
SORRENTO PARK: Moody's Assigns 'B2(sf)' Rating to Class E Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following ratings to notes issued by Sorrento Park CLO Limited:
EUR290,000,000 Class A-1A Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)
EUR5,000,000 Class A-1B Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)
EUR28,750,000 Class A-2A Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)
EUR30,000,000 Class A-2B Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)
EUR30,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)
EUR28,750,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Baa2 (sf)
EUR30,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba2 (sf)
EUR17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned B2 (sf)
Ratings Rationale
Moody's rating of the rated notes addresses the expected loss
posed to noteholders by legal final maturity of the notes in
2027. The ratings reflect the risks due to defaults on the
underlying portfolio of loans given the characteristics and
eligibility criteria of the constituent assets, the relevant
portfolio tests and covenants as well as the transaction's
capital and legal structure. Furthermore, Moody's is of the
opinion that the collateral manager, Blackstone / GSO Debt Funds
Management Europe Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.
Sorrento Park CLO Limited is a managed cash flow CLO. At least
90% of the portfolio must consist of secured senior obligations
and up to 10% of the portfolio may consist of unsecured senior
loans, second lien loans, mezzanine obligations, high yield bonds
and/or first lien last out loans. The portfolio is expected to be
60% ramped up as of the closing date and to be comprised
predominantly by corporate loans to obligors domiciled in Western
Europe. This initial portfolio will be acquired by way of
participations which are required to be elevated as soon as
reasonably practicable. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.
Blackstone/GSO Debt Funds Management Europe Limited will manage
the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit impaired
obligations, and are subject to certain restrictions.
In addition to the eight classes of notes rated by Moody's, the
Issuer issued EUR 57,000,000 of subordinated notes. Moody's has
not assigned rating to this class of notes.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR 500,000,000
Diversity Score: 34
Weighted Average Rating Factor (WARF): 2855
Weighted Average Spread (WAS): 4.00%
Weighted Average Coupon (WAC): 4.50%
Weighted Average Recovery Rate (WARR): 41.5%
Weighted Average Life (WAL): 8 years.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analyses, which were important
components in determining the rating assigned to the rated notes.
These sensitivity analyses include increasing the default
probability relative to the base case. Below is a summary of the
impact of an increase in the default probability (expressed in
terms of WARF level) on each of the rated notes (shown in terms
of the number of notch difference versus the current model
output, whereby a negative difference corresponds to higher
expected losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3283 from 2855)
Ratings Impact in Rating Notches:
Class A-1A Senior Secured Floating Rate Notes: 0
Class A-1B Senior Secured Fixed Rate Notes: 0
Class A-2A Senior Secured Floating Rate Notes: -2
Class A-2B Senior Secured Fixed Rate Notes: -2
Class B Senior Secured Deferrable Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3712 from 2855)
Ratings Impact in Rating Notches:
Class A-1A Senior Secured Floating Rate Notes: -1
Class A-1B Senior Secured Fixed Rate Notes: -1
Class A-2A Senior Secured Floating Rate Notes: -3
Class A-2B Senior Secured Fixed Rate Notes: -3
Class B Senior Secured Deferrable Floating Rate Notes: -4
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: -2
Further details regarding Moody's analysis of this transaction
may be found in the upcoming new issue report, available soon on
Moodys.com.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Blackstone / GSO Debt Funds
Management Europe Limited's investment decisions and management
of the transaction will also affect the notes' performance.
SORRENTO PARK: Fitch Assigns 'B-sf' Rating to Class E Notes
-----------------------------------------------------------
Fitch Ratings has assigned Sorrento Park CLO Limited notes final
ratings, as follows:
Class A-1A: 'AAAsf'; Outlook Stable
Class A-1B: 'AAAsf'; Outlook Stable
Class A-2A: 'AA+sf'; Outlook Stable
Class A-2B: 'AA+sf'; Outlook Stable
Class B: 'Asf'; Outlook Stable
Class C: 'BBBsf'; Outlook Stable
Class D: 'BB+sf'; Outlook Stable
Class E: 'B-sf'; Outlook Stable
Subordinated notes: not rated
Sorrento Park CLO Limited is an arbitrage cash flow
collateralized loan obligation (CLO).
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the
portfolio to be in the 'B'/'B-' range. The agency has public
ratings or credit opinions on 51 of 52 obligors in the identified
portfolio. The Fitch-weighted average rating factor (WARF) of the
portfolio is 33.2, below the covenanted maximum for the final
ratings of 36.
High Recovery Expectations
The portfolio will comprise a minimum of 90% senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to 98% of the
identified portfolio. The weighted average recovery rate (WARR)
of the portfolio is 69.2%, above the covenanted minimum for the
final ratings of 68%.
Limited Interest Rate Risk
Interest rate risk is naturally hedged for most of the portfolio,
as 93% of the notes and a minimum of 90% of the assets must be
floating rate.
Participation Agreement
At closing, the issuer will enter into a participation agreement
with Blackstone/GSO Corporate Funding Limited (the seller)
regarding the initial portfolio assets. The seller will grant the
issuer a fixed charge over the initial portfolio assets while the
title is being transferred to the issuer. A fixed charge over
such financial assets is difficult to establish, given the lack
of control. However, Fitch received a legal opinion that the
fixed charge in this case is likely to be upheld, given the
control over the accounts of the seller.
TRANSACTION SUMMARY
Net proceeds from the notes issue are being used to purchase a
EUR500m portfolio of mostly European leveraged loans and bonds.
The portfolio is managed by Blackstone/GSO Debt Funds Management
Europe Limited. The reinvestment period is scheduled to end in
2018.
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to three notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.
=========
I T A L Y
=========
ANDROMEDA FINANCE: Fitch Cuts Rating on Class A2 Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded Andromeda Finance S.r.l.'s class A2
notes and the underlying rating (without the benefit of SACE
guarantee) of the class A1 notes to 'B' from 'BB'. The Outlook is
Negative. Fitch has also affirmed the class A1 notes at 'A-'
(with the benefit of a SACE guarantee) with a Stable Outlook, in
line with SACE's rating.
The downgrade reflects considerably weaker expected financial
performance following the retroactive changes to feed-in-tariff
(FIT) levels implemented through the decree n. 91 approved by the
Italian Parliament in August. Lower wholesale market prices and a
revised market price forecast further contribute to the
downgrade. The Negative Outlook continues to reflect further
uncertainties with respect to the operating and regulatory
environment of solar photovoltaic (PV) plants in Italy.
Andromeda PV S.r.l. (the project company) owns and operates two
PV plants of 45.1 MW and 6.1 MW (a total 51.2 MW) in Montalto di
Castro, Italy.
KEY RATING DRIVERS
Lower FITs and Wholesale Market Prices - Price Risk: Weaker
Andromeda receives fixed FITs for the electricity produced under
the Italian regulatory framework Conto Energia and also sells
electricity at market prices. Both revenue streams are received
from the Italian public authority, Gestore Dei Servizi
Energeticci (GSE).
In August the Italian parliament approved law decree n. 91 of 24
June 2014 that introduces, among other things, retroactive
changes to FITs payable to solar PV plants. Solar plants have to
choose from three options under the decree by 30 November.
Although the final details under one of the options remain
unclear, Fitch's and the project company's view is that the
option with a straight 8% FIT reduction (to EUR 318/MWh from EUR
346/MWh) from January 2015 is the most realistic and most benign
option for the project.
In addition, the decree prescribes a new payment mechanism by GSE
whereby FIT revenues will be paid as a constant monthly
installment equal to 90% of the annual expected production. The
difference for 10% of production will be settled in June of the
following year. We consider the impact of this mechanism on
annual cash flows broadly neutral, but it will result in
liquidity stresses on semi-annual cash flows available for
September payment dates.
The project also generates a portion of revenues (around 12% from
January 2015) from the sale of electricity at market prices.
Market prices continued declining during 2Q14 and 3Q14 and
recorded a new historical low (at around EUR40/MWh), while the
market advisor made another downward revision of the power price
forecast. In the context of new lower FITs from 2015, the project
becomes increasingly sensitive to market prices movements.
Production Track Record Above P50 - Volume Risk: Stronger
The project has close to four years of operating history and
production performance remains strong over and above the P50
level. In the 12 months ending August 2014, production was 4.5%
above P50 and 6.9% higher than Fitch base case, which
incorporates a 2% reduction to P50. Fitch assessed Revenue Risk
(Volume) as Stronger as per its 'Rating Criteria for Solar Power
Projects'. Although the project does not yet have five years of
operating history, production has always been above P50 and
displays low variability around the P50. Fitch recognises that
the future performance may be better than currently anticipated
under its base case.
Established Technology and Stable Operations -- Operating Risk:
Midrange
The technology (monocrystalline PV panels) is well established
and the operating requirements for the PV plants are
straightforward. SunPower is the equipment manufacturer and the
operator under the 20y fixed-price O&M agreement, which also
includes capital replacement for a fixed price. The plants'
availability has been over and above 99% and operating costs have
been in line with expectations.
Debt Structure: Midrange
The transaction is a project finance structure with an added
element of securitization which positions the noteholders further
away from the cash flows generated at the project company level.
However, the project documentation is well structured and the
debt terms are relatively straightforward with two fixed rate
fully-amortizing senior tranches ranking pari-passu, no interest
risk, no refinancing risk and a scheduled repayment profile
accounting for the seasonality of the solar resource.
Significantly Lower Expected Debt Metrics
The company reported a debt service coverage ratio (DSCR) of
1.27x as of September 2014 which is largely in line with Fitch's
base case expectation. The impact of lower than projected market
prices was outweighed by higher than expected production.
However, projected financial performance is significantly weaker
with an average DSCR at 1.07x in Fitch's base case (down from
1.22x previously) and 0.95x (down from 1.11x) in Fitch's rating
case, which is based on 1y P90 production estimate. This reflects
lower FIT from 2015 and another downward revision of projected
market prices.
The transaction has been in the distributions lock-up since 30
September. Management's projected annual DSCR for next year as of
September 30 is 1.02x, below the default threshold level of 1.1x.
Fitch understands that the transaction is in technical default
and that the decision on whether to take an enforcement action
rests with the class A1 and class A2 controlling parties, which
Fitch understands to be SACE and the European Investment Bank.
However, Fitch does not anticipate that the parties will initiate
enforcement at this stage as we expect that the financial
commitments will continue to be met. Fitch's ratings address
monetary default rather than technical default and the 'B' rating
does not reflect this technical default.
The project company had EUR8.8m in available liquidity as of 30
September in addition to the six-month debt service reserve
account, which together should cover about 12 months of debt
service. The transaction is also likely to accumulate more cash
due the distributions lock-up that applies from September.
The loan life coverage ratio (LLCR) is at 1.17x as of September
30. Fitch understands that in accordance with the financing
agreements, as the LLCR is below 1.2x, a certain amount has to be
set aside in the cash sweep lock-up account. If there are three
successive transfers to this account, a loan prepayment should be
made of an amount that would restore the LLCR to 1.2x.
RATING SENSITIVITIES
Negative: Electricity generation persistently below the P50
estimate, or below the 1y P90 estimate for several periods;
higher than expected failure rates or operating costs; further
declines in market prices; further material adverse changes in
the regulatory framework affecting PV installations.
Positive: Recovery of market prices supported by a revised market
advisor's forecast.
The transaction is a securitization of two project loans
(Facility A1 and Facility A2) under law 130/99 (the Italian
securitization law). The loan facilities were extended by BNP
Paribas and Societe Generale to Andromeda PV S.r.l. (the project
company) to build and operate two PV plants of 45.1MW and 6.1 MW
(a total 51.2MW) in Montalto di Castro, Italy. The terms of the
loans effectively mirror those of the rated notes, with payments
under Facility A1 and Facility A2 servicing the class A1 notes
and class A2 notes, respectively. The class A1 notes' rating and
Outlook reflect the first-demand, irrevocable and unconditional
guarantee provided by SACE. The guarantee provided by SACE to the
issuer is in respect of the project company's obligations under
Facility A1 and not on the class A1 notes directly.
===================
L U X E M B O U R G
===================
QGOG CONSTELLATION: Fitch Affirms 'BB-' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed QGOG Constellation S.A.'s foreign and
local currency Issuer Default Ratings (IDRs) and USD700 million
senior unsecured notes due 2019 at 'BB-'. The Rating Outlook has
been revised to Positive from Stable.
The Positive Outlook reflects the expectation of partial
elimination of structural subordination as some operating company
(OpCo) debt is paid in full over the next two years coupled with
continuing deleveraging. During 2014, Olinda Star became the
first of the company's operating assets to pay its debt in full,
which improved cash flows to the holding company. Over the next
two years, at least two additional assets may fully repay their
OpCo level debt, further improving cash flows to the holding
company and eliminating structural subordination.
Key Rating Drivers
Declining Leverage
The company has shown consistent ability to deleverage as the
debt at the OpCos rapidly amortizes and EBITDA increases to
expected levels. As of the last 12 months (LTM) ended June 30,
2014, leverage as measured by total debt to EBITDA was 4.6x,
under Fitch's metrics, compared to 6.0x one year earlier. Fitch
expects the company to lower its consolidated leverage ratio to
below 4.0x by the end of 2015. Total debt as of June 30, 2014
reached approximately USD2.8 billion, while EBITDA was USD610
million. As of June 30, 2014, debt at the OpCo level amounted to
USD2 billion.
Adequate Liquidity
Constellation's liquidity is supported by a 12 months' debt
service reserve account and the company's cash on hand, which
mitigates possible disruptions of cash flow to the holding
company (HoldCo) from the OpCos due to debt restrictions at the
OpCos. As of June 30, 2014, cash and cash equivalent, short-term
investments and restricted cash amounted to USD416 million, of
which approximately USD217 million were at the HoldCo level and
the balance was at the OpCos. The company also established a
three-year USD150 million committed line of credit with Banco
Bradesco (Fitch IDR of 'BBB+') to cover working capital needs.
This line was undrawn as of June 30, 2014.
Structural Subordination
The potential retention of cash flows after debt service at the
OpCo level makes cash flow to the HoldCo less stable and less
predictable than the cash flow from operations of the
subsidiaries. Some of the project finance debt at the OpCos has
cash sweep provisions and minimum debt service coverage ratios
(DSCR) (e.g. 1.2 or above) restricting cash flow distributions to
the HoldCo. Cash distributions to Constellation are sensitive to
the operating performance of the OpCos' (i.e. the rigs') uptime
performance. For example, in the case of the Alaskan-Atlantic
operating assets, a decline in the uptime rate to 95% or below
from the combined 15-year historical average of 96.3% will likely
prevent these assets from distributing cash to the HoldCo. Gold
and Lone Star financing are not expected to distribute any cash
to the HoldCo until Gold Star is released from the associated
financing and Lone Star until all debt is paid off, which is
expected to fully amortize by 2017. Under Fitch's base case
assumption of an average uptime rate of 94%, net cash flow
distributions to Constellation from its OpCos is expected to
average between USD130 million and USD200 million over the next
three years. Net distributions to Constellation are expected to
notably increase beyond 2017 as some project finance debt is
fully amortized and could be higher if uptime rates are higher
than projected.
Predictable Revenues
Constellation's consolidated revenues and cash flow from
operations are stable and predictable, reflective of its long-
term contractual structure, for the most part with Petrobras.
After the delivery of Brava Star, an Ultra Deep Water (UDW)
drillship, expected in January 2015, the company will operate a
total of nine offshore drilling units under long-term contracts
with Petrobras. The average remaining contract life for its
existing majority-owned offshore drilling assets is approximately
three years. The company also operates nine onshore rigs, which
are also, for the most part, contracted with Petrobras. The bulk
of the HoldCo's cash flow comes from its offshore services.
Strong Backlog
Constellation's current contract backlog, excluding contract
renewal options, of approximately USD10 billion bodes well for
the company's credit profile as it supports cash flow
predictability. Of the company's current backlog, approximately
half relates to the offshore drilling assets where the company
has majority participation. The balance of the backlog relates to
other assets without majority participation as well as its
onshore assets.
Strong Demand for Drilling Rigs in Brazil
Long-term demand prospects for oil and gas services in Brazil,
including demand for offshore drilling rigs and production
equipment, are strong. Driven by a government initiative to
increase the country's oil and gas production, Petrobras has
embarked on an aggressive capital investment program of up to
USD220 billion over the next four years. Further, the government
has implemented a requirement that a high percentage of the work
and materials provided for these expenditures be from 'local'
sources in order to boost economic activity. The combination of
higher demand and the local content mandate for oil and gas-
related services support long-term demand prospects for the
company as well as its ability to renew contracts at favorable
rates.
Rating Sensitivities
Considerations that could lead to a negative rating action
(rating or Outlook) include:
-- Failure to lower leverage to 4.0x or below;
-- An overly aggressive growth strategy that could pressure
credit metrics (somewhat mitigated by the issuance's
covenants).
Considerations that could lead to a positive rating action
include:
QGOG Constellation's ratings could be upgraded as the company
significantly eliminates structural subordination and lowers its
leverage more in line with the assigned ratings. This could
naturally occur as OpCos amortize their original project finance
debt and do not issue additional senior secured debt at the OpCo
level. QGOG's credit quality would also benefit as the company
renews its contracts with long-term agreements with creditworthy
offtakers at fixed day rates.
RIOFORTE: Faces Liquidation After Creditor Protection Denied
------------------------------------------------------------
Joao Lima, Anabela Reis and Henrique Almeida at Bloomberg News
report that Rioforte Investments SA and Espirito Santo
International SA, two of the former parent companies of Banco
Espirito Santo SA, the Portuguese lender that was rescued in
August, will be liquidated after a Luxembourg court denied them
protection from their creditors.
According to Bloomberg, an e-mailed statement from the court on
Oct. 17 said that Rioforte and its parent Espirito Santo
International which had both been unable to fulfill their debt
obligations, had made the request under Luxembourg law in July.
The two companies said in separate statements that the
liquidation will be carried out as quickly as possible, Bloomberg
relates.
"These companies will shut down," Bloomberg quotes Tiago Caiado
Guerreiro, a partner at Caiado Guerreiro e Associados who
specializes in commercial and corporate law and isn't involved in
the case, as saying. "The goal of the court will be to sell all
the assets. The proceeds raised from these sales will be used to
pay off the creditors."
Espirito Santo International fully owns Rioforte, which owns 100%
of Espirito Santo Irmaos SGPS SA, Bloomberg discloses. That
company owns 49% of Espirito Santo Financial Group SA, which held
the stake in Banco Espirito Santo and filed for bankruptcy after
its request for creditor protection was denied on Oct. 3,
Bloomberg notes.
About Rioforte Investments
Rioforte Investments is the holding company of the Espirito Santo
Group for its non-financial investments. The company is present
in Portugal, Spain, Brazil, Paraguay, Angola and Mozambique,
among other countries, through various companies operating in
different economic sectors.
In July 2014, Rioforte sought protection from creditors in a
Luxembourg court.
=====================
N E T H E R L A N D S
=====================
ORANGE LION 2013-10: Fitch Affirms 'BB+' Rating on Class E Loans
----------------------------------------------------------------
Fitch Ratings has affirmed Orange Lion IV, V, 2011-6, VII, 2013-
8, 2013-9 and 2013-10, a series of Dutch RMBS transactions.
Orange Lion IV, V, 2011-6, VII and 2013-9 comprise prime mortgage
loans originated and serviced by ING Bank (A+/Negative/F1).
WestlandUtrecht Bank, a wholly owned subsidiary of ING Bank, is
an originator and servicer in Orange Lion 2013-8 and 2013-10.
Key Rating Drivers
Performance Within Expectations
The affirmations follow a performance review of the underlying
assets in the portfolio and the sufficient credit enhancement
(CE) available to the rated tranches.
As of the most recent interest payment date, three-month plus
arrears ranged from 0.11% (Orange Lion 2013-8) to 2.11% (Orange
Lion IV) of the outstanding collateral balance. The average
three-month plus arrears figure in Fitch-rated Dutch RMBS is
0.89%. In addition, the number of foreclosures remains limited to
date with the proportion of cumulative repossessions as a
percentage of initial balance ranging from 0.05% (Orange Lion
2013-9) to 0.62% (Orange Lion IV). Fitch expects the strong
performance to continue due to the quality of the securitized
loans and the gradual recovery in the Dutch housing market.
Reserve Fund and Liquidity Facility
The non-amortizing reserve funds in Orange Lion 2011-6, Orange
Lion 2013-8, 2013-9 and 2013-10 remain fully funded. In Orange
Lion 2013-10, the reserve fund is building up through trapping
excess spread towards its target level of EUR38.2 million. Its
current size is EUR13.3 million. Fitch expects these transactions
to generate sufficient levels of annualized gross excess spread
to cover any realized loss expected in the upcoming payment
dates, thus no reserve fund draws are likely to occur in the near
term. Orange Lion IV, V and VII each benefit from a non-
amortizing and fully funded liquidity facility, which can be used
to cover interest shortfalls on the class A notes.
Notes Amortization
Note amortization in all the deals is purely sequential. As a
result, CE available for the notes is expected to increase
further from levels in the latest investor reports, as the pools
continue to repay.
Nationale Hypotheek Garantie (NHG) Loans
NHG loans comprise 100%, 16%, 27%, 26%, 28% and 25% of Orange
Lion V, 2011-6, VII, 2013-8, 2013-9 and 2013-10 assets,
respectively. Fitch applied a 10% reduction in base foreclosure
frequency for the NHG loans originated by ING Bank and 15% by
WestlandUtrecht Bank, based on historical performance data for
those loans relative to others originated by the same lenders.
RATING SENSITIVITIES
Deterioration in asset performance may result from economic
factors, in particular the effect of increasing unemployment. A
corresponding increase in new defaults and associated pressure on
excess spread levels and the reserve fund could result in
negative rating action.
The rating actions are as follows:
Stichting Orange Lion IV RMBS
Class A1 (ISIN NL0009344928) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0009344936) affirmed at 'AAAsf'; Outlook Stable
Class A3 (ISIN NL0009344944) affirmed at 'AAAsf'; Outlook Stable
Class A4 (ISIN NL0009344951) affirmed at 'AAAsf'; Outlook Stable
Stichting Orange Lion V RMBS
Class A1 (ISIN NL0009689140) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0009689157) affirmed at 'AAAsf'; Outlook Stable
Class A3 (ISIN NL0009689165) affirmed at 'AAAsf'; Outlook Stable
Class A4 (ISIN NL0009689173) affirmed at 'AAAsf'; Outlook Stable
Stichting Orange Lion 2011-6 RMBS
Class A1 (ISIN NL0010016200) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0010016218) affirmed at 'AAAsf'; Outlook Stable
Orange Lion VII RMBS
Class A1 (ISIN NL0010159455) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN NL0010159463) affirmed at 'AAAsf'; Outlook Stable
Class A3 (ISIN NL0010159471) affirmed at 'AAAsf'; Outlook Stable
Class A4 (ISIN NL0010159547) affirmed at 'AAAsf'; Outlook Stable
Orange Lion 2013-8 RMBS
Class A (ISIN NL0010365896) affirmed at 'AAAsf'; Outlook Stable
Orange Lion 2013-9 RMBS
Class A (ISIN NL0010395133) affirmed at 'AAAsf'; Outlook Stable
Orange Lion 2013-10 RMBS
Class A (ISIN NL0010525457) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN NL0010525465) affirmed at 'AA+sf'; Outlook Stable
Class C (ISIN NL0010525473) affirmed at 'A+sf'; Outlook Stable
Class D (ISIN NL0010525481) affirmed at 'BBB+sf'; Outlook Stable
Class E (ISIN NL0010525499) affirmed at 'BB+sf'; Outlook Stable
=============
R O M A N I A
=============
SWAN OFFICE: Put Up for Auction at EUR22-Mil. Starting Price
------------------------------------------------------------
Ecaterina Craciun at Ziarul Financiar reports that insolvent
office compound Swan Office & Technlology Park will be auctioned
off again at a starting price lower by EUR9 million, to EUR22
million.
The starting price is less than half the project's investment
value of over EUR50 million, Ziarul Financiar notes.
Swan Office & Technlology Park is located in Pipera-Tunari,
Romania.
=========
S P A I N
=========
AYT HIPOTECARIO IV: Moody's Confirms Ba2 Rating on Class B Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one note,
confirmed the ratings of two notes and affirmed the ratings of
two notes in three Spanish residential mortgage-backed securities
(RMBS) transactions: AyT 7 Promociones Inmobiliarias I, FTA; AyT
HIPOTECARIO IV, FTH and AyT Promociones Inmobiliarias III, FTA.
The rating action concludes the review of three notes placed on
review on March 17, 2014, following the upgrade of the Spanish
sovereign rating to Baa2 from Baa3 and the resulting increase of
the local-currency country ceiling to A1 from A3. The sovereign
rating upgrade reflected improvements in institutional strength
and reduced susceptibility to event risk associated with lower
government liquidity and banking sector risks.
Ratings Rationale
The rating action reflects (1) the increase in the Spanish local-
currency country ceiling to A1 and (2) sufficiency of credit
enhancement in the affected transactions.
-- Reduced Sovereign Risk
The Spanish sovereign rating was upgraded to Baa2 in February
2014, which resulted in an increase in the local-currency country
ceiling to A1. The Spanish country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Spanish
issuer including structured finance transactions backed by
Spanish receivables, is A1 (sf).
-- Key collateral assumptions
The key collateral assumptions have not been updated as part of
this review. The performance of the underlying asset portfolios
remain in line with Moody's assumptions. Moody's also has a
stable outlook for Spanish ABS and RMBS transactions.
-- Exposure to Counterparties
Moody's rating analysis also took into consideration the exposure
to key transaction counterparties. Including the roles of
servicer, account bank, and swap provider.
The rating action takes into account commingling exposure to
Banco Sabadell, S.A.; Liberbank; Kutxabank, S.A.; Caixabank;
Bankia, S.A.; Banco Mare Nostrum and Caja de Ingenieros acting as
servicers in the transactions. Moody's also assessed the exposure
to CECABANK S.A. acting as swap counterparty in the transactions
when revising ratings.
Principal Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.
List of Affected Ratings:
Issuer: AyT.7, Promociones Inmobiliarias I, Fondo de Titulizacion
de Activos
EUR319.8M Class A Notes, Upgraded to A1 (sf); previously on
Mar 17, 2014 A3 (sf) Placed Under Review for Possible Upgrade
Issuer: AYT HIPOTECARIO IV, Fondo de Titulizacion Hipotecaria
EUR336M Class A Notes, Affirmed A1 (sf); previously on Mar 17,
2014 Upgraded to A1 (sf)
EUR14M Class B Notes, Confirmed at Ba1 (sf); previously on Mar
17, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade
Issuer: AyT Promociones Inmobiliarias III, Fondo de Titulizacion
de Activos
EUR240.6M Class A Notes, Affirmed A1 (sf); previously on Mar 17,
2014 Upgraded to A1 (sf)
EUR30M Class B Notes, Confirmed at Ba2 (sf); previously on
Mar 17, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade
LA CAIXA: Fitch Affirms 'BB+' Subordinated Debt Rating
------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings of Spain-
based Fundacion Bancaria Caixa d'Estalvis i Pensions de
Barcelona, "la Caixa" (La Caixa).
Fitch has simultaneously assigned ratings to Criteria
CaixaHolding, S.A.U. (Criteria), including a Long-term Issuer
Default Rating (IDR) of 'BBB-', with a Positive Outlook, Short-
term IDR of 'F3' and Viability Rating (VR) of 'bbb-'. The ratings
of La Caixa's debt were affirmed, and transferred to Criteria.
The rating action follows the announcement on October 14, 2014
that La Caixa's 58.9% controlling stake in CaixaBank, S.A.
(BBB/Positive/bbb) and its debt (except that linked to social
projects) were transferred to Criteria, a holding company fully-
owned by La Caixa. As a result, Criteria, which operates as a
bank holding company, has as its main asset the stake in
CaixaBank.
This completes a reorganization announced by La Caixa's board of
directors on April 10, 2014, which included the conversion of La
Caixa into a banking foundation on June 16, 2014. As a result, La
Caixa now exclusively carries out the development of social and
welfare projects. As a result of the corporate restructuring, La
Caixa's ratings were withdrawn. However, La Caixa remains as the
consolidating entity of the banking group, and continues to be
supervised, on a consolidated basis, by the banking regulators.
The Positive Outlook on Criteria's Long-term IDR mirrors
CaixaBank's given the close correlation between the two entities'
credit risk profiles. CaixaBank has not been affected by the
reorganisation, and its ratings remain unaffected. The main
drivers and sensitivities of CaixaBank's ratings are listed in
our previous rating action commentary.
KEY RATING DRIVERS - IDRS, VIABILITY RATING AND SENIOR DEBT
Criteria's Long-term IDR is driven by its VR, which in turn is
driven primarily by CaixaBank's VR because CaixaBank is its
largest and main investment, and its strategy is to retain a
controlling stake in this subsidiary.
Criteria's VR is one notch below CaixaBank's due primarily to
planned ownership dilution to 56%, which will take place once
exchangeable bonds issued by La Caixa and now transferred to
Criteria are swapped into CaixaBank shares by 2017. Other factors
that drive the one-notch differential include Criteria's large
equity investments in corporates, mitigated to some extent by
liquidity and capitalization. Fitch also takes into consideration
double leverage at Criteria, in line with its criteria for rating
bank holding companies, although the broader range of assets on
Criteria's balance sheet means that various assumptions need to
be made in this calculation.
Criteria's large equity investments in corporates at end-June
2014 had a EUR7.5 billion book value, equal to close to 30% of
Criteria's pro-forma assets on an unconsolidated basis post-group
restructuring. Fitch calculates Criteria's double leverage,
including its stake in CaixaBank and other assets that Fitch
views as less liquid (predominantly unlisted equity stakes and
real estate assets), at about a moderate 110% after the group
reorganization. Double leverage at Criteria would be higher, at
about 120%, if net deferred tax assets were included and the
substantial revaluation of its stake in CaixaBank was excluded.
Because of the composition of Criteria's asset base, we believe
that, apart from double leverage, other factors that are
important drivers of Criteria's VR relative to CaixaBank's
include valuations of the equity stakes, which currently are well
above book value, and of real estate, the liquidity of equity
investments, of which a large proportion is listed, and the
amount of debt at Criteria.
Criteria's debt currently amounts to EUR8.8 billion (of which
EUR7.5 billion was transferred from La Caixa) or a third of pro-
forma assets. Of this, EUR4.5 billion relates to subordinated
debt issuance placed with retail investors after EUR2.5 billion
of this debt was refinanced in April 2014, mainly through bank
loans and EUR1bn senior unsecured debt. The debt maturity profile
shows concentrations between 2017 and 2020, and Fitch expects
Criteria to manage its debt structure carefully.
La Caixa's and Criteria's liquidity is managed on a combined
basis and we consider it as adequate. In assessing Criteria's
debt-servicing ability, we factor in cash flows from CaixaBank
through dividend payments, which we expect to increase as the
economy slowly improves, but also those from the company's 34.3%
stake in Gas Natural SDG, S.A. (BBB+/Stable) and 19.2% stake in
Abertis Infraestructuras, S.A. (BBB+/Stable). The latter two
investments have been a source of stable cash dividends to
Criteria.
La Caixa will continue to be subject to consolidated regulatory
capital requirements. We expect the ratios reported by La Caixa
to be a good proxy for Criteria's given that Criteria is its
primary investment. At end-June 2014, La Caixa's transitional
common equity tier 1 (CET1) ratio stood at 11.5%. We expect that
the CET1 ratio will come under pressure as transitional items are
phased out, mainly because of the large amount of non-controlling
interests, largely deriving from the stake in CaixaBank, will be
subject to deductions above a certain threshold under the fully-
applied CET1 calculation.
RATING SENSITIVITIES - IDRS, VIABILITY RATING AND SENIOR DEBT
Criteria's IDRs, VR and senior debt ratings are primarily
sensitive to the same considerations that might drive a change of
CaixaBank's VR.
These ratings may also be negatively affected by any further
dilution in Criteria's stake in CaixaBank beyond the level
expected after the conversion by 2017 that could lead to a loss
in control for the holding company and/or changes in the holding
company's supervision by banking regulators. The ratings would
also be negatively affected by deterioration in Criteria's
standalone credit profile, which could result from deterioration
in the value or liquidity of its investments, losses on real
estate assets or an increase in its debt or double leverage.
KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR
Criteria's Support Rating of '5' and Support Rating Floor (SRF)
of 'No Floor' reflect Fitch's belief that future state support,
while possible, cannot be relied on. This is primarily because of
Criteria's role as a holding company.
KEY RATING DRIVERS AND SENSITIVITES - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES
Subordinated debt is notched down once from Criteria's VR to
reflect above-average loss severity. The ratings of these
instruments have been affirmed, in line with the affirmation of
the VR. Subordinated debt ratings are broadly sensitive to
changes to Criteria's VR.
The rating actions are as follows:
La Caixa
Long-term IDR: affirmed at 'BBB-'; Outlook Positive; withdrawn
Short-term IDR: affirmed at 'F3'; withdrawn
Viability Rating: affirmed at 'bbb-'; withdrawn
Support Rating: affirmed at '5'; withdrawn
Support Rating Floor: affirmed at 'No Floor'; withdrawn
Senior unsecured debt long-term rating: affirmed at 'BBB-' (these
securities were transferred to Criteria)
State-guaranteed debt: affirmed at 'BBB+' (these securities were
transferred to Criteria)
Subordinated debt: affirmed at 'BB+' (these securities were
transferred to Criteria)
Criteria
Long-term IDR: assigned at 'BBB-'; Outlook Positive
Short-term IDR: assigned at 'F3'
Viability Rating: assigned at 'bbb-'
Support Rating: assigned at '5'
Support Rating Floor: assigned at 'No Floor'
(Securities issued by La Caixa have been transferred to Criteria
and their debt ratings have been affirmed).
TDA 27: Fitch Lowers Rating on Class B Notes to 'CCsf'
------------------------------------------------------
Fitch Ratings has downgraded three tranches of TDA 27 and
affirmed 19 tranches of TDA 24, TDA 25 and TDA 28. The recovery
estimates were reduced.
The TDA series are securitizations of Spanish mortgages
originated by various lenders.
The rating actions are as follows:
TDA 24:
Class A1 (ISIN ES0377952009) affirmed at 'Bsf'; Outlook Negative
Class A2 (ISIN ES0377952017) affirmed at 'Bsf'; Outlook Negative
Class B (ISIN ES0377952025) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377952033) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377952041) affirmed at 'CCsf'; Recovery Estimate
0%
TDA 25:
Class A (ISIN ES0377929007) affirmed at 'CCsf'; Recovery Estimate
revised to 45% from 50%
Class B (ISIN ES0377929015) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377929023) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377929031) affirmed at 'CCsf'; Recovery Estimate
0%
TDA 27:
Class A2 (ISIN ES0377954013) downgraded to 'CCCsf' from 'Bsf';
Recovery Estimate 90%
Class A3 (ISIN ES0377954021) downgraded to 'CCCsf' from 'Bsf';
Recovery Estimate 90%
Class B (ISIN ES0377954039) downgraded to 'CCsf' from 'CCCsf';
Recovery Estimate 0%
Class C (ISIN ES0377954047) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377954054) affirmed at 'CCsf'; Recovery Estimate
0%
Class E (ISIN ES0377954062) affirmed at 'CCsf'; Recovery Estimate
0%
Class F (ISIN ES0377954070) affirmed at 'CCsf'; Recovery Estimate
0%
TDA 28:
Class A (ISIN ES0377930005) affirmed at 'CCsf'; Recovery Estimate
revised to 50% from 70%
Class B (ISIN ES0377930013) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377930021) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377930039) affirmed at 'CCsf'; Recovery Estimate
0%
Class E (ISIN ES0377930047) affirmed at 'CCsf'; Recovery Estimate
0%
Class F (ISIN ES0377930054) affirmed at 'CCsf'; Recovery Estimate
0%
KEY RATING DRIVERS
Steady Collateral Deterioration
Over the last 12 months the underlying portfolio has continued to
deteriorate. The volume of gross defaults, defined as mortgages
with 12 or more monthly payments overdue, is now between 7.8%
(TDA 24) and 26.3% (TDA 28) of the initial pool, up from 7% (TDA
24) and 23.1% in July 2014
Fitch notes that the majority of defaults are mortgages
originated at the peak of the market by Credifimo, a specialist
lender targeting mainly non-prime borrowers. Currently, the share
of Credifimo-originated mortgages is between 16% (TDA 27) and
80.4% (TDA 25) of the current pool. Fitch expects asset
performance to remain poor as the deterioration of the Credifimo
sub-pool will continue to negatively impact the overall asset
pool.
Limited Recoveries
Credifimo has sold only a limited proportion of repossessed
properties to date. Fitch observed a higher-than-sector average
market value decline (MVD) of 65% on these properties following
their repossession. The agency has adjusted its MVD assumptions
in its analysis to reflect this. Given the steep discounts
applied and illiquid housing market conditions, the agency
expects that the sale of foreclosed properties will generate
limited recovery income.
Increasing Principal Deficiencies
As a result of the large pipeline of defaults, the proportion of
un-provisioned defaulted claims (PDL) has continued to increase
and currently ranges between 10.6% (TDA 27) and 41.1% (TDA 25) of
the outstanding note balance. This has also meant that the credit
enhancement available to the rated notes has dropped
significantly to the point that only the senior notes of TDA 24
and, to a lesser extent, TDA 27 have credit enhancement levels in
positive territory. These considerations have led to the
downgrade of the class A2, A3 and B notes of TDA 27 as the
available credit enhancement is no longer sufficient to support
the previous ratings.
Given the rapid increase of defaults, large PDLs and low recovery
expectations, Fitch believes that the notes, especially the
mezzanine and junior tranches, will be exposed to principal
losses. As a result, the likelihood of default is deemed probable
for all the notes - except for the senior tranches of TDA 24 and
TDA 27 - as reflected in the 'CCsf' ratings. These drivers also
led to the reduction of the recovery estimates for TDA 25 and 28
to 45% and 50% respectively.
Rating Sensitivities
Recovery income below Fitch's stressed assumptions would result
in negative rating actions.
UNION FENOSA: Fitch Affirms 'BB+' Subordinated Debt Rating
----------------------------------------------------------
Fitch Ratings has affirmed Gas Natural SDG, S.A.'s Long-term
Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook
following the company's announcement of an acquisition of Chile's
Compania General de Electricidad SA (CGE, AA-(cl)/Stable) for
USD3.3 billion (EUR2.6 billion).
"The rating action reflects our view that the CGE acquisition
will have a moderately positive impact on Gas Natural's business
profile, due to increased geographical diversification as well as
our expectation of rapid de-leveraging following the
acquisition," Fitch said.
"We expect that the acquisition will temporarily weaken credit
ratios to above our negative rating guideline in the next 12
months (assuming an acquisition of 100% of shares) but we expect
funds from operations (FFO) adjusted net leverage to return to a
level commensurate with the rating (below 4.0x) in 2016-2017, due
to deleveraging in line with the company's strategy," Fitch said.
KEY RATING DRIVERS
CGE Acquisition
On October 12, Gas Natural agreed to acquire 54% of CGE from a
group of controlling stakeholders and the company will make a
share tender offer for the remaining stake. The entire 100% stake
is valued at USD3.3 billion (EUR2.6 billion) based on the offered
price per share. In Fitch's rating case the rating agency assumed
that Gas Natural will purchase 100% of CGE. In 2013 CGE's EBITDA
was EUR0.6 billion and net debt-to-adjusted EBITDA stood at 3.3x.
Moderately Stronger Business Profile
"We believe that the CGE acquisition will have a moderately
positive impact on Gas Natural's business profile, due to
increased geographical diversification, including Chile
(A+/Stable), one of the highest-rated Latam countries with a
predictable regulatory regime. As a result of the acquisition Gas
Natural will change its mix of Spanish versus international
business to 49:51 from 56:44, reducing the company's exposure to
the Spanish market, which has been subject to unfavorable
regulatory changes in the past few years," Fitch said.
"We consider CGE a good strategic fit for Gas Natural due to its
focus on natural gas distribution and electricity distribution
and transmission, the highly regulated character of its revenues
and leading market position in Chile. Fitch expects a moderate
reduction in the profitability of CGE's natural gas distribution
business due to planned changes to regulations," Fitch said.
Temporarily Weaker Credit Metrics
"We expect that the acquisition will temporarily weaken credit
ratios to above our negative rating guideline of FFO net adjusted
leverage of close to or above 4x in the next 12 months, assuming
an acquisition of 100% of shares. This will eliminate rating
headroom for the company. However, we project FFO adjusted net
leverage to return to the level commensurate with the rating
(below 4.0x) in 2016 and to improve further in 2017, due to
deleveraging in line with the company's strategy," Fitch said.
Regulatory Cuts in Electricity
A series of regulatory changes in the Spanish electricity sector
since 2012 have reduced Gas Natural's annual EBITDA by about
EUR0.6 billion, according to the company's estimates. Fitch
expects other reforms (ie, capacity payments and mothballing) to
affect future earnings to a lesser extent. Legal tail risk
remains as the new measures may be tested in courts.
Gas Networks Less Exposed
Recent changes to the gas sector regulatory framework in Spain
are expected to prevent further growth of the gas tariff deficit
(TD) and introduce mechanisms to eliminate the outstanding TD in
the system (around EUR0.4 billion at end-2013). The negative
impact of the regulatory changes on Gas Natural's EBITDA is EUR45
million in 2014 and around EUR90 million per year thereafter,
according to Fitch's estimates. The regulatory cut is much
smaller than that seen in the Spanish electricity business as the
cumulative gas TD is substantially lower than the electricity TD.
Balanced Business Profile
The ratings are supported by Gas Natural's integrated strong
business profile in both gas and electricity. A significant
portion of the company's earnings (52% of 1H14 EBITDA) are
regulated and mainly derived from its gas and electricity
distribution activities in Spain and Latam, providing cash flow
visibility. This is despite the 2012-2014 regulatory changes in
Spain that reduced regulated earnings. The CGE acquisition will
slightly increase the share of regulated EBITDA. In addition,
about 5% of 1H14 EBITDA was quasi-regulated, comprising mostly
long-term contracted generation in Latam (PPAs) and generation in
the special regime in Spain.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
- Further reduction of FFO adjusted net leverage to around 3.0x
or below on a sustained basis and FFO interest coverage around
5.5x or above (FY13: 5.2x) on a sustained basis
- Improvement in the operating and regulatory environment
Negative: Future developments that could lead to a negative
rating action include:
- FFO adjusted net leverage close to or above 4.0x and FFO
interest coverage below 4.5x on a sustained basis
- Substantial deterioration of the operating environment or
further government measures that substantially reduce cash flows
LIQUIDITY AND DEBT STRUCTURE
Gas Natural's liquidity position remains strong. As of June 30,
2014, Gas Natural had cash and cash equivalents of EUR5.5 billion
plus available committed credit facilities of EUR7.1 billion, of
which EUR6.2 billion are maturing beyond 2015. This is sufficient
to fund the CGE acquisition and meet debt maturities of EUR5.6
billion over the next 24 months. We expect Gas Natural to
generate positive free cash flow in 2014-2016.
FULL LIST OF RATINGS:
Gas Natural SDG, S.A.
Long-term IDR: affirmed at 'BBB+', Outlook Stable
Short- term IDR: affirmed at 'F2'
Gas Natural Fenosa Finance BV
Senior unsecured rating: affirmed at 'BBB+'
Euro commercial paper programme rating: affirmed at 'F2'
Gas Natural Capital Markets, S.A.
Senior unsecured rating: affirmed at 'BBB+'
Union Fenosa Financial Services USA LLC
Subordinated debt rating: affirmed at 'BB+'
Union Fenosa Preferentes, S.A.
Subordinated debt rating: affirmed at 'BB'
===========================
U N I T E D K I N G D O M
===========================
DLG ACQUISITIONS: Moody's Assigns B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 Corporate
Family Rating (CFR) and a B3-PD Probability of Default Rating
(PDR) to DLG Acquisitions Limited. (DLG Acquisitions), which in
September 2014 completed the acquisition of UK programming
company All3Media Holdings Ltd (All3Media Holdings).
Concurrently, Moody's has assigned a definitive B2 rating to the
GBP282 million first lien term loan due 2021 and GBP38 million
revolving credit facility due 2020 novated post acquisition to
DLG Acquisitions from All3Media Finance Limited, an indirect
subsidiary of All3Media Holdings. Finally, Moody's assigned a
definitive Caa2 rating to the EUR100 million second lien term
loan due 2022 at DLG Acquisitions. The outlook remains stable.
Ratings Rationale
Moody's definitive ratings for the CFR, first lien facilities and
second lien facility are in line with the provisional ratings
assigned on June 9, 2014. Moody's rating rationale was set out in
a press release on that date. The final terms of both facilities
were in line with the drafts reviewed for the provisional
instrument rating assignments.
Rating Outlook
The rating is initially weakly positioned at the B3 CFR level.
The stable outlook is based on Moody's expectation that the
company's Debt/EBITDA leverage ratio (Moody's definition) will
not deteriorate materially from the 6.8x level anticipated for
FY2014 and show visible improvement from 2016 onwards.
What Could Change The Rating Up
While Moody's do not anticipate near-term upward pressure on the
rating, positive pressure could develop over time if (i) the
company delivers on its business plan, especially the continued
development of its US business; (ii) its Debt/EBITDA ratio falls
visibly and sustainably below 6.0x and (iii) free cash flow
(after capex and dividends) is positive, also on a sustained
basis.
What Could Change The Rating Down
Downward pressure on the rating could ensue if (i) leverage
increases towards 7.5x, (ii) free cash flow is negative or other
liquidity pressures emerge for more than a limited period of time
and/or (iii) the company loses momentum in growing its US
production and secondary distribution businesses.
DLG Acquisitions Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside DLG Acquisitions Limited's core industry and believes DLG
Acquisitions Limited's ratings are comparable to those of other
issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
DLG Acquisitions Limited is a holding company, which owns
All3Media Holdings, an internationally active producer and
distributor of television programming with revenues of
GBP511 million revenues (IFRS-based) for the financial year ended
August 2013. Both companies are based in London, England.
HEATHROW FINANCE: Moody's Assigns Ba3 Rating to GBP250MM Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3/LGD5
rating to the GBP250 million senior secured notes issued by
Heathrow Finance plc (the "New HF Notes"). The rating outlook is
stable.
The only asset of Heathrow Finance plc ("HF") is its shares in
Heathrow (SP) Limited ("HSP"). HSP is a holding company which
owns the company that owns London Heathrow Airport ("LHR"),
Europe's busiest and the world's third busiest airport in terms
of total passengers.
The proceeds of the HF New Notes will be used to repay some of
HF's bank facilities. The remainder of the net proceeds will be
retained by HF and its subsidiaries to be used for general
corporate purposes. The Notes incorporate a Net Debt to RAB
(Regulatory Asset Base) covenant, which, at 92.5 percent, is
higher than the 90 percent covenant included in existing
financing arrangements. Over the medium term, the company will
have the optionality to harmonize this covenant at the higher
level whilst maintaining a five percentage point headroom under
the covenant level, as per its financial policy.
The HSP group is financed via debt provided through a ring-fenced
secured debt financing structure (the "HSP SDF"). HSP can only
provide cash to service debt at HF if it complies with the
financial terms of the HSP SDF. HF debt holders benefit from a
security interest in HF's shares in HSP. HF is currently financed
by GBP325 million 7.125% Senior Secured Notes due Mar 2017, and
GBP275 million 5.375% Senior Secured Notes due 2019 (together the
"Existing HF Notes") and a GBP85 million loan facility with a
final maturity of 2016 together with a further GBP77.5 million
loan facility with a final maturity of 2019 (the "HF Loans"). The
New HF Notes, the Existing HF Notes and the HF Loans (together
"the HF Debt") rank pari passu among themselves.
Ratings Rationale
The Ba1 CFR of HF reflects a Probability of Default Rating of
Ba2-PD and a 35% Family-wide loss given default assumption. The
CFR is an opinion of the HF group's ability to honor its
financial obligations and is assigned to HF as if it had a single
class of debt and a single consolidated legal structure. The
Ba3/LGD-5(83%) rating of the New Notes reflects the structural
subordination of the New Notes and the other HF Debt in the HF
group structure versus the HSP SDF.
HF's Ba1 CFR reflects (1) its ownership of Heathrow, which is one
of the world's most important hub airports and the largest
European airport, (2) the relatively resilient traffic
characteristics of Heathrow, (3) the long established framework
of economic regulation that pertains to Heathrow and which
currently applies for the period to December 31, 2018, (4) the
declining capital expenditure program at Heathrow, (5) the
capacity constraints it faces, (6) an expectation that the HF
group will maintain a reasonable headroom under its Net Debt to
RAB covenant, and (7) the features of the HSP SDF which puts
certain constraints around management activity together with the
protective features of the HF Debt which effectively limits HF's
activities to its investment in HSP.
Rating Outlook
The rating outlook is stable. This reflects Moody's expectation
that LHR will see low single digit growth overall in passenger
volumes and maintain a credit profile commensurate with the
current rating category.
The outlook further assumes that HSP will continue to manage its
debt raising program in a way that minimizes refinancing risk and
allows it to comfortably meet new funding requirements.
What Could Change The Rating UP
The Corporate Family Rating and rating of the HF Notes could move
up if the HF group were to exhibit a financial profile that
evidenced materially lower leverage than currently expected. This
could be suggested by a Net Debt to RAB ratio likely to be
permanently below 80% and an Adjusted Interest Cover Ratio of
permanently more than 1.2 times.
What Could Change The Rating DOWN
The Corporate Family Rating and rating of the HF Notes could move
down if the HF group were to exhibit a financial profile that
evidenced materially higher leverage than currently expected.
This could be suggested by a materially reduced headroom under
its Net Debt to RAB covenant or an Adjusted Interest Cover Ratio
that is consistently less than 1.0 times.
The methodologies used in this rating were Operational Airports
outside of the United States published in May 2008, and Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
LONDON & REGIONAL: S&P Reinstates 'BB' Rating on Class B Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected by reinstating its
credit ratings on London & Regional Debt Securitisation No. 1
PLC's class A and B notes.
On Oct. 16, 2014, S&P withdrew its ratings on London & Regional
Debt Securitisation No. 1's class A and B notes in error.
S&P has reinstated its ratings on the class A and B notes. The
reinstated ratings are at the same level at those which S&P
withdrew.
London & Regional Debt Securitisation No. 1 is a U.K. commercial
mortgage-backed securities (CMBS) transaction that closed in
2005.
RATINGS LIST
Class Rating Rating
To From
London & Regional Debt Securitisation No. 1 PLC
GBP234.2 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Reinstated
A BB+ (sf) NR
B BB (sf) NR
NR--Not rated.
NWS OF BARNSLEY: Owes GBP3.4 Million to Creditors
------------------------------------------------
The Star reports that insolvency documents show NWS of Barnsley
owes creditors GBP3.4 million.
The company is in debt to more than 120 businesses and
organizations, including GBP156,000 to employees, The Star
discloses.
NWS made GBP1.8 million profit in 2012 but lost GBP2.2 million
last year and had a deficiency of GBP3 million at the end of
September, The Star says, citing insolvency documents.
In documents issued by Seneca Insolvency Practitioners, NWS
directors Russell Cowan and Alix Fellows say the company hit
problems due to early closure, unexpected delays and sudden
reductions in eight Government subsidy schemes, The Star relates.
Now they have applied for a Company Voluntary Arrangement which
they say will lead to creditors being paid 11p in the pound, The
Star relays. The directors said the alternative -- liquidation
-- will see them receive nothing, The Star notes.
The firm has also launched a judicial review against the
Government over some 'withheld' payments, The Star discloses.
According to The Star, The documents state, "The directors and
shareholders are suggesting that, to prevent creditors from
receiving no payment as a result of Government's actions, they
are personally willing to commit a fund of GBP250,000 to be
shared between all creditors equally . . . in order to reduce
creditors' losses but also preserve the accreditations,
certifications and infrastructure to . . . enable the company to
trade again in the future should the judicial review by
successful."
Creditors will be asked to agree the deal at a meeting on today,
Oct. 20, The Star states.
NWS of Barnsley is one of the United Kingdom's largest installers
of energy-saving measures.
ROTHSCHILDS CONTINUATIONS: Fitch Affirms 'BB+' Hybrid Debt Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed N M Rothschild & Sons Limited's (NMR)
Long-term Issuer Default Rating (IDR) at 'BBB+' with a Stable
Outlook. The Short-term IDR has also been affirmed at 'F2'.
KEY RATING DRIVERS -- IDRS, VR
NMR's IDRs are driven by the bank's standalone strength. The
ratings are principally driven by NMR's solid company profile,
which is supported by its UK and European independent financial
advisory franchise. The bank's strong liquidity and funding and
capitalization and leverage are other key rating drivers
underpinning the 'bbb+' Viability Rating (VR) and IDR. NMR's
business model is concentrated on global financial advisory
compared with more diversified peers, somewhat constraining the
rating. While the bank is growing its asset finance and leasing
business and debt fund management, they lack the same strong
franchise as NMR's global financial advisory business.
The bank's term retail deposits have added diversity and a longer
tenor to the funding base and reduced the need for wholesale
funding, which Fitch views positively. Fitch believes
capitalization is acceptable at current levels and able to absorb
potential losses from the reducing legacy loan book. Fitch views
NMR's capital and its trajectory as appropriate in the context of
its risk profile and rating. Liquidity is supported by on-going
loan book reduction and a buffer of highly liquid securities and
central bank reserves.
NMR's loan book is moderately concentrated in commercial property
loans with high average loan-to-value and impaired loans ratios.
In Fitch's view, impaired loans will remain high as a proportion
of the loan book in the medium term but the loan book will run
off in the next few years and unreserved impaired loans to equity
is manageable.
NMR has an established stable management team and corporate
culture due to the family control and long-term objectives.
"While public disclosure is not of the same standard as with
listed companies, we believe we have good management disclosure
from NMR," Fitch said.
RATING SENSITIVITIES -- IDRS, VR
The bank's earnings are vulnerable to changes in the economic and
operating environment as its independent advisory model is
sensitive to market risk stemming from cyclical market activity.
The ratings could be downgraded if advisory fees look set to
remain at a lower level for a prolonged period, which Fitch
believes would damage NMR's long-term ability to deliver a stable
source of internal capital generation. NMR's compensation ratio
remains high relative to many other financial institutions but
Fitch views this as a feature of the company's advisory profile.
Damage to NMR's reputation and franchise could also materially
affect its advisory business and impact its ratings.
Upward rating pressure is unlikely in the medium term, given the
risk in the bank's lending book, although we see lower tail risk.
The strategic reduction of most of its loan book, while reducing
risks in the medium term, may be challenged by negative price
developments in commercial real estate, which could constrain the
bank's ability to reduce its exposures. The limited
diversification of activities and company profile may also
constrain the rating.
KEY RATING DRIVERS AND SENSITIVITIES -- SUPPORT RATING AND
SUPPORT RATING FLOOR
NMR's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's view that while support from the
authorities is possible, it cannot be relied upon. There is
limited upside due to NMR's small domestic franchise and the
reduced willingness from the UK authorities to support banks.
KEY RATING DRIVERS AND SENSITIVITIES -- PROGRAMME RATING AND
NOTES
The program ratings of Rothschilds Continuations Finance PLC
(RCF) are driven by an unconditional and irrevocable guarantee by
NMR. The ratings are equalized with NMR's IDRs.
In addition NMR guarantees the perpetual subordinated notes of
its subsidiary, RCF, which on-lends the proceeds to NMR. In line
with Fitch's criteria, RCF's subordinated upper Tier 2 notes are
rated three notches below NMR's VR, reflecting its relative
subordination (one notch) and incremental non-performance risk
characteristics (two notches).
The ratings for the program and subordinated issue are sensitive
to a change in NMR's VR and IDRs.
The rating actions are as follows:
NMR
Long-term IDR: affirmed at 'BBB+'; Outlook Stable
Short-term IDR: affirmed at 'F2'
VR: affirmed at 'bbb+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
RCF
Senior Unsecured Programme Rating affirmed at 'BBB+'/ F2
Hybrid debt (guaranteed by NMR): affirmed at 'BB+'
SLATE NO. 1: Moody's Assigns '(P)Ba3' Rating to Class E Notes
-------------------------------------------------------------
Moody's has assigned provisional long-term credit ratings to
Notes to be issued by Slate No. 1 plc:
Class X Certificates due July 2017, Assigned (P) Aaa(sf)
Class A Mortgage Backed Floating Rate Notes due January 2051,
Assigned (P) Aaa (sf)
Class B Mortgage Backed Floating Rate Notes due January 2051,
Assigned (P) Aa1 (sf)
Class C Mortgage Backed Floating Rate Notes due January 2051,
Assigned (P) A2 (sf)
Class D Mortgage Backed Floating Rate Notes due January 2051,
Assigned (P) Baa3 (sf)
Class E Mortgage Backed Floating Rate Notes due January 2051,
Assigned (P) Ba3 (sf)
Class Y Certificates were not rated by Moody's.
Class F Mortgage Backed Floating Rate Notes were not rated by
Moody's.
Class Z Certificates were not rated by Moody's.
* Class X Certificates are an interest-only strip paying a fixed
schedule of interest payments over the first 10 interest
payment dates. The payments under the Class X Certificates will
be made pari passu with Class A notes interest.
The portfolio backing this transaction consists of UK prime
residential loans originated by NRAM plc ([73.0]% of loans),
Bradford & Bingley plc ([18.4]% of loans), Mortgage Express
([6.3]% of loans) and Legal & General Bank Limited ([2.3]% of
loans), all part of UK Asset Resolution Limited ("UKAR", not
rated). On the closing date UKAR will sell the portfolio to
Consilium Airton Limited (the "Seller", not rated). In turn the
Seller will sell the portfolio to Slate No. 1 plc.
Ratings Rationale
The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement and the portfolio expected loss, as well
as the transaction structure and legal considerations. The
expected portfolio loss of [1.3]% and the MILAN required credit
enhancement of [10]% serve as input parameters for Moody's cash
flow model and tranching model, which is based on a probabilistic
lognormal distribution.
Portfolio expected loss of [1.3]%: this is marginally higher than
the UK prime sector average and is based on Moody's assessment of
the lifetime loss expectation taking into account: (i) the
originators' weaker historical performance relative to the UK
prime sector, (ii) the current macroeconomic environment in the
UK, (iii) the strong collateral performance to date along with an
average seasoning of [9.5] years; and (iv) benchmarking with
similar UK prime transactions.
MILAN CE of [10]%: this is higher than the UK prime sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the historical performance and
the following key drivers: (i) the weighted average current LTV
for the pool of [73.5]%, which is higher than in recent
comparable UK prime transactions, and (ii) the presence of
[59.2]% interest-only loans and [37.5]% fast-tracked loans for
which proof of income was not verified at origination.
At closing the mortgage pool balance will consist of GBP [2,384]
million of loans. The reserve fund will be funded to [1.15]% of
the initial mortgage pool balance and will increase to [1.7]% of
the initial mortgage pool balance through the accumulation of
excess spread. After the interest payment date falling in July
2017, the reserve fund will amortize down to [2.1]% of the
outstanding principal amount of the Class A notes, subject to a
minimum of [0.25]% of the initial principal amount of the Class A
notes. The transaction also benefits from a liquidity ledger
within the reserve fund equal to [1.25]% of the outstanding
balance of the Class A notes that is available only to cover
senior expenses, Class A note interest and payments under the
Class X Certificates. Moody's considers that the reserve fund in
this transaction is weaker than in other comparable UK RMBS
transactions as its amortization is not subject to any
performance triggers.
Operational Risk Analysis: Pepper (UK) Limited ("Pepper", not
rated) will be acting as servicer. In the period running from the
closing date to the portfolio transfer date (the "Interim
Period", which is expected to occur on or before 12 months after
the closing date), Pepper will sub-delegate certain primary
servicing obligations to Bradford & Bingley plc. In order to
mitigate the operational risk, there will a back-up servicer
facilitator, Homeloan Management Limited (Not rated) as back-up
servicer and Elavon Financial Services Limited (Aa3/P-1) as
independent cash manager from close. To ensure payment continuity
over the transaction's lifetime the transaction documents
incorporate estimation language whereby the cash manager can use
the three most recent servicer reports to determine the cash
allocation in case no servicer report is available. The
transaction also benefits from principal to pay interest.
Interest Rate Risk Analysis: The transaction will be unhedged. In
mitigation the transaction contains a requirement for the
servicer to (i) during the Interim Period keep the current SVR,
on in the event that BBR reduces, not reduce SVR by more than the
change in BBR, and (ii) at semi-annual intervals thereafter set
SVR equal to Libor plus a fixed margin. Due to uncertainty on
enforceability of this covenant, Moody's has taken the view not
to give full credit to this covenant.
The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes. Moody's
issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.
Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [1.3]% to [3.9]% of current balance, and the
MILAN CE was increased from [10]% to [16]%, the model output
indicates that the Class A notes would still achieve Aaa(sf)
assuming that all other factors remained equal. Moody's Parameter
Sensitivities quantify the potential rating impact on a
structured finance security from changing certain input
parameters used in the initial rating. The analysis assumes that
the deal has not aged and is not intended to measure how the
rating of the security might change over time, but instead what
the initial rating of the security might have been under
different key rating inputs.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
The principal methodology used in this rating was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings.
Deleveraging of the capital structure or conversely a
deterioration in the notes available credit enhancement could
result in an upgrade or a downgrade of the ratings, respectively.
SLATE NO. 2: Moody's Assigns '(P)Ba3' Rating to Class E Notes
-------------------------------------------------------------
Moody's has assigned provisional long-term credit ratings to
Notes to be issued by Slate No. 2 plc:
Class X Certificates due July 2017, Assigned (P) Aaa(sf)
Class A Mortgage Backed Floating Rate Notes due October 2044,
Assigned (P) Aaa (sf)
Class B Mortgage Backed Floating Rate Notes due October 2044,
Assigned (P) Aa1 (sf)
Class C Mortgage Backed Floating Rate Notes due October 2044,
Assigned (P) Aa3 (sf)
Class D Mortgage Backed Floating Rate Notes due October 2044,
Assigned (P) Baa2 (sf)
Class E Mortgage Backed Floating Rate Notes due October 2044,
Assigned (P) Ba3 (sf)
Class Y Certificates were not rated by Moody's.
Class F Mortgage Backed Floating Rate Notes were not rated by
Moody's.
Class Z Certificates were not rated by Moody's.
* Class X Certificates are an interest-only strip paying a fixed
schedule of interest payments over the first 10 interest
payment dates. The payments under the Class X Certificates will
be made pari passu with Class A notes interest.
The portfolio backing this transaction consists of UK prime
residential loans originally originated by GMAC-RFC Limited
([93.4 ]% of loans) and Kensington Mortgage Company Limited
([6.6]% of loans), both part of UK Asset
Resolution Limited ("UKAR", not rated). On the closing date UKAR
will sell the portfolio to Consilium Airton Limited (the
"Seller", not rated). In turn the Seller will sell the portfolio
to Slate No. 2 plc.
Ratings Rationale
The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement and the portfolio expected loss, as well
as the transaction structure and legal considerations. The
expected portfolio loss of [1.7]% and the MILAN required credit
enhancement of [13]% serve as input parameters for Moody's cash
flow model and tranching model, which is based on a probabilistic
lognormal distribution.
Portfolio expected loss of [1.7]%: this is marginally higher than
the UK prime sector average and is based on Moody's assessment of
the lifetime loss expectation taking into account: (i) the
originators' weaker historical performance relative to the UK
prime sector, (ii) the current macroeconomic environment in the
UK, (iii) the strong collateral performance to date along with an
average seasoning of [7.6] years; and (iv) benchmarking with
similar UK prime transactions.
MILAN CE of [13]%: this is higher than the UK prime sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the historical performance and
the following key drivers: (i) the weighted average current LTV
for the pool of [74.6]%, which is higher than in recent
comparable UK prime transactions, and (ii) the presence of
[60.2]% interest-only loans.
At closing the mortgage pool balance will consist of GBP [408]
million of loans. The reserve fund will be funded to [1.0]% of
the initial mortgage pool balance and will increase to [1.7]% of
the initial mortgage pool balance through the accumulation of
excess spread. After the interest payment date falling in July
2017, the reserve fund will amortize down to [2.1]% of the
outstanding principal amount of the Class A notes, subject to a
minimum of [0.25]% of the initial principal amount of the Class A
notes. Moody's considers that the reserve fund in this
transaction is weaker than in other comparable UK RMBS
transactions as its amortization is not subject to any
performance triggers.
Operational Risk Analysis: Pepper (UK) Limited ("Pepper", not
rated) will be acting as servicer. In the period running from the
closing date to the portfolio transfer date (the "Interim
Period", which is expected to occur on or before 12 months after
the closing date), Pepper will sub-delegate certain primary
servicing obligations to Bradford & Bingley plc. In order to
mitigate the operational risk, there will a back-up servicer
facilitator, Homeloan Management Limited (Not rated) as back-up
servicer and Elavon Financial Services Limited (Aa3/P-1) as
independent cash manager from close. To ensure payment continuity
over the transaction's lifetime the transaction documents
incorporate estimation language whereby the cash manager can use
the three most recent servicer reports to determine the cash
allocation in case no servicer report is available. The
transaction also benefits from principal to pay interest.
Interest Rate Risk Analysis: The transaction will be unhedged. In
mitigation the transaction contains a requirement for the
servicer to (i) during the Interim Period keep the current SVR,
on in the event that BBR reduces, not reduce SVR by more than the
change in BBR, and (ii) at semi-annual intervals thereafter set
SVR equal to Libor plus a fixed margin. Due to uncertainty on
enforceability of this covenant, Moody's has taken the view not
to give full credit to this covenant.
The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes. Moody's
issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating. Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.
Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [1.7]% to [3.4]% of current balance, and the
MILAN CE was increased from [13]% to [18.2]%, the model output
indicates that the Class A notes would still achieve Aaa(sf)
assuming that all other factors remained equal. Moody's Parameter
Sensitivities quantify the potential rating impact on a
structured finance security from changing certain input
parameters used in the initial rating. The analysis assumes that
the deal has not aged and is not intended to measure how the
rating of the security might change over time, but instead what
the initial rating of the security might have been under
different key rating inputs.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.
The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
The principal methodology used in this rating was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings.
Deleveraging of the capital structure or conversely a
deterioration in the notes available credit enhancement could
result in an upgrade or a downgrade of the ratings, respectively.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 13 to October 17, 2014
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.46
Hypo Alpe-Adria-Bank I 0.97 1/24/2017 EUR 38.88
Oesterreichische Volks 1.17 11/28/2016 EUR 73.67
Hypo Alpe-Adria-Bank I 4.35 11/3/2016 EUR 38.13
KA Finanz AG 5.43 2/13/2024 EUR 56.00
Hypo Alpe-Adria-Bank I 0.89 11/29/2032 EUR 38.25
Hypo Alpe-Adria-Bank I 0.56 9/11/2017 EUR 39.63
Hypo Tirol Bank AG 0.66 7/23/2026 EUR 62.38
Alpine Holding GmbH 6.00 5/22/2017 EUR 1.50
UniCredit Bank Austria 0.84 8/20/2033 EUR 74.01
Hypo Alpe-Adria-Bank I 5.92 2/22/2022 EUR 39.63
Alpine Holding GmbH 5.25 7/1/2015 EUR 1.88
KA Finanz AG 6.08 12/13/2018 EUR 67.00
Hypo Alpe-Adria-Bank I 5.27 4/7/2028 EUR 38.88
Hypo Alpe-Adria-Bank I 4.88 9/18/2017 EUR 38.75
Hypo Alpe-Adria-Bank I 5.03 1/26/2017 EUR 39.00
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.13
Hypo Alpe-Adria-Bank I 0.68 12/18/2030 EUR 38.38
UniCredit Bank Austria 0.56 1/25/2031 EUR 71.45
Hypo Alpe-Adria-Bank I 5.73 12/10/2021 EUR 39.00
Hypo Alpe-Adria-Bank I 0.65 9/26/2043 EUR 23.38
Hypo Alpe-Adria-Bank I 7.50 5/27/2024 ATS 38.88
KA Finanz AG 4.90 6/23/2031 EUR 47.00
Oesterreichische Volks 5.27 2/8/2027 EUR 62.00
Raiffeisen Bank Intern 4.50 9/28/2035 EUR 65.49
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Hypo Alpe-Adria-Bank I 1.06 9/20/2017 EUR 39.00
Hypo Alpe-Adria-Bank I 0.42 4/9/2043 EUR 22.25
UniCredit Bank Austria 0.70 1/22/2031 EUR 72.73
Hypo Alpe-Adria-Bank I 0.61 3/12/2043 EUR 23.00
Oberoesterreichische L 0.51 4/25/2042 EUR 65.22
UniCredit Bank Austria 0.60 1/24/2031 EUR 72.17
Hypo Alpe-Adria-Bank I 0.61 4/9/2018 EUR 74.38
KA Finanz AG 4.44 12/20/2030 EUR 39.00
Raiffeisen Zentralbank 0.20 4/15/2020 EUR 73.94
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Hypo Alpe-Adria-Bank I 0.59 4/2/2018 EUR 74.38
Hypo Alpe-Adria-Bank I 0.61 4/22/2018 EUR 74.38
Raiffeisen Centrobank 5.32 3/12/2015 EUR 65.56
Salzburger-Landes Hypo 0.30 10/29/2021 EUR 71.12
Oberoesterreichische L 0.76 11/6/2030 EUR 74.70
Hypo Alpe-Adria-Bank I 0.55 3/4/2018 EUR 74.88
Raiffeisen Centrobank 7.33 8/21/2015 EUR 72.65
Raiffeisen Centrobank 6.29 1/20/2016 EUR 72.53
Republika Srpska 1.50 6/30/2023 BAM 73.02
Bosnia & Herzegovina G 2.50 6/30/2022 BAM 67.92
Bosnia & Herzegovina G 2.50 6/30/2020 BAM 74.65
Bosnia & Herzegovina G 2.50 6/30/2021 BAM 71.32
Bosnia & Herzegovina G 2.50 6/30/2023 BAM 65.11
Republika Srpska 1.50 9/25/2026 BAM 67.00
Republika Srpska 1.50 12/15/2023 BAM 73.02
Republika Srpska 1.50 12/24/2025 BAM 65.10
Republika Srpska 1.50 5/31/2025 BAM 65.50
Republika Srpska 1.50 10/30/2023 BAM 73.01
Republika Srpska 1.50 6/15/2024 BAM 70.01
Brcko distrikt Bosne i 2.50 9/30/2014 BAM 70.00
Republic of Srpska Tre 1.50 6/9/2025 BAM 65.61
Republika Srpska 1.50 12/31/2022 BAM 69.00
Republika Srpska 1.50 12/15/2023 BAM 70.00
Republika Srpska 1.50 12/22/2023 BAM 68.39
Econocom Group 1.50 1/15/2019 EUR 11.14
Ideal Standard Interna 11.75 5/1/2018 EUR 40.38
Belfius Bank SA/NV 0.74 3/1/2022 EUR 74.63
Ideal Standard Interna 11.75 5/1/2018 EUR 40.38
SV Patrimonia 4.00 4/19/2016 EUR 58.50
Petrol AD 8.38 1/26/2017 EUR 59.38
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 2.02
OGX Austria GmbH 8.50 6/1/2018 USD 4.13
Aralco Finance SA 10.13 5/7/2020 USD 14.38
OGX Austria GmbH 8.38 4/1/2022 USD 4.25
OGX Austria GmbH 8.50 6/1/2018 USD 5.00
OGX Austria GmbH 8.38 4/1/2022 USD 4.00
Aralco Finance SA 10.13 5/7/2020 USD 14.00
Clariden Leu Ltd/Nassa 5.76 10/15/2014 CHF 57.61
Credit Suisse AG/Nassa 9.00 10/29/2014 EUR 67.55
Credit Suisse AG/Nassa 9.00 5/28/2015 EUR 68.43
Credit Suisse AG/Nassa 8.50 1/22/2015 EUR 62.26
Credit Suisse AG/Nassa 9.00 2/20/2015 EUR 69.44
Credit Suisse AG/Nassa 10.25 11/14/2014 EUR 67.20
Credit Suisse AG/Nassa 8.25 2/5/2015 EUR 70.01
Clariden Leu Ltd/Nassa 4.50 8/13/2014 CHF 49.66
SAir Group 5.50 7/23/2003 CHF 11.25
SAir Group 4.25 2/2/2007 CHF 11.50
SAir Group 0.13 7/7/2005 CHF 11.25
SAir Group 5.13 3/1/2003 CHF 11.00
Credit Suisse AG 8.50 1/9/2015 USD 8.80
SAir Group 2.13 11/4/2004 CHF 10.75
SAir Group 6.25 10/27/2002 CHF 12.00
UBS AG 5.75 3/2/2015 USD 22.65
UBS AG 5.41 11/20/2014 USD 28.22
SAir Group 6.25 4/12/2005 CHF 10.88
UBS AG 7.36 1/20/2015 USD 29.40
UBS AG 14.75 12/29/2015 EUR 68.92
UBS AG 0.50 4/27/2015 CHF 65.30
UBS AG 10.00 3/27/2015 USD 9.56
UBS AG 4.62 4/20/2015 USD 45.37
SAir Group 2.75 7/30/2004 CHF 10.88
UBS AG 7.65 3/12/2015 USD 23.68
UBS AG 7.98 11/14/2014 USD 9.71
UBS AG 10.00 1/2/2015 EUR 72.03
UBS AG 14.25 1/2/2015 EUR 57.34
UBS AG 14.50 1/2/2015 EUR 71.48
UBS AG 14.00 9/26/2014 EUR 58.54
UBS AG 14.25 6/26/2015 EUR 58.80
UBS AG 14.50 12/29/2015 EUR 62.38
UBS AG 6.04 8/29/2014 USD 34.28
UBS AG 4.14 4/20/2015 USD 66.71
UBS AG 13.75 1/2/2015 EUR 69.88
UBS AG 12.50 12/29/2015 EUR 67.99
UBS AG 13.50 12/29/2015 EUR 64.81
UBS AG 9.75 1/2/2015 EUR 74.91
UBS AG 11.75 6/26/2015 EUR 66.73
UBS AG 14.25 1/2/2015 EUR 73.16
UBS AG 11.00 12/29/2015 EUR 71.42
UBS AG 11.75 12/29/2015 EUR 67.27
UBS AG 10.50 9/26/2014 EUR 72.37
UBS AG 13.50 9/26/2014 EUR 63.20
UBS AG 12.25 9/26/2014 EUR 66.14
UBS AG 12.25 9/26/2014 EUR 65.91
UBS AG 13.00 1/2/2015 EUR 68.28
UBS AG 12.00 1/2/2015 EUR 69.12
UBS AG 13.00 1/2/2015 EUR 62.44
UBS AG 12.00 1/2/2015 EUR 71.81
UBS AG 5.54 12/2/2014 USD 41.53
UBS AG 4.93 12/3/2014 USD 61.43
UBS AG 5.34 12/3/2014 USD 19.22
UBS AG 10.75 9/26/2014 EUR 69.39
UBS AG 14.25 9/26/2014 EUR 59.10
UBS AG 13.00 9/26/2014 EUR 65.97
UBS AG 14.50 1/2/2015 EUR 57.39
UBS AG 11.50 1/2/2015 EUR 69.01
UBS AG 14.75 9/26/2014 EUR 71.39
UBS AG 14.25 1/2/2015 EUR 75.00
UBS AG 14.00 1/2/2015 EUR 62.76
UBS AG 13.75 9/26/2014 EUR 73.98
UBS AG 12.25 1/2/2015 EUR 66.42
UBS AG 6.96 12/18/2014 USD 18.29
UBS AG 5.99 12/18/2014 USD 33.79
UBS AG 7.63 12/22/2014 USD 23.92
UBS AG 14.00 1/2/2015 EUR 62.99
UBS AG 11.25 1/2/2015 EUR 69.12
UBS AG 4.55 12/2/2014 USD 24.90
UBS AG 11.25 1/2/2015 EUR 60.74
UBS AG 6.75 1/2/2015 EUR 68.81
UBS AG 14.50 9/26/2014 EUR 72.39
UBS AG 9.00 8/20/2014 EUR 73.01
Notenstein Privatbank 15.00 11/3/2014 CHF 68.30
SAir Group 2.75 7/30/2004 CHF 11.25
Banque Cantonale Vaudo 1.00 7/7/2016 CHF 57.74
UBS AG 13.25 6/26/2015 EUR 69.88
UBS AG 8.75 3/29/2016 EUR 73.77
UBS AG 12.25 3/27/2015 EUR 72.06
UBS AG 11.75 1/2/2015 EUR 66.28
UBS AG 11.50 6/26/2015 EUR 73.84
UBS AG 8.25 12/29/2015 EUR 63.29
UBS AG 8.50 12/29/2015 EUR 73.66
UBS AG 14.25 9/25/2015 EUR 69.03
UBS AG 14.50 1/2/2015 EUR 71.69
UBS AG 4.75 1/2/2015 EUR 70.01
UBS AG 13.25 1/2/2015 EUR 66.41
UBS AG 9.50 12/29/2015 EUR 70.38
UBS AG 10.25 1/2/2015 EUR 61.97
UBS AG 5.00 12/29/2015 EUR 58.07
UBS AG 6.75 9/25/2015 EUR 67.64
UBS AG 12.25 9/25/2015 EUR 74.24
UBS AG 9.75 9/25/2015 EUR 68.66
UBS AG 11.00 1/2/2015 EUR 73.94
UBS AG 8.20 1/22/2015 USD 21.82
UBS AG 24.00 12/29/2015 EUR 72.89
UBS AG 19.25 3/29/2016 EUR 74.37
UBS AG 22.00 12/29/2015 EUR 71.07
UBS AG 24.75 9/25/2015 EUR 70.67
UBS AG 21.00 9/26/2014 EUR 63.79
UBS AG 23.75 12/29/2015 EUR 71.01
UBS AG 20.00 12/29/2015 EUR 71.13
UBS AG 23.00 3/27/2015 EUR 65.54
UBS AG 21.75 6/26/2015 EUR 67.49
UBS AG 22.75 9/25/2015 EUR 68.98
UBS AG 22.50 1/2/2015 EUR 64.59
UBS AG 19.75 1/2/2015 EUR 66.13
UBS AG 23.00 12/29/2015 EUR 67.25
UBS AG 21.00 3/27/2015 EUR 66.48
UBS AG 17.00 1/2/2015 EUR 67.93
UBS AG 21.25 3/29/2016 EUR 74.41
UBS AG 18.50 3/27/2015 EUR 67.30
UBS AG 20.00 6/26/2015 EUR 67.95
UBS AG 24.25 3/27/2015 EUR 67.23
UBS AG 21.75 12/29/2015 EUR 73.01
UBS AG 17.25 3/29/2016 EUR 74.91
UBS AG 17.25 9/26/2014 EUR 66.53
UBS AG 9.50 6/26/2015 EUR 74.85
UBS AG 10.25 12/29/2015 EUR 67.47
UBS AG 5.00 9/25/2015 EUR 56.72
UBS AG 11.75 12/29/2015 EUR 73.30
UBS AG 7.50 9/26/2014 EUR 57.28
UBS AG 10.00 9/26/2014 EUR 65.65
UBS AG 13.50 9/26/2014 EUR 67.89
UBS AG 6.75 9/26/2014 EUR 65.27
UBS AG 11.25 1/2/2015 EUR 69.05
UBS AG 10.25 9/26/2014 EUR 59.25
UBS AG 13.75 1/2/2015 EUR 62.40
UBS AG 12.25 1/2/2015 EUR 62.92
UBS AG 14.50 9/26/2014 EUR 54.48
UBS AG 12.50 1/2/2015 EUR 56.36
UBS AG 4.50 1/2/2015 EUR 66.07
UBS AG 11.50 9/26/2014 EUR 54.21
UBS AG 10.25 1/2/2015 EUR 68.41
UBS AG 7.75 1/2/2015 EUR 59.34
UBS AG 9.00 9/26/2014 EUR 65.60
UBS AG 13.75 1/2/2015 EUR 58.18
UBS AG 14.75 1/2/2015 EUR 62.12
UBS AG 11.00 9/26/2014 EUR 65.75
UBS AG 12.00 1/2/2015 EUR 53.09
UBS AG 13.00 9/26/2014 EUR 59.62
UBS AG 10.00 1/2/2015 EUR 61.97
UBS AG 8.50 9/26/2014 EUR 52.78
UBS AG 4.25 9/26/2014 EUR 64.91
UBS AG 9.50 1/2/2015 EUR 68.26
UBS AG 14.50 9/26/2014 EUR 74.49
UBS AG 13.00 9/26/2014 EUR 53.10
UBS AG 12.25 9/26/2014 EUR 49.90
UBS AG 12.25 1/2/2015 EUR 69.40
UBS AG 11.50 9/26/2014 EUR 57.79
UBS AG 12.50 9/26/2014 EUR 66.09
UBS AG 5.00 6/26/2015 EUR 73.78
UBS AG 14.00 6/26/2015 EUR 56.37
UBS AG 7.00 6/26/2015 EUR 69.34
UBS AG 10.75 6/26/2015 EUR 53.36
UBS AG 7.25 3/27/2015 EUR 51.96
UBS AG 11.50 6/26/2015 EUR 62.07
UBS AG 4.25 3/27/2015 EUR 65.91
UBS AG 9.25 6/26/2015 EUR 59.92
UBS AG 8.25 3/27/2015 EUR 63.20
UBS AG 4.75 3/27/2015 EUR 54.81
UBS AG 8.25 6/26/2015 EUR 70.63
UBS AG 12.00 3/27/2015 EUR 60.37
UBS AG 10.00 6/26/2015 EUR 65.86
UBS AG 10.25 3/27/2015 EUR 64.59
UBS AG 9.25 3/27/2015 EUR 58.41
UBS AG 5.25 6/26/2015 EUR 55.54
UBS AG 14.75 3/27/2015 EUR 73.71
UBS AG 4.50 3/27/2015 EUR 59.81
UBS AG 5.00 6/26/2015 EUR 60.38
UBS AG 13.25 3/27/2015 EUR 56.86
UBS AG 14.75 6/26/2015 EUR 53.04
UBS AG 14.25 3/27/2015 EUR 53.81
UBS AG 12.75 6/26/2015 EUR 58.95
UBS AG 4.75 3/27/2015 EUR 73.74
UBS AG 6.75 3/27/2015 EUR 56.94
UBS AG 7.25 6/26/2015 EUR 57.13
UBS AG 6.25 3/27/2015 EUR 61.86
UBS AG 5.75 6/26/2015 EUR 68.13
UBS AG 8.25 6/26/2015 EUR 64.24
UBS AG 8.50 3/27/2015 EUR 69.80
UBS AG 4.50 6/26/2015 EUR 66.08
UBS AG 6.50 6/26/2015 EUR 62.67
UBS AG 7.00 3/27/2015 EUR 68.78
UBS AG 10.75 3/27/2015 EUR 50.52
UBS AG 7.75 6/26/2015 EUR 53.35
UBS AG 5.50 3/27/2015 EUR 67.85
UBS AG 10.00 3/27/2015 EUR 54.62
UBS AG 10.25 6/26/2015 EUR 56.52
UBS AG 3.10 2/25/2015 EUR 73.64
UBS AG 5.80 7/22/2015 EUR 71.74
UBS AG 7.10 7/22/2015 EUR 69.81
UBS AG 3.00 9/24/2014 EUR 72.42
UBS AG 6.90 12/24/2014 EUR 67.13
UBS AG 4.80 12/24/2014 EUR 69.93
UBS AG 3.20 12/24/2014 EUR 73.22
UBS AG 4.50 2/25/2015 EUR 70.57
UBS AG 13.40 9/24/2014 EUR 70.92
UBS AG 14.75 9/26/2014 EUR 72.47
UBS AG 14.75 1/2/2015 EUR 73.10
UBS AG 8.40 12/29/2014 EUR 67.43
UBS AG 9.30 12/24/2014 EUR 63.56
UBS AG 10.00 9/24/2014 EUR 74.20
UBS AG 11.10 9/24/2014 EUR 62.65
UBS AG 6.30 2/25/2015 EUR 68.01
UBS AG 6.09 5/29/2015 USD 71.57
UBS AG 8.73 3/30/2015 USD 6.72
UBS AG 13.00 12/29/2015 EUR 69.08
UBS AG 7.25 9/25/2015 EUR 72.39
UBS AG 24.50 9/25/2015 EUR 65.17
UBS AG 17.25 9/25/2015 EUR 65.26
UBS AG 11.18 12/10/2014 USD 68.97
UBS AG 21.00 3/27/2015 EUR 74.36
UBS AG 19.00 9/25/2015 EUR 72.61
UBS AG 22.00 3/27/2015 EUR 68.28
UBS AG 23.00 6/26/2015 EUR 69.32
UBS AG 22.50 9/26/2014 EUR 65.47
UBS AG 19.25 9/26/2014 EUR 68.35
UBS AG 19.25 3/27/2015 EUR 70.41
UBS AG 16.75 6/26/2015 EUR 73.05
UBS AG 22.25 6/26/2015 EUR 74.42
UBS AG 20.25 9/25/2015 EUR 72.00
UBS AG 17.00 3/27/2015 EUR 71.87
UBS AG 22.75 12/29/2015 EUR 72.71
UBS AG 23.00 9/25/2015 EUR 70.69
UBS AG 18.50 1/2/2015 EUR 70.01
UBS AG 23.50 3/27/2015 EUR 73.06
UBS AG 21.75 3/27/2015 EUR 71.35
UBS AG 15.50 12/29/2015 EUR 68.35
UBS AG 9.25 12/29/2015 EUR 71.67
UBS AG 23.50 9/25/2015 EUR 74.94
UBS AG 21.50 6/26/2015 EUR 70.02
UBS AG 15.00 3/27/2015 EUR 73.78
UBS AG 18.00 12/29/2015 EUR 74.19
UBS AG 19.25 6/26/2015 EUR 71.41
UBS AG 17.00 12/29/2015 EUR 74.80
UBS AG 20.50 12/29/2015 EUR 73.26
UBS AG 14.50 9/25/2015 EUR 67.35
UBS AG 22.50 3/27/2015 EUR 61.71
UBS AG 11.50 9/25/2015 EUR 68.97
UBS AG 19.75 12/29/2015 EUR 66.81
UBS AG 22.50 9/25/2015 EUR 65.56
UBS AG 20.00 9/25/2015 EUR 65.79
UBS AG 16.50 1/2/2015 EUR 63.53
UBS AG 18.50 3/27/2015 EUR 63.51
UBS AG 20.25 9/26/2014 EUR 59.48
UBS AG 19.75 6/26/2015 EUR 64.09
UBS AG 17.75 12/29/2015 EUR 67.92
UBS AG 16.50 6/26/2015 EUR 65.45
UBS AG 21.75 12/29/2015 EUR 67.79
UBS AG 22.50 1/2/2015 EUR 60.77
UBS AG 23.50 9/25/2015 EUR 73.06
UBS AG 23.75 6/26/2015 EUR 71.96
UBS AG 10.50 12/29/2015 EUR 70.56
UBS AG 14.75 9/26/2014 EUR 61.77
UBS AG 11.00 3/27/2015 EUR 66.88
UBS AG 13.00 3/27/2015 EUR 65.17
UBS AG 8.00 1/2/2015 EUR 70.14
UBS AG 9.00 3/27/2015 EUR 68.90
UBS AG 10.75 6/26/2015 EUR 63.96
UBS AG 12.75 9/25/2015 EUR 72.00
UBS AG 10.25 1/2/2015 EUR 74.83
UBS AG 4.50 12/29/2015 EUR 65.25
UBS AG 10.75 12/29/2015 EUR 64.24
UBS AG 13.75 6/26/2015 EUR 69.17
UBS AG 13.25 3/27/2015 EUR 68.31
UBS AG 5.25 12/29/2015 EUR 72.55
UBS AG 14.75 9/25/2015 EUR 59.80
UBS AG 13.75 3/27/2015 EUR 62.61
UBS AG 5.50 6/26/2015 EUR 71.67
UBS AG 6.50 12/29/2015 EUR 67.74
UBS AG 9.75 3/27/2015 EUR 66.09
UBS AG 9.00 6/24/2016 EUR 74.42
UBS AG 12.25 9/26/2014 EUR 74.02
UBS AG 10.75 6/26/2015 EUR 70.83
UBS AG 12.25 9/26/2014 EUR 64.67
UBS AG 13.00 1/2/2015 EUR 62.04
UBS AG 12.50 6/26/2015 EUR 67.19
UBS AG 10.75 12/29/2015 EUR 70.04
UBS AG 10.25 6/26/2015 EUR 72.31
UBS AG 14.25 6/26/2015 EUR 72.44
UBS AG 10.75 6/26/2015 EUR 72.53
UBS AG 5.70 2/11/2015 USD 12.18
UBS AG 14.75 9/26/2014 EUR 72.32
UBS AG 14.00 9/26/2014 EUR 74.36
UBS AG 14.00 6/26/2015 EUR 62.92
UBS AG 11.50 6/26/2015 EUR 67.04
UBS AG 10.00 12/29/2015 EUR 73.62
UBS AG 10.50 12/29/2015 EUR 71.06
UBS AG 11.50 1/2/2015 EUR 67.77
UBS AG 13.00 6/26/2015 EUR 62.23
UBS AG 12.75 12/29/2015 EUR 64.08
UBS AG 4.47 2/19/2015 USD 37.13
UBS AG 5.39 2/19/2015 USD 13.32
UBS AG 5.78 3/31/2015 USD 32.96
UBS AG 7.10 10/22/2014 EUR 72.07
UBS AG 6.10 3/25/2015 EUR 74.35
UBS AG 8.10 3/25/2015 EUR 72.15
UBS AG 10.60 10/22/2014 EUR 69.22
UBS AG 4.50 10/22/2014 EUR 73.80
UBS AG 19.25 6/26/2015 EUR 71.27
UBS AG 16.25 3/27/2015 EUR 72.43
UBS AG 17.00 9/25/2015 EUR 73.46
UBS AG 20.25 1/2/2015 EUR 69.21
UBS AG 15.00 12/29/2015 EUR 74.99
UBS AG 17.25 9/26/2014 EUR 70.15
UBS AG 13.50 6/26/2015 EUR 69.10
UBS AG 15.00 6/26/2015 EUR 67.98
UBS AG 13.75 9/25/2015 EUR 68.25
UBS AG 18.00 1/2/2015 EUR 70.84
UBS AG 17.00 9/25/2015 EUR 73.70
UBS AG 21.25 1/2/2015 EUR 68.14
UBS AG 24.25 3/27/2015 EUR 71.84
UBS AG 21.00 1/2/2015 EUR 63.26
UBS AG 21.25 3/27/2015 EUR 63.86
UBS AG 15.75 9/26/2014 EUR 65.14
UBS AG 22.50 3/27/2015 EUR 68.53
UBS AG 18.00 3/27/2015 EUR 71.08
UBS AG 14.50 1/2/2015 EUR 73.65
UBS AG 23.50 1/2/2015 EUR 61.98
UBS AG 19.25 3/27/2015 EUR 64.69
UBS AG 13.50 12/29/2015 EUR 69.29
UBS AG 15.50 3/27/2015 EUR 67.06
UBS AG 22.50 9/26/2014 EUR 66.58
UBS AG 21.75 6/26/2015 EUR 74.84
UBS AG 17.25 3/27/2015 EUR 65.70
UBS AG 13.00 1/2/2015 EUR 68.26
UBS AG 16.75 6/26/2015 EUR 67.28
UBS AG 15.00 9/25/2015 EUR 67.51
UBS AG 8.20 12/24/2014 EUR 74.80
UBS AG 19.25 9/26/2014 EUR 62.57
UBS AG 22.25 3/27/2015 EUR 72.92
UBS AG 12.50 9/25/2015 EUR 68.28
UBS AG 16.50 9/25/2015 EUR 67.22
UBS AG 18.50 1/2/2015 EUR 64.75
UBS AG 15.75 1/2/2015 EUR 66.37
UBS AG 13.25 3/27/2015 EUR 68.33
UBS AG 11.00 9/25/2015 EUR 69.99
UBS AG 24.50 9/25/2015 EUR 74.19
UBS AG 14.00 6/26/2015 EUR 74.37
UBS AG 22.50 9/26/2014 EUR 60.26
UBS AG 18.25 6/26/2015 EUR 66.52
UBS AG 12.50 12/29/2015 EUR 70.03
UBS AG 15.50 6/26/2015 EUR 73.29
UBS AG 11.25 12/29/2015 EUR 70.41
UBS AG 5.58 12/23/2014 USD 27.17
UBS AG 11.10 12/24/2014 EUR 73.50
UBS AG 9.80 2/25/2015 EUR 74.67
UBS AG 7.70 9/24/2014 EUR 65.42
UBS AG 9.70 9/24/2014 EUR 65.28
UBS AG 5.00 3/27/2015 EUR 71.37
UBS AG 5.25 9/25/2015 EUR 72.75
UBS AG 15.00 6/26/2015 EUR 74.36
UBS AG 4.70 4/15/2015 USD 33.31
UBS AG 5.67 12/3/2014 USD 71.07
UBS AG 9.75 6/26/2015 EUR 66.94
UBS AG 11.75 6/26/2015 EUR 70.48
UBS AG 10.50 9/25/2015 EUR 65.58
UBS AG 10.50 3/27/2015 EUR 62.72
UBS AG 11.75 3/27/2015 EUR 72.62
UBS AG 8.25 9/25/2015 EUR 61.27
UBS AG 4.25 9/25/2015 EUR 63.81
UBS AG 9.75 12/29/2015 EUR 57.59
UBS AG 8.00 12/29/2015 EUR 73.05
UBS AG 18.50 3/27/2015 EUR 73.38
UBS AG 8.50 9/25/2015 EUR 71.63
UBS AG 6.75 12/29/2015 EUR 74.74
UBS AG 23.00 6/26/2015 EUR 62.47
UBS AG 22.00 6/26/2015 EUR 72.53
UBS AG 24.75 3/27/2015 EUR 69.66
UBS AG 6.70 11/26/2014 EUR 73.03
UBS AG 7.00 1/2/2015 EUR 74.12
UBS AG 8.50 1/2/2015 EUR 66.99
UBS AG 13.50 1/2/2015 EUR 69.55
UBS AG 8.75 9/26/2014 EUR 57.97
UBS AG 6.75 9/26/2014 EUR 73.42
UBS AG 9.50 9/26/2014 EUR 52.05
UBS AG 8.00 9/26/2014 EUR 64.99
Notenstein Privatbank 14.00 3/9/2015 CHF 72.32
UBS AG 9.25 6/26/2015 EUR 73.77
UBS AG 14.25 6/26/2015 EUR 68.49
UBS AG 12.50 6/26/2015 EUR 69.87
UBS AG 10.75 6/26/2015 EUR 71.54
UBS AG 14.75 1/2/2015 EUR 68.66
UBS AG 8.90 9/24/2014 EUR 69.37
UBS AG 6.90 11/26/2014 EUR 72.34
UBS AG 10.20 11/26/2014 EUR 73.65
UBS AG 12.00 8/20/2014 EUR 70.83
UBS AG 7.60 3/25/2015 EUR 71.50
UBS AG 5.72 5/14/2015 USD 13.97
UBS AG 14.75 9/26/2014 EUR 69.65
UBS AG 14.75 1/2/2015 EUR 70.10
UBS AG 12.25 9/26/2014 EUR 74.06
UBS AG 12.75 12/29/2015 EUR 74.25
UBS AG 14.75 6/26/2015 EUR 69.52
UBS AG 12.25 6/26/2015 EUR 74.25
UBS AG 11.00 9/26/2014 EUR 68.27
UBS AG 13.00 1/2/2015 EUR 72.95
UBS AG 13.25 6/26/2015 EUR 72.18
UBS AG 13.25 9/26/2014 EUR 64.83
UBS AG 9.00 9/26/2014 EUR 72.21
UBS AG 12.00 1/2/2015 EUR 67.96
UBS AG 14.00 1/2/2015 EUR 71.78
UBS AG 13.75 1/2/2015 EUR 65.33
UBS AG 14.50 12/29/2015 EUR 71.15
UBS AG 13.75 12/29/2015 EUR 72.20
UBS AG 12.50 9/26/2014 EUR 73.37
Banque Cantonale Vaudo 8.65 11/24/2014 CHF 64.78
UBS AG 13.50 3/27/2015 EUR 72.83
UBS AG 14.75 3/27/2015 EUR 69.35
UBS AG 10.25 9/26/2014 EUR 45.88
UBS AG 13.75 9/25/2015 EUR 71.50
UBS AG 11.50 9/26/2014 EUR 59.48
UBS AG 14.25 1/2/2015 EUR 54.07
UBS AG 10.00 9/26/2014 EUR 48.61
UBS AG 14.75 9/25/2015 EUR 73.34
UBS AG 12.50 9/25/2015 EUR 74.63
UBS AG 14.25 3/27/2015 EUR 73.62
UBS AG 11.00 1/2/2015 EUR 48.10
UBS AG 12.75 1/2/2015 EUR 57.89
UBS AG 13.00 9/26/2014 EUR 54.36
UBS AG 14.50 9/26/2014 EUR 50.22
UBS AG 13.25 12/29/2015 EUR 68.70
UBS AG 14.50 3/27/2015 EUR 67.81
UBS AG 9.50 1/2/2015 EUR 65.36
UBS AG 8.75 9/25/2015 EUR 72.19
UBS AG 10.00 9/25/2015 EUR 55.31
UBS AG 14.75 1/2/2015 EUR 57.67
UBS AG 13.50 9/26/2014 EUR 68.98
UBS AG 13.00 9/26/2014 EUR 73.18
UBS AG 14.75 1/2/2015 EUR 71.77
UBS AG 14.50 1/2/2015 EUR 55.80
UBS AG 9.50 1/2/2015 EUR 60.78
UBS AG 10.25 1/2/2015 EUR 54.11
UBS AG 10.00 9/25/2015 EUR 70.16
UBS AG 20.50 9/25/2015 EUR 74.27
UBS AG 19.25 9/25/2015 EUR 74.96
UBS AG 24.00 6/26/2015 EUR 73.61
UBS AG 4.90 9/24/2014 EUR 70.29
UBS AG 5.00 9/24/2014 EUR 68.73
UBS AG 8.20 2/25/2015 EUR 65.89
Cyprus Popular Bank PC 2.07 5/26/2016 EUR 0.75
Sazka AS 9.00 7/12/2021 EUR 10.00
Ekotechnika GmbH 9.75 5/10/2018 EUR 64.25
DF Deutsche Forfait AG 7.88 5/27/2020 EUR 49.13
Mifa Mitteldeutsche Fa 7.50 8/12/2018 EUR 21.05
TUI AG 2.75 3/24/2016 EUR 66.20
Mox Telecom AG 7.25 11/2/2017 EUR 11.63
Praktiker AG 5.88 2/10/2016 EUR 0.13
MS Deutschland Beteili 6.88 12/18/2017 EUR 45.75
Travel24.com AG 7.50 9/17/2017 EUR 50.10
Laurel GmbH 7.13 11/16/2017 EUR 50.25
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 1.09
Rena GmbH 8.25 7/11/2018 EUR 19.38
Rena GmbH 7.00 12/15/2015 EUR 19.38
Golden Gate AG 6.50 10/11/2014 EUR 75.00
Gunther Zamek Produkti 7.75 5/15/2017 EUR 2.25
getgoods.de AG 7.75 10/2/2017 EUR 5.38
IKB Deutsche Industrie 5.63 3/31/2017 EUR 23.18
Solarworld AG 6.13 1/21/2017 EUR 33.25
Windreich GmbH 6.50 7/15/2016 EUR 10.88
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 67.30
Centrosolar Group AG 7.00 2/15/2016 EUR 3.50
SiC Processing GmbH 7.13 3/1/2016 EUR 7.25
BDT Media Automation G 8.13 10/9/2017 EUR 65.50
SAG Solarstrom AG 6.25 12/14/2015 EUR 64.00
Portigon AG 7.46 12/31/2019 EUR 10.00
Global PVQ SE 6.75 10/21/2015 EUR 1.20
Strenesse AG 9.00 3/15/2017 EUR 30.50
Windreich GmbH 6.50 3/1/2015 EUR 10.88
More & More AG 8.13 6/11/2018 EUR 59.88
Dexia Kommunalbank Deu 5.63 12/31/2017 EUR 33.50
IKB Deutsche Industrie 4.70 3/31/2017 EUR 22.50
Dexia Kommunalbank Deu 4.88 12/31/2016 EUR 38.00
eno energy GmbH 7.38 6/30/2016 EUR 74.88
Solarworld AG 6.38 7/13/2016 EUR 33.25
IKB Deutsche Industrie 4.50 3/31/2015 EUR 2.10
posterXXL AG 7.25 7/27/2017 EUR 50.00
MT-Energie GmbH & Co K 8.25 4/4/2017 EUR 40.30
TAG Immobilien AG 6.50 12/10/2015 EUR 9.73
ffk environment GmbH 7.25 6/1/2016 EUR 10.10
Gamigo AG 8.50 6/19/2018 EUR 61.50
Colonia Real Estate AG 5.88 5/11/2015 EUR 6.81
Solon SE 1.38 12/6/2012 EUR 0.25
Gigaset AG 3.00 4/22/2015 EUR 0.83
Estavis AG 6.25 3/27/2019 EUR 2.46
ADLER Real Estate AG 6.00 6/30/2017 EUR 6.20
WGF Westfaelische Grun 5.35 5/15/2015 EUR 9.75
SAG Solarstrom AG 7.50 7/10/2017 EUR 64.00
Solen AG 7.50 4/8/2016 EUR 1.20
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 1.10
Hamburgische Landesban 0.54 10/30/2030 EUR 71.61
DEIKON GmbH 1.00 11/16/2016 EUR 27.11
BKN biostrom AG 7.50 6/5/2016 EUR 1.00
Bremer Landesbank Kred 0.80 4/5/2041 EUR 62.37
INKA Beteiligungsverwa 5.10 10/31/2018 EUR 75.00
Solar Millennium AG 6.50 7/15/2015 EUR 10.10
ADLER Real Estate AG 6.00 12/27/2018 EUR 6.11
EXER D GmbH 5.70 2/1/2016 EUR 75.00
hkw personalkonzepte G 8.25 11/15/2016 EUR 1.03
Kristensen Germany AG 7.00 12/31/2015 DKK 2.11
GWB Immobilien AG 7.50 10/31/2014 EUR 0.00
UniCredit Bank AG 1.03 11/19/2029 EUR 74.04
Hamburgische Landesban 0.59 10/30/2040 EUR 68.30
WGF Westfaelische Grun 6.35 12/1/2016 EUR 13.00
Vontobel Financial Pro 10.20 12/30/2014 EUR 71.48
Vontobel Financial Pro 10.75 12/12/2014 EUR 67.60
DEIKON GmbH 1.00 7/1/2015 EUR 27.75
Landesbank Berlin AG 4.80 11/7/2014 EUR 68.30
Hamburgische Landesban 0.62 7/18/2031 EUR 74.43
Hamburgische Landesban 0.70 11/28/2030 EUR 74.29
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Hamburgische Landesban 0.59 10/25/2030 EUR 74.96
DEIKON GmbH 1.00 7/1/2016 EUR 25.25
Konservenfabrik Zachow 8.00 4/1/2016 EUR 0.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 1.00
Hamburgische Landesban 0.57 10/25/2030 EUR 72.86
WGF Westfaelische Grun 6.35 8/1/2017 EUR 4.25
Muehl Product & Servic 6.75 3/10/2005 DEM 1.62
Hamburgische Landesban 0.58 1/22/2041 EUR 68.24
Salvator Grundbesitz-A 9.50 12/31/2021 EUR 13.00
Windreich GmbH 6.75 3/1/2015 EUR 10.88
DZ Bank AG Deutsche Ze 6.00 5/22/2015 EUR 71.07
DZ Bank AG Deutsche Ze 3.50 12/19/2014 EUR 70.76
Hamburgische Landesban 0.83 11/8/2030 EUR 74.97
Windreich GmbH 6.25 3/1/2015 EUR 10.88
BNP Paribas Emissions- 9.00 9/25/2014 EUR 70.84
Estavis AG 7.75 6/25/2017 EUR 2.62
LBBW 6.00 9/26/2014 EUR 70.56
Hamburgische Landesban 0.67 12/1/2030 EUR 73.69
DZ Bank AG Deutsche Ze 5.25 6/26/2015 EUR 70.31
UniCredit Bank AG 5.25 4/29/2015 EUR 73.78
BNP Paribas Emissions- 8.00 6/25/2015 EUR 73.04
Landeskreditbank Baden 0.50 5/10/2027 CAD 67.22
Carpevigo Holding AG 7.00 12/31/2015 EUR 69.48
LBBW 4.00 6/26/2015 EUR 73.80
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 73.07
KFW 0.25 10/6/2036 CAD 35.78
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
UniCredit Bank AG 4.00 6/25/2015 EUR 71.13
UniCredit Bank AG 5.00 8/21/2014 EUR 63.64
HSBC Trinkaus & Burkha 8.50 11/28/2014 EUR 72.10
Vontobel Financial Pro 6.50 8/14/2015 EUR 69.20
HSBC Trinkaus & Burkha 6.00 11/28/2014 EUR 72.48
Landesbank Schleswig-H 0.67 1/17/2030 EUR 73.25
BNP Paribas Emissions- 6.50 9/25/2014 EUR 70.26
UniCredit Bank AG 4.00 12/29/2014 EUR 52.23
DZ Bank AG Deutsche Ze 9.75 8/22/2014 EUR 69.83
Deutsche Bank AG 5.80 12/23/2014 EUR 65.15
UniCredit Bank AG 4.00 6/25/2015 EUR 67.56
UniCredit Bank AG 4.00 6/25/2015 EUR 65.16
Vontobel Financial Pro 5.40 3/13/2015 EUR 66.10
Deutsche Bank AG 7.20 6/22/2015 EUR 69.70
LBBW 4.00 6/24/2016 EUR 71.11
UniCredit Bank AG 5.00 8/21/2014 EUR 64.09
HSBC Trinkaus & Burkha 11.00 8/22/2014 EUR 68.65
Rinol AG 5.50 10/15/2006 DEM 0.00
Dresdner Bank AG 1.00 11/19/2029 EUR 60.63
DZ Bank AG Deutsche Ze 5.00 7/24/2015 EUR 69.26
Goldman Sachs & Co Wer 8.00 12/23/2015 EUR 72.81
Vontobel Financial Pro 7.30 6/12/2015 EUR 73.78
Commerzbank AG 7.50 12/29/2014 EUR 65.44
LBBW 4.50 6/26/2015 EUR 74.80
UniCredit Bank AG 4.00 10/2/2014 EUR 70.92
DZ Bank AG Deutsche Ze 6.25 8/22/2014 EUR 72.84
Commerzbank AG 9.00 4/23/2015 EUR 73.22
DZ Bank AG Deutsche Ze 7.75 9/11/2015 EUR 73.49
Landeskreditbank Baden 0.25 10/13/2037 CAD 33.60
Gold-Zack AG 7.00 12/14/2005 EUR 12.01
LBBW 5.00 8/22/2014 EUR 74.44
LBBW 6.00 8/22/2014 EUR 70.77
LBBW 5.00 8/22/2014 EUR 73.37
LBBW 4.60 11/28/2014 EUR 67.86
HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 36.72
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 34.11
HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 31.32
HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 67.15
HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 70.43
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 62.82
HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 58.37
HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 43.63
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 41.14
HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 49.39
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 46.45
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 71.07
HSBC Trinkaus & Burkha 8.50 12/29/2014 EUR 72.83
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 72.13
HSBC Trinkaus & Burkha 8.00 12/29/2014 EUR 63.17
Societe Generale Effek 2.50 10/7/2016 EUR 54.30
HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 41.65
HSBC Trinkaus & Burkha 9.00 12/29/2014 EUR 65.86
Deutsche Bank AG 6.30 9/23/2014 EUR 73.90
Deutsche Bank AG 8.30 9/23/2014 EUR 70.60
Deutsche Bank AG 8.30 9/23/2014 EUR 74.50
Deutsche Bank AG 7.30 9/23/2014 EUR 72.20
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 63.29
HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 68.75
HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 65.31
HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 70.23
Vontobel Financial Pro 7.10 9/26/2014 EUR 72.46
HSBC Trinkaus & Burkha 12.00 9/26/2014 EUR 71.68
HSBC Trinkaus & Burkha 11.00 12/30/2014 EUR 74.39
Deutsche Bank AG 7.00 10/22/2014 EUR 72.70
Deutsche Bank AG 8.00 10/22/2014 EUR 71.20
Deutsche Bank AG 6.00 10/22/2014 EUR 74.30
DZ Bank AG Deutsche Ze 5.00 11/28/2014 EUR 69.99
Societe Generale Effek 4.00 6/26/2017 EUR 48.94
LBBW 5.00 9/26/2014 EUR 70.65
DZ Bank AG Deutsche Ze 5.75 6/26/2015 EUR 71.38
BNP Paribas Emissions- 7.00 6/25/2015 EUR 68.98
BNP Paribas Emissions- 7.00 10/22/2015 EUR 71.08
BNP Paribas Emissions- 8.00 11/27/2014 EUR 70.78
BNP Paribas Emissions- 7.50 1/22/2015 EUR 70.02
BNP Paribas Emissions- 8.00 10/22/2015 EUR 74.92
BNP Paribas Emissions- 9.00 10/22/2015 EUR 74.51
BNP Paribas Emissions- 10.00 10/22/2015 EUR 74.18
Commerzbank AG 7.50 6/25/2015 EUR 67.50
DZ Bank AG Deutsche Ze 5.25 12/12/2014 EUR 74.37
DZ Bank AG Deutsche Ze 6.25 3/13/2015 EUR 71.40
DZ Bank AG Deutsche Ze 6.00 6/12/2015 EUR 71.35
DZ Bank AG Deutsche Ze 6.75 6/12/2015 EUR 72.00
DZ Bank AG Deutsche Ze 6.50 9/11/2015 EUR 73.19
DZ Bank AG Deutsche Ze 6.00 9/11/2015 EUR 73.34
DZ Bank AG Deutsche Ze 7.25 6/12/2015 EUR 70.32
DZ Bank AG Deutsche Ze 8.00 9/11/2015 EUR 72.65
DZ Bank AG Deutsche Ze 6.75 9/11/2015 EUR 71.32
DZ Bank AG Deutsche Ze 5.75 9/11/2015 EUR 72.59
DZ Bank AG Deutsche Ze 5.25 9/11/2015 EUR 72.87
DZ Bank AG Deutsche Ze 6.80 6/12/2015 EUR 74.68
Commerzbank AG 10.00 3/26/2015 EUR 72.71
DZ Bank AG Deutsche Ze 6.25 3/27/2015 EUR 74.19
DZ Bank AG Deutsche Ze 9.00 3/27/2015 EUR 71.16
DZ Bank AG Deutsche Ze 8.25 3/27/2015 EUR 69.36
DZ Bank AG Deutsche Ze 8.25 6/26/2015 EUR 70.29
UniCredit Bank AG 4.00 9/24/2015 EUR 65.54
UniCredit Bank AG 4.00 9/24/2015 EUR 74.12
UniCredit Bank AG 4.00 9/24/2015 EUR 67.22
Vontobel Financial Pro 6.40 6/26/2015 EUR 71.74
Vontobel Financial Pro 4.95 12/30/2014 EUR 72.98
Vontobel Financial Pro 9.30 9/26/2014 EUR 67.86
Goldman Sachs & Co Wer 22.00 9/24/2014 EUR 63.53
Goldman Sachs & Co Wer 17.00 12/24/2014 EUR 67.28
Goldman Sachs & Co Wer 16.00 1/21/2015 EUR 68.13
Goldman Sachs & Co Wer 9.00 4/22/2015 EUR 73.84
Goldman Sachs & Co Wer 14.00 4/22/2015 EUR 70.76
HSBC Trinkaus & Burkha 12.00 6/26/2015 EUR 69.96
HSBC Trinkaus & Burkha 6.00 9/25/2015 EUR 74.43
HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 71.11
HSBC Trinkaus & Burkha 13.00 6/26/2015 EUR 68.36
HSBC Trinkaus & Burkha 6.50 9/25/2015 EUR 73.33
HSBC Trinkaus & Burkha 9.00 8/22/2014 EUR 68.34
HSBC Trinkaus & Burkha 18.50 12/30/2014 EUR 69.69
HSBC Trinkaus & Burkha 15.00 3/27/2015 EUR 71.83
HSBC Trinkaus & Burkha 14.00 6/26/2015 EUR 73.13
HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 73.51
HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 62.80
HSBC Trinkaus & Burkha 6.00 3/27/2015 EUR 65.39
Vontobel Financial Pro 6.55 3/27/2015 EUR 66.60
Vontobel Financial Pro 8.85 5/22/2015 EUR 73.72
Deutsche Bank AG 5.20 6/22/2015 EUR 72.80
Deutsche Bank AG 4.20 6/22/2015 EUR 73.70
Deutsche Bank AG 5.20 6/22/2015 EUR 72.90
Deutsche Bank AG 5.20 7/22/2015 EUR 75.00
Deutsche Bank AG 5.20 8/26/2015 EUR 71.80
Deutsche Bank AG 6.20 7/22/2015 EUR 72.30
Deutsche Bank AG 5.20 7/22/2015 EUR 71.40
Deutsche Bank AG 6.20 8/26/2015 EUR 72.80
DZ Bank AG Deutsche Ze 6.50 5/22/2015 EUR 71.92
DZ Bank AG Deutsche Ze 6.25 9/25/2015 EUR 73.06
BNP Paribas Emissions- 15.00 9/25/2014 EUR 72.09
BNP Paribas Emissions- 6.00 9/25/2014 EUR 74.70
BNP Paribas Emissions- 14.00 9/25/2014 EUR 65.92
BNP Paribas Emissions- 8.00 12/29/2014 EUR 72.75
BNP Paribas Emissions- 11.00 12/29/2014 EUR 70.16
BNP Paribas Emissions- 7.50 3/26/2015 EUR 74.18
BNP Paribas Emissions- 10.00 3/26/2015 EUR 72.11
BNP Paribas Emissions- 14.00 9/25/2014 EUR 60.72
BNP Paribas Emissions- 3.50 12/29/2014 EUR 72.13
BNP Paribas Emissions- 8.00 12/29/2014 EUR 65.55
BNP Paribas Emissions- 11.50 12/29/2014 EUR 63.40
BNP Paribas Emissions- 4.00 3/26/2015 EUR 73.13
BNP Paribas Emissions- 5.50 3/26/2015 EUR 69.73
BNP Paribas Emissions- 3.50 9/25/2014 EUR 71.30
BNP Paribas Emissions- 9.00 9/25/2014 EUR 63.61
BNP Paribas Emissions- 7.50 3/26/2015 EUR 67.10
BNP Paribas Emissions- 10.00 3/26/2015 EUR 65.19
BNP Paribas Emissions- 16.00 9/25/2014 EUR 68.88
BNP Paribas Emissions- 13.00 12/29/2014 EUR 71.94
BNP Paribas Emissions- 10.00 3/26/2015 EUR 73.85
BNP Paribas Emissions- 7.00 9/25/2014 EUR 63.99
BNP Paribas Emissions- 13.50 9/25/2014 EUR 59.02
BNP Paribas Emissions- 7.00 12/29/2014 EUR 65.72
BNP Paribas Emissions- 11.00 12/29/2014 EUR 61.53
BNP Paribas Emissions- 3.50 3/26/2015 EUR 72.03
BNP Paribas Emissions- 6.00 3/26/2015 EUR 66.79
BNP Paribas Emissions- 9.50 3/26/2015 EUR 63.26
BNP Paribas Emissions- 17.50 9/25/2014 EUR 63.24
BNP Paribas Emissions- 6.50 12/29/2014 EUR 71.69
BNP Paribas Emissions- 14.00 12/29/2014 EUR 66.37
BNP Paribas Emissions- 7.50 3/26/2015 EUR 70.74
BNP Paribas Emissions- 12.50 3/26/2015 EUR 67.39
BNP Paribas Emissions- 12.00 9/25/2014 EUR 51.65
BNP Paribas Emissions- 19.00 9/25/2014 EUR 46.90
BNP Paribas Emissions- 11.00 12/29/2014 EUR 54.05
BNP Paribas Emissions- 16.00 12/29/2014 EUR 50.45
BNP Paribas Emissions- 8.00 3/26/2015 EUR 60.90
BNP Paribas Emissions- 11.00 3/26/2015 EUR 56.16
BNP Paribas Emissions- 15.00 3/26/2015 EUR 53.30
BNP Paribas Emissions- 14.00 9/25/2014 EUR 73.69
HSBC Trinkaus & Burkha 9.50 10/24/2014 EUR 68.16
HSBC Trinkaus & Burkha 8.50 1/23/2015 EUR 70.04
HSBC Trinkaus & Burkha 9.50 6/26/2015 EUR 69.66
HSBC Trinkaus & Burkha 7.00 9/25/2015 EUR 72.20
HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 66.55
HSBC Trinkaus & Burkha 10.50 12/30/2014 EUR 65.33
HSBC Trinkaus & Burkha 6.00 3/27/2015 EUR 67.97
DZ Bank AG Deutsche Ze 8.50 5/22/2015 EUR 70.91
DZ Bank AG Deutsche Ze 5.50 5/22/2015 EUR 66.19
Deutsche Bank AG 4.00 5/25/2015 EUR 74.20
BNP Paribas Emissions- 6.00 6/25/2015 EUR 68.59
BNP Paribas Emissions- 7.00 11/27/2014 EUR 72.42
BNP Paribas Emissions- 6.75 1/22/2015 EUR 72.69
Deutsche Bank AG 7.30 9/23/2014 EUR 71.60
BNP Paribas Emissions- 5.75 1/22/2015 EUR 74.97
BNP Paribas Emissions- 6.75 7/23/2015 EUR 74.33
UniCredit Bank AG 6.00 11/27/2014 EUR 73.82
UniCredit Bank AG 5.30 11/27/2014 EUR 74.60
Deutsche Bank AG 8.30 9/23/2014 EUR 69.00
UniCredit Bank AG 7.00 11/27/2014 EUR 73.92
Vontobel Financial Pro 11.05 9/26/2014 EUR 72.82
Vontobel Financial Pro 9.05 12/30/2014 EUR 69.70
Vontobel Financial Pro 6.40 12/30/2014 EUR 72.84
Vontobel Financial Pro 11.35 9/26/2014 EUR 67.34
Vontobel Financial Pro 7.60 9/26/2014 EUR 71.28
UniCredit Bank AG 5.20 11/27/2014 EUR 59.30
UniCredit Bank AG 4.00 11/27/2014 EUR 64.67
Deutsche Bank AG 8.30 9/23/2014 EUR 71.70
Goldman Sachs & Co Wer 18.00 9/24/2014 EUR 66.72
Goldman Sachs & Co Wer 12.00 2/25/2015 EUR 71.09
Goldman Sachs & Co Wer 10.00 2/25/2015 EUR 73.04
Goldman Sachs & Co Wer 8.00 3/25/2015 EUR 72.48
HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 66.42
HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 72.14
HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 64.41
HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 68.90
HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 66.70
HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 70.37
HSBC Trinkaus & Burkha 9.00 3/27/2015 EUR 68.40
HSBC Trinkaus & Burkha 7.50 6/26/2015 EUR 69.51
HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 64.81
HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 66.32
HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 68.09
HSBC Trinkaus & Burkha 22.00 9/26/2014 EUR 69.48
HSBC Trinkaus & Burkha 15.00 9/26/2014 EUR 73.36
HSBC Trinkaus & Burkha 16.50 12/30/2014 EUR 73.08
HSBC Trinkaus & Burkha 13.50 3/27/2015 EUR 74.98
LBBW 3.00 2/27/2015 EUR 72.28
LBBW 4.00 2/27/2015 EUR 70.40
Commerzbank AG 4.80 6/25/2015 EUR 73.51
Commerzbank AG 4.70 6/25/2015 EUR 70.30
DZ Bank AG Deutsche Ze 6.25 1/23/2015 EUR 74.40
DZ Bank AG Deutsche Ze 5.50 1/23/2015 EUR 64.67
DZ Bank AG Deutsche Ze 5.00 1/23/2015 EUR 73.40
DZ Bank AG Deutsche Ze 7.50 3/27/2015 EUR 71.26
DZ Bank AG Deutsche Ze 7.25 6/26/2015 EUR 71.71
DZ Bank AG Deutsche Ze 6.00 3/27/2015 EUR 66.95
DZ Bank AG Deutsche Ze 7.75 3/27/2015 EUR 74.04
DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 63.58
Deutsche Bank AG 6.20 6/22/2015 EUR 71.90
Deutsche Bank AG 4.20 6/22/2015 EUR 73.80
Deutsche Bank AG 6.20 6/22/2015 EUR 74.50
Vontobel Financial Pro 4.70 6/26/2015 EUR 66.44
Vontobel Financial Pro 6.65 6/26/2015 EUR 68.34
Vontobel Financial Pro 5.00 3/27/2015 EUR 66.90
Vontobel Financial Pro 5.80 12/30/2014 EUR 65.96
DZ Bank AG Deutsche Ze 5.00 1/23/2015 EUR 64.79
Deutsche Bank AG 6.10 12/23/2014 EUR 68.50
Deutsche Bank AG 6.10 12/23/2014 EUR 66.90
Deutsche Bank AG 6.10 12/23/2014 EUR 64.60
DZ Bank AG Deutsche Ze 5.50 9/26/2014 EUR 68.63
Deutsche Bank AG 6.10 9/23/2014 EUR 67.00
Deutsche Bank AG 6.10 9/23/2014 EUR 65.40
Deutsche Bank AG 6.10 9/23/2014 EUR 63.10
Deutsche Bank AG 7.10 12/23/2014 EUR 68.90
Deutsche Bank AG 7.10 12/23/2014 EUR 67.30
Deutsche Bank AG 7.10 12/23/2014 EUR 65.00
Commerzbank AG 9.50 2/26/2015 EUR 72.00
Vontobel Financial Pro 8.60 12/30/2014 EUR 71.22
Vontobel Financial Pro 9.35 9/26/2014 EUR 72.02
DZ Bank AG Deutsche Ze 7.25 2/13/2015 EUR 69.17
DZ Bank AG Deutsche Ze 8.00 2/13/2015 EUR 69.54
DZ Bank AG Deutsche Ze 7.25 8/14/2015 EUR 71.38
DZ Bank AG Deutsche Ze 6.00 1/16/2015 EUR 70.00
DZ Bank AG Deutsche Ze 7.00 10/17/2014 EUR 66.90
DZ Bank AG Deutsche Ze 6.50 10/17/2014 EUR 68.26
DZ Bank AG Deutsche Ze 6.00 1/16/2015 EUR 69.59
DZ Bank AG Deutsche Ze 6.75 1/16/2015 EUR 69.91
DZ Bank AG Deutsche Ze 7.25 1/16/2015 EUR 68.65
DZ Bank AG Deutsche Ze 7.25 7/10/2015 EUR 70.80
Vontobel Financial Pro 8.80 12/30/2014 EUR 71.20
DZ Bank AG Deutsche Ze 8.75 10/17/2014 EUR 71.55
Deutsche Bank AG 6.50 3/24/2015 EUR 73.90
Deutsche Bank AG 6.50 3/24/2015 EUR 74.80
Deutsche Bank AG 6.50 3/24/2015 EUR 72.90
Commerzbank AG 8.00 2/26/2015 EUR 74.25
Deutsche Bank AG 6.50 3/24/2015 EUR 74.30
Deutsche Bank AG 6.50 3/24/2015 EUR 72.50
Deutsche Bank AG 7.50 3/24/2015 EUR 73.10
Deutsche Bank AG 5.50 3/24/2015 EUR 74.20
Deutsche Bank AG 5.50 3/24/2015 EUR 71.20
Deutsche Bank AG 6.50 3/24/2015 EUR 71.80
Deutsche Bank AG 6.50 3/24/2015 EUR 68.80
Deutsche Bank AG 6.50 3/24/2015 EUR 67.40
Deutsche Bank AG 7.50 3/24/2015 EUR 72.50
Deutsche Bank AG 7.50 3/24/2015 EUR 70.20
Deutsche Bank AG 7.50 3/24/2015 EUR 68.00
Deutsche Bank AG 7.50 3/24/2015 EUR 66.60
Vontobel Financial Pro 5.75 1/23/2015 EUR 72.82
DZ Bank AG Deutsche Ze 9.00 6/26/2015 EUR 74.50
DZ Bank AG Deutsche Ze 10.50 12/30/2014 EUR 71.38
DZ Bank AG Deutsche Ze 7.25 3/27/2015 EUR 71.78
DZ Bank AG Deutsche Ze 9.00 6/26/2015 EUR 73.95
DZ Bank AG Deutsche Ze 7.00 9/25/2015 EUR 73.76
Deutsche Bank AG 5.20 6/22/2015 EUR 74.70
Deutsche Bank AG 6.20 6/22/2015 EUR 73.70
Goldman Sachs & Co Wer 13.00 1/21/2015 EUR 73.33
HSBC Trinkaus & Burkha 11.50 12/30/2014 EUR 71.82
DZ Bank AG Deutsche Ze 5.25 12/12/2014 EUR 66.67
DZ Bank AG Deutsche Ze 7.00 12/12/2014 EUR 64.43
BNP Paribas Emissions- 8.00 12/29/2014 EUR 73.68
DZ Bank AG Deutsche Ze 8.25 9/26/2014 EUR 68.78
DZ Bank AG Deutsche Ze 12.00 9/26/2014 EUR 60.49
DZ Bank AG Deutsche Ze 11.00 9/26/2014 EUR 65.80
DZ Bank AG Deutsche Ze 13.00 9/26/2014 EUR 67.45
Vontobel Financial Pro 8.50 6/26/2015 EUR 70.96
Vontobel Financial Pro 10.45 12/30/2014 EUR 68.38
Vontobel Financial Pro 13.05 9/26/2014 EUR 65.62
LBBW 5.00 10/24/2014 EUR 74.68
LBBW 6.00 10/24/2014 EUR 72.38
Goldman Sachs & Co Wer 7.00 8/20/2014 EUR 68.61
Goldman Sachs & Co Wer 8.00 9/24/2014 EUR 69.35
DekaBank Deutsche Giro 4.90 6/11/2015 EUR 66.43
BNP Paribas Emissions- 5.00 12/29/2014 EUR 74.78
BNP Paribas Emissions- 5.00 1/22/2015 EUR 73.40
BNP Paribas Emissions- 5.00 10/23/2014 EUR 72.81
BNP Paribas Emissions- 4.00 10/23/2014 EUR 73.78
Commerzbank AG 10.00 9/25/2014 EUR 64.27
DZ Bank AG Deutsche Ze 5.00 12/19/2014 EUR 73.85
Deutsche Bank AG 7.20 9/24/2014 EUR 70.10
BNP Paribas Emissions- 17.00 9/25/2014 EUR 68.74
BNP Paribas Emissions- 9.50 9/25/2014 EUR 71.30
BNP Paribas Emissions- 8.00 12/29/2014 EUR 72.95
BNP Paribas Emissions- 10.00 12/29/2014 EUR 72.55
HSBC Trinkaus & Burkha 13.50 9/26/2014 EUR 69.08
HSBC Trinkaus & Burkha 10.00 3/27/2015 EUR 73.51
HSBC Trinkaus & Burkha 7.50 8/22/2014 EUR 74.70
BNP Paribas Emissions- 6.00 9/25/2014 EUR 74.79
BNP Paribas Emissions- 10.00 9/25/2014 EUR 70.35
BNP Paribas Emissions- 8.00 9/25/2014 EUR 71.59
Commerzbank AG 7.00 9/25/2014 EUR 67.22
Commerzbank AG 10.25 9/25/2014 EUR 74.46
Commerzbank AG 8.25 1/22/2015 EUR 72.10
Commerzbank AG 8.50 1/22/2015 EUR 73.56
Vontobel Financial Pro 9.70 12/30/2014 EUR 63.90
Vontobel Financial Pro 12.10 9/26/2014 EUR 61.44
Vontobel Financial Pro 8.20 6/26/2015 EUR 70.78
Vontobel Financial Pro 9.50 12/30/2014 EUR 68.28
Vontobel Financial Pro 11.70 9/26/2014 EUR 65.82
Vontobel Financial Pro 8.70 12/30/2014 EUR 71.12
Vontobel Financial Pro 10.50 9/26/2014 EUR 68.98
Vontobel Financial Pro 5.65 6/26/2015 EUR 69.22
Vontobel Financial Pro 7.00 12/30/2014 EUR 68.46
Vontobel Financial Pro 7.50 9/26/2014 EUR 66.86
Vontobel Financial Pro 7.70 1/30/2015 EUR 64.90
Vontobel Financial Pro 6.35 6/26/2015 EUR 69.18
Vontobel Financial Pro 6.65 12/30/2014 EUR 67.64
Vontobel Financial Pro 6.45 9/26/2014 EUR 65.90
Commerzbank AG 6.00 1/22/2015 EUR 70.58
Commerzbank AG 8.00 1/22/2015 EUR 68.05
Goldman Sachs & Co Wer 12.00 10/22/2014 EUR 67.14
Goldman Sachs & Co Wer 11.00 12/24/2014 EUR 68.80
Goldman Sachs & Co Wer 10.00 2/25/2015 EUR 70.11
Goldman Sachs & Co Wer 6.00 2/25/2015 EUR 67.96
Goldman Sachs & Co Wer 8.00 6/24/2015 EUR 70.11
Goldman Sachs & Co Wer 7.00 6/24/2015 EUR 69.25
Goldman Sachs & Co Wer 16.00 9/24/2014 EUR 61.10
Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 63.61
Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 72.74
Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 65.92
Goldman Sachs & Co Wer 14.00 10/22/2014 EUR 66.93
Goldman Sachs & Co Wer 13.00 11/26/2014 EUR 67.99
Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 71.41
Goldman Sachs & Co Wer 13.00 12/24/2014 EUR 68.98
Goldman Sachs & Co Wer 10.00 1/21/2015 EUR 72.13
Goldman Sachs & Co Wer 12.00 1/21/2015 EUR 69.51
Goldman Sachs & Co Wer 8.00 2/25/2015 EUR 68.94
Goldman Sachs & Co Wer 12.00 2/25/2015 EUR 68.13
Goldman Sachs & Co Wer 9.00 2/25/2015 EUR 72.47
Goldman Sachs & Co Wer 11.00 2/25/2015 EUR 70.10
Goldman Sachs & Co Wer 9.00 3/25/2015 EUR 73.09
Goldman Sachs & Co Wer 11.00 3/25/2015 EUR 70.90
Goldman Sachs & Co Wer 11.00 6/24/2015 EUR 69.86
Goldman Sachs & Co Wer 9.00 6/24/2015 EUR 74.14
Goldman Sachs & Co Wer 11.00 6/24/2015 EUR 72.52
DZ Bank AG Deutsche Ze 4.50 10/9/2014 EUR 67.21
DZ Bank AG Deutsche Ze 4.50 1/9/2015 EUR 67.63
DZ Bank AG Deutsche Ze 4.50 4/13/2015 EUR 68.55
DZ Bank AG Deutsche Ze 8.00 2/27/2015 EUR 66.43
DZ Bank AG Deutsche Ze 11.50 9/26/2014 EUR 66.21
DZ Bank AG Deutsche Ze 9.50 2/27/2015 EUR 69.89
DZ Bank AG Deutsche Ze 9.00 3/27/2015 EUR 70.28
DZ Bank AG Deutsche Ze 13.75 9/26/2014 EUR 67.35
DZ Bank AG Deutsche Ze 11.00 12/30/2014 EUR 69.84
DZ Bank AG Deutsche Ze 10.50 2/27/2015 EUR 71.30
DZ Bank AG Deutsche Ze 7.50 3/27/2015 EUR 70.23
HSBC Trinkaus & Burkha 10.00 3/27/2015 EUR 63.28
HSBC Trinkaus & Burkha 11.00 9/26/2014 EUR 64.72
HSBC Trinkaus & Burkha 12.00 3/27/2015 EUR 65.16
HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 70.59
HSBC Trinkaus & Burkha 6.50 10/24/2014 EUR 67.91
HSBC Trinkaus & Burkha 6.00 1/23/2015 EUR 69.28
HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 65.94
HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 70.78
HSBC Trinkaus & Burkha 9.50 12/30/2014 EUR 68.15
HSBC Trinkaus & Burkha 12.50 3/27/2015 EUR 66.11
HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 69.72
HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 72.02
HSBC Trinkaus & Burkha 7.00 10/24/2014 EUR 69.50
HSBC Trinkaus & Burkha 6.00 1/23/2015 EUR 70.74
HSBC Trinkaus & Burkha 12.50 3/27/2015 EUR 67.32
HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 73.05
HSBC Trinkaus & Burkha 13.50 3/27/2015 EUR 72.67
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 65.09
HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 68.70
DZ Bank AG Deutsche Ze 4.25 2/27/2015 EUR 70.00
DZ Bank AG Deutsche Ze 6.50 1/23/2015 EUR 72.45
DZ Bank AG Deutsche Ze 7.00 1/23/2015 EUR 66.18
Commerzbank AG 8.00 1/22/2015 EUR 68.32
Commerzbank AG 10.00 10/23/2014 EUR 69.20
Commerzbank AG 8.50 1/22/2015 EUR 70.93
Commerzbank AG 6.50 9/25/2014 EUR 63.39
Commerzbank AG 6.50 1/22/2015 EUR 65.48
DZ Bank AG Deutsche Ze 6.50 7/10/2015 EUR 73.75
DZ Bank AG Deutsche Ze 7.00 7/10/2015 EUR 74.20
DZ Bank AG Deutsche Ze 7.25 7/10/2015 EUR 74.43
DZ Bank AG Deutsche Ze 7.00 10/17/2014 EUR 73.31
DZ Bank AG Deutsche Ze 6.25 1/16/2015 EUR 74.58
Vontobel Financial Pro 10.00 12/30/2014 EUR 71.74
DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 74.64
UniCredit Bank AG 4.00 2/26/2015 EUR 73.82
UniCredit Bank AG 4.10 2/26/2015 EUR 72.02
UniCredit Bank AG 5.70 2/26/2015 EUR 67.24
UniCredit Bank AG 5.00 2/26/2015 EUR 71.87
UniCredit Bank AG 4.50 2/26/2015 EUR 70.75
UniCredit Bank AG 5.50 2/26/2015 EUR 70.94
UniCredit Bank AG 5.30 2/26/2015 EUR 68.36
UniCredit Bank AG 4.00 2/26/2015 EUR 74.37
UniCredit Bank AG 4.75 2/26/2015 EUR 72.89
UniCredit Bank AG 6.00 2/26/2015 EUR 70.01
UniCredit Bank AG 4.50 2/26/2015 EUR 72.82
UniCredit Bank AG 4.90 2/26/2015 EUR 69.53
UniCredit Bank AG 5.40 2/26/2015 EUR 71.43
Vontobel Financial Pro 6.60 6/26/2015 EUR 73.20
Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 66.15
Vontobel Financial Pro 7.75 9/26/2014 EUR 69.98
Vontobel Financial Pro 6.40 6/26/2015 EUR 72.72
Vontobel Financial Pro 8.00 12/30/2014 EUR 71.96
Vontobel Financial Pro 7.75 9/26/2014 EUR 70.02
Commerzbank AG 7.00 1/22/2015 EUR 73.47
DZ Bank AG Deutsche Ze 6.75 1/23/2015 EUR 70.03
DZ Bank AG Deutsche Ze 7.50 1/23/2015 EUR 68.79
DZ Bank AG Deutsche Ze 8.50 1/23/2015 EUR 72.89
BNP Paribas Emissions- 8.50 12/29/2014 EUR 70.90
Goldman Sachs & Co Wer 12.00 10/22/2014 EUR 74.31
DZ Bank AG Deutsche Ze 7.25 1/16/2015 EUR 65.36
DZ Bank AG Deutsche Ze 9.00 1/16/2015 EUR 66.12
DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 70.48
DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 69.21
DZ Bank AG Deutsche Ze 7.00 1/16/2015 EUR 70.73
DZ Bank AG Deutsche Ze 5.25 7/10/2015 EUR 73.55
DZ Bank AG Deutsche Ze 6.50 7/10/2015 EUR 72.00
Vontobel Financial Pro 14.00 10/17/2014 EUR 72.18
Vontobel Financial Pro 5.90 3/13/2015 EUR 66.38
Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 71.26
Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 66.74
Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 65.69
Goldman Sachs & Co Wer 13.00 11/26/2014 EUR 69.83
Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 72.88
Goldman Sachs & Co Wer 9.00 6/24/2015 EUR 74.50
Vontobel Financial Pro 6.60 3/13/2015 EUR 74.70
Vontobel Financial Pro 8.00 3/13/2015 EUR 73.80
Vontobel Financial Pro 9.00 3/13/2015 EUR 74.38
Vontobel Financial Pro 6.95 10/17/2014 EUR 74.02
Vontobel Financial Pro 10.05 12/12/2014 EUR 72.80
Vontobel Financial Pro 12.55 11/14/2014 EUR 72.74
Vontobel Financial Pro 5.50 12/30/2014 EUR 73.26
Vontobel Financial Pro 7.85 9/26/2014 EUR 67.68
Vontobel Financial Pro 7.05 12/30/2014 EUR 69.64
Vontobel Financial Pro 10.45 12/30/2014 EUR 71.78
HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 66.36
HSBC Trinkaus & Burkha 8.00 9/26/2014 EUR 72.93
HSBC Trinkaus & Burkha 9.50 9/26/2014 EUR 69.26
Vontobel Financial Pro 4.00 6/12/2015 EUR 45.30
Vontobel Financial Pro 10.45 9/26/2014 EUR 74.88
Goldman Sachs & Co Wer 6.00 9/24/2014 EUR 73.41
Goldman Sachs & Co Wer 10.00 9/24/2014 EUR 69.24
Goldman Sachs & Co Wer 13.00 9/24/2014 EUR 61.22
Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 66.46
Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 58.75
DZ Bank AG Deutsche Ze 10.75 9/26/2014 EUR 73.89
HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 65.67
HSBC Trinkaus & Burkha 10.50 9/26/2014 EUR 69.65
HSBC Trinkaus & Burkha 9.50 9/26/2014 EUR 73.26
HSBC Trinkaus & Burkha 8.50 9/26/2014 EUR 69.63
HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 73.60
Vontobel Financial Pro 6.25 12/30/2014 EUR 73.50
Vontobel Financial Pro 6.90 9/26/2014 EUR 71.66
HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 71.88
Commerzbank AG 7.00 11/27/2014 EUR 64.65
Deutsche Bank AG 5.20 11/26/2014 EUR 72.80
Deutsche Bank AG 6.20 11/26/2014 EUR 74.80
Deutsche Bank AG 6.20 11/26/2014 EUR 71.30
Deutsche Bank AG 6.20 11/26/2014 EUR 68.90
Deutsche Bank AG 7.20 11/26/2014 EUR 71.60
Deutsche Bank AG 7.20 11/26/2014 EUR 69.20
Deutsche Bank AG 7.20 11/26/2014 EUR 66.90
Deutsche Bank AG 5.20 11/26/2014 EUR 72.80
Deutsche Bank AG 6.20 11/26/2014 EUR 73.10
Deutsche Bank AG 7.20 11/26/2014 EUR 73.40
Deutsche Bank AG 6.20 11/26/2014 EUR 73.00
Deutsche Bank AG 5.20 11/26/2014 EUR 74.50
Deutsche Bank AG 5.20 11/26/2014 EUR 66.30
DZ Bank AG Deutsche Ze 6.00 12/30/2014 EUR 68.33
DZ Bank AG Deutsche Ze 8.50 12/30/2014 EUR 65.34
Deutsche Bank AG 6.20 11/26/2014 EUR 66.60
Deutsche Bank AG 7.20 11/26/2014 EUR 73.40
Deutsche Bank AG 5.20 11/26/2014 EUR 71.00
Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 73.65
Goldman Sachs & Co Wer 11.00 9/24/2014 EUR 68.93
Goldman Sachs & Co Wer 14.00 9/24/2014 EUR 66.25
Goldman Sachs & Co Wer 10.00 11/26/2014 EUR 70.56
Goldman Sachs & Co Wer 8.00 8/20/2014 EUR 72.18
Goldman Sachs & Co Wer 8.00 10/22/2014 EUR 73.54
Goldman Sachs & Co Wer 8.00 8/20/2014 EUR 67.64
Goldman Sachs & Co Wer 16.00 8/20/2014 EUR 59.20
Goldman Sachs & Co Wer 9.00 10/22/2014 EUR 66.37
Goldman Sachs & Co Wer 9.00 8/20/2014 EUR 73.91
Goldman Sachs & Co Wer 11.00 10/22/2014 EUR 68.26
Goldman Sachs & Co Wer 15.00 10/22/2014 EUR 68.27
Goldman Sachs & Co Wer 13.00 11/26/2014 EUR 66.98
Commerzbank AG 9.50 11/27/2014 EUR 70.31
Goldman Sachs & Co Wer 7.00 11/26/2014 EUR 69.62
Vontobel Financial Pro 7.30 12/30/2014 EUR 73.92
Goldman Sachs & Co Wer 13.00 10/22/2014 EUR 68.46
BNP Paribas Emissions- 7.00 12/29/2014 EUR 72.82
Goldman Sachs & Co Wer 13.00 12/24/2014 EUR 72.91
Goldman Sachs & Co Wer 16.00 9/24/2014 EUR 71.95
Goldman Sachs & Co Wer 14.00 11/26/2014 EUR 74.06
DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 63.60
DZ Bank AG Deutsche Ze 9.50 10/17/2014 EUR 64.00
DZ Bank AG Deutsche Ze 7.00 7/10/2015 EUR 67.26
DZ Bank AG Deutsche Ze 8.00 7/10/2015 EUR 68.17
DZ Bank AG Deutsche Ze 9.50 10/17/2014 EUR 68.06
DZ Bank AG Deutsche Ze 5.50 1/16/2015 EUR 72.88
Vontobel Financial Pro 14.65 10/17/2014 EUR 74.34
Vontobel Financial Pro 4.75 10/17/2014 EUR 63.94
Vontobel Financial Pro 5.55 10/17/2014 EUR 64.08
Vontobel Financial Pro 6.25 10/17/2014 EUR 64.20
Vontobel Financial Pro 4.95 3/13/2015 EUR 65.84
Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 70.46
Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 71.19
Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 74.93
Goldman Sachs & Co Wer 12.00 9/24/2014 EUR 68.35
Goldman Sachs & Co Wer 11.00 10/22/2014 EUR 69.06
Goldman Sachs & Co Wer 12.00 10/22/2014 EUR 65.54
Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 69.25
Goldman Sachs & Co Wer 13.00 6/24/2015 EUR 70.32
Vontobel Financial Pro 6.25 3/13/2015 EUR 71.02
Vontobel Financial Pro 5.70 3/13/2015 EUR 70.70
Vontobel Financial Pro 4.70 3/13/2015 EUR 70.12
Vontobel Financial Pro 7.65 12/12/2014 EUR 73.62
Vontobel Financial Pro 4.85 12/12/2014 EUR 69.16
Vontobel Financial Pro 8.60 10/17/2014 EUR 71.36
Vontobel Financial Pro 14.35 1/16/2015 EUR 68.00
Vontobel Financial Pro 10.75 3/13/2015 EUR 71.16
Commerzbank AG 6.00 11/27/2014 EUR 70.21
Commerzbank AG 9.00 11/27/2014 EUR 66.30
Commerzbank AG 6.75 3/26/2015 EUR 66.71
Commerzbank AG 9.00 3/26/2015 EUR 64.98
Commerzbank AG 6.00 3/26/2015 EUR 72.31
Commerzbank AG 8.00 3/26/2015 EUR 70.26
Commerzbank AG 7.25 3/26/2015 EUR 63.97
DZ Bank AG Deutsche Ze 7.25 12/30/2014 EUR 72.18
DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 67.73
DZ Bank AG Deutsche Ze 7.25 3/27/2015 EUR 73.75
Vontobel Financial Pro 7.90 6/26/2015 EUR 73.76
DZ Bank AG Deutsche Ze 6.75 3/13/2015 EUR 67.01
DZ Bank AG Deutsche Ze 5.75 3/13/2015 EUR 73.82
DZ Bank AG Deutsche Ze 5.00 3/13/2015 EUR 70.67
Vontobel Financial Pro 8.80 6/26/2015 EUR 71.24
Vontobel Financial Pro 9.05 3/27/2015 EUR 70.20
Vontobel Financial Pro 4.00 9/11/2015 EUR 73.70
Vontobel Financial Pro 11.25 12/30/2014 EUR 68.64
Vontobel Financial Pro 4.85 9/11/2015 EUR 74.64
Vontobel Financial Pro 5.85 6/12/2015 EUR 74.62
UniCredit Bank AG 4.00 6/25/2015 EUR 69.96
Vontobel Financial Pro 5.30 7/10/2015 EUR 74.44
Vontobel Financial Pro 3.75 7/10/2015 EUR 73.07
UniCredit Bank AG 5.50 6/25/2015 EUR 65.19
DZ Bank AG Deutsche Ze 5.25 6/26/2015 EUR 70.71
DZ Bank AG Deutsche Ze 7.25 6/26/2015 EUR 68.28
UniCredit Bank AG 4.75 6/25/2015 EUR 67.45
UniCredit Bank AG 6.00 6/25/2015 EUR 73.04
Vontobel Financial Pro 4.65 6/12/2015 EUR 73.55
UniCredit Bank AG 4.65 6/25/2015 EUR 74.69
UniCredit Bank AG 5.25 6/25/2015 EUR 73.77
DZ Bank AG Deutsche Ze 9.00 12/12/2014 EUR 66.19
DZ Bank AG Deutsche Ze 10.75 12/12/2014 EUR 66.75
DZ Bank AG Deutsche Ze 6.00 9/12/2014 EUR 73.42
DZ Bank AG Deutsche Ze 5.50 12/12/2014 EUR 74.70
Vontobel Financial Pro 9.50 6/12/2015 EUR 71.50
Vontobel Financial Pro 10.45 9/11/2015 EUR 71.92
Vontobel Financial Pro 8.65 9/11/2015 EUR 73.02
Vontobel Financial Pro 6.95 9/11/2015 EUR 74.46
Vontobel Financial Pro 4.25 9/11/2015 EUR 66.14
Vontobel Financial Pro 4.95 9/11/2015 EUR 66.84
Vontobel Financial Pro 6.20 9/11/2015 EUR 68.19
Vontobel Financial Pro 7.20 9/11/2015 EUR 69.26
Vontobel Financial Pro 7.80 9/11/2015 EUR 69.96
Vontobel Financial Pro 8.40 6/12/2015 EUR 68.63
Vontobel Financial Pro 7.40 6/12/2015 EUR 67.85
Commerzbank AG 10.50 5/21/2015 EUR 73.85
Commerzbank AG 6.25 3/26/2015 EUR 73.59
Commerzbank AG 9.50 3/26/2015 EUR 69.91
DZ Bank AG Deutsche Ze 10.50 12/12/2014 EUR 72.17
DZ Bank AG Deutsche Ze 8.40 6/12/2015 EUR 74.19
DZ Bank AG Deutsche Ze 7.30 9/11/2015 EUR 74.64
Vontobel Financial Pro 7.50 6/26/2015 EUR 65.40
Goldman Sachs & Co Wer 16.00 2/25/2015 EUR 66.76
UniCredit Bank AG 6.00 7/23/2015 EUR 66.26
UniCredit Bank AG 5.50 7/23/2015 EUR 67.19
UniCredit Bank AG 5.00 7/23/2015 EUR 68.95
UniCredit Bank AG 4.50 7/23/2015 EUR 70.04
UniCredit Bank AG 4.00 7/23/2015 EUR 71.21
UniCredit Bank AG 5.50 7/23/2015 EUR 70.91
UniCredit Bank AG 5.20 7/23/2015 EUR 72.34
UniCredit Bank AG 4.80 7/23/2015 EUR 73.71
Vontobel Financial Pro 4.65 6/26/2015 EUR 74.89
DZ Bank AG Deutsche Ze 7.00 9/11/2015 EUR 73.91
DZ Bank AG Deutsche Ze 7.50 9/11/2015 EUR 74.07
DZ Bank AG Deutsche Ze 6.25 12/12/2014 EUR 70.72
UniCredit Bank AG 4.60 6/26/2015 EUR 72.55
UniCredit Bank AG 6.00 6/26/2015 EUR 65.79
UniCredit Bank AG 5.20 6/26/2015 EUR 69.57
UniCredit Bank AG 6.10 6/26/2015 EUR 65.66
UniCredit Bank AG 5.50 6/26/2015 EUR 68.18
UniCredit Bank AG 5.80 6/26/2015 EUR 66.89
UniCredit Bank AG 5.50 6/26/2015 EUR 66.79
UniCredit Bank AG 4.90 6/26/2015 EUR 71.00
UniCredit Bank AG 4.00 6/26/2015 EUR 68.54
UniCredit Bank AG 4.30 6/26/2015 EUR 74.14
UniCredit Bank AG 4.80 6/26/2015 EUR 67.67
UniCredit Bank AG 5.25 9/24/2015 EUR 69.58
UniCredit Bank AG 4.25 9/24/2015 EUR 71.57
UniCredit Bank AG 5.40 9/24/2015 EUR 69.01
UniCredit Bank AG 5.75 9/24/2015 EUR 67.97
UniCredit Bank AG 4.80 9/24/2015 EUR 70.60
UniCredit Bank AG 4.90 9/24/2015 EUR 70.33
UniCredit Bank AG 4.75 9/24/2015 EUR 70.94
DZ Bank AG Deutsche Ze 6.25 12/30/2014 EUR 74.80
DZ Bank AG Deutsche Ze 9.75 12/30/2014 EUR 67.44
DZ Bank AG Deutsche Ze 14.25 12/30/2014 EUR 73.58
DZ Bank AG Deutsche Ze 5.50 6/26/2015 EUR 74.27
Goldman Sachs & Co Wer 11.00 12/23/2015 EUR 72.11
Vontobel Financial Pro 6.10 3/27/2015 EUR 74.40
Vontobel Financial Pro 6.10 12/30/2014 EUR 73.29
Vontobel Financial Pro 8.35 6/26/2015 EUR 66.51
BNP Paribas Emissions- 4.00 9/25/2014 EUR 72.30
BNP Paribas Emissions- 7.00 9/25/2014 EUR 68.67
BNP Paribas Emissions- 11.00 9/25/2014 EUR 65.57
BNP Paribas Emissions- 5.00 12/29/2014 EUR 73.62
BNP Paribas Emissions- 7.00 12/29/2014 EUR 70.47
BNP Paribas Emissions- 10.00 12/29/2014 EUR 68.06
BNP Paribas Emissions- 5.00 3/26/2015 EUR 74.47
BNP Paribas Emissions- 7.00 3/26/2015 EUR 71.93
BNP Paribas Emissions- 9.00 3/26/2015 EUR 69.71
BNP Paribas Emissions- 5.50 6/25/2015 EUR 74.72
BNP Paribas Emissions- 7.50 6/25/2015 EUR 72.80
BNP Paribas Emissions- 9.00 6/25/2015 EUR 70.74
Vontobel Financial Pro 6.05 9/25/2015 EUR 67.92
Vontobel Financial Pro 5.85 6/26/2015 EUR 66.51
Vontobel Financial Pro 9.20 9/25/2015 EUR 70.94
Vontobel Financial Pro 5.90 9/25/2015 EUR 73.52
Vontobel Financial Pro 6.40 6/26/2015 EUR 72.50
DZ Bank AG Deutsche Ze 4.60 3/13/2015 EUR 73.33
DZ Bank AG Deutsche Ze 5.30 3/13/2015 EUR 72.32
DZ Bank AG Deutsche Ze 7.10 3/13/2015 EUR 70.52
DZ Bank AG Deutsche Ze 7.75 6/12/2015 EUR 68.27
DZ Bank AG Deutsche Ze 6.50 6/12/2015 EUR 68.42
DZ Bank AG Deutsche Ze 5.50 12/12/2014 EUR 71.92
DZ Bank AG Deutsche Ze 7.70 12/12/2014 EUR 69.64
DZ Bank AG Deutsche Ze 7.25 6/12/2015 EUR 72.35
DZ Bank AG Deutsche Ze 6.75 6/12/2015 EUR 71.96
Deutsche Bank AG 6.20 6/22/2015 EUR 65.80
Deutsche Bank AG 7.20 12/22/2015 EUR 73.00
Deutsche Bank AG 5.20 12/22/2015 EUR 70.20
Deutsche Bank AG 5.20 6/22/2015 EUR 67.90
Deutsche Bank AG 6.20 9/22/2015 EUR 70.20
Deutsche Bank AG 7.20 9/22/2015 EUR 74.60
Deutsche Bank AG 7.20 9/22/2015 EUR 68.30
Deutsche Bank AG 6.20 12/22/2015 EUR 74.80
Deutsche Bank AG 5.20 6/22/2015 EUR 64.90
Deutsche Bank AG 7.20 6/22/2015 EUR 66.60
Deutsche Bank AG 7.20 12/22/2015 EUR 70.00
Deutsche Bank AG 5.20 12/22/2015 EUR 73.40
Deutsche Bank AG 6.20 9/22/2015 EUR 67.20
Deutsche Bank AG 5.20 9/22/2015 EUR 66.10
Deutsche Bank AG 5.20 9/22/2015 EUR 72.30
Deutsche Bank AG 5.20 9/22/2015 EUR 69.10
Deutsche Bank AG 6.20 12/22/2015 EUR 71.60
Deutsche Bank AG 5.20 6/22/2015 EUR 71.30
Deutsche Bank AG 5.20 12/22/2015 EUR 67.30
Deutsche Bank AG 6.20 6/22/2015 EUR 68.80
Deutsche Bank AG 7.20 6/22/2015 EUR 73.00
Deutsche Bank AG 6.20 12/22/2015 EUR 68.60
Deutsche Bank AG 7.20 9/22/2015 EUR 71.30
Deutsche Bank AG 6.20 9/22/2015 EUR 73.50
Commerzbank AG 7.00 5/21/2015 EUR 73.37
Commerzbank AG 9.00 5/21/2015 EUR 71.51
Commerzbank AG 11.25 5/21/2015 EUR 69.90
DZ Bank AG Deutsche Ze 4.25 6/5/2015 EUR 73.62
Vontobel Financial Pro 6.20 3/27/2015 EUR 75.00
HSBC Trinkaus & Burkha 8.50 11/28/2014 EUR 67.04
HSBC Trinkaus & Burkha 7.00 4/24/2015 EUR 69.27
HSBC Trinkaus & Burkha 7.50 6/26/2015 EUR 74.56
HSBC Trinkaus & Burkha 9.50 12/30/2014 EUR 73.21
HSBC Trinkaus & Burkha 8.00 3/27/2015 EUR 74.40
HSBC Trinkaus & Burkha 12.50 6/26/2015 EUR 73.01
Goldman Sachs & Co Wer 8.00 7/22/2015 EUR 73.86
Goldman Sachs & Co Wer 10.00 7/22/2015 EUR 72.42
Goldman Sachs & Co Wer 12.00 7/22/2015 EUR 71.25
Goldman Sachs & Co Wer 10.00 12/23/2015 EUR 73.47
DZ Bank AG Deutsche Ze 6.75 10/17/2014 EUR 64.41
DZ Bank AG Deutsche Ze 6.25 1/16/2015 EUR 65.74
DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 68.39
DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 68.53
DZ Bank AG Deutsche Ze 6.50 1/16/2015 EUR 68.33
DZ Bank AG Deutsche Ze 6.25 7/10/2015 EUR 69.80
DZ Bank AG Deutsche Ze 6.75 7/10/2015 EUR 70.36
DZ Bank AG Deutsche Ze 7.00 10/17/2014 EUR 73.83
Deutsche Bank AG 6.50 3/24/2015 EUR 72.10
Deutsche Bank AG 5.50 3/24/2015 EUR 70.50
Deutsche Bank AG 7.50 3/24/2015 EUR 74.50
Deutsche Bank AG 7.50 3/24/2015 EUR 71.00
Deutsche Bank AG 7.50 3/24/2015 EUR 73.60
Deutsche Bank AG 7.50 3/24/2015 EUR 71.70
Deutsche Bank AG 5.50 3/24/2015 EUR 69.70
Deutsche Bank AG 5.50 3/24/2015 EUR 74.20
Deutsche Bank AG 5.50 3/24/2015 EUR 72.30
Deutsche Bank AG 6.50 3/24/2015 EUR 71.10
Deutsche Bank AG 5.50 3/24/2015 EUR 74.80
Deutsche Bank AG 5.50 3/24/2015 EUR 73.70
Deutsche Bank AG 5.50 3/24/2015 EUR 71.90
Deutsche Bank AG 7.50 3/24/2015 EUR 75.00
Deutsche Bank AG 7.50 3/24/2015 EUR 71.40
Deutsche Bank AG 5.50 3/24/2015 EUR 68.10
Deutsche Bank AG 5.50 3/24/2015 EUR 66.70
Deutsche Bank AG 5.50 3/24/2015 EUR 65.40
Deutsche Bank AG 6.50 3/24/2015 EUR 74.90
Deutsche Bank AG 6.50 3/24/2015 EUR 66.00
HSBC Trinkaus & Burkha 8.00 11/28/2014 EUR 70.46
HSBC Trinkaus & Burkha 6.50 4/24/2015 EUR 72.41
Goldman Sachs & Co Wer 6.00 1/21/2015 EUR 73.53
Goldman Sachs & Co Wer 7.00 1/21/2015 EUR 70.54
Goldman Sachs & Co Wer 6.00 6/24/2015 EUR 74.32
Goldman Sachs & Co Wer 10.00 6/24/2015 EUR 69.22
DZ Bank AG Deutsche Ze 11.50 9/26/2014 EUR 69.17
Goldman Sachs & Co Wer 16.00 9/24/2014 EUR 67.90
DZ Bank AG Deutsche Ze 14.75 9/26/2014 EUR 67.67
DZ Bank AG Deutsche Ze 12.00 9/26/2014 EUR 69.05
Commerzbank AG 7.50 12/12/2014 EUR 56.48
Vontobel Financial Pro 4.05 6/26/2015 EUR 73.58
DZ Bank AG Deutsche Ze 6.20 9/12/2014 EUR 73.20
DZ Bank AG Deutsche Ze 9.00 12/30/2014 EUR 74.70
Vontobel Financial Pro 5.10 6/26/2015 EUR 71.88
Vontobel Financial Pro 5.05 12/30/2014 EUR 70.86
DZ Bank AG Deutsche Ze 5.50 11/14/2014 EUR 69.21
Deutsche Bank AG 6.00 6/22/2015 EUR 74.50
Deutsche Bank AG 7.00 6/22/2015 EUR 73.50
Deutsche Bank AG 8.00 6/22/2015 EUR 74.40
Deutsche Bank AG 6.00 6/22/2015 EUR 74.40
Deutsche Bank AG 7.00 6/22/2015 EUR 71.40
Deutsche Bank AG 7.00 6/22/2015 EUR 73.70
Deutsche Bank AG 8.00 6/22/2015 EUR 74.60
Commerzbank AG 7.00 11/27/2014 EUR 70.45
Commerzbank AG 8.25 11/27/2014 EUR 68.75
DZ Bank AG Deutsche Ze 6.00 12/30/2014 EUR 73.47
Deutsche Bank AG 8.00 6/22/2015 EUR 72.60
Deutsche Bank AG 6.00 6/22/2015 EUR 72.80
Deutsche Bank AG 8.00 6/22/2015 EUR 72.30
Vontobel Financial Pro 5.60 6/26/2015 EUR 74.36
Deutsche Bank AG 6.50 9/23/2014 EUR 72.10
Deutsche Bank AG 7.50 9/23/2014 EUR 72.20
Deutsche Bank AG 7.50 9/23/2014 EUR 70.50
DZ Bank AG Deutsche Ze 8.00 12/30/2014 EUR 65.26
Commerzbank AG 7.25 1/22/2015 EUR 71.84
Vontobel Financial Pro 8.30 9/26/2014 EUR 71.92
Deutsche Bank AG 5.50 12/23/2014 EUR 73.20
Deutsche Bank AG 7.50 12/23/2014 EUR 74.00
Deutsche Bank AG 7.50 12/23/2014 EUR 72.30
Goldman Sachs & Co Wer 9.00 1/21/2015 EUR 68.57
Goldman Sachs & Co Wer 11.00 1/21/2015 EUR 66.53
Goldman Sachs & Co Wer 7.00 6/24/2015 EUR 72.27
Goldman Sachs & Co Wer 8.00 6/24/2015 EUR 69.94
DZ Bank AG Deutsche Ze 12.50 9/26/2014 EUR 64.78
DZ Bank AG Deutsche Ze 14.25 9/26/2014 EUR 71.07
Goldman Sachs & Co Wer 13.00 1/21/2015 EUR 71.67
HSBC Trinkaus & Burkha 6.00 10/24/2014 EUR 72.55
DZ Bank AG Deutsche Ze 7.25 1/16/2015 EUR 70.90
DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 74.49
DZ Bank AG Deutsche Ze 8.50 10/17/2014 EUR 72.17
DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 70.03
DZ Bank AG Deutsche Ze 10.75 9/26/2014 EUR 70.99
Deutsche Bank AG 6.50 9/23/2014 EUR 74.80
Deutsche Bank AG 5.50 9/23/2014 EUR 73.80
Deutsche Bank AG 6.50 9/23/2014 EUR 73.90
DZ Bank AG Deutsche Ze 6.25 2/27/2015 EUR 71.91
Deutsche Bank AG 5.50 9/23/2014 EUR 71.90
Deutsche Bank AG 7.50 9/23/2014 EUR 74.00
DZ Bank AG Deutsche Ze 7.00 12/30/2014 EUR 74.26
Commerzbank AG 7.25 1/22/2015 EUR 70.69
Commerzbank AG 9.75 1/22/2015 EUR 67.70
Commerzbank AG 9.00 1/22/2015 EUR 69.91
Vontobel Financial Pro 7.20 9/26/2014 EUR 73.56
Deutsche Bank AG 5.50 12/23/2014 EUR 75.00
Deutsche Bank AG 6.50 12/23/2014 EUR 73.60
BNP Paribas Emissions- 10.00 12/11/2014 EUR 70.29
BNP Paribas Emissions- 11.00 9/11/2014 EUR 72.70
BNP Paribas Emissions- 15.00 9/11/2014 EUR 69.03
UniCredit Bank AG 5.85 2/26/2015 EUR 67.48
UniCredit Bank AG 4.00 2/26/2015 EUR 73.14
UniCredit Bank AG 5.20 2/26/2015 EUR 74.16
UniCredit Bank AG 6.25 2/26/2015 EUR 74.45
UniCredit Bank AG 6.50 2/26/2015 EUR 72.49
Commerzbank AG 11.00 9/25/2014 EUR 73.89
HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 73.92
HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 71.98
DZ Bank AG Deutsche Ze 6.00 10/24/2014 EUR 63.00
UniCredit Bank AG 4.30 2/26/2015 EUR 72.41
UniCredit Bank AG 6.25 2/26/2015 EUR 73.17
UniCredit Bank AG 5.45 2/26/2015 EUR 68.82
UniCredit Bank AG 5.60 2/26/2015 EUR 74.49
Vontobel Financial Pro 9.15 9/26/2014 EUR 72.62
Commerzbank AG 7.00 9/25/2014 EUR 74.79
Commerzbank AG 10.00 9/25/2014 EUR 69.65
HSBC Trinkaus & Burkha 8.00 3/27/2015 EUR 71.05
HSBC Trinkaus & Burkha 9.50 3/27/2015 EUR 74.10
HSBC Trinkaus & Burkha 8.00 8/22/2014 EUR 74.12
HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 72.32
HSBC Trinkaus & Burkha 10.50 12/30/2014 EUR 74.76
Vontobel Financial Pro 7.60 12/30/2014 EUR 66.18
Vontobel Financial Pro 9.00 9/26/2014 EUR 64.18
LBBW 3.00 6/26/2015 EUR 74.46
LBBW 4.00 6/26/2015 EUR 71.89
BNP Paribas Emissions- 8.50 12/29/2014 EUR 74.75
BNP Paribas Emissions- 5.00 12/29/2014 EUR 73.11
BNP Paribas Emissions- 6.75 12/29/2014 EUR 69.64
UniCredit Bank AG 5.00 12/29/2014 EUR 70.85
UniCredit Bank AG 4.75 12/29/2014 EUR 71.58
UniCredit Bank AG 4.50 12/29/2014 EUR 72.33
UniCredit Bank AG 4.25 12/29/2014 EUR 73.09
UniCredit Bank AG 4.00 12/29/2014 EUR 73.88
UniCredit Bank AG 7.00 12/29/2014 EUR 67.73
UniCredit Bank AG 6.80 12/29/2014 EUR 69.25
UniCredit Bank AG 6.30 12/29/2014 EUR 69.93
UniCredit Bank AG 5.70 12/29/2014 EUR 70.52
UniCredit Bank AG 5.20 12/29/2014 EUR 71.20
UniCredit Bank AG 4.80 12/29/2014 EUR 71.96
UniCredit Bank AG 4.50 12/29/2014 EUR 72.77
UniCredit Bank AG 6.50 12/29/2014 EUR 66.85
UniCredit Bank AG 6.00 12/29/2014 EUR 68.08
UniCredit Bank AG 5.50 12/29/2014 EUR 69.43
Vontobel Financial Pro 4.30 10/17/2014 EUR 71.82
Vontobel Financial Pro 5.80 3/13/2015 EUR 70.50
Vontobel Financial Pro 5.15 10/17/2014 EUR 70.14
Vontobel Financial Pro 6.55 10/17/2014 EUR 68.04
Vontobel Financial Pro 8.25 10/17/2014 EUR 66.00
Vontobel Financial Pro 9.45 10/17/2014 EUR 64.76
Vontobel Financial Pro 4.90 12/12/2014 EUR 71.00
Vontobel Financial Pro 6.20 12/12/2014 EUR 69.08
Vontobel Financial Pro 7.55 12/12/2014 EUR 67.18
Vontobel Financial Pro 8.50 12/12/2014 EUR 66.08
Vontobel Financial Pro 9.55 12/12/2014 EUR 64.94
Vontobel Financial Pro 4.15 3/13/2015 EUR 73.60
UniCredit Bank AG 7.00 12/29/2014 EUR 72.03
UniCredit Bank AG 6.50 12/29/2014 EUR 73.10
UniCredit Bank AG 6.25 12/29/2014 EUR 74.27
UniCredit Bank AG 8.00 12/29/2014 EUR 69.58
UniCredit Bank AG 6.00 12/29/2014 EUR 69.05
UniCredit Bank AG 4.50 12/29/2014 EUR 72.12
UniCredit Bank AG 7.50 12/29/2014 EUR 72.66
UniCredit Bank AG 6.50 12/29/2014 EUR 74.21
UniCredit Bank AG 5.50 12/29/2014 EUR 73.41
UniCredit Bank AG 5.25 12/29/2014 EUR 74.92
Vontobel Financial Pro 9.25 6/26/2015 EUR 75.00
UniCredit Bank AG 4.00 6/25/2015 EUR 67.91
DZ Bank AG Deutsche Ze 8.75 12/30/2014 EUR 72.49
Goldman Sachs & Co Wer 9.00 12/24/2014 EUR 69.60
LBBW 5.00 9/26/2014 EUR 73.41
Goldman Sachs & Co Wer 11.00 12/24/2014 EUR 63.54
Goldman Sachs & Co Wer 15.00 12/24/2014 EUR 67.84
LBBW 7.00 9/26/2014 EUR 68.47
UniCredit Bank AG 4.50 8/21/2014 EUR 66.92
UniCredit Bank AG 6.00 8/21/2014 EUR 61.57
Goldman Sachs & Co Wer 10.00 12/24/2014 EUR 74.50
DZ Bank AG Deutsche Ze 7.50 3/6/2015 EUR 70.42
DZ Bank AG Deutsche Ze 6.75 2/13/2015 EUR 71.12
DZ Bank AG Deutsche Ze 6.00 11/14/2014 EUR 72.06
DZ Bank AG Deutsche Ze 4.75 2/13/2015 EUR 73.95
DZ Bank AG Deutsche Ze 5.00 2/13/2015 EUR 73.49
DZ Bank AG Deutsche Ze 5.00 8/14/2015 EUR 74.96
Vontobel Financial Pro 5.60 6/26/2015 EUR 67.22
Vontobel Financial Pro 16.50 1/16/2015 EUR 66.96
Vontobel Financial Pro 12.60 3/13/2015 EUR 69.46
Vontobel Financial Pro 7.40 11/14/2014 EUR 68.98
Vontobel Financial Pro 8.40 1/16/2015 EUR 70.54
Deutsche Bank AG 5.80 12/23/2014 EUR 73.58
Deutsche Bank AG 6.00 3/25/2015 EUR 66.70
Deutsche Bank AG 6.00 3/25/2015 EUR 74.91
Vontobel Financial Pro 7.60 3/27/2015 EUR 71.92
Vontobel Financial Pro 5.25 3/27/2015 EUR 74.46
Vontobel Financial Pro 7.95 9/26/2014 EUR 72.63
Commerzbank AG 6.00 2/26/2015 EUR 66.46
Commerzbank AG 8.00 2/26/2015 EUR 64.30
Commerzbank AG 8.00 2/26/2015 EUR 69.04
DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 57.30
DZ Bank AG Deutsche Ze 7.25 9/12/2014 EUR 62.91
DZ Bank AG Deutsche Ze 6.00 6/12/2015 EUR 65.93
DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 71.11
Vontobel Financial Pro 14.65 12/12/2014 EUR 74.58
Vontobel Financial Pro 9.55 12/12/2014 EUR 67.20
Vontobel Financial Pro 8.35 3/13/2015 EUR 68.74
Vontobel Financial Pro 9.10 3/13/2015 EUR 69.18
Vontobel Financial Pro 12.15 12/12/2014 EUR 68.34
Vontobel Financial Pro 9.30 12/12/2014 EUR 70.86
Vontobel Financial Pro 9.30 9/26/2014 EUR 68.78
Vontobel Financial Pro 8.95 3/27/2015 EUR 70.08
Vontobel Financial Pro 5.10 3/27/2015 EUR 74.88
DZ Bank AG Deutsche Ze 5.50 9/12/2014 EUR 66.81
DZ Bank AG Deutsche Ze 6.50 9/12/2014 EUR 65.53
DZ Bank AG Deutsche Ze 9.50 9/12/2014 EUR 62.95
DZ Bank AG Deutsche Ze 5.50 6/12/2015 EUR 67.97
BNP Paribas Emissions- 4.50 9/25/2014 EUR 63.58
BNP Paribas Emissions- 6.50 12/29/2014 EUR 65.50
BNP Paribas Emissions- 5.00 3/26/2015 EUR 66.12
BNP Paribas Emissions- 7.00 3/26/2015 EUR 67.34
BNP Paribas Emissions- 6.50 6/25/2015 EUR 67.19
BNP Paribas Emissions- 7.00 6/25/2015 EUR 67.62
Deutsche Bank AG 6.20 12/23/2014 EUR 72.80
Deutsche Bank AG 7.20 12/23/2014 EUR 71.78
Deutsche Bank AG 6.20 12/23/2014 EUR 69.40
Deutsche Bank AG 5.20 12/23/2014 EUR 72.40
Commerzbank AG 7.00 2/26/2015 EUR 74.05
Commerzbank AG 8.00 2/26/2015 EUR 72.82
Deutsche Bank AG 6.20 12/23/2014 EUR 71.41
BNP Paribas Emissions- 8.00 3/26/2015 EUR 74.23
BNP Paribas Emissions- 8.00 9/25/2014 EUR 72.59
BNP Paribas Emissions- 10.00 9/25/2014 EUR 72.82
Deutsche Bank AG 6.20 12/23/2014 EUR 62.50
Deutsche Bank AG 5.20 12/23/2014 EUR 60.80
Deutsche Bank AG 5.20 12/23/2014 EUR 64.30
Deutsche Bank AG 5.20 12/23/2014 EUR 69.00
Deutsche Bank AG 6.20 3/24/2015 EUR 67.10
Deutsche Bank AG 6.20 3/24/2015 EUR 64.90
Deutsche Bank AG 6.20 3/24/2015 EUR 72.20
Deutsche Bank AG 6.20 3/24/2015 EUR 71.70
Deutsche Bank AG 5.20 3/24/2015 EUR 71.60
Deutsche Bank AG 5.20 3/24/2015 EUR 64.30
Deutsche Bank AG 5.20 3/24/2015 EUR 63.00
Deutsche Bank AG 5.20 3/24/2015 EUR 66.40
Deutsche Bank AG 7.20 3/24/2015 EUR 72.40
DZ Bank AG Deutsche Ze 6.50 11/28/2014 EUR 73.09
DZ Bank AG Deutsche Ze 7.50 11/28/2014 EUR 58.51
Deutsche Bank AG 7.20 3/24/2015 EUR 67.70
Deutsche Bank AG 7.20 3/24/2015 EUR 64.20
Deutsche Bank AG 7.20 3/24/2015 EUR 65.60
Vontobel Financial Pro 4.45 12/12/2014 EUR 64.54
Vontobel Financial Pro 10.60 12/12/2014 EUR 63.46
Vontobel Financial Pro 6.75 3/13/2015 EUR 67.36
HSBC Trinkaus & Burkha 8.50 8/22/2014 EUR 68.18
Vontobel Financial Pro 8.95 3/13/2015 EUR 65.34
HSBC Trinkaus & Burkha 7.00 11/28/2014 EUR 70.01
Vontobel Financial Pro 5.15 12/12/2014 EUR 64.76
Vontobel Financial Pro 6.00 12/12/2014 EUR 65.06
Vontobel Financial Pro 6.50 12/12/2014 EUR 65.22
HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 70.03
HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 70.16
HSBC Trinkaus & Burkha 9.00 11/28/2014 EUR 71.01
HSBC Trinkaus & Burkha 12.00 1/23/2015 EUR 73.68
BNP Paribas Emissions- 6.00 9/25/2014 EUR 67.73
BNP Paribas Emissions- 5.00 12/29/2014 EUR 71.30
BNP Paribas Emissions- 4.50 3/26/2015 EUR 73.74
BNP Paribas Emissions- 5.00 6/25/2015 EUR 73.61
BNP Paribas Emissions- 7.00 6/25/2015 EUR 67.88
HSBC Trinkaus & Burkha 10.50 9/26/2014 EUR 75.00
HSBC Trinkaus & Burkha 11.50 3/27/2015 EUR 73.03
HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 74.00
HSBC Trinkaus & Burkha 9.50 10/24/2014 EUR 69.31
HSBC Trinkaus & Burkha 17.00 9/26/2014 EUR 71.43
Deutsche Bank AG 5.20 3/24/2015 EUR 71.10
DZ Bank AG Deutsche Ze 6.50 11/28/2014 EUR 74.32
DZ Bank AG Deutsche Ze 6.75 11/28/2014 EUR 74.17
BNP Paribas Emissions- 5.25 1/22/2015 EUR 74.28
Vontobel Financial Pro 7.10 10/17/2014 EUR 73.54
BNP Paribas Emissions- 6.75 1/22/2015 EUR 71.77
BNP Paribas Emissions- 8.00 6/25/2015 EUR 68.08
BNP Paribas Emissions- 6.75 6/25/2015 EUR 70.86
BNP Paribas Emissions- 8.00 7/23/2015 EUR 69.36
Goldman Sachs & Co Wer 14.00 12/24/2014 EUR 73.19
DZ Bank AG Deutsche Ze 5.75 11/14/2014 EUR 72.05
DZ Bank AG Deutsche Ze 5.00 8/14/2015 EUR 74.41
Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 73.80
Vontobel Financial Pro 10.85 4/17/2015 EUR 70.94
Vontobel Financial Pro 5.95 12/12/2014 EUR 69.04
Vontobel Financial Pro 7.05 6/12/2015 EUR 74.32
Vontobel Financial Pro 8.25 6/12/2015 EUR 72.98
Vontobel Financial Pro 9.65 6/12/2015 EUR 72.04
Vontobel Financial Pro 10.55 6/12/2015 EUR 71.36
Goldman Sachs & Co Wer 14.00 3/25/2015 EUR 67.92
DZ Bank AG Deutsche Ze 8.00 2/27/2015 EUR 73.79
DZ Bank AG Deutsche Ze 7.50 2/27/2015 EUR 64.80
Commerzbank AG 6.00 2/26/2015 EUR 71.35
DZ Bank AG Deutsche Ze 7.50 10/17/2014 EUR 69.29
DZ Bank AG Deutsche Ze 9.50 9/12/2014 EUR 57.43
DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 67.77
DZ Bank AG Deutsche Ze 8.00 9/12/2014 EUR 72.93
DZ Bank AG Deutsche Ze 8.25 6/12/2015 EUR 72.41
DZ Bank AG Deutsche Ze 8.50 12/12/2014 EUR 74.48
Vontobel Financial Pro 9.85 9/26/2014 EUR 72.68
Vontobel Financial Pro 8.05 3/13/2015 EUR 72.58
Vontobel Financial Pro 10.10 3/13/2015 EUR 70.36
Vontobel Financial Pro 9.00 6/12/2015 EUR 70.96
BNP Paribas Emissions- 7.00 1/22/2015 EUR 65.55
Commerzbank AG 10.75 9/25/2014 EUR 73.09
BNP Paribas Emissions- 6.00 9/25/2014 EUR 63.75
BNP Paribas Emissions- 8.00 9/25/2014 EUR 63.98
BNP Paribas Emissions- 5.00 12/29/2014 EUR 64.93
BNP Paribas Emissions- 8.00 12/29/2014 EUR 66.06
BNP Paribas Emissions- 6.00 3/26/2015 EUR 66.73
BNP Paribas Emissions- 5.50 6/25/2015 EUR 66.33
Deutsche Bank AG 6.20 12/23/2014 EUR 64.70
Deutsche Bank AG 6.20 12/23/2014 EUR 61.20
Deutsche Bank AG 6.20 12/23/2014 EUR 74.50
Commerzbank AG 9.00 2/26/2015 EUR 73.44
Commerzbank AG 6.00 9/25/2014 EUR 60.85
Commerzbank AG 10.00 2/26/2015 EUR 73.98
Commerzbank AG 11.50 2/26/2015 EUR 73.10
Commerzbank AG 7.75 2/26/2015 EUR 73.53
Commerzbank AG 10.00 2/26/2015 EUR 71.25
Vontobel Financial Pro 3.00 1/23/2015 EUR 64.10
Commerzbank AG 5.25 12/30/2014 EUR 74.33
Deutsche Bank AG 7.10 2/25/2015 EUR 74.70
Deutsche Bank AG 5.10 2/25/2015 EUR 73.00
Deutsche Bank AG 7.10 2/25/2015 EUR 70.60
Deutsche Bank AG 6.10 2/25/2015 EUR 74.80
DZ Bank AG Deutsche Ze 8.75 9/26/2014 EUR 63.22
Deutsche Bank AG 6.10 2/25/2015 EUR 73.70
Deutsche Bank AG 7.10 2/25/2015 EUR 68.10
Deutsche Bank AG 6.10 2/25/2015 EUR 74.20
DZ Bank AG Deutsche Ze 6.50 12/12/2014 EUR 64.44
Goldman Sachs & Co Wer 6.00 8/20/2014 EUR 72.80
Goldman Sachs & Co Wer 6.00 8/20/2014 EUR 72.80
Commerzbank AG 7.00 8/21/2014 EUR 68.49
Commerzbank AG 7.00 2/26/2015 EUR 69.68
Commerzbank AG 6.50 2/26/2015 EUR 71.65
Commerzbank AG 11.00 8/21/2014 EUR 66.27
Goldman Sachs & Co Wer 10.00 8/20/2014 EUR 71.07
DZ Bank AG Deutsche Ze 6.00 12/12/2014 EUR 64.28
DZ Bank AG Deutsche Ze 6.00 12/30/2014 EUR 66.12
DZ Bank AG Deutsche Ze 6.00 3/27/2015 EUR 66.92
Goldman Sachs & Co Wer 18.00 8/20/2014 EUR 66.41
Goldman Sachs & Co Wer 18.00 8/20/2014 EUR 74.21
DZ Bank AG Deutsche Ze 14.50 3/27/2015 EUR 68.75
Goldman Sachs & Co Wer 9.00 2/25/2015 EUR 66.70
Goldman Sachs & Co Wer 11.00 2/25/2015 EUR 65.22
Goldman Sachs & Co Wer 6.00 10/22/2014 EUR 74.00
Goldman Sachs & Co Wer 18.00 10/22/2014 EUR 66.61
Goldman Sachs & Co Wer 6.00 2/25/2015 EUR 70.88
Goldman Sachs & Co Wer 14.00 11/26/2014 EUR 69.37
Vontobel Financial Pro 11.00 9/26/2014 EUR 74.92
HSBC Trinkaus & Burkha 18.00 9/26/2014 EUR 68.65
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 74.52
HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 71.80
HSBC Trinkaus & Burkha 11.50 3/27/2015 EUR 73.08
Commerzbank AG 10.00 2/26/2015 EUR 73.83
Commerzbank AG 6.50 2/26/2015 EUR 73.69
Commerzbank AG 8.50 2/26/2015 EUR 71.37
DZ Bank AG Deutsche Ze 8.50 10/17/2014 EUR 72.17
Deutsche Bank AG 6.10 2/25/2015 EUR 71.10
Deutsche Bank AG 6.10 2/25/2015 EUR 71.80
DZ Bank AG Deutsche Ze 7.75 12/30/2014 EUR 65.10
DZ Bank AG Deutsche Ze 6.00 1/23/2015 EUR 67.07
DZ Bank AG Deutsche Ze 7.50 1/23/2015 EUR 65.45
DZ Bank AG Deutsche Ze 7.00 3/27/2015 EUR 66.46
Deutsche Bank AG 5.10 2/25/2015 EUR 73.10
Deutsche Bank AG 7.10 2/25/2015 EUR 74.20
Deutsche Bank AG 7.10 2/25/2015 EUR 71.70
DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 74.21
DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 65.14
Commerzbank AG 7.00 8/21/2014 EUR 72.71
Goldman Sachs & Co Wer 10.00 8/20/2014 EUR 69.33
DZ Bank AG Deutsche Ze 8.00 3/27/2015 EUR 71.45
Goldman Sachs & Co Wer 14.00 8/20/2014 EUR 71.86
DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 74.44
DZ Bank AG Deutsche Ze 5.50 3/27/2015 EUR 68.93
Goldman Sachs & Co Wer 7.00 2/25/2015 EUR 68.40
Goldman Sachs & Co Wer 12.00 9/24/2014 EUR 67.52
Goldman Sachs & Co Wer 13.00 2/25/2015 EUR 74.97
Goldman Sachs & Co Wer 18.00 10/22/2014 EUR 68.15
Goldman Sachs & Co Wer 12.00 11/26/2014 EUR 73.47
Goldman Sachs & Co Wer 14.00 11/26/2014 EUR 67.91
Goldman Sachs & Co Wer 16.00 11/26/2014 EUR 72.71
HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 61.71
HSBC Trinkaus & Burkha 6.50 3/27/2015 EUR 64.74
Deutsche Bank AG 9.20 9/23/2014 EUR 70.70
Deutsche Bank AG 8.20 9/23/2014 EUR 74.10
Deutsche Bank AG 8.80 9/23/2014 EUR 72.40
BNP Paribas Emissions- 9.00 2/26/2015 EUR 73.28
Commerzbank AG 9.00 12/29/2014 EUR 64.71
BNP Paribas Emissions- 18.00 8/21/2014 EUR 72.43
BNP Paribas Emissions- 7.00 9/25/2014 EUR 67.28
BNP Paribas Emissions- 6.75 12/29/2014 EUR 68.97
BNP Paribas Emissions- 13.00 8/21/2014 EUR 68.12
BNP Paribas Emissions- 4.00 9/25/2014 EUR 73.25
BNP Paribas Emissions- 13.00 9/25/2014 EUR 68.41
BNP Paribas Emissions- 22.00 9/25/2014 EUR 59.99
BNP Paribas Emissions- 12.00 12/29/2014 EUR 70.24
BNP Paribas Emissions- 12.00 9/25/2014 EUR 73.28
Commerzbank AG 10.50 8/21/2014 EUR 71.34
Commerzbank AG 11.00 12/29/2014 EUR 71.66
Deutsche Bank AG 9.20 9/23/2014 EUR 73.00
Goldman Sachs & Co Wer 16.00 12/24/2014 EUR 73.92
BNP Paribas Emissions- 12.50 8/21/2014 EUR 68.90
BNP Paribas Emissions- 9.25 1/22/2015 EUR 72.66
BNP Paribas Emissions- 18.50 9/25/2014 EUR 74.32
HSBC Trinkaus & Burkha 7.50 3/27/2015 EUR 72.27
HSBC Trinkaus & Burkha 6.00 3/27/2015 EUR 74.83
BNP Paribas Emissions- 10.00 1/22/2015 EUR 72.24
BNP Paribas Emissions- 10.00 2/26/2015 EUR 73.05
BNP Paribas Emissions- 8.00 9/25/2014 EUR 68.90
BNP Paribas Emissions- 12.00 9/25/2014 EUR 65.13
BNP Paribas Emissions- 4.00 12/29/2014 EUR 73.84
BNP Paribas Emissions- 10.00 12/29/2014 EUR 67.34
BNP Paribas Emissions- 18.00 12/29/2014 EUR 63.67
Deutsche Bank AG 7.20 12/23/2014 EUR 74.10
Deutsche Bank AG 5.20 12/23/2014 EUR 62.20
Deutsche Bank AG 6.20 9/24/2014 EUR 69.96
Deutsche Bank AG 7.20 9/24/2014 EUR 72.46
BNP Paribas Emissions- 7.50 12/29/2014 EUR 74.30
BNP Paribas Emissions- 9.00 12/29/2014 EUR 74.86
BNP Paribas Emissions- 12.00 9/25/2014 EUR 73.05
Deutsche Bank AG 5.20 12/23/2014 EUR 74.10
Deutsche Bank AG 6.20 3/24/2015 EUR 62.80
Vontobel Financial Pro 11.10 9/26/2014 EUR 72.92
Deutsche Bank AG 7.20 3/24/2015 EUR 72.90
HSBC Trinkaus & Burkha 9.50 3/27/2015 EUR 67.90
HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 69.45
HSBC Trinkaus & Burkha 9.25 1/23/2015 EUR 72.07
HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 67.96
BNP Paribas Emissions- 4.00 9/25/2014 EUR 71.67
BNP Paribas Emissions- 5.00 9/25/2014 EUR 70.06
BNP Paribas Emissions- 8.00 9/25/2014 EUR 65.68
BNP Paribas Emissions- 10.00 9/25/2014 EUR 64.48
BNP Paribas Emissions- 7.00 12/29/2014 EUR 67.37
BNP Paribas Emissions- 9.00 12/29/2014 EUR 66.70
BNP Paribas Emissions- 6.00 3/26/2015 EUR 70.63
BNP Paribas Emissions- 8.00 3/26/2015 EUR 68.21
BNP Paribas Emissions- 5.50 6/25/2015 EUR 70.13
HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 72.49
HSBC Trinkaus & Burkha 15.50 9/26/2014 EUR 63.47
HSBC Trinkaus & Burkha 13.00 12/30/2014 EUR 66.55
HSBC Trinkaus & Burkha 14.00 12/30/2014 EUR 74.64
BNP Paribas Emissions- 6.50 6/25/2015 EUR 74.90
BNP Paribas Emissions- 8.00 11/27/2014 EUR 66.97
BNP Paribas Emissions- 6.75 11/27/2014 EUR 70.74
BNP Paribas Emissions- 8.00 1/22/2015 EUR 68.22
Vontobel Financial Pro 9.15 10/17/2014 EUR 73.90
Vontobel Financial Pro 7.30 12/12/2014 EUR 74.46
Vontobel Financial Pro 8.60 12/12/2014 EUR 74.90
BNP Paribas Emissions- 6.75 7/23/2015 EUR 72.06
DZ Bank AG Deutsche Ze 5.00 2/13/2015 EUR 73.00
DZ Bank AG Deutsche Ze 5.00 8/14/2015 EUR 73.69
UniCredit Bank AG 6.50 10/23/2014 EUR 73.78
DZ Bank AG Deutsche Ze 7.25 11/14/2014 EUR 74.07
DZ Bank AG Deutsche Ze 9.00 11/14/2014 EUR 74.51
DZ Bank AG Deutsche Ze 9.25 11/14/2014 EUR 69.19
LBBW 3.50 1/2/2015 EUR 73.02
LBBW 3.00 1/2/2015 EUR 73.84
LBBW 4.00 1/2/2015 EUR 71.75
HSBC Trinkaus & Burkha 14.00 9/26/2014 EUR 67.98
Commerzbank AG 6.25 12/29/2014 EUR 71.63
Commerzbank AG 8.50 12/29/2014 EUR 68.34
DZ Bank AG Deutsche Ze 8.25 9/12/2014 EUR 72.84
Vontobel Financial Pro 23.40 9/26/2014 EUR 67.18
DZ Bank AG Deutsche Ze 6.75 9/12/2014 EUR 74.14
Commerzbank AG 10.50 1/22/2015 EUR 70.88
Commerzbank AG 10.00 9/25/2014 EUR 60.46
DZ Bank AG Deutsche Ze 3.60 8/21/2015 EUR 65.84
Commerzbank AG 10.00 12/29/2014 EUR 71.41
Commerzbank AG 10.00 12/29/2014 EUR 73.59
Goldman Sachs & Co Wer 17.00 9/24/2014 EUR 73.84
Goldman Sachs & Co Wer 16.00 10/22/2014 EUR 72.66
Deutsche Bank AG 7.50 9/23/2014 EUR 71.60
Deutsche Bank AG 8.50 9/23/2014 EUR 74.70
Deutsche Bank AG 8.50 9/23/2014 EUR 71.80
UniCredit Bank AG 6.10 10/23/2014 EUR 72.37
DZ Bank AG Deutsche Ze 7.00 11/14/2014 EUR 71.00
DZ Bank AG Deutsche Ze 10.00 11/14/2014 EUR 69.39
DZ Bank AG Deutsche Ze 6.25 10/9/2015 EUR 74.44
HSBC Trinkaus & Burkha 13.00 3/27/2015 EUR 72.94
HSBC Trinkaus & Burkha 11.00 12/30/2014 EUR 70.46
HSBC Trinkaus & Burkha 9.50 3/27/2015 EUR 72.06
Commerzbank AG 8.00 1/22/2015 EUR 73.17
Commerzbank AG 10.50 9/25/2014 EUR 70.38
LBBW 4.00 2/27/2015 EUR 74.97
LBBW 3.00 2/27/2015 EUR 71.58
Goldman Sachs & Co Wer 8.00 1/21/2015 EUR 71.11
Deutsche Bank AG 7.50 9/23/2014 EUR 74.60
Deutsche Bank AG 8.50 12/23/2014 EUR 73.90
Deutsche Bank AG 7.50 12/23/2014 EUR 73.50
Vontobel Financial Pro 7.75 10/17/2014 EUR 74.18
UniCredit Bank AG 4.00 12/29/2014 EUR 21.53
Goldman Sachs & Co Wer 11.00 6/24/2015 EUR 70.09
Goldman Sachs & Co Wer 16.00 11/26/2014 EUR 68.86
Vontobel Financial Pro 8.30 8/28/2015 EUR 71.50
UniCredit Bank AG 5.40 10/23/2014 EUR 71.35
Deutsche Bank AG 5.80 1/21/2015 EUR 73.70
Deutsche Bank AG 6.80 1/21/2015 EUR 74.20
WGZ-Bank AG Westdeutsc 5.00 12/23/2014 EUR 74.35
Deutsche Bank AG 5.80 1/21/2015 EUR 74.50
Deutsche Bank AG 7.80 1/21/2015 EUR 73.80
Deutsche Bank AG 5.80 1/21/2015 EUR 72.90
Deutsche Bank AG 7.80 1/21/2015 EUR 69.10
Deutsche Bank AG 5.80 1/21/2015 EUR 67.40
HSBC Trinkaus & Burkha 6.50 6/26/2015 EUR 70.63
HSBC Trinkaus & Burkha 6.50 1/23/2015 EUR 69.27
HSBC Trinkaus & Burkha 23.50 9/26/2014 EUR 71.96
HSBC Trinkaus & Burkha 6.50 12/30/2014 EUR 66.34
DZ Bank AG Deutsche Ze 5.50 1/23/2015 EUR 70.30
Vontobel Financial Pro 7.15 12/30/2014 EUR 73.80
Vontobel Financial Pro 6.70 9/26/2014 EUR 67.50
HSBC Trinkaus & Burkha 10.50 12/30/2014 EUR 73.07
BNP Paribas Emissions- 11.00 9/25/2014 EUR 73.93
DZ Bank AG Deutsche Ze 8.50 2/27/2015 EUR 71.40
Deutsche Bank AG 7.80 1/21/2015 EUR 74.60
Deutsche Bank AG 6.80 1/21/2015 EUR 70.90
Deutsche Bank AG 6.80 1/21/2015 EUR 67.80
Deutsche Bank AG 5.80 1/21/2015 EUR 70.50
Deutsche Bank AG 7.80 1/21/2015 EUR 71.40
HSBC Trinkaus & Burkha 14.50 9/26/2014 EUR 74.97
HSBC Trinkaus & Burkha 7.00 10/24/2014 EUR 67.78
HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 72.83
HSBC Trinkaus & Burkha 11.00 9/26/2014 EUR 62.67
DZ Bank AG Deutsche Ze 4.50 2/27/2015 EUR 74.32
DZ Bank AG Deutsche Ze 7.50 2/27/2015 EUR 69.01
Vontobel Financial Pro 8.05 9/26/2014 EUR 71.86
DZ Bank AG Deutsche Ze 6.00 11/14/2014 EUR 74.47
DZ Bank AG Deutsche Ze 5.50 2/13/2015 EUR 74.91
Vontobel Financial Pro 5.75 12/30/2014 EUR 69.16
DZ Bank AG Deutsche Ze 7.00 11/14/2014 EUR 64.03
DZ Bank AG Deutsche Ze 7.00 11/14/2014 EUR 69.73
HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 70.08
UniCredit Bank AG 4.00 10/30/2014 EUR 64.36
BNP Paribas Emissions- 11.50 9/11/2014 EUR 67.93
DZ Bank AG Deutsche Ze 10.50 9/26/2014 EUR 69.05
DZ Bank AG Deutsche Ze 10.00 10/24/2014 EUR 69.76
DZ Bank AG Deutsche Ze 9.50 12/30/2014 EUR 71.34
Vontobel Financial Pro 4.30 12/30/2014 EUR 72.72
Vontobel Financial Pro 4.90 9/26/2014 EUR 71.48
Vontobel Financial Pro 6.00 9/26/2014 EUR 71.64
Vontobel Financial Pro 11.70 9/26/2014 EUR 69.22
Vontobel Financial Pro 8.25 12/30/2014 EUR 74.86
Vontobel Financial Pro 9.30 9/26/2014 EUR 72.76
Vontobel Financial Pro 8.00 6/12/2015 EUR 64.90
Vontobel Financial Pro 6.00 6/12/2015 EUR 74.30
LBBW 4.00 11/28/2014 EUR 74.90
Goldman Sachs & Co Wer 8.00 9/24/2014 EUR 73.65
Vontobel Financial Pro 4.80 12/12/2014 EUR 67.34
Vontobel Financial Pro 5.40 3/13/2015 EUR 68.70
Vontobel Financial Pro 5.80 6/12/2015 EUR 69.12
DZ Bank AG Deutsche Ze 7.25 12/12/2014 EUR 69.57
DZ Bank AG Deutsche Ze 9.50 12/12/2014 EUR 74.93
DZ Bank AG Deutsche Ze 7.50 6/12/2015 EUR 73.00
DZ Bank AG Deutsche Ze 7.00 9/12/2014 EUR 74.95
DZ Bank AG Deutsche Ze 6.00 9/12/2014 EUR 72.02
DZ Bank AG Deutsche Ze 10.25 12/12/2014 EUR 69.01
DZ Bank AG Deutsche Ze 7.25 12/12/2014 EUR 68.01
DZ Bank AG Deutsche Ze 7.75 3/13/2015 EUR 74.75
DZ Bank AG Deutsche Ze 9.50 3/13/2015 EUR 70.97
DZ Bank AG Deutsche Ze 8.50 12/12/2014 EUR 73.31
DZ Bank AG Deutsche Ze 13.75 10/24/2014 EUR 63.82
DZ Bank AG Deutsche Ze 15.00 10/24/2014 EUR 69.13
DZ Bank AG Deutsche Ze 12.75 10/24/2014 EUR 72.54
Deutsche Bank AG 6.40 12/23/2014 EUR 70.20
Deutsche Bank AG 6.40 12/23/2014 EUR 68.40
Deutsche Bank AG 6.40 12/23/2014 EUR 72.10
Deutsche Bank AG 6.40 12/23/2014 EUR 74.10
Vontobel Financial Pro 8.30 3/27/2015 EUR 73.18
BNP Paribas Emissions- 6.00 9/25/2014 EUR 72.53
BNP Paribas Emissions- 10.00 9/25/2014 EUR 69.02
BNP Paribas Emissions- 18.50 9/25/2014 EUR 66.45
BNP Paribas Emissions- 6.00 12/29/2014 EUR 74.00
BNP Paribas Emissions- 10.00 12/29/2014 EUR 71.60
BNP Paribas Emissions- 13.50 12/29/2014 EUR 69.38
BNP Paribas Emissions- 9.00 3/26/2015 EUR 73.16
BNP Paribas Emissions- 11.00 3/26/2015 EUR 70.93
BNP Paribas Emissions- 9.00 6/25/2015 EUR 74.09
BNP Paribas Emissions- 11.00 6/25/2015 EUR 72.46
UniCredit Bank AG 4.30 6/24/2015 EUR 67.60
UniCredit Bank AG 5.00 6/24/2015 EUR 70.22
UniCredit Bank AG 5.25 6/24/2015 EUR 65.45
UniCredit Bank AG 5.50 6/24/2015 EUR 64.96
UniCredit Bank AG 4.50 6/24/2015 EUR 73.34
UniCredit Bank AG 5.25 6/24/2015 EUR 68.77
UniCredit Bank AG 4.20 6/24/2015 EUR 75.00
UniCredit Bank AG 4.75 6/24/2015 EUR 66.47
UniCredit Bank AG 4.50 6/24/2015 EUR 67.01
UniCredit Bank AG 5.00 6/24/2015 EUR 65.95
UniCredit Bank AG 4.75 6/24/2015 EUR 71.73
Vontobel Financial Pro 3.05 3/13/2015 EUR 75.00
Vontobel Financial Pro 11.20 5/15/2015 EUR 71.82
UniCredit Bank AG 4.00 6/25/2015 EUR 72.70
UniCredit Bank AG 4.00 6/25/2015 EUR 63.33
Commerzbank AG 7.10 6/25/2015 EUR 73.43
Vontobel Financial Pro 4.60 6/12/2015 EUR 74.66
Vontobel Financial Pro 7.90 6/26/2015 EUR 70.36
Vontobel Financial Pro 7.10 3/27/2015 EUR 69.22
Vontobel Financial Pro 7.60 9/26/2014 EUR 65.92
Vontobel Financial Pro 5.75 12/30/2014 EUR 67.16
Vontobel Financial Pro 5.55 6/12/2015 EUR 69.90
Vontobel Financial Pro 6.95 6/12/2015 EUR 69.24
Vontobel Financial Pro 8.00 6/12/2015 EUR 70.12
Vontobel Financial Pro 9.70 12/12/2014 EUR 72.94
Landesbank Hessen-Thue 3.50 7/10/2015 EUR 66.50
Goldman Sachs & Co Wer 23.00 9/24/2014 EUR 70.35
Commerzbank AG 7.00 6/25/2015 EUR 72.38
DZ Bank AG Deutsche Ze 10.75 10/24/2014 EUR 60.10
DZ Bank AG Deutsche Ze 10.00 10/24/2014 EUR 74.00
DZ Bank AG Deutsche Ze 14.00 10/24/2014 EUR 66.03
DZ Bank AG Deutsche Ze 12.25 10/24/2014 EUR 64.25
DZ Bank AG Deutsche Ze 14.50 10/24/2014 EUR 73.29
DZ Bank AG Deutsche Ze 8.25 6/26/2015 EUR 66.82
DZ Bank AG Deutsche Ze 5.25 4/9/2015 EUR 71.38
Commerzbank AG 11.00 11/27/2014 EUR 64.33
Commerzbank AG 8.50 3/26/2015 EUR 66.34
Vontobel Financial Pro 7.40 3/27/2015 EUR 63.66
Vontobel Financial Pro 10.60 9/26/2014 EUR 59.92
Commerzbank AG 7.00 3/26/2015 EUR 71.13
Commerzbank AG 10.00 3/26/2015 EUR 68.70
Goldman Sachs & Co Wer 18.00 9/24/2014 EUR 73.14
Goldman Sachs & Co Wer 16.00 3/25/2015 EUR 67.96
Goldman Sachs & Co Wer 16.00 5/20/2015 EUR 69.35
LBBW 4.00 6/26/2015 EUR 74.05
LBBW 5.00 6/26/2015 EUR 72.33
HSBC Trinkaus & Burkha 13.00 6/26/2015 EUR 74.82
HSBC Trinkaus & Burkha 12.50 12/30/2014 EUR 66.10
HSBC Trinkaus & Burkha 14.00 6/26/2015 EUR 66.66
HSBC Trinkaus & Burkha 10.00 6/26/2015 EUR 68.59
HSBC Trinkaus & Burkha 7.00 9/25/2015 EUR 70.39
HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 71.89
HSBC Trinkaus & Burkha 7.00 3/27/2015 EUR 74.33
Deutsche Bank AG 5.20 9/22/2015 EUR 73.80
UniCredit Bank AG 5.00 6/25/2015 EUR 65.60
UniCredit Bank AG 6.50 6/25/2015 EUR 64.16
UniCredit Bank AG 6.25 6/25/2015 EUR 64.61
UniCredit Bank AG 4.75 6/25/2015 EUR 66.87
UniCredit Bank AG 6.10 6/25/2015 EUR 65.16
UniCredit Bank AG 4.25 6/25/2015 EUR 67.96
DZ Bank AG Deutsche Ze 8.25 12/30/2014 EUR 68.71
DZ Bank AG Deutsche Ze 7.50 6/26/2015 EUR 70.68
DZ Bank AG Deutsche Ze 9.00 6/26/2015 EUR 72.08
DZ Bank AG Deutsche Ze 14.25 9/26/2014 EUR 73.76
DZ Bank AG Deutsche Ze 9.75 3/27/2015 EUR 71.63
DZ Bank AG Deutsche Ze 8.00 3/13/2015 EUR 74.99
DZ Bank AG Deutsche Ze 9.50 9/12/2014 EUR 67.67
DZ Bank AG Deutsche Ze 9.50 12/12/2014 EUR 69.96
DZ Bank AG Deutsche Ze 9.25 6/12/2015 EUR 73.11
DZ Bank AG Deutsche Ze 10.00 6/12/2015 EUR 73.73
Commerzbank AG 10.25 4/23/2015 EUR 74.55
Vontobel Financial Pro 9.00 4/24/2015 EUR 68.50
DZ Bank AG Deutsche Ze 7.75 10/17/2014 EUR 63.88
DZ Bank AG Deutsche Ze 9.00 10/17/2014 EUR 64.10
DZ Bank AG Deutsche Ze 7.25 10/17/2014 EUR 69.26
DZ Bank AG Deutsche Ze 10.50 10/17/2014 EUR 69.78
DZ Bank AG Deutsche Ze 6.50 10/17/2014 EUR 63.17
DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 72.61
DZ Bank AG Deutsche Ze 7.50 10/17/2014 EUR 70.84
DZ Bank AG Deutsche Ze 9.25 10/17/2014 EUR 69.23
DZ Bank AG Deutsche Ze 5.00 4/17/2015 EUR 74.59
DZ Bank AG Deutsche Ze 5.75 4/17/2015 EUR 73.16
DZ Bank AG Deutsche Ze 6.75 4/17/2015 EUR 71.97
Vontobel Financial Pro 6.35 3/27/2015 EUR 71.90
Vontobel Financial Pro 7.45 12/30/2014 EUR 70.70
DZ Bank AG Deutsche Ze 5.75 3/27/2015 EUR 62.84
DZ Bank AG Deutsche Ze 5.00 3/27/2015 EUR 71.74
Deutsche Bank AG 6.20 6/23/2015 EUR 70.32
Deutsche Bank AG 5.20 6/23/2015 EUR 69.45
Deutsche Bank AG 7.20 6/23/2015 EUR 71.18
Deutsche Bank AG 8.20 6/23/2015 EUR 72.06
Goldman Sachs & Co Wer 14.00 5/20/2015 EUR 73.47
Deutsche Bank AG 7.20 6/22/2015 EUR 70.70
Deutsche Bank AG 6.20 6/22/2015 EUR 62.70
Deutsche Bank AG 5.20 6/22/2015 EUR 65.20
Deutsche Bank AG 6.20 6/22/2015 EUR 66.10
Deutsche Bank AG 5.20 6/22/2015 EUR 61.90
Deutsche Bank AG 7.20 6/22/2015 EUR 63.60
Deutsche Bank AG 7.20 3/24/2015 EUR 71.60
Deutsche Bank AG 5.20 3/24/2015 EUR 70.30
Deutsche Bank AG 5.20 6/22/2015 EUR 68.90
Deutsche Bank AG 6.20 3/24/2015 EUR 71.00
Deutsche Bank AG 6.20 6/22/2015 EUR 69.00
Deutsche Bank AG 7.20 6/22/2015 EUR 67.00
DZ Bank AG Deutsche Ze 12.00 9/12/2014 EUR 64.22
DZ Bank AG Deutsche Ze 8.00 3/13/2015 EUR 64.16
DZ Bank AG Deutsche Ze 9.00 4/24/2015 EUR 69.28
Deutsche Bank AG 5.20 3/24/2015 EUR 74.70
Deutsche Bank AG 5.20 12/23/2014 EUR 74.50
Deutsche Bank AG 6.20 12/23/2014 EUR 74.80
Goldman Sachs & Co Wer 6.00 5/20/2015 EUR 74.57
Goldman Sachs & Co Wer 8.00 5/20/2015 EUR 72.46
Goldman Sachs & Co Wer 9.00 5/20/2015 EUR 69.86
Goldman Sachs & Co Wer 13.00 5/20/2015 EUR 67.05
Goldman Sachs & Co Wer 7.00 9/23/2015 EUR 74.00
Goldman Sachs & Co Wer 10.00 9/23/2015 EUR 71.06
Goldman Sachs & Co Wer 11.00 9/23/2015 EUR 69.41
Goldman Sachs & Co Wer 17.00 12/24/2014 EUR 73.76
Goldman Sachs & Co Wer 16.00 1/21/2015 EUR 74.66
DZ Bank AG Deutsche Ze 10.75 9/26/2014 EUR 74.61
Deutsche Bank AG 5.20 9/22/2015 EUR 70.40
Deutsche Bank AG 7.20 9/22/2015 EUR 72.70
Deutsche Bank AG 6.20 9/22/2015 EUR 75.00
Deutsche Bank AG 6.20 9/22/2015 EUR 71.60
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 45.32
HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 39.13
HSBC Trinkaus & Burkha 8.50 12/29/2014 EUR 34.49
HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 70.81
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 62.23
HSBC Trinkaus & Burkha 7.00 12/29/2014 EUR 57.31
HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 74.87
HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 50.34
HSBC Trinkaus & Burkha 6.50 12/29/2014 EUR 47.29
HSBC Trinkaus & Burkha 6.00 12/29/2014 EUR 68.13
HSBC Trinkaus & Burkha 7.50 12/29/2014 EUR 63.02
BNP Paribas Emissions- 6.00 11/27/2014 EUR 74.17
Deutsche Bank AG 6.30 9/23/2014 EUR 74.40
BNP Paribas Emissions- 5.00 11/27/2014 EUR 72.15
BNP Paribas Emissions- 5.00 1/22/2015 EUR 72.84
BNP Paribas Emissions- 5.00 5/21/2015 EUR 73.50
Vontobel Financial Pro 9.15 12/30/2014 EUR 62.36
Vontobel Financial Pro 11.80 9/26/2014 EUR 60.06
Vontobel Financial Pro 10.60 9/26/2014 EUR 72.92
UniCredit Bank AG 4.60 11/27/2014 EUR 61.86
LBBW 5.00 9/26/2014 EUR 73.35
UniCredit Bank AG 4.75 2/26/2015 EUR 70.07
UniCredit Bank AG 6.00 2/26/2015 EUR 73.86
Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 71.26
DZ Bank AG Deutsche Ze 10.25 12/12/2014 EUR 67.80
DZ Bank AG Deutsche Ze 8.50 3/13/2015 EUR 69.23
DZ Bank AG Deutsche Ze 9.25 3/13/2015 EUR 69.65
DZ Bank AG Deutsche Ze 8.00 9/11/2015 EUR 71.55
DZ Bank AG Deutsche Ze 7.50 9/12/2014 EUR 71.15
DZ Bank AG Deutsche Ze 10.00 9/12/2014 EUR 68.93
DZ Bank AG Deutsche Ze 6.50 12/12/2014 EUR 72.65
Commerzbank AG 6.75 5/21/2015 EUR 73.46
Commerzbank AG 8.75 5/21/2015 EUR 71.58
Commerzbank AG 11.00 5/21/2015 EUR 69.95
Commerzbank AG 6.75 5/21/2015 EUR 66.67
Vontobel Financial Pro 9.00 4/14/2015 EUR 68.50
UniCredit Bank AG 4.40 9/25/2014 EUR 72.21
UniCredit Bank AG 5.20 9/25/2014 EUR 70.58
UniCredit Bank AG 4.80 9/25/2014 EUR 71.39
UniCredit Bank AG 6.50 9/25/2014 EUR 68.29
Commerzbank AG 10.25 9/25/2014 EUR 67.09
Commerzbank AG 13.00 9/25/2014 EUR 71.86
Commerzbank AG 8.00 9/25/2014 EUR 74.39
Commerzbank AG 11.00 9/25/2014 EUR 69.94
Commerzbank AG 7.25 9/25/2014 EUR 58.01
Commerzbank AG 10.50 9/25/2014 EUR 54.31
UniCredit Bank AG 4.00 9/25/2014 EUR 73.04
UniCredit Bank AG 7.00 9/25/2014 EUR 51.76
UniCredit Bank AG 5.00 9/25/2014 EUR 55.89
Deutsche Bank AG 6.50 10/22/2014 EUR 72.60
HSBC Trinkaus & Burkha 13.50 9/26/2014 EUR 71.36
Deutsche Bank AG 5.50 10/22/2014 EUR 74.20
HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 64.08
HSBC Trinkaus & Burkha 10.50 3/27/2015 EUR 65.96
Vontobel Financial Pro 7.05 12/30/2014 EUR 67.40
Vontobel Financial Pro 5.05 12/30/2014 EUR 71.32
Vontobel Financial Pro 7.90 9/26/2014 EUR 65.38
Vontobel Financial Pro 5.45 9/26/2014 EUR 69.82
DekaBank Deutsche Giro 5.75 2/5/2015 EUR 70.97
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 68.98
HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 67.27
HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 67.86
HSBC Trinkaus & Burkha 10.00 8/22/2014 EUR 68.02
HSBC Trinkaus & Burkha 16.00 9/26/2014 EUR 60.98
HSBC Trinkaus & Burkha 11.00 9/26/2014 EUR 65.71
HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 64.16
HSBC Trinkaus & Burkha 9.50 12/30/2014 EUR 68.00
HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 66.35
HSBC Trinkaus & Burkha 16.50 9/26/2014 EUR 73.24
HSBC Trinkaus & Burkha 14.00 9/26/2014 EUR 72.99
HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 69.54
HSBC Trinkaus & Burkha 8.50 11/28/2014 EUR 70.24
HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 71.25
Vontobel Financial Pro 10.75 9/26/2014 EUR 74.90
DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 71.85
DZ Bank AG Deutsche Ze 6.00 8/22/2014 EUR 70.77
DZ Bank AG Deutsche Ze 7.25 8/22/2014 EUR 68.02
DZ Bank AG Deutsche Ze 7.25 9/26/2014 EUR 68.65
Deutsche Bank AG 6.50 9/24/2014 EUR 70.01
Deutsche Bank AG 5.50 9/24/2014 EUR 69.88
Goldman Sachs & Co Wer 7.00 12/24/2014 EUR 74.42
Goldman Sachs & Co Wer 7.00 12/24/2014 EUR 74.42
Goldman Sachs & Co Wer 8.00 12/24/2014 EUR 74.79
Goldman Sachs & Co Wer 7.00 9/24/2014 EUR 72.83
Goldman Sachs & Co Wer 7.00 9/24/2014 EUR 72.83
Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 73.07
Goldman Sachs & Co Wer 6.00 10/22/2014 EUR 73.15
Goldman Sachs & Co Wer 7.00 10/22/2014 EUR 73.34
Goldman Sachs & Co Wer 9.00 10/22/2014 EUR 73.73
Goldman Sachs & Co Wer 7.00 11/26/2014 EUR 73.95
Goldman Sachs & Co Wer 8.00 11/26/2014 EUR 74.24
Goldman Sachs & Co Wer 7.00 8/20/2014 EUR 72.15
Goldman Sachs & Co Wer 9.00 8/20/2014 EUR 72.20
BNP Paribas Emissions- 7.00 12/29/2014 EUR 73.86
HSBC Trinkaus & Burkha 15.00 9/26/2014 EUR 72.75
HSBC Trinkaus & Burkha 8.25 1/23/2015 EUR 74.91
HSBC Trinkaus & Burkha 10.50 9/26/2014 EUR 72.90
HSBC Trinkaus & Burkha 10.00 10/24/2014 EUR 73.60
HSBC Trinkaus & Burkha 9.00 11/28/2014 EUR 74.21
HSBC Trinkaus & Burkha 13.00 12/30/2014 EUR 70.92
HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 74.93
HSBC Trinkaus & Burkha 11.50 3/27/2015 EUR 71.33
HSBC Trinkaus & Burkha 17.00 9/26/2014 EUR 65.02
HSBC Trinkaus & Burkha 9.50 11/28/2014 EUR 71.86
HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 68.10
Deutsche Bank AG 5.00 11/26/2014 EUR 72.70
Deutsche Bank AG 6.00 11/26/2014 EUR 71.30
Deutsche Bank AG 7.00 11/26/2014 EUR 69.10
Deutsche Bank AG 6.00 8/20/2014 EUR 74.20
Deutsche Bank AG 5.00 8/20/2014 EUR 73.20
Deutsche Bank AG 5.00 8/20/2014 EUR 71.40
Deutsche Bank AG 5.00 8/20/2014 EUR 69.70
Deutsche Bank AG 5.00 8/20/2014 EUR 67.20
Deutsche Bank AG 6.00 8/20/2014 EUR 73.30
Deutsche Bank AG 6.00 8/20/2014 EUR 71.50
Deutsche Bank AG 6.00 8/20/2014 EUR 69.70
Deutsche Bank AG 6.00 8/20/2014 EUR 67.30
Deutsche Bank AG 7.00 8/20/2014 EUR 73.30
Deutsche Bank AG 7.00 8/20/2014 EUR 71.50
Deutsche Bank AG 7.00 8/20/2014 EUR 69.80
Deutsche Bank AG 7.00 8/20/2014 EUR 67.30
Deutsche Bank AG 5.00 8/20/2014 EUR 72.90
Deutsche Bank AG 5.00 8/20/2014 EUR 66.70
Deutsche Bank AG 6.00 8/20/2014 EUR 72.90
Deutsche Bank AG 6.00 8/20/2014 EUR 66.70
Deutsche Bank AG 7.00 8/20/2014 EUR 73.00
Deutsche Bank AG 7.00 8/20/2014 EUR 66.70
Deutsche Bank AG 7.00 8/20/2014 EUR 74.20
DZ Bank AG Deutsche Ze 6.25 8/22/2014 EUR 68.12
Vontobel Financial Pro 6.50 9/26/2014 EUR 71.68
Commerzbank AG 6.50 10/23/2014 EUR 69.58
Commerzbank AG 6.25 9/25/2014 EUR 72.20
Commerzbank AG 10.00 9/25/2014 EUR 67.35
Vontobel Financial Pro 8.15 9/26/2014 EUR 66.98
Vontobel Financial Pro 5.35 9/26/2014 EUR 71.04
Vontobel Financial Pro 10.95 9/26/2014 EUR 72.06
Vontobel Financial Pro 7.00 11/21/2014 EUR 66.00
Commerzbank AG 8.00 10/23/2014 EUR 74.13
Goldman Sachs & Co Wer 7.00 8/20/2014 EUR 74.85
Goldman Sachs & Co Wer 15.00 8/20/2014 EUR 64.78
Deutsche Bank AG 5.00 9/23/2014 EUR 74.60
Goldman Sachs & Co Wer 9.00 9/24/2014 EUR 72.08
Goldman Sachs & Co Wer 12.00 12/24/2014 EUR 68.93
Deutsche Bank AG 6.00 9/23/2014 EUR 74.70
Deutsche Bank AG 7.00 9/23/2014 EUR 74.80
Deutsche Bank AG 5.00 9/23/2014 EUR 73.70
Deutsche Bank AG 5.00 9/23/2014 EUR 71.90
Deutsche Bank AG 5.00 9/23/2014 EUR 70.10
Deutsche Bank AG 5.00 9/23/2014 EUR 67.70
Deutsche Bank AG 6.00 9/23/2014 EUR 73.80
Deutsche Bank AG 6.00 9/23/2014 EUR 72.00
Deutsche Bank AG 6.00 9/23/2014 EUR 70.30
Deutsche Bank AG 6.00 9/23/2014 EUR 67.80
Deutsche Bank AG 7.00 9/23/2014 EUR 74.00
Deutsche Bank AG 7.00 9/23/2014 EUR 72.10
Deutsche Bank AG 7.00 9/23/2014 EUR 70.40
Goldman Sachs & Co Wer 14.00 8/20/2014 EUR 69.93
Goldman Sachs & Co Wer 10.00 9/24/2014 EUR 74.92
Goldman Sachs & Co Wer 13.00 9/24/2014 EUR 71.21
Goldman Sachs & Co Wer 12.00 11/26/2014 EUR 73.10
Deutsche Bank AG 7.00 9/23/2014 EUR 67.90
Goldman Sachs & Co Wer 11.00 3/25/2015 EUR 74.68
LBBW 4.50 11/28/2014 EUR 72.51
BNP Paribas Emissions- 5.00 10/17/2014 EUR 72.91
BNP Paribas Emissions- 5.50 10/17/2014 EUR 72.13
DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 70.30
DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 60.57
Vontobel Financial Pro 6.65 12/30/2014 EUR 67.96
Vontobel Financial Pro 7.90 9/26/2014 EUR 66.14
HSBC Trinkaus & Burkha 6.00 8/22/2014 EUR 69.76
Deutsche Bank AG 5.20 12/23/2014 EUR 73.10
Deutsche Bank AG 6.20 12/23/2014 EUR 73.50
Deutsche Bank AG 7.20 12/23/2014 EUR 73.90
Deutsche Bank AG 5.20 12/23/2014 EUR 74.90
Deutsche Bank AG 5.20 12/23/2014 EUR 73.10
Deutsche Bank AG 5.20 12/23/2014 EUR 71.40
Deutsche Bank AG 5.20 12/23/2014 EUR 69.00
Deutsche Bank AG 5.20 12/23/2014 EUR 66.70
Deutsche Bank AG 6.20 12/23/2014 EUR 73.50
Deutsche Bank AG 6.20 12/23/2014 EUR 71.80
Deutsche Bank AG 6.20 12/23/2014 EUR 69.40
UniCredit Bank AG 5.80 9/25/2014 EUR 74.09
Deutsche Bank AG 6.20 12/23/2014 EUR 67.10
Deutsche Bank AG 7.20 12/23/2014 EUR 73.80
Deutsche Bank AG 7.20 12/23/2014 EUR 72.10
Deutsche Bank AG 7.20 12/23/2014 EUR 69.70
Deutsche Bank AG 7.20 12/23/2014 EUR 67.50
UniCredit Bank AG 5.40 9/25/2014 EUR 74.98
LBBW 5.50 9/26/2014 EUR 73.86
UniCredit Bank AG 4.00 9/25/2014 EUR 59.59
DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 56.27
Deutsche Bank AG 5.20 10/22/2014 EUR 74.10
Deutsche Bank AG 7.20 10/22/2014 EUR 66.30
Deutsche Bank AG 5.20 10/22/2014 EUR 72.40
Deutsche Bank AG 6.20 10/22/2014 EUR 72.60
Deutsche Bank AG 6.20 10/22/2014 EUR 74.30
Deutsche Bank AG 6.20 10/22/2014 EUR 68.30
Deutsche Bank AG 7.20 10/22/2014 EUR 74.50
Deutsche Bank AG 6.20 10/22/2014 EUR 66.10
Deutsche Bank AG 6.20 10/22/2014 EUR 70.80
Deutsche Bank AG 7.20 10/22/2014 EUR 72.70
Deutsche Bank AG 7.20 10/22/2014 EUR 71.00
Deutsche Bank AG 5.20 10/22/2014 EUR 70.60
Deutsche Bank AG 7.20 10/22/2014 EUR 72.80
Deutsche Bank AG 5.20 10/22/2014 EUR 72.30
Deutsche Bank AG 5.20 10/22/2014 EUR 65.90
Deutsche Bank AG 6.20 10/22/2014 EUR 72.50
Deutsche Bank AG 5.20 10/22/2014 EUR 68.10
Deutsche Bank AG 7.20 10/22/2014 EUR 68.50
Commerzbank AG 8.00 8/21/2014 EUR 68.51
Commerzbank AG 12.00 8/21/2014 EUR 72.49
DZ Bank AG Deutsche Ze 7.50 11/14/2014 EUR 66.90
Vontobel Financial Pro 7.45 9/12/2014 EUR 71.60
Vontobel Financial Pro 6.45 9/12/2014 EUR 71.52
Vontobel Financial Pro 7.70 9/12/2014 EUR 71.62
Vontobel Financial Pro 8.00 9/26/2014 EUR 71.86
DZ Bank AG Deutsche Ze 10.25 9/26/2014 EUR 69.02
DZ Bank AG Deutsche Ze 6.25 11/14/2014 EUR 63.83
DZ Bank AG Deutsche Ze 7.25 11/14/2014 EUR 64.13
Goldman Sachs & Co Wer 11.00 12/24/2014 EUR 65.78
Goldman Sachs & Co Wer 6.00 3/25/2015 EUR 74.57
Goldman Sachs & Co Wer 7.00 3/25/2015 EUR 71.97
Goldman Sachs & Co Wer 8.00 3/25/2015 EUR 69.58
Goldman Sachs & Co Wer 10.00 3/25/2015 EUR 68.03
Goldman Sachs & Co Wer 6.00 9/24/2014 EUR 71.73
Goldman Sachs & Co Wer 8.00 9/24/2014 EUR 68.58
Goldman Sachs & Co Wer 10.00 9/24/2014 EUR 65.78
Goldman Sachs & Co Wer 13.00 9/24/2014 EUR 63.32
Goldman Sachs & Co Wer 6.00 11/26/2014 EUR 72.68
Goldman Sachs & Co Wer 8.00 11/26/2014 EUR 69.91
Goldman Sachs & Co Wer 10.00 11/26/2014 EUR 67.48
Goldman Sachs & Co Wer 12.00 11/26/2014 EUR 65.26
Goldman Sachs & Co Wer 6.00 12/24/2014 EUR 73.05
Goldman Sachs & Co Wer 7.00 12/24/2014 EUR 70.10
Goldman Sachs & Co Wer 9.00 12/24/2014 EUR 67.83
Goldman Sachs & Co Wer 15.00 9/24/2014 EUR 73.61
LBBW 5.00 8/22/2014 EUR 73.20
DZ Bank AG Deutsche Ze 6.00 9/26/2014 EUR 72.17
BNP Paribas Emissions- 6.00 11/27/2014 EUR 74.55
BNP Paribas Emissions- 6.00 7/23/2015 EUR 74.89
HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 62.86
HSBC Trinkaus & Burkha 10.50 3/27/2015 EUR 64.74
HSBC Trinkaus & Burkha 8.50 8/22/2014 EUR 65.10
HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 66.37
HSBC Trinkaus & Burkha 7.00 11/28/2014 EUR 66.94
HSBC Trinkaus & Burkha 6.50 1/23/2015 EUR 67.77
HSBC Trinkaus & Burkha 10.00 8/22/2014 EUR 70.47
HSBC Trinkaus & Burkha 8.50 10/24/2014 EUR 71.90
HSBC Trinkaus & Burkha 8.00 11/28/2014 EUR 72.56
HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 73.53
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 70.86
HSBC Trinkaus & Burkha 12.00 12/30/2014 EUR 68.86
HSBC Trinkaus & Burkha 8.50 12/30/2014 EUR 72.80
HSBC Trinkaus & Burkha 11.00 3/27/2015 EUR 69.41
HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 72.95
HSBC Trinkaus & Burkha 10.50 8/22/2014 EUR 69.91
HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 71.42
HSBC Trinkaus & Burkha 8.00 1/23/2015 EUR 73.08
HSBC Trinkaus & Burkha 15.50 9/26/2014 EUR 62.17
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 67.08
HSBC Trinkaus & Burkha 13.00 12/30/2014 EUR 65.24
HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 69.30
HSBC Trinkaus & Burkha 9.50 10/24/2014 EUR 67.75
HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 74.50
Vontobel Financial Pro 7.45 12/30/2014 EUR 69.70
Vontobel Financial Pro 8.40 9/26/2014 EUR 67.76
DZ Bank AG Deutsche Ze 6.00 11/28/2014 EUR 72.90
DZ Bank AG Deutsche Ze 7.75 11/28/2014 EUR 70.03
DZ Bank AG Deutsche Ze 9.25 9/26/2014 EUR 53.67
DZ Bank AG Deutsche Ze 8.25 12/30/2014 EUR 55.69
Vontobel Financial Pro 6.20 9/12/2014 EUR 73.12
Vontobel Financial Pro 7.95 9/12/2014 EUR 69.76
HSBC Trinkaus & Burkha 8.50 12/30/2014 EUR 66.49
HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 68.03
HSBC Trinkaus & Burkha 10.00 12/30/2014 EUR 70.23
HSBC Trinkaus & Burkha 12.50 9/26/2014 EUR 73.92
Vontobel Financial Pro 4.20 9/26/2014 EUR 66.92
Vontobel Financial Pro 6.75 9/26/2014 EUR 67.24
Vontobel Financial Pro 4.35 12/30/2014 EUR 68.06
Vontobel Financial Pro 5.50 12/12/2014 EUR 69.38
Vontobel Financial Pro 6.80 12/12/2014 EUR 69.82
DZ Bank AG Deutsche Ze 7.75 10/24/2014 EUR 73.34
Vontobel Financial Pro 6.40 12/12/2014 EUR 73.08
Vontobel Financial Pro 7.00 9/12/2014 EUR 71.84
Vontobel Financial Pro 8.70 9/12/2014 EUR 72.00
DZ Bank AG Deutsche Ze 6.25 10/24/2014 EUR 69.18
DZ Bank AG Deutsche Ze 5.00 11/7/2014 EUR 74.56
Vontobel Financial Pro 8.90 9/26/2014 EUR 74.66
UniCredit Bank AG 4.00 9/25/2014 EUR 58.26
UniCredit Bank AG 6.00 9/25/2014 EUR 53.74
UniCredit Bank AG 6.20 12/29/2014 EUR 74.25
DZ Bank AG Deutsche Ze 10.00 9/26/2014 EUR 71.21
DZ Bank AG Deutsche Ze 8.50 9/26/2014 EUR 68.85
Vontobel Financial Pro 7.10 9/12/2014 EUR 71.42
Landesbank Berlin AG 7.00 12/30/2014 EUR 73.78
Vontobel Financial Pro 10.95 9/26/2014 EUR 74.92
HSBC Trinkaus & Burkha 9.50 9/26/2014 EUR 64.60
HSBC Trinkaus & Burkha 6.00 9/26/2014 EUR 70.34
DZ Bank AG Deutsche Ze 8.00 9/26/2014 EUR 68.78
Vontobel Financial Pro 7.45 12/30/2014 EUR 69.82
Vontobel Financial Pro 8.60 9/26/2014 EUR 67.76
DZ Bank AG Deutsche Ze 6.00 10/17/2014 EUR 70.25
DZ Bank AG Deutsche Ze 8.00 10/17/2014 EUR 73.68
DZ Bank AG Deutsche Ze 3.60 12/12/2014 EUR 63.03
DZ Bank AG Deutsche Ze 3.40 12/19/2014 EUR 62.96
Commerzbank AG 6.75 10/23/2014 EUR 73.40
Commerzbank AG 9.50 10/23/2014 EUR 68.97
Deutsche Bank AG 8.30 9/23/2014 EUR 75.00
Vontobel Financial Pro 5.85 9/26/2014 EUR 72.10
Vontobel Financial Pro 5.75 12/30/2014 EUR 73.48
Vontobel Financial Pro 7.50 12/30/2014 EUR 73.94
HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 68.32
HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 73.39
HSBC Trinkaus & Burkha 6.00 8/22/2014 EUR 71.50
DZ Bank AG Deutsche Ze 5.00 12/12/2014 EUR 72.90
Commerzbank AG 6.25 10/23/2014 EUR 70.69
Commerzbank AG 8.25 10/23/2014 EUR 67.55
DZ Bank AG Deutsche Ze 6.25 9/26/2014 EUR 59.57
DZ Bank AG Deutsche Ze 5.75 12/30/2014 EUR 60.99
DZ Bank AG Deutsche Ze 5.50 3/27/2015 EUR 62.18
HSBC Trinkaus & Burkha 17.50 9/26/2014 EUR 73.70
HSBC Trinkaus & Burkha 6.00 1/23/2015 EUR 66.13
HSBC Trinkaus & Burkha 2.75 1/23/2015 EUR 70.77
HSBC Trinkaus & Burkha 2.50 1/23/2015 EUR 73.83
HSBC Trinkaus & Burkha 7.50 10/24/2014 EUR 64.93
HSBC Trinkaus & Burkha 7.00 11/28/2014 EUR 65.50
HSBC Trinkaus & Burkha 6.00 2/27/2015 EUR 66.67
HSBC Trinkaus & Burkha 6.50 3/27/2015 EUR 67.40
HSBC Trinkaus & Burkha 13.00 9/26/2014 EUR 68.82
HSBC Trinkaus & Burkha 9.00 10/24/2014 EUR 73.94
HSBC Trinkaus & Burkha 8.50 11/28/2014 EUR 74.64
HSBC Trinkaus & Burkha 13.00 9/26/2014 EUR 70.65
HSBC Trinkaus & Burkha 10.50 3/27/2015 EUR 73.02
DZ Bank AG Deutsche Ze 5.00 2/27/2015 EUR 74.69
DZ Bank AG Deutsche Ze 12.50 2/27/2015 EUR 74.21
BNP Paribas Emissions- 8.00 3/26/2015 EUR 72.63
BNP Paribas Emissions- 7.00 6/25/2015 EUR 74.52
BNP Paribas Emissions- 6.50 9/25/2014 EUR 72.86
BNP Paribas Emissions- 10.00 9/25/2014 EUR 68.99
BNP Paribas Emissions- 11.00 9/25/2014 EUR 73.12
BNP Paribas Emissions- 14.50 9/25/2014 EUR 69.55
BNP Paribas Emissions- 12.50 12/29/2014 EUR 72.41
BNP Paribas Emissions- 11.00 3/26/2015 EUR 74.48
BNP Paribas Emissions- 10.00 6/25/2015 EUR 74.94
DZ Bank AG Deutsche Ze 7.00 8/22/2014 EUR 56.48
UniCredit Bank AG 5.50 9/25/2014 EUR 69.79
UniCredit Bank AG 6.00 9/25/2014 EUR 69.04
Commerzbank AG 5.00 10/7/2014 EUR 73.40
Commerzbank AG 10.25 8/21/2014 EUR 70.89
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 61.98
HSBC Trinkaus & Burkha 6.50 9/26/2014 EUR 67.19
HSBC Trinkaus & Burkha 9.00 12/30/2014 EUR 64.18
HSBC Trinkaus & Burkha 6.00 12/30/2014 EUR 68.67
HSBC Trinkaus & Burkha 13.50 9/26/2014 EUR 74.25
Deutsche Bank AG 5.20 11/26/2014 EUR 68.60
UniCredit Bank AG 5.50 2/26/2015 EUR 68.06
UniCredit Bank AG 5.20 2/26/2015 EUR 67.96
UniCredit Bank AG 4.30 2/26/2015 EUR 69.71
UniCredit Bank AG 7.00 2/26/2015 EUR 72.37
UniCredit Bank AG 4.90 2/26/2015 EUR 68.49
UniCredit Bank AG 5.00 2/26/2015 EUR 68.88
UniCredit Bank AG 4.80 2/26/2015 EUR 69.27
UniCredit Bank AG 4.00 2/26/2015 EUR 70.50
UniCredit Bank AG 4.60 2/26/2015 EUR 72.58
UniCredit Bank AG 6.10 2/26/2015 EUR 65.64
UniCredit Bank AG 6.00 2/26/2015 EUR 66.81
UniCredit Bank AG 4.00 2/26/2015 EUR 74.19
UniCredit Bank AG 5.20 2/26/2015 EUR 71.04
UniCredit Bank AG 5.50 2/26/2015 EUR 67.37
UniCredit Bank AG 4.60 2/26/2015 EUR 69.11
UniCredit Bank AG 6.50 2/26/2015 EUR 73.89
UniCredit Bank AG 5.80 2/26/2015 EUR 66.85
UniCredit Bank AG 4.00 2/26/2015 EUR 70.32
BNP Paribas Emissions- 12.00 12/11/2014 EUR 71.77
LBBW 4.30 9/23/2016 EUR 73.23
WGZ-Bank AG Westdeutsc 6.00 12/23/2014 EUR 72.94
Deutsche Bank AG 6.80 1/21/2015 EUR 73.30
Deutsche Bank AG 6.80 1/21/2015 EUR 75.00
BNP Paribas Emissions- 5.00 9/25/2014 EUR 73.61
BNP Paribas Emissions- 7.75 9/25/2014 EUR 69.53
BNP Paribas Emissions- 10.25 9/25/2014 EUR 66.69
BNP Paribas Emissions- 7.00 12/29/2014 EUR 71.23
BNP Paribas Emissions- 9.00 12/29/2014 EUR 68.86
BNP Paribas Emissions- 6.50 3/26/2015 EUR 72.50
BNP Paribas Emissions- 8.00 3/26/2015 EUR 70.35
BNP Paribas Emissions- 4.25 1/22/2015 EUR 74.82
BNP Paribas Emissions- 5.25 7/23/2015 EUR 74.19
HSBC Trinkaus & Burkha 12.50 3/27/2015 EUR 69.55
UniCredit Bank AG 4.60 2/26/2015 EUR 71.71
HSBC Trinkaus & Burkha 7.00 6/26/2015 EUR 74.35
HSBC Trinkaus & Burkha 13.00 3/27/2015 EUR 69.32
HSBC Trinkaus & Burkha 8.50 3/27/2015 EUR 73.24
HSBC Trinkaus & Burkha 7.50 6/26/2015 EUR 74.49
HSBC Trinkaus & Burkha 8.50 10/24/2014 EUR 71.73
HSBC Trinkaus & Burkha 7.50 1/23/2015 EUR 73.32
HSBC Trinkaus & Burkha 11.50 9/26/2014 EUR 63.98
HSBC Trinkaus & Burkha 11.00 12/30/2014 EUR 61.32
HSBC Trinkaus & Burkha 10.00 9/26/2014 EUR 67.20
HSBC Trinkaus & Burkha 13.50 12/30/2014 EUR 64.87
Goldman Sachs & Co Wer 11.00 10/22/2014 EUR 74.06
HSBC Trinkaus & Burkha 18.00 9/26/2014 EUR 73.52
Commerzbank AG 11.00 12/29/2014 EUR 71.35
DZ Bank AG Deutsche Ze 6.75 3/13/2015 EUR 72.36
DZ Bank AG Deutsche Ze 15.75 4/24/2015 EUR 74.80
Commerzbank AG 5.75 4/23/2015 EUR 65.97
Commerzbank AG 8.00 4/23/2015 EUR 64.44
DZ Bank AG Deutsche Ze 7.75 6/26/2015 EUR 73.25
Vontobel Financial Pro 7.75 6/26/2015 EUR 71.76
DZ Bank AG Deutsche Ze 7.50 6/12/2015 EUR 71.67
DZ Bank AG Deutsche Ze 7.25 9/11/2015 EUR 72.95
Kommunekredit 0.50 10/22/2019 BRL 59.09
Kommunekredit 0.50 9/19/2019 BRL 59.00
Kommunekredit 0.50 7/30/2027 TRY 28.17
Keops EjendomsObligati 12.00 1/1/2019 DKK 22.00
Kommunekredit 0.50 2/20/2020 BRL 57.14
BRFkredit A/S 0.90 10/1/2044 DKK 50.98
Kommunekredit 0.50 12/14/2020 ZAR 62.05
Kommunekredit 0.50 5/11/2029 CAD 59.54
Pescanova SA 5.13 4/20/2017 EUR 4.38
Minicentrales Dos SA 4.81 11/29/2034 EUR 74.25
Pescanova SA 8.75 2/17/2019 EUR 4.00
Minicentrales Dos SA 6.45 4/14/2028 EUR 74.25
Popular Capital SA 7.00 11/25/2015 EUR 36.90
Pescanova SA 6.75 3/5/2015 EUR 4.38
Autonomous Community o 2.97 9/8/2039 JPY 61.38
Catalunya Banc SA 1.06 5/5/2016 EUR 48.38
Junta Comunidades de C 0.50 12/5/2023 EUR 62.63
Banco de Castilla La M 1.50 6/23/2021 EUR 68.50
Talvivaara Mining Co P 4.00 12/16/2015 EUR 9.67
Talvivaara Mining Co P 9.75 4/4/2017 EUR 16.00
Municipality Finance P 0.50 8/8/2029 NZD 48.71
Municipality Finance P 0.50 3/28/2018 BRL 68.33
Municipality Finance P 0.50 11/16/2017 TRY 74.79
Municipality Finance P 0.50 6/19/2024 ZAR 41.56
Municipality Finance P 0.50 7/30/2029 AUD 62.05
Municipality Finance P 0.50 5/31/2022 ZAR 47.17
Municipality Finance P 0.50 1/10/2018 BRL 70.11
Municipality Finance P 0.50 11/10/2021 NZD 69.15
Municipality Finance P 0.50 11/25/2020 ZAR 56.04
Municipality Finance P 0.50 11/21/2018 ZAR 70.67
Municipality Finance P 0.50 4/26/2022 ZAR 47.60
Municipality Finance P 0.50 12/20/2018 ZAR 70.16
Municipality Finance P 0.50 4/27/2018 ZAR 72.76
Municipality Finance P 0.50 2/7/2018 BRL 69.53
Municipality Finance P 0.50 2/22/2019 IDR 67.32
Municipality Finance P 0.50 5/8/2029 AUD 51.45
Municipality Finance P 0.50 12/14/2018 TRY 67.55
Municipality Finance P 0.50 12/21/2021 NZD 71.77
Municipality Finance P 0.50 1/23/2018 BRL 70.47
Municipality Finance P 0.25 6/28/2040 CAD 26.62
Municipality Finance P 0.50 3/17/2025 CAD 66.69
Municipality Finance P 0.50 11/21/2018 TRY 67.46
SOITEC 6.75 9/18/2018 EUR 2.72
Alcatel-Lucent 4.25 7/1/2018 EUR 2.94
CGG SA 1.25 1/1/2019 EUR 28.04
Alcatel-Lucent 0.13 1/30/2020 EUR 3.64
Air France-KLM 4.97 4/1/2015 EUR 12.21
Air France-KLM 2.03 2/15/2023 EUR 11.42
Tem SAS 4.25 1/1/2015 EUR 52.52
Faurecia 3.25 1/1/2018 EUR 27.88
Peugeot SA 4.45 1/1/2016 EUR 26.55
Etablissements Maurel 1.63 7/1/2019 EUR 17.29
Nexity SA 0.63 1/1/2020 EUR 42.23
Pierre & Vacances SA 3.50 10/1/2019 EUR 35.68
Ingenico 2.75 1/1/2017 EUR 72.74
Orpea 3.88 1/1/2016 EUR 54.14
SOITEC 6.25 9/9/2014 EUR 8.99
Etablissements Maurel 7.13 7/31/2015 EUR 14.81
Societe Air France SA 2.75 4/1/2020 EUR 20.04
Le Noble Age 4.88 1/3/2016 EUR 19.57
Orpea 1.75 1/1/2020 EUR 57.56
Nexans SA 4.00 1/1/2016 EUR 56.10
Nexans SA 2.50 1/1/2019 EUR 74.05
Club Mediterranee SA 6.11 11/1/2015 EUR 22.32
Assystem 4.00 1/1/2017 EUR 23.66
Societe Generale SA 4.64 6/28/2033 USD 74.00
Zlomrex International 8.50 2/1/2014 EUR 71.00
Frey 6.00 11/15/2022 EUR 19.32
Artea 6.00 8/4/2019 EUR 14.23
CBo Territoria 6.00 1/1/2020 EUR 4.05
GFI Informatique SA/Fr 5.25 1/1/2017 EUR 6.62
Credit Agricole Corpor 0.50 2/28/2018 RUB 70.07
Bull 0.10 1/1/2033 EUR 5.04
Credit Agricole Corpor 0.50 7/16/2021 NZD 71.71
Societe Centrale des B 9.00 7/1/2016 EUR 6.81
Societe Generale SA 0.50 5/30/2023 MXN 61.38
Societe Generale SA 0.50 7/31/2020 MXN 74.06
Quantel SA 4.88 1/2/2015 EUR 25.00
Zlomrex International 8.50 2/1/2014 EUR 71.00
SG Option Europe SA 7.00 5/5/2017 EUR 52.23
SG Option Europe SA 7.50 12/24/2014 EUR 42.29
Groupe Monceau Fleurs 4.30 5/2/2022 EUR 4.01
Credit Agricole Corpor 0.50 3/6/2023 RUB 42.79
Fonciere Volta SA 4.50 7/30/2020 EUR 2.75
Atari SA 0.50 4/1/2015 EUR 3.00
BNP Paribas SA 0.50 5/6/2021 MXN 69.90
BNP Paribas SA 0.50 1/31/2018 RUB 70.68
OL Groupe 7.00 12/28/2015 EUR 6.82
Avanquest Software SA 6.50 2/15/2015 EUR 4.71
COFIDUR SA 0.10 12/31/2024 EUR 15.00
Societe Generale SA 0.50 4/4/2024 MXN 61.55
Societe Generale SA 0.50 6/12/2023 RUB 41.41
Credit Agricole Corpor 0.50 6/4/2021 NZD 72.40
Societe Generale SA 0.50 5/22/2024 MXN 62.79
Caisse Centrale du Cre 7.00 9/10/2015 EUR 15.38
BNP Paribas SA 0.50 11/16/2032 MXN 31.83
BNP Paribas SA 0.50 2/13/2024 NZD 62.70
SG Option Europe SA 7.00 9/22/2017 EUR 74.64
SG Option Europe SA 6.00 1/9/2015 EUR 73.19
Societe Generale SA 0.50 12/6/2021 AUD 72.92
Societe Generale SA 0.50 9/7/2021 AUD 74.54
Societe Generale SA 0.50 4/27/2022 AUD 71.43
Societe Generale SA 0.50 7/11/2022 AUD 70.77
Societe Generale SA 0.50 12/21/2022 AUD 69.38
Societe Generale SA 0.50 4/30/2023 RUB 41.91
Societe Generale SA 0.50 4/3/2023 RUB 42.37
Societe Generale SA 0.50 11/29/2022 AUD 69.82
SG Option Europe SA 8.00 12/18/2014 USD 43.16
SG Option Europe SA 8.00 9/29/2015 USD 64.49
DTEK Finance PLC 7.88 4/4/2018 USD 71.50
EXIM of Ukraine CJSC/T 5.79 2/9/2016 USD 78.00
Attica Funds PLC 2.71 3/24/2015 EUR 66.88
NDR Finance PLC 8.00 6/22/2017 USD 55.00
Barclays Bank PLC 0.60 12/28/2040 EUR 65.67
Cattles Ltd 6.88 1/17/2014 GBP 3.00
DTEK Finance PLC 7.88 4/4/2018 USD 81.00
Cattles Ltd 7.13 7/5/2017 GBP 3.00
Bradford & Bingley PLC 1.39 1/15/2018 GBP 52.00
Bradford & Bingley PLC 7.63 2/16/2049 GBP 60.00
Lloyds Bank PLC 4.59 4/26/2033 USD 73.59
Alpha Credit Group PLC 0.82 2/21/2021 EUR 69.00
Barclays Bank PLC 7.50 2/17/2015 USD 10.01
Barclays Bank PLC 9.00 10/3/2014 USD 9.92
Barclays Bank PLC 0.50 4/24/2023 MXN 61.77
Barclays Bank PLC 2.50 3/7/2017 EUR 34.94
HSBC Bank PLC 0.50 12/29/2022 AUD 63.89
RSL Communications PLC 12.00 11/1/2008 USD 1.25
Alpha Credit Group PLC 1.50 12/18/2028 EUR 43.50
HSBC Bank PLC 0.50 2/24/2023 AUD 62.40
Alpha Credit Group PLC 2.00 4/27/2024 EUR 62.63
RSL Communications PLC 10.13 3/1/2008 USD 1.25
RSL Communications PLC 9.88 11/15/2009 USD 1.25
HSBC Bank PLC 0.50 1/29/2027 NZD 55.00
HSBC Bank PLC 0.50 2/5/2018 RUB 70.38
RSL Communications PLC 10.50 11/15/2008 USD 1.25
HSBC Bank PLC 0.50 12/8/2026 AUD 58.98
HSBC Bank PLC 0.50 6/30/2021 NZD 73.20
HSBC Bank PLC 0.50 11/22/2021 AUD 74.22
Barclays Bank PLC 0.50 1/28/2033 MXN 32.68
HSBC Bank PLC 0.50 2/2/2023 AUD 62.61
HSBC Bank PLC 0.50 11/30/2021 NZD 71.71
HSBC Bank PLC 0.50 2/24/2027 NZD 54.79
HSBC Bank PLC 0.50 4/27/2027 NZD 54.31
Barclays Bank PLC 1.47 8/19/2016 EUR 72.73
HSBC Bank PLC 0.50 4/3/2023 AUD 69.56
HSBC Bank PLC 0.50 10/30/2026 NZD 55.72
RSL Communications PLC 9.13 3/1/2008 USD 1.25
Credit Suisse AG/Londo 1.64 6/1/2042 USD 53.78
HSBC Bank PLC 0.50 12/20/2018 RUB 64.51
Barclays Bank PLC 3.50 12/7/2015 EUR 57.40
Barclays Bank PLC 1.99 12/1/2040 USD 73.13
Barclays Bank PLC 0.50 3/19/2021 MXN 71.02
Barclays Bank PLC 0.50 3/26/2021 MXN 70.94
Royal Bank of Scotland 1.50 12/15/2017 EUR 15.36
Barclays Bank PLC 3.50 2/5/2016 EUR 56.82
Barclays Bank PLC 1.64 6/3/2041 USD 69.23
HSBC Bank PLC 0.50 4/11/2023 MXN 63.54
HSBC Bank PLC 0.50 12/29/2026 AUD 58.35
HSBC Bank PLC 0.50 7/30/2027 NZD 53.58
HSBC Bank PLC 0.50 6/9/2023 MXN 62.86
Lloyds Bank PLC 0.50 7/26/2028 MXN 42.80
HSBC Bank PLC 0.50 12/2/2022 AUD 70.98
HSBC Bank PLC 0.50 10/25/2021 AUD 74.76
Royal Bank of Scotland 7.25 1/30/2015 EUR 65.50
HSBC Bank PLC 0.50 3/1/2018 RUB 69.82
Barclays Bank PLC 0.50 3/13/2023 RUB 42.50
Credit Suisse Internat 6.30 3/20/2015 EUR 72.40
Royal Bank of Scotland 12.00 9/26/2014 EUR 73.39
Royal Bank of Scotland 12.00 12/30/2014 EUR 68.60
Royal Bank of Scotland 8.00 12/30/2014 EUR 74.76
Royal Bank of Scotland 12.00 9/26/2014 EUR 69.22
Royal Bank of Scotland 8.00 12/30/2014 EUR 72.55
Royal Bank of Scotland 10.00 9/26/2014 EUR 72.38
Royal Bank of Scotland 10.00 12/30/2014 EUR 71.42
UBS AG/London 7.50 3/27/2015 EUR 71.68
UBS AG/London 5.50 1/2/2015 EUR 69.16
UBS AG/London 9.00 6/26/2015 EUR 73.70
UBS AG/London 9.21 9/15/2014 USD 18.02
Royal Bank of Scotland 4.90 9/19/2014 EUR 65.42
UBS AG/London 12.25 2/26/2015 CHF 63.00
UBS AG/London 8.25 9/30/2014 USD 17.12
UBS AG/London 10.70 10/9/2014 USD 51.78
UBS AG/London 8.25 11/27/2014 CHF 69.82
UBS AG/London 19.75 4/16/2015 CHF 74.55
Royal Bank of Scotland 12.00 9/26/2014 EUR 69.59
Royal Bank of Scotland 10.00 9/26/2014 EUR 73.14
UBS AG/London 13.12 11/4/2014 USD 3.94
JZ Capital Partners Lt 6.00 3/31/2021 GBP 10.50
Mare Baltic PCC Ltd 3.00 11/17/2014 DKK 70.00
EFG International Fina 8.45 3/23/2018 EUR 42.37
Leonteq Securities AG/ 8.64 8/25/2015 CHF 50.25
Leonteq Securities AG/ 11.40 7/31/2015 EUR 74.47
Bank Julius Baer & Co 7.75 12/12/2014 EUR 65.85
Bank Julius Baer & Co 11.50 10/17/2014 EUR 71.10
Leonteq Securities AG/ 19.94 5/21/2015 CHF 74.57
Leonteq Securities AG/ 14.25 2/13/2015 USD 74.96
EFG International Fina 6.00 11/30/2017 EUR 40.21
Leonteq Securities AG/ 7.80 8/26/2014 CHF 47.61
Banque Cantonale Vaudo 14.68 9/22/2014 EUR 66.95
Zurcher Kantonalbank F 11.25 2/13/2015 EUR 71.58
Bank Julius Baer & Co 10.00 2/27/2015 USD 73.15
Mare Baltic PCC Ltd 3.00 11/17/2014 DKK 1.00
Zurcher Kantonalbank F 5.15 11/5/2014 CHF 72.94
Bank Julius Baer & Co 7.50 1/27/2015 EUR 64.80
Leonteq Securities AG/ 6.58 3/29/2016 EUR 73.00
Banque Cantonale Vaudo 4.90 9/9/2014 CHF 72.92
Leonteq Securities AG/ 6.80 12/19/2014 USD 62.97
Bank Julius Baer & Co 9.10 5/22/2015 EUR 73.00
Bank Julius Baer & Co 9.50 9/12/2014 EUR 75.00
EFG International Fina 12.86 10/30/2017 EUR 44.33
Leonteq Securities AG/ 29.61 10/26/2017 EUR 40.04
Leonteq Securities AG/ 10.40 8/14/2015 EUR 74.35
Leonteq Securities AG/ 10.00 9/26/2014 USD 65.45
Leonteq Securities AG/ 4.05 9/25/2014 CHF 69.49
Leonteq Securities AG/ 5.50 8/19/2014 USD 65.89
Leonteq Securities AG/ 14.00 9/22/2014 CHF 31.61
Zurcher Kantonalbank F 6.95 10/22/2014 EUR 74.26
Leonteq Securities AG/ 11.80 9/10/2015 EUR 74.75
Bank Julius Baer & Co 6.60 10/7/2014 EUR 71.20
EFG International Fina 6.48 5/29/2018 EUR 72.71
Zurcher Kantonalbank F 9.28 1/15/2015 EUR 68.05
Zurcher Kantonalbank F 10.50 2/25/2015 CHF 70.98
Bank J Safra Sarasin A 8.00 4/27/2015 CHF 68.25
Zurcher Kantonalbank F 9.00 11/12/2014 EUR 71.75
Banque Cantonale Vaudo 8.65 11/24/2014 EUR 64.70
Leonteq Securities AG/ 20.15 9/11/2014 CHF 65.15
Zurcher Kantonalbank F 14.00 7/29/2015 EUR 74.28
Marfin Investment Grou 5.00 3/19/2015 EUR 4.78
Hellenic Republic Gove 2.09 7/25/2057 EUR 22.63
Nireus Aquaculture SA 5.30 7/12/2015 EUR 12.00
Marfin Investment Grou 7.00 6/18/2019 EUR 1.00
Marfin Investment Grou 6.30 6/18/2020 EUR 0.85
Ingra dd 6.13 12/6/2016 HRK 12.99
ENEFI Energyefficiency 10.24 2/12/2015 HUF 17.29
Corsicanto Ltd 3.50 1/15/2032 USD 82.00
Allied Irish Banks PLC 0.95 10/24/2035 EUR 24.38
Allied Irish Banks PLC 12.50 6/25/2035 GBP 70.00
Depfa ACS Bank 4.90 8/24/2035 CAD 72.28
Depfa ACS Bank 0.25 7/8/2033 CAD 24.00
Allied Irish Banks PLC 5.25 3/10/2035 GBP 26.50
Kalvebod PLC 2.00 5/1/2106 DKK 65.00
Depfa ACS Bank 0.50 3/3/2025 CAD 51.48
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
LBI HF 6.10 8/25/2011 USD 11.00
Kaupthing Bank Hf 5.75 10/4/2011 USD 12.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 10.75
Glitnir HF 3.00 6/30/2010 EUR 12.00
Glitnir HF 6.00 3/5/2012 GBP 12.00
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.13
Kaupthing Bank Hf 5.75 10/4/2011 USD 12.88
Kaupthing Bank Hf 3.00 2/12/2010 CHF 12.88
Kaupthing Bank Hf 5.25 7/18/2017 BGN 12.88
Glitnir HF 4.38 2/5/2010 EUR 12.00
Kaupthing Bank Hf 5.50 2/2/2009 USD 12.88
LBI HF 6.10 8/25/2011 USD 8.88
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.13
LBI HF 2.25 2/14/2011 CHF 9.38
Kaupthing Bank Hf 1.80 10/20/2009 JPY 12.88
LBI HF 3.00 12/7/2010 CHF 9.38
Kaupthing Bank Hf 6.13 10/4/2016 USD 12.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 12.88
LBI HF 3.20 5/10/2010 SKK 9.38
Kaupthing Bank Hf 4.65 2/19/2013 EUR 12.88
Glitnir HF 6.38 9/25/2012 USD 12.00
Glitnir HF 6.33 7/28/2011 USD 12.00
Kaupthing Bank Hf 4.70 2/15/2010 CAD 12.88
Glitnir HF 1.63 3/11/2009 CHF 12.00
Glitnir HF 4.75 10/15/2010 USD 12.00
Kaupthing Bank Hf 1.65 7/5/2010 JPY 12.88
LBI HF 4.40 1/18/2010 CAD 9.38
LBI HF 7.75 2/22/2016 USD 9.38
Kaupthing Bank Hf 9.75 9/10/2015 USD 12.88
Glitnir HF 5.44 12/22/2015 USD 12.00
Glitnir HF 5.31 12/24/2012 USD 12.00
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.13
Glitnir HF 10.00 6/28/2017 USD 12.00
Kaupthing Bank Hf 1.99 7/5/2012 JPY 12.88
Glitnir HF 6.00 8/1/2015 ISK 12.00
Glitnir HF 3.00 4/1/2010 CZK 12.00
Kaupthing Bank Hf 0.80 2/15/2011 EUR 12.88
Kaupthing Bank Hf 1.75 6/7/2016 EUR 12.88
Kaupthing Bank Hf 7.63 2/28/2015 USD 10.75
Kaupthing Bank Hf 4.95 5/6/2009 EUR 12.88
Glitnir HF 6.33 7/28/2011 USD 12.00
Kaupthing Bank Hf 3.75 2/15/2024 ISK 12.88
Glitnir HF 3.25 8/15/2016 EUR 12.00
LBI HF 4.40 11/3/2009 CZK 9.38
LBI HF 4.38 10/20/2008 EUR 9.38
Kaupthing Bank Hf 7.00 7/24/2009 ISK 12.88
Glitnir HF 5.35 5/11/2010 USD 12.00
Glitnir HF 5.25 5/2/2014 ISK 12.00
Glitnir HF 3.25 9/15/2015 EUR 12.00
LBI HF 4.40 11/30/2035 EUR 0.13
Glitnir HF 2.75 3/31/2010 EUR 12.00
LBI HF 6.00 6/6/2017 EUR 9.38
Kaupthing Bank Hf 0.69 5/21/2011 JPY 12.88
Glitnir HF 3.00 10/31/2015 EUR 12.00
Glitnir HF 4.75 10/15/2010 USD 12.00
Kaupthing Bank Hf 4.47 10/27/2010 EUR 12.88
Glitnir HF 4.85 4/26/2012 EUR 12.00
LBI HF 8.65 5/1/2011 ISK 9.38
LBI HF 6.75 2/18/2015 EUR 9.38
LBI HF 7.25 4/2/2011 EUR 9.38
Kaupthing Bank Hf 4.90 5/29/2017 EUR 12.88
Kaupthing Bank Hf 0.95 10/20/2010 JPY 12.88
LBI HF 4.53 4/24/2012 EUR 9.38
LBI HF 2.14 2/3/2020 JPY 9.38
Kaupthing Bank Hf 7.70 10/2/2011 EUR 12.88
Kaupthing Bank Hf 7.50 10/2/2010 EUR 12.88
LBI HF 7.00 4/2/2010 EUR 9.38
LBI HF 7.20 4/27/2026 EUR 0.13
Kaupthing Bank Hf 0.20 7/12/2009 JPY 12.88
Kaupthing Bank Hf 4.50 1/17/2011 EUR 12.88
Glitnir HF 0.01 5/6/2009 JPY 12.00
Glitnir HF 3.00 12/15/2009 EUR 12.00
Kaupthing Bank Hf 7.50 12/5/2014 ISK 12.88
Glitnir HF 6.38 9/25/2012 USD 12.00
Glitnir HF 4.85 4/6/2012 EUR 12.00
LBI HF 3.45 12/18/2033 JPY 0.13
Glitnir HF 3.75 1/15/2010 EUR 12.00
Glitnir HF 6.75 3/27/2013 EUR 12.00
LBI HF 4.08 3/16/2015 EUR 9.38
Kaupthing Bank Hf 7.90 2/1/2016 EUR 12.88
LBI HF 4.34 12/22/2025 EUR 9.38
Glitnir HF 2.00 1/30/2009 CHF 12.00
Glitnir HF 5.86 7/28/2016 GBP 12.00
LBI HF 3.11 11/10/2008 EUR 9.38
Glitnir HF 3.63 4/5/2009 EUR 12.00
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.13
Glitnir HF 5.25 10/23/2011 ISK 12.00
LBI HF 5.08 3/1/2013 ISK 9.38
Glitnir HF 0.50 11/26/2009 EUR 12.00
Kaupthing Bank Hf 6.50 10/8/2010 ISK 12.88
Glitnir HF 3.00 11/30/2009 EUR 12.00
LBI HF 1.68 12/22/2014 JPY 9.38
Kaupthing Bank Hf 7.00 1/3/2011 EUR 12.88
Glitnir HF 3.30 6/10/2010 EUR 12.00
Kaupthing Bank Hf 4.53 4/24/2012 EUR 12.88
LBI HF 5.44 9/3/2018 EUR 0.13
Glitnir HF 6.00 12/15/2012 GBP 12.00
Glitnir HF 7.32 12/19/2012 USD 12.00
LBI HF 5.25 6/5/2023 EUR 9.38
Kaupthing Bank Hf 7.50 4/2/2011 EUR 12.88
LBI HF 6.75 8/18/2015 EUR 9.38
LBI HF 4.34 3/1/2011 EUR 9.38
Glitnir HF 3.45 8/22/2010 CZK 12.00
Glitnir HF 0.01 8/3/2009 JPY 12.00
Kaupthing Bank Hf 5.80 9/7/2012 EUR 12.88
LBI HF 3.36 8/17/2012 EUR 9.38
Glitnir HF 3.30 8/22/2012 EUR 12.00
Glitnir HF 3.00 10/4/2011 EUR 12.00
LBI HF 4.00 9/23/2015 EUR 9.38
Kaupthing Bank Hf 7.90 4/28/2016 EUR 12.88
Glitnir HF 2.57 12/31/2013 EUR 12.00
Glitnir HF 4.01 7/6/2009 HKD 12.00
Glitnir HF 5.86 7/28/2016 GBP 12.00
Glitnir HF 6.31 7/28/2011 USD 12.00
Glitnir HF 6.31 7/28/2011 USD 12.00
Glitnir HF 5.24 12/22/2010 USD 12.00
Kaupthing Bank Hf 5.00 11/8/2013 EUR 12.88
LBI HF 4.75 5/31/2013 EUR 9.38
Kaupthing Bank Hf 5.00 1/4/2027 SKK 12.88
LBI HF 4.32 1/31/2010 EUR 9.38
LBI HF 4.28 11/19/2010 EUR 9.38
Glitnir HF 3.50 10/30/2012 EUR 12.00
LBI HF 3.34 5/11/2012 EUR 9.38
Glitnir HF 4.50 1/9/2012 EUR 12.00
LBI HF 2.75 3/16/2011 EUR 9.38
Glitnir HF 5.00 2/1/2011 ISK 12.00
Glitnir HF 5.00 2/1/2016 ISK 12.00
Glitnir HF 6.00 8/1/2010 ISK 12.00
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.13
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.13
LBI HF 3.00 10/22/2015 EUR 9.38
LBI HF 2.22 10/15/2019 JPY 9.38
Glitnir HF 2.25 2/15/2011 EUR 12.00
Glitnir HF 5.00 3/14/2012 EUR 12.00
Kaupthing Bank Hf 6.40 12/15/2015 EUR 12.88
Glitnir HF 5.25 5/2/2017 ISK 12.00
Banca delle Marche SpA 1.26 6/1/2017 EUR 56.88
Banca delle Marche SpA 1.39 6/15/2016 EUR 68.98
Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 1.63
Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00
Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00
Region of Molise Italy 0.73 12/15/2033 EUR 67.25
Region of Abruzzo Ital 0.82 11/7/2036 EUR 58.15
Region of Piemont Ital 0.56 11/27/2036 EUR 58.83
Italy Government Inter 0.72 7/31/2045 EUR 64.25
Region of Abruzzo Ital 0.66 11/7/2031 EUR 64.30
Banca Monte dei Paschi 3.04 11/10/2020 EUR 70.00
Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.00
Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 19.38
Comune di Fiumicino 0.46 12/31/2026 EUR 71.39
Province of Milan Ital 0.55 12/22/2033 EUR 63.41
Province of Treviso It 0.54 12/31/2034 EUR 60.45
Seat Pagine Gialle SpA 10.50 1/31/2017 EUR 18.75
Province of Treviso It 0.48 12/31/2034 EUR 58.84
Comune di Verona 0.53 12/1/2026 EUR 62.80
Province of Milan Ital 0.30 12/20/2042 EUR 44.18
City of Lecco Italy 0.42 6/30/2026 EUR 72.18
Comune di Nervesa dell 0.39 1/31/2027 EUR 69.15
Comune di Seminara 0.84 10/31/2026 EUR 74.10
Province of Rovigo Ita 0.56 12/28/2035 EUR 59.34
City of Cagliari Italy 0.48 12/23/2025 EUR 72.72
Province of Brescia It 0.68 6/30/2036 EUR 58.02
Comune di Azzano Mella 0.41 6/30/2025 EUR 73.36
City of Pavullo nel Fr 1.26 12/31/2030 EUR 71.53
Comunita Montana Leogr 0.37 1/15/2027 EUR 69.05
Comune di San Benedett 0.38 6/30/2027 EUR 68.11
Comunita Montana della 0.44 6/30/2027 EUR 70.17
Comune di Ladispoli 0.41 12/31/2026 EUR 69.29
Comune di Ferentino 0.38 12/28/2027 EUR 66.87
Comune di Pieve d'Olmi 0.41 6/30/2026 EUR 70.76
Province of Macerata 0.35 12/30/2025 EUR 71.54
Province of Teramo Ita 0.43 12/30/2025 EUR 73.75
Banca di Cividale SpA 0.42 10/2/2036 EUR 56.25
Comune di Cimbergo 0.52 12/31/2035 EUR 56.85
Comune di Orvieto 0.43 12/31/2030 EUR 61.47
Province of Teramo Ita 0.40 12/30/2030 EUR 63.54
Comune di Bossico 0.52 12/31/2035 EUR 56.85
Comune di Ponte Di Leg 0.52 12/31/2035 EUR 56.85
Comune di Cellatica 0.46 12/31/2025 EUR 72.30
Comune di Roe Volciano 0.52 12/31/2035 EUR 56.85
Comune di Bassano del 0.39 12/31/2025 EUR 71.83
Province of Ascoli Pic 0.59 6/30/2026 EUR 70.72
Comune di San Lorenzo 0.41 6/30/2026 EUR 70.69
Comune di Bovegno 0.52 12/31/2035 EUR 56.85
Comune di Biella 0.37 12/31/2025 EUR 71.66
Comune di Orvieto 0.43 12/31/2031 EUR 60.34
Province of Brescia It 0.75 12/22/2036 EUR 57.45
Comune di San Ferdinan 0.49 12/27/2026 EUR 71.99
Comune di Soriano Nel 0.40 12/31/2026 EUR 69.47
Comune di Erchie 0.44 12/31/2036 EUR 54.39
Comune di Acquapendent 0.41 12/31/2025 EUR 72.00
Comune di Marsciano 0.46 12/31/2036 EUR 55.01
Comune di Dello 0.46 12/31/2025 EUR 72.30
Province of Palermo It 0.41 12/31/2035 EUR 55.37
Comune di Santa Maria 0.70 5/31/2026 EUR 74.06
Province of Treviso It 0.31 12/31/2034 EUR 57.54
Comune di Comezzano Ci 0.47 6/30/2030 EUR 62.97
Province of Pavia 0.39 12/31/2025 EUR 71.91
Comune di Cologno Monz 0.39 12/31/2025 EUR 71.88
Comune di Pietra Ligur 0.39 12/31/2025 EUR 71.86
Comune di Castel Madam 0.45 12/31/2025 EUR 72.38
Province of Lecce 0.36 6/30/2026 EUR 70.29
Comune di Grottaferrat 0.40 6/30/2026 EUR 70.59
Comune di Lozio 0.57 12/31/2035 EUR 57.53
Comune di Susegana 0.40 12/31/2025 EUR 71.91
Comune di Marsciano 0.63 12/30/2034 EUR 58.95
ESFIL-Espirito Santo F 5.25 6/12/2015 EUR 11.50
Espirito Santo Financi 6.88 10/21/2019 EUR 3.38
Espirito Santo Financi 3.13 12/2/2018 EUR 17.38
Far East Capital Ltd S 8.00 5/2/2018 USD 75.15
Espirito Santo Financi 9.75 12/19/2025 EUR 5.38
Bank of New York Mello 4.45 12/30/2099 EUR 46.69
3W Power SA 9.25 12/1/2015 EUR 57.00
Banco Espirito Santo S 3.50 1/23/2043 EUR 69.25
Codere Finance Luxembo 8.25 6/15/2015 EUR 63.00
Far East Capital Ltd S 8.75 5/2/2020 USD 83.15
Far East Capital Ltd S 8.00 5/2/2018 USD 66.94
Codere Finance Luxembo 9.25 2/15/2019 USD 64.00
International Industri 9.00 7/6/2011 EUR 0.63
Codere Finance Luxembo 9.25 2/15/2019 USD 64.75
Hellas Telecommunicati 8.50 10/15/2013 EUR 0.13
Cirio Holding Luxembou 6.25 2/16/2004 EUR 0.63
IT Holding Finance SA 9.88 11/15/2012 EUR 0.13
International Industri 11.00 2/19/2013 USD 0.38
Cirio Finance Luxembou 7.50 11/3/2002 EUR 1.50
Del Monte Finance Luxe 6.63 5/24/2006 EUR 13.75
Breeze Finance SA 11.75 4/19/2027 EUR 3.00
Far East Capital Ltd S 8.75 5/2/2020 USD 68.75
Breeze Finance SA 6.71 4/19/2027 EUR 35.00
Codere Finance Luxembo 8.25 6/15/2015 EUR 63.50
Banco Espirito Santo S 3.50 2/19/2043 EUR 63.75
Codere Finance Luxembo 8.25 6/15/2015 EUR 63.38
Teksid Aluminum Luxemb 11.38 7/15/2011 EUR 0.25
Banco Espirito Santo S 3.50 3/18/2043 EUR 63.75
Finmek International S 7.00 12/3/2004 EUR 0.13
Hellas Telecommunicati 8.50 10/15/2013 EUR 0.13
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.63
ECM Real Estate Invest 5.00 10/9/2011 EUR 10.38
Codere Finance Luxembo 8.25 6/15/2015 EUR 63.50
Erste Europaeische Pfa 0.24 2/1/2037 USD 74.56
IT Holding Finance SA 9.88 11/15/2012 EUR 0.13
Cerruti Finance SA 6.50 7/26/2004 EUR 1.63
ECM Real Estate Invest 5.00 10/9/2011 EUR 10.38
WPE International Coop 10.38 9/30/2020 USD 31.50
Metinvest BV 8.75 2/14/2018 USD 68.31
New World Resources NV 7.88 5/1/2018 EUR 70.02
New World Resources NV 7.88 1/15/2021 EUR 15.13
WPE International Coop 10.38 9/30/2020 USD 30.00
BLT Finance BV 7.50 5/15/2014 USD 8.50
SNS Bank NV 6.25 10/26/2020 EUR 3.88
KPNQwest NV 10.00 3/15/2012 EUR 0.38
Astana Finance BV 7.88 6/8/2010 EUR 5.38
KPNQwest NV 8.13 6/1/2009 USD 1.50
KPNQwest NV 7.13 6/1/2009 EUR 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.25
Finance and Credit Ban 9.25 1/25/2019 USD 70.00
Cooperatieve Centrale 0.50 11/26/2021 ZAR 51.85
Lehman Brothers Treasu 6.00 2/15/2035 EUR 7.00
Cirio Del Monte NV 7.75 3/14/2005 EUR 6.00
Astana Finance BV 9.00 11/16/2011 USD 5.33
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.38
Lehman Brothers Treasu 7.00 5/17/2035 EUR 7.75
Sidetur Finance BV 10.00 4/20/2016 USD 21.13
Lehman Brothers Treasu 7.25 10/5/2035 EUR 7.25
Lehman Brothers Treasu 6.00 11/2/2035 EUR 7.00
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.13
New World Resources NV 7.88 1/15/2021 EUR 15.13
Bulgaria Steel Finance 12.00 5/4/2013 EUR 1.00
Air Berlin Finance BV 1.50 4/11/2027 EUR 66.01
Global PVQ Netherlands 5.75 5/26/2014 EUR 29.83
Lehman Brothers Treasu 8.25 3/16/2035 EUR 6.75
Lehman Brothers Treasu 5.00 9/22/2014 EUR 30.63
New World Resources NV 7.88 5/1/2018 EUR 70.00
SNS Bank NV 6.63 5/14/2018 EUR 4.38
Lehman Brothers Treasu 5.00 2/16/2015 EUR 30.63
BLT Finance BV 12.00 2/10/2015 USD 10.50
KPNQwest NV 8.88 2/1/2008 EUR 0.25
Lehman Brothers Treasu 1.75 2/7/2010 EUR 5.63
Global PVQ Netherlands 1.38 4/30/2012 EUR 30.38
Lehman Brothers Treasu 5.10 5/8/2017 HKD 29.88
Global PVQ Netherlands 1.38 4/30/2012 EUR 29.83
Cooperatieve Centrale 0.50 7/30/2043 MXN 18.47
Bank Nederlandse Gemee 0.50 6/7/2022 ZAR 54.03
Lehman Brothers Treasu 7.60 5/21/2013 USD 30.63
Lehman Brothers Treasu 2.88 3/14/2013 CHF 11.13
Lehman Brothers Treasu 6.00 3/14/2011 EUR 30.63
Lehman Brothers Treasu 7.00 10/22/2010 EUR 30.63
KPNQwest NV 7.13 6/1/2009 EUR 0.25
Lehman Brothers Treasu 8.00 2/16/2016 EUR 30.63
Lehman Brothers Treasu 5.25 5/26/2026 EUR 30.63
Lehman Brothers Treasu 4.00 10/24/2012 EUR 30.63
Astana Finance BV 14.50 7/2/2013 USD 7.63
Cooperatieve Centrale 0.50 10/30/2043 MXN 17.97
Lehman Brothers Treasu 4.50 5/2/2017 EUR 30.63
Lehman Brothers Treasu 3.03 1/31/2015 EUR 5.63
Lehman Brothers Treasu 11.00 12/20/2017 AUD 30.63
Lehman Brothers Treasu 8.25 12/3/2015 EUR 5.63
Lehman Brothers Treasu 6.00 10/30/2012 EUR 30.63
Lehman Brothers Treasu 1.00 5/9/2012 EUR 30.63
Lehman Brothers Treasu 5.00 2/27/2014 EUR 30.63
Lehman Brothers Treasu 4.00 12/2/2012 EUR 30.63
Lehman Brothers Treasu 4.00 2/16/2017 EUR 5.63
Nederlandse Waterschap 0.50 3/11/2025 CAD 72.12
Lehman Brothers Treasu 13.50 6/2/2009 USD 5.63
Lehman Brothers Treasu 7.00 11/26/2013 EUR 30.63
Lehman Brothers Treasu 6.00 3/18/2015 USD 30.63
Lehman Brothers Treasu 10.00 6/17/2009 USD 5.63
Lehman Brothers Treasu 15.00 6/4/2009 CHF 5.63
Lehman Brothers Treasu 5.25 7/8/2014 EUR 5.63
Lehman Brothers Treasu 1.46 2/19/2012 JPY 29.88
Lehman Brothers Treasu 4.10 6/10/2014 SGD 5.63
Lehman Brothers Treasu 11.75 3/1/2010 EUR 5.63
BLT Finance BV 7.50 5/15/2014 USD 8.50
Lehman Brothers Treasu 0.75 3/29/2012 EUR 30.63
Lehman Brothers Treasu 5.00 8/16/2017 EUR 30.63
Lehman Brothers Treasu 3.00 3/19/2018 JPY 5.63
Lehman Brothers Treasu 0.50 6/2/2020 EUR 5.63
Lehman Brothers Treasu 7.00 2/15/2012 EUR 5.63
Lehman Brothers Treasu 5.00 3/18/2015 EUR 30.63
Morgan Stanley BV 8.50 5/25/2015 EUR 74.08
Lehman Brothers Treasu 3.00 6/23/2009 EUR 30.63
Lehman Brothers Treasu 6.65 8/24/2011 AUD 29.88
Lehman Brothers Treasu 4.00 7/20/2012 EUR 30.63
Nutritek International 8.75 12/11/2008 USD 2.00
Lehman Brothers Treasu 4.05 9/16/2008 EUR 30.63
Lehman Brothers Treasu 1.50 10/12/2010 EUR 30.63
Bulgaria Steel Finance 12.00 5/4/2013 EUR 1.00
NIBC Bank NV 25.98 5/7/2029 EUR 61.92
Lehman Brothers Treasu 8.88 1/28/2011 HKD 29.88
Lehman Brothers Treasu 7.00 6/6/2017 EUR 30.63
Morgan Stanley BV 9.00 4/16/2015 EUR 63.90
Lehman Brothers Treasu 6.00 6/21/2011 EUR 30.63
Lehman Brothers Treasu 8.25 2/3/2016 EUR 30.63
Lehman Brothers Treasu 3.86 9/21/2011 SGD 5.63
Lehman Brothers Treasu 6.00 8/7/2013 EUR 30.63
KPNQwest NV 8.88 2/1/2008 EUR 0.25
Cooperatieve Centrale 0.50 10/29/2027 MXN 46.90
Lehman Brothers Treasu 1.28 11/6/2010 JPY 29.88
Lehman Brothers Treasu 5.55 3/12/2015 EUR 5.63
Lehman Brothers Treasu 4.68 12/12/2045 EUR 5.63
Lehman Brothers Treasu 10.44 11/22/2008 CHF 5.63
Lehman Brothers Treasu 7.60 3/26/2009 EUR 30.63
Lehman Brothers Treasu 4.10 8/23/2010 USD 5.63
Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63
Lehman Brothers Treasu 7.75 2/21/2016 EUR 30.63
Lehman Brothers Treasu 7.60 1/31/2013 AUD 5.63
Lehman Brothers Treasu 11.00 7/4/2011 USD 5.63
Lehman Brothers Treasu 8.50 7/5/2016 EUR 30.63
Lehman Brothers Treasu 4.60 7/6/2016 EUR 30.63
Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63
Lehman Brothers Treasu 4.35 8/8/2016 SGD 29.88
Lehman Brothers Treasu 2.00 6/28/2011 EUR 30.63
Lehman Brothers Treasu 6.00 3/4/2015 USD 30.63
Lehman Brothers Treasu 14.90 11/16/2010 EUR 5.63
Lehman Brothers Treasu 5.50 6/22/2010 USD 30.63
Lehman Brothers Treasu 6.50 7/24/2026 EUR 30.63
Lehman Brothers Treasu 13.50 11/28/2008 USD 5.63
Lehman Brothers Treasu 7.39 5/4/2017 USD 30.63
Lehman Brothers Treasu 11.00 12/19/2011 USD 30.63
Lehman Brothers Treasu 4.70 3/23/2016 EUR 30.63
Lehman Brothers Treasu 4.50 3/7/2015 EUR 30.63
Central European Estat 7.80 8/30/2014 ILS 12.80
Lehman Brothers Treasu 4.00 4/13/2011 CHF 30.63
KPNQwest NV 7.13 6/1/2009 EUR 0.25
Lehman Brothers Treasu 14.90 9/15/2008 EUR 5.63
Lehman Brothers Treasu 7.50 8/1/2035 EUR 30.63
Lehman Brothers Treasu 4.10 5/20/2009 USD 5.63
Lehman Brothers Treasu 6.00 9/20/2011 EUR 30.63
Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63
Lehman Brothers Treasu 9.75 6/22/2018 USD 30.63
Lehman Brothers Treasu 6.50 5/16/2015 EUR 30.63
Lehman Brothers Treasu 4.50 7/24/2014 EUR 30.63
Lehman Brothers Treasu 5.00 5/12/2011 CHF 30.63
Lehman Brothers Treasu 15.00 3/30/2011 EUR 30.63
Lehman Brothers Treasu 4.00 7/27/2011 EUR 30.63
Lehman Brothers Treasu 5.00 5/2/2022 EUR 5.63
Lehman Brothers Treasu 7.00 9/20/2011 USD 30.63
Cooperatieve Centrale 0.50 8/21/2028 MXN 44.41
Lehman Brothers Treasu 5.38 2/4/2014 USD 30.63
Lehman Brothers Treasu 2.50 11/9/2011 CHF 30.63
Lehman Brothers Treasu 6.00 10/30/2012 USD 5.63
Lehman Brothers Treasu 7.50 5/2/2017 EUR 30.63
Lehman Brothers Treasu 7.15 3/21/2013 USD 30.63
Bank Nederlandse Gemee 0.50 5/12/2021 ZAR 59.48
Lehman Brothers Treasu 8.05 12/20/2010 HKD 5.63
Lehman Brothers Treasu 7.59 11/22/2009 MXN 29.88
Bank Nederlandse Gemee 0.50 3/3/2021 NZD 71.60
Lehman Brothers Treasu 6.30 12/21/2018 USD 30.63
Lehman Brothers Treasu 5.12 4/30/2027 EUR 5.63
Bank Nederlandse Gemee 0.50 8/9/2022 MXN 69.25
Bank Nederlandse Gemee 0.50 8/15/2022 ZAR 52.65
Lehman Brothers Treasu 17.00 6/2/2009 USD 5.63
Lehman Brothers Treasu 23.30 9/16/2008 USD 5.63
Lehman Brothers Treasu 4.00 8/11/2010 USD 30.63
Lehman Brothers Treasu 5.00 11/22/2012 EUR 30.63
Sidetur Finance BV 10.00 4/20/2016 USD 21.13
Lehman Brothers Treasu 7.25 10/6/2008 EUR 5.63
Lehman Brothers Treasu 5.10 6/22/2046 EUR 5.63
Lehman Brothers Treasu 4.69 2/19/2017 EUR 5.63
Lehman Brothers Treasu 7.06 12/29/2008 EUR 30.63
Lehman Brothers Treasu 4.82 12/18/2036 EUR 5.63
Lehman Brothers Treasu 4.00 2/28/2010 EUR 5.63
Lehman Brothers Treasu 8.60 7/31/2013 GBP 30.63
Lehman Brothers Treasu 8.28 7/31/2013 GBP 30.63
Lehman Brothers Treasu 7.50 7/31/2013 GBP 30.63
Lehman Brothers Treasu 7.32 7/31/2013 GBP 30.63
Lehman Brothers Treasu 3.00 12/3/2012 EUR 30.63
Bank Nederlandse Gemee 0.50 9/20/2022 ZAR 52.63
Lehman Brothers Treasu 7.55 12/29/2008 USD 30.63
Lehman Brothers Treasu 18.25 10/2/2008 USD 5.63
Lehman Brothers Treasu 6.00 2/19/2023 USD 30.63
Lehman Brothers Treasu 8.00 10/17/2014 EUR 30.63
Lehman Brothers Treasu 9.30 12/21/2010 EUR 5.63
Lehman Brothers Treasu 3.50 6/20/2011 EUR 30.63
Lehman Brothers Treasu 4.00 4/24/2009 USD 5.63
Lehman Brothers Treasu 7.38 9/20/2008 EUR 5.63
Lehman Brothers Treasu 7.50 9/13/2009 CHF 5.63
Lehman Brothers Treasu 6.00 2/14/2012 EUR 5.63
Lehman Brothers Treasu 6.00 5/23/2018 CZK 30.63
Lehman Brothers Treasu 6.72 12/29/2008 EUR 30.63
Lehman Brothers Treasu 9.00 5/15/2022 USD 30.63
Cooperatieve Centrale 0.50 12/29/2027 MXN 46.38
Lehman Brothers Treasu 2.40 6/20/2011 JPY 30.63
Cooperatieve Centrale 0.50 1/31/2033 MXN 27.83
Lehman Brothers Treasu 7.00 2/15/2010 CHF 5.63
Lehman Brothers Treasu 7.50 2/14/2010 AUD 5.63
Lehman Brothers Treasu 10.60 4/22/2014 MXN 30.63
Lehman Brothers Treasu 0.50 8/1/2020 EUR 5.63
Lehman Brothers Treasu 5.75 6/15/2009 CHF 5.63
Lehman Brothers Treasu 2.50 12/15/2011 GBP 5.63
Lehman Brothers Treasu 4.20 12/3/2008 HKD 30.63
Lehman Brothers Treasu 4.80 11/16/2012 HKD 5.63
Lehman Brothers Treasu 4.05 9/16/2008 EUR 30.63
Lehman Brothers Treasu 3.50 12/20/2027 USD 30.63
Lehman Brothers Treasu 5.50 11/30/2012 CZK 30.63
Lehman Brothers Treasu 16.00 10/8/2008 CHF 5.63
Lehman Brothers Treasu 6.60 2/9/2009 EUR 30.63
Lehman Brothers Treasu 3.40 9/21/2009 HKD 5.63
Lehman Brothers Treasu 8.00 10/23/2008 USD 5.63
Lehman Brothers Treasu 6.25 11/30/2012 EUR 30.63
Lehman Brothers Treasu 1.00 2/26/2010 USD 30.63
Lehman Brothers Treasu 8.00 3/21/2018 USD 30.63
Lehman Brothers Treasu 4.00 3/10/2011 EUR 30.63
Lehman Brothers Treasu 0.01 9/20/2011 USD 30.63
Lehman Brothers Treasu 8.80 12/27/2009 EUR 5.63
Lehman Brothers Treasu 11.00 12/20/2017 AUD 30.63
Lehman Brothers Treasu 11.00 12/20/2017 AUD 30.63
Lehman Brothers Treasu 4.00 1/4/2011 USD 5.63
Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63
Lehman Brothers Treasu 0.50 12/20/2017 AUD 30.63
Lehman Brothers Treasu 8.00 12/31/2010 USD 5.63
Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63
Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63
Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63
Lehman Brothers Treasu 0.50 12/20/2017 USD 30.63
Lehman Brothers Treasu 16.00 11/9/2008 USD 5.63
Lehman Brothers Treasu 10.00 5/22/2009 USD 5.63
Lehman Brothers Treasu 4.60 8/1/2013 EUR 30.63
Lehman Brothers Treasu 8.00 5/22/2009 USD 5.63
Lehman Brothers Treasu 7.60 3/4/2010 NZD 5.63
Lehman Brothers Treasu 2.30 6/6/2013 USD 5.63
Lehman Brothers Treasu 7.50 5/30/2010 AUD 5.63
Lehman Brothers Treasu 11.00 5/9/2020 USD 30.63
Lehman Brothers Treasu 4.30 6/4/2012 USD 5.63
Lehman Brothers Treasu 4.00 6/5/2011 USD 5.63
Lehman Brothers Treasu 10.00 10/23/2008 USD 5.63
Lehman Brothers Treasu 10.00 10/22/2008 USD 5.63
Lehman Brothers Treasu 6.45 2/20/2010 AUD 5.63
Lehman Brothers Treasu 6.60 5/23/2012 AUD 5.63
Lehman Brothers Treasu 3.45 5/23/2013 USD 30.63
Lehman Brothers Treasu 16.00 10/28/2008 USD 5.63
Lehman Brothers Treasu 5.50 4/23/2014 EUR 30.63
Lehman Brothers Treasu 5.00 2/15/2018 EUR 30.63
Lehman Brothers Treasu 9.00 5/6/2011 CHF 5.63
Lehman Brothers Treasu 16.20 5/14/2009 USD 5.63
Lehman Brothers Treasu 0.50 7/2/2020 EUR 5.63
Lehman Brothers Treasu 7.75 1/3/2012 AUD 5.63
Lehman Brothers Treasu 3.10 6/4/2010 USD 5.63
Lehman Brothers Treasu 2.50 8/15/2012 CHF 30.63
Lehman Brothers Treasu 13.15 10/30/2008 USD 5.63
Lehman Brothers Treasu 11.00 7/4/2011 CHF 5.63
Lehman Brothers Treasu 12.00 7/4/2011 EUR 5.63
Lehman Brothers Treasu 2.00 6/21/2011 EUR 30.63
Lehman Brothers Treasu 16.00 12/26/2008 USD 5.63
Lehman Brothers Treasu 13.43 1/8/2009 ILS 5.63
Lehman Brothers Treasu 6.00 5/12/2017 EUR 30.63
Lehman Brothers Treasu 4.10 2/19/2010 EUR 30.63
Lehman Brothers Treasu 6.60 2/22/2012 EUR 5.63
Lehman Brothers Treasu 5.20 3/19/2018 EUR 5.63
Lehman Brothers Treasu 5.00 2/28/2032 EUR 30.63
Lehman Brothers Treasu 4.15 8/25/2020 EUR 5.63
Lehman Brothers Treasu 6.00 12/6/2016 USD 30.63
Lehman Brothers Treasu 2.00 11/16/2009 EUR 30.63
Lehman Brothers Treasu 10.00 1/4/2010 USD 30.63
Lehman Brothers Treasu 4.50 12/30/2010 USD 5.63
Lehman Brothers Treasu 7.00 7/11/2010 EUR 30.63
Lehman Brothers Treasu 4.50 3/6/2013 CHF 30.63
Lehman Brothers Treasu 9.00 6/13/2009 USD 5.63
Lehman Brothers Treasu 9.00 3/17/2009 GBP 5.63
Lehman Brothers Treasu 7.00 11/28/2008 CHF 5.63
Lehman Brothers Treasu 3.85 4/24/2009 USD 5.63
Lehman Brothers Treasu 10.50 8/9/2010 EUR 5.63
Lehman Brothers Treasu 8.00 5/22/2009 USD 5.63
Lehman Brothers Treasu 7.50 10/24/2008 USD 5.63
Lehman Brothers Treasu 10.00 3/27/2009 USD 30.63
Lehman Brothers Treasu 5.00 10/24/2008 CHF 5.63
Lehman Brothers Treasu 7.00 4/14/2009 EUR 5.63
Lehman Brothers Treasu 6.00 10/24/2008 EUR 5.63
Lehman Brothers Treasu 7.75 1/30/2009 EUR 5.63
Lehman Brothers Treasu 0.25 7/21/2014 EUR 30.63
Lehman Brothers Treasu 4.95 10/25/2036 EUR 30.63
Lehman Brothers Treasu 3.70 6/6/2009 EUR 30.63
Lehman Brothers Treasu 8.50 7/6/2009 CHF 5.63
Lehman Brothers Treasu 4.50 8/2/2009 USD 5.63
Lehman Brothers Treasu 6.25 9/5/2011 EUR 30.63
Lehman Brothers Treasu 16.80 8/21/2009 USD 5.63
Lehman Brothers Treasu 14.10 11/12/2008 USD 5.63
Lehman Brothers Treasu 3.00 6/3/2010 EUR 30.63
Lehman Brothers Treasu 12.40 6/12/2009 USD 5.63
Lehman Brothers Treasu 13.00 7/25/2012 EUR 5.63
Lehman Brothers Treasu 10.00 8/2/2037 JPY 30.63
Lehman Brothers Treasu 6.00 12/30/2017 EUR 30.63
Lehman Brothers Treasu 4.00 5/30/2010 USD 5.63
Lehman Brothers Treasu 4.00 5/17/2010 USD 30.63
Lehman Brothers Treasu 2.48 5/12/2009 USD 30.63
Lehman Brothers Treasu 2.25 5/12/2009 USD 30.63
Lehman Brothers Treasu 7.50 6/15/2017 USD 30.63
Lehman Brothers Treasu 0.80 12/30/2016 EUR 30.63
Lehman Brothers Treasu 10.00 1/3/2012 BRL 30.63
Lehman Brothers Treasu 2.50 8/23/2012 GBP 5.63
Lehman Brothers Treasu 3.00 8/13/2011 EUR 30.63
Lehman Brothers Treasu 7.63 7/22/2011 HKD 5.63
Lehman Brothers Treasu 4.25 5/15/2010 EUR 30.63
Lehman Brothers Treasu 3.35 10/13/2016 EUR 30.63
Lehman Brothers Treasu 1.68 3/5/2015 EUR 30.63
Lehman Brothers Treasu 6.75 4/5/2012 EUR 30.63
Lehman Brothers Treasu 5.00 9/1/2011 EUR 30.63
Lehman Brothers Treasu 3.00 8/15/2017 EUR 30.63
Lehman Brothers Treasu 3.50 9/19/2017 EUR 5.63
Lehman Brothers Treasu 3.50 10/31/2011 USD 30.63
Lehman Brothers Treasu 3.50 10/24/2011 USD 30.63
Lehman Brothers Treasu 0.25 10/19/2012 CHF 30.63
Lehman Brothers Treasu 4.00 11/24/2016 EUR 30.63
Lehman Brothers Treasu 6.00 3/17/2011 EUR 30.63
Lehman Brothers Treasu 4.70 3/23/2016 EUR 30.63
Lehman Brothers Treasu 8.00 4/20/2009 EUR 30.63
Lehman Brothers Treasu 0.50 2/16/2009 EUR 5.63
Lehman Brothers Treasu 4.25 3/13/2021 EUR 5.63
Lehman Brothers Treasu 5.00 4/24/2017 EUR 30.63
Lehman Brothers Treasu 6.70 4/21/2011 USD 30.63
Lehman Brothers Treasu 3.00 9/12/2036 JPY 29.88
Lehman Brothers Treasu 13.00 12/14/2012 USD 30.63
Lehman Brothers Treasu 7.25 6/20/2010 USD 30.63
Lehman Brothers Treasu 5.25 4/1/2023 EUR 5.63
Lehman Brothers Treasu 12.00 7/13/2037 JPY 30.63
Lehman Brothers Treasu 10.00 6/11/2038 JPY 30.63
Lehman Brothers Treasu 4.00 10/12/2010 USD 5.63
Lehman Brothers Treasu 4.60 11/9/2011 EUR 30.63
Lehman Brothers Treasu 4.60 10/11/2017 ILS 29.88
Lehman Brothers Treasu 12.22 11/21/2017 USD 30.63
Lehman Brothers Treasu 3.82 10/20/2009 USD 5.63
Lehman Brothers Treasu 5.22 3/1/2024 EUR 5.63
Lehman Brothers Treasu 2.30 4/28/2014 JPY 30.63
Bank Nederlandse Gemee 0.50 2/24/2025 CAD 72.14
Lehman Brothers Treasu 5.00 12/6/2011 EUR 5.63
Lehman Brothers Treasu 5.00 3/13/2009 EUR 30.63
Lehman Brothers Treasu 2.30 6/27/2013 USD 5.63
Lehman Brothers Treasu 4.87 10/8/2013 USD 5.63
Lehman Brothers Treasu 1.95 11/4/2013 EUR 5.63
Lehman Brothers Treasu 2.37 7/15/2013 USD 30.63
Lehman Brothers Treasu 2.75 10/28/2009 EUR 30.63
Lehman Brothers Treasu 3.63 3/2/2012 EUR 5.63
Lehman Brothers Treasu 5.00 8/1/2025 EUR 30.63
Lehman Brothers Treasu 6.00 7/28/2010 EUR 5.63
Lehman Brothers Treasu 6.00 7/28/2010 EUR 5.63
Lehman Brothers Treasu 4.90 7/28/2020 EUR 30.63
Lehman Brothers Treasu 2.00 5/17/2010 EUR 5.63
Lehman Brothers Treasu 3.50 9/29/2017 EUR 5.63
Lehman Brothers Treasu 3.00 8/8/2017 EUR 30.63
Bank Nederlandse Gemee 0.50 6/22/2021 ZAR 55.70
Lehman Brothers Treasu 5.25 11/21/2009 USD 30.63
Bank Nederlandse Gemee 0.50 7/12/2022 ZAR 51.65
Cooperatieve Centrale 0.50 11/30/2027 MXN 46.63
Lehman Brothers Treasu 1.60 6/21/2010 JPY 30.63
Lehman Brothers Treasu 9.25 6/20/2012 USD 30.63
Lehman Brothers Treasu 3.00 9/13/2010 JPY 29.88
Lehman Brothers Treasu 5.50 7/8/2013 EUR 30.63
Lehman Brothers Treasu 8.00 3/19/2012 USD 30.63
Lehman Brothers Treasu 7.05 4/8/2015 USD 30.63
Lehman Brothers Treasu 7.80 3/31/2018 USD 30.63
Lehman Brothers Treasu 9.50 4/1/2018 USD 30.63
Lehman Brothers Treasu 11.00 2/16/2009 CHF 5.63
Lehman Brothers Treasu 10.00 2/16/2009 CHF 5.63
Lehman Brothers Treasu 13.00 2/16/2009 CHF 5.63
Lehman Brothers Treasu 11.00 6/29/2009 EUR 5.63
Lehman Brothers Treasu 8.00 8/3/2009 USD 5.63
Lehman Brothers Treasu 5.50 6/15/2009 CHF 5.63
Lehman Brothers Treasu 1.50 10/25/2011 EUR 30.63
Lehman Brothers Treasu 1.50 2/8/2012 CHF 30.63
JP Morgan Structured P 12.00 10/3/2014 USD 71.97
Lehman Brothers Treasu 6.85 12/22/2008 EUR 30.63
Norske Skogindustrier 7.00 6/26/2017 EUR 67.38
Norske Skogindustrier 7.13 10/15/2033 USD 58.25
Norske Skogindustrier 7.13 10/15/2033 USD 55.25
Petromena ASA 9.75 5/24/2015 NOK 2.00
Kommunalbanken AS 0.50 5/25/2018 ZAR 74.23
Petromena ASA 10.85 11/19/2010 USD 2.00
Kommunalbanken AS 0.50 9/26/2017 BRL 71.58
Kommunalbanken AS 0.50 3/2/2018 BRL 68.14
Kommunalbanken AS 0.50 6/28/2017 BRL 73.66
Kommunalbanken AS 0.50 6/1/2017 BRL 74.98
Kommunalbanken AS 0.50 2/2/2018 BRL 68.39
Eitzen Chemical ASA 12.84 6/6/2016 NOK 23.50
Eitzen Chemical ASA 5.26 10/4/2014 NOK 3.00
Kommunalbanken AS 0.50 11/8/2018 BRL 62.83
Kommunalbanken AS 0.50 5/10/2017 BRL 74.42
Eksportfinans ASA 0.50 5/9/2030 CAD 28.13
Kommunalbanken AS 0.50 8/29/2017 BRL 72.03
Kommunalbanken AS 0.50 9/20/2018 BRL 63.75
Kommunalbanken AS 0.50 3/29/2017 BRL 74.71
Eitzen Chemical ASA 11.23 6/6/2016 USD 23.50
Kommunalbanken AS 0.50 5/27/2022 ZAR 50.74
Kommunalbanken AS 0.50 2/23/2018 BRL 67.95
Eksportfinans ASA 0.25 7/14/2033 CAD 19.00
Kommunalbanken AS 0.50 8/15/2018 BRL 67.01
Kommunalbanken AS 0.50 6/16/2017 BRL 73.25
Orzel SA 11.00 8/22/2014 PLN 29.00
e-Kancelaria Grupa Pra 9.02 12/4/2015 PLN 72.10
TRUST SA 7.74 12/2/2014 PLN 60.00
e-Kancelaria Grupa Pra 9.01 8/19/2016 PLN 61.00
WZRT-Energia SA 9.72 11/16/2015 PLN 10.00
e-Kancelaria Grupa Pra 10.00 6/27/2016 PLN 74.50
Banco Espirito Santo S 7.13 11/28/2023 EUR 13.50
Espirito Santo Financi 5.13 5/30/2016 EUR 21.38
Banco Espirito Santo S 10.00 12/6/2021 EUR 30.00
BES Vida - Cia de Segu 2.42 12/19/2022 EUR 65.00
Espirito Santo Financi 5.63 7/28/2017 EUR 23.88
Espirito Santo Financi 1.31 10/27/2024 EUR 50.00
Banco Espirito Santo S 3.50 1/2/2043 EUR 71.75
Caixa Geral de Deposit 5.98 3/3/2028 EUR 48.50
AdP - Aguas de Portuga 0.73 6/20/2022 EUR 74.07
AdP - Aguas de Portuga 0.30 1/23/2023 EUR 69.89
City of Hunedoara Roma 3.43 8/15/2026 RON 43.10
City of Iasi Romania 3.84 11/15/2028 RON 71.93
Oravita City Council 4.23 6/15/2027 RON 50.00
City of Baile Herculan 3.50 12/16/2020 RON 20.00
City of Siret Romania 4.46 3/1/2028 RON 50.00
City of Predeal Romani 4.50 5/15/2026 RON 60.00
Mechel 8.40 5/27/2021 RUB 52.02
Gazprom OAO 8.30 10/21/2043 RUB 8.04
Mechel 10.00 8/25/2020 RUB 62.02
Mechel 8.40 5/27/2021 RUB 52.03
Mechel 8.40 6/1/2021 RUB 51.15
Mechel 10.00 8/25/2020 RUB 65.02
RTK-Leasing OJSC 13.50 6/1/2018 RUB 30.05
TGC-2 12.00 10/10/2018 RUB 62.10
VTB Capital Finance OO 0.10 9/14/2023 RUB 70.01
Mobile Telesystems OJS 5.00 6/29/2021 RUB 70.38
Rosbank 0.04 4/30/2024 RUB 100.00
Rosbank 0.03 4/30/2024 RUB 100.00
Rosbank 0.02 4/30/2024 RUB 100.00
MORTGAGE AGENT AHML 13 3.00 9/9/2045 RUB 5.31
World of Building Tech 5.40 6/25/2019 RUB 2.81
Mortgage Agent AHML 11 9.00 6/22/2046 RUB 4.99
RBC OJSC 3.27 4/19/2018 RUB 61.00
Arizk 3.00 12/20/2030 RUB 38.00
Zhilstroy OOO 8.25 3/14/2018 RUB 69.51
Northland Resources AB 4.00 10/15/2020 USD 2.88
Dannemora Mineral AB 11.75 3/22/2016 USD 15.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 48.45
Svensk Exportkredit AB 0.50 8/29/2029 AUD 63.26
Svensk Exportkredit AB 0.50 8/28/2018 BRL 63.32
Svensk Exportkredit AB 0.50 3/19/2018 IDR 71.27
Svensk Exportkredit AB 0.50 6/20/2029 AUD 55.44
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 47.79
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 48.35
Svensk Exportkredit AB 0.50 8/26/2021 AUD 73.83
Svensk Exportkredit AB 0.50 6/5/2017 BRL 74.06
Provinsor Fastigheter 8.50 6/30/2015 DKK 0.10
Svensk Exportkredit AB 0.50 6/26/2019 TRY 67.27
Svensk Exportkredit AB 0.50 4/25/2019 BRL 62.75
Svensk Exportkredit AB 0.50 6/29/2029 AUD 61.06
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 58.46
Svensk Exportkredit AB 0.50 7/21/2017 BRL 73.05
Svensk Exportkredit AB 0.50 6/21/2017 BRL 73.69
Svensk Exportkredit AB 0.50 4/24/2029 AUD 58.64
Svensk Exportkredit AB 0.50 3/28/2029 AUD 59.32
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 46.38
Svensk Exportkredit AB 0.50 12/17/2027 USD 68.71
Svensk Exportkredit AB 0.50 8/28/2020 TRY 60.65
Svensk Exportkredit AB 0.50 6/30/2017 BRL 73.49
APP International Fina 11.75 10/1/2005 USD 8.50
KD Group 5.45 5/25/2015 EUR 63.00
Yuksel Insaat AS 9.50 11/10/2015 USD 74.06
Mriya Agro Holding PLC 9.45 4/19/2018 USD 48.52
Mriya Agro Holding PLC 10.95 3/30/2016 USD 44.99
Mriya Agro Holding PLC 9.45 4/19/2018 USD 44.00
Agroton Public Ltd 6.00 7/14/2019 USD 29.13
Mriya Agro Holding PLC 10.95 3/30/2016 USD 44.99
*********
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
202-362-8552.
* * * End of Transmission * * *