/raid1/www/Hosts/bankrupt/TCREUR_Public/170828.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, August 28, 2017, Vol. 18, No. 170
Headlines
A Z E R B A I J A N
STATE OIL: Moody's Issues Correction to August 24 Rating Release
C Y P R U S
GLOBAL PORTS: Fitch Affirms BB Rating on US$700MM Secured Notes
D E N M A R K
ROY MIDCO/BIDCO: S&P Assigns 'B' CCR Following Financing
G E R M A N Y
DEUTSCHE LUFTHANSA: Moody's Withdraws Ba1 CFR, Outlook Stable
I R E L A N D
AWAS AVIATION: Moody's Hikes Issuer Rating to Ba3, Outlook Stable
I T A L Y
SIENA MORTGAGES 07-5: Fitch Hikes Rating on Class C Notes to 'B'
N E T H E R L A N D S
AIR BERLIN FINANCE: Files for Suspension of Payments in Amsterdam
TOPBONUS: Files for Insolvency Following Air Berlin Collapse
N O R W A Y
NORSKE SKOGINDUSTRIER: Shareholder Name Sveaas as New Chairman
R U S S I A
OTKRITIE: Russians Regulators Prepare Rescue Package
S P A I N
BANCO POPULAR ESPANOL: Bondholders Face Long Wait for CDS Payouts
FTPYME BANCAJA 3: S&P Affirms 'CCC' Rating on Class D Notes
S W E D E N
FASTIGHETS AB: S&P Rates EUR350MM Subordinated Notes 'BB+'
SAGAX AB: Moody's Assigns First-Time Ba1 CFR, Outlook Positive
U N I T E D K I N G D O M
CABOT FINANCIAL: S&P Affirms 'B+' CCR on Proposed Refinancing
ENTU PLC: Board Intends to Appoint Administrators
THOMAS COOK: Fitch Hikes Long-Term IDR to B+, Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week August 21 to August 25, 2017
*********
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A Z E R B A I J A N
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STATE OIL: Moody's Issues Correction to August 24 Rating Release
----------------------------------------------------------------
Moody's Investors Service issued a correction to the Aug. 24
rating release on State Oil Company of the Azerbaijan Republic
(SOCAR).
On August 25, 2017, the press release was corrected as follows: In
the methodology paragraph, the date of publication for the
Government-Related Issuers methodology was changed to August 2017.
The revised release follows:
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating (CFR), to Ba2-PD from Ba1-PD the
probability of default rating (PDR) and to Ba2 from Ba1 the senior
unsecured notes rating of State Oil Company of the Azerbaijan
Republic (SOCAR). Concurrently, Moody's has lowered SOCAR's
baseline credit assessment (BCA) to b1 from ba3. The outlook on
the ratings is stable.
"Our decision to downgrade SOCAR follows the recent downgrade of
the sovereign, to which the company is linked, as well as its
weaker standalone credit profile on the back of growing debt and
elevated capital spending," says Denis Perevezentsev, Vice
President - Senior Credit Officer at Moody's.
"However, SOCAR's rating, which is on par with the sovereign,
continues to benefit from its status of a 100% state-owned entity,
strategically important for the Republic of Azerbaijan, with a
high level of state support."
The rating action concludes the review for downgrade of SOCAR's
ratings initiated by Moody's on May 23, 2017 and follows Moody's
downgrade of Azerbaijan's government bond rating to Ba2 from Ba1
with a stable outlook on August 18, 2017. For additional
information on the sovereign rating action, please refer to the
related announcement: https://www.moodys.com/research/--PR_370180
RATINGS RATIONALE
Given that SOCAR is 100% state-owned, Moody's determines its CFR
by applying the methodology for government-related issuers (GRIs).
SOCAR's Ba2 CFR incorporates: (1) a BCA, which indicates the
company's standalone credit strength, of b1; (2) the Ba2 local-
currency debt rating of the government of Azerbaijan, with a
stable outlook; (3) very high default dependence between the state
and the company; and (4) Moody's assumptions of a high level of
support from the state in case of need.
SOCAR's Ba2 rating takes into account: (1) the key role that the
company plays in the oil and gas sector of Azerbaijan and the
national economy; (2) Moody's estimates of SOCAR's stable oil and
gas production in 2017-18; (3) robust liquidity profile
underpinned by substantial cash balances and comfortable debt
maturity schedule; and (4) close linkages with the Azerbaijan's
government, which has accumulated substantial reserves and should
be in a position to provide financial support to the company if
needed.
The rating also reflects Moody's conservative view on (1)
potential challenges in maintaining stable production in the
longer term; (2) the company's expanding trading operations, which
negatively impact its operating cash flow and leverage; and (3)
the sensitivity of the company's metrics to oil prices and local
currency exchange rate, which are likely to remain volatile over
the next 12-18 months.
Moody's decision to lower SOCAR's BCA to b1 from ba3 mainly
reflects (1) weaker cash flow generation and growing debt amid
expanded trading operations and manat depreciation; (2) the
increase in capital spending in 2016, which is likely to remain
elevated and will continue to put pressure on the company's free
cash flows in 2017-18; and (3) exposure to Southern Gas Corridor
CJSC (SGC) projects, which, although not likely to have material
impact on SOCAR as per the current funding structure of SGC, could
potentially lead to higher debt levels if external funding is not
raised for SGC on favourable terms.
Despite the significant and long-lasting weakening of Azerbaijan's
fiscal and economic strength, Moody's assumptions regarding the
government's willingness and ability to provide extraordinary
support to SOCAR remain unchanged. Azerbaijan consistently renders
support to SOCAR through adjustments to regulated prices, direct
equity injections, financing of key investment projects and
provision of loans by the Ministry of Finance.
The line between the State Oil Fund of Azerbaijan (SOFAZ), state
budget and SOCAR is blurred. SOCAR transfers proceeds from the
sales of its pro-rata share of profit oil from its joint ventures
and associates, mainly Azeri Chirag Guneshli (ACG) to SOFAZ
(annual transfers of about AZN8 billion - AZN9 billion) and gets
transfers from SOFAZ for capital spending and borrowings from the
Ministry of Finance of the Republic of Azerbaijan. During 2016 the
government of Azerbaijan contributed AZN921 million to the charter
capital of SOCAR, which offset the company's contributions to the
charter capital of South Caucasus Pipeline (SCP) and SGC during
the same period. There was about AZN0.9 billion borrowings from
the Ministry of Finance outstanding as of end-June 2017. Such
interlinks between the sovereign and SOCAR underscore the
strategic importance of SOCAR for Azerbaijan as the largest
employer, taxpayer and exporter. Moody's expects that these
interdependencies and regular transfers from SOFAZ will help SOCAR
to minimise its direct exposure to the projects of economic and
geopolitical importance for the Republic of Azerbaijan (e.g. SCP,
TAP, TANAP), where the company has non-controlling stakes.
SOCAR's ratings and outlook also reflect the fact that its
liquidity has not been materially affected by the restructuring of
International Bank of Azerbaijan (IBA, Caa1 bank deposits,
Positive(m)) which used to hold a significant share of SOCAR's
cash and which is likely to continue providing a liquidity line to
the company once IBA's debt restructuring is complete. SOCAR keeps
sizeable cash and deposits at PASHA Bank OJSC and Kapital Bank
OJSC (Ba3 negative). Moody's assumes the company's cash reserves
will continue to be fully accessible, as they are one of the major
funding sources of the company's investments and debt service and
underpin its assessment of SOCAR's good liquidity profile.
RATIONALE FOR STABLE OUTLOOK
The stable outlook on SOCAR's ratings is in line with the stable
outlook for the sovereign rating and reflects Moody's view that
company-specific credit factors, including operating and financial
performance, market position and liquidity, will remain
commensurate with its ratings on a sustainable basis.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Moody's could upgrade SOCAR's ratings if it were to upgrade
Azerbaijan's sovereign rating, if accompanied by corresponding
improvement in the company-specific factors, including its
operating and financial performance and leverage provided there
are no negative changes in Moody's assessment of state support
and/or liquidity.
Moody's could downgrade the ratings if (1) there is a downgrade of
Azerbaijan's sovereign rating; (2) SOCAR's standalone financial
profile deteriorates further, such that RCF/net debt falls
consistently below mid-teens and EBIT/interest expense remains
below 3.0x on a sustained basis; (3) there is evidence that the
government's capacity and willingness to provide support to SOCAR
is becoming more limited; (4) the state imposes measures that
would seriously impair SOCAR's credit profile; and/or (5) SOCAR's
liquidity profile deteriorates materially.
PRINCIPAL METHODOLOGY
The methodologies used in these ratings were Global Integrated Oil
& Gas Industry published in October 2016, and Government-Related
Issuers published in August 2017.
State Oil Company of the Azerbaijan Republic is a 100% state-
owned, vertically integrated national oil and gas company
headquartered in Baku, Azerbaijan. The company has a monopoly
position supplying oil and gas products to the domestic market and
is the state's official representative in all oil and gas projects
in Azerbaijan, including all international consortia. In addition
to Azerbaijan, SOCAR operates in Turkey, United Arab Emirates,
Georgia, Switzerland, Romania, Ukraine and other countries. For
the year ended December 31, 2016, SOCAR reported revenue of
AZN51.9 billion ($32.5 billion) and its Moody's-adjusted EBITDA
amounted to AZN4.0 billion ($2.5 billion). In 2016, SOCAR produced
7.5 million tonnes of oil and 6.3 billion cubic meters of gas.
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C Y P R U S
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GLOBAL PORTS: Fitch Affirms BB Rating on US$700MM Secured Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Global Ports Finance PLC's USD700
million senior secured notes (Eurobonds) at 'BB' and upgraded
Global Ports Investments Plc's (GPI) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) and RUB15 billion senior
unsecured notes issued by JSC First Container Terminal (FCT) to
'BB' from 'BB-' with a Negative Outlook.
Global Ports' (the group) consolidated profile benefits from its
dominant position in the container market, albeit with potentially
increasing competition, limited expansion requirements on the low
capacity utilisation rates, and a mostly bullet maturity debt
structure with covenants currently restricting dividend
distributions. In 2016 Fitch lease-adjusted net debt/EBITDAR
(leverage) was 4.5x, in line with Fitch ratings case expectation.
Fitch ratings case projects average 2018-2020 leverage at 4.8x.
The Eurobond ratings are aligned with GPI's consolidated profile,
as the key consolidated operating companies and the holdco
unconditionally and irrevocably guarantee the Eurobonds.
Fitch has upgraded GPI's IDRs and the ratings of the Russian
rouble bonds, guaranteed by GPI, to 'BB' from 'BB-', as the
structural subordination has significantly reduced. Bond issuances
in 2016 refinanced the majority of opco level covenanted debt. The
remaining covenanted bank debt ringfences around 40% of the cash
flows, will amortise latest by 2019, and has been repeatedly
subject to covenant loosening.
The Negative Outlook reflects both uncertainties about the Russian
Federal Antimonopoly Service (FAS) 2016 allegation that GPI's
stevedoring pricing breached antimonopoly laws and GPI's
adjustment of its pricing policy following a drastic market share
loss in 2015/2016 in stabilising and regaining market share.
KEY RATING DRIVERS
Exposure to High Price Elasticity and Competition - Volume Risk:
Midrange
GPI retains a dominant position with container handling terminals
in the Baltic and Far East, the largest Russian marine gateways,
each with good modal connectivity. In Fitch views, GPI is exposed
to high price elasticity of demand, as GPI's price-over-volume
strategy has reduced its competitive position in a market with
spare capacity, and has resulted in severe container throughput
volume losses over 2015 and 2016. Fitch believes competition could
increase as new entrants seek to gain market share, supported by
the recent rebound in Russia's economy.
Unregulated US Dollar Tariffs - Price Risk: Midrange
The regulation of container tariffs in Russia has been gradually
liberalised since 2010, while recent FAS initiatives to re-
introduce elements of tariff regulation in 2016 were dropped after
independent studies concluded the market was competitive. GPI does
not benefit from long-term rent-like contracts.
Substantial Spare Capacity - Infrastructure Development & Renewal:
Stronger
The company's capacity utilisation was below 40% in 2016. On-site
connecting infrastructure is well developed and does not need
upgrading. GPI benefits from a strong liquidity position in case
of need. The company expects to spend on average USD25 million to
USD35 million annually on maintenance. Fitch views this as
manageable as it is entirely self-funded through free cash flow
generation. Shareholder APM Terminals, one of the world-largest
terminal operators, brings operational expertise and mitigates the
risk of cost overrun on capital spending.
Back-Ended Bullet Debt - Debt Structure: Midrange
GPI, the holdco, is currently free of debt. As of December 2016,
USD1.1 billion of outstanding and consolidated debt was senior,
fixed rate, post-swap USD-denominated, and 88% of it was bullet
debt. The remaining bank loan at FCT level is structured as
secured amortising corporate debt, enhanced with default and lock-
up covenants at the FCT and group levels. The USD119 million cash
held on balance sheet as of end 2016 mitigates the lack of
committed liquidity lines. Fitch liquidity analysis suggests that
debt is serviced until end-2020. Fitch considers the presence of
APM Terminals a well-reputed sponsor with a strong but informal
commitment to GPI as a supporting factor in GPI's refinancing
process.
FINANCIAL PROFILE
Under its base and rating cases, Fitch expects GPI's average
leverage in 2018-2020 to reach 4.3 and 4.8x, respectively. The
rating case does not factor in any shareholder distributions, in
line with GPI's stated zero dividend policy. A sensitivity stress
on a hypothetical EBITDA margin reduction to 40% under Fitch's
base case scenario shows that projected leverage will increase
further by around 2x the following year.
PEER GROUP
GPI and DeloPorts are both rated 'BB' on a consolidated basis.
GPI's container throughput is over 5x greater than Deloport. GPI
has a dominant position in the Russian container market and more
transparent corporate governance, as it is listed on the LSE.
However, Deloport benefits from lower 2017-2019 leverage at 2.4x
and exhibits a more balanced export/import mix with grain exports
partially offsetting the import-oriented container business.
Mersin (BBB-/Stable) is of a similar size to GPI and also plays a
dominant role in its home market. Its cargo import and export mix
is more balanced than GPI. Mersin's rating case gross leverage in
2020 is 2.4x, nearly half that of GPI's.
RATING SENSITIVITIES
Future development that could lead to negative rating action on
GPI, FCT and the GPI Finance notes include:
- Fitch-adjusted GPI's consolidated debt/EBITDA remaining above
5x over 2018-2020 under the Fitch rating case.
- Unfavourable resolution of the current litigation process,
resulting in a major fine pay-out or introduction of a tariff
policy.
- A change in shareholder structure with the co-controlling
shareholder APMT disposing partly or entirely of its stake in
GPI, which may affect Fitch analysis of some rating factors
such as refinancing risk and potentially GPI's ratings.
Future development that could lead to positive rating action on
GPI, FCT and the GPI Finance notes include:
- GPI's leverage firmly on a downward path with lease-adjusted
net debt-to-EBITDA falling below 4x over a three-year horizon
The Outlook could be revised to Stable if the litigation process
is resolved in GPI's favour and GPI maintains a deleveraging trend
in line with Fitch's rating case forecast.
CREDIT UPDATE
Performance Update
In 2016, GPI witnessed continued throughput and market share
contraction as container volumes declined 19% year on year (YoY)
despite the Russian container market growing 1%. Fitch expects
GPI's growth in 2017 to remain sluggish at 2% despite a strong
rebound of the Russian container market of 16% in 1H17. GPI's
total throughput volumes benefited from a record level of 2,210
thousand tonnes in marine bulk throughput in 2016, 67% higher than
in 2015. The portion of GPI's non-containerised revenue increased
to 19% in 2016. Strong performance continued in 1H17 as export
coal, scrap metal and other export cargo handling grew.
GPI Tariffs
GPI's revenue per twenty-foot equivalent unit (TEU) in GPI's
Russian ports decreased by 3% in 2016. Fitch forecasts the average
revenue per TEU to decline to USD204/TEU in 2017 as GPI adjusts
its pricing to gain volumes. Additionally, to improve its
competitive position GPI has introduced rouble-based tariffs for
Russian clients, which resulted in growth of RUB-based revenues.
Fitch does not view a growing portion of RUB-based revenue as a
risk as it offsets company's predominantly RUB-based operating
costs; however this proportion will be monitored closely.
Competition Could Intensify
Fitch believes that competition for container terminals in the
Baltic Basin could intensify over the coming years. For example,
Container Terminal Saint Petersburg is expanding capacity to 1.2
million TEUS by 2022. The Port Bronka, outside the Big Port of
Saint Petersburg, has added 500,000 TEUS of spare capacity and is
actively ramping-up volumes. Fitch believes these port operators
are similarly well connected to the hinterland and the
differentiating factor will be mainly price.
Fitch Cases
Fitch's base case assumes 2% yoy growth of volumes in line with
Fitch's Russian GDP forecast; average revenues per TEU to remain
flat at USD204/TEU from 2017, yoy EBITDA margin reduction of 1%
from 59% in 2017 to 55% in 2021 to reflect inflation; a 25%
haircut to GPI assumptions on dividends received from
subsidiaries; and a flat 58RUB/USD exchange rate through the
forecast period. In 2017-2019 capex stress includes a 15% increase
on top of management's projections, while Fitch apply higher
stresses in 2020 to achieve at least USD25 million capex.
Fitch's rating case assumes 1% yoy growth of volumes from 2018;
base case average revenues per TEU in 2017 and then flat
USD200/TEU from 2018; base case EBITDA margin; a 50% haircut to
GPI assumptions on dividends received from subsidiaries; base case
exchange rate. In 2017-2019 capex stress includes 20% increase and
Fitch apply a higher stress in 2020 to achieve at least USD30
million capex.
FULL LIST OF RATING ACTIONS
Global Ports (Finance) PLC
-- USD350 million senior unsecured notes due January 2022
affirmed at 'BB'; Outlook Negative.
Global Ports Investments PLC
-- Long-Term Foreign- and Local-Currency IDRs upgraded to 'BB'
from 'BB-'; Outlook Negative.
JSC First Container Terminal
-- RUB5 billion senior unsecured notes due December 2020
upgraded to 'BB' from 'BB-'; Outlook Negative;
-- RUB5 billion senior unsecured notes due February 2021
upgraded to 'BB' from 'BB-'; Outlook Negative;
-- RUB5 billion senior unsecured notes due March 2021 upgraded
to 'BB' from 'BB-'; Outlook Negative.
Asset Description
GPI is a holding company and the leading container terminal
operator serving Russian cargo flows in the Baltic and the Far-
East basins. The group's main business is container handling. In
addition, the group handles a number of other types of cargo,
including cars and other types of roll-on roll-off cargo and bulk
cargoes. Its three main subsidiaries are the container terminals
FCT, Petrolesport and Vostochnyj, which are 100% owned by the
group.
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D E N M A R K
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ROY MIDCO/BIDCO: S&P Assigns 'B' CCR Following Financing
--------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term
corporate credit ratings to Roy Midco ApS and Roy Bidco ApS, the
holding companies of Denmark-based plastic packaging company
Faerch Plast Group A/S. The outlook is stable.
S&P said, "At the same time, we assigned our 'B' rating to the
senior secured facilities issued by Roy Bidco ApS, comprising a
EUR300 million term loan B1, EUR110 million term loan B2, and a
EUR65 million revolving credit facility (RCF). The recovery rating
on these facilities is '4', indicating our view of meaningful
recovery prospects (30%-50%; rounded estimate 45%) in the event of
a default.
"The ratings reflect our view of Faerch Plast's small size,
relatively narrow scope, high leverage as a result of an
aggressive financial policy, and growth-oriented strategy. These
constraints are only partly mitigated by strong profitability
stemming from a well-invested asset base and successful innovation
strategy.
"Our base-case assumptions for Faerch Plast have not changed
materially since we assigned the preliminary rating on July 19,
2017 (see "Faerch Plast Group Holding Companies Roy Midco And Roy
Bidco Rated Preliminary 'B'; Outlook Stable," published on
RatingsDirect). We continue to anticipate organic revenue growth
of 6%-7% and an S&P Global Ratings-adjusted EBITDA margin of about
24%. We continue to forecast adjusted debt to EBITDA of about
7.5x, funds from operations (FFO) to debt of about 7.0%-7.5%, and
adjusted EBITDA to interest of 2.6x-2.8x in 2017.
"The stable outlook reflects our expectation that Faerch Plast
will continue to achieve organic sales growth and strong margins,
which will enable it to increase EBITDA and generate excess cash
flows to gradually reduce adjusted leverage toward 7.0x in 2018.
Although we expect the company will remain acquisitive, we do not
expect the leverage ratio will rise beyond the high levels at the
closing of the transaction.
"We could lower the ratings if Faerch Plast's credit metrics did
not improve as we expect under our base case, such that debt to
EBITDA remains at about 7.5x in 2018. This could, for example,
materialize if the company did not deliver on its plan to increase
volumes and at least maintain margins; or if it lost market share
due to a sharp shift to another packaging substrate, inability to
pass on rising raw material costs to its customers, or weakening
of the pound sterling that depressed earnings generated in the
U.K. Any large debt-funded acquisition activity or unexpected
shareholder remuneration could also lead to a downgrade.
"Ratings upside is highly unlikely in the coming two years, due to
Faerch Plast's high leverage and growth-oriented strategy. We do
not expect any deleveraging to 5.0x to be sustainable, due to the
company's private equity shareholders, whose financial policies
are unlikely to support sustainably stronger credit metrics, in
our view.
"However, we could consider a positive rating action if the
adjusted leverage ratio were to fall below 5.0x on a sustainable
basis, and we believed that the financial policy could support
such stronger ratios over the longer term."
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G E R M A N Y
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DEUTSCHE LUFTHANSA: Moody's Withdraws Ba1 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 long term issuer
rating to Deutsche Lufthansa Aktiengesellschaft (Lufthansa) and
has withdrawn the Ba1 corporate family rating (CFR) and the Ba1-PD
probability of default rating (PDR) of Lufthansa.
Concurrently, Moody's has upgraded Lufthansa's senior unsecured
instrument rating to Baa3 from Ba1, the short term rating to P-3
from NP, the senior unsecured rating on the company's medium-term
notes (MTN) programme to (P)Baa3 from (P)Ba1 and its short-term
rating to (P)P-3 from (P)NP. The outlook on all the ratings is
stable.
"Our decision to upgrade Lufthansa follows the company's positive
evolution of its operating profitability which improved markedly
in the first half of 2017 and Moody's expectations that its full-
year profits and operating cash flow will continue to strengthen
on the back of strong demand and cost reductions," says Sven
Reinke, a Moody's Senior Vice President and lead analyst for
Lufthansa. "Lufthansa has significantly improved its cost base
over the last few years, strengthening its competitive profile. In
addition, rising profitability and a one-off cash injection into
its pension schemes will reduce year-end leverage materially."
RATINGS RATIONALE
The rating action reflects Lufthansa's strongly improved operating
profit generation with the company achieving an adjusted EBIT of
EUR2,265 million during the last 12 months to June 2017. As a
result, Lufthansa's Moody's-adjusted retained cash flow/net debt
ratio increased to 25.7% in Q2 2017 from 18.6% at FYE2016. Gross
adjusted leverage improved to 4.3x in Q2 2017, from 4.6x at
FYE2016 and Moody's expects that it will decrease to approximately
3.5x by the end of 2017, driven by a combination of a lower
pension deficit and higher earnings. As a result, both key metrics
will be within the previously defined guidance for a Baa3 rating.
The rating upgrade also reflects the substantial strategic
progress Lufthansa has made during the last couple of years in
terms of (1) strengthening its market position with the
acquisition of 100% of Brussels Airlines in January 2017 and the
wet-lease transaction with Air Berlin, which was agreed in
September 2016; (2) the company's improved cost competitiveness
following the transition of its point-to-point traffic to
Eurowings, which enables it to better compete with successful low-
cost airlines such as EasyJet Plc (Baa1 stable) and Ryanair (not
rated); and (3) agreements with the workforce to transition to
defined contribution pension schemes for most employees.
Following the likely liquidation of Air Berlin, Moody's expects
that Lufthansa's competitive position in its domestic German
market will strengthen. Lufthansa confirmed that it is in
negotiations to acquire parts of Air Berlin's business in addition
to the already in the November 2016 agreed wet-lease transaction
that has increased Lufthansa's capacity in Germany considerably.
The potential increase in market share would allow Lufthansa to
better utilise its capacity and achieve scale effects. However,
Moody's does not expect that such a transaction would have a
severe adverse effect on its capital structure.
Following the strong results for H1 2017 with an increase of the
adjusted EBIT by 97.0% to EUR1,042 million compared with EUR529
million in H1 2016 and much improved operating cash flow
generation of EUR3.2 billion compared with EUR2.2 billion in H1
2016, Moody's expects that Lufthansa's profitability will
strengthen further in 2017. Such strong results would affirm the
positive trend of the last couple of years when the company was
able to substantially improve its profitability compared with the
lower level prior to 2015. In addition, Moody's expects the
company's gross adjusted leverage to fall to around 3.5x at the
end of 2017 driven by rising profitability and a EUR1.6 billion
one-off cash injection into the pension schemes. The high pension
deficit which increased to EUR8.4 billion in 2016 compared with
EUR4.7 billion in 2013 owing to a material decline of the discount
rates is the main reason for Lufthansa's relatively high gross
adjusted leverage over the last couple of years.
Lufthansa's Baa3 ratings also reflect its leading position in the
European airline sector, its diversified route network, the
diversity of its business segments and its solid liquidity
position. In particular, Lufthansa's maintenance segment, which
generates the majority of its revenues from third party customers,
provides diversification to the group, distinguishing it from
other airlines. This segment partially mitigates the exposure to
the more volatile passenger airlines and logistics (cargo)
segments. However, Moody's rating also reflects the improved but
still relatively low level of operating profitability when
compared with other investment grade rated airlines and the
exposure to external shock events that are characteristic for the
passenger airlines industry.
Moody's considers that Lufthansa's liquidity is solid, with a
balance of cash and equivalents and liquid securities of EUR6.1
billion and undrawn committed short-term credit lines of EUR855
million which compares strongly with the low short-term debt of
EU659 million as at the end of Q2 2017. The rating agency expects
Lufthansa's liquidity to remain solid despite the anticipated
decline of the company's liquidity buffer following the upcoming
EUR1.6 billion cash injection into the pension schemes. Moody's
notes that Lufthansa retains a minimum liquidity target of EUR2.3
billion.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook on the ratings reflects Moody's view that
Lufthansa's financial profile will gradually strengthen further
over the next 12 -- 18 months, supported by strong demand in the
European airline market and the benefits from Lufthansa's
structural progress in terms of cost reductions and the
transformation of the point-to-point traffic. The outlook also
reflects Moody's expectation that Lufthansa's financial policy
will continue to prioritize an investment grade financial profile
over shareholder returns.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's does not expect positive rating pressure over the next 12-
18 months as a higher rating would likely require a prolonged
period of proven resilience and sustainable performance through
the industry cycle. Quantitatively, there could be positive rating
pressure for Lufthansa if it strengthens its liquidity and if:
1) gross adjusted leverage falls below 2.5x;
2) the retained cash flow (RCF)/net debt metric increases
materially above 30%; and
3) the adjusted EBITDA margin moves towards 20%, indicating
resilience to competitive pressures.
The rating could come under negative pressure if Lufthansa fails
to continue to make progress towards Moody's expectation of gross
adjusted leverage falling towards 3.5x, as a leverage closer to
4.0x would position Lufthansa weakly in the Baa3 rating category.
In addition, the rating could come under negative pressure if the
RCF/net debt metric were to fall below 25% on a continued basis or
if Lufthansa's liquidity weakens materially.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global
Passenger Airlines published in May 2012.
Deutsche Lufthansa Aktiengesellschaft, headquartered in Cologne,
Germany, is the leading European airline in terms of revenues. In
FY2016 it reported revenues and an adjusted EBIT of EUR31.7
billion and EUR1,752 million respectively.
=============
I R E L A N D
=============
AWAS AVIATION: Moody's Hikes Issuer Rating to Ba3, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded the issuer rating of AWAS
Aviation Capital D.A.C. (AWAS) to Ba3 from B1 and upgraded the
secured debt ratings of AWAS Finance Luxembourg S.A. and AWAS
Finance Luxembourg 2012 S.A. to Ba1 from Ba2. The outlook for the
ratings is stable. This follows the August 20, 2017 announcement
by Dubai Aerospace Enterprise (DAE) Ltd. (Ba2 stable) that it has
completed its acquisition of the AWAS group of companies. This
concludes Moody's review of AWAS' ratings first initiated on April
26, 2017.
RATINGS RATIONALE
The rating upgrades reflect Moody's expectation that AWAS'
acquisition by DAE will improve AWAS' ownership stability, a
credit concern since Terra Firma began to reduce its investment in
the company two years ago. Furthermore, the transaction
strengthens the combined entity's competitive positioning, as it
is now one of the top ten largest leasing companies globally, with
a total owned, managed and committed fleet of approximately 400
aircraft and 117 airline customers. The combined company emerges
with moderate leverage, adequate liquidity and good prospects for
profitable performance, given the recent operating history of both
firms and continued growth in aircraft demand.
Moody's has withdrawn AWAS' corporate family rating, in lieu of
the Ba2 stable corporate family rating assigned to DAE.
The Ba1 ratings of AWAS' two secured term loans (both mature in
2018) are one notch above DAE's Ba2 corporate family rating. These
ratings reflect terms and covenants that provide improved creditor
protection as well as the proportion of this class of secured
recourse debt in DAE and AWAS' total debt capitalization. AWAS'
Issuer rating is one-notch lower than DAE's CFR, reflecting the
high proportion of secured debt in AWAS' capital structure and
limited unencumbered assets.
Moody's could upgrade AWAS' ratings if the ratings of parent DAE
are upgraded. DAE's ratings could be upgraded if DAE: 1) further
diversifies its funding to significantly reduce reliance on
secured debt and accumulate unencumbered aircraft, resulting in a
ratio of secured debt to tangible assets of 35% or less; 2)
increases alternate liquidity, resulting in a 24-month coverage
ratio of more than 70%; 3) sustainably reduces its post-
acquisition leverage, resulting in a ratio of debt to tangible net
worth of between 2.5x and 3.0x; and 4) generates post-acquisition
profitability that compares well with peers.
Moody's could downgrade AWAS' ratings if DAE's ratings are
downgraded. DAE's ratings could be downgraded if DAE: 1)
encounters integration challenges that negatively affect
profitability prospects; 2) increases its reliance on secured
debt; 3) weakens 24-month liquidity coverage to less than 50%; or
4) increases Debt/Tangible Net Worth leverage to greater than
4.0x.
The principal methodology used in these ratings was Finance
Companies published in December 2016.
=========
I T A L Y
=========
SIENA MORTGAGES 07-5: Fitch Hikes Rating on Class C Notes to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded the class C notes of Siena Mortgages
07-5 S.p.A. (SM07-5) and Siena Mortgages 07-5 S.p.A. Series 2
(SM07-5 Series 2), as follows:
SM07-5
Class C (ISIN IT0004304249): upgraded to 'Bsf' from 'B-sf'; off
Rating Watch Evolving (RWE); Outlook Stable
SM07-5 Series 2
Class C (ISIN IT0004353824): upgraded to 'Bsf' from 'B-sf'; off
RWE; Outlook Stable
The two prime Italian RMBS transactions were originated and are
serviced by the Banca Monte dei Paschi di Siena group (BMPS;
B/Stable/B).
KEY RATING DRIVERS
Ratings Linked to Swap Party
In February 2017, Fitch linked the ratings of the junior class C
notes in both transactions to the Issuer Default Rating (IDR) of
the swap provider (BMPS) as their ratings depend on cash flows
under the swap agreement (see "Fitch Takes Rating Actions on Siena
Mortgage Series", dated February 2017 at www.fitchratings.com).
Rating Watch Resolution on Swap Party
Fitch has resolved the RWE following the resolution of the RWE on
BMPS.
RATING SENSITIVITIES
Changes to BMPS's Long-Term IDR will trigger rating action on the
class C notes.
=====================
N E T H E R L A N D S
=====================
AIR BERLIN FINANCE: Files for Suspension of Payments in Amsterdam
-----------------------------------------------------------------
Further to the filing of a petition for the opening of debtor-in-
possession insolvency proceedings by Air Berlin PLC with the local
court of Berlin-Charlottenburg on August 15, Air Berlin Finance
B.V. disclosed that it has filed for suspension of payments with
the competent court in Amsterdam on Aug. 25.
Air Berlin Finance B.V. is headquartered in Amsterdam,
Netherlands.
TOPBONUS: Files for Insolvency Following Air Berlin Collapse
------------------------------------------------------------
Nicholas Megaw at The Financial Times reports that
Topbonus, the frequent flyer program that Air Berlin sold to
Etihad, has followed the troubled German carrier in filing for
insolvency, leaving its 4.5 million customers unable to use their
points despite government intervention to keep Air Berlin's planes
in the air.
The frequent flyer scheme has been a separate company 70% owned by
Etihad since 2012, when Air Berlin sold a majority stake in an
attempt to bolster its balance sheet, the FT discloses. However,
in a statement released on Aug. 25, Topbonus said it had "no other
option" but to file for insolvency after Etihad refused to
continue funding Air Berlin earlier this month, the FT relates.
===========
N O R W A Y
===========
NORSKE SKOGINDUSTRIER: Shareholder Name Sveaas as New Chairman
--------------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that Norwegian investor
and forestry tycoon Christen Sveaaswashas has been elected
chairman of Norske Skogindustrier ASA, putting him in position to
steer a board review of the papermaker's debt-restructuring plans.
According to Bloomberg, a statement said the owner of investment
company Kistefos was among five directors voted onto Norske Skog's
board by shareholders on Aug. 24. There are also three employee-
elected board members, Bloomberg discloses.
Mr. Sveaas recently increased his stake in Norske Skog to more
than 10%, making him the largest shareholder in a company
struggling under a US$1 billion debt pile and a slump in newspaper
readership, Bloomberg relates. Norske Skog delayed publication of
a revised debt-restructuring plan on Aug. 23 so the proposal could
be reviewed by the new board, Bloomberg notes.
Jon-Aksel Torgersen, chief executive officer of shipping-services
provider Astrup Fearnley AS, was also named to the Norske Skog
board, Bloomberg relays.
Norske Skog started revising its debt plans after two groups of
creditors rejected a proposal to swap unsecured debt into equity,
Bloomberg recounts. Any agreement needs to be approved by a
majority of creditors and by two-thirds of shareholders, Bloomberg
states.
About Norske Skog
Norske Skogindustrier ASA or Norske Skog, which translates as
Norwegian Forest Industries, is a Norwegian pulp and paper
company based in Oslo, Norway and established in 1962.
* * *
As reported by the Troubled Company Reporter-Europe on
August 7, 2017, S&P Global Ratings lowered to 'D' (default) from
'C' its issue rating on the unsecured notes due in 2026 issued by
Norwegian paper producer Norske Skogindustrier ASA (Norske Skog).
At the same time, S&P removed the rating from CreditWatch with
negative implications, where the rating placed it on June 6, 2017.
S&P said, "We also affirmed the long- and short-term corporate
credit ratings on Norske Skog at 'SD' (selective default) and
affirmed our 'D' issue rating on the senior secured notes maturing
in 2019." The 'C' ratings on the remaining unsecured debt remain
on CreditWatch negative. The recovery rating on these notes is
unchanged at '6', reflecting our expectation of negligible (0%-
10%) recovery in the event of a conventional default. The
downgrade follows the nonpayment of the cash coupon due on Norske
Skog's 2026 unsecured notes before the contractual grace period
expired on July 30, 2017.
The TCR-Europe reported on July 24, 2017 that Moody's Investors
Service downgraded the probability of default rating (PDR) of
Norske Skogindustrier ASA (Norske Skog) to Ca-PD/LD from Caa3-PD.
Concurrently, Moody's has affirmed Norske Skog's corporate family
rating (CFR) of Caa3. In addition, Moody's also affirmed the C
rating of Norske Skog's global notes due 2026 and 2033 and its
perpetual notes due 2115, the Caa2 rating of the senior secured
notes issued by Norske Skog AS and downgraded the rating of the
global notes due 2021 and 2023 issued by Norske Skog Holdings AS
to Ca from Caa3. The outlook on the ratings remains stable. The
downgrade of the PDR to Ca-PD/LD from Caa3-PD reflects the fact
that Norske Skog did not pay the interest payment on its senior
secured notes issued by Norske Skog AS, even after the 30 day
grace period had elapsed on July 15. This constitutes an event
of default based on Moody's definition, in spite of the existence
of a standstill agreement with the debt holders securing that an
enforcement will not be made under the secured notes due to non-
payment of interest. In addition, the likelihood of further
events of defaults in the next 12-18 months remains fairly high,
as the company is also amidst discussions around an exchange
offer that would most likely involve equitisation of debt, which
the rating agency would most likely view as a distressed
exchange.
===========
R U S S I A
===========
OTKRITIE: Russians Regulators Prepare Rescue Package
----------------------------------------------------
Max Seddon at The Financial Times reports that Russian regulators
are preparing a rescue package that would allow them to intervene
to save Otkritie, the country's largest privately held lender, if
it succumbs to a growing liquidity crisis.
Otkritie has lost RUR611 billion (US$10.4 billion) in deposits --
20% of its balance sheet -- in the last two months, the FT
discloses.
According to the FT, if the central bank did have to intervene, it
would mark the first time one of the 10 Russian banks listed as
"systemically important" had failed.
The country introduced a "bail-in" regime in May that allows the
central bank to take control of a failing bank through a newly
created fund and impose losses on its investors and creditors, the
FT recounts.
Four bankers familiar with the plans said the central bank has not
decided whether to act, but if it did, it would likely place
Otkritie under temporary administration and take control of it
through the fund, the FT notes.
Otkritie's founder Vadim Belayev said the bank is not negotiating
with the central bank about relinquishing control to the new fund,
the FT relates.
Three of the bankers said Otkritie had a balance sheet hole
comparable to the one found at the Bank of Moscow in 2011, which
required a US$14 billion bailout, the FT relays.
One of the bankers, as cited by the FT, said Otkritie's financial
problems could require a similar-sized intervention.
Three of the bankers said Otkritie's large shareholders --
including Mr. Belyaev; lender VTB; Lukoil, Russia's second-largest
oil company; and the oligarchs Alexander Nesis and Alexander Mamut
-- do not plan to inject additional funds into the bank, according
to the FT.
The central bank has already financed Otkritie with RUR330 billion
in repo loans and an emergency line of unsecured credit in recent
weeks, the FT states, citing Otrkritie's accounts and people
briefed on the actions.
=========
S P A I N
=========
BANCO POPULAR ESPANOL: Bondholders Face Long Wait for CDS Payouts
-----------------------------------------------------------------
Katie Linsell and Tom Beardsworth at Bloomberg News report that
wiped-out Banco Popular Espanol SA bondholders will have to wait
even longer for payouts on credit-default swaps, extending weeks
of wrangling over the handling of the contracts.
The International Swaps & Derivatives Association's Determinations
Committee on Aug. 25 said it will wait for a valuation of what the
Spanish bank's junior creditors may be owed before derivatives
contracts insuring those notes pay out, Bloomberg relates.
European rules require that creditors who take losses following
regulatory intervention must receive at least what they would have
got had the bank been liquidated, Bloomberg discloses.
ISDA said in a statement an assessment of that value, which
regulators are responsible for providing, is expected to be
published soon, Bloomberg notes.
ISDA, as cited by Bloomberg, said outstanding contracts covered a
net US$143 million of Banco Popular's debt as of July 28. That
compares with about EUR800 million (US$950 million) of Banco
Popular Tier 2 notes that were eliminated in June when the
European Union's Single Resolution Board executed a forced sale of
the lender to Banco Santander SA for EUR1, Bloomberg states.
ISDA's panel decided to trigger Banco Popular swaps on June 9,
Bloomberg relays. The committee of market participants has since
met 10 times to discuss how to pay credit-default swap holders and
plan another meeting in a month's time, Bloomberg states.
The delay highlights how the swaps market is struggling to keep
pace with banking regulators' efforts to shift risk onto investors
from taxpayers, even after the contracts were overhauled in 2014,
Bloomberg notes.
Banco Popular Espanol SA is a Spain-based commercial bank. The
Bank divides its business into four segments: Commercial Banking,
Corporate and Markets; Insurance Activity, and Asset Management.
The Bank's services and products include saving and current
accounts, fixed-term deposits, investment funds, commercial and
consumer loans, mortgages, cash management, financial assessment
and other banking operations aimed at individuals and small and
medium enterprises (SMEs). The Bank is a parent company of Grupo
Banco Popular, a group which comprises a number of controlled
entities, such as Targobank SA, GAT FTGENCAT 2005 FTA, Inverlur
Aguilas I SL, Platja Amplaries SL, and Targoinmuebles SA, among
others. In January 2014, the Company sold its entire 4.6% stake
in Inmobiliaria Colonial SA during a restructuring of the
property firm's capital.
FTPYME BANCAJA 3: S&P Affirms 'CCC' Rating on Class D Notes
-----------------------------------------------------------
S&P Global Ratings raised to 'AA- (sf)' from 'BBB+ (sf)' its
credit rating on FTPYME Bancaja 3, Fondo de Titulizacion de
Activos' class C notes. At the same time, S&P has affirmed its
'CCC (sf)' rating on the class D notes.
FTPYME Bancaja 3 is a single-jurisdiction cash flow collateralized
loan obligation (CLO) transaction securitizing a portfolio of
small and midsize enterprise (SME) loans that Caja de Ahorros de
Valencia, Castell¢n y Alicante (merged into Bankia S.A. in
December 2010) originated in Spain. The transaction closed in
October 2004.
CREDIT ANALYSIS
S&P has applied its European SME CLO criteria to assess the
portfolio's average credit quality (see "European SME CLO
Methodology And Assumptions," published on Jan. 10, 2013)." In
S&P's opinion, the credit quality of the portfolio is 'ccc', based
on the following factors:
-- S&P's qualitative originator assessment on Bankia is
moderate."Spain's Banking Industry Country Risk Assessment
(BICRA) is 5 (see "Banking Industry Country Risk Assessment
Update: February 2017," published on Feb. 1, 2017).
-- S&P received only limited information on the credit quality
of the originator's entire loan book.
-- S&P used our 'ccc' average credit quality assessment of the
portfolio to generate our 'AAA' scenario default rate (SDR)
of 86%.
S&P said, "We have calculated the 'B' SDR, based primarily on our
analysis of historical SME performance data and our projections of
the transaction's future performance. We have reviewed the
portfolio's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness. As a result of this analysis, our 'B' SDR is
16%.
"We interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with our European SME CLO criteria."
RECOVERY RATE ANALYSIS
S&P said "At each liability rating level, we assumed a weighted-
average recovery rate (WARR) by taking into consideration, the
asset type (secured/unsecured) and the country recovery grouping
(see table 7 in our European SME CLO criteria) and observed
historical recoveries.
"As a result of this analysis, our WARR assumption in a 'AAA'
rating scenario was 31.50%. The recovery rates at more junior
rating levels were higher (as outlined in our European SME CLO
criteria)."
CASH FLOW ANALYSIS
S&P said, "We used the portfolio balance that the servicer
considered to be performing, the current weighted-average spread,
and the WARRs that we considered to be appropriate. We subjected
the capital structure to various cash flow stress scenarios,
incorporating different default patterns and interest rate curves,
to determine the rating level, based on the available credit
enhancement for each class of notes under our European SME CLO
criteria."
COUNTRY RISK
S&P's foreign currency long-term sovereign rating on the Kingdom
of Spain is 'BBB+'.
S&P said, "The results of our credit and cash flow analysis
indicate that the class C notes have sufficient credit enhancement
to withstand higher defaults, and are able to pass the severe
sovereign default stress test in our structured finance ratings
above the sovereign (RAS) criteria (see "Ratings Above The
Sovereign - Structured Finance: Methodology And Assumptions,"
published on Aug. 8, 2016). Under these criteria, we can rate a
securitization up to four notches above our foreign currency
rating on the sovereign if the tranche can withstand severe
stresses. Taking into account the results of our credit and cash
flow analysis and the application of our RAS criteria, we have
raised to 'AA- (sf)' from 'BBB+ (sf)' our rating on the class C
notes.
"Our analysis indicates that the available credit enhancement for
the class D notes is commensurate with the currently assigned
rating. We have therefore affirmed our 'CCC (sf)' rating on this
class of notes."
RATINGS LIST
Class Rating
To From
FTPYME Bancaja 3, Fondo de Titulizacion de Activos
EUR900 Million Floating-Rate Notes
Rating Raised
C AA- (sf) BBB+ (sf)
Rating Affirmed
D CCC (sf)
===========
S W E D E N
===========
FASTIGHETS AB: S&P Rates EUR350MM Subordinated Notes 'BB+'
----------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' long-term
issue rating to the EUR350 million notes maturing in 2078 issued
by Fastighets AB Balder (BBB/Stable/--). The notes are optionally
deferrable, subordinated hybrids.
Balder plans to use the proceeds to replace its existing
preference shares.
S&P said, "We classify the notes as having intermediate equity
content until their first call dates in 2023. This is because they
meet our criteria in terms of their subordination, permanence, and
optional deferability during this period (see "Hybrid Capital
Handbook: September 2008 Edition," published on Sept. 15, 2008, on
RatingsDirect).
"Consequently, in our calculation of Balder's credit ratios, we
will treat 50% of the principal outstanding and accrued interest
under the hybrids as equity rather than debt. We will also treat
50% of the related payments on these notes as equivalent to a
common dividend. Both treatments are in line with our hybrid
capital criteria."
S&P arrive at its 'BB+' issue rating on the notes by deducting two
notches from its 'BBB' long-term rating on Balder, specifically:
-- One notch for the subordination of the notes, because the
rating on Balder is investment grade (that is, 'BBB-' or
above); and
-- An additional notch for payment flexibility to reflect that
the deferral of interest is optional.
S&P said, "We deduct one notch only because we consider that there
is a relatively low likelihood that Balder will defer interest
payments. Should our view on this likelihood change, we may
significantly increase the number of notches we deduct to derive
the issue rating."
SAGAX AB: Moody's Assigns First-Time Ba1 CFR, Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to AB Sagax, a Stockholm-based commercial real
estate company. The outlook on the rating is positive.
"Sagax's Ba1 rating reflects its strong market position in the
warehouse and light industrial sector in Sweden and Finland, and
an experienced management team with a good track record and
commitment to a financial policy that will further strengthen the
company's credit profile" says Ramzi Kattan, a Moody's VP - Senior
Analyst and lead analyst for Sagax.
RATINGS RATIONALE
Sagax's Ba1 corporate family rating (CFR) reflects the company's
leading market position in the Nordic warehouse and light
industrial real estate sector. The company's well-executed
business model focused on diversified, long dated rental cash
flows from credit-worthy tenants is a key strength that underpins
the portfolio's stability. The company is a disciplined and
opportunistic buyer that can grow through value accretive
acquisitions in the various countries where it operates, and
enjoys good access to debt and equity capital. Other strengths
include moderate leverage as measured by net debt/EBITDA compared
to many European real estate peers, and a strong fixed charge
coverage. Favourable macro-economic and property market
fundamentals will sustain the company's cash flows and values.
Counterbalancing these strengths is a short-dated debt maturity
profile of around three years and a 65% reliance on secured
lending in its funding mix. Moody's expects the company's limited
unencumbered asset pool to grow as it increases unsecured bond
issuance. The company operates in a relatively less liquid and
less transparent sector of the property market. The limited
alternative use for some of the company's properties, especially
outside major urban areas, is a potential long-term risk.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook reflects Moody's expectation that in the next
12 to 18 months the company will focus on a financial policy that
will lead to lower leverage and also increase reliance on
unsecured lending leading to an expansion of unencumbered assets.
The outlook also incorporates Moody's expectation that the company
will continue to generate stable cash flows and maintain good
liquidity while keeping high occupancy levels, a long-dated lease
maturity profile, and a balanced growth strategy. The outlook also
reflects a favourable operating environment.
FACTORS THAT COULD LEAD TO AN UPGRADE
The company could be upgraded if it brings its leverage ratios in
line with its recently updated financial policy such that:
-- leverage is below 50% from its current 53.9% level as
measured by Moody's-adjusted gross debt/assets, and
maintaining financial policies that support the lower
leverage
-- Sustaining Moody's net debt/EBITDA ratio below 8x from its
current 8.7x level, and maintaining a long average lease term
to maturity
An upgrade will also require:
-- Sustaining Moody's Fixed charge coverage ratio above 3x from
its current 3.2x level
-- Improving the debt maturity profile and more reliance on
senior unsecured lending leading to an increase in
unencumbered assets
FACTORS THAT COULD LEAD TO A DOWNGRADE
-- Moody's-adjusted gross debt/assets sustained above 55%
-- Fixed charge coverage ratio sustained below 2.25x
-- Moody's net debt/EBITDA ratio persistently above 10x
-- Failure to maintain an adequate debt maturity profile or a
balanced funding mix
-- Excessive use of short-term commercial paper funding,
especially if it is no longer fully backed by longer-dated
committed undrawn credit facilities
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
===========================
U N I T E D K I N G D O M
===========================
CABOT FINANCIAL: S&P Affirms 'B+' CCR on Proposed Refinancing
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term counterparty credit
rating on U.K.-based debt collection company Cabot Financial Ltd.
The outlook is stable.
S&P said, "At the same time, we affirmed our 'B+' issue rating on
the group's senior secured notes issued by Cabot Financial
(Luxembourg) S.A., and Cabot Financial (Luxembourg) II S.A. The
recovery rating remains at '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate 55%) in the event
of a payment default."
Cabot's newly created asset-backed loan facility, proposed
acquisition, and refinancing plans do not affect S&P's ratings or
the group's financial risk profile. This reflects S&P's view that
the transactions will lead to an incremental increase in debt and
a modest reduction in the company's interest expense on the back
of lower debt repayments. These expected changes to Cabot's credit
metrics remain in line with its current expectations, namely:
-- Gross debt to S&P Global Ratings-adjusted EBITDA of 4x-5x
(adjusted EBITDA is gross of portfolio amortization);
-- Funds from operations (FFO) to total debt of 12%-20%; and
-- Adjusted EBITDA coverage of interest expense of 3x-6x.
S&P said, "In our base-case scenario, we assume these metrics will
remain within these ranges over our one-year outlook horizon. We
believe Wescot has the potential to complement Cabot's position in
the U.K. As a debt-collection agency, we expect that, over time,
Wescot will help Cabot's revenue profile become more in line with
the average for its peer group. However, the concentration of
Cabot's revenue in the U.K. will remain broadly unchanged.
"Although we believe that Cabot's available liquidity and the
tenor of its debt support its ambitions to continue expanding into
mainland Europe, we expect the pace of this will be gradual. We
therefore expect the company will continue to seek growth
opportunities, in particular through bolt-on acquisitions of
smaller servicers. However, we do not believe this will have a
material impact on our business risk or financial risk profile
assessments over the next year.
"Our forward-looking analysis of the company's financial risk
profile applies a 20% weight to year-end 2016 results and a 40%
weight to year-end projections for both 2017 and 2018."
In February 2017, Cabot's owners announced their intention to exit
the company through a potential IPO. S&P's analysis does not
factor in any impact on Cabot's financial risk profile from the
potential IPO.
S&P said, "The stable outlook reflects our expectation that
Cabot's leverage and debt-servicing metrics will remain in line
with our current assessment. This reflects our base-case scenario,
which is predicated on an increase in Cabot's earnings capacity,
continued growth in total collections, and no material increase in
debt."
S&P could lower the rating if Cabot was unable to maintain
stronger credit ratios. Such a scenario could unfold if we saw
signs that Cabot was returning to a more aggressive financial
policy by, for example, raising additional debt to fund a large
acquisition. Specifically, S&P could lower the rating if Cabot's
leverage or debt-service metrics were weaker than those
commensurate with an aggressive financial risk profile, namely:
-- A ratio of gross debt to adjusted EBITDA above 5x; FFO to
gross debt lower than 12%; or
-- Adjusted EBITDA coverage of gross cash interest expenses
below 2x.
S&P said, "We could also lower the rating if we observed material
declines in total collections, or an unanticipated rise in costs
that leads to a reduction in the group's earnings capacity.
"Given Cabot's current ownership structure and business
concentrations, we consider an upgrade unlikely at present. We
could consider raising the rating if Cabot deleveraged
significantly more than we currently expect. We could also raise
the rating if Cabot established diverse geographic and business
revenue streams, thereby reducing concentrations and, in turn, the
inherent regulatory and operational risks of operating solely in
the U.K."
ENTU PLC: Board Intends to Appoint Administrators
-------------------------------------------------
The Board Board of Entu (UK) plc, on August 25, 2017, has
concluded that the Company's holding company is no longer able to
continue trading as a going concern while pursuing a sale of the
business and has filed notice of intention to appoint
administrators to the Company.
On August 24, 2017, Entu's ordinary shares were suspended from
trading pending clarification of its financial position.
Unless financial circumstances change, and in accordance with
statutory requirements, the Board intend to appoint administrators
within 10 business days. The secured creditor can, however,
appoint administrators without the requirement for notice.
The Company will make further announcements in due course.
Entu (UK) PLC is engaged in the sale of replacement windows,
double glazing, entrance doors, patio doors and exterior
improvement products within the United Kingdom.
THOMAS COOK: Fitch Hikes Long-Term IDR to B+, Outlook Stable
------------------------------------------------------------
Fitch Ratings has upgraded Thomas Cook Group Plc's (TCG) Long-Term
Issuer Default Rating to 'B+' from 'B'. The senior unsecured notes
have also been upgraded to 'BB-'/'RR3' from 'B+'/'RR3' for both
TCG and Thomas Cook Group Finance plc. The Outlook is now Stable
(previously Positive).
The upgrade reflects TCG's sustainably improved business profile,
which has demonstrated increasing resilience to external events
over the years. This together with the group's focus on cutting
costs and improving operating margins has helped to strengthen the
business model, while the efforts made to turn around the German
airlines business are now becoming evident, resulting in an
overall improved credit profile. TCG has demonstrated a strong
commitment to generating positive free cash flow and to reducing
leverage, resulting in enhanced financial flexibility and limited
refinancing risks consistent with a higher rating.
KEY RATING DRIVERS
More Robust Business Model: Fitch expects TCG to improve its EBIT
margin towards 4% on a sustained basis by the financial year
ending September 2018 (FY18), reaching 4.5% by FY20. Such profit
margin would be comparable to pre-2008 levels (4.2%), despite the
level of competition from other tour operators (some online). The
improvement is due to continuing efforts to strengthen the group's
business profile, cut costs, improve its product offering and
diversify its customer base resulting in enhanced competitiveness.
The group is also expanding geographically under its partnership
with Fosun into China.
Increasing Resilience: TCG benefits from a strong and trusted
brand and is the world's second-largest tour operator. The ratings
reflect the high risk inherent in the tour operator sector, but
the group has consistently demonstrated its flexibility in coping
with external shocks and high competition.
Brexit Uncertainty Mitigated by Diversification: TCG has also
demonstrated revenue resilience since the UK's vote to leave the
EU, with bookings continuing to grow. Some uncertainties regarding
future demand remain, but reported like-for-like (LfL) sales
continued to increase by 11% in the UK in Q3FY17. In Fitch
forecasts case Fitch assumes LfL sales growth in the UK will fall
to 8% in FY17, and then reducing sequentially to 1% by FY19.
TCG's diversity of end destinations has been a differentiating
factor, with some customers now buying more "value" options, as
seen with a return to growth for Turkey and Egypt. It has
increased its diversification of source markets while the UK
business contributes only about one third to the group's operating
profit. Given that TCG does not hedge profits in euros and Swedish
krona, the group's profit can benefit from the depreciation of the
pound given roughly two-thirds of revenue is earned elsewhere.
Condor Turnaround Materialising: Management recently announced an
action plan to turn around the German airlines business, and its
benefits were finally seen in Q3FY17 results, showing a GBP16
million improvement in underlying EBIT on the previous year. Fitch
now forecast that the division will have a neutral operating EBIT
in FY17, before returning to profitability from FY18 onwards. The
group has also benefited from the difficult operating environment
for other airlines in Germany, reducing capacity in this market.
However, Fitch remains cautious on the future profitability of
this division, and forecast EBIT to remain significantly below
historical levels during the rating horizon.
In addition, the other airlines operated by the group are
performing reasonably well as they benefit from a much larger
proportion of seats loaded by TCG's tour operator business.
Exposure to External Risks: As a tour operator, TCG's business
remains vulnerable to a high level of risks and events, most
notably geopolitical events, macroeconomic pressure and changing
weather patterns. These underlying risks are reflected in the 'B'
category rating. Fitch expects TCG to continue to increase its
flexibility to respond to such developments, which together with
increased diversification of source markets and destinations,
should help mitigate their impact, underlying the improvement in
the business risk profile.
Steady Cash-Flow Generation: Fitch expects funds from operations
(FFO) as a percentage of revenue to improve to 4.6% by FY19,
recovering after past one-off and other costs associated with the
NUMO programme. Management is introducing a modest dividend policy
linked to earnings performance. However, Fitch expects its FCF
margin to remain positive, growing towards 2% of revenues over the
rating horizon, having averaged just over 1% between 2013 and
2016. TCG's FCF capability is above the rating median for peers at
the 'B' rating level and strong relative to airline peers.
High Seasonality: Working capital is highly seasonal and typically
increases in the first quarter of the company's financial year
(between October and December) when TCG pays its hotels and other
suppliers after the busy summer season. Given the September year-
end, cash balances typically build up during the third and fourth
quarters and are paid out in the first quarter of the following
financial year.
Commitment to Deleveraging: Fitch forecasts that FFO adjusted
leverage will fall towards 4.9x in FY18 and 4.7x by FY19 (from
5.7x at FYE16), which is below Fitch sensitivity guidance for an
upgrade, more in line with a 'B+' IDR. In addition, TCG's
deleveraging capacity benefits from the group's strong FCF
generating ability and management's focus on maintaining a more
conservative balance sheet policy.
DERIVATION SUMMARY
TCG is the second-largest tour operator in the world, behind TUI
AG based on revenues. It is less geographically diverse than TUI,
with group EBITDA margin of 6.6% behind TUI's 7.9%, due to TUI
having a more diverse product base including cruise ships. TCG's
FFO adjusted gross leverage is also about 1.0x higher than TUI's.
TCG's operating margin is lower than Expedia Inc's (BBB-/Stable)
or hotel operators. Moreover, TCG's business risk is higher than
an internet or a hotel operator due to the necessity to
efficiently manage its cost base (fuel costs, FX because of its
own fleet of aircraft) and seasonality during the year. However,
TCG's business risk is much lower than airline companies' thanks
to its flexible model (more asset-light than an airline company,
flexibility in reducing capacity, re-routing customers and a
multi-channel operator).
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- revenue of about GBP8.7 billion in FY17, followed by low
single digit like-for-like growth thereafter;
- EBIT margin of about 3.7% in FY17, improving towards 4.5% in
FY20;
- capex about GBP200 million per annum;
- Cash outflows from dividends continuing annually, targeting
roughly 30% of profits after tax;
- FCF margin of about 1% in FY17 increasing towards 2%
thereafter;
- reduction of fixed-term debt by a further GBP200 million by
FY18, achieved through part redemption of the 2021 notes,
possibly offset by additional drawings under the RCF in the
future.
Key Recovery Assumptions:
- Fitch recovery analysis assumes that TCG would be treated as a
going concern in a restructuring and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.
- TCG's going-concern EBITDA is based on 2016 EBITDA of EUR512
million, to which Fitch apply a 25% discount. Given the going
concern assumption, Fitch also deduct the present value of
finance leases payable at FY16 of GBP42m as well as interest
payable of GBP16 million.
- After these deductions, Fitch arrives at an estimated post-
restructuring EBITDA available to creditors of EUR326 million.
- Fitch then apply a conservative distressed EV/EBITDA multiple
of 4.5x, resulting in an EV of GBP1,467 million.
- In terms of distribution of value, unsecured debtholders
(including bonds and pension obligations) would recover 63% in
the event of default consistent with an 'RR3' and an
instrument rating of 'BB-', one notch above the assigned IDR.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Continued improvements in business model, and profit
resilience resulting in EBIT margin remaining above 5% on a
sustained basis, and continuing positive FCF margin
- Maintenance of conservative capital allocation policy
reflected in FFO lease adjusted gross leverage (including
additional GBP200 million RCF drawing) falling consistently
below 4.0x
- A reduction in overall interest expenses and enhanced
profitability leading to FFO fixed charge coverage rising to
above 2.5x on a sustained basis
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Competitive pressures or deterioration in airlines
profitability resulting in EBIT margins remaining continually
below 4%
- FFO-adjusted gross leverage remaining above 5.0x on a
sustained basis
- Weakening financial flexibility measured as FFO fixed charge
cover staying below 2.0x on a sustained basis or liquidity
headroom below GBP250 million
LIQUIDITY
Adequate Liquidity: At FYE16, TCG had sufficient liquidity,
comprising GBP212 million of readily available cash (Fitch views
GBP1 billion as restricted for seasonal working-capital purposes
and also cash pooling balances) and GBP481 million undrawn under
its revolving credit facility, comfortably above the minimum
threshold of GBP250 million that Fitch expects TCG to maintain at
any given time. The next material debt maturity is the GBP800
million credit facility due 2019, and Fitch expects refinance risk
to be manageable.
Management has stated its intention to reduce fixed-term debt by
GBP300 million by FY18, of which GBP100 million has been repaid so
far, ultimately improving the group's debt maturity profile as
well as reducing interest expense.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 21 to August 25, 2017
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
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Air Berlin PLC 6.75 5/9/2019 EUR 8.87
Air Berlin PLC 5.63 5/9/2019 CHF 8.89
Agrokor dd 9.88 5/1/2019 EUR 28.14
New Look Senior Issue 8.00 7/1/2023 GBP 49.43
New Look Secured Issu 4.50 7/1/2022 EUR 63.64
Co-Operative Bank PLC 11.00 12/20/2023 GBP 46.51
Ensco PLC 5.20 3/15/2025 USD 74.10
Ensco PLC 4.50 10/1/2024 USD 72.08
Intelsat Luxembourg S 7.75 6/1/2021 USD 62.29
Ensco PLC 5.75 10/1/2044 USD 63.02
Oi Brasil Holdings Co 5.75 2/10/2022 USD 34.00
Agrokor dd 9.13 2/1/2020 EUR 27.51
Offshore Drilling Hol 8.38 9/20/2020 USD 40.25
Holdikks SAS 6.75 7/15/2021 EUR 60.86
Agrokor dd 8.88 2/1/2020 USD 22.35
Intelsat Luxembourg S 8.13 6/1/2023 USD 59.79
Air Berlin Finance BV 8.50 3/6/2019 EUR 10.63
Mitsubishi UFJ Invest 4.17 12/15/2050 EUR 57.41
Air France-KLM 2.03 2/15/2023 EUR 13.29
CGG SA 5.88 5/15/2020 EUR 33.88
OAS Investments GmbH 8.25 10/19/2019 USD 5.90
HSH Nordbank AG/Luxem 1.99 EUR 15.64
Ageasfinlux SA 1.02 EUR 59.76
Banca Carige SpA 7.32 12/20/2020 EUR 69.92
Pacific Drilling SA 5.38 6/1/2020 USD 42.06
Frigoglass Finance BV 8.25 5/15/2018 EUR 54.63
Korian SA 2.50 EUR 42.11
Grupo Isolux Corsan S 3.00 12/30/2021 EUR 1.16
Solarworld AG 11.00 2/24/2019 EUR 56.00
CGG SA 6.50 6/1/2021 USD 34.03
Johnston Press Bond P 8.63 6/1/2019 GBP 68.50
Banca Carige SpA 8.34 EUR 25.00
Portugal Telecom Inte 4.38 3/24/2017 EUR 32.80
Rickmers Holding AG 8.88 6/11/2018 EUR 2.39
Mitsubishi UFJ Invest 3.92 12/30/2099 EUR 7.75
Far East Capital Ltd 8.00 5/2/2018 USD 72.38
Grupo Isolux Corsan S 0.25 12/30/2021 EUR 0.34
Alitalia-Societa' Aer 5.25 7/30/2020 EUR 5.53
CGG SA 6.88 1/15/2022 USD 32.25
HSH Nordbank AG 7.25 USD 21.01
Rothschilds Continuat 1.69 USD 74.07
Brighthouse Group PLC 7.88 5/15/2018 GBP 70.38
Portugal Telecom Inte 4.50 6/16/2025 EUR 32.99
UkrLandFarming PLC 10.88 3/26/2018 USD 28.50
Air Berlin Finance BV 6.00 3/6/2019 EUR 10.63
WPE International Coo 10.38 9/30/2020 USD 15.80
Santander Internation 2.00 USD 67.97
Norske Skogindustrier 7.00 12/30/2026 EUR 5.38
CGG SA 1.75 1/1/2020 EUR 1.98
Oi Brasil Holdings Co 5.63 6/22/2021 EUR 33.98
Bibby Offshore Servic 7.50 6/15/2021 GBP 31.50
Portugal Telecom Inte 5.88 4/17/2018 EUR 33.13
Norske Skog Holding A 8.00 2/24/2021 EUR 11.63
Banco Espirito Santo 4.00 1/21/2019 EUR 30.00
Avangardco Investment 10.00 10/29/2018 USD 22.33
Alno AG 8.50 5/14/2018 EUR 8.75
Privatbank CJSC Via U 10.25 1/23/2018 USD 20.56
BIM SAS 2.50 11/13/2020 EUR 27.51
Banco Espirito Santo 2.63 5/8/2017 EUR 29.67
Portugal Telecom Inte 6.25 7/26/2016 EUR 32.46
Bourbon Corp 4.70 EUR 48.50
Banca Popolare di Vic 2.82 12/20/2017 EUR 0.59
Co-Operative Bank PLC 8.50 7/1/2025 GBP 46.25
Solarworld AG 11.00 2/24/2019 EUR 59.00
Privatbank CJSC Via U 11.00 2/9/2021 USD 9.67
Mriya Agro Holding PL 9.45 4/19/2018 USD 5.00
Banco Espirito Santo 7.13 11/28/2023 EUR 0.30
Immigon Portfolioabba 10.00 EUR 14.10
Neopost SA 3.38 EUR 59.94
Yuksel Insaat AS 9.50 11/10/2015 USD 20.00
Bilt Paper BV 9.64 USD 26.26
Nexity SA 0.13 1/1/2023 EUR 67.11
NTRP Via Interpipe Lt 10.25 8/2/2017 USD 25.00
Novo Banco SA/Luxembo 3.50 1/2/2043 EUR 65.15
Scholz Holding Gmbh 8.50 12/31/2019 EUR 2.24
Veneto Banca SpA 9.50 12/1/2025 EUR 0.79
Banca Carige SpA 2.77 6/19/2018 EUR 59.25
Banca Popolare di Vic 9.50 9/29/2025 EUR 0.57
BNP Paribas SA 1.15 EUR 74.50
CGG SA 1.25 1/1/2019 EUR 22.00
Beate Uhse AG 7.75 7/9/2019 EUR 32.00
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
Banco Espirito Santo 4.75 1/15/2018 EUR 28.38
KTG Agrar SE 7.13 6/6/2017 EUR 1.93
Virgolino de Oliveira 10.50 1/28/2018 USD 6.63
Veneto Banca SpA 0.72 9/17/2017 EUR 0.48
Waste Italia SpA 10.50 11/15/2019 EUR 7.50
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.50
3W Power SA 8.00 8/29/2019 EUR 45.00
Cooperatieve Rabobank 0.50 11/26/2021 ZAR 71.21
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.63
Agrokor dd Via Aquari 4.92 8/8/2017 EUR 19.75
Lambay Capital Securi 6.25 GBP 0.03
Eramet 4.00 EUR 56.69
ATF Capital BV 8.77 USD 73.00
Mobylife Holding A/S 7.25 5/23/2020 SEK 30.63
Pierre & Vacances SA 3.50 10/1/2019 EUR 44.82
Capital Raising GmbH 7.50 EUR 35.67
Allied Irish Banks PL 12.50 6/25/2035 GBP 70.62
Scandinavian Airlines 0.63 CHF 24.55
New World Resources N 8.00 4/7/2020 EUR 5.38
Far East Capital Ltd 8.75 5/2/2020 USD 72.38
Sanha GmbH & Co KG 7.75 6/4/2018 EUR 65.63
Aligera Holding AB pu 5.00 5/7/2019 SEK 31.12
New Look Senior Issue 8.00 7/1/2023 GBP 49.94
Espirito Santo Financ 6.88 10/21/2019 EUR 0.11
International Bank of 6.17 5/10/2017 USD 42.75
New Look Secured Issu 6.50 7/1/2022 GBP 67.91
Orient Express Bank P 12.00 5/29/2019 USD 55.63
Novo Banco SA/Luxembo 3.50 1/23/2043 EUR 65.18
Norske Skogindustrier 7.13 10/15/2033 USD 6.00
Dexia SA 1.45 EUR 8.29
New World Resources N 4.00 10/7/2020 EUR 0.18
Barclays Bank PLC 2.42 2/25/2031 USD 67.85
Societe Generale SA 0.81 EUR 67.35
Pescanova SA 8.75 2/17/2019 EUR 2.62
Elli Investments Ltd 12.25 6/15/2020 GBP 69.25
Stichting Afwikkeling 6.25 10/26/2020 EUR 3.49
Lehman Brothers UK Ca 5.13 EUR 1.51
Eniro AB 6.00 4/14/2020 SEK 11.33
Novo Banco SA 3.00 6/21/2022 USD 72.07
Novo Banco SA 5.00 3/15/2022 EUR 75.18
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.50
Royal Bank of Scotlan 1.54 12/30/2030 USD 73.88
Lloyds Bank PLC 0.74 1/31/2033 USD 62.00
Espirito Santo Financ 3.13 12/2/2018 EUR 0.29
Lehman Brothers UK Ca 6.90 USD 2.65
Alno AG 8.00 3/21/2019 EUR 7.50
OSX 3 Leasing BV 13.00 3/20/2015 USD 33.50
Hybrid Raising GmbH 6.63 EUR 24.03
GNB - Cia de Seguros 3.17 EUR 49.75
Hamon & CIE SA 5.50 1/30/2020 EUR 71.06
Privatbank CJSC Via U 10.88 2/28/2018 USD 20.59
Novo Banco SA 5.00 2/24/2022 EUR 75.08
Afren PLC 11.50 2/1/2016 USD 0.02
Bank Nadra via NDR Fi 8.25 7/31/2018 USD 0.15
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.00
Pescanova SA 5.13 4/20/2017 EUR 2.86
GEWA 5 to 1 GmbH & Co 6.50 3/24/2018 EUR 31.38
Novo Banco SA/Luxembo 3.50 2/19/2043 EUR 65.27
Aralco Finance SA 10.13 5/7/2020 USD 3.00
Credit Lyonnais SACA 0.44 EUR 73.50
Koninklijke Luchtvaar 0.75 CHF 36.50
Fred Olsen Energy ASA 3.89 2/28/2019 NOK 50.33
Rudolf Woehrl AG 6.50 2/12/2018 EUR 5.60
New Look Secured Issu 4.50 7/1/2022 EUR 64.00
Golden Gate AG 6.50 10/11/2014 EUR 56.56
GNB - Cia de Seguros 1.87 12/19/2022 EUR 61.75
Lloyds Bank PLC 2.45 11/27/2033 USD 70.22
Norske Skogindustrier 2.00 12/30/2115 EUR 4.19
Dexia Credit Local SA 1.40 EUR 7.13
Banca Carige SpA 1.67 12/29/2018 EUR 40.00
Praktiker AG 5.88 2/10/2016 EUR 0.21
Klarna Bank AB 5.25 SEK 72.40
Agrokor dd 8.88 2/1/2020 USD 27.09
Vseukrainsky Aktsiner 10.90 6/14/2019 USD 0.54
Lloyds Bank PLC 2.75 12/27/2028 USD 73.76
Novo Banco SA/Luxembo 3.50 3/18/2043 EUR 65.17
BNP Paribas SA 0.69 4/30/2033 USD 58.68
Norske Skog Holding A 8.00 2/24/2023 USD 16.38
Offshore Drilling Hol 8.38 9/20/2020 USD 38.75
Barclays Bank PLC 0.40 5/31/2033 USD 54.00
Virgolino de Oliveira 11.75 2/9/2022 USD 6.92
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.72
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Stichting Afwikkeling 1.96 EUR 0.24
Barclays Bank PLC 1.65 4/25/2034 USD 69.25
Mriya Agro Holding PL 10.95 3/30/2016 USD 5.72
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
Deutsche Bank AG/Lond 0.34 3/15/2033 USD 63.00
ESFIL-Espirito Santo 5.25 6/12/2015 EUR 0.39
Barclays Bank PLC 1.94 9/30/2031 USD 69.45
Deutsche Bank AG/Lond 2.84 11/26/2034 USD 67.75
Sequa Petroleum NV 5.00 4/29/2020 USD 70.75
Corporate Commercial 8.25 8/8/2014 USD 0.94
SeaBird Exploration F 6.00 6/30/2020 USD 20.50
Banco Espirito Santo 2.32 EUR 0.27
KTG Agrar SE 7.25 10/15/2019 EUR 2.72
Abanka Vipa DD Via Af 1.57 EUR 1.64
Barclays Bank PLC 2.59 2/28/2034 USD 75.00
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
HSBC France SA 1.03 EUR 71.50
Etablissements Maurel 1.63 7/1/2019 EUR 16.18
Norske Skog Holding A 8.00 2/24/2021 EUR 11.63
Lloyds Bank PLC 0.43 2/22/2033 USD 59.38
Havila Shipping ASA 4.82 11/7/2020 NOK 48.75
PNE Wind AG 3.75 10/10/2019 EUR 3.45
LBI HF 6.10 8/25/2011 USD 9.50
JZ Capital Partners L 6.00 7/30/2021 GBP 11.30
Touax SA 6.00 7/10/2020 EUR 17.31
Norske Skogindustrier 7.13 10/15/2033 USD 3.79
Deutsche Bank AG/Lond 3.32 10/31/2034 USD 65.67
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.39
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Manchester Building S 6.75 GBP 17.13
Havila Shipping ASA 5.35 11/7/2020 NOK 69.63
Smart Solutions GmbH 8.00 12/3/2018 EUR 29.13
Decipher Production L 12.50 9/27/2018 USD 1.85
Sidetur Finance BV 10.00 4/20/2016 USD 4.86
City of Kiev Ukraine 8.00 11/6/2015 USD 63.38
Gebr Sanders GmbH & C 8.75 10/22/2018 EUR 28.50
Lloyds Bank PLC 0.24 4/26/2033 USD 59.95
Hellenic Republic Gov 2.09 7/25/2057 EUR 41.50
Veneto Banca SpA 6.95 2/25/2025 EUR 0.60
Barclays Bank PLC 0.55 3/28/2033 USD 61.75
APP International Fin 11.75 10/1/2005 USD 0.56
KPNQwest NV 7.13 6/1/2009 EUR 0.09
Deutsche Agrar Holdin 7.25 9/28/2018 EUR 1.57
Geotech Seismic Servi 12.00 10/16/2019 RUB 64.42
Sazka AS 9.00 7/12/2021 EUR 0.50
Sairgroup Finance BV 4.38 6/8/2006 EUR 12.50
Cirio Holding Luxembo 6.25 2/16/2004 EUR 0.87
Espirito Santo Financ 9.75 12/19/2025 EUR 1.05
More & More AG 8.13 6/11/2018 EUR 50.00
Abengoa Finance SA 7.75 2/1/2020 USD 2.76
getgoods.de AG 7.75 10/2/2017 EUR 0.15
Orco Property Group S 7.00 11/7/2019 EUR 68.13
Lehman Brothers Treas 6.00 11/2/2035 EUR 8.00
Vneshprombank Ltd via 9.00 11/14/2016 USD 0.40
Cooperatieve Rabobank 0.50 2/26/2029 HUF 58.31
Barclays Bank PLC 1.84 11/1/2031 USD 68.10
Banca Carige SpA 5.70 9/17/2020 EUR 55.01
Far Eastern Shipping 14.75 2/27/2018 RUB 68.19
Laurel GmbH 7.13 11/16/2017 EUR 3.93
Barclays Bank PLC 1.28 3/28/2034 USD 68.14
Barclays Bank PLC 1.54 12/30/2030 USD 71.13
Intelsat Luxembourg S 12.50 11/15/2024 USD 69.83
Pacific Drilling SA 5.38 6/1/2020 USD 40.00
Oi Brasil Holdings Co 5.75 2/10/2022 USD 34.75
Far Eastern Shipping 12.25 11/28/2017 RUB 60.00
Barclays Bank PLC 2.31 12/23/2033 USD 71.60
Ideal Standard Intern 11.75 5/1/2018 EUR 4.63
OGX Austria GmbH 8.50 6/1/2018 USD 0.03
UniCredit Bank Austri 0.19 8/20/2033 EUR 64.92
EFG International AG 0.97 EUR 68.00
Norske Skog Holding A 8.00 2/24/2023 USD 21.75
World Wide Supply AS 7.75 5/26/2017 USD 15.25
BBVA International Pr 1.16 GBP 62.30
Barclays Bank PLC 2.85 5/30/2034 USD 70.90
Orient Express Bank P 13.60 8/9/2018 RUB 68.00
IT Holding Finance SA 9.88 11/15/2012 EUR 2.44
Barclays Bank PLC 0.66 3/21/2033 USD 59.50
Finmek International 7.00 12/3/2004 EUR 5.63
Rena GmbH 8.25 7/11/2018 EUR 9.38
RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 12.00
Wild Bunch AG 8.00 3/23/2019 EUR 50.05
German Pellets GmbH 7.25 11/27/2019 EUR 0.72
Mox Telecom AG 7.25 11/2/2017 EUR 3.31
MPS Capital Services 4.36 3/14/2024 EUR 40.51
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.00
Enterprise Holdings L 7.00 3/30/2020 EUR 3.33
PA Resources AB 3.00 12/27/2017 NOK 0.16
Rena GmbH 7.00 12/15/2015 EUR 9.38
Stichting Afwikkeling 11.25 EUR 0.53
CBo Territoria 6.00 1/1/2020 EUR 3.96
Barclays Bank PLC 2.03 1/27/2031 USD 69.50
Portigon AG 7.46 12/31/2019 EUR 27.00
Barclays Bank PLC 1.44 8/15/2033 USD 70.72
Northland Resources A 4.00 10/15/2020 USD 0.07
Petrol AD 5.50 1/26/2022 EUR 42.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.09
Etablissements Maurel 2.75 7/1/2021 EUR 10.56
Barclays Bank PLC 1.70 11/29/2030 USD 69.90
PA Resources AB 13.50 3/3/2016 SEK 0.22
Teksid Aluminum Luxem 11.38 7/15/2011 EUR 0.34
KPNQwest NV 10.00 3/15/2012 EUR 0.08
Pescanova SA 6.75 3/5/2015 EUR 2.91
Cooperatieve Rabobank 0.50 10/30/2043 MXN 12.66
Banco Espirito Santo 6.88 7/15/2016 EUR 29.67
Barclays Bank PLC 1.33 6/17/2033 USD 63.75
Agrokor dd 9.13 2/1/2020 EUR 27.68
Barclays Bank PLC 3.81 9/13/2028 USD 71.00
Belfius Bank SA/NV 1.62 FRF 69.63
Waste Italia SpA 10.50 11/15/2019 EUR 7.50
Afren PLC 6.63 12/9/2020 USD 0.01
Barclays Bank PLC 1.87 7/28/2031 USD 74.20
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Royal Bank of Scotlan 1.50 12/13/2028 USD 65.69
Lehman Brothers UK Ca 5.75 EUR 2.75
A-TEC Industries AG 2.75 5/10/2014 EUR 0.63
Lehman Brothers Treas 7.25 10/5/2035 EUR 9.63
Dannemora Mineral AB 11.75 3/22/2016 USD 0.28
CGG SA 6.50 6/1/2021 USD 34.38
German Pellets GmbH 7.25 7/9/2018 EUR 1.56
International Industr 11.00 2/19/2013 USD 0.22
Barclays Bank PLC 0.48 4/19/2033 USD 59.00
Lehman Brothers Treas 8.25 3/16/2035 EUR 8.00
Tatfondbank OAO via T 8.50 11/12/2019 USD 0.13
DOF ASA 7.82 9/12/2019 NOK 40.00
Steilmann SE 7.00 3/9/2017 EUR 1.81
Northland Resources A 15.00 7/15/2019 USD 0.32
Bulgaria Steel Financ 12.00 5/4/2013 EUR 4.31
Frey 6.00 11/15/2022 EUR 23.00
Hellas Telecommunicat 8.50 10/15/2013 EUR 0.72
Barclays Bank PLC 3.87 4/16/2029 USD 70.21
Sibur Holding PAO 9.65 7/22/2026 RUB 62.12
HSH Nordbank AG 2.30 2/1/2036 EUR 70.31
Steilmann SE 7.00 9/23/2018 EUR 1.81
Transneft PJSC 9.30 8/25/2026 RUB 63.01
Cooperatieve Rabobank 0.50 7/30/2043 MXN 12.89
Lloyds Bank PLC 1.95 7/29/2033 USD 70.00
Bank Norwegian AS 6.12 NOK 68.91
OGX Austria GmbH 8.38 4/1/2022 USD 0.03
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Barclays Bank PLC 2.82 9/29/2034 USD 74.25
Agrokor dd 9.88 5/1/2019 EUR 28.01
Virgolino de Oliveira 10.88 1/13/2020 USD 26.38
UniCredit Bank Austri 0.17 12/31/2031 EUR 67.31
Veneto Banca SpA 6.94 5/15/2025 EUR 0.39
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.65
Rosneft Oil Co PJSC 10.90 11/28/2024 RUB 64.01
Popular Capital SA 4.00 EUR 2.76
FPK OAO 9.95 6/4/2026 RUB 102.25
Windreich GmbH 6.50 7/15/2016 EUR 11.00
Stroika Finance Ltd V 9.90 6/25/2019 RUB 10.00
Nationwide Building S 0.78 GBP 74.00
OAS Investments GmbH 8.25 10/19/2019 USD 5.25
Grupo Isolux Corsan S 0.25 12/30/2018 EUR 0.80
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.47
Santander Finance Cap 2.00 EUR 27.13
Johnston Press Bond P 8.63 6/1/2019 GBP 68.50
Deutsche Bank AG/Lond 0.49 1/31/2033 USD 61.10
Rem Offshore ASA 5.00 12/8/2024 NOK 30.00
Norske Skogindustrier 7.00 12/30/2026 EUR 5.38
Mifa Mitteldeutsche F 7.50 8/12/2018 EUR 2.26
Banco Pinto & Sotto M 0.64 EUR 33.35
Cirio Finance Luxembo 7.50 11/3/2002 EUR 4.69
Deutsche Bank AG/Lond 1.85 8/28/2034 USD 62.25
3W Power SA 5.50 11/11/2020 EUR 30.00
Del Monte Finance Lux 6.63 5/24/2006 EUR 5.30
Hamburgische Landesba 0.05 1/22/2041 EUR 62.57
Dexia Kommunalbank De 5.63 12/31/2017 EUR 13.13
Manchester Building S 8.00 GBP 25.25
Enterprise Holdings L 7.00 9/26/2017 EUR 3.33
Assystem 4.50 EUR 34.06
Banco BPI SA 1.78 EUR
Lehman Brothers Treas 7.00 5/17/2035 EUR 8.00
Royal Bank of Scotlan 1.84 8/26/2031 USD 71.25
Delamare Finance PLC 1.50 2/19/2029 GBP 63.41
Veneto Banca SpA 1.67 5/15/2019 EUR 0.47
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.36
Barclays Bank PLC 2.57 3/21/2031 USD 66.19
Royal Bank of Scotlan 1.42 11/16/2030 USD 70.50
Lehman Brothers Treas 6.00 2/15/2035 EUR 8.00
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Oceanic Champion AS 8.00 2/20/2020 USD 74.71
CNP Assurances 2.00 EUR 74.00
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Steilmann SE 6.75 6/27/2017 EUR 5.38
CRC Breeze Finance SA 6.11 5/8/2026 EUR 56.00
German Pellets GmbH 7.25 4/1/2016 EUR 1.07
Barclays Bank PLC 1.80 7/24/2028 USD 72.00
Solon SE 1.38 12/6/2012 EUR 0.33
Electromagnetic Geose 6.86 6/27/2019 NOK 70.13
International Finance 0.50 6/24/2024 ZAR 54.68
Sairgroup Finance BV 6.63 10/6/2010 EUR 12.75
Banco Pastor SAU 2.07 EUR 0.99
Finance and Credit Ba 9.25 1/25/2019 USD 0.56
Lloyds Bank PLC 2.77 7/26/2033 USD 67.75
State of Berlin Germa 0.50 6/19/2047 EUR 75.09
A-TEC Industries AG 5.75 11/2/2010 EUR 0.81
Rosneft Oil Co PJSC 11.40 12/3/2020 RUB 62.01
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Artea 6.00 8/4/2019 EUR 14.64
Tikehau Capital SCA 1.63 1/1/2022 EUR
Barclays Bank PLC 1.54 12/30/2030 USD 66.00
Barclays Bank PLC 1.87 7/28/2034 USD 65.65
Uppfinnaren 1 AB 10.00 SEK 63.76
Lehman Brothers Treas 5.00 9/22/2014 EUR 8.00
Abengoa Finance SA 7.75 2/1/2020 USD 2.76
CGG SA 6.88 1/15/2022 USD 34.88
Portugal Telecom Inte 5.24 11/6/2017 EUR 33.00
Bibby Offshore Servic 7.50 6/15/2021 GBP 31.50
Banco Espirito Santo 1.22 5/27/2018 EUR 2.83
Virgolino de Oliveira 10.50 1/28/2018 USD 6.63
Mriya Agro Holding PL 9.45 4/19/2018 USD 6.50
Municipality Finance 0.50 6/19/2024 ZAR 56.44
SiC Processing GmbH 7.13 3/1/2016 EUR 2.70
Lehman Brothers Treas 5.00 2/16/2015 EUR 8.00
Accentro Real Estate 6.25 3/27/2019 EUR 7.20
Stichting Afwikkeling 2.42 EUR 0.53
Svensk Exportkredit A 0.50 6/29/2029 AUD 62.49
Agroton Public Ltd 6.00 7/14/2019 USD 14.75
Governo Portugues Con 2.75 EUR 65.00
IVG Immobilien AG 5.50 EUR 2.13
Heta Asset Resolution 0.43 12/31/2023 EUR 36.63
Svensk Exportkredit A 0.50 8/29/2029 AUD 63.76
UniCredit Bank Austri 0.15 12/27/2031 EUR 67.10
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Svensk Exportkredit A 0.50 4/24/2029 AUD 62.75
Petromena ASA 10.85 11/19/2017 USD 0.61
Talvivaara Mining Co 4.00 12/16/2015 EUR 1.29
Banca del Monte di Lu 2.43 6/29/2020 EUR 55.75
KPNQwest NV 8.13 6/1/2009 USD 0.08
A-TEC Industries AG 8.75 10/27/2014 EUR 0.98
Agrokompleks OOO 0.10 7/29/2019 RUB 4.05
DEMIRE Real Estate AG 6.00 12/30/2018 EUR 3.60
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
CGG SA 5.88 5/15/2020 EUR 33.88
Afren PLC 10.25 4/8/2019 USD 0.01
Windreich GmbH 6.50 3/1/2015 EUR 11.00
Region of Abruzzo Ita 0.13 11/7/2036 EUR 61.54
MS Deutschland Beteil 6.88 12/18/2017 EUR 5.51
Banco Comercial Portu 5.00 EUR 61.00
Credit Bank of Moscow 9.15 7/10/2019 RUB 59.59
Banca Meridiana 1.25 11/12/2017 EUR 1.00
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.36
Intelsat Luxembourg S 12.50 11/15/2024 USD 68.47
Lloyds Bank PLC 2.38 7/5/2033 USD 66.00
Municipality Finance 0.50 5/8/2029 AUD 62.70
Landesbank Hessen-Thu 0.09 4/23/2041 EUR 71.23
Golden Energy Offshor 5.00 12/31/2017 NOK 45.63
Holdikks SAS 6.75 7/15/2021 EUR 61.00
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 63.23
Landesbank Hessen-Thu 0.08 5/3/2041 EUR 66.35
New World Resources N 4.00 10/7/2020 EUR 0.18
Banco Espirito Santo 10.00 12/6/2021 EUR 0.30
Espirito Santo Financ 5.05 11/15/2025 EUR 0.12
UniCredit Bank Austri 0.02 1/25/2031 EUR 69.87
Municipality Finance 0.50 4/26/2022 ZAR 67.84
Svensk Exportkredit A 0.50 6/28/2022 ZAR 66.73
Bank Nederlandse Geme 0.50 6/7/2022 ZAR 67.11
Rosbank PJSC 10.40 5/27/2026 RUB 61.33
Hamburgische Landesba 0.05 10/30/2040 EUR 64.20
BLT Finance BV 12.00 2/10/2015 USD 10.50
AKB Peresvet ZAO 13.00 10/7/2017 RUB 61.74
BNP Paribas SA 0.50 9/29/2029 AUD 61.87
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
BNP Paribas SA 0.50 7/20/2021 BRL 67.99
Societe Generale SA 2.26 10/31/2033 USD 74.00
Rosbank PJSC 7.50 10/7/2024 RUB 60.35
Barclays Bank PLC 1.94 9/30/2031 USD 60.59
Ideal Standard Intern 11.75 5/1/2018 EUR 4.63
Atari SA 7.50 2/17/2020 EUR 0.42
Europlan Leasing Co 11.50 8/23/2021 RUB 60.54
Kaupthing ehf 9.00 USD 0.13
Deutsche Bank AG/Lond 1.94 6/30/2034 USD 57.77
Afren PLC 11.50 2/1/2016 USD 0.02
Agentstvo po Ipotechn 8.80 2/15/2020 RUB 65.37
Freight One JSC 11.80 10/23/2025 RUB 65.56
Grupo Isolux Corsan S 3.00 12/30/2021 USD 1.16
Elli Investments Ltd 12.25 6/15/2020 GBP 69.25
Bilt Paper BV 9.64 USD 27.63
Santander Finance Cap 2.00 EUR 27.42
SAir Group 0.13 7/7/2005 CHF 14.75
Norske Skogindustrier 2.00 12/30/2115 EUR 4.19
Kommunalbanken AS 0.50 5/27/2022 ZAR 68.48
UniCredit Bank AG 0.37 11/19/2029 EUR 63.75
MPS Capital Services 3.76 3/30/2022 EUR 50.19
Barclays Bank PLC 0.50 4/24/2023 MXN 61.64
Cooperatieve Rabobank 0.50 1/31/2033 MXN 27.64
Lehman Brothers Treas 5.55 3/12/2015 EUR 3.92
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Santander Finance Cap 2.00 USD 58.91
wige MEDIA AG 6.00 3/17/2019 EUR 3.20
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.00
New World Resources N 8.00 4/7/2020 EUR 5.38
AKB Peresvet ZAO 13.50 10/16/2020 RUB 20.16
Lehman Brothers Treas 5.00 2/27/2014 EUR 8.00
Vorarlberger Landes- 5.87 EUR 45.68
Oi Brasil Holdings Co 5.63 6/22/2021 EUR 34.00
DekaBank Deutsche Gir 3.40 4/9/2018 EUR 52.97
UkrLandFarming PLC 10.88 3/26/2018 USD 29.25
Burovoya Kompaniya Eu 10.25 6/21/2019 RUB 103.10
Societe Generale SA 0.57 2/28/2033 USD 70.24
Afren PLC 10.25 4/8/2019 USD 0.01
Banca Popolare di Vic 9.50 10/2/2025 EUR 0.19
Lehman Brothers Treas 6.00 3/18/2015 USD 8.00
Rosbank PJSC 9.80 12/20/2026 RUB 102.71
State of Rhineland-Pa 0.60 10/24/2046 EUR 74.85
Depfa Funding II LP 6.50 EUR 56.88
Espirito Santo Financ 5.13 5/30/2016 EUR 0.28
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
SUEK Finance OOO 12.50 8/19/2025 RUB 98.26
Cattles Ltd 7.13 7/5/2017 GBP 0.51
Fonciere Volta SA 4.50 7/30/2020 EUR 2.54
Rostelecom PJSC 9.20 9/10/2026 RUB 64.10
Muehl Product & Servi 6.75 3/10/2005 DEM 2.40
Rosbank PJSC 9.80 12/20/2026 RUB 62.07
Far East Capital Ltd 8.00 5/2/2018 USD 71.26
Afren PLC 6.63 12/9/2020 USD 0.01
Brighthouse Group PLC 7.88 5/15/2018 GBP 70.38
Lehman Brothers Treas 5.10 5/8/2017 HKD 9.63
Depfa Funding IV LP 1.54 EUR 56.00
Aralco Finance SA 10.13 5/7/2020 USD 2.65
SUEK Finance OOO 12.50 8/19/2025 RUB 99.14
Marine Subsea AS 9.00 12/16/2019 USD 0.39
Societe Generale SA 1.60 1/9/2020 GBP 1.12
United Engine Corp JS 8.00 4/24/2020 RUB 70.31
Kamaz PJSC 11.24 7/18/2030 RUB 60.00
Barclays Bank PLC 2.28 8/31/2031 USD 68.85
Region of Molise Ital 0.13 12/15/2033 EUR 66.65
Privatbank CJSC Via U 10.88 2/28/2018 USD 20.88
Heta Asset Resolution 4.35 12/31/2023 EUR 36.63
Oberbank Hybrid 1 Gmb 0.87 EUR 48.58
Alpha Bank AE 2.50 6/20/2022 EUR 39.69
State of Saxony-Anhal 0.65 7/3/2028 EUR 99.00
Activa Resources AG 0.50 11/15/2021 EUR 18.12
Virgolino de Oliveira 11.75 2/9/2022 USD 6.63
Santander Finance Cap 2.00 USD 62.21
Phones4u Finance PLC 9.50 4/1/2018 GBP 72.50
Finans-Avia OOO 0.01 7/31/2027 RUB 21.37
Metalloinvest Holding 0.01 3/7/2022 RUB 61.28
Salvator Grundbesitz- 9.50 12/31/2021 EUR 9.30
Banco Espirito Santo 6.90 6/28/2024 EUR 28.63
Rossiysky Capital OJS 13.00 11/22/2019 RUB 70.01
Rosselkhozbank JSC 12.87 12/21/2021 RUB 60.01
Credito Padano Banca 3.10 EUR 33.39
HPI AG 3.50 EUR 6.00
HSBC Bank PLC 0.50 6/10/2021 BRL 71.10
Deutsche Bank AG/Lond 0.50 10/5/2021 IDR 66.31
International Industr 9.00 7/6/2011 EUR 0.47
BLT Finance BV 7.50 5/15/2014 USD 2.48
Credit Suisse AG/Lond 8.00 11/29/2019 USD 5.27
RESO-Garantia Insuran 12.00 9/13/2022 RUB 60.27
Heliocentris Energy S 4.00 1/16/2019 EUR 12.67
EFG International Fin 6.00 11/30/2017 EUR 1.57
Svensk Exportkredit A 0.50 1/31/2022 ZAR 69.62
Societe Generale SA 6.00 8/31/2017 USD 33.50
Lloyds Bank PLC 2.65 4/25/2034 USD 70.00
AKB Peresvet ZAO 13.25 4/25/2018 RUB 64.47
United Aircraft Corp 8.00 3/17/2020 RUB 60.06
Biomed-Lublin Wytworn 7.31 8/14/2018 PLN 73.30
Cooperatieve Rabobank 0.50 10/29/2027 MXN 45.57
Alpha Bank AE 2.50 6/20/2022 EUR 39.69
WPE International Coo 10.38 9/30/2020 USD 15.13
Vnesheconombank 9.75 8/16/2029 RUB 60.00
UniCredit Bank Austri 0.16 10/31/2031 EUR 67.70
Podkarpacki Bank Spol 5.81 3/31/2025 PLN 51.00
Gazprom PJSC 5.10 10/21/2043 RUB 115.00
Northland Resources A 4.00 10/15/2020 NOK 0.09
IKB Deutsche Industri 0.66 5/25/2031 EUR 67.36
Transneft PJSC 9.45 8/3/2023 RUB 63.22
WEB Windenergie AG 6.25 EUR 73.30
Ekotechnika AG 9.75 5/10/2018 EUR 9.50
Rossiysky Capital OJS 10.50 1/20/2020 RUB 70.02
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.87
Bank Nederlandse Geme 0.50 7/12/2022 ZAR 66.74
Talvivaara Mining Co 9.75 4/4/2017 EUR 1.04
OGK-2 PJSC 11.50 11/17/2020 RUB 102.15
ROSSETI PJSC 11.25 11/14/2025 RUB 62.66
ML 33 Invest AS 7.50 NOK 69.02
Lehman Brothers Treas 4.00 2/16/2017 EUR 8.00
AKB Metallinvestbank 11.00 5/21/2020 RUB 60.43
SAir Group 6.25 10/27/2002 CHF 14.79
Grupo Isolux Corsan S 0.25 12/30/2021 USD 0.25
EFG International Fin 2.10 3/23/2018 EUR 24.29
Rosneft Oil Co PJSC 8.60 5/8/2025 RUB 74.13
Agrokompleks OOO 0.10 12/8/2022 RUB 2.66
Bulgaria Steel Financ 12.00 5/4/2013 EUR 4.31
UBS AG 5.60 3/4/2019 EUR 70.66
Lehman Brothers Treas 3.00 6/23/2009 EUR 8.00
Anglian Water Service 0.76 1/26/2057 GBP 73.24
Vnesheconombank 8.35 11/24/2020 RUB 64.10
Lehman Brothers Treas 2.88 3/14/2013 CHF 8.00
Societe Generale SA 1.00 12/22/2017 GBP 0.98
EFG International Fin 8.99 9/4/2017 EUR 0.72
Kardan NV 6.78 2/2/2020 ILS 75.01
Stichting Afwikkeling 6.63 5/14/2018 EUR 3.48
Bank Nederlandse Geme 0.50 9/20/2022 ZAR 65.19
SAir Group 6.25 4/12/2005 CHF 14.75
DekaBank Deutsche Gir 0.01 6/29/2046 EUR 54.11
City of Siret Romania 2.32 3/1/2028 RON 50.00
Vnesheconombank 9.76 12/17/2021 RUB 64.11
SAir Group 5.50 7/23/2003 CHF 14.75
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
AKB Peresvet ZAO 12.50 9/6/2017 RUB 35.00
Orient Express Bank P 11.70 7/17/2018 RUB 99.10
Cooperatieve Rabobank 0.50 11/30/2027 MXN 43.75
UmweltBank AG 2.85 EUR 53.62
Lehman Brothers Treas 1.46 2/19/2012 JPY 8.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
Lehman Brothers Treas 5.00 5/2/2022 EUR 3.92
Salvator Grundbesitz- 9.50 EUR 19.10
Deutsche Bank AG 0.20 6/28/2033 USD 56.46
Solarwatt GmbH 7.00 11/1/2015 EUR 14.50
Reso-Leasing OOO 13.25 10/30/2025 RUB 62.21
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Pierer Industrie AG 5.75 EUR 66.69
SAir Group 4.25 2/2/2007 CHF 14.75
UniCredit Bank AO 12.35 9/16/2020 RUB 103.75
Transneft PJSC 8.75 4/14/2027 RUB 78.01
Barclays Bank PLC 3.18 3/27/2029 USD 69.15
International Finance 0.50 6/29/2027 ZAR 39.76
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Societe Generale SA 0.28 6/28/2033 USD 71.38
Mriya Agro Holding PL 10.95 3/30/2016 USD 6.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 60.01
BNP Paribas Emissions 3.00 10/12/2018 EUR 68.29
VEB-Leasing OAO 12.50 9/1/2025 RUB 60.01
Lehman Brothers Treas 5.00 8/16/2017 EUR 8.00
Russian Post FGUP 9.50 10/18/2019 RUB 90.01
Lehman Brothers Treas 6.00 9/20/2011 EUR 3.92
BF Garant-Invest OOO 13.00 5/27/2019 RUB 60.00
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
Banca delle Marche Sp 6.00 5/8/2018 EUR 1.91
Heta Asset Resolution 0.13 12/31/2023 EUR 36.63
Far East Capital Ltd 8.75 5/2/2020 USD 71.63
Sidetur Finance BV 10.00 4/20/2016 USD 4.86
Espirito Santo Financ 5.05 11/15/2025 EUR 0.06
Russian Railways JSC 11.20 10/16/2025 RUB 63.63
UniCredit Bank Austri 0.06 1/24/2031 EUR 67.55
Lehman Brothers Treas 9.30 12/21/2010 EUR 3.92
HSH Nordbank AG 3.21 5/6/2030 EUR 73.72
HSBC Bank PLC 0.50 12/29/2026 AUD 68.29
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Fininvest OOO 13.00 11/9/2018 RUB 0.50
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Rosneft Oil Co PJSC 9.10 1/18/2021 RUB 90.00
Pongs & Zahn AG 8.50 EUR 0.08
Lehman Brothers Treas 4.00 7/27/2011 EUR 3.92
Rusfinans Bank OOO 9.65 2/26/2021 RUB 60.16
Avangard-Agro OOO 11.50 10/10/2017 RUB 65.01
SG Issuer SA 0.78 6/15/2020 SEK 66.51
Cie de Financement Fo 0.98 8/11/2046 EUR 72.22
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Dresdner Bank AG 0.34 11/19/2029 EUR 65.48
Heta Asset Resolution 0.24 12/31/2023 EUR 36.63
Vontobel Financial Pr 8.05 12/22/2017 USD 52.36
Atari SA 0.10 4/1/2020 EUR 5.16
Lehman Brothers Treas 3.86 9/21/2011 SGD 9.63
City of Kiev Ukraine 8.00 11/6/2015 USD 63.38
MKB-Leasing OOO 12.50 10/21/2021 RUB 60.30
Heta Asset Resolution 7.50 12/31/2023 ATS 36.63
Rossiysky Capital OJS 10.50 1/16/2020 RUB 70.01
Krakowski Bank Spoldz 5.11 9/20/2023 PLN 69.06
BLT Finance BV 7.50 5/15/2014 USD 2.48
Portugal Telecom Inte 5.00 11/4/2019 EUR 33.25
Beluga Group PJSC 12.90 4/29/2020 RUB 65.00
Windreich GmbH 6.75 3/1/2015 EUR 11.00
OGK-2 PJSC 11.50 11/24/2020 RUB 62.06
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.66
Institut Catala de Fi 0.87 9/18/2024 EUR 71.07
Lehman Brothers Treas 7.00 11/26/2013 EUR 8.00
Lehman Brothers Treas 4.60 10/11/2017 ILS 8.00
RESO-Garantia Insuran 11.75 3/24/2023 RUB 62.01
Lehman Brothers Treas 8.25 12/3/2015 EUR 8.00
Svensk Exportkredit A 0.50 6/20/2029 AUD 69.94
Rusfinans Bank OOO 10.05 6/10/2019 RUB 60.78
Societe Generale SA 17.00 1/31/2018 USD 55.60
Reso-Leasing OOO 11.00 10/3/2025 RUB 100.00
Barclays Bank PLC 3.95 1/31/2029 USD 72.00
AKB Peresvet ZAO 12.75 7/24/2018 RUB 26.15
Astana Finance BV 9.00 11/16/2011 USD 16.88
Russian Railways JSC 9.85 4/26/2041 RUB 64.33
Lehman Brothers Treas 6.00 3/14/2011 EUR 8.00
Moscow United Electri 10.00 5/26/2026 RUB 62.00
Lehman Brothers Treas 3.50 10/24/2011 USD 3.92
Barclays Bank PLC 0.50 3/19/2021 MXN 73.80
Finstone OOO 9.25 1/10/2019 RUB 60.00
State Transport Leasi 14.30 12/10/2024 RUB 68.42
O1 Properties Finance 13.00 10/2/2020 RUB 70.01
UniCredit Bank AO 12.00 11/20/2019 RUB 100.00
Rosselkhozbank JSC 10.60 7/14/2025 RUB 95.01
Beluga Group PJSC 9.75 5/28/2020 RUB 61.00
Rosselkhozbank JSC 12.87 12/22/2021 RUB 100.01
Societe Generale SA 8.00 2/14/2022 USD
PromSvyazCapital AO 11.75 4/10/2026 RUB 100.60
Lehman Brothers Treas 5.00 3/18/2015 EUR 8.00
Lehman Brothers Treas 4.68 12/12/2045 EUR 3.92
BNP Paribas SA 0.50 5/6/2021 MXN 73.33
Russian Post FGUP 9.35 10/18/2019 RUB 70.00
Bank Nederlandse Geme 0.50 8/15/2022 ZAR 65.86
Rusfinans Bank OOO 8.05 6/30/2020 RUB 60.12
Rosintrud OOO 11.25 2/5/2021 RUB 61.01
Freight One JSC 12.00 10/15/2025 RUB 62.88
SAir Group 2.75 7/30/2004 CHF 14.75
Lehman Brothers Treas 7.60 1/31/2013 AUD 3.92
Lehman Brothers Treas 8.00 5/22/2009 USD 3.92
Virgolino de Oliveira 10.88 1/13/2020 USD 26.38
Heta Asset Resolution 4.88 12/31/2023 EUR 36.63
BELLAGIO Holding GmbH 2.18 EUR 49.14
Cooperatieve Rabobank 0.50 12/29/2027 MXN 43.95
Podkarpacki Bank Spol 5.81 7/2/2020 PLN 74.50
Polski Bank Spoldziel 4.81 11/26/2024 PLN
PromSvyazCapital AO 12.00 11/13/2026 RUB 100.00
Metalloinvest Holding 0.01 3/10/2022 RUB 60.00
Oberoesterreichische 0.32 11/6/2030 EUR 69.59
MegaFon PJSC 9.90 5/29/2026 RUB 61.62
Astana Finance BV 7.88 6/8/2010 EUR 16.88
EFG International Fin 12.86 10/30/2017 EUR 0.90
Two Capitals Highway 13.45 5/10/2030 RUB 74.13
Raiffeisen Switzerlan 22.20 9/1/2017 USD 64.53
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Lehman Brothers Treas 7.00 4/14/2009 EUR 3.92
Lehman Brothers Treas 6.00 3/4/2015 USD 3.92
Autonomous Community 2.97 9/8/2039 JPY 64.64
Leonteq Securities AG 20.00 10/25/2017 CHF 52.35
Transbaltstroi OOO 9.50 11/26/2020 RUB 95.00
Expobank LLC 12.50 7/12/2019 RUB 100.00
Admiral Boats SA 8.50 9/18/2017 PLN 25.01
Gold-Zack AG 7.00 12/14/2005 EUR 12.61
Russian Railways JSC 6.40 5/30/2040 RUB
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 60.01
Heta Asset Resolution 5.92 12/31/2023 EUR 36.63
Severo-Zapadnaya Konc 7.60 9/26/2031 RUB 100.00
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.09
HSBC Bank PLC 0.50 7/21/2021 BRL 67.90
KPNQwest NV 7.13 6/1/2009 EUR 0.09
BNP Paribas Emissions 3.25 11/24/2017 EUR 64.87
SAir Group 5.13 3/1/2003 CHF 15.00
Bank Nederlandse Geme 0.50 8/9/2022 MXN 69.37
Lehman Brothers Treas 5.00 3/13/2009 EUR 3.92
Kommunekredit 0.50 7/30/2027 TRY 34.44
Barclays Bank PLC 0.50 1/28/2033 MXN 27.04
German Pellets GmbH 8.00 EUR 0.05
TransFin-M PAO 13.00 9/3/2025 RUB 60.02
Vimpel-Communications 11.90 10/3/2025 RUB 60.01
AKB Peresvet ZAO 13.50 6/23/2021 RUB 20.52
Credit Europe Bank Lt 8.88 9/14/2018 RUB 61.80
EFG International Fin 7.19 5/6/2019 EUR 11.14
Municipiul Timisoara 0.76 5/15/2026 RON 70.00
Union Technologies In 0.10 1/1/2020 EUR 4.45
Federal Grid Co Unifi 4.90 9/7/2048 RUB 70.32
Lehman Brothers Treas 4.00 4/13/2011 CHF 3.92
Lehman Brothers Treas 6.65 8/24/2011 AUD 9.63
LBI HF 2.25 2/14/2011 CHF 7.13
Lehman Brothers Treas 8.00 3/19/2012 USD 3.92
HSBC Bank PLC 0.50 6/9/2023 MXN 63.59
Heta Asset Resolution 5.03 12/31/2023 EUR 36.63
IT Holding Finance SA 9.88 11/15/2012 EUR 2.44
Russian Post FGUP 2.75 12/6/2023 RUB 74.13
UBS AG/London 7.93 12/30/2021 USD 10.28
Credit Suisse AG/Lond 3.00 11/15/2025 ZAR 67.86
Societe Generale SA 0.50 5/30/2023 MXN 63.72
Lehman Brothers Treas 5.00 5/12/2011 CHF 3.92
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.67
Sankt-Peterburg Telec 10.70 1/31/2022 RUB 62.67
Lehman Brothers Treas 3.60 3/19/2018 JPY 4.19
Severo-Zapadnaya Konc 7.60 9/26/2031 RUB 100.00
Societe Generale SA 0.50 4/3/2023 RUB 66.32
Barclays Bank PLC 0.50 3/26/2021 MXN 73.21
Lehman Brothers Treas 6.00 10/30/2012 USD 3.92
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 23.30 9/16/2008 USD 3.92
IDGC of Centre PJSC 12.42 5/23/2025 RUB 71.01
Moscow United Electri 11.00 9/12/2024 RUB 60.35
ECM Real Estate Inves 5.00 10/9/2011 EUR 10.38
Credit Suisse AG/Lond 8.00 4/6/2022 USD 9.77
Federal Grid Co Unifi 5.40 3/23/2050 RUB 70.32
Federal Grid Co Unifi 5.40 3/23/2050 RUB 70.32
VEB-Leasing OAO 12.50 8/18/2025 RUB 62.00
Federal Grid Co Unifi 5.10 10/30/2048 RUB 70.32
Federal Grid Co Unifi 5.10 10/30/2048 RUB 70.32
Bank Julius Baer & Co 12.15 5/4/2018 USD 60.30
Federal Grid Co Unifi 5.40 6/30/2048 RUB 70.31
Federal Grid Co Unifi 5.40 6/30/2048 RUB 70.31
LBI HF 6.10 8/25/2011 USD 9.50
Municipality Finance 0.50 5/31/2022 ZAR 67.12
Upravlenie Otkhodami 4.00 4/29/2027 RUB 68.29
Digital Invest OOO 12.00 4/7/2021 RUB 60.40
Windreich GmbH 6.25 3/1/2015 EUR 11.00
Lehman Brothers Treas 11.00 7/4/2011 CHF 3.92
Lehman Brothers Treas 0.50 8/1/2020 EUR 3.92
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Lillestroem Sparebank 4.34 NOK 60.12
Lehman Brothers Treas 5.50 6/22/2010 USD 8.00
Societe Generale SA 11.50 10/3/2017 USD 48.10
Rinol AG 5.50 10/15/2006 DEM 0.00
ECA 2.50 1/1/2018 EUR
Raiffeisen Schweiz Ge 8.99 7/22/2019 EUR 24.58
Svensk Exportkredit A 0.50 2/22/2022 ZAR 68.89
Lehman Brothers Treas 8.25 2/3/2016 EUR 3.92
Lehman Brothers Treas 7.50 5/30/2010 AUD 3.92
Lehman Brothers Treas 16.80 8/21/2009 USD 3.92
Lehman Brothers Treas 6.25 9/5/2011 EUR 3.92
Vegarshei Sparebank 4.85 NOK 64.51
Podkarpacki Bank Spol 5.01 10/6/2021 PLN 65.12
Eurocent SA 8.50 9/15/2018 PLN 15.80
Rusfinans Bank OOO 10.90 10/2/2018 RUB 60.26
Lehman Brothers Treas 7.00 2/15/2010 CHF 3.92
LBI HF 7.43 USD 0.00
Glavnyi Centr Special 13.00 8/22/2019 RUB 70.31
Kerdos Group SA 8.00 12/15/2017 PLN
COFIDUR SA 0.10 12/31/2024 EUR 27.00
VEB-Leasing OAO 8.65 1/16/2024 RUB 62.00
Lehman Brothers Treas 2.50 12/15/2011 GBP 3.92
Lehman Brothers Treas 2.30 6/27/2013 USD 3.92
Lehman Brothers Treas 2.37 7/15/2013 USD 3.92
Lehman Brothers Treas 7.50 5/2/2017 EUR 3.92
Penell GmbH Elektrogr 7.75 6/10/2019 EUR 5.00
KPNQwest NV 7.13 6/1/2009 EUR 0.09
Municipality Finance 0.50 7/30/2029 AUD 70.77
Barclays Bank PLC 0.50 3/13/2023 RUB 66.56
Cerruti Finance SA 6.50 7/26/2004 EUR 1.19
Heta Asset Resolution 5.73 12/31/2023 EUR 36.63
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 5.10 6/22/2046 EUR 3.92
Lehman Brothers Treas 1.28 11/6/2010 JPY 8.00
UBS AG 7.40 5/17/2021 CHF 56.09
MIK OAO 15.00 2/19/2020 RUB 0.14
Polski Bank Spoldziel 4.81 6/18/2020 PLN 51.00
Podkarpacki Bank Spol 5.81 2/23/2025 PLN 60.00
Main Road OJSC 3.90 11/22/2028 RUB 60.01
Lehman Brothers Treas 3.00 8/8/2017 EUR 3.92
HSBC Bank PLC 0.50 6/23/2027 MXN 45.20
Lehman Brothers Treas 3.03 1/31/2015 EUR 3.92
Municipality Finance 0.25 6/28/2040 CAD 32.25
Lehman Brothers Treas 0.50 7/2/2020 EUR 3.92
Kaupthing ehf 7.63 2/28/2015 USD 17.63
Lehman Brothers Treas 8.00 10/17/2014 EUR 3.92
BAWAG PSK Versicherun 1.06 EUR 59.58
Russian Railways JSC 5.10 5/20/2044 RUB
KB MIA AO 9.90 3/7/2025 RUB 59.01
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Hellas Telecommunicat 8.50 10/15/2013 EUR 0.72
Bank Nederlandse Geme 0.50 6/22/2021 ZAR 72.95
Lehman Brothers Treas 4.60 7/6/2016 EUR 3.92
BTV Hybrid I GmbH 6.50 EUR 40.05
Lehman Brothers Treas 14.90 9/15/2008 EUR 3.92
Nuova Banca delle Mar 8.00 6/30/2018 EUR 1.24
Commerzbank AG 10.00 3/2/2020 EUR 45.21
EFG International Fin 6.26 5/7/2018 EUR 67.85
Cooperatieve Rabobank 0.50 8/21/2028 MXN 41.45
Svensk Exportkredit A 0.50 8/28/2020 TRY 72.81
Leonteq Securities AG 5.20 8/14/2018 CHF 73.66
UniCredit Bank AG 3.75 10/2/2020 EUR 65.08
Leonteq Securities AG 29.61 10/26/2017 EUR 15.44
UBS AG/London 16.00 1/19/2018 USD 54.25
Landesbank Hessen-Thu 5.00 10/17/2017 EUR 52.99
Leonteq Securities AG 16.20 11/30/2017 USD 23.30
Podkarpacki Bank Spol 5.11 5/28/2023 PLN
HSBC Bank PLC 0.50 11/25/2025 BRL 45.83
Lehman Brothers Treas 6.25 11/30/2012 EUR 3.92
Svensk Exportkredit A 0.50 3/28/2029 AUD 70.49
Avangard Bank PJSC 9.75 2/20/2026 RUB 70.31
Bank Nederlandse Geme 0.50 9/20/2022 MXN 68.77
Heta Asset Resolution 0.41 12/31/2023 EUR 36.63
Lehman Brothers Treas 10.00 6/17/2009 USD 3.92
Oberbank AG 7.40 EUR 71.42
Lehman Brothers Treas 6.00 5/23/2018 CZK 3.92
Absolut Bank PAO 12.00 12/25/2018 RUB 60.01
Lehman Brothers Treas 6.00 12/30/2017 EUR 3.92
Lehman Brothers Treas 4.05 9/16/2008 EUR 3.92
Lehman Brothers Treas 10.00 8/2/2037 JPY 3.92
Leonteq Securities AG 4.40 8/28/2017 CHF 71.83
Raiffeisen Schweiz Ge 5.04 8/28/2017 CHF 74.68
Raiffeisen Schweiz Ge 6.50 7/2/2018 USD 48.40
Bank Julius Baer & Co 9.00 11/16/2017 USD 44.60
SAir Group 2.13 11/4/2004 CHF 14.75
DekaBank Deutsche Gir 2.80 7/22/2019 EUR 70.70
UniCredit Bank AG 4.00 6/26/2018 EUR 57.76
EFG International Fin 6.48 5/29/2018 EUR 5.89
Podkarpacki Bank Spol 5.81 10/24/2024 PLN
SAir Group 2.75 7/30/2004 CHF 14.75
Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.16
Polbrand sp zoo 9.00 10/2/2017 PLN 50.00
Royal Bank of Scotlan 6.20 9/7/2018 GBP 1.06
Transneft PJSC 8.00 7/3/2025 RUB 62.00
Northland Resources A 12.25 3/26/2016 USD 0.32
Province of Brescia I 0.03 6/30/2036 EUR 63.91
Espirito Santo Financ 5.63 7/28/2017 EUR 0.27
Lehman Brothers Treas 3.50 9/29/2017 EUR 3.92
Lehman Brothers Treas 3.00 8/15/2017 EUR 3.92
IDGC of Centre PJSC 11.80 11/11/2025 RUB 72.61
Lehman Brothers Treas 5.00 11/22/2012 EUR 3.92
IDGC of the North Cau 13.00 4/22/2021 RUB 60.00
Lehman Brothers Treas 4.00 10/24/2012 EUR 3.92
Lehman Brothers Treas 7.59 11/22/2009 MXN 8.00
Societe Generale SA 0.50 5/22/2024 MXN 58.74
Solomenskij Lesozavod 10.00 9/29/2021 RUB 60.00
MRSK Urala PJSC 11.58 11/11/2025 RUB 70.31
Heta Asset Resolution 5.27 12/31/2023 EUR 36.63
Kaupthing ehf 7.50 2/1/2045 USD 0.15
Lehman Brothers Treas 1.00 5/9/2012 EUR 3.92
Lehman Brothers Treas 6.00 8/7/2013 EUR 3.92
Lehman Brothers Treas 7.55 12/29/2008 USD 3.92
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
Promnefteservis OOO 10.50 11/21/2019 RUB 1.70
Bank Julius Baer & Co 11.00 3/29/2018 USD 64.20
Mcib Bank LLC 14.50 9/1/2023 RUB
KPNQwest NV 8.88 2/1/2008 EUR 0.07
Eiendomskreditt AS 4.15 NOK 54.79
Societe Generale SA 0.50 4/4/2024 MXN 59.40
Lehman Brothers Treas 7.06 12/29/2008 EUR 3.92
Lehman Brothers Treas 11.75 3/1/2010 EUR 3.92
Lehman Brothers Treas 5.00 4/24/2017 EUR 3.92
Lehman Brothers Treas 6.00 3/17/2011 EUR 3.92
Lloyds Bank PLC 0.50 7/26/2028 MXN 46.49
Lehman Brothers Treas 4.00 12/2/2012 EUR 3.92
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.31
Lehman Brothers Treas 5.25 5/26/2026 EUR 3.92
Communaute Francaise 0.50 6/27/2046 EUR 66.84
Lehman Brothers Treas 3.50 10/31/2011 USD 3.92
Lehman Brothers Treas 6.75 4/5/2012 EUR 3.92
Bank Nederlandse Geme 0.50 5/12/2021 ZAR 74.69
Lehman Brothers Treas 4.50 5/2/2017 EUR 8.00
Lehman Brothers Treas 5.00 2/28/2032 EUR 3.92
Province of Brescia I 0.11 12/22/2036 EUR 63.25
Societe Generale SA 0.50 8/4/2021 BRL 67.75
ECM Real Estate Inves 5.00 10/9/2011 EUR 10.38
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.31
Lloyds Bank PLC 0.50 7/26/2021 BRL 67.89
MRSK Urala PJSC 9.32 8/14/2026 RUB 70.31
Lehman Brothers Treas 1.75 2/7/2010 EUR 3.92
Barclays Bank PLC 8.00 12/8/2017 USD
AKB Peresvet ZAO 2.56 9/2/2020 RUB 15.88
BNP Paribas Emissions 27.00 12/21/2017 EUR 53.17
Lehman Brothers Treas 2.00 11/16/2009 EUR 3.92
SpareBank 1 Nordvest 3.66 3/11/2099 NOK 64.32
HSBC Bank PLC 0.50 2/24/2027 NZD 70.94
Northland Resources A 15.00 7/15/2019 USD 0.32
Lehman Brothers Treas 3.00 12/3/2012 EUR 3.92
Lehman Brothers Treas 6.00 7/28/2010 EUR 3.92
Transgazservice LLP 10.50 11/8/2019 RUB 0.04
Lehman Brothers Treas 10.00 6/11/2038 JPY 3.92
Lehman Brothers Treas 12.00 7/13/2037 JPY 3.92
Lehman Brothers Treas 5.25 11/21/2009 USD 3.92
UniCredit Bank Austri 0.12 1/22/2031 EUR 71.28
Lehman Brothers Treas 8.00 2/16/2016 EUR 3.92
Lehman Brothers Treas 2.00 6/28/2011 EUR 3.92
Lehman Brothers Treas 7.60 3/4/2010 NZD 3.92
Lehman Brothers Treas 4.25 3/13/2021 EUR 3.92
Lehman Brothers Treas 4.70 3/23/2016 EUR 3.92
HSBC Bank PLC 0.50 4/27/2027 NZD 70.34
Lehman Brothers Treas 5.12 4/30/2027 EUR 3.92
Polski Bank Spoldziel 4.81 6/22/2021 PLN
Credit Suisse AG/Lond 8.50 9/18/2017 USD 33.76
EFG International Fin 6.21 7/22/2019 EUR 70.70
Lehman Brothers Treas 11.00 12/19/2011 USD 3.92
HSBC Bank PLC 0.50 4/11/2023 MXN 64.43
Landesbank Baden-Wuer 3.25 1/26/2018 EUR 60.10
BNP Paribas Emissions 29.00 12/21/2017 EUR 54.79
DZ Bank AG Deutsche Z 7.10 12/22/2017 EUR 69.18
Lehman Brothers Treas 4.50 3/6/2013 CHF 3.92
BKS Hybrid alpha GmbH 7.35 EUR 60.82
Lehman Brothers Treas 7.00 6/6/2017 EUR 3.92
Kreditanstalt fuer Wi 0.25 10/6/2036 CAD 40.89
Center-Invest Commerc 8.70 11/13/2018 RUB 99.90
Lehman Brothers Treas 10.00 2/16/2009 CHF 3.92
Portugal Telecom Inte 4.63 5/8/2020 EUR 33.01
Lehman Brothers Treas 0.50 12/20/2017 AUD 9.63
UBS AG 4.00 12/22/2017 EUR 67.73
UBS AG/London 6.00 10/5/2017 CHF 42.90
OOO SPV Structural In 0.01 9/1/2023 RUB 66.65
Banca delle Marche Sp 6.00 6/12/2018 EUR 1.92
Lehman Brothers Treas 4.00 7/20/2012 EUR 3.92
Nutritek Internationa 8.75 12/11/2008 USD 2.00
Landesbank Baden-Wuer 3.00 5/25/2018 EUR 67.32
Leonteq Securities AG 15.20 10/11/2017 CHF 68.55
Leonteq Securities AG 7.00 11/6/2017 CHF 36.24
Credit Suisse AG/Lond 0.50 1/8/2026 BRL 45.07
DZ Bank AG Deutsche Z 8.70 12/22/2017 EUR 54.63
DZ Bank AG Deutsche Z 10.10 12/22/2017 EUR 51.59
UBS AG/London 12.50 9/22/2017 EUR 47.89
HSBC Trinkaus & Burkh 12.70 9/22/2017 EUR 50.07
HSBC Trinkaus & Burkh 10.30 9/22/2017 EUR 54.31
HSBC Trinkaus & Burkh 7.50 9/22/2017 EUR 60.92
UBS AG/London 9.50 9/22/2017 EUR 52.77
Zurcher Kantonalbank 8.50 10/16/2017 CHF 66.24
Raiffeisen Schweiz Ge 8.00 10/20/2017 CHF 68.42
BNP Paribas Emissions 12.00 9/21/2017 EUR 69.61
BNP Paribas Emissions 12.00 12/21/2017 EUR 57.29
BNP Paribas Emissions 16.00 9/21/2017 EUR 48.33
BNP Paribas Emissions 9.00 12/21/2017 EUR 64.61
BNP Paribas Emissions 10.00 12/21/2017 EUR 61.90
Landesbank Baden-Wuer 4.50 8/25/2017 EUR 71.03
Landesbank Baden-Wuer 3.00 8/25/2017 EUR 63.87
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 59.47
Landesbank Baden-Wuer 5.00 8/25/2017 EUR 56.03
Landesbank Baden-Wuer 3.00 8/25/2017 EUR 74.99
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 70.65
EFG International Fin 7.20 7/29/2020 EUR 23.34
Landesbank Baden-Wuer 3.40 9/28/2018 EUR 68.85
DZ Bank AG Deutsche Z 3.45 8/25/2017 EUR 65.75
Leonteq Securities AG 5.40 8/28/2017 CHF 59.93
Leonteq Securities AG 5.00 9/4/2018 CHF 62.47
Leonteq Securities AG 5.60 9/4/2017 CHF 64.51
DZ Bank AG Deutsche Z 3.60 9/15/2017 EUR 71.07
Leonteq Securities AG 5.60 9/11/2017 CHF 60.44
Bayerische Landesbank 3.00 10/5/2018 EUR 74.48
Deutsche Bank AG 4.20 11/22/2017 EUR 69.60
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 66.50
Deutsche Bank AG 3.20 11/22/2017 EUR 62.50
City of Predeal Roman 1.50 5/15/2026 RON 60.00
UBS AG/London 9.50 9/4/2017 CHF 26.75
Goldman Sachs & Co We 13.00 9/20/2017 EUR 72.67
Goldman Sachs & Co We 12.00 9/20/2017 EUR 55.39
Goldman Sachs & Co We 12.00 9/20/2017 EUR 53.56
Landesbank Hessen-Thu 5.00 3/27/2019 EUR 62.53
Landesbank Hessen-Thu 4.00 4/8/2019 EUR 59.03
UniCredit Bank AG 4.60 7/2/2018 EUR 54.44
Leonteq Securities AG 7.00 9/20/2017 CHF 68.03
Bayerische Landesbank 2.60 10/19/2018 EUR 62.97
Raiffeisen Schweiz Ge 4.50 3/27/2018 EUR 55.17
DZ Bank AG Deutsche Z 5.25 3/6/2018 EUR 71.59
DekaBank Deutsche Gir 2.75 2/2/2018 EUR 67.75
UniCredit Bank AG 5.00 6/25/2019 EUR 57.85
Bayerische Landesbank 2.60 3/29/2018 EUR 66.91
EFG International Fin 7.20 2/25/2019 EUR 12.12
Commerzbank AG 5.80 10/8/2017 EUR 67.67
DZ Bank AG Deutsche Z 5.60 9/8/2017 EUR 68.85
Landesbank Hessen-Thu 6.75 4/17/2020 EUR 73.24
Leonteq Securities AG 3.50 4/10/2018 EUR 54.80
Landesbank Hessen-Thu 6.20 7/24/2020 EUR 72.72
DZ Bank AG Deutsche Z 5.00 2/6/2018 EUR 65.94
DekaBank Deutsche Gir 2.70 3/16/2018 EUR 66.72
Raiffeisen Schweiz Ge 4.20 4/10/2018 EUR 57.24
Landesbank Baden-Wuer 3.00 10/27/2017 EUR 67.51
Landesbank Baden-Wuer 5.00 10/27/2017 EUR 60.47
Landesbank Baden-Wuer 5.00 10/27/2017 EUR 58.73
Landesbank Baden-Wuer 6.00 10/27/2017 EUR 73.89
Landesbank Baden-Wuer 3.60 9/22/2017 EUR 65.56
Landesbank Baden-Wuer 3.05 8/25/2017 EUR 68.87
Landesbank Baden-Wuer 3.55 8/25/2017 EUR 70.22
Landesbank Baden-Wuer 3.75 9/22/2017 EUR 70.95
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 63.79
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 68.64
Landesbank Baden-Wuer 3.25 8/25/2017 EUR 63.62
Bayerische Landesbank 2.70 7/27/2018 EUR 70.29
Landesbank Baden-Wuer 3.00 6/28/2019 EUR 69.55
DekaBank Deutsche Gir 3.25 4/20/2018 EUR 53.83
Raiffeisen Schweiz Ge 4.00 5/8/2018 CHF 58.74
DekaBank Deutsche Gir 2.75 10/29/2018 EUR 54.76
Vontobel Financial Pr 4.00 11/9/2017 EUR 58.04
Goldman Sachs & Co We 12.00 12/20/2017 EUR 70.20
Goldman Sachs & Co We 10.00 12/20/2017 EUR 71.74
Goldman Sachs & Co We 13.00 12/20/2017 EUR 64.52
Goldman Sachs & Co We 6.00 12/20/2017 EUR 73.66
Goldman Sachs & Co We 10.00 12/20/2017 EUR 61.84
Goldman Sachs & Co We 11.00 12/20/2017 EUR 58.16
Goldman Sachs & Co We 11.00 12/20/2017 EUR 60.09
DekaBank Deutsche Gir 2.75 9/18/2018 EUR 71.26
Landesbank Hessen-Thu 4.00 4/30/2019 EUR 66.09
DekaBank Deutsche Gir 3.25 5/18/2018 EUR 66.05
Raiffeisen Switzerlan 9.00 4/1/2019 EUR 17.21
DekaBank Deutsche Gir 3.25 3/29/2018 EUR 74.33
Bayerische Landesbank 2.70 7/6/2018 EUR 64.10
Bayerische Landesbank 2.70 7/6/2018 EUR 65.19
EFG International Fin 6.40 4/9/2020 EUR 71.92
Zurcher Kantonalbank 6.50 4/10/2018 CHF 58.20
DekaBank Deutsche Gir 3.25 5/30/2018 EUR 70.73
Landesbank Baden-Wuer 3.00 10/27/2017 EUR 71.05
Landesbank Baden-Wuer 4.00 10/27/2017 EUR 63.09
Landesbank Baden-Wuer 3.70 8/25/2017 EUR 66.37
Landesbank Baden-Wuer 3.70 9/22/2017 EUR 59.45
Landesbank Baden-Wuer 3.90 9/22/2017 EUR 68.05
Landesbank Baden-Wuer 3.20 9/22/2017 EUR 58.36
Landesbank Baden-Wuer 3.40 11/24/2017 EUR 73.12
Landesbank Baden-Wuer 3.50 1/26/2018 EUR 69.66
Landesbank Baden-Wuer 2.50 6/28/2019 EUR 65.89
Landesbank Baden-Wuer 3.50 6/22/2018 EUR 58.93
Landesbank Baden-Wuer 4.00 8/25/2017 EUR 67.44
Bayerische Landesbank 3.20 7/27/2018 EUR 66.00
Commerzbank AG 4.40 4/29/2019 EUR 69.65
DekaBank Deutsche Gir 3.10 4/20/2018 EUR 74.62
Landesbank Hessen-Thu 4.00 6/5/2019 EUR 68.01
DekaBank Deutsche Gir 3.00 4/30/2019 EUR 67.21
UniCredit Bank AG 3.75 9/7/2020 EUR 68.17
Landesbank Baden-Wuer 3.85 8/25/2017 EUR 62.55
Commerzbank AG 20.00 5/28/2018 SEK 51.10
HSBC Trinkaus & Burkh 2.80 9/22/2017 EUR 67.40
Landesbank Baden-Wuer 3.25 12/22/2017 EUR 64.81
Landesbank Hessen-Thu 4.00 1/16/2018 EUR 51.34
Leonteq Securities AG 5.00 12/27/2019 EUR 69.01
Landesbank Baden-Wuer 3.00 2/23/2018 EUR 60.29
Raiffeisen Switzerlan 3.50 8/25/2017 CHF 71.56
Vontobel Financial Pr 9.05 9/22/2017 EUR 69.84
Vontobel Financial Pr 13.50 9/22/2017 EUR 62.92
Vontobel Financial Pr 16.05 9/22/2017 EUR 60.05
Vontobel Financial Pr 16.00 12/22/2017 EUR 58.58
Vontobel Financial Pr 20.00 12/22/2017 EUR 53.61
HSBC Trinkaus & Burkh 14.20 12/22/2017 EUR 66.45
HSBC Trinkaus & Burkh 11.20 8/25/2017 EUR 71.74
HSBC Trinkaus & Burkh 13.80 12/22/2017 EUR 60.45
HSBC Trinkaus & Burkh 11.90 12/22/2017 EUR 62.60
HSBC Trinkaus & Burkh 10.70 8/25/2017 EUR 64.20
HSBC Trinkaus & Burkh 10.20 11/24/2017 EUR 64.37
DZ Bank AG Deutsche Z 11.25 1/26/2018 EUR 73.06
Vontobel Financial Pr 14.00 12/22/2017 EUR 63.24
Vontobel Financial Pr 13.00 12/22/2017 EUR 64.43
Vontobel Financial Pr 12.00 12/22/2017 EUR 65.68
Vontobel Financial Pr 11.00 12/22/2017 EUR 67.03
Vontobel Financial Pr 10.00 12/22/2017 EUR 68.46
Vontobel Financial Pr 9.00 12/22/2017 EUR 69.98
Vontobel Financial Pr 8.00 12/22/2017 EUR 71.61
HSBC Trinkaus & Burkh 13.40 9/22/2017 EUR 61.42
HSBC Trinkaus & Burkh 12.10 3/23/2018 EUR 65.60
HSBC Trinkaus & Burkh 11.30 3/23/2018 EUR 66.63
HSBC Trinkaus & Burkh 8.30 3/23/2018 EUR 71.66
HSBC Trinkaus & Burkh 11.00 8/25/2017 EUR 65.94
HSBC Trinkaus & Burkh 10.40 11/24/2017 EUR 66.09
Commerzbank AG 16.75 11/23/2017 EUR 66.99
UBS AG/London 9.30 9/29/2017 EUR 69.69
UBS AG/London 10.60 12/29/2017 EUR 68.59
UBS AG/London 8.80 12/29/2017 EUR 71.66
UBS AG/London 11.70 9/29/2017 EUR 66.20
UBS AG/London 12.60 12/29/2017 EUR 65.97
UBS AG/London 14.30 9/29/2017 EUR 63.09
DekaBank Deutsche Gir 2.75 6/24/2019 EUR 66.98
Landesbank Baden-Wuer 5.00 9/22/2017 EUR 70.35
Landesbank Baden-Wuer 6.00 9/22/2017 EUR 66.59
Landesbank Baden-Wuer 5.00 9/22/2017 EUR 69.42
Leonteq Securities AG 6.00 10/12/2017 CHF 65.76
UniCredit Bank AG 4.50 9/19/2017 EUR 47.17
Landesbank Hessen-Thu 4.50 11/28/2017 EUR 57.30
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Polski Bank Spoldziel 5.31 9/14/2027 PLN 41.00
DZ Bank AG Deutsche Z 11.50 12/22/2017 EUR 66.69
HSBC Trinkaus & Burkh 3.00 6/22/2018 EUR 62.70
DZ Bank AG Deutsche Z 13.00 9/22/2017 EUR 62.07
UBS AG/London 14.00 12/22/2017 EUR 72.86
UBS AG/London 12.50 2/23/2018 EUR 74.00
UBS AG/London 15.30 12/22/2017 EUR 73.50
Credit Suisse AG/Lond 8.50 3/13/2018 USD 60.99
Vontobel Financial Pr 10.65 9/8/2017 EUR 71.24
Vontobel Financial Pr 12.35 9/8/2017 EUR 68.49
Bank VTB 24 JSC 9.00 9/15/2044 RUB
National Capital JSC 10.50 9/15/2020 RUB 60.00
Soyuz AKB OAO 11.00 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
DZ Bank AG Deutsche Z 5.25 4/27/2018 EUR 69.65
HSBC Trinkaus & Burkh 3.00 3/23/2018 EUR 71.85
Commerzbank AG 30.00 6/30/2020 USD 2.35
Bank Julius Baer & Co 8.25 4/19/2018 USD 70.20
SG Issuer SA 5.50 4/10/2021 EUR 68.13
Goldman Sachs & Co We 15.00 9/20/2017 EUR 67.25
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HSBC Trinkaus & Burkh 6.50 1/29/2018 EUR 59.52
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UBS AG/London 6.40 12/8/2017 EUR 54.99
UBS AG/London 9.60 12/8/2017 EUR 49.70
Commerzbank AG 1.00 2/19/2020 USD 32.36
Commerzbank AG 14.00 1/24/2018 EUR 65.74
DZ Bank AG Deutsche Z 6.00 12/22/2017 EUR 73.22
Royal Bank of Scotlan 1.33 10/26/2018 GBP 1.04
Landesbank Baden-Wuer 2.90 7/27/2018 EUR 65.56
SG Issuer SA 0.80 11/30/2020 SEK 55.48
EFG International Fin 7.35 12/28/2017 CHF 66.06
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.97
BNP Paribas Emissions 28.00 12/21/2017 EUR 69.54
BNP Paribas Emissions 26.00 12/21/2017 EUR 63.57
BNP Paribas Emissions 23.00 12/21/2017 EUR 65.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.57
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 15.00 12/21/2017 EUR 72.52
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 29.00 12/21/2017 EUR 50.32
BNP Paribas Emissions 10.00 12/21/2017 EUR 71.96
BNP Paribas Emissions 29.00 12/21/2017 EUR 74.14
BNP Paribas Emissions 27.00 12/21/2017 EUR 54.59
BNP Paribas Emissions 25.00 12/21/2017 EUR 62.72
BNP Paribas Emissions 27.00 12/21/2017 EUR 64.50
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR 57.95
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 61.02
BNP Paribas Emissions 10.00 12/21/2017 EUR 42.47
BNP Paribas Emissions 24.00 12/21/2017 EUR 72.33
BNP Paribas Emissions 28.00 12/21/2017 EUR 57.67
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 48.25
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.05
BNP Paribas Emissions 28.00 12/21/2017 EUR 64.98
BNP Paribas Emissions 15.00 12/21/2017 EUR 75.43
BNP Paribas Emissions 27.00 12/21/2017 EUR 47.42
BNP Paribas Emissions 28.00 12/21/2017 EUR 45.06
BNP Paribas Emissions 23.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.28
BNP Paribas Emissions 16.00 12/21/2017 EUR 72.31
BNP Paribas Emissions 24.00 12/21/2017 EUR 58.19
BNP Paribas Emissions 24.00 12/21/2017 EUR 71.85
BNP Paribas Emissions 27.00 12/21/2017 EUR 43.16
BNP Paribas Emissions 22.00 12/21/2017 EUR 72.85
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 55.34
BNP Paribas Emissions 26.00 12/21/2017 EUR 65.46
BNP Paribas Emissions 13.00 12/21/2017 EUR 37.87
BNP Paribas Emissions 25.00 12/21/2017 EUR 27.84
BNP Paribas Emissions 15.00 12/21/2017 EUR 68.23
BNP Paribas Emissions 27.00 12/21/2017 EUR 45.87
BNP Paribas Emissions 27.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
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Goldman Sachs & Co We 16.00 9/20/2017 EUR 69.67
BNP Paribas Emissions 27.00 12/21/2017 EUR 67.41
BNP Paribas Emissions 26.00 12/21/2017 EUR 58.27
BNP Paribas Emissions 28.00 12/21/2017 EUR 58.79
BNP Paribas Emissions 26.00 12/21/2017 EUR 56.63
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR
BNP Paribas Emissions 23.00 12/21/2017 EUR 49.19
BNP Paribas Emissions 27.00 12/21/2017 EUR 57.39
BNP Paribas Emissions 22.00 12/21/2017 EUR 49.13
BNP Paribas Emissions 16.00 12/21/2017 EUR 73.82
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.25
BNP Paribas Emissions 28.00 12/21/2017 EUR 56.90
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 61.72
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.73
BNP Paribas Emissions 22.00 12/21/2017 EUR 70.16
BNP Paribas Emissions 25.00 12/21/2017 EUR 72.72
BNP Paribas Emissions 6.00 12/21/2017 EUR 50.90
BNP Paribas Emissions 24.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 70.42
BNP Paribas Emissions 19.00 12/21/2017 EUR 64.40
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.76
BNP Paribas Emissions 19.00 12/21/2017 EUR 67.14
BNP Paribas Emissions 22.00 12/21/2017 EUR 61.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 66.97
Goldman Sachs & Co We 15.00 12/20/2017 EUR 73.40
Exane Finance SA 5.00 12/20/2019 SEK
Commerzbank AG 14.25 10/26/2017 EUR 52.59
Commerzbank AG 7.25 10/26/2017 EUR 63.84
Commerzbank AG 10.50 10/26/2017 EUR 57.50
UBS AG/London 7.00 9/22/2017 EUR 59.04
UBS AG/London 11.60 12/29/2017 EUR 50.98
UBS AG/London 13.00 9/27/2017 EUR 48.11
UBS AG/London 5.30 12/29/2017 EUR 60.20
Vontobel Financial Pr 19.60 12/8/2017 EUR 73.72
UBS AG/London 12.50 9/22/2017 EUR 67.88
Vontobel Financial Pr 13.00 12/22/2017 EUR 66.02
Vontobel Financial Pr 13.50 9/22/2017 EUR 66.37
Vontobel Financial Pr 11.00 12/22/2017 EUR 68.76
HSBC Trinkaus & Burkh 13.40 12/22/2017 EUR 64.60
HSBC Trinkaus & Burkh 10.40 8/25/2017 EUR 69.69
HSBC Trinkaus & Burkh 9.70 11/24/2017 EUR 69.53
Commerzbank AG 12.25 12/21/2017 EUR 68.66
Commerzbank AG 16.25 12/21/2017 EUR 63.55
Societe Generale SA 7.00 10/20/2020 USD
UBS AG/London 6.90 6/22/2018 EUR 70.11
UBS AG/London 8.20 6/22/2018 EUR 67.98
UBS AG/London 7.40 9/22/2017 EUR 65.55
UBS AG/London 9.90 9/22/2017 EUR 62.36
UBS AG/London 9.40 6/22/2018 EUR 66.10
BNP Paribas Emissions 12.00 10/26/2017 EUR 71.12
BNP Paribas Emissions 15.00 10/26/2017 EUR 64.39
BNP Paribas Emissions 19.00 10/26/2017 EUR 62.30
BNP Paribas Emissions 19.00 9/21/2017 EUR 60.20
Bank Julius Baer & Co 13.00 12/21/2017 USD 49.75
Commerzbank AG 15.50 9/20/2017 EUR 61.12
Commerzbank AG 13.50 12/20/2017 EUR 64.29
DZ Bank AG Deutsche Z 6.00 6/22/2018 EUR 70.62
DekaBank Deutsche Gir 3.00 6/27/2018 EUR 50.37
DZ Bank AG Deutsche Z 12.25 1/26/2018 EUR 72.26
Bank Julius Baer & Co 10.45 5/11/2018 USD 64.50
SG Issuer SA 0.82 8/2/2021 SEK 60.80
EFG International Fin 6.89 12/28/2017 CHF 64.31
Raiffeisen Centrobank 7.20 9/20/2017 EUR 67.57
Goldman Sachs & Co We 9.00 12/20/2017 EUR 74.54
HSBC Trinkaus & Burkh 13.80 12/22/2017 EUR 67.98
HSBC Trinkaus & Burkh 10.80 8/25/2017 EUR 73.70
BNP Paribas Emissions 15.00 11/23/2017 EUR 65.47
BNP Paribas Emissions 13.00 12/21/2017 EUR 69.26
BNP Paribas Emissions 16.00 12/21/2017 EUR 63.86
BNP Paribas Emissions 12.00 6/21/2018 EUR 71.23
BNP Paribas Emissions 13.00 6/21/2018 EUR 69.14
BNP Paribas Emissions 13.00 11/23/2017 EUR 68.36
BNP Paribas Emissions 15.00 9/21/2017 EUR 73.20
Vontobel Financial Pr 9.00 3/23/2018 EUR 70.23
Vontobel Financial Pr 12.50 3/23/2018 EUR 65.91
Commerzbank AG 5.00 2/9/2018 EUR 52.89
Vontobel Financial Pr 16.00 12/22/2017 EUR 62.47
Vontobel Financial Pr 10.50 3/23/2018 EUR 67.77
Vontobel Financial Pr 14.50 3/23/2018 EUR 64.33
Vontobel Financial Pr 4.80 5/14/2018 EUR 69.36
Deutsche Bank AG 5.20 3/20/2018 EUR 74.70
Deutsche Bank AG 7.20 12/19/2017 EUR 74.20
Deutsche Bank AG 5.20 12/19/2017 EUR 73.50
DZ Bank AG Deutsche Z 10.00 1/26/2018 EUR 73.33
DZ Bank AG Deutsche Z 12.25 11/24/2017 EUR 67.33
DZ Bank AG Deutsche Z 7.10 9/22/2017 EUR 67.57
DZ Bank AG Deutsche Z 8.70 12/22/2017 EUR 66.24
HSBC Trinkaus & Burkh 7.90 9/22/2017 EUR 56.65
HSBC Trinkaus & Burkh 5.40 9/22/2017 EUR 62.32
HSBC Trinkaus & Burkh 2.90 9/22/2017 EUR 71.47
Vontobel Financial Pr 12.30 9/8/2017 EUR 72.19
Lehman Brothers Treas 7.25 10/6/2008 EUR 3.92
Lehman Brothers Treas 4.00 4/24/2009 USD 3.92
Lehman Brothers Treas 7.25 6/20/2010 USD 3.92
Lehman Brothers Treas 4.50 7/24/2014 EUR 3.92
Lehman Brothers Treas 7.00 9/20/2011 USD 3.92
Lehman Brothers Treas 4.95 10/25/2036 EUR 3.92
Lehman Brothers Treas 0.25 7/21/2014 EUR 3.92
Lehman Brothers Treas 7.50 10/24/2008 USD 3.92
Lehman Brothers Treas 10.00 3/27/2009 USD 3.92
Lehman Brothers Treas 5.75 6/15/2009 CHF 3.92
Lehman Brothers Treas 6.50 7/24/2026 EUR 3.92
Lehman Brothers Treas 4.50 8/2/2009 USD 3.92
Lehman Brothers Treas 7.38 9/20/2008 EUR 3.92
Lehman Brothers Treas 3.85 4/24/2009 USD 3.92
Lehman Brothers Treas 10.50 8/9/2010 EUR 3.92
Lehman Brothers Treas 8.00 5/22/2009 USD 3.92
Lehman Brothers Treas 9.00 3/17/2009 GBP 3.92
Lehman Brothers Treas 9.00 6/13/2009 USD 3.92
Lehman Brothers Treas 7.00 11/28/2008 CHF 3.92
Lehman Brothers Treas 4.35 8/8/2016 SGD 9.63
Lehman Brothers Treas 6.00 10/24/2008 EUR 3.92
Lehman Brothers Treas 5.00 10/24/2008 CHF 3.92
Petromena ASA 9.75 5/24/2016 NOK 0.61
Lehman Brothers Treas 6.50 5/16/2015 EUR 3.92
Lehman Brothers Treas 5.00 9/1/2011 EUR 3.92
Lehman Brothers Treas 3.50 9/19/2017 EUR 3.92
Lehman Brothers Treas 3.00 9/12/2036 JPY 8.00
Lehman Brothers Treas 10.00 1/4/2010 USD 3.92
Lehman Brothers Treas 6.70 4/21/2011 USD 3.92
Lehman Brothers Treas 8.60 7/31/2013 GBP 3.92
Lehman Brothers Treas 8.28 7/31/2013 GBP 3.92
Lehman Brothers Treas 7.50 7/31/2013 GBP 3.92
HSBC Bank PLC 0.50 12/8/2020 BRL 72.22
Lehman Brothers Treas 12.00 7/4/2011 EUR 3.92
Lehman Brothers Treas 16.00 12/26/2008 USD 3.92
Lehman Brothers Treas 11.00 7/4/2011 USD 3.92
Lehman Brothers Treas 5.50 7/8/2013 EUR 3.92
Lehman Brothers Treas 13.15 10/30/2008 USD 3.92
Lehman Brothers Treas 3.63 3/2/2012 EUR 3.92
Kommunekredit 0.50 5/11/2029 CAD 73.00
Lehman Brothers Treas 5.25 7/8/2014 EUR 3.92
Lehman Brothers Treas 2.50 8/15/2012 CHF 3.92
Lehman Brothers Treas 12.40 6/12/2009 USD 3.92
Lehman Brothers Treas 3.00 6/3/2010 EUR 3.92
Lehman Brothers Treas 8.00 8/3/2009 USD 3.92
Lehman Brothers Treas 4.00 11/24/2016 EUR 3.92
Lehman Brothers Treas 1.50 10/25/2011 EUR 3.92
Lehman Brothers Treas 7.75 1/30/2009 EUR 3.92
Lehman Brothers Treas 11.00 6/29/2009 EUR 3.92
Lehman Brothers Treas 5.50 6/15/2009 CHF 3.92
Kommunalbanken AS 0.50 12/16/2020 TRY 72.61
Barclays Bank PLC 1.99 12/1/2040 USD 72.96
Lehman Brothers Treas 13.00 12/14/2012 USD 3.92
Lehman Brothers Treas 7.32 7/31/2013 GBP 3.92
Lehman Brothers Treas 6.00 12/6/2016 USD 3.92
Lehman Brothers Treas 4.15 8/25/2020 EUR 3.92
Lehman Brothers Treas 4.00 6/5/2011 USD 3.92
Lehman Brothers Treas 4.50 12/30/2010 USD 3.92
Lehman Brothers Treas 2.30 6/6/2013 USD 3.92
Lehman Brothers Treas 4.30 6/4/2012 USD 3.92
Lehman Brothers Treas 11.00 2/16/2009 CHF 3.92
Lehman Brothers Treas 6.30 12/21/2018 USD 3.92
Kaupthing ehf 7.50 12/5/2014 ISK 17.63
Kaupthing ehf 6.50 10/8/2010 ISK 17.63
HSBC Bank PLC 0.50 12/8/2026 AUD 71.93
Lehman Brothers Treas 6.00 2/19/2023 USD 3.92
Lehman Brothers Treas 8.00 3/21/2018 USD 3.92
Lehman Brothers Treas 13.00 2/16/2009 CHF 3.92
Lehman Brothers Treas 1.00 2/26/2010 USD 3.92
Lehman Brothers Treas 6.00 6/21/2011 EUR 3.92
Lehman Brothers Treas 3.10 6/4/2010 USD 3.92
Lehman Brothers Treas 7.75 1/3/2012 AUD 3.92
Lehman Brothers Treas 0.50 6/2/2020 EUR 3.92
Lehman Brothers Treas 5.00 12/6/2011 EUR 3.92
Lehman Brothers Treas 13.43 1/8/2009 ILS 3.92
Lehman Brothers Treas 10.00 10/23/2008 USD 3.92
Lehman Brothers Treas 6.60 5/23/2012 AUD 3.92
Lehman Brothers Treas 10.00 5/22/2009 USD 3.92
Lehman Brothers Treas 4.60 8/1/2013 EUR 3.92
Lehman Brothers Treas 5.00 2/15/2018 EUR 3.92
Lehman Brothers Treas 9.75 6/22/2018 USD 3.92
Lehman Brothers Treas 10.60 4/22/2014 MXN 3.92
Lehman Brothers Treas 16.00 11/9/2008 USD 3.92
Lehman Brothers Treas 16.20 5/14/2009 USD 3.92
Lehman Brothers Treas 4.87 10/8/2013 USD 3.92
Lehman Brothers Treas 7.05 4/8/2015 USD 3.92
Lehman Brothers Treas 7.15 3/21/2013 USD 3.92
Lehman Brothers Treas 7.80 3/31/2018 USD 3.92
Lehman Brothers Treas 2.30 4/28/2014 JPY 3.92
Lehman Brothers Treas 4.00 2/28/2010 EUR 3.92
Lehman Brothers Treas 2.00 5/17/2010 EUR 3.92
Lehman Brothers Treas 4.10 5/20/2009 USD 3.92
Lehman Brothers Treas 6.45 2/20/2010 AUD 3.92
Lehman Brothers Treas 4.00 3/10/2011 EUR 3.92
Lehman Brothers Treas 10.00 10/22/2008 USD 3.92
Lehman Brothers Treas 16.00 10/28/2008 USD 3.92
Lehman Brothers Treas 5.50 4/23/2014 EUR 3.92
Lehman Brothers Treas 8.88 1/28/2011 HKD 9.63
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 4.00 1/4/2011 USD 3.92
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 AUD 3.92
Oberoesterreichische 0.30 4/25/2042 EUR 55.14
Lehman Brothers Treas 4.50 3/7/2015 EUR 3.92
Lehman Brothers Treas 14.10 11/12/2008 USD 3.92
Lehman Brothers Treas 4.00 8/11/2010 USD 8.00
BNP Paribas SA 0.50 11/16/2032 MXN 31.71
Lehman Brothers Treas 0.75 3/29/2012 EUR 3.92
Kaupthing ehf 9.75 9/10/2015 USD 17.63
Lehman Brothers Treas 7.50 8/1/2035 EUR 3.92
Lehman Brothers Treas 4.90 7/28/2020 EUR 3.92
Lehman Brothers Treas 11.00 5/9/2020 USD 3.92
Lehman Brothers Treas 7.00 7/11/2010 EUR 3.92
Lehman Brothers Treas 6.00 7/28/2010 EUR 3.92
Svensk Exportkredit A 0.50 3/15/2022 ZAR 68.56
Lehman Brothers Treas 4.69 2/19/2017 EUR 3.92
Lehman Brothers Treas 7.60 3/26/2009 EUR 3.92
Lehman Brothers Treas 15.00 3/30/2011 EUR 3.92
Lehman Brothers Treas 6.00 5/12/2017 EUR 3.92
Lehman Brothers Treas 4.10 2/19/2010 EUR 3.92
DekaBank Deutsche Gir 0.12 6/23/2034 EUR 70.89
Landesbank Hessen-Thu 4.00 5/16/2018 EUR 61.20
UBS AG/London 12.50 4/5/2018 USD 64.65
DZ Bank AG Deutsche Z 6.50 3/23/2018 EUR 66.14
DZ Bank AG Deutsche Z 5.75 3/23/2018 EUR 68.62
UniCredit Bank AG 4.40 9/19/2018 EUR 67.24
UBS AG 10.50 12/22/2017 EUR 70.83
UBS AG 10.25 12/22/2017 EUR 50.11
UBS AG 8.50 12/22/2017 EUR 42.49
UBS AG 11.75 12/22/2017 EUR 62.41
UBS AG 7.50 12/22/2017 EUR 46.30
UBS AG 5.75 12/22/2017 EUR 53.84
UBS AG 7.75 12/22/2017 EUR 60.84
UBS AG 5.75 12/22/2017 EUR 73.02
UBS AG 13.00 12/22/2017 EUR 62.74
UBS AG 9.50 12/22/2017 EUR 71.86
UBS AG 7.75 12/22/2017 EUR 71.16
UBS AG 10.50 12/22/2017 EUR 64.63
Landesbank Baden-Wuer 3.15 6/22/2018 EUR 62.34
UBS AG 9.50 12/22/2017 EUR 71.77
UBS AG 5.25 12/22/2017 EUR 57.10
UBS AG 11.75 12/22/2017 EUR 58.99
UBS AG 10.25 12/22/2017 EUR 38.19
UBS AG 5.00 12/22/2017 EUR 60.97
UBS AG 11.75 12/22/2017 EUR 34.32
UBS AG 10.25 12/22/2017 EUR 68.30
UBS AG 6.75 12/22/2017 EUR 49.76
UBS AG 8.25 12/22/2017 EUR 44.38
UBS AG 6.25 12/22/2017 EUR 49.46
UBS AG 11.25 12/22/2017 EUR 64.15
UBS AG 9.00 12/22/2017 EUR 70.85
UBS AG 8.25 12/22/2017 EUR 61.45
UBS AG 4.50 12/22/2017 EUR 61.72
UBS AG 10.50 12/22/2017 EUR 61.82
UBS AG 9.50 12/22/2017 EUR 65.86
UBS AG 6.50 12/22/2017 EUR 49.55
HSBC Trinkaus & Burkh 9.00 9/22/2017 EUR 72.88
HSBC Trinkaus & Burkh 8.30 12/22/2017 EUR 74.59
HSBC Trinkaus & Burkh 2.50 9/22/2017 EUR 63.74
Leonteq Securities AG 10.20 10/24/2018 EUR 56.85
DZ Bank AG Deutsche Z 11.00 10/27/2017 EUR 62.31
Commerzbank AG 15.50 8/23/2017 EUR 64.84
Credit Suisse AG/Lond 11.50 4/25/2018 USD 73.47
Bank Julius Baer & Co 5.40 12/20/2017 CHF 71.55
Vontobel Financial Pr 7.00 12/22/2017 EUR 71.27
Vontobel Financial Pr 12.00 12/22/2017 EUR 62.58
HSBC Trinkaus & Burkh 10.50 11/24/2017 EUR 71.70
Lehman Brothers Treas 3.00 8/13/2011 EUR 3.92
Lehman Brothers Treas 1.50 2/8/2012 CHF 3.92
Lehman Brothers Treas 12.22 11/21/2017 USD 3.92
Lehman Brothers Treas 3.50 12/20/2027 USD 3.92
Lehman Brothers Treas 8.05 12/20/2010 HKD 3.92
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treas 14.90 11/16/2010 EUR 3.92
Lehman Brothers Treas 6.00 10/30/2012 EUR 3.92
Lehman Brothers Treas 16.00 10/8/2008 CHF 3.92
Lehman Brothers Treas 5.50 11/30/2012 CZK 3.92
Lehman Brothers Treas 4.80 11/16/2012 HKD 3.92
United Confectioners 10.50 4/3/2023 RUB 99.96
RGS Nedvizhimost OOO 12.50 2/25/2021 RUB 60.00
Lehman Brothers Treas 7.63 7/22/2011 HKD 3.92
TransFin-M PAO 14.50 2/26/2025 RUB 60.01
Lehman Brothers Treas 6.72 12/29/2008 EUR 3.92
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 99.91
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 99.80
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
TransFin-M PAO 12.50 8/11/2025 RUB 100.00
Lehman Brothers Treas 2.50 11/9/2011 CHF 3.92
Svensk Exportkredit A 0.50 8/25/2021 ZAR 71.51
LBI HF 5.08 3/1/2013 ISK 7.13
Lehman Brothers Treas 8.00 12/31/2010 USD 3.92
Lehman Brothers Treas 4.05 9/16/2008 EUR 3.92
LBI HF 8.65 5/1/2011 ISK 7.13
Lehman Brothers Treas 8.80 12/27/2009 EUR 3.92
Lehman Brothers Treas 11.00 12/20/2017 AUD 3.92
Lehman Brothers Treas 0.50 12/20/2017 USD 3.92
Lehman Brothers Treas 7.50 2/14/2010 AUD 3.92
Lehman Brothers Treas 5.22 3/1/2024 EUR 3.92
Lehman Brothers Treas 3.50 6/20/2011 EUR 3.92
Lehman Brothers Treas 3.45 5/23/2013 USD 3.92
Lehman Brothers Treas 1.95 11/4/2013 EUR 3.92
Lehman Brothers Treas 2.00 6/21/2011 EUR 3.92
Lehman Brothers Treas 5.38 2/4/2014 USD 3.92
Lehman Brothers Treas 9.50 4/1/2018 USD 3.92
Lehman Brothers Treas 2.75 10/28/2009 EUR 3.92
Lehman Brothers Treas 7.60 5/21/2013 USD 3.92
Societe Generale SA 0.50 6/12/2023 RUB 65.18
Lehman Brothers Treas 9.00 5/6/2011 CHF 3.92
Lehman Brothers Treas 15.00 6/4/2009 CHF 3.92
HSBC Bank PLC 0.50 1/29/2027 NZD 70.95
Lehman Brothers Treas 13.50 6/2/2009 USD 3.92
Lehman Brothers Treas 17.00 6/2/2009 USD 3.92
Lehman Brothers Treas 10.44 11/22/2008 CHF 3.92
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 99.81
Lehman Brothers Treas 3.82 10/20/2009 USD 3.92
Lehman Brothers Treas 7.75 2/21/2016 EUR 3.92
Credit Suisse AG 0.50 12/16/2025 BRL 46.17
Lehman Brothers Treas 5.00 8/1/2025 EUR 3.92
Lehman Brothers Treas 9.25 6/20/2012 USD 3.92
Lehman Brothers Treas 0.01 9/20/2011 USD 3.92
Lehman Brothers Treas 2.48 5/12/2009 USD 3.92
Lehman Brothers Treas 4.00 5/17/2010 USD 3.92
Lehman Brothers Treas 7.50 6/15/2017 USD 3.92
Lehman Brothers Treas 4.00 5/30/2010 USD 3.92
Lehman Brothers Treas 2.25 5/12/2009 USD 3.92
Lehman Brothers Treas 0.80 12/30/2016 EUR 3.92
Lehman Brothers Treas 10.00 1/3/2012 BRL 3.92
Societe Generale SA 0.50 7/6/2021 BRL 68.24
Credit Agricole Corpo 0.50 3/6/2023 RUB 66.61
Lehman Brothers Treas 4.10 6/10/2014 SGD 9.63
Barclays Bank PLC 1.00 5/10/2019 JPY 64.99
Lehman Brothers Treas 0.50 2/16/2009 EUR 3.92
Lehman Brothers Treas 8.00 4/20/2009 EUR 3.92
Lehman Brothers Treas 1.60 6/21/2010 JPY 3.92
Lehman Brothers Treas 2.40 6/20/2011 JPY 3.92
Lehman Brothers Treas 4.70 3/23/2016 EUR 3.92
Lehman Brothers Treas 8.50 7/6/2009 CHF 3.92
Lehman Brothers Treas 7.50 9/13/2009 CHF 3.92
Lehman Brothers Treas 5.25 4/1/2023 EUR 3.92
Lehman Brothers Treas 4.82 12/18/2036 EUR 3.92
HSBC Bank PLC 0.50 12/22/2025 BRL 45.54
Lehman Brothers Treas 3.70 6/6/2009 EUR 3.92
Eiendomskreditt AS 5.10 NOK 65.50
Lehman Brothers Treas 5.20 3/19/2018 EUR 3.92
Lehman Brothers Treas 6.00 2/14/2012 EUR 3.92
Lehman Brothers Treas 0.25 10/19/2012 CHF 3.92
Lehman Brothers Treas 1.68 3/5/2015 EUR 3.92
Lehman Brothers Treas 8.00 12/27/2032 JPY 3.92
Lehman Brothers Treas 13.50 11/28/2008 USD 3.92
Lehman Brothers Treas 9.00 5/15/2022 USD 3.92
Lehman Brothers Treas 7.39 5/4/2017 USD 3.92
Lehman Brothers Treas 6.60 2/22/2012 EUR 3.92
Lehman Brothers Treas 8.28 3/26/2009 USD 3.92
Lehman Brothers Treas 6.85 12/22/2008 EUR 3.92
Lehman Brothers Treas 7.00 2/15/2012 EUR 3.92
Kaupthing ehf 5.00 1/4/2027 SKK 17.63
Lehman Brothers Treas 4.20 12/3/2008 HKD 9.63
Lehman Brothers Treas 13.00 7/25/2012 EUR 3.92
Lehman Brothers Treas 4.00 10/12/2010 USD 3.92
Lehman Brothers Treas 7.00 10/22/2010 EUR 3.92
Lehman Brothers Treas 1.50 10/12/2010 EUR 3.92
Lehman Brothers Treas 4.60 11/9/2011 EUR 8.00
Nuova Banca delle Mar 7.20 6/30/2018 EUR 1.24
Nuova Banca delle Mar 7.75 6/30/2018 EUR 1.24
LBI HF 7.43 USD 0.00
Lehman Brothers Treas 8.00 10/23/2008 USD 3.92
Lehman Brothers Treas 3.40 9/21/2009 HKD 3.92
Lehman Brothers Treas 18.25 10/2/2008 USD 3.92
Lehman Brothers Treas 2.50 8/23/2012 GBP 3.92
Artug OAO 15.00 7/14/2025 RUB 1.40
Lehman Brothers Treas 4.25 5/15/2010 EUR 3.92
Lehman Brothers Treas 3.35 10/13/2016 EUR 3.92
Raiffeisen Centrobank 9.85 12/20/2017 EUR 66.16
Raiffeisen Centrobank 13.01 12/20/2017 EUR 63.48
Raiffeisen Centrobank 7.54 12/28/2018 EUR 63.93
Raiffeisen Centrobank 6.23 12/28/2018 EUR 68.78
Commerzbank AG 12.00 2/22/2018 EUR 72.27
Commerzbank AG 15.75 2/22/2018 EUR 67.63
BNP Paribas Emissions 16.00 9/21/2017 EUR 46.52
BNP Paribas Emissions 6.00 10/26/2017 EUR 59.85
BNP Paribas Emissions 13.00 10/26/2017 EUR 49.32
BNP Paribas Emissions 5.00 12/21/2017 EUR 63.29
BNP Paribas Emissions 6.00 12/21/2017 EUR 60.59
BNP Paribas Emissions 9.00 12/21/2017 EUR 56.30
BNP Paribas Emissions 6.00 9/21/2017 EUR 59.30
BNP Paribas Emissions 9.00 9/21/2017 EUR 54.19
BNP Paribas Emissions 13.00 10/26/2017 EUR 68.93
UBS AG/London 12.50 12/22/2017 EUR 69.53
UBS AG/London 5.00 12/22/2017 EUR 70.48
UBS AG/London 7.75 12/22/2017 EUR 63.13
Bank Julius Baer & Co 5.20 9/25/2017 EUR 67.10
Leonteq Securities AG 3.00 9/19/2019 CHF 56.06
Raiffeisen Schweiz Ge 5.00 6/6/2018 CHF 73.32
Raiffeisen Schweiz Ge 5.00 6/13/2018 CHF 72.66
Raiffeisen Schweiz Ge 5.00 7/25/2018 CHF 73.90
HSBC Trinkaus & Burkh 7.50 9/22/2017 EUR 71.86
EFG International Fin 14.00 3/8/2018 CHF 73.16
UBS AG/London 4.50 12/22/2017 EUR 73.38
UBS AG/London 7.00 12/22/2017 EUR 58.96
UBS AG/London 4.00 12/22/2017 EUR 73.02
UBS AG/London 9.00 12/22/2017 EUR 52.60
UBS AG/London 5.75 12/22/2017 EUR 65.18
UBS AG/London 11.00 12/22/2017 EUR 74.65
UBS AG/London 6.25 12/22/2017 EUR 63.03
UBS AG/London 14.50 12/22/2017 EUR 68.94
UniCredit Bank AG 5.00 9/25/2017 EUR 73.78
Credit Suisse AG/Nass 5.25 5/14/2018 CHF 71.26
Raiffeisen Schweiz Ge 4.50 5/23/2018 CHF 73.25
UniCredit Bank AG 4.30 10/17/2018 EUR 66.35
Landesbank Baden-Wuer 3.30 6/22/2018 EUR 63.89
UniCredit Bank AG 4.30 12/22/2017 EUR 58.87
DekaBank Deutsche Gir 3.30 2/26/2018 EUR 48.77
UBS AG 4.50 12/22/2017 EUR 53.26
UBS AG 5.00 12/22/2017 EUR 60.81
Landesbank Baden-Wuer 3.05 6/22/2018 EUR 69.20
DekaBank Deutsche Gir 3.00 4/16/2018 EUR 73.09
Leonteq Securities AG 10.00 12/27/2017 USD 57.17
Raiffeisen Schweiz Ge 15.00 12/27/2017 CHF 68.36
HSBC Trinkaus & Burkh 8.95 12/22/2017 EUR 67.80
DZ Bank AG Deutsche Z 8.30 9/22/2017 EUR 51.26
HSBC Trinkaus & Burkh 1.75 8/25/2017 EUR 59.67
Deutsche Bank AG 6.20 9/19/2017 EUR 72.10
Deutsche Bank AG 6.20 12/19/2017 EUR 73.60
UBS AG/London 6.30 12/29/2017 EUR 57.87
HSBC Trinkaus & Burkh 4.80 9/22/2017 EUR 59.18
HSBC Trinkaus & Burkh 13.70 12/22/2017 EUR 71.56
Vontobel Financial Pr 11.50 9/22/2017 EUR 72.98
HSBC Trinkaus & Burkh 8.40 9/22/2017 EUR 51.63
HSBC Trinkaus & Burkh 3.00 9/22/2017 EUR 65.55
UBS AG 24.10 9/28/2017 EUR 49.75
HSBC Trinkaus & Burkh 14.10 9/22/2017 EUR 70.33
Leonteq Securities AG 7.00 10/19/2017 CHF 68.31
Norddeutsche Landesba 3.00 10/30/2018 EUR 57.81
DZ Bank AG Deutsche Z 10.00 12/22/2017 EUR 72.42
DZ Bank AG Deutsche Z 11.80 12/22/2017 EUR 69.94
DZ Bank AG Deutsche Z 7.70 3/23/2018 EUR 72.58
DZ Bank AG Deutsche Z 9.60 3/23/2018 EUR 70.87
Leonteq Securities AG 15.60 12/19/2017 CHF 70.78
Leonteq Securities AG 17.60 12/19/2017 USD 70.94
Vontobel Financial Pr 18.40 9/11/2017 EUR 70.33
Commerzbank AG 4.00 7/6/2018 EUR 50.88
HSBC Trinkaus & Burkh 4.50 12/28/2018 EUR 73.88
HSBC Trinkaus & Burkh 4.50 12/28/2018 EUR 74.08
HSBC Trinkaus & Burkh 10.07 6/22/2018 EUR 74.26
HSBC Trinkaus & Burkh 5.00 6/22/2018 EUR 66.20
UBS AG/London 3.81 10/28/2017 USD 57.15
HSBC Trinkaus & Burkh 10.10 2/23/2018 EUR 71.98
HSBC Trinkaus & Burkh 11.60 3/23/2018 EUR 70.03
Commerzbank AG 12.75 1/25/2018 EUR 71.73
Commerzbank AG 16.50 1/25/2018 EUR 66.79
Leonteq Securities AG 16.60 5/7/2018 USD 57.48
Vontobel Financial Pr 9.05 12/22/2017 EUR 74.74
UBS AG/London 6.50 1/25/2018 CHF 70.60
Goldman Sachs & Co We 10.00 9/20/2017 EUR 72.43
Goldman Sachs & Co We 14.00 9/20/2017 EUR 63.70
DekaBank Deutsche Gir 3.50 10/28/2019 EUR 64.59
Bank Julius Baer & Co 5.50 11/6/2017 CHF 62.35
Bank Julius Baer & Co 7.75 2/9/2018 USD 53.20
HSBC Trinkaus & Burkh 10.90 10/27/2017 EUR 69.05
HSBC Trinkaus & Burkh 10.10 1/26/2018 EUR 71.26
Raiffeisen Schweiz Ge 3.00 9/22/2020 CHF 67.24
UniCredit Bank AG 3.50 1/29/2020 EUR 74.37
EFG International Fin 7.00 11/27/2019 EUR 16.81
Goldman Sachs Interna 1.00 12/5/2017 SEK 15.60
Bayerische Landesbank 2.70 7/13/2018 EUR 69.11
UniCredit Bank AG 3.80 7/23/2020 EUR 66.13
UniCredit Bank AG 4.40 7/13/2018 EUR 61.78
Bayerische Landesbank 2.40 7/20/2018 EUR 70.79
Norddeutsche Landesba 3.00 7/16/2018 EUR 64.69
Landesbank Baden-Wuer 3.00 7/26/2019 EUR 73.09
EFG International Fin 5.30 6/24/2019 EUR 73.28
Landesbank Baden-Wuer 3.70 7/27/2018 EUR 67.14
UniCredit Bank AG 5.00 7/30/2018 EUR 66.43
Landesbank Baden-Wuer 3.55 8/25/2017 EUR 67.59
Landesbank Baden-Wuer 4.00 6/22/2018 EUR 62.05
Landesbank Baden-Wuer 3.60 6/22/2018 EUR 59.56
DekaBank Deutsche Gir 3.00 5/13/2019 EUR 73.93
Bayerische Landesbank 2.90 6/22/2018 EUR 68.68
Landesbank Baden-Wuer 2.50 12/22/2017 EUR 73.83
Landesbank Baden-Wuer 3.50 7/27/2018 EUR 62.89
Landesbank Baden-Wuer 3.40 7/27/2018 EUR 63.11
Landesbank Baden-Wuer 3.00 7/26/2019 EUR 70.69
DekaBank Deutsche Gir 2.80 5/13/2019 EUR 61.23
Bayerische Landesbank 2.70 6/22/2018 EUR 70.67
Landesbank Baden-Wuer 2.60 8/23/2019 EUR 66.33
Lehman Brothers Treas 4.10 8/23/2010 USD 3.92
Lehman Brothers Treas 3.00 9/13/2010 JPY 8.00
Lehman Brothers Treas 6.60 2/9/2009 EUR 3.92
Societe Generale SA 0.50 4/30/2023 RUB 65.76
HSBC Bank PLC 0.50 10/30/2026 NZD 71.86
*********
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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2017. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.
* * * End of Transmission * * *