/raid1/www/Hosts/bankrupt/TCREUR_Public/170904.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, September 4, 2017, Vol. 18, No. 175
Headlines
F R A N C E
LABEYRIE FINE: S&P Affirms Then Withdraws 'B' Corp Credit Rating
SOCIETE GENERALE: S&P Cuts 2014-165 Notes Rating to 'B+p'
G E R M A N Y
AIR BERLIN: Hans Rudolf Woehrl Steps Back from Bidding Process
I R E L A N D
CVC CORDATUS IX: Moody's Assigns B2(sf) Rating to Class F Notes
CVC CORDATUS IX: S&P Assigns B-(sf) Rating to Class F Notes
L U X E M B O U R G
BILBAO SA: S&P Affirms 'B' Corp Credit Rating, Outlook Positive
N E T H E R L A N D S
ARES EURO I: Moody's Hikes Rating on Class F Notes to Ba3(sf)
MAXEDA DIY: S&P Withdraws 'B-' Ratings on Term Loan E Repayment
P O R T U G A L
AZOR MORTGAGES: S&P Raises EUR281 Class C Notes Rating to BB+
R U S S I A
BANK OTKRITIE: S&P Changes CreditWatch on B+ CCR to Developing
S P A I N
CAIXABANK SA: Moody's Assigns (P)Ba2 to Rating to Senior Notes
U K R A I N E
KHARKIV CITY: Moody's Raises Issuer Rating to Caa2
U N I T E D K I N G D O M
BIBBY OFFSHORE: S&P Lowers CCR to 'CC', Outlook Negative
BUY AS YOU VIEW: Enters Administration, 41 Jobs Affected
CHEQUE CENTRE: Cash Flow Pressure Prompts Administration
FOUR SEASONS: In Dispute with Lenders Over Debt Guarantees
GREAT HALL 2007-2: S&P Affirms B-(sf) Ratings on 2 Note Classes
PAGAN OSBORNE: In Administration, 77 Jobs Affected
VASANAT INTERNATIONAL: In Liquidation, 99 Jobs Affected
X X X X X X X X
* BOND PRICING: For the Week August 28 to September 1, 2017
*********
===========
F R A N C E
===========
LABEYRIE FINE: S&P Affirms Then Withdraws 'B' Corp Credit Rating
----------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit rating on France-based Labeyrie Fine Foods SAS.
S&P also affirmed the 'B' issue rating on Labeyrie's EUR455
million term loan B.
S&P said, "At the company's request, we subsequently withdrew our
'B' ratings on Labeyrie and its debt, as well as our recovery
rating of '4' on Labeyrie's EUR455 million term loan B,
indicating our expectation of average recovery prospects (30%-
50%; rounded estimate 45%)."
The outlook was stable at the time of the withdrawal.
At the time of withdrawal, Labeyrie's business risk profile
reflected the group's structural exposure to significant raw
materials price hikes, although it has a successful track record
in passing them on to customers. Still, the price negotiation
cycle with large retailers is relatively long. S&P said, "This
exposes the group to decreased profitability during volatile
price environments, as was the case in 2016, and we anticipate
this will happen again in 2017. Moreover, we continue to view the
group's low geographic diversification and a product mix skewed
toward private labels as a constraint.
"We considered positive that the company has shown good
resilience over the past few years by efficiently enlarging its
product offerings, mainly through small acquisitions but also by
developing innovative products. In addition, the group operates
mainly in mature markets and therefore has limited growth
prospects.
"Following the recent change in Labeyrie's capital structure, we
maintained our view of the group's financial risk profile as
highly leveraged."
SOCIETE GENERALE: S&P Cuts 2014-165 Notes Rating to 'B+p'
---------------------------------------------------------
S&P Global Ratings lowered to 'B+p' from 'BBB-p' and removed from
CreditWatch negative its credit rating on Societe Generale's
series 2014-165 credit-linked notes.
S&P said, "On July 14, 2017, we placed our rating on the series
2014-165 credit-linked notes on CreditWatch negative following
our recent rating action on the underlying credit to which our
rating on these notes is weak-linked (see "Rating Actions Taken
On Two Series Of Credit-Linked Notes Following Rating Actions On
Underlying Credits").
"The rating action follows our downgrade of Staples Inc. on
Aug. 8, 2017.
S&P considers that the key risks for the credit-linked notes stem
from the credit risk for:
-- Societe Generale, the issuer under its $6 billion medium-term
note program;
-- Staples, a reference entity under the credit-linked notes;
and
-- Societe Generale, New York Branch, the guarantor.
S&P has consequently lowered to 'B+p' from 'BBB-p' and removed
from CreditWatch negative its rating on Societe Generale's series
2014-165 credit-linked notes.
The series 2014-165 comprises $3 million hybrid credit-linked
non-principal protected notes issued under Societe Generale's $6
billion medium-term note program. S&P's rating on the series
2014-165 credit-linked notes only addresses the ultimate
repayment of principal.
=============
G E R M A N Y
=============
AIR BERLIN: Hans Rudolf Woehrl Steps Back from Bidding Process
--------------------------------------------------------------
Maria Sheahan and Peter Maushagen at Reuters report that the
field of bidders for Air Berlin's assets appeared to narrow
further on Aug. 31 when aviation investor Hans Rudolf Woehrl
stepped back from the process to search for a partner.
Now the carrier is to be carved up, most likely among several
buyers, with about 140 leased aircraft and valuable take-off and
landing slots in Germany up for grabs, Reuters discloses.
Leading German airline Lufthansa, Britain's easyJet and
Thomas Cook's Condor are seen as likely bidders, Reuters notes.
Ryanair Chief Executive Michael O'Leary on Aug. 30 said it will
not submit a bid, Reuters relates.
Mr. Woehrl -- who made his name when he bought German airline
Deutsche BA from British Airways for a nominal EUR1 (US$1.17) in
2003 -- has proposed keeping Air Berlin intact as a charter
airline rather than carving it up, Reuters relays.
But he declined to sign a confidentiality agreement that would
allow him to look at Air Berlin's books, a pre-condition for a
formal offer for the carrier, Reuters states. Mr. Woehrl's firm
Intro said such a step would be inappropriate as it wants to work
with one of the other bidders on a joint offer, Reuters notes.
"The agreement is unsuitable given the consortium solution that
Intro is planning," Reuters quotes the statement as saying.
Lufthansa has already turned Mr. Woehrl down, but he has received
positive signals from other bidders, it said, without providing
details, Reuters relates. Mr. Woehrl reiterated that he was not
interested in buying only parts of Air Berlin, according to
Reuters.
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
=============
I R E L A N D
=============
CVC CORDATUS IX: Moody's Assigns B2(sf) Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by CVC Cordatus Loan
Fund IX Designated Activity Company:
-- EUR235,200,000 Class A Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)
-- EUR56,400,000 Class B Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)
-- EUR22,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)
-- EUR20,800,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)
-- EUR23,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)
-- EUR12,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CVC Credit
Partners European CLO Management LLP ("CVC Credit Partners"), has
sufficient experience and operational capacity and is capable of
managing this CLO.
CVC Cordatus Loan Fund IX Designated Activity Company is a
managed cash flow CLO. At least 92.5% of the portfolio must
consist of senior secured loans and senior secured bonds and up
to 7.5% of the portfolio may consist of unsecured obligations,
second-lien loans, mezzanine loans and high yield bonds. The bond
bucket gives the flexibility to CVC Cordatus Loan Fund IX
Designated Activity Company to hold bonds if Volcker Rule is
changed. The portfolio is expected to be approximately 66.25%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.
CVC Credit Partners will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.
In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR42.9M of M-1 and EUR1.0M of M-2 subordinated
notes, which are not rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority. This CLO has also
access to a liquidity facility of EUR1.75M that an external party
provides for four years (subject to renewal by one or two years).
Drawings under the liquidity facility are allowed to pay interest
in the waterfall and are reimbursed at a super-senior level.
Factors that would lead to an upgrade or downgrade of the
ratings:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CVC Credit Partners'
investment decisions and management of the transaction will also
affect the notes' performance.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR400,000,000
Diversity Score: 39
Weighted Average Rating Factor (WARF): 2805
Weighted Average Spread (WAS): 3.85%
Weighted Average Recovery Rate (WARR): 42.5%
Weighted Average Life (WAL): 8.0 years.
Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 10% of the pool would be domiciled in
countries with A3. The remainder of the pool will be domiciled in
countries which currently have a local currency country risk
ceiling of Aaa or Aa1 to Aa3.
To address the risk of amounts drawn under the liquidity facility
being flushed through the waterfall to subordinated noteholders,
Moody's has modeled such draws (which flow through the interest
waterfall to the equity) and repayments (on a senior basis)
assuming that the amount drawn under the liquidity facility in
each period equals a percentage of the interest received on the
underlying portfolio in that period.
Stress Scenarios:
Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.
Percentage Change in WARF: WARF + 15% (to 3226 from 2805)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes:0
Class B Senior Secured Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes.-2
Class E Senior Secured Deferrable Floating Rate Notes: 0
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3647 from 2805)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B Senior Secured Floating Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes.-2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -1
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
CVC CORDATUS IX: S&P Assigns B-(sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus
Loan Fund IX DAC's class A, B, C, D, E, and F notes. At closing,
the issuer also issued unrated subordinated notes.
CVC Cordatus Loan Fund IX is a European cash flow collateralized
loan obligation (CLO), securitizing a portfolio of primarily
senior secured leveraged loans and bonds. The transaction is
managed by CVC Credit Partners European CLO Management LLP.
The ratings assigned to the notes reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term
loans and bonds that are governed by collateral quality
tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which is bankruptcy
remote.
Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following
this, the notes permanently switch to semiannual payment. The
portfolio's reinvestment period ends approximately four years
after closing.
S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. We consider that the portfolio at the effective date will
be well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations.
"In our cash flow analysis, we used the EUR 400 million target
par amount, the covenanted weighted-average spread (3.85%), the
covenanted weighted-average coupon (5.00%), and the target
weighted-average recovery rate at the 'AAA' rating level as
provided by the manager. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.
"The Bank of New York Mellon, London Branch is the bank account
provider and custodian. The documented downgrade remedies are in
line with our current counterparty criteria (see "Counterparty
Risk Framework Methodology And Assumptions," published on June
25, 2013).
"Under our structured finance ratings above the sovereign
criteria, the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels (see
"Ratings Above The Sovereign - Structured Finance: Methodology
And Assumptions," published on Aug. 8, 2016).
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes."
RATINGS LIST
Ratings Assigned
CVC Cordatus Loan Fund IX DAC
EUR 415.10 Million Senior Secured Floating-Rate Notes
(Including
EUR 43.9 Million Unrated Subordinate Notes)
Class Rating Amount
(mil. EUR )
A AAA (sf) 235.20
B AA (sf) 56.40
C A (sf) 22.80
D BBB (sf) 20.80
E BB (sf) 23.20
F B- (sf) 12.80
Sub. NR 43.90
NR--Not rated.
Sub.--Subordinated.
===================
L U X E M B O U R G
===================
BILBAO SA: S&P Affirms 'B' Corp Credit Rating, Outlook Positive
---------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit ratings on Bilbao (Luxembourg) S.A., the parent
holding company of leading European steel and aluminum waste
recycling services company Befesa Medio Ambiente (BMA), and its
main operating subsidiary Befesa Zinc S.A.U. (Befesa). The
outlook remains positive.
S&P said, "In addition, we affirmed our 'B' issue-level rating on
Befesa's EUR 300 million senior secured notes issued by special-
purpose vehicle Zinc Capital S.A. The recovery rating is '3',
indicating our expectation of meaningful recovery (50%-70%;
rounded estimate: 65%) recovery prospects. We have also affirmed
our 'CCC+' issue-level rating on Bilbao's EUR 162 million
payment-in-kind (PIK) toggle notes. The recovery rating is '6',
indicating our expectation of negligible (0%-10%) recovery for
creditors in the event of a payment default.
"The rating affirmation is based on our expectation that the
group will continue delivering strong results and generating
positive free operating cash flow in the next two-to-three years
based on increasing throughput volumes and supportive zinc
prices. In the group's steel dust recycling services business,
electric arc furnace dust throughput reached a new high at
628,000 tons for the 12 months through June 30, with increasing
capacity utilization of the second line in Korea as well as
Turkey. Waelz oxide sales increased by 12% year-over-year in the
first half, led again by operations in Turkey and Korea. In the
past three years, the company has expanded its production
capacity at a gradual pace. The main accomplishments include
commissioning of the expansion of the zinc facility in Korea and
the aluminium facility in Bernburg. In 2016, the new facilities
contributed about EUR 10 million to EBITDA, with further upside
with the complete ramp-up of the facility in Korea."
Zinc prices, a key driver of company's profitability, have
continued the recovery that started in the second half of 2016,
with the London Metals Exchange average price up to $2,487/ton
compared with $1,611/ton in the first half of 2016. S&P's
expectation is for zinc prices to remain high at the $2,800/ton
level for the remainder of the year, with only slight corrections
in 2018 and 2019 to $2,700/ton and $2,600/ton, respectively,
given the constrained supply in the industry. The upside in
EBITDA will lag spot prices, as the group has hedged about 60% of
its expected production for 2017 and 2018 at lower prices, but
this hedging policy allows for better EBITDA visibility.
The affirmation also takes into account S&P's expectation that
management will address the refinancing of Befesa's EUR 300
million notes due in May 2018 in the next three months, supported
by robust operating and financial performance.
S&P said, "Under our base-case scenario, we expect adjusted group
EBITDA of EUR 165 million-EUR 175 million in 2017 and EUR 160
million-EUR 170 million in 2018 compared with about EUR 130
million in 2016 and EUR 142 million in the last 12 months to June
2017. The improvement is supported by higher zinc prices and some
contribution from growth projects. This translates into a debt-
to-EBITDA ratio of 4.0x-4.5x in 2017 and 2018 compared with 4.8x
in 2016. We expect free operating cash flow (post capital
expenditure) to be about EUR 30 million-EUR 40 million in both
2017 and 2018."
The following assumptions underpin S&P's estimates:
-- S&P Global Ratings' zinc prices of $2,800/ton for the rest of
2017, $2,700/ton in 2018, and $2,600/ton for 2019.
-- S&P Global Ratings' aluminum prices of $1,950/ton for the
rest of 2017 and $1,900/ton for 2018 and 2019.
-- No material changes from existing production, apart from the
additional volumes coming from the expansion in Korea.
Starting in 2019, there will also be upside in volumes coming
mainly from Turkey.
-- A moderate increase in EBITDA margins, supported by the
higher zinc prices and some benefits from the group's cost-
cutting programs and other initiatives. In 2016, EBITDA
margins were about 21% and we assume they will increase to
into the mid-20s in the next few years.
-- Total cumulative capital expenditure (capex) of EUR 150
million for 2017-2019, including maintenance capex of about
EUR 20 million-EUR 25 million annually.
-- Proceeds of about EUR 55 million from the divestment of the
industrial environmental solutions business in South America
as well as its "Solarca" business, which was completed
earlier this year.
-- Low-single-digit percent working capital outflow in 2017 and
2018.
S&P said, "Our assessment of Bilbao's financial risk profile as
highly leveraged mainly reflects the ultimate private equity
ownership and the possibility that the company could be
releveraged, while the current leverage level and positive free
operating cash flow generation could support a rating one notch
higher. As such, we will closely monitor how the company
refinances the EUR 300 million notes that are due in mid-May
2018."
As of June 30, 2017, the company had a reported net debt of EUR
456 million, including EUR 300 million notes at the Befesa Zinc
level (due May 2018), EUR 68 million outstanding on a non-zinc
syndicated loan (minor maturities in 2017 and 2018), about EUR 10
million in other zinc-related debt, and a EUR 162 million PIK
loan due December 2018 at the parent company. S&P includes the
company's factoring facilities of about EUR 40 million in our
measure of adjusted debt.
The group's business risk profile is predominantly driven by the
zinc business. This generates about 75% of the group's EBITDA and
is supported by the group's relatively stable service-oriented
business model, which benefits from both multiyear customer
contracts and European environmental regulations governing the
disposal of hazardous steel and aluminum industry waste by-
products. The company also has the leading market position in
Europe, with a 45%-50% market share in both zinc and aluminum
recycling. The systematic hedging program for zinc supports S&P's
assessment further, providing better visibility of the company's
results over the coming 12-18 months. At the same time, the
group's volumes are exposed to the underlying cyclicality of
steel and aluminum production as well as its exposure to volatile
zinc prices.
Befesa Zinc is a core operating subsidiary of Bilbao
(Luxembourg), responsible for about 75% of its activities. The
rating on Befesa is in line with the parent. Befesa's stand-alone
credit quality is also now in line with that of the group.
The positive outlook reflects a one-in-three probability of us
raising the ratings on Bilbao and Befesa to 'B+' in the next 6-12
months, if the group proactively refinances its 2018 maturities
and demonstrates a supportive financial policy.
An upgrade would require a supportive financial policy, including
maintenance of S&P Global Ratings-adjusted debt to EBITDA below
5x on a consistent basis, in addition to proactive liquidity
management.
S&P could revise the outlook to stable if the group's adjusted
debt to EBITDA goes above 5x as a result of releveraging or a
more aggressive investment program than we currently anticipate.
Although currently not expected, a delay in refinancing of the
2018 maturities would likely lead S&P to revise the outlook or
lower the ratings.
=====================
N E T H E R L A N D S
=====================
ARES EURO I: Moody's Hikes Rating on Class F Notes to Ba3(sf)
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Ares Euro CLO I B.V.:
-- EUR26M Class D Senior Secured Deferrable Floating Rate Notes
due 2024, Upgraded to Aa1 (sf); previously on Mar 2, 2017
Upgraded to Aa3 (sf)
-- EUR13.5M Class E Senior Secured Deferrable Floating Rate
Notes due 2024, Upgraded to Baa3 (sf); previously on Mar 2,
2017 Upgraded to Ba1 (sf)
-- EUR6M Class F Senior Secured Deferrable Floating Rate Notes
due 2024, Upgraded to Ba3 (sf); previously on Mar 2, 2017
Upgraded to B2 (sf)
-- EUR8M Class Q Combination Notes due 2024, Upgraded to Aaa
(sf); previously on Mar 2, 2017 Affirmed Aa1 (sf)
Moody's has also affirmed the ratings on the following notes:
-- EUR8M (Current outstanding balance of EUR0.4M) Class B-1
Senior Secured Deferrable Floating Rate Notes due 2024,
Affirmed Aaa (sf); previously on Mar 2, 2017 Affirmed
Aaa (sf)
-- EUR13M (Current outstanding balance of EUR0.7M) Class B-2
Senior Secured Deferrable Fixed Rate Notes due 2024, Affirmed
Aaa (sf); previously on Mar 2, 2017 Affirmed Aaa (sf)
-- EUR19M Class C Senior Secured Deferrable Floating Rate Notes
due 2024, Affirmed Aaa (sf); previously on Mar 2, 2017
Affirmed Aaa (sf)
Ares Euro CLO I B.V., issued in April 2007, is a collateralised
loan obligation (CLO) backed by a portfolio of high-yield
European loans. The portfolio is managed by Ares Management
Limited. The transaction's reinvestment period ended in May 2014.
RATINGS RATIONALE
The rating actions on the notes are primarily a result of the
deleveraging of the senior notes following amortisation of the
underlying portfolio since the last rating action in March 2017.
The Classes A-2, A-3, B-1 and B-2 Notes have paid down by
approximately EUR54.01M (16.54% of the original amount) since the
last rating action in March 2017 and EUR260.93M (79.92% of the
original amount) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased. According to the
trustee report dated July 2017 the Class B, Class C, Class D,
Class E and Class F OC ratios are reported at 6889.47%, 368.87%,
160.72%, 124.30% and 112.92% compared to January 2017 levels of
232.57%, 172.93%, 128.01%, 112.79% and 107.14%, respectively.
The rating on the combination notes addresses the repayment of
the rated balance on or before the legal final maturity. For the
Class Q Notes, the 'rated balance' at any time is equal to the
principal amount of the combination notes on the issue date minus
the sum of all payments made from the issue date to such date, of
either interest or principal. The rated balance will not
necessarily correspond to the outstanding notional amount
reported by the trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR65.73M and principal proceeds balance of
EUR8M, defaulted par of EUR0.47M, a weighted average default
probability of 18.56% over a weighted average life of 4.36 years
(consistent with a WARF of 2663), a weighted average recovery
rate upon default of 45.32% for a Aaa liability target rating, a
diversity score of 15 and a weighted average spread of 3.36% and
a weighted average coupon of 4.50%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.
Factors that would lead to an upgrade or downgrade of the
ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs that
were unchanged for classes B1, B2 and C and within one notch of
the base-case results for class D, E and F.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortisation would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
* Around 4.77% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions" published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
MAXEDA DIY: S&P Withdraws 'B-' Ratings on Term Loan E Repayment
---------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term corporate credit
and issue ratings on Benelux-based DIY retailer Maxeda DIY B.V.
after the company repaid its EUR 467 million term loan E and
cancelled its EUR 20 million senior secured revolving credit
facility (RCF). S&P withdrew the rating at the issuer's request.
The outlook was positive at the time of the withdrawal.
S&P said, "We have withdrawn the ratings as a result of Maxeda
DIY B.V. repaying its current debt from the proceeds of the new
EUR 475 million of senior secured notes raised by the company's
immediate parent, Maxeda DIY Holding B.V.
"We still rate ultimate holding company Maxeda DIY Group B.V.,
and the new EUR 50 million super senior RCF and EUR 475 million
fixed-rate senior secured notes issued by Maxeda DIY Holding B.V.
We assigned the ratings on July 10, 2017."
===============
P O R T U G A L
===============
AZOR MORTGAGES: S&P Raises EUR281 Class C Notes Rating to BB+
-------------------------------------------------------------
S&P Global Ratings took various credit rating actions in Azor
Mortgages PLC.
Specifically, S&P has:
-- Raised to 'A- (sf)' from 'BBB (sf)' and removed from
CreditWatch positive its rating on the class B notes;
-- Raised to 'BB+ (sf)' from 'B- (sf)' and removed from
CreditWatch positive its rating on the class C notes; and
-- Affirmed its 'A+ (sf)' rating on the class A notes.
S&P said, "On July 19, 2017, we placed on CreditWatch positive
our ratings on the class B and C notes in this transaction due to
the incorrect application of property type adjustments at our
previous reviews.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
(the June 2017 investor report). Our analysis reflects the
application of our European residential loans criteria, our
current counterparty criteria, and our structured finance ratings
above the sovereign (RAS) criteria.
"Since our previous review on Oct. 7, 2016, available credit
enhancement, based on the performing balance plus available cash,
has increased to 85.5% from 68.3% for the class A notes, to 31.0%
from 25.0% for the class B notes, and to 5.2% from 4.5% for the
class C notes."
This transaction features an amortizing reserve fund, which
currently represents 12.21% of the outstanding balance of the
mortgage assets.
As of the June 2017 payment date, the pool factor (the
outstanding collateral balance as a proportion of the original
collateral balance) was 12.4%. S&P said, "The portfolio's
performance has remained stable since our previous review and is
on average slightly weaker than our Portuguese residential
mortgage-backed securities (RMBS) index (see "Portuguese RMBS
Index Report Q1 2017," published on June 1, 2017). As of the most
recent investor report available to us (June 2017), total
delinquencies were at 1.09%, down from 3.10% at our previous
review. Prepayment levels remain low and the transaction is
unlikely to pay down significantly in the near term, in our
opinion.
"We have observed a decrease in the weighted-average foreclosure
frequency (WAFF) and a decrease in the weighted-average loss
severity (WALS) for each rating level compared with our previous
reviews."
Rating level WAFF (%) WALS (%)
AAA 18.45 6.52
AA 14.07 4.65
A 11.72 2.11
BBB 8.76 2.00
BB 5.76 2.00
B 4.92 2.00
S&P said, "The decrease in the WAFF is mainly due to seasoning
credit and lower arrears. The decreases in the WALS figures are
primarily due to our error in previously treating certain
underlying properties securing the mortgages as commercial
properties instead of residential properties. Our European
residential loans criteria consider that nonresidential loans are
more likely to default than residential loans and therefore apply
adjustments to the foreclosure frequency and loss severity for
nonresidential properties. Considering the properties as
residential in our analysis results in us no longer applying
these adjustments.
"Our current counterparty criteria cap our ratings in Azor
Mortgages at our long-term issuer credit rating (ICR) on the swap
and liquidity facility providers as the replacement language in
the transaction documents are not in line with our methodology.
Nevertheless, as in our previous reviews, we have not given any
benefit to the swap or liquidity facility in our cash flow
analysis at certain rating levels. Consequently, we have delinked
our ratings on the class A and B notes from the swap and
liquidity facility providers, and delinked our rating on the
class C notes from the swap provider.
"Following the application of our European residential loans and
RAS criteria, we have determined that our assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by our RAS criteria and (ii) the rating that the
class of notes can attain under our European residential loans
criteria.
"Under our European residential loans criteria, the class A notes
have sufficient available credit enhancement to withstand our
stresses at a 'AAA' rating level. However, our RAS criteria
constrain our rating on the class A notes at 'A+ (sf)', which is
six notches above our 'BB+' rating on the sovereign. We have
therefore affirmed our 'A+ (sf)' rating on the class A notes.
"The class B notes have sufficient available credit enhancement
to withstand our stresses at a 'AAA' rating level under our
European residential loans criteria. However, as the class B
notes are not the most senior class of notes, our RAS criteria
constrain our rating on the class B notes at 'A- (sf)', which is
four notches above our rating on the sovereign. We have therefore
raised to 'A- (sf)' from 'BBB (sf)' and removed from CreditWatch
positive our rating on the class B notes.
"Finally, the class C notes have sufficient available credit
enhancement to withstand our stresses at a 'BBB+' rating level
under our European residential loans criteria. However, our RAS
criteria constrain our rating on the class C notes at 'BB+ (sf)',
at the current rating on Portugal. We have therefore raised to
'BB+ (sf)' from 'B- (sf)' and removed from CreditWatch positive
our rating on the class C notes."
Azor Mortgages is a Portuguese RMBS transaction, which closed in
November 2004 and securitizes first-ranking mortgage loans. Banco
Comercial dos AƔores (now Banco Santander Totta) originated the
pool, which comprises loans granted to prime borrowers, mainly in
the Azores islands (Portugal).
RATINGS LIST
Class Rating
To From
Azor Mortgages PLC
EUR281 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised And Removed From CreditWatch Positive
B A- (sf) BBB (sf)/Watch Pos
C BB+ (sf) B- (sf)/Watch Pos
Rating Affirmed
A A+ (sf)
===========
R U S S I A
===========
BANK OTKRITIE: S&P Changes CreditWatch on B+ CCR to Developing
--------------------------------------------------------------
S&P Global Ratings changed its CreditWatch implications for its
'B+' long-term counterparty credit rating on Russia-based Bank
Otkritie Financial Co. (BOFC) to developing from negative. S&P
originally placed its 'BB-' rating on BOFC on CreditWatch with
negative implications on Dec. 21, 2016, and then lowered it to
'B+' and maintained it on CreditWatch negative on May 24, 2017.
At the same time, S&P placed its 'B' short-term counterparty
credit rating on BOCF on CreditWatch with developing
implications.
On Aug. 29, 2017, the Central Bank of Russia (CBR) announced
measures that it will take to improve BOFC's financial stability.
These include its temporary administration of BOFC, under which
it will effectively take control of the bank. The central bank
announced that it will provide financial support to the bank and
guarantee the continuity of its operations. S&P understands from
the central bank's announcement that it will not introduce a
moratorium on payments under creditors' claims or apply a bail-in
option.
The central bank's measures follow substantial pressure on BOFC's
liquidity and funding positions in the past three months due to
unprecedented outflows of customer funds from June to August. By
S&P's estimate, the bank has lost about Russian ruble 660 billion
(about US$11 billion) of clients' funds since June, primarily in
the corporate segment. These outflows have caused deterioration
in the bank's liquidity, despite its efforts to offset them by
increasing collateralized borrowing from the CBR and striking an
agreement with the central bank regarding uncollateralized
liquidity support. Collateralized borrowing from the CBR rose to
about 30% of the bank's liabilities by late August, according to
our estimates.
S&P said, "We reflect the deterioration in the customers'
confidence, increased cost of funding, and potential further
vulnerabilities in BOFC's business in our business position
assessment, which we have revised to moderate from adequate. At
the same time, we have maintained our view of the bank's
liquidity as adequate, rather than assessing it as moderate or
lower, because we incorporate the CBR's direct short-term
liquidity support. Taking these changes into account, we now
assess BOFC's stand-alone credit profile (SACP) at 'b'.
"We also continue to think that BOFC is moderately important for
Russia's banking sector. We therefore incorporate one notch of
uplift from the SACP to reflect our view of a moderately high
likelihood of additional government support to the bank if
needed.
"We expect that within the next few months the central bank may
provide more details regarding its assessment of the bank's
financial standing and its views on possible next steps,
including the bank's recapitalization, potential changes to its
business model, changes in its shareholding structure, and other
important details of the plan, aiming to restore the bank's
financial stability.
"We expect to resolve the CreditWatch within the next 90 days.
"We could lower our ratings on BOFC by one or several notches if
we saw a greater risk that the bank's senior creditors would
suffer losses, in contrast to the statements the CBR made when it
announced its temporary administration of the bank.
"We could upgrade BOFC if we saw marked improvement in BOFC's
stand-alone credit quality, owing to the CBR's measures, and the
bank fully restored customers' confidence, its liquidity
position, and stability in its funding base. An upgrade could
also follow improvement in the bank's business strategy and risk
management practices, or our view that the bank would benefit
from ongoing and extraordinary support from the government.
"We could affirm the ratings if we saw that the CBR's measures
did not materially change BOFC's creditworthiness, and we
considered that the risk that senior creditors would suffer
losses was not greater than what we currently incorporate in our
ratings on BOFC."
=========
S P A I N
=========
CAIXABANK SA: Moody's Assigns (P)Ba2 to Rating to Senior Notes
--------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba2 rating to
the long-term senior non-preferred medium term notes to be issued
by CaixaBank, S.A. (CaixaBank).
The senior non-preferred notes, referred to as "junior senior"
unsecured notes by Moody's, could be issued under CaixaBank's
EUR10 billion Euro Medium Term Note Programme. The notes will be
explicitly designated as senior non-preferred in the
documentation. As such the notes would rank junior to other
senior unsecured obligations, including senior unsecured debt,
and senior to subordinated debt in resolution and insolvency.
Moody's issues provisional ratings in advance of the final
issuance. These ratings represent the rating agency's preliminary
credit opinion. A definitive rating may differ from a provisional
rating if the terms and conditions of the final issuance are
materially different from those of the draft prospectus reviewed.
RATINGS RATIONALE
The (P)Ba2 rating assigned to the junior senior unsecured debt
securities reflects (1) CaixaBank's adjusted baseline credit
assessment (BCA) of ba1; (2) Moody's Advanced Loss Given Failure
(LGF) analysis, which indicates likely high loss severity for
these instruments in the event of the bank's failure, leading to
a position one notch below the bank's adjusted BCA; and (3)
Moody's assumption of a low probability of government support for
this new instrument, resulting in no uplift.
CaixaBank is subject to the EU's Bank Recovery and Resolution
Directive (BRRD), which Moody's considers to be an Operational
Resolution Regime. Therefore, Moody's applies its Advanced LGF
analysis to determine the loss-given-failure of the junior senior
notes. For CaixaBank, Moody's assumes residual tangible common
equity of 3% and losses post-failure of 8% of tangible banking
assets, in keeping with Moody's standard assumptions. Given the
relatively small amount of junior senior debt to be issued, at
least at first, and the current subordination in the form of Tier
2, preference shares and residual equity, the LGF analysis
indicates likely high loss-given-failure. As a result, the
securities will be positioned one notch below the adjusted BCA.
The issuance of junior senior securities by CaixaBank follows the
publication of Spanish Royal Decree-Law 11/2017 on June 23, 2017,
which modifies the hierarchy of claims in an insolvency by
introducing a new type of debt within the senior debt class that
ranks junior to other senior debt instruments. To fall into the
category of the non-preferred, or "junior senior," debt class,
the securities must have an original maturity of one year or
more, cannot have derivative features, and the related issuance
documents must incorporate a contractual subordination clause.
This law facilitate banks' compliance with the European Union's
(EU) Minimum Requirement for own funds and Eligible Liabilities
(MREL).
The issuer can redeem or make changes to the terms of the
securities in case the notes cease to be MREL-eligible
instruments in light of possible changes to Spanish law or other
applicable banking regulations. Changes to the terms and
conditions, however, should not be materially less favourable to
holders of this instrument and Moody's views the likelihood of
any material change to the terms and conditions to be low.
Given that the very purpose of the junior senior notes is to
provide additional loss absorption and improve the ability of
authorities to conduct a smooth resolution of troubled banks,
government support for these instruments is unlikely in Moody's
view and the agency therefore attributes only a low probability
to a scenario where the government would support this debt class.
As a result there is no further uplift from government support.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's advanced LGF analysis indicates that there is currently
little sensitivity of these notes' rating to further issuance of
junior senior debt or more subordinated instruments such as Tier
2 and/or Additional Tier 1.
CaixaBank's junior senior debt ratings could be also upgraded or
downgraded together with any upgrade or downgrade of CaixaBank's
Adjusted BCA.
Rating assigned:
Issuer: CaixaBank, S.A.
-- Junior Senior Unsecured Regular Bond/Debenture, assigned
(P)Ba2
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Banks published
in January 2016.
=============
U K R A I N E
=============
KHARKIV CITY: Moody's Raises Issuer Rating to Caa2
--------------------------------------------------
Moody's Public Sector Europe has upgraded the City of Kharkiv's
issuer rating to Caa2 from Caa3. At the same time, it has changed
the ratings outlook to positive from stable, following a similar
action on Ukraine's sovereign rating.
This rating action follows Moody's decision to upgrade the
Ukraine government bond rating to Caa2 from Caa3 and to change
the outlook to positive from stable on August 25, 2017.
RATINGS RATIONALE
Moody's rating action on the City of Kharkiv reflects Moody's
assessment of the improvement in the operating environment for
Ukrainian sub-sovereigns, as captured in the rating action on the
sovereign bond rating. The sovereign rating upgrade indicates a
reduction in the systemic risk to which the Ukrainian local
governments are exposed given their close financial and
operational linkages with the central government. In addition,
the institutional linkages intensify the close ties between the
two levels of government through the sovereign's ability to
change the institutional framework under which Ukrainian local
governments operate.
Further, Ukrainian local governments depend on revenues that are
linked to the sovereign's macroeconomic and fiscal performance.
In particular, Kharkiv's budgetary structure limits its fiscal
independence from the sovereign, as Kharkiv derives approximately
49% of its operating revenue from shared taxes and an additional
45% from state transfers.
Kharkiv's operating surpluses averaged at 23% of operating
revenue over the last two years compared with 9% in 2014. This
improvement was driven by rapid tax revenue growth and supported
by additional taxes allocated to local governments after the
changes in the institutional framework, and high inflation.
Kharkiv's debt burden is currently very low (7% of operating
revenues in 2016). Including non-self supporting companies (water
utility, utility company and garbage company) the city's net
direct and indirect debt (NDID) to operating revenue was 43% in
2016. Debt borrowed by municipal companies will likely grow going
forward as they have very ambitious borrowing programmes from
European Bank for Reconstruction and Development ($216 million or
51% of 2016 operating revenues). This debt will benefit from the
city and central government guarantees.
Moody's notes that Kharkiv's liquidity position is satisfactory
due to good budgetary execution, with liquid assets covering 8%
of operating revenue at year-end 2016, which provides a
comfortable financial cushion against potential budgetary
pressures.
RATIONALE FOR POSITIVE OUTLOOK
The positive outlook on Kharkiv's rating reflects the city's
continuity in pursuing positive financial results and debt
reduction in a challenging economic environment. According to the
budget projections, Kharkiv will post solid, albeit declining,
operating margins in the range of 15% of operating revenue in
2017 on the back of accumulated spending pressures and ongoing
minimum wage increases. However, Moody's expects that the
favourable medium-term growth prospects will translate into
rising receipts from shared taxes and own-source revenues.
WHAT COULD MOVE THE RATING UP/DOWN
An upgrade of Kharkiv's rating would require a similar change in
Ukraine's sovereign rating associated with a continuation of
solid budgetary performance, adequate liquidity position and low-
to-moderate debt levels. Moreover, any improvement in the local
governments' expenditure flexibility and ability to raise
additional own source revenues would be considered positively.
Although unlikely given the recent sovereign upgrade, a
deterioration of the sovereign credit strength would apply
downward pressure on Kharkiv's rating, given the close financial,
institutional and operational linkages between the two tiers of
government. Significant financial deterioration driven by
systemic or individual factors or an unexpected sharp increase in
debt as well as the emergence of liquidity risks would also exert
downward pressure on the rating.
The specific economic indicators, as required by EU regulation,
are not available for this entity. The following national
economic indicators are relevant to the sovereign rating, which
was used as an input to this credit rating action.
Sovereign Issuer: Ukraine, Government of
GDP per capita (PPP basis, US$): 8,305 (2016 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 2.3% (2016 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 12.4% (2016 Actual)
Gen. Gov. Financial Balance/GDP: -2.2% (2016 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -4.1% (2016 Actual) (also known as
External Balance)
External debt/GDP: 121.7% (2016 Actual)
Level of economic development: Very Low level of economic
resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On August 28, 2017, a rating committee was called to discuss the
rating of the Kharkiv, City of. The main points raised during the
discussion were: The systemic risk in which the issuer operates
has materially decreased.
The principal methodology used in these ratings was Regional and
Local Governments published in June 2017.
The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.
===========================
U N I T E D K I N G D O M
===========================
BIBBY OFFSHORE: S&P Lowers CCR to 'CC', Outlook Negative
--------------------------------------------------------
Bibby Offshore has announced its intention to actively explore a
recapitalization that we believe would result in noteholders
receiving less than originally promised.
S&P Global Ratings said it has lowered its long-term corporate
credit rating on Bibby Offshore Holdings Ltd. to 'CC' from
'CCC-'. The outlook is negative.
S&P said, "At the same time, we lowered our issue rating on the
company's super senior revolving credit facility to 'CCC-' from
'CCC'. The recovery rating remains at '2', indicating our
expectation of very high recovery prospects (70%-90%; rounded
estimate 85%) in the event of a payment default.
"We also lowered our issue rating on Bibby Offshore's Ćŗ175
million senior secured notes to 'C' from 'CC'. The recovery
rating is '5', indicating that we expect recovery in the 10%-30%
range (rounded estimate 25%) for noteholders in the event of a
payment default.
"We lowered the ratings because Bibby Offshore has announced that
it will actively explore recapitalization of its balance sheet.
Although we have no information on what such a recapitalization
would entail, we believe it would most likely result in
amendments to the bond documentation. We believe the probability
of a distressed exchange is very high, given that a reduction in
debt or at least a significant reduction in cash interest would
be needed for the ongoing viability of the business. A cash
injection from the key shareholder is possible but highly
unlikely, in our view, absent a reduction in financing costs.
"Moreover, we note the deterioration of Bibby Offshore's
liquidity following a significant cash outflow of Ćŗ23.8 million
in the second quarter of this year. That was mainly the result of
weak operating performance and working capital, and led to a cash
balance of only Ćŗ7.2 million. We therefore see as unlikely that
the company will pay the coupon due on its bond in December.
However, we also consider that a reduction in leverage and
additional liquidity after the transaction would be positive for
the company's credit quality. This should result in a more
sustainable capital structure and allow Bibby Offshore to pursue
further growth opportunities in the future.
"The negative outlook indicates that we could lower the rating to
'SD' (selective default) following a likely distressed exchange
before the coupon payment is due in December 2017. A liquidity
crisis would also lead to a downgrade."
BUY AS YOU VIEW: Enters Administration, 41 Jobs Affected
--------------------------------------------------------
BBC News reports that Buy As You View has gone into
administration with the loss of 41 jobs.
Another 226 jobs are at risk at the Bridgend-based company, which
has 40,000 customers across the UK, BBC discloses.
Administrators EY said the company had "continued to incur
significant losses" despite major restructuring, BBC relates.
Of the 41 redundancies, 19 were in south Wales, BBC notes.
Joe O'Connor, joint administrator, as cited by BBC, said: "Over
the last year, BAYV, has sought to respond to a period of
significant market and regulatory change in the sector and has
undertaken a substantial restructuring of its business model and
operations.
"This included moving to an online sales model and focusing on
core parts of the UK where the Buy As You View brand is best
known and has a loyal customer base.
"However, despite attempts to adjust its cost base to a more
sustainable basis, the business has continued to incur
significant losses."
He said the directors had now reluctantly placed Dunraven Finance
-- which trades as BAYV -- into administration to enable further
restructuring to be undertaken, BBC relays.
"As a result, we have taken the difficult decision to make 41
people redundant and are now working with the company's remaining
226 employees to continue to manage the business," BBC quotes
Mr. O'Connor as saying.
Buy As You View is a rent to own TV and domestic appliance firm.
CHEQUE CENTRE: Cash Flow Pressure Prompts Administration
--------------------------------------------------------
Gareth Mackie at The Scotsman reports that Cheque Centre, the
Edinburgh-based group that withdrew from the payday lending
sector in 2014 following regulatory pressure, has gone into
administration.
The firm once had more than 300 high street branches but last
year closed its remaining outlets to focus on trading over the
internet under the Square Today brand, The Scotsman relates.
According to The Scotsman, joint administrators Anthony Collier
-- anthony.collier@frpadvisory.com -- and Tom MacLennan --
tom.macLennan@frpadvisory.com -- partners at FRP Advisory, said
the shift in business strategy left Cheque Centre with "a number
of sizeable, historical contractual and lease liabilities . . .
resulting in an ongoing drain on the company's working capital".
The firm had explored a range of restructuring options, but the
administrators said "unsustainable pressure" had been placed on
its cash flow in the absence of a cash injection, The Scotsman
notes.
Mr. Collier, as cited by The Scotsman, said: "Cheque Centre was
in the process of emerging from its legacy business with its
Square Today online platform, however in its current form the
business could not sustain its ongoing costs and meet its
historical liabilities.
"Following our appointment, the joint administrators will
evaluate the financial position of the company and all 11 of the
company's staff are being retained whilst we assess the options
for the business."
FOUR SEASONS: In Dispute with Lenders Over Debt Guarantees
----------------------------------------------------------
Christopher Williams at The Sunday Telegraph reports that
Britain's biggest care home operator, Four Seasons Health Care,
has been drawn into a bitter row with its lenders over debt
guarantees, threatening attempts to shore up its unstable
finances.
According to The Sunday Telegraph, Four Seasons, owned by private
equity tycoon Guy Hands' firm Terra Firma, is battling in the
High Court to overturn security obligations to lenders that it
claims were accidentally imposed during an apparently botched
legal process last year.
The Sunday Telegraph understands that Four Seasons, which has a
debt pile of nearly GBP540 million and has recorded losses of
more than GBP60 million so far in 2017, discovered it was missing
a crucial document relating to its bonds.
According to court documents, the Magic Circle law firm Allen &
Overy (A&O) was asked to recreate the missing document, The
Sunday Telegraph relays. In the proceedings, Four Seasons claims
that lawyers mistakenly granted bondholders extra security over a
share of its care homes for private patients, The Sunday
Telegraph discloses. The assets include Brighterkind, a group of
71 private care homes, The Sunday Telegraph notes.
Mr. Hands only discovered what City sources described as a
potentially "calamitous" error when Terra Firma sought to offer
up extra security as part of restructuring talks with lenders
earlier this year, The Sunday Telegraph relays. According to The
Sunday Telegraph, bondholders told the buyout firm they already
owned what was on the table. Four Seasons has applied to the
High Court to have the contractual obligations scrapped as an
administrative error, The Sunday Telegraph recounts.
Mr. Hands and Terra Firma are being fiercely opposed by a group
of bondholders led by H/2 Capital Partners, a US hedge fund
headed by Spencer Haber, the former Lehman Brothers banker, The
Sunday Telegraph discloses. They are fighting to retain the
security guarantees, as fears mount that Four Seasons could go
under, The Sunday Telegraph relays. According to The Sunday
Telegraph, sources close to the High Court dispute said the
lenders believe the securities may have been vital to Four
Seasons in getting recent accounts signed off by auditors KPMG.
Analysts have warned that the operator is drowning in debt and
that it will require restructuring this year to avoid insolvency,
The Sunday Telegraph notes.
A spokesman for Four Seasons, as cited by The Sunday Telegraph,
said: "This is a technical process to clarify legal clauses
within the 2016 financing documentation."
"We can confirm that we are acting for FSHC on the technical
process to rectify legal clauses within financing documentation
executed in 2016. FSHC and we remain confident that they will
succeed with the rectification claim based on the evidence which
has been provided to the courts," The Sunday Telegraph quotes an
A&O spokesman as saying.
GREAT HALL 2007-2: S&P Affirms B-(sf) Ratings on 2 Note Classes
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Great Hall
Mortgages No. 1 PLC series 2007-2's class Ca, Cb, Da, and Db
notes. At the same time, we have affirmed our rating on the class
Aa, Ab, Ac, Ba, Ea, and Eb notes.
The transaction is a U.K. residential mortgage-backed securities
(RMBS) transaction that securitizes buy-to-let and nonconforming
mortgages originated by Platform Funding Ltd.
S&P said, "T[he] rating actions follow our credit and cash flow
analysis of the most recent transaction information that we have
received. Collateral performance has continued to improve since
total delinquencies peaked in the first quarter of 2009. The
reserve fund is fully funded and credit enhancement is increasing
as the transaction is paying principal sequentially.
"The current maximum potential rating in this transaction is 'A',
our long-term issuer credit rating on Danske Bank A/S, acting as
the guaranteed investment contract (GIC) provider, as we do not
view the replacement framework for this agreement to be in line
with our current counterparty criteria (see "Counterparty Risk
Framework Methodology And Assumptions," published on June 25,
2013).
"According to the June 2017 investor report, total delinquencies
of greater than one month were 9.15%, down from their March 2009
peak of 18.78%. Seasoning is currently at 127 months, and so we
give seasoning credit to all of the loans that are not in arrears
in our analysis."
S&P's weighted-average foreclosure frequency (WAFF) and weighted-
average loss severity (WALS) assumptions, and expected credit
coverage (CC) levels are shown in the table below.
Rating level WAFF (%) WALS (%) CC (%)
AAA 33.59 47.81 16.06
AA 26.39 39.18 10.34
A 21.75 26.12 5.68
BBB 17.28 18.46 3.19
BB 12.87 13.36 1.72
B 11.88 9.51 1.13
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
CC--Credit coverage.
S&P said, "We have raised our ratings on the class Ca, CB, Da,
and Db notes based on our overall lower expected credit coverage,
increases in available credit enhancement, and our cash flow
results. We have affirmed our ratings on the class Aa, Ab, Ac,
Ba, Ea, and Eb notes as the available credit enhancement is
commensurate with the currently assigned ratings.
"According to our credit stability analysis, the maximum
projected deterioration we would expect at each rating level for
time horizons of one year and three years, under moderate stress
conditions, is in line with our credit stability criteria (see
"Methodology: Credit Stability Criteria," published on May 3,
2010)."
RATINGS LIST
Class Rating
To From
Great Hall Mortgages No. 1 PLC
EUR 110.1 Million, Ćŗ372.5 Million, And $600 Million Mortgage-
Backed Floating-Rate Notes Series 2007-2
Ratings Raised
Ca A- (sf) BBB+ (sf)
Cb A- (sf) BBB+ (sf)
Da BBB (sf) BB (sf)
Db BBB (sf) BB (sf)
Ratings Affirmed
Aa A (sf)
Ab A (sf)
Ac A (sf)
Ba A (sf)
Ea B- (sf)
Eb B- (sf)
PAGAN OSBORNE: In Administration, 77 Jobs Affected
--------------------------------------------------
BBC News reports that seventy jobs are being lost after Pagan
Osborne Limited, one of Scotland's oldest laws firms, went into
administration.
The company, which is based in Fife, employs 123 staff, BBC
states.
According to BBC, the assets and work have been taken on by
Dundee-based law firm Thorntons, which is also saving 50 of the
jobs.
Pagan Osborne's offices in Edinburgh, Cupar and St Andrews will
close while the Anstruther office will be rebranded as Thorntons,
BBC discloses. The 70 redundancies will affect all the offices,
BBC relays.
A 45-day redundancy consultation period will start next week, BBC
notes.
"We are delighted that Thorntons has acquired the assets,
goodwill and work-in-progress of Pagan Osborne, thus ensuring
continuity of client service, providing employment opportunities
and safeguarding client funds," BBC quotes Tom MacLennan, partner
at FRP Advisory and joint administrator, as saying.
VASANAT INTERNATIONAL: In Liquidation, 99 Jobs Affected
-------------------------------------------------------
Scott Reid at The Scotsman reports that Vasanat International,
which had been trading as Scottish Electric Group, has gone bust
with the loss of 99 jobs.
The company is said to have faced "prolonged cash flow pressure",
The Scotsman relates.
According to The Scotsman, provisional liquidator Donald McNaught
-- donald.mcnaught@jcca.co.uk -- of accountancy and business
advisory firm Johnston Carmichael said: "Our main objective going
forward will be to preserve value in the Scottish Electric
Group's remaining assets to maximise the return to creditors."
Mr. McNaught, who is a restructuring partner at Johnston
Carmichael, said the business had faced prolonged cash flow
pressure which, despite the efforts of management, it had been
unable to overcome, The Scotsman notes.
Vasanat International is a Dundee-based electrical services
business.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 28 to September 1, 2017
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Air Berlin PLC 8.25 4/19/2018 EUR 9.09
New Look Secured Issu 6.50 7/1/2022 GBP 67.68
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
UBS AG/London 10.50 11/13/2017 CHF 73.90
HSBC Trinkaus & Burkh 6.50 1/29/2018 EUR 59.52
Zurcher Kantonalbank 4.75 12/11/2017 CHF 67.23
Landesbank Baden-Wuer 5.00 11/24/2017 EUR 70.28
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
Goldman Sachs & Co We 16.00 9/20/2017 EUR 73.34
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 * * *