/raid1/www/Hosts/bankrupt/TCREUR_Public/150810.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, August 10, 2015, Vol. 16, No. 156
Headlines
A U S T R I A
CARINTHIA: Moody's Lowers Senior Unsecured Debt Ratings to B3
HETA ASSET: Moody's Changes Outlook on Ca Ratings to Developing
HYPO TIROL BANK: Moody's Raises Sub. Debt Ratings to Ba2
PFANDBRIEFBANK AG: Moody's Affirms Ba1 Sr. Unsecured Debt Rating
F I N L A N D
TALVIVAARA: Gov't to Restart Mine After Investor Talks Fail
G E O R G I A
LIBERTY BANK: S&P Assigns 'B/B' Counterparty Credit Ratings
G E R M A N Y
DEUTSCHE LUFTHANSA: S&P Rates EUR500MM Jr. Sub. Hybrid Notes 'BB'
IMTECH DEUTSCHLAND: Files for Insolvency After Rescue Talks Fail
TALISMAN-4 FINANCE: Fitch Cuts Ratings on 3 Note Classes to 'Dsf'
G R E E C E
GREECE: Privatization Fund Agreed, Nears MOU Deal with Creditors
I R E L A N D
HARVEST CLO XII: Fitch Assigns 'B-sf' Rating to Class F Notes
I T A L Y
SIENA PMI: Moody's Assigns Ba1(sf) Rating to Class C Notes
TELECOMUNICAZIONI SPA: Moody's Affirms B2 Corp. Family Rating
K A Z A K H S T A N
MANGISTAU ELECTRICITY: Fitch Affirms 'BB+' IDR, Outlook Negative
L U X E M B O U R G
NEMERA DEVELOPMENT: S&P Puts 'B' CCR on CreditWatch Developing
M O L D O V A
BANCA DE ECONOMII: Moldovan Government to Commence Liquidation
N E T H E R L A N D S
AERCAP HOLDINGS: Fitch Affirms 'BB+' IDR & Revises Outlook Pos.
SIMED INTERNATIONAL: Put on World Bank Corruption List
R U S S I A
GIALIT POLIS: Insurance & Reinsurance Licenses Suspended
RUSSIAN INSURANCE: Insurance & Reinsurance Licenses Suspended
S P A I N
BBVA RMBS 3: Moody's Cuts Rating on EUR63.6MM A3c Notes to B3(sf)
S W I T Z E R L A N D
SK SPICE: S&P Assigns 'B' LT Corp. Credit Rating, Outlook Stable
U K R A I N E
UKRAINE: Debt Restructuring Talks to Continue This Week
X X X X X X X X
* BOND PRICING: For the Week August 3, 2015 to August 7, 2015
*********
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A U S T R I A
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CARINTHIA: Moody's Lowers Senior Unsecured Debt Ratings to B3
-------------------------------------------------------------
Moody's Investors Service downgraded the State of Carinthia's
issuer and senior unsecured debt ratings to B3 from Ba2. The
outlook remains negative.
RATINGS RATIONALE
RATIONALE FOR DOWNGRADE
The downgrade of Carinthia reflects the state's increased
susceptibility to event risk following the Austrian
Constitutional Court's decision on July 28, 2015 to declare the
Hypo Reorganisation Act (Hyposanierungsgesetz; HaaSanG)
unconstitutional. Moody's believes that the ruling has
substantially increased the risks faced by Carinthia's senior
unsecured creditors as it:
(1) reinstates the guarantee on subordinated debt originally
issued by the former Hypo Alpe Adria bank (now Heta) and
guaranteed by Carinthia, which had been voided by the law;
(2) sets high legal hurdles for the federal government to void
the guarantees on the senior and subordinated debt originally
issued by Hypo Alpe Adria and guaranteed by Carinthia,
suggesting these guarantees will remain valid;
(3) makes it increasingly unlikely that Carinthia would be able
to prioritise its senior unsecured creditors ahead of its
obligations under the guarantees as it appears the
guarantees, if called, would rank pari passu with senior
unsecured obligations.
Carinthia's guarantees on Heta debt instruments total EUR11.0
billion or more than five times Carinthia's annual operating
revenues. While the payment moratorium imposed by the Financial
Markets Authority (FMA) on Heta's debt remains in place until
May 31, 2016, preventing guarantees from being called, the
reinstated validity of the guarantee and the uncertainty around
the outcome make it more unlikely that Carinthia could honor its
obligations. Moody's view that it would be difficult for
Carinthia to prioritize its senior unsecured creditors ahead of
those benefiting from the guarantees, implies that senior
unsecured creditors now face very similar risks to those faced by
investors holding the guaranteed debt. This conclusion is
reflected in the baseline credit assessment (BCA) of caa3
assigned to Carinthia.
Carinthia's B3 ratings benefit from a three-notch uplift from its
BCA, reflecting Moody's view of a strong probability of support
from the federal government in the event of acute liquidity
stress. Moody's has lessened its expectation of liquidity support
to reflect the challenges now faced by the federal government in
orchestrating an outcome that imposes losses on holders of the
guaranteed debt while ensuring no losses for Carinthia's senior
unsecured creditors (of which the federal government is the
largest). As explained above, Moody's believes that achieving
this outcome is now highly unlikely, given the court ruling and
the federal government could be faced with a decision to either
bail out or impose losses on all creditors. In Moody's view, the
probability of an outcome where all creditors are supported
equally is now less certain.
RATIONALE FOR NEGATIVE OUTLOOK
Moody's negative outlook reflects the ongoing uncertainty
surrounding the resolution of Heta and the risk that the
guarantees get called.
WHAT COULD CHANGE THE RATING - UP
Upward pressure on the rating could develop only after a
significant reduction of contingent liabilities or evidence of
reduced risk from guarantees being triggered.
WHAT COULD CHANGE THE RATING - DOWN
Downward pressure could develop from unexpected negative knock-on
effects during the resolution of Heta under the FMA's action plan
or other actions taken by public authorities and related legal
consequences for Carinthia.
In particular, downward pressure could stem from any developments
which lead to an immediate triggering of the full guarantees.
Also any other development of the resolution process, which would
create an unexpected financial burden for Carinthia or stress its
liquidity would create downward pressure.
The publication of this rating action deviates from the
previously scheduled release date in the sovereign release
calendar published on www.moodys.com. The reason for the
deviation is Moody's view that the Austrian Constitutional
Court's decision is credit negative for the State of Carinthia.
The specific economic indicators, as required by EU regulation,
are not available for the State of Carinthia,. The following
national economic indicators are relevant to the sovereign
rating, which was used as an input to this credit rating action.
Sovereign Issuer: Austria, Government of
GDP per capita (PPP basis, US$): 46,420 (2014 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 0.3% (2014 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 1.5% (2014 Actual)
Gen. Gov. Financial Balance/GDP: -2.4% (2014 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: 1.8% (2014 Actual) (also known as
External Balance)
External debt/GDP: [not available]
Level of economic development: Very High level of economic
resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On August 4, 2015, a rating committee was called to discuss the
rating of the State of Carinthia. The main points raised during
the discussion were: The issuer has become increasingly
susceptible to event risks.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
HETA ASSET: Moody's Changes Outlook on Ca Ratings to Developing
---------------------------------------------------------------
Moody's Investors Service changed the outlook on the Ca
Carinthian-state-guaranteed senior unsecured debt ratings of Heta
Asset Resolution AG's (Heta) to developing from negative.
Concurrently, Moody's has affirmed these ratings, as well as the
entity's C Carinthian-state-guaranteed subordinated debt ratings.
The rating action follows the declaration by the Austrian
Constitutional Court on July 28, 2015 that unconstitutional
legislation (the Hypo Reorganisation Act (HaaSanG)) was
introduced in August 2014, allowing the government to (1) bail-in
Heta's subordinated debt holders, and (2) declare void the State
of Carinthia's (Carinthia, B3 negative) deficiency guarantees on
that portion of Heta's subordinated debt.
RATINGS RATIONALE
-- RATIONALE FOR DEVELOPING OUTLOOK
The developing outlook reflects uncertainties surrounding the
extent to which Carinthia will honor its deficiency guarantee,
given (1) the Court's ruling that guaranteed bondholders cannot
be selectively discriminated against other senior Carinthian
creditors; (2) the continued unwillingness of the Austrian
government to provide financial support which could be used by
Carinthia to honor the guarantees; and (3) continued uncertainty
regarding the potential for higher expected bondholder losses
during the resolution process of Heta.
Furthermore, Moody's believes that the Court's decision declaring
the cancellation of deficiency guarantees as unconstitutional,
generally results in a positive value for the beneficiaries of
such deficiency guarantees. However, the rating agency believes
that the rationale underpinning the Court's conclusion leaves the
Austrian government room to explore other options that avoid
Carinthia's insolvency and share losses among Heta's creditors.
In Moody's view, the Court's ruling will not reduce government
efforts to find alternative measures.
-- AFFIRMATION OF CARINTHIAN-STATE-GUARANTEED SENIOR AND
SUBORDINATED DEBT
The affirmation of Heta's Carinthian-state-guaranteed senior and
subordinated ratings at Ca and C, respectively, reflects Moody's
unchanged assessment that expected losses will be in the 35%-65%
and the greater-than-65% range, respectively, following the
Court's repeal of the HaaSanG.
The HaaSanG, which was implemented in August 2014 by the Austrian
government, paved the way for the nationalized Austrian lender,
Heta, to be transferred to an unregulated wind-down entity (GSA)
and led to the termination of its banking license pursuant to the
Austrian Banking Act (Heta continues to hold a special banking
license pursuant to the Federal Act to create a wind-down
entity). The law allowed the recapitalization of Heta through the
full write-down of all subordinated debt maturing on or before 30
June 2019, notwithstanding the existence of Carinthia's
deficiency guarantee, which was declared null and void.
The Court has now repealed this legislation in its entirety and
declared the unequal treatment of junior creditors by a set cut-
off date of June 30, 2019 unconstitutional and a violation of
property rights. The Court's decision will lead to a charge of
around EUR800 million for Heta, to be booked in its half-year
statements and thus increasing its negative equity, which the
entity reported at EUR7.0 billion at year-end 2014 (local GAAP
accounting).
In Moody's view, the court ruling will not change the potential
haircut that Heta's senior unsecured creditors may face as result
of its wind-down. These creditors may ask Carinthia as the
guarantor of the deficiency guarantee to compensate them for the
difference. The ruling sends a strong signal that the value of
the deficiency guarantee cannot be fully eliminated by law in
hindsight by isolated measure.
In its ruling, the Court did not address the payment moratorium
introduced on March 1, 2015 by Austria's Financial Market
Authority (FMA) on Heta's unsecured obligations. This moratorium
remains in place until May 2016.
Heta's case is atypical because it is not a bank as defined by
the EU's Capital Requirements Regulation (CRR). However, the
application of the EU's Bank Recovery and Resolution Directive
(BRRD) resolution directive to this entity has only been possible
as a result of a discretionary additional article included during
the transposition of BRRD into Austrian law. The Federal Act to
create a wind-down entity (GSA) was not repealed by the
constitutional court. At end-2014 (local GAAP accounting), Heta's
liability structure was dominated by EUR8.6 billion debt
securities issued. Almost all of this legacy debt carries a
deficiency guarantee from Carinthia.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward ratings pressure on Heta's Carinthian-state-guaranteed
senior unsecured debt ratings could result from Moody's
assessment of a higher probability that the guarantor is willing
and able to honor the deficiency guarantee and/or if the expected
loss assumptions would be significantly lowered as result of
higher recovery rates during the wind-down of Heta.
Moody's would consider downgrading the ratings if the expected
loss assumptions on these instruments were higher than currently
expected.
LIST OF AFFECTED RATINGS
The following ratings of Heta were affirmed:
-- Carinthian-state-guaranteed senior unsecured debt ratings at
Ca, with developing outlook
-- Carinthian-state-guaranteed subordinated debt ratings at C
HYPO TIROL BANK: Moody's Raises Sub. Debt Ratings to Ba2
--------------------------------------------------------
Moody's Investors Service upgraded the deficiency-guaranteed
long-term debt ratings of UniCredit Bank Austria AG (UBA) by two
notches to A3, the deficiency-guaranteed long-term debt and
deposit ratings of Hypo Tirol Bank AG (Hypo Tirol) by two notches
to Baa2 and of Vorarlberger Landes- und Hypothekenbank AG (VLH)
by one notch to A3. Moody's has also upgraded the state-
guaranteed short-term deposit rating of Hypo Tirol to Prime-2
from Not-Prime and affirmed the state-guaranteed short-term
deposit rating of VLH at Prime-2.
Concurrently, the rating agency has upgraded the deficiency-
guaranteed subordinate debt ratings of UBA to Baa3 from Ba2, of
Hypo Tirol to Ba2 from B1, and of VLH to Baa3 from Ba1.
The deficiency-guaranteed long-term debt ratings of UBA continue
to carry a stable outlook while the deficiency-guaranteed long-
term debt and deposit ratings of Hypo Tirol and VLH continue to
carry a negative outlook, in line with the unguaranteed debt and
deposit ratings of these issuers.
The rating actions reflect Moody's view that hurdles to a full
cancellation of any deficiency-guarantees on bank debt have
significantly risen following the Austrian Constitutional Court's
ruling published on July 28, 2015, which repealed the Hypo
Reorganisation Act (HaaSanG) and thereby reinstated deficiency
guarantees on subordinated debt issued by Hypo Alpe Adria, the
predecessor of Heta Asset Resolution AG (Heta, Carinthian-state-
guaranteed senior debt Ca developing).
RATINGS RATIONALE
-- UPGRADE OF UBA'S, HYPO TIROL'S AND VLH'S BACKED RATINGS
The upgrades of UBA's, Hypo Tirol's and VLH's deficiency-
guarantee-backed long-term ratings follow the Austrian
Constitutional Court's announcement on July 28, which declared as
unconstitutional legislation introduced in August 2014. This
legislation had (1) allowed the government to bail-in selected
subordinated Heta debt holders and (2) declared void the
deficiency guarantees of the State of Carinthia (Carinthia, B3
negative) on that portion of the bank's subordinated debt.
Moody's believes that, beyond its direct implications for Heta's
debt, the ruling establishes very narrow criteria for a reduction
of Austrian deficiency guarantees and bars attempts to fully
invalidate such guarantees in the future. Without direct legal
force, the ruling comments made by the Court clarify that any
reduction in the deficiency-guaranteed amounts would need to be
determined within an equitable and comprehensive debt
restructuring framework applied to the guarantor of such debt.
With selective debt and guarantee cancellation having been
declared unconstitutional and against the background of the
Court's comments on such selective actions, Moody's expects that
Austrian regional authorities will possess greater degrees of
freedom to support full repayment of deficiency-guaranteed debt
amounts. In the cases of Hypo Tirol and UBA, such additional
flexibility coincides with strong guarantor capacity to meet
potential payment requirements upon crystallization of losses
covered by contingent deficiency guarantees.
However, the rating agency notes the risk that the beneficiaries
of the deficiency guarantee may not receive such payments in a
timely fashion due to actions by the legislator or the Austrian
resolution authority, as demonstrated in the case of Heta's
ongoing payment moratorium.
The two-notch upgrade of Hypo Tirol's and UBA's deficiency-
guaranteed senior and subordinate instruments, resulting from an
increase in the probability of support to 'high' from 'low',
reflects both the increased probability of full ultimate
repayment and the risk of these payments not being timely.
For VLH, the one-notch upgrade of the bank's backed long-term
senior and subordinate instruments, resulting from an increase in
the probability of support to 'moderate' from 'low', reflects the
higher weight of deficiency guaranteed debt in comparison to
Vorarlberg's regional gross domestic product and the State of
Vorarlberg's (unrated) decision taken earlier this year not to
participate in a joint support effort for Pfandbriefbank
(Oesterreich) AG (Pfandbriefbank, Backed Senior Unsecured debt
Ba1 negative).
-- RATIONALE FOR RATING OUTLOOKS ON BACKED SENIOR DEBTS AND
DEPOSITS
The outlooks on the banks' state-guaranteed ratings follow the
respective outlooks on each bank's non-guaranteed long-term
ratings, which is negative in the case of Hypo Tirol and VLH and
stable for UBA.
The negative rating outlooks on Hypo Tirol's and VLH's long-term
ratings reflect remaining uncertainties around the support
measures for Pfandbriefbank under the statutory multi-recourse
joint and several liability scheme of its member banks and
related Austrian federal states.
The stable outlook on UBA's senior debt and deposit ratings
reflects Moody's expectations that the bank's ultimate parent,
UniCredit SpA (deposits Baa1 stable/senior unsecured Baa1 stable,
baseline credit assessment (BCA) ba1), will remain fully
committed to its Austrian subsidiary, and UBA's liability
structure will remain broadly unchanged.
WHAT COULD MOVE THE RATINGS UP/DOWN
-- Hypo Tirol and VLH
The negative outlooks reflect the absence of upward rating
pressure on the banks' backed and non-backed long-term ratings.
However, the backed ratings of Hypo Tirol and VLH could be
upgraded upon an increase in the support probabilities for these
instruments or upon an upgrade in the banks' standalone BCAs.
The backed ratings of Hypo Tirol and VLH could be downgraded upon
a decrease in the support probabilities for these instruments,
upon a downgrade in the banks' standalone BCAs or in the case of
a decline in uplift for senior debts -- including backed
instruments -- as a result of Moody's Loss Given Failure (LGF)
analysis.
-- UBA
The backed ratings of UBA could be upgraded upon an increase in
the support probabilities for these instruments; an upgrade in
the bank's adjusted BCA or an increase in uplift for senior debts
-- including backed instruments -- as a result of Moody's LGF
analysis.
The backed ratings of UBA could be downgraded upon a decrease in
the support probabilities for these instruments; or a downgrade
in the bank's adjusted BCA.
LIST OF AFFECTED RATINGS
UniCredit Bank Austria AG (UBA)
The following ratings were upgraded:
-- Backed long-term debt ratings to A3 from Baa2, with stable
outlook
-- Backed subordinate debt ratings, including issuance by
Creditanstalt AG, to Baa3 from Ba2
All the above ratings are backed by the City of Vienna (Aaa
stable).
Hypo Tirol Bank AG (Hypo Tirol)
The following ratings were upgraded:
-- Backed long-term debt and deposit ratings to Baa2 from Ba1,
with negative outlook
-- Backed short-term deposit ratings to Prime-2 from Not-Prime
-- Backed subordinated debt ratings to Ba2 from B1
All the above ratings are backed by the State of Tyrol (unrated).
Vorarlberger Landes- und Hypothekenbank AG (VLH)
The following ratings were upgraded:
-- Backed long-term debt and deposit ratings to A3 from Baa1,
with negative outlook
-- Backed subordinated debt ratings to Baa3 from Ba1
The following ratings were affirmed:
-- Backed short-term deposit ratings of Prime-2
All the above backed ratings are backed by the State of
Vorarlberg (unrated).
All the other ratings of the above listed banks are unaffected by
this rating action.
PFANDBRIEFBANK AG: Moody's Affirms Ba1 Sr. Unsecured Debt Rating
----------------------------------------------------------------
Moody's Investors Service affirmed Pfandbriefbank (Oesterreich)
AG's (Pfandbriefbank) backed senior unsecured debt at Ba1 with
negative outlook.
The rating action follows the declaration by the Austrian
Constitutional Court on July 28, 2015 that unconstitutional
legislation (the Hypo Reorganisation Act (HaaSanG)) was
introduced in August 2014, allowing the government to (1) bail-in
Heta Asset Resolution AG's (Heta, Carinthian State guaranteed
senior unsecured debt rated Ca, outlook developing) subordinated
debt holders, and (2) declare void the State of Carinthia's
(Carinthia, B3 negative) deficiency guarantees on that portion of
Heta's subordinated debt.
The negative outlook on Pfandbriefbank's backed senior unsecured
ratings continues to reflect Moody's assessment of negative
credit pressure on the supporting member banks' creditworthiness,
which is unaffected by the Court's declaration.
RATINGS RATIONALE
The affirmation of Pfandbriefbank's senior ratings at Ba1 with
negative outlook reflects Moody's view that negative pressure on
the individual creditworthiness of its member banks is sustained,
despite the strong signal from the constitutional court that the
value of the deficiency guarantee cannot be fully eliminated by
law in hindsight by isolated measure. The uncertainty around Heta
remains a key driver for the negative outlooks assigned to the
Austrian Landeshypothekenbanken.
The mentioned uncertainties are linked to the extent to which
Carinthia will honor its deficiency guarantee, given (1) the
Court's ruling that guaranteed bondholders cannot be selectively
discriminated against other senior Carinthian creditors; (2) the
continued unwillingness of the Austrian government to provide
financial support which could be used by Carinthia to honor the
guarantees; and (3) continued uncertainty regarding the potential
for higher expected bondholder losses during the resolution
process.
Pfandbriefbank came under stress after the regulator in Austria
(Aaa stable) imposed a payment moratorium on the liabilities of
Heta to which Pfandbriefbank has a EUR1.2 billion exposure.
Given its business profile as a poorly capitalized issuing
vehicle for its member banks, i.e., the Austrian
Landeshypothekenbanken or their legal successors, Pfandbriefbank
relies fully on the performance of its concentrated assets to
service its liabilities. The Heta moratorium in March 2015
therefore impaired its liquidity and solvency. In April 2015, the
member banks and the majority -- but not all -- of the Austrian
Federal states agreed support measures that fully cover
Pfandbriefbank's Heta exposure and have therefore eliminated
immediate liquidity and solvency concerns for the entity.
However, the Austrian states' individual contributions were not
uniformly provided, as timely support has been withheld by
several states, undermining the reliability of the multi-recourse
support structure. Pfandbriefbank's liabilities are grandfathered
under a statutory joint and several guarantee from member banks
and their former guarantors, i.e. the relevant Austrian federal
states, according to Austrian federal law.
Moody's assesses the existing support agreement for
Pfandbriefbank as not fully reliable, demonstrated by the ongoing
lack of commitment by several federal states to honor their
obligations under the existing joint and several liability
framework. Pfandbriefbank's rating continues to be purely based
on the member bank's creditworthiness and does not include uplift
from public-sector entities.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward rating pressure could result from (1) a strengthening of
the member banks' credit profiles; and/or (2) a clarification of
the legal obligations of the Austrian federal member-states under
the guarantee framework, to the extent that this removes any
doubts over the full, unconditional liability of all parties to
support Pfandbriefbank in a timely fashion.
Negative rating pressure could arise if (1) any of the member
banks opts out of the agreed support measures for Pfandbriefbank,
in the absence of which the bank could be at risk of insolvency
and/or (2) the member banks' credit profiles weaken.
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F I N L A N D
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TALVIVAARA: Gov't to Restart Mine After Investor Talks Fail
-----------------------------------------------------------
Jussi Rosendahl at Reuters reports that the Finnish government
said it will take control of efforts to restart the troubled
nickel mine Talvivaara following failed talks with potential
private investors.
Talvivaara is going through debt restructuring while its key
subsidiary, which owns the mining assets, last year applied for
bankruptcy protection following a drop in nickel prices,
production disruptions and environmental problems, Reuters
relays.
According to Reuters, the government said a new state-owned
company, Terrafame, with budget injections of EUR209 million
(US$228 million), will buy the mining assets and will aim to
restart the mine next month in order to avert further
environmental damage at the site in northern Finland.
It said it was still searching for private investors and might
close the mine if no deal can be reached within two years,
Reuters notes.
"We aim to expand Terrafame's ownership base, and negotiations
with private investors continue," Reuters quotes Economy Minister
Olli Rehn as saying.
The government, as cited by Reuters, said it was continuing talks
about the listed parent company's possible role in Terrafame.
Talvivaara shares, suspended from trading, are owned by about
80,000 Finnish retail investors, Reuters discloses.
About Talvivaara Mining
Talvivaara Mining Co. Ltd. is a Finnish nickel producer. It
filed for a corporate reorganization on Nov. 15, 2013, to raise
funds and avoid bankruptcy. The company suffered from falling
nickel prices and a slow ramp-up at its mine in northern Finland,
forcing it to seek fundraising help from investors and creditors.
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G E O R G I A
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LIBERTY BANK: S&P Assigns 'B/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/B' long- and
short-term counterparty credit ratings to Georgia-based Liberty
Bank JSC. The outlook is stable.
S&P bases its ratings on Liberty Bank on S&P's 'bb-' anchor -- or
starting point for the ratings -- of a commercial bank operating
only in Georgia. The ratings incorporate S&P's view of the
bank's well-established retail franchise, despite its limited
diversification, and S&P's expectation that the bank's
capitalization will improve slightly on the back of earnings
retention and a moderation in prospective loan growth. The
ratings also reflect the loan book's focus on retail segments,
which S&P considers a typically riskier segment than corporate
lending, for example. The bank's funding and liquidity benefit,
in S&P's view, from the bank's relatively large customer deposit
base.
Liberty Bank's business position is supported by its well-
established retail franchise and sustainable revenues, balanced
against limited diversification of its business lines and some
uncertainties related to the bank's future strategy. Liberty
Bank ranks No. 3 in Georgia in terms of total assets (Georgia
lari [GEL] 1.5 billion, or about US$839 million, as of Dec. 31,
2014), with 7.8% market share. Liberty Bank's lending operations
are mostly represented by retail loans, about 58% of which are
loans to individuals who have a stream of regular inflows
into their accounts at the bank. The bank's business focus is
somewhat unique for Georgia, because the bank has been granted
the sole right of distributing pensions and welfare payments
throughout the country. S&P therefore believes that the
sustainability of the bank's core franchise is high and supports
the bank's revenues.
Although this leads to high granularity of the loan book, S&P
still believes that the bank's business line and geographic
concentrations expose the bank to a macroeconomic downturn in
Georgia, as well as to other negative changes in the operating or
regulatory environment.
S&P sees some uncertainties related to the bank's overall
strategy, due to the fact that 58.2% of the ordinary shares
outstanding remain encumbered by the order of Tbilisi City Court
in connection with civil litigation. That said, share
encumbrance does not distort the bank's day-to-day operations, in
S&P's view.
S&P considers Liberty Bank's capital and earnings to be
"moderate," which is neutral for the rating on the bank. S&P's
assessment is based on its assumption that the bank is likely to
slow its loan book growth to 5%-8% in the next two years, while
keeping return on equity at above 12%, mostly driven by core
earnings generation. This would lead S&P's projected risk-
adjusted capital (RAC) ratio to exceed 5% within the next 12-18
months, up from 4.74% as of Dec. 31, 2014.
S&P believes that Liberty Bank's sustainable competitive position
in a protected market niche will enable the bank to keep its net
interest margin at about 10%, which S&P considers to be high.
S&P expects credit costs to remain above 4% of average customer
loans, reflecting the bank's retail specialization, pressures
from economic slowdown in Georgia, and seasoning of the bank's
rapidly accumulated loan book.
"We assess Liberty Bank's risk position as "moderate," mostly
driven by the specialization on a high-risk retail lending
segment (where the loans are mostly either unsecured or secured
by future cash flows rather than firm collateral). The bank's
nonperforming loans (NPLs; loans overdue by 90 days or more and
problem loans that are restructured) comprised 8.6% of the total
loan book as of Dec. 31, 2014. We expect, however, that the
economic slowdown and general pressures on asset quality in
Georgia's banking system could lead to a spike in the share of
the NPLs in Liberty Bank's loan book, although it is likely to
remain below 10% in the next 12-18 months. At the same time,
since the bank does not provide loans in foreign currency, it is
less prone to negative devaluation effects, which are now
materializing in Georgia's banking system," S&P said.
Liberty Bank's funding is "average" and its liquidity "adequate,"
in S&P's opinion. The bank is mostly funded by customer
deposits, with a relatively low level of single-name
concentration (the top 20 depositors contribute about 25% of
total customer deposits). The bank's loan-to-deposit ratio was at
a low 48% as of Dec. 31, 2014. The bank maintains an "adequate"
liquidity cushion, with cash and money market instruments
comprising about 28% of total assets as of Dec. 31, 2014.
S&P thinks that Liberty Bank has "moderate" systemic importance
in Georgia's banking sector, given its exclusive role in the
pension and social welfare distribution network. However, the
counterparty credit rating on the bank is in line with S&P's
assessment of the bank's stand-alone credit profile because of
the Georgian sovereign rating level, as per S&P's bank rating
methodology.
The stable outlook reflects S&P's assumption that the bank will
continue to focus on its current market niche, moderate its
growth, and continue to demonstrate sustainable earnings
generation with return on equity above 12%.
S&P may take a negative rating action if it believes that the
bank is pursuing a more aggressive growth strategy, which could
lead to a weakening of its capital position (as measured by S&P's
RAC ratios), or if S&P observes notable deterioration of loan
book performance, increased provisioning needs, and depressed
earnings. Furthermore, S&P could downgrade Liberty Bank if S&P
sees that the uncertainties regarding the bank's ownership
constrain the bank's financial performance or strategic
continuity.
Rating upside is remote at this stage. It could arise if the
operating environment in Georgia improved, or if the bank
diversified its business mix, which would improve the stability
of prospective earnings.
=============
G E R M A N Y
=============
DEUTSCHE LUFTHANSA: S&P Rates EUR500MM Jr. Sub. Hybrid Notes 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating to the EUR500 million optionally deferrable and
junior subordinated hybrid capital notes, due 2075, issued by
German airline Deutsche Lufthansa AG (BBB-/Stable/A-3).
With this issuance, Lufthansa has successfully returned to the
capital market after putting a previously announced issuance of
hybrid notes on hold in March this year.
S&P considers the hybrid notes to have "intermediate" equity
content until their first call date because they meet S&P's
criteria in terms of subordination, permanence, and deferability
at the company's discretion during this period.
S&P arrives at its 'BB' issue rating on the hybrid notes by
notching down from its 'BBB-' long-term rating on Lufthansa. The
two-notch differential reflects S&P's notching methodology for
rating hybrid capital instruments, under which S&P deducts:
-- One notch for subordination because S&P's long-term rating
on Lufthansa is investment grade (that is, higher than
'BB+'); and
-- An additional notch for payment flexibility, to reflect
that the deferral of interest is optional.
The notching reflects S&P's view that there is a relatively low
likelihood that the issuer will defer interest. Should S&P's
view change, it may increase the number of notches it deducts to
derive the issue rating on the notes.
In addition, to reflect S&P's view of the notes' "intermediate"
equity content, it regards 50% of the related payments on the
notes as a fixed charge and 50% as equivalent to a common
dividend, in line with S&P's hybrid capital criteria. The 50%
treatment of principal and accrued interest also applies to S&P's
adjustment of the issuer's reported debt.
KEY FACTORS IN S&P'S ASSESSMENT OF THE NOTES' PERMANENCE
Although the hybrid notes are long-dated, they can be called at
any time for changes in tax, gross-up, rating methodology, change
of control, or accounting events.
The issuer can redeem the notes for cash as of their first call
date, which S&P understands will be in five and a half years from
issuance, and on every reset date thereafter. If the notes are
called, the issuer intends, but is not obliged, to replace them.
In S&P's view, this statement of intent mitigates the issuer's
ability to repurchase the notes on the open market. Furthermore,
S&P sees a repurchase as unlikely, due to Lufthansa's commitment
to deleveraging.
S&P understands that the interest to be paid on the hybrid notes
will increase by 25 basis points 10.5 years from issuance, and by
a further 75 basis points after 25.5 years. S&P considers the
cumulative 100 basis points as a material step-up, which is
currently unmitigated by any commitment to replace the respective
instruments at that time. This step-up provides an incentive for
the issuer to redeem the notes on their first call date.
Consequently, in accordance with S&P's criteria, it will no
longer recognize the notes as having "intermediate" equity
content after their first call date because the remaining period
until their economic maturity would, by then, be less than 20
years. However, S&P classifies the notes' equity content as
"intermediate" until their first call date, as long as S&P
believes that the loss of the beneficial "intermediate" equity
content treatment will not cause the issuer to call the notes at
that point. The issuer's willingness to maintain or replace the
notes in the event of a reclassification of equity content to
"minimal" is underpinned by its statement of intent.
KEY FACTORS IN S&P'S ASSESSMENT OF THE NOTES' DEFERABILITY
In S&P's view, the issuer's option to defer payment on the hybrid
notes is discretionary. This means that the issuer may elect not
to pay accrued interest on an interest payment date because it
has no obligation to do so.
However, any outstanding deferred interest payment will have to
be settled in cash if Lufthansa declares or pays an equity
dividend or interest on equally ranking notes and if Lufthansa
redeems or repurchases shares or equally ranking notes. S&P sees
this as a negative factor. That said, this condition remains
acceptable under S&P's methodology because, once Lufthansa has
settled the deferred amount, it can still choose to defer on the
next interest payment date.
KEY FACTORS IN S&P'S ASSESSMENT OF THE NOTES' SUBORDINATION
The hybrid notes (and coupons) constitute direct, unsecured, and
subordinated obligations of Lufthansa, ranking senior to common
shares. They also rank pari passu with existing hybrid
instruments.
IMTECH DEUTSCHLAND: Files for Insolvency After Rescue Talks Fail
----------------------------------------------------------------
Toby Sterling and Yoruk Bahceli at Reuters report that Imtech
Deutschland GmbH & Co., the German unit of Dutch engineering
group Royal Imtech NV, has filed for insolvency after failing to
secure credit from lenders.
The announcement of the insolvency came hours after the company
said it was "considering all options" in the wake of the
subsidiary's liquidity crisis, Reuters relates.
According to Reuters, analysts had warned that options had become
limited for Imtech, once a darling of Amsterdam's medium-sized
stocks index, as it would have faced an uphill battle selling
operations at short notice, and a share issue would be a tough
sell.
Until Aug. 5, Imtech had been focused on discussions with its
financers, including an increase in liquidity for the group and
its subsidiaries, but failed to reach an agreement, Reuters
relays.
Imtech had said on July 28 it was close to an agreement with
creditors after making a first-half operating loss of EUR50
million on sales down 8% at EUR1.8 billion, Reuters recounts.
But on Aug. 4, the company said those financing plans were in
doubt due to German legal requirements, Reuters notes.
Imtech's fall from grace began in 2013 with writedowns at its
Polish and German operations and an accounting scandal that led
to hundreds of millions in losses and a management reshuffle,
Reuters discloses.
Imtech, as cited by Reuters, said in a statement Felix Colsman,
chairman of the board of Imtech Germany, will step down as a
member of the board of the parent company but will remain
chairman of the board of Imtech Germany.
TALISMAN-4 FINANCE: Fitch Cuts Ratings on 3 Note Classes to 'Dsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Talisman-4 Finance plc's class A, B
and C notes:
-- EUR30.1 mil. class A (XS0263096389) downgraded to 'Dsf'
from 'Bsf'; Recovery Estimate (RE) 100%
-- EUR39.4 mil. class B (XS0263098161) downgraded to 'Dsf'
from 'CCsf'; RE revised to 20% from 10%
-- EUR39.4 mil. class C (XS0263098914) downgraded to 'Dsf'
from 'Csf'; RE0%
-- EUR3.8 mil. class D (XS0263099722) affirmed at 'Dsf'; RE0%
-- EUR0 mil. class E (XS0263100835) affirmed at 'Dsf'; RE0%
-- EUR0 mil. class F (XS0263101304) affirmed at 'Dsf'; RE0%
-- EUR0 mil. class G (XS0263101569) affirmed at 'Dsf'; RE0%
The transaction is a securitization of originally eight
commercial mortgage loans secured on assets located in Germany.
As of the January 2015 interest payment date, only one loan
(DT12) remained. This loan, which was originally secured by 12
properties, failed to repay at maturity in July 2013 and has been
in special servicing since.
KEY RATING DRIVERS
The downgrade of the class A, B and C notes reflects the note
event of default at maturity on July 22, 2015. The special
servicer has not managed to arrange the sale of the remaining
assets securing the DT12 loan in time for maturity, thus falling
short of expectations, and instead undertook a discounted payoff
(DPO) for six properties with an entity controlled by Summit
Group (the borrower) as well as a sale of six other properties to
third parties.
In a special notice published on July 16, 2015, the special
servicer announced that it had entered into a loan sale agreement
including a DPO on six properties. The special servicer will
complete the sale of the remaining assets, in most cases at
already notarized prices. Alternatively, it will sell them at
lower, contractually agreed prices on Dec. 15, 2015, to an entity
controlled by the borrower.
While this represents a severe loss of principal, the DPO
provides for execution of an exit to a long-running workout, and
should return principal in full to the class A investors. Fitch
also anticipates a modest recovery for the class B notes, as
reflected in the Recovery Estimates.
RATING SENSITIVITIES
There is no prospect of changes in the ratings although the
Recovery Estimates are subject to variables including sale
proceeds, timing and costs.
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.
===========
G R E E C E
===========
GREECE: Privatization Fund Agreed, Nears MOU Deal with Creditors
----------------------------------------------------------------
ANA-MPA reports that the Greek government and the quartet of the
country's creditors on Aug. 7 agreed on the terms of setting up a
new privatization fund which will replace the existing Hellenic
Republic Asset Development Fund (HRADF), thus concluding a part
of the negotiating agenda.
Finance ministry officials told ANA-MPA that the agreement
envisages the set-up of a fund which will create a reserve of
assets worth EUR50 billion in the next 30 years. This will be
essentially a state investment fund that will operate completely
different from HRADF and will be based on the sovereign fund
models in Norway and Australia, ANA-MPA notes.
The fact that the fund will have the time to build its asset
reserves of EUR50 billion over a period of 30 years will allow
the state to implement an asset utilization program, offering
more time for more favorable terms in the future, ANA-MPA states.
The country's creditors, like the International Monetary Fund,
have relaxed their targets on privatization proceeds (the IMF
expects earnings of EUR1.5 billion by 2018, while the Commission
expects EUR2.5 billion), ANA-MPA relays. HRADF was expected to
raise EUR6.0 billion from privatizations by 2018, according to
ANA-MPA.
Out of the EUR50 billion of assets in the Fund, 50% will be used
as bank collateral (it is estimated around EUR10 billion-EUR25
billion will be needed depending on banks' recapitalization
needs), while the remaining 50% will be equally distributed to
growth (25%) and debt servicing (25%), ANA-MPA discloses.
The new fund will be based in Athens, it will be controlled by
the Greek government while the European Commission will have a
supervisory role, ANA-MPA says.
Memorandum of Understanding
According to Deutsche Presse-Agentur, Greece's creditors have
agreed amongst themselves a draft bailout memorandum that they
now hope to finalize with Athens in the coming days, sources said
on Aug. 8, amid growing pressure on the two sides to strike a
deal.
When asked whether an agreement was within reach, Greek Economy
Minister Giorgos Stathakis said that reports to this effect
"could be" correct, DPA notes.
The two sides are under pressure to strike a deal and give Greece
access to bailout funds by Aug. 20, when it is supposed to make a
EUR3.2-billion (US$3.5-billion) debt repayment to the ECB, DPA
states.
"The goal of the [creditor] institutions is to agree a memorandum
of understanding with the Greeks by Tuesday, Aug. 11," DPA quotes
a eurozone source as saying on condition of anonymity.
The bailout agreement would then have to be endorsed by eurozone
finance ministers, as well as the Greek parliament and
legislatures in some other eurozone countries, according to DPA.
The memorandum of understanding would spell out the economic
reforms that Greece would have to implement in exchange for the
rescue aid, DPA says. The institutions have approved 27-page
draft that now has to be agreed with Athens, DPA relays, citing
an EU source.
The commission has been describing progress in the negotiations
as "satisfactory", DPA discloses.
Brussels officials have indicated that in case a bailout
agreement does not materialize in time for Aug. 20, the EU may
grant Greece a new round of short-term aid to keep the country
afloat, DPA notes. According to DPA, sources have said a
decision on whether such bridge financing is needed will likely
be made by early next week. Athens already received a three-
month loan of up to EUR7 billion last month, DPA recounts.
Meanwhile, Jeremy Gaunt and Elizabeth Pineau at Reuters report
that Greek Prime Minister Alexis Tsipras and French President
Francois Hollande agreed on Aug. 6 that a new bailout for Greece
could and should be agreed soon after Aug. 15.
The Telegraph's Mehreen Khan reports that Germany, however, will
not rush talks over an EUR86 billion rescue package for Greece as
it seeks further guarantees before providing its taxpayer money
to keep the cash-strapped country in the eurozone.
Opening up a potential rift with its creditor partners, finance
ministry officials in Berlin are said to favor providing another
EUR5 billion bridging loan to Greece, buying time to extend talks
with the Leftist Syriza government, The Telegraph discloses.
According to The Telegraph, officials told Germany's Sueddeutsche
Zeitung, "It is better to negotiate [with Greece] for two or
three weeks longer and then have a sensible program . . . A
further bridge loan is better than just a half-finished program".
A spokeswoman for the ministry, as cited by The Telegraph, said
that "a range of issues remain to be settled, especially around
future conditionality".
The position is at odds with comments made by Messrs. Hollande
and Tsipras, who have insisted that talks over a new three-year
"Memorandum of Understanding" can be concluded by Aug. 15, The
Telegraph notes.
The Greek parliament could vote on a new agreement as early as
Aug. 18, The Telegraph relays, citing a government official on
Aug. 7.
=============
I R E L A N D
=============
HARVEST CLO XII: Fitch Assigns 'B-sf' Rating to Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XII Limited notes final
ratings, as:
Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B-1: 'AA+sf'; Outlook Stable
Class B-2: 'AA+sf'; Outlook Stable
Class C: 'A+sf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BB+sf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable
Subordinated notes: not rated
Harvest CLO XII Limited is a cash flow collateralized loan
obligation (CLO).
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions or public ratings on the
entire identified portfolio. The Fitch-weighted average rating
factor of the initial portfolio is 32.0.
High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings (RRs) to all of the
assets in the identified portfolio. The Fitch-weighted average
RR of the initial portfolio is 71.5%.
Tighter Concentration Covenants
Senior secured loan obligor exposure is limited to 2.5% of the
aggregate collateral balance, while unsecured senior and second-
lien/mezzanine exposure is subject to a 1.5% limit (both without
exceptions). The maximum Fitch industry exposure is restricted
to 15% for the largest industry, and 35% for the top three.
These covenants compare favorably with other transactions.
Limited Interest Rate Risk
Unhedged fixed-rate assets cannot exceed 5% of the portfolio
while fixed-rate liabilities represent 4.5% of target par.
Consequently, interest rate risk is naturally hedged for most of
the portfolio through floating-rate liabilities.
TRANSACTION SUMMARY
Net proceeds from the notes were used to purchase a EUR400
million portfolio of European leveraged loans and bonds. The
portfolio is managed by 3i Debt Management Investments Limited.
The reinvestment period is scheduled to end in 2019.
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to three notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied
on the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
=========
I T A L Y
=========
SIENA PMI: Moody's Assigns Ba1(sf) Rating to Class C Notes
----------------------------------------------------------
Moody's Investors Service assigned the following ratings to ABS
SME notes issued by SIENA PMI 2015 S.r.l (the "Issuer"):
EUR296,000,000 Class A1A Asset-Backed Floating Rate Notes due
November 2055, Assigned Aa2(sf)
EUR592,000,000 Class A1B Asset-Backed Floating Rate Notes due
November 2055, Assigned Aa2(sf)
EUR300,000,000 Class A2A Asset-Backed Floating Rate Notes due
November 2055, Assigned Aa2(sf)
EUR150,000,000 Class A2B Asset-Backed Floating Rate Notes due
November 2055, Assigned Aa2(sf)
EUR390,000,000 Class B Asset-Backed Floating Rate Notes due
November 2055, Assigned A3(sf)
EUR270,100,000 Class C Asset-Backed Floating Rate Notes due
November 2055, Assigned Ba1(sf)
Moody's has not assigned ratings to the EUR 840,000,000 Class D
Asset-Backed Floating Rate Notes due November 2055, which were
issued.
SIENA PMI 2015S.r.l. is a cash securitization of loans originated
by the banks belonging to the Banca Monte dei Paschi di Siena
Group (MPS) and granted to individual entrepreneurs and small and
medium-sized enterprises (SME) domiciled mainly in the central
and northern regions of Italy.
RATINGS RATIONALE
According to Moody's, the ratings take into account, among other
factors, (i) the loan-by-loan evaluation of the underlying
portfolio, also complemented by the historical performance
information as provided by the originator; (ii) the structural
features of the transaction, with the inclusion of a EUR34.56
million amortizing cash reserve, funded at time of assigning of
ratings, designed to provide both liquidity and credit coverage
to the Class A1, Class A2 and Class B and (iii) the sound legal
structure of the transaction.
Moody's notes as credit strengths of the transaction its static
nature as well as the structure's efficiency, which provides for
the application of all cash collections to repay the Class A1 and
A2 notes should the portfolio performance deteriorate beyond
certain limits. Other credit strengths include (i) the credit
enhancement provided by the excess spread, the high subordination
of the senior notes and the reserve fund; and (ii) the
appointment of a back-up servicer facilitator from day one.
Moody's notes that the transaction also features a number of
credit weaknesses, such as: (i) the transaction does not have a
hedging mechanism to compensate for interest and payment
frequency mismatches between the assets and the notes; (ii) there
is exposure to commingling risk in light also of a large
concentration of payments from the underlying assets in certain
periods; (iii) there is exposure to set-off risk as most of the
obligors have deposits, bonds or have entered into derivative
contracts with MPS; (iv) the portfolio is granular but the top
borrower represents more than 4% of the initial pool (V) there is
some industry concentration as more than 43% of the obligors
belong to the top two sectors, namely Construction & Building and
Beverage, Food & Tobacco (according to Moody's industry
classification); (vi) the overall collateralization ratio of the
portfolio is low (i.e. only 12% of the portfolio benefits from
1st lien mortgage) (vi) subject to certain restricted conditions
MPS will remain active in some servicing activities even after
its revocation as the servicer, including holding the collection
account and managing the cash collections.
As of the valuation date (June 26, 2015), the portfolio principal
balance amounted to EUR3,002 million. The portfolio is composed
of 24,683 loans contracts granted to 22,497 obligors, mainly
small and medium-sized companies. The loans were originated
mainly between 1998 and 2015, with a weighted average seasoning
of 2.85 years and a weighted average remaining life of
approximately 7.46 years. The interest rate is floating for
88.38% of the pool while the remaining part of the pool bears a
fixed interest rate. The weighted average spread on the floating
portion is 3.11%, while the weighted average interest on the
fixed portion is 5.37%.
In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitized portfolio due to its
level of granularity. The rating agency derived the default
distribution, namely the relevant main inputs such as the mean
default probability and its related standard deviation, via the
analysis of: (i) the characteristics of the loan-by-loan
portfolio information, complemented by the available historical
vintage data; (ii) the potential fluctuations in the
macroeconomic environment during the lifetime of this
transaction; and (iii) the portfolio concentrations in terms of
industry sectors and single obligors. Moody's assumed the
cumulative default probability of the portfolio to be equal to
16.45% (equivalent to B2) with a coefficient of variation (i.e.
the ratio of standard deviation over mean default rate) of
40.28%. The rating agency has assumed stochastic recoveries with
a mean recovery rate of 35% and a standard deviation of 20%. In
addition, Moody's has assumed the prepayments to be 5% per year.
Moody's believes that the data quality received from the
originator was of sufficient quality to assign the ratings.
Moody's adjusted it's assumptions , taking into account the
results of the AUP, as the results were not in line with Moody's
cross sector methodology "Global Structured Finance Data Quality
Evaluation Approach" published in March 2015.
The transaction is modelled via Moody's ABSROM cash flow model
which evaluates all default scenarios that are then weighted
considering the probabilities of such default scenarios occurring
-- as defined by the transaction-specific default distribution.
On the recovery side, Moody's assumes a stochastic (normal)
recovery distribution which is correlated to the default
distribution. In each default scenario, the corresponding loss
for each class of notes is calculated given the incoming cash
flows from the assets and the outgoing payments to third parties
and noteholders. Therefore, the expected loss for each tranche is
the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
analysis encompasses the assessment of stressed scenarios.
Moody's used CDOROM to determine the coefficient of variation of
the default distribution for this transaction. The Moody's
CDOROM(TM) model is a Monte Carlo simulation, which takes
borrower specific Moody's default probabilities as input. Each
borrower reference entity is modelled individually with a
standard multi-factor model incorporating intra- and inter-
industry correlation. The correlation structure is based on a
Gaussian copula. In each Monte Carlo scenario, defaults are
simulated.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity. Moody's ratings address only the credit risk associated
with the transaction, other non-credit risks have not been
addressed but may have a significant effect on yield to
investors.
Factors that would lead to an upgrade or downgrade of the rating:
Factors or circumstances that could lead to a downgrade of the
rating affected by today's action would be (1) the worse-than-
expected performance of the underlying collateral; (2)
deterioration in the credit quality of the counterparties,
especially MPS acting as servicer; and (3) an increase in Italy's
sovereign risk.
Factors or circumstances that could lead to an upgrade of the
ratings affected by today's action would be a decline in Italy's
sovereign risk.
Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. At the time the rating was assigned, the
model output indicated that the Class A2 would have achieved an
A2 rating if the mean default rate was as high as 21.4% with a
recovery rate assumption of 25% (all other factors unchanged).
Additionally Moody's observed that under the same stressed
assumptions Class B and C notes would have achieved a Baa3 and B1
ratings, respectively. For more details, please refer to the full
Parameter Sensitivity analysis included in the New Issue Report
of the transaction.
Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.
TELECOMUNICAZIONI SPA: Moody's Affirms B2 Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service changed the outlook on Wind
Telecomunicazioni S.p.A's and its rated subsidiary to positive
from stable. At the same time, Moody's has affirmed all ratings
at Wind, namely the B2 corporate family rating (CFR), the B2-PD
probability of default rating (PDR), the Ba3 rating on the
company's bank facilities as well as the Ba3 rating on the senior
secured notes and the Caa1 rating on the senior unsecured notes,
both issued at Wind Acquisition Finance S.A.
The change in outlook to positive follows the announcement by
VimpelCom Ltd (Ba3 stable) and CK Hutchison Holdings Limited (A3
stable) that they have entered into an agreement to combine Wind
(100% owned by VimpelCom) and 3-Italia (100% owned by Hutchison)
under a 50/50 owned joint venture. The initial transaction which
will involve bringing the individual companies under a common
ownership-structure is expected to conclude around mid-2016, and
be followed with a full merger of the telecom businesses in 2017,
subject to regulatory review and approval. Moody's believes that
the ultimate combination of the telecom businesses will create a
stronger competitor with a less leveraged financial profile, as
reflected in the change in Wind's outlook to positive.
RATINGS RATIONALE
The change in outlook to positive from stable reflects Moody's
expectation that a successful combination of Wind and 3-Italia
will result in the creation of the largest Italian mobile
operator by number of subscribers with a market share of around
36% (as estimated by Wind and based on March 2015 numbers). The
positive outlook also reflects (i) the improved ownership
structure with Hutchison owning a material and strategic share of
the combined group; (ii) deleveraging expectations (combined
adjusted leverage of around 4.5x based on 2014 results) as 3-
Italia will be contributed to the JV on a debt free basis as well
as the material synergies the merged entity is expected to be
able to extract; (iii) the substantial improvements in 4G/LTE
coverage which will allow the combined group to more effectively
respond to Telecom Italia's (Ba1 negative) and Vodafone's (Baa1
stable) current networks expansion plans.
Moody's notes that 3-Italia will be contributed to the joint
venture along with interest free shareholder loans. As per Wind's
outstanding debt's terms and condition, these loans will need to
be restructured to meet certain subordination criteria. The
current outlook change assumes that the final terms of these
shareholder loans will lead to them being granted full equity
credit under Moody's own criteria for analyzing hybrid
instruments.
Wind's B2 CFR reflects (1) the company's high leverage, at 5.1x
Moody's adjusted debt/EBITDA at the end of March 2015; (2)
continuing pressures on the company's revenues in 2015 as the
Italian macro-economic outlook remains weak and the Italian
telecommunications market continues to absorb the effects of
aggressive pricing that occurred in 2013; (3) the uncertainty
over operators' success in generating sufficient revenue growth
from data usage to counter the declining voice and SMS trends;
and (4) weak free cash flow generation relative to the large debt
burden of the company.
Wind's B2 CFR also reflects (1) the company's solid and growing
revenue share of the telecommunications services market in Italy
and its strong competitive positioning vis-Ö-vis its main
competitors, Telecom Italia S.p.A. (Ba1, negative) and Vodafone
Group Plc (Baa1, stable); (2) a diversified business model, with
the company being active in mobile, fixed-line voice and
broadband internet; (3) expectations for improved cash flow
generation as the past refinancing transactions are expected to
yield savings on cash interest costs; and (4) the back-ended
nature of Wind's debt's maturity profile with no maturities
before 2019.
Wind has adequate liquidity supported by a long and back-ended
maturity profile, positive free cash flow generation and EUR400
million of availability under the new RCF, which does not require
Wind to test for maintenance covenants as long as drawing remain
below EUR140 million. Moody's notes that Wind's free cash flow
generation remains low relative to the carried quantum of debt
and, in the medium term, is unlikely to allow the company to
meaningfully reduce its leverage.
What Could Change the Rating UP:
Wind's ratings could be upgraded if the expected benefits to the
company's operating and financial profiles are achieved as a
result of the successful completion of the proposed transaction
such that (i) the company's leverage decreases below 5.0x. A
rating upgrade would also require the company to generate
meaningful free cash flow so that RCF/Debt as adjusted by Moody's
were to increase towards 10%.
What Could Change the Rating DOWN:
"We could downgrade Wind's ratings if the company's leverage were
to increase towards 6.0x, or if WIND's free cash flow generation
were to materially deteriorate as a result of lower than expected
performance."
The principal methodology used in these ratings was Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Wind Telecomunicazioni S.p.A is a leading alternative integrated
telecoms operator in Italy. The company provides wireless, fixed-
line voice, internet, broadband and data services. Based on
number of subscribers, Wind is the third-largest Italian mobile
operator, with 21.4 million subscribers, the second-largest
fixed-line operator, with 2.8 million voice subscribers of which
2.4 million are direct customers, and the second-largest
broadband provider, with 2.2 million subscribers (all figures as
of March 31, 2015). As of March 2015, the company reported LTM
revenue of EUR4.6 billion and EBITDA of EUR1.78 billion.
===================
K A Z A K H S T A N
===================
MANGISTAU ELECTRICITY: Fitch Affirms 'BB+' IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Kazakhstan-based Mangistau
Electricity Distribution Company JSC's (MEDNC) Long-term Issuer
Default Rating (IDR) at 'BB+' with a Negative Outlook. Fitch has
also assigned MEDNC's proposed KZT2.5 bil. senior unsecured notes
due 2025 a 'BBB-(EXP)' expected local currency senior unsecured
rating.
The expected senior unsecured rating is in line with MEDNC's
Long-term local currency IDR of 'BBB-'. The bonds will
constitute a direct and unsecured obligation of the company.
MEDNC will use the proceeds of the bond to finance its investment
program. The final bond's rating is contingent upon the receipt
of final documentation conforming materially to information
already received.
The Negative Outlook reflects Fitch's assessment of weakening
ties between MEDNC and its ultimate parent, Kazakhstan
(BBB+/Stable). This is due to the planned sale of the full 75%
stake owned by 100% state-owned JSC Samruk-Energy (BBB-/Stable)
in MEDNC over the medium term as well as expected material
deterioration of the company's credit metrics over 2015-2018 due
to debt-funded large capex imposed by the state. Consistent
evidence of weakening links between the company and ultimate
parent would result in Fitch shifting to a bottom-up rating
approach from the currently applied top-down assessment. MEDNC's
ratings are currently notched down three levels from the
sovereign's.
KEY RATING DRIVERS
Ambitious Debt-Funded Capex
MEDNC plans to embark on a substantial capex program approved by
the government of KZT28.5 billion for 2015-2018. As a result,
Fitch expects the company's free cash flow (FCF) to remain
significantly negative for 2015-2018. The company plans to
finance the investment program mostly with borrowed funds. MEDNC
expects to issue KZT2.5 billion, KZT11.6 billion and KZT2.3
billion of domestic bonds in 2015, 2016 and 2017, respectively.
Capex will be spent on the construction of two new electricity
distribution grids Aktau-Karazhanbas and Aktau-Uzen for KZT13
billion and the reconstruction of existing distribution lines and
substations. These two new grids aim to service the expected
higher capacity needs of Aktau's existing oil refining companies,
and a fourth refinery, which is scheduled to be constructed in
Aktau Region over the medium term.
Fitch considers MEDNC's planned large-scale investments to be
opportunistic as the refinery projects, which are expected to
drive electricity demand, have not been implemented yet and may
be postponed due to lower oil prices and the slowdown of the
Kazakh economy. As a result, Fitch believes MEDNC's new grids
construction project could face high execution risk, which may be
exacerbated by reliance on external funding from domestic markets
or domestic banks, as well as by volume risk, which may or may
not be fully reflected in tariffs.
Deteriorating Standalone Profile
Fitch expects that the implementation of the aggressive
investment program, which will be funded by significant debt, is
likely to lead to a material deterioration of MEDNC's credit
metrics and, as a result, its standalone profile. Fitch now
assess the company's standalone profile as commensurate with the
mid-'B' rating category. Fitch expects funds flow from
operations (FFO) gross adjusted leverage to increase to around 3x
by end-2015 and remain well above 5x over 2016-2017 under the
agency's conservative assumptions. At end-2014 MEDNC reported
FFO gross adjusted leverage of 2.0x, up from 1.3x at end-2013.
Weakening Ties May Change Rating Approach
The Negative Outlook is driven by weakening links between MEDNC
and its majority shareholder Samruk-Energy and ultimately the
state. This is due to the planned sale of Samruk-Energy's stake
in MEDNC and lack of commitment by the state to provide financial
support to the company, whose credit metrics are likely to
substantially deteriorate due to high capex imposed by the state.
Consistent evidence of weakening links with the ultimate parent
leading to deterioration of MEDNC's credit metrics such that FFO
gross adjusted leverage remains above 5x over 2015-2019 would
result in Fitch adopting a bottom-up rating approach from the
current top-down approach.
MEDNC's ratings are currently notched down from Kazakhstan's by
three notches, reflecting moderately strong links between the
company and its ultimate parent. Samruk-Energy does not view
MEDNC as strategic and is likely to sell its stake in MEDNC in
2016-2017.
Favorable Tariffs
MEDNC's tariffs are approved by Kazakhstan's Agency on Regulating
Natural Monopolies and Competition Protection in conjunction with
the company's capex program. At present, MEDNC's tariffs are
approved for five years 2015-2019 based on an assumed tariff
growth of 0.3%-15.3% per annum, which Fitch views positively.
The tariff system for transmission and distribution segments,
which is predominantly based on benchmarking efficiency, results
in favorable tariffs for MEDNC.
Near-Monopoly Position
MEDNC's credit profile is supported by the company's near-
monopoly position in electricity transmission and distribution in
the Region of Mangistau, one of Kazakhstan's strategic oil- and
gas-producing regions. It is also underpinned by prospects for
economic development and expansion in the region, in relation to
both oil and gas and transportation, and by favorable long-term
tariffs.
Small Scale, Concentrated Customer Base
The business profile is constrained by MEDNC's small scale of
operations limiting its cash flow generation capacity, its high
exposure to a single industry (oil and gas) and, within that,
high customer concentration (the top four customers represented
over 64% of 2014 revenue). The latter is somewhat mitigated by
the state ownership of some customers, and by prepayment terms
under transmission and distribution agreements.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
action include:
-- Negative rating action on Kazakhstan's ratings.
-- Weakening links with the ultimate parent - the state,
including but not limited to a reduction of Samruk-Energy's
stake in MEDNC to less than 50% or an elevated dividend
payout, insufficient tariffs and increased capex
contributing to weaker credit metrics such that FFO gross
adjusted leverage remains above 5.0x on a sustained basis.
Positive: Future developments that could lead to positive rating
action include:
-- Stronger links with the ultimate parent.
-- Enhancement of the business profile, such as
diversification and scale with only modest increase in
leverage, which would be positive for the standalone
profile.
For the sovereign rating of Kazakhstan, MEDNC's ultimate parent,
Fitch outlined the following sensitivities in its rating action
commentary of May 1, 2015:
The Outlook is Stable, meaning that the downside and upside risks
are evenly balanced. However, these risk factors individually,
or collectively, could trigger negative rating action:
-- Policy mismanagement and/or a prolonged fall in oil prices
leading to a decline in sovereign net foreign assets
accompanied by reduced economic and financial stability
-- Renewed weakness in the banking sector, which leads to
contingent liabilities for the sovereign
-- A political risk event
Conversely, these factors, individually or collectively, could
result in positive rating action:
-- Moves to strengthen monetary and exchange rate policy
-- An effective restructuring of banks' balance sheets
-- Steps to reduce the vulnerability of the public finances to
future oil price shocks, for example, by reducing the non-
oil deficit, currently estimated at more than 9% of GDP
-- Substantial improvements in governance and institutional
strength.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Domestic GDP growth of 1.8% in 2015 and 2.5%-4% in 2016-
2018 and inflation of 6.2% in 2015 and 5.5% over 2016-2018
-- Electricity distribution tariff growth in line with
government-approved level
-- Cost inflation in line with expected CPI
-- Capital expenditure in line with government-approved level
-- Dividend payments of 15% of IFRS net income over 2016-2018
LIQUIDITY AND DEBT STRUCTURE
Fitch views MEDNC's liquidity as manageable, comprising solely
cash as the company does not have any available credit lines. At
end-2014, MEDNC's cash balance of KZT1.1 billion was sufficient
to cover short-term maturities of KZT314 million. Cash balances
are mostly held in local currency with domestic banks including
Halyk Bank of Kazakhstan (BB/Stable) and Nurbank.
At end-2014, most of MEDNC's debt was represented by two
unsecured fixed-rate bonds of KZT1.7 billion and KZT2.4 billion
maturing in 2023 and in 2024, respectively. The rest of the debt
is represented by interest-free loans with maturity up to 2036
from MEDNC's customers to co-finance new network connections.
MEDNC benefits from limited foreign-exchange risks and from the
absence of interest-rate risks.
MENDC's ambitious capex program will be funded by additional debt
over the medium term. MEDNC has some track record in accessing
the domestic bond market. During 2014 MEDNC issued KZT2.4
billion of bonds to partly finance its substantial capex needs
(KZT3 billion) for the year.
FULL LIST OF RATING ACTIONS
Long-term foreign currency IDR: affirmed at 'BB+', Outlook
Negative
Long-term local currency IDR: affirmed at 'BBB-', Outlook
Negative
National Long-term rating: affirmed at 'AA(kaz)', Outlook
Negative
Short-term foreign currency IDR: affirmed at 'B'
Foreign currency senior unsecured rating: affirmed at 'BB+'
Local currency senior unsecured rating, including that on
KZT1.7bn and KZT2.4bn bonds, affirmed at BBB-'
Expected local currency senior unsecured rating on the proposed
KZT2.5bn notes assigned at 'BBB-(EXP)'
===================
L U X E M B O U R G
===================
NEMERA DEVELOPMENT: S&P Puts 'B' CCR on CreditWatch Developing
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B'
long-term corporate credit rating on Nemera Development S.A., a
Luxembourg-registered manufacturer of rigid plastic packaging and
delivery solutions for the health care industry, on CreditWatch
with developing implications.
S&P also placed on CreditWatch developing the 'B' issue ratings
on Nemera Development's senior secured first-lien facilities.
These comprise a $415 million first-lien term loan due in 2021
and a US$65 million committed revolving credit facility, as well
as a US$140 million senior secured second-lien term loan due in
2022.
The CreditWatch placement reflects S&P's uncertainty over how
Nemera will use the proceeds it receives from the disposal of
Centor, its U.S.-based prescription retail packaging business.
Under S&P's criteria, it uses a developing designation for
unusual situations in which future events are sufficiently
unclear that S&P could either raise or lower the rating.
If the transaction goes through as planned, Nemera will be a
smaller and less diversified company, which could potentially
have a negative impact on its business risk profile. In 2014,
Centor supplied about one-third of Nemera's consolidated sales
and about two-thirds of its gross profits, highlighting Centor's
stronger profitability. There are also great uncertainties
regarding the impact of the sale on Nemera's financial risk
profile. S&P understands that Nemera had about US$531 million of
outstanding debt as of June 30, 2015, and that about $451 million
of this belonged to Centor, while the remaining Nemera Devices
business held about $80 million, resulting in a stand-alone post-
transaction debt-to-EBITDA for Nemera of about 2x. However, S&P
is still lacking guidance from management and its owners about
whether this leverage level will be sustained or whether a new
capital structure will be put in place.
S&P is yet to analyze the remaining Nemera Devices business on a
stand-alone basis, but believes that the business risk profile
could potentially weaken. Although Nemera will still enjoy a
strong market position in the favorable health care packaging
industry, following the disposal, its profitability would fall
and its geographical and product diversification benefits would
be significantly reduced.
S&P will engage in further discussions with Nemera's management
over the coming months to understand the uses of the sale
proceeds and the capital structure of the remaining group going
forward. In addition, S&P will analyze the stand-alone business
risk profile of Nemera and the financial policy of the
shareholders so that the likely direction of any potential
ratings movement becomes clearer to S&P.
S&P intends to resolve the CreditWatch once the transaction
closes, which is expected to occur before the end of November
2015.
=============
M O L D O V A
=============
BANCA DE ECONOMII: Moldovan Government to Commence Liquidation
--------------------------------------------------------------
SeeNews reports that the Moldovan government said will start a
process to liquidate three local banks from which US$1 billion
(EUR918 million) went missing in November and plans to complete
the process by Oct. 9.
According to SeeNews, the government's press office said in a
statement posted on its website on Aug. 5 the announcement was
made by Moldovan Prime Minister Valeriu Strelet after a meeting
of the national committee for financial stability, CNSF.
The three banks -- Banca de Economii, Banca Sociala and Unibank,
are currently placed under special supervision, SeeNews
discloses.
Earlier this year, a report by independent US investigative
consultancy Kroll indicated companies and individuals tied to
businessman Ilan Shor took control of the three banks during
2012-2014 and then allegedly issued in November massive loans to
companies affiliated with Shor, SeeNews recounts.
The report said the transactions ultimately contributed to the
banks' collapse at the end of 2014, with a combined loan exposure
of nearly MDL18 billion (US$938 million/EUR861 million), of which
MDL4.7 billion relates to future interest payments, SeeNews
relays.
Kroll was engaged by Moldova's central bank in January to conduct
a scoping phase of investigation into certain transactions
involving the three banks, SeeNews notes.
=====================
N E T H E R L A N D S
=====================
AERCAP HOLDINGS: Fitch Affirms 'BB+' IDR & Revises Outlook Pos.
---------------------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Rating
(IDR) and senior unsecured debt ratings of AerCap Holdings N.V.
at 'BB+'. The Rating Outlook has been revised to Positive from
Stable.
These actions are being taken in conjunction with a broader
industry review conducted today by Fitch, which includes five
aircraft leasing companies.
KEY RATING DRIVERS
IDRS
The affirmation of AerCap's Long-term IDR of 'BB+' is supported
by the company's scale, franchise, global platform and mixed
fleet strategy following the acquisition of International Lease
Finance Corp. (ILFC) in May 2014, a robust funding and liquidity
profile including increased unsecured funding, and a strong
management team. Rating constraints include the average age of
the fleet (7.6 years at 1Q'15), elevated leverage on a Fitch-
adjusted debt-to-tangible equity basis (pro forma 4.6x at 1Q'15),
modestly weaker unencumbered asset coverage of unsecured debt
relative to investment grade peers, the monoline nature of the
business and the reliance on wholesale funding sources.
The Positive Outlook reflects deleveraging and fleet optimization
undertaken by AerCap, combined with Fitch's expectation of
further deleveraging over the outlook horizon. Fitch also
believes execution/integration risk associated with the ILFC
acquisition has significantly abated given that the company has
successfully combined the ILFC fleet into the portfolio and
largely completed the staff integration.
Share Repurchase Slows De-Leveraging
AER has continued to reduce balance sheet leverage via retained
earnings, but Fitch believes that this metric remains consistent
with the 'BB+' rating at this time, particularly following
AerCap's US$750 million share repurchase in June 2015. AER
funded the share repurchase in part with US$500 million of long-
term subordinated debt from American International Group, Inc.
(AIG) in connection with a June secondary public offering of AER
shares by AIG. Fitch previously stated that positive rating
momentum could slow if AerCap reinstituted share repurchase
activity before deleveraging plans were completed. Fitch
anticipates that balance sheet leverage will continue to decline
organically over the next 12-to-24 months.
AerCap's balance sheet leverage increased materially following
the ILFC transaction, primarily as a result of the assumption of
ILFC's existing debt and acquisition-related purchase accounting.
Leverage declined during the integration and as a result of the
build-up of retained earnings. The company plans to maintain a
conservative capital policy with a targeted debt-to-equity ratio
(as calculated by the company) of approximately 2.7x to 3.0x, but
at times has deviated from this target through opportunistic M&A
activity and share repurchases. The reported debt to equity
ratio on this basis was 3.2x as of March 31, 2015. Good
visibility into future earnings and operating cash flows
underpins the company's de-leveraging plan.
Fitch believes that the best measure of financial leverage for
the company is adjusted debt-to-tangible equity. This measure
adjusts debt by ascribing 50% equity credit to the company's
subordinated notes per Fitch's hybrids criteria and reducing the
fair market value for ILFC debt, which was a result of purchase
accounting. This measure also adjusts equity by reducing the fair
value of the company's order book, which was also a result of
purchase accounting, as well as intangible assets, and non-
controlling interests. These adjustments are more reflective of
the economic value of the balance sheet than the reported debt-
to-equity ratio in Fitch's opinion.
Fitch calculates that the adjusted debt-to-tangible equity ratio
was 4.6x as of March 31, 2015 pro forma for the share repurchase
and June senior unsecured notes offering, down slightly from 4.7x
as of June 30, 2014 but up from 4.2x as of March 31, 2015.
However, there is additional potential value imbedded in AER's
order book, which is not reflected in this ratio. This potential
value is a result of AER's agreements to purchase next generation
aircraft below current appraised values and placements across a
diversified lessee base under long term leases. Fitch projects
that adjusted debt-to-tangible equity ratio could decline to
around 3.0x over the next several years, which would be
consistent with a 'BBB' category rating on a quantitative basis.
ILFC Integration Significantly Completed
AerCap consummated the ILFC transaction over a year ago for a
consideration consisting of US$2.4 billion in cash and
approximately 97.6 million of AER ordinary shares, for a total
value of approximately US$7 billion (excluding a special
distribution paid by ILFC to AIG). The company has completed the
transfer of operations and key members of legacy ILFC staff from
the U.S. to Ireland and reaped significant tax benefits by
re-domiciling the vast majority of ILFC's assets to Ireland and
transferring ILFC's large deferred tax liability to AIG. It has
integrated the legacy ILFC and AerCap platforms related to
processes and systems. AER continues to phase out employees with
short-term contracts, most of which will terminate in 2015 and
incurred severance and compensation expenses related to the ILFC
transaction of $4.4 million in 1Q'15. Fitch expects that the
last of such charges will be incurred during 3Q15.
Large Platform with Strong Utilization, Mixed Fleet Strategy
AerCap has a scalable operating platform and its utilization
rates remained excellent at 99.4% in 1Q'15, up from 99.2% in
2014. The strong utilization rates are indicative, in part, of
strong demand for the company's assets, but also broader industry
trends in terms of growing air travel, increased used of aircraft
leasing and improving airline financial condition. As of
March 31, 2015, the company owned 1,133 aircraft across the age,
size and manufacturer spectrums. In addition, AER continues to
have of one of the largest order books in the industry, including
some of the most in-demand aircraft in the market, placed at
attractive prices and delivery slots. The 368 next generation
aircraft on order were comprised of Boeing 737-800, 737-8Max,
787-8 and 787-9, Airbus A320-NEO, 321-NEO and 350-900, and
Embraer 190 and 195.
During 2Q'15, AER purchased four wide-bodies including three
Boeing 787s and one Airbus A350, and seven narrow-bodies Boeing
737-800s. AerCap signed an agreement with Boeing for an order of
100 Boeing 737 MAX 8 aircraft with deliveries starting in 2019.
Additionally, signed purchase and leaseback agreements for four
Boeing 737 MAX 8 aircraft. Also in 2Q'15, AER sold and parted
out 14 planes including two Boeing 787-8s, six 757-200s, one 767-
300ER, one Airbus A320, two Airbus A319s and two A321s. The
overall bias in AerCap's fleet management strategy has been
towards expanding what Fitch considers tier-1 aircraft,
indicative of improving asset quality.
Nevertheless, the long-term nature of the orders could create a
future liability that may need to be funded at a time when
capital is not available on favorable terms. Furthermore, given
the cyclical nature of the aviation market and continual
technological advances, the contracted purchase price of the
aircraft could potentially exceed the market value on the
delivery date.
Favorable Asset Yields
Reported annualized net spreads increased year-over-year to 9.7%
in 1Q'15 from 8.7% in 1Q'14 but were slightly down from 10.1% in
3Q'14 (the first full quarter after the closing of the ILFC
transaction). Net spreads are defined by Fitch as net interest
margin (basic lease rents less interest expense, excluding the
non-cash charges relating to the mark-to-market of interest rate
caps and swaps) divided by flight equipment held for operating
lease, net investment in finance and sales-type leases and
maintenance rights intangible assets. Fitch defined yield on
assets have trended around 14% over the past several quarters.
Strong underlying fundamentals in the aircraft leasing industry
including rising passenger growth and the reduction in AER's
customers' fuel costs should continue to support strong asset
yields, at least in the near term.
Robust Liquidity and Strong Access to Capital
AER's liquidity position remains strong with sources (unsecured
revolver, other undrawn commitments, AIG revolving credit
facility, and unrestricted cash pro forma the share repurchase)
covering uses by 1.5x through March 31, 2016. Total sources of
liquidity totaled approximately US$10 billion on a pro forma
basis as of March 31, 2015. Fitch views this as an appropriate
liquidity framework given AerCap's significant purchase
commitments and debt maturities.
Since the ILFC transaction, AER's unsecured debt levels have
continued to outpace secured debt levels, further expanding
financial flexibility. Secured debt to total assets was 30% as
of March 31, 2015 pro forma for the share repurchase program and
June unsecured bond offering; the company has articulated a
target of secured debt to total assets not greater than 30%.
AER has strong access to multiple sources of capital. Through
subsidiaries, the company issued $4.4 billion of unsecured notes
between Jan. 1, 2014 and July 30, 2015, at a weighted average
spread of 238 basis points and AER also has proven access to the
secured debt markets including bank debt.
KEY RATING DRIVERS
SENIOR UNSECURED DEBT
The equalization of the unsecured debt with AerCap and ILFC's
IDRs reflects material unsecured debt as a portion of total debt,
as well as the availability of unencumbered assets. The
company's unencumbered aircraft provide support to unsecured
creditors, although unencumbered asset coverage of unsecured debt
is viewed as slightly weaker relative to investment grade peers.
KEY RATING DRIVERS
SENIOR SECURED DEBT
AerCap's senior secured bank debt and ILFC's senior secured notes
ratings of 'BBB-' are one-notch above the long-term IDR, and
reflect the aircraft collateral backing these obligations which
suggest very strong recovery prospects.
The ratings of the senior secured term loans of Flying Fortress,
Inc., Delos Finance SARL, and Temescal Aircraft Inc., which are
wholly owned subsidiaries of ILFC, are equalized with the IDR of
ILFC. These secured term loans are secured via a pledge of stock
of the subsidiaries and related affiliates and are guaranteed by
ILFC on a senior unsecured basis. The ratings on these secured
term loans are not notched above ILFC's IDR due to the lack of a
perfected first priority claim on aircraft provided to support
repayment of the term loans. Furthermore, there is a risk of
substantive consolidation of Flying Fortress, Inc., Delos Finance
SARL and related affiliates in the event of an ILFC bankruptcy.
KEY RATING DRIVERS
HYBRID DEBT
The ILFC preferred stock ratings of 'B+' incorporate a three-
notch differential between the long-term IDR and preferred stock
rating reflecting the going-concern loss absorption nature of the
instruments.
RATING SENSITIVITIES
IDRS, SENIOR UNSECURED DEBT, SENIOR SECURED DEBT AND HYBRID DEBT
Positive rating actions could result from a further and sustained
reduction in balance sheet leverage below current levels, a
continued improvement of the fleet profile in line with the
company's long-term targeted average fleet age of six years,
improved unencumbered asset coverage of unsecured debt, and
maintenance of robust liquidity particularly with respect to
near-term funding obligations.
With respect to leverage, Fitch expects to continue to focus
primarily on the adjusted metric outlined herein, but in the
context of the evolving profile of the fleet, the ongoing
placement of, demand for, and valuation of AerCap's order book
and the degree of visibility into AerCap's deleveraging
capability over the outlook horizon. Depending on how these
variables evolve, it is possible that ratings could be upgraded
before leverage decreases below 3.0x on a Fitch-adjusted debt-to-
tangible equity basis.
Negative rating actions could result from capital actions such as
share repurchases (aside from potential additional share
repurchases related to AIG's remaining approximately 5% interest
in AerCap's ordinary shares), which would delay the company's
reduction in leverage towards the 2.7x-3.0x target as defined by
the company. Negative rating pressure could also arise from a
sustained deterioration in financial performance and/or operating
cash flows, higher than expected repossession activity,
difficulty re-leasing aircraft at economical rates, a reduction
in available liquidity, and/or inability to maintain or improve
the fleet profile.
The ratings of the senior secured debt, senior unsecured debt and
hybrid debt are sensitive to changes in AerCap's IDR and the
relative recovery prospects of the instruments.
Fitch has affirmed these ratings:
AerCap Holdings N.V.
-- Long-term IDR at 'BB+'; Outlook revised to Positive from
Stable.
AerCap Ireland Capital Limited
AerCap Global Aviation Trust
AerCap Aviation Solutions B.V.
-- Senior unsecured notes at 'BB+'.
International Lease Finance Corp.
-- Long-term IDR at 'BB+'; Outlook revised to Positive from
Stable;
-- $3.9 billion senior secured notes at 'BBB-';
-- Senior unsecured notes at 'BB+';
-- Preferred stock at 'B+'.
Flying Fortress Inc.
-- Senior secured term loan at 'BB+'.
Delos Finance SARL
-- Senior secured term loan at 'BB+'.
ILFC E-Capital Trust I
-- Preferred stock at 'B+'.
ILFC E-Capital Trust II
-- Preferred stock at 'B+'
AerCap B.V.
AerCap Dutch Aircraft Leasing I B.V.
AerCap Dutch Aircraft leasing IV B.V.
AerCap Dutch Aircraft Leasing VII B.V.
AerCap Engine Leasing Limited
AerCap Ireland Limited
AerCap Partners 767 Limited
AerCap Partners I Limited
AerFunding 1 Limited
AerLift Leasing Jet Limited
AerVenture Leasing 1 Limited
Bluesky Aircraft Leasing Limited
CelestialFunding Limited
Cielo Funding Limited
Cielo Funding II Limited
Flotlease MSN 973 Limited
Genesis Portfolio Funding 1 Limited
Harmonic Aircraft Leasing Limited
Harmony Funding BV
Limelight Funding Limited
Melodic Aircraft Leasing Limited
Monophonic Aircraft Leasing Limited
Parilease / Jasmine Aircraft Leasing Limited
Philharmonic Aircraft Leasing Limited
Polyphonic Aircraft Leasing Limited
Quadrant MSN 5869 Limited
Renaissance Aircraft Leasing Limited
Rouge Aircraft Leasing Limited
Sapa Aircraft Leasing 2 BV
Sapa Aircraft Leasing BV
Skyfunding II Limited
SkyFunding Limited
SoraFunding Limited
Sunflower Leasing Co., Ltd
Symphonic Aircraft Leasing Limited
Triple Eight Aircraft Leasing Limited
Tulip Leasing Co., Ltd.
Wahaflot Leasing 3699 (Bermuda) Limited
Westpark 1 Aircraft Leasing Limited
Worldwide Aircraft Leasing Limited
-- Senior secured bank debt at 'BBB-'.
In addition, Fitch has assigned these ratings:
Temescal Aircraft Inc.
-- Senior secured term loan 'BB+'.
Excalibur One 77B LLC
NimbusFunding BV
StratusFunding Limited
StratocumulusFunding BV
-- Senior secured bank debt 'BBB-'.
Fitch has withdrawn the 'BBB-' rating on GLS Atlantic Alpha
Limited's senior secured bank debt as this obligation has been
repaid and the rating is no longer relevant to the agency's
coverage.
SIMED INTERNATIONAL: Put on World Bank Corruption List
------------------------------------------------------
DutchNews.nl reports that the Financieele Dagblad on Aug. 7 said
Simed International was placed on a World Bank blacklist in March
because of corruption.
According to DutchNews.nl, sources told the paper the company,
which has since gone bankrupt, had tried on multiple occasions to
bribe World Bank staff.
The paper said Simed was primarily involved in projects in
developing countries and had annual turnover of some EUR120
million, DutchNews.nl notes.
The bribery related to several projects in eastern Europe,
DutchNews.nl discloses. The paper said although the sums
involved were relatively small, this was enough to blacklist the
company, DutchNews.nl relays.
Simed went into receivership in mid-April and was declared
bankrupt a week later, DutchNews.nl recounts. Among the
creditors is ABN Amro, which has a claim of EUR123 million,
DutchNews.nl discloses.
Simed International is a Dutch company which builds hospitals all
over the world.
===========
R U S S I A
===========
GIALIT POLIS: Insurance & Reinsurance Licenses Suspended
--------------------------------------------------------
The Bank of Russia, by its Order No. OD-2015 dated August 6,
2015, suspended the insurance and reinsurance licenses of
Insurance Company Gialit Polis, LLC.
The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance
reserves, procedure and conditions to invest equity and insurance
reserve funds. The decision becomes effective the day it is
published in the Bank of Russia Bulletin.
The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.
The insurance company must accept notifications of claim and meet
its obligations.
RUSSIAN INSURANCE: Insurance & Reinsurance Licenses Suspended
-------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2014 dated August 6,
2015, suspended the insurance and reinsurance licenses of PJSC
Russian Insurance Centre (registration number in the unified
state register of insurance agents 0159).
The decision is taken due to the insurer's failure to duly meet
the Bank of Russia instruction, particularly, financial stability
and solvency requirements in terms of creating insurance reserves
and equity, procedure and conditions to invest equity and
insurance reserve funds. The decision becomes effective the day
it is published in the Bank of Russia Bulletin.
The suspension of license prohibits the insurance agent from
entering into new contracts of insurance and introducing
amendments resulting in increase in insurance agent's obligations
under the current contracts.
The insurance company must accept notifications of claim and meet
its obligations.
=========
S P A I N
=========
BBVA RMBS 3: Moody's Cuts Rating on EUR63.6MM A3c Notes to B3(sf)
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the class A3a
notes in BBVA RMBS 3, FTA a Spanish residential mortgage-backed
securities (RMBS) transaction and the Series B notes in FTA PYMES
Santander 4, a Spanish asset-backed securities (ABS) transaction
comprising loans granted to small- and medium-sized enterprises
(SMEs). At the same time, Moody's has downgraded three notes in
BBVA RMBS 3, FTA.
RATINGS RATIONALE
The upgrades reflect the current A3 long-term deposit ratings of
the issuer account banks, which are Banco Bilbao Vizcaya
Argentaria, S.A. (BBVA) (for BBVA RMBS 3, FTA) and Banco
Santander S.A. (Spain) (for FTA PYMES Santander 4). Moody's
upgraded BBVA and Banco Santander S.A. (Spain) deposit rating on
June 17, 2015. Following the upgrades, the ratings on the
aforementioned issuer account banks no longer constrain our
ratings on BBVA RMBS 3, FTA's class A3a notes nor FTA PYMES
Santander 4's Series B notes. Moody's has therefore upgraded the
ratings on these tranches.
The downgrades in BBVA RMBS 3, FTA reflect a decrease in the
credit enhancement available. The Principal Deficiency Ledger
(PDL) has increased to EUR 214.3 Million in May 2015 up from EUR
208.1 Million in the payment date of November 2014.
BBVA RMBS 3, FTA
Moody's has decreased slightly its lifetime loss expectation (EL)
to 10.2% from 11.4% over original pool balance, to reflect a
better collateral performance than implied by the previous
assumption, as delinquencies decreased. Moody's has maintained
its MILAN credit enhancement assumption at 22.5%.
Despite the improvement in the delinquency trend, the PDL, mainly
driven by cumulative defaults, has increased and reduced credit
enhancement available to the junior notes.
FTA PYMES SANTANDER 4
Moody's has revised its volatility assumption for this
transaction to 46.1% from 44.8%, to take into account the shorter
weighted-average life of the portfolio. The unchanged default
probability (DP) on the current balance of 9.9%, combined with a
recovery rate of 35% and a volatility assumption of 46.1%,
corresponds to an unchanged portfolio credit enhancement of 20%.
Given the 4.65% of defaults that have already occurred and the
assumed 9.9% future defaults as a proportion of the current pool
balance, Moody's has reduced its assumed DP over the life of the
transaction to 6.4% from 9.9%.
Principal Methodologies:
The principal methodology used in rating BBVA RMBS 3, FTA was
Moody's Approach to Rating RMBS Using the MILAN Framework
published in January 2015.
The analysis undertaken by Moody's at the initial assignment of a
rating for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
The principal methodology used in rating FTA PYMES SANTANDER 4
was Moody's Global Approach to Rating SME Balance Sheet
Securitizations published in January 2015.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) lower sovereign risk; (2) better-than-
expected performance of the underlying collateral; (3)
deleveraging of the capital structure; and (4) improvements in
the credit quality of the transactions' counterparties.
Conversely, factors or circumstances that could lead to a
downgrade of the ratings include (1) higher sovereign risk; (2)
worse-than-expected performance of the underlying collateral; (3)
deterioration in the notes' available credit enhancement; and (4)
deterioration in the credit quality of the transactions'
counterparties.
LIST OF AFFECTED RATINGS
Issuer: BBVA RMBS 3, FTA
EUR1200M A1 Notes, Downgraded to B2 (sf); previously on Feb 23,
2015 Affirmed B1 (sf)
EUR595.5M A2 Notes, Downgraded to B2 (sf); previously on Feb 23,
2015 Affirmed B1 (sf)
EUR681M A3a Notes, Upgraded to Aa2 (sf); previously on Feb 23,
2015 Upgraded to Aa3 (sf)
EUR136.2M A3b Notes, Affirmed Baa2 (sf); previously on Feb 23,
2015 Upgraded to Baa2 (sf)
EUR63.6M A3c Notes, Downgraded to B3 (sf); previously on Feb 23,
2015 Affirmed B2 (sf)
EUR27.2M A3d Notes, Affirmed Caa1 (sf); previously on Sep 24,
2014 Affirmed Caa1 (sf)
Issuer: FTA PYMES SANTANDER 4
EUR397.5M Series B Notes, Upgraded to Aa2 (sf); previously on Jan
23, 2015 Upgraded to Aa3 (sf)
=====================
S W I T Z E R L A N D
=====================
SK SPICE: S&P Assigns 'B' LT Corp. Credit Rating, Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Switzerland-headquartered specialty
chemicals producer SK Spice Holding S.a.r.l. (Archroma). The
outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the senior
secured first-lien facilities, issued by Archroma's subsidiary SK
Spice. The facilities include a US$220 million term loan A due
2020, EUR200 million term loan B due 2021, and US$75 million
revolving credit facility, in line with S&P's corporate credit
rating. The recovery rating is '3', indicating S&P's expectation
of meaningful recovery, in the higher half of our 50%-70% range,
in the event of a payment default.
These ratings are in line with the preliminary ratings S&P
assigned on June 18, 2015.
The ratings reflect S&P's assessment of Archroma's business risk
profile as "weak" and its financial risk profile as "highly
leveraged," as S&P's criteria define these terms.
Archroma, owned by New York-based private equity firm SK Capital,
is a specialty chemicals producer for the textile, paper, and
emulsions sectors, with about US$1.4 billion in sales. In S&P's
view, the company is mainly exposed to end markets with below-
average growth prospects, such as the textile and paper
industries. These markets are highly competitive and partly
oversupplied, which is indicated by Archroma's only modest
capacity utilization rates and profitability that is below
average compared with the wider specialty chemicals industry
(with a mid-single-digit EBITDA margin). In addition, the
company faces a high risk of substitution in some of its
products.
Positively, Archroma commands leading market shares in several
more attractive and somewhat higher growth niches of the textile
and paper chemicals industry, its sales are well diversified in
terms of customers and geographies, with a strong footprint in
the higher-growth Asian markets. Archroma closed its acquisition
of BASF's textile chemicals business, with sales of US$190
million, on July 1, 2015. This transaction is beneficial for
Archroma's business risk profile, in S&P's opinion, because it
increases the company's market share and product portfolio and
strengthens its technological edge. In addition, as no
production assets will be transferred in the BASF textile
chemicals transaction, the utilization rate of Archroma's own
production assets should improve. Finally, S&P recognizes that
the company's application know-how and customer specification
should help protect its position in the value chain.
"Our base-case assumptions for Archroma have not changed
materially since the preliminary rating on June 18, 2015. Our
calculations of the core ratios are unchanged, and the company's
interest coverage ratio remains strong for the rating despite
higher interest payments, with EBITDA covering interest by about
3.0x in 2015 (pro forma the acquisition) versus 3.4x we projected
when assigning the preliminary rating. We continue to forecast
adjusted debt to EBITDA of about 7.8x in fiscal 2015, pro forma
BASF textile chemicals at 6.3x, improving to about 5.1x in fiscal
2016. We anticipate funds from operations to debt at about 6% in
fiscal 2015, rising to 10% in fiscal 2016," S&P said.
The stable outlook reflects S&P's view that Archroma will
successfully integrate the BASF textile chemicals business,
improve its profitability through cost optimization and
efficiency measures, and gradually reduce its adjusted debt-to-
EBITDA ratio to the lower part of the 5x-6x range by Sept. 30,
2016, which S&P views as commensurate with the current rating.
S&P could raise the rating if Archroma improves and sustains its
adjusted debt-to-EBITDA ratio below 5x, with EBITDA over $120
million following the successful integration of BASF textile
chemicals. An upgrade would also be dependent on the company
improving FOCF generation as a result of higher profitability and
easing restructuring charges.
If Archroma's adjusted debt-to-EBITDA ratio remained above 6x --
for example, because of unexpected acquisitions or shareholder
distributions -- or if its liquidity deteriorated, S&P could
consider a downgrade.
=============
U K R A I N E
=============
UKRAINE: Debt Restructuring Talks to Continue This Week
-------------------------------------------------------
Karin Strohecker at Reuters reports that Ukraine's biggest group
of creditors and Finance Minister Natalia Yaresko's team will
meet on Aug. 12 in San Francisco to continue talks on
restructuring the country's debt.
Talks to restructure US$23 billion of Ukraine's external public
debt have dragged on for more than four months, Reuters relates.
The Finance Ministry sent a fresh offer to a creditor group on
Aug. 4, but a source told Reuters that creditors saw the debt
proposal as unacceptable.
According to Reuters, Kiev has described this week as the
absolute deadline for an agreement.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 3, 2015 to August 7, 2015
-------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Grupo Isolux Cors 6.63 4/15/2021 EUR 65.23
CSN Resources SA 6.50 7/21/2020 USD 75.00
CHC Helicopter SA 9.25 10/15/2020 USD 64.00
NBG Finance PLC 4.38 4/30/2019 EUR 46.01
Piraeus Group Fin 5.00 3/27/2017 EUR 40.25
Alpha Credit Grou 3.38 6/17/2017 EUR 50.75
Heta Asset Resolu 4.38 1/24/2017 EUR 63.50
Ukraine Governmen 9.25 7/24/2017 USD 58.63
Russian Standard 13.00 4/10/2020 USD 49.03
Andrade Gutierrez 4.00 4/30/2018 USD 61.50
Hema Bondco I BV 6.25 6/15/2019 EUR 67.63
Petrobras Global 5.63 5/20/2043 USD 73.66
Public Power Corp 5.50 5/1/2019 EUR 68.76
Ajecorp BV 6.50 5/14/2022 USD 76.01
Algeco Scotsman G 10.75 10/15/2019 USD 69.21
QGOG Constellatio 6.25 11/9/2019 USD 62.00
Afren PLC 6.63 12/9/2020 USD 3.14
Ukraine Governmen 6.88 9/23/2015 USD 61.00
OAS Investments G 8.25 10/19/2019 USD 18.00
Metinvest BV 10.25 1/31/2016 USD 70.00
ERB Hellas PLC 4.25 6/26/2018 EUR 40.06
CHC Helicopter SA 9.38 6/1/2021 USD 48.75
CGG SA 6.50 6/1/2021 USD 74.88
Norske Skogindust 7.00 6/26/2017 EUR 73.25
CGG SA 1.75 1/1/2020 EUR 9.32
Heta Asset Resolu 4.25 10/31/2016 EUR 63.50
Hema Bondco II BV 8.50 12/15/2019 EUR 31.84
Indo Energy Finan 6.38 1/24/2023 USD 64.00
Banca delle March 0.94 6/1/2017 EUR 38.00
Yuksel Insaat AS 9.50 11/10/2015 USD 53.51
Russian Standard 11.50 1/17/2024 USD 43.38
Hellenic Republic 5.00 3/11/2019 EUR 63.88
Far East Capital 8.00 5/2/2018 USD 61.25
Banco Espirito Sa 7.13 11/28/2023 EUR 6.63
Ukraine Governmen 4.95 10/13/2015 EUR 60.50
Bank of New York 4.23 12/30/2099 EUR 23.88
Public Power Corp 4.75 5/1/2017 EUR 72.00
Heta Asset Resolu 2.75 5/31/2016 CHF 63.06
EnQuest PLC 5.50 2/15/2022 GBP 71.00
HSH Nordbank AG 0.83 2/14/2017 EUR 74.07
HSH Nordbank AG/L 2.31 EUR 18.14
Afren PLC 11.50 2/1/2016 USD 2.00
Alcatel-Lucent 4.25 7/1/2018 EUR 4.13
Peugeot SA 4.45 1/1/2016 EUR 29.57
Brunswick Rail Fi 6.50 11/1/2017 USD 58.00
Privatbank CJSC V 9.38 9/23/2015 USD 69.66
Afren PLC 10.25 4/8/2019 USD 3.36
CGG SA 6.88 1/15/2022 USD 76.50
Nordea Bank AB 0.70 EUR 73.40
Avangardco Invest 10.00 10/29/2015 USD 47.50
ING Groep NV 1.57 EUR 72.46
Ukraine Governmen 7.75 9/23/2020 USD 57.44
Ukraine Governmen 7.50 4/17/2023 USD 59.00
Takko Luxembourg 9.88 4/15/2019 EUR 46.00
Ukraine Railways 9.50 5/21/2018 USD 69.00
Athens Urban Tran 4.85 9/19/2016 EUR 70.13
Paragon Offshore 7.25 8/15/2024 USD 31.13
Banque Federative 1.40 EUR 65.40
OSX 3 Leasing BV 13.00 3/20/2015 USD 52.00
HSH Nordbank AG 7.25 USD 24.00
Metinvest BV 8.75 2/14/2018 USD 58.30
DTEK Finance PLC 7.88 4/4/2018 USD 44.25
Neopost SA 3.38 EUR 54.88
Immigon Portfolio 10.00 EUR 0.65
Alcatel-Lucent 0.13 1/30/2020 EUR 4.54
Hellenic Railways 4.68 10/29/2015 EUR 78.88
Bank of New York 4.49 12/15/2050 EUR 63.66
Banca delle March 1.14 6/15/2016 EUR 41.25
Ukraine Governmen 7.80 11/28/2022 USD 59.00
Assystem 4.50 EUR 27.47
Hema Bondco I BV 5.24 6/15/2019 EUR 65.78
ING Groep NV 1.17 EUR 71.40
Piraeus Group Fin 1.83 7/20/2016 EUR 20.00
CGG SA 1.25 1/1/2019 EUR 25.47
Metinvest BV 10.50 11/28/2017 USD 61.01
HSH Nordbank AG 0.79 2/14/2017 EUR 74.09
Air France-KLM 2.03 2/15/2023 EUR 10.57
Santander Interna 2.00 USD 45.38
SOITEC 6.75 9/18/2018 EUR 1.61
OGX Austria GmbH 8.50 6/1/2018 USD 0.01
Mriya Agro Holdin 9.45 4/19/2018 USD 16.25
WPE International 10.38 9/30/2020 USD 10.75
Hellenic Republic 5.25 2/1/2016 JPY 70.38
Ukraine Governmen 7.95 2/23/2021 USD 59.00
Caixa Terrassa So 1.43 EUR 63.79
City of Kyiv Via 9.38 7/11/2016 USD 51.00
Commercial Bank P 5.80 2/9/2016 USD 57.63
Faurecia 3.25 1/1/2018 EUR 35.66
Ukraine Governmen 6.58 11/21/2016 USD 58.50
Aegon NV 1.51 NLG 58.52
Norske Skog Holdi 8.00 2/24/2021 EUR 55.75
Heta Asset Resolu 0.06 5/31/2016 EUR 63.35
Codere Finance Lu 8.25 6/15/2015 EUR 71.50
DTEK Finance PLC 10.38 3/28/2018 USD 47.68
UKRLANDFARMING PL 10.88 3/26/2018 USD 44.50
Eurobank Ergasias 1.59 6/8/2017 EUR 2.17
Ukraine Governmen 6.25 6/17/2016 USD 58.50
Ukraine Governmen 6.75 11/14/2017 USD 58.13
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.49
Paragon Offshore 6.75 7/15/2022 USD 32.50
Far East Capital 8.75 5/2/2020 USD 61.25
Tonon Luxembourg 10.50 5/14/2024 USD 59.25
Econocom Group SA 1.50 1/15/2019 EUR 11.58
Orpea 1.75 1/1/2020 EUR 73.04
First Ukrainian I 11.00 12/31/2018 USD 55.03
City of Kiev Ukra 8.00 11/6/2015 USD 52.63
Heta Asset Resolu 0.74 1/24/2017 EUR 17.50
Hellenic Republic 3.80 8/8/2017 JPY 69.63
Rothschilds Conti 0.96 EUR 61.73
Hellenic Republic 5.20 7/17/2034 EUR 58.88
Ukreximbank Via B 7.49 2/9/2023 USD 62.88
CNP Assurances 1.25 EUR 66.25
Etablissements Ma 2.75 7/1/2021 EUR 9.34
Capital Raising G 7.50 EUR 11.01
OGX Austria GmbH 8.38 4/1/2022 USD 0.01
Credit Agricole S 0.71 EUR 67.34
Aralco Finance SA 10.13 5/7/2020 USD 2.38
Etablissements Ma 1.63 7/1/2019 EUR 14.43
Lambay Capital Se 6.25 GBP 1.45
ESFIL-Espirito Sa 5.25 6/12/2015 EUR 1.20
Touax SA 6.00 7/10/2020 EUR 19.40
Hellenic Railways 4.03 3/17/2017 EUR 69.38
Singulus Technolo 7.75 3/23/2017 EUR 42.51
Hellenic Republic 5.00 8/22/2016 JPY 69.63
Virgolino de Oliv 10.50 1/28/2018 USD 2.00
Santander Finance 0.62 EUR 68.09
Hellenic Republic 6.14 4/14/2028 EUR 63.75
Pescanova SA 5.13 4/20/2017 EUR 3.22
Le Noble Age 4.88 1/3/2016 EUR 21.35
BPCE SA 1.07 EUR 65.88
Financing of Infr 9.00 12/7/2017 USD 57.50
Nexity SA 0.63 1/1/2020 EUR 50.33
Nexans SA 4.00 1/1/2016 EUR 55.01
ATF Capital BV 10.00 USD 67.50
NTRP Via Interpip 10.25 8/2/2017 USD 25.04
Lloyds Bank PLC 0.48 USD 62.79
NIBC Bank NV 0.67 EUR 61.25
Phosphorus Holdco 10.00 4/1/2019 GBP 2.50
Rothschilds Conti 0.69 USD 52.75
Banque Federative 0.83 EUR 65.48
Hellenic Railways 5.01 12/27/2017 EUR 68.13
Hellenic Republic 2.09 7/25/2057 EUR 22.25
HSBC Bank PLC 0.60 USD 62.70
Renaissance Credi 13.50 5/22/2019 USD 75.00
Privatbank CJSC V 10.88 2/28/2018 USD 66.07
Finance and Credi 9.25 1/25/2019 USD 9.88
Pescanova SA 8.75 2/17/2019 EUR 3.37
Standard Chartere 0.56 USD 60.29
Afren PLC 6.63 12/9/2020 USD 45.50
HSBC Bank PLC 0.75 USD 62.58
Espirito Santo Fi 6.88 10/21/2019 EUR 0.04
Candyking Holding 5.00 1/29/2018 SEK 67.00
Mriya Agro Holdin 10.95 3/30/2016 USD 16.00
Praktiker AG 5.88 2/10/2016 EUR 0.07
Immigon Portfolio 8.98 7/26/2018 EUR 57.63
Global PVQ SE 6.75 10/21/2015 EUR 0.67
Alpha Credit Grou 1.68 2/1/2017 EUR 4.31
Ageasfinlux SA 1.34 EUR 64.79
Barclays Bank PLC 0.69 USD 63.88
Financing of Infr 7.40 4/20/2018 USD 57.25
HSBC Bank PLC 0.75 USD 62.86
Hellenic Republic 5.25 2/1/2016 JPY 70.38
Banco Espirito Sa 2.64 EUR 9.63
Caisse Federale d 1.17 EUR 64.15
Jyske Bank A/S 1.38 EUR 65.00
Sydbank A/S 1.14 EUR 64.75
Cooperatieve Cent 0.50 11/26/2021 ZAR 55.49
Hellenic Railways 4.50 12/6/2016 JPY 69.50
Heta Asset Resolu 4.35 11/3/2016 EUR 17.88
BLT Finance BV 7.50 5/15/2014 USD 5.00
Credit Mutuel Ark 1.33 EUR 63.67
Grupo Isolux Cors 6.63 4/15/2021 EUR 65.08
NIBC Bank NV 2.13 USD 70.65
Talvivaara Mining 4.00 12/16/2015 EUR 1.00
Hybrid Raising Gm 6.63 EUR 11.00
Bank Nadra via ND 8.25 7/31/2018 USD 7.00
Afren PLC 11.50 2/1/2016 USD 2.16
SNS Bank NV 11.25 EUR 1.26
Norwegian Energy 6.50 3/6/2018 NOK 80.50
Espirito Santo Fi 3.13 12/2/2018 EUR 1.30
Koninklijke Lucht 0.75 CHF 35.00
Pierre & Vacances 3.50 10/1/2019 EUR 38.49
Island Drilling C 9.50 4/3/2018 USD 59.13
Cirio Holding Lux 6.25 2/16/2004 EUR 2.94
Barclays Bank PLC 0.63 USD 64.00
Afren PLC 10.25 4/8/2019 USD 2.45
Banco Espirito Sa 0.16 EUR 15.33
BOA Offshore AS 8.11 12/18/2018 NOK 68.13
Ekotechnika GmbH 9.75 5/10/2018 EUR 9.25
Barclays Bank PLC 1.56 GBP 72.33
KA Finanz AG 5.43 2/13/2024 EUR 57.38
IKB Deutsche Indu 5.63 3/31/2017 EUR 21.00
Popular Capital S 1.34 EUR 54.00
Minicentrales Dos 6.45 4/14/2028 EUR 73.88
International Ind 9.00 7/6/2011 EUR 0.48
Heta Asset Resolu 0.09 5/31/2016 EUR 62.79
Hypo Tirol Bank A 0.41 7/23/2026 EUR 60.25
Scandinavian Airl 2.38 CHF 30.75
TAG Immobilien AG 6.50 12/10/2015 EUR 10.96
Takko Luxembourg 6.98 4/15/2019 EUR 45.09
Phones4u Finance 9.50 4/1/2018 GBP 38.02
Alpine Holding Gm 6.00 5/22/2017 EUR 0.00
Hellenic Republic 4.50 11/8/2016 JPY 69.13
Hellenic Bank PCL 10.00 EUR 48.63
Norshore Atlantic 12.00 12/21/2018 USD 57.08
Virgolino de Oliv 10.88 1/13/2020 USD 19.25
BNP Paribas SA 0.48 USD 60.96
Societe Air Franc 2.75 4/1/2020 EUR 20.24
Norske Skog Holdi 8.00 2/24/2023 USD 54.00
Corporate Commerc 8.25 8/8/2014 USD 2.35
Air Berlin Financ 1.50 4/11/2027 EUR 70.00
Orco Property Gro 7.00 11/7/2019 EUR 78.13
Nordea Bank Norge 0.56 USD 63.44
Dexia SA 4.89 EUR 15.25
Barclays Bank PLC 1.18 3/21/2033 USD 66.80
Breeze Finance SA 6.71 4/19/2027 EUR 44.00
Vseukrainsky Akts 9.00 6/14/2019 USD 2.58
Banco Espanol de 0.61 EUR 67.87
RENE LEZARD Mode 7.25 11/25/2017 EUR 21.60
Petrol AD 8.38 1/26/2017 EUR 5.00
Commerzbank Holdi 0.81 USD 64.25
SNS Bank NV 6.25 10/26/2020 EUR 2.48
Paragon Offshore 7.25 8/15/2024 USD 33.26
Laurel GmbH 7.13 11/16/2017 EUR 30.13
Heta Asset Resolu 1.91 9/29/2016 JPY 61.88
Atlantic Offshore 8.88 5/16/2018 NOK 72.51
Metinvest BV 10.25 1/31/2016 USD 70.75
Astana Finance BV 7.88 6/8/2010 EUR 15.65
Norske Skog Holdi 8.00 2/24/2021 EUR 56.25
Jasper Explorer P 13.50 5/27/2016 USD 5.13
Dexia Credit Loca 4.30 EUR 8.50
National Westmins 0.69 USD 64.00
JZ Capital Partne 6.00 7/30/2021 GBP 10.90
Teak Holz Interna 5.00 8/31/2015 EUR 30.00
More & More AG 8.13 6/11/2018 EUR 43.88
Banco Pastor SA 2.39 EUR 61.88
Alpha Credit Grou 6.00 5/20/2017 EUR 50.75
Barclays Bank PLC 1.95 5/31/2033 USD 69.95
Lloyds Bank PLC 0.50 USD 62.93
Ukraine Governmen 9.25 7/24/2017 USD 58.48
Lehman Brothers U 5.13 EUR 0.05
Noreco Norway AS 6.50 3/6/2018 NOK 75.00
Ideal Standard In 11.75 5/1/2018 EUR 38.38
Norske Skogindust 7.13 10/15/2033 USD 43.50
Hellenic Railways 0.25 5/24/2016 EUR 70.75
Depfa Funding III 1.35 EUR 57.38
Lloyds Bank PLC 2.33 1/31/2033 USD 69.75
Travel24.com AG 7.50 9/17/2017 EUR 50.05
Danske Bank Oyj 0.73 EUR 65.10
Barclays Bank PLC 1.44 3/28/2033 USD 65.00
Kaupthing Bank Hf 9.00 USD 0.13
Lehman Brothers T 6.00 11/2/2035 EUR 16.25
MS Deutschland Be 6.88 12/18/2017 EUR 14.91
Virgolino de Oliv 11.75 2/9/2022 USD 2.00
BDT Media Automat 8.13 10/9/2017 EUR 63.63
Ukraine Governmen 5.00 12/20/2015 USD 59.75
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Standard Chartere 0.65 USD 60.40
Jyske Bank A/S 0.74 EUR 65.88
National Westmins 0.56 USD 64.00
SiC Processing Gm 7.13 3/1/2016 EUR 2.42
Kezizalog Zrt 7.75 10/1/2018 EUR 1.06
Den Norske Credit 0.56 USD 62.88
Lehman Brothers T 7.00 5/17/2035 EUR 19.00
Northland Resourc 4.00 10/15/2020 USD 0.13
Ajecorp BV 6.50 5/14/2022 USD 71.85
Saphir Finance PL 6.85 GBP 1.38
Agroton Public Lt 6.00 7/14/2019 USD 28.13
Cirio Finanziaria 8.00 12/21/2005 EUR 1.66
IKB Deutsche Indu 4.70 3/31/2017 EUR 18.00
Immigon Portfolio 0.74 6/18/2018 EUR 66.88
Lloyds Bank PLC 2.42 2/22/2033 USD 67.68
Hellas Telecommun 8.50 10/15/2013 EUR 0.00
Sairgroup Finance 4.38 6/8/2006 EUR 16.75
Telecare Service 7.03 5/23/2018 SEK 73.75
Hellenic Railways 4.50 12/6/2016 JPY 70.13
Barclays Bank PLC 4.39 12/23/2033 USD 74.16
Barclays Bank PLC 0.38 12/28/2040 EUR 65.19
Belfius Bank SA/N 1.93 FRF 69.75
Minicentrales Dos 4.81 11/29/2034 EUR 73.88
Royal Bank of Sco 0.69 USD 59.75
APP International 11.75 10/1/2005 USD 2.95
Heta Asset Resolu 5.92 2/22/2022 EUR 16.38
Rena GmbH 8.25 7/11/2018 EUR 8.63
Dannemora Mineral 11.75 3/22/2016 USD 0.67
Lehman Brothers T 6.00 2/15/2035 EUR 19.00
Kaupthing Bank Hf 6.50 2/3/2045 EUR 0.00
Svyaznoy Bank ZAO 12.00 8/6/2015 RUB 60.01
Deutsche Morgan G 0.69 USD 58.00
Alliance Oil Co O 8.85 6/4/2021 RUB 57.21
Lehman Brothers T 8.25 3/16/2035 EUR 19.00
Norske Skogindust 7.13 10/15/2033 USD 43.50
LBI HF 6.25 EUR 0.00
Espirito Santo Fi 9.75 12/19/2025 EUR 1.38
EDOB Abwicklungs 7.50 4/1/2012 EUR 0.00
Societe Alsacienn 1.63 1/1/2022 EUR 59.70
Lloyds Bank PLC 0.69 USD 63.00
Russian Standard 13.00 4/10/2020 USD 48.88
GNB - Cia de Segu 2.19 12/19/2022 EUR 70.00
Hellenic Republic 5.00 8/22/2016 JPY 69.88
Piraeus Bank SA 0.93 2/9/2017 EUR 44.93
Windreich GmbH 6.50 3/1/2015 EUR 10.88
Portigon AG 7.46 12/31/2019 EUR 15.70
Abanka Vipa DD Vi 1.88 EUR 0.45
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
Pohjola Bank Oyj 0.64 EUR 66.90
OGX Austria GmbH 8.50 6/1/2018 USD 0.02
Glitnir HF 6.69 6/15/2016 USD 0.02
Banco Espirito Sa 2.82 EUR 15.75
Kaupthing Bank Hf 7.63 2/28/2015 USD 21.50
Lehman Brothers U 5.75 EUR 0.00
Sidetur Finance B 10.00 4/20/2016 USD 13.75
Metinvest BV 10.50 11/28/2017 USD 63.00
Kaupthing Bank Hf 5.75 10/4/2011 USD 21.75
Tonon Luxembourg 10.50 5/14/2024 USD 58.63
Pescanova SA 6.75 3/5/2015 EUR 3.47
TGC-2 OJSC 12.00 10/10/2018 RUB 72.51
International Ind 11.00 2/19/2013 USD 0.40
Ukraine Governmen 7.80 11/28/2022 USD 58.35
PNE Wind AG 3.75 10/10/2019 EUR 2.90
BNP Paribas SA 2.24 4/30/2033 USD 65.13
LBI HF 6.10 8/25/2011 USD 11.13
AK Transneft OAO 11.50 7/3/2025 RUB 60.01
Deutsche Bank AG/ 2.23 3/15/2033 USD 66.70
Mox Telecom AG 7.25 11/2/2017 EUR 2.64
KPNQwest NV 10.00 3/15/2012 EUR 0.50
Financing of Infr 8.38 11/3/2017 USD 57.38
Mechel 8.40 5/27/2021 RUB 60.02
Ukraine Railways 9.50 5/21/2018 USD 68.75
Codere Finance Lu 9.25 2/15/2019 USD 71.38
Hema Bondco I BV 6.25 6/15/2019 EUR 67.20
Alpine Holding Gm 5.25 7/1/2015 EUR 0.00
Ukraine Governmen 6.88 9/23/2015 USD 60.72
Societe Generale 0.50 USD 62.19
Hellenic Republic 0.76 8/10/2019 EUR 54.74
Sazka AS 9.00 7/12/2021 EUR 4.86
friedola Gebr Hol 7.25 4/11/2017 EUR 38.75
Ukraine Governmen 7.75 9/23/2020 USD 57.52
National Westmins 0.75 USD 64.00
Indo Energy Finan 6.38 1/24/2023 USD 65.41
Frey 6.00 11/15/2022 EUR 22.20
Barclays Bank PLC 1.68 4/19/2033 USD 66.50
Teksid Aluminum L 11.38 7/15/2011 EUR 0.12
EXER D GmbH 5.70 2/1/2016 EUR 60.00
Piraeus Group Fin 2.23 10/27/2034 EUR 20.00
Alpha Credit Grou 1.64 3/8/2017 EUR 4.31
Centrosolar Group 7.00 2/15/2016 EUR 2.75
Heta Asset Resolu 0.45 12/18/2030 EUR 10.25
Dexia Kommunalban 4.88 12/31/2016 EUR 19.80
Cirio Finance Lux 7.50 11/3/2002 EUR 7.88
Norske Skog Holdi 8.00 2/24/2023 USD 53.88
Codere Finance Lu 9.25 2/15/2019 USD 71.38
Aralco Finance SA 10.13 5/7/2020 USD 4.50
Hellenic Republic 2.27 2/7/2022 EUR 51.14
Petromena ASA 9.75 5/24/2016 NOK 1.04
Talvivaara Mining 9.75 4/4/2017 EUR 0.09
Hema Bondco II BV 8.50 12/15/2019 EUR 32.00
Heta Asset Resolu 0.54 11/29/2032 EUR 16.63
Espirito Santo Fi 5.13 5/30/2016 EUR 1.12
Standard Chartere 0.69 GBP 60.42
Bank of Scotland 0.63 USD 62.90
DNB Bank ASA 0.56 USD 62.83
Metinvest BV 8.75 2/14/2018 USD 55.69
Cirio Del Monte N 7.75 3/14/2005 EUR 1.45
Piraeus Bank SA 0.93 12/27/2016 EUR 48.00
Rena GmbH 7.00 12/15/2015 EUR 8.63
PA Resources AB 12.25 4/5/2016 NOK 4.99
Northland Resourc 15.00 7/15/2019 USD 1.07
PA Resources AB 13.50 3/3/2016 SEK 5.00
Societe Generale 1.92 EUR 68.00
Penell GmbH Elekt 7.75 6/10/2019 EUR 11.00
Svensk Exportkred 7.00 9/26/2022 RUB 80.55
Dexia Kommunalban 5.63 12/31/2017 EUR 11.00
Far East Capital 8.00 5/2/2018 USD 64.00
Svensk Exportkred 0.50 1/31/2022 ZAR 53.62
OGX Austria GmbH 8.38 4/1/2022 USD 0.01
Ukraine Governmen 7.95 2/23/2021 USD 58.50
Paragon Offshore 6.75 7/15/2022 USD 42.50
Region of Puglia 0.53 2/6/2023 EUR 74.83
Italy Government 0.40 7/31/2045 EUR 75.26
Kaupthing Bank Hf 5.75 10/4/2011 USD 21.75
Strenesse AG 9.00 3/15/2017 EUR 53.25
Golden Gate AG 6.50 10/11/2014 EUR 39.60
Mechel 10.00 8/25/2020 RUB 72.01
UniCredit Bank Au 0.51 8/20/2033 EUR 62.00
getgoods.de AG 7.75 10/2/2017 EUR 5.38
SAir Group 2.13 11/4/2004 CHF 10.75
Gunther Zamek Pro 7.75 5/15/2017 EUR 0.63
Lehman Brothers T 6.00 3/4/2015 USD 4.80
Global PVQ Nether 5.75 5/26/2014 EUR 27.50
Kaupthing Bank Hf 6.25 EUR 0.00
Lehman Brothers T 7.25 10/5/2035 EUR 19.00
Lehman Brothers T 6.00 3/18/2015 USD 19.00
Heta Asset Resolu 4.25 5/31/2016 EUR 62.50
Banco Pinto & Sot 0.95 EUR 31.00
Kamaz OJSC 13.50 6/12/2020 RUB 60.07
Societe Centrale 9.00 7/1/2016 EUR 7.12
KPNQwest NV 7.13 6/1/2009 EUR 0.50
Standard Chartere 0.69 USD 60.16
Barclays Bank PLC 2.79 4/9/2028 USD 72.00
IM Skaugen SE 10.26 4/11/2017 NOK 47.25
GNB - Cia de Segu 3.49 EUR 68.05
SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00
Barclays Bank PLC 3.12 6/17/2033 USD 66.01
Accentro Real Est 7.75 6/25/2017 EUR 3.10
LBI HF 7.43 USD 0.00
Heta Asset Resolu 5.73 12/10/2021 EUR 15.75
Heta Asset Resolu 4.63 3/4/2018 EUR 61.88
IT Holding Financ 9.88 11/15/2012 EUR 0.24
Codere Finance Lu 8.25 6/15/2015 EUR 71.38
Ukraine Governmen 7.50 4/17/2023 USD 58.57
State of Carinthi 0.74 7/20/2017 CHF 0.20
Depfa Funding IV 5.03 EUR 56.75
Allied Irish Bank 0.73 10/24/2035 EUR 23.13
Barclays Bank PLC 0.69 USD 63.00
Assystem 4.00 1/1/2017 EUR 22.48
OAS Investments G 8.25 10/19/2019 USD 18.00
Virgolino de Oliv 10.88 1/13/2020 USD 17.88
Deutsche Bank AG/ 11.50 8/31/2015 USD 26.25
Ukraine Governmen 6.75 11/14/2017 USD 58.38
Lloyds Bank PLC 1.45 4/26/2033 USD 60.00
Rosselkhozbank OJ 13.10 7/14/2025 RUB 60.01
Kommunekredit 0.50 5/11/2029 CAD 71.05
Glitnir HF 3.00 6/30/2010 EUR 27.25
TradeDoubler AB 6.75 12/20/2018 SEK 73.63
Solarworld AG 6.13 1/21/2017 EUR 31.13
KA Finanz AG 4.44 12/20/2030 EUR 61.63
Gazprom Capital L 7.55 2/15/2018 RUB 60.01
Alpine Holding Gm 5.25 6/10/2016 EUR 0.00
Global PVQ Nether 1.38 4/30/2012 EUR 27.50
Brunswick Rail Fi 6.50 11/1/2017 USD 53.00
Depfa Funding II 6.50 EUR 56.88
LBI HF 4.65 EUR 0.00
Bank Nederlandse 0.50 7/12/2022 ZAR 52.76
Lehman Brothers T 5.00 9/22/2014 EUR 19.00
Governo Portugues 2.75 EUR 60.00
Glitnir HF 6.00 3/5/2012 GBP 27.25
Northland Resourc 4.00 10/15/2020 NOK 0.13
Heta Asset Resolu 7.50 5/27/2024 ATS 16.63
Accentro Real Est 6.25 3/27/2019 EUR 2.68
Astana Finance BV 9.00 11/16/2011 USD 15.65
Rusfinans Bank OO 12.00 6/30/2020 RUB 61.34
Region of Piemont 0.21 11/27/2036 EUR 61.01
Bank Julius Baer 9.75 11/13/2015 USD 63.20
Kaupthing Bank Hf 3.00 2/12/2010 CHF 21.63
KPNQwest NV 8.88 2/1/2008 EUR 0.50
Schneekoppe GmbH 6.45 9/20/2015 EUR 5.84
Public Power Corp 5.50 5/1/2019 EUR 69.34
Barclays Bank PLC 4.93 11/1/2031 USD 70.00
Region of Abruzzo 0.44 11/7/2036 EUR 65.73
Credit Suisse AG/ 11.00 12/3/2015 USD 55.49
Mriya Agro Holdin 9.45 4/19/2018 USD 16.63
Solen AG 7.50 4/8/2016 EUR 2.01
Federal Grid Co U 8.25 9/15/2020 RUB 60.01
Takko Luxembourg 9.88 4/15/2019 EUR 46.75
EuroChem Mineral 12.40 6/26/2018 RUB 60.66
NOS SGPS SA 2.56 11/9/2019 EUR 106.94
Bashneft PAO 8.35 12/13/2016 RUB 67.07
Danske Bank Oyj 1.59 EUR 73.00
Heta Asset Resolu 4.88 9/18/2017 EUR 16.75
Financing of Infr 7.40 4/20/2018 USD 56.52
Ukraine Governmen 4.95 10/13/2015 EUR 59.71
Seabird Explorati 6.00 12/18/2015 USD 27.00
Kaupthing Bank Hf 6.75 EUR 0.00
Ukraine Governmen 6.25 6/17/2016 USD 58.22
Bulgaria Steel Fi 12.00 5/4/2013 EUR 1.00
Nationwide Buildi 1.07 GBP 70.00
Lehman Brothers T 2.88 3/14/2013 CHF 16.25
Cooperatieve Cent 0.50 7/30/2043 MXN 17.58
Lehman Brothers T 5.00 3/18/2015 EUR 19.00
KA Finanz AG 4.90 6/23/2031 EUR 68.88
LBI HF 3.20 5/10/2010 SKK 8.50
Espirito Santo Fi 5.05 11/15/2025 EUR 2.00
Privatbank CJSC V 10.88 2/28/2018 USD 66.63
IM Skaugen SE 9.75 6/30/2016 NOK 52.60
Barclays Bank PLC 4.11 2/28/2034 USD 72.00
Cyprus Popular Ba 1.74 5/26/2016 EUR 3.04
BLT Finance BV 12.00 2/10/2015 USD 10.50
Mifa Mitteldeutsc 7.50 8/12/2018 EUR 3.18
SAG Solarstrom AG 7.50 7/10/2017 EUR 45.00
Club Mediterranee 6.11 11/1/2015 EUR 16.03
SU-155 KAPITAL OO 13.25 2/23/2016 RUB 26.30
Glitnir HF 4.38 2/5/2010 EUR 27.25
A-TEC Industries 8.75 10/27/2014 EUR 2.00
Public Power Corp 4.75 5/1/2017 EUR 72.90
Heta Asset Resolu 5.27 4/7/2028 EUR 16.88
Raiffeisen Bank I 4.50 9/28/2035 EUR 65.75
Raiffeisenbank ZA 11.35 6/11/2018 RUB 60.01
Alpha Credit Grou 1.98 2/1/2017 EUR 50.75
Hellenic Bank PCL 11.00 EUR 48.63
Equity Release Fu 1.98 4/26/2038 GBP 72.50
VEB-Leasing OAO 8.50 3/1/2018 RUB 56.03
Solarworld AG 6.38 7/13/2016 EUR 32.13
UKRLANDFARMING PL 10.88 3/26/2018 USD 49.02
Kaupthing Bank Hf 5.25 7/18/2017 BGN 21.63
Finmek Internatio 7.00 12/3/2004 EUR 0.13
SNS Bank NV 2.73 EUR 1.26
Magnit PJSC 12.10 5/11/2018 RUB 61.02
Ukraine Governmen 6.58 11/21/2016 USD 58.24
Virgolino de Oliv 10.50 1/28/2018 USD 0.90
Santander Finance 2.00 EUR 34.25
Orient Express Ba 13.60 8/9/2018 RUB 50.80
Rusfinans Bank OO 10.88 8/22/2019 RUB 60.01
Razgulyai-Finans 11.30 10/17/2018 RUB 60.01
Mechel 8.40 6/1/2021 RUB 58.62
City of Kyiv Via 9.38 7/11/2016 USD 52.50
Governo Portugues 3.00 EUR 73.00
LBI HF 6.10 8/25/2011 USD 11.00
Banco Espirito Sa 10.00 12/6/2021 EUR 6.63
Far East Capital 8.75 5/2/2020 USD 60.19
Czerwona Torebka 6.66 4/15/2016 PLN 67.00
Heta Asset Resolu 0.32 8/12/2017 EUR 60.88
Kaupthing Bank Hf 6.13 10/4/2016 USD 21.63
Heta Asset Resolu 0.20 4/9/2043 EUR 60.00
Den Norske Credit 0.53 USD 62.76
Karlie Group GmbH 6.75 6/25/2018 EUR 60.00
Moscow United Ele 13.20 4/23/2025 RUB 61.01
DF Deutsche Forfa 7.88 5/27/2020 EUR 10.00
Virgolino de Oliv 11.75 2/9/2022 USD 1.10
SMP Bank OAO 12.00 5/23/2017 RUB 60.08
Investkredit Bank 3.55 4/12/2022 EUR 74.70
Heta Asset Resolu 5.03 1/26/2017 EUR 15.00
Artea 6.00 8/4/2019 EUR 14.05
Alpha Credit Grou 2.00 11/28/2032 EUR 50.75
Lehman Brothers T 5.10 5/8/2017 HKD 19.00
Credit Agricole C 0.50 2/28/2018 RUB 74.93
Glitnir HF 6.38 9/25/2012 USD 27.25
VEB-Leasing OAO 8.60 4/2/2021 RUB 65.03
Polyus Gold OJSC 12.10 7/3/2025 RUB 61.07
Kaupthing Bank Hf 7.50 2/1/2045 USD 0.00
Rosneft OAO 17.40 12/3/2020 RUB 60.11
Del Monte Finance 6.63 5/24/2006 EUR 7.98
ECA 2.50 1/1/2018 EUR 9.15
Solon SE 1.38 12/6/2012 EUR 0.33
Ukraine Governmen 5.00 12/20/2015 USD 59.75
Raiffeisenlandesb 4.40 4/17/2024 EUR 75.50
Heta Asset Resolu 0.25 3/29/2017 EUR 61.50
Magnit PJSC 12.10 5/11/2018 RUB 61.02
Mechel 10.00 8/25/2020 RUB 72.30
La Veggia Finance 7.13 11/14/2004 EUR 0.00
Gazprom PAO 16.30 10/21/2043 RUB 60.01
Banco Espirito Sa 1.54 5/27/2018 EUR 6.63
Cooperatieve Cent 0.50 10/30/2043 MXN 15.49
Alpha Credit Grou 6.00 7/29/2020 EUR 50.75
Heta Asset Resolu 0.09 1/24/2017 EUR 63.00
SV Patrimonia 4.00 4/19/2016 EUR 50.00
Breeze Finance SA 11.75 4/19/2027 EUR 3.00
CRC Breeze Financ 6.11 5/8/2016 EUR 54.38
LBI HF 2.25 2/14/2011 CHF 8.50
Heta Asset Resolu 3.42 11/7/2016 EUR 61.50
HSBC Bank PLC 0.50 2/24/2027 NZD 59.82
Heta Asset Resolu 0.31 9/26/2043 EUR 62.50
Heta Asset Resolu 1.62 6/30/2019 CHF 61.00
Atari SA 0.50 9/30/2015 EUR 1.31
SNS Bank NV 6.63 5/14/2018 EUR 2.47
Atari SA 7.50 2/17/2020 EUR 0.28
Glitnir HF 1.63 3/11/2009 CHF 27.25
Otkritie Bank OJS 13.20 12/13/2017 RUB 60.42
Santander Finance 2.00 EUR 36.50
Immigon Portfolio 4.25 9/7/2020 EUR 30.00
Global PVQ Nether 1.38 4/30/2012 EUR 23.88
Deutsche Bank AG/ 6.69 6/30/2034 USD 75.00
Banco Comercial P 5.00 EUR 46.00
Region of Abruzzo 0.28 11/7/2031 EUR 71.99
ADLER Real Estate 6.00 6/30/2017 EUR 13.75
Bashneft PAO 12.00 5/19/2025 RUB 60.06
Glitnir HF 3.25 8/15/2016 EUR 27.25
Rostelecom PJSC 11.70 5/20/2025 RUB 60.06
Heta Asset Resolu 4.70 4/2/2018 EUR 60.88
Lehman Brothers T 8.50 7/5/2016 EUR 19.00
Heta Asset Resolu 5.04 2/15/2023 EUR 62.50
Mechel 8.40 5/27/2021 RUB 60.08
DTEK Finance PLC 7.88 4/4/2018 USD 44.00
BKN biostrom AG 7.50 6/5/2016 EUR 1.32
WPE International 10.38 9/30/2020 USD 8.38
Raiffeisenlandesb 5.00 7/1/2026 EUR 71.88
Espirito Santo Fi 5.05 11/15/2025 EUR 1.30
Kaupthing Bank Hf 6.13 10/4/2016 USD 21.63
Municipality Fina 0.50 3/28/2018 BRL 74.03
Federal Grid Co U 7.95 7/6/2023 RUB 73.02
DEIKON GmbH 1.00 11/16/2016 EUR 32.50
Rena Lange Holdin 8.00 12/12/2017 EUR 0.73
UniCredit Bank Au 0.47 12/27/2031 EUR 64.00
Heta Asset Resolu 4.54 9/22/2017 EUR 62.50
Financing of Infr 8.38 11/3/2017 USD 56.43
LBI HF 3.00 12/7/2010 CHF 8.50
Alpha Credit Grou 2.00 4/27/2024 EUR 50.75
Cerruti Finance S 6.50 7/26/2004 EUR 0.93
Credit Suisse AG/ 7.00 8/14/2015 USD 49.17
Immigon Portfolio 3.50 1/14/2019 EUR 68.63
Codere Finance Lu 8.25 6/15/2015 EUR 71.38
UniCredit Bank Au 0.47 10/31/2031 EUR 66.75
OBRAZOVANIE AKIB 14.50 5/31/2018 RUB 60.00
Lehman Brothers T 6.65 8/24/2011 AUD 19.00
LBI HF 7.75 2/22/2016 USD 8.50
CBo Territoria 6.00 1/1/2020 EUR 4.01
UniCredit Bank Au 0.49 12/31/2031 EUR 70.25
Credit Suisse AG/ 0.56 USD 63.07
Alpha Credit Grou 0.49 2/21/2021 EUR 50.75
Heta Asset Resolu 0.14 2/17/2017 EUR 61.38
Financing of Infr 9.00 12/7/2017 USD 56.38
AKB Derzhava OJSC 9.75 7/10/2023 RUB 60.27
Allied Irish Bank 5.25 3/10/2035 GBP 26.50
Powszechne Towarz 7.79 8/1/2016 PLN 32.00
Russlavbank AKB Z 12.25 7/30/2018 RUB 60.01
Hamburgische Land 0.36 1/22/2041 EUR 60.70
RusHydro JSC 12.75 4/15/2025 RUB 62.14
AK Transneft OAO 12.50 12/21/2015 RUB 60.07
AK Transneft OAO 11.75 10/1/2019 RUB 60.01
Russian Railways 11.65 5/3/2030 RUB 60.07
Investkredit Bank 7.00 7/24/2022 EUR 63.69
Rosneft OAO 7.95 12/11/2023 RUB 65.00
Heta Asset Resolu 6.94 6/10/2017 EUR 59.75
Sairgroup Finance 6.63 10/6/2010 EUR 17.13
Cooperatieve Cent 0.50 11/30/2027 MXN 42.80
Lehman Brothers T 4.50 5/2/2017 EUR 4.80
UBS AG/London 9.25 12/10/2015 CHF 57.58
Lehman Brothers T 5.25 5/26/2026 EUR 4.80
Freshwater Financ 6.06 10/17/2036 GBP 63.88
Emova Group 4.30 5/2/2022 EUR 6.00
Deutsche Bank AG 2.50 6/28/2033 USD 71.58
Immigon Portfolio 5.27 2/8/2027 EUR 62.75
Kommunalbanken AS 0.50 3/2/2018 BRL 75.39
GFI Informatique 5.25 1/1/2017 EUR 6.54
Lehman Brothers T 11.00 12/20/2017 AUD 4.80
Kommunekredit 0.50 10/22/2019 BRL 64.29
Lehman Brothers T 4.00 2/16/2017 EUR 16.25
IVG Immobilien AG 5.80 EUR 0.00
Heta Asset Resolu 0.25 3/29/2017 EUR 62.50
Immigon Portfolio 6.00 3/30/2017 EUR 1.00
Svensk Exportkred 0.50 8/28/2018 BRL 70.01
Comune di Verona 0.18 12/1/2026 EUR 62.74
ADLER Real Estate 6.00 12/27/2018 EUR 13.50
Phones4u Finance 9.50 4/1/2018 GBP 37.63
Heta Asset Resolu 0.30 3/12/2043 EUR 58.88
KPNQwest NV 8.13 6/1/2009 USD 0.50
Heta Asset Resolu 0.06 5/31/2016 EUR 62.50
City of Kiev Ukra 8.00 11/6/2015 USD 52.63
Lehman Brothers T 4.00 10/24/2012 EUR 4.80
Lehman Brothers T 4.00 12/2/2012 EUR 4.80
Lehman Brothers T 6.00 10/30/2012 EUR 4.80
Russian Railways 8.20 3/21/2028 RUB 60.01
Lehman Brothers T 1.00 5/9/2012 EUR 4.80
Heta Asset Resolu 0.81 5/31/2016 EUR 62.13
Rosneft OAO 14.90 12/3/2020 RUB 61.41
Lehman Brothers T 3.03 1/31/2015 EUR 4.80
Lehman Brothers T 1.75 2/7/2010 EUR 4.80
Kommunekredit 0.50 12/14/2020 ZAR 65.10
Bank Nederlandse 0.50 8/9/2022 MXN 66.96
Kaupthing Bank Hf 9.75 9/10/2015 USD 21.63
Heta Asset Resolu 5.80 6/17/2017 EUR 62.50
UniCredit Bank Au 0.33 1/25/2031 EUR 69.25
Lehman Brothers T 5.00 2/16/2015 EUR 19.00
Eksportfinans ASA 0.50 5/9/2030 CAD 26.38
Glitnir HF 6.33 7/28/2011 USD 27.25
Vontobel Financia 5.84 9/9/2016 EUR 34.68
Immigon Portfolio 0.99 5/20/2025 EUR 19.63
Fast Finance SA 8.66 9/27/2016 PLN 70.00
Region of Molise 0.45 12/15/2033 EUR 66.56
Heta Asset Resolu 0.03 1/24/2017 EUR 62.50
SAir Group 6.25 4/12/2005 CHF 10.88
Immigon Portfolio 3.50 3/20/2018 EUR 73.50
Credit Europe Ban 11.40 6/26/2017 RUB 57.07
Commerzbank AG 5.00 9/27/2019 EUR 62.76
Heta Asset Resolu 0.83 5/28/2017 EUR 60.88
Lehman Brothers T 7.60 1/31/2013 AUD 4.80
Lloyds Bank PLC 4.77 7/5/2033 USD 72.21
Lehman Brothers T 8.25 12/3/2015 EUR 4.80
UniCredit Bank AO 6.75 9/1/2015 RUB 60.02
Mriya Agro Holdin 10.95 3/30/2016 USD 16.00
Alpha Credit Grou 1.50 12/18/2028 EUR 50.75
Mobile TeleSystem 5.00 6/29/2021 RUB 65.13
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Heta Asset Resolu 0.23 5/10/2017 EUR 62.50
Codere Finance Lu 8.25 6/15/2015 EUR 71.50
Kalvebod PLC 2.00 5/1/2016 DKK 91.00
Wlodarzewska SA 9.16 5/15/2016 PLN 75.00
Novolipetsk Steel 11.50 6/26/2025 RUB 60.01
Agentstvo po Ipot 12.50 4/18/2018 RUB 61.21
Cooperatieve Cent 0.50 10/29/2027 MXN 43.98
ECM Real Estate I 5.00 10/9/2011 EUR 10.38
DekaBank Deutsche 0.12 6/23/2034 EUR 71.38
Bank Otkritie Fin 12.25 1/13/2022 RUB 60.37
Bulgaria Steel Fi 12.00 5/4/2013 EUR 1.00
Lehman Brothers T 8.88 1/28/2011 HKD 19.00
Atari SA 0.10 4/1/2020 EUR 2.20
Rossetti JSC 11.90 6/9/2025 RUB 60.01
RZD Rasvytie vokz 12.50 10/21/2016 RUB 35.00
Montepio Holding 5.00 EUR 50.00
Lehman Brothers T 5.00 2/27/2014 EUR 19.00
JP Morgan Structu 14.00 11/23/2029 ZMW
Heta Asset Resolu 0.28 8/28/2017 EUR 62.50
Lehman Brothers T 7.00 6/6/2017 EUR 4.80
HSBC Bank PLC 0.50 4/27/2027 NZD 59.16
Lehman Brothers T 5.00 5/2/2022 EUR 4.80
A-TEC Industries 2.75 5/10/2014 EUR 2.00
Rosbank PJSC 0.01 4/4/2016 RUB 65.00
Bosnia & Herzegov 2.50 6/30/2023 BAM 75.00
SAir Group 0.13 7/7/2005 CHF 10.88
Heta Asset Resolu 0.14 2/9/2017 EUR 62.50
Anglian Water Ser 1.09 1/26/2057 GBP 72.78
WGF Westfaelische 6.35 12/1/2016 EUR 6.61
wige MEDIA AG 6.00 3/17/2019 EUR 1.90
Bank Julius Baer 13.20 2/26/2016 USD 72.05
Immigon Portfolio 5.05 8/5/2030 EUR 22.63
UBS AG 14.75 12/29/2015 EUR 64.77
Lehman Brothers T 1.46 2/19/2012 JPY 19.00
Lehman Brothers T 6.00 3/14/2011 EUR 19.00
Heta Asset Resolu 0.29 3/10/2018 EUR 62.50
WGF Westfaelische 6.35 8/1/2017 EUR 2.06
Freshwater Financ 6.18 4/20/2035 GBP 66.63
Otkritie Holding 14.00 5/3/2018 RUB 60.01
Glitnir HF 4.75 10/15/2010 USD 27.25
Wlodarzewska SA 9.17 5/15/2016 PLN 41.00
Lehman Brothers T 7.50 5/2/2017 EUR 4.80
CaixaBank SA 1.80 EUR 100.13
Raiffeisen Centro 5.00 4/18/2016 EUR 65.81
Barclays Bank PLC 0.50 4/24/2023 MXN 61.31
Transcapitalbank 13.00 6/6/2018 RUB 60.00
Heta Asset Resolu 0.14 8/11/2017 EUR 62.50
Bank Nederlandse 0.50 6/7/2022 ZAR 51.88
Municipality Fina 0.50 6/19/2024 ZAR 44.21
OL Groupe SA 7.00 12/28/2015 EUR 7.20
DEMIRE Real Estat 6.00 12/30/2018 EUR 4.66
Barclays Bank PLC 3.50 12/7/2015 EUR 65.79
Lehman Brothers T 8.00 10/17/2014 EUR 4.80
Bashneft PAO 12.10 6/3/2025 RUB 60.01
BLT Finance BV 7.50 5/15/2014 USD 5.00
Credit Europe Ban 11.25 9/5/2016 RUB 59.88
DeltaCredit Bank 10.35 5/6/2024 RUB 60.02
Credit Suisse AG/ 7.50 8/14/2015 USD 55.33
Lehman Brothers T 8.00 2/16/2016 EUR 4.80
HSBC Bank PLC 0.50 1/29/2027 NZD 60.02
JP Morgan Structu 12.00 11/24/2021 ZMW
Credit Suisse AG/ 9.00 8/31/2015 USD 61.46
RESO-Garantia Ins 14.00 9/13/2022 RUB 60.02
Heta Asset Resolu 0.20 7/28/2017 EUR 62.50
Cooperatieve Cent 0.50 12/29/2027 MXN 43.86
Immigon Portfolio 4.81 7/29/2025 EUR 61.00
Rostelecom PJSC 10.50 6/7/2018 RUB 60.02
Rosneft OAO 11.90 1/18/2021 RUB 60.06
Deutsche Bank AG/ 0.50 3/9/2018 BRL
DEIKON GmbH 1.00 7/1/2016 EUR 32.50
Leonteq Securitie 11.80 2/17/2016 USD 71.11
Santander Finance 2.00 USD 19.25
SU-155 KAPITAL OO 13.25 2/23/2016 RUB 25.04
Alpha Credit Grou 6.00 4/11/2018 EUR 50.75
HSBC Bank PLC 0.50 10/30/2026 NZD 61.02
Heta Asset Resolu 0.75 9/20/2017 EUR 16.63
Northland Resourc 15.00 7/15/2019 USD 1.07
Kommunalbanken AS 0.50 5/27/2022 ZAR 53.82
Credit Suisse AG/ 7.80 7/16/2025 USD 9.65
Svensk Exportkred 0.50 8/25/2021 ZAR 60.76
Heta Asset Resolu 0.27 4/9/2018 EUR 62.50
Petromena ASA 10.85 11/19/2014 USD 1.04
Rosselkhozbank OJ 13.10 7/15/2025 RUB 60.01
Kaupthing Bank Hf 5.90 EUR 0.13
Heta Asset Resolu 0.03 5/31/2016 EUR 62.50
HSBC Bank PLC 0.50 9/28/2018 IDR 73.10
Heta Asset Resolu 4.07 3/21/2017 EUR 62.50
Kaupthing Bank Hf 1.80 10/20/2009 JPY 21.63
Santander Finance 2.00 USD 19.13
Hellenic Republic 3.38 7/17/2017 EUR 73.93
Kristensen German 7.00 12/31/2015 DKK 2.00
Synergy Classic V 2.00 8/2/2015 USD 49.81
Heta Asset Resolu 0.18 5/17/2017 EUR 62.50
Heta Asset Resolu 3.90 1/24/2017 EUR 61.63
Fonciere Volta SA 4.50 7/30/2020 EUR 2.45
Immigon Portfolio 3.78 8/25/2033 EUR 15.25
Agrokompleks OOO 12.50 12/10/2015 RUB 60.10
Municipality Fina 0.50 12/14/2018 TRY 70.68
Heta Asset Resolu 0.10 7/18/2017 EUR 62.50
BNP Paribas SA 0.50 5/6/2021 MXN 70.31
Republic of Bashk 7.75 9/18/2020 RUB 58.01
Raiffeisen-Holdin 5.08 EUR 72.88
RESO-Garantia Ins 9.20 3/24/2023 RUB 59.01
HSBC Bank PLC 0.50 12/29/2022 AUD 73.56
Heta Asset Resolu 0.23 5/17/2017 EUR 62.50
Heta Asset Resolu 5.68 7/5/2017 EUR 62.50
Russian Railways 17.90 9/20/2039 RUB 6.80
Svensk Exportkred 0.50 4/25/2019 BRL 64.83
KFW 0.25 10/6/2036 CAD 37.42
Vnesheconombank 9.75 8/16/2029 RUB 60.01
A-TEC Industries 5.75 11/2/2010 EUR 2.00
Barclays Bank PLC 0.50 3/13/2023 RUB 43.32
Agentstvo po Ipot 7.75 10/1/2026 RUB 58.01
Svensk Exportkred 0.50 2/22/2022 ZAR 53.00
United Aircraft C 8.00 3/17/2020 RUB 60.02
UniCredit Bank AO 10.15 10/23/2015 RUB 60.02
Bank Otkritie Fin 9.25 8/23/2015 RUB 60.00
Immigon Portfolio 3.09 10/15/2020 EUR 50.75
Immigon Portfolio 5.26 2/5/2025 EUR 34.38
Province of Milan 0.30 12/22/2033 EUR 69.93
Heta Asset Resolu 3.72 3/15/2017 EUR 62.50
Sidetur Finance B 10.00 4/20/2016 USD 11.50
Hellas Telecommun 8.50 10/15/2013 EUR 0.00
Konservenfabrik Z 8.00 4/1/2016 EUR 0.00
Exane Finance 1.75 4/28/2016 EUR 38.77
Municipality Fina 0.50 11/21/2018 TRY 71.43
URALSIB Leasing C 10.25 3/21/2019 RUB 60.02
Societe Generale 15.16 9/2/2015 USD 60.01
Absolut Bank OAO 11.50 4/29/2020 RUB 60.01
Phosphorus Holdco 10.00 4/1/2019 GBP 2.50
VEB-Leasing OAO 11.50 10/20/2021 RUB 60.01
Rosselkhozbank OJ 10.90 10/11/2022 RUB 60.02
Rosselkhozbank OJ 10.90 10/13/2022 RUB 60.12
Northland Resourc 12.25 3/26/2016 USD 1.07
Immigon Portfolio 4.78 6/7/2030 EUR 21.63
Enemona AD-Kozlod 10.00 4/28/2017 BGN 0.22
LBI HF 4.40 11/3/2009 CZK 8.50
Heta Asset Resolu 0.05 5/31/2016 EUR 62.50
Baltic Leasing OO 13.50 7/1/2021 RUB 60.01
Takko Luxembourg 6.98 4/15/2019 EUR 45.10
Rusfinans Bank OO 10.75 6/10/2019 RUB 60.02
Sviaz Bank OAO 13.75 11/1/2015 RUB 60.04
Oberoesterreichis 0.30 4/25/2042 EUR 50.38
Heta Asset Resolu 0.30 2/10/2018 EUR 62.50
World of Building 7.70 6/25/2019 RUB 5.00
Province of Bresc 0.35 6/30/2036 EUR 67.02
RusHydro JSC 11.85 7/4/2018 RUB 60.02
CARPEVIGO AG 8.25 6/30/2016 EUR 29.50
Bank Nederlandse 0.50 5/12/2021 ZAR 62.43
Ideal Standard In 11.75 5/1/2018 EUR 38.38
HSBC Bank PLC 0.50 2/5/2018 RUB 75.34
Lehman Brothers T 10.44 11/22/2008 CHF 4.80
Heta Asset Resolu 0.25 4/22/2018 EUR 62.50
UniCredit Bank Au 0.37 1/24/2031 EUR 64.00
Heta Asset Resolu 0.28 3/4/2018 EUR 62.50
Lehman Brothers T 9.25 6/20/2012 USD 4.80
Svensk Exportkred 0.50 3/15/2022 ZAR 52.66
Rusfinans Bank OO 11.40 10/2/2019 RUB 60.01
JP Morgan Structu 13.00 11/25/2024 ZMW
Glitnir HF 3.25 9/15/2015 EUR 27.25
Notenstein Privat 9.40 1/6/2016 USD 73.77
TransFin-M PAO 13.50 6/4/2025 RUB 66.66
Raiffeisen Versic 5.08 EUR 46.75
UniCredit Bank AO 8.60 2/11/2016 RUB 70.05
ffk environment G 7.25 6/1/2016 EUR 3.15
Lehman Brothers T 7.00 11/26/2013 EUR 19.00
RSL Communication 10.13 3/1/2008 USD 1.25
Transcapitalbank 15.00 3/15/2016 RUB 60.69
Province of Trevi 0.18 12/31/2034 EUR 66.70
Diversified Finan 2.18 7/27/2016 EUR 61.91
Russian Railways 16.80 6/8/2028 RUB 60.01
RusHydro JSC 11.85 7/4/2018 RUB 60.01
Kommunalbanken AS 0.50 11/8/2018 BRL 70.24
Heta Asset Resolu 0.30 8/21/2017 EUR 62.50
Leonteq Securitie 12.10 10/22/2015 USD 24.57
Immigon Portfolio 0.89 2/11/2019 EUR 58.38
Caisse Centrale d 7.00 9/10/2015 EUR 15.39
UTair-Finans OOO 13.00 11/13/2015 RUB 31.00
Immigon Portfolio 1.24 3/1/2022 EUR 35.75
Municipality Fina 0.50 8/8/2029 NZD 58.08
Salvator Grundbes 9.50 EUR 40.00
MirLand Developme 5.50 9/30/2019 ILS 38.50
Rosneft OAO 11.90 1/18/2021 RUB 60.06
Kommunekredit 0.50 7/30/2027 TRY 26.46
Credit Suisse AG/ 8.25 9/30/2015 CHF 56.39
HSBC Bank PLC 0.50 12/8/2026 AUD 58.24
Immigon Portfolio 4.21 1/25/2033 EUR 17.25
UTair-Finans OOO 13.00 11/13/2015 RUB 31.09
Deutsche Bank AG/ 0.50 10/5/2021 IDR 68.84
Immigon Portfolio 1.52 2/19/2018 EUR 73.13
Cooperatieve Cent 0.50 1/31/2033 MXN 29.75
Araratbank OJSC 8.00 6/11/2018 USD 25.61
Glitnir HF 3.30 6/10/2010 EUR 27.25
Credit Europe Ban 11.36 6/5/2018 RUB 60.06
Leonteq Securitie 18.00 2/9/2016 CHF 61.63
LBI HF 6.00 6/6/2017 EUR 8.50
Heta Asset Resolu 4.40 6/20/2017 EUR 62.50
Municipality Fina 0.50 5/31/2022 ZAR 51.12
Interregional Dis 12.42 5/23/2025 RUB 60.01
hkw personalkonze 8.25 11/15/2016 EUR 2.31
Maritime Joint St 15.00 3/9/2016 RUB 60.42
TGK-1 OAO 12.90 2/14/2022 RUB 60.03
Lehman Brothers T 8.00 12/31/2010 USD 4.80
Rosselkhozbank OJ 12.50 11/27/2018 RUB 65.02
Heta Asset Resolu 0.20 7/1/2017 EUR 62.50
Investkredit Bank 0.52 3/14/2020 EUR 70.41
SAir Group 4.25 2/2/2007 CHF 10.88
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Mortgage Agent Ab 8.90 8/12/2041 RUB 75.00
Kaupthing Bank Hf 7.13 5/19/2016 USD 0.00
DeltaCredit Bank 8.65 7/4/2018 RUB 59.03
Rusfinans Bank OO 13.90 4/24/2018 RUB 62.27
Russian Highways 12.40 4/22/2042 RUB 12.05
Heta Asset Resolu 0.09 3/15/2017 EUR 62.50
B&N Bank JSC 18.00 1/18/2021 RUB 62.63
Lehman Brothers T 7.38 9/20/2008 EUR 4.80
Lehman Brothers T 15.00 3/30/2011 EUR 4.80
Immigon Portfolio 2.15 3/25/2019 EUR 62.38
Southern Urals Co 10.00 2/23/2016 RUB 59.53
LBI HF 4.75 5/31/2013 EUR 8.50
Veniti SA 9.70 3/28/2016 PLN 50.00
Svensk Exportkred 0.50 12/17/2027 USD 74.24
Lehman Brothers T 11.00 12/20/2017 AUD 4.80
Heta Asset Resolu 0.26 4/2/2018 EUR 55.75
Landes-Hypotheken 0.37 3/20/2043 EUR 58.00
UniCredit Bank Au 0.44 1/22/2031 EUR 64.50
Lehman Brothers T 4.00 7/20/2012 EUR 4.80
Bank Otkritie Fin 16.25 4/7/2020 RUB 60.06
Araratbank OJSC 8.50 6/14/2016 USD 25.72
Russian Railways 12.40 2/28/2040 RUB 60.01
Kaupthing Bank Hf 7.90 2/1/2016 EUR 21.63
Hellenic Republic 4.75 4/17/2019 EUR 67.47
Svensk Exportkred 0.50 6/28/2022 ZAR 50.79
Reso-Leasing OOO 10.40 9/21/2023 RUB 60.09
Powszechne Towarz 6.66 11/8/2015 PLN 3.30
Federal Grid Co U 8.00 1/7/2028 RUB 70.01
UNGP-Finance OOO 10.00 4/20/2021 RUB 60.00
Medved-Finans OOO 12.50 8/22/2016 RUB 61.50
Dresdner Bank AG 0.65 11/19/2029 EUR 63.63
Mechel 8.00 2/9/2021 RUB 57.55
Province of Bresc 0.52 12/22/2036 EUR 66.64
Novolipetsk Steel 10.00 9/5/2022 RUB 60.02
SAir Group 5.50 7/23/2003 CHF 10.88
Heta Asset Resolu 0.08 8/1/2017 EUR 62.00
LBI HF 2.75 3/16/2011 EUR 8.50
Transcapitalbank 13.00 5/30/2023 RUB 61.17
Immigon Portfolio 1.75 9/9/2020 EUR 47.25
Moscow United Ele 11.00 9/12/2024 RUB 60.01
Notenstein Financ 6.20 9/25/2015 CHF 58.37
Societe Generale 9.00 4/29/2016 CHF 53.35
Ingra DD 6.13 12/6/2016 HRK 12.99
Reso-Leasing OOO 16.00 2/17/2016 RUB 60.01
Immigon Portfolio 4.20 2/22/2033 EUR 17.13
Sviaz Bank OAO 12.25 12/9/2021 RUB 60.01
Nutritek Internat 8.75 12/11/2008 USD 2.00
Strommen Spareban 2.52 NOK 45.21
Glitnir HF 5.44 12/22/2015 USD 27.25
RSL Communication 12.00 11/1/2008 USD 1.25
Rosneft OAO 7.95 12/11/2023 RUB 65.00
BRFkredit A/S 0.90 10/1/2044 DKK 56.14
Svensk Exportkred 0.50 4/24/2029 AUD 55.88
IT Holding Financ 9.88 11/15/2012 EUR 0.24
UWC Finance 16.00 9/10/2019 RUB 60.01
Kaupthing Bank Hf 0.80 2/15/2011 EUR 21.63
Lehman Brothers T 6.00 5/12/2017 EUR 4.80
DZ Bank AG Deutsc 16.00 3/29/2016 EUR 74.67
HSBC Bank PLC 0.50 12/29/2026 AUD 69.76
Immigon Portfolio 3.88 3/15/2022 EUR 43.13
LBI HF 7.43 USD 0.00
UBS AG 14.75 12/29/2015 EUR 72.47
Kommunekredit 0.50 9/19/2019 BRL 64.72
Glitnir HF 6.00 8/1/2015 ISK 27.25
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers T 4.00 7/27/2011 EUR 4.80
LBI HF 7.25 4/2/2011 EUR 8.50
LBI HF 7.00 4/2/2010 EUR 8.50
Svensk Exportkred 0.50 3/28/2029 AUD 65.90
Vnesheconombank 2.00 6/18/2021 RUB 58.77
Credit Suisse AG/ 8.00 11/29/2019 USD 8.78
Kaupthing Bank Hf 6.40 12/15/2015 EUR 21.63
Glitnir HF 3.00 4/1/2010 CZK 27.25
LBI HF 6.75 8/18/2015 EUR 8.50
Leonteq Securitie 8.04 4/11/2016 CHF 63.54
RusHydro JSC 11.85 7/4/2018 RUB 60.01
Kaupthing Bank Hf 1.99 7/5/2012 JPY 21.63
Glitnir HF 5.25 5/2/2017 ISK 27.25
Barclays Bank PLC 0.50 1/28/2033 MXN 31.39
Immigon Portfolio 5.21 2/13/2026 EUR 31.13
Bamble Sparebank 2.68 NOK 53.09
Credit Suisse AG/ 7.00 9/7/2015 CHF 70.93
Credit Suisse AG/ 10.25 8/14/2015 CHF 71.89
SAir Group 6.25 10/27/2002 CHF 12.13
Immigon Portfolio 4.90 8/18/2025 EUR 61.30
Immigon Portfolio 1.55 5/18/2020 EUR 50.13
Societe Generale 2.95 8/1/2016 USD 59.10
Svensk Exportkred 0.50 8/28/2020 TRY 58.53
Lehman Brothers T 3.35 10/13/2016 EUR 4.80
Lehman Brothers T 10.00 1/3/2012 BRL 4.80
Republika Srpska 1.50 9/25/2026 BAM 70.50
Oravita City Coun 2.63 6/15/2027 RON 72.00
Municipality Fina 0.50 11/25/2020 ZAR 63.06
PCZ SA 11.00 10/31/2015 PLN 1.02
Kommunekredit 0.50 2/20/2020 BRL 60.72
Drangedal Spareba 2.61 NOK 70.85
Lehman Brothers T 2.50 11/9/2011 CHF 4.80
Raiffeisen-Holdin 5.10 EUR 63.00
Immigon Portfolio 1.32 2/8/2019 EUR 61.88
Rosneft OAO 8.90 2/6/2024 RUB 55.05
Glitnir HF 5.31 12/24/2012 USD 27.25
SAir Group 5.13 3/1/2003 CHF 11.00
Credit Suisse AG 8.50 6/10/2016 USD 9.20
Russian Railways 16.80 5/29/2035 RUB 60.01
Immigon Portfolio 4.26 3/22/2024 EUR 34.13
International Fin 15.50 4/26/2016 RUB 60.11
HSBC Bank PLC 0.50 5/29/2020 IDR 62.25
Municipality Fina 0.50 5/8/2029 AUD 54.32
Credit Suisse AG/ 1.64 6/1/2042 USD 52.76
Waste Management 18.30 6/15/2022 RUB 60.02
Glitnir HF 4.75 10/15/2010 USD 27.25
Salvator Grundbes 9.50 12/31/2021 EUR 11.50
EFG International 7.20 2/25/2019 EUR 73.26
Lehman Brothers T 5.00 5/12/2011 CHF 4.80
Lehman Brothers T 7.39 5/4/2017 USD 4.80
Russian Railways 15.30 10/11/2038 RUB 60.01
Immigon Portfolio 2.00 4/24/2020 EUR 51.38
Araratbank OJSC 9.00 10/20/2015 USD 25.27
Vontobel Financia 4.45 4/15/2016 EUR 70.40
Leonteq Securitie 13.00 9/2/2015 CHF 38.55
Svensk Exportkred 0.50 6/26/2019 TRY 65.99
Credit Suisse AG/ 8.00 2/8/2016 USD 61.15
Lehman Brothers T 0.50 12/20/2017 AUD 4.80
Immigon Portfolio 0.99 7/3/2019 EUR 57.25
Lehman Brothers T 7.60 3/26/2009 EUR 4.80
Leonteq Securitie 6.89 12/30/2015 USD 60.95
e-Kancelaria Grup 9.00 12/4/2015 PLN 1.52
Glitnir HF 3.00 12/15/2009 EUR 27.25
Eksportfinans ASA 0.25 7/14/2033 CAD 18.38
Glitnir HF 3.45 8/22/2010 CZK 27.25
PCZ SA 10.00 4/15/2016 PLN 2.10
Leonteq Securitie 20.00 1/26/2016 CHF 33.51
B&N Bank JSC 18.00 1/18/2021 RUB 62.63
Immigon Portfolio 1.80 5/24/2018 EUR 70.75
Tatfondbank OAO 14.50 5/28/2025 RUB 61.02
Interregional Dis 12.42 5/23/2025 RUB 60.01
Bashneft PAO 12.00 5/9/2025 RUB 60.06
Notenstein Financ 7.19 5/6/2019 EUR 72.29
MirLand Developme 7.21 5/31/2020 ILS 39.65
Bank National Fac 12.30 10/17/2016 RUB 60.33
Russian Railways 16.00 8/18/2033 RUB 60.01
Raiffeisen Centro 2.40 12/19/2016 EUR 60.08
Windreich GmbH 6.25 3/1/2015 EUR 10.88
Immigon Portfolio 5.00 12/12/2018 EUR 72.63
Vontobel Financia 5.60 12/29/2015 EUR 66.05
City of Hunedoara 2.43 8/15/2026 RON 70.00
Municipiul Timiso 1.29 5/12/2026 RON 73.00
Lehman Brothers T 5.55 3/12/2015 EUR 4.80
Immigon Portfolio 1.29 3/1/2018 EUR 72.50
Hypo Tirol Bank A 0.14 3/28/2043 EUR 55.25
RSL Communication 9.88 11/15/2009 USD 1.25
MirLand Developme 8.50 8/31/2016 ILS 41.00
Arizk 3.00 12/20/2030 RUB 34.31
Espirito Santo Fi 5.63 7/28/2017 EUR 2.07
Societe Generale 0.50 5/30/2023 MXN 63.30
Agentstvo po Ipot 10.89 10/15/2030 RUB 60.01
Bank Nederlandse 0.50 8/15/2022 ZAR 54.08
HSBC Bank PLC 0.50 5/31/2019 IDR 68.33
Glitnir HF 3.00 10/31/2015 EUR 27.25
Immigon Portfolio 5.50 8/26/2025 EUR 33.75
Russian Railways 12.40 2/28/2040 RUB 60.01
Bank Julius Baer 9.00 10/8/2015 CHF 36.90
Bank Julius Baer 10.00 5/20/2016 USD 55.85
Credit Suisse AG/ 8.00 6/6/2016 USD 58.51
Lehman Brothers T 4.00 4/13/2011 CHF 4.80
Kaupthing Bank Hf 1.65 7/5/2010 JPY 21.63
EFG International 12.86 10/30/2017 EUR 60.57
Intertekhelektro- 8.50 4/21/2020 RUB 60.00
Credit Suisse AG/ 11.00 8/28/2015 USD 36.23
DeltaCredit Bank 10.55 6/5/2024 RUB 60.01
Agentstvo po Ipot 10.89 1/15/2029 RUB 60.01
Credit Suisse AG/ 6.00 1/29/2016 CHF 58.59
Lehman Brothers T 11.00 12/20/2017 AUD 4.80
Lehman Brothers T 6.30 12/21/2018 USD 4.80
LBI HF 8.65 5/1/2011 ISK 8.50
Hypo Tirol Bank A 0.12 6/1/2033 EUR 65.25
Union Technologie 0.10 1/1/2020 EUR 3.30
KPNQwest NV 8.88 2/1/2008 EUR 0.50
Ecureuil Vie Deve 0.94 EUR 21.38
Barclays Bank PLC 4.17 1/5/2017 EUR 42.32
ING Bank NV 5.05 10/7/2024 EUR 69.31
Bank Nederlandse 0.50 9/20/2022 MXN 66.67
Leonteq Securitie 5.20 11/7/2016 CHF 64.71
Glitnir HF 0.50 11/26/2009 EUR 27.25
SpareBank 1 Sore 2.41 NOK 71.78
Svensk Exportkred 0.50 8/29/2029 AUD 66.52
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.01
MT-Energie GmbH & 8.25 4/4/2017 EUR 10.42
Municipality Fina 0.50 4/26/2022 ZAR 51.83
Tatfondbank OAO 14.00 12/11/2024 RUB 60.11
Otkritie Holding 13.00 10/12/2017 RUB 60.01
Glitnir HF 5.86 7/28/2016 GBP 27.25
Leonteq Securitie 8.16 4/14/2016 EUR 61.67
Leonteq Securitie 10.94 4/7/2016 USD 54.28
UBS AG/London 13.50 2/18/2016 CHF 57.69
Lehman Brothers T 3.86 9/21/2011 SGD 16.25
Lehman Brothers T 7.59 11/22/2009 MXN 19.00
LBI HF 4.38 10/20/2008 EUR 8.50
LBI HF 4.32 1/31/2010 EUR 8.50
Metallurgical Com 15.00 9/8/2016 RUB 60.01
MirLand Developme 6.00 11/30/2017 ILS 39.70
Chelyabinsk Pipe 10.00 8/25/2015 RUB 60.01
EFG International 6.00 11/30/2017 EUR 47.47
Glitnir HF 6.38 9/25/2012 USD 27.25
Immigon Portfolio 5.03 6/11/2019 EUR 68.00
Glitnir HF 3.75 1/15/2010 EUR 27.25
Vontobel Financia 5.00 9/23/2016 EUR 63.42
T-Generation CJSC 12.00 6/14/2019 RUB 60.01
Municipality Fina 0.50 7/30/2029 AUD 66.45
Svensk Exportkred 0.50 6/29/2029 AUD 66.16
Svensk Exportkred 0.50 6/20/2029 AUD 64.46
Lehman Brothers T 0.50 12/20/2017 AUD 4.80
City of Baile Her 2.50 12/16/2020 RON 75.00
COFIDUR SA 0.10 12/31/2024 EUR 15.05
RSL Communication 10.50 11/15/2008 USD 1.25
Lehman Brothers T 4.60 10/11/2017 ILS 19.00
SAir Group 2.75 7/30/2004 CHF 10.75
DZ Bank AG Deutsc 7.75 9/11/2015 EUR 68.75
Vontobel Financia 4.85 12/11/2015 EUR 66.86
JP Morgan Structu 1.55 11/6/2015 USD 60.36
2C Partners SA 9.25 5/12/2017 PLN 72.00
Glitnir HF 3.00 10/4/2011 EUR 27.25
Glitnir HF 5.00 3/14/2012 EUR 27.25
Lehman Brothers T 3.50 9/29/2017 EUR 4.80
HSBC Bank PLC 0.50 7/30/2019 IDR 67.26
HSBC Bank PLC 0.50 6/9/2023 MXN 64.82
Efesk Group 13.25 6/14/2016 RUB 60.02
Vontobel Financia 8.00 12/4/2015 EUR 67.20
Municipality Fina 0.50 3/17/2025 CAD 74.07
Lehman Brothers T 6.50 7/24/2026 EUR 4.80
Lehman Brothers T 4.35 8/8/2016 SGD 19.00
Glitnir HF 4.85 4/26/2012 EUR 27.25
Russian Bank for 9.20 8/11/2022 RUB 60.08
HYPO NOE Gruppe B 2.50 3/10/2045 EUR 85.24
UniCredit Bank AG 7.50 9/24/2015 EUR 73.70
UBS AG/London 9.75 5/13/2016 CHF 62.39
Notenstein Privat 16.20 8/3/2015 USD 58.99
UBS AG/London 10.75 2/18/2016 CHF 72.53
LBI HF 4.53 4/24/2012 EUR 8.50
LBI HF 4.34 3/1/2011 EUR 8.50
SU-155 KAPITAL OO 13.25 2/23/2016 RUB 24.62
Glitnir HF 5.25 5/2/2014 ISK 27.25
Lehman Brothers T 8.00 10/23/2008 USD 4.80
Leonteq Securitie 8.00 8/15/2016 CHF 66.49
BNP Paribas SA 0.50 11/16/2032 MXN 34.19
Lehman Brothers T 0.50 12/20/2017 USD 4.80
Lehman Brothers T 6.25 9/5/2011 EUR 4.80
Haltdalen Spareba 2.55 NOK 55.95
Nesset Sparebank 2.56 NOK 57.87
Glitnir HF 6.00 8/1/2010 ISK 27.25
Immigon Portfolio 6.60 5/6/2023 EUR 46.50
RSL Communication 9.13 3/1/2008 USD 1.25
Lehman Brothers T 8.28 3/26/2009 USD 4.80
HSBC Bank PLC 0.50 11/9/2018 IDR 72.86
Russian Highways 9.75 11/29/2016 RUB 60.10
EFG International 6.48 5/29/2018 EUR 56.48
HSBC Bank PLC 0.50 10/30/2018 IDR 72.60
Notenstein Financ 1.00 9/17/2019 CHF 74.75
Barclays Bank PLC 2.50 3/7/2017 EUR 55.07
Kaupthing Bank Hf 5.80 9/7/2012 EUR 21.63
Skue Sparebank 2.45 NOK 72.32
Province of Rovig 0.30 12/28/2035 EUR 67.20
BNP Paribas SA 6.30 5/28/2021 RUB 76.62
Leasing-Experts S 9.00 9/17/2016 PLN 63.85
Glitnir HF 0.01 5/6/2009 JPY 27.25
Glitnir HF 6.69 6/15/2016 USD 0.02
Glitnir HF 6.84 12/15/2015 EUR 0.02
Russian Railways 17.70 9/19/2033 RUB 60.01
Dolomite Capital 12.03 12/20/2019 ZAR 55.49
Deutsche Bank AG 10.00 10/22/2015 EUR 74.90
Bank Julius Baer 7.00 9/12/2016 CHF 71.10
UniCredit Bank AG 6.00 7/4/2016 EUR 74.93
Leonteq Securitie 7.55 3/9/2016 USD 69.93
e-Kancelaria Grup 10.00 11/6/2015 PLN 1.55
Lehman Brothers T 4.95 10/25/2036 EUR 4.80
Lehman Brothers T 4.00 11/24/2016 EUR 4.80
MORTGAGE AGENT AH 9.00 9/9/2045 RUB 72.25
Lehman Brothers T 5.12 4/30/2027 EUR 4.80
BNP Paribas SA 6.64 4/26/2021 RUB 78.24
Lehman Brothers T 6.00 5/23/2018 CZK 4.80
Kaupthing Bank Hf 4.90 5/29/2017 EUR 21.63
Driver & Bengsch 8.50 12/31/2027 EUR 0.01
Banque Cantonale 4.25 8/28/2015 CHF 49.38
Kaupthing Bank Hf 3.75 2/15/2024 ISK 21.63
HSBC Bank PLC 0.50 2/24/2023 AUD 73.90
Central European 7.80 8/16/2015 ILS 12.80
Lehman Brothers T 5.50 11/30/2012 CZK 4.80
Lehman Brothers T 6.00 10/30/2012 USD 4.80
Bank Nederlandse 0.50 6/22/2021 ZAR 62.02
Lehman Brothers T 0.50 12/20/2017 AUD 4.80
Province of Milan 0.05 12/20/2042 EUR 53.22
Lehman Brothers T 6.25 11/30/2012 EUR 4.80
Lehman Brothers T 8.00 3/21/2018 USD 4.80
Lehman Brothers T 11.75 3/1/2010 EUR 4.80
Lehman Brothers T 10.00 5/22/2009 USD 4.80
Lehman Brothers T 5.00 11/22/2012 EUR 4.80
SpetsStroyFinance 8.50 5/30/2016 RUB 60.00
Immigon Portfolio 1.61 7/20/2018 EUR 68.38
e-Kancelaria Grup 8.00 10/17/2016 PLN 0.05
Lehman Brothers T 6.60 2/9/2009 EUR 4.80
Glitnir HF 5.25 10/23/2011 ISK 27.25
LBI HF 5.44 9/3/2018 EUR 0.01
Lehman Brothers T 4.87 10/8/2013 USD 4.80
NIBC Bank NV 25.98 5/7/2029 EUR 63.66
Kaupthing Bank Hf 5.00 11/8/2013 EUR 21.63
Lehman Brothers T 3.50 10/24/2011 USD 4.80
Kaupthing Bank Hf 0.95 10/20/2010 JPY 21.63
Kaupthing Bank Hf 5.00 1/4/2027 SKK 21.63
Lehman Brothers T 7.50 2/14/2010 AUD 4.80
Lehman Brothers T 5.50 4/23/2014 EUR 4.80
Delta-Finance OOO 10.00 1/19/2021 RUB 60.00
UTair-Finans OOO 9.50 7/21/2016 RUB 20.04
ECM Real Estate I 5.00 10/9/2011 EUR 10.38
Leonteq Securitie 6.00 9/29/2015 EUR 69.24
Federal Grid Co U 16.30 3/23/2050 RUB 60.01
Federal Grid Co U 16.30 3/23/2050 RUB 60.01
SAir Group 2.75 7/30/2004 CHF 10.88
e-Kancelaria Grup 8.07 9/15/2016 PLN 1.00
Deutsche Bank AG 9.00 9/11/2015 EUR 34.73
Przedsiebiorstwo 9.01 3/31/2016 PLN 69.73
Societe Generale 0.50 4/4/2024 MXN 59.02
Deutsche Bank AG 5.80 9/23/2015 EUR 72.17
Credit Suisse AG/ 9.00 12/3/2024 USD 9.70
UBS AG/London 7.50 11/19/2015 CHF 63.29
Leonteq Securitie 8.75 11/6/2015 GBP 66.40
Societe Generale 2.50 10/7/2016 EUR 59.57
Hellenic Republic 4.50 7/3/2017 JPY 70.25
Lehman Brothers T 3.00 6/23/2009 EUR 19.00
Immigon Portfolio 5.45 8/2/2019 EUR 72.70
LBI HF 3.45 12/18/2033 JPY 0.01
Glitnir HF 2.25 2/15/2011 EUR 27.25
Municipality Fina 0.25 6/28/2040 CAD 29.17
Muehl Product & S 6.75 3/10/2005 DEM 1.73
Glitnir HF 2.75 3/31/2010 EUR 27.25
Pongs & Zahn AG 8.50 EUR 0.32
Kaupthing Bank Hf 1.75 6/7/2016 EUR 21.63
Glitnir HF 4.50 1/9/2012 EUR 27.25
LBI HF 4.34 12/22/2025 EUR 8.50
Lehman Brothers T 8.25 2/3/2016 EUR 4.80
Glitnir HF 2.00 1/30/2009 CHF 27.25
Glitnir HF 2.57 12/31/2013 EUR 27.25
Lloyds Bank PLC 0.50 7/26/2028 MXN 45.40
Republika Srpska 1.50 12/24/2025 BAM 73.31
Commerzbank AG 2.00 2/3/2016 EUR 53.89
Agrokompleks OOO 15.00 7/29/2019 RUB 61.00
LBI HF 4.00 9/23/2015 EUR 8.50
EDOB Abwicklungs 7.50 4/1/2012 EUR 0.00
Lehman Brothers T 4.60 7/6/2016 EUR 4.82
Kommunalbanken AS 0.50 9/20/2018 BRL 71.08
Republika Srpska 1.50 12/15/2023 BAM 71.80
Polyplast OAO/Mos 15.90 6/6/2018 RUB 60.01
Vontobel Financia 9.75 10/23/2015 EUR 61.30
JP Morgan Structu 12.20 9/30/2015 USD 63.18
MRSK Yuga PJSC 13.50 6/8/2020 RUB 60.01
UBS AG/London 12.00 5/23/2016 CHF 67.16
Bank Julius Baer 13.70 5/13/2016 USD 62.15
Lehman Brothers T 2.50 12/15/2011 GBP 4.80
Leonteq Securitie 11.00 5/4/2016 USD 74.98
Russian Railways 17.40 11/29/2028 RUB 60.01
Glitnir HF 10.00 6/28/2017 USD 27.25
Leonteq Securitie 29.61 10/26/2017 EUR 47.25
UBS AG 12.50 12/29/2015 EUR 52.15
LBI HF 3.00 10/22/2015 EUR 8.50
Barclays Bank PLC 0.50 3/19/2021 MXN 72.37
Credit Suisse AG/ 10.25 8/28/2015 USD 46.17
Societe Generale 0.50 5/22/2024 MXN 58.34
UniCredit Bank AO 10.15 10/27/2015 RUB 60.07
Lehman Brothers T 7.00 9/20/2011 USD 4.80
Delta-Finance OOO 10.00 12/18/2015 RUB 60.01
City of Siret Rom 2.75 3/1/2028 RON 61.00
Kaupthing Bank Hf 7.70 10/2/2011 EUR 21.63
Rosneft OAO 8.90 2/6/2024 RUB 56.69
Gold-Zack AG 7.00 12/14/2005 EUR 12.01
Delta-Finance OOO 10.00 12/17/2020 RUB 60.00
Credit Suisse AG/ 8.50 10/8/2015 USD 70.14
Notenstein Financ 15.00 10/20/2015 USD 68.18
Immigon Portfolio 3.50 5/23/2022 EUR 39.25
LBI HF 6.75 2/18/2015 EUR 8.50
Notenstein Privat 8.20 10/20/2016 USD 56.84
BNP Paribas Emiss 10.00 3/24/2016 EUR 74.97
Cooperatieve Cent 0.50 8/21/2028 MXN 41.68
Lehman Brothers T 4.05 9/16/2008 EUR 4.80
Lehman Brothers T 4.50 3/6/2013 CHF 4.80
Lehman Brothers T 4.00 4/24/2009 USD 4.80
Lehman Brothers T 9.00 6/13/2009 USD 4.80
Lehman Brothers T 9.00 3/17/2009 GBP 4.80
Lehman Brothers T 7.00 11/28/2008 CHF 4.80
Lehman Brothers T 3.85 4/24/2009 USD 4.80
Lehman Brothers T 7.25 10/6/2008 EUR 4.80
Lehman Brothers T 10.50 8/9/2010 EUR 4.80
Lehman Brothers T 8.00 5/22/2009 USD 4.80
Lehman Brothers T 4.50 7/24/2014 EUR 4.80
Lehman Brothers T 5.75 6/15/2009 CHF 4.80
Lehman Brothers T 7.50 10/24/2008 USD 4.80
Lehman Brothers T 10.00 3/27/2009 USD 4.80
Lehman Brothers T 5.00 10/24/2008 CHF 4.80
Lehman Brothers T 7.00 4/14/2009 EUR 4.80
Lehman Brothers T 6.00 10/24/2008 EUR 4.80
Lehman Brothers T 7.75 1/30/2009 EUR 4.80
Lehman Brothers T 0.25 7/21/2014 EUR 4.80
Lehman Brothers T 11.00 6/29/2009 EUR 4.80
Lehman Brothers T 8.00 8/3/2009 USD 4.80
Lehman Brothers T 5.50 6/15/2009 CHF 4.80
Lehman Brothers T 1.50 10/25/2011 EUR 4.80
Province of Trevi 0.05 12/31/2034 EUR 65.24
Lehman Brothers T 11.00 12/19/2011 USD 4.80
Province of Teram 0.15 12/30/2030 EUR 71.33
LBI HF 4.28 11/19/2010 EUR 8.50
Glitnir HF 3.50 10/30/2012 EUR 27.25
LBI HF 3.34 5/11/2012 EUR 8.50
Lehman Brothers T 5.00 4/24/2017 EUR 4.80
HSBC Bank PLC 0.50 12/2/2022 AUD 74.75
Kaupthing Bank Hf 4.53 4/24/2012 EUR 21.63
Kaupthing Bank Hf 4.47 10/27/2010 EUR 21.63
Lehman Brothers T 4.25 5/15/2010 EUR 4.80
Lehman Brothers T 0.80 12/30/2016 EUR 4.80
Immigon Portfolio 4.80 5/9/2025 EUR 32.13
Agentstvo po Ipot 11.03 12/15/2029 RUB 60.01
Kaupthing Bank Hf 0.69 5/21/2011 JPY 21.63
Kaupthing Bank Hf 4.50 1/17/2011 EUR 21.63
Lehman Brothers T 6.00 2/14/2012 EUR 4.80
Lehman Brothers T 7.00 2/15/2012 EUR 4.80
Lehman Brothers T 4.69 2/19/2017 EUR 4.80
Lehman Brothers T 4.10 2/19/2010 EUR 4.80
Lehman Brothers T 6.60 2/22/2012 EUR 4.80
Lehman Brothers T 5.20 3/19/2018 EUR 4.80
Lehman Brothers T 5.00 2/28/2032 EUR 4.80
Lehman Brothers T 14.90 9/15/2008 EUR 4.80
Lehman Brothers T 1.28 11/6/2010 JPY 19.00
Barclays Bank PLC 2.33 1/2/2041 USD 74.36
Razgulyai-Finans 11.30 10/3/2018 RUB 57.02
Rusfinans Bank OO 11.60 11/10/2015 RUB 60.02
Lehman Brothers T 8.60 7/31/2013 GBP 4.80
Lehman Brothers T 8.28 7/31/2013 GBP 4.80
Lehman Brothers T 7.50 7/31/2013 GBP 4.80
Lehman Brothers T 7.32 7/31/2013 GBP 4.80
Barclays Bank PLC 1.99 12/1/2040 USD 71.70
Lehman Brothers T 4.10 8/23/2010 USD 4.80
Lehman Brothers T 7.75 2/21/2016 EUR 4.80
Lehman Brothers T 8.00 12/27/2032 JPY 4.80
Lehman Brothers T 1.50 2/8/2012 CHF 4.80
Immigon Portfolio 0.80 10/15/2019 EUR 53.38
Immigon Portfolio 4.50 10/21/2020 EUR 55.38
Lehman Brothers T 0.01 9/20/2011 USD 4.80
HSBC Trinkaus & B 12.40 6/24/2016 EUR 71.87
HSBC Trinkaus & B 12.40 6/24/2016 EUR 71.87
HSBC Trinkaus & B 8.20 6/24/2016 EUR 74.20
HSBC Trinkaus & B 10.60 1/22/2016 EUR 71.72
HSBC Trinkaus & B 9.20 4/22/2016 EUR 72.98
Barclays Bank PLC 0.50 3/26/2021 MXN 72.27
Deutsche Bank AG 7.20 12/22/2015 EUR 74.70
LBBW 5.50 12/29/2015 EUR 72.33
HSBC Bank PLC 0.50 4/11/2023 MXN 65.61
Societe Generale 0.50 4/30/2023 RUB 42.61
LBBW 4.50 12/29/2015 EUR 72.67
LBBW 4.00 8/28/2015 EUR 73.11
LBBW 5.00 3/29/2016 EUR 73.32
LBBW 2.50 6/24/2016 EUR 73.64
LBBW 4.00 6/24/2016 EUR 68.87
LBBW 3.55 8/25/2017 EUR 71.35
LBBW 3.65 8/28/2015 EUR 74.37
LBBW 3.75 9/22/2017 EUR 69.84
LBBW 2.50 7/22/2016 EUR 65.24
LBBW 3.50 7/22/2016 EUR 62.99
LBBW 2.50 7/22/2016 EUR 74.92
LBBW 4.00 7/22/2016 EUR 70.23
LBBW 3.90 9/22/2017 EUR 68.47
LBBW 4.50 10/23/2015 EUR 71.97
LBBW 2.00 9/25/2015 EUR 73.57
National Capital 11.50 3/18/2016 RUB 60.01
Deutsche Bank AG 7.20 12/22/2015 EUR 74.60
Deutsche Bank AG 6.20 12/22/2015 EUR 74.20
Deutsche Bank AG 6.20 6/21/2016 EUR 71.70
Deutsche Bank AG 5.20 6/21/2016 EUR 70.80
Deutsche Bank AG 7.20 6/21/2016 EUR 72.60
Deutsche Bank AG 5.20 3/22/2016 EUR 71.00
Deutsche Bank AG 5.20 12/22/2015 EUR 73.80
Deutsche Bank AG 6.20 12/22/2015 EUR 70.40
Deutsche Bank AG 5.20 12/22/2015 EUR 70.00
Deutsche Bank AG 7.20 12/22/2015 EUR 70.70
Deutsche Bank AG 7.20 3/22/2016 EUR 72.30
Deutsche Bank AG 5.20 6/21/2016 EUR 74.30
Deutsche Bank AG 5.20 9/20/2016 EUR 71.70
Deutsche Bank AG 7.20 9/20/2016 EUR 74.00
Deutsche Bank AG 5.20 3/22/2016 EUR 74.70
Deutsche Bank AG 6.20 9/20/2016 EUR 72.90
Deutsche Bank AG 6.20 3/22/2016 EUR 71.70
Deutsche Bank AG 6.20 12/22/2015 EUR 74.30
Deutsche Bank AG 5.20 12/22/2015 EUR 74.00
Deutsche Bank AG 5.20 6/21/2016 EUR 74.00
Deutsche Bank AG 6.20 6/21/2016 EUR 74.90
HSBC Bank PLC 0.50 3/1/2018 RUB 74.69
Vontobel Financia 16.90 12/11/2015 EUR 73.60
Credit Agricole C 0.50 3/6/2023 RUB 43.75
DZ Bank AG Deutsc 13.75 9/25/2015 EUR 74.86
Societe Generale 0.50 4/3/2023 RUB 43.17
BNP Paribas Emiss 7.50 10/22/2015 EUR 73.63
Zapsibcombank OAO 11.50 2/25/2016 RUB 60.11
Banca di Cividale 0.09 10/2/2036 EUR 62.57
Lehman Brothers T 4.00 5/30/2010 USD 4.80
Lehman Brothers T 4.00 5/17/2010 USD 4.80
Lehman Brothers T 2.48 5/12/2009 USD 4.80
Lehman Brothers T 2.25 5/12/2009 USD 4.80
Lehman Brothers T 7.50 6/15/2017 USD 4.80
Lehman Brothers T 6.00 12/30/2017 EUR 4.80
Lehman Brothers T 4.10 6/10/2014 SGD 16.25
Immigon Portfolio 5.10 7/5/2022 EUR 45.75
Kaupthing Bank Hf 0.20 7/12/2009 JPY 21.63
LBBW 4.25 8/28/2015 EUR 58.29
LBBW 5.25 8/28/2015 EUR 54.23
LBBW 6.50 8/28/2015 EUR 50.25
LBBW 3.50 8/28/2015 EUR 60.83
Raiffeisen Centro 2.80 11/14/2016 EUR 59.58
Societe Generale 5.00 11/7/2016 EUR 73.31
HSBC Bank PLC 0.50 4/3/2023 AUD 73.75
Leonteq Securitie 6.25 11/13/2015 CHF 51.31
Leonteq Securitie 5.60 11/20/2015 GBP 47.81
Leonteq Securitie 7.60 11/20/2015 USD 29.69
Barclays Bank PLC 3.50 2/5/2016 EUR 65.88
Windreich GmbH 6.75 3/1/2015 EUR 10.88
Bank Julius Baer 3.90 11/30/2015 CHF 52.30
Lehman Brothers T 5.00 8/16/2017 EUR 19.00
Lehman Brothers T 2.50 8/23/2012 GBP 4.80
Sparebanken Din 2.52 NOK 72.76
Ofoten Sparebank 2.50 NOK 70.32
Lehman Brothers T 3.00 8/13/2011 EUR 4.80
Lehman Brothers T 6.00 9/20/2011 EUR 4.80
Lehman Brothers T 18.25 10/2/2008 USD 4.80
Lehman Brothers T 3.40 9/21/2009 HKD 4.80
Lehman Brothers T 4.00 10/12/2010 USD 4.80
Zurcher Kantonalb 3.76 1/25/2016 CHF 47.10
Leonteq Securitie 5.25 2/26/2016 CHF 55.30
Leonteq Securitie 3.90 3/1/2016 EUR 52.93
Leonteq Securitie 3.10 3/1/2016 EUR 44.06
Leonteq Securitie 4.50 4/4/2016 EUR 37.81
Lehman Brothers T 12.22 11/21/2017 USD 4.80
Lehman Brothers T 4.80 11/16/2012 HKD 4.80
Lehman Brothers T 14.90 11/16/2010 EUR 4.80
Lehman Brothers T 16.00 10/8/2008 CHF 4.80
Immigon Portfolio 5.23 12/5/2022 EUR 43.75
Klaebu Sparebank 2.57 NOK 67.33
Leonteq Securitie 5.00 5/23/2016 CHF 62.03
Notenstein Privat 6.00 5/24/2016 EUR 72.42
UBS AG 14.50 12/29/2015 EUR 72.66
UBS AG 14.25 12/29/2015 EUR 59.67
Societe Generale 4.00 6/26/2017 EUR 50.36
Leonteq Securitie 6.20 7/15/2016 EUR 66.47
Barclays Bank PLC 1.64 6/3/2041 USD 69.73
e-Kancelaria Grup 9.00 8/19/2016 PLN 1.55
BNP Paribas SA 0.50 1/31/2018 RUB 75.50
HSBC Trinkaus & B 17.20 9/25/2015 EUR 72.85
Deutsche Bank AG 4.20 7/20/2016 EUR 74.50
Municipality Fina 0.50 2/7/2018 BRL 74.99
Goldman Sachs & C 8.00 8/26/2015 EUR 63.54
Goldman Sachs & C 10.00 8/26/2015 EUR 63.66
Goldman Sachs & C 11.00 8/26/2015 EUR 63.72
Goldman Sachs & C 11.00 8/26/2015 EUR 63.72
Goldman Sachs & C 5.00 8/26/2015 EUR 63.36
Goldman Sachs & C 6.00 8/26/2015 EUR 63.42
UniCredit Bank AG 4.25 8/14/2015 EUR 35.62
UBS AG/London 5.00 8/6/2015 USD 48.53
DZ Bank AG Deutsc 10.75 8/28/2015 EUR 72.29
DZ Bank AG Deutsc 9.50 8/28/2015 EUR 70.90
Landesbank Hessen 4.80 8/21/2015 EUR 67.40
DZ Bank AG Deutsc 8.00 12/28/2015 EUR 67.55
Bank Julius Baer 6.90 8/14/2015 EUR 66.70
Notenstein Privat 10.00 8/14/2015 USD 30.95
Leonteq Securitie 5.00 8/22/2016 CHF 63.61
Leonteq Securitie 13.00 8/25/2015 CHF 30.21
Vontobel Financia 9.20 9/25/2015 EUR 68.92
Raiffeisen Centro 6.95 1/20/2016 EUR 72.23
Commerzbank AG 6.25 6/23/2016 EUR 74.22
Commerzbank AG 6.75 6/23/2016 EUR 72.94
Commerzbank AG 7.25 6/23/2016 EUR 71.70
Commerzbank AG 8.00 6/23/2016 EUR 70.78
UBS AG/London 7.50 8/13/2015 CHF 36.11
DZ Bank AG Deutsc 5.25 9/25/2015 EUR 73.76
DZ Bank AG Deutsc 5.25 12/28/2015 EUR 73.93
Credit Suisse AG/ 8.50 2/29/2016 USD 63.19
HSBC Trinkaus & B 10.00 9/25/2015 EUR 64.70
HSBC Trinkaus & B 6.50 12/28/2015 EUR 70.33
HSBC Trinkaus & B 7.00 8/28/2015 EUR 68.25
HSBC Trinkaus & B 6.50 9/25/2015 EUR 64.06
HSBC Trinkaus & B 8.50 8/28/2015 EUR 60.33
DekaBank Deutsche 3.40 6/10/2016 EUR 65.83
Commerzbank AG 10.00 8/27/2015 EUR 66.44
DZ Bank AG Deutsc 7.10 8/7/2015 EUR 61.97
DZ Bank AG Deutsc 9.10 8/7/2015 EUR 58.44
Goldman Sachs & C 7.00 8/26/2015 EUR 65.66
Notenstein Privat 9.10 8/29/2016 CHF 46.50
Notenstein Privat 9.10 8/29/2016 CHF 41.55
Bank Julius Baer 7.00 8/28/2015 USD 38.05
Leonteq Securitie 11.00 8/25/2015 USD 51.53
Vontobel Financia 8.00 8/28/2015 EUR 60.14
DZ Bank AG Deutsc 6.50 8/28/2015 EUR 63.46
DZ Bank AG Deutsc 5.00 8/28/2015 EUR 73.35
Leonteq Securitie 15.20 12/2/2015 CHF 39.91
Leonteq Securitie 8.00 12/8/2015 CHF 61.90
Leonteq Securitie 20.00 12/8/2015 USD 32.92
Raiffeisen Centro 7.25 9/26/2016 EUR 69.33
BNP Paribas Emiss 5.00 9/24/2015 EUR 71.89
BNP Paribas Emiss 6.00 9/24/2015 EUR 67.72
BNP Paribas Emiss 7.50 9/24/2015 EUR 64.07
BNP Paribas Emiss 9.00 9/24/2015 EUR 60.83
BNP Paribas Emiss 4.25 12/24/2015 EUR 74.72
BNP Paribas Emiss 5.00 12/24/2015 EUR 70.90
BNP Paribas Emiss 6.00 12/24/2015 EUR 67.48
BNP Paribas Emiss 7.25 12/24/2015 EUR 64.47
BNP Paribas Emiss 8.50 12/24/2015 EUR 61.76
BNP Paribas Emiss 6.75 9/24/2015 EUR 71.20
BNP Paribas Emiss 6.25 12/24/2015 EUR 72.67
Notenstein Privat 5.04 8/28/2017 CHF 62.52
Notenstein Privat 10.00 9/5/2016 CHF 46.31
Goldman Sachs & C 8.00 8/26/2015 EUR 67.83
HSBC Trinkaus & B 7.60 9/25/2015 EUR 66.38
HSBC Trinkaus & B 6.70 9/25/2015 EUR 66.25
HSBC Trinkaus & B 6.00 9/25/2015 EUR 66.15
HSBC Trinkaus & B 7.10 12/28/2015 EUR 68.09
HSBC Trinkaus & B 6.50 12/28/2015 EUR 67.85
HSBC Trinkaus & B 6.10 12/28/2015 EUR 67.69
HSBC Trinkaus & B 8.50 9/25/2015 EUR 57.59
HSBC Trinkaus & B 7.80 9/25/2015 EUR 57.49
HSBC Trinkaus & B 6.90 9/25/2015 EUR 57.35
HSBC Trinkaus & B 8.10 12/28/2015 EUR 59.09
HSBC Trinkaus & B 7.60 12/28/2015 EUR 58.89
HSBC Trinkaus & B 7.00 12/28/2015 EUR 58.65
HSBC Trinkaus & B 6.10 12/28/2015 EUR 58.29
Lehman Brothers T 3.00 9/13/2010 JPY 19.00
Notenstein Privat 6.10 12/30/2015 EUR 57.40
Notenstein Privat 6.50 7/2/2018 USD 70.62
Credit Suisse AG/ 8.25 1/11/2016 CHF 39.22
Leonteq Securitie 8.00 7/7/2016 USD 44.25
Vontobel Financia 9.35 9/11/2015 EUR 72.00
Vontobel Financia 5.85 9/25/2015 EUR 63.92
Notenstein Privat 8.00 1/11/2016 EUR 70.18
Vontobel Financia 3.95 3/11/2016 EUR 70.16
Vontobel Financia 4.05 12/11/2015 EUR 69.12
Vontobel Financia 5.80 12/11/2015 EUR 65.21
Vontobel Financia 7.05 3/11/2016 EUR 63.56
Vontobel Financia 7.70 12/11/2015 EUR 61.93
Vontobel Financia 8.50 9/11/2015 EUR 60.01
Vontobel Financia 5.40 3/11/2016 EUR 66.51
Zurcher Kantonalb 8.80 1/14/2016 CHF 61.08
UBS AG 9.00 7/3/2017 CHF 57.03
UBS AG/London 3.80 12/23/2015 EUR 71.47
UBS AG/London 5.00 12/23/2015 EUR 68.59
Leonteq Securitie 9.40 10/8/2015 USD 62.43
Banque Cantonale 1.00 7/7/2016 CHF 22.17
Credit Suisse AG/ 4.00 1/4/2016 EUR 62.71
HSBC Trinkaus & B 10.50 9/25/2015 EUR 69.85
HSBC Trinkaus & B 11.00 9/25/2015 EUR 72.32
HSBC Trinkaus & B 12.50 9/25/2015 EUR 54.54
HSBC Trinkaus & B 8.50 9/25/2015 EUR 58.74
HSBC Trinkaus & B 15.00 9/25/2015 EUR 46.72
HSBC Trinkaus & B 12.00 9/25/2015 EUR 50.54
HSBC Trinkaus & B 7.50 9/25/2015 EUR 57.58
HSBC Trinkaus & B 13.00 9/25/2015 EUR 70.29
HSBC Trinkaus & B 14.50 9/25/2015 EUR 66.72
HSBC Trinkaus & B 11.00 9/25/2015 EUR 72.45
HSBC Trinkaus & B 12.50 9/25/2015 EUR 62.58
HSBC Trinkaus & B 10.00 9/25/2015 EUR 67.07
HSBC Trinkaus & B 7.00 9/25/2015 EUR 72.33
Deutsche Bank AG 5.20 9/22/2015 EUR 54.20
Deutsche Bank AG 5.20 12/22/2015 EUR 55.50
Deutsche Bank AG 6.20 9/22/2015 EUR 54.30
Deutsche Bank AG 7.20 9/22/2015 EUR 54.50
Deutsche Bank AG 7.20 12/22/2015 EUR 60.40
Deutsche Bank AG 7.20 12/22/2015 EUR 56.30
Deutsche Bank AG 6.20 9/22/2015 EUR 58.40
Deutsche Bank AG 5.20 9/22/2015 EUR 58.30
Deutsche Bank AG 6.20 12/22/2015 EUR 60.00
Deutsche Bank AG 7.20 9/22/2015 EUR 58.60
Deutsche Bank AG 5.20 12/22/2015 EUR 59.60
Deutsche Bank AG 6.20 12/22/2015 EUR 55.90
Deutsche Bank AG 6.20 9/22/2015 EUR 74.70
Deutsche Bank AG 5.20 9/22/2015 EUR 71.40
Deutsche Bank AG 5.20 9/22/2015 EUR 57.30
Deutsche Bank AG 7.20 9/22/2015 EUR 57.60
Deutsche Bank AG 6.20 9/22/2015 EUR 57.50
Deutsche Bank AG 7.20 9/22/2015 EUR 54.80
Deutsche Bank AG 6.20 9/22/2015 EUR 54.70
Deutsche Bank AG 5.20 9/22/2015 EUR 54.50
Deutsche Bank AG 7.20 9/22/2015 EUR 52.20
Deutsche Bank AG 6.20 9/22/2015 EUR 52.10
Deutsche Bank AG 5.20 9/22/2015 EUR 51.90
Deutsche Bank AG 7.20 9/22/2015 EUR 49.90
Deutsche Bank AG 6.20 9/22/2015 EUR 49.80
Deutsche Bank AG 5.20 9/22/2015 EUR 49.60
Vontobel Financia 6.90 6/10/2016 EUR 65.16
Vontobel Financia 4.75 6/10/2016 EUR 69.57
Notenstein Privat 11.00 1/25/2016 USD 56.67
Deutsche Bank AG 4.50 12/22/2015 EUR 61.52
Credit Suisse AG/ 8.00 1/29/2016 CHF 38.50
DZ Bank AG Deutsc 5.25 9/25/2015 EUR 60.46
UniCredit Bank AG 4.10 9/24/2015 EUR 58.43
UniCredit Bank AG 4.00 9/24/2015 EUR 60.72
Leonteq Securitie 11.52 10/28/2015 CHF 35.75
HSBC Trinkaus & B 5.65 2/22/2016 EUR 68.82
Deutsche Bank AG 5.20 8/26/2015 EUR 65.70
Deutsche Bank AG 6.20 8/26/2015 EUR 63.60
Deutsche Bank AG 7.20 8/26/2015 EUR 63.60
Deutsche Bank AG 5.20 8/26/2015 EUR 63.50
Deutsche Bank AG 6.20 8/26/2015 EUR 65.70
Deutsche Bank AG 7.20 8/26/2015 EUR 65.80
DZ Bank AG Deutsc 16.00 8/28/2015 EUR 37.87
DZ Bank AG Deutsc 6.75 8/28/2015 EUR 57.53
DZ Bank AG Deutsc 5.25 8/28/2015 EUR 63.07
Deutsche Bank AG 7.20 10/21/2015 EUR 64.70
Deutsche Bank AG 6.20 10/21/2015 EUR 64.50
Deutsche Bank AG 5.20 10/21/2015 EUR 64.30
Deutsche Bank AG 5.20 10/21/2015 EUR 66.50
Deutsche Bank AG 7.20 10/21/2015 EUR 66.90
Deutsche Bank AG 6.20 10/21/2015 EUR 66.70
Zurcher Kantonalb 6.30 8/6/2015 EUR 62.50
Zurcher Kantonalb 7.50 8/6/2015 EUR 63.32
UBS AG/London 7.20 1/20/2016 EUR 59.27
HSBC Trinkaus & B 8.50 9/25/2015 EUR 72.51
HSBC Trinkaus & B 12.50 9/25/2015 EUR 74.68
HSBC Trinkaus & B 12.50 9/25/2015 EUR 56.04
HSBC Trinkaus & B 8.50 9/25/2015 EUR 60.54
HSBC Trinkaus & B 6.50 12/28/2015 EUR 63.79
HSBC Trinkaus & B 14.00 9/25/2015 EUR 48.72
HSBC Trinkaus & B 10.50 9/25/2015 EUR 52.65
HSBC Trinkaus & B 13.00 9/25/2015 EUR 60.49
HSBC Trinkaus & B 10.00 9/25/2015 EUR 64.55
HSBC Trinkaus & B 14.50 9/25/2015 EUR 70.75
HSBC Trinkaus & B 12.00 9/25/2015 EUR 67.14
Zurcher Kantonalb 11.03 8/7/2015 CHF 46.78
Notenstein Privat 4.00 2/1/2016 EUR 52.47
UniCredit Bank AG 6.00 9/24/2015 EUR 64.00
UniCredit Bank AG 5.50 9/24/2015 EUR 66.10
UniCredit Bank AG 6.50 9/24/2015 EUR 62.04
UniCredit Bank AG 4.25 9/24/2015 EUR 73.45
UniCredit Bank AG 5.00 9/24/2015 EUR 68.36
UniCredit Bank AG 4.50 9/24/2015 EUR 70.78
DZ Bank AG Deutsc 7.50 9/25/2015 EUR 60.04
DZ Bank AG Deutsc 5.75 8/28/2015 EUR 64.92
DZ Bank AG Deutsc 10.00 8/28/2015 EUR 59.50
DZ Bank AG Deutsc 7.25 9/25/2015 EUR 70.52
Vontobel Financia 9.70 9/11/2015 EUR 69.08
Vontobel Financia 7.25 12/11/2015 EUR 73.45
Vontobel Financia 8.65 12/11/2015 EUR 71.07
Vontobel Financia 5.50 8/14/2015 EUR 62.43
Leonteq Securitie 9.60 11/18/2015 CHF 55.55
UBS AG/London 24.25 12/29/2015 EUR 68.59
UBS AG/London 9.00 9/25/2015 EUR 51.02
UBS AG/London 14.00 12/23/2016 EUR 67.83
UBS AG/London 23.75 6/24/2016 EUR 67.77
UBS AG/London 9.00 12/29/2015 EUR 74.50
UBS AG/London 13.25 6/24/2016 EUR 69.74
UBS AG/London 10.25 9/25/2015 EUR 46.46
UBS AG/London 24.75 9/25/2015 EUR 64.71
UBS AG/London 9.00 12/29/2015 EUR 59.15
UBS AG/London 14.75 9/25/2015 EUR 58.83
Vontobel Financia 6.55 9/4/2015 EUR 65.80
HSBC Trinkaus & B 13.00 9/25/2015 EUR 57.71
HSBC Trinkaus & B 9.00 9/25/2015 EUR 62.52
HSBC Trinkaus & B 7.00 12/28/2015 EUR 66.03
HSBC Trinkaus & B 7.50 8/28/2015 EUR 63.77
HSBC Trinkaus & B 8.00 8/28/2015 EUR 54.33
HSBC Trinkaus & B 8.50 8/28/2015 EUR 68.96
UBS AG/London 24.50 3/29/2016 EUR 67.68
UBS AG/London 22.25 6/24/2016 EUR 56.78
UBS AG/London 23.00 12/29/2015 EUR 74.51
UBS AG/London 7.75 12/22/2017 EUR 70.66
Bank Nederlandse 0.50 9/20/2022 ZAR 53.27
HSBC Bank PLC 0.50 12/20/2018 RUB 68.44
Societe Generale 0.50 11/29/2022 AUD 76.37
Societe Generale 0.50 12/21/2022 AUD 75.92
Lehman Brothers T 4.68 12/12/2045 EUR 4.80
Lehman Brothers T 13.00 12/14/2012 USD 4.80
Lehman Brothers T 4.82 12/18/2036 EUR 4.80
Lehman Brothers T 5.25 4/1/2023 EUR 4.80
Lehman Brothers T 7.25 6/20/2010 USD 4.80
Lehman Brothers T 8.80 12/27/2009 EUR 4.80
Glitnir HF 7.32 12/19/2012 USD 27.25
Kaupthing Bank Hf 7.00 1/3/2011 EUR 21.63
Immigon Portfolio 5.25 12/20/2022 EUR 43.63
Lehman Brothers T 4.00 1/4/2011 USD 4.80
LBI HF 5.25 6/5/2023 EUR 8.50
Lehman Brothers T 0.50 12/20/2017 AUD 4.80
Lehman Brothers T 0.50 12/20/2017 AUD 16.25
Lehman Brothers T 9.30 12/21/2010 EUR 4.80
Lehman Brothers T 0.50 12/20/2017 USD 4.80
Lehman Brothers T 0.50 12/20/2017 USD 4.80
Lehman Brothers T 0.50 12/20/2017 USD 4.80
Lehman Brothers T 5.38 2/4/2014 USD 4.80
Lehman Brothers T 11.00 2/16/2009 CHF 4.80
Lehman Brothers T 10.00 2/16/2009 CHF 4.80
Lehman Brothers T 13.00 2/16/2009 CHF 4.80
Lehman Brothers T 7.00 2/15/2010 CHF 4.80
Lehman Brothers T 6.00 2/19/2023 USD 4.80
Lehman Brothers T 1.00 2/26/2010 USD 4.80
Lehman Brothers T 4.00 3/10/2011 EUR 4.80
Kaupthing Bank Hf 7.63 2/28/2015 USD 21.50
Lehman Brothers T 8.00 3/19/2012 USD 4.80
Lehman Brothers T 7.05 4/8/2015 USD 4.80
Lehman Brothers T 7.80 3/31/2018 USD 4.80
Lehman Brothers T 9.50 4/1/2018 USD 4.80
Lehman Brothers T 7.15 3/21/2013 USD 4.80
Immigon Portfolio 1.37 1/28/2019 EUR 62.38
Lehman Brothers T 12.00 7/13/2037 JPY 4.80
Lehman Brothers T 10.00 6/11/2038 JPY 4.80
Lehman Brothers T 5.00 2/15/2018 EUR 4.80
Lehman Brothers T 9.00 5/6/2011 CHF 4.80
Lehman Brothers T 16.20 5/14/2009 USD 4.80
Lehman Brothers T 10.60 4/22/2014 MXN 4.80
Lehman Brothers T 16.00 11/9/2008 USD 4.80
Kaupthing Bank Hf 7.50 4/2/2011 EUR 21.63
Kaupthing Bank Hf 7.50 10/2/2010 EUR 21.63
Lehman Brothers T 9.75 6/22/2018 USD 4.80
Lehman Brothers T 4.60 8/1/2013 EUR 4.80
Lehman Brothers T 8.00 5/22/2009 USD 4.80
Lehman Brothers T 15.00 6/4/2009 CHF 4.80
Lehman Brothers T 7.60 3/4/2010 NZD 4.80
Lehman Brothers T 17.00 6/2/2009 USD 4.80
Lehman Brothers T 13.50 6/2/2009 USD 4.80
Lehman Brothers T 23.30 9/16/2008 USD 4.80
Lehman Brothers T 3.00 6/3/2010 EUR 4.80
Lehman Brothers T 12.40 6/12/2009 USD 4.80
Lehman Brothers T 2.00 6/28/2011 EUR 4.80
Lehman Brothers T 7.60 5/21/2013 USD 4.80
Lehman Brothers T 10.00 6/17/2009 USD 4.80
Lehman Brothers T 0.50 6/2/2020 EUR 4.80
Lehman Brothers T 11.00 7/4/2011 USD 4.80
Lehman Brothers T 11.00 7/4/2011 CHF 4.80
Lehman Brothers T 12.00 7/4/2011 EUR 4.80
Lehman Brothers T 5.50 7/8/2013 EUR 4.80
Kaupthing Bank Hf 4.95 5/6/2009 EUR 21.63
Lehman Brothers T 16.00 12/26/2008 USD 4.80
Lehman Brothers T 13.43 1/8/2009 ILS 4.80
Lehman Brothers T 0.50 7/2/2020 EUR 4.80
Lehman Brothers T 7.75 1/3/2012 AUD 4.80
Lehman Brothers T 3.10 6/4/2010 USD 4.80
Lehman Brothers T 2.50 8/15/2012 CHF 4.80
Lehman Brothers T 13.15 10/30/2008 USD 4.80
Lehman Brothers T 0.50 8/1/2020 EUR 4.80
Lehman Brothers T 6.00 8/7/2013 EUR 4.80
Glitnir HF 5.24 12/22/2010 USD 27.25
Lehman Brothers T 2.30 6/6/2013 USD 4.80
Lehman Brothers T 7.50 5/30/2010 AUD 4.80
Lehman Brothers T 11.00 5/9/2020 USD 4.80
Lehman Brothers T 4.30 6/4/2012 USD 4.80
Lehman Brothers T 4.00 6/5/2011 USD 4.80
Lehman Brothers T 6.00 6/21/2011 EUR 4.80
Lehman Brothers T 2.00 6/21/2011 EUR 4.80
RegionEnergoInves 8.50 5/30/2016 RUB 60.00
Energospetssnab L 8.50 5/30/2016 RUB 60.00
City of Predeal R 2.50 5/15/2026 RON 60.00
Immigon Portfolio 0.99 3/1/2021 EUR 41.63
BNP Paribas SA 0.50 2/13/2024 NZD 69.11
Glitnir HF 6.00 12/10/2009 ISK 0.02
Glitnir HF 6.20 12/20/2009 ISK 0.02
Glitnir HF 5.00 2/1/2011 ISK 27.25
Glitnir HF 5.00 2/1/2016 ISK 27.25
Kaupthing Bank Hf 7.00 7/24/2009 ISK 21.63
Kaupthing Bank Hf 8.00 6/22/2011 ISK 0.00
Kaupthing Bank Hf 7.00 4/28/2012 ISK 0.00
LBI HF 5.08 3/1/2013 ISK 8.50
Lehman Brothers T 4.05 9/16/2008 EUR 4.80
Kaupthing Bank Hf 6.50 10/8/2010 ISK 21.63
Kaupthing Bank Hf 7.50 12/5/2014 ISK 21.63
Lehman Brothers T 2.30 6/27/2013 USD 4.80
Lehman Brothers T 2.37 7/15/2013 USD 4.80
Lehman Brothers T 1.95 11/4/2013 EUR 4.80
Hypothekenbank Fr 0.26 6/30/2051 EUR 83.33
Lehman Brothers T 8.05 12/20/2010 HKD 4.80
KPNQwest NV 8.88 2/1/2008 EUR 0.50
Royal Bank of Sco 1.69 11/14/2016 GBP
Lehman Brothers T 5.00 3/13/2009 EUR 4.80
Lehman Brothers T 5.22 3/1/2024 EUR 4.80
Lehman Brothers T 3.20 3/19/2018 JPY 4.80
Lehman Brothers T 4.60 11/9/2011 EUR 19.00
Lehman Brothers T 3.50 12/20/2027 USD 4.80
Zurcher Kantonalb 5.00 9/17/2015 CHF 47.94
Lehman Brothers T 3.00 12/3/2012 EUR 4.80
Immigon Portfolio 5.21 12/6/2022 EUR 43.63
Lehman Brothers T 13.00 7/25/2012 EUR 4.80
Lehman Brothers T 10.00 8/2/2037 JPY 4.80
HSBC Bank PLC 0.50 2/2/2023 AUD 72.20
Lehman Brothers T 3.50 10/31/2011 USD 4.80
Lehman Brothers T 0.25 10/19/2012 CHF 4.80
Lehman Brothers T 1.68 3/5/2015 EUR 4.80
Lehman Brothers T 13.50 11/28/2008 USD 4.80
Lehman Brothers T 9.00 5/15/2022 USD 4.80
Lehman Brothers T 6.75 4/5/2012 EUR 4.80
Leonteq Securitie 6.11 1/7/2016 EUR 47.28
Leonteq Securitie 6.00 1/7/2016 EUR 27.00
Leonteq Securitie 7.00 1/22/2016 CHF 37.62
Totens Sparebank 3.01 NOK 55.76
Immigon Portfolio 5.20 4/1/2020 EUR 61.63
Lehman Brothers T 3.50 6/20/2011 EUR 4.80
Lehman Brothers T 5.50 6/22/2010 USD 16.25
Lehman Brothers T 10.00 10/23/2008 USD 4.80
Lehman Brothers T 10.00 10/22/2008 USD 4.80
Lehman Brothers T 6.45 2/20/2010 AUD 4.80
Lehman Brothers T 6.60 5/23/2012 AUD 4.80
Lehman Brothers T 3.45 5/23/2013 USD 4.80
Lehman Brothers T 16.00 10/28/2008 USD 4.80
UNGP-Finance OOO 10.00 12/16/2020 RUB 60.00
Lehman Brothers T 6.85 12/22/2008 EUR 4.80
Lehman Brothers T 7.55 12/29/2008 USD 4.80
e-Kancelaria Grup 9.00 10/25/2016 PLN 1.00
LBBW 3.00 9/25/2015 EUR 70.45
LBBW 4.00 9/25/2015 EUR 68.33
LBBW 3.40 11/24/2017 EUR 73.36
LBBW 2.50 9/23/2016 EUR 74.08
LBBW 3.50 9/23/2016 EUR 71.14
LBBW 4.50 9/23/2016 EUR 68.69
Lehman Brothers T 5.25 11/21/2009 USD 4.80
Zurcher Kantonalb 4.25 4/19/2016 CHF 70.57
Glitnir HF 6.00 12/15/2012 GBP 27.25
Lehman Brothers T 1.50 10/12/2010 EUR 4.80
Lehman Brothers T 7.00 10/22/2010 EUR 4.80
TransFin-M PAO 10.50 11/27/2015 RUB 60.13
Leonteq Securitie 10.00 1/22/2016 USD 39.24
DZ Bank AG Deutsc 5.40 10/23/2015 EUR 71.89
DZ Bank AG Deutsc 4.40 10/23/2015 EUR 71.67
DZ Bank AG Deutsc 5.60 10/23/2015 EUR 65.53
DZ Bank AG Deutsc 3.90 10/23/2015 EUR 52.35
DZ Bank AG Deutsc 4.90 10/23/2015 EUR 49.81
DZ Bank AG Deutsc 5.80 10/23/2015 EUR 47.92
DZ Bank AG Deutsc 6.50 10/23/2015 EUR 70.38
DZ Bank AG Deutsc 6.00 10/23/2015 EUR 67.16
DZ Bank AG Deutsc 4.70 10/23/2015 EUR 63.87
DZ Bank AG Deutsc 5.90 10/23/2015 EUR 50.81
DZ Bank AG Deutsc 5.80 10/23/2015 EUR 48.43
DZ Bank AG Deutsc 4.70 10/23/2015 EUR 46.04
DZ Bank AG Deutsc 5.60 10/22/2015 EUR 73.66
DZ Bank AG Deutsc 5.60 10/22/2015 EUR 52.04
DZ Bank AG Deutsc 5.70 10/22/2015 EUR 74.73
DZ Bank AG Deutsc 6.60 10/22/2015 EUR 73.15
Vontobel Financia 3.70 9/25/2015 EUR 70.65
HSBC Trinkaus & B 8.40 9/25/2015 EUR 72.38
HSBC Trinkaus & B 7.80 9/25/2015 EUR 72.30
HSBC Trinkaus & B 7.10 9/25/2015 EUR 72.20
HSBC Trinkaus & B 7.90 12/28/2015 EUR 73.66
HSBC Trinkaus & B 7.50 12/28/2015 EUR 73.50
HSBC Trinkaus & B 7.00 12/28/2015 EUR 73.29
HSBC Trinkaus & B 5.90 12/28/2015 EUR 72.85
Leonteq Securitie 4.68 8/29/2017 CHF 61.35
Deutsche Bank AG 7.20 8/26/2015 EUR 70.70
Deutsche Bank AG 6.20 8/26/2015 EUR 68.10
Deutsche Bank AG 5.20 8/26/2015 EUR 68.00
Deutsche Bank AG 7.20 8/26/2015 EUR 68.10
Deutsche Bank AG 6.20 10/21/2015 EUR 71.50
Deutsche Bank AG 5.20 10/21/2015 EUR 71.30
Deutsche Bank AG 7.20 10/21/2015 EUR 71.70
Deutsche Bank AG 6.20 10/21/2015 EUR 69.00
Deutsche Bank AG 5.20 10/21/2015 EUR 68.80
Deutsche Bank AG 7.20 10/21/2015 EUR 69.20
UBS AG/London 24.75 3/29/2016 EUR 54.17
UBS AG/London 18.50 12/29/2015 EUR 56.07
UBS AG/London 5.75 6/24/2016 EUR 72.93
Goldman Sachs & C 6.00 8/26/2015 EUR 72.92
Goldman Sachs & C 7.00 8/26/2015 EUR 70.28
Goldman Sachs & C 9.00 8/26/2015 EUR 65.56
Goldman Sachs & C 14.00 8/26/2015 EUR 59.59
Commerzbank AG 4.50 8/27/2015 EUR 73.56
Commerzbank AG 5.50 8/27/2015 EUR 71.61
Commerzbank AG 6.50 8/27/2015 EUR 69.73
Commerzbank AG 7.50 8/27/2015 EUR 67.97
Commerzbank AG 8.50 8/27/2015 EUR 66.29
Commerzbank AG 9.75 8/27/2015 EUR 64.74
Commerzbank AG 12.00 8/27/2015 EUR 70.07
Leonteq Securitie 9.50 9/8/2016 USD 54.25
Leonteq Securitie 8.64 9/8/2016 CHF 54.79
DZ Bank AG Deutsc 7.75 9/25/2015 EUR 66.43
DZ Bank AG Deutsc 7.00 12/28/2015 EUR 68.25
Notenstein Privat 7.40 10/31/2016 CHF 39.59
UBS AG 14.25 9/25/2015 EUR 61.04
DZ Bank AG Deutsc 8.50 9/25/2015 EUR 65.76
Commerzbank AG 8.75 8/27/2015 EUR 57.09
Commerzbank AG 17.25 8/27/2015 EUR 63.71
Commerzbank AG 6.25 8/27/2015 EUR 69.57
Bank Julius Baer 7.40 9/9/2015 CHF 37.60
UniCredit Bank AG 4.50 9/24/2015 EUR 72.36
UniCredit Bank AG 5.20 9/24/2015 EUR 69.83
Vontobel Financia 5.80 12/28/2015 EUR 70.00
HSBC Trinkaus & B 10.80 9/25/2015 EUR 55.24
HSBC Trinkaus & B 8.80 10/23/2015 EUR 58.35
HSBC Trinkaus & B 6.00 12/28/2015 EUR 35.32
HSBC Trinkaus & B 6.00 12/28/2015 EUR 64.32
HSBC Trinkaus & B 6.00 12/28/2015 EUR 69.98
Vontobel Financia 6.45 9/11/2015 EUR 67.40
Vontobel Financia 8.05 9/11/2015 EUR 65.26
Commerzbank AG 6.00 8/27/2015 EUR 73.61
Commerzbank AG 9.25 8/27/2015 EUR 69.95
Vontobel Financia 5.10 9/11/2015 EUR 70.63
Vontobel Financia 7.80 9/11/2015 EUR 66.07
Commerzbank AG 6.00 8/27/2015 EUR 70.40
Republika Srpska 9.00 9/26/2027 BAM 67.21
UBS AG 8.25 12/22/2017 EUR 70.10
LBBW 4.30 9/23/2016 EUR 69.88
Leonteq Securitie 8.64 8/25/2015 CHF 9.91
Notenstein Privat 10.12 8/26/2015 USD 55.46
LBBW 4.00 9/25/2015 EUR 73.85
DZ Bank AG Deutsc 5.00 8/14/2015 EUR 73.16
Credit Suisse AG/ 8.25 9/14/2015 CHF 72.48
Notenstein Privat 8.75 9/14/2015 EUR 67.71
DZ Bank AG Deutsc 7.25 8/14/2015 EUR 66.84
DekaBank Deutsche 3.40 3/5/2018 EUR 74.37
Goldman Sachs & C 7.00 9/23/2015 EUR 66.19
Goldman Sachs & C 7.00 9/23/2015 EUR 66.19
Goldman Sachs & C 10.00 9/23/2015 EUR 66.60
Goldman Sachs & C 10.00 9/23/2015 EUR 66.60
Goldman Sachs & C 7.00 9/23/2015 EUR 73.62
Goldman Sachs & C 10.00 9/23/2015 EUR 66.54
Goldman Sachs & C 11.00 9/23/2015 EUR 64.36
HSBC Trinkaus & B 7.50 9/25/2015 EUR 66.52
HSBC Trinkaus & B 6.50 9/25/2015 EUR 69.69
Credit Suisse AG/ 7.50 9/25/2015 CHF 74.80
Leonteq Securitie 7.07 9/21/2015 CHF 38.90
DZ Bank AG Deutsc 8.00 9/11/2015 EUR 66.31
HSBC Trinkaus & B 7.00 9/25/2015 EUR 68.78
HSBC Trinkaus & B 7.00 9/25/2015 EUR 67.91
Goldman Sachs & C 8.00 9/23/2015 EUR 66.33
Goldman Sachs & C 8.00 9/23/2015 EUR 71.06
Leonteq Securitie 6.58 3/29/2016 EUR 68.15
DekaBank Deutsche 3.40 6/24/2016 EUR 67.82
Goldman Sachs & C 11.00 9/23/2015 EUR 66.74
Goldman Sachs & C 11.00 9/23/2015 EUR 66.74
Societe Generale 4.00 3/29/2016 EUR 54.08
DZ Bank AG Deutsc 7.00 9/25/2015 EUR 69.12
UBS AG/London 22.50 12/29/2015 EUR 74.14
Raiffeisen Centro 5.60 6/15/2016 EUR 70.19
DZ Bank AG Deutsc 8.00 9/11/2015 EUR 67.54
DZ Bank AG Deutsc 6.75 9/11/2015 EUR 67.41
DZ Bank AG Deutsc 5.25 9/11/2015 EUR 67.61
DZ Bank AG Deutsc 4.90 9/11/2015 EUR 74.76
DZ Bank AG Deutsc 5.80 9/11/2015 EUR 72.38
UniCredit Bank AG 4.00 9/24/2015 EUR 41.27
UniCredit Bank AG 4.00 9/24/2015 EUR 72.26
UniCredit Bank AG 4.00 9/24/2015 EUR 42.19
Deutsche Bank AG 5.20 8/26/2015 EUR 69.10
Deutsche Bank AG 6.20 8/26/2015 EUR 73.20
Deutsche Bank AG 5.20 8/26/2015 EUR 73.10
Deutsche Bank AG 6.20 8/26/2015 EUR 69.10
Deutsche Bank AG 6.20 8/26/2015 EUR 73.30
Deutsche Bank AG 6.20 8/26/2015 EUR 70.60
Deutsche Bank AG 5.20 8/26/2015 EUR 70.50
Deutsche Bank AG 5.20 8/26/2015 EUR 73.20
DZ Bank AG Deutsc 5.50 12/28/2015 EUR 74.07
DZ Bank AG Deutsc 7.30 9/11/2015 EUR 70.31
DekaBank Deutsche 3.20 5/20/2016 EUR 74.54
DZ Bank AG Deutsc 7.50 9/11/2015 EUR 69.09
Vontobel Financia 6.50 9/11/2015 EUR 68.27
Vontobel Financia 8.90 9/11/2015 EUR 64.00
Vontobel Financia 10.45 9/11/2015 EUR 62.74
Vontobel Financia 8.65 9/11/2015 EUR 65.81
Vontobel Financia 6.95 9/11/2015 EUR 69.26
Vontobel Financia 5.35 9/11/2015 EUR 73.13
Vontobel Financia 4.95 9/11/2015 EUR 64.47
Vontobel Financia 7.80 9/11/2015 EUR 64.76
Vontobel Financia 4.55 9/11/2015 EUR 63.92
Leonteq Securitie 6.70 6/6/2016 USD 57.11
Goldman Sachs & C 6.00 12/23/2015 EUR 74.85
Goldman Sachs & C 8.00 12/23/2015 EUR 71.70
Goldman Sachs & C 10.00 12/23/2015 EUR 65.67
Goldman Sachs & C 6.00 12/23/2015 EUR 72.34
Goldman Sachs & C 7.00 12/23/2015 EUR 70.24
Goldman Sachs & C 8.00 12/23/2015 EUR 68.30
Goldman Sachs & C 9.00 12/23/2015 EUR 66.56
DZ Bank AG Deutsc 5.75 9/25/2015 EUR 65.18
Vontobel Financia 6.05 9/25/2015 EUR 64.55
Vontobel Financia 4.40 9/25/2015 EUR 63.77
Vontobel Financia 9.20 9/25/2015 EUR 62.99
Vontobel Financia 5.90 9/25/2015 EUR 69.39
Vontobel Financia 5.85 9/25/2015 EUR 68.44
Deutsche Bank AG 7.20 12/22/2015 EUR 71.40
Deutsche Bank AG 7.20 12/22/2015 EUR 67.90
Deutsche Bank AG 5.20 12/22/2015 EUR 67.10
Deutsche Bank AG 6.20 9/22/2015 EUR 66.00
Deutsche Bank AG 7.20 9/22/2015 EUR 69.70
Deutsche Bank AG 7.20 9/22/2015 EUR 62.90
Deutsche Bank AG 6.20 12/22/2015 EUR 71.10
Deutsche Bank AG 7.20 12/22/2015 EUR 64.70
Deutsche Bank AG 5.20 12/22/2015 EUR 70.70
Deutsche Bank AG 6.20 9/22/2015 EUR 62.70
Deutsche Bank AG 5.20 9/22/2015 EUR 62.60
Deutsche Bank AG 5.20 9/22/2015 EUR 69.40
Deutsche Bank AG 5.20 9/22/2015 EUR 65.80
Deutsche Bank AG 6.20 12/22/2015 EUR 67.50
Deutsche Bank AG 5.20 12/22/2015 EUR 63.90
Deutsche Bank AG 5.20 12/22/2015 EUR 65.10
Deutsche Bank AG 6.20 12/22/2015 EUR 64.30
Deutsche Bank AG 7.20 9/22/2015 EUR 66.10
Deutsche Bank AG 6.20 12/22/2015 EUR 65.50
Deutsche Bank AG 7.20 9/22/2015 EUR 66.30
Deutsche Bank AG 5.20 9/22/2015 EUR 63.90
Deutsche Bank AG 6.20 12/22/2015 EUR 67.70
Deutsche Bank AG 6.20 12/22/2015 EUR 72.50
Deutsche Bank AG 7.20 12/22/2015 EUR 65.90
Deutsche Bank AG 6.20 9/22/2015 EUR 64.00
Deutsche Bank AG 5.20 12/22/2015 EUR 72.10
Deutsche Bank AG 5.20 9/22/2015 EUR 66.00
Deutsche Bank AG 5.20 12/22/2015 EUR 67.30
Deutsche Bank AG 7.20 12/22/2015 EUR 70.40
Deutsche Bank AG 5.20 12/22/2015 EUR 69.60
Deutsche Bank AG 7.20 9/22/2015 EUR 64.20
Deutsche Bank AG 7.20 12/22/2015 EUR 72.90
Deutsche Bank AG 6.20 12/22/2015 EUR 70.00
Deutsche Bank AG 5.20 12/22/2015 EUR 74.80
Deutsche Bank AG 7.20 12/22/2015 EUR 68.10
Deutsche Bank AG 6.20 9/22/2015 EUR 66.20
UBS AG 7.00 12/29/2015 EUR 70.12
UBS AG 9.75 9/25/2015 EUR 59.53
UBS AG 24.25 9/25/2015 EUR 37.17
UBS AG 22.25 12/29/2015 EUR 69.66
UBS AG 21.25 12/29/2015 EUR 73.75
UBS AG 12.00 12/29/2015 EUR 55.45
UBS AG 23.25 9/25/2015 EUR 72.21
UBS AG 22.25 12/29/2015 EUR 64.99
UBS AG 24.75 9/25/2015 EUR 48.88
UBS AG 22.50 9/25/2015 EUR 71.69
UBS AG 19.50 12/29/2015 EUR 71.35
UBS AG 12.50 9/25/2015 EUR 69.29
UBS AG 16.50 9/25/2015 EUR 61.71
UBS AG 23.50 9/25/2015 EUR 48.20
UBS AG 22.75 9/25/2015 EUR 63.84
UBS AG 6.25 12/29/2015 EUR 72.65
UBS AG 14.00 9/25/2015 EUR 70.24
UBS AG 11.00 9/25/2015 EUR 72.30
UBS AG 24.50 9/25/2015 EUR 61.57
UBS AG 21.75 12/29/2015 EUR 66.96
UBS AG 20.00 12/29/2015 EUR 68.77
UBS AG 23.25 12/29/2015 EUR 72.57
UBS AG 17.50 9/25/2015 EUR 45.24
UBS AG 24.25 9/25/2015 EUR 68.49
UBS AG 12.50 12/29/2015 EUR 68.97
UBS AG 9.50 12/29/2015 EUR 61.68
UBS AG 23.00 12/29/2015 EUR 52.91
UBS AG 11.25 12/29/2015 EUR 71.35
Barclays Bank PLC 4.17 1/5/2017 EUR
Bank Julius Baer 7.30 1/19/2016 CHF 63.55
Bank Julius Baer 7.50 1/19/2016 USD 63.20
Credit Suisse AG/ 2.75 1/29/2019 SEK 59.80
UBS AG 24.00 12/29/2015 EUR 61.11
UBS AG 19.25 3/29/2016 EUR 68.40
UBS AG 19.75 6/24/2016 EUR 68.31
UBS AG 18.00 6/24/2016 EUR 70.96
UBS AG 17.50 6/24/2016 EUR 59.38
UBS AG 21.75 3/29/2016 EUR 53.62
UBS AG 24.50 9/25/2015 EUR 65.45
UBS AG 24.50 12/29/2015 EUR 65.85
UBS AG 22.00 12/29/2015 EUR 65.04
UBS AG 19.75 3/29/2016 EUR 69.13
UBS AG 22.50 12/29/2015 EUR 68.86
UBS AG 24.75 9/25/2015 EUR 59.13
UBS AG 23.75 12/29/2015 EUR 48.07
UBS AG 22.25 3/29/2016 EUR 64.56
UBS AG 20.00 12/29/2015 EUR 52.09
UBS AG 24.50 9/25/2015 EUR 72.96
UBS AG 22.75 9/25/2015 EUR 47.14
UBS AG 21.25 3/29/2016 EUR 66.71
UBS AG 8.75 3/29/2016 EUR 73.23
UBS AG 25.00 12/29/2015 EUR 60.00
UBS AG 25.00 9/25/2015 EUR 59.60
UBS AG 23.00 12/29/2015 EUR 55.69
UBS AG 24.25 12/29/2015 EUR 65.85
UBS AG 16.50 6/24/2016 EUR 60.68
UBS AG 21.25 3/29/2016 EUR 65.40
UBS AG 16.75 6/24/2016 EUR 72.93
UBS AG 24.50 12/29/2015 EUR 49.23
UBS AG 13.50 6/24/2016 EUR 64.55
UBS AG 23.50 12/29/2015 EUR 46.53
UBS AG 21.75 12/29/2015 EUR 64.52
UBS AG 18.75 3/29/2016 EUR 71.28
UBS AG 11.50 6/24/2016 EUR 67.66
UBS AG 17.25 6/24/2016 EUR 74.10
UBS AG 21.50 3/29/2016 EUR 70.23
UBS AG 23.75 12/29/2015 EUR 66.47
UBS AG 10.25 6/24/2016 EUR 70.33
UBS AG 13.25 12/29/2015 EUR 56.73
UBS AG 8.75 9/25/2015 EUR 69.64
Deutsche Bank AG 6.20 9/22/2015 EUR 69.60
Goldman Sachs & C 7.00 12/23/2015 EUR 71.31
Goldman Sachs & C 11.00 12/23/2015 EUR 63.13
Goldman Sachs & C 11.00 12/23/2015 EUR 63.25
UBS AG 8.50 6/24/2016 EUR 72.96
UBS AG 9.50 12/29/2015 EUR 59.90
UBS AG 14.75 3/29/2016 EUR 59.41
UBS AG 8.50 12/29/2015 EUR 71.73
UBS AG 7.25 12/29/2015 EUR 71.35
Raiffeisen Centro 9.41 1/20/2016 EUR 70.77
Raiffeisen Centro 8.24 1/20/2016 EUR 68.52
HSBC Trinkaus & B 6.00 12/6/2016 EUR 67.01
DZ Bank AG Deutsc 7.25 9/11/2015 EUR 68.70
HSBC Trinkaus & B 6.00 9/25/2015 EUR 73.64
UBS AG 18.50 12/29/2015 EUR 61.04
UBS AG 20.75 12/29/2015 EUR 57.64
UBS AG 12.25 12/29/2015 EUR 73.35
UBS AG 16.50 9/25/2015 EUR 63.90
UBS AG 13.50 9/25/2015 EUR 70.36
UBS AG 19.75 12/29/2015 EUR 64.76
UBS AG 20.50 12/29/2015 EUR 60.44
UBS AG 19.75 12/29/2015 EUR 59.30
UBS AG 23.00 9/25/2015 EUR 55.30
UBS AG 22.75 12/29/2015 EUR 59.26
UBS AG 13.50 12/29/2015 EUR 70.30
UBS AG 24.25 9/25/2015 EUR 72.08
UBS AG 22.75 12/29/2015 EUR 74.58
UBS AG 9.75 9/25/2015 EUR 69.41
UBS AG 18.00 9/25/2015 EUR 68.01
UBS AG 14.75 9/25/2015 EUR 56.45
UBS AG 10.75 12/29/2015 EUR 71.91
UBS AG 14.75 9/25/2015 EUR 59.18
UBS AG 14.75 6/24/2016 EUR 71.80
UBS AG 13.25 9/25/2015 EUR 51.61
Raiffeisen Centro 7.33 8/21/2015 EUR 60.03
Notenstein Privat 11.00 8/14/2015 CHF 40.96
Leonteq Securitie 13.72 8/14/2015 AUD 56.70
Credit Suisse AG/ 8.75 8/24/2015 CHF 71.24
DZ Bank AG Deutsc 6.25 10/9/2015 EUR 69.82
UBS AG 20.50 6/24/2016 EUR 67.34
UBS AG 16.75 12/23/2016 EUR 74.44
UBS AG 17.00 6/24/2016 EUR 74.58
UBS AG 20.25 3/29/2016 EUR 69.41
UBS AG 24.25 12/29/2015 EUR 61.14
UBS AG 16.00 12/23/2016 EUR 63.20
UBS AG 18.75 6/24/2016 EUR 71.60
UBS AG 22.50 3/29/2016 EUR 63.98
UBS AG 18.25 3/29/2016 EUR 72.77
Notenstein Privat 11.00 8/28/2015 CHF 48.27
Credit Suisse AG/ 7.75 8/28/2015 CHF 71.52
UBS AG 7.25 3/29/2016 EUR 73.64
UBS AG 7.75 6/24/2016 EUR 70.46
Kommunalbanken AS 0.50 2/23/2018 BRL 74.77
Kommunalbanken AS 0.50 2/2/2018 BRL 75.17
e-Kancelaria Grup 9.00 12/23/2015 PLN 2.00
UBS AG 13.83 5/5/2016 USD 7.71
DZ Bank AG Deutsc 5.00 10/23/2015 EUR 65.65
DZ Bank AG Deutsc 8.75 10/23/2015 EUR 60.77
Deutsche Bank AG 4.20 12/22/2015 EUR 60.80
Deutsche Bank AG 5.20 12/22/2015 EUR 61.20
Deutsche Bank AG 4.20 9/22/2015 EUR 59.80
Deutsche Bank AG 4.20 9/22/2015 EUR 63.70
Deutsche Bank AG 5.20 9/22/2015 EUR 59.90
Deutsche Bank AG 4.20 12/22/2015 EUR 64.80
Deutsche Bank AG 4.20 9/22/2015 EUR 65.90
Deutsche Bank AG 4.20 12/22/2015 EUR 66.90
Deutsche Bank AG 5.20 3/22/2016 EUR 68.60
Deutsche Bank AG 6.20 3/22/2016 EUR 69.20
Deutsche Bank AG 5.20 3/22/2016 EUR 66.40
Deutsche Bank AG 6.20 3/22/2016 EUR 67.10
Deutsche Bank AG 5.20 6/21/2016 EUR 67.70
HSBC Trinkaus & B 17.10 9/25/2015 EUR 42.26
HSBC Trinkaus & B 13.40 9/25/2015 EUR 44.90
HSBC Trinkaus & B 11.30 10/23/2015 EUR 47.18
Vontobel Financia 7.25 12/28/2015 EUR 70.58
Vontobel Financia 7.00 10/30/2015 EUR 71.10
Commerzbank AG 8.50 11/26/2015 EUR 69.78
Goldman Sachs & C 21.00 11/25/2015 EUR 65.48
Deutsche Bank AG 5.80 12/23/2015 EUR 73.53
Deutsche Bank AG 5.80 11/25/2015 EUR 73.12
Deutsche Bank AG 5.80 10/21/2015 EUR 72.61
Bank J Safra Sara 11.02 12/30/2015 EUR 72.05
Goldman Sachs Int 1.00 12/5/2017 SEK 13.63
DZ Bank AG Deutsc 6.00 11/27/2015 EUR 70.03
HSBC Trinkaus & B 10.90 8/28/2015 EUR 71.02
HSBC Trinkaus & B 9.50 11/27/2015 EUR 73.26
Commerzbank AG 3.00 12/3/2015 EUR 70.78
Leonteq Securitie 5.70 12/3/2015 USD 66.74
UniCredit Bank AG 4.10 6/24/2016 EUR 72.97
UniCredit Bank AG 4.25 6/24/2016 EUR 70.12
Deutsche Bank AG 5.20 11/25/2015 EUR 71.80
Deutsche Bank AG 5.20 3/22/2016 EUR 73.30
Deutsche Bank AG 6.20 3/22/2016 EUR 73.90
Deutsche Bank AG 5.20 3/22/2016 EUR 70.80
Deutsche Bank AG 5.20 10/21/2015 EUR 74.00
Deutsche Bank AG 6.20 11/25/2015 EUR 74.70
Deutsche Bank AG 6.20 11/25/2015 EUR 72.10
Deutsche Bank AG 5.20 11/25/2015 EUR 69.30
Deutsche Bank AG 6.20 11/25/2015 EUR 69.60
Deutsche Bank AG 5.20 11/25/2015 EUR 74.40
Deutsche Bank AG 6.20 10/21/2015 EUR 74.20
Deutsche Bank AG 6.20 3/22/2016 EUR 71.50
Commerzbank AG 12.00 11/26/2015 EUR 59.20
Commerzbank AG 10.00 9/24/2015 EUR 69.47
Commerzbank AG 8.50 11/26/2015 EUR 70.74
Deutsche Bank AG 7.20 11/25/2015 EUR 72.40
Deutsche Bank AG 7.20 3/22/2016 EUR 74.60
Deutsche Bank AG 7.20 11/25/2015 EUR 69.90
Deutsche Bank AG 7.20 3/22/2016 EUR 72.10
Vontobel Financia 6.00 12/11/2015 EUR 66.19
Vontobel Financia 4.55 9/11/2015 EUR 65.62
Zurcher Kantonalb 7.80 12/11/2015 CHF 70.43
Vontobel Financia 5.60 12/11/2015 EUR 74.82
Vontobel Financia 6.00 9/11/2015 EUR 73.43
DZ Bank AG Deutsc 7.00 6/24/2016 EUR 68.36
Zurcher Kantonalb 9.00 12/16/2015 EUR 71.52
Commerzbank AG 7.50 11/26/2015 EUR 68.62
Commerzbank AG 5.75 11/26/2015 EUR 74.44
Commerzbank AG 7.75 11/26/2015 EUR 71.25
Commerzbank AG 10.00 11/26/2015 EUR 68.50
Commerzbank AG 10.25 11/26/2015 EUR 67.16
Commerzbank AG 13.25 11/26/2015 EUR 63.38
Goldman Sachs & C 6.00 1/20/2016 EUR 68.00
Goldman Sachs & C 6.00 1/20/2016 EUR 68.00
Goldman Sachs & C 8.00 1/20/2016 EUR 68.93
Goldman Sachs & C 10.00 1/20/2016 EUR 69.85
Goldman Sachs & C 10.00 1/20/2016 EUR 69.85
Goldman Sachs & C 10.00 1/20/2016 EUR 69.85
Goldman Sachs & C 6.00 6/22/2016 EUR 68.26
Goldman Sachs & C 5.00 6/22/2016 EUR 73.13
Goldman Sachs & C 8.00 6/22/2016 EUR 70.02
Goldman Sachs & C 7.00 6/22/2016 EUR 69.14
Goldman Sachs & C 10.00 6/22/2016 EUR 71.78
Goldman Sachs & C 20.00 9/23/2015 EUR 73.44
Goldman Sachs & C 25.00 9/23/2015 EUR 70.20
Goldman Sachs & C 23.00 10/21/2015 EUR 71.75
Goldman Sachs & C 20.00 12/23/2015 EUR 74.56
Goldman Sachs & C 22.00 12/23/2015 EUR 60.91
Goldman Sachs & C 10.00 1/20/2016 EUR 69.90
Goldman Sachs & C 15.00 1/20/2016 EUR 65.96
Goldman Sachs & C 18.00 1/20/2016 EUR 63.86
Goldman Sachs & C 21.00 1/20/2016 EUR 62.15
Goldman Sachs & C 10.00 6/22/2016 EUR 72.00
Goldman Sachs & C 15.00 6/22/2016 EUR 67.08
Goldman Sachs & C 17.00 6/22/2016 EUR 65.85
Deutsche Bank AG 4.20 9/22/2015 EUR 73.40
Deutsche Bank AG 4.20 11/25/2015 EUR 74.10
Deutsche Bank AG 4.20 12/22/2015 EUR 74.40
Deutsche Bank AG 3.20 3/22/2016 EUR 74.60
Deutsche Bank AG 3.20 6/22/2016 EUR 72.90
Deutsche Bank AG 4.20 6/22/2016 EUR 73.80
Deutsche Bank AG 4.20 10/21/2015 EUR 73.70
Deutsche Bank AG 6.20 11/25/2015 EUR 67.30
Deutsche Bank AG 7.20 11/25/2015 EUR 67.60
Deutsche Bank AG 7.20 3/22/2016 EUR 69.80
Deutsche Bank AG 7.20 6/22/2016 EUR 69.50
Deutsche Bank AG 5.20 6/22/2016 EUR 74.70
Deutsche Bank AG 5.20 6/22/2016 EUR 72.20
Deutsche Bank AG 5.20 6/22/2016 EUR 69.90
Leonteq Securitie 11.00 12/15/2015 USD 55.78
Bank J Safra Sara 5.75 12/17/2015 CHF 66.36
Goldman Sachs & C 7.00 1/20/2016 EUR 70.78
DZ Bank AG Deutsc 8.75 12/28/2015 EUR 68.19
DZ Bank AG Deutsc 9.20 11/25/2015 EUR 67.44
Deutsche Bank AG 8.20 12/22/2015 EUR 73.30
Deutsche Bank AG 8.20 6/22/2016 EUR 74.90
HSBC Trinkaus & B 6.30 9/25/2015 EUR 72.30
HSBC Trinkaus & B 10.40 12/28/2015 EUR 66.57
HSBC Trinkaus & B 6.60 12/28/2015 EUR 72.51
HSBC Trinkaus & B 13.20 11/27/2015 EUR 63.50
HSBC Trinkaus & B 7.30 9/25/2015 EUR 74.03
Zurcher Kantonalb 5.60 11/18/2015 USD 66.50
Leonteq Securitie 11.00 12/4/2015 USD 70.86
Bank Julius Baer 7.90 11/20/2015 USD 44.10
Notenstein Privat 8.50 11/28/2016 CHF 48.93
Notenstein Privat 8.20 5/27/2016 CHF 55.20
Leonteq Securitie 6.00 11/28/2016 CHF 66.45
UniCredit Bank AG 4.25 12/24/2015 EUR 73.08
UniCredit Bank AG 4.20 12/24/2015 EUR 74.43
UniCredit Bank AG 4.50 12/24/2015 EUR 68.22
UniCredit Bank AG 4.45 12/24/2015 EUR 69.38
UniCredit Bank AG 4.40 12/24/2015 EUR 70.59
UniCredit Bank AG 4.30 12/24/2015 EUR 71.81
Goldman Sachs & C 25.00 8/26/2015 EUR 60.26
Leonteq Securitie 10.80 11/24/2015 CHF 69.93
DZ Bank AG Deutsc 10.25 11/27/2015 EUR 71.57
Commerzbank AG 11.25 11/26/2015 EUR 65.48
Commerzbank AG 14.25 11/26/2015 EUR 61.96
Zurcher Kantonalb 5.25 12/4/2015 CHF 69.07
UBS AG/London 11.50 11/26/2015 CHF 55.85
UBS AG/London 10.75 11/26/2015 CHF 55.61
Bank Julius Baer 6.50 12/4/2015 EUR 68.65
Goldman Sachs & C 19.00 9/23/2015 EUR 61.51
Goldman Sachs & C 25.00 8/26/2015 EUR 56.77
Goldman Sachs & C 24.00 9/23/2015 EUR 58.71
Goldman Sachs & C 18.00 10/21/2015 EUR 62.79
Goldman Sachs & C 22.00 10/21/2015 EUR 60.16
Goldman Sachs & C 13.00 12/23/2015 EUR 68.11
Goldman Sachs & C 20.00 11/25/2015 EUR 61.68
Goldman Sachs & C 19.00 12/23/2015 EUR 62.85
Goldman Sachs & C 16.00 3/23/2016 EUR 65.75
Commerzbank AG 7.00 10/22/2015 EUR 62.78
BNP Paribas Emiss 13.00 12/24/2015 EUR 57.95
BNP Paribas Emiss 7.00 9/24/2015 EUR 66.19
BNP Paribas Emiss 9.00 9/24/2015 EUR 66.47
BNP Paribas Emiss 14.00 9/24/2015 EUR 67.15
BNP Paribas Emiss 7.00 12/24/2015 EUR 67.95
BNP Paribas Emiss 8.00 12/24/2015 EUR 68.34
BNP Paribas Emiss 10.00 12/24/2015 EUR 69.11
BNP Paribas Emiss 9.00 1/21/2016 EUR 70.26
BNP Paribas Emiss 8.50 12/24/2015 EUR 73.54
BNP Paribas Emiss 9.00 12/24/2015 EUR 71.25
BNP Paribas Emiss 11.00 12/24/2015 EUR 69.70
BNP Paribas Emiss 12.00 12/24/2015 EUR 67.92
BNP Paribas Emiss 7.50 6/23/2016 EUR 74.32
BNP Paribas Emiss 9.50 6/23/2016 EUR 71.58
Vontobel Financia 8.00 11/27/2015 EUR 71.15
Vontobel Financia 8.55 12/28/2015 EUR 71.10
Vontobel Financia 10.25 9/25/2015 EUR 69.07
DZ Bank AG Deutsc 5.25 11/27/2015 EUR 72.14
Commerzbank AG 5.75 9/24/2015 EUR 72.67
Commerzbank AG 6.75 9/24/2015 EUR 70.84
Commerzbank AG 7.75 9/24/2015 EUR 69.14
Commerzbank AG 9.50 9/24/2015 EUR 55.60
Commerzbank AG 11.50 9/24/2015 EUR 53.02
Commerzbank AG 13.75 9/24/2015 EUR 50.76
BNP Paribas Emiss 9.00 1/21/2016 EUR 57.07
Leonteq Securitie 8.04 4/21/2016 USD 62.23
Goldman Sachs & C 6.00 11/25/2015 EUR 67.11
Goldman Sachs & C 7.00 11/25/2015 EUR 67.42
Goldman Sachs & C 10.00 11/25/2015 EUR 68.34
Goldman Sachs & C 12.00 11/25/2015 EUR 66.78
Leonteq Securitie 12.40 4/27/2016 CHF 53.72
Leonteq Securitie 10.40 4/27/2016 CHF 45.57
Bank Julius Baer 11.00 10/14/2015 CHF 44.50
UBS AG/London 7.50 10/15/2015 CHF 45.77
Commerzbank AG 8.50 10/22/2015 EUR 73.82
Commerzbank AG 9.50 10/22/2015 EUR 72.19
Commerzbank AG 10.50 10/22/2015 EUR 70.64
Leonteq Securitie 8.25 11/6/2015 EUR 69.66
UniCredit Bank AG 5.00 11/26/2015 EUR 70.45
UniCredit Bank AG 5.50 11/26/2015 EUR 68.20
UniCredit Bank AG 4.65 11/26/2015 EUR 72.94
UniCredit Bank AG 4.75 11/26/2015 EUR 72.29
UniCredit Bank AG 4.85 11/26/2015 EUR 71.67
UniCredit Bank AG 4.50 11/26/2015 EUR 73.57
UniCredit Bank AG 4.25 11/26/2015 EUR 74.16
UniCredit Bank AG 5.25 11/26/2015 EUR 69.30
UniCredit Bank AG 4.10 11/26/2015 EUR 74.81
Credit Suisse AG/ 8.00 10/29/2015 CHF 63.59
DZ Bank AG Deutsc 8.75 10/23/2015 EUR 71.95
DZ Bank AG Deutsc 7.00 10/23/2015 EUR 57.49
Bank Julius Baer 14.20 10/28/2015 CHF 49.05
HSBC Trinkaus & B 8.70 12/28/2015 EUR 73.71
HSBC Trinkaus & B 9.50 10/23/2015 EUR 72.36
HSBC Trinkaus & B 11.60 10/23/2015 EUR 53.62
UBS AG/London 5.50 10/29/2015 USD 60.77
HSBC Trinkaus & B 11.90 9/25/2015 EUR 69.49
HSBC Trinkaus & B 17.00 12/28/2015 EUR 51.42
HSBC Trinkaus & B 11.90 12/28/2015 EUR 55.67
HSBC Trinkaus & B 8.70 12/28/2015 EUR 59.61
Notenstein Financ 12.00 11/3/2015 USD 63.51
Goldman Sachs & C 8.00 3/23/2016 EUR 74.96
Goldman Sachs & C 9.00 9/23/2015 EUR 71.30
Goldman Sachs & C 11.00 11/25/2015 EUR 73.47
Goldman Sachs & C 11.00 11/25/2015 EUR 73.47
Goldman Sachs & C 11.00 11/25/2015 EUR 73.47
Goldman Sachs & C 10.00 9/23/2015 EUR 74.03
Goldman Sachs & C 10.00 10/21/2015 EUR 74.83
Bank Julius Baer 13.70 11/11/2015 CHF 53.10
UBS AG/London 12.35 11/3/2015 CHF 49.95
UBS AG/London 8.48 11/3/2015 CHF 49.10
Vontobel Financia 9.70 9/25/2015 EUR 71.50
Commerzbank AG 12.75 10/22/2015 EUR 67.85
Commerzbank AG 7.00 9/24/2015 EUR 57.43
UBS AG/London 11.25 9/25/2015 EUR 64.65
UBS AG/London 14.50 12/29/2015 EUR 65.00
UBS AG/London 13.25 12/29/2015 EUR 68.42
UBS AG/London 10.25 12/29/2015 EUR 67.20
Bank Julius Baer 9.75 11/13/2015 USD 56.35
Bank Julius Baer 10.20 11/13/2015 USD 65.40
Leonteq Securitie 9.40 11/17/2015 CHF 65.53
Goldman Sachs & C 9.00 8/26/2015 EUR 68.12
Vontobel Financia 9.00 11/27/2015 EUR 70.49
Goldman Sachs & C 10.00 8/26/2015 EUR 73.16
DZ Bank AG Deutsc 11.00 10/23/2015 EUR 58.22
UBS AG/London 6.50 11/5/2015 USD 59.61
Lehman Brothers T 2.30 4/28/2014 JPY 4.80
Lehman Brothers T 4.00 2/28/2010 EUR 4.80
Lehman Brothers T 4.10 5/20/2009 USD 4.80
Lehman Brothers T 2.00 5/17/2010 EUR 4.80
Province of Trevi 0.28 12/31/2034 EUR 68.35
Lehman Brothers T 3.82 10/20/2009 USD 4.80
LBI HF 2.22 10/15/2019 JPY 8.50
Lehman Brothers T 2.75 10/28/2009 EUR 4.80
Lehman Brothers T 5.00 12/6/2011 EUR 4.80
LBI HF 1.68 12/22/2014 JPY 8.50
LBI HF 2.14 2/3/2020 JPY 8.50
Glitnir HF 5.35 5/11/2010 USD 27.25
Landeskreditbank 0.50 5/10/2027 CAD 76.34
Glitnir HF 3.00 11/30/2009 EUR 27.25
Lehman Brothers T 4.50 3/7/2015 EUR 4.80
Lehman Brothers T 4.50 12/30/2010 USD 4.80
Lehman Brothers T 7.00 7/11/2010 EUR 4.80
Glitnir HF 4.01 7/6/2009 HKD 27.25
Lehman Brothers T 5.00 8/1/2025 EUR 4.80
Lehman Brothers T 6.00 7/28/2010 EUR 4.80
Lehman Brothers T 6.00 7/28/2010 EUR 4.80
Lehman Brothers T 7.50 8/1/2035 EUR 4.80
Lehman Brothers T 4.90 7/28/2020 EUR 4.80
Glitnir HF 0.01 8/3/2009 JPY 27.25
Lehman Brothers T 4.15 8/25/2020 EUR 4.80
Glitnir HF 3.30 8/22/2012 EUR 27.25
Lehman Brothers T 6.00 12/6/2016 USD 4.80
Glitnir HF 6.75 3/27/2013 EUR 27.25
Lehman Brothers T 6.50 5/16/2015 EUR 4.80
Lehman Brothers T 3.00 8/8/2017 EUR 4.80
Lehman Brothers T 6.00 3/17/2011 EUR 4.80
Lehman Brothers T 4.70 3/23/2016 EUR 4.80
Lehman Brothers T 4.70 3/23/2016 EUR 4.80
Lehman Brothers T 8.00 4/20/2009 EUR 4.80
Glitnir HF 3.63 4/5/2009 EUR 27.25
Lehman Brothers T 2.00 11/16/2009 EUR 4.80
Lehman Brothers T 3.70 6/6/2009 EUR 4.80
UBS AG 13.07 3/18/2016 USD 31.66
LBI HF 3.11 11/10/2008 EUR 8.50
Kvinesdal Spareba 2.79 NOK 76.47
Gjerstad Spareban 2.72 NOK 74.94
Lehman Brothers T 10.00 1/4/2010 USD 4.80
Kaupthing Bank Hf 7.90 4/28/2016 EUR 21.63
Municipality Fina 0.50 2/22/2019 IDR 70.04
Societe Generale 0.50 6/12/2023 RUB 41.99
Leasing-Experts S 9.00 6/5/2016 PLN 69.89
BNP Paribas SA 0.50 9/29/2029 AUD 59.31
TransFin-M PAO 10.50 9/17/2019 RUB 60.01
HSBC Bank PLC 0.50 6/28/2019 IDR 68.19
Agentstvo po Ipot 11.27 11/1/2032 RUB 60.01
UBS AG/London 19.75 9/25/2015 EUR 74.02
Deutsche Bank AG 4.20 1/19/2016 EUR 74.60
Deutsche Bank AG 4.20 2/23/2016 EUR 75.00
Deutsche Bank AG 7.20 10/21/2015 EUR 74.40
Goldman Sachs & C 19.00 9/23/2015 EUR 70.11
Goldman Sachs & C 20.00 10/21/2015 EUR 69.49
Goldman Sachs & C 24.00 9/23/2015 EUR 66.14
Goldman Sachs & C 22.00 10/21/2015 EUR 67.74
Goldman Sachs & C 18.00 11/25/2015 EUR 70.77
Goldman Sachs & C 23.00 12/23/2015 EUR 67.88
Goldman Sachs & C 19.00 12/23/2015 EUR 70.42
Goldman Sachs & C 15.00 1/20/2016 EUR 74.47
Goldman Sachs & C 18.00 1/20/2016 EUR 71.42
Goldman Sachs & C 19.00 3/23/2016 EUR 71.12
Goldman Sachs & C 22.00 1/20/2016 EUR 69.19
Goldman Sachs & C 18.00 6/22/2016 EUR 73.07
Goldman Sachs & C 15.00 6/22/2016 EUR 74.20
DZ Bank AG Deutsc 14.50 8/28/2015 EUR 60.20
DZ Bank AG Deutsc 13.50 8/28/2015 EUR 63.78
DZ Bank AG Deutsc 14.00 8/28/2015 EUR 74.96
UBS AG/London 15.00 8/26/2015 EUR 72.69
DZ Bank AG Deutsc 8.80 12/23/2015 EUR 67.15
Commerzbank AG 10.75 12/24/2015 EUR 65.28
Commerzbank AG 14.75 12/24/2015 EUR 60.92
Commerzbank AG 8.25 12/24/2015 EUR 71.94
UBS AG/London 11.75 6/24/2016 EUR 68.56
UBS AG/London 16.50 3/29/2016 EUR 64.06
UBS AG/London 10.25 6/24/2016 EUR 70.14
UBS AG/London 9.00 6/24/2016 EUR 72.16
UBS AG/London 7.50 6/24/2016 EUR 74.17
DZ Bank AG Deutsc 8.25 12/28/2015 EUR 59.33
DZ Bank AG Deutsc 8.00 1/22/2016 EUR 66.68
Goldman Sachs & C 24.00 9/23/2015 EUR 73.25
Goldman Sachs & C 25.00 10/21/2015 EUR 72.84
Goldman Sachs & C 25.00 11/25/2015 EUR 72.93
Goldman Sachs & C 24.00 12/23/2015 EUR 74.47
UBS AG/London 6.75 12/28/2015 CHF 72.25
Bank Julius Baer 12.80 1/29/2016 USD 49.75
Societe Generale 5.10 9/5/2017 EUR 61.61
Commerzbank AG 14.75 1/21/2016 EUR 72.69
Commerzbank AG 10.25 1/21/2016 EUR 70.52
Commerzbank AG 7.25 1/21/2016 EUR 74.27
DZ Bank AG Deutsc 7.25 9/23/2015 EUR 68.04
DZ Bank AG Deutsc 10.50 9/23/2015 EUR 68.49
BNP Paribas Emiss 19.00 9/24/2015 EUR 74.67
Commerzbank AG 14.50 10/22/2015 EUR 69.72
Commerzbank AG 13.50 1/21/2016 EUR 71.48
Commerzbank AG 8.50 12/24/2015 EUR 73.40
Commerzbank AG 11.25 12/24/2015 EUR 69.34
Commerzbank AG 14.25 12/24/2015 EUR 65.85
UBS AG/London 13.00 3/29/2016 EUR 67.17
UBS AG/London 14.75 3/29/2016 EUR 65.50
UBS AG/London 11.00 3/29/2016 EUR 68.91
UBS AG/London 9.25 3/29/2016 EUR 71.06
UBS AG/London 8.00 3/29/2016 EUR 73.79
UBS AG/London 14.75 6/24/2016 EUR 66.04
Commerzbank AG 8.25 10/22/2015 EUR 74.73
Commerzbank AG 9.25 10/22/2015 EUR 73.06
Commerzbank AG 10.50 10/22/2015 EUR 71.56
DZ Bank AG Deutsc 7.75 11/27/2015 EUR 68.70
DZ Bank AG Deutsc 7.50 11/27/2015 EUR 64.91
DZ Bank AG Deutsc 9.75 11/27/2015 EUR 73.25
Banque Cantonale 17.75 11/17/2015 CHF 48.50
Societe Generale 17.60 11/17/2015 EUR 49.70
Commerzbank AG 7.75 10/22/2015 EUR 69.54
Commerzbank AG 9.50 10/22/2015 EUR 66.19
Commerzbank AG 11.50 10/22/2015 EUR 63.21
Commerzbank AG 13.75 10/22/2015 EUR 60.67
Commerzbank AG 15.75 10/22/2015 EUR 58.29
UBS AG/London 11.75 11/12/2015 CHF 49.02
Vontobel Financia 8.00 12/4/2015 EUR 74.33
HSBC Trinkaus & B 14.70 12/28/2015 EUR 64.98
HSBC Trinkaus & B 8.00 3/25/2016 EUR 72.72
HSBC Trinkaus & B 9.20 11/27/2015 EUR 70.66
HSBC Trinkaus & B 6.60 9/25/2015 EUR 67.98
HSBC Trinkaus & B 17.50 12/28/2015 EUR 55.64
HSBC Trinkaus & B 13.70 12/28/2015 EUR 58.88
HSBC Trinkaus & B 10.00 12/28/2015 EUR 63.12
HSBC Trinkaus & B 6.60 12/28/2015 EUR 68.62
HSBC Trinkaus & B 13.90 8/28/2015 EUR 57.56
HSBC Trinkaus & B 12.40 11/27/2015 EUR 60.00
Leonteq Securitie 12.40 2/3/2016 CHF 42.68
Vontobel Financia 10.15 9/25/2015 EUR 74.76
Notenstein Privat 10.00 4/29/2016 CHF 57.94
Goldman Sachs & C 14.00 8/26/2015 EUR 73.62
Goldman Sachs & C 13.00 9/23/2015 EUR 74.54
Goldman Sachs & C 13.00 9/23/2015 EUR 74.54
Goldman Sachs & C 10.00 10/21/2015 EUR 74.91
Goldman Sachs & C 14.00 8/26/2015 EUR 73.40
Goldman Sachs & C 16.00 8/26/2015 EUR 70.82
Goldman Sachs & C 15.00 9/23/2015 EUR 72.02
Goldman Sachs & C 14.00 10/21/2015 EUR 72.99
Goldman Sachs & C 13.00 11/25/2015 EUR 74.04
Commerzbank AG 8.50 10/22/2015 EUR 71.81
DZ Bank AG Deutsc 7.75 11/27/2015 EUR 60.87
Leonteq Securitie 9.07 5/3/2016 GBP 61.11
Zurcher Kantonalb 7.00 11/3/2015 EUR 74.35
UBS AG/London 9.06 10/23/2015 CHF 49.85
UBS AG/London 12.88 10/23/2015 CHF 50.80
UBS AG/London 7.54 10/23/2015 CHF 68.65
DZ Bank AG Deutsc 8.75 9/25/2015 EUR 73.18
DZ Bank AG Deutsc 8.75 11/27/2015 EUR 74.90
Notenstein Financ 7.00 10/23/2015 USD 44.23
Commerzbank AG 8.00 10/22/2015 EUR 74.27
Leonteq Securitie 3.00 9/19/2019 CHF 72.38
Zurcher Kantonalb 5.75 11/6/2015 CHF 66.24
Leonteq Securitie 10.00 11/10/2015 CHF 64.83
Lehman Brothers T 4.20 12/3/2008 HKD 16.25
Immigon Portfolio 1.55 5/18/2020 EUR 50.63
Immigon Portfolio 1.55 5/18/2020 EUR 50.63
e-Kancelaria Grup 10.00 10/23/2015 PLN 60.00
Lehman Brothers T 2.40 6/20/2011 JPY 4.80
Lehman Brothers T 1.60 6/21/2010 JPY 4.80
UBS AG 13.75 9/25/2015 EUR 68.68
UBS AG 23.25 9/25/2015 EUR 73.72
UBS AG 14.50 9/25/2015 EUR 72.52
UBS AG 7.25 12/29/2015 EUR 68.92
UBS AG 6.50 12/29/2015 EUR 72.47
UBS AG 16.00 9/25/2015 EUR 46.89
UBS AG 22.75 12/29/2015 EUR 40.63
UBS AG 23.75 9/25/2015 EUR 36.73
UBS AG 24.50 9/25/2015 EUR 52.82
UBS AG 7.50 9/25/2015 EUR 68.01
UBS AG 10.00 12/29/2015 EUR 60.22
UBS AG 8.25 12/29/2015 EUR 65.77
UBS AG 24.75 9/25/2015 EUR 68.80
UBS AG 19.25 9/25/2015 EUR 72.32
UBS AG 20.25 9/25/2015 EUR 41.06
UBS AG 23.25 9/25/2015 EUR 68.54
UBS AG 22.50 9/25/2015 EUR 56.10
UBS AG 12.75 12/29/2015 EUR 53.82
UBS AG 6.50 9/25/2015 EUR 72.21
UBS AG 19.75 12/29/2015 EUR 43.65
UBS AG 20.50 12/29/2015 EUR 65.32
UBS AG 18.25 9/25/2015 EUR 69.10
UBS AG 23.50 9/25/2015 EUR 64.00
UBS AG 20.00 9/25/2015 EUR 65.83
UBS AG 24.75 9/25/2015 EUR 57.84
UBS AG 24.75 9/25/2015 EUR 61.28
UBS AG 23.25 9/25/2015 EUR 60.24
Landesbank Berlin 6.00 11/27/2015 EUR 68.70
Lehman Brothers T 3.63 3/2/2012 EUR 4.80
LBI HF 4.08 3/16/2015 EUR 8.50
Lehman Brothers T 0.75 3/29/2012 EUR 4.80
Lehman Brothers T 5.00 9/1/2011 EUR 4.80
Lehman Brothers T 3.00 8/15/2017 EUR 4.80
Lehman Brothers T 3.50 9/19/2017 EUR 4.80
LBI HF 7.20 4/27/2026 EUR 0.01
Lehman Brothers T 8.50 7/6/2009 CHF 4.80
Lehman Brothers T 7.50 9/13/2009 CHF 4.80
LBI HF 4.40 11/30/2035 EUR 0.01
Lehman Brothers T 5.10 6/22/2046 EUR 4.80
e-Kancelaria Grup 10.00 6/27/2016 PLN 1.55
Republika Srpska 1.50 12/22/2023 BAM 72.54
Lehman Brothers T 6.70 4/21/2011 USD 4.80
Lehman Brothers T 3.00 9/12/2036 JPY 19.00
Lehman Brothers T 16.80 8/21/2009 USD 4.80
Lehman Brothers T 14.10 11/12/2008 USD 4.80
Lehman Brothers T 5.25 7/8/2014 EUR 4.80
Lehman Brothers T 4.00 8/11/2010 USD 19.00
Lehman Brothers T 6.72 12/29/2008 EUR 4.80
Lehman Brothers T 7.06 12/29/2008 EUR 4.80
Lehman Brothers T 7.63 7/22/2011 HKD 4.80
KPNQwest NV 7.13 6/1/2009 EUR 0.50
KPNQwest NV 7.13 6/1/2009 EUR 0.50
Housing Financing 2.70 1/1/2020 ISK 69.09
HSBC Trinkaus & B 19.00 9/25/2015 EUR 69.33
HSBC Trinkaus & B 14.80 12/28/2015 EUR 72.46
HSBC Trinkaus & B 12.60 3/25/2016 EUR 74.27
HSBC Trinkaus & B 19.60 9/25/2015 EUR 72.26
UBS AG/London 6.50 6/10/2016 USD 65.28
EFG International 11.12 12/12/2016 USD 72.44
DZ Bank AG Deutsc 7.00 2/26/2016 EUR 68.68
Leonteq Securitie 9.00 2/16/2016 EUR 70.37
Vontobel Financia 7.95 12/28/2015 EUR 71.87
Lehman Brothers T 4.50 8/2/2009 USD 4.80
Glitnir HF 6.33 7/28/2011 USD 27.25
Glitnir HF 5.86 7/28/2016 GBP 27.25
Glitnir HF 6.31 7/28/2011 USD 27.25
Glitnir HF 6.31 7/28/2011 USD 27.25
Kommunalbanken AS 0.50 8/15/2018 BRL 72.33
Mortgage Agent AH 10.50 6/13/2047 RUB 60.06
HSBC Bank PLC 0.50 7/30/2027 NZD 58.17
Lehman Brothers T 0.50 2/16/2009 EUR 4.80
Lehman Brothers T 4.25 3/13/2021 EUR 4.80
Glitnir HF 4.85 4/6/2012 EUR 27.25
Kaupthing Bank Hf 5.40 3/22/2014 ISK 0.00
Vontobel Financia 6.80 9/25/2015 EUR 61.31
DZ Bank AG Deutsc 10.25 9/25/2015 EUR 67.35
Goldman Sachs & C 5.00 10/21/2015 EUR 73.77
Goldman Sachs & C 6.00 10/21/2015 EUR 71.29
Goldman Sachs & C 10.00 10/21/2015 EUR 65.17
Goldman Sachs & C 13.00 10/21/2015 EUR 61.73
Goldman Sachs & C 6.00 3/23/2016 EUR 73.79
Goldman Sachs & C 8.00 3/23/2016 EUR 70.37
Goldman Sachs & C 8.00 3/23/2016 EUR 68.22
Goldman Sachs & C 10.00 3/23/2016 EUR 65.43
Commerzbank AG 8.50 8/27/2015 EUR 64.80
Vontobel Financia 5.00 5/6/2016 EUR 71.60
Goldman Sachs & C 6.00 9/23/2015 EUR 66.05
Goldman Sachs & C 6.00 9/23/2015 EUR 73.47
Goldman Sachs & C 7.00 9/23/2015 EUR 69.58
Goldman Sachs & C 10.00 9/23/2015 EUR 63.11
Goldman Sachs & C 11.00 9/23/2015 EUR 60.31
Deutsche Bank AG 6.20 6/21/2016 EUR 68.60
Deutsche Bank AG 5.20 6/21/2016 EUR 65.60
Deutsche Bank AG 6.20 6/21/2016 EUR 66.50
Deutsche Bank AG 6.20 9/22/2015 EUR 60.10
Deutsche Bank AG 6.20 12/22/2015 EUR 61.60
Commerzbank AG 5.00 9/24/2015 EUR 66.85
Commerzbank AG 6.00 9/24/2015 EUR 65.21
Commerzbank AG 7.00 9/24/2015 EUR 63.64
Commerzbank AG 8.25 9/24/2015 EUR 62.22
Commerzbank AG 9.25 9/24/2015 EUR 60.84
Commerzbank AG 7.50 9/24/2015 EUR 62.01
Commerzbank AG 9.25 9/24/2015 EUR 59.06
Commerzbank AG 11.25 9/24/2015 EUR 56.45
Commerzbank AG 9.50 9/24/2015 EUR 72.26
Commerzbank AG 23.75 9/24/2015 EUR 71.03
Commerzbank AG 26.75 9/24/2015 EUR 64.79
UniCredit Bank AG 4.00 12/28/2015 EUR 61.30
Notenstein Financ 8.68 4/1/2016 USD 41.20
Bank Julius Baer 8.25 10/9/2015 USD 47.40
Bank Julius Baer 10.50 10/9/2015 USD 61.75
UniCredit Bank AG 4.00 10/22/2015 EUR 68.52
UniCredit Bank AG 4.20 10/22/2015 EUR 67.39
UniCredit Bank AG 4.80 10/22/2015 EUR 63.18
UniCredit Bank AG 5.00 10/22/2015 EUR 62.21
UniCredit Bank AG 4.60 10/22/2015 EUR 64.16
UniCredit Bank AG 4.50 10/22/2015 EUR 65.21
UniCredit Bank AG 5.20 10/22/2015 EUR 60.36
UniCredit Bank AG 4.40 10/22/2015 EUR 66.29
Bank Julius Baer 10.60 10/9/2015 USD 52.50
Leonteq Securitie 13.40 1/14/2016 CHF 71.10
Zurcher Kantonalb 7.02 10/9/2015 CHF 51.51
Goldman Sachs & C 8.00 9/23/2015 EUR 60.20
Vontobel Financia 7.05 10/23/2015 EUR 64.68
Vontobel Financia 4.75 10/23/2015 EUR 68.69
Leonteq Securitie 5.20 10/6/2015 USD 74.58
Leonteq Securitie 13.60 1/6/2016 CHF 48.46
Vontobel Financia 4.10 12/11/2015 EUR 71.62
Vontobel Financia 4.05 3/11/2016 EUR 72.61
Vontobel Financia 3.30 3/11/2016 EUR 74.78
Vontobel Financia 27.95 9/25/2015 EUR 66.19
DZ Bank AG Deutsc 5.60 10/7/2015 EUR 52.66
Credit Suisse AG/ 8.38 10/15/2015 USD 69.57
Leonteq Securitie 9.00 4/8/2016 USD 8.32
Deutsche Bank AG 3.20 9/22/2015 EUR 73.30
Deutsche Bank AG 3.20 9/22/2015 EUR 70.60
Deutsche Bank AG 3.20 9/22/2015 EUR 68.10
Deutsche Bank AG 3.20 9/22/2015 EUR 65.70
Deutsche Bank AG 3.20 12/22/2015 EUR 74.00
Deutsche Bank AG 3.20 12/22/2015 EUR 71.30
Deutsche Bank AG 3.20 12/22/2015 EUR 68.90
Deutsche Bank AG 3.20 12/22/2015 EUR 66.50
Deutsche Bank AG 3.20 8/26/2015 EUR 73.10
Deutsche Bank AG 3.20 8/26/2015 EUR 70.40
Deutsche Bank AG 3.20 10/21/2015 EUR 73.50
Deutsche Bank AG 3.20 10/21/2015 EUR 70.80
Deutsche Bank AG 3.20 11/25/2015 EUR 73.80
Deutsche Bank AG 3.20 11/25/2015 EUR 71.10
Deutsche Bank AG 10.00 8/26/2015 EUR 59.90
Deutsche Bank AG 10.00 9/22/2015 EUR 60.60
Deutsche Bank AG 10.00 10/21/2015 EUR 61.40
Deutsche Bank AG 10.00 11/25/2015 EUR 62.40
Deutsche Bank AG 10.00 12/22/2015 EUR 63.10
Leonteq Securitie 9.00 10/20/2015 CHF 49.88
BNP Paribas Emiss 7.25 10/22/2015 EUR 64.19
BNP Paribas Emiss 7.00 1/21/2016 EUR 64.80
Zurcher Kantonalb 4.50 9/25/2015 CHF 63.57
Leonteq Securitie 10.00 9/17/2015 USD 42.58
Bank Julius Baer 8.10 9/25/2015 USD 55.00
Bank Julius Baer 8.25 9/18/2015 CHF 37.40
Goldman Sachs & C 11.00 3/23/2016 EUR 62.58
Goldman Sachs & C 11.00 9/23/2015 EUR 60.61
Goldman Sachs & C 11.00 9/23/2015 EUR 60.61
Goldman Sachs & C 11.00 9/23/2015 EUR 60.61
Goldman Sachs & C 11.00 10/21/2015 EUR 61.47
Goldman Sachs & C 11.00 10/21/2015 EUR 61.47
Goldman Sachs & C 9.00 3/23/2016 EUR 64.82
Goldman Sachs & C 9.00 3/23/2016 EUR 64.82
Goldman Sachs & C 9.00 3/23/2016 EUR 64.82
Notenstein Privat 5.50 9/26/2016 CHF 66.52
Notenstein Privat 5.00 9/26/2016 CHF 67.71
DZ Bank AG Deutsc 5.60 3/30/2017 EUR 66.45
Leonteq Securitie 20.00 12/29/2015 CHF 37.29
Leonteq Securitie 5.05 9/22/2015 CHF 60.67
Vontobel Financia 8.00 12/28/2015 EUR 63.44
DZ Bank AG Deutsc 10.25 9/25/2015 EUR 66.54
DZ Bank AG Deutsc 6.25 9/25/2015 EUR 57.97
DZ Bank AG Deutsc 5.75 9/25/2015 EUR 74.64
DZ Bank AG Deutsc 7.10 9/23/2015 EUR 73.42
DZ Bank AG Deutsc 5.40 9/23/2015 EUR 54.59
DZ Bank AG Deutsc 4.80 12/23/2015 EUR 57.80
DZ Bank AG Deutsc 5.70 9/23/2015 EUR 52.65
DZ Bank AG Deutsc 5.70 9/23/2015 EUR 50.13
DZ Bank AG Deutsc 4.60 9/23/2015 EUR 47.73
DZ Bank AG Deutsc 5.10 12/23/2015 EUR 56.81
DZ Bank AG Deutsc 5.10 12/23/2015 EUR 54.21
DZ Bank AG Deutsc 4.40 12/23/2015 EUR 51.51
DZ Bank AG Deutsc 2.20 12/23/2015 EUR 64.29
DZ Bank AG Deutsc 3.50 12/23/2015 EUR 61.15
DZ Bank AG Deutsc 2.60 9/23/2015 EUR 52.87
DZ Bank AG Deutsc 3.10 9/23/2015 EUR 50.54
DZ Bank AG Deutsc 4.80 9/23/2015 EUR 50.78
DZ Bank AG Deutsc 2.70 12/23/2015 EUR 55.61
DZ Bank AG Deutsc 4.60 12/23/2015 EUR 53.87
DZ Bank AG Deutsc 3.20 12/23/2015 EUR 53.32
DZ Bank AG Deutsc 7.60 9/23/2015 EUR 71.07
DZ Bank AG Deutsc 6.60 9/23/2015 EUR 72.43
DZ Bank AG Deutsc 6.00 9/23/2015 EUR 67.64
DZ Bank AG Deutsc 4.90 12/23/2015 EUR 74.13
Commerzbank AG 6.50 8/27/2015 EUR 66.53
Commerzbank AG 8.75 8/27/2015 EUR 63.27
Commerzbank AG 10.75 8/27/2015 EUR 52.27
Commerzbank AG 8.50 8/27/2015 EUR 54.84
HSBC Trinkaus & B 6.60 9/25/2015 EUR 66.38
HSBC Trinkaus & B 7.70 10/23/2015 EUR 64.95
Bank Julius Baer 8.85 9/25/2015 CHF 41.05
Notenstein Privat 8.00 10/3/2016 CHF 68.90
Bank Julius Baer 7.00 10/2/2015 USD 66.55
Vontobel Financia 7.60 9/25/2015 EUR 60.79
Vontobel Financia 7.45 12/28/2015 EUR 73.84
Vontobel Financia 8.50 9/25/2015 EUR 72.25
Leonteq Securitie 11.20 12/29/2015 CHF 44.82
Leonteq Securitie 8.20 12/29/2015 CHF 63.26
Commerzbank AG 5.60 9/29/2015 EUR 61.07
Goldman Sachs & C 8.00 9/23/2015 EUR 69.71
Credit Suisse AG/ 7.60 10/15/2015 CHF 57.58
HSBC Trinkaus & B 7.00 9/25/2015 EUR 65.95
Credit Suisse AG/ 7.00 10/29/2015 CHF 74.16
Deutsche Bank AG 5.20 9/22/2015 EUR 71.40
Deutsche Bank AG 7.20 9/22/2015 EUR 71.70
Deutsche Bank AG 5.20 9/22/2015 EUR 67.60
Deutsche Bank AG 7.20 9/22/2015 EUR 67.90
Deutsche Bank AG 6.20 9/22/2015 EUR 71.50
Deutsche Bank AG 6.20 9/22/2015 EUR 67.70
Deutsche Bank AG 7.20 9/22/2015 EUR 71.20
Deutsche Bank AG 6.20 9/22/2015 EUR 71.00
Deutsche Bank AG 6.20 9/22/2015 EUR 68.50
Deutsche Bank AG 5.20 9/22/2015 EUR 68.40
Deutsche Bank AG 7.20 9/22/2015 EUR 68.70
Deutsche Bank AG 7.20 9/22/2015 EUR 73.90
Deutsche Bank AG 5.20 9/22/2015 EUR 70.90
Deutsche Bank AG 6.20 9/22/2015 EUR 73.70
Deutsche Bank AG 5.20 9/22/2015 EUR 73.60
Commerzbank AG 1.88 4/22/2016 EUR 71.62
Goldman Sachs & C 9.00 9/23/2015 EUR 73.83
Goldman Sachs & C 12.00 9/23/2015 EUR 66.59
Credit Suisse AG/ 7.00 11/2/2015 CHF 74.77
Credit Suisse AG/ 8.63 11/2/2015 CHF 74.63
Leonteq Securitie 11.60 8/12/2015 USD 42.93
HSBC Trinkaus & B 6.50 9/25/2015 EUR 71.01
UBS AG/London 5.50 7/10/2017 CHF 72.88
DZ Bank AG Deutsc 5.00 9/25/2015 EUR 70.96
UBS AG/London 11.25 8/27/2015 CHF 36.41
Commerzbank AG 10.75 8/27/2015 EUR 54.39
Commerzbank AG 5.75 8/27/2015 EUR 72.92
Commerzbank AG 7.75 8/27/2015 EUR 69.22
Commerzbank AG 10.00 8/27/2015 EUR 65.93
Commerzbank AG 10.25 8/27/2015 EUR 72.56
Commerzbank AG 14.00 8/27/2015 EUR 72.68
Commerzbank AG 20.50 8/27/2015 EUR 56.75
Commerzbank AG 23.75 8/27/2015 EUR 50.95
Commerzbank AG 8.25 8/27/2015 EUR 66.14
UniCredit Bank AG 4.50 9/24/2015 EUR 68.43
UniCredit Bank AG 4.00 9/24/2015 EUR 70.47
UniCredit Bank AG 5.00 9/24/2015 EUR 71.10
UniCredit Bank AG 5.60 9/24/2015 EUR 65.64
UniCredit Bank AG 6.00 9/24/2015 EUR 67.46
UniCredit Bank AG 4.25 9/24/2015 EUR 73.72
UniCredit Bank AG 5.00 9/24/2015 EUR 67.49
UniCredit Bank AG 5.60 9/24/2015 EUR 68.63
UniCredit Bank AG 6.25 9/24/2015 EUR 66.35
UniCredit Bank AG 5.20 9/24/2015 EUR 66.53
UniCredit Bank AG 6.00 9/24/2015 EUR 64.77
UniCredit Bank AG 4.25 9/24/2015 EUR 69.43
Commerzbank AG 6.75 8/27/2015 EUR 60.10
Vontobel Financia 6.40 9/25/2015 EUR 68.53
DZ Bank AG Deutsc 5.70 9/7/2015 EUR 61.94
HSBC Trinkaus & B 7.10 9/25/2015 EUR 60.66
HSBC Trinkaus & B 6.00 12/28/2015 EUR 56.65
HSBC Trinkaus & B 8.00 10/23/2015 EUR 67.19
HSBC Trinkaus & B 7.40 12/28/2015 EUR 68.36
HSBC Trinkaus & B 6.00 12/28/2015 EUR 38.50
HSBC Trinkaus & B 11.50 9/25/2015 EUR 70.02
Vontobel Financia 5.10 9/11/2015 EUR 69.74
Commerzbank AG 11.75 8/27/2015 EUR 66.64
Notenstein Privat 7.20 9/3/2015 EUR 38.26
Vontobel Financia 7.00 12/11/2015 EUR 67.81
BNP Paribas Emiss 5.10 10/21/2015 EUR 65.00
Leonteq Securitie 12.00 12/15/2015 CHF 44.44
Leonteq Securitie 8.00 12/15/2015 CHF 61.48
Commerzbank AG 6.00 8/27/2015 EUR 72.59
Credit Suisse AG/ 8.00 3/16/2016 USD 65.33
Commerzbank AG 6.50 8/27/2015 EUR 64.72
Commerzbank AG 6.00 8/27/2015 EUR 63.39
BNP Paribas Emiss 6.25 9/24/2015 EUR 64.25
BNP Paribas Emiss 6.00 12/24/2015 EUR 66.47
HSBC Trinkaus & B 10.20 10/23/2015 EUR 55.84
Commerzbank AG 9.75 8/27/2015 EUR 62.84
Vontobel Financia 6.95 12/28/2015 EUR 65.95
Vontobel Financia 6.25 12/28/2015 EUR 74.19
Vontobel Financia 7.45 9/25/2015 EUR 72.94
Commerzbank AG 8.50 8/27/2015 EUR 74.13
Commerzbank AG 9.50 8/27/2015 EUR 72.30
Commerzbank AG 10.75 8/27/2015 EUR 70.59
Goldman Sachs & C 7.00 10/21/2015 EUR 69.00
Goldman Sachs & C 8.00 10/21/2015 EUR 66.92
Goldman Sachs & C 7.00 3/23/2016 EUR 69.74
Goldman Sachs & C 5.00 10/21/2015 EUR 64.14
Goldman Sachs & C 6.00 10/21/2015 EUR 64.35
Goldman Sachs & C 7.00 10/21/2015 EUR 64.57
Goldman Sachs & C 8.00 10/21/2015 EUR 64.78
Goldman Sachs & C 9.00 10/21/2015 EUR 64.99
Goldman Sachs & C 9.00 10/21/2015 EUR 64.99
Goldman Sachs & C 9.00 10/21/2015 EUR 64.99
Goldman Sachs & C 5.00 3/23/2016 EUR 66.21
Goldman Sachs & C 6.00 3/23/2016 EUR 66.84
Goldman Sachs & C 7.00 3/23/2016 EUR 67.47
Goldman Sachs & C 7.00 3/23/2016 EUR 67.47
Goldman Sachs & C 8.00 3/23/2016 EUR 68.11
Goldman Sachs & C 8.00 3/23/2016 EUR 68.11
Goldman Sachs & C 8.00 3/23/2016 EUR 68.11
Bank Julius Baer 8.20 9/23/2015 CHF 40.00
Vontobel Financia 8.10 12/28/2015 EUR 62.46
Vontobel Financia 9.45 9/25/2015 EUR 60.48
UniCredit Bank AG 4.00 12/17/2015 EUR 71.68
Goldman Sachs & C 5.00 12/23/2015 EUR 65.00
Goldman Sachs & C 6.00 12/23/2015 EUR 65.39
Goldman Sachs & C 7.00 12/23/2015 EUR 65.77
Goldman Sachs & C 8.00 12/23/2015 EUR 66.16
Goldman Sachs & C 8.00 12/23/2015 EUR 66.16
Goldman Sachs & C 9.00 12/23/2015 EUR 66.54
Goldman Sachs & C 9.00 12/23/2015 EUR 66.54
BNP Paribas Emiss 7.00 10/22/2015 EUR 47.35
BNP Paribas Emiss 9.00 10/22/2015 EUR 58.15
Raiffeisen Centro 7.55 1/20/2016 EUR 62.55
Raiffeisen Centro 5.98 1/20/2016 EUR 65.28
Raiffeisen Centro 6.29 1/20/2016 EUR 60.30
Goldman Sachs & C 12.00 9/23/2015 EUR 74.29
UniCredit Bank AG 7.00 9/24/2015 EUR 74.22
UniCredit Bank AG 5.25 9/24/2015 EUR 46.80
UniCredit Bank AG 4.25 9/24/2015 EUR 49.05
UniCredit Bank AG 5.40 9/24/2015 EUR 46.27
UniCredit Bank AG 6.75 9/24/2015 EUR 74.66
UniCredit Bank AG 4.00 9/24/2015 EUR 67.34
UniCredit Bank AG 4.50 9/24/2015 EUR 65.47
UniCredit Bank AG 6.50 9/24/2015 EUR 61.39
UniCredit Bank AG 5.50 9/24/2015 EUR 62.93
UniCredit Bank AG 5.75 9/24/2015 EUR 45.23
UniCredit Bank AG 4.80 9/24/2015 EUR 47.91
UniCredit Bank AG 5.00 9/24/2015 EUR 63.72
UniCredit Bank AG 4.90 9/24/2015 EUR 47.62
UniCredit Bank AG 4.75 9/24/2015 EUR 48.21
DZ Bank AG Deutsc 13.25 9/21/2015 EUR 74.75
Vontobel Financia 17.20 4/22/2016 EUR 70.77
HSBC Trinkaus & B 9.80 9/25/2015 EUR 74.44
UBS AG/London 4.00 3/29/2016 CHF 72.35
UniCredit Bank AG 4.60 3/24/2016 EUR 73.47
UniCredit Bank AG 5.00 3/24/2016 EUR 71.29
UniCredit Bank AG 4.80 3/24/2016 EUR 72.37
UniCredit Bank AG 4.50 3/24/2016 EUR 74.64
LBBW 4.00 8/25/2017 EUR 69.08
LBBW 3.00 9/28/2018 EUR 72.67
Commerzbank AG 9.50 9/24/2015 EUR 74.31
DZ Bank AG Deutsc 6.00 3/29/2016 EUR 69.59
Commerzbank AG 10.25 3/24/2016 EUR 73.43
Commerzbank AG 12.00 3/24/2016 EUR 71.92
DZ Bank AG Deutsc 10.50 10/23/2015 EUR 73.85
DZ Bank AG Deutsc 15.00 10/23/2015 EUR 67.68
Goldman Sachs & C 24.00 1/20/2016 EUR 74.20
Leonteq Securitie 25.00 3/16/2016 CHF 60.59
EFG International 9.10 3/23/2016 USD 61.61
DZ Bank AG Deutsc 13.00 9/21/2015 EUR 74.67
DZ Bank AG Deutsc 11.00 9/21/2015 EUR 74.41
DZ Bank AG Deutsc 8.75 9/21/2015 EUR 74.12
DZ Bank AG Deutsc 10.00 9/21/2015 EUR 74.32
Deutsche Bank AG 4.20 12/22/2015 EUR 74.50
Deutsche Bank AG 5.50 12/22/2015 EUR 70.10
Deutsche Bank AG 5.50 3/22/2016 EUR 71.20
Deutsche Bank AG 5.50 6/21/2016 EUR 71.10
Deutsche Bank AG 4.20 6/21/2016 EUR 74.30
Deutsche Bank AG 5.50 12/22/2015 EUR 72.00
Deutsche Bank AG 5.50 3/22/2016 EUR 73.00
Deutsche Bank AG 5.50 6/21/2016 EUR 72.00
Commerzbank AG 10.25 3/24/2016 EUR 74.77
DZ Bank AG Deutsc 5.50 2/26/2016 EUR 72.23
Vontobel Financia 10.45 3/29/2016 EUR 74.54
Vontobel Financia 12.80 12/28/2015 EUR 72.98
Vontobel Financia 17.00 9/25/2015 EUR 70.38
DZ Bank AG Deutsc 8.50 3/29/2016 EUR 74.74
HSBC Trinkaus & B 23.10 9/25/2015 EUR 67.99
HSBC Trinkaus & B 17.30 12/28/2015 EUR 71.50
HSBC Trinkaus & B 14.40 3/25/2016 EUR 73.55
Vontobel Financia 5.00 4/22/2016 EUR 71.63
DZ Bank AG Deutsc 9.30 9/25/2015 EUR 72.90
DZ Bank AG Deutsc 5.50 3/29/2016 EUR 74.74
HSBC Trinkaus & B 11.00 9/23/2016 EUR 73.08
HSBC Trinkaus & B 9.90 2/26/2016 EUR 72.22
HSBC Trinkaus & B 10.00 5/27/2016 EUR 73.22
EFG International 7.19 5/6/2019 EUR 71.11
DZ Bank AG Deutsc 10.25 8/28/2015 EUR 63.28
DZ Bank AG Deutsc 14.25 8/28/2015 EUR 68.74
HSBC Trinkaus & B 14.80 10/23/2015 EUR 74.34
HSBC Trinkaus & B 14.70 9/25/2015 EUR 70.78
DZ Bank AG Deutsc 15.75 8/28/2015 EUR 74.31
HSBC Trinkaus & B 19.70 9/25/2015 EUR 67.47
HSBC Trinkaus & B 15.60 12/28/2015 EUR 70.84
HSBC Trinkaus & B 11.80 10/23/2015 EUR 73.46
Bank Julius Baer 12.00 2/5/2016 USD 60.70
HSBC Trinkaus & B 13.60 3/25/2016 EUR 73.16
HSBC Trinkaus & B 11.40 11/27/2015 EUR 74.43
Leonteq Securitie 20.00 2/23/2016 USD 37.42
Bank Julius Baer 10.00 2/26/2016 USD 55.65
UBS AG 16.50 6/24/2016 EUR 74.46
Bank Julius Baer 12.90 3/4/2016 USD 61.95
Bank Julius Baer 11.50 3/4/2016 USD 66.10
HSBC Trinkaus & B 15.60 9/25/2015 EUR 73.12
HSBC Trinkaus & B 22.50 9/25/2015 EUR 65.75
HSBC Trinkaus & B 15.80 9/25/2015 EUR 69.23
HSBC Trinkaus & B 16.90 12/28/2015 EUR 69.22
HSBC Trinkaus & B 12.60 12/28/2015 EUR 71.88
HSBC Trinkaus & B 14.20 3/25/2016 EUR 71.15
HSBC Trinkaus & B 10.90 3/25/2016 EUR 73.40
HSBC Trinkaus & B 11.20 11/27/2015 EUR 72.88
Leonteq Securitie 21.00 3/9/2016 USD 50.93
Leonteq Securitie 15.00 3/9/2016 USD 67.74
Vontobel Financia 7.25 12/28/2015 EUR 73.43
Vontobel Financia 5.15 12/28/2015 EUR 72.60
Commerzbank AG 7.00 2/25/2016 EUR 70.54
Commerzbank AG 10.00 2/25/2016 EUR 67.14
DZ Bank AG Deutsc 16.00 9/25/2015 EUR 73.22
DZ Bank AG Deutsc 14.00 9/25/2015 EUR 62.35
DZ Bank AG Deutsc 15.50 9/25/2015 EUR 70.52
BNP Paribas Emiss 18.00 10/22/2015 EUR 68.61
BNP Paribas Emiss 13.00 12/24/2015 EUR 73.73
BNP Paribas Emiss 12.00 6/23/2016 EUR 73.46
BNP Paribas Emiss 11.00 10/22/2015 EUR 74.38
BNP Paribas Emiss 16.00 10/22/2015 EUR 71.57
BNP Paribas Emiss 19.00 10/22/2015 EUR 68.71
BNP Paribas Emiss 22.00 10/22/2015 EUR 67.21
BNP Paribas Emiss 14.00 12/24/2015 EUR 73.43
BNP Paribas Emiss 17.00 12/24/2015 EUR 71.15
BNP Paribas Emiss 16.00 3/24/2016 EUR 72.36
BNP Paribas Emiss 13.00 6/23/2016 EUR 74.68
*********
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 * * *