/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/150413.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, April 13, 2015, Vol. 16, No. 71 Headlines D E N M A R K TELLER A/S: Fitch Cuts LT Issuer Default Rating to 'BB' F R A N C E TECHNICOLOR SA: Moody's Raises Corporate Family Rating to 'B1' G R E E E C E GREECE: Fails to Outline Structural Reforms I R E L A N D DERRYNANE HOTEL: Bank of Ireland Appoints Receivers I T A L Y CLARIS FINANCE 2006: S&P Cuts Rating on Class B Notes to 'B+' * Asset Auction Scheduled for June 12 L U X E M B O U R G APERAM SA: Moody's Raises Corporate Family Rating to Ba2 N E T H E R L A N D S EIGER ACQUISITION: S&P Assigns 'B' Corporate Credit Rating ETAM: Seeks Creditor Protection Following Consecutive Losses KAZSTROYSERVICE GLOBAL: Moody's Withdraws Ba3 Corp. Family Rating PDM CLO I: Moody's Raises Rating on EUR13.5MM Cl. E Notes to Ba3 R U S S I A EVRAZ GROUP: Moody's Affirms Ba3 Corporate Family Rating CB KEDR: Fitch Withdraws 'f' Viability Rating MOSKOMMERTSBANK: Fitch Affirms 'CCC' LT Issuer Default Rating TATTELECOM OJSC: Fitch Affirms 'BB' LT Issuer Default Rating VAHOSTAV-SK: Launches Web site to Provide Restructuring Details S P A I N CAR RENTALS: S&P Assigns 'B' LT Corporate Credit Rating MARTINSA FADESA: Court Begins Liquidation After Debt Talks Fail U K R A I N E UKRAINE: Creditors Mull Restructuring Plan; June Deadline Looms U N I T E D K I N G D O M ELEMENT MATERIALS: Moody's Affirms B2 Corporate Family Rating ELEMENT MATERIALS: S&P Affirms 'B' CCR on TRac Acquisition INDEPENDENT INSURANCE: June 1 Scheme Creditors' Meeting Set MACLAY GROUP: In Administration After Tax Debt Investigation TGI FRIDAY'S: S&P Alters Outlook to Stable on Sale of UK Restos X X X X X X X X * BOND PRICING: For the Week April 6, 2015 to April 10, 2015 ********* ============= D E N M A R K ============= TELLER A/S: Fitch Cuts LT Issuer Default Rating to 'BB' ------------------------------------------------------- Fitch Ratings has downgraded Teller A/S's Long-term Issuer Default Rating (IDR) to 'BB' from 'BB+'. The Outlook has been revised to Negative from Stable. Following completion of the merger of Teller AS into Teller, the ratings of Teller AS have been withdrawn. KEY RATING DRIVERS - IDR The downgrade reflects Fitch's expectation that capital management for Teller will increasingly be transferred to its parent, Nets Holding A/S. While this does not reduce the capitalization of the overall group, Fitch believes it may leave capital at Teller, which is the only entity in the group that is publicly rated by Fitch, very thin for the current rating level. The Negative Outlook reflects a negative trajectory for capitalization and our belief that the absolute amount of capital may remain low going forward. Teller is subject to regulatory capital requirements, which it has historically exceeded by a wide margin. The relatively small amount of capital limits rating upside potential, and should capital reduce significantly, it would only leave a minimal buffer for unexpected shocks without the need for capital injections from the parent. The ratings also reflect Teller's monoline business model in Nordic merchant acquiring of international payment cards and potentially large exposures to operational risk. These risks are mitigated by its leading franchises in its business niche, the absence of debt, its strong liquidity management and small historical credit losses. A key risk for Teller is the potential need to bridge a liquidity gap that could be caused by a major operational event, such as a system failure, which would delay payments from credit card issuers. However, Fitch believes such a scenario is unlikely and the risk is mitigated by a strong track record in managing operational risk and significant holdings of cash. Credit risk can stem from both fraud and default of a merchant. Losses have consistently remained at low levels and are comfortably absorbed by earnings. However, should a significant portion of capital be up-streamed to the Nets group, this would leave Teller more exposed to losses materially affecting capitalization. Fitch expects that Teller will maintain prudent underwriting standards and strict risk controls, particularly for its high-risk customers with large pre-payments of goods and/or services. RATING SENSITIVITIES - IDRs Teller's monoline business model and small capital base limit rating upside potential. A downgrade of the Long-term IDR would most likely be a result of a transfer of a sizeable portion of excess capital over regulatory requirements to the holding company, with future profits also being up-streamed to the group; this is reflected in the Negative Outlook. Significant increases in Teller's risk appetite through less strict large exposure limits, less prudent liquidity management or expansion into higher-risk markets would also be rating- negative. A revision of the Outlook to Stable from Negative would be contingent on a commitment to rebuild capital to provide a larger buffer for unexpected shocks, including large frauds or losses from some of its largest customers. KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING Teller's Support Rating has been downgraded to '5', reflecting Fitch's expectation that while support might be possible from Nets Holding A/S, and in turn from the ultimate shareholders, it cannot be relied upon following the sale of Nets Holding A/S to a private equity consortium. Fitch has subsequently withdrawn the Support Rating as it is no longer viewed as relevant to the agency's coverage. The rating actions are as follows: Teller A/S Long-term IDR: downgraded to 'BB' from 'BB+'; Outlook Revised to Negative from Stable Short-term IDR: affirmed at 'B' Support Rating: downgraded to '5' from '3' and withdrawn Teller AS Long-term IDR: withdrawn Short-term IDR: withdrawn Support Rating: withdrawn =========== F R A N C E =========== TECHNICOLOR SA: Moody's Raises Corporate Family Rating to 'B1' -------------------------------------------------------------- Moody's Investors Service has upgraded Technicolor SA's corporate family rating (CFR) to B1 from B2, probability of default rating (PDR) to B1-PD from B2-PD, and the senior secured term loan ratings to B1 from B2 borrowed by Tech Finance & Co S.C.A. The rating upgrade reflects the company's stronger-than-expected operating performance and continued financial discipline, the combination of which has strengthened Technicolor's credit metrics and significantly increased the company's buffer to absorb the anticipated loss of MPEG2 licensing revenues in 2016-17. RATINGS RATIONALE The upgrade to B1 was driven by the successful turnaround of Technicolor's Connected Home division, which posted strongly improved earnings in 2014, the stable contribution from its Entertainment Services division, and the application of free cash flows, predominantly generated at the Technology division, to debt reduction. These effects prepare the company well for the time when the licensing income for the MPEG2 technology, one of the major contributors to profits in the last years, will have expired. Technicolor's B1 CFR therefore reflects the company's reduced reliance on its declining MPEG2 licensing revenues, which accounted for 45% of licensing revenues in 2014, down from 53% in 2013 and a significant portion of the group's EBITDA, which will drop to nil in 2017. More positively, the current rating reflects (1) the company's continued investments in its patent and licensing portfolio to develop alternative sources of earnings, which should lead to new revenues, albeit at a lower level than compared to the MPEG licenses, such as those from the new HEVC Advanced patent pool; (2) the stable performance of the group's Entertainment Service division, which is generating positive cash flows in an environment which is exposed to ongoing declines in Standard Definition DVD activity, partially offset by growth in the Blu Ray segment, as well as by expansion in the company's Production Services activities, in particular in visual effects; and (3) a successfully concluded turnaround in the Connected Home division, although Moody's notes the strong competitiveness of that industry and the risk of technological change in the different markets for set-up boxes. Technicolor continues to generate positive free cash flows and to increase its already sizeable cash balance, which reached EUR328 million at the end of December 2014. Whilst Moody's analysis focuses on gross debt and leverage, Technicolor's sizeable cash balance and positive free cash flows give the company some financial flexibility for small to medium-sized acquisitions, which will add to its revenues and EBITDA. This should help further reduce its reliance on MPEG2 license fees, in addition to continued improvements in non-MPEG2 earnings from the Connected Home and Technology divisions. Moody's considers Technicolor to have a sound short-term liquidity profile, with strong positive free cash flow generation, a significant cash balance and very limited debt maturities over the next 18 months as a result of continued debt reduction in 2014. Technicolor has access to a EUR100 million revolving credit facility maturing in July 2018, with good covenant headroom. Interest payments have been reduced by approximately EUR18 million per annum owing to a re-pricing of the 2020 term loan facilities. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Technicolor's prospects for improved operating performance and, hence, improved leverage over the next two years as the company continues to focus on debt reduction and invests in its patent and licensing portfolio, as well as its market leading positions in its Entertainment Services division to develop alternative sources of earnings. WHAT COULD CHANGE THE RATING -- UP/DOWN Technicolor's rating could be upgraded once the company has (1) established a longer track record in terms of developing alternative new sources of earnings in its licensing business; (2) maintained the recent performance in its Entertainment Services divisions; and (3) further improved the profitability in the Connected Home division. Quantitatively, expectations of sustained leverage below 4.0x, based on Moody's-adjusted figures, excluding the estimated EBITDA contribution from the MPEG2 licensing agreement, could lead to an upgrade (we estimate the debt/EBITDA ratio excluding MPEG2 revenues at 5.2x as per FYE 2014). Negative rating pressure could develop if Technicolor failed to sustain debt/EBITDA in the range of 4.5x -5.0x, also excluding the MPEG2 contribution. A weakening of the company's liquidity could also put pressure its rating. Technicolor S.A., headquartered in Issy-les-Moulineaux, France, is a leading provider of solutions for the creation, management, delivery and access of video for the Communication, Media & Entertainment industries operating in three business segments: Technology, Entertainment Services and Connected Home. The largest of these in terms of earnings is the Technology segment. Total revenues for 2014 were approximately EUR3.4 billion. ============= G R E E E C E ============= GREECE: Fails to Outline Structural Reforms ------------------------------------------- Reuters reports that euro zone officials were shocked at Greece's failure to outline plans for structural reforms at talks in Brussels, a German newspaper on April 11 cited participants as saying, adding the Greek representative behaved like a "taxi driver." A meeting of deputy finance ministers on April 9 gave Athens a six working day deadline to present revised economic reform plans before euro zone finance ministers meet on April 24 to consider unlocking emergency funding to keep Greece afloat, Reuters relates. According to Reuters, euro zone sources told the Frankfurter Allgemeine Sonntagszeitung that they were disappointed and shocked at Athens' lack of movement in its plans, and in particular, its reluctance to talk about cutting civil servants' pensions. The mood between Greece's leftist government and its euro zone partners, especially Germany, has deteriorated in the last few weeks, with personal recriminations flying between ministers and calls from Athens for Berlin to pay war reparations, Reuters relays. The paper, as cited by Reuters, said at the meeting the Greek representative just asked where the money was "like a taxi driver", according to sources, and insisted his country would soon be bankrupt. The euro zone sources told the paper that Greece's creditors do not believe this is the case and that it would be a domestic political issue if Athens is unable to fully pay salaries and pensions, Reuters relates. Greece Blows Debt Deal Chance Separately, Reuters' Paul Taylor reports that even if it survives the next three months teetering on the brink of bankruptcy, Greece may have blown its best chance of a long-term debt deal by alienating its euro zone partners when it most needed their support. Prime Minister Alexis Tsipras' leftist-led government has so thoroughly shattered creditors' trust that solutions which might have been on offer a few weeks ago now seem out of reach, Reuters relates. According to Reuters, with a public debt equivalent to 175% of economic output and an economy struggling to pull out of a six- year depression, Athens needs all the goodwill it can summon to ease the burden. It owes 80% of that debt to official lenders after private bondholders took a hefty writedown in 2012, Reuters discloses. Since outright debt forgiveness is politically impossible, the next best solution would be for Greece to pay off its expensive IMF loans early, redeem bonds held by the European Central Bank and extend the maturity of loans from euro zone governments to secure lower interest rates for years to come, Reuters notes. Mr. Tsipras' denunciations of EU-prescribed austerity, demands for German war reparations and cosying up to Russian President Vladimir Putin, and Varoufakis' foot-dragging on reform negotiations and initial calls for a "haircut" on Greek debt, have dried up the reservoir of sympathy for Athens, Reuters states. Creditors like Germany, the Netherlands and Finland are bent on keeping the IMF involved as an enforcer of economic reform and fiscal discipline because they don't trust the Greeks to keep their word, nor the European Commission to hold them to it, Reuters says. Since Greece is stalling on its program and lacks market access, the only way it could pay off EUR24 billion owed to the IMF and redeem EUR27 billion of bonds held by the ECB would be for the euro zone's rescue fund to lend it the money, Reuters notes. That in turn would require euro zone governments to convince their parliaments to risk more taxpayers' money than the roughly EUR170 billion they have already lent Greece in two bailouts totaling EUR240 billion, according to Reuters. Many economists and euro zone officials believe Athens will anyway need a third bailout of around EUR30 billion this year, even though Mr. Tsipras insists Athens does not want that, Reuters states. Euro zone finance ministers promised in 2012 to "consider further measures and assistance" to ease Greece's debt provided it stuck to the terms of its program, which it has not done, Reuters recounts. ============= I R E L A N D ============= DERRYNANE HOTEL: Bank of Ireland Appoints Receivers --------------------------------------------------- Simon Brouder at The Kerryman reports that the future of Derrynane Hotel in Caherdaniel is in doubt after the well known hotel on the Ring of Kerry was placed in receivership. On March 11, Bank of Ireland appointed Grant Thornton as receivers to Earrai Traidisiunta Teoranta, the company which owns and operates the hotel, The Kerryman relates. It remains uncertain if the three-star hotel, which operates on a seasonal basis typically opening between May and October, will open for business this summer, The Kerryman says. As of April 7, the hotel Web site was not taking bookings and in workers have been seen removing stock, equipment and other items from the premises, The Kerryman notes. Accounts filed by the company show that Bank of Ireland was owed approximately EUR3.2 million by the firm at the end of 2013, The Kerryman discloses. The Derrynane Hotel, which opened in July 1982, was owned by Jerry O'Reilly, a well known hotelier and former business partner of the builder and property developer Bernard McNamara. The 50- bedroom Derrynane Hotel, which also includes eight self catering holiday cottages, employed approximately 30 staff on a seasonal basis with many of the employees arriving each summer from overseas, according to The Kerryman. ========= I T A L Y ========= CLARIS FINANCE 2006: S&P Cuts Rating on Class B Notes to 'B+' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'B+ (sf)' from 'BB- (sf)' and removed from CreditWatch negative its credit rating on Claris Finance 2006 S.r.l.'s class B notes. S&P's ratings on the class A1 and A2 notes remain unaffected by the rating actions. "On March 31, 2015, we lowered to 'B+' from 'BB-' our long-term issuer credit rating (ICR) on Veneto Banca SCPA, the liquidity guarantee provider in Claris Finance 2006, and removed it from CreditWatch negative (see "Italy-Based Veneto Banca SCPA Long- Term Rating Lowered To 'B+'; Outlook Negative"). "According to the transaction documents, the liquidity guarantee covers the timely payment of interest and the ultimate payment of principal. Under our current counterparty criteria, our rating on the class B notes is weak-linked to our long-term ICR on Veneto Banca (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). Therefore, as any change to our long-term ICR on Veneto Banca would result in an equivalent change to our rating on Claris Finance 2006's class B notes, we have lowered to 'B+ (sf)' from 'BB- (sf)' and removed from CreditWatch negative our rating on the class B notes. "We placed our rating on the class B notes on CreditWatch negative on March 9, 2015, following our Feb. 26, 2015 rating action on Veneto Banca (see "Rating On Claris Finance 2006's Class B Italian RMBS Notes Placed On CreditWatch Negative For Counterparty Reasons"). "Our ratings on the class A1 and A2 notes are unaffected by the rating actions because these ratings are delinked from our long- term ICR on the liquidity guarantee provider," said S&P. Claris Finance 2006 is an Italian residential mortgage-backed securities (RMBS) transaction, backed by a pool of mortgage loans secured over residential and commercial properties in Italy. The transaction closed in July 2006 and its revolving period ended in March 2010. * Asset Auction Scheduled for June 12 ------------------------------------- Insolvency administrator Marco Silvestrini will conduct an asset auction at 10:00 a.m. on June 12, 2015 at Via Cacciatori delle Alpi n.1 in Spoleto, Italy. The assets up for sale include buildings of around 8,237 square meters, warehouse and land of about 12,565 square meters, steel tanks, n. 8 production lines and registered trademarks. The sale will take place at a base price of EUR2,500,000. The minimum raise amount for the auction is EUR100,000. Regulation, expertise and photos, are available at http://www.tribunaledispoleto.itand http://www.asteimmobili.it Contact information: Marco Silvestrini E-mail: msilvestrini@tin.it =================== L U X E M B O U R G =================== APERAM SA: Moody's Raises Corporate Family Rating to Ba2 -------------------------------------------------------- Moody's Investors Service upgraded its ratings for Aperam S.A., upgrading its corporate family rating (CFR) to Ba2 from Ba3 and probability of default ratings (PDR) to Ba2-PD from Ba3-PD. Moody's also upgraded the rating of the $200 million convertible Eurobonds due 2020 to B1 from B2. The outlook on all the ratings is positive. Ratings Rationale The upgrade of the CFR reflects the strong operational performance of the company in 2014 and Moody's view that Aperam will be able to continue to improve both its EBIT and EBITDA margins in 2015. Moody's further believes that significant operational improvement will be sustained by the gains realised through topline strategy Leadership Journey and the positive development on anti-dumping measures in the European Union. Finally, Moody's believes that the improvement of the competitive environment in Europe, with the rationalization of capacity implemented by the biggest players in the last few quarters, will also benefit Aperam. The rating on the senior unsecured notes due 2018 is withdrawn since it has been fully repaid by the company. More broadly, Aperam's CFR reflects (1) the cyclicality of Aperam's end markets, with high correlation to GDP growth level and consumer spending; (2) the highly competitive industry, still showing excess capacity despite restructuring by several European players; (3) the company's exposure to raw material price volatility, particularly nickel and scrap; and (4) exposure to the declining Brazilian market which represents a high proportion of the company's profitability. However, these negatives are partially mitigated by (1) the company's improved operating performance since the implementation of the Leadership Journey and active capital structure management, which resulted in a substantial margin increase year on year and a much reduced gross leverage ratio; (2) its strong market position in Europe and high market share in Brazil; (3) a background of improved global demand from the main end-markets of automotive, consumer goods and capital goods; (4) provisional anti-dumping duties on imports of cold rolled flat stainless steel in the EU from China and Taiwan; and (5) a reduced pressure on base price while having the structural ability to fully pass through raw material price increase through the alloy surcharge mechanism in Europe. The main underlying stainless steel markets have recovered, particularly in Europe where demand has been driven by growth in automotive, capital goods and construction. In addition, the regulatory environment in Europe is now more positive, with the European Commission's decision to impose anti-dumping duties on flat cold rolled products imported from China and Taiwan. Moody's believes that Aperam should be able to capitalize on the improved European market conditions resulting in a higher capacity utilization rate, and improvement in the pricing environment to at least stabilize its operating margins compared to current levels. In Brazil, the other main market for Aperam, the company enjoys local status, high market share in flat-rolled sheets and also benefits from anti-dumping duties implemented by the Brazilian government in 2013. Those factors lead to a better environment that Moody's believes should continue over the next 12 months, supporting Aperam's profitability. Finally, the gains realised through the restructuring and cost efficiency measures implemented since 2011 allow the company to report a significant improvement in margins, with both EBIT and EBITDA margins into positive territory since H1 2014 and now standing at 5.1% and 9.6% respectively on a Moody's adjusted basis. Moody's expects that cash flow generation will remain positive, helped by moderate capex and reduced financial expenses following the company's active balance sheet management, with notably the issuance of the ORNANE convertible bond in July 2014 and early repayment of the outstanding High Yield Bonds at the beginning of October 2014 and April 2015. Moody's expects working capital requirement to be higher this year than historically on the ground of higher volume and building up of inventories in anticipation of higher demand post anti-dumping measures in Europe, though not threatening solid positive free cash-flow generation. The company has so far implemented a rather conservative financial policy. While Moody's contemplates that a dividend payment could be resumed at some stage, the current rating and outlook does not incorporate a substantial step up of payment to shareholders, nor a debt financed material acquisition. Liquidity Profile Moody's sees the company as having adequate liquidity, with sources of approximately USD697 million, consisting of cash and cash equivalents of USD197 million (end of 2014 reported amount) and credit lines of USD500 million (Borrowing Base Facility, BBF). Moody's also notes that Aperam has recently renegotiated its BBF, increasing the committed amount to USD500 million (with a USD50 million swinging facility in the form of a sub limit) and extended the maturity to 2018. Aperam can also rely on various banking facilities for more than USD120 million. Finally, the company uses True Sale of Receivables programs of EUR270 million in total that helps in managing its working capital requirements, particularly in a strong growth environment. STRUCTURAL CONSIDERATIONS Aperam has a mix of secured and unsecured debt. Its largest piece of secured debt is its USD500 million borrowing base revolving credit facility, which is secured by inventories and receivables, and benefits from upstream guarantees of certain operating subsidiaries. The company has repaid all its outstanding high yield bonds and only reports USD500 million of Convertible Bonds (including Equity portion) due in 2020 and 2021, that are unsecured and do not benefit from any operating entities' upstream guarantees. Moody's notes that the current notching on the rated unsecured convertible notes due 2020 could narrow if the CFR was to be upgraded with no significant change in the current capital structure. RATIONALE FOR THE POSITIVE OUTLOOK Moody's maintained its positive outlook on the CFR. Moody's assumes a continued favorable European stainless steel market for 2015 and a mostly stable Brazilian market, despite the slowdown in GDP growth and domestic demand. Together with the operational improvements gained from the Leadership Journey, this should enable the company to solidify its operating performance. WHAT COULD CHANGE THE RATINGS UP/DOWN An upgrade could be considered if Moody's witnesses (1) continued growth in stainless steel demand and increased stainless steel base prices, together leading to sustained EBIT margin of above 6% on a Moody's adjusted basis (2) persistent high capacity utilization rate; (3) continued strong liquidity profile; and (4) sustained Moody's adjusted gross leverage of below 2x. However, a downgrade could be implemented if, (1) underlying markets slowdown, leading profitability to decline to level of 4% or less; (2) debt/EBITDA sustainably rises above 3.0x; (3) liquidity becomes tight, with FCF becoming negative on a sustained basis; or (4) the company increases materially its leverage as a result of a debt-financed acquisition. The principal methodology used in these ratings was Global Steel Industry published in October 2012. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Aperam is a leading global stainless and specialty steel producer based on an annual production capacity of 2.5 million tons in 2014. They are the largest stainless and electrical steel producer in South America (mainly Brazil), the second largest stainless steel producer in Europe and fourth largest producer in nickel alloys worldwide. In 2014, Aperam had sales of USD5.48 billion and shipments of 1.81 million tonnes. ===================== N E T H E R L A N D S ===================== EIGER ACQUISITION: S&P Assigns 'B' Corporate Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services said that it had assigned its 'B' long-term corporate credit rating to Netherlands-based software company Eiger Acquisition B.V. (Exact). The outlook is stable. "At the same time, we assigned our 'B' issue rating to Exact's senior secured loans due 2022 and the RCF due 2020, with a recovery rating of '3' indicating our expectation of meaningful recovery (50%-70%; higher half of the range) in the event of a default," said S&P. "We also assigned our 'CCC+' issue rating to the senior unsecured loans due 2023, with a recovery rating of '6' indicating our expectation of negligible recovery (0-10%) in the event of a default. "The long-term corporate credit rating reflects our view that Exact has a narrow product offering and is relatively small, and the industry shows only limited barriers to entry. Exact mainly provides accounting software and enterprise resource planning (ERP) solutions to small and midsize companies in The Netherlands, and to a lesser extent in Belgium. We consider its overall competitive position to be weaker than that of larger international competitors -- including Microsoft, SAP, and Oracle -- which however mainly target larger customers, and Exact is somewhat smaller than domestic players, including Unit 4. Other weaknesses include limited geographic diversification, despite a presence in North America where it generates about 25% of its revenues. We believe it could technically be rather simple for a customer to switch to an alternative software supplier, particularly for accounting solutions, despite the related costs," said S&P. These weaknesses are partly offset by Exact's solid niche market positions in its main segments. According to Exact, it enjoys a market share of about 30% in online accounting software in the Netherlands, thanks to its relationships with 40% of the country's accountants. Exact also has a market share of about 15% in ERP business with midsize companies in The Netherlands. Other strengths include growth prospects in the Dutch cloud ERP market, supported by a solid economic environment and a moderately high average customer retention rate of about 92% on average in the Business and Specialized Solutions segments, which represent 85% of revenues. Moreover, Exact has a high proportion of recurring revenues, slightly more than 70%, which is likely to increase as business in the Cloud Solutions segment develops; a large and diversified customer base; and broadly average profitability despite some distortion caused by the carve-out of the Cloud Solutions International (CSI) segment, divestments, withdrawal of some older products, and restructuring. "Our financial risk profile assessment primarily reflects Exact's high leverage. We forecast a gross adjusted debt-to-EBITDA ratio of 6.9x (our adjusted EBITDA measure is after capitalized development costs, in line with our methodology) and funds from operations to debt of 7.9% at year-end 2015. These weaknesses are partly offset by EBITDA cash interest coverage of about 2.5x and our anticipation of stable free operating cash flow (FOCF) generation, resulting in FOCF to debt exceeding 5% in 2015. "The stable outlook reflects our anticipation of modestly increasing revenues at Exact, with a Standard & Poor's-adjusted EBITDA margin of about 30%, positive FOCF, and adequate liquidity. "We could lower the rating if FOCF were at breakeven (for instance because investments in CSI materially exceed our projections, there is weaker-than-expected revenue growth, and additional restructuring costs) and EBITDA cash interest coverage were at about 2x, or if Exact's liquidity weakened to "less than adequate." "We think ratings upside is limited over the next 12 months because we do not expect the adjusted debt-to-EBITDA ratio to fall below 5x," said S&P. ETAM: Seeks Creditor Protection Following Consecutive Losses ------------------------------------------------------------ DutchNews.nl reports that Etam on April 3 asked for court protection from creditors to stave off bankruptcy. The company is hoping to be able to relaunch with new investors, DutchNews.nl says, citing news agency. The Etam group has been running at a loss for years and has invested heavily in developing an online presence, DutchNews.nl relates. The company is also attempting to negotiate a rent cut with its landlords, like troubled department store group V&D, DutchNews.nl discloses. Etam is a Duch retail fashion group. The high street chain, which has some 200 outlets in the Netherlands, operates the Miss Etam and Promiss labels. KAZSTROYSERVICE GLOBAL: Moody's Withdraws Ba3 Corp. Family Rating ----------------------------------------------------------------- Moody's Investors Service has withdrawn the Ba3 corporate family rating (CFR) and the Ba3-PD probability of default rating (PDR) of KazStroyService Global B.V. (KSS), as well as the (P)Ba3 senior unsecured debt rating. At the time of withdrawal, all the aforementioned ratings carried a stable outlook. RATINGS RATIONALE Moody's has withdrawn the rating for its own business reasons. The last rating action on KSS was taken on November 3, 2014 when Moody's first assigned the rating and the outlook. KazStroyService Global B.V. domiciled in the Netherlands is the largest EPC services provider in Kazakhstan via its 100% subsidiary KSS Kazakhstan. In addition, the company operates KSS Petron and Petron Engineering which are engaged in oil and gas, industrial and infrastructure projects in India. KSS provides general contracting, construction management and design-build services for state-owned and private customers primarily in Kazakhstan. KSS reported US$1.2 billion in revenue and US$354 million in EBITDA in 2013, and its backlog (secured orders in the company's project portfolio) was $2.0 billion as of end-June 2014. PDM CLO I: Moody's Raises Rating on EUR13.5MM Cl. E Notes to Ba3 ---------------------------------------------------------------- Moody's Investors Service announced has taken rating actions on the following classes of notes issued by PDM CLO I B.V.: -- EUR208,500,000 (current balance EUR 202,553,708.67) Class A Senior Secured Floating Rate Notes due 2023, Affirmed Aaa (sf); previously on Jun 25, 2014 Upgraded to Aaa (sf) -- EUR11,250,000 Class B Deferrable Secured Floating Rate Notes due 2023, Upgraded to Aa2 (sf); previously on Jun 25, 2014 Upgraded to A1 (sf) -- EUR17,250,000 Class C Deferrable Secured Floating Rate Notes due 2023, Upgraded to A2 (sf); previously on Jun 25, 2014 Upgraded to Baa1 (sf) -- EUR16,500,000 Class D Deferrable Secured Floating Rate Notes due 2023, Upgraded to Baa3 (sf); previously on Jun 25, 2014 Upgraded to Ba1 (sf) -- EUR13,500,000 Class E Deferrable Secured Floating Rate Notes due 2023, Upgraded to Ba3 (sf); previously on Jun 25, 2014 Affirmed B1 (sf) PDM CLO I B.V., issued in December 2007, is a single currency Collateralised Loan Obligation ("CLO") backed by a portfolio of mostly high yield European senior secured loans managed by Permira Debt Managers Limited. This transaction's reinvestment period ended in February 2015. RATINGS RATIONALE The rating actions result from the benefit of modelling actual credit metrics following the expiry of the reinvestment period in February 2015 and an improvement in credit metrics of the underlying portfolio since the last rating action in June 2014 which was based on May 2014 portfolio data. In light of reinvestment restrictions during the amortization period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analyzed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. In particular, Moody's assumed that the deal will benefit from a shorter amortization profile and higher spread levels compared to the levels assumed prior the end of the reinvestment period in February 2015. Reported WARF has improved from 2888 to 2740 between May 2014 and February 2015, the weighted average spread of the portfolio has improved from 3.98% to 4.24%, the diversity score has improved from 40 to 43, and defaults have reduced from EUR5.2 million to EUR3.8 million over this period. The key model inputs Moody's uses in its analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool as having a EUR pool with performing par and principal proceeds balance of EUR281.963 million and defaulted par of EUR3.786 million, a weighted average default probability of 21.65% (consistent with a WARF of 2854 over a weighted average life of 4.94 years), a weighted average recovery rate upon default of 46.81% for a Aaa liability target rating, a diversity score of 37 and a weighted average spread of 4.24%. The default probability derives from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed that 90.73% of the portfolio exposed to senior secured corporate assets would recover 50% upon default, while the non-first lien loan corporate assets would recover 15%. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into its cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analyzing. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. Factors that would lead to an upgrade or downgrade of the rating: In addition to the base-case analysis, Moody's conducted sensitivity analyses on the key parameters for the rated notes, for which it assumed a lower weighted average recovery rate for the portfolio. Moody's ran a model in which it reduced the weighted average recovery rate by 5%; the model generated outputs that were within two notches of the base-case results. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the notes, in light of uncertainty about credit conditions in the general economy. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's investment strategy and behavior and 2) divergence in the legal interpretation of CDO documentation by different transactional parties because of embedded ambiguities. Additional uncertainty about performance is due to the following: 1) Portfolio amortization: The main source of uncertainty in this transaction is the pace of amortization of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortization could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortization would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. 2) Recoveries on defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over- collateralization levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analyzed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. =========== R U S S I A =========== EVRAZ GROUP: Moody's Affirms Ba3 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service confirmed Evraz Group S.A.'s Ba3 corporate family rating (CFR), Ba3-PD probability of default rating (PDR) and B1 rating of its senior unsecured notes (LGD 5, 74%). The outlook on the ratings is stable. This concludes the review for downgrade initiated by Moody's on December 23, 2014. Moody's previously placed Evraz ratings on review in a combined decision to place 45 Russian non-financial corporates on review for downgrade, reflecting the severe and rapid deterioration in the operating environment in Russia and the heightened risk of a more prolonged and acute economic downturn than originally anticipated. RATINGS RATIONALE The confirmation primarily reflects Moody's view that Evraz's competitive cost profile, as evidenced by slab cash costs falling to US$266/tonne in 2014 down from US$348/tonne in 2013, will remain strong on the back of falling iron ore prices, cost cutting initiatives, an asset optimization program and the 42% ruble devaluation in 2014. This cost improvement, combined with the company's adequate liquidity profile, higher year-on-year share sales in countries other than Russia including sales executed by the company's foreign subsidiaries (60% of total revenue in 2014 compared with 58% in 2013) and deleveraging achieved in 2014, contributed to strong financial results in 2014 and created headroom in the company's Ba3 rating category. This additional headroom will allow the company to comfortably weather 2015, during which Moody's expects a 10%-15% fall in domestic demand for steel products owing to weakening demand from end-user sectors (i.e., construction, machinery). The Russian market will remain key for the company in 2015, despite a substantially improved competitive position in the international markets owing to ruble devaluation, cost cutting and asset optimization programs and improved profitability of its steel North America segment. Evraz's continued focus on Russia despite recent local currency volatility reflects (1) the substantial contribution of Russian steel segment into consolidated EBITDA of 76% in 2014, compared with 81% in 2013; (2) the growing attractiveness of domestic sales owing to ruble price hikes of 15%-40%, in the domestic market since November 2014, which equalized domestic prices with the export parity level by March 2015 across all Russian steel makers; (3) the strengthening of the ruble exchange rate in March 2015; and (4) the challenging situation in the international steel markets, including substantial headwinds in demand for oil country tubular goods (OCTG) products in the US and Canada owing to low oil prices, which will keep margins and capacity utilization of the company's US and Canadian assets under pressure in 2015. Evraz's Ba3 CFR remains constrained by (1) structural oversupply of steel, exacerbated by weakening steel demand in China and growing export volumes from South-East Asia, which exert negative pressure on prices in key steel consuming regions; (2) increased competition and pricing pressures, which are likely to develop in the Russian steel market in 2015, owing to weakening steel demand in the construction sector against the background of long steel capacity additions that took place in 2013-14; and (3) low oil and gas prices, which could exert negative pressure on the company's US and Canada's assets capacity utilization in 2015 not fully counterbalanced by robust performance of its rails segments. However, these negatives are partially offset by Evraz's (1) profile as a low-cost integrated steelmaker; (2) increased barriers to entry in the Russian market for imported steel products owing to Russian ruble devaluation; (3) improved cash costs of its iron ore assets with iron ore concentrate (58% Fe) cash costs falling to US$47/tonne in 2014 compared with US$56/tonne in 2013; (4) strong market share in long steel products in Russia; (5) good product, operational and geographical diversification; (6) substantial deleveraging achieved during 2014, supported by ruble devaluation, cost cutting and asset optimization initiatives; and (7) good liquidity profile. Evraz's liquidity as of December 31, 2014 was good, given the company's cash balances of US$1.0 billion and approximately US$0.5 billion of availability under committed credit facilities. In 2015, Evraz will have to repay approximately US$1.0 billion of debt and make capex investments totalling US$0.4 billion (maintenance) and around US$0.2 billion (discretionary). The rating agency expects that Evraz will be able to fund these requirements from cash balances and its healthy operating cash flows, which Moody's estimates will be around US$1.7-US$1.9 billion in 2015. During 2014 the company was in compliance with a number of its financial and non-financial covenants. As a result of robust operating environment in key markets and supported by ruble and hryvna devaluation in 2014, as well as capex reduction to US$0.5 billion compared with US$0.8 billion in 2013, the company generated US$0.6 billion in free cash flows, as adjusted by Moody's, which helped the company to reduce total debt by US$1.3 billion in 2014 to US$6.9 billion as at December 31, 2014, while the company's net debt decreased by US$0.7 billion to US$5.8 billion at December 31, 2014. The dividend policy has been revised to support the financial strategy of deleveraging and envisages that regular dividends will be paid only when the net leverage (net debt to EBITDA) target of below 3.0x is achieved. On March 31, 2015, the company's board of directors resolved to announce a return of capital to be effected by a tender offer to shareholders at US$3.10 per share in the amount of up to $375 million. RATIONALE FOR THE STABLE OUTLOOK The stable rating outlook reflects Evraz's efficient operations, supported by (1) a 42% Russian ruble and a 49% Ukrainian hryvna devaluation that took place in 2014, which contributed to substantial slab cash costs improvements in 2014 and will continue positively affect the company's cost profile in 2015, despite somewhat high cost iron ore assets in which the company is 85% self-sufficient; (2) the company's diversified product mix, operations and sales; (3) substantial deleveraging achieved during 2014, which will allow the company to comfortably withstand the increased risks of demand weakening in domestic end-user sectors in 2015; and (4) a strong liquidity profile. WHAT COULD CHANGE THE RATING UP/DOWN Negative pressure could be exerted on the rating if (1) gross leverage as measured by Moody's adjusted debt/EBITDA exceeds 3.5x on a sustained basis; (2) the company embarks on a program of high dividends or substantial share buybacks; and (3) its liquidity profile deteriorates. Provided there is stabilization of the macro-economic situation in Russia, positive pressure could be exerted on Evraz's rating if (1) the company achieves gross leverage, as measured by Moody's-adjusted debt/EBITDA sustainably below 2.5x; (2) the company continues generating positive free cash flow and maintains a healthy liquidity profile. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Global Steel Industry published in October 2012. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies. Evraz Group S.A. (Evraz) is one of the largest vertically integrated steel, mining and vanadium companies in Russia. In 2014, Evraz sold 15.2 million tonnes of steel products (2013: 15.5 million tonnes) and reported revenues of US$13.1 billion (2013: US$14.0 billion). In 2014 Evraz generated reported EBITDA of US$2.3 billion (2013: US$1.8 billion). Evraz's principal assets are steel plants in Russia, North America, Europe, South Africa and Ukraine, iron ore and coal mining facilities, as well as logistics and trading assets located predominantly in Russia. In 2014 Evraz was 85% self- covered in iron ore and 212% self-covered in coking coal (if 100% of production volumes of Raspadskaya, OAO (B2 ratings under review), a subsidiary of EVRAZ plc, are accounted for). EVRAZ plc (unrated) currently holds 100% of the company's share capital. EVRAZ plc is jointly controlled by Mr. Roman Abramovich, Mr. Alexander Abramov, Mr. Alexander Frolov and Mr. Eugene Shvidler. CB KEDR: Fitch Withdraws 'f' Viability Rating --------------------------------------------- Fitch Ratings has downgraded Russia-based JSC CB Kedr's Viability Rating (VR) to 'f' from 'b-' and removed it from RWN. The bank's other ratings, including its Long-term Issuer Default Ratings (IDRs) of 'B-''/Rating Watch Negative (RWN), were unaffected by this action. At the same time, Fitch has withdrawn Kedr's ratings as the bank has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Kedr. Fitch placed Kedr's ratings on RWN on December 3, 2014. The rating action reflected the risk that some of the bank's creditors may suffer losses and/or temporary loss of access to funds as a result of the rehabilitation measures initiated by the Central Bank of Russia (CBR) with respect to the group of banks headed by Bank Rost, including Kedr. On December 10, 2014, CBR and the state Deposit Insurance Agency (DIA) chose B&N Bank as the new controlling shareholder for the group. On December 17, 2014, B&N Bank acquired a controlling stake in Kedr. However, Kedr was managed by DIA until March 25, 2015, when new managers were appointed by B&N Bank to Kedr's board and its management team. KEY RATING DRIVERS - VR The downgrade of the VR to 'f' reflects Fitch's view that the bank has failed, after its weak capital position led to regulatory forbearance. At end-February 2015, Kedr's total and core tier one regulatory capital ratios were 2.4% and 2.3%, respectively, significantly below the required minimums of 10% and 5%. B&N Bank has informed Fitch that Kedr's capital will likely be replenished by end-1H15 as a result of the disposal of most problem and non-core assets. Management estimates that this could result in Kedr's total capital ratio increasing to 14%. KEY RATING DRIVERS - IDRS AND NATIONAL RATING, SUPPORT RATING AND SUPPORT RATING FLOOR Fitch has withdrawn Kedr's other ratings without resolving the Rating Watch or affirmation due to insufficient information to assess the other aspects of the bank's current and future credit profile besides capitalization. Fitch believes it is likely that Kedr's credit profile will become more aligned with that of B&N Bank, which it does not rate. Kedr has continued to service its obligations following the initiation of rehabilitation measures and has not defaulted. Kedr faced sizable deposit outflows in December 2014, but these were offset by a RUB3.9 billion loan from B&N Bank, using funds provided by DIA. The rating actions are as follows: Long-term foreign and local currency IDRs: 'B-' on RWN; withdrawn Short-term foreign currency IDR: 'B' on RWN; withdrawn National Long-term Rating: 'BB-(rus)' on RWN; withdrawn Viability Rating: downgraded to 'f' from 'b-'; off RWN; withdrawn Support Rating: '5'; withdrawn Support Rating Floor: 'No Floor'; withdrawn MOSKOMMERTSBANK: Fitch Affirms 'CCC' LT Issuer Default Rating ------------------------------------------------------------- Fitch Ratings has affirmed CB Moskommertsbank's (MKB) Long-term Issuer Default Rating (IDR) at 'CCC'. MKB is Kazkommertsbank's (KKB; B/Stable) Russian subsidiary. KEY RATING DRIVERS The affirmation of MKB's Long-term IDR at 'CCC' and Viability Rating (VR) at 'ccc' reflects its deep-seated asset quality problems, further aggravated by the recent rouble devaluation and economic downturn, and tight Tier 1 capitalization. Fitch does not factor potential support from KKB, MKB's sole shareholder, into the ratings. This reflects the absence of equity support from KKB in recent years, as well as the lack of any concrete plans to inject equity in the foreseeable future, notwithstanding MKB's high unreserved problem loans and tight core capital. MKB's problem loans (NPLs and restructured) increased to around 60% of the book at end-2014 from 53% at end-2013. The main source of asset quality problems is the retail mortgage portfolio, which is predominantly foreign currency denominated and thus devaluation-sensitive. Statutory reserves covered a moderate 21% of the loan book, and unreserved problem loans were equal to 4.3x regulatory core Tier 1 capital. Foreclosed collateral was equal to a further 0.5x Tier 1 capital. MKB's regulatory Tier 1 capital ratio fell to 6.0% at end-2014 from 8.1% at end-1H14, just in line with the minimum permitted level, before recovering moderately to 6.4% at end-February 2015. The reduction was driven by revaluation of the foreign currency mortgage portfolio (inflating risk-weighted assets) and operating losses. The bank's bottom line is highly volatile and largely depends on non-recurring income from sales of foreclosed collateral. Liquidity is currently satisfactory, with liquid assets net of near term third party repayments covering 29% of deposits at end- 2014. Although KKB has not provided equity to MKB, other forms of support have been made available. In July 2014, KKB prolonged its two US dollar-denominated subordinated loans to MKB (USD60 million in total) by 10 years and converted them into 'new style' facilities. Combined with rouble devaluation, this significantly increased the bank's Tier 2 capital, and raised its regulatory total capital ratio to 21.4% at end-2M15 from 13.2% at end-1H14. Nevertheless, net problem loans were still equal to 1.3x total regulatory capital, suggesting that bail in of subordinated debt might not by itself be sufficient to address MKB's solvency problems. Funding from KKB group entities (including both subordinated and senior facilities) comprised a high 49% of total non-equity funding at end-2014 and has supported MKB's liquidity. Other forms of support include occasional transfers of MKB's larger NPLs to KKB's balance sheet and outsourcing of a number of functions/processes to KKB. KKB's equity funding of MKB should not exceed 10% of the parent's regulatory capital according to Kazakh regulation. However, this is currently not a support constraint due to the very small size of MKB relative to KKB (1.6% of group assets at end-2014). MKB does not qualify as a 'material subsidiary' under the terms of the cross-default clause in KKB's Eurobonds, and so its default would not trigger acceleration of KKB's debt. RATING SENSITIVITIES A breach of minimum regulatory capital requirements could lead to a downgrade of MKB's VR and IDRs. A further weakening of asset quality would also be credit negative. A strengthening of MKB's core capital could lead to an upgrade. The ratings actions are as follows: Long-term foreign currency IDR: affirmed at 'CCC' Short-term foreign currency IDR: affirmed at 'C' National Long-term rating: affirmed at 'B(rus)' Viability Rating: affirmed at 'ccc' Support Rating: affirmed at '5' TATTELECOM OJSC: Fitch Affirms 'BB' LT Issuer Default Rating ------------------------------------------------------------ Fitch Ratings has affirmed Russia-based OJSC Tattelecom's (Tattel) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BB' and Short-term IDR at 'B'. The Outlook on the Long-term IDR is Stable. The ratings reflect Tattel's well-established position as a fixed-line incumbent in the Russian republic of Tatarstan (BBB/Negative), with a dominant share in the traditional telephony market. It has quickly become the largest broadband player in its operating territory, and made a successful entry into pay-TV. The company launched a mobile service in 2013, and start-up losses are likely to negatively impact the company's EBITDA margin in 2015. The rating also reflects the company's small scale and weak parental support. KEY RATING DRIVERS Strong Market Shares Tattel has been able to successfully defend and even expand its market shares, most notably to 60% in the broadband segment in terms of revenue, in spite of a congested competitive environment. Its pay-TV market share increased by 14ppts in 2014, reaching almost 50%. We believe the company is likely to continue eating into its peers' market shares, capitalizing on its good- quality network and a dedicated regional focus. With the lack of unbundling regulation in Russia and the company's established local power, the stronger financial resources of its larger national peers will not necessarily lead to operating competitive advantages. Mobile Development to Accelerate Tattel's entry into the mobile segment is strategically sound and complements its existing wireline operations. Although it enables the company to become a sole provider of quad-play bundles in Tatarstan, the value of quad-play service in Russia remain untested. The company has largely completed the rollout of its 2G/4G network and now plans to focus on subscriber acquisition. Tattel plans to increase market share by cross-selling its mobile services to its large existing fixed-line subscriber base. The company's high capacity core network, which is the foundation of its fixed-line operations, should also support a good quality mobile data service offering. Competitive Mobile Market Tatarstan is a competitive mobile market, with four other mobile operators as well as Tattel. There are 6.5m subscribers in total with a 172% mobile penetration rate as of end-2014. Tattel's market share in terms of subscribers was less than 1% at end- 2014, but subscriber additions have notably accelerated in the past several months. Tattel positions itself as a price discounter with easy to understand tariffs and a high-quality network and aims to provide leading customer service. A number of cheap promotional offers for new customers should lead to faster subscriber growth but is likely to be a drag on the company's overall EBITDA margin. Modest Leverage "We estimate Tattel's leverage increased to 1.0x net debt/EBITDA and 1.7x funds from operations (FFO) adjusted net leverage at end-2014 due to high capex for the mobile network rollout. Leverage will likely further increase in 2015 due to the partial deferral of payments for equipment from 2014 and pronounced pressure on the EBITDA margin from expected losses in the mobile segment. However, we expect leverage to remain below the downgrade trigger of 2.25x FFO adjusted net leverage. Deleveraging is likely from 2016 with an improvement in the financial performance of the mobile segment." Liquidity Risk Tattel's liquidity is insufficient to cover 2016 debt maturities, which is a risk. If there is no progress with finding sufficient liquidity sources to cover next year's maturities by late 2015, it may prompt negative rating action. However, Tattel's liquidity situation is mitigated by strong relationships with local banks and affiliation with one of the main creditors as well as by the flexibility to reduce capex and receive potential liquidity support from the company's controlling shareholder, OJSC Svyazinvestneftekhim (SINEK; BBB-/Negative). Refinancing efforts will be helped by Tattel's overall low leverage. Small Size A Limitation The company's small size could limit its financial options. Even the smallest Russian market convention size bond issue would create a substantial bullet refinancing exposure on the company's balance sheet. Tattel has predominantly relied on bank financing, where size is less of an issue. Weak Parental Support Fitch considers operational and strategic ties between the company and its controlling shareholder, SINEK, as weak. Therefore Tattel's rating primarily reflects its standalone credit profile. However, it is likely that SINEK would provide liquidity or lobbying support if necessary. KEY ASSUMPTIONS -- Stable market positions in the fixed-line segment -- Largely stable total revenue growth in low single digits -- Moderate EBITDA margin decline in 2015-2016 pressured by mobile segment -- Stable core EBITDA margin without mobile segment in mid-30s -- Gradually rising interest payments as historical low-interest debt instruments are replaced with more expensive debt -- Capital expenditure at around 27% of revenue in 2015 with further notable decline below 20% RATING SENSITIVITIES A downgrade could be triggered by a rise in leverage to above 2.25x FFO adjusted net leverage on a sustained basis. Tight liquidity and cash flow pressures driven by revenue and market share losses, particularly in the broadband segment, could also be negative for the ratings. Rating upside is constrained by the company's small size, its lack of geographical diversification, and limited access to capital markets. VAHOSTAV-SK: Launches Web site to Provide Restructuring Details --------------------------------------------------------------- The Slovak Spectator reports that Vahostav-SK spokesman Tomas Halan on April 9 said the company launched a Web site at Mrzinasto.sk, which in Slovak means "we are sorry", providing information about the company's restructuring. In line with the restructuring the company is due to pay back 15% of the money owed to construction companies and to self-earners, which represents EUR15.7 million, The Slovak Spectator discloses. Secured creditors, the most notable of which are banks, are to receive 100%, a fact which receives huge media attention, The Slovak Spectator notes. Overall, Vahostav-SK plans to pay back 32.3% of its debts, or EUR43.9 million, The Slovak Spectator says. The total debt is over EUR136 million, The Slovak Spectator states. With the same intention to inform about restructuring the company has created a Facebook page called "Vahostav -- SK restrukturalizacia [restructuralisation]" and a "VahostavSK" Twitter account, The Slovak Spectator relays. The restructuring plan was recently approved by the creditors committee, The Slovak Spectator relates. A meeting of all creditors, who must approve the latest plans, will take place on April 30, according to The Slovak Spectator. Vahostav-SK is a Slovak construction company. ========= S P A I N ========= CAR RENTALS: S&P Assigns 'B' LT Corporate Credit Rating ------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'B' long-term corporate credit rating to Car Rentals Parentco S.L.U., an intermediate holding company for Spanish rental company Goldcar. The outlook is stable. "At the same time, we assigned our 'B' issue rating to the group's proposed EUR450 million senior secured debt (comprising a EUR125 million revolving credit facility, EUR50 million term loan A, and EUR275 million term loan B). The '3' recovery rating on this debt indicates our expectation of meaningful (50%-70%) recovery in the event of a payment default. Our recovery expectations are in the higher half of the range," said S&P. The ratings reflect S&P's assessment of Goldcar's business risk profile as "weak," its management and governance as "fair," and its financial risk profile as "aggressive," as its criteria define these terms. S&P's assessment of Goldcar's business risk profile is constrained by the group's smaller size compared with peers, its concentration in Spain (where it generates more than 75% of its revenue), and the substantial seasonality in the business, with the majority of earnings generated in the summer months. S&P also considers consider the price-competitive and cyclical nature of on-airport car rentals. Goldcar targets leisure travelers. Although the group relies on inbound tourism with good prospects in Spain, it is less diversified in terms of geography and product offering than the bigger players. The on-airport segment, which generates about 95% of Goldcar's revenue, relies heavily on airline traffic. Demand tends to be cyclical, influenced by global events (such as wars, terrorism, and disease outbreaks), and is usually fiercely price competitive, because of excess capacity at times and participants' efforts to maintain market share. "However, we acknowledge Goldcar's leading position in its home market, with about 24% market share in leisure car rentals in Spain. In addition, we recognize that Goldcar's business model differs from its larger competitors. Goldcar's operations are based on low rental costs, although heavily reliant on ancillary services (which comprise about 50% of revenue to the usual 20%-30% for larger peers), and overall targeting the growing segment of value-conscious customers. We also view the group's EBITDA margins of about 40% as relatively high compared with those of its car rental peers," said S&P. "Our assessment of Goldcar's financial risk profile is underpinned by the group's majority ownership by financial sponsor Investindustrial. We view Goldcar's financial risk profile as aggressive, similar to other car rental companies. This is primarily due to the capital intensity of the car rental business, which is largely debt financed. Still, Goldcar and other car rental companies benefit from the highly liquid nature of their assets, which supports financial flexibility. In addition, a substantial portion of Goldcar's fleet is covered under repurchase agreements, which require auto manufacturers to repurchase the cars at preset prices if certain predetermined conditions are met. This allows the company to adjust the size of its fleet to better adapt to demand," said S&P. "Although we expect that the group's credit metrics will sit comfortably in our aggressive financial risk category, we are not able to solely rely on year-end figures for a proper assessment of the financial risk profile given Goldcar's seasonality and intrayear financing needs. Moreover, our forecast of neutral free operating cash flow (FOCF) generation in the next two years is an important element of our overall rating assessment. Reflecting the above factors, our rating on Goldcar is one notch below 'B+', the guideline rating in our criteria for a company with a "weak" business risk and "aggressive" financial risk profile (see "Methodology: Business Risk/Financial Risk Matrix Expanded," published on Sept. 18, 2012)," said S&P. Under its base case, S&P assumes: About 4% revenue growth over the next 12 months, mainly driven by increasing volumes, and a slight reduction in ancillary prices; Stable reported EBITDA margins of about 40%; Net capital expenditures of 28%-30% of revenues per year; and No acquisitions or dividend distributions in the near term. Based on these assumptions, S&P arrives at the following credit measures for the next 12-18 months: Adjusted debt to EBITDA of about 4.0x; Adjusted EBITDA interest coverage of about 4.0x; Unadjusted EBITDAR to interest plus rent of 2.4x; and Adjusted FOCF to debt of about 4.1%. The stable outlook on Goldcar reflects S&P's expectation that the group will achieve low- to mid-single-digit percentage growth in 2015 with a stable EBITDA margin near 40%. S&P expects this will result in adjusted leverage of roughly 4.0x at year-end. S&P also factors in its view that Goldcar will maintain "adequate" liquidity, with sufficient headroom under its covenants. "We could consider lowering the rating if Goldcar's adjusted EBITDA interest coverage falls below 2.5x, or if we perceive weakening liquidity. We could also lower the rating if the group is not able to execute its growth strategy outside Spain, experiences an unexpected loss of market share, or suffers considerable revenue or profit decline. "We would consider an upgrade if Goldcar was able to materially expand its business beyond Spain, which could improve its business risk profile. However, this hinges on the group refraining from adopting a more aggressive financial policy regarding shareholder remuneration or releveraging. That said, we consider a positive rating action unlikely over the next 12-18 months," said S&P. MARTINSA FADESA: Court Begins Liquidation After Debt Talks Fail -------------------------------------------------------------- Carlos Ruano at Reuters reports that Martinsa Fadesa on April 9 said a court had begun its liquidation, seven years after it became one of the most notable casualties of Spain's real estate crash and filed for bankruptcy. The liquidation, after a struggle with creditors over a debt pile of close to EUR7 billion (US$7.52 billion), is one of the country's biggest ever bankruptcies, Reuters notes. Martinsa Fadesa, born out of the merger of two big property groups just before the real estate bubble burst, had tried to strike a deal with its banks, asking them to write off large chunks of its loans and swap debt for assets, Reuters relates. The banks, which held about EUR4 billion of the EUR6.65 billion in debt Martinsa had as of June last year, rejected the plan, Reuters recounts. They have already made heavy provisions against losses on the company's loans, Reuters states. KPMG and Bankinter, which is representing bank creditors, will steer the liquidation process, Reuters discloses. Martinsa Fadesa is a Spanish property developer. ============= U K R A I N E ============= UKRAINE: Creditors Mull Restructuring Plan; June Deadline Looms --------------------------------------------------------------- Chiara Albanese and Nick Shchetko at The Wall Street Journal report that investors holding US$10 billion of Ukrainian debt have joined forces to develop a restructuring plan for the country's debt that won't involve a reduction in the principal value of the bonds. "A detailed proposal is being developed by the committee that provides Ukraine with the necessary financial liquidity support it has requested . . . without any principal debt reductions," The Journal quotes Blackstone Group International Partners LLP and Weil, Gotshal & Manges LLP, which are advising the bondholders, as saying on April 9. The committee includes U.S. asset manager Franklin Templeton Investments, which had about US$4 billion of the Ukrainian bonds at the end of December and is the largest private holder of the country's debt, The Journal discloses. Standard Bank analyst Tim Ash said the proposal doesn't guarantee the creditors will be fully repaid for the outstanding debt, The Journal relates. Mr. Ash, as cited by The Journal, said the proposal "does not mean that a deal will be done on these terms, without a haircut," or debt reduction. In March, the International Monetary Fund approved a bailout package of US$17.5 billion in loans over four years, The Journal recounts. But the country will need to draw on other international funding sources and restructure its debt to address its total financing need, estimated by the fund at US$40 billion over the period, The Journal notes. To help meet the goal, Ukraine is aiming to save US$15.3 billion from debt restructuring as part of the program agreed with the IMF, The Journal discloses. Talks with the country's creditors are supposed to conclude in May, before the first IMF performance review under the bailout program, The Journal states. Debt Restructuring Plan Deadline According to Reuters, the IMF on April 8 said it is "vital" that Ukrainian authorities reach agreement with their creditors by June, when the fund's next review of the country's US$17.5 billion bailout is due. Ukraine officials have set themselves a June deadline to complete a debt restructuring needed to plug a US$15 billion funding gap in the IMF program, but many analysts are skeptical that deadline can be met, Reuters relates. The IMF could only lend to Ukraine under the assumption that its debt is "sustainable," and Kiev can eventually pay back the fund and resolve its balance of payments problems, Reuters states. In order to do so, Kiev must satisfy the IMF's three requirements for debt talks: generate US$15 billion in funds, bring the ratio of debt to annual gross domestic product down below 71% by 2020, and make sure the country's financing needs stay at an average of 10 percent of GDP from 2019 to 2025, Reuters says. The agreement with creditors "will be an important consideration in the upcoming review as we need financing assurances to be satisfactory in order to proceed," Reuters quotes IMF spokesman Gerry Rice as saying in a statement. The IMF is slated to review Kiev's progress with the bailout conditions in mid-June, Reuters relays. =========================== U N I T E D K I N G D O M =========================== ELEMENT MATERIALS: Moody's Affirms B2 Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service affirmed Element Materials Technology Group Holdings CC2 Ltd's (Element or the company) B2 corporate family rating (CFR) and B2-PD probability of default rating (PDR) as well as the B2 instrument ratings of the USD285 million Term Loan B due 2021 and the USD40 million Revolving Credit Facility (RCF) due 2019 raised by Element Materials Technology Group US Holdings Inc. (the US borrower) and Element Materials Technology Holding UK Ltd (the UK borrower), both subsidiaries of the company. Concurrently, Moody's has assigned a new (P)B2 instrument rating to the USD70 million incremental Term Loan B due 2021 to be raised by the UK borrower. The outlook is stable on all the ratings. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction only. Upon a conclusive review of the final documentation, Moody's will endeavor to assign a definitive rating to the facilities. A definitive rating may differ from a provisional rating. The proceeds from the issuance of the USD70 million incremental term Loan B will be used to fund the acquisition of TRaC Global Ltd (TRaC), a scale aerospace testing business, from Bioquell Group Plc (Bioquell) and related fees. The transaction, expected to close mid-May 2015, is conditional to Bioquell's shareholders' majority approval. RATINGS RATIONALE Moody's decision to affirm Element's B2 CFR reflects the company's continued positive momentum in terms of revenue and EBITDA growth which mitigates the increased leverage of the company pro-forma for the acquisition of TRaC. In addition, the rating is supported by the company's good cash flow generation projected to remain above 5% as a percentage of adjusted debt pro-forma for the transaction. We note, however, that the ratings remain constrained by the company's relatively small scale. Pro-forma for the acquisition of TRaC and all the acquisitions completed in 2014 and 2015 (Element Berlin, Accutek, and Environ), Element generated revenues of USD283 million in the last twelve months (LTM) to 28 February 2015. While the acquisition of TRaC provides some geographical diversification, Element's revenues remain geographically concentrated with the US accounting for approximately 73% of pro-forma 2014 group revenues. In addition, the acquisition of TRaC increases the company's concentration around aerospace which account for 52% of pro-forma sales. Pro-forma for the acquisition of TRaC and all the acquisitions completed in 2014 and 2015, Element's adjusted gross leverage (as adjusted by Moody's for operating leases and pension liabilities) will increase to 4.8x based on the last twelve months (LTM) to 28 February 2015 pro-forma EBITDA (as reported by the company) of USD74.4 million from 4.5x prior to the transaction. TRaC's pro- forma contribution to EBITDA is estimated at USD10 million including USD2 million from identified synergies. While the additional incremental facility will increase Element's leverage close to the level at the closing of the company's refinancing in July 2014, Moody's considers that the ratings are now more weakly positioned within the B2 rating category based on our expectation of slower deleveraging over the rating horizon compared to that assumed at the time of the refinancing. Element delivered a strong performance in 2014 with revenues (pro-forma for the acquisition of Element Berlin and Accutek in 2014 and Environ in early 2015) growing at 8% compared to prior year. All segments had a positive contribution to revenues with Aerospace, Transportation & Industrials, and Oil & Gas increasing sales by 8%, 5% and 10%, respectively. Based on the operating leverage of the business, EBITDA (as reported by the company) grew even faster to USD64 million from USD53 million a year earlier leading to the EBITDA margin increasing to 24.9% from 22.2% in 2013. While we believe that market fundamentals remain strong for the Testing, Inspection, and Certification (TIC) market driven by increased outsourcing and regulation, and in particular in the Aerospace segment driven by the strong order backlog, we expect that the Oil & Gas segment will grow at a slower pace in 2015 and beyond if oil prices remain at the current lower levels. This should result in a more modest de- leveraging over the next 12 months compared to that observed between the closing of the company's refinancing in July 2014 and the period to LTM 28 February 2015. Moody's considers Element's liquidity position to be good, supported by the pro-forma cash balance (pro-forma for the acquisition of TRaC) of USD29.5 million and the undrawn USD40 million RCF. The RCF has a springing leverage covenant that acts as a draw stop, tested only once 30% of the facility is drawn. In addition, liquidity is enhanced by the company's good free cash flow generation expected at above 5% as a percentage of adjusted debt in 2015 (pro-forma for the transaction). The USD70 million incremental term loan B will rank pari passu with the company's existing Term Loan B and RCF and benefit from the same security and guarantee package. The instrument ratings of the term loans are in line with the company's B2 CFR in the absence of other significant liabilities ranking ahead or below. Element Materials' stable outlook reflects Moody's expectation that the company will experience a continued organic growth in revenues driven by strong underlying fundamentals partially mitigating the negative impact on leverage of future debt-funded bolt-on acquisitions. WHAT COULD CHANGE THE RATINGS UP/DOWN Positive ratings pressure could arise if (1) the company's three divisions experience continued strong growth improving the scale and diversification of the business; (2) leverage decreases sustainably to around 4.5x; (3) FCF/debt increases to high single digit on a sustainable basis; (4) while maintaining a solid liquidity position. Conversely, the ratings could be downgraded if (1) the EBITDA margin as adjusted by Moody's decreases to below 20%; (2) leverage increases towards 6.0x; (3) FCF is negative for a prolonged period of time; or (4) other liquidity weaknesses arise. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. Other methodologies used include Loss Given Default for Speculative- Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Headquartered in the United Kingdom, Element is an independent global materials testing provider offering a full suite of laboratory-based services operating mainly in the US and Europe. These services cover technically demanding testing for a broad range of advanced materials, components, products and systems to ensure compliance with safety, performance and quality standards imposed by customers, accreditation bodies and regulatory authorities. ELEMENT MATERIALS: S&P Affirms 'B' CCR on TRac Acquisition ---------------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'B' long-term corporate credit rating on U.K.-based product qualification and materials testing company Element Materials Technology Group Holding CC2 Ltd. (Element). The outlook is stable. "We affirmed our 'B' issue rating on the existing and incremental term loan B, drawn by Element Materials Technology Group US Holdings Inc. and Element Materials Technology Group Holding UK Ltd. The recovery rating on these facilities is '3', indicating our expectation of recovery prospects of 30%-50% -- in the lower half of the range -- in the event of a payment default," said S&P. The affirmation follows Element's recent announcement of its acquisition of U.K.-based testing business TRaC for US$70 million in cash. In S&P's view, the acquisition will not meaningfully alter the company's business risk profile, and Element's leverage remains high. The target company undertakes product qualification testing in the aerospace sector. "We believe that the acquisition of TRaC will support Element's leading position in the aerospace testing market, as well as strengthen its testing capabilities by offering an expanded range of materials testing services. The transfer of technologies will be another benefit for the combined company. However, we don't anticipate that Element's overall competitive position will change significantly, as it remains a small niche player in the global testing, inspection, and certification (TIC) industry, with lower end-market and geographic diversity than large global players. We assess Element's business risk profile as 'fair'", said S&P. "We assess Element's financial risk profile as "highly leveraged." Following the acquisition, we forecast that Element's Standard & Poor's-adjusted debt will increase to over US$390 million as of Dec. 31, 2015 (end of financial-year 2015) from about US$320 million at the end of 2014. Our estimate of adjusted debt includes the $281 million term loan B and new US$70 million incremental term loan; our adjustment for operating lease commitments of nearly $32 million; and deferred consideration of over $6 million. Under our criteria, we consider preferred equity certificates (PECs) that are held at an intermediate holding company outside the rated group to be equity. We forecast debt to EBITDA of over 5x and funds from operations (FFO) to debt of about 12% for the financial year ending Dec. 31, 2015," said S&P. "Our assessment of Element's financial policy as "aggressive" reflects its private equity ownership as well as the possibility of shareholder distributions. We consider Element's positive free cash flow as supportive of the rating," said S&P. S&P's base case assumes: -- Revenue growth of nearly 17% to about $300 million in 2015 as Element fully incorporates TRaC's financial results, and about 6% revenue growth in 2016; -- Standard & Poor's-adjusted EBITDA margins of about 23%-24% over the next 18 months; and -- No further acquisitions. Based on these assumptions, S&P arrives at the following credit measures in 2015: -- Debt to EBITDA of above 5x; -- Funds from operations (FFO) to debt of about 12%; and -- Free operating cash flow of about $8 million. The stable outlook reflects S&P's view that Element will retain its leading position as a materials testing provider in its niche sectors in the U.S., as well as in European markets, and its good profitability. The stable outlook also reflects our view that the company will maintain its credit metrics in line with a "highly leveraged" financial risk profile in the near term, including a ratio of adjusted debt to EBITDA of above 5x. "We could consider raising the rating if Element demonstrated a track record of improved credit metrics, such that adjusted debt to EBITDA were sustained at below 5x, as well as an absence of shareholder distributions. An improvement in credit metrics could result from better operating conditions than we currently forecast, leading to growth in adjusted EBITDA," said S&P. "We could consider lowering the rating if Element posted negative free operating cash flow or we observed a sustained contraction in its EBITDA margin, triggered by unexpected adverse operating developments. Likewise, tightened liquidity or covenant headroom could cause us to lower the ratings. Interest coverage ratios below 2x would also put pressure on the rating," said S&P. INDEPENDENT INSURANCE: June 1 Scheme Creditors' Meeting Set ----------------------------------------------------------- By an Order dated March 16, 2015, the High Court of Justice No. 1863 of 2015 Chancery Division Companies Court has directed that meetings of two classes of Scheme Creditors of Independent Insurance Company Limited, in provisional liquidation, be convened for the purpose of considering and, if thought fit, approving (with or without modifications) a scheme of arrangement proposed between the Company and the Scheme Creditors pursuant to Part 26 of the Companies Act 2006 and that the Scheme Meetings will be held concurrently at PricewaterhouseCoopers LLP, 7 More London Place, London SE1 2RT commencing at 10:00 a.m. (London time) on June 1, 2015 at which place and time all such Scheme Creditors are requested to attend. Scheme Creditors may vote in person at the Scheme Meetings or they may appoint another person, whether a Scheme Creditor or not (including the Chairman) as their proxy to attend and vote in their place. Scheme Creditors are encouraged to return completed and signed Forms of Voting and Proxy electronically by email to the Company at iiclscheme@capita.co.uk without delay or alternatively by post or personal delivery to IICL-SOA, PO BOX 5456, Manchester, M61 0LE marked for the attention of the Scheme Manager. In either case, Forms of Voting and Proxy must be received by no later than 5:00 p.m. on May 29, 2015. In addition, valid and executed Forms of Voting and Proxy will be accepted by the registration desk up to one hour prior to the time at which the relevant Scheme Meeting is scheduled to commence or by the Chairman at the relevant Scheme Meeting. A short statement explaining the effect of the Scheme, together with Forms of Voting and Proxy for use at the Scheme Meetings, is being sent to all known Scheme Creditors of the Company. Copies of the proposed Scheme, explanatory statement and Forms of Voting and Proxy may be downloaded from the Company's Web site, www.independent-insurance.co.uk and are also available on request by email to iiclscheme@capita.co.uk or by post addressed to Scheme Manager, IICL-SOA, PO BOX 5456, Manchester, M61 0LE. By its Order, the Court has appointed Mark Charles Batten -- mark.c.batten@uk.pwc.com -- or, in his absence, Dan Yoram Schwarzmann -- daniel.schwarzmann@uk.pwc.com -- both of PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1 2RT to act as Chairman of the Scheme Meetings and has directed the Chairman to report the result of the Scheme Meetings to the Court. In the event that the Scheme Creditors vote in favor of the Scheme, it will be subject to the subsequent approval of the Court. For queries in relation to the Scheme or completing your voting form, please call the IICL helpline on +44 (0)161 274 8837 MACLAY GROUP: In Administration After Tax Debt Investigation ------------------------------------------------------------ Perry Gourley at The Scotsman reports that a tax debt of GBP600,000 found after an investigation by accountants led to the collapse of Maclay Group. Administrators were appointed to Maclay Group, which has been in business since 1830 and owns 15 sites, including the Southsider in Edinburgh and the Three Judges in Glasgow, in January, The Scotsman relates. Although the underlying pubs business had been profitable, the company had found itself unable to meet a shortfall in funding requirements, The Scotsman says, citing a progress report for creditors from administrators at EY. The document said that during a period of absence by a senior manager, the directors had identified an "unexpected funding requirement" of up to GBP1.2 million which exceeded the group's existing GBP500,000 overdraft facility, The Scotsman notes. Although the pub group's underlying business was profitable, there were insufficient funds to pay the tax liability in full, The Scotsman states. Negotiations with HMRC over a repayment plan proved unsuccessful and, given the scale of funding required, the shareholders of the company were unwilling to provide an equity injection and administrators were called in, The Scotsman recounts. A handful of staff were made redundant but at the time of the report some 280 were still employed and the administrators said no further job losses were anticipated as the pubs were continuing to trade, according to The Scotsman. The administrators, as cited by The Scotsman, said that interest in the pubs had been encouraging, with more than 50 expressions of interest either for the whole portfolio, smaller portfolios or individual units. A closing date for offers has been set at April 30, The Scotsman discloses. The group owed around GBP10 million to its bankers which was secured by a floating charge over assets, The Scotsman says. The sale of the pubs is expected to be able to repay most of that money, The Scotsman notes. According to The Scotsman, other creditors are thought to be owed around GBP5.3 million. Although the outcome of the administration remains uncertain, it is thought that there may be sufficient funds to enable unsecured creditors to get some return, The Scotsman states. Maclay Group is one of Scotland's oldest pub operators. TGI FRIDAY'S: S&P Alters Outlook to Stable on Sale of UK Restos --------------------------------------------------------------- Standard & Poor's Ratings Services revised the outlook on TGI Friday's Inc. (TGIF) to stable from negative. S&P affirmed the 'B+' corporate credit rating. "At the same time, we affirmed the 'BB-' issue-level rating on the company's first-lien credit facility. The recovery rating is '2'indicating our expectation towards the lower end of the substantial (70% to 90%) recovery range for lenders in the event of a payment default. Following the U.K. franchise sale, proceeds of which the company used to pay down debt, and the subsequent proposed capital structure transaction, TGIF's capital structure will be a first-lien credit facility that consists of a five-year $50 million revolving credit facility and a term loan with an outstanding balance of $324 million," said S&P. "We based our ratings on Carrollton, Texas-based casual dining operator and franchisor TGIF on its vulnerability to consumer spending and dining trends and its mid-size scale compared with larger operators such as Applebee's, Olive Garden, and other larger casual dining competitors," said credit analyst Mathew Christy. "We think the remainder of the restaurants set to be sold under its refranchising plans will allow the company to generate sizeable cash proceeds in the near term and allow the company to improve earnings and cash flow consistency. We do not anticipate any debt-funded shareholder initiatives, but project in our base-case that the company will use any near-term franchise proceeds primarily for dividends to the private equity sponsors. These are the primary factors that support our view of the company's business and financial risk profiles." "Our rating outlook is stable. We believe operating performance for TGIF will remain relatively stable following the franchising of more than 78% of the company's restaurants and anticipation that more than 90% of the restaurant base will be franchised, which we expect to be completed later this year. We also believe credit metrics will remain in line with our estimates for pro-forma levels, including debt to EBITDA in the mid- to high- 4x," said S&P. Downside scenario "We could lower the rating if we believe the company will sustain total debt-to-EBITDA leverage above 5x in conjunction with FFO to debt below 12%. This could occur as a result of a weaker-than- anticipated operating performance or debt-financed dividend to the private equity sponsors. We estimate EBITDA would need to decline more than 5% from estimated 2015 levels for this to occur or adjusted debt increases, neither of which we consider in our base-case given the company's more stable earnings stream from franchised restaurants and expected cash flow from continued sale of restaurants to franchisees. A downgrade could also occur if the company cannot achieve projected margins without a significant pay down in debt," said S&P. Upside scenario "Although unlikely in the near term, we could raise the rating if we believe the company can sustain an adjusted leverage ratio less than 4x and FFO to debt that approaches 20%. Adjusted EBITDA would need to increase nearly 20% from our estimated 2015 levels for this to occur, assuming debt levels remain stable. We could also consider a higher rating if the company uses proceeds from franchise sales to pay down debt or if the private equity owners reduce their holdings below 40%. Under this scenario we would revise the financial risk profile to 'significant,'" said S&P. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 6, 2015 to April 10, 2015 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Ukreximbank Via Bi 8.38 4/27/2015 USD 62.55 Ajecorp BV 6.50 5/14/2022 USD 63.00 Far East Capital L 8.00 5/2/2018 USD 44.01 Heta Asset Resolut 4.38 1/24/2017 EUR 57.00 Takko Luxembourg 2 9.88 4/15/2019 EUR 44.00 OAS Investments Gm 8.25 10/19/2019 USD 16.25 DTEK Finance BV 9.50 4/28/2015 USD 66.52 CHC Helicopter SA 9.38 6/1/2021 USD 65.06 Ukraine Government 7.50 4/17/2023 USD 41.00 QGOG Constellation 6.25 11/9/2019 USD 60.50 Ukraine Government 9.25 7/24/2017 USD 39.75 Heckler & Koch Gmb 9.50 5/15/2018 EUR 68.50 Ukraine Government 4.95 10/13/2015 EUR 45.00 Ukraine Government 6.88 9/23/2015 USD 44.00 Brunswick Rail Fin 6.50 11/1/2017 USD 41.02 Heta Asset Resolut 4.25 10/31/2016 EUR 57.00 Metinvest BV 10.25 5/20/2015 USD 66.45 MHP SA 8.25 4/2/2020 USD 71.00 Ukreximbank Via Bi 8.75 1/22/2018 USD 55.80 Russian Standard B 7.56 12/1/2016 USD 73.00 Heta Asset Resolut 2.75 5/31/2016 CHF 56.99 Metinvest BV 8.75 2/14/2018 USD 49.00 NBG Finance PLC 4.38 4/30/2019 EUR 62.38 Avangardco Investm 10.00 10/29/2015 USD 40.00 Public Power Corp 5.50 5/1/2019 EUR 71.63 Helios Towers Fina 8.38 7/15/2019 USD 69.75 Oschadbank Via SSB 8.25 3/10/2016 USD 52.51 Privatbank CJSC Vi 9.38 9/23/2015 USD 39.55 Far East Capital L 8.75 5/2/2020 USD 44.00 Piraeus Group Fina 5.00 3/27/2017 EUR 69.16 Nordea Bank AB 0.70 EUR 74.89 Alpha Credit Group 3.38 6/17/2017 EUR 70.20 DTEK Finance PLC 7.88 4/4/2018 USD 41.60 Afren PLC 6.63 12/9/2020 USD 44.00 Iona Energy Co UK 9.50 9/27/2018 USD 48.00 Aegon NV 0.68 EUR 73.04 Ukraine Government 7.75 9/23/2020 USD 41.25 OSX 3 Leasing BV 13.00 3/20/2015 USD 58.25 HSH Nordbank AG/Lu 2.64 EUR 32.35 Singulus Technolog 7.75 3/23/2017 EUR 69.25 Asya Sukuk Co Ltd 7.50 3/28/2023 USD 64.00 AXA SA 1.18 EUR 72.24 Oschadbank Via SSB 8.88 3/20/2018 USD 51.81 HSH Nordbank AG 7.25 USD 41.62 Ekotechnika GmbH 9.75 5/10/2018 EUR 9.25 EnQuest PLC 7.00 4/15/2022 USD 74.00 Indo Energy Financ 6.38 1/24/2023 USD 66.63 Afren PLC 11.50 2/1/2016 USD 48.00 Heta Asset Resolut 0.10 5/31/2016 EUR 56.67 Paragon Offshore P 7.25 8/15/2024 USD 36.25 Ukraine Government 7.80 11/28/2022 USD 39.25 Bank of New York M 4.55 12/15/2050 EUR 66.67 Banco Espirito San 7.13 11/28/2023 EUR 9.00 OGX Austria GmbH 8.50 6/1/2018 USD 0.19 Ukraine Government 6.58 11/21/2016 USD 39.75 Public Power Corp 4.75 5/1/2017 EUR 74.84 Banca delle Marche 0.99 6/1/2017 EUR 50.38 Paragon Offshore P 6.75 7/15/2022 USD 35.00 EXIM of Ukraine CJ 5.79 2/9/2016 USD 40.00 Norske Skogindustr 7.00 6/26/2017 EUR 68.65 ING Groep NV 0.45 EUR 72.19 WPE International 10.38 9/30/2020 USD 6.50 Awilco Drilling PL 7.00 4/9/2019 USD 69.52 First Ukrainian In 11.00 12/31/2018 USD 39.88 Virgolino de Olive 10.50 1/28/2018 USD 3.50 Oesterreichische V 10.00 EUR 0.83 Russian Standard B 11.50 1/17/2024 USD 58.00 Banque Federative 1.02 EUR 63.34 ING Groep NV 0.85 EUR 74.48 ERB Hellas PLC 4.25 6/26/2018 EUR 62.33 Ukraine Railways v 9.50 5/21/2018 USD 39.00 Credit Agricole SA 0.71 EUR 65.57 Alcatel-Lucent 4.25 7/1/2018 EUR 4.16 Metinvest BV 10.50 11/28/2017 USD 48.15 Ukraine Government 6.25 6/17/2016 USD 39.75 Norwegian Energy C 6.50 3/6/2018 NOK 30.00 Afren PLC 10.25 4/8/2019 USD 47.88 Etablissements Mau 1.63 7/1/2019 EUR 15.24 UKRLANDFARMING PLC 10.88 3/26/2018 USD 40.75 AXA SA 0.85 EUR 74.11 Peugeot SA 4.45 1/1/2016 EUR 28.97 Tonon Luxembourg S 10.50 5/14/2024 USD 44.75 City of Kiev Ukrai 8.00 11/6/2015 USD 41.13 Oesterreichische V 0.89 11/28/2016 EUR 42.00 Hema Bondco II BV 8.50 12/15/2019 EUR 62.00 Ukraine Government 7.95 2/23/2021 USD 39.00 Yuksel Insaat AS 9.50 11/10/2015 USD 63.00 Commercial Bank Pr 5.80 2/9/2016 USD 24.88 Ukraine Government 6.75 11/14/2017 USD 39.00 Meyer Burger Techn 5.00 5/24/2017 CHF 68.67 Caixa Terrassa Soc 1.43 EUR 64.69 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.82 Aegon NV 4.16 NLG 61.83 BNP Paribas Fortis 2.03 EUR 74.50 SOITEC 6.75 9/18/2018 EUR 1.46 Vseukrainsky Aktsi 9.00 6/14/2019 USD 0.83 BPCE SA 0.14 EUR 62.67 Bank of New York M 4.32 12/30/2099 EUR 34.05 Eurobank Ergasias 1.64 6/8/2017 EUR 51.93 Faurecia 3.25 1/1/2018 EUR 43.14 ESFIL-Espirito San 5.25 6/12/2015 EUR 2.80 CNP Assurances 0.53 EUR 65.08 Rothschilds Contin 0.69 USD 52.34 Banca delle Marche 1.18 6/15/2016 EUR 51.65 OGX Austria GmbH 8.38 4/1/2022 USD 0.05 Rothschilds Contin 0.91 EUR 56.58 Santander Finance 0.62 EUR 68.39 CGG SA 1.25 1/1/2019 EUR 27.12 Athens Urban Trans 4.85 9/19/2016 EUR 65.88 Astana Finance BV 7.88 6/8/2010 EUR 5.66 Mriya Agro Holding 9.45 4/19/2018 USD 11.00 City of Kyiv Via K 9.38 7/11/2016 USD 35.00 Air France-KLM 2.03 2/15/2023 EUR 11.58 Econocom Group SA/ 1.50 1/15/2019 EUR 11.10 Phosphorus Holdco 10.00 4/1/2019 GBP 2.00 Depfa Funding II L 6.50 EUR 58.26 Depfa Funding III 1.72 EUR 55.98 Alcatel-Lucent 0.13 1/30/2020 EUR 4.74 HSBC Bank PLC 0.75 USD 61.96 Codere Finance Lux 8.25 6/15/2015 EUR 64.13 Ageasfinlux SA 1.40 EUR 63.83 Transcapitalbank J 7.74 7/18/2017 USD 70.00 Noreco Norway AS 6.50 3/6/2018 NOK 45.00 MS Deutschland Bet 6.88 12/18/2017 EUR 18.00 Banque Federative 0.83 EUR 63.10 Sydbank A/S 1.22 EUR 64.60 Privatbank CJSC Vi 10.88 2/28/2018 USD 40.00 Towergate Finance 10.50 2/15/2019 GBP 1.32 Santander Internat 2.00 USD 48.00 Capital Raising Gm 7.50 EUR 12.02 Talvivaara Mining 4.00 12/16/2015 EUR 0.68 Caisse Federale du 1.17 EUR 61.06 Pescanova SA 5.13 4/20/2017 EUR 3.71 Lambay Capital Sec 6.25 GBP 1.27 Takko Luxembourg 2 7.07 4/15/2019 EUR 41.00 Investec Finance P 6.25 GBP 70.38 NIBC Bank NV 2.13 USD 65.68 Ajecorp BV 6.50 5/14/2022 USD 63.50 PA Resources AB 13.50 3/3/2016 SEK 9.63 Banco Espirito San 2.67 EUR 7.67 Renaissance Credit 13.50 5/22/2019 USD 55.75 Paragon Offshore P 7.25 8/15/2024 USD 34.75 Jasper Explorer PL 13.50 5/27/2016 USD 12.00 Island Drilling Co 9.50 4/3/2018 USD 55.00 NTRP Via Interpipe 10.25 8/2/2017 USD 25.00 Hellenic Republic 5.20 7/17/2034 EUR 58.00 Heta Asset Resolut 0.82 1/24/2017 EUR 3.39 Financing of Infra 9.00 12/7/2017 USD 38.50 Norske Skog Holdin 8.00 2/24/2021 EUR 73.18 Virgolino de Olive 11.75 2/9/2022 USD 3.88 Phones4u Finance P 9.50 4/1/2018 GBP 32.00 Assystem 4.50 EUR 28.28 Pierre & Vacances 3.50 10/1/2019 EUR 38.32 Espirito Santo Fin 6.88 10/21/2019 EUR 0.05 NIBC Bank NV 0.67 EUR 54.85 Jyske Bank A/S 0.74 EUR 64.77 PA Resources AB 12.25 4/5/2016 NOK 5.63 EnQuest PLC 7.00 4/15/2022 USD 70.63 Popular Capital SA 0.70 EUR 56.50 Jyske Bank A/S 0.98 EUR 65.33 Ukraine Government 5.00 12/20/2015 USD 47.63 Credit Mutuel Arke 0.86 EUR 61.25 Hybrid Raising Gmb 6.63 EUR 12.13 Mriya Agro Holding 10.95 3/30/2016 USD 9.95 Pescanova SA 8.75 2/17/2019 EUR 3.73 Heta Asset Resolut 0.14 5/31/2016 EUR 55.63 Danske Bank Oyj 0.73 EUR 66.44 Dannemora Mineral 11.75 3/22/2016 USD 0.67 Praktiker 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EUR 62.64 DZ Bank AG Deutsch 15.25 5/22/2015 EUR 53.88 Goldman Sachs & Co 11.00 12/23/2015 EUR 69.43 Notenstein Privatb 9.60 6/16/2015 CHF 43.69 Bank Julius Baer & 7.65 7/3/2015 USD 54.10 UBS AG/London 15.25 6/25/2015 CHF 52.73 Commerzbank AG 7.50 6/25/2015 EUR 68.09 Commerzbank AG 6.50 6/25/2015 EUR 73.34 Commerzbank AG 8.25 6/25/2015 EUR 69.93 Commerzbank AG 10.25 6/25/2015 EUR 66.44 DZ Bank AG Deutsch 5.00 7/24/2015 EUR 71.04 DZ Bank AG Deutsch 6.75 7/24/2015 EUR 73.07 DZ Bank AG Deutsch 16.00 7/24/2015 EUR 64.06 UniCredit Bank AG 5.25 9/24/2015 EUR 70.98 UniCredit Bank AG 4.25 9/24/2015 EUR 73.99 UniCredit Bank AG 5.40 9/24/2015 EUR 70.23 BNP Paribas Emissi 7.50 6/25/2015 EUR 73.47 BNP Paribas Emissi 9.00 6/25/2015 EUR 69.99 Leonteq Securities 8.64 8/25/2015 CHF 18.94 LBBW 4.30 9/23/2016 EUR 73.27 Vontobel Financial 7.70 6/26/2015 EUR 74.97 Bank Julius Baer & 6.50 7/31/2015 USD 64.10 UBS AG/London 15.00 7/23/2015 CHF 50.51 DZ Bank AG Deutsch 16.00 8/28/2015 EUR 72.21 EFG 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7/23/2015 EUR 57.66 DZ Bank AG Deutsch 4.40 7/23/2015 EUR 52.40 DZ Bank AG Deutsch 5.90 10/23/2015 EUR 61.24 DZ Bank AG Deutsch 5.80 10/23/2015 EUR 58.44 DZ Bank AG Deutsch 4.70 10/23/2015 EUR 55.35 DZ Bank AG Deutsch 3.10 7/22/2015 EUR 62.22 DZ Bank AG Deutsch 3.90 10/22/2015 EUR 63.84 DZ Bank AG Deutsch 4.70 10/22/2015 EUR 62.82 DZ Bank AG Deutsch 5.60 10/22/2015 EUR 61.91 DZ Bank AG Deutsch 3.90 7/22/2015 EUR 74.89 DZ Bank AG Deutsch 5.70 7/22/2015 EUR 71.67 DZ Bank AG Deutsch 7.80 7/22/2015 EUR 68.84 DZ Bank AG Deutsch 5.70 10/22/2015 EUR 74.37 DZ Bank AG Deutsch 6.60 10/22/2015 EUR 73.25 DZ Bank AG Deutsch 5.70 7/22/2015 EUR 60.13 DZ Bank AG Deutsch 8.30 7/22/2015 EUR 57.86 DZ Bank AG Deutsch 3.60 10/22/2015 EUR 66.34 DZ Bank AG Deutsch 4.90 7/22/2015 EUR 59.80 DZ Bank AG Deutsch 6.00 7/22/2015 EUR 58.75 DZ Bank AG Deutsch 3.70 7/22/2015 EUR 62.82 DZ Bank AG Deutsch 5.30 10/22/2015 EUR 63.92 DZ Bank AG Deutsch 7.30 10/22/2015 EUR 61.89 Leonteq Securities 11.52 10/28/2015 CHF 58.97 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Bank AG 7.20 9/22/2015 EUR 70.90 Deutsche Bank AG 6.20 9/22/2015 EUR 70.50 Deutsche Bank AG 5.20 9/22/2015 EUR 70.00 Deutsche Bank AG 7.20 9/22/2015 EUR 68.00 Deutsche Bank AG 6.20 9/22/2015 EUR 67.50 Deutsche Bank AG 5.20 9/22/2015 EUR 67.10 Vontobel Financial 5.60 6/26/2015 EUR 74.67 Deutsche Bank AG 5.20 6/23/2015 EUR 72.50 Deutsche Bank AG 6.20 6/23/2015 EUR 72.70 Deutsche Bank AG 5.20 6/23/2015 EUR 69.10 Deutsche Bank AG 7.20 6/23/2015 EUR 66.40 Deutsche Bank AG 5.20 9/22/2015 EUR 73.20 UBS AG 10.75 6/26/2015 EUR 56.11 Commerzbank AG 11.00 6/25/2015 EUR 69.37 UBS AG 10.50 6/26/2015 EUR 53.14 UBS AG 14.75 9/25/2015 EUR 64.91 UniCredit Bank AG 4.75 9/24/2015 EUR 72.89 Societe Generale S 0.50 5/22/2024 MXN 60.98 Oesterreichische V 1.04 3/1/2021 EUR 23.50 e-Kancelaria Grupa 9.00 8/19/2016 PLN 1.00 DZ Bank AG Deutsch 6.25 7/10/2015 EUR 71.25 DZ Bank AG Deutsch 6.75 7/10/2015 EUR 71.37 DZ Bank AG Deutsch 7.25 7/10/2015 EUR 71.49 Vontobel Financial 5.65 6/26/2015 EUR 70.98 Goldman Sachs & Co 9.00 6/24/2015 EUR 73.72 Goldman Sachs & Co 11.00 6/24/2015 EUR 70.35 Credit Suisse AG/L 2.75 1/29/2019 SEK 74.40 DZ Bank AG Deutsch 6.90 4/15/2015 EUR 59.29 DZ Bank AG Deutsch 9.10 4/15/2015 EUR 56.21 DZ Bank AG Deutsch 5.10 4/15/2015 EUR 62.79 DZ Bank AG Deutsch 5.00 4/15/2015 EUR 58.63 DZ Bank AG Deutsch 3.70 4/15/2015 EUR 61.69 DZ Bank AG Deutsch 10.50 4/15/2015 EUR 61.43 DZ Bank AG Deutsch 6.80 4/15/2015 EUR 67.50 DZ Bank AG Deutsch 8.60 4/15/2015 EUR 64.32 DZ Bank AG Deutsch 6.60 4/15/2015 EUR 55.86 Credit Suisse AG/N 8.50 6/5/2015 CHF 74.79 UBS AG 7.00 12/29/2015 EUR 70.87 UBS AG 6.25 6/26/2015 EUR 71.11 UBS AG 9.75 9/25/2015 EUR 61.52 UBS AG 24.25 9/25/2015 EUR 44.21 UBS AG 20.75 12/29/2015 EUR 72.02 UBS AG 13.50 6/26/2015 EUR 53.74 UBS AG 12.00 12/29/2015 EUR 58.31 UBS AG 15.00 6/26/2015 EUR 51.82 UBS AG 13.75 9/25/2015 EUR 54.21 UBS AG 23.00 9/25/2015 EUR 73.60 UBS AG 20.25 9/25/2015 EUR 72.33 UBS AG 24.75 9/25/2015 EUR 70.44 UBS AG 19.50 12/29/2015 EUR 73.97 UBS AG 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24.75 9/25/2015 EUR 74.10 UBS AG 23.50 6/26/2015 EUR 73.34 UBS AG 22.50 9/25/2015 EUR 74.83 UBS AG 18.50 12/29/2015 EUR 69.59 UBS AG 17.50 12/29/2015 EUR 71.40 UBS AG 15.00 9/25/2015 EUR 74.89 UBS AG 20.00 9/25/2015 EUR 58.32 UBS AG 23.00 6/26/2015 EUR 73.45 UBS AG 15.00 12/29/2015 EUR 66.15 UBS AG 11.25 9/25/2015 EUR 73.15 UBS AG 18.75 6/26/2015 EUR 68.46 UBS AG 23.50 9/25/2015 EUR 62.42 UBS AG 13.50 12/29/2015 EUR 68.71 UBS AG 21.75 12/29/2015 EUR 57.82 UBS AG 17.00 6/26/2015 EUR 71.53 UBS AG 22.25 9/25/2015 EUR 64.02 UBS AG 20.75 12/29/2015 EUR 66.71 UBS AG 16.50 9/25/2015 EUR 72.20 UBS AG 20.75 6/26/2015 EUR 56.29 UBS AG 13.00 9/25/2015 EUR 69.18 UBS AG 24.50 9/25/2015 EUR 53.29 UBS AG 16.50 12/29/2015 EUR 63.99 UBS AG 21.25 12/29/2015 EUR 73.98 UBS AG 19.50 9/25/2015 EUR 67.70 UBS AG 22.75 6/26/2015 EUR 71.68 UBS AG 22.25 6/26/2015 EUR 63.25 UBS AG 18.00 9/25/2015 EUR 69.82 UBS AG 18.25 9/25/2015 EUR 60.43 UBS AG 12.00 12/29/2015 EUR 71.73 UBS AG 23.00 9/25/2015 EUR 54.73 UBS AG 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67.54 DZ Bank AG Deutsch 5.40 9/23/2015 EUR 65.16 DZ Bank AG Deutsch 2.10 12/23/2015 EUR 72.43 DZ Bank AG Deutsch 3.30 12/23/2015 EUR 69.72 DZ Bank AG Deutsch 4.80 12/23/2015 EUR 67.52 DZ Bank AG Deutsch 5.70 9/23/2015 EUR 63.89 DZ Bank AG Deutsch 5.70 9/23/2015 EUR 60.96 DZ Bank AG Deutsch 4.60 9/23/2015 EUR 57.82 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 67.10 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 64.15 DZ Bank AG Deutsch 4.40 12/23/2015 EUR 60.89 DZ Bank AG Deutsch 2.40 9/23/2015 EUR 71.80 DZ Bank AG Deutsch 3.90 9/23/2015 EUR 68.56 DZ Bank AG Deutsch 5.80 9/23/2015 EUR 65.79 DZ Bank AG Deutsch 2.20 12/23/2015 EUR 74.56 DZ Bank AG Deutsch 3.50 12/23/2015 EUR 71.55 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 68.99 DZ Bank AG Deutsch 2.60 9/23/2015 EUR 62.34 DZ Bank AG Deutsch 3.10 9/23/2015 EUR 59.81 DZ Bank AG Deutsch 4.80 9/23/2015 EUR 60.56 DZ Bank AG Deutsch 2.70 12/23/2015 EUR 64.47 DZ Bank AG Deutsch 4.60 12/23/2015 EUR 63.00 DZ Bank AG Deutsch 3.20 12/23/2015 EUR 62.03 DZ Bank AG 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12/29/2015 EUR 69.54 UBS AG 22.00 12/29/2015 EUR 59.00 UBS AG 20.00 12/29/2015 EUR 60.66 UBS AG 21.75 6/26/2015 EUR 56.13 UBS AG 23.00 12/29/2015 EUR 63.82 UBS AG 21.25 3/29/2016 EUR 72.99 UBS AG 19.00 6/24/2016 EUR 74.94 UBS AG 24.50 12/29/2015 EUR 67.60 UBS AG 23.00 6/26/2015 EUR 74.59 UBS AG 24.75 9/25/2015 EUR 74.44 UBS AG 23.50 12/29/2015 EUR 57.19 UBS AG 20.00 6/26/2015 EUR 57.95 UBS AG 21.75 12/29/2015 EUR 72.29 UBS AG 23.00 6/26/2015 EUR 49.24 UBS AG 20.75 6/26/2015 EUR 51.79 UBS AG 24.00 12/29/2015 EUR 72.69 UBS AG 21.25 6/26/2015 EUR 66.96 UBS AG 20.25 3/29/2016 EUR 73.03 UBS AG 13.75 9/25/2015 EUR 74.03 UBS AG 12.25 6/26/2015 EUR 67.07 UBS AG 18.00 12/29/2015 EUR 62.18 UBS AG 21.50 9/25/2015 EUR 56.40 UBS AG 24.00 6/26/2015 EUR 61.03 UBS AG 22.00 9/25/2015 EUR 72.63 UBS AG 16.25 12/29/2015 EUR 73.27 UBS AG 23.75 9/25/2015 EUR 69.52 UBS AG 20.50 12/29/2015 EUR 59.04 UBS AG 14.75 9/25/2015 EUR 65.80 Leonteq Securities 9.00 10/20/2015 CHF 63.85 Powszechne Towarzy 8.01 8/1/2016 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7/24/2015 EUR 63.18 HSBC Trinkaus & Bu 11.30 10/23/2015 EUR 65.37 Lehman Brothers Tr 1.50 2/8/2012 CHF 4.42 Oesterreichische V 0.89 10/15/2019 EUR 31.88 UBS AG/London 7.50 10/15/2015 CHF 57.21 Lehman Brothers Tr 7.75 2/21/2016 EUR 4.42 Oesterreichische V 4.05 12/1/2016 EUR 70.00 Bank Julius Baer & 7.00 10/2/2015 USD 74.65 Oesterreichische V 4.50 10/21/2020 EUR 34.63 Lehman Brothers Tr 0.01 9/20/2011 USD 4.42 Kommunalbanken AS 0.50 2/2/2018 BRL 73.09 Municipality Finan 0.50 8/8/2029 NZD 58.45 Notenstein Privatb 7.40 10/31/2016 CHF 47.97 Leonteq Securities 11.20 12/29/2015 CHF 54.82 UBS AG 13.75 6/26/2015 EUR 70.95 UBS AG 10.75 6/26/2015 EUR 61.65 LBI HF 3.00 10/22/2015 EUR 3.28 Oesterreichische V 5.02 11/6/2017 EUR 58.63 Lehman Brothers Tr 4.80 11/16/2012 HKD 8.13 Oesterreichische V 4.86 11/29/2017 EUR 57.63 Oesterreichische V 5.23 12/5/2022 EUR 27.50 Lehman Brothers Tr 18.25 10/2/2008 USD 8.13 Lehman Brothers Tr 1.50 10/12/2010 EUR 4.42 ECM Real Estate In 5.00 10/9/2011 EUR 10.38 Oesterreichische V 6.00 10/17/2017 EUR 60.75 Comune di Ferentin 0.24 12/28/2027 EUR 74.98 Oesterreichische V 5.25 12/20/2022 EUR 27.50 LBI HF 5.25 6/5/2023 EUR 3.28 Lehman Brothers Tr 0.50 12/20/2017 AUD 4.42 Lehman Brothers Tr 0.50 12/20/2017 AUD 4.42 Lehman Brothers Tr 0.50 12/20/2017 AUD 4.42 Lehman Brothers Tr 0.50 12/20/2017 AUD 4.42 Lehman Brothers Tr 9.30 12/21/2010 EUR 8.13 Province of Milan 0.17 12/20/2042 EUR 49.43 Oesterreichische V 5.10 1/2/2018 EUR 57.13 Lehman Brothers Tr 8.00 12/31/2010 USD 8.13 Lehman Brothers Tr 10.00 8/2/2037 JPY 4.42 Kaupthing Bank Hf 5.00 11/8/2013 EUR 13.75 Lehman Brothers Tr 4.00 7/20/2012 EUR 4.42 Lehman Brothers Tr 2.50 8/23/2012 GBP 8.13 Lehman Brothers Tr 3.00 8/13/2011 EUR 4.42 Oesterreichische V 5.01 2/5/2018 EUR 56.00 Lehman Brothers Tr 6.25 11/30/2012 EUR 4.42 e-Kancelaria Grupa 12.00 5/6/2015 PLN 2.02 e-Kancelaria Grupa 10.00 11/6/2015 PLN 0.10 DZ Bank AG Deutsch 5.60 10/7/2015 EUR 70.76 Bank Julius Baer & 11.00 10/14/2015 CHF 56.50 Lehman Brothers Tr 8.60 7/31/2013 GBP 4.42 Lehman Brothers Tr 7.50 7/31/2013 GBP 4.42 Lehman Brothers Tr 7.32 7/31/2013 GBP 4.42 Commerzbank AG 15.00 4/23/2015 EUR 74.86 Lehman Brothers Tr 6.85 12/22/2008 EUR 4.42 Lehman Brothers Tr 7.55 12/29/2008 USD 4.42 Societe Generale S 17.60 11/17/2015 EUR 69.50 Credit Suisse AG/L 8.25 11/29/2024 USD 9.45 Lehman Brothers Tr 4.50 8/2/2009 USD 8.13 Glitnir HF 6.31 7/28/2011 USD 12.00 Glitnir HF 6.31 7/28/2011 USD 12.00 LBI HF 2.75 3/16/2011 EUR 3.28 Lehman Brothers Tr 3.70 6/6/2009 EUR 4.42 Lehman Brothers Tr 4.70 3/23/2016 EUR 4.42 Lehman Brothers Tr 8.00 4/20/2009 EUR 4.42 Lehman Brothers Tr 8.50 7/6/2009 CHF 8.13 Lehman Brothers Tr 5.10 6/22/2046 EUR 8.13 Lehman Brothers Tr 6.50 7/24/2026 EUR 4.42 Lehman Brothers Tr 2.00 11/16/2009 EUR 4.42 Uboat Line SA 6.00 4/24/2015 PLN 1.00 Societe Generale S 0.07 6/4/2015 USD 63.30 Commerzbank AG 3.00 12/3/2015 EUR 72.60 JP Morgan Structur 9.72 6/25/2015 USD 73.33 Bank Julius Baer & 7.90 11/20/2015 USD 69.10 UBS AG/London 11.50 11/26/2015 CHF 67.91 UBS AG/London 10.75 11/26/2015 CHF 67.82 HSBC Bank PLC 0.50 5/29/2020 IDR 64.95 Notenstein Privatb 8.20 5/27/2016 CHF 71.14 Credit Suisse AG/N 10.25 8/28/2015 USD 52.69 Leonteq Securities 15.20 12/2/2015 CHF 59.02 Leonteq Securities 20.00 12/8/2015 USD 59.60 Leonteq Securities 13.00 9/2/2015 CHF 64.54 Notenstein Privatb 9.10 8/29/2016 CHF 68.68 Notenstein Privatb 9.10 8/29/2016 CHF 63.65 Bank Julius Baer & 7.00 8/28/2015 USD 70.60 UBS AG/London 7.50 8/13/2015 CHF 46.26 Leonteq Securities 11.00 8/25/2015 USD 57.70 Notenstein Privatb 10.00 9/5/2016 CHF 64.06 UBS AG/London 13.75 8/27/2015 CHF 72.16 Credit Suisse AG/N 8.50 2/29/2016 USD 71.31 Leonteq Securities 12.00 12/15/2015 CHF 70.82 UBS AG/London 11.25 8/27/2015 CHF 48.07 Commerzbank AG 10.25 8/27/2015 EUR 74.31 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 66.76 HSBC Trinkaus & Bu 11.50 9/25/2015 EUR 71.62 Notenstein Privatb 7.20 9/3/2015 EUR 61.12 Leonteq Securities 9.50 9/8/2016 USD 60.80 Leonteq Securities 8.64 9/8/2016 CHF 61.38 Bank Julius Baer & 10.70 9/16/2015 CHF 74.05 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 40.88 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 50.17 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 56.97 Bank Julius Baer & 7.40 9/9/2015 CHF 47.40 HSBC Trinkaus & Bu 6.00 9/25/2015 EUR 74.83 UBS AG/London 19.25 9/25/2015 EUR 73.72 e-Kancelaria Grupa 9.00 12/23/2015 PLN 1.00 UBS AG/London 5.00 8/6/2015 USD 56.56 e-Kancelaria Grupa 9.00 12/4/2015 PLN 0.10 UBS AG/London 24.75 3/29/2016 EUR 72.16 HSBC Trinkaus & Bu 8.00 8/28/2015 EUR 74.09 UBS AG/London 18.00 6/26/2015 EUR 74.33 UBS AG/London 21.75 6/26/2015 EUR 71.18 UBS AG/London 23.50 6/24/2016 EUR 73.50 UBS AG/London 23.75 6/26/2015 EUR 69.79 UBS AG/London 17.75 9/25/2015 EUR 74.82 UBS AG/London 18.50 12/29/2015 EUR 74.90 HSBC Trinkaus & Bu 9.50 4/24/2015 EUR 67.41 HSBC Trinkaus & Bu 8.50 8/28/2015 EUR 69.81 UBS AG/London 22.25 6/24/2016 EUR 73.77 UBS AG/London 22.00 9/25/2015 EUR 71.66 Bank Julius Baer & 11.50 8/19/2015 CHF 74.20 Vontobel Financial 24.30 6/26/2015 EUR 68.07 Bank Julius Baer & 8.20 9/23/2015 CHF 50.30 Republika Srpska 1.50 12/24/2025 BAM 68.02 Leonteq Securities 11.00 12/4/2015 USD 61.52 UBS AG/London 11.75 11/12/2015 CHF 61.77 UBS AG/London 18.00 12/29/2015 EUR 74.06 UBS AG/London 16.25 6/26/2015 EUR 74.31 UBS AG/London 21.25 6/26/2015 EUR 70.11 UBS AG/London 23.50 6/26/2015 EUR 61.97 UBS AG/London 17.75 9/25/2015 EUR 73.77 UBS AG/London 10.25 9/25/2015 EUR 61.80 HSBC Bank PLC 0.50 7/30/2019 IDR 68.91 UBS AG/London 24.75 9/25/2015 EUR 74.80 e-Kancelaria Grupa 8.32 10/17/2016 PLN 1.00 UTair-Finans OOO 12.00 6/17/2016 RUB 30.30 UBS AG/London 13.75 6/26/2015 EUR 70.73 UBS AG/London 9.00 9/25/2015 EUR 67.23 Leonteq Securities 9.60 11/18/2015 CHF 70.01 UBS AG/London 18.50 6/26/2015 EUR 65.88 UBS AG/London 21.25 9/25/2015 EUR 70.92 UBS AG/London 9.00 12/29/2015 EUR 64.08 UBS AG/London 14.75 9/25/2015 EUR 65.57 Lehman Brothers Tr 4.50 3/6/2013 CHF 4.42 Lehman Brothers Tr 3.85 4/24/2009 USD 8.13 Lehman Brothers Tr 8.00 5/22/2009 USD 8.13 Lehman Brothers Tr 5.75 6/15/2009 CHF 8.13 Lehman Brothers Tr 7.50 10/24/2008 USD 8.13 Lehman Brothers Tr 10.00 3/27/2009 USD 4.42 Lehman Brothers Tr 5.00 10/24/2008 CHF 8.13 Lehman Brothers Tr 7.75 1/30/2009 EUR 8.13 Kaupthing Bank Hf 1.75 6/7/2016 EUR 13.75 Credit Suisse AG/N 8.00 3/16/2016 USD 73.53 Glitnir HF 6.84 12/15/2015 EUR 0.02 Lehman Brothers Tr 4.00 4/24/2009 USD 8.13 Lehman Brothers Tr 9.00 6/13/2009 USD 8.13 Lehman Brothers Tr 9.00 3/17/2009 GBP 8.13 Lehman Brothers Tr 10.50 8/9/2010 EUR 8.13 Lehman Brothers Tr 8.00 8/3/2009 USD 8.13 Lehman Brothers Tr 2.50 12/15/2011 GBP 8.13 Lehman Brothers Tr 4.00 11/24/2016 EUR 4.42 Kaupthing Bank Hf 4.50 1/17/2011 EUR 13.75 Lehman Brothers Tr 6.00 2/14/2012 EUR 8.13 Lehman Brothers Tr 15.00 3/30/2011 EUR 4.42 Lehman Brothers Tr 6.00 5/12/2017 EUR 4.42 LBI HF 4.34 3/1/2011 EUR 3.28 Lehman Brothers Tr 5.00 2/28/2032 EUR 4.42 Lehman Brothers Tr 5.00 4/24/2017 EUR 4.42 Kaupthing Bank Hf 4.53 4/24/2012 EUR 13.75 Kaupthing Bank Hf 4.47 10/27/2010 EUR 13.75 Totens Sparebank 2.98 NOK 69.81 Kaupthing Bank Hf 0.95 10/20/2010 JPY 13.75 Comune di Orvieto 0.30 12/31/2031 EUR 66.73 Lehman Brothers Tr 4.95 10/25/2036 EUR 4.42 Lehman Brothers Tr 1.50 10/25/2011 EUR 4.42 Lehman Brothers Tr 4.50 7/24/2014 EUR 4.42 Comune di Erchie 0.31 12/31/2036 EUR 57.94 Lehman Brothers Tr 0.25 10/19/2012 CHF 4.42 Lehman Brothers Tr 1.68 3/5/2015 EUR 4.42 Lehman Brothers Tr 9.00 5/15/2022 USD 4.42 Lehman Brothers Tr 6.75 4/5/2012 EUR 4.42 LBI HF 4.28 11/19/2010 EUR 3.28 Comune di Marscian 0.33 12/31/2036 EUR 58.43 Province of Trevis 0.17 12/31/2034 EUR 61.28 Comune di Comezzan 0.34 6/30/2030 EUR 70.29 Lehman Brothers Tr 11.00 12/19/2011 USD 4.42 Comune di Lozio 0.44 12/31/2035 EUR 61.66 Comune di Cimbergo 0.39 12/31/2035 EUR 60.88 Comune di Orvieto 0.30 12/31/2030 EUR 68.60 Province of Teramo 0.27 12/30/2030 EUR 69.52 Leonteq Securities 9.07 5/3/2016 GBP 55.20 Lehman Brothers Tr 3.35 10/13/2016 EUR 4.42 Kaupthing Bank Hf 0.69 5/21/2011 JPY 13.75 Lehman Brothers Tr 6.00 5/23/2018 CZK 4.42 Lehman Brothers Tr 2.48 5/12/2009 USD 4.42 Lehman Brothers Tr 2.25 5/12/2009 USD 4.42 Lehman Brothers Tr 7.50 6/15/2017 USD 4.42 Leonteq Securities 12.40 2/3/2016 CHF 68.04 Bank Julius Baer & 14.20 10/28/2015 CHF 61.85 HSBC Trinkaus & Bu 13.50 7/24/2015 EUR 71.80 HSBC Trinkaus & Bu 11.60 10/23/2015 EUR 73.56 HSBC Trinkaus & Bu 23.50 6/26/2015 EUR 64.16 Bank Julius Baer & 13.70 11/11/2015 CHF 66.35 UBS AG/London 12.35 11/3/2015 CHF 62.90 Araratbank OJSC 8.50 6/14/2016 USD 25.47 Bank Julius Baer & 9.75 11/13/2015 USD 67.15 Bank Julius Baer & 10.20 11/13/2015 USD 72.00 Leonteq Securities 9.40 11/17/2015 CHF 70.58 UBS AG/London 6.50 11/5/2015 USD 72.27 Goldman Sachs & Co 14.00 5/20/2015 EUR 69.54 Goldman Sachs & Co 12.00 9/23/2015 EUR 73.39 Kaupthing Bank Hf 7.90 2/1/2016 EUR 13.75 LBI HF 4.34 12/22/2025 EUR 3.28 Lehman Brothers Tr 4.50 3/7/2015 EUR 4.42 Credit Suisse AG/L 9.50 5/11/2015 USD 59.17 BNP Paribas Emissi 9.00 6/25/2015 EUR 73.76 BNP Paribas Emissi 11.00 6/25/2015 EUR 70.38 Deutsche Bank AG 6.20 6/22/2015 EUR 74.70 Zurcher Kantonalba 14.00 7/29/2015 EUR 73.67 Commerzbank AG 11.75 4/23/2015 EUR 62.56 Glitnir HF 2.00 1/30/2009 CHF 12.00 Commerzbank AG 7.00 4/23/2015 EUR 71.80 BNP Paribas Emissi 8.00 6/25/2015 EUR 72.94 BNP Paribas Emissi 10.50 6/25/2015 EUR 67.04 Glitnir HF 4.50 1/9/2012 EUR 12.00 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 62.52 Commerzbank AG 9.50 4/23/2015 EUR 74.30 Commerzbank AG 11.50 4/23/2015 EUR 70.34 Commerzbank AG 13.50 4/23/2015 EUR 66.79 Commerzbank AG 20.00 4/23/2015 EUR 66.89 Commerzbank AG 23.75 4/23/2015 EUR 60.34 Commerzbank AG 27.25 4/23/2015 EUR 54.78 UniCredit Bank AG 4.30 6/24/2015 EUR 70.81 UniCredit Bank AG 5.00 6/24/2015 EUR 71.91 DZ Bank AG Deutsch 15.75 4/24/2015 EUR 46.06 DZ Bank AG Deutsch 10.75 4/24/2015 EUR 62.31 Commerzbank AG 5.75 4/23/2015 EUR 67.08 Commerzbank AG 8.00 4/23/2015 EUR 63.78 Commerzbank AG 9.25 4/23/2015 EUR 66.85 Bank Julius Baer & 8.50 5/7/2015 USD 72.55 Lehman Brothers Tr 7.50 8/1/2035 EUR 4.42 Glitnir HF 4.75 10/15/2010 USD 12.00 Credit Suisse AG/N 8.25 5/4/2015 USD 70.98 Province of Rovigo 0.42 12/28/2035 EUR 62.96 Deutsche Bank AG 7.20 6/22/2015 EUR 70.90 Deutsche Bank AG 6.20 6/22/2015 EUR 63.00 Deutsche Bank AG 5.20 6/22/2015 EUR 66.40 Deutsche Bank AG 7.20 6/22/2015 EUR 63.20 Deutsche Bank AG 5.20 6/22/2015 EUR 70.50 Deutsche Bank AG 6.20 6/22/2015 EUR 70.70 Deutsche Bank AG 7.20 6/22/2015 EUR 66.80 DZ Bank AG Deutsch 9.00 4/24/2015 EUR 67.51 Lehman Brothers Tr 3.63 3/2/2012 EUR 8.13 LBI HF 4.08 3/16/2015 EUR 3.28 LBI HF 1.68 12/22/2014 JPY 3.28 Comune di Marscian 0.50 12/30/2034 EUR 63.77 Province of Trevis 0.31 12/31/2034 EUR 62.79 LBI HF 2.14 2/3/2020 JPY 3.28 Lehman Brothers Tr 7.00 6/6/2017 EUR 4.42 Glitnir HF 5.35 5/11/2010 USD 12.00 Lehman Brothers Tr 0.75 3/29/2012 EUR 4.42 Deutsche Bank AG 5.20 9/22/2015 EUR 72.40 Deutsche Bank AG 7.20 9/22/2015 EUR 73.30 Deutsche Bank AG 6.20 9/22/2015 EUR 72.80 UniCredit Bank AG 5.00 6/25/2015 EUR 68.02 UniCredit Bank AG 6.50 6/25/2015 EUR 65.24 UniCredit Bank AG 6.25 6/25/2015 EUR 65.94 UniCredit Bank AG 4.75 6/25/2015 EUR 69.62 Glitnir HF 2.75 3/31/2010 EUR 12.00 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 61.65 DZ Bank AG Deutsch 7.50 6/26/2015 EUR 71.34 DZ Bank AG Deutsch 9.00 6/26/2015 EUR 71.64 Lehman Brothers Tr 3.00 8/15/2017 EUR 4.42 Lehman Brothers Tr 3.50 9/19/2017 EUR 8.13 DZ Bank AG Deutsch 9.25 6/12/2015 EUR 72.56 Glitnir HF 0.01 5/6/2009 JPY 12.00 Commerzbank AG 10.25 4/23/2015 EUR 71.65 Muehl Product & Se 6.75 3/10/2005 DEM 1.70 Lehman Brothers Tr 7.00 7/11/2010 EUR 4.42 Glitnir HF 4.01 7/6/2009 HKD 12.00 Lehman Brothers Tr 5.00 8/1/2025 EUR 4.42 Lehman Brothers Tr 6.00 7/28/2010 EUR 8.13 Lehman Brothers Tr 6.00 7/28/2010 EUR 8.13 Glitnir HF 3.45 8/22/2010 CZK 12.00 Glitnir HF 0.01 8/3/2009 JPY 12.00 Bank Julius Baer & 12.25 4/24/2015 USD 58.10 LBI HF 3.36 8/17/2012 EUR 3.28 Glitnir HF 3.30 8/22/2012 EUR 12.00 LBBW 5.00 6/26/2015 EUR 74.54 Credit Suisse AG/L 7.60 10/15/2015 CHF 67.29 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 57.87 HSBC Trinkaus & Bu 10.00 6/26/2015 EUR 66.57 Glitnir HF 3.00 10/4/2011 EUR 12.00 Glitnir HF 5.00 3/14/2012 EUR 12.00 Lehman Brothers Tr 3.50 9/29/2017 EUR 8.13 Lehman Brothers Tr 3.00 8/8/2017 EUR 4.42 UniCredit Bank AG 6.10 6/25/2015 EUR 66.68 UniCredit Bank AG 4.25 6/25/2015 EUR 71.26 Lehman Brothers Tr 5.00 9/1/2011 EUR 4.42 DZ Bank AG Deutsch 10.00 6/12/2015 EUR 72.68 Goldman Sachs & Co 16.00 5/20/2015 EUR 63.28 Lehman Brothers Tr 6.00 12/6/2016 USD 4.42 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 68.59 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 61.86 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 61.69 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 71.03 HSBC Trinkaus & Bu 11.50 6/26/2015 EUR 69.04 Glitnir HF 6.75 3/27/2013 EUR 12.00 Glitnir HF 3.00 10/31/2015 EUR 12.00 UBS AG/London 19.75 4/16/2015 CHF 65.75 Lehman Brothers Tr 4.15 8/25/2020 EUR 8.13 Lehman Brothers Tr 2.30 6/27/2013 USD 8.13 Lehman Brothers Tr 2.37 7/15/2013 USD 4.42 Vontobel Financial 4.00 6/12/2015 EUR 55.10 Notenstein Privatb 7.00 6/17/2015 CHF 71.64 Kaupthing Bank Hf 6.50 10/8/2010 ISK 13.75 Vontobel Financial 8.00 6/12/2015 EUR 51.30 Leonteq Securities 5.00 5/23/2016 CHF 63.20 Leonteq Securities 5.65 5/27/2015 CHF 65.99 Lehman Brothers Tr 5.22 3/1/2024 EUR 8.13 Lehman Brothers Tr 2.75 10/28/2009 EUR 4.42 LBI HF 3.45 12/18/2033 JPY 0.01 Lehman Brothers Tr 4.10 5/20/2009 USD 8.13 Lehman Brothers Tr 2.00 5/17/2010 EUR 8.13 LBBW 5.25 8/28/2015 EUR 73.03 LBBW 6.50 8/28/2015 EUR 68.52 Province of Trevis 0.40 12/31/2034 EUR 64.55 Lehman Brothers Tr 3.82 10/20/2009 USD 8.13 Glitnir HF 3.00 12/15/2009 EUR 12.00 Lehman Brothers Tr 3.00 6/23/2009 EUR 4.42 Lehman Brothers Tr 4.00 2/28/2010 EUR 8.13 Lehman Brothers Tr 5.00 12/6/2011 EUR 8.13 Commerzbank AG 9.00 4/23/2015 EUR 71.33 UniCredit Bank AG 5.00 6/24/2015 EUR 68.41 Vontobel Financial 11.20 5/15/2015 EUR 69.05 Vontobel Financial 5.80 6/12/2015 EUR 70.75 UniCredit Bank AG 4.75 6/24/2015 EUR 73.84 UniCredit Bank AG 6.00 6/24/2015 EUR 74.32 Bank Julius Baer & 8.00 5/7/2015 USD 66.35 Glitnir HF 4.85 4/6/2012 EUR 12.00 Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00 DZ Bank AG Deutsch 7.50 6/12/2015 EUR 72.69 Commerzbank AG 11.50 4/23/2015 EUR 61.12 DZ Bank AG Deutsch 7.75 6/26/2015 EUR 73.88 Lehman Brothers Tr 6.00 3/17/2011 EUR 4.42 UniCredit Bank AG 5.25 6/24/2015 EUR 67.66 UniCredit Bank AG 4.75 6/24/2015 EUR 69.20 UniCredit Bank AG 4.50 6/24/2015 EUR 69.98 UniCredit Bank AG 5.00 6/24/2015 EUR 72.49 Leonteq Securities 11.60 8/12/2015 USD 61.19 DZ Bank AG Deutsch 5.25 6/26/2015 EUR 73.00 DZ Bank AG Deutsch 16.00 6/26/2015 EUR 70.95 Vontobel Financial 7.75 6/26/2015 EUR 72.23 Raiffeisen Centrob 9.12 7/22/2015 EUR 74.71 Raiffeisen Centrob 8.24 1/20/2016 EUR 74.20 UniCredit Bank AG 6.00 6/24/2015 EUR 72.35 UniCredit Bank AG 6.50 6/24/2015 EUR 73.27 UniCredit Bank AG 5.50 6/24/2015 EUR 66.93 UniCredit Bank AG 5.25 6/24/2015 EUR 70.07 Societe Generale E 4.00 6/26/2017 EUR 52.61 Lehman Brothers Tr 2.40 6/20/2011 JPY 4.42 Lehman Brothers Tr 1.60 6/21/2010 JPY 4.42 Lehman Brothers Tr 4.87 10/8/2013 USD 8.13 LBI HF 5.44 9/3/2018 EUR 0.01 Lehman Brothers Tr 1.95 11/4/2013 EUR 8.13 Raiffeisen-Holding 2.99 EUR 71.75 HSBC Trinkaus & Bu 15.00 6/26/2015 EUR 67.24 HSBC Trinkaus & Bu 10.50 6/26/2015 EUR 72.32 HSBC Trinkaus & Bu 10.00 4/24/2015 EUR 73.36 Goldman Sachs & Co 8.00 7/22/2015 EUR 74.15 Goldman Sachs & Co 10.00 12/23/2015 EUR 71.74 Vontobel Financial 6.05 9/25/2015 EUR 69.42 Goldman Sachs & Co 10.00 7/22/2015 EUR 70.94 Goldman Sachs & Co 12.00 7/22/2015 EUR 68.09 DZ Bank AG Deutsch 9.25 5/22/2015 EUR 60.91 DZ Bank AG Deutsch 15.25 5/22/2015 EUR 52.55 HSBC Bank PLC 0.50 2/5/2018 RUB 72.02 e-Kancelaria Grupa 9.91 7/11/2015 PLN 0.10 DZ Bank AG Deutsch 7.25 6/12/2015 EUR 71.02 DZ Bank AG Deutsch 8.00 9/11/2015 EUR 73.03 DZ Bank AG Deutsch 6.75 9/11/2015 EUR 72.51 UBS AG/London 13.25 5/20/2015 CHF 43.39 Bank Julius Baer & 11.50 5/21/2015 USD 52.00 Credit Suisse AG/L 8.00 5/29/2015 USD 59.06 UBS AG/London 11.00 5/13/2015 CHF 43.60 Vontobel Financial 8.85 5/22/2015 EUR 72.81 DZ Bank AG Deutsch 7.50 6/12/2015 EUR 72.35 DZ Bank AG Deutsch 7.25 9/11/2015 EUR 73.98 DZ Bank AG Deutsch 7.75 9/11/2015 EUR 74.18 Bank Julius Baer & 14.75 5/20/2015 CHF 65.60 Bank Julius Baer & 8.75 5/22/2015 USD 73.30 Vontobel Financial 7.50 6/26/2015 EUR 72.00 HSBC Trinkaus & Bu 12.00 6/26/2015 EUR 70.80 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 73.01 HSBC Trinkaus & Bu 10.50 4/24/2015 EUR 65.39 HSBC Trinkaus & Bu 10.00 4/24/2015 EUR 70.33 UniCredit Bank AG 4.00 9/24/2015 EUR 69.09 UniCredit Bank AG 4.00 9/24/2015 EUR 72.42 UniCredit Bank AG 4.00 9/24/2015 EUR 71.46 Barclays Bank PLC 1.64 6/3/2041 USD 74.62 DZ Bank AG Deutsch 8.40 6/12/2015 EUR 74.40 UniCredit Bank AG 5.00 7/23/2015 EUR 70.90 UniCredit Bank AG 4.50 7/23/2015 EUR 72.54 UniCredit Bank AG 4.00 7/23/2015 EUR 74.24 Commerzbank AG 10.50 5/21/2015 EUR 71.70 Vontobel Financial 7.50 6/26/2015 EUR 67.80 UniCredit Bank AG 5.50 7/23/2015 EUR 68.54 UBS AG/London 8.98 5/22/2015 CHF 70.45 UBS AG/London 12.53 5/22/2015 CHF 69.75 UBS AG/London 14.83 5/22/2015 CHF 71.15 UBS AG/London 6.50 5/22/2015 CHF 44.55 UBS AG/London 10.60 5/12/2015 USD 57.70 HSBC Trinkaus & Bu 6.50 4/24/2015 EUR 72.16 Lehman Brothers Tr 5.25 11/21/2009 USD 4.42 Commerzbank AG 2.00 2/3/2016 EUR 63.83 Municipality Finan 0.50 2/7/2018 BRL 73.77 Leonteq Securities 6.70 6/6/2016 USD 66.48 Vontobel Financial 10.45 9/11/2015 EUR 69.00 Vontobel Financial 8.65 9/11/2015 EUR 71.63 Vontobel Financial 4.95 9/11/2015 EUR 69.04 Vontobel Financial 7.80 9/11/2015 EUR 70.20 UBS AG/London 10.50 6/5/2015 CHF 59.03 Vontobel Financial 9.50 6/12/2015 EUR 69.64 Vontobel Financial 6.95 9/11/2015 EUR 74.64 Commerzbank AG 6.75 5/21/2015 EUR 74.17 Commerzbank AG 8.75 5/21/2015 EUR 70.49 Commerzbank AG 11.00 5/21/2015 EUR 67.23 Oesterreichische V 1.28 6/14/2016 EUR 74.38 DZ Bank AG Deutsch 10.50 5/22/2015 EUR 61.30 DZ Bank AG Deutsch 16.00 5/22/2015 EUR 52.63 DZ Bank AG Deutsch 7.25 6/26/2015 EUR 68.71 Bank Julius Baer & 15.25 6/4/2015 CHF 59.90 HSBC Trinkaus & Bu 10.50 4/24/2015 EUR 71.89 HSBC Trinkaus & Bu 15.00 6/26/2015 EUR 72.82 UBS AG/London 7.75 5/28/2015 CHF 43.65 DZ Bank AG Deutsch 7.50 9/11/2015 EUR 74.57 HSBC Trinkaus & Bu 12.00 6/26/2015 EUR 70.55 Commerzbank AG 11.50 5/21/2015 EUR 71.55 Oesterreichische V 1.33 6/14/2017 EUR 57.88 Vontobel Financial 8.80 6/26/2015 EUR 69.88 Credit Suisse AG/L 9.00 12/18/2015 USD 44.79 Bank Julius Baer & 11.25 6/3/2015 CHF 59.35 Bank Julius Baer & 9.10 5/22/2015 EUR 72.90 Municipality Finan 0.50 1/10/2018 BRL 74.36 Bank Julius Baer & 3.90 11/30/2015 CHF 70.05 HSBC Bank PLC 0.50 11/9/2018 IDR 73.25 Leonteq Securities 6.25 11/13/2015 CHF 57.03 Leonteq Securities 6.11 1/7/2016 EUR 69.65 Leonteq Securities 6.00 1/7/2016 EUR 34.95 UBS AG/London 5.50 10/29/2015 USD 73.02 HSBC Trinkaus & Bu 17.00 12/28/2015 EUR 71.14 Notenstein Finance 12.00 11/3/2015 USD 72.84 BNP Paribas SA 0.50 11/16/2032 MXN 35.96 Leonteq Securities 4.50 4/4/2016 EUR 47.25 Notenstein Privatb 3.00 9/22/2020 CHF 63.77 Leonteq Securities 7.00 1/22/2016 CHF 44.95 Klaebu Sparebank 2.72 NOK 70.55 UBS AG 11.50 6/26/2015 EUR 70.02 Zurcher Kantonalba 3.69 1/25/2016 CHF 55.23 Leonteq Securities 3.10 3/1/2016 EUR 64.98 Leonteq Securities 5.25 2/26/2016 CHF 61.30 Leonteq Securities 3.90 3/1/2016 EUR 51.85 HSBC Bank PLC 0.50 12/20/2018 RUB 65.46 Leonteq Securities 5.60 11/20/2015 GBP 74.18 Leonteq Securities 7.60 11/20/2015 USD 36.91 BNP Paribas Emissi 15.00 12/24/2015 EUR 74.09 BNP Paribas Emissi 16.00 12/24/2015 EUR 72.24 Comune di Bossico 0.39 12/31/2035 EUR 60.88 Comune di Ponte Di 0.39 12/31/2035 EUR 60.88 Comune di Roe Volc 0.39 12/31/2035 EUR 60.88 Comune di Bovegno 0.39 12/31/2035 EUR 60.88 Kaupthing Bank Hf 4.90 5/29/2017 EUR 13.75 Lehman Brothers Tr 4.00 5/30/2010 USD 8.13 Lehman Brothers Tr 4.00 5/17/2010 USD 4.42 Kaupthing Bank Hf 5.00 1/4/2027 SKK 13.75 Lehman Brothers Tr 4.10 2/19/2010 EUR 4.42 Lehman Brothers Tr 6.60 2/22/2012 EUR 8.13 Lehman Brothers Tr 3.50 10/31/2011 USD 4.42 Glitnir HF 3.50 10/30/2012 EUR 12.00 HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 74.70 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 53.03 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 57.62 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 63.40 HSBC Trinkaus & Bu 6.50 6/26/2015 EUR 68.04 DZ Bank AG Deutsch 6.75 4/17/2015 EUR 71.36 Bank Julius Baer & 11.50 4/17/2015 EUR 74.80 DZ Bank AG Deutsch 7.25 8/14/2015 EUR 72.14 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 73.98 DZ Bank AG Deutsch 9.00 6/26/2015 EUR 73.00 DZ Bank AG Deutsch 7.00 9/25/2015 EUR 74.27 Bank Julius Baer & 9.40 5/27/2015 CHF 69.45 DZ Bank AG Deutsch 8.50 5/22/2015 EUR 70.74 DZ Bank AG Deutsch 5.50 5/22/2015 EUR 67.84 DZ Bank AG Deutsch 7.00 5/22/2015 EUR 73.45 DZ Bank AG Deutsch 10.25 5/22/2015 EUR 66.27 DZ Bank AG Deutsch 16.00 5/22/2015 EUR 57.94 BNP Paribas Emissi 6.00 6/25/2015 EUR 69.20 Zurcher Kantonalba 8.00 6/4/2015 CHF 49.61 UniCredit Bank AG 5.50 7/23/2015 EUR 71.46 UniCredit Bank AG 5.20 7/23/2015 EUR 73.29 UniCredit Bank AG 6.00 7/23/2015 EUR 72.83 Vontobel Financial 9.20 9/25/2015 EUR 68.86 Vontobel Financial 5.90 9/25/2015 EUR 74.43 Vontobel Financial 6.40 6/26/2015 EUR 73.17 DZ Bank AG Deutsch 7.75 6/12/2015 EUR 67.65 DZ Bank AG Deutsch 6.50 6/12/2015 EUR 67.53 HSBC Trinkaus & Bu 7.00 4/24/2015 EUR 68.39 HSBC Trinkaus & Bu 15.00 6/26/2015 EUR 70.33 HSBC Trinkaus & Bu 9.50 4/24/2015 EUR 64.72 Deutsche Bank AG 5.20 8/26/2015 EUR 73.90 Deutsche Bank AG 6.20 7/22/2015 EUR 73.80 Deutsche Bank AG 5.20 7/22/2015 EUR 73.50 Deutsche Bank AG 6.20 8/26/2015 EUR 74.30 HSBC Trinkaus & Bu 10.00 4/24/2015 EUR 68.47 UBS AG 14.25 6/26/2015 EUR 64.35 DZ Bank AG Deutsch 3.60 8/21/2015 EUR 58.44 Banque Cantonale V 4.25 8/28/2015 CHF 52.33 Deutsche Bank AG 6.20 6/22/2015 EUR 66.60 Deutsche Bank AG 5.20 6/22/2015 EUR 62.80 Lehman Brothers Tr 10.00 1/4/2010 USD 4.42 Zurcher Kantonalba 12.00 7/23/2015 CHF 51.02 Leonteq Securities 13.00 8/25/2015 CHF 57.24 DZ Bank AG Deutsch 15.75 9/25/2015 EUR 67.88 HSBC Trinkaus & Bu 9.00 6/26/2015 EUR 71.47 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 71.27 HSBC Trinkaus & Bu 8.40 9/25/2015 EUR 72.64 HSBC Trinkaus & Bu 7.80 9/25/2015 EUR 72.38 HSBC Trinkaus & Bu 7.10 9/25/2015 EUR 72.06 HSBC Trinkaus & Bu 7.90 12/28/2015 EUR 73.44 HSBC Trinkaus & Bu 7.50 12/28/2015 EUR 73.16 HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 72.80 HSBC Trinkaus & Bu 5.90 12/28/2015 EUR 72.03 UBS AG 15.50 12/29/2015 EUR 74.19 UBS AG 16.00 9/25/2015 EUR 66.62 UBS AG 22.75 12/29/2015 EUR 58.33 UBS AG 13.75 9/25/2015 EUR 70.82 UBS AG 15.00 6/26/2015 EUR 67.82 UBS AG 23.75 9/25/2015 EUR 55.37 UBS AG 24.50 9/25/2015 EUR 61.51 UBS AG 17.25 9/25/2015 EUR 70.89 BNP Paribas SA 0.50 2/13/2024 NZD 67.58 Leonteq Securities 13.00 6/5/2015 CHF 67.84 Credit Suisse AG/L 15.50 5/4/2016 USD 58.45 UBS AG/London 12.88 10/23/2015 CHF 64.55 DZ Bank AG Deutsch 8.50 5/22/2015 EUR 68.75 Notenstein Finance 7.00 10/23/2015 USD 62.42 HSBC Bank PLC 0.50 3/1/2018 RUB 71.39 UBS AG 0.50 4/27/2015 CHF 70.35 Provincia di Ancon 0.31 6/30/2028 EUR 74.51 Leonteq Securities 20.00 2/23/2016 USD 61.43 Societe Generale S 0.50 4/3/2023 RUB 41.82 Societe Generale E 2.50 10/7/2016 EUR 59.37 Oesterreichische V 2.75 8/24/2016 EUR 72.38 Oesterreichische V 2.75 8/26/2016 EUR 72.25 Oesterreichische V 3.00 7/26/2016 EUR 74.00 Barclays Bank PLC 3.50 12/7/2015 EUR 68.52 EFG International 6.00 11/30/2017 EUR 57.16 Barclays Bank PLC 2.50 3/7/2017 EUR 56.08 Raiffeisen Centrob 2.80 11/14/2016 EUR 63.63 EFG International 12.86 10/30/2017 EUR 74.63 Lehman Brothers Tr 6.00 6/21/2011 EUR 4.42 Lehman Brothers Tr 2.00 6/21/2011 EUR 4.42 ********* 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 * * *