/raid1/www/Hosts/bankrupt/TCREUR_Public/170626.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, June 26, 2017, Vol. 18, No. 125
Headlines
B U L G A R I A
UNITED BULGARIAN: Fitch Upgrades Long-Term IDRs from B+
D E N M A R K
TELLER AS: Fitch Affirms & Withdraws 'BB' Long-Term IDR
F R A N C E
ELIS SA: Moody's Confirms Ba2 Corporate Family Rating
H U N G A R Y
NITROGENMUVEK ZRT: Fitch Revises Outlook to Neg., Affirms B+ IDR
I R E L A N D
AURIUM CLO I: Moody's Affirms B2(sf) Rating on Cl. F Senior Notes
I T A L Y
ASR MEDIA: S&P Affirms 'BB+' Rating on Amended Loan Facility
CREDITO VALTELLINESE: Fitch Lowers Long-Term IDR to BB-
NUOVO TRASPORTO: Fitch Assigns BB Rating to EUR550MM Sr. Bond
* ITALY: RMBS 60+ and 90+ Day Delinquencies Slightly Drop in Feb.
L U X E M B O U R G
CANYON COS: S&P Revises Outlook to Stable & Affirms 'B' CCR
LECTA SA: S&P Affirms 'B/B' CCRs Following Postponed IPO
TAGUS SOCIEDADE: Moody's Assigns (P)Ba2 Rating to Class B Notes
M O N T E N E G R O
MONTENEGRO: Rising Debt & Volatile Growth Pose Credit Challenges
N E T H E R L A N D S
WOOD STREET IV: Moody's Raises Rating on Cl. E Notes from Ba1(sf)
P O R T U G A L
BANCO BPI: Fitch Affirms B+ Preference Shares Rating
PORTO CITY: Fitch Revises Outlook to Positive, Affirms BB+ IDR
R U S S I A
CREDIT BANK: Fitch Cuts Long-Term IDRs to BB-, Outlook Stable
S P A I N
CAIXABANK CONSUMO 2: Fitch Affirms B+ Rating on Class B Notes
FONCAIXA FTGENCAT 4: Fitch Corrects May 26 Rating Release
T U R K E Y
ARCELIK AS: Fitch Affirms BB+ Long-Term IDR, Outlooks Stable
U N I T E D K I N G D O M
ARGON CAPITAL: Moody's Ups Rating on Perpetual Sec. Notes to Ba3
PREMIER OIL UK: June 26 Senior Scheme Creditors Meeting Set
X X X X X X X X
* BOND PRICING: For the Week June 19 to June 23, 2017
*********
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B U L G A R I A
===============
UNITED BULGARIAN: Fitch Upgrades Long-Term IDRs from B+
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Fitch Ratings has upgraded United Bulgarian Bank AD's (UBB) Long-
Term Issuer Default Ratings (IDR) to 'BBB+ ' from ' B+', Short-
Term IDR to 'F2' from 'B' and Support Rating (SR) to '2' from '5'
and removed the ratings from Rating Watch Positive (RWP). The
Outlook on the Long-Term IDR is Positive. Fitch has also withdrawn
UBB's Support Rating Floor (SRF) of No Floor. UBB's Viability
Rating (VR) of 'b+' is unaffected by the rating actions.
The rating actions are driven by KBC Bank's (A/Stable/a)
acquisition of a 99.9% stake in UBB from National Bank of Greece
(NBG; 'RD') on June 14, 2017. Fitch placed UBB on RWP on January
5, 2017 following the announcement by KBC of its acquisition
plans.
KEY RATING DRIVERS
IDRS, SUPPORT RATING, SRF
UBB's IDRs and Support Rating reflect Fitch's view that there is a
high probability that KBC will support its Bulgarian subsidiary,
if required. Fitch believes there will be strong synergies between
UBB and its new parent because the bank provides banking services
in one of KBC's four strategically important markets in central
and eastern Europe (together with Czech Republic, Hungary and
Slovakia). KBC has been present in Bulgaria since 2007 through its
smaller bank subsidiary CIBANK (about 3% market share) and an
insurance company, DZI Insurance.
After the acquisition of UBB (ranked third by total assets with
about 8% market share) KBC achieved its strategic target of a
significant market share (about 11%, third place) in Bulgaria. KBC
has also purchased 100% of Interlease, which was NBG's local
leasing subsidiary (directly owned by NBG) and its operations are
financed by UBB. In Fitch opinions, a merger between UBB and
CIBANK is possible in the near term, but no details have yet been
revealed.
In Fitch assessments of support Fitch also take into consideration
almost full ownership by the Belgian parent and potential high
reputational risk to KBC (that could undermine its CEE franchise)
if UBB defaults. In Fitch opinions, any required support would be
immaterial relative to KBC's ability to provide it because of
KBC's strong credit profile and the relative small size of UBB
(equal to about 1.5% of KBC Bank's consolidated assets at end-
2016).
UBB could be rated within one notch of its parent were it not for
the constraint from Bulgaria's Country Ceiling, which caps UBB's
Long-Term IDR at 'BBB+'. Consequently, the Positive Outlook on UBB
reflects that on the Bulgarian sovereign rating (BBB-/Positive).
Before the acquisition by KBC, UBB's IDRs were driven by its
standalone financial strength, expressed by its 'b+' VR.
The withdrawal of UBB's SRF is due to Fitch's view that
institutional support has become the more likely source of
external support for UBB.
RATING SENSITIVITIES
IDRs, SUPPORT RATING
UBB's Long-Term IDR would be upgraded if Bulgaria's Country
Ceiling is revised upwards. The bank could be downgraded if
Fitch's view of KBC's ability and propensity to support the bank
has weakened, which Fitch currently views as unlikely.
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D E N M A R K
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TELLER AS: Fitch Affirms & Withdraws 'BB' Long-Term IDR
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Fitch Ratings has affirmed Teller A/S's Long-Term Issuer Default
Rating (IDR) at 'BB' with a Positive Outlook and Short-Term IDR at
'B' and simultaneously withdrawn the ratings.
The withdrawal of the ratings is due to commercial reasons. Fitch
will no longer provide ratings or analytical coverage of the
company.
KEY RATING DRIVERS
The Long-Term IDR reflects materially lower group leverage
following the recent IPO of Nets A/S, Teller's ultimate parent.
The Positive Outlook is driven by the declining trend of group
leverage and Fitch's expectation that it will continue to
gradually decline throughout 2017.
Capitalisation is a key rating driver. Fitch believes it is
appropriate to look primarily at group capitalisation, rather than
capital held at Teller, given the cross-guarantees between Teller
and various group entities mean that excess capital held in Teller
(above regulatory minimum) could be up-streamed to help service
debt repayments in other parts of the group. Capital is also
increasingly managed at the group level.
The ratings also factor in Teller's monoline business model in
Nordic merchant acquiring of international payment cards, although
this is mitigated by its leading Nordic franchise in its business
niche. They also reflect potentially large exposures to
operational risk, strong liquidity management and small historical
credit losses, which have been comfortably absorbed by earnings.
Group operating margins remained strong in 1Q17 and Fitch expects
operating profitability to remain healthy throughout 2017
supported by increased transaction volumes and business expansion
in Sweden. However, high competition in the payment industry
limits Teller's pricing power. Cost efficiency and more
diversified revenues will be key to profitability.
A key risk for Teller is the potential need to bridge a liquidity
gap that could be caused by a major operational event, such as a
system failure, which would delay payments from credit card
issuers. Fitch believes such a scenario is unlikely and the risk
is mitigated by a strong track record in managing operational risk
and significant holdings of cash.
Credit risk can stem from both fraud and default of a merchant.
Losses have consistently remained low and have been comfortably
absorbed by earnings. Fitch expects that Teller will maintain
prudent underwriting standards and strict risk controls,
particularly for its high-risk customers with large pre-payments
of goods and/or services.
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F R A N C E
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ELIS SA: Moody's Confirms Ba2 Corporate Family Rating
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Moody's Investors Service has confirmed Elis S.A.'s (Elis) Ba2
corporate family rating (CFR) and Ba2-PD probability of default
rating (PDR). Concurrently, Moody's has confirmed the Ba2
instrument rating on the EUR800 million senior unsecured notes due
2022 issued by Elis. The outlook on the ratings is stable.
On June 12, 2017, the boards of Elis and Berendsen plc (Berendsen)
announced that they reached an agreement on the terms of a
recommended acquisition by Elis of the entire issued and to be
issued share capital of Berendsen. The offer, which comprises a
cash portion (43%) and new Elis shares (57%), implies a total
equity value for Berendsen of approximately GBP2.17 billion on a
fully diluted basis. Elis will fund the cash portion of the
acquisition and refinance Berendsen's outstanding debt with a
committed bridge term facility amounting to a maximum of EUR1,920
million with an initial 12-month term extendable by a further 6+6
months at the option of the company. In addition, as part of the
transaction, the Canada Pension Plan Investment Board (CPPIB), one
of Elis' largest shareholders, has agreed to subscribe to a EUR200
million reserved capital increase. The transaction, which will be
implemented by means of a court-sanctioned scheme of arrangement
requiring approval from a minimum of 75% of Berendsen's voting
shareholders, is expected to complete in the third or fourth
quarter of 2017 subject also to customary regulatory approvals.
Post-closing of the transaction and pro forma for the capital
increase from CPPIB, Berendsen shareholders will hold c.32% of the
combined group.
RATINGS RATIONALE
"The rating action reflects (1) the positive impact from the
acquisition of Berendsen on Elis' business profile thanks to the
significantly improved geographical diversification of the
enlarged group to 28 countries from 14 and the increased customer
base to more than 390,000 from 240,000 prior to the transaction,
(2) Berendsen's leading position in its key markets of operations,
and (3) the good liquidity position supported by Elis' undrawn
EUR500 million revolving credit facility (RCF) and availability
under the committed bridge term facility to refinance all of
Berendsen's debt, including undrawn amounts under the target's
EUR510 million revolving credit facility (target's RCF)", says
Sebastien Cieniewski, Moody's lead analyst for Elis.
However, these positive factors are mitigated by (1) the
moderately negative impact from the acquisition on Elis' pro forma
adjusted leverage which Moody's projects at around 3.9x-4.0x by
the end of 2017 compared to the rating agency's previous forecasts
of a de-leveraging towards 3.5x at that date, (2) the projected
weaker pro forma free cash flow (FCF) generation of the group over
the next 18-24 months due to a higher level of capital
expenditures required to upgrade Berendsen's plants and machinery
in the United Kingdom following a period of under-investment, (3)
the higher integration risk related to the acquisition of
Berendsen relative to Elis' previous transactions due to its
significantly larger scale and geographical span, and (4) the
challenging trading in France and the United Kingdom core markets
for Elis and Berendsen, respectively.
The closing of the review on Elis' ratings initiated on May 23,
2017 reflects the higher degree of certainty that Elis will
successfully complete the acquisition of Berendsen based on its
firm offer announced on June 12, 2017 and the intention of
Berendsen's directors to unanimously recommend that the target's
shareholders vote in favour of the transaction. Were the
transaction to fail, due to among others an insufficient level of
approval from Berendsen's shareholders, the Ba2 CFR on Elis with a
stable outlook would remain unchanged for the reasons disclosed in
Moody's press release published on December 23, 2016 following the
announcement of the acquisitions of Indusal and Lavebras.
Moody's positively views the increased scale of operations with
pro forma revenues of around EUR3 billion in 2016 compared with
approximately EUR1.5 billion as reported by Elis for that same
year. The increased scale reflects also the group's enhanced
geographical diversification due to Berendsen's focus on Northern
Europe, including the United Kingdom and Scandinavia, while Elis
has established its presence mainly in France and Southern Europe
and Latin America. The increased geographical diversification will
particularly contribute to reducing Elis' exposure to its French
domestic market with pro forma revenues generated in the country
decreasing to 32% from 57% (adjusted revenues including
contribution from Indusal, Lavebras and Puschendorf) as of 2016.
Growth in France has been constrained by the highly competitive
environment in the context of a sluggish gross domestic product
(GDP) growth - organic revenue growth at 0.6% in 2016 lagged
significantly behind growth in Europe (excluding France) and Latin
America at 5.0% and 15.0%, respectively.
Moody's expects that the acquisition of Berendsen will result in a
weak pro forma FCF generation over the next 24 months at around
2.5% and 3.0% as a percentage of adjusted debt (as adjusted by
Moody's mainly for operating leases and pension liabilities) with
capital expenditures maintained at 19-20% as a percentage of
annual pro forma group sales compared with 17% as reported by Elis
in 2016. This higher level of capex over the medium-term reflects
the increased investment in plant and machinery required by
Berendsen to support its operations its UK textiles operations.
Underinvestment in Berendsen's operations in the UK has
constrained the target's organic revenue growth at 2% in 2016 and
led to a decline in profitability in that year with a further
weakening projected in 2017 due to increases in the costs of
quality. Berendsen's management expects profitability to recover
from 2018 supported by the increased investment plan.
Moody's projects that the acquisition of Berendsen will have a
moderately negative impact on Elis' leverage profile. This results
from the fact that a significant proportion of the consideration
for Berendsen will be funded with new Elis' shares as well as the
proceeds from the cash placing to CPPIB. Moody's projects pro
forma adjusted leverage at around 3.9x-4.0x by the end of 2017
with a gradual decline to below 3.8x over 2018. Moderate de-
leveraging will be supported by the revenue growth for the group
projected by Moody's at 2-3% with relatively flat margins as
synergies from the integration of Berendsen, estimated at EUR40
million on a run-rate basis, will be partly offset by pricing
pressure in the group's mature markets, including France.
Moody's considers that Elis benefits from a good pro forma
liquidity position supported by a combined cash balance of
c.EUR436 million as of December 31, 2016 and availability under
Elis' committed credit lines, including a EUR500 million RCF,
which was undrawn as of December 31, 2016. As part of the
transaction, Elis' bridge facility will be partly used to
refinance Berendsen's debt which consisted mainly as of December
31, 2016 of private placement notes of GBP433.9 million and
GBP77.9 million of drawings under a EUR510 million revolving
credit facility. The Elis syndicated loan and bridge term
facilities contain a leverage covenant with ample headroom.
The Ba2 instrument rating on Elis' EUR800 million senior unsecured
notes reflects their pari passu ranking with the EUR1,150 million
syndicated loans and the EUR1,920 million bridge term facility and
the absence of any significant liabilities ranking above or
behind. The EUR800 million senior unsecured notes, the new
syndicated loans, and the bridge term facility benefit from the
same guarantee package as the existing syndicated loans, which are
provided by a group of subsidiaries that represented approximately
54% of the company's EBITDA (as adjusted by the company) and 98%
of assets as of December 31, 2014 (latest available information).
The stable outlook reflects Moody's expectation that Elis' pro
forma revenues will continue growing at above 2% on an organic
basis over the next 3 years while maintaining the EBITDA margin
(as reported by the company) at above 30%. In addition, Moody's
expects Elis to maintain a conservative financial policy with net
leverage (as reported by the company) at around 3.0x and a good
liquidity position by generating a positive FCF from 2018. The
stable outlook also assumes that Elis will refinance the bridge
facility drawings well in advance of its 2 year maturity (assuming
extensions are exercised) with longer-dated facilities
significantly extending the group's maturity profile.
WHAT COULD CHANGE THE RATING -- UP/DOWN
Positive pressure on the Ba2 rating could develop if Elis's
operating performance continues to improve, allowing for the
company's leverage, measured by Moody's adjusted debt/EBITDA, to
move towards 3x with a retained cash flow (RCF)/ Net Debt ratio
remaining above 20%. On the other hand, negative pressure could
develop if Elis's leverage remains above 4.0x for a sustained
period of time or if Moody's becomes concerned about the company's
liquidity. Negative pressure would also arise if the company was
to revise its firm offer for the acquisition of Berendsen with an
increased debt contribution.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
Elis is a France-based multiservice provider of flat linen,
garment and washroom appliances, water fountains, coffee machines,
dust mats and pest control services. The company operates
throughout 14 countries and splits its revenues between 3
segments: flat linen (49% of 2016 revenues), workwear (30%), and
hygiene and well-being (21%). For the financial year ended
December 31, 2016 it reported total revenues of EUR1.513 billion
and adjusted EBITDA (as reported by the company) of EUR468
million.
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H U N G A R Y
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NITROGENMUVEK ZRT: Fitch Revises Outlook to Neg., Affirms B+ IDR
----------------------------------------------------------------
Fitch Ratings has revised Hungary-based fertiliser company
Nitrogenmuvek Zrt's Outlook to Negative from Stable, and
simultaneously affirmed the Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B+'. Fitch has also affirmed its senior
unsecured rating at 'B+' with a Recovery Rating of 'RR4'.
The Outlook revision reflects the issuer's large increase in
leverage and longer than previously anticipated deleveraging from
a funds from operations (FFO) adjusted net leverage (leverage)
peak of 6.6x at end-2016. Fitch does not expects nitrogen
fertiliser prices to recover to pre-2016 levels in the medium term
as the market is oversupplied. This, despite lower capex and
positive free cash flow (FCF), would result in around 4x net
leverage during 2017-2018 before going below 2.5x from 2019 as
fertiliser prices recover. The IDR affirmation reflects reduced
capex-related risks, higher output as investments complete, and a
strong liquidity profile up to 2020.
KEY RATING DRIVERS
Capex, Pricing and Shutdowns: End-2016 leverage reached 6.6x as
the company had a 58-day long ammonia plant shutdown mainly due to
construction works, combined with nitrogen fertiliser prices
hitting a five-year low and translating into weak FFO generation.
Fitch does not expects further unplanned shutdowns as most
construction works are complete. However, nitrogen oversupply will
put pressure on medium-term fertiliser prices, implying a rebased
issuer financial profile with leverage at around 4x over 2017-
2018. This is despite low maintenance capex and nil dividends,
which translate into positive but moderate FCF and deleveraging
over several years.
Absolute Debt Under Control: Gross debt peak at around HUF95
billion in 2016, in line with Fitch previous expectations as capex
outflows were largely pre-funded with a seven-year 7.875% USD200
million senior unsecured bond raised in 2013 and the eleven-year
EUR93 million bank loan raised in 2016. Weak 2016 FFO and
significant working-capital outflows pulled down the cash cushion
to HUF27 billion, but the 2017 output-driven FFO recovery, planned
destocking, lower capex and assumed nil dividends mean that the
company will shift to neutral-to-positive FCF generation and
reduce its gross debt.
The extent of the recovery in fertiliser prices will however
determine the pace of deleveraging.
New Businesses Supress Margins: Nitrogenmuvek continues to expand
its lower-margin grain, pesticide and seed trading operations,
boosting direct sales to farmers and enhancing its presence in
central Europe through bolt-on acquisitions. Fitch believes that
the expansion into new business segments will boost sales but will
have a dilutive impact on the EBITDA margin. The expansion will,
however, help improve Nitrogenmuvek's brand names and market
coverage, which will lead to higher volumes and realised sales
prices in the longer term.
Large Domestic Market Share: Nitrogenmuvek is the only producer of
nitrogen fertilisers in Hungary with a significant market share.
Barriers to entry include the extent of the return on investment
given the small regional market, the lead time of four to five
years for new plant construction, high transportation costs for
importers (Hungary is a landlocked country) and import tariffs for
non-EU producers.
Long-Term Demand Fundamentals: The global fertiliser sector's
long-term demand outlook remains strong despite medium-term
supply-driven pressure, being supported by declining arable land,
a growing population and meat consumption, and biofuel production.
Nitrogenmuvek is also expected to benefit from the higher growth
potential of central European countries where nitrogen fertiliser
use per hectare remains below that of mature agricultural markets,
especially calcium ammonium nitrate as it suits Europe's
environmental regulations for fertilisers and is easy to store.
High Exposure to Price Volatility: Nitrogenmuvek lacks the product
and geographical diversification of its international peers, and
is located on the upper part of the ammonia cost curve, which
leaves it substantially exposed to nitrogen price volatility. The
company is also exposed to volatile natural gas prices, its main
raw material, although this is partly mitigated by its access to
spot and short-term purchases on European gas hubs and contracts
based on spot prices.
FX Risk: Nitrogenmuvek has no US dollar-denominated revenues,
which exposes it to convertibility and translation risk on its
USD200 million notes. Therefore, a strong appreciation of the US
dollar and a strong depreciation of the forint or euro could
result in deterioration in the group's credit metrics due to the
mismatch between operating cash flows and the US dollar-
denominated debt.
DERIVATION SUMMARY
Nitrogenmuvek has smaller scale, higher product concentration and
a weaker cost position than Fitch-rated EMEA nitrogen fertiliser
players Acron (BB-/Positive) and EuroChem (BB/Negative). This is
partly mitigated by Nitrogenmuvek's dominant share within its
landlocked domestic market of Hungary, its strong and increasing
share of direct sales to farmers as well as its strong liquidity.
It also benefits from having a near-complete investment cycle with
positive free cash-flow generation expected to start from 2H17. No
country ceiling, parent/subsidiary, operating environment aspects
or other factors impact the rating.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- fertiliser prices to grow in the low single digits from 2016
lows until a stronger recovery from 2019;
- fertiliser sales volumes to rebase at 1,300-1,400kt with
calcium ammonium nitrate (CAN)-focused production from 2017
as new capacity is launched;
- non-fertiliser segment to increase sales in the double digits
but to have flat margins over the next three years;
- 2017-2020 capex totalling at around HUF15 billion.
Fitch's key assumptions for bespoke recovery analysis include:
- post-restructuring EBITDA is HUF11.2 billion, or equal to 2016
EBITDA, reflecting a hypothetical downturn that would provoke
a default as well as Fitch's expectation of the company's
corrective actions;
- 4.0x distressed multiple reflects the typical multiple applied
to small-scale chemical producers;
- Fitch has applied standard discounts to end-2016 property,
plant and equipment (50%), receivables (25%) and inventories
(50%);
- 10% administrative claims are deducted from the liquidation
enterprise value;
- USD200 million bonds rank pari passu with all the remaining
senior unsecured debt in the waterfall.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- (Outlook Stabilisation) Positive FCF translating into FFO net
adjusted leverage sustained below 2.5x, or gross leverage
below 3.0x
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Dividends, aggressive capex or unexpected maintenance leading
to FFO adjusted net leverage maintained above 2.5x, or gross
leverage above 3x, by 2019
- Sustained drop in the EBITDA margin of core fertiliser
operations to below 20%
LIQUIDITY
Liquidity Comfortable: With HUF27 billion cash and cash
equivalents covering HUF4 billion short-term loans and borrowings
at end-2016, the liquidity position looks comfortable throughout
2017 and Fitch expects it to remain so until the next significant
repayment represented by HUF59 billion (USD200 million) Eurobonds
due in May 2020. Positive free cash flow generation from 2017
onwards is driven by capex moderation and adds comfort to the
company's liquidity position.
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I R E L A N D
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AURIUM CLO I: Moody's Affirms B2(sf) Rating on Cl. F Senior Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following classes of notes issued by Aurium CLO I
Designated Activity Company:
-- EUR 33,500,000 Class B-R Senior Secured Floating Rate Notes
due 2029, Upgraded to Aa1 (sf); previously on May 2, 2017
Definitive Rating Assigned Aa2 (sf)
-- EUR 18,000,000 Class C-R Senior Secured Deferrable Floating
Rate Notes due 2029, Upgraded to A1 (sf); previously on
May 2, 2017 Definitive Rating Assigned A2 (sf)
-- EUR 15,500,000 Class D-R Senior Secured Deferrable Floating
Rate Notes due 2029, Upgraded to Baa1 (sf); previously on May
2, 2017 Definitive Rating Assigned Baa2 (sf)
Moody's Investor Service has also affirmed the ratings of the
following classes of notes of Aurium CLO I:
-- EUR 179,500,000 Class A-R Senior Secured Floating Rate Notes
due 2029, Affirmed Aaa (sf); previously on May 2, 2017
Definitive Rating Assigned Aaa (sf)
-- EUR 21,000,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2029, Affirmed Ba2 (sf); previously on Mar 27,
2015 Definitive Rating Assigned Ba2 (sf)
-- EUR 10,750,000 Class F Senior Secured Deferrable Floating
Rate Notes due 2029, Affirmed B2 (sf); previously on Mar 27,
2015 Definitive Rating Assigned B2 (sf)
Aurium CLO I, issued in March 2015, is a collateralised loan
obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by Spire Partners LLP.
The transaction's reinvestment period ends in April 2019.
RATINGS RATIONALE
The Issuer has issued the Refinancing Notes in connection with the
refinancing of the following classes of Original Notes: Class A,
Class B, Class C and Class D Notes due 2029 (the "Original
Notes"), previously issued on March 26, 2015 (the "Original
Closing Date"). On April 26, 2017, the refinancing date, the
Issuer has used the proceeds from the issuance of the Refinancing
Notes to redeem in full its respective Original Notes. On the
Original Closing Date, the Issuer also issued the Class E Notes
and the Class F Notes as well as one class of subordinated notes,
which remain outstanding.
The rating upgrades on Classes B-R, C-R and D-R is primarily a
result of the increase in the excess spread available to the
transaction resulting from the refinancing of Class A, Class B,
Class C and Class D Notes.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to pay
down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the ratings:
The performance of the notes is subject to uncertainty. The
performance of the notes is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The Manager's investment decisions and
management of the transaction will also affect the performance of
the notes.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.
The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:
Performing par and principal proceeds balance: EUR300,000,000
Diversity Score: 44
Weighted Average Rating Factor (WARF): 3341
Weighted Average Spread (WAS): 4.72%
Weighted Average Coupon (WAC): 6.25%
Weighted Average Recovery Rate (WARR): 44.46%
Weighted Average Life (WAL): 5.92 years
As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk bond ceilings (LCC) of A1 and lower. Given the
portfolio constraints and the current local currency country
ceilings ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below Baa3
cannot exceed 0%. As a result and in conjunction with the current
local country ceiling ratings of the eligible countries, as a
worst case scenario, a maximum 10% of the pool would be domiciled
in countries with Baa2 local currency country ceiling. The
remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling above A1. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class of
notes as further described in Appendix 13 of the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes and
amount to 1.5% for the Class A-R Notes, 1% for the Class B-R
Notes, 0.75% for the Class C-R Notes and 0% for the Class D-R
Notes, Class E Notes and Class F Notes.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case.
Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the notes (shown
in terms of the number of notch difference versus the current
model output, whereby a negative difference corresponds to higher
expected losses), assuming that all other factors are held equal.
Percentage Change in WARF -- increase of 15% (to 3842 from 3341)
Rating Impact in Rating Notches:
Class A-R Senior Secured Floating Rate Notes: 0
Class B-R Senior Secured Floating Rate Notes: -2
Class C-R Senior Secured Deferrable Floating Rate Notes: -2
Class D-R Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -1
Percentage Change in WARF -- increase of 30% (to 4343 from 3341)
Rating Impact in Rating Notches:
Class A-R Senior Secured Floating Rate Notes: 0
Class B-R Senior Secured Floating Rate Notes: -3
Class C-R Senior Secured Deferrable Floating Rate Notes: -3
Class D-R Senior Secured Deferrable Floating Rate Notes: -3
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -1
Methodology Underlying the Rating Actions:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
=========
I T A L Y
=========
ASR MEDIA: S&P Affirms 'BB+' Rating on Amended Loan Facility
------------------------------------------------------------
S&P Global Ratings revised its outlook on the amended and extended
loan facility issued by ASR Media and Sponsorship S.r.l. (MediaCo)
to negative from stable. At the same time, S&P affirmed its 'BB+'
long-term issue rating on the loan. The recovery rating remains
unchanged at '2', indicating S&P's expectation of substantial
recovery (70%-90%; rounded estimate 85%) in the event of a payment
default.
The outlook revision follows MediaCo's increase of its borrowing
under its existing loan facility to EUR230.0 million from EUR161.4
million, alongside an extension of the maturity to 2022 from 2020.
The negative outlook points to S&P's view of the project's weaker
credit profile following the increase in debt. S&P believes the
rating could come under pressure if the broadcasting rights'
contracts for 2018-2021 are not renegotiated upward or if the
project fails to sign new sponsorship contracts (such as the
jersey sponsor), as incorporated into S&P's current base case.
Finally, S&P notes that the jump in debt has eroded the buffer
previously in place to mitigate interest rate increases.
The 'BB+' issue rating on the loan continues to reflect MediaCo's
minimum annual debt service coverage ratio (ADSCR) of 4x, under
S&P's base case. However, following the amendments to the
existing loan, the project's credit profile has weakened, in S&P's
view, with the ADSCR falling to a minimum of 4x and to an average
around 5x up until 2022, compared with a minimum solidly above 4x
and an average above 6x up until 2020 before amendment.
Positively, MediaCo's resilient performance under S&P's downside
case -- including significant stresses on sporting performance,
with two relegations forecast before 2023, and subdued sponsorship
revenues -- continues to support the rating. Under these
assumptions, S&P expects the ADSCR to remain at or above 1x,
supported by committed liquidity.
In conjunction with the increase in outstanding debt, MediaCo and
its lenders executed a set of amendments to the loan agreement,
including a new loan's principal repayment profile that resulted
in an outstanding balance of EUR172.0 million to be refinanced in
June 2022, instead of EUR128.4 million under the loan's previous
terms, which increased refinancing risk. All the lenders under
the amended and restated facility will rank pari passu and benefit
from the same security extended under newly executed deeds.
The negative outlook reflects S&P's expectation that, following
the debt increase, the project's minimum ADSCR coverage may fall
below 4x unless its revenues are supported by a combination of
favorable contract renegotiations (such as the Serie A and UEFA
broadcasting rights contracts for 2018?2021) or the acquisition of
new sponsorship contracts (such as the jersey sponsor).
Additionally, an increase in interest rates beyond current market
expectations could intensify pressure on the 4x minimum ADSCR
required to support the current rating.
S&P could revise our outlook to stable following a favorable
renegotiation of the upcoming broadcasting rights contracts, upon
signing of a jersey sponsor, or the acquisition of additional
contracted revenues that support a minimum ADSCR solidly and
sustainably above 4x.
S&P could lower its rating if the project's minimum ADSCR falls
below 4x. This could happen if the tender of the Serie A and UEFA
broadcasting rights contracts for 2018-2021 do not lead to the
assumed upward adjustment. S&P could also lower the rating if the
project fails to boost the contracts underpinning its sponsorship
revenues or if debt service increases following an unexpected
interest rates spike.
The project is not delinked from its bank account provider,
UniCredit SpA, but the rating on Unicredit does not currently
constrain the rating on the MediaCo's debt. Nevertheless, S&P
could lower the rating if it downgrades UniCredit to lower than
the rating on the debt and MediaCo does not replace the provider.
CREDITO VALTELLINESE: Fitch Lowers Long-Term IDR to BB-
-------------------------------------------------------
Fitch Ratings has downgraded Credito Valtellinese's Long-Term
Issuer Default Rating (IDR) to 'BB-' from 'BB' and Viability
Rating (VR) to 'bb-' from 'bb' and removed them from Rating Watch
Negative (RWN). The Outlook is Negative.
KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT
The downgrade reflects Fitch's view that unreserved impaired loans
are putting pressure on capitalisation and that internal
capitalisation has weakened as Creval's operating performance has
deteriorated. The Negative Outlook reflects execution risks around
Creval's strategic plan in a weak operating environment. Creval's
strategy aims to address the bank's key weaknesses in asset
quality, through non-performing loan (NPL) reductions, cost
efficiency and to recover an adequate and sustainable internal
capital generation from its core activities.
Although the bank's fully loaded CET1 and total capital ratios at
11.1% and 12.2% at end-1Q17 are above minimum regulatory
requirements, Fitch views capitalisation as not commensurate with
the risk arising from the bank's large stock of impaired loans.
Unreserved impaired loans accounted for about 170% of its Fitch
Core Capital (FCC) at end-1Q17. Fitch expects capital to remain
under pressure from high levels of unreserved impaired loans even
after the bank's planned reduction in NPLs. Fitch also see the
risk that the capital management initiatives envisaged in Creval's
strategic plan might not be sufficient to relieve pressure on
capital levels if the bank achieves the planned impaired loan
disposals (around gross EUR1.8 billion by end-2018) and at current
market prices. Additionally, internal capital generation from core
activities remains weak.
Creval's operating profitability suffers from a less diversified
business model that leaves the bank more vulnerable to interest
rate and economic cycles. Creval's profitability is under pressure
from the low interest rate environment and modest new lending. The
need to reduce its large stock of impaired loans might leave it
vulnerable to possible increases in provisioning to achieve the
planned NPL sales. The bank's recent wholesale debt issuance has
demonstrated that the cost for the bank to access the wholesale
markets has increased, which might have an impact on its net
interest income in the future if wholesale funding issuance
attract more expensive rates.
Asset quality is weak but has been stabilising in recent quarters,
reflecting tighter credit standards and risk controls and an
improved approach to address its large portfolio of impaired loans
by more efficient workout and larger disposals than other medium
sized banks in Italy. Creval has sold about EUR610 million
impaired loans since end-2015, which together with a reduced
inflow of new impaired loans and higher recoveries resulted in a
reduction in the stock of impaired loans by almost 3% at end-1Q17.
Nonetheless, impaired loans remain high at 26% of gross loans. The
disposal of around EUR1.5 billion gross loans through a planned
securitisation in 2H17 will reduce the ratio to close to 20%,
which still remains above the domestic industry average. Net
impaired loans will continue to represent well above 100% of FCC
following the transaction.
Creval targets an 18.4% gross problem loan ratio, including past
due exposures, by end-2018. Fitch believes this could be achieved,
but Fitch see executions risk if the operating environment
deteriorates further.
The assessment of funding and liquidity reflects Fitch views that
while these are generally stable, risk has heightened regarding
access to funding, particularly from wholesale sources and in
periods of market stress might be less certain for Creval than for
stronger peers. Funding sources are currently adequately
diversified. Creval's overall liquidity is underpinned by access
to central bank facilities and commensurate with the bank's
ratings, with liquidity coverage and net stable funding ratio
above 100%.
SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch views that following the introduction of Bank
Recovery and Resolution Directive, the likelihood of Creval being
supported, in case of need, by the Italian authorities has reduced
substantially. Fitch therefore no longer rely on the possibility
of such support in Fitch ratings.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Creval's subordinated debt is rated one notch below the bank's VR,
comprising one notch for loss severity relative to senior
unsecured creditors and zero notches for incremental non-
performance risk relative to the VR.
RATING SENSITIVITIES
IDRS, VR AND SENIOR DEBT
The Negative Outlook reflects Fitch views that the bank's VR,
Long-Term IDR and debt ratings would be downgraded if
capitalisation declines from current levels as a result of losses
caused by sales of impaired loans if the bank fails to build up
capital. The ratings would also be downgraded if the bank fails to
achieve the planned reduction in impaired loans or if underlying
profitability does not improve.
Fitch could revise the Outlook to Stable if the bank makes
progress in disposing impaired loans while maintaining adequate
capitalisation, manifested in a steady reduction in unreserved
impaired loans as a share of FCC. A Stable Outlook would also
require a recovery in operating profitability to sustainable
levels.
SUPPORT RATING AND SUPPORT RATING FLOOR
An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support Creval. While not impossible, this is highly unlikely, in
Fitch's view.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The rating of the notes is sensitive to a change in the bank's VR.
The rating is also sensitive to a change in the notes' notching,
which could arise if Fitch changes its assessment of their loss
severity or their non-performance relative to the risk captured in
the VR.
The rating actions are as follows:
Long-Term IDR: downgraded to 'BB-' from 'BB', removed from RWN;
Outlook Negative
Short-Term IDR: affirmed at 'B'
Viability Rating: downgraded to 'bb-' from 'bb', removed from RWN
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
EMTN Long-term rating: downgraded to 'BB-' from 'BB', removed from
RWN
EMTN Short-Term Rating: affirmed at 'B'
Subordinated notes: downgraded to 'B+' from 'BB-', removed from
RWN
NUOVO TRASPORTO: Fitch Assigns BB Rating to EUR550MM Sr. Bond
-------------------------------------------------------------
Fitch Ratings has assigned Nuovo Trasporto Viaggiatori S.p.A.
(NTV)'s EUR550 million senior secured bond a final rating of 'BB'.
The Issuer Default Rating is 'BB-' with a Stable Outlook.
The uplift for the bonds compared to the IDR reflects the Recovery
Rating of 'RR2', which is driven by the meaningful residual value
of the company's assets in case of default and the secured nature
of the transaction.
The rating reflects NTV's sound operating performance, high
profitability and sizeable market share; this is in the context of
a regulatory framework set by an independent regulator, increasing
demand for high-speed railway services and high barriers to entry.
Constraints on the rating include the limited size and record of
the company, the exclusive focus on Italy and high leverage with
some execution risk related to reducing that level.
Fitch expects FFO adjusted net leverage to approach 4.5x in 2019
from 6.7x at year-end 2016. Fitch expects NTV to generate positive
free cash flow (FCF) after the spike in capex in 2016-18 related
to the new fleet of 12 high-speed trains to be delivered starting
from November 2017.
KEY RATING DRIVERS
Private High-Speed Train Operator: NTV has been operating high-
speed trains in Italy since 2012 under the brand name Italo and is
the first private high-speed operator in the European passenger
rail industry. NTV's only direct competitor is Trenitalia, owned
by the incumbent Ferrovie dello Stato Italiane (FS, BBB/Stable).
As of 2016, NTV had a 35% share of the markets it operates in. It
has a fleet of 25 high-speed trains offering 56 daily services
with a focus on the strategic routes Naples-Rome-Milan-Turin and
Naples-Rome-Venice/Verona. An additional 12 trains are due to be
delivered by mid-2018.
Experienced Shareholder Base: Its shareholder base is mainly
composed of Italian entrepreneurs (almost 60%) and financial
institutions (Banca Intesa, 'BBB-'/Stable, and Assicurazioni
Generali S.p.A., 'A-'/Stable, in total representing almost 40%).
The shareholders are discussing the potential addition of a new
shareholder with a stake of up to 30%.
Regulatory Framework Improving: The Italian independent authority
for transport (ART, Attivita di Regolazione dei Trasporti) became
fully operational in 2014, which led to a substantial improvement
of the regulatory environment. The new methodology defined by ART
for the period 2016-2021 resulted in lower access fees for the use
of the infrastructure by NTV (36% year-on-year reduction in 2015).
In 2016 access and electricity costs (also regulated) represented
almost 40% of the company's cost base. While the establishment of
the independent regulator provides a foundation for the
development of the competitive environment, ART's track record in
the implementation of its policies is limited.
Successful Repositioning in 2015: NTV launched a new strategy in
2015, which included gaining access to the three most important
railway stations in Italy, optimisation of maintenance schedules,
minimisation of time from train arrival to departure, increased
frequency on the Milan-Rome key route, launch of an intermodal
train-bus service, and the introduction of a new pricing system.
These initiatives led to an increase of services offered (in terms
of seat per kilometre) and a decrease of the average price. Lower
ticket prices were more than compensated for by the substantial
increase in load factor to 76.4% in 2016 from 51.7% in 2014.
Combined with reduced access fees, this drove EBITDA to EUR96
million in 2016 (25% of revenues) from a negative value of EUR18
million in 2014.
Competitive Landscape: NTV has a market share of 24% in the total
high-speed long-haul market in Italy and 35% in its reference
market. The entrance of a second player was a key driver for the
market growth registered in Italy in the last years (CAGR 2012-
2016 of 7.6%). Prices for high-speed trains in Italy are quite low
when compared with other EU countries and there is room for
additional penetration, since the high-speed train solution is
gaining market share compared to traditional train and airlines,
while bus operators are generally small. Fitch believes that
barriers to entry are significant, both in terms of capital and
time needed to approach the market.
Fleet Expansion: NTV will benefit from the expanding fleet as it
increases scale, frequencies and geographic footprint throughout
the rail network. On the other hand, it adds execution risk to the
business plan. The introduction of the 12 new trains will be
gradual until mid-2018 and will allow the company to increase
daily services to 88 from 56. All the additional services (with
related routes and times) have been approved by the regulator. At
year-end 2016 NTV had already paid EUR99 million of the EUR282
million total related investments.
Deleverage Factored into the Rating: NTV currently has a high
leverage (FFO net adjusted leverage at 6.7x in 2016) deriving both
from its ramp-up phase and the investments for the new fleet.
Fitch forecasts material improvement in credit ratios by 2019 when
the new fleet will fully contribute to cash flow. Fitch expects
FFO net adjusted leverage to approach 4.5x in 2019 and FFO fixed-
charge cover at 3.7x, which is reflected in the 'BB-' IDR.
NTV has a rigid cost structure. But its capacity to sustainably
generate positive free cash flow from 2018 is enhanced by low
maintenance capex (around EUR10 million per year) and potential
cash generation from working capital, also related to some
expected VAT reimbursements.
Positive Current Trading: The company is performing well in 2017,
with LTM EBITDA at March 2017 of EUR106 million and a budget for
the full year of EUR120 million. In Fitch ratings case Fitch
expects EBITDA of EUR113 million in 2017, rising to EUR140
million-EUR150 million from 2019.
DERIVATION SUMMARY
NTV is rated below transport peers such as Stagecoach Group plc
(BBB/Stable), FirstGroup plc (BBB-/Stable) and National Express
Group Plc (BBB-/Stable) mainly due to its higher net leverage
(trending towards 4.5x compared to averages of 2.5x for
Stagecoach, 3.4x for FirstGroup and 3.6x for National Express),
limited scale and lack of diversification. However, it is rated
one notch higher than airline peers at 'B+' with similar financial
profiles, including Public Joint Stock Company Aeroflot - Russian
Airlines and LATAM Airlines Group S.A., due to Fitch expectations
of deleveraging for NTV and a more solid business profile. The
company benefits from a solid and growing market share, less
competition and high barriers to entry. No country-ceiling,
parent/subsidiary or operating environment aspects impacts the
rating.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for NTV include:
- average load factor at 73.4% throughout the 2017-21 business
plan
- yield increasing at a CAGR of 0.8%
- cash generation from working capital at around EUR80 million
across the plan
- total capex of around EUR260 million over the 2017-2021
period, of which more than 70% in the first two years
- dividends maximisation consistently with permitted payments
(50% pay-out with net debt/EBITDA higher than 3.5x, 100% if
lower), but no utilisation of the general restricted payments
basket (EUR40 million)
RATING SENSITIVITIES
Future developments that may potentially lead to positive rating
action include:
- FFO-adjusted net leverage below 4.0x and FFO fixed charge
coverage above 3.0x on a sustained basis
- Sustained neutral to positive free cash flows
Future developments that could lead to negative rating action
include:
- FFO-adjusted net leverage above 4.5x and FFO fixed charge
coverage below 2.5x on a sustained basis due to, for example,
a more aggressive dividend policy compared to Fitch current
assumption in the rating case
- Negative FCF due to, for example, a worse than expected market
scenario or failure to successfully implement the company's
strategy
- Adverse regulatory changes impacting on the company's cash flow
LIQUIDITY
Adequate Liquidity: NTV has refinanced its existing debt with a
six-year EUR550 million floating rate note (FRN) and a five-year
term loan of EUR140 million, of which 45% is amortising. The FRN
was increased by EUR50 million due to investor demand and the loan
decreased by an equivalent amount. NTV also has a EUR20 million
revolving credit facility, completely undrawn at refinancing. All
debt is pari passu and secured against the shares in NTV. The bank
loan includes financial covenants based on leverage (net
debt/EBITDA), gradually decreasing to 3.7x in 2019 and 3.5x in
2020, and coverage (rising to 3x in 2019, then flat).
Fitch expects NTV's available cash to stand at around EUR21
million-EUR36 million at the end of 2017 (depending on potential
dividends distribution throughout the year), with the RCF
completely undrawn. Fitch forecasts consistently positive free
cash flows from 2018.
* ITALY: RMBS 60+ and 90+ Day Delinquencies Slightly Drop in Feb.
-----------------------------------------------------------------
According to the latest indices published by Moody's Investors
Service the 60+ day delinquencies in the Italian residential
mortgage-backed securities (RMBS) market marginally decreased to
1.8% in February 2017 from 1.9 % in November 2016, while the 90+
day delinquency index slightly declined to 1.3 % in February 2017
from 1.5% in November 2016.
The index of cumulative defaults almost remained stable around
5.0% in February 2017.
The prepayment rate index increased to 5.8% in February 2017 from
5.4% in November 2016.
As of February 2017, Moody's rated 102 transactions in the Italian
RMBS market, with a total outstanding pool balance of EUR 51.9
billion a slight increase from EUR 51.8 billion in November 2016.
As of February 2017, the reserve funds of 32 transactions, 10 of
which are fully drawn, were below their target levels.
On February 2017 an increase in bank mortgage lending has
considerably bolstered the Italian mortgage market, as a
consequence of a surge in housing demand. Italian house prices are
expected to grow close to 2% next year. The origination of new
loans in the Italian market could approach pre-crises levels if
mortgage lending activity will keep increasing at the current
pace.
===================
L U X E M B O U R G
===================
CANYON COS: S&P Revises Outlook to Stable & Affirms 'B' CCR
-----------------------------------------------------------
S&P Global Ratings revised its rating outlook on Luxembourg-based
Canyon Cos. S.ar.l. (doing business as Cision) to stable from
negative and affirmed its 'B' corporate credit rating on the
company.
The company plans to use the $325 million capital contribution
from its merger with Capitol Acquisition Corp. III to pay down
approximately $300 million of its $370 million second-lien term
loan.
S&P's outlook revision is based on its expectation that Canyon
will pay down $300 million of its second-lien debt using the
$325 million in capital infusion from its merger with Capitol
Acquisition. As a result, S&P forecasts adjusted leverage of
5.8x-6.0x and free operating cash flow (FOCF) to debt of 6%-7% in
2017. These ratios are above our previous upside scenario for the
company, where S&P had set a threshold to revise the outlook to
stable if adjusted leverage declined below 7.0x and FOCF to debt
improved to the mid-single-digit percentage area. S&P also
expects the realization of synergies and other cost-efficiencies
to result in adjusted leverage declining further to the 5.4x-5.6x
range in 2018.
S&P's corporate credit rating also incorporates its view of
Canyon's good market position and contracted revenue profile with
high retention rates, the highly fragmented competitive
environment in the niche public relations (PR) software solutions
market, and the integration risks associated with the company's
acquisitions over the past three years.
The outlook reflects S&P's expectation that Canyon's leverage will
decline to the low-6.0x area, its FOCF to debt will increase to
about 6%-7% in 2017, and the company will successfully integrated
its acquisitions and realize expected synergies.
S&P could lower the corporate credit rating if the company's
operating performance deteriorates such that S&P expects leverage
to remain elevated in the high-6.0x area or if its cash flow
deteriorates such that FOCF to debt declines below 5% on a
sustained basis. These scenarios could occur if Canyon's
operational performance deteriorates such that its EBITDA growth
is significantly lower than S&P expects because the company, for
example, is unable to effectively integrate its acquisitions and
realize expect synergies.
S&P could raise the rating if the company is able to lower
leverage below 5.0x on a sustained basis while maintaining
adequate liquidity. This could occur through continued debt pay
down and/or successful cross-selling strategies that materially
increase EBITDA and cash flow.
LECTA SA: S&P Affirms 'B/B' CCRs Following Postponed IPO
--------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term
corporate credit ratings on Luxembourg-registered paper producer
Lecta S.A. The outlook is stable.
S&P also affirmed the 'B' issue rating on Lecta's senior secured
debt. The '4' recovery rating remains unchanged, indicating S&P's
expectation of average recovery (45%) in the event of a payment
default.
S&P removed the ratings from CreditWatch positive, where it placed
them on May 29, 2017.
The affirmation and the removal of the CreditWatch placement
follow Lecta's announcement on June 21, 2017, that it has decided
not to list shares on the Madrid, Barcelona, Bilbao, and Valencia
stock exchanges at this time. As a result, S&P do not expect the
company's financial leverage to improve meaningfully in the near
term.
The stable outlook reflects S&P's expectation of modest
improvements in Lecta's operational performance in 2017-2018 that
will advance the company's credit metrics only somewhat. While
S&P expects slightly increasing EBITDA generation due to a higher
proportion of specialty paper products, S&P do not think that cash
flow generation will be strong enough to have a substantial impact
on Lecta's overall performance metrics.
S&P considers that a downgrade is remote in the coming 12 months,
thanks to Lecta's comfortable liquidity profile and S&P's forecast
of slightly improving EBITDA generation. S&P could, however,
lower the rating if operating performance deteriorated
significantly below S&P's base?case projections, in turn weakening
credit metrics. A downgrade could for example follow a protracted
decrease in funds from operations (FFO) to debt to below 6%.
An upgrade is unlikely in the coming 12 months, unless Lecta
successfully executes an IPO in line with the recently postponed
plans. This is because, in the absence of materially lower
leverage and a marked strengthening in cash flow generation, a
tough industry environment for core coated, wood-free paper will
markedly hinder improvements in Lecta's credit metrics. Over
time, S&P could consider a higher rating if it was to forecast FFO
to debt at sustainably above 12%. In addition, any ratings upside
would hinge on a commitment from Lecta's owners to maintain
stronger credit metrics.
TAGUS SOCIEDADE: Moody's Assigns (P)Ba2 Rating to Class B Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Tagus -- Sociedade de
Titularizacao de Creditos, S.A.:
-- EUR [.] million Class A Asset Backed Floating Rate Notes due
June 2035, Assigned (P)A3 (sf)
-- EUR [.] million Class B Asset Backed Floating Rate Notes due
June 2035, Assigned (P)Ba2 (sf)
Moody's has not assigned a rating to the EUR [.] million Class C
Notes, which are also to be issued at the closing of the
transaction.
RATINGS RATIONALE
This transaction is a 18 months revolving securitization
transaction originated by Montepio Credito - Istitucao Financeira
de Credito S.A. (NR) ("Montepio Credito"), ultimately owned by
Caixa Economica Montepio Geral (B3/NP/B1 (cr)/NP (cr))
("Montepio"). The assets supporting the notes consist of secured
and unsecured loan, leasing, rental and long term rental
agreements. The financing are mainly entered into for the purpose
of financing cars and commercial trucks (90%) to corporate
obligors (60.8%) and private individuals (39.2%) in Portugal.
As of May 5, 2017, the provisional pool was around EUR 193.2
million and shows 22,159 non-delinquent contracts with a weighted
average seasoning of around 18 months. The financing in the
portfolio finance commercial trucks (31.8%), new cars (31%) and
used cars (27.2%) to corporate obligors and private individuals.
Financing are 97.7% amortizing, the remaining 2.3% are bullet.
Under the leasing and rental agreements (60.9%), the
originator/issuer has the right to sell the related vehicle to the
relevant supplier should the obligor not exercise its purchase
option at maturity, the benefit of such proceeds from the
suppliers obligation to purchase ("Promissory Agreements") is part
of the financing agreement and is passed to the issuer under the
transfer agreement. Promissory Agreements represents 14.4% of the
portfolio at closing and cannot increase to more than 16.5% during
the revolving period.
The originator will also act as the servicer of the portfolio
during the life of the transaction; a backup servicer is appointed
at closing and will step in should the servicer defaults. The
transaction also envisages an independent cash manager. This is
the sixth public transaction originated by Montepio Credito, the
second rated by Moody's.
RATINGS RATIONALE
The ratings of the notes are based on an analysis of the
characteristics of the underlying pool, sector wide and originator
specific performance data, protection provided by credit
enhancement, the cash reserve, the roles of external
counterparties and the structural integrity of the transaction.
According to Moody's, the transaction benefits from credit
strengths such as (i) a backup servicer: Whitestar Asset Solution,
S.A. is appointed at closing as back up servicer and will step in
should the servicer default; (ii) Promissory Agreements: under the
Promissory Agreements the Issuer has the option to sell the
related asset to the supplier at a pre agreed price. Moody's has
considered this obligation in the residual value analysis; (iii)
short WAL of the corporate exposure: the corporate portion of the
pool have a shorter WAL than the individual portion, 1.4 years vs
4.2 years, as such the riskier commercial exposure will reimburse
earlier than the individual portion. During the revolving period,
WAL and obligors limits prevent the portfolio to change
substantially; (iv) A non-amortising cash reserve of 5% of the
Class A Notes is fully funded at closing. This reserve will
provide liquidity during the life of the transaction to pay senior
expenses, coupons on Class A Notes and to clear Class A notes
principal deficiency ledger; will be available also to interest of
Class B Notes once Class A Notes are fully amortized. In addition,
the contractual documents will include the obligation of the
calculation agent to estimate amounts due to Class A notes
interest payments in the event that a servicer report is not
available. This reduces the risk of any technical non-payment of
interest on the Notes.
However, Moody's notes that the transaction features some credit
weaknesses such as (i) corporate exposure and concentrations:
60.8% of the pool is exposed to corporates, and among them there
is a high concentration to the top 10 borrowers and to the
Transportation sector, 19% and 51.9% of the corporate exposure
respectively. Moody's has considered the concentrations when
deriving the default probability and PCE assumption for the
transaction, as further described below.; (ii) exposure to
affiliates: 4.1% of the pool is exposed to affiliates of the
originator (i.e. corporates connected to the originator), out of
which 3.4% are partially mitigated through Promissory Agreements
and 0.74% are solely exposed to the affiliate. These affiliate
exposures create a linkage between the originator and the pool
since should the originator default it increases the likelihood
that the affiliates will also default on their obligations.; (iii)
revolving period: the pool is revolving for 18 months which could
lead to an asset quality drift although this is mitigated to some
extent by the portfolio concentration limits; (iv) unhedged
transaction: the pool is comprised of 41.3% fixed rate loans and
58.7% floating rate loans, mostly paying monthly (99.8)%. The
notes are floating rate and pay a monthly coupon linked to EURIBOR
3M. Although the transaction is unhedged, the note coupons have an
in-built cap at a EURIBOR rate of 5%, i.e. the note coupons are
linked to EURIBOR 3M until it reaches 5%. When stressing the yield
vector in analysis Moody's has considered the asset liability
mismatch up to this cap.
Moody's analysis focused, among other factors, on (i) an
evaluation of the underlying portfolio of financing agreements;
(ii) the macroeconomic environment; (iii) historical performance
information; (iv) the credit enhancement provided by
subordination, non-amortizing reserve and excess spread; (v) the
liquidity support available in the transaction, by way of
principal to pay interest and the reserve fund; and (vi) the legal
and structural integrity of the transaction.
MAIN MODEL ASSUMPTIONS
In its quantitative assessment and because of the relative high
industry concentration and the low granularity of the securitised
portfolio, Moody's assumed a custom default distribution for this
securitised portfolio.
The rating agency derived the default distribution, namely the
relevant main inputs such as the mean default probability and its
related standard deviation, via the analysis of: (i) the
characteristics of the loan-by-loan portfolio information,
complemented by the available historical vintage data; (ii) the
potential fluctuations in the macroeconomic environment during the
lifetime of this transaction; and (iii) the portfolio
concentrations in terms of industry sectors and single obligors.
Moody's assumed the mean cumulative default probability of the
portfolio to be equal to around 7.2% with a coefficient of
variation (i.e. the ratio of standard deviation over mean default
rate) of around 59.7%.
The rating agency has assumed stochastic recoveries with a mean
recovery rate of 26%, a standard deviation of 30% and a weighted
average recovery time of around 18 months after the default
occurrence. In addition, Moody's has assumed the prepayments to be
5% per year. The base case mean loss rate and the coefficient of
variation assumption results in a portfolio credit enhancement
("PCE") of around 22.4%.
Portfolio expected defaults of 7.2% are higher than the EMEA Auto
Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) SME
obligors exposure and their concentration to the top 10 obligors
and the Transportation sector; (ii) historic performance of the
financing book of the originator, (iii) benchmarking against
comparable transactions, and (iv) other qualitative
considerations, such as the 18 months revolving period.
Portfolio expected recoveries of 26% are in lower than EMEA Auto
Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.
PCE of 22.4% is higher than the EMEA Auto Loan ABS average and is
based on Moody's assessment of the pool which is mainly driven by
(i) the SME exposure and their concentration to the top 10
positions and Transportation sector; and (ii) benchmarking against
comparable transactions.
The transaction is also exposed to potentially higher losses in a
stressed environment due to Residual Value ("RV") risk included in
the portfolio stemming from the leasing and rental agreements. As
described above, in case the obligor does not exercise its option
to purchase the related asset and the supplier default on their
Promissory Agreements, the transaction is exposed to RV risk. RV
losses are additional to the cumulative mean net loss assumptions
for borrower receivables detailed in the previous section.
Promissory Agreements receivables constitute 14.4% of the
principal balance of the securitised portfolio and can rise to
16.5% during the revolving period.
Moody's assumes an A1 haircut for the RV exposure in the portfolio
of 57% for the Class A Notes and an Ba2 haircut for RV exposure of
27% for the Class B Notes, taking into account (i) the maturity
distribution of RV payments, and (ii) the fact that the RV
exposure is mainly linked to trucks.. The final results also take
into account the benefit given to the Promissory Notes agreements
based on the creditworthiness of the suppliers granting it. The
analysis results in an RV credit enhancement of 5.9% for the (P)
A3 (sf) rated Class A Notes and 2.9% for the (P) Ba2 (sf) rated
Class B Notes. The RV credit enhancement is added to the
calculated credit enhancement for the obligor credit risk for each
tranche of notes.
METHODOLOGY
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease Backed ABS"
published in October 2016.
Please note that on March 22, 2017, Moody's released a Request for
Comment, in which it has requested market feedback on potential
revisions to its Approach to Assessing Counterparty Risks in
Structured Finance. If the revised Methodology is implemented as
proposed, the Credit Ratings on Aqua Finance No. 4 are not
expected to be affected. Please refer to Moody's Request for
Comment, titled " Moody's Proposes Revisions to Its Approach to
Assessing Counterparty Risks in Structured Finance," for further
details regarding the implications of the proposed Methodology
revisions on certain Credit Ratings.
The rating addresses the expected loss posed to investors by the
legal final maturity of the Notes. In Moody's opinion the
structure allows for timely payment of interest and for ultimate
payment of principal at par on or before the rated final legal
maturity date for Class A Notes and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date for Class B Notes. Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed but may have a significant effect on
yield to investors.
Moody's issues provisional ratings in advance of the final sale of
securities and the above rating reflects Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation and the final note structure,
Moody's will endeavor to assign a definitive rating to the Notes.
A definitive rating may differ from a provisional rating.
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:
Factors that may lead to and upgrade of the ratings of the notes
include significantly better than expected performance of the pool
and an increase in credit enhancement of the notes due to
deleveraging.
Factors that may lead to a downgrade of the ratings of the notes
include (i) a decline in the overall performance of the pool (ii)
a significant deterioration of the credit profile of the
originator/servicer or other key transaction counterparties.
LOSS AND CASH FLOW ANALYSIS:
Moody's used its cash-flow model Moody's ABSROM as part of its
quantitative analysis of the transaction. Moody's ABSROM model
enables users to model various features of a standard European ABS
transaction - including the specifics of the loss distribution of
the assets, their portfolio amortization profile, yield as well as
the specific priority of payments, swaps and reserve funds on the
liability side of the ABS structure.
STRESS SCENARIOS:
In rating auto loan ABS, default rate and recovery rate are two
key inputs that determine the transaction cash flows in the cash
flow model.
If the expected recovery rate decreased to 20% from 26% the model
output indicates that the Class A notes would achieve A3 assuming
that all other factors remained unchanged. Class B would achieve a
Ba3. Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied. Parameter
Sensitivities for the typical EMEA ABS Auto loan transaction are
calculated by stressing key variable inputs in Moody's cash flow
model.
Parameter sensitivities provide a quantitative/model indicated
calculation of the number of notches that a Moody's rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather how the
initial model output for the Notes might have differed if the two
parameters within a given sector that have the greatest impact
were varied.
===================
M O N T E N E G R O
===================
MONTENEGRO: Rising Debt & Volatile Growth Pose Credit Challenges
----------------------------------------------------------------
Montenegro's B1 rating with a negative outlook is constrained by
its rising government debt, small economy, volatile growth and
strong reliance on foreign funding, Moody's Investors Service said
in a new report.
The annual update, "Government of Montenegro -- B1 Negative Annual
Credit Analysis", is now available on www.moodys.com. The research
is an update to the markets and does not constitute a rating
action.
"Montenegro's credit challenges include its large fiscal and
external imbalances and a high debt ratio, which limits the
country's shock absorption capacity," said Rita Babihuga-Nsanze, a
Moody's Vice President -- Senior Analyst and co-author of the
report. "The country's debt-to-GDP ratio increased to 67% in 2016,
more than double the 2008 level of 28.4%."
Moody's expects that Montenegro's fiscal metrics will deteriorate
further because of the cost of building a major new highway to the
coastal town of Bar, which will push government debt to above 80%
of GDP by 2018.
The deficit is expected to deteriorate to 8.7% of GDP in 2017,
higher than the authorities' forecasts, due to the acceleration of
the implementation of the highway project and continued pressure
on current spending.
Overall, Moody's believes that the fiscal expansion pursued over
the past two years will limit options for any adjustment, coupled
with an already rigid spending structure: pensions and wages
account for around half of overall expenditure.
Moody's forecasts full-year real GDP growth of 3.3% in 2017 as
construction work on the new highway and other investment projects
continues. However, risks stemming from possible future delays to
construction works persist. Private and public consumption should
moderate following the introduction of fiscal consolidation
measures at the end of 2016.
Montenegro's credit strengths include its relatively high per-
capita GDP wealth levels compared with similarly rated peers;
progress in the country's EU accession strategy and a growth
outlook supported by large inflows of foreign direct investment
(FDI), with projects in tourism and renewable energy.
The negative outlook on the rating reflects risks associated with
the government's debt-funded growth strategy. Evidence that fiscal
or external metrics have continued to deteriorate, or signs of
reduced access to international capital markets, would put
downward pressure on the rating. Weaker growth due to project
delays, declining FDI or tourism would also be credit-negative.
Conversely, fiscal consolidation that puts the country's debt
trajectory on a sustained downward trend, a reduction in
contingent liabilities, improvements in external competitiveness
and a material decline in external vulnerabilities would support
Montenegro's creditworthiness.
=====================
N E T H E R L A N D S
=====================
WOOD STREET IV: Moody's Raises Rating on Cl. E Notes from Ba1(sf)
-----------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Wood Street
CLO IV B.V.:
-- EUR46.75M (current outstanding balance EUR11.27M) Class B
Senior Secured Floating Rate Notes due 2022, Affirmed Aaa
(sf); previously on Nov 29, 2016 Affirmed Aaa (sf)
-- EUR44M Class C Senior Secured Deferrable Floating Rate Notes
due 2022, Affirmed Aaa (sf); previously on Nov 29, 2016
Upgraded to Aaa (sf)
-- EUR24.75M Class D Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to Aaa (sf); previously on Nov 29,
2016 Upgraded to A2 (sf)
-- EUR19.25M (current outstanding balance EUR16.15M) Class E
Senior Secured Deferrable Floating Rate Notes due 2022,
Upgraded to A2 (sf); previously on Nov 29, 2016 Upgraded to
Ba1 (sf)
-- EUR7M Class X Combination Notes due 2022, Affirmed Aaa (sf);
previously on Nov 29, 2016 Upgraded to Aaa (sf)
Wood Street CLO IV B.V., issued in January 2007, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans managed by
Alcentra Limited. The transaction's reinvestment period ended in
March 2013.
RATINGS RATIONALE
According to Moody's, the rating actions taken on the notes are
the result of deleveraging of the Class A-2 and Class B notes
following amortisation of the portfolio since the last rating
action in November 2016.
Class A-2 paid down its full outstanding balance of EUR 55.00
million and Class B notes paid down by EUR 35.47 million (76.05%
of closing balance) on the March 2017 payment date. As a result of
the deleveraging, over-collateralisation (OC) ratios have
increased across the capital structure. According to the trustee
report dated May 2017, Class A/B, Class C, Class D, and Class E OC
ratios are reported at 1162.25%, 237.02%, 163.72%, and 136.22%
respectively, compared to October 2016 levels of 234.67%, 154.49%,
129.58%, and 117.25% respectively.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds of EUR 97.67 million,
defaulted par of EUR 11.94 million, a weighted average default
probability of 23.16% (consistent with a WARF of 3527 over a
weighted average life of 3.63 years), a weighted average recovery
rate upon default of 49.00% for a Aaa liability target rating, a
diversity score of 11 and a weighted average spread of 4.28%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
The rating of the combination notes addresses the repayment of the
rated balance on or before the legal final maturity. For the Class
X notes, the 'rated balance' at any time is equal to the principal
amount of the combination note on the issue date minus the sum of
all payments made from the issue date to such date, of either
interest or principal. The rated balance will not necessarily
correspond to the outstanding notional amount reported by the
trustee.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
Factors that would lead to an upgrade or downgrade of the ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for Classes B, C, and within one to two
notches of the base-case results for Classes D and E.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
2) Recoveries on defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.
3) Around 17.60% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions," published in October 2009 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
4) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity,
the liquidation value of such an asset will depend on the nature
of the asset as well as the extent to which the asset's maturity
lags that of the liabilities. Liquidation values higher than
Moody's expectations would have a positive impact on the notes'
ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
===============
P O R T U G A L
===============
BANCO BPI: Fitch Affirms B+ Preference Shares Rating
----------------------------------------------------
Fitch Ratings has revised the Outlooks on Santander Totta SGPS,
S.A. and Banco BPI, S.A's Long-Term Issuer Default Ratings (IDR)
to Positive from Stable and affirmed the IDRs at 'BBB' and
'BBB-', respectively.
The revision of the Outlook on the banks' institutional support-
driven Long-Term IDRs follows the revision of Portugal's Outlook
to Positive.
KEY RATING DRIVERS
IDRS, SENIOR DEBT AND SUPPORT RATING - SANTANDER TOTTA
The IDRs of Santander Totta and its fully-owned bank subsidiary,
Banco Santander Totta, S.A. (BST), reflect Fitch's view that there
is a high probability of support from its Spanish parent, Banco
Santander, S.A. (Santander; A-/Stable) if needed. This is because
Santander Totta's activities in Portugal are strategically
important to the group and its management and corporate culture
are highly integrated with those of its parent. This is reflected
in the Support Ratings (SR) of '2'.
The Long-Term IDRs of both entities are 'BBB' and capped at two
notches above that of the Portuguese sovereign (BB+/Positive), in
line with the limitations on notching banks above the sovereign,
as per Fitch's criteria. The Positive Outlooks mirror that on the
sovereign.
Available support from the parent is reflected in the higher of
the two possible Short-Term IDRs for banks with a Long-Term IDR of
'BBB'.
IDRS, SENIOR DEBT AND SUPPORT RATING - BANCO BPI
Banco BPI's IDRs, senior debt ratings and SR reflect a high
probability of support from its ultimate parent, Caixabank
(BBB/Positive), in case of need. Fitch believes Portugal is a
strategically important market for Caixabank as demonstrated by
the long-standing investment in Banco BPI and recent control take
in February 2017 increasing its stake to 84.5%.
Banco BPI's Long-Term IDR is capped at one notch above that of
Portugal because Fitch believes Caixabank's propensity to support
Banco BPI is linked to Portugal's operating environment, since
this affects the attractiveness of Banco BPI to the group and
Banco BPI's impact on Caixabank's overall risk and returns
profile. Banco BPI's Outlook is Positive mirroring that on its
parent bank.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES - BANCO BPI
The ratings of Banco BPI's subordinated debt and other hybrid
capital reflect potential support from Caixabank. Subordinated
debt is notched down once from Banco BPI's IDR for loss severity.
Banco BPI's preference shares are capped at the level assigned to
equivalent securities issued by the parent.
SUBSIDIARY AND AFFILIATED COMPANY - BANCO BPI
Banco Portugues de Investimento's (BPI) ratings are equalised with
those of its 100% parent, Banco BPI. As well as its 100% ownership
by Banco BPI, BPI's integration with and role within its parent
bank mean there is a high probability of it being supported. Fitch
believes support from Caixabank would be allowed to flow through
to BPI. Fitch does not assign a VR to this institution as the
agency does not view it as an independent entity.
RATING SENSITIVITIES
IDRS, SENIOR DEBT AND SUPPORT RATING - SANTANDER TOTTA
The IDRs of Santander Totta and BST are sensitive to a change in
the sovereign rating. The IDRs and the SR are also sensitive to a
change in Fitch's assumptions around Santander's propensity or
ability to support its Portuguese subsidiary. In a higher
sovereign rating environment, these would likely be notched down
once from the parent's IDR, underpinned by the strategic
importance of the subsidiaries, but also supported by common
branding, strong synergies and integration with the parent, and a
wide range of shared risk management and operational policies and
procedures.
IDRS, SENIOR DEBT AND SR - BANCO BPI
The Positive Outlook reflects that Banco BPI's Long-Term IDR and
senior debt ratings could be upgraded if the Long-Term IDRs of
both Portugal and Caixabank are upgraded.
Banco BPI's IDRs and senior debt ratings and SR would likely be
downgraded if Portugal is downgraded, or if Fitch has reason to
believe that Banco BPI has become less strategically important to
Caixabank.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES - BANCO BPI
Banco BPI's subordinated and hybrid instruments are ultimately
sensitive to a change in Caixabank's IDR.
SUBSIDIARY AND AFFILIATED COMPANIES
BPI's ratings are sensitive to rating actions on Banco BPI's IDRs.
The rating actions are:
Santander Totta:
Long-Term IDR: affirmed at 'BBB'; Outlook revised to Positive from
Stable
Short-Term IDR: affirmed at 'F2'
Viability Rating: unaffected
Support Rating: affirmed at '2'
BST:
Long-Term IDR: affirmed at 'BBB'; Outlook revised to Positive from
Stable
Short-Term IDR: affirmed at 'F2'
Viability Rating: unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB'
Commercial paper: affirmed at 'F2'
Banco BPI:
Long-Term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-Term IDR: affirmed at 'F3'
Viability Rating: unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB-'
Senior unsecured debt short-term rating: affirmed at 'F3'
Lower Tier 2 subordinated debt: affirmed at 'BB+'
Preference shares: affirmed at 'B+'
Banco Portugues de Investimento:
Long-Term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-Term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
PORTO CITY: Fitch Revises Outlook to Positive, Affirms BB+ IDR
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on the City of Porto's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to
Positive from Stable and affirmed the IDRs at 'BB+'. Fitch has
affirmed the Short-Term Foreign-Currency IDR at 'B'.
Under EU credit rating agency (CRA) regulation, the publication of
sovereign (including by CRA definition regional or local
authorities of a state) reviews is subject to restrictions and
must take place according to a published schedule, except where it
is necessary for CRAs to deviate from this in order to comply with
their legal obligations. In this case the deviation was caused by
the revision of the Outlook on Portugal's IDRs on June 16, 2017.
Fitch interprets this provision as allowing us to publish a rating
review in situations where there is a material change in the
creditworthiness of the issuer that Fitch believes makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status. In this case the
deviation was caused by the revision of the Outlook on the
sovereign's IDRs to Positive from Stable.
Following the sovereign change of Outlook Fitch has taken similar
rating action on Porto as its ratings are constrained by the
sovereign's.
KEY RATING DRIVERS
The revision in the Outlook on Porto's IDR reflects the following
key rating drivers and their relative weights:
HIGH
The Outlook revision reflects the revision of Portugal's Outlook
to Positive from Stable.
Porto's ratings remain constrained by the Portuguese sovereign
(BB+/Positive), in accordance with Fitch's criteria. As with other
Portuguese cities, Porto's accounts and budgets are overseen by
the central government and its financial liabilities are approved
by the national Court of Accounts. The limited role of the
intermediate tiers of government (province and region) in Portugal
strengthens the link between the central government and cities.
Porto's intrinsic credit profile is stronger than its ratings
indicate, due to the city's healthy budgetary performance and its
moderate debt, as well as the strong oversight by the central
government. Prudent administration and Porto's role as service
centre in north Portugal are also credit-positive.
Porto's 'BB+' IDRs also reflect the following key rating drivers:
Porto has maintained high operating margins through the cycle, at
above 17% since 2009. Combined with capex flexibility, this has
allowed the city to report a surplus before debt variation every
year over the same period. The 2016 accounts confirm the city's
consistent performance with an operating margin of 24%, partly
driven by one-off tax and fee revenue. Direct tax revenues of
EUR105.1 million in 2016 were up 21.3% year on year.
The 2017 draft budget presents a moderate operating revenue
forecast of EUR153.1 million. It includes a property tax reduction
of 10%, with a marginal effect on overall operating revenue.
Nevertheless, it allocates higher opex and capex mostly to street
and housing refurbishment, as well as fostering local economic
activity. Fitch's base case scenario expects softer, albeit still
robust, budgetary indicators for Porto in 2017, with an operating
margin around 15% and the capital account partly funded with debt.
Porto reduced its outstanding debt to EUR33.3 million in 2016,
from EUR80.1 million in 2015, following a EUR28.7 million
expropriation settlement used to redeem debt ahead of schedule.
Debt-to-current revenue was at a record low of 18% at end-2016,
and the administration plans to take on new debt in 2017 of around
EUR20 million, to fund rehabilitation of housing and public
infrastructure. Fitch expects gradual debt growth, towards 50% of
current revenues over the medium-term, after several years of
deleveraging.
Porto has no contingent liabilities and retains control of the
public sector, which posted a surplus in 2016.
Elections are scheduled in October 2017, and Fitch expects a
continuation of the city's prudent financial policy. Disclosure of
information is satisfactory and precise, including the annual
financial results of all public bodies within its scope.
With an estimated population of 214,000 in 2015, Porto is the
second-largest cultural, administrative and economic Portuguese
centre, providing services to a greater metropolitan area of 14
municipalities with 1.7 million inhabitants. GDP resumed growth in
2014, and is expected to grow around 1.5%-2% per year over the
next two years, driven by the healthy performance of the external
and hospitality sectors.
RATING SENSITIVITIES
Porto's intrinsic credit profile is well above the sovereign's,
and will continue to be strong under Fitch base case scenario.
However, Porto's IDRs are constrained by the sovereign's IDRs and
are therefore sensitive to changes to the sovereign rating.
===========
R U S S I A
===========
CREDIT BANK: Fitch Cuts Long-Term IDRs to BB-, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of Credit Bank of Moscow (CBM) to 'BB-' from 'BB'. Fitch
has also affirmed Bank Saint-Petersburg's (BSPB) Long-Term IDRs at
'BB-'. The Outlooks on both banks are Stable.
KEY RATING DRIVERS - IDRS AND VRS
The downgrade of CBM mainly reflects the increased volume of
exposures that Fitch considers to be potentially high risk. The
downgrade also reflects significant double leverage at the level
of CBM's holdco, which may mean upstreaming of dividends and/or
liquidity from the bank is required to help service the holdco's
debt. Given these risks, Fitch believes the bank's credit profile
is more commensurate with a 'BB-' rating.
The two banks' IDRs continue to be driven by their intrinsic
financial strength, as reflected in their Viability Ratings (VR)
of 'bb-'. The VRs in turn reflect the banks' significant
franchises, adequate performance and capital adequacy, and
comfortable funding and liquidity profiles. However, the ratings
also take into account potential weaknesses in the banks' asset
quality and the still challenging operating environment.
CBM
CBM's reported asset quality metrics are adequate: non-performing
loans (NPLs; 90 days overdue) were a low 2% at end-1Q17. However,
Fitch also identified a significant volume (RUB127 billion at end-
2016, equal to 1.2x end-1Q17 Fitch Core Capital (FCC)) of
potentially risky loans, reverse repos, interbank and bond
placements, which are currently performing, although some were
restructured. These increased from RUB74 billion at end-1Q16,
mostly due to Fitch's reassessment of the riskiness of some
exposures, but also due to moderate additional net issuance.
These potentially risky exposures include:
- RUB57 billion (52% of FCC at end-1Q17) of high risk corporate
loans to borrowers with high leverage/weak financial performance
- RUB17 billion (16%) related-party construction exposure
- RUB31 billion (29%) of weak reverse repo exposures with high
counterparty risks and/or weak, illiquid collateral with limited
discounts
- RUB22 billion (20%) of blank interbank and bond exposures to
weak Russian financial institutions, which could be fiduciary in
nature; according to CBM, this exposure reduced to RUB5 billion
(5%) in June 2017
Of somewhat lower credit risk, are exposures (through loans,
reverse repos and interbank placements) to two large Russian banks
and two property developers of a combined RUB65 billion (61% of
FCC at end-1Q17). Some of these exposures may be fiduciary, in
Fitch's view.
CBM's ability to absorb losses on these exposures is significant,
driven primarily by its robust pre-impairment profit, which was
equal to about RUB44 billion (or 6% of average gross loans) in
2016. Loan impairment charges have also been significant (equal to
4.7% of loans in 2016, and an annualised 2.9% in 1Q17), but net
income has remained sound (ROE of 11% in 2016 and 17.6%
(annualised) in 1Q17).
CBM's regulatory core capital buffer is moderate. At end-May 2017,
the regulatory core Tier 1 and Tier 1 ratios were 7.1% and 10.5%
(the latter boosted by the USD700 million perpetual AT1 issue in
May), exceeding the regulatory minimum levels (including capital
conservation buffer) by 1.4pts and 3.3pp, respectively. The FCC
ratio was a more solid 10.8% at end-1Q17, supported mainly by
lower provisioning in IFRS as opposed to regulatory accounts.
CBM's capitalisation should also be viewed in the context of
significant 1.6x double-leverage at the level of the bank's
holding company, Concern ROSSIUM, which also holds stakes in non-
financial businesses. The holdco had around RUB40 billion of debt
at end-1Q17 and is largely reliant on upstreaming of liquidity and
dividends to service this, potentially representing a significant
burden for CBM.
Liquidity risk is reasonably well managed, despite significant
balance sheet concentrations, because lumpy placements are covered
with related asset exposures and liquidity. Thus large customer
deposits placed by CBM's biggest corporate client and most of
short-term direct repo funding are used to fund a large reverse
repo exposure collateralised by quasi-sovereign bonds and some
corporate loans.
Fitch estimates that even if the largest customer leaves CBM, at
end-1Q17 the bank's remaining liquidity buffer net of refinancing
needs for 2017 (these include mostly short-term money market
placements and put options on local bonds) would be sufficient to
repay 15% of other customer deposits. Fitch conservatively deducts
from the liquidity buffer some of CBM's short-term interbank and
reverse repo placements equalling to RUB92 billion (4% of end-1Q17
liabilities) as in the agency's view these are long-term credit
exposures rather than short-term money market placements.
BSPB
BSPB's asset quality is reasonable given reserve and collateral
coverage of problem exposures. NPLs accounted for 5% of gross
loans at end-1Q17, while restructured exposures made up a further
10%. NPLs were fully covered by reserves. The coverage of NPLs and
restructured loans was 79%, which is reasonable as most
restructured exposures are performing and secured by revenue-
generating real estate with reasonable LTVs of about 60%.
Capitalisation is satisfactory. The FCC ratio rose slightly to 13%
at end-1Q17 from 12% at end-2016 due to deleveraging. The
regulatory Tier 1 ratio was a lower 9.5% at end-4M17 (compared
with the minimum 7.25%, including the capital conservation
buffer), mainly due to higher provisions in local GAAP. BSPB is
planning a RUB3 billion equity injection in 3Q17, which would
boost capital ratios by about 0.6pp.
BSPB's net interest margin has remained reasonable at around 4%
over the credit cycle. Commission and trading income has also been
rather stable at 1%-2% of average assets in 2013-1Q17. These
underpin BSPB's pre-impairment profit, which has been
approximately equal to a solid 5% of average gross loans, enabling
the bank to absorb credit losses and remain profitable. The bank's
ROE was 7% in 2016 and the target for 2017 is 10%, which seems
achievable based on 1Q17 results.
The bank is mainly funded by customer accounts, which made up 79%
of funding net of direct repos at end-1Q17. Customer funding is
diversified, with 60% being rather granular retail accounts and
the 20 largest depositors (mainly corporate) making up only 15% of
the total. Repo funding is sizable (17% of liabilities) and used
to finance carry trades in short-term market instruments. BSPB has
an adequate cushion of liquid assets, which net of market funding
maturing within one year covered customer accounts by a
comfortable 22% at end-4M16.
SUPPORT RATINGS AND SUPPORT RATING FLOORS
The '5' Support Ratings of CBM and BSPB reflect Fitch's view that
support from the banks' private shareholders cannot be relied
upon. The Support Ratings and Support Rating Floors of 'No Floor'
also reflect that support from the Russian authorities, although
possible given the banks' significant deposit franchises, cannot
be relied upon due to their still small size and lack of overall
systemic importance.
DEBT RATINGS
CBM's senior unsecured debt is rated in line with the bank's Long-
Term IDRs. The banks' subordinated debt ratings are notched down
once from the banks' VRs, which incorporates zero notches for
incremental non-performance risk and one notch for higher loss
severity relative to senior unsecured debt holders.
The rating of CBM's perpetual additional Tier 1 notes has been
affirmed at 'b-' and is now three notches below the bank's 'bb-'
VR. The affirmation reflects reduced notching of these instruments
at low rating levels. The notching reflects (i) incremental non-
performance risk relative to the bank's VR due to the option to
cancel coupon payments at CBM's discretion; and (ii) likely high
loss severity in case of non-performance due to the instrument's
deep subordination.
RATING SENSITIVITIES
Upside potential for CBM's ratings would require a marked
improvement of its asset quality and a strengthening of
capitalisation through higher core capital ratios and/or reduced
risks stemming from double leverage at the holdco level. An
upgrade of BSPB's ratings would require a strengthening of its
franchise and credit metrics.
Negative rating pressure for both banks may stem from a sharp
asset quality deterioration resulting in material capital erosion
or a significant liquidity squeeze.
The rating actions are:
Credit Bank of Moscow
Long-Term Foreign- and Local-Currency IDRs: downgraded to 'BB-',
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: downgraded to 'bb-' from 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: downgraded to 'BB-' from 'BB' and to 'BB-
(exp)' from 'BB(exp)'
CBOM Finance Plc (Ireland)
Senior unsecured debt: downgraded to 'BB-' from 'BB'
Subordinated debt: downgraded to 'B+' from 'BB-'
Hybrid capital instrument: affirmed at 'B-'
Bank Saint Petersburg PJSC
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB-',
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Subordinated debt (issued by BSPB Finance plc): affirmed at 'B+'
=========
S P A I N
=========
CAIXABANK CONSUMO 2: Fitch Affirms B+ Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has upgraded CaixaBank Consumo 2, FT's class A notes
and affirmed the class B notes:
EUR958.9 million class A notes: upgraded to 'A+sf' from 'Asf';
Outlook Stable
EUR130 million class B notes: affirmed at 'B+sf'; Outlook Stable
This transaction is a securitisation of unsecured loans and real
estate-secured consumer loans. All the loans are originated and
serviced by CaixaBank (BBB/Positive/F2), which is also the account
bank counterparty.
KEY RATING DRIVERS
Stable Asset Performance
The collateral balance has amortised to EUR987 million as of 31
March 2017 from EUR1,300 million at closing. Delinquent loans
(three month plus arrears) have been building up and currently
stand at 1.7%. The share of assets backed by real estate (RE) has
increased to 31% in end-March 2017 compared with 25% at closing,
while the share of assets paying fixed rate has decreased from
closing to 61.7% from 71.8% at closing. The shift is within
Fitch's initial expectations and reflects the longer average
maturity of the RE secured consumer loans.
Residual Interest Rate Risk
A portion of the assets pay a fixed interest rate while the notes
pay variable rates. The transaction is not hedged, but Fitch found
that the notes' ratings were able to withstand an increasing
interest rate stress derived in accordance with its criteria for
interest rate stresses in structured finance transactions, without
the ratings being impacted.
Counterparty Dependency Caps Rating
CaixaBank acts as originator, servicer, bank account provider and
paying agent. CaixaBank's rating sufficiently mitigates payment
interruption risk for a note rating up to 'Asf' category.
CaixaBank will post a reserve upon the loss of a 'BBB' rating to
address commingling risk.
The rating of the notes is capped at 'A+sf' as the rating trigger
upon which the account bank would be replaced is set at 'BBB'.
Class B credit enhancement is entirely provided by the reserve
fund deposited in CaixaBank, hence the notes would not withstand a
sudden default resulting in a loss of all amounts held within
CaixaBank.
RATING SENSITIVITIES
Expected impact on the note ratings of increased defaults (class
A/B):
Current ratings: 'A+sf'/'B+sf'
Increase base case defaults by 25%: 'A+sf'/'B+sf'
Expected impact on the note ratings of reduced recoveries (class
A/B):
Current ratings: 'A+sf'/'B+sf'
Reduce base case recovery by 25%: 'A+sf'/'B+sf'
Expected impact on the note ratings of increased defaults and
reduced recoveries (class A/B):
Current ratings: 'A+sf'/'B+sf'
Increase default base case 25%; reduce recovery base case by 25%:
'Asf'/'B+sf'
FONCAIXA FTGENCAT 4: Fitch Corrects May 26 Rating Release
---------------------------------------------------------
This commentary replaces the version dated May 26, 2017 to clarify
that the sensitivities to a 0.75x recovery rate multiplier to all
assets in the portfolio would result in a downgrade of up to three
notches rather than two.
Fitch Ratings, London, May 26 2017: Fitch Ratings has upgraded
Foncaixa FTGENCAT 4 FTA's class A(G), B and C notes:
Class A(G) notes (ISIN ES0338013016): upgraded to 'A+sf' from
'BBBsf', Outlook Stable
Class B notes (ISIN ES0338013024): upgraded to 'BBBsf' from
'BB+sf', Outlook Positive
Class C notes (ISIN ES0338013032): upgraded to 'BBBsf' from 'BB-
sf', Outlook Positive
Class D notes (ISIN ES0338013040): affirmed at 'CCCsf', Recovery
Estimate 0%
Class E notes (ISIN ES0338013057): affirmed at 'CCsf', Recovery
Estimate 0%
KEY RATING DRIVERS
The upgrades reflect increased credit enhancement (CE) as a result
of natural portfolio amortisation of the senior and mezzanine
notes. CE for the class A(G) notes has increased by 3.1% to 22.4%
and for the class C notes by 1.3% to 9.1%.
The ratings of class B and C notes are capped by the rating of the
swap counterparty CaixaBank (BBB/Positive/F2). The transaction
features an unusual swap whereby on a net basis, the issuer
receives interest on defaulted loans. The swap could be
collateralised if necessary, but Fitch considers it fairly
illiquid and have not given any credit to the receipt of interest
payments from defaulted assets in rating stresses above the swap
counterparty rating.
The transaction also includes 66% flexible loans, which allow
borrowers to redraw amounts up to a agreed maximum. As any redraws
will not form part of the securitisation, but are ranked pari
passu with the securitised amount in a default event, Fitch
treated all flexible loans as fully drawn and adjusted the
collateral backing the respective securitised loans accordingly.
The average delinquency over 90 days has stabilised at around 4%
over the last three years. The annual default probability
assumption is unchanged at 4.3%. The performance since the last
review has been mixed. Delinquencies over 90 days have increased
to 4.7% from 4.0% but the weighted average recovery rate has
increased substantially to 67% from 59%. The portfolio factor is
15% from 19%. Increases in portfolio concentration have been
marginal over the past 12 months with respect to the top 10
obligors, which represent 6.1% of the performing portfolio,
compared with 5.5% at the previous review.
RATING SENSITIVITIES
Applying a 1.25x default rate multiplier to all assets in the
portfolio would result in a downgrade of up to one notch for all
of the notes in both transactions. Applying a 0.75x recovery rate
multiplier to all assets in the portfolio would result in a
downgrade of up to three notches for all of the notes in both
transactions.
===========
T U R K E Y
===========
ARCELIK AS: Fitch Affirms BB+ Long-Term IDR, Outlooks Stable
------------------------------------------------------------
Fitch Ratings has affirmed Arcelik A.S.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB+' and National
Long-Term rating at 'AA(tur)'. The Outlooks are Stable. Fitch has
also affirmed Arcelik's senior unsecured rating at 'BB+'.
The affirmation reflects Fitch's expectation that Arcelik will
maintain FFO adjusted net leverage below 1.5x in the medium term
despite increased expansion efforts, which will keep FCF
generation under pressure until the end of 2018. Fitch believes
that the current expansion plans into ASEAN markets will reduce
the company's exposure to the Turkish market, but Arcelik's
exposure to emerging markets continues to be higher than its
peers'.
KEY RATING DRIVERS
Weak FCF Generation: Arcelik has accelerated its investments in
ASEAN markets to improve its geographic diversification, which has
historically been focused on Turkey and Europe. Increased capex in
new factories and investments had an impact on FCF margins in 2016
(-0.2%), and Fitch expects this to continue through 2017 (-3.2%)
as well. Fitch expects capex to normalise after the current
investment phase, and forecast the company to turn FCF positive
from end-2018 (0.2%).
Leverage Commensurate with Ratings: Arcelik has financed its new
investments internally by releasing cash through better working-
capital management and asset sales, keeping leverage metrics in
line with the current ratings. Fitch forecasts that FFO adjusted
(for receivables) net leverage will remain below 1.5x until 2020,
staying below its negative rating sensitivities. Arcelik's FCF
generation is still weak compared with its peers' in spite of
stable leverage metrics, and a sustainable improvement would be
needed for a positive rating action.
Emerging-Market Exposure: The recent investment/expansion plans in
the ASEAN region are a positive step towards reducing Arcelik's
exposure to the Turkish economy, which has been a constraint on
its ratings. Arcelik has become a more geographically diverse
white-goods manufacturer in the past 10 years, with revenues from
the domestic market declining to 40% in 2016 from 50% in 2008,
backed by solid market share gains in Europe and expansion into
new emerging markets. However, Arcelik's emerging-market presence
is still high compared with peers like Whirlpool and Electrolux,
which remains a credit concern.
Growing Market Shares: Arcelik has achieved strong international
revenue growth in the past few years, by taking advantage of the
more price-conscious consumers in western Europe and by
capitalising on its strong marketing and distribution network,
allowing it to become one of the top-three white-goods
manufacturers in Europe. Fitch believes that Arcelik will be able
to maintain and build on its market shares further, through its
low-cost manufacturing, strong R&D, and solid product line. Fitch
expects international revenue growth to be the main revenue driver
beyond 2017, as Arcelik has targeted markets where appliance
penetration rates are lower than in the rest of the world.
Expanding into India: In May 2017 Arcelik signed a deal with
Voltas, part of the Tata Group, India's largest conglomerate, to
establish a joint venture in India. The JV, with an equity capital
of USD100 million, will launch a refrigerator production facility
which is aimed at being operational by the end of 2018. The JV
will also sell other major domestic appliances in India, produced
in various Arcelik facilities around the world. The partnership
will leverage the Beko brand and its expertise in the major
domestic appliance sector across the globe, as well as Voltas'
strong brand presence and wide sales and distribution network in
India.
Financial Services Adjustments: Arcelik's reported leverage is
affected by its higher than average working-capital needs, as a
significant portion of durable goods are sold on credit in Turkey.
This is partly financed by Arcelik, but the consumer credit risk
is covered by banks' letters of credit and mortgages. Fitch
assumes approximately 120 days of domestic receivables come from
this business practice in Turkey and adjusts debt accordingly to
reflect a more accurate peer comparison. Based on its financial
services criteria, Fitch applies a 3x debt/equity multiple for
these receivables.
DERIVATION SUMMARY
Arcelik has strong market shares in Turkey and Europe, which drive
stable EBITDA (around10.5%) and FFO margins ( around 8%), that are
commensurate with a 'A' rating median in Fitch capital-goods
Navigator, and are also in line with higher-rated peers like
Whirlpool (BBB) and Panasonic (BBB). However, these strengths are
mitigated by weak FCF generation, driven by intense capex in new
markets, and the structurally high working-capitall needs of the
company. Despite the current investment phase, Arcelik's leverage
metrics adjusted for financial services remain below its negative
rating sensitivities and conform to a 'A' rating median in Fitch
capital-goods Navigator.
Arcelik's technological content and R&D record are more or less in
line with Whirlpool, Electrolux and the broad white-goods
industry. However, compared to higher-rated white-goods
manufacturers, Arcelik's revenues are mainly derived from emerging
markets. Arcelik is expanding its geographical diversification
away from Turkey, but the company remains vulnerable to
macroeconomic, political and FX risks in emerging markets.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- double-digit revenue growth in international markets;
- short term growth in domestic market supported by government
incentives
- stable profitability margins in line with historical
performance;
- sizeable capex outlay for 2017 and 2018, in line with
acquisition and expansion plans;
- additional financing to fund M&A and expansion activities;
- financial services adjustment, assuming 120 days of domestic
receivables, (see working-capital and financial services
adjustments sections)
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Receivable-adjusted FFO net leverage ratio below 1.5x. (1.3x
end-2016)
- FFO margins consistently above 10%. (10.6% end-2016)
- FCF margin above 2% on a sustainable basis. (-0.2% end-2016)
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Receivable-adjusted FFO net leverage ratio above 2.5x.
- FFO margin below 8%.
- Consistently negative FCF.
LIQUIDITY
Low Liquidity Score: Historically, Arcelik's liquidity score has
been below 1x, as a result of the use of short-term debt to
finance its high working-capital needs. Cash on the balance sheet
(TRY2,120 million as of end- 2016) matches short-term debt of
TRY2,181 million for 2017, but it falls short of covering Fitch
minus TRY577 million FCF forecast for 2017. Fitch believes that
this risk is mitigated by Arcelik's comfortable (uncommitted)
lines from Turkish banks which were available even in 2008-2009.
The liquidity score of below 1x is not considered adequate for the
current rating levels, but the risk is partly mitigated by
customer receivables financing that is deemed self-liquidating.
===========================
U N I T E D K I N G D O M
===========================
ARGON CAPITAL: Moody's Ups Rating on Perpetual Sec. Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Argon Capital Public Limited Company:
-- Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities
Notes, Upgraded to Ba3; previously on Jun 1, 2015 Upgraded to
B1
RATINGS RATIONALE
The rating action on Series 100 Notes is the result of the upgrade
to Ba3 (hyb) from B1 (hyb) on June 15, 2017 of the Pref. Stock
Non-cumulative of The Royal Bank of Scotland Group plc.
The Series 100 Notes are a repackaging of the Pref. Stock Non-
cumulative of The Royal Bank of Scotland Group plc.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.
Factors that would lead to an upgrade or downgrade of the rating:
This rating of the Series 100 Notes is essentially a pass-through
of the rating of the Pref. Stock Non-cumulative of The Royal Bank
of Scotland Group plc. Noteholders are exposed to the credit risk
of the preference shares of The Royal Bank of Scotland Group plc
and therefore the rating moves in lock-step.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
rating of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.
PREMIER OIL UK: June 26 Senior Scheme Creditors Meeting Set
-----------------------------------------------------------
The Court of Session in the instance of Premier Oil UK Limited,
under sanction of a Scheme of Arrangement under Part 26 of the
Companies Act 2006, have ordered that a meeting be summoned
between the Company and the senior scheme of creditors for the
purpose of considering and, if thought fit, approving, with or
without modification, the Scheme for the Company.
As authorized by the Order, the directors of the Company have
fixed the Meeting of the Senior Scheme Creditors to be held at the
offices of Slaughter and May, at One Bunhill Row, London, EC1Y 8YY
on June 26, 2017, at 11:15 a.m., at which time and place all of
the Senior Scheme Creditors are requested to attend in person or
by proxy.
Each Senior Scheme Creditor or his proxy or his corporate
representative will be required to register his attendance at the
Meeting prior to its commencement. Registration will commence at
10:45 a.m.
In order for a person to have the right to vote, as a Senior
Scheme Creditor, at the Meeting (or any adjournment of it), they
must, at the Record Time (which is defined in the Scheme as 5:00
p.m. on June 22, 2017), be in the class of Senior Scheme Creditors
and must be admitted by the chairman of the Meeting to vote, in
respect of their Scheme Claim (which is the right of a Scheme
Creditor against the Company, and so the obligations which the
Company owes to them) at the Record Time.
Senior Scheme Creditor may vote in person at the Meeting or they
may appoint another person (whether a Senior Scheme Creditor or
not) as their proxy to attend and vote in their place. Senior
Scheme Creditors are requested to complete and sign their Election
Form and their Form of Proxy or Account Holder Letter (as
applicable) (each defined in the Explanatory Statement), in
accordance with the instructions which are in the Explanatory
Statement and printed on the Election Form, Form of Proxy and
Account Holder Letter, and to submit their Election Form, Form of
Proxy and Account Holder Letter to Lucid Issuer Services Limited,
the information agent appointed by the Company in relation to the
Scheme by email in PDF form to premieroil@lucid-is.com before 5:00
p.m. on June 22, 2017 (or, if the Meeting is adjourned, two
business days before that adjourned meeting). However, if those
forms are not so sent they may, if properly completed and signed,
be handed to the Information Agent, on behalf of the Chairman,
before the start of the Meeting. The Chairman shall have the
power to accept an Election Form, Form of Proxy and Account Holder
Letter which does not comply with those requirements.
Furthermore, the company will have discretion as to whether to
accept an Election Form that is delivered after 5:00 p.m. on June
22, 2017, but before the Election Adjustment Deadline.
A Senior Scheme Creditors which is a corporation has the right to
attend, speak and vote at the Meeting by one or more corporate
representatives, who has been appointed in writing, provided that:
(a) no more than one corporate representative may be appointed in
respect of the same Scheme Claim; and (b) that only one corporate
representative is to be counted in determining, under section
899(1) of the 2006 Act, whether a majority in number of the Senior
Scheme Creditors has approved the Scheme. The Chairman may require
a corporate representative to produce to the Information Agent, on
his behalf, his written authority to attend and vote at the
Meeting at any time before the start of the Meeting.
The quorum at the Meeting (or at any adjourned meeting) shall be
two Senior Scheme Creditors who are present in person (including,
in the case of a Senior Scheme Creditor which is a corporation, by
a corporate representative), or by proxy.
A copy of the Scheme and a copy of the Explanatory Statement,
together with an Election Form as well as a Form of Proxy and
Account Holder Letter (as applicable) for use at the Meeting by
the Senior Scheme Creditors and a registration form will be
circulated to Senior Scheme Creditors. Copies of these documents,
as well as forms of proxy and registration forms, are available on
request from the Information Agent (via premieroil@lucid-is.com
and www.lucid-is.com/premieroil).
By the Order, the Court has authorised the Meeting to appoint
Richard Rose, a director of the Company, or, failing him,
Andy Gibb, a director of the Company, or failing him Tom Vickers,
a partner at the Company's solicitors, to act as Chairman and has
directed the Chairman to report the results of the Meeting to the
Court.
For more information, one may visit www.lucid-is.com/premieroil
Premier Oil UK Limited is a public company incorporated under the
Companies Acts (Company No. SC048705) and with its registered
office at Saltire Court, 20 Castle Terrace, EH1 2EN.
The solicitors of the Company are:
CMS Cameron McKenna Nabarro Olswang LLP
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EN
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 19 to June 23, 2017
-----------------------------------------------------
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------ ------ -------- -------- -----Air
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Ensco PLC 5.75 10/1/2044 USD 63.33
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Banca Popolare di Vicenza 2.82 12/20/2017 EUR 1.13
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Aegon NV 0.53 EUR 71.74
CGG SA 6.50 6/1/2021 USD 40.33
Ageasfinlux SA 1.02 EUR 59.15
Far East Capital Ltd SA 8.00 5/2/2018 USD 73.00
Frigoglass Finance BV 8.25 5/15/2018 EUR 55.00
CGG SA 1.75 1/1/2020 EUR 1.43
Portugal Telecom Internatio4.38 3/24/2017 EUR 33.25
Bibby Offshore Services PLC7.50 6/15/2021 GBP 39.00
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 73.23
Alitalia-Societa' Aerea Ita5.25 7/30/2020 EUR 15.07
QGOG Constellation SA 6.25 11/9/2019 USD 69.88
Banca Monte dei Paschi di S5.00 4/21/2020 EUR 30.88
Mitsubishi UFJ Investor Ser4.17 12/15/2050 EUR 54.63
TES Finance PLC 6.75 7/15/2020 GBP 72.22
Co-Operative Bank PLC 11.00 12/20/2023 GBP 36.38
Banca Carige SpA 7.32 12/20/2020 EUR 49.50
Avangardco Investments Publ10.00 10/29/2018 USD 22.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.50
Portugal Telecom Internatio5.00 11/4/2019 EUR 33.54
Banco Espirito Santo SA 2.63 5/8/2017 EUR 28.50
Santander International Pre2.00 USD 67.00
International Bank of Azerb6.17 5/10/2017 USD 99.78
Bremer Landesbank Kreditans8.50 EUR 72.51
Air France-KLM 2.03 2/15/2023 EUR 12.74
CGG SA 6.88 1/15/2022 USD 44.46
Oi Brasil Holdings Cooperat5.63 6/22/2021 EUR 35.03
UkrLandFarming PLC 10.88 3/26/2018 USD 23.63
Portugal Telecom Internatio4.50 6/16/2025 EUR 33.71
Immigon Portfolioabbau AG 10.00 EUR 15.25
Neopost SA 3.38 EUR 60.34
Portugal Telecom Internatio5.88 4/17/2018 EUR 34.38
Banca Monte dei Paschi di S0.67 11/30/2017 EUR 32.08
Alno AG 8.50 5/14/2018 EUR 46.00
Pierre & Vacances SA 3.50 10/1/2019 EUR 47.96
Banca Monte dei Paschi di S2.25 5/15/2018 EUR 27.39
Banca Monte dei Paschi di S5.60 9/9/2020 EUR 29.48
Banca Carige SpA 8.34 EUR 24.25
ADLER Real Estate AG 2.50 7/19/2021 EUR 16.13
HSH Nordbank AG/Luxembourg 2.10 EUR 18.33
Portugal Telecom Internatio6.25 7/26/2016 EUR 32.65
Algeco Scotsman Global Fina10.75 10/15/2019 USD 74.09
SOITEC 6.75 9/18/2018 EUR 3.82
HSH Nordbank AG 7.25 USD 26.26
Allied Irish Banks PLC 12.50 6/25/2035 GBP 69.75
Bremer Landesbank Kreditans9.50 EUR 73.91
CGG SA 1.25 1/1/2019 EUR 21.56
BIM SAS 2.50 11/13/2020 EUR 28.50
Mitsubishi UFJ Investor Ser3.92 12/30/2099 EUR 3.76
Co-Operative Bank PLC 8.50 7/1/2025 GBP 31.50
KTG Agrar SE 7.13 6/6/2017 EUR 1.61
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 65.75
Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.75
Rothschilds Continuation Fi1.69 USD 67.63
Pacific Drilling SA 5.38 6/1/2020 USD 43.00
WPE International Cooperati10.38 9/30/2020 USD 17.00
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.47
Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 20.42
Novo Banco SA 3.50 1/2/2043 EUR 61.96
Bilt Paper BV 9.64 USD 29.52
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.44
Scholz Holding Gmbh 8.50 12/31/2019 EUR 2.00
Aligera Holding AB publ 5.00 5/7/2019 SEK 51.25
Banco Pastor SAU 2.07 EUR 1.85
Nexity SA 0.13 1/1/2023 EUR 70.00
Paragon Offshore PLC 6.75 7/15/2022 USD 23.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.88
BNP Paribas SA 1.15 EUR 72.01
Far East Capital Ltd SA 8.75 5/2/2020 USD 69.00
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.71
Agrokor dd Via Aquarius + I4.92 8/8/2017 EUR 18.75
Banco Espirito Santo SA 4.75 1/15/2018 EUR 28.63
Sydbank A/S 1.01 EUR 73.83
Waste Italia SpA 10.50 11/15/2019 EUR 15.00
Norske Skogindustrier ASA 7.13 10/15/2033 USD 7.72
Lambay Capital Securities P6.25 GBP 1.27
Norske Skog Holding AS 8.00 2/24/2023 USD 17.67
Virgolino de Oliveira Finan10.50 1/28/2018 USD 7.04
Popular Capital SA 4.00 EUR 2.76
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Aralco Finance SA 10.13 5/7/2020 USD 2.90
Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 6.75
Tonon Luxembourg SA 10.50 5/14/2024 USD 42.70
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 4.56
Banca Monte dei Paschi di S7.00 3/4/2019 EUR 30.88
Elli Investments Ltd 12.25 6/15/2020 GBP 70.00
IKB Deutsche Industriebank 5.63 8/1/2017 EUR 34.00
Yuksel Insaat AS 9.50 11/10/2015 USD 20.00
Banca Popolare di Vicenza 4.60 12/15/2017 EUR 14.35
Klarna AB 5.25 SEK 70.69
Pescanova SA 5.13 4/20/2017 EUR 3.27
ATF Capital BV 8.77 USD 73.00
TES Finance PLC 5.29 7/15/2020 GBP 69.17
Beate Uhse AG 7.75 7/9/2019 EUR 24.00
Credit Lyonnais SACA 0.44 EUR 68.35
Banca Carige SpA 2.77 6/19/2018 EUR 36.61
Greene King Finance PLC 2.37 3/15/2036 GBP 74.34
Eramet 4.00 EUR 48.71
Capital Raising GmbH 7.50 EUR 27.38
New Look Secured Issuer PLC6.50 7/1/2022 GBP 74.95
Norske Skog Holding AS 8.00 2/24/2021 EUR 14.75
OSX 3 Leasing BV 13.00 3/20/2015 USD 35.00
Agrokor dd 8.88 2/1/2020 USD 40.25
Pescanova SA 8.75 2/17/2019 EUR 3.04
Hybrid Raising GmbH 6.63 EUR 23.25
Veneto Banca SpA 6.95 2/25/2025 EUR 4.86
Banco Pinto & Sotto Mayor 0.64 EUR 40.00
Deutsche Bank AG/London 2.46 6/30/2034 USD 57.77
Lloyds Bank PLC 0.41 1/31/2033 USD 61.50
Paragon Offshore PLC 7.25 8/15/2024 USD 23.25
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 60.78
Lloyds Bank PLC 0.43 2/22/2033 USD 57.66
New World Resources NV 8.00 4/7/2020 EUR 5.13
PNE Wind AG 3.75 10/10/2019 EUR 3.40
Alno AG 8.00 3/21/2019 EUR 37.00
Belfius Bank SA/NV 4.61 EUR 59.77
Banca Monte dei Paschi di S0.67 1/15/2018 EUR 31.35
Novo Banco SA 3.50 1/23/2043 EUR 62.16
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
Norske Skogindustrier ASA 7.13 10/15/2033 USD 14.57
Barclays Bank PLC 1.94 9/30/2031 USD 68.50
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.13
3W Power SA 8.00 8/29/2019 EUR 40.00
Barclays Bank PLC 1.70 11/29/2030 USD 65.25
Novo Banco SA 3.50 2/19/2043 EUR 62.19
Lloyds Bank PLC 2.75 12/27/2028 USD 76.00
Novo Banco SA 5.00 2/24/2022 EUR 74.65
Smart Solutions GmbH 8.00 12/3/2018 EUR 38.63
Banco Espirito Santo SA 2.32 EUR 0.26
Banca Monte dei Paschi di S2.79 10/31/2018 EUR 31.05
NIBC Bank NV 0.91 EUR 70.13
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 20.42
Dexia Credit Local SA 1.40 EUR 7.81
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 69.59
OP Corporate Bank plc 0.84 EUR 73.18
Espirito Santo Financial Gr6.88 10/21/2019 EUR 0.08
Province of Milan Italy 0.03 12/22/2033 EUR 69.63
Ideal Standard Internationa11.75 5/1/2018 EUR 4.86
Dexia Kommunalbank Deutschl5.63 12/31/2017 EUR 63.54
Banca Popolare di Vicenza 8.50 12/28/2018 EUR
German Pellets GmbH 7.25 11/27/2019 EUR 0.81
City of Kiev Ukraine Via CS8.00 11/6/2015 USD 62.38
Afren PLC 11.50 2/1/2016 USD 0.15
Barclays Bank PLC 0.66 3/21/2033 USD 59.50
Stichting Afwikkeling Onder6.25 10/26/2020 EUR 4.13
Scandinavian Airlines Syste0.63 CHF 24.32
Lehman Brothers UK Capital 5.13 EUR 0.28
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38
World Wide Supply AS 7.75 5/26/2017 USD 15.75
Sidetur Finance BV 10.00 4/20/2016 USD 3.85
Orient Express Bank PJSC vi12.00 5/29/2019 USD 55.38
Banca Carige SpA 1.67 12/29/2018 EUR 40.60
VistaJet Malta Finance PLC 7.75 6/1/2020 USD 73.90
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.40
Agrokor dd 9.88 5/1/2019 EUR 15.26
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 25.17
Decipher Production Ltd 12.50 9/27/2018 USD 1.20
Novo Banco SA 3.50 3/18/2043 EUR 62.14
Barclays Bank PLC 2.94 8/28/2029 USD 78.00
Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.31
Brighthouse Group PLC 7.88 5/15/2018 GBP 66.38
New World Resources NV 4.00 10/7/2020 EUR 0.09
TradeDoubler AB 6.75 12/20/2018 SEK 70.00
Action SA 3.21 7/4/2017 PLN 89.12
Air Berlin Finance BV 1.50 4/11/2027 EUR 50.00
Touax SA 6.00 7/10/2020 EUR 16.91
KTG Energie AG 7.25 9/28/2018 EUR 1.41
Wild Bunch AG 8.00 3/23/2019 EUR 50.00
Tikehau Capital SCA 1.63 1/1/2022 EUR 64.70
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.31
Oceanteam ASA 12.40 10/24/2017 USD 40.00
SeaBird Exploration Finance6.00 3/3/2018 USD 22.63
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.13
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 66.98
Novo Banco SA 3.00 6/21/2022 USD 70.81
Dexia SA 1.45 EUR 7.88
Royal Bank of Scotland PLC/1.85 11/16/2030 USD 69.98
Oi Brasil Holdings Cooperat5.75 2/10/2022 USD 32.38
ESFIL-Espirito Santo Financ5.25 6/12/2015 EUR 0.31
Lloyds Bank PLC 0.24 4/26/2033 USD 56.30
More & More AG 8.13 6/11/2018 EUR 39.25
Sequa Petroleum NV 5.00 4/29/2020 USD 68.25
Manchester Building Society6.75 GBP 17.50
Novo Banco SA 5.00 3/15/2022 EUR 74.57
Fred Olsen Energy ASA 3.89 2/28/2019 NOK 51.00
GNB - Cia de Seguros de Vid3.17 EUR 42.88
GNB - Cia de Seguros de Vid1.87 12/19/2022 EUR 55.00
Norske Skog Holding AS 8.00 2/24/2023 USD 21.75
Espirito Santo Financial Gr3.13 12/2/2018 EUR 0.31
Deutsche Bank AG/London 0.34 3/15/2033 USD 59.25
Lloyds Bank PLC 2.45 11/27/2033 USD 70.38
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 65.78
Havila Shipping ASA 4.82 11/7/2020 NOK 47.38
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.28
Praktiker AG 5.88 2/10/2016 EUR 0.20
Pescanova SA 6.75 3/5/2015 EUR 3.52
OGX Austria GmbH 8.38 4/1/2022 USD 0.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 53.00
New Look Secured Issuer PLC4.50 7/1/2022 EUR 71.68
Barclays Bank PLC 2.72 7/28/2031 USD 67.74
Pacific Drilling SA 5.38 6/1/2020 USD 47.50
Virgolino de Oliveira Finan11.75 2/9/2022 USD 7.04
Hellas Telecommunications L8.50 10/15/2013 EUR 0.77
Enterprise Holdings LTD 7.00 3/30/2020 EUR 2.70
Steilmann SE 7.00 9/23/2018 EUR 2.35
UniCredit Bank Austria AG 0.19 8/20/2033 EUR 64.64
Orco Property Group SA 7.00 11/7/2019 EUR 66.75
Sairgroup Finance BV 4.38 6/8/2006 EUR 11.50
CGG SA 6.50 6/1/2021 USD 48.31
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Espirito Santo Financial Gr9.75 12/19/2025 EUR 1.22
Cirio Holding Luxembourg SA6.25 2/16/2004 EUR 1.44
Etablissements Maurel et Pr1.63 7/1/2019 EUR 16.55
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.88
CBo Territoria 6.00 1/1/2020 EUR 4.06
Offshore Drilling Holding S8.38 9/20/2020 USD 43.25
Koninklijke Luchtvaart Maat0.75 CHF 38.10
Mox Telecom AG 7.25 11/2/2017 EUR 3.29
Frey 6.00 11/15/2022 EUR 23.50
Barclays Bank PLC 1.94 9/30/2031 USD 68.60
Corporate Commercial Bank A8.25 8/8/2014 USD 0.94
Havila Shipping ASA 5.43 11/7/2020 NOK 69.50
Vseukrainsky Aktsinerny Ban10.90 6/14/2019 USD 0.73
LBI HF 6.10 8/25/2011 USD 8.50
Royal Bank of Scotland PLC/1.94 12/30/2030 USD 71.75
KTG Agrar SE 7.25 10/15/2019 EUR 2.21
Assystem 4.50 EUR 34.26
German Pellets GmbH 7.25 7/9/2018 EUR 1.34
KPNQwest NV 10.00 3/15/2012 EUR 0.48
Vneshprombank Ltd via VPB F9.00 11/14/2016 USD 0.49
ADLER Real Estate AG 6.00 6/30/2017 EUR 9.00
BOA Offshore AS 7.64 12/18/2018 NOK 25.13
HSBC France SA 1.03 EUR 69.00
Hellenic Republic Governmen2.09 7/25/2057 EUR 40.13
Afren PLC 6.63 12/9/2020 USD 0.00
Barclays Bank PLC 2.59 2/28/2034 USD 70.10
Golden Energy Offshore Serv5.00 12/31/2017 NOK 40.25
3W Power SA 5.50 11/11/2020 EUR 30.00
Barclays Bank PLC 2.76 7/31/2034 USD 73.00
Agrokor dd 9.13 2/1/2020 EUR 14.63
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.56
Paragon Offshore PLC 7.25 8/15/2024 USD 20.75
Barclays Bank PLC 2.85 1/27/2031 USD 67.38
Lloyds Bank PLC 1.84 7/29/2033 USD 70.00
IT Holding Finance SA 9.88 11/15/2012 EUR 1.63
Petrol AD 5.50 1/26/2022 EUR 28.63
BNP Paribas SA 0.38 4/30/2033 USD 56.85
Lehman Brothers UK Capital 6.90 USD 0.97
Barclays Bank PLC 3.87 4/16/2029 USD 66.88
Sazka AS 9.00 7/12/2021 EUR 0.26
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 11.30
Belfius Bank SA/NV 1.62 FRF 69.75
Barclays Bank PLC 1.33 6/17/2033 USD 67.65
Lehman Brothers Treasury Co6.00 2/15/2035 EUR 8.75
Barclays Bank PLC 1.81 7/28/2034 USD 65.65
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.41
Portugal Telecom Internatio5.24 11/6/2017 EUR 33.88
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 3.96
Cirio Finance Luxembourg SA7.50 11/3/2002 EUR 4.49
Stichting Afwikkeling Onder11.25 EUR 0.54
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.94
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.40
Belfius Bank SA/NV 5.35 EUR 64.89
Veneto Banca SpA 6.94 5/15/2025 EUR 1.25
CGG SA 6.88 1/15/2022 USD 42.13
Far Eastern Shipping Co PLC12.25 11/28/2017 RUB 60.00
Barclays Bank PLC 2.96 9/29/2034 USD 73.90
International Industrial Ba11.00 2/19/2013 USD 0.33
Kommunalbanken AS 0.50 5/27/2022 ZAR 67.18
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
getgoods.de AG 7.75 10/2/2017 EUR 0.05
Finmek International SA 7.00 12/3/2004 EUR 5.25
Santander Finance Capital S2.00 EUR 60.11
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 66.76
Waste Italia SpA 10.50 11/15/2019 EUR 15.00
Abanka Vipa DD Via Afinance1.57 EUR 1.57
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
AXA Bank Europe SA 4.60 EUR 73.29
Windreich GmbH 6.50 3/1/2015 EUR 11.00
Windreich GmbH 6.50 7/15/2016 EUR 11.00
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Eniro AB 6.00 4/14/2020 SEK 13.80
Etablissements Maurel et Pr2.75 7/1/2021 EUR 10.72
Barclays Bank PLC 2.31 12/23/2033 USD 71.75
CGG SA 5.88 5/15/2020 EUR 40.25
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 4.29
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Rena GmbH 8.25 7/11/2018 EUR 9.38
QGOG Constellation SA 6.25 11/9/2019 USD 70.11
Uppfinnaren 1 AB 10.00 SEK 63.63
Laurel GmbH 7.13 11/16/2017 EUR 4.77
Lehman Brothers Treasury Co6.00 11/2/2035 EUR 8.75
Far East Capital Ltd SA 8.00 5/2/2018 USD 70.77
KPNQwest NV 7.13 6/1/2009 EUR 0.53
Rudolf Woehrl AG 6.50 2/12/2018 EUR 15.10
German Pellets GmbH 7.25 4/1/2016 EUR 1.03
Banco Espirito Santo SA 6.90 6/28/2024 EUR 27.75
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 12.62
Del Monte Finance Luxembour6.63 5/24/2006 EUR 5.25
A-TEC Industries AG 8.75 10/27/2014 EUR 2.00
EFG International AG 0.97 EUR 68.00
OAS Investments GmbH 8.25 10/19/2019 USD 3.94
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 8.25
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Geotech Seismic Services PJ12.75 10/16/2019 RUB 69.30
Manchester Building Society8.00 GBP 25.25
Steilmann SE 6.75 6/27/2017 EUR 4.72
International Finance Facil0.50 6/24/2024 ZAR 53.63
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 27.88
Lehman Brothers Treasury Co7.25 10/5/2035 EUR 9.63
Barclays Bank PLC 2.42 2/25/2031 USD 67.75
Oceanic Champion AS 8.00 2/20/2020 USD 70.76
Veneto Banca SpA 1.67 5/15/2019 EUR 36.38
Region of Abruzzo Italy 0.13 11/7/2036 EUR 61.29
PA Resources AB 3.00 12/27/2017 NOK 0.10
Barclays Bank PLC 2.28 8/31/2031 USD 65.94
Deutsche Bank AG/London 3.19 10/31/2034 USD 67.50
DOF ASA 7.85 9/12/2019 NOK 40.00
A-TEC Industries AG 2.75 5/10/2014 EUR 2.00
Barclays Bank PLC 2.62 12/30/2030 USD 64.00
Algeco Scotsman Global Fina10.75 10/15/2019 USD 74.64
Banca Popolare di Vicenza 5.20 3/28/2024 EUR 70.78
Banco Comercial Portugues S5.00 EUR 60.00
Intelsat Luxembourg SA 12.50 11/15/2024 USD 68.47
CRC Breeze Finance SA 6.11 5/8/2026 EUR 55.13
Barclays Bank PLC 2.57 3/21/2031 USD 70.13
Barclays Bank PLC 0.40 5/31/2033 USD 54.50
Societe Generale SA 0.57 2/28/2033 USD 69.42
IKB Deutsche Industriebank 4.70 8/1/2017 EUR 32.00
Golden Gate AG 6.50 10/11/2014 EUR 46.10
Lehman Brothers Treasury Co5.10 5/8/2017 HKD 9.63
PA Resources AB 13.50 3/3/2016 SEK 0.10
Royal Bank of Scotland PLC/1.50 12/13/2028 USD 72.31
KPNQwest NV 8.13 6/1/2009 USD 0.50
Afren PLC 10.25 4/8/2019 USD 0.01
Barclays Bank PLC 2.62 12/30/2030 USD 67.00
Lloyds Bank PLC 2.70 10/25/2033 USD 72.50
Electromagnetic Geoservices6.86 6/27/2019 NOK 70.33
Finance and Credit Bank JSC9.25 1/25/2019 USD 0.55
Municipality Finance PLC 0.50 5/8/2029 AUD 62.09
KPNQwest NV 8.88 2/1/2008 EUR 0.61
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.13
Depfa Funding IV LP 1.54 EUR 57.33
Virgolino de Oliveira Finan10.88 1/13/2020 USD 28.50
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Bibby Offshore Services PLC7.50 6/15/2021 GBP 39.00
Banca Meridiana 1.25 11/12/2017 EUR 21.00
SAir Group 0.13 7/7/2005 CHF 13.13
Karlie Group GmbH 5.00 6/25/2021 EUR 3.20
Sairgroup Finance BV 6.63 10/6/2010 EUR 10.75
Barclays Bank PLC 1.70 4/25/2034 USD 71.49
Northland Resources AB 4.00 10/15/2020 USD 0.19
Nationwide Building Society0.82 GBP 72.00
Russian Railways JSC 8.70 5/18/2032 RUB 61.21
Alpha Bank AE 2.50 6/20/2022 EUR 37.73
Governo Portugues Consolida3.00 EUR 71.40
CNP Assurances 2.00 EUR 74.49
Banca Carige SpA 5.70 9/17/2020 EUR 50.02
Holdikks SAS 6.75 7/15/2021 EUR 56.31
Lloyds Bank PLC 2.39 7/5/2033 USD 72.26
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.31
Barclays Bank PLC 1.84 11/1/2031 USD 68.00
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 12.39
Afren PLC 11.50 2/1/2016 USD 0.17
Espirito Santo Financial Po5.13 5/30/2016 EUR 0.90
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 0.97
Svensk Exportkredit AB 0.50 4/24/2029 AUD 62.65
Societe Generale SA 11.50 10/3/2017 USD 48.10
Lehman Brothers Treasury Co5.00 9/22/2014 EUR 8.75
A-TEC Industries AG 5.75 11/2/2010 EUR 2.00
Enterprise Holdings LTD 7.00 9/26/2017 EUR 2.46
Rosneft Oil Co PJSC 10.65 12/3/2020 RUB 74.21
Deutsche Bank AG/London 0.18 1/31/2033 USD 55.35
Stichting Afwikkeling Onder2.42 EUR 0.54
Solon SE 1.38 12/6/2012 EUR 0.33
Lehman Brothers Treasury Co8.25 3/16/2035 EUR 8.75
Autonomous Community of Cat1.06 9/8/2024 EUR 74.07
Espirito Santo Financial Gr5.05 11/15/2025 EUR 0.71
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Dannemora Mineral AB 11.75 3/22/2016 USD 0.40
Santander Finance Capital S2.00 EUR 62.93
Svensk Exportkredit AB 0.50 8/29/2029 AUD 63.73
Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 65.38
Orient Express Bank PJSC Vi8.17 6/27/2017 USD 50.00
Mifa Mitteldeutsche Fahrrad7.50 8/12/2018 EUR 2.82
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.73
Heta Asset Resolution AG 0.43 12/31/2023 EUR 39.88
Russian Railways JSC 8.20 3/21/2028 RUB 63.87
Svensk Exportkredit AB 0.50 6/29/2029 AUD 62.24
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 63.87
Hypo Tirol Bank AG 0.12 7/23/2026 EUR 64.21
Anglian Water Services Fina0.87 1/26/2057 GBP 72.72
Rosbank PJSC 9.80 12/20/2026 RUB 62.63
Tatfondbank OAO via TFB Fin8.50 11/12/2019 USD 0.18
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 64.03
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 43.36
Northland Resources AB 4.00 10/15/2020 NOK 0.23
APP International Finance C11.75 10/1/2005 USD 0.56
Gazprombank JSC 9.87 2/19/2021 RUB 63.87
IVG Immobilien AG 5.50 EUR 1.08
BLT Finance BV 12.00 2/10/2015 USD 10.50
UBS AG/London 16.00 1/19/2018 USD 58.50
Banca Popolare di Vicenza 4.97 4/20/2027 EUR 61.13
wige MEDIA AG 6.00 3/17/2019 EUR 3.10
Hamburgische Landesbank-Gir0.05 1/22/2041 EUR 62.37
Rem Offshore ASA 5.00 12/8/2024 NOK 34.36
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Novo Banco SA 3.00 12/16/2021 EUR 64.46
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.70
SiC Processing GmbH 7.13 3/1/2016 EUR 2.84
WPE International Cooperati10.38 9/30/2020 USD 15.88
Municipality Finance PLC 0.50 4/26/2022 ZAR 66.44
Steilmann SE 7.00 3/9/2017 EUR 2.35
Autonomous Community of Cat2.97 9/8/2039 JPY 64.40
Sberbank of Russia PJSC 0.01 4/26/2019 RUB 93.50
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.31
Societe Generale SA 0.30 6/28/2033 USD 67.64
Minaya Capital AG 7.00 8/1/2018 EUR 65.00
Governo Portugues Consolida2.75 EUR 63.20
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 65.69
Virgolino de Oliveira Finan10.50 1/28/2018 USD 7.25
Accentro Real Estate AG 6.25 3/27/2019 EUR 10.00
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 68.76
Santander Finance Capital S2.00 USD 56.39
Hamburgische Landesbank-Gir0.05 10/30/2040 EUR 64.42
Eirles Two DAC 1.69 9/30/2046 USD 11.88
Lehman Brothers Treasury Co5.00 2/16/2015 EUR 8.75
Barclays Bank PLC 3.18 3/27/2029 USD 69.50
Paragon Offshore PLC 6.75 7/15/2022 USD 23.00
Lehman Brothers Treasury Co2.88 3/14/2013 CHF 8.75
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 0.27
SAir Group 5.50 7/23/2003 CHF 13.99
Minicentrales Dos SA 6.45 4/14/2028 EUR 67.25
SAir Group 4.25 2/2/2007 CHF 14.00
TES Finance PLC 6.75 7/15/2020 GBP 72.41
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.39
Gazprom PJSC 5.10 10/21/2043 RUB 60.06
International Finance Facil0.50 6/29/2027 ZAR 39.10
Aralco Finance SA 10.13 5/7/2020 USD 2.10
MS Deutschland Beteiligungs6.88 12/18/2017 EUR 5.81
Stroika Finance Ltd Via Eme9.90 6/25/2019 RUB 12.00
Barclays Bank PLC 3.84 1/31/2029 USD 67.15
Oi Brasil Holdings Cooperat5.63 6/22/2021 EUR 35.75
Landesbank Hessen-Thueringe0.08 5/3/2041 EUR 71.62
ML 33 Invest AS 7.50 NOK 68.91
Veneto Banca SpA 2.40 4/7/2020 EUR 75.85
Municipality Finance PLC 0.50 6/19/2024 ZAR 54.91
Elli Investments Ltd 12.25 6/15/2020 GBP 70.00
New World Resources NV 8.00 4/7/2020 EUR 5.13
Heta Asset Resolution AG 0.24 12/31/2023 EUR 39.88
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 69.58
Rusfinans Bank OOO 10.10 6/30/2020 RUB 60.17
HSBC Bank PLC 0.50 6/23/2027 MXN 44.27
Rosbank PJSC 7.50 10/7/2024 RUB 60.13
Lehman Brothers Treasury Co6.65 8/24/2011 AUD 9.63
Montepio Holding SGPS SA 5.00 EUR 50.20
Marfin Investment Group Hol7.00 7/29/2019 EUR 1.01
AKB Peresvet ZAO 13.50 10/16/2020 RUB 13.00
Petromena ASA 10.85 11/19/2017 USD 0.53
Lehman Brothers Treasury Co4.00 2/16/2017 EUR 8.75
Lloyds Bank PLC 2.70 4/25/2034 USD 67.50
Agroton Public Ltd 6.00 7/14/2019 USD 14.00
Santander Finance Capital S2.00 USD 56.39
Northland Resources AB 15.00 7/15/2019 USD 0.41
Vorarlberger Landes- und Hy5.87 EUR 51.28
Kaupthing ehf 6.13 10/4/2016 USD 17.63
New World Resources NV 4.00 10/7/2020 EUR 0.09
Portigon AG 7.46 12/31/2019 EUR 25.00
UkrLandFarming PLC 10.88 3/26/2018 USD 23.75
Banco BPI SA 1.78 EUR 58.03
Marfin Investment Group Hol6.30 7/29/2020 EUR 1.01
Barclays Bank PLC 4.33 9/27/2028 USD 66.00
Fonciere Volta SA 4.50 7/30/2020 EUR 2.59
Far East Capital Ltd SA 8.75 5/2/2020 USD 71.60
Barclays Bank PLC 1.88 8/15/2033 USD 63.20
Rusfinans Bank OOO 8.90 4/24/2018 RUB 65.07
Rosbank PJSC 9.35 9/29/2025 RUB 60.16
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 27.07
Espirito Santo Financial Gr5.05 11/15/2025 EUR 0.74
Artea 6.00 8/4/2019 EUR 15.00
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 20.63
UBS AG 24.10 9/28/2017 EUR 66.50
Veneto Banca SpA 5.41 5/25/2023 EUR 69.26
Agentstvo po Ipotechnomu Zh10.90 11/1/2022 RUB 102.00
Oberbank Hybrid 1 GmbH 0.87 EUR 47.49
Depfa Funding II LP 6.50 EUR 57.25
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Landesbank Hessen-Thueringe0.09 4/23/2041 EUR 71.19
ADLER Real Estate AG 6.00 12/27/2018 EUR 13.75
Deutsche Bank AG/London 1.85 8/28/2034 USD 59.17
Virgolino de Oliveira Finan11.75 2/9/2022 USD 7.25
Virgolino de Oliveira Finan10.88 1/13/2020 USD 25.63
Barclays Bank PLC 0.48 4/19/2033 USD 56.00
MegaFon PJSC 9.90 5/29/2026 RUB 62.06
UBS AG 5.60 3/4/2019 EUR 59.78
Oberoesterreichische Landes0.32 11/6/2030 EUR 69.77
UBS AG/London 1.29 5/29/2020 USD 9.75
Mriya Agro Holding PLC 9.45 4/19/2018 USD 4.00
Lehman Brothers Treasury Co7.00 6/6/2017 EUR 2.85
Societe Generale SA 0.28 6/28/2033 USD 74.13
Stichting Afwikkeling Onder6.63 5/14/2018 EUR 2.95
City of Moscow Russia 7.50 5/18/2021 RUB 60.01
Moscow United Electric Grid11.00 9/12/2024 RUB 62.00
International Industrial Ba9.00 7/6/2011 EUR 0.59
Lehman Brothers Treasury Co7.00 5/17/2035 EUR 8.75
Alpha Bank AE 2.50 6/20/2022 EUR 37.74
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 65.01
Kaupthing ehf 6.13 10/4/2016 USD 17.63
TES Finance PLC 5.29 7/15/2020 GBP 68.92
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 4.56
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 67.49
Afren PLC 10.25 4/8/2019 USD 0.01
United Engine Corp JSC 10.75 6/10/2026 RUB 110.00
Lloyds Bank PLC 2.52 7/26/2033 USD 67.38
BLT Finance BV 7.50 5/15/2014 USD 2.31
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.90
Vnesheconombank 9.76 12/17/2021 RUB 73.86
Kaupthing ehf 9.00 USD 0.12
SAir Group 6.25 4/12/2005 CHF 14.00
Veneto Banca SpA 5.15 1/25/2023 EUR 69.46
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 62.34
Vimpel-Communications PJSC 11.90 10/3/2025 RUB 63.06
WGF Westfaelische Grundbesi6.35 8/1/2017 EUR 0.51
Afren PLC 6.63 12/9/2020 USD 0.05
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 60.06
Veneto Banca SpA 2.40 3/31/2020 EUR 75.99
ING Bank Eurasia JSC 10.45 3/30/2021 RUB 101.32
Activa Resources AG 8.00 11/15/2017 EUR 17.90
Leonteq Securities AG 15.60 12/19/2017 CHF 65.90
Orient Express Bank PJSC 13.60 8/9/2018 RUB 65.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 63.88
Kreditanstalt fuer Wiederau0.25 10/6/2036 CAD 40.87
Lehman Brothers Treasury Co5.55 3/12/2015 EUR 2.85
Veneto Banca SpA 2.40 4/2/2020 EUR 75.95
Marine Subsea AS 9.00 12/16/2019 USD 0.44
German Pellets GmbH 8.00 EUR 0.13
Lehman Brothers Treasury Co4.20 12/3/2008 HKD 9.63
Rena GmbH 7.00 12/15/2015 EUR 9.38
SUEK Finance 12.50 8/19/2025 RUB 100.00
Kommunekredit 0.50 7/30/2027 TRY 34.46
Cattles Ltd 7.13 7/5/2017 GBP 0.27
City of Kiev Ukraine Via CS8.00 11/6/2015 USD 62.38
Moscow United Electric Grid10.00 5/26/2026 RUB 62.00
Synergy PJSC 9.75 5/28/2020 RUB 61.01
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.01
Pierer Industrie AG 5.75 EUR 63.71
Lehman Brothers Treasury Co5.00 2/27/2014 EUR 8.75
Rosneft Oil Co PJSC 10.40 12/3/2020 RUB 63.87
Veneto Banca SpA 2.40 4/1/2020 EUR 75.97
Agentstvo po Ipotechnomu Zh10.30 7/15/2023 RUB 73.86
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.13
Muehl Product & Service AG 6.75 3/10/2005 DEM 2.35
Lehman Brothers Treasury Co3.50 6/20/2011 EUR 2.85
Lehman Brothers Treasury Co3.40 9/21/2009 HKD 2.85
SAir Group 5.13 3/1/2003 CHF 15.00
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 54.00
Sibur Holding PAO 9.65 9/16/2026 RUB 60.06
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 64.52
Banco Espirito Santo SA 1.22 5/27/2018 EUR 0.73
BKS Hybrid alpha GmbH 7.35 EUR 60.82
Lehman Brothers Treasury Co7.00 11/26/2013 EUR 8.75
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 67.16
Rossiysky Capital OJSC 10.50 1/20/2020 RUB 98.00
Bank Intesa AO 8.25 6/10/2018 RUB 60.17
Bilt Paper BV 9.64 USD 30.75
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 9.80
Lenenergo PJSC 9.80 7/9/2025 RUB 60.01
EFG International Finance G2.10 3/23/2018 EUR 26.59
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 2.46
Lehman Brothers Treasury Co6.00 9/20/2011 EUR 2.85
Northland Resources AB 12.25 3/26/2016 USD 0.41
UmweltBank AG 2.85 EUR 61.76
SAir Group 2.13 11/4/2004 CHF 14.00
Lehman Brothers Treasury Co1.46 2/19/2012 JPY 8.75
Minicentrales Dos SA 4.81 11/29/2034 EUR 60.25
Nutritek International Corp8.75 12/11/2008 USD 2.00
Vnesheconombank 8.35 11/24/2020 RUB 73.86
EFG International Finance G6.00 11/30/2017 EUR 12.21
Municipality Finance PLC 0.50 7/30/2029 AUD 70.86
Russian Post FGUP 5.07 11/17/2023 RUB 70.01
Northland Resources AB 15.00 7/15/2019 USD 0.41
Delta Credit Bank JSC 9.65 10/1/2024 RUB 102.90
Delta Credit Bank JSC 10.55 6/5/2024 RUB 60.07
Main Road OJSC 4.10 11/22/2028 RUB 73.06
Rossiysky Capital OJSC 13.00 11/22/2019 RUB 70.01
Metalloinvest Holding Co OA0.01 3/7/2022 RUB 50.02
UniCredit Bank Austria AG 0.16 10/31/2031 EUR 67.31
Evrofinansy-Nedvizhimost OO11.00 10/23/2020 RUB 100.00
EFG International Finance G8.99 9/4/2017 EUR 2.15
Lehman Brothers Treasury Co5.00 5/2/2022 EUR 2.85
Svensk Exportkredit AB 0.50 3/28/2029 AUD 71.21
AKB Peresvet ZAO 13.25 4/25/2018 RUB 23.49
LBI HF 7.43 USD 0.00
Heliocentris Energy Solutio4.00 1/16/2019 EUR 18.13
Credit Suisse AG/London 8.00 11/29/2019 USD 6.05
HSBC Bank PLC 0.50 12/29/2026 AUD 68.20
BNP Paribas SA 0.50 5/6/2021 MXN 73.42
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 73.22
Svensk Exportkredit AB 0.50 6/20/2029 AUD 70.65
Lehman Brothers Treasury Co4.00 4/13/2011 CHF 2.85
Lehman Brothers Treasury Co4.60 10/11/2017 ILS 8.75
Lehman Brothers Treasury Co1.28 11/6/2010 JPY 8.75
SpareBank 1 SR-Bank ASA 4.00 12/21/2030 EUR 75.36
Finans-Avia OOO 0.01 7/31/2027 RUB 21.30
Ideal Standard Internationa11.75 5/1/2018 EUR 4.86
Russian Post FGUP 2.75 12/6/2023 RUB 60.06
Lehman Brothers Treasury Co6.00 3/14/2011 EUR 8.75
EFG International Finance G7.20 2/25/2019 EUR 12.88
BLT Finance BV 7.50 5/15/2014 USD 2.31
Lehman Brothers Treasury Co1.68 3/5/2015 EUR 2.85
SAir Group 6.25 10/27/2002 CHF 14.00
Banca del Monte di Lucca-Sp2.48 6/29/2020 EUR 42.02
Rusfinans Bank OOO 10.90 10/2/2018 RUB 60.56
Lehman Brothers Treasury Co9.25 6/20/2012 USD 2.85
Lehman Brothers Treasury Co3.86 9/21/2011 SGD 9.63
Region of Molise Italy 0.13 12/15/2033 EUR 66.57
HPI AG 3.50 EUR 6.00
Royal Bank of Scotland PLC/1.84 8/26/2031 USD 65.60
Societe Generale SA 0.50 5/30/2023 MXN 62.85
Podkarpacki Bank Spoldzielc5.81 7/2/2020 PLN 70.04
SAir Group 2.75 7/30/2004 CHF 13.88
Delta Credit Bank JSC 12.40 10/20/2025 RUB 63.77
Loan Portfolio Securitizati8.50 12/14/2018 USD 11.97
BELLAGIO Holding GmbH 2.18 EUR 47.58
Lehman Brothers Treasury Co7.00 9/20/2011 USD 2.85
Kommunekredit 0.50 5/11/2029 CAD 75.06
Lehman Brothers Treasury Co5.00 5/12/2011 CHF 2.85
Oberoesterreichische Landes0.30 4/25/2042 EUR 54.76
BNP Paribas SA 0.50 9/29/2029 AUD 62.36
Leonteq Securities AG/Guern29.61 10/26/2017 EUR 29.86
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 63.87
BNP Paribas SA 0.50 7/20/2021 BRL 65.96
Atari SA 7.50 2/17/2020 EUR 0.41
Transneft PJSC 0.01 10/9/2024 RUB 60.06
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 51.00
Transneft PJSC 8.00 7/3/2025 RUB 62.00
Lehman Brothers Treasury Co11.00 12/20/2017 AUD 2.85
Barclays Bank PLC 0.55 3/28/2033 USD 59.70
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 71.48
HSBC Bank PLC 0.50 1/29/2027 NZD 69.11
UVS-Finance OOO 14.50 9/10/2019 RUB 63.91
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 68.47
Atari SA 0.10 4/1/2020 EUR 5.01
VEB-Leasing OAO 12.50 9/1/2025 RUB 62.00
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 69.09
KPNQwest NV 8.88 2/1/2008 EUR 0.61
Rosintrud OOO 10.50 2/5/2021 RUB 60.00
Agentstvo po Ipotechnomu Zh9.80 7/15/2024 RUB 60.00
Freight One JSC 12.00 10/15/2025 RUB 100.00
Deutsche Bank AG/London 0.50 10/5/2021 IDR 67.68
Lehman Brothers Treasury Co5.00 8/16/2017 EUR 8.75
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
ECM Real Estate Investments5.00 10/9/2011 EUR 10.38
Kaupthing ehf 7.50 2/1/2045 USD 0.33
Hellas Telecommunications L8.50 10/15/2013 EUR 0.77
Barclays Bank PLC 7.12 10/4/2017 USD 37.01
Barclays Bank PLC 0.61 4/9/2028 USD 67.10
Raiffeisen Versicherung AG 2.02 EUR 31.84
Sidetur Finance BV 10.00 4/20/2016 USD 3.85
Credit Suisse AG 0.50 12/16/2025 BRL 49.18
Societe Generale SA 1.60 1/9/2020 GBP 1.11
Lehman Brothers Treasury Co7.00 2/15/2010 CHF 2.85
Vegarshei Sparebank 4.99 NOK 61.50
Barclays Bank PLC 0.50 4/24/2023 MXN 60.71
Lehman Brothers Treasury Co10.00 5/22/2009 USD 2.85
Podkarpacki Bank Spoldzielc5.01 10/6/2021 PLN 69.00
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.06
Agentstvo po Ipotechnomu Zh11.50 9/25/2018 RUB 70.00
Bank ZENIT PJSC 8.50 6/14/2024 RUB 60.07
LBI HF 2.25 2/14/2011 CHF 7.13
Lehman Brothers Treasury Co8.00 3/19/2012 USD 2.85
LBI HF 6.10 8/25/2011 USD 8.50
Municipiul Timisoara 0.80 5/15/2026 RON 68.00
Rinol AG 5.50 10/15/2006 DEM 0.00
HSBC Bank PLC 0.50 6/10/2021 BRL 68.32
Freight One JSC 11.80 10/23/2025 RUB 65.11
Astana Finance BV 9.00 11/16/2011 USD 16.88
Lehman Brothers Treasury Co5.00 3/18/2015 EUR 8.75
Credit Agricole Corporate &0.50 3/6/2023 RUB 65.12
National Capital JSC 9.50 7/25/2018 RUB 60.06
Lehman Brothers Treasury Co4.00 7/27/2011 EUR 2.85
Er-Telekom Holding ZAO 10.85 12/1/2021 RUB 60.06
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Russkiy Mezhdunarodnyi Bank12.00 11/14/2021 RUB 65.00
Polski Bank Spoldzielczy w 5.31 9/14/2027 PLN 50.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 63.87
Rostelecom PJSC 8.40 5/20/2025 RUB 60.06
Rossiysky Capital OJSC 10.50 1/16/2020 RUB 70.01
Nuova Banca delle Marche Sp7.75 6/30/2018 EUR 1.24
AKB Peresvet ZAO 13.00 10/7/2017 RUB 22.50
Espirito Santo Financial Po5.63 7/28/2017 EUR 1.04
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.87
Barclays Bank PLC 4.13 10/10/2029 USD 74.57
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Lehman Brothers Treasury Co6.00 10/24/2008 EUR 2.85
Lehman Brothers Treasury Co8.25 12/3/2015 EUR 8.75
Lehman Brothers Treasury Co8.00 2/16/2016 EUR 2.85
Landes-Hypothekenbank Steie0.06 3/7/2043 EUR 52.81
Metalloinvest Holding Co OA0.01 3/10/2022 RUB 60.02
BNP Paribas SA 0.50 11/16/2032 MXN 32.43
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.87
Raiffeisen Schweiz Genossen8.99 7/22/2019 EUR 27.98
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
SpareBank 1 Nordvest 3.66 3/11/2099 NOK 61.70
Lehman Brothers Treasury Co7.60 1/31/2013 AUD 2.85
Lehman Brothers Treasury Co10.00 6/17/2009 USD 2.85
Lehman Brothers Treasury Co6.00 3/18/2015 USD 8.75
Agrokompleks OOO 0.10 7/29/2019 RUB 4.65
Municipality Finance PLC 0.50 5/31/2022 ZAR 65.73
IDGC of the North Caucasus 13.00 4/22/2021 RUB 60.00
UniCredit Bank AO 12.00 11/20/2019 RUB 90.00
SG Issuer SA 5.50 4/10/2021 EUR 66.90
Leonteq Securities AG 5.20 8/14/2018 CHF 72.94
Salvator Grundbesitz-AG 9.50 EUR 19.15
Pongs & Zahn AG 8.50 EUR 0.11
Penell GmbH Elektrogroshand7.75 6/10/2019 EUR 5.00
AKB Peresvet ZAO 13.50 6/23/2021 RUB 12.49
Eiendomskreditt AS 4.15 NOK 54.65
Barclays Bank PLC 0.50 1/28/2033 MXN 26.49
Lehman Brothers Treasury Co11.00 6/29/2009 EUR 2.85
Agentstvo po Ipotechnomu Zh15.30 11/1/2029 RUB 115.00
OOO SPV Structural Investme0.01 9/1/2023 RUB 65.24
Barclays Bank PLC 1.00 5/10/2019 JPY 59.42
Fininvest OOO 13.00 11/9/2018 RUB 1.56
UBS AG/London 3.81 10/28/2017 USD 69.05
Podkarpacki Bank Spoldzielc5.81 2/23/2025 PLN 60.00
Vnesheconombank 9.75 8/16/2029 RUB 60.00
Russian Railways JSC 13.90 5/30/2040 RUB
EFG International Finance G7.19 5/6/2019 EUR 13.66
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.28
Lloyds Bank PLC 0.50 7/26/2021 BRL 68.19
Lehman Brothers Treasury Co7.59 11/22/2009 MXN 8.75
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.38
Lehman Brothers Treasury Co4.50 12/30/2010 USD 2.85
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Araratbank OJSC 7.00 12/2/2017 USD 25.40
AKB Peresvet ZAO 12.75 7/24/2018 RUB 19.74
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Banca delle Marche SpA 6.00 5/8/2018 EUR 2.00
Lehman Brothers Treasury Co5.00 10/24/2008 CHF 2.85
Lehman Brothers Treasury Co4.25 3/13/2021 EUR 2.85
Lehman Brothers Treasury Co8.00 5/22/2009 USD 2.85
Agentstvo po Ipotechnomu Zh9.25 10/15/2030 RUB 100.00
MIK OAO 15.00 2/19/2020 RUB 3.33
Araratbank OJSC 7.25 6/27/2018 USD 26.10
Societe Generale SA 7.00 10/20/2020 USD
COFIDUR SA 0.10 12/31/2024 EUR 24.25
SUEK Finance 12.50 8/19/2025 RUB 100.00
Rusfinans Bank OOO 10.05 6/10/2019 RUB 61.07
DekaBank Deutsche Girozentr0.01 6/29/2046 EUR 54.79
Lehman Brothers Treasury Co13.50 11/28/2008 USD 2.85
Lehman Brothers Treasury Co14.90 9/15/2008 EUR 2.85
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.56
BAWAG PSK Versicherungs AG 1.06 EUR 54.32
Lehman Brothers Treasury Co7.60 5/21/2013 USD 2.85
AKB Peresvet ZAO 12.50 9/6/2017 RUB 21.55
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 67.48
Leonteq Securities AG 17.00 8/17/2017 CHF 75.50
Rosneft Oil Co PJSC 9.85 1/18/2021 RUB 63.91
Union Technologies Informat0.10 1/1/2020 EUR 4.95
Atomenergoprom JSC 9.33 11/2/2026 RUB 63.87
Podkarpacki Bank Spoldzielc5.11 5/28/2023 PLN 56.00
EFG International Finance G6.48 5/29/2018 EUR 5.94
Societe Generale SA 0.50 7/6/2021 BRL 68.50
HSBC Bank PLC 0.50 4/11/2023 MXN 63.60
Lehman Brothers Treasury Co4.05 9/16/2008 EUR 2.85
Svensk Exportkredit AB 0.50 8/28/2020 TRY 69.92
Lehman Brothers Treasury Co10.00 1/3/2012 BRL 2.85
UniCredit Bank AG 0.37 11/19/2029 EUR 62.57
Lehman Brothers Treasury Co6.00 12/6/2016 USD 2.85
Lehman Brothers Treasury Co5.00 12/6/2011 EUR 2.85
Rusfinans Bank OOO 9.95 8/22/2019 RUB 100.50
Agrokor dd 9.88 5/1/2019 EUR 15.11
Windreich GmbH 6.25 3/1/2015 EUR 11.00
Communaute Francaise de Bel0.50 6/27/2046 EUR 68.14
HSBC Bank PLC 0.50 4/27/2027 NZD 68.54
HSBC Bank PLC 0.50 2/24/2027 NZD 69.13
City of Siret Romania 2.32 3/1/2028 RON 50.00
Municipiul Timisoara 0.80 5/15/2026 RON 75.00
TGC-1 PJSC 5.60 2/14/2022 RUB 60.07
ECA 2.50 1/1/2018 EUR
Exane Finance SA 5.00 12/20/2019 SEK
Credit Suisse AG/London 10.00 6/28/2017 USD 61.35
Landesbank Baden-Wuerttembe4.00 8/25/2017 EUR 64.69
Lehman Brothers Treasury Co1.75 2/7/2010 EUR 2.85
EFG International Finance G12.86 10/30/2017 EUR 2.32
Leonteq Securities AG/Guern5.00 12/27/2019 EUR 69.02
UBS AG 5.75 12/22/2017 EUR 57.67
Societe Generale SA 8.00 2/14/2022 USD 9.00
Societe Generale SA 0.50 8/4/2021 BRL 68.06
Lehman Brothers Treasury Co7.50 6/15/2017 USD 2.85
Municipality Finance PLC 0.25 6/28/2040 CAD 31.59
Lehman Brothers Treasury Co4.35 8/8/2016 SGD 9.63
Atomenergoprom JSC 9.33 12/3/2026 RUB 63.87
Lehman Brothers Treasury Co4.87 10/8/2013 USD 2.85
Lehman Brothers Treasury Co3.60 3/19/2018 JPY 2.85
Kommunalbanken AS 0.50 12/16/2020 TRY 72.54
HSBC Bank PLC 0.50 12/8/2026 AUD 72.59
Credit Suisse AG/Nassau 7.13 6/26/2017 CHF 66.24
HSBC Trinkaus & Burkhardt A6.50 1/29/2018 EUR 53.41
Eurocent SA 8.50 9/15/2018 PLN 24.01
Center for Cargo Container 9.40 9/16/2021 RUB 74.27
Lehman Brothers Treasury Co11.00 12/19/2011 USD 2.85
Lehman Brothers Treasury Co6.00 2/19/2023 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 9.63
Lehman Brothers Treasury Co7.00 10/22/2010 EUR 2.85
Lehman Brothers Treasury Co7.06 12/29/2008 EUR 2.85
Credit Suisse AG/London 0.50 1/8/2026 BRL 48.21
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
SAir Group 2.75 7/30/2004 CHF 14.00
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.16
Raiffeisen Switzerland BV 3.50 8/25/2017 CHF 65.91
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Orient Express Bank PJSC 11.70 7/17/2018 RUB 60.00
Lehman Brothers Treasury Co4.10 6/10/2014 SGD 9.63
Lehman Brothers Treasury Co13.43 1/8/2009 ILS 2.85
Lehman Brothers Treasury Co4.60 11/9/2011 EUR 8.75
Lehman Brothers Treasury Co8.25 2/3/2016 EUR 2.85
Lehman Brothers Treasury Co11.75 3/1/2010 EUR 2.85
IT Holding Finance SA 9.88 11/15/2012 EUR 1.63
Lehman Brothers Treasury Co4.95 10/25/2036 EUR 2.85
Windreich GmbH 6.75 3/1/2015 EUR 11.00
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.06
Bayerische Landesbank 2.70 6/22/2018 EUR 73.13
Araratbank OJSC 8.00 6/10/2018 USD 25.88
Rosselkhozbank JSC 10.60 7/14/2025 RUB 62.01
Erste Group Bank AG 9.25 6/29/2017 EUR 53.55
Bayerische Landesbank 2.70 7/6/2018 EUR 67.59
Landesbank Baden-Wuerttembe3.40 11/24/2017 EUR 68.34
Western High-Speed Diameter10.44 5/13/2031 RUB 73.87
Lehman Brothers Treasury Co0.25 10/19/2012 CHF 2.85
Lehman Brothers Treasury Co11.00 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co4.05 9/16/2008 EUR 2.85
IKB Deutsche Industriebank 0.66 5/25/2031 EUR 63.19
Agentstvo po Ipotechnomu Zh10.83 2/1/2034 RUB 100.00
UBS AG/London 5.00 8/14/2017 CHF 52.00
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Societe Generale SA 0.50 4/3/2023 RUB 64.96
Cerruti Finance SA 6.50 7/26/2004 EUR 1.10
Lehman Brothers Treasury Co7.50 10/24/2008 USD 2.85
Lehman Brothers Treasury Co5.10 6/22/2046 EUR 2.85
Lehman Brothers Treasury Co7.75 1/3/2012 AUD 2.85
Barclays Bank PLC 1.99 12/1/2040 USD 74.21
Barclays Bank PLC 4.70 3/27/2029 USD 74.25
Russian Railways JSC 5.10 5/20/2044 RUB
TGC-1 PJSC 5.60 12/14/2021 RUB 60.07
HSBC Bank PLC 0.50 11/25/2025 BRL 45.34
Kerdos Group SA 8.00 12/15/2017 PLN
Polski Bank Spoldzielczy w 4.81 11/26/2024 PLN 45.00
Leonteq Securities AG 15.20 10/11/2017 CHF 67.47
Landesbank Baden-Wuerttembe3.55 8/25/2017 EUR 66.96
Province of Brescia Italy 0.11 12/22/2036 EUR 63.41
Lehman Brothers Treasury Co2.50 11/9/2011 CHF 2.85
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
UniCredit Bank AG 4.60 6/30/2017 EUR 51.50
Russian Railways JSC 9.85 4/26/2041 RUB 106.84
Expobank LLC 12.50 7/12/2019 RUB 60.05
Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 67.58
UBS AG 4.50 12/22/2017 EUR 56.89
AKB Peresvet ZAO 2.54 9/2/2020 RUB 11.34
Leonteq Securities AG 11.00 4/20/2018 USD 67.98
Lehman Brothers Treasury Co4.50 5/2/2017 EUR 8.75
UniCredit Bank Austria AG 0.15 1/22/2031 EUR 71.73
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treasury Co0.50 6/2/2020 EUR 2.85
Lehman Brothers Treasury Co1.50 10/25/2011 EUR 2.85
Lehman Brothers Treasury Co4.00 10/24/2012 EUR 2.85
Lehman Brothers Treasury Co4.50 3/6/2013 CHF 2.85
Lehman Brothers Treasury Co5.25 5/26/2026 EUR 2.85
Lehman Brothers Treasury Co6.50 7/24/2026 EUR 2.85
Lehman Brothers Treasury Co4.60 7/6/2016 EUR 0.14
Lehman Brothers Treasury Co11.00 7/4/2011 CHF 2.85
Lehman Brothers Treasury Co0.50 7/2/2020 EUR 2.85
Lehman Brothers Treasury Co4.00 12/2/2012 EUR 2.85
Lehman Brothers Treasury Co10.44 11/22/2008 CHF 2.85
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treasury Co3.03 1/31/2015 EUR 2.85
Lehman Brothers Treasury Co0.50 8/1/2020 EUR 2.85
Lehman Brothers Treasury Co5.50 4/23/2014 EUR 2.85
Lehman Brothers Treasury Co2.00 6/28/2011 EUR 2.85
Lehman Brothers Treasury Co1.00 5/9/2012 EUR 2.85
HSBC Bank PLC 0.50 6/9/2023 MXN 62.73
Credit Suisse AG/London 3.00 11/15/2025 ZAR 67.49
Main Road OJSC 4.10 10/30/2029 RUB 73.87
Admiral Boats SA 8.50 9/18/2017 PLN 25.01
Commerzbank AG 30.00 6/30/2020 USD 3.64
Bayerische Landesbank 2.60 10/19/2018 EUR 65.24
Bayerische Landesbank 2.70 7/27/2018 EUR 72.73
Bayerische Landesbank 2.70 7/13/2018 EUR 71.55
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 19.39
Landesbank Baden-Wuerttembe3.75 9/22/2017 EUR 65.93
Landesbank Baden-Wuerttembe3.90 9/22/2017 EUR 63.81
LBI HF 7.43 USD 0.00
HSBC Bank PLC 0.50 10/30/2026 NZD 70.01
DekaBank Deutsche Girozentr2.75 2/2/2018 EUR 72.76
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 71.42
DekaBank Deutsche Girozentr3.40 4/9/2018 EUR 57.94
Barclays Bank PLC 0.50 3/13/2023 RUB 65.20
Kommunekredit 0.50 12/14/2020 ZAR 74.69
Lehman Brothers Treasury Co4.00 3/10/2011 EUR 2.85
Lehman Brothers Treasury Co10.60 4/22/2014 MXN 2.85
HSBC Bank PLC 0.50 12/22/2025 BRL 45.03
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 43.17
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 44.71
BNP Paribas Emissions- und 24.00 12/21/2017 EUR 66.01
Royal Bank of Scotland PLC/6.20 9/7/2018 GBP 1.07
Lehman Brothers Treasury Co6.30 12/21/2018 USD 2.85
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Agentstvo po Ipotechnomu Zh9.50 1/15/2029 RUB 100.00
Leonteq Securities AG 3.00 9/19/2019 CHF 52.19
Barclays Bank PLC 0.50 3/19/2021 MXN 73.04
Barclays Bank PLC 0.50 3/26/2021 MXN 72.37
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 40.86
Lehman Brothers Treasury Co4.00 7/20/2012 EUR 2.85
LBI HF 8.65 5/1/2011 ISK 7.13
Lehman Brothers Treasury Co13.50 6/2/2009 USD 2.85
DZ Bank AG Deutsche Zentral8.20 3/23/2018 EUR 66.31
DZ Bank AG Deutsche Zentral7.40 12/22/2017 EUR 66.08
DZ Bank AG Deutsche Zentral7.40 3/23/2018 EUR 67.70
World of Building Technolog9.90 6/25/2019 RUB 0.44
HSBC Trinkaus & Burkhardt A13.80 12/22/2017 EUR 62.18
HSBC Trinkaus & Burkhardt A10.80 8/25/2017 EUR 63.92
HSBC Trinkaus & Burkhardt A10.10 11/24/2017 EUR 66.34
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 59.06
BNP Paribas Emissions- und 8.00 6/21/2018 EUR 70.65
BNP Paribas Emissions- und 15.00 11/23/2017 EUR 60.09
BNP Paribas Emissions- und 8.00 12/21/2017 EUR 67.65
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 63.20
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 61.50
BNP Paribas Emissions- und 9.00 6/21/2018 EUR 68.21
BNP Paribas Emissions- und 12.00 6/21/2018 EUR 65.23
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 63.64
BNP Paribas Emissions- und 13.00 11/23/2017 EUR 62.25
Leonteq Securities AG/Guern8.00 6/28/2018 CHF 0.40
Commerzbank AG 15.50 9/20/2017 EUR 56.06
Commerzbank AG 13.50 12/20/2017 EUR 58.96
Ashinskiy metallurgical wor5.60 6/17/2024 RUB 65.01
Commerzbank AG 14.00 1/24/2018 EUR 60.52
EFG International Finance G14.00 3/8/2018 CHF 66.08
UBS AG/London 12.50 9/22/2017 EUR 61.98
Vontobel Financial Products13.00 12/22/2017 EUR 60.47
Vontobel Financial Products13.50 9/22/2017 EUR 60.24
BNP Paribas Emissions- und 12.00 10/26/2017 EUR 64.30
BNP Paribas Emissions- und 19.00 9/21/2017 EUR 55.78
BNP Paribas Emissions- und 10.00 10/26/2017 EUR 67.37
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 61.62
BNP Paribas Emissions- und 15.00 10/26/2017 EUR 58.97
BNP Paribas Emissions- und 19.00 10/26/2017 EUR 57.89
BNP Paribas Emissions- und 10.00 9/21/2017 EUR 66.82
BNP Paribas Emissions- und 12.00 9/21/2017 EUR 63.52
Vontobel Financial Products8.50 9/22/2017 EUR 66.19
Vontobel Financial Products7.50 12/22/2017 EUR 67.84
Vontobel Financial Products11.00 12/22/2017 EUR 62.41
Leonteq Securities AG/Guern9.00 6/29/2018 CHF 0.38
Kubanenergo PJSC 12.63 11/11/2025 RUB 60.01
Eiendomskreditt AS 5.10 NOK 65.36
YamalStroiInvest 14.25 4/24/2021 RUB 65.70
Promcapital 7.00 7/30/2019 RUB 93.10
National Capital JSC 9.25 4/22/2019 RUB 60.06
Sankt-Peterburg Telecom OAO10.70 1/31/2022 RUB 62.63
Center-Invest Commercial Ba8.70 11/13/2018 RUB 59.00
HSBC Bank PLC 0.50 7/21/2021 BRL 68.80
Lehman Brothers Treasury Co1.60 6/21/2010 JPY 2.85
Lehman Brothers Treasury Co2.40 6/20/2011 JPY 2.85
Societe Generale SA 0.50 6/12/2023 RUB 63.84
National Capital JSC 9.25 4/22/2019 RUB 60.06
Lloyds Bank PLC 0.50 7/26/2028 MXN 46.22
Commerzbank AG 1.00 2/19/2020 USD 27.62
Raiffeisen Schweiz Genossen5.00 6/6/2018 CHF 73.15
Raiffeisen Schweiz Genossen6.50 7/2/2018 USD 52.44
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.49
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 65.88
BNP Paribas Emissions- und 18.00 12/21/2017 EUR 63.45
BNP Paribas Emissions- und 9.00 9/21/2017 EUR 56.48
BNP Paribas Emissions- und 10.00 9/21/2017 EUR 54.01
Bank VTB 24 JSC 9.00 9/15/2044 RUB
Vesta ZAO 12.50 12/4/2026 RUB 99.40
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Agrokompleks OOO 0.10 12/8/2022 RUB 4.60
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 51.89
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 75.14
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 65.71
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 64.82
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 53.38
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 66.88
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 72.34
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 61.91
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 70.75
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 65.68
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 70.82
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 65.49
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 62.79
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 58.13
BNP Paribas Emissions- und 23.00 12/21/2017 EUR 55.14
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 72.21
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 65.11
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 59.00
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 52.63
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 61.32
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 67.22
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 71.60
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 64.79
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 59.65
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 71.34
BNP Paribas Emissions- und 29.00 12/21/2017 EUR 64.13
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 71.43
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 71.73
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 62.25
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 73.91
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 73.91
BNP Paribas Emissions- und 26.00 12/21/2017 EUR 69.72
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 66.22
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 45.77
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 39.16
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 35.71
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 29.26
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 63.79
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 62.39
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 73.88
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 55.83
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 53.47
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 73.51
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.48
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 72.24
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 61.78
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 53.04
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 48.26
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 45.03
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 42.82
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 70.97
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 60.78
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 50.39
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 45.16
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 68.92
BNP Paribas Emissions- und 22.00 12/21/2017 EUR 63.73
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 59.87
BNP Paribas Emissions- und 27.00 12/21/2017 EUR 56.49
BNP Paribas Emissions- und 28.00 12/21/2017 EUR 72.18
Credit Suisse AG/London 9.20 10/28/2019 USD 9.82
UBS AG 11.41 4/26/2019 USD 9.86
UBS AG 12.10 4/26/2019 USD 9.02
Commerzbank AG 15.50 8/23/2017 EUR 55.86
Vontobel Financial Products5.00 9/22/2017 EUR 69.63
Vontobel Financial Products9.05 9/22/2017 EUR 62.55
Vontobel Financial Products13.50 9/22/2017 EUR 57.24
Vontobel Financial Products16.05 9/22/2017 EUR 55.13
Vontobel Financial Products4.50 12/22/2017 EUR 70.54
Vontobel Financial Products7.00 12/22/2017 EUR 63.87
Vontobel Financial Products12.00 12/22/2017 EUR 57.27
Vontobel Financial Products16.00 12/22/2017 EUR 54.55
Vontobel Financial Products20.00 12/22/2017 EUR 50.89
HSBC Trinkaus & Burkhardt A8.70 9/22/2017 EUR 66.32
HSBC Trinkaus & Burkhardt A14.20 12/22/2017 EUR 60.92
HSBC Trinkaus & Burkhardt A11.20 8/25/2017 EUR 62.35
HSBC Trinkaus & Burkhardt A10.50 11/24/2017 EUR 64.68
UBS AG/London 7.10 9/29/2017 EUR 66.30
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 61.76
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 52.54
BNP Paribas Emissions- und 12.00 9/21/2017 EUR 49.80
BNP Paribas Emissions- und 16.00 9/21/2017 EUR 44.92
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 58.36
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 56.19
SG Issuer SA 0.80 11/30/2020 SEK 63.22
Raiffeisen Schweiz Genossen6.50 7/11/2017 CHF 67.86
Raiffeisen Schweiz Genossen6.00 7/11/2017 CHF 67.95
EFG International Finance G7.35 12/28/2017 CHF 69.79
Credit Suisse AG/Nassau 7.25 7/13/2017 CHF 65.37
PA Urals Optical & Mechanic14.25 12/25/2018 RUB 70.01
Vontobel Financial Products4.00 11/9/2017 EUR 67.57
Kubanenergo PJSC 10.44 11/21/2025 RUB 60.01
Goldman Sachs & Co Wertpapi13.00 12/20/2017 EUR 71.56
Goldman Sachs & Co Wertpapi10.00 12/20/2017 EUR 66.79
Goldman Sachs & Co Wertpapi11.00 12/20/2017 EUR 63.05
Goldman Sachs & Co Wertpapi11.00 12/20/2017 EUR 65.09
HSBC Trinkaus & Burkhardt A13.40 9/22/2017 EUR 55.92
HSBC Trinkaus & Burkhardt A12.10 3/23/2018 EUR 60.16
HSBC Trinkaus & Burkhardt A11.30 3/23/2018 EUR 60.88
HSBC Trinkaus & Burkhardt A8.30 3/23/2018 EUR 64.63
HSBC Trinkaus & Burkhardt A5.80 3/23/2018 EUR 70.14
HSBC Trinkaus & Burkhardt A11.00 8/25/2017 EUR 57.41
HSBC Trinkaus & Burkhardt A10.40 11/24/2017 EUR 59.75
Deutsche Bank AG 5.20 7/26/2017 EUR 72.00
Deutsche Bank AG 7.20 7/26/2017 EUR 72.20
Deutsche Bank AG 9.20 7/26/2017 EUR 72.30
Zurcher Kantonalbank Financ4.75 12/11/2017 CHF 69.76
Goldman Sachs & Co Wertpapi15.00 9/20/2017 EUR 73.09
Goldman Sachs & Co Wertpapi14.00 9/20/2017 EUR 71.18
DekaBank Deutsche Girozentr3.50 10/28/2019 EUR 67.84
Bank Julius Baer & Co Ltd/G5.50 11/6/2017 CHF 59.25
SG Issuer SA 0.82 8/2/2021 SEK 68.71
EFG International Finance G17.00 8/3/2018 USD 69.54
Leonteq Securities AG 7.00 11/6/2017 CHF 45.74
BNP Paribas Emissions- und 8.00 9/21/2017 EUR 66.36
Vontobel Financial Products7.00 12/22/2017 EUR 65.62
Vontobel Financial Products5.50 12/22/2017 EUR 68.82
Vontobel Financial Products13.00 12/22/2017 EUR 59.03
Vontobel Financial Products11.00 12/22/2017 EUR 60.89
Vontobel Financial Products10.00 12/22/2017 EUR 61.94
Vontobel Financial Products9.00 12/22/2017 EUR 63.08
Vontobel Financial Products6.50 12/22/2017 EUR 67.29
Vontobel Financial Products14.00 12/22/2017 EUR 58.20
Vontobel Financial Products12.00 12/22/2017 EUR 59.92
Vontobel Financial Products8.00 12/22/2017 EUR 64.30
UBS AG/London 6.50 1/25/2018 CHF 74.05
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 60.40
BNP Paribas Emissions- und 10.00 6/21/2018 EUR 66.62
HSBC Trinkaus & Burkhardt A10.10 2/23/2018 EUR 65.21
HSBC Trinkaus & Burkhardt A11.60 3/23/2018 EUR 63.93
HSBC Trinkaus & Burkhardt A8.40 3/23/2018 EUR 68.18
Commerzbank AG 9.25 1/25/2018 EUR 70.67
Commerzbank AG 12.75 1/25/2018 EUR 65.56
Commerzbank AG 16.50 1/25/2018 EUR 61.98
Bank Julius Baer & Co Ltd/G6.00 7/24/2017 CHF 74.10
Commerzbank AG 8.50 12/21/2017 EUR 67.79
Commerzbank AG 12.25 12/21/2017 EUR 62.58
Commerzbank AG 16.25 12/21/2017 EUR 58.88
UBS AG/London 7.40 9/22/2017 EUR 59.12
UBS AG/London 9.40 6/22/2018 EUR 60.84
Corner Banca SA 20.00 7/10/2018 CHF 70.66
DZ Bank AG Deutsche Zentral7.10 9/22/2017 EUR 60.12
DZ Bank AG Deutsche Zentral7.10 12/22/2017 EUR 61.86
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Commerzbank AG 11.50 7/26/2017 EUR 43.05
Barclays Bank PLC 10.00 9/15/2017 USD
UBS AG/London 6.40 12/8/2017 EUR 49.81
UBS AG/London 9.60 12/8/2017 EUR 45.72
BNP Paribas Emissions- und 16.00 9/21/2017 EUR 43.33
BNP Paribas Emissions- und 5.00 10/26/2017 EUR 56.01
BNP Paribas Emissions- und 6.00 10/26/2017 EUR 53.43
BNP Paribas Emissions- und 9.00 10/26/2017 EUR 49.96
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 45.46
BNP Paribas Emissions- und 5.00 12/21/2017 EUR 56.42
BNP Paribas Emissions- und 6.00 12/21/2017 EUR 54.25
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 51.09
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 45.87
BNP Paribas Emissions- und 5.00 9/21/2017 EUR 55.34
BNP Paribas Emissions- und 6.00 9/21/2017 EUR 52.87
BNP Paribas Emissions- und 9.00 9/21/2017 EUR 48.90
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 44.42
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 71.87
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 73.83
BNP Paribas Emissions- und 13.00 9/21/2017 EUR 70.34
BNP Paribas Emissions- und 13.00 10/26/2017 EUR 71.39
City of Predeal Romania 1.50 5/15/2026 RON 60.00
Landesbank Baden-Wuerttembe2.90 7/27/2018 EUR 69.47
Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 57.24
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 57.93
HSBC Trinkaus & Burkhardt A7.50 9/22/2017 EUR 64.09
HSBC Trinkaus & Burkhardt A9.30 4/27/2018 EUR 66.21
Credit Suisse AG/London 8.50 3/13/2018 USD 72.79
HSBC Trinkaus & Burkhardt A8.40 9/22/2017 EUR 46.52
HSBC Trinkaus & Burkhardt A4.80 9/22/2017 EUR 52.56
HSBC Trinkaus & Burkhardt A3.00 9/22/2017 EUR 57.83
Credit Suisse AG/London 8.00 9/28/2021 USD 9.94
UBS AG/London 6.00 10/5/2017 CHF 53.05
Araratbank OJSC 7.00 6/18/2019 USD 25.98
UBS AG/London 6.90 6/22/2018 EUR 63.84
UBS AG/London 8.20 6/22/2018 EUR 62.27
UBS AG/London 9.90 9/22/2017 EUR 56.72
Commerzbank AG 4.00 7/19/2017 EUR 52.95
Bank Julius Baer & Co Ltd/G7.85 7/28/2017 USD 49.00
UBS AG/London 14.50 7/20/2017 USD 49.70
Leonteq Securities AG 20.00 10/25/2017 CHF 60.57
Commerzbank AG 7.25 10/26/2017 EUR 57.17
Commerzbank AG 10.50 10/26/2017 EUR 52.22
Commerzbank AG 14.25 10/26/2017 EUR 48.59
UBS AG/London 11.60 12/29/2017 EUR 47.41
UBS AG/London 5.30 12/29/2017 EUR 54.37
UBS AG/London 7.00 9/22/2017 EUR 53.29
UBS AG/London 13.00 9/27/2017 EUR 44.69
Royal Bank of Scotland PLC/1.33 10/26/2018 GBP 1.06
UniCredit Bank AG 4.60 7/2/2018 EUR 59.21
Commerzbank AG 5.80 10/8/2017 EUR 72.63
DZ Bank AG Deutsche Zentral5.60 9/8/2017 EUR 73.34
Raiffeisen Schweiz Genossen4.50 3/27/2018 EUR 57.66
DekaBank Deutsche Girozentr2.70 3/16/2018 EUR 70.82
Leonteq Securities AG 7.00 9/20/2017 CHF 73.00
Leonteq Securities AG 3.50 4/10/2018 EUR 57.37
Leonteq Securities AG 7.00 10/19/2017 CHF 72.75
Norddeutsche Landesbank Gir3.00 10/30/2018 EUR 62.20
Landesbank Baden-Wuerttembe3.25 8/25/2017 EUR 65.67
Bayerische Landesbank 3.20 7/27/2018 EUR 69.68
Landesbank Baden-Wuerttembe3.00 6/28/2019 EUR 72.38
Commerzbank AG 4.40 4/29/2019 EUR 72.72
DekaBank Deutsche Girozentr3.25 4/20/2018 EUR 58.27
Landesbank Hessen-Thueringe4.00 6/5/2019 EUR 70.86
Raiffeisen Schweiz Genossen4.00 5/8/2018 CHF 61.37
DekaBank Deutsche Girozentr2.75 10/29/2018 EUR 59.36
DekaBank Deutsche Girozentr3.00 4/30/2019 EUR 69.77
UniCredit Bank AG 5.00 7/30/2018 EUR 71.25
Landesbank Baden-Wuerttembe3.55 8/25/2017 EUR 73.40
Landesbank Baden-Wuerttembe4.00 6/22/2018 EUR 67.44
Landesbank Baden-Wuerttembe3.60 6/22/2018 EUR 64.01
UBS AG 7.40 5/17/2021 CHF 46.79
Raiffeisen Schweiz Genossen4.20 5/22/2019 CHF 74.42
Landesbank Baden-Wuerttembe3.00 7/26/2019 EUR 73.46
DekaBank Deutsche Girozentr2.80 5/13/2019 EUR 64.40
Bayerische Landesbank 2.90 6/22/2018 EUR 72.45
Bank Julius Baer & Co Ltd/G23.00 8/4/2017 USD 69.50
Commerzbank AG 7.00 7/27/2017 EUR 50.53
Commerzbank AG 10.25 7/27/2017 EUR 45.25
Commerzbank AG 14.25 7/27/2017 EUR 41.14
Vontobel Financial Products4.65 7/24/2017 EUR 66.90
Raiffeisen Schweiz Genossen6.70 7/24/2017 EUR 69.17
DZ Bank AG Deutsche Zentral8.70 12/22/2017 EUR 59.58
Credit Suisse AG/London 11.70 4/20/2018 USD 10.21
Gold-Zack AG 7.00 12/14/2005 EUR 12.58
UBS AG/London 7.00 7/17/2017 CHF 53.80
HSBC Trinkaus & Burkhardt A4.30 9/22/2017 EUR 71.89
HSBC Trinkaus & Burkhardt A13.40 12/22/2017 EUR 59.15
HSBC Trinkaus & Burkhardt A7.80 12/22/2017 EUR 65.94
HSBC Trinkaus & Burkhardt A10.40 8/25/2017 EUR 60.49
HSBC Trinkaus & Burkhardt A9.70 11/24/2017 EUR 62.63
HSBC Trinkaus & Burkhardt A3.90 9/22/2017 EUR 67.24
HSBC Trinkaus & Burkhardt A10.70 8/25/2017 EUR 55.90
HSBC Trinkaus & Burkhardt A8.84 12/22/2017 EUR 68.38
HSBC Trinkaus & Burkhardt A13.80 12/22/2017 EUR 55.59
HSBC Trinkaus & Burkhardt A11.90 12/22/2017 EUR 57.10
HSBC Trinkaus & Burkhardt A10.20 11/24/2017 EUR 58.22
HSBC Trinkaus & Burkhardt A4.60 12/22/2017 EUR 68.35
Podkarpacki Bank Spoldzielc5.81 3/31/2025 PLN 68.10
DekaBank Deutsche Girozentr0.12 6/23/2034 EUR 71.88
Promnefteservis OOO 10.50 11/21/2019 RUB 1.15
Transgazservice LLP 10.50 11/8/2019 RUB 0.07
Podkarpacki Bank Spoldzielc5.81 10/24/2024 PLN 66.00
Landesbank Baden-Wuerttembe3.40 9/28/2018 EUR 73.23
UBS AG/London 9.25 6/26/2017 CHF 67.20
UBS AG/London 7.00 6/26/2017 EUR 63.00
Landesbank Baden-Wuerttembe3.70 7/27/2018 EUR 71.76
UBS AG/London 9.40 6/30/2017 EUR 48.15
EFG International Finance G7.20 6/26/2017 GBP 1.79
Zurcher Kantonalbank Financ8.50 7/17/2017 CHF 58.49
Zurcher Kantonalbank Financ9.00 7/17/2017 EUR 71.00
UBS AG/London 7.50 7/3/2017 EUR 60.75
Banque Cantonale Vaudoise 7.25 7/3/2017 CHF 55.65
Landesbank Baden-Wuerttembe2.60 8/23/2019 EUR 69.21
Landesbank Baden-Wuerttembe4.50 8/25/2017 EUR 73.65
Landesbank Baden-Wuerttembe5.00 8/25/2017 EUR 58.13
UBS AG/London 8.00 7/31/2017 CHF 70.70
Landesbank Baden-Wuerttembe3.00 8/25/2017 EUR 65.89
Landesbank Baden-Wuerttembe4.00 8/25/2017 EUR 61.53
Landesbank Baden-Wuerttembe4.00 8/25/2017 EUR 75.89
EFG International Finance G7.20 7/29/2020 EUR 27.67
Credit Suisse AG/Nassau 5.50 8/3/2017 EUR 71.65
BNP Paribas Emissions- und 3.25 11/24/2017 EUR 73.07
Landesbank Baden-Wuerttembe3.50 7/27/2018 EUR 67.97
Landesbank Baden-Wuerttembe3.40 7/27/2018 EUR 67.73
UniCredit Bank AG 3.80 7/23/2020 EUR 68.26
UniCredit Bank AG 4.40 7/13/2018 EUR 66.75
Bayerische Landesbank 2.40 7/20/2018 EUR 74.29
Raiffeisen Schweiz Genossen6.50 6/26/2017 EUR 65.59
Norddeutsche Landesbank Gir3.00 7/16/2018 EUR 71.94
Landesbank Hessen-Thueringe4.00 4/30/2019 EUR 69.38
DekaBank Deutsche Girozentr3.25 5/18/2018 EUR 74.06
Raiffeisen Schweiz Genossen4.20 4/10/2018 EUR 59.44
Bayerische Landesbank 2.70 7/6/2018 EUR 67.70
EFG International Finance G6.40 4/9/2020 EUR 73.22
Zurcher Kantonalbank Financ6.50 4/10/2018 CHF 60.85
Landesbank Baden-Wuerttembe3.00 10/27/2017 EUR 71.34
Landesbank Baden-Wuerttembe5.00 10/27/2017 EUR 65.17
Landesbank Baden-Wuerttembe5.00 10/27/2017 EUR 62.43
Landesbank Baden-Wuerttembe4.00 10/27/2017 EUR 66.85
Landesbank Baden-Wuerttembe3.60 9/22/2017 EUR 70.37
Landesbank Baden-Wuerttembe3.25 7/28/2017 EUR 73.56
Landesbank Baden-Wuerttembe3.00 7/28/2017 EUR 74.46
Landesbank Baden-Wuerttembe3.25 7/28/2017 EUR 69.62
Landesbank Baden-Wuerttembe3.70 8/25/2017 EUR 72.25
Landesbank Baden-Wuerttembe3.70 9/22/2017 EUR 65.42
Landesbank Baden-Wuerttembe3.20 9/22/2017 EUR 62.61
Landesbank Baden-Wuerttembe3.00 6/28/2019 EUR 66.79
Landesbank Baden-Wuerttembe2.50 6/28/2019 EUR 68.67
Landesbank Baden-Wuerttembe3.00 6/28/2019 EUR 71.48
Landesbank Baden-Wuerttembe3.50 6/22/2018 EUR 63.31
UBS AG/London 8.25 8/7/2017 EUR 70.75
Lehman Brothers Treasury Co3.50 10/31/2011 USD 2.85
Lehman Brothers Treasury Co5.00 2/28/2032 EUR 2.85
Lehman Brothers Treasury Co3.50 10/24/2011 USD 2.85
Lehman Brothers Treasury Co6.00 2/14/2012 EUR 2.85
Lehman Brothers Treasury Co15.00 3/30/2011 EUR 2.85
Lehman Brothers Treasury Co10.00 2/16/2009 CHF 2.85
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Lehman Brothers Treasury Co6.25 11/30/2012 EUR 2.85
Lehman Brothers Treasury Co1.00 2/26/2010 USD 2.85
Lehman Brothers Treasury Co2.37 7/15/2013 USD 2.85
Lehman Brothers Treasury Co2.30 6/27/2013 USD 2.85
Lehman Brothers Treasury Co5.38 2/4/2014 USD 2.85
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
Lehman Brothers Treasury Co13.00 2/16/2009 CHF 2.85
Lehman Brothers Treasury Co11.00 2/16/2009 CHF 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co8.80 12/27/2009 EUR 2.85
Lehman Brothers Treasury Co11.00 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co4.00 1/4/2011 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co9.30 12/21/2010 EUR 2.85
Lehman Brothers Treasury Co0.50 12/20/2017 AUD 2.85
Lehman Brothers Treasury Co14.90 11/16/2010 EUR 2.85
Lehman Brothers Treasury Co6.00 10/30/2012 USD 2.85
Lehman Brothers Treasury Co5.50 11/30/2012 CZK 2.85
Lehman Brothers Treasury Co6.00 10/30/2012 EUR 2.85
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treasury Co2.00 6/21/2011 EUR 2.85
Lehman Brothers Treasury Co5.00 3/13/2009 EUR 2.85
Lehman Brothers Treasury Co3.00 12/3/2012 EUR 2.85
KPNQwest NV 8.88 2/1/2008 EUR 0.61
Lehman Brothers Treasury Co3.00 8/13/2011 EUR 2.85
Lehman Brothers Treasury Co8.05 12/20/2010 HKD 2.85
Lehman Brothers Treasury Co8.00 10/23/2008 USD 2.85
Lehman Brothers Treasury Co12.22 11/21/2017 USD 2.85
Lehman Brothers Treasury Co4.80 11/16/2012 HKD 2.85
Lehman Brothers Treasury Co16.00 10/8/2008 CHF 2.85
Lehman Brothers Treasury Co6.72 12/29/2008 EUR 2.85
Lehman Brothers Treasury Co6.60 2/9/2009 EUR 2.85
Lehman Brothers Treasury Co18.25 10/2/2008 USD 2.85
Lehman Brothers Treasury Co5.12 4/30/2027 EUR 2.85
Lehman Brothers Treasury Co7.75 2/21/2016 EUR 2.85
Lehman Brothers Treasury Co8.00 12/27/2032 JPY 2.85
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 60.10
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 99.80
TransFin-M PAO 12.50 8/11/2025 RUB 100.00
UniCredit Bank AG 4.50 9/19/2017 EUR 54.25
Landesbank Hessen-Thueringe5.00 10/17/2017 EUR 64.04
Landesbank Hessen-Thueringe4.50 11/28/2017 EUR 66.60
UniCredit Bank AG 4.00 6/26/2018 EUR 63.54
Reso-Leasing OOO 13.25 10/30/2025 RUB 61.00
Societe Generale SA 0.50 5/22/2024 MXN 57.75
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 70.06
Leonteq Securities AG 5.00 9/4/2018 CHF 58.65
Leonteq Securities AG 5.60 9/4/2017 CHF 67.00
Leonteq Securities AG 5.60 9/11/2017 CHF 56.40
DekaBank Deutsche Girozentr2.80 7/22/2019 EUR 73.89
Leonteq Securities AG 6.77 8/17/2017 CHF 56.43
Ekspatel OOO 18.00 8/22/2018 RUB 66.01
Leonteq Securities AG 5.40 8/28/2017 CHF 55.89
Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 59.30
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 62.04
Commerzbank AG 8.50 2/22/2018 EUR 70.76
Commerzbank AG 12.00 2/22/2018 EUR 66.01
Commerzbank AG 15.75 2/22/2018 EUR 62.71
Raiffeisen Switzerland BV 22.20 9/1/2017 USD 63.31
DZ Bank AG Deutsche Zentral8.30 9/22/2017 EUR 46.05
HSBC Trinkaus & Burkhardt A1.75 8/25/2017 EUR 57.31
Deutsche Bank AG 6.20 9/19/2017 EUR 73.80
Leonteq Securities AG/Guern16.20 11/30/2017 USD 24.87
HSBC Trinkaus & Burkhardt A8.95 12/22/2017 EUR 61.03
HSBC Trinkaus & Burkhardt A11.90 8/25/2017 EUR 66.24
HSBC Trinkaus & Burkhardt A9.50 9/22/2017 EUR 70.78
HSBC Trinkaus & Burkhardt A13.70 12/22/2017 EUR 65.29
HSBC Trinkaus & Burkhardt A12.70 12/22/2017 EUR 66.52
DZ Bank AG Deutsche Zentral9.75 12/22/2017 EUR 66.22
HSBC Trinkaus & Burkhardt A14.10 9/22/2017 EUR 63.84
HSBC Trinkaus & Burkhardt A11.00 11/24/2017 EUR 68.64
Barclays Bank PLC 1.85 7/24/2028 USD 71.50
TransFin-M PAO 13.00 9/3/2025 RUB 63.87
National Capital JSC 10.50 9/15/2020 RUB 60.06
Commerzbank AG 20.00 5/28/2018 SEK 46.20
Landesbank Baden-Wuerttembe3.85 8/25/2017 EUR 64.61
Societe Generale Effekten G4.00 6/26/2017 EUR 51.01
Landesbank Baden-Wuerttembe3.25 12/22/2017 EUR 69.34
Landesbank Baden-Wuerttembe3.25 1/26/2018 EUR 64.36
Landesbank Hessen-Thueringe4.00 1/16/2018 EUR 59.26
Landesbank Baden-Wuerttembe3.00 2/23/2018 EUR 64.47
Credit Suisse AG/London 2.75 1/29/2019 SEK 73.17
Landesbank Baden-Wuerttembe3.15 6/22/2018 EUR 66.21
UniCredit Bank AG 4.40 9/19/2018 EUR 71.77
UBS AG 9.50 12/22/2017 EUR 67.42
UBS AG 5.25 12/22/2017 EUR 61.04
UBS AG 8.25 12/22/2017 EUR 70.47
UBS AG 11.75 12/22/2017 EUR 52.43
UBS AG 7.75 12/22/2017 EUR 64.75
UBS AG 10.25 12/22/2017 EUR 53.87
UBS AG 10.25 12/22/2017 EUR 41.74
UBS AG 5.00 12/22/2017 EUR 65.08
UBS AG 8.50 12/22/2017 EUR 46.05
UBS AG 11.75 12/22/2017 EUR 37.86
UBS AG 8.75 12/22/2017 EUR 70.88
UBS AG 4.00 12/22/2017 EUR 71.96
UBS AG 10.25 12/22/2017 EUR 64.36
UBS AG 11.75 12/22/2017 EUR 59.25
UBS AG 7.50 12/22/2017 EUR 49.94
UBS AG 13.00 12/22/2017 EUR 67.32
UBS AG 6.75 12/22/2017 EUR 53.50
UBS AG 9.50 12/22/2017 EUR 62.87
UBS AG 7.75 12/22/2017 EUR 67.75
UBS AG 8.25 12/22/2017 EUR 48.01
UBS AG 10.50 12/22/2017 EUR 56.95
UBS AG 6.25 12/22/2017 EUR 53.11
UBS AG 11.25 12/22/2017 EUR 70.80
UBS AG 8.25 12/22/2017 EUR 58.80
UBS AG 4.50 12/22/2017 EUR 65.78
UBS AG 10.50 12/22/2017 EUR 58.54
UBS AG 9.50 12/22/2017 EUR 57.77
UBS AG 6.50 12/22/2017 EUR 53.24
EFG International Finance G10.15 8/2/2017 CHF 69.46
Leonteq Securities AG 10.20 10/24/2018 EUR 68.03
HSBC Trinkaus & Burkhardt A2.50 9/22/2017 EUR 56.17
Vontobel Financial Products4.80 5/14/2018 EUR 73.05
Landesbank Hessen-Thueringe4.00 5/16/2018 EUR 66.51
HSBC Trinkaus & Burkhardt A10.90 10/27/2017 EUR 62.33
HSBC Trinkaus & Burkhardt A10.10 1/26/2018 EUR 64.46
Vontobel Financial Products16.00 12/22/2017 EUR 57.92
Vontobel Financial Products5.00 3/23/2018 EUR 71.70
Vontobel Financial Products6.00 3/23/2018 EUR 68.43
Vontobel Financial Products7.50 3/23/2018 EUR 65.97
Vontobel Financial Products9.00 3/23/2018 EUR 63.83
Vontobel Financial Products10.50 3/23/2018 EUR 62.00
Vontobel Financial Products12.50 3/23/2018 EUR 60.81
Vontobel Financial Products14.50 3/23/2018 EUR 59.86
DZ Bank AG Deutsche Zentral5.00 2/6/2018 EUR 69.61
UniCredit Bank AG 3.75 9/7/2020 EUR 70.15
UBS AG/London 9.30 9/29/2017 EUR 63.06
UBS AG/London 5.30 6/30/2017 EUR 73.04
UBS AG/London 5.20 9/29/2017 EUR 69.99
UBS AG/London 7.70 6/30/2017 EUR 68.55
UBS AG/London 14.00 6/30/2017 EUR 61.11
UBS AG/London 10.60 12/29/2017 EUR 62.72
UBS AG/London 10.60 6/30/2017 EUR 64.60
UBS AG/London 7.00 12/29/2017 EUR 67.82
UBS AG/London 8.80 12/29/2017 EUR 65.09
UBS AG/London 11.70 9/29/2017 EUR 60.48
UBS AG/London 12.60 12/29/2017 EUR 60.77
UBS AG/London 5.40 12/29/2017 EUR 71.29
UBS AG/London 17.90 6/30/2017 EUR 58.01
UBS AG/London 14.30 9/29/2017 EUR 58.10
Commerzbank AG 12.75 11/23/2017 EUR 66.25
Commerzbank AG 16.75 11/23/2017 EUR 61.81
HSBC Trinkaus & Burkhardt A2.80 9/22/2017 EUR 59.41
First Collection Bureau OJS15.00 10/15/2021 RUB 100.00
UniCredit Bank AG 5.00 6/25/2019 EUR 60.96
Landesbank Hessen-Thueringe5.00 3/27/2019 EUR 68.62
Bayerische Landesbank 2.60 3/29/2018 EUR 70.60
UniCredit Bank AG 3.75 10/2/2020 EUR 67.18
Landesbank Hessen-Thueringe4.00 4/8/2019 EUR 62.49
UBS AG/London 7.00 12/22/2017 EUR 63.24
UBS AG/London 12.50 12/22/2017 EUR 74.33
UBS AG/London 9.50 12/22/2017 EUR 73.51
UBS AG/London 7.75 12/22/2017 EUR 60.28
Leonteq Securities AG/Guern4.40 8/28/2017 CHF 62.61
Raiffeisen Schweiz Genossen5.04 8/28/2017 CHF 64.64
Leonteq Securities AG/Guern4.68 8/29/2017 CHF 66.63
UBS AG/London 9.00 12/22/2017 EUR 56.80
UBS AG/London 5.75 12/22/2017 EUR 69.58
UBS AG/London 6.25 12/22/2017 EUR 67.41
UBS AG/London 14.50 12/22/2017 EUR 70.81
Raiffeisen Schweiz Genossen5.00 8/29/2018 CHF 74.60
Raiffeisen Schweiz Genossen5.00 6/13/2018 CHF 72.61
UBS AG 9.00 7/3/2017 CHF 67.65
Bank Julius Baer & Co Ltd/G5.20 9/25/2017 EUR 69.65
DekaBank Deutsche Girozentr7.15 10/27/2017 EUR 71.50
EFG International Finance G7.00 11/27/2019 EUR 17.64
Goldman Sachs International1.00 12/5/2017 SEK 22.22
UniCredit Bank AG 4.30 10/17/2018 EUR 70.83
Landesbank Baden-Wuerttembe3.30 6/22/2018 EUR 67.81
UniCredit Bank AG 4.30 12/22/2017 EUR 67.77
DekaBank Deutsche Girozentr3.30 2/26/2018 EUR 52.96
Landesbank Baden-Wuerttembe3.00 5/25/2018 EUR 71.50
UBS AG 5.00 12/22/2017 EUR 64.90
Landesbank Baden-Wuerttembe3.05 6/22/2018 EUR 73.04
Raiffeisen Schweiz Genossen4.50 5/23/2018 CHF 73.21
Raiffeisen Schweiz Genossen3.00 9/22/2020 CHF 63.47
DZ Bank AG Deutsche Zentral3.45 8/25/2017 EUR 70.28
DekaBank Deutsche Girozentr2.75 6/24/2019 EUR 70.36
Vontobel Financial Products8.00 9/29/2017 EUR 68.98
Landesbank Baden-Wuerttembe6.00 9/22/2017 EUR 71.81
Landesbank Baden-Wuerttembe3.00 9/22/2017 EUR 71.08
Leonteq Securities AG 6.00 10/12/2017 CHF 62.79
Goldman Sachs & Co Wertpapi9.00 9/20/2017 EUR 66.27
BNP Paribas Emissions- und 3.00 10/12/2018 EUR 71.42
Goldman Sachs & Co Wertpapi12.00 9/20/2017 EUR 60.44
Goldman Sachs & Co Wertpapi12.00 9/20/2017 EUR 58.51
UBS AG/London 9.50 9/4/2017 CHF 26.45
Deutsche Bank AG 3.20 11/22/2017 EUR 70.80
Deutsche Bank AG 4.20 11/22/2017 EUR 74.20
Deutsche Bank AG 3.20 11/22/2017 EUR 72.60
DekaBank Deutsche Girozentr3.10 8/4/2017 EUR 52.33
HSBC Trinkaus & Burkhardt A3.00 6/22/2018 EUR 66.44
HSBC Trinkaus & Burkhardt A7.90 9/22/2017 EUR 50.85
HSBC Trinkaus & Burkhardt A5.40 9/22/2017 EUR 55.40
HSBC Trinkaus & Burkhardt A2.90 9/22/2017 EUR 62.99
DZ Bank AG Deutsche Zentral9.25 7/28/2017 EUR 63.26
UBS AG/London 9.50 9/22/2017 EUR 48.13
UBS AG/London 12.50 9/22/2017 EUR 44.33
DZ Bank AG Deutsche Zentral8.70 12/22/2017 EUR 49.36
DZ Bank AG Deutsche Zentral10.10 12/22/2017 EUR 46.96
HSBC Trinkaus & Burkhardt A12.70 9/22/2017 EUR 45.89
HSBC Trinkaus & Burkhardt A10.30 9/22/2017 EUR 49.20
HSBC Trinkaus & Burkhardt A7.50 9/22/2017 EUR 54.52
Credit Suisse AG/London 8.50 9/18/2017 USD 64.41
Deutsche Bank AG 6.20 9/19/2017 EUR 74.80
UBS AG/London 6.30 12/29/2017 EUR 52.35
Raiffeisen Schweiz Genossen15.00 12/27/2017 CHF 59.81
Leonteq Securities AG 10.00 4/20/2018 CHF 67.95
Leonteq Securities AG 17.60 12/19/2017 USD 66.25
Vontobel Financial Products18.40 9/11/2017 EUR 62.15
Nuova Banca delle Marche Sp7.20 6/30/2018 EUR 1.24
Nuova Banca delle Marche Sp8.00 6/30/2018 EUR 1.24
Societe Generale SA 0.50 4/30/2023 RUB 64.41
Lillestroem Sparebank 4.44 NOK 56.32
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Univer Capital LLC 12.00 3/6/2019 RUB 97.07
Indre Sogn Sparebank 5.84 NOK 55.77
Societe Generale SA 0.50 4/4/2024 MXN 58.43
Lehman Brothers Treasury Co8.28 3/26/2009 USD 2.85
Lehman Brothers Treasury Co7.55 12/29/2008 USD 2.85
Lehman Brothers Treasury Co6.85 12/22/2008 EUR 2.85
Lehman Brothers Treasury Co7.60 3/26/2009 EUR 2.85
Banca delle Marche SpA 6.00 6/12/2018 EUR 2.00
Lehman Brothers Treasury Co5.25 11/21/2009 USD 2.85
Lehman Brothers Treasury Co4.10 8/23/2010 USD 2.85
Lehman Brothers Treasury Co1.50 2/8/2012 CHF 2.85
Lehman Brothers Treasury Co0.01 9/20/2011 USD 2.85
Lehman Brothers Treasury Co4.69 2/19/2017 EUR 2.85
Lehman Brothers Treasury Co6.00 5/12/2017 EUR 2.85
Lehman Brothers Treasury Co7.00 2/15/2012 EUR 2.85
KPNQwest NV 7.13 6/1/2009 EUR 0.53
Lehman Brothers Treasury Co7.39 5/4/2017 USD 2.85
KPNQwest NV 7.13 6/1/2009 EUR 0.53
Lehman Brothers Treasury Co3.35 10/13/2016 EUR 2.85
Lehman Brothers Treasury Co0.80 12/30/2016 EUR 2.85
Lehman Brothers Treasury Co6.75 4/5/2012 EUR 2.85
Lehman Brothers Treasury Co4.25 5/15/2010 EUR 2.85
Lehman Brothers Treasury Co5.00 4/24/2017 EUR 2.85
Lehman Brothers Treasury Co13.00 7/25/2012 EUR 2.85
Lehman Brothers Treasury Co10.00 8/2/2037 JPY 2.85
Lehman Brothers Treasury Co2.25 5/12/2009 USD 2.85
Lehman Brothers Treasury Co4.00 5/30/2010 USD 2.85
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury Co6.00 5/23/2018 CZK 2.85
Lehman Brothers Treasury Co12.00 7/13/2037 JPY 2.85
Lehman Brothers Treasury Co10.00 6/11/2038 JPY 2.85
Lehman Brothers Treasury Co9.00 5/15/2022 USD 2.85
Lehman Brothers Treasury Co5.20 3/19/2018 EUR 2.85
Lehman Brothers Treasury Co7.50 5/2/2017 EUR 2.85
Lehman Brothers Treasury Co6.60 2/22/2012 EUR 2.85
Lehman Brothers Treasury Co4.10 2/19/2010 EUR 2.85
Lehman Brothers Treasury Co2.48 5/12/2009 USD 2.85
Lehman Brothers Treasury Co4.00 5/17/2010 USD 2.85
Lehman Brothers Treasury Co6.00 12/30/2017 EUR 2.85
Lehman Brothers Treasury Co7.63 7/22/2011 HKD 2.85
Lehman Brothers Treasury Co1.50 10/12/2010 EUR 2.85
ECM Real Estate Investments5.00 10/9/2011 EUR 10.38
Lehman Brothers Treasury Co2.50 12/15/2011 GBP 2.85
Lehman Brothers Treasury Co7.25 6/20/2010 USD 2.85
Lehman Brothers Treasury Co4.00 11/24/2016 EUR 2.85
Province of Brescia Italy 0.14 6/30/2036 EUR 64.07
Lehman Brothers Treasury Co4.82 12/18/2036 EUR 2.85
Lehman Brothers Treasury Co4.50 3/7/2015 EUR 2.85
Lehman Brothers Treasury Co0.75 3/29/2012 EUR 2.85
Municipality Finance PLC 0.50 11/25/2020 ZAR 74.97
Lehman Brothers Treasury Co6.00 7/28/2010 EUR 2.85
Lehman Brothers Treasury Co12.00 7/4/2011 EUR 2.85
Lehman Brothers Treasury Co3.50 12/20/2027 USD 2.85
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury Co0.25 7/21/2014 EUR 2.85
Lehman Brothers Treasury Co5.50 6/15/2009 CHF 2.85
Lehman Brothers Treasury Co7.25 10/6/2008 EUR 2.85
Lehman Brothers Treasury Co10.50 8/9/2010 EUR 2.85
Lehman Brothers Treasury Co5.75 6/15/2009 CHF 2.85
Lehman Brothers Treasury Co4.50 7/24/2014 EUR 2.85
Lehman Brothers Treasury Co10.00 3/27/2009 USD 2.85
Lehman Brothers Treasury Co7.00 4/14/2009 EUR 2.85
Lehman Brothers Treasury Co7.75 1/30/2009 EUR 2.85
Lehman Brothers Treasury Co8.00 8/3/2009 USD 2.85
Lehman Brothers Treasury Co9.00 6/13/2009 USD 2.85
Lehman Brothers Treasury Co2.50 8/23/2012 GBP 2.85
Lehman Brothers Treasury Co7.50 9/13/2009 CHF 2.85
Lehman Brothers Treasury Co8.50 7/6/2009 CHF 2.85
Lehman Brothers Treasury Co5.25 4/1/2023 EUR 2.85
Lehman Brothers Treasury Co4.00 4/24/2009 USD 2.85
Lehman Brothers Treasury Co4.50 8/2/2009 USD 2.85
Lehman Brothers Treasury Co7.00 11/28/2008 CHF 2.85
Lehman Brothers Treasury Co8.00 5/22/2009 USD 2.85
Lehman Brothers Treasury Co3.00 9/13/2010 JPY 8.75
Lehman Brothers Treasury Co9.00 3/17/2009 GBP 2.85
Lehman Brothers Treasury Co3.85 4/24/2009 USD 2.85
Lehman Brothers Treasury Co7.38 9/20/2008 EUR 2.85
Lehman Brothers Treasury Co2.00 11/16/2009 EUR 2.85
Lehman Brothers Treasury Co3.70 6/6/2009 EUR 2.85
Lehman Brothers Treasury Co13.00 12/14/2012 USD 2.85
Petromena ASA 9.75 5/24/2016 NOK 0.53
Lehman Brothers Treasury Co4.68 12/12/2045 EUR 2.85
Lehman Brothers Treasury Co6.70 4/21/2011 USD 2.85
Lehman Brothers Treasury Co3.00 9/12/2036 JPY 8.75
Lehman Brothers Treasury Co6.00 6/21/2011 EUR 2.85
Lehman Brothers Treasury Co4.00 10/12/2010 USD 2.85
Lehman Brothers Treasury Co8.88 1/28/2011 HKD 9.63
Lehman Brothers Treasury Co7.00 7/11/2010 EUR 2.85
Lehman Brothers Treasury Co6.00 7/28/2010 EUR 2.85
HSBC Bank PLC 0.50 12/8/2020 BRL 72.96
Lehman Brothers Treasury Co11.00 7/4/2011 USD 2.85
Lehman Brothers Treasury Co7.50 8/1/2035 EUR 2.85
Lehman Brothers Treasury Co16.00 12/26/2008 USD 2.85
Lehman Brothers Treasury Co8.60 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co4.15 8/25/2020 EUR 2.85
Lehman Brothers Treasury Co5.50 7/8/2013 EUR 2.85
Lehman Brothers Treasury Co7.50 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co7.32 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co8.28 7/31/2013 GBP 2.85
Lehman Brothers Treasury Co5.00 8/1/2025 EUR 2.85
Lehman Brothers Treasury Co4.90 7/28/2020 EUR 2.85
Lehman Brothers Treasury Co3.10 6/4/2010 USD 2.85
Lehman Brothers Treasury Co8.00 4/20/2009 EUR 2.85
Lehman Brothers Treasury Co4.70 3/23/2016 EUR 2.85
Lehman Brothers Treasury Co6.00 3/17/2011 EUR 2.85
Lehman Brothers Treasury Co4.70 3/23/2016 EUR 2.85
Lehman Brothers Treasury Co7.60 3/4/2010 NZD 2.85
Lehman Brothers Treasury Co15.00 6/4/2009 CHF 2.85
Lehman Brothers Treasury Co17.00 6/2/2009 USD 2.85
Lehman Brothers Treasury Co5.00 11/22/2012 EUR 2.85
Lehman Brothers Treasury Co4.00 8/11/2010 USD 8.75
Lehman Brothers Treasury Co4.30 6/4/2012 USD 2.85
Lehman Brothers Treasury Co0.50 2/16/2009 EUR 2.85
Oberbank AG 7.40 EUR 67.39
Province of Rovigo Italy 0.06 12/28/2035 EUR 65.08
Lehman Brothers Treasury Co10.00 1/4/2010 USD 2.85
Lehman Brothers Treasury Co6.00 8/7/2013 EUR 2.85
Lehman Brothers Treasury Co6.50 5/16/2015 EUR 2.85
Lehman Brothers Treasury Co2.50 8/15/2012 CHF 2.85
Lehman Brothers Treasury Co3.50 9/29/2017 EUR 2.85
Lehman Brothers Treasury Co3.00 8/8/2017 EUR 2.85
Lehman Brothers Treasury Co5.00 9/1/2011 EUR 2.85
Lehman Brothers Treasury Co5.25 7/8/2014 EUR 2.85
Lehman Brothers Treasury Co2.30 6/6/2013 USD 2.85
Lehman Brothers Treasury Co11.00 5/9/2020 USD 2.85
Lehman Brothers Treasury Co4.00 6/5/2011 USD 2.85
Lehman Brothers Treasury Co6.25 9/5/2011 EUR 2.85
Lehman Brothers Treasury Co3.50 9/19/2017 EUR 2.85
Lehman Brothers Treasury Co16.80 8/21/2009 USD 2.85
Lehman Brothers Treasury Co3.00 8/15/2017 EUR 2.85
Lehman Brothers Treasury Co13.15 10/30/2008 USD 2.85
Lehman Brothers Treasury Co7.80 3/31/2018 USD 2.85
Lehman Brothers Treasury Co5.22 3/1/2024 EUR 2.85
Lehman Brothers Treasury Co9.50 4/1/2018 USD 2.85
Lehman Brothers Treasury Co8.00 10/17/2014 EUR 2.85
Lehman Brothers Treasury Co7.05 4/8/2015 USD 2.85
Lehman Brothers Treasury Co6.00 3/4/2015 USD 2.85
Lehman Brothers Treasury Co7.15 3/21/2013 USD 2.85
Lehman Brothers Treasury Co2.00 5/17/2010 EUR 2.85
Lehman Brothers Treasury Co2.30 4/28/2014 JPY 2.85
Lehman Brothers Treasury Co7.50 2/14/2010 AUD 2.85
Lehman Brothers Treasury Co4.00 2/28/2010 EUR 2.85
Lehman Brothers Treasury Co4.10 5/20/2009 USD 2.85
Lehman Brothers Treasury Co4.60 8/1/2013 EUR 2.85
Lehman Brothers Treasury Co9.75 6/22/2018 USD 2.85
Lehman Brothers Treasury Co8.00 3/21/2018 USD 2.85
Lehman Brothers Treasury Co10.00 10/22/2008 USD 2.85
Lehman Brothers Treasury Co6.45 2/20/2010 AUD 2.85
Lehman Brothers Treasury Co3.82 10/20/2009 USD 2.85
Lehman Brothers Treasury Co10.00 10/23/2008 USD 2.85
Lehman Brothers Treasury Co6.60 5/23/2012 AUD 2.85
Lehman Brothers Treasury Co3.45 5/23/2013 USD 2.85
Lehman Brothers Treasury Co16.00 10/28/2008 USD 2.85
Lehman Brothers Treasury Co5.00 2/15/2018 EUR 2.85
Lehman Brothers Treasury Co2.75 10/28/2009 EUR 2.85
Lehman Brothers Treasury Co9.00 5/6/2011 CHF 2.85
Lehman Brothers Treasury Co5.50 6/22/2010 USD 8.75
Lehman Brothers Treasury Co0.50 12/20/2017 USD 2.85
Lehman Brothers Treasury Co8.00 12/31/2010 USD 2.85
Lehman Brothers Treasury Co1.95 11/4/2013 EUR 2.85
Lehman Brothers Treasury Co3.63 3/2/2012 EUR 2.85
Lehman Brothers Treasury Co3.00 6/3/2010 EUR 2.85
Lehman Brothers Treasury Co12.40 6/12/2009 USD 2.85
Lehman Brothers Treasury Co16.00 11/9/2008 USD 2.85
Lehman Brothers Treasury Co16.20 5/14/2009 USD 2.85
Lehman Brothers Treasury Co23.30 9/16/2008 USD 2.85
Lehman Brothers Treasury Co14.10 11/12/2008 USD 2.85
Lehman Brothers Treasury Co7.50 5/30/2010 AUD 2.85
Lehman Brothers Treasury Co3.00 6/23/2009 EUR 8.75
*********
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 Joseph Cardillo at
856-381-8268.
* * * End of Transmission * * *