/raid1/www/Hosts/bankrupt/TCREUR_Public/150706.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, July 6, 2015, Vol. 16, No. 131
Headlines
B U L G A R I A
CORPORATE COMMERCIAL: Insolvency Start Date Set as June 20, 2014
G E R M A N Y
PROKON REGENERATIVE: Investors Vote for Cooperative Option
TALISMAN 7 PLC: Fitch Affirms 'Csf' Rating on Class F Notes
G R E E C E
ATHENS CITY: Moody's Lowers Issuer Rating to 'Caa3'
EUROBANK ERGASIAS: Fitch Cuts Senior Debt Rating to 'CC'
GREECE: Referendum No Vote May Get Narrow Win, EU Warns of Risks
GREECE: Fitch Lowers Ratings on SF Transactions & Covered Bonds
GREEK BANKS: Moody's Reviews Caa3 Ratings on 5 Institutions
NATIONAL BANK: Fitch Lowers Senior Debt Rating to 'CC'
PROVIDE GEMS 2002-1: Fitch Affirms Csf Ratings on 2 Note Classes
I R E L A N D
CLERYS: Concession Holders to Object to Liquidator Appointment
WILLIAM GRANT: Shuts Down Clonmel Site, 50 Jobs Affected
I T A L Y
ITALIAN BANKS: Fitch Affirms 'BB' IDR on 4 Institutions
N E T H E R L A N D S
GARDA CLO: Moody's Affirms 'Caa1(sf)' Rating on Class F Notes
LEOPARD CLO III: Moody's Affirms Caa3 Rating on Class E2 Notes
UNIFY HOLDINGS: Moody's Withdraws Caa1 Corporate Family Rating
R U S S I A
URALSIB OJSC: S&P Cuts Rating to 'B' on Weak Financial Results
S W I T Z E R L A N D
NORD ANGLIA: Moody's Assigns 'B1' Rating to Senior Secured Notes
U K R A I N E
UKRAVTO PJSC: Board Opts to Close Four Branches to Cut Costs
U N I T E D K I N G D O M
AFREN PLC: Seeks U.S. Recognition of Restructuring in London
AIB GROUP: S&P Affirms 'BB' Counterparty Credit Rating
BRIDGE HOLDCO 4: S&P Lowers Rating to 'B-', Outlook Negative
CHESHIRE BESPOKE: Rescued Out of Liquidation
DRAYTON OLD LODGE: Goes Into Liquidation
EATON VANCE CDO X: S&P Raises Ratings on 2 Note Classes to BB-
EDCON HOLDINGS: Moody's Cuts Rating on Sr. Unsecured Notes to Ca
LOOK RETAIL: Moody's Raises Corporate Family Rating to 'B2'
MARSTON'S ISSUER: Fitch Affirms 'BB+' Rating on Class B Notes
MM CATERERS: To Stay Open After Buyer Found for Business
TAURUS CMBS 2014-1: Fitch Affirms 'BBsf' Rating on Class C Notes
X X X X X X X X
* BOND PRICING: For the Week June 29, 2015 to July 3, 2015
*********
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B U L G A R I A
===============
CORPORATE COMMERCIAL: Insolvency Start Date Set as June 20, 2014
----------------------------------------------------------------
SeeNews reports that the Sofia Court of Appeal decided on July 3
to set June 20, 2014, as the starting date of the insolvency of
Corporate Commercial Bank, overruling an earlier decision.
The Sofia Court of Appeal said in a statement posted on its Web
site that the court's decision can be appealed before the Supreme
Court of Cassation after it has been entered in the Registry
Agency, SeeNews relates.
According to SeeNews, the date of the bank's insolvency is
crucial for the legitimacy of deals for the purchase of unsecured
deposits concluded after June 2014 that allowed creditors to get
back part of their money.
In June 2014, the Bulgarian National Bank placed Corporate
Corpbank under special supervision over risk of insolvency and
appointed two conservators after it notified the central bank it
had run out of liquidity, SeeNews recounts. Payments and all
types of banking operations were suspended, SeeNews relates. In
November, the central bank delicensed Corpbank and said it would
seek the bank's insolvency after it was found to have a negative
own capital, SeeNews relays.
In April, the Sofia City Court declared Corpbank insolvent,
setting November 6, 2014 as the starting date of the insolvency,
SeeNews discloses. Its decision was appealed by the prosecuting
magistracy and the central bank, among others, SeeNews relates.
About Corporate Commercial Bank AD
Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.
Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.
=============
G E R M A N Y
=============
PROKON REGENERATIVE: Investors Vote for Cooperative Option
----------------------------------------------------------
Deutsche Welle reports that in a gesture of commitment to a green
energy future, Prokon Regenerative Energien GmbH's investors have
voted to retain ownership by turning it into a cooperative.
According to Deutsche Welle, 2,000 people representing about
75,000 investors showed up in Hamburg on July 2 for a special
creditors' vote to decide the future of Prokon.
The company had been handled by Dietmar Penzlin, a lawyer
specialized in managing firms through an insolvency process,
since it registered for bankruptcy a year and a half ago,
Deutsche Welle notes.
Mr. Penzlin, Deutsche Welle says, presented the investors with a
choice: Turn the company into a cooperative owned by its
investors and creditors, accepting all the risks and benefits of
ownership -- or sell it to EnBW, Germany's third largest
electricity company for EUR550 million (US$610 million).
Nearly 90% of the votes -- including the majority of all eight of
the investors' clubs -- went for the cooperative option, Deutsche
Welle relates. With that, the deal was sealed, Deutsche Welle
notes. According to Deutsche Welle, Prokon's investors and
creditors have converted their claims on the company into
ownership shares. Rather than being folded into a big power
company, Prokon will carry on building and operating wind farms
as an independent cooperative, Deutsche Welle states.
Most of the creditors will be compensated for their claims on
Prokon with two distinct instruments: Membership in the ownership
cooperative -- whose value was estimated at 23.3% of the nominal
value of their claims -- plus fixed-interest corporate bonds with
a 15-year maturity, whose value was estimated at a further 34.5%
of the nominal value of claims, Deutsche Welle discloses.
Creditors who do not want to become members of the ownership
cooperative will be paid out 23.3% of the nominal value of their
claims in cash, as well as being given Prokon bonds, Deutsche
Welle says.
Prokon Regenerative Energien GmbH is a German wind park operator.
In May 2014, the district court at Itzehoe in northern Germany
commenced insolvency proceedings for Prokon's renewable energy
division. The court said the company's regenerative energy
business faced claims of EUR391 million (US$542 million),
compared with liquid funds of just EUR19 million. The Company
was sent over the edge after allegations that it was attracting
investors with the prospects of making annual returns on their
investments of at least 6% without giving sufficient warning of
the risks.
TALISMAN 7 PLC: Fitch Affirms 'Csf' Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Talisman 7 plc's class B
and C notes to Stable from Negative and affirmed all ratings as
follows:
EUR66 million class B: affirmed at 'BBsf'; Outlook revised to
Stable from Negative;
EUR84.2 million class C: affirmed at 'Bsf'; Outlook revised to
Stable from Negative;
EUR66.5 million class D: affirmed at 'CCCsf'; Recovery estimate
(RE) 30%
EUR47.1 million class E: affirmed at 'CCsf'; RE 0%
EUR68.9 million class F: affirmed at 'Csf'; RE 0%
EUR44.8 million class G: not rated
EUR10.7 million class H: not rated
EUR12.5 million class I: not rated
EUR0 million class J: not rated
This transaction was originally a securitization of 10 commercial
mortgage loans originated by ABN AMRO Bank NV with a cumulative
balance of EUR1,826 million at closing. At end-June 2015, six
loans, all in special servicing, backed the notes. The loans
themselves were backed by 56 properties located in Germany with a
current market value (MV) of EUR221.9 million.
KEY RATING DRIVERS
Over the last 12 months, the class A notes (EUR94.4 million) have
been paid in full and the class B notes have amortized to EUR66
million from EUR87.3 million through asset sales. The individual
performance of the properties backing the portfolio remains
largely unchanged. The successful sales efforts, along with the
sequential pay-down, are the reason for the Outlook revision.
This, combined with the upcoming final legal maturity in April
2017, underpins the affirmation of the ratings.
The Mozart loan asset sale (largest loan in the portfolio,
EUR190.4 million part of a EUR360.5 million whole loan) has
progressed with 17 asset sales over the last one year, leaving 17
mixed-use properties located around Germany in the portfolio.
Fitch understands from the issuer that sale agreements for a
further five assets have been signed. The sales pace, combined
with sale prices on average being close to the assets' respective
valuations, partially mitigates the transaction's increasing
leverage. The transaction's loan-to-value has increased to
167.1% from 121% over the last 12 months due to properties being
sold below the respective original allocated loan amounts.
The Eschborn office asset securing the Brahms loan was sold for
EUR23.4 million in January 2014. The proceeds were distributed
to noteholders on the April 2014 interest payment date (IPD).
The Brahms borrower is going through insolvency proceedings and
minor further recoveries (around EUR30k) are expected.
Nevertheless when the loan is fully resolved a loss of around
EUR20 million will be allocated to the class H and I notes.
With all loans in special servicing and undergoing different
stages of resolution, expected recoveries are highly dependent on
the short-term market conditions for secondary and tertiary real
estate in Germany. Although investor interest has returned to
this market sector after years of subdued demand, the achievable
prices are still well below those seen in 2005-2007, when these
loans were originated. This level of stress is reflected by the
transaction's below-investment grade ratings. The transaction
benefits from a further EUR68 million credit enhancement provided
by the class G to I notes.
RATING SENSITIVITIES
Lower-than-expected recoveries in the remaining notes or an
adverse turn in market sentiment for secondary and tertiary
assets in Germany could prompt negative rating actions on the
notes.
Fitch estimates 'Bsf' collateral proceeds at EUR180 million.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.
Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
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G R E E C E
===========
ATHENS CITY: Moody's Lowers Issuer Rating to 'Caa3'
---------------------------------------------------
Moody's Public Sector Europe downgraded the issuer rating of the
City of Athens to Caa3 from Caa2, and placed the rating on review
for further downgrade.
This rating action reflects Moody's assessment of the increase in
systemic risk following the weakening of Greece's credit profile
as captured in the downgrade of the sovereign bond rating to Caa3
from Caa2 and placement of the rating on review for downgrade on
July 1, 2015.
RATINGS RATIONALE
Moody's rating action on the City of Athens reflects Moody's
assessment of the increase in systemic risk following the
weakening of Greece's credit profile as captured in the downgrade
of the sovereign bond rating.
The downgrade of the rating on the City of Athens reflects its
close macroeconomic and financial linkages with the Greek
government. It implies significant limitations for the city's
administration to act independently from the sovereign and does
not permit its credit quality to be stronger than that of the
sovereign.
The city remains exposed to potential adverse decisions from the
central government in the current delicate context that could
range from the reduction of ordinary transfers to the
appropriation of the city's liquidity. At present 40% of the
city's operating budget stems from central government transfers
while capex is entirely funded by central government grants and
EU funds.
The central government enacted an emergency decree in April 2015,
requiring public sector bodies to transfer their cash reserves to
the central bank. This decree does not have an immediate
implication on Athens' liquidity position, as the city currently
holds its cash reserves in the state-owned Deposits and Loans
Fund, which doesn't fall under this decree. Moody's will monitor
the impact of any measure taken by the Greek government, which
could put pressure on the city's liquidity position.
Notwithstanding the city's commitment to fiscal consolidation in
the last few years, Athens is also exposed to the country's
challenging socio-economic environment. The difficult economic
conditions challenge the city's own-source revenue collection and
make revenue-raising initiatives difficult to implement. Moody's
believes that potential cuts in central government transfers will
be difficult to absorb within the city's budget.
Moody's notes that Athens' moderate debt burden, representing 38%
of operating revenue at year-end 2014, and a favorable debt
profile support the city's commitment to service its debt
obligations on a timely basis. The city's current cash reserves
of EUR14 million remain tight, but sufficient to cover Athens'
debt servicing costs of EUR11 million falling due in H2 2015.
FOCUS OF REVIEW FOR POSSIBLE DOWNGRADE
The review for downgrade will focus on growing systemic risks, as
reflected in the sovereign bond rating and the related impact the
sovereign review might have on the city's finances. The
conclusion of the review for possible downgrade will be linked to
the conclusion of the review at the sovereign level.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Should the sovereign credit quality deteriorate, the issuer
rating of the City of Athens will follow the sovereign rating
action.
In turn, if systemic pressures decrease, the review on the City
of Athens' rating will likely lead to a confirmation of its
current ratings.
The sovereign action required the publication of this credit
rating action on a date that deviates from the previously
scheduled release date in the sovereign release calendar.
The specific economic indicators, as required by EU regulation,
are not available for Athens, City of. The following national
economic indicators are relevant to the sovereign rating, which
was used as an input to this credit rating action.
Sovereign Issuer: Greece, Government of
GDP per capita (PPP basis, US$): 25,859 (2014 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 0.8% (2014 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): -2.6% (2014 Actual)
Gen. Gov. Financial Balance/GDP: -3.5% (2014 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: 0.9% (2014 Actual) (also known as
External Balance)
External debt/GDP: [not available]
Level of economic development: Moderate level of economic
resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On July 1, 2015, a rating committee was called to discuss the
rating of the Athens, City of. The main points raised during the
discussion were: The systemic risk in which the issuer operates
has materially increased.
EUROBANK ERGASIAS: Fitch Cuts Senior Debt Rating to 'CC'
--------------------------------------------------------
Fitch Ratings has downgraded the state-guaranteed long-term
senior debt rating of National Bank of Greece S.A. (NBG, 'RD')
and Eurobank Ergasias S.A. (Eurobank, 'RD') to 'CC' from 'CCC'.
Their short-term state-guaranteed senior debt rating has been
affirmed at 'C'.
The rating actions follow the downgrade of Greece's sovereign
Long-term foreign currency Issuer Default Rating. The banks'
other ratings are unaffected and remain driven by the factors
noted in our rating action commentary.
KEY RATING DRIVERS
GUARANTEED SENIOR DEBT
The government-guaranteed debt issuances are senior unsecured
instruments that bear the full guarantee of the Greek state.
Fitch rates guaranteed debt at the higher of the senior unsecured
debt ratings of the issuer ('C' for both NBG and Eurobank) and
the guarantor's Long-term foreign currency IDR. Fitch has no
reason to believe that these guaranteed programs and issues will
be treated differently to the other obligations of the Greek
state.
RATING SENSITIVITIES
GUARANTEED SENIOR DEBT
Greek banks' government-guaranteed debt ratings are sensitive to
any changes in Greece's sovereign ratings.
The rating actions are:
NBG:
State-guaranteed debt (XS0920832846): downgraded to 'CC' from
'CCC'
Eurobank:
State-guaranteed debt (XS0922876882): downgraded to 'CC' from
'CCC'
Long-term state-guaranteed debt program: downgraded to 'CC'
from 'CCC'
Short-term state-guaranteed debt program: affirmed at 'C'
ERB Hellas PLC:
Long-term state-guaranteed debt program: downgraded to 'CC'
from 'CCC'
Short-term state-guaranteed debt program: affirmed at 'C'
ERB Hellas (Cayman Islands) Ltd.:
Long-term state-guaranteed debt program: downgraded to 'CC'
from 'CCC'
Short-term state-guaranteed debt program: affirmed at 'C'
GREECE: Referendum No Vote May Get Narrow Win, EU Warns of Risks
----------------------------------------------------------------
Nikos Chrysoloras, Matthew Campbell, and Jenny Paris at Bloomberg
News report that Greek pollsters are forecasting a narrow win for
the "no" side in the July 5 referendum, endorsing Prime Minister
Alexis Tsipras's call to defy creditors over more austerity as
the country veers toward an exit from the euro.
Four informal surveys published as voting finished estimated the
lead for "no" at three or four percentage points, Bloomberg
relates.
All opinion polls produced similar results, showing the "no" vote
leading with an average of 52% compared with 48% in favor of
"yes," Elias Nikolakopoulos, a professor of politics and
electoral sociology at the University of Athens, as cited by
Bloomberg, said on Mega TV.
Mr. Tsipras had urged his compatriots to vote against further
austerity after calling the vote only a little more than a week
ago, arguing Greece could stay in the euro under better terms
despite the result, Bloomberg recounts. Most European leaders
characterized the referendum as a de facto decision on euro
membership and a "yes" as an easier route out of economic misery,
Bloomberg notes.
According to Bloomberg, European leaders will have to spring into
action as soon as a result is known, after a week in which
negotiations with Greece were largely put on hold. German
Chancellor Angela Merkel and French President Francois Hollande
are due to meet in Paris today, July 6,, while the European
Central Bank is scheduled to discuss extending further liquidity
to Greek banks, Bloomberg discloses.
"Armageddon"
Meanwhile, The Telegraph's Ambrose Evans-Pritchard reports that
Martin Schulz, the president of the European Parliament, has
warned Greece risks a collapse of the medical system, power
black-outs, and an import blockade, if the Greek people reject
creditor demands in the July 5 referendum.
Mr. Schulz said the EU authorities may have to prepare emergency
loans to keep basic public services functioning and to prevent
the debt-stricken country spinning out of control this week, The
Telegraph relays.
Without new money, salaries won't be paid, the health system will
stop functioning, the power network and public transport will
break down, and they won't be able to import vital goods because
nobody can pay," The Telegraph quotes Mr. Schulz as saying.
Mr. Schulz earlier called for the elected Syriza government to be
replaced by "technocrat" rule until stability is restored, The
Telegraph recounts.
GREECE: Fitch Lowers Ratings on SF Transactions & Covered Bonds
---------------------------------------------------------------
Fitch Ratings, on July 2, 2015, downgraded 18 tranches of seven
Greek RMBS, one ABS tranche and four covered bond programs issued
by Alpha Bank AE (Alpha, Issuer Default Rating (IDR): RD/RD;
Viability Rating (VR): f), National Bank of Greece S.A. (NBG,
IDR: RD/RD; VR: f), which has Programme I and Programme II, and
Piraeus Bank S.A. (Piraeus, IDR: RD/RD; VR: f) to 'CCC' from
'B-'.
The rating actions follow the downgrade of Greece's IDR to 'CC'
and revision of the Country Ceiling to 'CCC', as well as the
downgrade of Greek banks.
KEY RATING DRIVERS
Lower Country Ceiling
As a result of the Country Ceiling revision to 'CCC' from 'B-',
Fitch has downgraded 18 RMBS tranches to 'CCCsf', the highest
achievable rating for Greek issuance.
Sovereign-linked Rating
Aeolos S.A. is a Greek ABS transaction guaranteed by the Greek
government and backed by receivables from Greek airspace route
charges. Fitch downgraded the notes to 'CCsf' from 'CCCsf',
reflecting the strength of the connection to the Greek sovereign.
The terms of the notes include a provision for noteholders to
call an event of default if the sovereign defaults on other
obligations. This option was not exercised when the Greek
sovereign defaulted in 2012 and there appears little benefit for
noteholders to exercise the option in the event of any future
default.
Country Ceiling and Banks' IDRs
The downgrade of covered bonds reflect the lower Country Ceiling,
as well as the downgrade of Piraeus', NBG's and Alpha's IDRs to
'RD' and their VR to 'f'.
Mitigated Transfer and Convertibility Risk
Fitch believes that the capital controls put in place may
restrict money transfers to offshore-based SPVs, which could
heighten the risk of missed interest payments on the securities.
This risk is mitigated by the available cash reserves, currently
held with 'A'-rated offshore banks, that provide sufficient
liquidity to support interest on the securities for several
payment periods. This was considered in determining the rating
uplift over the sovereign IDR.
Suspended Discontinuity Caps
Given that Greek covered bonds issuers' 'RD' IDRs reflect an
uncured payment default on other obligations than the covered
bonds, Fitch no longer uses the IDR as a starting point for its
covered bonds credit risk assessment. As a result, Fitch has
suspended its Discontinuity Cap (D-Cap) and IDR uplift analysis,
which generally determines the maximum rating notch uplift from
the IDR of the issuing entities to the covered bond rating on a
probability of default (PD) basis.
RATING SENSITIVITIES
Further changes in the sovereign rating and/or in the Country
Ceiling will affect the rating of the highest rated SF tranches
and covered bond program.
If strict capital controls that prevent payments to the issuers
are in place for a period that extends beyond Fitch's
expectations, further negative rating actions may be taken.
The ratings of the covered bond programs are also sensitive to
changes to the Greek banks' IDRs.
DUE DILIGENCE USAGE
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the RMBS and ABS transactions. There were no findings
that were material to this analysis. Fitch has not reviewed the
results of any third party assessment of the asset portfolio
information or conducted a review of origination files as part of
its ongoing monitoring.
Fitch did not undertake a review of the information provided
about the underlying asset pools ahead of the transactions'
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.
Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
GREEK BANKS: Moody's Reviews Caa3 Ratings on 5 Institutions
-----------------------------------------------------------
Moody's Investors Service, on July 2, 2015, placed on review for
downgrade the Caa3/(P)Caa3 long-term deposit and senior unsecured
debt ratings of five Greek banks: National Bank of Greece SA,
Piraeus Bank SA, Eurobank Ergasias SA, Alpha Bank AE and Attica
Bank SA. These banks' respective baseline credit assessments
(BCAs) were also downgraded to ca from caa3.
The BCA downgrade is driven by 1) the significant deterioration
in banks' funding and liquidity in recent weeks, and 2) the
current bank closures and associated capital controls, which
constitute a deposit default in Moody's opinion.
The rating review will assess the risk of losses for depositors
and senior unsecured creditors, in the context of the uncertainty
surrounding the availability of the emergency liquidity
assistance (ELA) to Greek banks and the increased risk of the
country's possible exit from the euro area. The Caa3 deposit
ratings are in line with Greece's deposit ceiling, and
incorporate potential losses stemming from the immediate
pressures implied by the bank holiday, deposit withdrawal
limitations and capital controls recently put in place, alongside
the risks of a broad insolvency of the banking system.
The rating agency has also assigned Counterparty Risk Assessments
(CR Assessments) of Caa3(cr)/NP(cr) to the above Greek banks, and
has placed all the long-term Caa3(cr) CR Assessments on review
for downgrade.
RATINGS RATIONALE
-- DOWNGRADE OF BCAs PRIMARILY DRIVEN BY THE IMPOSED BANK
HOLIDAY AND CAPITAL CONTROLS RESULTING IN A DEPOSIT DEFAULT
The BCAs of all rated Greek banks were downgraded to ca from caa3
as the bank holiday, along with the associated deposit withdrawal
limitations and capital controls, constitute a default on
deposits in Moody's opinion. According to the rating agency's
bank rating methodology, a BCA of ca is consistent with such an
event, indicating the banks' highly speculative standalone
financial strength. Despite a certain degree of difference
amongst the financial fundamentals of the five banks, the
systemic nature of the capital controls and the underlying
liquidity stress affects all rated Greek banks equally.
The bank holiday follows the significant deterioration of all
banks' funding and liquidity, with accelerated deposit outflows
taking place in the last few weeks, as Greek households are
concerned about the prospect of forced redenomination of their
deposits into a new currency. Moody's estimates that domestic
private-sector deposits have declined by around EUR44 billion
since the end of last November to approximately EUR120 billion.
Outflows in the last two weeks alone were in excess of EUR8
billion.
In response to the persistent decline in deposits, the ECB had in
recent weeks allowed the Bank of Greece to gradually increase the
amount of ELA provided to the Greek banking sector. However, the
ECB's decision on 28 June to freeze the ELA limit at around EUR89
billion heightens liquidity risk and leaves the banks without an
alternative funding source. Moody's estimates that the Greek
banking system is now more reliant on funding from the
Eurosystem, either in the form of ELA or regular funding, than on
domestic private-sector customer deposits.
In addition, Moody's considers that the deteriorating credit
conditions associated with the capital controls, and the
significantly reduced economic activity in the first half of the
year, will exert more pressure on banks' already very weak asset
quality. Consequently, the rating agency expects banks' potential
losses in 2015 to further increase solvency risk, and likely
trigger the need for a new round of recapitalization for the
banking system.
-- RATING REVIEW TO ASSESS EXPECTED LOSSES
The rating review will primarily focus on the assessment of the
risk of losses for banks' deposits and senior unsecured debt
obligations. The Caa3 ratings are in line with Greece's deposit
ceiling, and incorporate potential losses stemming from the
immediate pressures implied by the bank holiday, deposit
withdrawal limitations and capital controls recently put in
place, alongside the risks of a broad insolvency of the banking
system. The review for downgrade will assess the implications of
the outcome of the referendum for Greece's willingness and
ability to reach agreement with its official sector creditors. A
"No" vote would likely increase the risk of exit from the euro
area and currency redenomination, which would lead to significant
losses for bank depositors and creditors.
Moody's believes that political events in the next few weeks will
be critical for the availability of the ELA to Greek banks from
the ECB, and for the banking system to remain within the
eurosystem. The continued availability of ELA to meet funding
needs could limit the risk of losses for bank depositors and
creditors to levels consistent with the current Caa3 ratings.
-- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS
Moody's has also assigned CR Assessments of Caa3(cr)/NP(cr) to
National Bank of Greece SA, Piraeus Bank SA, Eurobank Ergasias
SA, Alpha Bank AE and Attica Bank SA, and has placed all the
long-term Caa3(cr) CR Assessments on review for downgrade. 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 authorities can take
to preserve the key operations of a bank should it enter a
resolution.
For Greek banks, the CR Assessment is positioned one notch 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 Loss Given Failure (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 Moody's focus purely on
subordination and take no account of the volume of the instrument
class.
The CR Assessment for Greek banks does not benefit from any
government support, in line with Moody's support assumptions on
deposits and senior unsecured debt. This reflects the rating
agency's 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.
The review on the Greek banks' CR Assessments will follow the
associated review on the banks' deposit and debt ratings.
WHAT COULD MOVE THE RATINGS UP/DOWN
An assessment of higher expected losses due to potentially
protracted capital controls, in conjunction with risks regarding
the availability of central bank funding mainly in the form of
ELA, could prompt a downgrade of the banks' ratings. In addition,
the ratings could also be downgraded if the rating agency
considers that the risk of a potential exit from the euro area,
and risk of redenomination, has increased considerably.
Greek banks' ratings could be confirmed if the rating agency
considers that potential deposit losses could be contained at
levels consistent with a Caa3 rating and if default risks for
senior unsecured bond holders do not increase materially. As
signaled by the review for downgrade, upside potential for Greek
banks' ratings is currently very limited.
THE SPECIFIC RATING CHANGES IMPLEMENTED TODAY ARE AS FOLLOWS:
Issuer: Alpha Bank AE
Adjusted Baseline Credit Assessment, Downgraded to ca from caa3
Baseline Credit Assessment, Downgraded to ca from caa3
Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3
Senior Unsecured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)Caa3
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Subordinate Multiple Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade
Counterparty Risk Assessment Short-term, Assigned NP(cr)
Outlook, Changed To Rating Under Review From Negative
Issuer: Alpha Credit Group plc
Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3
Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Outlook, Changed To Rating Under Review From Negative
Issuer: Alpha Group Jersey Limited
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)
Outlook, Changed To Rating Under Review From Negative
Issuer: Emporiki Group Finance Plc
Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3
Outlook, Changed To Rating Under Review From Negative
Issuer: Attica Bank S.A.
Adjusted Baseline Credit Assessment, Downgraded to ca from caa3
Baseline Credit Assessment, Downgraded to ca from caa3
Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3
Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade
Counterparty Risk Assessment Short-term, Assigned NP(cr)
Outlook, Changed To Rating Under Review From Negative
Issuer: Eurobank Ergasias S.A.
Adjusted Baseline Credit Assessment, Downgraded to ca from caa3
Baseline Credit Assessment, Downgraded to ca from caa3
Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3
Senior Unsecured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)Caa3
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Subordinate Multiple Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade
Counterparty Risk Assessment Short-term, Assigned NP(cr)
Outlook, Changed To Rating Under Review From Negative
Issuer: ERB Hellas (Cayman Islands) Limited
Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Outlook, Changed To Rating Under Review From Negative
Issuer: ERB Hellas Funding Limited
Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)
Outlook, Changed To No Outlook From Negative
Issuer: ERB Hellas PLC
Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3
Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Outlook, Changed To Rating Under Review From Negative
Issuer: National Bank of Greece S.A.
Adjusted Baseline Credit Assessment, Downgraded to ca from caa3
Baseline Credit Assessment, Downgraded to ca from caa3
Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3
Backed Senior Unsecured Regular Bond/Debenture (Government
Guaranteed), Downgraded to Caa3 Placed Under Review for further
Downgrade from Caa2 Negative;
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Pref. Stock Non-cumulative, Placed on Review for Downgrade,
currently Ca (hyb)
Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade
Counterparty Risk Assessment Short-term, Assigned NP(cr)
Outlook, Changed To Rating Under Review From Negative
Issuer: National Bank of Greece Funding Limited
Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)
Outlook, Changed To No Outlook From Negative
Issuer: NBG Finance plc
Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3
Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Outlook, Changed To Rating Under Review From Negative
Issuer: Piraeus Bank S.A.
Adjusted Baseline Credit Assessment, Downgraded to ca from caa3
Baseline Credit Assessment, Downgraded to ca from caa3
Long-Term Bank Deposit Ratings, Placed on Review for Downgrade,
currently Caa3
Senior Unsecured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)Caa3
Subordinate Multiple Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Counterparty Risk Assessment Long-term, Assigned Caa3(cr);
Placed Under Review for Downgrade
Counterparty Risk Assessment Short-term, Assigned NP(cr)
Outlook, Changed To Rating Under Review From Negative
Issuer: Piraeus Group Capital Limited
Backed Pref. Stock Non-cumulative, Placed on Review for
Downgrade, currently Ca (hyb)
Outlook, Changed To No Outlook From Negative
Issuer: Piraeus Group Finance Plc
Backed Senior Unsecured Regular Bond/Debenture, Placed on Review
for Downgrade, currently Caa3
Backed Subordinate Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ca
Backed Senior Unsecured Medium-Term Note Program, Placed on
Review for Downgrade, currently (P)Caa3
Backed Subordinate Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Ca
Outlook, Changed To Rating Under Review From Negative
The short-term NP/(P)NP ratings for all the banks above were not
affected by today's rating action.
All banks affected by the rating actions are headquartered in
Athens, Greece:
-- National Bank of Greece SA reported total consolidated assets
of EUR119.3 billion as of March 2015
-- Piraeus Bank SA reported total consolidated assets of EUR88.5
billion as of March 2015
-- Eurobank Ergasias SA reported total consolidated assets of
EUR77.5 billion as of March 2015
-- Alpha Bank SA reported total consolidated assets of EUR73
billion as of March 2015
-- Attica Bank SA reported total consolidated assets of EUR3.9
billion as of March 2015
NATIONAL BANK: Fitch Lowers Senior Debt Rating to 'CC'
------------------------------------------------------
Fitch Ratings has downgraded the state-guaranteed long-term
senior debt rating of National Bank of Greece S.A. (NBG, 'RD')
and Eurobank Ergasias S.A. (Eurobank, 'RD') to 'CC' from 'CCC'.
Their short-term state-guaranteed senior debt rating has been
affirmed at 'C'.
The rating actions follow the downgrade of Greece's sovereign
Long-term foreign currency Issuer Default Rating. The banks'
other ratings are unaffected and remain driven by the factors
noted in our rating action commentary.
KEY RATING DRIVERS
GUARANTEED SENIOR DEBT
The government-guaranteed debt issuances are senior unsecured
instruments that bear the full guarantee of the Greek state.
Fitch rates guaranteed debt at the higher of the senior unsecured
debt ratings of the issuer ('C' for both NBG and Eurobank) and
the guarantor's Long-term foreign currency IDR. Fitch has no
reason to believe that these guaranteed programs and issues will
be treated differently to the other obligations of the Greek
state.
RATING SENSITIVITIES
GUARANTEED SENIOR DEBT
Greek banks' government-guaranteed debt ratings are sensitive to
any changes in Greece's sovereign ratings.
The rating actions are:
NBG:
State-guaranteed debt (XS0920832846): downgraded to 'CC' from
'CCC'
Eurobank:
State-guaranteed debt (XS0922876882): downgraded to 'CC' from
'CCC'
Long-term state-guaranteed debt program: downgraded to 'CC'
from 'CCC'
Short-term state-guaranteed debt program: affirmed at 'C'
ERB Hellas PLC:
Long-term state-guaranteed debt program: downgraded to 'CC'
from 'CCC'
Short-term state-guaranteed debt program: affirmed at 'C'
ERB Hellas (Cayman Islands) Ltd.:
Long-term state-guaranteed debt program: downgraded to 'CC'
from 'CCC'
Short-term state-guaranteed debt program: affirmed at 'C'
PROVIDE GEMS 2002-1: Fitch Affirms Csf Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has upgraded two tranches of Provide GEMS 2002-1
Plc and affirmed two tranches.
The transaction is a synthetic securitization of second lien
mortgage loans originated by Rheinische Hypothekenbank, now part
of Hypothekenbank Frankfurt AG (A-/Negative/F1).
KEY RATING DRIVERS
Improved Performance
Over the past 12 months, the performance of the underlying assets
in the portfolio has improved. The volume of credit events,
which make up nearly a quarter of the portfolio, has reduced to
EUR11.0 million from EUR25.9 million. Of the EUR14.8 million
credit events that have left the portfolio, 58.5% was due to
ineligibility with the transaction representations and
warranties, while the remaining 41.5% was due to a sale of the
underlying properties.
Given the second-lien nature of the loans in the portfolio, it is
not unusual that loss severities on the underlying loans remain
high and on a cumulative basis are reported at 90%. Therefore,
in its analysis of the transaction, Fitch assumed 0% recovery on
the remaining and any future credit events across all rating
scenarios. Despite these stresses, the analysis showed that the
credit enhancement available to the class B and C notes was
sufficient to withstand higher ratings, as reflected in their
upgrade to 'AAAsf' and 'BBsf', respectively.
Exposure to Loss Allocation
As of June 2015, the class D notes had allocated losses amounting
to 21.5% of the issuance amount compared with 6% 12 months ago.
Meanwhile, losses are allocated to the full outstanding balance
of the class E notes. While Fitch believes that further losses
are likely to be allocated to the class D notes, the agency has
conducted sensitivity analysis that shows that the likelihood of
loss allocation to the full balance of class D notes has
decreased. This view is further reflected in the revision in the
Recovery Estimate for the class D notes to 40%.
Operational Risk
Fitch has not been provided with current full information on the
servicing operations, structure or strategies for the
transaction. Nevertheless, Fitch believes that the performance of
the pool, its seasoning and the good quality of investor reports
provided by Hypothekenbank Frankfurt AG, mitigates this risk.
The agency is in continuous dialogue with Hypothekenbank
Frankfurt to try and obtain up to date information on servicing.
RATING SENSITIVITIES
A sudden deterioration in asset performance that leads to credit
events and losses for the structure beyond Fitch's assumptions
would put pressure on credit enhancement, particularly at the
bottom end of the structure.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.
Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
Fitch has taken these rating actions:
Class B (XS0145701289) upgraded to 'AAAsf' from 'AAsf'; Outlook
Stable
Class C (XS0145701792) upgraded to 'BBsf' from 'CCCsf'; Outlook
Stable
Class D (XS0145701875) affirmed at 'Csf'; Recovery Estimate
revised to 40% from 0%
Class E (XS0145702170) affirmed at 'Csf'; Recovery Estimate 0%
=============
I R E L A N D
=============
CLERYS: Concession Holders to Object to Liquidator Appointment
--------------------------------------------------------------
Irish Independent reports that concession holders who are owed
nearly EUR1 million from the Clerys closure will object to the
appointment of the liquidator in the High Court today, July 6.
According to Irish Independent, the group of 15 concession
holders, who are out of pocket to the tune of more than
EUR750,000, will object to Kieran Wallace and Eamonn Richardson
of KPMG being named as liquidator of OCS Operations Ltd. -- the
company that ran Clerys.
The landmark department store on Dublin's O'Connell Street closed
down earlier this month, Irish Independent recounts.
Natrium, the company which bought Clerys from Gordon Bros. this
month, moved swiftly to put OCS Operations Ltd., which ran
Clerys, into liquidation, Irish Independent relays.
Messrs. Wallace and Richardson were quickly appointed as
liquidators but as creditors of the business, the concession
holders can object to their appointment, Irish Independent
relates.
The objection, which may not succeed, will likely mean the
concession holders taking on a legal bill estimated at EUR20,000
if it fails, Irish Independent notes.
Clerys is a Dublin-based retailer. The company owns three home
furnishings stores, in Leopardstown and Blanchardstown in Dublin,
and in Naas, Co Kildare.
WILLIAM GRANT: Shuts Down Clonmel Site, 50 Jobs Affected
--------------------------------------------------------
Irish Examiner reports that up to 50 jobs at William Grant and
Sons are being lost in Tipperary.
The company is shutting down production at its Clonmel site and
moving operations to Offaly, Irish Examiner relates.
Some 40% of the jobs will be lost by this September, with the
remainder to go by September 2016, Irish Examiner discloses.
William Grant and Sons manufactures Tullamore Dew.
=========
I T A L Y
=========
ITALIAN BANKS: Fitch Affirms 'BB' IDR on 4 Institutions
-------------------------------------------------------
Fitch Ratings, on July 2, 2015, affirmed the ratings of Credito
Emiliano (Credem), Banca Popolare di Sondrio (BPS), Banco di
Desio e della Brianza (Desio) and Credito Valtellinese (Creval).
The Outlooks on Credem and BPS have been revised to Stable from
Negative.
Credem's Long-term Issuer Default Rating (IDR) and senior debt
ratings are affirmed at 'BBB+'; BPS's and Desio's at 'BBB', and
Creval's at 'BB'.
The rating actions follow a periodic review of these four Italian
medium-sized banking groups.
KEY RATING DRIVERS
IDRS, VIABILITY RATINGS (VRs) AND SENIOR DEBT
Credem
Credem's 'BBB+' Long-term IDR reflects the bank's healthy asset
quality domestically, sound capitalization and resilient
profitability as captured by the bank's Viability Rating (VR) of
'bbb+'.
Asset quality is the strongest among rated Italian banks, with
impaired loans accounting for 5.7% of gross loans at end-1Q15.
Coverage of impaired loans is acceptable at 54% and compares well
with peers.
Credem reported an operating profit of EUR208 million in 2014,
with an operating return on average equity (ROAE) of about 9%,
and EUR98 million in 1Q15. The bank's performance is sustained
by strong revenue generation from both interest and commission
income and by low loan impairment charges (LICs) as a result of
its strong asset quality. Operating expenses, however, remain
high.
Capitalization is sound, with a Fitch Core Capital (FCC) and CET1
ratio of about 11% at end-1Q15. Fitch views the bank's
capitalization as strong also in light of the low level of
unreserved impaired loans, which account for only 31% of FCC,
significantly lower than other Italian banks.
The Outlook revision to Stable from Negative reflects Fitch's
expectations of continued sound financial performance and no
material deterioration in asset quality. The Stable Outlook also
reflects the normalization in the operating environment and
financial markets in Italy after years of economic recession.
BPS
The Outlook revision to Stable from Negative reflects Fitch's
expectation of a stabilization in BPS's asset quality and of a
modest recovery in the profitability of its core lending
activities, supported by lower LICs. BPS's IDRs and VR reflect
the bank's strengthened capitalization, a still manageable level
of impaired loans, despite the deterioration experienced
throughout the domestic recession, and adequate funding.
BPS's capitalization was strengthened in 2014 through a EUR342
million capital increase. The FCC ratio improved to 10.3% at
end-2014 -- from 8.4% at end-2013 -- which Fitch considers
acceptable given BPS's prudent risk appetite and lower impaired
loan ratio compared with its immediate peers. Unreserved
impaired loans accounted for 56.4% of FCC at end-2014, which
compares well with other domestic peers in the same rating range.
The stock of impaired loans increased at a slower pace in 2014
and amounted to 13.1% of total gross loans at end-1Q15, a level
that continues to compare favorably with domestic peers.
Coverage of impaired loans improved further to 54% at end-1Q15
from 52% at end-2013 and is among the highest for Italian medium-
sized banks rated by Fitch. Loans to the real estate and
construction sectors have been declining progressively,
signalling a more prudent risk appetite, although exposure to
market risk has increased in recent years in view of its large
investments in Italian government bonds.
BPS's operating performance has been more resilient throughout
the domestic recession than most of its domestic peers. In 2014
revenues from its core lending activities continued to be
negatively influenced by low interest rates and low volumes but
net interest income benefitted from lower funding costs and
interest earned on securities.
Gains from its securities portfolio continued to contribute
materially to operating revenues but we believe this is not
sustainable. LICs remained high in 2014 but were stable over
2013, including the EUR162 million provisions related to the
ECB's Asset Quality Review. Fitch expects LICs to reduce in
2015, reflecting the bank's already conservative provisioning and
improving quality of new lending. BPS's cost/income ratio was on
a moderately improving trend at 39% in 1Q15 (43% at end-2013),
showing the bank's ability to keep operating costs under control.
BPS's funding structure is adequate, in Fitch's view. The bank
relies on ample and stable retail funding (88% of total non-
equity funding at end-1Q15) while ECB funding utilization is
contained (at 3% of total assets). BPS diversified its funding
structure through the use of covered bonds in 2014.
Desio
Desio's ratings reflect the bank's acceptable capitalization, and
more resilient profitability than most peers and adequate funding
profile. The ratings also reflect deteriorated asset quality
after the acquisition of Banca Popolare di Spoleto (BPSpoleto)
which, however, remains better than system-average, and the
bank's fairly small franchise.
At end-1Q15 Desio's FCC ratio stood at 11% and its tangible
equity accounted for a high 7.5% of tangible assets. Fitch
considers Desio's capitalization as acceptable but unreserved
impaired loans as a share of FCC which surged above 80% at end-
1Q15 from around 40% before the acquisition of BPSpoleto.
Desio's profitability is resilient. The bank's revenue
generation capacity should benefit, in the coming quarters, from
higher loan volumes and the bank's ability to keep net interest
margins stable. Additional benefits to operating revenues should
come from aligning BPSpoleto's commercial strategies with those
of the parent. Control over operating costs remains strong.
LICs, which eroded more than 75% of the pre-impairment operating
profit in 2014, should decline but remain exposed to asset
quality dynamics.
Desio's funding is adequate. Customer funding accounts for above
90% of total non-equity funding and has a track record of
stability, despite the large presence of SME deposits, resulting
in liquidity coverage ratios just being above the regulatory
minimum. Liquidity is underpinned by unencumbered eligible
assets amounting to 12% of total assets at end-1Q15.
Desio's impaired loans ratio reached 15.7% of gross loans at end-
1Q15, which is high internationally but still compares adequately
with its domestic peers. Desio's prudent lending policies have
been implemented at BPSpoleto and should mitigate future asset
quality pressure. BPSpoleto's legacy impaired loans remain a
risk but are abundantly covered by reserves.
Loan loss reserves for Desio improved to 54% of impaired loans at
end-1Q15, one of the highest ratios among direct domestic peers,
from 43% at end-2013, and are complemented by adequate
collateral. The group's loan book remains well-diversified by
borrower and by industry. Geographical diversification has
improved with the acquisition of BPSpoleto.
Creval
Creval's IDRs and VR reflect the bank's weak asset quality with a
high level of gross and unreserved impaired loans in relation to
capital, as well as its strengthened capital and adequate funding
and liquidity. Profitability remains weak; however, Fitch sees
early signs of recovery in pre-impairment profit, reflecting
stabilization in the operating environment and lending volumes,
improving operating efficiency and competitive pricing
strategies.
Fitch believes asset quality remains Creval's major weakness and
a drag on its capital and ratings. The stock of impaired loans
rose to a high 23% of gross loans at end-1Q15, above the average
for direct peers, from 16% at end-2013. Loan loss reserve
coverage of 44% at the same date remains weak in Fitch's view.
Extensive use of collateral means problem loans are fully
covered, but collateral is in the form of real estate, which is
exposed to the risk of valuation decline and a long disposal
process. Creval's larger-than-average exposure to real estate and
construction sectors is mitigated by the fragmented nature of
individual exposures. Fitch expects impaired loans to continue
to increase, albeit at a slower pace, as the legacy portfolio
deteriorates further in 2015-2016.
The bank's capital strengthened following a EUR400 million
capital increase in 1H14. Its phased-in CET1 and total capital
ratios stood at 11.1% (8.8% at end-2013) and 13.6%, respectively,
at end-1Q15. However, Creval's capitalization remains under
pressure, given the material size of its unreserved impaired
loans, which represented a high 134% of FCC at end-1Q15.
Creval reported net losses of EUR322 million at end-2014 due to
exceptionally high LICs (EUR708 million), entirely eroding its
pre-impairment profit, but also an extraordinary EUR131 million
of impairment of its goodwill and intangibles and an additional
EUR44 million of non-recurring provisions for layoffs. Fitch
expects a normalization of operating profitability in 2015.
Fitch acknowledges a stabilization in net interest income (NII)
throughout 2014 and in 1Q15, but this is attributable to cheap
ECB funding and interest on securities. Gains from the
securities portfolio, which Fitch considers a volatile source of
income, continued to support profitability in 1Q15 but less than
at other domestic peers.
Funding and liquidity are adequate in Fitch's opinion. The bank
benefits from large and stable customers' funding which accounted
for 71% of total non-equity funding at end-2014. Liquidity
remains acceptable, underpinned by unencumbered ECB eligible
assets representing 14% of total assets.
SUPPORT RATING AND SUPPORT RATING FLOOR (ALL BANKS)
The SRs and SRFs reflect Fitch's view that senior creditors can
no longer rely on receiving full extraordinary support from the
sovereign in the event that a bank becomes non-viable. In
Fitch's view, the EU's Bank Recovery and Resolution Directive
(BRRD) and the Single Resolution Mechanism (SRM) for eurozone
banks are now sufficiently progressed to provide a framework for
resolving banks that is likely to require senior creditors
participating in losses, if necessary, instead of or ahead of a
bank receiving sovereign support.
In the EU, BRRD has been effective in member states since 1
January 2015, including minimum loss absorption requirements
before resolution financing or alternative financing (eg,
government stabilization funds) can be used. Full application of
BRRD, including the bail-in tool, is required from 1 January
2016.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES (ALL BANKS)
Subordinated debt and other hybrid capital are all notched down
from the banks' respective VRs in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles.
Credem's subordinated callable Tier 2 debt is rated one notch
below the bank's VR of 'bbb+'. The notes are notched down once
for loss severity to reflect below-average recovery prospects.
No notching is applied for non-performance risk since a write-
down of the notes will only occur once the point of non-viability
is reached and there is no coupon flexibility prior to non-
viability.
RATING SENSITIVITIES
IDRS, VRs AND SENIOR DEBT (ALL BANKS)
Material deterioration in asset quality and capital, which Fitch
currently does not expect for any of the banks, could lead to the
ratings being downgraded. Similarly, a deterioration of funding
and liquidity profiles would put pressure on the ratings.
Improvements in the profitability of the banks' commercial
activities and a material reduction in the level of impaired
loans and capital at risk could over time lead to the ratings
being upgraded. For Credem, an upgrade of the VR to the 'a'
category is unlikely since we consider its business model as a
regional commercial bank as a constraint.
The banks' Long-term IDRs are potentially sensitive to Fitch's
assessment of the level of protection offered to senior creditors
by outstanding loss-absorbing junior instruments.
In the case of Creval, the size of its junior debt buffer, which
was close to 7% of risk-weighted assets at end-2014 was therefore
fairly close to the minimum EU Pillar I total capital
requirement. Further strengthening of this buffer could
eventually justify a one-notch uplift of the IDR from the VR.
However, a lack of plans to enlarge the junior debt buffer
currently does not warrant an IDR upgrade.
SUPPORT RATING AND SUPPORT RATING FLOOR (ALL BANKS)
Any upgrade to the SRs and upward revision to the SRFs would be
contingent on a positive change in the sovereign's propensity to
support its banks. While not impossible, this is highly unlikely
in Fitch's view.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES (ALL BANKS)
The ratings of the instruments are primarily sensitive to a
change in the banks' VRs, which drive the ratings, but also to a
change in Fitch's view of non-performance or loss severity risk
relative to the respective banks' viability.
The rating actions are:
Credito Emiliano
Long-term IDR: affirmed at 'BBB+'; Outlook Revised to Stable
from Negative
Short-term IDR: affirmed at 'F2'
Viability Rating: affirmed at 'bbb+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Long-term senior unsecured debt (EMTN): affirmed at 'BBB+'
Subordinated Tier 2 debt: affirmed at "BBB"
Banco di Desio e della Brianza
Long-term IDR: affirmed at 'BBB'; Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb';
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Banca Popolare di Sondrio
Long-term IDR: affirmed at 'BBB'; Outlook Revised to Stable
from Negative
Short-term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Credito Valtellinese
Long-term IDR: affirmed at 'BB'; Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured notes and EMTN: affirmed at 'BB'/'B'
=====================
N E T H E R L A N D S
=====================
GARDA CLO: Moody's Affirms 'Caa1(sf)' Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of notes issued by Garda CLO B.V.:
EUR254,000,000 (current balance EUR60,190,976) Class A Senior
Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on
Sep 8, 2014 Upgraded to Aaa (sf)
EUR22,000,000 Class B Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Sep 8, 2014 Upgraded to Aa2
(sf)
EUR21,000,000 Class C Deferrable Interest Floating Rate Notes due
2022, Upgraded to A3 (sf); previously on Sep 8, 2014 Affirmed
Baa2 (sf)
EUR14,000,000 Class D Deferrable Interest Floating Rate Notes due
2022, Affirmed Ba2 (sf); previously on Sep 8, 2014 Affirmed Ba2
(sf)
EUR13,000,000 (current balance EUR 6,845,605) Class E Deferrable
Interest Floating Rate Notes due 2022, Affirmed B1 (sf);
previously on Sep 8, 2014 Downgraded to B1 (sf)
EUR6,000,000 Class F Deferrable Interest Floating Rate Notes due
2022, Affirmed Caa1 (sf); previously on Sep 8, 2014 Downgraded to
Caa1 (sf)
Garda CLO B.V., issued in February 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. It is predominantly composed of
senior secured loans. The portfolio is managed by 3i Debt
Management Ltd, and this transaction ended its reinvestment
period in April 2013.
RATINGS RATIONALE
According to Moody's, the upgrade of the Class B and Class C
notes is primarily a result of the pay-down of Class A notes by
EUR81.2 million (32% of closing balance) since the last rating
action in September 2014. As a result of this deleveraging, the
overcollateralization ratios (or "OC ratios") of the senior notes
have increased significantly. As per the trustee report dated May
2015, the Class B, Class C, and Class D OC ratios are reported at
161.33%, 128.50%, and 113.15%, respectively, versus July 2014
levels of 134.63%, 119.30%, and 110.88%.
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) a EUR pool with performing par and principal proceeds balance
of EUR136.0 million, defaulted par of EUR10.3 million , a
weighted average default probability of 23.9% (consistent with a
WARF of 3280 over a weighted average life of 4.5 years), a
weighted average recovery rate upon default of 46.0% for an Aaa
liability target rating, a diversity score of 25 and a weighted
average spread of 3.56%.
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 an Aaa liability target rating,
Moody's assumed that 86.8% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the 3.9% of non first-lien loan corporate assets would recover
15% and the 9.3% of structured finance assets would recover
21.2%. 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.
Moody's notes that the portfolio includes a few investments in
securities that mature after the maturity date of the notes.
Based on the May 2015 trustee report, such securities currently
total EUR12.3 million (9.24%) of reported performing par.
LEOPARD CLO III: Moody's Affirms Caa3 Rating on Class E2 Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Leopard CLO III B.V.:
EUR18 Million (current balance 0.1M) C1 Notes, Upgraded to
Aaa(sf); previously on Oct 7, 2014 Upgraded to Aa3 (sf)
EUR11 Million (current balance 0.1M) C2 Notes, Upgraded to
Aaa(sf); previously on Oct 7, 2014 Upgraded to Aa3 (sf)
EUR16.25 Million D Notes, Upgraded to Baa2 (sf); previously on
Oct 7, 2014 Affirmed B2 (sf)
Moody's also affirmed the ratings of the following notes:
EUR6.25 Million (current balance 4.7M) E1 Notes, Affirmed
Caa3 (sf); previously on Oct 7, 2014 Affirmed Caa3 (sf)
EUR4 Million (current balance 3.1M) E2 Notes, Affirmed
Caa3 (sf); previously on Oct 7, 2014 Affirmed Caa3 (sf)
Leopard CLO III B.V., issued in April 2005, is a single currency
Collateralized Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans managed by M&G
Investment Management Limited. This transaction passed its
reinvestment period in October 2010.
RATINGS RATIONALE
The upgrade to the ratings is primarily the result of the
deleveraging that has occurred over the last two payment dates
since last rating action in October 2014 which was based on
August 2014 data.
Over the last two payment dates the Class A1 notes and class B
notes have fully redeemed their outstanding amounts, EUR18.5
million and 14.5 million, respectively. The Class C notes have
amortized approximately by EUR27.8 million or 99.5% of the
closing balance. As a result of the substantial deleveraging,
over-collateralization (OC) ratios of all but the most junior
rated notes have increased. According to the May 2015 trustee
report the Class C, Class D and Class E OC ratios are 13,209.4%,
120.9%, and 81.6% compared to 130.8%, 103.7% and 94.2%
respectively in August 2014.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR23.4 million,
a weighted average default probability of 24.1% (consistent with
a WARF of 3,680), a weighted average recovery rate upon default
of 43.5% for a Aaa liability target rating, a diversity score of
8 and a weighted average spread of 3.37%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% for 81.5% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% for the remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
UNIFY HOLDINGS: Moody's Withdraws Caa1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating (CFR) and the Caa1-PD probability of default rating (PDR)
of Unify Holdings B.V. for its own business reasons. At the time
of the withdrawal, all the aforementioned ratings carried a
negative outlook.
RATINGS RATIONALE
Unify Holdings B.V. ("Unify", formerly Enterprise Networks
Holdings B.V.) is a leading global provider of communications-
related products and services to enterprises, including
businesses, government agencies and other organizations. The
company's solutions unify multiple networks, devices and
applications into single platforms in order to simplify and
enhance how enterprises communicate. The Group currently operates
under two business segments, (i) Product House, which includes
various subcategories such as Clients and Devices (phones), Voice
Communications and Collaboration Applications, Contact Center,
Applications and Security and (ii) Services, which integrates and
operates the company's voice and Unified Communications solutions
in customer environments and the cloud.
Unify is jointly owned by private equity firm The Gores Group
(51%) and Siemens Aktiengesellschaft (A1, stable) (49%). While
the holding company is registered in Amsterdam, Netherlands, the
corporate headquarters of the group are in Munich, Germany. Unify
generated revenues of EUR1.4 billion in financial year ending 30
September 2014 (FY14).
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R U S S I A
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URALSIB OJSC: S&P Cuts Rating to 'B' on Weak Financial Results
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
on Russian Bank URALSIB (OJSC) to 'B' from 'B+'. At the same
time, S&P placed its 'B/B' long- and short-term ratings on
CreditWatch with negative implications.
The downgrade reflects the bank's continued weak financial
performance and -- as a result -- additional pressure on its
capital and profitability, which constrains the bank's loss
absorption capacity amid the economic recession in Russia. The
CreditWatch placement also reflects S&P's view that the recently
deteriorated economic environment in Russia may intensify
pressure on the bank's financials, especially its asset quality
and earnings capacity. S&P believes in particular that a
materially increased cost of funding and higher credit costs are
weighing on the bank's already weak financial profile.
"We observe that the bank has experienced a structural decline in
the earnings power of its core business over the past five years,
resulting in accumulated net losses of Russian ruble (RUB)19
billion ($350 million) for the period 2010-2014, before minority
interest, or about 50% of the bank's reported shareholder equity
as of Dec. 31, 2014. This also includes RUB5.6 billion of net
losses made by the consolidated leasing segment of the bank. The
losses for the first quarter of 2015 under Russian GAAP
constituted another RUB4 billion. As of June 1, 2015, the bank's
regulatory capital adequacy ratio stood at 10.7%, just above the
minimal requirement of 10%, leaving URALSIB with limited room for
the absorption of potential additional losses in the absence of
remedial actions. We believe that the ultimate beneficiary of
the bank, Mr. Tsvetkov, and the management, may consider actions
to restore the bank's financial profile, possibly via core equity
support, including the possibility of attracting third-party
investments. We believe that, even if capital improvement
initiatives were taken, it wouldn't be sufficient to maintain the
bank's ratings at 'B+'," S&P said.
"Given increased credit and funding costs, we expect the bank to
demonstrate net losses in 2015 of the same magnitude as in 2014.
We believe that URALSIB's currently "very weak" capitalization,
as our criteria define the term, allows only limited room for
maneuver in the event of stress. We project that URALSIB's risk-
adjusted capital (RAC) ratio under our methodology will remain
below 2% in the next 12-18 months," S&P noted.
"The long-term counterparty credit rating is one notch higher
than the bank's stand-alone credit profile, which we assess at
'b-'. This reflects our current view of URALSIB's 'moderate'
systemic importance and the Russian government's 'supportive'
stance toward the domestic banking sector. Given the bank's wide
franchise across the country and material penetration in the
retail segment, notably in the regions, we think that the failure
of URALSIB would result in a loss of confidence in the Russian
banking system. For this reason, we believe there is a
'moderate' likelihood that the Russian government would support
URALSIB if needed. At the same time, we acknowledge that if we
were to see material deterioration of the bank's market presence,
we could revise our assessment of URALSIB's systemic importance,"
S&P said.
S&P aims to resolve the CreditWatch within the next three months.
During this time S&P expects to have more clarity on the bank's
capital plans and its ability to address the erosion of its
capital buffer. S&P could lower the ratings if it sees that
losses are not balanced by capital support from the existing
beneficiary or participation of third party, or other remedial
actions. Absence or insufficient support could rapidly place the
creditworthiness of the bank under severe pressure, as it could
bring its statutory capital ratios at risk of breach of
regulatory requirements.
S&P could take a negative rating action if the economic outlook
further weakened and capital markets remained volatile, making
operating conditions even more difficult for Russian banks.
These risks could put substantial pressure on URALSIB's profits
and asset quality, especially if its margins and cost efficiency
were to weaken further. A more challenging operating environment
could also further complicate management's capacity to
sustainably turn around the business. S&P could also take a
negative rating action if it was to see a gradual decrease of the
bank's currently "moderate" systemic importance as a result of a
substantial loss of market share.
S&P could affirm the ratings if it considers that the bank is
able to reduce losses, and the erosion in the capital buffer is
sufficiently offset by remedial actions.
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S W I T Z E R L A N D
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NORD ANGLIA: Moody's Assigns 'B1' Rating to Senior Secured Notes
----------------------------------------------------------------
Moody's Investors Service assigned a definitive B1 rating to Nord
Anglia Education, Inc's (NAE, B1 Stable) CHF200 million senior
secured notes.
At the same time, Moody's has affirmed the ratings on NAE's
senior secured term loan B and revolving credit facility.
The outlook for the ratings is stable.
RATINGS RATIONALE
Moody's definitive rating on the bonds obligation follows NAE's
completion of its CHF200 million note issuance, the final terms
and conditions of which are consistent with Moody's expectations.
The credit facility and the bonds are issued by Nord Anglia
Education Finance LLC, guaranteed by NAE, and rank pari passu and
pro rata with each other.
The senior secured term loan B was upsized to US$900 million from
US$860 million, while the senior secured bond was downsized from
CHF235 million to CHF200 million, resulting in NAE's overall
leverage remaining consistent with previous expectations.
The provisional rating was assigned on June 12, and Moody's
ratings rationale was set out in a press release published on the
same day.
NAE used the net proceeds from the bond and upsized credit
facility to fund the acquisition of six schools from Meritas
Schools Holdings LLC (B3 stable).
Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 41 international premium schools in Asia, Europe, the
Middle East, and North America, with over 32,000 students ranging
in level from pre-school through to secondary school. NAE also
provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. Pro forma for the acquisition of the Meritas schools,
NAE generated annual revenue of about US$810 million as of 1 May
2015.
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U K R A I N E
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UKRAVTO PJSC: Board Opts to Close Four Branches to Cut Costs
------------------------------------------------------------
Interfax-Ukraine reports that PJSC UkrAVTO Ukrainian Automobile
Corporation is going to close four large branches in connection
with operational needs.
The decision was taken by the corporation's board on June 30, the
company reported in the information disclosure system of the
National Securities and the Stock Commission, Interfax-Ukraine
relates.
Universal Motors Group, which is an official dealership for TAT
and JAC trucks, and I-VAN and ZAZ buses, as well as Illichivsk
logistics center and Kyiv's largest licensed customs warehouse
"UkrAVTO Kyiv Main Center" will be closed, Interfax-Ukraine
discloses.
The corporation will also close UAK-1, a filling station chain
operator, Interfax-Ukraine notes.
The corporation told Interfax-Ukraine that "the company had to
take measures to adapt its structure to new conditions to reduce
operational costs because of a dramatic reduction in sales on the
market of new cars in the country."
"These branches stopped working long ago, therefore a decision
was taken to liquidate them," Interfax-Ukraine quotes UkrAVTO's
press service as saying.
PJSC UkrAVTO Ukrainian Automobile Corporation is a large operator
in the Ukrainian vehicle market.
===========================
U N I T E D K I N G D O M
===========================
AFREN PLC: Seeks U.S. Recognition of Restructuring in London
------------------------------------------------------------
Afren plc filed a Chapter 15 bankruptcy petition (Bankr. D. Del.
Case No. 15-11452) on July 2, 2015, in the United States, to seek
recognition of its restructuring proceedings in England.
Afren (LSE: AFR) is a London-based company specializing in oil
and gas exploration and production. The company is listed on the
Main Market of the London Stock Exchange.
Judge Kevin Gross presides over the U.S. case. L. John Bird,
Esq., and Jeffrey M. Schlerf, Esq., at Fox Rothschild LLP, serve
as counsel to the Debtor in the U.S. case.
Alfren's operations are focused in Africa, primarily in Nigeria.
Since its IPO in March 2005, Afren has rapidly expanded its
portfolio across six countries: Nigeria, Sao Tome & Principe JDZ,
Gabon, Republic of the Congo, Cote d'Ivoire, Ghana and Iraqi
Kurdistan.
In March 2015, Afren reported lenders approved a three month
payment deferral for a US$300 million debt facility. Afren said
it won a payment deferral for a US$50 million amortization
payment for a US$300 million Ebok debt facility that was due
January 31.
On March 4, 2015, Afren defaulted on its 2016 bonds after
refusing to make a US$15 million interest payment in order to
preserve cash for an ongoing capital structure review.
On March 12, 2015, Afren inked a recapitalization plan with its
lenders to secure US$300 million in funding. They entered the
deal with noteholders under its 2016, 2019 and 2020 notes and a
majority of the lenders under its existing US$300 million Ebok
credit facility. The agreement provides US$300 million of net
total funding before the end of June 2015.
On June 30, 2015, the High Court of Justice in England and Wales
issued an order granting the Company certain directions in
relation to a scheme of arrangement under Part 26 of the UK
Companies Act 2006. The proposed scheme of arrangement relates
to the proposed financial restructuring of the Company's (a)
11.5% senior secured notes due Feb. 1, 2016 (b) 10.25% senior
secured notes due April 8, 2019 and (c) 6.625% senior secured
notes due Dec. 9, 2020.
The Court's directions include permission to convene a single
meeting for Scheme Creditors for the purpose of considering and,
if thought fit, approving the scheme of arrangement. The Scheme
Meeting will be held on July 29, 2015.
Alan Linn was recently named as the Company's CEO.
Chairman Statement at Annual Meeting
Egbert Imomoh, the chairman of the Board, opened the June 25,
2015, annual general meeting with this statement:
"Just over a year ago when I spoke at the last AGM, little
was I aware that of what the year held in stock for us. The
events that have radically changed our Company commenced when the
Board discovered that our former CEO, Osman Shahenshah, and our
former COO Shahid Ullah had received payments undisclosed and
unknown to the Board. They were immediately suspended and
following a very thorough investigation of the situation their
contracts with the Company were terminated. This necessitated
Toby Hayward stepping in as the interim CEO and me as executive
chairman whilst we commenced the search for a new CEO.
"Events following their dismissal, including the Company's
inability to complete the planned refinancing of its debt
obligations in the second half of 2014, and the sharp decline in
oil prices from over US$100/bbl in August 2014 to under US$50 per
barrel in January 2015, placed significant pressure on the
Group's liquidity position, resulting in the Group having net
current liabilities of US$459 million as at 31 December 2014.
Early this year, we reviewed our strategic options in respect of
the Barda Rash field in the Kurdistan region of Iraq after
disappointing operational results (early water breakthrough and
production of hydrogen sulphide) at the field and a significant
reserves and resources downgrade. This eliminated gross 2P
reserves whilst gross 2C resources fell from 1,243 mmbbls to
around 250 mmbbls. This movement in reserves in the field led to
a material impairment charge in the year ended December 31, 2014
of US$933 million, which contributed to the unprecedented pre-tax
loss of US$1,955 million last year.
"Average net production for year ended December 31, 2014 was
31,819 bopd (excluding Barda Rash), a decrease of 32% from 47,112
bopd for the year ended 31 December 2013, this was due to
achieving cost recovery on Ebok in the first quarter of 2014, and
delays in achieving production rampup across Afren's producing
asset base in Nigeria. There was also a 42% decrease in revenue
from US$1,644 million for the year ended 31 December 2013 to
US$946 million in the year ended December 31, 2014 reflecting
lower production volumes and share of production, and the impact
of lower realised oil prices during the second half of 2014.
"The Company recorded a loss after tax of US$1,651 million
in the year ended December 31, 2014, mainly due to a reduction in
revenue given the fall in oil prices, a material impairment
charge of US$1,112 million in respect of the carrying value of
the Company's production and development assets and the impact of
the curtailment of future capital expenditure on our exploration.
"In response to the very adverse situation that developed,
the interim management took decisive action in reviewing our
capital structure and operating/capital expenditure. We took the
strategic decision to concentrate on the lower cost production
capacity in our Nigerian portfolio. We are focused on delivering
on this strategy, and have therefore lowered our full 2015
capital expenditure to US$0.4 billion. We are confident that, in
conjunction with our proven operational capabilities, the
strategy will create value for all our stakeholders in the near
future.
"In March, we announced the terms of a financial
restructuring which had been agreed with our creditors, and which
provided essential additional funding to the Group -- without
this funding, I can genuinely say that we would not be here
today. Last week, we published the full prospectus explaining
the terms of the restructuring and how shareholders can
participate in this for the benefit of your Company. I strongly
encourage you all to read the document that has been sent to you,
which explains why your Board believes that this is the only
viable option to secure Afren's future and to provide an
opportunity for shareholders to realise value in their investment
in the Company. Your Board also unanimously recommends that you
vote in favour of the restructuring at the extraordinary general
meeting to be held on July 24, because a "No Vote" will mean
shareholders will receive no return at all.
"In the first quarter of this year Afren achieved an average
net production of 36,035 bopd, which is above our guidance range
of 23,000 to 32,000 bopd for 2015. The Company delivered revenue
of US$130 million and operating cash flows before movements in
working capital of US$59 million, down from US$269 million and
US$169 million respectively in Q1 2014. The fall in revenue was
due to a lower realised oil prices and production liftings from
Ebok utilized to settle a net profit interest (NPI) liability
which is part of the agreement.
"As we have moved forward, a key requisite has been renewing
the management team. I am therefore delighted to welcome Alan
Linn as the new Chief Executive Officer. His proven turnaround
experience and excellent grasp of operational matters will be
invaluable. He has a firm vision of where he wishes to take the
Company. We have also recently appointed Dave Thomas as our COO
and proposed new executive director, who has significant
executive and operational experience in the international
oil and gas industry. I would also like to thank Toby Hayward for
his steady leadership in adverse circumstances.
"On behalf of the Board, I would like to re-iterate my
thanks to Darra Comyn, Peter Bingham, John St John and Ennio
Sganzerla, who have all stepped down as Executive and Non-
Executive Directors since the last AGM. They all have made
considerable contributions to Afren and its development.
"Additionally, as announced this morning, I shall be
stepping down as Chairman with effect from the close of this
Annual General Meeting, together with Iain McLaren, Toby Hayward,
Patrick Obath and Sheree Bryant as Non-Executive Directors. My
thanks also go out to each of Iain, Toby, Patrick and Sheree.
David Frauman, an experienced restructuring lawyer and director,
will become nonexecutive chairman with immediate effect from the
close of this meeting. As previously announced, the Company has
commenced the search for a Chief Financial Officer and is also
seeking to appoint additional non-executive directors to the
Board.
"The internal changes go beyond the Board movements. All of
our internal processes have been reviewed and amended where
necessary to ensure compliance with corporate governance best
practice. We have run comprehensive training for our employees
and contractors in anti-bribery and corruption laws, and are
confident that we now have a robust infrastructure in place to
avoid the failures of the past.
"I would also like to say a few words about our corporate
responsibility activities. In 2014 the Board identified CSR as
one of the five key strategic priorities needed to fulfil our
vision, and the Board of Directors adopted a new CSR strategy.
Our approach was generated by taking as the framework industry
guidance on sustainability produced by IPIECA and identifying
where current performance did not meet stakeholder expectations.
The strategy design process identified a series of high priority
issues and recommendations to address these gaps. These are
reflected in our targets and aims for 2014 and 2015. More detail
can be found in our annual report.
"In summary, the last 12 months have been far from what we
planned and results have been disappointing and have led to a
very sharp drop in our share price and a loss of confidence by
stakeholders. However I believe the Company can face the future
with confidence given the quality of our assets, the good
relationship with our partners, the injection of capital and the
attraction of very competent people into the Company. I want to
thank our shareholders, bondholders, partners, staff and all
other stakeholders for their patience and forbearance in what has
been a very difficult period for the Company. I would like to end
by re-iterating the new Board's commitment and determination to
regain the confidence of all our stakeholders, and set Afren back
on the course to value growth once more and where it truly
belongs."
AIB GROUP: S&P Affirms 'BB' Counterparty Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings on U.K. banks. Specifically, it:
-- Affirmed the ratings and maintained the stable outlooks on
Barclays Bank PLC (Barclays; A-/Stable/A-2); FCE Bank PLC
(FCE; BBB/Stable/--); HSBC Bank PLC (AA-/Stable/A-1+);
Lloyds Bank PLC (Lloyds; A/Stable/A-1); Nationwide Building
Society (A/Stable/A-1); and Royal Bank of Scotland PLC
(BBB+/Stable/A-2). Affirmed the ratings and maintained the
negative outlook on AIB Group (U.K.) PLC (AIB UK;
BB/Negative/B) and Santander UK PLC (A/Negative/A-1); and
-- Maintained the CreditWatch with negative implications on
the 'BBB+' long-term rating on Clydesdale Bank PLC.
The affirmations reflect S&P's view of decreasing credit risk in
the U.K. economy from the perspective of the domestic banking
system. S&P believes that private sector credit, of which
household debt is the largest element, has reduced significantly
relative to GDP. S&P expects this to reduce further over the
next two years, albeit modestly. As such, S&P considers that
household and corporate sector leverage is becoming less high
risk for the U.K. banking system. The best reflection of this
improved operating environment, for banks, is the low level of
domestic loan losses. Loan impairment charges fell to
exceptionally low levels across all asset classes in 2014, and
S&P now has a growing degree of confidence that they will remain
low this year and next.
S&P is affirming the ratings on eight U.K.-based banking groups.
The outlook on all of these institutions is stable, with the
exception of AIB Group (UK), which has a negative outlook in
relation to its parent, and Santander UK, which has a negative
outlook with respect to its build-up of its additional loss-
absorbing capacity (ALAC) buffer. While each case is different,
S&P believes that a positive economic risk trend is insufficient
to warrant an outlook revision, at this time, for any of these
institutions. This reflects a combination of S&P's view of their
projected risk-adjusted capital (RAC) ratio, their related risk
position, and, where appropriate, S&P's projection of their ALAC.
S&P is maintaining the ratings on Clydesdale Bank on CreditWatch
with negative implications while S&P continues to assess whether
there is an improvement in Clydesdale's stand-alone credit
profile to offset the reduction in extraordinary group support
from its parent, in relation to its announced demerger and IPO.
U.K. private sector leverage has been steadily reducing since the
financial crisis as both businesses and households have sought to
put their finances in order. S&P's preferred measure for the
U.K. is a more conservative ratio of household debt and corporate
debt to GDP, unlike private sector credit to GDP for other
European banking systems, because S&P's assessment is intended to
capture total leverage, including those risks not borne by the
banking system directly. That is, S&P includes student debt
within household debt because it expects it to grow in
importance. S&P also includes bond financing within corporate
debt because it estimates that over one-half of U.K. corporate
financing is sourced from the capital markets.
S&P calculates its metric to be 161% at end-2014, down from 194%
at end-2009. Furthermore, S&P expects this metric to trend
closer to its 150% threshold for a stronger assessment of credit
risk in the economy by end-2016. This is because S&P expects GDP
growth to more than match private sector credit growth. S&P
assumes GDP growth of 2.8% in 2015 and 2.6% in 2016,
respectively. According to Bank of England data, the current
annual rate of credit growth for total lending to individuals is
a fairly modest 2.4% through end-May 2015, but lending to
nonfinancial businesses remains negative (mainly owing to ongoing
commercial real estate deleveraging by banks). S&P don't
anticipate an acceleration in total credit growth as it don't
foresee a significant increase in credit demand or a relaxation
in most banks' risk appetite.
Another indicator of reducing credit risk is the ratio of
household to gross disposable income, which S&P calculates to
have improved to about 130% at March 31, 2015 from a peak of 151%
in 2008. The composition of household debt has also improved
over this period, with a greater proportion of secured
residential mortgage debt (and of a lower risk profile than
before), a 17% reduction in the stock of typically higher risk
consumer credit, and a growing role for student debt (for which
the banking system does not bear the direct risk). Given the
recent rebound in U.K. real wage growth (average earnings are
currently growing at 2.7% per year, well above minimal levels of
inflation), S&P don't expect this metric to deteriorate for the
foreseeable future.
"Credit losses on domestic lending in 2014 were around 13 basis
points (bps), which is way below long-term U.K. averages. Our
updated credit loss estimates assume only a modest deterioration
to 23 bps in 2015 and 28 bps in 2016, respectively, as
provisioning charges normalize and base rates start to rise in
2016. That said, we think that loan losses will remain very
manageable for banks -- total loan impairments are unlikely to
exceed 10% of revenues for most banks, in our view -- and
therefore should not impede their ability to build capital. In
fact, our base-case assumption may be too conservative if U.K.
monetary policy is little changed and if unemployment continues
to fall throughout 2016. But, our estimates attempt to capture
our long-term experience that in benign times banks tend to
loosen underwriting standards and accelerate credit growth, which
in turn can often lead to credit problems later on. A shift in
U.K. economic policy or external shocks can also exacerbate
this," S&P said.
"Ongoing features of U.K. economic risk are the economic
imbalances which arise from its housing and mortgage markets.
The U.K. has a history of volatile house prices. Some of the
features that were prevalent in past housing booms, namely high
demand and a lack of housing supply -- but not excessive credit
growth, or weakening underwriting standards -- returned to drive
up real estate prices to double-digit levels from mid-2013 to
mid-2014. Fortunately, house price growth has subsequently
ameliorated, helped by tougher regulatory requirements on new
lending procedures, affordability pressures, and possible
borrower caution ahead of the May 2015 General Election. Our
base-case assumption is that nominal house prices will rise by
about 4% this year and next, but note that lack of supply remains
an issue and demand may pick up as real wage growth accelerates,"
S&P added.
"The risk of a faster-than-expected rise in base rates and that
house prices on average are high relative to historic norms, at
over 5x average income, is a concern. We take some comfort from
the unusually high prevalence of fixed rate mortgages in recent
vintages, which will help to mitigate any near-term impact of
rising rates, the reduced volume of high loan-to-value (LTV) and
high income multiple mortgages, at the behest of the Bank of
England, as well as the generally sound LTV profile of banks'
total mortgage books," S&P noted.
One potential risk S&P sees for the U.K. banking system is the
decision of the newly elected Conservative majority government to
hold a referendum on the U.K.'s EU membership by 2017. S&P's
concern that this represents a risk to growth prospects for the
U.K.'s financial services sector relates more to the prominent
role in the economy of the diverse activities of the City of
London (and related employment spread across the country) rather
than the fortunes of the domestic banking system per se. Even
so, if weaker growth prospects for financial services and export
sectors do emerge, as well as for the wider economy, this could,
over time, harm U.K. banks' revenue growth and loan loss
prospects.
In light of decreasing credit risk in the economy, S&P has
revised upward its trend for economic risk to positive from
stable. An upward revision of the economic risk score would
depend on S&P's metric of household and corporate debt-to-GDP
improving sustainably below our 150% threshold, which in turn
would lead to a revision of S&P's assessment of credit risk in
the economy to "intermediate" from "high," as S&P's criteria
define these terms. Under S&P's base case, it expects a
continuation of the accommodative monetary policy, solid economic
growth, and low-single-digit total credit growth.
"We maintain our view of a stable trend for industry risk. The
domestic reform agenda is well advanced and banks should now have
more clarity on their future operating environment; the one
exception to this is the full implementation of ring fencing
plans. We remain concerned about the ongoing and high level of
conduct and litigation charges. Litigation risk remains an
important factor in our ratings assessment of the largest four
banks, in particular, a risk that is hard to quantify or specify
the timing of provisions being booked; conduct risk continues to
weigh on both the earnings outlook and the reputation of several
more lenders. The largest source of conduct and litigation
provisions has arisen from payment protection insurance (PPI),
which we calculate to be about GBP27 billion to date. Reported
industrywide PPI customer payouts in the first four months of
2015 (GBP1.8 billion) are actually higher than in the same period
in 2014, which in our view indicates that provisioning
requirements will linger for many banks," S&P said.
BICRA SCORE SNAPSHOT*
United Kingdom To From
BICRA Group 3 3
Economic Risk 4 4
Economic resilience Very low risk Very low risk
Economic imbalances Intermediate risk Intermediate risk
Credit risk in the economy
High risk High risk
Industry Risk 3 3
Institutional framework Intermediate risk Intermediate risk
Competitive dynamics Intermediate risk Intermediate risk
Systemwide funding Low risk Low risk
Trends
Economic risk trend Positive Stable
Industry risk trend Stable Stable
* Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk).
RATINGS LIST
AFFIRMED
AIB Group (U.K.) PLC
Counterparty Credit Rating BB/Negative/B
Barclays Bank PLC
Counterparty Credit Rating A-/Stable/A-2
Clydesdale Bank PLC
Counterparty Credit Rating BBB+/Watch Neg/A-2
FCE Bank PLC
Counterparty Credit Rating BBB/Stable/--
HSBC Bank PLC
Counterparty Credit Rating AA-/Stable/A-1+
Lloyds Bank PLC
Counterparty Credit Rating A/Stable/A-1
Nationwide Building Society
Counterparty Credit Rating A/Stable/A-1
Royal Bank of Scotland PLC
Counterparty Credit Rating BBB+/Stable/A-2
Santander UK PLC
Counterparty Credit Rating A/Negative/A-1
NB: This list does not include all ratings affected.
BRIDGE HOLDCO 4: S&P Lowers Rating to 'B-', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term credit
rating on Bridge Holdco 4 Ltd., the holding company of U.K.-based
wire rope manufacturer Bridon (together referred to as Bridon) to
'B-' from 'B'. The outlook is negative.
"We also lowered to 'B-' from 'B' our issue rating on the
company's proposed first-lien facilities, comprising the U.S.
dollar-equivalent of a GBP180 million first-lien facility and a
US$40 million revolving credit facility (RCF). The recovery
rating on the first-lien facilities remains at '3', indicating
our expectation of meaningful (50%-70%) recovery prospects in the
event of a payment default. We see recovery prospects at the
higher end of the range. We also lowered the rating on the
company's U.S. dollar-equivalent of a GBP70 million second-lien
facility to 'CCC' from 'CCC+'. The recovery rating on this
facility is still '6', indicating our expectation of negligible
(0%-10%) recovery prospects in the event of a payment default,"
S&P said.
"The downgrade reflects our expectation that operating conditions
for Bridon will remain difficult for the next quarters due to
weak demand from oil and gas end markets (through which Bridon
has historically generated about one-third of group revenues).
We anticipate that Bridon will see a marked deterioration of
earnings as a result. In addition, this will likely lead to
tightening headroom under its financial maintenance covenant over
the coming quarters. Should a breach occur, it could mean that
the company cannot rely on the RCF for cash drawings in the
second half of 2015, which will substantially reduce its
financial flexibility. Although we currently do not assume that
Bridon relies on access for cash drawings, we estimate that its
ratio of liquidity sources to needs will decline to less than
1.2x in 2016, which has prompted our reassessment of the
company's liquidity to "less than adequate" from "adequate"
previously," S&P added.
"We assess Bridon's financial risk profile as "highly leveraged,"
based on our view of its sizable debt, expected weak free cash
flow generation, and aggressive capital structure following its
leveraged buyout by private equity company Ontario Teachers'
Pension Plan. For Dec. 31, 2014, and pro forma for this buyout,
we calculate a Standard & Poor's adjusted debt-to-EBITDA ratio of
about 8x. Our leverage calculation includes financial debt of
GBP250 million (excluding a US$40 million undrawn RCF) and about
GBP28 million of debt adjustments related to operating leases and
pension obligations. We do not include in our debt calculation
the GBP18.2 million shareholder loan, since it qualifies for
equity treatment under our criteria. This is because the loan is
stapled to equity, deeply subordinated to all existing and future
debt instruments, and no mandatory cash payments are associated
with the loan," S&P noted.
"We continue to think that Bridon's "weak" business risk profile
assessment is primarily constrained by the company's limited
business diversification as a pure manufacturer of wire ropes,
with a limited scope of operations and modest sales of about
GBP248.9 million in 2014. We also view negatively the company's
exposure to cyclical end markets, such as oil and gas, mining,
and general industrial markets (through which Bridon generates
about three-quarters of total sales). The company faces stiff
competition from a number of direct peers, such as WireCo
WorldGroup Inc. and Radaelli. However, we view these risks as
partly mitigated by Bridon's generally high share of recurring
revenues that allowed the company to show relatively stable
margins over recent years with EBITDA margins in the range of
13.5%-15.0% over 2009-2014. We also view positively the
company's sound niche market positions. Overall, Bridon has
long-term customer relationships and good geographic
diversification," S&P added.
The negative outlook reflects the risk of a downgrade because of
the repercussions tied to tightening headroom under financial
covenants, as per S&P's forecasts for 2015-2016. This could
restrict the group's ability to rely on its RCF for cash drawings
should Bridon perform worse than S&P's current forecasts, which
would sharply reduce Bridon's financial flexibility. S&P
considers this to be a major risk given the weak and uncertain
outlook in oil and gas markets.
S&P could lower the rating if the company is generating
significantly more negative FOCF than currently expected due to
prolonged weak conditions in oil and gas markets, or the
company's failure to effectively reduce capex and control working
capital levels. S&P could also lower the rating if it believes
that the company is likely to breach its financial covenants
without looking for other sources of additional funding.
S&P could revise the outlook to stable if the company manages its
liquidity proactively. S&P would also need to observe no further
significant downside to its current base-case scenario that would
lead to even higher-than-currently-projected leverage ratios.
CHESHIRE BESPOKE: Rescued Out of Liquidation
--------------------------------------------
Tara Hounslea at Drapers reports that Cheshire Bespoke was
rescued out of liquidation.
The assets of bespoke tailoring business Cheshire Bespoke and
London menswear store Lutwyche have been sold to its founder Tony
Lutwyche and a consortium of new investors, according to Drapers.
DRAYTON OLD LODGE: Goes Into Liquidation
----------------------------------------
Eastern Daily Press reports that Drayton Old Lodge, the company
operating a Norfolk weddings-and-events venue, has gone into
liquidation following a meeting of creditors.
Drayton Old Lodge, off Drayton High Road, near Norwich, will
however remain open while its long-term future is resolved with
all wedding and function bookings being honored, according to
Eastern Daily Press.
The 12 members of staff and 25 office tenants in the former NHS
building have also been told there will be no immediate impact on
them, the report notes.
The report relates that John Barnard, who was the major
shareholder and biggest financial loser in the liquidation, said
he was "hopeful" of buying the assets of Drayton Lodge Norwich
Ltd and transferring them into a new company, Drayton Old Lodge
Ltd.
The report notes that Mr. Barnard said: "The bank wants to
support the business going forward."
A shadow had hung over the business since Broadland District
Council refused a planning application for a permanent marquee on
the site, the report says.
Permission for the marquee runs out in September and the company
has been unable to take bookings for it after that time, the
report discloses.
In 2012, the company was granted planning permission for a
permanent function room in an ambitious scheme that would have
seen the site developed into a 30-bedroom hotel, the report
relays.
However, Mr. Barnard, whose family had previously built up
Bawburgh Golf Club, said: "We tried to seek interested parties in
what would have been a GBP6 million development but with the
difficult economic climate we had no success," the report
discloses.
Mr. Barnard Zhad been the leader in a four-strong consortium
which had taken over Drayton Lodge in 2006, enjoying success in
the early years.
However, the planning difficulties had led to a decline in
bookings in recent times, Mr. Zhad said, the report notes.
The financial difficulties had been made worse by the
complications of multiple ownership, the report relays.
Mr. Zhad said there remained the long-term plan of developing the
site into a "higher end hotel," the report discloses.
Before then, it would be possible to run smaller functions and
weddings in rooms inside the building; it would also be possible
to put up a marquee on a specified number of days each year, the
report notes.
It is understood there are fewer than 10 creditors; the
liquidators are London firm FRP Advisory, the report adds.
EATON VANCE CDO X: S&P Raises Ratings on 2 Note Classes to BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eaton Vance CDO X PLC's class B to E notes.
At the same time, S&P has affirmed its ratings on the VFN and the
class A notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated May 2015
and the application of its relevant criteria.
This is a multicurrency transaction, which is currently in its
amortization phase. The reinvestment period ended on Feb. 22,
2014. With partial deleveraging of the senior notes, the
available credit enhancement for all classes of notes has
increased since S&P's previous review on May 21, 2014.
The portfolio is well diversified, in S&P's view, with more than
290 obligors, with exposure ranging from 0.01% to 2.25% of the
portfolio (excluding cash). Based on the trustee report's data,
more than 60% of the assets are U.S. dollar-denominated and the
rest are euro-denominated (with a very small portion denominated
in British pound sterling). In S&P's view, the portfolio's
credit quality has improved since our previous review. The
portfolio's percentage of 'CCC' rated assets (debt obligations of
obligors rated 'CCC+', 'CCC', and 'CCC-') has increased to 1.97%
from 1.80% s a percentage of the total portfolio excluding cash.
The proportion of defaulted assets (obligors rated 'CC', 'SD'
[selective default], or 'D') has also decreased during the same
period.
Given the portfolio's improved credit quality, the scenario
default rates (SDRs) have also decreased. The SDRs represent the
stressed level of cumulative asset defaults commensurate, in
S&P's view, with economic stresses assumed at different rating
levels. The SDRs at a given rating level increase or decrease
with changes in the underlying collateral characteristics of the
portfolio, including changes in obligor ratings and maturity
composition, issuer, industry, and country concentrations.
All classes of notes continue to pass their overcollateralization
tests. The portfolio also includes 3.6% of structured finance
assets, for which S&P has applied its criteria for rating
collateralized debt obligations (CDOs) of asset-backed
securities.
Eaton Vance CDO X has a dual-currency liability structure. The
term notes and the variable funding notes fund both the euro-
denominated assets and the U.S. dollar-denominated assets to
create a natural hedge. To address the risk arising from
defaults on euro- and U.S. dollar-denominated assets, the issuer
entered into option swaps at closing with Citibank N.A. As the
downgrade provisions in the options agreement are not in line
with S&P's current counterparty criteria, the maximum rating on
the notes that the counterparty can support is no higher than one
notch above S&P's 'A' long-term issuer credit rating on the
counterparty. For rating scenarios above this level, S&P's cash
flow analysis has to show that the available credit enhancement
for the notes is sufficient to withstand losses, if the
counterparty fails to perform and the transaction is exposed to
foreign currency risk. S&P's cash flow analysis indicates that
the nonperformance of the option provider would not constrain its
ratings on the class A, B, and VFN notes.
The portfolio's reported weighted-average spread is 3.24%, a
reduction from 3.52% since S&P's previous review. Because the
transaction entered its amortization phase, S&P believes the
portfolio is exposed to the risk of a weighted-average spread
reduction. Therefore, in scenarios above S&P's original ratings
on the notes, it assumed the portfolio of assets paid a
covenanted weighted-average spread of 2.90%, instead of the
current weighted-average spread.
"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level. The BDR represents our estimate of the maximum level of
gross defaults, based on our stress assumptions, that a tranche
can withstand and still fully pay interest and repay principal to
the noteholders. We used the portfolio balance that we consider
to be performing, the reported weighted-average spread, and the
weighted-average recovery rates calculated in accordance with our
current corporate CDO criteria. We applied various cash flow
stress scenarios using our standard default patterns and timings
for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
our criteria. We also applied high and low correlation and lower
recovery sensitivity tests to the notes at each rating level,"
S&P noted.
"We performed our supplemental tests under our corporate CDO
criteria, which are intended to address both event risk and model
risk. These tests assess whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a predefined recovery
rate," S&P said.
S&P's ratings on the class A, B, and VFN notes address the timely
payment of interest and ultimate payment of principal. S&P's
ratings on the class C, D, and E notes address the ultimate
payment of principal and interest.
Considering the abovementioned factors, S&P's cash flow analysis
indicates that the available credit enhancement for the class B,
C, D, and E notes is commensurate with higher ratings than those
previously assigned. S&P has therefore raised its ratings on
these classes of notes.
The available credit enhancement for the class A and the VFN
notes can support the currently assigned ratings. S&P has
therefore affirmed its 'AAA (sf)' ratings on these classes of
notes.
Eaton Vance CDO X is a cash flow CDO transaction that securitizes
loans granted to primarily speculative-grade corporate firms.
The transaction closed in March 2007 and Eaton Vance Management
is the manager.
RATINGS LIST
Eaton Vance CDO X PLC
EUR325 mil, US$231.51 mil senior secured variable-
and floating-rate notes
Rating Rating
Class Identifier To From
VFN 27829KAA5 AAA (sf) AAA (sf)
A-1 27829KAB3 AAA (sf) AAA (sf)
A-2 27829KAC1 AAA (sf) AAA (sf)
B-1 27829KAD9 AAA (sf) AA (sf)
B-2 27829KAE7 AAA (sf) AA (sf)
C-1 27829KAF4 AA+ (sf) A (sf)
C-2 27829KAG2 AA+ (sf) A (sf)
D-1 27829KAH0 BBB+ (sf) BBB- (sf)
D-2 27829KAJ6 BBB+ (sf) BBB- (sf)
E-1 27829KAK3 BB- (sf) B+ (sf)
E-2 27829KAL1 BB- (sf) B+ (sf)
EDCON HOLDINGS: Moody's Cuts Rating on Sr. Unsecured Notes to Ca
----------------------------------------------------------------
Moody's Investors Service downgraded to Ca from Caa3 the EUR425
million senior unsecured notes due 2019 (Senior Notes) issued by
Edcon Holdings Limited's (Edcon) and the probability of default
rating to Ca-PD from Caa1-PD. In addition, Moody's has affirmed
Edcon's global scale corporate family rating (CFR) at Caa1 and
the senior secured notes due 2018 issued by Edcon Limited at
Caa1. The outlook on all ratings has been changed to negative
from stable.
The rating actions follow Edcon's announcement on June 30, 2015,
inviting the bond holders of the Senior Notes, in broad terms, to
exchange its debt holdings at below par value with an improved
position within the capital structure (the exchange offer).
RATINGS RATIONALE
The downgrade of the senior notes is capturing the higher
expected loss that will be incurred as a result of the proposed
exchange while the downgrade of the PDR to Ca-PD reflects Moody's
view that under its definition of default, the proposed exchange
offer, will constitute a default under an instrument within the
company's broader capital structure.
The negative outlook reflects Moody's view that Edcon's proposed
capital restructuring is in transition creating limited
visibility on the final outcome and the impact on the CFR and
rated debt instruments. The exchange offer also creates
uncertainly around the broader implications on Edcon and its
overall credit profile.
Following the expiry of the settlement date on or before 31
December 2015 Moody's will assess the implications of the new
capital structure on Edcon's credit profile and assigned ratings.
The principal methodology used in these ratings was Global Retail
Industry published in June 2011. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.
List of Affected Ratings
Downgrades:
Issuer: Edcon Holdings Limited
Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD
BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
from Caa3
Affirmations:
Issuer: Edcon Holdings Limited
Corporate Family Rating, Affirmed Caa1
Issuer: Edcon Limited
BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa1
Outlook Actions:
Issuer: Edcon Holdings Limited
Outlook, Changed To Negative From Stable
Issuer: Edcon Limited
Outlook, Changed To Negative From Stable
The Local Market analyst for this rating is Dion Bate, 27-11-217-
5472.
LOOK RETAIL: Moody's Raises Corporate Family Rating to 'B2'
-----------------------------------------------------------
Moody's Investors Service upgraded New Look Retail Group
Limited's corporate family rating (CFR) to B2 from B3 and
probability-of-default rating (PDR) to B2-PD from B3-PD.
Concurrently, Moody's has assigned a definitive B1 rating to New
Look Secured Issuer plc's fixed and floating rate Senior Secured
Notes due 2022 totaling approximately GBP1,000 million
equivalent, and a definitive Caa1 rating to the GBP200 million
Senior Notes due 2023 issued by New Look Senior Issuer plc; in
each of these cases these ratings are one notch higher than the
provisional ratings assigned prior to closing of the transaction.
The outlook on all these ratings is stable. Ratings of the bonds
previously issued by New Look Bondco I plc have been withdrawn
following prepayment.
RATINGS RATIONALE
The rating action concludes the review for upgrade initiated on
June 16, 2015 following the publication on June 15, 2015 of the
updated cross-sector methodology "Financial Statement Adjustments
in the Analysis of the Non-Financial Corporations"
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_327853
The upgraded B2 CFR reflects (1) New Look's exposure to fashion
risk, even though it only has a moderate presence in the high
fashion segment and uses its flexible supply chain to replicate
fashion trends more quickly; as well as (2) the competitive
environment in the company's core European markets, which
pressure like-for-like sales growth in a number of countries. The
rating is also constrained by the company's leverage, which on a
Moody's adjusted basis is approximately 5.4x.
The B2 CFR also positively reflects New Look's position as one of
the UK's leading apparel retailers, with the company benefiting
from (1) good brand recognition in the value fashion category;
(2) a degree of international diversification, especially across
Western Europe and the Middle East through both wholly owned
stores and franchises; and (3) a fast growing e-commerce platform
and improving operational performance supported by the ongoing
roll-out of its 'concept store' refurbishment program.
Moody's considers that New Look's liquidity profile is
satisfactory overall. It is supported by expected positive free
cash flow generation over the next 12 months and access to a
GBP100 million revolving credit facility (RCF) which Moody's
expects will remain undrawn, as has been the case historically
with the previous facility of GBP75 million. This, together with
New Look's cash balances, should be sufficient to cover the
company's seasonal working capital requirements. The new RCF
contains a net leverage covenant, tested only to the extent the
facility is drawn by more than 25%, under which New Look is
expected to have comfortable covenant headroom.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook on the ratings reflects Moody's view that in
addition to the company's own operational initiatives and focus,
New Look's performance will continue to benefit from the positive
consumer sentiment in the UK, notwithstanding the still
challenging environment in a number of its European markets, and
the extent to which the planned roll-out in China will prove
successful remaining uncertain.
WHAT COULD CHANGE THE RATING UP/DOWN
The ratings could be upgraded if New Look sustains revenue growth
and maintains margins, with for instance, a reported EBITDA
margin in the mid-teens in percentage terms, leading to a
reduction in Moody's adjusted debt/EBITDA to sustainably below
5.0x.
Negative pressure could build if New Look fails to deleverage
such that Moody's adjusted debt/EBITDA rose above 6.0x or
EBITA/interest expense decreases below 1.5x. Concerns about the
company's ability to generate positive free cash flow, liquidity
or access its RCF could also result in a downgrade.
Headquartered in London and Weymouth (with its registered office
in Weymouth), UK, New Look Retail Group Limited is a value
fashion retailer selling a range of apparel, accessories and
footwear primarily for women. The company had total revenue and
reported adjusted EBITDA of over GBP1.4 billion and GBP 212.4
million respectively from continuing operations in the financial
year ended March 28, 2015.
MARSTON'S ISSUER: Fitch Affirms 'BB+' Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has revised the Outlook on Marston's Issuer Plc's
class A and B notes to Negative from Stable and affirmed their
ratings at 'BBB+' and 'BB+' respectively. The liquidity facility
has been affirmed at 'BBB+'.
The revision of the Outlook to Negative is primarily based on the
securitized estate's underperformance versus the Fitch base case
and increased uncertainty around long-term profit forecasts due
to material changes to the tenanted estate. The securitized
estate's trailing-12-month (TTM) April 2015 EBITDA fell by 6.6%
yoy (on a 52-week adjusted basis) to GBP117.8 mil. whereas
Fitch's base case assumed marginal growth. The decline has
largely been driven by the tenanted business, as a consequence of
the large disposal of weaker tenanted pubs (decline of 21.7% in
the average number of tenanted pubs vs. 15.9% under Fitch's base
case). This particularly affected class A metrics, as disposal
proceeds have been used to repay the subordinate AB tranche, pay
swap breakage costs and were partially reserved without
deleveraging at the class A level.
The disposal of tenanted pubs primarily affected the Fitch-
calculated class A metrics, as proceeds were used to repay the
subordinated AB tranche, pay swap breakage costs and were
partially reserved without deleveraging at the class A level.
The repayment of class AB benefited the Fitch-calculated class B
metrics but did not fully offset the impact on the sale of
tenanted pubs. The Fitch-calculated credit metrics are still
within the 'BBB' range as per Fitch's UK WBS criteria for the
class A notes and the 'BB' range for the class B notes, but
further deterioration could lead to a downgrade.
Fitch's updated forecast base case debt service coverage ratio
(DSCR) is 1.6x for the class A notes and 1.4x for the class B
notes (2014 forecast: 1.8x and 1.6x, respectively). The main
drivers of the lowered forecast are:
-- Significantly lower number of securitized pubs in the
tenanted estate (although Fitch has given credit to the
continuing conversion of tenanted pubs to the franchise
model which is expected to result in higher growth).
-- Overall increased uncertainty around long-term profit
forecasts due to material changes to the composition of the
tenanted estate following larger disposals and ongoing
conversions to the franchise model (despite the positive
trend highlighted above).
-- For the managed estate: slightly lower growth expectations
compared with 2014 due to the long-term trends in the UK
economy and pub sector.
KEY RATING DRIVERS
Industry Profile - Midrange
Fitch views the operating environment as 'weaker'. While the pub
sector in the UK has a long history, trading performance for some
assets has shown significant weakness in the past. The sector is
highly exposed to discretionary spending, strong competition
(including from the off-trade), and other macro factors such as
minimum wages, rising utility costs and potential changes in
regulation (with the proposed statutory code in the
tenanted/leased segment).
Regulatory uncertainty has reduced significantly following the
enactment of the change in legislation governing the beer tie,
which resulted in the introduction of a statutory code with a
market rent only option (MRO). While the MRO breaks the tied
model that requires tenants to buy beer from the pubcos, recent
clarification that the MRO does not impact franchise pubs
supports Marston's strategy to focus on the franchise model.
The barriers to entry are viewed as 'midrange'. Licensing laws
and regulations are moderately stringent, and managed pubs and
tenanted pubs (i.e., non-full repairing and insuring) are fairly
capital-intensive. However, switching costs are generally viewed
as low, even though there may be some positive brand and captive
market effects.
Fitch views the sustainability of the sector as 'midrange' with
the strong pub culture in the UK expected to persist, thereby
taking a large portion of the eating-drinking-out market. In
relation to demographics, mild forecast population growth in the
UK is a credit positive.
Company Profile - Midrange
Financial performance is viewed as 'midrange'. TTM EBITDA to
April 2015 for the securitized estate fell by 8% (6.6% on a 52-
week adjusted basis) to GBP117.8 million from GBP128.5 million.
Fitch considers company operations to be 'midrange'. Fitch has
given credit to management's strong pro-activeness in turning
around its tenanted business, including being the first to launch
the hybrid tenanted/managed pubs with their RA (franchise
agreement) and tracker agreements. Results suggest that
converted pubs experience a strong uplift in sales (double digit
in many cases).
Fitch views transparency as 'midrange'. While financial
reporting still follows the managed/tenanted format, without
separating out the franchise pubs, there is still some
uncertainty about the exact impact of increased franchise pubs on
profitability and flexibility. However, information is
sufficient to be able to form a view on key trends.
Dependence on operator is viewed as 'midrange'. Due to the large
size of the estate, operator replacement is not viewed as
straightforward but should be possible within a reasonable period
of time.
Fitch views asset quality as 'midrange'. The pubs are reasonably
well-maintained. In the past few years, management has
channelled disposal proceeds into debt repayment (repayment of
the GBP80 million AB facility in January 2014) and some capex.
In the TTM to April 2015, Marston's spent GBP18 million on
maintenance capex for the securitized estate, which is above the
covenant level and slightly higher than its peers, Spirit and
M&B. The secondary market is reasonably strong.
Debt Structure: Class A: Stronger; Class B: Midrange
The debt profile is viewed as 'stronger' for the class A and B
notes with all tranches being fully amortizing. The liquidity
facility covers almost two years of debt service. Positive
factors include 100% fixed or hedged debt, although there is some
derivatives MTM exposure.
Fitch views the security package as 'stronger' for the class A
notes and 'midrange' for the class B notes. The security package
is strong with comprehensive first ranking fixed and floating
charges over borrower assets. Class A is the senior ranking
controlling creditor, with the class B lower ranking resulting in
a 'midrange' assessment.
Structural features are viewed as 'stronger' for Class A and
Class B. Stronger features include a greater than 18-month
liquidity facility, highly rated financial counterparties with
adequate downgrade language and a clear orphan SPV. Marston's
also benefits from a non-ambivalent set of covenants and moderate
restricted payment and default covenants relative to the
industry.
RATING SENSITIVITIES
The Outlook could be revised back to Stable if Fitch Base Case
DSCR returns to 1.8x for class A and 1.5x for class B. This
could be due to strong managed division growth, more pubs being
introduced into the securitized perimeter (managed or tenanted /
franchise) and continued success of the franchise model.
A further deterioration of the Fitch Base Case DSCRs (below 1.6x
for class A and below 1.4x for class B) could lead to a
downgrade.
SUMMARY OF CREDIT
The transaction is a securitization of both managed and tenanted
pubs operated by Marston's comprising 279 managed pubs and 1,006
tenanted pubs.
MM CATERERS: To Stay Open After Buyer Found for Business
--------------------------------------------------------
SFP on July 3 disclosed that an Italian Restaurant in London
obliged to enter into administration two weeks ago has managed to
stay open, thanks to the work of the nationwide insolvency
practitioners SFP in finding a buyer for the business and its
assets.
M.M. Caterers Limited, the name behind a chic Italian restaurant
near St. Pauls, suffered a downturn in revenues caused by a
number of factors, including poor trading during the London
Olympics that saw fewer customers through its doors.
Although the business entered a Company Voluntary Arrangement
("CVA") in May 2013, that CVA was breached in April 2015 and the
directors entered into administration to save the business.
Licensed insolvency practitioners Simon Plant --
simonp@sfpgroup.com -- and Daniel Plant -- danielp@sfpgroup.com
-- of SFP were appointed to manage the administration and having
valued the business, immediately set about trying to sell it as a
going concern. Before being appointed, the SFP Directors sought
potential interest, and post appointment reviewed the property
leases and liaised with local landlords.
Daniel Plant reports that a buyer has now been found and the
business remains open: "This is a very successful outcome for a
restaurant with a proud reputation in London since the early
1960s," he says, "and shows the value in consulting with an IP
early in the process.
"The hospitality sector is fiercely competitive, and even well-
established businesses can sometimes struggle. What is
particularly unfortunate in this case, is that the restaurant's
troubles coincided with the Olympics, when perhaps they may have
expected to have enjoyed a boom time."
TAURUS CMBS 2014-1: Fitch Affirms 'BBsf' Rating on Class C Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Taurus CMBS UK 2014-1 Limited's class
A, B and C notes due 2022 as follows:
EUR124.2 mil. class A (XS1082235299) affirmed at 'Asf'; Outlook
Stable
EUR45.4 mil. class B (XS1082235612) affirmed at 'BBB-sf';
Outlook Stable
EUR27.4 mil. class C (XS1082235703) affirmed at 'BBsf'; Outlook
Stable
Taurus CMBS UK 2014-1 Limited is the securitization of a 95%
participation in a GBP222.7 million commercial loan granted by
Merrill Lynch to 13 cross-defaulted and cross-collateralized
borrowers to acquire a portfolio of 132 retail, office, leisure
and logistics assets located throughout the UK. The collateral
constitutes a distressed portfolio of mainly secondary and
tertiary quality assets. The sponsor's business plan envisages
an asset liquidation strategy with quarterly amortization
targets. Three assets were sold prior to closing in July 2014.
KEY RATING DRIVERS
The affirmation reflects the stable performance of the sole
securitized loan since closing.
By the May 2015 payment date, 10 of the 129 assets at closing
have been sold, with little impact on the geographic
diversification of the portfolio. The resulting principal
repayment of EUR14.5 million kept the loan in line with the
quarterly maximum repayment target. Failure to miss such a target
would not constitute an event of default. Instead, a full cash
sweep would apply and amortize the notes sequentially, while
sales proceeds are applied on a pro rata basis. Furthermore, two
one-year loan extensions would no longer be available past loan
maturity in May 2017.
The loan-to-value (LTV) ratio stood at 64.2% in May 2015,
slightly reduced from 65% at closing due to applicable release
premiums on sold assets (20% for the stronger assets, 10%
otherwise). The ratio is based on a 2014 valuation and compares
with a 79% LTV covenant. The interest coverage ratio stood at
2.5x, slightly up from 2.3x at closing. Income remains granular,
with no tenant accounting for more than 2.6% of total income. By
value, the top 10 assets account for almost 54% of the portfolio.
Fitch expects a full loan repayment in 'Bsf' and 'BBsf' stresses.
RATING SENSITIVITIES
Further downturn of the secondary/ tertiary UK property markets
beyond Fitch's expectations may result in Outlook revision and/or
a downgrade.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the last 12 months is consistent with the agency's
expectations given the operating environment and Fitch is
therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.
Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 29, 2015 to July 3, 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 environment Gm 7.25 6/1/2016 EUR 3.57
Seabird Exploratio 6.00 12/18/2015 USD 26.13
Codere Finance Lux 9.25 2/15/2019 USD 64.00
MT-Energie GmbH & 8.25 4/4/2017 EUR 10.56
Lehman Brothers Tr 5.00 2/16/2015 EUR 3.88
SNS Bank NV 2.75 EUR 0.85
Ukraine Government 7.95 2/23/2021 USD 45.71
Heta Asset Resolut 0.49 12/18/2030 EUR 3.10
Bulgaria Steel Fin 12.00 5/4/2013 EUR 1.00
EXER D GmbH 5.70 2/1/2016 EUR 67.00
LBI HF 6.10 8/25/2011 USD 9.19
Danske Bank Oyj 1.63 EUR 72.38
Oesterreichische V 9.00 7/26/2019 EUR 32.38
Lehman Brothers Tr 2.88 3/14/2013 CHF 11.13
Raiffeisen Bank In 4.50 9/28/2035 EUR 63.63
A-TEC Industries A 8.75 10/27/2014 EUR 2.00
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.00
Mechel 10.00 8/25/2020 RUB 75.00
Gazprom OAO 9.30 10/21/2043 RUB 6.06
Alliance Oil Co OJ 8.85 6/1/2021 RUB 72.01
Glitnir HF 8.00 EUR 0.01
Vnesheconombank 8.40 12/20/2018 RUB 70.01
Kaupthing Bank Hf 1.80 10/20/2009 JPY 14.13
Glitnir HF 4.75 10/15/2010 USD 14.00
Petromena ASA 10.85 11/19/2014 USD 1.95
Solon SE 1.38 12/6/2012 EUR 0.33
Heta Asset Resolut 0.31 9/26/2043 EUR 47.88
Raiffeisenlandesba 5.00 7/1/2026 EUR 68.63
IVG Immobilien AG 5.81 EUR 0.00
Standard Chartered 0.59 USD 60.50
Privatbank CJSC Vi 10.88 2/28/2018 USD 62.25
Glitnir HF 4.38 2/5/2010 EUR 14.00
Lehman Brothers Tr 5.10 5/8/2017 HKD 29.88
Ukraine Government 5.00 12/20/2015 USD 51.13
Mechel 8.00 2/9/2021 RUB 50.01
LBI HF 7.43 USD 0.00
Heta Asset Resolut 0.11 1/24/2017 EUR 52.63
Municipality Finan 0.50 11/21/2018 TRY 70.79
Svensk Exportkredi 0.50 3/15/2022 ZAR 52.23
Espirito Santo Fin 5.05 11/15/2025 EUR 2.97
Hamburgische Lande 0.38 1/22/2041 EUR 59.08
BKN biostrom AG 7.50 6/5/2016 EUR 1.50
LBI HF 2.25 2/14/2011 CHF 2.81
Societe Generale S 2.37 11/29/2032 USD 70.14
Kaupthing Bank Hf 5.25 7/18/2017 BGN 14.13
Italy Government I 0.72 7/31/2045 EUR 72.18
Standard Chartered 0.50 USD 59.92
Autonomous Communi 7.55 7/21/2026 EUR 47.91
Lehman Brothers Tr 6.00 3/14/2011 EUR 3.82
Piraeus Bank SA 0.97 12/27/2016 EUR 73.74
Kaupthing Bank Hf 5.90 EUR 0.13
Deutsche Bank AG 1.24 6/28/2033 USD 70.54
Heta Asset Resolut 5.73 12/10/2021 EUR 3.00
Cooperatieve Centr 0.50 7/30/2043 MXN 19.33
Artea 6.00 8/4/2019 EUR 13.73
BNP Paribas Emissi 4.50 6/25/2015 EUR 72.19
Lehman Brothers Tr 5.00 9/22/2014 EUR 3.82
Glitnir HF 1.63 3/11/2009 CHF 14.00
Comune di Verona 0.31 12/1/2026 EUR 68.26
Financing of Infra 9.00 12/7/2017 USD 44.00
Alpha Credit Group 0.55 2/21/2021 EUR 29.84
Heta Asset Resolut 4.07 3/21/2017 EUR 52.50
Heta Asset Resolut 0.30 3/12/2043 EUR 47.88
Eksportfinans ASA 0.50 5/9/2030 CAD 29.13
Heta Asset Resolut 5.80 6/17/2017 EUR 50.50
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Banco Espirito San 10.00 12/6/2021 EUR 10.13
Santander Finance 2.00 EUR 37.75
Barclays Bank PLC 4.00 12/18/2015 USD 6.81
CaixaBank SA 1.92 EUR 46.88
Czerwona Torebka S 6.66 4/15/2016 PLN 70.00
SAG Solarstrom AG 7.50 7/10/2017 EUR 45.00
Heta Asset Resolut 7.50 5/27/2024 ATS 2.97
Glitnir HF 5.44 12/22/2015 USD 14.00
Region of Molise I 0.58 12/15/2033 EUR 64.85
InterOil Explorati 15.00 3/14/2016 NOK 30.00
Sairgroup Finance 6.63 10/6/2010 EUR 16.50
SNS Bank NV 6.63 5/14/2018 EUR 2.42
DEIKON GmbH 1.00 11/16/2016 EUR 25.00
Raiffeisenlandesba 4.00 6/28/2023 EUR 73.88
Magnitogorsk Iron 8.70 11/22/2022 RUB 60.01
City of St Petersb 7.94 6/1/2017 RUB 60.01
GFI Informatique S 5.25 1/1/2017 EUR 6.20
Region of Abruzzo 0.40 11/7/2031 EUR 72.17
Cyprus Popular Ban 1.79 5/26/2016 EUR 3.37
Kaupthing Bank Hf 9.75 9/10/2015 USD 14.13
Public Power Corp 5.50 5/1/2019 EUR 72.23
Heta Asset Resolut 1.60 6/30/2019 CHF 51.50
ADLER Real Estate 6.00 12/27/2018 EUR 12.70
LBI HF 4.65 EUR 0.00
Bong AB 10.00 6/27/2018 SEK 0.10
KPNQwest NV 7.13 6/1/2009 EUR 0.50
Deutsche Bank AG/L 1.42 1/31/2033 USD 66.00
Espirito Santo Fin 5.05 11/15/2025 EUR 2.16
Heta Asset Resolut 0.05 5/31/2016 EUR 48.50
Gazprom Neft OAO 8.50 1/26/2021 RUB 59.03
Transcapitalbank J 15.00 3/15/2016 RUB 60.11
Banco Pastor SA 2.44 EUR 46.88
Codere Finance Lux 8.25 6/15/2015 EUR 64.13
Accentro Real Esta 6.25 3/27/2019 EUR 2.57
Kommunekredit 0.50 12/14/2020 ZAR 64.89
Glitnir HF 6.38 9/25/2012 USD 14.00
Glitnir HF 5.31 12/24/2012 USD 14.00
Province of Milan 0.42 12/22/2033 EUR 66.85
Ideal Standard Int 11.75 5/1/2018 EUR 42.13
Kaupthing Bank Hf 6.13 10/4/2016 USD 14.13
Municipality Finan 0.50 3/28/2018 BRL 73.36
Barclays Bank PLC 3.46 2/28/2034 USD 71.00
Cooperatieve Centr 0.50 10/30/2043 MXN 19.10
Kaupthing Bank Hf 5.50 2/2/2009 USD 14.13
Heta Asset Resolut 0.27 4/9/2018 EUR 47.50
SU-155 KAPITAL OOO 15.50 5/18/2015 RUB 53.63
Cooperatieve Centr 0.50 11/30/2027 MXN 45.93
Svensk Exportkredi 0.50 8/25/2021 ZAR 61.22
KPNQwest NV 8.88 2/1/2008 EUR 0.50
Rena Lange Holding 8.00 12/12/2017 EUR 0.60
Notenstein Finance 1.00 9/17/2019 CHF 68.79
Sovcombank ICB JSC 13.40 6/20/2016 RUB 60.04
Codere Finance Lux 8.25 6/15/2015 EUR 63.88
Hypo Tirol Bank AG 0.50 7/23/2026 EUR 57.00
Svensk Exportkredi 0.50 1/31/2022 ZAR 54.84
DEIKON GmbH 1.00 7/1/2015 EUR 29.00
Kaupthing Bank Hf 6.13 10/4/2016 USD 14.13
Montepio Holding S 5.00 EUR 50.00
Lehman Brothers Tr 8.25 12/3/2015 EUR 6.63
Heta Asset Resolut 4.70 4/2/2018 EUR 51.50
Kommunalbanken AS 0.50 3/2/2018 BRL 73.21
Eirles Two Ltd 0.81 9/30/2046 USD 55.13
Societe Centrale d 9.00 7/1/2016 EUR 7.17
Kaupthing Bank Hf 4.70 2/15/2010 CAD 14.13
Heta Asset Resolut 0.30 2/10/2018 EUR 53.50
Heta Asset Resolut 0.29 3/10/2018 EUR 52.88
Allied Irish Banks 5.25 3/10/2035 GBP 26.50
Lehman Brothers Tr 11.00 12/20/2017 AUD 3.82
Astana Finance BV 14.50 7/2/2013 USD 12.50
Heta Asset Resolut 0.81 5/28/2017 EUR 55.00
Alpha Credit Group 2.00 4/27/2024 EUR 20.04
Province of Bresci 0.68 6/30/2036 EUR 60.46
SAir Group 0.13 7/7/2005 CHF 12.00
Bank Nederlandse G 0.50 8/9/2022 MXN 70.38
KPNQwest NV 8.13 6/1/2009 USD 0.50
Santander Finance 2.00 USD 19.38
Lehman Brothers Tr 4.00 12/2/2012 EUR 3.82
Kommunekredit 0.50 10/22/2019 BRL 61.81
Russian Railways J 9.00 9/20/2039 RUB 3.26
Lehman Brothers Tr 5.25 5/26/2026 EUR 3.82
Heta Asset Resolut 0.13 5/31/2016 EUR 51.50
Phosphorus Holdco 10.00 4/1/2019 GBP 1.94
Lehman Brothers Tr 4.50 5/2/2017 EUR 3.82
Heta Asset Resolut 0.25 3/29/2017 EUR 53.13
Lehman Brothers Tr 8.50 7/5/2016 EUR 3.82
City of Kiev Ukrai 8.00 11/6/2015 USD 48.00
Cooperatieve Centr 0.50 10/29/2027 MXN 46.42
BLT Finance BV 7.50 5/15/2014 USD 5.25
Heta Asset Resolut 6.94 6/10/2017 EUR 51.25
Oesterreichische V 9.00 7/26/2020 EUR 32.38
International Bank 13.50 6/23/2016 RUB 60.16
LBI HF 3.00 12/7/2010 CHF 2.81
Oesterreichische V 4.25 9/7/2020 EUR 25.00
Lehman Brothers Tr 1.00 5/9/2012 EUR 3.82
Lehman Brothers Tr 3.03 1/31/2015 EUR 6.63
Lehman Brothers Tr 4.00 10/24/2012 EUR 3.82
Heta Asset Resolut 0.25 3/29/2017 EUR 49.75
Societe Generale S 0.50 5/30/2023 MXN 63.33
Bashneft OAO 10.70 5/13/2024 RUB 70.01
A-TEC Industries A 2.75 5/10/2014 EUR 2.00
Barclays Bank PLC 2.50 5/24/2017 USD 10.93
HSBC Bank PLC 0.50 4/27/2027 NZD 58.02
Heta Asset Resolut 5.27 4/7/2028 EUR 2.73
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Transcapitalbank J 10.75 5/30/2023 RUB 60.01
UniCredit Bank Aus 0.39 1/24/2031 EUR 63.88
Investkredit Bank 7.00 7/24/2022 EUR 63.69
City of Siret Roma 2.75 3/1/2028 RON 31.20
Deutsche Bank AG/L 11.50 8/31/2015 USD 47.58
Vontobel Financial 5.84 9/9/2016 EUR 60.47
Oesterreichische V 5.27 2/8/2027 EUR 62.75
Oesterreichische V 6.00 3/30/2017 EUR 59.00
Lehman Brothers Tr 4.00 2/28/2010 EUR 6.63
NIBC Bank NV 2.32 USD 74.88
Heta Asset Resolut 0.20 2/17/2017 EUR 53.63
BNP Paribas SA 0.50 1/31/2018 RUB 72.25
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.00
Republika Srpska 9.00 9/26/2027 BAM 63.00
Barclays Bank PLC 0.50 4/24/2023 MXN 62.13
Lehman Brothers Tr 6.00 10/30/2012 EUR 3.82
Royal Bank of Scot 4.24 1/12/2046 EUR 72.25
Lehman Brothers Tr 5.00 2/27/2014 EUR 3.82
UNIQA Sachversiche 2.99 EUR 40.00
NIBC Bank NV 2.32 USD 74.88
Mobile TeleSystems 5.00 6/29/2021 RUB 62.50
Ingra DD 6.13 12/6/2016 HRK 12.99
Lehman Brothers Tr 6.00 3/18/2015 USD 3.82
Banco Espirito San 1.59 5/27/2018 EUR 10.13
KA Finanz AG 4.44 12/20/2030 EUR 55.88
Lehman Brothers Tr 7.00 11/26/2013 EUR 3.82
Heta Asset Resolut 0.30 8/21/2017 EUR 51.50
Heta Asset Resolut 5.03 1/26/2017 EUR 2.22
SAir Group 5.50 7/23/2003 CHF 11.50
HSBC Bank PLC 0.50 4/3/2023 AUD 71.90
Russian Highways 12.40 4/22/2042 RUB 16.95
AK BARS Bank OJSC 18.00 12/26/2017 RUB 61.01
Lehman Brothers Tr 8.00 2/16/2016 EUR 3.82
SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 36.10
Lehman Brothers Tr 8.88 1/28/2011 HKD 29.88
HSBC Bank PLC 0.50 1/29/2027 NZD 58.82
WGF Westfaelische 5.35 5/15/2015 EUR 3.61
Moscow United Elec 11.00 9/12/2024 RUB 70.00
Enemona AD-Kozlodu 10.00 4/28/2017 BGN 0.34
Anglian Water Serv 1.02 1/26/2057 GBP 74.19
Heta Asset Resolut 4.54 9/22/2017 EUR 51.50
Heta Asset Resolut 0.20 2/9/2017 EUR 48.50
Mechel 8.00 2/9/2021 RUB 60.00
HSBC Bank PLC 0.50 9/28/2018 IDR 73.92
UniCredit Bank AG 0.80 11/19/2029 EUR 71.50
LBI HF 3.20 5/10/2010 SKK 2.81
Heta Asset Resolut 0.10 8/1/2017 EUR 48.38
Pongs & Zahn AG 8.50 EUR 0.30
Heta Asset Resolut 0.13 3/15/2017 EUR 52.63
hkw personalkonzep 8.25 11/15/2016 EUR 1.31
UniCredit Bank Aus 0.67 12/27/2026 EUR 72.63
Svyaznoy Bank ZAO 13.50 6/8/2018 RUB 68.14
UTair-Finans OOO 12.00 6/17/2016 RUB 30.30
SAir Group 6.25 4/12/2005 CHF 11.38
Alpha Credit Group 2.00 11/28/2032 EUR 8.83
Bank Nederlandse G 0.50 9/20/2022 MXN 69.93
HSBC Bank PLC 0.50 7/30/2027 NZD 57.18
Vnesheconombank 2.00 6/18/2021 RUB 54.65
Heta Asset Resolut 0.25 4/22/2018 EUR 54.13
La Veggia Finance 7.13 11/14/2004 EUR 0.63
Atari SA 7.50 2/17/2020 EUR 0.29
Heta Asset Resolut 0.28 8/28/2017 EUR 51.50
Heta Asset Resolut 0.35 5/10/2017 EUR 52.75
Lehman Brothers Tr 1.46 2/19/2012 JPY 29.88
VEB-Leasing OAO 8.60 4/2/2021 RUB 58.01
Federal Grid Co Un 8.00 1/7/2028 RUB 70.01
Lehman Brothers Tr 5.00 5/2/2022 EUR 6.63
Republika Srpska 1.50 12/24/2025 BAM 68.94
Alpha Credit Group 6.00 7/29/2020 EUR 48.75
Svensk Exportkredi 0.50 8/28/2018 BRL 68.24
Lehman Brothers Tr 8.00 10/17/2014 EUR 3.82
Republic of Srpska 1.50 6/9/2025 BAM 71.00
Kommunekredit 0.50 7/30/2027 TRY 29.43
Santander Finance 2.00 USD 19.25
Lehman Brothers Tr 4.00 2/16/2017 EUR 6.63
Bosnia & Herzegovi 2.50 6/30/2023 BAM 71.00
Alpha Credit Group 1.50 12/18/2028 EUR 9.50
Oesterreichische V 3.00 9/22/2017 EUR 59.50
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
Heta Asset Resolut 0.30 5/17/2017 EUR 48.38
Heta Asset Resolut 0.12 7/18/2017 EUR 50.50
SAir Group 2.13 11/4/2004 CHF 11.50
Alpha Credit Group 6.00 4/11/2018 EUR 66.01
UTair-Finans OOO 13.00 11/13/2015 RUB 38.00
Raiffeisen-Holding 5.08 EUR 73.25
Takko Luxembourg 2 7.01 4/15/2019 EUR 45.46
Erste Europaische 0.28 2/1/2037 USD 73.91
Heta Asset Resolut 0.75 9/20/2017 EUR 3.25
Heta Asset Resolut 3.90 1/24/2017 EUR 52.38
Oesterreichische V 3.13 6/30/2017 EUR 62.63
World of Building 7.70 6/25/2019 RUB 3.51
Glitnir HF 3.25 8/15/2016 EUR 14.00
JP Morgan Structur 12.00 11/24/2021 ZMW 67.55
Rosbank PJSC 0.01 1/15/2016 RUB 55.01
Heta Asset Resolut 1.29 5/31/2016 EUR 58.63
Heta Asset Resolut 0.05 1/24/2017 EUR 53.50
HSBC Bank PLC 0.50 10/30/2026 NZD 59.75
Northland Resource 12.25 3/26/2016 USD 1.01
Lehman Brothers Tr 4.69 2/19/2017 EUR 6.63
Lehman Brothers Tr 23.30 9/16/2008 USD 6.63
Salvator Grundbesi 9.50 EUR 40.50
Atari SA 0.50 9/30/2015 EUR 1.34
Salvator Grundbesi 9.50 12/31/2021 EUR 12.00
Bank Nederlandse G 0.50 6/7/2022 ZAR 52.44
A-TEC Industries A 5.75 11/2/2010 EUR 2.00
LBI HF 4.34 12/22/2025 EUR 2.81
Investkredit Bank 0.56 3/14/2020 EUR 70.41
Lehman Brothers Tr 5.50 6/22/2010 USD 3.82
Cooperatieve Centr 0.50 8/21/2028 MXN 44.46
e-Kancelaria Grupa 8.00 10/17/2016 PLN 1.00
UTair-Finans OOO 13.00 11/13/2015 RUB 38.00
BNP Paribas SA 0.50 5/6/2021 MXN 72.11
wige MEDIA AG 6.00 3/17/2019 EUR 1.90
RFA-Invest OAO 12.00 2/24/2016 RUB 60.05
Province of Bresci 0.52 12/22/2036 EUR 59.83
HSBC Bank PLC 0.50 2/2/2023 AUD 72.55
DEIKON GmbH 1.00 7/1/2016 EUR 29.50
ECM Real Estate In 5.00 10/9/2011 EUR 10.38
SAir Group 5.13 3/1/2003 CHF 11.00
Heta Asset Resolut 0.35 5/17/2017 EUR 50.50
RSL Communications 10.13 3/1/2008 USD 1.25
Vnesheconombank 9.75 8/16/2029 RUB 70.00
Credit Agricole Co 0.50 3/6/2023 RUB 41.28
Russian Railways J 10.10 5/20/2044 RUB #N/A N/A
Heta Asset Resolut 3.72 3/15/2017 EUR 48.63
Kaupthing Bank Hf 7.90 2/1/2016 EUR 14.13
Heta Asset Resolut 5.04 2/15/2023 EUR 48.38
Oesterreichische V 5.11 6/12/2017 EUR 66.13
Mriya Agro Holding 10.95 3/30/2016 USD 11.63
Deutsche Bank AG/L 0.50 10/5/2021 IDR 60.52
Avangard Bank OAO 18.00 2/1/2016 RUB 61.01
Russian Railways J 16.00 8/18/2033 RUB #N/A N/A
LBI HF 7.75 2/22/2016 USD 2.81
Espirito Santo Fin 5.63 7/28/2017 EUR 3.56
Dolomite Capital L 12.01 12/20/2019 ZAR 54.17
Oravita City Counc 2.63 6/15/2027 RON 58.00
Balkanstroy JSC 4.06 3/7/2016 EUR 5.00
MORTGAGE AGENT AHM 8.50 9/9/2045 RUB 57.01
Emporiki Group Fin 5.00 2/24/2022 EUR 36.79
HSBC Bank PLC 0.50 2/24/2027 NZD 58.63
HSBC Bank PLC 0.50 2/24/2023 AUD 72.96
LBI HF 6.00 6/6/2017 EUR 2.81
Lloyds Bank PLC 1.45 4/26/2033 USD 71.50
Svensk Exportkredi 0.50 4/24/2029 AUD 56.65
LBI HF 6.10 8/25/2011 USD 8.63
Heta Asset Resolut 0.32 7/1/2017 EUR 48.50
CARPEVIGO AG 8.25 6/30/2016 EUR 29.95
Heta Asset Resolut 4.40 6/20/2017 EUR 51.00
Leonteq Securities 10.30 6/10/2015 CHF 68.34
Bank Nederlandse G 0.50 5/12/2021 ZAR 62.27
HSBC Bank PLC 0.50 12/8/2026 AUD 58.80
UniCredit Bank ZAO 14.00 2/23/2016 RUB 60.09
Lehman Brothers Tr 6.65 8/24/2011 AUD 29.88
Alpha Credit Group 2.00 2/1/2017 EUR 72.72
Heta Asset Resolut 0.13 5/31/2016 EUR 51.63
Wlodarzewska SA 9.46 5/15/2016 PLN 70.00
Hellenic Republic 3.38 7/17/2017 EUR 72.78
Lehman Brothers Tr 1.75 2/7/2010 EUR 6.63
Metalloinvest Hold 0.01 3/7/2022 RUB 60.00
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Lehman Brothers Tr 3.86 9/21/2011 SGD 6.63
Morgan Stanley BV 8.50 5/25/2015 EUR 57.23
Lehman Brothers Tr 5.55 3/12/2015 EUR 6.63
Northland Resource 15.00 7/15/2019 USD 1.01
Barclays Bank PLC 8.00 9/15/2015 USD 10.10
Glitnir HF 3.00 11/30/2009 EUR 14.00
Banque Cantonale V 17.75 11/17/2015 CHF 62.91
Atari SA 0.10 4/1/2020 EUR 1.81
Municipality Finan 0.50 11/25/2020 ZAR 65.58
Municipality Finan 0.50 6/19/2024 ZAR 44.90
Credit Suisse AG/L 15.00 9/18/2015 USD 53.67
Windreich GmbH 6.75 3/1/2015 EUR 10.88
Lehman Brothers Tr 7.00 6/6/2017 EUR 3.82
Eksportfinans ASA 0.25 7/14/2033 CAD 20.63
Heta Asset Resolut 5.68 7/5/2017 EUR 48.88
Municipiul Timisoa 1.28 5/12/2026 RON 70.00
Lehman Brothers Tr 7.80 3/31/2018 USD 3.82
Lehman Brothers Tr 1.28 11/6/2010 JPY 29.88
UTair-Finans OOO 11.75 5/26/2015 RUB 35.00
HSBC Bank PLC 0.50 12/2/2022 AUD 73.44
Kommunalbanken AS 0.50 6/18/2019 INR 70.48
Mortgage Agent Abs 9.20 11/12/2040 RUB 57.00
Lehman Brothers Tr 10.00 1/3/2012 BRL 3.82
Municipality Finan 0.50 12/14/2018 TRY 70.38
Oesterreichische V 4.80 5/9/2025 EUR 23.00
Oesterreichische V 4.44 4/12/2017 EUR 67.50
Emporiki Group Fin 5.10 12/9/2021 EUR 38.05
Lehman Brothers Tr 5.38 2/4/2014 USD 3.82
Glitnir HF 6.38 9/25/2012 USD 14.00
IT Holding Finance 9.88 11/15/2012 EUR 0.50
Oesterreichische V 3.78 7/21/2033 EUR 13.50
Leonteq Securities 5.65 5/27/2015 CHF 67.08
MirLand Developmen 8.50 8/31/2016 ILS 41.00
Barclays Bank PLC 0.50 1/28/2033 MXN 34.01
Oesterreichische V 4.26 3/22/2024 EUR 23.50
Glitnir HF 3.00 10/31/2015 EUR 14.00
Lehman Brothers Tr 11.00 7/4/2011 USD 6.63
Republika Srpska 1.50 12/31/2022 BAM 75.00
Strommen Sparebank 2.41 NOK 43.33
Armenian Treasury 10.00 10/29/2023 AMD 73.40
Dresdner Bank AG 0.77 11/19/2029 EUR 63.25
Accentro Real Esta 7.75 6/25/2017 EUR 3.07
Russian Railways J 17.70 9/19/2033 RUB #N/A N/A
Lehman Brothers Tr 4.35 8/8/2016 SGD 29.88
Sidetur Finance BV 10.00 4/20/2016 USD 18.63
Provinsor Fastighe 8.50 6/30/2015 DKK 0.10
Kvinesdal Spareban 2.65 NOK 71.89
Oesterreichische V 4.90 8/18/2025 EUR 61.30
KFW 0.25 10/6/2036 CAD 37.37
Heta Asset Resolut 0.20 8/11/2017 EUR 51.88
Credit Suisse AG 8.00 7/31/2015 USD 10.23
Lehman Brothers Tr 3.20 3/19/2018 JPY 6.63
Republika Srpska 1.50 5/31/2025 BAM 71.02
Ecureuil Vie Devel 0.98 EUR 26.25
Oesterreichische V 4.20 2/22/2033 EUR 15.13
Kaupthing Bank Hf 5.00 1/4/2027 SKK 14.13
Araratbank OJSC 9.00 10/20/2015 USD 25.26
Oesterreichische V 3.88 3/15/2022 EUR 28.38
Hellenic Republic 3.80 8/8/2017 JPY 66.00
Atari SA 0.50 9/30/2015 EUR 1.94
Leonteq Securities 14.00 10/20/2015 CHF 66.95
UBS AG/London 11.00 5/13/2015 CHF 43.74
Glitnir HF 6.69 6/15/2016 USD 0.02
Kaupthing Bank Hf 4.65 2/19/2013 EUR 14.13
Lehman Brothers Tr 3.50 10/24/2011 USD 3.82
Emova Group 4.30 5/2/2022 EUR 6.25
Oesterreichische V 4.00 12/14/2023 EUR 23.25
Lehman Brothers Tr 8.25 2/3/2016 EUR 3.82
Lehman Brothers Tr 9.00 5/6/2011 CHF 6.63
Societe Generale S 0.50 6/12/2023 RUB 39.86
Glitnir HF 3.00 4/1/2010 CZK 14.00
COFIDUR SA 0.10 12/31/2024 EUR 15.05
Heta Asset Resolut 0.26 4/2/2018 EUR 51.50
SAir Group 6.25 10/27/2002 CHF 12.25
Locko-Bank ZAO 11.50 7/17/2018 RUB 60.01
JP Morgan Structur 14.00 11/23/2029 ZMW 64.99
JP Morgan Structur 13.00 11/25/2024 ZMW 65.36
Cerruti Finance SA 6.50 7/26/2004 EUR 1.04
RESO-Garantia OCAO 14.00 9/13/2022 RUB 60.01
UTair-Finans OOO 12.00 5/26/2015 RUB 30.30
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 Hunedoara 2.43 8/15/2026 RON 70.00
BNP Paribas SA 0.50 2/13/2024 NZD 67.01
Oesterreichische V 3.00 2/3/2017 EUR 68.13
Societe Generale S 0.50 5/22/2024 MXN 61.06
Bank Nederlandse G 0.50 6/22/2021 ZAR 62.48
Oesterreichische V 3.78 8/25/2033 EUR 13.50
BNP Paribas SA 0.50 9/29/2029 AUD 54.62
Leonteq Securities 7.35 7/2/2015 USD 70.90
Kaupthing Bank Hf 4.90 5/29/2017 EUR 14.13
DeltaCredit Bank 11.92 10/10/2024 RUB 74.77
Oesterreichische V 4.21 1/25/2033 EUR 15.13
HSBC Bank PLC 0.50 10/30/2018 IDR 72.93
Kaupthing Bank Hf 7.00 1/3/2011 EUR 14.13
Lehman Brothers Tr 8.00 12/31/2010 USD 6.63
Hellas Telecommuni 8.50 10/15/2013 EUR 0.00
Oesterreichische V 5.00 3/26/2018 EUR 57.13
Lehman Brothers Tr 11.00 7/4/2011 CHF 6.63
Glitnir HF 6.00 8/1/2015 ISK 14.00
Muehl Product & Se 6.75 3/10/2005 DEM 1.72
Lehman Brothers Tr 2.00 6/28/2011 EUR 3.82
LBI HF 3.45 12/18/2033 JPY 0.01
Kaupthing Bank Hf 6.50 10/8/2010 ISK 14.13
UTair-Finans OOO 12.00 6/17/2016 RUB 30.30
ZapSib-Transservic 15.00 4/17/2018 RUB 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 9/23/2020 USD 45.38
UBS AG/London 10.50 6/5/2015 CHF 51.71
Svensk Exportkredi 0.50 6/20/2029 AUD 66.61
Svensk Exportkredi 0.50 6/29/2029 AUD 69.11
Municipality Finan 0.50 7/30/2029 AUD 69.19
Kommunekredit 0.50 2/20/2020 BRL 58.85
Svensk Exportkredi 0.50 8/29/2029 AUD 69.86
Kommunalbanken AS 0.50 9/20/2018 BRL 69.82
Societe Generale S 0.50 4/30/2023 RUB 40.42
UniCredit Bank AG 4.00 6/25/2015 EUR 47.98
Lehman Brothers Tr 5.00 4/24/2017 EUR 3.82
Driver & Bengsch A 8.50 12/31/2027 EUR 0.01
Bulgaria Steel Fin 12.00 5/4/2013 EUR 1.00
Lehman Brothers Tr 4.60 7/6/2016 EUR 3.82
Lehman Brothers Tr 5.10 6/22/2046 EUR 6.63
Lehman Brothers Tr 6.00 10/24/2008 EUR 6.63
Lehman Brothers Tr 0.25 7/21/2014 EUR 3.82
Credit Suisse AG/L 8.00 1/11/2016 USD 45.70
Lehman Brothers Tr 9.00 5/15/2022 USD 3.82
Credit Suisse AG/L 7.60 10/15/2015 CHF 73.97
Commerzbank AG 2.00 2/3/2016 EUR 70.07
Kaupthing Bank Hf 1.99 7/5/2012 JPY 14.13
Kaupthing Bank Hf 0.20 7/12/2009 JPY 14.13
Lehman Brothers Tr 12.22 11/21/2017 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 EUR 3.82
Lehman Brothers Tr 8.00 5/22/2009 USD 6.63
Lehman Brothers Tr 6.25 11/30/2012 EUR 3.82
Lehman Brothers Tr 6.00 2/19/2023 USD 3.82
Lehman Brothers Tr 1.00 2/26/2010 USD 3.82
Lehman Brothers Tr 4.87 10/8/2013 USD 6.63
Lehman Brothers Tr 1.95 11/4/2013 EUR 6.63
LBI HF 7.25 4/2/2011 EUR 2.81
LBI HF 7.00 4/2/2010 EUR 2.81
Lehman Brothers Tr 7.50 2/14/2010 AUD 6.63
Lehman Brothers Tr 5.00 12/6/2011 EUR 6.63
Lehman Brothers Tr 0.50 6/2/2020 EUR 6.63
Lehman Brothers Tr 12.00 7/4/2011 EUR 6.63
Lehman Brothers Tr 5.50 7/8/2013 EUR 3.82
Lehman Brothers Tr 7.60 3/4/2010 NZD 6.63
Lehman Brothers Tr 17.00 6/2/2009 USD 6.63
Lehman Brothers Tr 2.75 10/28/2009 EUR 3.82
Lehman Brothers Tr 3.00 6/3/2010 EUR 3.82
Lehman Brothers Tr 9.75 6/22/2018 USD 3.82
LBI HF 1.68 12/22/2014 JPY 2.81
Province of Trevis 0.31 12/31/2034 EUR 60.84
HSBC Bank PLC 0.50 5/29/2020 IDR 63.90
Municipality Finan 0.25 6/28/2040 CAD 28.40
Lehman Brothers Tr 7.75 1/3/2012 AUD 6.63
UBS AG 5.56 2/10/2016 USD 36.53
UBS AG 2.75 8/18/2016 USD 9.31
Lehman Brothers Tr 2.50 8/15/2012 CHF 3.82
LBI HF 4.08 3/16/2015 EUR 2.81
Lehman Brothers Tr 6.00 8/7/2013 EUR 3.82
Glitnir HF 5.24 12/22/2010 USD 14.00
UBS AG 11.22 2/4/2016 USD 23.10
Lehman Brothers Tr 16.80 8/21/2009 USD 6.63
LBI HF 4.00 9/23/2015 EUR 2.81
Lehman Brothers Tr 14.10 11/12/2008 USD 6.63
Lehman Brothers Tr 0.75 3/29/2012 EUR 3.82
Glitnir HF 3.30 6/10/2010 EUR 14.00
Glitnir HF 5.35 5/11/2010 USD 14.00
Lehman Brothers Tr 4.00 8/11/2010 USD 3.82
Lehman Brothers Tr 2.30 6/6/2013 USD 6.63
Lehman Brothers Tr 7.50 5/30/2010 AUD 6.63
Lehman Brothers Tr 11.00 5/9/2020 USD 3.82
Lehman Brothers Tr 4.30 6/4/2012 USD 6.63
Lehman Brothers Tr 4.00 6/5/2011 USD 6.63
UBS AG 8.42 12/17/2015 USD 26.12
LBI HF 2.14 2/3/2020 JPY 2.81
UBS AG 8.15 7/21/2015 USD 45.63
Lehman Brothers Tr 3.10 6/4/2010 USD 6.63
Lehman Brothers Tr 5.25 7/8/2014 EUR 6.63
LBI HF 6.75 2/18/2015 EUR 2.81
Lehman Brothers Tr 6.60 5/23/2012 AUD 6.63
Lehman Brothers Tr 16.00 10/28/2008 USD 6.63
LBI HF 2.75 3/16/2011 EUR 2.81
Lehman Brothers Tr 6.60 2/9/2009 EUR 3.92
Lehman Brothers Tr 4.70 3/23/2016 EUR 3.82
Lehman Brothers Tr 8.00 4/20/2009 EUR 3.82
Lehman Brothers Tr 0.50 2/16/2009 EUR 6.63
Lehman Brothers Tr 7.63 7/22/2011 HKD 6.63
Glitnir HF 4.85 4/6/2012 EUR 14.00
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00
Lehman Brothers Tr 5.00 3/13/2009 EUR 3.82
Lehman Brothers Tr 6.72 12/29/2008 EUR 3.97
Lehman Brothers Tr 7.06 12/29/2008 EUR 3.98
Glitnir HF 2.57 12/31/2013 EUR 14.00
Glitnir HF 6.00 12/10/2009 ISK 0.02
Glitnir HF 6.20 12/20/2009 ISK 0.02
Glitnir HF 5.00 2/1/2016 ISK 14.00
Glitnir HF 6.00 8/1/2010 ISK 14.00
LBI HF 8.65 5/1/2011 ISK 2.81
Lehman Brothers Tr 10.00 10/23/2008 USD 6.63
Lehman Brothers Tr 10.00 10/22/2008 USD 6.63
Lehman Brothers Tr 6.45 2/20/2010 AUD 6.63
Lehman Brothers Tr 12.40 6/12/2009 USD 6.63
Glitnir HF 0.50 11/26/2009 EUR 14.00
Lehman Brothers Tr 10.00 6/17/2009 USD 6.63
Lehman Brothers Tr 13.15 10/30/2008 USD 6.63
Lehman Brothers Tr 3.63 3/2/2012 EUR 6.63
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
Notenstein Privatb 8.20 5/27/2016 CHF 74.34
DZ Bank AG Deutsch 7.50 11/27/2015 EUR 72.22
Commerzbank AG 9.50 10/22/2015 EUR 74.91
Commerzbank AG 11.50 10/22/2015 EUR 72.30
Commerzbank AG 13.75 10/22/2015 EUR 70.15
Commerzbank AG 15.75 10/22/2015 EUR 68.06
UBS AG/London 10.25 11/12/2015 CHF 73.22
UBS AG/London 11.75 11/12/2015 CHF 62.03
HSBC Trinkaus & Bu 17.50 12/28/2015 EUR 64.91
HSBC Trinkaus & Bu 13.70 12/28/2015 EUR 67.60
HSBC Trinkaus & Bu 10.00 12/28/2015 EUR 71.25
HSBC Trinkaus & Bu 13.90 8/28/2015 EUR 66.59
HSBC Trinkaus & Bu 12.40 11/27/2015 EUR 68.60
DZ Bank AG Deutsch 15.50 5/20/2015 EUR 63.48
Goldman Sachs & Co 25.00 6/24/2015 EUR 73.19
Goldman Sachs & Co 25.00 8/26/2015 EUR 73.43
Goldman Sachs & Co 24.00 9/23/2015 EUR 74.88
DZ Bank AG Deutsch 11.00 10/23/2015 EUR 66.14
Notenstein Privatb 3.00 9/22/2020 CHF 69.59
DZ Bank AG Deutsch 7.75 7/24/2015 EUR 69.89
Commerzbank AG 7.00 10/22/2015 EUR 70.93
BNP Paribas Emissi 13.00 12/24/2015 EUR 67.16
Bank Julius Baer & 13.70 11/11/2015 CHF 67.45
UBS AG/London 12.35 11/3/2015 CHF 62.95
UBS AG/London 8.48 11/3/2015 CHF 61.20
BNP Paribas Emissi 15.00 12/24/2015 EUR 74.44
BNP Paribas Emissi 16.00 12/24/2015 EUR 72.47
HSBC Trinkaus & Bu 17.00 12/28/2015 EUR 60.20
HSBC Trinkaus & Bu 11.90 12/28/2015 EUR 63.76
HSBC Trinkaus & Bu 8.70 12/28/2015 EUR 67.26
Commerzbank AG 7.00 9/24/2015 EUR 65.20
UBS AG 22.75 12/29/2015 EUR 64.44
UBS AG 21.00 9/25/2015 EUR 62.26
UBS AG 13.50 12/29/2015 EUR 74.05
UBS AG 20.25 9/25/2015 EUR 67.99
UBS AG 22.75 12/29/2015 EUR 74.35
UBS AG 22.75 6/26/2015 EUR 55.51
UBS AG 18.50 6/26/2015 EUR 61.47
UBS AG 19.25 12/29/2015 EUR 62.28
UBS AG 16.50 9/25/2015 EUR 65.34
UBS AG 20.50 6/26/2015 EUR 61.97
UBS AG 24.75 6/26/2015 EUR 53.03
UBS AG 16.50 6/26/2015 EUR 65.11
UBS AG 18.00 12/29/2015 EUR 64.15
UBS AG 21.50 9/25/2015 EUR 58.08
UBS AG 24.00 6/26/2015 EUR 57.31
UBS AG 22.00 9/25/2015 EUR 64.69
UBS AG 16.25 12/29/2015 EUR 69.81
UBS AG 18.00 9/25/2015 EUR 71.67
UBS AG 23.75 9/25/2015 EUR 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
UBS AG 5.50 6/26/2015 EUR 69.40
UBS AG 20.25 6/26/2015 EUR 66.28
UBS AG 23.50 9/25/2015 EUR 62.10
UBS AG 20.75 6/26/2015 EUR 66.25
UBS AG 20.50 12/29/2015 EUR 66.99
UBS AG 6.25 12/29/2015 EUR 68.83
UBS AG 16.75 12/29/2015 EUR 74.33
UBS AG 24.00 6/26/2015 EUR 60.66
UBS AG 11.00 9/25/2015 EUR 66.68
UBS AG 14.75 12/29/2015 EUR 61.86
UBS AG 24.50 9/25/2015 EUR 63.31
UBS AG 21.75 12/29/2015 EUR 67.98
UBS AG 18.00 6/26/2015 EUR 74.09
UBS AG 13.50 12/29/2015 EUR 62.75
UBS AG 21.75 9/25/2015 EUR 67.11
UBS AG 19.00 12/29/2015 EUR 69.81
UBS AG 17.75 12/29/2015 EUR 71.84
UBS AG 5.75 12/29/2015 EUR 71.30
UBS AG 21.75 6/26/2015 EUR 67.46
UBS AG 22.00 9/25/2015 EUR 64.17
UBS AG 17.50 9/25/2015 EUR 46.43
UBS AG 16.75 6/26/2015 EUR 57.59
UBS AG 15.00 9/25/2015 EUR 60.52
UBS AG 19.00 9/25/2015 EUR 71.85
UBS AG 20.25 6/26/2015 EUR 69.93
UBS AG 18.25 6/26/2015 EUR 55.61
UBS AG 12.50 12/29/2015 EUR 64.42
UBS AG 17.75 9/25/2015 EUR 74.02
UBS AG 9.50 12/29/2015 EUR 59.64
UBS AG 17.75 9/25/2015 EUR 70.41
UBS AG 23.00 12/29/2015 EUR 63.27
UBS AG 19.75 9/25/2015 EUR 67.96
UBS AG 22.50 12/29/2015 EUR 64.15
UBS AG 23.25 6/26/2015 EUR 61.68
UBS AG 18.00 6/26/2015 EUR 71.29
UBS AG 11.25 12/29/2015 EUR 66.54
UBS AG 5.25 12/29/2015 EUR 73.96
Credit Suisse AG/N 8.50 6/5/2015 CHF 70.04
SAir Group 2.75 7/30/2004 CHF 11.63
UBS AG 20.50 9/25/2015 EUR 67.02
UBS AG 20.25 6/26/2015 EUR 48.28
UBS AG 9.00 12/29/2015 EUR 70.58
UBS AG 11.00 12/29/2015 EUR 65.91
UBS AG 19.25 9/25/2015 EUR 68.97
UBS AG 8.75 6/26/2015 EUR 70.68
UBS AG 22.00 9/25/2015 EUR 48.05
UBS AG 14.50 9/25/2015 EUR 71.10
UBS AG 25.00 9/25/2015 EUR 73.55
UBS AG 16.50 6/26/2015 EUR 67.60
UBS AG 10.50 9/25/2015 EUR 66.08
UBS AG 12.50 6/26/2015 EUR 60.83
UBS AG 20.25 9/25/2015 EUR 50.17
UBS AG 21.75 12/29/2015 EUR 62.20
UBS AG 11.25 6/26/2015 EUR 63.76
UBS AG 18.25 9/25/2015 EUR 52.63
UBS AG 19.75 12/29/2015 EUR 64.30
UBS AG 17.25 9/25/2015 EUR 72.28
UBS AG 22.50 9/25/2015 EUR 60.14
UBS AG 16.50 12/29/2015 EUR 56.31
UBS AG 18.25 12/29/2015 EUR 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 58.92
UBS AG 17.75 6/26/2015 EUR 72.49
UBS AG 21.50 6/26/2015 EUR 70.21
UBS AG 13.50 12/29/2015 EUR 71.50
UBS AG 21.75 12/29/2015 EUR 59.21
UBS AG 17.00 6/26/2015 EUR 67.70
UBS AG 22.25 9/25/2015 EUR 60.50
UBS AG 20.75 12/29/2015 EUR 63.35
UBS AG 16.50 9/25/2015 EUR 68.57
UBS AG 20.75 6/26/2015 EUR 58.37
UBS AG 13.00 9/25/2015 EUR 72.24
UBS AG 24.50 9/25/2015 EUR 54.49
UBS AG 16.50 12/29/2015 EUR 66.21
UBS AG 13.50 9/25/2015 EUR 74.21
UBS AG 21.25 12/29/2015 EUR 66.54
UBS AG 19.50 9/25/2015 EUR 64.12
UBS AG 22.75 6/26/2015 EUR 63.20
UBS AG 19.25 6/26/2015 EUR 74.38
UBS AG 22.25 6/26/2015 EUR 59.52
UBS AG 19.75 12/29/2015 EUR 69.02
UBS AG 15.00 12/29/2015 EUR 71.88
UBS AG 18.00 9/25/2015 EUR 66.23
UBS AG 12.25 6/26/2015 EUR 69.44
UBS AG 20.75 12/29/2015 EUR 67.27
UBS AG 24.00 9/25/2015 EUR 74.19
UBS AG 15.50 12/29/2015 EUR 70.03
UBS AG 13.00 12/29/2015 EUR 73.79
UBS AG 7.50 6/26/2015 EUR 74.76
UBS AG 16.00 9/25/2015 EUR 55.51
UBS AG 22.75 12/29/2015 EUR 49.75
UBS AG 7.25 6/26/2015 EUR 66.19
UBS AG 13.75 6/26/2015 EUR 70.87
UBS AG 14.00 6/26/2015 EUR 69.24
UBS AG 13.75 9/25/2015 EUR 64.23
UBS AG 11.75 6/26/2015 EUR 63.71
UBS AG 6.75 6/26/2015 EUR 50.22
UBS AG 8.50 12/29/2015 EUR 74.06
UBS AG 10.25 9/25/2015 EUR 62.95
UBS AG 7.25 12/29/2015 EUR 73.36
UBS AG 9.50 6/26/2015 EUR 70.24
UBS AG 10.75 6/26/2015 EUR 53.23
UBS AG 10.75 12/29/2015 EUR 72.25
UBS AG 10.50 6/26/2015 EUR 43.69
UBS AG 14.75 9/25/2015 EUR 61.05
UBS AG 25.00 12/29/2015 EUR 72.89
UBS AG 14.00 6/24/2016 EUR 73.91
UBS AG 25.00 9/25/2015 EUR 67.52
UBS AG 23.75 12/29/2015 EUR 70.73
UBS AG 23.50 9/25/2015 EUR 69.82
UBS AG 23.00 12/29/2015 EUR 60.05
UBS AG 16.50 6/24/2016 EUR 72.87
UBS AG 13.75 3/29/2016 EUR 73.93
UBS AG 23.25 12/29/2015 EUR 70.36
UBS AG 20.75 12/29/2015 EUR 74.15
UBS AG 22.75 6/26/2015 EUR 72.24
UBS AG 21.25 3/29/2016 EUR 64.78
UBS AG 18.50 3/29/2016 EUR 69.75
UBS AG 19.00 6/24/2016 EUR 69.83
UBS AG 24.50 12/29/2015 EUR 62.41
UBS AG 23.00 6/26/2015 EUR 68.58
UBS AG 19.25 6/26/2015 EUR 73.64
UBS AG 21.50 9/25/2015 EUR 70.60
UBS AG 17.25 3/29/2016 EUR 71.23
UBS AG 20.25 6/24/2016 EUR 68.29
UBS AG 24.75 9/25/2015 EUR 69.25
UBS AG 23.50 12/29/2015 EUR 58.32
UBS AG 19.75 9/25/2015 EUR 73.17
UBS AG 20.00 6/26/2015 EUR 54.55
UBS AG 15.25 6/24/2016 EUR 74.21
UBS AG 21.75 12/29/2015 EUR 63.48
UBS AG 17.25 3/29/2016 EUR 69.39
UBS AG 21.00 6/26/2015 EUR 74.17
UBS AG 22.00 9/25/2015 EUR 72.38
UBS AG 20.75 3/29/2016 EUR 73.95
UBS AG 23.25 6/26/2015 EUR 70.53
UBS AG 14.75 3/29/2016 EUR 72.42
UBS AG 23.00 6/26/2015 EUR 40.18
UBS AG 20.75 6/26/2015 EUR 42.34
UBS AG 23.75 12/29/2015 EUR 71.04
UBS AG 19.75 3/29/2016 EUR 73.33
DZ Bank AG Deutsch 6.25 7/10/2015 EUR 67.92
DZ Bank AG Deutsch 6.75 7/10/2015 EUR 68.01
DZ Bank AG Deutsch 7.25 7/10/2015 EUR 68.10
Powszechne Towarzy 8.01 8/1/2016 PLN 49.00
e-Kancelaria Grupa 8.04 9/15/2016 PLN 1.00
Lehman Brothers Tr 8.28 3/26/2009 USD 3.82
Lehman Brothers Tr 7.60 3/26/2009 EUR 3.82
Lehman Brothers Tr 7.55 12/29/2008 USD 3.82
Lehman Brothers Tr 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 Bank AG 6.00 7/23/2015 EUR 51.69
UniCredit Bank AG 4.50 7/23/2015 EUR 55.86
UniCredit Bank AG 4.00 7/23/2015 EUR 57.19
UniCredit Bank AG 5.50 7/23/2015 EUR 68.24
UniCredit Bank AG 4.40 7/23/2015 EUR 73.85
DZ Bank AG Deutsch 7.50 9/11/2015 EUR 71.10
Commerzbank AG 11.50 5/21/2015 EUR 58.87
Commerzbank AG 7.25 5/21/2015 EUR 74.88
Commerzbank AG 7.50 5/21/2015 EUR 74.05
Commerzbank AG 6.50 5/21/2015 EUR 67.42
Commerzbank AG 9.00 5/21/2015 EUR 62.87
Vontobel Financial 6.05 9/25/2015 EUR 66.51
Vontobel Financial 9.20 9/25/2015 EUR 65.81
Vontobel Financial 5.90 9/25/2015 EUR 71.34
Vontobel Financial 6.40 6/26/2015 EUR 70.01
DZ Bank AG Deutsch 8.50 5/22/2015 EUR 67.48
DZ Bank AG Deutsch 5.50 5/22/2015 EUR 64.66
DZ Bank AG Deutsch 10.25 5/22/2015 EUR 59.69
BNP Paribas Emissi 6.00 6/25/2015 EUR 65.66
Commerzbank AG 10.50 5/21/2015 EUR 68.22
Vontobel Financial 7.50 6/26/2015 EUR 64.70
UniCredit Bank AG 5.50 7/23/2015 EUR 52.78
UniCredit Bank AG 5.00 7/23/2015 EUR 54.61
UniCredit Bank AG 5.20 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 USD 57.61
UBS AG/London 13.25 5/20/2015 CHF 43.39
UBS AG/London 12.53 5/22/2015 CHF 61.45
Lehman Brothers Tr 5.25 11/21/2009 USD 3.82
DZ Bank AG Deutsch 7.75 6/12/2015 EUR 64.57
DZ Bank AG Deutsch 6.50 6/12/2015 EUR 64.24
LBBW 4.50 12/29/2015 EUR 73.43
LBBW 2.50 7/24/2015 EUR 66.77
LBBW 3.50 7/22/2016 EUR 73.23
HSBC Trinkaus & Bu 23.50 6/26/2015 EUR 52.48
DZ Bank AG Deutsch 7.75 11/27/2015 EUR 68.14
Oesterreichische V 1.53 12/19/2016 EUR 68.00
HSBC Trinkaus & Bu 13.50 7/24/2015 EUR 59.31
HSBC Trinkaus & Bu 11.60 10/23/2015 EUR 61.67
HSBC Trinkaus & Bu 6.50 9/25/2015 EUR 71.65
Goldman Sachs & Co 17.00 6/24/2015 EUR 72.09
Goldman Sachs & Co 16.00 7/22/2015 EUR 73.19
UBS AG/London 13.75 8/27/2015 CHF 64.11
HSBC Trinkaus & Bu 7.00 6/26/2015 EUR 70.60
HSBC Trinkaus & Bu 8.50 8/28/2015 EUR 68.29
HSBC Trinkaus & Bu 7.40 6/26/2015 EUR 66.80
HSBC Trinkaus & Bu 7.10 9/25/2015 EUR 68.24
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 37.55
HSBC Trinkaus & Bu 6.00 12/28/2015 EUR 64.98
HSBC Trinkaus & Bu 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 * * *