/raid1/www/Hosts/bankrupt/TCREUR_Public/171016.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, October 16, 2017, Vol. 18, No. 205
Headlines
B E L A R U S
BELARUSBANK JSC: S&P Upgrades CCR to 'B', Outlook Stable
BELVEB OJSC: S&P Raises CCR to 'B', Outlook Stable
DEVELOPMENT BANK: S&P Raises ICR to 'B', Outlook Stable
F R A N C E
SMCP GROUP: S&P Places 'B' CCR on CreditWatch Positive
G E O R G I A
GEORGIA: Reform Efforts Help Mitigate Key Credit Weaknesses
G E R M A N Y
AIR BERLIN: EasyJet Eyes 25 A320 Aircraft, Talks Ongoing
I R E L A N D
AVOCA CLO VII: Fitch Affirms CCC Rating on Class F Notes
BAIN CAPITAL 2017-1: Moody's Assigns B2(sf) Rating to Cl. F Notes
CHARLEVILLE CREDIT: High Court Appoints Provisional Liquidators
CLOVERIE PLC 2007-52: Fitch Hikes USD10MM Notes Rating from BB+
I T A L Y
ALBA 9: Moody's Assigns (P)Ba2(sf) Rating to Class C Notes
ALITALIA SPA: Italy Extends Further EUR300-Mil. Bridge Loan
BANCA IFIS: Fitch Rates EUR400MM Subordinated Tier 2 Issue 'BB'
L U X E M B O U R G
BELRON SA: S&P Assigns Prelim 'BB' Long-Term Corp Credit Rating
PUMA INTERNATIONAL: Fitch Rates US$600 Million Senior Notes BB
N E T H E R L A N D S
JUBILEE CLO 2015-XV: Moody's Raises Rating on Class F Notes to B1
MARFRIG GLOBAL: Fitch Affirms Long Term IDR at 'BB-'
S E R B I A
FABRIKA AKUMULATORA: Batagon Raises Bid to EUR7 Million
U N I T E D K I N G D O M
BBH PROPERTY: High Court Winds Up 13 Cos. Involved in Fraud
BOSTON PRIME: Director Banned for 12 Years
GREEN MARINE: Goes Into Liquidation; 46 Jobs Axed
HARRIER FINANCE: Moody's Withdraws C Rating on $2000M MTN Program
MONARCH AIRLINES: Norwegian Air Shuttle Eyes Airport Slots
NOBLE GROUP: UK Subsidiary Expresses Going Concern Doubt
X X X X X X X X
* BOND PRICING: For the Week October 9 to October 13, 2017
*********
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B E L A R U S
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BELARUSBANK JSC: S&P Upgrades CCR to 'B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its long-term counterparty credit
ratings on JSC Savings Bank Belarusbank to 'B' from 'B-'. The
outlook is stable. At the same time, S&P said affirmed its 'B'
short-term rating on the bank.
S&P said, "The upgrade follows the similar action on the Republic
of Belarus (see "Belarus Long-Term Ratings Raised To 'B' On
Stronger Growth And Secured External Financing; Outlook Stable,"
published Oct. 6, 2017, on RatingsDirect). We consider
Belarusbank to be a government-related entity (GRE) that is
significantly exposed to the risks of the Belarusian economy. In
addition, we believe there is a moderately high likelihood that
Belarusbank would receive support from the Belarusian government
if needed. We therefore continue to rate Belarusbank at the same
level as the sovereign ratings on Belarus. Our assessment of the
bank's stand-alone credit profile (SACP) remains unchanged at
'b'.
"Our assessment of Belarusbank's 'b' SACP, the highest among the
banks we rate in Belarus, mainly reflects the bank's market-
leading business position and ongoing support from the Belarusian
government. It also incorporates our view of the bank's adequate
risk position and stable funding structure. We acknowledge,
however, that these strengths are offset by Belarusbank's tight
capitalization, domestic geographic concentration, and strong
dependence on regular government support.
"Our view of Belarusbank as a GRE is based on our opinion that
the bank plays a very important role for, and has a limited link
with, the Belarusian government. We believe that the likelihood
of Belarusbank receiving extraordinary support from the
government remains moderately high. We do not apply notches for
government support because the sovereign local currency rating on
Belarus is at the same level as our assessment of the bank's
SACP.
"The stable outlook on Belarusbank reflects our view that there
is a low likelihood that the bank's stand-alone creditworthiness
or its role to the government will change materially over the
next 12-18 months. We also take into account the stable outlook
on Belarus.
"We believe that an upgrade is remote over the next 12-18 months
because the ratings on the bank are capped at the level of the
rating on the sovereign. An upgrade would require a positive
rating action on the sovereign and an improvement of the bank's
own creditworthiness. This is because of Belarusbank's
significant exposure to the risks in its domestic economy, its
government ownership, and reliance on a regular government
support.
"A negative rating action on Belarus would lead to a similar
action on Belarusbank. We could also lower the ratings on
Belarusbank if, contrary to our current expectations, the bank's
capital or risk profile deteriorated markedly while the
government was unable or unwilling to provide capital support."
BELVEB OJSC: S&P Raises CCR to 'B', Outlook Stable
--------------------------------------------------
S&P Global Ratings said that it had raised its long-term
counterparty credit rating on Belarus-based Bank BelVEB OJSC to
'B' from 'B-'. The outlook is stable.
At the same time, S&P affirmed its 'B' short-term counterparty
credit rating on the bank.
S&P said, "The upgrade follows the similar action on Belarus (see
"Belarus Long-Term Ratings Raised To 'B' On Stronger Growth And
Secured External Financing; Outlook Stable," published Oct. 6,
2017, on RatingsDirect). The sovereign upgrade now allows us to
incorporate parental support into our ratings on BelVEB. As a
result, we have added one notch of uplift into our long-term
rating on BelVEB to reflect its status as a strategically
important subsidiary of Russia-based Vnesheconombank (VEB). We
think that BelVEB is unlikely to be sold over the near few years,
and that the VEB group has a strong long-term financial
commitment to the bank. BelVEB shares the parent's brand and has
close links with VEB in terms of reputation and risk management.
"Our ratings on BelVEB are constrained by the foreign currency
sovereign credit ratings on Belarus because the bank operates
exclusively in Belarus and remains highly exposed to country
risks.
"Our assessment of BelVEB's stand-alone credit profile is
unchanged at 'b-'. BelVEB benefits from funding and liquidity
support from the parent, as well as from its somewhat more
flexible business model than that of state-owned Belarusian
peers, which are compelled to lend to strategically important
Belarusian entities. In our view, the bank's ownership positively
affects its management and governance and helps support its
activities in a challenging operating environment. At the same
time, BelVEB's weak capitalization and lack of geographic and
customer diversification remain the weak factors of its
creditworthiness.
"The stable outlook on BelVEB mirrors that on Belarus and
reflects our view that the bank's creditworthiness will likely
remain unchanged over the next 12-18 months.
"An upgrade is remote over the next 12-18 months, since the
sovereign ratings constrain our ratings on BelVEB. An upgrade of
BelVEB is therefore contingent on an upgrade of the sovereign.
"We are unlikely to lower the ratings, but could do so if
BelVEB's creditworthiness deteriorated significantly and it
received no support from VEB. If this occurred, we would likely
no longer regard BelVEB as strategically important to the VEB
group. However, this is not our base-case scenario over the next
12-18 months."
DEVELOPMENT BANK: S&P Raises ICR to 'B', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its long-term foreign and local
currency issuer credit ratings on the Development Bank of the
Republic of Belarus (DBRB) to 'B' from 'B-'. At the same time,
S&P affirmed its 'B' short-term foreign and local currency issuer
credit ratings. The outlook on the long-term ratings is stable.
The upgrade follows the Oct. 6, 2017 upgrade of the long-term
sovereign credit ratings on Belarus to 'B'. S&P said, "We
equalize our ratings on DBRB with those on Belarus because in our
view, there is an almost certain likelihood that Belarus'
government would provide DBRB with timely and extraordinary
support, sufficient to service the bank's financial obligations,
if needed." S&P's assessment of the likelihood of extraordinary
support is based on its view of DBRB's:
-- Integral link with the Belarus government, demonstrated by
the state's 100% ultimate ownership, capital injections
provided in the past, and the government's ultimate
responsibility for the payment of the bank's bonds. Key
government figures, including the prime minister, are members
of DBRB's supervisory board, allowing the state to maintain
close oversight of the bank's activities. S&P does not
currently expect any of the aforementioned arrangements to
change.
-- Critical public policy role as the main institution providing
long-term capital-intensive loans under government programs
in Belarus, as well as fulfilling a number of other policy
functions. As of mid-2017, DBRB's total assets were
equivalent of 5.5% of GDP and constituted close to 9% of
total banking system assets. DBRB remains a key agent in the
implementation of certain projects and programs that the
government deems important for the country.
S&P said, "Although we currently view the government's capacity
to support the government-related entity (GRE) sector as
doubtful, we consider that DBRB's importance for achieving
several political and social objectives, as well as the
relatively small size of its nongovernment liabilities (below 2%
of GDP as of mid-2017), would lead the government to prioritize
support to DBRB ahead of other companies operating in Belarus.
"We note that the government of Belarus assumes ultimate
responsibility for the institution's bond-type debt, as stated in
a published presidential decree adopted at the end of 2014.
Although the government does not provide a legal guarantee of a
timely payment on a bond in the event of financial distress, we
note the existence of specific procedures and timeframes for
payment on behalf of the government as also specified in the
aforementioned decree. As such, we believe that the government
would have incentives to provide support in a timely fashion
should financial problems emerge at DBRB. That said, we note that
the government does not guarantee or otherwise explicitly promise
a full recovery on other types of DBRB's debt, for example,
syndicated loans."
S&P assesses DBRB's stand-alone credit profile at 'b-'.
The stable outlook on DBRB mirrors the outlook on the Republic of
Belarus.
S&P could raise the ratings on DBRB if it was to take a positive
rating action on Belarus.
S&P could lower the ratings on the bank following a negative
rating action on the sovereign. Even if the sovereign rating is
unchanged, S&P could take a negative action on DBRB if its link
with, or role for, the government weakened over the next 12
months. This could be the case if, for example, the bank's
mandate weakened or the government's commitment to provide
support reduced.
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F R A N C E
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SMCP GROUP: S&P Places 'B' CCR on CreditWatch Positive
------------------------------------------------------
S&P Global Ratings said that it had placed its 'B' long-term
corporate credit rating on SMCP Group on CreditWatch with
positive implications.
S&P said, "We have also placed on CreditWatch our 'BB-' issue
rating on SMCP Group's super senior revolving credit facility
(RCF) due 2022. Our recovery rating remains '1' on this
instrument, reflecting our expectation of very high recovery (95%
rounded estimate) in the event of default.
"Likewise, we placed on CreditWatch our 'B' issue rating on the
group's EUR434 million senior secured notes. Our recovery rating
remains '3' on this instrument, reflecting our expectation of
average recovery (50%-70%, rounded estimate: 50%) in the event of
default.
"The CreditWatch placement reflects the possibility that we could
raise our ratings on SMCP Group, if the IPO launches and
completes successfully."
The group intends to use part of the IPO proceeds to redeem its
EUR100 million floating senior secured notes due 2022 and up to
EUR111 million of the EUR334 million fixed rate senior secured
notes due 2023 outstanding. For that purpose, the group is
refinancing its EUR70 million RCF with an upsized EUR250 million
one, on which it expects to partially draw upon completion of the
IPO.
S&P said, "We view the IPO and the related debt buybacks, if
successful, as positive from a credit perspective, as they will
allow SMCP Group to deleverage materially, notably because the
group's existing EUR300 million payment in kind instrument will
be extinguished.
"We also believe the proposed evolution of ownership and
corporate governance could have positive implications on our
rating on SMCP Group. At the moment, the 'B' rating on the
broader Shandong Ruyi Group constrains the rating on SMCP Group
at 'B'. After the transaction, we believe that Shandong Ruyi's
influence and weight over SMCP Group's strategy, albeit still
controlling 51%, would be subject to the oversight of the board
of directors that will represent the significant interests of
minority shareholders and employ four independent directors out
of 12 in total.
"Additionally, we consider that the legal framework in France
protects SMCP Group from a bankruptcy of the parent, in
particular due to their distinctly separated capital structures,
no material overlap in lender groups of the two companies, and in
absence of any guarantees or cross-default clauses between the
subsidiary and its parent. Consequently, once SMCP Group is
listed and the new governance structure is in place, we could
consider SMCP Group as an insulated subsidiary, and as such rate
it higher than its parent company Shandong Ruyi.
"That said, in our view, SMCP Group remains a subsidiary with
moderately strategic importance to its ultimate parent, Shandong
Ruyi Group. We view its investment in SMCP Group as beneficial to
Shandong Ruyi Group's longer-term strategy, providing the group
with investment diversification into the European market, while
also providing the potential for some synergies, such as
supporting SMCP Group's continued penetration strategy into
Asia."
SMCP Group reported solid results in 2016. It generated positive
free operating cash flow and achieved a meaningful level of
deleveraging, highlighted by a debt-to-EBITDA ratio of 5.5x on an
S&P Global Ratings-lease-adjusted basis for fiscal 2016 versus
about 6.0x anticipated in S&P's initial base case for 2016.
Nonetheless, under the current capital structure, SMCP Group
remains highly leveraged.
S&P said, "Our view of SMCP Group's operating model is supported
by its brand and geographic diversification, allowing it to cope
with the inherent fashion risk it faces. That diversification,
paired with the group's choice to have a business model weighted
heavily toward directly operated stores representing over 90% of
sales, provides the company with greater control and
responsiveness, allowing it to capitalize on market trends and
meet customer demand. The group's track record of pursuing a
prudent execution strategy and its efficient supply chain are
also key supporting factors.
"However, the fragmented and competitive nature of the accessible
luxury sector is among the constraints to the rating, notably
because of increased online competition leading to greater price
transparency and pressure on margins. We also believe that the
flip side to SMCP Group's important retail network is a high
level of fixed costs that leaves the group with a limited buffer
in case of collection issues. Lastly, the group's limited
diversification into menswear and lack of offer in children's
wear makes it somewhat more subject to volatility swings.
"We view the group's risk management as generally prudent, but
believe bolt-on acquisitions the group could finance thanks to
its increased RCF could erode liquidity.
"We expect to resolve the CreditWatch in conjunction with the
completion of the IPO and sufficient information on the new RCF.
Our initial view is that we could upgrade SMCP Group based on the
prospective capital structure. The upgrade could also stem from
the fact that, once the company is listed and the new governance
structure is in place, we could consider SMCP Group as an
insulated subsidiary, and as such we can rate it higher than its
parent company Shandong Ruyi.
"If the IPO doesn't succeed, or succeeds but in different terms
that what was initially expected, or if we have in the meantime
any material information suggesting that SMCP Group is more
strategic to Shandong Ruyi than what we had anticipated, we could
affirm the rating at the current level."
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G E O R G I A
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GEORGIA: Reform Efforts Help Mitigate Key Credit Weaknesses
-----------------------------------------------------------
Moody's Investors Service says that Georgia's (Ba2 stable) reform
programs leading to improved macroeconomic policy, including a
flexible exchange rate, development of trade and investment
relationships and strengthening the supervision of its banking
system contribute to a macroeconomic and institutional framework
that has helped the country's economy and banking sector to
absorb the significant economic, financial and exchange rate
shock affecting the Caucasus region during 2014-2016.
However, material banking sector and external vulnerability risks
continue to constrain the country's rating. Specifically,
Georgia's external vulnerability is due to its large and
persistent current account deficit, and risks in the banking
sector include its high levels of dollarization.
Moody's points out that continuing reforms -- including those
focused on raising savings rates, education, public
administration, fiscal management and financial stability -- will
further strengthen the economy and institutions and help to
mitigate these two key credit weaknesses.
Moody's conclusions are contained in its just-released report
titled "Government of Georgia: FAQ on economic reform, external
financing risks and geopolitical risk".
Moody's report identifies external vulnerability risk as posing
the most significant threat to Georgia's macroeconomic and
financial stability. Its high current account deficit in part is
due to low domestic savings, which in turn reflect low incomes.
As a result, Georgia is highly reliant on external financing for
domestic investment. Policy reforms aim to reduce this
vulnerability, but have so far only served to partially offset
such risk.
As for geopolitical risk, Moody's says that economic relations
between Georgia and its key neighbor, Russia (Ba1 stable), have
been improving since 2012, when the Georgian Dream coalition
replaced the United National Movement of former president,
Mikheil Saakashvili, in parliament. Moody's baseline assumption
is that the status quo will be maintained on political issues
dividing Russia and Georgia, but that progress will be made on
economic and trade issues over the next 12-18 months.
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G E R M A N Y
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AIR BERLIN: EasyJet Eyes 25 A320 Aircraft, Talks Ongoing
--------------------------------------------------------
Rahul B at Reuters reports that EasyJet is in talks to take on up
to 25 A320 aircraft that were operated by Germany's insolvent Air
Berlin at Berlin Tegel airport.
EasyJet said in September it had bid for parts of Air Berlin's
short haul business, Reuters recounts.
"If agreement is reached, and subject to obtaining all required
regulatory approvals, the transaction would result in easyJet
operating up to 25 A320 aircraft at Berlin Tegel Airport,"
Reuters quotes easyJet as saying in a statement.
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.
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I R E L A N D
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AVOCA CLO VII: Fitch Affirms CCC Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has upgraded two tranches of Avoca CLO VII plc and
affirmed the others:
Class B (ISIN XS0289565763): affirmed at 'AAAsf'; Outlook Stable
Class C1 (ISIN XS0289566571): upgraded to 'AAAsf' from 'A+sf';
Outlook Stable
Class C2 (ISIN XS0290383412): upgraded to 'AAAsf' from 'A+sf';
Outlook Stable
Class D1 (ISIN XS0289566902): affirmed at 'BBB+sf'; Outlook
revised to Stable from Positive
Class D2 (ISIN XS0290383768): affirmed at 'BBB+sf'; Outlook
revised to Stable from Positive
Class E1 (ISIN XS0289567546): affirmed at 'B+sf'; Outlook revised
to Stable from Positive
Class E2 (ISIN XS0290384493): affirmed at 'B+sf'; Outlook revised
to Stable from Positive
Class F (ISIN XS0289568437): affirmed at 'CCCsf', Recovery
Estimate (RE) 50%
Avoca CLO VII plc is a securitisation of mainly European senior
secured loans, with a total note issuance of EUR711 million
invested in a portfolio of EUR700 million. The portfolio, which
is now EUR137.6 million, is actively managed by KKR Credit
Advisors.
KEY RATING DRIVERS
The rating actions reflect the increase in credit enhancement
(CE) across the capital structure due to the transaction
deleveraging since November 2016. The deleveraging was mainly
driven by the repayment in full of EUR35 million class A2 notes
and EUR14.7 million of class A3 notes and the partial
amortisation of the class B notes of EUR40 million. CE for the
class B notes has increased to 93.8% from 57.8% over the past 12
months, while CE for the class E notes has increased to 14.6%
from 11%.
The affirmation of the class D and E notes and revision of their
Outlooks to Stable reflects excessive obligor concentration in
the portfolio. As the portfolio deleverages the transaction is
becoming more exposed to obligor concentration. The top 10
obligors currently represent 81.7% compared with 59.4% a year ago
and the largest obligor now represents 20.42%, compared with
9.16% previously.
The class D notes may not be fully amortised; while the number of
obligors may reduce to fewer than 10, leading to excessive
obligor concentration. As per its criteria, Fitch may not assign
a rating higher than 'BBB' category for a portfolio with fewer
than 10 obligors rated in the 'B' category. The class E notes
have CE of 21.07% and are dependent on the performance of the top
obligor. In Fitch's view, such excessive obligor concentration
bears too much idiosyncratic risk.
The transaction currently benefits from significant excess
spread. The weighted average spread of the portfolio is 3.15%
while the spread on the rated notes is 2.4%. The portfolio
presents some industry concentration, as the largest industry
represents 31.82%, which is above the current limit of 17.5%. The
weighted-average rating of the portfolio is 'B'/'B-'.
RATING SENSITIVITIES
A reduction in expected recovery rates by 50% may lead to a
downgrade of up to two notches for the rated notes. An increase
in the obligor default probability by 25% may not impact the
ratings of the rated notes.
BAIN CAPITAL 2017-1: Moody's Assigns B2(sf) Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
seven classes of notes issued by Bain Capital Euro CLO 2017-1
Designated Activity Company ("Bain Capital Euro CLO" or the
"Issuer"):
-- EUR206,500,000 Class A Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)
-- EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aa2 (sf)
-- EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aa2 (sf)
-- EUR22,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned A2 (sf)
-- EUR17,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Baa2 (sf)
-- EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned Ba2 (sf)
-- EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of assets given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager has sufficient
experience and operational capacity and is capable of managing
this CLO.
Bain Capital Euro CLO is a managed cash flow CLO. The issued
notes are collateralized primarily by broadly syndicated first
lien senior secured corporate loans. At least 90% of the
portfolio must consist of senior secured loans and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans, unsecured obligations, mezzanine obligations and high
yield bonds.
Bain Capital Credit, Ltd (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer during the transaction's four-year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, subject to certain
restrictions.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR37,000,000 of subordinated notes which will
not be rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Loss and Cash Flow Analysis:
Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modelling assumptions:
Performing par and principal proceeds balance: EUR350,000,000
Diversity Score: 40
Weighted Average Rating Factor (WARF): 2775
Weighted Average Spread (WAS): 3.60%
Weighted Average Coupon (WAC): 4.75%
Weighted Average Recovery Rate (WARR): 42.50%
Weighted Average Life (WAL): 8.5 years
Factors that would lead to an upgrade or downgrade of the
ratings:
The performance of the notes is subject to uncertainty. The
performance of the notes is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the notes.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal.
Percentage Change in WARF -- increase of 15% (from 2775 to 3191)
Rating Impact in Rating Notches:
Class A Notes: 0
Class B-1 Notes: -2
Class B-2 Notes: -2
Class C Notes: -2
Class D Notes: -2
Class E Notes: -1
Class F Notes: 0
Percentage Change in WARF -- increase of 30% (from 2775 to 3608)
Rating Impact in Rating Notches:
Class A Notes: -1
Class B-1 Notes: -3
Class B-2 Notes: -3
Class C Notes: -4
Class D Notes: -2
Class E Notes: -1
Class F Notes: -2
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
CHARLEVILLE CREDIT: High Court Appoints Provisional Liquidators
---------------------------------------------------------------
Ann O'Loughlin at Irish Examiner reports that provisional
liquidators have been appointed by the High Court to Charleville
Credit Union due to its distressed financial position.
The court heard the union is not insolvent but various efforts
since 2007 to deal with its problems have not been successful,
Irish Examiner relates.
Central to those problems was its failure to bring reserves up to
the regulatory requirement of 10% of assets, Irish Examiner
discloses. Its reserves were just 3.5% last June, Irish Examiner
notes.
The Central Bank of Ireland, which applied for the winding up
order to the court, was also unhappy with the credit union's poor
lending policy, its costs-to-income ratio, and its overall
business model, Irish Examiner states.
President of the High Court Mr. Justice Peter Kelly appointed
David O'Connor and Jim Hamilton as joint provisional liquidators
on an ex parte application by Paul Gallagher, for the Central
Bank of Ireland, Irish Examiner relays.
According to Irish Examiner, the liquidators have been given all
the powers of the credit union directors, including to carry on
business if necessary and to employ or sack staff as necessary.
They will have the power to pay depositors from the government-
backed deposit guarantee scheme which guarantees all deposits in
financial institution up to EUR100,000, Irish Examiner says.
The court heard there are no deposits in Charleville Credit Union
in excess of that figure, Irish Examiner notes. Deposits are to
be repaid within 20 days, according to Irish Examiner.
Mr. Justice Kelly gave liberty to Charleville Credit Union
directors to make any application they may wish to the court in
relation to the winding up, providing it is done by today,
Oct. 16, and the case can return before the court again on
Wednesday, Oct. 18, Irish Examiner relates.
CLOVERIE PLC 2007-52: Fitch Hikes USD10MM Notes Rating from BB+
---------------------------------------------------------------
Fitch Ratings has upgraded the following Cloverie PLC Series
2007-52 rating:
-- USD10,000,000 credit-linked notes to 'BBB-sf' from 'BB+sf'.
The Rating Outlook has been revised to Stable from Negative.
KEY RATING DRIVERS
This rating action follows Fitch's upgrade of the reference
entity, Vale S.A. Fitch monitors the performance of the
underlying risk-presenting entities and adjusts the rating
accordingly through application of its credit-linked note (CLN)
criteria, 'Single- and Multi-name Credit-Linked Notes Rating
Criteria.'
The rating considers the credit quality of Vale S.A.'s current
Issuer Default Rating (IDR) of 'BBB+', Outlook Stable as the
reference entity and Citigroup Inc.'s 'A' IDR with a Stable
Outlook as the swap counterparty and issuer of the qualified
investment.
RATING SENSITIVITIES
The rating remains sensitive to rating migration of each risk
presenting entity. A downgrade of Vale S.A. would likely result
in a downgrade to the notes.
Cloverie 2007-52 is designed to provide credit protection on the
reference entity, Vale S.A., with a reference amount of USD10
million. The credit protection is arranged through a credit
default swap (CDS) between the issuer and the swap counterparty,
Citigroup Global Markets Limited. The CDS is collateralized by
the Citigroup Funding Inc. senior unsecured notes as the eligible
investments issued by Citigroup Inc.
=========
I T A L Y
=========
ALBA 9: Moody's Assigns (P)Ba2(sf) Rating to Class C Notes
----------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to ABS notes to be issued by Alba 9 SPV S.r.l., (the
"Issuer"):
-- EUR478,600,000 Class A1 Asset-Backed Floating Rate Notes due
March 2038, Assigned (P)Aa2 (sf)
-- EUR233,800,000 Class A2 Asset-Backed Floating Rate Notes due
March 2038, Assigned (P)Aa2 (sf)
-- EUR145,800,000 Class B Asset-Backed Floating Rate Notes due
March 2038, Assigned (P)A2 (sf)
-- EUR100,200,000 Class C Asset-Backed Floating Rate Notes due
March 2038, Assigned (P)Ba2 (sf)
Moody's has not assigned a provisional rating to the
EUR164,300,000 Class J Asset-Backed Floating Rate Notes due March
2038 which will be issued at closing.
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.
RATINGS RATIONALE
Alba 9 SPV S.r.l. is a cash securitisation of lease receivables
originated by Alba Leasing S.p.A.(NR) and granted to individual
entrepreneurs and small and medium-sized enterprises (SME)
domiciled in Italy mainly in the regions of Lombardia and Emilia
Romagna. Assets are represented by receivables belonging to
different sub-pools: real estate (18.20%), equipment (54.50%) and
auto transport assets (25.84%). A small portion (1.46%) of the
pools is represented by lease receivables whose underlying asset
is an aircraft, a ship or a train. The securitized portfolio does
not include the so-called "residual value instalment", i.e. the
final instalment amount to be paid by the lessee (if option is
chosen) to acquire full ownership of the leased asset. The
residual value instalments are not financed - i.e. it is not
accounted for in the portfolio purchase price - and is returned
back to the originator when and if paid by the borrowers.
According to Moody's, the rating takes into account, among other
factors, (i) the loan-by-loan evaluation of the underlying
portfolio, also complemented by the historical performance
information as provided by the originator and available for
previous transactions; (ii) the structural features of the
transaction, with the inclusion of, inter alia, (a) an amortising
debt service reserve equal to 1% of rated notes , funded at
closing using some of the proceeds of Class J, designed to
provide liquidity coverage over the life of the transaction and
to cover portfolio losses at the maturity of the transaction and
(b) a Class C interest subordination event that is triggered upon
cumulative defaults exceeding 10% of the initial portfolio
balance; and (iii) the sound legal structure of the transaction.
Moody's notes as credit strengths of the transaction its static
nature as well as the structure's efficiency, which provides for
the application of all cash collections to repay the Class A and
B notes should the portfolio performance deteriorate beyond
certain limits (i.e. Class C interest subordination event). Other
credit strengths include (i) the granular portfolio composition
as reflected by low single lessee concentration (with the top
lessee and top 5 lessees group exposure being 0.78% and 2.94%
respectively), (ii) limited industry sector concentration (i.e.
lessees from top 2 sectors represent not more than 30.07% of the
pool with 15.80% in the building and real estate industry
according to Moody's classification) and (iii) no potential
losses resulting from set-off risk as obligors do not have
deposits and did not enter into a derivative contract with Alba
Leasing S.p.A.
Moody's notes that the transaction also features a number of
credit weaknesses, such as: (i) the impact on recoveries upon
originator's default (in Italian leasing securitisations future
receivables not yet arisen, such as recoveries, might not be
enforceable against the insolvency of the originator) ; and (ii)
the potential losses resulting from commingling risk that are not
structurally mitigated but are reflected in the credit
enhancement levels of the transaction. Moody's valued positively
the appointment of Securitisation Services S.p.A. as back up
servicer on the closing date. Finally, Moody's considered a
limited exposure to fixed-floating interest rate risk (2.93% of
the pool reference a fixed interest rate) as well as basis risk
given the discrepancy between the interest rates paid on the
leasing contracts compared to the rate payable on the notes and
no hedging arrangement being in place for the structure.
Portfolio characteristics and key collateral assumptions:
As of the valuation date (September 22, 2017), the portfolio
principal balance amounted to EUR1,113,066,278.92. The portfolio
is composed of 16,075 leasing contracts granted to 10,736
lessees, mainly small and medium-sized companies. The leasing
contracts were originated between 2010 and 2017, with a weighted
average seasoning of 0.97 years and a weighted average remaining
life of approximately 5.67 years. The interest rate is floating
for 97% of the pool while the remaining part of the pool bears a
fixed interest rate. The weighted average spread on the floating
portion is 2.73%, while the weighted average interest on the
fixed portion is 2.32%.
In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitised portfolio due to its
level of granularity. The rating agency derived the default
distribution, namely the relevant main inputs such as the mean
default probability and its related standard deviation, via the
analysis of: (i) the characteristics of the loan-by-loan
portfolio information, complemented by the available historical
vintage data and the performance of the precedent transaction
originated by Alba leasing (including the still outstanding Alba
7 SPV S.r.l. and Alba 8 SPV S.r.l.); (ii) the potential
fluctuations in the macroeconomic environment during the lifetime
of this transaction; and (iii) the portfolio concentrations in
terms of industry sectors and single obligors. Moody's assumed
the cumulative default probability of the portfolio to be equal
to 9.1% (equivalent to Ba3/B1) with a coefficient of variation
(i.e. the ratio of standard deviation over mean default rate) of
50%. The rating agency has assumed stochastic recoveries with a
mean recovery rate of 35%, a standard deviation of 20%, and a
10.5% recovery rate mean upon insolvency of the originator. In
addition, Moody's has assumed the prepayments to be 5% per year.
The base case mean loss rate and the CoV assumption correspond to
a portfolio credit enhancement of 20.6% that takes into account
the Italian current local currency country risk ceiling (LCC) of
Aa2.
The transaction is modelled via Moody's ABSROM cash flow model
which evaluates all default scenarios that are then weighted
considering the probabilities of such default scenarios occurring
as defined by the transaction-specific default distribution. On
the recovery side Moody's assumes a stochastic recovery
distribution which is correlated to the default distribution. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss for each tranche is the sum product
of (i) the probability of occurrence of each default scenario;
and (ii) the loss derived from the cash flow model in each
default scenario for each tranche. As such, Moody's analysis
encompasses the assessment of stressed scenarios.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity. Moody's ratings address only the credit risk associated
with the transaction, other non-credit risks have not been
addressed but may have a significant effect on yield to
investors.
Factors that would lead to an upgrade or downgrade of the
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings affected by action would be (1) the better-than-expected
performance of the underlying collateral and (2) a decline in
Italy's sovereign risk.
Factors or circumstances that could lead to a downgrade of the
rating affected by action would be (1) the worse-than-expected
performance of the underlying collateral; (2) deterioration in
the credit quality of the counterparties, especially Alba Leasing
S.p.A. acting as servicer; and (3) an increase in Italy's
sovereign risk.
Stress Scenarios:
Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. At the time the rating was assigned, the
model output indicated that the Class A would have achieved Aa3
(sf) if the mean default rate was as high as 11.1% with a
recovery rate assumption of 30% (all other factors unchanged).
Additionally Moody's observes that under the same stressed
assumptions Class B and Class C would have achieved respectively
a Baa2 (sf) and a B1 (sf) rating.
Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.
Moody's will monitor this transaction on an ongoing basis. For
updated monitoring information, please contact
monitor.abs@moodys.com.
Principal Methodology:
The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.
ALITALIA SPA: Italy Extends Further EUR300-Mil. Bridge Loan
-----------------------------------------------------------
Francesca Piscioneri at Reuters reports that Italy on Oct. 13
extended a bridge loan for airline Alitalia, which is in special
administration as state commissioners seek to sell, overhaul or
liquidate the carrier.
Italy's cabinet said in a statement it had passed an emergency
decree to add a further EUR300 million (US$354.36 million) to the
loan of EUR600 million it made to the ailing company in May,
Reuters relates.
According to Reuters, it also extended the deadline for the
repayment of the loan, which was due in November this year, to
Sept. 30, 2018.
The cabined headed by Prime Minister Paolo Gentiloni also
extended the deadline for prospective buyers to present offers to
acquire the national carrier to April 30, 2018, from the previous
deadline of Oct. 16 this year, Reuters discloses.
About Alitalia
Alitalia - Societa Aerea Italiana S.p.A., is the flag carrier of
Italy. Alitalia operates 123 aircraft with approximately 4,200
flights weekly to 94 destinations, including 26 destinations in
Italy and 68 destinations outside of Italy. It has a strong
global presence, flying within Europe as well as to cities across
North America, South America, Africa, Asia and the Middle East.
During 2016, the Debtor provided passenger service to
approximately 22.6 million passengers. Its air freight business
also is substantial, having carried over 74,000 tons in 2016.
Alitalia is a member of the SkyTeam alliance, participating with
other member airlines in issuing tickets, code-share flights,
mileage programs and other similar services.
Alitalia previously navigated its way through a successful
restructuring. After filing for bankruptcy protection in 2008,
Alitalia found additional investors, acquired rival airline Air
One, and re-emerged as Italy's leading airline in early 2009.
Alitalia was the subject of a bail-out in 2014 by means of a
significant capital injection from Etihad Airways, with goals of
achieving profitability during 2017.
After labor unions representing Alitalia workers rejected a plan
that called for job reductions and pay cuts in April 2017, and
the refusal of Etihad Airways to invest additional capital,
Alitalia filed for extraordinary administration proceedings on
May 2, 2017.
On June 12, 2017, Alitalia filed a Chapter 15 bankruptcy petition
in Manhattan, New York, in the U.S. (Bankr. S.D.N.Y. Case No.
17-11618) to seek recognition of the Italian insolvency
proceedings and protect its assets from legal action or creditor
collection efforts in the U.S. The Hon. Sean H. Lane is the case
judge in the U.S. case. Dr. Luigi Gubitosi, Prof. Enrico Laghi,
and Prof. Stefano Paleari are the foreign representatives
authorized to sign the Chapter 15 petition. Madlyn Gleich
Primoff, Esq., Freshfields Bruckhaus Deringer US LLP, is the U.S.
counsel to the Foreign Representatives.
BANCA IFIS: Fitch Rates EUR400MM Subordinated Tier 2 Issue 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned Banca IFIS's (IFIS, BB+/Stable/bb+)
EUR400 million subordinated Tier 2 issue (ISIN: XS1700435453) a
final rating of 'BB'.
The final rating is line with the expected rating, which Fitch
assigned to the notes on October 6, 2017 (see 'Fitch Rates IFIS's
Subordinated Tier 2 Notes 'BB(EXP)'').
The notes have been issued under IFIS's EUR5 billion EMTN
programme and qualify as Basel III-compliant Tier 2 debt. They
contain contractual loss absorption features that will be
triggered only at the point of non-viability of the bank and no
equity conversion feature. The terms of the notes include a
reference to noteholders consenting to be bound by subordination
provisions established by Italian law.
KEY RATING DRIVERS
SUBORDINATED DEBT
The notes are rated one notch below IFIS's 'bb+' Viability Rating
(VR) to reflect the below-average recovery prospects for the
notes in case of a non-viability event. Fitch does not notch the
notes for non-performance risk because there is no coupon
flexibility included in their terms.
RATING SENSITIVITIES
SUBORDINATED DEBT
The notes' rating is primarily sensitive to a change in the
bank's VR, from which it is notched. The notes' rating is also
sensitive to a change in notching should Fitch change its
assessment of loss severity or relative non-performance risk.
===================
L U X E M B O U R G
===================
BELRON SA: S&P Assigns Prelim 'BB' Long-Term Corp Credit Rating
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB' long-term
corporate credit ratings to Luxembourg-based vehicle glass repair
and replacement services company Belron S.A. and its finance
subsidiary Belron Finance Ltd. The outlook is stable.
S&P said, "At the same time, we assigned our preliminary 'BB'
ratings to the group's proposed senior secured EUR200 million
revolving credit facility (RCF) maturing in 2023, and its
proposed EUR1.3 billion equivalent term loan B maturing in 2024.
The recovery rating on these facilities is '3', indicating our
view of meaningful recovery prospects of 55% in the event of a
default.
"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size, and conditions of the loans, financial and other covenants,
security, and ranking."
Belron is the global leader in the vehicle glass repair and
replacement (VGRR) market, reporting sales of EUR3.3 billion in
2016. The company operates in 34 countries across Europe and
North America under seven different brands, including Carglass in
Continental Europe, Safelite in the U.S., and Autoglass in the
U.K.
S&P said, "Our preliminary ratings reflect our satisfactory
business risk assessment, backed by Belron's leading position in
the VGRR market, where it has global market shares of more than
30% and no competitors with a comparable geographical presence
and size. This position is fostered by Belron's brand
recognition, which is somewhat higher than the company's direct
competitors in all major markets worldwide. Furthermore, we
consider that Belron's business model is highly stable and
predictable because it has long-term relationships with most
large insurers globally. These insurers provide about two-thirds
of the company's revenue stream. Belron also sees relatively
stable demand for its core business, which is nondiscretionary in
nature. In our view, it is unlikely to see negative market
conditions -- such as mild weather during winter and summer --
simultaneously, globally, and on a sustained basis.
"On the other hand, the global VGRR market currently represents
96% of Belron's revenues and is showing signs of some structural
decline, which limits the company's growth prospects, in our
view. In addition, the weighting of Belron's customer base toward
insurers increases price-sensitivity relative to peers in some
markets, resulting in lower profitability versus players in the
roadside assistance industry, for instance, although it also
provides a good level of predictability. We consider Belron's
profitability as a restraining factor in our assessment of the
company's business risk. Although we consider that the company's
underlying business is relatively stable in nature, high
variability in EBITDA or margins going forward could result in a
downward revision of Belron's business risk profile assessment,
given the group's below-average profitability.
"We assess financial risk as aggressive, based on Belron's
relatively high leverage, even though we anticipate that cash
flow generation will remain solid. When calculating EBITDA, we
deduct all exceptional costs undertaken to address any
operational needs and competitive challenges, and add back
material adjustments related to operating leases. We forecast
that underlying free operating cash flow (FOCF) generation will
be limited in 2017, improving gradually thereafter to about
EUR150 million on an adjusted basis.
"We anticipate stable EBITDA margins over the forecast period,
supported by increasing business volumes through online channels
over call centers, despite decreasing gross margins. Combined
with increasing cash generation, we expect this to support a
gradual deleveraging of the group, unless there are additional
shareholder distributions."
In its base-case scenario, S&P assumes:
-- Global VGRR market to decline by 1%-2% because of
structurally declining demand volumes, despite some price
inflation and increasing volumes in calibration services.
-- Despite this, S&P forecasts Belron's top line to grow by 2%-
3%, supported by the company's continued marketing efforts
and increasing weight of ancillary services, as well as
regular small bolt-on acquisitions.
-- Capital expenditure (capex) of about EUR150 million-EUR200
million over S&P's forecast period, dedicated to expanding
and maintaining the company's IT capabilities, vehicle fleet,
and repair shops.
-- Acquisition spending to be at around EUR20 million-EUR30
million per year; S&P does not anticipate any material
mergers or acquisitions.
Based on these common operating assumptions, S&P arrives at the
following credit measures:
-- Adjusted debt to EBITDA of 4.5x at the close of the
transaction, slightly improving over the forecast period
toward 4.0x in 2019.
-- S&P forecasts adjusted funds from operations (FFO) to debt of
about 13% at the close of the transaction. S&P expects this
ratio to be at around 17% in 2018 and continue to improve
gradually thereafter.
-- Adjusted FOCF to debt of 5%-10% going forward, which further
supports the aggressive financial risk profile.
S&P said, "We assess Belron's liquidity as adequate, as we
anticipate that the company should be able to maintain sufficient
liquidity to meet its obligations over the next 12 months.
Although we consider the ratio of sources of liquidity to uses
qualifies for a stronger assessment, certain qualitative factors
limit our assessment. We do not include the sources and uses
relating to the transaction as they dilute ratios. Instead, we
analyze the company's liquidity situation from the close of the
transaction."
Sources of liquidity over the next 12 months would include:
-- Starting unrestricted cash balance of about EUR13 million;
-- A new committed RCF of EUR200 million that S&P expects to
remain largely undrawn; and
-- Cash FFO generation of around EUR300 million.
Uses of liquidity would include:
-- Amortization of the U.S. dollar portion of the first-lien
term loan B (about EUR9 million);
-- Working capital outflows of about EUR100 million, including a
seasonal swing of EUR60 million;
-- Capex of about EUR175 million; and
-- Bolt-on acquisitions of about EUR20 million-EUR30 million.
The EUR200 million RCF will have springing covenants set at 35%
headroom to opening first-lien leverage, tested when the RCF is
40% drawn. S&P does not forecast any material drawings under the
RCF.
S&P said, "The stable outlook reflects our view that Belron will
continue to grow at a healthy rate of 2%-3% over the next 12
months. It also incorporates our view that 2017 will be a
transition year in which the exceptional costs related to the
refinancing transaction will weigh on credit metrics. Thereafter,
we expect Belron to maintain stable EBITDA margins and material
positive FOCF.
"We could take a negative rating action if Belron or its parent
reported declining revenues and subdued EBITDA margins on a
continued basis, or attempted material debt-funded acquisitions
or shareholder distributions. The ratings could also come under
pressure if we saw difficult conditions in Belron's main markets,
such as increased competition or higher than usual costs relating
to operational restructuring that could bring Belron's FFO-to-
debt ratio below 16%. Similarly, underperformance from other
D'Ieteren subsidiaries that resulted in the parent's FFO-to-debt
ratio falling below 20% could lead to a downgrade. We could lower
the ratings on Belron if D'Ieteren was to change its financial
policy, weakening credit metrics as a result of material debt-
funded acquisitions or shareholder distributions.
"Although we consider it unlikely in the near term, we could
raise our ratings if we anticipated that Belron's EBITDA margins
were likely to improve by significantly more than we currently
expect, while also generating material FOCF with no material
debt-funded acquisitions or shareholder distributions following
the transaction. In particular, we could raise our ratings on
Belron if its credit metrics improved so that FFO to debt
exceeded 20% on a sustained basis, supported by similar trends at
Belron's parent, D'Ieteren, which we would expect to maintain FFO
to debt of above 30%."
PUMA INTERNATIONAL: Fitch Rates US$600 Million Senior Notes BB
--------------------------------------------------------------
Fitch Ratings has assigned Puma International Financing S.A's
recent US$600 million senior notes issue due in 2024 a final
senior unsecured rating of 'BB '. The rating is in line with the
current rating of the 6.75% notes.
The notes are issued by Puma International Financing S.A., a
Luxembourg-based financial vehicle wholly owned by Puma Energy
Holdings Pte Ltd (Puma Energy). They will be unconditionally
guaranteed on a senior unsecured basis and will rank equally in
right of payment with all existing and future senior unsecured
and unsubordinated obligations of Puma Energy. The proceeds of
the issue were used to fund a tender offer for USD590 million of
Puma International Financing S.A.'s existing 6.75% USD1 billion
senior notes due 2021. The transaction should improve Puma
Energy's debt maturity profile and the company's annual interest
cost as the coupon on the new issue is 5.125%.
KEY RATING DRIVERS
1H17 Underperformance: The mid to low single-digit decline in
EBITDA posted by Puma Energy in 1H17 was below Fitch's
expectations and Fitch now no longer expects the improvement in
performance forecast under our previous 2017 base case to
materialise. This is mainly driven by underperformance in Africa
and, more importantly, in South Africa (BB+/Stable) where Puma
Energy's B2B segment has been impacted by the country's weaker
economic environment, particularly in the mining sector. The
other regions have performed more or less in line with our
expectations.
Lower Capex Partly Offsets Underperformance: Our revised base
case now assumes 2017 EBITDA will be in line with 2016's. Cash-
flow generation in 1H17 was also impacted by working-capital
outflows of USD200 million attributed to activity ramp-ups in
Myanmar and Northern Ireland. Fitch assumes that these trends
will normalise in 2H17. The lower EBITDA and higher working-
capital requirements are expected to be partly offset by a
significant reduction in capex.
Under our base case, funds from operations (FFO) readily
marketable inventories (RMI) lease-adjusted net leverage will
weaken to above 4x in 2017 from 3.8x in 2016, before decreasing
to around 3.5x in 2019 as capex remains below the expansionary
levels of the past few years.
Expected Deleveraging Reflects Stable Outlook: After 2017, Fitch
forecast Puma Energy's FFO RMI adjusted leverage to remain below
4x as the historically high investments start to contribute to
EBITDA and working capital reverses in 2018. Fitch has revised
our EBITDA projections downwards for 2018 and 2019, which
reflects our expectation that the operating environment in Africa
will remain difficult. However, this should be offset by a
downwards revision of capex to around USD350 million to USD450
million pa for 2018 and 2019. Failure to maintain FFO RMI
adjusted leverage below 4x will put pressure on the ratings.
Moderate Execution Risk: Between 2012 and 2016 Puma Energy spent
around USD5.7 billion on maintenance, expansionary capex and
acquisitions, while EBITDA only grew to USD718 million in 2016
from USD532 million in 2012. As part of its growth strategy, Puma
Energy's asset base has continued to expand.
We believe that moderate execution risk remains embedded in its
strategy as some of the previous investments have yet to
contribute to EBITDA. It has taken longer for some investments to
come on stream, while at the same time Puma Energy has been
investing in its storage network, which although supportive of
the company's downstream business, has not materially contributed
to EBITDA.
Slower Investment Phase: Fitch forecast that the company has now
entered into a materially lower investment phase and will
continue to spend around USD350 million to USD450 million
annually on investments (down from above USD1 billion pa from
2012 to 2015). Apart from maintenance capex of around USD100
million, the rest will mainly be used on greenfield projects.
This means a potential increase in project risk as they do not
immediately contribute to EBITDA and they could experience
delays.
Currency/End-Market Risk: Puma Energy's unit margins and EBITDA
are not directly affected by oil prices, as evidenced in 2015
when oil prices dropped significantly. The company mainly
operates in semi-regulated and fully regulated markets, where the
government sets a margin over prices for distributors. However,
it is not immune to other factors such as FX and end-market risk.
A steep devaluation in currency against the dollar takes around
three to six months to pass on to consumers, as seen in 2015 and
2016 and pricing pressure affects some of its end- markets, such
as B2B and mining in South Africa.
Diversified with Leading Market Shares: Puma Energy is highly
diversified by business, geography and customer. It has a unique
integrated business model, with no direct peers on a global
basis. However, some of these geographies are correlated, as the
company is highly dependent on emerging markets. Around 14.5% of
its twelve months ended June 30, 2017 EBITDA was generated in
investment-grade countries, and 38.5% from countries rated 'BB+'
to 'BB'. This is a decrease from 2015 when around one-third of
Puma's EBITDA was generated from investment-grade countries and
reflects primarily the downgrade of South Africa's sovereign
rating in 2017.
The ratings reflect Fitch's expectations that oil products will
remain in demand in developing markets due to their essential
nature, therefore enjoying limited price elasticity.
Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
interest coverage ratios, Fitch excludes debt associated with
financing RMI (such as refined oil products) and reclassifies the
related interest costs as cost of goods sold. The differential
between RMI-adjusted and RMI-unadjusted FFO net leverage is
around 0.5x-1.0x, supporting the IDR at 'BB'.
DERIVATION SUMMARY
Puma Energy operates a unique business model with no directly
comparable peers. The closest competitors are oil majors and
commodity traders with downstream assets, although on typically
lower margins than Puma.
KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
- volume growth of around 7% pa, after 2017;
- downstream gross profit margin decreasing to around USD60/
cubic metre by 2019;
- downstream contribution decreasing to around 80% of total
gross profit by 2019;
- around USD350 million to USD450 million pa outlay for
acquisitions and capex for 2017 and 2018.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Improved business risk profile reflecting successful
implementation of growth plans through acquisitions and
greenfield projects, while maintaining sufficient geographic
diversification
- Steady profitability and internal cash-flow growth with
EBITDAR
surpassing USD1 billion
- Free cash flow (FCF) /EBITDAR excluding expansionary capex
(cash conversion) at or above 35% on a sustained basis (2016:
35%)
- FFO RMI-adjusted net leverage below 3.0x with evidence of
deleveraging on a sustained basis
- Maintaining FFO fixed charge coverage above 4.5x (2016: 2.8x)
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sharp deterioration in sales volume due to the competitive or
regulatory environment or reflecting difficulties in
integrating acquisitions with EBITDAR falling below USD500
million
- FCF/EBITDAR excluding expansionary capex (cash conversion)
decreasing to 15% or below on a sustained basis
- Continued debt-funded acquisitions/investments leading to FFO
RMI-adjusted net leverage remaining above 4.0x on a sustained
basis
LIQUIDITY
Adequate Liquidity: Puma Energy's liquidity is adequate and will
be enhanced in September 2017 by a new five-year syndicated term
loan facility for USD350 million. The term loan will be used to
pay down short-term debt which, along with the proposed bonds,
will improve the company's maturity profile. As of June 30, 2017,
Puma Energy had cash and cash equivalents of USD391 million and
undrawn credit lines of USD850.7 million (including a USD500
million shareholder revolving credit facility) compared with
USD698 million of short-term debt.
=====================
N E T H E R L A N D S
=====================
JUBILEE CLO 2015-XV: Moody's Raises Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to four classes of refinancing notes issued by by Jubilee
CLO 2015-XV B.V.:
-- EUR252,750,000 Refinancing Class A Senior Secured Floating
Rate Notes due 2028, Assigned Aaa (sf)
-- EUR60,250,000 Refinancing Class B Senior Secured Floating
Rate Notes due 2028, Assigned Aa2 (sf)
-- EUR26,000,000 Refinancing Class C Deferrable Mezzanine
Floating Rate Notes due 2028, Assigned A2 (sf)
-- EUR23,500,000 Refinancing Class D Deferrable Mezzanine
Floating Rate Notes due 2028, Assigned Baa2 (sf)
Additionally, Moody's has taken rating actions on the following
outstanding notes issued by the Issuer on June 4, 2015 (the
"Original Closing Date"):
-- EUR27,000,000 Class E Deferrable Junior Floating Rate Notes
due 2028, Affirmed Ba2 (sf); previously on Jun 4, 2015
Definitive Rating Assigned Ba2 (sf)
-- EUR15,250,000 Class F Deferrable Junior Floating Rate Notes
due 2028, Upgraded to B1 (sf); previously on Jun 4, 2015
Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
Moody's definitive ratings of the refinancing notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2028. The ratings reflect the risks due to defaults
on the underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the collateral
manager, Alcentra Limited ("Alcentra"), has sufficient experience
and operational capacity and is capable of managing this CLO.
The Issuer has issued the Refinancing Class A Notes, the
Refinancing Class B Notes, the Refinancing Class C Notes and the
Refinancing Class D Notes (the "Refinancing Notes") in connection
with the refinancing of the Class A Senior Secured Floating Rate
Notes due 2028, the Class B Senior Secured Floating Rate Notes
due 2028, the Class C Deferrable Mezzanine Floating Rate Notes
due 2028 and the Class D Deferrable Mezzanine Floating Rate Notes
due 2028 ("the Original Notes") respectively, previously issued
on the Original Issue Date. The Issuer will use the proceeds from
the issuance of the Refinancing Notes to redeem in full the
Original Notes that will be refinanced. On the Original Issue
Date, the Issuer also issued two classes of rated notes and one
class of subordinated notes, which will remain outstanding.
Other than the changes to the spreads of the notes, the main
material change to the terms and conditions will involve
increasing the Weighted Average Life Test by approximately 15
months to a total of 6.9 years from the refinancing date. The
length of the reinvestment period will remain unchanged and will
expire on July 12, 2019. Furthermore, the manager is expected to
be able to choose from a new set of collateral quality test
covenants (the "Matrix"). No other material modifications to the
CLO are occurring in connection to the refinancing besides some
updates regarding the optional redemption features of the
transaction.
Moody's rating actions on the Class E Notes and Class F Notes are
primarily a result of the amendments to the transaction documents
and the issuance of the Refinancing Notes.
Jubilee CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds. The underlying portfolio is expected to be 100%
ramped as of the refinancing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.
Alcentra will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's remaining reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3.2.1 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modelling
purposes, Moody's used the following base-case assumptions:
Performing par, recoveries and principal proceeds balance:
EUR437,775,000
Defaulted par: EUR0
Diversity Score: 34
Weighted Average Rating Factor (WARF): 3045
Weighted Average Spread (WAS): 4.10%
Weighted Average Coupon (WAC): 5.75%
Weighted Average Recovery Rate (WARR): 42.0%
Weighted Average Life (WAL): 6.9 years
Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 5% of the pool would be domiciled in
countries with A3 and a maximum of 5% of the pool would be
domiciled in countries with Baa3 local currency country ceiling
each. The remainder of the pool will be domiciled in countries
which currently have a local or foreign currency country ceiling
of Aaa or Aa1 to Aa3. Given this portfolio composition, the model
was run with different target par amounts depending on the target
rating of each class as further described in the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the Class A notes, 0.50% for the Class B
notes, 0.38% for the Class C notes and 0% for Classes D, E and F.
Factors that would lead to an upgrade or downgrade of the
ratings:
The performance of the Refinancing Notes is subject to
uncertainty. The performance of the Refinancing Notes is
sensitive to the performance of the underlying portfolio, which
in turn depends on economic and credit conditions that may
change. The Manager's investment decisions and management of the
transaction will also affect the performance of the Refinancing
Notes.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the ratings assigned to the Refinancing
Notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on the Refinancing Notes as well as the existing
notes which are not subject to refinancing, (shown in terms of
the number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), assuming that all other factors are held equal.
Percentage Change in WARF -- increase of 15% (from 3045 to 3502)
Rating Impact in Rating Notches:
Refinancing Class A Senior Secured Floating Rate Notes: 0
Refinancing Class B Senior Secured Floating Rate Notes: -2
Refinancing Class C Deferrable Mezzanine Floating Rate Notes: -2
Refinancing Class D Deferrable Mezzanine Floating Rate Notes : 0
Class E Deferrable Junior Floating Rate Notes: 0
Class F Deferrable Junior Floating Rate Notes: 0
Percentage Change in WARF -- increase of 30% (from 3045 to 3959)
Rating Impact in Rating Notches:
Refinancing Class A Senior Secured Floating Rate Notes: -1
Refinancing Class B Senior Secured Floating Rate Notes: -4
Refinancing Class C Deferrable Mezzanine Floating Rate Notes: -2
Refinancing Class D Deferrable Mezzanine Floating Rate Notes: -1
Class E Deferrable Junior Floating Rate Notes: -2
Class F Deferrable Junior Floating Rate Notes: -2
Further details regarding Moody's analysis of this transaction
may be found in the related new issue report, published around
the Original Issue Date in June 2015 and available on Moodys.com.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 31, 2017.
MARFRIG GLOBAL: Fitch Affirms Long Term IDR at 'BB-'
----------------------------------------------------
Fitch Ratings has affirmed Marfrig Global Foods S.A.'s (Marfrig)
Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB-' and its National Scale rating at 'A(bra).' Fitch
has also affirmed Marfrig Holdings (Europe) and MARB BondCo PLC's
senior unsecured notes at 'BB-'. The Rating Outlook is Stable.
KEY RATING DRIVERS
Robust Business Position: Marfrig's ratings incorporate the
company's broad product and geographic diversification in the
volatile protein commodity industry. The geographic and product
diversification help to reduce risks related to disease, trade
restrictions and currency fluctuation. The company is structured
in two business units: (i) Marfrig Beef (45% of EBITDA in 2016),
one of the world's largest beef producers, and (ii) Keystone
Foods (55% of EBITDA in 2016), a global supplier to foodservice
restaurant chains (McDonald's represented about 56% of Keystone's
sales in 2016. Marfrig's competitive advantages stem from a
favorable environment to raise cattle in Brazil, large scale of
operations in the beef and poultry industries, and long-term
relationship with farmers, customers, and distributors. Marfrig's
rating is tempered by the volatility of cash flow generation in
the beef commodity business.
Delayed Deleveraging Trajectory: Fitch expects Marfrig's net
leverage to remain high at about 4.3x by the end of 2017, which
negatively compares to 3.9x at end-2016, barring Keystone IPO.
The delay in its deleveraging trajectory is a result of the
additional working capital investments related to the reopening
of its three plants in Brazil. Should Keystone's IPO take place
in 2018, Fitch estimates that the company's net debt/ EBITDA
could improve by 1.0x-1.5x if proceeds are used to repay debt.
Marfrig's near-term net leverage target is 2.5x, but Fitch
believes that the company could aggressively pursue Keystone's
growth, or adopt a higher level of shareholder distribution
policy if its credit metrics materially improve following the
IPO.
Gradual FCF Recovery: Fitch forecasts Marfrig to improve free
cash flow (FCF) from 2018 supported by the increased slaughtering
capacity in the Marfrig Beef division, sustained organic growth
and profitability improvement of Keystone division, and lower
interest expenses following the company's liability management
and the conversion of the convertible bond by BNDES into equity
in 2017. Marfrig's FCF is forecast to remain negative at around
BRL830 million in 2017 due to an increase in working capital
outflow due to the reopening of the slaughtering facilities in
Brazil, high interest expense, and slow domestic market recovery
in Brazil.
Potential Keystone IPO Neutral to Credit: Fitch views the
potential IPO of Keystone in the coming months as neutral for the
ratings, based on the assumption that the company retains the
control of its subsidiary. The introduction of minority
shareholders and a resultant reduction in the company's
flexibility in cash flow transfer within the group should dilute
the positive impact from the IPO on the group's financial metrics
and additional resources to support the Keystone growth.
Favourable Beef Outlook: Global beef fundamentals are expected to
remain positive in the next few years for Brazilian producers due
to an expected improvement in the consumer environment in Brazil,
steady global demand, limited global beef supply and ample
livestock supply in Brazil which should reduce raw material
costs. The domestic market is expected to slowly rebound as the
purchasing power of Brazilian consumers gently improves, and the
uncertainty about political risk clears up. As of the latest 12
months (LTM) ended June 30, 2017, Marfrig beef exports
represented 43% of beef revenues at BRL3.7 billion. Among the
significant industry risks are a downturn in the economy of a
given export market, the imposition of increased tariffs or
sanitary barriers, and strikes or other events that may affect
the availability of ports and transportation.
DERIVATION SUMMARY
Marfrig is well positioned to compete in the global protein
industry. The ratings reflect company's product and geographic
diversification, with its beef business in the South America
(notably Brazil) and Keystone's processed poultry business in the
U.S. and Asia. This compares well to its regional peer Minerva
S.A. (BB-/Stable), which is mainly a beef processor in South
America. This strength is offset by Minerva's higher EBITDA
margin than that of Marfrig thanks to its export-driven model.
JBS S.A. (BB/Rating Watch Negative) boasts a higher level of
scale of operations and diversification than Marfrig, which
mitigates its weaker liquidity compared to Marfrig. In terms of
leverage, the three companies operate with similar capital
structures. There is no parent-subsidiary linkage, and no Country
Ceiling constraint and operating environment influence were in
effect for the ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
Marfrig Beef:
-- Double digit volume growth for beef in 2018 as a result of
increased capacity in Brazil;
-- EBITDA margin stabilizes below 9%.
Keystone:
-- Volume sales increasing by mid-single digits over the medium
term;
-- EBITDA margin stabilizes at around 9.6% starting in 2017.
Consolidated:
-- Annual Capex/Revenues of 3.1% in the next four years;
-- Lower interest paid after 2017 reflecting the conversion of
the convertible bond in January 2017;
-- No dividend payments.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Sustainable and positive FCF;
-- Improved and resilient operating margins in Marfrig Beef;
-- Substantial decrease in gross and net leverage to below 4.5x
and 3.0x, respectively, on a sustained basis.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Negative FCF on a sustained basis;
-- Net leverage above 4.5x on a sustainable basis.
LIQUIDITY
Strong Liquidity: Marfrig enjoys a strong liquidity position. The
liquidity was reinforced by the divestment of Moy Park and its
liability management. The company's liquidity benefits from its
comfortable cash on hand and debt amortization profile. As of the
LTM ended June 30, 2017, the group held BRL5.4 billion of cash
and marketable securities against its short-term debt of BRL1.5
billion. The company continues to be actively engaged in
liability management to reduce debt and interest expense. As of
June 30, 2017, around 97% of the company's debt is in U.S.
dollars and foreign currencies (excluding the real) while around
75%-80% of its LTM EBITDA (57% Keystone) is pegged to currencies
other than the Brazilian Real.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Marfrig Global Foods S.A.
-- Long-Term Foreign and Local Currency IDR at 'BB-'; Outlook
Stable;
-- National Long-Term Rating at 'A(bra)'; Outlook Stable.
Marfrig Holdings (Europe) B.V.
-- Senior unsecured notes due 2018, 2019, 2021, 2023 at 'BB-'.
MARB BondCo PLC
-- Senior unsecured notes due 2024 at 'BB-'.
===========
S E R B I A
===========
FABRIKA AKUMULATORA: Batagon Raises Bid to EUR7 Million
-------------------------------------------------------
SeeNews reports that Switzerland-based Batagon International has
increased the price it is offering for Serbian insolvent car
battery maker Fabrika Akumulatora Sombor (FAS) to EUR7 million
($8.2 million) from EUR6 million.
The company intends to withdraw from the deal if the creditors of
FAS do not accept the proposal, news portal SoInfo quoted the
insolvency administrator of FAS, Predrag Ljubovic, as saying,
SeeNews relays.
According to SeeNews, Mr. Ljubovic said the bank guarantee on FAS
debts expires on October 19 and creditors are expected to respond
by the end of last week.
According to the report, the creditors of FAS have already
rejected three offers by Batagon International for the assets of
the insolvent company. Batagon International originally offered
EUR3 million for FAS in July and then sweetened their bid to
EUR4 million. In August, the creditors rejected a EUR5.05 million
offer and Batagon International raised the bid to EUR6 million,
SeeNews relates.
In May 2014, the Serbian government agreed to sell FAS to Greek
company DEM Hellas owned by entrepreneur Eftimios Karanasios, the
report recalls. However, DEM Hellas did not meet its contractual
obligations and the Serbian government called a new tender for
the sale of FAS in October 2016. The tender attracted no bids,
SeeNews notes.
Fabrika Akumulatora Sombor (FAS) is Serbia-based car battery
maker.
===========================
U N I T E D K I N G D O M
===========================
BBH PROPERTY: High Court Winds Up 13 Cos. Involved in Fraud
-----------------------------------------------------------
Thirteen companies have been wound up by the High Court in the
public interest following investigations by Company
Investigations of the Insolvency Service.
The companies all traded from an address in Stroud and were all
set up by husband and wife team Matthew and Charlotte Roberts,
who are both bankrupt. They had targeted high net worth
individuals and 'sophisticated investors' for two projects and
succeeded in raising at least GBP7.8 million. Insolvency Service
investigators are now seeking to track down funds and assets but
have warned a significant amount of the money may not be
recoverable.
David Hill, chief investigator with the Insolvency Service, said,
"I am very pleased to see that the Court has called a halt to the
unscrupulous activities of these companies. The Insolvency
Service will continue to investigate and bring to a halt the
activities of companies harming or about to harm the public by
operating in this way.
"The companies have shown no regard for the law."
The 13 companies purported to be involved in two projects. 11
were concerned with a project to acquire and convert a former
convent in Woodchester, near Stroud in Gloucester, into a hotel
and music venue. The remaining two companies were involved in a
second project to acquire and develop a property in Norway to
create an 'eco resort'.
The Matthews raised at least GBP7.8 million from private
investors who were told their investments would be fully asset
backed with the companies in which they purchased shares
acquiring ownership of various land and buildings at the two
sites. In fact none of the land, or buildings was found to be
owned by the companies in which investors had invested.
Investors were invited to buy preference shares in a number of
companies with a particular purpose in defined project on the
promise of annual returns from 10% and guaranteed buybacks up to
150% depending on the length of the investment term which could
be between one, three or five years. They were then told that
their investment was high risk and having certified themselves as
either 'high net worth individuals' or 'sophisticated investors',
they would have no access to the Financial Services Compensation
Scheme.
Both Matthew Roberts and Charlotte Roberts are bankrupt. The
former has been bankrupt since Sept. 3, 2014 and his discharge
has been suspended. The latter was made bankrupt on Aug. 25, 2016
and her discharge is also currently suspended
In respect of the UK project ("The Convent Hotel & Spa"):
* the Court heard that the site of the former convent had been
acquired by the Roberts and/or HH Property 4 Limited, a company
under their control, in May and June 2013, through the use of
bridging loans secured against the properties.
* In the first phase of fund raising investors were encouraged
to buy shares in Special Purpose Vehicle ("SPV") companies,
again controlled by the Roberts and which each owned a single
share in BBH Property 1 Limited. In subsequent fund raising
phases investors purchased shares directly in BBH Property
2 Limited, Crowdseed3 Limited and Crowdseed4 Limited. In total
some GBP5.8 million was raised from investors in the UK
project.
* Investors were told their funds would be used to enable the
purchase by those four companies of various buildings at the
Convent site thus providing security for investors by shared
ownership of the companies that owned the buildings free from
debt. The investment companies would then lease the buildings
to hotel operating companies and receive a dividend based on
the rent received by the companies plus a guaranteed buy back
of their shares at 125% of investment after 3 years or 150%
after five years.
* Investors were given comfort that their monies would be paid
into solicitor client accounts and held in escrow and only
released when adequate security was in place. This did not
happen and funds were released by solicitors on the directions
of the Roberts and large sums were applied for other purposes,
or purposes that the investigators could not identify.
* The Court saw evidence that, save for one set of buildings
known as The Barns, none of the properties were ever
transferred to the investment companies as purported would
happen in the brochures and other documents provided to
investors. The Barns, which the investigators found to be
derelict outbuildings, were subsequently transferred by BBH
Property 1 Limited to Thornley Property Stroud Limited without
the investors' knowledge leaving the investors without any
security at all. Thornley Property Stroud, which was used by
Mrs Roberts as a personal management company and latterly as
the hotel operating company, is recorded as having paid
GBP300,000 for the purchase of the Barns from BBH
Property 1. However; the investigators found no evidence that
any such consideration was ever paid by Thornley Property
Stroud for The Barns.
* The Court also found that investors monies were not used for
the purposes for which investors had been led to believe they
would be and that significant sums were paid to the Roberts,
Frazer Fearnhead (a former director of BBH Property 1 and BBH
Property 2), or companies which they controlled.
BBH Property 1 Limited was incorporated on Dec. 11, 2014,
registration number 08675992. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
BBH Property 1 Limited was incorporated on Dec. 11, 2014,
registration number 09012571. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
Crowdseed3 Limited was incorporated on Sept. 15, 2014,
registration number 09217756. The registered office of the
company is at 54 Mallorie Park Drive, Ripon, N Yorkshire, HG4
2QF.
Crowdseed4 Limited was incorporated on Jan. 30, 2015,
registration number 09415203. The registered office of the
company is at 54 Mallorie Park Drive, Ripon, N Yorkshire, HG4
2QF.
HH Property 4 Limited was incorporated on April 2, 2012,
registration number 08016267. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
Convent (Stroud) Limited was incorporated on Sept. 15, 2015,
registration number 09778052. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
Roomco Limited was incorporated on Sept. 3, 2014, registration
number 09200891. The registered office of the company is at The
Convent, Convent Lane, South Woodchester, Stroud,
Gloucestershire, GL5 5HS.
Convent Live Limited was incorporated on Sept. 15, 2014,
registration number 09218722. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
Thornley Property (Stroud) Limited was incorporated on April 25,
2014, registration number 09011046. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
Netgiglive Limited was incorporated on Nov. 20, 2012,
registration number 08300688. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
Music Show Limited was incorporated on Nov. 21, 2016,
registration number 10489610. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
In respect of the Norway Project ("The Convent in the Hills
Investment"):
* Convent in the Hills Limited and Covent in the Hills 2 Limited
were companies used to raise investment to purchase and develop
land in Norway to create an eco resort.
* There were two elements to the development the first was a
proposal to build a central hotel and 224 houses on a plot of
land. Funds were raised by The Convent in the Hills Limited
and were used to purchase five plots of land in Mr and Mrs
Roberts's names, only one of which had planning permission and
was subsequently transferred into the ownership of a subsidiary
company of The Convent in the Hills being Convent in the Hills
AS
* Convent in the Hills AS is a Norwegian company and is currently
subject to an insolvency process in that country.
* The plot was purchased from Mr and Mrs Roberts for NOK 5
million (Norwegian Krona), being the same price that they had
paid for all five plots in the previous year. The Court
accepted the evidence that a significant proportion of the
monies raised was paid to Mrs Roberts, or to companies, or
individuals with whom she was connected, including paying
expenditure apparently unconnected with the Norwegian Project.
The Convent In The Hills Limited was incorporated on June 3,
2014, registration number 09068955. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
The Convent In The Hills2 Limited was incorporated on July 23,
2014, registration number 09144068. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.
The winding-up petitions were presented under s124A of the
Insolvency Act 1986. The Official Receiver was appointed as
provisional liquidator of the companies on Aug. 10, 2017 by
Mr. Justice Roth, a Judge of the Chancery Division of the High
Court.
Company Investigations, part of the Insolvency Service, uses
powers under the Companies Act 1985 to conduct confidential fact-
finding investigations into the activities of live limited
companies in the UK on behalf of the Secretary of State for
Business, Energy and Industrial Strategy.
The Insolvency Service, an executive agency sponsored by the
Department for Business, Energy and Industrial Strategy (BEIS),
administers the insolvency regime, and aims to deliver and
promote a range of investigation and enforcement activities both
civil and criminal in nature, to support fair and open markets.
We do this by effectively enforcing the statutory company and
insolvency regimes, maintaining public confidence in those
regimes and reducing the harm caused to victims of fraudulent
activity and to the business community, including dealing with
the disqualification of directors in corporate failures.
BOSTON PRIME: Director Banned for 12 Years
------------------------------------------
George Alex Popescu, director of the FCA-approved prime brokerage
firm, has been disqualified as a director after owing over GBP8
million to creditors.
Boston Prime Ltd went into Special Administration on Feb. 9, 2015
owing over GBP8 million to creditors. Following an investigation
by the Insolvency Service, George Alex Popescu has been
disqualified from acting as a director for 12 years.
A disqualification order was made in the High court on Aug. 2,
2017.
The court found Popescu had breached his fiduciary duties to act
in the best interest of Boston Prime and failed to ensure that
both Boston Prime, and himself individually, as the approved
person, complied with the FCA's rules and guidance, following a
proposed conditional sale of the company to a multinational group
of companies in July 2014, which subsequently did not complete.
The Insolvency Service's investigators discovered that Popescu
relinquished control of Boston Prime's affairs, including control
of its bank accounts and books and records, to the purchaser
following the proposed sale, without informing the FCA of the
sale or change in control and that after he relinquished control.
The investigation also found he caused or allowed adjustments to
be made of over $3 million to client's trading accounts which
were subsequently disputed by clients; caused or allowed the
transfer of $3 million from a trading account of Boston Prime to
that of connected company and caused or allowed payments
totalling $6.2 million to be made to two connected companies.
When asked to explain these transactions by the Insolvency
Service's investigators, Popescu was unable to provide the
precise details or their legitimacy.
Commenting on the disqualification, Robert Clarke, Investigations
Group Leader at The Insolvency Service, said:
"Directors have a duty to ensure that they exercise sufficient
control over company operations to ensure that the company
complies with relevant regulations and that its transactions can
be accounted for."
"This disqualification should serve as a warning to other
directors who fail to fulfil their duties."
When Boston Prime Limited went into Special Administration on
Feb. 9, 2015, the company disclosed assets estimated to realise
GBP770,820, and liabilities to creditors of GBP8,185,981.
GREEN MARINE: Goes Into Liquidation; 46 Jobs Axed
-------------------------------------------------
BBC News reports that Green Marine, involved with leading
yachting events including the Volvo Ocean Race and America's Cup,
has gone into liquidation. The company has ceased trading with
the loss of 46 jobs, BBC states.
BBC says the company blamed a slowdown in large orders.
According to the report, the company said it had been hoping to
win an order for the hull and superstructure of a superyacht but
this failed to materialise.
BBC relates that insolvency specialist Peter Hall, who was
instructed to place the company into voluntary liquidation, said
it was an "incredibly emotional" time for the family company's
directors and employees.
"It highlights the issues facing companies which rely on a low
number of very high value projects," BBC quotes Mr. Hall as
saying.
Established in 1982, Green Marine has built more than 180 boats
and specialised in manufacturing advanced composite designs.
Green Marine's core business was building custom racing yachts,
high performance superyacht hulls and lightweight components in
carbon fibre composites.
HARRIER FINANCE: Moody's Withdraws C Rating on $2000M MTN Program
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Harrier
Finance Funding Limited and Harrier Finance Funding (U.S.) LLC,
the issuing entities of a structured investment vehicle called
Harrier Finance Limited (a trade name assumed by Rathgar Capital
Corporation).
-- US$5000M Harrier Finance Funding (US) LLC, USD CP Program CP
Program, Withdrawn (sf); previously on Jul 11, 2017 P-1 (sf)
Placed Under Review for Possible Downgrade
-- US$5000M Harrier Finance Funding Limited, Euro CP Program CP
Program, Withdrawn (sf); previously on Jul 11, 2017 P-1 (sf)
Placed Under Review for Possible Downgrade
-- US$5000M Harrier Finance Funding (US) LLC, US MTN Program MTN
Program, Withdrawn (sf); previously on Jul 11, 2017 Aa1 (sf)
Placed Under Review for Possible Downgrade
-- US$5000M Harrier Finance Funding (US) LLC, US MTN Program MTN
Program, Withdrawn (sf); previously on Jul 11, 2017 P-1 (sf)
Placed Under Review for Possible Downgrade
-- US$5000M Harrier Finance Funding Limited, Euro MTN Program
MTN Program, Withdrawn (sf); previously on Jul 11, 2017
Aa1 (sf) Placed Under Review for Possible Downgrade
-- US$5000M Harrier Finance Funding Limited, Euro MTN Program
MTN Program, Withdrawn (sf); previously on Jul 11, 2017
P-1 (sf) Placed Under Review for Possible Downgrade
-- US$2000M Harrier Finance Funding Limited, Income Note Program
MTN Program, Withdrawn (sf); previously on Dec 18, 2008
Downgraded to C (sf)
RATINGS RATIONALE
Moody's has decided to withdraw the ratings because it believes
it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.
Harrier is a structured investment vehicle. Most recently, on
July 11, 2017 Harrier's senior debt ratings were placed under
Review for Possible Downgrade. In the period since that rating
action, Moody's has examined existing and proposed legal
documentation and has further explored the level of governance
exercised within the vehicle.
Moody's analysis of Harrier and its senior debt ratings relies in
large part on the legal documentation between the transaction
parties, including the Subscription Agreement and a Standby Asset
Purchase Agreement, as well as the transaction parties'
interpretation and implementation of such documentation. Central
to Moody's analysis is a credit support mechanism, the
effectiveness of which depends upon the future decision making of
the credit support provider.
Moody's understands that the sole noteholder in this transaction
is related to the credit support provider. This creates an
identity of interest between the credit support provider and the
noteholder that has the potential to impact the interpretation
and implementation of the credit support mechanisms.
Due to the nature of the relationship between the transaction
parties and their interactions, Moody's has concluded that it is
unable to effectively assess the creditworthiness of Harrier and
its outstanding debt.
MONARCH AIRLINES: Norwegian Air Shuttle Eyes Airport Slots
----------------------------------------------------------
Alistair Smout and Victoria Bryan at Reuters report that budget
carrier Norwegian Air Shuttle is interested in slots made
available by the collapse of British holiday airline Monarch, its
chief executive told Reuters, but said the process is unclear.
Monarch collapsed earlier this month, stranding thousands of
people, and sparking speculation about what will happen to the
take-off and landing slots it occupied at airports such as London
Gatwick and Luton, Reuters recounts.
"We could very well use the slots, but it's not that easy to
actually transfer slots," Norwegian Air CEO Bjorn Kjos told
Reuters on the sidelines of the CAPA Global Summit.
According to Reuters, Monarch administrators KPMG are hoping they
can raise funds from the sale of the slots and have said they
believe they have the right to sell them.
"It depends on the price. It's always depending on the price.
But normally, it's not that easy to sell slots," Reuters quotes
Mr. Kjos as saying.
Monarch Airlines, also known as and trading as Monarch, was a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.
NOBLE GROUP: UK Subsidiary Expresses Going Concern Doubt
--------------------------------------------------------
Jack Farchy at Bloomberg News reports that Noble Group Ltd. has
warned of the risk of bankruptcy at two major subsidiaries,
highlighting the precariousness of the embattled commodity
trader's situation.
Noble subsidiaries in Singapore and the U.K. said in annual
accounts filed during the last few weeks that there was
"significant doubt" about their ability to continue as a going
concern -- the accounting term for a company that is able to
carry on operating, Bloomberg relates.
According to Bloomberg, Noble Resources U.K. Holdings Ltd., a
U.K.-incorporated holding company for subsidiaries of Noble Group
including its gas and power business and much of its oil
business, warned of a "material uncertainty" over its ability to
continue as a going concern in annual accounts for 2016,
published on Oct. 12 at Companies House in London.
In both cases, the subsidiaries' directors, who are also senior
executives at Noble Group, said that under their forecasts the
companies should be able to count on continuing support from
their parent company and therefore continue as going concerns,
Bloomberg notes. However, the directors and auditors -- in both
cases Ernst & Young LLP -- highlighted "significant doubt" over
the subsidiaries ability to continue as a going concern,
Bloomberg states.
Noble Resources U.K. Holdings Ltd., as cited by Bloomberg, said
its ability to continue as a going concern was dependent on
successfully closing the sale of Noble's gas and power business,
the sale of its oil business, and financial support from the
parent company.
"The Group's ability to provide continuing financial support is
dependent on retaining the confidence and support of its lenders,
the asset monetization plans being carried out successfully, and
execution of group indebtedness reduction plans as part of the
strategic review," Bloomberg quotes the U.K. subsidiary as
saying.
Noble, once Asia's leading commodities trader, has been under
increasing pressure since May, when a surprise trading loss
compounded a long-running crisis that saw its market value
collapse by more than 90% and its bonds tumble to less than 50
cents on the dollar, Bloomberg relays.
It's rushing to sell its prized oil-trading business before the
end of the year in order to pay down borrowings, Bloomberg
discloses. At the same time, Noble said in August a covenant
waiver from lenders on its revolving credit facility expires on
Oct. 20, Bloomberg recounts.
About Noble Group
Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week October 9 to October 13, 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
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Landesbank Baden-Wuer 5.00 9/22/2017 EUR 69.42
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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
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Soyuz AKB OAO 11.00 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
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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
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UBS AG/London 9.60 12/8/2017 EUR 49.70
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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
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BNP Paribas Emissions 28.00 12/21/2017 EUR 69.54
BNP Paribas Emissions 26.00 12/21/2017 EUR 63.57
BNP Paribas Emissions 23.00 12/21/2017 EUR 65.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 50.57
BNP Paribas Emissions 21.00 12/21/2017 EUR
BNP Paribas Emissions 15.00 12/21/2017 EUR 72.52
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 29.00 12/21/2017 EUR 50.32
BNP Paribas Emissions 10.00 12/21/2017 EUR 71.96
BNP Paribas Emissions 29.00 12/21/2017 EUR 74.14
BNP Paribas Emissions 27.00 12/21/2017 EUR 54.59
BNP Paribas Emissions 25.00 12/21/2017 EUR 62.72
BNP Paribas Emissions 27.00 12/21/2017 EUR 64.50
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 26.00 12/21/2017 EUR 57.95
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 27.00 12/21/2017 EUR 61.02
BNP Paribas Emissions 10.00 12/21/2017 EUR 42.47
BNP Paribas Emissions 24.00 12/21/2017 EUR 72.33
BNP Paribas Emissions 28.00 12/21/2017 EUR 57.67
BNP Paribas Emissions 25.00 12/21/2017 EUR
BNP Paribas Emissions 25.00 12/21/2017 EUR 48.25
BNP Paribas Emissions 25.00 12/21/2017 EUR 71.05
BNP Paribas Emissions 28.00 12/21/2017 EUR 64.98
BNP Paribas Emissions 15.00 12/21/2017 EUR 75.43
BNP Paribas Emissions 27.00 12/21/2017 EUR 47.42
BNP Paribas Emissions 28.00 12/21/2017 EUR 45.06
BNP Paribas Emissions 23.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.36
BNP Paribas Emissions 28.00 12/21/2017 EUR 60.28
BNP Paribas Emissions 16.00 12/21/2017 EUR 72.31
BNP Paribas Emissions 24.00 12/21/2017 EUR 58.19
BNP Paribas Emissions 24.00 12/21/2017 EUR 71.85
BNP Paribas Emissions 27.00 12/21/2017 EUR 43.16
BNP Paribas Emissions 22.00 12/21/2017 EUR 72.85
BNP Paribas Emissions 24.00 12/21/2017 EUR 70.92
BNP Paribas Emissions 28.00 12/21/2017 EUR 55.34
BNP Paribas Emissions 26.00 12/21/2017 EUR 65.46
BNP Paribas Emissions 13.00 12/21/2017 EUR 37.87
BNP Paribas Emissions 25.00 12/21/2017 EUR 27.84
BNP Paribas Emissions 15.00 12/21/2017 EUR 68.23
BNP Paribas Emissions 27.00 12/21/2017 EUR 45.87
BNP Paribas Emissions 27.00 12/21/2017 EUR
BNP Paribas Emissions 22.00 12/21/2017 EUR
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Goldman Sachs & Co We 16.00 9/20/2017 EUR 69.67
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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
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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
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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
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Commerzbank AG 15.50 9/20/2017 EUR 61.12
Commerzbank AG 13.50 12/20/2017 EUR 64.29
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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
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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 * * *