/raid1/www/Hosts/bankrupt/TCREUR_Public/150302.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, March 2, 2015, Vol. 16, No. 42
Headlines
B E L A R U S
BELARUSBANK: Moody's Puts 'E+' BFSR on Review for Downgrade
B E L G I U M
SARENS BESTUUR: S&P Affirms 'BB' CCR; Outlook Stable
F I N L A N D
AIR FINLAND: Board Accused of Aggravated Accounting Offenses
F R A N C E
REXEL SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
G E R M A N Y
DECO 15- PAN EUROPE 6: S&P Lowers Rating on Class C Notes to 'B-'
SPRINGER SBM: Moody's Keeps 'B3' CFR on Review for Upgrade
G R E E C E
CAPITAL PRODUCT: Moody's Assigns 'B2' CFR; Outlook Stable
I R E L A N D
HARVEST CLO XI: S&P Assigns Prelim. B Rating to Class F Notes
LADBROKES PLC: Mulls Examinership for Loss-Making Irish Unit
I T A L Y
VENETO BANCA: S&P Puts 'BB-' Rating on CreditWatch Negative
K A Z A K H S T A N
ALFA-BANK JSC: S&P Revises Outlook to Negative
NURBANK JSC: S&P Affirms 'B/B' Credit Ratings; Outlook Stable
N O R W A Y
NORSKE SKOGINDUSTRIER: Moody's Affirms Caa2 LT Corp Family Rating
R U S S I A
BANCA INTESA: Moody's Cuts Bank Finc'l. Strength Rating to 'E+'
BANK OTKRITIE: Moody's Cuts Bank Finc'l Strength Rating to E+
INTER RAO: Moody's Lowers Corporate Family Rating to 'Ba2'
MOSCOW MORTGAGE: Moody's Cuts Long-Term Deposit Rating to Ba3
RUSSIAN HELICOPTERS: Moody's Cuts Corporate Family Rating to Ba3
SVYAZINVESTNEFTEKHIM OAO: Moody's Cut Corp. Family Rating to Ba2
S L O V E N I A
TATRA BANKA: Moody's Affirms Standalone 'D+' BFSR
S P A I N
CEMEX ESPANA: Fitch Maintains 'BB-/RR3' Guaranteed Debt Ratings
OCANA-LA RODA: Madrid Court Rejects Government's Rescue Plan
U K R A I N E
BG BANK: Faces Liquidation Following Insolvency
LEGBANK: NBU Opts for Liquidation Following Insolvency
U N I T E D K I N G D O M
PETROPAVLOVSK PLC: Investors Back Restructuring Plan
SOUTHERN WATER: Moody's Affirms Ba1 Subordinated Debt Ratings
SPECIALIST SUBSEA: In Administration; 77 Jobs Affected
THAMES WATER: Moody's Affirms 'B1' Rating on GBP400MM Bonds
YORKSHIRE BUILDING: Moody's Assigns Ba1(hyb) Rating to PIBS
X X X X X X X X
* BOND PRICING: For the Week February 23 to February 27, 2015
*********
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B E L A R U S
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BELARUSBANK: Moody's Puts 'E+' BFSR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has taken rating actions on six Belarus
banks -- namely Belarusbank, Belagroprombank JSC, BPS-Sberbank,
Belinvestbank, Minsk Transit Bank and Delta Bank.
Specifically, Moody's placed on review for downgrade the local-
currency and foreign currency deposit ratings of all six
aforementioned banks, and placed on review for downgrade the bank
financial strength ratings (BFSRs) of four of the six banks.
These actions follow the weakening of Belarus's credit profile,
as reflected by Moody's decision to place Belarus's B3 sovereign
bond rating on review for downgrade on Feb. 23, 2015.
The rating actions on these six Belarusian banks were prompted by
their exposure to adverse changes in the country's already very
challenging operating environment, including persistently high
inflation, the national currency devaluation in the period
December 2014-January 2015, the economy's low growth potential, a
wide current account deficit, and high vulnerability to external
shocks with increased risk of withdrawal of Russian financial
support as a result of deteriorating economic conditions in
Russia (Ba1 negative).
The key drivers of the actions relate to the weakening of the
sovereign credit profile, as reflected in the review for
downgrade on Belarus's sovereign bond rating. Therefore, Moody's
considers that upward pressure on the Belarus banks' ratings is
unlikely in the next 12-18 months.
As expressed by the review for downgrade, these six Belarus
banks' ratings could be downgraded in the event of downgrade of
the sovereign bond rating. Downward rating adjustments could
also be triggered by an erosion of the banks' standalone credit
profiles.
List of Affected Ratings:
On Review for Downgrade:
Issuer: Belagroprombank JSC
-- Long-Term Deposit Rating (Local Currency), Placed on Review
for Downgrade, currently B3
-- Long-Term Deposit Rating (Foreign Currency), Placed on
Review for Downgrade, currently Caa1
Issuer: Belarusbank
-- Bank Financial Strength Rating, Placed on Review for
Downgrade, currently E+
-- Long-Term Deposit Rating (Local Currency), Placed on Review
for Downgrade, currently B3
-- Long-Term Deposit Rating (Foreign Currency), Placed on
Review for Downgrade, currently Caa1
Issuer: Belinvestbank
-- Long-Term Deposit Rating (Local Currency), Placed on Review
for Downgrade, currently B3
-- Long-Term Deposit Rating (Foreign Currency), Placed on
Review for Downgrade, currently Caa1
Issuer: BPS-Sberbank
-- Long-Term Deposit Rating (Foreign Currency), Placed on
Review for Downgrade, Currently Caa1
-- Long-Term Deposit Rating (Local Currency), Review for
Downgrade maintained, Currently B1
-- Bank Financial Strength Rating, Placed on Review for
Downgrade, currently E+
Issuer: Delta Bank
-- Bank Financial Strength Rating, Placed on Review for
Downgrade, currently E+
-- Long-Term Deposit Rating (Local Currency), Placed on Review
for Downgrade, currently B3
-- Long-Term Deposit Rating (Foreign Currency), Placed on
Review for Downgrade, currently Caa1
Issuer: Minsk Transit Bank
-- Bank Financial Strength Rating, Placed on Review for
Downgrade, currently E+
-- Long-Term Deposit Rating (Local Currency), Placed on Review
for Downgrade, currently B3
-- Long-Term Deposit Rating (Foreign Currency), Placed on
Review for Downgrade, currently Caa1
Affirmations:
Issuer: Belagroprombank JSC
-- Bank Financial Strength Rating, Maintained E Stable
-- Short-Term Deposit Rating, Affirmed NP
Issuer: Belarusbank
-- Short-Term Deposit Rating, Affirmed NP
Issuer: Belinvestbank
-- Bank Financial Strength Rating, Maintained E Stable
-- Short-Term Deposit Rating, Affirmed NP
Issuer: BPS-Sberbank
-- Short-Term Deposit Rating, Affirmed NP
Issuer: Delta Bank
-- Short-Term Deposit Rating, Affirmed NP
Issuer: Minsk Transit Bank
-- Short-Term Deposit Rating, Affirmed NP
Outlook Actions:
Issuer: Belagroprombank JSC
Issuer: Belinvestbank
-- Outlook, Changed To Rating Under Review From Negative(m)
Issuer: Belarusbank
Issuer: Delta Bank
Issuer: Minsk Transit Bank
-- Outlook, Changed to Rating Under Review From Negative
The principal methodology used in these ratings was Global Banks
published in July 2014.
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B E L G I U M
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SARENS BESTUUR: S&P Affirms 'BB' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
long-term corporate credit rating on Belgium-based Sarens Bestuur
N.V. The outlook is stable.
At the same time, S&P assigned its 'BB' issue rating to the
group's EUR125 million senior unsecured notes issued by Sarens
Finance Co. NV (Sarfin NV). The recovery rating on this debt
instrument is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.
The rating reflects S&P's assessment of Sarens' business risk
profile as "fair" and of its financial risk profile as
"significant," as S&P's criteria define these terms.
Sarens is a leading global provider of large crane equipment,
servicing a diverse range of industries and clients. The group
has one of the world's largest fleet of large cranes and a strong
track record and reputation. S&P considers there are high
barriers to entry for potential competitors in this niche market.
The group's wide geographic and end-market diversity reduces the
cyclicality that S&P sees in many equipment rental providers.
However, geographic diversity also increases logistical and
subcontracting costs. The group's cranes are always supplied
with drivers and, if required, a specialist team of engineers and
support workers to assist the build in/build out process and
advise end clients on site. These factors lead to lower margins
compared with more-traditional equipment rental companies.
Sarens is exposed to several particularly cyclical and volatile
end markets, which has resulted in revenue contraction and
absolute EBITDA declines in the past when demand has suddenly
fallen. The group's recent rapid expansion into countries that
S&P considers carry higher risk under its criteria could increase
volatility of demand in future. Compared with many other issuers
that have a "fair" business risk profile, Sarens' business
offering is quite niche. It has to continuously manage its large
crane fleet's age, size, location, and composition to
successfully maintain a healthy project pipeline and cash flows.
The group is very capital-intensive and currently exhibits "below
average" return on capital (defined as less than 9% in S&P's
criteria).
S&P considers that the group's operating cash flow is
structurally sufficient to cover debt service, working capital
requirements, and maintenance capital spending. In recent years,
the group has invested heavily to expand its global fleet,
resulting in negative free operating cash flow (FOCF) over this
time. S&P expects this trend to continue over the rating horizon
of 12-18 months.
S&P considers Sarens' risk-management policies to be adequate.
The group generates a large portion of its revenues in foreign
currencies, and it hedges cash flows to protect against foreign
exchange risk. The group's financial obligations are mainly
euro-denominated. As a majority family-owned group, S&P
considers Sarens' access to equity markets to be restricted. The
group's capital structure includes a EUR43 million subordinated
loan that matures in December 2016. S&P considers it highly
unlikely that this instrument will be repaid before this date.
The Sarens family owns 78% of the business and the remaining 22%
stake is held by Waterland Private Equity. S&P considers
Waterland to be a long-term strategic investor; as its stake is
below 40%, S&P do not take a negative view of the partial
private-equity ownership in our financial policy assessment. S&P
views any potential increase of Waterland's stake to above 40% as
pure event risk, and we consider it highly unlikely to occur
through S&P's rating horizon.
S&P assess the group's management and governance as "fair,"
reflecting its experienced management team and clear operational
and financial goals.
S&P's base case assumes:
-- Stable growth fundamentals in Sarens' end markets, with the
global recovery staying on track;
-- Revenue growth of about 4% to more than EUR610 million; and
-- EBITDA margins strengthening to about 26%-27%, primarily as
a result of improved fleet occupation rates and lower
subcontracting and transportation costs.
Based on these assumptions, S&P arrives at these credit measures:
-- Standard & Poor's-adjusted debt to EBITDA of about 3x; and
-- Funds from operations (FFO) to debt of about 27%.
The group has exhibited negative FOCF during a recent period of
heavy investment and rapid expansion. S&P expects FOCF to debt
to remain weak over the rating horizon due to the business' need
for high capital expenditure (capex).
Sarens' liquidity is "adequate" under S&P's criteria, reflecting
its expectation that liquidity sources will exceed uses by 1.2x
in the next 12 months.
Over the next 12 months, S&P expects principal liquidity sources
to be:
-- About EUR64 million of availability under a recently
upsized EUR90 million revolving credit facility (RCF),
maturing 2019;
-- Cash on balance sheet of about EUR28 million as of Dec, 31.
2014; and
-- FFO of about EUR150 million.
Over the same period, S&P expects these principal liquidity uses:
-- Up to EUR80 million of capex;
-- About EUR100 million to bring various operating and rental
lease assets on to the group's balance sheet during fiscal
2015; and
-- Net repayment of the group's global leasing facility over
S&P's rating horizon, which it draws from and repays
throughout the fiscal year as it acquires and disposes of
cranes for its fleet.
The outlook is stable. S&P expects the good growth environment
that currently benefits the heavy lifting crane industry to
continue through 2015. S&P expects that Sarens will be able to
grow revenues and improve its margins over the rating horizon.
The group's free operating cash flows will likely be weak in
fiscal 2015 due to ongoing investment in its crane fleet.
S&P could lower the ratings if Sarens were to experience margin
pressure, or poorer cash flows, leading to weaker credit metrics,
specifically if debt to EBITDA were to rise to more than 4x and
FFO to debt were to weaken to less than 20%. Rating pressure may
also stem from aggressive debt-funded acquisitions or shareholder
returns.
S&P considers that rating upside is limited at this stage,
because Sarens is following a strategy of growth and investment,
leading to weak supplementary credit metrics--specifically free
operating cash flow to debt--for the next 12-18 months. S&P
could consider raising the rating if the group's return on
capital improved to levels S&P defines as "average" compared with
peers or if Sarens were to reduce its leverage to less than 3x
and exhibit sustained positive FOCF at the same time.
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F I N L A N D
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AIR FINLAND: Board Accused of Aggravated Accounting Offenses
------------------------------------------------------------
According to Xianhua's Tian Shaohui, Finnish national broadcaster
Yle on Feb. 26 reported that Finnish police accused the entire
board of directors and CEO of Air Finland of aggravated
accounting offenses and aggravated debtor dishonesty, after two
years of investigations.
The six suspects were charged with aggravated accounting offenses
as they were accused to have tried to conceal the company's bleak
financial situation through deliberately falsifying rental costs,
Xianhua discloses. Yle reported that they were also suspected of
having withdrawn a total of EUR4.8 million (about US$5.4 million)
from the company's bank accounts before its bankruptcy, Xianhua
relates.
Due to constant operating losses, the company filed for
bankruptcy in June 2012, Xianhua recounts.
After the airline declared insolvency in 2012, the trustee who
was responsible for managing the bankruptcy procedures found
something wrong and asked the police to intervene, Xianhua
relays.
Air Finland used to operate chartered and scheduled flights to
holiday destinations in six countries including Finland, Cyprus,
Greece, Spain, the United Arab Emirates and Turkey.
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F R A N C E
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REXEL SA: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service changed the outlook on Rexel SA's
ratings to stable from negative. Moody's has concurrently
affirmed Rexel's existing ratings including its Ba2 corporate
family rating (CFR), Ba2-PD probability of default rating, Ba3
ratings on the company's senior unsecured notes due December
2018, 2019 and 2020, and the NP short-term rating of the
company's EUR500 million commercial paper program.
The change in outlook to stable from negative reflects Moody's
expectation that Rexel should benefit from improved growth in
certain core markets such as North America (34% of sales) as its
economies continue to recover, which will bolster the group's
revenue growth compared to the slow return to growth in its
European operations (55% of sales) where a more difficult
macroeconomic environment is expected to persist especially in
France. In 2014, Rexel's European sales grew by 0.7%, however
its North American sales grew by 2.9% year on year reflecting a
recovery in the non-residential construction end markets.
While the improving macroeconomic environment will only drive an
incremental improvement in Rexel's EBITDA over the next year, the
Stable outlook also reflects Moody's expectation that the company
will: (i) redeem with cash its EUR500 million Eurobonds due 2018
during the first half of 2015 as announced; (ii) utilize a
portion of its EUR500 million annual budget for acquisitions in
order to increase its presence in regions with stronger
macroeconomic growth such as the US and Asia; (iii) dispose of
some of its underperforming assets during 2015-16 which are
expected to have a minimal impact on EBITDA while slightly
reducing net debt and improving the group's overall margins.
As a result of this, Moody's expects Rexel to delever from its
high YE14 gross leverage of 6.0x (Adjusted Total Debt-to-EBITDA)
which positions Rexel relatively weakly in the Ba2 rating
category on the basis of its 2014 performance. The stable
outlook reflects Moody's expectation that Rexel's gross leverage
will fall below 5.0x by the end of 2015.
Rexel's Ba2 CFR remains supported by the company's solid business
profile as a leading global distributor of low voltage electrical
products with a substantial revenue base and its track record at
delivering fairly stable operating profitability through the
cycle.
The rating is also underpinned by Rexel's good liquidity profile,
supported by EUR1,160 million cash as of YE14 and EUR982 million
undrawn revolving credit facility, the maturity of which was
recently extended to November 2019. As well as this, Rexel also
utilizes EUR1.2 billion of securitization programs and its free
cash flow generation is expected to continue to benefit from the
Rexel's scrip dividend program which saw a 70% acceptance by
shareholders in 2014, reducing cash dividends to EUR65.6 million;
a similar level of cash dividends is expected in 2015.
Rexel's stated intention to redeem its EUR500 million Eurobonds
during H1 2015 will reduce its cash balance, however Rexel's
liquidity is expected to remain good given its large undrawn
revolving credit facility.
While unlikely at this stage, upward pressure on the rating could
materialize over the medium term if Rexel demonstrates a prudent
financial policy as well as a successfully achieving its targets
for improving its profitability, leading to a debt/EBITDA ratio
(as adjusted by Moody's) trending towards 3.5x and an RCF/debt
(as adjusted by Moody's) above 15%.
Downward pressure on the rating could result from any further
deterioration in Rexel's credit profile resulting from continued
adverse trading conditions or from a continuation in the decline
of Rexel's margins, such that its debt/EBITDA (as adjusted by
Moody's) does not fall below 4.5x within the next 18-24 months or
if its retained cash flow (RCF)/adjusted debt falls below 10%.
The principal methodology used in these ratings was Global
Distribution & Supply Chain Services published in November 2011.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Based in France, Rexel is a leading global distributor of low
voltage products. For 2014, Rexel reported total sales and EBITA
of EUR13.1 billion and EUR647 million respectively.
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G E R M A N Y
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DECO 15- PAN EUROPE 6: S&P Lowers Rating on Class C Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
DECO 15 - Pan Europe 6 Ltd.'s class B and C notes. At the same
time, S&P has affirmed its ratings on the class D, E, F, and G
notes.
The rating actions follow S&P's review of the four remaining
loans in this transaction, three of which (74% of the pool) are
in special servicing.
MANSFORD (47% OF THE POOL)
The whole loan balance is EUR144.8 million, with a securitized
loan of EUR138.5 million. The loan transferred into special
servicing in July 2014 after failing to repay at its scheduled
maturity date.
Currently, 10 retail properties in Germany (down from 12 at
closing) secure the loan. The properties are 100% occupied and
have a weighted-average lease term of 7.65 years. Of the
portfolio rental income, 98% comes from the major tenant, OBI, a
do-it-yourself retailer.
Based on a September 2014 valuation of EUR130.1 million, the
securitized loan's loan-to-value (LTV) ratio is 107.6%. As of
the October 2014 servicer report, the interest coverage ratio
(ICR) of the senior loan was 5.57x.
S&P has assumed principal losses in its 'B' rating stress
scenario.
FREIBURG (26% OF THE POOL)
The whole loan balance is EUR80.3 million, with a securitized
loan of EUR75.4 million. The loan matures in April 2015.
The loan is secured by two mixed-use shopping centers in the city
center of Freiburg, Germany. The properties are 99% occupied and
have a weighted-average lease term of 4.05 years.
Based on a January 2007 valuation of EUR96.6 million, the
securitized loan's LTV ratio is 78.1%. As of the October 2014
servicer report, the ICR of the senior loan was 1.39x.
S&P has assumed principal losses in its 'B' rating stress
scenario.
MAIN (23% OF THE POOL)
The whole loan and securitized balance is EUR68.6 million. The
loan transferred to special servicing in July 2011 after failing
to fully repay at maturity.
The loan is secured by 32 predominantly retail properties in
Germany, anchored by retail tenants such as toom, Netto, and
Kaufland. Approximately 55% of the assets are in western Germany
and 45% in eastern Germany. The properties are 93% occupied and
have a weighted-average lease term of 3.13 years.
Based on a June 2013 valuation of EUR49.6 million, the
securitized loan's LTV ratio is 138.4%. As of the October 2014
servicer report, the ICR of the loan was 5.47x.
S&P has assumed principal losses in its 'B' rating stress
scenario.
PLUS (4% OF THE POOL)
The whole loan and securitized balance is EUR11.8 million. The
loan transferred to special servicing in January 2012 after
failing to fully repay at maturity.
Five retail properties in Brandenburg and Mecklenburg-Western
Pomerania secure the loan. The major tenant, Plus, a discount
supermarket chain, contributes 59% of the rental income. The
properties are 100% occupied and have a weighted-average lease
term of 4.68 years.
Based on a November 2013 valuation of EUR8.6 million, the
securitized loan's LTV ratio is 137.8%. As of the October 2014
servicer report, the ICR of the loan was 5.54x.
S&P has assumed principal losses in its 'B' rating stress
scenario.
RATING RATIONALE
S&P's ratings address timely payment of interest, payable
quarterly in arrears, and payment of principal not later than the
legal final maturity date in April 2018.
S&P considers that the available credit enhancement for the class
B and C notes is insufficient to mitigate the risk of losses from
the underlying loans at the currently assigned ratings. S&P has
therefore lowered to 'BBB (sf)' from 'BBB+ (sf)' and to 'B- (sf)'
from 'B+ (sf)' its ratings on the class B and C notes,
respectively.
The available credit enhancement for the class D and E notes is
sufficient to mitigate the risk of losses from the underlying
loan pool at the currently assigned ratings. S&P has therefore
affirmed its 'B- (sf)' ratings on the class D and E notes.
S&P has affirmed its 'CCC- (sf)' rating on the class F notes as
it continues to believe the repayment of this class of notes
depends on favorable economic conditions. This is in line with
S&P's criteria for assigning 'CCC' category ratings.
S&P has affirmed its 'D (sf)' rating on the class G notes because
they have experienced interest shortfalls and S&P expects them to
experience principal losses.
On Feb. 18, 2015, S&P placed on CreditWatch negative its ratings
on the class A2 and A3 notes for counterparty reasons.
RATINGS LIST
DECO 15 - Pan Europe 6 Ltd.
EUR1.445 bil commercial mortgage-backed floating-rate notes
Rating
Class Identifier To From
B 233180AE8 BBB (sf) BBB+ (sf)
C 233180AF5 B- (sf) B+ (sf)
D 233180AG3 B- (sf) B- (sf)
E 233180AH1 B- (sf) B- (sf)
F 233180AJ7 CCC- (sf) CCC- (sf)
G 233180AK4 D (sf) D (sf)
SPRINGER SBM: Moody's Keeps 'B3' CFR on Review for Upgrade
----------------------------------------------------------
Moody's Investors Service said that the B3 corporate family
rating and B3-PD probability of default rating for Springer SBM
One GmbH continue to remain under review for upgrade, pending the
regulatory approvals in H12015 for the merger transaction of
Springer Science+Business Media in its entirety with the majority
of Holtzbrinck-owned Macmillan Science and Education, namely
Nature Publishing Group, Palgrave Macmillan and the global
businesses of Macmillan Education.
The B2 ratings of the senior secured term loans whose lead
borrower is Springer Science+Business Media Deutschland GmbH (a
wholly owned and fully guaranteed subsidiary of Springer SBM One
GmbH) also remain under review for upgrade. These term loans
will be increasing by EUR600 million to fund the merger.
Additionally, Springer will be upsizing its B2 rated revolving
credit facility by EUR100 million to EUR250 million, to account
for the increased liquidity requirements given the larger size of
the combined business.
"The conclusion of Moody's ratings review, that is pending
regulatory approvals in H12015 for the merger transaction, is
currently expected to result in an upgrade of all the ratings of
Springer by a notch reflecting the improvement in Springer's
scale of operations and the strengthening of its portfolio of STM
publications with the proposed merger of Macmillan Science and
Education (MSE)." says Gunjan Dixit, a Moody's Vice President --
Senior Analyst, and lead analyst for the issuer. "While the
leverage of the combined group at the end of 2015 is expected to
be higher than Moody's adjusted Gross Debt/ EBITDA of 6.0x, the
contemplated ratings upgrade reflects the meaningful de-
leveraging potential of the group thereafter." adds Ms. Dixit.
Moody's had placed Springer's ratings on review for upgrade,
following the merger announcement by Springer on Jan. 15, 2015.
On the conclusion of the merger transaction at the agreed terms,
Moody's aims to conclude its ratings review and expects to
upgrade Springer's CFR and PDR to B2 and B2-PD from B3 and B3-PD,
respectively and all of group's senior secured debt ratings to B1
from B2.
The contemplated ratings upgrade reflects the improved scale and
scope of the combined business. The merger will create a leading
publishing group with around EUR 1.5 billion in revenues and
13,000 employees. Moody's believes that the combination will
likely enhance the long-term growth potential for both parties
and improve the value proposition to authors, contributors and
users. Both companies have complementary portfolio in terms of
products (journals, books, databases and workflow tools) and end-
markets (academic institutions, corporate research departments
and individuals). However, Moody's cautiously notes that by
acquiring MacMillan's Education business, Springer will begin
operating a global English learning teaching and curriculum
publishing business primarily focused on K-12 segments, in which
it has no prior experience.
Moody's views positively that the combined group will be 53%
owned by Holtzbrinck, a leading well-established global media
business. The combined group will benefit from an experienced
management team and Springer's Chief Executive, Derk Haank will
head the new merged company
At the end of 2014, Moody's expects its adjusted Gross Debt/
EBITDA for Springer to be high at around 7.2x on a standalone
basis. The leverage ratio at the end of the year is negatively
affected by approximately 0.3x foreign exchange related
translation impact (USD/EUR average exchange rate was 1.33 in
2014 compared to the closing rate of 1.21 as of 31 December
2014). Pro-forma the MSE transaction, the combined group
leverage is expected to be around 6.2x at the end of 2015
(assuming constant USD/EUR exchange rate of 1.21). Moody's
expects the group to de-lever rapidly thereafter helped by its
good operating performance. At the end of 2016, the agency
expects the group leverage to be closer to 5.5x. Moody's expects
the transaction to generate meaningful cost synergies from 2016
onwards.
On completion of the merger, Springer SBM One GmbH is expected to
remain the top-most entity of the enlarged restricted group which
will include the MSE assets. The senior secured term loans
issued by the group will rank pari-passu with one another and
will be secured and guaranteed by the material assets of the
enlarged restricted group. The EUR600 million worth of
additional new term loan will be used to repay portion of the
existing BC Partners' shareholder loans of which EUR294 million
will remain outstanding after transaction closing. In addition,
Holtzbrinck will be contributing EUR80 million of financing note
to the restricted group apart from common equity of EUR332
million. The financing note issued by Holtzbrinck and the
remaining BCP shareholder loans meet Moody's criteria for 100%
equity credit.
The instruments ratings for the senior secured debt are likely to
remain one notch higher than the CFR largely due to their secured
nature and the presence of contractually subordinated High Yield
Notes of EUR640 million (due 2021; unrated by us) in the capital
structure issued by Springer SBM Two GmbH.
A near-term upgrade of Springer's ratings is subject to the
successful conclusion of the merger transaction at the agreed
terms in H12015. The ratings could be confirmed at the existing
level should the merger fail to conclude at the agreed terms.
There is currently no downward pressure on Springer's ratings.
Downward pressure could be exerted on the existing B3 CFR should
(i) leverage remains above 7.0x Gross Debt to EBITDA (as adjusted
by Moody's) on a sustained basis, (ii) material deterioration
occur in the operating performance; (iii) free cash flow
generation fall towards zero; and/or (iv) any other factors
emerge with a negative impact on liquidity.
The principal methodology used in these ratings was Global
Publishing Industry published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
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G R E E C E
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CAPITAL PRODUCT: Moody's Assigns 'B2' CFR; Outlook Stable
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Moody's Investors Service assigned a first-time B2 corporate
family rating and a B2-PD probability of default rating to
Capital Product Partners L.P. Concurrently, Moody's has assigned
a provisional (P)B2 rating, with a loss given default assessment
of LGD4, 50% to the proposed US$260 million worth of senior
secured notes due 2022 to be issued by CPLP and CPLP Finance
Corporation. The outlook on the ratings is stable. This is the
first time Moody's has assigned ratings to CPLP.
CPLP will use the proceeds from the proposed notes issuance to
repay part of its existing credit facilities. In addition, it
will concurrently sign a new US$260 million senior secured credit
facility, the proceeds of which will also be used to repay part
of its existing credit facilities.
"We assigned a B2 to CPLP to reflect its small scale with
significant customer concentration and high reliance on its
sponsor, as well as its elevated leverage. At the same time, we
also considered CPLP's superior revenue visibility, good fleet
diversity and currently limited repricing risk," says Marie
Fischer-Sabatie, Moody's Senior Vice President and lead analyst
for CPLP.
Moody's issues provisional ratings in advance of the final sale
of securities and these only reflect Moody's opinions regarding
the transaction. Upon the closing of the refinancing but also
after a conclusive review of the final documentation, Moody's
will endeavor to assign definitive ratings to CPLP. A definitive
rating may differ from a provisional rating.
All the ratings assume that the refinancing will be completed.
CPLP's B2 CFR reflects (1) the small scale and significant
customer concentration of the company; (2) its high reliance on
Capital Maritime & Trading Corp. (CMTC), which is CPLP's sponsor,
as well as its main customer and manager of its fleet through its
subsidiary Capital Ship Management (CSM); (3) the company's
elevated leverage; and (4) the substantial refinancing risk,
which results from CPLP's master limited partnership (MLP)
status.
CPLP's B2 CFR also factors in (1) superior revenue visibility, as
the company mainly operates under long-term charters; (2) good
fleet diversity, comprising crude oil and product tankers, as
well as container vessels and one dry bulk vessel; (3) limited
re-pricing risk and operating costs that are below industry
standards; and (4) strong asset coverage.
CPLP's sponsor, CMTC, is also CPLP's largest customer with 12 out
of its 35 vessels (including the five new vessels to be delivered
in 2015) chartered to CMTC. CMTC, via its subsidiary CSM, is
also the manager of CPLP's fleet. As CMTC is a privately owned
company, there is limited available information on the company,
although Moody's understands that CMTC is operating with limited
net debt.
CPLP aims at chartering its vessels under medium- to long-term
contracts, although vessels may be operated under shorter-term
charters during periods of lower rates. The weighted-average
remaining charter duration was 8.3 years as of year-end 2014.
This provides CPLP with superior revenue visibility, with 83% of
charter coverage for 2015 and 65% for 2016. Among the charters
expiring within the next 12 months, most have rates that are
around current market rates. Moody's therefore would not expect
the company to suffer a material re-pricing of its contracts. In
addition, CPLP's fleet, which is younger than industry average,
and its customer portfolio, which includes reputable
counterparties, are mitigating this risk. Finally, CPLP benefits
from operating costs which are below industry average. The
company has already covered its operating and interest costs
through 2018.
CPLP's leverage is in absolute terms fairly high and Moody's
estimates that it amounted to around 4.2x at year-end 2014.
Leverage will increase in 2015 to around 5.0x when CPLP will use
US$150 million under its existing US$225 million facility due
2020 to fund the acquisition of five new vessels to be delivered
during the year. However, the rating agency recognizes that it
compares favorably with other shipping companies rated at a
similar level. Moody's views the refinancing risk for CPLP as
high: as customary for MLPs, CPLP distributes the vast majority
of its cash flow from operations to its shareholders (although it
is not legally obligated to do so). High cash distributions
limit the company's ability to generate free cash flow and
accumulate cash, which could be used to repay debt, resulting in
a structural, high refinancing risk. However, a mitigating
factor is CPLP's good track record in raising equity: CPLP has
raised equity at several occasions, in particular, to fund part
of its vessel acquisitions. In addition, current asset coverage
is strong with the collateral of the notes covering 1.3x the
notes amount though lower than the collateral for each credit
facility covering 2.2x the loan amount.
While domiciled in the Marshall Islands, CPLP has its main office
in Greece. Its exposure to the Greek economy is very limited
with all its revenues generated in US dollars, outside of Greece,
and the company only repatriating to Greece the funds needed to
cover for payroll and other expenses. At the end of 2014, CPLP
had US$216 million of term debt with local Greek banks, which it
has used to finance vessels. This amount is likely to materially
reduce post-refinancing, as the company replaces some bank debt
with notes. While Moody's deems the exposure of CPLP to any
weakening of Greece's credit worthiness as very limited, the
rating agency cautions that an extreme scenario such as a
potential Greek exit from the euro would be unpredictable in its
consequences and would carry uncertainty for businesses with any
linkage to Greece. So the prospect of a negative rating action
or rating review in such a scenario cannot be completely ruled
out, but CPLP's business profile suggests it should be relatively
resilient to such a scenario, as reflected in its stable outlook.
Moody's views CPLP's liquidity as adequate. While CPLP
distributes most of its cash flow from operations (US$103 million
out of US$125 million in 2014), as is customary for MLPs, it had
a cash balance of $164 million at December 2014, which included
the proceeds of a US$113.5 million equity increase done in
September 2014. The company will acquire five new vessels in
2015, for a total consideration of US$311.5 million (US$30
million of advance payment already made in 2014): CPLP will use
the US$150 million still available under a US$225 million
committed bank facility, as well as cash, to finance these
vessels. CPLP does not have access to a revolving credit
facility and is therefore fully reliant on internally generated
sources of cash to cover its liquidity needs. The company's
secured credit facilities contain financial covenants, which
include a loan to value covenant. CPLP has currently adequate
headroom under these covenants and Moody's expects that it will
remain adequate in the next 12-18 months, although cautions that
asset values can be volatile in shipping, resulting in possible
swings in loan-to-value ratios.
The (P)B2 rating, which is in line with the CFR, assigned to the
proposed US$260 million senior secured notes reflects the debt
structure of CPLP, which comprises one class of debt, all ranking
pari passu. Indeed, the group's debt instruments essentially
comprise the US$260 million senior secured notes due 2022, a
US$225 million existing senior secured credit facility due 2020
and a new US$260 million senior secured credit facility, each
secured on a different pool of vessels owned by CPLP and
guaranteed by the corresponding vessel-owning entities.
The PDR of B2-PD reflects the use of a 50% family recovery
assumption, which is customary for structures comprising a mix of
bond and bank debt.
The outlook on CPLP's ratings is stable and reflects Moody's
expectation that CPLP's financial profile will remain broadly
unchanged in the next 18-24 months.
Upward pressure on CPLP's rating would be exerted if the
company's debt/EBITDA ratio were to decline towards 4x, while
maintaining an adequate liquidity profile and high charter
coverage.
Downward pressure on the rating would develop if the company's
debt/EBITDA ratio were to increase to above 5x or if its
liquidity profile were to weaken.
The principal methodology used in these ratings 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 Piraeus, Greece, CPLP is an international
shipping company engaged in the transportation of crude oil,
refined oil products, as well as dry cargo and containerized
goods. CPLP was formed in 2007 under the law of the Republic of
Marshall Islands by Capital GP LLC, a wholly-owned subsidiary of
CMTC that was formed to act as a General Partner through a 2%
interest in CPLP. CPLP is a publicly traded MLP listed on the
NASDAQ. CMTC currently owns 14.9% of the partnership, with the
remainder being spread among institutional investors. In FY2014,
the company generated revenues and EBITDA of US$193 million and
approximately US$137 million, respectively.
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I R E L A N D
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HARVEST CLO XI: S&P Assigns Prelim. B Rating to Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has assigned preliminary
credit ratings to Harvest CLO XI Ltd.'s class A-1, A-2, B-1, B-2,
C, D, E, and F senior secured floating-rate notes. At closing,
Harvest CLO XI will also issue unrated subordinated notes.
Harvest CLO XI is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily senior
secured loans granted to speculative-grade corporates. 3i Debt
Management Investments Ltd. will manage the transaction.
Under the transaction documents, the rated notes will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes will permanently switch to semi-annual
interest payments.
The portfolio's reinvestment period will end four years after
closing, and the portfolio's maximum average maturity date will
be eight years after closing.
On the effective date, S&P understands that the portfolio will
represent a well-diversified pool of corporate credits, with a
fairly uniform exposure to all of the credits. Therefore, S&P
has conducted its credit and cash flow analysis by applying its
criteria for corporate cash flow collateralized debt obligations.
In S&P's cash flow analysis, it has used the portfolio target par
amount of EUR400.00 million, the covenanted weighted-average
spread of 3.80%, and the covenanted weighted-average recovery
rates at each rating level.
Elavon Financial Services Ltd. (AA-/Stable/A-1+) will be the bank
account provider and custodian. At closing, S&P anticipates that
the participants' downgrade remedies will be in line with S&P's
current counterparty criteria.
At closing, S&P understands that the issuer will be in line with
its bankruptcy-remoteness criteria.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its preliminary
ratings are commensurate with the available credit enhancement
for each class of notes.
RATINGS LIST
Harvest CLO XI Ltd.
EUR414.7 mil senior secured and subordinated notes
Class Prelim Rating Prelim Amount
(mil. EUR)
A-1 AAA (sf) 229.6
A-2 AAA (sf) 5.0
B-1 AA (sf) 38.9
B-2 AA (sf) 12.0
C A (sf) 26.5
D BBB (sf) 20.7
E BB (sf) 25.7
F B (sf) 10.7
Sub NR 45.6
NR -- Not Rated.
LADBROKES PLC: Mulls Examinership for Loss-Making Irish Unit
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Nick Webb at Independent.ie reports that Ladbrokes may call in an
examiner to help turn around its loss-making Irish operations.
According to Independent.ie, a strategic examination of the firm,
codenamed "Project Athru", was launched in recent weeks, with
senior staff briefed about the challenges facing the company,
which employs 1,400 staff in Ireland. Ladbrokes told staff that
"standing still is not an option", Independent.ie relays.
It is understood that the review will look at a variety of
options to turn around the business here, including putting
unprofitable shops into examinership or the sale of the entire
Irish group, Independent.ie says. Ladbrokes declined to comment
on a possible examinership, Independent.ie notes.
The review will take several months to complete before final
options are presented to the board of the UK listed company,
Independent.ie states.
While the sale of the operations is likely to be considered,
Ladbrokes is more likely to hold on to its Irish business and try
to return it to profitability, Independent.ie notes.
The Irish gambling market is highly competitive, with Paddy Power
and Boylesports competing with Ladbrokes on the high street,
Independent.ie says. Ladbrokes has been losing money in Ireland
for a number of years, according to Independent.ie.
It is believed that the firm has lost around EUR3 million over
the last year, compared to its hugely profitable business in the
North, Independent.ie relates.
A previous plan to turn around the Irish operations led to a
structure change which saw it report directly into its UK
division, Independent.ie recounts.
"That didn't really work," Independent.ie quotes a source as
saying. The company is now taking more drastic action,
Independent.ie relays.
Ladbrokes plc is a bookmaking chain.
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I T A L Y
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VENETO BANCA: S&P Puts 'BB-' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
counterparty credit rating on Italy-based Veneto Banca SCPA on
CreditWatch with negative implications. S&P also affirmed its
'B' short-term rating.
S&P also placed on CreditWatch with negative implications its
'CCC+' and 'CCC' issue credit ratings on Veneto Banca's non-
deferrable subordinated debt and preferred stock, respectively.
The CreditWatch placement reflects the potential for negative
consequences on Veneto Banca's credit profile, particularly
through increased reputational risk, resulting from the tax
police's investigation, as well as the possibility that Veneto
Banca may still have to work on potential changes to its
governance structure and model in response to the issues raised
by the Bank of Italy in its 2013 examination.
On Feb. 17, 2015, Italian tax police started an investigation
into Veneto Banca following a 2013 inspection by the Bank of
Italy. Based on currently available information, S&P understands
that the tax police are investigating the former chairman of
Veneto Banca and its current general manager (the latter was
previously CEO at the time of the Bank of Italy's inspection).
S&P also understands that the tax police are investigating
certain loan-granting practices.
S&P notes that, to date, the tax police have not made any
allegations against Veneto Banca.
S&P's current ratings on Veneto Banca take into account several
factors that stemmed from the Bank of Italy's 2013 inspection
including remedial actions taken by Veneto Banca in response.
S&P factored into the ratings its belief that Veneto Banca
completed the governance and strategy-related remediations
required of it by the Bank of Italy including the appointment of
a new board of directors, organizational changes, and internal
restructuring aimed at streamlining Veneto Banca's organization.
S&P's current capital and earnings assessment takes into account
the benefits from Veneto Banca's successful completion, in 2014,
of capital-enhancing actions required by the Bank of Italy. S&P
also incorporates into its view of Veneto Banca's risk position
the outcome of past regulatory inspections in terms of loan
reclassification requirements and additional provisioning needs.
That said, S&P believes the new investigation could have
consequences for Veneto Banca's credit profile including those
potentially arising from the reportedly possible disagreements
between its board of directors and the regulatory authorities.
In contrast with S&P's previous view that it was unlikely that
further governance-related changes would be needed after Veneto
Banca implemented reforms following the Bank of Italy's 2013
inspection, S&P now understands that discussions on these topics
are still continuing with the bank's regulators. S&P believes
that these investigations, the ongoing discussions with
regulatory authorities, and the media focus on the pricing of the
bank's shares issued last year could increase reputational risks
for Veneto Banca.
The CreditWatch negative on Veneto Banca's subordinated debt
reflects the possibility that S&P could lower the ratings if it
was to revise downward its assessment of Veneto Banca's stand-
alone credit profile (SACP). Under S&P's criteria, it rates
subordinated debt by notching down from our assessment of a
bank's SACP.
The CreditWatch negative on Veneto Banca's hybrid capital
instruments also reflects the possibility that S&P could lower
the rating if it was to revise down the SACP on Veneto Banca, and
if S&P came to believe that the probability of default of these
instruments was consistent with a rating definition in the 'CCC'
category, according to S&P's criteria. The CreditWatch negative
on the hybrid capital instruments also reflects the possibility
that Veneto Banca's new supervisor (the European Central Bank)
may impose payment restrictions on the coupon on these
instruments, as allowed in the instruments' terms and conditions.
S&P expects to resolve the CreditWatch placement when it receives
information sufficient to allow S&P to assess the consequences of
the current investigation, and any other related developments.
"We could lower the long-term rating if we anticipated that, as a
result of the current developments, Veneto Banca's
creditworthiness had deteriorated. We could assess that Veneto
Banca's credit standing had weakened, for example, if we believe
its currently "adequate" business position (as we assess it under
our criteria) has deteriorated. Specifically, this could happen
if we consider that -- as a consequence of the investigation --
Veneto Banca faces higher reputational risks. We could also
lower our assessment of Veneto Banca's business position if we
see that its governance structure--despite the changes completed
last year -- does not support our current assessment when
compared to peers with similar business positions. In this
context, we will also assess whether Veneto Banca's capacity to
execute its strategic plan in the current environment has
weakened and whether its litigation risks have increased," S&P
said.
S&P could affirm the ratings and remove them from CreditWatch if,
all else being equal, S&P considers that the investigations have
no negative impact on its views of Veneto Banca's business
profile, reputation, and corporate governance.
If S&P revised down its assessment of Veneto Banca's SACP, S&P
would also likely lower its rating on its subordinated debt. In
this scenario, S&P would also likely downgrade its hybrid capital
instruments. S&P would also lower the ratings if it considered
that the probability of default of these instruments were
consistent with the 'CCC' rating category definitions.
Although not a driver for the CreditWatch placement, S&P notes
that the ratings are under pressure from its assessment of the
potential evolution of extraordinary government support, for
which S&P currently incorporates one-notch of uplift into the
rating on Veneto Banca. Therefore, S&P also may lower its
counterparty credit ratings by one notch by year-end 2015 if it
considers that extraordinary government support is less
predictable under the new EU legislative framework. S&P could
remove the one notch of uplift for potential extraordinary
support shortly before the January 2016 introduction of bail-in
powers under the European Union's Bank Resolution and Recovery
Directive (BRRD) for senior unsecured liabilities.
In addition to potential changes in the SACP and government
support, S&P will review other relevant rating factors when
taking any rating actions. These might include any measures
Veneto Banca might take that provide substantial additional
flexibility to absorb losses while a going concern and mitigate
bail-in risks to senior unsecured creditors.
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K A Z A K H S T A N
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ALFA-BANK JSC: S&P Revises Outlook to Negative
----------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
seven Kazakhstan-based financial institutions.
S&P revised the outlooks to negative from stable on JSC SB Alfa-
Bank, Kaspi Bank JSC, and PNB-Kazakhstan, and affirmed S&P's
long- and short-term counterparty credit ratings on these banks.
S&P revised the outlook to stable from positive on JSC Eurasian
Bank and affirmed the long- and short-term counterparty credit
ratings.
S&P affirmed the long- and short-term counterparty credit ratings
and maintained a stable outlook on ForteBank JSC (formerly known
as Alliance Bank JSC), KazInvestBank, and Kazakh Agrarian Credit
Corp.
At the same time, S&P lowered the Kazakhstan national scale
rating on JSC SB Alfa-Bank to 'kzBBB-' from 'kzBBB'. S&P also
lowered the national scale rating on Kaspi Bank JSC to 'kzBBB+'
from
'kzA-'.
The rating actions follow S&P's decision to downgrade Kazakhstan.
In S&P's opinion, industry risks for Kazakh banks have increased
because of the slowdown of the Kazakh economy, on the back of the
pronounced drop in international oil prices, and further
devaluation of the Kazakhstani tenge. As a result, under S&P's
methodology for banking industry country risk, it revised its
view of the industry risk trend for Kazakh banks to negative from
stable. This reflects S&P's opinion of the Kazakh banking
system's weakening funding profile.
The sharp decline in oil prices greatly affects the outlook for
Kazakhstan's economic growth and external and fiscal imbalances,
given the Kazakh economy's high dependence on oil. The Kazakh
oil sector accounts for an estimated 20%-30% of GDP, more than
50% of revenue, and 60% of exports. Consequently, S&P has
sharply lowered its GDP growth outlook for Kazakhstan to 1.5% in
2015 and 2% in 2016, from 4.3% and 4.5%, respectively. Growth
prospects are also dampened by the expected impact on consumer
demand -- the key growth driver in recent years -- from currency
devaluation and external factors such as Russia's recession. S&P
now forecasts a current account deficit of more than 4% of GDP
over 2015-2016. S&P expects that the National Bank of Kazakhstan
will either allow a gradual depreciation of the tenge or
undertake another devaluation later this year, to accommodate
lower oil prices and to ease the tenge's appreciation against the
Russian ruble.
S&P's assessment of the economic risk trend for Kazakh banks
remains stable. The stable trend reflects the already very high
economic risks in a global comparison and the banking sector's
only modest exposure to the oil sector. S&P expects reduced
demand for credit from small and midsize enterprises and
consumers, which tend to be the banks' core lending customer
base, in view of lower GDP growth.
S&P expects that credit risk in the economy will remain extremely
high, taking into account Kazakh banks' history of aggressive
underwriting standards and the country's weak payment culture and
rule of law. S&P expects that the very high volume of
nonperforming loans (NPLs) in the Kazakh banking system -- 24% as
of year-end 2014 -- will continue to decline gradually in 2015,
partly due to more proactive initiatives of the Kazakhstan
National Bank.
In S&P's opinion, the Kazakh economy has been in a "correction"
phase since 2011, during which banks' NPLs and restructured loans
have remained the highest among peers and have not declined
materially, while credit losses have increased. In addition, S&P
expects that the unwinding of large imbalances, caused by the
credit and real estate boom, will likely continue to constrain
the banking sector's development.
In recent months, Kazakh banks have suffered from a lack of tenge
liquidity due to the conversion of tenge deposits into foreign
currency. To hedge the widening foreign currency asset and
liability mismatches, Kazakh banks have had to use costly foreign
currency swaps with the National Bank of Kazakhstan, which has
negatively affected their cost of funds.
S&P expects to see lower savings rates among corporate and retail
depositors in 2015, in view of the reduced economic growth
prospects and S&P's expectation of the tenge's devaluation. S&P
anticipates that increased retail deposit volatility and the
dollarization of deposits will continue due to depositors'
weakening confidence in the Kazakh economy and the tenge.
Smaller banks will be particularly vulnerable to flight to
quality and possible panic-driven deposit outflows. By S&P's
estimates, state-related companies are significant depositors
with Kazakh commercial banks, accounting for over one-quarter of
total deposits. S&P expects a squeeze on their deposit bases
given the lower GDP growth.
S&P's view of increased industry risk puts pressure on its
anchor, the starting point in assigning an issuer credit rating
to a bank, which is 'bb-' for banks operating predominantly in
Kazakhstan. S&P has consequently revised its outlooks on Alfa-
Bank, Kaspi Bank, PNB Kazakhstan, and Eurasian Bank,
incorporating S&P's opinion that these banks' capital buffers are
likely to be affected by the increasing industry risks.
The stand-alone credit profiles for, and consequently the issuer
credit ratings on, KazInvestBank, ForteBank, and Kazakh Agrarian
Credit Corp are not immediately affected by the increasing
industry risks.
The financial institutions affected by the rating actions do not
include Kazakhstan-based Halyk Bank. On Feb. 13, 2015, S&P
revised its outlook on Halyk Bank to negative from stable in
light of the downgrade of Kazakhstan. This outlook revision
reflects S&P's view that the Kazakh government's financial
capacity to provide extraordinary support to systemically
important private sector banks, such as Halyk Bank, might
gradually weaken.
BICRA SCORE SNAPSHOT*
Kazakhstan To From
BICRA Group 8 8
Economic risk 8 8
Economic resilience High High
Economic imbalances High High
Credit risk in the economy Extremely High Extremely High
Trend Stable Stable
Industry risk 8 8
Institutional framework Extremely High Extremely High
Competitive dynamics High High
Systemwide funding High High
Trend Negative Stable
* Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk)
to 10 (highest risk).
RATINGS LIST
To From
JSC SB Alfa-Bank
Counterparty Credit Rating B+/Negative/B B+/Stable/B
Kazakhstan National Scale kzBBB- kzBBB
Kaspi Bank JSC
Counterparty Credit Rating BB-/Negative/B BB-/Stable/B
Kazakhstan National Scale kzBBB+ kzA-
PNB-Kazakhstan
Counterparty Credit Rating B+/Negative/B B+/Stable/B
Kazakhstan National Scale kzBBB- kzBBB-
JSC Eurasian Bank
Counterparty Credit Rating B+/Stable/B B+/Positive/B
Kazakhstan National Scale kzBBB kzBBB
ForteBank JSC
Counterparty Credit Rating B/Stable/B B/Stable/B
Kazakhstan National Scale kzBB kzBB
KazInvestBank
Counterparty Credit Rating B-/Stable/C B-/Stable/C
Kazakhstan National Scale kzBB- kzBB-
Kazakh Agrarian Credit Corp.
Counterparty Credit Rating BB+/Stable/B BB+/Stable/B
Kazakhstan National Scale kzAA- kzAA-
NB: This list does not include all the ratings affected.
NURBANK JSC: S&P Affirms 'B/B' Credit Ratings; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B/B' long- and short-term counterparty credit ratings on
Kazakhstan-based Nurbank JSC. The outlook is stable.
At the same time, S&P affirmed its 'kzBB+' Kazakhstan national
scale rating on the bank.
The affirmation reflects two opposite dynamics affecting Nurbank:
-- Capital ratios that are continuing to weaken from
previously strong levels, as profitability is not robust
enough to build up capital internally and to match dynamic
asset growth. S&P expects capitalization to remain at
adequate levels in 2015-2016 though; and
-- The clean-up of sizable legacy problem assets and reduction
of exposure to the risky real estate and construction
sectors, which has improved the bank's risk profile.
Nurbank is operating in the context of a deterioration of
economic prospects in Kazakhstan and risks of further
depreciation of the Kazakhstani tenge (KZT) in 2015, which could
weaken Kazakh banks' asset quality and funding.
Overall, in S&P's view the combined capital and risk positions
remain a negative rating factor for Nurbank. S&P has revised its
capital and earnings assessment to "adequate" from "strong", and
S&P's assessment of risk position to "moderate" from "weak," as
defined in S&P's criteria.
The stable outlook on Nurbank balances S&P's expectation that the
bank will continue its new business generation and gradual
reduction of legacy problem assets while maintaining
capitalization and liquidity at adequate levels.
A negative rating action would follow if the positive trend in
NPLs reverses, especially if S&P sees above-peer growth in NPLs
in the loan portfolio generated after 2011. S&P would also view
negatively a further reduction of Nurbank's loss-absorption
capacity, due, for instance, to aggressive balance sheet growth,
higher provisioning expenses than S&P currently forecasts, or
material negative one-time items that reduced S&P's projected RAC
ratio to below 7%.
A positive rating action is unlikely over the coming 12-18
months, as S&P considers the weaker economic prospects in 2015
and volatility in the domestic currency will not be supportive of
an improvement in Nurbank's financial profile.
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N O R W A Y
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NORSKE SKOGINDUSTRIER: Moody's Affirms Caa2 LT Corp Family Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Norske Skogindustrier ASA's
("Norske Skog") long term corporate family rating at Caa2 and
upgraded the Probability of Default Rating (PDR) to Caa2-PD/ LD
(limited default) from Ca-PD. The action follows the completion
of the debt exchange offer, as announced on Feb. 23, 2015, which
qualifies as distressed exchange under Moody's definition. The
outlook is negative.
Concurrently, Moody's assigned a definitive B3 (LGD2) rating to
the upsized EUR290 million senior secured notes due in December
2019 and a definitive Caa2 (LGD3) to the exchange notes due 2021
and 2023. Moody's confirmed the Caa3 (LGD5) instrument ratings
of the residual and now structurally subordinated 2015, 2016,
2017 and 2033 legacy unsecured notes, which were not tendered in
the process.
The rating actions were prompted by Norske Skog's announcement on
Feb. 23, 2015 that it had completed the refinancing of a portion
of its bond maturities through issuance of senior secured notes
and the exchange of existing bonds into new bonds with longer
dated maturities following a consent rate of more than 75% of
existing bond holders and approximately 45% of existing
bondholders participating in the exchange offer.
The company's offer to exchange the existing bonds qualifies as a
distressed exchange because investors are offered a combination
of new restructured debt, and a cash payment to diminish the
original financial obligation. Moody's expects to remove the
"/LD" indicator after three business days following the debt
exchange.
The refinancing helps Norske Skog to reduce and term out part of
their legacy notes maturing between 2015 and 2017. However, the
expected leverage at the end of 2016, estimated to be in the 8-9x
range, is still considered high, particularly in the context of
the forthcoming 2017 debt maturities and Norske Skog's
challenging exposure to the mature newsprint paper market in
Europe. Despite the company's overfunding from the refinancing,
Moody's caution that the company's liquidity position is likely
to reduce as near-term maturities between 2015-16 fall due.
The rating action also reflects Norske Skog's continued weak
profitability as reflected by mid to high single digit EBITDA
margins as of LTM ending September 2014 and Moody's view that
demand for publication paper will continue to decline in the
coming years in the company's relevant and rather mature
newsprint and magazine markets. Despite continued substantial
capacity reductions, indicated by sizeable capacity closure
announcements, pricing power is generally subdued while raw
material costs remain elevated and add pressure to profitability
and cash flow generation.
The B3 rating assigned to the new EUR290 million senior secured
notes by Norske Skog reflects the relatively higher recovery
expectations compared to the structurally subordinated new
unsecured exchange notes and the remaining unsecured legacy
notes. The rating is two notches above the Caa2 CFR and
considers that secured debt instruments will enjoy first priority
ranking pledges over assets and bank accounts, land charges on
lands and buildings from Australian and New Zealand subsidiaries
as well as upstream guarantees from all material subsidiaries
representing 106% of the group's EBITDA generated in the LTM
period ending September 2014 and 89% of assets held as at
September 2014. The Caa2 rating assigned to the senior unsecured
exchange notes maturing in 2021 and 2023 is in line with the CFR
and reflective of the junior ranking to the sizeable amount of
secured bonds but seniority over the remaining portion of legacy
senior unsecured bonds maturing in 2015, 2016, 2017, and 2033,
rated Caa3.
Given Norske Skog's long-term unsustainable debt profile, Moody's
considers that there is currently limited potential for any
upward ratings pressure, also reflected in the negative outlook.
The outlook could be stabilized if the 2017 debt maturities were
successfully refinanced while further positive pressure could
develop over time should Norske Skog be able to improve its
profitability to sustainable levels and generate meaningful
positive free cash flow allowing the company to de-leverage over
time.
The rating could be downgraded should Norske Skog be unable to
procure sustainable refinancing ahead of the 2017 maturities and
in case of significant bond buybacks below par, that constitute a
distressed exchange and thus a event of default under Moody's
definition.
Upgrades:
Issuer: Norske Skogindustrier ASA
-- Probability of Default Rating, Upgraded to Caa2-PD /LD from
Ca-PD
Assignments:
Issuer: Norske Skog Holding AS
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Assigned Caa2, LGD3, 44% from LGD4, 64%
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Assigned Caa2, LGD3, 44% from LGD4, 64%
Issuer: Norske Skog AS
-- Senior Secured Regular Bond/Debenture (Foreign Currency) Dec
15, 2019, Assigned B3, LGD2, 26% from LGD2, 14%
Outlook Actions:
Issuer: Norske Skog Holding AS
-- Outlook, Assigned Negative
Issuer: Norske Skog AS
-- Outlook, Assigned Negative
Issuer: Norske Skogindustrier ASA
-- Outlook, Changed To Negative From Rating Under Review
Confirmations:
Issuer: Norske Skogindustrier ASA
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Confirmed at Caa3, LGD5, 85% from LGD6, 92%
Affirmations:
Issuer: Norske Skogindustrier ASA
-- Corporate Family Rating (Foreign Currency), Affirmed Caa2
The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Norske Skogindustrier ASA, with headquarters in Oslo, Norway, is
among the world's leading newsprint and magazine producers with
production in Europe and Australasia. In the last twelve months
ending September 2014, Norske Skog recorded sales of around
NOK12.5 billion (approximately EUR1.44 billion).
===========
R U S S I A
===========
BANCA INTESA: Moody's Cuts Bank Finc'l. Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has taken rating actions on six Russian
financial institutions that are subsidiaries of foreign banks --
AO Raiffeisenbank, JSB Rosbank, ING Bank Eurasia, DeltaCredit
Bank, Rusfinance Bank, and Banca Intesa (Russia).
Moody's expects a prolonged recessionary environment in Russia
resulting in a very challenging operating environment for the
banks, impacting negatively their credit profiles. The rating
agency has thus lowered the standalone bank financial strength
ratings (BFSRs) of all but one of the named banks, Rusfinance
Bank, whose BFSR was maintained.
These actions also capture the weakening of Russia's credit
profile, as reflected by Moody's downgrade of Russia's government
debt rating to Ba1 from Baa3, negative outlook, on Feb. 20, 2015,
which prompted the lowering of the country's foreign-currency
deposit ceiling to Ba2 from Ba1. For all but two of the banks --
Banca Intesa (Russia) and AO Raiffeisenbank -- Moody's has
therefore downgraded their long-term foreign-currency deposit
ratings, as they are constrained by the country's ceiling.
At the same time, Moody's downgraded the supported senior
unsecured, subordinated debt and local currency deposit ratings
of all but one of the named banks, Rusfinance Bank. These
ratings incorporate Moody's assessment of the parental support
uplift that is derived from particular parent banks' ratings.
This rating action concludes the review for downgrade placed on
these ratings in December 2014.
AO RAIFFEISENBANK
The lowering of AO Raiffeisenbank's standalone BFSR from D+ to D
and downgrade of the long-term ratings from Ba1 to Ba2 reflects
recent severe and rapid deterioration in the operating
environment that will substantially weaken AO Raiffeisenbank's
historically strong asset quality and profitability. Moody's
also notes the deleveraging plans of AO Raiffeisenbank's parent
to decrease risk-weighted assets in Russia by 20% in the next
three years, that might further negatively weigh on the Russian
bank's revenue.
The expected deterioration in AO Raiffeisenbank's financial
profile and operating environment is balanced by the bank's
strong loss-absorption capacity, good liquidity buffer and asset
quality that Moody's considers to be superior to most other
Russian banks. As at year-end 2014, AO Raiffeisenbank reported
total capital adequacy of 18.32% in accordance with Basel III,
low reliance on wholesale funds and cash and cash equivalents
accounting for more than 20% of total assets (or 35% of all
customer accounts). Moody's also notes AO Raiffeisenbank's
previously conservative strategy with a pace of loan growth much
below the Russian-average and low risk appetite with historical
credit costs one of the lowest in the sector.
JSB ROSBANK
JSB Rosbank's BFSR was lowered to D- (BCA of ba3) from D (ba2),
with a negative outlook reflecting Moody's expectations of
further pressures on the retail lender's asset quality and
profitability driven by the weakening of the borrowers'
creditworthiness in the context of a sharp economic contraction
and a high interest rate environment.
As a result of the growing volume of problem loans in the
unsecured consumer portfolio and the default of one large
corporate client, JSB Rosbank's credit costs already climbed to
2.6% of loans (annualized) in H1 2014, up from 1.6% in 2013. As
a consequence, the bank reported relatively weak profitability in
H1 2014, with a return on average equity (RoAE) of 4.1%, down
from 11.3% in 2013. Given the highly adverse operating
environment, these negative trends are expected to extend into
this year, possibly next. At the same time, Moody's notes that
the bank's strong capitalization should help it in absorbing the
expected credit losses under Moody's central scenario. The bank
reported a Tier 1 ratio of 15.7% at H1 2014 under Basel I.
The weakening trends in the bank's standalone credit profile also
led to the downgrade of the bank's local currency deposit and
debt ratings to Ba1 from Baa3. Those ratings continue to benefit
from two notches of uplift from its lower BCA due to Moody's
assumption of a very high probability of support from the parent
bank, Societe Generale (A2 negative/Prime-1, C- stable/baa2), in
case of need.
DELTACREDIT BANK
Moody's decision to lower DeltaCredit Bank's BFSR to D- (BCA of
ba3) from D (ba2), with a negative outlook reflects the
expectation that the mortgage lender's credit fundamentals will
weaken, owing to higher credit costs from the weakening capacity
of individual borrowers to service their loans, some of which are
denominated in foreign-currency. The rating agency notes that
the latter accounted for 24% of the bank's mortgage portfolio as
at year-end 2014, while the rouble depreciated by approximately
40% against the bi-currency basket over 2014. At the same time,
Moody's notes that DeltaCredit's capital buffer should help the
institution weather the expected pressure on asset quality and
associated rise in credit costs this year and next. As of H1
2014, the bank had a Basel I Tier 1 ratio of 26.4%.
As a result of the expected erosion of the bank's standalone
credit profile, Moody's also downgraded the bank's local currency
deposit and its debt ratings to Ba1 from Baa3. Those ratings
continue to benefit from two notches of uplift from its lower BCA
due to Moody's assumption of a very high probability of support
from the parent bank, Societe Generale (A2 negative/Prime-1, C-
stable /baa2), in case of need.
ING BANK EURASIA
Moody's lowered ING Bank Eurasia's BFSR to D- from D (which now
maps to ba3 BCA) with the negative outlook, as a result of the
highly adverse operating environment and its anticipated negative
impact on the bank's profitability and capital position.
At the same time, Moody's notes (1) ING Bank Eurasia's very good
asset quality relative to other Russian banks; (2) its still
adequate capital cushion, with regulatory capital adequacy ratio
of 17.1% as of end-2014, and (3) a favorable funding and
liquidity profile supported by parental funding.
Moody's also downgraded ING Bank Eurasia's local-currency deposit
rating to Baa3 from Baa2, following the lowering of Russia's
local-currency deposit ceiling to Baa3 from Baa2. The bank's
Baa3 local-currency deposit rating continues to incorporate three
notches of uplift from its lower BCA due to Moody's assessment of
a very high probability of parental support, in case of need,
from ING Bank N.V. (A2 negative/Prime-1, C- stable/baa1).
BANCA INTESA (RUSSIA)
Moody's expects further pressures on the bank's asset quality and
profitability stemming from the recession in Russia and increased
interest rates since the end of 2014. The rating agency
therefore lowered Banca Intesa (Russia)'s BFSR to E+ (BCA of b1)
from D- (ba3).
The adverse impact is aggravated by the bank's excessive exposure
to SME sector (57% of gross portfolio at year-end 2014), which
tends to be the most vulnerable to any deterioration in the
economic environment. In H1 2014, Banca Intesa (Russia) was
virtually break-even: its net income dropped to RUB27 million (H1
2013: RUB229 million), which translated into a negligible return
on average assets (ROAA) of 0.08% (2013: 0.25%, 2012: 1.44%).
Given increasing credit and funding costs along with weak
operating efficiency, Moody's expects the bank will be loss-
making in 2015. At the same time, the bank's capital provides
sufficient cushion to absorb potential credit losses stemming
from increased pressure on the loan book's credit quality, with
the reported Tier 1 and Total capital adequacy ratios standing at
22.7% and 22.9%, respectively, as of H1 2014.
Reflecting the anticipated weakening of the bank's standalone
credit profile, Moody's also downgraded Banca Intesa's (Russia)
long-term deposit ratings to Ba2 from Ba1. Those ratings
continue to benefit from two notches of uplift as a result of
Moody's assessment of a high probability of support, in case of
need, from the bank's parent, Intesa Sanpaolo SpA (Baa2 stable;
D+ stable /BCA baa3).
DOWNGRADE OF THE FOREIGN-CURRENCY DEPOSIT RATINGS
The downgrade of the long-term foreign-currency deposit ratings
of JSB Rosbank, DeltaCredit bank, ING Bank Eurasia, and
Rusfinance bank, follows the lowering of Russia's foreign-
currency deposit ceiling to Ba2 from Ba1 on Feb. 20, 2015.
The following rating actions were taken:
AO RAIFFEISENBANK
- BSFR was lowered to D from D+ (now equivalent to a BCA of
ba2), outlook was revised to negative;
- Long-term LC and FC Deposit ratings were downgraded to Ba2
from Ba1, outlook was revised to negative;
- Long-term LC Senior Unsecured rating was downgraded to Ba2
from Ba1, outlook was revised to negative.
JSB ROSBANK
- BSFR was lowered to D- from D (now equivalent to a BCA of
ba3), outlook was revised to negative;
- Long-term LC Deposit rating was downgraded to Ba1 from Baa3,
outlook was revised to negative;
- Short-term LC Deposit rating was downgraded to NP from P-3;
- Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
outlook was revised to negative;
- Long-term LC Senior Unsecured and Senior Unsecured Bank
Credit Facility ratings were downgraded to Ba1 from Baa3,
outlook was revised to negative;
- Long-term LC Senior Unsecured MTN program rating was
downgraded to (P)Ba1 from (P)Baa3.
DELTACREDIT BANK
- BSFR was lowered to D- from D (now equivalent to a BCA of
ba3), outlook was revised to negative;
- Long-term LC Deposit rating was downgraded to Ba1 from Baa3,
outlook was revised to negative;
- Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
outlook was revised to negative;
- Long-term LC Senior Unsecured rating was downgraded to Ba1
from Baa3, outlook was revised to negative;
- Long-term LC Senior Unsecured rating was downgraded to (P)Ba1
from (P)Baa3;
- Long-term LC Senior Secured rating was downgraded to Ba1 from
Baa3, outlook was revised to negative;
- Long- term LC BACKED Senior Secured rating was downgraded to
Baa3 from Baa2, outlook was revised to negative.
ING BANK EURASIA
- BFSR was lowered to D- from D (now equivalent to a BCA of
ba3), outlook was revised to negative;
- Long-term LC Deposit rating was downgraded to Baa3 from Baa2,
outlook was revised to negative;
- Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
outlook was revised to negative;
- Short-term LC Deposit rating was downgraded to P-3 from P-2.
BANCA INTESA (RUSSIA)
- BSFR was lowered to E+ from D- (now equivalent to a BCA of
b1), outlook was revised to stable;
- Long-term LC and FC Deposit ratings were downgraded to Ba2
from Ba1, outlook was revised to negative.
RUSFINANCE BANK
- BFSR of E+ Maintained (equivalent to a BCA of b1) , stable
outlook;
- Long-term FC Deposit rating was downgraded to Ba2 from Ba1,
negative outlook;
- Long-term LC Deposit rating of Ba1 affirmed, negative
outlook;
- Short-term LC and FC Deposit ratings of NP were affirmed;
- Long-term LC Senior Unsecured rating of Ba1 affirmed,
negative outlook.
The principal methodology used in these ratings was Global Banks
published in July 2014.
BANK OTKRITIE: Moody's Cuts Bank Finc'l Strength Rating to E+
-------------------------------------------------------------
Moody's Investors Service took rating actions on six Russian
banks -- Bank Otkritie Financial Corporation PJSC, Promsvyazbank,
Bank Saint-Petersburg OJSC, Vozrozhdenie Bank, Zenit Bank and
Center-Invest Bank. These actions reflect the deterioration in
the operating environment in Russia (Ba1 negative) but are not
influenced by the recent downgrade of Russia's sovereign credit
rating to Ba1 from Baa3.
Specifically, Moody's lowered the standalone BFSRs and downgraded
the long-term debt and deposit ratings of all banks except for
Bank Otkritie Financial Corporation PJSC, where Moody's lowered
the standalone BFSR but confirmed the long-term debt and deposit
ratings, due to the incorporation of one notch of government
(systemic) support uplift in Bank Otkritie Financial
Corporation's 's long-term ratings.
These rating actions conclude the review for downgrade initiated
on Dec. 23, 2014.
Operating Environment:
The possibility of a prolonged recessionary environment in Russia
will affect the asset quality and profitability of the six
Russian financial institutions (Moody's expects negative GDP
growth of 5.5% in Russia in 2015 and 3% in 2016).
Specifically, an accelerated inflation and low salary growth will
reduce the creditworthiness of retail borrowers and weaken
consumption, negatively affecting banks' asset quality in the
retail, SME, construction and real-estate segments. In addition,
a substantial devaluation of the Russian rouble has affected the
debt-service capacity for borrowers with loans denominated in
foreign currencies and, given the expected substantial
contraction in imports, will negatively weigh on the
creditworthiness of importers and trade companies.
Furthermore, an elevated interest-rate environment, which is
likely to remain in place for the near future, has contributed to
increased funding costs in the banking system. Given the reduced
loan demand from creditworthy borrowers, the banks will struggle
to pass increased funding costs to their customers. This will
result in a contraction of their net interest income and,
consequently, operating revenues. Overall, the operating revenue
contraction combined with substantially increased cost of risk is
likely to generate a loss-making year for these banks, although
some banks might remain profitable because of non-core income,
albeit with substantially worse indicators compared with previous
years.
BANK OTKRITIE FINANCIAL CORPORATION PJSC:
Bank Otkritie Financial Corporation PJSC's standalone BFSR was
lowered to E+ (BCA of b1) from D- (ba3), reflecting Moody's
expectations of further pressures on the bank's asset quality and
profitability stemming from the economic recession and the high
interest-rate environment. Moody's expect that an anticipated
increase in problem loans in the next 12-18 months to
substantially weaken the bank's financial results.
The bank's lending to high-risk sectors (construction, real
estate, development and SME) accounted for 22% of gross loans as
at end-September 2014, which exposes Bank Otkritie Financial
Corporation PJSC to elevated credit risk, rendering the loan book
vulnerable to the weakening domestic operating environment and
adverse market conditions. Moody's notes that the bank's capital
levels will only partly mitigate the pressures for the
macroeconomic headwinds in 2015/16 (the reported Tier 1 and Total
capital adequacy ratio were 10.0% and 14.5%, respectively, as at
end-September 2014).
Moody's considers that there is a low likelihood of government
support for the bank based on: (1) the bank's growing systemic
importance as the leading private banking group in Russia with a
market share of 4.5% of assets as of year-end 2014; and (2) an
extensive countrywide presence across Russia with a market share
of 2.3% in retail deposits (including pensioners' savings).
Therefore, the confirmation of the bank's Ba3 long-term senior
unsecured debt and deposit ratings captures the systemic support
assessment that now results in a one-notch rating uplift from the
bank's BCA of b1.
PROMSVYAZBANK:
The lowering of Promsvyazbank's standalone BFSR to E+ (BCA of b1)
from D- (ba3) and downgrade of the long-term deposit ratings to
B1 from Ba3 with a negative outlook reflect Moody's expectation
that the severe deterioration in the operating environment in
Russia will lead to a worsening of Promsvyazbank's asset quality,
profitability and capital.
In particular, the downgrade reflects increased risks related to
the bank's relatively high single-borrower concentration and
sizable exposure to loans denominated in foreign currency (30% of
gross loans as at end-September 2014). Moody's expects that the
sharp depreciation of the rouble in late 2014 has negatively
impacted the debt-servicing capacity of many of the bank's
borrowers. In addition, the bank's already weak Tier 1 capital
ratio of 8.7% (as reported in at end-June 2014) will continue to
face significant pressures because of the inflation in risk-
weighted assets following the currency depreciation, expected
asset-quality deterioration and high probability of losses in
2015.
BANK SAINT PETERSBURG OJSC
Moody's expects further pressures on the bank's asset quality and
profitability stemming from the anticipated recession in Russia
and higher interest rate environment. The rating agency
therefore lowered Bank Saint Petersburg's standalone BFSR to E+
(BCA of b1) from D- (ba3) and downgraded to (P)B1/B1 from
(P)Ba3/Ba3 the long-term senior unsecured and deposit ratings.
Moody's notes the bank's sizeable exposure to investment projects
and project-finance deals in construction, development and real
estate. Collectively, they account for 25% of gross loans and
expose the bank to elevated credit risk, especially amid the
expected economic recession in 2015. Moody's expects that credit
costs along with the increased funding costs will put significant
pressure on Bank Saint Petersburg's profitability this year and
next. The rating agency believes that existing capital buffers
are likely to weaken due to the potential losses that may
crystallise in the medium-term (the reported Tier 1 and Total
capital adequacy ratio were 11.3% and 14.0%, respectively, as at
end-September 2014).
VOZROZHDENIE BANK
The lowering of Vozrozhdenie Bank's standalone BFSR to E+ (BCA of
b1) from D-(ba3) and downgrade of the long-term deposit ratings
to B1 from Ba3 reflect the severe and rapid deterioration in the
operating environment that Moody's expects will substantially
weaken the bank's asset quality and profitability in 2015.
Moody's expects Vozrozhdenie Bank to report a significant
increase in non-performing loans that have already risen to 7.7%
from 6.8% of gross loans in the first nine months of 2014. As a
result of the weaker asset quality the bank's provisioning needs
will increase and exert pressure on profitability.
At the same time, the outlook on the bank's long-term ratings is
now stable as the risks associated with the expected
deterioration in Vozrozhdenie Bank's financial profile are
balanced by the bank's currently high coverage of non-performing
loans with loan loss reserves (116% as at end-September 2014).
This decreases the likelihood of losses in 2015-2016 and,
therefore, limits potential negative pressure on the bank's good
capital adequacy level (total Basel I capital adequacy ratio
stood at 14.9%; end-September 2014; unaudited).
ZENIT BANK
The lowering of Zenit Bank's standalone BFSR to E+ (BCA of b1)
from D- (ba3) and downgrade of the long-term deposit ratings to
B1 from Ba3 reflect the expected weakening of the bank's
financial fundamentals, in particular asset quality and
profitability, because of the severe deterioration in Russia's
operating environment. Credit risk is heightened by high single-
name concentrations (top 20 borrowers accounted for 232% of the
bank's Tier 1 capital; end-June 2014), and exposure to long-term
investment projects and project finance deals, including the
construction sector, which accounts for 17% of the bank's loan
book. Moody's anticipates that increased credit costs and a
lower net interest margin will put pressure on the bank's already
modest profitability with pre-provision income to average assets
at only 1.7% (as at end-June 2014; IFRS); this will likely result
in losses from core operations in 2015.
At the same time, Zenit Bank's rating is supported by moderate
capitalization with a total capital adequacy ratio at 16% and a
Tier 1 capital ratio at 10.60% as of end-June 2014, and the
bank's adequate funding and liquidity, underpinned by strong
business ties with Tatarstan-based ultimate shareholder Tatneft
OAO.
CENTER-INVEST BANK
The lowering of Bank Center-Invest's standalone BFSR to E+ (BCA
of b1) from D-(ba3) and downgrade of the long-term deposit
ratings to B1 from Ba3 reflect the anticipated erosion of the
bank's financial metrics such as asset quality, profitability as
a result of the recent severe and rapid deterioration in the
operating environment. Moody's expects that deterioration of the
bank's historically strong asset quality and the expected decline
in net interest margin will compress the bank's profits in
2015/16. However, even after anticipated compression, the bank's
pre-provision profitability is likely to be sufficient to absorb
growing credit cost, and thus we expect the bank remaining
marginally profitable in 2015/16. These considerations support a
stable outlook on the bank's ratings.
As at year-end 2014, Bank Center-Invest reported total capital
adequacy at 15.4%, which was supported by annualized 16.4%
return-on-equity in January to June 2014 (in accordance with
unaudited IFRS accounts). Moody's notes that the bank's asset
quality is more resilient to the effects of the recent sharp
local-currency depreciation with only 8% of its loan book
allocated to foreign-currency denominated loans. At the same
time, Bank Center-Invest's deposit-based funding is granular,
providing some diversification that might reduce deposit
outflows.
Moody's considers that upward pressure on the ratings of all six
banks is unlikely in the near term because the key drivers of
today's actions relate to the weakening of their credit profiles
due to the severe and rapid deterioration in the domestic
operating environment in Russia.
Moody's could downgrade the banks' ratings if there is any
further erosion of their standalone credit profiles. Conversely,
the outlooks on the long-term debt and deposit ratings on four
out of six these entities could be changed to stable if there are
improvements in the operating environment conditions.
The following actions were taken:
BANK OTKRITIE FINANCIAL CORPORATION PJSC
- BFSR downgraded to E+ from D-,now equivalent to a bca of b1
(formerly ba3)
- Long-term local-currency and foreign-currency deposit ratings
of Ba3 confirmed
- Long-term local-currency and foreign-currency senior
unsecured debt ratings of Ba3 confirmed
- Long-term foreign-currency subordinated debt rating
downgraded to B2 from B1
- BFSR carries a stable outlook; all other long-term global-
scale ratings carry a negative outlook
PROMSVYAZBANK
- BFSR lowered to E+ from D-, now equivalent to a bca of b1
(formerly ba3)
- Long-term local-currency and foreign-currency deposit ratings
downgraded to B1 from Ba3
- Long-term foreign-currency debt rating of senior unsecured
MTN program downgraded to (P)B1 from (P)Ba3
- Long-term local-currency and foreign-currency senior
unsecured debt ratings downgraded to B1 from Ba3
- Long-term foreign-currency debt rating of subordinate MTN
program downgraded to (P)B2 from (P)B1
- Long-term foreign-currency subordinate debt rating downgraded
to B2/B3(hyb) from B1/B2(hyb)
- BFSR carries a stable outlook; all other long-term global-
scale ratings carry a negative outlook
BANK SAINT-PETERSBURG OJSC
- BFSR lowered to E+ from D-,now equivalent to a bca of b1
(formerly ba3)
- Long-term foreign-currency deposit rating downgraded to B1
from Ba3
- Long-term foreign-currency debt rating of senior unsecured
MTN program downgraded to (P)B1 from (P)Ba3
- Long-term foreign-currency debt rating of subordinate MTN
program downgraded to (P)B2 from (P)B1
- Long-term foreign-currency subordinate debt rating downgraded
to B2 from B1
- BFSR carries a stable outlook; all other long-term global-
scale ratings carry a negative outlook
VOZROZHDENIE BANK
- BFSR lowered to E+ from D-,now equivalent to a bca of b1
(formerly ba3)
- Long-term local-currency and foreign-currency deposit ratings
downgraded to B1 from Ba3
- The BFSR and all Long-term global-scale ratings carry a
stable outlook
ZENIT BANK
- BFSR lowered to E+ from D-,now equivalent to a bca of b1
(formerly ba3),
- Long-term local-currency and foreign-currency deposit ratings
downgraded to B1 from Ba3,
- Long-term local-currency senior unsecured debt ratings
downgraded to B1 from Ba3
- BFSR carries a stable outlook; all other long-term global-
scale ratings carry a negative outlook
CENTER-INVEST BANK
- BFSR lowered to E+ from D-, now equivalent to a bca of b1
(formerly ba3)
- Long-term local-currency and foreign-currency deposit ratings
downgraded to B1 from Ba3
- Long-term local-currency senior unsecured debt rating
downgraded to B1 from Ba3
- The BFSR and all Long-term global-scale ratings carry a
stable outlook
The principal methodology used in these ratings was Global Banks
published in July 2014. The negative outlook on the ratings of
Atomenergoprom, RusHydro, InterRAO and ROSSETI, reflects the fact
that their ratings incorporate an element of extraordinary
government support, which may reduce in the event of a further
downgrade of Russia's sovereign rating.
Upward pressure on all the ratings is unlikely at present, given
the negative outlook on the ratings. Moody's could change the
outlook on the ratings to stable if it were to change the outlook
on Russia's government bond rating to stable, provided there was
no material deterioration in company-specific factors, including
operating and financial performance and liquidity.
Moody's would downgrade some or all of Transneft's,
Atomenergoprom's FGC UES's, Inter RAO's RusHydro's and ROSSETI's
ratings, if it were to (1) further downgrade the rating of the
Russian government; or (2), for Atomenergoprom, FGC UES, Inter
RAO, RusHydro and ROSSETI, revise downwards its assessment of the
probability of the Russian government providing extraordinary
support to the companies in the event of financial distress.
In addition, downward pressure on individual companies' ratings
could develop for the following reasons:
- The rating agency could downgrade Transneft's ratings if the
deterioration in the operating environment in Russia were to
lead to (1) a significantly weaker financial profile (i.e.,
retained cash flow (RCF)/net debt below 15%, funds from
operations (FFO) net interest coverage below 4.0x and FFO/net
debt below 25%); and (2) increasing constraints on liquidity.
- Negative pressure on Atomenergoprom's ratings could develop if
the company's financial profile deteriorates, reflected in a
debt/EBITDA ratio above 3x, FFO interest coverage below 5.0x
and RCF/debt below 25% materially on a continued basis. In
addition, the lack of adequate liquidity could put pressure on
its ratings, and downward pressure could also develop if the
company's key subsidiaries see their share of external debt
materially exceeding 20% of total debt on a permanent basis.
- Negative pressure on FGC's rating could result from (1) a
sustainable negative shift in the developing regulatory regime
and significantly deteriorating margins; (2) a failure of the
company to manage its investment program in line with the
tariff regulation which resulted in a deterioration of its
financial profile, with FFO interest coverage and FFO/net debt
falling materially and persistently below 3.5x and 25%,
respectively; and (3) pressured liquidity.
Moody's could also downgrade RusHydro's ratings if there were a
negative shift in the evolving regulatory and market framework
and the company failed to limit a deterioration of its financial
profile, reflected in a debt-to-EBITDA ratio above 3x and FFO
interest coverage below 5.0x significantly (i.e. by 10%-15%, and
on a permanent basis). The company's inability to maintain
adequate liquidity could also pressure the rating.
Downward pressure on Inter RAO's rating could develop if there
were a negative shift in the evolving regulatory and market
framework and the company failed to limit a deterioration of its
financial profile, reflected in FFO interest coverage below 5.0x,
RCF/debt below 30% and debt/EBITDA above 3x significantly and on
a permanent basis. Furthermore, negative pressure could be
exerted on the rating if the company were unable to proactively
address its liquidity needs and maintain reasonable headroom
under the financial covenants of its bank agreements.
Negative pressure on ROSSETI's rating could result from (1) a
negative shift in the developing regulatory regime without
compensatory measures by the state, leading to significantly
deteriorating margins; (2) pressured liquidity; (3) a failure of
ROSSETI to manage its investment program in line with the tariff
regulation and contain deterioration of its financial profile,
with FFO interest coverage and FFO/net debt falling materially
and persistently below 3.0x and 20% respectively.
Downgrades:
Issuer: Inter RAO, JSC
-- Probability of Default Rating, Downgraded to Ba2-PD from
Ba1-PD
-- Corporate Family Rating (Foreign Currency), Downgraded to
Ba2 from Ba1
-- Corporate Family Rating (Local Currency), Downgraded to Ba2
from Ba1
Issuer: ROSSETI, JSC
-- Probability of Default Rating, Downgraded to Ba2-PD from
Ba1-PD
-- Corporate Family Rating (Foreign Currency), Downgraded to
Ba2 from Ba1
Issuer: RusHydro, JSC
-- Probability of Default Rating, Downgraded to Ba2-PD from
Ba1-PD
-- Corporate Family Rating (Foreign Currency), Downgraded to
Ba2 from Ba1
-- Senior Unsecured Regular Bond/Debenture (Local Currency) Oct
28, 2015, Downgraded to Ba2 from Ba1
Issuer: TransCapitalInvest Limited
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Aug 7, 2018, Downgraded to Ba1 from Baa3
Assignments:
Issuer: Atomenergoprom, JSC
-- Probability of Default Rating, Assigned Ba1-PD
-- Corporate Family Rating, Assigned Ba1
Issuer: Federal Grid Finance Limited
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Mar 13, 2019, Assigned a range of LGD4, 50%
Issuer: FGC UES, JSC
-- Probability of Default Rating, Assigned Ba1-PD
-- Corporate Family Rating, Assigned Ba1
Issuer: OAO AK Transneft
-- Probability of Default Rating, Assigned Ba1-PD
-- Corporate Family Rating, Assigned Ba1
Issuer: TransCapitalInvest Limited
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Aug 7, 2018, Assigned a range of LGD4, 50 %
Outlook Actions:
Issuer: Atomenergoprom, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: Federal Grid Finance Limited
-- Outlook, Changed To Negative From Rating Under Review
Issuer: FGC UES, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: Inter RAO, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: OAO AK Transneft
-- Outlook, Changed To Negative From Rating Under Review
Issuer: ROSSETI, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RusHydro, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: TransCapitalInvest Limited
-- Outlook, Changed To Negative From Rating Under Review
Confirmations:
Issuer: Federal Grid Finance Limited
-- Senior Unsecured Medium-Term Note Program (Foreign
Currency), Confirmed at (P)Ba1
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Mar 13, 2019, Confirmed at Ba1
Withdrawals:
Issuer: Atomenergoprom, JSC
-- Issuer Rating (Foreign Currency), Withdrawn , previously
rated Baa3
-- Issuer Rating (Local Currency), Withdrawn , previously rated
Baa3
Issuer: FGC UES, JSC
-- Issuer Rating (Foreign Currency), Withdrawn , previously
rated Ba1
Issuer: OAO AK Transneft
-- Issuer Rating (Foreign Currency), Withdrawn , previously
rated Baa3
-- Issuer Rating (Local Currency), Withdrawn , previously rated
Baa3
The principal methodologies used in rating Transcapitalinvest
Limited, Federal Grid Finance Limited, OAO AK Transneft, and FGC
UES, JSC were Regulated Electric and Gas Networks published in
November 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and Government-Related Issuers published in October
2014.
The principal methodologies used in rating Atomenergoprom, JSC
and Inter RAO, JSC were Unregulated Utilities and Unregulated
Power Companies published in October 2014, and Government-Related
Issuers published in October 2014.
The principal methodologies used in rating RusHydro, JSC were
Unregulated Utilities and Unregulated Power Companies published
in October 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009, and Government-Related Issuers published in October
2014.
The principal methodologies used in rating ROSSETI, JSC were
Regulated Electric and Gas Networks published in November 2014,
and Government-Related Issuers published in October 2014.
Fully controlled by the Russian government (the latter owns 100%
of its voting shares), OAO AK Transneft (Transneft) is the
largest crude oil transportation company in the world. 2013
reported sales reached around RUB596.8 billion, or $18.7 billion
(net of revenues from crude oil supplies to China, which are
mirrored by the oil purchase costs, under 2009-dated $10 billion,
20-year loan-for-oil deal.
JSC Atomenergoprom (Atomenergoprom) is the holding company for
numerous subsidiaries which represent the civil Russian nuclear
industry. The Atomenergoprom group of companies covers the whole
nuclear cycle from uranium mining and enrichment to nuclear fuel
production, production of electricity at nuclear power plants and
construction of nuclear power units/plants both in Russia and
abroad. The group generated revenue of RUB436.1 billion (around
$13.6 billion) in 2013. Atomenergoprom is 100% owned by the
Russian government through the State Atomic Energy Corporation
Rosatom (Rosatom).
JSC RusHydro (RusHydro) is Russia's largest and a world major
hydropower business, accounting for around a half of hydropower
output in Russia, majority (66.84% at end-2014) owned by the
Russian government. In 2011, following the acquisition of RAO
Energy System of East, RusHydro acquired exposure to thermal
power generation. As of end-2013, RusHydro Group generates
revenue of RUB327 billion (around $10 billion).
JSC Inter RAO (Inter RAO) is a Russian major electric utility
engaged in thermal electricity generation and retail electricity
sales in Russia, cross-border electricity trading and electric
utility operations abroad. Inter RAO generated revenue of
RUB662.3 billion ($20.8 billion) in 2013. Inter RAO is
controlled by the Russian government through several state-
controlled entities (own 51,12% of the company as of 27 October
2014).
JSC ROSSETI (ROSSETI) is the holding company for FGC UES, the
national transmission grid, and 15 distribution grid subsidiaries
(including IDGC of Center and Volga Region, IDGC of Urals, IDGC
of Volga, Lenenergo and MOESK, all five of which are rated Ba2
review for downgrade). Russian government owns a 85.31% stake
(including 86.32% of ordinary shares and 7.01% of preferred
shares) in ROSSETI. As of the end-2013 the company generates
revenue of around RUB760 billion (around $23 billion).
JSC Federal Grid Company of Unified Energy System (FGC UES, or
FGC) is the monopoly electricity transmission system operator in
the Russian Federation. The company's revenues, amounted to
RUB158.0 billion (around $4.9 billion) in 2013 (other operating
income of RUB6.2 billion, primarily from non-core activities, is
not included). FGC is 80.13% owned by 85.3%-state-owned JSC
ROSSETI.
INTER RAO: Moody's Lowers Corporate Family Rating to 'Ba2'
----------------------------------------------------------
Moody's Investors Service downgraded five Russian utility and
infrastructure government-related issuers (GRIs) -- OAO AK
Transneft; Atomenergoprom JSC; RusHydro JSC; Inter RAO JSC; and
ROSSETI JSC -- and confirmed the ratings of a sixth, FGC UES JSC.
The outlook on all the ratings is negative. The actions conclude
the review for downgrade for these companies initiated by Moody's
on Dec. 23, 2014.
The rating actions reflect the weakening of the macroeconomic and
financial climate in Russia, as reflected by Moody's downgrade of
Russia's government bond rating and the Russian foreign currency
bond ceiling to Ba1/Not Prime (negative outlook) from Baa3/Prime
3 (review for downgrade) on February 20.
The ratings of OJSC MOESK, JSC Lenenergo, JSC IDGC of Urals, JSC
IDGC of Center and Volga Region, IDGC of Volga, PJSC Novorossiysk
Commercial Sea Port and OJSC Enel Russia remain on review for
downgrade as Moody's continues to assess these companies'
resilience to the increased risks arising from the prevailing
negative operating conditions.
The weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign and the foreign currency bond ceiling
to Ba1 from Baa3, has prompted the rating actions on the affected
companies as they face an increasingly challenging operating
environment.
OAO AK Transneft: Transneft's issuer rating has been downgraded
to Ba1 from Baa3 and converted into a corporate family rating
(CFR) in line with the rating agency's practice for corporates
with non-investment-grade ratings. Concurrently, Moody's has
assigned a Ba1-PD probability of default rating (PDR) to
Transneft.
At the same time, Moody's downgraded to Ba1 from Baa3 the senior
unsecured rating of the outstanding US$1.05 billion loan
participation notes issued by TransCapitalInvest Limited,
Transneft's special purpose financing vehicle.
The baseline credit assessment (BCA) has been lowered to ba1.
The outlook for the ratings is negative.
Transneft's downgrade reflects the stressed domestic operating
environment in Russia. Transneft's rating is capped by the
Russian foreign currency bond ceiling. Absent this constraint
Moody's would see Transneft as having a credit profile captured
by a rating higher than Ba1.
Atomenergoprom JSC: Atomenergoprom's issuer rating has been
downgraded to Ba1 from Baa3 and converted into a CFR.
Concurrently, Moody's has assigned a Ba1-PD probability of
default rating (PDR) to Atomenergoprom. The BCA remains unchanged
at ba2. The outlook for the ratings is negative.
RusHydro JSC: RusHydro's CFR and PDR have been downgraded to Ba2
and Ba2-PD from Ba1 and Ba1-PD, respectively. Concurrently,
Moody's downgraded RusHydro's senior unsecured rating of its
RUB20 billion (around $500 million) loan participation notes to
Ba2 from Ba1. The BCA remains unchanged at ba3. The outlook for
the ratings is negative.
Inter RAO JSC: Inter RAO's CFR and PDR have been downgraded to
Ba2 and Ba2-PD from Ba1 and Ba1-PD respectively. The BCA remains
unchanged at ba3. The outlook for the ratings is negative.
ROSSETI JSC: Rosseti's CFR and PDR have been downgraded to Ba2
and Ba2-PD from Ba1 and Ba1-PD respectively. The BCA remains
unchanged at ba3. The outlook for the ratings are negative.
The downgrades of Atomenergoprom, RusHydro, Inter RAO and ROSSETI
reflect their strong linkages with the Russian sovereign, the
significant level of potential extraordinary support embedded
within their ratings, and their consequent high sensitivity to
changes in sovereign creditworthiness. The amount of government
support has been reduced to one notch from their BCAs to reflect
the weaker sovereign creditworthiness.
FGC UES JSC: FGC's issuer rating has been confirmed at Ba1 and
converted it into a CFR. Concurrently, Moody's has confirmed the
(P)Ba1 senior unsecured rating of FGC's RUB100 billion (around
US$1.5 billion) loan participation note program, and the Ba1
senior unsecured rating of the first series of RUB17.5 billion
(around US$270 million) worth of notes issued by Federal Grid
Finance Limited, an FGC special purpose financing vehicle. The
BCA remains unchanged in the ba range. The outlook for the
ratings is negative. The confirmation of FGC's ratings reflects
Moody's view that that the existing strong probability of
government support embedded within FGC's ratings remains
appropriate.
The negative outlook on Transneft's ratings reflects the fact
that the ratings are capped at the Russian foreign currency bond
ceiling, and any downgrade of the foreign currency bond ceiling
would result in a downgrade of Transneft's ratings.
The negative outlook on the ratings of Atomenergoprom, RusHydro,
InterRAO and ROSSETI, reflects the fact that their ratings
incorporate an element of extraordinary government support, which
may reduce in the event of a further downgrade of Russia's
sovereign rating.
Upward pressure on all the ratings is unlikely at present, given
the negative outlook on the ratings. Moody's could change the
outlook on the ratings to stable if it were to change the outlook
on Russia's government bond rating to stable, provided there was
no material deterioration in company-specific factors, including
operating and financial performance and liquidity.
Moody's would downgrade some or all of Transneft's,
Atomenergoprom's FGC UES's, Inter RAO's RusHydro's and ROSSETI's
ratings, if it were to (1) further downgrade the rating of the
Russian government; or (2), for Atomenergoprom, FGC UES, Inter
RAO, RusHydro and ROSSETI, revise downwards its assessment of the
probability of the Russian government providing extraordinary
support to the companies in the event of financial distress.
In addition, downward pressure on individual companies' ratings
could develop for the following reasons:
- The rating agency could downgrade Transneft's ratings if the
deterioration in the operating environment in Russia were to
lead to (1) a significantly weaker financial profile (i.e.,
retained cash flow (RCF)/net debt below 15%, funds from
operations (FFO) net interest coverage below 4.0x and FFO/net
debt below 25%); and (2) increasing constraints on liquidity.
- Negative pressure on Atomenergoprom's ratings could develop if
the company's financial profile deteriorates, reflected in a
debt/EBITDA ratio above 3x, FFO interest coverage below 5.0x
and RCF/debt below 25% materially on a continued basis. In
addition, the lack of adequate liquidity could put pressure on
its ratings, and downward pressure could also develop if the
company's key subsidiaries see their share of external debt
materially exceeding 20% of total debt on a permanent basis.
- Negative pressure on FGC's rating could result from (1) a
sustainable negative shift in the developing regulatory regime
and significantly deteriorating margins; (2) a failure of the
company to manage its investment program in line with the
tariff regulation which resulted in a deterioration of its
financial profile, with FFO interest coverage and FFO/net debt
falling materially and persistently below 3.5x and 25%,
respectively; and (3) pressured liquidity.
Moody's could also downgrade RusHydro's ratings if there were a
negative shift in the evolving regulatory and market framework
and the company failed to limit a deterioration of its financial
profile, reflected in a debt-to-EBITDA ratio above 3x and FFO
interest coverage below 5.0x significantly (i.e. by 10%-15%, and
on a permanent basis). The company's inability to maintain
adequate liquidity could also pressure the rating.
Downward pressure on Inter RAO's rating could develop if there
were a negative shift in the evolving regulatory and market
framework and the company failed to limit a deterioration of its
financial profile, reflected in FFO interest coverage below 5.0x,
RCF/debt below 30% and debt/EBITDA above 3x significantly and on
a permanent basis. Furthermore, negative pressure could be
exerted on the rating if the company were unable to proactively
address its liquidity needs and maintain reasonable headroom
under the financial covenants of its bank agreements.
Negative pressure on ROSSETI's rating could result from (1) a
negative shift in the developing regulatory regime without
compensatory measures by the state, leading to significantly
deteriorating margins; (2) pressured liquidity; (3) a failure of
ROSSETI to manage its investment program in line with the tariff
regulation and contain deterioration of its financial profile,
with FFO interest coverage and FFO/net debt falling materially
and persistently below 3.0x and 20% respectively.
Downgrades:
Issuer: Inter RAO, JSC
-- Probability of Default Rating, Downgraded to Ba2-PD from
Ba1-PD
-- Corporate Family Rating (Foreign Currency), Downgraded to
Ba2 from Ba1
-- Corporate Family Rating (Local Currency), Downgraded to Ba2
from Ba1
Issuer: ROSSETI, JSC
-- Probability of Default Rating, Downgraded to Ba2-PD from
Ba1-PD
-- Corporate Family Rating (Foreign Currency), Downgraded to
Ba2 from Ba1
Issuer: RusHydro, JSC
-- Probability of Default Rating, Downgraded to Ba2-PD from
Ba1-PD
-- Corporate Family Rating (Foreign Currency), Downgraded to
Ba2 from Ba1
-- Senior Unsecured Regular Bond/Debenture (Local Currency) Oct
28, 2015, Downgraded to Ba2 from Ba1
Issuer: TransCapitalInvest Limited
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Aug 7, 2018, Downgraded to Ba1 from Baa3
Assignments:
Issuer: Atomenergoprom, JSC
-- Probability of Default Rating, Assigned Ba1-PD
-- Corporate Family Rating, Assigned Ba1
Issuer: Federal Grid Finance Limited
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Mar 13, 2019, Assigned a range of LGD4, 50%
Issuer: FGC UES, JSC
-- Probability of Default Rating, Assigned Ba1-PD
-- Corporate Family Rating, Assigned Ba1
Issuer: OAO AK Transneft
-- Probability of Default Rating, Assigned Ba1-PD
-- Corporate Family Rating, Assigned Ba1
Issuer: TransCapitalInvest Limited
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Aug 7, 2018, Assigned a range of LGD4, 50 %
Outlook Actions:
Issuer: Atomenergoprom, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: Federal Grid Finance Limited
-- Outlook, Changed To Negative From Rating Under Review
Issuer: FGC UES, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: Inter RAO, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: OAO AK Transneft
-- Outlook, Changed To Negative From Rating Under Review
Issuer: ROSSETI, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: RusHydro, JSC
-- Outlook, Changed To Negative From Rating Under Review
Issuer: TransCapitalInvest Limited
-- Outlook, Changed To Negative From Rating Under Review
Confirmations:
Issuer: Federal Grid Finance Limited
-- Senior Unsecured Medium-Term Note Program (Foreign
Currency), Confirmed at (P)Ba1
-- Senior Unsecured Regular Bond/Debenture (Foreign Currency)
Mar 13, 2019, Confirmed at Ba1
Withdrawals:
Issuer: Atomenergoprom, JSC
-- Issuer Rating (Foreign Currency), Withdrawn , previously
rated Baa3
-- Issuer Rating (Local Currency), Withdrawn , previously rated
Baa3
Issuer: FGC UES, JSC
-- Issuer Rating (Foreign Currency), Withdrawn , previously
rated Ba1
Issuer: OAO AK Transneft
-- Issuer Rating (Foreign Currency), Withdrawn , previously
rated Baa3
-- Issuer Rating (Local Currency), Withdrawn , previously rated
Baa3
The principal methodologies used in rating Transcapitalinvest
Limited, Federal Grid Finance Limited, OAO AK Transneft, and FGC
UES, JSC were Regulated Electric and Gas Networks published in
November 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and Government-Related Issuers published in October
2014.
The principal methodologies used in rating Atomenergoprom, JSC
and Inter RAO, JSC were Unregulated Utilities and Unregulated
Power Companies published in October 2014, and Government-Related
Issuers published in October 2014.
The principal methodologies used in rating RusHydro, JSC were
Unregulated Utilities and Unregulated Power Companies published
in October 2014, Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009, and Government-Related Issuers published in October
2014.
The principal methodologies used in rating ROSSETI, JSC were
Regulated Electric and Gas Networks published in November 2014,
and Government-Related Issuers published in October 2014.
Fully controlled by the Russian government (the latter owns 100%
of its voting shares), OAO AK Transneft (Transneft) is the
largest crude oil transportation company in the world. 2013
reported sales reached around RUB596.8 billion, or US$18.7
billion (net of revenues from crude oil supplies to China, which
are mirrored by the oil purchase costs, under 2009-dated
US$10 billion, 20-year loan-for-oil deal.
JSC Atomenergoprom (Atomenergoprom) is the holding company for
numerous subsidiaries which represent the civil Russian nuclear
industry. The Atomenergoprom group of companies covers the whole
nuclear cycle from uranium mining and enrichment to nuclear fuel
production, production of electricity at nuclear power plants and
construction of nuclear power units/plants both in Russia and
abroad. The group generated revenue of RUB436.1 billion (around
US$13.6 billion) in 2013. Atomenergoprom is 100% owned by the
Russian government through the State Atomic Energy Corporation
Rosatom (Rosatom).
JSC RusHydro (RusHydro) is Russia's largest and a world major
hydropower business, accounting for around a half of hydropower
output in Russia, majority (66.84% at end-2014) owned by the
Russian government. In 2011, following the acquisition of RAO
Energy System of East, RusHydro acquired exposure to thermal
power generation. As of end-2013, RusHydro Group generates
revenue of RUB327 billion (around US$10 billion).
JSC Inter RAO (Inter RAO) is a Russian major electric utility
engaged in thermal electricity generation and retail electricity
sales in Russia, cross-border electricity trading and electric
utility operations abroad. Inter RAO generated revenue of
RUB662.3 billion (US$20.8 billion) in 2013. Inter RAO is
controlled by the Russian government through several state-
controlled entities (own 51,12% of the company as of
October 27, 2014).
JSC ROSSETI (ROSSETI) is the holding company for FGC UES, the
national transmission grid, and 15 distribution grid subsidiaries
(including IDGC of Center and Volga Region, IDGC of Urals, IDGC
of Volga, Lenenergo and MOESK, all five of which are rated Ba2
review for downgrade). Russian government owns a 85.31% stake
(including 86.32% of ordinary shares and 7.01% of preferred
shares) in ROSSETI. As of the end-2013 the company generates
revenue of around RUB760 billion (around US$23 billion).
JSC Federal Grid Company of Unified Energy System (FGC UES, or
FGC) is the monopoly electricity transmission system operator in
the Russian Federation. The company's revenues, amounted to
RUB158.0 billion (around US$4.9 billion) in 2013 (other operating
income of RUB6.2 billion, primarily from non-core activities, is
not included). FGC is 80.13% owned by 85.3%-state-owned JSC
ROSSETI.
MOSCOW MORTGAGE: Moody's Cuts Long-Term Deposit Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term local- and
foreign-currency deposit ratings of Moscow Mortgage Agency to Ba3
from Ba2. The outlook on the ratings is negative. Concurrently,
Moody's affirmed the bank's Not Prime short-term deposit ratings.
Moscow Mortgage Agency's standalone Bank Financial Strength
Rating (BFSR) of E+ was not affected by this rating action. The
BFSR carries stable outlook, and is equivalent to Baseline Credit
Assessment of b2.
Moody's rating action on Moscow Mortgage Agency follows the
rating agency's downgrade of City of Moscow's rating to Ba1 (with
negative outlook) from Baa3 on Feb. 24, 2015.
Moody's explains that Moscow Mortgage Agency is wholly owned by
City of Moscow, and the bank's deposit ratings factor in a degree
of regional support from City of Moscow, in accordance with
Moody's Joint-Default Analysis Methodology. The downgrade of
City of Moscow's rating indicates the region's diminished
financial flexibility to render such support, which triggered the
reduction in the support uplift incorporated by Moody's in Moscow
Mortgage Agency's deposit ratings to two notches from the bank's
BCA of b2.
The rating agency further explains that it incorporates a
moderate degree of regional support from City of Moscow in Moscow
Mortgage Agency's ratings. The likelihood of this support is
confirmed by (1) Moscow Mortgage Agency's policy mandate as a
provider -- on behalf of the Moscow government -- of social
mortgage loans to eligible Moscow citizens; (2) the presence of
high-ranking Moscow government officials on the bank's
supervisory board; and (3) substantial capital injections
provided by the City of Moscow to Moscow Mortgage Agency in the
past.
At the same time, the rating agency does not consider Moscow
Mortgage Agency to be a strategic asset for City of Moscow, as --
according to the Central Bank of Russia's data -- the bank held
less than 3% of the total mortgage lending market in Moscow as at
year-end 2014, while its market share countrywide was less than
1% as of the same date.
The negative outlook of Moscow Mortgage Agency's deposit ratings
reflects the negative outlook on its support provider's rating.
Moscow Mortgage Agency's Ba3 deposit ratings have limited upward
potential currently, because they carry a negative outlook, in
line with the negative outlook on City of Moscow's rating.
A downgrade of Moscow Mortgage Agency's Ba3 long-term deposit
ratings could be triggered by further downward pressure on City
of Moscow's Ba1 rating, which currently carries a negative
outlook. Additionally, any evidence indicating a lower
probability of support from City of Moscow to Moscow Mortgage
Agency could result in a downgrade of the latter's long-term
deposit ratings.
The principal methodology used in these ratings was Global Banks
published in July 2014.
RUSSIAN HELICOPTERS: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the ratings
of 14 Russian non-financial corporates and their supported
subsidiaries, and converted the companies' long-term issuer
ratings into corporate family ratings, in line with the rating
agency's practice for corporates with ratings in the Ba rating
category and below. Concurrently, Moody's has assigned a Ba1-PD
probability of default rating to these corporates.
Moody's also downgraded the CFR and PDR of Russian Helicopters
JSC to Ba3/Ba3-PD from Ba2/Ba2-PD, respectively, following the
downgrade of the ratings of its support provider (the government
of Russia), within the framework of Moody's methodology for
Government Related Issuers.
At the same time, Moody's confirmed the Ba1 rating of one non-
financial corporate, Severstal OAO with a Ba1-PD PDR.
The rating agency assigned a negative outlook to all the affected
corporates' ratings, except those of Russian Railways Joint Stock
Company, Federal Passenger Company OJSC and Mobile TeleSystems
OJSC, which remain on review for further downgrade.
This rating action concludes the review for downgrade on the 16
affected Russian non-financial corporates, which commenced on
Dec. 23, 2014 and Jan. 20, 2015. The review for downgrade on
other rating continues.
The actions reflect the weakening of Russia's macroeconomic and
financial climate, as captured by Moody's downgrade of Russia's
government bond rating to Ba1/Not Prime (NP) from Baa3/Prime-3
(P-3) on February 20, with negative outlook. Concurrently,
Moody's lowered Russia's country ceilings for foreign currency
debt to Ba1/NP from Baa3/P-3; its country ceilings for local
currency debt and deposits to Baa3 from Baa2; and its country
ceiling for foreign currency bank deposits to Ba2/NP from Ba1/NP.
A country ceiling generally indicates the highest rating level
that any issuer domiciled in that country can attain for
instruments of that type and currency denomination.
The weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign and Russia's country ceilings to Ba1
from Baa3 with negative outlook, has prompted the rating actions
on 16 non-financial corporates as they face an increasingly
challenging domestic operating environment.
Moody's believes that, even for corporates without material
medium-term foreign currency refinancing needs, the likely
continued severe deterioration of the operating environment might
lead to a substantial weakening in their credit profiles.
The resilience of Russian non-financial corporates to the
increased risk arising from the prevailing negative operating
conditions in the domestic market is likely to be limited, as
reflected by the alignment of the country ceiling for foreign
currency debt with the sovereign rating.
Moody's believes that the Russian government's willingness to
provide support to corporates, in the event of need, remains
fairly strong. However, there are increasing risks that the
government's supportive stance towards a particular corporate may
be reduced should the government face calls for support from many
entities and sectors, due to pressures developing at the
sovereign level. The rating agency notes that access by Russian
entities to the international capital markets, by and large,
remains closed.
The negative outlook assigned to 13 of the affected non-financial
corporates is in line with the negative outlook for the sovereign
rating and reflects the fact that a potential further downgrade
of Russia's sovereign rating may result in the further lowering
of Russia's foreign and/or local currency bond country ceiling
and, as a result, additional Russian corporate rating downgrades.
In addition to considerations related to the sovereign rating,
Moody's will also be monitoring each company's ability to address
increasing country and foreign exchange risks.
The ratings of Russian Railways Joint Stock Company, Federal
Passenger Company OJSC and Mobile TeleSystems OJSC remain on
review for downgrade as Moody's continues to assess these
companies' resilience to the increased risks arising from the
prevailing negative operating conditions.
The companies' ratings will be impacted by further developments
at the sovereign level. The ratings are likely to be downgraded
if there is (1) a further downgrade of Russia's sovereign rating
and/or a lowering of the foreign-currency bond country ceiling,
or (2) a revision downwards of Moody's assessment of the
probability of the Russian government providing extraordinary
support to the GRIs in the event of financial distress.
Conversely, positive pressure could be exerted on the ratings if
Moody's were to raise Russia's foreign-currency bond country
ceiling, provided there is no material deterioration in company-
specific factors, including their operating and financial
performance, market positions and liquidity.
The principal methodology used in rating NLMK, Steel Funding
Limited, Severstal OAO and Steel Capital S.A. was Global Steel
Industry published in October 2012. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
The principal methodology used in rating OJSC Gazprom, Gaz
Capital S.A., OOO Gazprom Capital, OJSC Oil Company Rosneft and
Rosneft International Finance Limited was Global Integrated Oil &
Gas Industry published in April 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 and
Government-Related Issuers published in October 2014.
The principal methodology used in rating Gazprom Neft JSC, GPN
Capital S.A., Rosneft International Holdings Limited, Rosneft
Finance S.A., OAO LUKOIL and LUKOIL International Finance B.V.
was Global Integrated Oil & Gas Industry published in April 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.
The principal methodology used in rating OAO Novatek and Novatek
Finance Limited was Global Independent Exploration and Production
Industry published in December 2011. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
The principal methodology used in rating Federal Passenger
Company OJSC was Global Passenger Railway Companies published in
March 2013.
The principal methodology used in rating MegaFon OJSC was Global
Telecommunications Industry published in December 2010.
The principal methodology used in rating Mobile TeleSystems OJSC
and MTS International Funding Limited was Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
The principal methodology used in rating Russian Railways Joint
Stock Company and RZD Capital PLC was Global Surface
Transportation and Logistics Companies published in April 2013.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009 and Government-Related Issuers
published in October 2014.
The principal methodology used in rating OJSC Uralkali, Uralkali
Finance Limited, OJSC PhosAgro and PhosAgro Bond Funding Limited
was Global Chemical Industry Rating Methodology published in
December 2013. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
The principal methodology used in rating OJSC MMC Norilsk Nickel
and MMC Finance Limited was Global Mining Industry published in
August 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.
The principal methodology used in rating Russian Helicopters JSC
was Global Aerospace and Defense Industry published in April
2014. Other methodologies used include Government-Related
Issuers published in October 2014.
The principal methodology used in rating Gazprom ECP S.A. was
Moody's Global Short-Term Ratings published in October 2012.
SVYAZINVESTNEFTEKHIM OAO: Moody's Cut Corp. Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the
corporate family rating and to Ba2-PD from Ba1-PD the probability
of default rating of Svyazinvestneftekhim OAO (SINEK). At the
same time, Moody's downgraded to Ba2 from Ba1 the senior secured
rating of the $250 million's worth of loan participation notes
(LPNs) issued by Edel Capital S.A. for the sole purpose of
financing its loan to SINEK Capital S.A., a subsidiary of SINEK.
The loan is guaranteed by the Republic of Tatarstan, which wholly
owns SINEK. The ratings remain on review for further downgrade.
Concurrently, Moody's has lowered the baseline credit assessment
of Tatarstan's key oil and gas company, Tatneft OAO (Tatneft), to
ba1 from baa3 while maintaining the company's Ba1 CFR and Ba1-PD
PDR on review for further downgrade.
Moody's has also decided to extend the review for downgrade on
the Ba3 CFR and Ba3-PD PDR of Tatarstan's major petrochemical
company, Nizhnekamskneftekhim PJSC (NKNK), and the Ba3 senior
unsecured notes rating issued by NKNK Finance plc.
The action follows Moody's decision to downgrade the sub-
sovereign rating of the Republic of Tatarstan, the affected
companies' major shareholder, to Ba2 from Ba1 on Feb. 24, 2015.
The Tatarstan action reflects the potential deterioration of the
republic's credit profile in an environment of increased systemic
risk, as reflected in Moody's downgrade of Russia's government
bond rating to Ba1/Not Prime (NP) from Baa3/Prime-3 (P-3) on
February 20, with negative outlook.
Moody's is continuing its review for downgrade on the Republic of
Tatarstan's rating, which it initiated on Dec. 22, 2014 following
increased uncertainty surrounding the ability of the Tatarstan
government to address the trigger of partial prepayment of
SINEK's $250 million bond, for which it has provided a guarantee.
The review continues to focus on the further implementation of
the joint action plan created by SINEK's management and
Tatarstan, which aims to increase the republic's guarantee. Any
future sharp foreign exchange rate dynamics will also be taken
into consideration during the review.
SINEK:
The rating action on SINEK reflects the company's close linkages
with the Tatarstan government. SINEK's ratings remain on review
for further downgrade due to (1) the ongoing review for downgrade
of the Republic of Tatarstan; and (2) Moody's concerns over
Tatarstan's ability to provide a timely increase of its guarantee
on the $250 million LPNs issued by Edel Capital. As per the
terms of the LPNs, a partial prepayment may be triggered if the
rouble equivalent of the LPNs US-dollar value exceeds 91% of the
maximum liability under the current RUB13 billion guarantee for
20 consecutive days. This condition was met at the beginning of
January 2015 due to recent rouble depreciation.
TATNEFT:
Moody's decision to maintains Tatneft's rating at Ba1, one notch
above the rating of the Republic of Tatarstan and on a par with
Russia's country ceiling for foreign currency debt, reflects (1)
the company's financial strength, and (2) its ability to absorb
any potential additional fiscal burden from the Tatarstan
government. While Tatneft only moderately depends on support
from the republic, Tatarstan relies heavily on revenues from the
oil and gas sector, the main source of which in Tatarstan is
Tatneft.
Factors to be Considered in the extended rating review:
SINEK:
Moody's review for further downgrade of SINEK's ratings will take
into account the review of Tatarstan's rating and the rating
agency's assessment of the republic's willingness and ability to
provide support to SINEK in the event of need. The review will
also focus on (1) the successful implementation of the joint
action plan between the government of Tatarstan and the
management of SINEK in respect to securing an adequate guarantee
for the LPNs by the republic; and (2) SINEK's liquidity
management, including the soundness of the refinancing plan for
the LPNs.
TATNEFT and NKNK:
Moody's review for further downgrade of Tatneft and the extended
review for downgrade of NKNK will assess their resilience to the
increased risk arising from the prevailing negative operating
conditions. The review of Tatneft and NKNK will also focus on
the extent to which deterioration in the Tatarstan's government's
creditworthiness may weaken their credit profiles.
This consideration reflects the risk that the supportive stance
of the Tatarstan and Russian governments towards a particular
corporate may weaken if they face requests for support from many
entities and sectors. The review will also consider the rising,
albeit still low, risk that domestic Russian entities will be
unable to access foreign currency to service their foreign-
currency debt obligations, given recent and prospective pressure
on Russia's foreign-currency reserves.
Any future rating actions on SINEK, Tatneft and NKNK will reflect
further developments at the sovereign and sub-sovereign level.
Downwards pressure may be placed on the companies' ratings if
there is (1) a further downgrade of Russia's sovereign rating
and/or a lowering of the foreign-currency bond country ceiling,
and/or (2) a further downgrade of the Republic of Tatarstan's
rating, or (3) a revision downwards of Moody's assessment of the
probability of the Tatarstan government providing extraordinary
support to the government-related issuers (GRIs) in the event of
financial distress.
The rating agency may also downgrade the ratings of both SINEK
and the company's LPNs if (1) the republic does not increase its
guarantee for the LPNs; and (2) the risk increases that the
company may not be able to fully meet its obligations, both under
the LPNs' prepayment terms and at the LPNs' maturity in August
2015.
Moody's believes there is little likelihood of any upward rating
pressure on the affected companies, unless operating conditions
improve materially. The rating agency would consider confirming
the ratings if the economic environment were to stabilize or the
companies were to show sufficient resilience. Positive pressure
could be exerted on the ratings if Moody's were to raise Russia's
foreign-currency bond country ceiling, and/or Tatarstan's sub-
sovereign rating, provided there is no material deterioration in
the company-specific factors, including their operating and
financial performance, market positions and liquidity.
The principal methodology used in rating Tatneft OAO was Global
Integrated Oil & Gas Industry published in April 2014. Other
methodologies used include the Government-Related Issuers
methodology published in October 2014.
The principal methodology used in rating Svyazinvestneftekhim OAO
and Edel Capital S.A. was Global Investment Holding Companies
published in October 2007. Other methodologies used include the
Government-Related Issuers published in October 2014.
The principal methodology used in rating Nizhnekamskneftekhim
PJSC and NKNK Finance plc was Global Chemical Industry Rating
Methodology published in December 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009 and
the Government-Related Issuers methodology published in October
2014.
SINEK is a 100% state-owned investment holding company of the
Republic of Tatarstan. The company manages an investment
portfolio of key companies, in which Tatarstan has either a
controlling or a blocking stake (along with the golden share).
Tatneft, one of Russia's largest oil and gas companies, operates
in the Republic of Tatarstan. The Tatarstan government holds 36%
of the company's voting stock plus a "golden share". At year-end
2013, Tatneft's estimated net proved crude oil and condensate
reserves amounted to 6.0 billion barrels, according to Petroleum
Resources Management System (PRMS) classification, and its crude
oil average daily production stood at 516 thousand barrels
(Mbbl). In the 12-month period through September 2014, Tatneft
generated net sales of $14.2 billion and adjusted EBITDA of
approximately $4.4 billion.
Based in Nizhnekamsk in the Republic of Tatarstan, NKNK is one of
Russia's key petrochemical companies, producing rubbers,
plastics, monomers and other petrochemicals. NKNK's 10 core
production units are located on one site. The company derived
around half of its revenue from export activities. In 2013, the
company reported revenue of RUB126 billion (around US$3.9
billion). NKNK's largest shareholders are TAIF Group (50.6% of
voting shares) and SINEK (28.6% of voting shares).
===============
S L O V E N I A
===============
TATRA BANKA: Moody's Affirms Standalone 'D+' BFSR
-------------------------------------------------
Moody's Investors Service maintained the review for downgrade of
Slovakia's Tatra banka a.s. Baa1/ Prime-2 local- and foreign-
currency deposit ratings. Concurrently, Moody's confirmed, with
negative outlook, the Tatra's standalone D+ bank financial
strength rating (BFSR), while, lowering its Baseline Credit
Assessment (BCA) to ba1 from baa3.
The rating announcement follows the conclusion of the review on
Tatra's parent, Raiffeisen Bank International AG (RBI) on
Feb. 18, 2015 whereby the rating agency downgraded RBI's long-
term deposit ratings to Baa2, from Baa1, under review for
downgrade, and lowered the BFSR to D- (equivalent to ba3 BCA),
from D (equivalent to ba2 BCA), with negative outlook. For more
information on the rating action on RBI, please refer to Moody's
press release: "Moody's downgrades Raiffeisen Bank International
to Baa2, on review for further downgrade".
Tatra's long-term deposit rating benefits from a multi-notch
uplift from its BCA. This is based on Moody's assumptions of a
very high likelihood of systemic support in case of need, given
Tatra's systemic relevance as the third-largest bank in Slovakia
(A2 stable) by total assets, loans and deposits, and its
importance to the country's payments system.
However, the ongoing review for downgrade of the bank's long-term
deposit and debt ratings takes into account the adoption of the
Bank Recovery and Resolution Directive (BRRD) in the EU. In
particular, this 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. Although Moody's support assumptions are not reduced
for now, the probability has risen that they will be revised
downwards to reflect the new framework.
The confirmation of Tatra's standalone BFSR at D+ recognises the
bank's (1) better-than-Slovak peers deposit-funding profile, as
demonstrated by a 92% loan-to-deposit ratio as of H1 2014; (2)
moderate/satisfactory asset quality, with the problem loans-to-
total gross loans ratio at a low 5.1% as of the same date; and
(3) the strong operating environment in Slovakia, underpinned by
Moody's forecast of real GDP growth of 2.2% for 2014 and 3.1% for
2015.
The lowering of the Tatra's BCA to ba1 from baa3 takes into
account Moody's assumption that the credit quality of parent
banks and their subsidiaries are typically linked, and the action
on the BCA therefore follows the downgrade of its parent's BFSR
to D- (BCA ba3). Moody's continues to maintain a two-notch
differential at the BCA level between Tatra and RBI.
Moody's believes that RBI's weaker standalone credit profile
could affect Tatra's core capital position, as a result of
increasing pressure to upstream capital to the parent. In this
regard, Moody's highlights that the subsidiary already paid out
dividends in excess of profits in 2013 and 2012, amounting to
133% of unconsolidated statutory net profit in 2013 and 139% in
2012. In addition, Tatra's franchise value could be impaired by
any spillover effects arising from reputational risk associated
with its parent.
Moody's believes there is currently no upward pressure for
Tatra's ratings, as reflected in the negative outlook.
A further downgrade of RBI's standalone rating and/or a reduction
in the rating agency's systemic support assumptions could prompt
a downgrade of Tatra's deposit ratings. In addition, the bank's
ratings could experience downward pressure as a result of
substantial weakening in its profitability, erosion of its
capital base and/or deterioration in asset quality.
The principal methodology used in these ratings was Global Banks
published in July 2014.
=========
S P A I N
=========
CEMEX ESPANA: Fitch Maintains 'BB-/RR3' Guaranteed Debt Ratings
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings of 'BB-/RR3(EXP)' to
CEMEX S.A.B. de C.V.'s (CEMEX) proposed USD notes due in 2025 and
Euro notes due in 2023. Proceeds from the notes will be used for
general corporate purposes, including the refinancing of CEMEX's
USD744 million floating-rate notes due September 2015, and
repurchase of a portion of the company's outstanding 2018 and
2020 notes.
The guarantors for the notes will be CEMEX Mexico, S.A. de C.V.,
CEMEX Concretos, S.A. de C.V., Empresas Tolteca de Mexico, S.A.
de C.V., New Sunward Holding B.V., CEMEX Espana, S.A., Cemex Asia
B.V., CEMEX Corp., CEMEX Finance LLC, Cemex Egyptian Investments
B.V., Cemex Egyptian Investments II B.V., CEMEX France Gestion
(S.A.S.), Cemex Research Group AG, Cemex Shipping B.V. and CEMEX
UK. The notes will enjoy the same collateral package as the
creditors under CEMEX's Facilities Agreement.
The Rating Outlook for CEMEX is Stable. A complete list of the
company's current ratings follows at the end of this release.
KEY RATING DRIVERS
Strong Business Position:
CEMEX's 'B+' Issuer Default Ratings (IDRs) continue to reflect
its strong and diversified business position. The company is one
of the largest producers of cement, ready-mix, and aggregates in
the world. Key markets include the U.S., Mexico, Colombia,
Panama, Spain, Egypt, Germany, France, Poland and the U.K. The
company's product and geographic diversification offset some of
the volatility associated with the cyclical cement industry.
High Leverage Constrains Ratings:
CEMEX's ratings remain constrained by the company's high
leverage; CEMEX had USD15.4 billion of net debt as of Dec. 31,
2014. This figure compares unfavorably with USD2.7 billion of
EBITDA at Dec. 31, 2014, and results in a net debt/EBITDA ratio
of 5.9x. Net leverage improved from 6.3x during 2013, as EBITDA
grew 4% and absolute debt levels fell 7% year over year.
Continued EBITDA growth in key markets such as the U.S. and a
turnaround of sluggish operations in Mexico, the Mediterranean,
and South America would aid in further net leverage reduction
going forward.
Modest Credit Improvements Projected:
Fitch projects that CEMEX will generate about USD2.9 billion of
EBITDA in 2015 and USD3.2 billion in 2016 and that the company's
net leverage will be around 5.1x in 2015 and 4.0x in 2016.
Fitch's projections include modest asset sales of around USD100
million per year. Improved cement demand in the U.S. and Mexico
are the key drivers of Fitch's projected improvement in CEMEX's
operating performance. Fitch notes that CEMEX's investment ratio,
as defined by capex to depreciation, has been low at around 0.5x.
Challenges to deleveraging beyond 2015 include rising working
capital needs, higher taxes in key markets such as Mexico, and
rising capital expenditures.
Manageable Maturity Schedule:
CEMEX has a manageable amortization schedule as a result of its
aggressive refinancing efforts during the past few years. The
company had USD855 million of cash and marketable securities as
of Dec. 31, 2014. Most of the company's marketable securities are
held in U.S. and Mexican government bonds. CEMEX faces USD1.4
billion of debt amortizations through the end of 2015, of which a
majority of the short-term debt will be refinanced with the
expected notes issuance.
The company issued EUR400 million notes due in 2022 and USD1.1
billion notes due in 2025 during September 2014, and used the
proceeds to repurchase USD593 million of notes due in 2018,
USD365 million of notes due in 2020, and the remainder for
general corporate purposes including repayment under its bank
facilities agreement. These refinancings lowered its cost of
debt, since the new coupons were below 6% and those on the
repurchased notes were in excess of 9%. The decreased cost of
debt, in addition to growing operating cash flow, should lead to
an improvement in the company's funds from operations (FFO)
fixed-charge coverage to around 1.7x in 2015 from 1.3x in 2013.
U.S. Market Key to Recovery:
CEMEX's main markets during 2014 in terms of EBITDA were Mexico
(36%), Central and South America (27%), the U.S. (15%), Northern
Europe (13%), the Mediterranean (12%), and Asia (5%). CEMEX's
U.S. operations continue to improve, as EBITDA grew to USD421
million in 2014 from USD255 million in 2013. The company's U.S.
operations, however, continue to operate at well below their
potential capacity. On a pro forma basis, Fitch estimates that
the U.S. operations generated around USD2.3 billion of EBITDA in
2006. While U.S. cement demand has recovered to an estimated 89
million metric tons in 2014 from a low of 71 million tons in
2009, it remains well short of the 127 million tons of demand in
2006.
Above-Average Recovery Prospects:
CEMEX and its subsidiaries have issued debt instruments from
Mexico, the U.S., the British Virgin Islands, the Netherlands,
and Spain. Because of the complexity of the company's capital
structure and the various legal jurisdictions, Fitch does not
envision a scenario in which CEMEX's creditors would want it to
enter bankruptcy (quiebra) or an insolvency (concurso mercantil)
process in Mexico, as there would be a high degree of uncertainty
as to the outcome. In deriving a distressed enterprise valuation
to determine the recovery under this scenario, Fitch discounted
the company's EBITDA to USD2.1 billion, which is a level that
would just cover operating leases, interest expenses, and
maintenance capital expenditures, and applied a conservative
EBITDA multiple of 6x.
This calculation resulted in an anticipated recovery level of 76%
for the company's senior secured debt, which would be consistent
with a Recovery Rating of 'RR2'. The recovery prospects of senior
creditors are bolstered by USD1.7 billion of convertible
subordinated notes, which can only be replaced by equity or
similar quasi-equity instruments, according to the Facilities
Agreement. Fitch typically caps RRs of Mexican corporates at
'RR3' to account for concerns about various aspects of the
bankruptcy framework from a creditor's perspective even when its
bespoke analysis indicates it could be higher. CEMEX's rating has
also been capped at 'RR3', which is consistent with recovery
prospects anticipated to be in the range of 50% to 70% in the
event of default.
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:
-- Fitch is projecting that CEMEX's EBITDA in its U.S.
operations will grow to USD550 million by 2015 from USD421
million in 2014. This projection incorporates an expectation
that single-family and multi-family housing starts in the
U.S. will total 1.1 million in 2015. Growth beyond this
figure would be positive for the company's U.S. business and
would accelerate its deleveraging process.
-- Cement demand in Mexico has underperformed Fitch's
expectations since 2013 and this has offset improvements in
operating cash flow in Northern Europe, as well as in the
U.S. EBITDA generated by CEMEX in Mexico remained relatively
flat at USD999 million in 2014 compared to USD1 billion in
2013. Fitch currently projects EBITDA in this market will
rebound to USD1.1 billion by 2015. Growth faster than this
could also accelerate debt reduction.
-- CEMEX's stock currently trades at USD9.96 per ADS. The
company has issued subordinated convertible notes that mature
in 2015 (USD320 million), 2016 (USD978 million) and 2018
(USD690 million). The conversion prices for these notes are
USD11.18/ADS, USD9.65/ADS and USD9.65/ADS, respectively. The
2015 convertibles have a contingent mechanism that will
likely extend the maturity date out another five years. If
successful in converting the 2016 notes, Fitch projects that
the company's net debt/EBITDA ratio would be below 3.8x by
the end of 2016, which could result in an upgrade for the
company's IDRs.
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
-- Rating downgrades are not likely during 2015 as CEMEX's
credit protection measures are strong for the existing
ratings, given the company's strong global business position
and the sluggishness of the U.S. market relative to its long-
term potential.
-- CEMEX received an unfavorable ruling by the Spanish tax
authorities during 2014 that could result in a payment of
EUR455 million. If the company is unsuccessful in its appeal,
this fine would hinder its ability to deleverage and could
lead to a negative rating action if the payment coincides
with continued sluggishness in other key markets.
-- A loss of the positive momentum in the U.S. market would have
a material impact upon the company's ability to deleverage to
less than 4.5x by 2015. Fitch would consider a change in
rating or Outlook if CEMEX's leverage trends reversed and net
leverage exceeded 6.5x.
Key Assumptions:
-- U.S. cement sales volumes increase 5% in 2015;
-- Mexico cement sales volumes increase 2% in 2015;
-- Consolidated sales volumes lower than management guidance;
-- Net debt to decline approximately USD700 million during 2015;
-- Capital expenditures of approximately USD700 million in 2015;
-- Asset sales of approximately USD100 million in 2015.
Fitch currently rates CEMEX as follows:
CEMEX
-- Foreign and local currency IDR 'B+';
-- Senior secured notes 'BB-/RR3';
-- National scale long-term rating 'BBB(mex)';
-- Senior unsecured certificates 'BBB(mex)';
-- National scale short-term rating 'F3(mex)'.
In addition to the aforementioned ratings of CEMEX, Fitch also
maintains 'BB-/RR3' ratings on the guaranteed debt issued by:
Cemex Espana S.A.
CEMEX Finance LLC, a limited liability company incorporated in
the U.S.
CEMEX Materials Corporation, a limited liability company
incorporated in the U.S.
C5 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C8 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C10 Capital (SPV) Limited, a British Virgin Island restricted-
purpose company
C-10 EUR Capital (SPV) Limited, a British Virgin Island
restricted-purpose company
OCANA-LA RODA: Madrid Court Rejects Government's Rescue Plan
------------------------------------------------------------
Sonya Dowset at Reuters reports that a Spanish court has rejected
a government proposal to rescue Ocana-La Roda and R4, two of nine
bankrupt motorways, increasing the likelihood the toll roads will
go into liquidation and the state will have to assume their debt
of more than EUR4 billion (US$4.5 billion).
According to Reuters, court documents showed that a Madrid
commercial court said on Feb. 24 the terms of the rescue package
were not legal and the two road operators would now enter
liquidation.
Reuters relates that a government spokeswoman said the government
will appeal the decision.
"If the roads start entering into liquidation one by one, it
makes a rescue package more unlikely as there will be less roads
to group together," Reuters quotes one source close to the
negotiations as saying.
The road operators went bust after failing to attract enough
traffic during Europe's economic crisis, Reuters recounts. Use
of the roads, which mostly run around Madrid, has dropped further
still because many have toll-free highways running alongside
them, Reuters discloses.
Under a Spanish law drawn up over 40 years ago, the state is
liable for the cost of the land and construction of private
motorways if they go bust, Reuters notes. Spain has proposed a
EUR2.3 billion rescue package that would keep the highway debt
from going onto its deficit, Reuters relays.
The terms of the deal would inflict a 50% loss on the banks that
lent the money to build the roads, Reuters says. Spanish lenders
accepted the terms, but foreign banks objected, sources say,
delaying any rescue as they seek better conditions, according to
Reuters.
=============
U K R A I N E
=============
BG BANK: Faces Liquidation Following Insolvency
-----------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
Feb. 26 decided to liquidate BG Bank.
The central bank, as cited by Interfax-Ukraine, said that BG Bank
was put on the list of insolvent banks under NBU resolutions
No. 744 and 745 of November 27, 2014. Temporary administration
at the bank expired on February 27, 2015, Interfax-Ukraine
relates.
According to Interfax-Ukraine, a post on the NBU's Web site said,
"Shareholders and top managers of the bank did not take measures
aimed at preventing insolvency of the bank on time, in
particular, they did not remove a lack of liquidity and did not
fulfill liabilities to depositors and creditors on time".
BG Bank was founded in 1994. It ranked 84th among 158 operating
banks as of January 1, 2015, in terms of total assets worth
UAH1.301 billion, according to the National Bank of Ukraine.
LEGBANK: NBU Opts for Liquidation Following Insolvency
------------------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
Feb. 26 decided to liquidate Legbank.
The central bank, as cited by Interfax-Ukraine, said that Legbank
was put on the list of insolvent banks under NBU resolutions No.
744 and 745 of November 27, 2014. Temporary administration at
the bank expired on February 27, 2015, Interfax-Ukraine relates.
According to Interfax-Ukraine, a post on the NBU's Web site said
"Shareholders and top managers of the bank did not take measures
aimed at preventing insolvency of the bank on time, in
particular, they did not remove a lack of liquidity and did not
fulfill liabilities to depositors and creditors on time."
Legbank was founded in 1989. It ranked 133rd among operating
banks as of January 1, 2015, with UAH396 million in terms of
total assets, according to the National Bank of Ukraine.
===========================
U N I T E D K I N G D O M
===========================
PETROPAVLOVSK PLC: Investors Back Restructuring Plan
-----------------------------------------------------
James Wilson at The Financial Times reports that Petropavlovsk
investors have supported its restructuring plan and rejected an
alternative from the stricken company's largest shareholder.
According to the FT, the company is now set to proceed with a
deeply discounted US$235 million rights issue underwritten partly
by Peter Hambro, the city veteran who founded the group two
decades ago.
Sapinda, an investment group, had called on Petropavlovsk's
shareholders to reject the rights issue proposal, saying the
miner's overall restructuring was heavily weighted in favor of
its bondholders, the FT relays. Sapinda had amassed an 8% stake
and said almost 11% of shareholders would reject the refinancing,
the FT notes. But on Feb. 26, at least 86% of the shares voted
supported the restructuring promoted by Mr. Hambro, his founding
partner Pavel Maslovskiy and the company, the FT discloses.
Bondholders backed the plan earlier last week, the FT recounts.
The restructuring is being implemented to deal with more than
US$300 million of imminently maturing debt, the FT states. The
refinancing includes the issue of a US$100 million convertible
bond, the FT discloses. Mr. Hambro had warned of possible
insolvency for Petropavlovsk had shareholders not voted in favor
of the restructuring, the FT notes.
The refinancing involve a deeply discounted rights issue,
granting equity holders rights to 157 new shares for every 10
held, at 5p a share, the FT says.
Petropavlovsk PLC is a London-listed mining and exploration
company with its principal assets located in Russia.
SOUTHERN WATER: Moody's Affirms Ba1 Subordinated Debt Ratings
-------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 corporate family
rating of Southern Water Services Limited (Southern Water).
Concurrently, the rating agency also affirmed the Baa1 senior
secured and Ba1 subordinated debt ratings for Class A and Class B
debt issued by Southern Water Services (Finance) Limited (all
issuance guaranteed by Southern Water). At the same, the rating
agency changed the outlook on all ratings to stable from
negative.
This rating action follows Southern Water's acceptance of the
final price determination, published by the Water Services
Regulation Authority (Ofwat) in December 2014, which sets allowed
revenues for the five-year regulatory period commencing 1 April
2015 (AMP6).
"The change in outlook reflects our expectation that Southern
Water will be able to perform in line with our guidance for the
Baa2 corporate family rating during AMP6", said Matthew Huxham, a
Moody's Assistant Vice President -- Analyst and lead analyst for
Southern Water. "This follows three years of steadily improving
operational performance and declining gearing. It faces a tough
efficiency challenge, however Southern Water's new, more prudent,
financial policy has made it more resilient than at the start of
the previous regulatory period in 2011".
Southern Water's performance in the financial years to March 31,
2013 and 2014 has broadly been consistent with Moody's guidance
for the current rating with minimum Adjusted Interest Coverage of
at least 1.2x and net debt to Regulated Capital Value (RCV)
trending below 80%. The stabilisation of the outlook reflects
the rating agency's expectation that the company will continue to
be able to maintain metrics in line with this guidance over the
AMP6 period. This is, in part, because Southern Water will be
allowed recover almost GBP200 million (in 2012/13 prices) in
under-recovered revenues from AMP5, which will more than offset
the company's relatively high embedded cost of debt and mitigate
the negative impact of the reduction in the allowed return for
the appointed business to 3.74% (real, post-tax) from 5.1% in
AMP5.
The final determination comes just over 6 months after Southern
Water's management announced a new more creditor-friendly
financial policy, in which the company, inter alia, committed not
to exceed a gearing level of around 80% net debt/RCV or to access
future index-linked debt through swaps.
The Baa2 CFR further reflects (1) the group's low business risk
profile as monopoly provider of water and wastewater services
operating under a well-established, transparent and predictable
regulatory framework; and (2) the hedging profile and structural
enhancements embedded within Southern Water's debt structure as
well as its relative weaknesses compared to similar transactions.
The Baa1 rating of the Class A bonds reflects their seniority
relative to the Class B bonds and the Ba1 rating of the Class B
bonds reflects their subordination to the Class A bonds.
Southern Water's Baa2 CFR remains one notch lower than comparable
UK water transactions. This largely reflects additional risks
embedded in the derivatives portfolio, specifically the GBP1.3
billion notional of RPI swaps, which had a negative mark-to-
market (MTM) value of around GBP1.4 billion as at March 2014.
Whilst a relatively small proportion of these swaps are subject
to break clauses and provide Southern Water with inflation
protection, they result in only a temporary improvement in the
company's financial profile as the accretion is paid down during
the life of the swap. The rating agency considers that these
instruments reduce the value of the financial covenants, thus
undermining the robustness of the financing structure, which is a
key factor in justifying ratings that are one notch higher for
comparable transactions.
Moody's considers management's stated policy that it will not
seek to access further inflation-linked debt through such
instruments to be credit positive. Furthermore, the rating
agency views management's actions in recent years to safeguard
Southern Water's credit profile, principally by retaining cash
within the business rather than paying equity dividends, as
supporting a stable credit profile.
The stable rating outlook reflects Moody's expectation that
Southern Water will be able to maintain financial metrics in line
with our guidance for its Baa2 CFR, with Adjusted Interest
Coverage persistently at or above 1.2x and net debt to RCV around
80%.
Positive rating pressure could arise only if the company were to
persistently achieve a lower level of gearing than is currently
targeted -- of no more than 75% net debt/RCV, at level at which
the rating agency would expect an adjusted interest coverage
ratio of at least 1.4x.
Conversely, downward pressure could arise in the event of (1) an
increase in dividend payments, which resulted in a sustained
increase in gearing above 80% net debt/RCV; (2) severe
deterioration in operational performance that results in the
company's debt protection measures remaining persistently in
breach of the distribution lock-up triggers under the terms of
the financing (senior average adjusted ICR below 1.2x and/or
Class A average adjusted ICR below 1.4x); (3) a materially
unfavorable change in the regulatory framework for the UK water
sector, leading to a significant increase in the company's
business risk; or (4) unfavorable market conditions that would
affect the company's ability to refinance debt maturities when
due, either those of the Southern Water financing group or those
of the Southern Water Greensands (Financing) group.
The principal methodology used in these ratings was Global
Regulated Water Utilities published in December 2009.
SPECIALIST SUBSEA: In Administration; 77 Jobs Affected
------------------------------------------------------
Dominic Jeff at The Scotsman reports that Specialist Subsea
Services has gone into administration with the loss of dozens of
jobs.
According to The Scotsman, the company, which had been trading
since 2007 and was acquired by the Reef Group in 2009, had
recently chartered a new vessel and bought new equipment, but
rapidly ran out of cash as work in the sector declined in the
aftermath of the collapse in oil prices.
Blair Nimmo and Geoff Jacobs -- geoffrey.jacobs@kpmg.co.uk -- of
KPMG were appointed as administrators last week, The Scotsman
relates. They said there was "minimal work in progress" at the
firm, giving them "no option other than to make 77 of the
company's 82 employees redundant with immediate effect".
The remaining five employees have been retained to assist the
administrators to realize the company's assets and to help market
the business and assets for sale.
Specialist Subsea Services is an Aberdeen company specializing in
underwater vehicles and other subsea services to the offshore
sector. The company specialized in remotely operated underwater
vehicles (ROVs), offshore survey, geotechnical and subsea
intervention, including vessel operations.
THAMES WATER: Moody's Affirms 'B1' Rating on GBP400MM Bonds
-----------------------------------------------------------
Moody's Investors Service affirmed the Baa1 corporate family
rating of Thames Water Utilities Limited, following the
conclusion of the regulatory price review and the company's
acceptance of the final price determination published by the
Water Services Regulation Authority's (Ofwat), the economic
regulator for the water companies in England and Wales, on Dec.
12, 2014.
The rating agency also affirmed the A3 senior secured and Baa3
subordinated debt ratings of the Class A and Class B notes,
respectively, issued by Thames Water's financing subsidiaries,
Thames Water Utilities Finance Limited, and Thames Water
Utilities Cayman Finance Limited.
Concurrently, Moody's has affirmed the B1 rating on the GBP400
million guaranteed senior secured bonds due April 2019, issued by
Thames Water (Kemble) Finance PLC (Kemble), a finance subsidiary
of Thames Water's intermediate holding company Kemble Water
Finance Limited. The outlook on all ratings is stable.
The decision to affirm Thames Water's Baa1 CFR primarily reflects
(1) a final regulatory price determination that is broadly in
line with the company's business plan submission; (2) reduced
risks in relation to Thames Water's involvement with the Thames
Tideway Tunnel (TTT) project; (3) a conservative financial and
dividend policy during the ongoing TTT procurement process; and
(4) credit metrics forecast to remain around 80% of net debt to
regulatory capital value (RCV) and around 1.3x or better for the
adjusted interest coverage, broadly in line with Moody's guidance
for the current rating.
Thames Water is involved in the early development of the TTT
project. While the completion of the TTT project through a
government-specified infrastructure provider will ring-fence
Thames Water from the main construction risk, a credit positive,
Moody's still believes that the company is exposed to
reputational and financial challenges that other companies in the
sector do not face. In affirming Thames Water's rating and
stabilizing the outlook Moody's takes into account (1) the
progress that has been made to-date on the procurement of
construction consortia and equity holders for the infrastructure
provider; and (2) a specific uncertainty mechanism embedded
within Thames Water's final determination that will protect the
company against additional cost due to any delays in the TTT
procurement process and potential additional preparatory works
that would be taken on by Thames Water. Furthermore,
management's conservative approach to limit distributions during
the infrastructure provider procurement process will allow the
operating company to maintain additional financial flexibility to
offset potential cost pressures.
In addition, Thames Water is the only WaSC that received
regulatory total expenditure allowances in excess of its business
plan submission for both water and wastewater services, which
provides larger opportunity for cost outperformance. This,
coupled with a capital structure that shows limited risks in
relation to adverse derivative contracts, and overall average
cost of debt broadly in line with current regulatory assumptions,
put Thames Water in a stronger financial position than some of
its highly-leveraged peers, which Moody's considers sufficient to
offset the incremental risks related to the TTT project.
Moody's also rates the two classes of notes issued by Thames
Water Utilities Finance Limited and Thames Water Utilities Cayman
Finance Limited, and guaranteed by Thames Water. The A3 rating
of the Class A bonds reflects their structural seniority relative
to the Class B bonds, and the Baa3 rating of the Class B bonds
reflects their structural subordination to the Class A bonds.
Moody's decision to affirm the B1 rating of Kemble's GBP400
million 8-year notes due April 2019 (the Kemble Notes) primarily
reflects that while the lower return allowance for the operating
water company reduces the flexibility to upstream dividends,
Thames Water will retain some financial flexibility due to
management's prudent approach to its financial policy, and
liquidity at the holding company is expected to provide back-stop
cover for debt service over a period well in excess of 18 months.
Moody's expects that dividend distributions from Thames Water
will be limited to the amount needed to cover the debt service of
the Kemble Notes and other external debt and administrative costs
at Kemble, i.e. the cash dividend cover is unlikely to be
materially higher than 1.0x, at least over the early years of the
next five-year regulatory period. However, the rating agency
views this as an artificially low ratio, given that the operating
company would have additional flexibility. Moody's believes that
the retention of cash at the operating company is overall credit
positive because of the potential incremental risks posed by the
involvement in the TTT project. Nevertheless, should cash lock-
ups be triggered at the operating company, such cash would no
longer be available for the benefit of holding company lenders at
Kemble.
Given that Thames Water's final determination includes scope for
outperforming total expenditure allowances, Moody's expects that
Kemble's cash dividend coverage will increase to at least 2.0x in
the later years of AMP6. The additional cash maintained within
Kemble, together with at least a GBP65 million revolving credit
facility will also provide adequate back-stop liquidity at
current rating levels.
The stable outlook on Thames Water's ratings reflects Moody's
expectation that Thames Water's financing structure should be
relatively resilient to downside scenarios due to the cash-
trapping triggers designed to ensure that cash is retained in the
company if certain ratio thresholds are breached. Such cash
could then be used to absorb the effect of possible downsides.
Moody's also believes that key uncertainties resulting in
incremental risks that the company is exposed to in relation to
the TTT project are adequately mitigated through a specific
mechanism for an interim price review in certain circumstances
outside of management's control.
The stable outlook on Kemble's ratings reflects Moody's
expectation that (1) certain favourable elements of the final
price determination, particularly in relation to the TTT
uncertainty mechanism, reduce the risk at the operating company
level; and (2) a conservative financial profile at the operating
company level with lower leverage around 80% compared to the 85%
trigger level will provide additional headroom to offset
operational challenges. Whilst actual distributions to Kemble
will be kept at the minimum required to cover the Kemble debt
service requirements in the initial years of AMP6, Moody's
believes the risk reduction measures taken at the Thames Water
level mitigate other challenges represented by a lower allowed
return. Although financial headroom is reduced, Kemble debt
service should not be endangered, particularly considering
additional liquidity held at the holding company, and Moody's
expects cash dividend coverage to improve over the AMP6 period.
Given (1) the overall consolidated Kemble Water group's funding
structure; (2) Moody's expectation that both Thames Water and
Kemble will likely maintain a highly-leveraged financial profile;
(3) the reduced financial flexibility due to lower allowed
returns over the next regulatory period; and (4) continuing
exposure to certain interface works with the TTT project, there
is limited potential for any rating upgrade. Upward rating
pressure would require a material and permanent improvement in
debt protection measures.
Negative pressure on the Thames Water and Kemble ratings could
derive from a deterioration of the operational or financial
performance, resulting in the company persistently exceeding
leverage of around 80% or exhibiting an Adjusted Interest Cover
Ratio of consistently less than 1.3x. In addition, (1) a
significant increase in business risk for the sector as a result
of, for example, legal and regulatory changes leading to material
competition; or (2) Thames Water being required to deliver the
main part of the TTT project (e.g., in the event that the
preferred delivery model is not successful), could also result in
negative rating pressure.
Further negative pressure on the Kemble Notes could follow from
(1) negative funding conditions, which could increase refinancing
risk; or (2) adverse conditions at the operating company that
could significantly impact its ability to upstream dividends.
The principal methodology used in these ratings was Global
Regulated Water Utilities published in December 2009.
Thames Water Utilities Limited is the largest of the ten water
and sewerage companies in England and Wales by both RCV and
number of customers served. Thames Water provides drinking water
to around 8.8 million customers and sewage treatment for a
residential population of around 14 million in London and the
Thames Valley.
Thames Water is the major subsidiary of Thames Water Limited
which was acquired by Kemble Water Limited, a consortium led by
Macquarie's European Infrastructure Funds, in 2006.
Thames Water (Kemble) Finance PLC (Kemble Finance) is the
financing subsidiary of Kemble Water Finance Limited (Kemble), an
intermediate holding company in the Thames Water Group, where
Thames Water is the principal operating subsidiary.
List of Affected Ratings
Affirmations:
Issuer: Thames Water Utilities Ltd.
-- Corporate Family Rating, Affirmed Baa1
Issuer: Thames Water Utilities Finance Limited
-- BACKED Senior Secured Regular Bond/Debenture, Affirmed A3
Issuer: Thames Water Utilities Cayman Finance Limited
-- BACKED Subordinate Medium-Term Note Program, Affirmed
(P)Baa3
-- BACKED Senior Secured Medium-Term Note Program, Affirmed
(P)A3
-- BACKED Subordinate Regular Bond/Debenture, Affirmed Baa3
-- BACKED Senior Secured Regular Bond/Debenture, Affirmed A3
Issuer: Thames Water (Kemble) Finance PLC
-- BACKED Senior Secured Regular Bond/Debenture, Affirmed B1
Outlook Actions:
Issuer: Thames Water Utilities Ltd.
-- Outlook, Changed To Stable From Negative
Issuer: Thames Water Utilities Finance Limited
-- Outlook, Changed To Stable From Negative
Issuer: Thames Water Utilities Cayman Finance Limited
-- Outlook, Changed To Stable From Negative
Issuer: Thames Water (Kemble) Finance PLC
-- Outlook, Changed To Stable From Negative
YORKSHIRE BUILDING: Moody's Assigns Ba1(hyb) Rating to PIBS
-----------------------------------------------------------
Moody's Investors Service has withdrawn Yorkshire Building
Society (YBS)'s Permanent Interest Bearing Shares (PIBS - ISIN:
XS0247065674) Baa2 rating and simultaneously assigned a Ba1(hyb)
rating. The outlook on the rating is stable. All the other
ratings remain unchanged.
The key driver of Moody's rating action was the identification of
an error in the classification of PIBS when the rating was
assigned in March 2006. YBS' PIBS have the following main
characteristics: i) they are perpetual, non-cumulative and
subordinated to all other liabilities other than liabilities in
respect of other deferred shares; ii) in winding-up or
dissolution of the society, the claims of PIBS rank behind all
other creditors and those of members holding shares; iii) there
is a mandatory coupon skip if payment would result in breaching
capital requirements; and iv) they have an optional coupon
skip/reduction at issuer's discretion. Given the above features,
Moody's considers them preferred non-cumulative shares.
However, when the rating was assigned, PIBS were erroneously
classified as subordinated debt and therefore rated at one notch
below YBS' Baseline Credit Assessment (BCA), in accordance with
Moody's methodology. Because PIBS are not outstanding as
subordinated debt, Moody's has now withdrawn the Baa2 rating on
PIBS. Please refer to Moody's Investors Service's Policy for
Withdrawal of Credit Ratings. The assignment of a Ba1 (hyb)
rating is in line with the current methodology and with the
approach used by Moody's to rate PIBS issued by other building
societies.
The rating on preferred non-cumulative shares is driven by the
BCA. Upward rating pressure on YBS' BCA could arise from a
continued improvement of its financial performance, significant
further de-risking coupled with improvement in risk composition
and arrears. Significant deterioration in asset quality or a
negative shift in assumptions underlying forward looking loss
analysis would be factors for determining whether a downward
adjustment in the standalone assessment is appropriate. More
generally a weakening in the UK operating environment impacting
loss-absorption capacity (earnings and capital) along with
deterioration in retail funding to levels that are out of line
with those of peers could lead to downward pressure on YBS' BCA.
The principal methodology used in this rating was Global Banks
published in July 2014.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week February 23 to February 27, 2015
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
VTB Bank OJSC Via V 6.95 10/17/2022 USD 75.00
OAS Investments Gmb 8.25 10/19/2019 USD 34.28
Sberbank of Russia 5.25 5/23/2023 USD 73.72
Sberbank of Russia 5.50 2/26/2024 USD 77.00
Rosneft Oil Co via 4.20 3/6/2022 USD 75.25
Takko Luxembourg 2 9.88 4/15/2019 EUR 33.25
Gazprombank OJSC Vi 7.50 12/28/2023 USD 72.75
Russian Railways vi 3.37 5/20/2021 EUR 73.91
Russian Federal Bon 8.15 2/3/2027 RUB 71.99
QGOG Constellation 6.25 11/9/2019 USD 64.00
Heta Asset Resoluti 4.38 1/24/2017 EUR 68.16
Sistema JSFC via Si 6.95 5/17/2019 USD 75.00
Gazprombank OJSC Vi 5.13 5/13/2024 CHF 71.50
Ukraine Government 9.25 7/24/2017 USD 60.54
Heta Asset Resoluti 4.25 10/31/2016 EUR 67.96
VTB Bank OJSC Via V 5.00 10/24/2024 CHF 68.88
CGG SA 6.50 6/1/2021 USD 76.00
Russian Standard Ba 10.75 4/10/2018 USD 30.00
Frigoglass Finance 8.25 5/15/2018 EUR 70.25
Russian Agricultura 6.00 6/3/2021 USD 72.50
Ukraine Government 7.50 4/17/2023 USD 58.25
Bank Otkritie Finan 10.00 4/26/2019 USD 71.00
Russian Agricultura 8.50 10/16/2023 USD 69.78
Rickmers Holding Gm 8.88 6/11/2018 EUR 70.58
Credit Bank of Mosc 8.70 11/13/2018 USD 78.00
Afren PLC 6.63 12/9/2020 USD 56.75
Brunswick Rail Fina 6.50 11/1/2017 USD 59.65
Ukraine Government 6.88 9/23/2015 USD 70.55
Ukraine Government 4.95 10/13/2015 EUR 62.80
Gazprom Neft OAO Vi 4.38 9/19/2022 USD 74.25
EDC Finance Ltd 4.88 4/17/2020 USD 66.25
Far East Capital Lt 8.00 5/2/2018 USD 41.00
Novatek OAO via Nov 4.42 12/13/2022 USD 66.13
CGG SA 1.25 1/1/2019 EUR 24.07
Home Credit & Finan 9.38 4/24/2020 USD 72.51
Russian Federal Bon 6.80 12/11/2019 RUB 73.25
Banco Espirito Sant 7.13 11/28/2023 EUR 9.00
Vnesheconombank Via 4.03 2/21/2023 EUR 70.35
TMK OAO Via TMK Cap 7.75 1/27/2018 USD 87.00
Virgolino de Olivei 10.50 1/28/2018 USD 6.75
MHP SA 8.25 4/2/2020 USD 75.20
Russian Federal Bon 7.60 4/14/2021 RUB 72.80
TMK OAO Via TMK Cap 6.75 4/3/2020 USD 51.50
Russian Standard Ba 7.73 12/16/2015 USD 65.13
SOITEC 6.75 9/18/2018 EUR 1.87
Russian Railways vi 8.30 4/2/2019 RUB 67.88
Renaissance Credit 7.75 5/31/2016 USD 88.00
Avangardco Investme 10.00 10/29/2015 USD 64.50
EnQuest PLC 5.50 2/15/2022 GBP 68.18
Tinkoff Credit Syst 14.00 6/6/2018 USD 70.00
Russian Standard Ba 7.56 12/1/2016 USD 50.00
Oschadbank Via SSB 8.25 3/10/2016 USD 57.75
Russian Federal Bon 7.00 1/25/2023 RUB 67.50
EnQuest PLC 7.00 4/15/2022 USD 61.00
Russian Agricultura 8.63 2/17/2017 RUB 74.88
Russian Railways vi 2.73 2/26/2021 CHF 72.11
Oschadbank Via SSB 8.88 3/20/2018 USD 56.00
Banca delle Marche 1.03 6/1/2017 EUR 53.33
Vneshprombank via V 9.00 11/14/2016 USD 92.00
Russian Federal Bon 7.60 7/20/2022 RUB 70.75
Ukraine Government 7.80 11/28/2022 USD 59.08
Mriya Agro Holding 9.45 4/19/2018 USD 11.00
Paragon Offshore PL 6.75 7/15/2022 USD 61.50
Indo Energy Finance 6.38 1/24/2023 USD 64.56
Raspadskaya OJSC Vi 7.75 4/27/2017 USD 64.00
Home Credit & Finan 10.50 4/19/2021 USD 61.00
OGX Austria GmbH 8.50 6/1/2018 USD 0.10
Sberbank of Russia 7.40 3/4/2018 TRY 69.65
WPE International C 10.38 9/30/2020 USD 19.00
Ukraine Government 7.75 9/23/2020 USD 59.72
Paragon Offshore PL 7.25 8/15/2024 USD 60.75
AHML Finance Ltd 7.75 2/13/2018 RUB 58.40
Afren PLC 10.25 4/8/2019 USD 97.50
Metinvest BV 8.75 2/14/2018 USD 60.50
Ukraine Government 6.58 11/21/2016 USD 61.33
Ukraine Government 6.75 11/14/2017 USD 60.77
UKRLANDFARMING PLC 10.88 3/26/2018 USD 50.50
Privatbank CJSC Via 9.38 9/23/2015 USD 71.50
Ukreximbank Via Biz 8.75 1/22/2018 USD 58.13
Ukraine Government 6.25 6/17/2016 USD 62.38
Russian Standard Ba 11.50 1/17/2024 USD 29.88
Renaissance Credit 13.50 6/21/2018 USD 49.50
Virgolino de Olivei 11.75 2/9/2022 USD 1.96
Ekosem-Agrar GmbH 8.50 12/7/2018 EUR 64.97
Borets Finance Ltd 7.63 9/26/2018 USD 96.00
Air France-KLM 4.97 4/1/2015 EUR 12.27
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.21
DTEK Finance PLC 7.88 4/4/2018 USD 45.00
Hema Bondco II BV 8.50 12/15/2019 EUR 61.24
Towergate Finance P 10.50 2/15/2019 GBP 25.00
Federal Grid Co OJS 8.45 3/13/2019 RUB 67.79
Financing of Infras 9.00 12/7/2017 USD 60.00
Ukraine Railways vi 9.50 5/21/2018 USD 65.25
Ekosem-Agrar GmbH 8.75 3/23/2017 EUR 71.00
Russian Federal Bon 6.70 5/15/2019 RUB 74.75
City of Kyiv Via Ky 9.38 7/11/2016 USD 69.76
VimpelCom Holdings 9.00 2/13/2018 RUB 67.13
DTEK Finance BV 9.50 4/28/2015 USD 79.00
Iona Energy Co UK P 9.50 9/27/2018 USD 70.00
Ukraine Government 7.95 2/23/2021 USD 59.32
Bank of New York Me 4.33 12/30/2099 EUR 30.33
Asya Sukuk Co Ltd 7.50 3/28/2023 USD 60.98
Espirito Santo Fina 6.88 10/21/2019 EUR 0.18
Alcatel-Lucent 4.25 7/1/2018 EUR 3.32
Codere Finance Luxe 8.25 6/15/2015 EUR 61.00
Russian Agricultura 7.88 2/7/2018 RUB 65.00
ESFIL-Espirito Sant 5.25 6/12/2015 EUR 5.00
First Ukrainian Int 11.00 12/31/2018 USD 71.00
Yuksel Insaat AS 9.50 11/10/2015 USD 61.00
Far East Capital Lt 8.75 5/2/2020 USD 41.50
Singulus Technologi 7.75 3/23/2017 EUR 41.38
TUI AG 2.75 3/24/2016 EUR 73.47
OGX Austria GmbH 8.38 4/1/2022 USD 1.00
Ekotechnika GmbH 9.75 5/10/2018 EUR 23.51
Talvivaara Mining C 4.00 12/16/2015 EUR 1.00
Norske Skogindustri 7.00 6/26/2017 EUR 56.26
Banca delle Marche 1.23 6/15/2016 EUR 50.63
Alcatel-Lucent 0.13 1/30/2020 EUR 4.09
City of Kiev Ukrain 8.00 11/6/2015 USD 74.15
Takko Luxembourg 2 7.08 4/15/2019 EUR 33.14
Promsvyazbank OJSC 10.50 7/30/2021 USD 68.75
EnQuest PLC 7.00 4/15/2022 USD 62.00
Air France-KLM 2.03 2/15/2023 EUR 11.55
EXIM of Ukraine CJS 5.79 2/9/2016 USD 51.51
KCA Deutag UK Finan 7.25 5/15/2021 USD 70.75
Virgolino de Olivei 10.88 1/13/2020 USD 20.00
Norske Skogindustri 11.75 6/15/2016 EUR 73.10
Econocom Group SA/N 1.50 1/15/2019 EUR 10.44
Praktiker AG 5.88 2/10/2016 EUR 0.13
Etablissements Maur 1.63 7/1/2019 EUR 15.30
Geo Travel Finance 10.38 5/1/2019 EUR 71.50
Russian Federal Bon 6.40 5/27/2020 RUB 71.75
Afren PLC 6.63 12/9/2020 USD 56.00
Alno AG 8.50 5/14/2018 EUR 58.50
Aralco Finance SA 10.13 5/7/2020 USD 8.50
AG Spring Finance I 9.50 6/1/2019 EUR 74.72
Oesterreichische Vo 0.93 11/28/2016 EUR 27.13
Mriya Agro Holding 10.95 3/30/2016 USD 11.00
Mifa Mitteldeutsche 7.50 8/12/2018 EUR 9.10
Pescanova SA 5.13 4/20/2017 EUR 3.83
MAG IAS GmbH 7.50 2/8/2016 EUR 55.13
Phones4u Finance PL 9.50 4/1/2018 GBP 32.63
Metinvest BV 10.50 11/28/2017 USD 61.39
Phosphorus Holdco P 10.00 4/1/2019 GBP 2.00
DF Deutsche Forfait 7.88 5/27/2020 EUR 64.25
Privatbank CJSC Via 10.88 2/28/2018 USD 57.63
Hellenic Republic G 5.20 7/17/2034 EUR 62.38
MS Deutschland Bete 6.88 12/18/2017 EUR 15.10
NII International T 11.38 8/15/2019 USD 74.00
Renaissance Credit 13.50 5/22/2019 USD 52.63
Faurecia 3.25 1/1/2018 EUR 31.99
Financing of Infras 8.38 11/3/2017 USD 60.00
NTRP Via Interpipe 10.25 8/2/2017 USD 40.00
Norwegian Energy Co 6.75 6/9/2019 NOK 10.13
VTB Bank OJSC Via V 6.95 10/17/2022 USD 74.05
Nexans SA 4.00 1/1/2016 EUR 54.40
Pescanova SA 8.75 2/17/2019 EUR 3.92
NII International T 7.88 8/15/2019 USD 71.50
OAS Investments Gmb 8.25 10/19/2019 USD 41.00
Commercial Bank Pri 5.80 2/9/2016 USD 50.00
InterOil Exploratio 15.00 3/14/2016 NOK 30.00
Corporate Commercia 8.25 8/8/2014 USD 3.58
Peugeot SA 4.45 1/1/2016 EUR 26.07
Laurel GmbH 7.13 11/16/2017 EUR 32.88
Bank St Petersburg 11.00 10/24/2018 USD 67.38
Bank St Petersburg 10.75 4/22/2019 USD 65.00
Sympatex Holding Gm 8.00 12/3/2018 EUR 37.25
Dannemora Mineral A 11.75 3/22/2016 USD 0.63
Espirito Santo Fina 3.13 12/2/2018 EUR 1.51
Virgolino de Olivei 10.88 1/13/2020 USD 58.85
Nexans SA 2.50 1/1/2019 EUR 70.38
Afren PLC 10.25 4/8/2019 USD 65.00
PA Resources AB 13.50 3/3/2016 SEK 31.13
BLT Finance BV 7.50 5/15/2014 USD 6.00
Gebr Sanders GmbH & 8.75 10/22/2018 EUR 71.00
Northland Resources 15.00 7/15/2019 USD 1.56
Sberbank of Russia 5.50 2/26/2024 USD 75.00
Jasper Explorer PLC 13.50 5/27/2016 USD 11.38
VimpelCom Holdings 9.00 2/13/2018 RUB 67.13
RENE LEZARD Mode Gm 7.25 11/25/2017 EUR 47.50
Orpea 3.88 1/1/2016 EUR 57.25
Financing of Infras 7.40 4/20/2018 USD 58.00
Rosneft Oil Co via 4.20 3/6/2022 USD 69.75
Sberbank of Russia 5.25 5/23/2023 USD 81.25
PA Resources AB 12.25 4/5/2016 NOK 29.88
QGOG Constellation 6.25 11/9/2019 USD 64.50
OGX Austria GmbH 8.50 6/1/2018 USD 0.13
Attica Funds PLC 2.58 3/24/2015 EUR 55.13
Brunswick Rail Fina 6.50 11/1/2017 USD 40.96
Mox Telecom AG 7.25 11/2/2017 EUR 0.00
Oesterreichische Vo 9.09 7/26/2018 EUR 27.13
Etablissements Maur 7.13 7/31/2015 EUR 13.12
Golden Gate AG 6.50 10/11/2014 EUR 39.20
Paragon Offshore PL 6.75 7/15/2022 USD 62.00
SNS Bank NV 6.25 10/26/2020 EUR 2.49
Novatek OAO via Nov 4.42 12/13/2022 USD 78.75
Le Noble Age 4.88 1/3/2016 EUR 21.06
Novo Banco SA 3.50 1/23/2043 EUR 73.08
Bank Otkritie Finan 10.00 12/17/2019 USD 67.00
Rena GmbH 8.25 7/11/2018 EUR 9.50
EDC Finance Ltd 4.88 4/17/2020 USD 66.25
Paragon Offshore PL 7.25 8/15/2024 USD 81.50
Global PVQ SE 6.75 10/21/2015 EUR 1.17
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.01
Talvivaara Mining C 9.75 4/4/2017 EUR 0.03
APP International F 11.75 10/1/2005 USD 4.00
Barclays Bank PLC 3.44 4/19/2033 USD 64.55
Lloyds Bank PLC 3.68 1/31/2033 USD 69.25
Lloyds Bank PLC 3.21 2/22/2033 USD 68.00
Teak Holz Internati 5.00 8/31/2015 EUR 71.00
Ukraine Government 9.25 7/24/2017 USD 60.86
Virgolino de Olivei 11.75 2/9/2022 USD 18.00
Seabird Exploration 6.00 12/18/2015 USD 10.00
Nexity SA 0.63 1/1/2020 EUR 43.91
Promsvyazbank OJSC 10.50 3/17/2021 USD 60.00
Northland Resources 4.00 10/15/2020 USD 0.23
Pescanova SA 6.75 3/5/2015 EUR 3.83
Ukraine Government 7.50 4/17/2023 USD 58.03
Takko Luxembourg 2 9.88 4/15/2019 EUR 34.00
Gazprom Neft OAO Vi 4.38 9/19/2022 USD 83.76
Ideal Standard Inte 11.75 5/1/2018 EUR 50.38
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Rena GmbH 7.00 12/15/2015 EUR 9.50
Astana Finance BV 7.88 6/8/2010 EUR 6.38
MHP SA 8.25 4/2/2020 USD 67.15
Hellenic Republic G 2.09 7/25/2057 EUR 19.00
Pierre & Vacances S 3.50 10/1/2019 EUR 35.59
Russian Standard Ba 10.75 4/10/2018 USD 40.00
AHML Finance Ltd 7.75 2/13/2018 RUB 58.40
BDT Media Automatio 8.13 10/9/2017 EUR 60.75
Ukraine Government 6.88 9/23/2015 USD 69.82
Barclays Bank PLC 3.39 3/28/2033 USD 70.00
Ukraine Government 7.80 11/28/2022 USD 59.16
Sistema JSFC 8.75 11/24/2016 RUB 74.00
Ukraine Government 6.75 11/14/2017 USD 60.40
Norske Skogindustri 7.13 10/15/2033 USD 47.00
AgroGeneration 8.00 7/17/2018 EUR 34.00
Novo Banco SA 3.50 2/19/2043 EUR 72.65
Lloyds Bank PLC 3.44 4/26/2033 USD 64.00
Codere Finance Luxe 9.25 2/15/2019 USD 64.25
Cattles Ltd 6.88 1/17/2014 GBP 3.00
TradeDoubler AB 6.75 12/20/2018 SEK 71.50
Barclays Bank PLC 2.95 5/31/2033 USD 70.00
Russian Agricultura 8.50 10/16/2023 USD 62.00
Far East Capital Lt 8.00 5/2/2018 USD 38.01
Virgolino de Olivei 10.50 1/28/2018 USD 18.00
Heta Asset Resoluti 0.84 1/24/2017 EUR 40.00
Espirito Santo Fina 5.13 5/30/2016 EUR 4.43
International Indus 9.00 7/6/2011 EUR 0.46
Gunther Zamek Produ 7.75 5/15/2017 EUR 4.11
Espirito Santo Fina 9.75 12/19/2025 EUR 3.44
Orpea 1.75 1/1/2020 EUR 60.92
Gazprombank OJSC Vi 6.50 7/17/2020 USD 69.00
BNP Paribas SA 3.42 4/30/2033 USD 70.50
Credit Bank of Mosc 8.70 11/13/2018 USD 55.00
Cirio Holding Luxem 6.25 2/16/2004 EUR 1.12
Gazprombank OJSC Vi 8.75 6/29/2019 RUB 56.38
Norske Skogindustri 7.13 10/15/2033 USD 54.50
SiC Processing GmbH 7.13 3/1/2016 EUR 3.66
getgoods.de AG 7.75 10/2/2017 EUR 5.38
Finance and Credit 9.25 1/25/2019 USD 49.63
Heta Asset Resoluti 4.25 6/16/2015 EUR 69.38
Kezizalog Zrt 7.75 10/1/2018 EUR 48.45
Sistema JSFC via Si 6.95 5/17/2019 USD 72.50
Novo Banco SA 3.50 1/2/2043 EUR 72.73
TMK OAO Via TMK Cap 6.75 4/3/2020 USD 57.78
AK BARS Bank Via AK 8.00 7/13/2022 USD 52.75
Northland Resources 4.00 10/15/2020 NOK 0.14
Lehman Brothers Tre 6.00 11/2/2035 EUR 5.13
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.02
Barclays Bank PLC 3.58 3/21/2033 USD 66.60
Travel24.com AG 7.50 9/17/2017 EUR 34.00
Breeze Finance SA 6.71 4/19/2027 EUR 44.00
Corsicanto Ltd 3.50 1/15/2032 USD 69.50
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.02
Towergate Finance P 10.50 2/15/2019 GBP 26.38
KCA Deutag UK Finan 7.25 5/15/2021 USD 75.00
Windreich GmbH 6.50 3/1/2015 EUR 10.88
Ukraine Railways vi 9.50 5/21/2018 USD 51.75
Centrosolar Group A 7.00 2/15/2016 EUR 1.35
JZ Capital Partners 6.00 7/30/2021 GBP 10.65
Metinvest BV 8.75 2/14/2018 USD 55.08
Far Eastern Shippin 10.25 5/31/2016 RUB 72.01
Mechel 8.40 5/27/2021 RUB 28.53
International Indus 11.00 2/19/2013 USD 0.46
Hellas Telecommunic 8.50 10/15/2013 EUR 0.00
Portigon AG 7.46 12/31/2019 EUR 10.00
Petrol AD 8.38 1/26/2017 EUR 46.38
Glitnir HF 6.69 6/15/2016 USD 0.02
Astana Finance BV 9.00 11/16/2011 USD 6.38
Barclays Bank PLC 0.50 3/13/2023 RUB 51.49
Bank of Khanty-Mans 9.15 6/18/2023 USD 73.63
Ukraine Government 7.75 9/23/2020 USD 59.64
OGX Austria GmbH 8.38 4/1/2022 USD 2.51
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.67
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
Borets Finance Ltd 7.63 9/26/2018 USD 72.25
Club Mediterranee S 6.11 11/1/2015 EUR 23.91
More & More AG 8.13 6/11/2018 EUR 39.50
TAG Immobilien AG 6.50 12/10/2015 EUR 10.57
Ukraine Government 4.95 10/13/2015 EUR 67.65
Heta Asset Resoluti 5.03 1/26/2017 EUR 39.25
Russian Federal Bon 5.00 10/31/2018 RUB 70.01
Agroton Public Ltd 6.00 7/14/2019 USD 30.25
Russian Agricultura 6.00 6/3/2021 USD 68.75
Novo Banco SA 3.50 3/18/2043 EUR 72.65
Heta Asset Resoluti 4.35 11/3/2016 EUR 39.38
Barclays Bank PLC 0.47 12/28/2040 EUR 65.19
Mechel 8.40 6/1/2021 RUB 28.05
Cirio Del Monte NV 7.75 3/14/2005 EUR 10.75
Deutsche Bank AG/Lo 2.39 3/15/2033 USD 68.50
Lehman Brothers Tre 7.00 5/17/2035 EUR 5.13
Mechel 10.00 8/25/2020 RUB 43.06
Oesterreichische Vo 9.09 7/26/2025 EUR 17.38
Sazka AS 9.00 7/12/2021 EUR 2.80
Cirio Finanziaria S 8.00 12/21/2005 EUR 1.60
Societe Air France 2.75 4/1/2020 EUR 21.61
Sidetur Finance BV 10.00 4/20/2016 USD 20.00
Hypo Tirol Bank AG 0.66 7/23/2026 EUR 58.88
SUEK Finance 8.25 6/26/2020 RUB 75.00
Ukraine Government 7.95 2/23/2021 USD 61.07
Ukraine Government 6.25 6/17/2016 USD 64.36
friedola Gebr Holza 7.25 4/11/2017 EUR 49.25
Heta Asset Resoluti 5.04 2/15/2023 EUR 31.13
Hellenic Republic G 0.93 8/10/2019 EUR 64.64
Raspadskaya OJSC Vi 7.75 4/27/2017 USD 68.00
Societe Generale SA 3.26 2/28/2033 USD 70.56
Deutsche Bank AG 1.79 6/28/2033 USD 66.90
Indo Energy Finance 6.38 1/24/2023 USD 67.42
Privatbank CJSC Via 10.88 2/28/2018 USD 57.63
Gazprombank OJSC Vi 5.75 11/21/2018 USD 75.00
Del Monte Finance L 6.63 5/24/2006 EUR 15.88
Codere Finance Luxe 8.25 6/15/2015 EUR 62.25
Glitnir HF 6.38 9/25/2012 USD 11.88
Bank Otkritie Finan 10.00 4/26/2019 USD 69.75
TGC-2 OJSC 12.00 10/10/2018 RUB 45.50
Financing of Infras 8.38 11/3/2017 USD 59.42
Autonomous Communit 7.55 7/21/2026 EUR 63.72
Dexia Kommunalbank 4.88 12/31/2016 EUR 38.15
Depfa ACS Bank 0.25 7/8/2033 CAD 24.00
Lehman Brothers Tre 5.00 2/16/2015 EUR 4.56
City of Kyiv Via Ky 9.38 7/11/2016 USD 69.76
Lehman Brothers Tre 7.25 10/5/2035 EUR 4.36
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.00
IT Holding Finance 9.88 11/15/2012 EUR 0.20
WGF Westfaelische G 6.35 12/1/2016 EUR 19.60
Societe Centrale de 9.00 7/1/2016 EUR 6.60
Lloyds Bank PLC 6.56 7/5/2033 USD 71.50
KPNQwest NV 10.00 3/15/2012 EUR 0.38
Cooperatieve Centra 0.50 11/26/2021 ZAR 54.65
Promsvyazbank OJSC 12.25 2/1/2018 RUB 50.00
UKRLANDFARMING PLC 10.88 3/26/2018 USD 46.00
Lehman Brothers Tre 6.00 2/15/2035 EUR 4.58
Sairgroup Finance B 4.38 6/8/2006 EUR 12.75
Lehman Brothers Tre 2.88 3/14/2013 CHF 11.13
Mriya Agro Holding 9.45 4/19/2018 USD 10.50
Heta Asset Resoluti 0.54 12/18/2030 EUR 39.00
Hellenic Republic G 2.27 2/7/2022 EUR 55.19
Heta Asset Resoluti 5.92 2/22/2022 EUR 39.50
Kaupthing Bank Hf 5.75 10/4/2011 USD 13.50
SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00
Kaupthing Bank Hf 5.75 10/4/2011 USD 13.50
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.00
Bank Julius Baer & 13.35 3/5/2015 USD 52.25
Cattles Ltd 7.13 7/5/2017 GBP 3.00
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Heta Asset Resoluti 4.63 3/4/2018 EUR 55.00
PNE Wind AG 3.75 10/10/2019 EUR 2.65
Novolipetsk Steel O 8.00 7/25/2023 RUB 75.00
Glitnir HF 6.00 3/5/2012 GBP 11.88
WPE International C 10.38 9/30/2020 USD 20.38
Kaupthing Bank Hf 7.63 2/28/2015 USD 13.50
Strenesse AG 9.00 3/15/2017 EUR 42.50
Cirio Finance Luxem 7.50 11/3/2002 EUR 7.63
AK BARS Bank 11.95 10/15/2015 RUB 60.01
Barclays Bank PLC 3.07 6/17/2033 USD 71.82
SAG Solarstrom AG 7.50 7/10/2017 EUR 45.00
Federal Grid Co Uni 8.25 9/15/2020 RUB 50.00
Solarworld AG 6.13 1/21/2017 EUR 31.25
Assystem 4.00 1/1/2017 EUR 22.63
Ukraine Government 6.58 11/21/2016 USD 60.85
Tophedge AG 9.00 6/1/2020 EUR 0.21
Frey 6.00 11/15/2022 EUR 20.20
Banco Espirito Sant 10.00 12/6/2021 EUR 9.63
Credit Bank of Mosc 9.10 10/30/2018 RUB 70.01
Petromena ASA 9.75 5/24/2015 NOK 2.00
Solen AG 7.50 4/8/2016 EUR 1.10
Allied Irish Banks 0.83 10/24/2035 EUR 23.13
Far East Capital Lt 8.75 5/2/2020 USD 41.88
Teksid Aluminum Lux 11.38 7/15/2011 EUR 0.01
Bulgaria Steel Fina 12.00 5/4/2013 EUR 1.00
Alpha Credit Group 0.58 2/21/2021 EUR 53.47
Karlie Group GmbH 6.75 6/25/2018 EUR 58.42
Financing of Infras 7.40 4/20/2018 USD 59.48
Sovcombank ICB JSC 13.40 6/20/2016 RUB 60.01
BES Vida - Cia de S 2.28 12/19/2022 EUR 69.30
Home Credit & Finan 9.38 4/24/2020 USD 65.04
Raiffeisen Bank Int 4.50 9/28/2035 EUR 49.00
WGF Westfaelische G 5.35 5/15/2015 EUR 16.01
Agentstvo po Ipotec 7.49 2/15/2017 RUB 57.00
ffk environment Gmb 7.25 6/1/2016 EUR 3.50
BLT Finance BV 12.00 2/10/2015 USD 10.50
Svensk Exportkredit 0.50 3/28/2029 AUD 64.70
IKB Deutsche Indust 4.70 3/31/2017 EUR 22.00
KA Finanz AG 5.43 2/13/2024 EUR 59.13
Cyprus Popular Bank 1.83 5/26/2016 EUR 0.53
La Veggia Finance S 7.13 11/14/2004 EUR 0.63
SNS Bank NV 6.63 5/14/2018 EUR 2.78
Hellas Telecommunic 8.08 7/15/2015 EUR 0.89
NII International T 7.88 8/15/2019 USD 75.00
KPNQwest NV 7.13 6/1/2009 EUR 0.37
LBI HF 6.10 8/25/2011 USD 9.88
Codere Finance Luxe 9.25 2/15/2019 USD 65.50
Bashneft OAO 8.85 1/31/2023 RUB 70.00
eno energy GmbH 7.38 6/30/2016 EUR 64.80
DTEK Finance PLC 7.88 4/4/2018 USD 59.14
Banco Espirito Sant 1.63 5/27/2018 EUR 9.63
HMS Hydraulic Machi 10.10 1/30/2018 RUB 53.38
Colonia Real Estate 5.88 5/11/2015 EUR 6.80
Heta Asset Resoluti 0.67 11/29/2032 EUR 39.00
Frigoglass Finance 8.25 5/15/2018 EUR 69.84
Cooperatieve Centra 0.50 10/29/2027 MXN 45.00
Air Berlin Finance 1.50 4/11/2027 EUR 63.36
Credit Europe Bank 9.20 10/9/2015 RUB 63.02
Mechel 8.40 5/27/2021 RUB 29.12
Eitzen Chemical ASA 12.62 6/6/2016 NOK 20.50
Espirito Santo Fina 5.05 11/15/2025 EUR 3.94
Global PVQ Netherla 5.75 5/26/2014 EUR 30.13
Agentstvo po Ipotec 7.63 6/15/2018 RUB 71.03
KA Finanz AG 4.90 6/23/2031 EUR 49.75
DEMIRE Real Estate 6.00 12/30/2018 EUR 1.41
Freshwater Finance 6.06 10/17/2036 GBP 65.63
Glitnir HF 6.33 7/28/2011 USD 11.88
Geo Travel Finance 10.38 5/1/2019 EUR 70.00
Solarworld AG 6.38 7/13/2016 EUR 31.00
Svyaznoy Bank ZAO 12.00 8/6/2015 RUB 65.21
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
Gamigo AG 8.50 6/19/2018 EUR 75.00
CBo Territoria 6.00 1/1/2020 EUR 3.83
Dexia Kommunalbank 5.63 12/31/2017 EUR 30.00
Russian Federal Bon 7.05 1/19/2028 RUB 64.00
Banca Monte dei Pas 2.05 11/10/2020 EUR 70.00
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Kaupthing Bank Hf 3.00 2/12/2010 CHF 13.50
Barclays Bank PLC 3.08 4/9/2028 USD 68.00
Aralco Finance SA 10.13 5/7/2020 USD 8.38
Heta Asset Resoluti 0.19 1/24/2017 EUR 64.13
ESTAVIS AG 6.25 3/27/2019 EUR 2.20
Home Credit & Finan 10.50 4/19/2021 USD 61.63
IKB Deutsche Indust 4.50 3/31/2015 EUR 0.50
Deutsche Bank AG/Lo 3.25 6/20/2019 EUR 0.50
Region of Puglia It 0.71 2/6/2023 EUR 72.56
Municipality Financ 0.50 3/28/2018 BRL 70.82
KPNQwest NV 8.88 2/1/2008 EUR 0.37
Region of Piemont I 0.34 11/27/2036 EUR 59.24
UniCredit Bank Aust 0.60 8/20/2033 EUR 69.88
Kaupthing Bank Hf 4.70 2/15/2010 CAD 13.50
Heta Asset Resoluti 7.50 5/27/2024 ATS 39.00
Junta de Castilla y 7.20 11/11/2026 EUR 63.19
Phosphorus Holdco P 10.00 4/1/2019 GBP 2.00
Mobile TeleSystems 8.70 11/7/2017 RUB 73.01
Bank Nederlandse Ge 0.50 6/7/2022 ZAR 54.77
Mriya Agro Holding 10.95 3/30/2016 USD 10.88
Financing of Infras 9.00 12/7/2017 USD 58.52
Svensk Exportkredit 7.00 9/26/2022 RUB 74.07
LBI HF 6.10 8/25/2011 USD 9.88
Krasnodar Regional 10.75 9/13/2016 RUB 60.00
MegaFon Finans OOO 9.85 9/29/2022 RUB 64.01
Petromena ASA 10.85 11/19/2014 USD 2.00
Vnesheconombank 8.40 12/20/2018 RUB 75.00
Czerwona Torebka SA 7.21 4/15/2016 PLN 60.00
Bashneft OAO 8.35 12/13/2016 RUB 60.03
Solar Millennium AG 6.50 7/15/2015 EUR 11.00
Region of Abruzzo I 0.56 11/7/2036 EUR 55.67
Hema Bondco II BV 8.50 12/15/2019 EUR 62.17
Glitnir HF 4.75 10/15/2010 USD 11.88
UTair-Finans OOO 13.00 11/13/2015 RUB 23.63
BKN biostrom AG 7.50 6/5/2016 EUR 1.50
IKB Deutsche Indust 5.63 3/31/2017 EUR 22.00
Global PVQ Netherla 1.38 4/30/2012 EUR 30.13
Glitnir HF 4.38 2/5/2010 EUR 11.88
Societe Generale SA 1.92 6/28/2033 USD 66.00
Takko Luxembourg 2 7.08 4/15/2019 EUR 33.14
Finmek Internationa 7.00 12/3/2004 EUR 0.13
Kuzbassenergo-Finan 8.70 4/15/2021 RUB 53.00
Glitnir HF 3.00 6/30/2010 EUR 11.88
Bank Nederlandse Ge 0.50 3/3/2021 NZD 74.64
Transaero Airlines 12.00 10/25/2018 RUB 74.70
Bashneft OAO 9.00 2/4/2022 RUB 60.01
Vnesheconombank 2.00 6/18/2021 RUB 55.29
Heta Asset Resoluti 3.42 11/7/2016 EUR 69.75
Zlomrex Internation 8.50 2/1/2014 EUR 71.00
Glitnir HF 5.44 12/22/2015 USD 11.88
MirLand Development 7.21 5/31/2020 ILS 31.00
UniCredit Bank Aust 0.56 12/27/2031 EUR 71.13
Groupe Monceau Fleu 4.30 5/2/2022 EUR 4.50
Gigaset AG 3.00 4/22/2015 EUR 0.59
NII International T 11.38 8/15/2019 USD 75.00
Global PVQ Netherla 1.38 4/30/2012 EUR 30.13
Lehman Brothers Tre 8.25 3/16/2035 EUR 5.00
Heta Asset Resoluti 0.41 9/26/2043 EUR 3.52
Bremer Landesbank K 0.56 4/5/2041 EUR 69.63
Federal Grid Co Uni 8.00 1/7/2028 RUB 72.00
Kaupthing Bank Hf 6.13 10/4/2016 USD 13.25
Vnesheconombank 8.10 9/27/2018 RUB 70.01
Lehman Brothers Tre 5.00 2/27/2014 EUR 4.70
Phones4u Finance PL 9.50 4/1/2018 GBP 32.63
Svyaznoy Bank ZAO 13.50 6/8/2018 RUB 72.10
GFI Informatique SA 5.25 1/1/2017 EUR 5.97
Carcade OOO 12.50 4/25/2016 RUB 70.00
Kaupthing Bank Hf 5.25 7/18/2017 BGN 13.50
Norske Skogindustri 11.75 6/15/2016 EUR 73.00
Kaupthing Bank Hf 6.13 10/4/2016 USD 13.25
Oesterreichische Vo 9.09 7/26/2019 EUR 27.13
Lehman Brothers Tre 4.00 2/16/2017 EUR 7.75
Solon SE 1.38 12/6/2012 EUR 0.33
Sairgroup Finance B 6.63 10/6/2010 EUR 15.13
International Bank 13.50 6/23/2016 RUB 60.00
Ural-Siberian Bank 10.00 8/25/2017 RUB 60.01
OL Groupe SA 7.00 12/28/2015 EUR 6.43
Glitnir HF 5.31 12/24/2012 USD 11.88
Credit Agricole Cor 0.50 3/6/2023 RUB 51.17
Heta Asset Resoluti 0.23 2/17/2017 EUR 61.13
AdP - Aguas de Port 0.18 10/22/2027 EUR 70.13
EXER D GmbH 5.70 2/1/2016 EUR 10.00
Region of Molise It 0.58 12/15/2033 EUR 65.07
LBI HF 2.25 2/14/2011 CHF 4.20
Konservenfabrik Zac 8.00 4/1/2016 EUR 0.00
RZD Rasvytie vokzal 12.50 10/21/2016 RUB 65.00
Heta Asset Resoluti 0.19 8/1/2017 EUR 54.00
Ideal Standard Inte 11.75 5/1/2018 EUR 50.38
Mechel 10.00 8/25/2020 RUB 43.30
Oesterreichische Vo 9.09 7/26/2024 EUR 17.50
Irkut Corp 9.00 11/6/2023 RUB 65.16
Lehman Brothers Tre 7.00 11/26/2013 EUR 4.70
Heckler & Koch GmbH 9.50 5/15/2018 EUR 74.88
Lehman Brothers Tre 5.00 9/22/2014 EUR 4.70
Lehman Brothers Tre 5.10 5/8/2017 HKD 29.88
Morgan Stanley BV 8.50 5/25/2015 EUR 26.43
Sachsen Bank 0.48 1/22/2041 EUR 71.89
Kaupthing Bank Hf 5.50 2/2/2009 USD 13.50
Lehman Brothers Tre 3.00 9/13/2010 JPY 29.88
Absolut Bank OAO 10.25 7/27/2016 RUB 60.01
Lehman Brothers Tre 8.25 12/3/2015 EUR 7.75
Russian Federal Bon 7.00 8/16/2023 RUB 65.10
KPNQwest NV 8.13 6/1/2009 USD 0.41
MT-Energie GmbH & C 8.25 4/4/2017 EUR 5.00
Bank National Facto 12.30 10/17/2016 RUB 60.00
HC Finance OOO 8.25 11/26/2021 RUB 70.00
Junta Comunidades d 0.29 12/5/2023 EUR 71.43
Glitnir HF 1.63 3/11/2009 CHF 11.88
LBI HF 3.00 12/7/2010 CHF 4.20
BioEnergie Taufkirc 6.50 7/30/2020 EUR 69.50
Federal Grid Co Uni 8.50 6/22/2021 RUB 75.00
Artea 6.00 8/4/2019 EUR 1.00
Lehman Brothers Tre 3.03 1/31/2015 EUR 7.75
Societe Generale SA 3.84 1/31/2033 USD 73.00
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
MirLand Development 6.50 12/31/2015 ILS 37.26
Minicentrales Dos S 4.81 11/29/2034 EUR 73.00
Credit Bank of Mosc 8.65 4/8/2015 RUB 60.01
DEIKON GmbH 1.00 11/16/2016 EUR 26.30
MirLand Development 8.50 8/31/2016 ILS 32.12
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
City of Baile Hercu 2.50 12/16/2020 RON 75.00
Lehman Brothers Tre 5.25 5/26/2026 EUR 4.70
Lehman Brothers Tre 4.00 10/24/2012 EUR 4.70
Bank Otkritie Finan 10.00 12/17/2019 USD 67.00
Exane Finance 1.75 4/28/2016 EUR 65.79
Heta Asset Resoluti 0.39 3/12/2043 EUR 3.42
Emporiki Group Fina 5.00 2/24/2022 EUR 67.82
Lehman Brothers Tre 11.00 12/20/2017 AUD 4.70
TGK-9 OAO 8.10 8/7/2017 RUB 51.01
Russian Standard Ba 11.50 2/27/2016 RUB 70.01
Heta Asset Resoluti 4.88 9/18/2017 EUR 38.38
SAir Group 0.13 7/7/2005 CHF 11.00
Lehman Brothers Tre 4.00 12/2/2012 EUR 4.70
Lehman Brothers Tre 1.00 5/9/2012 EUR 4.70
Lehman Brothers Tre 4.50 5/2/2017 EUR 4.70
Breeze Finance SA 11.75 4/19/2027 EUR 3.00
Lehman Brothers Tre 6.00 10/30/2012 EUR 4.70
Northland Resources 15.00 7/15/2019 USD 1.56
RSG-Finance LLC 12.75 11/22/2016 RUB 70.03
Rusfinans Bank OOO 11.60 11/10/2015 RUB 60.01
Kommunalbanken AS 0.50 9/26/2017 BRL 74.88
RUSNANO OAO 8.90 12/20/2017 RUB 71.11
Credit Suisse AG/Lo 15.50 5/4/2016 USD 70.67
Federal Grid Co Uni 7.95 7/6/2023 RUB 73.01
Eitzen Chemical ASA 11.24 6/6/2016 USD 20.50
Lehman Brothers Tre 6.00 3/14/2011 EUR 4.70
Heta Asset Resoluti 0.30 4/9/2043 EUR 3.10
Espirito Santo Fina 5.05 11/15/2025 EUR 4.83
Lehman Brothers Tre 8.50 7/5/2016 EUR 4.70
RSL Communications 10.50 11/15/2008 USD 1.25
Credit Europe Bank 9.50 2/19/2016 RUB 60.00
Russian Railways JS 9.00 9/20/2039 RUB 100.00
Bank Nederlandse Ge 0.50 7/12/2022 ZAR 53.66
Royal Bank of Scotl 4.24 1/12/2046 EUR 72.50
Hamburgische Landes 0.46 1/22/2041 EUR 71.55
Province of Milan I 0.17 12/20/2042 EUR 43.61
Rosselkhozbank OJSC 7.90 9/18/2023 RUB 60.01
Mobile TeleSystems 5.00 6/29/2021 RUB 62.50
Investkredit Bank A 7.00 7/24/2022 EUR 63.69
Heta Asset Resoluti 5.27 4/7/2028 EUR 39.38
Bosnia & Herzegovin 2.50 6/30/2022 BAM 75.00
Cooperatieve Centra 0.50 7/30/2043 MXN 19.07
Alpha Credit Group 2.00 4/27/2024 EUR 44.25
Russian Railways JS 8.20 3/21/2028 RUB 75.00
Italy Government In 0.72 7/31/2045 EUR 63.94
Metkombank JSC 9.50 4/15/2015 RUB 60.01
Heta Asset Resoluti 4.54 9/22/2017 EUR 60.25
Agentstvo po Ipotec 8.25 9/15/2021 RUB 75.00
Europlan ZAO 12.50 10/31/2017 RUB 60.01
Allied Irish Banks 5.25 3/10/2035 GBP 26.50
Vontobel Financial 5.84 9/9/2016 EUR 72.64
DZ Bank AG Deutsche 6.50 3/24/2023 EUR 72.34
Anglian Water Servi 1.06 1/26/2057 GBP 73.18
Heta Asset Resoluti 5.73 12/10/2021 EUR 39.50
Codere Finance Luxe 8.25 6/15/2015 EUR 62.25
Siloviye Mashiny OA 8.10 9/28/2023 RUB 57.01
Bashneft OAO 8.85 1/31/2023 RUB 71.00
Notenstein Privatba 10.12 8/26/2015 USD 60.06
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Region of Abruzzo I 0.40 11/7/2031 EUR 64.98
Raiffeisen Centroba 2.80 11/14/2016 EUR 67.03
Kaupthing Bank Hf 1.80 10/20/2009 JPY 13.50
Russian Highways 9.75 11/29/2016 RUB 60.01
ESTAVIS AG 7.75 6/25/2017 EUR 2.49
Caisse Centrale du 7.00 9/10/2015 EUR 15.39
Codere Finance Luxe 8.25 6/15/2015 EUR 61.00
Lehman Brothers Tre 6.00 10/24/2008 EUR 7.75
Oesterreichische Vo 5.27 2/8/2027 EUR 17.38
Cooperatieve Centra 0.50 10/30/2043 MXN 19.00
Lehman Brothers Tre 7.00 6/6/2017 EUR 4.70
Ingra DD 6.13 12/6/2016 HRK 12.99
Heta Asset Resoluti 0.49 8/12/2017 EUR 54.88
PJSC Geotech Seismi 10.50 10/17/2018 RUB 51.26
Alpha Credit Group 2.00 11/28/2032 EUR 23.96
ADLER Real Estate A 6.00 12/27/2018 EUR 7.25
Heta Asset Resoluti 3.72 3/15/2017 EUR 64.63
EuroChem Mineral & 8.90 6/26/2018 RUB 59.00
Municipality Financ 0.50 5/8/2029 AUD 62.72
Investkredit Bank A 4.77 4/12/2022 EUR 74.70
Republika Srpska 1.50 12/15/2023 BAM 72.00
WGF Westfaelische G 6.35 8/1/2017 EUR 4.00
SAir Group 4.25 2/2/2007 CHF 11.25
Heta Asset Resoluti 0.20 7/18/2017 EUR 54.63
Sidetur Finance BV 10.00 4/20/2016 USD 20.00
MirLand Development 6.00 11/30/2017 ILS 31.90
AdP - Aguas de Port 0.60 6/20/2022 EUR 70.25
LBI HF 4.40 1/18/2010 CAD 4.20
Credit Suisse AG/Lo 1.64 6/1/2042 USD 57.94
Atari SA 0.10 4/1/2020 EUR 1.81
KA Finanz AG 6.08 12/13/2018 EUR 70.00
Kaupthing Bank Hf 9.75 9/10/2015 USD 13.50
Espirito Santo Fina 5.63 7/28/2017 EUR 4.06
ADLER Real Estate A 6.00 6/30/2017 EUR 7.25
Oesterreichische Vo 1.08 5/20/2025 EUR 64.25
Lehman Brothers Tre 8.25 2/3/2016 EUR 4.70
Municipality Financ 0.50 12/20/2018 ZAR 72.78
Lehman Brothers Tre 5.00 3/18/2015 EUR 6.38
Lehman Brothers Tre 4.95 10/25/2036 EUR 4.70
Lehman Brothers Tre 6.00 3/18/2015 USD 4.70
Agentstvo po Ipotec 10.75 5/15/2023 RUB 58.00
Credit Europe Bank 11.25 9/5/2016 RUB 60.01
Kommunekredit 0.50 10/22/2019 BRL 59.50
Alpha Credit Group 1.50 12/18/2028 EUR 27.29
Heta Asset Resoluti 0.36 4/9/2018 EUR 46.38
UniCredit Bank Aust 0.44 1/25/2031 EUR 69.88
Lehman Brothers Tre 1.46 2/19/2012 JPY 29.88
Baltic Financial Ag 12.75 9/27/2016 RUB 60.00
INKA Beteiligungsve 5.10 10/31/2018 EUR 70.00
UTair-Finans OOO 12.00 6/17/2016 RUB 30.00
Lehman Brothers Tre 1.28 11/6/2010 JPY 29.88
LBI HF 4.53 4/24/2012 EUR 4.20
Lehman Brothers Tre 4.00 7/20/2012 EUR 4.70
Promsvyazbank OJSC 10.50 3/17/2021 USD 60.00
DekaBank Deutsche G 0.12 6/23/2034 EUR 74.42
DEIKON GmbH 1.00 7/1/2015 EUR 26.00
Heta Asset Resoluti 5.80 6/17/2017 EUR 58.38
Lehman Brothers Tre 8.88 1/28/2011 HKD 29.88
UTair-Finans OOO 13.00 11/13/2015 RUB 23.05
Windreich GmbH 6.75 3/1/2015 EUR 10.88
RUSNANO OAO 8.90 12/20/2017 RUB 70.00
UniCredit Bank AG 4.00 6/25/2015 EUR 64.17
Heta Asset Resoluti 0.36 4/22/2018 EUR 49.38
BLT Finance BV 7.50 5/15/2014 USD 6.00
City of Kiev Ukrain 8.00 11/6/2015 USD 74.15
Republika Srpska 1.50 6/30/2023 BAM 74.01
KA Finanz AG 4.44 12/20/2030 EUR 42.00
Lehman Brothers Tre 4.69 2/19/2017 EUR 7.75
Sviaz Bank OAO 11.15 4/29/2016 RUB 60.01
HSBC Bank PLC 0.50 3/1/2018 RUB 74.80
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.65
Republic of Khakass 8.40 10/27/2020 RUB 67.04
Emporiki Group Fina 5.00 12/2/2021 EUR 68.14
Svensk Exportkredit 0.50 1/31/2022 ZAR 51.79
Cerruti Finance SA 6.50 7/26/2004 EUR 1.77
Lehman Brothers Tre 5.00 5/2/2022 EUR 7.75
Lehman Brothers Tre 7.50 5/2/2017 EUR 4.70
Cassa di Risparmio 1.98 4/15/2018 EUR 53.75
Commerzbank AG 5.00 9/27/2019 EUR 74.17
Heta Asset Resoluti 0.23 8/11/2017 EUR 53.75
Lehman Brothers Tre 5.50 4/23/2014 EUR 4.70
Societe Generale SA 0.50 5/30/2023 MXN 62.40
Oesterreichische Vo 9.09 7/26/2020 EUR 27.13
Municipality Financ 0.50 6/19/2024 ZAR 41.80
Leonteq Securities 6.72 6/5/2015 USD 72.63
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 1.56
LBI HF 5.25 6/5/2023 EUR 4.20
Hamburgische Landes 0.47 10/30/2040 EUR 71.61
Comune di Verona 0.31 12/1/2026 EUR 64.30
Fonciere Volta SA 4.50 7/30/2020 EUR 2.70
BNP Paribas SA 0.50 1/31/2018 RUB 67.21
Barclays Bank PLC 0.50 4/24/2023 MXN 62.99
RFA-Invest OAO 12.00 2/24/2016 RUB 60.00
Russian Federal Sav 8.15 3/6/2025 RUB 71.44
Russian Bank for Sm 8.25 11/26/2016 RUB 60.01
Heta Asset Resoluti 3.90 1/24/2017 EUR 67.63
Lehman Brothers Tre 4.00 7/27/2011 EUR 4.70
UTair-Finans OOO 12.00 4/22/2015 RUB 20.01
UTair-Finans OOO 12.00 6/17/2016 RUB 40.00
Barclays Bank PLC 3.09 5/10/2028 USD 74.86
Astana Finance BV 14.50 7/2/2013 USD 6.38
Zlomrex Internation 8.50 2/1/2014 EUR 71.00
Societe Generale SA 2.37 11/29/2032 USD 68.71
UBS AG 9.00 7/3/2017 CHF 58.28
Oesterreichische Vo 4.81 7/29/2025 EUR 61.00
Heta Asset Resoluti 0.15 5/6/2016 EUR 71.63
LBI HF 6.00 6/6/2017 EUR 4.20
RMK-Finans 0.10 12/15/2015 RUB 68.16
Lehman Brothers Tre 8.00 2/16/2016 EUR 4.70
AdP - Aguas de Port 0.30 1/23/2023 EUR 70.13
RBC OJSC 3.27 4/19/2018 RUB 45.00
Lehman Brothers Tre 7.60 3/26/2009 EUR 4.70
iMoneyBank 13.00 10/27/2016 RUB 60.00
Northland Resources 12.25 3/26/2016 USD 1.56
Kommunekredit 0.50 2/20/2020 BRL 56.58
Republika Srpska 1.50 10/30/2023 BAM 73.20
Heta Asset Resoluti 0.13 1/24/2017 EUR 61.00
Lehman Brothers Tre 8.00 4/20/2009 EUR 4.70
Salvator Grundbesit 9.50 12/31/2021 EUR 13.00
Lehman Brothers Tre 1.75 2/7/2010 EUR 7.75
Kommunalbanken AS 0.50 3/2/2018 BRL 70.74
Kommunekredit 0.50 7/30/2027 TRY 32.82
RUSNANO OAO 8.90 12/20/2017 RUB 60.00
Bank Julius Baer & 9.75 3/27/2015 USD 70.05
Credit Suisse AG 8.50 1/9/2015 USD 7.82
SAir Group 5.13 3/1/2003 CHF 11.00
Kommunekredit 0.50 12/14/2020 ZAR 64.02
Heta Asset Resoluti 0.84 9/20/2017 EUR 39.38
SG Option Europe SA 7.00 5/5/2017 EUR 60.02
AKB Baltica Bank 8.25 6/5/2024 RUB 33.12
UTair-Finans OOO 12.00 4/22/2015 RUB 20.01
hkw personalkonzept 8.25 11/15/2016 EUR 1.20
UniCredit Bank ZAO 8.10 11/20/2018 RUB 60.00
Uboat Line SA 8.06 9/27/2015 PLN 50.00
BNP Paribas Emissio 8.00 6/25/2015 EUR 69.60
LBI HF 3.20 5/10/2010 SKK 4.20
Heta Asset Resoluti 0.18 3/15/2017 EUR 59.00
Housing Financing F 2.70 1/1/2020 ISK 66.00
HSBC Bank PLC 0.50 4/27/2027 NZD 56.16
Municipality Financ 0.50 11/10/2021 NZD 73.29
Bank Julius Baer & 9.40 5/27/2015 CHF 62.45
Province of Rovigo 0.43 12/28/2035 EUR 58.55
Avanquest Software 6.50 2/15/2015 EUR 4.30
Heta Asset Resoluti 5.68 7/5/2017 EUR 58.00
Junta de Castilla y 6.60 2/24/2023 EUR 67.98
UniCredit Bank ZAO 8.60 2/11/2016 RUB 60.03
World of Building T 5.40 6/25/2019 RUB 2.40
JP Morgan Structure 5.65 7/1/2015 CHF 47.55
Heta Asset Resoluti 4.40 6/20/2017 EUR 57.75
Province of Milan I 0.42 12/22/2033 EUR 65.73
Lehman Brothers Tre 5.00 8/16/2017 EUR 4.70
Lehman Brothers Tre 3.86 9/21/2011 SGD 7.75
Cassa Depositi e Pr 0.15 10/31/2029 EUR 70.73
Bank St Petersburg 10.90 9/8/2016 RUB 60.06
UTair-Finans OOO 9.50 7/21/2016 RUB 20.00
UTair-Finans OOO 12.00 6/17/2016 RUB 30.00
UTair-Finans OOO 11.75 5/26/2015 RUB 20.00
Sviaz Bank OAO 11.40 4/13/2022 RUB 60.01
Societe Generale SA 13.20 7/29/2015 USD 54.41
Bank Nederlandse Ge 0.50 9/20/2022 MXN 69.60
UBS AG 19.25 3/29/2016 EUR 67.23
Heta Asset Resoluti 0.38 3/10/2018 EUR 47.38
SAir Group 5.50 7/23/2003 CHF 11.00
UniCredit Bank AG 0.80 11/19/2029 EUR 67.00
Lehman Brothers Tre 6.65 8/24/2011 AUD 29.88
Heta Asset Resoluti 0.35 5/17/2017 EUR 56.13
Lehman Brothers Tre 4.00 3/10/2011 EUR 4.70
Deutsche Bank AG/Lo 0.50 10/5/2021 IDR 62.42
Kaupthing Bank Hf 4.65 2/19/2013 EUR 13.50
PC Guard SA 8.23 4/13/2015 PLN 75.00
Lehman Brothers Tre 10.00 10/22/2008 USD 7.75
HSBC Bank PLC 0.50 2/24/2027 NZD 56.74
Lenenergo OAO 8.50 4/18/2017 RUB 60.00
Bank Nederlandse Ge 0.50 8/15/2022 ZAR 55.64
Raiffeisen Centroba 2.40 12/19/2016 EUR 67.43
UTair-Finans OOO 12.00 5/26/2015 RUB 20.01
Heta Asset Resoluti 0.30 5/17/2017 EUR 56.75
Barclays Bank PLC 1.99 12/1/2040 USD 73.11
LBI HF 6.75 2/18/2015 EUR 4.20
Hellas Telecommunic 8.08 7/15/2015 EUR 0.89
Lehman Brothers Tre 13.50 11/28/2008 USD 7.75
Oesterreichische Vo 6.00 3/30/2017 EUR 15.00
Caixa Geral de Depo 5.98 3/3/2028 EUR 71.88
Kommunalbanken AS 0.50 11/8/2018 BRL 65.86
Emporiki Group Fina 5.10 12/9/2021 EUR 69.08
Glitnir HF 6.38 9/25/2012 USD 11.88
Heta Asset Resoluti 4.07 3/21/2017 EUR 65.00
HSBC Bank PLC 0.50 6/4/2018 IDR 74.65
Russian Federal Sav 8.15 10/1/2025 RUB 71.25
Barclays Bank PLC 0.50 3/19/2021 MXN 71.92
Republika Srpska 1.50 9/25/2026 BAM 63.03
Hanzenvast Gothenbu 8.00 6/30/2022 EUR 75.00
Credit Suisse AG/Na 8.50 4/7/2015 USD 61.74
Leonteq Securities 19.94 5/21/2015 CHF 57.92
Hellas Telecommunic 8.50 10/15/2013 EUR 0.00
SV Patrimonia 4.00 4/19/2016 EUR 50.50
Glitnir HF 2.25 2/15/2011 EUR 11.88
Glitnir HF 3.25 8/15/2016 EUR 11.88
Investkredit Bank A 0.61 3/14/2020 EUR 70.41
Province of Treviso 0.17 12/31/2034 EUR 57.06
Lehman Brothers Tre 11.75 3/1/2010 EUR 7.75
Heta Asset Resoluti 0.42 3/4/2018 EUR 47.38
BNP Paribas SA 0.50 11/16/2032 MXN 32.77
Bank Nederlandse Ge 0.50 5/12/2021 ZAR 60.34
Credit Suisse AG/Lo 15.00 9/18/2015 USD 70.87
Bank Julius Baer & 10.20 11/13/2015 USD 70.50
SAir Group 6.25 4/12/2005 CHF 10.75
Bank Julius Baer & 8.75 5/22/2015 USD 64.05
HSBC Bank PLC 0.50 10/30/2018 IDR 72.04
UBS AG/London 10.50 6/5/2015 CHF 50.24
Landeskreditbank Ba 0.50 5/10/2027 CAD 70.67
Kaupthing Bank Hf 0.69 5/21/2011 JPY 13.50
Kuzbassenergo-Finan 11.00 6/14/2021 RUB 50.05
Lehman Brothers Tre 7.00 10/22/2010 EUR 4.70
Glitnir HF 3.75 1/15/2010 EUR 11.88
Gold-Zack AG 7.00 12/14/2005 EUR 11.02
Lehman Brothers Tre 11.00 6/29/2009 EUR 7.75
Lehman Brothers Tre 5.55 3/12/2015 EUR 7.75
Province of Brescia 0.52 12/22/2036 EUR 57.76
Lehman Brothers Tre 14.90 9/15/2008 EUR 7.75
MORTGAGE AGENT AHML 3.00 9/9/2045 RUB 72.46
Sviaz Bank OAO 11.15 11/1/2015 RUB 70.01
Republika Srpska 1.50 6/15/2024 BAM 74.00
Bank Nederlandse Ge 0.50 8/9/2022 MXN 70.04
Cooperatieve Centra 0.50 1/31/2033 MXN 28.22
Svensk Exportkredit 0.50 3/15/2022 ZAR 51.09
HSBC Bank PLC 0.50 12/29/2026 AUD 68.15
Leonteq Securities 10.30 6/10/2015 CHF 60.81
Horus Finance ZAO 13.00 3/6/2019 RUB 60.30
Bank MIA 10.75 6/6/2017 RUB 60.01
Societe Generale SA 5.50 7/27/2015 EUR 55.84
UBS AG/London 2.06 3/31/2017 USD 9.79
Heta Asset Resoluti 0.32 7/1/2017 EUR 55.13
SAir Group 6.25 10/27/2002 CHF 11.13
Glitnir HF 5.00 3/14/2012 EUR 11.88
Glitnir HF 4.75 10/15/2010 USD 11.88
Muehl Product & Ser 6.75 3/10/2005 DEM 1.70
Province of Treviso 0.31 12/31/2034 EUR 58.42
RSL Communications 12.00 11/1/2008 USD 1.25
Bosnia & Herzegovin 2.50 6/30/2023 BAM 72.06
Glitnir HF 3.25 9/15/2015 EUR 11.88
ECM Real Estate Inv 5.00 10/9/2011 EUR 10.38
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
LBI HF 7.20 4/27/2026 EUR 0.01
Lehman Brothers Tre 8.00 10/17/2014 EUR 4.70
KA Finanz AG 4.26 2/8/2019 EUR 61.13
Republika Srpska 1.50 12/15/2023 BAM 74.00
Republika Srpska 1.50 12/22/2023 BAM 66.00
BNP Paribas SA 0.50 5/6/2021 MXN 70.53
URALSIB Leasing Co 11.00 4/21/2016 RUB 60.86
Cooperatieve Centra 0.50 11/30/2027 MXN 44.70
Svensk Exportkredit 0.50 6/20/2029 AUD 62.04
Kommunalbanken AS 0.50 5/27/2022 ZAR 53.27
Bank Soyuz JSCB 12.75 10/11/2018 RUB 60.00
HSBC Bank PLC 0.50 6/28/2019 IDR 67.96
URALSIB Leasing Co 11.50 2/10/2015 RUB 59.27
Uboat Line SA 6.00 4/24/2015 PLN 75.00
Republika Srpska 1.50 5/31/2025 BAM 68.50
Republic of Srpska 1.50 6/9/2025 BAM 68.50
JP Morgan Structure 8.20 5/18/2015 CHF 73.91
UBS AG 12.00 12/29/2015 EUR 56.13
Heta Asset Resoluti 4.70 4/2/2018 EUR 53.13
Heta Asset Resoluti 0.46 7/28/2017 EUR 54.38
Heta Asset Resoluti 0.46 8/21/2017 EUR 54.13
Dresdner Bank AG 0.77 11/19/2029 EUR 57.88
Kommunekredit 0.50 5/11/2029 CAD 67.91
Lehman Brothers Tre 4.70 3/23/2016 EUR 4.70
COFIDUR SA 0.10 12/31/2024 EUR 15.03
Russian Federal Sav 7.60 12/9/2021 RUB 71.50
Russian Federal Sav 7.60 2/24/2021 RUB 73.01
LBBW 0.60 1/8/2041 EUR 70.91
KPNQwest NV 8.88 2/1/2008 EUR 0.37
Lehman Brothers Tre 4.00 4/13/2011 CHF 4.70
LBI HF 7.25 4/2/2011 EUR 4.20
VEB-Leasing OAO 9.50 4/2/2021 RUB 60.01
Investpro OOO 13.00 12/31/2018 RUB 60.00
DeltaCredit Bank 8.45 8/30/2018 RUB 60.00
Russian Post FGUP 8.70 10/18/2019 RUB 60.00
Lehman Brothers Tre 4.35 8/8/2016 SGD 29.88
Lehman Brothers Tre 7.55 12/29/2008 USD 4.70
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Svensk Exportkredit 0.50 2/22/2022 ZAR 51.42
Heta Asset Resoluti 0.43 8/28/2017 EUR 54.00
UBS AG/London 10.25 3/10/2017 USD 9.54
Bank Julius Baer & 14.75 5/20/2015 CHF 60.80
Raiffeisen Centroba 6.65 8/12/2015 EUR 74.24
Glitnir HF 3.00 10/31/2015 EUR 11.88
Barclays Bank PLC 9.00 4/24/2015 USD 8.97
Lehman Brothers Tre 4.00 2/28/2010 EUR 7.75
Kaupthing Bank Hf 0.80 2/15/2011 EUR 13.50
UBS AG 10.37 10/23/2015 USD 16.75
Glitnir HF 2.00 1/30/2009 CHF 11.88
Oesterreichische Vo 4.25 9/7/2020 EUR 70.35
Glitnir HF 3.00 4/1/2010 CZK 11.88
Union Technologies 0.10 1/1/2020 EUR 5.30
LBI HF 6.75 8/18/2015 EUR 4.20
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Lehman Brothers Tre 5.00 5/12/2011 CHF 4.70
Comune di Ladispoli 0.28 12/31/2026 EUR 74.18
Barclays Bank PLC 0.50 1/28/2033 MXN 34.82
HSBC Bank PLC 0.50 12/8/2026 AUD 62.75
Svensk Exportkredit 0.50 4/25/2019 BRL 61.24
HSBC Bank PLC 0.50 10/30/2026 NZD 57.84
Municipality Financ 0.50 11/21/2018 ZAR 73.25
City of Krasnodar R 9.00 11/5/2015 RUB 60.04
Russian Federal Sav 8.15 3/10/2027 RUB 70.78
Leonteq Securities 13.90 1/15/2015 USD 56.41
HSBC Bank PLC 0.50 9/28/2018 IDR 72.71
Russian Bor Chemica 10.00 12/20/2018 RUB 0.01
wige MEDIA AG 6.00 3/17/2019 EUR 1.85
Kaupthing Bank Hf 7.90 2/1/2016 EUR 13.50
NIBC Bank NV 25.98 5/7/2029 EUR 49.39
Kaupthing Bank Hf 7.90 4/28/2016 EUR 13.50
DEIKON GmbH 1.00 7/1/2016 EUR 27.00
Glitnir HF 5.86 7/28/2016 GBP 11.88
Lehman Brothers Tre 3.00 12/3/2012 EUR 4.70
Lehman Brothers Tre 6.00 3/4/2015 USD 4.70
Comune di Orvieto 0.30 12/31/2031 EUR 61.49
Heta Asset Resoluti 0.47 2/10/2018 EUR 51.13
Lehman Brothers Tre 6.70 4/21/2011 USD 4.70
HSBC Bank PLC 0.50 12/20/2018 RUB 69.92
Lehman Brothers Tre 9.25 6/20/2012 USD 4.70
Lehman Brothers Tre 7.00 2/15/2012 EUR 7.75
Lehman Brothers Tre 9.00 5/15/2022 USD 4.70
Comune di San Bened 0.25 6/30/2027 EUR 72.71
Lehman Brothers Tre 14.90 11/16/2010 EUR 7.75
e-Kancelaria Grupa 8.37 10/17/2016 PLN 70.80
Bank Nederlandse Ge 0.50 9/20/2022 ZAR 53.99
DeltaCredit Bank 8.25 8/7/2015 RUB 60.01
ExpertGroup OOO/Rus 13.00 12/11/2015 RUB 60.00
Societe Generale SA 0.50 4/3/2023 RUB 51.45
Kommunalbanken AS 0.50 8/9/2017 BRL 74.43
Municipality Financ 0.50 12/14/2018 TRY 70.58
Societe Generale Ef 5.00 11/7/2016 EUR 74.78
Republika Srpska 1.50 12/24/2025 BAM 66.36
BNP Paribas SA 0.50 9/29/2029 AUD 65.16
Svensk Exportkredit 0.50 6/29/2029 AUD 65.67
Bank Julius Baer & 8.25 9/18/2015 CHF 53.40
UBS AG/London 9.06 10/23/2015 CHF 68.80
UBS AG/London 12.75 2/12/2015 CHF 48.17
Heta Asset Resoluti 0.35 4/2/2018 EUR 46.50
KFW 0.25 10/6/2036 CAD 37.21
Lehman Brothers Tre 0.80 12/30/2016 EUR 4.70
RSL Communications 10.13 3/1/2008 USD 1.25
Lehman Brothers Tre 3.70 6/6/2009 EUR 4.70
RSL Communications 9.13 3/1/2008 USD 1.25
Kaupthing Bank Hf 1.99 7/5/2012 JPY 13.50
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Municipality Financ 0.25 6/28/2040 CAD 26.47
Russian Federal Sav 7.70 12/16/2020 RUB 73.83
UniCredit Bank Aust 0.70 1/22/2031 EUR 67.63
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Lehman Brothers Tre 6.30 12/21/2018 USD 4.70
Lehman Brothers Tre 4.60 10/11/2017 ILS 29.88
Comune di Lozio 0.44 12/31/2035 EUR 55.88
Comune di Marsciano 0.33 12/31/2036 EUR 52.83
Lehman Brothers Tre 7.59 11/22/2009 MXN 29.88
LBI HF 4.38 10/20/2008 EUR 4.20
Societe Generale SA 0.50 6/12/2023 RUB 50.51
Lehman Brothers Tre 11.00 7/4/2011 CHF 7.75
Lehman Brothers Tre 15.00 3/30/2011 EUR 4.70
UniCredit Bank Aust 0.47 1/24/2031 EUR 68.75
Lehman Brothers Tre 4.05 9/16/2008 EUR 4.70
Kommunekredit 0.50 9/19/2019 BRL 60.20
Svensk Exportkredit 0.50 8/28/2020 TRY 60.96
Municipality Financ 0.50 2/22/2019 IDR 69.68
Lehman Brothers Tre 2.50 11/9/2011 CHF 4.70
Lehman Brothers Tre 1.50 10/25/2011 EUR 4.70
RSL Communications 9.88 11/15/2009 USD 1.25
HSBC Bank PLC 0.50 5/31/2019 IDR 68.27
Lloyds Bank PLC 0.50 7/26/2028 MXN 41.18
Svensk Exportkredit 0.50 8/28/2018 BRL 65.56
Svensk Exportkredit 0.50 4/24/2029 AUD 64.26
Otkritie Holding 12.50 7/26/2017 RUB 60.00
Leonteq Securities 14.20 11/18/2015 CHF 74.93
Vontobel Financial 8.55 3/13/2015 EUR 73.12
Goldman Sachs & Co 11.00 6/24/2015 EUR 73.12
Banque Cantonale Va 15.70 3/27/2015 EUR 55.14
JP Morgan Structure 12.00 2/17/2015 CHF 41.71
UBS AG 10.00 3/27/2015 USD 7.55
Glitnir HF 3.00 11/30/2009 EUR 11.88
IT Holding Finance 9.88 11/15/2012 EUR 0.20
Heta Asset Resoluti 0.23 2/9/2017 EUR 60.38
Depfa ACS Bank 0.50 3/3/2025 CAD 73.20
Municipality Financ 0.50 3/17/2025 CAD 68.06
Lehman Brothers Tre 6.00 9/20/2011 EUR 4.70
Lehman Brothers Tre 18.25 10/2/2008 USD 7.75
Glitnir HF 4.85 4/26/2012 EUR 11.88
Lehman Brothers Tre 10.00 1/3/2012 BRL 4.70
Nutritek Internatio 8.75 12/11/2008 USD 2.00
Oesterreichische Vo 4.90 8/18/2025 EUR 61.30
ENEFI Energyefficie 10.24 2/12/2015 HUF 17.29
Bank Nederlandse Ge 0.50 6/22/2021 ZAR 55.92
Glitnir HF 6.00 12/15/2012 GBP 11.88
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.00
Province of Palermo 0.28 12/31/2035 EUR 53.57
LBI HF 4.32 1/31/2010 EUR 4.20
Lehman Brothers Tre 3.00 3/19/2018 JPY 7.75
Kommunalbanken AS 0.50 9/20/2018 BRL 66.78
Medved-Finans OOO 12.50 8/22/2016 RUB 60.10
Kommunalbanken AS 0.50 8/15/2018 BRL 68.92
Cooperatieve Centra 0.50 8/21/2028 MXN 42.28
Comune di Orvieto 0.30 12/31/2030 EUR 63.59
Province of Teramo 0.27 12/30/2030 EUR 65.57
HSBC Bank PLC 0.50 1/29/2027 NZD 56.92
Municipality Financ 0.50 11/21/2018 TRY 70.68
HSBC Bank PLC 0.50 7/30/2019 IDR 67.43
Efesk Group 13.25 6/14/2016 RUB 60.10
Avangard Bank 10.25 2/1/2016 RUB 60.00
Republic of Karelia 12.25 4/8/2020 RUB 70.11
UBS AG 8.05 1/7/2015 USD 7.78
Republic of Mariy E 11.30 7/7/2018 RUB 60.05
e-Kancelaria Grupa 9.00 12/4/2015 PLN 73.90
Notenstein Privatba 10.80 1/30/2015 USD 70.41
Bank Julius Baer & 8.00 5/7/2015 USD 51.10
EFG International F 6.48 5/29/2018 EUR 54.01
Notenstein Privatba 14.00 3/9/2015 CHF 46.11
Bank Julius Baer & 9.45 1/23/2015 USD 60.30
Banque Cantonale Va 16.10 3/27/2015 CHF 55.50
Zurcher Kantonalban 5.00 9/17/2015 CHF 62.56
JP Morgan Structure 10.00 1/15/2015 USD 64.35
Svensk Exportkredit 0.50 8/29/2029 AUD 66.91
Kaupthing Bank Hf 6.50 10/8/2010 ISK 13.50
Kaupthing Bank Hf 6.40 12/15/2015 EUR 13.50
Lehman Brothers Tre 4.50 12/30/2010 USD 7.75
Provinsor Fastighet 8.50 6/30/2015 DKK 0.10
Freshwater Finance 6.18 4/20/2035 GBP 68.13
Glitnir HF 3.30 6/10/2010 EUR 11.88
LBI HF 1.68 12/22/2014 JPY 4.20
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Tre 4.25 3/13/2021 EUR 7.75
LBI HF 4.34 12/22/2025 EUR 4.20
LBI HF 7.75 2/22/2016 USD 4.20
Province of Brescia 0.68 6/30/2036 EUR 58.53
Lehman Brothers Tre 4.80 11/16/2012 HKD 7.75
KPNQwest NV 7.13 6/1/2009 EUR 0.37
Comunita Montana de 0.31 6/30/2027 EUR 74.39
Glitnir HF 6.69 6/15/2016 USD 0.02
Glitnir HF 7.32 12/19/2012 USD 11.88
Lehman Brothers Tre 6.25 11/30/2012 EUR 4.70
Lehman Brothers Tre 6.25 9/5/2011 EUR 4.70
Svensk Exportkredit 0.50 12/17/2027 USD 71.58
Heta Asset Resoluti 0.35 5/10/2017 EUR 56.38
Glitnir HF 6.00 8/1/2015 ISK 11.88
LBI HF 5.08 3/1/2013 ISK 4.20
Lehman Brothers Tre 11.00 12/19/2011 USD 4.70
Lehman Brothers Tre 6.60 2/9/2009 EUR 4.47
Comune di Bossico 0.39 12/31/2035 EUR 55.15
Comune di Ponte Di 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 4.68 12/12/2045 EUR 7.75
Kaupthing Bank Hf 7.50 4/2/2011 EUR 13.50
Lehman Brothers Tre 9.75 6/22/2018 USD 4.70
Lehman Brothers Tre 2.00 6/28/2011 EUR 4.70
Arizk 3.00 12/20/2030 RUB 23.91
Comune di Erchie 0.31 12/31/2036 EUR 52.28
Comune di Soriano N 0.27 12/31/2026 EUR 74.29
Lehman Brothers Tre 0.50 7/2/2020 EUR 7.75
Oesterreichische Vo 3.78 8/25/2033 EUR 71.00
HSBC Bank PLC 0.50 11/9/2018 IDR 71.88
Comune di Cimbergo 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 4.60 7/6/2016 EUR 4.70
Lehman Brothers Tre 5.00 11/22/2012 EUR 4.70
Lehman Brothers Tre 8.28 3/26/2009 USD 4.70
BNP Paribas SA 0.50 2/13/2024 NZD 65.18
HSBC Bank PLC 0.50 12/29/2022 AUD 70.92
HSBC Bank PLC 0.50 12/2/2022 AUD 70.93
HSBC Bank PLC 0.50 6/9/2023 MXN 63.88
Svensk Exportkredit 0.50 6/28/2022 ZAR 49.45
Svensk Exportkredit 0.50 6/26/2019 TRY 66.73
Municipality Financ 0.50 8/8/2029 NZD 54.81
Municipality Financ 0.50 1/23/2018 BRL 72.83
Municipality Financ 0.50 11/25/2020 ZAR 58.36
Lehman Brothers Tre 3.00 6/23/2009 EUR 4.70
Leonteq Securities 6.70 6/6/2016 USD 67.65
Societe Generale SA 0.50 4/4/2024 MXN 60.50
Commerzbank AG 6.50 2/26/2015 EUR 70.56
DekaBank Deutsche G 5.75 2/5/2015 EUR 71.13
Bank Julius Baer & 6.50 7/31/2015 USD 56.55
Leonteq Securities 10.00 9/17/2015 USD 68.57
Notenstein Finance 7.00 10/23/2015 USD 62.03
SAir Group 2.13 11/4/2004 CHF 11.00
Republika Srpska 9.00 9/26/2027 BAM 62.00
Commerzbank AG 6.50 2/26/2015 EUR 57.77
Bank Julius Baer & 8.10 5/7/2015 USD 65.90
Bank Julius Baer & 12.50 4/7/2015 CHF 47.70
Goldman Sachs & Co 10.00 3/25/2015 EUR 67.93
Societe Generale SA 4.00 3/29/2016 EUR 66.68
Barclays Bank PLC 3.50 2/5/2016 EUR 58.36
Raiffeisen Centroba 5.32 3/12/2015 EUR 21.55
Commerzbank AG 10.00 3/26/2015 EUR 73.54
UBS AG/London 7.00 1/22/2015 CHF 41.64
Commerzbank AG 4.00 2/3/2015 EUR 55.33
Commerzbank AG 13.50 4/23/2015 EUR 60.57
SAir Group 2.75 7/30/2004 CHF 10.75
Lehman Brothers Tre 4.25 5/15/2010 EUR 4.70
Glitnir HF 5.25 5/2/2017 ISK 11.88
Oesterreichische Vo 1.55 3/1/2022 EUR 73.50
LBI HF 3.36 8/17/2012 EUR 4.20
Lehman Brothers Tre 11.00 12/20/2017 AUD 4.70
Lehman Brothers Tre 11.00 12/20/2017 AUD 4.70
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Lehman Brothers Tre 0.50 12/20/2017 AUD 4.70
Oberoesterreichisch 0.39 4/25/2042 EUR 60.91
Comune di Roe Volci 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 23.30 9/16/2008 USD 7.75
HSBC Bank PLC 0.50 5/29/2020 IDR 63.26
Lehman Brothers Tre 7.75 1/3/2012 AUD 7.75
Lehman Brothers Tre 6.45 2/20/2010 AUD 7.75
Lehman Brothers Tre 10.44 11/22/2008 CHF 7.75
Lehman Brothers Tre 6.00 2/19/2023 USD 4.70
Societe Generale SA 0.50 5/22/2024 MXN 60.84
HSBC Bank PLC 0.50 2/24/2023 AUD 69.36
HSBC Bank PLC 0.50 4/3/2023 AUD 69.78
Leonteq Securities 29.61 10/26/2017 EUR 45.99
Commerzbank AG 5.00 6/25/2015 EUR 73.49
Commerzbank AG 4.70 6/25/2015 EUR 67.87
Commerzbank AG 8.50 3/26/2015 EUR 73.55
Commerzbank AG 8.25 4/23/2015 EUR 74.63
HSBC Trinkaus & Bur 7.00 9/25/2015 EUR 67.42
UBS AG 8.84 3/10/2015 USD 8.25
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 37.12
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 70.85
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 67.50
Notenstein Finance 12.00 11/3/2015 USD 72.32
Deutsche Bank AG 7.20 12/22/2015 EUR 71.60
UBS AG/London 8.00 1/9/2015 USD 51.05
Commerzbank AG 12.50 5/21/2015 EUR 44.67
Commerzbank AG 9.75 2/26/2015 EUR 47.60
Commerzbank AG 12.75 2/26/2015 EUR 41.39
Commerzbank AG 10.00 2/26/2015 EUR 63.40
DZ Bank AG Deutsche 14.50 3/27/2015 EUR 49.97
Commerzbank AG 6.50 2/26/2015 EUR 68.60
DZ Bank AG Deutsche 8.00 3/27/2015 EUR 60.61
Commerzbank AG 13.00 2/26/2015 EUR 74.06
Commerzbank AG 19.50 2/26/2015 EUR 33.63
Commerzbank AG 11.50 2/26/2015 EUR 74.66
Commerzbank AG 6.00 2/26/2015 EUR 74.16
Commerzbank AG 8.00 2/26/2015 EUR 70.68
Commerzbank AG 8.00 2/26/2015 EUR 70.67
Commerzbank AG 10.25 2/26/2015 EUR 52.32
Commerzbank AG 10.00 2/26/2015 EUR 72.17
Commerzbank AG 7.50 6/25/2015 EUR 58.63
Commerzbank AG 8.50 2/26/2015 EUR 69.17
Commerzbank AG 9.00 2/26/2015 EUR 54.41
Deutsche Bank AG 6.20 3/24/2015 EUR 53.50
Commerzbank AG 10.00 2/26/2015 EUR 49.36
Commerzbank AG 16.00 2/26/2015 EUR 36.87
Commerzbank AG 7.75 2/26/2015 EUR 66.36
Commerzbank AG 8.00 2/26/2015 EUR 54.05
UBS AG 22.00 3/27/2015 EUR 42.72
UBS AG 6.25 12/29/2015 EUR 67.06
UBS AG 16.25 12/29/2015 EUR 72.98
Commerzbank AG 10.00 4/23/2015 EUR 72.75
Commerzbank AG 6.00 4/23/2015 EUR 74.91
Commerzbank AG 10.75 3/26/2015 EUR 65.22
Commerzbank AG 8.00 3/26/2015 EUR 70.93
Commerzbank AG 7.25 3/26/2015 EUR 57.24
Commerzbank AG 8.50 4/23/2015 EUR 70.46
Commerzbank AG 8.25 3/26/2015 EUR 70.30
Commerzbank AG 10.00 3/26/2015 EUR 67.20
Commerzbank AG 12.00 3/26/2015 EUR 64.40
Commerzbank AG 8.25 1/22/2015 EUR 70.33
Commerzbank AG 8.00 1/22/2015 EUR 64.18
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 72.00
Commerzbank AG 7.50 3/26/2015 EUR 74.26
UBS AG 7.49 3/31/2015 USD 8.57
Commerzbank AG 6.50 1/22/2015 EUR 74.16
Vontobel Financial 7.70 1/30/2015 EUR 66.10
Commerzbank AG 6.00 1/22/2015 EUR 67.55
Leonteq Securities 7.00 1/22/2016 CHF 44.05
EFG International F 10.00 1/16/2015 USD 72.73
Commerzbank AG 13.00 3/26/2015 EUR 74.67
Commerzbank AG 10.50 1/22/2015 EUR 72.08
Commerzbank AG 8.50 3/26/2015 EUR 69.82
Commerzbank AG 8.00 1/22/2015 EUR 66.52
UBS AG/London 7.92 9/15/2015 USD 9.33
Commerzbank AG 8.50 3/26/2015 EUR 71.67
Commerzbank AG 7.00 1/22/2015 EUR 70.07
DZ Bank AG Deutsche 16.00 5/22/2015 EUR 67.71
Commerzbank AG 6.50 1/22/2015 EUR 62.32
Commerzbank AG 9.50 4/23/2015 EUR 71.06
Commerzbank AG 11.50 4/23/2015 EUR 62.96
Commerzbank AG 16.50 4/23/2015 EUR 42.29
Commerzbank AG 11.25 5/21/2015 EUR 74.54
Commerzbank AG 7.25 4/23/2015 EUR 61.33
Commerzbank AG 13.25 4/23/2015 EUR 46.67
Commerzbank AG 20.00 4/23/2015 EUR 39.16
Commerzbank AG 27.25 4/23/2015 EUR 35.12
Commerzbank AG 7.25 1/22/2015 EUR 59.88
Commerzbank AG 9.75 1/22/2015 EUR 56.36
Commerzbank AG 9.00 1/22/2015 EUR 71.21
Commerzbank AG 11.00 1/22/2015 EUR 74.51
Commerzbank AG 8.50 1/22/2015 EUR 59.77
Commerzbank AG 9.50 1/22/2015 EUR 45.74
Commerzbank AG 20.25 1/22/2015 EUR 31.12
Commerzbank AG 10.50 1/22/2015 EUR 62.97
Commerzbank AG 13.75 1/22/2015 EUR 72.37
HSBC Trinkaus & Bur 2.50 1/23/2015 EUR 72.41
Commerzbank AG 7.75 4/23/2015 EUR 73.35
Commerzbank AG 7.25 1/22/2015 EUR 74.13
Commerzbank AG 12.75 1/22/2015 EUR 39.50
Commerzbank AG 16.25 1/22/2015 EUR 34.84
Commerzbank AG 7.00 4/23/2015 EUR 74.68
Leonteq Securities 12.10 10/22/2015 USD 66.49
Commerzbank AG 11.00 5/21/2015 EUR 74.73
Commerzbank AG 6.75 5/21/2015 EUR 57.95
Bank Julius Baer & 10.00 2/27/2015 USD 36.05
Kaupthing Bank Hf 7.50 12/5/2014 ISK 13.50
Lehman Brothers Tre 2.30 6/27/2013 USD 7.75
Lehman Brothers Tre 2.37 7/15/2013 USD 4.70
LBI HF 5.44 9/3/2018 EUR 0.01
City of Siret Roman 4.01 3/1/2028 RON 23.88
LBI HF 3.11 11/10/2008 EUR 4.20
Glitnir HF 4.50 1/9/2012 EUR 11.88
Glitnir HF 6.75 3/27/2013 EUR 11.88
Glitnir HF 3.00 10/4/2011 EUR 11.88
Lehman Brothers Tre 6.50 5/16/2015 EUR 4.70
Glitnir HF 2.75 3/31/2010 EUR 11.88
Lehman Brothers Tre 3.50 9/29/2017 EUR 7.75
Lehman Brothers Tre 3.00 8/8/2017 EUR 4.70
Lehman Brothers Tre 5.00 9/1/2011 EUR 4.70
Lehman Brothers Tre 3.35 10/13/2016 EUR 4.70
Provincia di Ancona 0.31 6/30/2028 EUR 70.53
Eksportfinans ASA 0.25 7/14/2033 CAD 21.63
Lehman Brothers Tre 7.00 7/11/2010 EUR 4.70
Glitnir HF 4.01 7/6/2009 HKD 11.88
Lehman Brothers Tre 5.00 8/1/2025 EUR 4.70
Lehman Brothers Tre 6.00 7/28/2010 EUR 7.75
Lehman Brothers Tre 6.00 7/28/2010 EUR 7.75
Lehman Brothers Tre 7.50 8/1/2035 EUR 4.70
Lehman Brothers Tre 4.90 7/28/2020 EUR 4.70
Glitnir HF 3.45 8/22/2010 CZK 11.88
Glitnir HF 0.01 8/3/2009 JPY 11.88
Lehman Brothers Tre 12.00 7/13/2037 JPY 4.70
Lehman Brothers Tre 10.00 6/11/2038 JPY 4.70
UBS AG 8.93 6/25/2015 USD 44.54
Credit Suisse AG 8.00 7/31/2015 USD 8.78
UBS AG 2.75 8/18/2016 USD 8.62
Kaupthing Bank Hf 4.47 10/27/2010 EUR 13.50
Lehman Brothers Tre 2.30 4/28/2014 JPY 4.70
Lehman Brothers Tre 4.10 5/20/2009 USD 7.75
Lehman Brothers Tre 2.00 5/17/2010 EUR 7.75
Oesterreichische Vo 5.45 8/2/2019 EUR 72.70
Lehman Brothers Tre 0.75 3/29/2012 EUR 4.70
Glitnir HF 5.35 5/11/2010 USD 11.88
Eksportfinans ASA 0.50 5/9/2030 CAD 31.25
Lehman Brothers Tre 4.50 3/7/2015 EUR 4.70
Raiffeisenverband S 0.05 2/28/2031 EUR 71.71
LBI HF 4.40 11/3/2009 CZK 4.20
LBI HF 3.45 12/18/2033 JPY 0.01
Glitnir HF 0.50 11/26/2009 EUR 11.88
Lehman Brothers Tre 5.00 12/6/2011 EUR 7.75
Comune di Marsciano 0.50 12/30/2034 EUR 57.92
Lehman Brothers Tre 5.22 3/1/2024 EUR 7.75
Lehman Brothers Tre 3.63 3/2/2012 EUR 7.75
LBI HF 4.08 3/16/2015 EUR 4.20
Lehman Brothers Tre 6.00 6/21/2011 EUR 4.70
Lehman Brothers Tre 2.00 11/16/2009 EUR 4.70
Lehman Brothers Tre 3.40 9/21/2009 HKD 7.75
Lehman Brothers Tre 2.00 6/21/2011 EUR 4.70
Lehman Brothers Tre 2.50 8/23/2012 GBP 7.75
Lehman Brothers Tre 3.00 8/13/2011 EUR 4.70
Kaupthing Bank Hf 3.75 2/15/2024 ISK 13.50
Glitnir HF 5.25 5/2/2014 ISK 11.88
Lehman Brothers Tre 4.70 3/23/2016 EUR 4.70
Comunita Montana Le 0.37 1/15/2027 EUR 73.85
Glitnir HF 3.63 4/5/2009 EUR 11.88
Lehman Brothers Tre 10.00 8/2/2037 JPY 4.70
Kaupthing Bank Hf 5.00 11/8/2013 EUR 13.50
UBS AG 10.05 10/23/2015 USD 37.24
LBI HF 4.75 5/31/2013 EUR 4.20
Lehman Brothers Tre 4.00 5/17/2010 USD 4.70
Lehman Brothers Tre 2.48 5/12/2009 USD 4.70
Lehman Brothers Tre 2.25 5/12/2009 USD 4.70
Bulgaria Steel Fina 12.00 5/4/2013 EUR 1.00
Lehman Brothers Tre 7.50 6/15/2017 USD 4.70
Lehman Brothers Tre 0.50 2/16/2009 EUR 7.75
Kaupthing Bank Hf 1.65 7/5/2010 JPY 13.50
Glitnir HF 4.85 4/6/2012 EUR 11.88
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00
Lehman Brothers Tre 6.00 12/30/2017 EUR 4.70
Kaupthing Bank Hf 0.20 7/12/2009 JPY 13.50
Lehman Brothers Tre 6.00 3/17/2011 EUR 4.70
Lehman Brothers Tre 13.00 7/25/2012 EUR 7.75
Glitnir HF 10.00 6/28/2017 USD 11.88
UBS AG 11.60 11/19/2015 USD 8.62
Lehman Brothers Tre 6.00 5/23/2018 CZK 4.70
Banca di Cividale S 0.18 10/2/2036 EUR 59.52
Kaupthing Bank Hf 4.90 5/29/2017 EUR 13.50
Lehman Brothers Tre 4.00 5/30/2010 USD 7.75
Lehman Brothers Tre 4.10 6/10/2014 SGD 7.75
Glitnir HF 2.57 12/31/2013 EUR 11.88
Lehman Brothers Tre 10.00 1/4/2010 USD 4.70
Lehman Brothers Tre 4.87 10/8/2013 USD 7.75
Lehman Brothers Tre 1.95 11/4/2013 EUR 7.75
Lehman Brothers Tre 3.00 8/15/2017 EUR 4.70
Lehman Brothers Tre 3.50 9/19/2017 EUR 7.75
Glitnir HF 0.01 5/6/2009 JPY 11.88
Oesterreichische Vo 1.08 3/1/2021 EUR 74.13
Lehman Brothers Tre 4.15 8/25/2020 EUR 7.75
Kaupthing Bank Hf 5.80 9/7/2012 EUR 13.50
Glitnir HF 3.30 8/22/2012 EUR 11.88
Lehman Brothers Tre 6.00 12/6/2016 USD 4.70
LBI HF 4.00 9/23/2015 EUR 4.20
LBI HF 2.14 2/3/2020 JPY 4.20
City of Pavullo nel 1.12 12/31/2030 EUR 74.17
Kaupthing Bank Hf 7.00 1/3/2011 EUR 13.50
Lehman Brothers Tre 16.80 8/21/2009 USD 7.75
Lehman Brothers Tre 5.20 3/19/2018 EUR 7.75
Lehman Brothers Tre 13.15 10/30/2008 USD 7.75
Glitnir HF 3.50 10/30/2012 EUR 11.88
Lehman Brothers Tre 8.60 7/31/2013 GBP 4.70
Lehman Brothers Tre 8.28 7/31/2013 GBP 4.70
Lehman Brothers Tre 7.50 7/31/2013 GBP 4.70
Lehman Brothers Tre 7.32 7/31/2013 GBP 4.70
Barclays Bank PLC 1.64 6/3/2041 USD 73.36
LBI HF 4.40 11/30/2035 EUR 0.01
Lehman Brothers Tre 5.10 6/22/2046 EUR 7.75
Lehman Brothers Tre 4.60 11/9/2011 EUR 4.70
Lehman Brothers Tre 6.50 7/24/2026 EUR 4.70
Lehman Brothers Tre 12.22 11/21/2017 USD 4.70
LBI HF 3.00 10/22/2015 EUR 4.20
Lehman Brothers Tre 3.50 12/20/2027 USD 4.70
Lehman Brothers Tre 4.50 8/2/2009 USD 7.75
Glitnir HF 6.33 7/28/2011 USD 11.88
KPNQwest NV 8.88 2/1/2008 EUR 0.37
Lehman Brothers Tre 14.10 11/12/2008 USD 7.75
Lehman Brothers Tre 4.50 3/6/2013 CHF 4.70
Lehman Brothers Tre 4.00 4/24/2009 USD 7.75
Lehman Brothers Tre 9.00 3/17/2009 GBP 7.75
Lehman Brothers Tre 8.00 5/22/2009 USD 7.75
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 4.00 8/11/2010 USD 4.70
Lehman Brothers Tre 4.50 7/24/2014 EUR 4.70
Lehman Brothers Tre 7.50 5/30/2010 AUD 7.75
Lehman Brothers Tre 4.30 6/4/2012 USD 7.75
Lehman Brothers Tre 4.00 6/5/2011 USD 7.75
Lehman Brothers Tre 4.00 10/12/2010 USD 7.75
KPNQwest NV 7.13 6/1/2009 EUR 0.37
Comune di Ferentino 0.24 12/28/2027 EUR 71.24
Glitnir HF 6.84 12/15/2015 EUR 0.02
Lehman Brothers Tre 4.00 1/4/2011 USD 7.75
Lehman Brothers Tre 9.30 12/21/2010 EUR 7.75
Lehman Brothers Tre 8.00 12/31/2010 USD 7.75
Lehman Brothers Tre 9.00 6/13/2009 USD 7.75
Lehman Brothers Tre 7.00 11/28/2008 CHF 7.75
Lehman Brothers Tre 7.38 9/20/2008 EUR 7.75
Lehman Brothers Tre 3.85 4/24/2009 USD 7.75
Lehman Brothers Tre 7.25 10/6/2008 EUR 7.75
Lehman Brothers Tre 10.50 8/9/2010 EUR 7.75
Lehman Brothers Tre 5.25 7/8/2014 EUR 7.75
Lehman Brothers Tre 0.50 12/20/2017 USD 4.70
Lehman Brothers Tre 2.30 6/6/2013 USD 7.75
Lehman Brothers Tre 11.00 5/9/2020 USD 4.70
Kaupthing Bank Hf 1.75 6/7/2016 EUR 13.50
Lehman Brothers Tre 1.50 10/12/2010 EUR 4.70
ECM Real Estate Inv 5.00 10/9/2011 EUR 10.38
Lehman Brothers Tre 8.00 10/23/2008 USD 7.75
Lehman Brothers Tre 8.50 7/6/2009 CHF 7.75
Glitnir HF 6.31 7/28/2011 USD 11.88
Glitnir HF 6.31 7/28/2011 USD 11.88
Oberoesterreichisch 0.51 11/6/2030 EUR 74.50
Lehman Brothers Tre 8.80 12/27/2009 EUR 7.75
Lehman Brothers Tre 13.00 2/16/2009 CHF 7.75
Lehman Brothers Tre 7.00 2/15/2010 CHF 7.75
Lehman Brothers Tre 7.75 1/30/2009 EUR 7.75
City of Hunedoara R 2.43 8/15/2026 RON 56.32
Lehman Brothers Tre 11.00 2/16/2009 CHF 7.75
Lehman Brothers Tre 10.00 2/16/2009 CHF 7.75
Lehman Brothers Tre 5.75 6/15/2009 CHF 7.75
Lehman Brothers Tre 7.50 10/24/2008 USD 7.75
Lehman Brothers Tre 10.00 3/27/2009 USD 4.70
Lehman Brothers Tre 5.00 10/24/2008 CHF 7.75
Lehman Brothers Tre 7.00 4/14/2009 EUR 7.75
Lehman Brothers Tre 0.25 7/21/2014 EUR 4.70
Lehman Brothers Tre 7.63 7/22/2011 HKD 7.75
Lehman Brothers Tre 8.00 8/3/2009 USD 7.75
Glitnir HF 5.86 7/28/2016 GBP 11.88
Lehman Brothers Tre 0.50 8/1/2020 EUR 7.75
Lehman Brothers Tre 6.00 8/7/2013 EUR 4.70
Glitnir HF 5.24 12/22/2010 USD 11.88
Lehman Brothers Tre 8.05 12/20/2010 HKD 7.75
Lehman Brothers Tre 7.60 3/4/2010 NZD 7.75
Lehman Brothers Tre 17.00 6/2/2009 USD 7.75
Lehman Brothers Tre 13.50 6/2/2009 USD 7.75
Lehman Brothers Tre 4.82 12/18/2036 EUR 7.75
Lehman Brothers Tre 5.25 4/1/2023 EUR 7.75
Kaupthing Bank Hf 5.00 1/4/2027 SKK 13.50
Lehman Brothers Tre 12.40 6/12/2009 USD 7.75
Lehman Brothers Tre 8.00 3/19/2012 USD 4.70
Lehman Brothers Tre 4.00 11/24/2016 EUR 4.70
Lehman Brothers Tre 7.05 4/8/2015 USD 4.70
Lehman Brothers Tre 7.80 3/31/2018 USD 4.70
Lehman Brothers Tre 7.15 3/21/2013 USD 4.70
Glitnir HF 6.00 12/10/2009 ISK 0.02
Glitnir HF 6.20 12/20/2009 ISK 0.02
Glitnir HF 5.00 2/1/2011 ISK 11.88
Glitnir HF 5.25 10/23/2011 ISK 11.88
Glitnir HF 5.00 2/1/2016 ISK 11.88
LBI HF 7.00 4/2/2010 EUR 4.20
Comune di Comezzano 0.34 6/30/2030 EUR 65.51
Lehman Brothers Tre 4.05 9/16/2008 EUR 4.70
Lehman Brothers Tre 7.60 1/31/2013 AUD 7.75
Lehman Brothers Tre 5.50 6/22/2010 USD 4.70
Lehman Brothers Tre 3.50 6/20/2011 EUR 4.70
Glitnir HF 6.00 8/1/2010 ISK 11.88
Kaupthing Bank Hf 7.00 7/24/2009 ISK 13.50
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.00
LBI HF 8.65 5/1/2011 ISK 4.20
Lehman Brothers Tre 7.50 2/14/2010 AUD 7.75
Lehman Brothers Tre 2.50 12/15/2011 GBP 7.75
Lehman Brothers Tre 9.50 4/1/2018 USD 4.70
SG Option Europe SA 6.00 1/9/2015 EUR 71.41
Lehman Brothers Tre 8.00 3/21/2018 USD 4.70
Kaupthing Bank Hf 7.63 2/28/2015 USD 13.50
Lehman Brothers Tre 9.00 5/6/2011 CHF 7.75
Lehman Brothers Tre 10.60 4/22/2014 MXN 4.70
Lehman Brothers Tre 16.00 11/9/2008 USD 7.75
Kaupthing Bank Hf 7.70 10/2/2011 EUR 13.50
Lehman Brothers Tre 5.00 3/13/2009 EUR 4.70
Kaupthing Bank Hf 7.50 10/2/2010 EUR 13.50
Lehman Brothers Tre 13.00 12/14/2012 USD 4.70
Lehman Brothers Tre 10.00 5/22/2009 USD 7.75
Lehman Brothers Tre 8.00 5/22/2009 USD 7.75
Comune di Bovegno 0.39 12/31/2035 EUR 55.15
Lehman Brothers Tre 5.00 2/15/2018 EUR 4.70
Kaupthing Bank Hf 0.95 10/20/2010 JPY 13.50
Lehman Brothers Tre 3.00 9/12/2036 JPY 29.88
Lehman Brothers Tre 16.20 5/14/2009 USD 7.75
Lehman Brothers Tre 4.60 8/1/2013 EUR 4.70
Lehman Brothers Tre 3.00 6/3/2010 EUR 4.70
Lehman Brothers Tre 7.60 5/21/2013 USD 4.70
Lehman Brothers Tre 10.00 6/17/2009 USD 7.75
Lehman Brothers Tre 5.12 4/30/2027 EUR 7.75
Lehman Brothers Tre 1.50 2/8/2012 CHF 4.70
Synergy Classic Via 2.00 8/2/2015 USD 52.92
Lehman Brothers Tre 0.01 9/20/2011 USD 4.70
Kaupthing Bank Hf 4.53 4/24/2012 EUR 13.50
Lehman Brothers Tre 4.10 8/23/2010 USD 7.75
Oravita City Counci 3.88 6/15/2027 RON 40.02
Lehman Brothers Tre 5.00 4/24/2017 EUR 4.70
LBI HF 3.34 5/11/2012 EUR 4.20
Lehman Brothers Tre 8.00 12/27/2032 JPY 4.70
Lehman Brothers Tre 7.39 5/4/2017 USD 4.70
Cooperatieve Centra 0.50 12/29/2027 MXN 44.42
Agrokompleks OOO 12.50 12/10/2015 RUB 60.20
Lehman Brothers Tre 3.50 10/31/2011 USD 4.70
Lehman Brothers Tre 3.50 10/24/2011 USD 4.70
Comune di Nervesa d 0.39 1/31/2027 EUR 73.96
Lehman Brothers Tre 7.25 6/20/2010 USD 4.70
Lehman Brothers Tre 7.00 9/20/2011 USD 4.70
Lehman Brothers Tre 0.25 10/19/2012 CHF 4.70
Lehman Brothers Tre 0.50 6/2/2020 EUR 7.75
Lehman Brothers Tre 12.00 7/4/2011 EUR 7.75
Lehman Brothers Tre 5.50 7/8/2013 EUR 4.70
Lehman Brothers Tre 6.00 2/14/2012 EUR 7.75
Kaupthing Bank Hf 4.95 5/6/2009 EUR 13.50
Lehman Brothers Tre 13.43 1/8/2009 ILS 7.75
Lehman Brothers Tre 6.00 5/12/2017 EUR 4.70
Lehman Brothers Tre 6.60 2/22/2012 EUR 7.75
Lehman Brothers Tre 6.75 4/5/2012 EUR 4.70
Lehman Brothers Tre 11.00 7/4/2011 USD 7.75
Lehman Brothers Tre 16.00 12/26/2008 USD 7.75
Lehman Brothers Tre 4.10 2/19/2010 EUR 4.70
Lehman Brothers Tre 3.10 6/4/2010 USD 7.75
Lehman Brothers Tre 1.68 3/5/2015 EUR 4.70
LBI HF 4.28 11/19/2010 EUR 4.20
LBI HF 4.34 3/1/2011 EUR 4.20
Lehman Brothers Tre 5.00 2/28/2032 EUR 4.70
Lehman Brothers Tre 3.45 5/23/2013 USD 4.70
Svensk Exportkredit 0.50 8/25/2021 ZAR 59.39
Lehman Brothers Tre 5.25 11/21/2009 USD 4.70
Lehman Brothers Tre 15.00 6/4/2009 CHF 7.75
City of Hunedoara R 2.43 8/15/2026 RON 73.00
Lehman Brothers Tre 5.38 2/4/2014 USD 4.70
Lehman Brothers Tre 6.72 12/29/2008 EUR 4.55
Lehman Brothers Tre 7.06 12/29/2008 EUR 4.56
Lehman Brothers Tre 2.50 8/15/2012 CHF 4.70
Lehman Brothers Tre 5.50 11/30/2012 CZK 4.70
Lehman Brothers Tre 6.00 10/30/2012 USD 7.75
Lehman Brothers Tre 16.00 10/8/2008 CHF 7.75
Lehman Brothers Tre 5.50 6/15/2009 CHF 7.75
Lehman Brothers Tre 1.00 2/26/2010 USD 4.70
LBI HF 2.75 3/16/2011 EUR 4.20
Lehman Brothers Tre 10.00 10/23/2008 USD 7.75
Lehman Brothers Tre 6.60 5/23/2012 AUD 7.75
Lehman Brothers Tre 16.00 10/28/2008 USD 7.75
Kaupthing Bank Hf 4.50 1/17/2011 EUR 13.50
Lehman Brothers Tre 7.75 2/21/2016 EUR 4.70
Lehman Brothers Tre 7.50 9/13/2009 CHF 7.75
City of Predeal Rom 2.50 5/15/2026 RON 60.00
Lehman Brothers Tre 6.85 12/22/2008 EUR 4.70
Barclays Bank PLC 0.50 3/26/2021 MXN 71.84
HSBC Bank PLC 0.50 4/11/2023 MXN 64.64
Societe Generale SA 0.50 4/30/2023 RUB 50.96
Municipality Financ 0.50 5/31/2022 ZAR 50.22
Municipality Financ 0.50 2/7/2018 BRL 71.90
HSBC Bank PLC 0.50 7/30/2027 NZD 55.28
Oesterreichische Vo 3.78 7/21/2033 EUR 71.13
EFG International F 6.00 11/30/2017 EUR 54.95
Leonteq Securities 6.25 11/13/2015 CHF 56.92
Leonteq Securities 7.60 11/20/2015 USD 37.84
e-Kancelaria Grupa 9.00 10/25/2016 PLN 70.10
Municipality Financ 0.50 7/30/2029 AUD 66.05
Municipality Financ 0.50 1/10/2018 BRL 72.48
Municipality Financ 0.50 4/26/2022 ZAR 50.81
Lehman Brothers Tre 2.40 6/20/2011 JPY 4.70
Lehman Brothers Tre 1.60 6/21/2010 JPY 4.70
Lehman Brothers Tre 4.20 12/3/2008 HKD 4.70
HSBC Bank PLC 0.50 2/2/2023 AUD 70.23
UBS AG 10.75 12/29/2015 EUR 62.27
UBS AG 14.25 6/26/2015 EUR 53.63
Leonteq Securities 5.65 5/27/2015 CHF 56.55
Zurcher Kantonalban 4.51 1/25/2016 CHF 56.30
UniCredit Bank AG 5.25 2/26/2016 EUR 66.56
EFG International F 12.86 10/30/2017 EUR 70.18
Barclays Bank PLC 3.50 12/7/2015 EUR 58.69
Leonteq Securities 14.25 2/13/2015 USD 38.03
UBS AG 7.10 7/22/2015 EUR 66.31
UBS AG 21.00 12/29/2015 EUR 70.62
UBS AG 21.00 3/27/2015 EUR 74.53
UBS AG 23.75 3/27/2015 EUR 58.07
UBS AG 15.75 3/27/2015 EUR 67.65
UBS AG 20.00 9/25/2015 EUR 63.87
UBS AG 23.75 9/25/2015 EUR 67.05
UBS AG 22.25 6/26/2015 EUR 67.97
UBS AG 17.25 12/29/2015 EUR 74.56
UBS AG 21.75 9/25/2015 EUR 69.15
UBS AG 19.00 9/25/2015 EUR 64.56
UBS AG 12.50 12/29/2015 EUR 73.19
UBS AG 22.00 3/27/2015 EUR 58.94
UBS AG 23.00 6/26/2015 EUR 59.60
UBS AG 13.50 9/25/2015 EUR 70.68
UBS AG 15.00 12/29/2015 EUR 70.27
UBS AG 24.75 6/26/2015 EUR 65.05
UBS AG 23.50 9/25/2015 EUR 72.37
UBS AG 19.50 9/25/2015 EUR 71.63
UBS AG 17.00 9/25/2015 EUR 74.59
UBS AG 19.25 3/27/2015 EUR 62.20
UBS AG 21.50 6/26/2015 EUR 60.92
UBS AG 15.00 3/27/2015 EUR 67.38
UBS AG 13.50 12/29/2015 EUR 71.34
UBS AG 13.50 12/29/2015 EUR 72.39
UBS AG 21.75 12/29/2015 EUR 63.82
UBS AG 22.25 9/25/2015 EUR 73.75
UBS AG 23.00 3/27/2015 EUR 74.64
UBS AG 21.25 3/27/2015 EUR 60.83
UBS AG 20.75 6/26/2015 EUR 62.08
UBS AG 13.00 9/25/2015 EUR 72.70
UBS AG 24.50 9/25/2015 EUR 60.08
UBS AG 16.50 12/29/2015 EUR 68.53
UBS AG 22.75 6/26/2015 EUR 74.02
UBS AG 21.75 3/27/2015 EUR 67.81
UBS AG 18.00 12/29/2015 EUR 66.57
UBS AG 19.25 6/26/2015 EUR 63.24
UBS AG 15.00 9/25/2015 EUR 68.89
UBS AG 17.00 12/29/2015 EUR 67.61
UBS AG 16.75 6/26/2015 EUR 65.93
Vontobel Financial 3.00 1/23/2015 EUR 62.60
Vontobel Financial 21.85 3/27/2015 EUR 71.03
Vontobel Financial 5.05 6/26/2015 EUR 73.26
Vontobel Financial 6.75 3/13/2015 EUR 63.99
Vontobel Financial 8.95 3/13/2015 EUR 61.09
BNP Paribas Emissio 4.50 3/26/2015 EUR 71.67
BNP Paribas Emissio 6.00 3/26/2015 EUR 67.86
BNP Paribas Emissio 8.00 3/26/2015 EUR 64.61
BNP Paribas Emissio 5.00 6/25/2015 EUR 71.43
BNP Paribas Emissio 5.50 6/25/2015 EUR 67.68
BNP Paribas Emissio 7.00 6/25/2015 EUR 64.80
UniCredit Bank AG 5.80 6/26/2015 EUR 74.01
UniCredit Bank AG 5.50 6/26/2015 EUR 58.73
Province of Treviso 0.40 12/31/2034 EUR 60.10
Lehman Brothers Tre 3.82 10/20/2009 USD 7.75
LBI HF 2.22 10/15/2019 JPY 4.20
Glitnir HF 3.00 12/15/2009 EUR 11.88
Lehman Brothers Tre 2.75 10/28/2009 EUR 4.70
Leonteq Securities 4.50 4/4/2016 EUR 48.38
UniCredit Bank AG 4.90 2/26/2015 EUR 65.78
UBS AG 12.75 6/26/2015 EUR 69.86
UniCredit Bank AG 5.00 2/26/2015 EUR 61.27
UniCredit Bank AG 4.80 2/26/2015 EUR 59.56
UniCredit Bank AG 4.00 2/26/2015 EUR 60.95
UniCredit Bank AG 4.00 2/26/2015 EUR 71.14
UniCredit Bank AG 6.00 2/26/2015 EUR 56.96
UniCredit Bank AG 5.50 2/26/2015 EUR 64.45
UniCredit Bank AG 4.60 2/26/2015 EUR 66.49
UniCredit Bank AG 6.50 2/26/2015 EUR 72.76
UniCredit Bank AG 12.00 2/26/2015 EUR 74.01
UniCredit Bank AG 5.80 2/26/2015 EUR 63.77
Raiffeisen Centroba 8.28 1/21/2015 EUR 63.55
UniCredit Bank AG 4.00 2/26/2015 EUR 67.96
Commerzbank AG 4.80 6/25/2015 EUR 71.09
DZ Bank AG Deutsche 6.25 1/23/2015 EUR 72.60
DZ Bank AG Deutsche 5.50 1/23/2015 EUR 62.08
DZ Bank AG Deutsche 5.00 1/23/2015 EUR 63.35
Vontobel Financial 13.20 1/16/2015 EUR 69.18
DZ Bank AG Deutsche 8.75 5/22/2015 EUR 73.68
UniCredit Bank AG 6.00 2/26/2015 EUR 74.67
UniCredit Bank AG 6.10 2/26/2015 EUR 62.45
UBS AG 23.75 12/29/2015 EUR 71.69
UBS AG 23.50 9/25/2015 EUR 72.95
UBS AG 23.00 12/29/2015 EUR 57.44
UBS AG 23.25 12/29/2015 EUR 73.82
UBS AG 22.50 3/27/2015 EUR 70.75
UBS AG 21.25 3/29/2016 EUR 66.39
UBS AG 23.00 6/26/2015 EUR 72.83
UBS AG 21.50 9/25/2015 EUR 74.47
DZ Bank AG Deutsche 7.25 1/16/2015 EUR 62.02
DZ Bank AG Deutsche 9.00 1/16/2015 EUR 62.07
DZ Bank AG Deutsche 7.00 7/10/2015 EUR 64.10
DZ Bank AG Deutsche 8.00 7/10/2015 EUR 64.61
UBS AG 18.50 3/27/2015 EUR 67.68
Vontobel Financial 9.00 4/24/2015 EUR 74.10
UBS AG 25.00 9/25/2015 EUR 71.43
UBS AG 24.25 12/29/2015 EUR 72.18
UBS AG 21.00 3/27/2015 EUR 65.46
UBS AG 13.75 3/29/2016 EUR 71.15
UBS AG 22.75 6/26/2015 EUR 70.99
UBS AG 24.75 9/25/2015 EUR 69.83
DZ Bank AG Deutsche 4.25 2/6/2015 EUR 73.39
UBS AG 21.75 3/27/2015 EUR 74.71
UBS AG 10.50 3/29/2016 EUR 74.58
DZ Bank AG Deutsche 6.00 1/23/2015 EUR 64.32
DZ Bank AG Deutsche 7.50 1/23/2015 EUR 62.13
DZ Bank AG Deutsche 7.00 3/27/2015 EUR 63.31
DekaBank Deutsche G 4.90 6/11/2015 EUR 64.73
Bank Julius Baer & 7.25 4/1/2015 CHF 50.95
DZ Bank AG Deutsche 8.00 1/23/2015 EUR 71.97
DZ Bank AG Deutsche 18.00 1/23/2015 EUR 70.62
DZ Bank AG Deutsche 6.00 1/23/2015 EUR 67.23
DZ Bank AG Deutsche 7.75 1/23/2015 EUR 73.57
BNP Paribas Emissio 11.00 3/26/2015 EUR 71.35
BNP Paribas Emissio 4.00 3/26/2015 EUR 63.54
BNP Paribas Emissio 5.50 3/26/2015 EUR 59.96
BNP Paribas Emissio 7.50 3/26/2015 EUR 56.94
BNP Paribas Emissio 10.00 3/26/2015 EUR 54.41
BNP Paribas Emissio 10.00 3/26/2015 EUR 73.42
BNP Paribas Emissio 9.00 3/26/2015 EUR 73.19
BNP Paribas Emissio 13.00 3/26/2015 EUR 67.77
BNP Paribas Emissio 3.50 3/26/2015 EUR 66.53
BNP Paribas Emissio 6.00 3/26/2015 EUR 60.55
BNP Paribas Emissio 9.50 3/26/2015 EUR 55.93
BNP Paribas Emissio 16.50 3/26/2015 EUR 73.03
BNP Paribas Emissio 7.50 3/26/2015 EUR 72.69
BNP Paribas Emissio 12.50 3/26/2015 EUR 66.71
BNP Paribas Emissio 8.00 3/26/2015 EUR 45.20
BNP Paribas Emissio 11.00 3/26/2015 EUR 40.43
BNP Paribas Emissio 15.00 3/26/2015 EUR 37.07
HSBC Trinkaus & Bur 9.00 6/26/2015 EUR 73.90
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 71.46
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 66.21
HSBC Trinkaus & Bur 10.50 6/26/2015 EUR 70.19
HSBC Trinkaus & Bur 7.50 6/26/2015 EUR 73.49
HSBC Trinkaus & Bur 9.50 1/23/2015 EUR 69.76
HSBC Trinkaus & Bur 16.00 3/27/2015 EUR 69.74
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 74.04
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 71.41
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 68.12
HSBC Trinkaus & Bur 8.50 6/26/2015 EUR 69.62
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 69.82
DZ Bank AG Deutsche 6.00 3/27/2015 EUR 64.22
Goldman Sachs & Co 7.00 2/25/2015 EUR 64.08
Goldman Sachs & Co 9.00 2/25/2015 EUR 61.58
Goldman Sachs & Co 11.00 2/25/2015 EUR 59.31
Goldman Sachs & Co 13.00 2/25/2015 EUR 71.72
DZ Bank AG Deutsche 5.80 3/13/2015 EUR 74.05
DZ Bank AG Deutsche 5.50 6/12/2015 EUR 73.90
UniCredit Bank AG 4.00 2/26/2015 EUR 75.00
UniCredit Bank AG 5.20 2/26/2015 EUR 72.36
UniCredit Bank AG 4.00 2/26/2015 EUR 63.37
UniCredit Bank AG 4.50 2/26/2015 EUR 74.69
UniCredit Bank AG 5.45 2/26/2015 EUR 58.95
Commerzbank AG 9.25 4/23/2015 EUR 73.83
DZ Bank AG Deutsche 5.75 1/16/2015 EUR 73.85
Notenstein Privatba 11.30 6/10/2015 CHF 68.68
Notenstein Privatba 9.70 5/11/2015 EUR 73.27
UBS AG 14.25 6/26/2015 EUR 62.11
DZ Bank AG Deutsche 4.90 9/11/2015 EUR 74.71
UniCredit Bank AG 4.40 2/26/2015 EUR 74.09
UniCredit Bank AG 4.80 2/26/2015 EUR 73.21
UBS AG 10.75 6/26/2015 EUR 62.73
UniCredit Bank AG 6.00 2/26/2015 EUR 70.75
UBS AG 10.75 12/29/2015 EUR 61.00
UniCredit Bank AG 4.60 2/26/2015 EUR 61.82
UniCredit Bank AG 5.85 2/26/2015 EUR 57.60
UniCredit Bank AG 4.30 2/26/2015 EUR 62.59
UniCredit Bank AG 6.25 2/26/2015 EUR 69.91
Zurcher Kantonalban 12.00 7/23/2015 CHF 56.57
UBS AG 9.25 6/26/2015 EUR 69.48
UBS AG 7.75 6/26/2015 EUR 72.76
UBS AG 12.50 6/26/2015 EUR 64.20
UBS AG 10.75 6/26/2015 EUR 66.60
BNP Paribas Emissio 6.00 7/23/2015 EUR 72.31
Bank Julius Baer & 8.85 9/25/2015 CHF 57.65
Bank Julius Baer & 7.00 10/2/2015 USD 65.95
Bank Julius Baer & 13.90 10/2/2015 USD 71.70
Banque Cantonale Va 15.40 3/25/2015 USD 72.49
Leonteq Securities 11.20 12/29/2015 CHF 59.57
EFG International F 1.55 4/29/2015 EUR 45.44
DZ Bank AG Deutsche 7.50 3/6/2015 EUR 59.67
DZ Bank AG Deutsche 6.75 2/13/2015 EUR 68.11
Vontobel Financial 16.50 1/16/2015 EUR 59.85
Vontobel Financial 5.45 3/13/2015 EUR 73.39
Vontobel Financial 12.60 3/13/2015 EUR 63.71
Vontobel Financial 5.55 6/12/2015 EUR 73.37
Vontobel Financial 6.25 6/12/2015 EUR 71.94
Commerzbank AG 8.50 2/26/2015 EUR 67.37
BNP Paribas Emissio 7.00 1/22/2015 EUR 74.88
UBS AG 14.75 6/26/2015 EUR 69.74
DZ Bank AG Deutsche 11.00 1/23/2015 EUR 70.66
DZ Bank AG Deutsche 11.50 1/23/2015 EUR 73.67
Banque Cantonale Va 13.10 7/21/2015 CHF 63.66
Vontobel Financial 7.40 3/27/2015 EUR 70.63
Vontobel Financial 8.35 6/26/2015 EUR 70.81
Vontobel Financial 5.30 6/26/2015 EUR 73.37
Zurcher Kantonalban 5.60 11/18/2015 USD 74.81
Credit Suisse AG/Na 8.38 10/15/2015 USD 69.40
DZ Bank AG Deutsche 16.00 9/25/2015 EUR 54.08
DZ Bank AG Deutsche 2.90 3/23/2015 EUR 65.81
DZ Bank AG Deutsche 4.20 3/23/2015 EUR 64.21
DZ Bank AG Deutsche 7.80 3/23/2015 EUR 61.49
DZ Bank AG Deutsche 1.70 3/23/2015 EUR 66.29
DZ Bank AG Deutsche 4.10 3/23/2015 EUR 63.37
DZ Bank AG Deutsche 7.90 3/23/2015 EUR 61.07
DZ Bank AG Deutsche 2.10 9/23/2015 EUR 71.01
DZ Bank AG Deutsche 3.50 9/23/2015 EUR 68.76
DZ Bank AG Deutsche 5.40 9/23/2015 EUR 67.10
DZ Bank AG Deutsche 2.10 12/23/2015 EUR 72.81
DZ Bank AG Deutsche 3.30 12/23/2015 EUR 70.79
DZ Bank AG Deutsche 4.80 12/23/2015 EUR 69.26
DZ Bank AG Deutsche 5.20 3/23/2015 EUR 56.43
DZ Bank AG Deutsche 3.20 3/23/2015 EUR 53.50
DZ Bank AG Deutsche 5.70 9/23/2015 EUR 65.56
DZ Bank AG Deutsche 5.70 9/23/2015 EUR 62.85
DZ Bank AG Deutsche 4.60 9/23/2015 EUR 59.54
DZ Bank AG Deutsche 5.10 12/23/2015 EUR 68.39
DZ Bank AG Deutsche 5.10 12/23/2015 EUR 65.68
DZ Bank AG Deutsche 4.40 12/23/2015 EUR 62.47
DZ Bank AG Deutsche 2.40 9/23/2015 EUR 71.76
DZ Bank AG Deutsche 3.90 9/23/2015 EUR 69.29
DZ Bank AG Deutsche 5.80 9/23/2015 EUR 67.35
DZ Bank AG Deutsche 2.20 12/23/2015 EUR 74.01
DZ Bank AG Deutsche 3.50 12/23/2015 EUR 71.81
DZ Bank AG Deutsche 5.10 12/23/2015 EUR 70.10
DZ Bank AG Deutsche 4.30 3/23/2015 EUR 56.18
DZ Bank AG Deutsche 2.60 9/23/2015 EUR 63.61
DZ Bank AG Deutsche 3.10 9/23/2015 EUR 61.33
DZ Bank AG Deutsche 4.80 9/23/2015 EUR 62.29
DZ Bank AG Deutsche 2.70 12/23/2015 EUR 65.76
DZ Bank AG Deutsche 4.60 12/23/2015 EUR 64.97
DZ Bank AG Deutsche 3.20 12/23/2015 EUR 63.37
DZ Bank AG Deutsche 6.40 3/23/2015 EUR 59.43
JP Morgan Structure 12.20 9/30/2015 USD 65.60
UBS AG/London 23.75 12/29/2015 EUR 74.74
UBS AG/London 21.75 6/26/2015 EUR 74.86
UBS AG/London 14.50 6/26/2015 EUR 68.06
UBS AG/London 24.75 9/25/2015 EUR 72.51
UBS AG/London 21.75 12/29/2015 EUR 74.71
UBS AG/London 9.00 12/29/2015 EUR 58.07
UBS AG/London 14.75 9/25/2015 EUR 61.16
HSBC Trinkaus & Bur 20.00 3/27/2015 EUR 73.91
HSBC Trinkaus & Bur 6.00 9/25/2015 EUR 69.23
HSBC Trinkaus & Bur 9.50 4/24/2015 EUR 63.47
HSBC Trinkaus & Bur 8.50 8/28/2015 EUR 65.64
DZ Bank AG Deutsche 13.00 3/27/2015 EUR 65.38
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 74.78
HSBC Trinkaus & Bur 6.00 9/25/2015 EUR 74.72
HSBC Trinkaus & Bur 6.50 7/24/2015 EUR 73.27
HSBC Trinkaus & Bur 12.50 9/25/2015 EUR 72.02
HSBC Trinkaus & Bur 12.00 3/27/2015 EUR 61.08
HSBC Trinkaus & Bur 11.00 6/26/2015 EUR 63.35
HSBC Trinkaus & Bur 12.50 9/25/2015 EUR 62.84
HSBC Trinkaus & Bur 8.50 7/24/2015 EUR 64.98
Commerzbank AG 8.00 2/26/2015 EUR 70.52
Bank Julius Baer & 7.10 7/8/2015 CHF 47.90
Bank Julius Baer & 10.20 10/7/2015 CHF 68.20
Leonteq Securities 9.00 4/8/2016 USD 39.74
Commerzbank AG 20.50 9/24/2015 EUR 74.26
Commerzbank AG 23.75 9/24/2015 EUR 71.64
Commerzbank AG 26.75 9/24/2015 EUR 69.03
Raiffeisen Centroba 10.63 1/20/2016 EUR 72.39
Raiffeisen Centroba 25.04 1/21/2015 EUR 73.75
Raiffeisen Centroba 20.68 7/22/2015 EUR 73.71
UniCredit Bank AG 5.00 10/22/2015 EUR 71.72
UniCredit Bank AG 4.50 10/22/2015 EUR 72.87
UBS AG/London 11.75 11/12/2015 CHF 69.86
Bank Julius Baer & 10.60 10/9/2015 USD 59.95
Leonteq Securities 13.40 1/14/2016 CHF 72.84
Zurcher Kantonalban 7.02 10/9/2015 CHF 63.45
Leonteq Securities 6.00 1/7/2016 EUR 36.83
Bank Julius Baer & 8.60 1/7/2015 CHF 38.10
Leonteq Securities 6.20 7/15/2016 EUR 67.89
LBBW 4.50 2/27/2015 EUR 73.74
Societe Generale Ef 4.00 6/26/2017 EUR 49.27
Raiffeisen Centroba 5.83 1/21/2015 EUR 71.25
Raiffeisen Centroba 7.45 1/21/2015 EUR 73.75
Raiffeisen Centroba 7.97 1/21/2015 EUR 74.60
Raiffeisen Centroba 7.94 1/21/2015 EUR 71.75
Bank Julius Baer & 8.20 9/23/2015 CHF 57.50
Leonteq Securities 15.20 12/2/2015 CHF 59.62
Credit Suisse AG/Na 10.25 8/28/2015 USD 73.82
Commerzbank AG 6.00 8/27/2015 EUR 71.12
Commerzbank AG 9.25 8/27/2015 EUR 70.30
Commerzbank AG 11.75 8/27/2015 EUR 69.14
Notenstein Privatba 7.20 9/3/2015 EUR 63.73
Leonteq Securities 12.00 12/15/2015 CHF 63.76
Credit Suisse AG/Na 8.00 3/16/2016 USD 66.02
Bank Julius Baer & 10.70 9/16/2015 CHF 67.70
HSBC Trinkaus & Bur 15.00 3/27/2015 EUR 66.85
UBS AG/London 22.50 3/27/2015 EUR 73.72
Bank Julius Baer & 7.70 2/11/2015 CHF 50.75
UniCredit Bank AG 4.25 8/14/2015 EUR 61.16
UBS AG/London 5.00 8/6/2015 USD 58.87
DZ Bank AG Deutsche 5.75 8/28/2015 EUR 74.24
DZ Bank AG Deutsche 9.50 8/28/2015 EUR 69.12
Bank Julius Baer & 11.50 8/19/2015 CHF 67.75
Leonteq Securities 13.00 9/2/2015 CHF 57.72
UBS AG/London 12.75 8/20/2015 CHF 71.56
Notenstein Privatba 9.10 8/29/2016 CHF 63.35
Credit Suisse AG/Lo 11.00 8/28/2015 USD 45.72
Bank Julius Baer & 7.00 8/28/2015 USD 61.95
Commerzbank AG 15.75 4/23/2015 EUR 64.29
Commerzbank AG 25.50 4/23/2015 EUR 54.60
Commerzbank AG 13.00 5/21/2015 EUR 68.29
Commerzbank AG 17.50 5/21/2015 EUR 52.30
Commerzbank AG 12.00 6/25/2015 EUR 72.01
Commerzbank AG 23.25 6/25/2015 EUR 57.72
Commerzbank AG 24.25 7/23/2015 EUR 57.60
UBS AG/London 6.50 11/5/2015 USD 73.99
DZ Bank AG Deutsche 7.75 7/24/2015 EUR 63.53
Commerzbank AG 7.50 6/25/2015 EUR 68.94
Commerzbank AG 16.25 6/25/2015 EUR 53.27
Commerzbank AG 8.00 7/23/2015 EUR 68.97
Commerzbank AG 11.75 7/23/2015 EUR 60.51
Commerzbank AG 16.00 7/23/2015 EUR 54.25
Commerzbank AG 11.75 3/26/2015 EUR 72.17
Commerzbank AG 11.50 4/23/2015 EUR 72.24
Commerzbank AG 14.25 4/23/2015 EUR 69.93
Commerzbank AG 9.25 5/21/2015 EUR 74.12
Commerzbank AG 11.50 5/21/2015 EUR 71.82
Commerzbank AG 12.00 6/25/2015 EUR 74.26
Commerzbank AG 12.75 7/23/2015 EUR 73.42
Raiffeisen Centroba 8.47 7/22/2015 EUR 74.60
Raiffeisen Centroba 10.59 7/22/2015 EUR 71.16
Raiffeisen Centroba 6.95 1/20/2016 EUR 71.80
Raiffeisen Centroba 6.95 1/20/2016 EUR 67.16
UBS AG/London 7.50 8/13/2015 CHF 52.35
Credit Suisse AG/Na 8.50 2/29/2016 USD 64.22
Leonteq Securities 20.00 12/8/2015 USD 72.16
Notenstein Privatba 10.00 9/5/2016 CHF 63.40
UBS AG/London 13.75 8/27/2015 CHF 70.74
HSBC Trinkaus & Bur 9.00 6/26/2015 EUR 66.88
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 66.38
HSBC Trinkaus & Bur 8.40 9/25/2015 EUR 68.02
HSBC Trinkaus & Bur 7.80 9/25/2015 EUR 67.57
HSBC Trinkaus & Bur 7.10 9/25/2015 EUR 67.05
HSBC Trinkaus & Bur 7.90 12/28/2015 EUR 69.18
HSBC Trinkaus & Bur 7.50 12/28/2015 EUR 68.77
HSBC Trinkaus & Bur 7.00 12/28/2015 EUR 68.27
HSBC Trinkaus & Bur 5.90 12/28/2015 EUR 67.16
Leonteq Securities 6.00 9/29/2015 EUR 72.64
UBS AG/London 11.25 8/27/2015 CHF 55.29
Commerzbank AG 10.25 8/27/2015 EUR 69.44
Commerzbank AG 11.00 8/27/2015 EUR 70.67
Commerzbank AG 14.00 8/27/2015 EUR 66.34
Commerzbank AG 17.25 8/27/2015 EUR 62.22
Commerzbank AG 20.50 8/27/2015 EUR 59.02
Commerzbank AG 23.75 8/27/2015 EUR 56.40
Bank Julius Baer & 7.40 9/9/2015 CHF 53.75
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 54.06
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 43.15
HSBC Trinkaus & Bur 6.30 3/27/2015 EUR 70.47
HSBC Trinkaus & Bur 6.90 6/26/2015 EUR 71.70
HSBC Trinkaus & Bur 8.70 7/24/2015 EUR 70.21
HSBC Trinkaus & Bur 11.50 9/25/2015 EUR 68.43
HSBC Trinkaus & Bur 6.60 9/25/2015 EUR 72.41
HSBC Trinkaus & Bur 7.90 10/23/2015 EUR 71.10
HSBC Trinkaus & Bur 6.00 12/28/2015 EUR 67.58
UBS AG/London 5.50 10/29/2015 USD 74.32
UBS AG/London 12.35 11/3/2015 CHF 70.95
UBS AG/London 8.48 11/3/2015 CHF 67.80
Leonteq Securities 9.40 11/17/2015 CHF 74.43
Deutsche Bank AG 5.20 3/24/2015 EUR 74.00
UBS AG/London 10.00 7/2/2015 CHF 50.41
BNP Paribas Emissio 5.25 1/22/2015 EUR 71.71
BNP Paribas Emissio 6.50 6/25/2015 EUR 72.13
BNP Paribas Emissio 4.00 1/22/2015 EUR 70.47
BNP Paribas Emissio 5.00 5/21/2015 EUR 67.17
BNP Paribas Emissio 4.00 5/21/2015 EUR 70.51
Bank Julius Baer & 11.00 3/13/2015 USD 57.95
Goldman Sachs & Co 12.00 2/25/2015 EUR 64.77
Vontobel Financial 19.30 3/27/2015 EUR 73.96
HSBC Trinkaus & Bur 16.50 3/27/2015 EUR 74.04
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 63.18
HSBC Trinkaus & Bur 7.00 3/27/2015 EUR 74.90
Credit Suisse AG/Na 8.50 7/20/2015 USD 58.29
UBS AG/London 12.00 7/9/2015 CHF 54.33
Leonteq Securities 6.00 7/14/2015 USD 63.05
Deutsche Bank AG 4.20 6/22/2015 EUR 70.60
Deutsche Bank AG 5.20 6/22/2015 EUR 69.40
DZ Bank AG Deutsche 7.50 3/27/2015 EUR 73.05
DZ Bank AG Deutsche 6.00 3/27/2015 EUR 57.35
Deutsche Bank AG 7.20 6/22/2015 EUR 73.20
DZ Bank AG Deutsche 6.75 3/27/2015 EUR 69.71
Deutsche Bank AG 7.20 6/22/2015 EUR 68.30
Deutsche Bank AG 5.20 9/22/2015 EUR 68.60
DZ Bank AG Deutsche 10.50 3/27/2015 EUR 59.17
DZ Bank AG Deutsche 17.50 3/27/2015 EUR 29.27
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 57.65
Deutsche Bank AG 6.20 3/24/2015 EUR 73.50
Deutsche Bank AG 6.20 3/24/2015 EUR 68.40
Deutsche Bank AG 7.20 3/24/2015 EUR 68.60
Deutsche Bank AG 5.20 12/22/2015 EUR 69.70
Deutsche Bank AG 4.20 6/22/2015 EUR 75.00
Deutsche Bank AG 5.20 3/24/2015 EUR 73.30
Deutsche Bank AG 5.20 3/24/2015 EUR 68.20
Deutsche Bank AG 5.20 6/22/2015 EUR 67.40
Deutsche Bank AG 6.20 9/22/2015 EUR 69.30
Deutsche Bank AG 7.20 9/22/2015 EUR 70.00
Deutsche Bank AG 5.20 6/22/2015 EUR 72.20
Deutsche Bank AG 5.20 6/22/2015 EUR 72.80
Deutsche Bank AG 5.20 6/22/2015 EUR 71.10
Deutsche Bank AG 6.20 6/22/2015 EUR 73.20
Deutsche Bank AG 7.20 3/24/2015 EUR 73.70
Deutsche Bank AG 6.20 6/22/2015 EUR 69.90
Deutsche Bank AG 6.20 6/22/2015 EUR 72.70
Deutsche Bank AG 6.20 9/22/2015 EUR 74.00
Deutsche Bank AG 5.20 9/22/2015 EUR 73.30
Deutsche Bank AG 4.20 6/22/2015 EUR 72.30
Deutsche Bank AG 7.20 9/22/2015 EUR 74.70
Deutsche Bank AG 5.20 12/22/2015 EUR 74.30
Deutsche Bank AG 6.20 6/22/2015 EUR 67.80
Deutsche Bank AG 6.20 6/22/2015 EUR 71.50
Deutsche Bank AG 6.20 12/22/2015 EUR 70.60
Deutsche Bank AG 6.20 9/22/2015 EUR 68.90
Deutsche Bank AG 5.20 9/22/2015 EUR 65.60
Deutsche Bank AG 5.20 9/22/2015 EUR 74.30
Deutsche Bank AG 6.20 9/22/2015 EUR 75.00
Deutsche Bank AG 7.20 6/22/2015 EUR 74.40
Deutsche Bank AG 5.20 6/22/2015 EUR 73.40
Deutsche Bank AG 6.20 6/22/2015 EUR 73.90
HSBC Trinkaus & Bur 4.90 7/10/2015 EUR 74.13
UBS AG/London 7.00 7/9/2015 CHF 45.07
Commerzbank AG 6.00 6/25/2015 EUR 73.25
Commerzbank AG 6.00 6/25/2015 EUR 70.23
DZ Bank AG Deutsche 6.25 3/27/2015 EUR 74.38
DZ Bank AG Deutsche 5.50 7/24/2015 EUR 74.87
DZ Bank AG Deutsche 9.50 7/24/2015 EUR 62.32
JP Morgan Structure 28.50 5/7/2015 USD 70.92
UniCredit Bank AG 5.00 9/24/2015 EUR 74.56
Credit Suisse AG/Lo 7.00 8/14/2015 USD 70.50
Leonteq Securities 8.00 8/15/2016 CHF 70.20
Leonteq Securities 9.60 11/18/2015 CHF 73.34
UBS AG/London 14.50 6/26/2015 EUR 74.69
DZ Bank AG Deutsche 16.00 8/28/2015 EUR 40.29
Credit Suisse AG/Na 8.00 2/8/2016 USD 62.12
UBS AG/London 9.30 7/22/2015 EUR 73.21
DZ Bank AG Deutsche 5.25 9/11/2015 EUR 74.56
HSBC Trinkaus & Bur 19.00 3/27/2015 EUR 56.68
HSBC Trinkaus & Bur 13.00 9/25/2015 EUR 61.36
HSBC Trinkaus & Bur 10.00 9/25/2015 EUR 62.93
HSBC Trinkaus & Bur 10.00 2/27/2015 EUR 59.88
HSBC Trinkaus & Bur 9.00 7/24/2015 EUR 62.96
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 74.66
Commerzbank AG 9.25 7/23/2015 EUR 62.30
Commerzbank AG 7.00 7/23/2015 EUR 62.69
Commerzbank AG 10.00 7/23/2015 EUR 55.65
Commerzbank AG 13.00 7/23/2015 EUR 50.42
Commerzbank AG 16.25 7/23/2015 EUR 47.03
Commerzbank AG 19.75 7/23/2015 EUR 44.64
Commerzbank AG 23.25 7/23/2015 EUR 43.10
Zurcher Kantonalban 11.03 8/7/2015 CHF 57.20
Commerzbank AG 8.00 7/23/2015 EUR 73.07
Notenstein Privatba 4.00 2/1/2016 EUR 64.82
Vontobel Financial 5.05 7/10/2015 EUR 74.48
Vontobel Financial 7.20 7/10/2015 EUR 72.49
Vontobel Financial 9.60 7/10/2015 EUR 70.83
Banque Cantonale Va 6.00 7/15/2015 CHF 65.47
Commerzbank AG 5.00 1/22/2015 EUR 74.13
Commerzbank AG 8.50 1/22/2015 EUR 70.58
Commerzbank AG 5.00 2/26/2015 EUR 74.60
Commerzbank AG 8.00 2/26/2015 EUR 71.34
Commerzbank AG 5.00 3/26/2015 EUR 74.95
Commerzbank AG 7.50 3/26/2015 EUR 71.83
Commerzbank AG 5.00 4/23/2015 EUR 74.74
Commerzbank AG 7.25 4/23/2015 EUR 72.30
Commerzbank AG 6.25 5/21/2015 EUR 74.58
Commerzbank AG 8.75 5/21/2015 EUR 72.09
Commerzbank AG 8.25 6/25/2015 EUR 72.72
Commerzbank AG 11.00 6/25/2015 EUR 70.79
Commerzbank AG 8.50 6/25/2015 EUR 74.82
Commerzbank AG 7.00 6/25/2015 EUR 69.41
Commerzbank AG 9.00 5/21/2015 EUR 50.07
Commerzbank AG 16.50 5/21/2015 EUR 41.09
Commerzbank AG 20.50 5/21/2015 EUR 38.77
Commerzbank AG 24.75 5/21/2015 EUR 37.17
Commerzbank AG 6.25 6/25/2015 EUR 57.80
Commerzbank AG 9.25 6/25/2015 EUR 50.90
Commerzbank AG 12.50 6/25/2015 EUR 45.83
Commerzbank AG 16.50 6/25/2015 EUR 42.13
Commerzbank AG 19.75 6/25/2015 EUR 40.38
Commerzbank AG 23.50 6/25/2015 EUR 38.96
UBS AG/London 10.50 7/16/2015 CHF 54.62
UBS AG/London 7.00 7/16/2015 CHF 47.31
Credit Suisse AG/Na 8.00 1/29/2016 CHF 60.95
DZ Bank AG Deutsche 5.25 6/12/2015 EUR 73.66
Goldman Sachs & Co 13.00 1/21/2015 EUR 66.32
Goldman Sachs & Co 8.00 2/25/2015 EUR 74.41
Goldman Sachs & Co 9.00 4/22/2015 EUR 72.26
Goldman Sachs & Co 11.00 4/22/2015 EUR 69.53
Goldman Sachs & Co 9.00 6/24/2015 EUR 72.20
Goldman Sachs & Co 16.00 1/21/2015 EUR 70.71
Goldman Sachs & Co 10.00 9/23/2015 EUR 71.75
Goldman Sachs & Co 14.00 4/22/2015 EUR 74.15
BNP Paribas Emissio 6.50 3/26/2015 EUR 73.49
BNP Paribas Emissio 10.00 3/26/2015 EUR 69.17
BNP Paribas Emissio 7.00 6/25/2015 EUR 72.95
BNP Paribas Emissio 10.00 6/25/2015 EUR 69.53
HSBC Trinkaus & Bur 12.00 6/26/2015 EUR 65.17
HSBC Trinkaus & Bur 6.00 9/25/2015 EUR 71.97
HSBC Trinkaus & Bur 15.50 3/27/2015 EUR 71.11
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 73.96
HSBC Trinkaus & Bur 13.00 6/26/2015 EUR 74.39
HSBC Trinkaus & Bur 13.00 6/26/2015 EUR 72.58
HSBC Trinkaus & Bur 12.50 6/26/2015 EUR 68.81
BNP Paribas Emissio 9.50 3/26/2015 EUR 73.19
BNP Paribas Emissio 9.00 6/25/2015 EUR 73.92
HSBC Trinkaus & Bur 15.00 3/27/2015 EUR 59.84
BNP Paribas Emissio 15.00 3/26/2015 EUR 71.50
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 62.08
BNP Paribas Emissio 18.50 3/26/2015 EUR 66.88
HSBC Trinkaus & Bur 9.50 6/26/2015 EUR 65.39
BNP Paribas Emissio 23.00 3/26/2015 EUR 63.16
HSBC Trinkaus & Bur 6.00 6/26/2015 EUR 70.27
BNP Paribas Emissio 14.00 6/25/2015 EUR 73.21
HSBC Trinkaus & Bur 8.50 1/23/2015 EUR 64.75
BNP Paribas Emissio 17.00 6/25/2015 EUR 69.74
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 68.05
BNP Paribas Emissio 20.00 6/25/2015 EUR 66.76
HSBC Trinkaus & Bur 10.00 6/26/2015 EUR 71.08
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 61.53
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 52.34
HSBC Trinkaus & Bur 11.00 6/26/2015 EUR 55.48
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 59.66
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 63.21
HSBC Trinkaus & Bur 10.50 1/23/2015 EUR 52.82
BNP Paribas Emissio 8.50 3/26/2015 EUR 74.78
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 72.13
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 67.04
Zurcher Kantonalban 6.60 7/29/2015 CHF 50.26
EFG International F 7.30 7/22/2015 USD 73.66
Leonteq Securities 10.00 1/22/2016 USD 65.25
Credit Suisse AG/Na 8.25 7/31/2015 USD 60.83
DZ Bank AG Deutsche 4.90 1/22/2015 EUR 71.74
DZ Bank AG Deutsche 6.00 1/22/2015 EUR 68.38
DZ Bank AG Deutsche 5.40 7/23/2015 EUR 70.99
DZ Bank AG Deutsche 5.60 10/23/2015 EUR 72.08
DZ Bank AG Deutsche 4.70 7/23/2015 EUR 58.40
DZ Bank AG Deutsche 5.70 7/23/2015 EUR 56.61
DZ Bank AG Deutsche 3.90 10/23/2015 EUR 63.44
DZ Bank AG Deutsche 4.90 10/23/2015 EUR 61.20
DZ Bank AG Deutsche 5.80 10/23/2015 EUR 59.35
DZ Bank AG Deutsche 5.70 1/22/2015 EUR 74.52
DZ Bank AG Deutsche 4.00 1/22/2015 EUR 71.05
DZ Bank AG Deutsche 4.70 1/22/2015 EUR 67.82
DZ Bank AG Deutsche 2.20 1/22/2015 EUR 54.22
DZ Bank AG Deutsche 3.20 1/22/2015 EUR 51.36
DZ Bank AG Deutsche 4.20 1/22/2015 EUR 49.21
DZ Bank AG Deutsche 3.70 7/23/2015 EUR 60.90
DZ Bank AG Deutsche 5.50 1/22/2015 EUR 53.55
DZ Bank AG Deutsche 4.00 1/22/2015 EUR 50.95
DZ Bank AG Deutsche 4.80 1/22/2015 EUR 48.66
DZ Bank AG Deutsche 6.30 7/23/2015 EUR 60.36
DZ Bank AG Deutsche 4.90 7/23/2015 EUR 59.60
DZ Bank AG Deutsche 4.40 7/23/2015 EUR 54.08
DZ Bank AG Deutsche 5.90 10/23/2015 EUR 63.27
DZ Bank AG Deutsche 5.80 10/23/2015 EUR 60.57
DZ Bank AG Deutsche 4.70 10/23/2015 EUR 57.26
DZ Bank AG Deutsche 3.60 1/22/2015 EUR 56.46
DZ Bank AG Deutsche 5.50 1/22/2015 EUR 54.94
DZ Bank AG Deutsche 7.60 1/22/2015 EUR 53.76
DZ Bank AG Deutsche 3.10 7/22/2015 EUR 64.00
DZ Bank AG Deutsche 4.90 7/22/2015 EUR 62.14
DZ Bank AG Deutsche 6.00 7/22/2015 EUR 61.41
DZ Bank AG Deutsche 3.90 10/22/2015 EUR 65.39
DZ Bank AG Deutsche 4.70 10/22/2015 EUR 64.66
DZ Bank AG Deutsche 5.60 10/22/2015 EUR 64.06
DZ Bank AG Deutsche 2.90 1/22/2015 EUR 59.30
DZ Bank AG Deutsche 5.80 1/22/2015 EUR 56.31
DZ Bank AG Deutsche 10.30 1/22/2015 EUR 53.70
DZ Bank AG Deutsche 3.70 7/22/2015 EUR 64.23
DZ Bank AG Deutsche 5.70 7/22/2015 EUR 62.23
DZ Bank AG Deutsche 8.30 7/22/2015 EUR 60.80
DZ Bank AG Deutsche 3.60 10/22/2015 EUR 67.26
DZ Bank AG Deutsche 5.30 10/22/2015 EUR 65.55
DZ Bank AG Deutsche 7.30 10/22/2015 EUR 64.31
Vontobel Financial 7.90 6/26/2015 EUR 73.56
Vontobel Financial 8.15 3/27/2015 EUR 73.95
UBS AG/London 15.00 7/23/2015 CHF 55.72
Leonteq Securities 11.52 10/28/2015 CHF 57.28
Deutsche Bank AG 7.20 3/24/2015 EUR 70.20
BNP Paribas Emissio 8.00 6/25/2015 EUR 58.64
BNP Paribas Emissio 6.75 6/25/2015 EUR 61.56
BNP Paribas Emissio 8.00 7/23/2015 EUR 59.30
BNP Paribas Emissio 6.75 7/23/2015 EUR 62.11
Vontobel Financial 11.20 3/27/2015 EUR 54.00
Goldman Sachs & Co 10.00 2/25/2015 EUR 67.53
Vontobel Financial 23.50 3/27/2015 EUR 72.74
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 69.39
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 74.27
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 74.55
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 73.46
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 66.51
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 67.14
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 73.08
Banque Cantonale Va 1.00 7/7/2016 CHF 34.89
HSBC Trinkaus & Bur 11.00 9/25/2015 EUR 74.18
HSBC Trinkaus & Bur 13.00 9/25/2015 EUR 74.64
HSBC Trinkaus & Bur 12.50 9/25/2015 EUR 69.63
HSBC Trinkaus & Bur 9.50 9/25/2015 EUR 71.54
HSBC Trinkaus & Bur 6.50 2/27/2015 EUR 72.81
HSBC Trinkaus & Bur 10.00 9/25/2015 EUR 65.04
HSBC Trinkaus & Bur 9.50 2/27/2015 EUR 62.20
Commerzbank AG 6.25 2/26/2015 EUR 73.22
Leonteq Securities 12.40 4/27/2016 CHF 69.76
Bank Julius Baer & 11.00 10/14/2015 CHF 64.75
Commerzbank AG 3.00 12/3/2015 EUR 57.01
UBS AG/London 7.50 10/15/2015 CHF 65.06
Leonteq Securities 9.07 5/3/2016 GBP 62.70
UBS AG/London 12.88 10/23/2015 CHF 72.95
BNP Paribas Emissio 7.00 10/22/2015 EUR 61.30
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 67.87
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 66.89
DZ Bank AG Deutsche 5.50 1/23/2015 EUR 67.70
UniCredit Bank AG 4.00 6/24/2015 EUR 65.69
UniCredit Bank AG 4.50 6/24/2015 EUR 59.26
Vontobel Financial 5.30 4/17/2015 EUR 74.55
DZ Bank AG Deutsche 7.75 6/12/2015 EUR 74.73
Vontobel Financial 8.35 6/26/2015 EUR 57.64
Bank Julius Baer & 14.20 10/28/2015 CHF 70.40
UBS AG/London 10.50 10/8/2015 CHF 73.05
Leonteq Securities 9.00 10/20/2015 CHF 69.55
BNP Paribas Emissio 13.00 1/22/2015 EUR 74.09
Bank Julius Baer & 6.00 7/3/2015 EUR 72.20
Banque Cantonale Va 10.80 6/25/2015 CHF 55.46
Bank Julius Baer & 7.65 7/3/2015 USD 68.90
UBS AG/London 15.25 6/25/2015 CHF 43.12
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 74.65
HSBC Trinkaus & Bur 7.00 4/24/2015 EUR 73.56
HSBC Trinkaus & Bur 15.50 6/26/2015 EUR 59.53
Credit Suisse AG/Na 10.50 7/9/2015 USD 51.82
UBS AG 10.75 3/27/2015 EUR 45.73
UBS AG 7.75 6/26/2015 EUR 49.74
Bank Julius Baer & 10.00 7/3/2015 USD 50.20
UBS AG 14.75 3/27/2015 EUR 73.03
DZ Bank AG Deutsche 5.50 3/27/2015 EUR 70.42
DZ Bank AG Deutsche 11.00 3/27/2015 EUR 56.61
Credit Suisse AG/Na 8.40 6/26/2015 USD 42.31
Notenstein Privatba 6.10 12/30/2015 EUR 62.27
HSBC Trinkaus & Bur 8.00 6/26/2015 EUR 66.68
UBS AG 4.75 3/27/2015 EUR 71.51
UBS AG 7.25 6/26/2015 EUR 53.70
UBS AG 11.25 6/24/2016 EUR 72.67
DZ Bank AG Deutsche 10.75 6/26/2015 EUR 71.63
Credit Suisse AG/Na 8.00 3/7/2016 EUR 74.52
HSBC Trinkaus & Bur 6.50 1/23/2015 EUR 66.31
UBS AG 14.75 3/27/2015 EUR 72.72
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 65.48
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 64.53
UBS AG 13.50 12/29/2015 EUR 74.42
UBS AG 13.75 9/25/2015 EUR 61.73
UBS AG 12.25 6/26/2015 EUR 74.70
Leonteq Securities 8.64 8/25/2015 CHF 29.49
Commerzbank AG 6.25 2/26/2015 EUR 72.42
Commerzbank AG 7.25 2/26/2015 EUR 52.98
Commerzbank AG 5.75 2/26/2015 EUR 69.71
DZ Bank AG Deutsche 8.00 2/27/2015 EUR 72.28
Vontobel Financial 7.60 3/27/2015 EUR 68.14
Commerzbank AG 6.00 2/26/2015 EUR 56.64
Commerzbank AG 6.00 2/26/2015 EUR 74.22
Commerzbank AG 12.25 2/26/2015 EUR 50.07
UBS AG 13.00 3/27/2015 EUR 71.95
UBS AG 14.00 6/26/2015 EUR 70.02
DZ Bank AG Deutsche 6.25 6/26/2015 EUR 74.70
UBS AG 13.50 9/25/2015 EUR 74.53
DZ Bank AG Deutsche 5.00 7/24/2015 EUR 74.42
LBBW 4.00 6/26/2015 EUR 64.95
LBBW 3.00 6/26/2015 EUR 73.78
LBBW 4.00 6/26/2015 EUR 70.68
DZ Bank AG Deutsche 9.75 3/13/2015 EUR 73.98
DZ Bank AG Deutsche 7.75 3/13/2015 EUR 73.45
Deutsche Bank AG 6.20 3/24/2015 EUR 74.30
Leonteq Securities 7.35 7/2/2015 USD 58.32
Deutsche Bank AG 6.20 3/24/2015 EUR 74.00
Deutsche Bank AG 6.20 3/24/2015 EUR 69.90
DZ Bank AG Deutsche 5.25 6/12/2015 EUR 73.66
Deutsche Bank AG 6.20 3/24/2015 EUR 70.00
Vontobel Financial 10.90 3/13/2015 EUR 73.53
Deutsche Bank AG 5.20 3/24/2015 EUR 72.10
Deutsche Bank AG 5.20 3/24/2015 EUR 69.80
Deutsche Bank AG 7.20 3/24/2015 EUR 70.10
Deutsche Bank AG 7.20 3/24/2015 EUR 53.10
Deutsche Bank AG 7.20 3/24/2015 EUR 74.50
Deutsche Bank AG 7.20 3/24/2015 EUR 72.50
Deutsche Bank AG 7.20 3/24/2015 EUR 53.70
Banque Cantonale Va 5.25 7/2/2015 CHF 50.49
Deutsche Bank AG 7.20 3/24/2015 EUR 74.20
Deutsche Bank AG 7.20 3/24/2015 EUR 54.90
Raiffeisen Centroba 6.29 1/20/2016 EUR 56.96
Deutsche Bank AG 7.10 2/25/2015 EUR 69.70
Deutsche Bank AG 5.10 2/25/2015 EUR 69.40
Deutsche Bank AG 5.10 2/25/2015 EUR 71.10
UBS AG 14.25 6/26/2015 EUR 73.90
Deutsche Bank AG 6.10 2/25/2015 EUR 67.10
Deutsche Bank AG 7.10 2/25/2015 EUR 73.20
Deutsche Bank AG 7.10 2/25/2015 EUR 71.40
Deutsche Bank AG 6.10 2/25/2015 EUR 71.20
UBS AG 12.50 3/27/2015 EUR 72.54
UniCredit Bank AG 4.25 9/24/2015 EUR 62.76
UniCredit Bank AG 5.75 9/24/2015 EUR 58.96
Deutsche Bank AG 6.10 2/25/2015 EUR 73.50
Deutsche Bank AG 7.10 2/25/2015 EUR 73.60
UBS AG 5.00 6/26/2015 EUR 71.34
UniCredit Bank AG 4.90 9/24/2015 EUR 61.41
UniCredit Bank AG 4.75 9/24/2015 EUR 62.01
DZ Bank AG Deutsche 6.75 6/26/2015 EUR 73.61
Notenstein Privatba 12.00 3/10/2015 CHF 50.50
BNP Paribas Emissio 9.25 1/22/2015 EUR 68.43
BNP Paribas Emissio 9.00 2/26/2015 EUR 69.32
UBS AG 11.75 3/27/2015 EUR 68.64
UBS AG 13.50 3/27/2015 EUR 61.67
UBS AG 14.75 3/27/2015 EUR 56.07
HSBC Trinkaus & Bur 16.00 3/27/2015 EUR 73.70
HSBC Trinkaus & Bur 7.50 1/23/2015 EUR 72.30
Commerzbank AG 10.00 2/26/2015 EUR 71.64
Commerzbank AG 8.50 2/26/2015 EUR 69.06
DZ Bank AG Deutsche 7.50 2/27/2015 EUR 70.77
Vontobel Financial 5.25 3/27/2015 EUR 71.75
UBS AG 11.00 3/27/2015 EUR 61.88
Vontobel Financial 11.60 6/12/2015 EUR 74.77
Commerzbank AG 8.75 6/25/2015 EUR 73.34
UBS AG 14.75 9/25/2015 EUR 72.41
Commerzbank AG 6.50 6/25/2015 EUR 67.21
Commerzbank AG 8.25 6/25/2015 EUR 64.82
Commerzbank AG 10.25 6/25/2015 EUR 62.41
UBS AG 13.00 3/27/2015 EUR 59.34
DZ Bank AG Deutsche 5.00 7/24/2015 EUR 60.08
UBS AG 9.00 3/27/2015 EUR 64.74
DZ Bank AG Deutsche 6.75 7/24/2015 EUR 66.52
DZ Bank AG Deutsche 16.00 7/24/2015 EUR 35.80
Vontobel Financial 8.45 3/13/2015 EUR 74.28
Credit Suisse AG/Na 8.25 1/11/2016 CHF 62.55
DZ Bank AG Deutsche 6.50 9/11/2015 EUR 74.68
Vontobel Financial 5.10 3/13/2015 EUR 70.82
Vontobel Financial 6.25 3/13/2015 EUR 71.03
Vontobel Financial 7.25 3/13/2015 EUR 71.22
Deutsche Bank AG 6.20 3/24/2015 EUR 56.60
Deutsche Bank AG 6.20 3/24/2015 EUR 54.70
Deutsche Bank AG 6.20 3/24/2015 EUR 72.30
Vontobel Financial 5.80 3/13/2015 EUR 67.50
Vontobel Financial 4.15 3/13/2015 EUR 71.35
Deutsche Bank AG 6.20 3/24/2015 EUR 72.30
Deutsche Bank AG 6.20 3/24/2015 EUR 72.50
Deutsche Bank AG 6.20 3/24/2015 EUR 74.30
Deutsche Bank AG 5.20 3/24/2015 EUR 72.30
Deutsche Bank AG 5.20 3/24/2015 EUR 74.10
Deutsche Bank AG 5.20 3/24/2015 EUR 72.10
Deutsche Bank AG 5.20 3/24/2015 EUR 54.40
Deutsche Bank AG 5.20 3/24/2015 EUR 73.80
Leonteq Securities 8.00 7/7/2016 USD 66.65
Deutsche Bank AG 5.20 3/24/2015 EUR 53.30
Vontobel Financial 4.95 3/13/2015 EUR 63.51
Vontobel Financial 5.40 3/13/2015 EUR 63.60
Deutsche Bank AG 5.20 3/24/2015 EUR 69.70
Vontobel Financial 5.90 3/13/2015 EUR 63.69
Deutsche Bank AG 5.20 3/24/2015 EUR 56.30
Deutsche Bank AG 7.20 3/24/2015 EUR 72.80
Deutsche Bank AG 7.20 3/24/2015 EUR 55.00
Deutsche Bank AG 7.20 3/24/2015 EUR 74.60
Deutsche Bank AG 7.20 3/24/2015 EUR 72.50
Deutsche Bank AG 7.20 3/24/2015 EUR 56.80
Raiffeisen Centroba 7.55 1/20/2016 EUR 59.63
Raiffeisen Centroba 5.98 1/20/2016 EUR 72.68
Raiffeisen Centroba 3.78 1/20/2016 EUR 73.18
Deutsche Bank AG 6.10 2/25/2015 EUR 73.00
Deutsche Bank AG 7.10 2/25/2015 EUR 74.70
Deutsche Bank AG 6.10 2/25/2015 EUR 69.50
Deutsche Bank AG 5.10 2/25/2015 EUR 72.90
Deutsche Bank AG 7.10 2/25/2015 EUR 67.30
UniCredit Bank AG 5.25 9/24/2015 EUR 60.60
UniCredit Bank AG 5.40 9/24/2015 EUR 60.04
Credit Suisse AG/Na 9.00 5/28/2015 EUR 66.34
Deutsche Bank AG 5.10 2/25/2015 EUR 73.30
UniCredit Bank AG 4.80 9/24/2015 EUR 61.67
UBS AG 7.25 3/27/2015 EUR 48.59
Leonteq Securities 11.80 9/10/2015 EUR 72.97
DZ Bank AG Deutsche 4.25 9/11/2015 EUR 73.98
UniCredit Bank AG 5.25 6/24/2015 EUR 57.60
UniCredit Bank AG 6.00 6/24/2015 EUR 61.15
UniCredit Bank AG 5.50 6/24/2015 EUR 57.07
UniCredit Bank AG 5.00 6/24/2015 EUR 63.32
UniCredit Bank AG 6.50 6/24/2015 EUR 70.73
Vontobel Financial 4.45 3/13/2015 EUR 73.99
Vontobel Financial 3.15 6/12/2015 EUR 72.97
Goldman Sachs & Co 5.00 3/25/2015 EUR 74.38
Goldman Sachs & Co 7.00 3/25/2015 EUR 67.82
Goldman Sachs & Co 10.00 3/25/2015 EUR 62.52
UniCredit Bank AG 5.50 6/24/2015 EUR 72.43
UniCredit Bank AG 4.75 6/24/2015 EUR 58.69
UniCredit Bank AG 4.50 6/24/2015 EUR 74.26
UniCredit Bank AG 5.00 6/24/2015 EUR 58.14
Vontobel Financial 3.05 3/13/2015 EUR 73.73
Vontobel Financial 2.20 3/13/2015 EUR 73.57
Credit Suisse AG/Na 8.50 6/17/2015 USD 52.11
Credit Suisse AG/Lo 7.50 6/25/2015 USD 58.44
Goldman Sachs & Co 6.00 3/25/2015 EUR 70.93
Goldman Sachs & Co 8.00 3/25/2015 EUR 64.86
Goldman Sachs & Co 8.00 1/21/2015 EUR 66.11
DZ Bank AG Deutsche 6.50 3/13/2015 EUR 74.21
Deutsche Bank AG 7.80 1/21/2015 EUR 72.50
Deutsche Bank AG 5.80 1/21/2015 EUR 72.30
Deutsche Bank AG 6.80 1/21/2015 EUR 72.40
Deutsche Bank AG 5.80 1/21/2015 EUR 70.60
Deutsche Bank AG 6.80 1/21/2015 EUR 69.00
Deutsche Bank AG 7.80 1/21/2015 EUR 69.00
Credit Suisse AG/Na 7.85 3/20/2015 EUR 73.77
Deutsche Bank AG 5.80 1/21/2015 EUR 68.90
Deutsche Bank AG 5.80 1/21/2015 EUR 72.40
Deutsche Bank AG 7.80 1/21/2015 EUR 64.30
Deutsche Bank AG 6.80 1/21/2015 EUR 70.70
Deutsche Bank AG 6.80 1/21/2015 EUR 66.60
Deutsche Bank AG 6.80 1/21/2015 EUR 64.30
Deutsche Bank AG 6.80 1/21/2015 EUR 72.50
Deutsche Bank AG 7.80 1/21/2015 EUR 72.60
Deutsche Bank AG 5.80 1/21/2015 EUR 66.50
Vontobel Financial 4.70 6/26/2015 EUR 74.58
Vontobel Financial 5.00 3/27/2015 EUR 74.56
Deutsche Bank AG 5.80 1/21/2015 EUR 64.20
Deutsche Bank AG 7.80 1/21/2015 EUR 70.70
Deutsche Bank AG 7.80 1/21/2015 EUR 66.60
Leonteq Securities 7.07 9/21/2015 CHF 52.99
UBS AG 5.79 9/17/2015 USD 33.83
Vontobel Financial 9.00 4/14/2015 EUR 72.30
Vontobel Financial 8.05 3/27/2015 EUR 73.60
Zurcher Kantonalban 9.28 1/15/2015 EUR 69.00
Bank Julius Baer & 6.25 3/27/2015 EUR 72.75
Bank Julius Baer & 9.10 3/27/2015 USD 70.70
BNP Paribas Emissio 9.75 3/26/2015 EUR 72.74
BNP Paribas Emissio 5.00 3/26/2015 EUR 73.57
BNP Paribas Emissio 6.50 3/26/2015 EUR 69.56
BNP Paribas Emissio 8.00 3/26/2015 EUR 66.77
BNP Paribas Emissio 5.00 1/22/2015 EUR 70.91
BNP Paribas Emissio 4.25 1/22/2015 EUR 72.69
BNP Paribas Emissio 5.25 7/23/2015 EUR 71.91
UBS AG 21.75 12/29/2015 EUR 58.48
UBS AG 5.75 12/29/2015 EUR 74.42
UBS AG 19.75 12/29/2015 EUR 59.14
UBS AG 17.25 9/25/2015 EUR 70.16
UBS AG 23.25 9/25/2015 EUR 73.00
UBS AG 22.50 9/25/2015 EUR 55.90
UBS AG 16.50 3/27/2015 EUR 69.80
UBS AG 20.00 9/25/2015 EUR 57.14
UBS AG 23.75 6/26/2015 EUR 71.41
UBS AG 21.50 12/29/2015 EUR 74.83
UBS AG 24.50 9/25/2015 EUR 71.30
UBS AG 19.75 6/26/2015 EUR 73.56
UBS AG 24.25 3/27/2015 EUR 68.49
UBS AG 21.75 9/25/2015 EUR 72.29
UBS AG 21.75 6/26/2015 EUR 71.71
UBS AG 19.25 3/27/2015 EUR 73.41
UBS AG 21.75 3/27/2015 EUR 71.78
UBS AG 18.50 3/27/2015 EUR 55.43
UBS AG 23.25 6/26/2015 EUR 72.11
UBS AG 19.75 6/26/2015 EUR 55.50
UBS AG 23.50 9/25/2015 EUR 64.22
UBS AG 23.75 6/26/2015 EUR 63.10
UBS AG 21.25 6/26/2015 EUR 74.36
UBS AG 22.75 9/25/2015 EUR 71.82
UBS AG 21.75 3/27/2015 EUR 74.39
UBS AG 10.50 12/29/2015 EUR 65.78
UBS AG 17.75 12/29/2015 EUR 60.21
UBS AG 21.00 6/26/2015 EUR 74.13
UBS AG 20.25 3/27/2015 EUR 74.82
UBS AG 23.00 12/29/2015 EUR 71.95
UBS AG 23.50 6/26/2015 EUR 69.98
UBS AG 20.25 9/25/2015 EUR 73.56
UBS AG 20.00 12/29/2015 EUR 74.90
UBS AG 24.75 9/25/2015 EUR 74.54
UBS AG 23.75 3/27/2015 EUR 70.89
UBS AG 22.50 9/25/2015 EUR 73.00
UBS AG 21.75 3/27/2015 EUR 70.81
UBS AG 23.25 3/27/2015 EUR 74.58
Goldman Sachs & Co 12.00 1/21/2015 EUR 73.88
Goldman Sachs & Co 9.00 1/21/2015 EUR 74.37
Goldman Sachs & Co 13.00 1/21/2015 EUR 66.73
Vontobel Financial 4.05 6/26/2015 EUR 71.11
UBS AG 20.75 12/29/2015 EUR 67.73
UBS AG 21.75 3/27/2015 EUR 63.59
UBS AG 24.00 9/25/2015 EUR 74.03
UBS AG 15.50 12/29/2015 EUR 61.54
UBS AG 13.00 12/29/2015 EUR 63.28
UBS AG 23.50 6/26/2015 EUR 72.33
UBS AG 6.00 9/25/2015 EUR 73.29
UBS AG 9.25 12/29/2015 EUR 67.42
UBS AG 7.25 9/25/2015 EUR 70.29
UBS AG 23.75 9/25/2015 EUR 74.87
UBS AG 24.50 9/25/2015 EUR 54.71
UBS AG 17.25 9/25/2015 EUR 58.70
UBS AG 8.00 12/29/2015 EUR 69.34
UBS AG 10.00 9/25/2015 EUR 65.55
UBS AG 19.75 9/25/2015 EUR 74.67
UBS AG 18.50 3/27/2015 EUR 67.08
UBS AG 8.50 9/25/2015 EUR 67.66
UBS AG 6.75 12/29/2015 EUR 71.58
UBS AG 23.00 6/26/2015 EUR 53.48
UBS AG 24.75 3/27/2015 EUR 71.27
UBS AG 24.50 9/25/2015 EUR 72.13
UBS AG 22.00 6/26/2015 EUR 64.44
UBS AG 23.00 6/26/2015 EUR 71.18
UBS AG 22.75 12/29/2015 EUR 74.35
UBS AG 24.75 3/27/2015 EUR 60.57
UBS AG 20.50 9/25/2015 EUR 66.77
UBS AG 19.25 3/27/2015 EUR 74.76
UBS AG 19.25 9/25/2015 EUR 68.02
UBS AG 23.00 6/26/2015 EUR 75.00
UBS AG 24.75 6/26/2015 EUR 69.91
UBS AG 14.50 9/25/2015 EUR 60.90
UBS AG 25.00 9/25/2015 EUR 73.67
UBS AG 22.50 9/25/2015 EUR 74.55
UBS AG 5.80 7/22/2015 EUR 68.81
Goldman Sachs & Co 5.00 1/21/2015 EUR 73.40
Goldman Sachs & Co 6.00 1/21/2015 EUR 69.37
Goldman Sachs & Co 7.00 1/21/2015 EUR 66.06
Goldman Sachs & Co 9.00 1/21/2015 EUR 63.12
Goldman Sachs & Co 11.00 1/21/2015 EUR 60.41
Goldman Sachs & Co 5.00 6/24/2015 EUR 73.85
Goldman Sachs & Co 6.00 6/24/2015 EUR 70.67
Goldman Sachs & Co 7.00 6/24/2015 EUR 67.93
Goldman Sachs & Co 8.00 6/24/2015 EUR 65.31
Goldman Sachs & Co 10.00 6/24/2015 EUR 63.68
UBS AG 22.25 6/26/2015 EUR 73.37
UBS AG 18.25 9/25/2015 EUR 65.49
UBS AG 12.00 12/29/2015 EUR 74.95
UBS AG 20.50 12/29/2015 EUR 64.62
UBS AG 20.25 9/25/2015 EUR 63.44
UBS AG 23.00 9/25/2015 EUR 61.11
UBS AG 17.00 3/27/2015 EUR 64.61
UBS AG 11.75 3/27/2015 EUR 72.15
UBS AG 22.75 12/29/2015 EUR 63.15
UBS AG 23.00 9/25/2015 EUR 61.00
UBS AG 22.75 12/29/2015 EUR 74.62
UBS AG 22.75 12/29/2015 EUR 69.23
UBS AG 22.75 6/26/2015 EUR 60.12
UBS AG 18.50 6/26/2015 EUR 64.28
UBS AG 19.25 12/29/2015 EUR 65.79
UBS AG 16.50 9/25/2015 EUR 67.47
UBS AG 19.25 12/29/2015 EUR 72.44
UBS AG 24.75 6/26/2015 EUR 58.47
UBS AG 16.50 6/26/2015 EUR 67.02
UBS AG 18.00 12/29/2015 EUR 67.14
UBS AG 21.50 9/25/2015 EUR 62.35
UBS AG 23.50 3/27/2015 EUR 71.76
UBS AG 24.00 6/26/2015 EUR 71.48
UBS AG 22.00 9/25/2015 EUR 74.98
UBS AG 15.00 6/26/2015 EUR 67.99
UBS AG 12.25 9/25/2015 EUR 72.93
UBS AG 18.50 3/27/2015 EUR 63.98
UBS AG 23.75 9/25/2015 EUR 72.63
UBS AG 17.00 9/25/2015 EUR 66.49
UBS AG 13.25 6/26/2015 EUR 70.35
UBS AG 11.00 6/26/2015 EUR 74.70
UBS AG 15.25 12/29/2015 EUR 69.24
UBS AG 20.50 12/29/2015 EUR 64.69
UBS AG 14.75 9/25/2015 EUR 69.85
UBS AG 19.25 6/26/2015 EUR 67.42
UBS AG 16.25 3/27/2015 EUR 70.35
UBS AG 24.25 3/27/2015 EUR 56.41
UBS AG 7.00 12/29/2015 EUR 65.43
UBS AG 7.00 3/27/2015 EUR 61.51
UBS AG 6.25 6/26/2015 EUR 64.99
UBS AG 18.00 3/27/2015 EUR 69.91
UBS AG 11.50 9/25/2015 EUR 74.14
UBS AG 9.75 9/25/2015 EUR 57.90
UBS AG 24.25 9/25/2015 EUR 47.26
UBS AG 8.00 3/27/2015 EUR 59.33
UBS AG 5.00 6/26/2015 EUR 70.03
UBS AG 21.00 3/27/2015 EUR 65.38
UBS AG 24.25 3/27/2015 EUR 69.34
UBS AG 20.25 3/27/2015 EUR 74.84
UBS AG 17.00 9/25/2015 EUR 70.66
UBS AG 15.00 12/29/2015 EUR 73.08
UBS AG 13.50 6/26/2015 EUR 59.74
UBS AG 17.00 12/29/2015 EUR 74.86
UBS AG 21.25 3/27/2015 EUR 52.02
UBS AG 23.50 3/27/2015 EUR 62.89
UBS AG 16.75 9/25/2015 EUR 72.08
UBS AG 18.25 9/25/2015 EUR 70.27
UBS AG 19.50 3/27/2015 EUR 61.04
UBS AG 15.75 3/27/2015 EUR 74.75
UBS AG 15.00 6/26/2015 EUR 58.14
UBS AG 19.75 3/27/2015 EUR 69.29
UBS AG 13.75 9/25/2015 EUR 58.44
UBS AG 13.75 9/25/2015 EUR 74.02
UBS AG 22.50 3/27/2015 EUR 63.23
UBS AG 18.00 3/27/2015 EUR 68.07
UBS AG 22.00 9/25/2015 EUR 72.85
UBS AG 22.00 6/26/2015 EUR 72.44
UBS AG 16.00 9/25/2015 EUR 67.34
UBS AG 19.50 12/29/2015 EUR 64.90
UBS AG 14.75 3/27/2015 EUR 67.10
UBS AG 12.50 9/25/2015 EUR 59.72
UBS AG 7.00 6/26/2015 EUR 62.83
UBS AG 4.50 6/26/2015 EUR 72.91
UBS AG 4.25 3/27/2015 EUR 72.71
UBS AG 10.25 6/26/2015 EUR 55.99
UBS AG 10.75 3/27/2015 EUR 53.80
UBS AG 11.75 12/29/2015 EUR 74.07
UBS AG 16.50 9/25/2015 EUR 56.57
UBS AG 5.25 9/25/2015 EUR 70.72
UBS AG 4.75 3/27/2015 EUR 69.32
UBS AG 12.25 6/26/2015 EUR 53.47
UBS AG 5.50 6/26/2015 EUR 67.35
UBS AG 13.00 3/27/2015 EUR 50.86
UBS AG 21.50 6/26/2015 EUR 68.79
UBS AG 17.00 12/29/2015 EUR 66.97
UBS AG 15.50 6/26/2015 EUR 67.07
UBS AG 13.00 3/27/2015 EUR 70.08
UBS AG 12.50 6/26/2015 EUR 71.89
UBS AG 18.75 6/26/2015 EUR 69.03
UBS AG 6.25 3/27/2015 EUR 63.94
UBS AG 24.25 3/27/2015 EUR 41.31
UBS AG 13.25 3/27/2015 EUR 59.29
UBS AG 11.00 9/25/2015 EUR 61.02
UBS AG 14.75 12/29/2015 EUR 58.64
UBS AG 24.50 9/25/2015 EUR 59.58
UBS AG 21.75 12/29/2015 EUR 63.33
UBS AG 18.00 6/26/2015 EUR 64.27
UBS AG 19.25 3/27/2015 EUR 53.56
UBS AG 13.50 12/29/2015 EUR 59.31
UBS AG 15.50 3/27/2015 EUR 57.22
UBS AG 21.75 9/25/2015 EUR 61.39
UBS AG 4.75 12/29/2015 EUR 73.60
UBS AG 16.00 6/26/2015 EUR 72.76
UBS AG 15.25 12/29/2015 EUR 74.84
UBS AG 24.25 9/25/2015 EUR 70.13
UBS AG 21.50 12/29/2015 EUR 73.81
UBS AG 23.25 12/29/2015 EUR 71.81
UBS AG 14.00 6/26/2015 EUR 73.36
UBS AG 16.00 12/29/2015 EUR 68.06
UBS AG 5.75 12/29/2015 EUR 69.09
UBS AG 16.50 3/27/2015 EUR 64.45
UBS AG 21.75 6/26/2015 EUR 60.47
UBS AG 18.75 9/25/2015 EUR 72.00
UBS AG 17.25 3/27/2015 EUR 55.26
UBS AG 17.50 9/25/2015 EUR 50.21
UBS AG 24.25 9/25/2015 EUR 74.98
UBS AG 16.75 6/26/2015 EUR 56.84
UBS AG 18.25 6/26/2015 EUR 72.39
UBS AG 15.00 9/25/2015 EUR 57.34
UBS AG 19.00 9/25/2015 EUR 63.96
UBS AG 14.00 6/26/2015 EUR 69.33
UBS AG 20.25 6/26/2015 EUR 61.85
UBS AG 20.50 6/26/2015 EUR 66.89
UBS AG 18.25 6/26/2015 EUR 55.59
UBS AG 12.50 12/29/2015 EUR 60.31
UBS AG 17.75 9/25/2015 EUR 65.14
UBS AG 22.25 3/27/2015 EUR 58.10
UBS AG 9.50 12/29/2015 EUR 59.88
UBS AG 22.50 3/27/2015 EUR 52.00
UBS AG 16.50 6/26/2015 EUR 58.17
Goldman Sachs & Co 6.00 2/25/2015 EUR 66.98
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 65.44
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 69.24
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 49.36
HSBC Trinkaus & Bur 7.00 3/27/2015 EUR 53.59
Commerzbank AG 9.00 3/26/2015 EUR 72.37
Vontobel Financial 7.25 5/22/2015 EUR 72.90
Goldman Sachs & Co 11.00 3/25/2015 EUR 72.00
Deutsche Bank AG 6.00 3/25/2015 EUR 63.57
Goldman Sachs & Co 16.00 2/25/2015 EUR 68.91
DZ Bank AG Deutsche 5.25 6/26/2015 EUR 61.80
DZ Bank AG Deutsche 7.75 6/26/2015 EUR 69.38
DZ Bank AG Deutsche 16.00 6/26/2015 EUR 38.59
Notenstein Privatba 10.20 4/7/2015 EUR 74.60
Vontobel Financial 7.20 5/22/2015 EUR 75.00
DZ Bank AG Deutsche 8.25 6/12/2015 EUR 70.32
DZ Bank AG Deutsche 7.25 6/12/2015 EUR 74.93
DZ Bank AG Deutsche 6.90 4/15/2015 EUR 62.45
DZ Bank AG Deutsche 9.10 4/15/2015 EUR 59.91
DZ Bank AG Deutsche 5.10 4/15/2015 EUR 65.44
DZ Bank AG Deutsche 5.00 4/15/2015 EUR 60.78
DZ Bank AG Deutsche 8.70 1/15/2015 EUR 70.49
DZ Bank AG Deutsche 6.90 1/15/2015 EUR 73.80
DZ Bank AG Deutsche 10.50 4/15/2015 EUR 72.85
DZ Bank AG Deutsche 5.30 1/15/2015 EUR 62.29
Raiffeisen Centroba 10.78 7/22/2015 EUR 67.37
Raiffeisen Centroba 9.41 1/20/2016 EUR 67.33
Raiffeisen Centroba 9.12 7/22/2015 EUR 65.02
DZ Bank AG Deutsche 5.30 1/15/2015 EUR 56.69
DZ Bank AG Deutsche 7.20 1/15/2015 EUR 54.04
DZ Bank AG Deutsche 6.60 4/15/2015 EUR 58.41
DZ Bank AG Deutsche 5.50 6/12/2015 EUR 65.72
BNP Paribas Emissio 7.00 1/22/2015 EUR 62.45
Credit Suisse AG/Na 8.50 10/8/2015 USD 70.10
BNP Paribas Emissio 5.00 3/26/2015 EUR 63.96
BNP Paribas Emissio 6.00 3/26/2015 EUR 64.18
BNP Paribas Emissio 7.00 3/26/2015 EUR 64.39
BNP Paribas Emissio 5.50 6/25/2015 EUR 64.09
BNP Paribas Emissio 6.50 6/25/2015 EUR 64.56
BNP Paribas Emissio 11.00 3/26/2015 EUR 72.00
BNP Paribas Emissio 8.00 6/25/2015 EUR 73.01
BNP Paribas Emissio 9.00 6/25/2015 EUR 73.47
UniCredit Bank AG 6.00 6/26/2015 EUR 57.66
UniCredit Bank AG 6.10 6/26/2015 EUR 72.41
DZ Bank AG Deutsche 9.90 1/15/2015 EUR 55.85
UniCredit Bank AG 4.00 6/26/2015 EUR 60.87
LBBW 5.50 8/28/2015 EUR 74.34
DekaBank Deutsche G 4.50 10/30/2015 EUR 74.13
HSBC Trinkaus & Bur 12.00 6/26/2015 EUR 74.31
Commerzbank AG 9.00 3/26/2015 EUR 54.38
Commerzbank AG 8.00 3/26/2015 EUR 72.79
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 72.49
HSBC Trinkaus & Bur 7.50 1/23/2015 EUR 73.49
HSBC Trinkaus & Bur 10.00 4/24/2015 EUR 66.21
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 74.99
Bank Julius Baer & 8.00 1/16/2015 EUR 70.80
Raiffeisen Centroba 8.23 7/22/2015 EUR 72.25
Raiffeisen Centroba 8.56 7/22/2015 EUR 63.53
UniCredit Bank AG 6.00 6/25/2015 EUR 59.96
Raiffeisen Centroba 9.87 7/22/2015 EUR 63.52
UniCredit Bank AG 5.00 6/25/2015 EUR 62.01
Vontobel Financial 8.45 6/26/2015 EUR 74.86
Vontobel Financial 9.35 3/27/2015 EUR 74.20
UniCredit Bank AG 5.00 6/25/2015 EUR 73.34
LBBW 3.00 2/27/2015 EUR 71.42
UBS AG/London 11.00 5/13/2015 CHF 44.59
UniCredit Bank AG 4.80 6/26/2015 EUR 59.80
UBS AG/London 10.60 5/12/2015 USD 62.65
Commerzbank AG 6.75 3/26/2015 EUR 56.65
Commerzbank AG 6.00 3/26/2015 EUR 74.09
Leonteq Securities 6.70 7/16/2015 EUR 73.68
Goldman Sachs & Co 10.00 2/25/2015 EUR 74.69
Vontobel Financial 6.55 3/27/2015 EUR 56.68
UniCredit Bank AG 5.50 6/25/2015 EUR 59.02
Raiffeisen Centroba 8.88 7/22/2015 EUR 73.70
UniCredit Bank AG 6.00 6/25/2015 EUR 71.58
UniCredit Bank AG 4.75 6/25/2015 EUR 61.46
Vontobel Financial 5.10 6/26/2015 EUR 73.51
Vontobel Financial 4.70 3/27/2015 EUR 73.72
UniCredit Bank AG 4.00 6/25/2015 EUR 64.25
LBBW 4.00 2/27/2015 EUR 69.06
Vontobel Financial 8.20 6/26/2015 EUR 68.42
Goldman Sachs & Co 6.00 2/25/2015 EUR 66.98
DZ Bank AG Deutsche 6.25 3/13/2015 EUR 68.56
DZ Bank AG Deutsche 6.00 6/12/2015 EUR 68.61
DZ Bank AG Deutsche 6.50 9/11/2015 EUR 70.29
Goldman Sachs & Co 12.00 2/25/2015 EUR 64.52
DZ Bank AG Deutsche 5.75 3/13/2015 EUR 72.46
DZ Bank AG Deutsche 6.25 9/11/2015 EUR 74.51
UBS AG/London 13.25 5/20/2015 CHF 47.77
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 69.72
HSBC Trinkaus & Bur 6.00 1/23/2015 EUR 68.53
Bank Julius Baer & 11.50 5/21/2015 USD 59.80
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 70.04
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 67.79
Bank Julius Baer & 7.50 1/27/2015 EUR 63.25
Bank Julius Baer & 9.00 10/8/2015 CHF 54.50
Credit Suisse AG/Lo 8.00 5/29/2015 USD 65.78
Bank Julius Baer & 7.00 4/14/2015 USD 60.25
DZ Bank AG Deutsche 17.00 1/23/2015 EUR 28.83
DZ Bank AG Deutsche 5.00 1/23/2015 EUR 58.99
DZ Bank AG Deutsche 6.00 5/22/2015 EUR 68.30
DZ Bank AG Deutsche 9.00 6/26/2015 EUR 70.30
DZ Bank AG Deutsche 6.25 1/16/2015 EUR 72.57
DZ Bank AG Deutsche 6.00 1/16/2015 EUR 68.68
UniCredit Bank AG 4.00 6/25/2015 EUR 53.93
UniCredit Bank AG 4.00 6/25/2015 EUR 72.73
Deutsche Bank AG 7.50 3/24/2015 EUR 73.20
Deutsche Bank AG 7.50 3/24/2015 EUR 69.40
Deutsche Bank AG 6.50 3/24/2015 EUR 74.90
Deutsche Bank AG 6.50 3/24/2015 EUR 69.20
Deutsche Bank AG 6.50 3/24/2015 EUR 73.20
Deutsche Bank AG 6.50 3/24/2015 EUR 71.10
Vontobel Financial 5.65 6/12/2015 EUR 73.16
Vontobel Financial 7.50 6/12/2015 EUR 73.96
Vontobel Financial 4.60 6/12/2015 EUR 72.71
Deutsche Bank AG 5.50 3/24/2015 EUR 71.60
Deutsche Bank AG 5.50 3/24/2015 EUR 63.80
Deutsche Bank AG 6.50 3/24/2015 EUR 71.80
Deutsche Bank AG 6.50 3/24/2015 EUR 70.10
Deutsche Bank AG 6.50 3/24/2015 EUR 67.70
Deutsche Bank AG 6.50 3/24/2015 EUR 64.00
Deutsche Bank AG 7.50 3/24/2015 EUR 70.30
Deutsche Bank AG 7.50 3/24/2015 EUR 65.70
Vontobel Financial 5.75 1/23/2015 EUR 72.33
Landesbank Hessen-T 3.50 7/10/2015 EUR 59.90
Leonteq Securities 11.40 7/31/2015 EUR 73.44
Goldman Sachs & Co 7.00 3/25/2015 EUR 74.10
Goldman Sachs & Co 6.00 6/24/2015 EUR 73.53
Goldman Sachs & Co 9.00 6/24/2015 EUR 69.91
Goldman Sachs & Co 8.00 12/23/2015 EUR 68.67
Goldman Sachs & Co 8.00 6/24/2015 EUR 68.11
Goldman Sachs & Co 7.00 6/24/2015 EUR 67.65
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 68.93
Goldman Sachs & Co 12.00 1/21/2015 EUR 74.23
Goldman Sachs & Co 11.00 6/24/2015 EUR 66.52
DZ Bank AG Deutsche 6.50 6/12/2015 EUR 73.27
DZ Bank AG Deutsche 4.50 1/9/2015 EUR 67.01
Leonteq Securities 9.15 5/20/2015 USD 57.16
DZ Bank AG Deutsche 9.50 2/27/2015 EUR 67.37
DZ Bank AG Deutsche 9.00 3/27/2015 EUR 67.99
HSBC Trinkaus & Bur 12.00 3/27/2015 EUR 62.03
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 62.68
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 61.65
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 72.63
DZ Bank AG Deutsche 8.00 1/23/2015 EUR 53.15
DZ Bank AG Deutsche 5.50 9/25/2015 EUR 73.99
DZ Bank AG Deutsche 6.75 1/16/2015 EUR 68.70
DZ Bank AG Deutsche 6.00 1/16/2015 EUR 74.11
DZ Bank AG Deutsche 7.50 5/22/2015 EUR 71.06
Deutsche Bank AG 6.50 3/24/2015 EUR 71.10
Deutsche Bank AG 5.50 3/24/2015 EUR 69.00
Deutsche Bank AG 7.50 3/24/2015 EUR 71.40
Deutsche Bank AG 5.50 3/24/2015 EUR 74.70
Deutsche Bank AG 5.50 3/24/2015 EUR 70.90
Deutsche Bank AG 7.50 3/24/2015 EUR 73.40
Vontobel Financial 6.25 6/12/2015 EUR 73.42
Vontobel Financial 7.95 4/17/2015 EUR 74.37
Deutsche Bank AG 5.50 3/24/2015 EUR 69.90
Deutsche Bank AG 5.50 3/24/2015 EUR 67.50
Deutsche Bank AG 5.50 3/24/2015 EUR 62.40
Deutsche Bank AG 6.50 3/24/2015 EUR 65.40
Deutsche Bank AG 7.50 3/24/2015 EUR 67.90
Vontobel Financial 5.95 6/12/2015 EUR 72.92
Vontobel Financial 6.80 6/12/2015 EUR 73.29
Goldman Sachs & Co 16.00 2/25/2015 EUR 68.35
Credit Suisse AG/Na 8.50 1/22/2015 EUR 62.75
Goldman Sachs & Co 4.00 2/25/2015 EUR 73.87
HSBC Trinkaus & Bur 6.50 1/23/2015 EUR 72.74
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 57.20
HSBC Trinkaus & Bur 6.50 3/27/2015 EUR 61.82
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 67.52
HSBC Trinkaus & Bur 7.50 3/27/2015 EUR 73.66
HSBC Trinkaus & Bur 6.00 1/23/2015 EUR 74.81
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 74.68
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 65.67
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 71.48
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 71.79
HSBC Trinkaus & Bur 14.00 3/27/2015 EUR 46.27
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 49.24
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 69.46
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 74.63
Vontobel Financial 5.60 6/26/2015 EUR 64.25
Goldman Sachs & Co 10.00 1/21/2015 EUR 73.61
DZ Bank AG Deutsche 6.00 6/12/2015 EUR 63.16
DZ Bank AG Deutsche 7.40 1/15/2015 EUR 58.89
DZ Bank AG Deutsche 3.70 4/15/2015 EUR 63.51
DZ Bank AG Deutsche 3.90 1/15/2015 EUR 59.63
Raiffeisen Centroba 8.24 1/20/2016 EUR 64.38
BNP Paribas Emissio 7.00 6/25/2015 EUR 64.79
BNP Paribas Emissio 8.00 3/26/2015 EUR 71.36
BNP Paribas Emissio 9.50 3/26/2015 EUR 71.68
Vontobel Financial 6.35 6/26/2015 EUR 67.93
Goldman Sachs & Co 7.00 3/25/2015 EUR 64.33
Goldman Sachs & Co 10.00 3/25/2015 EUR 64.27
Goldman Sachs & Co 13.00 6/24/2015 EUR 64.11
Vontobel Financial 9.10 3/27/2015 EUR 74.14
Vontobel Financial 8.35 6/26/2015 EUR 74.81
Goldman Sachs & Co 10.00 2/25/2015 EUR 67.52
Goldman Sachs & Co 8.00 2/25/2015 EUR 64.22
Goldman Sachs & Co 7.00 2/25/2015 EUR 74.38
Goldman Sachs & Co 8.00 12/23/2015 EUR 73.02
Banque Cantonale Va 9.03 7/23/2015 CAD 74.78
DZ Bank AG Deutsche 4.50 4/13/2015 EUR 66.45
DZ Bank AG Deutsche 8.00 2/27/2015 EUR 62.92
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 59.12
HSBC Trinkaus & Bur 6.50 6/26/2015 EUR 70.93
UniCredit Bank AG 4.00 6/25/2015 EUR 57.84
Deutsche Bank AG 7.50 3/24/2015 EUR 69.50
Deutsche Bank AG 5.50 3/24/2015 EUR 69.10
Deutsche Bank AG 6.50 3/24/2015 EUR 73.00
Deutsche Bank AG 5.50 3/24/2015 EUR 72.90
Deutsche Bank AG 5.50 3/24/2015 EUR 65.20
Deutsche Bank AG 6.50 3/24/2015 EUR 62.70
Deutsche Bank AG 7.50 3/24/2015 EUR 72.00
Deutsche Bank AG 7.50 3/24/2015 EUR 64.20
Deutsche Bank AG 7.50 3/24/2015 EUR 62.90
Vontobel Financial 7.50 6/12/2015 EUR 73.59
Goldman Sachs & Co 17.00 2/25/2015 EUR 68.48
UniCredit Bank AG 6.15 1/23/2015 EUR 74.96
Bank Julius Baer & 3.90 11/30/2015 CHF 68.80
Leonteq Securities 5.25 2/26/2016 CHF 65.88
Zurcher Kantonalban 4.99 2/9/2015 CHF 55.95
UBS AG 10.00 12/29/2015 EUR 67.24
UBS AG 11.50 6/26/2015 EUR 57.08
Royal Bank of Scotl 7.25 1/30/2015 EUR 56.60
Societe Generale Ef 2.50 10/7/2016 EUR 55.61
Bank J Safra Sarasi 8.00 4/27/2015 CHF 66.98
Barclays Bank PLC 2.50 3/7/2017 EUR 43.08
Morgan Stanley BV 9.00 4/16/2015 EUR 70.85
Leonteq Securities 3.90 3/1/2016 EUR 48.54
SG Option Europe SA 8.00 9/29/2015 USD 74.00
UBS AG 5.75 3/2/2015 USD 22.00
UBS AG 0.50 4/27/2015 CHF 66.25
Kommunalbanken AS 0.50 2/23/2018 BRL 70.94
Kommunalbanken AS 0.50 2/2/2018 BRL 71.38
Vontobel Financial 4.00 6/12/2015 EUR 47.70
Vontobel Financial 8.00 6/12/2015 EUR 55.20
UBS AG 12.75 12/29/2015 EUR 70.15
UBS AG 14.75 6/26/2015 EUR 64.52
UBS AG 13.25 6/26/2015 EUR 67.93
SpareBank 1 Naering 2.29 1/16/2016 NOK 0.09
Vontobel Financial 6.00 6/12/2015 EUR 74.50
Notenstein Privatba 7.00 6/17/2015 CHF 62.53
UBS AG 12.25 6/26/2015 EUR 70.54
Leonteq Securities 5.00 5/23/2016 CHF 57.00
UBS AG 11.50 12/29/2015 EUR 72.93
UBS AG 14.50 12/29/2015 EUR 66.16
UBS AG 13.75 12/29/2015 EUR 67.57
DZ Bank AG Deutsche 8.25 6/26/2015 EUR 72.68
DZ Bank AG Deutsche 5.50 1/16/2015 EUR 70.38
DZ Bank AG Deutsche 5.25 7/10/2015 EUR 71.45
DZ Bank AG Deutsche 6.50 7/10/2015 EUR 69.37
UBS AG 24.25 3/27/2015 EUR 58.29
UBS AG 17.25 3/29/2016 EUR 68.67
UBS AG 24.75 3/27/2015 EUR 71.29
Bank Julius Baer & 11.00 2/11/2015 CHF 49.40
UBS AG 21.50 3/29/2016 EUR 74.91
UBS AG 23.75 12/29/2015 EUR 71.75
UBS AG 24.00 12/29/2015 EUR 72.83
Vontobel Financial 7.50 6/26/2015 EUR 73.40
UBS AG 21.25 6/26/2015 EUR 69.20
Vontobel Financial 4.70 3/13/2015 EUR 67.95
Vontobel Financial 4.80 4/24/2015 EUR 73.40
LBBW 4.00 6/24/2016 EUR 69.69
UniCredit Bank AG 5.00 7/23/2015 EUR 60.27
UniCredit Bank AG 4.00 7/23/2015 EUR 62.69
UBS AG 3.10 2/25/2015 EUR 71.91
Notenstein Privatba 4.33 7/28/2015 EUR 74.56
Leonteq Securities 10.40 8/14/2015 EUR 73.56
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 73.98
UBS AG 4.70 4/15/2015 USD 33.16
Commerzbank AG 8.50 3/26/2015 EUR 73.43
JP Morgan Structure 10.00 1/15/2015 CHF 64.74
UniCredit Bank AG 4.00 9/24/2015 EUR 55.54
Deutsche Bank AG 6.20 8/26/2015 EUR 72.50
DZ Bank AG Deutsche 7.00 7/10/2015 EUR 72.80
Deutsche Bank AG 5.20 7/22/2015 EUR 74.50
Leonteq Securities 12.25 1/29/2015 EUR 69.50
UniCredit Bank AG 5.50 2/26/2015 EUR 58.25
UBS AG 20.00 6/26/2015 EUR 67.14
DZ Bank AG Deutsche 7.00 1/16/2015 EUR 67.61
UBS AG 21.75 12/29/2015 EUR 64.82
UBS AG 23.00 6/26/2015 EUR 68.96
UBS AG 12.25 3/29/2016 EUR 72.81
UBS AG 11.75 6/24/2016 EUR 73.61
Credit Suisse AG/Na 8.25 2/5/2015 EUR 68.11
Vontobel Financial 5.70 3/13/2015 EUR 68.13
UBS AG 13.25 6/24/2016 EUR 72.43
Vontobel Financial 14.35 1/16/2015 EUR 61.73
Vontobel Financial 10.75 3/13/2015 EUR 66.16
Raiffeisen Centroba 7.33 8/21/2015 EUR 57.48
UniCredit Bank AG 5.50 7/23/2015 EUR 74.14
UniCredit Bank AG 5.50 7/23/2015 EUR 58.49
UniCredit Bank AG 4.50 7/23/2015 EUR 61.43
Vontobel Financial 4.65 6/26/2015 EUR 73.12
UBS AG 13.25 12/29/2015 EUR 70.62
Credit Suisse AG/Lo 2.75 1/29/2019 SEK 58.30
DZ Bank AG Deutsche 8.75 1/23/2015 EUR 66.72
UniCredit Bank AG 4.00 9/24/2015 EUR 57.02
Deutsche Bank AG 6.20 7/22/2015 EUR 72.00
DZ Bank AG Deutsche 7.25 7/10/2015 EUR 72.93
Deutsche Bank AG 5.20 8/26/2015 EUR 75.00
UBS AG 13.25 3/27/2015 EUR 53.66
UBS AG 14.75 9/25/2015 EUR 53.33
Vontobel Financial 5.00 5/6/2016 EUR 73.50
Zurcher Kantonalban 10.50 2/6/2015 CHF 56.90
Leonteq Securities 9.68 7/29/2015 USD 69.87
DZ Bank AG Deutsche 6.25 9/25/2015 EUR 70.33
UBS AG 13.75 3/27/2015 EUR 58.10
UBS AG 6.50 12/29/2015 EUR 64.60
UBS AG 9.75 3/27/2015 EUR 65.74
UniCredit Bank AG 7.00 2/26/2015 EUR 70.95
UBS AG 23.50 12/29/2015 EUR 63.67
UBS AG 22.00 9/25/2015 EUR 74.73
UBS AG 23.25 6/26/2015 EUR 73.12
DZ Bank AG Deutsche 3.60 8/21/2015 EUR 61.26
Commerzbank AG 7.50 5/21/2015 EUR 73.96
UBS AG 14.75 3/29/2016 EUR 70.25
UBS AG 23.50 3/27/2015 EUR 67.34
UBS AG 20.75 6/26/2015 EUR 71.69
Zurcher Kantonalban 11.25 2/13/2015 EUR 73.06
Leonteq Securities 10.58 2/3/2017 USD 69.45
Vontobel Financial 6.25 3/13/2015 EUR 68.24
UniCredit Bank AG 6.00 7/23/2015 EUR 57.46
Vontobel Financial 7.40 3/27/2015 EUR 53.80
Commerzbank AG 7.00 3/26/2015 EUR 74.77
UniCredit Bank AG 6.00 7/23/2015 EUR 72.68
Commerzbank AG 9.00 3/26/2015 EUR 71.57
Vontobel Financial 10.30 3/13/2015 EUR 74.01
HSBC Trinkaus & Bur 8.50 3/27/2015 EUR 66.43
Notenstein Privatba 11.00 8/14/2015 CHF 65.68
UBS AG/London 19.75 4/16/2015 CHF 67.00
HSBC Trinkaus & Bur 8.00 3/27/2015 EUR 67.60
UBS AG/London 8.98 5/22/2015 CHF 63.60
UniCredit Bank AG 5.00 2/26/2015 EUR 69.95
UBS AG/London 14.83 5/22/2015 CHF 65.90
UniCredit Bank AG 5.00 2/26/2015 EUR 49.40
UniCredit Bank AG 5.30 2/26/2015 EUR 72.38
UniCredit Bank AG 4.00 2/26/2015 EUR 68.59
UniCredit Bank AG 4.00 2/26/2015 EUR 73.76
UniCredit Bank AG 5.50 2/26/2015 EUR 68.13
UniCredit Bank AG 4.50 2/26/2015 EUR 50.28
UniCredit Bank AG 5.40 2/26/2015 EUR 65.13
DZ Bank AG Deutsche 6.75 1/23/2015 EUR 68.83
DZ Bank AG Deutsche 7.10 3/6/2015 EUR 61.00
DZ Bank AG Deutsche 5.10 3/6/2015 EUR 59.27
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 53.77
Barclays Bank PLC 11.50 10/10/2018 SEK 73.11
DZ Bank AG Deutsche 9.25 3/27/2015 EUR 68.76
UBS AG 24.00 12/29/2015 EUR 63.72
UBS AG 20.25 3/27/2015 EUR 70.97
Goldman Sachs & Co 9.00 5/20/2015 EUR 74.90
DZ Bank AG Deutsche 5.50 5/22/2015 EUR 73.55
DZ Bank AG Deutsche 7.00 5/22/2015 EUR 74.72
UBS AG 22.00 12/29/2015 EUR 74.94
DZ Bank AG Deutsche 8.50 5/22/2015 EUR 74.51
UBS AG 22.50 12/29/2015 EUR 73.39
UBS AG 24.75 9/25/2015 EUR 61.24
UBS AG 16.00 6/24/2016 EUR 69.88
UBS AG 23.75 12/29/2015 EUR 66.80
Goldman Sachs & Co 13.00 5/20/2015 EUR 70.76
Bank Julius Baer & 7.90 2/4/2015 CHF 45.70
UBS AG 20.00 12/29/2015 EUR 69.25
UBS AG 21.75 6/26/2015 EUR 65.66
UBS AG 14.00 6/24/2016 EUR 71.47
Zurcher Kantonalban 8.25 1/30/2015 EUR 68.83
UBS AG/London 10.50 1/29/2015 CHF 43.14
UniCredit Bank AG 4.80 2/26/2015 EUR 70.13
UniCredit Bank AG 4.00 2/26/2015 EUR 51.19
UniCredit Bank AG 4.00 6/25/2015 EUR 68.64
UBS AG/London 6.50 5/22/2015 CHF 50.05
UniCredit Bank AG 5.70 2/26/2015 EUR 70.93
UniCredit Bank AG 4.00 6/25/2015 EUR 57.82
UniCredit Bank AG 4.75 2/26/2015 EUR 66.85
UniCredit Bank AG 6.00 2/26/2015 EUR 63.56
DZ Bank AG Deutsche 8.30 3/6/2015 EUR 68.10
DZ Bank AG Deutsche 9.50 3/6/2015 EUR 58.25
DZ Bank AG Deutsche 5.20 3/6/2015 EUR 64.19
DZ Bank AG Deutsche 3.70 3/6/2015 EUR 62.11
Vontobel Financial 6.60 6/26/2015 EUR 72.01
DZ Bank AG Deutsche 5.00 3/27/2015 EUR 65.78
DZ Bank AG Deutsche 9.50 2/27/2015 EUR 64.74
DZ Bank AG Deutsche 5.00 2/27/2015 EUR 70.98
BNP Paribas Emissio 6.00 3/26/2015 EUR 72.88
BNP Paribas Emissio 8.00 3/26/2015 EUR 69.08
UBS AG 19.75 6/24/2016 EUR 68.37
UBS AG 24.75 3/27/2015 EUR 65.85
UBS AG 22.50 12/29/2015 EUR 72.99
Goldman Sachs & Co 13.00 5/20/2015 EUR 69.46
UBS AG 23.00 6/26/2015 EUR 71.05
UBS AG 21.25 3/27/2015 EUR 69.37
Goldman Sachs & Co 11.00 9/23/2015 EUR 73.36
UBS AG 22.25 12/29/2015 EUR 74.37
UBS AG 23.25 9/25/2015 EUR 72.94
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 72.23
UniCredit Bank AG 4.00 2/26/2015 EUR 72.24
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 69.86
UBS AG/London 12.53 5/22/2015 CHF 64.50
UniCredit Bank AG 5.50 2/26/2015 EUR 48.56
Commerzbank AG 6.00 1/22/2015 EUR 72.30
UniCredit Bank AG 4.90 2/26/2015 EUR 73.90
Barclays Bank PLC 5.88 8/19/2016 EUR 70.31
DZ Bank AG Deutsche 12.20 3/6/2015 EUR 63.52
DZ Bank AG Deutsche 6.90 3/6/2015 EUR 56.78
DZ Bank AG Deutsche 5.25 3/27/2015 EUR 74.72
DZ Bank AG Deutsche 16.00 3/27/2015 EUR 30.75
DZ Bank AG Deutsche 12.50 2/27/2015 EUR 46.32
DZ Bank AG Deutsche 18.25 2/27/2015 EUR 58.52
BNP Paribas Emissio 7.00 6/25/2015 EUR 71.53
UBS AG 18.00 6/24/2016 EUR 69.02
UBS AG 22.00 12/29/2015 EUR 67.94
UBS AG 23.75 9/25/2015 EUR 70.75
UBS AG 22.50 3/27/2015 EUR 70.86
Goldman Sachs & Co 11.00 9/23/2015 EUR 72.46
UBS AG 22.00 12/29/2015 EUR 73.23
UBS AG 21.25 3/27/2015 EUR 73.76
DZ Bank AG Deutsche 10.25 5/22/2015 EUR 61.95
Deutsche Bank AG 4.00 5/25/2015 EUR 65.20
UBS AG 23.00 3/27/2015 EUR 63.37
Zurcher Kantonalban 8.00 6/4/2015 CHF 52.46
UBS AG 22.75 9/25/2015 EUR 65.96
UBS AG 23.75 6/26/2015 EUR 66.71
DZ Bank AG Deutsche 5.00 3/6/2015 EUR 73.58
Goldman Sachs & Co 16.00 1/21/2015 EUR 66.44
DZ Bank AG Deutsche 6.50 1/23/2015 EUR 71.46
DZ Bank AG Deutsche 7.00 1/23/2015 EUR 72.72
Deutsche Bank AG 5.20 7/22/2015 EUR 71.40
Deutsche Bank AG 5.20 8/26/2015 EUR 71.90
Leonteq Securities 5.40 4/10/2015 USD 56.26
DZ Bank AG Deutsche 6.50 7/10/2015 EUR 72.55
Leonteq Securities 12.20 7/22/2015 USD 52.73
Bank Julius Baer & 10.20 2/6/2015 USD 56.60
UBS AG 5.25 12/29/2015 EUR 69.94
Vontobel Financial 7.65 8/7/2015 EUR 73.60
UniCredit Bank AG 5.20 2/26/2015 EUR 65.09
UniCredit Bank AG 8.00 2/26/2015 EUR 73.39
UniCredit Bank AG 4.30 2/26/2015 EUR 67.22
UBS AG 15.50 6/26/2015 EUR 71.44
UBS AG 11.25 12/29/2015 EUR 61.23
UBS AG 23.75 3/27/2015 EUR 64.79
UBS AG 14.50 12/29/2015 EUR 70.02
UBS AG 14.00 9/25/2015 EUR 69.83
UBS AG 5.25 12/29/2015 EUR 71.27
UBS AG 12.75 12/29/2015 EUR 72.18
UBS AG 12.75 9/25/2015 EUR 71.85
UBS AG 11.50 9/25/2015 EUR 63.75
UBS AG 14.00 6/26/2015 EUR 71.22
UBS AG 11.00 6/26/2015 EUR 73.34
Goldman Sachs & Co 11.00 3/25/2015 EUR 69.97
Leonteq Securities 11.60 8/12/2015 USD 65.44
Vontobel Financial 6.45 8/28/2015 EUR 70.20
HSBC Trinkaus & Bur 7.50 2/27/2015 EUR 71.51
BNP Paribas Emissio 9.00 3/26/2015 EUR 74.63
LBBW 4.00 2/27/2015 EUR 73.76
LBBW 3.00 2/27/2015 EUR 62.84
DZ Bank AG Deutsche 15.25 5/22/2015 EUR 63.37
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 70.10
HSBC Trinkaus & Bur 11.00 1/23/2015 EUR 64.13
HSBC Trinkaus & Bur 14.50 6/26/2015 EUR 70.90
HSBC Trinkaus & Bur 10.50 6/26/2015 EUR 74.33
Commerzbank AG 23.75 4/23/2015 EUR 36.93
UBS AG 5.44 6/10/2015 USD 40.54
HSBC Trinkaus & Bur 2.75 1/23/2015 EUR 69.20
HSBC Trinkaus & Bur 6.50 3/27/2015 EUR 64.49
HSBC Trinkaus & Bur 7.50 1/23/2015 EUR 74.32
HSBC Trinkaus & Bur 7.50 2/27/2015 EUR 74.68
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 70.70
HSBC Trinkaus & Bur 8.50 2/27/2015 EUR 73.40
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 67.11
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 71.95
Vontobel Financial 8.30 8/28/2015 EUR 70.10
Notenstein Privatba 7.00 5/20/2015 CHF 74.53
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 73.10
HSBC Trinkaus & Bur 7.00 1/23/2015 EUR 75.00
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 74.38
HSBC Trinkaus & Bur 16.00 6/26/2015 EUR 61.67
Commerzbank AG 9.50 4/23/2015 EUR 65.63
Commerzbank AG 10.00 4/23/2015 EUR 52.74
HSBC Trinkaus & Bur 7.50 6/26/2015 EUR 71.49
HSBC Trinkaus & Bur 6.50 1/23/2015 EUR 64.82
HSBC Trinkaus & Bur 10.50 1/23/2015 EUR 59.04
HSBC Trinkaus & Bur 9.50 4/24/2015 EUR 61.09
Credit Suisse AG/Na 9.00 2/20/2015 EUR 67.14
HSBC Trinkaus & Bur 8.50 3/27/2015 EUR 69.90
UBS AG 14.00 6/26/2015 EUR 68.85
Banque Cantonale Va 8.53 3/2/2015 USD 70.72
HSBC Trinkaus & Bur 8.00 3/27/2015 EUR 71.00
UBS AG 13.75 6/26/2015 EUR 74.65
HSBC Trinkaus & Bur 19.00 3/27/2015 EUR 72.42
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 74.29
UBS AG 12.00 3/27/2015 EUR 71.39
Deutsche Bank AG 6.20 6/23/2015 EUR 71.84
Deutsche Bank AG 6.20 6/23/2015 EUR 69.23
Deutsche Bank AG 5.20 6/23/2015 EUR 66.73
Zurcher Kantonalban 7.82 2/20/2015 USD 56.88
Goldman Sachs & Co 9.00 7/22/2015 EUR 72.87
Deutsche Bank AG 5.20 6/23/2015 EUR 68.75
Deutsche Bank AG 8.20 6/23/2015 EUR 72.79
DZ Bank AG Deutsche 21.00 2/27/2015 EUR 30.78
DZ Bank AG Deutsche 5.00 2/27/2015 EUR 68.97
DZ Bank AG Deutsche 6.25 9/25/2015 EUR 74.70
Vontobel Financial 5.85 6/26/2015 EUR 74.26
UBS AG 3.43 6/8/2015 USD 17.52
Zurcher Kantonalban 10.50 2/25/2015 CHF 49.45
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 71.61
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 60.40
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 70.23
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 73.91
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 67.82
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 65.34
UBS AG 11.25 6/26/2015 EUR 73.19
HSBC Trinkaus & Bur 12.50 6/26/2015 EUR 68.04
Deutsche Bank AG 6.20 6/23/2015 EUR 67.20
Goldman Sachs & Co 9.00 12/23/2015 EUR 73.07
Deutsche Bank AG 7.20 6/23/2015 EUR 72.31
Deutsche Bank AG 8.20 6/23/2015 EUR 70.18
Deutsche Bank AG 8.20 6/23/2015 EUR 68.15
Goldman Sachs & Co 13.00 2/25/2015 EUR 71.38
DZ Bank AG Deutsche 9.00 2/27/2015 EUR 58.26
DZ Bank AG Deutsche 6.25 2/27/2015 EUR 61.61
DZ Bank AG Deutsche 5.75 6/26/2015 EUR 68.70
DZ Bank AG Deutsche 15.25 5/22/2015 EUR 61.99
Vontobel Financial 6.85 8/28/2015 EUR 71.30
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 69.71
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 68.93
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 69.63
HSBC Trinkaus & Bur 8.50 1/23/2015 EUR 73.09
Deutsche Bank AG 7.20 6/22/2015 EUR 60.30
Deutsche Bank AG 6.20 6/22/2015 EUR 53.50
Deutsche Bank AG 5.20 6/22/2015 EUR 56.00
Deutsche Bank AG 6.20 6/22/2015 EUR 56.40
Deutsche Bank AG 5.20 6/22/2015 EUR 59.30
Deutsche Bank AG 6.20 3/24/2015 EUR 60.00
Deutsche Bank AG 6.20 6/22/2015 EUR 59.80
Deutsche Bank AG 7.20 6/22/2015 EUR 56.90
Deutsche Bank AG 6.20 12/22/2015 EUR 74.30
Deutsche Bank AG 7.20 6/22/2015 EUR 72.00
DZ Bank AG Deutsche 8.00 3/13/2015 EUR 69.75
Commerzbank AG 5.75 1/22/2015 EUR 69.72
HSBC Trinkaus & Bur 10.50 3/27/2015 EUR 61.60
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 70.84
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 63.78
Deutsche Bank AG 6.20 6/22/2015 EUR 72.10
DZ Bank AG Deutsche 10.75 4/24/2015 EUR 58.73
Commerzbank AG 5.75 4/23/2015 EUR 56.39
Commerzbank AG 10.00 4/23/2015 EUR 72.00
Deutsche Bank AG 5.20 6/22/2015 EUR 74.70
Deutsche Bank AG 7.20 9/22/2015 EUR 73.70
Deutsche Bank AG 5.20 6/22/2015 EUR 71.10
DZ Bank AG Deutsche 6.75 6/12/2015 EUR 74.30
Deutsche Bank AG 6.20 12/22/2015 EUR 74.20
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 69.64
DZ Bank AG Deutsche 7.25 6/12/2015 EUR 69.15
HSBC Trinkaus & Bur 14.50 3/27/2015 EUR 66.29
Credit Suisse AG/Na 8.25 5/4/2015 USD 61.48
Deutsche Bank AG 5.20 6/22/2015 EUR 53.00
Deutsche Bank AG 7.20 6/22/2015 EUR 53.90
Deutsche Bank AG 7.20 9/22/2015 EUR 73.60
Deutsche Bank AG 5.20 12/22/2015 EUR 73.30
DZ Bank AG Deutsche 8.25 6/12/2015 EUR 70.35
DZ Bank AG Deutsche 8.00 6/12/2015 EUR 66.55
Deutsche Bank AG 6.20 9/22/2015 EUR 72.90
Commerzbank AG 8.00 1/22/2015 EUR 66.14
Deutsche Bank AG 5.20 6/22/2015 EUR 74.30
Deutsche Bank AG 7.20 6/22/2015 EUR 72.60
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 68.68
Deutsche Bank AG 6.20 3/24/2015 EUR 73.00
Deutsche Bank AG 6.20 6/22/2015 EUR 74.80
Deutsche Bank AG 5.20 6/22/2015 EUR 71.60
Deutsche Bank AG 6.20 6/22/2015 EUR 73.80
Deutsche Bank AG 6.20 6/22/2015 EUR 67.90
Goldman Sachs & Co 5.00 3/25/2015 EUR 74.55
Goldman Sachs & Co 7.00 3/25/2015 EUR 74.98
DZ Bank AG Deutsche 15.75 4/24/2015 EUR 55.62
UBS AG 14.50 12/23/2016 EUR 74.95
UBS AG 16.00 12/23/2016 EUR 74.14
UBS AG 24.25 12/29/2015 EUR 72.69
Commerzbank AG 8.00 4/23/2015 EUR 54.31
Commerzbank AG 7.75 4/23/2015 EUR 74.79
Commerzbank AG 8.75 4/23/2015 EUR 71.45
Deutsche Bank AG 5.20 12/22/2015 EUR 73.20
UBS AG 22.50 3/29/2016 EUR 74.59
UniCredit Bank AG 4.75 2/26/2015 EUR 60.30
UniCredit Bank AG 6.50 2/26/2015 EUR 69.13
UniCredit Bank AG 5.60 2/26/2015 EUR 71.53
Vontobel Financial 6.20 3/27/2015 EUR 72.60
Vontobel Financial 15.15 2/27/2015 EUR 59.60
UBS AG 14.75 6/26/2015 EUR 74.23
Goldman Sachs & Co 11.00 6/24/2015 EUR 64.15
DZ Bank AG Deutsche 5.50 3/27/2015 EUR 56.40
HSBC Trinkaus & Bur 6.00 1/23/2015 EUR 63.35
HSBC Trinkaus & Bur 6.00 2/27/2015 EUR 63.92
Notenstein Privatba 9.60 6/16/2015 CHF 46.99
HSBC Trinkaus & Bur 8.25 1/23/2015 EUR 72.38
DZ Bank AG Deutsche 9.75 5/22/2015 EUR 58.74
HSBC Trinkaus & Bur 18.00 3/27/2015 EUR 58.34
Banque Cantonale Va 5.80 6/12/2015 CHF 73.50
HSBC Trinkaus & Bur 17.50 3/27/2015 EUR 69.35
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 72.17
HSBC Trinkaus & Bur 8.00 1/23/2015 EUR 70.57
Goldman Sachs & Co 11.00 7/22/2015 EUR 70.61
Deutsche Bank AG 7.20 6/23/2015 EUR 67.68
DZ Bank AG Deutsche 9.25 5/22/2015 EUR 58.55
Bank Julius Baer & 8.50 5/7/2015 USD 64.40
DZ Bank AG Deutsche 7.50 3/27/2015 EUR 73.05
UBS AG 7.60 3/25/2015 EUR 67.87
Deutsche Bank AG 7.20 3/24/2015 EUR 60.20
Deutsche Bank AG 5.20 3/24/2015 EUR 59.80
Deutsche Bank AG 5.20 6/22/2015 EUR 73.30
Commerzbank AG 10.25 1/22/2015 EUR 73.24
Deutsche Bank AG 5.20 9/22/2015 EUR 72.20
HSBC Trinkaus & Bur 8.00 3/27/2015 EUR 72.20
Deutsche Bank AG 5.20 3/24/2015 EUR 66.50
DZ Bank AG Deutsche 5.25 4/24/2015 EUR 73.97
Deutsche Bank AG 6.20 6/22/2015 EUR 71.60
Deutsche Bank AG 7.20 6/22/2015 EUR 72.10
Deutsche Bank AG 6.20 9/22/2015 EUR 72.90
Deutsche Bank AG 5.20 9/22/2015 EUR 72.20
UniCredit Bank AG 5.00 6/25/2015 EUR 57.82
DZ Bank AG Deutsche 5.75 3/13/2015 EUR 71.28
UniCredit Bank AG 6.25 6/25/2015 EUR 56.48
DZ Bank AG Deutsche 16.00 5/22/2015 EUR 62.27
UniCredit Bank AG 6.00 6/25/2015 EUR 74.87
HSBC Trinkaus & Bur 6.25 1/23/2015 EUR 74.63
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 68.97
UBS AG 10.50 3/27/2015 EUR 60.61
DZ Bank AG Deutsche 5.75 1/16/2015 EUR 73.20
DZ Bank AG Deutsche 6.75 3/13/2015 EUR 73.70
DZ Bank AG Deutsche 5.00 3/13/2015 EUR 68.34
DZ Bank AG Deutsche 10.50 5/22/2015 EUR 57.81
Vontobel Financial 4.00 9/11/2015 EUR 72.39
Credit Suisse AG/Lo 9.00 12/18/2015 USD 57.51
UniCredit Bank AG 4.25 6/25/2015 EUR 60.23
Bank Julius Baer & 15.25 6/4/2015 CHF 55.50
UBS AG 10.25 6/26/2015 EUR 68.93
SAir Group 2.75 7/30/2004 CHF 11.00
HSBC Trinkaus & Bur 9.50 3/27/2015 EUR 63.90
HSBC Trinkaus & Bur 12.00 1/23/2015 EUR 70.82
DZ Bank AG Deutsche 5.75 3/27/2015 EUR 74.27
HSBC Trinkaus & Bur 11.50 1/23/2015 EUR 73.85
HSBC Trinkaus & Bur 10.25 1/23/2015 EUR 74.87
Vontobel Financial 4.25 9/11/2015 EUR 74.35
Vontobel Financial 4.95 9/11/2015 EUR 74.82
HSBC Trinkaus & Bur 8.50 1/23/2015 EUR 68.10
DZ Bank AG Deutsche 5.50 7/10/2015 EUR 74.16
UniCredit Bank AG 6.50 6/25/2015 EUR 56.01
UBS AG 9.50 12/29/2015 EUR 71.94
Vontobel Financial 4.85 9/11/2015 EUR 72.97
Vontobel Financial 5.60 9/11/2015 EUR 73.48
UniCredit Bank AG 4.75 6/25/2015 EUR 59.06
Vontobel Financial 4.65 6/12/2015 EUR 71.85
UniCredit Bank AG 6.10 6/25/2015 EUR 57.05
UBS AG 12.25 9/25/2015 EUR 70.47
Bank Julius Baer & 11.25 6/3/2015 CHF 54.15
HSBC Trinkaus & Bur 9.25 1/23/2015 EUR 68.11
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 67.41
UBS AG 11.75 6/26/2015 EUR 74.59
HSBC Trinkaus & Bur 9.25 1/23/2015 EUR 56.50
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 72.32
HSBC Trinkaus & Bur 15.50 3/27/2015 EUR 49.32
HSBC Trinkaus & Bur 11.00 3/27/2015 EUR 74.89
HSBC Trinkaus & Bur 17.50 3/27/2015 EUR 71.73
HSBC Trinkaus & Bur 10.00 6/26/2015 EUR 74.31
HSBC Trinkaus & Bur 9.00 6/26/2015 EUR 71.48
HSBC Trinkaus & Bur 14.50 6/26/2015 EUR 67.89
HSBC Trinkaus & Bur 16.00 3/27/2015 EUR 59.78
HSBC Trinkaus & Bur 16.50 3/27/2015 EUR 72.28
UBS AG/London 7.75 5/28/2015 CHF 45.61
UBS AG 13.75 3/27/2015 EUR 67.06
Deutsche Bank AG 6.00 6/22/2015 EUR 71.40
Deutsche Bank AG 7.00 6/22/2015 EUR 67.90
Deutsche Bank AG 8.00 6/22/2015 EUR 68.40
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 74.37
HSBC Trinkaus & Bur 12.50 3/27/2015 EUR 66.36
HSBC Trinkaus & Bur 7.00 6/26/2015 EUR 73.53
HSBC Trinkaus & Bur 13.00 3/27/2015 EUR 73.51
Credit Suisse AG/Lo 7.60 10/15/2015 CHF 70.71
HSBC Trinkaus & Bur 11.50 6/26/2015 EUR 65.74
Commerzbank AG 7.50 5/21/2015 EUR 72.46
Deutsche Bank AG 6.00 6/22/2015 EUR 73.10
Deutsche Bank AG 6.00 6/22/2015 EUR 69.80
Deutsche Bank AG 8.00 6/22/2015 EUR 70.70
Deutsche Bank AG 5.20 9/22/2015 EUR 73.90
HSBC Trinkaus & Bur 8.50 3/27/2015 EUR 66.17
UBS AG 6.75 9/25/2015 EUR 72.80
Vontobel Financial 6.40 6/26/2015 EUR 68.25
HSBC Trinkaus & Bur 13.50 3/27/2015 EUR 67.96
HSBC Trinkaus & Bur 11.50 3/27/2015 EUR 52.97
HSBC Trinkaus & Bur 13.50 6/26/2015 EUR 72.63
HSBC Trinkaus & Bur 13.00 6/26/2015 EUR 69.69
HSBC Trinkaus & Bur 14.00 6/26/2015 EUR 70.11
HSBC Trinkaus & Bur 7.00 9/25/2015 EUR 74.48
HSBC Trinkaus & Bur 14.50 6/26/2015 EUR 74.45
Vontobel Financial 5.10 6/26/2015 EUR 69.59
Deutsche Bank AG 6.20 9/22/2015 EUR 74.60
Deutsche Bank AG 7.00 6/22/2015 EUR 73.60
Deutsche Bank AG 7.00 6/22/2015 EUR 71.90
Deutsche Bank AG 7.00 6/22/2015 EUR 70.30
Deutsche Bank AG 8.00 6/22/2015 EUR 72.40
HSBC Trinkaus & Bur 7.50 3/27/2015 EUR 69.03
HSBC Trinkaus & Bur 6.00 3/27/2015 EUR 72.20
HSBC Trinkaus & Bur 10.00 3/27/2015 EUR 63.52
HSBC Trinkaus & Bur 7.00 3/27/2015 EUR 69.15
Zurcher Kantonalban 8.10 6/3/2015 EUR 74.91
Goldman Sachs & Co 8.00 3/25/2015 EUR 73.14
Goldman Sachs & Co 8.00 3/25/2015 EUR 74.07
Vontobel Financial 6.50 8/14/2015 EUR 68.40
Vontobel Financial 6.30 6/26/2015 EUR 72.18
Goldman Sachs & Co 16.00 3/25/2015 EUR 70.15
Vontobel Financial 6.50 6/26/2015 EUR 74.01
Vontobel Financial 5.30 9/11/2015 EUR 73.28
Vontobel Financial 5.85 6/12/2015 EUR 72.37
Vontobel Financial 5.30 7/10/2015 EUR 72.49
Vontobel Financial 3.75 7/10/2015 EUR 71.70
DZ Bank AG Deutsche 7.25 6/26/2015 EUR 74.86
Banque Cantonale Va 10.00 2/10/2015 CHF 57.50
HSBC Trinkaus & Bur 9.00 3/27/2015 EUR 73.98
HSBC Trinkaus & Bur 6.25 1/23/2015 EUR 63.53
DZ Bank AG Deutsche 7.25 1/16/2015 EUR 67.64
HSBC Trinkaus & Bur 7.50 3/27/2015 EUR 57.70
HSBC Trinkaus & Bur 9.00 1/23/2015 EUR 54.61
HSBC Trinkaus & Bur 15.00 6/26/2015 EUR 73.92
Deutsche Bank AG 8.00 6/22/2015 EUR 74.10
Goldman Sachs & Co 16.00 5/20/2015 EUR 71.85
Bank Julius Baer & 12.25 4/24/2015 USD 71.15
Bank Julius Baer & 7.80 2/27/2015 USD 72.85
UBS AG/London 8.50 2/19/2015 CHF 71.63
UBS AG/London 16.50 2/19/2015 CHF 63.63
Goldman Sachs & Co 10.00 3/25/2015 EUR 68.46
Goldman Sachs & Co 14.00 3/25/2015 EUR 60.82
Vontobel Financial 6.85 3/27/2015 EUR 73.91
Commerzbank AG 8.00 5/21/2015 EUR 73.37
Notenstein Privatba 7.40 10/31/2016 CHF 48.84
Bank Julius Baer & 8.00 2/25/2015 CHF 47.55
DZ Bank AG Deutsche 5.00 2/13/2015 EUR 70.74
DZ Bank AG Deutsche 5.00 8/14/2015 EUR 71.74
UniCredit Bank AG 6.00 6/24/2015 EUR 72.30
Goldman Sachs & Co 7.00 3/25/2015 EUR 71.15
Commerzbank AG 6.00 6/25/2015 EUR 74.16
Vontobel Financial 7.50 6/26/2015 EUR 73.80
UniCredit Bank AG 4.30 6/24/2015 EUR 59.90
Bayerische Landesba 3.40 6/19/2015 EUR 74.94
UBS AG/London 6.75 7/2/2015 CHF 71.37
DZ Bank AG Deutsche 6.00 3/6/2015 EUR 73.97
Vontobel Financial 10.85 4/17/2015 EUR 65.79
Vontobel Financial 8.40 1/16/2015 EUR 66.75
Vontobel Financial 7.05 6/12/2015 EUR 70.64
Vontobel Financial 8.25 6/12/2015 EUR 68.81
Vontobel Financial 9.65 6/12/2015 EUR 67.22
Vontobel Financial 10.55 6/12/2015 EUR 66.22
UBS AG/London 14.50 9/25/2015 EUR 67.99
*********
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 2015. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
* * * End of Transmission * * *