/raid1/www/Hosts/bankrupt/TCREUR_Public/141124.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, November 24, 2014, Vol. 15, No. 232
Headlines
B U L G A R I A
CORPORATE COMMERCIAL: Court to Suspend Insolvency Proceedings
C Y P R U S
LAIKI BANK: Central Bank to Probe Emergency Liquidity Assistance
F I N L A N D
UPM-KYMMENE CORP: S&P Raises CCR to 'BB+'; Outlook Stable
F R A N C E
AREVA: S&P Lowers CCR to BB+ on Expected More Negative Cash Flows
EURL POLI FRERES: Asset Auction Scheduled for December 4
G E R M A N Y
AAREAL BANK: Fitch Rates Additional Tier 1 Securities 'B+'
HAPAG-LLOYD AG: Moody's Rates EUR250MM Sr. Unsec. Notes (P)Caa1
LARSEN DANISH: German Unit Enters Insolvency Process
G R E E C E
NATIONAL BANK OF GREECE: Fitch Affirms 'B+' Covered Bonds Rating
I R E L A N D
ALLIED MEDICAL: High Court Appoints Gerard Murphy as Liquidator
CVC CORDATUS IV: Fitch Assigns 'B-(EXP)sf' to Class F Notes
I T A L Y
LUCCHINI SPA: JSW Steel, Cevital Submit Final Bids for Assets
L U X E M B O U R G
PICARD BONDCO: Fitch Raises Senior Notes Rating to 'BB'
N E T H E R L A N D S
JUBILEE CDO V: Moody's Confirms 'B2' Rating on Class D-2 Notes
UCL RAIL: Fitch Affirms 'BB+' Long-term Issuer Default Rating
R U S S I A
ALFA BANK: Fitch Assigns 'BB+' Rating to $250MM Subordinated LPNs
BASHNEFT: Moody's Confirms 'Ba2' Corporate Family Rating
CREDIT BANK: Fitch Assigns 'BB-(EXP)' Rating to Eurobond Issue
X5 RETAIL: Russian Food Ban No Impact on Moody's 'B2' Rating
S P A I N
CECABANK SA: Moody's Affirms E+ Bank Financial Strength Rating
ENCE ENERGIA: S&P Lowers CCR to 'BB-'; Outlook Negative
GAS NATURAL: Moody's Assigns 'Ba1' Rating to EUR1BB Securities
U K R A I N E
VAB BANK: Creditors demand Payment of Missed Bond Coupon
U N I T E D K I N G D O M
AFREN PLC: Fitch Cuts Long-term Issuer Default Rating to 'B'
MALACHITE FUNDING: S&P Affirms 'CCC-' Ratings on 15 Note Classes
PELAMIS: Failure to Secure Funding Prompts Administration
TOWERGATE FINANCE: Fitch Cuts LT Issuer Default Rating to 'B-'
X X X X X X X X
* BOND PRICING: For the Week November 17 to November 21, 2014
*********
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B U L G A R I A
===============
CORPORATE COMMERCIAL: Court to Suspend Insolvency Proceedings
-------------------------------------------------------------
Novinite.com reports that Sofia City Court has said it will have
to suspend insolvency proceedings against Corporate Commercial
Bank, or KTB, following an appeal by majority owner Bromak.
According to Novinite.com, BGNES reported on Nov. 20 that the
court said it was informed on Nov. 19 that Bromak had filed an
appeal with the Supreme Administrative Court (SAC) over the
central bank's decision to withdraw KTB's banking license.
Under Bulgaria's Law on Bank Bankruptcy, if a central bank's
decision to scrap a lender's banking license "has not entered
into force due to a judicial appeal, the court shall suspend the
proceedings until the end of the administrative legal
controversy", Novinite.com notes.
The central bank revoked KTB's banking license on Nov. 6 and
asked Sofia City Court to declare KTB insolvent the following
day, Novinite.com recounts.
The court was expected to start considering the central bank's
request in a closed door-session on Nov. 24, Novinite.com
discloses.
About Corporate Commercial Bank AD
Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.
Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.
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C Y P R U S
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LAIKI BANK: Central Bank to Probe Emergency Liquidity Assistance
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Stelios Orphanides at Cyprus Business Mail reports that the
Central Bank of Cyprus will investigate how Laiki Bank received
emergency liquidity assistance (ELA) of more than EUR9 billion.
According to Cyprus Business Mail, a statement issued by the CBC
said the board's audit committee, comprising of non-executive
members, will investigate the manner in which ELA worth more than
half the island's GDP was granted to Laiki, which collapsed in
March 2013.
Cyprus Business Mail relates the central bank said in an emailed
statement that the decision was taken on Nov. 17, Cyprus Business
Mail recounts.
On Nov. 18, the New York Times reported that Cypriot authorities
and the European Central Bank agreed to provide ELA to Laiki,
even as they knew that the bank was insolvent, in violation of
the European Union treaty, Cyprus Business Mail relays.
New York Times cited a report commissioned by President
Nicos Anastasiades, labeled "secret", Cyprus Business Mail notes.
According to a document dated May 2, 2012 and labeled "ECB-
Confidential" included in the leaked report, the CBC, as cited by
Cyprus Business Mail, said the failed lender's 2011 final results
showed a revised loss of EUR3.65 billion mainly on Greek
government bond write-downs in October 2011, which wiped out its
capital.
"Consequently, the regulatory capital has decreased by EUR315.5
million , with the core capital being reduced to minus EUR205
million, tier 1 capital to EUR598 million and total capital to
EUR1.003 million," Cyprus Business Mail quotes the CBC document
as saying. "Taking into account the final audited financial
statements, on the basis of the bank's capital plan and
government commitment to provide support to Cyprus Popular Bank
in case its recapitalization plan does not materialize fully
through private sources, the banking supervision department of
the Central Bank of Cyprus assesses that Cyprus Popular Bank
(Laiki) remains solvent".
Earlier on Nov. 21, finance minister Harris Georgiades said that
outgoing correspondence from the finance ministry to the ECB
proved the Christofias administration prepared the draft bill on
the "haircut" imposed on Cypriot depositors in March 2013, Cyprus
Business Mail relates.
Under the terms of the international bailout, insolvent Laiki
merged with Bank of Cyprus which inherited the outstanding ELA,
Cyprus Business Mail discloses. Also, depositors at Laiki lost
all their deposits in excess of EUR100,000 while those at bank of
Cyprus saw nearly half their uninsured deposits converted into
equity, Cyprus Business Mail states.
Mr. Georgiades, as cited by Cyprus Business Mail, said that while
the previous government denied it had knowledge of the intention
of foreign creditors to impose a haircut on Cypriot deposits to
recapitalize banks, it had received related opinions from the ECB
on the draft bill.
Laiki was founded in 1901 as the Popular Savings Bank Limassol.
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F I N L A N D
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UPM-KYMMENE CORP: S&P Raises CCR to 'BB+'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Finland-based forest and
paper products group UPM-Kymmene Corp. to 'BB+' from 'BB'. The
outlook is stable. At the same time, S&P affirmed the short-term
corporate credit rating at 'B'.
S&P also raised the issue rating on UPM's senior unsecured debt
to 'BB+' from 'BB'. The recovery rating on these notes is
unchanged at '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.
S&P upgraded UPM, primarily based on S&P's assessment that its
business mix is gradually improving as a result of recent cost-
cutting measures, including capacity closures in publication
paper, and expansionary investments in growth areas. S&P also
thinks that the improvement will continue as further planned cost
cuts are implemented.
UPM has successfully restored its profitability over the course
of 2014 and S&P now expects its EBITDA to be in the upper end of
its previous 12%-13% range for 2014, up from 10.9% in 2013. S&P
thinks that there is room for further improvement in 2015-2016 as
a result of the recently launched cost-cutting program, whereby
UPM will close 800,000 metric tons (mt) of newsprint and magazine
paper capacity (about 8% of outstanding capacity) and also cut
costs in its other business segments. S&P thinks that these
measures will counterbalance a continued weak pricing environment
for publication paper.
S&P's assessment of UPM's business risk profile as "satisfactory"
is supported by the large and growing proportion of earnings
stemming from very profitable pulp and energy operations. S&P
considers UPM's financial risk profile to be "significant." This
reflects S&P's view of its volatile and cyclical cash flow
generation and a history of recurring periods with pressured
credit metrics.
The combination of a "satisfactory" business risk profile and a
"significant" financial risk profile results in an anchor of
'bb+', as S&P assess UPM's business risk profile to be on the
lower end of the "satisfactory" category. This is due to its
still-large exposure to publication paper markets and its pulp
segment's exposure to inherent volatility. Both of these are
unfavorable factors compared with other entities with the same
business risk profile assessments.
The stable outlook reflects S&P's view that UPM's cost-cutting
program and expansionary investments will lead to an improving
business mix, adding stability to UPM's business risk profile.
It further reflects S&P's expectation that UPM's adjusted credit
metrics will remain well above its threshold for the current
financial risk profile (FFO to debt of above 20% and debt to
EBITDA of below 4.0x).
S&P could take a positive rating action as a result of a
sustainably strengthened financial risk profile, owing primarily
to improvements in profitability and continued strong cash flow
generation, and S&P's view that UPM would maintain credit metrics
at a higher level through the cycle. S&P would view FFO to debt
comfortably above 30%, even in times of low pulp and electricity
prices, as commensurate with a higher rating.
"We could take a negative rating action if we thought that UPM's
credit metrics had weakened to such an extent it would no longer
be commensurate with the "significant" financial risk profile,
for example with FFO to debt of less than 20% for an extended
period. This could materialize as a result of increasing
investment levels, mergers and acquisitions, or excessive
shareholder distributions. Downside rating pressure could also
materialize from a sharp deterioration in group profitability,
with low prospects of returning to the current levels, although
we think that is less likely in the coming two years," S&P said.
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F R A N C E
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AREVA: S&P Lowers CCR to BB+ on Expected More Negative Cash Flows
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered long- and
short-term corporate credit ratings on France-based nuclear
services group AREVA to 'BB+/B' from 'BBB-/A-3'. The outlook is
negative.
S&P also put the 'BBB-' issue rating on AREVA's senior bond
ratings on CreditWatch with negative implications, pending
conclusion of S&P's recovery rating analysis, which it
anticipates in the next 30 days.
S&P has withdrawn the 'B' issue rating on the company's proposed
hybrid issuance, assigned based on the previous 'BBB-' corporate
long-term rating, as the process has been put on hold.
The downgrade reflects AREVA's recent announcement that it had
suspended its 2015-2016 guidance, being unlikely to achieve it,
against a backdrop of weaker demand as utilities reduce costs,
including in France, possibly lower or slower realization of
expected contracts, and increased uncertainty related to cash
payments on the Olkiluoto Nuclear Power Plant in Finland (OL3).
A slower-than-assumed restart of Japanese nuclear reactors is
also a reason. Meanwhile, the delay in the hybrid issuance,
existing weak credit metrics, and negative free cash flow already
implied very limited headroom to accommodate further negative
developments under the previous rating.
S&P's rating action reflects a revision of the stand-alone credit
profile (SACP) to 'b+' from 'bb-', which still includes one notch
of uplift for AREVA's "strong" liquidity. The three-notch uplift
for expected extraordinary state support remains unchanged.
Adjusted debt is now likely to be higher than S&P assumed before,
possibly rising to about EUR8.0 billion over 2014-2015, compared
with the EUR7.4 billion S&P assumed in Oct. 2014, and EUR6.9
billion reached at year-end 2013. S&P's estimate still factors
in actions announced by the management, including asset disposals
for EUR450 million by year-end 2016, capital spending reductions,
and cost savings, although S&P no longer factors in the planned
hybrid issuance, since it has been put on hold.
S&P's new estimate takes into account lower-than-anticipated
EBITDA and more negative discretionary cash flows over 2015-2016.
This is because of the following negative developments and
increased risks, which AREVA's management is reassessing and
which underpinned the guidance suspension:
-- At the Finnish OL3 nuclear reactor, which has already faced
large cost overruns and delays, future expenses and the
timing of cash payments and receipts could worsen.
-- Japan's restart of nuclear plants could take longer than
anticipated.
-- Expected export projects and new-build contracts could take
more time to appear or not materialize at all.
-- AREVA's existing clients (utilities) have reduced, cut, or
postponed orders, and demand could continue to decline or
recover less than assumed. This also holds true in France
with EDF, AREVA's largest revenue and backlog contributor
by far.
S&P anticipates AREVA will finalize its new budget by the start
of 2015, as the group continues to evaluate its medium- to long-
term profits, operating cash flows and other targets, and
possible remedies. In addition, the French government is
amending AREVA's management and governance structure. AREVA's
CEO has stepped down with no replacement yet announced, and the
Chairman of the Board Pierre Blayau is leaving 18 months after
his appointment, with Philippe Varin, the former head of French
car manufacturer Peugeot, expected to replace him. The new team
will need time to review and approve the updated plan.
"We continue to assess AREVA's business risk profile as "fair,"
given its persisting low profitability, the repeated negative
deviations in expected profits and operating cash flows, and
uncertain EBITDA and operating cash flow improvement prospects in
terms of timing and pace. On the positive side, we factor in the
group's diversification across the nuclear industry, largely
renewed production assets, including the Georges Besse II
enrichment plant, large backlog, and modest exposure to currently
soft spot prices thanks to its long-term contracting policies.
These support factors underpin our assumption that current weak
operating cash flows will improve over time, although the pace of
improvement will likely be slower than we previously thought, as
set out above," S&P said.
"We continue to assess the company's financial risk profile as
"highly leveraged," given its continued very weak cash flow
generation and high leverage ratios (adjusted debt to EBITDA).
Furthermore, we expect AREVA's free operating cash flow (FOCF),
which we define after taxes and interest, will continue to be
largely negative over 2014-2015," S&P noted.
S&P understands from AREVA, and factor in the rating, that it is
not subject to any rating trigger, including on its financial
instruments and commercial contracts.
In S&P's base case for AREVA, it assumes:
-- Significant working capital inflow in 2014, albeit some
could be moved to 2015, depending on payment by customers.
Capital expenditures of EUR1.1 billion in 2014, EUR1.05
billion in 2015, and EUR900 million in 2016.
-- About EUR350 million over 2014-2015 of cash losses tied to
the renewable energy business group.
-- Disposals of about EUR450 million by 2016.
Based on these assumptions, S&P arrives at these credit measures:
-- S&P foresees adjusted debt to EBITDA likely being at the
higher end of the 6.5x-7.5x range in 2014. S&P's EBITDA
includes the retrieval of provisions related to past
provisions of loss-making contracts of AREVA's Reactors &
Services business group.
-- Adjusted debt to cash EBITDA (as reported by the company
which excludes the changes in provisions for the loss-
making contracts) of over 10x in 2014.
S&P will further reassess its medium-term forecasts, once the
company finalizes its budget and possible remedies.
The negative outlook reflects significant lack of clarity
regarding the extent of AREVA's cash burn over 2014-2016 and
possible remedies, given both internal and external factors.
Industry conditions remain uncertain: Utilities are under
pressure to reduce investments and costs, and nuclear restarts in
Japan may be slower than anticipated. AREVA may need more time
to gain contracts, or gain fewer that it had assumed. AREVA's
operational improvement greatly relies on ongoing reduction in
the negative impact of past loss-making contracts and the absence
of new losses. The company's reassessment of the timing of cash
receipts on the OL3 contract is an increased uncertainty factor
in this respect.
S&P would lower the long-term rating if the revised budget and
potential remedies showed large deviations in terms of 2014-2016
EBITDA and operating cash flows compared with the previous
guidance. Prolonged and more negative FOCF than S&P assumes
could also call into question the sustainability of AREVA's
capital structure.
Secondarily, a weakening of AREVA's liquidity from strong to
adequate, although S&P don't anticipate it, would also result in
a downgrade.
S&P could revise the outlook to stable if, under its revised base
case, it gained confidence that the management's plan would limit
debt increases and show a clear trajectory of reducing negative
FOCF to moderate or neutral levels, combined with evidence of an
improving operating trend in the coming years. S&P could also
revise the outlook to stable in case of substantial support from
its majority shareholder.
S&P considers AREVA to be a government-related entity (GRE). The
French state owns 87% of the group. This includes indirect
stakes, notably about a 62% ownership by the government agency,
Commissariat ... l'Energie Atomique (CEA).
Under S&P's criteria for rating GREs, it factors a three-notch
uplift into the long-term rating on AREVA for extraordinary state
support. This reflects S&P's opinion that there is a "high"
likelihood that the French government would provide timely and
sufficient extraordinary support to AREVA in the event of
financial distress, and the fact that the sovereign is rated 'A-'
or above.
S&P bases its view of a "high" likelihood of support on AREVA's:
-- "Important" role as France's leading nuclear services
provider, notably to Electricite de France S.A., the
country's largest power generator. AREVA ensures supplies
of uranium and enriched uranium for France, a country that
generates about 75% of its electricity from nuclear plants;
and "Very strong" link with the French government. Even
after a capital increase (including EUR300 million from the
government) at the end of 2010, the state's stake was only
marginally diluted to 87% from 91%. The CEA must be
AREVA's majority shareholder according to French law. The
group's ties with the government are reinforced by the
politically sensitive nature of its enrichment and back-end
recycling activities and its strategic importance to
France's energy policies. As a commercial enterprise,
AREVA operates autonomously, although the government
closely oversees performance and must authorize strategic
investments and acquisitions.
EURL POLI FRERES: Asset Auction Scheduled for December 4
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IHB reports that French court bailiffs, SCP PIERRE & SANCESARIO,
will organize an auction for Dec. 4, 2014, following a judicial
liquidation of EURL POLI FRERES.
The auction includes forestry machines, equipment, tools, as well
as trucks, semi-trailers, among others, IHB discloses.
EURL POLI FRERES is a forestry company based in France.
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G E R M A N Y
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AAREAL BANK: Fitch Rates Additional Tier 1 Securities 'B+'
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Fitch Ratings has assigned Aareal Bank AG's (A-/Negative/F1/bbb)
issue of EUR300 million (DE000A1TNDK2) undated non-cumulative
fixed-to-reset rate additional Tier 1 (AT1) securities a final
rating of 'B+'. The bank's other ratings are unaffected.
The notes are offered in one tranche at 7.625%.
Key Rating Drivers
The notes are AT1 instruments with fully discretionary coupon
payments and are subject to a write-down if Aareal's Basel III
common equity Tier 1 (CET1) ratio breaches a 7% trigger. The
trigger ratio is calculated on a 'phased-in' consolidated IFRS
basis under EU capital requirement regulations.
The notes are rated five notches below Aareal's 'bbb' Viability
Rating (VR), in accordance with Fitch's criteria for "Assessing
and Rating Bank Subordinated and Hybrid Securities". The notes
are notched down twice for loss severity to reflect the write-
down on breach of the trigger, and three times for non-
performance risk relative to that captured in the VR.
The notching for relative non-performance risk reflects the
notes' fully discretionary coupons, which Fitch considers the
most easily activated form of loss absorption. In addition,
Aareal will not make an interest payment if the payment, together
with payments made on other Tier 1 instruments, exceeds available
distributable items (ADI) adjusted for interest expense on Tier 1
instruments, or if the authorities or legislation prohibit the
bank from making payments.
The ADI are calculated on an unconsolidated German GAAP basis for
the group's parent, Aareal Bank AG. The ADI include net income
after movements to and from capital reserves (balance sheet
profit), free capital reserves and retained earnings. Under the
German commercial code, certain amounts related to intangible
assets, deferred tax assets and pension assets cannot be
distributed, reducing the available distributable items.
German accounting standards allow Aareal to influence the amount
of ADI. Taking into account the bank's substantial discretionary
reserves pursuant to section 340 of the German Commercial Code,
the amount available for distribution to AT1 holders
significantly exceeds the ADI of about EUR660 million at end-2013
as indicated in the notes' documentation. Fitch believes that
Aareal would use the flexibility offered by these discretionary
reserves to manage its unconsolidated German GAAP balance sheet
profit and ensure that sufficient amounts are available to make
interest payments on the AT1 instruments.
The 7% trigger is on a phased-in basis, but even on a fully
applied basis Aareal has a sizeable buffer above this trigger.
The bank's fully applied Basel III CET1 ratio excluding the
EUR300 million grandfathered silent participations repaid to
SoFFin on October 30, 2014 stood at 12% at end-3Q14, providing a
buffer of over EUR800 million above the 7% trigger point. This
buffer also slightly exceeds the 10.75% fully-applied CET1 ratio
plus management buffer set as a medium-term target by Aareal's
management in a base case scenario.
However, we believe that loss absorption could occur before a
breach of the 7% trigger in the form of non-payment of coupon,
which under Fitch's criteria would be considered as non-
performance. We expect Aareal to be subject to capital
regulations' restrictions on distributions, including
distributions on AT1 instruments, if and when it breaches its
combined buffer requirements.
Aareal's solid outcome in the European Central Bank's (ECB)
Comprehensive Assessment and stress test published in October
2014 supports our view that the bank's capitalization can
adequately withstand cyclical shocks inherent to its monoline,
wholesale business model. Its fully-applied CET1 ratio in the
ECB's adverse stress scenario is, at 11.4%, the fifth-highest of
the 16 rated German banks in the stress test. This supports our
expectation that Aareal will maintain a sufficient buffer to
avoid restrictions on interest payments on its AT1 instruments.
Fitch has assigned 100% equity credit to the securities. This
reflects their full coupon flexibility, their ability to be
written down well before the bank would become non-viable, their
permanent nature and subordination to all senior creditors. The
equity credit also factors in Aareal's sole discretion to
activate the notes' write-up mechanism, or the bank's option to
call the notes from 2020, subject to the supervisory authority's
consent.
Rating Sensitivities
The rating of the notes is primarily sensitive to any changes to
Aareal's VR, which they are notched down from. Aareal's 'bbb' VR
notably reflects -- and is therefore sensitive to -- the bank's
solid earnings and slight capitalization benefits arising from
its acquisition at end-1Q14 of COREALCREDIT (BBB/Stable/F2). The
benefits from the acquisition already reflected in 1Q14 include a
EUR150m one-off gain stemming from negative goodwill and Aareal's
improved impaired loan ratio, following COREALCREDIT's divestment
of a material share of its impaired legacy loan portfolio. The VR
also takes into account residual execution risk from the
acquisition.
HAPAG-LLOYD AG: Moody's Rates EUR250MM Sr. Unsec. Notes (P)Caa1
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Caa1
rating to the proposed EUR250 million senior unsecured notes due
2019 issued by Hapag-Lloyd AG. Hapag-Lloyd's corporate family
rating (CFR)of B2 and Probability of Default Rating (PDR) of B2-
PD are unchanged. The outlook is negative.
Hapag-Lloyd plans to use the proceeds from the proposed issuance
to partially refinance its existing EUR280 million senior
unsecured notes due 2015. The company will first place the funds
in escrow and release them once its transaction with Compania Sud
Americana de Vapores (CSAV) and the subsequent EUR370 million
capital increase are completed, both expected to take place
before year-end 2014. In April 2014, Hapag-Lloyd announced the
signing of a binding contract with the Chilean shipping company
CSAV, whereby CSAV will contribute its container shipping
activities to Hapag-Lloyd and in return receive a 30%
shareholding in Hapag-Lloyd.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings.
A definitive rating may differ from a provisional rating.
Ratings Rationale
The assignment of a (P)Caa1 rating to Hapag-Lloyd's proposed
senior unsecured notes due 2019, which is two notches lower than
the company's B2 CFR, reflects not only their pari passu ranking
with all other unsecured indebtedness issued by Hapag-Lloyd, but
also their contractual subordination to the secured debt existing
within the group.
Hapag-Lloyd's B2 CFR continues to be constrained by two main
factors: (1) high cyclicality in the container shipping market
and (2) the company's high leverage. High cyclicality is
exacerbated by both the competition between main players, which
limits Hapag-Lloyd's ability to recover operating costs, and by
the overreliance of the container shipping segment on short-term
contracts, which limits market visibility. In addition, Hapag-
Lloyd has high adjusted debt, with a ratio of Moody's-adjusted
(gross) debt/EBITDA at 9.5x for the last 12 months to June 2014.
Hapag-Lloyd was indeed affected in the past few years by the
combined effect of low freight rates, which constrained the
company's profitability, and large capital expenditure, which
increased its debt level. Moody's expects that the company will
improve its credit profile through the acquisition of CSAV and by
simultaneously continuing to actively reduce costs.
More positively, Hapag-Lloyd's B2 rating also takes into account
(1) the company's good business profile, which is due to its
leading market positions as a result of its successful commercial
operations; (2) the flexibility of its fleet (due to the high
number of chartered vessels that could be redelivered in the next
12 months); (3) Moody's expectation that Hapag-Lloyd's liquidity
profile will be adequate post-combination with CSAV; and (4) the
support the company has received from shareholders, in particular
during the 2008-09 global economic crisis.
In April 2014, Hapag-Lloyd announced the signing of a binding
contract with the Chilean shipping company CSAV, whereby CSAV
will contribute its container shipping activities to Hapag-Lloyd
and in return receive a 30% shareholding in Hapag-Lloyd. The
acquisition has already received regulatory approvals, which
include the EU and the US, but remains subject to receiving
approvals from a few additional jurisdictions.
With CSAV, Hapag-Lloyd will increase its scale, becoming the
fourth-largest container shipping company in terms of capacity,
and strengthen its service offer, especially in Latin America,
where it will become one of the market leaders and from which it
will garner about a third of its volumes going forward.
Looking forward, Moody's expects that Hapag-Lloyd will improve
its credit profile thanks to (1) its ongoing efforts to boost its
operating efficiency; (2) the fact that its recent investment
cycle has come to an end; and (3) cost savings derived from its
acquisition of CSAV. Hapag-Lloyd has estimated that the merger
with CSAV will result in US$300 million cost synergies.
In addition, the acquisition of CSAV's container liner activities
is being conservatively financed. The deal will entail a EUR370
million (US$500 million) capital increase to be made following
the closing of the transaction, which has been committed by
shareholders and will benefit the combined group's financial
profile. However, Moody's projects that Hapag-Lloyd's financial
profile will still be weak for the current rating category in the
12-18 months after the closing of the transaction with CSAV, with
leverage at around 7.0x in the first year following the merger.
Furthermore, Moody's warns that this expectation is based on the
anticipation that freight rates will not weaken further and
bunker costs will not increase materially.
While Moody's ratings and outlook assume that the CSAV
transaction and subsequent capital increase will take place
before year-end, Moody's notes that Hapag-Lloyd's bank facilities
(vessel financing and revolving credit facility) would be subject
to a mandatory repayment, should the capital increase not take
place within 140 days after the closing of the CSAV transaction.
Rationale For The Negative Outlook
The negative rating outlook reflects Hapag-Lloyd's weak credit
metrics for the rating category, combined with the challenges
facing the global container shipping market. While Moody's
acknowledges that the successful integration of CSAV's container
activities into the group would translate into material cost
optimization and the improvement of its financial profile over
time, the leverage of the combined entity will remain high in the
12-18 months following the closing of the transaction.
In addition, any progress Hapag-Lloyd makes in strengthening its
credit metrics will depend on the future evolution of the
container market and the global level of demand. Freight rates in
the next few quarters dipping further and/or bunker costs
increasing would result in a downgrade of the rating.
What Could Change the Rating Up/Down
Positive rating pressure could arise if the company were to
demonstrate progress towards (1) a reduction in financial
leverage approaching 6.0x on a sustainable basis; and (2) an
increase in its (funds from operations (FFO) + interest
expense)/interest expense to above 2.5x on sustainable basis.
The ratings presently incorporate Moody's expectation that Hapag-
Lloyd's currently weak credit metrics for the rating category
will improve within the next 12-18 months to levels in line with
the B2 rating, helped by the combination with CSAV's container
activities. Further weakening in the group's operating
performance in the next few quarters or an integration of CSAV's
activities, which were not as smooth as expected, could result in
a downgrade of the company's rating. For instance, financial
leverage remaining above 7.0x on a sustained basis or (FFO +
interest expense)/interest expense of below 1.5x could exert
pressure on the ratings. A rating downgrade could also result
from any pressure on Hapag-Lloyd's liquidity profile.
Principal Methodologies
The principal methodology used in this rating was Global Shipping
Industry published in February 2014. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Headquartered in Hamburg, Germany, Hapag-Lloyd AG is the largest
container liner shipping company in Germany and one of the
biggest worldwide based on global market coverage. At year-end
2013, Hapag-Lloyd operated a fleet comprising 151 container ships
including 57 owned, 87 chartered-in and seven leased vessels, and
recorded a turnover of EUR6.6 billion on a last-12-months basis.
LARSEN DANISH: German Unit Enters Insolvency Process
----------------------------------------------------
Tom Seaman at Undercurrent News reports that Larsen Danish
Seafood's German processing subsidiary entered the first stage of
an insolvency process on November 17.
The District Court of Flensburg has ordered the provisional
insolvency administration on the assets of Larsen Danish Seafood
GmbH in Harrislee, Undercurrent News relates.
According to the report, the Denmark-based firm, which operates
two plants in Germany and an office in Denmark, where it is a big
player in branded canned fish, reported big losses for 2013.
The District Court has appointed lawyer Wilhelm Salim Khan Durani
of Cornelius + Krage in Kiel as provisional insolvency
administrator, a spokeswoman for the law firm told Undercurrent
News.
Cornelius + Krage spokeswoman said Larsen Danish Seafood's Danish
parent company is not part of the process, the report says. All
processing for the company takes place in Germany, however,
sources said.
Mr. Durani said the salaries of the 135 employees are secured by
the pre-financing of the insolvency payments and no dismissals
are planned, according to the report.
According to the report, Mr. Durani said the reason for the
insolvency application is a liquidity problem "caused by high
investments in new and sustainable product lines and a
simultaneous decline in sales".
Under the process, talks with possible investors are set to
continue, he said, Undercurrent News relays.
"Now, we resume talks with investors which were already being
held prior to the insolvency application," the report quotes Mr.
Durani as saying. The process had been slightly delayed and,
therefore, a conclusion was not reached in time, Mr. Durani, as
cited by Undercurrent News, said.
===========
G R E E C E
===========
NATIONAL BANK OF GREECE: Fitch Affirms 'B+' Covered Bonds Rating
----------------------------------------------------------------
Fitch Ratings has affirmed National Bank of Greece S.A.'s (NBG,
B-/Stable/B; Viability Rating: b-) Programme II EUR4.87bn
mortgage covered bonds at 'B+' with a Stable Outlook.
The affirmation follows the recent amendments to the liability
structure: i) Series 1, 2, and 3 have been partially cancelled
down to an amount of EUR1.15bn, EUR1.2bn and EUR1.35bn from
EUR1.5bn, respectively; ii) the maturity of Series 1 and 3 has
been extended to 2021 and 2020 from 2015 and 2017, respectively;
iii) the base rate index of all outstanding covered bonds has
changed to three-month Euribor from the ECB rate for all the
series; and iv) the spreads for Series 1 and 2 have been
increased to 2.5% and 2.4% from 1.7% and 2%, respectively.
In addition, the issuer has committed to an asset percentage (AP)
of 80%, lower than the 95% maximum AP required by the Greek
covered bond law that Fitch relied upon previously.
Key Rating Drivers
The 'B+' rating of the covered bonds is based on NBG's Long-term
Issuer Default Rating (IDR) of 'B-', an IDR uplift of 1,
Discontinuity Cap (D-Cap) of 3 (moderate high discontinuity risk)
and the 80% AP that Fitch takes into account in its analysis
which provides more protection than the 95% 'B+' breakeven (BE)
AP. The Stable Outlook on the covered bonds' rating reflects that
on NBG's IDR.
The BE AP for the 'B+' rating of the covered bonds issued by NBG
under Programme II has not changed. Despite the AP commitment of
the issuer of 80%; this level of AP is not adequate to support
timely payments in scenarios above the NBG's IDR, as adjusted by
the IDR uplift. On a recovery basis, 80% AP does not allow the
covered bonds to achieve at least 71%, limiting the recovery
uplift to one notch.
The 95% BE AP, corresponding to a breakeven over-
collateralization (OC) of 5.3%, provides at least 51% recoveries
on the covered bonds assumed to be in default in a 'B+' rating
scenario allowing a one-notch uplift from the 'B' tested rating
on a probability of default (PD) basis, which itself is floored
at the bank's IDR, as adjusted by the IDR uplift.
The asset disposal loss component of 58.1% is the major
contributor to the BE AP, driven by the high level of refinancing
spreads Fitch assumes for Greek residential mortgage loans
(900bps at 'B'). The 17.4% 'B+' credit loss represents the impact
on the BE OC from the 42.0% weighted average (WA) default rate
and the 64.7% WA recovery rate for the mortgage cover assets.
The cash flow valuation component of 7.1% reflects open interest
rate positions (about 9% of the assets are fixed as compared with
all floating rate bonds), as well as significant maturity
mismatch. The WA life of the assets is 11.6 years compared with
5.4 years for the liabilities. Fitch's 'B+' breakeven OC is lower
than the sum of the components because the agency gives credit
for a minimum recovery given default of 51%, rather than 100%, in
its 'B+' scenario.
The unchanged D-Cap of 3 (moderate high discontinuity risk)
reflects Fitch's view that, although the conditional pass-through
amortization structure of the covered bonds minimizes the risk of
refinancing of the assets, a transition to an alternative manager
may encounter systemic and operating challenges, if the source of
payments of the covered bonds switches from the issuer to the
cover pool.
The IDR uplift of 1 reflects the covered bonds exemption from
bail-in, the issuer's large size in the domestic market and its
interconnectedness with the country so that Fitch considers that
resolution by other means than liquidation is likely.
Fitch takes into account the public commitment of the issuer at
80% AP, as NBG's Short-term IDR is below 'F2'.
Rating Sensitivities
The 'B+' rating of NBG's Programme II covered bonds would be
vulnerable to downgrade if any of the following occurs: (i) the
IDR of the issuer is downgraded by one or more notches, (ii) the
number of notches represented by the IDR uplift and the D-Cap is
reduced to zero.
The Fitch breakeven AP for the covered bond rating will be
affected, amongst others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuance. Therefore the
breakeven AP to maintain the covered bond rating cannot be
assumed to remain stable over time.
In the report Breaking Down Breakeven Overcollateralisation,
dated July 8, 2014, Fitch details its approach for determining
the breakeven OC components.
=============
I R E L A N D
=============
ALLIED MEDICAL: High Court Appoints Gerard Murphy as Liquidator
---------------------------------------------------------------
Irish Examiner reports that Gerard Murphy has been appointed as
liquidator to Blackrock Hall Allied Medical Services (BHL AMS), a
medical services business set up by the pharmacist-turned-
developer Fergus Hoban.
Gerard Murphy was appointed on Nov. 21 at a creditors' meeting of
BHL AMS, which has debts of close to EUR1 million, Irish Examiner
relates.
The main creditor, according to the directors' statement of
affairs, is BHL Pharmacy, owed EUR722,410, Irish Examiner notes.
Landlords of the premises, Kieran Coughlan and his wife Claire
Riordan, are owed EUR226,559, Irish Examiner discloses.
Mr. Hoban and his company solicitor Ciaran Desmond are listed as
directors of BHL Pharmacy on the online company search engine,
Vision-net, Irish Examiner relays.
Mr. Murphy told the Irish Examiner on Nov. 21 the liquidation was
"essentially an administrative liquidation" and that the health
professionals involved were continuing to trade.
"The liquidation will have no affect on the continuity of service
in the area," Irish Examiner quotes Mr. Murphy as saying.
The pharmacy itself is under interim examinership, Irish Examiner
says. Pearse Farrell of Duff and Phelps was appointed last month
and a High Court hearing is scheduled for Nov. 24 to confirm his
appointment as examiner, Irish Examiner relays.
However, Mr. Coughlan, as cited by Irish Examiner, said he would
be opposing the appointment "on a number of grounds".
Mr. Hoban blamed the decision to place the pharmacy in interim
examinership on high rent which was agreed "in better times
economically for pharmacy", Irish Examiner notes.
According to Irish Examiner, Mr. Coughlan said the annual rent
for the pharmacy was EUR315,000, while the AMS rent was
EUR125,000, totaling EUR440,000 annually.
Allied Medical Services (BHL AMS) is based in Mahon, Cork.
CVC CORDATUS IV: Fitch Assigns 'B-(EXP)sf' to Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund IV Limited
notes expected ratings, as follows:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B1: 'AA(EXP)sf'; Outlook Stable
Class B2: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
CVC Cordatus Loan Fund IV Limited is an arbitrage cash flow
collateralised loan obligation (CLO).
Key Rating Drivers
Average Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions on all obligors in the
indicative portfolio. The covenanted minimum Fitch weighted
average rating factor (WARF) for assigning expected ratings is
34.0. The WARF of the identified portfolio is 33.6.
High Recovery Expectation
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all but one of the
assets in the identified portfolio. The covenanted minimum
weighted average recovery rate (WARR) for assigning expected
ratings is 66.0%. The WARR of the identified portfolio is 65.7%.
Unhedged Non-euro Assets Exposure
The transaction is allowed to invest up to 2.5% of the portfolio
in non-euro-denominated assets. Unhedged non-euro assets are
limited to a maximum exposure of 2.5% of the portfolio subject to
principal haircuts. The manager can only invest in unhedged
assets if, after the applicable haircuts, the aggregate balance
of the assets is above the reinvestment target par balance.
Partial Interest Rate Hedge
Between 0% and 12.5% of the portfolio can be invested in fixed
rate assets, while fixed rate liabilities account for 6.0%.
Therefore, the transaction is partially hedged against rising
interest rates.
Interest Diversion Post Reinvestment
Following the end of the reinvestment period, a breach of the
interest diversion test will lead to 50% of interest proceeds
being used for the sequential repayment of principal to the
notes.
Transaction Summary
Net proceeds from the notes will be used to purchase a EUR388.6m
portfolio of European leveraged loans. The portfolio will be
managed by CVC Credit Partners Group Limited. The transaction
will have a four year re-investment period scheduled to end in
2019.
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse 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.
=========
I T A L Y
=========
LUCCHINI SPA: JSW Steel, Cevital Submit Final Bids for Assets
-------------------------------------------------------------
Reuters reports that India's JSW Steel Ltd and Algeria's Cevital
have submitted their final bids for the Piombino steelmaking
complex owned by Lucchini RS S.p.A.
Lucchini, Italy's second largest steel maker, was previously
owned by Russia's Severstal but was declared insolvent in 2012
and placed under special administration.
According to Reuters, the company said on November 19 that
special commissioner Piero Nardi will analyse the bids and submit
an initial report to a supervisory committee in Rome on Nov. 21.
===================
L U X E M B O U R G
===================
PICARD BONDCO: Fitch Raises Senior Notes Rating to 'BB'
-------------------------------------------------------
Fitch Ratings has upgraded Picard BondCo SA's senior notes to
'BB' with a Recovery Rating of 'RR2' from 'BB-'/'RR3'. Fitch has
also affirmed Picard's Long-term Issuer Default Rating (IDR) at
'B+' with a Stable Outlook and Picard Groupe SAS's EUR480m
floating rate notes (FRNs) and revolving credit facility (RCF) at
'BB'/'RR2'. The upgrade of the senior notes follows their
partial prepayment of EUR115 million out of EUR300 million on
October 29, 2014. According to the payment waterfall, this
repayment mechanically increases the recovery prospects of the
remaining EUR185m senior notes.
The affirmation of the IDR is supported by Picard's strong
business model, which demonstrates its resilience, in terms of
EBITDA and free cash flow (FCF) generation, in a long-lasting
weak consumer environment. The EUR115 million debt prepayments
clearly improve the company's financial flexibility and pace of
deleveraging. It also somewhat alleviates the risk represented by
the effective timing subordination of the FRNs (maturing in
August 2019) to the senior notes (October 2018) and Picard PIKCo
PIK notes (maturing in June 2019).
Nevertheless, these repayments are not sufficient to trigger a
positive rating action on the IDR. In Fitch's view, this would
require a structural improvement in operating performance leading
to higher FCF generation and consistently lower leverage. This
could be supported by a successful regional expansion,
translating into a higher profitability and in turn, stronger
funds from operation (FFO) generation. The current market
environment in France and the cautious pace of Picard's network
roll-out abroad, which we reflect in our forecasts, do not point
in this direction.
KEY RATING DRIVERS
Senior Notes Upgrade
The recovery expectations assume a post-restructuring EBITDA
approximately 25% below the group's Fitch-adjusted FY14 EBITDA of
EUR178 million, combined with an estimated going concern multiple
of 6x enterprise value/EBITDA. The smaller size of the senior
notes following their partial prepayment mechanically increases
their recovery prospects. Despite being subordinated to the FRNs
and the RCF (which we assume fully drawn in a distressed
situation), they now reach maximum value under Fitch's
assumptions. However, as most of the borrowing group's assets are
located in France, the outstanding senior notes recovery rating
is capped at 'RR2' (71%-90% range).
Resilient Business Model
Picard Bondco's like-for-like sales started to recover in 4Q FY14
(fiscal year ending 31 March 2014). Fitch expects further growth,
albeit at a slower rate than pre-2008 due to increasing
competition. In particular, Fitch believes the gradual shift by
consumers to cheaper products, resulting in declining average
individual basket value over the past few years, is now
exacerbated by the heavy price cuts initiated by major food
retailers.
Long-term Margin Pressure
Fitch expects Picard's EBITDA margin to stabilize at around 13%,
down from the FY11 peak of 14.6%. The group still benefits from
high profitability relative to rated food retail peers, thanks to
its specific business model (partial vertical integration,
products sold under own brand, higher-end price positioning).
Marketing costs should remain high, due to growing competitive
pressure and consumer scrutiny on product quality. In addition,
expansion-related costs will continue to weigh on profitability
over the next three years.
Slow Geographic Diversification
Although the initial results of expansion in Belgium and Sweden
are encouraging, growth prospects are uncertain. Picard's
unproven ability at diversifying its activities geographically
acts as a rating constraint. However, Fitch views positively
management's cautious approach to expansion. A slowdown in roll-
out would not affect cash flow prospects under the current debt
structure.
Solid Free Cash Flow
Fitch expects Picard's annual FCF to average 4.6% of sales over
the next three years. The group benefits from a high cash
conversion ratio, due to limited working capital swings and
moderate capex relative to EBITDA. Interest savings from the
early repayment of EUR115 million senior notes frees cash of
approximately EUR10 million per annum, improving our average FCF
generation prospects by 60bp as a percentage of sales. Low cash
flow volatility reflects the group's resilient gross profit
margin and its flexibility to scale back expansion capex without
eroding EBITDA and FFO generation.
Steady but Slow Deleveraging
Despite prospects of relatively flat FFO and higher operating
leases, thanks to the senior notes partial prepayment (0.4x
positive effect on leverage) Fitch now expects lease-adjusted FFO
gross leverage to decrease to 5.4x in FY15, versus an increase to
5.9x expected earlier. However, Fitch does not expect Picard's
gross leverage to fall below 5.0x over the next four years (net
below 4.0x) due to a lack of FFO uplift, linked to the company's
limited growth prospects in France and the limited amount of FFO
Fitch expects the group to be able to generate abroad over the
period.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
action include:
-- Positive like-for-like sales growth, combined with successful
and profitable regional expansion, translating into a
resilient profit margin and FCF generation above 5% of sales.
-- FFO adjusted gross leverage sustainably below 5.0x (4.0x net
of readily available cash).
-- FFO fixed charge cover sustainably above 2.5x (FY14: 1.9x).
Negative: Future developments that could lead to negative rating
action include:
-- Significant deterioration in like-for-like sales and EBITDA
margin.
-- FFO fixed charge cover below 1.7x.
-- FFO adjusted gross leverage sustainably above 6.0x (5.5x on a
net basis).
-- Refinancing of Picard PICKCo S.A.'s PIK notes through a debt
instrument with terms and conditions that may place the FRN
and senior noteholders in a less favorable position.
=====================
N E T H E R L A N D S
=====================
JUBILEE CDO V: Moody's Confirms 'B2' Rating on Class D-2 Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Jubilee CDO V B.V.:
EUR28.9 million Class A-1B Senior Secured Floating Rate Notes,
Upgraded to Aaa (sf); previously on Nov 7, 2012 Upgraded to Aa1
(sf)
EUR155.55 million (Current Balance: EUR53,815,084.89) Class A-2
Senior Secured Floating Rate Notes, Upgraded to Aaa (sf);
previously on Nov 7, 2012 Confirmed at Aa1 (sf)
EUR45.8 million Class B Senior Secured Floating Rate Notes,
Upgraded to Aa2 (sf); previously on Nov 7, 2012 Upgraded to A2
(sf)
EUR46.8 million Class C Senior Secured Deferrable Floating Rate
Notes, Upgraded to Baa3 (sf); previously on Nov 7, 2012
Confirmed at Ba2 (sf)
EUR4 million Class V Combination Notes, Upgraded to Baa1 (sf);
previously on Nov 7, 2012 Upgraded to Baa3 (sf)
EUR11.325 million Class W Combination Notes, Upgraded to Baa3
(sf); previously on Nov 7, 2012 Upgraded to Ba1 (sf)
Moody's also affirmed the ratings of the following notes issued
by Jubilee CDO V B.V.:
EUR184.55 million (Current Balance: EUR44,946,543.19) Class
A-1A Senior Secured Floating Rate Notes, Affirmed Aaa (sf);
previously on Jul 1, 2005 Definitive Rating Assigned Aaa (sf)
EUR8.475 million Class D-1 Senior Secured Deferrable Floating
Rate Notes, Affirmed B2 (sf); previously on Nov 7, 2012
Confirmed at B2 (sf)
EUR12.725 million Class D-2 Senior Secured Deferrable Fixed
Rate Notes, Affirmed B2 (sf); previously on Nov 7, 2012
Confirmed at B2 (sf)
EUR5.143 million Class R Combination Notes, Affirmed Aa1 (sf);
previously on Mar 28, 2013 Downgraded to Aa1 (sf)
EUR5 million Class S Combination Notes, Affirmed Aaa (sf);
previously on Jul 1, 2005 Assigned Aaa (sf)
EUR5.77 million Class T Combination Notes, Affirmed Aaa (sf);
previously on Jul 1, 2005 Assigned Aaa (sf)
EUR11.725 million Class Y Combination Notes, Affirmed B1 (sf);
previously on Nov 7, 2012 Upgraded to B1 (sf)
Jubilee CDO V B.V., issued in June 2005, is a Collateralised Loan
Obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by Alcentra Limited. The
transaction's reinvestment period ended on August 21, 2011.
Ratings Rationale
The ratings upgrades on the notes are primarily a result of the
improvement in over-collateralization (OC) ratios since the
payment date in August 2014 and the significant deleveraging of
the Classes A-1A and A-2 notes following amortization of the
underlying collateral. The Classes A-1A and A-2 notes have
redeemed such that 29% of their original balances remain
outstanding. As a result of the deleveraging, the OC ratio of
Class A/B has increased significantly. According to the October
2014 trustee report the OC ratios of Classes A/B, C, and D are
146.74%, 115.56% and 105.42% compared to 128.58%, 110.42% and
103.78% respectively in January 2014.
The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. The rated
balance of each Class of combination notes at any time is equal
to the principal amount of the combination note on the issue date
minus the sum of all payments made from the issue date to such
date, of either interest or principal. The rated balance will not
necessarily correspond to the outstanding notional amount
reported by the trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR225 million,
a weighted average default probability of 24.40% (consistent with
a WARF of 3717), a weighted average recovery rate upon default of
44.88% for a Aaa liability target rating, a diversity score of 22
and a weighted average spread of 4.12%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 11.29% of obligors in Spain, whose LCC is A1 and
4.66% in Italy, whose LCC is A2, Moody's ran the model with
different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 2.38% for the Class A notes, 1.49% for
the Class B notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 87.36% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average spread by 30 basis
points; the model generated outputs that were within one notch of
the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
* Portfolio amortization: The main source of uncertainty in
this transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
* Around 33.44% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
UCL RAIL: Fitch Affirms 'BB+' Long-term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has revised UCL Rail B.V.'s (UCLR) and its key 100%
subsidiary JSC Freight One's Outlook to Negative from Stable.
Their Long-term foreign currency Issuer Default Ratings (IDR)
have been affirmed at 'BB+'.
The revision of Outlook reflects weaker market fundamentals in
the form of declining freight volumes and rates and,
consequently, for the companies weaker cash flows, slower debt
reduction and higher-than-expected leverage. At end-2013 UCLR
reported funds flow from operations (FFO) adjusted net leverage
of 2.75x and we expect the company to exceed our negative rating
guidance of 2.5x at end-2014. Shareholder loan to equity
conversion, along with improving market conditions including
volumes and rates, and subsequent deleveraging may result in the
Outlook being revised to Stable.
The ratings reflect UCLR's position as the leading rolling stock
owner and operator in Russia's rail freight market. A sizeable
asset base provides UCLR with a strong ability to meet customer
demand and a diversified fleet and customer base. However, UCLR's
business is exposed to volatile economic drivers affecting both
transported volumes and freight rates.
Freight One's ratings are in line with these of UCLR, reflecting
its key contribution to the group - the subsidiary represents the
bulk of the group's revenues and earnings.
Key Rating Drivers
Weaker Credit Metrics
In 2013 UCLR reported FFO adjusted net leverage of 2.75x, up from
2.1x at end-2012, and we expect the company to exceed our
negative rating guidance of 2.5x at end-2014, due to weaker
market conditions resulting in weaker cash flows and slower debt
reduction. A majority (RUB78 billion) of UCLR's outstanding
RUB104 billion debt at end-2013 was incurred to co-fund the
acquisition of Freight One from Russian Railways (RZD,
BBB/Negative) in 2012. This includes a RUB15 billion shareholders
loan that the company expects to convert into equity by end-1Q15,
which should help improve its leverage.
Weak Market Conditions
Russian freight volumes fell 0.9% yoy in 10M14 as construction-
related transportation fell on the back of a slowdown in the
construction industry and the overall economy. This was
exacerbated by oversupply in the rail fleet, putting pressure on
average daily rates that continued to decline in 2014. We expect
rail volumes to remain weak on the back of our low GDP growth
forecast of 0.3%-1.6% for Russia over 2014-2016. Rail fleet rates
are likely to remain under pressure as weak economic growth
translates into low volumes and overcapacity remains high. Given
the expectation of lower rail volume growth and continued
pressure on tariffs, at least in the short-to-medium term, the
UCLR's ability to rationalize its cost base will be a critical
factor in supporting margins and FFO levels.
Elevated Volume Risks
Similar to peers, UCLR is exposed to cyclical commodity
industries. Fitch assesses UCLR's volume risk as elevated,
although this is mitigated by a comparatively low share of fixed
costs and medium-to-long term service agreements, which accounted
for about 31% of total revenue in 1H14, up from 25% in 2013.
RZD's Expected 2015 Tariff Growth
An expected 10% increase in RZD's tariffs in 2015 may negatively
impact the company's margins by increasing empty-run costs per
km, as infrastructure and locomotive traction tariffs for empty
runs are mainly paid by private operators themselves. Improved
logistics management may reduce empty-run costs and may improve
UCLR's profits and margins.
Weaker Margin, FCF Positive
For 1H14 we estimate UCLR's EBITDA margin to be lower than 37% in
2013 and 48% in 2012 and we forecast it to remain 26% on average
over 2014-2017. We expect UCLR to continue generating positive
free cash flow, fuelled by moderate capex requirements, a
conservative financial strategy and zero-dividend policy as long
as debt/EBITDA exceeds 2x.
Strong Competitive Position
UCLR is the leading nationwide commercial rolling-stock operator
in Russia by fleet size (around 18% of the market),
transportation volumes (around 20%), and turnover (20%). The
company has a diversified fleet and customer base, which along
with a broad network of regional branches, secures its
competitive advantage and efficiency over smaller market players.
Diversified Customer Base
UCLR has a diversified customer base with the eight largest
customers representing about 40%-45% of total revenue in 2013-
9M14. To increase the visibility of cash flows freight
transportation companies, including UCLR/Freight One, have
entered into medium-to-long term service agreements with its key
customers. UCLR currently has medium-to-long-term service
agreements with OJSC Novolipetsk Steel (NLMK, BBB-/Negative), OAO
Severstal (BB+/Stable), Rosneft, and RUSAL and is responsible for
transporting 10%-100% of their freight cargo. According to UCLR
service contracts represent about two-thirds of its gondola cars
and about 50% of its tank cars.
Limited FX Exposure
The recent rouble depreciation will have limited impact on UCLR
as debt denominated in foreign-currency accounted for only 2.5%
of total outstanding debt at end-2013. However, the rouble
depreciation may have negative impact through a potential
increase in interest rates in the domestic debt market and
through inflationary pressures.
Regulatory Changes
The recent approval of regulations on mandatory modernization and
certification for extending rail fleet's useful life may also
negatively affect rail operators with older rail fleets, such as
UCL Rail/Freight One, as it may make useful life extension
costly. In the medium term it may have an overall positive effect
by encouraging the gradual disposal of old rail fleet, in turn
reducing overcapacity that could result in the recovery of rail
fleet rates.
Freight One Core to the Group
We view Freight One and UCLR as having the same credit profile
due to their strong links, with structural subordination of
UCLR's creditors mitigated by the level of upstream guarantees
from Freight One. Fitch believes that the relationship will be
strengthened by the planned consolidation of all operating
companies (NTK and NTK-Wagon) into one legal entity -- Freight
One -- by end-1Q15.
Liquidity and Debt Structure
Manageable Liquidity
Fitch views UCLR's liquidity at end-1H14 as manageable,
comprising cash and cash equivalents of RUB11 billion and unused
credit facilities of RUB21 billion, mainly form state-owned local
banks. This, together with expected positive free cash flow over
2014-2015, is sufficient to cover short-term maturities of
RUB22bn. Fitch notes that UCLR does not pay commitment fees for
unused credit facilities, which is common for Russian companies.
Proposed Domestic Bonds
Freight One intends to refinance part of its existing debt with a
domestic senior unsecured bond, subject to market conditions.
Although all debt within UCLR is formally secured, a moderate
part of total rail fleet is encumbered, leaving significant asset
value for the senior unsecured creditors. As a result, the
expected rating on the company's RUB40 billion bond program is
aligned with Freight One's IDR.
Rating Sensitivities
Positive: Future developments that could lead to a revision of
the Outlook to Stable include:
-- FFO adjusted net leverage falling below 2.5x and FFO interest
cover above 3x (2013: 2.66x) on a sustained basis
-- Shareholder loan into equity conversion along with improved
market conditions leading to stronger operating cash flows
Negative: Future developments that could lead to a downgrade
include:
-- FFO adjusted net leverage above 2.5x and FFO interest
coverage below 3x on a sustained basis, due to weak
industrial activity in Russia and weaker-than-expected
operating results, larger capex or dividend payments
-- Unfavorable changes to the Russian legislative framework for
the railway transportation industry
The rating actions are as follows:
UCLR
Long-term foreign currency IDR affirmed at 'BB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR affirmed at 'B'
Senior unsecured rating affirmed at 'BB+'
Long-term local currency IDR affirmed at 'BB+'; Outlook revised
to Negative from Stable
Short-term local currency IDR affirmed at 'B'
Local currency senior unsecured rating affirmed at 'BB+'
National Long-term rating affirmed at 'AA(rus)', Outlook
revised to Negative from Stable
Freight One
Long-term foreign currency IDR affirmed at 'BB+', Outlook
revised to Negative from Stable
Short-term foreign currency IDR affirmed at 'B'
Senior unsecured rating affirmed at 'BB+'
Long-term local currency IDR affirmed at 'BB+', Outlook revised
to Negative from Stable
Short-term local currency IDR affirmed at 'B'
Local currency senior unsecured rating for RUB40bn bond
programme affirmed at 'BB+(EXP)'
National Long-term rating affirmed at 'AA(rus)', Outlook
revised to Negative from Stable
National local currency senior unsecured rating affirmed at
'AA(rus)(EXP)'
===========
R U S S I A
===========
ALFA BANK: Fitch Assigns 'BB+' Rating to $250MM Subordinated LPNs
-----------------------------------------------------------------
Fitch Ratings has assigned Russia-based Alfa Bank's (Alfa) USD250
million subordinated loan participation notes (LPNs) issue with
write-off feature a final Long-term rating of 'BB+'.
Key Rating Drivers
Fitch has rated Alfa's 'new-style' Tier 2 subordinated debt issue
one notch lower than the bank's 'bbb-' Viability Rating (VR).
This includes (i) zero notches for additional non-performance
risk relative to the VR, as Fitch believes these instruments
should only absorb losses once a bank reaches, or is very close
to, the point of non-viability (PONV); and (ii) one notch for
loss severity reflecting below average recoveries in case of
default.
LPNs have principal and coupon write-down feature (pro rata with
other loss absorbing instruments) triggered in case (i) core Tier
1 capital adequacy ratio decreases below 2%; or (ii) the Deposit
Insurance Agency directly or indirectly acquires a controlling
stake in the bank and/ (or) provides financial assistance to it
as part of an approved bankruptcy prevention plan. Although
legally the latter is possible as soon as a bank breaches any of
its mandatory capital ratios or is in breach of certain other
liquidity and capital requirements, Fitch's base case assumption
is that the regulator will not trigger loss absorption until a
bank has reached (or is very likely to reach) PONV.
The 'new-style' subordinated LPNs were issued by an Irish-based
special purpose vehicle, Alfa Bond Issuance plc, which has on-
lent the issue's proceeds to Alfa under a subordinated loan
agreement.
The LPNs annual coupon was set at 9.5% and payable semi-annually
and the principal is due 18 February 2025.
No put option is envisaged to the issues, while the call option
after five and a quarter years allows Alfa to repay the bonds
once the regulatory capital amortization begins.
Rating Sensitivities
The issue rating is linked to the bank's VR, which is similar to
its IDR. The bank and its issue ratings could be downgraded in
case of a sovereign downgrade and a significant weakening of the
Russian operating environment, or a sharp deterioration in the
standalone credit metrics. Stabilization of the sovereign's
credit profile and the country's economic prospects would reduce
downward pressure on the VR.
Alfa's other ratings (below) are unaffected:
Long-term foreign currency IDR: 'BBB-'; Outlook Negative
Long-term local currency IDR: 'BBB-'; Outlook Negative
Short-term foreign currency IDR: 'F3'
National Long-term rating: 'AA+(rus)'; Outlook Stable
Viability Rating: 'bbb-'
Support Rating: '4'
Support Rating Floor: 'B'
Senior unsecured debt: 'BBB-'/'AA+(rus)'
'Old-style' subordinated debt: 'BB+'
BASHNEFT: Moody's Confirms 'Ba2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has confirmed Bashneft's corporate
family rating (CFR) at Ba2 and probability of default rating
(PDR) at Ba2-PD. The outlook on all the ratings is positive. This
concludes the review for downgrade initiated by Moody's on
September 18, 2014.
Ratings Rationale
The confirmation reflects the Moscow Arbitrage Court's decision
(on November 7, 2014) to withdraw Bashneft's shares from the
ownership of Sistema Joint Stock Financial Corporation (Sistema,
B1 negative) and Sistema-Invest (subsidiary of Sistema, not
rated) and return them to the Russian Federation (Baa2 negative).
The decision to transfer the shares to state custodianship should
be credit positive for Bashneft, in the short term at least, and
removes the threat of fines, claims or penalties being directed
at the company itself. Sistema has subsequently confirmed that it
will not appeal the court decision.
Moody's understands that Bashneft's shares will be transferred to
state custodianship within one month of the decision date (i.e.,
by December 7, 2014). The agency understands that the company
should successfully obtain waivers for the majority of its debts
which contain a "no change of control" covenant. Bashneft expects
that its major creditors, the largest state-owned banks, will be
supportive. Bashneft's liquidity position is further underpinned
by good access to foreign currency (approximately 60% of revenue
is from export), and cash balances equivalent to approximately
US$800 million as of end-September 2014 (at current exchange
rate). Moody's also understands that as a government-controlled
company, Bashneft may have stronger access to support from the
state, should that be required.
Rationale for Positive Outlook
The positive outlook reflects Bashneft's strong positioning in
the Ba rating category, due to strong credit metrics and the
approximate 10% year-on-year growth in production in the first
nine months of 2014. Prior to the start of the legal proceedings
with regard to Bashneft's owner Sistema, the outlook on the
company's ratings was positive.
The positive outlook also reflects the scope for closer alignment
with the government. Despite the imminent transfer to state
custodianship, Bashneft's ratings remain several notches below
the government's rating. That reflects uncertainty as to
Bashneft's ownership over a longer term horizon which could
include re-privatization, or a more permanent alignment with the
government or a government-controlled entity, which would likely
justify a future upgrade.
What Could Change the Rating Up/Down
Upward pressure on Bashneft's ratings would arise when the rating
agency receives assurance with regard to the company's ownership
structure going forward, and will stem from (1) its standalone
credit and liquidity strength and (2) parameters of transition to
state ownership.
The ratings could be downgraded in the event that (1) material
fines are imposed on Bashneft as part of the investigation (which
Moody's deems unlikely); (2) significant liquidity concerns arise
from the acceleration of the company's debt as a result of the
change in control; (3) there is a change in the ownership
structure (privatization), whereby Bashneft becomes part of a
more weakly positioned group/entity; (4) the company's business
profile and operating environment deteriorate materially. Adverse
developments in the sovereign creditworthiness could also become
a consideration in the future for Bashneft's ratings.
The principal methodology used in this rating was Global
Integrated Oil & Gas Industry published in April 2014.
OJSC Bashneft is an integrated oil company operating primarily in
the Republic of Bashkortostan (Baa3 negative) in the lower Volga
region of Russia. Bashneft's annual output of oil and oil
refining throughput in 2013 were 16.1 million tonnes per annum
(mtpa) and 21.4 mtpa, respectively. Bashneft's reserves are
primarily concentrated in Bashkortostan, in close proximity to
the company's refining and petrochemical complex. The company
also operates oil fields in the Tatarstan, Khanty-Mansi, Nenets
and Orenburg regions and its total proved reserves amounted to
2.0 billion barrels of oil equivalent (boe) under the Petroleum
Resources Management System (PRMS) classification as of January
2014. In the twelve months ended June 30, 2014, Bashneft's
revenue amounted to US$14.0 billion (net of export duties), and
EBITDA to US$3.5 billion.
CREDIT BANK: Fitch Assigns 'BB-(EXP)' Rating to Eurobond Issue
--------------------------------------------------------------
Fitch Ratings has assigned Credit Bank of Moscow's (CBOM;
BB/Stable/bb) upcoming subordinated eurobond issue with write-off
features a 'BB-(EXP)' expected rating. The final rating is
contingent upon the receipt of final documents conforming
materially to information already received.
Key Rating Drivers
CBOM's "new style" Tier 2 subordinated debt issue has been rated
one notch lower than the bank's Viability Rating (VR). This
includes (i) zero notches for additional non-performance risk
relative to the VR, as Fitch believes these instruments should
only absorb losses once a bank reaches, or is very close to, the
point of non-viability (PONV); and (ii) one notch for loss
severity reflecting below average recoveries in case of default.
The bonds will have a principal and coupon write-down feature
(pro rata with other loss absorbing instruments) triggered in
case (i) core Tier 1 capital adequacy ratio decreases below 2%;
or (ii) the Deposit Insurance Agency directly or indirectly
acquires a controlling stake in the bank and/or provides
financial assistance to it as part of an approved bankruptcy
prevention plan. Although legally the latter is possible as soon
as a bank breaches any of its mandatory capital ratios or is in
breach of certain other liquidity and capital requirements,
Fitch's base case assumption is that the regulator will not
trigger loss absorption until a bank has reached (or is very
likely to reach) PONV.
The 'new-style' subordinated Eurobond will be issued by an
Ireland-based special purpose vehicle, CBOM Finance PLC, which
will on-lend the issue's proceeds to CBOM under a subordinated
loan agreement.
Rating Sensitivities
The issue rating is linked to the bank's VR, and would therefore
likely be upgraded or downgraded following similar action on the
VR.
Downside pressure on CBOM's ratings could arise if there is a
greater-than-expected deterioration in asset quality materially
eroding CBOM's loss absorption capacity. Upside potential for
CBOM's ratings is unlikely in the near term as Russian economy is
now on the negative side of the credit cycle, which may affect
the sector liquidity and/or asset quality in a negative manner.
CBOM's other ratings, which are unaffected, are as follows:
Long-term foreign and local currency IDRs: 'BB', Outlooks Stable
Short-term foreign currency IDR: 'B'
Viability Rating: 'bb'
Support Rating: '5'
Support Rating Floor: 'No Floor'
National Long-term rating: 'AA-(rus)'; Outlook Stable
Senior unsecured debt: 'BB'/'AA-(rus)' and 'BB(EXP)'/'AA-
(EXP)(rus)'
Subordinated debt (issued by CBOM Finance PLC (Ireland)): 'BB-'
X5 RETAIL: Russian Food Ban No Impact on Moody's 'B2' Rating
------------------------------------------------------------
The operating and financial performance of X5 Retail Group N.V.
(B2 positive) and Lenta Limited (B1 stable), two of Russia's
largest retailers, have remained largely unaffected by the
government's decision in August 2014 to ban food imports from the
European Union (EU), the US, Norway, Canada and Australia as a
response to Western sanctions, says Moody's Investors Service in
report published. However, additional inflationary pressure may
be a risk factor for the companies.
"Large Russian retailers have thus far weathered the food ban
relatively unscathed, having successfully sourced substitutes for
banned products from different countries and leveraged their size
in negotiations with suppliers," says Ekaterina Lipatova, a
Moody's analyst and author of the report. "That said, a potential
risk to X5 and Lenta from the food ban comes from additional
inflationary pressures."
Moody's notes that food inflation in Russia accelerated to above
11% as of September 2014. Moreover, the Ministry of Economic
Development has already changed its annual food inflation
expectations to 12%-13% versus its initial 7.5%, with the rising
risk that the total annual inflation as of end-2014 will exceed
8.5% and peak in Q1 2015.
Such additional inflationary pressure will further hamper
recovery in the declining trend in food consumption growth, which
has been falling in Russia since Q3 2013 and finally turned
negative in Q3 2014 on the back of the country's weak economic
outlook and deteriorating consumer environment.
Moody's also notes, however, that despite this falling trend,
large Russian retailers continue to benefit from the still
attractive fundamentals of the domestic grocery market, which
should allow them to continue outperforming the market. In
particular, in October 2014, Lenta confirmed its 2014 net sales
growth target at 34%-38%, while X5 increased its initial target
of 10%-12% to 17%-19%.
=========
S P A I N
=========
CECABANK SA: Moody's Affirms E+ Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed all the ratings of Spain's
Cecabank S.A. Concurrently, Moody's has changed to stable from
negative the outlook on the standalone E+ bank financial strength
rating (BFSR) (equivalent to a baseline credit assessment (BCA)
of b1).
The affirmation of Cecabank's ratings and the change of the
outlook on the BFSR to stable reflects the bank's proven ability
to adapt its business model to the profound restructuring of its
traditional customer base (former savings banks), that challenged
its role as leading provider of financial services in Spain. The
rating action also takes into account the bank's ability to
maintain a stable source of recurrent earnings, achieved through
the expansion of its securities services business.
Ratings Rationale
--- Rationale for Affirmation Of Cecabank's Ratings
The affirmation of Cecabank's ratings has been driven by the
bank's ability to adapt its business model following the collapse
and subsequent consolidation of its traditional customer base
(former savings banks). This business segment accounted for the
bulk of the bank's profits, by providing back-office financial
services to those small or medium-sized savings banks which lack
the necessary scale to execute these transactions.
In this context, Cecabank has been able to build a franchise
based on the provision of independent depository services, by
entering into long-term agreements with various Spanish financial
institutions. These services will ensure a recurrent earnings
stream to Cecabank and will, to some extent, enable the
institution to offset the decline in earnings arising from the
provision of other types of back-office services.
Rationale for Changing the Outlook to Stable
The stable outlook on Cecabank's standalone BFSR reflects Moody's
view that the downside risks to the bank's credit profile, as a
consequence of the restructuring of its traditional customer
base, have substantially diminished.
The outlook on Cecabank's long-term deposits ratings remains
negative, and take into account the adoption, in April 2014, of
the Bank Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM) regulation in the EU. In particular,
this outlook reflects that -- with the legislation underlying the
new resolution framework now in place and the explicit inclusion
of burden-sharing with unsecured creditors as a means of reducing
the public cost of bank resolutions -- the balance of risk for
banks' senior unsecured creditors has shifted to the downside.
What Could Change The Rating Up/Down
The standalone BFSR could be downgraded as a result of any of the
following factors: (1) a failure by Cecabank to maintain its
footprint in the Spanish financial system; (2) increased market-
risk appetite against the background of adopting a less
conservative investment policy; and/or (3) increased customer
concentration or a deterioration in the credit fundamentals of
Cecabank's customers. In addition to these bank-specific factors,
Moody's also notes that a worsening of economic conditions in
Spain beyond the rating agency's current GDP growth expectations
(i.e., 1.3% for 2014) could prompt a reduction in Cecabank's
business volume by translating into a diminished demand by
Spanish banks for financial services.
Moody's could downgrade Cecabank's deposit ratings as a result of
the evolution of systemic support prospects in Spain and in the
EU, in light of developments associated with resolution
mechanisms and burden sharing for European banks. In addition, a
lowering of the BCA would prompt a downgrade of Cecabank's senior
ratings.
Principal Methodology
The principal methodology used in this rating was Global Banks
published in July 2014.
ENCE ENERGIA: S&P Lowers CCR to 'BB-'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Spanish pulp and electricity producer
Ence Energia y Celulosa (Ence) to 'BB-' from 'BB'. The outlook
is negative.
In addition, S&P lowered the issue rating on Ence's EUR250
million senior secured notes. S&P has also revised the recovery
rating on the senior secured debt to '4' from '3', indicating its
expectation of average (30%-50%) recovery for creditors in the
event of a payment default.
The downgrade reflects Ence's volatile operational performance in
2014, primarily stemming from adverse changes in the Spanish
regulatory framework for renewable energy but also due to the
declining pulp price. S&P previously expected the energy
business to provide stability to Ence's operations and to an
extent counterbalance the inherent cyclicality associated with
its pulp sales. However, the final version of the Spanish energy
reform led to significant negative effects for Ence (about EUR60
million negative EBITDA effect of the EUR150 million generated in
2013) because it made it much less beneficial to produce
electricity from biomass sources. While S&P do not expect any
further negative changes to the framework in the near term, it
cannot fully exclude revisions to the framework because there
will be regular reviews of the current system. As a result of
these developments, S&P now assess Ence's business risk profile
as "weak," down from "fair" previously.
"Although we consider that Ence's underlying business risk has
increased, we view the immediate restructuring activities the
company has launched as positive. In Oct. 2014, Ence closed the
Huelva pulp mill to eliminate group losses, which would amount to
about EUR40 million per year following the change in energy
regulation. At the same time, the company launched a profit
improvement program that targets reviving EBITDA generation to
about EUR150 million in 2015, the same level as in 2013. We
consider this an achievable plan, but we also acknowledge that
there are execution risks associated with cost-management
exercises that the company will undertake. Further, while
profitability could already return to previous levels in 2015, we
think the company has lost some benefits relating to scale and
scope following the closure of Huelva," S&P noted.
The negative outlook reflects S&P's view that there is a one-in-
three likelihood that Ence's credit metrics over the next 12
months will not improve to levels S&P considers commensurate with
the current rating. These levels would be FFO to debt of about
25% and debt to EBITDA of below 3.5x, leaving some headroom
within the financial risk profile to take into account the
inherent volatility in pulp prices.
S&P could lower the rating if Ence's operating performance does
not recover to the extent S&P assumes in its base-case scenario,
resulting in FFO to debt of below or just about reaching 20% over
the coming 12 months. This could for example materialize due to
deteriorating pulp prices or an unfavorable development of the
euro against the U.S. dollar. It could also be the result of
Ence not being able to cut its costs to the extent planned
through its efficiency investments. S&P could also lower the
rating if Ence engaged M&A activity or excessive shareholder
remuneration, including share buybacks, although S&P thinks that
is unlikely in the coming 12 months.
S&P could revise the outlook to stable if Ence's operating
performance improves and credit metrics improve accordingly.
Under this scenario, credit metrics would be comfortably within a
"significant" financial risk profile category, such as FFO to
debt of about 25% and debt to EBITDA of below 3.5x, including
S&P's adjustments.
GAS NATURAL: Moody's Assigns 'Ba1' Rating to EUR1BB Securities
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 long-term
rating to the EUR1.0 billion undated, eight-year Non-Call
Securities (the "hybrid") issued by Gas Natural Fenosa Finance
B.V. (Gas Natural Fenosa Finance). The notes are guaranteed on a
subordinated basis by Gas Natural SDG, S.A. (Gas Natural Fenosa,
"the group"). The outlook on the rating is stable.
Ratings Rationale
The Ba1 rating assigned to the hybrid is two notches below Gas
Natural Fenosa's Baa2 senior unsecured ratings. This two-notch
differential reflects (1) the unconditional and irrevocable
guarantee given by Gas Natural Fenosa in favor of the hybrid
debtholders on a subordinated basis, and (2) the features of the
hybrid. This security is a perpetual, deeply subordinated hybrid,
and Gas Natural Fenosa can opt to defer coupons on a cumulative
basis.
In Moody's view, the hybrid has equity-like features which allow
it to receive basket 'C' treatment (i.e., 50% equity and 50%
debt) for financial leverage purposes (please refer to Moody's
Rating Implementation Guidance 'Revisions to Moody's Hybrid Tool
Kit', published July 2010).
Gas Natural Fenosa's Baa2 senior unsecured ratings reflect the
group's balanced asset portfolio, which should continue to reduce
earnings' volatility. The group's operations include (1) sizeable
positions in Spanish gas and electricity distribution, which
accounted for 33% of group EBITDA and a smaller 15% from domestic
electricity production in the first half of 2014; (2) gas
infrastructure and supply which generated 26%; and (3)
substantial assets abroad, mostly in distribution in Latin
America, which accounted for 23% of EBITDA over the same period.
The ratings also take into account the group's recent acquisition
of 96.5% of the Chilean energy firm Compania General de
Electricidad, S.A. (CGE). The deal completed on 11 November at a
cost of approximately EUR2.55 billion or 4,700 Chilean pesos per
share. Moody's regards CGE as a good strategic fit for the group,
as it has leading positions in gas and electricity and Chile and
provides access to a key Latin American (LatAm) platform with
strong growth opportunities. Following the acquisition of CGE,
the group will increase its exposure to LatAm which is expected
to generate around 35% of EBITDA compared to 26% of EBITDA as at
the end of 2013, and the group will maintain a strong
contribution from regulated EBITDA of around 66%.
The rating also factors the following: (1) the group's moderately
increased leverage (from unadjusted net debt/EBITDA of around
2.9x to around 3.4x) following the acquisition; as a result, the
group is unlikely to deleverage as rapidly as envisaged prior to
the transaction. The successful execution of the hybrid
transaction should nonetheless contribute to a modest improvement
in credit metrics; and (2) the possibility that the group may
consider pursuing future investment opportunities, such as new
generation to augment its new growth platform, which could absorb
free cash flow and delay further deleveraging; and (3) the
execution and integration risks associated with a rather sizeable
transaction in a new market for Gas Natural Fenosa.
The rating factors a still challenging domestic operating
environment including a weak forecast for energy demand; and the
risks and financial burdens arising from recent reforms aimed at
eliminating tariff deficits in the Spanish electricity and gas
systems. Moody's believes there is a reduced risk of further
substantial negative effects on revenues following publication in
July of Royal Decree Law 8/2014 (RDL 8/2014) to address the gas
tariff deficit, and the earlier sequence of reforms designed to
eliminate the electricity tariff deficit; nonetheless, further
smaller adjustments to the regulatory and remuneration frameworks
may still be needed.
The stable outlook assumes that the group will continue to
maintain a financial profile consistent with a Baa2 rating; with
RCF/net debt in the mid-teens, FFO/net debt in the high teens to
low 20s in percentage terms, and FFO/net interest cover of more
than 4x.
What Could Change the Rating Up/Down
As the hybrid rating is positioned relative to another rating of
Gas Natural Fenosa, a change in either (1) the relative notching
practice or (2) the senior unsecured ratings of Gas Natural
Fenosa could influence the hybrid rating.
Positive pressure could develop on Gas Natural Fenosa's ratings,
assuming that the group could demonstrate a stable business
profile and maintain a strengthened financial standing with
credit metrics (on a sustainable basis) of FFO/net debt
comfortably in the 20s in percentage terms; RCF/net debt in the
mid to high teens in percentage terms, and FFO interest cover of
more than 4.5x. Given the integration risks relating to the
latest acquisition, positive pressure is unlikely to develop in
the near-term rating horizon.
Conversely, negative pressure could develop on Gas Natural
Fenosa's ratings in the event of any increase in business,
regulatory or political risk within core markets or any
significant growth activity through organic change or
acquisitions that could cause credit metrics to deteriorate;
trending to FFO/net debt in the mid teens and RCF/net debt in the
low teens and below.
Principal Methodology
The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in October
2014.
Gas Natural is one of the three major players in the Iberian
power and gas markets. It ranks as the leading domestic gas
supply company and ranks third in power generation. It reported
total EBITDA of EUR5.09 billion in 2013.
=============
U K R A I N E
=============
VAB BANK: Creditors demand Payment of Missed Bond Coupon
--------------------------------------------------------
Sally Bakewell and Julie Miecamp at Bloomberg News report that a
group of VAB Bank creditors advised by Clifford Chance LLP
demanded the Ukrainian bank pay a missed coupon on US$125 million
of bonds.
The Kiev-based bank was due to pay about US$2 million on
Sept. 14, according to a letter to VAB Bank from Clifford Chance
obtained by Bloomberg News. The document said the law firm
represents the group of financial institutions and asset managers
holding a "material portion" of the notes, Bloomberg notes.
VAB Bank failed to make the payment as Ukraine's conflict with
pro-Russian rebels in eastern regions intensified, Bloomberg
relates.
VAB Bank Chairman Denys Maltsev said Oct. 2 the interest would be
paid within "a week or two", Bloomberg recounts. The payment
hasn't been made, Bloomberg says, citing the Nov. 7 letter
addressed to Mr. Maltsev.
Jared Grubb, office managing partner for Clifford Chance in
Ukraine, confirmed the letter had been sent on behalf of the
group of bondholders, Bloomberg relays.
"The noteholders we're representing would like a little more
clarity as to what's occurring," Mr. Grubb, as cited by
Bloomberg, said on Nov. 20. "Some of the statements made as to
why the coupon payment hasn't occurred seem to be slightly
contradictory or unclear."
Mr. Grubb said the bonds were restructured in May, Bloomberg
relates. The maturity was extended to June 2019 and the interest
rate was lowered to 9% from 10.5% for the year through June 2015,
Bloomberg states.
Founded in 1992, VAB Bank (formerly VABank) -- http://www.vab.ua/
-- enters a group of 'large' banks according to the
classification of the National Bank of Ukraine. VAB Bank is a
full-service bank offering a broad range of financial services to
its retail and corporate customers, including deposits, loans,
money transfers, underwritings, settlements, trade finance, FX
and corporate advisory services. Its main business lines
include: corporate banking, retail banking, international banking
and investment banking.
===========================
U N I T E D K I N G D O M
===========================
AFREN PLC: Fitch Cuts Long-term Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded Afren plc's Long-term Issuer Default
Rating (IDR) to 'B' from 'B+' and simultaneously removed the
Rating Watch Negative (RWN). The Outlook on the IDR is Stable.
The RWN is resolved following Afren's announcement in October
2014 that its advisors had completed the independent review into
certain transactions undertaken by the company. The results of
the review indicate that Afren's CEO and COO were involved in
unauthorized transactions and Afren decided to terminate the
employment of both directors and two associate directors. Fitch
believes that the transactions have had no significant impact on
Afren's financials and remove the company's ratings from RWN. At
the same time, we downgrade Afren to 'B' from 'B+' to reflect:
(i) its lower-than-expected production in Nigeria (ii)
deteriorating credit metrics and increased liquidity and
refinancing risks (iii) a degree of uncertainty in the company's
development strategy due to the management reshuffle.
Afren is a small-scale exploration and production company with
producing assets in Nigeria and Kurdistan. Its 9M14 net
production averaged 31.4 thousand barrels of oil (mbpd). Its
proved reserve life amounted to nine years at end-2013 (six years
excluding Kurdistan assets).
Independent Review Completed:
In October 2014, the company announced that its advisors had
completed an independent review initiated by the board in July
2014. The review concluded that Afren's CEO, COO and two
associate directors were involved in certain unauthorized
transactions, and the company has decided to terminate their
employment. Fitch believes the transactions themselves have had
no immediate impact on Afren's financial and operational
position. Also, while the inappropriate behavior by the key
management affects Fitch's assessment of Afren's corporate
governance, the company's actions appear to indicate that it has
structures which may allow it to detect and prevent potential
wrongdoings. Taking this into account, Fitch removes the company
from RWN as the direct risks associated with the investigation
have, in our view, significantly reduced.
Finding New Management Critical:
Finding suitable replacements for dismissed executives is the key
challenge for Afren. This is particularly important in view of
the company's reduced output in Nigeria and interrupted
operations in Kurdistan. Afren will need a clear strategy and
direction in order to stabilize and increase its output,
especially if oil prices remain at the depressed level -- which
may be difficult in the absence of a permanent CEO with clear
strategic vision. Inability to find a permanent CEO by end-1H15,
if accompanied by little progress in stabilizing and increasing
production, may result in a further negative rating action.
Production Stabilization Is Key:
Fitch said "Afren's net production has declined from 49.6mbpd in
3Q13 to 27.2mbpd in 3Q14, reflecting a lower production share
after the initial cost recovery but also due to lower gross
production at Ebok, its major asset. We expect that in 2014
Afren's net production will be at or slightly below 32mbpd, 15%
lower than we projected in May 2014 and 10% lower than our 35mbpd
negative rating action trigger for the company. Afren explains
that lower-than-expected production mainly results from
operational delays with installing the Central Fault Block
Extension platform at Ebok, and maintenance works in 3Q14. The
platform, which is set to be finally completed in January 2015,
should enable Afren to increase output of the field. This is in
addition to three new wells, two of which came on line in late
Q3 -- early Q4 and one more is expected by the end of the year.
Other projects, including the North Fault Block at Ebok and
ramping-up OML26, should help Afren stabilize and boost its net
oil production in the medium term."
"We quite conservatively expect the company's net production to
average 33mbpd in 2015 taking into account that Afren's capex
program may be impacted by lower oil prices, and possible delays
and completion risks."
Breached Production Covenant:
At end-9M14 Afren breached its production covenant under the 2013
Ebok senior secured facility (outstanding at 30 Sep 2014: USD210
million). The field's actual gross production in 2Q14 and 3Q14
(27.8mbpd, excluding periods of maintenance) fell below the
required rate of 30mbpd. Afren received a waiver from the lenders
and expects to stabilize and increase the production above this
threshold.
"We believe there is a risk that the average 2H14 production at
Ebok may still be below 30mbpd due to the drag from the lower 3Q
output. Since the lower 3Q production was addressed by a waiver
in 3Q, the company is likely to be able to obtain a further
waiver for any potential technical breach at 4Q as production has
increased above 30mbpd," Fitch said.
Concentrated Production:
"Afren's production remains highly concentrated. In 9M14, Ebok
accounted for 68% of Afren's total production, and it had no
material oil output outside Nigeria. Any quick progress in
Kurdistan, where Afren has material reserves, is now less likely
than we previously anticipated due to the unstable political and
security situation and higher than expected water content. Other
challenges include lack of access to a secure transportation
channel and absence of the associated gas treatment
infrastructure. We assume that Nigeria is likely to dominate
Afren's output in the medium term. Such concentration exposes
Afren to elevated regulatory and tax risks," Fitch said.
Tax Holiday Benefits Cash-Flows:
"Oil companies are generally heavily taxed in Nigeria -- they pay
substantial royalties and are subject to the Petroleum Profit Tax
(PPT), which normally varies from 50% to 85% of pre-tax profits.
Afren's Ebok field is exempt from paying PPT up to May 2016,
which significantly benefits Afren's cash flows and should help
it to finance new projects while keeping leverage at a relatively
moderate level. However, the recent production decline at Ebok
and lower oil prices could make this strategic advantage less
pronounced. We expect that Afren's cash tax payments will
materially increase in 2017," Fitch said.
Substantive Exploration Portfolio:
Afren has a wide exploration portfolio, including seven license
blocks in East Africa. Its exploration activity bears some
fruit -- in 2013 the company announced it made a significant oil
discovery at the Ogo prospect in Nigeria, which can potentially
enhance its reserve base and production prospects. Afren's
relatively low proved reserve life in Nigeria means that the
company needs to replenish its reserves constantly, and the vast
exploration portfolio may be helpful in this respect.
Lower Production Drives Leverage Up:
"Afren's credit metrics have weakened since the beginning of the
year and reflect lower output in 9M14 compared with 2013. Its
funds from operations (FFO) adjusted gross leverage stayed at
2.8x at end-9M14 (1.8x at end-2013; previous negative rating
action trigger: gross leverage above 2.5x), and we believe it
will stabilize at around 3x-3.5x in 2014-2016 assuming moderate
production and a Brent price of USD80/bbl in 2015 and 2016. We
also expect Afren to remain free cash flow negative at least in
2014-2015, and not to pay any dividends in the medium term,"
Fitch said.
Rating Sensitivities
Positive: Future developments that may, individually or
collectively, lead to an upgrade to 'B+':
-- FFO adjusted net leverage below 2x on a sustained basis
(actual for end-9M14: 2.4x; expected for 2014-2016: around
3x)
-- Afren's net production exceeding 35mbpd on a sustained
basis; gross production at Ebok exceeding 35mbpd
-- More clarity with regard to Afren's strategy, including
Kurdistan
-- Finding suitable replacements for dismissed top managers
-- Improved liquidity.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO adjusted net leverage exceeding 3.5x on a sustained basis
-- Failure to form a suitable management team by end-1H15
-- Significant operational delays, including failure to complete
installation of the Central Fault Block Extension platform by
end-1Q15
-- Net production declining and settling below 25mbpd
-- Failure to obtain a waiver from the lenders if gross
production at Ebok remains below 30mbpd
-- Unfavorable tax changes in Nigeria having a direct impact on
Afren's cash flow generating ability.
Refinancing, Liquidity Risks: At September 30, 2014 Afren's
short-term debt of USD210 million, including the reclassified
portion of the Ebok facility due to the breach of the production
covenant, was fully covered by its cash of USD267 million.
However, in 2015-2016 Afren will need to repay or refinance
USD617 million, including the USD253 notes due 2016, in addition
to attract new borrowings which may be required to finance its
capex program. This gives rise to refinancing and liquidity
risks, which are however commensurate with the current rating and
are partially mitigated by the fact that Afren was able to raise
further funding at the end of September (USD100 million bridge
facility). Overall, the debt maturity profile remains manageable,
with half of the debt falling due in 2019-2020.
The rating actions are as follows:
Long-term foreign-currency IDR: downgraded to 'B' from 'B+';
removed from RWN; Outlook Stable
Senior secured: downgraded to 'B'/'RR4' from 'B+'/'RR4';
removed from RWN
Senior unsecured: downgraded to 'B'/'RR4' from 'B+'/'RR4';
removed from RWN
MALACHITE FUNDING: S&P Affirms 'CCC-' Ratings on 15 Note Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Malachite Funding Ltd.
Specifically, S&P has:
-- Raised its ratings on the super senior notes and the junior
senior notes;
-- Affirmed its ratings on the tier 1 and tier 2 income notes,
except for those ratings that we have today withdrawn; and
-- Withdrawn its ratings on seven classes of notes following
the issuer's exchange offer in March 2014.
The rating actions follow S&P's assessment of the transaction's
performance using the latest available data, in addition to S&P's
cash flow analysis. S&P has taken into account recent
developments in the transaction and reviewed the transaction
under its relevant criteria.
S&P subjected the capital structure to a cash flow analysis based
on the methodology and assumptions as outlined by its corporate
collateralized debt obligation (CDO) criteria, to determine the
break-even default rate (BDR) for each rated class of notes at
each rating level. The BDR represents S&P's estimate of the
maximum level of gross defaults, based on its stress assumptions,
that a tranche can withstand and still fully repay interest and
principal on notes. At the same time, S&P conducted a credit
analysis based on its assumptions, to determine the scenario
default rate (SDR) at each rating level, which S&P then compared
against its respective BDR. The SDR is the minimum level of
portfolio defaults we expect each CDO tranche to be able to
support at the specific rating level using Standard & Poor's CDO
Evaluator.
In S&P's analysis, it used the reported portfolio balance that it
considered to be performing, the weighted-average spread, and the
weighted-average recovery rates that S&P considered to be
appropriate. S&P applied various cash flow stress scenarios
using its standard default patterns and timings for each rating
category assumed for all classes of notes, in conjunction with
different interest rate stress scenarios.
The Malachite portfolio comprises predominantly structured
finance securities, of which nearly 38% of the performing balance
comprises European and U.S. residential mortgage-backed
securities. The remaining portion of the structured finance
securities mainly comprises a diversified mix of high-grade
commercial mortgage-backed securities, collateralized loan
obligations, and student loans.
Since S&P's previous review on May 23, 2012, the super senior
notes have amortized to $1.154 billion from $2.959 billion. This
amounts to a more than 60% reduction in the notional outstanding
amount and is the primary driver behind the upgrades. Due to
this amortization, the available credit enhancement for all
classes of notes has increased over the same period, and
therefore, the structure can now withstand higher losses.
S&P's credit analysis of the transaction highlights that the
overall credit quality of the underlying portfolio has not
changed since S&P's previous review. The current weighted-
average rating on the assets in the portfolio is in the 'A-'
category, unchanged from the weighted-average rating in our
previous review.
In S&P's view, the deleveraging of the super senior notes has
increased the available credit enhancement for all other tranches
to a level that is now commensurate with higher ratings. S&P has
therefore raised its ratings on all super senior and junior
senior tranches.
S&P's cash flow results indicate that the tier 1 and tier 2
income notes cannot withstand its credit and cash flow stresses
at rating levels above 'CCC-'. In addition, S&P's supplemental
stress tests constrain its ratings on these classes of notes at
'CCC- (sf)'. S&P has therefore affirmed its 'CCC- (sf)' ratings
on the tier 1 and tier 2 income notes.
In March 2014, the issuer conducted an exchange offer on some of
the outstanding notes that Malachite Funding issued, purchasing
and subsequently canceling the notes. As part of the exchange
offer, the issuer purchased and fully canceled the following tier
1 and tier 2 income notes:
-- EUR4.2 million tier 1 income notes;
-- GBP8.40 million tier 1 income notes;
-- JPY345.6 million tier 1 income notes;
-- JPY705.5 million tier 1 income notes;
-- EUR6.783 million tier 1 income notes;
-- JPY173 million tier 2 income notes; and
-- EUR1.612 million tier 2 income notes.
S&P has therefore withdrawn its ratings on these classes of
notes.
Malachite Funding is an HSBC-sponsored vehicle that securitizes a
portfolio of predominantly structured finance securities.
RATINGS LIST
Class Rating Rating
To From
Malachite Funding Ltd.
Ratings Raised
EUR400,200,000 Super Senior
AA+ (sf) AA- (sf)
GBP338,000,000 Super Senior
AA+ (sf) AA- (sf)
$2,472,669,352.11 Super Senior
AA+ (sf) AA- (sf)
JPY615,000,000 Super Senior
AA+ (sf) AA- (sf)
$165 Million Junior Senior Series 2010-2 Tranche 1 Tier 6
AA+ (sf) AA- (sf)
$165 Million Junior Senior Series 2010-3 Tranche 1 Tier 8
AA+ (sf) AA- (sf)
$110 Million Junior Senior Series 2010-4 Tranche 1 Tier 10
AA- (sf) A+ (sf)
$72 Million Junior Senior Series 2010-5 Tranche 1 Tier 12
A+ (sf) A- (sf)
GBP39 Million Junior Senior 2010-6 Tranche 1 Tier 14
A+ (sf) BBB+ (sf)
EUR40 Million Junior Senior 2010-7 Tranche 1 Tier 16
A (sf) BBB+ (sf)
$75 Million Junior Senior 2010-8 Tranche 1 Tier 18
A- (sf) BB+ (sf)
$70 Million Junior Senior 2010-9 Tranche 1 Tier 20
BBB+ (sf) BB (sf)
$55 Million Junior Senior 2010-10 Tranche 1 Tier 22
BBB (sf) B+ (sf)
$50 Million Junior Senior 2010-11 Tranche 1 Tier 24
BBB- (sf) CCC- (sf)
Ratings Affirmed
EUR22.68 Million Tier 1 Income Notes
CCC- (sf)
EUR12.60 Million Tier 1 Income Notes
CCC- (sf)
EUR27.3 Million Tier 1 Income Notes
CCC- (sf)
EUR8.4 Million Tier 1 Income Notes
CCC- (sf)
$33.906 Million Tier 1 Income Notes
CCC- (sf)
$12.714 Million Tier 1 Income Notes
CCC- (sf)
$16.80 Million Tier 1 Income Notes
CCC- (sf)
$21 Million Tier 1 Income Notes
CCC- (sf)
$8.4 Million Tier 1 Income Notes
CCC- (sf)
$5.880 Tier 1 Income Notes
CCC- (sf)
$8.476 Million Tier 1 Income Notes
CCC- (sf)
$47.8 Million tier 1 Income Notes
CCC- (sf)
$11.760 Million Tier 1 Income Notes
CCC- (sf)
EUR14.320 Million Tier 2 Income Notes
CCC- (sf)
GBP4.80 Million Tier 2 Income Notes
CCC- (sf)
$31.772 Million Tier 2 Income Notes
CCC- (sf)
Ratings Withdrawn
EUR4.2 Million Tier 1 Income Notes
NR CCC- (sf)
GBP8.40 Million Tier 1 Income Notes
NR CCC- (sf)
JPY345.6 Million Tier 1 Income Notes
NR CCC- (sf)
JPY705.5 Million tier 1 Income Notes
NR CCC- (sf)
EUR6.783 Tier 1 Income Notes
NR CCC- (sf)
JPY173.100 Million Tier 2 Income Notes
NR CCC- (sf)
EUR1.612 Million Tier 2 Income Notes
NR CCC- (sf)
NR--Not rated.
PELAMIS: Failure to Secure Funding Prompts Administration
---------------------------------------------------------
BBC News reports that Pelamis has called in administrators KPMG
after failing to secure development funding.
The firm has been testing its wave energy converters at the
European Marine Energy Centre (EMEC) in Orkney for a number of
years, BBC notes.
But in a statement Pelamis, as cited by BBC, said it had
"reluctantly" moved to appoint an administrator.
KPMG said it was seeking a buyer who could protect the business
and its 56 employees, BBC relates.
"Unfortunately the business has been unsuccessful in its attempts
to secure the necessary funding to allow it continue its
development," BBC quotes Blair Nimmo, joint administrator and
head of restructuring at KPMG in Scotland, as saying. "We will
do everything we can to seek a buyer who may be able to protect
the business, its skilled workforce and see the continuation of
the groundbreaking advances Pelamis has made towards renewable
energy production."
Pelamis is an Edinburgh-based wave power technology firm.
TOWERGATE FINANCE: Fitch Cuts LT Issuer Default Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Towergate Finance plc's Long-term
Issuer Default Rating (IDR) to 'B-' from 'B' and placed the
rating on Rating Watch Negative (RWN). Towergate's senior secured
notes due 2018 have been downgraded to 'BB-'/'RR1' and senior
notes due 2019 downgraded to 'CCC+'/'RR5'. They have also been
placed on RWN.
The downgrade and RWN reflects growing uncertainty concerning
Towergate's ability to improve short-term operational cash flow
and maintain sufficient liquidity moving into 2015. Free cash
flow has remained under sustained pressure during 2014, primarily
due to costs incurred as part of the group's strategic
reorganization. Organic revenues declined in the third quarter of
2014 (3Q14) while Towergate's ability to grow through
acquisitions looks increasingly challenged, given the limited
sources of capital available to the company.
Key Rating Drivers
Tightening Liquidity and Cash Flow
With the revolving credit facility (RCF) being fully drawn as of
September 30, 2014, the company will have to resort to
alternative liquidity sources, including assets sales, to cover
any upcoming short-term liquidity needs. Should the current
investigations by the Financial Conduct Authority (FCA) result in
a material negative cash impact for the group, cash flow and
liquidity will come under further pressure. Towergate reported a
net cash outflow of GBP59 million for the nine month period ended
30 September 2014 driven by a combination of restructuring costs
and poor operating performance.
Continued Weakening of Credit Metrics
A deterioration in the group's adjusted September 2014 latest 12
month (LTM) EBITDA to GBP131.9 million has resulted in Fitch-
calculated funds from operations (FFO) adjusted gross leverage
exceeding 7.5x which is more commensurate with a 'B-' IDR. Fitch
does not forecast any meaningful improvement in short-term credit
metrics as Fitch expects the challenging pricing environment in
the UK non-life insurance market to prevail.
Heightened Execution Risk of Reorganization Plan
Fitch believes that the series of strategic measures taken by
Towergate to rationalize and enhance its processes has some
merits and continues to expect some cost-saving opportunities to
materialize. However, the reorganization is progressing at a
slower pace than expected and is having a more detrimental impact
on trading results and short-term liquidity than expected.
Approaches to Buy the Group
Towergate has also announced that it has received approaches from
parties interested in potentially acquiring the group. These
approaches have not been factored in to the rating action taken
today as they are still in the early stages of discussion.
Rating Sensitivities
When resolving the RWN, Fitch will assess the current and
prospective strength of Towergate's liquidity position. If
liquidity does not improve through a combination of improved
operational efficiencies arising from the strategic
reorganization plan as well as a return to positive organic
growth, the IDR could come under further pressure.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week November 17 to November 21, 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
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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
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
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