/raid1/www/Hosts/bankrupt/TCREUR_Public/170925.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 25, 2017, Vol. 18, No. 190
Headlines
C R O A T I A
INGRA: Bank Accounts Blocked at Creditor's Request
F I N L A N D
METSA BOARD: S&P Rates EUR200MM New Senior Unsecured Notes 'BB+'
F R A N C E
NOVACAP GROUP: S&P Assigns 'B' Corp Credit Rating, Outlook Stable
G E R M A N Y
AIR BERLIN: EUR150MM German Bridge Loan Not Yet Exhausted
AIR BERLIN: Lufthansa Makes EUR200-Mil. Acquisition Offer
G R E E C E
CAPITAL PRODUCT: S&P Alters Outlook to Pos. & Affirms 'BB-' CCR
I R E L A N D
ARMADA EURO I: S&P Assigns B- (sf) Rating to Class F Notes
CARLYLE GLOBAL 2015-2: Fitch Affirms B- Rating on Class E Notes
K A Z A K H S T A N
TSESNABANK: Fitch Affirms Then Withdraws B Long-Term IDR
L U X E M B O U R G
OFFSHORE DRILLING: S&P Cuts CCR and Sr. Sec. Debt Ratings to CCC-
PINNACLE HOLDCO: Moody's Cuts CFR to Caa3, Outlook Remains Neg.
N E T H E R L A N D S
PANTHER CDO IV: Fitch Hikes Rating on Class C Notes to BB
R U S S I A
CB ARSENAL: Put on Provisional Administration, License Revoked
CHELINDBANK: Fitch Affirms BB- Long-Term IDR, Outlook Stable
DETSKY MIR: S&P Retains 'B+' CCR on CreditWatch Negative
TGC-1 PJSC: S&P Alters Outlook to Pos. & Affirms 'BB+/B' CCR
S W E D E N
NEONODE INC: Appoints Two New Members to Board of Directors
T U R K E Y
VESTEL ELEKTRONIK: S&P Affirms 'B-' CCR, Outlook Negative
U N I T E D K I N G D O M
AI ROBIN: S&P Assigns 'B' Corp Credit Rating, Outlook Stable
DECO 8 - UK: Fitch Cuts Ratings on Two Note Classes to 'Dsf'
DONCASTERS: Auditors Raise Going Concern Doubt Over Debt Pile
INVESTEC PLC: Moody's Assigns (P)Ba2 Rating to AT1 Capital Secs.
PUNCH TAVERNS A: Fitch Affirms B- Rating on Class M3 Notes
PUNCH TAVERNS B: Fitch Lowers Ratings on 3 Tranches to 'B'
SEADRILL LTD: Group of Bondholders to Fight Restructuring Plan
X X X X X X X X
* BOND PRICING: For the September 18 to September 22, 2017
*********
=============
C R O A T I A
=============
INGRA: Bank Accounts Blocked at Creditor's Request
--------------------------------------------------
SeeNews reports that Ingra said its bank accounts have been
blocked at the request of one of its creditors.
According to SeeNews, the company said in a filing with the
Zagreb Stock Exchange on Sept. 21 the creditor that requested the
blocking did not participate in Ingra's pre-bankruptcy
settlement.
The company added Ingra is intensively working to resolve the
issue, SeeNews relates.
Pre-bankruptcy proceedings were launched at Ingra in 2013,
SeeNews recounts.
Ingra is a Croatian civil engineering company.
=============
F I N L A N D
=============
METSA BOARD: S&P Rates EUR200MM New Senior Unsecured Notes 'BB+'
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' issue
rating and '3' recovery rating to the proposed EUR200 million
senior unsecured notes to be issued by Finland-based paperboard
producer Metsa Board Corp. (BB+/Positive/B).
S&P understands that Metsa Board will use the proceeds from the
proposed notes to refinance its existing EUR225 million notes
through a tender offer.
RECOVERY ANALYSIS
The notes are unsecured and unguaranteed obligations of the
parent company. They rank pari passu with each other and with the
group's existing senior unsecured debt.
S&P said, "We understand that the documentation governing Metsa
Board's unsecured notes will include typical features such as a
negative pledge and change of control and cross-default clauses.
However, the documentation does not stipulate limitation on
additional indebtedness. This would include loans from pension
funds, of which Metsa Board had EUR111 million outstanding as of
June 30, 2017, but total headroom of EUR213 million. Metsa Board
uses pension loans as an alternative liquidity source if needed.
Because the pension loans benefit from a security, we view them
as prior ranking in the waterfall.
"To determine recoveries, we simulate a default scenario in which
we assume a combination of weaker operating performance due to
difficult market conditions affecting packaging (price pressure
and volume delivery decrease) and higher financial leverage. This
would lead to a payment default in 2022. We value Metsa Board as
a going concern, underpinned by our view of the group's strong
market positions and its modern asset base.
"Under our default scenario, we anticipate that EBITDA would have
declined to about EUR124 million at the point of default.
Assuming a stressed multiple of 5.5x, we calculate a stressed
enterprise value of about EUR680 million at the hypothetical
point of default. After deducting enforcement costs of 5% (or
EUR34 million) and priority liabilities of about EUR234 million
(comprising mainly of secured pension loans), about EUR412
million remains for the senior unsecured debtholders.
"We project that about EUR585 million will be outstanding at
default. This comprises the new EUR200 million bond, the
company's EUR150 million syndicated loan, and around EUR134
million of bilateral loans, as well as our assumption that the
company's EUR100 million revolving credit facility will be drawn
at 85% (all loans include six months of prepetition interest).
Although this results in meaningful recovery prospects that are
numerically above 70%, we cap the recovery rating '3' due to the
unsecured nature of the debt.
"The 'BB+' corporate credit rating on Metsa Board incorporates
our view of the group's strong market position in the growing
paperboard segment, sound backward integration into pulp and
energy, currently moderate debt leverage, and a supportive long-
term shareholder base. For more information, see our full
analysis "Metsa Board Corp.," published May 3, 2017, on
RatingsDirect."
===========
F R A N C E
===========
NOVACAP GROUP: S&P Assigns 'B' Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
corporate credit rating to Novacap Group Holding. The outlook is
stable.
The rating on Novacap Group Holding reflects its position in the
group as parent and owner of subsidiaries Novacap Group Bidco,
Novacap International SAS, and Novacap SAS. S&P considers these
subsidiaries as core to the parent.
For more information about the core subsidiaries, the performance
of which drives S&P's rating on Novacap Group Holding, please
refer to its article "Novacap Affirmed At 'B' On Prudent
Acquisitions Funding And Sustained Underlying Performance;
Outlook Stable," published July 10, 2017, on RatingsDirect.
S&P said, "The stable outlook reflects our view that the group's
expansion into more resilient and value-added end-markets, helped
by PCAS and Chemoxy's contributions, should help achieve an
adjusted debt to EBITDA of about 5.3x in 2017, viewed as
commensurate with the rating. This continues to factor in strong
cash conversion on the back of materially reduced one-off costs
and prudent investment policies. We expect next years' positive
free cash flows to continue benefit on leverage and liquidity.
"Rating pressure may arise from continued unexpected cost and
cash outs on the Food and Drug Administration remediation plan
affecting our adjusted EBITDA figure, from deteriorated market
environment although mitigated by the business' improved
diversity, or by more aggressive financial policies regarding
capital expenditures and acquisitions. A ratio of adjusted debt
to EBITDA of 6x or above, or a deteriorated liquidity profile
would likely trigger a downgrade."
Rating upside could be supported by further strengthening of
Novacap's business profile, with rapid integration of the
acquired business and better-than-expected synergies, resulting
in a more diversified and more resilient profit and cash flow
generation profile. This would include growth in more stable end-
markets resulting in higher EBITDA and free cash flows, such that
adjusted debt to EBITDA would improve to below 5x sustainably.
This would also require strong leverage commitment from the
company's ownership.
=============
G E R M A N Y
=============
AIR BERLIN: EUR150MM German Bridge Loan Not Yet Exhausted
---------------------------------------------------------
Caroline Copley and Joseph Nasr at Reuters report that insolvent
German airline Air Berlin has not yet exhausted a EUR150 million
(US$179 million) bridge loan.
The government agreed in mid-August to provide the loan to ensure
that Air Berlin flights continue for a period of up to three
months, to return holidaymakers to Germany and secure thousands
of jobs, Reuters recounts.
Beate Baron, a spokeswoman for the Economy Ministry, said on
Sept. 22 the loan was being paid out in tranches according to
demand, Reuters relates.
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.
AIR BERLIN: Lufthansa Makes EUR200-Mil. Acquisition Offer
---------------------------------------------------------
Vera Eckert at Reuters reports that newspaper Bild am Sonntag
(BamS) said on Sept. 24 Lufthansa is offering to pay EUR200
million (US$239 million) to buy its insolvent smaller rival
Air Berlin and is prepared to pay up to EUR100 million to meet
operating costs to keep the airline going in the interim.
According to Reuters, citing sources close to the proceedings,
the paper said that there could be three months between signing a
purchasing contract and implementing the transaction because the
German and European competition authorities would first need to
vet any deal.
On Sept. 21, Air Berlin's creditor committee said it would talk
to Lufthansa and Britain's easyJet as possible buyers for the
carrier's aviation business, giving three weeks for negotiations,
Reuters relates.
Sources familiar with the matter, as cited by Reuters, said
Lufthansa was bidding a three-digit millions sum with the offer
covering Air Berlin, its leisure airline Niki and regional
subsidiary Luftfahrt Gesellschaft Walter.
Lufthansa itself has only said it has made an offer for parts of
Air Berlin, Reuters notes.
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.
===========
G R E E C E
===========
CAPITAL PRODUCT: S&P Alters Outlook to Pos. & Affirms 'BB-' CCR
---------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on
Marshall Islands-registered vessel owner and operator Capital
Product Partners L.P. (CPLP) to positive from stable. At the same
time, S&P affirmed its 'BB-' long-term corporate credit rating on
the company.
The outlook revision follows CPLP's closing of a new loan
facility of $460 million, which it will use to refinance
outstanding bank loans. The transaction will extend and better
distribute CPLP's debt maturity profile, with the first large
bullet repayment in the fourth quarter of 2023. S&P said, "CPLP
will reduce debt by $121 million from cash accumulated after
revising the dividend distribution in 2016, demonstrating
disciplined treasury management, in our view. Furthermore, we
believe EBITDA will likely show resilience, provided charterers
deliver on their commitments; and lower debt might lead to a
sustainable improvement in CPLP's credit metrics, with S&P Global
Ratings-adjusted funds from operations (FFO) to debt higher than
25%, which we consider consistent with a 'BB' rating.
"We believe the company's medium- to long-term time-charter
profile should help stabilize its earnings over the next 12
months, when we expect soft tanker rates and subdued, albeit
recently improved, containership charter-rate conditions. We now
see a lower risk of further amendments to CPLP's contracts with
its largest charterer, South Korea-based container liner Hyundai
Merchant Marine Ltd. (HMM) or a default of HMM. This is because
of HMM's financial restructuring, strong support HMM received
from the South Korean government, and recovery of freight rates
for container liners. We also note that the considerably improved
charter rates for tonnage providers (such as CPLP), and the
resulting smaller gap between market rates and CPLP's contracted
rates makes the charter contracts less prone to amendments. That
said, CPLP's current charter rates with HMM are still about 1.5x
higher than the market rates.
"The key consideration in our assessment of CPLP's business
profile is our view of the shipping industry's high risk, owing
to its capital intensity, high fragmentation, frequent imbalances
between demand and supply, lack of meaningful supply discipline,
and charter rate volatility. Further constraints are the
company's relatively narrow business scope and diversity -- with
a focus on the tanker and containership sectors--and its fairly
concentrated charterer base -- with large exposure to container
liners facing prolonged difficult trading conditions in an
industry weighed down by overcapacities, sluggish demand, and
historically low freight rates.
"We consider these risks to be partly offset by CPLP's
competitive position, underpinned by the relatively low
volatility of profitability, stemming from its conservative
chartering policy and predictable running costs. There is limited
exposure to fluctuations in operating costs, notably prices of
bunker fuel through time-charter contracts, whereby the charterer
bears the risk of cost inflation. Furthermore, we recognize
CPLP's established and newer fleet (of 36 contracted vessels)
than the industry average. In addition, the company's average
remaining charter profile duration of 5.5 years provides medium-
term visibility on revenues, provided charterers deliver on their
commitments."
CPLP's financial profile reflects the company's relatively high
gross debt of about $476 million that we forecast at year-end
2017. This results from the underlying industry's high capital
intensity, the company's partly debt-funded periodic investment
in new tonnage, and large distributions to its unitholders.
Furthermore, CPLP will likely pursue the partly debt-financed
acquisitions of new tonnage. S&P believes, however, that the
impact from the incremental debt will be largely counterbalanced
by higher operating days of new vessels with profitable charter
contracts.
CPLP's adjusted ratio of FFO to debt improved to close to 25% in
2016 (from about 22% in 2015), despite a 20% haircut to the
charters with HMM from July 2016 and softer tanker rates offset
by higher vessel operating days after fleet expansion and debt
amortization. S&P said, "We understand that -- in conjunction
with the announced refinancing to be completed in the fourth
quarter of this year -- CPLP will reduce debt from accumulated
cash reserves and continue amortizing debt from internally
generated cash flows. This, combined with likely resilient EBITDA
generation of $145 million-$150 million in 2017 and 2018, might
result in sustainably stronger credit metrics commensurate with a
higher rating.
"The positive outlook indicates a one-in-three likelihood that we
could upgrade CPLP in the next 12 months because we believe the
company's credit measures could sustainably improve to levels
commensurate with a 'BB' rating.
"We could raise the rating if CPLP continues to amortize debt
from internally generated cash flows and we believe it can
generate resilient EBITDA through periods of softer tanker
charter rates. This also hinges on major charterers (notably HMM
and CMA CGM, which together account for about one-third of CPLP's
revenue) delivering on their charter commitments, thereby helping
CPLP achieve and sustain adjusted FFO to debt of more than 25%.
"Furthermore, an upgrade would follow the company's commitment to
maintaining a financial policy and credit measures consistent
with a higher rating, including continuously prudent use of
financial leverage for potential acquisition of new tonnage, and
predictable dividend distributions.
"Slower debt reduction than we currently forecast, significant
deterioration of tanker charter rates below those in our base
case, and renegotiations or defaults under existing charter
agreements, either combined or on a stand-alone basis, could lead
us to revise the outlook to stable.
"In addition, unexpected, largely debt-funded investments in new
tonnage, large common unit repurchases or extraordinary
unitholder distributions, or swings in profitability measures
that weaken the company's business risk profile, would likely
prevent an upgrade."
=============
I R E L A N D
=============
ARMADA EURO I: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Armada Euro CLO I
DAC's class A, B, C, D, E, and F notes. At closing, Armada Euro
CLO I also issued an unrated subordinated class of notes.
The ratings assigned to Armada Euro CLO I's 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 is well-diversified; it
primarily comprises 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
(see "Global Methodologies And Assumptions For Corporate Cash
Flow And Synthetic CDOs," published on Aug. 8, 2016).
"In our cash flow analysis, we used the EUR360 million target par
amount, the covenanted weighted-average spread (3.50%), the
covenanted weighted-average coupon (5.50%) (where applicable),
and the target minimum weighted-average recovery rates at each
rating level as indicated 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."
Citibank N.A. is the bank account provider and custodian. The
documented downgrade remedies are in line with S&P's current
counterparty criteria (see "Counterparty Risk Framework
Methodology And Assumptions," published on June 25, 2013).
S&P said, "Following the application of our structured finance
ratings above the sovereign criteria, we consider that 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).
"The issuer is bankruptcy remote in our view, in accordance with
our legal criteria (see "Structured Finance: Asset Isolation And
Special-Purpose Entity Methodology," published on March 29,
2017).
"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
Armada Euro CLO I DAC
EUR368.20 Million Senior Secured Floating-Rate Notes
(Including EUR34.50 Million Unrated Notes)
Class Rating Amount
(mil. EUR)
A AAA (sf) 211.00
B AA (sf) 49.20
C A (sf) 24.10
D BBB (sf) 16.00
E BB (sf) 23.20
F B- (sf) 10.20
Sub NR 34.50
Sub--Subordinated loan.
NR--Not rated.
CARLYLE GLOBAL 2015-2: Fitch Affirms B- Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned Carlyle Global Market Strategies Euro
CLO 2015-2's refinancing notes final ratings and affirmed the
others:
EUR238.225 million class A-1A-R notes: assigned 'AAAsf'; Outlook
Stable
EUR5.275 million class A-1B-R notes: assigned 'AAAsf'; Outlook
Stable
EUR30.35 million class A-2A-R notes: assigned 'AAsf'; Outlook
Stable
EUR10.55 million class A-2B-R notes: assigned 'AAsf'; Outlook
Stable
EUR25.80 million class B-R notes: assigned 'Asf'; Outlook Stable
EUR24.00 million class C-R notes: assigned 'BBBsf'; Outlook
Stable
EUR24.90 million class D-R notes: assigned 'BBsf'; Outlook Stable
EUR12.50 million class E notes: affirmed at 'B-sf'; Outlook
Stable
Carlyle Global Market Strategies Euro CLO 2015-2 DAC is a cash
flow collateralised loan obligation securitising a portfolio of
mainly European leveraged loans and bonds. Net proceeds from the
notes are being used to refinance the current outstanding notes.
The portfolio is managed by CELF Advisors LLP.
KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the
'B'/'B-' range. The agency has public ratings or credit opinions
on all of the obligors in the identified portfolio. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 33.4, below the covenanted maximum for assigning the final
ratings of 35.
High Recovery Expectations
The portfolio will comprise a minimum 90% senior secured
obligations. The weighted average recovery rate (WARR) of the
identified portfolio is 67.6%, above the covenanted minimum for
assigning final ratings of 58.1%, corresponding to the matrix of
WARF 35 and weighted average spread 4.2%.
Extended Weighted Average Life (WAL)
On the refinancing date, the issuer will extend the WAL covenant
to 7.17 years as part of the refinancing of the notes and update
the Fitch matrix. Fitch tested all the points in the matrix based
on the extended WAL covenant.
Diversified Asset Portfolio
The transaction contains a covenant that limits the top 10
obligors in the portfolio to 20% of the portfolio balance. This
ensures that the asset portfolio will not be exposed to excessive
obligor concentration.
Limited Interest Rate Risk Exposure
Between 0% and 5% of the portfolio can be invested in fixed rate
assets, while fixed rate liabilities account for 4.3% of the
rated note balance. Therefore, the transaction is partially
hedged against rising interest rates.
TRANSACTION SUMMARY
Carlyle Global Market Strategies Euro CLO 2015-2 DAC closed in
August 2015 and is still in in its reinvestment period, which is
set to expire in September 2019. The issuer is now issuing new
notes to refinance part of the original liabilities. The
refinanced class A1-A, A1-B, A2-A, A2-B, B, C and D notes have
been redeemed in full as a consequence of the refinancing.
The refinancing notes bear interest at a lower margin over
EURIBOR than the notes being refinanced.
In addition to the lower margin, the WAL covenant has been
extended to 7.17 years from the refinancing date and the Fitch
matrix has been updated. The remaining terms and conditions of
the refinancing notes (including seniority) are the same as the
refinanced notes.
In its analysis, Fitch has applied a 15bp haircut to the weighted
average spread calculation. In this transaction, the aggregate
funded spread calculation for floating rate collateral debt
obligation with an Euribor floor is artificially inflated by the
negative portion of Euribor.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to two notches for the rated notes.
===================
K A Z A K H S T A N
===================
TSESNABANK: Fitch Affirms Then Withdraws B Long-Term IDR
--------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Tsesnabank's (TSB)
Long-Term Issuer Default Ratings (IDRs) at 'B' with Stable
Outlook and withdrawn the ratings. Fitch has withdrawn the
ratings for commercial reasons and will no longer provide ratings
and analytical coverage of TSB.
KEY RATING DRIVERS
IDRS and VIABILITY RATING (VR)
TSB's Long-term IDRs of 'B' are based on the bank's standalone
credit profile as captured by the VR. The 'b' VR reflects Fitch's
view of the weak asset quality of TSB with significant foreign-
currency (FC) lending to vulnerable economic sectors, its weak
core profitability and modest capitalisation. The 'b' rating also
captures the risks of TSB's potential integration with Bank
Centercredit (BCC; B/Stable), in which 29.6% of ordinary shares
and 13.4% of preference shares were purchased, respectively, by
TSB and its parent company.
The VR further factors in stable funding with a significant share
of quasi-state financing and state-controlled companies'
deposits, and the bank's increasing market shares and role in
Kazakhstan's banking sector.
Fitch's view of TSB's weak asset quality is based on significant
levels of non-performing (5% of gross loans at end-1H17) and
restructured loans (8%), as well as risks stemming from a large
portfolio of FC loans currently reported as non-impaired. Fitch
understands that many of the largest borrowers have not fully
serviced principal or interest over a long period of time,
aggravating TSB's asset quality risks.
TSB's core performance is weak. Reported pre-impairment profit
fell to 3% of average loans in 1H17 from 4% in 2016. However,
adjusted for interest income accrued but not collected in cash,
the pre-impairment result was a small loss of 0.2% of average
assets in 1H17 after a profit of 1.1% in 2016.
Modest capitalisation is highlighted by a low Fitch Core Capital
(FCC) ratio (9% at end-1H17) and weak core profitability, large
unreserved problem loans (0.7x FCC at end-1H17) and large net
non-impaired FC loans (5x FCC). Uncertainty around the main
shareholders' sources of previous injections in TSB's equity and
their other equity investments, and the potentially moderate
negative impact on TSB's capital of a hypothetical merger with
BCC, also weigh on TSB's capitalisation.
TSB's funding is stable, but the bank's liquidity buffer
contracted in 1H17 and was equal to a moderate 11% of total
liabilities at end-1H17 from close to 20% at end-2016 as a result
of the USD50 million acquisition of shares in BCC.
DEBT RATINGS
The senior unsecured debt rating at 'B' is aligned with TSB's
Long-Term Local-Currency IDR to reflect average recovery
expectations. The subordinated debt rating at 'B-' is notched off
the VR once, which reflects Fitch's lower recovery expectations
than those for senior unsecured obligations in case of a TSB
default.
SUPPORT RATING (SR) and SUPPORT RATING FLOOR (SRF)
TSB's and SR of '5' and SRF of 'No Floor' reflects Fitch's
opinion that state support, although possible, cannot be relied
upon. This view takes into account Kazakhstan's failure to
support systemic banks in the past.
RATING SENSITIVITIES
Not applicable.
The rating actions are:
Tsesnabank
Long-Term Foreign and Local Currency IDRs: affirmed at 'B';
Outlook Stable; withdrawn
Short-Term Foreign and Local Currency IDRs: affirmed at 'B';
withdrawn
National Long-Term Rating: affirmed at 'BB+(kaz)'; Outlook
Stable; withdrawn
Viability Rating: affirmed at 'b'; withdrawn
Support Rating: affirmed at '5'; withdrawn
Support Rating Floor: affirmed at 'No Floor'; withdrawn
Senior unsecured debt: affirmed at 'B'; Recovery Rating at 'RR4';
withdrawn
Subordinated debt: affirmed at 'B-'; Recovery Rating at 'RR5';
withdrawn
===================
L U X E M B O U R G
===================
OFFSHORE DRILLING: S&P Cuts CCR and Sr. Sec. Debt Ratings to CCC-
-----------------------------------------------------------------
S&P Global Ratings lowered its corporate credit and senior
secured debt ratings on Offshore Drilling Holding S.A. (ODH) to
'CCC-' from 'CCC'. The outlook is negative. S&P said, "In
addition, we affirmed the '4' recovery rating on the issue-level
ratings, indicating our expectation for average recovery (30%-
50%) of the notes under a default scenario.
"The rating action reflects our expectation that ODH will likely
default in the next six months, absent unanticipated
significantly favorable changes in the issuer's circumstances. On
Sept. 20, 2017, ODH used its interest reserve account to fully
cover its $39.7 million semi-annual interest payment on its $950
million 2020 bullet bond. We believe that ODH will serve the
interest payment in March 2018, with EBITDA generation for the
next six months, along with existing cash generation, totaling
around $42 million. However, we believe that the company will not
have enough cash available to replenish its debt service reserve
account (DSRA) within the expected timeframe of 179 days in order
to avoid an immediate event of default without further action or
notice. As such, in our view, conventional default is likely to
occur by March 2018."
PINNACLE HOLDCO: Moody's Cuts CFR to Caa3, Outlook Remains Neg.
---------------------------------------------------------------
Moody's Investors Service has downgraded Pinnacle Holdco
S.a.r.l.'s Corporate Family Rating ("CFR") to Caa3, from Caa1,
its Probability of Default Rating ("PDR") to Caa3-PD, and the
facility ratings on its first- and second-lien debt to Caa2
(LGD3) and Ca (LGD6), respectively. The rating outlook remains
negative.
RATINGS RATIONALE
The two-notch downgrade, to a CFR of Caa3, reflects Paradigm's
deteriorating liquidity position, which Moody's views as having a
high probability of being exhausted by year-end 2017. Also,
without intervention from the company's sponsor in the form of an
equity cure, there is a high likelihood of a minimum-EBITDA
covenant breach by as soon as its next measurement date, for the
period ended September 30th, 2017. As of June 30th, Paradigm had
slightly below $10 million of cash and $10 million of
availability under a $25 million revolver, and Moody's expects
the company to generate negative free cash flow of around $20
million for the second half of 2017.
The downgrade has been prompted by the impact the energy
industry's prolonged depressed operating environment has had on
Paradigm, whose revenues Moody's expects will fall again in 2017,
by as much as 15% (after having dropped 22% in 2016), with
critical implications for liquidity. Paradigm's narrow focus on
geophysical oil and gas software has been problematic in a weak
pricing environment like the current one, since energy prices are
crucial for Paradigm's customers' cash flow and, in turn, their
ability to fund exploration and development. Management's largely
successful attempts during 2015 and 2016 to keep costs in line
have at this point been overwhelmed by the steep and prolonged
drops in revenue, leading to the current critical operating and
liquidity challenges. The nearly 25% drop in absolute EBITDA that
Moody's expects in 2017 will push Moody's adjusted debt-to-EBITDA
leverage to well into teen multiples by late in the year.
The negative outlook reflects the high probability of a near-term
covenant breach as well as the unsustainability of Paradigm's
current liquidity and capital structure. The ratings could be
upgraded in the event that an equity infusion would be ample
enough not only to allow the company to avoid an imminent
covenant breach but also to provide it with liquidity to sustain
operations long enough to be salvaged by an improvement in energy
markets. The ratings could be downgraded in the absence of the
aforementioned conditions, leading Moody's to expect a
restructuring.
The following actions were taken:
Issuer: Pinnacle Holdco S.a.r.l
Corporate Family Rating, Downgraded to Caa3, from Caa1
Probability of Default Rating, Downgraded Caa3-PD, from Caa1-PD
$365 million (outstanding) senior secured, first-lien bank credit
facilities, maturing July 2018 and 2019, Downgraded to Caa2
(LGD3), from B3 (LGD3)
$95 million senior secured, second lien term loan, maturing July
2020, Downgraded to Ca (LGD6), from Caa3 (LGD6)
Outlook remains Negative
Pinnacle Holdco S.a.r.l is the holding company and debt issuing
entity set up, in mid-2012, by private equity firms Apax Partners
and JMI Equity to acquire Paradigm, Ltd. ("Paradigm"), a multi-
national provider of specialized sub-surface analytics software
for the oil and gas industry's exploration and extraction
efforts. Moody's projects Paradigm's 2017 revenues at about $128
million, a fifteen percent decline from 2016.
The principal methodology used in these ratings was Software
Industry published in December 2015.
=====================
N E T H E R L A N D S
=====================
PANTHER CDO IV: Fitch Hikes Rating on Class C Notes to BB
---------------------------------------------------------
Fitch Ratings has upgraded Panther CDO IV notes, and affirmed the
rest as follow:
Class A1 (ISIN XS0276065124) upgraded to 'AAAsf' from 'AA+sf';
Outlook Stable
Class A2 (ISIN XS0276066361) affirmed to 'AA+sf' '; Outlook
Stable
Class B (ISIN XS0276068730) upgraded to 'Asf' from 'BBBsf';
Outlook Positive
Class C (ISIN XS0276070553) upgraded to 'BBsf' from 'Bsf';
Outlook Positive
Panther CDO IV B.V. is a managed cash arbitrage securitisation of
a diverse pool of assets, including high-yield bonds, asset-
backed securities, senior loans and second lien loans. The
portfolio is managed by M&G Investment Management Limited.
KEY RATING DRIVERS
Continued Deleveraging Increases Credit Enhancement
The upgrades reflect increases in credit enhancement (CE) across
the capital structure. The Positive Outlook on the class B and C
notes is driven by the deleveraging of the pool that is expected
to continue in the next 12 months. The class A1 notes will be
repaid in full on the next payment date as the amount of
available cash (EUR20.3 million) is higher than the notes
outstanding balance, which resulted in the upgrade to 'AAAsf'.
Sub-Portfolios' Credit Quality Stable
The portfolio is a combination of ABS assets and leveraged loans
and high-yield bonds. ABS assets now account for 78.2% of the
performing portfolio compared with 60.8% in September 2016. The
credit quality remained mostly unchanged for the ABS portfolio
while the weighted average rating factor of the corporate
portfolio slightly increased over the past year, to 23.5 from
21.8, implying credit quality in the 'BB-'/'B+' range. No new
defaults were recorded while defaults reported by the trustee
decreased to EUR23.3 million from EUR24.6 million due to
repayments from defaulted ABS tranches.
Peripheral Europe Exposure Constrains Ratings
Assets from Spain, Italy and Portugal represent 24.9% of the
entire portfolio (vs. 25.7% in September 2016). These assets
represent 31.3% of the ABS sub-portfolio and consist of mainly
long-dated RMBS tranches. Given this significant exposure to
jurisdictions with a Country Ceiling below 'AAA', the ratings of
the notes are capped at 'AA+sf'. The cap does not apply to the
class A1 notes anymore as they are now cash-collateralised until
full repayment in the next payment date.
High Tail Concentration Risk
The transaction is increasingly exposed to high concentration
risk, particularly in the ABS sub-portfolio. UK RMBS represent
the largest combination of country/sector at 20.3% of the
portfolio. Top 1 and top ten obligors increased respectively to
8% from 5.8% and to 49% from 40.5% over the past three quarters.
Over the same period, the number of issuer decreased to 44 (34
ABS issuer and 10 corporate issuer) from 61.
RATING SENSITIVITIES
Increasing the default rate by 25% would lead to a downgrade of
the class C notes rating by one category and would have no effect
on the current rating of class B notes. Reducing the recovery
rate by 25% would not have any impact on the ratings of the
notes.
===========
R U S S I A
===========
CB ARSENAL: Put on Provisional Administration, License Revoked
--------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2725, dated
September 21, 2017, revoked the banking license of the Moscow-
based credit institution Commercial Bank ARSENAL Limited
Liability Company (CB ARSENAL LLC), according to the press
service of the Central Bank of Russia. According to the
financial statements, as of September 1, 2017, the credit
institution ranked 495th by assets in the Russian banking system.
The credit institution failed to comply with regulatory
requirements on countering the legalisation (laundering) of
criminally obtained incomes and the financing of terrorism in the
part of identification of operations which are subject to
mandatory control, as well as mandatory submission of the true
and accurate information on them to the authorised body. The
credit institution's business operations have since 2016 been
largely focused on dubious transit transactions.
Furthermore, its operations are built on a risky business model,
with a substantial part of its assets being of low quality. The
credit institution failed to assess its risks properly.
The Bank of Russia took on more than one occasion supervisory
action against the credit institution including the introduction
of restrictions on household deposits.
The credit institution's management and owners failed to take
effective action to ensure that their bank be not involved in its
clients' dubious activities. As it stands, the Bank of Russia
decided to deny the credit institution the right to operate in
the banking market.
The Bank of Russia took this decision in connection with the
credit institution's failure to comply with federal banking laws
and Bank of Russia statutory requirements, its repeated
violations, within a year, of the Federal Law "On Countering the
Legalisation (Laundering) of Criminally Obtained Incomes and the
Financing of Terrorism" (Articles 6 and 7 except for Clause 3 of
Article 7), as well as Bank of Russia regulations issued in
accordance with the said law, and in connection with multiple
instances of application of the measures stipulated by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)", taking into account a real threat to the interests
of creditors and depositors.
The Bank of Russia, by virtue of its Order No. OD-2726, dated
September 21, 2017, appointed a provisional administration to the
credit institution for the period until the appointment of a
receiver pursuant to the Federal Law "On Insolvency (Bankruptcy)"
or a liquidator under Article 23.1 of the Federal Law "On Banks
and Banking Activities". In accordance with federal laws, the
powers of the credit institution's executive bodies have been
suspended.
The credit institution is a member of the deposit insurance
system. The revocation of the banking license is an insured
event as stipulated by Federal Law No. 177-FZ "On the Insurance
of Household Deposits with Russian Banks" in respect of the
bank's retail deposit obligations, as defined by law. The said
Federal Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than a total of RUR1.4
million per one depositor.
CHELINDBANK: Fitch Affirms BB- Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Chelindbank and Bank Avers at 'BB-', and of
Primsotsbank and Bank Levoberezhny at 'B+'. The Outlooks are
Stable.
KEY RATING DRIVERS
The banks' IDRs are driven by their individual strength, as
reflected in their Viability Ratings (VRs). The VRs reflect the
banks' limited franchises (although notable in their respective
home regions), significant concentrations as a result of their
relatively small size, and the relatively high-risk Russian
operating environment. However, the ratings also consider the
banks' generally solid financial metrics reflected in sufficient
capitalisation, reasonable asset quality, decent profitability
and comfortable liquidity. The higher ratings of Chelind and
Avers reflect their stronger capital ratios, deeper regional
franchise (Chelind) and lower risk appetite and loan impairment
(Avers).
The Stable Outlooks reflect Fitch's expectation that the banks
will be able to sustain their performance in the near to medium
term, notwithstanding still moderate economic growth and
potential margin pressure from the gradual lowering of the
Central Bank of Russia's key rate. The banks' financial profiles
have been supported during the economic downturn by their
moderate risk appetites and significant pre-impairment
profitability, and capital cushions provide a further buffer to
absorb credit losses. Liquidity risks are limited given deposit
stability, sizable liquidity cushions and modest refinancing
requirements.
The credit profiles of Primsotsbank and Levoberezhny are closely
correlated given their common ownership and similar business
models, although transactions and risk sharing between the banks
have been limited.
CHELIND'S IDRs AND VR
Chelind's non-performing loans (NPLs; 90+ days overdue) have been
reasonably stable in recent years and were about 7% at end-1H17.
Restructured loans added a further 2.5% of the book while reserve
coverage of total problem loans (NPLs plus restructured) was a
sound 1x. Low loan growth (4.5% in 1H17, a small contraction in
2016) and write-offs make it more difficult to reduce the NPL
ratio.
Chelind's net interest margin (NIM) narrowed slightly to about
7.9% in 1H17 from 8.4% in 2016, but remained above the 2015 low
of 7%. Pre-impairment operating profit was equal to 5.8% of
average gross loans (2016: 6.0%), but profitability was supported
by net impairment recoveries equal to 13% of pre-impairment
profit.
Chelind's loss absorption capacity compares well with peers, with
regulatory Tier 1 and total capital adequacy ratios of 14.1% and
18.9%, respectively, at end-1H17, up from 12.8% and 18.0% at end-
1H16 thanks to moderate deleveraging. At end-1H17, the bank's
capitalisation allowed it to additionally reserve about 13% of
gross loans (up to about 24% in total) without breaching minimal
regulatory capital adequacy requirements. Fitch believes that
Chelind's capital ratios should be preserved, at least in the
near term, given its modest growth plans and ability to absorb
incremental losses through income.
At end-1H17, Chelind's total available liquidity net of potential
debt repayments covered about half of its customer accounts.
Liquidity is also supported by the stable cash generation from
the loan book, equal to about 6% of total customer accounts each
month.
AVERS' IDRs AND VR
Avers' 'bb-' VR reflects its moderate risk appetite and high
capital buffer. It also takes into account the high proportions
of assets, liabilities and revenues relating to sister group
TAIF, reflecting the treasury function Avers performs for this
group. TAIF is a large oil refining/petrochemical holding in the
Republic of Tatarstan, ultimately controlled, like the bank, by
individuals close to republican authorities, Fitch understands.
About 30% of the bank's assets at end-8M17, 90% of non-equity
funding and a quarter of operating profit for 2016 and 1H17
related to TAIF or the bank's shareholders.
Liquid assets comprised a high 60% of Avers' balance sheet at
end-8M17. The loan portfolio accounted for 37% of assets. About
70% of this was represented by local currency facilities to one
of TAIF's major operating companies with maturities of below 30
days and covered by foreign-currency deposits with the bank.
Exposure to TAIF, net of cash collateral, was about 20% of
capital, close to the regulatory limit. Loans to other borrowers
are concentrated but of moderate risk. Combined NPLs and
restructured loans were below 1% of the bank's gross loans at
end-1Q17.
The capital buffer is significant, as reflected by the regulatory
Tier 1 and total capital ratios of 21.5% and 23% at end-8M17.
This allowed the bank to reserve a further 30% of loans (i.e. the
entire non-cash-covered book) without breaching minimum ratios.
Pre-impairment profit, equal to 6% (annualised) of average loans
in 1H17, offers an additional cushion.
The majority of customer accounts are sticky, as these represent
deposits of shareholders and placements of TAIF companies,
including those that serve as collateral for loans. Wholesale
funding was negligible and liquid assets (mostly securities
repoable with the Central bank, reverse repo exposures and short-
term placements with the top Russian banks) were sufficient to
cover 70% of customer accounts.
PRIMSOTSBANK'S IDRs AND VR
NPLs comprised 7% of the portfolio at end-1Q17 and restructured
exposures 4%, with loan impairment reserves covering these by
96%. The corporate portfolio (62%) is of reasonable quality and
has shown moderate impairment in the economic downturn. The
performance of the retail portfolio (of which 60% is consumer
loans) has improved as the bank now focuses primarily on lower-
risk clients (salaried employees of corporate clients and
customers with positive credit histories) and secured retail
products (mortgage loans and facilities secured by real estate
and autos). The loss origination rate in the consumer portfolio
(calculated as the growth of NPLs plus write-offs divided by
average performing loans) fell to 1%-2% in 2016-1H17 from 5% in
2015 and 9% in 2014.
Regulatory capitalisation (Tier 1 and total CARs of 10% and 12%
at end-8M17) allowed the bank to provision an additional 5% of
loans. Pre-impairment performance offered further significant
loss absorption capacity, equal to 8% of average loans
(annualised, in 1H17), supported by a solid net interest and fee
income.
Primsotsbank's liquidity cushion was equal to a comfortable 45%
of customer accounts at end-1H17. Liquidity is also supported by
limited wholesale and bank funding, stable deposit trends (70% of
deposits are retail) and monthly proceeds from loan repayments,
equal to about 5% of customer accounts.
LEVOBEREZHNY'S IDRs AND VR
The higher NPL ratio at Levoberezhny (12% at end-1H17) resulted
from several large defaults in the corporate book and losses from
the bank's large unsecured retail portfolio, which accounted for
40% of gross loans at end-1H17. The retail loss origination ratio
significantly moderated, to 1%-3% of average consumer portfolio
in 2016-1H17 from 10%-15% in 2013-2014, due to improved
underwriting standards and a focus on lower-risk clients
(salaried employees of corporate clients, state-sector employees
and borrowers with positive credit histories). The bank's asset
quality ratios therefore showed some improvement in 2016/1H17 and
restructured exposures were limited, at 2% of loans, at end-1H17.
Regulatory capitalisation (Tier 1 and total CARs of 10 % and
13.8% at end-8M17) allowed for an additional 7% of loan reserves,
and pre-impairment profit, equal to 9% of average loans
(annualised, net of unpaid accruals) in 1H17, provides a
significant extra buffer.
The liquidity cushion (comprising cash, net short-term interbank
placements and securities eligible for repo with the Central
Bank) was sufficient to cover 45% of customer accounts at end-
1H17. Near-term wholesale repayments are negligible. Deposit
trends have been stable and monthly proceeds from loan
repayments, equal to about 5% of customer accounts, also support
the liquidity profile.
SUPPORT RATINGS AND SUPPORT RATING FLOORS
The banks' Support Ratings of '5' and Support Rating Floors of
'No Floor' reflect their limited market shares and systemic
importance, as a result of which support from the Russian
authorities cannot be relied on, in Fitch's view. Support from
the banks' private shareholders is also not factored into the
ratings.
RATING SENSITIVITIES
Significant capital erosion as a result of large loan losses, or
a considerable increase in risk appetites, could lead to
downgrades. Avers' ratings could be also downgraded if the
current benefits of cooperation with TAIF reduce, resulting in
weaker profitability and higher-risk asset exposures.
Upside potential for the ratings is currently limited given the
banks' limited franchises. However, increased capital buffers and
an extended track record of sound performance could put upward
pressure on the ratings of Primsotsbank and Levoberezhny.
The rating actions are:
Chelind
Long-Term Foreign-Currency IDR: affirmed at 'BB-', Outlook Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Avers
Long-Term Foreign-Currency IDR: affirmed at 'BB-', Outlook Stable
Long-Term Local-Currency IDR: affirmed at 'BB-', Outlook Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Primsotsbank
Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Levoberezhny
Long-Term Foreign-Currency IDR: affirmed at 'B+'; Outlook Stable
Long-Term Local-Currency IDR: affirmed at 'B+'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
DETSKY MIR: S&P Retains 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
S&P Global Ratings said it has maintained on CreditWatch with
negative implications its 'B+' long-term corporate credit rating
on Russia-based children's goods retailer Detsky Mir, following
the downgrade of its parent, Sistema.
S&P said, "The rating action follows our downgrade of Sistema,
the majority owner of Detsky Mir. It reflects our view that the
nonpayment of Russian ruble (RUB) 9.9 billion in dividends by
Russian telecom operator Mobile TeleSystems on its frozen shares-
-that belong to its 50% owner, Sistema--is weakening Sistema's
liquidity profile. (see "Russian Holding Company Sistema
Downgraded To 'BB-' From 'BB'; CreditWatch Negative Maintained On
Liquidity Concerns," published Sept. 8, 2017, on RatingsDirect)."
The CreditWatch placement reflects the uncertainties stemming
from the potential indirect impact on Detsky Mir from the outcome
of the legal dispute with Rosneft. Recently, the court ruled that
Sistema will need to pay Rosneft $2.3 billion (reduced from the
original $3.0 billion judgement). At present, S&P does not have
clarity about the sources Sistema will use to pay the amount
ordered by the court, as it understands Sistema is still
considering different options. There is also a lot of uncertainty
about the court's ruling on the final amount, its timing, and if
this will be settled in court or by an amicable agreement.
S&P said, "We could consider a negative rating action on Detsky
Mir if the claim results in a downgrade of Sistema, if we revise
the strategic status of Detsky Mir to nonstrategic, or if Detsky
Mir's shareholder distributions are above our base-case scenario.
If Sistema's financial position weakened considerably, this could
constrain its ability to provide financial support to Detsky Mir,
in our view.
"Notwithstanding the implications from the Sistema ownership, we
do not expect Detsky Mir's stand-alone creditworthiness to
materially change over the next 12 months. Detsky Mir's stand-
alone credit profile (SACP) benefits from a robust operating
performance, with above-market earnings growth and somewhat
stronger deleveraging than our previous base case.
"We think that Detsky Mir will continue with robust, but slowing,
revenue growth reflecting both increased like-for-like sales and
a rise in the number of stores. Additionally, we anticipate that
profitability (excluding our adjustments) will continue to
benefit from better capacity utilization as the top-line grows
and control over fixed costs tightens. This should allow the
company to maintain credit metrics commensurate with the current
'b' SACP. In particular, we expect Detsky Mir will maintain its
adjusted debt-to-EBITDA ratio of comfortably less than 5x over
the next 12 months, while EBITDAR cash interest coverage (defined
as unadjusted EBITDA plus rent over cash interest plus rents)
will stay at 1.6x-2.0x and reported free operating cash flow
(FOCF) will remain positive. In our view, the main constraints
for the company's financial risk profile, and therefore its SACP,
are high seasonality of earnings with the majority of EBITDA and
cash flow generated in the fourth quarter, low visibility of
working capital movements, and an ambitious dividend payout
strategy.
"We still consider Detsky Mir to be a moderately strategic
subsidiary of Sistema but this assessment will depend on the
effect of the Rosneft court ruling on Sistema's liquidity and
leverage. If we think that Sistema's ability to provide support
to Detsky Mir has diminished, we could revise our view of Detsky
Mir's strategic status for the investment holding company.
"We consider Detsky Mir's lack of end-market diversity with a
focus on competitive children and baby product markets, its
geographic concentration in the Russian market, and risks related
to operating in volatile emerging markets to be the main
constraints for the business. Detsky Mir operates in a fragmented
retail market exposed to the relatively discretionary nature of
demand for nonfood products, with demand softening for children's
and baby goods when the economy weakens and disposable income
shrinks."
At the same time, Detsky Mir benefits from its position as the
leading player in the Russian children's and baby goods retail
market, with its strong brand recognition and solid store network
in 178 cities across Russia and Kazakhstan. Detsky Mir benefits
from its solid position in the baby food segment, the most
resilient to economic downturns. In addition, the high share of
apparel sales that Detsky Mir derives from its own private label
products and its centralized distribution center support sound
profitability and a competitive pricing policy.
S&P said, "We anticipate relatively strong credit metrics such as
S&P Global Ratings-adjusted debt to EBITDA of 3x-4x, funds from
operations (FFO) to debt of 15%-20%, and positive FOCF generation
over 2017-2019, which will support the current rating. Detsky Mir
aims to maintain weighted-average maturity of at least two years
for its debt.
S&P's base case assumes:
-- S&P expects Russia will return to positive economic growth in
2017 after a two-year recession. After a contraction of only
0.2% in 2016, S&P expects real GDP will increase by 1.5% in
2017 and by an average of 1.7% in 2017-2020, driven by an
increase in oil and gas prices and improving investor
sentiment.
-- Consumer price index in Russia of 4.5% in 2017 and 4.0% in
2018-2019.
-- Anticipated total annual sales growth of 15%-25% in the next
two years to about RUB115 billion-RUB120 billion by 2018,
compared to RUB79.5 billion posted in 2016. This mainly
reflects the improved economic climate in Russia, the
company's accelerated store expansion program, and our
expectation of robust like-for-like sales growth underpinned
by Detsky Mir's strong market positions.
-- Profitability will continue to benefit from the ongoing cost
efficiency program and centralized logistics, allowing the
company to raise and sustain its reported EBITDA margins at
about 10.5% in the medium term, compared with 10.3% in 2016
and 8.5% in 2015.
-- S&P Global Ratings-adjusted debt of about RUB69.0 billion in
December 2017. S&P adds an adjustment of about RUB54.5
billion reflecting commitments under the operating leases
(increasing broadly in line with sales from the RUB46.0
million reported as of Dec. 31, 2016), and deduct about
RUB600 million surplus cash that is not "trapped" in tills or
in transit, as it is used to partially cover sizable
short-term debt maturities.
-- About RUB0.5 billion-RUB1.5 billion outflow on working
capital in order to facilitate the store opening program, and
annual capital expenditure (capex) of RUB2.0 billion-RUB2.2
billion.
-- Reported FOCF of about RUB3.7 billion-RUB4.0 billion in 2017,
rising to over RUB5.0 billion in 2018 primarily driven by an
increase in EBITDA and capex remaining broadly stable
(compared with RUB4.1 billion in 2016).
-- Dividends of up to RUB4.5 billion in 2017, increasing in line
with net income thereafter, in line with a RUB4.4 billion
payment in 2016 and publicly stated policy of at least a 50%
net income payout. At this stage, S&P doesn't anticipate
additional dividends over our regular payout forecast, to
cover any potential liquidity requirements at Sistema.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted debt to EBITDA of about 3.0x-4.0x in 2017-2018,
compared with 3.9x posted in 2016.
-- FFO to debt of about 14%-20% in 2017-2018, compared with
14.9% in 2016.
-- Adjusted EBITDAR to cash interest plus rents coverage of
1.6x-2.0x in 2017 and 2018. This compares with 1.6x posted in
2016.
S&P said, "We expect to resolve the CreditWatch placement on
Detsky Mir when the implications of Rosneft/Bashneft's claim on
Sistema's liquidity and leverage become clearer. Depending on how
the situation develops, we could maintain the CreditWatch for
longer than our typical three-month horizon.
"We could downgrade Detsky Mir if we no longer considered it
moderately strategic for Sistema or if we lowered our ratings on
Sistema. This could happen if the court ruled in Rosneft's favor,
leading to material pressure on Sistema's liquidity or financial
risk profile."
If the case closed with only moderately negative implications for
Sistema's credit metrics and if Sistema restores a solid
liquidity profile, we would likely affirm the rating on Detsky
Mir.
TGC-1 PJSC: S&P Alters Outlook to Pos. & Affirms 'BB+/B' CCR
------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on
Russian electricity and heat producer TGC-1 PJSC to positive from
stable. At the same time, S&P affirmed its 'BB+' long- and 'B'
short-term corporate credit ratings on the company.
S&P said, "The outlook revision reflects our view that, thanks to
strengthened stand-alone credit metrics, we could raise the
rating on TGC-1 by one notch if we took a similar action on its
ultimate parent, Gazprom PJSC (foreign currency BB+/Positive/B;
local currency BBB-/Positive/A-3)."
In 2016, TGC-1 completed its last investment projects under the
CSA framework: Two gas turbine power plants of 50 megawatt (MW)
each at the Central thermal power station in St. Petersburg.
Under the framework, the government guarantees a return on
invested capital for 10 years starting from the year of
commissioning of the thermal power plant. Currently, six new
plants built under the CSA during 2010-2016, with total installed
capacity of 1,430MW, are operating and supplying capacity at the
CSA price, which is 5x-10x higher than the price for old
generators at competitive capacity auctions (CCA). S&P expects
TGC-1 will receive peak capacity revenues in 2017-2020 totaling
Russian ruble (RUB) 20 billion-RUB24 billion per year for both
old and new generation (about $330 million-$400 million),
declining sharply to RUB14 billion-RUB15 billion in 2021 when
large new plants transfer to CCA after a 10-year period.
S&P said, "In our view, capacity payments will support the
company's strong operating cash flows in 2017-2020 and enable
TGC-1 to gradually repay outstanding debt rather than refinance.
We expect further improvement of financial metrics in 2017-2018,
with the S&P Global Ratings-adjusted debt to EBITDA at about 1x
and funds from operations (FFO) to debt at 70%-90%. Although we
consider that annual capital expenditure plans will remain
moderately high, at RUB10 billion-RUB11 billion per year, we
forecast the company will be able to generate healthy positive
free operating cash flows of RUB5 billion-RUB6 billion in 2017-
2018.
"In light of these improvements in the company's performance
metrics, we have revised upward our stand-alone credit profile
(SACP) assessment to 'bb+', from 'bb' previously.
"We continue to factor in support from the company's parent,
Gazprom. The Gazprom group owns a 51.8% stake in TGC-1 through
its fully owned subsidiary, Gazprom Energoholding. We think that
TGC-1 is a strategic investment for the Gazprom group, in line
with the group's investments in other Russian electricity and
heat generators such as Mosenergo, MIPC, and OGC-2. In our view,
it's unlikely Gazprom will sell the company in the near term.
"The company's business risk profile continues to reflect
inherent volatility in the spot electricity market, dependence on
gas prices, exposure to an opaque and short-term heating tariff
regime, and a track record of state intervention in the industry.
Other constraints include exposure to country risk in Russia,
which we assess as high. Supportive factors include the company's
solid competitive position in the service area of St. Petersburg
and Leningrad oblast, as well as the Republic of Karelia and
Murmansk Oblast. Generation is a beneficial mix of gas-fired and
hydro power plants. The heating business accounts for about 40%
of TGC-1's total revenues and supports the utility's stable cash
flows. The substantial share of low-cost hydrogeneration
underpins the company's higher profitability compared with its
closest peers, including Mosenergo. The average plant age is
reasonable following the recently commissioned power plants under
the CSA, which improves the company's competitiveness and
operating efficiency.
"We continue to consider that the financial policy framework
allows the company to take a more leveraged position than we
currently factor into our base-case scenario, for example, in
case of acquisitions, new large-scale investment projects, or a
higher dividend payout. This has a negative impact on the
company's SACP.
"The positive outlook on TGC-1 reflects that on its ultimate
parent Gazprom. Considering the company's strengthened SACP, we
would likely raise the rating on TGC-1 by one notch if we raised
our ratings on Gazprom and the Russian Federation. We expect TGC-
1 will maintain solid financial metrics, with FFO to debt
sustainably above 60% and debt to EBITDA below 1.5x (S&P Global
Ratings adjusted). We don't view the creditworthiness of TGC-1 as
stronger than that of Gazprom, given majority ownership and
Gazprom's ability to control TGC-1's strategy and financial
policy. The positive outlook also indirectly points to the
positive outlook on Russia, based on Gazprom's very strong links
with, and critical importance for, the Russian government. We
don't expect to rate TGC-1 above the foreign currency rating on
Russia, given the company's link with Gazprom and its domestic
focus.
"We would take a positive rating action on TGC-1 if we raised the
ratings on Gazprom--because it would signal that Gazprom had a
stronger ability to support the company--provided that TGC-1's
leverage remained low.
"We would revise the outlook to stable in case of a similar
action on Gazprom."
S&P could also revise the outlook to stable in the following
scenarios, although it views them as unlikely at this point,
given the headroom in the rating:
-- A material deterioration of stand-alone credit quality, for
example in the case of substantial acquisitions or an
enlarged investment program, resulting in substantially worse
credit metrics. If such actions were to lead to debt to
EBITDA exceeding 1.5x and FFO to debt falling below 60%, S&P
would likely need to reassess the company's financial risk
profile and its view on its financial policy; or
-- A change in the group or shareholder structure, or weaker
parental support for TGC-1 than S&P currently expects.
===========
S W E D E N
===========
NEONODE INC: Appoints Two New Members to Board of Directors
-----------------------------------------------------------
Andreas Bunge and Ulf Rosberg were appointed as members of the
Board of Directors of Neonode Inc., on Sept. 13, 2017. Mr. Bunge
will serve as a Class I director and Mr. Rosberg will serve as a
Class II director.
Mr. Bunge, age 57, since 2015 has been chief executive officer of
Merkatura AB, a private holding company, and provides business
consulting for technology companies. Between 2012 and 2015, he
served as chief executive officer of Spago Nanomedical AB
(formerly Spago Imaging AB) until its public listing on the
NASDAQ OMX Nordic stock exchange. Between 2005 and 2012, Mr.
Bunge founded and served as chief executive officer of
Accelerator Nordic AB, which spun-off Spago Imaging in 2012.
Prior to Accelerator Nordic, he founded and served as chief
executive officer of Applied Sensor AB and held various
managerial positions at Intentia AB. He also has served as a
member of the boards of directors of numerous companies during
the past 15 years. Mr. Bunge has an MSc in Engineering and
Management from Linkoping University.
Mr. Rosberg, age 52, currently serves as chief executive officer
of UMR Invest AB, a private holding company, and as Chairman of
Payair Technologies AB. He previously served in various
leadership positions at Nordic Capital AB from 1994 until June
2017, including as investment manager, director, partner, and
most recently as senior advisor since 2012. Prior to joining
Nordic Capital, Mr. Rosberg held corporate finance positions with
SEB Investment Banking and Leimdorfer & Partners. He has an
M.Sc. in Economics from the Stockholm School of Economics and a
degree with a major in finance from New York University, Stern
School of Business in New York.
Subsequent to the 2017 Annual Meeting of Stockholders to be held
on Oct. 3, 2017, the Board of Directors anticipates determining
on which committee(s) Messrs. Bunge and Rosberg will serve. As
directors, Messrs. Bunge and Rosberg will be entitled to
compensation for their service in the same manner as other
members of the Board of Directors.
The appointment of Messrs. Bunge and Rosberg was made as a result
of a Securities Purchase Agreement dated Aug. 2, 2017, pursuant
to which the purchasers of a majority of the securities became
entitled to designate up to two individuals to join the Board of
Directors no later than the 2017 Annual Meeting of Stockholders.
Messrs. Bunge and Rosberg were the designees. The Securities
Purchase Agreement does not provide the majority purchasers with
any ongoing representation. Subsequent to the initial
appointment to the Board of Directors, Messrs. Bunge and Rosberg
are not assured of being nominated for election at a future
annual meeting of stockholders. In the event either Messrs.
Bunge or Rosberg cease to serve as director for any reason, the
Board of Directors is not obligated under the Securities Purchase
Agreement to appoint any replacement individual to fill the
vacancy.
Entities controlled by Messrs Bunge and Rosberg were among the
purchasers of Neonode common stock at $1.00 per share and
warrants with an exercise price of $2.00 per share, exercisable
12 months from the date of issuance until expiration three years
from the date of issuance, in the Securities Purchase Agreement
dated Aug. 2, 2017. Specifically, Mr. Bunge beneficially
acquired 750,000 shares of common stock and a warrant to purchase
250,000 additional shares of common stock, and Mr. Rosberg
beneficially acquired 3,500,000 shares of common stock and a
warrant to purchase 1,166,667 additional shares of common stock.
Mr. Bunge and Mr. Rosberg thereby beneficially own 1.3% and 6.0%,
respectively, of shares of Neonode common stock. As a result,
all current directors and executive officers of Neonode and
nominees for election at the 2017 Annual Meeting of Stockholders
beneficially own 11,653,681 shares, representing 19.6%, of
Neonode common stock.
About Neonode
Neonode Inc. (NASDAQ: NEON) -- http://www.neonode.com/--
develops and licenses optical interactive sensing technologies.
Neonode's patented optical interactive sensing technology is
developed for a wide range of devices like automotive systems,
printers, PC devices, monitors, mobile phones, tablets and e-
readers. The Company's principal executive office is located in
Stockholm, Sweden. Its office in the United States is located in
San Jose, California.
Neonode, formerly known as SBE, Inc., was incorporated in the
State of Delaware on Sept. 4, 1997. SBE's name was changed to
Neonode Inc. upon the completion of a merger on Aug. 10, 2007,
between SBE and the parent company of Neonode AB, a company
founded in February 2004 and incorporated in Sweden. As a result
of the merger, the business and operations of Neonode AB became
the primary business and operations of Neonode Inc.
Neonode incurred a net loss attributable to the Company of $5.29
million for the year ended Dec. 31, 2016, a net loss attributable
to the Company of $7.82 million for the year ended Dec. 31, 2015,
and a net loss attributable to the Company of $14.23 million for
the year ended Dec. 31, 2014.
As of June 30, 2017, Neonode had $10.80 million in total assets,
$8.56 million in total liabilities and $2.23 million in total
stockholders' equity.
The Company has incurred significant operating losses and
negative cash flows from operations since its inception. The
Company incurred net losses of approximately $1.0 million and
$1.3 million and $1.9 million and $2.7 million for the three and
six months ended June 30, 2017 and 2016, respectively, and had an
accumulated deficit of approximately $180.9 million and $179.0
million as of June 30, 2017 and Dec. 31, 2016, respectively. In
addition, operating activities used cash of approximately $3.0
million and $2.1 million for the six months ended June 30, 2017
and 2016, respectively.
===========
T U R K E Y
===========
VESTEL ELEKTRONIK: S&P Affirms 'B-' CCR, Outlook Negative
---------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on Turkey-based brown and white goods manufacturer Vestel
Elektronik Sanayi Ve Ticaret A.S. (Vestel). The outlook is
negative.
S&P said, "The affirmation reflects our view that Vestel's
operating performance remains sound and our expectation that
Vestel's liquidity will improve in the coming months, as we
understand that the company is in talks with banks to extend its
debt maturity profile. However, we note that Vestel's liquidity
could remain weak if the company continues relying on short-term
debt financing or if its operating performance weakens. This
would translate into heightened refinancing risk given Vestel's
reliance on banks' willingness to continuously roll its credit
facilities over.
"On June 30, 2017, Vestel's liquidity position had weakened
compared with the level on Dec. 31, 2016, because of some debt
maturities coming due by the second quarter of 2018, which,
coupled with short-term maturities, produces a significant
liquidity deficit over the coming 12 months. However, we
understand that Vestel intends to extend its maturity schedule
for a portion of its debt. This would somewhat smooth the debt
maturity profile and reduce the liquidity risk, and we
acknowledge that Vestel enjoys solid relationships with a wide
network of predominantly Turkish and some international banks.
Vestel also has a long track record of consistently rolling over
its short-term facilities. Moreover, we understand that reliance
on short-term financing is also a common feature of the Turkish
funding system, since it yields lower funding rates than longer-
term financing. In addition, we think Turkey's domestic banks
will remain well regulated and amply capitalized.
"Our assessment of Vestel's business risk profile continues to
reflect the company's volatile operating margins and cash flow
generation, largely because of fierce competition and uneven
demand in the consumer electronics sector, in addition to
volatility of raw material prices. However, Vestel has had a
leading domestic market position in liquid crystal display (LCD)
TV sales since 2014, and over the past several years the company
has increased its market share in Europe, becoming the largest
original design manufacturer of LCD TVs on the continent. Vestel
has also increased its market share in the domestic white goods
market to 18% at June 30, 2017, from about 15% in 2015.
Nevertheless, the company still depends heavily on its key
suppliers, which we see as another main weakness in Vestel's
business risk profile. Although we think that margins could be
volatile, we assess that they are relatively protected against
currency moves, given that both revenues and operating costs are
predominantly denominated in euros and U.S. dollars. We also note
that the company is pursuing some hedging efforts to mitigate the
exposure.
"Our assessment of Vestel's financial risk profile primarily
incorporates its high S&P Global Ratings-adjusted gross debt to
EBITDA and strong reliance on various forms of short-term
financing. We project that Vestel's adjusted leverage will remain
at a high 8x-9x in 2017, as the increase in EBITDA is offset by
an increase in debt stemming from the Turkish lira's depreciation
and intracompany lending to the main owner Zorlu Holding (77.5%
of capital). We expect the company's credit ratios and cash flow
generation will remain highly volatile because of the company's
exposure to demand swings, and its margins are vulnerable to raw
material and cell prices. This is partly offset by our
expectations of modest positive free operating cash flow (FOCF)
in the coming two years, alongside solid cash interest coverage
ratios of between 2.0x and 2.5x."
The negative outlook on Vestel reflects the potential for a
downgrade in the next 12 months if the company doesn't succeed in
improving its maturity profile, or if its operating performance
deteriorates.
S&P could lower the rating if:
-- Vestel does not improve its liquidity position (with sources
of cash to uses of cash remaining at current level); or
-- Operational performance deteriorates due to weaker demand or
tighter availability of consumer financing in Turkey, adverse
currency swings that could impact both domestic and
international demand, or heightened competition.
S&P said, "More specifically, we would lower the rating if the
adjusted EBITDA margin was sustainably below 5%, translating into
significantly negative FOCF. We could revise the outlook to
stable if the company improves its liquidity position by
extending the debt maturity profile in such a way that liquidity
sources sustainably approach its liquidity uses, while its
operating performance remains solid."
===========================
U N I T E D K I N G D O M
===========================
AI ROBIN: S&P Assigns 'B' Corp Credit Rating, Outlook Stable
------------------------------------------------------------
S&P Global Ratings today assigned its 'B' long-term corporate
credit rating to U.K.-based AI Robin Topco Ltd. (AI Robin), the
holding company that owns both IPH and Brammer Ltd. The outlook
is stable.
S&P said, "We are also assigning our 'B' long-term corporate
credit ratings to the two subsidiaries, AI Robin Finco Ltd. and
AI Robin Ltd. The outlook on these entities is stable.
"At the same time, we have assigned our 'B' issue-level and '3'
recovery ratings to financing entity AI Robin Finco's secured
EUR765 million first-lien term loan, maturing in 2024, and the
EUR135 million revolving credit facility (RCF). The '3' recovery
rating reflects our expectation of meaningful recovery (50%-70%;
rounded estimate: 50%) prospects in the event of a payment
default.
"These ratings are in line with the preliminary ratings we
assigned on June 23, 2017.
"AI Robin Topco is a holding entity set up for the acquisition of
the combined IPH and Brammer entity. The combined entity will
generate about EUR2.2 billion of revenues on a pro forma basis in
2017. We believe the strategic rationale for the acquisition is
reasonable, given the benefits that we see for the company's
business profile from the increased scale and geographic reach,
where swift availability and reliability is critical.
"We think the business risk profile is constrained by the group's
operations in a highly fragmented market. Although price
insensitivity is reasonably limited in critical situations where
down time and availability are the deciding factors, we expect
the group's client base to generally source their maintenance,
repair, and overhaul (MRO) parts in a proactive fashion and from
several vendors to ensure competitive pricing. The sector remains
operationally demanding, requiring the efficient management of
millions of stock keeping units. In addition, 20% of the group's
sales are subject to online competition. Moreover, there are no
significant lead times or contracted volumes which would enable
the group to predict future revenues, so any decline in the top
line usually results in material margin declines, as we have seen
in previous cycles. We also see some operational challenges
surrounding the merger, as well as some execution risk in the
turnaround of Brammer.
"In our opinion, these weaknesses are offset to some extent by
the group's diverse product range, including MRO parts used in
equipment for manufacturing across many sectors, including pulp,
paper, and packaging; aerospace; automotive; food and drink;
industrial machinery and metals; and several types of
construction. Typical products are critical replacement parts to
production lines and include motors, bearings, and associated
products such as cutting tools and consumables.
"We view as a positive that approximately 74% of sales are to the
aftermarket, because this activity is less cyclical than the
assembly of new production equipment. We also think that the
qualitative nature of the technical advice is a differentiating
factor from online competitors and could therefore act as a
barrier to entry. In addition, in a sector where customers source
from multiple vendors, the company has shown low customer churn
rates of 3%-4%.
"We view AI Robin's financial risk profile as highly leveraged,
reflecting its aggressive financial policy and high debt burden
at about 8.5x pro forma S&P Global Ratings-adjusted debt to
EBITDA (at the close of the transaction) and funds from
operations (FFO) cash interest coverage of above 3.0x. However,
we anticipate that the company will continue to generate
predictable free operating cash flow (FOCF) and maintain adequate
liquidity while balancing its growth objectives."
Adjusted debt at closing stood at EUR1.3 billion, including on-
balance-sheet debt of about EUR980 million, plus adjustments of
close to EUR365 million relating to the group's outstanding
factoring lines, operating lease commitments, and unfunded
pension obligations.
S&P's base-case scenario includes:
-- Eurozone real GDP growth to fluctuate at about 1.5% for the
foreseeable future, while inflation rates should recover
toward 1.5% in 2017 and 2018.
-- About EUR2.2 billion in revenues on a pro forma basis in
2017. S&P forecasts total revenue growth of about 4%
(including about 1% organically), largely driven by IPH's
favorable market position in France and bolt-on acquisitions.
Reported EBITDA margins (before restructuring expenses)
gradually improving to about 8% in financial year (FY) 2018
and FY2019 (EUR180 million-EUR190 million per year on an
absolute basis), reflecting the achievement of material
synergies related to procurement savings, selling, general,
and administrative cost efficiencies, and reduced overheads.
We think that, under private ownership, Brammer's margins
will improve substantially as the group has identified
several initiatives to shift the company's focus toward cost
rationalization.
-- Capital expenditure (capex) of about EUR21 million in 2017,
followed by annual average capex of about EUR20 million-EUR25
million in 2018-2019.
-- No major acquisitions in 2017, as the group will focus on the
integration of IPH and Brammer during this transition period.
For 2018 and 2019, S&P forecasts some small bolt-on
acquisition spending of EUR15 million-EUR20 million per year.
-- As S&P considers 2017 to be a transitional year marked by the
integration of IPH and Brammer, our analysis will be focusing
on the metrics for 2018 and 2019.
Based on these assumptions, S&P arrives at the following credit
measures for the combined entity under the proposed new capital
structure:
-- S&P Global Ratings-adjusted debt to EBITDA of about 7.0x in
2018 and about 6.0x in 2019.
-- Adjusted FFO-to-debt ratio of 8%-10% in 2018 and 2019.
-- FOCF generation of EUR30 million-EUR50 million in 2018.
S&P said, "The stable outlook reflects our view that the company
will benefit from fairly benign market growth that, combined with
the expectation of synergies arising from the IPH and Brammer
merger, will allow the company to post an EBITDA margin of about
8% and support modest deleveraging to about 7x in 2018. We also
expect the combined entity to maintain FOCF generation at more
than EUR30 million per year. We consider either an upgrade or
downgrade highly unlikely in the short term, and view 2017 as,
essentially, a transition year, given the need to embed and
realize the benefits from the merger.
"We consider a downgrade to be unlikely in the short term, given
relatively stable revenues and the opportunities for synergies.
Nevertheless, we could lower the ratings in the next 12 months if
we see a material shortfall in the achievement of synergies,
leading to weaker-than-projected EBITDA and margin improvement,
higher leverage, and deterioration in the expected cash position.
This could be reflected by free cash flow falling below EUR20
million per year.
"We could raise the ratings if the combined entity performed
materially above projections in terms of cost synergies and
underlying margins, and deleveraged to below adjusted total debt
to EBITDA of 5.0x, while maintaining strong cash generation. We
expect the group to continue its bolt-on acquisition strategy and
potential further transformational acquisitions beyond FY2018 and
therefore consider the likelihood of leverage reducing below 5.0x
to be less likely."
DECO 8 - UK: Fitch Cuts Ratings on Two Note Classes to 'Dsf'
------------------------------------------------------------
Fitch Ratings has downgraded DECO 8 - UK Conduit 2 plc (DECO 8)'s
class A2 and B floating rate notes and affirmed the remaining
tranches:
GBP235.1 million class A2 (XS0251886163) due April 2018
downgraded to 'Dsf' from 'CCsf'; Recovery Estimate (RE) 80%
GBP32.3 million class B (XS0251886833) due 2036 downgraded to
'Dsf' from 'Csf'; RE 0%
GBP1.1 million class C (XS0251887211) due 2036 affirmed at 'Dsf';
RE0%
GBP0 million class D (XS0251887724) due 2036 affirmed at 'Dsf';
RE0%
GBP0 million class E (XS0251889696) due 2036 affirmed at
'Dsf''Csf'; RE0%
GBP0 million class F (XS0251890199) due 2036 affirmed at 'Dsf';
RE0%
GBP0 million class G (XS0251890868) due 2036 affirmed at 'Dsf';
RE0%
DECO 8 was originally a securitisation of 22 UK commercial
mortgage loans originated by Deutsche Bank. As at end-July 2017,
six loans, all in special servicing, remained. Of the 14 repaid
loans, four were redeemed at a loss.
KEY RATING DRIVERS
The downgrades are a result of a note event of default following
an interest shortfall on the most senior class of notes
outstanding (class A2) on the July 2017 interest payment date
(IPD). This shortfall occurred as a result of the liquidity
facility provider not advancing a request, of which GBP4.2
million was intended to reduce the swap notional (corresponding
to an over-hedged senior loan, Fairhold).
Fitch believes that the issuer had committed to make this payment
and was left short of funds owed to the swap counterparty, which
has subsequently terminated the swap. This termination has had
the effect of leaving the issuer short of funds needed to meet
its mandatory costs, resulting in the note event of default. As
per the issuer notice of the September 15, 2017, the prospective
loan purchaser, special servicer and operating advisor are
assessing the impact of the swap breakage on the proposed loan
sale. It remains to be seen whether this will have a detrimental
effect on the recoveries for bondholders.
The largest remaining loan, the GBP189.2 million Mapeley II loan,
remains in special servicing. The loan had a reported loan-to-
value (LTV) of 105.2% in July 2017, based on a March 2017
valuation and Fitch expects a sizeable loss.
The four remaining small loans (GBP15.2 million Rowan (UK)
Commercial Property, GBP4.7 million Elbank, GBP3.7 million MPH
(UK) and GBP300,000 Swiftgold) are all in special servicing, with
each loan suffering from excess leverage and poor property
quality. All are expected to suffer losses. Since the last rating
action, Swiftgold has received funds from the last remaining
property and no further funds are expected to be received.
RATING SENSITIVITIES
The ratings will be withdrawn within 11 months.
DONCASTERS: Auditors Raise Going Concern Doubt Over Debt Pile
-------------------------------------------------------------
Christopher Williams and Alan Tovey at The Telegraph report that
there are mounting fears over the future of one of Britain's
oldest engineers after auditors raised concerns about its
ballooning debts and the intentions of its Dubai owner.
According to The Telegraph, newly published accounts reveal
Doncasters, the Staffordshire-based jet engine parts maker that
can trace its history to 1778, has racked up net debts of GBP1.2
billion, around 12 times its sliding underlying earnings.
The figure increased by more than GBP200 million last year as
Doncasters spent more than GBP113 million on interest payments
and faced mixed trading and technology shifts that squeezed
margins, The Telegraph notes. Given Doncasters' dwindling cash
reserve of only GBP19 million, PwC said there were uncertainties
over the company's ability to extend its GBP110 million bank
revolving credit facility beyond April, The Telegraph relates.
The auditors also raised concerns over Dubai International
Capital (DIC), the sovereign wealth fund which owns the company
and has also lent it GBP379 million, The Telegraph discloses.
The debt was due to be repaid last December, The Telegraph
states.
PwC said the issues were "material uncertainties" that may cast
doubt on Doncasters' ability to continue as a going concern, The
Telegraph relays. It also warned it was unclear whether DIC
could pull the plug if a new owner cannot be found, The Telegraph
says.
INVESTEC PLC: Moody's Assigns (P)Ba2 Rating to AT1 Capital Secs.
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba2 (hyb) rating to
the Additional Tier 1 Capital Securities of Investec plc (Baa1,
positive).
The perpetual, non-cumulative AT1 securities will be direct and
unsecured obligations of Investec plc and rank junior to all
other obligations, and rank senior to ordinary shares. Coupons
may be cancelled on a non-cumulative basis at the issuer's
option, and on a mandatory basis subject to the availability of
distributable items and regulatory discretion. The principal of
the security will be fully and permanently written down if
Investec plc's fully loaded consolidated Basel III Common equity
Tier 1 (CET1) capital ratio falls below 7%.
RATINGS RATIONALE
The (P)Ba2 (hyb) rating assigned to the Investec plc securities
is based on the likelihood of Investec plc's capital ratio
reaching the conversion trigger, the probability of a bank-wide
failure, and its loss severity. Moody's assesses these
probabilities using a model-based approach which incorporated the
group's credit profile, its most recent Common Equity Tier 1
(CET1) ratio of 10.9% as at March 31, 2017 and qualitative
considerations, particularly with regard to how the bank may
manage its CET1 ratio on a forward-looking basis. Moody's rates
these notes to the lower of the model-based outcome and Investec
plc's non-viability security rating, which considers the risk of
coupon suspension on a non-cumulative basis.
In assessing Investec plc's credit profile, Moody's typically
references a bank's baseline credit assessment (BCA). As Investec
plc is a bank holding company, Moody's does not assign a BCA to
it. However, Moody's considers the group's intrinsic financial
strength corresponds to the baa2 BCA assigned to its main
operating entity, Investec Bank plc ('IBP', LT deposits A2,
positive; BCA baa2). IBP accounts for the vast majority of
Investec plc's assets. Moody's references Investec plc's CET1
ratio of 10.9% and the baseline credit assessment (baa2) as
inputs to its model in order to arrive at a model outcome of
(P)Ba2 (hyb). The 'high trigger' security rating is not
constrained by the rating on the non-viability security.
According to analysis of model sensitivity, which considers
changes to the group-level CET1 ratio, Moody's concludes that the
(P)Ba2 (hyb) rating is resilient under reasonably plausible
scenarios.
WHAT COULD CHANGE THE RATING UP / DOWN -- Investec plc
An upgrade of Investec plc's AT1 securities could occur if the
CET1 of Investec plc increased substantially, creating a larger
buffer to the 7% trigger point, or if the BCA of IBP was
upgraded.
A downgrade of Investec plc's AT1 securities could occur, if the
CET1 of Investec plc was to decrease, narrowing the buffer to the
trigger point, or if the BCA of IBP was downgraded.
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was Banks published
in January 2016.
PUNCH TAVERNS A: Fitch Affirms B- Rating on Class M3 Notes
----------------------------------------------------------
Fitch Ratings has affirmed Punch Taverns Finance plc's (Punch A)
notes:
GBP6.9 million floating-rate super senior hedge notes (SSHN) due
2021: affirmed at 'BB+'; Outlook Stable
GBP181.4 million Class A1(F) fixed-rate notes due 2026: affirmed
at 'BB'; Outlook Stable
GBP119.0 million Class A2(F) fixed-rate notes due 2025: affirmed
at 'BB'; Outlook Stable
GBP67.5 million Class A1(V) fixed-rate notes due 2026: affirmed
at 'BB'; Outlook Stable
GBP45.8 million Class A2(V) fixed-rate notes due 2025: affirmed
at 'BB'; Outlook Stable
GBP300 million Class M3 floating-rate notes due 2027: affirmed at
'B-'; Outlook Stable
KEY RATING DRIVERS
The ratings reflect the group's exposure to discretionary
spending and its leased/tenanted business model, which make it
challenging to adapt to the dynamic and increasingly competitive
eating and drinking out market in the UK. Partial repayment from
cash sweep and scheduled amortisation mitigates refinancing risk
to some extent.
At 2.3x and 0.9x for the class A and M notes, Fitch's projected
free cash flow (FCF) debt service coverage ratios (DSCR) are well
aligned with criteria and peers for the ratings.
Structural Decline but Strong Culture - Industry Profile:
Midrange
The pub sector in the UK has a long history, but trading
performance for some assets has shown significant weakness in the
past. The sector has been in a structural decline for the past
three decades due to demographic shifts, greater health awareness
and the growing presence of competing offerings. Exposure to
discretionary spending is high and revenues are therefore
inherently linked to the broader economic cycle. Fitch views
competition as high, including off-trade alternatives, and
barriers to entry are low, despite increasingly demanding
regulations. Fitch views the pub sector as sustainable in the
long term, despite the on-going contraction, supported by the
strong pub culture in the UK.
Sub KRDs: operating environment - weaker, barriers to entry -
midrange, sustainability - midrange.
Tenanted Model, Non-Core Disposals - Company Profile: Midrange
EBITDA per pub has stabilised over the past five years, mainly as
a result of extensive disposals of weakly performing non-core
pubs and increased investments in the core estate following years
of capex underspend. The leased/tenanted business model makes it
more challenging for the Punch group to adapt to the growing
eating-out market in the UK, as it has reduced control over
publicans' strategy and less cash for capex due to performance
declines. Limited visibility with respect to tenants'
profitability means that the sustainability of the cash flows
generated by tenanted pubs is more difficult to estimate.
However, Fitch expects continued disposals of non-core pubs,
combined with increased core estate capex, to result in an
overall improved quality of the estate in the foreseeable future.
Sub-KRDs: financial performance - weaker, company operations -
midrange, transparency - weaker, dependence on operator -
midrange, asset quality - weaker
Refinancing Risk Mitigated
Debt Profile: Midrange (SSHN, A1(F), A2(F), A1(V), A2(V)), and
Weaker (M3)
The senior debt structure Midrange assessment reflects partial
cash sweep repayment (SSHN, A1(V), A2(V)) and scheduled
amortisation (A1(F) and A2(F)), leading to gradual de-leveraging.
This mitigates refinancing risk, and reliance on core pub
disposal proceeds, another way to fund debt repayment. Fitch does
not expects the junior ranking class M3 notes to benefit from any
amortisation. The SSHN rate exposure is now negligible.
Unusually for UK whole business securitisations (WBS), only the
junior class M notes can defer interest payments. This results in
alignment of the A(F) and A(V) notes' ratings, as failure to pay
interest (or final principal) on the more junior A(V) notes would
result in an issuer event of default (EoD). The most senior
ranking SSHN are rated one notch above the non-deferrable
subordinate ranking class A(F) and A(V) notes due to their
earlier maturity in 2021, which also results in lower refinancing
risk compared with the class A notes. However, class A payment
default prior to the SSHN's repayment would trigger an issuer
EoD, limiting the uplift.
The security package is standard for UK WBS. Operational and
financial covenants are satisfactory, although bullet repayments
are excluded in the calculation of the FCF DSCR, and covenant
breaches can be avoided via disposal proceeds as they are part of
FCF. However, the leverage covenant mitigates this. In terms of
cash lockup, only a group service payment of up to 2% of EBITDA
can be distributed outside the securitised group if i) no
borrower event of default has occurred; and ii) net senior
leverage is below the closing level, which is a credit positive.
The liquidity facility covers 18 months of peak debt service.
However, this is interest only apart from the class A1(F) and
A2(F) notes scheduled partial amortisation.
Sub-KRDs: Debt profile: Midrange (SSHN, classes A1(F), A2(F),
A1(V), A2(V)) and Weaker (class M3); Security package: Stronger
(SSHN) and Midrange (classes A1(F), A2(F), A1(V), A2(V), M3);
Structural features: Midrange
Metrics
Updated Fitch rating case (FRC) projected metrics are in line
with last year, notably in terms of minimum of average and median
FCF DSCR for class A (2.3x) and class M (0.9x). The SSHN
projected metrics are in excess of 10x given their small size.
Leverage metrics of 4.0x for the class A notes and 6.8x for the
class M are slightly better than last year, mainly due to ongoing
scheduled amortisation.
PEER ANALYSIS
Unique Pub Finance Company plc (class A notes rated 'BB', class M
notes 'B+' and class N notes 'B') is the closest peer. Both
issuers are linked to the broader UK economic cycle, have a large
portfolio of mainly tenanted pubs and same debt structure
assessment. Punch A has better coverage and leverage metrics than
Unique but the refinance risk, unusual in UK WBS, justifies more
headroom for the same rating, and explains the same ratings for
Punch A and Unique senior notes at 'BB'. The junior notes'
metrics are similar, which leads to Punch's junior notes having a
lower rating.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to negative rating action:
- FRC five-year net debt to EBITDA above 3.5x through the
class A and 6.5x through the class M notes
- Increased refinancing risks
Future developments that may, individually or collectively, lead
to positive rating action:
- The notes are unlikely to be upgraded in the foreseeable
future
PUNCH TAVERNS B: Fitch Lowers Ratings on 3 Tranches to 'B'
----------------------------------------------------------
Fitch Ratings has downgraded Punch Taverns Finance B Limited's
(Punch B) class A3, class A6 and class A7 notes and affirmed the
swap loan:
GBP8.7 million floating-rate swap loan due 2019: affirmed at
'BB', Outlook Stable
GBP114.3 million class A3 fixed-rate notes due 2021: downgraded'
to 'B' from 'B+; Outlook Stable
GBP218.0 million class A6 fixed-rate notes due 2022: downgraded
to 'B' from 'B+'; Outlook Stable
GBP138.7 million class A7 fixed-rate notes due 2024: downgraded
to 'B' from 'B+'; Outlook Stable
The downgrade of the class A notes reflects deteriorating free
cash flow (FCF) following further asset disposals and slightly
lower projections amid low revenue growth and increasing
opex/capex. Fitch's projected FCF debt service coverage ratio
(DSCR) of 0.8x for the class A notes is well aligned with
criteria and peers at a 'B' rating, when adjusting to take into
account the notes' unusual exposure to refinancing risk.
KEY RATING DRIVERS
The ratings reflects the group's exposure to discretionary
spending and its leased/tenanted business model, which make it
challenging to adapt to the dynamic eating and drinking out
market in the UK. Partial repayment from cash sweep and scheduled
amortisation mitigates refinancing risk.
Structural Decline but Strong Culture - Industry Profile:
Midrange
The pub sector in the UK has a long history, but trading
performance for some assets has shown significant weakness in the
past. The sector has been in a structural decline for the past
three decades due to demographic shifts, greater health awareness
and the growing presence of competing offerings. Exposure to
discretionary spending is high and revenues are therefore
inherently linked to the broader economic cycle. Fitch views
competition as high, including off-trade alternatives, and
barriers to entry are low, despite increasingly demanding
regulations. Fitch views the UK pub sector as sustainable in the
long term, despite the on-going contraction, supported by the
strong pub culture in the UK.
Sub KRDs: operating environment - weaker, barriers to entry -
midrange, sustainability - midrange.
Tenanted Model, Non-Core Disposals - Company Profile: Midrange
EBITDA per pub has stabilised over the past five years, mainly as
a result of extensive disposals of weakly performing non-core
pubs and increased investments in the core estate following years
of capex underspend. The leased/tenanted business model makes it
more challenging for the Punch group to adapt to the growing
eating-out market in the UK, as it has reduced control over
publicans' strategy and less cash for capex due to performance
declines. Limited visibility with respect to tenants'
profitability means that the sustainability of the cash flows
generated by tenanted pubs is more difficult to estimate.
However, Fitch expects continued disposals of non-core pubs,
combined with increased core estate capex, to result in an
overall improved quality of the estate in the foreseeable future.
Sub-KRDs: financial performance - weaker, company operations -
midrange, transparency - weaker, dependence on operator -
midrange, asset quality - weaker
Material Refinancing Risk - Debt Profile: Midrange (Swap Loan),
and Weaker (Class A)
The swap loan benefits from a favourable repayment profile with a
combination of front-loaded scheduled amortisation and cash
sweep. Fitch forecasts it will repay by expected maturity under
the Fitch rating case (FRC). Fitch views the probability of
default of the swap loan and the class A to be more closely
aligned than in other tranched UK whole business securitisations
(WBS). Unusually, only the most junior class B3 notes can defer
interest payments. Consequently, failure to pay interest and
scheduled amortisation (or final principal) on the class A notes
would result in an issuer event of default.
The swap loan floating-rate exposure is immaterial given its
small size. The Weaker debt profile assessment for the class A
notes reflects the partial amortisation and the significant
bullet maturities in 2021, 2022 and 2024. These cannot be met out
of excess cash flows in the FRC, requiring either a debt
refinancing or significant disposals of core pubs.
The security package is standard for UK WBS transactions.
Operational and financial covenants are satisfactory, although
Fitch notes the exclusion of the bullet repayments for the
purpose of calculating the FCF DSCR as well as the possibility of
preventing a covenant breach through the availability of disposal
proceeds as part of the FCF definition. Fitch considers the
inclusion of a leverage covenant mitigates this relative
weakness. A reduced liquidity facility is structured to cover 18
months of peak debt service. However, this is effectively only
interest payments and scheduled principal excluding final
bullets.
Sub-KRDs: Debt profile: Midrange (Swap Loan) and Weaker (class
A); Security package: Stronger; Structural features: Midrange
Metrics
Updated FRC projected synthetic FCF DSCR metrics are slightly
below last year, in terms of minimum of average and median FCF
DSCR for class A notes at 0.8x, driven by slightly rebased FCF
following further disposals and slightly lower cumulative
projected FCF. The swap loan projected metrics are in excess of
10x given their small size. Net debt to EBITDA at 7.1x for the
class A notes is slightly better than last year, mainly due to
ongoing scheduled amortisation.
PEER ANALYSIS
Unique Pub Finance Company plc (class A notes rated 'BB', class M
notes 'B+' and class N notes 'B') is the closest peer. Both
issuers are linked to the broader UK economic cycle, have a large
portfolio of mainly tenanted pubs and the same debt structure
assessment. Punch B class A notes have comparable projected FCF
DSCR to Unique, and slightly stronger leverage, but its refinance
risk, unusual in UK WBS, justifies more headroom for the same
rating, which explains the same ratings for punch B class A and
Unique junior notes at 'B'.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to negative rating action:
- Further deterioration in class A projected DSCR and leverage
metrics at next review. This could be driven by declining
performance or disposal proceeds being insufficient to lead to
deleveraging via prepayments.
- The anticipation of a failure to refinance maturing debt
tranches would lead to negative rating action.
Future developments that may, individually or collectively, lead
to positive rating action:
- The notes are unlikely to be upgraded in the foreseeable
future
SEADRILL LTD: Group of Bondholders to Fight Restructuring Plan
--------------------------------------------------------------
Eliza Ronalds-Hannon and Mikael Holter at Bloomberg News report
that a group of Seadrill Ltd. bondholders has hired Stroock &
Stroock & Lavan LLP as legal counsel and Rothschild & Co as
financial adviser to fight a restructuring plan that they argue
leaves them with an unfairly low share of the offshore drilling
company.
According to Bloomberg, people with knowledge of the matter said
the group's goal is to accumulate one-third of the US$2.3 billion
in unsecured bonds, which would allow the investors to disrupt
the plan presented by Seadrill. One of the people said the group
is close to reaching that portion of the unsecured debt,
Bloomberg notes.
Under the U.S. Bankruptcy Code, it's more difficult to get a
reorganization plan approved if one class of creditors votes
against it, Bloomberg states. Two-thirds of creditors in a class
must vote yes for the entire group to be counted in favor of the
reorganization, according to Bloomberg.
Seadrill filed for bankruptcy protection on Sept. 12 after
reaching a restructuring agreement that would see the company's
biggest shareholder, shipping tycoon John Fredriksen, take the
lead in injecting more than US$1 billion in new capital, along
with hedge fund Centerbridge Partners LP, Bloomberg recounts.
The agreement was supported by more than 97% of the company's
banks, but only about 40% of bondholders, Bloomberg relays.
Those bondholders include Fredriksen's Hemen Holding Ltd.,
Centerbridge and other investors that have been invited to
participate in a new loan of US$860 million and a new equity
placement of US$200 million, Bloomberg says.
Even if they accepted the plan, the remainder of the bondholders
would be left with the opportunity to participate in only 10% of
the new loan and 12.5% of the new equity placement, Bloomberg
relays, citing court filings.
Coupled with the conversion of their share of bonds into equity,
that would leave them with less than 18% of the restructured
equity, at best, according to Bloomberg calculations.
Seadrill, which was hit by a collapse in oil prices in 2014 that
reduced demand for drilling services, presented its plan after
negotiating with different stakeholders for more than 18 months,
Bloomberg relates. The offshore driller had the heaviest
liability burden of the industry with almost US$13 billion in
total at the end of the second quarter, including US$5.7 billion
in secured credit facilities and US$2.3 billion in unsecured
bonds, Bloomberg states.
About Seadrill Ltd
Seadrill Limited is a deepwater drilling contractor, providing
drilling services to the oil and gas industry. It is
incorporated in Bermuda and managed from London. Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.
As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate
functions.
As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total
equity.
Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of
total operating revenues for the year ended in 2015.
After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017,
Seadrill Limited and 85 affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code in the Bankruptcy Court for the Southern District
of Texas. The Debtors requested that their Chapter 11 cases be
jointly administered under Case No. 17-60079.
Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") are commencing liquidation proceedings in Bermuda to
appoint joint provisional liquidators and facilitate recognition
and implementation of the transactions contemplated by the RSA
and Investment Agreement, and Simon Edel, Alan Bloom and Roy
Bailey of Ernst & Young are to act as the joint and several
provisional liquidators.
In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor. Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement. Advokatfirmaet Thommessen AS is serving
as Norwegian counsel. Conyers Dill & Pearman is serving as
Bermuda counsel. Prime Clerk is the claims agent and maintains
the Web site https://cases.primeclerk.com/seadrill
===============
X X X X X X X X
===============
* BOND PRICING: For the September 18 to September 22, 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 * * *