/raid1/www/Hosts/bankrupt/TCREUR_Public/170123.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, January 23, 2017, Vol. 18, No. 16
Headlines
A R M E N I A
ARMENIA: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
F R A N C E
GROUPAMA SA: Fitch Assigns 'BB+' Rating to EUR650MM Sub. Notes
I R E L A N D
ARDAGH PACKAGING: S&P Raises Rating on Secured Debt to 'BB-'
AZZURRO RE I: Fitch Affirms 'BB+' Rating on EUR200MM Cl. A Notes
BUS EIREANN: Faces Unsustainable Losses, Industrial Action Likely
TABERNA EUROPE CDO I: Fitch Affirms 'C' Ratings on 4 Note Classes
I T A L Y
BERICA 5 RESIDENTIAL: Fitch Cuts Rating on Class C Notes to 'BB-'
ICCREA BANCA: Fitch Affirms 'BB+' Rating on Sub. Tier 2 Notes
MONTE DEI PASCHI: CEO to Present New Business Plan Next Month
L U X E M B O U R G
DH SERVICES: S&P Raises CCR to 'BB+', Then Withdraws Rating
N E T H E R L A N D S
HARBOURMASTER CLO 9: Fitch Affirms 'B-sf' Rating on Cl. E Tranche
P O L A N D
BAINA INVESTMENTS: Files Bankruptcy Petition
R U S S I A
UC RUSAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
S P A I N
BBVA RMBS 5: S&P Lowers Rating on Class C Notes to 'BB'
CAIXABANK SA: Moody's Affirms Ba2 Subordinated Debt Rating
U N I T E D K I N G D O M
FOOD RETAILER: Launches CVA, 12 Stores Face Closure
GOLDTILE LIMITED: Glam Nightclub Put Up for Sale
HOUSE OF FRASER: Moody's Changes Outlook to Neg & Affirms B3 CFR
LION/GLORIA HOLDCO: Moody's Raises CFR to Ba1, Outlook Stable
PI POWER: Board Opts to Sell Stratius Investments
ZENOS CARS: Enters Administration After Downturn in Trade
X X X X X X X X
* BOND PRICING: For the Week January 16 to January 20, 2017
*********
=============
A R M E N I A
=============
ARMENIA: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'B+' with Stable
Outlook. The issue ratings on Armenia's senior unsecured Long-
Term Foreign Currency bonds have also been affirmed at 'B+'. The
Country Ceiling has been affirmed at 'BB-' and the Short-Term
Foreign Currency and Local Currency IDRs at 'B'.
KEY RATING DRIVERS
Armenia's ratings are supported by higher income per capita,
human development and governance indicators than peers, a
credible monetary policy framework and the extended maturity
profile of public debt. Conversely, the ratings are weighed down
by high net external debt, high fiscal deficits leading to a
rising debt burden, a highly dollarised banking sector and
tensions with some neighboring countries.
Growth has weakened, as Fitch estimates 0.8% growth in 2016
reflecting weak domestic demand, partly as a result of lower
remittances inflows. Growth will increase gradually in 2017 and
2018, reaching 2.1% and 3.1%, respectively, driven by the
expected recovery in the Russian economy and moderate recovery in
commodity prices. Fiscal consolidation in 2017 creates risks for
Armenia's recovery path.
The central government deficit rose to 5.6% of GDP in 2016, from
4.8% of GDP in 2015, and well above the initial 3.5% budget
target. This was due to weaker revenues and increased execution
of projects tied to external financing. It follows deficits
consistently below government targets between 2011 and 2014.
Fitch estimates Armenia's public debt reached 56.8% of GDP in
2016, similar to the 'B' category median. Currency risk is high
as 80% of government debt is foreign currency (FC) denominated,
although the average maturity is long.
As government debt surpassed 50% of GDP in 2016, the government
has to target a deficit of less than 3% of the previous three
years' average GDP to comply with the Law of Public Debt. The
approved 2017 budget targets a deficit of 2.8% of GDP supported
by revenues from tax code reform and reduced foreign-financed
project execution. Fitch forecasts a higher deficit of 3.7% of
GDP, as growth will recover only gradually and current
expenditure is unlikely to decline relative to GDP. The
authorities face the challenge of maintaining confidence in the
sustainability of public finances while containing the impact of
consolidation measures on economic activity, which could
undermine revenue performance.
Armenia has shown capacity to absorb shocks and has a credible
monetary policy framework. Annual inflation remained in negative
territory in November, at -0.6%, but should gradually move
towards the central bank's target of 4% in 2017-2018. In early
December, Armenia completed the fourth review under the IMF's
Extended Fund Facility. International reserves rose to USD2.2
bil. (five months of current external payments). Fitch estimates
that Armenia's liquid assets as a share of short-term liabilities
(at 125% in 2017) will remain below the 'B' category median
(141%).
The current account deficit may have reached 2.1% of GDP in 2016
versus a 'B' median of 5.7%, balancing continued improvement in
the trade deficit due to strong export performance and a slight
increase in imports due to weak domestic demand against continued
weakness in remittances. Current account deficits are forecast
to average 4% of GDP in 2017-2018 due to a subdued domestic
demand recovery, the return of growth to Russia, increased export
market diversification, moderate increases in international oil
prices and the prospect of a new gold mine operation coming on
line in 2018. A moderate deficit could also lead to a gradual
decline in external indebtedness (net external debt of 48% of GDP
vs peers' 20%) after sustained growth in the aftermath of the
global financial crisis.
Non-performing loans increased in 2016 (8.2% end- November based
on the national definition of 1 to 270 days overdue), but the
financial sector stabilized and made progress towards reducing
vulnerabilities. Bank capitalization strengthened (18.3% in
3Q16) in line with the central bank's requirements, which are on
target to be met by January 2017, mostly through shareholder
contributions and with no need of sovereign support. FC credit
and deposit levels remain above 60% of the respective totals.
The banking system's FX position is balanced and regulations are
in place to prevent FC lending to non-FC generators.
As a result of the December 2015 referendum, Armenia is currently
in transition from a presidential to a parliamentary system. The
country will hold parliamentary elections in April 2017. Fitch
does not expect material changes in the direction of economic
policy. After the short-lived armed escalation in April 2016,
the 'frozen' conflict with Azerbaijan regarding the disputed
Nagorno-Karabakh region has returned to its previous state of low
level sporadic clashes.
SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'B+' on the Long-Term FC IDR scale. Fitch's sovereign
rating committee did not adjust the output from the SRM to arrive
at the final LTFC IDR.
Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three year
centred averages, including one year of forecasts, to produce a
score equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.
RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.
Nonetheless, these risk factors could, individually or
collectively, trigger positive rating action:
-- A downward trajectory in the government debt-to-GDP ratio.
- A sustained improvement in the external balance sheet.
These risk factors could individually or collectively, trigger
negative rating action:
-- Continued increases in the government debt to GDP ratio due
to a failure to implement fiscal consolidation measures
and/or growth underperformance.
-- A marked drop in foreign exchange reserves.
KEY ASSUMPTIONS
Fitch assumes that Armenia will continue to experience broad
social and political stability and there will be no prolonged
escalation in the conflict with Azerbaijan regarding Nagorno-
Karabakh to a level that would affect economic and financial
stability.
Fitch assumes that the Russian economy will grow by 1.3% and 2.0%
in 2017 and 2018, respectively.
===========
F R A N C E
===========
GROUPAMA SA: Fitch Assigns 'BB+' Rating to EUR650MM Sub. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Groupama SA's EUR650 mil. issue of
dated subordinated notes a 'BB+' rating.
The notes are rated two notches below Groupama's 'BBB' Long-Term
IDR, comprising one notch for the level of subordination and one
for 'moderate' non-performance risk.
KEY RATING DRIVERS
The notes are being issued as part of an exchange offer,
refinancing in total and in part two outstanding perpetual and
dated subordinated debt issuances with call dates in 2017 and
2019 (EUR414 mil. and EUR750 mil., respectively).
The notes have been issued with a fixed coupon of 6% with a
maturity of 10 years. The issue will rank subordinated to senior
creditors, pari passu with senior subordinated securities and
senior to any remaining deeply subordinated securities issued by
Groupama. The level of subordination is reflected in Fitch's
'below average' baseline recovery assumption for the issue.
The notes include a mandatory interest deferral feature, which
would be triggered if the company or the group is not able to
meet the applicable solvency capital requirement or the
applicable minimum capital requirement. Under the agency's
methodology, Fitch regards this feature as leading to 'moderate'
non-performance risk.
The notes are expected to qualify for Tier 2 regulatory capital
recognition under Solvency II. The notes receive 100% equity
credit in Fitch's Prism Factor-Based Model, due to the
application of the regulatory override. However, given that it
is a dated instrument, the notes are treated as 100% debt in
Fitch's financial debt leverage calculation.
Upon completion of the exchange offer, the total amount of
subordinated debt will marginally increase as new debt will be
issued. However, Groupama's financial debt leverage, as
calculated by Fitch (26% after exchange from 25% at end-2015
before exchanging), remains commensurate with the ratings.
The issue will lengthen the maturity profile of the group's
financial debt. Moreover, in Fitch's view, the issue underlines
Groupama's financial flexibility.
RATING SENSITIVITIES
Any change to Groupama's IDR is likely to result in a
corresponding change of the subordinated debt rating.
=============
I R E L A N D
=============
ARDAGH PACKAGING: S&P Raises Rating on Secured Debt to 'BB-'
------------------------------------------------------------
S&P Global Ratings said that it raised the issue rating on Ardagh
Packaging Group's secured debt to 'BB-' from 'B+', and revised
the recovery rating to '1' from '2'.
At the same time, S&P affirmed its 'CCC+' issue rating on the
group's existing unsecured debt. S&P also affirmed its 'CCC+'
issue rating on ARD Finance's subordinated payment-in-kind (PIK)
toggle notes. The '6' recovery rating on the unsecured debt and
PIK notes is unchanged.
S&P has also assigned its 'CCC+' issue rating and '6' recovery
rating to the proposed $1.0 billion senior unsecured notes to be
jointly issued by Ardagh Packaging Finance PLC (Ireland) and
Ardagh Holdings USA Inc. (Delaware), both subsidiaries of Ardagh
Packaging Holdings Ltd.
RATIONALE
The recovery rating revision on the secured debt to '1' from '2',
and therefore S&P's raising of the issue rating to 'BB-' from
'B+', follows the proposed refinancing, and the upgrade is driven
by a larger unsecured debt cushion from the new issuance whose
proceeds are intended to partly reduce the amount of equally
ranked secured debt, in turn concentrating expected recovery for
secured noteholders. The recovery rating of '1' indicates S&P's
expectation of very high recovery in the event of default.
"We are assigning our 'CCC+' issue rating to the proposed
$1.0 billion senior unsecured notes to be jointly issued by
Ardagh Packaging Finance PLC (Ireland) and Ardagh Holdings USA
Inc. (Delaware), both subsidiaries of Ardagh Packaging Holdings
Ltd. The recovery rating is '6', reflecting the notes unsecured
and subordinated nature. We are also affirming our 'CCC+' issue
rating to the existing unsecured debt. The '6' recovery rating
is unchanged indicating our expectation that recovery prospects
would remain negligible (0%-10%) in the event of a payment
default, given that under our hypothetical default scenario, most
of the value available to debtors would be absorbed by secured
lenders, leaving no residual value for unsecured noteholders,"
S&P said.
S&P is also affirming its issue rating of 'CCC+' on ARD Finance's
recent PIK toggle notes, whose proceeds were used to refinance
the former PIK debt and upstream a distribution to shareholders
in September 2016. The ratings reflect the remaining deeply
subordinated and unsecured nature of such instruments as well as
the notes' weak protections.
The ratings remain supported by Ardagh Packaging Group's
satisfactory business risk profile and these instruments'
relatively strong security package, including fixed and floating
charges over substantially all assets of most guarantors --
including receivables, inventories, and real estate -- as well as
the enlarged perimeter following the recent acquisition of the
beverage can business in Brazil, Europe, and the U.S from Ball
Corp. and Rexam PLC.
RECOVERY ANALYSIS
Key analytical factors
The revised issue and recovery ratings on the senior secured
notes are based on preliminary information and are subject to the
proposed unsecured notes' successful issuance and S&P's
satisfactory review of the final documentation and structure.
Proceeds, as well as $300 million of balance sheet cash, will be
used to partially repay $845 million of the $1.1 billion secured
fixed-rate notes and fully repay the $415 million 6.25% unsecured
notes due 2019. The documentation is expected to be fully
fungible with existing unsecured debt indenture.
The documentation remains unchanged, with upsized carve-outs,
permitted debt, and restricted payments baskets through increased
fixed caps and the introduction of rising caps as a percentage of
total assets, to reflect the new perimeter. Additional debt
incurrence (outside of permitted debt baskets) and restricted
payments are only constrained by a customary minimum 2.0x
interest coverage ratio, which S&P views as a structurally weak.
Permitted liens on collateral are constrained by a pro forma 3.5x
net total leverage. The cross-default threshold was recently
increased to EUR75 million.
The documentation includes a provision within the restricted
payment covenant that prevents the repayment or refinancing (in
whole or part) of the PIK toggle notes at the restricted group
level (so called debt push-down) unless (i) the pro forma net
total leverage is below 5.25x and (ii) the parent guarantor,
holding company, or controlled affiliate is listed on an
international securities exchange, which S&P views as fair.
S&P's hypothetical payment default scenario assumes a weaker
overall operating performance and declining demand caused by
increased product substitution. This may lead to lower capacity
utilization, squeezed margins as a result of increasing costs --
particularly energy prices -- paired with an inability to pass
these on to customers. S&P believes that this, combined with
higher integration costs and execution risk related to acquired
business, would lead to a payment default in or before 2020.
S&P values Ardagh as a going concern due to its leading market
positions in global glass container and metal packaging markets
with a strong focus on relatively stable food and beverage end-
markets and a strengthened position in Europe, North America, and
Brazil.
Simulated default assumptions
-- Year of default: 2020
-- Minimum capex (% pro-forma the last two years' average
sales): 3.5%
-- Cyclicality adjustment factor: +5% (standard sector
assumption for containers & packaging)
-- Emergence EBITDA after recovery adjustments: about
EUR766 million
-- Implied enterprise value multiple: 6.0x
-- Jurisdiction: Ireland
Simplified waterfall
-- Gross enterprise value at default: about EUR4.6 billion
-- Administrative costs: 7%
-- Net value available to debtors: EUR4.3 billion
-- Priority claims: EUR282 million
-- Secured debt claims (1) : about EUR3.8 billion
Recovery expectation (2): 95%
-- Unsecured debt claims (1): EUR4.0 billion
Recovery expectation (2): 0%
-- Subordinated PIK toggle debt claims*: EUR2.2 billion
Recovery expectation: (2) 0%
(1) All debt amounts include six months' prepetition interest.
PIK toggle notes' interests assumed PIK'ed up to the year of
default. (2) Rounded down to the nearest 5%.
AZZURRO RE I: Fitch Affirms 'BB+' Rating on EUR200MM Cl. A Notes
----------------------------------------------------------------
Fitch Ratings affirms the 'BB+sf' rating to the Principal At-Risk
Variable Rate Notes issued by Azzurro Re I DAC, an Irish private
limited company authorized as a special purpose reinsurance
vehicle, as follows:
-- EUR200,000,000 class A notes with an expected maturity of
Jan. 16, 2019, at 'BB+sf'; Outlook Stable.
KEY RATING DRIVERS
The notes provide reinsurance protection for UnipolSai
Assicurazioni S.p.A. and other group subsidiaries (UnipolSai;
Issuer Default Rating [IDR] 'BBB-', Outlook Stable). The notes
are exposed to Earthquake peril and ensuing perils such as, but
not limited to, sprinkler leakage, fire, groundshaking, volcanic
disturbance or eruption (including ashfall), and tsunami and
flooding due to dam or levy ruptures. The covered area is
predominantly located in Italy (99.8%); however, it is possible
if the epicentre is located outside Italy to be considered a
covered event if risks in the covered area are damaged.
There were no reported Covered Events that exceeded the Initial
Attachment Levels of the notes within the first Annual Risk
Period from June 18, 2015, through Dec. 31, 2016. All interest
was paid when due and there was no reduction in the Original
Principal Amount. Fitch is not aware of any document amendments.
On Dec. 12, 2016, AIR Worldwide (AIR), acting as the Reset Agent,
determined the updated modeled annual attachment probability to
be 0.39% for the second Annual Risk Period that commences on Jan.
1, 2017 through Dec. 31, 2017. These probabilities correspond to
an implied rating of 'BB+', per the calibration table listed in
Fitch's 'Insurance-Linked Securities Methodology'. The prior
attachment probability was 0.40%.
The variable Risk Interest Spread will remain at 2.15%, equal to
the risk interest spread in the first annual risk period. The
reset formula reflects the Updated Annual Modeled Expected Loss
remaining at 0.31%.
These results use updated property exposure data within the
Subject Business in the Covered Area using an escrowed AIR model.
The Updated Attachment and Exhaustion Levels increased to EUR575
million and EUR775 million for the notes, up from the initial
attachment and exhaustion levels of EUR500 million and EUR700
million.
Fitch believes the notes and indirect counterparties are
performing as required. There have been no reported early
redemption notices or events of default and all agents remain in
place.
Additional information regarding the notes can be found in the
initial rating action commentary dated June 18, 2015.
RATING SENSITIVITIES
This rating is sensitive to the occurrence of a qualifying
event(s), the counterparty risk of UnipolSai and the rating on,
and performance of, the assets held in the collateral account.
If qualifying covered events occur that cause the ultimate net
losses to exceed the attachment amount, Fitch will downgrade the
notes reflecting an effective loss of principal and impairment of
the notes, and issue a Recovery Rating.
In the case of a reset election, UnipolSai may select an updated
attachment level such that the updated modeled expected loss
falls in the range of 0.31% and 0.36%. Fitch believes the
corresponding attachment probability will likely stay at the
implied rating of 'BB+' though there could be a one-notch upgrade
or downgrade under possible outcomes.
The rating on the notes is contingent on UnipolSai maintaining
the proper pre-funded amounts in the premium deposit account, and
if this does not occur, the rating is contingent on the
transaction being successfully unwound with principal and accrued
interest paid in full. Fitch has an IDR of 'BBB-' for UnipolSai.
To a lesser extent, the notes may be downgraded if the EBRD notes
should suffer a serious downgrade, the terms of the notes are
altered, or the assets held in the collateral account perform
significantly worse than expectations for high-quality, short-
term investments.
The catastrophe risk element is highly model-driven and actual
losses may differ from the results of the simulation analysis.
The escrow model may not reflect future methodology enhancements
by AIR which may have an adverse or beneficial effect on the
implied rating of the notes were such future methodology
considered.
BUS EIREANN: Faces Unsustainable Losses, Industrial Action Likely
-----------------------------------------------------------------
Martin Wall at The Irish Times reports that Minister for
Transport Shane Ross has indicated finding a resolution to the
problem of unsustainable losses at Bus Eireann is a matter for
management and trade unions.
He told the Dail that Bus Eireann was losing some EUR6 million a
year, and this was not as a result of the State's subvention to
the company but rather due to losses being run up by its
commercial Expressway arm, which faces intense competition from
private operators, The Irish Times relates.
According to The Irish Times, Mr. Ross did not say whether he
supported controversial proposals put forward by management on
Jan. 18 to restructure the company which includes redundancies
and cuts to premium payments, allowances and overtime rates.
Bus Eireann has argued that its financial position is
unsustainable, and without action to tackle its cost base and
inefficiencies it will go out of business within two years, The
Irish Times discloses.
Unions have promised to resist the company's plan, which they
argue could see a 25%-30% reduction to their members' earnings,
The Irish Times relays.
The union groups at Bus Eireann will meet this week to consider a
joint strategy, and have warned of potential industrial action
over the proposed cuts, The Irish Times says.
TABERNA EUROPE CDO I: Fitch Affirms 'C' Ratings on 4 Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on six and upgraded two
classes of notes from two Taberna European collateralized debt
obligations (CDOs).
KEY RATING DRIVERS
The upgrades to the senior notes in both transactions were
primarily due to deleveraging which in turn increased the notes'
credit enhancement levels. The principal proceeds used to pay
down the notes resulted from the novation of the credit default
swaps (CDS) to a third party. The novation of the CDS positions
greatly increased the concentration in each portfolio with only
seven performing issuers remaining in Taberna Europe I and nine
in Taberna Europe II.
The class A1 notes in Taberna Europe I, received 97.2% of the
last review balance of $152.8 million from the novation of the 11
CDS and excess spread. In Taberna Europe II, the class A1 notes
received 80.5% of the $275 million balance at last review mainly
from the novation of the 10 CDS.
The ratings of the class A-1 notes in both transactions were
capped by the outcome of the sensitivity scenario in which the
ratings of obligors which made up greater than 5% of the
performing portfolio were lowered by one rating category to
account for potential performance volatility in concentrated
portfolios.
Fitch analyzed the transaction in accordance with the 'Global
Surveillance Criteria for Structured Finance CDOs' and the
'Global Rating Criteria for CLOs and Corporate CDOs'. Default
hurdles were projected using the Structured Finance Portfolio
Credit Model (PCM) and Corporate PCM.
RATING SENSITIVITIES
Significant paydowns combined with stable or improving credit
migration can lead to limited upgrades for the senior notes.
Conversely, negative migration, defaults beyond those projected
can lead to downgrades in both transactions. In Taberna Europe
II, not waiving part of the structuring or collateral manager fee
may result in an interest shortfall and lead to a downgrade for
the non-deferrable notes.
VARIATIONS FROM CRITERIA
One performing perpetual security was treated as a long-dated
asset in both transactions whereby it was defaulted at the
transactions legal maturity consistent with Fitch's treatment of
long-dated assets under the relevant criteria. Fitch considered
this a criteria variation given that perpetual securities are not
explicitly mentioned in Fitch's treatment of long-dated assets.
Fitch does not believe such variation has a measurable impact
upon the ratings assigned.
Fitch has taken these rating actions:
Taberna Europe CDO I P.L.C. (Taberna Europe I)
-- EUR4,248,808 class A1 notes upgraded to 'Asf' from 'BBsf';
Outlook Positive;
-- EUR90,500,000 class A2 notes affirmed at 'CCsf';
-- EUR50,950,917 class B notes affirmed at 'Csf';
-- EUR32,592,256 class C notes affirmed at 'Csf';
-- EUR36,649,117 class D notes affirmed at 'Csf';
-- EUR27,393,483 class E notes affirmed at 'Csf'.
Taberna Europe CDO II P.L.C. (Taberna Europe II)
-- EUR53,502,062 class A1 notes upgraded to 'Bsf' from 'CCCsf'
assign Outlook Stable;
-- EUR95,000,000 class A2 notes affirmed at 'CCsf'.
Fitch does not rate the subordinated notes in Taberna Europe I
and the class B, C1, C2, D, E, subordinated notes in Taberna
Europe II.
=========
I T A L Y
=========
BERICA 5 RESIDENTIAL: Fitch Cuts Rating on Class C Notes to 'BB-'
----------------------------------------------------------------
Fitch Ratings has taken rating actions on the Berica Italian RMBS
series, as:
Berica Residential MBS 1 S.r.l. (Berica 1)
Class A (ISIN IT0003641005) affirmed at 'AA+sf'; Outlook
Negative
Class B (ISIN IT0003641039) affirmed at 'Asf'; Outlook Stable
Class C (ISIN IT0003641047) downgraded to 'BBsf' from 'BBB-sf';
Outlook Stable
Berica 5 Residential MBS S.r.l. (Berica 5)
Class A (ISIN IT0003765176) affirmed at 'AA+sf'; Outlook
Negative
Class B (ISIN IT0003765184) affirmed at 'A-sf'; Outlook Stable
Class C (ISIN IT0003765200) downgraded to 'BB-sf' from 'BBsf';
Outlook Stable
Berica 6 Residential MBS S.r.l. (Berica 6)
Class A2 (ISIN IT0004013790) 'Asf'; placed on Rating Watch
Negative (RWN)
Class B (ISIN IT0004013808) 'BBBsf'; placed on RWN
Class C (ISIN IT0004013816) 'BBsf'; placed on RWN
Berica 8 Residential MBS S.r.l. (Berica 8)
Class A (ISIN IT0004511439) affirmed at 'AA+sf'; Outlook
Negative
Berica 9 Residential MBS S.r.l. (Berica 9)
Class A3 (ISIN IT0004713423) affirmed at 'AA+sf'; Outlook
Negative
Berica ABS 2 S.r.l. (Berica ABS 2)
Class A1 (ISIN IT0004873524) affirmed at 'AA+sf'; Outlook
Negative
Class A2 (ISIN IT0004873680) affirmed at 'AA+sf'; Outlook
Negative
Berica ABS 3 S.r.l. (Berica ABS 3)
Class A (ISIN IT0005027930) affirmed at 'AA+sf'; Outlook
Negative
Class B (ISIN IT0005027948) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Berica ABS 4 S.r.l. (Berica ABS 4)
Class A (ISIN IT0005121154) affirmed at 'AA+sf'; Outlook
Negative
Class B (ISIN IT0005121162) affirmed at 'Asf'; Outlook revised
to Positive from Stable
Class C (ISIN IT0005121188) affirmed at 'BBBsf'; Outlook
revised to Positive from Stable
The eight Italian RMBS transactions were originated and are
serviced by the Banca Popolare di Vicenza (BPVi) group,
KEY RATING DRIVERS
Well Protected Senior Notes
Credit enhancement (CE) available to the senior tranches has
continued to build-up over the last 12 months. This is a result
of sequential amortisation of the notes, scheduled principal
repayment and increasing constant prepayment rates, except in
Berica 6, which is amortising pro rata. This underpins the
affirmation of the senior tranches at 'AA+sf'. The Negative
Outlooks are driven by the Negative Outlook on the Italian
sovereign. CE for Berica ABS 3's class B notes was adequate to
withstand higher rating stresses, which supported their upgrade
to 'Asf'. Robust credit support coupled with the stable
performance of Berica ABS 4 supported the revision of the Outlook
to Positive on the class B and C notes.
Weak Asset Performance
Over the last 12 months, the more seasoned transactions, Berica
1, 5 and 6, have continued to show weak asset performance, with
the volume of cumulative defaulted assets accounting for 5.0% in
Berica 1, 8.9% in Berica 5 and 10.5% in Berica 6. At the same
time, the proportion of late-stage arrears (loans with three or
more monthly payments overdue) continued to pick up reaching 7.4%
in Berica 1 and 9.7% in Berica 5, well above the Italian RMBS
90+index of 1.5%.
Fitch expects further increases in the pipeline of defaults and
arrears to put pressure on the ratings of Berica 1 and Berica 5's
class C notes given their limited CE, which is mainly provided by
their cash reserves. This is already the case for Berica 5,
whose cash reserve stands at only 29.7% of its target due to
provisioning for defaults. The downgrade of Berica 1 and Berica
5's class C notes reflects their weak performance and
insufficient CE.
The other transactions have performed broadly in line with the
Italian market average in terms of defaults and arrears. Berica
8 and Berica ABS 3 have shown some performance volatility due to
their exposure to Southern Italy, where a large portion of
delinquent loans are concentrated. However, their rated tranches
remain well protected thanks to substantial CE.
Heavy Reliance on Recoveries
The performance of the more junior tranches in Berica 1, Berica 5
and Berica 6 relies considerably on excess spread, and thus
recoveries, which so far have been subdued in these transactions
(less than 25% of cumulative gross defaults). Fitch expects
recoveries will not improve significantly in the short to medium
term and will remain volatile. This is another reason for the
downgrade of Berica 1 and Berica 5's class C notes.
Recovery Rate Cap
Fitch has capped the maximum recovery rate at 70% of the
outstanding and new defaults in each transaction, despite the
relatively low average current loan-to-value ratios of the
portfolios, especially the most seasoned Berica deals. This
assumption reflects subdued recoveries so far, even for the
transactions that closed more than 11 years ago. Fitch has
tested all deals with a recovery period of 12.5 years.
Proceeds from Defaults' Buyback
In October 2016, the BPVi group repurchased at par EUR62m of
Berica 6 defaulted claims. The proceeds from the disposal of
distressed loans have been trapped in the structure and have
funded a cash reserve account. On any payment date, these
additional funds will be part of the issuer's interest available
funds and be used to pay interests on the notes, clear the
principal deficiency ledger (PDL), if any, and replenish the cash
reserve to its target. However, according to the transaction's
documentation, these funds could be used also to pay the swap
termination payments to the swap counterparty if the latter
defaults.
Fitch does not give credit to items in the waterfall ranking
junior to the swap subordinated termination payments. Fitch
notes that the rating of the senior tranche of Berica 6 is higher
than the rating of the swap counterparty, Commerzbank
(BBB+/Stable/F2), and so the agency has not considered the
additional reserve in its rating analysis of the class A notes.
Fitch has given credit to the additional funds in rating
scenarios below 'BBB+sf', when assessing the class B and C notes.
Potential Principal Shortfall at Maturity
Fitch notes a mismatch between Berica 6's assets and liabilities
and is in contact with the originator to investigate the cause of
this under-collateralisation despite the cash reserve being at
its target amount and the PDL being clear.
The gap is minor (less than EUR350,000) as per the servicer
report dated October 2016, but Fitch notes that with a clear PDL,
this principal shortfall might be cured only if the cash reserve
excess is diverted to repay principal on the notes. This will
only happen if the net cumulative default ratio is above/at least
equal to 5% of the initial pool balance. Fitch does not expect
this trigger to be breached any time soon, given the current pace
of new defaults and lengthy recoveries. The agency also notes
that the additional reserve funded with disposal proceeds from
defaulted loans cannot be used to cure this shortfall and neither
can the reserve fund at maturity.
In Fitch's view, if this minor mismatch is not cured, all rated
notes may suffer a loss at their legal maturity date, despite
plenty of cash flowing to the securitisation. The agency
understands that the originator intends to bring the portfolio
balance in line with the outstanding notes.
As a result, Fitch has placed all of Berica 6's notes on RWN
pending more clarity on the reasons for the under-
collateralisation and how the originator intends to cure it. The
agency expects to resolve the RWN over the next six months.
Pro-rata Amortisation
Despite the continued weak performance of Berica 6, the class A,
B and C notes will be repaid on a pro rata basis. All pro rata
conditions, including a cleared PDL and the cash reserve at its
target, are now met. According to the legal documentation, there
is no mandatory switch back to a sequential paydown mechanism in
the tail of the transaction, and so Fitch expects the pro rata
amortisation of the notes to continue until their legal maturity.
This may expose all rated notes to credit losses from the
underlying portfolio, as any uncovered principal loss on the
notes' maturity date will be suffered proportionally by each
notes class. In Fitch's view, pro rata amortisation is
detrimental to the class A notes and further supports the RWN,
although it is beneficial to the mezzanine and junior tranches.
Mitigated Payment Interruption Risk
Fitch analysed structural mitigants available to cover payment
interruption risk on the notes. Fitch found the combination of
available cash reserves and appointed back-up servicer (Credito
Valtellinesein all transactions except Berica ABS 3 and Berica
ABS 3) or back-up servicer facilitator (Zenith Service for Berica
ABS 3 and Berica ABS 3) are sufficient to mitigate payment
interruption risk for more than one interest payment date. Even
though the reserve fund of Berica 5 is not at its target amount,
this transaction, like Berica 1, has benefits from a liquidity
reserve. When assessing payment interruption risk for class A of
Berica 6, Fitch did not take into account the additional reserve
as, on any payment date, this is replenished junior to the swap
subordinated termination payments.
Commingling Risk Exposure
Fitch did not make any adjustment for potential commingling
losses in Berica 5, 6, 8, 9 and Berica ABS 2 since the available
commingling reserves effectively mitigate this risk.
As no commingling reserve is available in Berica 1, Berica ABS 3
and Berica ABS 4, and collections are likely to be concentrated
in one calendar day of the month, Fitch reduced the available CE
by an estimated one-month commingling loss (between 1.9 and 2.1%
of the portfolio balance). The adjustment had no effect on the
ratings of the transactions except for Berica 1, where it
contributed to a further reduction of the available credit
support and also explains the downgrade of the class C notes.
RATING SENSITIVITIES
Failure to remove the mismatch between Berica 6's assets and
liabilities and to cure the current principal shortfall may lead
to the downgrade of all notes.
Even considering the additional funds to the cash reserve
account, Berica 6's class A notes could be affected by the
default of the swap counterparty via the swap subordinated
termination payments, and the rating of class A may be downgraded
by one or two notches. This might not affect the class B and C
notes as they are currently rated below the rating of the swap
counterparty.
The ratings of the most junior rated tranches of Berica 1 and 5
are sensitive to recovery timing and amounts.
Higher than expected recoveries and/or recoveries received faster
than Fitch's assumed timing may lead to upgrades of the class C
notes of Berica 1 and Berica 5. Conversely, lower and slower
recoveries may lead to downgrades.
Deterioration in asset performance beyond Fitch's standard
assumptions would also trigger negative rating action.
Changes to Italy's Long-Term Issuer Default Rating
(BBB+/Negative) and the rating cap for Italian structured finance
transactions, currently 'AA+sf', could trigger rating action on
the notes rated at this level.
ICCREA BANCA: Fitch Affirms 'BB+' Rating on Sub. Tier 2 Notes
-------------------------------------------------------------
Fitch Ratings has affirmed ICCREA Banca's (IB) and its main
subsidiary ICCREA BancaImpresa's Long-Term Issuer Default Ratings
(IDR) at 'BBB-', Short-Term IDRs at 'F3', Viability Ratings (VR)
at 'bbb-', Support Ratings at '5' and Support Rating Floors at
'No Floor'.
The Outlooks on the Long-Term IDRs are Evolving, reflecting the
expected impact on the group's structure, business model and risk
profile from the upcoming reform of the Italian mutual sector,
which is to be completed by 2018.
KEY RATING DRIVERS
IDRS, VRs AND SENIOR DEBT
IB's and ICCREA BancaImpresa's IDRs are equalised and are based
on a common VR, reflecting the high integration between the two
entities, which renders their individual credit profiles
difficult to meaningfully separate. It also reflects the large
size of ICCREA BancaImpresa compared with its parent, IB.
IB and ICCREA BancaImpresa and all their subsidiaries are
supervised and regulated as a consolidated entity. Capital and
liquidity are fungible across the group, all entities share the
same brand, have highly integrated management and operate in the
same jurisdiction.
The common 'bbb-' VR reflect the group's key role within the
Italian mutual banking sector, for which IB acts as the largest
central institution, managing its liquidity and excess funding,
as well as providing it with treasury services and access to the
ECB. ICCREA BancaImpresa supplies corporate loans to the sector's
customer base, largely SMEs.
IB benefits from the sector's strong and deep-rooted network,
which has enabled the Banche di Credito Cooperativo (BCCs) to
access large volumes of customer deposits, which it then places
with IB for management. Fitch's assessment of IB's and ICCREA
BancaImpresa's capital and funding benefits from the ordinary
support which is made available to them from the BCCs.
IB's risk-control framework has improved in recent years,
following the adoption of a risk appetite framework and the
reorganisation of internal functions. Fitch believes that the
establishment of a new banking group headed by IB should further
bolster risk controls throughout the group's entities. However,
asset quality remains weak, with gross impaired loans accounting
for nearly 17% of total loans at end-June 2016, which is not
fully mitigated by reduced inflows of new impaired loans and a
reasonable loan impairment coverage at 50%.
Our assessment of asset quality will be highly affected by the
reorganisation of the group and the consolidation of the various
BCCs that will follow. It is too early at this stage to assess
whether the overall impact will be positive or negative as it
largely depends on the quality of the assets and the newly formed
group's ability to reduce the stock of impaired loans in a timely
fashion.
IB's capitalisation is sound, with a common equity Tier 1 ratio
of 12.4% and a Fitch core capital ratio of 12.8% at end-1H16.
However, the bank is more highly leveraged than most of its
domestic peers, reflecting its business model with a large volume
of low risk assets. Capital ratios have decreased since end-2015
due to higher customer loans, which were only partly offset by
the higher capital generated from the gain made on the disposal
of its equity stake in Visa Europe. The burden of unreserved
impaired loans remains significant at over 75% of Fitch core
capital, which is weak by international standards.
IB has been posting losses on an operating level since end-
December 2015, as the low-interest rate environment affected net
interest income that represents almost two-thirds of its total
operating revenues. At the same time, loan impairment charges
have been negatively affected by the economic situation for SMEs
in Italy, which form the majority of ICCREA BancaImpresa's client
base. Fitch expects a gradual improvement in the group's
profitability due to its stable ability to generate revenues.
However, we expect improvements in revenue to be subject to
potentially high costs as the group restructures and its
governance functions are enhanced.
The reform of the BCC sector will involve nearly 320 mutual
banks, which are required to decide by May 2017 whether to group
under IB or other banking groups. Fitch believes that apart from
IB, the other two central institutions, Cassa Centrale Banca and
Cassa Centrale Raffeisen based in the region of Trentino Alto
Adige, are likely to become consolidating entities for a number
of BCCs. The BCCs will be consolidated into cooperative banking
groups headed by a joint-stock company with strong policy setting
powers. The structure will benefit from the introduction of an
Institutional Protection Scheme, similar to cooperative banking
groups backed by mutual support schemes in other EU countries.
The Evolving Outlooks reflect our belief that in the long term
this will likely be beneficial for the ratings of IB and ICCREA
BancaImpresa as their franchise and business model will be
enhanced, and their capitalisation and control structures will
improve, leading to better corporate governance, performance and
financial metrics. However, the outcome of the aggregation is
still unknown and in the short term, the resulting consolidated
asset quality, costs and execution risks could put pressure on
the group's ratings.
SUPPORT RATING AND SUPPORT RATING FLOOR
The '5' Support Ratings and SRFs of 'No Floor' 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
requires senior creditors participating in losses, if necessary,
instead of or ahead of a bank receiving sovereign support.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The subordinated debt and other hybrid capital issued by IB and
ICCREA BancaImpresa are notched down from the VRs in accordance
with Fitch's criteria to reflect the different non-performance
and relative loss severity risk profiles of these instruments.
The Subordinated Tier 2 debt issued by IB and the Lower Tier 2
debt issued by ICCREA BancaImpresa are rated one notch below the
VRs, to reflect above average loss severity risk of these types
of debt when compared to average recoveries.
The Upper Tier 2 subordinated debt issued by ICCREA BancaImpresa
is rated three notches below the VR to reflect higher loss
severity risk of these securities when compared with average
recoveries (one notch) and incremental non-performance risk (two
notches).
RATING SENSITIVITIES
IDRS, VRs AND SENIOR DEBT
As the ratings are based on the ICCREA group's instrumental role
for the mutual sector in Italy, the Evolving Outlook reflects
Fitch's view that the upcoming sector reform will materially
change IB's structure, operations, and financial profile.
Consequently, the execution of the group's restructuring could
potentially have positive, negative or neutral impacts on the
ratings.
Fitch's base case is that asset quality for the group has begun
to stabilize. However, evidence of failure to do so in the
coming quarters could lead to a downgrade.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The subordinated debt ratings issued by ICCREA Banca and ICCREA
BancaImpresa are broadly sensitive to the same considerations
that might affect their VR. The ratings are also sensitive to a
change in the notes' notching, which could arise if Fitch changes
its assessment of their non-performance relative to the risk
captured in the VRs.
The rating actions are:
ICCREA Banca S.p.A.
Long-Term IDR: affirmed at 'BBB-'; Outlook Evolving
Short-Term IDR: affirmed at 'F3'
VR: affirmed at 'bbb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
EUR3 bil. EMTN Programme: Long-term rating affirmed at 'BBB-'
EUR3 bil. EMTN Programme: Short-term rating affirmed at 'F3'
Senior unsecured debt: affirmed at 'BBB-'
Subordinated Tier 2 notes: affirmed at 'BB+'
ICCREA BancaImpresa S.p.A.
Long-Term IDR: affirmed at 'BBB-'; Outlook Evolving
Short-Term IDR: affirmed at 'F3'
VR: affirmed at 'bbb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt and EUR5bn EMTN Programme: affirmed at
'BBB-'
Subordinated lower Tier 2 notes (ISIN XS0287519663): affirmed
at 'BB+'
Subordinated upper Tier 2 notes (ISIN XS0295539984): affirmed
at 'BB-'
MONTE DEI PASCHI: CEO to Present New Business Plan Next Month
-------------------------------------------------------------
The Economist reports that next month Monte dei Paschi's chief
executive, Marco Morelli, will present a new business plan.
According to The Economist, on Jan. 18, he confirmed to a Senate
committee that 500 branches and 2,450 jobs will go within three
years.
Soon the bank is expected to issue a state-backed bond, for
perhaps EUR1.5 billion, to shore up liquidity; it hopes
eventually to raise EUR15 billion to replace deposits that bled
away last year, The Economist discloses. Once the plan is out,
negotiations between Italy and the European Commission will
ensue, over the first state rescue of a big bank since the
commission tightened state-aid rules, The Economist notes.
Between 2007 and 2014 the commission approved EUR5 trillion-worth
of state aid, including guarantees, for banks. Italy's share was
a piffling EUR130 billion, The Economist recounts. But "bail-in"
has since replaced "bail-out", The Economist states. The Bank
Recovery and Resolution Directive, which came fully into force
last year, demands that banks receiving state help be put into
"resolution" -- in effect, bankruptcy, The Economist discloses.
Shareholders and junior creditors cop it, for at least 8% of
liabilities, if the state steps in, The Economist says.
For investors in Monte dei Paschi, the outlook may not be so
bleak, according to The Economist. The government plans a
"precautionary recapitalization" -- allowed by the directive,
says the report.
How much help it needs now remains unclear, The Economist notes.
The private plan, devised in July, would have stripped out and
securitized EUR27.6 billion-worth (gross) of non-performing loans
and recapitalized the bank with EUR5 billion, The Economist says.
After it failed, the ECB told the bank that its capital
shortfall, under an "adverse scenario" in the summer's stress
test, had widened to EUR8.8 billion, The Economist relates. But
the capital required will depend on Mr. Morelli's revised plan,
and in particular on what will be done to clean up bad loans, The
Economist discloses. The conversion of bonds to equity could
raise EUR4 billion, but retail investors, who have around EUR2
billion-worth of bonds and are in line for the same value in
shares, may then be eligible for compensation, The Economist
notes. The government's total bill could amount to around EUR6
billion, according to the report.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
===================
L U X E M B O U R G
===================
DH SERVICES: S&P Raises CCR to 'BB+', Then Withdraws Rating
-----------------------------------------------------------
S&P Global Ratings raised its 'B' long-term corporate credit
rating on global logistics solutions group DH Services Luxembourg
S.a.r.l. (Dematic) to 'BB+', and removed the rating from
CreditWatch, where S&P had placed it on June 30, 2016.
At the same time, S&P withdrew its ratings on Dematic.
The upgrade follows the closing of the acquisition of Dematic by
German materials handling equipment maker KION GROUP AG
(BB+/Negative/--) on Nov. 1, 2016. The ratings and outlook on
Dematic were equalized with those on KION.
Since the acquisition, Dematic has been fully integrated into
KION. All Dematic's previously rated liabilities were repaid.
As a result, S&P has withdrawn its ratings on Dematic and its
debt, at the issuer's request.
=====================
N E T H E R L A N D S
=====================
HARBOURMASTER CLO 9: Fitch Affirms 'B-sf' Rating on Cl. E Tranche
-----------------------------------------------------------------
Fitch Ratings has upgraded four tranches of Harbourmaster CLO 9
B.V. notes and affirmed the rest as:
Class A1-VF: affirmed at 'AAAsf'; Outlook Stable
Class A2: upgraded to 'AA+sf' from 'AAsf'; Outlook Stable
Class B: upgraded to 'A+sf' from 'A-sf'; Outlook Stable
Class C: upgraded to 'BBB+sf' from 'BBB-sf'; Outlook Stable
Class D: upgraded to 'BBsf' from 'BB-sf'; Outlook Stable
Class E: affirmed at 'B-sf'; Outlook Stable
KEY RATING DRIVERS
The upgrade reflects increased credit enhancement across all
rated notes over the past 12 months, due to the deleveraging of
the transaction following the end of the reinvestment period.
The class A1 floating-rate notes have paid in full and the class
A1 variable funding note (A1-VF) has been reduced by
approximately EUR124 mil.
Credit enhancement increased to 44% from 27% for the class B
notes and to 31% from 20% for the class C notes. However, as the
portfolio is naturally amortizing, the transaction is becoming
more concentrated. The number of obligors has decreased to 38
from 58, leading to an increase in the representation of the top
obligor to 7.6% and from 5.2%. Fitch calculation shows top 10
obligor concentration has also increased to 49.7% from 37%.
The portfolio's quality has slightly deteriorated following the
amortization of certain assets. Fitch calculations show the
weighted average rating factor increasing to 31.3 from 30.8 and
the weighted average recovery rate falling to 72.6% from 75.7%.
Fitch-calculated percentage of 'CCC' assets decreased to 0.5%
from 1.1%.
CRITERIA VARIATIONS
OCU Stress in Portfolio Credit Model
According to the Global Rating Criteria for CLOs and Corporate
CDOs, when running the Portfolio Credit Model, Fitch applies a
stress to the five largest risk-contributing entities of 0.75x
the assumed recovery rate and 50% correlation stress increase, to
take into account obligor concentrations. The agency has decided
to apply a variation from its criteria - and to apply the
stresses above to all obligors with a notional amount above 3.5%
of the total portfolio instead of the five largest risk-
contributing entities in light of the high obligor concentration
of the Harbourmaster pool.
The structure has significantly deleveraged over the last 12
months and as a result obligor concentration has increased. The
10 largest obligors represent 49.7% of the portfolio notional.
The available credit enhancement for the class B notes is 44% and
does not cover the largest 10 obligors. Therefore the committee
decided to apply the variation as outlined above.
The variation mostly affected the model implied rating for the
class B notes by three notches.
RATING SENSITIVITIES
In its rating sensitivity analysis, Fitch found that a 25%
increase of the default probability could result in downgrade of
up to two notches for the rated notes. A 25% reduction of the
recovery rate could result in a downgrade of up to three notches
for the rated notes.
===========
P O L A N D
===========
BAINA INVESTMENTS: Files Bankruptcy Petition
--------------------------------------------
Olympic Entertainment Group AS's Polish subsidiaries Baina
Investments sp. z o.o. and Silber Investments sp. z o.o. have
submitted to the court its bankruptcy petitions. These holding
companies own shares in the OEG subsidiary Casino Polonia-Wroclaw
sp. z o.o. that per previously published information submitted
its bankruptcy petition to the court on January 2, 2017.
The submission of these bankruptcy petitions has no additional
direct influence on the economic activities of OEG Group.
Olympic Entertainment Group AS -- http://www.olympic-casino.com
-- is an Estonia-based company, which is engaged in the provision
of casinos and gaming services under the brand of Olympic Casino.
The Company operates slot and table casinos, sports-betting shops
as well as casino bars. The Group's local casinos are operated
through local subsidiaries, such as: Olympic Casino Estonia AS,
Olympic Casino Latvia SIA, Olympic Casino Group Baltija UAB,
Casino Polonia-Wroclaw Sp.zo.o., Olympic Casino Slovakia S.r.o.,
OlyBet Slovakia S.r.o., Olympic Casino Bel IP, Jackpot Game
S.r.l., Slottery S.r.l. and Box S.r.l. It also has a number of
subsidiaries located domestically in the Baltic States and
Jersey, which are engaged in the hotel services, catering, bar
services and casino tourism, among others.
===========
R U S S I A
===========
UC RUSAL: Fitch Assigns 'B+' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Russia-based aluminum company United
Company RUSAL a Long-Term Issuer Default Rating of 'B+' and a
Short-term IDR of 'B'. The Outlook on the Long-Term IDR is
Stable.
Fitch has also assigned an expected senior unsecured rating of
'B+(EXP) and Recovery Rating 'RR4' to Rusal Capital D.A.C.'s
planned notes issue. The ratings for Rusal's 100%-owned
subsidiary, Russia-based OJSC Rusal Bratsk (Bratsk), have also
been affirmed at Long-Term IDR 'B+' with Stable Outlook.
Bratsk's senior unsecured rating has been upgraded to 'B+'/'RR4'
from 'B'/'RR5' in line with Rusal's senior unsecured rating.
This action reflects the expected reduction in prior ranking
senior secured debt within the group following the planned issue
of the senior unsecured notes.
The new notes will be guaranteed by the holding company (Rusal),
its main trading company (RTI Limited) and Rusal's key aluminium
smelting companies (Rusal Bratsk, Rusal Krasnoyarsk & Rusal
Sayanogorsk), which together produce 2.9mt of aluminium per annum
(80% of Rusal's total annual production). The proceeds from the
offering are expected to be used to repay existing debt maturing
in 2017-2018.
The notes will rank equally with Rusal's existing and future
unsecured and unsubordinated obligations. The guarantees will
also rank equally with all existing and future unsecured and
unsubordinated obligations of each guarantor. A final rating for
the notes will be assigned upon receipt of final documentation.
KEY RATING DRIVERS
Aluminum Prices Remain under Pressure
Smelter capacity in China, and specifically the balance of
smelter additions and curtailments, remains key to the aluminium
market outlook and has led to lower market prices and higher
exports from China in recent periods. While Fitch expects demand
for aluminium to remain sound in 2017, prices will remain under
pressure, with limited upside, as Fitch believes China will
continue to add new net smelter capacity.
Competitive Cost Position
Rusal continues to benefit from highly favourable FX dynamics
following the rouble devaluation, which positively affects the
company's cash costs (around 50% of Rusal's cash costs are
rouble-denominated). Additionally, the company still benefits
from the results of its own cost-saving measures (including
idling of 647kt of its least efficient assets in 2013/2014). As
a result, Rusal's cash costs decreased to USD1,330/t in 3Q16, and
are strongly positioned in the first quartile of the global
aluminium cost curve.
Additionally, most of Rusal's smelters, including Bratsk, are
located in Siberia and source 90% of their electricity needs from
the region's hydro power generation assets, benefitting from
lower electricity prices.
Stake in Norilsk Nickel
Rusal effectively owns 28.05% of the world's largest nickel
producer, Norilsk Nickel (NN; BBB-/Stable). The market value of
the stake has recovered to USD7.3 bil. as of January 2017 since
its lows in January-February 2016, when it had lost nearly 30% of
their value following a depressed nickel commodity price
environment. The value of the stake in January 2017 represented
79% of Rusal's total indebtedness, providing significant
coverage.
Additionally, NN has historically paid out significant dividends
to its shareholder. From 2017 a new dividend policy will apply
with a variable payout ratio from 30%-60% of EBITDA, depending on
market conditions. However, the total minimum dividend will be
no less than USD1.3 bil. in 2017 (ie USD365 mil. minimum payable
to Rusal) and USD1bn from 2018 and onward (USD280 mil. Rusal
share). Fitch estimates dividends attributable to Rusal to exceed
USD575m/year on average over the same period, contributing
materially to Rusal's debt service.
High Group Debt Burden
Rusal has been highly leveraged since its purchase of its 25%
stake in NN in 2008. The group has, however, benefitted from
strong support from its bank group (particularly Russian state-
owned Sberbank) and has consistently deleveraged, to an estimated
USD9.1 bil. at end-2016 (Fitch-adjusted) from USD10.2 bil. in
2014 and USD14.5 bil. in 2009.
Further deleveraging remains a key priority for Rusal but the
pace will depend on the level of dividends paid by NN as well as
on aluminum prices. Under Fitch's aluminium price assumptions,
funds from operations (FFO) gross leverage is expected to
increase to above 5x by end-2016 before gradually decreasing to
around 3.5x by 2018.
Vertically Integrated Business Model
Rusal operates throughout the aluminium value chain with bauxite
mining, alumina refining and aluminium smelting production. Its
project in Guinea (Dian Dian) will also make Rusal almost 100%
self-sufficient in bauxite. This provides the group with
significant control over its raw material costs, and limits its
exposure to input cost fluctuations.
Leading Market Position
Despite the idling of 650kt of capacity in 2013/2014, Rusal
remains one of the world's largest aluminium producers, with over
3,600kt of aluminium output in 2015.
Parental Support
Bratsk's 'B+' IDR is supported by the creditworthiness of parent
Rusal, as well as strong legal, operational and strategic ties
between the two entities. Rusal Bratsk which operates Bratsk and
Irkutsk aluminium smelters represents approximately 38% of
Rusal's aluminium output and is the group's bond-issuing entity.
Bonds issued by Bratsk benefit from an irrevocable offer provided
by Rusal and suretyships of alumina refinery Rusal Achinsk and
Krasnoyarsk aluminium smelter.
Corporate Governance
In line with our approach for other Russian corporates, we have
notched the IDRs of the parent Rusal and its subsidiary Bratsk
down by two notches to reflect the weak legal and governance
environment and structures present in Russia.
DERIVATION SUMMARY
Comparable peers to Rusal rated by Fitch include Alcoa
(BB+/Stable), Chalco (BBB+/Stable) and China Hongqiao Group
(BB/Negative). Rusal's standalone rating of BB (B+ after
notching down for the operating environment) reflects a
comparable operating profile in most respects (eg, market
position, vertical integration, cost competitiveness), but
typically higher leverage metrics.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Rusal include:
-- Fitch aluminum LME base prices: USD1,700/t in 2017 and 2018
and USD1,750 in 2019.
-- Aluminum premiums earned by Rusal to average USD170/t in
2017 and USD180/t thereafter (across all products produced
by the group).
-- RUB/USD exchange rates: 62 in 2017 and 58 in 2018 and 2019
-- Modestly increasing production volumes (average 2% annual
increase) over the period to 2019
-- EBITDA margin to average 17% over 2017-2019
-- USD250m dividend payment in 2016-2018
-- USD299 mil. proceeds from the sale of Alpart, a bauxite
processing plant in Jamaica in 2016
-- Sustained dividend received from NN as per NN's new
dividend policy
-- Mandatory cash sweep mechanism in place if net debt/EBITDA
is higher than 3x
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:
-- Stabilization of aluminum market fundamentals as reflected
in a sustained improvement in aluminum prices
-- Sale of NN's shares with proceeds used for Rusal's
deleveraging
-- Improvement of Rusal's credit metrics on a sustained basis
including FFO gross leverage below 3.5x (2015: 3.6x) and
EBITDA margin of more than 20% (2015: 23%)
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- FFO gross leverage sustained above 4.0x with limited
prospects for deleveraging
-- EBITDA margin below 12.5% on a sustained basis
LIQUIDITY
Adequate Liquidity
As of end-September 2016, Rusal had USD9 bil. of Fitch-adjusted
debt, including nearly USD1.3 bil. short-term debt versus
USD225 mil. of non-restricted cash and USD300 mil. of expected
proceeds from the Alpart asset disposal. Proceeds of the new
notes placement are expected to be used for the prepayment of the
existing debt maturing in 2017-2018.
Near-term liquidity is also supported by free cash flow (FCF)
generation, which Fitch forecasts to be USD550 mil. over the next
12 months.
Rusal will face debt maturities of approximately USD1.5 bil. in
2018 and USD1.1 bil. in 2019, compared with USD1.8 bil. of FCF
generation over the same period, indicating refinancing need.
=========
S P A I N
=========
BBVA RMBS 5: S&P Lowers Rating on Class C Notes to 'BB'
-------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on BBVA RMBS 5,
Fondo de Titulizacion de Activos' class A and B notes. At the
same time, S&P has lowered to 'BB (sf)' from 'BBB- (sf)' its
rating on the class C notes.
The rating actions follow the application of S&P's related
criteria and its credit and cash flow analysis of the
transaction.
This transaction has interest deferral triggers based on the
ratio of cumulative defaults over the initial collateral balance
for the class B and C notes. If this ratio is higher than 14.00%
and 10.33% of interest on the class B and C notes, respectively,
interest is paid after principal amortization. In August 2015
the trustee changed the reporting definition for cumulative
defaults. Since then, in addition to defaulted loans (loans in
arrears for more than 18 months), it is also including loans that
were liquidated following the award of the property to the fund,
prior to being considered as a defaulted loan. As a result, the
reported value of cumulative defaults jumped to 6.84% in August
2015, from 4.52% of the initial balance. As of December 2016,
the volume of cumulative defaults rose to 7.21% of the initial
balance. Under S&P's stressed assumptions, the transaction is
now closer to breaching the cumulative interest deferral
triggers.
In terms of collateral performance, S&P's weighted-average
foreclosure frequency (WAFF) assumptions slightly decreased
compared with its previous full review due to the positive impact
of the increase in the pool seasoning and lower arrears levels.
At the same time, S&P's weighted-average loss severity (WALS)
assumptions have improved at all rating levels. Additionally,
the transaction has benefitted from the decrease in the weighted-
average current loan-to-value (LTV) ratios.
Since S&P's previous review, the notes have redeemed sequentially
and the reserve fund has remained fully funded, which has
increased the available credit enhancement for all classes of
notes.
S&P has determined that its assigned rating on each class of
notes in this transaction should be the lower of (i) the rating
as capped by our current counterparty criteria, (ii) the rating
that the class of notes can attain under S&P's residential
mortgage-backed securities (RMBS) criteria, and (iii) the rating
as capped by S&P's structured finance ratings above the sovereign
criteria.
S&P considers that the transaction's documented replacement
mechanisms adequately mitigate its counterparty risk exposure to
Banco Bilbao Vizcaya Argentaria S.A. (BBVA), as bank account
provider, up to a 'A-' rating under S&P's current counterparty
criteria. Therefore, S&P's ratings on the notes are capped at
'A- (sf)' by its counterparty criteria.
Under S&P's RMBS criteria, the class A, B, and C notes have
sufficient credit enhancement to withstand its stresses at the
'AA+', 'A-', and 'BB' rating levels, respectively. At the same
time, the class A notes have sufficient credit enhancement to
withstand a severe stress scenario under S&P's RAS criteria, and
can therefore be rated up to four notches above S&P's long-term
rating on Spain (BBB+/Stable/A-2), or 'AA-'. The class B notes
are unable to pass a severe stress scenario under S&P's RAS
criteria, however, so they are capped at the sovereign rating.
When S&P applies its cash flow stresses under our RMBS and RAS
criteria, the class C interest deferral trigger is breached
faster than it was in S&P's last full review due to the higher
observed cumulative defaults. As a result, the class A notes are
now able to withstand the severe stresses at a higher rating
scenario, while the class C notes can do so at a lower rating.
S&P has therefore affirmed its 'A- (sf)' and 'BBB+ (sf)' ratings
on the class A and B notes, respectively, based on the results of
our credit and cash flow analysis and the application of S&P's
relevant criteria. At the same time, S&P has lowered to 'BB
(sf)' from 'BBB- (sf)' its rating on the class C notes.
BBVA RMBS 5 is a Spanish RMBS transaction, which closed in May
2008. The transaction securitizes a pool of first-ranking
mortgage loans granted to prime borrowers, which BBVA originated.
The portfolio is mainly located in Catalonia, Andaluc°a, and
Madrid.
RATINGS LIST
Class Rating
To From
BBVA RMBS 5, Fondo de Titulizacion de Activos
EUR5 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Affirmed
A A- (sf)
B BBB+ (sf)
Rating Lowered
C BB (sf) BBB- (sf)
CAIXABANK SA: Moody's Affirms Ba2 Subordinated Debt Rating
----------------------------------------------------------
Moody's Investors Service affirmed the following ratings of
CaixaBank, S.A.: (1) the Baa2 long-term deposit and senior debt
and (P)Baa2 programme ratings; (2) the Ba2 subordinated debt and
(P)Ba2 programme ratings; (3) the bank's baseline credit
assessment (BCA) and adjusted BCA of ba1; and (4) its long-term
Counterparty Risk Assessment (CRA) of Baa1(cr). The outlook for
the long-term senior debt and deposit ratings was changed to
stable from negative.
The change to a stable outlook acknowledges the resilience of
CaixaBank's overall credit profile to the potential acquisition
of Banco BPI S.A. (BPI, Ba3/Ba3 stable; b1). The rating action
follows the announced mandatory public tender offer launched by
CaixaBank on 21 September 2016 and anticipates that the bank will
be successful in increasing its stake to a majority ownership of
BPI in the coming weeks. Further, the rating actions reflect: (i)
reduced downside risks to BPI's creditworthiness following the
remedial actions taken to solve the breach of regulatory limits
to Angola (B1 negative) as reflected by Moody's decision to
confirm BPI's BCA on January 18, 2017; and (ii) CaixaBank's
capital strengthening measures that will preserve its Tangible
Common equity ratio (TCE) at levels commensurate with CaixaBank's
current BCA post-integration of BPI.
The bank's Prime-2 short-term deposit and (P)Prime-2 other short-
term ratings and the Prime-2(cr) short-term CRA were unaffected
by the rating action.
RATINGS RATIONALE
-- RATIONALE FOR THE AFFIRMATION WITH A STABLE OUTLOOK
In affirming CaixaBank's BCA and adjusted BCA and ratings and
changing the outlook to stable from negative on the long-term
debt and deposit ratings, Moody's reflects the resiliency of the
bank's overall credit profile to a potential acquisition of BPI.
The acceptance period for the offer started on January 17, 2017,
and will finalise on February 7, 2017. The deal has received all
pertinent approvals.
The stable outlook reflects the elimination of the uncertainty
regarding the remedial actions to solve BPI's breach of the
regulatory large exposure limits, in relation to its exposure to
Angola and the impact that this situation may have on BPI's
credit profile and ultimately on CaixaBank's creditworthiness.
The outlook change is also underpinned by Moody's assessment of
the impact of the announced transaction on Moody's key capital
metric, the TCE.
BPI announced on January 5, 2017, the execution of the sale of a
2% stake in Banco de Fomento de Angola S.A. (BFA; unrated) to
Unitel S.A. (unrated), reducing its stake to 48.1% from 50.1%. As
a result of the loss of control, BPI will cease to fully
consolidate BFA. Moody's assumes that this transaction solves the
large exposure limit breach consequently avoiding European
Central Bank (ECB)'s fines. CaixaBank had requested the
suspension of any sanction proceedings for excess risk
concentration in Angola to the ECB to allow CaixaBank to find a
solution for BPI's African operations.
Following BPI's elimination of its voting cap, CaixaBank
announced on September 22, 2016, that it had sold 585 million
shares of treasury stock equalling 9.9% of its share capital.
This transaction reinforced by approximately 114 basis points
CaixaBank's TCE capital, which together with Moody's estimation
of internal capital generation, largely offset the negative
impact arising from the integration of BPI. Depending on the
level of acceptance, the effect on CaixaBank's fully loaded CET1
capital could be 110-160 basis points, allowing the bank to
maintain a ratio of 11%-12% post-acquisition, as it committed to
do when it launched its offer for BPI. The impact on remaining
solvency factors such as asset risk and profitability are
limited. BPI represents 11% of CaixaBank's total assets and close
to 17% of risk-weighted assets at end-September 2016.
The stable outlook on the long-term deposit and senior debt
ratings of CaixaBank also incorporates Moody's view that the
bank's financial fundamentals will continue to show improvement
in 2017 -- namely driven by the expected further decline in
problematic assets and the recovery of profitability and capital
levels underpinned primarily by lower credit and funding costs --
but will remain consistent with the BCA of ba1.
WHAT COULD CHANGE THE RATINGS UP/DOWN
CaixaBank's BCA could be upgraded as a consequence of: (1)
further significant improvement of asset risk indicators, namely
a material reduction of the stock of problematic assets
(nonperforming loans (NPLs) and real estate assets) ; (2)
stronger TCE levels; and (3) a sustained recovery of recurrent
profitability levels.
Downward pressure on the bank's BCA could develop as a result of:
(1) the reversal in current asset risk trends with an increase in
the stock of NPLs and/or other problematic exposures; (2) a
weakening of CaixaBank's internal capital-generation and risk-
absorption capacity as a result of subdued profitability levels;
and/or (3) a deterioration in the bank's liquidity position.
As the bank's debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.
CaixaBank's deposit and senior debt ratings could also experience
upward pressure from movements in the loss-given-failure faced by
these securities. Along these lines, upward pressure on ratings
could develop with the issuance of senior or subordinated
instruments. Based on the current liability structure, there is
no downward pressure on CaixaBank's debt and deposit ratings
resulting from Moody's LGF analysis.
LIST OF AFFECTED RATINGS
Issuer: CaixaBank, S.A.
Affirmations:
Long-term Counterparty Risk Assessment, affirmed Baa1(cr)
Long-term Deposit Ratings, affirmed Baa2, outlook changed to
Stable from Negative
Long-term Issuer Rating, affirmed Baa2, outlook changed to
Stable
from Negative
Senior Unsecured Regular Bond/Debenture, affirmed Baa2, outlook
changed to Stable from Negative
Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2
Subordinate Regular Bond/Debenture, affirmed Ba2
Subordinate Medium-Term Note Program, affirmed (P)Ba2
Adjusted Baseline Credit Assessment, affirmed ba1
Baseline Credit Assessment, affirmed ba1
Outlook Action:
Outlook changed to Stable from Negative
===========================
U N I T E D K I N G D O M
===========================
FOOD RETAILER: Launches CVA, 12 Stores Face Closure
---------------------------------------------------
TalkingRetail, citing Independent Retail News, reports that
twelve Budgens stores face closure after owner The Food Retailer
Operations launched a company voluntary arrangement less than a
year after it bought 36 shops from the Co-op.
The outlets, previously bought by the Co-op as part of its deal
to acquire the Somerfield supermarket business, were sold to The
Food Retailer Operations in May last year and quickly re-branded
as Budgens, TalkingRetail relates.
According to TalkingRetail, a company statement said: "Due to
disappointing trading results, the board of The Food Retailer
Operations has launched a company voluntary arrangement.
The principal objective of the proposal is to rationalize the
company's leasehold obligations, restore the viability of the
company's business, improve the balance sheet and return to
profitability, TalkingRetail states.
"Subject to consultation with staff and landlord negotiations, it
is anticipated that up to 12 stores could close in due course.
All remaining stores will continue to trade as normal and, where
possible, staff will be redeployed in order to limit
redundancies," TalkingRetail quotes the company statement as
saying.
The Budgens stores facing closure are in Gillingham (Kent),
Greenwich (south-east London), Blackburn (Lancashire), Willenhall
(West Midlands), Buckley (Flintshire), Wisbech (Cambridgeshire),
Paisley (Renfrewshire), Aberystwyth (Ceredigion), Helston
(Cornwall), Monmouth (South Wales), Totnes (Devon) and Ludlow
(Shropshire), TalkingRetail discloses.
GOLDTILE LIMITED: Glam Nightclub Put Up for Sale
------------------------------------------------
Ruth Mosalski at WalesOnline reports that one of Cardiff's best-
known nightspots is available to buy -- as the company behind it
owes around GBP1.5 million.
Glam nightclub in Greyfriars Road is for sale and a previous
offer of GBP300,000 was accepted last year but the deal fell
through, WalesOnline recounts.
The club remains open during the sale period, WalesOnline notes.
According to WalesOnline, a spokesman for Glam issued a statement
on Jan. 21 in order to counteract "false rumours" and to
reinforce the fact that the club is not closing.
The spokesman also said an investigation was underway, as well as
legal proceedings, WalesOnline relates. He added that a contract
with an outside organisation had been terminated, says the
report.
The company behind Glam, Goldtile Limited Trading, was made
subject to a year-long company voluntary arrangement in October
2015, WalesOnline relays, citing documents filed with Companies
House.
While they met part of their financial requirements within the
year, the company is struggling to pay its VAT bill, WalesOnline
states.
John D Travers and Company were the supervisors of the
arrangement, WalesOnline discloses.
According to WalesOnline, in a letter sent to creditors and
members earlier this month he said "it became clear that it would
not be possible to remedy this situation".
Options were looked at including selling the business,
WalesOnline notes. Two potential buyers made offers and the
largest, of GBP300,000, was accepted, WalesOnline relates.
However, the letter sent to creditors states a problem with the
premises license was discovered which delayed the sale, according
to WalesOnline.
The problem was resolved but the buyer later decided not to
continue and the business is now back on the market, WalesOnline
relays. It is listed with Fleurets.
Should the sale not go through the company will be wound up, the
letter states. If it does go through, the company will go into
administration for the sale to go through and money will then be
distributed to creditors, WalesOnline says.
So far 21 people have come forward saying they are owed a total
of GBP1.47 million, according to the report.
Others are expected which would raise the amount owed to GBP1.65
million, WalesOnline states.
HOUSE OF FRASER: Moody's Changes Outlook to Neg & Affirms B3 CFR
----------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
ratings outlook of House of Fraser (UK & Ireland) Limited (House
of Fraser, HoF or the company) and House Of Fraser (Funding) plc.
The ratings affected include House of Fraser's Corporate Family
Rating (CFR) of B3, probability of default rating (PDR) of B3-PD,
and the B3 rating of the GBP175 million floating rate notes due
2020 issued by House Of Fraser (Funding) plc. At the same time,
Moody's affirmed all ratings.
"Despite HoF's positive Christmas 2016 trading update, which
points to higher year-on-year profitability in the important last
quarter of its fiscal year, we believe the weaker profitability
in the first three quarters will result in lower reported EBITDA
in the full year to the end of January 2017. The outlook for
consumer sentiment in the UK during 2017 is uncertain as we
expect Sterling's ongoing weakness to drive higher costs of
imported products and rising inflation . The resultant squeeze on
disposable incomes would weigh on discretionary spending. In
these circumstances, we believe HoF would find it difficult to
recover to previous levels of profitability and therefore its
credit metrics would remain weak for the rating category," says
David Beadle, a Moody's Vice President - Senior Credit Officer
and lead analyst for House of Fraser.
"HoF has debt maturities commencing in mid-2019 and as we
typically expect companies to look at refinancing at least a year
before major maturities, there is only a limited window for the
company to return to historic levels of profitability in order to
maximize the cost efficiency of a refinancing", he adds.
RATINGS RATIONALE
House of Fraser's B3 CFR and negative outlook reflect (1) the
company's recent weaker profitability, which has resulted in
increased adjusted leverage and low interest expense coverage;
(2) relatively limited scale; (3) high exposure to UK consumer
discretionary spending behaviour, which Moody's expect to come
under pressure during the course of 2017; and (4) the company's
seasonal reliance on its revolving credit facility (RCF).
However, House of Fraser's rating continues to be supported by
the company's (1) positive name recognition as an iconic UK
department store, known for providing a premium offering and
shopping experience; (2) broad customer base, which primarily
comprises affluent customers with solid discretionary spending
power; and (3) the successful roll out of its online business
which drives most of the revenue growth. Furthermore, the typical
earnings volatility associated with pure-apparel retailers is
diluted in HoF's case due to the combination of (a) a diverse
product range which includes health and beauty, homeware and
fashion accessories (b) the mixture between in-house designs,
products bought from third-party brands and the use of
concessions.
Moody's believes that after the recent underperformance financial
covenant headroom will be tight and this has weakened HoF's
liquidity profile, which the rating agency had considered
adequate until now. HoF typically only needs to access its RCF
shortly before its peak trading period in the final months of the
year. However, it will be vital for the company to meet financial
covenants ahead of that seasonal drawing requirement. In the
meantime, Moody's expects HoF's cash flow from operations will be
sufficient to cover its interest costs and its core capex
expenses.
STRUCTURAL CONSIDERATIONS
The CFR is assigned at House of Fraser (UK & Ireland) Limited
(formerly known as Highland Group Holdings Limited), which is the
reporting entity and the ultimate parent holding company of the
group. The GBP175 million senior secured FRN due 2020 are issued
by wholly-owned finance subsidiary House of Fraser (Funding) plc,
while its immediate parent, Highland Acquisitions Ltd is the
borrower in respect of the GBP125 million senior term loan and
the GBP100 million RCF both due July 2019. All three debt
tranches rank pari-passu and benefit from security comprising
substantially all assets of group companies which must at all
times represent at least 85% of group assets and EBITDA.
RATIONALE FOR THE NEGATIVE OUTLOOK
The negative outlook reflects Moody's expectations of a
challenging trading environment for UK apparel-focused retailers
during 2017. This could mean that HoF is unable to record a
suitable recovery in profitability following weaker financial
results during 2016 which have in turn led to a deterioration in
credit metrics.
WHAT COULD CHANGE THE RATING UP/DOWN
Upward pressure on the rating is unlikely in the short term but
the outlook could be stabilised if the company were to achieve a
sustainable recovery in profitability, together with a return to
positive free cash flow generation.
Downward pressure on the rating could arise if HoF does not
report higher profitability in the coming quarters, with a
trajectory towards the levels achieved in its fiscal 2015/16.
Additionally, a deterioration in the company's liquidity profile,
due to continued negative free cash flow or reduced covenant
headroom, could also result in downward pressure.
COMPANY PROFILE
House of Fraser (UK & Ireland) Limited is a private UK-based
department store chain focused on the retailing of premium
fashion, beauty and homeware products to an affluent customer
base. The company has approximately 7,000 employees and operates
58 stores in the UK and 1 in Dublin, Ireland.
HoF was acquired in the summer of 2014 by Chinese department
store chain Nanjing Cenbest (unrated) in a transaction which gave
the business an Enterprise Value of approximately GBP480 million.
For the LTM to the 31st of October 2016, HoF reported a gross
transaction value (GTV) of GBP1,306 million, Turnover of GBP831
million and EBITDA of GBP52.1 million.
LION/GLORIA HOLDCO: Moody's Raises CFR to Ba1, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
(CFR) of Lion/Gloria Holdco Limited ("ghd") to Ba1 from B3
following the completion of the acquisition of ghd by Coty Inc.
(Coty, Ba1 stable). Concurrently, Moody's has upgraded ghd's
probability of default rating (PDR) to Ba2-PD from B3-PD. The
outlook on the ratings is stable.
In addition, Moody's said it will withdraw all ratings of ghd,
including its Ba1 CFR and Ba2-PD PDR, because the company has
merged into one of Coty's divisions and no standalone financial
information on ghd will be available going forward. In addition,
ghd's senior secured notes have been repaid on 22 November 2016.
Upgrades:
Issuer: Lion/Gloria Holdco Limited
Probability of Default Rating, Upgraded to Ba2-PD from B3-PD
Corporate Family Rating, Upgraded to Ba1 from B3
Outlook Actions:
Issuer: Lion/Gloria Holdco Limited
Outlook, Changed To Stable From Rating Under Review
This concludes the rating review commenced on October 20, 2016
following the acquisition agreement between Coty and ghd.
RATINGS RATIONALE
The upgrade of ghd's CFR to Ba1 reflects Moody's views that the
acquisition of the company by Coty enhances ghd's standalone
credit profile. ghd will be part of Coty's Professional Beauty
division and will be managed as a standalone business. As such
Moody's has aligned ghd's CFR with that of Coty.
Moody's will withdraw ghd's ratings following the completion of
the acquisition and the recent redemption of the company's senior
secured notes. As the company becomes a wholly owned subsidiary
of Coty, it will no longer disclose financial statements and
other information on a standalone basis.
Lion/Gloria Holdco Limited, the ultimate parent of the Jemella
Group, operates under the commercial name "ghd" and offers high-
end hair styling tools and salon quality hair dryers complemented
by a range of accessories. For the financial year ended June 30,
2016, ghd reported revenues of GBP178 million (GBP167 million in
financial year ended June 30, 2015) and EBITDA (as adjusted by
the company) of GBP33 million (GBP30 million in the financial
year ended June 30, 2015).
PI POWER: Board Opts to Sell Stratius Investments
-------------------------------------------------
The board of directors (the Board) of PI Power International
Limited (in liquidation) (the Company) has decided to sell
Stratius Investments Limited, the Company's Cyprus-registered
subsidiary (Stratius) that holds the claim for the arbitration
award in relation to the Karpat Energo investment.
The Company intends to undertake an auction process in order to
sell Stratius to an interested party, in accordance with the
special shareholder resolution approved during the extraordinary
general meeting of April 2009.
PI Power International Ltd is a Jersey-based holding company
engaged in the investment activities with focus on renewable
energy industry and energy related industries in Central and
Eastern Europe.
ZENOS CARS: Enters Administration After Downturn in Trade
---------------------------------------------------------
Lawrence Allan at Auto Express reports that Zenos Cars, the
company behind hardcore Lotus-rivalling sports cars like the
E10S, has released a statement confirming it has entered
administration.
The company said a "recent downturn in trade" was the primary
reason for the decision, Auto Express relates.
According to Auto Express, the statement says the administrators
were appointed "after cancelled export orders in late 2016
resulted in a shortfall in funding, forcing the business to cease
trading."
Begbies Traynor, the appointed administrators have stated they
are "currently open to speaking with parties interested in
securing a future for the business", Auto Express discloses.
Zenos Cars is a Norfolk-based lightweight sports car
manufacturer.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week January 16 to January 20, 2017
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Banca Monte dei Paschi di S 5.00 4/21/2020 EUR 45.17
Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 13.82
Banca Monte dei Paschi di S 2.29 5/15/2018 EUR 45.25
Bank of New York Mellon Lux 3.94 12/30/2099 EUR 2.96
Banca Monte dei Paschi di S 5.60 9/9/2020 EUR 46.25
Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 32.00
Banca Monte dei Paschi di S 0.69 11/30/2017 EUR 45.19
Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 10.13
Ensco PLC 5.75 10/1/2044 USD 72.24
Bank of New York Mellon Lux 4.19 12/15/2050 EUR 45.25
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 11.75
Portugal Telecom Internatio 4.63 5/8/2020 EUR 30.01
CGG SA 5.88 5/15/2020 EUR 45.65
CSN Resources SA 6.50 7/21/2020 USD 73.44
Intelsat Luxembourg SA 7.75 6/1/2021 USD 32.75
Air Berlin PLC 6.75 5/9/2019 EUR 75.00
Offshore Drilling Holding S 8.38 9/20/2020 USD 43.00
Veneto Banca SpA 9.50 12/1/2025 EUR 38.83
Portugal Telecom Internatio 5.00 11/4/2019 EUR 29.51
Banca Popolare di Vicenza 2.84 12/20/2017 EUR 52.00
Aegon NV 0.26 EUR 62.04
Portugal Telecom Internatio 4.38 3/24/2017 EUR 29.98
Petrobras Global Finance BV 5.63 5/20/2043 USD 74.47
PagesJaunes Finance & Co SC 8.88 6/1/2018 EUR 62.02
Grupo Isolux Corsan Finance 6.63 4/15/2021 EUR 21.50
Abengoa SA 8.50 3/31/2016 EUR 3.78
CGG SA 1.75 1/1/2020 EUR 2.28
Banque Federative du Credit 0.90 EUR 61.21
Air Berlin PLC 5.63 5/9/2019 CHF 64.87
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 39.05
Casino Guichard Perrachon S 1.43 EUR 58.88
CHC Helicopter SA 9.25 10/15/2020 USD 45.00
Obrascon Huarte Lain SA 4.75 3/15/2022 EUR 72.00
Rickmers Holding AG 8.88 6/11/2018 EUR 18.13
Aegon NV 1.68 USD 71.32
Frigoglass Finance BV 8.25 5/15/2018 EUR 63.52
Portugal Telecom Internatio 4.50 6/16/2025 EUR 30.43
Ajecorp BV 6.50 5/14/2022 USD 51.46
Obrascon Huarte Lain SA 5.50 3/15/2023 EUR 71.66
Portugal Telecom Internatio 6.25 7/26/2016 EUR 29.73
Abengoa Finance SA 8.88 2/5/2018 EUR 4.02
Portugal Telecom Internatio 5.88 4/17/2018 EUR 29.50
AXA SA 0.82 EUR 70.28
Fuerstenberg Capital II Gmb 5.63 EUR 65.34
AXA SA 0.54 EUR 66.37
QGOG Constellation SA 6.25 11/9/2019 USD 65.93
AXA SA 0.95 EUR 72.32
Abengoa Finance SA 6.00 3/31/2021 EUR 3.86
Fred Olsen Energy ASA 4.13 2/28/2019 NOK 57.88
Veneto Banca SpA 0.74 6/21/2017 EUR 44.06
CGG SA 6.50 6/1/2021 USD 46.10
CGG SA 1.25 1/1/2019 EUR 17.43
Far East Capital Ltd SA 8.00 5/2/2018 USD 56.00
Nordea Bank AB 0.44 EUR 67.39
Bluewater Holding BV 10.00 12/10/2019 USD 64.50
Avanti Communications Group 10.00 10/1/2019 USD 76.00
OAS Investments GmbH 8.25 10/19/2019 USD 5.00
Santander International Pre 2.00 USD 46.00
Banca Monte dei Paschi di S 7.00 3/4/2019 EUR 46.13
Brunswick Rail Finance Desi 6.50 11/1/2017 USD 58.50
BPCE SA 2.81 USD 71.52
Intelsat Jackson Holdings S 5.50 8/1/2023 USD 67.66
Neopost SA 3.38 EUR 50.76
CNP Assurances 0.88 EUR 59.08
Etablissements Maurel et Pr 1.63 7/1/2019 EUR 16.50
Abengoa Finance SA 7.00 4/15/2020 EUR 3.80
HSBC Bank PLC 1.63 USD 70.87
Sapinda Invest SARL 5.00 6/30/2019 EUR 54.00
ING Groep NV 0.84 EUR 67.38
AXA SA 1.43 USD 74.15
Banca Monte dei Paschi di S 0.69 1/15/2018 EUR 46.95
Ageasfinlux SA 1.04 EUR 47.67
BNP Paribas Fortis SA 1.68 EUR 65.31
ING Groep NV 0.44 EUR 62.35
Rothschilds Continuation Fi 0.81 EUR 54.93
Holdikks SAS 6.75 7/15/2021 EUR 70.51
Capital Funding GmbH 2.09 EUR 71.27
Credit Agricole SA 0.68 EUR 62.62
Landes-Hypothekenbank Steie 0.07 3/20/2043 EUR 73.33
Intelsat Luxembourg SA 8.13 6/1/2023 USD 31.75
Immigon Portfolioabbau AG 10.00 EUR 6.63
HSH Nordbank AG/Luxembourg 2.10 EUR 13.85
AXA SA 2.10 USD 74.81
Credit Mutuel Arkea SA 0.44 EUR 53.71
ADLER Real Estate AG 2.50 7/19/2021 EUR 14.99
Gol LuxCo SA 8.88 1/24/2022 USD 67.50
Scholz Holding Gmbh 8.50 3/8/2017 EUR 37.38
Indo Energy Finance II BV 6.38 1/24/2023 USD 80.01
Banco Espirito Santo SA 4.00 1/21/2019 EUR 27.88
Banque Federative du Credit 0.65 EUR 59.70
Aldesa Financial Services S 7.25 4/1/2021 EUR 67.00
Brighthouse Group PLC 7.88 5/15/2018 GBP 68.88
Avanti Communications Group 10.00 10/1/2019 USD 60.25
Banca Monte dei Paschi di S 2.79 10/31/2018 EUR 46.00
Pacific Drilling SA 5.38 6/1/2020 USD 35.68
Algeco Scotsman Global Fina 10.75 10/15/2019 USD 71.25
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.88
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.32
Havila Shipping ASA 8.60 3/30/2017 NOK 50.88
Santander Finance Preferred 0.31 EUR 59.04
Caixa Terrassa Societat de 0.41 EUR 54.63
KTG Energie AG 7.25 9/28/2018 EUR 6.75
KTG Agrar SE 7.13 6/6/2017 EUR 2.07
CGG SA 6.88 1/15/2022 USD 46.26
Solarworld AG 9.68 2/24/2019 EUR 57.10
Air France-KLM 2.03 2/15/2023 EUR 10.41
SOITEC 6.75 9/18/2018 EUR 2.79
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Jyske Bank A/S 0.49 EUR 51.13
Yuksel Insaat AS 9.50 11/10/2015 USD 25.88
Abengoa Finance SA 8.88 11/1/2017 USD 3.42
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.35
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 65.88
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 60.50
Banca Carige SpA 2.78 6/19/2018 EUR 70.00
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.95
WPE International Cooperati 10.38 9/30/2020 USD 15.00
Alno AG 8.50 5/14/2018 EUR 42.75
UkrLandFarming PLC 10.88 3/26/2018 USD 26.50
Pierre & Vacances SA 3.50 10/1/2019 EUR 40.47
Societe Alsacienne et Lorra 1.63 1/1/2022 EUR 57.62
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.75
Econocom Group SA/NV 1.50 1/15/2019 EUR 14.07
Takko Luxembourg 2 SCA 6.69 4/15/2019 EUR 73.00
ATF Capital BV 8.58 USD 62.13
CEVA Group PLC 9.00 9/1/2021 USD 65.00
European Directories BondCo 7.00 12/9/2018 EUR 66.25
HSBC Bank PLC 1.50 USD 72.13
Ichor Coal NV 8.00 6/7/2017 EUR 53.44
Banco Espirito Santo SA 2.63 5/8/2017 EUR 27.88
Banco Bilbao Vizcaya Argent 0.99 EUR 72.26
Banca Carige SpA 8.34 EUR 34.50
Afren PLC 6.63 12/9/2020 USD 0.06
HSBC Bank PLC 1.48 USD 70.67
Far East Capital Ltd SA 8.75 5/2/2020 USD 57.50
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
Banco Espirito Santo SA 4.75 1/15/2018 EUR 27.88
Bilt Paper BV 9.64 USD 49.19
BPCE SA 0.42 EUR 56.50
Novo Banco SA 5.00 4/4/2019 EUR 67.92
Sequa Petroleum NV 5.00 4/29/2020 USD 69.00
Virgolino de Oliveira Finan 10.50 1/28/2018 USD 8.10
Nexity SA 0.13 1/1/2023 EUR 63.95
CHC Helicopter SA 9.38 6/1/2021 USD 34.00
Lambay Capital Securities P 6.25 GBP 0.58
Cofinoga Funding Two LP 1.68 EUR 62.25
Aegon NV 5.19 NLG 65.46
Rothschilds Continuation Fi 1.50 USD 48.75
Eramet 4.00 EUR 57.22
Fuerstenberg Capital Erste 1.45 EUR 56.63
Paragon Offshore PLC 6.75 7/15/2022 USD 18.25
BIM SAS 2.50 11/13/2020 EUR 27.07
Novo Banco SA 3.50 1/2/2043 EUR 50.88
Rem Offshore ASA 5.00 12/8/2024 NOK 32.30
NIBC Bank NV 0.66 EUR 51.00
Etablissements Maurel et Pr 2.75 7/1/2021 EUR 11.01
Bremer Landesbank Kreditans 8.50 EUR 61.84
Espirito Santo Financial Gr 6.88 10/21/2019 EUR 0.31
Sydbank A/S 0.85 EUR 56.50
GNB - Cia de Seguros de Vid 3.18 EUR 50.00
Caisse Federale du Credit M 0.89 EUR 54.05
IGas Energy PLC 10.00 3/22/2018 USD 73.75
Banca Popolare di Vicenza 5.00 6/4/2024 EUR 67.44
Ekosem-Agrar GmbH 8.50 12/7/2022 EUR 66.75
UniCredit Bank Austria AG 0.18 10/31/2031 EUR 68.59
Norske Skog Holding AS 8.00 2/24/2021 EUR 48.88
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 7.97
GNB - Cia de Seguros de Vid 1.88 12/19/2022 EUR 55.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 29.63
Waste Italia SpA 10.50 11/15/2019 EUR 24.88
Deutsche Bank AG/London 2.98 6/30/2034 USD 60.25
OSX 3 Leasing BV 13.00 3/20/2015 USD 25.00
Banco Santander SA 0.61 EUR 58.20
Societe Generale SA 1.38 USD 62.25
Mitchells & Butlers Finance 0.97 12/15/2033 GBP 72.67
BNP Paribas SA 1.15 EUR 56.00
Pescanova SA 5.13 4/20/2017 EUR 2.05
German Pellets GmbH 7.25 7/9/2018 EUR 0.75
Beate Uhse AG 7.75 7/9/2019 EUR 22.50
Rudolf Woehrl AG 6.50 2/12/2018 EUR 11.26
Danske Bank Oyj 0.63 EUR 56.55
Abengoa Finance SA 7.75 2/1/2020 USD 3.23
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 15.00
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 40.25
Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 33.50
Popular Capital SA 0.81 EUR 48.00
Solarworld AG 9.68 2/24/2019 EUR 50.87
Nordea Bank Norge ASA 1.50 USD 63.03
Jyske Bank A/S 0.53 EUR 57.75
Banca Monte dei Paschi di S 4.40 3/14/2024 EUR 32.13
Tatfondbank PJSC 12.50 12/11/2024 RUB 29.32
Co-Operative Bank PLC/Unite 8.50 7/1/2025 GBP 69.68
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 26.67
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 13.00
Santander Finance Capital S 2.00 USD 43.00
Allied Irish Banks PLC 12.50 6/25/2035 GBP 73.50
Novo Banco SA 5.00 5/14/2019 EUR 68.08
Deutsche Bank AG/London 3.20 10/31/2034 USD 71.50
Tatfondbank PJSC 13.50 5/28/2025 RUB 29.85
Ekosem-Agrar GmbH 8.75 3/23/2021 EUR 72.25
Ideal Standard Internationa 11.75 5/1/2018 EUR 11.88
Matalan Finance PLC 8.88 6/1/2020 GBP 68.25
Banco Espirito Santo SA 2.35 EUR 0.15
Paragon Offshore PLC 7.25 8/15/2024 USD 17.75
Volksbank NV 6.25 10/26/2020 EUR 3.23
KTG Agrar SE 7.25 10/15/2019 EUR 2.09
Volksbank NV 11.25 EUR 1.69
Standard Chartered PLC 1.65 USD 66.56
World Wide Supply AS 7.75 5/26/2017 USD 14.00
Greene King Finance PLC 2.45 3/15/2036 GBP 69.89
E Forland AS 7.89 9/4/2018 NOK 67.00
Ausy 3.25 1/1/2021 EUR 63.25
ESFIL-Espirito Santo Financ 5.25 6/12/2015 EUR 0.25
German Pellets GmbH 7.25 11/27/2019 EUR 0.75
Pacific Drilling SA 5.38 6/1/2020 USD 35.00
Pescanova SA 8.75 2/17/2019 EUR 2.05
Barclays Bank PLC 1.62 1/27/2031 USD 69.97
Aegon NV 1.51 NLG 57.27
Minicentrales Dos SA 6.45 4/14/2028 EUR 63.50
Scandinavian Airlines Syste 0.63 CHF 24.88
Offshore Drilling Holding S 8.38 9/20/2020 USD 41.00
Aralco Finance SA 10.13 5/7/2020 USD 2.00
Alpine Holding GmbH 6.00 5/22/2017 EUR 1.69
Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.38
Candyking Holding AB 5.00 1/29/2018 SEK 36.63
Manchester Building Society 6.75 GBP 13.88
Barclays Bank PLC 0.84 3/21/2033 USD 54.75
Farstad Shipping ASA 4.52 5/29/2018 NOK 28.50
Oceanteam ASA 12.13 10/24/2017 USD 20.00
Mobylife Holding A/S 7.25 5/23/2018 SEK 64.88
Olympic Ship AS 6.15 6/18/2019 NOK 19.75
Elematic Oy Ab 10.00 5/30/2018 EUR 53.00
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.38
Iona Energy Co UK PLC 12.50 9/27/2018 USD 3.27
Abengoa SA 6.25 1/17/2019 EUR 2.64
Praktiker AG 5.88 2/10/2016 EUR 0.13
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 70.38
3W Power SA 5.50 11/11/2020 EUR 64.51
Elli Investments Ltd 12.25 6/15/2020 GBP 45.13
Barclays Bank PLC 1.48 7/28/2031 USD 67.56
Tonon Luxembourg SA 7.25 1/24/2020 USD 11.13
Avanti Communications Group 10.00 10/1/2019 USD 60.00
Afren PLC 11.50 2/1/2016 USD 0.09
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.67
Novo Banco SA 5.00 5/21/2019 EUR 68.08
Barclays Bank PLC 1.88 11/1/2031 USD 65.10
Barclays Bank PLC 5.40 9/13/2028 USD 74.85
IGas Energy PLC 10.00 12/11/2018 USD 21.88
IKB Deutsche Industriebank 5.63 3/31/2017 EUR 27.00
Centrics Oil & Gas Finance 6.00 3/4/2017 EUR 70.00
Lloyds Bank PLC 3.25 11/27/2033 USD 66.50
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.33
Royal Bank of Scotland Grou 1.16 USD 70.75
Abengoa Finance SA 8.88 11/1/2017 USD 3.42
Barclays Bank PLC 2.62 12/23/2033 USD 68.53
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 68.63
Deutsche Bank AG/London 1.09 3/15/2033 USD 54.25
Vneshprombank Ltd via VPB F 9.00 11/14/2016 USD 0.00
NIBC Bank NV 1.84 USD 59.50
Neue ZWL Zahnradwerk Leipzi 7.50 2/17/2021 EUR 62.63
Banca Carige SpA 1.68 12/29/2018 EUR 47.88
BNP Paribas SA 1.31 USD 63.00
Barclays Bank PLC 2.72 3/28/2034 USD 61.22
Mitchells & Butlers Finance 2.50 6/15/2036 GBP 73.53
Novo Banco SA 5.00 5/23/2019 EUR 67.74
Vseukrainsky Aktsinerny Ban 10.90 6/14/2019 USD 1.83
Barclays Bank PLC 3.55 7/31/2034 USD 68.48
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 0.56
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
SeniVita Sozial gemeinnuetz 7.00 EUR 70.00
Farstad Shipping ASA 5.27 2/15/2017 NOK 28.50
Spirit Issuer PLC 0.92 12/28/2028 GBP 71.96
Touax SA 6.00 7/10/2020 EUR 16.85
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 64.41
Espirito Santo Financial Gr 3.13 12/2/2018 EUR 0.23
Steilmann SE 7.00 3/9/2017 EUR 2.42
Tatfondbank PJSC 13.00 9/7/2021 RUB 26.83
Barclays Bank PLC 1.50 USD 69.35
Travel24.com AG 7.50 9/17/2017 EUR 60.00
Corporate Commercial Bank A 8.25 8/8/2014 USD 0.54
Havila Shipping ASA 9.67 8/30/2017 NOK 14.75
Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 0.75
National Westminster Bank P 1.50 USD 70.75
Minicentrales Dos SA 4.81 11/29/2034 EUR 56.50
Avanti Communications Group 10.00 10/1/2019 USD 62.38
TradeDoubler AB 6.75 12/20/2018 SEK 47.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 3.29
Afren PLC 6.63 12/9/2020 USD 0.06
OP Corporate Bank plc 0.61 EUR 56.03
Lehman Brothers UK Capital 5.75 EUR 0.02
Rena GmbH 7.00 12/15/2015 EUR 8.63
Banca delle Marche SpA 0.64 6/1/2017 EUR 1.00
Novo Banco SA 5.00 2/24/2022 EUR 68.25
LBI HF 6.10 8/25/2011 USD 11.13
Barclays Bank PLC 0.69 2/25/2031 USD 67.81
Orient Express Bank PJSC vi 12.00 5/29/2019 USD 51.88
Lloyds Bank PLC 0.66 4/26/2033 USD 54.38
Avanti Communications Group 10.00 10/1/2019 USD 59.88
Capital Raising GmbH 7.50 EUR 18.50
Olympic Ship AS 7.29 9/21/2017 NOK 21.25
Lehman Brothers UK Capital 5.13 EUR 0.20
Credit Lyonnais SACA 0.80 EUR
Barclays Bank PLC 0.53 5/31/2033 USD 54.57
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 24.75
Volstad Subsea AS 7.65 7/5/2017 NOK 69.88
Banco Espirito Santo SA 6.88 7/15/2016 EUR 26.88
Stroika Finance Ltd Via Eme 7.70 6/25/2019 RUB 12.00
Lloyds Bank PLC 1.56 USD 70.20
Barclays Bank PLC 0.96 9/30/2031 USD 67.82
Dexia Credit Local SA 1.42 EUR 3.60
Steilmann SE 7.00 9/23/2018 EUR 2.42
Novo Banco SA 3.00 6/21/2022 USD 65.01
National Westminster Bank P 1.38 USD 70.75
Sazka AS 9.00 7/12/2021 EUR 2.73
Alcatel-Lucent SA 0.13 1/30/2020 EUR 4.11
Royal Bank of Scotland PLC/ 2.65 8/26/2031 USD 62.92
International Industrial Ba 11.00 2/19/2013 USD 0.49
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.88
Veneto Banca SpA 6.95 2/25/2025 EUR 43.50
National Westminster Bank P 1.19 USD 70.88
Abengoa SA 4.50 2/3/2017 EUR 4.30
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 25.75
Deutsche Bank AG/London 2.65 8/28/2034 USD 58.00
Electromagnetic Geoservices 7.18 6/27/2019 NOK 45.63
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Solor Bioenergi Holding AB 6.30 11/2/2017 NOK 57.50
Orco Property Group SA 7.00 11/7/2019 EUR 70.50
Abengoa Greenfield SA 6.50 10/1/2019 USD 3.88
syncreon Group BV / syncreo 8.63 11/1/2021 USD 73.50
Breeze Finance SA 6.71 4/19/2027 EUR 28.00
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 15.00
Novo Banco SA 5.00 3/15/2022 EUR 68.25
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.33
Neue ZWL Zahnradwerk Leipzi 7.50 3/4/2019 EUR 73.63
Novo Banco SA 3.50 2/19/2043 EUR 51.70
Espirito Santo Financial Gr 9.75 12/19/2025 EUR 0.52
Brunswick Rail Finance Desi 6.50 11/1/2017 USD 58.38
Paragon Offshore PLC 7.25 8/15/2024 USD 17.75
Royal Bank of Scotland PLC/ 2.54 11/16/2030 USD 64.45
Lloyds Bank PLC 1.33 USD 70.25
Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 9.25
Societe Generale SA 0.81 EUR 52.14
Norske Skogindustrier ASA 7.13 10/15/2033 USD 34.69
PA Resources AB 13.50 3/3/2016 SEK 0.11
getgoods.de AG 7.75 10/2/2017 EUR 0.03
Barclays Bank PLC 0.66 3/28/2033 USD 54.66
Abanka Vipa DD Via Afinance 1.59 EUR 0.91
Lloyds Bank PLC 0.83 1/31/2033 USD 57.93
Sydbank A/S 0.79 EUR 69.25
Steilmann SE 6.75 6/27/2017 EUR 4.44
BOA Offshore AS 7.90 12/18/2018 NOK 23.50
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.00
Barclays Bank PLC 1.56 USD 71.34
Island Drilling Co ASA 9.50 4/3/2018 USD 2.87
Dexia SA 1.47 EUR 5.13
Commerzbank Holdings UK Ltd 1.69 USD 67.53
Deutsche Bank AG 0.50 6/28/2033 USD 56.13
SiC Processing GmbH 7.13 3/1/2016 EUR 1.26
Smart Solutions GmbH 8.00 12/3/2018 EUR 29.38
Portugal Telecom Internatio 5.24 11/6/2017 EUR 30.88
IKB Deutsche Industriebank 4.70 3/31/2017 EUR 27.00
Azubu Investments SA 5.00 8/25/2018 EUR 50.00
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.25
Veneto Banca SpA 6.94 5/15/2025 EUR 29.88
Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 9.25
Barclays Bank PLC 4.65 11/28/2029 USD 74.75
Alno AG 8.00 3/21/2019 EUR 38.00
CNP Assurances 2.00 EUR 62.00
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.19
Barclays Bank PLC 3.23 8/28/2029 USD 74.56
Barclays Bank PLC 1.46 6/17/2033 USD 58.92
Sairgroup Finance BV 4.38 6/8/2006 EUR 18.50
Societe Generale SA 8.88 6/1/2017 USD 29.75
Petrol AD 8.38 1/26/2017 EUR 14.50
SeaBird Exploration Finance 6.00 3/3/2018 USD 10.00
Deutsche Bank AG/London 3.33 3/27/2035 USD 73.95
Wild Bunch AG 8.00 3/23/2019 EUR 60.00
More & More AG 8.13 6/11/2018 EUR 31.75
UniCredit Bank Austria AG 0.16 12/27/2031 EUR 65.75
IT Holding Finance SA 9.88 11/15/2012 EUR 0.11
Action SA 3.19 7/4/2017 PLN 37.49
Strenesse AG 9.00 3/15/2017 EUR 16.50
Hybrid Raising GmbH 6.63 EUR 17.50
Novo Banco SA 3.50 1/23/2043 EUR 50.88
CBo Territoria 6.00 1/1/2020 EUR 4.20
Norske Skog Holding AS 8.00 2/24/2023 USD 43.25
KPNQwest NV 10.00 3/15/2012 EUR 0.06
Barclays Bank PLC 3.38 9/29/2034 USD 69.92
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 61.62
Espirito Santo Financial Po 5.13 5/30/2016 EUR 0.64
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Standard Chartered PLC 1.13 USD 66.19
Lloyds Bank PLC 0.75 2/22/2033 USD 54.75
Far Eastern Shipping Co PLC 13.00 11/28/2017 RUB 52.06
Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 9.63
Abengoa Finance SA 7.75 2/1/2020 USD 3.23
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 10.24
Barclays Bank PLC 0.60 4/9/2028 USD 65.10
Karlie Group GmbH 5.00 6/25/2021 EUR 2.61
Norske Skog Holding AS 8.00 2/24/2023 USD 43.25
Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 4.49
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Deutsche Bank AG/London 3.62 9/30/2029 USD 70.50
Artea 6.00 8/4/2019 EUR 15.66
Norske Skog Holding AS 8.00 2/24/2021 EUR 48.88
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.00
Cirio Del Monte NV 7.75 3/14/2005 EUR 0.78
Belfius Bank SA/NV 1.66 FRF 69.13
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
DNB Bank ASA 1.38 USD 60.35
Koninklijke Luchtvaart Maat 0.75 CHF 36.55
Barclays Bank PLC 1.25 USD 71.11
Svensk Exportkredit AB 0.50 6/20/2029 AUD 67.84
Banco Pinto & Sotto Mayor 0.68 EUR 18.90
de Volksbank NV 6.26 EUR 0.01
DNB Bank ASA 1.19 USD 60.33
Laurel GmbH 7.13 11/16/2017 EUR 8.75
German Pellets GmbH 7.25 4/1/2016 EUR 0.75
Eidesvik Offshore ASA 5.60 5/22/2018 NOK 68.50
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Eniro AB 6.00 4/14/2020 SEK 14.34
Del Monte Finance Luxembour 6.63 5/24/2006 EUR 4.98
Assystem 4.50 EUR 30.69
Barclays Bank PLC 2.57 12/27/2028 USD 72.85
Royal Bank of Scotland PLC/ 2.62 12/30/2030 USD 67.59
Hellas Telecommunications L 8.50 10/15/2013 EUR 0.28
Manchester Building Society 8.00 GBP 24.25
Portigon AG 7.46 12/31/2019 EUR 21.50
Golden Gate AG 6.50 10/11/2014 EUR 47.75
Dexia Kommunalbank Deutschl 4.88 12/31/2016 EUR 37.00
Tatfondbank PJSC 13.50 3/21/2025 RUB 25.65
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.63
Grupo Isolux Corsan Finance 6.63 4/15/2021 EUR 21.88
Standard Chartered PLC 1.56 USD 66.25
Barclays Bank PLC 4.27 5/14/2029 USD 70.00
AKB Peresvet ZAO 13.50 10/16/2020 RUB 29.26
Danske Bank Oyj 1.28 EUR 43.38
CGG SA 5.88 5/15/2020 EUR 45.88
Mox Telecom AG 7.25 11/2/2017 EUR 2.70
Kommunekredit 0.50 7/30/2027 TRY 29.51
Region of Abruzzo Italy 0.17 11/7/2036 EUR 62.83
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.00
Volstad Shipping AS 7.14 4/15/2019 NOK 25.00
Sairgroup Finance BV 6.63 10/6/2010 EUR 20.00
CRC Breeze Finance SA 6.11 5/8/2026 EUR 52.38
Windreich GmbH 6.50 3/1/2015 EUR 10.88
Barclays Bank PLC 2.62 12/30/2030 USD 67.41
Barclays Bank PLC 1.14 3/21/2031 USD 68.90
Tatfondbank PJSC 14.50 2/3/2026 RUB 27.16
Alpine Holding GmbH 5.25 6/10/2016 EUR 1.65
Pescanova SA 6.75 3/5/2015 EUR 3.03
CEVA Group PLC 9.00 9/1/2021 USD 64.00
Rena GmbH 8.25 7/11/2018 EUR 8.63
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Frey 6.00 11/15/2022 EUR 22.80
Barclays Bank PLC 0.96 9/30/2031 USD 67.87
MS Deutschland Beteiligungs 6.88 12/18/2017 EUR 9.32
PA Resources AB 3.00 12/27/2017 NOK 0.11
Barclays Bank PLC 2.62 12/30/2030 USD 67.46
BNP Paribas SA 0.78 4/30/2033 USD 50.09
APP International Finance C 11.75 10/1/2005 USD 0.56
Dexia Kommunalbank Deutschl 5.63 12/31/2017 EUR 13.13
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Windreich GmbH 6.50 7/15/2016 EUR 10.88
Deutsche Bank AG/London 3.65 11/26/2034 USD 65.80
Svensk Exportkredit AB 0.50 3/28/2029 AUD 69.06
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 10.33
Paragon Offshore PLC 6.75 7/15/2022 USD 18.75
Lloyds Bank PLC 1.13 USD 70.37
Far Eastern Shipping Co PLC 15.00 2/27/2018 RUB 51.75
Barclays Bank PLC 0.07 12/28/2040 EUR 67.03
Lloyds Bank PLC 1.84 7/29/2033 USD 70.00
Arpeni Pratama Ocean Line I 2.00 6/30/2021 USD 0.01
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.00
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Barclays Bank PLC 2.41 11/29/2030 USD 67.83
UniCredit Bank Austria AG 0.21 8/20/2033 EUR 66.78
AMATHEON AGRI 8.50 4/4/2018 EUR 72.75
CSN Resources SA 6.50 7/21/2020 USD 73.36
Activa Resources AG 8.00 11/15/2017 EUR 25.00
CHC Helicopter SA 9.25 10/15/2020 USD 47.25
IKS 5 Finance OOO 9.45 9/11/2031 RUB 60.51
Gunther Zamek Produktions-U 7.75 5/15/2017 EUR 1.55
Barclays Bank PLC 1.45 4/25/2034 USD 62.11
Dannemora Mineral AB 11.75 3/22/2016 USD 0.90
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Bashneft PJSC 9.50 12/10/2026 RUB 60.00
SAG Solarstrom AG 6.25 12/14/2015 EUR 28.50
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.50
Uppfinnaren 1 AB 10.00 SEK 66.13
Kamaz PJSC 11.24 7/18/2030 RUB 60.01
EFG International AG 0.63 EUR 65.00
Abengoa Finance SA 8.88 2/5/2018 EUR 4.02
Nationwide Building Society 0.90 GBP 70.00
Hellenic Republic Governmen 2.09 7/25/2057 EUR 30.00
Northland Resources AB 4.00 10/15/2020 USD 0.07
Volksbank NV 2.44 EUR 1.69
Barclays Bank PLC 2.75 2/28/2034 USD 67.16
IM Skaugen SE 10.14 4/11/2017 NOK 29.75
Santander Finance Capital S 2.00 EUR 24.38
Banco Pastor SAU 2.08 EUR 57.26
Santander Finance Capital S 2.00 EUR 24.13
Autonomous Community of Cat 2.97 9/8/2039 JPY 64.41
Region of Molise Italy 0.18 12/15/2033 EUR 65.88
QGOG Constellation SA 6.25 11/9/2019 USD 65.86
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 37.29
Novo Banco SA 3.50 3/18/2043 EUR 50.95
Bashneft PJSC 9.50 12/12/2024 RUB 60.00
DNB Bank ASA 1.38 USD 60.33
Northland Resources AB 15.00 7/15/2019 USD 0.44
International Finance Facil 0.50 6/24/2024 ZAR 48.62
Afren PLC 10.25 4/8/2019 USD 0.06
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 37.25
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 32.00
Geotech Seismic Services PJ 13.00 10/16/2019 RUB 71.21
Alpine Holding GmbH 5.25 7/1/2015 EUR 1.65
Kommunekredit 0.50 2/20/2020 BRL 73.44
CGG SA 6.88 1/15/2022 USD 45.88
Svensk Exportkredit AB 0.50 4/24/2029 AUD 59.21
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 9.63
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 65.50
Afren PLC 11.50 2/1/2016 USD 0.09
SAG Solarstrom AG 7.50 7/10/2017 EUR 28.50
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 9.25
Western Bulk Chartering AS 7.86 4/19/2019 NOK 71.00
HSBC France SA 1.03 EUR 48.00
PNE Wind AG 3.75 10/10/2019 EUR 3.05
AKB Peresvet ZAO 13.00 10/7/2017 RUB 35.00
Golden Energy Offshore Serv 5.00 12/31/2017 NOK 28.00
Bashneft PJSC 9.50 12/14/2023 RUB 60.00
UniCredit Bank Austria AG 0.18 12/31/2031 EUR 68.49
BLT Finance BV 12.00 2/10/2015 USD 10.50
Espirito Santo Financial Po 5.63 7/28/2017 EUR 0.37
Waste Italia SpA 10.50 11/15/2019 EUR 24.88
Gol LuxCo SA 8.88 1/24/2022 USD 67.43
Standard Chartered PLC 0.69 GBP 65.12
Ajecorp BV 6.50 5/14/2022 USD 51.37
Governo Portugues Consolida 3.00 EUR 73.10
Bank of Scotland PLC 1.56 USD 70.28
Municipality Finance PLC 0.50 7/30/2029 AUD 66.57
Oceanic Champion AS 8.00 2/20/2020 USD 68.44
Indo Energy Finance II BV 6.38 1/24/2023 USD 76.74
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
ADLER Real Estate AG 6.00 6/30/2017 EUR 13.50
Municipality Finance PLC 0.50 5/8/2029 AUD 62.78
Volksbank NV 6.63 5/14/2018 EUR 3.23
Banco Espirito Santo SA 6.90 6/28/2024 EUR 24.38
Bremer Landesbank Kreditans 9.50 EUR 67.55
Agroton Public Ltd 6.00 7/14/2019 USD 14.00
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 59.87
Assystem 4.00 1/1/2017 EUR 25.46
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Abengoa Greenfield SA 5.50 10/1/2019 EUR 3.88
Societe Generale SA 1.60 1/9/2020 GBP 1.08
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 9.25
HPI AG 3.50 EUR 5.00
Anglian Water Services Fina 0.94 1/26/2057 GBP 74.98
Immigon Portfolioabbau AG 6.00 3/30/2017 EUR 59.00
DOF ASA 8.17 9/12/2019 NOK 40.00
Transcapitalbank JSC 13.00 6/6/2018 RUB 70.00
syncreon Group BV / syncreo 8.63 11/1/2021 USD 73.38
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.41
Municipality Finance PLC 0.50 4/26/2022 ZAR 60.62
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 22.32
Abengoa Finance SA 6.00 3/31/2021 EUR 3.86
Virgolino de Oliveira Finan 10.50 1/28/2018 USD 6.57
Deutsche Bank AG/London 0.58 1/31/2033 USD 54.00
Barclays Bank PLC 3.49 3/27/2029 USD 60.77
Gazprom PJSC 6.40 10/21/2043 RUB 60.06
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.13
City of Alba Iulia Romania 1.50 4/15/2025 RON 72.10
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.38
Russian Post FGUP 9.35 9/10/2026 RUB 70.00
Republic of Italy Governmen 0.19 7/31/2045 EUR 72.42
Sparebanken Din 2.39 NOK 67.46
German Pellets GmbH 8.00 EUR 0.10
Barclays Bank PLC 0.75 4/19/2033 USD 55.15
Nuova Banca Popolare dell'E 1.68 9/28/2017 EUR 0.81
Barclays Bank PLC 6.64 3/27/2029 USD 69.43
HSBC Bank PLC 0.50 4/27/2027 NZD 60.54
AgroGeneration 8.00 4/1/2019 EUR 69.30
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.15
LBI HF 2.25 2/14/2011 CHF 6.63
Takko Luxembourg 2 SCA 6.69 4/15/2019 EUR 73.00
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 6.57
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 9.25
Northland Resources AB 4.00 10/15/2020 NOK 0.07
Orient Express Bank PJSC 13.60 8/9/2018 RUB 63.75
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 10.20
Aralco Finance SA 10.13 5/7/2020 USD 1.26
Solon SE 1.38 12/6/2012 EUR 0.33
Finmek International SA 7.00 12/3/2004 EUR 0.13
Algeco Scotsman Global Fina 10.75 10/15/2019 USD 70.38
Barclays Bank PLC 1.52 7/28/2034 USD 62.82
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 9.63
Vnesheconombank 11.60 2/17/2025 RUB 60.01
Deutsche ETP GmbH & Co Immo 3.00 11/30/2028 EUR
Moscow United Electric Grid 11.00 9/12/2024 RUB 61.22
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Penell GmbH Elektrogroshand 7.75 6/10/2019 EUR 4.50
State Transport Leasing Co 9.00 11/24/2031 RUB 60.31
Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 60.25
UmweltBank AG 2.85 EUR 50.62
Far East Capital Ltd SA 8.75 5/2/2020 USD 56.25
Governo Portugues Consolida 2.75 EUR 65.50
Barclays Bank PLC 2.84 10/30/2034 USD 68.72
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 9.25
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 9.25
Pongs & Zahn AG 8.50 EUR 0.34
IVG Immobilien AG 5.54 EUR 0.48
Heliocentris Energy Solutio 4.00 1/16/2019 EUR 58.09
Depfa Funding IV LP 5.03 EUR 56.88
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 9.25
Kaupthing ehf 9.00 USD 0.13
KPNQwest NV 8.13 6/1/2009 USD 0.06
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 62.05
AKB Peresvet ZAO 13.25 6/22/2017 RUB 37.06
Frigoglass Finance BV 8.25 5/15/2018 EUR 63.75
Blaker Sparebank 4.83 NOK 41.54
NIBC Bank NV 3.01 USD 72.93
Standard Chartered PLC 1.21 USD 66.33
AKB Peresvet ZAO 12.50 9/6/2017 RUB 33.04
Barclays Bank PLC 0.55 8/31/2031 USD 68.20
AKB Peresvet ZAO 13.25 4/25/2018 RUB 35.00
OAS Investments GmbH 8.25 10/19/2019 USD 4.10
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 1.21
SG Option Europe SA 7.00 5/5/2017 EUR 66.75
Lloyds Bank PLC 2.45 10/25/2033 USD 73.00
Russian Post FGUP 9.35 10/18/2019 RUB 62.00
Bashneft PJSC 9.30 10/15/2026 RUB 60.00
Heta Asset Resolution AG 0.27 12/31/2023 EUR 39.25
Royal Bank of Scotland PLC/ 2.65 2/25/2031 USD 66.00
Barclays Bank PLC 3.41 5/30/2034 USD 67.32
VEB-Leasing OAO 12.50 2/20/2025 RUB 61.16
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 26.25
Santander Finance Capital S 2.00 USD 43.00
Matalan Finance PLC 8.88 6/1/2020 GBP 69.88
Veneto Banca SpA 1.69 5/15/2019 EUR 70.50
Depfa Funding II LP 6.50 EUR 56.00
Credit Suisse AG/London 10.00 6/28/2017 USD 54.50
AKB Peresvet ZAO 13.25 11/6/2020 RUB 22.02
SpareBank 1 Nordvest 3.94 3/11/2099 NOK 69.04
Mifa Mitteldeutsche Fahrrad 7.50 8/12/2018 EUR 2.67
Credit Suisse AG/London 8.00 5/21/2025 USD 9.09
Montepio Holding SGPS SA 5.00 EUR 50.10
DEIKON GmbH 1.00 7/1/2016 EUR 29.57
SAir Group 6.25 10/27/2002 CHF 12.53
Abengoa SA 5.13 3/5/2017 USD 3.21
BLT Finance BV 7.50 5/15/2014 USD 2.20
WPE International Cooperati 10.38 9/30/2020 USD 14.88
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 37.36
Vnesheconombank 9.75 8/16/2029 RUB 60.00
EFG International Finance G 2.10 3/23/2018 EUR 10.16
Landes-Hypothekenbank Steie 0.02 9/26/2043 EUR 71.99
Bank Intesa AO 9.75 10/10/2019 RUB 60.00
Novo Banco SA 3.00 12/16/2021 EUR 53.88
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 1.21
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 60.50
Abengoa SA 5.13 3/5/2017 USD 3.21
Immigon Portfolioabbau AG 7.00 3/6/2021 EUR 33.50
Hypo Tirol Bank AG 0.17 7/23/2026 EUR 66.87
Petromena ASA 10.85 11/19/2014 USD 0.55
Landesbank Hessen-Thueringe 0.12 5/3/2041 EUR 62.67
Hamburgische Landesbank-Gir 0.07 1/22/2041 EUR 61.83
World of Building Technolog 7.70 6/25/2019 RUB 1.45
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 9.25
Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 1.21
Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 1.21
CHC Helicopter SA 9.25 10/15/2020 USD 47.25
PagesJaunes Finance & Co SC 8.88 6/1/2018 EUR 62.00
Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 1.21
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.38
Heta Asset Resolution AG 0.45 12/31/2023 EUR 39.25
SAir Group 6.25 4/12/2005 CHF 12.50
Phones4u Finance PLC 9.50 4/1/2018 GBP 66.00
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 9.25
Marine Subsea AS 9.00 12/16/2019 USD 0.50
UkrLandFarming PLC 10.88 3/26/2018 USD 29.88
SpareBank 1 SR-Bank ASA 4.00 12/21/2030 EUR 74.70
Republic of Italy Governmen 0.30 7/31/2035 EUR 74.57
Mechel PJSC 8.00 2/9/2021 RUB 70.01
Marfin Investment Group Hol 7.00 7/29/2019 EUR 1.00
MT-Energie GmbH & Co KG 8.25 4/4/2017 EUR 8.41
State of Carinthia 0.77 7/20/2017 CHF 0.20
International Finance Facil 0.50 6/29/2027 ZAR 35.04
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 9.25
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 9.25
MegaFon PJSC 9.90 5/29/2026 RUB 62.00
Oberoesterreichische Landes 0.30 4/25/2042 EUR 52.88
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 9.25
Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 1.21
UBS AG/London 14.50 5/26/2017 CHF 67.50
Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 1.21
Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.21
AKB Peresvet ZAO 9.80 9/2/2020 RUB 25.35
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 62.69
Barclays Bank PLC 0.50 2/6/2024 AUD 73.80
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
NIBC Bank NV 3.01 USD 72.93
Societe Generale SA 0.53 6/28/2033 USD 72.10
State Transport Leasing Co 9.20 9/5/2031 RUB 60.10
Far East Capital Ltd SA 8.00 5/2/2018 USD 55.54
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 9.25
Abengoa SA 6.25 1/17/2019 EUR 2.64
Landesbank Hessen-Thueringe 0.13 4/23/2041 EUR 65.56
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 9.25
AKB Peresvet ZAO 12.75 7/24/2018 RUB 33.10
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Svensk Exportkredit AB 0.50 6/29/2029 AUD 58.94
Minaya Capital AG 7.00 8/1/2018 EUR 66.00
SG Issuer SA 5.05 4/10/2025 EUR 55.56
Raiffeisen Centrobank AG 6.70 3/13/2017 EUR 59.86
Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 1.21
Raiffeisen Versicherung AG 5.08 EUR 26.31
Aldesa Financial Services S 7.25 4/1/2021 EUR 67.75
Marfin Investment Group Hol 6.30 7/29/2020 EUR 0.85
Finans-Avia OOO 0.01 7/31/2027 RUB 18.90
Province of Milan Italy 0.07 12/22/2033 EUR 68.66
Kommunalbanken AS 0.50 5/27/2022 ZAR 61.99
LBI HF 6.10 8/25/2011 USD 11.13
UniCredit Bank Austria AG 0.04 1/25/2031 EUR 68.52
UniCredit Bank AO 9.00 8/6/2019 RUB 60.00
Atari SA 7.50 2/17/2020 EUR 0.33
Gazprombank JSC 10.90 2/19/2021 RUB 60.00
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 1.21
Hamburgische Landesbank-Gir 0.07 10/30/2040 EUR 64.16
SAir Group 0.13 7/7/2005 CHF 12.50
BNP Paribas SA 0.50 9/29/2029 AUD 54.78
Societe Generale SA 1.00 12/22/2017 GBP 1.00
Mechel PJSC 8.00 2/9/2021 RUB 60.01
Muehl Product & Service AG 6.75 3/10/2005 DEM 2.41
Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 1.21
Banca Nazionale del Lavoro 1.68 6/15/2037 EUR 74.76
wige MEDIA AG 6.00 3/17/2019 EUR 2.33
Banco Comercial Portugues S 5.00 EUR 50.00
Salvator Grundbesitz-AG 9.50 EUR 21.00
HSBC Bank PLC 0.50 10/30/2026 NZD 62.13
Finans-Avia OOO 8.25 7/31/2022 RUB 65.39
Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 1.21
Svensk Exportkredit AB 0.50 12/17/2027 USD 74.22
Lloyds Bank PLC 3.00 7/26/2033 USD 69.65
Western High-Speed Diameter 9.15 2/6/2032 RUB 60.01
Metalloinvest Holding Co OA 0.01 3/10/2022 RUB 60.00
BNP Paribas SA 0.50 5/6/2021 MXN 70.90
Russian Post FGUP 2.75 12/6/2023 RUB 67.03
Landes-Hypothekenbank Steie 0.10 3/7/2043 EUR 72.99
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 1.21
SAir Group 4.25 2/2/2007 CHF 12.50
Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 1.21
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 1.21
Bayerische Landesbank 2.60 3/29/2018 EUR 70.28
SAir Group 2.13 11/4/2004 CHF 12.50
Svensk Exportkredit AB 0.50 8/29/2029 AUD 58.39
Russian Railways JSC 6.40 6/8/2028 RUB 60.00
Nuova Banca Popolare dell'E 3.50 6/28/2018 EUR 0.78
Banco Espirito Santo SA 1.24 5/27/2018 EUR 0.49
Barclays Bank PLC 9.00 6/16/2017 USD
Miratorg-Finans OOO 11.00 8/24/2021 RUB 60.00
OOO SPV Structural Investme 0.01 9/1/2023 RUB 65.00
International Finance Facil 0.50 6/29/2020 ZAR 72.91
Atari SA 0.10 4/1/2020 EUR 3.88
Johnston Press Bond Plc 8.63 6/1/2019 GBP 62.75
Lehman Brothers Treasury Co 8.00 3/19/2012 USD 1.21
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 66.63
Credit Agricole Corporate & 0.50 3/6/2023 RUB 62.13
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Western High-Speed Diameter 9.15 2/6/2032 RUB 60.01
Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 1.21
UBS AG/London 3.50 3/24/2017 EUR 74.23
Norddeutsche Landesbank Gir 3.00 7/16/2018 EUR 70.63
Ideal Standard Internationa 11.75 5/1/2018 EUR 11.88
Raiffeisenbank AO 0.01 10/29/2018 RUB 72.01
WGF Westfaelische Grundbesi 6.35 8/1/2017 EUR 3.63
Gazprom PJSC 6.40 10/21/2043 RUB 60.06
Brighthouse Group PLC 7.88 5/15/2018 GBP 68.88
Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 1.21
Barclays Bank PLC 2.24 8/15/2033 USD 62.08
Agrokompleks OOO 0.10 12/8/2022 RUB 1.00
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.00
Abengoa Finance SA 7.00 4/15/2020 EUR 3.80
Western High-Speed Diameter 9.15 2/6/2032 RUB 57.02
Barclays Bank PLC 2.50 3/7/2017 EUR 49.71
Kamaz PJSC 10.39 12/5/2030 RUB 60.01
Eiendomskreditt 4.48 NOK 58.60
Holdikks SAS 6.75 7/15/2021 EUR 71.38
Mechel PJSC 12.50 7/15/2021 RUB 72.00
Astana Finance BV 9.00 11/16/2011 USD 16.88
HSBC Bank PLC 0.50 12/29/2026 AUD 62.09
Societe Generale SA 10.00 7/31/2018 USD 74.98
Argon Capital PLC for Royal 2.70 GBP 70.25
Immigon Portfolioabbau AG 3.51 4/12/2022 EUR 15.00
RGS Nedvizhimost OOO 12.50 6/21/2021 RUB 60.03
AKB Peresvet ZAO 13.50 6/23/2021 RUB 27.02
Lloyds Bank PLC 0.50 7/26/2021 BRL 62.22
HSBC Bank PLC 0.50 12/22/2025 BRL 45.20
Steiermaerkische Bank und S 1.25 EUR 51.05
DekaBank Deutsche Girozentr 0.01 6/29/2046 EUR 55.17
Barclays Bank PLC 0.50 3/26/2021 MXN 67.84
Dolomite Capital Ltd 13.26 12/20/2019 ZAR 64.80
Vegarshei Sparebank 5.10 NOK 61.86
Oberoesterreichische Landes 0.32 11/6/2030 EUR 67.88
BNP Paribas SA 0.50 2/13/2024 NZD 72.04
Zapsibcombank PAO 14.85 12/12/2019 RUB 50.00
Lehman Brothers Treasury Co 7.50 10/24/2008 USD 1.21
Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 1.21
Svensk Exportkredit AB 0.50 8/28/2020 TRY 65.29
Tonon Luxembourg SA 7.25 1/24/2020 USD 11.13
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 1.21
Russian Railways JSC 7.10 11/29/2028 RUB 60.00
Nuova Banca delle Marche Sp 7.75 6/30/2018 EUR 1.24
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 70.38
Lehman Brothers Treasury Co 11.00 12/19/2011 USD 1.21
Province of Brescia Italy 0.11 12/22/2036 EUR 63.31
Rosbank PJSC 0.01 2/26/2024 RUB 70.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 3.29
Russian Bank for Small and 14.00 3/17/2022 RUB 61.02
Russian Railways JSC 13.90 5/30/2040 RUB 65.00
Deutsche Bank AG/London 1.52 9/2/2036 JPY 68.15
Deutsche Bank AG/London 0.50 10/5/2021 IDR 60.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 63.37
Afren PLC 10.25 4/8/2019 USD 0.07
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 60.01
RGS Nedvizhimost OOO 13.50 1/19/2021 RUB 60.03
UniCredit Bank AO 12.00 11/20/2019 RUB 60.11
City of Siret Romania 2.24 3/1/2028 RON 51.00
Podkarpacki Bank Spoldzielc 5.81 7/2/2020 PLN 57.90
Nuova Banca Popolare dell'E 5.00 10/30/2023 EUR 0.78
Pierer Industrie AG 5.75 EUR 52.50
Cerruti Finance SA 6.50 7/26/2004 EUR 1.29
Evrofinansy-Nedvizhimost OO 11.00 10/23/2020 RUB 60.13
Bank Julius Baer & Co Ltd/G 23.00 8/4/2017 USD 74.20
Immigon Portfolioabbau AG 8.69 7/26/2025 EUR 15.00
Credit Europe Bank Ltd 11.00 4/6/2018 RUB 60.11
Bilt Paper BV 9.64 USD 49.38
Orient Express Bank PJSC 11.70 7/17/2018 RUB 70.01
Alpha Bank AE 2.50 6/20/2022 EUR 67.83
Alpha Bank AE 2.50 6/20/2022 EUR 67.85
LBI HF 7.43 USD 0.00
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
UBS AG 11.75 12/22/2017 EUR 44.59
Delta-Finance OOO 10.00 1/19/2021 RUB
Lillestroem Sparebank 4.63 NOK 52.19
Societe Generale SA 0.50 5/30/2023 MXN 57.56
HSBC Bank PLC 0.50 6/10/2021 BRL 66.99
Immigon Portfolioabbau AG 8.69 7/26/2020 EUR 15.00
Pravourmiyskoe OOO 9.00 12/26/2019 RUB 60.01
Barclays Bank PLC 0.50 3/13/2023 RUB 62.14
Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 1.21
Lehman Brothers Treasury Co 8.00 3/21/2018 USD 1.21
Nutritek International Corp 8.75 12/11/2008 USD 2.00
Realwerte GmBh & Co KG 1.20 EUR 42.86
UniCredit Bank AO 9.00 5/17/2019 RUB 60.03
Mriya Agro Holding PLC 10.95 3/30/2016 USD 4.95
Dresdner Bank AG 0.38 11/19/2029 EUR 65.38
SG Issuer SA 0.78 6/15/2020 SEK 70.92
Northland Resources AB 12.25 3/26/2016 USD 0.44
Russian Railways JSC 7.10 4/29/2043 RUB 60.00
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 1.21
BAWAG PSK Versicherungs AG 1.06 EUR 46.49
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 1.21
Rinol AG 5.50 10/15/2006 DEM 0.00
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 1.21
BLT Finance BV 7.50 5/15/2014 USD 2.20
Credit Suisse AG/London 9.50 11/15/2019 USD 5.23
Stroytemp CJSC 9.00 11/13/2019 RUB 0.01
Russian Railways JSC 7.40 9/20/2039 RUB 60.00
Mortgage Agent AHML 10-1 9.00 11/20/2042 RUB 60.01
Province of Rovigo Italy 0.06 12/28/2035 EUR 65.05
Province of Brescia Italy 0.14 6/30/2036 EUR 64.27
Indre Sogn Sparebank 5.98 NOK 62.02
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.00
SAir Group 5.13 3/1/2003 CHF 13.00
Podkarpacki Bank Spoldzielc 4.99 10/6/2021 PLN 54.00
Elli Investments Ltd 12.25 6/15/2020 GBP 45.13
Bank Julius Baer & Co Ltd/G 14.40 11/2/2017 CHF 66.95
Union Technologies Informat 0.10 1/1/2020 EUR
Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 1.21
Gold-Zack AG 7.00 12/14/2005 EUR 12.56
UniCredit Bank AG 4.00 3/21/2017 EUR 65.17
Notenstein Finance Guernsey 1.00 9/17/2019 CHF 62.98
Promnefteservis OOO 10.50 11/21/2019 RUB 1.05
Bayerische Landesbank 2.40 7/20/2018 EUR 72.05
Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 1.21
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 1.21
Russian Railways JSC 8.20 8/18/2033 RUB 60.00
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.21
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 9.63
UniCredit Bank Austria AG 0.20 1/22/2031 EUR 70.19
City of Hunedoara Romania 1.43 8/15/2026 RON 70.10
Lehman Brothers Treasury Co 9.75 6/22/2018 USD 1.21
Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 1.21
UBS AG 4.75 12/22/2017 EUR 57.75
Biomed-Lublin Wytwornia Sur 7.29 8/14/2018 PLN 75.00
Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 1.21
Svensk Exportkredit AB 0.10 11/20/2019 TRY 70.54
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Enemona AD-Kozloduy 10.00 4/28/2017 BGN 0.06
Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 1.21
City of Moscow Russia 7.50 5/18/2021 RUB 60.00
Municipiul Timisoara 0.64 5/15/2026 RON 64.20
SAir Group 5.50 7/23/2003 CHF 12.50
ECA 2.50 1/1/2018 EUR 11.21
Agrokompleks OOO 0.10 7/29/2019 RUB 2.71
Drangedal Sparebank 2.36 NOK 65.99
Lehman Brothers Treasury Co 16.20 5/14/2009 USD 1.21
International Industrial Ba 9.00 7/6/2011 EUR 0.49
Cattles Ltd 7.13 7/5/2017 GBP 1.05
SAir Group 2.75 7/30/2004 CHF 12.50
Norddeutsche Landesbank Gir 3.00 10/30/2018 EUR 67.06
Credit Suisse AG/London 0.50 1/8/2026 BRL 40.23
Bayerische Landesbank 2.70 7/13/2018 EUR 71.64
Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 1.21
Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 9.63
Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 1.21
Sidetur Finance BV 10.00 4/20/2016 USD 5.25
Credit Suisse AG 0.50 12/16/2025 BRL 41.39
Societe Generale SA 0.50 7/31/2020 MXN 74.66
Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 1.21
Leonteq Securities AG 16.40 2/6/2017 CHF 36.56
Raiffeisen Centrobank AG 9.50 7/13/2017 EUR 66.11
UBS AG/London 5.75 6/6/2017 CHF 74.70
Russian Railways JSC 6.80 5/20/2044 RUB 65.00
Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 1.21
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 9.25
Hypocredit AD 7.50 12/18/2017 EUR 40.00
Fonciere Volta SA 4.50 7/30/2020 EUR 2.61
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 1.21
Barclays Bank PLC 0.50 1/28/2033 MXN 20.50
HSBC Bank PLC 0.50 5/29/2020 IDR 73.16
Reserve Trust Co CJSC 11.00 1/4/2027 RUB 0.01
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 65.00
Strommen Sparebank 2.36 NOK 37.91
Lehman Brothers Treasury Co 4.00 1/4/2011 USD 1.21
Astana Finance BV 7.88 6/8/2010 EUR 16.88
DekaBank Deutsche Girozentr 3.00 5/4/2018 EUR 66.43
Landesbank Baden-Wuerttembe 4.20 6/23/2017 EUR 59.84
SAir Group 2.75 7/30/2004 CHF 12.50
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.03
Vontobel Financial Products 5.00 2/13/2017 EUR 62.19
Vnesheconombank 2.00 6/18/2021 RUB 72.35
Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 1.21
Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 1.21
Main Road OJSC 5.40 11/22/2028 RUB 63.23
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 61.33
Windreich GmbH 6.25 3/1/2015 EUR 10.88
UBS AG/London 8.00 7/10/2017 CHF 72.65
Vnesheconombank 11.50 8/20/2020 RUB 60.51
Municipality Finance PLC 0.50 6/19/2024 ZAR 50.16
Russian Railways JSC 6.40 2/28/2040 RUB 65.00
Bayerische Landesbank 2.70 7/6/2018 EUR 68.16
UBS AG/London 12.50 1/3/2017 CHF 36.15
Lehman Brothers Treasury Co 4.00 8/11/2010 USD 9.25
Municipiul Timisoara 0.64 5/12/2026 RON 75.00
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 9.25
Landesbank Hessen-Thueringe 5.00 10/17/2017 EUR 67.07
Credit Suisse AG/London 8.95 6/6/2017 USD 71.08
Bayerische Landesbank 2.70 7/20/2018 EUR 71.86
UBS AG/London 7.00 7/3/2017 CHF 67.95
LZMO SA 8.50 6/30/2017 PLN 25.00
Leonteq Securities AG/Guern 29.61 10/26/2017 EUR 22.00
Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 1.21
HSH Nordbank AG 7.25 USD 23.02
Immigon Portfolioabbau AG 1.31 7/29/2018 EUR 2.00
Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 1.21
Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 1.21
OT-Optima Telekom DD 5.25 5/30/2022 HRK 65.00
Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 1.21
Lehman Brothers Treasury Co 5.25 11/21/2009 USD 1.21
Zapsibcombank PAO 5.00 9/4/2017 RUB 60.00
Novo Banco SA 5.00 4/23/2019 EUR 68.09
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Windreich GmbH 6.75 3/1/2015 EUR 10.88
BANIF - Banco Internacional 4.50 1/30/2025 EUR 65.25
Bayerische Landesbank 2.70 7/6/2018 EUR 67.31
Credit Suisse AG/Nassau 4.25 4/24/2017 CHF 73.51
Emova Group 4.30 5/2/2022 EUR 4.72
Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 1.21
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 1.21
COFIDUR SA 0.10 12/31/2024 EUR 19.00
Bank Julius Baer & Co Ltd/G 10.90 7/26/2017 CHF 62.80
EFG International Finance G 6.48 5/29/2018 EUR 10.35
HSBC Bank PLC 0.50 7/21/2021 BRL 66.11
Bank Julius Baer & Co Ltd/G 9.40 2/9/2017 CHF 29.05
DekaBank Deutsche Girozentr 0.12 6/23/2034 EUR 72.55
Bayerische Landesbank 3.20 7/27/2018 EUR 69.15
Bayerische Landesbank 2.70 7/27/2018 EUR 72.65
Bayerische Landesbank 2.90 6/22/2018 EUR 71.09
Bayerische Landesbank 2.70 6/22/2018 EUR 73.06
Societe Generale SA 0.50 7/6/2021 BRL 63.85
Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 1.21
Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.21
Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 1.21
Nuova Banca delle Marche Sp 8.00 6/30/2018 EUR 1.24
Russian Railways JSC 6.40 9/19/2033 RUB 60.00
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.25
Credit Suisse AG/London 7.80 7/16/2025 USD 9.22
Bayerische Landesbank 2.60 8/24/2018 EUR 69.86
Bayerische Landesbank 3.00 10/5/2018 EUR 75.00
Leonteq Securities AG/Guern 4.40 8/28/2017 CHF 60.92
Lehman Brothers Treasury Co 10.00 6/17/2009 USD 1.21
Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 1.21
Lehman Brothers Treasury Co 6.30 12/21/2018 USD 1.21
Kaupthing ehf 7.63 2/28/2015 USD 17.63
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 1.21
Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 1.21
BNP Paribas Emissions- und 27.00 3/23/2017 EUR 73.51
Immigon Portfolioabbau AG 5.05 8/5/2030 EUR 72.38
Kommunekredit 0.50 12/14/2020 ZAR 71.17
Oravita City Council 1.97 6/15/2027 RON 75.00
Russian Railways JSC 7.40 10/11/2038 RUB 60.00
Societe Generale SA 0.50 6/12/2023 RUB 60.75
Municipiul Timisoara 0.64 5/15/2026 RON 60.87
BNP Paribas SA 0.50 7/20/2021 BRL 62.78
Societe Generale SA 0.50 5/22/2024 MXN 52.04
AKB Derzhava OJSC 11.50 7/10/2023 RUB 60.01
HSBC Bank PLC 0.50 4/11/2023 MXN 58.35
Societe Generale SA 0.50 4/3/2023 RUB 61.89
UBS AG/London 11.00 2/24/2017 CHF 47.35
Exane Finance 5.00 12/20/2019 SEK 64.40
Credit Suisse AG/Nassau 7.90 2/27/2017 CHF 70.82
Bank Julius Baer & Co Ltd/G 6.50 3/6/2017 CHF 72.95
Commerzbank AG 8.00 7/14/2021 USD
Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 1.21
Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 1.21
LBI HF 7.43 USD 0.00
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 1.21
Lehman Brothers Treasury Co 7.15 3/21/2013 USD 1.21
LBI HF 8.65 5/1/2011 ISK 6.63
Nuova Banca Popolare dell'E 2.19 5/21/2018 EUR 0.81
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 1.21
Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 1.21
Lehman Brothers Treasury Co 7.39 5/4/2017 USD 1.21
Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 9.63
UBS AG 5.25 12/22/2017 EUR 64.29
Credit Suisse AG/London 8.20 10/22/2025 USD 9.32
EFG International Finance G 7.00 11/27/2019 EUR 29.14
Bank Julius Baer & Co Ltd/G 12.15 11/8/2017 CHF 67.95
Lehman Brothers Treasury Co 3.40 3/19/2018 JPY 1.21
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 68.29
Raiffeisen-Landesbank Tirol 2.50 9/2/2024 EUR 72.55
Nuova Banca delle Marche Sp 7.20 6/30/2018 EUR 1.24
Kreditanstalt fuer Wiederau 0.25 10/6/2036 CAD 40.65
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.21
Kaupthing ehf 7.50 2/1/2045 USD 0.00
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 1.21
HSBC Bank PLC 0.50 11/25/2025 BRL 45.49
Kommunalbanken AS 0.50 12/16/2020 TRY 68.86
Barclays Bank PLC 0.79 5/10/2028 USD 65.32
Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 1.21
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.00
Northland Resources AB 15.00 7/15/2019 USD 0.44
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 31.52
UBS AG/London 15.50 11/30/2017 CHF 72.25
Leonteq Securities AG 11.00 1/9/2017 EUR 64.85
HSBC Bank PLC 0.50 12/8/2026 AUD 67.01
Credit Suisse AG/London 7.80 7/31/2020 USD 9.33
BNP Paribas SA 0.50 11/16/2032 MXN 28.92
Russian Railways JSC 13.90 2/28/2040 RUB 65.00
Leonteq Securities AG 3.50 4/10/2018 EUR 57.85
Rosselkhozbank JSC 12.87 12/21/2021 RUB 65.00
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
UniCredit Bank Austria AG 0.08 1/24/2031 EUR 68.96
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 10.00
SG Issuer SA 6.65 10/10/2021 EUR 63.80
Leonteq Securities AG 10.00 2/6/2017 CHF 63.16
UBS AG/London 11.00 1/27/2017 CHF 29.40
Landesbank Baden-Wuerttembe 3.90 9/22/2017 EUR 40.48
Zurcher Kantonalbank Financ 13.04 4/13/2017 CHF 52.60
Mortgage Agent First St Pet 8.50 7/15/2041 RUB 59.30
Municipality Finance PLC 0.50 11/25/2020 ZAR 69.59
Main Road OJSC 5.40 10/30/2028 RUB 56.01
Bank Julius Baer & Co Ltd/G 10.25 5/17/2017 CHF 54.90
Landeskreditbank Baden-Wuer 0.50 5/10/2027 CAD 74.98
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 9.25
Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.21
Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 9.63
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Center-Invest Commercial Ba 8.70 11/13/2018 RUB 60.01
Bank Julius Baer & Co Ltd/G 11.30 6/7/2017 CHF 59.25
EFG International Finance G 6.00 11/30/2017 EUR 8.99
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 37.24
Zurcher Kantonalbank Financ 12.10 9/6/2017 CHF 66.93
Barclays Bank PLC 1.61 7/24/2028 USD 73.21
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 34.85
Vnesheconombank 8.35 11/24/2020 RUB 60.01
Barclays Bank PLC 0.50 4/24/2023 MXN 53.58
Barclays Bank PLC 0.50 3/19/2021 MXN 67.87
HSBC Bank PLC 5.05 5/15/2025 MXN 74.18
Deutsche Bank AG/London 1.20 8/22/2031 JPY 73.04
HSBC Bank PLC 0.50 1/29/2027 NZD 61.12
HSBC Bank PLC 0.50 2/24/2027 NZD 61.16
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 62.02
UBS AG/London 9.50 9/4/2017 CHF 21.25
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 71.34
Bank Julius Baer & Co Ltd/G 11.60 1/5/2017 CHF 23.50
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 1.21
Landesbank Hessen-Thueringe 4.50 11/28/2017 EUR 67.26
UBS AG 11.75 12/22/2017 EUR 48.16
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.12
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 74.24
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 53.27
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 72.91
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 64.95
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 67.59
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 65.58
Societe Generale Effekten G 9.62 6/23/2017 EUR 55.95
UBS AG/London 7.50 2/10/2017 EUR 73.34
HSBC Trinkaus & Burkhardt A 7.10 3/24/2017 EUR 64.12
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 36.01
Center-Invest Commercial Ba 10.00 5/22/2019 RUB 60.11
Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 1.21
Totens Sparebank 2.75 NOK 69.84
City of Alba Iulia Romania 1.50 4/15/2025 RON 68.30
City of Hunedoara Romania 1.43 8/15/2026 RON 70.30
UBS AG/London 8.40 8/11/2017 EUR 75.00
HSBC Trinkaus & Burkhardt A 5.50 1/31/2017 EUR 69.57
Commerzbank AG 8.75 6/22/2017 EUR 73.09
Commerzbank AG 12.25 6/22/2017 EUR 68.26
Commerzbank AG 16.00 6/22/2017 EUR 64.32
Commerzbank AG 13.75 2/23/2017 EUR 74.03
UBS AG/London 9.50 12/22/2017 EUR 62.87
UBS AG/London 5.75 12/22/2017 EUR 72.17
UBS AG/London 5.00 12/22/2017 EUR 62.68
UBS AG/London 6.25 12/22/2017 EUR 70.55
UniCredit Bank AG 4.25 9/12/2017 EUR 59.14
Notenstein La Roche Private 5.00 8/29/2018 CHF 65.12
Notenstein La Roche Private 5.00 9/5/2018 CHF 67.62
DZ Bank AG Deutsche Zentral 5.60 3/30/2017 EUR 37.58
DekaBank Deutsche Girozentr 3.05 2/25/2019 EUR 73.82
Vontobel Financial Products 5.35 3/3/2017 EUR 59.66
Vontobel Financial Products 5.40 3/3/2017 EUR 69.72
EFG International Finance G 8.99 9/4/2017 EUR 15.85
Landesbank Hessen-Thueringe 4.00 4/8/2019 EUR 65.03
Leonteq Securities AG 5.25 3/19/2018 CHF 72.96
Notenstein La Roche Private 6.50 3/13/2017 EUR 51.92
UniCredit Bank AG 4.60 7/2/2018 EUR 62.29
Raiffeisen Centrobank AG 6.88 3/30/2017 EUR 61.61
Notenstein La Roche Private 5.00 3/20/2017 CHF 74.83
Leonteq Securities AG 7.00 9/20/2017 CHF 65.50
Commerzbank AG 7.20 3/9/2017 EUR 74.62
Credit Suisse AG/Nassau 5.00 3/27/2017 CHF 73.15
DekaBank Deutsche Girozentr 3.75 3/10/2017 EUR 48.42
UBS AG/London 5.00 3/20/2017 CHF 74.90
DekaBank Deutsche Girozentr 3.15 2/3/2017 EUR 58.14
Bayerische Landesbank 2.60 10/19/2018 EUR 65.83
Notenstein La Roche Private 4.50 3/27/2018 EUR 58.59
Notenstein La Roche Private 5.50 3/27/2017 CHF 74.72
Notenstein La Roche Private 5.00 3/27/2019 CHF 73.35
Landesbank Hessen-Thueringe 5.00 4/24/2019 EUR 62.04
Landesbank Hessen-Thueringe 6.20 7/24/2020 EUR 73.41
DekaBank Deutsche Girozentr 2.70 3/16/2018 EUR 69.69
UBS AG/London 5.50 3/27/2017 CHF 74.15
Landesbank Hessen-Thueringe 4.00 4/30/2019 EUR 71.38
Leonteq Securities AG 3.00 10/2/2017 CHF 74.23
Notenstein La Roche Private 4.80 10/24/2018 CHF 74.97
Notenstein La Roche Private 4.20 4/10/2018 EUR 61.36
Notenstein Finance Guernsey 9.00 4/1/2019 EUR 35.91
DekaBank Deutsche Girozentr 2.50 3/31/2017 EUR 68.69
Notenstein La Roche Private 5.70 4/20/2017 CHF 73.49
Notenstein La Roche Private 4.80 4/20/2017 CHF 72.12
Zurcher Kantonalbank Financ 6.50 4/10/2018 CHF 63.10
UBS AG/London 6.25 4/18/2017 CHF 73.00
Leonteq Securities AG 5.60 4/24/2017 CHF 73.29
Leonteq Securities AG 7.20 4/24/2017 EUR 59.99
Notenstein La Roche Private 6.50 7/2/2018 USD 60.91
UBS AG 9.00 7/3/2017 CHF 66.90
EFG International Finance G 5.00 8/15/2017 CHF 66.64
Leonteq Securities AG 20.00 10/25/2017 CHF 67.38
Leonteq Securities AG 17.00 8/17/2017 CHF 72.83
HSBC Trinkaus & Burkhardt A 4.00 6/16/2017 EUR 65.52
Vontobel Financial Products 4.00 11/9/2017 EUR 67.67
HSBC Trinkaus & Burkhardt A 9.20 6/23/2017 EUR 72.48
HSBC Trinkaus & Burkhardt A 10.40 1/27/2017 EUR 69.68
HSBC Trinkaus & Burkhardt A 17.00 1/27/2017 EUR 41.55
Goldman Sachs & Co Wertpapi 15.00 1/25/2017 EUR 71.63
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 67.17
Goldman Sachs & Co Wertpapi 17.00 1/25/2017 EUR 74.72
Goldman Sachs & Co Wertpapi 15.00 1/25/2017 EUR 66.99
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 61.74
Goldman Sachs & Co Wertpapi 10.00 12/20/2017 EUR 74.54
Goldman Sachs & Co Wertpapi 12.00 12/20/2017 EUR 71.75
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 71.88
Goldman Sachs & Co Wertpapi 10.00 1/25/2017 EUR 72.48
Goldman Sachs & Co Wertpapi 14.00 1/25/2017 EUR 64.74
Goldman Sachs & Co Wertpapi 18.00 1/25/2017 EUR 60.59
Goldman Sachs & Co Wertpapi 8.00 12/20/2017 EUR 74.53
Goldman Sachs & Co Wertpapi 10.00 12/20/2017 EUR 72.33
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 69.48
Leonteq Securities AG 8.80 6/21/2017 CHF 72.47
Natixis Structured Issuance 11.70 12/8/2023 EUR 70.00
Notenstein La Roche Private 9.68 6/15/2017 CHF 70.10
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 68.52
UBS AG/London 9.75 3/24/2017 EUR 56.86
UBS AG/London 7.00 3/24/2017 EUR 62.27
Goldman Sachs & Co Wertpapi 18.00 3/22/2017 EUR 69.89
Goldman Sachs & Co Wertpapi 19.00 1/25/2017 EUR 67.51
Goldman Sachs & Co Wertpapi 14.00 3/22/2017 EUR 74.67
Goldman Sachs & Co Wertpapi 17.00 3/22/2017 EUR 69.95
Goldman Sachs & Co Wertpapi 15.00 6/21/2017 EUR 72.97
Goldman Sachs & Co Wertpapi 13.00 9/20/2017 EUR 74.63
Goldman Sachs & Co Wertpapi 22.00 1/25/2017 EUR 73.88
Notenstein La Roche Private 6.00 7/11/2017 CHF 71.55
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 68.98
Vontobel Financial Products 12.50 3/24/2017 EUR 74.20
DZ Bank AG Deutsche Zentral 5.00 1/27/2017 EUR 71.62
DZ Bank AG Deutsche Zentral 9.50 1/27/2017 EUR 71.59
DZ Bank AG Deutsche Zentral 7.50 6/23/2017 EUR 73.98
UBS AG/London 11.70 4/18/2017 EUR 63.42
Bank Julius Baer & Co Ltd/G 9.00 1/19/2017 CHF 73.75
HSBC Trinkaus & Burkhardt A 20.50 3/24/2017 EUR 74.76
Goldman Sachs & Co Wertpapi 17.00 1/25/2017 EUR 73.64
Goldman Sachs & Co Wertpapi 22.00 1/25/2017 EUR 67.42
Goldman Sachs & Co Wertpapi 20.00 2/22/2017 EUR 68.85
Goldman Sachs & Co Wertpapi 17.00 6/21/2017 EUR 73.60
Goldman Sachs & Co Wertpapi 15.00 2/22/2017 EUR 73.85
Goldman Sachs & Co Wertpapi 19.00 2/22/2017 EUR 68.94
Goldman Sachs & Co Wertpapi 21.00 1/25/2017 EUR 69.72
Goldman Sachs & Co Wertpapi 16.00 6/21/2017 EUR 74.82
Goldman Sachs & Co Wertpapi 20.00 2/22/2017 EUR 71.21
Commerzbank AG 4.00 7/19/2017 EUR 59.13
UBS AG/London 7.00 12/22/2017 EUR 73.65
UBS AG/London 7.00 12/22/2017 EUR 67.40
UBS AG/London 4.00 12/22/2017 EUR 66.12
UBS AG/London 9.00 12/22/2017 EUR 62.29
UBS AG/London 7.75 12/22/2017 EUR 41.99
Notenstein La Roche Private 5.04 8/28/2017 CHF 67.87
Leonteq Securities AG/Guern 4.68 8/29/2017 CHF 69.45
Leonteq Securities AG/Guern 5.99 9/11/2017 EUR 44.79
UniCredit Bank AG 4.00 10/14/2019 EUR 52.96
DekaBank Deutsche Girozentr 3.00 6/12/2018 EUR 68.05
Lehman Brothers Treasury Co 12.40 6/12/2009 USD 1.21
Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 1.21
Lehman Brothers Treasury Co 11.00 7/4/2011 USD 1.21
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 1.21
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasury Co 16.00 12/26/2008 USD 1.21
Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 1.21
Lehman Brothers Treasury Co 13.15 10/30/2008 USD 1.21
Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 1.21
Lehman Brothers Treasury Co 16.80 8/21/2009 USD 1.21
Lehman Brothers Treasury Co 14.10 11/12/2008 USD 1.21
Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 1.21
Lehman Brothers Treasury Co 2.30 6/6/2013 USD 1.21
Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 1.21
Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.21
Lehman Brothers Treasury Co 4.30 6/4/2012 USD 1.21
Lehman Brothers Treasury Co 4.00 6/5/2011 USD 1.21
Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 1.21
Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 1.21
Lehman Brothers Treasury Co 18.25 10/2/2008 USD 1.21
Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 1.21
Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 1.21
Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 1.21
Lehman Brothers Treasury Co 8.00 10/23/2008 USD 1.21
KPNQwest NV 7.13 6/1/2009 EUR 0.06
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 9.25
Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 1.21
Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.21
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 1.21
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.21
Lehman Brothers Treasury Co 1.00 2/26/2010 USD 1.21
Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.21
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.21
Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 1.21
LBI HF 5.08 3/1/2013 ISK 6.63
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 1.21
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 1.21
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 1.21
Lehman Brothers Treasury Co 3.45 5/23/2013 USD 1.21
Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 1.21
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 1.21
Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 1.21
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 1.21
Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 1.21
Lehman Brothers Treasury Co 6.00 10/30/2012 USD 1.21
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 1.21
Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 1.21
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 8.00 12/31/2010 USD 1.21
Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.21
Lehman Brothers Treasury Co 5.38 2/4/2014 USD 1.21
Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 1.21
Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 1.21
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 1.21
Lehman Brothers Treasury Co 4.00 10/12/2010 USD 1.21
Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 1.21
Lehman Brothers Treasury Co 9.50 4/1/2018 USD 1.21
Lehman Brothers Treasury Co 6.00 3/4/2015 USD 1.21
Immigon Portfolioabbau AG 7.00 7/24/2022 EUR 35.00
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.21
Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 1.21
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 9.25
Lehman Brothers Treasury Co 10.00 10/23/2008 USD 1.21
Lehman Brothers Treasury Co 10.00 10/22/2008 USD 1.21
Lehman Brothers Treasury Co 16.00 10/28/2008 USD 1.21
Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 1.21
Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 1.21
Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 1.21
Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 1.21
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.21
Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 1.21
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 1.21
Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 1.21
Lehman Brothers Treasury Co 16.00 11/9/2008 USD 1.21
Lehman Brothers Treasury Co 10.00 5/22/2009 USD 1.21
Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 1.21
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.21
Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 1.21
Lehman Brothers Treasury Co 17.00 6/2/2009 USD 1.21
Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.21
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 1.21
Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 1.21
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury Co 2.30 6/27/2013 USD 1.21
Lehman Brothers Treasury Co 2.37 7/15/2013 USD 1.21
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.21
Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 1.21
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.21
Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 1.21
Lehman Brothers Treasury Co 12.22 11/21/2017 USD 1.21
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.21
Lehman Brothers Treasury Co 9.00 5/15/2022 USD 1.21
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 1.21
Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 1.21
Lehman Brothers Treasury Co 4.00 5/30/2010 USD 1.21
Lehman Brothers Treasury Co 4.00 5/17/2010 USD 1.21
Royal Bank of Scotland PLC/ 6.20 9/7/2018 GBP 1.07
Lehman Brothers Treasury Co 7.50 6/15/2017 USD 1.21
Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.21
Royal Bank of Scotland PLC/ 1.33 10/26/2018 GBP 1.06
Lehman Brothers Treasury Co 2.48 5/12/2009 USD 1.21
Lehman Brothers Treasury Co 2.25 5/12/2009 USD 1.21
HSBC Trinkaus & Burkhardt A 15.20 6/23/2017 EUR 61.89
Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 1.21
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 1.21
Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 1.21
Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 1.21
DZ Bank AG Deutsche Zentral 8.00 3/24/2017 EUR 66.91
UBS AG 7.00 12/22/2017 EUR 66.55
UBS AG 7.75 12/22/2017 EUR 67.92
UBS AG 10.25 12/22/2017 EUR 47.83
UBS AG 8.50 12/22/2017 EUR 51.37
UBS AG 4.75 12/22/2017 EUR 74.65
UBS AG 6.75 12/22/2017 EUR 57.96
UBS AG 8.25 12/22/2017 EUR 53.15
UBS AG 6.25 12/22/2017 EUR 57.26
DekaBank Deutsche Girozentr 3.40 3/5/2018 EUR 72.79
UniCredit Bank AG 4.30 12/22/2017 EUR 68.12
DekaBank Deutsche Girozentr 3.30 2/26/2018 EUR 56.30
UniCredit Bank AG 4.30 10/29/2018 EUR 67.02
Landesbank Baden-Wuerttembe 3.90 6/23/2017 EUR 72.82
UBS AG 10.25 12/22/2017 EUR 58.50
UBS AG 13.00 12/22/2017 EUR 74.19
UBS AG 7.75 12/22/2017 EUR 46.56
UBS AG 8.25 12/22/2017 EUR 41.42
UBS AG 10.50 12/22/2017 EUR 49.60
UBS AG 9.50 12/22/2017 EUR 50.99
UBS AG 6.50 12/22/2017 EUR 57.46
Landesbank Baden-Wuerttembe 3.30 6/22/2018 EUR 68.04
DekaBank Deutsche Girozentr 3.10 2/26/2018 EUR 73.93
Landesbank Baden-Wuerttembe 3.00 5/25/2018 EUR 70.63
DekaBank Deutsche Girozentr 3.45 6/1/2018 EUR 60.53
UniCredit Bank AG 4.40 9/19/2018 EUR 70.66
UBS AG 9.50 12/22/2017 EUR 55.53
UBS AG 5.50 12/22/2017 EUR 74.83
UBS AG 8.00 12/22/2017 EUR 60.07
UBS AG 5.50 12/22/2017 EUR 70.10
UBS AG 7.50 12/22/2017 EUR 54.74
UBS AG 5.75 12/22/2017 EUR 61.44
UBS AG 5.00 12/22/2017 EUR 69.48
UBS AG 4.50 12/22/2017 EUR 68.22
UBS AG 5.00 12/22/2017 EUR 64.04
UBS AG 6.50 12/22/2017 EUR 65.78
Leonteq Securities AG/Guern 5.75 3/17/2017 CHF 61.10
UniCredit Bank AG 4.30 10/17/2018 EUR 69.92
Barclays Bank PLC 4.17 1/5/2017 EUR 16.92
Landesbank Baden-Wuerttembe 3.55 6/23/2017 EUR 68.48
Landesbank Baden-Wuerttembe 3.15 6/22/2018 EUR 66.58
UBS AG 5.00 12/22/2017 EUR 74.03
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 62.87
Landesbank Baden-Wuerttembe 3.05 6/22/2018 EUR 72.10
UBS AG 4.50 12/22/2017 EUR 60.11
UniCredit Bank AG 4.10 9/28/2018 EUR 63.90
DekaBank Deutsche Girozentr 3.10 5/5/2017 EUR 71.24
DekaBank Deutsche Girozentr 3.40 4/9/2018 EUR 60.25
Landesbank Baden-Wuerttembe 3.60 6/23/2017 EUR 73.29
DekaBank Deutsche Girozentr 3.15 5/18/2018 EUR 47.35
UBS AG 5.00 12/22/2017 EUR 67.65
UBS AG 4.75 12/22/2017 EUR 57.29
UBS AG/London 5.00 8/14/2017 CHF 55.40
Landesbank Baden-Wuerttembe 3.00 2/23/2018 EUR 65.21
Leonteq Securities AG/Guern 10.58 2/3/2017 USD 22.68
UBS AG/London 14.50 7/20/2017 USD 58.00
Goldman Sachs & Co Wertpapi 24.00 4/26/2017 EUR 73.26
Goldman Sachs & Co Wertpapi 24.00 6/21/2017 EUR 72.64
Goldman Sachs & Co Wertpapi 22.00 7/26/2017 EUR 73.92
Goldman Sachs & Co Wertpapi 21.00 8/23/2017 EUR 74.98
Landesbank Baden-Wuerttembe 3.00 8/24/2018 EUR 62.70
Landesbank Baden-Wuerttembe 3.40 6/22/2018 EUR 55.10
Landesbank Baden-Wuerttembe 2.70 7/27/2018 EUR 70.91
Landesbank Baden-Wuerttembe 4.20 6/23/2017 EUR 67.67
Landesbank Baden-Wuerttembe 3.40 8/24/2018 EUR 67.10
Landesbank Baden-Wuerttembe 3.00 10/27/2017 EUR 71.44
Landesbank Baden-Wuerttembe 5.00 10/27/2017 EUR 67.59
Landesbank Baden-Wuerttembe 5.00 10/27/2017 EUR 63.99
Landesbank Baden-Wuerttembe 4.00 10/27/2017 EUR 67.75
Landesbank Baden-Wuerttembe 2.50 2/24/2017 EUR 56.64
Landesbank Baden-Wuerttembe 2.50 2/24/2017 EUR 74.15
Landesbank Baden-Wuerttembe 2.50 2/24/2017 EUR 67.91
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 54.01
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 69.20
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 62.87
Landesbank Baden-Wuerttembe 3.50 2/24/2017 EUR 74.44
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 74.81
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 65.43
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 71.92
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 58.82
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 70.28
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 70.78
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 62.08
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 55.31
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 66.94
Landesbank Baden-Wuerttembe 4.00 2/24/2017 EUR 73.59
Landesbank Baden-Wuerttembe 5.00 2/24/2017 EUR 74.18
Landesbank Baden-Wuerttembe 5.00 2/24/2017 EUR 70.27
Landesbank Baden-Wuerttembe 6.00 2/24/2017 EUR 70.17
Landesbank Baden-Wuerttembe 3.60 9/22/2017 EUR 71.56
Landesbank Baden-Wuerttembe 3.90 7/28/2017 EUR 48.39
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 74.07
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 72.65
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 70.16
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 66.10
Landesbank Baden-Wuerttembe 6.00 3/24/2017 EUR 62.61
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 64.69
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 60.88
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 57.73
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 68.78
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 64.62
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 61.93
Landesbank Baden-Wuerttembe 2.50 3/24/2017 EUR 55.77
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 52.17
Landesbank Baden-Wuerttembe 4.50 3/24/2017 EUR 71.21
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 67.10
Landesbank Baden-Wuerttembe 6.00 9/22/2017 EUR 74.01
Landesbank Baden-Wuerttembe 3.00 9/22/2017 EUR 62.91
Leonteq Securities AG 6.00 10/12/2017 CHF 65.99
UniCredit Bank AG 4.50 9/19/2017 EUR 62.67
UniCredit Bank AG 5.40 6/30/2017 EUR 59.66
UBS AG 8.25 12/22/2017 EUR 60.08
UBS AG 7.00 12/22/2017 EUR 62.72
UBS AG 5.00 12/22/2017 EUR 67.81
UBS AG 8.75 12/22/2017 EUR 57.61
UBS AG 4.00 12/22/2017 EUR 73.13
UBS AG 10.25 12/22/2017 EUR 53.72
UBS AG 11.75 12/22/2017 EUR 50.93
UBS AG 9.50 12/22/2017 EUR 54.88
UBS AG 10.50 12/22/2017 EUR 50.94
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 74.44
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 69.23
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 74.38
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 68.38
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 70.46
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 73.88
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 72.69
BNP Paribas Emissions- und 26.00 6/22/2017 EUR 66.80
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 67.25
BNP Paribas Emissions- und 29.00 3/23/2017 EUR 70.18
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 74.75
BNP Paribas Emissions- und 12.00 3/23/2017 EUR 74.62
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 64.89
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 61.40
BNP Paribas Emissions- und 15.00 3/23/2017 EUR 74.55
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 72.26
BNP Paribas Emissions- und 28.00 6/22/2017 EUR 61.71
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 74.13
BNP Paribas Emissions- und 27.00 3/23/2017 EUR 72.63
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.43
BNP Paribas Emissions- und 18.00 6/22/2017 EUR 62.31
BNP Paribas Emissions- und 21.00 6/22/2017 EUR 58.60
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 58.10
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 62.55
BNP Paribas Emissions- und 15.00 3/23/2017 EUR 73.73
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 65.85
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 64.35
BNP Paribas Emissions- und 13.00 6/22/2017 EUR 66.51
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 49.19
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 54.04
Vontobel Financial Products 8.00 3/24/2017 EUR 73.75
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 71.20
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.63
BNP Paribas Emissions- und 29.00 6/22/2017 EUR 68.68
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 71.74
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 73.94
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 71.32
BNP Paribas Emissions- und 25.00 3/23/2017 EUR 70.98
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 65.98
BNP Paribas Emissions- und 29.00 3/23/2017 EUR 59.87
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 71.37
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 68.12
BNP Paribas Emissions- und 29.00 6/22/2017 EUR 73.06
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 65.66
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.63
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 55.63
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 61.87
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.68
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.82
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 74.28
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 68.68
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 73.97
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 73.80
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 63.81
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 69.17
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 64.04
BNP Paribas Emissions- und 17.00 12/21/2017 EUR 74.36
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 68.22
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 74.52
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 69.43
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 53.30
BNP Paribas Emissions- und 13.00 3/23/2017 EUR 65.14
BNP Paribas Emissions- und 16.00 3/23/2017 EUR 58.89
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 54.00
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 50.12
BNP Paribas Emissions- und 25.00 3/23/2017 EUR 47.00
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 44.46
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 63.63
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 58.03
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 55.37
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 74.19
Vontobel Financial Products 12.25 3/10/2017 EUR 68.21
Vontobel Financial Products 11.75 6/9/2017 EUR 70.69
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 62.95
Leonteq Securities AG 11.20 1/26/2017 CHF 73.73
Leonteq Securities AG 10.20 1/26/2017 CHF 63.46
Deutsche Bank AG 5.20 3/21/2017 EUR 72.70
Deutsche Bank AG 5.20 3/21/2017 EUR 69.90
Deutsche Bank AG 7.20 3/21/2017 EUR 73.10
Deutsche Bank AG 7.20 3/21/2017 EUR 70.30
DekaBank Deutsche Girozentr 2.60 10/12/2018 EUR 74.98
Goldman Sachs & Co Wertpapi 16.00 6/21/2017 EUR 67.94
Societe Generale Effekten G 8.47 6/23/2017 EUR 73.14
Societe Generale Effekten G 8.81 6/23/2017 EUR 57.32
Societe Generale Effekten G 11.68 6/23/2017 EUR 53.14
UBS AG/London 3.81 10/28/2017 USD 65.75
Notenstein La Roche Private 7.70 5/9/2017 CHF 62.39
Landesbank Baden-Wuerttembe 4.00 4/28/2017 EUR 73.18
Landesbank Baden-Wuerttembe 5.00 4/28/2017 EUR 70.24
Landesbank Baden-Wuerttembe 3.00 4/28/2017 EUR 72.44
Landesbank Baden-Wuerttembe 4.00 4/28/2017 EUR 69.87
Vontobel Financial Products 8.25 3/10/2017 EUR 73.73
Vontobel Financial Products 8.65 3/10/2017 EUR 62.85
UBS AG/London 10.20 2/10/2017 EUR 74.01
UBS AG/London 4.70 2/10/2017 EUR 69.08
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 65.21
UBS AG/London 20.36 6/6/2017 USD 6.88
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 69.23
Goldman Sachs & Co Wertpapi 11.00 6/21/2017 EUR 69.70
Goldman Sachs & Co Wertpapi 11.00 6/21/2017 EUR 65.67
Notenstein La Roche Private 4.80 11/14/2018 CHF 72.01
Goldman Sachs International 1.00 12/5/2017 SEK 13.58
Notenstein La Roche Private 5.30 11/14/2018 CHF 74.73
Notenstein La Roche Private 3.00 9/22/2020 CHF 68.21
Credit Suisse AG/London 7.00 11/15/2019 USD 8.40
UniCredit Bank AG 3.50 1/29/2020 EUR 74.51
Credit Suisse AG/London 8.00 11/29/2019 USD 8.50
Notenstein La Roche Private 5.50 12/28/2018 CHF 71.79
Notenstein La Roche Private 5.00 1/14/2019 CHF 68.71
Notenstein La Roche Private 8.50 1/16/2017 EUR 52.97
Notenstein La Roche Private 5.50 1/14/2019 CHF 73.53
Leonteq Securities AG 8.20 1/16/2017 CHF 73.72
Notenstein La Roche Private 4.50 10/31/2018 CHF 66.67
Leonteq Securities AG 3.00 9/19/2019 CHF 57.48
DekaBank Deutsche Girozentr 7.15 10/27/2017 EUR 47.63
Notenstein La Roche Private 5.00 10/31/2018 CHF 69.32
Landesbank Baden-Wuerttembe 3.25 12/22/2017 EUR 69.65
UniCredit Bank AG 4.00 6/26/2018 EUR 64.79
UniCredit Bank AG 4.60 6/30/2017 EUR 56.84
Landesbank Baden-Wuerttembe 3.25 1/26/2018 EUR 65.36
Landesbank Hessen-Thueringe 4.00 1/16/2018 EUR 64.83
Barclays Bank PLC 4.17 1/5/2017 EUR 22.20
Landesbank Baden-Wuerttembe 3.25 6/23/2017 EUR 73.62
Leonteq Securities AG/Guern 5.00 12/27/2019 EUR 70.47
Leonteq Securities AG 6.00 2/20/2017 CHF 50.76
Bayerische Landesbank 3.00 3/9/2018 EUR 60.92
Leonteq Securities AG 7.20 3/6/2017 CHF 64.94
Leonteq Securities AG 7.80 2/27/2017 EUR 60.94
DekaBank Deutsche Girozentr 2.40 2/17/2017 EUR 63.04
UniCredit Bank AG 5.00 6/25/2019 EUR 64.02
Landesbank Hessen-Thueringe 5.00 3/27/2019 EUR 66.99
EFG International Finance G 7.20 2/25/2019 EUR 29.35
Leonteq Securities AG 5.20 3/6/2017 CHF 73.70
UniCredit Bank AG 3.75 10/2/2020 EUR 68.73
DekaBank Deutsche Girozentr 2.50 2/24/2017 EUR 73.87
DekaBank Deutsche Girozentr 3.00 12/17/2018 EUR 48.23
DZ Bank AG Deutsche Zentral 5.00 2/6/2018 EUR 70.65
DekaBank Deutsche Girozentr 3.20 1/14/2019 EUR 61.21
Leonteq Securities AG 6.00 1/30/2017 CHF 69.45
UniCredit Bank AG 3.75 9/7/2020 EUR 71.06
DekaBank Deutsche Girozentr 2.75 7/17/2019 EUR 73.58
Vontobel Financial Products 6.20 2/4/2019 EUR 72.27
Notenstein La Roche Private 8.00 2/6/2017 EUR 71.00
DekaBank Deutsche Girozentr 2.75 2/2/2018 EUR 72.58
Commerzbank AG 5.24 2/16/2017 EUR 63.67
Notenstein La Roche Private 5.00 2/27/2019 CHF 68.84
Notenstein La Roche Private 5.70 2/27/2019 CHF 67.55
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 72.94
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 62.66
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 69.35
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 63.54
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 68.13
BNP Paribas Emissions- und 24.00 3/23/2017 EUR 63.40
BNP Paribas Emissions- und 28.00 3/23/2017 EUR 59.42
BNP Paribas Emissions- und 16.00 6/22/2017 EUR 71.14
BNP Paribas Emissions- und 13.00 6/22/2017 EUR 60.39
BNP Paribas Emissions- und 19.00 6/22/2017 EUR 54.23
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 54.37
BNP Paribas Emissions- und 24.00 3/23/2017 EUR 59.77
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 72.46
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 66.19
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 62.60
BNP Paribas Emissions- und 25.00 6/22/2017 EUR 60.18
BNP Paribas Emissions- und 27.00 6/22/2017 EUR 58.26
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 66.88
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 64.38
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 62.99
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 61.40
BNP Paribas Emissions- und 22.00 3/23/2017 EUR 72.32
BNP Paribas Emissions- und 26.00 3/23/2017 EUR 68.00
DZ Bank AG Deutsche Zentral 15.75 2/24/2017 EUR 67.38
Communaute Francaise de Bel 0.50 6/27/2046 EUR 68.32
DZ Bank AG Deutsche Zentral 9.25 7/28/2017 EUR 64.73
UBS AG/London 4.40 6/25/2018 USD 49.75
UBS AG/London 4.47 6/25/2018 USD 61.03
UBS AG/London 4.98 12/26/2017 USD 41.97
HSBC Trinkaus & Burkhardt A 8.20 9/22/2017 EUR 64.82
Credit Suisse AG/London 8.55 1/30/2026 USD 10.03
Societe Generale Effekten G 14.99 3/24/2017 EUR 72.10
Societe Generale Effekten G 15.64 6/23/2017 EUR 74.74
HSBC Trinkaus & Burkhardt A 11.80 3/24/2017 EUR 74.66
Zurcher Kantonalbank Financ 14.30 10/11/2017 CHF 72.31
Bank Julius Baer & Co Ltd/G 11.60 10/11/2017 CHF 64.00
UBS AG/London 15.00 10/5/2017 CHF 67.70
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Podkarpacki Bank Spoldzielc 5.80 10/24/2024 PLN 61.80
Transgazservice LLP 10.50 11/8/2019 RUB 1.10
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 68.19
Goldman Sachs & Co Wertpapi 12.00 3/22/2017 EUR 64.50
Goldman Sachs & Co Wertpapi 11.00 6/21/2017 EUR 65.70
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 69.25
HSBC Trinkaus & Burkhardt A 6.30 3/24/2017 EUR 74.24
HSBC Trinkaus & Burkhardt A 6.70 3/24/2017 EUR 60.35
HSBC Trinkaus & Burkhardt A 6.50 3/24/2017 EUR 68.44
HSBC Trinkaus & Burkhardt A 7.40 3/24/2017 EUR 62.08
HSBC Trinkaus & Burkhardt A 6.70 3/24/2017 EUR 67.83
Landesbank Baden-Wuerttembe 2.60 2/24/2017 EUR 67.25
UBS AG/London 6.25 7/24/2017 CHF 70.70
Landesbank Baden-Wuerttembe 2.60 8/23/2019 EUR 68.70
Zurcher Kantonalbank Financ 5.00 7/27/2017 CHF 74.86
Vontobel Financial Products 6.80 1/27/2017 EUR 72.52
Credit Suisse AG/Nassau 7.00 8/7/2017 CHF 74.45
Zurcher Kantonalbank Financ 5.50 1/30/2017 CHF 65.80
Goldman Sachs & Co Wertpapi 13.00 3/22/2017 EUR 50.77
Goldman Sachs & Co Wertpapi 9.00 6/21/2017 EUR 58.18
Goldman Sachs & Co Wertpapi 12.00 6/21/2017 EUR 53.64
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 74.54
Landesbank Baden-Wuerttembe 3.50 8/25/2017 EUR 74.46
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 70.97
Landesbank Baden-Wuerttembe 2.50 8/25/2017 EUR 74.80
Landesbank Baden-Wuerttembe 3.50 8/25/2017 EUR 70.74
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 67.52
Landesbank Baden-Wuerttembe 3.00 8/25/2017 EUR 71.61
Landesbank Baden-Wuerttembe 4.00 8/25/2017 EUR 68.36
Landesbank Baden-Wuerttembe 5.00 8/25/2017 EUR 65.87
Landesbank Baden-Wuerttembe 3.00 8/25/2017 EUR 67.68
Landesbank Baden-Wuerttembe 4.00 8/25/2017 EUR 64.17
Landesbank Baden-Wuerttembe 5.00 8/25/2017 EUR 61.44
Landesbank Baden-Wuerttembe 3.00 8/25/2017 EUR 72.17
EFG International Finance G 7.20 7/29/2020 EUR 51.37
Notenstein La Roche Private 4.00 1/31/2017 EUR 71.71
Zurcher Kantonalbank Financ 4.00 8/24/2018 CHF 74.55
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 72.69
Bank Julius Baer & Co Ltd/G 4.75 2/13/2017 CHF 72.90
Bank Julius Baer & Co Ltd/G 9.05 2/13/2017 EUR 70.05
Zurcher Kantonalbank Financ 5.75 2/6/2017 EUR 74.60
DekaBank Deutsche Girozentr 2.60 6/23/2017 EUR 66.54
Notenstein La Roche Private 7.00 8/14/2017 CHF 71.55
Leonteq Securities AG 5.20 8/14/2018 CHF 67.39
Goldman Sachs & Co Wertpapi 9.00 6/21/2017 EUR 67.28
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 60.19
Credit Suisse AG/London 7.70 8/20/2025 USD 8.64
Notenstein La Roche Private 6.30 2/14/2017 CHF 56.16
Landesbank Baden-Wuerttembe 3.00 6/23/2017 EUR 70.66
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 66.93
Landesbank Baden-Wuerttembe 5.00 6/23/2017 EUR 63.80
Landesbank Baden-Wuerttembe 6.00 6/23/2017 EUR 61.36
Credit Suisse AG/Nassau 6.38 6/12/2017 EUR 62.94
Vontobel Financial Products 5.00 1/10/2017 EUR 60.50
Landesbank Baden-Wuerttembe 2.75 7/26/2019 EUR 72.83
UniCredit Bank AG 3.80 7/23/2020 EUR 69.40
Leonteq Securities AG 3.00 7/8/2019 CHF 74.58
Notenstein La Roche Private 3.00 7/3/2019 CHF 73.86
UniCredit Bank AG 4.40 7/13/2018 EUR 67.79
Notenstein La Roche Private 6.50 6/26/2017 EUR 65.86
Raiffeisen Centrobank AG 6.24 3/22/2017 EUR 72.96
Raiffeisen Centrobank AG 9.07 3/22/2017 EUR 73.43
Raiffeisen Centrobank AG 7.37 3/22/2017 EUR 73.71
Landesbank Baden-Wuerttembe 3.00 7/26/2019 EUR 74.98
EFG International Finance G 5.30 6/24/2019 EUR 72.37
Goldman Sachs & Co Wertpapi 6.00 3/22/2017 EUR 73.69
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 67.74
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 62.74
Goldman Sachs & Co Wertpapi 14.00 3/22/2017 EUR 54.99
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 74.38
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 69.42
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 65.15
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 58.09
Goldman Sachs & Co Wertpapi 5.00 3/22/2017 EUR 72.73
Goldman Sachs & Co Wertpapi 6.00 3/22/2017 EUR 70.17
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 67.79
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 63.33
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 59.68
Goldman Sachs & Co Wertpapi 14.00 3/22/2017 EUR 53.80
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 71.19
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 73.73
Goldman Sachs & Co Wertpapi 7.00 6/21/2017 EUR 69.24
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 65.23
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 62.19
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 56.92
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 67.27
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 64.04
Goldman Sachs & Co Wertpapi 9.00 3/22/2017 EUR 61.15
Goldman Sachs & Co Wertpapi 13.00 3/22/2017 EUR 54.30
Goldman Sachs & Co Wertpapi 6.00 6/21/2017 EUR 71.40
Goldman Sachs & Co Wertpapi 7.00 6/21/2017 EUR 68.16
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 65.27
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 63.16
Goldman Sachs & Co Wertpapi 13.00 6/21/2017 EUR 56.98
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 68.36
UBS AG/London 9.25 6/26/2017 CHF 63.50
UBS AG/London 7.00 6/26/2017 EUR 66.10
Landesbank Baden-Wuerttembe 3.70 7/27/2018 EUR 72.04
UBS AG/London 9.40 6/30/2017 EUR 45.90
EFG International Finance G 7.20 6/26/2017 GBP 23.72
Vontobel Financial Products 3.10 1/2/2017 EUR 63.20
Zurcher Kantonalbank Financ 8.50 7/17/2017 CHF 63.43
Zurcher Kantonalbank Financ 9.00 7/17/2017 EUR 74.43
UBS AG/London 7.50 7/3/2017 EUR 61.85
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 61.74
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 61.77
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 58.22
Landesbank Baden-Wuerttembe 5.00 3/24/2017 EUR 55.26
Landesbank Baden-Wuerttembe 6.00 3/24/2017 EUR 52.65
Landesbank Baden-Wuerttembe 3.00 3/24/2017 EUR 66.51
Landesbank Baden-Wuerttembe 4.00 3/24/2017 EUR 62.51
Landesbank Baden-Wuerttembe 5.50 3/24/2017 EUR 57.93
Landesbank Baden-Wuerttembe 4.80 6/23/2017 EUR 67.23
Landesbank Baden-Wuerttembe 3.25 7/28/2017 EUR 70.10
Landesbank Baden-Wuerttembe 3.00 6/23/2017 EUR 72.24
Landesbank Baden-Wuerttembe 4.40 8/25/2017 EUR 74.49
Landesbank Baden-Wuerttembe 3.70 8/25/2017 EUR 74.56
Landesbank Baden-Wuerttembe 4.50 8/25/2017 EUR 68.77
Landesbank Baden-Wuerttembe 3.55 8/25/2017 EUR 42.52
Landesbank Baden-Wuerttembe 3.70 9/22/2017 EUR 69.35
Landesbank Baden-Wuerttembe 3.75 9/22/2017 EUR 41.39
Landesbank Baden-Wuerttembe 3.20 9/22/2017 EUR 64.47
Landesbank Baden-Wuerttembe 3.00 6/22/2018 EUR 56.69
Landesbank Baden-Wuerttembe 3.50 11/24/2017 EUR 56.51
Landesbank Baden-Wuerttembe 3.40 6/23/2017 EUR 51.99
Landesbank Baden-Wuerttembe 3.85 10/27/2017 EUR 45.25
Landesbank Baden-Wuerttembe 3.00 11/24/2017 EUR 53.66
Landesbank Baden-Wuerttembe 3.40 11/24/2017 EUR 43.62
Landesbank Baden-Wuerttembe 3.50 1/26/2018 EUR 74.24
Landesbank Baden-Wuerttembe 3.45 3/22/2019 EUR 62.34
Landesbank Baden-Wuerttembe 4.50 3/23/2018 EUR 53.98
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 66.83
Landesbank Baden-Wuerttembe 2.50 6/28/2019 EUR 68.42
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 71.25
Landesbank Baden-Wuerttembe 3.50 6/22/2018 EUR 65.21
Landesbank Baden-Wuerttembe 4.00 8/25/2017 EUR 41.09
Landesbank Baden-Wuerttembe 3.00 9/28/2018 EUR 48.15
Landesbank Baden-Wuerttembe 3.75 10/27/2017 EUR 45.80
Landesbank Baden-Wuerttembe 3.00 1/4/2019 EUR 53.78
Notenstein La Roche Private 5.40 4/21/2017 CHF 74.04
UBS AG/London 5.00 4/22/2017 CHF 72.95
Leonteq Securities AG 5.00 5/7/2019 CHF 69.42
Leonteq Securities AG 6.00 5/5/2017 CHF 74.62
Notenstein La Roche Private 5.60 5/4/2017 CHF 74.53
Landesbank Baden-Wuerttembe 3.25 8/25/2017 EUR 67.60
Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 72.03
Commerzbank AG 7.24 4/27/2017 EUR 56.86
Commerzbank AG 6.24 4/27/2017 EUR 74.18
Leonteq Securities AG 8.00 4/24/2017 USD 59.26
DekaBank Deutsche Girozentr 3.25 4/20/2018 EUR 60.17
DekaBank Deutsche Girozentr 2.60 4/21/2017 EUR 57.43
Landesbank Hessen-Thueringe 4.00 6/5/2019 EUR 74.09
Leonteq Securities AG 6.00 5/4/2017 CHF 74.21
Bank Julius Baer & Co Ltd/G 6.00 5/2/2017 CHF 72.40
Notenstein La Roche Private 4.00 5/8/2018 CHF 61.88
DekaBank Deutsche Girozentr 2.75 10/29/2018 EUR 59.86
EFG International Finance G 7.19 5/6/2019 EUR 25.47
Notenstein Finance Guernsey 7.19 5/6/2019 EUR 74.82
Bank J Safra Sarasin AG/Gue 8.00 5/4/2017 CHF 65.07
DekaBank Deutsche Girozentr 3.00 4/30/2019 EUR 69.52
UniCredit Bank AG 5.00 7/30/2018 EUR 71.46
Landesbank Baden-Wuerttembe 4.00 6/22/2018 EUR 68.30
Landesbank Baden-Wuerttembe 3.60 6/22/2018 EUR 65.86
UBS AG 7.40 5/17/2021 CHF 73.52
Societe Generale SA 9.50 5/21/2018 USD 48.32
Notenstein La Roche Private 4.20 5/22/2019 CHF 66.85
Notenstein La Roche Private 4.50 5/22/2018 CHF 67.39
Landesbank Baden-Wuerttembe 3.00 7/26/2019 EUR 72.45
Credit Suisse AG/London 4.00 5/22/2017 CHF 74.69
DekaBank Deutsche Girozentr 3.00 5/12/2017 EUR 61.52
DekaBank Deutsche Girozentr 2.80 5/13/2019 EUR 64.55
Notenstein La Roche Private 4.10 6/5/2019 CHF 74.16
Notenstein La Roche Private 4.00 5/29/2017 CHF 73.50
Zurcher Kantonalbank Financ 3.80 5/22/2017 EUR 63.09
UBS AG/London 7.00 5/22/2017 CHF 61.45
UBS AG/London 8.00 5/26/2017 EUR 60.55
Leonteq Securities AG 9.92 5/29/2017 EUR 63.27
Notenstein La Roche Private 4.30 6/5/2019 CHF 72.40
Notenstein La Roche Private 5.80 6/5/2018 CHF 72.63
Commerzbank AG 6.76 6/22/2017 EUR 61.59
BNP Paribas Emissions- und 3.25 11/24/2017 EUR 71.91
Landesbank Baden-Wuerttembe 3.50 7/27/2018 EUR 68.25
Landesbank Baden-Wuerttembe 3.50 7/27/2018 EUR 64.83
Landesbank Baden-Wuerttembe 3.40 7/27/2018 EUR 68.61
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 69.23
Landesbank Baden-Wuerttembe 5.50 6/23/2017 EUR 64.52
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 69.10
Landesbank Baden-Wuerttembe 5.50 6/23/2017 EUR 64.50
Landesbank Baden-Wuerttembe 2.50 6/23/2017 EUR 70.07
Landesbank Baden-Wuerttembe 3.50 6/23/2017 EUR 66.05
Landesbank Baden-Wuerttembe 4.50 6/23/2017 EUR 63.02
Landesbank Baden-Wuerttembe 2.50 6/23/2017 EUR 66.93
Landesbank Baden-Wuerttembe 4.00 6/23/2017 EUR 61.04
Landesbank Baden-Wuerttembe 5.50 6/23/2017 EUR 56.86
Credit Suisse AG/London 8.95 10/17/2019 USD 9.35
RGS Nedvizhimost OOO 12.50 12/11/2017 RUB 60.03
URALSIB Leasing Co OOO 11.50 12/21/2017 RUB 0.01
Vontobel Financial Products 3.00 6/13/2017 EUR 54.87
EFG International Finance G 12.86 10/30/2017 EUR 7.76
Landesbank Baden-Wuerttembe 3.85 8/25/2017 EUR 67.29
UBS AG/London 10.00 3/16/2017 CHF 22.85
Lehman Brothers Treasury Co 8.28 3/26/2009 USD 1.21
Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 1.21
Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 1.21
Lehman Brothers Treasury Co 7.55 12/29/2008 USD 1.21
Fargo Finance OOO 9.00 2/6/2019 RUB 0.01
HSBC Bank PLC 0.50 12/8/2020 BRL 70.58
Societe Generale SA 0.50 4/4/2024 MXN 52.76
Barclays Bank PLC 1.99 12/1/2040 USD 69.68
Lehman Brothers Treasury Co 9.25 6/20/2012 USD 1.21
Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 9.25
Societe Generale SA 0.50 8/4/2021 BRL 63.38
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 55.00
Zurcher Kantonalbank Financ 11.25 4/26/2017 CHF 46.22
Vontobel Financial Products 3.00 5/26/2017 CHF 73.71
HSBC Trinkaus & Burkhardt A 4.00 6/16/2017 EUR 70.54
Kommunekredit 0.50 5/11/2029 CAD 69.76
Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 1.21
Lehman Brothers Treasury Co 0.01 9/20/2011 USD 1.21
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 1.21
Lehman Brothers Treasury Co 6.00 12/6/2016 USD 1.21
Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.21
Hellas Telecommunications L 8.50 10/15/2013 EUR 0.28
Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 1.21
Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 1.21
Municipality Finance PLC 0.25 6/28/2040 CAD 30.43
Lehman Brothers Treasury Co 4.50 12/30/2010 USD 1.21
Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 1.21
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 1.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.21
Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 1.21
Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 1.21
Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 1.21
Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 1.21
Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.21
Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 1.21
Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 1.21
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 1.21
Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 1.21
Lehman Brothers Treasury Co 4.00 4/24/2009 USD 1.21
Lehman Brothers Treasury Co 9.00 6/13/2009 USD 1.21
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 1.21
Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.21
Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 1.21
Lehman Brothers Treasury Co 10.00 3/27/2009 USD 1.21
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.21
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 1.21
Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 1.21
Immigon Portfolioabbau AG 0.69 5/20/2025 EUR 59.88
Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 1.21
Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 1.21
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 9.25
Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 1.21
Immigon Portfolioabbau AG 0.98 3/1/2022 EUR 73.63
Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 1.21
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.21
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.21
Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 1.21
Lehman Brothers Treasury Co 4.50 8/2/2009 USD 1.21
Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 1.21
Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 1.21
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.21
Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 1.21
Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 1.21
Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.21
Lehman Brothers Treasury Co 8.00 8/3/2009 USD 1.21
Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 1.21
Immigon Portfolioabbau AG 4.78 6/7/2030 EUR 70.63
Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 1.21
SpareBank 1 Noetteroey - To 8.25 NOK 53.12
Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 1.21
Petromena ASA 9.75 5/24/2016 NOK 0.57
Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 1.21
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 1.21
Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 1.21
Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 1.21
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 1.21
Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 1.21
Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 1.21
Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 1.21
Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 1.21
Lehman Brothers Treasury Co 3.50 10/31/2011 USD 1.21
Lehman Brothers Treasury Co 3.50 10/24/2011 USD 1.21
HSBC Trinkaus & Burkhardt A 11.10 3/24/2017 EUR 68.26
HSBC Trinkaus & Burkhardt A 7.00 6/23/2017 EUR 73.41
HSBC Trinkaus & Burkhardt A 8.20 3/24/2017 EUR 56.58
Municipality Finance PLC 0.50 12/15/2020 BRL 69.59
First Collection Bureau OJS 15.00 10/15/2021 RUB 60.03
DZ Bank AG Deutsche Zentral 7.50 3/24/2017 EUR 72.09
DZ Bank AG Deutsche Zentral 4.00 3/24/2017 EUR 70.24
DZ Bank AG Deutsche Zentral 6.25 3/24/2017 EUR 73.53
UBS AG 10.83 5/15/2017 USD 23.56
HSBC Trinkaus & Burkhardt A 7.90 6/23/2017 EUR 74.94
HSBC Trinkaus & Burkhardt A 8.60 1/27/2017 EUR 73.04
HSBC Trinkaus & Burkhardt A 7.90 1/27/2017 EUR 71.69
HSBC Trinkaus & Burkhardt A 16.10 3/24/2017 EUR 43.62
Credit Suisse AG/London 3.00 11/15/2025 ZAR 61.19
DZ Bank AG Deutsche Zentral 7.00 3/24/2017 EUR 52.75
DZ Bank AG Deutsche Zentral 6.00 3/24/2017 EUR 70.68
DekaBank Deutsche Girozentr 3.50 10/28/2019 EUR 66.97
Bank Julius Baer & Co Ltd/G 5.50 11/6/2017 CHF 61.80
Deutsche Bank AG 7.20 3/21/2017 EUR 70.50
Deutsche Bank AG 9.20 3/21/2017 EUR 71.00
Deutsche Bank AG 9.20 3/21/2017 EUR 68.30
Deutsche Bank AG 5.50 3/21/2017 EUR 74.20
Credit Suisse AG/London 7.00 5/16/2017 CHF 70.49
DZ Bank AG Deutsche Zentral 5.25 3/24/2017 EUR 71.73
Deutsche Bank AG 5.20 3/21/2017 EUR 70.10
UBS AG/London 10.50 11/13/2017 CHF 74.70
Deutsche Bank AG 7.20 6/20/2017 EUR 74.60
Deutsche Bank AG 7.20 6/20/2017 EUR 71.60
DZ Bank AG Deutsche Zentral 7.70 3/24/2017 EUR 74.04
UniCredit Bank AG 5.00 6/22/2017 EUR 72.37
UniCredit Bank AG 5.00 6/22/2017 EUR 73.70
Deutsche Bank AG 7.20 7/26/2017 EUR 73.50
Zurcher Kantonalbank Financ 12.00 11/1/2017 CHF 74.09
Deutsche Bank AG 5.20 6/20/2017 EUR 73.70
Deutsche Bank AG 5.20 6/20/2017 EUR 70.70
Deutsche Bank AG 7.20 6/20/2017 EUR 71.60
Deutsche Bank AG 7.20 6/20/2017 EUR 74.10
Deutsche Bank AG 5.20 6/20/2017 EUR 73.20
Deutsche Bank AG 5.20 6/20/2017 EUR 70.60
UniCredit Bank AG 4.80 6/22/2017 EUR 74.27
UniCredit Bank AG 5.00 6/22/2017 EUR 73.02
UniCredit Bank AG 4.80 6/22/2017 EUR 74.93
Deutsche Bank AG 5.20 7/26/2017 EUR 72.30
Deutsche Bank AG 9.20 7/26/2017 EUR 74.60
Leonteq Securities AG 7.40 11/20/2017 EUR 70.42
Credit Suisse AG/Nassau 7.25 6/14/2017 CHF 66.72
Deutsche Bank AG 6.50 6/20/2017 EUR 75.00
UBS AG/London 4.22 7/30/2018 USD 14.26
UBS AG/London 6.06 1/30/2018 USD 52.84
UBS AG/London 9.30 3/10/2017 EUR 70.47
Lehman Brothers Treasury Co 6.70 4/21/2011 USD 1.21
Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 9.25
Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 1.21
Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 1.21
DekaBank Deutsche Girozentr 2.60 6/15/2018 EUR 71.26
Synergy PJSC 12.90 4/29/2020 RUB 63.00
BNP Paribas Emissions- und 15.00 3/23/2017 EUR 68.69
BNP Paribas Emissions- und 18.00 3/23/2017 EUR 63.12
BNP Paribas Emissions- und 25.00 3/23/2017 EUR 55.14
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.97
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 67.60
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 65.63
Vontobel Financial Products 8.35 5/26/2017 USD 72.96
DZ Bank AG Deutsche Zentral 11.50 6/23/2017 EUR 62.74
BNP Paribas Emissions- und 16.00 3/23/2017 EUR 65.65
BNP Paribas Emissions- und 24.00 3/23/2017 EUR 56.99
BNP Paribas Emissions- und 18.00 12/21/2017 EUR 66.51
HSBC Trinkaus & Burkhardt A 5.00 4/28/2017 EUR 65.07
Zurcher Kantonalbank Financ 14.75 5/11/2017 CHF 71.13
IDGC of the North Caucasus 13.00 4/22/2021 RUB 60.00
Commerzbank AG 23.00 4/27/2017 EUR 74.74
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 1.21
Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 1.21
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 9.25
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 1.21
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 1.21
Melhus Sparebank 2.73 9/16/2024 NOK 72.08
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 66.78
Commerzbank AG 20.00 5/28/2018 SEK 65.49
Societe Generale Effekten G 4.00 6/26/2017 EUR 49.64
HSBC Trinkaus & Burkhardt A 7.70 3/24/2017 EUR 73.60
HSBC Trinkaus & Burkhardt A 1.75 8/25/2017 EUR 61.17
Commerzbank AG 4.00 9/8/2017 EUR 66.96
HSBC Trinkaus & Burkhardt A 9.20 6/23/2017 EUR 64.13
HSBC Trinkaus & Burkhardt A 7.20 9/22/2017 EUR 66.72
HSBC Trinkaus & Burkhardt A 4.40 9/22/2017 EUR 70.41
Eiendomskreditt 5.43 NOK 69.75
Lloyds Bank PLC 0.50 7/26/2028 MXN 40.99
Podkarpacki Bank Spoldzielc 5.11 5/28/2023 PLN 51.85
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.21
Immigon Portfolioabbau AG 4.21 1/25/2033 EUR 61.88
Lehman Brothers Treasury Co 7.25 6/20/2010 USD 1.21
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 1.21
Lehman Brothers Treasury Co 4.10 5/20/2009 USD 1.21
Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 1.21
Lehman Brothers Treasury Co 3.82 10/20/2009 USD 1.21
Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 1.21
IT Holding Finance SA 9.88 11/15/2012 EUR 0.11
Lehman Brothers Treasury Co 4.10 8/23/2010 USD 1.21
Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 1.21
Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 1.21
Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 1.21
Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 1.21
Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.21
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
URALSIB Leasing Co OOO 10.25 3/21/2019 RUB 0.01
Societe Generale SA 0.50 4/30/2023 RUB 61.33
HSBC Bank PLC 0.50 6/9/2023 MXN 57.41
Credit Agricole Corporate & 2.00 7/9/2020 BRL 72.42
Immigon Portfolioabbau AG 4.20 2/22/2033 EUR 61.88
SG Issuer SA 5.50 4/10/2021 EUR 67.20
Podkarpacki Bank Spoldzielc 5.79 3/31/2025 PLN 55.29
Landesbank Hessen-Thueringe 4.00 5/16/2018 EUR 69.68
Syntagma OOO 16.50 5/10/2022 RUB 0.01
Goldman Sachs & Co Wertpapi 23.00 5/24/2017 EUR 73.81
URALSIB Leasing Co OOO 10.50 4/17/2018 RUB 0.01
Notenstein La Roche Private 15.00 12/27/2017 CHF 71.93
Exane Finance 3.00 9/18/2018 USD 72.53
Vontobel Financial Products 18.40 9/11/2017 EUR 69.11
Bank Julius Baer & Co Ltd/G 12.80 9/20/2017 CHF 61.95
Bank Julius Baer & Co Ltd/G 13.85 9/20/2017 CHF 65.70
UBS AG 8.29 9/21/2017 USD 30.40
Leonteq Securities AG 5.20 8/14/2017 CHF 74.76
UBS AG/London 11.00 8/7/2017 USD 72.45
Notenstein La Roche Private 7.20 2/7/2017 CHF 70.25
DekaBank Deutsche Girozentr 4.75 1/20/2017 EUR 66.20
Bank Julius Baer & Co Ltd/G 5.00 8/21/2017 CHF 74.60
Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 1.21
Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 1.21
JP Morgan Structured Produc 3.60 7/17/2017 USD 72.92
Landesbank Baden-Wuerttembe 2.90 7/27/2018 EUR 69.19
Landesbank Baden-Wuerttembe 2.70 7/26/2019 EUR 74.01
Goldman Sachs & Co Wertpapi 5.00 3/22/2017 EUR 73.47
Goldman Sachs & Co Wertpapi 7.00 3/22/2017 EUR 67.52
Goldman Sachs & Co Wertpapi 7.00 6/21/2017 EUR 68.95
Goldman Sachs & Co Wertpapi 5.00 6/21/2017 EUR 73.26
Notenstein La Roche Private 4.20 7/17/2019 CHF 70.98
Vontobel Financial Products 4.65 7/24/2017 EUR 68.00
BNP Paribas Emissions- und 4.00 7/27/2017 EUR 69.90
Bank Julius Baer & Co Ltd/G 6.00 7/24/2017 CHF 69.25
UBS AG/London 7.00 7/17/2017 CHF 56.75
Notenstein La Roche Private 4.00 7/24/2019 CHF 70.36
Notenstein La Roche Private 6.70 7/24/2017 EUR 71.32
Notenstein La Roche Private 7.00 1/24/2017 CHF 67.48
Exane Finance 6.25 12/20/2019 SEK 70.35
Credit Suisse AG/Nassau 6.00 7/31/2017 CHF 74.64
Notenstein La Roche Private 8.99 7/22/2019 EUR 43.98
DZ Bank AG Deutsche Zentral 6.00 3/24/2017 EUR 72.62
DZ Bank AG Deutsche Zentral 7.00 3/24/2017 EUR 72.12
Leonteq Securities AG 5.80 8/24/2017 CHF 74.66
Leonteq Securities AG 5.00 9/4/2018 CHF 58.84
UniCredit Bank AG 3.95 10/7/2019 EUR 68.04
Credit Suisse AG/Nassau 7.25 3/8/2017 CHF 60.76
Goldman Sachs & Co Wertpapi 15.00 3/22/2017 EUR 69.00
Goldman Sachs & Co Wertpapi 14.00 6/21/2017 EUR 71.43
Bank Julius Baer & Co Ltd/G 11.85 8/30/2017 CHF 56.70
Zurcher Kantonalbank Financ 10.00 8/18/2017 CHF 63.65
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 61.79
Leonteq Securities AG 6.77 8/17/2017 CHF 56.82
Deutsche Bank AG 5.20 3/21/2017 EUR 73.40
Deutsche Bank AG 7.20 3/21/2017 EUR 67.80
Deutsche Bank AG 7.20 3/21/2017 EUR 63.10
Deutsche Bank AG 5.20 3/21/2017 EUR 60.50
Deutsche Bank AG 5.20 3/21/2017 EUR 70.50
Deutsche Bank AG 7.20 3/21/2017 EUR 71.00
Deutsche Bank AG 7.20 3/21/2017 EUR 67.20
Deutsche Bank AG 7.20 3/21/2017 EUR 63.70
Leonteq Securities AG 5.40 8/28/2017 CHF 59.04
UBS AG/London 8.25 8/7/2017 EUR 73.40
Landesbank Baden-Wuerttembe 3.40 9/28/2018 EUR 72.04
Notenstein La Roche Private 7.00 8/11/2017 CHF 72.22
Notenstein La Roche Private 8.02 8/11/2017 EUR 73.12
Credit Suisse AG/London 7.00 2/20/2017 CHF 69.34
DZ Bank AG Deutsche Zentral 3.45 8/25/2017 EUR 72.00
DekaBank Deutsche Girozentr 2.80 7/22/2019 EUR 72.41
Goldman Sachs & Co Wertpapi 3.00 3/22/2017 EUR 70.94
Credit Suisse AG/London 1.64 6/1/2042 USD 48.21
Deutsche Bank AG 7.20 3/21/2017 EUR 73.80
Deutsche Bank AG 5.20 3/21/2017 EUR 67.00
Deutsche Bank AG 5.20 3/21/2017 EUR 67.40
Deutsche Bank AG 7.20 3/21/2017 EUR 65.30
Deutsche Bank AG 7.20 3/21/2017 EUR 61.00
Deutsche Bank AG 7.20 3/21/2017 EUR 59.00
Deutsche Bank AG 7.20 3/21/2017 EUR 67.50
Deutsche Bank AG 5.20 3/21/2017 EUR 64.90
Deutsche Bank AG 5.20 3/21/2017 EUR 62.60
Deutsche Bank AG 5.20 3/21/2017 EUR 58.50
Deutsche Bank AG 7.20 3/21/2017 EUR 74.60
Deutsche Bank AG 5.20 3/21/2017 EUR 68.10
Deutsche Bank AG 5.20 3/21/2017 EUR 66.70
Deutsche Bank AG 5.20 3/21/2017 EUR 63.30
Notenstein La Roche Private 5.02 2/20/2017 CHF 74.98
BNP Paribas Emissions- und 19.00 3/23/2017 EUR 73.59
HSBC Trinkaus & Burkhardt A 10.20 3/24/2017 EUR 71.13
HSBC Trinkaus & Burkhardt A 9.40 3/24/2017 EUR 67.69
HSBC Trinkaus & Burkhardt A 7.30 3/24/2017 EUR 72.58
HSBC Trinkaus & Burkhardt A 14.60 3/24/2017 EUR 46.18
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 57.39
DekaBank Deutsche Girozentr 3.10 8/4/2017 EUR 55.80
Deutsche Bank AG 3.20 11/22/2017 EUR 72.20
Deutsche Bank AG 3.20 11/22/2017 EUR 71.60
Landesbank Baden-Wuerttembe 4.50 2/24/2017 EUR 72.38
HSBC Trinkaus & Burkhardt A 7.50 3/24/2017 EUR 69.83
Landesbank Baden-Wuerttembe 5.50 2/24/2017 EUR 69.55
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 60.11
DekaBank Deutsche Girozentr 2.75 6/28/2019 EUR 67.35
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 74.55
Goldman Sachs & Co Wertpapi 14.00 9/20/2017 EUR 70.43
Goldman Sachs & Co Wertpapi 8.00 3/22/2017 EUR 73.38
Goldman Sachs & Co Wertpapi 10.00 3/22/2017 EUR 68.44
Goldman Sachs & Co Wertpapi 12.00 9/20/2017 EUR 67.75
Goldman Sachs & Co Wertpapi 14.00 9/20/2017 EUR 73.30
Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 9.63
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 59.49
Goldman Sachs & Co Wertpapi 9.00 9/20/2017 EUR 71.47
Credit Suisse AG/Nassau 7.00 3/22/2017 CHF 58.98
Goldman Sachs & Co Wertpapi 13.00 3/22/2017 EUR 68.82
Goldman Sachs & Co Wertpapi 16.00 3/22/2017 EUR 64.03
Goldman Sachs & Co Wertpapi 15.00 6/21/2017 EUR 67.48
Goldman Sachs & Co Wertpapi 15.00 3/22/2017 EUR 60.76
Goldman Sachs & Co Wertpapi 8.00 6/21/2017 EUR 74.66
Goldman Sachs & Co Wertpapi 10.00 6/21/2017 EUR 70.64
Goldman Sachs & Co Wertpapi 14.00 6/21/2017 EUR 64.05
Goldman Sachs & Co Wertpapi 10.00 9/20/2017 EUR 70.33
Goldman Sachs & Co Wertpapi 12.00 9/20/2017 EUR 65.90
Goldman Sachs & Co Wertpapi 17.00 3/22/2017 EUR 68.28
BNP Paribas Emissions- und 3.00 10/12/2018 EUR 66.23
Barclays Bank PLC 1.64 6/3/2041 USD 72.23
Leonteq Securities AG 5.60 9/11/2017 CHF 59.65
HSBC Trinkaus & Burkhardt A 7.80 3/24/2017 EUR 73.89
HSBC Trinkaus & Burkhardt A 10.50 3/24/2017 EUR 65.55
HSBC Trinkaus & Burkhardt A 8.20 6/23/2017 EUR 71.22
HSBC Trinkaus & Burkhardt A 7.30 3/24/2017 EUR 61.82
DekaBank Deutsche Girozentr 2.75 6/24/2019 EUR 69.60
Polski Bank Spoldzielczy w 5.29 9/14/2027 PLN 42.50
Municipality Finance PLC 0.50 5/31/2022 ZAR 60.25
Rosbank PJSC 0.01 2/26/2025 RUB 70.00
URALSIB Leasing Co OOO 11.50 2/6/2018 RUB 0.01
Uginvestgerion OOO 12.10 4/1/2020 RUB 0.01
*********
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, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.
Copyright 2017. 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 * * *