/raid1/www/Hosts/bankrupt/TCREUR_Public/170703.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, July 3, 2017, Vol. 18, No. 130
Headlines
A U S T R I A
HETA ASSET: To Make EUR5.8-Bil. Payout to Bondholders This Month
HETA ASSET: July 24 EOI Deadline Set for Skiper, X-Y Turist
F R A N C E
WFS GLOBAL: S&P Affirms 'B-' CCR & Revises Outlook to Stable
I R E L A N D
BLUEMOUNTAIN FUJI: S&P Assigns 'B-' Rating to Class F Notes
DECOBAKE: Faces Liquidation Following Debt Default
WEATHERFORD INTERNATIONAL: Offering $250 Million of Senior Notes
I T A L Y
BANCA POPOLARE: Italy's Finance Minister Defends Wind-Down
N E T H E R L A N D S
NEPTUNO CLO I: S&P Raises Ratings on Two Note Classes to B+
S P A I N
BFA TENEDORA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
U N I T E D K I N G D O M
ANNINGTON HOMES: S&P Puts 'CCC+' CCR on CreditWatch Positive
CASTELL 2017-1: DBRS Puts BB Provisional Rating to Cl. E, F Debts
CO-OP BANK: Hedge Fund Rescue Raises Questions on Ethical Stance
EXPRO HOLDINGS: S&P Affirms 'CCC+' CCR, Outlook Negative
HEBRIDEAN SEA: Faces Liquidation Following Salt Probe
X X X X X X X X
* BOND PRICING: For the Week June 26 to June 30, 2017
*********
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A U S T R I A
=============
HETA ASSET: To Make EUR5.8-Bil. Payout to Bondholders This Month
----------------------------------------------------------------
Francois Murphy, Shadia Nasralla and Kirsti Knolle at Reuters
report that Austria's Heta Asset Resolution on June 30 said it
will make a larger-than-expected first payout to senior
bondholders of EUR5.8 billion (US$6.6 billion) this month.
Heta is the bad bank set up by the government to wind down
collapsed slender Hypo Alpe Adria, Reuters notes.
"Roughly EUR5.8 billion are expected to be paid in the second
half of July . . . to creditors holding qualifying bonds,"
Reuters quotes Heta as saying in a statement, referring to senior
bondholders.
Austria's Financial Market Authority (FMA), which is overseeing
the wind-down, had expected an initial payout of EUR4 billion,
according to Reuters.
The FMA expects Heta's assets to yield EUR8.6 billion by the time
the wind-down is completed in 2023, Reuters relays.
The collapse of Hypo Alpe Adria left the province of Carinthia
liable for EUR11 billion in guarantees it had made on the face
value of Hypo's bonds, Reuters recounts.
Heta Asset Resolution AG is a wind-down company owned by the
Republic of Austria. Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.
HETA ASSET: July 24 EOI Deadline Set for Skiper, X-Y Turist
-----------------------------------------------------------
HETA ASSET RESOLUTION AG ("HETA"), an Austrian stock company
fully owned by the Republic of Austria, holds 75% of shares in
Rezidencija Skiper d.o.o., a limited liability company
established under the laws of Croatia ("Skiper") and HETA's
direct subsidiary HETA BETEILIGUNGEN GMBH ("HBEG") holds 25% of
shares in Skiper. HBEG is the sole shareholder of X-Turist
d.o.o. and Y-Turist d.o.o., both limited liability companies
established under the laws of Croatia (collectively "X-Y
Turist").
Skiper and X-Y Turist ("the Companies") own and operate
hospitality and tourism assets in Savudrija, Croatia comprising,
inter alia, a branded luxury hotel (including conference
facilities), unfurnished luxury villas & apartments and furnished
mid-market to upper-market level apartments as well as an 18-hole
golf course.
HETA and HBEG intend to:
(i) divest all shares in Skiper (including their respective
indirect interest in Skiper's subsidiaries Skiper Hoteli d.o.o.,
Skiper Operacije d.o.o. and Kemco d.o.o. -- limited liability
companies established under the laws of Croatia); and
(ii) transfer their respective loan receivables under certain
loans granted to Skiper and Skiper Hoteli d.o.o. (collectively,
"Transaction 1").
Furthermore, HBEG intends to divest all of its shares in X-Y
Turist ("Transaction 2").
By this request for EOI's, HETA and HBEG are commencing an open,
transparent and nondiscriminatory sales process regarding
Transaction 1 and Transaction 2 (the "Sales Process").
Transaction 1 and Transaction 2 will be treated as separate
transactions and interested parties will be required to submit
separate bids for Transaction 1 and Transaction 2.
Jones Lang LaSalle ("JLL") is acting as HETA's and HBEG's
exclusive financial advisor in this Sales Process. Any party
interested in participating in the Sales Process (each an
"Interested Party") is asked to submit an EOI to JLL. Contact
with JLL shall be made exclusively through e-mail to the address
stated below (uros.grujic@eu.jll.com) and by
July 24, 2017, 12:00 noon (CET) at the latest.
Upon contacting JLL, any Interested Party will receive a Non-
Disclosure Agreement to be signed by the respective Interested
Party.
Once the Non-Disclosure Agreement has been signed by the
Interested Party, any such Interested Party who is admitted to
the Sales Process will receive (i) further documents regarding
the Sales Process (in particular a process letter describing
terms and conditions of the Sales Process in more detail) as well
as (ii) access to a preliminary virtual data room
setting out certain basic information on the Transactions and the
respective target companies. Any costs (legal, tax, real estate
advisory fees, environmental, technical, etc.) associated with
the due diligence conducted by potential Interested Party are to
be borne by such party and will in no case be indemnified by HETA
and HBEG.
Based on the information contained in the preliminary VDR, the
Interested Party /-ies will be invited to submit a non-binding
offer (the "NBO") by 31 July 2017, 12:00 noon (CET) at the
latest.
HETA reserves the right (at its sole discretion) to terminate,
modify or suspend the Sales Process in whole or in part at any
time and without explanation. In doing so, HETA will at all
times comply with the principles of an open, transparent and non-
discriminatory Sales Process. In such case, as in all other
circumstances, no Interested Party will have any claim for any
damages or compensation for loss, costs and other expenditures
incurred by it in connection with the Sales Process. This is
neither a commitment nor an obligation to consider or conclude
any transaction with any Interested Party and each of HETA, HBEG,
Skiper, X-Y Turist and JLL, and each of their related parties
(affiliates, directors, officers, employees, advisers or agents),
expressly state that no representation or warranty with respect
to the information provided and information being provided is
made by this invitation and expressly disclaim any and all
liability on any grounds whatsoever (in particular for
representations and warranties deemed to be made or statements
contained in this invitation to any prospective purchaser).
For further information regarding HETA, please refer to HETA's
website at www.heta-assetresolution.com.
Contact details:
Jones Lang LaSalle
Bulevar Mihajla Pupina 10L, 11070
Belgrade, Serbia
e-mail: uros.grujic@eu.jll.com
Heta Asset Resolution AG is a wind-down company owned by the
Republic of Austria. Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.
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F R A N C E
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WFS GLOBAL: S&P Affirms 'B-' CCR & Revises Outlook to Stable
------------------------------------------------------------
S&P Global Ratings said that it revised to stable from negative
its outlook on French airport cargo handler WFS Global Holding
SAS (WFS). S&P also affirmed its 'B-' long-term corporate credit
rating on the company.
At the same time, S&P affirmed its 'B-' issue rating on the
company's EUR375 million senior secured notes (including the
recent tap issuance of EUR50 million) due 2022. The recovery
rating is unchanged at '3', reflecting S&P's expectation that
recovery in the event of a payment default will be about 65%.
S&P also affirmed its 'CCC' issue rating on the EUR140 million
senior unsecured notes due 2022. The recovery rating is
unchanged at '6', reflecting S&P's expectation of 0% recovery in
the event of a payment default.
On Feb. 21, 2017, S&P indicated that it had used its "Key Credit
Factors For The Transportation Cyclical Industry," published
Feb. 12, 2014, to assess WFS, given its high dependence on the
airline industry. However, S&P should have applied "Key Credit
Factors For The Business And Consumer Services Industry,"
(Business Services KCF) published Nov. 19, 2013. These criteria
are used for companies whose primary function is to provide
general support services for businesses that typically have the
option to insource the services. In correcting this error, S&P
has revised its industry and profitability assessment. However,
the lower industry risk is counterbalanced by higher volatility
of rofitability among business services peers; as a result, the
use of the Business Services KCF has had no impact on the
ratings.
S&P's rating action reflects WFS' improved liquidity position
after it tapped its existing senior secured notes by EUR50
million and enlarged its revolving credit facility (RCF) due in
2020 by EUR10 million to EUR95 million. The net proceeds of its
tap will be used to materially reduce the cash drawings under its
rolling credit facility and for general corporate purposes.
S&P's rating analysis incorporates its view that the tap inflates
the company's already heavily indebted capital structure. In
S&P's view, liquidity remains less than adequate, mainly because
headroom under the RCF is forecast to be tight in December 2017
and especially in December 2018. That said, the company's
adjusted EBITDA performance has improved compared with the
previous year and S&P considers that this has helped reduce the
risk of a covenant breach, if tested. The RCF covenant is tested
if more than 35% of the facility is used for cash drawings or
letter of credits.
The 'B-' rating is constrained by the high debt burden. Although
WFS' continued focus on cost efficiencies is likely to improve
its EBITDA generation and profitability, S&P do not expect WFS'
credit metrics to improve sufficiently that S&P would revise its
view of financial risk up from highly leveraged over the next 12-
18 months.
S&P anticipates that restructuring costs will continue to
constrain WFS' financial position, although these costs will be
significantly lower than in 2016. This leads S&P to forecast
that the company will generate negative free operating cash flow
over the next 12 months.
WFS is a global leading player in the cargo handling market and
appears to be well on track to gain significant cost synergies
from the integration of the North American CAS, which started in
2016. S&P assess WFS' business risk profile as weak, reflecting
S&P's view of the company's focus on the cyclical airline
industry as a sole end-market, as well as its concentration on
cargo handling. Cargo handling provides two-thirds of WFS'
revenue and S&P generally views it as more susceptible to the
general economic fluctuations than ramp and passenger handling
activities, which comprise one-third of WFS' sales. S&P views
favorably WFS' international footprint in the global air cargo
handling market, its ownership of warehouses, and its road feeder
system -- which S&P believes enhances the company's competitive
position and operating efficiency.
In S&P's base-case forecast scenario, it assumes:
-- Revenue growth of about 2.5% in 2017-2019. It reported
revenue growth of around 44% in 2016, primarily stemming
from the acquisition of CAS.
-- Material decrease in restructuring items and realization of
the remaining synergies from the CAS integration.
-- Adjusted EBITDA margins increasing to about 11.5% in 2017
and about 13% in 2018-2019.
-- Capital expenditure (capex) of about EUR25 million per year
in 2017-2019.
-- A vendor loan of EUR40 million in WFS' capital structure,
following private equity owner Platinum Equity's purchase
of the company in October 2015, which accrues (noncash)
interest of 12% per year. S&P includes this in its
adjusted debt figure.
-- EUR50 million senior secured notes tap, maturing in 2022.
Based on these assumptions, S&P arrives at these credit measures:
-- Adjusted debt to EBITDA of about 7.0x at the end of 2017
and about 6.0x at the end of 2018, compared with about 8.0x
at the end of 2016; and
-- Reported EBITDA interest coverage of 1.0x-1.5x in 2017 and
2018, constrained by the high interest burden of about
EUR60 million per year (including noncash interest).
S&P's operating lease adjustment constitutes a material increase
to the company's reported debt of about EUR240 million.
Furthermore, S&P treats the adjusted lease-related expense as a
combination of depreciation and interest expense. Therefore,
S&P's standard operating lease adjustment also increases adjusted
EBITDA, and interest expense.
The stable outlook reflects S&P's expectation that WFS will be
able to maintain sufficient liquidity sources to cover the uses
within the next 12 months, boosted by the recent notes tap, RCF
increase, and improving operating performance. S&P also
anticipates that the company will be able to have full access to
its RCF.
S&P could downgrade WFS if S&P considers it likely that its
liquidity sources-to-uses ratio will fall below 1.0x. S&P would
also lower the rating if the financial covenant appeared likely
to be breached -- absent prospects to remedy the breach.
Furthermore, if S&P deemed WFS' financial commitments, including
very high interest costs, to be unsustainable in the long term,
S&P could consider a downgrade.
Given WFS' existing heavy indebtedness, S&P considers an upgrade
to be unlikely. The expected negative FOCF within the next 12
months and high interest costs also reduce the likelihood of an
upgrade.
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I R E L A N D
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BLUEMOUNTAIN FUJI: S&P Assigns 'B-' Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to BlueMountain
Fuji EUR CLO II DAC's class A, B, C, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.
The ratings assigned to BlueMountain Fuji EUR CLO II's class A,
B, C, D, E, and F notes reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily
of broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination
of cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
remote.
S&P considers that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its
exposure to counterparty risk under S&P's current counterparty
criteria.
Following the application of S&P's structured finance ratings
above the sovereign criteria, it considers the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in S&P's criteria.
The transaction's legal structure is bankruptcy remote, in line
with S&P's legal criteria.
BlueMountain Fuji EUR CLO II can establish subsidiary special-
purpose entities (sub-SPEs) to hold equity securities, received
as part of a workout of an underlying defaulted or distressed
asset, and assets that are not permitted to be acquired under
U.S. investment guidelines (defined as ineligible obligations).
S&P understands that these sub-SPEs are intended to prevent
collateralized debt obligations (CDOs) from incurring entity
level taxation. S&P expects that any sub-SPEs established will
meet its applicable criteria for sub-SPEs. These criteria, among
other things, look for the sub-SPE to be consistent with our
published criteria for rating bankruptcy remote SPEs, the sub-
SPE's expenses to be subject to the administrative expense cap in
the CDO's payment waterfall, and prohibit the sub-SPE from
obtaining title to real property.
Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes that its ratings are
commensurate with the available credit enhancement for each class
of notes.
BlueMountain Fuji EUR CLO II is a European cash flow corporate
loan collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. BlueMountain Fuji
Management, LLC is the collateral manager.
RATINGS LIST
Ratings Assigned
BlueMountain Fuji EUR CLO II DAC
EUR358.70 Million Senior Secured And Deferrable Floating-Rate
Notes (Including EUR35.8 Million Unrated Notes)
Class Rating Amount
(mil. EUR)
A AAA (sf) 207.80
B AA (sf) 44.70
C A (sf) 20.60
D BBB (sf) 17.50
E BB (sf) 22.50
F B- (sf) 9.80
Sub. NR 35.80
NR--Not rated.
Sub.--Subordinated.
DECOBAKE: Faces Liquidation Following Debt Default
--------------------------------------------------
Tim Healy at Independent.ie reports that Decobake, which is
facing a winding up order over non-payment of EUR102,000 in
commercial rates, has offered to make payments over the debt.
According to Independent.ie, the court was told that as a
provisional liquidator had been appointed on June 29 to Decobake
of Bachelor's Walk, Dublin, the offer was not acceptable.
Dublin City Council brought the application to appoint a
liquidator saying the company is insolvent and unable to pay its
debts, Independent.ie relates. The council, as cited by
Independent.ie, said it was done to ensure Decobake's assets are
not put out of reach of its creditors.
Mr. Justice Paul Gilligan, who appointed Declan de Lacy as
provisional liquidator on June 29, said on June 30 he was not
prepared to stay or set aside his order as he deemed it had been
properly made to the court, Independent.ie relays. He said if
the company wished to vary the order, it could bring an appeal to
the Court of Appeal, Independent.ie notes.
He said it was also up to the parties themselves to see if they
could come to an arrangement over the debt, according to
Independent.ie.
Decobake makes and sells cake decorations and baking products,
with a registered address at Claddagh Cottage, Hortland Donadea,
Naas, Co Kildare. It also operates from a warehouse in Clane, Co
Kildare.
WEATHERFORD INTERNATIONAL: Offering $250 Million of Senior Notes
----------------------------------------------------------------
Weatherford International plc announced the launch of a private
offering of an additional $250 million aggregate principal amount
of its 9.875% senior notes due 2024 to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended, and to certain non-U.S. persons in accordance with
Regulation S under the Securities Act. The New Notes will be
senior, unsecured obligations of Weatherford International Ltd.,
a Bermuda exempted company and indirect, wholly owned subsidiary
of the Company. The New Notes will be fully and unconditionally
guaranteed, on a senior, unsecured basis, by the Company and by
Weatherford International, LLC, a Delaware limited liability
company and indirect subsidiary of Weatherford Bermuda.
The New Notes will be issued as additional securities under an
indenture pursuant to which Weatherford Bermuda previously issued
$540 million aggregate principal amount of its 9.875% senior
notes due 2024. The New Notes will have identical terms, other
than the issue date, as the Initial Notes, and the New Notes and
the Initial Notes will be treated as a single class of securities
under the indenture governing the Notes.
The purpose of the Offering is to repay amounts outstanding under
the Company's revolving credit facility, give the Company
additional liquidity throughout 2017, and provide assurance it
will comply with the financial covenants set forth in its senior
revolving and term loan credit facilities.
The New Notes will not be registered under the Securities Act or
any state securities laws and may not be offered or sold in the
United States absent registration or an applicable exemption from
such registration requirements.
Errors Found in Quarterly Report
In June 2017, the Company identified an immaterial error, with no
cash flow impact, of approximately $28 million, net, related to
the recognition of revenue with a customer, Petroleos de
Venezuela, S.A. in its previously reported 2016 Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q for the periods
ended Sept. 30, 2016, and March 31, 2017. The Company has
concluded that beginning in the third quarter of 2016, the
duration of time expected to collect revenue earned with PDVSA
significantly exceeds the contractual payment terms and
represents an implied financing arrangement. This has required
the Company to recognize revenue at a discount reflecting the
time value of money and accrete the discount as interest income
over the expected collection period using the effective interest
method.
This immaterial error resulted in the overstatement of both
accounts receivable and revenue of approximately $22 million and
$23 million, respectively, as of and for the year ended Dec. 31,
2016, and $6 million and $8 million, respectively, as of and for
the three-month period ended March 31, 2017.
In connection with this development, the Company will correct
this immaterial error in its Quarterly Report on Form 10-Q for
the three and six month periods ended June 30, 2017. The impact
of the correction will decrease revenue and increase interest
income by approximately $31 million and $3 million, respectively,
for the three and six month periods ended June 30, 2017, and
reduce accounts receivable by approximately $28 million as of
June 30, 2017.
The impact of this error, had it been recorded in the prior
periods, would have no impact on the Company's previously
reported compliance with financial covenants under its senior
revolving and term loan credit facilities. There is also no
impact to cash flow from operating activities or any other cash
flow measures.
About Weatherford
Ireland-based Weatherford International plc (NYSE: WFT) --
http://www.weatherford.com/-- is a multinational oilfield
service company providing innovative solutions, technology and
services to the oil and gas industry. The Company operates in
over 90 countries and has a network of approximately 880
locations, including manufacturing, service, research and
development, and training facilities and employs approximately
29,500 people.
Weatherford International reported a net loss attributable to the
Company of $3.39 billion on $5.74 billion of total revenues for
the year ended Dec. 31, 2016, compared to a net loss attributable
to the Company of $1.98 billion on $9.43 billion of total
revenues for the year ended Dec. 31, 2015. As of March 31, 2017,
Weatherford had $12.16 billion in total assets, $10.47 billion in
total liabilities and $1.69 billion in total shareholders'
equity.
* * *
In November 2016, Fitch Ratings has downgraded the ratings for
Weatherford and its subsidiaries, including the companies'
Long-Term Issuer Default Ratings (IDRs) to 'CCC' from 'B+'.
In November 2016, S&P Global Ratings lowered its corporate credit
rating on Weatherford International to 'B+' from 'BB-'. "The
downgrade reflects our revised free operating cash flow estimates
for Weatherford following weaker-than-anticipated cash inflows in
the third quarter," said S&P Global Ratings credit analyst Carin
Dehne-Kiley.
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I T A L Y
=========
BANCA POPOLARE: Italy's Finance Minister Defends Wind-Down
----------------------------------------------------------
Joseph Nasr at Reuters reports that Finance Minister Pier Carlo
Padoan on June 29 defended Italy's closure of two failed regional
banks using public funds, saying the costs pale in comparison
with the large sums that Germany and Britain pumped into their
banks after the financial crisis.
According to Reuters, writing in German weekly magazine
Wirtschaftswoche, Mr. Padoan said the decision to wind down the
two banks at a possible cost of up to EUR17 billion was a
necessary intervention to save the economy of the Veneto region.
German Finance Minister Wolfgang Schaeuble and Bundesbank
president Jens Weidmann have both bemoaned Italy's decision,
which was approved by the European Commission and involves the
state rather than investors bearing most of the cost, Reuters
relates.
This goes against the spirit of a framework known as the banking
union agreed by European Union member states after the 2008
financial crisis, Reuters notes.
"The banking union was adopted and devised after many countries
put enormous amounts of taxpayers' money into the stabilisation
of their banking sectors," Reuters quotes Mr. Padoan as saying in
a column. "We are talking about hundreds of billions in Germany
and Britain."
Mr. Padoan, as cited by Reuters, said: "I think the rules are
there in order to deal with problems in a fair way that serves
the public interest."
The deal to wind down Banca Popolare di Vicenza and Veneto Banca
allows Italy to solve a banking crisis on its own terms, ensuring
the two Veneto lenders are not wound down under potentially
tougher European rules, Reuters discloses.
Banca Popolare di Vicenza (BPVi) is an Italian bank. The bank
was the 13th largest retail and corporate bank of Italy by total
assets, according to Mediobanca.
* * *
As reported by the Troubled Company Reporter-Europe on June 29,
2017, Fitch Ratings downgraded Banca Popolare di Vicenza's Long-
and Short-Term Issuer Default Ratings (IDRs) to 'D' from 'CCC'
and 'C' respectively and removed them from Rating Watch Evolving
(RWE). Fitch also downgraded Vicenza's Viability Rating (VR) to
'f' from 'cc'. The Rating Watch on Vicenza's senior debt has been
revised to Positive (RWP) from RWE.
The rating action follows the announcement that Vicenza and
Veneto Banca were placed into liquidation after the Italian
government passed a law decree (n.99, 25 June 2017) on June 25,
2017. 23 June 23, the European Central Bank determined that the
banks were 'failing or likely to fail' as a result of lack of
capital and, on the same date, the Single Resolution Board
concluded that a resolution action was not necessary in the
public interest, so that normal Italian insolvency proceedings
would achieve the resolution objectives.
=====================
N E T H E R L A N D S
=====================
NEPTUNO CLO I: S&P Raises Ratings on Two Note Classes to B+
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Neptuno CLO I
B.V.'s class B1, B2, C, D, E1, and E2 notes, and Y combo notes.
At the same time, S&P has withdrawn its ratings on the class A-R
and A-T notes following the full repayment of principal.
The rating actions follow S&P's analysis of the transaction's
performance and the application of its relevant criteria.
Since S&P's previous review in June 2016, the rated notes have
benefitted from an increase in the par coverage resulting from
the class A-T and A-R notes' full amortization and some principal
repayment on the class B1 and B2 notes on the most recent payment
date.
The class Y combo notes have continued to receive distributions
from their components. The rated balance of the class Y combo
notes has reduced to 69% of the initial balance.
S&P subjected the capital structure to its cash flow analysis to
determine the break-even default rate (BDR) for each class of
notes at each rating level.
The BDRs represent S&P's estimate of the level of asset defaults
that the notes can withstand and still fully pay interest and
principal to the noteholders.
S&P has estimated future defaults in the portfolio in each rating
scenario by applying its updated corporate collateralized debt
obligation (CDO) criteria.
S&P's analysis shows that the available credit enhancement, due
to the significant deleveraging of the structure, for all classes
of notes is now commensurate with higher ratings than those
previously assigned. Therefore, S&P has raised its ratings on
the class B1, B2, C, D, E1, and E2 notes, and Y combo notes.
Neptuno CLO I is a cash flow collateralized loan obligation (CLO)
transaction managed by BNP Paribas Asset Management. A portfolio
of loans to mainly speculative-grade corporates backs the
transaction. Neptuno CLO I closed in May 2007 and its
reinvestment period ended in November 2014.
RATINGS LIST
Class Rating
To From
Neptuno CLO I B.V.
EUR512.081 Million Senior Secured Fixed- Floating-Rate Revolving
and Deferrable Notes
Ratings Raised
B1 AAA (sf) AA+ (sf)
B2 AAA (sf) AA+ (sf)
C AAA (sf) AA+ (sf)
D AA+ (sf) A- (sf)
E1 B+ (sf) CCC- (sf)
E2 B+ (sf) CCC- (sf)
Y Combo AAAp (sf) AA+p (sf)
Ratings Withdrawn
A-T NR (sf) AAA (sf)
A-R NR (sf) AAA (sf)
NR--Not rated.
=========
S P A I N
=========
BFA TENEDORA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term
counterparty credit ratings on Spain-based Bankia S.A. The
outlook remains positive.
S&P has also affirmed the 'BB+/B' long- and short-term
counterparty credit ratings on Bankia's parent company BFA
Tenedora de Acciones S.A.U. (BFA). The outlook remains positive.
The affirmation follows Bankia's announcement on June 27 that its
board has approved an integration agreement to merge by
absorption with Banco Mare Nostrum S.A. (BMN). The merger values
BMN at EUR825 million, fully paid-in Bankia's shares. The deal
will also need extraordinary general shareholders' meetings and
regulatory approvals.
S&P considers that this deal, if it goes ahead as planned, will
moderately reinforce the group's prospective business profile,
especially in terms of domestic presence and scale. BMN will add
EUR22 billion of loans (20% of Bankia's current loan book at
December 2016) and EUR29 billion of deposits (28% of Bankia's
current deposits) to the group. Moreover, although the
turnaround of BMN and the IT migration might represent a
challenge, S&P thinks Bankia's management has a successful track
record of integrating acquired banks.
S&P considers that the deal will have a negative impact on the
group's asset quality and capital, albeit manageable.
Specifically, the integration of BMN's will lower BFA's risk-
adjusted capital (RAC) by around 130 basis points.
However, S&P believes that the bank will be able to strengthen
its capital position in the next 12-24 months owing to hybrid
issuance and organic capital generation. This will lead to a
combined RAC ratio of about 8.0%-8.5% by December 2018, compared
to the stand-alone ratio of 8.0% as of December 2016. S&P's
forecast also assumes that BMN's net contribution and the deal's
synergies will be negligible this year and next.
Furthermore, while the BMN acquisition could drag on Bankia's
pace of asset quality improvement, the combined entity would
still report nonperforming assets (NPA) ratio broadly in line
with the peer average at 13.3%, compared to 12.6% for the group's
stand-alone ratio as of December 2016. S&P also takes into
account that the announced balance sheet adjustments of about
EUR1 billion will align BMN's coverage ratios of NPAs with those
of Bankia at around 50%.
Overall, S&P thinks that BMN will add a contained degree of
complexity to the group. BMN's balance sheet structure is
similar to Bankia's: two-thirds of loans are to households and
around one-third to companies. Exposure to the real estate
sector is below sector average.
Lastly, BMN's funding position benefits for a relatively large
base of retail customer deposits, which represents around 80% of
its total funding--supporting a balanced funding profile for the
combined entity. Similarly, BMN has a relatively comfortable
liquidity position, resulting in a pro forma combined ratio of
liquid assets to short-term wholesale funding of 2.2x as of end-
2016, compared to 2.0x for Bankia on a stand-alone basis.
Although the stock of ECB funding (TLTRO) will increase for the
combined entity, it will remain contained at around 8% of total
assets.
The positive outlook indicates the possibility of Spain's
economic and operating environment becoming more supportive,
ultimately strengthening banks' creditworthiness in the next 12-
24 months and therefore leading S&P to revise up its anchor for
banks operating primarily in Spain.
An upgrade would also depend on a successful integration of BMN
and continued improvement in the group's financial profile.
Post-merger, S&P expects the bank's solvency to reach a RAC ratio
in the range of 8.0%-8.5% as of December 2018 through organic
capital generation and issuance of hybrid instruments, while its
stock of problematic assets will reduce by one-fifth in the next
two years to reach about 10% of total exposures.
S&P could revise the outlook to stable if it do not see prospects
of the economic or operating risk environment in Spain easing
further for banks, or if other risks offset the potential
benefits of a more supportive environment. This could happen if
BMN's integration and turnaround proves to be more complex and
lengthier than expected or if unexpected legacy risks arise.
===========================
U N I T E D K I N G D O M
===========================
ANNINGTON HOMES: S&P Puts 'CCC+' CCR on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' long-term corporate credit
and issue ratings on U.K.-based Annington Homes Ltd. on
CreditWatch with positive implications.
The CreditWatch placement follows the announcement by parent
company, Annington Ltd., on June 28, 2017, of its intention to
refinance its entire capital structure, which includes Annington
Home's existing securitization structure.
S&P's current assessment of Annington Homes' credit quality is
constrained by the restrictions under the securitization
structure, which lock-up any cash flow generated at the main
operating entity.
Annington Ltd. plans to refinance its entire capital structure by
raising approximately GBP3.4 billion of senior unsecured pari
passu debt across bank term loans and notes under its medium-term
notes program and implementing a rights issue for an amount of
$550 million. The company will also put in place a GBP300
million revolver credit facility, but S&P understands it will
remain undrawn at closing and won't be used in the refinancing
transaction.
Once the refinancing is complete, Annington Homes' business risk
profile will be substantially enhanced through its access to the
40,609 income-producing residential units and cash flows
currently isolated within the restricted group. Annington Homes
would enjoy a large portfolio, valued at about GBP7.5 billion, of
affordable well-located residential assets. The assets are
located throughout England and Wales, especially in the South of
England (around 86% of the portfolio value is in this area and
75% is located within two hours of London), where house price
growth has been historically the strongest and most resilient
through the cycle.
As a result of the refinancing and the GBP550 million of equity
injected in the transaction, S&P also expects Annington Homes to
materially reduce its debt leverage and improve its capacity to
cover interest. S&P forecasts for the next two years its debt to
debt and equity ratio decreasing around 45%, from 47.47% on
Dec. 31, 2016, and its EBITDA-to-interest ratio improving to
about 1.5x-1.8x, from 0.67x on Dec. 31, 2016. S&P understands
management will remain committed to achieving a maximum loan-to-
value ratio of 50%, which would be compatible with an investment-
grade rating.
The CreditWatch placement reflects S&P's view that the
refinancing announced by Annington Ltd. would likely result in a
substantial improvement of Annington Homes' credit profile. S&P
will resolve the CreditWatch placement when the transaction is
completed, expected in the coming weeks.
If the proposed refinancing is completed as planned, S&P would
consider upgrading Annington Homes by up to eight notches to
'BBB', in line with S&P's preliminary rating on Annington Ltd.,
the parent company.
S&P would consider affirming the 'CCC+' ratings on Annington
Homes and removing them from CreditWatch positive if the
refinancing does not take place and the securitization structure
is not fully repaid.
CASTELL 2017-1: DBRS Puts BB Provisional Rating to Cl. E, F Debts
-----------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the notes
issued by Castell 2017-1 PLC (Issuer) as follows:
-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (low) (sf)
-- Class C Notes rated A (low) (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (high) (sf)
-- Class F Notes rated BB (low) (sf)
The Class X Notes and Class Z Notes are not rated.
Castell 2017- 1 Plc is a bankruptcy-remote special-purpose
vehicle incorporated in the United Kingdom. The issued notes will
be used to fund the purchase of UK second-lien mortgage loans
originated by Optimum Credit Limited (Optimum Credit or Seller).
Partial proceeds of the Class Z Notes will be used to fund the
General Reserve Fund. Optimum Credit is a new lender based in
Cardiff, Wales and launched as a specialised provider of second-
charge mortgages in the UK in November 2013. The majority of loan
originations are sourced through brokers all of whom, since March
2016, are regulated by the Financial Conduct Authority under the
Mortgage Code of Conduct and Business. The originator is owned by
Patron Capital Partners, a Western European private equity real
estate fund with its main investment advisor, Patron Capital
Advisers LLP, based in London.
The mortgage portfolio will be serviced by Optimum Credit with
Capita Mortgage Services Limited (Capita) in place as the back-up
servicer. Intertrust Management Limited has been appointed as a
back-up servicer facilitator.
As of 30 April 2017, the portfolio consisted of 5,823 mortgage
loans with a total portfolio balance of GBP 242.3 million. The
average loan per borrower is GBP 41,612. The weighted-average
(WA) seasoning of the portfolio is 10.6 months with a WA
remaining term of 15.94 years. The WA loan-to-value, inclusive of
any prior ranking balances of the portfolio, is 64.10%. Within
the portfolio, 40.94% of the loans are fixed-rate loans reverting
to floating, 13.32% are discount-rate loans, 21.48% are floating-
rate loans linked to Optimum Base Rate and 24.25% are floating-
rate loans linked to one-month Libor. 1.64% of the portfolio
comprises loans originated to borrowers with a prior County Court
Judgement and 0.74% of the borrowers are in arrears.
Credit enhancement for the Class A Notes is calculated as 25.50%
and is provided by the subordination of the Class B Notes to the
Class Z Notes (excluding the Class X notes). Credit enhancement
for the Class B Notes is calculated as 20.50% and is provided by
the subordination of the Class C Notes to the Class Z Notes
(excluding the Class X notes). Credit enhancement for the Class C
Notes is calculated as 14.50% and is provided by the
subordination of the Class D Notes to the Class Z Notes
(excluding the Class X notes). Credit enhancement for the Class D
Notes is calculated as 10.00% and is provided by the
subordination of the Class E Notes to the Class Z Notes
(excluding the Class X notes). Credit enhancement for the Class E
Notes is calculated as 6.26% and is provided by the subordination
of the Class F Notes to the Class Z Notes (excluding the Class X
notes). Credit enhancement for the Class F Notes is calculated as
2.96% and is provided by subordination of the Class Z Notes. The
Class Z notes provide subordination to the extent they are
collateralised.
The transaction benefits from an amortising cash reserve that is
available to support the Class A to Class F Notes. The cash
reserve is fully funded at close and is required to be funded at
the minimum of 2.0% of the initial balance of the Class A to the
Class Z Notes (excluding the Class X notes) and 4.0% of the
current balance of the Class A to the Class Z Notes (excluding
the Class X notes).
The Notes are provided liquidity support from an amortising
liquidity reserve which is able to support payment of senior fees
and interest on the Class A and Class B Notes. The liquidity
reserve is zero on the closing date and is funded from principal
receipts to 1.5% of the outstanding balance of the Class A and
Class B Notes. Additionally, principal receipts may be used to
also provide liquidty support to payments of senior fees and
interest on the Class A and Class B Notes subject to principal
deficiency ledger conditions.
The Issuer has entered into a fixed-floating swap with The Royal
Bank of Scotland PLC (trading as NatWest Markets), to mitigate
the fixed interest rate risk from the mortgage loans and the
three-month Libor payable on the Notes. The fixed-floating swap
documents reflect DBRS's "Derivative Criteria for European
Structured Finance Transactions" methodology.
The Account Bank, Cash Manager, Principal Paying Agent, Agent
Bank and Registrar is Cititbank N.A., London Branch. The DBRS
private rating of the Account Bank complies with the threshold
for the Account Bank outlined in DBRS "Legal Criteria for
European Structured Finance Transactions", given the rating
assigned to the Class A Notes.
The ratings on the Notes address the timely payment of interest
and ultimate payment of principal on or before the legal final
maturity date. DBRS based the ratings primarily on the following:
-- The transaction capital structure, form and sufficiency of
available credit enhancement and liquidity provisions.
-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection activities.
DBRS calculated portfolio default rates (PDRs), loss given
default (LGD) and expected loss (EL) outputs on the mortgage
loan portfolio.
-- The ability of the transaction to withstand stressed cash
flow assumptions and repay the Rated Notes according to the
terms of the transaction documents. The transaction cash
flows were modelled using PDRs and LGD outputs provided by
the European RMBS Insight Model. Transaction cash flows were
modelled using INTEX DealMaker.
-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.
-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the Terms
and Conditions of the notes.
-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the Issuer and consistency
with DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology.
CO-OP BANK: Hedge Fund Rescue Raises Questions on Ethical Stance
----------------------------------------------------------------
Emma Dunkley at The Financial Times reports that The Co-operative
Bank received a lifeline this week through a GBP700 million
rescue from its investors.
The latest support -- the second in four years -- means the
lender will not be wound down, the FT states. But with the
Co-operative Group's stake falling to just 1%, and hedge funds
seizing almost full control of the bank, the deal raises
questions over whether ethical banking can be sustainable and
profitable, the FT notes.
According to the FT, Dennis Holt, chairman of the bank, says he
is "confident" the lender can preserve its ethical stance -- and
its name -- despite the mutual group's tiny holding, as it will
continue to abide by the same policies.
The Co-op Bank has suffered five years of consecutive annual
losses and was pulled from the brink of collapse in 2013 by hedge
funds that helped plug a GBP1.5 billion capital shortfall, the FT
relays. It was forced to strike the latest deal after it
revealed in January that it would miss the regulator's capital
requirements over the next few years, the FT recounts. A sale
was the bank's "preferred" solution -- but it failed to find a
suitable buyer, the FT states.
Many of the lender's problems stem from poor governance and its
ill-timed acquisition of Britannia Building Society in 2009, the
FT discloses. That deal left the Co-op saddled with billions of
pounds of bad commercial property loans, the FT says.
But some analysts argue that its focus on ethical products,
services and workplace values has hampered the Co-op Bank's
performance, putting more pressure on it compared with lenders
that pursue pure profit growth, according to the FT.
About Co-operative Bank
The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.
In 2013-2014, the Bank was the subject of a rescue plan to
address a capital shortfall of about GBP1.9 billion. The Bank
mostly raised equity to cover the shortfall from hedge funds.
In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting
offers."
The Troubled Company Reporter-Europe reported on February 17,
2017 that Moody's Investors Service downgraded Co-operative Bank
plc's standalone baseline credit assessment (BCA) to ca from
caa2. The downgrade of the bank's BCA to ca reflects Moody's
view that the bank's standalone creditworthiness is increasingly
challenged and that the bank will not be able to restore its
declining capital position without external assistance.
TCR-Europe also reported on February 23, 2017 that Fitch Ratings
has downgraded The Co-operative Bank p.l.c.'s (Co-op Bank) Long-
Term Issuer Default Rating (IDR) to 'B-' from 'B' and placed it
on Rating Watch Evolving (RWE). The Viability Rating (VR) was
downgraded to 'cc' from 'b'. The downgrade of the VR reflects
Fitch's view that a failure of the bank appears probable as it
likely needs to obtain new equity capital to restore viability.
Fitch believes there is a very high risk that this will include a
restructuring of its subordinated debt that Fitch is likely to
consider a distressed debt exchange, which would result in a
failure according to Fitch definitions. However, the bank had
originally hoped to strike a deal by mid-June, in order to
complete the debt-for-equity swap process before GBP400 million
of senior bonds mature in September, the FT states.
The Co-op Bank said it was still pursuing an attempt to sell the
entire lender at the same time as advancing talks with existing
investors to raise capital, the FT relays.
EXPRO HOLDINGS: S&P Affirms 'CCC+' CCR, Outlook Negative
--------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' long-term corporate credit
rating on U.K.-based oilfield services company Expro Holdings
U.K. 3 Ltd. The outlook is negative.
At the same time, S&P lowered its issue ratings on Expro's
$175 million revolving credit facility (RCF) and $1.3 billion
term loan to 'CCC+' from 'B-'. S&P revised the recovery rating
on these facilities to '3' from '2', indicating its expectation
of recovery in the 50%-70% range (rounded estimate: 50%).
The affirmation continues to reflect Expro's unsustainable
capital structure, with adjusted debt to EBITDA above 10x and
negative free operating cash flows (FOCF) in the coming 12
months.
S&P views Expro's fiscal 2017 (ending March 30, 2017) overall
performance as weaker than S&P had anticipated (including its
estimation of S&P Global Ratings-adjusted EBITDA of about $125
million in fiscal 2017). S&P now projects that this will
continue for several quarters, resulting in a downward revision
of S&P's base case.
Under S&P's working assumption of no material rebound in deep-
water-focused oil and gas industry conditions, Expro will focus
on limiting its cash burn in the coming 12-24 months. Later on,
with some recovery in the market, it might be able to address its
sizable debt. S&P estimates that the company would generate
negative FOCF of $50 million or less in the coming 12 months.
As of March 31, 2017, the company had an adjusted debt of about
$1.5 billion, consisting of a $1.28 billion term loan B facility
due September 2021. In late 2016, the company completed an
exchange of the $780 million mezzanine facility for equity,
reducing its interest costs by $40 million per year, and earlier
this year it completed an equity issue of $100 million.
Expro's weak business risk profile reflects the company's
relatively small size; its participation in the highly cyclical,
competitive, and fragmented oilfield services industry; and its
reliance on the exploration spending of oil and gas companies.
S&P factors in the capital-intensive nature of Expro's business
and its growth-oriented strategy. These weaknesses are only
partly counterbalanced by Expro's leading market position,
healthy geographic diversification, low exposure to competition,
good track record in health and safety, and diversified, blue-
chip customer base.
The negative outlook reflects that S&P could downgrade Expro in
the coming 12 months, given S&P's view of the company's
unsustainable capital structure.
S&P could lower its rating on Expro if we witnessed a material
deterioration in the company's liquidity position, increasing the
chances of a default or a debt restructuring. This could happen
if:
-- EBITDA fell well below our projections, leading to a
material negative FOCF; or
-- Expro was unable to draw under the existing RCF.
Under a slightly less likely scenario, if the company reached an
agreement with its debtholders that met S&P's criteria of a
distressed exchange, S&P could lower the ratings to 'SD'.
S&P could revise the outlook to stable in the coming quarters if
Expro improved its liquidity position, building some buffer to
better absorb the volatility in the industry.
A future upgrade would likely follow improved market conditions
that enabled the company to generate consistently positive FOCF
to support deleveraging (for example adjusted debt to EBITDA
falling comfortably below 7x).
HEBRIDEAN SEA: Faces Liquidation Following Salt Probe
-----------------------------------------------------
Murdo Maclean at Daily Mail reports that The Hebridean Sea Salt
Company, which was accused of bulking its product with table
salt, is being wound up.
In 2011 Natalie Crayton opened the Hebridean Sea Salt Company on
the Isle of Lewis, telling customers she hand-harvested the
seasoning by evaporating it from the waters of Loch Erisort,
Daily Mail recounts.
Packs containing 150g (5oz) of the product fetched GBP2.10 each
and promised unrivalled flavor from "one of the most unspoilt
coastlines in the world'", Daily Mail states.
But Ms. Crayton's business -- which sealed a GBP180,000 deal with
Sainsbury's last year -- came crashing down earlier this year
after an investigation by Food Standards Scotland (FSS), Daily
Mail relates.
Following a tip-off from an exemployee, an investigation by the
watchdog found more than 80% of the product was "imported table
salt", Daily Mail discloses.
The company premises were raided in the wake of the findings,
with much of the product seized, Daily Mail relates.
According to Daily Mail, a legal winding up document submitted to
Stornoway Sheriff Court states the insolvent firm has a financial
"deficiency" of GBP244,106.
The firm is "unable to pay its debts as they fall due", Daily
Mail relays, citing the document.
Western Isles Council, as cited by Daily Mail, said its probe
into the firm is continuing.
The Hebridean Sea Salt Company is an artisan sea salt firm.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 26 to June 30, 2017
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Air Berlin PLC 6.75 5/9/2019 EUR 57.71
Rickmers Holding AG 8.88 6/11/2018 EUR 3.33
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 59.88
Air Berlin PLC 5.63 5/9/2019 CHF 55.68
Agrokor dd 9.13 2/1/2020 EUR 14.74
Intelsat Luxembourg SA 7.75 6/1/2021 USD 54.65
Ensco PLC 4.50 10/1/2024 USD 74.52
Holdikks SAS 6.75 7/15/2021 EUR 55.76
Agrokor dd 8.88 2/1/2020 USD 17.00
CGG SA 5.88 5/15/2020 EUR 41.49
New Look Secured Issuer PLC4.50 7/1/2022 EUR 71.48
Intelsat Luxembourg SA 8.13 6/1/2023 USD 51.39
Ensco PLC 5.75 10/1/2044 USD 63.33
Oi Brasil Holdings Cooperat5.75 2/10/2022 USD 35.02
Banca Popolare di Vicenza 2.82 12/20/2017 EUR 1.13
Brighthouse Group PLC 7.88 5/15/2018 GBP 66.54
Norske Skog Holding AS 8.00 2/24/2021 EUR 15.01
Veneto Banca SpA 9.50 12/1/2025 EUR 1.25
Offshore Drilling Holding S8.38 9/20/2020 USD 34.50
Casino Guichard Perrachon S1.68 EUR 72.07
Portugal Telecom Internatio4.63 5/8/2020 EUR 33.49
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 3.99
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.
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