/raid1/www/Hosts/bankrupt/TCREUR_Public/150316.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 16, 2015, Vol. 16, No. 52
Headlines
B U L G A R I A
CORPORATE COMMERCIAL: BDIF's Bankruptcy Trustee Request Rejected
C Y P R U S
GLOBALTRANS INVESTMENT: Moody's Affirms 'Ba3' CFR; Outlook Stable
G E R M A N Y
STABILITY CMBS 2007-1: Moody's Lifts Cl. D Notes' Rating From Ba2
G R E E C E
FREESEAS INC: Sells US$750,000 Convertible Note to Glengrove
H U N G A R Y
GYORI ETO: Seeks Bankruptcy Protection After Owner Ops Suspended
I R E L A N D
CARLYLE GLOBAL 2015-1: S&P Assigns B- Rating to Class E Notes
IRISH BANK: Has Spare Cash of EUR1.85 Bil. After Sale of Assets
I T A L Y
DA VINCI SYNTHETIC: S&P Discontinues D Rating on Class C Notes
WIND ACQUISITION: Moody's Assigns (P)Ba3 Rating to New 2020 Notes
L U X E M B O U R G
PLAY FINANCE: Fitch Rates EUR125-Mil. Tap Issue 'BB-(EXP)'
N E T H E R L A N D S
INNOCONCEPTS NV: Deloitte Faces Book-Keeping Controversy
INTERXION HOLDING: Moody's Reviews 'B1' CFR for Upgrade
REPSOL INT'L: S&P Rates Proposed EUR-Denominated Securities 'BB'
REPSOL INT'L: Fitch Rates Proposed Hybrid Notes 'BB+(EXP)'
P O R T U G A L
HIPOTOTTA NO. 5: S&P Lowers Rating on Class C Notes to BB
R U S S I A
ALFASTRAKHOVANIE PLC: Fitch Affirms BB Financial Strength Rating
TRANSCONTAINER JSC: Moody's Affirms 'Ba3' CFR, Outlook Stable
U N I T E D K I N G D O M
AFREN PLC: Agrees Recapitalization Plan with Lenders
ALPARI UK: Clients May Receive Payments Within Weeks
B. ENDEAVOUR: Bankruptcy Court Recognizes Chapter 15 Petition
CPUK FINANCE: S&P Lowers Rating on Class B Notes to 'B'
INEOS GROUP: S&P Assigns 'BB-' Rating to EUR1.4-Bil. Term Loan B
LLOYDS BANK: S&P Assigns BB+srp Rating to Class J Notes
PLAY HOLDINGS: S&P Affirms 'B' CCR on Expected Debt Increase
RMAC SECURITIES 2006-NS1: Moody's Lifts Ratings on 2 Notes to Ba2
TOWERGATE FINANCE: Files Chapter 15 Bankruptcy Protection
TOWERGATE FINANCE: Chapter 15 Case Summary
X X X X X X X X
* BOND PRICING: For the Week March 9 to March 13, 2015
*********
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B U L G A R I A
===============
CORPORATE COMMERCIAL: BDIF's Bankruptcy Trustee Request Rejected
----------------------------------------------------------------
FOCUS News Agency, citing the Duma daily, reports that the Sofia
City Court rejected the request of the Bulgarian Deposit
Insurance Fund (BDIF) to appoint a temporary trustee in
bankruptcy at Corporate Commercial Bank.
The motives of the BDIF are that due to the administrative
dispute over CorpBank's license, the lawsuit on the bank's
bankruptcy has been suspended, while the slowdown leads to a
devaluation of its assets, FOCUS News says.
SCC Judge Ivo Dachev rejected the request of BDIF based on the
Bank Bankruptcy Act, which does not stipulate the appointment of
a temporary trustee in bankruptcy to supervise the ombudsmen
assigned by the Bulgarian National Bank, FOCUS News relates.
According to FOCUS News, Georgi Kolev, the chairperson of the
Supreme Administrative Court, as cited by FOCUS Information
Agency, said the first court hearing on CorpBank's license
revocation will take place in April.
About Corporate Commercial Bank AD
Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.
Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.
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C Y P R U S
===========
GLOBALTRANS INVESTMENT: Moody's Affirms 'Ba3' CFR; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of Globaltrans
Investment PLC, a Russian rail-based transportation company. The
outlook on the ratings is stable. Concurrently, Moody's
confirmed the B1 senior unsecured rating of the bonds issued by
the New Forwarding Company and guaranteed by Globaltrans, and
adjusted the loss-given default rate to 77% (LGD-5) to the issue.
This concludes the review for downgrade initiated by Moody's on
Dec. 23, 2014.
The confirmation of Globaltrans's ratings reflects Moody's
expectation that the company's export-oriented and non-capital
intensive business model should prove sufficiently resilient to a
downturn in the economic environment in Russia. The company's
liquidity profile is underpinned by its benign debt maturity
schedule, predominantly local-currency denominated debt, and
availability of committed backup financing.
Globaltrans's Ba3 rating reflects: (1) Moody's expectation that
the company's operating performance and financial metrics will
remain fairly resilient to the ongoing market downturn, with its
operating margin remaining above 15% and debt/EBITDA below 2.2x
on a sustainable basis (all metrics are Moody's-adjusted); (2)
Globaltrans's strong position in the Russian freight rail
transportation market, supported by fairly large railcar fleet
balanced in terms of type of railcars; (3) the company's
established customer base and long-term nature of its contracts
with its largest customers; (4) its fairly modern railcar fleet
with an average age of around eight years, which allows for
economies in terms of repair and replacement costs; (5) flexible
capex needs; (6) good liquidity supported by benign maturity
profile; and (7) low foreign currency risk, as around 98% of debt
is rouble-denominated.
The rating also factors in: (1) the sovereign rating of Russia at
Ba1 with negative outlook, and country ceiling for foreign
currency debt at Ba1; (2) Moody's expectation that Globaltrans
may experience some weakening in cash flow generation over the
next 12-18 months as a result of the weakened market environment
in Russia; (3) the company's significant customer concentration,
with its six largest customers generating up to 80% of the
group's net revenue from operation of rolling stock.
The stable outlook reflects Moody's expectation that
Globaltrans's operating performance and financial metrics will
remain consistent with the agency's expectations for the Ba3
rating category, and the company maintains strong liquidity
profile with sufficient backup liquidity.
An upward pressure on the ratings is unlikely over the next 12-18
months considering the negative macroeconomic outlook for Russia.
Moody's could consider an upgrade if (1) the outlook on the
sovereign rating of Russia were stabilized and/or the sovereign
rating were upgraded; and (2) the company maintained robust
financial metrics and strong liquidity.
Conversely, Globaltrans's ratings could be downgraded if (1) its
liquidity profile and its operating and financial performance
materially deteriorated, with debt/EBITDA increasing above 2.5x
(Moody's-adjusted) on a sustained basis; or (2) there were
negative developments at the sovereign level.
The principal methodology used in these ratings 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.
Cyprus-based Globaltrans Investment PLC (Globaltrans) is one of
the largest private railway transportation groups operating in
Russia and the Commonwealth of Independent States (CIS), with a
fleet of 65,373 railcars and 75 locomotives as of June 2014. In
the 12-month period through 30 June 2014, the company transported
102 million tonnes of various cargos and generated US$2.1 billion
of revenue and US$626 million of EBITDA (Moody's-adjusted).
Globaltrans is a public company that has been listed on the
London Stock Exchange since 2008.
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G E R M A N Y
=============
STABILITY CMBS 2007-1: Moody's Lifts Cl. D Notes' Rating From Ba2
-----------------------------------------------------------------
Moody's Investors Service upgraded the Class D and affirmed the
Classes C and E of EMEA CMBS Credit Linked Notes issued by
Stability CMBS 2007-1 GmbH.
-- EUR30.5 million C Notes, Affirmed A2 (sf); previously on Jun
14, 2013 Affirmed A2 (sf)
-- EUR30.4 million D Notes, Upgraded to Baa3 (sf); previously
on Jun 14, 2013 Downgraded to Ba2 (sf)
-- EUR28.2 million E Notes, Affirmed Caa3 (sf); previously on
Jun 14, 2013 Downgraded to Caa3 (sf)
Moody's does not rate the Class F Notes.
The ratings of the Class D Notes are upgraded to reflect the
recent positive developments on the pool due to significant
repayments over the last quarters. The repayments resulted in
the full redemption of the Senior CDS, the Classes A+, A and B.
Due to the sequential allocation of the repayment proceeds of the
previously largest borrower group (BG 20) Class C is expected to
be repaid on the April 2015 IPD, at which point Moody's will
withdraw its rating.
The quality of the remaining pool of loans has a bifurcated
impact on the Moody's rated Classes D and E. Class D benefits
from strong credit enhancement ("CE"), currently 43%, increasing
to approximately 56% on the next IPD. Therefore, providing
significant buffer against Moody's increased loss expectation on
a significant portion of the remaining loans. Class E has a
significantly weaker CE of currently 11%, increasing to
approximately 15% on the next IPD which is sufficient to maintain
the current rating despite the increased loss expectation on the
pool.
Realised losses have increased to 0.5% of the original
securitized balance (excluding replenishments) as of the January
2015 IPD and have been allocated in a reverse sequential order to
Class F.
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Main factor or circumstance that could lead to a downgrade of the
ratings is a significant decline in expected recoveries of the
remaining loans in the pool.
Main factor or circumstance that could lead to an upgrade of the
ratings is a significant increase in expected recoveries of the
remaining loans in the pool.
Stability CMBS 2007-1 GmbH closed in 2007 and represents the
synthetic securitization of initially 218 commercial mortgage
loans granted to 91 distinct borrower groups and secured on
aggregate by 119 properties located in Europe. The loans were
originated by IKB Deutsche Industriebank AG ("IKB") in the course
of its ordinary commercial mortgage loan activity.
The structure is sponsored by Kreditanstalt fuer Wiederaufbau
(KfW) (Aaa, P-1), which provides credit protection to IKB for the
reference portfolio. KfW in turn hedged its exposure through a
senior credit default swap and the issuance of certificates of
indebtedness ("Schuldscheine") to the issuer, Stability CMBS
2007-1 GmbH. The issuer financed the acquisition of the
certificates through the issuance of credit-linked notes to
investors. The legal final maturity of the transaction is May
2022.
The reference portfolio has reduced to 23 claims granted to 14
distinct borrower groups (excluding Borrower Group 20), which
amounts to approximately EUR68 million compared to EUR909 million
at closing. The portfolio's concentration has therefore
increased as shown in a current Herfindahl Index of 5 compared to
32 at closing. The largest three borrower groups (excluding BG
20) represent 69% of the pool, compared to 23% at closing.
Although the current pool has experienced limited losses to date
and a significant number of loans have re- or prepaid over the
last IPDs, the loss expectation for the remaining loans is high.
After the repayment of BG 20, BG 48 is the second largest in the
remaining pool (28%). This borrower group consist of a pari
passu portion of a larger loan secured by three office properties
in the Netherlands which defaulted in September 2013. The two
largest assets are fully vacant and the third property has a
small vacancy but a remaining WA lease term of only 1.6 years.
Given the limited visibility regarding ultimate recoveries and
workout timing, Moody's assumes very high losses (>80%) for this
loan.
Since closing, ten claims totaling 8% of the initial pool balance
have defaulted. For three of these claims the work-out process
has been completed, resulting in combined losses of EUR4.6
million. The five other claims representing 43% of the current
pool are being worked out. These defaulted claims are expected
to incur losses, which will be allocated reverse sequentially,
starting with the Class F Notes.
If not already defaulted and in workout, the majority of the
largest borrower groups/loans have their maturity dates during
the next 2 years (by end of 2016). As a result of (i) the
limited visibility on the current refinancing prospects of the
loans due in particular to a lack of recent property valuations,
and (ii) the recent increase of loans in workout, Moody's has
increased its expected loss for the pool for the remaining life
of the transaction.
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G R E E C E
===========
FREESEAS INC: Sells US$750,000 Convertible Note to Glengrove
------------------------------------------------------------
FreeSeas Inc. entered into a securities purchase agreement with
Glengrove Small Cap Value Ltd. on March 5, 2015, pursuant to
which, the Company sold a US$750,000 principal amount convertible
note to the Investor for gross proceeds of US$750,000.
According to a document filed with the Securities and Exchange
Commission, the Note will mature on the one year anniversary of
the Closing Date and will bear interest at the rate of 8% per
annum, which will be payable on the maturity date or any
redemption date and may be paid, in certain conditions, through
the issuance of shares, at the discretion of the Company.
The Note will be convertible into shares of the Company's common
stock, par value US$0.001 per share at a conversion price equal
to the lesser of (i) US$0.45 and (ii) 60% of the lowest volume
weighted average price of the Common Stock during the 21 trading
days prior to the conversion date.
A full-text copy of the Form 8-K report is available at:
http://is.gd/UD6COE
About FreeSeas Inc.
Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies. The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.
The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks." As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.
FreeSeas Inc. reported a net loss of US$48.7 million in 2013, a
net loss of US$30.88 million in 2012 and a net loss of US$88.2
million in 2011. The Company's balance sheet at March 31, 2014,
showed US$79.8 million in total assets, US$77.4 million in total
liabilities, all current, and US$2.37 million in total
shareholders' equity.
RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2013. The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency. In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements. Furthermore, the vast majority of the Company's
assets are considered to be highly illiquid and if the Company
were forced to liquidate, the amount realized by the Company
could be substantially lower that the carrying value of these
assets. These conditions among others raise substantial doubt
about the Company's ability to continue as a going concern.
=============
H U N G A R Y
=============
GYORI ETO: Seeks Bankruptcy Protection After Owner Ops Suspended
----------------------------------------------------------------
Andras Gergely at Bloomberg News reports that Gyori ETO FC seeks
bankruptcy protection after its owner Quaestor Group last week
became one of three financial companies to have brokerage
operations suspended in central bank probe.
Gyori ETO, 4-time winner of Hungarian championship, said on its
Web site that it seeks bankruptcy "for the reasons known to the
public".
"We have contacted our partners about [last] week's developments
and we are negotiating continuously about our future," Bloomberg
quotes Gyori ETO as saying, without elaborating further.
Gyori ETO FC is a soccer team in western Hungary founded in 1904.
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I R E L A N D
=============
CARLYLE GLOBAL 2015-1: S&P Assigns B- Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Carlyle Global Market Strategies Euro CLO 2015-1 Ltd.'s class A-
1A, A-1B, A-2A, A-2B, B, C, D, and E senior secured fixed- and
floating-rate notes. At closing, Carlyle Global Market
Strategies Euro CLO 2015-1 also issued unrated subordinated
notes.
Carlyle Global Market Strategies Euro CLO 2015-1 is a cash flow
collateralized loan obligation (CLO) transaction securitizing a
portfolio of primarily senior secured loans granted to
speculative-grade European corporates. CELF Advisors LLP manages
the transaction.
Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following
such an event, the notes would switch to semi-annual payment.
The portfolio's reinvestment period will end four years after the
closing date, and the portfolio's maximum average maturity date
is eight years after the closing date.
At the end of the ramp-up period, 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 used the portfolio target par
amount of EUR482.30 million, the covenanted weighted-average
spread (4.2%), the covenanted weighted-average coupon (5.0%), and
the covenanted weighted-average recovery rates at each rating
level.
State Street Bank and Trust Co., Boston, MA is the bank account
provider and custodian. At closing, S&P considers the
participants' downgrade remedies to be in line with its current
counterparty criteria.
The issuer is bankruptcy remote, in accordance with S&P's
European legal criteria.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.
RATINGS LIST
Ratings Assigned
Carlyle Global Market Strategies Euro CLO 2015-1 Ltd.
EUR500.00 Million Senior Secured Fixed- And Floating-Rate Notes
(Including EUR54.0 Million Subordinated Notes)
Class Rating Amount
(mil. EUR)
A-1A AAA (sf) 273.50
A-1B AAA (sf) 5.00
A-2A AA (sf) 53.90
A-2B AA (sf) 12.00
B A (sf) 28.60
C BBB (sf) 27.60
D BB (sf) 28.60
E B- (sf) 16.80
Sub loan NR 54.00
NR--Not rated.
IRISH BANK: Has Spare Cash of EUR1.85 Bil. After Sale of Assets
---------------------------------------------------------------
Cliff Taylor at The Irish Times reports that the Irish Bank
Resolution Corp. liquidators have spare cash of EUR1.85 billion
after the sale of IBRC assets by its liquidators and the payment
of secured creditors.
This means that the state will recoup EUR1.1 billion it is owed
because of money paid to depositors under the state guarantee,
The Irish Times says. It also means cash will be left after all
unsecured creditors are paid to pay the EUR270 million due to
former junior bondholders in Anglo Irish Bank who are next in
line once all unsecured creditors are paid, The Irish Times
notes.
The massive sell off of IBRC assets with a book value of EUR21.7
billion has generated EUR16.5 billion in cash, according to an
update published on March 13 by the joint liquidators, Kieran
Wallace and Eamonn Richardson of KPMG, The Irish Times discloses.
According to The Irish Times, this has allowed EUR14.7 billion to
be paid to secured creditors -- mainly National Asset Management
Agency -- and to meet the costs of liquidation. Assets with a
book value of EUR3.6 billion remain to be sold, The Irish Times
says.
The cash balance of EUR1.85 billion is available to distribute to
unsecured creditors, once the liquidators are happy that they
will retain enough to meet any future legal claims, The Irish
Times states.
According to The Irish Times, the exact total of unsecured
creditors has still to be established, as all creditors have to
make their claims to the liquidators by the end of this month and
these then have to be verified. However, the total is likely to
be in the EUR1.5 billion to EUR1.6 billion region, meaning all
the main group of unsecured creditors will be paid in full,
including the State, The Irish Times says.
After the main group of unsecured creditors are paid in full, the
next group due to be paid are the former Anglo junior
bondholders, a group who held out against a government buy-out
offer, The Irish Times discloses.
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.
Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.
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I T A L Y
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DA VINCI SYNTHETIC: S&P Discontinues D Rating on Class C Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services discontinued its 'D (sf)'
rating on the class C notes from Da Vinci Synthetic PLC, which is
a synthetic securitization originated by Banca Intesa S.p.A (now
Intesa Sanpaolo) to transfer the risk associated with a portfolio
backed by aircraft loans made to airlines.
The notes, whose rating S&P discontinued, have little-to-no
realistic prospects of full repayment, in S&P's view. The
discontinuation was taken according to Standard & Poor's
surveillance and withdrawal policy.
WIND ACQUISITION: Moody's Assigns (P)Ba3 Rating to New 2020 Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3
instrument rating to Wind Acquisition Finance S.A.'s -- a
subsidiary of Wind Telecomunicazioni S.p.A. -- planned EUR600
million equivalent 2020 Senior Secured Notes . All other ratings
remain unchanged, namely Wind's B2 Corporate Family Rating (CFR),
its B2-PD Probability of Default Rating (PDR), the Ba3 ratings on
the existing senior secured bank credit facilities and RCF, the
(P)Ba3 on the new senior secured bank facilities and RCF, the Ba3
on the WAF's existing 2019 and 2020 senior secured notes, and the
Caa1 rating on the existing WAF 2021 senior unsecured notes. The
company's stable outlook also remains unchanged.
The ratings assignments come on the back of WAF's announcement
that it was looking to raise EUR600 million of senior secured
notes which will be lent to Wind, which in turn will use the
proceeds to refinance part of its outstanding bank loans.
Wind's B2 CFR reflects (1) the company's high leverage, expected
at around 5.9x Moody's adjusted debt/EBITDA pro-forma FY2014 at
closing of the refinancing transaction; (2) continuing pressures
on the company's revenues in 2015 as the Italian macro-economic
outlook remains weak and the Italian telecommunications market
continues to absorb the effects of aggressive pricing that
occurred in the last two years; (3) the uncertainty over
operators' success in generating sufficient revenue growth from
data usage to counter the declining voice and SMS trends; (4)
weak free cash flow generation relative to the large debt burden
of the company.
Wind's B2 CFR also reflects (1) the company's solid and growing
revenue share of the telecommunications services market in Italy
and its strong competitive positioning vis-a-vis its main
competitors, Telecom Italia S.p.A. (Ba1, negative) and Vodafone
Group Plc (Baa1, stable); (2) diversified business model, with
the company being active in mobile, fixed-line voice and
broadband internet; (3) recently evidenced support from its
parent, VimpelCom Ltd (Ba3 Rating Under Review); (4) improved
cash flow generation ability in the long term as the current and
past refinancing transactions are expected to yield savings on
cash interest costs; and (5) the back-ended nature of Wind's
debt's maturity profile with no material maturities before 2019.
The B2 rating also reflect Moody's view that Wind's leverage is
expected to remain above 5.5x throughout 2015. While the tower
disposal transaction will lead to a lower reported debt quantum,
adjusted Moody's leverage is unlikely to materially change as a
result of Moody's standard adjustment on operating leases.
Moody's notes that, according to the draft documentation, the new
senior secured notes will benefit from security over the same
security package as the currently outstanding senior secured
notes.
The (P)Ba3 rating on the new senior secured notes reflects their
first priority ranking security over certain Wind Acquisition
Finance S.A. assets ahead of around EUR4.2 billion of
subordinated debt including EUR4.0 billion equivalent of Caa1
rated 2021 Senior Unsecured Notes.
Wind has adequate liquidity supported by a long and back-ended
maturity profile, positive free cash flow generation and EUR400
million of availability under the new RCF the company is in the
process of raising, which does not require Wind to test for
maintenance covenants as long as drawing under the EUR400 million
facility remain below EUR140 million. Moody's notes that Wind's
free cash flow generation remains low relative to the carried
quantum of debt and, in the medium term, is unlikely to allow the
company to meaningfully reduce its leverage.
The stable outlook on the ratings reflects Moody's expectations
that Wind's adjusted leverage will remain below 6x in 2015 and
that the company will continue to generate positive free cash
flow.
Moody's could downgrade Wind's ratings if the company's leverage
were to increase towards 6.0x, or if Wind's free cash flow
generation were to materially deteriorate as a result of lower
than expected performance.
Wind's ratings could be upgraded were the company's leverage to
decrease to 5.0x. A rating upgrade would also hinge on Wind's
ability to generate meaningful free cash flow so that the
company's RCF/Debt as adjusted by Moody's were to increase
towards 10%.
The principal methodology used in these ratings 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.
===================
L U X E M B O U R G
===================
PLAY FINANCE: Fitch Rates EUR125-Mil. Tap Issue 'BB-(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned Play Finance 2 S.A.'s EUR125 million
tap issue of its 5.25% coupon senior secured notes maturing 2019
an expected rating of 'BB-(EXP)'. Fitch has also affirmed P4 Sp.
z.o.o.'s (P4 or Play) Long-term Issuer Default Rating (IDR) at
'B+'. The Outlook is Stable.
The final rating is contingent upon the receipt of final
documents conforming to information already received.
The rating action reflects Fitch's expectation that the proposed
issuance will be used to help fund upcoming spectrum acquisition.
Fitch views Play as encompassing a strong operating profile,
measured approach to incremental market share gains, strong
margin and cash flow expansion combined with a relatively high
degree of financial leverage. Play closed 2014 with funds from
operations (FFO) net leverage of 4.1x. The current spectrum
auctions are likely to interrupt a trend of the company
continuing to deleverage in 2015, although Fitch expects
deleveraging to resume from 2016. In addition, the company has
headroom versus the downgrade guideline of 5.0x.
KEY RATING DRIVERS
2014 Performance
Play increased revenues by 21% and EBITDA by 52% improving the
EBITDA margin by 5.4 percentage points to 24.4% in 2014. The
company added 1.5 million net customer additions, of which 1.04
million were contract subscribers, taking 51% of mobile number
ports in the year. Margin expansion was slightly lower than
expected by Fitch, due to management's decision to reinvest cash
flow beyond a given target into market growth. FFO net leverage
of 4.1x was marginally outside the agency's base case forecast of
4.0x but comfortably within the 5.0x downgrade guideline. Fitch
considers performance solid, with management delivering strong
operational performance without compromising the market by
provoking price war or providing an unduly disruptive influence.
Top-line Growth, Margin Expansion
Fitch continues to expect solid, albeit slower top-line growth
with our base case assuming revenue growth in mid-to-high single
digits and an EBITDA margin which is likely to expand by a
further 1.5 to 2.0 percentage points in 2015. The company's
consistent leadership in the share of contract mobile ports
acquired has been key to its success. Play, followed by Orange,
has shown consistent leadership in this regard, mostly at the
expense of T-Mobile. Risks remain that T-Mobile or the market
generally responds more aggressively to Play's progress or that
fixed-mobile bundles become more important to the Polish
consumer. Fitch does not view the latter risk as high at present.
Cash Flow Performance Verses Leverage
Play exhibits strong free flow performance for its rating, with
its capital structure ultimately determining its ratings. Its
free cash flow margin (pre-dividend free cash flow to sales) was
7.6% in 2014, and is expected by Fitch to remain at a similar
level in 2015, which is consistent with higher ratings. An FFO
margin in the mid-high teens is consistent with a 'BB' rating.
FFO net leverage is expected to remain at around 4.1x or to rise
moderately in 2015 depending on the outcome and absolute cash
costs of the spectrum auctions. This metric, along with
relatively weak fixed charge coverage -- forecast at 2.6x in
2015 -- anchor the rating at 'B+' at present. Fitch would expect
the latter metric to be closer to 3.0x to be viewed in line with
a higher rating.
Infrastructure Strategy
Play employs a hybrid-infrastructure / national roaming approach
to its network. The company carries almost all data traffic over
its own network and with LTE (fourth-generation data technology)
built out to 73% of the population and with limited plans to
increase this depth of coverage. For voice and data traffic
outside its own coverage area, it relies on national roaming
agreements. Its main agreement is with T-Mobile and is in place
to 2020 and includes national roaming on LTE technology. This
strategy allows the company to invest significantly less on capex
than its competitors, although it leaves it exposed to the risk
of needing to invest more heavily in the future should the
availability of roaming capacity become constrained (with roaming
contracts being agreed on purely commercial terms). However,
Fitch does not view this risk as high at present.
Spectrum Importance
In Fitch's view, the company's hybrid approach to infrastructure
partly underlines a need to maintain spectrum parity with its
larger MNO competitors. While the company is believed to have
plenty of capacity for its current needs, Fitch believes its
roaming partners could seek to exploit a situation where Play was
considered to have spectrum limitations in future contract
negotiations. Spectrum auctions have shown in a number of markets
to exert unexpectedly high one-off investment needs on operators.
Fitch's scenario analysis suggests a reasonable amount of rating
headroom if the auctions prove expensive while cash flow
generation is likely to lead to deleveraging in the event of a
spectrum-induced leverage spike.
KEY ASSUMPTIONS
-- Revenues grow in 2015 at mid-to-high single digits driven by
continued leading share of mobile number ports and shift in
the post-pay mix; growth to remain strong in 2016 but to slow
thereafter.
-- EBITDA margin to expand by 1.5 to 2.0 percentage points in
2015 and to reach high 20s by 2018.
-- Management to achieve public EBITDA target of EUR300m to
EUR325 million in 2015 and capex excluding spectrum to remain
flat to 2014.
-- 800MHz and/or 2.6GHz spectrum to be treated as exceptional
capex in 2015, although to be included in leverage metrics.
-- Cash interest to be paid on Play Topco PIK. Although outside
the restricted borrower group for the purposes of rating the
senior secured and senior notes cash interest on the PIK
notes to be included in coverage calculations. FFO fixed
charge cover falls to 2.6x in 2015.
-- FFO net leverage to remain flat at 4.1x in 2015; deleveraging
to resume thereafter.
RATING SENSITIVITIES
Positive: Any positive rating action would be subject to the
continued rational behavior of the market and market share gains
and other performance indicators being in line with Fitch's
rating case. The shareholders' approach to financial policy will
also be important. With a potential IPO deemed a number of years
away and the bonds incorporating a restricted payment test (set
at 3.75x net debt/EBITDA) Fitch accepts the potential for
dividends to re-leverage the balance sheet. The level at which
the shareholders choose to manage leverage combined with
continued sound operational performance, will determine whether
the financial profile supports a higher 'BB-' rating.
The following metrics would be important for an upgrade to be
considered:
-- Continued strong subscriber growth and an ongoing shift in
the subscriber mix to postpaid customers, with subscriber
acquisition cost and postpaid churn close to management's
expectations.
-- EBITDA margin in the high 20s and EBITDA less capex margin in
the high teens.
-- A financial policy that is likely to see FFO net adjusted
leverage managed at or below 4.0x, a level consistent with
net debt/EBITDA of around 3.3x-3.4x.
-- FFO fixed charge coverage (including cash interest on the
Play Topco PIK) consistently around 3.0x or better.
Negative:
-- Intensification of the competitive (pricing) environment,
making revenue growth and margin expansion targets more
challenging. An expectation that convergent services were
deemed by the market to be a more important offering could
also create negative rating pressure.
-- A financial policy or weakened financial performance leading
to FFO net adjusted leverage consistently above 5.0x, which
would be expected to result in a downgrade to 'B'. Fixed
charge cover including cash pay interest on the Play Topco
PIK note consistently below 2.5x would result in a downgrade.
Full List of Rating Actions
P4 Sp. z.o.o. Long-Term IDR: affirmed at 'B+'; Outlook Stable
P4 Sp. z.o.o. National Long-Term Rating: affirmed at 'BBB-
(pol)'; Outlook Stable
Play Finance 2 S.A. Senior Secured Notes: affirmed at
'BB-'/'RR3'; 'BB-(EXP)'/'RR3(EXP' assigned to proposed tap
Issue
Play Finance 2 S.A. Senior Secured Notes National Long-Term
Rating: affirmed at 'BBB(pol)'
Play Finance 1 S.A. Senior Notes: affirmed at 'B-'/'RR6'
=====================
N E T H E R L A N D S
=====================
INNOCONCEPTS NV: Deloitte Faces Book-Keeping Controversy
--------------------------------------------------------
DutchNews.nl, citing NRC, reports that accountants group Deloitte
is embroiled in a new book-keeping scandal, this time in
connection with the bankruptcy of Innoconcepts in 2010.
According to DutchNews.nl, curator Louis Deterink said Deloitte
"wrongly" approved two sets of annual accounts for the company
which were worth EUR400 million on the Amsterdam stock exchange
in 2007.
Mr. Deterink, considered one of the Netherlands most expert
bankruptcy specialists, said in his report that Innoconcepts went
bankrupt due to its "vague" and "conflict of interest-scented"
interests in China, DutchNews.nl relays. According to
DutchNews.nl, NRC said the company's alliance partners in China
effectively emptied the company but Deloitte failed to take any
action on this.
The ten Chinese partner companies built up debts running into
millions of euros with Innoconcepts but this was not included in
the annual report, DutchNews.nl states. The partner firms also
refused to hand over their annual reports and said this was
considered normal in China, DutchNews.nl says, citing
Mr. Deterink's report.
Deloitte, as cited by DutchNews.nl, said in a statement it was
taking the report "extremely seriously" and would look
"critically at its own role". Mr. Deterink and Deloitte are in
talks about a settlement and Mr. Deterink considers Deloitte
liable for a "substantial part" of the EUR63 million inventory
shortage, DutchNews.nl relates.
InnoConcepts NV is a Netherlands-based company primarily engaged
in the exploitation of its Injection Moulding technology. As of
December 31, 2009, the Company had 12 subsidiaries in the
Netherlands, Czech Republic, the United States of America and the
People's Republic of China.
INTERXION HOLDING: Moody's Reviews 'B1' CFR for Upgrade
-------------------------------------------------------
Moody's Investors Service placed on review for upgrade the B1
foreign and domestic corporate family ratings of Interxion
Holding N.V., as well as its B2 senior secured rating and B1-PD
probability of default ratings. The rating action follows the
announcement of Interxion's plans to merge with TelecityGroup plc
(unrated) via a share exchange.
The review reflects Interxion's entry into a definitive all-share
merger agreement with TelecityGroup announced on March 9, 2015.
The transaction is expected to close in the second half of 2015
subject to both Interxion's and TelecityGroup's shareholder
approvals, as well as all relevant regulatory and antitrust
consents.
Moody's view this transaction as strategically sound as it
increases the combined entity's market penetration throughout
Europe and offers its customers a greater variety of
complementary services delivered over a larger platform. The
merger will also provide both companies with operational and
capital synergies. TelecityGroup estimates annual operating
synergies to be approximately GBP40 million and capital
expenditure synergies of approximately GBP300 million on a
present value basis.
TelecityGroup and Interxion stated in a joint press release
announcing the merger that the combined entity will target a net
debt/EBITDA ratio of up to 3.0x and will initiate a share buy-
back program of up to GBP800 million following the closing. The
financing of the share buy-back program is uncertain at present.
Interxion has change-of-control clauses in both its bond and
credit agreement documentation. Moody's will monitor how they
are addressed during its review.
During its review for upgrade, Moody's will focus on
understanding the organizational structure of the combined entity
and the structural and financial support for Interxion's notes
after the transaction. The ratings could be upgraded if Moody's
believes that the financial profile of the combined group will be
sufficiently strengthened by the merger and that the structure of
the post-merger entity brings the full support of the combined
group to the outstanding Interxion notes. The rating could be
confirmed if the Interxion notes do not receive the full backing
of the combined company, if the combined company's credit profile
is weaker than anticipated by Moody's or if there are any
concerns related to information adequacy. Moody's expects the
company to execute the share repurchase prudently while remaining
within its stated leverage target of 3.0x net debt/EBITDA and to
maintain adequate liquidity at all times. Moody's anticipates
that the review will be completed only after the details of the
merger have been finalized.
The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in
June 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.
Interxion Holding N.V. is a provider of carrier-neutral internet
data-centre services and leases out collocation space in 39 data
centres located in 11 European countries, providing its customers
with power, cooling and a secure environment to house their
servers, network, storage and IT infrastructure. Interxion
reported last 12-months revenues for the period ending Dec. 31,
2014 of EUR341 million and total assets of EUR1.173 billion as at
Dec. 31, 2014.
REPSOL INT'L: S&P Rates Proposed EUR-Denominated Securities 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue ratings to the proposed multi-tranche euro-denominated
securities to be issued by Repsol International Finance B.V. that
benefit from a subordinated guarantee from Repsol S.A.
(BBB-/Stable/A-3), the Spain-based international oil and gas
company. Ratings are subject to S&P's satisfactory review of
final documentation. The transaction remains subject to market
conditions.
After the closing of the Talisman acquisition, S&P considers that
the proposed securities will have intermediate equity content
until their first call date because S&P understands that the
notes will meet its hybrid capital criteria in terms of their
subordination, permanence, and optional deferability during this
period.
S&P arrives at its 'BB' issue rating on the proposed securities
by notching down from its 'BBB-' corporate credit rating on
guarantor Repsol S.A. The two-notch differential between the
issue rating and the corporate credit rating reflects S&P's
notching methodology, which calls for:
-- A one-notch deduction for subordination because S&P's
corporate credit rating on Repsol S.A. is investment grade
(that is, 'BBB-' or above); and
-- An additional one-notch deduction for payment flexibility
to reflect that the deferral of interest is optional.
The notching of the rating on the proposed securities reflects
S&P's view that there is a relatively low likelihood that the
issuer will defer interest. Should S&P's view change, it may
increase the number of downward notches that it applies to the
issue rating.
In addition, to reflect S&P's view of the intermediate equity
content of the proposed securities, after completion of the
acquisition of Talisman Energy Inc., S&P will allocate 50% of the
related payments on these securities as a fixed charge and 50% as
equivalent to a common dividend, in line with S&P's hybrid
capital criteria. The 50% treatment of principal and accrued
interest also applies to S&P's adjustment of debt. Until the
acquisition closes, S&P will treat the hybrid securities as 100%
debt due to the repurchase provisions that will apply if the
Talisman acquisition does not proceed. S&P will, however, also
likely treat the cash hybrid issuance proceeds as surplus cash
for its debt metric calculations.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S PERMANENCE
Although the proposed securities have a stated maturity of 2075
or are perpetual, they can be called at any time for tax, gross-
up, rating, accounting, and change of control events.
The issuer can redeem the securities for cash as of their first
call date, and every interest payment date thereafter. If any of
these events occur, the issuer intends, but is not obliged, to
replace the instrument. In S&P's view, this statement of intent
mitigates the issuer's ability to repurchase the notes on the
open market. Furthermore, S&P sees the repurchase as unlikely
due to Repsol's commitment to an investment-grade rating, which
suggests that the company is likely to deleverage after the
Talisman acquisition.
S&P understands that the interest to be paid on the proposed
securities will increase by 25 basis points 10 years from
issuance, and by a further 75 basis points 20 years after the
first call date. S&P considers the cumulative 100 basis points
as a material step-up, which is currently unmitigated by any
commitment to replace the respective instruments at that time.
This step-up provides an incentive for the issuer to redeem the
instrument on the first call date.
Consequently, in accordance with S&P's criteria, it will no
longer recognize the instrument as having intermediate equity
content after the first call date, because the remaining period
until their economic maturity would, by then, be less than 20
years. However, S&P classifies the instrument's equity content as
intermediate until its first call date, as long as S&P believes
that the loss of the beneficial intermediate equity content
treatment will not cause the issuer to call the instrument at
that point. The issuer's willingness to maintain or replace the
instrument in the event of a reclassification of equity content
to minimal is underpinned by its statement of intent.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY
In S&P's view, the issuer's option to defer payment on the
proposed securities is discretionary. This means that the issuer
may elect not to pay accrued interest on an interest payment date
because it has no obligation to do so. However, any outstanding
deferred interest payment will have to be settled in cash if
Repsol S.A declares or pays an equity dividend or interest on
equally ranked securities and if Repsol S.A. redeems or
repurchases shares or equally ranked securities. S&P sees this
as a negative factor. That said, this condition remains
acceptable under S&P's methodology because once the issuer has
settled the deferred amount, it can still choose to defer on the
next interest payment date.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION
The proposed securities (and coupons) are intended to constitute
direct, unsecured, and subordinated obligations of the issuer and
guarantor, ranking senior to their common shares.
REPSOL INT'L: Fitch Rates Proposed Hybrid Notes 'BB+(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned Repsol International Finance's (RIF)
proposed multi-currency subordinated notes an expected rating of
'BB+(EXP)'. The notes are guaranteed by Repsol S.A. (BBB/Stable).
The final rating is contingent on the receipt of final documents
conforming materially to the preliminary documentation. Repsol
plans to use the proceeds to finance the recently announced
acquisition of Canada's Talisman Energy Inc. (Talisman, BBB-
/Stable).
The expected rating for the proposed hybrid capital securities
reflects the highly subordinated nature of the notes, considered
to have lower recovery prospects in a liquidation or bankruptcy
scenario. The equity credit reflects the structural equity-like
characteristics of the instruments including subordination,
maturity in excess of five years and deferrable interest coupon
payments. Equity credit is limited to 50% given the cumulative
interest coupon, a feature considered more debt-like in nature.
The notes' rating and assignment of equity credit are based on
Fitch's hybrid methodology.
KEY RATING DRIVERS OF THE NOTES
Ratings Reflect Deep Subordination
Fitch has notched the proposed notes down by two notches from
Repsol's Long-term Issuer Default Rating of 'BBB'/Stable given
their deep subordination and consequently, the lower recovery
prospects in a liquidation or bankruptcy scenario relative to the
senior obligations of the issuer and guarantor.
Equity Treatment Given Equity-Like Features
The proposed securities qualify for 50% equity credit as they
meet Fitch's criteria with regards to deep subordination,
remaining effective maturity of at least five years, full
discretion to defer coupons for at least five years and limited
events of default. These are key equity-like characteristics,
affording Repsol greater financial flexibility.
Cumulative Coupon Limits Equity Treatment
The interest coupon deferrals are cumulative, which results in
50% equity treatment and 50% debt treatment of the hybrid notes
by Fitch. Despite the 50% equity treatment, we treat coupon
payments as 100% interest. The company will be obliged to make a
mandatory settlement of deferred interest payments under certain
circumstances, including the payment of a dividend. This is a
feature similar to debt-like securities and provides the company
with reduced financial flexibility.
KEY RATING DRIVERS FOR REPSOL
Stable Outlook
Fitch revised the Outlook on Repsol's IDR to Stable from Positive
and affirmed the IDR in December 2014. The Outlook revision
followed Repsol's planned acquisition of all common shares in
Talisman for USD8.3bn in cash, which was announced in December
2014. Repsol is planning to use cash on hand and proceeds from
the hybrid bond to fund this acquisition and expects to close it
by mid-2015.
Focus on Stronger Upstream
Fitch said "We view the acquisition as dramatically improving
Repsol's hydrocarbon production profile and mitigating the fall-
out from YPF's nationalization. Post-closing, Repsol's daily
hydrocarbon production will be ahead of OMV AG's (A-/Stable,
309mboepd in 2014) and BG Energy Holdings Ltd.'s (BG, A-
/Negative, 606mboepd in 2014). Its proved reserves (1P) of 2.4
billion barrels of oil equivalent (boe) will rank ahead of OMV's
1.1bn boe, but behind BG's 3.5bn boe, while its proved and
probable (2P) reserves are estimated at 3.5 billion boe, or about
14 years its combined production. Repsol's upstream will account
for nearly 60% of its total capital employed as calculated by the
company, up from about 40% before the transaction."
"We note that the combined entity will have a higher degree of
flexibility regarding timing and allocation of capital
expenditures and expect management to concentrate on key upstream
projects while having an option of divesting less profitable,
smaller or non-core assets to maintain a balanced upstream
portfolio and raise funds if needed. Repsol's management is
committed to improving operational performance across all assets
in its portfolio in the current weak oil price environment."
Talisman Performance Risks
Fitch downgraded Talisman in September 2014 to 'BBB-' from 'BBB'
due to its weaker production and reserve profiles, relatively
high finding, development & acquisition costs, higher exposure to
natural gas, remaining non-core asset sale obstacles and extended
development horizon, and possibility for higher leverage metrics
without the execution of targeted asset sales. Talisman's end-
2013 debt/EBITDA of 2x was in line with Fitch's expectations.
Integration Strategy Key to Financial Profile
When preparing combined Repsol-Talisman forecasts, we used our
most recent Brent oil price deck of USD55 per barrel (bbl) of oil
in 2015 raising to USD80/bbl in 2017 and gas prices of USD6 per
thousand cubic feet (tcf) in the UK and USD3/tcf in the US. Our
base case forecasts are based on the combined pre-acquisition
forecasts for Repsol and Talisman, show Repsol's post-closing FFO
adjusted net leverage to fluctuate around 3x and FFO fixed charge
coverage to around 4x, weaker than those of a median 'BBB' rated
oil & gas company. However, we note that Repsol is yet to
announce its strategy regarding integration of Talisman assets,
projected capex spending and targeted oil and gas production
level, which will likely have a significant impact on leverage
ratios.
KEY ASSUMPTIONS
-- Brent oil price deck of USD55/bbl in 2015 increasing to
USD80/bbl in 2017
-- Gas prices of USD6 per thousand cubic feet (tcf) in the UK
and USD3/tcf in the US
-- More clarity on Repsol's leverage and coverage after the
company announces its strategy on Talisman's integration,
target oil and gas production and combined capex expenditure
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO adjusted net leverage of 2.5x and FFO fixed charge cover
of 8x on a sustained basis.
-- Stable FFO margin greater than 10%.
-- Capex of no more than 100% operating cash flow.
-- Improved downstream performance.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO adjusted net leverage above 3x and FFO fixed charge
cover of 6x and below on a sustained basis.
-- Weaker downstream performance than forecast.
LIQUIDITY AND DEBT STRUCTURE
Repsol's cash and deposit balance at end-December 2014 was EUR6.1
billion and covered EUR1.4 billion of short-term debt (excluding
EUR2.6 billion of related-party balances).
===============
P O R T U G A L
===============
HIPOTOTTA NO. 5: S&P Lowers Rating on Class C Notes to BB
---------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in HipoTotta No. 1 PLC, HipoTotta No. 4 PLC, and
HipoTotta No. 5 PLC.
Specifically, S&P has:
-- Raised its ratings on HipoTotta No. 1 and 4's class A notes
and HipoTotta No. 5's class A2 and B notes;
-- Affirmed its ratings on HipoTotta No. 5's class D, E, and F
notes; and
-- Lowered its ratings on HipoTotta No. 1's class B and C
notes and HipoTotta No. 5's class C notes.
Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation".
Following S&P's review of these transactions, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of each transaction's latest payment date. S&P's analysis
reflects the application of its Portuguese residential mortgage-
backed securities (RMBS) criteria, its RAS criteria, and its
current counterparty criteria.
Under S&P's RAS criteria, we applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'. Under S&P's RAS criteria, these
transactions' notes can therefore be rated four notches above the
sovereign rating, if they have sufficient credit enhancement to
pass a minimum of a "severe" stress. However, as all six of the
conditions in paragraph 48 of the RAS criteria are met for
HipoTotta No. 1 and 5, S&P can assign ratings in these
transactions up to a maximum of six notches (two additional
notches of uplift) above the sovereign rating, subject to credit
enhancement being sufficient to pass an "extreme" stress.
For HipoTotta No. 4, as not all of the conditions in paragraph 48
of the RAS criteria are met, S&P cannot assign any additional
notches of uplift to the ratings in this transaction.
As S&P's unsolicited long-term rating on the Republic of Portugal
is 'BB', S&P's RAS criteria cap at 'A (sf)' the maximum potential
rating for HipoTotta No. 1's class A notes and HipoTotta No. 5's
class A2 notes. The maximum potential rating for all other
classes of notes in these transactions, and for the class A notes
in HipoTotta No. 4 is 'BBB+ (sf)'.
HipoTotta No. 5 features interest deferral triggers, partly based
on cumulative collateral defaults as a proportion of the original
collateral balance, which protect the more senior classes of
notes in stressful scenarios. Cumulative defaults currently
represent 1.6% of the initial pool balance, compared with trigger
levels of 15.0%, 12.5%, 10.0%, and 7.5% for the class B, C, D,
and E notes, respectively. Therefore, the triggers have not been
breached and S&P don't expect that they will be breached in the
near future. HipoTotta No. 1 and 4 don't feature interest
deferral triggers.
S&P doesn't consider the replacement language in the three
transactions' swap agreements to be in line with S&P's current
counterparty criteria. Furthermore, the swap counterparty in
each transaction (Banco Santander S.A. [BBB+/Stable/A-2]) hasn't
complied with the swap agreements' terms (by either posting
collateral, obtaining a guarantor, or replacing itself) since
becoming an ineligible counterparty. Therefore, our ratings in
each transaction are capped at long-term issuer credit rating on
Banco Santander, or 'BBB+ (sf)', unless higher ratings are
possible without giving benefit to the swap agreement.
All three transactions feature amortizing reserve funds, which
are currently at their target levels.
Severe delinquencies of more than 90 days are on average lower
for all three transactions than our Portuguese RMBS index.
Defaults are defined as mortgage loans in arrears for more than
12 months in these transactions. Cumulative defaults are also
lower than in other Portuguese RMBS transactions that S&P rates.
Prepayment levels remain low and the transactions are unlikely to
pay down significantly in the near term, in S&P's opinion.
Following the application of S&P's RAS criteria, its RMBS
criteria, and its current counterparty criteria, S&P has
determined that its assigned rating on each class of notes in
these transactions should be the lower of (i) the rating as
capped by S&P's RAS criteria, (ii) the rating that the class of
notes can attain under S&P's RMBS criteria, and (iii) the rating
as capped by S&P's current counterparty criteria. The rating on
the sovereign constrains S&P's ratings on HipoTotta No. 1's class
A, B, and C notes, HipoTotta No. 4's class A notes, and HipoTotta
No. 5's class C and D notes.
HipoTotta No. 1's class A notes pass all of the conditions under
S&P's RAS criteria, and benefit from enough credit enhancement to
withstand S&P's extreme stress, without the benefit of the swap.
Consequently, S&P's rating on this class of notes can be a
maximum of six notches above the sovereign rating. S&P has
therefore raised to 'A (sf)' from 'A- (sf)' its rating on the
class A notes.
HipoTotta No. 1's class B and C notes and HipoTotta No. 4's class
A notes have enough credit enhancement to withstand S&P's RAS
stresses up to four notches above the sovereign rating, with the
benefit of the swap. Therefore, S&P has lowered to 'BBB+ (sf)'
from 'A- (sf)' its ratings on HipoTotta No. 1's class B and C
notes, and raised to 'BBB+ (sf)' from 'BBB (sf)' S&P's rating on
HipoTotta No. 4's class A notes.
HipoTotta No. 5's class A2 and B notes pass all of the conditions
under S&P's RAS criteria, and benefit from enough credit
enhancement to withstand its extreme stress, with the benefit of
the swap. However, the swap counterparty credit risk constrains
S&P's ratings on these classes of notes to 'BBB+ (sf)'. Without
the benefit of the swap, these notes only pass S&P's RMBS
stresses at rating levels lower than 'BBB+'. Therefore, S&P has
raised to 'BBB+ (sf)' from 'BBB (sf)' its rating on the class A2
notes, and to 'BBB+ (sf)' from 'BBB- (sf)' its rating on the
class B notes.
HipoTotta No. 5's class C and D notes have sufficient credit
enhancement to withstand S&P's RMBS stresses at rating levels
above the sovereign rating. However, these notes fail S&P's RAS
stress, and are therefore ineligible for a rating uplift above
the sovereign rating. S&P has therefore lowered to 'BB (sf)'
from 'BBB- (sf)' its rating on the class C notes, and affirmed
its 'BB (sf)' rating on the class D notes.
HipoTotta No. 5's class E and F notes have credit enhancement
that is commensurate with their current ratings, in S&P's view.
S&P has therefore affirmed its 'BB- (sf)' rating on the class E
notes and its 'CCC- (sf)' rating on the class F notes.
S&P also considers credit stability in its analysis. To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears and fluctuations on house prices for
one-year and three-year horizons, respectively. This did not
result in S&P's rating deteriorating below the maximum projected
deterioration that it would associate with each relevant rating
level, as outlined in S&P's credit stability criteria.
S&P expects severe arrears in the portfolios to remain at their
current levels, due to moderate economic growth and high
unemployment. S&P expects the real estate market to stabilize in
2015. However, price rises will likely be limited to 1.0% in
2015, as housing demand will stay constrained.
HipoTotta No. 1, 4, and 5 are Portuguese RMBS transactions backed
by Portuguese residential mortgages that Banco Santander Totta
S.A. originated.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
S&P's ratings are based on its applicable criteria, including
those set out in the criteria article "Update To The Criteria For
Rating Portuguese Residential Mortgage-Backed Securities,"
published on Jan. 6, 2009. However, these criteria are under
review.
As a result of this review, S&P's future criteria applicable to
rating transactions backed by Portuguese mortgage assets may
differ from S&P's current criteria. These criteria changes may
affect the ratings on the outstanding RMBS transactions that S&P
rates. Until such time that S&P adopts new criteria, it will
continue to rate and surveil these transactions using its
existing criteria.
RATINGS LIST
Class Rating Rating
To From
HipoTotta No. 1 PLC
EUR1.1 Billion Mortgage-Backed Floating-Rate Notes
Rating Raised
A A (sf) A- (sf)
Ratings Lowered
B BBB+ (sf) A- (sf)
C BBB+ (sf) A- (sf)
HipoTotta No. 4 PLC
EUR2.491 Billion Mortgage-Backed Floating-Rate Notes
Rating Raised
A BBB+ (sf) BBB (sf)
HipoTotta No. 5 PLC
EUR2.01 Billion Mortgage-Backed Floating-Rate Notes
Ratings Raised
A2 BBB+ (sf) BBB (sf)
B BBB+ (sf) BBB- (sf)
Rating Lowered
C BB (sf) BBB- (sf)
Ratings Affirmed
D BB (sf)
E BB- (sf)
F CCC- (sf)
===========
R U S S I A
===========
ALFASTRAKHOVANIE PLC: Fitch Affirms BB Financial Strength Rating
----------------------------------------------------------------
Fitch Ratings has affirmed AlfaStrakhovanie PLC (Russia)'s
(AlfaStrakhovanie) Insurer Financial Strength (IFS) rating at
'BB' and its National IFS rating at 'AA-(rus)'. The Outlooks are
Stable.
KEY RATING DRIVERS
The affirmation and Stable Outlooks reflect AlfaStrakhovanie's
relative resilience to the recessionary developments in the
Russian economy. The ratings also reflect AlfaStrakhovanie's
strategic importance to its parent (Alfa Group), the track record
of capital support from the parent and Fitch's view that this
support is likely to continue to be available in the future. The
ratings also take into account AlfaStrakhovanie's low risk-
adjusted standalone capital position and its limited ability to
generate capital internally. To some extent, these risks are
mitigated by historically effective measures taken by the insurer
to shield capital from large losses, through a prudent investment
policy and appropriate reinsurance protection.
The economic outlook has deteriorated significantly since mid-
2014 following sharp falls in the oil price and the rouble,
coupled with a steep rise in interest rates. Having grown by just
0.6% in 2014, Fitch expects the Russian economy to contract by 4%
in 2015, as steep falls in consumption and investment are only
partially offset by an improvement in net exports, driven by a
sharp drop in imports. Growth may not return until 2017.
Fitch expects that pressure on profit is likely to continue for
Russian insurers in 2015 as the recession will reduce premium
volumes. Fitch expects the Russian insurance sector's
underwriting results to have been negative in 2014 as premium
growth fell, especially in the most profitable segments, and loss
ratios increased. Double-digit inflation and the sharp
depreciation of the rouble were further burdens.
AlfaStrakhovanie expects to report an improved net profit of
RUB0.7 billion in 2014 (2013: RUB0.4 billion), which would
reflect a combination of a negative underwriting result, a strong
investment result and significant FX gains made mainly on
investments. However, the performance of AlfaStrakhovanie's
medical subsidiary continues to be drag on the insurer's
consolidated income.
AlfaStrakhovanie expects to report only a modest worsening of the
combined ratio to 102.3% in 2014 from 101.8% in 2013. This
worsening was largely driven by the commission ratio, which
deteriorated to 31.4% in 2014 from 28.9% in 2013. At the same
time, the insurer expects to report an improvement in the loss
ratio to 62.6% from 66.1% in the same period, mainly due to the
motor third party liability and household property insurance.
The insurer also expects to report a significant negative
underwriting result for its life insurance subsidiary due to a
significant proportion of US dollar-denominated participating
products. However, the insurer has offset this loss with FX gains
on dollar-denominated bonds purchased explicitly to hedge the FX
risk on the liability side.
RATING SENSITIVITIES
An upgrade is unlikely given the deteriorated operating
environment and weakened sovereign profile.
The ratings could be downgraded if AlfaStrakhovanie reports 2014
results below expectations or negative earnings in 2015. The
ratings could also be downgraded if its shareholders fail to
support the insurer's risk-adjusted capitalization if it weakens
as a result of weakened profitability or the pursuit of growth.
TRANSCONTAINER JSC: Moody's Affirms 'Ba3' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of TransContainer
JSC, a Russian rail-based container transportation company. The
outlook on the ratings is stable. This concludes the review for
downgrade initiated by Moody's on Dec. 23, 2014.
The confirmation of TransContainer's ratings reflects Moody's
expectation that the company will be able to maintain its strong
financial metrics, with Moody's-adjusted debt/EBITDA below 1.5x,
despite the challenging macroeconomic environment in Russia.
In addition to strong financial metrics, TransContainer's Ba3
rating is supported by (1) the company's balanced debt maturity
profile, solid liquidity and capital expenditure (capex)
flexibility; (2) its low foreign currency exposure as all its
debt is rouble-denominated; (3) the company's leading position in
the Russian rail-based container transportation market; (4) its
diversified customer base; and (5) Moody's expectation that there
will be no changes in the company's shareholder structure,
strategy and financial policy over the next 12-18 months.
The rating also factors in (1) the sovereign rating of Russia
(Ba1 negative) and country ceiling for foreign currency debt
(Ba1); (2) TransContainer's exposure to volatile domestic demand
for rail-based container transportation services, which is
vulnerable to the deteriorated macroeconomic environment and is
substantially driven by the volume of exports and imports; and
(3) Moody's expectation that the company's revenues and
profitability will be under pressure due to competition and the
weak pricing environment.
Moody's expects that there will be no material changes in
TransContainer's business model, strategy and financial policy
after Russian Railways Joint Stock Company (Ba1 on review for
downgrade) contributed its controlling stake of 50% plus two
shares in TransContainer to a new joint venture (JV), United
Transportation and Logistics Company (UTLC) in November 2014, for
at least the next 12-18 months. UTLC is Russian Railways' JV
with Belarus and Kazakhstan, which form a customs union with
Russia.
The stable outlook reflects Moody's expectation that
TransContainer's operating performance and financial metrics will
be resilient to the deteriorated operating conditions in Russia.
Upward pressure on the ratings is unlikely over the next 12-18
months considering the macroeconomic outlook for Russia. Moody's
could consider an upgrade of TransContainer's ratings if (1) the
macroeconomic environment in Russia were to stabilize; (2) the
company were to continue demonstrating robust financial metrics,
with Moody's-adjusted debt/EBITDA below 1.5x, and adequate
liquidity; and (3) it were to maintain a strong operating
performance and a leading market position.
Conversely, Moody's could downgrade TransContainer's ratings if
its Moody's-adjusted debt/EBITDA were to grow above 2.5x on a
sustained basis, or if its operating performance, market position
or liquidity were to deteriorate materially.
The principal methodology used in these ratings was Global
Surface Transportation and Logistics Companies published in April
2013.
TransContainer is Russia's dominant rail-based container
transportation business, indirectly controlled by Russian
Railways JSC. TransContainer operates a fleet of 26,918 flatcars
(as of September 2014). In the 12-month period to September 2014,
TransContainer generated revenue of RUB37.4 billion ($1.1
billion) and transported around 1.5 million twenty-foot
equivalent units (TEUs). Its rail-side container terminals in
Russia had a throughput of around 1.3 million TEUs in the same
period.
===========================
U N I T E D K I N G D O M
===========================
AFREN PLC: Agrees Recapitalization Plan with Lenders
----------------------------------------------------
John Aglionby and Naomi Rovnick at The Financial Times report
that Afren, the Africa-focused oil and gas explorer, has agreed a
recapitalization plan with its lenders that will substantially
dilute the interests of its shareholders and raise US$300 million
of new funding by July.
The company, which defaulted on a US$15 million loan interest
payment earlier this month, said on March 13 it had agreed a
debt-for-equity swap with its bondholders, the FT relates. This
means that the creditors will get shares in the company in return
for continuing to fund the business, the FT notes.
Afren, as cited by the FT, said its equity holders will hold only
11% of the company's shares after the debt-for-equity swap.
Under the recapitalization deal, Afren has reached conditional
agreement with noteholders representing 42% of the outstanding
debts for the provision of US$200 million in the form of so-
called super senior private placement notes (PPN) that are
expected to be issued by the end of March, the FT discloses.
Afren plc is an international independent oil exploration and
production company. It is listed on the London Stock Exchange
and is a constituent of the FTSE 250 Index.
As reported by the Troubled Company Reporter-Europe on March 6,
2015, Fitch Ratings downgraded UK-based energy group Afren plc's
Long-term Issuer Default Rating (IDR) to 'RD' (Restricted
Default) from 'C', following the company's default on its USD15m
coupon payment under its 2016 notes. The company's senior
secured rating was affirmed at 'C'/'RR6'. The rating action
follows Afren's announcement that it has decided, at the
expiration of the 30 day grace period, not to pay USD15 million
of interest originally due on February 1, 2015 under its 2016
notes. Effectively, it means that Afren has defaulted on the
obligation.
ALPARI UK: Clients May Receive Payments Within Weeks
----------------------------------------------------
Lucy Meakin at Bloomberg News reports that Alpari (UK) Ltd.'s
administrator, KPMG LLP, said clients of the London-based
currency broker that ceased trading in the wake of January's
Swiss franc turmoil may receive payments based on their account
balances within weeks.
According to Bloomberg, Richard Heis --
Richard.heis@kpmg.co.uk -- a partner at KPMG, said the first
payments will be made to customers whose accounts were covered by
the Financial Conduct Authority's GBP50,000 (US$74,565) deposit-
protection limit.
Mr. Heis, as cited by Bloomberg, said at a meeting for clients
and creditors in London on March 12 some other claims against the
company may take years to be resolved,
Alpari (UK) entered insolvency after the Swiss National Bank's
unexpected announcement on Jan. 15 that it would remove its cap
on the franc's appreciation, Bloomberg recounts. Switzerland's
currency surged over 15% against more than 150 counterparts and a
gauge of foreign-exchange volatility jumped to an 18-month high,
leaving many of the broker's clients with trading losses,
Bloomberg relays.
Mr. Heis said the biggest challenge facing Alpari's
administrators is how to value accounts that executed trades in
the franc amid the turmoil, Bloomberg notes.
Alpari was not the only retail currency broker to suffer because
of the franc's gains, Bloomberg states.
About Alpari
Alpari Group is a UK-based foreign exchange, precious metals and
CFD broker headquartered in London. The company employs around
170 employees at its offices in Bishopsgate, London.
Upon the application of the directors of Alpari (UK) Ltd, on
Monday, Jan. 19, 2015, the High Court appointed Richard Heis,
Samantha Bewick and Mark Firmin of KPMG LLP as joint special
administrators of Alpari (UK) Ltd, under the Special
Administration Regime (SAR). Alpari (UK) Ltd is a company
incorporated in the UK.
Alpari (UK) Ltd applied for insolvency on Jan. 19, 2015,
following the decision on Jan. 15, by the Swiss National Bank to
remove the informal peg to the euro at around 1.20 Swiss francs.
"The announcement by the SNB prompted volatility across the
foreign exchange markets which saw the company and many of its
clients make large losses. After a weekend spent in urgent
discussions with various parties with a view to selling the
company, these efforts were ultimately unsuccessful," KMPG said
in a statement.
B. ENDEAVOUR: Bankruptcy Court Recognizes Chapter 15 Petition
--------------------------------------------------------------
Sherri Toub at Bloomberg News reports that B. Endeavour Shipping
Co. Ltd., part of a group of companies in bankruptcy
reorganization in London since January, won an order from a U.S.
judge recognizing the U.K. as presiding over the so-called
foreign main proceeding.
The company filed a Chapter 15 petition on Feb. 3 in U.S.
Bankruptcy Court in Manhattan along with a recognition request by
the U.K. administrators, Bloomberg relates.
According to Bloomberg, U.S. Bankruptcy Judge Robert E. Gerber
signed an order March 10 granting the request, thereby
permanently halting creditor actions against B. Endeavour
Shipping and its property in the U.S.
The recognition order also enables Judge Gerber to enforce
whatever reorganization the U.K. court approves, Bloomberg notes.
In December, BNP Paribas SA issued default notices to the group
for failure to pay the final installment of about US$141.7
million due under a loan agreement, according to the company,
recounts. BNP hasn't accelerated the outstanding balance under
loans or attempted to collect, Bloomberg says, citing court
papers filed in February.
B. Endeavour Shipping's Chapter 15 petition shows assets and
liabilities each exceeding US$100 million, Bloomberg discloses.
The case is In re B. Endeavour Shipping Company Ltd., 15-bk-
10246, U.S. Bankruptcy Court, Southern District of New York
(Manhattan).
Incorporated in Cyprus, the company is wholly owned by Baltic
Tankers Holding Ltd., according to court papers. It transports
liquid natural gas and oil and operates principally in U.S.
waters, including New York harbor.
CPUK FINANCE: S&P Lowers Rating on Class B Notes to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BBB (sf)'
credit ratings on CPUK Finance Ltd.'s class A1 and A2 notes. At
the same time, S&P has lowered to 'B (sf)' from 'BB+ (sf)' and
removed from CreditWatch negative its rating on the class B
notes.
On Dec. 12, 2014, S&P placed on CreditWatch negative its rating
on the class B notes. At the same time as resolving S&P's
CreditWatch placement of its rating on the class B notes, S&P has
lowered to 'B (sf)' from 'BB+ (sf)' its rating on this class of
notes. This reflects S&P's view that an event of default will
occur when the class A1 and A2 notes are paid off, due to
outstanding deferred interest that S&P projects under its cash
flow stresses. Furthermore, because the class B notes' interest
payments are not deferrable during certain periods before and
including the legal final maturity date and are not covered by
the liquidity facility, under S&P's assumptions they would not be
able to survive the borrower's insolvency without defaulting
under their terms.
CPUK Finance blends a corporate securitization of its operating
business with a subordinated high-yield issuance (the class B
notes) which, if not refinanced on its expected maturity date,
would defer interest for as long as the senior notes remain
outstanding.
S&P's ratings are supported by these considerations:
CLASS A1 AND A2 NOTES
S&P's ratings on the class A1 and A2 notes reflect CPUK Finance
(the borrower's) business risk profile of "fair", which has been
stable over the transaction's life and is in line with S&P's
criteria, the assets' strong performance and cash flow generating
potential, and any structural protections available to the
noteholders.
Given the terms of the transaction documents related to the
accounts, liquidity facilities, the portfolio counterparties (in
their respective roles), and the eligible investments, S&P's
current counterparty criteria cap the maximum potential rating
for the class A1 and A2 notes at 'A- (sf)'.
Under S&P's cash flow projections, which are commensurate with a
'BBB' stress scenario, S&P do not expect the class A1 and A2
notes to experience any interest shortfalls, and S&P expects
principal to be fully repaid before the legal final maturity
date. S&P has therefore affirmed its 'BBB (sf)' ratings on the
class A1 and A2 notes.
CLASS B NOTES
S&P's rating on the class B notes reflects the same rating
considerations as described in S&P's Dec. 12, 2014 review.
Under the transaction's terms and conditions, the current and
deferred interest becomes due and payable on the earlier of a)
the legal final maturity date of the class B notes, and b) the
repayment of the class A1 and A2 notes. The non-payment of
deferred interest would lead to an event of default for the class
B notes. S&P's rating addresses the class B notes' ability to be
serviced without triggering an event of default.
Therefore, in S&P's cash flow analysis of the class B notes, it
considers whether, under its stress scenarios, the issuer could
meet its obligations -- specifically any deferred interest --
when the senior debt has been repaid. Under S&P's stresses, it
projects that the amount of deferred interest due and payable to
the class B noteholders following the class A notes' repayment
would exceed the cash flow available for debt service, which
would then trigger an event of default for the class B notes.
In corporate securitization transactions, one of S&P's primary
assumptions is that the issuer is able to survive the borrower's
insolvency without defaulting -- a primary consideration in
whether S&P can base a rating upon its cash flow stresses. To
make such an assumption, S&P typically looks for an
appropriately-sized liquidity facility available for the issuer
to make timely payments to the noteholders -- as well as any
other obligations that rank senior in the waterfall to the
notes -- during any workout period following the borrower's
insolvency and the appointment of an administrative receiver.
The class B notes, however, do not have the benefit of the
liquidity facility, which only covers interest on the class A1
and A2 notes. In addition, the class B notes' interest payments
are not deferrable during certain periods before and including
the legal final maturity date. Before the class B notes'
expected maturity date, although interest is due and payable,
non-payment does not result in an event of default.
As a result of the event of default under the terms and
conditions of the class B notes, the projected outstanding
deferred interest under S&P's cash flow stresses, and the lack of
liquidity support, the class B notes do not benefit from the
structural enhancements that S&P typically looks for as
mitigating factors to the borrower's operational risks.
Therefore, the potential ratings uplift for the class B notes
above the creditworthiness of the borrowing group itself (Center
Parcs [Holdings 1] Ltd.) is constrained. S&P has therefore
lowered to 'B (sf)' from 'BB+ (sf)' and removed from CreditWatch
negative its rating on this class of notes.
The transaction blends a corporate securitization of the
operating business of the Center Parcs group in the U.K. with a
subordinated high-yield issuance. The debt issued by CPUK
Finance is secured by the cash flows generated by four family-
oriented holiday villages operated by Center Parcs.
THE FIFTH SITE AT WOBURN
CPUK Finance has completed a fifth Center Parcs site at Woburn,
which began trading in June 2014. The loan agreement backing the
class A1 and A2 notes stipulates that the borrowers must use all
reasonable means to bring the fifth village into the group within
three years of the completion of the additional village, subject
to a leverage restriction of 5.0x the new site's EBITDA. This
requires either 12 months of historical EBITDA or six months (or
more) of historical EBITDA, the balance of the 12-month
requirement being pro-forma EBITDA.
In addition, according to the agreement, if market conditions
make the acquisition infeasible, the borrowers could wait until
conditions improve. Given the terms of the class A1 and A2
notes' loan agreement, the earliest that the fifth site could
have been transferred to the securitization group was January
2015, six months after trading began in June 2014.
S&P's analysis of the transaction does not give credit to the
fifth site until it is formally transferred into the borrowing
group. In S&P's view, this is likely to coincide with the
issuance of additional debt, a condition of which is rating
agency confirmation that the additional issuance would have no
adverse ratings consequences on the existing notes.
RATINGS LIST
Class Rating Rating
To From
CPUK Finance Ltd.
GPB1,020 Million Fixed-Rate Secured Notes
Ratings Affirmed
A1 BBB (sf)
A2 BBB (sf)
Rating Lowered And Removed From CreditWatch Negative
B B (sf) BB+ (sf)/Watch Neg
INEOS GROUP: S&P Assigns 'BB-' Rating to EUR1.4-Bil. Term Loan B
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB-' issue rating to the proposed EUR850 million and US$625
million (EUR1.4 billion) term loan B facilities due 2022 to be
issued by INEOS US Finance LLC and INEOS Finance PLC, wholly
owned subsidiaries of Ineos Group Holdings S.A. (Ineos Group
Holdings S.A; B+/Stable/--). S&P assigned a recovery rating of
'2' to the proposed term loans, indicating its expectation of
substantial (70%-80%) recovery in the event of a payment default.
S&P's recovery expectations are in the lower end of the range.
At the same time, S&P is affirming the issue rating of 'BB-' and
recovery rating of '2', at the lower end of the range, on the
existing senior secured debt (including bank debt and senior
secured notes) issued by INEOS Finance PLC and INEOS US Finance
LLC. S&P is also affirming the issue rating of 'B-' and recovery
rating of '6' on the senior unsecured notes issued by Ineos Group
Holdings S.A.
The issue and recovery ratings on the proposed senior secured
term loan are based on preliminary information and are subject to
the successful issuance of these facilities and S&P's
satisfactory review of the final documentation.
S&P understands that Ineos intends to use the proceeds of the
proposed debt issuances to repay in full the existing euro
floating and U.S.-dollar fixed rate senior secured notes due
2019. S&P will withdraw the issue and recovery ratings on these
instruments once the transaction is completed.
S&P's calculation of recovery prospects are currently at the
lower end of the range for the recovery ratings, and therefore
the issuance of further senior secured debt could lead S&P to
revise these ratings downward.
RECOVERY ANALYSIS
S&P understands that the proposed term loan will rank pari passu
with the existing senior secured facilities and will be governed
by the same agreement as the existing 2018 term loans. The
senior secured debt (including bank debt and senior secured
notes) is secured by guarantees, asset security, and pledges of
shares from the group's material subsidiaries covering at least
85% of the group's EBITDA and assets. The term loans are
covenant-lite with no financial maintenance covenants.
Recovery prospects on this senior secured debt are constrained by
the absence of maintenance financial covenants; the substantial
proportion of the group's working capital assets pledged in favor
of receivables securitization facility; and the substantial
amount of first-lien debt and pension liabilities.
The recovery rating of '6' and issue rating of 'B-' on the senior
unsecured notes issued by Ineos Group Holdings S.A. reflect their
structural and contractual subordination to a significant amount
of senior secured debt and to the securitization facility.
S&P believes that a hypothetical default for Ineos would most
likely occur in 2019 through a combination of operating
underperformance through prolonged stress in a highly cyclical
market; demand challenges in core end-markets, notably autos and
construction; a reduction in cost competitiveness at the group's
U.S. operations; and excess leverage leading to a payment
default.
S&P values Ineos as a going concern. S&P bases its valuation on
the group's solid market position, large-scale integrated
petrochemicals sites across the U.S. and Europe, and diversified
end-markets. Based on these considerations, S&P estimates the
group's stressed enterprise value at the hypothetical point of
default at about EUR4.7 billion.
Simulated default assumptions:
-- Year of default: 2019
-- EBITDA at emergence: EUR0.95 billion
-- Implied enterprise value multiple: 5.0x
-- Jurisdiction: United Kingdom
Simplified waterfall:
-- Net value available to creditors (after 7% admin costs):
EUR4.4 billion
-- Priority claims: EUR0.76 billion
-- Senior secured debt claims: EUR5.1 billion
-- Recovery expectation: 70%-90%* (lower half of the range)
-- Unsecured debt claims: EUR2.1 billion
-- Recovery expectation: 0%-10%*
RATINGS LIST
New Rating
INEOS Finance PLC
Senior Secured(1) BB-
Recovery Rating 2L
Ratings Affirmed
Ineos Group Holdings S.A.
Senior Unsecured(2) B-
Recovery Rating 6
Subordinated B-
Recovery Rating 6
INEOS US Finance LLC
Senior Secured(3) BB-
Recovery Rating 2L
INEOS Finance PLC
Senior Secured(4) BB-
Recovery Rating 2L
(1)Co-issued by INEOS US Finance LLC.
(2)Guaranteed by Ineos Holdings Ltd and co-issued by Ineos
US Finance LLC
(3)Guaranteed by Ineos Group Holdings S.A.
(4)Guaranteed by Ineos Holdings Ltd.
LLOYDS BANK: S&P Assigns BB+srp Rating to Class J Notes
-------------------------------------------------------
Standard & Poor's Ratings Services has assigned its portfolio
swap risk ratings to Lloyds Bank Senior Financial Guarantees'
(Project Leicester) class A, B, C, D, E, F, G, H, I, and J
unfunded credit default swap tranches. Lloyds Bank Senior
Financial Guarantees' (Project Leicester) also issued an unrated
junior tranche.
A swap risk rating takes into consideration only the
creditworthiness of the reference portfolio. It does not address
either counterparty risk (protection buyer/seller) or the
specific amount of termination payments that would be payable
under the swap transaction.
The swaps reference a portfolio of loans made to global corporate
companies in the U.K., Switzerland, the Netherlands, Ireland, the
U.S., and Hong Kong. The loans were originated by Lloyds Bank
PLC or any entity that was an affiliate at the time of
origination.
Lloyds Bank arranged the transaction to achieve risk transfer and
regulatory capital efficiency. It is the protection buyer and
the protection seller.
S&P has calculated the expected loss for the reference portfolio
at each rating level, based on the loans' characteristics and the
documented definitions of credit events and aggregate loss
amount. For this purpose, S&P has used its CDO Evaluator model.
In S&P's opinion, the attachment point for each tranche is
sufficient to support its swap risk rating for that tranche.
RATINGS LIST
Class Rating
Lloyds Bank Senior Financial Guarantees
GBP1.857 Billion Senior Unfunded Tranches (Project Leicester)
A AAAsrp (sf)
B AAAsrp (sf)
C AA-srp (sf)
D A+srp (sf)
E Asrp (sf)
F A-srp (sf)
G BBB+srp (sf)
H BBBsrp (sf)
I BBB-srp (sf)
J BB+srp (sf)
Junior NR
NR--Not rated.
PLAY HOLDINGS: S&P Affirms 'B' CCR on Expected Debt Increase
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' long-term corporate credit rating on Polish wireless
telecommunications company Play Holdings 2 S.a.r.l. (Play). At
the same time, S&P affirmed the 'B' issue rating on Play's senior
secured notes, including the proposed EUR125 million tap
issuance.
The affirmation follows Play's plans to issue EUR125 million of
senior secured notes through a tap on the existing notes. S&P
understands that Play will use the proceeds to provide additional
funding for purchase of additional LTE (Long-Term Evolution)
spectrum in the ongoing 800MHz/2,600n MHz spectrum auction. S&P
currently anticipates that the additional debt would add about
0.5x to Play's leverage based on its 2014 adjusted EBITDA. S&P
forecasts, however, that this will be more than offset by
continued growth in Play's revenues and margins, supporting
deleveraging in 2015 to about 5x. S&P's base case assumes that
Play will fully fund the upcoming spectrum license acquisition
with cash, the proposed issuance, and cash flow generation, with
the possible temporary use of the undrawn revolving credit
facility (RCF) to bridge timing-related gaps. Play's financial
risk profile remains constrained by S&P's assessment of its
aggressive financial policy and the risk that its shareholders
will continue to take advantage of performance-related growth to
make further shareholder-friendly distributions.
Play continues to be exposed to potential foreign exchange
volatility arising from the company's nearly 100% exposure to the
Polish zloty (PLN). S&P assess that there continues to be a risk
that depreciation of the zloty could lead to weaker credit
metrics, as was the case to an extent in 2014, and therefore S&P
takes a somewhat more conservative approach to its assessment of
Play's credit metrics. S&P adjusts Play's debt for operating
lease liabilities and the liability on its employee retention
program, and S&P adjusts its EBITDA for capitalized subscriber
acquisition costs.
S&P views Play's supplemental credit ratios -- including EBITDA
interest coverage of about 3x and free operating cash flow (FOCF)
to debt higher than 5% -- as a key mitigating factor.
Play has a substantial subscriber base and market share, shows
ongoing improvement in its customer mix, and has a solid brand as
the leader in value for money, contributing to double-digit
revenue growth and relatively low churn in its contracted
subscriber base. S&P therefore sees Play as being at the higher
end of the "fair" business risk profile category, compared with
peers. Negative business risk factors include its meaningfully
lower profitability, product diversity, and network coverage than
its main competitors.
S&P's base case for Play assumes:
-- Continued meaningful organic top-line growth of 11%-12% in
2015, reflecting continued, though somewhat slower,
subscriber growth, notably of contract subscribers that
generate higher average revenue per unit.
-- Improving adjusted EBITDA margins to about 28% from about
25% in 2014, contributed by increasing operating leverage,
lower roaming costs, and lower rate of subscriber
acquisition costs as a percentage of revenues.
-- Capital expenditure (capex) of about 10% of revenues in
2015, excluding the spectrum acquisition, declining
meaningfully to about 7% in 2016 (excluding capitalized
subscriber acquisition costs).
Based on these assumptions, S&P arrives at these credit measures
in 2015:
-- Debt to EBITDA of about 5.0x, down from about 5.8x in 2014;
-- EBITDA interest coverage of about 3.0x, including the
payment-in-kind (PIK) toggle interest;
-- Funds from operations to debt of about 13%; and
-- FOCF to debt of 7%-8%, including the PIK toggle interest
(before the spectrum acquisition).
The stable outlook reflects S&P's expectation that Play will
continue to grow its revenues and operating margins through
additional subscriber growth, notably the higher-paying post-paid
subscribers. The stable outlook also reflects S&P's anticipation
that Play will continue to generate recurring free operating cash
flows.
A downgrade seems unlikely over the next 12-18 months. S&P could
consider lowering the ratings if Play failed to sustain its
competitive position and experienced higher subscriber churn and
weaker profitability; if additional recapitalization increases
adjusted leverage to more than 7x, with no short-term
deleveraging prospects; or if EBITDA cash interest coverage fell
below 2x.
S&P could consider a one-notch upgrade if Play's adjusted debt-
to-EBITDA ratio were to decline to comfortably less than 5x (to
allow for potential volatility due to foreign-exchange movements)
for a prolonged period, and EBITDA interest coverage increases to
sustainably more than 3x, with no expected recapitalization to
more than 5x.
Rating upside could also be supported by continued growth in
Play's market share -- in line with its key competitors and with
adjusted margins exceeding 30% -- which would support an upward
revision of its business risk profile. S&P currently do not
anticipate this will occur in 2015.
RMAC SECURITIES 2006-NS1: Moody's Lifts Ratings on 2 Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service confirmed the ratings of 7 notes in
RMAC 2005-NSP2 PLC, RMAC Securities No. 1 PLC Series 2006-NS1 and
RMAC Securities No. 1 PLC Series 2006-NS2 following the execution
on March 3, 2015 of deeds of undertaking by The Royal Bank of
Scotland plc relating to the swap agreements.
At the same time, Moody's has upgraded the ratings of 2 notes in
RMAC Securities No. 1 PLC Series 2006-NS1 and that of 3 notes in
RMAC Securities No. 1 PLC Series 2006-NS2 due to remedial actions
taken by RBS and sufficient credit enhancement. The upgrade of
the B1c notes' rating in RMAC Securities No. 1 PLC Series 2006-
NS1 was prompted by the correction to an input in the cash-flow
model used by Moody's whilst reflecting swap counterparty
exposure to RBS.
Finally, Moody's has downgraded the rating of the M1a notes in
RMAC Securities No. 1 PLC Series 2006-NS1 due to the linkage
between the notes' rating and their exposure to RBS as cross-
currency swap counterparty not being sufficiently mitigated.
The rating actions conclude the review of the ratings in the
transactions, which Moody's placed on review for downgrade or
direction uncertain in relation to exposure to RBS (Baa1/P-2) as
swap counterparty on July 29, 2014.
The rating actions also incorporate the operational risk cap of
Aa2 placed on the notes' ratings across all three transactions.
The rating confirmations of 7 notes in RMAC 2005-NSP2 PLC, RMAC
Securities No. 1 PLC Series 2006-NS1 and RMAC Securities No. 1
PLC Series 2006-NS2 reflect the notes' exposure to RBS (Baa1/P-2)
as cross-currency swap counterparty as well as the offsetting
impact of the amendments made to the swap documentation, which
sufficiently mitigate the swap counterparty risk for those notes.
For each transaction Moody's has received executed deeds of
undertaking whereby (i) the swaps' transfer trigger was lowered
to Baa1 from A3 and (ii) following the breach of collateral
trigger, RBS is required to post collateral in favor of the
issuers in accordance with enhanced formulas as defined in our
Approach to Assessing Swap Counterparties in Structured Finance
Cash Flow Transactions published in November 2013.
The upgrades of the M2a and M2c notes in RMAC Securities No. 1
PLC Series 2006-NS1 was prompted by the implementation by RBS of
the aforementioned remedial measures and reflect sufficient
credit enhancement available under these notes. On July 29, 2014
Moody's placed these 2 notes on review direction uncertain
because of the potential rating volatility that would follow
after the expiry of the trigger-breach, with remedial measures
leading to upgrade versus lack of action leading to downgrade.
The upgrade of the B1a, B1c and M2c notes in RMAC Securities
No. 1 PLC Series 2006-NS2 reflects the sufficient credit
enhancement available under the notes and takes into
consideration these notes' exposure to the credit quality of RBS
acting as swap provider.
Additionally, the upgrade of the B1c notes in RMAC Securities No.
1 PLC Series 2006-NS1 was driven by the correction that Moody's
has made to the cash-flow model used as part of its analysis.
The model has been corrected by assuming a portfolio weighted
average margin over three-month Libor of 1.6% instead of 0.4%.
The correction of the error resulted in an increase in credit
enhancement, which together with the incorporation of the cross
currency swap counterparty risk, prompted the upgrade of the
notes to Ba1(sf) from B3(sf).
Finally, Moody's has downgraded the M1a notes in RMAC Securities
No. 1 PLC Series 2006-NS1 because the remedial actions taken by
RBS together with the credit enhancement available under the
notes are not sufficient to mitigate the swap linkage between the
ratings of the notes and their exposure to RBS as cross-currency
swap provider.
Upward pressure on the ratings could result from (1) better-than-
expected performance of the underlying assets; (2) deleveraging
in the capital structure; (3) a decline in counterparty risk, in
particular in that associated with RBS; and (4) a decline in
country risk.
Downward pressure on the ratings could result from (1) worse-
than-expected performance of the underlying collateral; (2)
deterioration in the notes available credit enhancement; (3)
deterioration in the counterparties' credit quality, in
particular in that of RBS; and (4) a rise in country risk.
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.
Issuer: RMAC 2005-NSP2 PLC
-- GBP22 million M1a Notes, Confirmed at Aa2 (sf); previously
on Jul 29, 2014 Aa2 (sf) Placed Under Review for Possible
Downgrade
-- EUR48 million M1c Notes, Confirmed at Aa2 (sf); previously
on Jul 29, 2014 Aa2 (sf) Placed Under Review for Possible
Downgrade
-- GBP26 million M2a Notes, Confirmed at A2 (sf); previously on
Jul 29, 2014 A2 (sf) Placed Under Review for Possible
Downgrade
-- EUR37 million M2c Notes, Confirmed at A2 (sf); previously on
Jul 29, 2014 A2 (sf) Placed Under Review for Possible
Downgrade
Issuer: RMAC SECURITIES No. 1 PLC Series 2006-NS1
-- GBP30 million M1a Notes, Downgraded to Aa3 (sf); previously
on Jul 29, 2014 Aa2 (sf) Placed Under Review for Possible
Downgrade
-- EUR59 million M1c Notes, Confirmed at A1 (sf); previously on
Jul 29, 2014 A1 (sf) Placed Under Review Direction Uncertain
-- GBP23.25 million M2a Notes, Upgraded to A3 (sf); previously
on Jul 29, 2014 Baa1 (sf) Placed Under Review Direction
Uncertain
-- EUR20 million M2c Notes, Upgraded to A3 (sf); previously on
Jul 29, 2014 Baa1 (sf) Placed Under Review Direction
Uncertain
-- EUR60.5 million B1c Notes, Upgraded to Ba1 (sf); previously
on Mar 7, 2014 Affirmed B3 (sf)
Issuer: RMAC SECURITIES No. 1 PLC Series 2006-NS2
-- GBP26 million M1a Notes, Confirmed at A1 (sf); previously on
Jul 29, 2014 A1 (sf) Placed Under Review for Possible
Downgrade
-- EUR37.5 million M1c Notes, Confirmed at A1 (sf); previously
on Jul 29, 2014 A1 (sf) Placed Under Review for Possible
Downgrade
-- EUR35.6 million M2c Notes, Upgraded to Baa1 (sf); previously
on Jul 29, 2014 Baa2 (sf) Placed Under Review for Possible
Downgrade
-- GBP15 million B1a Notes, Upgraded to Ba2 (sf); previously on
Feb 18, 2009 Downgraded to B2 (sf)
-- EUR13.8 million B1c Notes, Upgraded to Ba2 (sf); previously
on Feb 18, 2009 Downgraded to B2 (sf)
TOWERGATE FINANCE: Files Chapter 15 Bankruptcy Protection
---------------------------------------------------------
Peg Brickley at The Wall Street Journal reports that Towergate
Finance PLC is seeking the aid of a U.S. bankruptcy court as it
works through its financial troubles in the High Court of Justice
of England and Wales.
Problems with regulators and a streak of losses triggered
concerns about the financial stability of the Towergate Group of
insurance brokers last year, the Journal recounts. Negotiations
with senior creditor have produced an agreed-upon restructuring
plan, but Towergate fears a dissenting investor will sue in the
U.S., complicating its effort in the U.K., the Journal relates.
To ward off the threat of a lawsuit in the U.S. from a dissenting
investor, Towergate filed for Chapter 15 bankruptcy protection on
March 6 in the U.S. Bankruptcy Court in New York, the Journal
relays. Towergate is seeking a court order recognizing the
English proceeding as the main forum of action for the
restructuring, and banning action in the U.S. courts, the Journal
discloses.
Kent-based Towergate is an insurance broker. The company employs
about 5,000 people at more than 120 offices.
TOWERGATE FINANCE: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Petitioner: Scott Egan
Chapter 15 Debtor: Towergate Finance plc
aka Towergate Holdings III plc
Towergate House, Eclipse Park
Sittingbourne Road
Maidstone
Chapter 15 Case No.: 15-10509
Type of Business: Towergate Group is an independently-owned
insurance intermediary company distributing
general insurance products in the United
Kingdom.
The Debtor does not engage in any operating
activities, but functions rather as a financing
vehicle for the Group by issuing secured and
unsecured debt and then lending the
corresponding proceeds to the Group's
operating subsidiaries.
Chapter 15 Petition Date: March 6, 2015
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Hon. Stuart M. Bernstein
Chapter 15 Petitioner's Aaron Javian, Esq.
Counsel: Robert Trust, Esq.
Paul Hessler, Esq.
LINKLATERS LLP
1345 Avenue of the Americas
New York, NY 10105
Tel: 212-903-9000
Fax: 212-903-9100
Email: aaron.javian@linklaters.com
robert.trust@linklaters.com
paul.hessler@linklaters.com
Estimated Assets: More than $1 billion
Estimated Debts: More than $1 billion
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 9 to March 13, 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 * * *