/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/160215.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, February 15, 2016, Vol. 17, No. 031 Headlines D E N M A R K DANISH AEROTECH: Local Consortium Acquires Core Assets G E R M A N Y DEUTSCHE BANK: S&P Lowers Rating on Tier 1 Securities to 'B+' GERMAN PELLETS: Court Appoints Insolvency Administrator TANTALUS RARE: Withdraws Insolvency Application G R E E C E GREECE: Creditors Want Gov't to Proceed with Spending Cuts NAVIOS MARITIME: S&P Lowers CCR to 'B+', Outlook Negative I R E L A N D AVOCA CLO XIV: S&P Affirms 'B-' Rating on Class F Notes BLOXHAM: Liquidator in Dispute with Danske Bank Over Assets I T A L Y BANCA POPOLARE: Fitch Lowers LT Issuer Default Rating to 'B-' * Fitch Affirms 5 OBG Programs Issued by Large Italian Banks L U X E M B O U R G ARCELORMITTAL: S&P Affirms 'BB/B' CCR, Outlook Negative N E T H E R L A N D S ATRADIUS FINANCE: Moody's Affirms Ba1 Rating on Subordinated Debt P O R T U G A L BANCO BPI: S&P Puts 'BB-' Counterparty Rating on Watch Negative R U S S I A AVTOVAZ: At Risk of Bankruptcy as Losses Mount SODRUGESTVO GROUP: Fitch Lowers IDR to 'B-', Outlook Stable U K R A I N E UKRAINE: Reaches Debt Restructuring Deal with Sberbank U N I T E D K I N G D O M ALTE LIEBE 1: S&P Lowers Rating on EUR102MM Notes to 'CCC-' BHS GROUP: Taps KPMG to Explore Options to Shrink Business PARAGON OFFSHORE: Enters Into Settlement Agreement with Noble THOMAS COOK: S&P Affirms 'B' Rating on Unsecured Notes X X X X X X X X * S&P Takes Various Rating Actions on 7 High-Yield Oil & Gas Cos. * S&P Takes Various Rating Actions on 28 Cos. Debt Instruments * BOND PRICING: For the Week February 8 to February 12, 2016 ********* ============= D E N M A R K ============= DANISH AEROTECH: Local Consortium Acquires Core Assets ------------------------------------------------------ Gerard O'Dwyer at Defense News reports that a local consortium headed by Danish industrialists Peter Bennedsen and Soender Felding has acquired the trading name and core assets of defense company Danish Aerotech A/S, which was placed into a court- supervised judicial liquidation process in December 2015. According to Defense News, Mr. Bennedsen, through his privately owned company Danish Aerotech Sales A/S, is now engaged in drafting a business re-capitalization and management plan for Danish Aerotech, with the intention of re-building operations around its aircraft maintenance and weapons systems' activities. "It may take several months to determine what parts of the business can be saved and which have the potential to operate on a sound and profitable basis going forward," Defense News quotes Mr. Bennedsen as saying. Legal documents to dissolve Danish Aerotech were filed with the district court in Herning in December, Defense News recounts. The court appointed the Aarhus-based law-firm Abel & Skovgaard Larsen to lead the liquidation process, Defense News relays. Danish Aerotech's economic situation deteriorated during the second half of 2015 after the company saw a substantial decline in projected revenues and profits for the year due to delayed contracts coupled with the failure of some orders to materialize from international customers, Defense News discloses. The serious depletion of Danish Aerotech's order-books, and resulting impact on profitability, proved decisive in persuading the owners in the Karup-headquartered company to file for a judicial liquidation, said Danish Aerotech's CEO Jan Joergensen, Defense News relates. "The decision was made based on the company's weakened financial condition. We had projected revenues from important foreign orders that did not happen. It put us in a bad situation," Mr. Joergensen, as cited by Defense News, said. Danish Aerotech A/S specializes in production and maintenance of mechanical, electrical and electronic parts and components for aircraft and helicopters as well as maintenance, modification and integration of aircraft, missiles and associated components. ============= G E R M A N Y ============= DEUTSCHE BANK: S&P Lowers Rating on Tier 1 Securities to 'B+' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its issue ratings on Tier 1 securities issued, guaranteed, or supported by Deutsche Bank AG to 'B+' from 'BB-'. At the same time, S&P lowered the issue rating on the Deutsche Bank Capital Finance Trust I perpetual Tier 2 instrument to 'BB-' from 'BB'. The 'BBB+/A-2' issuer credit ratings on Deutsche Bank and the issue ratings on the bank's other debt instruments are not affected. The outlook is stable. S&P understands from the issue documentation for Deutsche Bank's Tier 1 hybrid securities that interest cancellation is compulsory if, among other circumstances, aggregate interest payments on Tier 1 instruments in a financial year exceed adjusted Available Distributable Items (ADIs) on an unconsolidated basis under German generally accepted accounting principles (GAAP). This relatively narrow definition results in a lower level of ADIs than in the bank's consolidated accounts prepared under International Financial Reporting Standards. On Feb. 8, 2016, Deutsche Bank announced that its unconsolidated German GAAP-adjusted ADIs were about EUR1.0 billion at year-end 2015, down from EUR2.9 billion a year earlier and EUR2.7 billion at year-end 2013. S&P notes that this amount is sufficient to pay Tier 1 interest payments due in 2016. The bank indicated that its capacity for Tier 1 interest payments due in 2017 would be about EUR4.3 billion on a pro forma basis, which includes about EUR1.9 billion of remaining German GAAP reserves available to offset future losses. The bank's final Tier 1 interest payment capacity for 2017 will depend on its actual net earnings in 2016 as well as movements in other reserves. S&P's hybrid rating criteria state: "If we consider that a bank is at risk of insufficient distributable reserves for a regulator to permit payment on a hybrid capital instrument--even though nondistributable reserves are available -- we typically deduct one notch. This will increase to two or three notches, depending on our assessment of the likelihood of the clause being triggered". When S&P rated Deutsche Bank's May 2014 Additional Tier 1 capital issues, S&P said: "We could deduct an additional notch from the rating on the Deutsche Bank issue if its ADIs decline materially from the year-end 2013 level". S&P's central expectation is that Deutsche Bank's EUR4.3 billion pro forma payment capacity for 2017 should be sufficient to enable continued Tier 1 interest payments. However, S&P considers that the bank's unconsolidated German GAAP earnings prospects are somewhat difficult to foresee due to likely litigation and restructuring charges and volatile market conditions. In recognition of that uncertainty, and consistent with S&P's published criteria, it considers it appropriate to deduct one additional notch from the issue ratings on Deutsche Bank's Tier 1 instruments. S&P has accordingly lowered the issue ratings to 'B+' from 'BB-'. S&P could lower these ratings further if it identifies increasing pressure on ADIs from potential losses. Conversely, S&P could remove the additional notch and so raise these ratings if Deutsche Bank's ADIs and earnings exhibit greater stability that leads to a reduced prospect of coupon deferral risk. In S&P's ratings, it does not differentiate between the Additional Tier 1 instruments that Deutsche Bank issued in 2014 and its rated "legacy" Tier 1 securities (those issued before 2014). Deutsche Bank's recent announcement stated that interest payments on legacy securities are supported in 2016 by pusher events including the common dividend paid in 2015 and a January 2016 call of a legacy instrument. At this stage, S&P sees comparable risks to interest payments on the legacy securities and the 2014 issues after 2016. Therefore, S&P has lowered both the legacy Tier 1 securities and the 2014 issues by one notch to 'B+'. In addition, S&P has lowered the issue rating on the Deutsche Bank Capital Finance Trust I perpetual Tier 2 instrument to 'BB-' from 'BB' because S&P understands from the termsheet that the interest payments also depend on sufficient ADIs. In addition to sufficient ADIs, Deutsche Bank's capacity to make Tier 1 interest payments depends on it continuing to meet its regulatory capital requirements. The bank disclosed on Jan. 28, 2016 that its minimum Common Equity Tier 1 requirement for 2016 is 10.75% and the actual ratio under transitional rules was 12.52% on Jan. 1, 2016. Deutsche Bank stated that the actual ratio would have been about 12.9% including the pro forma impact of the agreed sale of its stake in China's Hua Xia Bank, which is expected to complete in the second quarter. S&P's 'BBB+/A-2' issuer credit ratings on Deutsche Bank AG are unaffected. When S&P lowered Deutsche Bank's unsupported group credit profile -- S&P's assessment of its stand-alone creditworthiness -- to 'bbb' from 'bbb+' in November 2015, S&P cited its expectation of high exceptional costs and material execution challenges as it implements its new strategy. S&P considers that the bank's poor fourth-quarter earnings were consistent with this view. S&P will monitor whether the new strategy is on track to deliver a more stable and predictable operating model in the medium term. The current stable outlook reflects S&P's central expectation that Deutsche Bank will make steady progress during the next two years toward its financial and operational targets for 2020. S&P anticipates that its profitability will remain relatively poor in 2016-2017 due to restructuring charges and a likelihood of further litigation provisions. However, supported by balance sheet deleveraging and de-risking, S&P expects its risk-adjusted capital ratio to remain around the middle of the 7%-10% range, which is consistent with S&P's current assessment of the bank's capital and earnings. S&P could take a negative rating action if Deutsche Bank falls behind schedule in executing its strategy, either for internal reasons or due to a more challenging external environment. In these circumstances, S&P would review whether the current one-notch positive adjustment to the long-term counterparty credit rating was still warranted. RATINGS LIST Downgraded To From Deutsche Bank AG Junior Subordinated B+ BB- Deutsche Bank Cap Fdg Trust VIII Preferred Stock B+ BB- Deutsche Bank Capital Finance Trust I Preferred Stock BB- BB Deutsche Bank Capital Funding Trust I Preferred Stock B+ BB- Deutsche Bank Capital Funding Trust IX Junior Subordinated B+ BB- Deutsche Bank Capital Funding Trust V Preferred Stock B+ BB- Deutsche Bank Capital Funding Trust VI Preferred Stock B+ BB- Deutsche Bank Capital Funding Trust VII Preferred Stock B+ BB- Deutsche Bank Capital Funding Trust XI Junior Subordinated B+ BB- Deutsche Bank Contingent Capital Trust II Preferred Stock B+ BB- Deutsche Bank Contingent Capital Trust III Preferred Stock B+ BB- Deutsche Bank Contingent Capital Trust IV Preferred Stock B+ BB- Deutsche Bank Contingent Capital Trust V Preferred Stock B+ BB- GERMAN PELLETS: Court Appoints Insolvency Administrator ------------------------------------------------------- Erin Voegele at Biomass reports that German Pellets GmbH on Feb. 11 announced a German court has appointed a provisional insolvency administrator with regard to insolvency proceedings that have been initiated against the assets of the company. According to Biomass, a statement issued by German Pellets indicates the insolvency court in Schwerin, Germany, has appointed Bettina Schmudde -- bschmudde@whitecase.com -- a lawyer with the firm Kanzlei White & Case, as the provisional solvency administrator. The notice also states that in its Feb. 10 resolution, the court instructed the provisional solvency administrator to safeguard the company's assets, Biomass notes. The administrator also has the task of ascertaining whether there are sufficient grounds to commence proceedings and assessing the prospects for the company's continued existence, Biomass states. The wages and salaries of the company's approximately 650 employees are guaranteed for three months during the provisional insolvency proceedings by means of insolvency substitute benefits, Biomass discloses. The notice goes on to state that the declaration of claims shall not be possible until the insolvency proceedings have commenced, which is likely to be in early May, Biomass relays. Creditors are directed to refrain from declaring any claims before that date, Biomass says. German Pellets on Feb. 10 issued a statement noting had petitioned the court to restructure through bankruptcy proceedings under its own administration, Biomass relates. The company also said it intends to continue its business operations in full during the preliminary insolvency proceedings, Biomass recounts. German Pellets, as cited by Biomass, said economic difficulties were the result of three primary factors, including the dramatic decline in oil prices, lower pellet revenues resulting from two warm winters, and a bad investment the company made in 2010 in KAGO, a furnace manufacturer. German Pellets is a German production company based in Wismar, Germany. The company produces various kinds of wood pellets for pellet heating and pellet ovens and animal hygiene products for horses, large and small animals. TANTALUS RARE: Withdraws Insolvency Application ----------------------------------------------- Tantalus Rare Earths AG on Feb. 12 disclosed that it has withdrawn the application for opening of insolvency proceedings. On December 8, 2015, Tantalus and the Singapore-based company Apphia Minerals SOF PTE. Ltd signed a sale and purchase agreement for the sale of 60% of the shares in Tantalus' subsidiary Tantalum Holding (Mauritius) Limited (which is the 100% owner of Tantalum Rare Earth Malagasy S.A.R.L.) for a cash consideration of EUR3.7 million. Based on the terms set in the agreement, Apphia has now transferred a second tranche of EUR1,350,000 to Tantalus. In addition certain creditors have signed moratorium agreements and thereby Tantalus is no longer illiquid in the meaning of section 17 of the German Insolvency Code. Tantalus will invite its shareholders to an extraordinary general meeting to decide on the arrangements with Apphia. The general meeting is expected to take place in late March 2016 and the invitation to the general meeting is expected to be published during the coming few weeks. About Tantalus Rare Earths AG Tantalus Rare Earths AG is a Germany-based exploration company, engaged in the development of rare earths in Madagascar. Tantalus's shares are quoted on the 'PrimÑrmarkt' of the Dusseldorf Stock Exchange. =========== G R E E C E =========== GREECE: Creditors Want Gov't to Proceed with Spending Cuts ---------------------------------------------------------- Philip Chrysopoulos at Greek Reporter reports that creditors suggest that Greece should proceed with government spending cuts instead of raising taxes and contributions in order to save security funds. According to Greek Reporter, a new report by the European Central Bank, at this point, the Greek government must proceed with state spending cuts and not impose new taxes and contribution hikes. Creditors' representatives left Athens unsatisfied with the lack of progress on key issues such as security fund reforms, bad loans settlement and the establishment of an independent state privatization fund, Greek Reporter relates. The ECB report says that even though Athens has decided to impose new measures worth EUR5.7 billion -- mainly taxes and social security contribution hikes -- they are not sufficient to achieve primary surpluses in the coming years, Greek Reporter discloses. On the establishment of an independent privatization fund, the Greek government has not made any progress yet, Greek Reporter relays. Lenders want to have a say on the management of the fund, something that the Greek government seems reluctant to accept, Greek Reporter notes. NAVIOS MARITIME: S&P Lowers CCR to 'B+', Outlook Negative --------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Marshall Islands-registered drybulk and container shipping company Navios Maritime Partners L.P. to 'B+' from 'BB'. The outlook is negative. At the same time, S&P lowered its issue rating on the company's senior secured debt to 'BB-' from 'BB+'. The recovery rating of '2' on this debt is unchanged, reflecting S&P's expectation of substantial recovery in the lower half of the 70%-90% range in the event of payment default. The downgrade reflects S&P's expectation that Navios Partners will see constrained earnings over 2016-2017 and not achieve credit measures commensurate with the previous 'BB' rating, owing to lower-than-anticipated charter rates in drybulk shipping. This prompted S&P's reassessment of Navios Partners' financial risk profile to aggressive from significant, and the subsequent revision of S&P's anchor for the company to 'b+' from 'bb-'. The downgrade also reflects S&P's reassessment of Navios Partners' management and governance as satisfactory, compared with strong previously. This is because S&P considers that the protracted downturn in the drybulk shipping industry has significantly reduced management's ability to enhance the company's fortunes and interrupted its track record of achieving financial goals. Furthermore, S&P understands that the company faces significantly tightened headroom under its financial covenants, most notably EBITDA interest coverage, and relies on its lender group to obtain an amendment or waiver to avert a potential breach. This is exacerbated by drybulk charter rates that will likely remain at their current severely depressed levels over the next 12-24 months, according to S&P's base case. The rating on Navios Partners remains constrained by S&P's view of its business risk profile as weak, which in turn reflects S&P's assessment of the shipping industry's high risk. Moreover, the company has relatively narrow, albeit recently improved, business scope and diversity, with a predominant focus on the oversupplied drybulk and container industries, and a fairly concentrated customer base. Key credit support to Navios Partners' competitive position, which S&P assess as fair, comes from its time-charter profile, Furthermore, Navios Partners benefits from its competitive and predictable cost base, with no exposure to volatile bunker fuel prices and other voyage expenses, which are borne by the counterparty, as stipulated in the time-charter agreements. S&P's assessment of Navios Partners' financial risk profile as aggressive reflects the prolonged depressed charter rate conditions and the company's gradually increased adjusted debt, which mirrors the underlying industry's high capital intensity and the company's track record of large partly debt-funded expansionary investments. According to S&P's base-case operating scenario, Navios Partners' credit measures will continue to weaken gradually over 2016-2017, as reflected in a weighted average ratio of Standard & Poor's-adjusted funds from operation (FFO) to debt of about 17%-19%, down from about 20% in 2015. The negative outlook reflects S&P's view that Navios Partners could be challenged to remain in compliance with its financial covenants, most notably the EBITDA interest coverage one, amid persistently high cyclical pressure on drybulk charter rates without an amendment to allow for a less restrictive covenant threshold. The negative outlook also reflects mounting refinancing risk, with a large bullet debt repayment due June 2018, amid difficult funding conditions. S&P could lower the rating within the next few months if the company appears unable to obtain a covenant amendment that ensures increased headroom, combined with the increased likelihood of a likely breach of the covenant. This could occur if drybulk charter rates trend below S&P's base case, resulting in lower-than-expected EBITDA. Furthermore, S&P could downgrade Navios Partners if S&P believed that the company would not be able to refinance the US$411 million-term loan B due in June 2018, in a timely fashion. S&P could revise the outlook to stable, if the company achieves a more comfortable level of headroom under its covenant, specifically at least 15%, and it is likely to remain at that level for the foreseeable future. The stable outlook would also depend on timely refinancing of term loan B and the company's ability to maintain its core credit ratios commensurate with the 'B+' rating. Specifically, such ratios would include adjusted FFO to debt of more than 12% on a sustainable basis. ============= I R E L A N D ============= AVOCA CLO XIV: S&P Affirms 'B-' Rating on Class F Notes ------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Avoca CLO XIV Ltd.'s class A, B-1, B-2, C, D, E, and F notes following the transaction's effective date as of Dec. 23, 2015. Most European cash flow collateralized loan obligations (CLOs) close before purchasing the full amount of their targeted level of portfolio collateral. On the closing date, the collateral manager typically covenants to purchase the remaining collateral within the guidelines specified in the transaction documents to reach the target level of portfolio collateral. Typically, the CLO transaction documents specify a date by which the targeted level of portfolio collateral must be reached. The "effective date" for a CLO transaction is usually the earlier of the date on which the transaction acquires the target level of portfolio collateral, or the date defined in the transaction documents. Most transaction documents contain provisions directing the trustee to request the rating agencies that have issued ratings upon closing to affirm the ratings issued on the closing date after reviewing the effective date portfolio. An effective date rating affirmation reflects S&P's opinion that the portfolio collateral purchased by the issuer, as reported to S&P by the trustee and collateral manager, in combination with the transaction's structure, provides sufficient credit support to maintain the ratings that S&P assigned on the transaction's closing date. The effective date reports provide a summary of certain information that S&P used in its analysis and the results of its review based on the information presented to S&P. S&P believes the transaction may see some benefit from allowing a window of time after the closing date for the collateral manager to acquire the remaining assets for a CLO transaction. This window of time is typically referred to as a "ramp-up period." Because some CLO transactions may acquire most of their assets from the new issue leveraged loan market, the ramp-up period may give collateral managers the flexibility to acquire a more diverse portfolio of assets. For a CLO that has not purchased its full target level of portfolio collateral by the closing date, S&P's ratings on the closing date and prior to its effective date review are generally based on the application of its criteria to a combination of purchased collateral, collateral committed to be purchased, and the indicative portfolio of assets provided to S&P by the collateral manager, and may also reflect its assumptions about the transaction's investment guidelines. This is because not all assets in the portfolio have been purchased. "When we receive a request to issue an effective date rating affirmation, we perform quantitative and qualitative analysis of the transaction in accordance with our criteria to assess whether the initial ratings remain consistent with the credit enhancement based on the effective date collateral portfolio. Our analysis relies on the use of CDO Evaluator to estimate a scenario default rate at each rating level based on the effective date portfolio, full cash flow modeling to determine the appropriate percentile break-even default rate at each rating level, the application of our supplemental tests, and the analytical judgment of a rating committee," S&P said. In S&P's published effective date report, it discusses its analysis of the information provided by the transaction's trustee and collateral manager in support of their request for effective date rating affirmation. In most instances, S&P intends to publish an effective date report each time it issues an effective date rating affirmation on a publicly rated European cash flow CLO. On an ongoing basis after S&P issues an effective date rating affirmation, it will periodically review whether, in its view, the current ratings on the notes remain consistent with the credit quality of the assets, the credit enhancement available to support the notes, and other factors, and take rating actions as S&P deems necessary. RATINGS LIST Ratings Affirmed Avoca CLO XIV Ltd. EUR516.1 Million Senior Secured Floating and Fixed-Rate and Subordinated Notes Class Rating A AAA (sf) B-1 AA (sf) B-2 AA (sf) C A (sf) D BBB (sf) E BB (sf) F B- (sf) BLOXHAM: Liquidator in Dispute with Danske Bank Over Assets ----------------------------------------------------------- Eoin Burke-Kennedy at The Irish Times reports that a legal dispute has arisen between Danske Bank and the liquidator of Bloxham stockbrokers over the remaining assets of the firm, which include EUR4 million from the sale of its client book to rival firm Davy. Bloxham was wound up in 2012 following the discovery of financial irregulatories, The Irish Times recounts. Danske claims to have a floating charge on the firm's assets through some EUR34 million in loans lent to former partners and the brokerage itself by National Irish Bank, which was later acquired by Danske, The Irish Times discloses. Bloxham's receiver, George Maloney -- gmaloney@bakertillyrg.ie -- filed an affidavit with the High Court last month in support of the bank's claim for priority payment, The Irish Times relates. The court is scheduled to hear the case over three days, starting next week, The Irish Times says. Danske is also pursuing Bloxham's former partners individually for partnership buyout loans, The Irish Times notes. Bloxham was put into liquidation in 2012 following the discovery of a EUR5.2 million shortfall in its accounts, which effectively meant it had been trading without the required regulatory reserve, The Irish Times relays. The shortfall seems to have escaped its auditor Deloitte, which signed off on several sets of annual accounts in the period leading up to the firm's collapse, The Irish Times states. According to The Irish Times, the Chartered Accountants Regulatory Board (Carb) plans to investigate Deloitte's role in the controversy. Bloxham's 17,000 private clients were transferred to Davy Stockbrokers along with its fund management business as part of the wind down, The Irish Times relays. Bloxham was one of Ireland's oldest stockbrokers. ========= I T A L Y ========= BANCA POPOLARE: Fitch Lowers LT Issuer Default Rating to 'B-' ------------------------------------------------------------- Fitch Ratings has downgraded Banca Popolare di Vicenza's (BPV) Long-term Issuer Default Rating to 'B-' from 'B+' and Viability Rating (VR) to 'b-' from 'b+' and placed the ratings on Rating Watch Negative (RWN). KEY RATING DRIVERS IDRS, VR and SENIOR DEBT The downgrade primarily reflects the worsening in BPV's liquidity position following a significant deposit outflow since our last rating review in October 2015. The deposit loss was concentrated in the last four months of 2015 following the Italian tax police investigation on the misplacement of the two capital increases conducted in 2013 and 2014 and the resolution of four Italian local banks under special administration. The latter resulted in some depositors, initially the more volatile institutional and corporate counterparties followed by retail clients, withdrawing money from some among the weaker Italian banks, including BPV. Fitch believes that BPV's franchise value has significantly weakened in recent months, including in retail funding, and that opportunities to issue wholesale bonds are also limited in the current financial market environment, potentially limiting the bank's ability to attract liquidity through these channels. Fitch notes that since 4Q15, BPV has increased its reliance on ECB short-term refinancing facilities as well as secured operations with institutional counterparties, which strongly decreased its available counterbalancing capacity. Management is also taking actions to generate additional assets that can be used for central bank refinancing or in secured bilateral transactions, although this is likely to result in a higher balance sheet encumbrance. BPV is also trying to apply competitive pricing to re-attract larger depositors, which may impact its funding costs. BPV's asset quality further deteriorated in 2H15, with impaired loans accounting for about 30% of gross loans at end-2015 from around 25% in June 2015. Fitch expects further asset quality deterioration in the short to medium term. The capital position is very weak, with a Common Equity Tier 1 ratio of 6.65% at end- 2015, suffering from around EUR1.4 bil. of net losses reported in 2015 and the regulatory filters applied to capital by the regulator in relation to the capital raised by the bank in 2013 and 2014. The bank has announced a capital plan, which includes a EUR1.5 bil. capital increase to be completed in 2Q16 with the aim of bringing the CET1 ratio above 12% and the disposal of impaired exposures and non-core assets. The RWN reflects heightened execution risks regarding the bank's ability to implement a successful turnaround and deliver on its business plan targets, including the listing on the stock exchange and the capital increase. For the latter, Fitch takes comfort from the presence of a preliminary underwriting agreement from UniCredit S.p.A. (BBB+/Stable) but the agency also believes that the currently difficult financial markets could potentially delay the operation or prevent its successful completion. Fitch rates BPV's senior unsecured obligations in line with the bank's Long-term IDR. Fitch has also assigned a Recovery Rating 4 (RR4) to these instruments to reflect the expectation of average recovery prospects for creditors in the event of default. SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF) The SR and SRF reflect Fitch's view that senior creditors can no longer rely on receiving full extraordinary support from the sovereign in the event that a bank becomes non-viable. The EU's Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism (SRM) for eurozone banks provide a framework for resolving banks that require senior creditors participating in losses, if necessary, instead of or ahead of a bank receiving sovereign support. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Subordinated Tier 2 debt issued by BPV is rated 'CC' and is notched off once from the VR to reflect the instruments' loss severity and once to reflect non-performance risk as Fitch views that these instruments could be vulnerable to burden sharing ahead or upon a hypothetical resolution scenario. Fitch also assigns a Recovery Rating 5 (RR5) to these instruments to reflect below average recovery prospects for subordinated bondholders. RATING SENSITIVITIES IDRS, VR AND SENIOR DEBT Should BPV experience further material deposit outflows in the coming months or delay or fail to execute the capital increase planned for 2Q15, the ratings would be downgraded to reflect the bank's heightened risk of non-viability on a stand-alone basis. Ratings upside potential at the moment is very limited. Any upgrade would require evidence of a successful turnaround, including stronger capital levels, sustainable improvements in its liquidity position, in operating profitability and in asset quality. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES BPV's subordinated debt rating is primarily sensitive to a change in the VR, which drives the debt rating, but also to a change in Fitch's view of non-performance or loss severity risk relative to BPV's viability. The rating actions are: Long-term IDR: downgraded to 'B-' from 'B+', and placed on RWN Short-term IDR: affirmed at 'B' Viability Rating: downgraded to 'b-' from 'b+'; and placed on RWN Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Long-term senior unsecured notes and EMTN program: downgraded to 'B-' from 'B+'; placed on RWN; RR4 assigned Short-term rating on EMTN program: affirmed at 'B' Subordinated debt: downgraded to 'CC' from 'B'; RR5 assigned * Fitch Affirms 5 OBG Programs Issued by Large Italian Banks ------------------------------------------------------------ Fitch Ratings has affirmed the Italian mortgage covered bonds (Obbligazioni Bancarie Garantite, OBG) programs issued by Banca Monte dei Paschi di Siena SpA (BMPS, B-/Stable/B), Banco Popolare (BP, BB/Stable/B), Unione di Banche Italiane S.p.A. (UBI, BBB/Stable/F3) guaranteed by UBI Finance CB 2 S.r.l. (UBI CB 2), UniCredit S.p.A. (UC, BBB+/Stable/F2) guaranteed by UniCredit BpC Mortgage S.r.l. (UC Soft Bullet (SB)) and UC guaranteed by UniCredit OBG S.r.l. (UC Conditional Pass-Through (CPT)). The affirmations follow the annual review of the programs. The Outlooks on the OBG reflect those on the Italian banks' Issuer Default Ratings (IDR). KEY RATING DRIVERS BMPS's and UC CPT programs have CPT features that minimize the risk of refinancing the cover assets to bridge maturity mismatches between assets and liabilities. BP's, UBI CB 2 and UC SB are soft bullet, with a 12-month principal maturity extension. This is reflected in the Discontinuity Cap (D-Cap) of the individual programs. UC CPT and UBI CB 2 OBG are secured by mixed pools of assets, including residential and secured loans to small and medium enterprises (SME). The cover pools of the other three programs comprise residential mortgage loans. The asset disposal loss is typically the greatest contributor to the BE OC of soft bullet programs. This represents the cost of bridging refinancing need between amortizing assets and bullet liabilities and it is driven by the rating spread levels (RSL) assumptions and large maturity mismatches. In UC SB it absorbs 17.7% OC and it stems from the 415bp RSL that Fitch assumes at 'AA' and the weighted average (WA) life of the cover assets of 9.5 years versus 4.3 years for the OBG. Fitch did not disclose the BE OC components for BP's and UBI CB 2 because they have a limited rating uplift. Also, BP's OBG can be rated at their rating floor, given by the IDR as adjusted by the IDR uplift, irrespective of the level or protection provided through OC. The BE OC of the CPT programs of UC and BMPS is driven by the credit loss component of 17.2% and 5.4%, respectively, which measures the creditworthiness of the cover assets. The asset disposal loss component in CPT programs is 0%, as there is no forced sale of the assets. UC SB is fully hedged on the assets and on the liabilities side; and the cash flow valuation contributes to a lower level of BE OC (-3%), as interest rate mismatches between assets and liabilities are mitigated. The cash flow valuation of 5.4% for BMPS and 7.7% for UC CPT is driven by open interest rate positions (16.7% for BMPS and 19.7% for UC CPT) in the decreasing interest rate scenario, which is the worst case for those programs. In case of BMPS, Fitch assumed 66% of the fixed rate liabilities as floating rate since swaps are in place with eligible counterparties (Royal Bank of Scotland N.V. (The), BBB+/Stable/F2; UBS Limited, A/Positive/F1 and Societe Generale, A/Stable/F1). BP and UBI delivered no data for the purpose of this annual review; Fitch has used publicly available information. Their OBG are rated with a limited uplift, due to the lack of data provision. All the programs are eligible for an IDR uplift reflecting covered bonds exemption from bail-in. UC and BMPS OBG's programs benefit from an IDR uplift of 1 notch due to the issuers being systemically important in their domestic market so that Fitch considers that resolution by other means is more likely than liquidation. BP's program benefits from an IDR uplift of 1 notch as the buffer provided by senior unsecured debt in excess of 5% makes a resolution scenario more likely than liquidation. KEY RATING DRIVERS - BMPS OBG The rating is based on BMPS's Long-term IDR of 'B-', an unchanged IDR uplift of 1 notch, an unchanged D-Cap of 3 notches (moderate high discontinuity risk) and the 77.5% AP that Fitch takes into account in its analysis, which provides more protection than the 90% 'BBB' BE AP (equivalent to an OC of 11%). In its analysis, Fitch took into account the 77.5% AP the issuer publicly discloses in the investor report (December 2015). This level of AP allows a three-notch recovery uplift from the 'BB' tested rating on a probability of default (PD) basis. The unchanged D-Cap of 3 notches is driven by the moderate high risk assessment of the systemic alternative management component. Despite the OBG's CPT amortization profile, the agency continues to apply its "weak link" approach among the components of the D- Cap; Fitch believes some structural features result in a strong reliance on the issuer's ability to service payments due on the OBG and could pose risks on a timely enforcement of the cover pool as a source of payments. KEY RATING DRIVERS - BP OBG The rating is based on BP's Long-term IDR of 'BB', an unchanged IDR uplift of 1 notch, an unchanged D-Cap of 2 notches (high discontinuity risk) and the 80.7% AP that Fitch takes into account in its analysis. The 80.7% AP the issuer undertakes to maintain in its quarterly test performance report (November 2015) theoretically allows the OBG rating to exceed the 'BB+' rating floor. However, in Fitch's view, provisions that apply to BP as Italian account bank, combined with the magnitude of the exposure towards this counterparty (EUR1.6 bil. as of end-November 2015), prevent a recovery uplift above the 'BB+' covered bonds rating floor, represented by the 'BB' IDR as adjusted by the IDR uplift of 1. The unchanged D-Cap of 2 notches is driven by the high assessment of the liquidity gap and systemic risk component. KEY RATING DRIVERS - UBI CB 2 The rating is based on UBI's Long-term IDR of 'BBB', an unchanged IDR uplift and D-Cap of 0 notch (full discontinuity risk) and the 100% contractual AP that Fitch takes into account in its analysis. The full discontinuity D-Cap assessment is driven by the liquidity gap and systemic risk components. Fitch considers the 12-month maturity extension not enough to timely sell a pool comprising SME loans (58% as of June 2015), which Fitch views as less liquid than residential mortgage loans. The assessment also factors in a dynamic reserve, which covers one month of interest on the OBG on a rolling basis. KEY RATING DRIVERS - UC SB The 'AA' rating is based on UC's Long-term IDR of 'BBB+', an unchanged IDR uplift of 1, an unchanged D-Cap of 2 notches (high discontinuity risk) and the 72.1% AP that Fitch takes into account in its analysis, which provides more protection than the unchanged 80.5% 'AA' BE AP (equivalent to 24.2% BE OC). In its analysis, Fitch relies on the highest AP of the last 12 months (72.1% June 2015). This is because the issuer's Short- term rating is 'F2' and the program is not considered dormant or in wind down. The 72.1% AP allows a two-notch uplift for recoveries given default above the 'A+' tested rating on PD basis, which is commensurate with recoveries given default of at least 91%. The unchanged D-Cap of 2 notches is due to the weak link assessment of liquidity gap and systemic risk component. In a scenario where the recourse of the covered bonds switches from the issuer to the cover pool, Fitch expects the 12-month maturity extension that is envisaged in the documentation to be sufficient to successfully refinance the cover pool in a stress scenario two notches above the IDR, as adjusted by the IDR uplift. KEY RATING DRIVERS - UC CPT The 'AA+' rating is based on UC's Long-term IDR of 'BBB+', an unchanged IDR uplift of 1, an unchanged D-Cap of 8 notches (minimal discontinuity risk) and the 80% AP that Fitch takes into account in its analysis, which provides more protection than the unchanged 81.5% 'AA+' BE AP (equivalent to 22.7% BE OC). The issuer publicly undertakes in its investor report to apply an AP of 80% (October 2015), which allows a two-notch recovery uplift from the 'AA-' tested rating on PD basis. The unchanged D-Cap of 8 notches reflects the minimal discontinuity assessment of the CPT amortization profile of the covered bonds and the 38 years principal maturity extension, which in Fitch's view eliminate the need of refinancing, should the recourse switch to the cover pool. RATING SENSITIVITIES - Banca Monte dei Paschi di Siena SpA (BMPS) OBG The 'BBB' rating would be vulnerable to downgrade if any of the following occurs: (i) BMPS's Issuer Default Rating (IDR) is downgraded by one or more notches to 'CCC' or below; or (ii) the number of notches represented by the IDR uplift and the Discontinuity Cap (D-Cap) is reduced to 3; or (iii) the asset percentage (AP) that Fitch considers in its analysis increases above Fitch's 'BBB' breakeven level of 90%. RATING SENSITIVITIES - Banco Popolare (BP) OBG The 'BB+' rating of the covered bonds issued by BP would be upgraded if counterparty risk is mitigated and, among others, if the exposure to the internal account bank reduces. A downgrade of BP's IDR would trigger a downgrade on the covered bonds. RATING SENSITIVITIES - Unione di Banche Italiane S.p.A. (UBI) OBG The 'BBB+' rating would be vulnerable to downgrade if UBI's IDR is downgraded by one or more notches to 'BBB-' or below. RATING SENSITIVITIES - UniCredit (UC) Soft Bullet The 'AA' rating would be vulnerable to downgrade if any of the following occurs: (i) UC's IDR is downgraded by one or more notches to 'BBB'; or (ii) the number of notches represented by the IDR uplift and D-Cap is reduced to 2; or (iii) the AP that Fitch relies upon goes above the 80.5% 'AA' breakeven AP. In addition, if the AP that Fitch considers in its analysis goes to the contractual limit of 93% the OBG would likely be downgraded to 'A'. RATING SENSITIVITIES -UC Conditional Pass-Through The 'AA+' rating would be vulnerable to downgrade if any of the following occurs: (i) UC's IDR is downgraded to 'B+' or below; or (ii) the number of notches represented by the IDR uplift and the D-Cap is reduced to 3 or below; or (iii) the AP that Fitch considers in its analysis increases above Fitch's 'AA+' breakeven level of 81.5%. The Fitch breakeven AP for the covered bond rating will be affected, among others, by the profile of the cover assets relative to outstanding covered bonds, which can change over time, even in the absence of new issuance. Therefore the breakeven AP to maintain the covered bond rating cannot be assumed to remain stable over time. The rating actions are: BMPS OBG affirmed at 'BBB'; Outlook Stable with a BE AP of 90% BE OC components: 5.4% cash flow valuation, 5.4% credit loss, 0% asset disposal loss BP OBG affirmed at 'BB+; Outlook Stable UBI OBG guaranteed by UBI Finance CB 2 S.r.l. (UBI CB 2) a affirmed at 'BBB+'; Outlook Stable UC OBG guaranteed by UniCredit BpC Mortgage S.r.l. (UC SB) affirmed at 'AA'; Outlook Stable with a BE AP of 80.5% BE OC components: -3% cash flow valuation, 13% credit loss, 17.7% asset disposal loss UC OBG guaranteed by UniCredit OBG S.r.l. (UC CPT) affirmed at 'AA+'; Outlook Stable with a BE AP of 81.5% BE OC components: 7.7% cash flow valuation, 17.2% credit loss, 0% asset disposal loss =================== L U X E M B O U R G =================== ARCELORMITTAL: S&P Affirms 'BB/B' CCR, Outlook Negative ------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB/B' long-term and short-term corporate credit ratings on global integrated steel producer ArcelorMittal. The outlook is negative. At the same time, S&P also affirmed its 'BB' issue rating on ArcelorMittal's senior unsecured debt. The recovery rating on the debt is unchanged at '4', indicating S&P's expectation of average recovery prospects, in the higher half of the 30%-50% range, in the event of a payment default. The affirmation reflects S&P's view that the underwritten $3 billion capital increase and agreed sale of ArcelorMittal's 35% equity stake in auto supplier Gestamp for EUR875 million ($1.0 billion) both stem the deterioration of ArcelorMittal's credit metrics and reinforce its liquidity in the face of challenging industry conditions. The combined $4 billion proceeds could reduce reported net debt by 25% to $11.7 billion from $15.7 billion as of Dec. 31, 2015. Pro forma Standard & Poor's- adjusted debt (including $4.5 billion in sold receivables and a pension deficit of over $6 billion) would still be sizable at $24 billion-$25 billion. This, together with S&P's expectation of weak industry conditions in 2016, means that S&P presently estimates pro forma adjusted funds from operations (FFO) to debt of about 13% for 2016 (adjusted debt to EBITDA of 4.7x), which is still below S&P's 15% average threshold for the ratings. S&P projects ArcelorMittal's EBITDA at $4.8 billion to $5.0 billion in 2016, down from underlying EBITDA of $5.2 billion in 2015. This decline in revenues and earnings reflects the persistent pressure on pricing and margins since the third- quarter of 2015, which will likely result in EBITDA reaching a low point in the first quarter of 2016. Although some margin recovery occurred in January, S&P continues to assess steel markets as highly volatile and unpredictable. S&P continues to see excess supply in the steel industry although capacity reductions did start in late 2015. Steel pricing and profits remain constrained, given Chinese, Russian, and Brazilian exports, but there could be some relief for the industry in the form of possible trade restrictions or import tariffs in the U.S. and Europe. Whether these will be imposed will likely be decided over the next few quarters. The order book for automotive steel is nonetheless solid -- notably in Europe, where the major share of ArcelorMittal's steel shipments is to the auto industry. The market environment in the U.S. is also supportive. S&P's view of ArcelorMittal's satisfactory business risk profile balances the cyclical and capital-intensive nature of the steel sector against the company's large scale and the diversity of its operations. This is supported by ArcelorMittal's partial vertical integration into iron ore and, to a lesser extent, coal. The short-term EBITDA contribution from the group's mining activities is modest, however, at this point in the cycle. The group's business risk profile is constrained by its only average operating efficiency and profitability, with recent underlying EBITDA margins just above 8%--notwithstanding the progress made in asset optimization, particularly in the European operations. S&P's base-case scenario factors in: -- High-single-digit pricing declines for steel in 2016, but with net shipments broadly flat as growth in North America balances a contraction in Brazil. -- Iron ore prices per ton of $40 in 2016 and 2017 and $45 in 2018, resulting in low EBITDA and neutral free operating cash flow from mining operations. -- EBITDA of about $4.8 billion-$5.0 billion in 2016, including some announced offsetting measures; -- Low capital expenditure of about $2.4 billion per year; and -- No dividends in 2016. Based on these assumptions, S&P arrives at these credit metrics: -- FFO to debt of 13%-14% in 2016 and 2017; -- An adjusted debt-to-EBITDA ratio of about 4.6x-4.7x 2016 and 2017; and -- EBITDA interest coverage above 3.2x and sustained neutral cash flows after capital investment. The negative outlook on ArcelorMittal captures S&P's view that it could lower the rating by one notch in the next six-to-twelve months. The rating assumes the timely implementation of the capital increase and Gestamp disposal as announced. Given that the capital increase is underwritten by the Mittal family and international banks, S&P sees limited execution risk. A downgrade is very likely without these actions being completed. The ongoing effectiveness of efficiency plans -- as well as any improvement in industry conditions from the very weak fourth quarter of 2015 and likely poor first quarter of 2016 -- will also be important factors in determining whether S&P lowers the ratings. Operational performance is likely to remain challenging in first-half 2016 and will likely result in credit measures such as FFO to debt remaining below the 15% threshold that S&P sees as commensurate with the ratings. S&P's decision to affirm or lower the ratings (potentially after ArcelorMittal announces its first-half 2016 results) will also depend on S&P's view of the industry outlook for the second half of the year, including any benefit from trade import tariffs or from somewhat improving steel margins in ArcelorMittal's key markets of Europe, Brazil, and the U.S. The prevailing weak steel demand and pricing in the group's core markets remain key concerns and will continue to challenge operating performance. If S&P projects ArcelorMittal's EBITDA to fall to $4.5 billion or below, resulting in adjusted FFO to debt at about 12% for a year or so; or S&P believes cash flow after investment could become meaningfully negative, it could lower the ratings to 'BB-'. If FFO to debt deteriorates to below 12% and S&P do not forecast a recovery, this could also result in a downgrade by more than one notch, in part depending on S&P's assessment of liquidity at that time. S&P could revise the outlook to stable if it sees a sustained improvement in steel market conditions and margins -- as a result of reduced Chinese steel exports or political decisions on steel import tariffs -- or if mining profits recover. S&P could revise the outlook to stable if it forecasts EBITDA to recover to $5.0 billion-$5.5 billion in 2016-2017, such that adjusted FFO to debt would reach 15%. ===================== N E T H E R L A N D S ===================== ATRADIUS FINANCE: Moody's Affirms Ba1 Rating on Subordinated Debt ----------------------------------------------------------------- Moody's Investors Service affirmed the A3 insurance financial strength (IFS) ratings of Atradius N.V.'s (Atradius) main operating subsidiaries, including Atradius Credit Insurance NV (ACI) and Seguros y Reaseguros de Credito y Caucion SA (CyC), with a stable outlook. In addition, Moody's affirmed the Ba1 (hyb) rating of the backed subordinated notes issued by Atradius Finance B.V. The rating action follows the recent announcement by Atradius Insurance Holding N.V. of an agreement to merge two of its main European credit insurance operating subsidiaries, ACI (Netherlands) and CyC (Spain); Atradius N.V. remains as the Dutch holding company. Under the terms of the agreement, which is expected to close later this year, once the relevant regulatory approvals have been obtained, ACI will merge into CyC and will be renamed Atradius Credito y Caucion (ACyC), domiciled in Spain. Grupo Catalana Occidente (GCO, unrated), the parent of Atradius N.V., owns 83% of its capital. GCO is a listed Spanish insurance group with a diversified portfolio of life and non-life insurance operations, including credit insurance. The group operates through several insurance entities and brands, including Atradius which accounts for approximately 38% of GCO's revenue in 2014, on a pro-forma basis. RATINGS RATIONALE Moody's affirmation of Atradius' A3 IFS rating reflects its view that Atradius' standalone credit fundamentals are not impacted by the change in Atradius' legal structure following the transaction. The rating has been affirmed notwithstanding that Moody's considers, on balance, the merger of ACI and CyC as credit negative for Atradius. In fact, in Moody's opinion, the merger into a Spanish domiciled entity will increase fungibility of capital within the GCO group and lead to greater parental constraints given that both ACyC and GCO would have the same regulator going forward. Positively, the merger of ACI and CyC into ACyC will likely improve Atradius' Solvency II position as a result of a simplified legal structure and consequently greater diversification benefits. However, in Moody's opinion, this improvement is more than offset by the constrains described above. Atradius' A3 IFS rating is currently positioned above the credit profile of GCO's Spanish retail business, which is constrained by the Spanish sovereign rating (Government of Spain, Baa2 positive) given its investment concentration in Spanish sovereign bonds. Moody's stated that Atradius' A3 IFS rating reflects the group's very strong position in the credit insurance industry, good diversification of insured exposures by sector and geography, its conservative investment portfolio, good capitalization and profitability, and moderate financial leverage. These strengths are partially offset by the group's limited diversification beyond credit insurance, and its history of reserve strengthening in Spain, its largest market, after the 2008 financial crisis. In addition, Atradius' A3 IFS rating continues to reflect its standalone fundamentals and its partial insulation from GCO due to a combination of: (1) its limited correlation with GCO's credit profile due to the different business model within the group, and (2) Moody's expectation that GCO will remain committed to maintaining Atradius' solid capitalization. As the second largest trade credit insurer by premiums (23% of 2014 global credit insurance premiums according to data compiled by the International Credit Insurance & Surety Association, "ICISA"), Atradius has a strong position in the global credit insurance market. Consistent with its credit insurance peers, third-party brokers are Atradius' main form of distribution, followed by direct sales. While direct sales make a meaningful contribution to the group's distribution capabilities, particularly in Spain, Atradius remains heavily dependent on third-party brokers, a feature that Moody's believes reduces the group's ability to control pricing and access to markets. Notwithstanding Atradius's strong position in the credit insurance market, Moody's believes the group's overall franchise strength is somewhat constrained by its limited diversification beyond credit insurance, an industry that Moody's views as highly competitive and exposed to economic cycles. In addition, Atradius' largest exposures, at approximately 16% of the group's H12015 insured exposure, are to Spain and Portugal, two of the Eurozone countries with weaker credit profiles. That notwithstanding, the company has demonstrated significant improvement in underwriting profitability for exposures in Spain and Portugal in recent years. Atradius' other large exposures include Germany (15%) and France (8%). The P-2 short term IFSR of Atradius Credit Insurance NV reflects Atradius' solid liquidity, including a highly liquid investment portfolio of relatively short duration, supported by contractual accommodations specific to credit insurers, such as simultaneous settlement provisions in reinsurance agreements which provide the Group with additional sources of liquidity in the event of large claims. The Ba1(hyb) rating of the backed subordinated notes issued by Atradius Finance B.V. reflects the unconditional and irrevocable subordinated guarantee from Atradius N.V., and Moody's standard notching for debt issued or guaranteed from insurance holding companies. RATIONALE FOR THE STABLE OUTLOOK The stable outlook for Atradius reflects the group's very strong position in the credit insurance market, along with good capitalization and profitability and conservative investment portfolio. WHAT COULD CHANGE THE RATING UP OR DOWN Moody's stated that the following factors could place upward pressure on Atradius' ratings: (i) material diversification of the group's business profile, including fee-based services increasing to at least 25% of the total revenue, (ii) sustainable improvements in underwriting profitability on a through-the-cycle basis, or (iii) meaningful reduction in the extent of the group's higher-risk insured exposures, including risks related to geographic concentrations and product features that are unduly restrictive in a downturn scenario (e.g. multiyear policies). Conversely, Moody's noted the following factors that could lead to downward pressure: (i) material deterioration or downgrade of the Spanish sovereign rating, (ii) material deterioration in Atradius' underwriting profitability, with a 5-year combined ratio consistently above 100% through-the-cycle, (iii) significant deterioration in the group's capitalization, with net total exposure to shareholders equity above 300x and net underwriting leverage above 170%, or (iv) substantial weakening in the group's market position and franchise. LIST OF AFFECTED RATINGS The following long-term insurance financial strength ratings were affirmed: Atradius Credit Insurance NV at A3 Atradius Re Ltd at A3 Atradius Trade Credit Insurance Inc. at A3 Seguros y Reaseguros de Credito y Caucion at A3 The following short-term insurance financial strength rating was affirmed: Atradius Credit Insurance NV at P-2 The following security rating was affirmed: Atradius Finance B.V. -- backed subordinated debt rating at Ba1(hyb) The outlook on all the entities remained stable. =============== P O R T U G A L =============== BANCO BPI: S&P Puts 'BB-' Counterparty Rating on Watch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with negative implications its 'BB-' long-term counterparty credit rating on Portugal-based Banco BPI S.A. (BPI) and its core subsidiary, Banco Portugues de Investimento S.A. S&P affirmed its 'B' short-term ratings on both institutions. The CreditWatch placement follows the rejection, at an extraordinary general meeting (EGM) held on Feb. 5, 2016, of BPI's board's plan to spin off the bank's activities in Africa into a separate entity. The spin-off was intended to reduce excessive single-name concentration related to the bank's Angolan operations, identified by the European Central Bank (ECB) in December 2014. The Angolan operations are held through BPI's fully consolidated subsidiary, Banco de Fomento de Angola (BFA). BPI controls BFA, in which it has a 50.1% stake. The rejection demonstrates, once again, the lack of cohesion among BPI's shareholders and the lack of solid support for the board of directors. BPI has two main shareholders: CaixaBank S.A. and Santoro Finance. CaixaBank owns 46% of BPI's shares, but its voting rights are capped at 20%; Santoro Finance owns 19% of BPI's shares. Contrasting views between the two have become evident since CaixaBank attempted to take over BPI in 2015. S&P considers that this situation could undermine the effectiveness of BPI's governance and limit management's ability to execute operating plans and deal with domestic market challenges. As the deadline of April 2016 set by the ECB is approaching, S&P considers that BPI's practical options are reducing and that regulatory pressure is set to rise further. In January 2016, Angolan company Unitel, which already owns 49.9% of BFA, offered to acquire a further 10% in BFA. BPI's board of directors did not accept this offer, although it would have allowed BPI to deconsolidate the Angolan subsidiary. However, it would also have involved ceding control of BFA to Unitel, increasing the chances of an unforeseen negative effect on BPI's financial profile. When, and if, BPI presents an alternative plan to resolve its excessive single-borrower concentration, S&P will monitor how its shareholder structure and governance has evolved to assess the impact on its strategic direction and how the plan would affect its financial profile. On Feb. 4, 2016, BPI's board announced the intention to submit for consideration at a new general meeting the removal of the 20% voting rights cap currently included in the bank's by-laws. Last year, CaixaBank brought forward a similar proposal as part of its take-over plan; it was rejected by the general assembly. Removal of this cap seems crucial to unblock the standstill situation the bank faces. The affirmation of S&P's 'B' short-term rating on BPI indicates that S&P do not see potential to lower the long-term rating on BPI by more than one notch. The CreditWatch placement indicates that S&P could lower the long-term rating on BPI if it fails to present a feasible plan to reduce its concentration in Angola by April 2016, leading to regulatory action. S&P could also downgrade the bank if it considers that the measures it takes to comply with the ECB requirement weaken the bank's creditworthiness. Specifically, S&P will monitor the impact on the bank's strategic focus if its shareholder structure remains highly divided. Conversely, S&P could affirm the ratings if BPI manages to find an effective solution to meet the regulator's demands without endangering its financial and business profile, and while maintaining a cohesive shareholders' base. Banco Portugues de Investimento is core to the group; it has been placed on CreditWatch negative in line with its parent. =========== R U S S I A =========== AVTOVAZ: At Risk of Bankruptcy as Losses Mount ---------------------------------------------- Agence France-Presse reports that Russia's top automaker Avtovaz, controlled by Renault-Nissan, on Feb. 12 asked shareholders to help save it from bankruptcy as losses in 2015 tripled from the year before. Hit hard by Russia's economic crisis the company, maker of Lada cars, said it would further "optimize the workforce" as part of its "anti-crisis plan" to improve finances in 2016, having already switched all of its employees and management to a four-day week in February last year, AFP relates. According to AFP, net losses in 2015 amounted to RUR73.8 billion (US$928 million), nearly triple the 2014 figure of RUR25 billion (US$314 million). Without help, market conditions "create a material uncertainty that gives rise to significant doubt about the group's ability to continue as a going concern", AFP quotes Avtovaz as saying in a statement. Sales fell by 8% to RUR176.5 billion (US$2.2 billion), while the car market on average shrank by 36%, AFP discloses. Based on the Volga river in the city of Togliatti, Avtovaz is majority owned since 2013 by Renault-Nissan and employs 44,000 people, not counting jobs it generates in the region for its suppliers, according to AFP. SODRUGESTVO GROUP: Fitch Lowers IDR to 'B-', Outlook Stable ----------------------------------------------------------- Fitch Ratings has downgraded Russia-based soybean meal producer Sodrugestvo Group S.A.'s Long-term foreign currency and local currency Issuer Default Ratings (IDRs) to 'B-' from 'B'. The Outlook is Stable. Fitch has also withdrawn the 'B(EXP)' rating on Sodrugestvo Industries Ltd.'s (wholly owned subsidiary of Sodrugestvo Group S.A.) proposed rouble bond as the group has decided not to proceed with a bond placement. The downgrade reflects Fitch's expectation that Sodrugestvo's readily marketable inventory (RMI)-adjusted funds from operations (FFO) adjusted leverage will remain high at around 6.0x-6.5x over the medium term, with limited deleveraging capacity. This is outside the parameters compatible with a 'B' IDR. The ratings remain supported by the company's sustainable asset-heavy business model, its strong market position in Russian soybean crushing, and the government support to the agricultural sector. However, in contrast to Fitch's previous forecasts, it now projects only modest improvement in the company's EBITDA in FY16 (fiscal year ending June 2016) to FY18 due to more conservative assumptions on potential efficiency improvements and sustained weak global agricultural commodity prices. The Stable Outlook reflects Sodrugestvo's adequate access to bank financing as demonstrated over the past year. It also factors in Fitch's assumption, based on management feedback, that the company will procure new credit facilities to mitigate refinancing risks related to substantial amortization payments under Sodrugestvo's long-term loans in FY16-FY17. Any meaningful underperformance of Fitch's case coupled with liquidity erosion could lead to a credit profile more consistent with a 'CCC' rating. KEY RATING DRIVERS No Material EBITDA Improvement Fitch projects Sodrugestvo's Fitch-calculated EBITDA at around USD120 million-USD130 million (excluding government interest rates subsidies that Fitch reclassifies as part of FFO) in FY16- FY17. This is below Fitch's previous expectations of around USD180 million and represents only a modest improvement from USD102 million generated in FY15. However, it contrasts with management's expectation to achieve substantial growth in EBITDA over FY15. Fitch's new forecasts are based on Sodrugestvo's strategy to globalize its trading operations, implying lower margins, and the fact that even close-to-full utilization of new crushing capacity and infrastructure assets is not sufficient to drive material improvement in the company's profits as demonstrated in FY15. Therefore, in contrast to Fitch's previous expectation of EBITDA margins of around 8%, it now believes that a 6%-6.5% EBITDA margin is more sustainable for Sodrugestvo's business over the medium term (FY15: 4.5%). Fitch's forecasts also assume continued pressure from declining global agricultural commodity prices in FY16-FY17 constraining absolute profit levels. Excessive Leverage Fitch expects Sodrugetsvo's RMI-adjusted FFO adjusted leverage to decrease only to 6.0x-6.5x over the medium term (FY15: 7.3x), which is not commensurate with 'B' category rating. Limited scope for deleveraging is premised on weak operating cash flows, which will be constrained by high interest payments and used to fund expansion projects in FY16-FY19, rather than repay debt. Fitch acknowledges that its leverage projections are sensitive to the government interest rate subsidies, which Fitch assumed at around USD25 million-USD30 million per year. In isolation a decline in subsidies, if not offset by a similar increase in EBITDA, could lead to an increase in RMI-adjusted FFO adjusted leverage by up to 2.0x. Our leverage calculations continue to exclude a shareholder loan from debt (FY15: USD86.3 mil.). However, any material prepayments under this loan, breaching its nature of perpetual equity, would lead to reclassification of the remaining portion of the loan to debt and increase leverage by around 0.7x. Aggressive Financial Policy Fitch's through-the-cycle view reflects an aggressive financial policy whereby, should profits were to increase, or in the event of new equity injections (as it happened with Mitsui) such spare cash flows would be used to reinvest in additional capex/acquisition projects, carrying various execution risks, instead of being allocated to permanent debt reduction. Weak Liquidity Position, Refinancing Risks As an agricultural commodity processor and trader, Sodrugestvo maintains high short-term debt connected with crops procurement and crushing cycle. However, as at end-2015 short-term maturities also included high amortization payments on long-term debt of around USD125m, which the company needed to refinance given its limited FCF generation ability. When assessing refinancing risks, Fitch notes Sodrugestvo's access to bank lines and decreased interest rates under several credit facilities. Fitch also understands from management that it is currently in negotiations with banks on additional credit facilities, which should shore up Sodrugestvo's weak liquidity position. Sustainable Business Model: Sodrugestvo's asset-heavy business model with vertical integration in soybean origination, storage, processing and product delivery enables the company to maintain its position as the largest soybean crusher and rapeseed oil exporter in Russia. Its recent acquisition of a 60% stake in a river port terminal in Paraguay should enhance the company's soybean and other crops origination capabilities. Sodrugestvo's scale, market position and asset ownership are among the major supportive factors of a 'B-' rating. Moreover, Fitch notes the government support to the food producing sector in Russia, given the food import ban in place and other measures as the country aims to attain food self- sufficiency. Moderate Diversification Sodrugestvo is primarily a soybean processor but has some product diversification due to its rapeseed crushing operations and growing trading of wheat, barley and corn, which altogether accounted for 44% of total sales volumes in FY15. In terms of geographic diversification, Sodrugestvo's recent restructuring of global trading and Brazilian operations should improve the group's profit generation outside its core Russian market. Moderate Rouble Depreciation Impact Although Sodrugestvo's debt is primarily in US dollars and most of its profits are generated in roubles, there is some natural hedge due to the linkage of soybean and grain prices to world USD-based prices. However, Sodrugestvo's pricing power may deteriorate if rouble depreciation were to offset the benefit of low world soybean meal prices. KEY ASSUMPTIONS -- Double-digit decline in global agricultural commodities prices in FY16-FY17, before stabilising -- Around 10% CAGR of trading volumes over FY16-FY20 -- Sustainable EBITDA of around USD120m-130m over the medium term -- Government interest rate subsidies at around USD25-30m per year -- Capex and acquisition spending of around USD70m in FY16, then not exceeding USD40m-USD50m per year -- No cash dividends being paid out to the controlling shareholder -- No prepayments under the shareholder loan -- Adequate access to external liquidity RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- Accelerated liquidity erosion caused by the limited availability of bank financing in relation to short-term maturities or refinancing at more onerous terms than expected. -- FFO adjusted gross leverage (RMI-adjusted) sustainably above 6.5x (FY15: 7.3x), if combined with negative FCF from larger-than-expected capex or working capital or due to an aggressive financial policy. -- RMI-adjusted FFO fixed charge cover consistently below 1.5x (FY15: 1.4x). Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- FFO adjusted gross leverage (RMI-adjusted) sustainably below 5.0x supported by positive FCF, conservative business expansion funded by cash flows or equity rather than debt. -- FFO sustainably around USD80 mil. (FY15: USD38 mil.) due to improved operating performance and maintained government interest rate subsidies. -- Enhanced liquidity buffer relative to short-term debt maturities. LIQUIDITY As a soybean processor and agricultural commodity trader, Sodrugestvo strongly depends on the availability of working capital financing, which leads to high short-term debt. As at end-December 2015, Sodrugestvo's liquidity position was weak as unrestricted cash balances (USD50 million) and committed undrawn credit facilities (USD123 million) were insufficient to cover USD809 million short-term debt, despite some support from readily marketable inventory (soybeans and grain), which Fitch estimated at USD258 million. Sodrugestvo is therefore reliant on continued access to bank financing. FULL LIST OF RATING ACTIONS Sodrugestvo Group S.A. Long-term foreign currency IDR: downgraded to 'B-' from 'B'; Outlook Stable Long-term local currency IDR: downgraded to 'B-' from 'B'; Outlook Stable National Long-term rating: downgraded to 'BB-(rus)' from 'BBB-(rus)'; Outlook Stable Sodrugestvo Industries Ltd. Local currency senior unsecured rating: withdrawn from 'B(EXP)' National Long-term senior unsecured rating: withdrawn from 'BBB-(EXP)' ============= U K R A I N E ============= UKRAINE: Reaches Debt Restructuring Deal with Sberbank ------------------------------------------------------ Reuters reports that Ukraine on Feb. 11 said it has agreed to a restructuring deal with Russia's Sberbank on US$367.4 million of state-guaranteed debt. According to Reuters, Ukraine said the deal included a 25% writedown and maturity extensions to Sept. 1, 2019. The debt of state-owned firms, Ukravtodor and Yuzhnoye State Design Office, was included in the external loans that Ukraine has sought to restructure under a US$40 billion bailout program coordinated by the International Monetary Fund, Reuters discloses. Russia, Reuters says, has refused restructuring terms offered by Kiev on a US$3 billion Eurobond it holds in its entirety. =========================== U N I T E D K I N G D O M =========================== ALTE LIEBE 1: S&P Lowers Rating on EUR102MM Notes to 'CCC-' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'CCC-' from 'CCC' its long-term issue rating on the EUR102 million senior secured amortizing notes, due 2025, issued by Jersey-based special- purpose vehicle Alte Liebe 1 Ltd. The outlook is negative. The recovery rating remains unchanged at '6', indicating S&P's expectations of negligible recovery (0%-10%) in the event of a payment default. The notes have an unconditional and irrevocable guarantee of payment of scheduled interest and ultimate principal from controlling creditor Ambac Assurance U.K. Ltd. Under Standard & Poor's criteria, a rating on monoline-insured debt reflects the higher of the rating on the monoline or Standard & Poor's underlying rating (SPUR). Since S&P do not rate Ambac Assurance, the long-term issue rating reflects the SPUR. The downgrade follows S&P's review of Alte Liebe's liquidity position and the 2015 performance of the Wind Farm Companies (WFC). Although 2015 was a good year for Alte Liebe's portfolio in terms of wind performance and electricity generation, one of its weakest-performing wind farms, Gerdau-PÅlfringen, did not generate sufficient cash flows to cover its debt service. As a result, Alte Liebe has drawn an additional EUR0.65 million from its liquidity to pay the debt service, further reducing the liquidity balance. Alte Liebe ultimately services its debt from payments from the wind farms to which it onlent funds. S&P considers that a contractual default remains unlikely in the next six months, due to the flexible repayment profile of the notes--with timely payment of interest, but ultimate payment of principal at maturity in 2025. However, based on the current performance of the underlying wind farms and increasingly strained liquidity at Alte Liebe, S&P anticipates that the project will not be able to meet its outstanding liabilities in full on the notes' final maturity date and will start to defer the principal on the notes, unless an unforeseen positive development takes place. S&P would not expect a deferral to be only temporary since the performance of Alte Liebe's weakest farms -- Gerdau-Pulfringen, Helenenberg, and Wilmersdorf-Mangelsdorf -- is likely to continue to deteriorate. S&P therefore anticipates that repayment of deferred amounts due under the terms of the documentation would not be made in full at or before maturity. Under S&P's base case, there continues to be a high probability that Alte Liebe will start deferring debt service in the next six months. S&P therefore sees an increasing likelihood that it could lower the issue rating to 'D'. Helenenberg, Gerdau-Pulfringen, and Wilmersdorf-Mangelsdorf have demonstrated that the predictability of the revenues and expenses is highly limited. The wind generation is more unpredictable, but S&P believes that the operations and maintenance costs will continue rising due to the aging of the assets. In S&P's view, Gerdau-Pulfringen will generate a cash shortfall of between EUR0.5 million and EUR1.0 million each year. This cash shortfall will drain Alte Liebe's liquidity and may eventually trigger a default on the debt issue by Alte Liebe. The default timing could differ from what S&P anticipates, depending on the wind and the technical performance of Gerdau-Pulfringen. Helenenberg and Wilmersdorf-Mangelsdorf could also generate cash shortfalls, which could accelerate the default of Alte Liebe. The negative outlook reflects the possibility of a downgrade to 'D' over the next six months unless the situation improves materially. It also reflects S&P's view that Alte Liebe may need to defer the principal on the notes in 2016. S&P do not expect any deferral to be temporary because it would be caused by a structural weakness at the Gerdau-PÅlfringen WFC. S&P considers an outlook revision to stable is unlikely because it would require a pronounced and sustainable improvement in Alte Liebe's operating conditions. Under S&P's base case, the rating will likely be lowered to 'D' within the next six months. The rating transition to 'D' could occur sooner if the deterioration in Alte Liebe's liquidity is faster than S&P currently forecasts, and Alte Liebe starts deferring debt service payment earlier than anticipated. BHS GROUP: Taps KPMG to Explore Options to Shrink Business ---------------------------------------------------------- Chris Warmoll at Accountancy Age reports that KPMG has been engaged by struggling retailer BHS Group Ltd. to explore a number of options to shrink its store empire. Among the possible routes being explored by the Big Four firm are a company voluntary arrangement (CVA) and individual negotiations with landlords to reduce rental outlays, Accountancy Age says, citing The Sunday Telegraph. The company's owners -- Retail Acquisitions -- are believed to be looking at closing up to 50 of its 170 shops. Grant Thornton is understood to be looking at ways to ease the burden of the firm on its struggling pension scheme, facing a shortfall of well over GBP200 million. BHS Group Ltd. is based in the United Kingdom. PARAGON OFFSHORE: Enters Into Settlement Agreement with Noble ------------------------------------------------------------- Noble Corporation plc on Feb. 12 announced a settlement agreement in principle with Paragon Offshore plc, the company spun-off by Noble in 2014, following the public announcement by Paragon that it has reached agreement with certain of its creditors in connection with its previously announced restructuring efforts and intends to seek court approval of a pre-negotiated bankruptcy plan. Pursuant to the terms of the settlement between Noble and Paragon, once the settlement agreement becomes effective, Paragon would release Noble from all claims relating to the spin-off of Paragon by Noble in 2014, including any fraudulent conveyance claim that could be brought on behalf of Paragon's creditors, and Noble would assume certain pre-spin-off obligations relating to Paragon's Mexican tax matters. In exchange for the release, Noble would take control of the administration and defense of Paragon's Mexican income, value- added and customs tax audit and assessment matters for specified years up to and including 2010. For the pertinent years, Noble would assume the Mexican income and value added tax liabilities relating to the Paragon business arising out of the audit and assessment process to the extent incurred in Noble's own legal entities. Paragon and Noble would equally share the other income, value-added and customs tax liabilities arising out of such audit and assessment process. Noble would post any required tax appeal bond, and Noble and Paragon would share the other costs of administering and defending these tax matters. Paragon would retain liability for all years not covered by the agreement. Noble is not making any cash settlement payment or assuming any other obligations in exchange for the release. The Company expects the tax liability payments related to the settlement to be spread over a number of years. Based on its understanding of these matters and its experience to date in Mexico, the Company currently expects the net amount that it will actually pay over the period of the settlement for its portion of the taxes to be in the range of $8 to $12 million, although the final amount and the timing of such payments will depend on a number of factors. Once the settlement with Paragon is approved by the bankruptcy court, the Company would take a charge related to such payments as well as its share of the expenses expected to be incurred in connection with those tax liabilities. David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc, stated, "Like many companies, Paragon has been hard hit by the unanticipated deterioration in oil prices that has persisted into 2016. Noble established Paragon in a manner it believed would allow Paragon to fully succeed and believes this proposed restructuring will assist Paragon in its efforts to manage this unforeseen, severe downturn. We are pleased to have found a way to constructively engage with Paragon in a manner that can assist them in their restructuring efforts, while at the same time reaching an arrangement that avoids the distraction and expense of the litigation, regardless of merit, that would otherwise inevitably follow a bankruptcy filing by Paragon. Noble is familiar with the tax positions and history, and we believe Noble is well- positioned to manage these matters in a way that should result in limited actual liability and without any material impact to our liquidity. Our ability to defend and administer these tax matters allowed us to find a mutually agreeable solution that is in Noble's best interests." The settlement agreement is subject to finalization of definitive agreements and bankruptcy court approval, which will be sought as part of the bankruptcy plan to be filed by Paragon. Noble plans to assume control of the audit and assessment matters under an interim agreement so that it can immediately begin its efforts to mitigate the tax liability and any bonding requirements. About Paragon Offshore Paragon -- http://www.paragonoffshore.com/-- is a global provider of offshore drilling rigs. Paragon's operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, and six floaters (four drillships and two semisubmersibles). Paragon's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales with company number 08814042 and registered office at 20-22 Bedford Row, London,WC1R 4JS, England. THOMAS COOK: S&P Affirms 'B' Rating on Unsecured Notes ------------------------------------------------------ Standard & Poor's Ratings Services said that it has revised the recovery rating on U.K.-based tourism operator Thomas Cook's unsecured notes (GBP300 million due 2017, EUR525 million due 2020, and EUR400 million due 2021, respectively) to '3' from '4'. At the same time, S&P is affirming the issue ratings on the unsecured notes at 'B', in line with the long-term corporate credit rating on Thomas Cook Group PLC. The upward revision of the recovery rating reflects higher recovery expectations at default, resulting from lower unsecured debt claims at default as S&P excludes the bonding and guarantee facilities. The rationale for excluding these guarantee facilities is based on S&P's valuation of the company on a going concern basis. Therefore, S&P thinks these facilities will not crystallize in a default scenario. In S&P's hypothetical default scenario, it assumes a decrease in discretionary consumer spending, resulting from weaker economic conditions or an unexpected adverse event. S&P values the company as a going concern given its well- established market position and strong brand. SIMULATED DEFAULT ASSUMPTIONS -- Year of default: 2019 -- EBITDA at emergence: GBP295 million -- Implied enterprise value multiple: 5.0x -- Jurisdiction: U.K. SIMPLIFIED WATERFALL -- Gross enterprise value at default: GBP1,476 million -- Administrative costs: GBP74 million -- Net value available to creditors: GBP1,402 million -- Priority debt claims: GBP328 million* -- Unsecured debt claims: GBP1,619 million* -- Recovery expectation: 50%-70% (lower end of the range) *All debt amounts include six months' prepetition interest. S&P assumes that the GBP500 million revolving credit facility is 85% drawn at default. =============== X X X X X X X X =============== * S&P Takes Various Rating Actions on 7 High-Yield Oil & Gas Cos. ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it has taken various rating actions on seven high-yield oil and gas producers in EMEA as part of S&P's review of the sector. The rating actions are: -- S&P lowered its rating on U.K.-based EnQuest PLC to 'B-' from 'B' and assigned a negative outlook. S&P also lowered its issue rating on EnQuest's senior unsecured notes to 'CCC+', one notch below the corporate credit rating. The recovery rating remains at '5'. -- S&P lowered its rating on U.K.-based Ithaca Energy Inc. to 'B-' from 'B' and assigned a stable outlook. S&P also lowered the issue rating on the senior unsecured notes to 'CCC', two notches below the corporate credit rating. The recovery rating remains '6'. S&P lowered its ratings on Kazakhstan-based Nostrum Oil and Gas PLC to 'B' from 'B+' and assigned a stable outlook. S&P also lowered its issue rating on the senior unsecured notes to 'B', in line with the corporate credit rating. -- S&P lowered its ratings on U.K.-based Tullow Oil to 'B' from 'B+' and placed them on CreditWatch with negative implications. S&P also lowered its issue rating on Tullow Oil's senior unsecured debt to 'B-' and placed it on CreditWatch negative. S&P placed its 'B+' rating on Norway-based Bayerngas Norge A.S. on CreditWatch with negative implications. -- S&P revised its outlook on Nigeria-based Seven Energy International Ltd. to negative from stable and affirmed the 'B-' ratings. -- S&P revised its outlook on Kuwait Energy PLC to negative from stable and affirmed the 'B-' ratings. S&P's review of the sector follows the recent revision of its oil and gas price assumptions. These price revisions reflect the meaningful decline in futures curves, driven by ongoing oversupply in the global oil market that S&P expects to largely persist. S&P also notes the continuing global reset of production and development costs at lower levels, albeit coming from high levels and at different degrees depending on companies, projects, and countries. S&P sees these key highlights for high-yield upstream companies. While oil prices are weak -- and S&P expects them to remain so in 2016 with a close to 25% decline on average versus 2015 -- operating cash flow and credit metrics may not deteriorate to the same extent given favorably priced hedges for several, but not all, issuers. This includes in particular Nostrum, Tullow, or Ithaca. Conversely, even assuming a rebound in oil price next year, of about 13% to $45 in our latest price deck released in January 2016, S&P would foresee for those companies who have been protected by hedges declining profits and credit metrics in 2017 as hedges run off. S&P believes EnQuest, with no 2017 hedges, is particularly at risk. A key potential pressure point for these entities with a rating at 'B+' or lower is liquidity. Many companies have material debt maturities falling due over 2016-2017; and unfavorable debt as well as equity and bank markets for such oil and gas issuers mean it may not be possible to refinance debts or raise equity. S&P believes these limitations can be exacerbated for issuers whose assets are in countries that lenders view as risky from a security, macroeconomic, regulation, or political standpoint, such as in Africa. Even for companies with limited or low debt amortization over 2016-2017, significant capital expenditures may imply the need for meaningful new liquidity sources. In particular, S&P believes Bayerngas and Seven Energy are at risk. Financial covenant breaches are another risk to these companies' liquidity, with possible EBITDA-based issues over 2016-2017, such as Seven Energy in particular. While waivers are possible, as S&P has observed in the past years, such renegotiations may not be successful over 2016-2017 if oil prices remain low, lenders' perceive heightened risks, and recovery prospects wane off, while funding costs or fees could increase. Another potential pressure point, but one S&P currently does not foresee for the seven issuers included in the rating actions, is the ability to use hard currency to repay dollar- or euro- denominated debts and capital expenditures. Several sovereigns reliant on oil and gas exports have introduced taxes or restrictions on transferring or converting foreign currencies, including Nigeria (home to Seven Energy), Kazakhstan (where Nostrum is based), and Azerbaijan (State Oil Company Of Azerbaijan Republic, for example). The ability to freely use foreign currencies is especially important as upstream producers usually have most of their borrowings in euros and dollars rather than in local currencies. A significant part of both operating and capital expenditures may also be in foreign currencies or priced relative to foreign currencies. Although this risk exists, S&P assumes that the seven high-yield entities we rate will not face this issue because such capital restrictions relate to other participants (such as individuals) and do not impact upstream producers, as sovereigns are keen on protecting this vital industry and avoiding reputational risks. It is also essential to note that even if these upstream companies' revenues tend to be mostly in dollars and euros, some countries require the transfer of these foreign currencies into the country, leading to possible delays, conversions at adverse exchange rates, and restrictions. S&P bases its valuation approach for rating debt issues of these speculative-grade upstream companies on reserves, which is industry specific. An almost 50% decline in oil prices in 2015 means that year-end 2015 proved and probable reserves, based on such prices, could be significantly lower than a year earlier, as reserves take into account economic conditions. This would lead to reduced recovery prospects and, in turn, lower recovery ratings. DOWNGRADES EnQuest PLC The downgrade of EnQuest reflects the company's increased sensitivity to operating performance under the lower oil price environment in S&P's updated base case. This is especially true for 2017 given the absence of hedging, and S&P now anticipates leverage to augment in 2017 against 2016. This is despite assumptions based on lower capital expenditures and timely completion of the Kraken project. S&P now anticipates Standard & Poor's-adjusted debt to EBITDA (without cash netting given the weak business risk profile) to reach about 4.5x by year-end 2017, compared with our assumption of a maximum of 4.0x by end-2016 previously. Although S&P anticipates that, beyond 2017, the company will deleverage, S&P continues to see a number of risks that will remain until then, mainly oil prices, the ability to further reduce operating expenditures, and the timely completion of Kraken. S&P anticipates adjusted free operating cash flow (FOCF) to be negative in 2016, at about $175 million. In addition, under the current investment plans, S&P do not exclude that the company would have to seek additional liquidity to fund its capital investments beyond the next 12 months. The negative outlook underlines S&P's view of the continued uncertainty around cash flow volatility and generation given the company's reliance on production start-up and increases of the Kraken project. Furthermore, if S&P's oil price or production level assumptions were to materialize below S&P's base case, there could be some downside rating pressure. S&P could also consider a downgrade if the company fails to reduce operating expenditures to the levels S&P currently anticipates of below $25/bbl in 2016, which could constrain liquidity. Ithaca Energy Inc. The negative rating action on Ithaca reflects S&P's view that the company will not be able to deleverage its balance sheet as quickly as S&P had previously anticipated, notably given delays on sail away of the floating production facility required to start production at the greater Stella area (GSA). Nevertheless, S&P notes that the company's liquidity should remain adequate over the next 12 months, even under S&P's new oil price assumption, as 2016 production is vastly hedged. S&P also notes management's proactive approach to protect the balance sheet in the current market environment, which S&P views positively. The stable outlook reflects S&P's anticipation of first production at the GSA during the second half of 2016, leading to material debt reduction in 2017 under S&P's base case. However, S&P still sees key risks associated to the lower oil price or operational setbacks due to the company's limited scale. Consequently, rating pressure could stem from a debt-to-EBITDA ratio that reaches 5x without prospects of a quick recovery, or if any liquidity concerns arise. S&P could consider an upgrade if debt to EBITDA falls to below 3x on a sustainable basis. Nostrum Oil and Gas PLC The downgrade of Nostrum to 'B' incorporates S&P's view of Nostrum's declining and weaker-than-expected credit metrics over the next two years. Although the bulk of Nostrum's oil production is hedged at a price of $49/bbl until the end of 2017, S&P sees a risk that gas prices could materially weaken from 2017, which could increase leverage. In particular, S&P now expects funds from operations (FFO) to debt to near 10% and debt to EBITDA to be about 5x on average in 2016-2017 -- levels S&P doesn't view as commensurate with its 'B+' rating. S&P also takes into account its forecast of negative FOCF in 2016-2017 since the company needs to invest another $250 million to complete its gas treatment facility (GTF). However, S&P acknowledges the company's relatively low production costs and the absence of debt maturities until 2019 or covenants, while S&P expects production to start increasing from 2017 once the GTF is completed. S&P factors these supporting factors into the stable outlook. S&P would lower the rating further if it noted a heightened risk of a liquidity squeeze, for example, if its base-case projections were to dive such that FFO to debt remains persistently below 10% or if debt to EBITDA exceeds 5x without near-term prospect of improvement. This could happen in case of major operational disruption, lower-than-expected production, or if S&P perceives that financial policies become more aggressive, such as uncurbed capital expenditures or dividends before the GTF facility is completed. S&P believes upside potential is remote in the near term. However, S&P would consider an upgrade if it foresees an improvement in credit measures coupled with trends toward neutral FOCF. Still, this could occur only if oil prices recover faster than S&P currently anticipates alongside an improvement in Nostrum's liquidity position and no delays on the GTF ramp-up. DOWNGRADE; CREDITWATCH ACTION Tullow Oil S&P lowered the rating on Tullow to 'B' from 'B+' and placed the rating on CreditWatch with negative implications. The downgrade reflects S&P's expectation that, under its revised price assumptions, Tullow's credit metrics will weaken further in 2016 compared with S&P's previous forecast, despite meaningful hedges in place and reductions in capital expenditures. S&P has reassessed Tullow's liquidity to less than adequate from adequate due to uncertainties regarding covenants toward the end of 2016. The CreditWatch placement accounts for the potential rating impact stemming from S&P's view of increased near-term risk of tightening liquidity under its rolling next 12 months sources to uses assessment; specifically when S&P excludes the $1 billion facility from April 2016, because it will then become current in less than one year. Furthermore, it also takes into account the potential decrease in the company's borrowing base once the reserve base lending (RBL) facility redetermination has been completed. S&P intends to resolve the CreditWatch in the next three months, during which S&P will assess management's plans for addressing both short- and longer-term liquidity needs. The key rating triggers in S&P's view are potential continued oil price deterioration, any major delays in the start-up of Tweneboa-Enyenra-Ntomme (TEN), and any related difficulties in managing liquidity, which could lead S&P to lower the rating further. That said, S&P notes efforts made by Tullow to control cash outflows, and S&P anticipates the company will manage liquidity proactively, as it understands management is currently discussing funding instruments with banks. S&P could affirm the ratings and resolve the CreditWatch placement if liquidity concerns are dissipated, notably by extending the maturity on the $1 billion facility and any potential decreased availability under the RBL does not materially affect S&P's view of the company liquidity needs to meet its financial commitments and operational development. Further ahead, S&P will review the potential rating impact of increasing exposure to Ghana once Tullow's TEN development comes on stream. CREDITWATCH ACTION Bayerngas Norge A.S. The CreditWatch placement reflects S&P's view that Bayerngas could experience a liquidity squeeze if the company fails to obtain sizable additional funding in the next few months, which might become increasingly challenging given the oil and gas market downturn. S&P notes that the entire company's debt comprises of shareholder loans to date. Although S&P assumes that the company will continue to get ongoing financial support from its main shareholder -- Stadtwerke Munchen, a German utility -- this support is not certain, and S&P currently has limited visibility regarding the company's funding and capital structure plan in 2016-2017. That said, S&P continues to factor in its expectations of substantial parental support, based on a long track record of important cash injections over the past several years. S&P could downgrade Bayerngas by one or more notches should it perceive reduced ability or commitment from Stadtwerke Munchen to provide ongoing and exceptional financial support, even under difficult market conditions. Conversely, S&P could affirm the ratings if it gains visibility on Stadtwerke Munchen's plans to provide at least EUR500 million of new funds to the company in the first quarter of 2016, independent of any debt conversion to equity. S&P intends to resolve the CreditWatch by mid-March. Until then, S&P will assess Stadtwerke Munchen's strategy regarding Bayerngas' capital structure, funding, and liquidity, as well as any update to management's business plan in the lower oil price environment. OUTLOOK REVISIONS Seven Energy International Ltd. The negative outlook reflects S&P's view that Seven Energy's liquidity headroom has reduced on the back of low oil prices and the resulting limited headroom on the rating. S&P projects potential liquidity pressure if the company does not raise at least about $100 million additional equity in the first quarter of 2016 (as S&P expects) or cannot obtain waivers from its lenders. However, S&P views positively these factors: -- S&P's understanding that the company is close to securing new equity funding of up to $100 million; -- The company's significant exposure to gas, which should limit the negative impact on cash flows from low oil prices; and -- The company's track record of improving covenant packages and lengthening amortization schedules. S&P would consider a downgrade of one or more notches if it saw a deterioration of Seven Energy's liquidity or a heightened risk of a covenant breach in 2016. This could mainly result from failure to obtain a minimum of about $100 million new equity in the next few months, a weaker operational performance, or less prudent financial management than we anticipate. S&P could revise its outlook to stable if the company raises at least $100 million in 2016 and if S&P foresees more headroom on its covenants, such that is at least 15% on a sustainable basis. A marked increase in net production and an improved oil price environment could also support an outlook revision to stable. Kuwait Energy PLC The outlook revision to negative from stable reflects S&P's opinion that Kuwait Energy's credit metrics will deteriorate sharply in 2016 before improving in 2017. S&P forecasts, in particular, that its adjusted FFO-to-debt ratio will be about 10% in 2016, resulting in limited headroom on the current 'B-' rating, in S&P's view. This has led S&P to reassess Kuwait Energy's financial risk profile as highly leveraged, also reflecting still important capital expenditures, although much lower than previously anticipated for 2016-2017. S&P could lower the ratings on Kuwait Energy if it experiences a liquidity crisis that could stem from operational setbacks, such as a delay in production start-up at new fields, especially Block 9 in Iraq and SIBA, major cost overruns at the Iraqi assets, or if production dropped unexpectedly due to political unrest or because oil prices fell below $30/bbl. A lower oil price environment than S&P currently bases its projections on could also lead to tight headroom under the minimum 2P reserves Net Present Value covenant. Rating pressure could also arise if major delays in crude oil payments from Egyptian national oil company Egyptian General Petroleum Corp. (EGPC) reoccurred, or if there were pressure on the ratings on Iraq or Egypt. RATINGS LIST Downgraded To From EnQuest PLC Corporate Credit Rating B-/Negative/-- B/Negative/-- Senior Unsecured CCC+ B- Recovery Rating 5L 5L Ithaca Energy Inc. Corporate Credit Rating B-/Stable/-- B/Negative/-- Senior Unsecured CCC CCC+ Recovery Rating 6 6 Nostrum Oil and Gas PLC Corporate Credit Rating B/Stable /-- B+/Negative/-- Senior Unsecured B B+ Downgraded; CreditWatch Action To From Tullow Oil Corporate Credit Rating B/Watch Neg/-- B+/Negative/-- Senior Secured B/Watch Neg B+ Senior Unsecured B-/Watch Neg B CreditWatch Action To From Bayerngas Norge A.S. Corporate Credit Rating B+/Watch Neg/-- B+/Stable/-- Outlook Action; Ratings Affirmed To From Seven Energy International Ltd. Corporate Credit Rating B-/Negative/-- B-/Stable/-- Senior Secured B- B- Kuwait Energy plc Corporate Credit Rating B-/Negative/-- B-/Stable/-- Senior Unsecured B- B- N.B. This list does not include all ratings affected. * S&P Takes Various Rating Actions on 28 Cos. Debt Instruments -------------------------------------------------------------- Standard & Poor's Ratings Services said that it is withdrawing all of the recovery ratings assigned to the debt instruments of 28 Russian, Kazakh, and Ukrainian companies. At the same time, S&P is affirming the issue ratings on 26 companies, maintaining the CreditWatch placement on the issue rating on one company, and lowering issue ratings on one company. This follows S&P's publication of the list of issuers whose rated debt instruments S&P placed under criteria observation (UCO) on Jan. 20, 2016. These ratings are no longer under criteria observation. In jurisdictions whose insolvency regime S&P classifies in Group C (Russia, Kazakhstan, and Ukraine), S&P is withdrawing recovery ratings because of a change in our analytical approach to assigning issue ratings. The Group C classification indicates that S&P do not consider that recovery prospects can be determined with sufficient confidence to assign recovery ratings, either because the insolvency regime does not conform to international norms of priority rankings, or because a high or very high rule-of-law risk significantly undermines predictability of the enforcement of contractual rights and the resolution of insolvencies. To rate debt instruments issued by speculative-grade entities under the above three jurisdictions, S&P will now apply its "notching" approach, as detailed in "2008 Corporate Criteria: Rating Each Issue," published on April 15, 2008. The issue rating affirmations and maintained CreditWatch placement reflect S&P's view that the ratings should either remain equalized with the issuer credit rating or (in one case) remain one notch below the issuer credit rating, because of S&P's view of material structural or contractual subordination. In certain cases, where there are substantial priority liabilities, S&P may incorporate mitigating factors into its analysis. Where S&P has lowered issue-level ratings, this reflects its analytical conclusion that priority claims cover in excess of 15% of the assets, and that the possible mitigating factors outlined in "2008 Corporate Criteria: Rating Each Issue" are not sufficient to fully offset the subordination. RATINGS LOWERED Evraz Group S.A. S&P is lowering the issue ratings on Evraz Group's senior unsecured debt instruments by one notch to 'B+'. The downgrade reflects the fact that liabilities that S&P views as ranking structurally prior to the notes comprise around 20%-30% of group's total Standard & Poor's-adjusted assets. Recovery prospects are supported to some degree by the diversified nature of Evraz's operations, including low-cost mining assets, and its low cost position as an integrated steel producer. Therefore, S&P is limiting its downgrade of the issues to one notch, rather than two. RATINGS AFFIRMED Alrosa OJSC S&P is affirming the 'BB-' issue rating on Alrosa's US$1 billion senior unsecured notes due in 2020 issued by its wholly owned financial subsidiary Alrosa Finance S.A. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes comprise less than 15% of the group's total assets. Borets International Ltd. S&P is affirming its 'BB-' issue rating on Borets International's $416 million senior unsecured bonds maturing in September 2018 issued by its wholly owned financial subsidiary Borets Finance Ltd. The affirmation reflects the fact that priority liabilities comprise less than 15% of the group's total assets. Brunswick Rail Ltd. S&P is affirming its 'CCC-' issue rating on the US$600 million senior unsecured notes issued by Brunswick Rail Finance Ltd., the wholly owned subsidiary of Brunswick Rail Ltd. S&P affirmed the ratings because the claims that S&P views as ranking ahead of the notes constitute less than 15% of total assets. S&P's rating on the notes is supported by the unconditional and irrevocable guarantees provided by the parent of the group and the fact that its main operating subsidiaries account for the majority of group's total assets. CJSC SSMO LenSpetsSMU S&P is affirming its 'B+' rating and 'ruA' Russia national scale rating on the Russian ruble (RUB) 5 billion senior unsecured bonds maturing in December 2017. The affirmation reflects the fact that priority liabilities comprise less than 15% of adjusted assets. DME Ltd. S&P is affirming the 'BB+' issue rating on the US$300 million senior unsecured loan participation notes due in 2018 issued by special-purpose entity DME Airport Ltd. Proceeds are provided to Hacienda Investments Ltd., a fully owned, core operating subsidiary of DME Ltd. The affirmation reflects the fact that priority liabilities comprise less than 15% of the group's total assets. Eurasia Drilling Co. S&P is affirming its 'BB' rating on the US$600 million senior unsecured notes maturing in April 2020, issued by financing vehicle EDC Finance Ltd. and guaranteed by Eurasia Drilling Co. and its key subsidiaries BKE and SGC-Drilling. The affirmation reflects the fact that the guarantors account for a major share of group EBITDA and assets, such that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. Far-Eastern Shipping Co. PLC S&P is affirming the 'B-' issue ratings on Far-Eastern Shipping Co.'s US$300 million and US$500 million senior secured notes due in 2020 and 2018, respectively, issued by its wholly owned financial subsidiary Far East Capital Ltd. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. Ferrexpo PLC S&P affirmed the issue rating on the company's $374 million senior unsecured notes due 2019 at 'CCC', in line with the issuer credit rating. S&P's calculation of the ratio of priority liabilities to the company's assets doesn't exceed the 15% threshold. The priority liabilities include some secured debt at the operating subsidiaries and some outstanding payables. S&P has not treated the pre-export facility (PXF) as priority debt because the bondholders share in the same main surety from the Poltova subsidiary as the PXF. JSC Holding Company Metalloinvest S&P is affirming the 'BB' issue ratings on Metalloinvest's US$1 billion senior unsecured notes due in 2020 issued by its wholly owned financial subsidiary Metalloinvest Finance Ltd. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. EuroChem Mineral Chemical Co. JSC S&P is affirming its 'BB' ratings on the 8.9% RUB5 billion and 8.25% RUB5 billion senior unsecured bonds maturing in July 2018 and November 2018, respectively, and S&P's 'BB' rating on the US$750 million Eurobond maturing in December 2017. S&P believes that bank lenders at the Eurochem Group AG level may have slightly better protection than Eurobond-holders, because the lenders benefit from sureties from Russian operational subsidiaries. S&P believes however that there are sufficient mitigating factors for bondholders, such as downstream loans, the company's diversification, and especially S&P's view that recovery prospects for bondholders would likely exceed 30%. The latter view is supported by Eurochem's position as a leading low- cost fertilizer producer benefiting from valuable reserves including multi-billion-dollar advanced potash projects. Kazakhtelecom JSC S&P is affirming its 'BB' rating on the KZT45.5 billion senior unsecured bond issued by Kazakhtelecom JSC and maturing in October 2019. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes comprise less than 15% of group's total assets. MHP S.A. S&P is affirming its issue ratings on MHP's unsecured debt at 'B-', in line with the issuer credit rating. Priority liabilities are about 20% of total adjusted assets, but S&P believes that the existence of documented downstream loans from the holding company to the subsidiaries reinforces the position of this debt when it comes to reimbursement claims. Another mitigating factor comes from the geographic diversity of sales. In the first nine months of 2015, about 45% of revenues were outside the domestic Ukrainian market. Mobile TeleSystems (OJSC) S&P is affirming its 'BB+' ratings on the debt issued by Mobile TeleSystems OJSC and the debt issued by MTS International Funding Ltd. (and guaranteed by Mobile TeleSystems OJSC). The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. NLMK OJSC S&P is affirming the 'BB+' issue ratings on NLMK's debt instruments. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes comprise less than 15% of the group's total assets. Nostrum Oil and Gas PLC S&P is affirming the 'B+' issue ratings on Nostrum's $400 million senior unsecured notes due in 2019 issued by its wholly owned financial subsidiary Zhaikmunai International B.V. and the $560 million senior unsecured notes due 2019 issued by Zhaikmunai LLP. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of the group's total assets. O1 Properties Ltd. S&P is affirming its 'B+' issue ratings on the RUB6 billion senior unsecured bonds maturing in October 2018 and on the RUB15 billion bonds maturing in October 2020. Both bonds are issued by O1 Properties Finance LLC and guaranteed by O1 Properties Ltd. S&P believes that recovery prospects for those bonds will exceed 30% despite the significant amount of secured debt located at operating companies. O1 Properties Ltd. owns a large portfolio of prime assets in the center of Moscow and, even after applying a 35% haircut to the portfolio's value, residual value is enough to support recovery prospects of more than 30% for holders of unsecured bonds. S&P views it as unlikely that portfolio value might decrease by more than 35% from the value as of June 2015 due to the high quality of the portfolio (reflected in the location of the assets), the tenant structure, and the occupancy rate. OAO Koks S&P is affirming its 'B-' rating on the US$199 million senior unsecured loan participation notes maturing in June 2016, issued by financial vehicle Koks Finance Ltd. with OAO Koks as borrower. The notes are unconditionally and irrevocably guaranteed by key operating subsidiaries. That said, the issue rating on the notes is one notch lower than the issuer credit rating of OAO Koks, because priority liabilities (notably secured bank debt at mining and Tulachermet subsidiaries) amounts to 15%-30% of the group's total assets. OAO NOVATEK S&P is affirming the 'BB+' issue ratings on NOVATEK's senior unsecured debt instruments. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. OAO TMK S&P is affirming the 'B+' issue ratings on TMK's US$500 million senior unsecured bonds maturing in 2018 and US$500 million senior unsecured bonds maturing in 2020 issued by fully owned financial vehicle TMK Capital S.A. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of the group's total assets. This is because the bonds benefit from guarantees from all material subsidiaries. OOO X5 Finance S&P is affirming its 'BB-' rating on the RUB8 billion senior unsecured bonds maturing June 2016. The priority liabilities are about 15% of adjusted assets and S&P believes that the recovery prospects are supported by the guarantee provided for this bond issue by the main operating entity of the X5 Retail Group - CJSC Trade House Perekriostok. PAO Severstal S&P is affirming the 'BB+' issue ratings on Severstal's debt instruments, including debt issued by Severstal's subsidiary financing vehicles Steel Capital S.A. and Holdgrove Ltd. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. Pioneer Group CJSC S&P is affirming its 'B-' rating on the RUB2 billion senior unsecured bonds maturing in October 2016. Despite the significant amount of accounts payable located at operating subsidiaries, S&P considers downstream loans from issuing entity Pioneer Group CJSC to operating companies as an effective mitigant to those claims. S&P estimates that secured debt at operating companies constitutes 11% of adjusted total assets. This is below the 15% threshold beyond which S&P would notch down the issue rating from the issuer credit rating. RSG International Ltd. S&P is affirming its 'B-' ratings on the RUB3 billion senior unsecured bonds maturing in October 2016 and on the RUB3 billion senior unsecured bonds maturing in September 2018. There are significant accounts payable located at the level of operating subsidiary. However, in S&P's view, downstream loans from the issuing entity RSG Finance LLC to operating companies effectively rank bondholders' claims on operating companies' assets at the same priority level as accounts payable located at operating subsidiaries. S&P estimates secured debt at operating companies at about 7% of adjusted total assets, which is below S&P's 15% threshold for notching down the issue rating from the rating on the issuer. Sistema (JSFC) S&P is affirming its 'BB' ratings on the US$500 million notes and RUB19 billion senior unsecured bonds. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. UkrLandFarming PLC S&P is affirming its issue ratings on UkrLandFarming at 'CC', in line with the issuer rating. S&P considers that the company is dealing with severe constraints in accessing external liquidity sources and with a difficult operating environment. Current political and financial tensions have not come to an end, and S&P believes that there is a heightened risk that UkrLandFarming could default on payments due on bank loans and that the recovery could be very low. This risk is captured in the 'CC' rating. Vimpel-Communications PJSC S&P is affirming its 'BB' ratings on the bonds issued by Vimpelcom PJSC and Vimpelcom Holdings BV. The bonds issued by Vimpelcom Holdings BV are guaranteed by Vimpelcom PJSC, so S&P considers that the debt of both companies ranks at the same level. The affirmation reflects the fact that liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of the adjusted assets of PJSC Vimpelcom, PJSC Kyivstar, and Vimpelcom Holdings BV. Other obligations in the group rank structurally junior to the bonds, in S&P's view. RATINGS REMAIN ON CREDITWATCH Polyus Gold International Ltd. S&P is maintaining the CreditWatch on the 'BB+' issue rating on the $750 million unsecured notes due 2020 issued by Polyus Gold International Ltd. S&P understands that the notes rank pari passu with Polyus Gold's bank debt. Liabilities that S&P views as ranking structurally prior to the notes constitute less than 15% of group's total assets. S&P therefore equalizes the issue ratings on the unsecured notes with the issuer credit rating on Polyus Gold International, which also remains on CreditWatch. RATINGS LIST To From Affirmed ALROSA Finance S.A. Senior Unsecured BB- BB- Recovery Rating NR 4L Borets Finance Ltd. Senior Unsecured BB- BB- Recovery Rating NR 3L Brunswick Rail Finance Ltd. Senior Unsecured CCC- CCC- Recovery Rating NR 4L CJSC SSMO LenSpetsSMU Senior Unsecured B+/ruA B+/ruA Recovery Rating NR 3L DME Ltd. Senior Unsecured BB+ BB+ Recovery Rating NR 3H Eurasia Drilling Co. Senior Unsecured BB BB Recovery Rating NR 3L Far East Capital Ltd. S.A. Senior Secured B- B- Recovery Rating NR 4L Ferrexpo PLC Senior Unsecured CCC CCC Recovery Rating NR 3H JSC Holding Company Metalloinvest Senior Unsecured BB BB Recovery Rating NR 4 JSC Mineral Chemical Co.EuroChem Senior Unsecured BB BB Recovery Rating NR 3H Senior Unsecured BB BB Recovery Rating NR 4H Kazakhtelecom JSC Senior Unsecured BB BB Recovery Rating NR 3H MHP S.A. Senior Secured B- B- Recovery Rating NR 3H Mobile TeleSystems (OJSC) Senior Unsecured BB+ BB+ Recovery Rating NR 3H NLMK OJSC Senior Unsecured BB+ BB+ Recovery Rating NR 3H O1 Properties Finance Senior Unsecured B+ B+ Recovery Rating NR 4H OAO Koks Senior Unsecured B- B- Recovery Rating NR 5L OAO NOVATEK Senior Unsecured BB+ BB+ Recovery Rating NR 3H OOO X5 Finance Senior Unsecured BB- BB- Recovery Rating NR 3H PAO Severstal Senior Unsecured BB+ BB+ Recovery Rating NR 3H Pioneer Group CJSC Senior Unsecured B- B- Recovery Rating NR 4H RSG International Ltd. Senior Unsecured B- B- Recovery Rating NR 3H Sistema (JSFC) Senior Unsecured BB BB Recovery Rating NR 3H TMK Capital S.A. Senior Unsecured B+ B+ Recovery Rating NR 3L UkrLandFarming PLC Senior Unsecured CC CC Recovery Rating NR 4L Vimpel-Communications PJSC Senior Unsecured BB BB Recovery Rating NR 3H Zhaikmunai LLP Senior Unsecured B+ B+ Recovery Rating NR 3H Downgraded Evraz Group S.A. Senior Unsecured B+ BB- Recovery Rating NR 4L Kept On CreditWatch Polyus Gold International Ltd. Senior Unsecured BB+/Watch Neg BB+/Watch Neg Recovery Rating NR 3H NR--Not rated. * BOND PRICING: For the Week February 8 to February 12, 2016 ------------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Deutsche Bank AG 6.00 EUR 73.39 Deutsche Bank AG 7.50 USD 74.75 Deutsche Bank AG 6.25 USD 73.00 UniCredit SpA 6.75 EUR 71.07 Deutsche Bank AG 7.13 GBP 70.28 UniCredit SpA 8.00 USD 70.51 Abengoa SA 8.50 3/31/2016 EUR 12.38 Petrobras Global Finance BV 5.38 1/27/2021 USD 71.08 Repsol International Financ 4.50 3/25/2075 EUR 67.42 Petrobras Global Finance BV 6.25 3/17/2024 USD 68.61 Glencore Finance Europe SA 1.25 3/17/2021 EUR 73.31 Vallourec SA 2.25 9/30/2024 EUR 60.02 Manutencoop Facility Manage 8.50 8/1/2020 EUR 64.37 Petrobras Global Finance BV 6.85 6/5/2115 USD 59.40 Vedanta Resources PLC 9.50 7/18/2018 USD 67.00 Petrobras Global Finance BV 4.38 5/20/2023 USD 63.70 Vedanta Resources PLC 6.00 1/31/2019 USD 58.88 Rickmers Holding GmbH & Cie 8.88 6/11/2018 EUR 56.93 Repsol International Financ 3.88 EUR 71.54 CSN Resources SA 6.50 7/21/2020 USD 36.50 Grupo Isolux Corsan Finance 6.63 4/15/2021 EUR 25.25 German Pellets GmbH 7.25 11/27/2019 EUR 1.20 ArcelorMittal 8.00 10/15/2039 USD 74.00 Eramet 4.50 11/6/2020 EUR 62.60 German Pellets GmbH 7.25 4/1/2016 EUR 1.24 Scholz Holding Gmbh 8.50 3/8/2017 EUR 2.29 Abengoa Finance SAU 8.88 2/5/2018 EUR 10.75 Casino Guichard Perrachon S 1.86 EUR 42.85 Portugal Telecom Internatio 4.63 5/8/2020 EUR 48.95 Ajecorp BV 6.50 5/14/2022 USD 34.65 Vedanta Resources PLC 8.25 6/7/2021 USD 52.00 Glencore Finance Europe SA 1.75 3/17/2025 EUR 67.15 Anglo American Capital PLC 3.25 4/3/2023 EUR 65.92 Banco Popular Espanol SA 8.25 EUR 71.44 Portugal Telecom Internatio 4.38 3/24/2017 EUR 71.03 CGG SA 5.88 5/15/2020 EUR 43.44 Banco Espirito Santo SA 2.63 5/8/2017 EUR 26.38 Glencore Finance Europe SA 1.63 1/18/2022 EUR 72.33 CMA CGM SA 7.75 1/15/2021 EUR 73.59 Ensco PLC 4.70 3/15/2021 USD 67.75 Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 44.00 Fiat Chrysler Automobiles N 7.88 12/15/2016 USD 57.89 Petrobras Global Finance BV 5.75 1/20/2020 USD 74.38 Bank of New York Mellon Lux 4.40 12/15/2050 EUR 37.67 Anglo American Capital PLC 2.50 4/29/2021 EUR 65.13 Banco Espirito Santo SA 4.00 1/21/2019 EUR 26.63 Vedanta Resources PLC 7.13 5/31/2023 USD 51.94 Banca Monte dei Paschi di S 5.00 4/21/2020 EUR 73.48 Abengoa Finance SAU 6.00 3/31/2021 EUR 10.00 Petrobras Global Finance BV 3.25 4/1/2019 EUR 72.50 German Pellets GmbH 7.25 7/9/2018 EUR 0.73 Rallye SA 4.00 4/2/2021 EUR 66.02 Gol LuxCo SA 8.88 1/24/2022 USD 32.00 Petrobras Global Finance BV 6.88 1/20/2040 USD 60.75 Petroleum Geo-Services ASA 7.38 12/15/2018 USD 65.38 Anglo American Capital PLC 2.88 11/20/2020 EUR 66.97 Delta Lloyd NV 4.38 EUR 64.76 Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 45.98 RWE AG 3.50 4/21/2075 EUR 68.54 Portugal Telecom Internatio 5.88 4/17/2018 EUR 55.50 Anglo American Capital PLC 1.50 4/1/2020 EUR 66.82 Genel Energy Finance PLC 7.50 5/14/2019 USD 55.33 VistaJet Malta Finance PLC 7.75 6/1/2020 USD 41.50 Abengoa Finance SAU 7.00 4/15/2020 EUR 10.00 Premier Oil PLC 5.00 12/11/2020 GBP 51.34 ArcelorMittal 7.75 3/1/2041 USD 72.00 Petrobras Global Finance BV 2.76 1/15/2019 USD 70.20 Banca Monte dei Paschi di S 5.60 9/9/2020 EUR 74.23 ArcelorMittal 6.13 6/1/2025 USD 73.50 Intelsat Luxembourg SA 7.75 6/1/2021 USD 35.51 Standard Chartered PLC 5.13 6/6/2034 GBP 70.63 Portugal Telecom Internatio 5.00 11/4/2019 EUR 55.00 Aegon NV 0.86 EUR 47.50 Banque Federative du Credit 1.00 EUR 44.75 Banca Monte dei Paschi di S 2.49 5/15/2018 EUR 53.38 Banca Popolare di Vicenza 9.50 9/29/2025 EUR 57.10 International Personal Fina 5.75 4/7/2021 EUR 73.82 Obrascon Huarte Lain SA 4.75 3/15/2022 EUR 60.12 Anglo American Capital PLC 3.50 3/28/2022 EUR 66.04 Abengoa Greenfield SA 5.50 10/1/2019 EUR 10.00 Vattenfall AB 3.00 3/19/2077 EUR 74.28 Norske Skogindustrier ASA 7.00 6/26/2017 EUR 14.76 DNO ASA 8.75 6/18/2020 USD 58.50 Veneto Banca SpA/Old 9.50 12/1/2025 EUR 60.26 CHC Helicopter SA 9.25 10/15/2020 USD 40.50 QGOG Constellation SA 6.25 11/9/2019 USD 38.00 Petrobras Global Finance BV 5.63 5/20/2043 USD 56.00 Tullow Oil PLC 6.00 11/1/2020 USD 63.25 Novo Banco SA 5.00 4/23/2019 EUR 71.35 Petrobras Global Finance BV 6.75 1/27/2041 USD 60.89 EnQuest PLC 7.00 4/15/2022 USD 22.00 Petrobras Global Finance BV 4.88 3/17/2020 USD 71.97 CGG SA 6.50 6/1/2021 USD 32.50 Banco Espirito Santo SA 4.75 1/15/2018 EUR 26.38 Petrobras Global Finance BV 3.75 1/14/2021 EUR 66.23 Petrobras Global Finance BV 4.75 1/14/2025 EUR 64.23 Offshore Drilling Holding S 8.38 9/20/2020 USD 60.75 Ovako AB 6.50 6/1/2019 EUR 62.14 Algeco Scotsman Global Fina 8.50 10/15/2018 USD 71.75 Bluewater Holding BV 10.00 12/10/2019 USD 40.00 Nordea Bank AB 1.05 EUR 52.87 Petrobras Global Finance BV 7.25 3/17/2044 USD 63.00 Banca Monte dei Paschi di S 0.89 11/30/2017 EUR 73.83 AXA SA 1.29 EUR 54.50 Petrobras Global Finance BV 4.25 10/2/2023 EUR 64.40 PagesJaunes Finance & Co SC 8.88 6/1/2018 EUR 53.85 Pacific Drilling SA 5.38 6/1/2020 USD 20.50 Ensco PLC 4.50 10/1/2024 USD 54.13 UKRLANDFARMING PLC 10.88 3/26/2018 USD 39.00 Waste Italia SpA 10.50 11/15/2019 EUR 28.63 Rocket Internet SE 3.00 7/22/2022 EUR 70.29 Credit Logement SA 1.02 EUR 69.51 Far East Capital Ltd SA 8.00 5/2/2018 USD 56.50 Bank of New York Mellon Lux 4.11 12/30/2099 EUR 9.82 Heta Asset Resolution AG 4.25 10/31/2016 EUR 69.13 Petrobras Global Finance BV 3.41 3/17/2020 USD 67.75 ING Groep NV 1.27 EUR 50.71 Ensco PLC 5.20 3/15/2025 USD 55.55 Stena AB 7.00 2/1/2024 USD 71.00 OAS Investments GmbH 8.25 10/19/2019 USD 2.05 Anglo American Capital PLC 4.13 4/15/2021 USD 62.50 Brunswick Rail Finance Ltd 6.50 11/1/2017 USD 44.81 CaixaBank SA 4.50 11/22/2016 EUR 50.86 Petrobras Global Finance BV 5.88 3/7/2022 EUR 69.96 Metinvest BV 10.25 1/31/2016 USD 39.84 Aegon NV 2.07 USD 70.79 Avanti Communications Group 10.00 10/1/2019 USD 70.50 Anglo American Capital PLC 4.88 5/14/2025 USD 60.48 Petrobras Global Finance BV 6.25 12/14/2026 GBP 61.29 Vneshprombank Ltd via VPB F 9.00 11/14/2016 USD 13.00 EnQuest PLC 5.50 2/15/2022 GBP 29.38 CGG SA 6.88 1/15/2022 USD 37.00 AXA SA 0.92 EUR 53.10 Metinvest BV 8.75 2/14/2018 USD 43.36 CIMPOR Financial Operations 5.75 7/17/2024 USD 61.49 Abengoa Finance SAU 8.88 11/1/2017 USD 15.00 Public Power Corp Finance P 5.50 5/1/2019 EUR 69.75 BNP Paribas Fortis SA 1.87 EUR 67.71 Rallye SA 1.00 10/2/2020 EUR 73.24 Portugal Telecom Internatio 4.50 6/16/2025 EUR 48.00 Norske Skogindustrier ASA 11.75 6/15/2016 EUR 70.41 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.27 Tullow Oil PLC 6.25 4/15/2022 USD 60.25 Indo Energy Finance II BV 6.38 1/24/2023 USD 37.51 Anglo American Capital PLC 4.13 9/27/2022 USD 60.99 Anglo American Capital PLC 3.63 5/14/2020 USD 67.74 Andrade Gutierrez Internati 4.00 4/30/2018 USD 62.50 Credit Agricole SA 0.68 EUR 47.43 Algeco Scotsman Global Fina 10.75 10/15/2019 USD 22.00 Hema Bondco I BV 6.25 6/15/2019 EUR 66.81 Intelsat Luxembourg SA 8.13 6/1/2023 USD 37.00 Intelsat Jackson Holdings S 6.63 12/15/2022 USD 63.50 AXA SA 1.05 EUR 60.77 Ensco PLC 5.75 10/1/2044 USD 51.11 Banca Popolare di Vicenza 3.02 12/20/2017 EUR 58.44 BIBBY Offshore Services PLC 7.50 6/15/2021 GBP 64.75 Anglo American Capital PLC 4.45 9/27/2020 USD 66.95 First Bank of Nigeria Ltd V 8.00 7/23/2021 USD 79.50 CGG SA 1.75 1/1/2020 EUR 4.33 Ethias SA 5.00 1/14/2026 EUR 71.62 Banque Federative du Credit 0.83 EUR 48.67 ING Groep NV 0.87 EUR 49.46 Globe Luxembourg SCA 9.63 5/1/2018 USD 60.00 Aldesa Financial Services S 7.25 4/1/2021 EUR 67.98 Yuksel Insaat AS 9.50 11/10/2015 USD 50.17 Petrobras Global Finance BV 6.63 1/16/2034 GBP 59.85 Intelsat Luxembourg SA 6.75 6/1/2018 USD 72.36 Neopost SA 3.38 EUR 44.05 Accudyne Industries Borrowe 7.75 12/15/2020 USD 68.50 Heta Asset Resolution AG 2.75 5/31/2016 CHF 69.00 Sacyr SA 4.00 5/8/2019 EUR 73.43 Obrascon Huarte Lain SA 5.50 3/15/2023 EUR 62.88 Paragon Offshore PLC 6.75 7/15/2022 USD 25.25 Johnston Press Bond Plc 8.63 6/1/2019 GBP 69.38 FF Group Finance Luxembourg 1.75 7/3/2019 EUR 74.85 Air France-KLM 2.03 2/15/2023 EUR 10.72 Banco Espirito Santo SA 6.88 7/15/2016 EUR 25.88 AXA SA 2.25 USD 72.93 Petroleum Geo-Services ASA 7.38 12/15/2018 USD 69.50 Orpea 1.75 1/1/2020 EUR 72.70 Credit Mutuel Arkea SA 1.11 EUR 45.13 Financiere Quick SAS 7.36 10/15/2019 EUR 73.03 Ekosem-Agrar GmbH 8.50 12/7/2018 EUR 57.25 Rothschilds Continuation Fi 1.00 EUR 44.07 Abengoa SA 6.25 1/17/2019 EUR 7.67 SOITEC 6.75 9/18/2018 EUR 1.50 Norske Skog AS 11.75 12/15/2019 EUR 60.00 Mriya Agro Holding PLC 9.45 4/19/2018 USD 8.25 Anglo American Capital PLC 4.88 5/14/2025 USD 59.50 Capital Raising GmbH 7.50 EUR 19.28 Phones4u Finance PLC 9.50 4/1/2018 GBP 39.25 Etablissements Maurel et Pr 1.63 7/1/2019 EUR 9.80 Santander International Pre 2.00 USD 38.75 Prosafe SE 4.18 9/9/2019 NOK 58.50 HSH Nordbank AG/Luxembourg 2.31 EUR 16.81 CHC Helicopter SA 9.38 6/1/2021 USD 14.90 Nyrstar NV 4.25 9/25/2018 EUR 74.17 CNP Assurances 1.03 EUR 51.17 Petrobras Global Finance BV 5.38 10/1/2029 GBP 56.35 TiZir Ltd 9.00 9/28/2017 USD 63.63 Hybrid Raising GmbH 6.63 EUR 19.01 Anglo American Capital PLC 3.63 5/14/2020 USD 66.06 Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 67.00 Immigon Portfolioabbau AG 10.00 EUR 3.25 Indo Energy Finance BV 7.00 5/7/2018 USD 59.67 BIM SAS 2.50 11/13/2020 EUR 24.55 Anglo American Capital PLC 4.13 4/15/2021 USD 62.50 Caixa Terrassa Societat de 1.18 EUR 50.11 Ferrexpo Finance PLC 10.38 4/7/2019 USD 56.64 HSH Nordbank AG 7.25 USD 22.00 Abengoa Finance SAU 7.75 2/1/2020 USD 14.25 Ageasfinlux SA 1.18 EUR 57.80 Sanha GmbH & Co KG 7.75 6/4/2018 EUR 74.75 Constellium NV 5.75 5/15/2024 USD 73.00 Takko Luxembourg 2 SCA 9.88 4/15/2019 EUR 50.84 Hellenic Republic Governmen 6.14 4/14/2028 EUR 67.75 First Ukrainian Internation 11.00 12/31/2018 USD 73.39 SGL Carbon SE 3.50 9/30/2020 EUR 71.71 Far East Capital Ltd SA 8.75 5/2/2020 USD 56.75 AXA SA 1.83 USD 72.83 Afren PLC 11.50 2/1/2016 USD 0.23 Transcapitalbank JSC Via Tr 10.00 9/18/2020 USD 60.00 HSBC Bank PLC 0.81 USD 55.04 Alcatel-Lucent SA 4.25 7/1/2018 EUR 3.63 DTEK Finance PLC 7.88 4/4/2018 USD 40.75 Capital Funding GmbH 2.27 EUR 75.00 Helios Towers Finance Nethe 8.38 7/15/2019 USD 72.50 Assystem 4.50 EUR 27.45 Alcatel-Lucent SA 0.13 1/30/2020 EUR 3.79 OGX Austria GmbH 8.50 6/1/2018 USD 0.00 Barclays Bank PLC 0.26 12/28/2040 EUR 54.29 Iona Energy Co UK PLC 12.50 9/27/2018 USD 3.38 Cofinoga Funding Two LP 2.27 EUR 68.33 Matalan Finance PLC 8.88 6/1/2020 GBP 70.54 Econocom Group SA/NV 1.50 1/15/2019 EUR 11.30 Aegon NV 4.26 NLG 69.88 Praktiker AG 5.88 2/10/2016 EUR 0.07 Beate Uhse AG 7.75 7/9/2019 EUR 21.25 Neue ZWL Zahnradwerk Leipzi 7.50 2/17/2021 EUR 61.50 Danske Bank Oyj 1.15 EUR 52.50 Anglo American Capital PLC 4.45 9/27/2020 USD 68.00 Virgolino de Oliveira Finan 10.50 1/28/2018 USD 3.25 HSBC Bank PLC 1.13 USD 54.73 Afren PLC 6.63 12/9/2020 USD 1.50 Prosafe SE 4.92 1/17/2020 NOK 58.60 Algeco Scotsman Global Fina 9.00 10/15/2018 EUR 71.18 Ekosem-Agrar GmbH 8.75 3/23/2017 EUR 53.00 KCA Deutag UK Finance PLC 7.25 5/15/2021 USD 60.44 Fred Olsen Energy ASA 4.16 2/28/2019 NOK 39.25 Norske Skog Holding AS 8.00 2/24/2021 EUR 26.17 Tullow Oil PLC 6.00 11/1/2020 USD 63.75 Rothschilds Continuation Fi 0.81 USD 46.50 Banca Carige SpA 8.34 EUR 66.88 Asya Sukuk Co Ltd 7.50 3/28/2023 USD 72.25 Paragon Offshore PLC 7.25 8/15/2024 USD 26.00 BNP Paribas SA 2.13 EUR 63.01 Banca Monte dei Paschi di S 0.86 1/15/2018 EUR 70.92 Santander Finance Preferred 1.05 EUR 54.75 NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 28.63 Hema Bondco II BV 8.50 12/15/2019 EUR 39.32 BPCE SA 0.91 EUR 56.25 Jyske Bank A/S 1.16 EUR 51.93 Singulus Technologies AG 7.75 3/23/2017 EUR 22.00 Steilmann SE 6.75 6/27/2017 EUR 70.38 Tesco PLC 4.88 3/24/2042 GBP 71.94 Anglo American Capital PLC 4.13 9/27/2022 USD 63.00 Novo Banco SA 3.00 6/21/2022 USD 63.34 DTEK Finance PLC 10.38 3/28/2018 USD 40.00 Stena AB 7.00 2/1/2024 USD 72.00 Barclays Bank PLC 1.56 GBP 67.92 HSBC Bank PLC 0.98 USD 54.88 Hema Bondco I BV 5.25 6/15/2019 EUR 68.44 Jyske Bank A/S 1.13 EUR 52.33 EnQuest PLC 7.00 4/15/2022 USD 22.00 Bulk Invest ASA 7.93 4/19/2017 NOK 65.21 Abengoa Finance SAU 8.88 11/1/2017 USD 14.88 Tesco PLC 5.20 3/5/2057 GBP 74.21 Novo Banco SA 3.50 1/2/2043 EUR 56.27 Eroski S Coop 3.02 EUR 46.00 Abengoa Greenfield SA 6.50 10/1/2019 USD 7.88 Finance and Credit Bank JSC 9.25 1/25/2019 USD 5.75 Meyer Burger Technology AG 4.00 9/24/2020 CHF 70.12 IGas Energy PLC 10.00 3/22/2018 USD 68.00 Novo Banco SA 5.00 5/14/2019 EUR 71.40 Abengoa Finance SAU 7.75 2/1/2020 USD 14.25 Aegon NV 1.51 NLG 49.55 WPE International Cooperati 10.38 9/30/2020 USD 10.75 Tonon Luxembourg SA 10.50 5/14/2024 USD 43.69 Vedanta Resources PLC 6.00 1/31/2019 USD 59.50 Petrol AD 8.38 1/26/2017 EUR 20.00 Metinvest BV 10.50 11/28/2017 USD 39.22 Gol LuxCo SA 8.88 1/24/2022 USD 29.75 Alno AG 8.50 5/14/2018 EUR 69.38 Tullow Oil PLC 6.25 4/15/2022 USD 60.50 Aegon NV 5.19 NLG 62.62 Abengoa Greenfield SA 6.50 10/1/2019 USD 7.91 Banco Espanol de Credito SA 0.99 EUR 54.48 Banca Popolare di Vicenza 4.60 12/15/2017 EUR 74.00 Banca Carige SpA 1.87 12/29/2018 EUR 54.00 Barclays Bank PLC 1.13 USD 56.48 Pierre & Vacances SA 3.50 10/1/2019 EUR 35.59 Farstad Shipping ASA 5.30 2/15/2017 NOK 50.13 Codere Finance Luxembourg S 8.25 6/15/2015 EUR 70.63 Prosafe SE 4.13 10/22/2018 NOK 67.66 Sydbank A/S 1.05 EUR 52.65 Caisse Federale du Credit M 1.10 EUR 47.97 Espirito Santo Financial Gr 6.88 10/21/2019 EUR 0.08 ATF Capital BV 10.00 USD 59.88 Awilco Drilling PLC 7.00 4/9/2019 USD 74.74 CEVA Group PLC 9.00 9/1/2021 USD 72.50 Nexans SA 2.50 1/1/2019 EUR 74.12 Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 59.25 Novo Banco SA 5.00 3/15/2022 EUR 68.99 REC Silicon ASA 6.50 9/11/2018 USD 64.14 Deutsche Bank AG 1.78 6/28/2033 USD 63.85 OSX 3 Leasing BV 13.00 3/20/2015 USD 25.00 Rena GmbH 8.25 7/11/2018 EUR 8.63 Tonon Luxembourg SA 7.25 1/24/2020 USD 9.75 Banco Espirito Santo SA 2.52 EUR 1.21 Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.55 BNP Paribas SA 0.61 USD 58.27 Vedanta Resources PLC 7.13 5/31/2023 USD 52.63 CGG SA 1.25 1/1/2019 EUR 22.36 Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 64.95 Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 51.00 Sidetur Finance BV 10.00 4/20/2016 USD 6.00 Union Fenosa Preferentes SA 1.52 EUR 63.50 Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 1.30 Vedanta Resources PLC 8.25 6/7/2021 USD 51.63 Pohjola Bank Oyj 0.64 EUR 54.90 Abengoa SA 4.50 2/3/2017 EUR 8.00 Ausy 3.25 1/1/2021 EUR 50.02 Banco Bilbao Vizcaya Argent 1.19 EUR 70.61 Koninklijke Luchtvaart Maat 0.75 CHF 36.50 German Pellets GmbH 8.00 EUR 0.80 Noreco Norway AS 6.50 3/6/2018 NOK 73.00 Candyking Holding AB 5.00 1/29/2018 SEK 40.88 GNB - Cia de Seguros de Vid 2.07 12/19/2022 EUR 69.50 European Directories BondCo 7.00 12/9/2018 EUR 70.66 Afren PLC 10.25 4/8/2019 USD 0.28 Etablissements Maurel et Pr 2.75 7/1/2021 EUR 5.98 Lloyds Bank PLC 1.06 USD 52.33 Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 0.59 OGX Austria GmbH 8.38 4/1/2022 USD 0.00 Nexity SA 0.63 1/1/2020 EUR 48.54 Bank Nadra via NDR Finance 8.25 7/31/2018 USD 2.00 Aralco Finance SA 10.13 5/7/2020 USD 2.50 Banca delle Marche SpA 0.84 6/1/2017 EUR 1.08 Hellenic Republic Governmen 5.00 3/11/2019 EUR 74.00 Lambay Capital Securities P 6.25 GBP 1.54 Pacific Drilling SA 5.38 6/1/2020 USD 24.00 Citychamp Watch & Jewellery 3.63 7/24/2019 CHF 74.88 Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.25 Songa Offshore 8.40 5/17/2018 NOK 58.00 Novo Banco SA 5.00 2/24/2022 EUR 68.94 Vedanta Resources PLC 9.50 7/18/2018 USD 59.05 Popular Capital SA 1.11 EUR 41.00 Scandinavian Airlines Syste 0.63 CHF 27.50 Island Offshore Shipholding 6.38 4/5/2016 NOK 68.08 World Wide Supply AS 7.75 5/26/2017 USD 27.00 ESFIL-Espirito Santo Financ 5.25 6/12/2015 EUR 0.78 Novo Banco SA 5.00 4/4/2019 EUR 71.62 NIBC Bank NV 2.13 USD 57.88 Dexia Credit Local SA 1.64 EUR 11.50 E Forland AS 7.91 9/4/2018 NOK 60.88 Havila Shipping ASA 9.66 8/30/2016 NOK 32.50 Deutsche Bank AG 6.00 3/11/2016 EUR 69.41 NIBC Bank NV 0.67 EUR 49.13 Ukreximbank Via Biz Finance 7.87 2/9/2023 USD 70.39 Virgolino de Oliveira Finan 11.75 2/9/2022 USD 2.78 DOF ASA 5.88 2/7/2018 NOK 52.88 Ajecorp BV 6.50 5/14/2022 USD 32.25 CIMPOR Financial Operations 5.75 7/17/2024 USD 60.51 Atlantic Offshore AS 8.60 5/16/2018 NOK 35.25 Rena GmbH 7.00 12/15/2015 EUR 8.63 Abengoa SA 5.13 3/5/2017 USD 16.75 Veneto Banca SpA/Old 0.92 6/21/2017 EUR 69.09 Island Drilling Co ASA 9.50 4/3/2018 USD 15.25 KCA Deutag UK Finance PLC 7.25 5/15/2021 USD 59.00 Cattles Ltd 7.13 7/5/2017 GBP 2.00 Mriya Agro Holding PLC 10.95 3/30/2016 USD 9.88 Eramet 5.10 5/28/2026 EUR 55.75 Novo Banco SA 3.50 2/19/2043 EUR 56.12 Heta Asset Resolution AG 5.92 2/22/2022 EUR 28.88 Lloyds Bank PLC 0.63 USD 52.33 Oceanteam ASA 11.87 10/24/2017 USD 54.88 Corporate Commercial Bank A 8.25 8/8/2014 USD 1.00 DOF ASA 8.08 9/12/2019 NOK 50.50 Deutsche Bank AG/London 4.32 6/30/2034 USD 64.13 Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 45.87 VistaJet Malta Finance PLC 7.75 6/1/2020 USD 42.00 Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 57.36 International Bank of Azerb 8.25 10/9/2024 USD 69.63 Novo Banco SA 5.00 5/23/2019 EUR 71.31 Barclays Bank PLC 0.75 USD 60.75 Heta Asset Resolution AG 0.61 1/24/2017 EUR 25.50 National Westminster Bank P 1.13 USD 61.00 Kaupthing Bank ehf 9.00 USD 0.13 Avanti Communications Group 10.00 10/1/2019 USD 74.75 MS Deutschland Beteiligungs 6.88 12/18/2017 EUR 7.46 QGOG Constellation SA 6.25 11/9/2019 USD 37.05 Erste Europaische Pfandbrie 0.57 12/20/2029 USD 73.82 BLT Finance BV 7.50 5/15/2014 USD 4.21 Societe Air France SA 2.75 4/1/2020 EUR 20.58 Rallye SA 3.40 1/31/2022 EUR 71.00 Standard Chartered PLC 0.81 GBP 52.94 Vseukrainsky Aktsinerny Ban 10.90 6/14/2019 USD 1.20 Farstad Shipping ASA 4.56 5/29/2018 NOK 44.13 Viking Supply Ships AS 9.42 3/21/2017 NOK 35.13 Eurobank Ergasias SA 1.49 6/8/2017 EUR 71.88 Sympatex Holding GmbH 8.00 12/3/2018 EUR 40.75 Codere Finance Luxembourg S 9.25 2/15/2019 USD 58.50 Golden Energy Offshore Serv 8.41 5/28/2017 NOK 18.85 Mobylife Holding A/S 7.25 5/23/2018 SEK 71.38 Nordea Bank Norge ASA 0.81 USD 59.12 BNP Paribas SA 1.86 4/30/2033 USD 65.38 Royal Bank of Scotland Grou 1.13 USD 59.64 Eniro AB 6.00 4/14/2020 SEK 45.20 SNS Bank NV 11.25 EUR 0.65 SNS Bank NV 6.25 10/26/2020 EUR 3.04 Ferrexpo Finance PLC 10.38 4/7/2019 USD 53.26 Solstad Offshore ASA 4.73 6/24/2019 NOK 65.00 Bank of Scotland PLC 0.94 USD 52.33 Laurel GmbH 7.13 11/16/2017 EUR 24.75 Dannemora Mineral AB 11.75 3/22/2016 USD 0.11 Touax SA 6.00 7/10/2020 EUR 16.46 Standard Chartered PLC 0.94 USD 54.67 Novo Banco SA 5.00 5/21/2019 EUR 71.22 Nuova Banca delle Marche Sp 1.02 6/15/2016 EUR 0.88 Offshore Drilling Holding S 8.38 9/20/2020 USD 60.00 Lloyds Bank PLC 0.63 USD 57.19 Songa Offshore 7.50 12/11/2018 NOK 58.00 Paragon Offshore PLC 7.25 8/15/2024 USD 29.10 GNB - Cia de Seguros de Vid 3.37 EUR 64.83 More & More AG 8.13 6/11/2018 EUR 33.75 IKB Deutsche Industriebank 5.63 3/31/2017 EUR 22.25 Elli Investments Ltd 12.25 6/15/2020 GBP 35.00 Region of Piemont Italy 0.12 11/27/2036 EUR 61.08 Novo Banco SA 3.50 1/23/2043 EUR 56.70 Hellenic Republic Governmen 5.20 7/17/2034 EUR 66.38 Takko Luxembourg 2 SCA 6.86 4/15/2019 EUR 46.25 Landesbank Hessen-Thueringe 0.34 5/3/2041 EUR 63.20 OGX Austria GmbH 8.50 6/1/2018 USD 0.02 Metinvest BV 10.50 11/28/2017 USD 44.50 BOA Offshore AS 7.81 12/18/2018 NOK 29.50 Tonon Luxembourg SA 10.50 5/14/2024 USD 43.69 Barclays Bank PLC 0.88 USD 54.57 Hellas Telecommunications L 8.50 10/15/2013 EUR 0.01 IT Holding Finance SA 9.88 11/15/2012 EUR 0.28 International Industrial Ba 9.00 7/6/2011 EUR 0.50 Golfino AG 7.25 4/4/2017 EUR 72.88 Lloyds Bank PLC 4.87 11/27/2033 USD 71.00 DOF ASA 8.38 2/7/2017 NOK 70.38 Espirito Santo Financial Gr 3.13 12/2/2018 EUR 0.41 Lehman Brothers UK Capital 5.13 EUR 0.00 Afren PLC 11.50 2/1/2016 USD 0.38 LBI HF 6.25 EUR 0.00 Breeze Finance SA 6.71 4/19/2027 EUR 39.00 DNB Bank ASA 0.69 USD 58.00 Global PVQ SE 6.75 10/21/2015 EUR 1.01 National Westminster Bank P 0.69 USD 54.00 Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 16.25 Portugal Telecom Internatio 5.24 11/6/2017 EUR 63.00 TGC-2 OJSC 12.00 10/10/2018 RUB 49.00 friedola Gebr Holzapfel Gmb 7.25 4/11/2017 EUR 3.67 Alpine Holding GmbH 6.00 5/22/2017 EUR 0.00 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.50 RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 24.90 Volstad Shipping AS 7.16 5/30/2018 NOK 25.00 KA Finanz AG 5.43 2/13/2024 EUR 61.50 BDT Media Automation GmbH 8.13 10/9/2017 EUR 56.25 Indo Energy Finance BV 7.00 5/7/2018 USD 48.00 Cirio Finanziaria SpA 8.00 12/21/2005 EUR 1.80 Den Norske Creditbank 0.69 USD 58.61 Pescanova SA 5.13 4/20/2017 EUR 3.51 CSN Resources SA 6.50 7/21/2020 USD 49.27 SiC Processing GmbH 7.13 3/1/2016 EUR 1.52 Abanka Vipa DD Via Afinance 1.74 EUR 0.14 International Industrial Ba 11.00 2/19/2013 USD 0.27 EFG International AG 1.20 EUR 62.45 Kaupthing Bank ehf 5.75 10/4/2011 USD 17.63 Waste Italia SpA 10.50 11/15/2019 EUR 28.63 Deutsche Bank AG/London 4.23 8/28/2034 USD 67.67 Avanti Communications Group 10.00 10/1/2019 USD 73.88 Brunswick Rail Finance Ltd 6.50 11/1/2017 USD 40.88 Grupo Isolux Corsan Finance 6.63 4/15/2021 EUR 25.29 Assystem 4.00 1/1/2017 EUR 23.54 Afren PLC 6.63 12/9/2020 USD 0.28 Pescanova SA 8.75 2/17/2019 EUR 3.51 Algeco Scotsman Global Fina 8.50 10/15/2018 USD 72.75 UniCredit Bank Austria AG 0.43 8/20/2033 EUR 65.25 Dexia SA 4.89 EUR 8.88 NNK-Aktiv AO 8.85 6/4/2021 RUB 70.02 Dexia Kommunalbank Deutschl 5.63 12/31/2017 EUR 13.13 Windreich GmbH 6.50 7/15/2016 EUR 10.88 Spirit Issuer PLC 1.14 12/28/2028 GBP 73.97 Den Norske Creditbank 0.71 USD 57.69 Metinvest BV 8.75 2/14/2018 USD 42.50 Lloyds Bank PLC 2.00 1/31/2033 USD 67.13 Standard Chartered PLC 1.01 USD 53.31 Sazka AS 9.00 7/12/2021 EUR 0.00 Region of Abruzzo Italy 0.38 11/7/2036 EUR 62.99 Phones4u Finance PLC 9.50 4/1/2018 GBP 39.25 Abengoa SA 5.13 3/5/2017 USD 19.25 Societe Generale SA 1.03 EUR 59.48 Espirito Santo Financial Po 5.13 5/30/2016 EUR 3.50 Nationwide Building Society 1.09 GBP 70.00 Eramet 5.29 4/22/2026 EUR 61.38 Globe Luxembourg SCA 9.63 5/1/2018 USD 65.00 CRC Breeze Finance SA 6.11 5/8/2016 EUR 50.38 JZ Capital Partners Ltd 6.00 7/30/2021 GBP 10.70 Novo Banco SA 3.50 3/18/2043 EUR 56.23 Metinvest BV 10.25 1/31/2016 USD 41.50 Societe Generale SA 0.44 USD 58.06 Heta Asset Resolution AG 4.35 11/3/2016 EUR 25.75 First Bank of Nigeria Ltd V 8.00 7/23/2021 USD 73.00 Samvardhana Motherson Autom 3.70 6/18/2025 EUR 72.75 Societe Alsacienne et Lorra 1.63 1/1/2022 EUR 59.06 Karlie Group GmbH 6.75 6/25/2018 EUR 10.00 Abengoa Finance SAU 6.00 3/31/2021 EUR 10.13 Frey 6.00 11/15/2022 EUR 21.30 Dexia Kommunalbank Deutschl 4.88 12/31/2016 EUR 24.13 Olympic Ship AS 7.22 9/21/2017 NOK 45.00 Cirio Del Monte NV 7.75 3/14/2005 EUR 1.93 Banco Espirito Santo SA 0.04 EUR 13.68 Heta Asset Resolution AG 1.91 9/29/2016 JPY 67.50 Barclays Bank PLC 1.78 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Skog AS 11.75 12/15/2019 EUR 60.25 IM Skaugen SE 9.45 6/30/2016 NOK 52.25 Electromagnetic Geoservices 7.23 6/27/2019 NOK 58.68 Ideal Standard Internationa 11.75 5/1/2018 EUR 13.75 KPNQwest NV 8.88 2/1/2008 EUR 0.53 Norske Skogindustrier ASA 7.13 10/15/2033 USD 31.00 Espirito Santo Financial Gr 9.75 12/19/2025 EUR 1.03 Sairgroup Finance BV 4.38 6/8/2006 EUR 18.00 Banco Pinto & Sotto Mayor 0.85 EUR 10.50 Travel24.com AG 7.50 9/17/2017 EUR 20.00 Alpha Bank AE 1.54 2/1/2017 EUR 69.63 Novo Banco SA 3.00 12/16/2021 EUR 58.75 Tonon Luxembourg SA 7.25 1/24/2020 USD 9.75 IGas Energy PLC 10.00 12/11/2018 USD 50.63 Indo Energy Finance II BV 6.38 1/24/2023 USD 33.50 Virgolino de Oliveira Finan 10.88 1/13/2020 USD 19.38 Kaupthing Bank ehf 7.13 5/19/2016 USD 0.00 Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 0.09 Barclays Bank PLC 2.77 3/28/2033 USD 71.63 Accudyne Industries Borrowe 7.75 12/15/2020 USD 68.38 Banco Espirito Santo SA 2.66 EUR 11.13 Kaupthing Bank ehf 7.63 2/28/2015 USD 17.63 Mox Telecom AG 7.25 11/2/2017 EUR 3.16 Danske Bank Oyj 1.47 EUR 63.13 Havyard Group ASA 6.58 6/13/2017 NOK 72.00 Golden Gate AG 6.50 10/11/2014 EUR 43.00 Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 14.00 Afren PLC 10.25 4/8/2019 USD 0.28 Immigon Portfolioabbau AG 5.27 2/8/2027 EUR 62.75 Freshwater Finance PLC 6.06 10/17/2036 GBP 55.50 Societe Generale SA 7.72 EUR 63.75 SAG Solarstrom AG 6.25 12/14/2015 EUR 45.00 Alpine Holding GmbH 5.25 7/1/2015 EUR 0.00 CEVA Group PLC 12.75 3/31/2020 USD 71.38 Heta Asset Resolution AG 0.33 12/18/2030 EUR 30.75 Mriya Agro Holding PLC 9.45 4/19/2018 USD 9.25 Minicentrales Dos SA 4.81 11/29/2034 EUR 62.63 Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 14.00 Norske Skog Holding AS 8.00 2/24/2023 USD 24.75 Societe Generale SA 13.44 2/9/2017 USD 68.23 Codere Finance Luxembourg S 9.25 2/15/2019 USD 70.38 Cyprus Popular Bank PCL 1.65 5/26/2016 EUR 1.08 Finmek International SA 7.00 12/3/2004 EUR 0.13 Manutencoop Facility Manage 8.50 8/1/2020 EUR 65.25 Abengoa Finance SAU 8.88 2/5/2018 EUR 10.75 CBo Territoria 6.00 1/1/2020 EUR 3.88 UniCredit Bank Austria AG 0.33 10/31/2031 EUR 67.25 SeaBird Exploration Finance 6.00 3/3/2018 USD 19.88 Lehman Brothers UK Capital 5.75 EUR 0.01 Algeco Scotsman Global Fina 10.75 10/15/2019 USD 20.63 Banca Popolare di Vicenza 5.00 6/4/2024 EUR 49.77 UniCredit Bank Austria AG 0.37 12/31/2031 EUR 67.75 Norske Skogindustrier ASA 11.75 6/15/2016 EUR 70.88 Standard Chartered PLC 0.94 USD 52.96 UBS AG 6.10 7/29/2016 GBP 50.51 Hypo Tirol Bank AG 0.30 7/23/2026 EUR 63.25 Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 9.00 Heta Asset Resolution AG 5.27 4/7/2028 EUR 26.25 Algeco Scotsman Global Fina 9.00 10/15/2018 EUR 71.37 BIBBY Offshore Services PLC 7.50 6/15/2021 GBP 64.75 Olympic Ship AS 6.06 6/18/2019 NOK 37.78 Getin Noble Bank SA/old 4.80 3/12/2021 PLN 70.00 Minicentrales Dos SA 6.45 4/14/2028 EUR 62.63 Far East Capital Ltd SA 8.00 5/2/2018 USD 56.25 Northland Resources AB 4.00 10/15/2020 USD 0.41 Heta Asset Resolution AG 0.18 9/11/2017 EUR 27.63 getgoods.de AG 7.75 10/2/2017 EUR 0.31 Oceanic Champion AS 8.00 2/20/2020 USD 73.28 Credit Lyonnais SA 1.81 EUR 61.00 KPNQwest NV 10.00 3/15/2012 EUR 0.53 Getin Noble Bank SA/old 5.35 8/27/2019 PLN 75.00 HSBC France SA 1.03 EUR 50.00 Petromena ASA 9.75 5/24/2016 NOK 0.57 Lloyds Bank PLC 1.90 2/22/2033 USD 66.25 Nuova Banca Popolare dell'E 1.87 9/28/2017 EUR 0.30 Italy Government Internatio 0.40 7/31/2045 EUR 74.10 CGG SA 6.88 1/15/2022 USD 33.38 Governo Portugues Consolida 3.00 EUR 74.00 Vneshprombank Ltd 14.00 6/22/2018 RUB 1.07 Plaza Centers NV 6.90 12/31/2019 ILS 66.51 OGX Austria GmbH 8.38 4/1/2022 USD 0.34 Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.05 Norske Skog Holding AS 8.00 2/24/2021 EUR 25.88 IM Skaugen SE 10.12 4/11/2017 NOK 34.63 Strenesse AG 9.00 3/15/2017 EUR 41.00 Equity Release Funding No 3 2.69 4/26/2038 GBP CHC Helicopter SA 9.25 10/15/2020 USD 41.00 Portigon AG 7.46 12/31/2019 EUR 7.02 Bremer Landesbank Kreditans 0.41 4/5/2041 EUR 58.23 Depfa Funding III LP 1.35 EUR CGG SA 5.88 5/15/2020 EUR 43.13 Nuova Banca Popolare dell'E 1.21 7/14/2016 EUR 0.91 BNP Paribas SA 7.57 EUR 69.75 Marine Subsea AS 9.00 12/16/2019 USD 0.50 Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 14.00 Gunther Zamek Produktions-U 7.75 5/15/2017 EUR 1.41 Solarworld AG 6.13 1/21/2017 EUR 42.63 Standard Chartered PLC 1.09 USD 54.13 Santander Finance Capital S 2.00 EUR 36.50 OAS Investments GmbH 8.25 10/19/2019 USD 5.03 KPNQwest NV 7.13 6/1/2009 EUR 0.53 Mechel 8.40 5/27/2021 RUB 58.65 Centrosolar Group AG 7.00 2/15/2016 EUR 2.15 Santander Finance Capital S 2.00 EUR 39.13 AgroGeneration 8.00 4/1/2019 EUR 71.30 Pescanova SA 6.75 3/5/2015 EUR 1.91 Immigon Portfolioabbau AG 6.00 3/30/2017 EUR 59.00 Eidesvik Offshore ASA 5.67 5/22/2018 NOK 74.25 Hema Bondco I BV 6.25 6/15/2019 EUR 68.84 Depfa Funding IV LP 5.03 EUR 56.88 Andrade Gutierrez Internati 4.00 4/30/2018 USD 69.50 Svensk Exportkredit AB 0.50 2/22/2022 ZAR 55.59 Abengoa Finance SAU 7.00 4/15/2020 EUR 11.00 Master & Fellows of Univers 3.07 4/28/2065 GBP 74.38 Solon SE 1.38 12/6/2012 EUR 0.33 PNE Wind AG 3.75 10/10/2019 EUR 2.80 Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 16.25 Deutsche Bank AG/London 0.50 10/5/2021 IDR 61.64 Del Monte Finance Luxembour 6.63 5/24/2006 EUR 8.13 Solarworld AG 6.38 7/13/2016 EUR 42.63 Global PVQ Netherlands B.V. 1.38 4/30/2012 EUR 28.50 IVG Immobilien AG 5.63 EUR 0.00 Northland Resources AB 15.00 7/15/2019 USD 1.00 Mifa Mitteldeutsche Fahrrad 7.50 8/12/2018 EUR 3.10 Abengoa Greenfield SA 5.50 10/1/2019 EUR 10.00 Heta Asset Resolution AG 4.88 9/18/2017 EUR 27.63 Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.88 BLT Finance BV 12.00 2/10/2015 USD 10.50 Northland Resources AB 4.00 10/15/2020 NOK 0.07 Immigon Portfolioabbau AG 3.55 4/12/2022 EUR 74.70 Kaupthing Bank ehf 7.50 2/1/2045 USD 0.00 LBI HF 6.10 8/25/2011 USD 11.63 Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 45.98 Barclays Bank PLC 2.75 3/21/2033 USD 72.00 UniCredit Bank 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2.52 6/23/2022 EUR 64.90 DekaBank Deutsche Girozentr 2.70 6/25/2020 EUR 74.95 Sairgroup Finance BV 6.63 10/6/2010 EUR 19.88 CHC Helicopter SA 9.25 10/15/2020 USD 41.00 Banco Comercial Portugues S 5.00 EUR 61.00 Banco Espirito Santo SA 10.00 12/6/2021 EUR 1.02 UTair-Finans OOO 9.50 7/21/2016 RUB 2.50 Mechel 8.40 6/1/2021 RUB 58.52 Eksportfinans ASA 0.50 5/9/2030 CAD 22.50 Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 3.11 Ukreximbank Via Biz Finance 7.87 2/9/2023 USD 70.88 State of Carinthia 0.75 7/20/2017 CHF 0.20 Banca Popolare di Vicenza 5.00 3/25/2021 EUR 68.88 Public Power Corp Finance P 5.50 5/1/2019 EUR 72.05 Lloyds Bank PLC 3.56 7/5/2033 USD 74.25 Nuova Banca Popolare dell'E 5.00 10/30/2023 EUR 0.32 Banco Espirito Santo SA 1.45 5/27/2018 EUR 1.02 Nuova Banca Popolare dell'E 4.25 10/30/2016 EUR 0.32 Hamburgische Landesbank Gir 0.22 10/30/2040 EUR 59.21 Global PVQ Netherlands B.V. 5.75 5/26/2014 EUR 28.00 WGF Westfaelische Grundbesi 6.35 12/1/2016 EUR 5.00 SAir Group 0.13 7/7/2005 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Bank AG 0.61 11/19/2029 EUR 63.88 BNP Paribas SA 0.50 7/20/2021 BRL 50.50 Banca Popolare di Vicenza 5.00 5/30/2021 EUR 67.38 Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 14.00 IKB Deutsche Industriebank 4.70 3/31/2017 EUR 22.50 UniCredit Bank Austria AG 0.46 12/27/2026 EUR 73.50 Landesbank Hessen-Thueringe 0.36 4/23/2041 EUR 65.40 SG Option Europe SA 7.00 9/22/2017 EUR 46.39 DekaBank Deutsche Girozentr 3.17 9/23/2022 EUR 71.91 Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 64.13 Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 61.64 Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 3.11 A-TEC Industries AG 5.75 11/2/2010 EUR 2.00 UniCredit Family Financing 0.17 12/15/2026 EUR 71.11 Getin Noble Bank SA/old 5.35 9/26/2019 PLN 70.05 ING Bank NV 8.05 12/30/2020 EUR 70.29 CB First Investment Bank AD 12.75 EUR 72.25 Atari SA 7.50 2/17/2020 EUR 0.27 Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 3.11 Mortgage Agent ITB 2013 CJS 9.00 8/3/2046 RUB 57.00 Heta Asset Resolution AG 5.73 12/10/2021 EUR 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0.50 10/19/2018 TRY Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 53.75 UBS AG/London 9.25 11/25/2016 EUR 72.27 Lehman Brothers Treasury Co 7.60 5/21/2013 USD 3.11 SG Issuer SA 5.50 4/10/2021 EUR 57.23 Tatfondbank PJSC 13.50 5/28/2025 RUB 65.97 Vontobel Financial Products 5.40 3/3/2017 EUR 74.43 Credit Suisse AG/Nassau 7.25 9/19/2016 EUR 42.23 Leonteq Securities AG/Guern 6.00 11/28/2016 CHF 67.94 Credit Suisse AG/London 7.25 4/21/2016 EUR 66.86 Municipality Finance PLC 0.50 12/15/2020 BRL 55.17 Vontobel Financial Products 8.50 12/23/2016 EUR 57.97 Heta Asset Resolution AG 4.38 1/24/2017 EUR 69.00 Leonteq Securities AG 12.00 12/14/2016 CHF 71.02 Vontobel Financial Products 8.35 12/23/2016 EUR 62.48 Soyuz AKB OAO 14.50 6/11/2020 RUB 61.00 DZ Bank AG Deutsche Zentral 4.00 9/23/2020 EUR 73.87 Credit Suisse AG/London 6.25 3/29/2016 CHF 53.45 Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 14.00 Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 3.11 Societe Generale SA 9.00 4/29/2016 CHF 51.80 Boomerang SA 9.70 3/28/2016 PLN 70.00 Cerruti Finance SA 6.50 7/26/2004 EUR 1.56 Efesk Group 13.25 6/14/2016 RUB 5.15 Immigon Portfolioabbau AG 3.09 10/15/2020 EUR 64.38 ECA 2.50 1/1/2018 EUR 11.30 UniCredit Bank AG 4.00 2/25/2019 EUR 74.07 Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00 Lehman Brothers Treasury Co 18.25 10/2/2008 USD 3.11 BKZ Finance OAO 17.00 12/20/2019 RUB 65.97 Notenstein La Roche Private 7.10 5/30/2016 CHF 48.22 UniCredit Bank AG 5.50 8/1/2016 EUR 51.42 Credit Suisse AG/Nassau 6.38 6/20/2016 CHF 67.98 Credit Suisse AG/Nassau 8.50 2/29/2016 USD 42.17 UBS AG/London 8.99 6/3/2016 USD 2.54 Svensk Exportkredit AB 0.50 8/28/2018 BRL 71.47 HSBC Bank PLC 0.50 12/22/2025 BRL 31.76 Raiffeisen Centrobank AG 6.70 3/13/2017 EUR 48.85 MirLand Development Corp PL 6.50 9/30/2019 ILS 15.00 Bank J Safra Sarasin AG/Gue 8.30 2/17/2016 CHF 57.05 Banque Cantonale Vaudoise/G 8.20 3/3/2016 EUR 53.03 Zurcher Kantonalbank Financ 3.00 3/7/2016 CHF 43.12 UniCredit Bank AG 4.00 3/21/2017 EUR 66.18 BNP Paribas Emissions- und 5.30 3/29/2024 EUR 72.45 Credit Suisse AG/Nassau 14.00 5/12/2016 USD 49.81 Credit Suisse AG/London 5.00 6/6/2016 CHF 73.84 Leonteq Securities AG 8.20 1/16/2017 CHF 70.95 SG Issuer SA 6.50 1/10/2020 EUR 73.69 Univer Capital LLC 12.00 3/6/2019 RUB 65.97 Credit Suisse AG/London 6.25 5/29/2017 CHF 74.45 Leonteq Securities AG 20.00 3/15/2016 CHF 59.15 ING Bank NV 5.05 10/7/2024 EUR 49.86 BNP Paribas SA 0.50 5/6/2021 MXN 73.07 Bank Julius Baer & Co Ltd/G 7.76 3/24/2016 CHF 47.35 Vontobel Financial Products 20.00 6/24/2016 EUR 45.19 Vontobel Financial Products 11.00 4/22/2016 EUR 47.47 Credit Suisse AG/Nassau 5.13 4/3/2018 CHF 61.64 BNP Paribas Emissions- und 12.00 3/24/2016 EUR 70.19 Zurcher Kantonalbank Financ 4.06 7/20/2018 CHF 74.95 LBBW 3.50 7/28/2017 EUR 70.70 LBBW 4.80 6/23/2017 EUR 68.41 UBS AG/London 7.50 7/24/2017 EUR 68.90 Getin Noble Bank SA/old 4.79 6/5/2020 PLN 70.12 UBS AG/London 8.00 5/26/2017 EUR 59.38 MirLand Development Corp PL 7.21 5/31/2020 ILS 22.00 LBBW 4.00 4/22/2016 EUR 49.97 Probanka dd 1.36 EUR 48.75 Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 3.11 Goldman Sachs International 0.67 6/8/2020 GBP 74.00 Leonteq Securities AG/Guern 8.76 7/21/2016 USD 50.57 BNP Paribas Emissions- und 2.65 6/30/2022 EUR 63.45 Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 14.00 Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 3.11 Immigon Portfolioabbau AG 4.80 5/9/2025 EUR 53.88 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.11 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.11 Bank Julius Baer & Co Ltd/G 10.20 4/1/2016 USD 69.40 Nordea Bank Finland Abp 8.00 9/10/2016 SEK 70.10 HSBC Bank PLC 0.50 12/8/2026 AUD 65.24 UBS AG/London 24.75 3/29/2016 EUR 25.89 Bayerische Landesbank 4.00 9/16/2016 EUR 68.53 DZ Bank AG Deutsche Zentral 10.00 6/24/2016 EUR 70.05 UBS AG/London 7.50 7/17/2017 EUR 74.45 Credit Suisse AG/Nassau 6.00 7/31/2017 CHF 72.64 JP Morgan Structured Produc 5.70 2/18/2016 EUR 53.33 Interregional Distribution 12.42 5/23/2025 RUB 74.13 Credit Suisse AG/Nassau 7.25 9/6/2016 CHF 64.58 Banque Cantonale Vaudoise/G 11.95 2/26/2016 USD 53.50 Commerzbank AG 15.00 2/25/2016 EUR 74.29 UBS AG 8.25 3/29/2016 EUR 68.91 Deutsche Bank AG 8.50 6/21/2016 EUR 66.18 BNP Paribas SA 0.50 12/20/2018 BRL 68.59 Leonteq Securities AG/Guern 5.00 12/12/2016 CHF 65.03 Credit Suisse AG/London 15.25 6/29/2016 USD 40.95 UBS AG/London 3.60 8/24/2016 EUR 71.58 UBS AG/London 3.30 8/24/2016 EUR 57.00 UBS AG/London 9.25 12/9/2016 CHF 74.48 UniCredit Bank AG 5.00 1/20/2020 USD 72.37 Credit Suisse AG/London 7.00 11/21/2016 EUR 74.82 Credit Suisse AG/London 7.25 11/23/2016 CHF 58.29 DekaBank Deutsche Girozentr 7.80 6/30/2016 EUR 70.30 Credit Suisse AG/London 7.25 8/15/2016 EUR 66.08 Bank Julius Baer & Co Ltd/G 11.40 2/6/2017 USD 56.30 Bank Julius Baer & Co Ltd/G 11.00 2/14/2017 USD 56.75 Zurcher Kantonalbank Financ 14.50 3/16/2016 EUR 58.99 LBBW 2.90 8/26/2016 EUR 68.79 UBS AG/London 8.00 8/26/2016 CHF 40.90 Raiffeisen-Landesbank Tirol 5.00 9/2/2024 EUR 70.89 UBS AG/London 5.75 6/6/2017 CHF 73.21 DZ Bank AG Deutsche Zentral 8.00 3/29/2016 EUR 61.55 UBS AG/Jersey 6.24 3/29/2016 EUR 66.50 Heta Asset Resolution AG 0.69 9/20/2017 EUR 30.28 LBBW 2.50 2/24/2017 EUR 62.08 LBBW 4.50 6/24/2016 EUR 70.80 Credit Suisse AG/Nassau 6.25 10/31/2016 EUR 44.54 Societe Generale SA 12.50 4/29/2016 USD 46.60 Deutsche Bank AG 7.50 3/22/2016 EUR 71.84 Societe Generale SA 0.52 5/20/2016 USD 36.36 DZ Bank AG Deutsche Zentral 4.00 5/20/2016 EUR 51.80 PKVIT OOO 11.00 10/14/2020 RUB 64.00 Bank Julius Baer & Co Ltd/G 7.80 10/14/2016 CHF 50.40 Credit Suisse AG/Nassau 7.00 3/9/2016 CHF 51.18 Freshwater Finance PLC 6.18 4/20/2035 GBP 58.00 Municipality Finance PLC 0.25 6/28/2040 CAD 29.61 Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 3.11 Nutritek International Corp 8.75 12/11/2008 USD 2.00 Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 3.11 Lehman Brothers Treasury Co 8.00 12/31/2010 USD 3.11 Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 3.11 Barclays Bank PLC 2.50 3/7/2017 EUR 47.32 Landesbank Hessen-Thueringe 3.85 8/10/2016 EUR 73.90 Notenstein La Roche Private 4.80 1/24/2018 CHF 72.08 Goldman Sachs & Co Wertpapi 9.00 2/24/2016 EUR 63.77 Credit Suisse AG/Nassau 7.50 6/9/2017 EUR 73.97 Lehman Brothers Treasury Co 10.00 5/22/2009 USD 3.11 Zurcher Kantonalbank Financ 9.40 9/19/2016 CHF 63.76 Notenstein La Roche Private 4.00 3/13/2018 CHF 67.83 Immigon Portfolioabbau AG 5.20 4/1/2020 EUR 74.13 Leonteq Securities AG 7.60 7/6/2016 CHF 68.65 Leonteq Securities AG/Guern 10.00 5/17/2016 EUR 59.96 Credit Suisse AG/Nassau 12.20 6/3/2016 EUR 52.86 Credit Suisse AG/Nassau 10.20 4/14/2016 EUR 66.97 DekaBank Deutsche Girozentr 11.45 2/25/2016 EUR 66.64 Municipality Finance PLC 0.50 4/26/2022 ZAR 54.70 Municipality Finance PLC 0.50 12/14/2018 TRY 73.89 Credit Suisse AG/London 7.00 9/21/2016 CHF 74.39 Bank Julius Baer & Co Ltd/G 6.50 9/23/2016 EUR 74.95 Leonteq Securities AG 13.20 9/28/2016 EUR 62.41 Melhus Sparebank 2.70 9/16/2024 NOK 70.47 UBS AG/London 6.50 8/5/2016 CHF 54.55 Goldman Sachs & Co Wertpapi 3.00 3/23/2016 EUR 69.97 Notenstein Finance Guernsey 9.36 9/7/2017 CHF 69.31 UBS AG/London 10.00 9/2/2016 USD 70.27 Credit Suisse AG/Nassau 7.00 8/25/2016 CHF 48.35 Svensk Exportkredit AB 0.50 8/29/2029 AUD 71.42 BNP Paribas Emissions- und 2.10 12/30/2020 EUR 70.89 Leonteq Securities AG 12.60 9/15/2016 EUR 72.41 Zurcher Kantonalbank Financ 5.35 6/10/2016 CHF 70.81 Credit Suisse AG/London 7.50 12/22/2016 USD 65.68 Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 64.98 Notenstein La Roche Private 8.16 3/16/2016 CHF 68.13 Landesbank Hessen-Thueringe 4.00 4/15/2016 EUR 71.50 Bank Julius Baer & Co Ltd/G 7.05 3/14/2016 CHF 52.25 Bank Julius Baer & Co Ltd/G 5.25 3/31/2016 EUR 58.35 Bayerische Landesbank 3.70 11/4/2016 EUR 57.57 Credit Suisse AG/Nassau 6.25 10/10/2016 EUR 59.77 Deutsche Bank AG 5.20 3/22/2016 EUR 59.00 Deutsche Bank AG 5.20 3/22/2016 EUR 38.50 UBS AG/London 11.25 4/1/2016 CHF 56.92 Leonteq Securities AG 10.00 10/13/2016 EUR 72.48 UBS AG/London 7.50 7/3/2017 EUR 49.58 Notenstein La Roche Private 9.00 1/6/2017 CHF 54.92 Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 3.11 DekaBank Deutsche Girozentr 3.00 10/12/2020 EUR 74.41 Credit Suisse AG/London 6.25 4/14/2016 CHF 52.69 Credit Suisse AG/Nassau 6.50 10/28/2016 EUR 74.10 LBBW 2.50 7/28/2017 EUR 58.72 Leonteq Securities AG 9.20 5/5/2017 USD 65.58 Bank Julius Baer & Co Ltd/G 13.70 5/13/2016 USD 31.40 Goldman Sachs & Co Wertpapi 6.00 8/24/2016 EUR 69.08 Goldman Sachs & Co Wertpapi 4.00 8/24/2016 EUR 62.69 Goldman Sachs & Co Wertpapi 4.00 8/24/2016 EUR 52.62 DZ Bank AG Deutsche Zentral 15.25 6/24/2016 EUR 72.91 Ipotechny Agent KM OOO 0.37 6/30/2022 RUB 49.18 Bank Julius Baer & Co Ltd/G 9.00 10/21/2016 USD 74.05 Zurcher Kantonalbank Financ 10.90 6/3/2016 CHF 59.07 Bank J Safra Sarasin AG/Gue 8.00 5/4/2017 CHF 59.35 Vontobel Financial Products 6.00 5/27/2016 EUR 28.99 Credit Suisse AG/Nassau 8.00 11/21/2016 EUR 47.59 Credit Suisse AG/Nassau 8.25 5/20/2016 USD 45.36 WGZ-Bank AG Westdeutsche Ge 5.75 6/22/2016 EUR 69.25 Vontobel Financial Products 9.00 9/23/2016 EUR 74.89 Leonteq Securities AG 14.00 11/4/2016 EUR 70.15 Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 3.11 DZ Bank AG Deutsche Zentral 5.25 6/24/2016 EUR 72.93 Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 4.30 Municipiul Timisoara 1.03 5/15/2026 RON 64.20 Leonteq Securities AG/Guern 8.04 8/29/2016 EUR 66.93 Leonteq Securities AG/Guern 5.99 9/11/2017 EUR 46.82 Credit Suisse AG/Nassau 5.50 6/13/2016 CHF 45.03 DekaBank Deutsche Girozentr 3.00 5/4/2018 EUR 63.83 DEIKON GmbH 1.00 7/1/2016 EUR 17.50 Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 3.11 UniCredit Bank AG 4.80 3/24/2016 EUR 73.63 Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 3.11 Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 3.11 ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38 Leonteq Securities AG 10.94 4/7/2016 USD 66.16 Lehman Brothers Treasury Co 4.00 10/12/2010 USD 3.11 Ipotechny Agent Uralsib 3 O 3.00 10/15/2047 RUB 30.24 Svensk Exportkredit AB 0.50 3/15/2022 ZAR 55.38 Banque Cantonale Vaudoise 4.50 6/3/2016 CHF 72.35 UBS AG/London 5.00 12/23/2016 EUR 68.64 Credit Suisse AG/Nassau 7.25 2/22/2016 CHF 70.91 Goldman Sachs & Co Wertpapi 5.00 8/24/2016 EUR 63.21 Credit Suisse AG/Nassau 7.00 1/23/2017 EUR 69.21 UniCredit Bank AG 4.00 6/23/2016 EUR 57.99 Vontobel Financial Products 9.00 2/26/2016 EUR 72.48 Leonteq Securities AG 10.20 2/17/2016 USD 64.43 DekaBank Deutsche Girozentr 2.75 2/2/2018 EUR 51.56 DZ Bank AG Deutsche Zentral 5.90 6/20/2016 EUR 74.39 EFG International Finance G 7.20 2/25/2019 EUR 27.39 Credit Suisse AG/Nassau 8.00 9/16/2016 EUR 67.25 UniCredit Bank AG 4.40 9/19/2018 EUR 66.17 Bayerische Landesbank 3.70 6/3/2016 EUR 50.79 Zurcher Kantonalbank Financ 4.26 12/9/2016 CHF 64.63 UniCredit Bank AG 4.25 6/24/2016 EUR 38.70 DekaBank Deutsche Girozentr 11.85 2/25/2016 EUR 68.64 Commerzbank AG 7.00 12/22/2016 EUR 67.45 Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 3.11 Lloyds Bank PLC 0.50 4/24/2019 BRL 67.17 UniCredit Bank AG 5.00 6/16/2016 EUR 51.74 Credit Suisse AG/Nassau 9.25 9/26/2016 EUR 59.92 Vontobel Financial Products 6.00 12/23/2016 EUR 64.48 Deutsche Bank AG 6.50 3/22/2016 EUR 74.62 Zurcher Kantonalbank Financ 10.03 9/30/2016 CHF 71.85 Banque Cantonale Vaudoise/G 16.90 8/19/2016 EUR 64.49 Leonteq Securities AG 5.60 9/11/2017 CHF 53.44 Bank Julius Baer & Co Ltd/G 10.40 9/15/2016 CHF 69.00 Societe Generale SA 7.20 3/2/2016 EUR 54.69 Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 3.11 Russian Railways JSC 16.00 5/29/2035 RUB 12.60 Nordea Bank Finland Abp 5.72 7/20/2020 SEK 72.75 Banca Popolare di Vicenza 2.83 7/31/2019 EUR 74.63 Svensk Exportkredit AB 0.50 6/26/2019 TRY 68.97 Leonteq Securities AG 16.40 9/15/2016 CHF 45.11 UBS AG/London 9.25 6/10/2016 CHF 42.22 SU-155 KAPITAL OOO 13.25 2/23/2016 RUB 1.52 Raiffeisen Centrobank AG 6.13 3/30/2017 EUR 74.82 Zurcher Kantonalbank Financ 8.68 9/23/2016 EUR 74.55 Credit Suisse AG/Nassau 5.00 3/27/2017 CHF 70.65 Credit Suisse AG/London 7.00 3/28/2016 USD 70.81 Bank Julius Baer & Co Ltd/G 8.80 3/24/2016 EUR 57.60 Credit Suisse AG/London 4.00 10/3/2016 CHF 71.96 Societe Generale Effekten G 10.12 10/10/2016 EUR 72.04 Credit Suisse AG/London 5.00 6/30/2016 EUR 71.63 Notenstein La Roche Private 4.00 4/6/2016 CHF 69.79 Vontobel Financial Products 4.45 9/9/2016 EUR 67.57 Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 62.37 Hypo Tirol Bank AG 0.02 6/1/2033 EUR 68.22 LBBW 5.00 8/26/2016 EUR 40.04 Credit Suisse AG/London 5.00 8/10/2016 CHF 68.73 Credit Suisse AG/London 7.50 4/25/2016 CHF 54.29 LBBW 3.00 4/29/2019 EUR 66.58 Notenstein La Roche Private 5.52 10/24/2016 EUR 72.81 Credit Suisse AG/Nassau 9.75 4/27/2016 EUR 69.42 Bank Julius Baer & Co Ltd/G 11.00 5/13/2016 EUR 66.05 Deutsche Bank AG 7.50 3/22/2016 EUR 74.42 Deutsche Bank AG 5.50 9/20/2016 EUR 71.09 Deutsche Bank AG 5.50 12/20/2016 EUR 69.85 UBS AG/London 10.00 7/22/2016 USD 59.35 UBS AG/London 4.75 3/24/2017 EUR 74.53 Bank Julius Baer & Co Ltd/G 7.50 9/30/2016 EUR 58.00 UBS AG/London 7.00 5/22/2017 CHF 42.19 DekaBank Deutsche Girozentr 5.60 11/21/2016 EUR 68.57 Bank Julius Baer & Co Ltd/G 5.60 5/9/2016 USD 70.80 HSBC Trinkaus & Burkhardt A 9.00 6/24/2016 EUR 69.42 Leonteq Securities AG 15.80 5/11/2016 CHF 64.47 Vontobel Financial Products 9.75 3/29/2016 EUR 69.18 WGZ-Bank AG Westdeutsche Ge 5.00 3/15/2016 EUR 61.79 Leonteq Securities AG 9.00 5/18/2016 CHF 49.52 EFG International Finance G 6.26 5/7/2018 EUR 69.39 Landesbank Hessen-Thueringe 3.80 9/12/2016 EUR 70.30 Zurcher Kantonalbank Financ 7.04 5/20/2016 EUR 66.08 HSBC Bank PLC 0.50 10/30/2026 NZD 63.96 UBS AG 6.50 11/25/2016 EUR 65.66 BNP Paribas Emissions- und 7.00 12/22/2016 EUR 35.60 Svensk Exportkredit AB 0.50 6/20/2029 AUD 68.66 Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 60.41 Credit Suisse AG/Nassau 6.00 12/12/2016 CHF 69.54 LBBW 9.35 9/23/2016 EUR 61.31 SAir Group 2.75 7/30/2004 CHF 11.13 Lehman Brothers Treasury Co 6.70 4/21/2011 USD 3.11 Agentstvo po Ipotechnomu Zh 9.91 11/1/2032 RUB 22.26 Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 3.11 Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 3.11 Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 3.11 UniCredit Bank AG 2.51 7/20/2022 EUR 65.47 Deutsche Bank AG 5.20 3/23/2016 EUR 49.86 Deutsche Bank AG 6.20 3/23/2016 EUR 60.53 Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 3.11 Lehman Brothers Treasury Co 8.00 10/23/2008 USD 3.11 Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 14.00 Lehman Brothers Treasury Co 12.22 11/21/2017 USD 3.11 Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 3.11 WGZ-Bank AG Westdeutsche Ge 5.00 6/10/2016 EUR 62.33 Norddeutsche Landesbank Gir 3.00 5/6/2016 EUR 55.86 Barclays Bank PLC 8.10 4/15/2016 USD 56.50 Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 3.11 Sparebanken Din 2.40 NOK 74.38 Central European Estates BV 7.80 4/10/2016 ILS 7.00 EFG International Finance G 12.86 10/30/2017 EUR 24.71 Ipotechny Agent AK Bars 3.00 5/10/2047 RUB 53.29 Banca Popolare di Vicenza 1.60 1/9/2020 EUR 67.88 Kerdos Group SA 8.00 5/31/2016 PLN 75.00 Notenstein La Roche Private 6.50 7/2/2018 USD 57.58 UBS AG 2.75 8/18/2016 USD 5.49 Bank J Safra Sarasin AG/Gue 9.60 10/17/2016 CHF 63.08 DekaBank Deutsche Girozentr 6.00 6/15/2016 EUR 73.93 Leonteq Securities AG 9.20 7/20/2016 CHF 73.38 Commerzbank AG 4.60 4/7/2016 EUR 50.39 Credit Suisse AG/Nassau 8.00 7/20/2016 EUR 70.76 Leonteq Securities AG 6.20 7/24/2018 CHF 67.33 Bank UralSib PJSC 14.00 8/25/2017 RUB 61.30 Commerzbank AG 1.00 11/28/2016 EUR 33.96 Leonteq Securities AG 10.00 12/14/2016 EUR 67.47 DZ Bank AG Deutsche Zentral 4.00 12/7/2016 EUR 73.30 Windreich GmbH 6.75 3/1/2015 EUR 10.88 Leonteq Securities AG/Guern 8.16 4/14/2016 EUR 71.02 Goldman Sachs International 0.67 4/24/2020 GBP 72.63 Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 70.82 Notenstein La Roche Private 6.60 5/19/2016 CHF 60.22 HSBC Trinkaus & Burkhardt A 5.00 1/30/2018 EUR 52.45 BNP Paribas Emissions- und 3.50 3/24/2016 EUR 61.89 Deutsche Bank AG 4.20 6/21/2016 EUR 60.20 Deutsche Bank AG 4.20 6/21/2016 EUR 66.10 Credit Suisse AG/Nassau 9.00 8/11/2016 USD 69.72 Leonteq Securities AG/Guern 6.00 1/30/2017 USD 65.42 Vontobel Financial Products 8.00 2/26/2016 EUR 67.16 Erste Group Bank AG 6.50 2/27/2016 EUR 64.55 Norddeutsche Landesbank Gir 4.75 6/3/2016 EUR 61.05 Credit Suisse AG/London 8.00 2/18/2016 EUR 65.43 Leonteq Securities AG 5.20 2/20/2019 CHF 72.58 Kerdos Group SA 8.00 3/9/2018 PLN 49.00 Lehman Brothers Treasury Co 23.30 9/16/2008 USD 3.11 Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 3.11 Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 3.11 Dayli Polska Sp zoo 8.50 9/5/2016 PLN 20.01 Commerzbank AG 4.75 2/25/2016 EUR 74.72 LBBW 3.52 2/26/2016 EUR 52.70 Credit Suisse AG/London 6.10 3/16/2016 CHF 73.86 EFG International Finance G 6.48 5/29/2018 EUR 8.58 UBS AG 17.50 3/29/2016 EUR 51.86 UBS AG 15.75 3/29/2016 EUR 73.50 Immigon Portfolioabbau AG 4.20 2/22/2033 EUR 36.13 Notenstein Finance Guernsey 7.20 2/25/2016 CHF 71.46 UBS AG/London 24.50 9/23/2016 EUR 65.66 DekaBank Deutsche Girozentr 10.50 4/1/2016 EUR 64.48 Credit Suisse AG/Nassau 8.13 6/24/2016 EUR 72.23 Leonteq Securities AG 3.00 9/19/2019 CHF 56.41 Oravita City Council 2.61 6/15/2027 RON 72.00 Banque Cantonale Vaudoise/G 7.50 2/17/2016 EUR 50.04 Deutsche Bank AG 6.50 3/22/2016 EUR 71.74 HSBC Bank PLC 0.50 11/25/2025 BRL 32.02 Leonteq Securities AG 10.20 11/30/2016 CHF 63.11 Leonteq Securities AG 20.00 9/21/2016 CHF 59.36 Notenstein La Roche Private 7.20 2/7/2017 CHF 65.60 Credit Suisse AG/London 19.60 9/22/2016 USD 54.00 Credit Suisse AG/London 8.00 2/22/2016 USD 68.48 LBBW 3.00 9/25/2020 EUR 74.31 LBBW 3.00 9/27/2019 EUR 68.59 Commerzbank AG 7.25 8/25/2016 EUR 74.65 Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 3.11 Bank Julius Baer & Co Ltd/G 4.60 9/16/2016 CHF 74.00 DekaBank Deutsche Girozentr 2.70 10/12/2020 EUR 73.39 Leonteq Securities AG 14.80 11/23/2016 CHF 73.43 Barclays Bank PLC 0.50 1/28/2033 MXN 32.78 Zapsibcombank PAO 14.85 12/12/2019 RUB 70.00 Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 49.08 UBS AG 9.50 6/24/2016 EUR 68.25 Societe Generale Effekten G 10.85 10/10/2016 EUR 26.53 Deutsche Bank AG 4.40 6/27/2016 EUR 51.90 Societe Generale SA 0.50 4/3/2023 RUB 49.19 Ipotechniy Agent Fora 8.75 6/5/2045 RUB 58.00 Notenstein La Roche Private 3.00 3/27/2018 CHF 73.73 HSBC Trinkaus & Burkhardt A 6.40 6/24/2016 EUR 67.51 UBS AG/London 2.60 9/9/2016 EUR 69.05 Landesbank Hessen-Thueringe 4.75 4/15/2016 EUR 65.30 Vontobel Financial Products 8.00 4/22/2016 EUR 47.45 Leonteq Securities AG 8.00 3/31/2017 CHF 65.12 Leonteq Securities AG 4.75 3/30/2016 CHF 65.95 Credit Suisse AG/Nassau 7.00 10/3/2016 CHF 59.01 EFG International Finance G 9.10 3/23/2016 USD 38.15 Leonteq Securities AG 5.00 4/9/2019 CHF 66.42 Kommunalbanken AS 0.50 11/8/2018 BRL 71.41 UniCredit Bank AG 4.00 6/24/2016 EUR 59.53 UBS AG/London 4.20 3/11/2016 EUR 74.96 Credit Suisse AG/Nassau 6.25 10/17/2016 EUR 40.51 Immigon Portfolioabbau AG 2.00 4/24/2020 EUR 63.75 UBS AG/London 7.00 6/26/2017 EUR 51.88 Goldman Sachs & Co Wertpapi 4.00 6/21/2017 EUR 62.38 LBI HF 5.08 3/1/2013 ISK 8.50 Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 54.82 LBBW 2.50 1/25/2019 EUR 61.23 Leonteq Securities AG 12.40 5/6/2016 CHF 36.64 Credit Suisse AG/London 6.25 11/8/2016 EUR 71.05 DZ Bank AG Deutsche Zentral 7.30 9/19/2016 EUR 67.72 HSBC Bank PLC 0.50 12/20/2018 RUB 74.21 Leonteq Securities AG 9.92 5/29/2017 EUR 54.92 Societe Generale SA 8.88 6/1/2017 USD 67.65 Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 46.14 EFG International Finance G 7.19 5/6/2019 EUR 28.25 Credit Suisse AG/London 6.25 5/26/2017 CHF 64.18 Credit Suisse AG/Nassau 8.05 9/27/2016 CHF 36.63 Haltdalen Sparebank 2.42 NOK 57.95 Nesset Sparebank 2.47 NOK 57.32 Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 3.11 Leonteq Securities AG 11.00 1/9/2017 EUR 53.75 Credit Suisse AG/Nassau 7.13 3/9/2016 CHF 70.12 Credit Suisse AG/Nassau 7.38 3/18/2016 CHF 66.13 Credit Suisse 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3/24/2016 EUR 57.37 UniCredit Bank AG 7.50 3/24/2016 EUR 71.79 UniCredit Bank AG 5.40 3/24/2016 EUR 40.62 UniCredit Bank AG 4.10 3/24/2016 EUR 55.91 UniCredit Bank AG 5.00 3/24/2016 EUR 57.13 UniCredit Bank AG 4.80 3/24/2016 EUR 58.29 UniCredit Bank AG 4.80 3/24/2016 EUR 72.23 UniCredit Bank AG 5.35 3/24/2016 EUR 40.78 UniCredit Bank AG 4.40 3/24/2016 EUR 71.85 UniCredit Bank AG 5.00 3/24/2016 EUR 41.97 UniCredit Bank AG 4.95 3/24/2016 EUR 42.14 UniCredit Bank AG 4.40 3/24/2016 EUR 72.11 UniCredit Bank AG 4.50 3/24/2016 EUR 58.89 UniCredit Bank AG 4.05 3/24/2016 EUR 68.12 UniCredit Bank AG 5.85 3/24/2016 EUR 39.22 UniCredit Bank AG 5.25 3/24/2016 EUR 61.00 UniCredit Bank AG 4.50 3/24/2016 EUR 49.24 KIT Finance Capital OOO 10.00 10/26/2016 RUB 60.00 Deutsche Bank AG 5.20 6/21/2016 EUR 65.70 Deutsche Bank AG 5.20 3/22/2016 EUR 59.10 Deutsche Bank AG 5.20 6/21/2016 EUR 69.40 Deutsche Bank AG 5.20 6/21/2016 EUR 63.50 Deutsche Bank AG 4.20 9/20/2016 EUR 73.50 Deutsche Bank AG 5.20 9/20/2016 EUR 71.50 Deutsche Bank AG 4.20 9/20/2016 EUR 69.90 Deutsche Bank AG 5.20 9/20/2016 EUR 59.50 Deutsche Bank AG 4.20 9/20/2016 EUR 71.80 Deutsche Bank AG 6.20 6/21/2016 EUR 69.70 Deutsche Bank AG 5.20 9/20/2016 EUR 61.90 Deutsche Bank AG 5.20 6/21/2016 EUR 60.70 Deutsche Bank AG 6.20 9/20/2016 EUR 74.70 Deutsche Bank AG 5.20 9/20/2016 EUR 64.80 Deutsche Bank AG 5.20 9/20/2016 EUR 61.60 Deutsche Bank AG 5.20 6/21/2016 EUR 70.40 Deutsche Bank AG 5.20 9/20/2016 EUR 69.20 Deutsche Bank AG 5.20 3/22/2016 EUR 61.70 Deutsche Bank AG 5.20 9/20/2016 EUR 70.50 Deutsche Bank AG 5.20 9/20/2016 EUR 63.80 Deutsche Bank AG 6.20 9/20/2016 EUR 73.00 Deutsche Bank AG 5.20 6/21/2016 EUR 68.00 Deutsche Bank AG 5.20 9/20/2016 EUR 67.00 Deutsche Bank AG 5.20 3/22/2016 EUR 58.70 Deutsche Bank AG 5.20 6/21/2016 EUR 58.20 Deutsche Bank AG 6.20 9/20/2016 EUR 71.10 Deutsche Bank AG 5.20 3/22/2016 EUR 61.30 Deutsche Bank AG 5.20 6/21/2016 EUR 60.30 Deutsche Bank AG 5.20 3/22/2016 EUR 70.70 Deutsche Bank AG 5.20 3/22/2016 EUR 65.80 Deutsche Bank AG 5.20 3/22/2016 EUR 61.00 Deutsche Bank AG 5.20 9/20/2016 EUR 61.60 Deutsche Bank AG 5.20 3/22/2016 EUR 64.70 Deutsche Bank AG 5.20 6/21/2016 EUR 60.60 Deutsche Bank AG 5.20 3/22/2016 EUR 68.20 Deutsche Bank AG 5.20 6/21/2016 EUR 58.50 Deutsche Bank AG 5.20 9/20/2016 EUR 59.50 Deutsche Bank AG 5.20 6/21/2016 EUR 49.80 Deutsche Bank AG 6.20 9/20/2016 EUR 68.90 Deutsche Bank AG 5.20 3/22/2016 EUR 58.70 Deutsche Bank AG 5.20 3/22/2016 EUR 51.80 Deutsche Bank AG 5.20 9/20/2016 EUR 54.20 Deutsche Bank AG 5.20 9/20/2016 EUR 51.10 Deutsche Bank AG 5.20 3/22/2016 EUR 68.00 Deutsche Bank AG 4.20 9/20/2016 EUR 67.70 Deutsche Bank AG 5.20 9/20/2016 EUR 68.30 Deutsche Bank AG 5.20 3/22/2016 EUR 48.60 Deutsche Bank AG 5.20 6/21/2016 EUR 53.00 Deutsche Bank AG 5.20 9/20/2016 EUR 67.60 Deutsche Bank AG 5.20 6/21/2016 EUR 57.10 Deutsche Bank AG 5.20 9/20/2016 EUR 58.10 Deutsche Bank AG 5.20 6/21/2016 EUR 66.40 Deutsche Bank AG 5.20 3/22/2016 EUR 60.20 Deutsche Bank AG 6.20 6/21/2016 EUR 64.60 Deutsche Bank AG 5.20 9/20/2016 EUR 64.90 Deutsche Bank AG 6.20 9/20/2016 EUR 63.50 Deutsche Bank AG 4.20 6/21/2016 EUR 63.90 Deutsche Bank AG 5.20 6/21/2016 EUR 54.80 Deutsche Bank AG 5.20 9/20/2016 EUR 62.90 Deutsche Bank AG 4.20 9/20/2016 EUR 64.30 Deutsche Bank AG 5.20 3/22/2016 EUR 56.50 Deutsche Bank AG 6.20 9/20/2016 EUR 65.50 DZ Bank AG Deutsche Zentral 8.00 3/21/2016 EUR 47.99 DZ Bank AG Deutsche Zentral 8.00 6/20/2016 EUR 49.94 DZ Bank AG Deutsche Zentral 6.75 3/21/2016 EUR 59.55 DZ Bank AG Deutsche Zentral 8.25 6/20/2016 EUR 58.71 DZ Bank AG Deutsche Zentral 7.00 6/20/2016 EUR 58.28 DZ Bank AG Deutsche Zentral 5.00 3/21/2016 EUR 64.32 Deutsche Bank AG 5.20 9/20/2016 EUR 60.90 DZ Bank AG Deutsche Zentral 6.00 3/21/2016 EUR 64.40 DZ Bank AG Deutsche Zentral 5.75 6/20/2016 EUR 63.48 DZ Bank AG Deutsche Zentral 6.50 6/20/2016 EUR 63.69 DZ Bank AG Deutsche Zentral 6.25 3/21/2016 EUR 48.10 DZ Bank AG Deutsche Zentral 7.50 3/21/2016 EUR 48.21 DZ Bank AG 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68.80 Deutsche Bank AG 4.20 6/21/2016 EUR 68.50 Deutsche Bank AG 5.20 9/20/2016 EUR 72.40 Deutsche Bank AG 4.20 9/20/2016 EUR 69.20 Deutsche Bank AG 6.20 9/20/2016 EUR 70.50 Deutsche Bank AG 5.20 9/20/2016 EUR 69.80 Deutsche Bank AG 4.20 3/22/2016 EUR 70.60 Deutsche Bank AG 5.20 3/22/2016 EUR 66.80 Deutsche Bank AG 5.20 3/22/2016 EUR 63.30 Deutsche Bank AG 5.20 3/22/2016 EUR 62.20 Deutsche Bank AG 5.20 3/22/2016 EUR 60.20 Deutsche Bank AG 4.20 6/21/2016 EUR 70.00 Deutsche Bank AG 5.20 6/21/2016 EUR 70.30 Deutsche Bank AG 6.20 6/21/2016 EUR 70.70 Deutsche Bank AG 5.20 6/21/2016 EUR 66.60 Deutsche Bank AG 5.20 6/21/2016 EUR 63.20 Deutsche Bank AG 5.20 6/21/2016 EUR 60.10 Deutsche Bank AG 4.20 9/20/2016 EUR 70.90 Deutsche Bank AG 6.20 9/20/2016 EUR 72.10 Deutsche Bank AG 5.20 9/20/2016 EUR 71.50 Deutsche Bank AG 5.20 9/20/2016 EUR 67.80 Deutsche Bank AG 5.20 9/20/2016 EUR 64.50 Deutsche Bank AG 5.20 9/20/2016 EUR 61.40 Deutsche Bank AG 5.20 6/21/2016 EUR 64.20 Deutsche Bank AG 5.20 3/22/2016 EUR 74.10 Deutsche Bank AG 5.20 3/22/2016 EUR 70.60 Deutsche Bank AG 5.20 3/22/2016 EUR 67.40 Deutsche Bank AG 5.20 6/21/2016 EUR 74.30 Deutsche Bank AG 5.20 6/21/2016 EUR 70.90 Deutsche Bank AG 5.20 6/21/2016 EUR 67.80 Deutsche Bank AG 5.20 9/20/2016 EUR 72.00 Deutsche Bank AG 5.20 9/20/2016 EUR 69.00 Deutsche Bank AG 5.20 6/21/2016 EUR 47.80 Deutsche Bank AG 5.20 6/21/2016 EUR 45.90 Deutsche Bank AG 4.20 9/20/2016 EUR 54.50 Deutsche Bank AG 5.20 9/20/2016 EUR 55.10 Deutsche Bank AG 6.20 9/20/2016 EUR 55.70 Deutsche Bank AG 5.20 9/20/2016 EUR 52.90 Deutsche Bank AG 5.20 9/20/2016 EUR 50.80 Deutsche Bank AG 5.20 9/20/2016 EUR 48.90 Deutsche Bank AG 5.20 9/20/2016 EUR 47.10 Deutsche Bank AG 5.20 3/22/2016 EUR 56.60 Deutsche Bank AG 5.20 6/21/2016 EUR 65.40 Deutsche Bank AG 5.20 6/21/2016 EUR 62.70 Deutsche Bank AG 5.20 6/21/2016 EUR 60.20 Deutsche Bank AG 5.20 6/21/2016 EUR 57.90 Deutsche Bank AG 5.20 9/20/2016 EUR 69.10 Deutsche Bank AG 6.20 9/20/2016 EUR 69.70 Deutsche Bank AG 4.20 9/20/2016 EUR 68.50 Deutsche Bank AG 5.20 9/20/2016 EUR 66.40 Deutsche Bank AG 5.20 9/20/2016 EUR 63.80 Deutsche Bank AG 5.20 9/20/2016 EUR 61.30 Deutsche Bank AG 5.20 9/20/2016 EUR 59.10 Deutsche Bank AG 5.20 3/22/2016 EUR 41.80 Deutsche Bank AG 5.20 3/22/2016 EUR 40.10 Deutsche Bank AG 5.20 6/21/2016 EUR 42.50 Deutsche Bank AG 5.20 6/21/2016 EUR 40.80 Deutsche Bank AG 5.20 6/21/2016 EUR 39.30 Deutsche Bank AG 6.20 9/20/2016 EUR 48.30 Deutsche Bank AG 4.20 9/20/2016 EUR 47.10 Deutsche Bank AG 5.20 9/20/2016 EUR 43.80 Deutsche Bank AG 5.20 9/20/2016 EUR 42.10 Deutsche Bank AG 5.20 9/20/2016 EUR 40.60 Deutsche Bank AG 4.20 3/22/2016 EUR 66.60 Deutsche Bank AG 6.20 7/20/2016 EUR 73.80 Deutsche Bank AG 4.20 7/20/2016 EUR 72.90 Deutsche Bank AG 6.20 7/20/2016 EUR 72.00 Deutsche Bank AG 4.20 7/20/2016 EUR 71.10 Deutsche Bank AG 6.20 7/20/2016 EUR 68.00 Deutsche Bank AG 4.20 7/20/2016 EUR 67.10 Deutsche Bank AG 4.20 7/20/2016 EUR 63.50 Deutsche Bank AG 6.20 7/20/2016 EUR 64.40 Deutsche Bank AG 6.20 7/20/2016 EUR 61.20 Deutsche Bank AG 4.20 7/20/2016 EUR 60.30 Deutsche Bank AG 6.20 7/20/2016 EUR 73.80 Deutsche Bank AG 4.20 7/20/2016 EUR 72.90 Deutsche Bank AG 6.20 7/20/2016 EUR 71.20 Deutsche Bank AG 4.20 7/20/2016 EUR 70.30 Deutsche Bank AG 4.20 7/20/2016 EUR 67.90 Deutsche Bank AG 6.20 7/20/2016 EUR 68.80 Deutsche Bank AG 6.20 6/21/2016 EUR 62.50 Deutsche Bank AG 6.20 7/20/2016 EUR 66.60 Deutsche Bank AG 4.20 7/20/2016 EUR 65.70 Deutsche Bank AG 6.20 7/20/2016 EUR 70.20 Deutsche Bank AG 4.20 7/20/2016 EUR 69.30 Deutsche Bank AG 4.20 7/20/2016 EUR 66.10 Deutsche Bank AG 6.20 7/20/2016 EUR 67.00 Deutsche Bank AG 4.20 7/20/2016 EUR 63.20 Deutsche Bank AG 6.20 7/20/2016 EUR 64.10 Deutsche Bank AG 6.20 7/20/2016 EUR 61.50 Deutsche Bank AG 4.20 9/20/2016 EUR 62.30 Deutsche Bank AG 4.20 7/20/2016 EUR 60.60 Deutsche Bank AG 6.20 7/20/2016 EUR 59.00 Deutsche Bank AG 4.20 7/20/2016 EUR 58.10 Deutsche Bank AG 4.20 7/20/2016 EUR 67.80 Deutsche Bank AG 6.20 7/20/2016 EUR 68.70 Deutsche Bank AG 6.20 7/20/2016 EUR 66.10 Deutsche Bank AG 4.20 7/20/2016 EUR 65.20 Deutsche Bank AG 4.20 7/20/2016 EUR 62.80 Deutsche Bank AG 6.20 7/20/2016 EUR 63.70 Deutsche Bank AG 6.20 7/20/2016 EUR 61.40 Deutsche Bank AG 4.20 7/20/2016 EUR 60.50 Deutsche Bank AG 6.20 7/20/2016 EUR 59.30 Deutsche Bank AG 4.20 7/20/2016 EUR 58.40 Deutsche Bank AG 4.20 7/20/2016 EUR 74.20 Deutsche Bank AG 6.20 7/20/2016 EUR 70.90 Deutsche Bank AG 4.20 7/20/2016 EUR 70.10 Deutsche Bank AG 4.20 7/20/2016 EUR 66.30 Deutsche Bank AG 6.20 7/20/2016 EUR 67.20 Deutsche Bank AG 4.20 7/20/2016 EUR 56.50 Deutsche Bank AG 6.20 7/20/2016 EUR 57.40 Deutsche Bank AG 6.20 7/20/2016 EUR 55.60 Deutsche Bank AG 4.20 7/20/2016 EUR 54.70 Deutsche Bank AG 4.20 7/20/2016 EUR 53.00 Deutsche Bank AG 6.20 7/20/2016 EUR 53.80 Deutsche Bank AG 6.20 7/20/2016 EUR 50.70 Deutsche Bank AG 4.20 7/20/2016 EUR 49.80 Deutsche Bank AG 4.20 7/20/2016 EUR 74.80 Deutsche Bank AG 4.20 7/20/2016 EUR 72.30 Deutsche Bank AG 6.20 7/20/2016 EUR 73.10 Deutsche Bank AG 6.20 7/20/2016 EUR 70.70 Deutsche Bank AG 4.20 7/20/2016 EUR 69.80 Deutsche Bank AG 4.20 7/20/2016 EUR 67.50 Deutsche Bank AG 6.20 7/20/2016 EUR 68.50 Deutsche Bank AG 4.20 7/20/2016 EUR 65.40 Deutsche Bank AG 6.20 7/20/2016 EUR 66.30 Deutsche Bank AG 4.20 7/20/2016 EUR 60.80 Deutsche Bank AG 6.20 7/20/2016 EUR 61.70 Deutsche Bank AG 4.20 7/20/2016 EUR 58.80 Deutsche Bank AG 6.20 7/20/2016 EUR 59.70 Deutsche Bank AG 6.20 7/20/2016 EUR 57.90 Deutsche Bank AG 4.20 7/20/2016 EUR 57.00 Deutsche Bank AG 4.20 7/20/2016 EUR 67.50 Deutsche Bank AG 6.20 7/20/2016 EUR 68.00 Deutsche Bank AG 6.20 7/20/2016 EUR 66.10 Deutsche Bank AG 4.20 7/20/2016 EUR 65.20 Deutsche Bank AG 4.20 7/20/2016 EUR 63.00 Deutsche Bank AG 6.20 7/20/2016 EUR 63.80 Deutsche Bank AG 4.20 7/20/2016 EUR 64.00 Deutsche Bank AG 6.20 7/20/2016 EUR 64.90 Deutsche Bank AG 4.20 7/20/2016 EUR 61.90 Deutsche Bank AG 6.20 7/20/2016 EUR 62.80 Deutsche Bank AG 6.20 7/20/2016 EUR 60.80 Deutsche Bank AG 4.20 7/20/2016 EUR 59.90 Deutsche Bank AG 6.20 7/20/2016 EUR 59.00 Deutsche Bank AG 4.20 7/20/2016 EUR 58.10 Deutsche Bank AG 6.20 7/20/2016 EUR 55.50 Deutsche Bank AG 4.20 7/20/2016 EUR 54.70 Deutsche Bank AG 4.20 7/20/2016 EUR 71.30 Deutsche Bank AG 6.20 7/20/2016 EUR 72.20 Deutsche Bank AG 6.20 7/20/2016 EUR 69.60 Deutsche Bank AG 4.20 7/20/2016 EUR 68.70 Deutsche Bank AG 6.20 7/20/2016 EUR 71.20 Deutsche Bank AG 4.20 7/20/2016 EUR 70.30 Deutsche Bank AG 6.20 7/20/2016 EUR 67.40 Deutsche Bank AG 4.20 7/20/2016 EUR 66.50 Deutsche Bank AG 4.20 7/20/2016 EUR 63.20 Deutsche Bank AG 6.20 7/20/2016 EUR 64.00 Deutsche Bank AG 6.20 7/20/2016 EUR 61.00 Deutsche Bank AG 4.20 7/20/2016 EUR 60.10 Deutsche Bank AG 4.20 7/20/2016 EUR 74.20 Deutsche Bank AG 4.20 7/20/2016 EUR 70.80 Deutsche Bank AG 6.20 7/20/2016 EUR 71.70 Deutsche Bank AG 4.20 7/20/2016 EUR 67.80 Deutsche Bank AG 6.20 7/20/2016 EUR 68.70 Deutsche Bank AG 4.20 7/20/2016 EUR 54.10 Deutsche Bank AG 6.20 7/20/2016 EUR 54.90 Deutsche Bank AG 6.20 7/20/2016 EUR 52.70 Deutsche Bank AG 4.20 7/20/2016 EUR 51.80 Deutsche Bank AG 4.20 7/20/2016 EUR 49.60 Deutsche Bank AG 6.20 7/20/2016 EUR 50.50 Deutsche Bank AG 4.20 7/20/2016 EUR 47.70 Deutsche Bank AG 6.20 7/20/2016 EUR 48.60 Deutsche Bank AG 6.20 7/20/2016 EUR 46.80 Deutsche Bank AG 4.20 7/20/2016 EUR 45.90 Deutsche Bank AG 6.20 7/20/2016 EUR 69.00 Deutsche Bank AG 4.20 7/20/2016 EUR 68.10 Deutsche Bank AG 6.20 7/20/2016 EUR 66.20 Deutsche Bank AG 4.20 7/20/2016 EUR 65.30 Deutsche Bank AG 6.20 7/20/2016 EUR 63.50 Deutsche Bank AG 4.20 7/20/2016 EUR 62.60 Deutsche Bank AG 6.20 7/20/2016 EUR 61.00 Deutsche Bank AG 4.20 7/20/2016 EUR 60.10 Deutsche Bank AG 6.20 7/20/2016 EUR 58.70 Deutsche Bank AG 4.20 7/20/2016 EUR 57.80 Deutsche Bank AG 4.20 7/20/2016 EUR 46.40 Deutsche Bank AG 6.20 7/20/2016 EUR 47.30 Deutsche Bank AG 6.20 7/20/2016 EUR 45.30 Deutsche Bank AG 4.20 7/20/2016 EUR 44.40 Deutsche Bank AG 4.20 7/20/2016 EUR 42.50 Deutsche Bank AG 6.20 7/20/2016 EUR 43.40 Deutsche Bank AG 6.20 7/20/2016 EUR 41.70 Deutsche Bank AG 4.20 7/20/2016 EUR 40.80 Deutsche Bank AG 4.20 7/20/2016 EUR 39.30 Deutsche Bank AG 6.20 7/20/2016 EUR 40.10 Deutsche Bank AG 4.20 12/20/2016 EUR 68.80 Deutsche Bank AG 5.20 12/20/2016 EUR 66.20 Deutsche Bank AG 6.20 12/20/2016 EUR 67.00 Deutsche Bank AG 4.20 12/20/2016 EUR 65.30 Deutsche Bank AG 4.20 12/20/2016 EUR 74.20 Deutsche Bank AG 5.20 12/20/2016 EUR 72.60 Deutsche Bank AG 4.20 12/20/2016 EUR 71.80 Deutsche Bank AG 6.20 12/20/2016 EUR 73.50 Deutsche Bank AG 4.20 12/20/2016 EUR 69.50 Deutsche Bank AG 6.20 12/20/2016 EUR 71.20 Deutsche Bank AG 5.20 12/20/2016 EUR 70.30 Deutsche Bank AG 4.20 12/20/2016 EUR 67.70 Deutsche Bank AG 4.20 12/20/2016 EUR 64.90 Deutsche Bank AG 4.20 12/20/2016 EUR 63.70 Deutsche Bank AG 5.20 12/20/2016 EUR 64.60 Deutsche Bank AG 6.20 12/20/2016 EUR 65.40 Deutsche Bank AG 4.20 12/20/2016 EUR 73.60 Deutsche Bank AG 4.20 12/20/2016 EUR 71.30 Deutsche Bank AG 4.20 12/20/2016 EUR 69.20 Deutsche Bank AG 4.20 12/20/2016 EUR 63.90 Deutsche Bank AG 4.20 12/20/2016 EUR 62.00 Deutsche Bank AG 4.20 12/20/2016 EUR 60.10 Deutsche Bank AG 4.20 12/20/2016 EUR 61.60 Deutsche Bank AG 5.20 12/20/2016 EUR 62.50 Deutsche Bank AG 6.20 12/20/2016 EUR 63.30 Deutsche Bank AG 4.20 12/20/2016 EUR 71.60 Deutsche Bank AG 4.20 12/20/2016 EUR 56.30 Deutsche Bank AG 5.20 12/20/2016 EUR 55.50 Deutsche Bank AG 4.20 12/20/2016 EUR 54.60 Deutsche Bank AG 6.20 12/20/2016 EUR 56.30 Deutsche Bank AG 6.20 12/20/2016 EUR 64.60 Deutsche Bank AG 4.20 12/20/2016 EUR 62.90 Deutsche Bank AG 5.20 12/20/2016 EUR 63.80 Deutsche Bank AG 6.20 12/20/2016 EUR 62.70 Deutsche Bank AG 5.20 12/20/2016 EUR 61.90 Deutsche Bank AG 4.20 12/20/2016 EUR 61.00 Deutsche Bank AG 6.20 12/20/2016 EUR 61.00 Deutsche Bank AG 4.20 12/20/2016 EUR 59.30 Deutsche Bank AG 5.20 12/20/2016 EUR 60.10 Deutsche Bank AG 5.20 12/20/2016 EUR 73.30 Deutsche Bank AG 4.20 12/20/2016 EUR 72.40 Deutsche Bank AG 6.20 12/20/2016 EUR 74.20 Deutsche Bank AG 5.20 12/20/2016 EUR 69.10 Deutsche Bank AG 6.20 12/20/2016 EUR 69.90 Deutsche Bank AG 4.20 12/20/2016 EUR 68.20 Deutsche Bank AG 4.20 12/20/2016 EUR 64.90 Deutsche Bank AG 6.20 12/20/2016 EUR 66.60 Deutsche Bank AG 5.20 12/20/2016 EUR 65.70 Deutsche Bank AG 5.20 12/20/2016 EUR 73.00 Deutsche Bank AG 6.20 12/20/2016 EUR 73.90 Deutsche Bank AG 4.20 12/20/2016 EUR 72.20 Deutsche Bank AG 6.20 12/20/2016 EUR 54.70 Deutsche Bank AG 4.20 12/20/2016 EUR 53.00 Deutsche Bank AG 5.20 12/20/2016 EUR 53.90 Deutsche Bank AG 4.20 12/20/2016 EUR 51.00 Deutsche Bank AG 5.20 12/20/2016 EUR 51.90 Deutsche Bank AG 6.20 12/20/2016 EUR 52.70 Deutsche Bank AG 5.20 12/20/2016 EUR 64.80 Deutsche Bank AG 6.20 12/20/2016 EUR 65.60 Deutsche Bank AG 4.20 12/20/2016 EUR 63.90 Deutsche Bank AG 4.20 12/20/2016 EUR 61.60 Deutsche Bank AG 5.20 12/20/2016 EUR 62.40 Deutsche Bank AG 6.20 12/20/2016 EUR 63.30 Deutsche Bank AG 4.20 12/20/2016 EUR 46.10 Deutsche Bank AG 4.20 12/20/2016 EUR 44.30 ********* 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 2016. 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 * * *