/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/150622.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, June 22, 2015, Vol. 16, No. 121 Headlines G E R M A N Y HETA ASSET: KLH Taps Lazard to Advise on Guarantee Restructuring STABILUS: Fitch Affirms Then Withdraws B+ Issuer Default Rating G R E E C E GREECE: Mulls New Fiscal Proposals to Meet Creditors' Targets I R E L A N D AZZURRO RE I: Fitch Assigns 'BB+sf' Rating to Class A Notes IRISH PRIDE: Hovis Owner Buys Debt, Replaces Receivers OAK HILL III: Moody's Assigns 'B2(sf)' Rating to Class F Notes OAK HILL III: Fitch Assigns 'Bsf' Rating to Class F Notes N E T H E R L A N D S HIGHLANDER EURO: Moody's Hikes 2022 Notes Rating to 'Ba3(sf)' R O M A N I A DAFORA MEDIAS: Court Approves Insolvency Request JOLIDON: Enters Insolvency at Creditor's Request R U S S I A BANK OTKRITIE: S&P Maintains 'BB-' Rating on CreditWatch Neg. LENSPETSSMU CJSC: S&P Affirms 'B+' CCR, Outlook Negative MECHEL OAO: Agrees to VTB Debt Restructuring Terms RUSSIAN BANKS: Moody's Assigns CR Assessments to 23 Institutions S L O V E N I A TELEKOM SLOVENIJE: Moody's Puts Ba2 CFR on Review for Downgrade S P A I N FONCAIXA FTGENCAT 6: S&P Affirms 'D' Rating on Class D Notes SPANISH BANKS: Moody's Concludes Reviews on 20 Institutions S W E D E N DOMETIC GROUP: S&P Raises CCR to 'B', Outlook Stable S W I T Z E R L A N D SK SPICE HOLDING: S&P Assigns Prelim. 'B' CCR, Outlook Stable U K R A I N E UKRAINE: Gives Creditors Few Weeks to Accept Debt Writedown U N I T E D K I N G D O M LM U.S.: Moody's Affirms 'B3' Corporate Family Rating MINT 2015: S&P Assigns 'BB+' Ratings to Two Note Classes SKIPTON BUILDING: Moody's Lifts Pref. Stock Rating to Ba2(hyb) X X X X X X X X * BOND PRICING: For the Week June 15, 2015 to June 19, 2015 ********* ============= G E R M A N Y ============= HETA ASSET: KLH Taps Lazard to Advise on Guarantee Restructuring ---------------------------------------------------------------- Boris Groendahl and Alexander Weber at Bloomberg News report that Lazard Ltd. will advise Kaerntner Landesholding, Carinthia's state asset agency, as it faces having to meet as much as EUR13.6 billion (US$15 billion) in debt guarantees it provided for failed Austrian lender Heta. According to Bloomberg, KLH, which had guaranteed the failed lender's debt, on June 19 received court permission to start a reorganization, a procedure that gives companies time to reorganize and avoid insolvency, Bloomberg says, citing filings from the state agency's lawyers. Austria was forced to nationalize former Carinthian state bank Hypo Alpe-Adria-Bank International AG in 2009 and created a bad bank, Heta Asset Resolution AG, to house its most toxic loans, Bloomberg recounts. The government halted further support in March, and regulators imposed a debt moratorium, Bloomberg relates. Heta last week said it had a EUR7 billion capital shortfall and will have to share losses with creditors or face insolvency, Bloomberg relays. "The reorganization plan will have to determine, together with the individuals concerned, whether, and in which amount, an appropriate compensation for the potential guarantee claims can be made," Bloomberg quotes KLH as saying in its filing. KLH asked Heta creditors to register their claims to determine its potential liabilities and which part of them it will be able to repay, Bloomberg discloses. Heta Assset Resolution AG is a wind-down company owned by the Republic of Austria. Its statutory task is to dispose of the non-performing portion of Hypo Alpe Adria, nationalized in 2009, as effectively as possible while preserving value. STABILUS: Fitch Affirms Then Withdraws B+ Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has affirmed Germany-based auto group Stabilus' Long-term Issuer Default Rating at 'B+' with Stable Outlook and subsequently withdrawn the rating. Fitch has also withdrawn the rating for the EUR256.1 million senior secured notes issued by Servus Luxembourg Holding S.C.A. Fitch is withdrawing Stabilus' ratings following the early full redemption of the notes on June 16. KEY RATING DRIVERS The IDR reflects Stabilus' exposure to volatile markets and the competitive threats it faces as well as an improving business profile and rapid growth and solid profitability. RATING SENSITIVITIES Not applicable =========== G R E E C E =========== GREECE: Mulls New Fiscal Proposals to Meet Creditors' Targets ------------------------------------------------------------- Marcus Walker and Nektaria Stamouli at The Wall Street Journal report that Greece's government is considering new fiscal proposals to avoid a collision with its creditors today, June 22, in what could be a last-ditch effort to avert capital controls and a debt default. According to The Journal, two Athens officials said government members are putting together a plan they hope would achieve budget targets that bailout creditors want, while relying more on eliminating tax breaks and less on pension cuts than the lenders' own proposal. The Greek cabinet was due to discuss the proposal on June 21, The Journal notes. It isn't clear whether the cabinet under Prime Minister Alexis Tsipras will endorse the plan, which was being prepared on the weekend by Deputy Prime Minister Yannis Dragasakis and others who are considered among the more pragmatic members of the leftist Syriza-led government, The Journal says. Greece is under heavy pressure to convince its creditors it can hit ambitious fiscal targets ahead of scheduled meetings on today, June 22, of eurozone finance ministers and, later in the day, of eurozone heads of government, The Journal states. European leaders have said today's high-level meetings won't reach any agreements unless Greece first presents convincing policy measures to inspectors from the International Monetary Fund, the European Commission and the European Central Bank, which oversee Greece's bailout program, The Journal notes. Finding measures to reach the fiscal targets creditors want has become crucial for unlocking fresh bailout financing for Greece, without which the country would have to default on its debts in coming weeks, including on loan repayments to the IMF on June 30 and on bonds held by the ECB in July and August, The Journal discloses. According to The Journal, European officials said failure to agree today, June 22, could quickly lead to capital controls in Greece. ============= I R E L A N D ============= AZZURRO RE I: Fitch Assigns 'BB+sf' Rating to Class A Notes ----------------------------------------------------------- Fitch Ratings has assigned a rating to the principal at-risk variable-rate notes issued by Azzurro Re I Ltd., an Irish private limited company authorized as a special purpose reinsurance vehicle: -- EUR200,000,000 class A notes with expected maturity Jan. 16, 2019; 'BB+sf'; Outlook Stable. The notes provide reinsurance protection for UnipolSai Assicurazioni S.p.A. and other group subsidiaries (UnipolSai; unrated by Fitch). The notes are exposed to Earthquake peril and ensuing perils such as, but not limited to, sprinkler leakage, fire, groundshaking, volcanic disturbance or eruption (including ashfall), and tsunami and flooding due to dam or levy ruptures. The covered area is predominantly located in Italy (99.8%); however, it is possible if the epicentre is located outside Italy to be considered a covered event if risks in the covered area are damaged. The trigger is a per occurrence event based on ultimate net losses. The risk interest spread is 2.15% per annum. UnipolSai provides earthquake coverage as add-on coverage to existing property insurance policies (not on a stand-alone basis). The total indemnity limit (TIL) in Italy is Eur69.6 billion with industrial-type coverage representing 41.8%, and residential/civil 22%). Contingent business interruption coverage is less than 1% of the TIL. Approximately two-thirds of the TIL is located in the northern regions of Italy: Lombardia (capital is Milan, TIL is 31.6%), Emilia-Romagna (Bologna, 13.7%), Veneto (Venice, 11.2%) and Piemonte (Turin, 10.1%). The 2015-1 notes are exposed to principal loss if ultimate net losses from a covered event exceed EUR500 million and is totally exhausted if they exceed EUR700 million. In the calculation of the ultimate net loss, there is a growth limitation factor which is the lesser of 1.0 and the ratio of the growth allowance factor (1.10) and the actual growth factor. The initial loss adjustment expense factor is 1.08 but may be changed at each rate reset date to range between 1.06 and 1.10. On a historical basis, it does not appear that a recurrence of a past earthquake event based on the modelled subject business would have caused any partial (or full) principal loss. It is estimated that the Irpinia event in 1980 with an epicentre in Campania (magnitude 6.9) would have caused modeled insured industry losses in Italy of Eur5.3 billion but only Eur291 million of ultimate net losses to the notes. Three other events, all in central Italy (Avezzano, magnitude 7.0; Friuli, 6.4; and Messina-Reggio, 7.1), may have caused over Eur1 billion in industry losses, but the modelled ultimate net loss was estimated at Eur194 million, Eur163 million and Eur45 million, respectively. For frequency and severity, Fitch reviewed the 2011 version of the Parametric Catalogue of Italian Earthquakes (A. Rovida, R. Camassi, P. and M. Gasperini Stucchi (eds), 2011; CPTI11). This catalogue contains 3,182 recorded earthquakes from the year 1000 to 2006. Since 1900, 1,838 events have occurred (or about 17 per year), of which, 75% had a Moment Magnitude Scale less than 5.0, which usually causes minimal losses. Approximately, 1.5% had a measurement above 7.0. This measurement replaced the more commonly known Richter Scale in the 1970s. The risk period is around 3.5 years and ends on Dec. 31, 2018. The notes may be extended in quarterly increments for another 36 months if certain qualifying events occur, or at the discretion of UnipolSai; thus the final extended redemption date is Jan. 18, 2022. However, the notes are not exposed to any further catastrophe events during this extension period. The notes may be redeemed at any time under seven defined early redemption events which include regulatory or tax law changes or may be redeemed by UnipolSai during the extension period. The repayment of the notes to the noteholders occurs subsequent to any qualified payments to UnipolSai for covered events. Noteholders have no recourse to UnipolSai. UnipolSai has established and owns a premium deposit account, which will be used to pre-fund two quarters of premium payments. One of the purposes of the premium deposit account is to support timely interest payments to noteholders should UnipolSai fail to continue to make premium payments. As such, UnipolSai has assigned its rights, title, benefit and interests to Azzurro Re. If UnipolSai fails to maintain two quarters of premium payments, the indenture calls for an early redemption of the notes whereby noteholders will be paid full principal and accrued interest on a timely basis. Given its ownership status, the premium deposit account may be subject to a stay period in the event of UnipolSai's insolvency. This could prevent noteholders from receiving timely payment of interest, as intended. Fitch does not rate UnipolSai, but has reviewed certain publicly available information, including the ratings of other rating agencies, and believes UnipolSai's credit quality is supportive of the rating of the transaction. KEY RATING DRIVERS The rating is based on the evaluation of the natural catastrophe risk, the counterparty risk of UnipolSai, the credit risk of the collateral assets and the structural soundness of the transaction. The natural catastrophe risk represents the weakest link and currently drives the rating of the class A notes. The rating analysis in support of the evaluation of the natural catastrophe risk is highly model-driven. As with any model of complex physical systems, particularly those with low frequencies of occurrence and potentially high severity outcomes, the actual losses from catastrophic events may differ from the results of simulation analyses, which may or may not be detrimental to noteholders. Fitch is neutral to any of the major catastrophe modeling firms that is selected by the issuer to provide this analysis, and did not include any explicit margins or qualitative haircuts to the probability of loss metric. AIR Worldwide Corporation (AIR) provided the risk analysis using their proprietary software and risk models implemented in Touchstone 2.0.2 and Catrader 16.0 which includes version 3.0 of their Earthquake Model for the Pan-European region. This earthquake model was last updated in 2011 and currently there are no expected updates for the next three years. These models will be escrowed and used by AIR in determining any future annual reset. Based on 10,000 simulations, the annual one-year attachment probability for the class A notes was 0.40%. This indicates an implied rating of 'BB+' using Fitch's ILS Calibration Matrix with a one-year time-to-risk maturity assumption. The annualized that modeled expected loss was 0.31%. Results from other third-party modeling firms or UnipolSai that were provided did not indicate different levels of attachment probability. AIR estimates 85% of the modeled expected loss was attributed to the four northern regions mentioned above. Since earthquake magnitudes in excess of 7.0 are rare, measurements reading between 6.00 and 6.49 and then between 6.50 and 6.99 contributed 36.0% and 56.5% (92.5% total) respectively, of the modeled expected loss. The AIR risk analysis used a time-independent assumption that estimates long-term probabilities of occurrence, irrespective of when previous earthquakes occurred. The last earthquake with a magnitude in excess of 7.0 occurred in 1915 (Avezzano). The modelling included the effects of business interruption and the initial loss adjustment expense factor. Unmodeled risks included volcanic eruption, tsunami, sprinkler leakage, fire, flood following the event, demand surge, landslide and liquefaction. A small portion of the subject business was not modelled. Fitch did not make any estimation of these risks. As an indemnity bond, the determination of the Ultimate Net Loss "follows the fortunes" of the UnipolSai Group in regards to underwriting of new business, claim loss management and reserve practices. UnipolSai is the largest non-life insurer in Italy with earned premiums in excess of 16 billion euro in 2014 and shareholder's equity of 6.3 billion euro at Dec. 31, 2014. Over 95% of policy distribution is through a preferred distribution channel where the majority of the agencies are tied and work exclusively with UnipolSai. The Settlement Claims Direction Office is responsible for the settlement of losses related to earthquakes. Towers Watson (Bermuda) Ltd has been appointed as the Claims Reviewer and the Loss Reserve Specialist for the Issuer. Proceeds from this issuance will be held in a collateral account for the benefit of UnipolSai and will be invested in European Bank for Reconstruction and Development notes (EBRD; Fitch Issuer Default rating of 'AAA'). These notes will yield Euribor less 38 basis points (but not less than 0%). They also contain a put feature designed to eliminate market risk to investors. Under certain circumstances, these notes may be replaced by high- quality money market funds which may be rated at least "AAmmf" by Fitch. If that were to occur, noteholders may have exposure to market value risk if the net asset value of a money market fund falls below $1.00, and the yield volatility of that particular fund. Finally, certain actions may be required if the collateral account is invested in money market funds and it is determined that gross proceeds from the disposition or redemption of the money market funds will become subject to withholding tax. A downgrade of a permitted investment will not necessarily lead to a replacement of that investment. Finally, certain actions may be required if the collateral account is invested in money market funds and FATCA is deemed to apply in late 2016. RATING SENSITIVITIES This rating is sensitive to the occurrence of a qualifying event(s), the counterparty risk of UnipolSai and the rating on, and performance of, the assets held in the collateral account. If qualifying covered events occur that cause ultimate net losses to exceed the attachment amount, Fitch will downgrade the notes reflecting an effective loss of principal and impairment of the notes, and issue a Recovery Rating. In the case of a reset election, UnipolSai may select an updated attachment level such that the updated modeled expected loss falls in the range of 0.31% and 0.36%. Fitch believes the corresponding attachment probability will likely stay at the implied rating of 'BB+' though there could be a one-notch upgrade or downgrade under possible outcomes. The rating on the notes is contingent on UnipolSai maintaining the proper pre-funded amounts in the premium deposit account, and if this does not occur, the rating is contingent on the transaction being successfully unwound with principal and accrued interest paid in full. Failure of UnipolSai to maintain pre- funding amounts, concurrent with a failure in the timely unwinding of the transaction, which could potentially occur if UnipolSai entered into insolvency proceedings, could cause an impairment of the notes. To a lesser extent, the notes may be downgraded if the EBRD notes should suffer a serious downgrade, the terms of the notes are altered, or the assets held in the collateral account perform significantly worse than expectations for high-quality, short- term investments. The escrow model may not reflect future methodology enhancements by AIR which may have an adverse or beneficial effect on the implied rating of the notes were such future methodology considered. The final rating is contingent upon receipt of signed legal documents pertinent to this transaction that do not materially change what has currently been reviewed. Any changes could lead Fitch to an alternative rating or inability to rate the note. IRISH PRIDE: Hovis Owner Buys Debt, Replaces Receivers ------------------------------------------------------ Donal O'Donovan at Irish Independent reports that the owner of Britain's Hovis looks to be in the driving seat at Irish Pride after buying the company's debt and replacing receivers. The move will prompt speculation that Britain's third biggest bread producer is poised to snap up Irish Pride, potentially saving up to 340 jobs, Irish Independent says. However, sources insisted that a full and open auction process is still underway, with a number of initial bids for Irish Pride submitted and that no deal to buy the business has been agreed, Irish Independent notes. Kieran Wallace of KPMG has now been appointed as receiver by California-based private equity firm Gores Group, after the US investor bought loans secured on the Irish Pride business from original lender Close Brothers in recent days, Irish Independent relates. Mr. Wallace replaces receivers Declan Taite -- declan.taite@duffandphelps.com -- and Pearse Farrell -- pearse.farrell@duffandphelps.com -- of Duff & Phelps who were recently appointed by original lender Close Brothers, Irish Independent discloses. Duff & Phelps placed advertisements seeking bids for the business in weekend newspapers, Irish Independent relays. Those bids were due in on June 15 and are now being handled by KPMG, it is understood, Irish Independent states. The receivership raised fears for 340 jobs, mainly in Mayo and Wexford, but staff have been told the business will trade as normal while efforts are made to sell it as a going concern, according to Irish Independent. Irish Pride is the country's second biggest bakery business, with sales of around EUR50 million a year. OAK HILL III: Moody's Assigns 'B2(sf)' Rating to Class F Notes -------------------------------------------------------------- Moody's Investors Service announced that it has assigned the following definitive ratings to notes issued by Oak Hill European Credit Partners III Designated Activity Company ( the "Issuer" or Oak Hill European Credit Partners III D.A.C.): -- EUR201,100,000 Class A-1 Senior Secured Floating Rate Notes due 2028, Definitive Rating Assigned Aaa (sf) -- EUR5,300,000 Class A-2 Senior Secured Fixed Rate Notes due 2028, Definitive Rating Assigned Aaa (sf) -- EUR31,600,000 Class A-3 Senior Secured Fixed/Floating Rate Notes due 2028, Definitive Rating Assigned Aaa (sf) -- EUR31,800,000 Class B-1 Senior Secured Floating Rate Notes due 2028, Definitive Rating Assigned Aa2 (sf) -- EUR12,700,000 Class B-2 Senior Secured Fixed Rate Notes due 2028, Definitive Rating Assigned Aa2 (sf) -- EUR23,500,000 Class C Senior Secured Deferrable Floating Rate Notes due 2028, Definitive Rating Assigned A2 (sf) -- EUR20,500,000 Class D Senior Secured Deferrable Floating Rate Notes due 2028, Definitive Rating Assigned Baa2 (sf) -- EUR30,500,000 Class E Senior Secured Deferrable Floating Rate Notes due 2028, Definitive Rating Assigned Ba2 (sf) -- EUR11,700,000 Class F Senior Secured Deferrable Floating Rate Notes due 2028, Definitive Rating Assigned B2 (sf) RATINGS RATIONALE Moody's rating of the rated notes addresses the expected loss posed to noteholders by legal final maturity of the notes in 2028. The ratings reflect the risks due to defaults on the underlying portfolio of loans given the characteristics and eligibility criteria of the constituent assets, the relevant portfolio tests and covenants as well as the transaction's capital and legal structure. Furthermore, Moody's is of the opinion that the collateral manager, Oak Hill Advisors (Europe), LLP, has sufficient experience and operational capacity and is capable of managing this CLO. Oak Hill European Credit Partners III D.A.C. is a managed cash flow CLO. At least 90% of the portfolio must consist of senior secured obligations and up to 10% of the portfolio may consist of senior unsecured obligations, second-lien loans, mezzanine obligations and high yield bonds. The portfolio is expected to be 60% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the six month ramp-up period in compliance with the portfolio guidelines. Oak Hill Advisors will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk obligations or credit improved obligations, and are subject to certain restrictions. In addition to the nine classes of notes rated by Moody's, the Issuer will issue EUR48,000,000 of subordinated notes which will not be rated. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. Loss and Cash Flow Analysis: Moody's modeled the transaction using CDOEdge, a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in February 2014. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario and (ii) the loss derived from the cash flow model in each default scenario for each tranche. Moody's used the following base-case modeling assumptions: Par Amount: EUR400,000,000 Diversity Score: 35 Weighted Average Rating Factor (WARF): 2750 Weighted Average Spread (WAS): 4.10% Weighted Average Coupon (WAC): 5.00% Weighted Average Recovery Rate (WARR): 40.00% Weighted Average Life (WAL): 8 years. Stress Scenarios: Together with the set of modelling assumptions above, Moody's conducted an additional sensitivity analysis, which was an important component in determining the rating assigned to the rated notes. This sensitivity analysis includes increased default probability relative to the base case. Below is a summary of the impact of an increase in default probability (expressed in terms of WARF level) on each of the rated notes (shown in terms of the number of notch difference versus the current model output, whereby a negative difference corresponds to higher expected losses), holding all other factors equal. Percentage Change in WARF: WARF + 15% (to 3163 from 2750) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: 0 Class A-2 Senior Secured Fixed Rate Notes: 0 Class A-3 Senior Secured Fixed/Floating Rate Notes: 0 Class B-1 Senior Secured Floating Rate Notes: -2 Class B-2 Senior Secured Fixed Rate Notes: -2 Class C Senior Secured Deferrable Floating Rate Notes: -2 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: -1 Percentage Change in WARF: WARF +30% (to 3575 from 2750) Class A-1 Senior Secured Floating Rate Notes: -1 Class A-2 Senior Secured Fixed Rate Notes: -1 Class A-3 Senior Secured Fixed/Floating Rate Notes: -1 Class B-1 Senior Secured Floating Rate Notes: -3 Class B-2 Senior Secured Fixed Rate Notes: -3 Class C Senior Secured Deferrable Floating Rate Notes: -4 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -2 Class F Senior Secured Deferrable Floating Rate Notes: -3 Further details regarding Moody's analysis of this transaction may be found in the upcoming new issue report, available soon on Moodys.com. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in February 2014. Factors that would lead to an upgrade or downgrade of the rating: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Oak Hill Advisors's investment decisions and management of the transaction will also affect the notes' performance. OAK HILL III: Fitch Assigns 'Bsf' Rating to Class F Notes --------------------------------------------------------- Fitch Assigns Oak Hill European Credit Partners III Final Ratings Fitch Ratings-London-18 June 2015 Fitch Ratings has assigned Oak Hill European Credit Partners III Designated Activity Company notes final ratings, as: -- EUR201.1 mil. Class A-1: 'AAAsf'; Outlook Stable; -- EUR5.3 mil. Class A-2: 'AAAsf'; Outlook Stable; -- EUR31.6 mil. Class A-3: 'AAAsf'; Outlook Stable; -- EUR31.8m Class B-1: 'AA+sf'; Outlook Stable; -- EUR12.7mClass B-2: 'AA+sf'; Outlook Stable; -- EUR23.5m Class C: 'A+sf'; Outlook Stable; -- EUR20.5m Class D: 'BBB+sf'; Outlook Stable; -- EUR30.5m Class E: 'BBsf'; Outlook Stable; -- EUR11.7m Class F: 'Bsf'; Outlook Stable; and -- EUR48.0m subordinated notes: not rated Oak Hill European Credit Partners III Designated Activity Company is a cash flow collateralized loan obligation (CLO). KEY RATING DRIVERS 'B'/'B-' Portfolio Credit Quality Fitch expects the average credit quality of obligors to be in the 'B' category. Fitch has credit opinions or public ratings on all obligors in the identified portfolio. The weighted average rating factor of the identified portfolio is 32.9. High Recovery Expectation At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favorable than for second-lien, unsecured and mezzanine assets. Fitch has assigned Recovery Ratings to all of the assets in the identified portfolio. The weighted average recovery rate of the identified portfolio is 73.8%. Unhedged Non-euro Assets Exposure The transaction is allowed to invest up to 25% of the portfolio in hedged non-euro-denominated assets. Unhedged non-euro assets are limited to a maximum exposure of 2.5% of the portfolio subject to principal haircuts. The manager can only invest in unhedged assets if, after the applicable haircuts, the aggregate balance of the assets is above the reinvestment target par balance. Partial Interest Rate Hedge Up to 10% of the portfolio can be invested in fixed-rate assets, while fixed-rate liabilities accounted for 11.9% at closing. Five years after closing, the class A-3 notes will start paying a floating rate of interest, reducing the share of fixed-rate liabilities to 4.5% of target par. The transaction is thus partially hedged against rising interest rates. TRANSACTION SUMMARY Net proceeds from the notes are being used to purchase a EUR400 mil. portfolio of European leveraged loans and bonds. The portfolio is managed by Oak Hill Advisors (Europe), LLP. The transaction has a four-year re-investment period scheduled to end in 2019. The transaction documents may be amended subject to rating agency confirmation or noteholder approval. Where rating agency confirmation relates to risk factors, Fitch will analyze the proposed change and may provide a rating action commentary if the change has a negative impact on the ratings. Such amendments may delay the repayment of the notes as long as Fitch's analysis confirms the expected repayment of principal at the legal final maturity. If in the agency's opinion the amendment is risk-neutral from a rating perspective Fitch may decline to comment. Noteholders should be aware that confirmation is considered to be given if Fitch declines to comment. RATING SENSITIVITIES A 25% increase in the obligor default probability would lead to a downgrade of up to three notches for the rated notes. A 25% reduction in expected recovery rates would lead to a downgrade of up to four notches for the rated notes. DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action. DATA ADEQUACY The majority of the underlying assets have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant Fitch groups and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ===================== N E T H E R L A N D S ===================== HIGHLANDER EURO: Moody's Hikes 2022 Notes Rating to 'Ba3(sf)' ------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of the following notes issued by Highlander Euro CDO B.V.: -- EUR41.25 million Class C Primary Senior Secured Deferrable Floating Rate Notes due 2022, Upgraded to A3 (sf); previously on Oct 31, 2014 Upgraded to Baa2 (sf) -- EUR25 million Class D Primary Senior Secured Deferrable Floating Rate Notes due 2022, Upgraded to Ba3 (sf); previously on Oct 31, 2014 Upgraded to B1 (sf) Moody's also affirmed EUR98.14m notes: -- EUR48.75 million (current outstanding balance of EUR34.95 million) Class A-2 Primary Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on Oct 31, 2014 Affirmed Aaa (sf) -- EUR45 million Class B Primary Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on Oct 31, 2014 Upgraded to Aaa (sf) -- EUR13.75 million (current outstanding balance of EUR18.19M) Class E Secondary Senior Secured Deferrable Floating Rate Notes due 2022, Affirmed Ca (sf); previously on Oct 31, 2014 Affirmed Ca (sf) Highlander Euro CDO B.V., issued in August 2006, is a collateralized loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by CELF Advisors LLP. The transaction's reinvestment period ended in August 2012. RATINGS RATIONALE The upgrades of the notes is primarily a result of deleveraging since the last rating action in October 2014. As a result, the class A-1 note has paid down EUR9.72 million (now fully redeemed) and the class A-2 note has paid down EUR 13.80 million (28% of initial balance) resulting in increases in over-collateralization levels. As of the May 2015 trustee report, the Class B, C, D and E overcollateralization ratios are reported at 194.00%, 127.97%, 106.09% and 94.35% respectively compared with 174.00%, 124.41%, 106.08% and 96.01% in October 2014. The average credit quality as reflected by the weighted average rating factor ("WARF") has also slightly improved to 2785 compared with 2936 in February 2015. 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 EUR152.8 million, a defaulted par of EUR13.2 million, a weighted average default probability of 24.0% (consistent with a WARF of 3324 over a weighted average life of 4.41 years), a weighted average recovery rate upon default of 46.55% for a Aaa liability target rating, a diversity score of 14 and a weighted average spread of 4.20%. 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% 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 in 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 one notch of the base-case results. This transaction is subject to a high level of macroeconomic uncertainty, which could negatively affect the ratings on the 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 due to 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 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) Around 25% of the collateral pool consists of debt obligations whose credit quality Moody's has assessed by using credit estimates. As part of its base case, Moody's has stressed large concentrations of single obligors bearing a credit estimate as described in "Updated Approach to the Usage of Credit Estimates in Rated Transactions," published in October 2009 and available at http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461 3) 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 O M A N I A ============= DAFORA MEDIAS: Court Approves Insolvency Request ------------------------------------------------ Oana Gavrila, writing for Ziarul Financiar, reports that Dafora Medias has received court approval on its request to enter insolvency. The company is controlled by businessman Gheorghe Calburean, Ziarul Financiar discloses. Dafora Medias is a Romanian drilling company. JOLIDON: Enters Insolvency at Creditor's Request ----------------------------------------------- Gabriela Stan at Ziarul Financiar, citing the Cluj courthouse, reports that Jolidon, established more than 20 years ago by local entrepreneur Gabriel Carlig, went insolvent at the request of creditor J.I.E. According to Ziarul Financiar, Finance Ministry data showed Jolidon Import Export reported debts worth RON256 million in 2014, fourfold higher than its sales. In 2014, the company's sales fell to RON64 million, from RON97 million a year before, Ziarul Financiar relates. Moreover, the company's losses widened in the same period from RON3 million to RON99 million, Ziarul Financiar discloses. At the end of 2014, Jolidon had over 1,000 employees, Ziarul Financiar notes. Jolidon is a Romanian lingerie and swimwear manufacturer. =========== R U S S I A =========== BANK OTKRITIE: S&P Maintains 'BB-' Rating on CreditWatch Neg. ------------------------------------------------------------- Standard & Poor's Ratings Services said that it has maintained its CreditWatch with negative implications on its 'BB-' long-term counterparty credit ratings and its 'ruAA-' Russia national scale ratings on Russia-based Bank Otkritie Financial Co. (Bank OFC) and its core subsidiary Khanty-Mansiysk Bank Otkritie. At the same time, S&P affirmed its 'B' short-term ratings on both banks. The CreditWatch reflects S&P's view of the uncertainties Bank OFC continues to face regarding the integration of recently rescued TRUST Bank into the Otkritie group. S&P understands that the Russian Central Bank and the Deposit Insurance Agency have yet to finalize the rehabilitation plan for TRUST Bank and that the bank's integration into the Otkritie group has yet to be defined. The potential financial and business impacts of the integration remain unclear. At the same time, S&P revised downward its assessment of Khanty- Mansiysk Bank Otkritie's stand-alone credit profile to 'b-' because of the hindering effect of the economic slowdown in Russia, which S&P anticipates will lead to weaker-than-expected capitalization, as measured by our projected risk-adjusted capital (RAC) ratio before adjustments for concentration and diversification of 4.4%-4.7% in the next 12-18 months. S&P's forecast for this period incorporates cost of risk at 4.5%-6.0%, largely driven by the unsecured consumer loan portfolio, which is likely to lead to the bank posting net losses in 2015. S&P aims to resolve the CreditWatch within the next three months when the officials and the Otkritie group expect to finalize the integration roadmap for TRUST Bank's rescue. Furthermore, S&P expects to have better visibility on the business and financial impacts of the integration process and the consolidation of capital on Bank OFC's parent Otkritie Holding. S&P could lower the ratings if it believes that the capital positions of Bank OFC and Otkritie Holding have sustainably weakened, based on S&P's RAC ratio for the consolidated group falling below 3%, or if S&P believes that Bank OFC's consolidated risk position has worsened. S&P could take a negative rating action on Khanty-Mansiysk Bank Otkritie if S&P considered that its importance, as a core subsidiary of Bank OFC, had reduced. S&P could affirm the ratings if it considers that risks emerging from the TRUST Bank rehabilitation process are sufficiently offset by financial support from the Russian Central Bank through the Deposit Insurance Agency, and legacy risks related to the recent merger with Bank Petrocommerce are manageable and will not markedly worsen Bank OFC's financial profile. Additional affirmation factors would include the maintenance of Bank OFC's and Otkritie Holding's capital positions, and our view that Otkritie Holding has substantially reduced its appetite for further acquisitions. LENSPETSSMU CJSC: S&P Affirms 'B+' CCR, Outlook Negative -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' long-term and 'B' short-term global scale corporate credit ratings on Russia-based residential real estate developer CJSC SSMO LenSpetsSMU. The outlook is negative. At the same time, S&P lowered its Russia national scale rating on LenSpetsSMU to 'ruA' from 'ruA+'. S&P affirmed its 'B+' issue level rating on LenSpetsSMU's senior secured debt, but lowered the national scale issue level rating on this debt to 'ruA' from 'ruA+'. The recovery rating on this debt instrument is now '3', indicating S&P's expectation of meaningful recovery in the event of a payment default, in the lower half of the 50%-70% range. S&P removed all these ratings from CreditWatch, where it placed them with negative implications on Jan. 20, 2015. The affirmation of the 'B+' global scale rating reflects S&P's view that, while economic conditions for property developers in Russia will remain very weak, LenSpetsSMU's moderate maturities in the next two years, low exposure to foreign currency risks, and currently moderate debt leverage of less than 2x support the rating. At the same time, S&P lowered its Russia national scale rating because it sees the company's credit quality at the lower end of what it sees as commensurate for a 'B+' global scale rating and also because of the negative outlook on the global scale rating. Key elements of the deteriorating environment in Russia are falling disposable incomes pressured by accelerating inflation, as well as increased cost of funding for Russian issuers. As a result, S&P believes that demand for real estate will materially weaken in 2015-2016, causing a cyclical downturn in the industry. "In our opinion, LenSpetsSMU's business risk profile is "weak." This reflects our view of the company's exposure to the "high" country risk of operating in Russia and the "moderately high" industry risk associated with property development. We revised our assessment of LenSpetsSMU's competitive position to "weak" from "fair," reflecting the relatively high sensitivity of St. Petersburg's market to the deteriorating macroeconomic environment in Russia, compared with Moscow. At the same, LenSpetsSMU's competitive position is supported by its relatively larger size than peers' and favorable position in St. Petersburg and the surrounding region. Additional strengths include the current low level of land-purchase commitments and profitability metrics that remain broadly in line with industry averages," S&P said. S&P's view of LenSpetsSMU's financial risk profile as "aggressive" is constrained by the inherent volatility of cash flows arising from a long operating cycle, given that LenSpetsSMU takes, on average, 30 months in the construction phase of its projects, and the high working capital swings. S&P assesses LenSpetsSMU as a "core" subsidiary of Russian real estate developer Etalon Group, mainly given that LenSpetsSMU accounts for more than 95% of Etalon Group's EBITDA. S&P adds Russian ruble 1.6 billion of financial guarantees to LenSpetsSMU's financial debt. In S&P's base case it don't expect financial guarantees to grow from the current level and put pressure on LenSpetsSMU's debt metrics. The negative outlook reflects S&P's view that adverse market conditions and declining demand for new properties might lead to larger working capital requirements in 2015-2016 and LenSpetsSMU's even higher reliance on debt financing. In S&P's view, this is likely to put further pressure on LenSpetsSMU's credit metrics and its liquidity position. S&P could lower the long-term global scale rating if LenSpetsSMU is unable to maintain its "adequate" liquidity in the face of expected cash outflows over the next year. S&P might also lower the rating if LenSpetsSMU does not maintain its credit metrics in line with an "aggressive" financial risk profile, with debt to EBITDA exceeding 4x and EBITDA interest coverage declining and remaining significantly below 2x. This would likely stem from a continued fall in demand in St. Petersburg, leading to a sharp fall in apartment prices. Such events would likely force LenSpetsSMU to shelve projects and focus on releasing cash from sales of completed properties to cover immediate liquidity needs. Additionally, S&P could lower the rating if the company were to aggressively launch multiple new projects in the face of a still- weak operating environment. S&P could revise the outlook to stable if it saw that LenSpetsSMU had managed to fund its construction needs without excessive reliance on debt financing and returned to a positive free operating cash flows while maintaining "adequate" liquidity. MECHEL OAO: Agrees to VTB Debt Restructuring Terms -------------------------------------------------- Oksana Kobzeva and Polina Devitt at Reuters report that Mechel on June 18 said it has has agreed to the terms for restructuring its debt with VTB. Separately, larger rival Sberbank said it had found two prospective buyers for its share of Mechel's debt, Reuters relates. Controlled by businessman Igor Zyuzin, Mechel has been in discussions for months with its main lenders, including VTB, Sberbank and Gazprombank, over a restructuring of debts which at the end of last year were estimated to total US$7 billion, Reuters relays. The troubled group, which employs 72,000 people, borrowed heavily before Russia's economic downturn, deepened by Western sanctions over the Ukraine crisis and the fall in oil prices, Reuters recounts. According to Reuters, VTB's first deputy chairman, Yuri Soloviev, told reporters on the sidelines of the annual St Petersburg International Economic Forum on June 11 that Mechel was slowly repaying its debts. "Yes, they have agreed but not signed (the agreement), but we will sign. They are paying off the interest but not all of it yet. They still have time before July 1," Reuters quote Mr. Soloviev as saying. "The future of Mechel will be solved in a quieter way with the other creditors . . . it is not a major restructuring -- it is a way out of the conflict." About 68% of the debt is held by the three state-controlled banks, Sberbank, VTB and Gazprombank, Reuters notes. Maxim Poletayev, a first deputy chairman of Sberbank's executive board, said on June 11 his bank was also now in discussions over selling Mechel's debt with two different parties, Reuters relays. "We have outlined our positions," Reuters quotes Mr. Poletayev as saying. "But we aren't stopping the other process. We have four suits on bankruptcy and if before the end of July they don't pay their main debt to us there will be another." "There won't be any discount (if Sberbank sells the debt)." Separately, Kremlin aide Andrei Belousov said there was still no consensus on Mechel's debt restructuring, Reuters relates. Mechel is a Russian steel and coal producer. RUSSIAN BANKS: Moody's Assigns CR Assessments to 23 Institutions ---------------------------------------------------------------- Moody's Investors Service, on June 17, 2015, assigned Counterparty Risk Assessments (CR Assessments) to 23 Russian banks. This announcement follows the publication of the rating agency's revised bank rating methodology on March 16, 2015. Concurrently, Moody's affirmed the credit ratings of Bank Otkritie Financial Corporation PJSC, Bank Saint-Petersburg PJSC, Credit Europe Bank Ltd., Tinkoff Bank and TranscapitalBank JSC Bank. The outlooks on the long-term deposit and senior unsecured debt ratings remain negative for all five banks. At the same time, Moody's has withdrawn the outlooks on all five banks' subordinated debt ratings for its own business reasons. Moody's revised bank rating methodology is available at: https://www.moodys.com/research/Banks--PBC_179038 RATINGS RATIONALE BANK OTKRITIE FINANCIAL CORPORATION PJSC Moody's has affirmed Bank Otkritie Financial Corporation's b1 baseline credit assessment (BCA) and adjusted BCA, Ba3/Not-Prime local and foreign-currency deposit and senior unsecured debt ratings and B2 subordinated debt rating. The affirmation reflects the bank's reasonable asset quality, sufficient loss-absorption capacity and liquidity cushion, which is sufficient to manage the bank's refinancing needs. At the same time, Russia's deteriorated operating environment constrains the ratings, because it pressures the bank's asset quality and profitability, as does the high single-name concentration in its loan portfolio and deposits. The bank's lending to high-risk sectors (construction, real estate, development and small and medium-sized enterprises) accounted for 15% of gross loans as of year-end 2014, which exposes the bank to elevated credit risk, rendering the loan book vulnerable to the weakening domestic operating environment and adverse market conditions. Moody's notes the capital levels will only partly mitigate the pressures for the macroeconomic headwinds in 2015 and 2016: the reported tier 1 and total capital adequacy ratio (CAR) were 8.3% and 12.4%, respectively, at year- end 2014. The bank reported regulatory total CAR (N1.0) and tier 1 (N1.2) ratios at 12.06% and 9.17% as of 1 May 2015. Moody's notes the Deposit Insurance Agency provided a subordinated loan of RUB55.6 billion to the bank in June 2015 in the form of state securities in the framework of a recapitalization plan for Russian government bonds (OFZ), which should underpin the bank's total CAR (N1.0) by 450-500 basis points. The rating agency incorporates a low likelihood of government support for the bank based on its growing systemic importance as Russia's leading private banking group, with a market share of 4.5% of assets as of year-end 2014 and an extensive domestic presence. The government support assessment results in a one- notch rating uplift from the bank's adjusted BCA of b1. BANK SAINT-PETERSBURG PJSC Moody's has affirmed Bank Saint Petersburg's b1 BCA and adjusted BCA, B1/Not-Prime foreign-currency deposit ratings, (P)B1 foreign-currency senior unsecured MTN program debt rating, B2 subordinated debt rating and (P)B2 subordinate MTN program debt rating. The affirmations reflect (1) challenging credit conditions in Russia that exert pressure on the bank's asset quality, profitability and capital adequacy; (2) the bank's comfortable liquidity profile, which is supported by stable deposit-based funding; and (3) a diversified business profile with a strong market position in its home region of St. Petersburg. In Q1 2015, growing credit costs negatively affected the bank's performance: provisioning expenses accounted for 3% (annualized) of the average loan book, along with increased funding costs (up by 46% compared to Q4 2014). This resulted in a remarkable drop in net income. The return on average assets (RoAA) decreased to 0.4% (annualized) from 1.6% year-on-year and return on equity (RoE) decreased to 4.4% (annualized) from 14.0%, respectively. The long-term deposit and senior unsecured debt ratings do no benefit from any government support uplift. CREDIT EUROPE BANK LTD. Moody's has affirmed Credit Europe Bank's b2 BCA and b1 adjusted BCA, B1/Not-Prime local and foreign-currency deposit ratings, B1 senior unsecured debt and B2 subordinated debt ratings. The affirmations reflect the bank's track record of good asset performance, healthy capital adequacy and strong pre-provision income. These factors enable the bank to absorb credit losses. At the same time, the expected deterioration in asset quality and profitability continue to constrain the ratings amid a challenging operating environment and increased reliance on short-term funding. In 2014, the bank reported a net financial result of RUB1.2 billion, which translates into RoAA of 0.8% and RoE of 5.8%. Moody's believes the recent surge in Russia's CBR key interest rate has already adversely affected funding costs. This reduced the bank's net interest margin (NIM) - and consequently its operating revenues - in Q1 2015. This trend may continue until it stabilizes in the second half of the year. Concurrently, the rating agency acknowledges the bank's ability to manage liquidity and refinancing risks in stressed market conditions, and efficiently cut operating costs to underpin its financial results. Moody's considers that the bank will come close to breaking even in 2015, unless new external shocks materialize. The ratings incorporate our assessment of a high probability of affiliate support from the bank's immediate Dutch parent, Credit Europe Bank N.V. (Ba2 negative), given the significant financial and key strategic importance of the Russian business for the parent company. At the current rating level, the bank's long-term rating incorporates a rating uplift above the rating on the parent company. The bank therefore benefits from a one-notch uplift above the bank's BCA of b2. The long-term deposit and senior unsecured debt ratings do no benefit from any government support uplift. TINKOFF BANK Moody's has affirmed Tinkoff Bank's b2 BCA and adjusted BCA, B2/Not-Prime local and foreign-currency deposit ratings, B2 senior unsecured debt ratings and B3 subordinated debt rating. The affirmations reflect the bank's healthy capital cushion, strong revenue generation and sufficient liquidity buffer. At the same time, the monoline nature of the bank's operations and the pressure on the bank's asset quality and profitability continue to constrain the ratings. These underlying factors follow the weakening of borrowers' creditworthiness in light of a sharp economic contraction and high interest rates. In Q1 2015, the dramatic 30.4% increase in interest expenses compared with Q1 2014 hampered the bank's performance. Along with annualized credit costs of 17.9% and one-off foreign currency losses (incurred in January 2015), the bank produced negative financial results in Q1 2015 of RUB193.0 million. Concurrently, the rating agency notes that the bank's liquidity cushion improved, amounting to 21% of assets as of Q1 2015. These assets were in the form of cash, cash equivalents and unpledged securities eligible for repo with the central bank. Moody's expects the pressure from funding costs to weaken in the second half of 2015, which might improve the bottom-line result and help the bank to break even in 2015. The long-term deposit and senior unsecured debt ratings do no benefit from any government support uplift. TRANSCAPITALBANK JSC BANK Moody's has affirmed Transcapitalbank JSC Bank's b1 BCA and adjusted BCA, B1/Not-Prime foreign-currency deposit ratings and B2 subordinated debt rating. The affirmations reflect the bank's good capital adequacy, diversified funding structure and adequate liquidity buffer. At the same time, the expected deterioration in asset quality and profitability amid a challenging operational environment continue to constrain the ratings. The adverse impact is augmented by the bank's exposure to the SME sector, amounting to 35% of gross portfolio at year-end 2014. We consider that this sector could be particularly vulnerable to deterioration in challenging economic conditions. In 2014, the bank reported a net income of RUB1.8 billion under IFRS. This figure translates into a moderate, but declining ROAA of 1.2%, down from 1.7% in 2013 and 1.8% in 2012. Given the bank's high funding and credit costs, the bank may just break- even in 2015, in Moody's view. At the same time, the bank's provisions and capital buffers provide a sufficient cushion to absorb potential credit losses stemming from increased pressure on the loan book's credit quality: the reported tier 1 and total CAR stand at 10.7% and 14.5%, respectively, as of year-end 2014. A recent maturity extension of US$100 million subordinated Eurobonds from 2017 to 2020 under Basel III rules should underpin Tier 2 capital and add up around 190 basis points to total CAR. The long-term deposit ratings do no benefit from any government support uplift. WHAT COULD CHANGE THE RATINGS UP/DOWN The negative outlooks on these banks' long-term deposit and debt ratings imply that upward rating pressure is limited. The outlook on the long-term ratings could be changed to stable if the banks improve their profitability and asset-quality metrics, while increasing their capital levels or maintaining them at adequate levels. Downward rating pressure could emerge if (1) the already unfavorable operating environment in Russia further deteriorates, putting additional systemic-wide pressure on the banks' asset quality, profitability and capital adequacy ratios; and/or (2) the individual financial performance of the abovementioned banks becomes detrimental for their credit profiles. RATIONALE FOR CR ASSESSMENTS Moody's has also assigned CR Assessments to 23 banks. CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than expected loss and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities. For Russian banks, the CR Assessment is positioned, prior to government support, one notch above the Adjusted BCA and therefore above senior unsecured and deposit ratings, reflecting Moody's view that its probability of default is lower than that of senior unsecured debt and deposits. Moody's believes that senior obligations represented by the CR Assessment will be more likely preserved in order to limit contagion, minimize losses and avoid disruption of critical functions. None of 23 CR Assessments benefits from any government support, in line with our support assumptions on deposits and senior unsecured debt. This reflects our view that operating activities and obligations reflected by the CR Assessment are unlikely to benefit from any support provisions from resolution authorities to senior unsecured debt or deposits. At the same time, the rating agency assigned Prime-3(cr) short- term CR Assessments to JSB Rosbank and DeltaCredit Bank, and Not- Prime(cr) short-term CR Assessments to the other 21 banks. The principal methodology used in these ratings was Banks published in March 2015. LIST OF CR ASSESSMENTS Issuer: Absolut Bank Counterparty Risk Assessment, Assigned Ba3(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Aljba Alliance Commercial Bank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Asian - Pacific Bank Counterparty Risk Assessment, Assigned B1(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Banca Intesa (Russia) Counterparty Risk Assessment, Assigned Ba1(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Bank Otkritie Financial Corporation PJSC Counterparty Risk Assessment, Assigned Ba3(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Bank Saint-Petersburg PJSC Counterparty Risk Assessment, Assigned Ba3(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: CB Kuban Credit Ltd Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Credit Europe Bank Ltd. Counterparty Risk Assessment, Assigned Ba3(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: DeltaCredit Bank Counterparty Risk Assessment, Assigned Baa3(cr) Counterparty Risk Assessment, Assigned Prime-3(cr) Issuer: Finprombank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: First Czech Russian Bank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: IBA-Moscow Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Investment Trade Bank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Joint Stock Commercial Bank Avangard Counterparty Risk Assessment, Assigned B1(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: JSB Rosbank Counterparty Risk Assessment, Assigned Baa3(cr) Counterparty Risk Assessment, Assigned Prime-3(cr) Issuer: Metallinvestbank JSCB Counterparty Risk Assessment, Assigned B1(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: National Standard Bank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: NK Bank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Petersburg Social Commercial Bank Counterparty Risk Assessment, Assigned B1(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Rosenergobank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Russlavbank Counterparty Risk Assessment, Assigned B2(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: Tinkoff Bank Counterparty Risk Assessment, Assigned B1(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) Issuer: TranscapitalBank JSC Bank Counterparty Risk Assessment, Assigned Ba3(cr) Counterparty Risk Assessment, Assigned Not-Prime(cr) LIST OF AFFIRMED RATINGS Issuer: Bank Otkritie Financial Corporation PJSC Adjusted Baseline Credit Assessment, Affirmed b1 Baseline Credit Assessment, Affirmed b1 LT Bank Deposits, Affirmed Ba3 Negative ST Bank Deposits, Affirmed Not-Prime Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 Negative Subordinate Regular Bond/Debenture, Affirmed B2 Issuer: Bank Saint-Petersburg PJSC Adjusted Baseline Credit Assessment, Affirmed b1 Baseline Credit Assessment, Affirmed b1 LT Bank Deposits, Affirmed B1 Negative ST Bank Deposits, Affirmed Not-Prime Senior Unsecured Medium-Term Note Program, Affirmed (P)B1 Subordinate Regular Bond/Debenture, Affirmed B2 Subordinate Medium-Term Note Program, Affirmed (P)B2 Issuer: Credit Europe Bank Ltd. Adjusted Baseline Credit Assessment, Affirmed b1 Baseline Credit Assessment, Affirmed b2 LT Bank Deposits, Affirmed B1 Negative ST Bank Deposits, Affirmed Not-Prime Senior Unsecured Regular Bond/Debenture, Affirmed B1 Negative Subordinate Regular Bond/Debenture, Affirmed B2 Issuer: Tinkoff Bank Adjusted Baseline Credit Assessment, Affirmed b2 Baseline Credit Assessment, Affirmed b2 LT Bank Deposits, Affirmed B2 Negative ST Bank Deposits, Affirmed Not-Prime Senior Unsecured Regular Bond/Debenture, Affirmed B2 Negative Subordinate Regular Bond/Debenture, Affirmed B3 Issuer: TranscapitalBank JSC Bank Adjusted Baseline Credit Assessment, Affirmed b1 Baseline Credit Assessment, Affirmed b1 LT Bank Deposits, Affirmed B1 Negative ST Bank Deposits, Affirmed Not-Prime Subordinate Regular Bond/Debenture, Affirmed B2 Outlook Actions: Issuer: Bank Otkritie Financial Corporation PJSC Outlook, Remains Negative Issuer: Bank Saint-Petersburg PJSC Outlook, Remains Negative Issuer: Credit Europe Bank Ltd. Outlook, Remains Negative Issuer: Tinkoff Bank Outlook, Remains Negative Issuer: TranscapitalBank JSC Bank Outlook, Remains Negative =============== S L O V E N I A =============== TELEKOM SLOVENIJE: Moody's Puts Ba2 CFR on Review for Downgrade --------------------------------------------------------------- Moody's Investors Service has placed Telekom Slovenije d.d.'s Ba2 corporate family rating (CFR), Ba2-PD probability of default rating (PDR) and Ba2 senior unsecured rating on review for downgrade. The rating action follows the announcement that SDH, the Slovenian sovereign holding company which is coordinating the sale of Telekom Slovenije, has rejected the additional conditions made by financial sponsor Cinven in its binding bid dated June 9, 2015, although it accepted the binding bid dated May 20, 2015. SDH said it was still prepared to complete the transaction without those conditions, while Cinven said that it remains interested in the privatization of Telekom Slovenije and is open to re-evaluate the situation. The final decision will be known in the coming weeks. "The rejection of the adjusted bid represents a further delay in the sale process of Telekom Slovenije, while in our view, on a stand-alone basis, the company retains a weak liquidity profile," says Iv n Palacios, a Moody's Vice President - Senior Credit Officer and lead analyst for Telekom Slovenije. "As such, the principal focus of our review will be the company's ability to address its weak liquidity profile, which will further deteriorate with the payment of dividends in August, as well as the pending maturity of a large bond in December 2016. The protracted nature of the privatization process, which started two years ago, has delayed any actions to bolster the company's liquidity profile," says Mr. Palacios. "If a deal between SDH and Cinven is ultimately reached, this would likely incorporate a refinancing of the existing debt and the sponsor may put in place additional liquidity sources, but it could also potentially involve additional leverage in light of the private equity nature of the current bidder", adds Mr. Palacios. RATINGS RATIONALE Moody's currently envisages two scenarios for Telekom Slovenije: (1) SDH and Cinven fail to reach an agreement and the sale process is discontinued, leaving Telekom Slovenije's existing shareholder and capital structure unchanged; or (2) SDH and Cinven finally reach an agreement for the sale of Telekom Slovenije by which Cinven acquires the government's stake in the company. The rating will likely face downward pressure under the two scenarios. If SDH and Cinven fail to reach an agreement in the near-term and the sale process is discontinued, Telekom Slovenije will need to quickly find a solution to its refinancing needs over the next 18 months. The company's liquidity profile is already weak, owing to its small cash balance (only EUR6 million as of March 2015), its lack of long-term committed bank facilities, and its high reliance on the Slovenian banking sector (with bank deposit ratings in the range of B2-B3). Moody's expects that Telekom Slovenije's liquidity profile will weaken further due to the company's confirmed plan to pay a EUR65 million dividend in August 2015, for which it will have to use most of its available short-term bank facilities. Moreover, the company will face significant refinancing needs, including the maturity of its EUR300 million bond in December 2016. A successful sale to Cinven might resolve the liquidity pressures as the financing package will likely include the refinancing of all existing debt and a more stable liquidity management framework. However, in line with the private equity nature of the buyer, the bid is likely to be backed by a debt-heavy financing package which would substantially raise the leverage of the company from the current low levels of around 2.0x-2.5x debt / EBITDA (as adjusted by Moody's). The levels of indebtedness at the company could materially increase as a result of the acquisition by Cinven and credit metrics could deteriorate as a result. The review process will focus on the company's plans to shore up its liquidity profile in the absence of an acquisition by Cinven. If an agreement between SDH and Cinven is finally reached, the review will also focus on the strategic and financial implications of the takeover, including the proposed debt leverage and debt capital structure profile. WHAT COULD CHANGE THE RATING DOWN/UP Prior to the rating review process, Moody's said that the rating could come under downward pressure if (1) Telekom Slovenije's liquidity profile deteriorates significantly; (2) refinancing risk for the 2016 bond maturity increases; or (3) the company's financial flexibility otherwise weakens. Telekom Slovenije's ratings could also come under downward pressure if (1) the company's underlying operating performance were to weaken beyond current expectations as a result of macroeconomic or other considerations; or (2) the company were to make large extraordinary shareholder distributions, or material debt-financed acquisitions, investments or cash calls as a result of litigation such that its credit metrics deteriorated (including adjusted retained cash flow (RCF)/debt sustainably below 25% and adjusted debt/EBITDA towards 2.5x). Prior to the rating review process, Moody's said that upward rating pressure would require an improvement in Telekom Slovenije's liquidity profile and higher visibility with regard to the company's refinancing plans for the 2016 bond maturity. The development of positive pressure on Telekom Slovenije's rating will also require (1) the stabilization of the macroeconomic and operating environment; and (2) the company to sustain adjusted debt/EBITDA well below 2.0x, and substantial positive free cash flow generation on a sustainable basis. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Global Telecommunications Industry published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. Domiciled in Ljubljana, Slovenia, Telekom Slovenije d.d. is an integrated telecommunications provider in Slovenia, with a presence in Kosovo, Macedonia, Bosnia and Herzegovina, Croatia and Montenegro. In 2014, Telekom Slovenije reported operating revenues of EUR756 million and EBITDA of EUR170 million. ========= S P A I N ========= FONCAIXA FTGENCAT 6: S&P Affirms 'D' Rating on Class D Notes ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its credit ratings on all classes of notes in Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos. S&P has used data from the March 2015 investor report to perform its credit and cash flow analysis and has applied its European small and midsize enterprise (SME) collateralized loan obligation (CLO) criteria and S&P's current counterparty criteria. CREDIT ANALYSIS Foncaixa FTGENCAT 6 is a single-jurisdiction cash flow CLO transaction securitizing a portfolio of SME loans that was originated by Caja de Ahorros y Pensiones de Barcelona in Spain. The transaction closed in July 2008. S&P has applied its European SME CLO criteria to determine the scenario default rate (SDR) -- the minimum level of portfolio defaults that S&P expects each tranche to be able to withstand at a specific rating level using CDO Evaluator. To determine the SDR, S&P adjusted the archetypical European SME average 'b+' credit quality to reflect two factors (country and originator and portfolio selection adjustments). S&P ranked the originator into the moderate category. Taking into account, Spain's Banking Industry Country Risk Assessment (BICRA) score of 5 and the originator's average annual observed default frequency, S&P has applied a downward adjustment of one notch to the 'b+' archetypical average credit quality. To address differences in the creditworthiness of the securitized portfolio compared with the originator's entire loan book, S&P further adjusted the average credit quality by three notches. As a result of these adjustments, S&P's average credit quality assessment of the portfolio was 'ccc', which it used to generate its 'AAA' SDR of 90.04%. S&P has calculated the 'B' SDR, based primarily on S&P's analysis of historical SME performance data and S&P's projections of the transaction's future performance. S&P has reviewed the originator's historical default data, and assessed market developments, macroeconomic factors, changes in country risk, and the way these factors are likely to affect the loan portfolio's creditworthiness. As a result of this analysis, S&P's 'B' SDR is 13.0%. S&P interpolated the SDRs for rating levels between 'B' and 'AAA' in accordance with S&P's European SME CLO criteria. RECOVERY RATE ANALYSIS S&P applied a weighted-average recovery rate (WARR) at each liability rating level by considering the asset type and its seniority, the country recovery grouping, and the observed historical recoveries in this transaction. COUNTRY RISK S&P's long-term rating on the Kingdom of Spain is 'BBB'. S&P's RAS criteria require the tranche to have sufficient credit enhancement to pass a minimum of a "severe" stress to qualify to be rated above the sovereign. CASH FLOW ANALYSIS S&P used the reported portfolio balance that it considered to be performing, the principal cash balance, the current weighted- average spread, and the weighted-average recovery rates that S&P considered to be appropriate. S&P subjected the capital structure to various cash flow stress scenarios, incorporating different default patterns and timings and interest rate curves, to determine the rating level, based on the available credit enhancement for each class of notes under our European SME CLO criteria. The class AS notes have fully paid down and the class AG notes have amortized by EUR49.85 million since S&P's previous review on June 7, 2013. In S&P's view, this has increased the available credit enhancement for all rated classes of notes. Delinquencies and defaults have also increased over the same period. Given that the rating levels for the class AG, B, C, and D notes are lower than S&P's long-term rating on the sovereign, it has not applied its criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. Based on S&P's credit and cash flow analysis and the application of its current counterparty criteria, it considers the available credit enhancement for the class AG, B, C, and D notes to be commensurate with their currently assigned ratings. S&P has therefore affirmed its ratings on these classes of notes. RATINGS LIST Foncaixa FTGENCAT 6, Fondo de Titulizacion de Activos EUR768.8 Million Floating-Rate Notes Class Rating Ratings Affirmed AG BB (sf) B CCC+ (sf) C CCC (sf) D D (sf) SPANISH BANKS: Moody's Concludes Reviews on 20 Institutions ----------------------------------------------------------- Moody's Investors Service has concluded its reviews on the ratings of 20 banks in Spain. The reviews were initiated on March 17, 2015, following the publication of Moody's new bank rating methodology and revisions to its government support assumptions for these banks. In light of the new banking methodology, Moody's rating actions generally reflect the following considerations (1) the "Moderate +" macro profile of Spain (Baa2 positive); (2) the improved outlook for banks' core financial fundamentals based on the strengthening operating environment; (3) the protections offered to depositors and senior creditors as assessed by Moody's Advanced Loss Given Failure (LGF) analysis, reflecting the benefit of instrument volume and subordination protecting creditors from losses in the event of resolution; and (4) Moody's view of a decline in the likelihood of government support for all Spanish banks. Among the rating actions that Moody's has taken on the Spanish banks are the following: -- 12 long-term bank deposit ratings upgraded, one affirmed, five confirmed and two downgraded -- Five short-term bank deposit ratings upgraded, 12 affirmed and three confirmed -- Eight bank senior unsecured debt ratings upgraded, two confirmed and two downgraded -- Two short-term bank senior unsecured debt ratings upgraded and seven affirmed -- Six baseline credit assessments (BCAs) upgraded, 13 affirmed and one confirmed Moody's has also assigned Counterparty Risk (CR) Assessments to 20 Spanish banking groups and their branches, in line with its new bank rating methodology. Moody's has assigned stable outlooks to the deposit and issuer/debt ratings of all affected banks, with the exception of positive outlooks assigned to Banco Santander S.A. (Santander), Santander Consumer Finance S.A. (SCF), Catalunya Banc S.A., Abanca Corporacion Bancaria S.A. (Abanca) and Caja Rural de Navarra (CRN) and a negative outlook to Ibercaja Banco S.A. (Ibercaja). Moody's has withdrawn the outlooks on all junior instrument ratings and subordinated debt ratings for its own business reasons. Outlooks, which provide an opinion on the likely rating direction over the medium term, are now assigned only to long-term deposit and issuer/senior unsecured debt ratings. A list of the Affected Credit Ratings is available at: http://is.gd/VUfhBi RATINGS RATIONALE The new methodology includes several elements that Moody's has developed to help accurately predict bank failures and determine how each creditor class is likely to be treated when a bank fails and enters resolution. These new elements capture insights gained from the crisis and the fundamental shift in the banking industry and its regulation. (1) THE "MODERATE+" MACRO PROFILE OF SPAIN Spanish banks' operations have a strong domestic focus, with the exception of Banco Santander, Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and SCF. As such, their performance is highly influenced by Spain's large, diversified and affluent economy, which displays a sustained improvement in economic growth, as well as moderate susceptibility to event risk. Therefore, these banks have a Macro Profile of "Moderate +", in line with that of Spain. Banco Santander, BBVA and SCF display very large geographic diversification and therefore are exposed to macro variables across various countries and regions. Since a substantial amount of their exposures are in countries with stronger macro-economic conditions, their Macro Profiles are in the "Strong-" to "Strong+" categories, which is higher than that of Spain. (2) IMPROVING CORE FINANCIAL FUNDAMENTALS The Spanish banks' BCAs (median at ba2) reflect their high level of problematic exposures, although improving macroeconomic conditions are translating into a gradual improvement in asset- risk trends. Furthermore, very low interest rates and subdued business volumes constrain their revenue generation capacity, but loss-absorption capacity has improved relative to potential balance-sheet losses. Lastly, liquidity metrics have strengthened in the context of continued balance-sheet deleveraging and normalized market access. However, the banks' BCAs range widely from caa2 to baa1, which highlight both the very large variances in financial performance, in conjunction with differences in geographic reach, and the level of problematic exposures. (3) PROTECTION OFFERED TO SENIOR CREDITORS, AS CAPTURED BY MOODY'S ADVANCED LGF LIABILITY ANALYSIS Spanish banks are subject to the EU's Bank Resolution and Recovery Directive (BRRD), which Moody's considers to be an Operational Resolution Regime. Accordingly, Moody's applies its Advanced LGF analysis to Spanish banks' liability structures, thereby mostly applying its standard assumptions. These assumptions include a residual tangible common equity (TCE) ratio of 3%, losses post-failure of 8% of tangible banking assets, a 25% run-off in junior wholesale deposits, a 5% run-off in preferred deposits, and a 25% probability of deposits being preferred to senior unsecured debt. Because Moody's assumes that the country's deposit base is essentially retail in nature, it considers a proportion of 10% of junior deposits below the estimated EU-wide average of 26% for eight of the affected banks. The Advanced LGF analysis results generally in "very low" to "moderate" loss-given-failure for long-term junior deposits as well as senior unsecured debt ratings, reflecting the banks' substantial volume of deposit funding as well as the amount of senior unsecured debt and securities more subordinated to it. (4) DECLINE IN THE LIKELIHOOD OF GOVERNMENT SUPPORT Deposit and senior unsecured debt ratings now range from Caa1 to A3. In addition to the effects of the new methodology on the banks' ratings, Moody's has lowered its expectations about the degree of government support for banks in Spain. The main trigger for this reassessment is the introduction of the BRRD in the European Union in January 2015. Following Moody's revised assumptions, only six Spanish banks' ratings continue to benefit from government support. However, in some cases, the negative effect on the Spanish banks' ratings from a decline in the expectation of government support has been counterbalanced by the low loss assumptions under the new LGF framework, but for other banks it has caused a downgrade of their deposit and senior unsecured debt ratings. OUTLOOK RATIONALE Moody's expects that the sound recovery of the Spanish economy will support the gradual improvement of banks' asset-quality metrics and profitability. As such, almost all the Spanish banks affected by today's rating actions have a stable outlook on their deposit and senior unsecured debt ratings. -- BANK SPECIFIC ANALYTIC FACTORS -- Banco Santander S.A. (Santander) The one-notch upgrade of Santander's deposit and issuer/senior unsecured debt ratings to A3 with a positive outlook, incorporates (1) the affirmation of the bank's BCA and adjusted BCA at baa1; and (2) Moody's LGF analysis that provides one notch of uplift from the bank's adjusted BCA for the deposit and senior unsecured debt ratings. The affirmation of Santander's baa1 BCA reflects a combination of the group's (1) diverse exposure to a variety of economies reflected in a Macro Profile of "Strong"; (2) acceptable Asset Risk, reflected in a historical problem loan ratio of 5.4% and the expectation for sustained improvement for this factor; (3) modest Capital, reflected in a TCE ratio of around 8%, together with the group's proven capacity to generate capital in times of stress; and (4) improving Profitability, anticipating a recovery in earnings. Together, these scores result in a combined Solvency score of baa3 which is a constraint on the bank's BCA of baa1. The rating benefits from a relatively good funding and liquidity position, reflected in combined Liquidity score of baa1, as well as a high degree of business diversification stemming from its ample geographic diversification that results in a one-notch positive qualitative adjustment. Under Moody's Advanced LGF analysis, Santander's long-term deposit and issuer/senior unsecured debt ratings take into account their very low loss-given-failure because of the group's high volume of subordinated and senior unsecured debt outstanding, in principle leading to a two-notch uplift respectively from the bank's baa1 adjusted BCA. These ratings are, however, capped by the sovereign's rating at one notch above the bank's baa1 adjusted BCA. Moody's believes that there is a moderate likelihood of government support for Santander's debt and rated wholesale deposits, in the event of its failure. This probability reflects the bank's share in its domestic market and its status as global systemically important bank (G-SIB), which may lead the government to intervene in order to shield the bank from disruptive losses. This government support assessment does not, however, translate into an additional notching as Santander's BCA is already one notch higher than the sovereign rating. Santander's deposit and senior unsecured ratings carry a positive outlook in line with Spain's government's bond rating (Baa2 positive). -- Santander Consumer Finance S.A. (SCF) The one-notch upgrade of SCF's deposit and senior unsecured debt ratings to A3 with a positive outlook, incorporates (1) the affirmation of the bank's BCA at baa2 and adjusted BCA at baa1; and (2) Moody's LGF analysis that provides one notch of uplift from the bank's adjusted BCA of baa1 for the deposit and senior unsecured debt ratings. Moody's continues to not incorporate any systemic support uplift into SCF's ratings, and these are therefore unaffected by the reduced government support assumptions. The affirmation of SCF's standalone baa2 BCA reflects its strong franchise as one of Europe's leading consumer finance entities as well as its overall sound credit-risk profile, with good profitability and stabilizing asset-quality indicators. The bank's standalone BCA also reflects its high -- albeit declining -- reliance on wholesale funding. Moody's believes that there is a high probability of support from its parent, Banco Santander S.A. (deposits A3 positive, BCA baa1). As a result of the support assessment, SCF's adjusted BCA is baa1, one notch above its BCA. As a domestic subsidiary of Santander, Moody's applies the Advanced LGF analysis of its parent, in principle leading to a two-notch uplift for SCF's deposits and senior unsecured ratings from the bank's baa1 adjusted BCA. These ratings are, however, capped by the sovereign's rating at one notch above SCF's baa1 adjusted BCA. SCF's deposit and senior debt ratings have a positive outlook, in line with that of its parent Santander. -- Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) The two-notch upgrade of BBVA's deposit ratings to A3 and the one-notch upgrade of its issuer/senior unsecured debt ratings to Baa1, reflect (1) the affirmation of the bank's BCA and adjusted BCA at baa2; and (2) the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA for the deposit ratings and one notch of uplift for the senior unsecured debt ratings. The affirmation of BBVA's BCA reflects a combination of the scores for the group's (1) diverse exposure to a variety of economies reflected in a Macro Profile of "Strong-"; (2) moderate Asset Risk, which reflects a historical problem loan ratio above 6% and the expectation of sustained improvement for this factor; (3) adequate Capital, which reflects a TCE ratio of 9.7% and the group's proven capacity to generate capital in times of stress; and (4) improving Profitability, which reflects Moody's expectation of a recovery in earnings. BBVA also displays a good funding and liquidity profile. Furthermore, the BCA benefits from a high degree of business diversification stemming from the bank's ample geographic diversification, which has translated into a positive qualitative adjustment of one notch. Under Moody's Advanced LGF analysis, BBVA's long-term deposit and issuer/senior unsecured debt ratings take into account their very low and low loss-given-failure because of the group's high volume of subordinated and senior unsecured debt outstanding, leading to a two and one notch uplift, respectively, from the bank's baa2 adjusted BCA. Moody's believes that there is a moderate likelihood of government support for BBVA's debt and rated wholesale deposits in the event of its failure. This probability reflects the bank's share in its domestic market and its G-SIB status, which may lead the government to intervene in order to shield the bank from severe losses. Moody's government support assessment does not, however, translate into an additional notching because BBVA's BCA is already at the same level as the sovereign rating. -- Catalunya Banc, S.A. The two-notch upgrade of Catalunya Banc's long-term deposit and senior unsecured debt ratings to B1 from B3 reflects: (1) the affirmation of the bank's caa2 BCA; (2) the upgrade of the bank's adjusted BCA to b1 from caa2 after considering parental support from BBVA; (3) the incorporation of the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA; which, together, more than offset (4) reduced government support assumptions, leading to a removal of systemic support ratings uplift. Despite the completion of the acquisition of Catalunya Banc by BBVA in April 2015, Moody's has affirmed the bank's caa2 BCA, reflecting its weak standalone credit fundamentals. The factors constraining the BCA are primarily (1) asset-quality weaknesses across all asset classes; (2) a weak capital position according to Moody's capital assessment, owing to the large amount of deferred tax assets (DTAs); and (3) very modest profitability indicators. At the same time, Moody's believes that Catalunya Banc will benefit from a very high probability of support from its parent BBVA. As a result of Moody's affiliate support assessment, the rating agency upgraded Catalunya Banc's adjusted BCA to b1, four notches above its caa2 BCA. Given the very recent acquisition, the rating agency bases its LGF analysis on the standalone liabilities of Catalunya Banc, thereby assuming that as long as the integration into BBVA group has not visibly progressed (at this stage, only the acquisition is complete), an (unlikely) near-term resolution of Catalunya Banc could still be performed for the bank without a detrimental effect on BBVA or its creditors. The Advanced LGF analysis therefore takes into account the moderate loss-given-failure because of Catalunya Banc's relatively low volume of respective liabilities and the amount of subordinated debt, leading to no uplift from the bank's b1 adjusted BCA. Moody's reduced the government support assumption for Catalunya Banc to "low" upon the expected implementation of resolution legislation, leading to no government uplift for the deposit and senior unsecured debt ratings, from "high" and two notches previously. The positive outlook on Catalunya Banc's deposit and senior unsecured debt ratings reflects Moody's expectations of its full integration into BBVA, which displays a much stronger credit profile, benefiting from its oversight and experience in restructuring and integration. -- Caixabank S.A. The one-notch upgrade of Caixabank's long-term deposit and issuer/senior unsecured debt ratings to Baa2 reflect (1) the confirmation of the bank's BCA and adjusted BCA at ba1; and (2) the Advanced LGF analysis that provides one notch of uplift from the bank's adjusted BCA for its issuer/senior unsecured debt and two notches of uplift for its deposit; and (3) the maintenance of one notch of government support uplift for its issuer/senior unsecured debt. Concurrently, the bank's short-term deposit and debt ratings were upgraded to Prime-2. The confirmation of the bank's BCA is based on Caixabank's strong commitment to maintain a capital ratio above 11% at all times, post-acquisition of Portuguese Banco BPI (deposits Ba3 stable, BCA b1). Caixabank's BCA of ba1 also reflects its stable revenue- generation capacity underpinned by its leading retail franchise, strong liquidity and funding profile and Moody's expectation of a sustained improvement of its currently weak profitability and asset-quality metrics. The group's high level of problematic exposures and modest TCE are key constraints on the ba1 BCA. Under Moody's Advanced LGF analysis, Caixabank's long-term deposit and issuer/senior unsecured debt ratings take into account their very low and low loss-given-failure because of the group's high volume of subordinated and senior unsecured debt outstanding, leading to a two and one-notch uplift, respectively, from the bank's ba1 adjusted BCA. Caixabank's long-term deposit and issuer/senior unsecured debt ratings continue to benefit from government support leading to a one-notch uplift for its issuer/senior unsecured rating, despite Moody's revision of government support expectations to "moderate" from "high". Moody's government support assessment does not, however, translate into an additional notching for deposits because Caixabank's deposit rating is already at the same level as the sovereign rating. -- Bankia S.A. The one-notch upgrade of Bankia's deposit rating to Ba3 and the confirmation of its senior unsecured debt ratings at B1 , reflects (1) the upgrade of the bank's BCA and adjusted BCA to b2 from b3; (2) the Advanced LGF analysis that provides one notch of uplift from the bank's adjusted BCA for the deposit ratings and no uplift for the senior unsecured debt ratings; which, together, more than offset (3) the reduction of government support uplift to one notch from two. The one-notch upgrade of Bankia's standalone BCA to b2 reflects the bank's weak (although improving) profitability and asset- quality metrics, and its good liquidity profile. The BCA also incorporates Bankia's very high amount of DTAs that weakens its TCE ratio, thereby limiting potential upside for the BCA. Under Moody's Advanced LGF analysis, Bankia's long-term deposit and senior unsecured debt ratings take into account their low and moderate loss-given-failure because of the group's relatively modest volume of subordinated and senior unsecured debt outstanding, leading to one and zero notches of uplift, respectively, from the bank's b2 adjusted BCA. Bankia's long-term deposit and senior unsecured debt ratings continue to benefit from one notch of government support uplift despite Moody's revision of government support expectations to "moderate" from "high". -- Banco Sabadell S.A. Banco Sabadell's deposit rating was upgraded by two notches to Baa3 and its senior unsecured debt ratings by one notch to Ba1. Concurrently, the bank's short-term deposit ratings were upgraded to Prime-3 while its short-term debt ratings were affirmed at Not-Prime. The rating action reflects (1) the affirmation of the bank's BCA and adjusted BCA at ba3; (2) the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA of ba3 for the deposit ratings and one notch of uplift for the senior unsecured debt ratings; and (3) the maintenance of one notch of government support uplift. The affirmation of Banco Sabadell's standalone ba3 BCA reflects the bank's (1) resilient revenue generation capacity aided by its SME franchise and acquisitive strategy; and (2) sound liquidity profile. The bank's BCA is constrained by its weak, albeit improving, asset-quality metrics and high weight of DTAs on its capital, which results in a modest TCE ratio. On March 24, 2015, Moody's affirmed Banco Sabadell's BCA to reflect the bank's announcement on 20 March 2015 that it had launched a cash offer for 100% of the capital of TSB Banking Group plc (TSB, unrated), based in the UK (Aa1 stable). The affirmation captured the rating agency's view that the combined entity's standalone credit profile will remain resilient after integrating TSB into Banco Sabadell. Under Moody's Advanced LGF analysis, Banco Sabadell's long-term deposit and senior unsecured debt ratings take into account their very low and low loss-given-failure because of the group's high volume of subordinated and senior unsecured debt outstanding, leading to two notches and one notch of uplift, respectively, from the bank's ba3 adjusted BCA. Banco Sabadell's long-term deposit and senior unsecured debt ratings continue to benefit from one notch of government support uplift, despite Moody's revision of government support expectations to "moderate" from "high". -- Banco Popular Espa¤ol S.A. (Banco Popular) The two-notch upgrade of Banco Popular's deposit rating to Ba1 and the one-notch upgrade of its senior unsecured debt ratings to Ba2 reflect (1) the affirmation of the bank's BCA and adjusted BCA at b1; (2) the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA of b1 for the deposit ratings and one notch of uplift for the senior unsecured debt ratings; and (3) the maintenance of one notch of government support uplift. The affirmation of Banco Popular's standalone b1 BCA reflects the bank's (1) strong franchise value in the SME market; (2) adequate capital levels; and (3) improved liquidity profile. The bank's BCA is constrained by its very weak, albeit stabilizing, asset- quality metrics and depressed recurring earnings and high credit costs that have weakened its bottom-line profitability. Under Moody's Advanced LGF analysis, Banco Popular's long-term deposit and senior unsecured debt ratings take into account their very low and low loss-given-failure because of the bank's high volume of debt outstanding, leading to two notches and one notch of uplift, respectively, from the bank's b1 adjusted BCA. Banco Popular's long-term deposit and senior unsecured debt ratings continue to benefit from one notch of government support uplift, despite Moody's revision of government support expectations to "moderate" from "high". -- Unicaja Banco S.A. (Unicaja) The affirmation of Unicaja's long-term deposit ratings at Ba3 with a stable outlook and the downgrade of its senior unsecured debt ratings to (P)B1 incorporate (1) the affirmation of the bank's BCA and adjusted BCA at b1; (2) the Advanced LGF analysis that provides one notch of uplift from the bank's adjusted BCA of b1 for the deposit ratings and no uplift for the senior unsecured debt ratings; and (3) reduced government support assumptions, which lead to a removal of systemic support uplift. The affirmation of Unicaja's standalone b1 BCA reflects the bank's (1) sound liquidity profile underpinned by sizeable liquid assets; (2) still-high level of problematic assets and modest profitability, which nevertheless should improve as the integration with Banco CEISS (unrated) gains momentum and starts benefiting from the more benign domestic economic environment; and (3) weak TCE-to-risk weighted assets (RWA) ratio, because of the heavy burden of DTAs. Under Moody's Advanced LGF analysis, Unicaja's long-term deposit and senior unsecured debt ratings take into account their low and moderate loss-given-failure because of the group's relatively modest volume of subordinated and senior unsecured debt outstanding, leading to one and zero notches of uplift, respectively, from the bank's b1 adjusted BCA. Moody's has lowered its government support assumptions for the bank to "low", resulting in no support uplift for the debt and deposit ratings, from "moderate" and one notch previously. -- Ibercaja Banco S.A. (Ibercaja) The one-notch downgrade of Ibercaja's long-term deposit rating to B1 from Ba3 reflects (1) the affirmation of the bank's BCA at b1 and the adjusted BCA at the same level; (2) the Advanced LGF analysis, which provides no uplift from the bank's adjusted BCA; and (3) the reduced government support assumption, which lead to a removal of systemic support uplift. Ibercaja's affirmed standalone BCA of b1 reflects (1) the bank's good franchise value in its home region of Aragon, which has been reinforced after the integration of Banco Grupo Caja 3; and (2) its favourable liquidity position, with modest refinancing requirements and sizable liquid assets. However, the BCA is constrained by Ibercaja's weakened financial profile following its acquisition of Caja 3, which resulted in a lower risk- absorption capacity for the combined entity to absorb further asset-quality deterioration. Under Moody's Advanced LGF analysis, Ibercaja's long-term deposit ratings take into account their moderate loss-given-failure because of the bank's relatively low volume of wholesale deposits and subordination to it, leading to no uplift from the bank's b1 adjusted BCA. Moody's reduced the government support assumption for Ibercaja to "low" upon the expected implementation of resolution legislation, leading to no government uplift for the deposit ratings, from "moderate" and one notch previously. The negative outlook on Ibercaja's deposit ratings indicates negative rating pressure if the bank does not meet the deleveraging expectations in terms of its substantial securities portfolio, resulting in a higher-than-anticipated expected loss severity in the event of a resolution. -- Kutxabank S.A. The one-notch downgrade of Kutxabank's deposit and senior unsecured debt ratings to Ba2 with a stable outlook incorporates the affirmation of the bank's BCA and adjusted BCA at ba2, the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA of ba2 and the reduced government support assumptions, leading to a removal of systemic support ratings uplift. In affirming Kutxabank's standalone ba2 BCA, Moody's reflects the positive evolution of risk-absorption capacity that is underpinned by (1) the bank's improving asset-quality metrics; (2) its modest revenue generation capacity that should further improve as Spain's economy consolidates its sound recovery; and (3) the bank's sound liquidity profile. The affirmation also reflects Kutxabank's high level of DTAs on its capital, which results in a lower TCE-to-RWA compared with its strong regulatory capital levels. Under Moody's Advanced LGF analysis, Kutxabank's long-term deposit and senior unsecured debt ratings take into account their moderate loss-given-failure because of the group's modest volume of subordinated and senior unsecured debt outstanding, leading to no uplift, respectively, from the bank's ba2 adjusted BCA. Moody's has lowered its government support assumptions for the bank to "low", resulting in no support uplift for the debt and deposit ratings, from "moderate" and one notch previously. -- Bankinter, S.A. Bankinter's deposit ratings were upgraded by two notches to Baa1 while its senior unsecured debt ratings were upgraded by one notch to Baa2. These ratings carry a stable outlook. Concurrently, the bank's short-term ratings were upgraded to Prime-2. The rating actions incorporate (1) a one-notch upgrade of the BCA and adjusted BCA to baa3; and (2) the Advanced LGF analysis that provides two notches and one notch of uplift from the bank's adjusted BCA respectively; thereby more than offsetting (3) the reduced government support assumptions, leading to a removal of systemic support ratings uplift. Moody's upgraded Bankinter's standalone BCA to baa3, recognizing the material improvement of the bank's credit-risk profile, especially in terms of asset-risk metrics, which rank among the strongest in the Spanish banking sector, as well as in terms of capital adequacy. However, modest recurrent profitability and high reliance on market funding, albeit both improving, constrain the BCA. Moody's Advanced LGF analysis provides two notches and one notch of uplift from the bank's baa3 adjusted BCA for the long-term deposit and senior unsecured debt ratings respectively, given the very low and low loss-given-failure which reflects the high volumes of respective liabilities and the amount of subordinated debt. Moody's reduced the government support assumption for Bankinter to "low" upon the expected implementation of resolution legislation, leading to no government uplift for the deposit ratings, from "moderate" and one notch previously. -- Abanca Corporacion Bancaria, S.A. (Abanca) The confirmation of Abanca's long-term deposit ratings at Caa1 incorporates (1) a two-notch upgrade of the BCA and adjusted BCA to b3, which offsets the outcome of (2) the Advanced LGF analysis, resulting in a minus-one notch from the bank's adjusted BCA; as well as (3) reduced government support assumptions, leading to a removal of systemic support ratings uplift. Moody's upgraded Abanca's standalone BCA to b3 from caa2 recognizing a material improvement of the bank's credit-risk profile, especially in terms of asset-risk metrics and its funding profile, on the back of ongoing deleveraging and sizeable liquid assets. However, the bank's weak capital position according to Moody's capital assessment, owing to the large amount of DTAs, and its weak recurrent profitability continue to constrain the b3 BCA. Under Moody's Advanced LGF analysis, Abanca's long-term deposit ratings take into account their high loss-given-failure because of the bank's low volume of wholesale deposits and subordination to it, leading to a minus-one notch from the bank's b3 adjusted BCA. Moody's reduced the government support assumption for Abanca to "low" upon the expected implementation of resolution legislation, leading to no government uplift for the deposit ratings, from "moderate" and one notch previously. The positive outlook of Abanca's deposit ratings reflects Moody's expectations that the shrinkage of the balance sheet, observed in recent periods, is likely to continue over the upcoming quarters, resulting in lower loss-given-failure for the bank's deposits. -- Liberbank S.A. The confirmation of Liberbank's long-term deposit ratings at B1 with a stable outlook and of its senior unsecured debt ratings at (P)B1, incorporates (1) the one-notch upgrade of the BCA to b1; (2) the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA of b1; which, together, offset (3) the reduced government support assumptions, leading to a removal of systemic support ratings uplift. In upgrading Liberbank's standalone BCA to b1, Moody's reflects the bank's improving asset-quality metrics and sound liquidity profile. The BCA also incorporates Liberbank's modest recurring earnings power, which should begin to yield benefits from Spain's improving macroeconomic conditions. Liberbank's standalone BCA is constrained by the weak TCE ratio, given the very high amount of DTAs. Under Moody's Advanced LGF analysis, Liberbank's long-term deposit and senior unsecured debt ratings take into account their moderate loss-given-failure because of the group's modest volume of subordinated and senior unsecured debt outstanding, leading to no uplift, respectively, from the bank's b1 adjusted BCA. Moody's has lowered its government support assumptions for the bank to "low", resulting in no support uplift for the debt and deposit ratings, from "moderate" and one notch previously. --- Caja Laboral Popular Cooperativa de Credito (Caja Laboral) The confirmation of Caja Laboral's long-term deposit rating at Ba1 incorporates (1) the affirmation of the bank's BCA and adjusted BCA at ba1; as well as (2) the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. Government support assumptions for Caja Laboral remain low and are unaffected by Moody's revised systemic support assumptions. As a result, they continue to provide no ratings uplift. The affirmation of Caja Laboral's standalone ba1 BCA reflects (1) the bank's adequate local brand franchise in the Basque Country and Navarre; (2) its adequate capitalization levels; and (3) its sound retail deposit base and low reliance on wholesale funding. The bank's BCA also reflects its high level of non-earning assets -- albeit comparing favorably with the Spanish banking system average -- and its historically modest profitability levels. Under Moody's Advanced LGF analysis, Caja Laboral's long-term deposit rating takes into account its moderate loss-given-failure because of the bank's low volume of wholesale deposits and subordination to it, leading to no uplift from the bank's ba1 adjusted BCA. --- Banco Cooperativo Espanol S.A. (BCE) The one-notch upgrade of BCE's long-term deposit rating to Ba1 incorporates: (1) the upgrade of the bank's BCA to ba2 from ba3 and of the adjusted BCA to ba1 from ba3; (2) the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA; which, together, more than offset (3) reduced government support assumptions, leading to a removal of systemic support ratings uplift. The upgrade of BCE's standalone BCA to ba2 reflects (1) the bank's moderate risk profile and diminished asset exposure to the rural cooperatives sector - albeit its exposure to the Spanish sovereign debt remains high, encompassing concentration and some market risk; and (2) its adequate liquidity profile. The bank's BCA is constrained by BCE's very high leverage because of its role as service provider and its modest but stable profitability levels. BCE is owned by the 38 rural co-operatives amalgamated under the Asociacion Espanola de Cajas Rurales (AECR; unrated) and by DZ Bank AG (deposits/senior unsecured A1 on review for upgrade, BCA baa2), based in Germany (Aaa stable). BCE's purpose is to provide these rural co-operatives with a cost-effective comprehensive range of financial services. Moody's believes there is a high probability of support from these rural co-operatives associated under the AECR, given BCE's role as central treasury provider for this group of entities. As a result of the affiliate support assessment, BCE's adjusted BCA is ba1, one notch above the bank's BCA. Under Moody's Advanced LGF analysis, BCE's long-term deposit rating takes into account its moderate loss-given-failure because of the bank's relatively low volume of wholesale deposits and subordination to it, leading to no uplift from the bank's ba1 adjusted BCA. Moody's has lowered its government support assumptions for the bank to "low", resulting in no support uplift for the debt and deposit ratings, from "moderate" and one notch previously. -- Banca March, S.A. Banca March's long-term deposit ratings were upgraded by two notches to Baa1 with a stable outlook. Concurrently, the bank's short-term deposit ratings were upgraded to Prime-2. The rating actions incorporate (1) the affirmation of the bank's BCA and the adjusted BCA (both at baa3); and (2) the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA. Government support assumptions for Banca March remain low and are unaffected by Moody's revised systemic support assumptions. As a result, they continue to provide no ratings uplift. Moody's affirmation of Banca March's standalone BCA of baa3 reflects (1) the bank's well-established franchise in its home region; (2) its strong liquidity profile and favorable asset- quality indicators; and (3) its sound risk-absorption capacity, supported by Moody's assessment of a strong capital base. The BCA also reflects exposure to equity risk through its investment vehicle, Corporacion Financiera Alba (Alba; unrated) and high single-name concentrations. Although Alba's activities represent a high exposure to equity risk, sizeable unrealised capital gains mitigate this risk. The upgrade of Banca March's deposit ratings takes into account the very low loss-given-failure for the bank's wholesale deposits under Moody's Advanced LGF analysis, because of the bank's substantial volumes of deposits and subordination to it, leading to two notches of uplift from the bank's baa3 adjusted BCA. -- Cecabank, S.A. Cecabank's long-term deposit ratings were upgraded by four notches to Baa2 with a stable outlook. Concurrently, the short- term deposit ratings were upgraded to Prime-2 from Not-Prime. The rating actions incorporate (1) a three-notch upgrade of the BCA and adjusted BCA to ba1 reflecting a sustained recovery in the bank's performance following a successful strategic reorientation; (2) the Advanced LGF analysis that provides two notches of uplift from the bank's adjusted BCA; thereby more than offsetting (3) the reduced government support assumptions, leading to a removal of systemic support ratings uplift. The upgrade of Cecabank's standalone BCA to ba1 from b1 reflects the bank's success in the strategic reorientation of its business model. Since 2011, the bank embarked on a business transformation, focusing on the provision of independent depositary and ancillary services to a widening group of clients. The bank has been able to sign long-term depositary services agreements with a large set of Spanish financial institutions, thereby establishing itself as the third-largest service provider in the country. The agreements provide Cecabank with a stable source of earnings, allowing the bank to offset the decline in other revenue lines. Other factors supporting the BCA upgrade are Cecabank's satisfactory capitalization relative to its risk profile and its comfortable liquidity position. Under Moody's Advanced LGF analysis, Cecabank's long-term deposit ratings take into account the very low loss-given-failure because of the bank's very high volume of wholesale deposits, leading to two notches of uplift from the bank's ba1 adjusted BCA. Moody's reduced the government support assumption for Cecabank to "low" upon the expected implementation of resolution legislation, leading to no government uplift for the deposit ratings, from "moderate" and one notch previously. -- Caja Rural de Navarra (CRN) The confirmation of CRN's long-term deposit rating at Baa3 with a positive outlook incorporates (1) the affirmation of the bank's BCA and adjusted BCA both at baa3; and (2) the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. Government support assumptions for CRN remain low and are unaffected by Moody's revised systemic support assumptions. As a result, they continue to provide no ratings uplift. The affirmation of CRN's standalone baa3 BCA reflects the bank's sound financial fundamentals, namely (1) its stronger asset- quality performance compared with that of the banking system; (2) its sound capitalization levels; (3) its stable retail deposit base and low reliance on wholesale funding; and (4) the fact that it mainly operates in Navarra, one of the wealthiest regions in Spain. The bank's BCA also reflects CRN's modest (albeit improving) profitability levels. Under Moody's Advanced LGF analysis, CRN's long-term deposit rating takes into account its moderate loss-given-failure because of the bank's low volume of wholesale deposits and subordination to it, leading to no uplift from the bank's baa3 adjusted BCA. The outlook on CRN's deposit rating is positive to reflect the upward pressure that could develop on the bank's ratings if the improving trend of its credit fundamentals consolidates over the next 12-18 months. -- Bankoa, S.A. The confirmation of Bankoa's deposit ratings at Baa3 with a stable outlook incorporates (1) the affirmation of the bank's ba2 BCA and baa3 adjusted BCA, which incorporate unchanged affiliate support assumptions from French Groupe Credit Agricole (GCA; unrated); and (2) the Advanced LGF analysis that provides no uplift from the bank's adjusted BCA. Government support assumptions for Bankoa remain low and are unaffected by Moody's revised systemic support assumptions. As a result, they continue to provide no ratings uplift. The affirmation of the standalone ba2 BCA reflects the bank's (1) modest franchise; (2) parental funding reliance; and (3) low risk-adjusted profitability and efficiency indicators. However, the bank's predominantly retail operations, which ensure a high degree of earnings recurrence, partly offset the abovementioned negative features. Furthermore, the bank's asset-quality indicators are good compared with those of its domestic peers, and it derives benefits from its integration within the larger GCA. Moody's believes that Bankoa benefits from a very high probability of support from its ownership by GCA. As a result of Moody's affiliate support assessment, the rating agency affirmed Bankoa's adjusted BCA at baa3, two notches above its BCA. Under Moody's Advanced LGF analysis, Bankoa's long-term deposit ratings take into account their moderate loss-given-failure because of the bank's relatively low volume of subordinated and senior unsecured debt outstanding, leading to no uplift from the bank's baa3 adjusted BCA. -- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS Moody's has also assigned CR Assessments to 20 Spanish banks. CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than expected loss and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities. The CR Assessment takes into account the issuer's standalone strength as well as the likelihood of affiliate and government support in the event of need, reflecting the anticipated seniority of these obligations in the liabilities hierarchy. The CR Assessment also incorporates other steps that authorities can take to preserve the key operations of a bank should it enter a resolution. For the 20 affected Spanish banks, the CR Assessments are positioned, prior to government support, one to three notches above the banks' adjusted BCAs, based on the cushion against default provided to the senior obligations represented by the CR Assessment by subordinated instruments. The main difference with Moody's Advanced LGF approach used to determine instrument ratings is that the CR Assessment captures the probability of default on certain senior obligations, rather than expected loss, therefore focusing purely on subordination and taking no account of the volume of the instrument class. For two of these banks (Bankia and Banco Popular), the CR Assessments also benefit from government support in line with Moody's support assumptions on deposits and senior unsecured debt. This reflects Moody's view that any support that governmental authorities provide to a bank and that benefits senior unsecured debt or deposits is very likely to benefit operating activities and obligations reflected by the CR Assessment as well, consistent with Moody's belief that governments are likely to maintain such operations as a going- concern in order to reduce contagion and preserve a bank's critical functions. The CR Assessments of 18 other banks do not benefit from government support. WHAT COULD CHANGE THE RATINGS UP/DOWN Upward rating momentum on most Spanish banks' ratings could be driven by clear evidence that asset quality is improving, along with a sustainable recovery in banks' recurring earnings and/or improved quality of capital (with a lower weight of DTAs). Any significant macroeconomic growth beyond Moody's central scenario of 2.7% GDP growth in 2015 could further underpin signs of a turnaround in the banks' performance. For Santander, SCF and BBVA, any upward pressure on their ratings is unlikely as long as the Spanish government's bond rating remains at Baa2. Downward rating pressure on the banks' ratings could emerge if (1) a broad deterioration of their financial fundamentals hinders their ability to preserve their solvency levels; (2) operating conditions worsen beyond Moody's current expectations; and/or (3) their liquidity profiles deteriorate significantly. =========== S W E D E N =========== DOMETIC GROUP: S&P Raises CCR to 'B', Outlook Stable ---------------------------------------------------- Standard & Poor's Ratings Services raised to 'B' from 'B-' its long-term corporate credit rating on Dometic Group AB, a Sweden- based manufacturer of leisure products. The outlook is stable. The upgrade reflects S&P's reassessment of Dometic's business risk profile, stemming from its efforts to enhance product quality and operating efficiency, especially in Europe. S&P now assess the business risk profile as "fair." The group has built on its regional organizational set-up started in 2013, which, in S&P's view, better fits Dometic's profile, as a modestly sized group by global standards with a broad product offering and geographically diversified client base, although mainly in Europe and the U.S. Furthermore, these improvements have been complemented by acquisitions, strengthening Dometic's market positions further. The divestment of the medical business has also refocused operations and S&P therefore anticipates that the group's financial measures will improve, while staying within the "highly leveraged" financial risk profile category. The stable outlook reflects S&P's expectation that Dometic should continue to generate positive free operating cash flow and maintain sufficient headroom to cover its debt-service costs. S&P expects Standard & Poor's-adjusted FFO cash interest cover to remain above 2.0x and adjusted debt to EBITDA to remain below 7x and gradually improve. S&P also anticipates that liquidity will remain "adequate." S&P could consider raising the ratings if Dometic sustainably achieved FFO to debt of about 15%. S&P currently views this as remote, as it would require higher margins and growth as well as material debt reduction. S&P could lower the rating if any material shareholder-friendly action were taken that would reduce Dometic's ability to service its debt. S&P could also lower the rating if an unexpectedly sharp economic downturn in Europe or U.S. were to occur, or if operating issues reappeared, squeezing the EBITDA margin to less than 12.0%, resulting in FFO to cash interest below 2x. Liquidity pressure or large debt-funded acquisitions could also lead to a downgrade. ===================== S W I T Z E R L A N D ===================== SK SPICE HOLDING: S&P Assigns Prelim. 'B' CCR, Outlook Stable ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary 'B' long-term corporate credit rating to Switzerland-headquartered specialty chemicals producer SK Spice Holding S.a.r.l. (Archroma). The outlook is stable. At the same time, S&P assigned its preliminary 'B' issue rating to Archroma's proposed US$220 million term loan A due 2020 and US$220 million equivalent term loan B due 2021, in line with S&P's preliminary corporate credit rating. The preliminary recovery rating is '3', indicating S&P's expectation of meaningful (50%-70%) recovery. S&P's recovery expectations are in the higher half of this range. All the ratings depend on S&P's review of the final transaction documentation. If S&P do not receive the final documentation within a reasonable time frame, or if the final documentation departs from materials S&P received, it reserves the right to withdraw or revise its ratings. Potential changes include, but are not limited to, use of loan proceeds, maturity, size, and conditions of the term loan, financial or other covenants, security, and debt ranking. The ratings reflect S&P's assessment of Archroma's business risk profile as "weak" and its financial risk profile as "highly leveraged," as S&P's criteria define these terms. Archroma is a specialty chemicals producer for the textile, paper, and emulsions sectors, with about US$1.4 billion in sales. In S&P's view, the company is mainly exposed to end markets with below-average growth prospects, such as the textile and paper industries. These markets are highly competitive and partly oversupplied, which is indicated by Archroma's only modest capacity utilization rates and profitability that is below average compared with the wider specialty chemicals industry (with a mid-single-digit EBITDA margin). In addition, the company faces a high risk of substitution in some of its products. On the positive side, Archroma commands leading market shares in several more attractive and somewhat higher growth niches of the textile and paper chemicals industry, its sales are well diversified in terms of customers and geographies, with a strong footprint in the higher-growth Asian markets. Archroma's acquisition of BASF's textile chemicals business, with sales of US$190 million, was announced on Oct. 16, 2014. S&P sees it as beneficial for the business risk profile, as it increases Archroma's market share and product portfolio and strengthens its technological edge. In addition, as no production assets will be transferred in the BASF textile chemicals transaction, the utilization rate of Archroma's own production assets should improve. Finally, S&P recognizes that the company's application know-how and customer specification should help protect its position in the value chain. As Archroma started operation on Oct. 1, 2013, after acquiring assets from Clariant, its operating performance track record is short. S&P recognizes that management is constantly improving the company's structure by implementing synergies between the three business lines -- textiles, paper, and emulsions -- as well as focusing on cost reduction in selling, general, and administrative (SG&A) expenses. Management expects improved margins to result over the next few years. Archroma's credit measures lead to S&P's "highly leveraged" financial risk profile assessment: S&P forecasts adjusted debt to EBITDA of 7.8x in the year ending Sept. 30, 2015 (6.3x pro forma the BASF textile chemicals acquisition), due to high restructuring- and acquisition-related costs. S&P includes about US$90 million of debt adjustments, mainly pensions and operating leases, to arrive at our adjusted debt amount of about US$550 million following closing of the BASF textile chemicals transaction. The company's interest coverage is strong for the rating, with EBITDA covering interest by more than 3x in 2015 (pro forma the acquisition). S&P expects adjusted debt to EBITDA to improve to 5x-6x in fiscal 2016 (ending Sept. 30, 2016), mainly due to improved free operating cash flow (FOCF). S&P forecasts FOCF at about US$25 million in 2015, which could improve to US$35 million per year from 2017, once restructuring eases, based on relatively low recurring capital expenditures (2% of sales per year). The stable outlook reflects S&P's view that Archroma will successfully integrate the BASF textile chemicals business, improve its profitability through cost optimization and efficiency measures, and gradually reduce its adjusted debt-to- EBITDA ratio to the lower part of the 5x-6x range by Sept. 30, 2016, which S&P views as commensurate with the current rating level. S&P could raise the rating if Archroma improves and sustains its adjusted debt-to-EBITDA ratio below 5x, with EBITDA over $120 million following the successful integration of BASF textile chemicals. An upgrade would also be dependent on the company improving FOCF generation as a result of higher profitability and easing restructuring charges. If Archroma's adjusted debt-to-EBITDA ratio remained above 6x -- for example, because of unexpected acquisitions or shareholder distributions -- or if its liquidity deteriorated, S&P could consider a downgrade. ============= U K R A I N E ============= UKRAINE: Gives Creditors Few Weeks to Accept Debt Writedown ------------------------------------------------------------ Daryna Krasnolutska, Marton Eder and Lyubov Pronina at Bloomberg News report that Ukraine is giving its creditors a few weeks to accept a proposal submitted on June 19 to restructure US$19 billion of debt before imposing a moratorium on payments. According to Bloomberg, a person familiar with the talks said the offer involves a 40% reduction in the face value of sovereign bonds. The nation's US$1.25 billion of notes due April 2023 are headed for their worst week since March as the government struggles to bridge a divide with bondholders who insist avoiding a so-called haircut is the best way to avoid alienating future investors, Bloomberg relays. "The moratorium threat is quite credible," Bloomberg quotes Giuliano Palumbo, a Milan-based money manager who helps oversee US$3 billion in emerging-market debt for Arca SGR, including Ukrainian bonds, as saying by e-mail. "Hopefully, this could accelerate the process." Finance Minister Natalie Jaresko said the proposal submitted on June 19 is based on the nation's worsening economic outlook after the International Monetary Fund downgraded its recession forecast for this year to 9% from 5.5%, Bloomberg relates. She didn't specify the size of the writedown being sought, but said the offer includes a "substantial" haircut, coupon reductions and maturity extensions, Bloomberg notes. She said the government plans to honor a coupon payment due to Russia, its second biggest creditor, on June 22, Bloomberg relays. Ukraine is also proposing a "value-recovery instrument" that would be applicable if the situation "significantly and durably" improves beyond projections set out in a US$17.5 billion IMF loan program, the Finance Ministry, as cited by Bloomberg, said in an e-mailed statement. The plan "will ensure Ukraine cuts its debt burden to acceptable levels," Bloomberg quotes Ms. Jaresko as saying. "If there is no real progress in talks in near future, if creditors do not use the last chance to reach an accord, Ukraine have a full moral and legal right to take a decision" on a moratorium. =========================== U N I T E D K I N G D O M =========================== LM U.S.: Moody's Affirms 'B3' Corporate Family Rating ----------------------------------------------------- Moody's Investors Service has affirmed the debt ratings of LM U.S. Member LLC, including the B3 corporate family rating, the B2 senior secured ratings, and the Caa2 second lien term loan rating, but changed the rating outlook to negative from stable. Issuer: LM U.S. Member LLC Outlook changed: Rating Outlook, to Negative from Stable Ratings affirmed: Corporate Family Rating, B3 Probability of Default, B3-PD $110 million first lien revolving credit facility due 2018, B2 (LGD 3) $620 million first lien term loan due 2019, B2 (LGD 3) $25 million first lien term loan due 2019, B2 (LGD 3) $265 million second lien term loan due 2020, Caa2 (LGD 5) RATINGS RATIONALE The negative outlook reflects Moody's concerns about weaker than expected cash flow generation coupled with an aggressive acquisition strategy which elevates integration and execution risk. The B3 corporate family rating (CFR) reflects a highly leveraged balance sheet (Moody's adjusted Debt-to-EBITDA of about 7.0x), an aggressive financial policy and weaker than expected cash flows. The rating incorporates our expectation that acquisitions will continue to be a core part of Landmark's operating strategy and that the company's growth ambitions will continue to involve multiple acquisitions each year, a portion of which will likely be debt-financed. We view this acquisition strategy as aggressive and believe it exposes Landmark to significant integration and execution risk while also constraining budgeting and working capital visibility. The rating recognizes Landmark's growing scale and its position as one of the leading providers of FBO services in the US as well as expectations of favorable conditions in general aviation which should support moderate growth over the intermediate term. The long-term nature of Landmark's airport contracts (average duration of 10 to 30 years) along with the company's incumbency position as a sole or duel FBO supplier for the majority of its locations also add support to the rating. A ratings upgrade is unlikely in the near-term given the company's highly leveraged balance sheet and weaker than expected cash flow profile. An upward rating action would be driven by Debt-to-EBITDA remaining below 6.0x, FCF-to-Debt sustained in the mid-to-high single-digits and a good liquidity profile. The ratings could be downgraded if Debt-to-EBITDA were sustained above 7.5x or if cash flow generation were to remain weak in 2015 such that free cash flows were near or below zero. Continued reliance on the revolving credit facility or a further weakening of the liquidity profile would also pressure the rating downward. The principal methodology used in these ratings was Global Aerospace and Defense Industry published in April 2014. Other methodologies used include Loss Given Default for Speculative- Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Headquartered in Houston, TX, Landmark Aviation operates 68 bases for general aviation services across North America and Western Europe. Principal offerings include refueling, light maintenance and repair of private jets, replacement parts as well as airplane parking, hangar and chartering on behalf of owners. Revenues for the twelve months ended March 2015 were about $750 million. MINT 2015: S&P Assigns 'BB+' Ratings to Two Note Classes -------------------------------------------------------- Standard & Poor's Ratings Services assigned its credit ratings to Mint 2015 PLC's class GBP-A through F and class EUR-A through E commercial mortgage-backed floating-rate notes. At closing, Mint 2015 also issued unrated class GBP-X and EUR-X notes. The notes are secured on U.K. and Dutch commercial mortgage loans that JPMorgan Chase Bank, N.A., London Branch (JPMorgan) originated in December 2014. JPMorgan made the loans under a single agreement, and provided further mezzanine loans equivalent to GBP100 million, to refinance debt incurred in 2011 by private equity funds sponsored by The Blackstone Group (Blackstone) when Blackstone acquired the Mint portfolio, which comprised eight hotels. Five of the hotels in the initial Mint portfolio, located in major regional U.K. towns and cities, were sold before this securitization was launched. The portfolio now consists of three purpose-built Hilton-branded four-star hotels with an appraised market value equivalent to approximately GBP632 million. Two hotels are located in central London (1,043 rooms), with one hotel located in Amsterdam (557 rooms). Previously trading under the Mint Hotels or City Inn brands, the portfolio was rebranded to DoubleTree by Hilton in 2012. All of the hotels were built in the last 12 years and are run under 20- year management agreements by Hilton subsidiaries. The three remaining hotels have traded successfully after Blackstone acquired the portfolio, as their net cash flow increased by 43% to GBP38.0 million in 2014 from GBP26.7 million in 2012. Occupancy increased to 83.5% from 77.6% over that same time. Both the senior and mezzanine loans are split into pound- sterling- and euro-denominated loans that rank pari passu with each other. The senior loans are cross-collateralized and cross- defaulted, but they are constructed so the pound sterling loan receives pound sterling cash flows from the London hotels and the euro loan receives euro cash flows from the Amsterdam hotel. In turn, the issuer uses funds received under each currency loan to pay its notes of that currency. The loans have a three-year term that can be extended for a further year on two occasions. The loans are floating-rate, interest-only, and fully hedged via interest rate caps. The senior loan-to-value (LTV) ratio is 59.2%. The senior loans default if the LTV ratio or interest coverage ratio (ICR) is greater than 75% or less than 1.25x, respectively. S&P analyzed the pound sterling and euro loans and collateral individually. Under a 'B' (or "expected case") rating scenario, S&P considered that: The two London hotels, DoubleTree by Hilton Tower of London and DoubleTree by Hilton Westminster, can sustain net cash flows of GBP23.8 million, implying an initial ICR of about 1.6x at the capped rate; and The DoubleTree by Hilton Amsterdam can sustain a net cash flow of EUR13.1 million, implying an initial ICR of 1.8x at the capped rate. S&P's net recovery rates for the London and Amsterdam hotels are about GBP376.1 million and EUR189.3 million, respectively; these recovery values represent a 15.8% and 18.7% haircut (discount), respectively, to their reported market values. S&P evaluated the underlying real estate collateral securing the loans in order to generate these expected case values. S&P assumed that a real estate work-out would be required throughout the five-year tail period needed to repay noteholders if the borrower were to default. The tail period is the period between the final expected maturity date of the loans and the transaction's final maturity date. S&P then determined the recovery proceeds for the loans by applying a recovery proceeds rate at each rating category. This analysis begins with the adoption of base market value declines and recovery rate assumptions for different rating levels. At each rating category, S&P adjusted the base recovery rates to reflect specific property, loan, and transaction characteristics. S&P compared the derived recovery proceeds of each loan with the capital structure of each corresponding currency series. Following S&P's credit analysis, it considers the available credit enhancement for each class of notes to be commensurate with its assigned ratings. RATINGS LIST Mint 2015 PLC EUR131.0 Million, GBP251.1 Million Commercial Mortgage-Backed Floating-Rate Notes Class Rating Amount (mil. GBP) GBP-A AAA (sf) 109.3 GBP-B AA (sf) 42.0 GBP-C AA- (sf) 14.3 GBP-D BBB+ (sf) 48.8 GBP-E BBB- (sf) 29.3 GBP-F BB+ (sf) 7.5 GBP-X1 NR N/A GBP-X2 NR N/A EUR-A AAA (sf) 54.8 EUR-B AA (sf) 21.9 EUR-C A (sf) 21.9 EUR-D BBB- (sf) 26.3 EUR-E BB+ (sf) 6.0 EUR-X1 NR N/A EUR-X2 NR N/A NR--Not rated. N/A--Not applicable. SKIPTON BUILDING: Moody's Lifts Pref. Stock Rating to Ba2(hyb) -------------------------------------------------------------- Moody's Investors Service upgraded Skipton Building Society's Pref. Stock non-cumulative rating to Ba2(hyb) from Ba3(hyb) and simultaneously withdrawn the outlook. This rating action follows the action taken earlier this month on Skipton and other UK banks and building societies, when Moody's concluded the review related to the new bank rating methodology implementation. RATINGS RATIONALE Following the acquisition of Scarborough Building Society, its Permanent Interest Bearing Shares (PIBS) were assumed by Skipton and as such, they are registered as liabilities. Moody's classifies the PIBS as preferred non-cumulative shares given their specific characteristics. Following the upgrade of Skipton's BCA upgrade to baa2 from baa3 on June 5, Moody's decided to upgrade the rating of this instrument to Ba2(hyb) from Ba3(hyb). Moody's has also withdrawn the outlook of the Pref Stock non- cumulative rating for its own business reasons. Outlooks, which provide an opinion on the likely rating direction over the medium term, are now assigned only to long-term deposit and senior unsecured debt ratings. What Could Change the Rating UP/DOWN The rating on preferred non-cumulative shares is driven by Skipton's BCA. The BCA could move up if Skipton is able to (1) achieve further improvements in asset quality; (2) maintain sound profitability metrics despite competitive pressure; (3) abstain from making further investments in subsidiaries not aligned with their core mortgage and savings business; while maintaining (4) solid capital levels. Skipton's BCA could be lowered following (1) any material deterioration in asset quality and profitability (2) difficulties at one of Skipton's major subsidiaries, especially Connells, leading to a drain on resources (either financial or managerial) away from the core lending franchise. The principal methodology used in this rating was Banks published in March 2015. =============== X X X X X X X X =============== * BOND PRICING: For the Week June 15, 2015 to June 19, 2015 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Ukreximbank Via Bi 8.38 7/27/2015 USD 75.50 Alcatel-Lucent 4.25 7/1/2018 EUR 3.84 OAS Investments Gm 8.25 10/19/2019 USD 17.00 Heckler & Koch Gmb 9.50 5/15/2018 EUR 74.39 Heta Asset Resolut 4.38 1/24/2017 EUR 59.13 Ukraine Government 9.25 7/24/2017 USD 45.75 Brunswick Rail Fin 6.50 11/1/2017 USD 60.00 Far East Capital L 8.00 5/2/2018 USD 53.50 Metinvest BV 8.75 2/14/2018 USD 60.75 Ukreximbank Via Bi 8.75 1/22/2018 USD 67.13 QGOG Constellation 6.25 11/9/2019 USD 72.76 Alcatel-Lucent 0.13 1/30/2020 EUR 4.59 Avangardco Investm 10.00 10/29/2015 USD 46.98 Oschadbank Via SSB 8.25 3/10/2016 USD 66.00 Metinvest BV 10.25 5/20/2015 USD 68.75 Hellenic Republic 5.00 3/11/2019 EUR 64.25 NBG Finance PLC 4.38 4/30/2019 EUR 63.34 Heta Asset Resolut 4.25 10/31/2016 EUR 59.00 Takko Luxembourg 2 9.88 4/15/2019 EUR 48.50 Ukraine Government 4.95 10/13/2015 EUR 45.00 Privatbank CJSC Vi 9.38 9/23/2015 USD 65.38 Ukraine Government 6.88 9/23/2015 USD 50.75 Ukraine Railways v 9.50 5/21/2018 USD 58.25 Piraeus Group Fina 5.00 3/27/2017 EUR 68.63 Alpha Credit Group 3.38 6/17/2017 EUR 71.21 Oschadbank Via SSB 8.88 3/20/2018 USD 65.00 HSH Nordbank AG/Lu 2.64 EUR 35.70 Aegon NV 0.39 EUR 72.91 Tonon Luxembourg S 10.50 5/14/2024 USD 44.50 UKRLANDFARMING PLC 10.88 3/26/2018 USD 53.97 DTEK Finance PLC 7.88 4/4/2018 USD 48.25 Public Power Corp 5.50 5/1/2019 EUR 71.92 Heta Asset Resolut 2.75 5/31/2016 CHF 58.00 Norske Skogindustr 7.00 6/26/2017 EUR 70.02 Norwegian Energy C 6.50 3/6/2018 NOK 59.63 Singulus Technolog 7.75 3/23/2017 EUR 42.25 Nordea Bank AB 0.70 EUR 74.77 Iona Energy Co UK 12.50 9/27/2018 USD 32.00 Asya Sukuk Co Ltd 7.50 3/28/2023 USD 62.00 Hellenic Railways 4.68 10/29/2015 EUR 70.13 Ukraine Government 7.80 11/28/2022 USD 45.25 EXIM of Ukraine CJ 5.79 2/9/2016 USD 50.06 First Ukrainian In 11.00 12/31/2018 USD 50.82 Public Power Corp 4.75 5/1/2017 EUR 74.00 Bank of New York M 4.55 12/15/2050 EUR 66.50 Peugeot SA 4.45 1/1/2016 EUR 29.37 Indo Energy Financ 6.38 1/24/2023 USD 65.88 WPE International 10.38 9/30/2020 USD 6.25 HSH Nordbank AG 7.25 USD 43.86 ERB Hellas PLC 4.25 6/26/2018 EUR 63.00 Virgolino de Olive 10.50 1/28/2018 USD 3.66 CHC Helicopter SA 9.38 6/1/2021 USD 65.06 City of Kyiv Via K 9.38 7/11/2016 USD 46.25 OGX Austria GmbH 8.50 6/1/2018 USD 0.29 Banco Espirito San 7.13 11/28/2023 EUR 9.00 Privatbank CJSC Vi 10.88 2/28/2018 USD 60.02 AXA SA 0.54 EUR 72.47 AXA SA 0.85 EUR 73.93 Metinvest BV 10.50 11/28/2017 USD 59.65 City of Kiev Ukrai 8.00 11/6/2015 USD 48.00 Paragon Offshore P 6.75 7/15/2022 USD 42.25 Afren PLC 6.63 12/9/2020 USD 44.00 Afren PLC 10.25 4/8/2019 USD 44.00 Yuksel Insaat AS 9.50 11/10/2015 USD 68.75 Athens Urban Trans 4.85 9/19/2016 EUR 68.13 Hellenic Republic 5.80 7/14/2015 JPY 73.88 Oesterreichische V 10.00 EUR 0.71 Banque Federative 1.02 EUR 63.13 Far East Capital L 8.75 5/2/2020 USD 44.00 ING Groep NV 0.45 EUR 71.96 Commercial Bank Pr 5.80 2/9/2016 USD 36.63 Banca delle Marche 0.99 6/1/2017 EUR 49.75 Afren PLC 11.50 2/1/2016 USD 43.00 Hema Bondco II BV 8.50 12/15/2019 EUR 65.96 Paragon Offshore P 7.25 8/15/2024 USD 42.00 Mriya Agro Holding 9.45 4/19/2018 USD 11.01 Ukraine Government 6.58 11/21/2016 USD 45.50 Credit Agricole SA 0.71 EUR 64.48 OSX 3 Leasing BV 13.00 3/20/2015 USD 59.25 Ukraine Government 6.25 6/17/2016 USD 45.50 Financing of Infra 9.00 12/7/2017 USD 44.00 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.77 Oesterreichische V 0.89 11/28/2016 EUR 50.50 ING Groep NV 0.85 EUR 73.87 SOITEC 6.75 9/18/2018 EUR 1.60 Bank of New York M 4.26 12/30/2099 EUR 33.00 Ukraine Government 7.95 2/23/2021 USD 45.00 Econocom Group SA/ 1.50 1/15/2019 EUR 11.33 Aegon NV 4.16 NLG 69.93 Depfa Funding II L 6.50 EUR 60.09 Ekotechnika GmbH 9.75 5/10/2018 EUR 11.25 Etablissements Mau 1.63 7/1/2019 EUR 15.49 CGG SA 1.25 1/1/2019 EUR 27.46 Rothschilds Contin 0.96 EUR 57.35 Hellenic Republic 2.09 7/25/2057 EUR 16.63 Heta Asset Resolut 0.10 5/31/2016 EUR 58.90 Caixa Terrassa Soc 1.43 EUR 64.78 Santander Internat 2.00 USD 48.00 Faurecia 3.25 1/1/2018 EUR 42.76 Phones4u Finance P 9.50 4/1/2018 GBP 31.88 Hellenic Republic 5.20 7/17/2034 EUR 56.75 Depfa Funding III 1.72 EUR 57.91 Russian Standard B 11.50 1/17/2024 USD 58.00 CNP Assurances 0.53 EUR 64.99 Norske Skog Holdin 8.00 2/24/2021 EUR 68.13 Air France-KLM 2.03 2/15/2023 EUR 11.46 Codere Finance Lux 8.25 6/15/2015 EUR 63.88 Hellenic Railways 4.03 3/17/2017 EUR 67.63 Danske Bank Oyj 0.73 EUR 65.08 Hellenic Republic 5.00 8/22/2016 JPY 66.25 Phosphorus Holdco 10.00 4/1/2019 GBP 1.94 Banque Federative 0.83 EUR 62.98 Transcapitalbank J 7.74 7/18/2017 USD 73.50 Santander Finance 0.62 EUR 68.28 Ukraine Government 6.75 11/14/2017 USD 45.25 Pescanova SA 5.13 4/20/2017 EUR 3.00 HSBC Bank PLC 0.75 USD 60.86 BNP Paribas Fortis 2.03 EUR 74.62 Meyer Burger Techn 4.00 9/24/2020 CHF 68.72 Capital Raising Gm 7.50 EUR 11.83 Piraeus Group Fina 1.85 7/20/2016 EUR 64.55 NIBC Bank NV 0.67 EUR 56.13 Sydbank A/S 1.22 EUR 64.52 Banca delle Marche 1.18 6/15/2016 EUR 47.75 Meyer Burger Techn 5.00 5/24/2017 CHF 71.27 Eurobank Ergasias 1.64 6/8/2017 EUR 45.80 Virgolino de Olive 10.88 1/13/2020 USD 25.50 NTRP Via Interpipe 10.25 8/2/2017 USD 25.38 OGX Austria GmbH 8.38 4/1/2022 USD 0.30 Rothschilds Contin 0.69 USD 52.39 Hellenic Railways 5.01 12/27/2017 EUR 68.75 ESFIL-Espirito San 5.25 6/12/2015 EUR 2.65 Renaissance Credit 13.50 5/22/2019 USD 65.38 Virgolino de Olive 11.75 2/9/2022 USD 1.13 Norshore Atlantic 12.00 12/21/2018 USD 55.02 Tonon Luxembourg S 10.50 5/14/2024 USD 35.00 HSBC Bank PLC 0.69 USD 60.78 Credit Mutuel Arke 0.86 EUR 61.12 NIBC Bank NV 2.13 USD 65.79 Banco Espirito San 2.67 EUR 11.38 Assystem 4.50 EUR 28.39 Vseukrainsky Aktsi 9.00 6/14/2019 USD 1.94 Nexity SA 0.63 1/1/2020 EUR 49.83 BPCE SA 0.54 EUR 62.67 Depfa Funding IV L 5.03 EUR 60.09 Talvivaara Mining 4.00 12/16/2015 EUR 0.81 Mriya Agro Holding 10.95 3/30/2016 USD 9.95 Aralco Finance SA 10.13 5/7/2020 USD 9.10 Praktiker AG 5.88 2/10/2016 EUR 0.12 Jasper Explorer PL 13.50 5/27/2016 USD 5.38 Lambay Capital Sec 6.25 GBP 1.36 BLT Finance BV 7.50 5/15/2014 USD 5.25 Hellenic Republic 6.14 4/14/2028 EUR 68.13 Island Drilling Co 9.50 4/3/2018 USD 56.63 Ageasfinlux SA 1.40 EUR 64.05 DF Deutsche Forfai 7.88 5/27/2020 EUR 58.50 Jyske Bank A/S 0.98 EUR 65.67 Hellenic Republic 5.25 2/1/2016 JPY 65.00 Scandinavian Airli 2.38 CHF 32.13 Noreco Norway AS 6.50 3/6/2018 NOK 55.88 OAS Investments Gm 8.25 10/19/2019 USD 15.25 Orco Property Grou 7.00 11/7/2019 EUR 74.00 Orpea 1.75 1/1/2020 EUR 66.70 Paragon Offshore P 7.25 8/15/2024 USD 41.00 Paragon Offshore P 6.75 7/15/2022 USD 41.00 HSBC Bank PLC 0.60 USD 60.77 Astana Finance BV 7.88 6/8/2010 EUR 12.50 Pescanova SA 8.75 2/17/2019 EUR 3.00 Cooperatieve Centr 0.50 11/26/2021 ZAR 55.47 Hellenic Republic 4.50 7/3/2017 JPY 65.25 Heta Asset Resolut 0.76 1/24/2017 EUR 3.26 Finance and Credit 9.25 1/25/2019 USD 10.00 Virgolino de Olive 10.88 1/13/2020 USD 11.00 Financing of Infra 7.40 4/20/2018 USD 43.50 Pierre & Vacances 3.50 10/1/2019 EUR 38.07 Espirito Santo Fin 6.88 10/21/2019 EUR 0.09 ATF Capital BV 10.00 USD 65.63 Oesterreichische V 9.00 7/26/2018 EUR 48.75 Takko Luxembourg 2 7.01 4/15/2019 EUR 45.46 Nexans SA 4.00 1/1/2016 EUR 55.17 Dexia Credit Local 4.30 EUR 5.88 Hellenic Republic 4.50 11/8/2016 JPY 65.63 BNP Paribas SA 0.48 USD 61.50 Caisse Federale du 1.17 EUR 61.00 International Indu 9.00 7/6/2011 EUR 0.70 Hellenic Railways 4.50 12/6/2016 JPY 68.88 Ukraine Railways v 9.50 5/21/2018 USD 40.00 Banco Espanol de C 0.61 EUR 67.55 Corporate Commerci 8.25 8/8/2014 USD 2.87 PA Resources AB 13.50 3/3/2016 SEK 4.63 Ajecorp BV 6.50 5/14/2022 USD 69.50 Pohjola Bank Oyj 0.64 EUR 69.47 TAG Immobilien AG 6.50 12/10/2015 EUR 11.91 Koninklijke Luchtv 0.75 CHF 30.10 Le Noble Age 4.88 1/3/2016 EUR 18.87 National Westminst 0.63 USD 63.00 Financing of Infra 8.38 11/3/2017 USD 44.00 Hybrid Raising Gmb 6.63 EUR 12.13 Global PVQ SE 6.75 10/21/2015 EUR 0.94 Espirito Santo Fin 3.13 12/2/2018 EUR 2.00 Laurel GmbH 7.13 11/16/2017 EUR 35.75 Breeze Finance SA 6.71 4/19/2027 EUR 44.00 RENE LEZARD Mode G 7.25 11/25/2017 EUR 33.71 International Indu 11.00 2/19/2013 USD 0.70 Belfius Bank SA/NV 2.05 FRF 55.00 Virgolino de Olive 10.50 1/28/2018 USD 1.10 Petrol AD 8.38 1/26/2017 EUR 25.00 Metinvest BV 8.75 2/14/2018 USD 40.25 Astana Finance BV 9.00 11/16/2011 USD 12.50 JZ Capital Partner 6.00 7/30/2021 GBP 11.00 Cirio Holding Luxe 6.25 2/16/2004 EUR 2.14 Hellenic Republic 5.25 2/1/2016 JPY 65.00 IM Skaugen SE 9.60 6/30/2016 NOK 50.01 BOA Offshore AS 8.04 12/18/2018 NOK 69.38 Kezizalog Zrt 7.75 10/1/2018 EUR 7.53 BDT Media Automati 8.13 10/9/2017 EUR 58.38 Songa Offshore 7.50 12/11/2018 NOK 73.88 Lehman Brothers UK 5.75 EUR 0.01 SNS Bank NV 11.25 EUR 0.85 SNS Bank NV 6.25 10/26/2020 EUR 2.42 Heta Asset Resolut 0.14 5/31/2016 EUR 54.38 Heta Asset Resolut 4.35 11/3/2016 EUR 3.29 Barclays Bank PLC 1.56 GBP 71.10 Commerzbank Holdin 0.75 USD 59.59 Air Berlin Finance 1.50 4/11/2027 EUR 75.00 Jyske Bank A/S 0.74 EUR 65.65 Afren PLC 10.25 4/8/2019 USD 42.00 MS Deutschland Bet 6.88 12/18/2017 EUR 16.00 Brunswick Rail Fin 6.50 11/1/2017 USD 41.02 Rena GmbH 8.25 7/11/2018 EUR 8.63 Societe Air France 2.75 4/1/2020 EUR 20.58 Hellenic Bank PCL 10.00 EUR 50.00 Windreich GmbH 6.50 7/15/2016 EUR 10.88 Far East Capital L 8.00 5/2/2018 USD 53.50 Nordea Bank Norge 0.56 USD 63.17 PA Resources AB 12.25 4/5/2016 NOK 4.91 OGX Austria GmbH 8.50 6/1/2018 USD 0.01 APP International 11.75 10/1/2005 USD 0.01 Norske Skog Holdin 8.00 2/24/2023 USD 64.25 Barclays Bank PLC 0.63 USD 60.50 Ukraine Government 5.00 12/20/2015 USD 51.13 Banco Comercial Po 5.00 EUR 67.00 Lloyds Bank PLC 0.60 USD 62.58 Virgolino de Olive 11.75 2/9/2022 USD 1.10 Pescanova SA 6.75 3/5/2015 EUR 3.33 Etablissements Mau 7.13 7/31/2015 EUR 13.42 Dannemora Mineral 11.75 3/22/2016 USD 0.67 Bank of Scotland P 0.63 USD 62.46 Den Norske Creditb 0.53 USD 61.88 Lehman Brothers UK 5.13 EUR 0.03 Golden Gate AG 6.50 10/11/2014 EUR 37.10 Popular Capital SA 0.70 EUR 59.00 Kaupthing Bank Hf 7.63 2/28/2015 USD 14.13 Talvivaara Mining 9.75 4/4/2017 EUR 0.04 friedola Gebr Holz 7.25 4/11/2017 EUR 41.75 Societe Generale S 0.44 USD 61.50 Raiffeisenlandesba 4.40 4/17/2024 EUR 72.75 Mox Telecom AG 7.25 11/2/2017 EUR 2.55 Metinvest BV 10.25 5/20/2015 USD 65.50 Barclays Bank PLC 0.63 USD 60.58 QGOG Constellation 6.25 11/9/2019 USD 63.00 More & More AG 8.13 6/11/2018 EUR 48.75 Mechel 8.40 5/27/2021 RUB 57.01 GNB - Cia de Segur 3.53 EUR 67.90 Dexia SA 4.89 EUR 8.75 Heta Asset Resolut 1.91 9/29/2016 JPY 49.00 Heta Asset Resolut 5.92 2/22/2022 EUR 2.00 Afren PLC 6.63 12/9/2020 USD 46.25 Cirio Finance Luxe 7.50 11/3/2002 EUR 8.25 Barclays Bank PLC 1.18 3/21/2033 USD 68.50 Banco Pinto & Sott 1.08 EUR 11.00 Hellenic Railways 4.50 12/6/2016 JPY 68.88 EDOB Abwicklungs A 7.50 4/1/2012 EUR 0.76 Sidetur Finance BV 10.00 4/20/2016 USD 13.00 TGC-2 OJSC 12.00 10/10/2018 RUB 70.35 Alpha Credit Group 1.70 2/1/2017 EUR 42.30 IKB Deutsche Indus 5.63 3/31/2017 EUR 19.55 Lehman Brothers Tr 8.25 3/16/2035 EUR 4.81 Dexia Kommunalbank 4.88 12/31/2016 EUR 20.00 Kaupthing Bank Hf 9.00 USD 0.13 Hellenic Republic 5.00 8/22/2016 JPY 65.50 Lloyds Bank PLC 0.44 USD 62.39 Barclays Bank PLC 1.44 3/28/2033 USD 68.78 AgroGeneration 8.00 4/1/2019 EUR 66.00 SiC Processing Gmb 7.13 3/1/2016 EUR 3.95 getgoods.de AG 7.75 10/2/2017 EUR 5.38 Heta Asset Resolut 4.25 5/31/2016 EUR 56.50 UniCredit Bank Aus 0.50 12/27/2031 EUR 63.50 Ukraine Government 7.50 4/17/2023 USD 47.07 GNB - Cia de Segur 2.23 12/19/2022 EUR 71.00 Hellenic Republic 5.80 7/14/2015 JPY 73.88 Heckler & Koch Gmb 9.50 5/15/2018 EUR 74.75 Agroton Public Ltd 6.00 7/14/2019 USD 30.00 KPNQwest NV 10.00 3/15/2012 EUR 0.50 DNB Bank ASA 0.56 USD 62.21 Codere Finance Lux 9.25 2/15/2019 USD 64.00 National Westminst 0.69 USD 63.00 Barclays Bank PLC 2.31 6/17/2033 USD 69.00 Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00 IKB Deutsche Indus 4.70 3/31/2017 EUR 18.00 Ukraine Government 9.25 7/24/2017 USD 45.74 Travel24.com AG 7.50 9/17/2017 EUR 53.00 Hellenic Railways 0.66 5/24/2016 EUR 69.13 Region of Piemont 0.34 11/27/2036 EUR 60.45 Hellenic Republic 2.27 2/7/2022 EUR 59.51 Barclays Bank PLC 0.63 USD 64.90 Lloyds Bank PLC 0.48 USD 63.63 Hellenic Republic 0.76 8/10/2019 EUR 66.72 EFG International 0.71 EUR 73.50 CRC Breeze Finance 6.11 5/8/2016 EUR 54.63 Portigon AG 7.46 12/31/2019 EUR 15.00 Sazka AS 9.00 7/12/2021 EUR 0.84 Deutsche Bank AG/L 1.23 3/15/2033 USD 73.12 Afren PLC 11.50 2/1/2016 USD 42.41 Heta Asset Resolut 0.32 8/12/2017 EUR 52.13 Popular Capital SA 7.00 11/25/2015 EUR 32.00 Norske Skogindustr 7.13 10/15/2033 USD 44.00 Lehman Brothers Tr 6.00 2/15/2035 EUR 3.88 Mifa Mitteldeutsch 7.50 8/12/2018 EUR 3.20 Metinvest BV 10.50 11/28/2017 USD 46.88 Royal Bank of Scot 0.63 USD 61.37 Colonia Real Estat 5.88 5/11/2015 EUR 6.96 Cirio Finanziaria 8.00 12/21/2005 EUR 1.57 Ukraine Government 6.88 9/23/2015 USD 50.78 Mechel 8.40 5/27/2021 RUB 56.51 Espirito Santo Fin 9.75 12/19/2025 EUR 2.67 Lehman Brothers Tr 6.00 11/2/2035 EUR 5.13 LBI HF 6.25 EUR 0.00 Solarworld AG 6.38 7/13/2016 EUR 31.50 Royal Bank of Scot 3.84 11/16/2030 USD 74.00 Del Monte Finance 6.63 5/24/2006 EUR 8.38 Banco Espirito San 2.88 EUR 11.50 Barclays Bank PLC 1.73 4/9/2028 USD 73.72 Alpine Holding Gmb 6.00 5/22/2017 EUR 0.00 Gunther Zamek Prod 7.75 5/15/2017 EUR 4.98 Teak Holz Internat 5.00 8/31/2015 EUR 55.00 Barclays Bank PLC 0.41 12/28/2040 EUR 68.85 Solarworld AG 6.13 1/21/2017 EUR 31.88 PNE Wind AG 3.75 10/10/2019 EUR 3.05 Barclays Bank PLC 1.68 4/19/2033 USD 68.27 SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00 Penell GmbH Elektr 7.75 6/10/2019 EUR 10.30 IM Skaugen SE 10.42 4/11/2017 NOK 66.06 Lehman Brothers Tr 7.25 10/5/2035 EUR 4.48 National Westminst 0.56 USD 63.50 WGF Westfaelische 6.35 12/1/2016 EUR 6.45 Societe Generale S 1.92 EUR 64.20 Ideal Standard Int 11.75 5/1/2018 EUR 42.13 Abanka Vipa DD Via 1.90 EUR 0.31 Barclays Bank PLC 2.95 5/31/2033 USD 69.63 Ukraine Government 7.80 11/28/2022 USD 45.57 Oesterreichische V 0.78 6/18/2018 EUR 65.00 Aralco Finance SA 10.13 5/7/2020 USD 5.00 Financing of Infra 8.38 11/3/2017 USD 43.89 Ukraine Government 6.75 11/14/2017 USD 45.56 Lloyds Bank PLC 1.70 2/22/2033 USD 67.50 UKRLANDFARMING PLC 10.88 3/26/2018 USD 50.50 Bank Nederlandse G 0.50 7/12/2022 ZAR 54.32 Depfa ACS Bank 0.25 7/8/2033 CAD 24.00 Cirio Del Monte NV 7.75 3/14/2005 EUR 1.87 Alpine Holding Gmb 5.25 7/1/2015 EUR 0.00 Glitnir HF 6.69 6/15/2016 USD 0.02 Heta Asset Resolut 4.63 3/4/2018 EUR 51.50 Petromena ASA 9.75 5/24/2015 NOK 1.95 Oesterreichische V 9.00 7/26/2024 EUR 65.00 Barclays Bank PLC 2.98 12/23/2033 USD 75.00 Rena GmbH 7.00 12/15/2015 EUR 8.63 Societe Generale S 1.50 2/28/2033 USD 74.00 Northland Resource 15.00 7/15/2019 USD 1.13 Kaupthing Bank Hf 6.75 EUR 0.00 Standard Chartered 0.59 USD 60.33 Ukraine Government 7.75 9/23/2020 USD 45.58 Saphir Finance PLC 6.85 GBP 1.38 Den Norske Creditb 0.56 USD 61.83 Mechel 8.40 6/1/2021 RUB 57.00 IT Holding Finance 9.88 11/15/2012 EUR 0.50 Glitnir HF 6.33 7/28/2011 USD 14.00 Hellas Telecommuni 8.50 10/15/2013 EUR 0.00 Frey 6.00 11/15/2022 EUR 21.50 Sairgroup Finance 4.38 6/8/2006 EUR 14.88 Lehman Brothers Tr 7.00 5/17/2035 EUR 5.00 Standard Chartered 0.69 GBP 62.54 Orient Express Ban 13.60 8/9/2018 RUB 43.01 UniCredit Bank Aus 0.57 8/20/2033 EUR 61.63 Swiss Re Europe Ho 6.85 USD 46.50 DEMIRE Real Estate 6.00 12/30/2018 EUR 4.50 Northland Resource 4.00 10/15/2020 USD 0.15 Assystem 4.00 1/1/2017 EUR 23.02 Ukraine Government 6.25 6/17/2016 USD 45.58 KA Finanz AG 5.43 2/13/2024 EUR 50.88 SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 36.51 Santander Finance 2.00 EUR 40.00 BNP Paribas SA 1.62 4/30/2033 USD 68.78 KA Finanz AG 4.90 6/23/2031 EUR 63.88 Investkredit Bank 3.55 4/12/2022 EUR 74.70 Region of Puglia I 0.53 2/6/2023 EUR 74.31 Heta Asset Resolut 4.88 9/18/2017 EUR 2.80 Strenesse AG 9.00 3/15/2017 EUR 44.00 Lehman Brothers Tr 5.00 3/18/2015 EUR 3.82 Dexia Kommunalbank 5.63 12/31/2017 EUR 12.00 DTEK Finance PLC 7.88 4/4/2018 USD 34.49 ADLER Real Estate 6.00 6/30/2017 EUR 12.60 OGX Austria GmbH 8.38 4/1/2022 USD 0.03 Region of Abruzzo 0.56 11/7/2036 EUR 63.33 Svyaznoy Bank ZAO 12.00 8/6/2015 RUB 36.01 Banca Carige SpA 8.34 EUR 75.00 Far East Capital L 8.75 5/2/2020 USD 36.92 Codere Finance Lux 8.25 6/15/2015 EUR 64.13 Norske Skogindustr 7.13 10/15/2033 USD 44.00 Heta Asset Resolut 0.67 11/29/2032 EUR 2.76 Northland Resource 4.00 10/15/2020 NOK 0.15 Finmek Internation 7.00 12/3/2004 EUR 0.13 Allied Irish Banks 0.75 10/24/2035 EUR 23.13 Teksid Aluminum Lu 11.38 7/15/2011 EUR 0.11 Financing of Infra 7.40 4/20/2018 USD 43.66 Global PVQ Netherl 1.38 4/30/2012 EUR 24.13 Governo Portugues 2.75 EUR 60.00 Kaupthing Bank Hf 6.25 EUR 0.00 City of Kyiv Via K 9.38 7/11/2016 USD 46.25 Windreich GmbH 6.50 3/1/2015 EUR 10.88 Solar Millennium A 6.50 7/15/2015 EUR 12.57 Ukraine Government 4.95 10/13/2015 EUR 50.52 Karlie Group GmbH 6.75 6/25/2018 EUR 65.60 Glitnir HF 6.00 3/5/2012 GBP 14.00 Heta Asset Resolut 0.24 4/9/2043 EUR 60.00 Vnesheconombank 8.10 9/27/2018 RUB 70.07 Kaupthing Bank Hf 5.75 10/4/2011 USD 14.13 BLT Finance BV 12.00 2/10/2015 USD 10.50 Kaupthing Bank Hf 5.75 10/4/2011 USD 14.13 Centrosolar Group 7.00 2/15/2016 EUR 2.31 Standard Chartered 0.69 USD 61.21 Mechel 10.00 8/25/2020 RUB 75.00 Global PVQ Netherl 1.38 4/30/2012 EUR 25.25 Alliance Oil Co OJ 8.85 6/4/2021 RUB 57.01 Phones4u Finance P 9.50 4/1/2018 GBP 31.88 Deutsche Morgan Gr 0.66 USD 59.19 Lloyds Bank PLC 1.75 1/31/2033 USD 67.76 UniCredit Bank Aus 0.35 1/25/2031 EUR 69.00 Kaupthing Bank Hf 3.00 2/12/2010 CHF 14.13 Club Mediterranee 6.11 11/1/2015 EUR 24.31 Espirito Santo Fin 5.13 5/30/2016 EUR 3.57 Takko Luxembourg 2 9.88 4/15/2019 EUR 48.90 Piraeus Bank SA 0.98 2/9/2017 EUR 72.03 SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 36.60 Global PVQ Netherl 5.75 5/26/2014 EUR 26.38 Indo Energy Financ 6.38 1/24/2023 USD 64.01 Hema Bondco II BV 8.50 12/15/2019 EUR 65.88 Alpine Holding Gmb 5.25 6/10/2016 EUR 0.00 Norske Skog Holdin 8.00 2/24/2023 USD 64.25 Schneekoppe GmbH & 6.45 9/20/2015 EUR 6.86 Breeze Finance SA 11.75 4/19/2027 EUR 3.00 Norske Skog Holdin 8.00 2/24/2021 EUR 67.63 TradeDoubler AB 6.75 12/20/2018 SEK 68.50 Heta Asset Resolut 3.42 11/7/2016 EUR 48.50 Glitnir HF 3.00 6/30/2010 EUR 14.00 WPE International 10.38 9/30/2020 USD 6.25 CBo Territoria 6.00 1/1/2020 EUR 3.96 Mriya Agro Holding 9.45 4/19/2018 USD 11.50 Ukraine Government 6.58 11/21/2016 USD 45.73 Credit Agricole Co 0.50 2/28/2018 RUB 71.64 Governo Portugues 3.00 EUR 73.00 OL Groupe SA 7.00 12/28/2015 EUR 7.64 Nationwide Buildin 1.07 GBP 70.00 Russian Standard B 13.00 4/10/2020 USD 64.00 Hellenic Bank PCL 11.00 EUR 50.13 Solen AG 7.50 4/8/2016 EUR 1.11 ffk 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HSBC Bank PLC 0.50 12/29/2026 AUD 62.64 Svensk Exportkredi 0.50 3/28/2029 AUD 68.54 Credit Suisse AG/L 1.64 6/1/2042 USD 53.76 Lehman Brothers Tr 7.59 11/22/2009 MXN 29.88 MirLand Developmen 7.21 5/31/2020 ILS 39.01 Barclays Bank PLC 0.50 3/13/2023 RUB 41.09 Region of Stavropo 8.09 11/4/2020 RUB 60.01 Svensk Exportkredi 0.50 2/22/2022 ZAR 52.60 Svensk Exportkredi 0.50 4/25/2019 BRL 62.56 NIBC Bank NV 25.98 5/7/2029 EUR 70.94 LBI HF 3.11 11/10/2008 EUR 2.81 Kommunekredit 0.50 5/11/2029 CAD 71.84 Kaupthing Bank Hf 4.95 5/6/2009 EUR 14.13 Lehman Brothers Tr 5.00 8/16/2017 EUR 3.82 Oesterreichische V 1.75 9/9/2020 EUR 30.13 Bank Petrocommerce 18.00 12/25/2019 RUB 61.00 Bank Julius Baer & 8.00 5/7/2015 USD 70.95 Oesterreichische V 2.00 4/24/2020 EUR 33.25 Bank Nederlandse G 0.50 8/15/2022 ZAR 53.60 Municipality Finan 0.50 1/10/2018 BRL 74.85 Deutsche Bank AG 7.20 9/22/2015 EUR 63.90 Lehman Brothers Tr 13.50 11/28/2008 USD 6.63 Sviaz Bank OAO 11.40 4/13/2022 RUB 60.00 Oesterreichische V 1.80 5/24/2018 EUR 49.38 Heta Asset Resolut 0.28 3/4/2018 EUR 51.50 UTair-Finans OOO 12.00 6/17/2016 RUB 30.30 URALSIB Leasing Co 10.50 4/17/2018 RUB 100.00 Gold-Zack AG 7.00 12/14/2005 EUR 12.60 EFG International 6.48 5/29/2018 EUR 60.09 Oesterreichische V 1.05 5/20/2025 EUR 12.00 Oesterreichische V 2.75 10/21/2016 EUR 72.13 Emporiki Group Fin 5.00 12/2/2021 EUR 37.57 Lehman Brothers Tr 4.10 6/10/2014 SGD 6.63 Konservenfabrik Za 8.00 4/1/2016 EUR 0.00 Lehman Brothers Tr 6.00 2/14/2012 EUR 6.63 Lehman Brothers Tr 4.00 7/27/2011 EUR 3.82 KPNQwest NV 7.13 6/1/2009 EUR 0.50 Oberoesterreichisc 0.30 4/25/2042 EUR 67.79 Mortgage Agent Abs 8.90 8/12/2041 RUB 54.70 Lehman Brothers Tr 11.75 3/1/2010 EUR 6.63 Raiffeisen-Holding 5.10 EUR 62.63 Republika Srpska 1.50 12/22/2023 BAM 74.78 Credit Suisse AG/L 15.50 5/4/2016 USD 61.50 Credit Suisse AG/N 10.25 8/28/2015 USD 53.45 Bank Nederlandse G 0.50 9/20/2022 ZAR 53.09 Oesterreichische V 2.00 8/1/2016 EUR 74.88 Totens Sparebank 2.98 NOK 65.32 Republika Srpska 1.50 9/25/2026 BAM 66.00 WGF Westfaelische 6.35 8/1/2017 EUR 3.52 Oesterreichische V 2.00 11/15/2016 EUR 70.25 Municipality Finan 0.50 8/8/2029 NZD 57.98 Credit Suisse AG/N 8.40 6/26/2015 USD 40.37 Lehman Brothers Tr 15.00 3/30/2011 EUR 3.82 Lehman Brothers Tr 7.50 5/2/2017 EUR 3.82 Kaupthing Bank Hf 1.65 7/5/2010 JPY 14.13 Oesterreichische V 4.81 7/29/2025 EUR 61.00 Housing Financing 2.70 1/1/2020 ISK 68.10 Lehman Brothers Tr 2.30 4/28/2014 JPY 3.82 Kaupthing Bank Hf 0.80 2/15/2011 EUR 14.13 Glitnir HF 2.25 2/15/2011 EUR 14.00 MirLand Developmen 6.50 12/31/2015 ILS 44.34 HSBC Bank PLC 0.50 7/30/2019 IDR 68.15 MirLand Developmen 6.00 11/30/2017 ILS 40.27 Exane Finance 1.75 4/28/2016 EUR 55.75 HSBC Bank PLC 0.50 12/29/2022 AUD 73.15 Kommunalbanken AS 0.50 5/27/2022 ZAR 55.53 Barclays Bank PLC 0.50 3/19/2021 MXN 72.04 Kommunalbanken AS 0.50 11/8/2018 BRL 69.08 Zaklady Miesne Mys 11.00 7/25/2015 PLN 10.00 Glitnir HF 5.86 7/28/2016 GBP 14.00 Lehman Brothers Tr 4.80 11/16/2012 HKD 6.63 Heta Asset Resolut 0.29 7/28/2017 EUR 50.50 Glitnir HF 5.25 5/2/2014 ISK 14.00 Glitnir HF 5.25 5/2/2017 ISK 14.00 RSL Communications 9.13 3/1/2008 USD 1.25 RSL Communications 12.00 11/1/2008 USD 1.25 Lehman Brothers Tr 15.00 6/4/2009 CHF 6.63 Glitnir HF 4.85 4/26/2012 EUR 14.00 SAir Group 2.75 7/30/2004 CHF 11.38 Svensk Exportkredi 0.50 8/28/2020 TRY 59.34 Glitnir HF 2.00 1/30/2009 CHF 14.00 Republika Srpska 1.50 12/15/2023 BAM 74.00 LBI HF 4.40 1/18/2010 CAD 2.81 Oesterreichische V 2.15 3/25/2019 EUR 42.00 Banque Cantonale V 5.25 7/2/2015 CHF 55.81 Societe Generale S 0.50 4/3/2023 RUB 40.95 LBI HF 4.38 10/20/2008 EUR 2.81 Lehman Brothers Tr 0.80 12/30/2016 EUR 3.82 Commerzbank AG 1.88 4/22/2016 EUR 73.12 Glitnir HF 3.45 8/22/2010 CZK 14.00 Rinol AG 5.50 10/15/2006 DEM 0.00 SAir Group 4.25 2/2/2007 CHF 11.75 Province of Trevis 0.40 12/31/2034 EUR 62.56 Oesterreichische V 5.45 8/2/2019 EUR 72.70 UBS AG 10.05 10/23/2015 USD 25.80 Oesterreichische V 5.50 8/26/2025 EUR 24.50 City of 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60.00 Credit Suisse AG/L 8.00 11/29/2019 USD 8.34 Oesterreichische V 4.33 2/1/2017 EUR 69.75 Bosnia & Herzegovi 2.50 6/30/2022 BAM 74.00 Oesterreichische V 1.38 2/8/2019 EUR 41.38 Leonteq Securities 19.94 5/21/2015 CHF 54.68 Russian Post FGUP 8.70 10/18/2019 RUB 59.01 Nutritek Internati 8.75 12/11/2008 USD 2.00 Glitnir HF 10.00 6/28/2017 USD 14.00 UniCredit Bank AG 4.00 6/26/2015 EUR 55.45 Municipality Finan 0.50 2/22/2019 IDR 70.77 Lehman Brothers Tr 4.00 4/13/2011 CHF 3.82 Oesterreichische V 5.10 7/5/2022 EUR 30.75 Glitnir HF 3.25 9/15/2015 EUR 14.00 Glitnir HF 4.75 10/15/2010 USD 14.00 KPNQwest NV 8.88 2/1/2008 EUR 0.50 Province of Rovigo 0.42 12/28/2035 EUR 60.88 RSL Communications 10.50 11/15/2008 USD 1.25 RSL Communications 9.88 11/15/2009 USD 1.25 Kaupthing Bank Hf 7.50 10/2/2010 EUR 14.13 Lehman Brothers Tr 7.60 1/31/2013 AUD 6.63 EDOB Abwicklungs A 7.50 4/1/2012 EUR 0.76 Kaupthing Bank Hf 7.90 4/28/2016 EUR 14.13 Glitnir HF 5.25 10/23/2011 ISK 14.00 Lehman Brothers Tr 4.05 9/16/2008 EUR 3.82 Lehman Brothers Tr 7.60 5/21/2013 USD 3.82 Araratbank OJSC 8.50 6/14/2016 USD 25.58 Credit Suisse AG/L 8.25 11/29/2024 USD 9.45 Lehman Brothers Tr 6.85 12/22/2008 EUR 3.82 Barclays Bank PLC 3.50 2/5/2016 EUR 67.13 City of Predeal Ro 2.50 5/15/2026 RON 60.00 Lehman Brothers Tr 3.00 9/13/2010 JPY 29.88 Fonciere Volta SA 4.50 7/30/2020 EUR 2.71 Oesterreichische V 5.50 1/19/2017 EUR 71.63 City of Baile Herc 2.50 12/16/2020 RON 75.00 Vontobel Financial 8.85 5/22/2015 EUR 70.00 Bank Julius Baer & 9.40 5/27/2015 CHF 61.25 HSBC Bank PLC 0.50 11/9/2018 IDR 72.77 Municipality Finan 0.50 5/8/2029 AUD 54.96 HSBC Bank PLC 0.50 2/5/2018 RUB 72.03 Eitzen Chemical AS 12.36 6/6/2016 NOK 20.88 Raiffeisen Versich 5.08 EUR 58.00 Lehman Brothers Tr 7.50 7/31/2013 GBP 3.82 Municipality Finan 0.50 2/7/2018 BRL 74.33 ExpertGroup OOO/Ru 13.00 12/11/2015 RUB 60.01 Glitnir HF 6.33 7/28/2011 USD 14.00 Glitnir HF 5.86 7/28/2016 GBP 14.00 Banque Cantonale V 1.00 7/7/2016 CHF 33.39 EFG International 6.00 11/30/2017 EUR 51.57 Municipality Finan 0.50 4/26/2022 ZAR 51.49 Leonteq Securities 20.00 1/26/2016 CHF 60.24 Glitnir HF 7.32 12/19/2012 USD 14.00 Oesterreichische V 6.60 5/6/2023 EUR 32.63 Lehman Brothers Tr 4.00 7/20/2012 EUR 3.82 Oesterreichische V 4.86 11/29/2017 EUR 60.25 Oesterreichische V 5.03 6/11/2019 EUR 46.50 Lehman Brothers Tr 8.00 10/23/2008 USD 6.63 Oesterreichische V 5.20 4/1/2020 EUR 41.63 Oesterreichische V 5.21 2/13/2026 EUR 22.88 Lehman Brothers Tr 6.25 9/5/2011 EUR 3.82 Landeskreditbank B 0.50 5/10/2027 CAD 74.93 Lehman Brothers Tr 4.50 12/30/2010 USD 6.63 Lehman Brothers Tr 5.00 11/22/2012 EUR 3.82 Kaupthing Bank Hf 7.00 7/24/2009 ISK 14.13 LBI HF 5.08 3/1/2013 ISK 2.81 Lehman Brothers Tr 9.50 4/1/2018 USD 3.82 Glitnir HF 3.75 1/15/2010 EUR 14.00 Leonteq Securities 7.00 1/22/2016 CHF 54.70 Kaupthing Bank Hf 7.63 2/28/2015 USD 14.13 Oesterreichische V 5.26 2/5/2025 EUR 24.63 Synergy Classic Vi 2.00 8/2/2015 USD 58.02 Ukraine Government 7.75 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USD 3.82 Lehman Brothers Tr 3.40 9/21/2009 HKD 6.63 LBI HF 7.43 USD 0.00 Glitnir HF 4.01 7/6/2009 HKD 14.00 Lehman Brothers Tr 3.00 8/8/2017 EUR 3.82 KPNQwest NV 7.13 6/1/2009 EUR 0.50 KPNQwest NV 8.88 2/1/2008 EUR 0.50 Glitnir HF 3.00 10/4/2011 EUR 14.00 Lehman Brothers Tr 7.15 3/21/2013 USD 3.82 Lehman Brothers Tr 5.00 2/15/2018 EUR 3.82 Lehman Brothers Tr 10.60 4/22/2014 MXN 3.82 Kaupthing Bank Hf 7.70 10/2/2011 EUR 14.13 Lehman Brothers Tr 3.00 6/23/2009 EUR 3.82 Lehman Brothers Tr 10.44 11/22/2008 CHF 6.63 HSBC Bank PLC 0.50 6/9/2023 MXN 64.79 BNP Paribas SA 6.30 5/28/2021 RUB 74.09 Lehman Brothers Tr 0.50 7/2/2020 EUR 6.63 Lehman Brothers Tr 4.50 3/7/2015 EUR 3.82 UBS AG 10.37 10/23/2015 USD 15.97 Lehman Brothers Tr 4.25 3/13/2021 EUR 6.63 Glitnir HF 5.00 2/1/2011 ISK 14.00 Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.00 Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.00 Bamble Sparebank 2.58 NOK 57.48 Raiffeisen-Holding 2.99 EUR 67.75 Lehman Brothers Tr 7.05 4/8/2015 USD 3.82 Lehman Brothers Tr 2.00 5/17/2010 EUR 6.63 Lloyds Bank PLC 0.50 7/26/2028 MXN 46.35 Credit Suisse AG/N 8.13 5/15/2015 CHF 73.58 Banque Cantonale V 4.25 8/28/2015 CHF 55.75 Leonteq Securities 20.00 2/23/2016 USD 62.81 Leonteq Securities 12.10 10/22/2015 USD 62.62 Oesterreichische V 5.00 3/5/2018 EUR 57.75 Oesterreichische V 1.02 7/3/2019 EUR 37.50 Lehman Brothers Tr 2.00 6/21/2011 EUR 3.82 Arizk 3.00 12/20/2030 RUB 31.60 Leonteq Securities 7.62 5/6/2015 CHF 74.96 Municipality Finan 0.50 5/31/2022 ZAR 51.05 Oesterreichische V 1.93 7/20/2018 EUR 47.13 Svensk Exportkredi 0.50 6/28/2022 ZAR 50.30 Kommunekredit 0.50 9/19/2019 BRL 62.28 Barclays Bank PLC 8.20 9/4/2015 USD 21.05 Oesterreichische V 1.46 7/13/2017 EUR 59.50 BNP Paribas SA 0.50 11/16/2032 MXN 35.38 Kommunalbanken AS 0.50 2/23/2018 BRL 73.32 Barclays Bank PLC 0.50 3/26/2021 MXN 71.95 JP Morgan Structur 5.65 7/1/2015 CHF 51.44 Kaupthing Bank Hf 0.69 5/21/2011 JPY 14.13 Caisse Centrale du 7.00 9/10/2015 EUR 15.39 Barclays Bank PLC 2.50 3/7/2017 EUR 54.52 LBI HF 4.53 4/24/2012 EUR 2.81 Lehman Brothers Tr 5.00 2/28/2032 EUR 3.82 Lehman Brothers Tr 14.90 9/15/2008 EUR 6.63 Araratbank OJSC 8.00 6/11/2018 USD 25.21 Notenstein Privatb 10.12 8/26/2015 USD 74.72 UBS AG/London 10.50 7/16/2015 CHF 51.49 Lehman Brothers Tr 8.60 7/31/2013 GBP 3.82 Lehman Brothers Tr 8.28 7/31/2013 GBP 3.82 Lehman Brothers Tr 7.32 7/31/2013 GBP 3.82 Credit Suisse AG/N 8.00 1/29/2016 CHF 53.09 Lehman Brothers Tr 4.50 7/24/2014 EUR 3.82 Lehman Brothers Tr 5.00 5/12/2011 CHF 3.82 Credit Suisse AG/N 8.50 7/20/2015 USD 68.53 Leonteq Securities 6.00 7/14/2015 USD 67.09 Lehman Brothers Tr 5.20 3/19/2018 EUR 6.63 Leonteq Securities 29.61 10/26/2017 EUR 59.36 HSBC Bank PLC 0.50 5/31/2019 IDR 69.01 Lehman Brothers Tr 11.00 12/20/2017 AUD 3.82 Lehman Brothers Tr 0.50 12/20/2017 AUD 3.82 LBI HF 3.00 10/22/2015 EUR 2.81 Lehman Brothers Tr 2.50 11/9/2011 CHF 3.82 Hjelmeland Spareba 2.92 NOK 73.64 Nesset Sparebank 2.80 NOK 55.49 Union Technologies 0.10 1/1/2020 EUR 5.50 Lehman Brothers Tr 3.50 9/19/2017 EUR 6.63 HSBC Bank PLC 0.50 6/28/2019 IDR 68.75 LBI HF 6.75 8/18/2015 EUR 2.81 Municipality Finan 0.50 3/17/2025 CAD 72.43 Lehman Brothers Tr 4.70 3/23/2016 EUR 3.82 Oesterreichische V 4.00 2/1/2021 EUR 33.75 Lehman Brothers Tr 13.43 1/8/2009 ILS 6.63 DZ Bank AG Deutsch 3.60 8/21/2015 EUR 67.64 Societe Generale S 17.60 11/17/2015 EUR 52.90 Lehman Brothers Tr 8.05 12/20/2010 HKD 6.63 Oesterreichische V 3.50 1/14/2019 EUR 47.50 Lehman Brothers Tr 7.00 9/20/2011 USD 3.82 HSBC Trinkaus & Bu 15.00 6/26/2015 EUR 62.40 UBS AG/London 10.60 5/12/2015 USD 60.00 UTair-Finans OOO 9.50 7/21/2016 RUB 30.30 Oesterreichische V 1.19 10/13/2020 EUR 28.88 Oesterreichische V 3.09 10/15/2020 EUR 33.00 Svensk Exportkredi 0.50 6/26/2019 TRY 65.92 DZ Bank AG Deutsch 5.25 8/28/2015 EUR 73.72 Vontobel Financial 5.75 6/12/2015 EUR 73.75 HSBC Trinkaus & Bu 6.50 6/26/2015 EUR 64.00 BNP Paribas Emissi 5.00 5/21/2015 EUR 73.75 UniCredit Bank AG 4.75 6/25/2015 EUR 66.89 DZ Bank AG Deutsch 8.25 12/28/2015 EUR 66.32 Ukraine Government 7.50 4/17/2023 USD 47.00 Hellenic Republic 4.75 4/17/2019 EUR 73.78 Lehman Brothers Tr 7.75 1/30/2009 EUR 6.63 Skue Sparebank 2.62 NOK 66.02 Lehman Brothers Tr 0.25 10/19/2012 CHF 3.82 UniCredit Bank AG 4.00 6/25/2015 EUR 50.83 Barclays Bank PLC 3.50 12/7/2015 EUR 68.54 Lehman Brothers Tr 8.80 12/27/2009 EUR 6.63 Lehman Brothers Tr 11.00 12/20/2017 AUD 3.82 Oesterreichische V 5.25 12/20/2022 EUR 29.63 Lehman Brothers Tr 4.00 1/4/2011 USD 6.63 LBI HF 5.25 6/5/2023 EUR 2.81 Lehman Brothers Tr 0.50 12/20/2017 AUD 3.82 Lehman Brothers Tr 0.50 12/20/2017 AUD 3.82 Lehman Brothers Tr 0.50 12/20/2017 AUD 3.82 Lehman Brothers Tr 0.50 12/20/2017 AUD 3.82 Lehman Brothers Tr 9.30 12/21/2010 EUR 6.63 Oesterreichische V 5.10 1/2/2018 EUR 59.63 Lehman Brothers Tr 0.50 12/20/2017 USD 3.82 Lehman Brothers Tr 0.50 12/20/2017 USD 3.82 Lehman Brothers Tr 0.50 12/20/2017 USD 3.82 Lehman Brothers Tr 0.50 12/20/2017 USD 3.82 Lehman Brothers Tr 13.00 7/25/2012 EUR 6.63 Lehman Brothers Tr 10.00 8/2/2037 JPY 3.82 Kaupthing Bank Hf 5.00 11/8/2013 EUR 14.13 Oesterreichische V 5.02 11/6/2017 EUR 61.25 Lehman Brothers Tr 3.50 12/20/2027 USD 3.82 Lehman Brothers Tr 5.50 11/30/2012 CZK 3.82 Lehman Brothers Tr 14.90 11/16/2010 EUR 6.63 Lehman Brothers Tr 6.00 10/30/2012 USD 6.63 Lehman Brothers Tr 16.00 10/8/2008 CHF 6.63 Oesterreichische V 5.23 12/5/2022 EUR 29.63 Lehman Brothers Tr 3.00 12/3/2012 EUR 3.82 Oesterreichische V 5.21 12/6/2022 EUR 29.63 Lehman Brothers Tr 2.37 7/15/2013 USD 3.82 Lehman Brothers Tr 6.30 12/21/2018 USD 3.82 Lehman Brothers Tr 11.00 2/16/2009 CHF 6.63 Lehman Brothers Tr 10.00 2/16/2009 CHF 6.63 Lehman Brothers Tr 13.00 2/16/2009 CHF 6.63 Lehman Brothers Tr 7.00 2/15/2010 CHF 6.63 Lehman Brothers Tr 4.00 10/12/2010 USD 6.63 Glitnir HF 6.00 12/15/2012 GBP 14.00 Lehman Brothers Tr 1.50 10/12/2010 EUR 3.82 ECM Real Estate In 5.00 10/9/2011 EUR 10.38 Lehman Brothers Tr 7.00 10/22/2010 EUR 3.82 Oesterreichische V 6.00 10/17/2017 EUR 63.38 Oesterreichische V 5.10 10/23/2017 EUR 61.75 Oesterreichische V 5.18 11/13/2017 EUR 61.25 Lehman Brothers Tr 2.50 8/23/2012 GBP 6.63 Sparebanken Din 2.67 NOK 68.55 Ofoten Sparebank 2.70 NOK 69.43 Drangedal Spareban 2.58 NOK 69.19 Lehman Brothers Tr 3.00 8/13/2011 EUR 3.82 Kaupthing Bank Hf 3.75 2/15/2024 ISK 14.13 Lehman Brothers Tr 6.00 9/20/2011 EUR 3.82 Lehman Brothers Tr 5.00 8/1/2025 EUR 3.82 Lehman Brothers Tr 7.50 8/1/2035 EUR 3.82 Lehman Brothers Tr 4.15 8/25/2020 EUR 6.63 Kaupthing Bank Hf 5.80 9/7/2012 EUR 14.13 LBI HF 3.36 8/17/2012 EUR 2.81 Glitnir HF 3.30 8/22/2012 EUR 14.00 Lehman Brothers Tr 6.00 12/6/2016 USD 3.82 Lehman Brothers Tr 3.00 8/15/2017 EUR 3.82 Glitnir HF 0.01 5/6/2009 JPY 14.00 Lehman Brothers Tr 3.50 9/29/2017 EUR 6.63 Lehman Brothers Tr 5.00 9/1/2011 EUR 3.82 UniCredit Bank Aus 0.53 1/22/2031 EUR 64.00 Lehman Brothers Tr 10.00 1/4/2010 USD 3.82 Glitnir HF 6.75 3/27/2013 EUR 14.00 Diversified Financ 2.18 7/27/2016 EUR 64.84 Lehman Brothers Tr 6.50 5/16/2015 EUR 3.82 Glitnir HF 5.00 3/14/2012 EUR 14.00 Kaupthing Bank Hf 6.40 12/15/2015 EUR 14.13 Glitnir HF 4.50 1/9/2012 EUR 14.00 Haltdalen Spareban 2.75 NOK 54.88 Lehman Brothers Tr 6.00 7/28/2010 EUR 6.63 Lehman Brothers Tr 6.00 7/28/2010 EUR 6.63 Lehman Brothers Tr 4.90 7/28/2020 EUR 3.82 Gjerstad Sparebank 2.87 NOK 74.37 Lehman Brothers Tr 3.82 10/20/2009 USD 6.63 LBI HF 2.22 10/15/2019 JPY 2.81 Glitnir HF 3.00 12/15/2009 EUR 14.00 Lehman Brothers Tr 13.50 6/2/2009 USD 6.63 LBI HF 4.40 11/3/2009 CZK 2.81 Lehman Brothers Tr 6.00 3/4/2015 USD 3.82 Oesterreichische V 5.01 3/26/2018 EUR 57.13 Oesterreichische V 5.01 3/26/2018 EUR 57.13 Lehman Brothers Tr 5.22 3/1/2024 EUR 6.63 Lehman Brothers Tr 3.50 6/20/2011 EUR 3.82 Lehman Brothers Tr 5.50 4/23/2014 EUR 3.82 Lehman Brothers Tr 16.20 5/14/2009 USD 6.63 Lehman Brothers Tr 16.00 11/9/2008 USD 6.63 Kaupthing Bank Hf 7.50 4/2/2011 EUR 14.13 Lehman Brothers Tr 10.00 5/22/2009 USD 6.63 Lehman Brothers Tr 4.60 8/1/2013 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Lehman Brothers Tr 0.50 8/1/2020 EUR 6.63 Royal Bank of Scot 1.69 11/14/2016 GBP 1.08 Glitnir HF 0.01 8/3/2009 JPY 14.00 Lehman Brothers Tr 16.00 12/26/2008 USD 6.63 Kaupthing Bank Hf 7.50 12/5/2014 ISK 14.13 Lehman Brothers Tr 2.30 6/27/2013 USD 6.63 Oesterreichische V 5.01 2/5/2018 EUR 58.50 LBI HF 5.44 9/3/2018 EUR 0.01 Oesterreichische V 5.00 3/13/2018 EUR 57.50 Lehman Brothers Tr 8.00 3/21/2018 USD 3.82 Lehman Brothers Tr 3.45 5/23/2013 USD 3.82 Lehman Brothers Tr 4.10 5/20/2009 USD 6.63 Lehman Brothers Tr 4.60 11/9/2011 EUR 3.82 Lehman Brothers Tr 4.60 10/11/2017 ILS 29.88 Oesterreichische V 5.00 12/12/2018 EUR 50.50 Lehman Brothers Tr 18.25 10/2/2008 USD 6.63 e-Kancelaria Grupa 10.00 10/23/2015 PLN 1.00 HSBC Trinkaus & Bu 10.40 12/28/2015 EUR 74.92 HSBC Trinkaus & Bu 13.20 11/27/2015 EUR 72.46 Notenstein Privatb 7.40 10/31/2016 CHF 45.09 UBS AG 14.25 6/26/2015 EUR 73.78 UBS AG 13.75 6/26/2015 EUR 74.33 UBS AG 14.50 6/26/2015 EUR 75.00 UBS AG 14.25 9/25/2015 EUR 74.90 Kommunalbanken AS 0.50 8/15/2018 BRL 71.28 UBS AG 7.75 6/26/2015 EUR 60.83 LBBW 4.00 6/26/2015 EUR 59.20 UBS AG 12.25 6/26/2015 EUR 63.66 Credit Suisse AG/N 8.25 5/18/2015 CHF 72.82 UBS AG 12.25 9/25/2015 EUR 74.81 UBS AG 18.25 9/25/2015 EUR 62.59 UBS AG 12.00 12/29/2015 EUR 74.71 UBS AG 20.50 12/29/2015 EUR 72.19 UBS AG 20.25 9/25/2015 EUR 72.50 UBS AG 23.00 9/25/2015 EUR 56.20 UBS AG 19.75 12/29/2015 EUR 64.76 UBS AG 22.75 12/29/2015 EUR 68.80 UBS AG 23.00 9/25/2015 EUR 67.73 UBS AG/London 9.00 12/3/2015 CHF 74.97 LBBW 4.25 8/28/2015 EUR 65.70 LBBW 5.25 8/28/2015 EUR 61.55 LBBW 6.50 8/28/2015 EUR 57.50 Zurcher Kantonalba 3.67 1/25/2016 CHF 54.93 UBS AG 10.00 12/29/2015 EUR 71.75 UBS AG 11.50 6/26/2015 EUR 60.30 Commerzbank AG 13.25 11/26/2015 EUR 72.81 Vontobel Financial 8.20 6/26/2015 EUR 74.99 Vontobel Financial 5.65 6/26/2015 EUR 67.96 Goldman Sachs & Co 7.00 6/24/2015 EUR 74.89 Goldman Sachs & Co 11.00 6/24/2015 EUR 71.69 Goldman Sachs & Co 9.00 6/24/2015 EUR 70.07 Goldman Sachs & Co 11.00 6/24/2015 EUR 66.46 Notenstein Privatb 8.80 7/24/2015 EUR 74.93 HSBC Trinkaus & Bu 6.50 6/26/2015 EUR 69.95 DZ Bank AG Deutsch 6.00 7/10/2015 EUR 74.65 Goldman Sachs & Co 8.00 6/24/2015 EUR 73.97 Vontobel Financial 6.40 6/26/2015 EUR 71.25 UBS AG 24.00 12/29/2015 EUR 61.18 UBS AG 19.25 3/29/2016 EUR 66.74 UBS AG 19.75 6/24/2016 EUR 67.32 UBS AG 18.00 6/24/2016 EUR 69.01 UBS AG 22.00 12/29/2015 EUR 55.94 UBS AG 16.00 3/29/2016 EUR 72.98 UBS AG 17.50 6/24/2016 EUR 71.49 UBS AG 21.75 3/29/2016 EUR 66.11 UBS AG 22.50 12/29/2015 EUR 72.80 UBS AG 23.75 9/25/2015 EUR 70.54 UBS AG 23.00 6/26/2015 EUR 72.03 UBS AG 22.00 12/29/2015 EUR 73.58 UBS AG 22.00 12/29/2015 EUR 72.13 UBS AG 22.50 12/29/2015 EUR 74.78 UBS AG 24.75 9/25/2015 EUR 58.88 UBS AG 16.00 6/24/2016 EUR 71.07 UBS AG 23.75 12/29/2015 EUR 54.49 UBS AG 20.00 12/29/2015 EUR 57.58 UBS AG 20.25 12/29/2015 EUR 72.55 UBS AG 22.25 12/29/2015 EUR 69.92 UBS AG 21.75 6/26/2015 EUR 52.72 UBS AG 22.75 9/25/2015 EUR 53.34 UBS AG 23.75 6/26/2015 EUR 55.88 UBS AG 19.75 6/24/2016 EUR 73.15 UBS AG 18.75 12/29/2015 EUR 74.52 UBS AG 23.25 9/25/2015 EUR 68.34 UBS AG 21.25 3/29/2016 EUR 71.26 Vontobel Financial 4.00 6/12/2015 EUR 50.30 Vontobel Financial 8.00 6/12/2015 EUR 47.10 UBS AG 14.75 6/26/2015 EUR 67.43 UBS AG 13.25 6/26/2015 EUR 71.90 UBS AG 14.25 12/29/2015 EUR 72.63 Commerzbank AG 14.25 11/26/2015 EUR 71.53 UBS AG/London 11.50 11/26/2015 CHF 68.63 UBS AG/London 10.75 11/26/2015 CHF 68.17 Commerzbank AG 12.00 11/26/2015 EUR 67.82 UBS AG 24.00 12/29/2015 EUR 67.63 UBS AG 21.25 6/26/2015 EUR 59.02 UBS AG 20.25 3/29/2016 EUR 67.84 UBS AG 13.25 12/29/2015 EUR 60.48 UBS AG 8.75 9/25/2015 EUR 72.25 UBS AG 5.75 6/26/2015 EUR 59.92 UBS AG 10.75 6/26/2015 EUR 50.76 UBS AG 9.50 12/29/2015 EUR 62.69 UBS AG 14.75 3/29/2016 EUR 71.77 UBS AG 7.00 6/26/2015 EUR 60.07 LBBW 3.50 8/28/2015 EUR 70.57 Notenstein Finance 7.00 10/23/2015 USD 72.87 Leonteq Securities 3.00 9/19/2019 CHF 64.25 Leonteq Securities 11.00 12/4/2015 USD 65.74 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61.89 UBS AG 20.50 12/29/2015 EUR 60.63 UBS AG 14.75 9/25/2015 EUR 68.54 UBS AG 21.25 9/25/2015 EUR 65.68 UBS AG 7.00 12/29/2015 EUR 66.71 UBS AG 6.25 6/26/2015 EUR 66.52 UBS AG 9.75 9/25/2015 EUR 57.51 UBS AG 24.25 9/25/2015 EUR 40.81 UBS AG 5.00 6/26/2015 EUR 72.60 UBS AG 18.00 12/29/2015 EUR 70.25 UBS AG 23.50 9/25/2015 EUR 74.26 UBS AG 20.75 12/29/2015 EUR 66.52 UBS AG 13.50 6/26/2015 EUR 62.72 UBS AG 12.00 12/29/2015 EUR 54.62 UBS AG 15.00 6/26/2015 EUR 59.76 UBS AG 13.75 9/25/2015 EUR 61.89 UBS AG 23.00 9/25/2015 EUR 62.54 UBS AG 22.00 12/29/2015 EUR 64.63 UBS AG 20.25 9/25/2015 EUR 66.41 UBS AG 22.50 6/26/2015 EUR 63.32 UBS AG 24.75 9/25/2015 EUR 59.88 UBS AG 24.25 6/26/2015 EUR 73.00 UBS AG 18.50 9/25/2015 EUR 70.62 UBS AG 19.50 12/29/2015 EUR 68.34 UBS AG 19.50 12/29/2015 EUR 71.36 UBS AG 12.50 9/25/2015 EUR 61.97 UBS AG 7.00 6/26/2015 EUR 63.89 UBS AG 10.25 6/26/2015 EUR 55.38 UBS AG 16.50 9/25/2015 EUR 58.93 UBS AG 5.25 9/25/2015 EUR 73.37 UBS AG 12.25 6/26/2015 EUR 52.02 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54.23 UBS AG 12.75 12/29/2015 EUR 61.94 UBS AG 19.75 12/29/2015 EUR 52.41 UBS AG 20.00 9/25/2015 EUR 63.11 UBS AG 14.75 12/29/2015 EUR 58.89 UBS AG 17.75 6/26/2015 EUR 51.72 UBS AG 23.75 6/26/2015 EUR 72.45 UBS AG 24.50 9/25/2015 EUR 71.06 UBS AG 23.00 6/26/2015 EUR 74.42 UBS AG 19.75 6/26/2015 EUR 62.60 UBS AG 23.50 9/25/2015 EUR 62.82 UBS AG 23.75 6/26/2015 EUR 62.23 UBS AG 22.75 9/25/2015 EUR 73.84 UBS AG 8.50 9/25/2015 EUR 72.20 UBS AG 21.25 12/29/2015 EUR 50.94 UBS AG 17.75 12/29/2015 EUR 66.94 UBS AG 23.00 12/29/2015 EUR 73.44 UBS AG 24.75 9/25/2015 EUR 73.42 UBS AG 18.50 12/29/2015 EUR 66.18 UBS AG 20.25 6/26/2015 EUR 67.46 UBS AG 17.50 12/29/2015 EUR 67.96 UBS AG 15.00 9/25/2015 EUR 71.23 UBS AG 20.00 9/25/2015 EUR 60.25 UBS AG 23.75 9/25/2015 EUR 72.66 UBS AG 19.00 9/25/2015 EUR 74.67 UBS AG 23.00 6/26/2015 EUR 67.73 UBS AG 15.00 12/29/2015 EUR 68.68 UBS AG 24.75 6/26/2015 EUR 71.30 UBS AG 18.75 6/26/2015 EUR 64.67 UBS AG 18.00 12/29/2015 EUR 71.81 UBS AG 23.50 9/25/2015 EUR 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6.00 3/17/2011 EUR 3.82 Glitnir HF 2.75 3/31/2010 EUR 14.00 Lehman Brothers Tr 7.00 7/11/2010 EUR 3.82 Leonteq Securities 13.00 6/5/2015 CHF 71.76 HSBC Trinkaus & Bu 13.40 9/25/2015 EUR 74.62 Hypothekenbank Fra 0.29 6/30/2051 EUR 71.83 Lehman Brothers Tr 4.00 3/10/2011 EUR 3.82 Lehman Brothers Tr 8.00 3/19/2012 USD 3.82 UBS AG 24.75 9/25/2015 EUR 71.25 UBS AG 23.50 6/26/2015 EUR 72.76 UBS AG 23.00 12/29/2015 EUR 73.98 UBS AG 22.50 9/25/2015 EUR 73.89 UBS AG 23.25 9/25/2015 EUR 73.59 UBS AG 13.75 9/25/2015 EUR 59.07 UBS AG 11.75 9/25/2015 EUR 63.56 UBS AG 15.00 6/26/2015 EUR 55.81 UBS AG 23.75 9/25/2015 EUR 46.27 UBS AG 24.50 9/25/2015 EUR 57.59 UBS AG 17.25 9/25/2015 EUR 66.63 UBS AG 23.00 6/26/2015 EUR 58.46 UBS AG 22.00 6/26/2015 EUR 64.45 UBS AG 22.75 6/26/2015 EUR 45.38 UBS AG 10.00 12/29/2015 EUR 68.13 UBS AG 8.25 12/29/2015 EUR 73.43 UBS AG 23.00 6/26/2015 EUR 73.96 UBS AG 13.00 6/26/2015 EUR 72.61 Leonteq Securities 4.50 4/4/2016 EUR 56.24 Commerzbank AG 11.25 11/26/2015 EUR 74.51 Leonteq Securities 5.00 5/23/2016 CHF 60.21 Barclays Bank PLC 4.17 1/5/2017 EUR 69.00 BNP Paribas Emissi 10.00 7/23/2015 EUR 64.37 BNP Paribas Emissi 8.00 7/23/2015 EUR 64.59 Credit Suisse AG/N 8.13 7/15/2015 CHF 73.98 Bank Julius Baer & 3.90 11/30/2015 CHF 71.95 Leonteq Securities 6.00 1/7/2016 EUR 45.95 Goldman Sachs Inte 1.00 12/5/2017 SEK 15.26 HSBC Trinkaus & Bu 18.50 6/26/2015 EUR 61.81 Notenstein Privatb 7.00 6/17/2015 CHF 74.64 Commerzbank AG 3.00 12/3/2015 EUR 63.46 UBS AG 14.75 6/26/2015 EUR 71.35 UBS AG 12.75 12/29/2015 EUR 73.74 UBS AG 14.50 12/29/2015 EUR 68.40 UBS AG 13.75 12/29/2015 EUR 70.36 Societe Generale E 4.00 6/26/2017 EUR 52.02 Vontobel Financial 7.75 6/26/2015 EUR 74.25 Raiffeisen Centrob 8.56 7/22/2015 EUR 72.49 Raiffeisen Centrob 9.87 7/22/2015 EUR 72.98 UBS AG 10.75 12/29/2015 EUR 65.78 UBS AG 14.25 6/26/2015 EUR 55.30 Leonteq Securities 5.25 2/26/2016 CHF 59.57 Leonteq Securities 3.90 3/1/2016 EUR 49.37 Leonteq Securities 3.10 3/1/2016 EUR 73.75 Lehman Brothers Tr 9.25 6/20/2012 USD 3.82 Lehman Brothers Tr 1.50 2/8/2012 CHF 3.82 Oesterreichische V 0.83 10/15/2019 EUR 34.25 Oesterreichische V 4.50 10/21/2020 EUR 37.00 Lehman Brothers Tr 0.01 9/20/2011 USD 3.82 Lehman Brothers Tr 4.68 12/12/2045 EUR 6.63 Lehman Brothers Tr 13.00 12/14/2012 USD 3.82 Lehman Brothers Tr 5.12 4/30/2027 EUR 6.63 Lehman Brothers Tr 7.75 2/21/2016 EUR 3.82 Lehman Brothers Tr 4.10 8/23/2010 USD 6.63 Lehman Brothers Tr 7.25 6/20/2010 USD 3.82 DZ Bank AG Deutsch 3.50 9/23/2015 EUR 74.71 DZ Bank AG Deutsch 5.40 9/23/2015 EUR 71.89 DZ Bank AG Deutsch 4.80 12/23/2015 EUR 73.69 DZ Bank AG Deutsch 5.70 9/23/2015 EUR 69.68 DZ Bank AG Deutsch 5.70 9/23/2015 EUR 66.47 DZ Bank AG Deutsch 4.60 9/23/2015 EUR 63.14 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 72.20 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 69.03 DZ Bank AG Deutsch 4.40 12/23/2015 EUR 65.60 DZ Bank AG Deutsch 3.90 9/23/2015 EUR 74.92 DZ Bank AG Deutsch 5.80 9/23/2015 EUR 71.71 DZ Bank AG Deutsch 5.10 12/23/2015 EUR 74.18 DZ Bank AG Deutsch 4.60 12/23/2015 EUR 68.82 DZ Bank AG Deutsch 3.20 12/23/2015 EUR 67.93 HSBC Trinkaus & Bu 19.80 6/26/2015 EUR 54.29 Commerzbank AG 9.25 9/24/2015 EUR 73.87 Commerzbank AG 7.50 9/24/2015 EUR 70.14 Commerzbank AG 9.25 9/24/2015 EUR 67.42 Commerzbank AG 11.25 9/24/2015 EUR 65.08 Commerzbank AG 20.50 9/24/2015 EUR 72.72 Commerzbank AG 23.75 9/24/2015 EUR 68.49 Vontobel Financial 7.60 9/25/2015 EUR 73.02 Oesterreichische V 4.78 6/7/2030 EUR 17.88 DZ Bank AG Deutsch 8.75 10/23/2015 EUR 73.10 Deutsche Bank AG 5.20 12/22/2015 EUR 72.50 Deutsche Bank AG 4.20 6/22/2015 EUR 70.00 Deutsche Bank AG 6.20 6/22/2015 EUR 70.30 Lehman Brothers Tr 6.00 6/21/2011 EUR 3.82 Leonteq Securities 11.20 12/29/2015 CHF 55.99 DZ Bank AG Deutsch 2.60 9/23/2015 EUR 69.11 DZ Bank AG Deutsch 3.10 9/23/2015 EUR 66.25 DZ Bank AG Deutsch 4.80 9/23/2015 EUR 66.91 DZ Bank AG Deutsch 2.70 12/23/2015 EUR 70.66 DZ Bank AG Deutsch 6.00 9/23/2015 EUR 72.75 Commerzbank AG 10.75 8/27/2015 EUR 60.44 Commerzbank AG 8.50 8/27/2015 EUR 62.70 HSBC Trinkaus & Bu 19.30 6/26/2015 EUR 70.24 HSBC Trinkaus & Bu 15.60 9/25/2015 EUR 74.08 Deutsche Bank AG 5.20 6/22/2015 EUR 70.20 Deutsche Bank AG 6.20 9/22/2015 EUR 71.70 Deutsche Bank AG 6.20 12/22/2015 EUR 73.10 Commerzbank AG 26.75 9/24/2015 EUR 64.38 Deutsche Bank AG 4.20 6/22/2015 EUR 74.60 Deutsche Bank AG 4.20 12/22/2015 EUR 71.80 Deutsche Bank AG 4.20 9/22/2015 EUR 71.00 Deutsche Bank AG 5.20 9/22/2015 EUR 71.40 Lehman Brothers Tr 12.00 7/13/2037 JPY 3.82 Lehman Brothers Tr 10.00 6/11/2038 JPY 3.82 Oesterreichische V 1.34 3/1/2018 EUR 51.13 Oesterreichische V 1.39 1/28/2019 EUR 41.75 Lehman Brothers Tr 4.82 12/18/2036 EUR 6.63 Lehman Brothers Tr 5.25 4/1/2023 EUR 6.63 Lehman Brothers Tr 6.70 4/21/2011 USD 3.82 Oesterreichische V 0.95 2/11/2019 EUR 40.25 Lehman Brothers Tr 3.00 9/12/2036 JPY 29.88 Leonteq Securities 20.00 12/29/2015 CHF 64.22 Provincia di Ancon 0.31 6/30/2028 EUR 73.15 Bank Julius Baer & 8.85 9/25/2015 CHF 53.25 DZ Bank AG Deutsch 6.25 9/25/2015 EUR 65.00 DZ Bank AG Deutsch 7.00 10/23/2015 EUR 64.54 Bank Julius Baer & 14.20 10/28/2015 CHF 62.55 HSBC Trinkaus & Bu 21.30 6/26/2015 EUR 46.89 HSBC Trinkaus & Bu 15.80 6/26/2015 EUR 49.61 HSBC Trinkaus & Bu 8.50 6/26/2015 EUR 55.02 HSBC Trinkaus & Bu 17.10 9/25/2015 EUR 50.52 HSBC Trinkaus & Bu 12.80 7/24/2015 EUR 52.12 HSBC Trinkaus & Bu 11.30 10/23/2015 EUR 54.56 UBS AG/London 7.50 10/15/2015 CHF 57.59 Oesterreichische V 2.75 9/20/2016 EUR 73.50 Commerzbank AG 9.50 9/24/2015 EUR 63.73 Commerzbank AG 11.50 9/24/2015 EUR 61.39 Commerzbank AG 13.75 9/24/2015 EUR 59.44 Deutsche Bank AG 10.00 6/22/2015 EUR 70.80 Deutsche Bank AG 10.00 8/26/2015 EUR 72.60 Deutsche Bank AG 10.00 10/21/2015 EUR 74.00 Oesterreichische V 5.05 8/5/2030 EUR 18.63 HSBC Trinkaus & Bu 13.40 9/25/2015 EUR 52.57 Deutsche Bank AG 10.00 7/22/2015 EUR 71.70 Deutsche Bank AG 10.00 9/22/2015 EUR 73.20 Deutsche Bank AG 10.00 11/25/2015 EUR 74.90 Oesterreichische V 2.75 8/24/2016 EUR 74.63 Oesterreichische V 1.33 6/14/2017 EUR 60.38 Credit Suisse AG/L 7.50 6/25/2015 USD 70.40 BNP Paribas Emissi 7.00 10/22/2015 EUR 55.67 BNP Paribas Emissi 9.00 10/22/2015 EUR 66.33 DZ Bank AG Deutsch 15.25 5/22/2015 EUR 52.13 UniCredit Bank AG 5.40 9/24/2015 EUR 54.36 UniCredit Bank AG 5.25 9/24/2015 EUR 54.92 DZ Bank AG Deutsch 9.75 5/22/2015 EUR 56.40 DZ Bank AG Deutsch 15.25 5/22/2015 EUR 53.47 Goldman Sachs & Co 6.00 7/22/2015 EUR 74.23 Goldman Sachs & Co 7.00 12/23/2015 EUR 73.16 Goldman Sachs & Co 11.00 12/23/2015 EUR 65.99 Vontobel Financial 8.95 6/26/2015 EUR 74.43 Vontobel Financial 4.50 6/26/2015 EUR 73.49 Vontobel Financial 8.35 6/26/2015 EUR 51.74 BNP Paribas Emissi 5.50 6/25/2015 EUR 73.96 BNP Paribas Emissi 7.50 6/25/2015 EUR 70.19 BNP Paribas Emissi 9.00 6/25/2015 EUR 66.77 Raiffeisen Centrob 7.55 1/20/2016 EUR 69.36 Raiffeisen Centrob 6.29 1/20/2016 EUR 67.11 Goldman Sachs & Co 14.00 5/20/2015 EUR 73.34 UniCredit Bank AG 4.25 9/24/2015 EUR 57.26 UniCredit Bank AG 5.75 9/24/2015 EUR 53.24 Credit Suisse AG/L 9.50 5/11/2015 USD 60.26 BNP Paribas Emissi 7.50 6/25/2015 EUR 74.24 BNP Paribas Emissi 9.00 6/25/2015 EUR 70.40 BNP Paribas Emissi 11.00 6/25/2015 EUR 67.04 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 73.90 UniCredit Bank AG 4.50 6/24/2015 EUR 72.50 UniCredit Bank AG 4.75 6/24/2015 EUR 53.19 UniCredit Bank AG 4.50 6/24/2015 EUR 53.80 UniCredit Bank AG 5.00 6/24/2015 EUR 73.44 Vontobel Financial 11.20 5/15/2015 EUR 65.75 Leonteq Securities 9.07 5/3/2016 GBP 54.53 UBS AG/London 9.06 10/23/2015 CHF 62.40 UBS AG/London 12.88 10/23/2015 CHF 64.65 DZ Bank AG Deutsch 8.50 5/22/2015 EUR 56.51 Deutsche Bank AG 6.20 6/22/2015 EUR 51.20 Deutsche Bank AG 5.20 6/22/2015 EUR 48.20 Deutsche Bank AG 7.20 6/22/2015 EUR 51.30 Leonteq Securities 11.60 8/12/2015 USD 63.53 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 58.33 UniCredit Bank AG 4.30 6/24/2015 EUR 54.44 UniCredit Bank AG 5.00 6/24/2015 EUR 68.64 UniCredit Bank AG 6.00 6/24/2015 EUR 72.55 UniCredit Bank AG 5.25 6/24/2015 EUR 52.00 UniCredit Bank AG 6.00 6/24/2015 EUR 70.26 UniCredit Bank AG 5.50 6/24/2015 EUR 51.43 UniCredit Bank AG 5.25 6/24/2015 EUR 66.87 UniCredit Bank AG 4.20 6/24/2015 EUR 74.60 UniCredit Bank AG 5.00 6/24/2015 EUR 52.59 UniCredit Bank AG 4.75 6/24/2015 EUR 70.52 Vontobel Financial 5.80 6/12/2015 EUR 67.71 Credit Suisse AG/N 8.25 5/4/2015 USD 72.20 Deutsche Bank AG 7.20 6/22/2015 EUR 54.40 Deutsche Bank AG 6.20 6/22/2015 EUR 48.40 Deutsche Bank AG 5.20 6/22/2015 EUR 51.00 Deutsche Bank AG 7.20 6/22/2015 EUR 48.50 Deutsche Bank AG 5.20 6/22/2015 EUR 54.20 Deutsche Bank AG 6.20 6/22/2015 EUR 54.30 Deutsche Bank AG 6.20 6/22/2015 EUR 69.60 Zurcher Kantonalba 14.00 7/29/2015 EUR 67.46 BNP Paribas Emissi 8.00 6/25/2015 EUR 60.31 BNP Paribas Emissi 10.50 6/25/2015 EUR 55.28 Deutsche Bank AG 5.20 9/22/2015 EUR 64.00 Deutsche Bank AG 5.20 9/22/2015 EUR 70.80 Deutsche Bank AG 5.20 9/22/2015 EUR 67.20 Deutsche Bank AG 6.20 12/22/2015 EUR 69.00 Deutsche Bank AG 5.20 6/22/2015 EUR 69.60 Deutsche Bank AG 5.20 12/22/2015 EUR 65.20 Deutsche Bank AG 6.20 6/22/2015 EUR 66.10 Deutsche Bank AG 7.20 6/22/2015 EUR 69.80 Deutsche Bank AG 6.20 12/22/2015 EUR 65.80 Deutsche Bank AG 7.20 9/22/2015 EUR 68.00 Deutsche Bank AG 5.20 6/22/2015 EUR 74.80 Deutsche Bank AG 6.20 9/22/2015 EUR 71.20 Notenstein Privatb 9.60 6/16/2015 CHF 43.96 Commerzbank AG 7.00 5/21/2015 EUR 70.47 Commerzbank AG 9.00 5/21/2015 EUR 66.88 Commerzbank AG 11.25 5/21/2015 EUR 63.65 HSBC Trinkaus & Bu 14.50 6/26/2015 EUR 63.82 Goldman Sachs & Co 12.00 7/22/2015 EUR 64.44 DZ Bank AG Deutsch 10.50 5/22/2015 EUR 55.14 DZ Bank AG Deutsch 16.00 5/22/2015 EUR 52.17 Vontobel Financial 8.80 6/26/2015 EUR 66.72 DZ Bank AG Deutsch 7.25 6/26/2015 EUR 65.64 Bank Julius Baer & 15.25 6/4/2015 CHF 52.20 Vontobel Financial 4.95 9/11/2015 EUR 66.18 Vontobel Financial 7.80 9/11/2015 EUR 67.18 Commerzbank AG 8.75 5/21/2015 EUR 67.15 Commerzbank AG 11.00 5/21/2015 EUR 63.91 DZ Bank AG Deutsch 4.25 6/5/2015 EUR 73.96 UniCredit 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7/23/2015 EUR 70.02 UniCredit Bank AG 4.80 7/23/2015 EUR 71.88 UniCredit Bank AG 6.00 7/23/2015 EUR 72.98 HSBC Trinkaus & Bu 12.00 6/26/2015 EUR 58.07 HSBC Trinkaus & Bu 8.50 6/26/2015 EUR 63.50 HSBC Trinkaus & Bu 6.00 6/26/2015 EUR 73.94 HSBC Trinkaus & Bu 15.00 6/26/2015 EUR 64.63 Commerzbank AG 9.25 5/21/2015 EUR 71.14 Commerzbank AG 6.75 5/21/2015 EUR 51.98 UBS AG/London 7.75 5/28/2015 CHF 43.95 DZ Bank AG Deutsch 16.00 5/22/2015 EUR 57.53 Deutsche Bank AG 4.00 5/25/2015 EUR 60.00 Zurcher Kantonalba 8.00 6/4/2015 CHF 50.29 Commerzbank AG 8.25 5/21/2015 EUR 71.70 DZ Bank AG Deutsch 8.40 6/12/2015 EUR 70.93 DZ Bank AG Deutsch 7.30 9/11/2015 EUR 72.32 Credit Suisse AG/L 9.00 12/18/2015 USD 44.79 Bank Julius Baer & 11.25 6/3/2015 CHF 51.85 Vontobel Financial 9.50 6/12/2015 EUR 66.44 Vontobel Financial 10.45 9/11/2015 EUR 65.89 Vontobel Financial 8.65 9/11/2015 EUR 68.52 Vontobel Financial 6.95 9/11/2015 EUR 71.50 Vontobel Financial 5.35 9/11/2015 EUR 74.87 Commerzbank AG 6.75 5/21/2015 EUR 70.78 HSBC Trinkaus & Bu 9.50 6/26/2015 EUR 69.40 HSBC Trinkaus & Bu 17.00 6/26/2015 EUR 73.79 Goldman Sachs & Co 7.00 5/20/2015 EUR 73.05 Goldman Sachs & Co 7.00 7/22/2015 EUR 74.75 Goldman Sachs & Co 8.00 7/22/2015 EUR 70.63 Goldman Sachs & Co 10.00 7/22/2015 EUR 67.43 Goldman Sachs & Co 8.00 12/23/2015 EUR 73.80 Goldman Sachs & Co 10.00 12/23/2015 EUR 68.26 Intertekhelektro-N 8.50 4/21/2020 RUB 60.00 Oesterreichische V 3.50 5/23/2022 EUR 25.63 Leonteq Securities 9.00 4/8/2016 USD 32.41 Oesterreichische V 2.75 8/26/2016 EUR 74.50 Bank Julius Baer & 10.20 10/7/2015 CHF 67.55 Zurcher Kantonalba 7.02 10/9/2015 CHF 62.21 Leonteq Securities 13.60 1/6/2016 CHF 73.17 UniCredit Bank AG 4.80 10/22/2015 EUR 74.87 UniCredit Bank AG 5.00 10/22/2015 EUR 73.82 DZ Bank AG Deutsch 5.60 10/7/2015 EUR 59.11 Goldman Sachs & Co 8.00 9/23/2015 EUR 72.79 Vontobel Financial 9.75 10/23/2015 EUR 74.09 Notenstein Finance 8.68 4/1/2016 USD 73.99 Bank Julius Baer & 8.25 10/9/2015 USD 65.00 UniCredit Bank AG 5.20 10/22/2015 EUR 71.75 Goldman Sachs & Co 10.00 5/20/2015 EUR 73.16 Goldman Sachs & Co 14.00 5/20/2015 EUR 65.37 Goldman Sachs & Co 12.00 9/23/2015 EUR 69.76 DZ Bank AG Deutsch 7.50 6/12/2015 EUR 68.29 DZ Bank AG Deutsch 7.25 6/12/2015 EUR 67.52 DZ Bank AG Deutsch 8.00 9/11/2015 EUR 69.86 DZ Bank AG Deutsch 6.80 6/12/2015 EUR 72.75 Bank Julius Baer & 11.50 5/21/2015 USD 63.65 Credit Suisse AG/L 8.00 5/29/2015 USD 60.66 UniCredit Bank AG 4.00 9/24/2015 EUR 49.31 UniCredit Bank AG 4.00 9/24/2015 EUR 74.74 UniCredit Bank AG 4.00 9/24/2015 EUR 50.53 DZ Bank AG Deutsch 7.50 6/12/2015 EUR 68.90 DZ Bank AG Deutsch 7.75 9/11/2015 EUR 70.78 Bank Julius Baer & 14.75 5/20/2015 CHF 57.55 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 60.25 Deutsche Bank AG 5.20 7/22/2015 EUR 74.00 Deutsche Bank AG 5.20 8/26/2015 EUR 70.40 Deutsche Bank AG 6.20 7/22/2015 EUR 74.20 Deutsche Bank AG 5.20 7/22/2015 EUR 70.00 Deutsche Bank AG 5.20 8/26/2015 EUR 74.40 Deutsche Bank AG 6.20 8/26/2015 EUR 70.80 UBS AG/London 14.83 5/22/2015 CHF 62.70 UBS AG/London 6.50 5/22/2015 CHF 45.00 LBBW 4.50 6/26/2015 EUR 73.84 Deutsche Bank AG 6.20 7/22/2015 EUR 70.20 Deutsche Bank AG 6.20 8/26/2015 EUR 74.70 UBS AG/London 8.98 5/22/2015 CHF 62.35 UBS AG/London 8.98 5/22/2015 CHF 74.45 DZ Bank AG Deutsch 7.75 6/26/2015 EUR 70.35 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 61.05 DZ Bank AG Deutsch 5.25 6/26/2015 EUR 56.33 DZ Bank AG Deutsch 7.75 6/26/2015 EUR 71.48 DZ Bank AG Deutsch 16.00 6/26/2015 EUR 39.52 Vontobel Financial 7.75 6/26/2015 EUR 69.06 DZ Bank AG Deutsch 7.25 9/11/2015 EUR 70.82 Bank Julius Baer & 8.75 5/22/2015 USD 73.20 Vontobel Financial 7.50 6/26/2015 EUR 68.90 HSBC Trinkaus & Bu 12.00 6/26/2015 EUR 73.93 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 66.82 DZ Bank AG Deutsch 9.00 6/26/2015 EUR 69.43 DZ Bank AG Deutsch 7.00 9/25/2015 EUR 71.31 DZ Bank AG Deutsch 6.75 9/11/2015 EUR 69.42 DZ Bank AG Deutsch 5.25 9/11/2015 EUR 71.32 DZ Bank AG Deutsch 5.80 9/11/2015 EUR 74.00 Leonteq Securities 9.15 5/20/2015 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6.60 9/25/2015 EUR 74.34 HSBC Trinkaus & Bu 7.90 10/23/2015 EUR 72.18 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 73.39 HSBC Trinkaus & Bu 19.50 6/26/2015 EUR 73.72 DZ Bank AG Deutsch 6.50 8/28/2015 EUR 71.06 Leonteq Securities 15.20 12/2/2015 CHF 64.53 Commerzbank AG 8.75 8/27/2015 EUR 65.22 Commerzbank AG 10.75 8/27/2015 EUR 62.76 Commerzbank AG 10.25 8/27/2015 EUR 69.75 Commerzbank AG 11.00 8/27/2015 EUR 73.07 Commerzbank AG 6.75 8/27/2015 EUR 67.98 Vontobel Financial 6.60 6/12/2015 EUR 74.72 DZ Bank AG Deutsch 5.70 9/7/2015 EUR 69.18 HSBC Trinkaus & Bu 9.50 7/24/2015 EUR 64.36 HSBC Trinkaus & Bu 10.80 9/25/2015 EUR 63.31 HSBC Trinkaus & Bu 8.80 10/23/2015 EUR 66.13 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 46.36 HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 51.84 HSBC Trinkaus & Bu 6.90 6/26/2015 EUR 73.07 HSBC Trinkaus & Bu 8.70 7/24/2015 EUR 70.86 HSBC Trinkaus & Bu 11.50 9/25/2015 EUR 67.61 e-Kancelaria Grupa 9.00 12/23/2015 PLN 2.00 BNP Paribas Emissi 7.25 10/22/2015 EUR 72.28 BNP Paribas Emissi 7.00 1/21/2016 EUR 72.84 e-Kancelaria Grupa 9.00 12/4/2015 PLN 40.00 Lehman Brothers Tr 4.20 12/3/2008 HKD 3.82 Leonteq Securities 13.00 8/25/2015 CHF 40.99 Notenstein Privatb 10.00 8/14/2015 USD 72.84 Leonteq Securities 14.20 8/25/2015 CHF 73.60 Commerzbank AG 16.25 6/25/2015 EUR 51.50 Bank Julius Baer & 11.50 8/19/2015 CHF 66.65 Vontobel Financial 6.80 9/25/2015 EUR 73.45 DZ Bank AG Deutsch 15.75 9/25/2015 EUR 67.79 Bank Julius Baer & 10.70 9/16/2015 CHF 66.85 Notenstein Privatb 7.20 9/3/2015 EUR 62.94 Vontobel Financial 7.65 6/12/2015 EUR 74.76 Bank Julius Baer & 8.20 9/23/2015 CHF 50.90 Leonteq Securities 12.00 12/15/2015 CHF 74.87 Vontobel Financial 8.10 12/28/2015 EUR 74.70 Vontobel Financial 9.45 9/25/2015 EUR 73.19 Vontobel Financial 11.55 6/26/2015 EUR 71.17 Vontobel Financial 24.30 6/26/2015 EUR 61.94 Leonteq Securities 13.80 12/22/2015 CHF 73.71 UBS AG/London 11.25 8/27/2015 CHF 48.00 Commerzbank AG 14.00 8/27/2015 EUR 66.92 Commerzbank AG 17.25 8/27/2015 EUR 60.90 Commerzbank AG 20.50 8/27/2015 EUR 56.00 Commerzbank AG 23.75 8/27/2015 EUR 51.83 Bank Julius Baer & 7.40 9/9/2015 CHF 47.90 BNP Paribas Emissi 8.50 12/24/2015 EUR 70.28 BNP Paribas Emissi 7.50 6/25/2015 EUR 70.51 Notenstein Privatb 10.00 9/5/2016 CHF 67.48 Leonteq Securities 9.50 9/8/2016 USD 61.34 Leonteq Securities 8.64 9/8/2016 CHF 61.96 HSBC Trinkaus & Bu 9.00 6/26/2015 EUR 63.42 HSBC Trinkaus & Bu 7.80 6/26/2015 EUR 63.25 HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 65.19 HSBC Trinkaus & Bu 7.80 9/25/2015 EUR 64.92 HSBC Trinkaus & Bu 8.10 12/28/2015 EUR 66.40 HSBC Trinkaus & Bu 7.60 12/28/2015 EUR 66.07 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 66.96 HSBC Trinkaus & Bu 7.50 12/28/2015 EUR 69.70 HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 69.38 Leonteq Securities 20.00 12/8/2015 USD 45.65 BNP Paribas Emissi 7.50 9/24/2015 EUR 72.11 BNP Paribas Emissi 9.00 9/24/2015 EUR 69.08 BNP Paribas Emissi 7.25 12/24/2015 EUR 72.80 BNP Paribas Emissi 5.75 6/25/2015 EUR 74.53 BNP Paribas Emissi 9.50 6/25/2015 EUR 66.96 Leonteq Securities 13.00 9/2/2015 CHF 68.87 Notenstein Privatb 9.10 8/29/2016 CHF 73.04 Notenstein Privatb 9.10 8/29/2016 CHF 47.66 Credit Suisse AG/L 11.00 8/28/2015 USD 49.07 Bank Julius Baer & 7.00 8/28/2015 USD 71.65 Commerzbank AG 17.50 5/21/2015 EUR 50.01 Leonteq Securities 11.00 8/25/2015 USD 59.15 Commerzbank AG 13.00 5/21/2015 EUR 70.77 Commerzbank AG 23.25 6/25/2015 EUR 53.84 Commerzbank AG 24.25 7/23/2015 EUR 53.18 Commerzbank AG 9.00 7/23/2015 EUR 66.09 HSBC Trinkaus & Bu 6.90 9/25/2015 EUR 64.57 HSBC Trinkaus & Bu 7.00 12/28/2015 EUR 65.68 HSBC Trinkaus & Bu 6.10 12/28/2015 EUR 65.10 HSBC Trinkaus & Bu 9.00 6/26/2015 EUR 67.11 HSBC Trinkaus & Bu 8.40 9/25/2015 EUR 68.80 HSBC Trinkaus & Bu 7.80 9/25/2015 EUR 68.56 HSBC Trinkaus & Bu 7.10 9/25/2015 EUR 68.29 HSBC Trinkaus & Bu 7.90 12/28/2015 EUR 69.96 HSBC Trinkaus & Bu 5.90 12/28/2015 EUR 68.67 Societe Generale S 0.50 4/4/2024 MXN 60.99 Societe Generale S 0.50 12/21/2022 AUD 74.54 Bank Julius Baer & 8.25 9/18/2015 CHF 48.75 Goldman Sachs & Co 11.00 10/21/2015 EUR 74.73 Veniti SA 9.70 3/28/2016 PLN 55.00 e-Kancelaria Grupa 9.00 10/25/2016 PLN 1.00 Cooperatieve Centr 0.50 12/29/2027 MXN 46.60 Goldman Sachs & Co 11.00 9/23/2015 EUR 73.95 Goldman Sachs & Co 11.00 9/23/2015 EUR 73.95 Goldman Sachs & Co 11.00 9/23/2015 EUR 73.95 Goldman Sachs & Co 11.00 10/21/2015 EUR 74.73 HSBC Bank PLC 0.50 12/20/2018 RUB 65.24 Commerzbank AG 7.50 6/25/2015 EUR 73.86 Commerzbank AG 8.00 7/23/2015 EUR 73.09 Commerzbank AG 11.75 7/23/2015 EUR 61.50 Commerzbank AG 16.00 7/23/2015 EUR 52.62 DZ Bank AG Deutsch 9.10 8/7/2015 EUR 70.40 Commerzbank AG 7.25 7/23/2015 EUR 73.14 Commerzbank AG 7.00 7/23/2015 EUR 66.06 Commerzbank AG 10.00 7/23/2015 EUR 56.59 Commerzbank AG 13.00 7/23/2015 EUR 49.52 Commerzbank AG 16.25 7/23/2015 EUR 44.55 Commerzbank AG 19.75 7/23/2015 EUR 40.68 Commerzbank AG 10.00 7/23/2015 EUR 60.47 Lehman Brothers Tr 2.50 12/15/2011 GBP 6.63 DZ Bank AG Deutsch 8.25 7/24/2015 EUR 59.68 Commerzbank AG 5.50 7/23/2015 EUR 72.97 Commerzbank AG 7.00 7/23/2015 EUR 70.33 Commerzbank AG 9.00 7/23/2015 EUR 68.02 Commerzbank AG 9.25 7/23/2015 EUR 62.30 Commerzbank AG 23.25 7/23/2015 EUR 37.74 Commerzbank AG 7.00 7/23/2015 EUR 64.62 Lehman Brothers Tr 4.00 11/24/2016 EUR 3.82 Zurcher Kantonalba 11.03 8/7/2015 CHF 55.72 Notenstein Privatb 4.00 2/1/2016 EUR 65.87 DZ Bank AG Deutsch 16.00 8/28/2015 EUR 41.11 DZ Bank AG Deutsch 6.75 8/28/2015 EUR 64.84 Zurcher Kantonalba 7.50 8/6/2015 EUR 74.46 UBS AG/London 7.20 1/20/2016 EUR 69.35 Lehman Brothers Tr 11.00 12/19/2011 USD 3.82 DZ Bank AG Deutsch 7.50 9/25/2015 EUR 70.87 DZ Bank AG Deutsch 10.00 8/28/2015 EUR 72.09 DZ Bank AG Deutsch 5.00 9/25/2015 EUR 68.48 Province of Teramo 0.27 12/30/2030 EUR 67.97 UBS AG/London 5.00 7/31/2015 CHF 60.67 Societe Generale S 5.50 7/27/2015 EUR 58.87 Province of Trevis 0.17 12/31/2034 EUR 59.40 Zurcher Kantonalba 6.30 8/6/2015 EUR 73.58 Credit Suisse AG/N 8.00 2/8/2016 USD 72.90 Lehman Brothers Tr 4.05 9/16/2008 EUR 3.82 Kommunalbanken AS 0.50 2/2/2018 BRL 73.70 HSBC Bank PLC 0.50 3/1/2018 RUB 71.38 Eitzen Chemical AS 11.26 6/6/2016 USD 20.88 e-Kancelaria Grupa 10.00 11/6/2015 PLN 2.00 Instalexport SA 8.41 10/19/2015 PLN 50.00 Leonteq Securities 14.20 11/18/2015 CHF 73.23 UBS AG/London 4.25 6/26/2015 EUR 74.25 UBS AG/London 9.00 9/25/2015 EUR 61.94 UBS AG/London 13.75 6/26/2015 EUR 58.32 UBS AG/London 9.00 12/29/2015 EUR 64.21 Leonteq Securities 9.60 11/18/2015 CHF 74.66 UBS AG/London 21.25 9/25/2015 EUR 73.40 UBS AG/London 14.75 9/25/2015 EUR 65.38 Kaupthing Bank Hf 0.95 10/20/2010 JPY 14.13 UBS AG/London 10.25 9/25/2015 EUR 56.89 Kaupthing Bank Hf 4.50 1/17/2011 EUR 14.13 UBS AG/London 18.50 6/26/2015 EUR 54.13 UBS AG/London 24.75 9/25/2015 EUR 74.09 UBS AG/London 10.00 7/2/2015 CHF 46.99 Vontobel Financial 8.50 9/11/2015 EUR 72.51 Commerzbank AG 9.25 6/25/2015 EUR 72.87 DZ Bank AG Deutsch 5.00 7/24/2015 EUR 55.03 DZ Bank AG Deutsch 6.75 7/24/2015 EUR 68.74 Vontobel Financial 5.50 7/24/2015 EUR 73.54 Vontobel Financial 7.70 12/11/2015 EUR 74.08 Bank Julius Baer & 10.00 7/3/2015 USD 50.85 Banque Cantonale V 10.80 6/25/2015 CHF 53.23 Bank Julius Baer & 7.65 7/3/2015 USD 65.65 UBS AG/London 15.25 6/25/2015 CHF 46.01 Commerzbank AG 6.75 6/25/2015 EUR 63.83 Commerzbank AG 8.50 6/25/2015 EUR 60.56 Commerzbank AG 10.50 6/25/2015 EUR 57.96 Commerzbank AG 7.50 6/25/2015 EUR 52.35 Commerzbank AG 6.50 6/25/2015 EUR 68.76 Commerzbank AG 8.25 6/25/2015 EUR 65.44 Commerzbank AG 10.25 6/25/2015 EUR 62.05 DZ Bank AG Deutsch 7.25 7/24/2015 EUR 62.63 DZ Bank AG Deutsch 16.00 7/24/2015 EUR 36.01 Credit Suisse AG/N 8.25 1/11/2016 CHF 54.23 MORTGAGE AGENT AHM 3.00 9/9/2045 RUB 72.50 e-Kancelaria Grupa 10.00 6/27/2016 PLN 1.00 HSBC Bank PLC 0.50 4/11/2023 MXN 65.51 LBI HF 4.32 1/31/2010 EUR 2.81 UBS AG/London 21.25 6/26/2015 EUR 72.92 UBS AG/London 23.50 6/26/2015 EUR 50.76 Vontobel Financial 5.50 8/14/2015 EUR 73.09 HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 70.67 HSBC Trinkaus & Bu 8.00 8/28/2015 EUR 61.66 HSBC Trinkaus & Bu 6.00 9/25/2015 EUR 71.02 HSBC Trinkaus & Bu 8.50 8/28/2015 EUR 65.86 UniCredit Bank AG 6.50 9/24/2015 EUR 74.08 LBI HF 4.75 5/31/2013 EUR 2.81 UBS AG 19.50 6/24/2016 EUR 74.87 Oesterreichische V 5.10 5/23/2022 EUR 31.13 UBS AG 16.00 12/23/2016 EUR 74.82 UBS AG 24.25 12/29/2015 EUR 68.71 UBS AG 16.00 12/23/2016 EUR 74.43 UBS AG 22.50 3/29/2016 EUR 71.05 Banca di Cividale 0.09 10/2/2036 EUR 60.22 Oesterreichische V 4.81 5/9/2035 EUR 16.88 Lehman Brothers Tr 7.50 6/15/2017 USD 3.82 Lehman Brothers Tr 6.00 12/30/2017 EUR 3.82 Lehman Brothers Tr 6.00 5/23/2018 CZK 3.82 UBS AG 21.75 3/29/2016 EUR 72.54 Credit Suisse AG/N 8.25 9/14/2015 CHF 74.00 LBBW 4.30 9/23/2016 EUR 70.37 LBI HF 4.28 11/19/2010 EUR 2.81 Goldman Sachs & Co 17.00 5/20/2015 EUR 70.41 UBS AG/London 24.75 3/29/2016 EUR 67.11 UBS AG/London 17.75 9/25/2015 EUR 68.79 Credit Suisse AG/N 7.00 9/7/2015 CHF 72.25 Vontobel Financial 8.50 6/26/2015 EUR 66.67 DZ Bank AG Deutsch 5.00 8/14/2015 EUR 74.60 UBS AG/London 14.75 3/29/2016 EUR 74.56 Vontobel Financial 4.70 6/26/2015 EUR 65.69 Vontobel Financial 6.65 6/26/2015 EUR 66.17 UBS AG/London 16.50 3/29/2016 EUR 73.43 Societe Generale E 2.50 10/7/2016 EUR 58.95 Leonteq Securities 7.07 9/21/2015 CHF 49.19 UBS AG/London 14.75 6/24/2016 EUR 74.81 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 66.73 DZ Bank AG Deutsch 8.00 9/11/2015 EUR 68.63 Deutsche Bank AG 4.20 6/22/2015 EUR 73.40 Deutsche Bank AG 5.20 6/22/2015 EUR 73.60 DZ Bank AG Deutsch 7.25 6/26/2015 EUR 69.04 Deutsche Bank AG 5.20 6/22/2015 EUR 71.50 Deutsche Bank AG 6.20 6/22/2015 EUR 71.70 Deutsche Bank AG 6.20 6/22/2015 EUR 69.70 UniCredit Bank AG 4.60 6/26/2015 EUR 71.52 UniCredit Bank AG 6.00 6/26/2015 EUR 51.83 Oesterreichische V 3.50 3/20/2018 EUR 52.50 Vontobel Financial 6.95 6/12/2015 EUR 66.93 Vontobel Financial 8.00 6/12/2015 EUR 67.04 Landesbank Hessen- 3.50 7/10/2015 EUR 54.50 UniCredit Bank AG 4.00 6/25/2015 EUR 73.56 UniCredit Bank AG 4.00 6/25/2015 EUR 63.99 Commerzbank AG 7.10 6/25/2015 EUR 70.49 Commerzbank AG 7.30 6/25/2015 EUR 73.97 Societe Generale S 4.00 3/29/2016 EUR 65.85 Commerzbank AG 7.00 6/25/2015 EUR 67.30 UniCredit Bank AG 5.00 6/25/2015 EUR 67.66 Commerzbank AG 10.75 12/24/2015 EUR 74.04 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 69.55 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 44.29 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 52.34 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 69.41 HSBC Trinkaus & Bu 10.50 6/26/2015 EUR 74.82 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 59.55 Commerzbank AG 14.75 12/24/2015 EUR 70.41 Klaebu Sparebank 2.72 NOK 69.84 HSBC Trinkaus & Bu 10.00 6/26/2015 EUR 48.78 HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 71.48 BNP Paribas Emissi 8.00 7/23/2015 EUR 53.64 DZ Bank AG Deutsch 14.50 8/28/2015 EUR 69.60 DZ Bank AG Deutsch 7.25 8/14/2015 EUR 68.78 BNP Paribas Emissi 9.00 5/21/2015 EUR 56.78 BNP Paribas Emissi 6.75 7/23/2015 EUR 56.69 BNP Paribas Emissi 6.75 7/23/2015 EUR 72.54 DZ Bank AG Deutsch 8.80 12/23/2015 EUR 74.76 HSBC Trinkaus & Bu 13.00 6/26/2015 EUR 61.03 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 73.42 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 49.47 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 53.94 Deutsche Bank AG 9.00 9/11/2015 EUR 67.83 BNP Paribas Emissi 8.00 6/25/2015 EUR 52.95 BNP Paribas Emissi 6.75 6/25/2015 EUR 56.10 Lehman Brothers Tr 4.25 5/15/2010 EUR 3.82 Lehman Brothers Tr 3.35 10/13/2016 EUR 3.82 Kaupthing Bank Hf 4.53 4/24/2012 EUR 14.13 Credit Suisse AG/N 8.75 8/24/2015 CHF 72.64 LBI HF 3.34 5/11/2012 EUR 2.81 Lehman Brothers Tr 7.39 5/4/2017 USD 3.82 UBS AG/London 16.25 12/29/2015 EUR 70.78 UBS AG/London 13.25 9/25/2015 EUR 72.55 DZ Bank AG Deutsch 6.25 10/9/2015 EUR 72.38 UBS AG 17.25 12/23/2016 EUR 73.55 Deutsche Bank AG 6.00 6/22/2015 EUR 73.70 Deutsche Bank AG 8.00 6/22/2015 EUR 71.90 Vontobel Financial 5.60 6/26/2015 EUR 71.52 Kaupthing Bank Hf 4.47 10/27/2010 EUR 14.13 DekaBank Deutsche 3.10 2/26/2018 EUR 74.61 Leonteq Securities 6.58 3/29/2016 EUR 69.75 UniCredit Bank AG 6.10 6/26/2015 EUR 62.90 UniCredit Bank AG 4.90 6/26/2015 EUR 69.60 UniCredit Bank AG 4.30 6/26/2015 EUR 73.55 UniCredit Bank AG 5.00 6/25/2015 EUR 71.77 UniCredit Bank AG 5.80 6/26/2015 EUR 64.44 UniCredit Bank AG 5.50 6/26/2015 EUR 53.01 UniCredit Bank AG 4.80 6/26/2015 EUR 54.20 Vontobel Financial 7.90 6/26/2015 EUR 70.23 UniCredit Bank AG 4.00 6/25/2015 EUR 70.26 HSBC Trinkaus & Bu 27.50 6/26/2015 EUR 60.28 UniCredit Bank AG 5.50 6/25/2015 EUR 63.85 DZ Bank AG Deutsch 8.00 1/22/2016 EUR 74.07 UniCredit Bank AG 6.00 6/25/2015 EUR 68.74 UniCredit Bank AG 5.50 6/26/2015 EUR 66.07 UniCredit Bank AG 5.20 6/26/2015 EUR 67.78 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 45.85 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 54.87 HSBC Trinkaus & Bu 9.50 6/26/2015 EUR 65.08 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 69.83 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 72.29 HSBC Trinkaus & Bu 8.50 6/26/2015 EUR 70.22 Glitnir HF 3.50 10/30/2012 EUR 14.00 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 71.86 LBI HF 4.34 3/1/2011 EUR 2.81 UBS AG/London 18.50 12/29/2015 EUR 69.20 Goldman Sachs & Co 14.00 8/26/2015 EUR 74.10 Lehman Brothers Tr 4.00 5/30/2010 USD 6.63 Lehman Brothers Tr 2.48 5/12/2009 USD 3.82 Lehman Brothers Tr 2.25 5/12/2009 USD 3.82 HSBC Trinkaus & Bu 7.50 6/26/2015 EUR 66.47 Leonteq Securities 8.64 8/25/2015 CHF 17.46 UBS AG 20.50 6/24/2016 EUR 73.88 Lehman Brothers Tr 4.00 5/17/2010 USD 3.82 Notenstein Privatb 11.00 8/28/2015 CHF 69.30 Credit Suisse AG/N 7.75 8/28/2015 CHF 73.03 UniCredit Bank AG 4.80 9/24/2015 EUR 56.10 UniCredit Bank AG 4.75 9/24/2015 EUR 56.41 HSBC Trinkaus & Bu 15.50 6/26/2015 EUR 56.45 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 68.97 Credit Suisse AG/L 8.00 7/3/2015 CHF 70.83 Credit Suisse AG/N 10.50 7/9/2015 USD 52.77 UBS AG/London 6.75 7/2/2015 CHF 73.74 UBS AG/London 7.00 7/16/2015 CHF 42.00 Lehman Brothers Tr 4.50 8/2/2009 USD 6.63 Banque Cantonale V 13.10 7/21/2015 CHF 62.73 Commerzbank AG 9.50 7/23/2015 EUR 74.81 Zurcher Kantonalba 6.60 7/29/2015 CHF 48.23 Notenstein Privatb 13.40 7/28/2015 USD 57.67 Zaklady Miesne Mys 11.50 6/10/2015 PLN 10.00 Lehman Brothers Tr 5.50 6/15/2009 CHF 6.63 Lehman Brothers Tr 1.50 10/25/2011 EUR 3.82 Vontobel Financial 7.90 6/26/2015 EUR 67.23 Bank Julius Baer & 8.75 7/31/2015 EUR 71.20 HSBC Trinkaus & Bu 10.00 6/26/2015 EUR 71.16 HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 68.61 HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 72.97 HSBC Trinkaus & Bu 14.00 9/25/2015 EUR 56.91 HSBC Trinkaus & Bu 10.50 9/25/2015 EUR 60.41 HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 59.25 HSBC Trinkaus & Bu 10.00 9/25/2015 EUR 62.22 HSBC Trinkaus & Bu 9.00 7/24/2015 EUR 62.69 Lehman Brothers Tr 11.00 6/29/2009 EUR 6.63 Lehman Brothers Tr 8.00 8/3/2009 USD 6.63 Bank Julius Baer & 9.10 5/22/2015 EUR 69.45 Leonteq Securities 12.40 4/27/2016 CHF 64.13 Bank Julius Baer & 11.00 10/14/2015 CHF 57.15 Oesterreichische V 4.05 12/1/2016 EUR 72.25 Lehman Brothers Tr 8.00 12/27/2032 JPY 3.82 Oesterreichische V 1.52 2/19/2018 EUR 51.63 Oesterreichische V 1.24 3/1/2022 EUR 21.75 Oesterreichische V 1.04 3/1/2021 EUR 25.75 Barclays Bank PLC 1.99 12/1/2040 USD 72.63 Deutsche Bank AG 6.20 6/22/2015 EUR 62.80 Deutsche Bank AG 7.20 12/22/2015 EUR 73.20 Deutsche Bank AG 7.20 12/22/2015 EUR 69.70 Deutsche Bank AG 5.20 12/22/2015 EUR 68.40 Deutsche Bank AG 5.20 6/22/2015 EUR 65.90 Deutsche Bank AG 6.20 9/22/2015 EUR 67.60 Deutsche Bank AG 7.20 9/22/2015 EUR 71.60 Deutsche Bank AG 7.20 9/22/2015 EUR 64.80 Deutsche Bank AG 6.20 12/22/2015 EUR 72.50 Deutsche Bank AG 5.20 6/22/2015 EUR 62.70 Deutsche Bank AG 7.20 6/22/2015 EUR 66.20 Deutsche Bank AG 7.20 6/22/2015 EUR 63.00 Deutsche Bank AG 7.20 12/22/2015 EUR 66.50 Deutsche Bank AG 5.20 12/22/2015 EUR 71.90 Deutsche Bank AG 6.20 9/22/2015 EUR 64.40 BNP Paribas Emissi 9.00 1/21/2016 EUR 65.14 UBS AG/London 10.50 10/8/2015 CHF 67.76 Leonteq Securities 9.00 10/20/2015 CHF 62.94 Bank Julius Baer & 10.60 10/9/2015 USD 71.70 UBS AG/London 12.00 10/1/2015 CHF 70.37 Commerzbank AG 10.00 5/21/2015 EUR 71.83 Barclays Bank PLC 1.64 6/3/2041 USD 72.48 Leonteq Securities 6.70 6/6/2016 USD 70.24 Vontobel Financial 8.00 8/28/2015 EUR 72.55 DZ Bank AG Deutsch 7.10 8/7/2015 EUR 73.90 UBS AG/London 14.25 8/13/2015 CHF 69.55 UBS AG/London 7.50 8/13/2015 CHF 46.43 e-Kancelaria Grupa 9.00 8/19/2016 PLN 2.00 HSBC Trinkaus & Bu 10.20 10/23/2015 EUR 63.77 Cooperatieve Centr 0.50 1/31/2033 MXN 32.97 e-Kancelaria Grupa 9.91 7/11/2015 PLN 2.00 Vontobel Financial 3.30 7/10/2015 EUR 72.20 Vontobel Financial 5.05 7/10/2015 EUR 69.14 Vontobel Financial 7.20 7/10/2015 EUR 66.42 Vontobel Financial 9.60 7/10/2015 EUR 64.02 Lehman Brothers Tr 8.50 7/6/2009 CHF 6.63 Lehman Brothers Tr 7.50 9/13/2009 CHF 6.63 Commerzbank AG 8.75 6/25/2015 EUR 62.27 Commerzbank AG 10.75 6/25/2015 EUR 59.46 Commerzbank AG 6.25 5/21/2015 EUR 67.82 Commerzbank AG 8.75 5/21/2015 EUR 64.57 Commerzbank AG 6.00 6/25/2015 EUR 68.42 Commerzbank AG 8.25 6/25/2015 EUR 65.36 Commerzbank AG 11.00 6/25/2015 EUR 62.70 Commerzbank AG 7.00 6/25/2015 EUR 71.03 Commerzbank AG 9.00 5/21/2015 EUR 50.62 Commerzbank AG 12.50 5/21/2015 EUR 43.49 LBI HF 4.40 11/30/2035 EUR 0.01 Commerzbank AG 16.50 5/21/2015 EUR 38.23 Commerzbank AG 20.50 5/21/2015 EUR 34.34 Commerzbank AG 24.75 5/21/2015 EUR 31.13 Commerzbank AG 6.25 6/25/2015 EUR 60.68 Commerzbank AG 9.25 6/25/2015 EUR 51.50 Commerzbank AG 12.50 6/25/2015 EUR 44.69 Commerzbank AG 16.50 6/25/2015 EUR 39.25 Commerzbank AG 19.75 6/25/2015 EUR 36.20 Commerzbank AG 23.50 6/25/2015 EUR 33.33 Lehman Brothers Tr 6.50 7/24/2026 EUR 3.82 Deutsche Bank AG 4.50 12/22/2015 EUR 73.69 Glitnir HF 6.31 7/28/2011 USD 14.00 Glitnir HF 6.31 7/28/2011 USD 14.00 DZ Bank AG Deutsch 5.00 6/26/2015 EUR 72.32 DZ Bank AG Deutsch 5.25 9/25/2015 EUR 70.41 Leonteq Securities 10.00 1/22/2016 USD 69.84 Credit Suisse AG/N 8.25 7/31/2015 USD 68.16 DZ Bank AG Deutsch 5.40 7/23/2015 EUR 71.21 DZ Bank AG Deutsch 5.60 10/23/2015 EUR 72.80 DZ Bank AG Deutsch 4.70 7/23/2015 EUR 62.59 DZ Bank AG Deutsch 5.70 7/23/2015 EUR 60.18 DZ Bank AG Deutsch 3.90 10/23/2015 EUR 68.09 DZ Bank AG Deutsch 4.90 10/23/2015 EUR 65.07 DZ Bank AG Deutsch 5.80 10/23/2015 EUR 62.84 DZ Bank AG Deutsch 7.10 7/23/2015 EUR 69.95 DZ Bank AG Deutsch 6.10 7/23/2015 EUR 66.65 DZ Bank AG Deutsch 3.70 7/23/2015 EUR 65.84 DZ Bank AG Deutsch 4.20 7/23/2015 EUR 63.26 DZ Bank AG Deutsch 6.00 10/23/2015 EUR 72.40 DZ Bank AG Deutsch 4.70 10/23/2015 EUR 68.80 DZ Bank AG Deutsch 6.30 7/23/2015 EUR 63.51 DZ Bank AG Deutsch 4.90 7/23/2015 EUR 63.21 DZ Bank AG Deutsch 4.40 7/23/2015 EUR 57.46 DZ Bank AG Deutsch 5.90 10/23/2015 EUR 66.36 DZ Bank AG Deutsch 5.80 10/23/2015 EUR 63.32 DZ Bank AG Deutsch 4.70 10/23/2015 EUR 60.06 DZ Bank AG Deutsch 3.10 7/22/2015 EUR 69.64 DZ Bank AG Deutsch 4.90 7/22/2015 EUR 66.77 DZ Bank AG Deutsch 6.00 7/22/2015 EUR 65.48 DZ Bank AG Deutsch 3.90 10/22/2015 EUR 70.36 DZ Bank AG Deutsch 4.70 10/22/2015 EUR 69.14 DZ Bank AG Deutsch 5.60 10/22/2015 EUR 68.04 DZ Bank AG Deutsch 7.80 7/22/2015 EUR 72.81 DZ Bank AG Deutsch 3.70 7/22/2015 EUR 69.25 DZ Bank AG Deutsch 5.70 7/22/2015 EUR 66.10 DZ Bank AG Deutsch 8.30 7/22/2015 EUR 63.37 DZ Bank AG Deutsch 3.60 10/22/2015 EUR 72.15 DZ Bank AG Deutsch 5.30 10/22/2015 EUR 69.33 DZ Bank AG Deutsch 7.30 10/22/2015 EUR 66.92 Lehman Brothers Tr 4.50 3/6/2013 CHF 3.82 Lehman Brothers Tr 4.00 4/24/2009 USD 6.63 Lehman Brothers Tr 9.00 6/13/2009 USD 6.63 Lehman Brothers Tr 9.00 3/17/2009 GBP 6.63 Lehman Brothers Tr 7.00 11/28/2008 CHF 6.63 Lehman Brothers Tr 7.38 9/20/2008 EUR 6.63 Lehman Brothers Tr 3.85 4/24/2009 USD 6.63 Lehman Brothers Tr 7.25 10/6/2008 EUR 6.63 Lehman Brothers Tr 10.50 8/9/2010 EUR 6.63 Lehman Brothers Tr 8.00 5/22/2009 USD 6.63 Bank Julius Baer & 6.50 7/31/2015 USD 67.75 Lehman Brothers Tr 5.75 6/15/2009 CHF 6.63 Lehman Brothers Tr 7.50 10/24/2008 USD 6.63 UBS AG/London 15.00 7/23/2015 CHF 43.35 Lehman Brothers Tr 10.00 3/27/2009 USD 3.82 Lehman Brothers Tr 5.00 10/24/2008 CHF 6.63 Lehman Brothers Tr 7.00 4/14/2009 EUR 6.63 Bank Julius Baer & 6.60 7/27/2015 EUR 72.20 Lehman Brothers Tr 4.95 10/25/2036 EUR 3.82 Leonteq Securities 11.52 10/28/2015 CHF 60.16 BNP Paribas Emissi 7.00 6/25/2015 EUR 67.04 BNP Paribas Emissi 10.00 6/25/2015 EUR 62.74 BNP Paribas Emissi 5.00 6/25/2015 EUR 74.43 BNP Paribas Emissi 7.00 6/25/2015 EUR 66.62 BNP Paribas Emissi 10.00 6/25/2015 EUR 60.48 BNP Paribas Emissi 14.00 6/25/2015 EUR 55.66 BNP Paribas Emissi 14.00 6/25/2015 EUR 62.52 BNP Paribas Emissi 17.00 6/25/2015 EUR 57.92 BNP Paribas Emissi 20.00 6/25/2015 EUR 54.07 UBS AG/London 12.00 7/9/2015 CHF 49.51 Lehman Brothers Tr 2.00 11/16/2009 EUR 3.82 Deutsche Bank AG 7.20 6/22/2015 EUR 66.80 Deutsche Bank AG 7.20 6/22/2015 EUR 62.10 Deutsche Bank AG 5.20 9/22/2015 EUR 63.10 Deutsche Bank AG 5.20 12/22/2015 EUR 64.40 Deutsche Bank AG 5.20 6/22/2015 EUR 61.80 Deutsche Bank AG 6.20 9/22/2015 EUR 63.50 Deutsche Bank AG 7.20 12/22/2015 EUR 70.30 Deutsche Bank AG 5.20 6/22/2015 EUR 66.50 Deutsche Bank AG 7.20 12/22/2015 EUR 65.70 Deutsche Bank AG 6.20 6/22/2015 EUR 66.70 Deutsche Bank AG 6.20 9/22/2015 EUR 68.20 Deutsche Bank AG 5.20 9/22/2015 EUR 67.80 Deutsche Bank AG 6.20 12/22/2015 EUR 69.70 Deutsche Bank AG 7.20 9/22/2015 EUR 68.60 Deutsche Bank AG 5.20 12/22/2015 EUR 69.00 Deutsche Bank AG 6.20 6/22/2015 EUR 62.00 Deutsche Bank AG 6.20 12/22/2015 EUR 65.10 Vontobel Financial 5.70 12/11/2015 EUR 73.59 Commerzbank AG 11.00 6/25/2015 EUR 57.38 Leonteq Securities 9.40 10/8/2015 USD 73.64 DZ Bank AG Deutsch 5.50 9/25/2015 EUR 72.94 DZ Bank AG Deutsch 9.25 7/24/2015 EUR 71.04 HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 66.85 HSBC Trinkaus & Bu 8.50 9/25/2015 EUR 70.88 HSBC Trinkaus & Bu 6.50 7/24/2015 EUR 73.39 HSBC Trinkaus & Bu 15.00 9/25/2015 EUR 55.16 HSBC Trinkaus & Bu 12.00 9/25/2015 EUR 58.45 HSBC Trinkaus & Bu 7.50 9/25/2015 EUR 65.06 HSBC Trinkaus & Bu 13.00 9/25/2015 EUR 72.40 HSBC Trinkaus & Bu 16.50 6/26/2015 EUR 71.82 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 62.31 HSBC Trinkaus & Bu 12.50 9/25/2015 EUR 61.06 HSBC Trinkaus & Bu 10.00 9/25/2015 EUR 64.53 HSBC Trinkaus & Bu 8.50 7/24/2015 EUR 65.10 Deutsche Bank AG 7.20 6/23/2015 EUR 54.80 Deutsche Bank AG 5.20 6/23/2015 EUR 54.50 Deutsche Bank AG 6.20 6/23/2015 EUR 54.70 Deutsche Bank AG 5.20 9/22/2015 EUR 64.20 Deutsche Bank AG 7.20 9/22/2015 EUR 65.00 Deutsche Bank AG 6.20 9/22/2015 EUR 64.60 Deutsche Bank AG 7.20 9/22/2015 EUR 61.90 Deutsche Bank AG 6.20 9/22/2015 EUR 61.50 Deutsche Bank AG 5.20 9/22/2015 EUR 61.10 Deutsche Bank AG 7.20 9/22/2015 EUR 59.10 Deutsche Bank AG 6.20 9/22/2015 EUR 58.70 Deutsche Bank AG 5.20 9/22/2015 EUR 58.30 Deutsche Bank AG 7.20 9/22/2015 EUR 56.60 Deutsche Bank AG 6.20 9/22/2015 EUR 56.20 Deutsche Bank AG 5.20 9/22/2015 EUR 55.80 Commerzbank AG 7.25 6/25/2015 EUR 73.49 Lehman Brothers Tr 3.70 6/6/2009 EUR 3.82 HSBC Trinkaus & Bu 4.90 7/10/2015 EUR 68.29 UBS AG/London 7.00 7/9/2015 CHF 41.44 Kaupthing Bank Hf 1.75 6/7/2016 EUR 14.13 Commerzbank AG 6.00 6/25/2015 EUR 63.55 Commerzbank AG 7.50 6/25/2015 EUR 67.97 Commerzbank AG 7.00 6/25/2015 EUR 69.66 DZ Bank AG Deutsch 9.50 7/24/2015 EUR 60.61 LBI HF 7.20 4/27/2026 EUR 0.01 Glitnir HF 6.84 12/15/2015 EUR 0.02 Vontobel Financial 8.35 6/26/2015 EUR 64.38 Vontobel Financial 5.30 6/26/2015 EUR 67.90 Deutsche Bank AG 5.20 6/23/2015 EUR 57.10 Vontobel Financial 5.80 9/11/2015 EUR 72.43 Vontobel Financial 5.00 9/11/2015 EUR 72.15 Vontobel Financial 5.10 12/11/2015 EUR 73.23 Vontobel Financial 4.45 12/11/2015 EUR 72.84 Glitnir HF 3.63 4/5/2009 EUR 14.00 HSBC Trinkaus & Bu 9.00 7/24/2015 EUR 61.14 HSBC Trinkaus & Bu 13.50 9/25/2015 EUR 74.66 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 68.53 Bank Julius Baer & 7.10 7/8/2015 CHF 42.65 UniCredit Bank AG 4.90 9/24/2015 EUR 55.80 Notenstein Privatb 6.10 12/30/2015 EUR 72.75 HSBC Trinkaus & Bu 8.00 6/26/2015 EUR 67.16 HSBC Trinkaus & Bu 16.00 6/26/2015 EUR 71.61 Deutsche Bank AG 6.20 9/22/2015 EUR 70.90 Deutsche Bank AG 5.20 9/22/2015 EUR 67.60 Deutsche Bank AG 5.20 6/23/2015 EUR 63.00 Deutsche Bank AG 6.20 6/23/2015 EUR 63.20 Deutsche Bank AG 7.20 6/23/2015 EUR 63.30 Deutsche Bank AG 5.20 6/23/2015 EUR 59.90 Deutsche Bank AG 6.20 6/23/2015 EUR 60.00 Deutsche Bank AG 7.20 6/23/2015 EUR 60.20 Deutsche Bank AG 7.20 6/23/2015 EUR 57.40 Deutsche Bank AG 6.20 6/23/2015 EUR 57.20 UBS AG/London 12.25 6/26/2015 EUR 73.44 UBS AG/London 18.75 12/23/2016 EUR 72.62 UBS AG/London 16.00 3/29/2016 EUR 71.55 UBS AG/London 15.00 12/29/2015 EUR 71.58 UBS AG/London 11.75 12/29/2015 EUR 74.91 UBS AG/London 22.25 6/24/2016 EUR 68.88 Lehman Brothers Tr 4.10 2/19/2010 EUR 3.82 UBS AG/London 23.75 6/26/2015 EUR 63.54 UBS AG/London 5.00 8/6/2015 USD 61.59 Raiffeisen Centrob 7.33 8/21/2015 EUR 66.87 DZ Bank AG Deutsch 9.50 8/28/2015 EUR 67.42 BNP Paribas Emissi 9.00 6/25/2015 EUR 74.44 Lehman Brothers Tr 3.50 10/31/2011 USD 3.82 Credit Suisse AG/N 10.25 8/14/2015 CHF 74.08 Notenstein Privatb 11.00 8/14/2015 CHF 70.22 UBS AG/London 15.75 6/26/2015 EUR 69.62 UBS AG/London 19.25 9/25/2015 EUR 67.73 Lehman Brothers Tr 7.00 2/15/2012 EUR 6.63 UBS AG/London 12.50 6/24/2016 EUR 74.10 UBS AG/London 15.00 6/24/2016 EUR 72.53 UBS AG/London 21.75 6/26/2015 EUR 64.90 Lehman Brothers Tr 6.60 2/22/2012 EUR 6.63 Lehman Brothers Tr 1.68 3/5/2015 EUR 3.82 BNP Paribas Emissi 10.00 6/25/2015 EUR 70.53 Deutsche Bank AG 7.00 6/22/2015 EUR 73.80 Deutsche Bank AG 7.00 6/22/2015 EUR 71.80 Deutsche Bank AG 8.00 6/22/2015 EUR 69.90 Deutsche Bank AG 8.00 6/22/2015 EUR 74.00 Lehman Brothers Tr 6.75 4/5/2012 EUR 3.82 UBS AG/London 18.00 6/26/2015 EUR 67.99 UBS AG/London 13.25 6/24/2016 EUR 73.41 UBS AG/London 13.25 3/29/2016 EUR 73.68 UBS AG/London 22.00 9/25/2015 EUR 65.77 Lehman Brothers Tr 6.00 5/12/2017 EUR 3.82 UBS AG/London 14.25 3/29/2016 EUR 72.97 UBS AG/London 18.00 12/23/2016 EUR 73.02 UBS AG/London 13.00 12/29/2015 EUR 73.81 UBS AG/London 23.50 6/24/2016 EUR 68.69 UBS AG/London 15.00 9/25/2015 EUR 71.31 Vontobel Financial 9.25 6/26/2015 EUR 70.42 DekaBank Deutsche 3.40 3/5/2018 EUR 74.26 Deutsche Bank AG 6.20 6/22/2015 EUR 73.70 Deutsche Bank AG 6.20 6/22/2015 EUR 74.90 Raiffeisen Centrob 2.80 11/14/2016 EUR 68.86 EFG International 12.86 10/30/2017 EUR 67.54 Leonteq Securities 6.25 11/13/2015 CHF 55.32 Goldman Sachs & Co 9.00 5/20/2015 EUR 65.17 Deutsche Bank AG 7.20 9/22/2015 EUR 73.50 Deutsche Bank AG 5.20 9/22/2015 EUR 68.90 Deutsche Bank AG 7.20 9/22/2015 EUR 69.70 Deutsche Bank AG 6.20 9/22/2015 EUR 73.10 Deutsche Bank AG 6.20 9/22/2015 EUR 69.30 Zurcher Kantonalba 12.00 7/23/2015 CHF 48.78 Goldman Sachs & Co 16.00 5/20/2015 EUR 59.32 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 47.53 Goldman Sachs & Co 13.00 5/20/2015 EUR 59.20 Goldman Sachs & Co 7.00 9/23/2015 EUR 71.54 Goldman Sachs & Co 10.00 9/23/2015 EUR 65.73 Goldman Sachs & Co 11.00 9/23/2015 EUR 63.16 LBBW 4.00 6/26/2015 EUR 73.50 LBBW 5.00 6/26/2015 EUR 70.74 HSBC Trinkaus & Bu 13.50 6/26/2015 EUR 71.49 HSBC Trinkaus & Bu 11.00 6/26/2015 EUR 50.90 Goldman Sachs & Co 13.00 5/20/2015 EUR 74.91 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 63.30 Goldman Sachs & Co 8.00 9/23/2015 EUR 71.93 Bank Julius Baer & 9.00 10/8/2015 CHF 47.70 Goldman Sachs & Co 6.00 5/20/2015 EUR 73.01 Goldman Sachs & Co 8.00 5/20/2015 EUR 69.02 Leonteq Securities 12.20 7/22/2015 USD 68.45 Vontobel Financial 5.00 5/6/2016 EUR 72.30 DZ Bank AG Deutsch 9.00 6/26/2015 EUR 68.37 Lehman Brothers Tr 1.60 6/21/2010 JPY 3.82 HSBC Trinkaus & Bu 7.00 9/25/2015 EUR 67.88 Deutsche Bank AG 5.20 9/22/2015 EUR 72.70 UniCredit Bank AG 5.00 6/25/2015 EUR 52.29 UniCredit Bank AG 6.25 6/25/2015 EUR 50.69 UniCredit Bank AG 4.75 6/25/2015 EUR 53.52 UniCredit Bank AG 4.25 6/25/2015 EUR 54.78 DZ Bank AG Deutsch 8.25 6/26/2015 EUR 50.78 DZ Bank AG Deutsch 7.50 6/26/2015 EUR 68.16 DZ Bank AG Deutsch 9.25 6/12/2015 EUR 68.99 DZ Bank AG Deutsch 10.00 6/12/2015 EUR 69.07 Lehman Brothers Tr 2.40 6/20/2011 JPY 3.82 UniCredit Bank AG 6.10 6/25/2015 EUR 51.26 HSBC Trinkaus & Bu 14.00 6/26/2015 EUR 58.48 HSBC Trinkaus & Bu 10.00 6/26/2015 EUR 63.36 HSBC Trinkaus & Bu 11.50 6/26/2015 EUR 64.71 UniCredit Bank AG 6.50 6/25/2015 EUR 50.14 Oesterreichische V 1.61 5/18/2020 EUR 32.00 Oesterreichische V 1.61 5/18/2020 EUR 32.50 Oesterreichische V 1.61 5/18/2020 EUR 32.50 Leonteq Securities 7.60 11/20/2015 USD 47.52 Raiffeisen Centrob 2.40 12/19/2016 EUR 69.32 ********* 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 * * *