/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/171120.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, November 20, 2017, Vol. 18, No. 230 Headlines F I N L A N D BITACHON OFFSHORE: Put in Bankruptcy, Peldan Named Administrator PAROC GROUP: S&P Puts 'B' CCR on CreditWatch Positive F R A N C E ASCOMETAL SA: Rumored to Seek Receivership While Looking for Buyer G E R M A N Y HORNBACH BAUMARKT: S&P Affirms 'BB+' CCR on Sales Growth I R E L A N D G HOTEL: Examiner Gets Court OK to Execute Deal With Waltzfire I T A L Y COGENPOWER PLC: Sells Italian Unit's Assets to Re Sipar DIAPHORA 3: Jan. 23 Bid Deadline Set for Benaco Village Complex M. ESTATE: Dec. 14 Bid Deadline Set for Sale of Business Assets MONTE DEI PASCHI: Investors File Lawsuit Over Cancelled Bonds S P A I N BANCO DE SABADELL: S&P Rates Tier 1 Preferred Securities 'B+' BBK II: Fitch Cuts Ratings on Class B Notes to CCC S W I T Z E R L A N D WEATHERFORD INT'L: Fitch Affirms CCC IDR & Sr. Unsecured Ratings T U R K E Y TURKISH INVESTMENT: Stockholders Approve Plan of Liquidation U N I T E D K I N G D O M BLACK DIAMOND 2017-2: S&P Assigns Prelim B- Rating to Cl. F Notes CARILLION PLC: Market Value Drops Amid Latest Profit Miss CARILLION PLC: Expects Debt Covenant Breach by Year End CARILLION PLC: Keeps UK Government Updated on Restructuring Plans CARILLION PLC: Andrews Davies to Act as CEO in April CARILLION PLC: Appoints Alan Lovell as Non-Executive Director DEKANIA EUROPE I: Fitch Hikes Class D Notes Rating to 'Bsf' IWH UK FINCO: S&P Assigns Prelim. 'B' LT Corp. Credit Rating KOLKATA FOODS: Director Disqualified From Office MIND CANDY: Obtains New $1-Mil. Funding for Operations MONARCH AIRLINES: To Take Runway Slots Appeal to Court of Appeals OAK HILL VI: Fitch Assigns B-(EXP) Rating to Class F Debt OAK HILL VI: Moody's Assigns (P)B2 Rating to Class F Notes SKY NEWS: Sky Threatens to Shut Down Firm to Aid Fox Takeover UNIQUE PUB: S&P Lowers Ratings on Class A3/A4 Notes 'BB' * SCOTLAND: Tough Times Continue on High Street X X X X X X X X * S&P: Emerging Markets Push Global Corp. Default Tally to 83 * BOND PRICING: For the Week November 13 to November 17, 2017 ********* ============= F I N L A N D ============= BITACHON OFFSHORE: Put in Bankruptcy, Peldan Named Administrator ---------------------------------------------------------------- Reuters reports that Bitachon Offshore Contractor Oy, a subsidiary of Swiber Holdings Ltd. has been placed into bankruptcy on Nov. 16, 2017 by the District Court of Helsinski. Robert Peldan has been appointed as administrator. Established in 2013, BOC is a dormant company, which Swiber Holdings had identified to be placed into bankruptcy as part of the Company and the Swiber Group's ongoing efforts to streamline its corporate structure and restructure its group operations. BOC is involved in the construction of water projects. BOC's business address is c/o TMF Finland Oy, Erottajankatu 9 B 3, FI-0130, Helsinki, Finland. PAROC GROUP: S&P Puts 'B' CCR on CreditWatch Positive ----------------------------------------------------- S&P Global Ratings placed on CreditWatch with positive implications its 'B' long-term corporate credit ratings on Finland-based insulation manufacturer Paroc Group Oy. At the same time, S&P placed its 'B' issue ratings on Paroc's EUR435 million Term Loan B on CreditWatch with positive implications. The CreditWatch placement follows the announcement that Owens Corning plans to acquire Paroc. If Owens Corning completes the proposed acquisition of Paroc, S&P could raise the ratings on Paroc by multiple notches, or potentially equalize the ratings with those on Owens Corning. This would depend on, among other things, the level of integration of Paroc within Owens Corning, whether Paroc's existing debt facilities are kept in place or repaid/refinanced, and the overall strategy that Owens Corning decides to follow with regard to Paroc's operations, balance sheet, and cash flows. S&P said, "We will monitor developments in the coming weeks to gain clarity on these issues, to ascertain the impact of the proposed acquisition on the company's credit profile. "We plan to resolve the CreditWatch once the proposed transaction is completed, and once we assess Paroc's status within the combined group. Upon resolution of the CreditWatch, we could raise our ratings on Paroc by multiple notches or equalize them with those of Owens Corning if the acquisition goes ahead. We will likely affirm our rating on Paroc at 'B' if the transaction does not proceed." =========== F R A N C E =========== ASCOMETAL SA: Rumored to Seek Receivership While Looking for Buyer ------------------------------------------------------------------ Ania Nussbaum of Bloomberg News reports Ascometal SAS will ask to be placed in receivership as it looks for a buyer, according to a person with knowledge of the French steelmaker. According to the report, the company will request receivership at a tribunal in Strasbourg, the person said, asking not to be named as the matter hasn't been officially disclosed. Ascometal has received "serious" interest from three potential buyers, which are steelmakers with a large European presence, the person said, the report relates. The steelmaker, which is owned by a group including investment funds Davidson Kempner Capital Management and Warwick Capital Partners, has suffered from a drop in orders from the oil and gas industry following crude's collapse, Bloomberg News relates. It's already been in receivership once, in 2014, and has been looking for a buyer since March. According to Bloomberg News, no one at Ascometal's head office responded to calls on Saturday. Ascometal employs 1,500 people and generated EUR377 million (US$445 million) in sales last year, according to Le Figaro, which reported the news earlier, Bloomberg News cites. Founded in 1984 and based in Courbevoie, France, Ascometal S.A. develops, manufactures, and sells special long steel products for automotive, bearing, spring, oil/gas/mining, and mechanical engineering markets worldwide. ============= G E R M A N Y ============= HORNBACH BAUMARKT: S&P Affirms 'BB+' CCR on Sales Growth --------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' corporate credit rating on Germany-headquartered home improvement retailer Hornbach Baumarkt AG (Hornbach). The outlook is stable. At the same time, S&P affirmed its 'BB+' issue rating on the group's EUR250 million senior unsecured notes due 2020. The recovery rating is unchanged at '3', indicating S&P's expectation of meaningful (50%-70%; rounded estimate: 65%) recovery prospects in the event of a payment default. The affirmation reflects that the Hornbach group saw strong sales in 2016 and the first half of 2017. This resulted from the increasing demand for do-it-yourself (DIY) and home improvement products, supported by the rising impact of the online marketing and distribution channels coupled with strong private consumption and housing construction activity in Hornbach's core markets. Hornbach's sales were further supported by its low price strategy and an internationally rolled-out online platform that enables Hornbach to benefit from the strongly increasing demand for online DIY products, which puts Hornbach ahead of most competitors in the European DIY industry. However, the intense competition, the generally lower margin in online business, and the associated ramp-up costs and investments for the online capabilities result in Hornbach's burdened cash flow metrics and lower profitability, which is one of the lowest in the industry. S&P said, "We have viewed Hornbach's profitability in the past five years as mainly limited by the stiff competition in the German home market as well as ramp-up costs associated with the online shop resulting in an S&P Global Ratings-adjusted EBITDA margin of 8.6% in fiscal 2016/2017, which is around 200 basis points less than 2012. For the next three years, we estimate that the adjusted EBITDA margin should stabilize at around 8.2%-8.6% supported by only two remaining national rollouts of the online shop until mid-2018 and expected positive scale effects in the online business afterwards. However, in our view, the highly competitive German home improvement market and the generally lower margin in online compared with stationary retailing will limit any margin upside. "Nevertheless, after two consecutive years of negative discretionary cash flow (DCF), we expect that Hornbach will generate at least neutral DCF in fiscal 2017/2018 given contained growth investment in the first half of the fiscal year and financial policy focus on shareholder remuneration largely relying on operating cash generation. Supported by the recent very low merger and acquisition (M&A) activity and moderate dividends, we expect Hornbach to maintain debt at current levels and marginally decrease S&P Global Ratings-adjusted debt to EBITDA over the next three years, to 2.6x from 2.8x in fiscal 2016/2017." Hornbach's geographic diversification with 45% of revenues generated outside the highly fragmented and competitive home market Germany and its ability to even gain market share in Germany, the Czech Republic, and the Netherlands results in a cash flow predictability at a more comfortable level than some other DIY and specialty retailers, which S&P sees as supportive for its rating. S&P said, "At the same time, we regard the low scale of the business resulting in lower negotiation power compared with larger peers in the European DIY sector, the seasonality of the business, as well as the discretionary nature of home-improvement consumer spending as main constraints. "Our ratings on Hornbach continue to reflect our view of the credit profile of its parent Hornbach Holding. This is because we consider Hornbach to be a core subsidiary of the Hornbach Holding group and a key driver of the group credit profile. Therefore, our financial risk profile assessment is also based on Hornbach Holding's group accounts which, among other factors, allow us to capture the benefit of relatively low share of rented stores in the overall group. "The group's leverage ratios remain broadly within our expectations since increasing sales translate into higher EBITDA and funds from operations (FFO), with an S&P Global Rating's- adjusted FFO to debt of 25%-30%, on a weighted-average basis. We also see the rating supported by an EBITDAR cash interest plus rent coverage ratio of 3.0x given the low interest burden and higher share of store ownership resulting in moderate rent payments. However, given high planned investments, we now expect the group to achieve a DCF to debt of only 5.0%-6.0% on a weighted-average basis resulting in only limited headroom in our financial risk assessment." In its base case, S&P assumes: -- Real GDP growth in Germany of 2.1% in 2017 followed by about 1.6%-1.7% over the next two years. The eurozone to record real GDP growth of 2.2% in 2017 and 1.6%-1.8% over the next two years resulting in a supportive macroeconomic environment. -- Hornbach's revenues to increase by about 4.0%-4.5% annually over the next three years above the market average, helped by strong demand in the online segment and consistently competitive prices of their products. -- Adjusted EBITDA margin of about 8.5%-8.7% in fiscal 2017/2018 lowering slightly to 8.2%-8.6% on continuously strong competition and lower-margin online business. -- Working capital related annual cash outflow of about EUR20 million-EUR30 million in line with sales growth. -- Annual capex of about EUR140 million-EUR160 million over the next three years, given a few investments in store openings and refurbishments as well as IT systems. -- Dividends of around EUR30 million per year, in line with previous years. -- No major acquisitions. Based on these assumptions, S&P arrives at the following S&P Global Ratings-adjusted credit measures for the fiscal years 2017/2018 and 2018/2019: -- Debt to EBITDA of about 2.6x-2.7x (2.8x in 2016). -- FFO to debt of about 25%-28% (25.6% in 2016). -- DCF to debt of 5%-8% (2.6% in 2016). -- EBITDAR to cash interest plus rent cover of slightly above 3.0x (3.0x in 2016). S&P said, "The stable outlook reflects our opinion that the group should continue to increase sales by around 3%-5% annually. Despite strengthening competition, especially from pure online retailers, we expect that Hornbach will maintain broadly stable adjusted EBITDA margins of 8.2%-8.6%, supported by robust international earnings and economies of scale in Hornbach's own online business. "We expect that for the next 12 months, Hornbach will post at least neutral reported DCF, supported by contained capex spending that allows sufficient free operating cash flow to cover dividends. We expect no debt financed shareholder remuneration as well as no material M&A activity, which supports an S&P Global Ratings-adjusted DCF to debt ratio of above 5.0% and FFO to debt of about 25%-28%. "We could take a negative rating action if free operating cash flow is weaker than we anticipate, for example as a result of higher capex, a longer horizon of the investment plan, or lower earnings. A more aggressive financial policy, such that reported discretionary cash flow (after interest, capex, and dividends) remains substantially negative and adjusted DCF to debt remains below 5.0%, could also lead to a negative rating action. "We could consider lowering the rating if profitability weakened more than we forecast and margins underperformed our base case. We could also take this action if any operating underperformance were met with insufficient remedial action, such that our adjusted FFO to debt were to fall below 20%. "We do not expect to raise the rating in the near term. That said, we would consider doing so if the group's business operations improved materially, without any incremental increase in leverage. Any upgrade would depend on a sustainable improvement in profitability approaching historical levels and our view of a financial policy commitment to sustainably stronger credit metrics, including FFO to debt of greater than 30% and sufficiently large free operating cash flow to cover dividends." ============= I R E L A N D ============= G HOTEL: Examiner Gets Court OK to Execute Deal With Waltzfire -------------------------------------------------------------- Aodhan O'Faolain at The Irish Times reports that Neil Hughes, the examiner of seven companies controlled by the Galway businessman Gerry Barrett, has secured High Court orders permitting him to enter an agreement with an investor. Neil Hughes was confirmed last month by the Court of Appeal as examiner to firms connected to several businesses in Galway, including the five-star G Hotel, four-star Hotel Meyrick, apartments, a retail park and the Eye Cinema, which between them employ 330 people full and part time. On November 15, Ms. Justice Marie Baker granted Mr. Hughes powers under the Companies Act 2014 to enter an agreement with Waltzfire Ltd, the Irish Times discloses. James Doherty SC, for Mr. Hughes, sought the orders because the directors of the companies would not sign documents necessary for the investment to go ahead, and Mr. Hughes feared the deal would fall through. According to the report, funds from the investment are to be used for the examiner's arrangement with the companies' creditors. Mr. Hughes had turned down an investment proposal from Besomhill Ltd, a company controlled by Mr. Barrett, the court, as cited by the Irish Times, heard. Opposing the application, Gary McCarthy SC, for the companies, said the directors had not signed because they had insufficient information about the Waltzfire proposal, the Irish Times relates. In her ruling, the judge said she was taking into account the time-sensitive nature of the examinership and the fact that the companies had known since November 6 that Besomhill had not been the successful bidder, the report relays. She accepted an undertaking from the examiner not to sign the investment agreement until November 16. The Irish Times discloses that the companies in examinership are KH Kitty Hall Holdings Ltd, ML Meyrick Ltd and Mono Trading Ltd, Edward Leisure Assets Unlimited Company, Niche Hotels Unlimited Company, Style City Limited and Radical Properties Unlimited Company. They are all part of Mr. Barrett's Edward Capital Group. The companies sought court protection in August after Deutsche Bank appointed a receiver over the firms, the Irish Times recounts. Deutsche, owed more than EUR690 million by the group after acquiring its loans from NAMA in 2015, opposed examinership, the report states. According to the Irish Times, the bank claimed the companies were trying to renege on a 2016 debt-settlement agreement that would have resulted in the sale of the group's assets to reduce its debt to the bank. That claim was denied by the companies, which argued that the bank had breached the settlement agreement. The firm's directors are Gerry Barrett and Catherine Barrett, of Lower Dangan, Galway, the report adds. ========= I T A L Y ========= COGENPOWER PLC: Sells Italian Unit's Assets to Re Sipar ------------------------------------------------------- George Collard at Alliance News reports that Cogenpower PLC said on November 14 it has entered into a conditional sale and purchase agreement with Re Sipar SRL for the disposal of its Italian subsidiary Cogenpower SRL as the company becomes a cash shell. As part of the agreement, Re Sipar, owned by Cogenpower Chief Executive Francesco Vallone, will also purchase Cogenpower SRL's two subsidiaries Cogenpower Energia SRL and Cogenpower Gas & Power SRL, the report states. Alliance News relates that Cogenpower said the sale is going ahead as the company identified no reasonable prospect of finding funding for its Italian operations and in particular, Cogenpower SRL's liabilities. These, at June 30, included EUR3.9 million owed to trade creditors, EUR4.7 million to tax creditors, and total debt to third party banks of EUR5.4 million, Alliance discloses. According to Alliance News, Cogenpower said Cogenpower SRL is loss making with no prospect of improvement without significant investment and has "extremely fragile commercial viability". A third-party valuation gave the Italian subsidiary a value of nil, the report states. As part of the disposal, Cogenpower has entered a deed of termination to end the management services agreement from June 2015 in which the Cogenpower provided support and administrative services to its subsidiary, which recharged to Cogenpower all costs incurred relating to the admission to AIM of the shares in the company in February 2016, Alliance News says. Under the terms, Francesco Vallone will resign as a director of Cogenpower, with the company stating it will make additional appointments to assist it as it becomes a cash shell and looks for an acquisition. Cogenpower will also change its name to Monreal PLC, the report relays. Alliance News relates that directors David Pickering and Richard Day have also said they will stand down once further appointments to the board are made. On October 25, Cogenpower completed a GBP550,000 fundraise to implement a company voluntary arrangement and for working capital purposes, the report adds. Cogenpower Plc designs, builds, transforms, owns and operates high efficiency Combined Heat and Power plants with annexed District Heating/Cooling distribution networks, known as CHPDHC, with its business operations focusing on Italy. DIAPHORA 3: Jan. 23 Bid Deadline Set for Benaco Village Complex --------------------------------------------------------------- Diaphora 3 Fund, in liquidation pursuant to Art. 57 TUF, is putting up an exclusive residential and shopping centre named "Benaco Village" located in the municipality of Toscolano Maderno (BS), opposite the Brescia side of Lake Garda, consisting of five buildings, situated around the common central pool, hosting 5 stores, 34 apartments, 30 garages, 11 cellars, as described in the appraisal reported dated June 1, 2016 drawn by surveyor Rita Stancari. The starting price for the asset is EUR2,987,000, in addition to applicable tax. The bid deadline is set for January 23, 2018, with bid to be submitted at the office of Notary Marianna Rega in Via Giacomo Matteotti 57, Calcinato (BS). The date of the sale is set for January 24, 2018, at 5:00 p.m. at the office of the Notary. Details, procedures and sale regulations are available on www.liquidagest.it M. ESTATE: Dec. 14 Bid Deadline Set for Sale of Business Assets --------------------------------------------------------------- Stegano Coen, Ermanno Sgaravato and Vincenzo Tassinari, extraordinary commissioners for M. Estate S.p.A. and its affiliate companies, invite all interested subjects to submit binding offers for the purchase of the Companies' business assets, in whole or in part, no later than December 14, 2017, 6:00 p.m. at the office of the Notary Public Angelo Busani, located in 20123 Milan, via Santa Maria Fulcorina No. 2. The Companies' business assets for sale include (1) the business units relating to the management of the points of sale, together with the real estate properties owned by the Companies where such points of sale are located, as well as the relevant real estate properties used as warehouse; (2) the "Mercatone Uno" trademark and the other trademarks of the Companies; (3) the business unit relating to the administrative offices in Imola; and (4) the business unit relating to the logistics activities (all elements mentioned at points (1), (2), (3), (4), jointly, the "Transaction Perimeter"). The terms and conditions of the sale are available on the website www.mercatoneunoamministrazionestraordinaria.it The Commissioners' sale notice follows the Nov. 10, 2017 order by the Italian Ministry of the Economic Development for the regulation of the negotiated sale of the business assets of M. Estate S.p.A. and its affiliate companies. The bid process also follows the 11 manifestations of non-binding interest, some also for employment-relevant perimeters received by the Extraordinary Commissioners following the call for expressions of interest published on July 18, 2017. About M. Estate S.p.A. On April 2, 2015, M. Estate S.p.A., Mercatone Uno Services S.p.A, M. Business S.r.l., Mercatone Uno Finance S.r.l., Mercatone Uno Logistics S.r.l., and M. Uno Trading S.r.l filed a petition with the Italian Ministry of the Economic Development, pursuant to Article 2 of the Italian Law Decree No. 347 of December 23, 2003, as amended, for the admission to their insolvency proceedings. On April 7, 2015, the Ministry placed M. Estate, et al., under extraordinary administration proceedings Special for large companies in crisis (so-called Marzano Law). Stegano Coen, Ermanno Sgaravato and Vincenzo Tassinari were appointed as extraordinary commissioners for the Companies. On Oct. 5, 2015, the Commissioners filed with the Ministry the programme for the disposal of the business assets of the Companies. MONTE DEI PASCHI: Investors File Lawsuit Over Cancelled Bonds ------------------------------------------------------------- Rachel Sanderson in Milan and Robert Smith and Thomas Hale at The Financial Times report that a group of investors in the world's oldest bank, Italy's Monte dei Paschi di Siena, have filed a lawsuit in Luxembourg after it announced bonds would be annulled as part of a state-backed recapitalisation. The action relates to Monte Paschi's Floating Rate Exchangeable FRESH bonds maturing on December 30, 2099, which were declared cancelled as part of an agreement with European authorities that allowed the Italian government to inject capital into the bank in July this year, according to a statement seen by the Financial Times. The report relates that the bondholders are also suing Mitsubishi, as issuer of the bond, and JPMorgan, which arranged the issuance. In the statement, the bondholder representative said they had filed "a declaratory action with the competent Luxembourg court against MPS and other parties involved to determine that such unilateral declarations by MPS have no legal basis and that the contracts relating to the FRESH 2008 bonds should remain valid," the FT relays. According to the FT, the unnamed bondholders, represented by Anthony Braesch from law firm Bouchoms and Braesch, argue that the legal basis for the decision to invalidate the bonds was "insufficient, arbitrary and in breach of fundamental EU laws". In the event the bonds do not remain valid, the lawsuit demands EUR1 billion in damages, the report cites. A person informed of the bondholders' position said they were expected to file a separate but related lawsuit against the European Commission in the coming days, according to the FT. The FT says a growing number of international investors in European bank bonds are pursuing legal action, after their investments were devalued or wiped out entirely during bank rescues. Lawsuits have also been filed related to the restructurings of Novo Banco in Portugal and Banco Popular in Spain, the FT notes. While the EU changed the rules in 2014 to allow authorities to impose losses on creditors in a more uniform way, resistance is growing to the differing treatment of bondholders during bank failures and also to the discretionary powers handed to Brussels authorities when winding down banks, the FT states. The FT relates that Italy's banks are weighed down by bad loans run up during the sovereign debt crisis that have also reduced their ability to lend. Mid-sized Genoan bank Carige's future looked uncertain this week after a banking consortium pulled its support for a EUR560 million capital increase demanded by European regulators, the FT says. The FT adds that shares in another mid-sized bank Credito Valtellinese fell 8.5 per cent to a market value of EUR144 million after it announced a larger than anticipated EUR700 million capital raising to shore up its balance sheet. Bankers blame proposed new rules from the European banking regulator that would require Italian banks to hold more capital against bad loans for the latest market jitters. Italian authorities had hoped those concerns were put to rest with the recapitalisation of Monte Paschi and the winding down of two failed banks this summer, the FT adds. Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is an Italy-based company engaged in the banking sector. It provides traditional banking services, asset management and private banking, including life insurance, pension funds and investment trusts. In addition, it offers investment banking, including project finance, merchant banking and financial advisory services. The Company comprises more than 3,000 branches, and a structure of channels of distribution. Banca Monte dei Paschi di Siena Group has subsidiaries located throughout Italy, Europe, America, Asia and North Africa. It has numerous subsidiaries, including Mps Sim SpA, MPS Capital Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA. ========= S P A I N ========= BANCO DE SABADELL: S&P Rates Tier 1 Preferred Securities 'B+' -------------------------------------------------------------- S&P Global Ratings said that it has assigned its 'B+' long-term issue rating to the perpetual additional Tier 1 (AT1) capital instrument issued by Banco de Sabadell S.A. (BBB-/Positive/A-3). S&P said, "We understand from the proposed AT1 notes' terms and conditions that the instrument will comply with the EU's latest capital requirements directive (CRD IV), which is the EU's implementation of Basel III. We also understand that the preferred securities will rank senior to ordinary shares, but will be subordinated to more senior debt, including Sabadell's Tier 2 debt. "In accordance with our hybrid capital methodology, we are assigning our 'B+' rating to the AT1 notes, four notches below our 'bbb-' stand-alone credit profile for Sabadell." S&P calculates this four-notch difference as follows: -- One notch to reflect subordination risk; -- Two additional notches to take into account the risk of nonpayment at the full discretion of the issuer and the hybrid's expected inclusion in Tier 1 regulatory capital; and -- One further notch reflecting the proposed issue's mandatory contingent capital clause leading to equity conversion. S&P said, "According to this clause, the conversion would occur if Sabadell's Common Equity Tier 1 ratio falls below 5.125%, which we do not consider as a going concern trigger. Compliance with the minimum regulatory capital requirements is necessary to avoid the risk of potential restrictions in the payment of coupons on AT1 notes. We view this risk for Sabadell as limited at this stage because the bank's Common Equity Tier 1 ratio of 13.2% (phased-in) as of end-September 2017 is well above the 7.375% minimum level set by the regulator under the Supervisory Review and Evaluation Process for 2017. "We acknowledge the existence of an outstanding legacy hybrid instrument (XS0267456084) which amounts to EUR18 million and is rated 'B'. This ranks pari passu with the planned AT1 issuance, which, unlike the proposed instrument, has a mandatory nonpayment clause linked to a narrow earnings definition. In our view, the existence of this clause does not increase the probability of default for the proposed AT1 issuance, as we see it as unlikely that Sabadell would decide to skip coupon payments on the new AT1 if it were to mandatorily cancel coupon payments on the legacy instrument. "We intend to assign intermediate equity content to the notes, once they are approved by the regulator for inclusion in the bank's regulatory Tier 1 capital. The instruments meet the conditions for intermediate equity content, in our opinion, because they are perpetual, with a first call date expected to be at five years from issuance. In addition, they do not contain a coupon step-up and have loss-absorption features on a going- concern basis due to the bank's flexibility to suspend the coupon at any time." BBK II: Fitch Cuts Ratings on Class B Notes to CCC -------------------------------------------------- Fitch Ratings has affirmed two tranches and downgraded one tranche of two Spanish RMBS deals as follows: AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales Global Hipotecario BBK I (BBK I) Class A notes (ISIN ES0312273008): affirmed at 'A-sf', removed from Rating Watch Evolving (RWE); Outlook Stable AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales Global Hipotecario BBK II (BBK II) Class A notes (ISIN ES0312273362): affirmed at 'A-sf', removed from RWE; Outlook Stable Class B notes (ISIN ES0312273370): downgraded to 'CCCsf' from 'Bsf'; Recovery Estimate 90% The two Spanish prime RMBS transactions comprise loans originated by Kutxabank, S.A. (BBB+/Stable/F2). KEY RATING DRIVERS Excessive Counterparty Exposure The transactions' class A notes' ratings are capped at the SPV account bank rating, as a large, material source of structural credit enhancement (CE) for these tranches is the reserve fund, which is kept at the relevant bank account, and the transactions' net excess spread is insufficient to fully mitigate the hypothetical loss of the reserve fund. The account bank role is performed by Banco Santander (A-/Stable/F2). Negative Excess Spread The downgrade of BBK II's class B notes reflects the transaction's sensitivity to the decreasing excess spread trend expected for the medium to long term. This is driven by the unhedged nature of the transaction stemming from fixed-rate liabilities and floating rate mortgages. As such, under the prevailing low Euribor environment the transaction reserve fund is constantly being utilised to cover the negative excess spread between assets and liabilities. Asset Performance Within Expectations Three-month plus arrears (excluding defaults) as a percentage of the current pool balance range between 0.7% for BBK I and 0.5% for BBK II. Gross cumulative defaults relative to the original portfolio balances range between 3.6% and 1.6% for the transactions, respectively. Fitch expect credit performance to remain stable given the significant seasoning of the mortgage portfolios of approximately 10 years. Portfolio Risky Attributes Fitch has applied a higher set of rating multiples to the base foreclosure frequency (FF) assumption to the portion of the portfolio located in the Basque Country, which exceeds twice the rate of population within the region. Approximately 55.8% and 56.4% of the portfolio balance is located in the Basque Country for BBK I and BBK II, respectively and 44.5% and 44.6% is subject to a geographical concentration hit. Additionally, almost 40% of BBK I's portfolio is composed of increasing instalment loans, which are considered riskier than standard French annuity amortising mortgages and are subject to a FF increase factor of 50%. RATING SENSITIVITIES The ratings of the class A notes in both transactions are sensitive to changes in the respective SPV account bank's ratings (Banco Santander, SA), as the cash reserves are kept at these bank accounts, representing a large proportion of the structural credit enhancement for these notes. A worsening of the Spanish macroeconomic environment, especially employment conditions, or an abrupt shift of interest rates could jeopardise the underlying borrowers' affordability. This could have negative rating implications. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that affected the rating analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable. Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ===================== S W I T Z E R L A N D ===================== WEATHERFORD INT'L: Fitch Affirms CCC IDR & Sr. Unsecured Ratings ---------------------------------------------------------------- Fitch Ratings has affirmed Weatherford International plc (Weatherford; NYSE: WFT) and its subsidiaries' Long-Term Issuer Default Ratings (IDR) and senior unsecured ratings at 'CCC'. Fitch has also affirmed the secured term loan rating of 'B/RR1' and affirmed the unsecured guaranteed bank facility rating at 'B-/RR2' WFT's rating reflects its levered balance sheet, high gross debt levels and LTM 9/30/2017 Debt/EDITA of 15.7x, the risk of commitments reduction by the current bank group under the revolving credit facility, and challenges with generating robust FCF or with executing liquidity enhancing and/or deleveraging asset sales. While the rating reflects low refinancing risks of unsecured bonds, refinancing risk could rise over time if Weatherford is unable to execute on asset sales, generate robust FCF or should capital markets close. WFT has the following maturities due in the next three years; $66 million of the 6% senior notes due March 2018, $485 million of the 9.625% senior notes due 2019, and $363 million of the 5.125% senior notes due 2020. Fitch further highlights the revolving credit facility matures in July 2019 but becomes current in July 2018, while the amortizing Term Loan matures in July 2020. WFT will likely utilize a combination of cash on the balance sheet, and capital market activity to address upcoming maturities and other obligations. Fitch also believes there is a likelihood that cash from asset sale proceeds will be used to pay down borrowings under the revolving credit facility and potentially the term loan in anticipation of extending the credit facilities. Approximately $7.9 billion of debt is affected by rating action. KEY RATING DRIVERS EXPOSURE TO A CHALLENGED SECTOR WFT's 'CCC' rating reflects exposure to the oilfield services sector and a stressed balance sheet. Fitch expects an extended down-cycle and delayed recovery from Fitch initial sector recovery expectations due to low to range-bound oil and gas prices. WFT has also been impacted by its mixed asset quality relative to peers, which is reflected in the company's margin profile. WFT has strategic initiatives in place that could improve operating margins, liquidity and reduce debt. However, Fitch believes that these initiatives will take some time to materialize as WFT seeks to unwind the after-effects of a historically aggressive business model that sacrificed capital discipline, and some measure of financial controls for growth. Current initiatives to improve the business include cost and efficiency initiatives, partnering arrangements, working capital management and divestitures. EXPECTED PARTNERSHIP WITH A STRONG OPERATOR The asset sales/partnering strategy is taking shape with the announced but yet to close OneStim joint venture (JV) with Schlumberger, which Fitch expects will close before year end 2017. Longer-term, WFT should benefit from the dividend stream generated from its 30% equity ownership interest in OneStim. Despite a weak credit profile, Fitch views the OneStim JV as strategically beneficial to WFT. ADEQUATE LIQUIDITY NEAR TERM Weatherford had cash and equivalents of $445 million as of Sept. 30, 2017. The majority of cash has historically being held by foreign subsidiaries outside of Ireland. Based on the nature of its' corporate structure, WFT is able to deploy cash without significant incremental taxes. As of Sept. 30, 2017, $118 million of cash and cash equivalents, representing 27% of total cash on the balance sheet, was denominated in Angolan Kwanza. The Angolan government has limited U.S. dollar conversion, and prolonged exchange limitations could limit WFT's ability to repatriate cash and exposes the company to exchange rate risk. Liquidity also includes $691 million available under the credit facilities. WFT's liquidity position should receive a $535 million boost by year end should OneStim close at that time. Schlumberger and WFT have publicly stated their expectation for a 2017 close. There is no break-up fee if the transaction does not close but such an outcome will weaken Weatherford's liquidity position due to the negative FCF expectations for year-end 2017. Cash from OneStim and other asset sales could be used to pay down the revolving credit facility and a portion of the term loan in anticipation of renegotiating terms under the Credit Facilities. WEAK CREDIT METRICS FORECAST WFT's weak FCF generation profile and high gross debt level is a key factor in the 'CCC' IDR. Fitch believes WFT will post another negative FCF year in 2017. Some demand pick-up in international markets is likely during 2018 along with some further improvement in North America, although capex budgets are still being finalized. Debt/EBITDA is forecast to remain elevated at 13.0x in 2017 with weak interest coverage of 1.1x in 2017. This is an improvement from 2016 metrics of 22.6x and 0.7x respectively. Fitch forecasts close to break-even FCF in 2018 and 2019. Debt/EBITDA is expected to decline but remain elevated at 9.9x and 7.1x in 2018 and 2019, respectively. GEOGRAPHICAL DIVERSITY WFT operates in 90 countries. Although Fitch projects weak metrics in the next two years, WFT could capture incremental business opportunities as demand slowly picks up globally and capex budgets are revised upwards. Near-term, WFT's revenue exposure to onshore North America is a positive as operational momentum is showing some stability. Nine-months 2017 geographical and other segment operating revenue break-out is: North America (35.7%); Middle East/North Africa (MENA, 23.7%); Europe/SSA (17.6%); Latin America 16%); and land drilling rigs (7%). DERIVATION SUMMARY WFT is the fourth largest oilfield services (OFS) company in the world and competes with the first three listed by order of size; Schlumberger (SLB-NR), Haliburton (HAL-NR) and Baker Hughes (BHI- NR). These peers are competitively advantaged from a scale and asset quality standpoint relative to WFT which supports pricing power, and stronger through the cycle operating margins. All four companies have geographically diversified operations, but HAL and WFT have the highest exposure to North America, and benefits from the recovering North American market albeit at different price points driven by ability to innovate, and speed to market of creative technology driven offerings to the E&P customer base. SLB's North American revenue contribution is the lowest at 24.2% followed by Baker Hughes at 29.8%, WFT has 32.7% of revenues from North America, while HAL leads with 42.6% all as of 2016. WFT's operating margins remain weaker than peers, highlighting a challenging business environment, mixed asset quality and market positioning as revenues have declined faster than costs can be rationalized. WFT is weakly positioned relative to peers on each major comparative with limited financial flexibility relative to the top 3. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- WTI oil price that trends up from $50/barrel in Q4 2017, $50/barrel in 2018, $52.5/barrel in 2019, $55/barrel in 2020 and long term price of $55/barrel; -- Henry Hub gas price that trends up from $3.00/mcf in Q4 2017, $3.0/mcf in 2018, $3.0/mcf in 2019, $/mcf in 2020 and long term price of $3.25/mcf; -- Consolidated revenue growth in 2017 driven by stronger North American growth relative to international regions where Fitch expects a recovery lag; -- Margins that exhibit incremental cost reductions; -- Capital expenditure of $225 million in 2017, followed by modest capex spending increase as operating cash flow expectations improve; -- Receipt of $535 million cash payment for the OneStim joint venture with Schlumberger in 2017; -- Retention of land rig fleet; -- Excludes potential cash-flows from or additional investments to OneStim. RATING SENSITIVITIES Fitch does not currently anticipate positive rating action on WFT as relatively high debt levels, weak FCF generation, and slow oilfield services sector recovery are key hurdles the company must overcome to improve its current credit trajectory. Negative actions will occur with further credit metrics deterioration, or renewed concerns around covenant violation risks that further amplify liquidity risks Future Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Demonstrated commitment by management to lower gross debt levels; -- Track record by management of achieving operational and financial targets; -- Continued ability to effectively manage cash burn and covenant violation risks; -- Improved OFS outlook supported by pricing and/or activity level improvement such as additional contracts from credit worthy customers. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Failure to manage covenant violation issues, and FCF burn that heightens liquidity risks; -- Further material, sustained declines in global OFS demand; -- Failure to execute liquidity enhancing initiatives that support revolving credit facility renegotiations or a material reduction in revolver commitment levels. LIQUIDITY Adequate Liquidity Near Term: Weatherford had cash and equivalents of $445 million as of Sept. 30, 2017. Based on the nature of its' corporate structure, WFT is able to deploy cash without significant incremental tax. As of Sept. 30, 2017, $118 million of cash and cash equivalents was denominated in Angolan kwanza. The Angolan government has limited U.S. dollar conversion, and prolonged exchange limitations could limit WFT's ability to repatriate earnings and exposes the company to exchange rate risk. Revolving Credit Agreements: WFT's had total commitments of $1 billion under the unsecured guaranteed revolving credit facility that matures in July 2019 and borrowings of $388 million under the secured term loan agreement that matures in July 2020. Total availability as of Sept. 30, 2017 was $691 million reflecting $225 million drawn under the revolver, $84 million utilized for letters of credit, and $388 million under the term loan. Revolving Credit Facility Renewal: WFT's $1 billion revolving credit facility matures in July 2019. Commitment levels have slowly declined as member banks have elected over time to let their commitments expire during renewal discussions and with recent amendments. Fitch believes that WFT is likely to begin discussions regarding extending the maturity of the credit facilities in early 2018, and there is a possibility that some existing banks may choose to allow their commitments to expire during the review. The recent covenant amendment also permits up to a $100 million commitment reduction with the execution of asset sales. With the possibility of declining bank commitment amounts, Fitch expects WFT will maintain a measured capex budget and seek to maintain robust cash levels on the balance sheet. Fitch also expects WFT to exit 2017 with incremental cash build which could rapidly decline following aforementioned debt pay downs. Near-Term Maturity Schedule: WFT has actively and successfully tapped the capital markets several times since the downturn. In spite of a levered capital structure, and weak FCF profile, the high yield bond market has been receptive to bond offerings from WFT including the June 2017 $250 million add-on issuance to bridge to the OneStim closing and avoid a covenant breach. Refinancing risk may re-emerge should the capital markets shut down, and WFT does not generate sufficient liquidity from asset sales or FCF generation to pay down debt. WFT has the following maturities in the next three years; $66 million of the 6% senior unsecured notes due 2018, the $485 million bullet maturity of the 9.625% senior unsecured notes due 2019 and $363 million of the 5.125% senior unsecured notes due 2020. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Weatherford International plc -- IDR at 'CCC'. Weatherford International Ltd. (Bermuda) -- Long-term IDR at 'CCC'; -- Senior secured Term Loan A at 'B/RR1'; -- Senior unsecured guaranteed bank facility at 'B-/RR2'; -- Senior unsecured notes at 'CCC-/RR5'; -- Short-Term IDR at 'C'; -- Commercial Paper Program at 'C.' Weatherford International LLC (Delaware) -- Long-Term IDR at 'CCC'; -- Senior unsecured notes at 'CCC-/RR5'. There is no Rating Outlook on the 'CCC' IDR in accordance with standard Fitch practice. =========== T U R K E Y =========== TURKISH INVESTMENT: Stockholders Approve Plan of Liquidation ------------------------------------------------------------ The Turkish Investment Fund, Inc. (NYSE: TKF) announced that its stockholders, at the Fund's Special Meeting of Stockholders held on November 16, 2017, approved the plan of liquidation and dissolution (the "Plan") recommended by the Board of Directors. In accordance with the Plan, the Fund's investment adviser, Morgan Stanley Investment Management Inc., will commence the orderly liquidation of the Fund's assets. The Fund will make one or more liquidating distributions to the Fund's stockholders, which will be paid in cash. It is currently anticipated that by the end of the fourth quarter of 2017 the liquidation will be completed and the Fund's shares of common stock will cease to trade on the New York Stock Exchange. The Fund is a closed-end, U.S.-registered management investment company and seeks long-term capital appreciation through investments primarily in equity securities of Turkish corporations. =========================== U N I T E D K I N G D O M =========================== BLACK DIAMOND 2017-2: S&P Assigns Prelim B- Rating to Cl. F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary credit ratings to Black Diamond CLO 2017-2 DAC's class A-1, A-2, A-3, A-4, B, C, D, E, and F notes. At closing, the issuer will also issue unrated subordinated notes. The preliminary ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which we expect to be bankruptcy remote. -- The counterparty risk. S&P said, "We consider that the transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Following the application of our structured finance ratings above the sovereign criteria, we consider the transaction's exposure to country risk to be limited at the assigned preliminary rating levels, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "At closing, we consider that the transaction's legal structure will be bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our preliminary ratings are commensurate with the available credit enhancement for each class of notes." Black Diamond CLO 2017-2 is a European cash flow corporate loan collateralized loan obligation (CLO) securitization of a revolving pool, comprising euro- and U.S. dollar-denominated senior secured loans and bonds issued mainly by speculative grade borrowers. Black Diamond CLO 2017-2 Adviser, LLC is the collateral manager. RATINGS LIST Black Diamond CLO 2017-2 DAC EUR413.50 Million Euro Equivalent Floating- And Fixed-Rate Notes (Including EUR41.50 Million Euro Equivalent Subordinated Notes) Preliminary Ratings Assigned Class Prelim. Prelim. rating amount (mil.) A-1 AAA (sf) EUR142.00 A-2 AAA (sf) $55.80 A-3 AAA (sf) EUR30.00 A-4 AAA (sf) $15.00 B AA (sf) EUR56.00 C A (sf) EUR30.90 D BBB (sf) EUR23.00 E BB (sf) EUR18.00 F B- (sf) EUR12.10 M1 Sub NR EUR21.50 M2 Sub NR $23.60 Sub-Subordinated. NR-not rated. CARILLION PLC: Market Value Drops Amid Latest Profit Miss --------------------------------------------------------- Andrew Marc Noel and Thomas Seal of Bloomberg News report that Carillion Plc lost a third of its market value after saying it's in danger of breaching debt covenants. According to Bloomberg News, the construction company issued its third profit warning in half a year on Friday, Nov. 17, and said it's in talks with creditors about "some form of recapitalization" in the first quarter of next year. Delays in projects and disposals will lead 2017 profits to be lower than expected, it said, the report adds. Bloomberg News cites that Carillion's spiral downwards has been swift. The company is worth about a tenth of what it was a year ago. The shares fell as much as 60 percent and were trading down 34 percent to 27.25 pence on Friday morning, Nov. 17, in London, bringing the market value to GBP118 million (US$156 million), the report says. There is "little value currently for equity holders," Peel Hunt analyst Andrew Nussey said in a report to clients, noting that Carillion's situation is specific to the company, Bloomberg News cites. Carillion plc is a British multinational facilities management and construction services company headquartered in Wolverhampton, United Kingdom. CARILLION PLC: Expects Debt Covenant Breach by Year End ------------------------------------------------------- Carillion plc, on Nov. 17, 2017, provided an update on discussions with its financial stakeholders, trading and its intention to seek to defer the testing of its financial covenants. Since July, the Group has been focused on reducing costs, collecting cash, executing its disposals programme and implementing its new operating model. These self-help measures will serve to reduce the Group's average net debt over time, but they will not be sufficient to enable the Group to achieve its target net debt to EBITDA ratio of between 1.0 to 1.5 times by the end of 2018. The Board is therefore in discussions with stakeholders regarding a broad range of options to further reduce net debt and repair and strengthen the Group's balance sheet. This will require some form of recapitalisation, which could involve a restructuring of the balance sheet. The Board expects to commence steps to implement the chosen option during the first quarter of 2018 and a further announcement will be made in due course. In its interim results on September 29, 2017, Carillion confirmed that it was forecast to be in compliance with its financial covenants as at December 31, 2017. As then indicated, compliance with its financial covenants was dependent on achieving its underlying forecasts, which assume that the normal pattern of receipts and payments continue alongside the completion of a number of PPP disposals and settlement receipts on contracts. The Board has kept under continuous review the risk that receipts from contract claims and/or disposals forecast to be received during November and December 2017 might slip beyond December 31, 2017. The Group now expects that a combination of delays to certain PPP disposals, a slippage in the commencement date of a significant project in the Middle East and lower than expected margin improvements across a small number of UK Support Services contracts, partially offset by cost savings initiatives realised in the fourth quarter, will lead to profits for the year to 31 December 2017 being materially lower than current market expectations. Given the impact of delays in receipts and disposals, the Group now expects full year average net borrowing in 2017 to be between GBP875 million and GBP925 million. Based on its latest forecasts, reflecting the items mentioned, the Board now expects a covenant breach as at December 31, 2017. Following discussions with its principal lenders and with their support, the Board has concluded that it is necessary to amend the relevant agreements to defer the test date for both its financial covenants from December 31, 2017 to April 30, 2018 (based on EBITDA for the 12 months to that date), by which time it expects to be implementing its recapitalisation plan. Carillion has now commenced a process to seek the consents necessary to make this amendment. Commenting, Interim Chief Executive, Keith Cochrane said: "Whilst we continue to target cash collections, reduce costs, execute disposals and focus on delivering for our customers, it is clear that significant challenges remain and more needs to be done to reduce net debt. Constructive dialogue is continuing with our financial stakeholders to rebuild the Group's balance sheet, and I am grateful for their support. I remain focused on addressing this issue before my successor, Andrew Davies, takes up the role on April 2, 2018." Carillion plc is a British multinational facilities management and construction services company headquartered in Wolverhampton, United Kingdom. CARILLION PLC: Keeps UK Government Updated on Restructuring Plans ----------------------------------------------------------------- 4-traders.com reports that the UK government said on Friday, Nov. 17, that it had been kept informed of efforts by Carillion plc to turn its business around and backed the firm's discussions with stakeholders, after the construction and services company issued its third profit warning this year. "The company has kept us informed of the steps it is taking to restructure the business," a spokeswoman at the Cabinet Office said, according to the report. "We remain supportive of their ongoing discussions with their stakeholders and await future updates on their progress," the UK government stated, the report notes. Carillion provides a number of services to the government. CARILLION PLC: Andrews Davies to Act as CEO in April ---------------------------------------------------- Carillion plc announced the appointment of Andrew Davies as Chief Executive Officer with effect from April 2, 2018, at which point he will also join the Board. Keith Cochrane will continue to lead Carillion as Interim Chief Executive Officer until then. Andrew Davies is currently the Chief Executive of Wates Group Ltd having been appointed to the role in 2014. Prior to that, he held a series of senior roles with BAE Systems plc over a 28-year period. He is currently a Non-Executive Director of Chemring Group PLC. Andrew brings executive, strategic, turn around and leadership skills to the Company as well as experience of complex public sector contracting in projects, support services and construction. Commenting, Carillion Chairman Philip Green said, "Andrew has the ideal combination of commerciality, operational expertise and relevant sector experience to build on the conclusions of the strategic review and to lead the on-going transformation of the business. His experience and his people focused personal style are an ideal combination for our business. We are pleased that he has agreed to join us and we are grateful to Keith Cochrane for his interim leadership of Carillion." Carillion plc is a British multinational facilities management and construction services company headquartered in Wolverhampton, United Kingdom. CARILLION PLC: Appoints Alan Lovell as Non-Executive Director ------------------------------------------------------------- Carillion plc related that Alan Lovell has been appointed a non- executive director of the Company as of November 1, 2017. Alan will serve on the Audit, Remuneration, Nomination, Sustainability and Business Integrity Committees. Alan Lovell's extensive executive career has included several Chief Executive roles, including Infinis Limited, Costain Group plc and Jarvis plc. These roles included working with companies at times of financial stress and in turn around. He is currently Chairman of the Consumer Council for Water, Flowgroup plc and the Association of Lloyd's Members (ALM). Alan is a Deputy Lieutenant of Hampshire, Chairman of the Mary Rose Trust, Chairman of the Board of Governors of Winchester University and a Trustee of Winchester Cathedral. Commenting, Carillion Chairman Philip Green said, "We are very pleased that Alan Lovell has joined the Board. He has very relevant experience of the challenges currently faced by Carillion and I look forward to his contribution as we move forward with our disposal and cost saving programmes while continuing our discussions with our lenders and other stakeholders to explore further ways of strengthening Carillion's balance sheet". Alan Lovell was previously an executive director of Conder Group PLC which went into receivership in September 1992. Carillion plc is a British multinational facilities management and construction services company headquartered in Wolverhampton, United Kingdom. DEKANIA EUROPE I: Fitch Hikes Class D Notes Rating to 'Bsf' ----------------------------------------------------------- Fitch Ratings has upgraded the ratings on 16 classes and affirmed five classes of notes from three Dekania European collateralized debt obligations (CDOs). KEY RATING DRIVERS The upgrade of the notes in all three transactions reflects the increase in credit enhancement due to the transaction's deleveraging since November 2016. The class A1 notes of Dekania Europe I and Dekania Europe II have been paid in full and the class A2 notes have been paid down, by EUR22.1 million and EUR2.8 million, respectively, over the past year. In addition, the class A1 notes of Dekania Europe III have been paid down by EUR77.8 million. The deleveraging of the three transactions led to a significant increase in credit enhancement available for the senior notes. The deleveraging of these transactions was also accompanied by an increase in obligor concentration. There are 10 performing issuers in Dekania Europe I, 11 in Dekania Europe II and 13 in Dekania Europe III. The high degree of concentration in all three transactions and significant exposure to the perpetual securities in Dekania Europe III contribute to the tail risk that may affect non-senior notes. Perpetual securities comprise 12% of the performing portfolio in Dekania Europe II and 58.1% in Dekania Europe III. All perpetual securities have been prepaid in Dekania Europe I, according to the September 2017 investor report. Perpetual securities were treated as long-dated assets as described in Fitch "CLOs and Corporate CDOs Rating Criteria", whereby they are assumed to default and receive the assumed recovery value at the maturity of the CDO notes, which would be zero in the case of perpetual securities. The proportion of perpetual assets has decreased in Dekania Europe I and II since the last review, but Fitch expects most of the notes to be outstanding for a long period based on the legal maturity dates of the underlying assets. The contributions from the excess spread varied across these three transactions. Excess spread is relatively limited in Dekania Europe I due to the presence of a relatively costly interest rate swap expected to expire in September 2020. In addition, all the overcollateralization (OC) tests are currently passing. All remaining excess spread after interest due on the interest rate swap and interest payment on the rated notes is used to pay down the most senior notes. Excess spread is relatively healthy in Dekania Europe II and III due to the breach of the junior OC tests (as of the September 2017 investor report, the classes D and E OC tests in Dekania Europe II, and classes C, D and E OC tests in Dekania Europe III are failing). The average credit quality of the performing collateral has remained relatively stable at around 'BB' over the past year. There have been no new deferrals or defaults in these transactions since Fitch's last review. The Stable Outlook on the notes reflects the overall stable credit quality of the collateral in these three transactions. The final ratings of some notes in Dekania Europe I, II and III deviate from the model-implied ratings in some scenarios. Fitch performed a sensitivity analysis to assess near-term performance volatility if obligors were to be downgraded or if perpetual assets were to redeem earlier. Fitch analysed the transaction in accordance with the "CLOs and Corporate CDOs Rating Criteria" using the Corporate Portfolio Credit Model (PCM) to project default hurdles, and performed cash flow modelling analysis for the notes to measure the breakeven levels under the various default timing and interest-rate stress scenarios. Fitch's "CLOs and Corporate CDOs Rating Criteria" report does not describe default patterns for portfolios with a weighted average life lower than 12 years. The agency therefore adjusted its default patterns to account for the transaction's long tenor. In the front-loaded scenario, Fitch assumed 30% of the defaults occurred in year one, 20% in years two and 8.33% per year during the next six years. In the mid-default timing, Fitch assumed 8.33% per year in years 5 to 7, 20% in year 8, 30% in year 9 and 8.33% in years 10 to 12. In the back-default timing, Fitch assumed 8.33% per year in years 7 to 12, 20% in year 13 and 30% in year 14. RATING SENSITIVITIES Increasing the default rate by 25% would result in a downgrade by up to three notches for the most senior notes. Decreasing the recovery rate applied to all assets in the portfolio would not result in any downgrade in Dekania I and II. In Dekania III, decreasing the recovery rate applied to all assets in the portfolio by 25% would downgrade the rating by two notches. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. There were no findings that affected the rating analysis. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the information relied on for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOURCES OF INFORMATION The information below was used in the analysis of Dekania Europe CDO I P.L.C.: - Monthly report provided by Wells Fargo as at Sept. 29, 2017 - Loan-by-loan data provided by Wells Fargo as at Sept. 29, 2017 The information below was used in the analysis of Dekania Europe CDO II P.L.C.: - Monthly report provided by Wells Fargo as at Sept. 19, 2017 - Loan-by-loan data provided by Wells Fargo as at Sept. 19, 2017 The information below was used in the analysis of Dekania Europe CDO III P.L.C.: - Monthly report provided by Wells Fargo as at Sept. 27, 2017 - Loan-by-loan data provided by Wells Fargo as at Sept. 27, 2017 Fitch has taken the following rating actions; Dekania Europe CDO I P.L.C. Class A2 notes affirmed at 'Asf'; Outlook Stable; Class A3 notes affirmed at 'Asf'; Outlook Stable; Class B1 notes upgraded to 'BB+sf' from 'BBsf'; Outlook Stable; Class B2 notes upgraded to 'BB+sf' from 'BBsf'; Outlook Stable; Class C notes upgraded to 'BB-sf' from 'B-sf'; Outlook Stable; Class D notes upgraded to 'Bsf' from 'CCCsf'; Outlook Stable; Dekania Europe CDO II P.L.C. Class A2-A notes upgraded to 'Asf' from 'BBBsf'; Outlook Stable; Class A2-B notes upgraded to 'Asf' from 'BBBsf'; Outlook Stable; Class B notes upgraded to 'BB+sf' from 'BBsf'; Outlook Stable; Class C notes upgraded to 'B+sf' from 'Bsf'; Outlook Stable; Class D1 notes upgraded to 'CCCsf' from 'CCsf'; Class D2 notes upgraded to 'CCCsf' from 'CCsf'; Class E notes upgraded to 'CCsf' from 'Csf'. Dekania Europe CDO III P.L.C. Class A1 notes upgraded to 'Asf' from 'BBBsf'; Outlook 'Stable'; Class A-2A notes upgraded to 'BBsf' from 'Bsf'; Outlook 'Stable'; Class A-2B notes upgraded to 'BBsf' from 'Bsf'; Outlook 'Stable'; Class B notes affirmed at 'CCCsf'; Class C notes upgraded to 'CCCsf' from 'CCsf'; Class D notes upgraded to 'CCsf' from 'Csf'; Class E notes affirmed at 'Csf'; Class F notes affirmed at 'Csf'. Fitch does not rate the subordinated notes for Dekania Europe I, II and III. IWH UK FINCO: S&P Assigns Prelim. 'B' LT Corp. Credit Rating ------------------------------------------------------------ S&P Global Ratings said that it assigned its preliminary 'B' long- term corporate credit rating to the newly formed U.K.-based women's health care company IWH UK Finco Ltd. (Theramex). The outlook is negative. At the same time, S&P assigned its preliminary 'B' issue rating and '3' recovery rating to the proposed $435 million senior secured term loan B due 2024 and EUR55 million revolving credit facility (RCF) due 2024, based on indicative recovery prospects of 50%. The final ratings will be subject to the successful closing of the proposed issuance and will depend on our receipt and satisfactory review of all final transaction documentation. Accordingly, the preliminary ratings should not be construed as evidence of the final ratings. S&P said, "If the final debt amounts and the terms of the final documentation depart from the materials we have already reviewed, or if we do not receive the final documentation within what we consider to be a reasonable time frame, we reserve the right to withdraw or revise our ratings." On Sept. 18, 2017, funds advised by CVC Capital Partners signed an asset purchase agreement with Teva Pharmaceutical Industries Ltd. for the acquisition of selected assets dedicated to women's health for a cash value of $703 million. To finance the transaction, the company is raising a EUR55 million RCF and $435 million term loan B, in addition to approximately $342 million of equity. Theramex markets a portfolio of branded women's health medications covering contraception, fertility, menopause, and osteoporosis. The company markets its products both through its own sales force and through third-party distributors across 50 countries in EMEA, APAC, and Latin America. For the 12 months to Sept. 30, 2017, Theramex reported revenues of $274 million and adjusted EBITDA of $86 million. S&P said, "We view the woman's health market as fragmented, with no significant new medication development breakthrough over the past couple of years. The market has relatively high barriers-to- entry in the form of longstanding prescriber relationships and significant patient loyalty to the brand. This is because certain products are paid or co-paid out of pocket, mainly the contraceptive and IVF treatments where switching usually only occurs if patients are not satisfied with the current product. "Apart from the osteoporosis portfolio, where we have seen significant price erosion because of generic competition, this pharma subsector is less exposed to reimbursement pressure and regulatory changes. This results in a relatively resilient portfolio with positive volume growth offset by some price reductions, leading to overall growth in the mid-single-digit range." A significant portion of Theramex's revenues are derived from self-pay, limiting the impact on Theramex specifically. However, these defensive characteristics also represent a challenge in terms of generating future growth as Theramex will need to invest in marketing and supporting its products and S&P believes that the performance of its sales force, which is moving from Teva, will be crucial for the delivery of the planned strategy. S&P's view positively the company's well diversified portfolio both geographically and product wise, supported by nearly half of the revenues being generated from out-of-pocket products. The company has leading positions in the oral contraception and osteoporosis treatment in European and emerging markets, that are less price competitive than, for example, the U.S. The biggest risk to the base case, in S&P's view, stems from the osteoporosis franchise with a leading product Actonel, which has been declining over the years because of generic competition following loss of its patent seven years ago, although the decline appears to have largely stabilized. Furthermore its gastro resistant version (Actonel GR) should offset the erosion of the overall Actonel franchise. The main growth drivers of the group's revenues will be the newly launched biosimilar fertility product Ovaleap and oral contraceptive Seasonique. Fertility treatment is one of the fastest growing segments in women's health, driven by delayed planned pregnancy, scientific and technological advances, increased availability of treatment, and higher awareness levels, especially in emerging markets. Ovaleap is a biosimilar injectable delivered via a multi-dose pen. Ovaleap expanded strongly in Germany in its first year of sales, 2016, supported by the positive growth dynamics in demand for IVF services. Despite being sold at a discount price to the standard treatment, Gonal F, Ovaleap's penetration could be limited by physicians' reluctance to switch to new products. . The global contraceptives market includes hormonal and non- hormonal drugs and devices. It has experienced low single-digit growth in the past five years of about 2.6% compound annual growth rate driven by emerging markets, offset by increased pressure from generics. In Theramex's focus countries (France, Spain, Italy, and Australia), the value of the contraception market has recently seen a decline, driven by historical safety concerns regarding certain newer generations of contraception pills and changes to reimbursement systems, although that decline has recently slowed. In Spain, reimbursement was restricted to the older generation pills leaving some of the most popular drugs without coverage. Seasonique is expected to account for the majority of future growth of Theramex's oral contraceptive portfolio benefiting from offering a convenience of period spacing. Leeloo and Zoely continue to be the main contraception products for Theramex. Leeloo is mainly sold in France and Zoely in Italy. In France, Leeloo is reimbursed, while Seasonique and Zoely are fully self- paid. The menopause market is likely to expand by the mid-single-digits driven by favorable demographic trends and increased treatment penetration. Theramex's hormone replacement therapy Colpotrophine, is mainly sold in France, Brazil, and Spain. S&P said, "Our assessment also reflects Theramex's lack of track record of operating as a stand-alone company as it is a carve-out of portfolio of drugs focusing on women's health, mainly contraception, menopause, fertility and osteoporosis treatments from generics producer Teva. We also take into account the execution risk due to the company relying on Teva as the main supplier of its products and the need to set up supporting infrastructure for the newly formed company, although these risks are, to a certain extent, mitigated by extensive TSA agreements with Teva that limit the possibility of operational costs escalating over the next couple of years. We understand that the company is planning to operate as a stand-alone entity as soon as operationally possible. We also view positively the experienced management team, put in place, as it is familiar both with the acquired portfolio and supply chain and has a track record with executing similar types of transactions. "We estimate that Theramex will be able to realize operational efficiencies to achieve a combined EBITDA margin of about 30%, supported by its asset light model--with research and development, manufacturing and distribution outsourced--some pricing flexibility, and category-leading products. As the company is not developing products internally, further launches will have to be externally sourced. "Theramex is owned by private equity firm CVC Capital Partners. We project that Theramex will be able to maintain debt to EBITDA at 5.0x-5.5x over the next two years, supported by an EBITDA interest coverage ratio of about 5x over this period and free operating cash flow (FOCF) of at least $15 million in 2018 after a one-off working capital outflow of about $46 million to cover inventory buildup. As the operations normalize, we estimate FOCF to be above $50 million from 2019. Our adjusted debt figure for Theramex includes $435 million of financial debt, but excludes about $340 million of shareholder loans, which we view as equity-like." S&P's base case assumes: -- Revenue growth of about 3% over the next three years, driven by increased usage of Overleap and Seasonique, supported by solid performance from the remaining oral contraceptive and menopause franchise, with Actonel's revenue decline limited to the low-to-mid-single digits. -- EBITDA margin at around 30%,reflecting asset-light model and fixed-cost agreements with Teva, premium pricing for Theramex products, and additional costs linked to the integration, marketing, and support of its brands. -- Capital expenditure (capex) of around $3 million. Negative working capital of about $46 million in 2018 to support inventory build-up, returning to neutral in the subsequent years. -- Limited bolt-on acquisitions. -- No dividends. Based on these assumptions, S&P arrives at the following credit measures: -- Annual revenues of about $260 million-$280 million between 2017 and 2019. -- Adjusted EBITDA margins of about 30%, with EBITDA of $80 million-$85 million in the same period. -- Adjusted debt to EBITDA of 5.0x-5.5x in fiscal 2018 and 2019. -- Adjusted EBITDA interest cover of 5x in fiscal 2018 and 2019. The combination of a weak business risk profile and highly leveraged financial risk profile leads to an anchor of either 'b' or 'b-'. Assuming the smooth integration, we project that Theramex will be able to generate positive FOCF, with robust debt service ratios, and S&P therefore choose the higher anchor of 'b'. There is no impact from the other modifiers, as Theramex should benefit from ample liquidity, has a financial policy focused on deleveraging (although we classify Theramex as 'FS-6' due to its financial sponsor ownership), and we assess its management and governance as neutral. The negative outlook reflects S&P's view that given the size and the nature of the carve-out, the new owner could fail to create supporting infrastructure and to deliver its sales growth plan, accruing higher-than-expected costs and leading to a reduced cash cushion to support the future growth of its portfolio. S&P said, "We could consider lowering the ratings if Theramex's operating performance deteriorates, such that debt to EBITDA is at the upper end of the 6x-7x range, and if FOCF generation is close to zero or negative. The most likely cause of such deterioration would be EBITDA of close to $60 million-$70 million as a result of price competition, lower volume growth, or higher-than-expected operational charges. "We would revise the outlook to stable if Theramex smoothly executes the carve-out and continued to generate solid revenue growth despite some pricing pressure, benefiting from the premium positioning of the products. Theramex expects that it will be able to achieve revenues of about $285 million-$290 million by 2019 and profitability of 32%-33%, which in turn should enable Theramex to generate positive FOCF and lead to gradual deleveraging, with debt to EBITDA remaining at about 5x." An outlook revision to stable would also assume that Theramex's solid position in the fragmented women's health market will enable it to sustain positive underlying revenue growth around 4%-6% in its health care division. KOLKATA FOODS: Director Disqualified From Office ------------------------------------------------ The director of Kolkata Foods Limited has been disqualified for six years for failing to comply with its statutory obligations under immigration laws. The Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Mr. Muhammad Nazrul Haque effective from November 3, 2017. The disqualification prevents Mr. Haque, from directly or indirectly becoming involved in the promotion, formation or management of a company until November 2023. Mr. Haque's disqualification follows an investigation by the Insolvency Service, which found that he had failed to ensure that relevant immigration checks were completed and documents retained. This resulted in the Home Office issuing a penalty notice for GBP20,000 for employing two illegal workers. Kolkata Foods Limited and was placed into Liquidation on December 12, 2016 with an estimated deficiency to creditors in excess of GBP28,000. Robert Clarke, Senior Investigator, with the Insolvency Service, said: "The Insolvency Service pursues directors who fail to pay fines imposed by the government for breaking employment and immigration laws. We have worked closely in this case with our colleagues at the Home Office to achieve this disqualification. "The public has a right to expect that those who break the law will face the consequences. If you fail to comply with your obligations then the Insolvency Service will investigate you. A Home Office spokesperson said: "Illegal working is not victimless. It undercuts honest employers, cheats legitimate job seekers out of employment opportunities and defrauds the taxpayer. "Businesses should be aware that they have a duty to check that their staff have permission to work in the UK. "We are happy to work with employers who play by the rules but those who do not should know that they will not go under our radar." About Kolkata Foods Kolkata Foods Limited (CRO No. 09009064) was incorporated on April 24, 2014 and traded as an Indian Restaurant from 222 Broadway, Didcot, United Kingdom OX11 8RS. Mr. Haque was a director of the Company from April 24, 2014 to Liquidation. The Company went into Creditors Voluntary Liquidation on December 12, 2016 with an estimated deficiency of GBP28,895. A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot: (1) act as a director of a company, (2) take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership, (3) be a receiver of a company's property. Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings. Persons subject to a disqualification order are bound by a range of other restrictions. 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. The entity does 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. MIND CANDY: Obtains New $1-Mil. Funding for Operations ------------------------------------------------------ James Titcomb of The Telegraph reports that Mind Candy, the company behind online children's game Moshi Monsters has recently secured a US$1 million (GBP760,000) lifeline that prevents the firm from running out of cash in the coming weeks. Ian Chambers, a former Game Digital-executive who took over from Mind Candy founder Michael Acton Smith last year, said the company had raised the money from existing investors, including venture capital fund Accel and LocalGlobe, according to The Telegraph. This is the second time the Company raised funds in the last few months for its operations. The Company last raised money in April, when it took $1.5 million, as well as renegotiated a GBP6.5 million loan from start-up lender Triple Point, The Telegraph relays. Mr. Chambers, The Telegraph cites, added that the company was likely to need new funding in the first quarter of next year. The Telegraph notes that the Company was late to embrace gaming on smartphones and tablets, and suffered as a result. It was forced to cut staff, and revenue slumped from GBP46.9 million in 2012 to GBP7.1 million in 2015, its most recent set of accounts, the report relays. Mind Candy is a British entertainment company, formed in 2004 by UK internet entrepreneur Michael Acton Smith, and based in Shoreditch, London, England. It's Moshi Monsters brand, created in 2007, spelled success for the Company, making it one of the more prominent start-ups in the UK technology scene. MONARCH AIRLINES: To Take Runway Slots Appeal to Court of Appeals ----------------------------------------------------------------- Bradley Gerrard of The Telegraph reports that the administrators of defunct Monarch Airlines will appeal a decision by the High Court to strip the carrier of its lucrative take-off and landing slots at Gatwick and Luton airports. The High Court initially ruled against Monarch earlier this month but gave the company's administrators KPMG permission to lodge an appeal over whether it could retain ownership of its summer 2018 Gatwick and Luton airport slots in order to sell them on the open market, The Telegraph cites. But this appeal was refused by the High Court judges Lord Justice Gross and Mr. Justice Lewis meaning KPMG, the administrators for Monarch, will now lodge a claim directly with the Court of Appeal, according to The Telegraph. The Telegraph relates that the High Court decision is a blow for the administrators given the slots at Gatwick alone are thought to be worth in the region of GBP 60 million, money which could be used to pay creditors. According to the report, Monarch's former owners Greybull Capital was understood to have been in line to receive some of the proceeds although it had pledged to give some of this to the Government to contribute towards the cost to the taxpayer of the repatriation of the 83,875 passengers, which were left stranded because of the carrier's collapse. 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. OAK HILL VI: Fitch Assigns B-(EXP) Rating to Class F Debt --------------------------------------------------------- Fitch Ratings has assigned Oak Hill European Credit Partners VI DAC expected ratings, as follows: Class A-1: 'AAA(EXP)sf'; Outlook Stable Class A-2: 'AAA(EXP)sf'; Outlook Stable Class B-1: 'AA(EXP)sf'; Outlook Stable Class B-2: 'AA(EXP)sf'; Outlook Stable Class C: 'A(EXP)sf'; Outlook Stable Class D: 'BBB(EXP)sf'; Outlook Stable Class E: 'BB(EXP)sf'; Outlook Stable Class F: 'B-(EXP)sf'; Outlook Stable Subordinated notes: not rated The assignment of final ratings is contingent on the receipt of final documents conforming to information already reviewed. Oak Hill European Credit Partners VI DAC is a cash flow collateralised loan obligation (CLO). Net proceeds from the issuance of the notes will be used to purchase a EUR450 million portfolio of mostly European leveraged loans and bonds. The portfolio is actively managed by Oak Hill Advisors (Europe), LLP. The CLO envisages a four-year reinvestment period and an 8.5 year weighted average life. KEY RATING DRIVERS B' Portfolio Credit Quality Fitch places the average credit quality of obligors in the 'B' range. The Fitch weighted average rating factor (WARF) of the current portfolio is 32.7, below the covenanted maximum for assigning the expected ratings of 34. High Recovery Expectations The portfolio will comprise a minimum of 90% senior secured obligations. The weighted average recovery rate of the current portfolio is 66.9%, above the covenanted minimum for assigning expected ratings of 63.3%, corresponding to the matrix WARF of 34 and weighted average spread of 3.5%. Limited Interest Rate Risk Fixed-rate liabilities represent 6.8% of the target par amount, while unhedged fixed-rate assets cannot exceed 12.5% of the portfolio depending on the matrix selected by the manager. The maximum fixed rate asset covenant for assigning expected ratings is 12.5%. Unhedged Non-Euro Assets Exposure The transaction is allowed to invest in non-euro-denominated assets. Unhedged non-euro assets are limited to a maximum exposure of 2.5% of the portfolio subject to principal haircuts and may remain unhedged for up to 180 days after settlement. The manager can only invest in unhedged assets if, after the applicable haircuts, the aggregate balance of the assets is above the reinvestment target par balance. VARIATIONS FROM CRITERIA The "Fitch Rating" definition was amended so that assets that are not expected to be rated by Fitch, but that are rated privately by the other rating agency rating the liabilities, can be assumed to be of 'B-' credit quality for up to 10% of the collateral principal amount. This is a variation from Fitch's criteria, which requires all assets unrated by Fitch and without public ratings to be treated as 'CCC'. The change was motivated by Fitch's policy change of no longer providing credit opinions for EMEA companies over a certain size. Instead Fitch expects to provide private ratings that would remove the need for the manager to treat assets under this leg of the "Fitch Rating" definition. The amendment has only a small impact on the ratings. Fitch has modelled the transaction at the pricing point with 10% of the 'B-' assets with a 'CCC' rating instead, which resulted in a two-notch downgrade at the 'A' rating level and a one-notch downgrade at other rating levels. RATING SENSITIVITIES A 125% default multiplier applied to the portfolio's mean default rate, and with this increase added to all rating default levels, would lead to a downgrade of up to two notches for the rated notes. A 25% reduction in recovery rates would lead to a downgrade of up to four notches for the rated notes. DATA ADEQUACY The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information. Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. OAK HILL VI: Moody's Assigns (P)B2 Rating to Class F Notes ---------------------------------------------------------- Moody's Investors Service announced that it has assigned the following provisional ratings to notes to be issued by Oak Hill European Credit Partners VI Designated Activity Company: -- EUR259,000,000 Class A-1 Senior Secured Floating Rate Notes due 2032, Assigned (P)Aaa (sf) -- EUR20,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2032, Assigned (P)Aaa (sf) -- EUR35,550,000 Class B-1 Senior Secured Floating Rate Notes due 2032, Assigned (P)Aa2 (sf) -- EUR10,550,000 Class B-2 Senior Secured Fixed Rate Notes due 2032, Assigned (P)Aa2 (sf) -- EUR26,500,000 Class C Senior Secured Deferrable Floating Rate Notes due 2032, Assigned (P)A2 (sf) -- EUR23,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2032, Assigned (P)Baa2 (sf) -- EUR30,600,000 Class E Senior Secured Deferrable Floating Rate Notes due 2032, Assigned (P)Ba2 (sf) -- EUR13,500,000 Class F Senior Secured Deferrable Floating Rate Notes due 2032, Assigned (P)B2 (sf) 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 endeavor to assign definitive ratings. A definitive rating (if any) may differ from a provisional rating. RATINGS RATIONALE Moody's provisional ratings of the rated notes address the expected loss posed to noteholders by the legal final maturity of the notes in 2032. The provisional ratings reflect the risks due to defaults on the underlying portfolio of loans given the characteristics and eligibility criteria of the constituent assets, the relevant portfolio tests and covenants as well as the transaction's capital and legal structure. Furthermore, Moody's is of the opinion that the collateral manager, Oak Hill Advisors (Europe), LLP ("Oak Hill") has sufficient experience and operational capacity and is capable of managing this CLO. Oak Hill VI is a managed cash flow CLO. At least 90% of the portfolio must consist of secured senior loans or senior secured bonds and up to 10% of the portfolio may consist of unsecured senior loans, second-lien loans, high yield bonds and mezzanine loans. The portfolio is expected to be more than 50% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe. The remainder of the portfolio will be acquired during the ramp-up period in compliance with the portfolio guidelines. Oak Hill will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's four-year reinvestment period. Thereafter, purchases are permitted using principal proceeds from unscheduled principal payments and proceeds from sales of credit risk and credit improved obligations, and are subject to certain restrictions. In addition to the eight classes of notes rated by Moody's, the Issuer will issue EUR 45.2M 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. Par amount: EUR 450,000,000 Diversity Score: 38 Weighted Average Rating Factor (WARF): 2825 Weighted Average Spread (WAS): 3.5% Weighted Average Coupon (WAC): 5.0% Weighted Average Recovery Rate (WARR): 43.0% Weighted Average Life (WAL): 8.5 years Stress Scenarios: Together with the set of modelling assumptions above, Moody's conducted additional sensitivity analysis, which was an important component in determining the provisional ratings assigned to the rated notes. This sensitivity analysis includes increased default probability relative to the base case. Below is a summary of the impact of an increase in default probability (expressed in terms of WARF level) on each of the rated notes (shown in terms of the number of notch difference versus the current model output, whereby a negative difference corresponds to higher expected losses), holding all other factors equal. Percentage Change in WARF: WARF + 15% (to 3220 from 2825) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: -1 Class A-2 Senior Secured Fixed Rate Notes: -1 Class B-1 Senior Secured Floating Rate Notes: -2 Class B-2 Senior Secured Fixed Rate Notes: -2 Class C Senior Secured Deferrable Floating Rate Notes: -2 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: 0 Percentage Change in WARF: WARF +30% (to 3640 from 2800) Ratings Impact in Rating Notches: Class A-1 Senior Secured Floating Rate Notes: -1 Class A-2 Senior Secured Fixed Rate Notes: -1 Class B-1 Senior Secured Floating Rate Notes: -3 Class B-2 Senior Secured Fixed Rate Notes: -3 Class C Senior Secured Deferrable Floating Rate Notes: -3 Class D Senior Secured Deferrable Floating Rate Notes: -2 Class E Senior Secured Deferrable Floating Rate Notes: -1 Class F Senior Secured Deferrable Floating Rate Notes: -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. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Oak Hill's investment decisions and management of the transaction will also affect the notes' performance. SKY NEWS: Sky Threatens to Shut Down Firm to Aid Fox Takeover ------------------------------------------------------------- BBC News reports that Sky has threatened to shut down Sky News if the news channel proves to be an obstacle in Rupert Murdoch's 21st Century Fox bid. Regulators are investigating the deal amid concerns that Mr. Murdoch's media empire could become too powerful, according to BBC News. Fox owns 39% of Sky but wants full control of the satellite broadcaster, the report notes. Sky told the Competition and Markets Authority (CMA) that the regulator should not assume "the continued provision" of Sky News, the report notes. In a submission made to the CMA last month, but published by the regulator, Sky said it "would likely be prompted to review" its position if "the continued provision of Sky News in its current form unduly impeded merger and/or other corporate opportunities available in relation to Sky's broader business," the report relays. This would particularly be the case if shareholders objected to the merger not happening, Sky said, the report notes. Closing Sky News would only be an option of last resort, and the broadcaster would try to find a buyer for the media company before that eventuality, the BBC understands, the report discloses. UNIQUE PUB: S&P Lowers Ratings on Class A3/A4 Notes 'BB' -------------------------------------------------------- S&P Global Ratings has taken various credit rating actions on the notes issued by Unique Pub Finance Co. PLC (Unique Finance). S&P said, "Specifically, we have lowered to 'BB (sf)' from 'BBB- (sf)' our ratings on the class A3 and A4 senior notes. At the same time, we have lowered to 'B+ (sf)' from 'BB- (sf)' our rating on the mezzanine class M notes and have affirmed our 'B (sf)' rating on the class N notes." The transaction is a corporate securitization of the U.K. operating business of the tenanted pub estate operator Unique Pub Properties Ltd. (Unique Properties), the borrower. It originally closed in June 1999 and has been tapped several times since, most recently in 2005. S&P said, "Upon publishing our revised criteria for rating corporate securitizations, we placed those ratings that could be affected under criteria observation (see "Global Methodology And Assumptions For Corporate Securitizations," and "European Corporate Securitization Ratings Placed Under Criteria Observation," both published on June 22, 2017). Following our review of this transaction, the ratings are no longer under criteria observation." BUSINESS RISK PROFILE AND RECENT PERFORMANCE S&P said, "We have applied our corporate securitization criteria as part of our rating analysis on the notes in this transaction. As part of our analysis, we assess whether the operating cash flows generated by the borrower are sufficient to make the payments required under the notes' loan agreements by using a debt service coverage ratio (DSCR) analysis under a base case and a downside scenario. Our view of the borrowing group's potential to generate cash flows is informed by our base-case operating cash flow projection and our assessment of its business risk profile (BRP), which is derived using our corporate methodology (see "Corporate Methodology," published on Nov. 19, 2013)." The public house (pub) sector accounts for a quarter of the GBP88 billion eating and drinking out market in the U.K. With the long- term trend of slowly declining alcohol consumption, pub operators have been adjusting their portfolio through regular pub disposals. This is evidenced by the estimated 47,000 pubs and bars competing in the segment today in comparison to a crowded 57,500 in 2007, representing an average annual decline of almost 2%. The major pub operators are Greene King, Mitchells & Butlers, Ei (previously known as Enterprise Inns), and Punch Taverns. As of June 2017, Unique Properties' estate comprised 2,217 pubs and represented almost half of the total pub portfolio of its parent company Ei Group PLC, the largest U.K. leased and tenanted pub operator by the number of pubs. Among the U.K. pub whole business securitizations that S&P rates, Unique is the largest one by number of pubs, but only the fourth largest one by EBITDA, after Mitchells & Butlers, Greene King, and Spirit. Unique's strategy for enhancing or stabilizing EBITDA includes the disposal of underperforming pubs. For the financial year ending September 2016, the borrower disposed of 138 pubs, representing 5.7% of the estate by count. Total revenues were GBP155 million, a 1.9% decline from the prior year driven by a 3.5% decline in drink revenues that accounts for about half of the total. Reported EBITDA declined to about GBP130 million, a 3.6% decline, which is attributable to the decline in drink revenues and cost increases of 3.3% pre-exceptional items and 8.6% with the inclusion of GBP1.2 million in exceptional items. Over the same period, considering the average number of pubs over the year, revenue and EBITDA per pub have increased by 3.3% and 1.5%, respectively, which suggests that the overall quality of the estate has improved. The capital structure continued to deleverage in 2016, with the class A leverage ratio, based on reported EBITDA, falling to 5.0:1 from 5.5:1 in 2015, while total leverage, reflecting the class M and N debt, decreased to 8.2:1 from 8.5:1 in 2015. For the half year results ending March 2017, Unique Properties' reported EBITDA was GBP64 million, a modest 1.5% year-on-year decline despite significant pub disposals. While the leased and tenanted pub segment is subject to the market rent only (MRO) option under the Statutory Pub Code, S&P sees a limited impact on the pub sector as we believe pub operators would attempt to compensate a loss in drinks and food sales with an increase in rental income. Moreover, Unique Properties is gradually implementing a more flexible business model by granting new leases over pubs that will be operated by the Ei Group as managed pubs (see "Various Rating Actions Taken In U.K. Corporate Securitization Unique Pub Finance Co. Following Performance Review," published Aug. 2, 2016). Nevertheless, the securitization also has no geographic diversification outside the U.K. S&P expects that the rising National Living Wage and increasing drinks and food costs due to the weak British pound sterling, could indirectly affect the profitability of leased and tenanted pubs if publicans struggle to pass on the cost increases to consumers, bringing about the risk of higher business failure rates. Unique's estate also lacks strong pub brands relative to its peers such as Mitchells & Butler and Greene King. These factors support S&P's assessment of the business risk profile as fair. BUYBACKS, DSCR, AND COVENANTS Through the application of intercompany receipts and excess cash, the borrower bought back some class A3 and A4 notes on the open market and subsequently returned them to the issuer in partial repayment of the related issuer borrower loans and the issuer, in turn, canceled the notes. Due to the repurchases, the outstanding aggregate principal balance of the loans is lower than the targeted aggregate outstanding balance by GBP76.8 million, as of June 2017, and the issuer is about one year ahead of its initial redemption schedule, set at closing. The reported debt service coverage ratio (DSCR) is based on the amount of principal required for the aggregate outstanding principal of the loans to be equal to a targeted amount of total outstanding principal, based on an unadjusted schedule that was established at closing. As a result of the substantial senior notes' prepayments, the principal component considered due in the reported DSCR's denominator is modest or nil. On the other hand, the principal actually due on the senior notes, according to their terms and conditions, is determined on the basis of the initial principal due, reduced to account for the amount of canceled notes. The principal due on the loans is therefore significantly higher than the principal component considered in the reported DSCR. S&P said, "In our view, this discrepancy reduces the effectiveness of the two main covenant tests--financial covenant and restricted payment condition (RPC)--in a prepayment scenario in that the reported DSCR does not reflect principal that is due. Notably, the transaction currently meets its RPC test, which allows cash up- streaming to the parent company. Consequently, in our modifier analysis, we reduced the resilience-adjusted anchor of the senior notes by one notch." RATING RATIONALE Unique Finance's primary sources of funds for principal and interest payments on the outstanding class A3, A4, M, and N notes are the loan interest and principal payments from the borrower, which are ultimately backed by future cash flows generated by the operating assets. The borrower also benefits from a cash reserve with a target balance of GBP65 million that is exclusively available to cover senior fees and expenses and service the loans. This reserve's target balance is maintained at GBP65 million until all of the class A notes have been repaid, amortizing pro rata with the class N notes thereafter. An amortizing tranched liquidity facility is also available at the issuer level and sized to cover, in combination with the cash reserve, 18 months of peak debt service (see "Ratings Unchanged In U.K. Corporate Securitization Unique Pub Finance Co. Following Reduced Liquidity Facility," published on Nov. 25, 2016). S&P said, "Our cash flow analysis serves to both assess whether cash flows will be sufficient to service debt through the transaction's life and to project minimum DSCRs in base-case and downside-case scenarios. Our base-case EBIDTA and operating cash flow projections for FY 2018 and the company's fair business risk profile rely on our corporate methodology. Beyond FY 2018 our base-case and downside EBITDA projections are based on our "Global Methodology And Assumptions For Corporate Securitizations," from which we then apply assumptions for capital expenditures (capex) and taxes to arrive at our projections for the cash flow available for debt service. For Unique, our assumptions were: Maintenance capex: The transaction does not implement any minimum capex covenant. We therefore considered an annual amount of GBP12.7 million over the transaction's life, which is line with the average level spent over the last few years. We deem this level to be sufficient to keep the assets in a satisfactory condition. Development capex: Nil over the transaction's life. Specifically, in financial year 2018 (FY 2018), we assume the borrower will reinvest the proceeds sitting in the disposals account. Thereafter, as we assume no growth and in line with our corporate securitization criteria, we consider no investment capex. Tax: GBP11.2 million annually in our base-case scenario based on a corporate tax rate of 19.5%, also applied in the downside scenario." CLASS A3 and A4 NOTES S&P's ratings on the senior class A3 and A4 notes address the timely payment of interest and principal due on the notes. Base-Case Projections S&P's base-case scenario gives credit to growth through the end of FY 2018. In line with its criteria, S&P does not consider any growth after FY 2018. S&P established an anchor of 'b+' for the class A3 and A4 notes based on: -- S&P's assessment of Unique Properties' fair business risk profile, which it associates with a business volatility score of 4; -- The minimum DSCR achieved in S&P's base-case analysis, which considers only operating-level cash flows and the GBP65 million cash reserve available to the borrower to service loans, but does not give credit to issuer-level structural features (such as the tranched liquidity facility); -- S&P's assessment of the operating company's credit quality, which constitutes a floor for the anchor; and -- The distribution of the tranches' forecast DSCRs. The notes are fully amortizing and up to March 2021 the A3 and A4 senior notes will amortize concurrently, which we project will represent a significant level debt service compared to the cash flow generation potential under our base case. Our forecast DSCRs for the class A4 notes improve significantly as soon as the A3 notes fully redeem in March 2021. Downside Scenario S&P said, "Our downside DSCR analysis tests whether the issuer- level structural enhancements improve the transaction's resilience under a stress scenario. Unique Finance falls within the pubs, restaurants, and retail industry. Considering leased and tenanted U.K. pubs' historical performance during the financial crisis, in our view a 25% decline in EBITDA from our base case is appropriate for the leased and tenanted pub sub-sector. Our downside DSCR analysis resulted in a satisfactory resilience score for the class A3 and A4 notes. The combination of a satisfactory resilience score and the 'b+' anchor derived in the base case results in a resilience-adjusted anchor of 'bb' for the senior notes." Lastly, the GBP152 million liquidity facility balance dedicated to the senior notes represents a significant level of liquidity support, measured as a percentage of the current outstanding balance of the notes it supports. Given that the full two notches above the anchor have been achieved in the resilience-adjusted anchor, S&P considers a one-notch increase, warranted as part of our downside analysis. Modifiers Analysis S&P said, "As explained above, we believe that in a notes' prepayment scenario, the financial covenant set implemented in the transaction is weaker than for comparable whole business securitization transactions. Therefore, we reduced the resilience- adjusted anchor by one notch in our modifiers analysis." CLASS M AND N NOTES S&P's ratings on the mezzanine class M and junior class N notes only address the ultimate repayment of principal and interest on or before their legal final maturity dates in March 2032. Under the conditions of the notes, if the issuer has insufficient available funds to pay principal and interest due, then the unpaid amounts are deferred and ultimately due in March 2032, along with accrued interest on the deferred amounts. An event of default for the class M and class N notes may only be called if there is still any principal or (deferred) interest outstanding at legal maturity in 2032. Base-Case Projections S&P's established an anchor of 'b' for the class M and N notes based on: -- S&P's assessment of Unique Properties' fair business risk profile, which we associate with a business volatility score of 4; -- The minimum DSCR achieved in our base-case analysis, which considers only operating-level cash flows and the GBP65 million cash reserve available to the borrower to service loans, but does not give credit to issuer-level structural features (such as the tranched liquidity facility); and -- S&P's assessment of the operating company's credit quality, which constitutes a floor for the anchor. Downside Scenario S&P's downside DSCR analysis resulted in a weak resilience score for the class M and N notes, considering their ability to defer payments. The combination of a weak resilience score and the 'b' anchor derived in the base case results in a resilience-adjusted anchor of 'b+' for the class M and N notes. These junior notes are not eligible for the one-notch increase linked to the significant liquidity support, as their weak resilience score is not sufficient to achieve the maximum two- notch uplift in their resilience-adjusted anchor above their anchor. Modifiers Analysis Although the protections afforded to the junior notes by the covenants are weak, in S&P's view, they are not worse than those provided to the junior noteholders in other transactions where the borrower is rated within the 'B' category. Therefore, S&P has not applied any negative adjustment at the junior level. Comparable Rating Analysis S&P applied a one-notch decrease to the junior class N notes to reflect their subordination and higher leverage compared to the mezzanine class M notes. COUNTERPARTY RISK S&P said, "Due to weaker replacement provisions in the related agreements, we do not consider the liquidity facility and bank account providers to be in line with our current counterparty criteria (see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). As a result, the application of these criteria caps the ratings at no higher than our long-term issuer credit ratings on the bank account providers, National Westminster Bank PLC and Barclays Bank PLC, and the liquidity facility provider, The Royal Bank of Scotland PLC." OUTLOOK S&P said, "A change in our assessment of the company's business risk profile would likely lead to rating actions on the notes. We would require higher/lower DSCRs for a weaker/stronger business risk profile to achieve the same anchor. "Similarly, a change in our assessment of the operating company's credit quality would likely lead to rating actions on the notes. Indeed, in the context of low DSCRs, the borrower's creditworthiness constitutes a floor for the anchors in our base- case scenario." UPSIDE SCENARIO S&P does not currently see a scenario that would lead us to raising our assessment of Unique's business risk profile. DOWNSIDE SCENARIO S&P said, "We could also lower our ratings on the notes if we were to lower the business risk profile to weak from fair. This could occur if cost headwinds result in a sharp decline in reported EBITDA or margin." RATINGS LIST Unique Pub Finance Co. PLC GBP1.778 Billion Fixed- And Floating-Rate Asset-Backed Notes Class Rating To From Ratings Lowered A3 BB (sf) BBB- (sf) A4 BB (sf) BBB- (sf) M B+ (sf) BB- (sf) Rating Affirmed N B (sf) * SCOTLAND: Tough Times Continue on High Street ----------------------------------------------- The Scotsman reports that the challenging conditions on the high street continued into last month with a fall in the overall value of sales north of the Border. The latest retail sales monitor from the Scottish Retail Consortium (SRC) and KPMG, published Nov. 15, 2017, reveals a 1 per cent fall in sales on a like-for-like basis, compared to October 2016, according to The Scotsman. Total sales, which factor in new store openings and extra selling space, dipped by 0.8 per cent, year-on-year, the report relays. The weak performance came despite the highest food growth recorded in four years last month, the report notes. Ewan MacDonald-Russell, head of policy and external affairs at the Scottish Retail Consortium (SRC), said: "Halloween wasn't enough to stave off hard times on the high street for non-food retailers who suffered the most challenging month's performance in almost five years, the report says. "The gap between grocery and non-food sales continues to grow. Food sales are still relatively strong, although still being partially driven by inflation," the report quoted Mr. MacDonald- Russell as saying. Adjusted for the estimated effect of online sales, total non-food takings fell by 4.4 per cent versus October 2016, when they had increased by 1.7 per cent, the report notes. The report relays that Craig Cavin, head of retail in Scotland for KPMG, added: "Retailers will be disappointed with October's figures. Unseasonably mild weather, coupled with Black Friday looming and limited promotional activity in October, meant retailers failed to persuade customers to open their wallets. Big ticket electrical launches timed for Christmas will play a role in recovering non-food losses." =============== X X X X X X X X =============== * S&P: Emerging Markets Push Global Corp. Default Tally to 83 ------------------------------------------------------------- The 2017 global corporate default tally rose to 83 after four issuers defaulted, said S&P Global Fixed Income Research in a Nov. 16, 2017 article titled "Emerging Markets Push The Global Corporate Default Tally To 83." Three of the defaults were from emerging markets: Venezuela-based Petroleos de Venezuela S.A. and Corporacion Electrica Nacional S.A. and Kazakhstan-based Bank RBK JSC. The remaining default was U.S.-based J.G. Wentworth LLC. "By country, Venezuela and Kazakhstan lead emerging market defaults in 2017 with two each," said Diane Vazza, head of S&P Global Fixed Income Research. The U.S. continues to hold the highest share of defaults, with 55 (66.3%), followed by Europe with 12 (14.5%), emerging markets with nine (10.8%), and other developed markets (Australia, Canada, Japan, and New Zealand) with seven (8.4%). Distressed exchanges have been the predominant reason for default in 2017, accounting for 32 defaults, followed by 22 bankruptcy- related defaults (Chapter 11 or 15), 19 defaults due to missed interest or principal payments, nine confidential defaults, and one default due to regulatory intervention. * BOND PRICING: For the Week November 13 to November 17, 2017 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Bank Otkritie Financial Cor 10.00 4/26/2019 USD 23.30 Vallourec SA 4.13 10/4/2022 EUR 6.98 New Look Secured Issuer PLC 6.50 7/1/2022 GBP 61.32 HSH Nordbank AG 7.25 USD 45.14 Agrokor dd 9.88 5/1/2019 EUR 25.88 Genfit 3.50 10/16/2022 EUR 29.44 HSH Nordbank AG/Luxembourg 1.99 EUR 32.57 Air Berlin PLC 8.25 4/19/2018 EUR 3.36 New Look Senior Issuer PLC 8.00 7/1/2023 GBP 40.00 Air France-KLM 2.03 2/15/2023 EUR 13.31 FIGEAC-AERO 1.13 10/18/2022 EUR 25.17 Ensco PLC 5.75 10/1/2044 USD 68.20 Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 35.50 Intelsat Luxembourg SA 7.75 6/1/2021 USD 63.17 Offshore Drilling Holding S 8.38 9/20/2020 USD 40.49 Air Berlin PLC 6.75 5/9/2019 EUR 3.82 Portugal Telecom Internatio 5.00 11/4/2019 EUR 34.52 Agrokor dd 9.13 2/1/2020 EUR 25.52 Mitsubishi UFJ Investor Ser 4.17 12/15/2050 EUR 61.80 Portugal Telecom Internatio 4.38 3/24/2017 EUR 33.60 Mitsubishi UFJ Investor Ser 3.92 12/30/2099 EUR 3.79 Intelsat Luxembourg SA 8.13 6/1/2023 USD 60.97 Banca Carige SpA 7.32 12/20/2020 EUR 63.40 Portugal Telecom Internatio 4.50 6/16/2025 EUR 34.08 Portugal Telecom Internatio 6.25 7/26/2016 EUR 33.83 Santander International Pre 2.00 USD 68.26 Ageasfinlux SA 1.02 EUR 62.25 Pacific Drilling SA 5.38 6/1/2020 USD 34.51 Agrokor dd 8.88 2/1/2020 USD 25.66 CGG SA 5.88 5/15/2020 EUR 44.95 New Look Secured Issuer PLC 4.50 7/1/2022 EUR 59.59 Portugal Telecom Internatio 5.88 4/17/2018 EUR 33.50 Banca Carige SpA 8.34 EUR 28.00 Privatbank CJSC Via UK SPV 10.25 1/23/2018 USD 18.48 Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 37.02 Air Berlin PLC 5.63 5/9/2019 CHF 3.56 OAS Investments GmbH 8.25 10/19/2019 USD 8.00 Bank Otkritie Financial Cor 10.00 12/17/2019 USD 9.13 Solarworld AG 11.00 2/24/2019 EUR 73.38 Rickmers Holding AG 8.88 6/11/2018 EUR 2.62 Frigoglass Finance BV 8.25 5/15/2018 EUR 51.00 Korian SA 2.50 EUR 43.17 Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.32 Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.91 Banco Espirito Santo SA 2.63 5/8/2017 EUR 29.67 Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.88 Neopost SA 3.38 EUR 59.18 Banco Espirito Santo SA 7.13 11/28/2023 EUR 1.19 CGG SA 1.75 1/1/2020 EUR 1.75 Eramet 4.00 EUR 70.97 Immigon Portfolioabbau AG 10.00 EUR 14.64 Mriya Agro Holding PLC 9.45 4/19/2018 USD 2.50 Pierre & Vacances SA 3.50 10/1/2019 EUR 44.91 Banco Espirito Santo SA 4.00 1/21/2019 EUR 30.13 GNB - Cia de Seguros de Vid 3.17 EUR 59.88 Avangardco Investments Publ 10.00 10/29/2018 USD 21.93 Capital Raising GmbH 7.50 EUR 49.87 WPE International Cooperati 10.38 9/30/2020 USD 16.75 Scandinavian Airlines Syste 0.63 CHF 25.76 Alitalia-Societa' Aerea Ita 5.25 7/30/2020 EUR 6.31 Norske Skog Holding AS 8.00 2/24/2021 EUR 5.88 Scholz Holding Gmbh 8.50 12/31/2019 EUR 4.01 NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 25.50 ADLER Real Estate AG 2.50 7/19/2021 EUR 15.41 Elli Investments Ltd 12.25 6/15/2020 GBP 67.63 Banca Carige SpA 2.77 6/19/2018 EUR 64.92 UkrLandFarming PLC 10.88 3/26/2018 USD 26.88 Bibby Offshore Services PLC 7.50 6/15/2021 GBP 35.04 Aligera Holding AB publ 5.00 5/7/2019 SEK 25.83 Alno AG 8.50 5/14/2018 EUR 2.65 Yuksel Insaat AS 9.50 11/10/2015 USD 20.00 Banca Carige SpA 1.67 12/29/2018 EUR 65.72 Banco Espirito Santo SA 4.75 1/15/2018 EUR 30.00 IMMOFINANZ AG 4.25 3/8/2018 EUR 4.47 CGG SA 6.50 6/1/2021 USD 44.13 CGG SA 1.25 1/1/2019 EUR 21.50 Bilt Paper BV 9.64 USD 24.38 Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 70.39 CGG SA 6.88 1/15/2022 USD 44.99 Virgolino de Oliveira Finan 10.50 1/28/2018 USD 6.75 3W Power SA 10.00 8/29/2019 EUR 15.13 GNB - Cia de Seguros de Vid 1.87 12/19/2022 EUR 70.00 Nexity SA 0.13 1/1/2023 EUR 71.05 Afren PLC 6.63 12/9/2020 USD 0.04 Veneto Banca SpA 9.50 12/1/2025 EUR 0.29 Banca Popolare di Vicenza 9.50 9/29/2025 EUR 1.00 Lambay Capital Securities P 6.25 GBP 1.77 Solarworld AG 11.00 2/24/2019 EUR 49.13 Espirito Santo Financial Gr 6.88 10/21/2019 EUR 0.17 Privatbank CJSC Via UK SPV 11.00 2/9/2021 USD 8.76 Norske Skogindustrier ASA 7.00 12/30/2026 EUR 2.45 OSX 3 Leasing BV 13.00 3/20/2015 USD 30.00 Aralco Finance SA 10.13 5/7/2020 USD 8.50 Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.24 Waste Italia SpA 10.50 11/15/2019 EUR 7.13 Hybrid Raising GmbH 6.63 EUR 52.49 Uppfinnaren 1 AB 10.00 SEK 64.48 KTG Agrar SE 7.13 6/6/2017 EUR 3.27 BIM SAS 2.50 11/13/2020 EUR 28.14 Barclays Bank PLC 2.23 7/31/2034 USD 73.50 BNP Paribas SA 2.69 4/30/2033 USD 68.50 Beate Uhse AG 7.75 7/9/2019 EUR 21.63 Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.22 New World Resources NV 4.00 10/7/2020 EUR 1.14 Lloyds Bank PLC 1.99 11/27/2033 USD 70.25 Fred Olsen Energy ASA 3.79 2/28/2019 NOK 51.00 Mobylife Holding A/S 7.25 5/23/2020 SEK 28.75 Hamon & CIE SA 5.50 1/30/2020 EUR 63.13 OGX Austria GmbH 8.50 6/1/2018 USD 0.01 Cie de Financement Foncier 0.98 8/11/2046 EUR 72.53 BOA OCV AS 9.75 12/31/2020 NOK 56.25 Inside Secure SA 6.00 6/29/2022 EUR 3.50 Pescanova SA 8.75 2/17/2019 EUR 2.40 Barclays Bank PLC 2.03 1/27/2031 USD 72.60 Orient Express Bank PJSC vi 10.00 USD 55.13 Virgolino de Oliveira Finan 11.75 2/9/2022 USD 7.25 Barclays Bank PLC 1.70 11/29/2030 USD 73.00 Etablissements Maurel et Pr 1.63 7/1/2019 EUR 16.35 New Look Senior Issuer PLC 8.00 7/1/2023 GBP 40.50 Credit Lyonnais SACA 0.44 EUR 74.00 Tonon Luxembourg SA 9.25 1/24/2020 USD 4.50 Praktiker AG 5.88 2/10/2016 EUR 0.84 Afren PLC 10.25 4/8/2019 USD 0.11 Barclays Bank PLC 2.10 12/23/2033 USD 74.30 Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 19.01 Lehman Brothers UK Capital 3.88 EUR 3.35 Lehman Brothers UK Capital 5.75 EUR 2.19 Cattles Ltd 7.13 7/5/2017 GBP 0.24 Deutsche Bank AG/London 3.00 2/23/2035 EUR 55.00 Agrokor dd 8.88 2/1/2020 USD 27.57 Eniro AB 6.00 4/14/2020 SEK 10.41 Air Berlin Finance BV 6.00 3/6/2019 EUR 3.82 Lloyds Bank PLC 0.12 1/31/2033 USD 58.85 Afren PLC 11.50 2/1/2016 USD 0.01 Dexia Credit Local SA 1.40 EUR 6.34 Banco Espirito Santo SA 2.32 EUR 0.22 Barclays Bank PLC 0.40 5/31/2033 USD 58.50 Mriya Agro Holding PLC 10.95 3/30/2016 USD 4.79 Smart Solutions GmbH 8.00 12/3/2018 EUR 6.50 Dexia SA 1.45 EUR 7.78 PNE Wind AG 3.75 10/10/2019 EUR 3.52 Barclays Bank PLC 1.33 3/21/2031 USD 67.76 New World Resources NV 8.00 4/7/2020 EUR 3.68 Lehman Brothers UK Capital 5.13 EUR 1.98 Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 0.98 Royal Bank of Scotland PLC/ 1.35 12/30/2030 USD 70.38 Mox Telecom AG 7.25 11/2/2017 EUR 2.43 Barclays Bank PLC 1.35 9/30/2031 USD 67.63 Electromagnetic Geoservices 6.80 6/27/2019 NOK 70.38 Agrokor dd Via Aquarius + I 4.92 8/8/2017 EUR 24.00 Breeze Finance SA 6.71 4/19/2027 EUR 29.05 Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.42 UniCredit Bank Austria AG 0.19 8/20/2033 EUR 69.92 City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 66.00 Espirito Santo Financial Gr 3.13 12/2/2018 EUR 0.09 Veneto Banca SpA 6.41 EUR Belfius Bank SA/NV 1.62 FRF 73.00 Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.57 RENE LEZARD Mode GmbH 7.25 11/25/2017 EUR 22.30 Kaupthing ehf 7.63 2/28/2015 USD 17.63 Bank Nederlandse Gemeenten 0.50 7/12/2022 ZAR 65.73 Manchester Building Society 6.75 GBP 17.00 Deutsche Bank AG/London 1.75 6/30/2034 USD 68.50 Afren PLC 6.63 12/9/2020 USD 0.11 Alno AG 8.00 3/21/2019 EUR 2.25 Stichting Afwikkeling Onder 6.25 10/26/2020 EUR 4.12 Air Berlin Finance BV 8.50 3/6/2019 EUR 3.61 Norske Skogindustrier ASA 7.13 10/15/2033 USD 1.33 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.36 Bank Nadra via NDR Finance 8.25 7/31/2018 USD 0.16 Sequa Petroleum NV 5.00 4/29/2020 USD 69.50 Steilmann SE 7.00 9/23/2018 EUR 1.76 Pescanova SA 5.13 4/20/2017 EUR 2.87 ESFIL-Espirito Santo Financ 5.25 6/12/2015 EUR 0.45 Decipher Production Ltd 12.50 9/27/2018 USD 1.91 Barclays Bank PLC 1.54 12/30/2030 USD 67.25 Barclays Bank PLC 1.04 3/28/2034 USD 66.20 Norske Skog Holding AS 8.00 2/24/2023 USD 12.25 Geotech Seismic Services PJ 11.50 10/16/2019 RUB 50.29 LBI HF 6.10 8/25/2011 USD 7.88 Oi Brasil Holdings Cooperat 5.75 2/10/2022 USD 34.88 BLT Finance BV 7.50 5/15/2014 USD 2.05 Atari SA 0.10 4/1/2020 EUR 5.70 Abengoa Finance SA 7.75 2/1/2020 USD 1.42 KPNQwest NV 7.13 6/1/2009 EUR 0.06 Societe Generale SA 0.81 EUR 70.50 International Finance Facil 0.50 6/24/2024 ZAR 52.80 Pacific Drilling SA 5.38 6/1/2020 USD 35.41 Barclays Bank PLC 0.46 3/21/2033 USD 65.00 Intelsat Luxembourg SA 12.50 11/15/2024 USD 61.79 Ideal Standard Internationa 11.75 5/1/2018 EUR 4.83 Havila Shipping ASA 5.29 11/7/2020 NOK 69.25 GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 31.38 New Look Secured Issuer PLC 6.50 7/1/2022 GBP 61.27 Bank Otkritie Financial Cor 10.00 4/26/2019 USD 18.75 Steilmann SE 6.75 6/27/2017 EUR 5.38 More & More AG 8.13 6/11/2018 EUR 59.38 Barclays Bank PLC 1.87 7/28/2031 USD 65.60 Echo Investment SA 4.31 4/23/2018 PLN 0.01 Phones4u Finance PLC 9.50 4/1/2018 GBP 73.88 Windreich GmbH 6.50 7/15/2016 EUR 14.63 Vneshprombank Ltd via VPB F 9.00 11/14/2016 USD 0.53 Deutsche Bank AG/London 2.39 11/26/2034 USD 70.50 Virgolino de Oliveira Finan 10.50 1/28/2018 USD 7.25 Barclays Bank PLC 0.30 3/28/2033 USD 61.00 Vimpel-Communications PJSC 1.00 10/3/2025 RUB 80.66 Espirito Santo Financial Gr 9.75 12/19/2025 EUR 1.28 Stichting Afwikkeling Onder 11.25 EUR 0.49 Deutsche Bank AG/London 2.56 10/31/2034 USD 71.00 Petrol AD 5.50 1/26/2022 EUR 29.25 Offshore Drilling Holding S 8.38 9/20/2020 USD 40.64 Touax SA 6.00 7/10/2020 EUR 17.79 Virgolino de Oliveira Finan 10.88 1/13/2020 USD 25.00 Lloyds Bank PLC 0.43 2/22/2033 USD 58.07 Barclays Bank PLC 1.54 12/30/2030 USD 71.13 Montepio Holding SGPS SA 5.00 EUR 50.00 Barclays Bank PLC 1.84 11/1/2031 USD 67.10 SAir Group 0.13 7/7/2005 CHF 12.13 International Industrial Ba 9.00 7/6/2011 EUR 0.45 Solon SE 1.38 12/6/2012 EUR 0.33 DEMIRE Real Estate AG 6.00 12/30/2018 EUR 4.00 Enterprise Holdings LTD 7.00 3/30/2020 EUR 3.46 getgoods.de AG 7.75 10/2/2017 EUR 0.23 Societe Generale SA 0.15 4/29/2033 USD 65.00 German Pellets GmbH 7.25 11/27/2019 EUR 1.15 JZ Capital Partners Ltd 6.00 7/30/2021 GBP 10.50 Minaya Capital AG 7.00 8/1/2018 EUR Lloyds Bank PLC 2.35 7/26/2033 USD 69.38 Lehman Brothers UK Capital 6.90 USD 1.89 Etablissements Maurel et Pr 2.75 7/1/2021 EUR 10.66 Northland Resources AB 4.00 10/15/2020 USD 0.45 Deutsche Bank AG/London 0.41 3/15/2033 USD 60.00 IT Holding Finance SA 9.88 11/15/2012 EUR 2.45 Alpine Holding GmbH 6.00 5/22/2017 EUR 0.35 Sazka AS 9.00 7/12/2021 EUR 0.50 Santander Finance Capital S 2.00 EUR 61.00 Tonon Luxembourg SA 10.50 5/14/2024 USD 40.50 Bank Otkritie Financial Cor 10.00 12/17/2019 USD 9.13 Agrokor dd 9.88 5/1/2019 EUR 25.75 Portugal Telecom Internatio 5.24 11/6/2017 EUR 33.70 Banca Carige SpA 5.70 9/17/2020 EUR 64.60 Barclays Bank PLC 1.35 9/30/2031 USD 66.62 CRC Breeze Finance SA 6.11 5/8/2026 EUR 51.88 World Wide Supply AS 7.75 5/26/2017 USD 15.38 Barclays Bank PLC 1.42 2/25/2031 USD 66.15 Portigon AG 7.46 12/31/2019 EUR 28.50 New Look Secured Issuer PLC 4.50 7/1/2022 EUR 59.75 KTG Agrar SE 7.25 10/15/2019 EUR 3.49 Banco Espirito Santo SA 6.88 7/15/2016 EUR 30.26 Sidetur Finance BV 10.00 4/20/2016 USD 4.96 BNP Paribas SA 0.13 4/30/2033 USD 61.25 HSH Nordbank AG 3.21 5/6/2030 EUR 74.30 German Pellets GmbH 7.25 7/9/2018 EUR 1.56 UniCredit Bank Austria AG 0.17 12/31/2031 EUR 71.92 Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 28.38 PA Resources AB 3.00 12/27/2017 NOK 0.05 Norske Skog Holding AS 8.00 2/24/2021 EUR 5.88 Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 8.50 Cooperatieve Rabobank UA 0.50 2/26/2029 HUF 61.79 Banco Pinto & Sotto Mayor 0.64 EUR 38.01 Corporate Commercial Bank A 8.25 8/8/2014 USD 0.94 Depfa Funding II LP 6.50 EUR 58.03 Vseukrainsky Aktsinerny Ban 10.90 6/14/2019 USD 0.10 Santander Finance Capital S 2.00 EUR 61.23 Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 5.03 Otkritie Holding JSC 12.00 4/25/2028 RUB 22.03 Rem Offshore ASA 5.00 12/8/2024 NOK 35.76 Intesa Sanpaolo SpA 5.63 3/18/2024 GBP 63.35 EFG International AG 1.14 EUR 61.62 Rudolf Woehrl AG 6.50 2/12/2018 EUR 6.20 Finmek International SA 7.00 12/3/2004 EUR 5.63 Tonon Luxembourg SA 10.50 5/14/2024 USD 40.50 Steilmann SE 7.00 3/9/2017 EUR 1.76 Sairgroup Finance BV 4.38 6/8/2006 EUR 8.75 Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 8.50 SeaBird Exploration Finance 6.00 6/30/2020 USD 20.13 Kaupthing ehf 5.75 10/4/2011 USD 17.63 Waste Italia SpA 10.50 11/15/2019 EUR 7.13 OGX Austria GmbH 8.38 4/1/2022 USD 0.90 Far Eastern Shipping Co PLC 12.25 11/28/2017 RUB 60.00 Rosneft Oil Co PJSC 7.95 12/11/2023 RUB 73.02 OGX Austria GmbH 8.38 4/1/2022 USD 0.90 Region of Abruzzo Italy 0.13 11/7/2036 EUR 62.15 KPNQwest NV 10.00 3/15/2012 EUR 0.06 Frey 6.00 11/15/2022 EUR 23.11 OGX Austria GmbH 8.50 6/1/2018 USD 0.93 Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.29 Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.35 Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 8.50 Norske Skog Holding AS 8.00 2/24/2023 USD 4.51 UniCredit Bank Austria AG 0.02 1/25/2031 EUR 73.18 Lloyds Bank PLC 1/29/2034 USD 73.80 SeniVita Sozial gemeinnuetz 7.00 EUR 74.00 MPS Capital Services Banca 4.33 3/14/2024 EUR 49.05 Royal Bank of Scotland PLC/ 1.42 11/16/2030 USD 68.25 Deutsche Bank AG 0.10 6/28/2033 USD 60.61 German Pellets GmbH 7.25 4/1/2016 EUR 1.32 Afren PLC 10.25 4/8/2019 USD 0.02 CBo Territoria 6.00 1/1/2020 EUR 4.10 Alpine Holding GmbH 5.25 7/1/2015 EUR 0.31 Lloyds Bank PLC 2.18 7/5/2033 USD 66.41 Enterprise Holdings LTD 7.00 9/26/2017 EUR 3.42 Hellas Telecommunications L 8.50 10/15/2013 EUR 0.24 Dannemora Mineral AB 11.75 3/22/2016 USD 0.13 IVG Immobilien AG 5.50 EUR 2.13 IM Skaugen SE 10.15 4/6/2018 USD 35.63 Stichting Afwikkeling Onder 2.42 EUR 0.49 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Treasury Co 5.25 4/1/2023 EUR 3.81 Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 3.81 Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 3.81 Rusfinans Bank OOO 8.75 9/29/2020 RUB 60.26 Credit Suisse AG/London 9.00 4/27/2020 USD 9.51 Municipiul Timisoara 0.76 5/15/2026 RON 64.00 UBS AG/London 1.38 5/29/2020 USD 10.00 Araratbank OJSC 7.00 12/2/2017 USD 25.35 Bank Julius Baer & Co Ltd/G 9.00 11/16/2017 USD 32.65 Araratbank OJSC 7.25 6/27/2018 USD 25.55 UBS AG 13.00 12/22/2017 EUR 68.94 Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 3.81 TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.01 Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 3.81 Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 3.81 Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 3.81 Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 8.50 Lehman Brothers Treasury Co 10.00 6/17/2009 USD 3.81 Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 3.81 Societe Generale SA 0.50 5/22/2024 MXN 59.57 BAWAG PSK Versicherungs AG 0.92 EUR 59.97 Lehman Brothers Treasury Co 13.50 6/2/2009 USD 3.81 Heta Asset Resolution AG 4.88 12/31/2023 EUR 34.63 Royal Bank of Scotland PLC/ 1.33 10/26/2018 GBP 1.10 Russian Railways JSC 4.90 8/18/2033 RUB 60.06 Araratbank OJSC 8.00 6/10/2018 USD 25.74 Sviaz Bank OAO 9.75 12/9/2021 RUB 60.27 Barclays Bank PLC 1.00 5/10/2019 JPY 71.44 RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 1.00 Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 3.81 Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 3.81 Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 8.50 Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 3.81 Cerruti Finance SA 6.50 7/26/2004 EUR 1.32 Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 3.81 Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 3.81 Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 3.81 Portugal Telecom Internatio 4.63 5/8/2020 EUR 34.00 Russian Railways JSC 10.30 4/3/2026 RUB 60.06 BNP Paribas Emissions- und 17.00 11/23/2017 EUR 68.18 Commerzbank AG 5.00 2/9/2018 EUR 40.90 Araratbank OJSC 7.00 6/18/2019 USD 25.87 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71.70 Deutsche Bank AG 6.20 12/19/2017 EUR 70.70 Deutsche Bank AG 6.20 3/20/2018 EUR 72.30 Deutsche Bank AG 6.20 6/19/2018 EUR 74.40 Deutsche Bank AG 6.20 6/19/2018 EUR 71.10 Vontobel Financial Products 9.55 3/23/2018 EUR 73.80 Vontobel Financial Products 6.00 6/22/2018 EUR 74.15 Vontobel Financial Products 8.00 6/22/2018 EUR 72.15 Vontobel Financial Products 11.00 6/22/2018 EUR 69.66 BNP Paribas Emissions- und 10.00 6/21/2018 EUR 74.56 DZ Bank AG Deutsche Zentral 5.25 4/27/2018 EUR 58.72 BNP Paribas Emissions- und 11.00 6/21/2018 EUR 72.84 BNP Paribas Emissions- und 14.00 6/21/2018 EUR 71.43 DZ Bank AG Deutsche Zentral 8.00 12/22/2017 EUR 68.70 DZ Bank AG Deutsche Zentral 8.00 3/23/2018 EUR 70.69 BNP Paribas Emissions- und 15.00 11/23/2017 EUR 70.82 BNP Paribas Emissions- und 7.50 12/21/2017 EUR 73.68 BNP Paribas Emissions- und 9.00 12/21/2017 EUR 71.04 BNP Paribas Emissions- und 11.00 12/21/2017 EUR 68.66 BNP Paribas Emissions- und 14.00 12/21/2017 EUR 65.44 BNP Paribas Emissions- 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Raiffeisen Schweiz Genossen 6.50 7/2/2018 USD 53.69 Deutsche Bank AG 6.50 12/19/2017 EUR 70.49 Deutsche Bank AG 4.50 12/19/2017 EUR 70.20 Deutsche Bank AG 4.50 12/19/2017 EUR 70.20 Deutsche Bank AG 6.50 12/19/2017 EUR 65.83 Deutsche Bank AG 6.50 12/19/2017 EUR 65.83 Deutsche Bank AG 6.50 12/19/2017 EUR 65.83 Deutsche Bank AG 4.50 12/19/2017 EUR 65.54 Deutsche Bank AG 4.50 12/19/2017 EUR 65.54 AKB Peresvet ZAO 13.50 6/23/2021 RUB 20.00 DZ Bank AG Deutsche Zentral 8.70 12/22/2017 EUR 39.91 DZ Bank AG Deutsche Zentral 10.10 12/22/2017 EUR 37.46 Deutsche Bank AG 6.50 12/19/2017 EUR 70.49 Deutsche Bank AG 4.50 12/19/2017 EUR 70.20 Deutsche Bank AG 4.50 12/19/2017 EUR 65.54 Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00 DZ Bank AG Deutsche Zentral 11.00 12/22/2017 EUR 69.33 Commerzbank AG 4.00 7/6/2018 EUR 48.33 DZ Bank AG Deutsche Zentral 8.80 3/23/2018 EUR 63.93 HSBC Trinkaus & Burkhardt A 5.80 3/23/2018 EUR 58.94 DZ Bank AG Deutsche Zentral 7.25 12/22/2017 EUR 68.68 DZ Bank AG Deutsche 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3/22/2018 EUR 71.22 BNP Paribas Emissions- und 12.00 3/22/2018 EUR 69.42 Vontobel Financial Products 6.50 3/23/2018 EUR 67.72 Raiffeisen Centrobank AG 9.85 12/20/2017 EUR 52.36 Commerzbank AG 8.50 2/22/2018 EUR 58.43 Commerzbank AG 12.00 2/22/2018 EUR 53.34 Commerzbank AG 7.25 2/22/2018 EUR 72.13 Commerzbank AG 9.00 2/22/2018 EUR 69.88 HSBC Trinkaus & Burkhardt A 13.80 12/22/2017 EUR 44.00 HSBC Trinkaus & Burkhardt A 11.90 12/22/2017 EUR 45.80 HSBC Trinkaus & Burkhardt A 4.60 12/22/2017 EUR 57.42 HSBC Trinkaus & Burkhardt A 10.20 11/24/2017 EUR 47.11 DZ Bank AG Deutsche Zentral 8.70 12/22/2017 EUR 48.73 Raiffeisen Schweiz Genossen 10.64 1/23/2018 USD 68.42 HSBC Trinkaus & Burkhardt A 12.10 3/23/2018 EUR 48.77 HSBC Trinkaus & Burkhardt A 11.30 3/23/2018 EUR 49.57 HSBC Trinkaus & Burkhardt A 8.30 3/23/2018 EUR 53.49 HSBC Trinkaus & Burkhardt A 10.40 11/24/2017 EUR 48.37 Raiffeisen Centrobank AG 13.01 12/20/2017 EUR 50.93 Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 55.66 Commerzbank AG 5.75 2/22/2018 EUR 65.39 Commerzbank AG 15.75 2/22/2018 EUR 49.55 Commerzbank AG 5.75 2/22/2018 EUR 74.70 Vontobel Financial Products 12.80 12/8/2017 EUR 74.49 Vontobel Financial Products 14.55 3/9/2018 EUR 74.44 Vontobel Financial Products 9.45 3/9/2018 EUR 73.18 BNP Paribas Emissions- und 15.00 3/22/2018 EUR 73.33 Bank Julius Baer & Co Ltd/G 5.25 3/14/2018 CHF 73.55 UBS AG/London 14.00 12/22/2017 EUR 70.41 UBS AG/London 7.30 12/22/2017 EUR 74.37 UBS AG/London 12.50 2/23/2018 EUR 72.02 UBS AG/London 11.40 12/22/2017 EUR 75.82 UBS AG/London 13.40 2/22/2018 EUR 72.44 UBS AG/London 12.10 6/22/2018 EUR 76.51 UBS AG/London 15.30 12/22/2017 EUR 70.78 UBS AG/London 12.80 6/22/2018 EUR 77.11 Vontobel Financial Products 8.05 12/22/2017 USD 38.52 DZ Bank AG Deutsche Zentral 5.70 12/22/2017 EUR 74.82 DZ Bank AG Deutsche Zentral 7.10 12/22/2017 EUR 51.15 DZ Bank AG Deutsche Zentral 5.25 7/27/2018 EUR 69.47 Vontobel Financial Products 5.00 12/22/2017 EUR 74.02 Vontobel Financial Products 11.50 3/23/2018 EUR 69.71 DZ Bank AG Deutsche Zentral 11.50 12/22/2017 EUR 54.14 Vontobel Financial Products 7.50 3/23/2018 EUR 71.99 UBS AG/London 1.38 5/29/2020 USD 10.18 HSBC Trinkaus & Burkhardt A 3.00 6/22/2018 EUR 70.86 UBS AG/London 15.30 6/21/2018 EUR 74.22 DZ Bank AG Deutsche Zentral 8.75 6/22/2018 EUR 71.28 Vontobel Financial Products 5.00 6/22/2018 EUR 69.95 DZ Bank AG Deutsche Zentral 10.00 12/22/2017 EUR 60.10 Leonteq Securities AG 16.60 5/7/2018 USD 51.18 Vontobel Financial Products 7.00 12/22/2017 EUR 70.79 Vontobel Financial Products 9.05 12/22/2017 EUR 68.28 Vontobel Financial Products 5.50 12/22/2017 EUR 73.61 UBS AG/London 6.50 1/25/2018 CHF 70.60 HSBC Trinkaus & Burkhardt A 10.10 2/23/2018 EUR 53.47 HSBC Trinkaus & Burkhardt A 11.60 3/23/2018 EUR 52.12 HSBC Trinkaus & Burkhardt A 8.40 3/23/2018 EUR 56.57 HSBC Trinkaus & Burkhardt A 5.60 3/23/2018 EUR 62.74 HSBC Trinkaus & Burkhardt A 7.70 3/23/2018 EUR 70.20 Commerzbank AG 6.25 1/25/2018 EUR 65.27 Commerzbank AG 9.25 1/25/2018 EUR 58.02 Commerzbank AG 12.75 1/25/2018 EUR 52.64 Commerzbank AG 16.50 1/25/2018 EUR 48.58 Commerzbank AG 5.75 1/25/2018 EUR 73.95 Commerzbank AG 7.25 1/25/2018 EUR 71.26 Commerzbank AG 9.00 1/25/2018 EUR 68.90 Societe Generale SA 17.00 1/31/2018 USD Vontobel Financial Products 13.35 3/9/2018 EUR 70.12 Bank Julius Baer & Co Ltd/G 7.75 2/9/2018 USD 40.60 DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 61.29 Vontobel Financial Products 10.40 12/8/2017 EUR 66.23 Vontobel Financial Products 14.50 12/22/2017 EUR 71.05 HSBC Trinkaus & Burkhardt A 10.10 1/26/2018 EUR 52.72 HSBC Trinkaus & Burkhardt A 8.20 12/22/2017 EUR 71.18 Bank J Safra Sarasin AG/Gue 12.75 2/1/2018 USD 68.30 Deutsche Bank AG 5.20 12/19/2017 EUR 67.40 Deutsche Bank AG 5.20 3/20/2018 EUR 68.50 Deutsche Bank AG 7.20 3/20/2018 EUR 69.30 Deutsche Bank AG 7.20 6/19/2018 EUR 71.00 Deutsche Bank AG 5.20 6/19/2018 EUR 69.70 BNP Paribas Emissions- und 4.00 12/21/2017 EUR 70.14 BNP Paribas Emissions- und 8.00 12/21/2017 EUR 70.67 BNP Paribas Emissions- und 6.00 12/31/2018 EUR 73.95 Vontobel Financial Products 16.00 12/22/2017 EUR 45.15 Vontobel Financial Products 5.00 3/23/2018 EUR 60.41 Vontobel Financial Products 6.00 3/23/2018 EUR 57.19 Vontobel Financial Products 7.50 3/23/2018 EUR 54.60 Vontobel Financial Products 9.00 3/23/2018 EUR 52.37 Vontobel Financial Products 10.50 3/23/2018 EUR 50.41 Vontobel Financial Products 12.50 3/23/2018 EUR 48.91 Vontobel Financial Products 14.50 3/23/2018 EUR 47.61 Vontobel Financial Products 13.50 12/22/2017 EUR 71.91 Vontobel Financial Products 11.00 3/23/2018 EUR 74.38 Vontobel Financial Products 14.50 3/23/2018 EUR 71.12 Vontobel Financial Products 6.50 12/22/2017 EUR 55.83 Vontobel Financial Products 5.50 12/22/2017 EUR 57.46 Vontobel Financial Products 14.00 12/22/2017 EUR 45.93 Vontobel Financial Products 11.00 12/22/2017 EUR 49.06 Vontobel Financial Products 10.00 12/22/2017 EUR 50.24 Vontobel Financial Products 9.00 12/22/2017 EUR 51.49 UniCredit Bank AO 9.00 8/6/2019 RUB 67.01 Raiffeisen Centrobank AG 12.34 12/20/2017 EUR 68.99 Raiffeisen Centrobank AG 9.78 12/28/2018 EUR 71.13 Raiffeisen Centrobank AG 15.30 12/20/2017 EUR 69.37 Raiffeisen Centrobank AG 17.49 12/20/2017 EUR 67.56 Raiffeisen Centrobank AG 9.88 6/19/2018 EUR 69.97 Raiffeisen Centrobank AG 10.72 12/28/2018 EUR 67.34 Raiffeisen Centrobank AG 11.84 6/19/2018 EUR 69.06 Raiffeisen Centrobank AG 8.94 12/28/2018 EUR 73.45 Raiffeisen Centrobank AG 11.14 6/19/2018 EUR 66.28 Raiffeisen Centrobank AG 13.02 6/19/2018 EUR 67.46 Raiffeisen Centrobank AG 9.89 12/28/2018 EUR 69.46 HSBC Trinkaus & Burkhardt A 10.50 3/23/2018 EUR 71.57 HSBC Trinkaus & Burkhardt A 10.90 6/22/2018 EUR 71.64 HSBC Trinkaus & Burkhardt A 9.80 6/22/2018 EUR 73.24 DZ Bank AG Deutsche Zentral 5.75 3/23/2018 EUR 57.41 Societe Generale SA 15.00 3/21/2018 USD Bank Julius Baer & Co Ltd/G 11.00 3/29/2018 USD 65.30 Vontobel Financial Products 8.10 12/8/2017 EUR 65.99 HSBC Trinkaus & Burkhardt A 8.30 12/22/2017 EUR 68.40 Commerzbank AG 12.75 11/23/2017 EUR 52.98 UBS AG/London 10.60 12/29/2017 EUR 50.86 UBS AG/London 7.00 12/29/2017 EUR 56.35 UBS AG/London 8.80 12/29/2017 EUR 53.43 UBS AG/London 12.60 12/29/2017 EUR 48.64 UBS AG/London 5.40 12/29/2017 EUR 59.73 Bank Julius Baer & Co Ltd/G 5.40 12/20/2017 CHF 71.70 Vontobel Financial Products 4.50 12/22/2017 EUR 59.20 Vontobel Financial Products 7.00 12/22/2017 EUR 52.67 Vontobel Financial Products 12.00 12/22/2017 EUR 45.64 Vontobel Financial Products 16.00 12/22/2017 EUR 42.22 Vontobel Financial Products 20.00 12/22/2017 EUR 38.00 HSBC Trinkaus & Burkhardt A 14.20 12/22/2017 EUR 48.46 HSBC Trinkaus & Burkhardt A 5.60 12/22/2017 EUR 63.64 HSBC Trinkaus & Burkhardt A 10.50 11/24/2017 EUR 52.57 Societe Generale SA 19.68 12/19/2017 USD HSBC Trinkaus & Burkhardt A 10.10 11/24/2017 EUR 54.10 BNP Paribas Emissions- und 15.00 11/23/2017 EUR 47.12 BNP Paribas Emissions- und 13.00 12/21/2017 EUR 50.59 BNP Paribas Emissions- und 16.00 12/21/2017 EUR 46.12 BNP Paribas Emissions- und 13.00 11/23/2017 EUR 49.58 HSBC Trinkaus & Burkhardt A 8.95 12/22/2017 EUR 49.93 Landesbank Hessen-Thueringe 4.00 5/16/2018 EUR 60.24 DZ Bank AG Deutsche Zentral 9.75 12/22/2017 EUR 54.18 HSBC Trinkaus & Burkhardt A 13.70 12/22/2017 EUR 52.35 HSBC Trinkaus & Burkhardt A 12.70 12/22/2017 EUR 53.67 HSBC Trinkaus & Burkhardt A 9.00 12/22/2017 EUR 59.98 HSBC Trinkaus & Burkhardt A 5.90 12/22/2017 EUR 68.11 HSBC Trinkaus & Burkhardt A 11.00 11/24/2017 EUR 55.84 Credit Suisse AG 9.00 1/12/2018 USD Leonteq Securities AG/Guern 16.20 11/30/2017 USD 10.98 UBS AG/London 10.50 11/13/2017 CHF 75.90 UBS AG/London 11.60 12/29/2017 EUR 37.33 UBS AG/London 5.30 12/29/2017 EUR 45.04 Deutsche Bank AG 6.20 11/22/2017 EUR 73.70 Landesbank Baden-Wuerttembe 3.50 11/24/2017 EUR 71.99 Landesbank Baden-Wuerttembe 5.00 11/24/2017 EUR 70.10 Landesbank Baden-Wuerttembe 4.00 11/24/2017 EUR 72.70 Vontobel Financial Products 8.95 3/9/2018 EUR 73.20 DZ Bank AG Deutsche Zentral 8.00 6/22/2018 EUR 74.54 BNP Paribas Emissions- und 11.00 11/23/2017 EUR 73.39 BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.20 BNP Paribas Emissions- und 9.50 3/22/2018 EUR 75.09 BNP Paribas Emissions- und 13.00 3/22/2018 EUR 71.33 BNP Paribas Emissions- und 7.00 6/21/2018 EUR 79.07 BNP Paribas Emissions- und 8.50 6/21/2018 EUR 76.09 Vontobel Financial Products 13.00 12/22/2017 EUR 48.10 Vontobel Financial Products 7.50 12/22/2017 EUR 55.98 Vontobel Financial Products 11.00 12/22/2017 EUR 50.38 HSBC Trinkaus & Burkhardt A 8.84 12/22/2017 EUR 56.30 DZ Bank AG Deutsche Zentral 6.25 4/27/2018 EUR 75.80 DZ Bank AG Deutsche Zentral 6.50 3/23/2018 EUR 55.03 Commerzbank AG 16.75 11/23/2017 EUR 48.02 Commerzbank AG 6.00 11/23/2017 EUR 67.48 Commerzbank AG 9.25 11/23/2017 EUR 59.31 HSBC Trinkaus & Burkhardt A 13.80 12/22/2017 EUR 49.65 BNP Paribas Emissions- und 12.00 6/21/2018 EUR 53.71 BNP Paribas Emissions- und 14.00 12/21/2017 EUR 71.97 Bank Julius Baer & Co Ltd/G 12.15 5/4/2018 USD 46.55 Commerzbank AG 12.50 1/25/2018 EUR 74.12 DZ Bank AG Deutsche Zentral 5.00 5/25/2018 EUR 75.48 UniCredit Bank AG 14.00 12/22/2017 EUR 69.96 Vontobel Financial Products 14.00 6/8/2018 EUR 71.03 Vontobel Financial Products 7.00 6/8/2018 EUR 66.50 Bank Julius Baer & Co Ltd/G 10.45 5/11/2018 USD 66.20 DZ Bank AG Deutsche Zentral 12.25 11/24/2017 EUR 54.38 DZ Bank AG Deutsche Zentral 11.25 11/24/2017 EUR 65.68 Deutsche Bank AG 7.20 12/19/2017 EUR 74.30 Deutsche Bank AG 5.20 12/19/2017 EUR 74.00 Deutsche Bank AG 5.20 12/19/2017 EUR 70.50 Deutsche Bank AG 7.20 12/19/2017 EUR 70.80 Deutsche Bank AG 5.20 12/19/2017 EUR 65.90 Deutsche Bank AG 7.20 12/19/2017 EUR 66.20 Credit Suisse AG/London 8.50 3/13/2018 USD 64.41 Vontobel Financial Products 13.00 12/22/2017 EUR 73.72 Commerzbank AG 11.00 2/21/2018 EUR 66.57 Leonteq Securities AG 10.20 10/24/2018 EUR 52.08 Vontobel Financial Products 12.00 12/22/2017 EUR 70.69 Bank Julius Baer & Co Ltd/G 7.00 11/1/2017 CHF 71.80 HSBC Trinkaus & Burkhardt A 7.50 12/22/2017 EUR 74.11 BNP Paribas Emissions- und 8.00 12/21/2017 EUR 56.01 BNP Paribas Emissions- und 8.00 6/21/2018 EUR 59.70 BNP Paribas Emissions- und 13.00 6/21/2018 EUR 52.05 Landesbank Baden-Wuerttembe 3.15 6/22/2018 EUR 62.51 UBS AG 5.25 12/22/2017 EUR 56.17 UBS AG 7.75 12/22/2017 EUR 70.08 UBS AG 11.75 12/22/2017 EUR 32.06 UBS AG 10.25 12/22/2017 EUR 70.74 UBS AG 7.50 12/22/2017 EUR 44.90 UBS AG 6.75 12/22/2017 EUR 48.52 UBS AG 10.50 12/22/2017 EUR 67.73 UBS AG 6.25 12/22/2017 EUR 48.32 UBS AG 8.25 12/22/2017 EUR 62.11 UBS AG 4.50 12/22/2017 EUR 60.95 UBS AG 10.50 12/22/2017 EUR 63.73 Lehman Brothers Treasury Co 10.00 10/23/2008 USD 3.81 Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 3.81 Lehman Brothers Treasury Co 10.00 10/22/2008 USD 3.81 UNGP-Finance OOO 10.00 4/20/2021 RUB 0.02 Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 3.81 Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 3.81 Lloyds Bank PLC 0.50 7/26/2028 MXN 33.19 Lehman Brothers Treasury Co 16.20 5/14/2009 USD 3.81 Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 3.81 Lehman Brothers Treasury Co 16.00 11/9/2008 USD 3.81 MIK OAO 15.00 2/19/2020 RUB 2.09 Lehman Brothers Treasury Co 16.00 10/28/2008 USD 3.81 Kaupthing ehf 7.50 12/5/2014 ISK 17.63 Lehman Brothers Treasury Co 2.30 6/27/2013 USD 3.81 Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 3.81 Lehman Brothers Treasury Co 2.37 7/15/2013 USD 3.81 Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 3.81 Lehman Brothers Treasury Co 10.00 5/22/2009 USD 3.81 Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 3.81 Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 3.81 Sviaz Bank OAO 10.00 4/7/2022 RUB 60.17 Lehman Brothers Treasury Co 9.75 6/22/2018 USD 3.81 Lehman Brothers Treasury Co 3.60 3/19/2018 JPY 3.81 Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 3.81 Lehman Brothers Treasury Co 8.00 5/22/2009 USD 3.81 Kaupthing ehf 6.50 10/8/2010 ISK 17.63 Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 3.81 Lehman Brothers Treasury Co 3.45 5/23/2013 USD 3.81 Lehman Brothers Treasury Co 6.00 3/4/2015 USD 3.81 Lehman Brothers Treasury Co 7.15 3/21/2013 USD 3.81 Lehman Brothers Treasury Co 7.05 4/8/2015 USD 3.81 Lehman Brothers Treasury Co 9.50 4/1/2018 USD 3.81 Lehman Brothers Treasury Co 8.00 3/19/2012 USD 3.81 Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 3.81 LBI HF 5.08 3/1/2013 ISK 7.13 Lehman Brothers Treasury Co 1.00 2/26/2010 USD 3.81 Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 3.81 LBI HF 8.65 5/1/2011 ISK 7.13 Bashneft PJSC 12.00 5/19/2025 RUB 60.06 Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 3.81 Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 3.81 Lehman Brothers Treasury Co 5.38 2/4/2014 USD 3.81 Lehman Brothers Treasury Co 8.00 3/21/2018 USD 3.81 Heta Asset Resolution AG 0.38 12/31/2023 EUR 34.63 Lehman Brothers Treasury Co 4.10 5/20/2009 USD 3.81 Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 3.81 Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 3.81 Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 3.81 Lehman Brothers Treasury Co 3.82 10/20/2009 USD 3.81 Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 3.81 Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 3.81 Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 3.81 Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 3.81 Lehman Brothers Treasury Co 3.10 6/4/2010 USD 3.81 Lehman Brothers Treasury Co 16.80 8/21/2009 USD 3.81 Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 3.81 Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 3.81 Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 3.81 Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 3.81 HSBC Bank PLC 0.50 4/27/2027 NZD 68.82 Lehman Brothers Treasury Co 4.00 8/11/2010 USD 8.50 Lehman Brothers Treasury Co 2.30 6/6/2013 USD 3.81 Lehman Brothers Treasury Co 14.10 11/12/2008 USD 3.81 EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.36 Lehman Brothers Treasury Co 4.30 6/4/2012 USD 3.81 Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 3.81 Lehman Brothers Treasury Co 4.00 6/5/2011 USD 3.81 Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 3.81 Lehman Brothers Treasury Co 11.00 5/9/2020 USD 3.81 Societe Generale SA 0.50 4/4/2024 MXN 60.24 Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 3.81 Lehman Brothers Treasury Co 0.01 9/20/2011 USD 3.81 Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 3.81 Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 3.81 Credit Suisse AG 0.50 12/16/2025 BRL 46.53 Lehman Brothers Treasury Co 3.50 10/31/2011 USD 3.81 Lehman Brothers Treasury Co 5.25 11/21/2009 USD 3.81 Heta Asset Resolution AG 5.03 12/31/2023 EUR 34.63 Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 3.81 Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 3.81 Lehman Brothers Treasury Co 17.00 6/2/2009 USD 3.81 Lehman Brothers Treasury Co 12.40 6/12/2009 USD 3.81 Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 3.81 Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 3.81 Lehman Brothers Treasury Co 16.00 12/26/2008 USD 3.81 Lehman Brothers Treasury Co 11.00 7/4/2011 USD 3.81 Lehman Brothers Treasury Co 13.15 10/30/2008 USD 3.81 Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 3.81 Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 3.81 Vontobel Financial Products 10.20 12/8/2017 EUR 71.03 Vontobel Financial Products 13.55 12/8/2017 EUR 66.72 Landesbank Hessen-Thueringe 2.75 12/28/2017 EUR 75.00 Deutsche Bank AG 4.20 11/22/2017 EUR 73.60 HSBC Trinkaus & Burkhardt A 6.50 1/29/2018 EUR 44.11 UBS AG/London 6.40 12/8/2017 EUR 40.84 UBS AG/London 9.60 12/8/2017 EUR 36.40 DekaBank Deutsche Girozentr 3.00 8/16/2019 EUR 74.38 Vontobel Financial Products 4.00 12/21/2018 EUR 64.50 Landesbank Baden-Wuerttembe 2.90 7/27/2018 EUR 65.91 Vontobel Financial Products 10.60 12/8/2017 EUR 70.07 Vontobel Financial Products 19.60 12/8/2017 EUR 59.78 Royal Bank of Scotland PLC/ 6.20 9/7/2018 GBP 1.04 SG Issuer SA 0.82 8/2/2021 SEK 61.13 Commerzbank AG 20.00 5/28/2018 SEK 59.81 Deutsche Bank AG 4.20 6/19/2018 EUR 73.10 Deutsche Bank AG 4.20 6/19/2018 EUR 69.80 Deutsche Bank AG 4.20 9/25/2018 EUR 74.20 Deutsche Bank AG 4.20 12/27/2018 EUR 71.90 DZ Bank AG Deutsche Zentral 10.00 12/22/2017 EUR 59.32 DZ Bank AG Deutsche Zentral 11.80 12/22/2017 EUR 56.88 DZ Bank AG Deutsche Zentral 7.70 3/23/2018 EUR 60.85 DZ Bank AG Deutsche Zentral 9.60 3/23/2018 EUR 58.93 DZ Bank AG Deutsche Zentral 7.40 12/22/2017 EUR 72.32 UBS AG 1.38 5/20/2019 USD 9.01 Vontobel Financial Products 8.00 6/22/2018 EUR 71.94 Vontobel Financial Products 9.50 6/22/2018 EUR 70.64 HSBC Trinkaus & Burkhardt A 6.28 12/22/2017 EUR 75.00 Vontobel Financial Products 10.10 6/8/2018 EUR 73.10 Vontobel Financial Products 13.10 9/14/2018 EUR 74.07 UBS AG 5.04 10/4/2018 USD 11.84 Vontobel Financial Products 3.00 6/8/2018 EUR 64.07 Vontobel Financial Products 7.80 6/8/2018 EUR 66.99 DZ Bank AG Deutsche Zentral 8.40 3/23/2018 EUR 73.14 DZ Bank AG Deutsche Zentral 6.80 6/22/2018 EUR 74.24 DZ Bank AG Deutsche Zentral 8.20 6/22/2018 EUR 72.34 DZ Bank AG Deutsche Zentral 6.50 12/22/2017 EUR 73.75 DZ Bank AG Deutsche Zentral 8.70 6/22/2018 EUR 73.34 DZ Bank AG Deutsche Zentral 9.50 6/22/2018 EUR 72.19 UBS AG/London 12.50 4/5/2018 USD 66.50 Vontobel Financial Products 12.45 12/8/2017 EUR 66.45 Vontobel Financial Products 6.55 3/9/2018 EUR 67.48 BNP Paribas Emissions- und 7.00 11/23/2017 EUR 77.93 BNP Paribas Emissions- und 14.00 11/23/2017 EUR 70.68 BNP Paribas Emissions- und 11.00 12/21/2017 EUR 74.16 HSBC Trinkaus & Burkhardt A 8.80 9/28/2018 EUR 72.09 Deutsche Bank AG 4.20 6/19/2018 EUR 73.10 Deutsche Bank AG 4.20 9/25/2018 EUR 74.20 Deutsche Bank AG 4.20 12/19/2017 EUR 70.40 Deutsche Bank AG 4.20 3/20/2018 EUR 71.50 Deutsche Bank AG 4.20 9/25/2018 EUR 70.90 Deutsche Bank AG 5.20 11/22/2017 EUR 70.20 Deutsche Bank AG 5.20 1/24/2018 EUR 71.10 Deutsche Bank AG 5.20 2/21/2018 EUR 71.40 Vontobel Financial Products 6.50 6/22/2018 EUR 73.36 Vontobel Financial Products 11.00 6/22/2018 EUR 69.46 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 74.66 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 73.14 BNP Paribas Emissions- und 26.00 12/21/2017 EUR 60.83 BNP Paribas Emissions- und 26.00 12/21/2017 EUR 58.07 BNP Paribas Emissions- und 23.00 12/21/2017 EUR 63.70 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 44.28 BNP Paribas Emissions- und 15.00 12/21/2017 EUR 68.23 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 61.15 BNP Paribas Emissions- und 24.00 12/21/2017 EUR 62.38 BNP Paribas Emissions- und 23.00 12/21/2017 EUR 44.83 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 52.45 BNP Paribas Emissions- und 22.00 12/21/2017 EUR 44.39 BNP Paribas Emissions- und 22.00 12/21/2017 EUR 71.80 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 57.31 BNP Paribas Emissions- und 25.00 12/21/2017 EUR 63.16 BNP Paribas Emissions- und 25.00 12/21/2017 EUR 60.05 BNP Paribas Emissions- und 24.00 12/21/2017 EUR 68.10 BNP Paribas Emissions- und 24.00 12/21/2017 EUR 70.21 BNP Paribas Emissions- und 22.00 12/21/2017 EUR 66.54 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 56.31 BNP Paribas Emissions- und 10.00 12/21/2017 EUR 30.70 BNP Paribas Emissions- und 25.00 12/21/2017 EUR 18.05 BNP Paribas Emissions- und 15.00 12/21/2017 EUR 53.24 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 64.62 BNP Paribas Emissions- und 25.00 12/21/2017 EUR 38.04 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 35.67 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 47.25 BNP Paribas Emissions- und 24.00 12/21/2017 EUR 70.51 BNP Paribas Emissions- und 19.00 12/21/2017 EUR 64.21 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 47.80 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 37.66 BNP Paribas Emissions- und 22.00 12/21/2017 EUR 59.40 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 49.84 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 64.18 UniCredit Bank AG 4.00 6/26/2018 EUR 55.78 Landesbank Baden-Wuerttembe 3.25 1/26/2018 EUR 60.15 Landesbank Baden-Wuerttembe 3.00 2/23/2018 EUR 60.40 DZ Bank AG Deutsche Zentral 5.25 11/24/2017 EUR 73.17 Vontobel Financial Products 7.00 11/24/2017 EUR 72.42 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 57.32 BNP Paribas Emissions- und 26.00 12/21/2017 EUR 57.88 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 57.75 BNP Paribas Emissions- und 29.00 12/21/2017 EUR 51.86 BNP Paribas Emissions- und 10.00 12/21/2017 EUR 70.29 BNP Paribas Emissions- und 24.00 12/21/2017 EUR 67.81 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 37.55 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 55.46 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 56.09 BNP Paribas Emissions- und 29.00 12/21/2017 EUR 51.84 BNP Paribas Emissions- und 22.00 12/21/2017 EUR 72.46 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 60.87 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 48.95 BNP Paribas Emissions- und 26.00 12/21/2017 EUR 65.58 BNP Paribas Emissions- und 26.00 12/21/2017 EUR 55.49 BNP Paribas Emissions- und 6.00 12/21/2017 EUR 37.48 BNP Paribas Emissions- und 13.00 12/21/2017 EUR 26.91 BNP Paribas Emissions- und 7.00 12/21/2017 EUR 71.10 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 65.18 BNP Paribas Emissions- und 27.00 12/21/2017 EUR 66.04 BNP Paribas Emissions- und 28.00 12/21/2017 EUR 69.71 BNP Paribas Emissions- und 19.00 12/21/2017 EUR 66.04 Landesbank Hessen-Thueringe 4.00 1/16/2018 EUR 48.05 Goldman Sachs & Co Wertpapi 9.00 12/20/2017 EUR 73.14 SG Issuer SA 0.80 11/30/2020 SEK 55.09 EFG International Finance G 6.48 5/29/2018 EUR 4.55 Leonteq Securities AG/Guern 5.00 12/27/2019 EUR 68.92 EFG International Finance G 7.35 12/28/2017 CHF 65.47 BNP Paribas Emissions- und 13.00 12/21/2017 EUR 71.14 UBS AG 4.09 12/28/2018 USD 57.55 UBS AG 4.92 12/28/2018 USD 60.64 HSBC Trinkaus & Burkhardt A 7.80 12/22/2017 EUR 54.48 HSBC Trinkaus & Burkhardt A 9.70 11/24/2017 EUR 51.03 Commerzbank AG 12.25 12/21/2017 EUR 50.07 Societe Generale SA 7.00 10/20/2020 USD UBS AG/London 6.90 6/22/2018 EUR 53.48 UBS AG/London 9.40 6/22/2018 EUR 50.30 Leonteq Securities AG 10.00 10/30/2017 EUR 60.92 Vontobel Financial Products 11.50 3/23/2018 EUR 69.37 Vontobel Financial Products 10.00 3/23/2018 EUR 71.18 Vontobel Financial Products 8.50 3/23/2018 EUR 73.14 UniCredit Bank AG 11.80 6/22/2018 EUR 74.38 Commerzbank AG 6.50 7/27/2018 EUR 73.56 Commerzbank AG 13.50 12/20/2017 EUR 46.71 Norddeutsche Landesbank Gir 3.00 10/30/2018 EUR 58.81 Bank Julius Baer & Co Ltd/G 5.60 1/12/2018 USD 66.85 DZ Bank AG Deutsche Zentral 5.75 1/26/2018 EUR 65.06 Leonteq Securities AG 7.00 11/6/2017 CHF 34.60 Bank Julius Baer & Co Ltd/G 5.50 11/6/2017 CHF 68.30 Vontobel Financial Products 11.00 3/23/2018 EUR 68.66 HSBC Trinkaus & Burkhardt A 9.70 12/22/2017 EUR 71.78 Vontobel Financial Products 10.50 12/22/2017 EUR 71.75 Vontobel Financial Products 12.50 12/22/2017 EUR 69.35 Vontobel Financial Products 14.50 12/22/2017 EUR 67.15 Vontobel Financial Products 13.00 3/23/2018 EUR 67.64 Vontobel Financial Products 9.00 6/22/2018 EUR 72.59 Vontobel Financial Products 11.50 6/22/2018 EUR 69.78 HSBC Trinkaus & Burkhardt A 13.40 12/22/2017 EUR 47.16 HSBC Trinkaus & Burkhardt A 4.80 12/22/2017 EUR 61.05 Commerzbank AG 5.50 12/21/2017 EUR 62.94 Commerzbank AG 8.50 12/21/2017 EUR 55.59 Commerzbank AG 16.25 12/21/2017 EUR 45.80 Commerzbank AG 9.50 12/21/2017 EUR 74.81 UBS AG/London 8.20 6/22/2018 EUR 51.80 DekaBank Deutsche Girozentr 3.50 10/28/2019 EUR 65.83 Landesbank Baden-Wuerttembe 2.80 11/23/2018 EUR 73.81 UniCredit Bank AG 13.30 12/22/2017 EUR 73.61 UniCredit Bank AG 10.80 6/22/2018 EUR 73.90 UniCredit Bank AG 15.00 6/22/2018 EUR 70.70 UniCredit Bank AG 13.90 6/22/2018 EUR 72.35 UniCredit Bank AG 12.80 6/22/2018 EUR 72.05 UniCredit Bank AG 13.00 6/22/2018 EUR 72.74 UniCredit Bank AG 14.20 6/22/2018 EUR 71.39 UniCredit Bank AG 14.30 12/22/2017 EUR 72.94 Commerzbank AG 8.25 4/26/2018 EUR 73.75 Commerzbank AG 10.25 4/26/2018 EUR 71.26 UniCredit Bank AG 13.10 6/22/2018 EUR 73.98 UniCredit Bank AG 13.20 6/22/2018 EUR 70.77 UniCredit Bank AG 12.10 6/22/2018 EUR 73.84 UniCredit Bank AG 11.30 12/22/2017 EUR 70.89 UniCredit Bank AG 13.50 3/23/2018 EUR 69.24 UniCredit Bank AG 12.70 3/23/2018 EUR 71.07 UniCredit Bank AG 10.60 6/22/2018 EUR 73.37 UniCredit Bank AG 9.30 12/22/2017 EUR 73.40 UniCredit Bank AG 13.90 6/22/2018 EUR 69.22 UniCredit Bank AG 14.30 6/22/2018 EUR 73.82 Commerzbank AG 12.00 4/26/2018 EUR 68.95 UniCredit Bank AG 11.90 6/22/2018 EUR 72.26 UniCredit Bank AG 11.90 3/23/2018 EUR 70.93 UniCredit Bank AG 10.20 3/23/2018 EUR 72.73 BNP Paribas Emissions- und 13.00 12/21/2017 EUR 73.97 BNP Paribas Emissions- und 5.00 12/21/2017 EUR 46.97 BNP Paribas Emissions- und 6.00 12/21/2017 EUR 44.80 BNP Paribas Emissions- und 9.00 12/21/2017 EUR 41.21 BNP Paribas Emissions- und 10.00 12/21/2017 EUR 68.45 Deutsche Bank AG 6.20 12/19/2017 EUR 74.20 Deutsche Bank AG 4.20 12/19/2017 EUR 73.90 UBS AG/London 6.30 12/29/2017 EUR 43.11 DZ Bank AG Deutsche Zentral 8.25 3/23/2018 EUR 70.73 DZ Bank AG Deutsche Zentral 6.00 6/22/2018 EUR 59.82 Landesbank Baden-Wuerttembe 3.40 9/28/2018 EUR 69.15 Deutsche Bank AG 4.20 11/22/2017 EUR 69.40 Deutsche Bank AG 3.20 11/22/2017 EUR 66.50 Deutsche Bank AG 3.20 11/22/2017 EUR 69.50 Deutsche Bank AG 3.20 11/22/2017 EUR 65.20 Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00 Promnefteservis OOO 10.50 11/21/2019 RUB 1.12 DekaBank Deutsche Girozentr 0.12 6/23/2034 EUR 72.32 Leonteq Securities AG 3.00 9/19/2019 CHF 58.18 Raiffeisen Schweiz Genossen 3.00 9/22/2020 CHF 69.38 EFG International Finance G 7.00 11/27/2019 EUR 14.78 Goldman Sachs International 1.00 12/5/2017 SEK 19.74 Societe Generale SA 8.00 2/14/2022 USD Commerzbank AG 14.00 1/24/2018 EUR 48.09 EFG International Finance G 6.21 7/22/2019 EUR 71.97 EFG International Finance G 7.20 7/29/2020 EUR 23.84 Leonteq Securities AG 5.00 9/4/2018 CHF 67.88 DZ Bank AG Deutsche Zentral 8.20 3/23/2018 EUR 55.07 DZ Bank AG Deutsche Zentral 9.60 12/22/2017 EUR 74.35 DZ Bank AG Deutsche Zentral 7.90 3/23/2018 EUR 76.07 DZ Bank AG Deutsche Zentral 7.40 12/22/2017 EUR 54.72 DZ Bank AG Deutsche Zentral 6.00 12/22/2017 EUR 66.96 Vontobel Financial Products 7.55 12/22/2017 EUR 69.89 Vontobel Financial Products 10.50 3/23/2018 EUR 68.11 DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 69.39 DZ Bank AG Deutsche Zentral 7.40 3/23/2018 EUR 56.51 DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 70.18 DZ Bank AG Deutsche Zentral 6.10 3/23/2018 EUR 71.85 DZ Bank AG Deutsche Zentral 7.70 3/23/2018 EUR 69.13 Vontobel Financial Products 8.55 3/23/2018 EUR 67.33 DZ Bank AG Deutsche Zentral 5.00 12/22/2017 EUR 71.21 DZ Bank AG Deutsche Zentral 6.50 2/23/2018 EUR 67.87 DZ Bank AG Deutsche Zentral 5.25 2/23/2018 EUR 71.12 HSBC Trinkaus & Burkhardt A 7.00 3/23/2018 EUR 72.70 Commerzbank AG 1.00 2/19/2020 USD 40.92 UniCredit Bank AG 4.40 9/19/2018 EUR 66.02 UBS AG 9.50 12/22/2017 EUR 74.67 UBS AG 11.75 12/22/2017 EUR 61.32 UBS AG 10.25 12/22/2017 EUR 36.23 UBS AG 5.00 12/22/2017 EUR 60.09 UBS AG 8.50 12/22/2017 EUR 40.88 UBS AG 4.00 12/22/2017 EUR 67.08 UBS AG 5.75 12/22/2017 EUR 52.81 UBS AG 9.50 12/22/2017 EUR 69.30 BNP Paribas Emissions- und 6.50 12/21/2017 EUR 71.03 DZ Bank AG Deutsche Zentral 5.00 2/6/2018 EUR 76.81 UniCredit Bank AG 3.75 9/7/2020 EUR 67.17 UniCredit Bank AG 5.00 6/25/2019 EUR 56.71 EFG International Finance G 7.20 2/25/2019 EUR 10.88 UniCredit Bank AG 3.75 10/2/2020 EUR 64.00 Landesbank Hessen-Thueringe 4.00 4/8/2019 EUR 70.88 UniCredit Bank AG 4.60 7/2/2018 EUR 52.87 Raiffeisen Schweiz Genossen 4.50 3/27/2018 EUR 62.33 Leonteq Securities AG 3.50 4/10/2018 EUR 64.46 DekaBank Deutsche Girozentr 2.70 3/16/2018 EUR 67.66 Landesbank Hessen-Thueringe 4.00 4/30/2019 EUR 66.79 Raiffeisen Schweiz Genossen 4.20 4/10/2018 EUR 68.32 Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 16.34 Landesbank Baden-Wuerttembe 3.40 11/24/2017 EUR 75.04 Landesbank Baden-Wuerttembe 3.50 1/26/2018 EUR 68.33 Landesbank Baden-Wuerttembe 3.00 6/28/2019 EUR 64.35 Landesbank Baden-Wuerttembe 2.50 6/28/2019 EUR 75.77 Landesbank Baden-Wuerttembe 3.50 6/22/2018 EUR 73.21 DekaBank Deutsche Girozentr 3.25 4/20/2018 EUR 54.07 Raiffeisen Schweiz Genossen 4.00 5/8/2018 CHF 68.70 DekaBank Deutsche Girozentr 2.75 10/29/2018 EUR 55.25 EFG International Finance G 7.19 5/6/2019 EUR 12.12 DekaBank Deutsche Girozentr 3.00 4/30/2019 EUR 75.34 EFG International Finance G 6.26 5/7/2018 EUR 64.15 UniCredit Bank AG 5.00 7/30/2018 EUR 65.01 Landesbank Baden-Wuerttembe 4.00 6/22/2018 EUR 61.35 Landesbank Baden-Wuerttembe 3.60 6/22/2018 EUR 74.06 UBS AG 7.40 5/17/2021 CHF 59.39 Landesbank Baden-Wuerttembe 3.00 7/26/2019 EUR 71.54 DekaBank Deutsche Girozentr 2.80 5/13/2019 EUR 71.13 Landesbank Baden-Wuerttembe 2.35 12/22/2017 EUR 72.00 Landesbank Hessen-Thueringe 8.90 10/6/2020 EUR 75.27 Landesbank Baden-Wuerttembe 3.40 7/27/2018 EUR 78.30 UniCredit Bank AG 3.80 7/23/2020 EUR 65.05 UniCredit Bank AG 4.40 7/13/2018 EUR 60.27 UBS AG/London 16.00 8/30/2018 CHF 58.50 Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 3.81 Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 3.81 Lehman Brothers Treasury Co 7.55 12/29/2008 USD 3.81 SpareBank 1 Nordvest 3.58 3/11/2099 NOK 71.62 Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 3.81 Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 3.81 Lehman Brothers Treasury Co 8.28 3/26/2009 USD 3.81 Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 3.81 Kaupthing ehf 9.75 9/10/2015 USD 17.63 Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 3.81 Barclays Bank PLC 0.50 3/19/2021 MXN 74.10 Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 3.81 Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 3.81 Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 3.81 Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 3.81 Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 3.81 Lehman Brothers Treasury Co 6.70 4/21/2011 USD 3.81 Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 3.81 Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 3.81 Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 3.81 Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 3.81 Lehman Brothers Treasury Co 4.50 12/30/2010 USD 3.81 Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 3.81 Municipality Finance PLC 0.25 6/28/2040 CAD 31.36 Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 3.81 Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 3.81 HSBC Bank PLC 0.50 11/25/2025 BRL 46.13 Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 3.81 Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 3.81 Lehman Brothers Treasury Co 2.25 5/12/2009 USD 3.81 Lehman Brothers Treasury Co 4.00 5/30/2010 USD 3.81 Lehman Brothers Treasury Co 7.39 5/4/2017 USD 3.81 Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 8.50 Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 3.81 Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 3.81 Lehman Brothers Treasury Co 2.48 5/12/2009 USD 3.81 Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 3.81 Lehman Brothers Treasury Co 4.00 5/17/2010 USD 3.81 Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 3.81 Lehman Brothers Treasury Co 9.00 5/15/2022 USD 3.81 Credit Agricole Corporate & 0.50 3/6/2023 RUB 69.29 Credit Suisse AG/London 0.50 1/8/2026 BRL 45.42 Lehman Brothers Treasury Co 8.00 8/3/2009 USD 3.81 Lehman Brothers Treasury Co 7.50 10/24/2008 USD 3.81 Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 3.81 Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 3.81 Lehman Brothers Treasury Co 10.00 3/27/2009 USD 3.81 Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 3.81 Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 3.81 Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 3.81 Kaupthing ehf 6.13 10/4/2016 USD 17.63 Lehman Brothers Treasury Co 4.00 4/24/2009 USD 3.81 Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 3.81 Lehman Brothers Treasury Co 9.00 6/13/2009 USD 3.81 Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 3.81 Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 8.50 Lehman Brothers Treasury Co 4.50 8/2/2009 USD 3.81 Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 3.81 Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 3.81 Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 8.50 Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 3.81 Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 3.81 Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 3.81 Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 3.81 Bank ZENIT PJSC 8.50 6/14/2024 RUB 60.07 Lehman Brothers Treasury Co 8.00 5/22/2009 USD 3.81 Horus Finance ZAO 13.00 3/6/2019 RUB Lehman Brothers Treasury Co 4.10 8/23/2010 USD 3.81 Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 3.81 Lehman Brothers Treasury Co 7.25 6/20/2010 USD 3.81 Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 3.81 Societe Generale SA 0.50 4/3/2023 RUB 68.84 Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 3.81 Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 3.81 Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 3.81 Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 3.81 Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 3.81 Lehman Brothers Treasury Co 6.00 10/30/2012 USD 3.81 Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 3.81 KIT Finance Capital OOO 10.60 5/21/2027 RUB 100.00 Center-Invest Commercial Ba 8.70 11/13/2018 RUB 67.01 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81 Lehman Brothers Treasury Co 4.00 1/4/2011 USD 3.81 Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 3.81 Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81 Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 3.81 Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 3.81 Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 3.81 Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 3.81 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81 Heta Asset Resolution AG 5.73 12/31/2023 EUR 34.63 Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81 Lehman Brothers Treasury Co 8.00 12/31/2010 USD 3.81 Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 3.81 Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 3.81 Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 3.81 Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 3.81 Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 3.81 Lehman Brothers Treasury Co 6.30 12/21/2018 USD 3.81 Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 8.50 Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 3.81 KIT Finance Capital OOO 8.00 9/16/2026 RUB 60.01 Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 3.81 Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 3.81 Lehman Brothers Treasury Co 10.00 1/4/2010 USD 3.81 Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 3.81 Hellas Telecommunications L 8.50 10/15/2013 EUR 0.24 Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 3.81 Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 3.81 Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 3.81 Lehman Brothers Treasury Co 6.00 12/6/2016 USD 3.81 Societe Generale SA 0.50 7/6/2021 BRL 69.22 Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 3.81 Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 3.81 Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 3.81 Lehman Brothers Treasury Co 11.00 12/19/2011 USD 3.81 Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 3.81 Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 3.81 Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 3.81 Europlan Leasing Co 12.00 2/20/2019 RUB 60.01 Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 3.81 KPNQwest NV 7.13 6/1/2009 EUR 0.06 KPNQwest NV 7.13 6/1/2009 EUR 0.06 Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 3.81 Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 3.81 Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 3.81 Upravlenie Otkhodami ZAO 4.00 4/29/2027 RUB 70.50 Nutritek International Corp 8.75 12/11/2008 USD 2.00 Lehman Brothers Treasury Co 7.50 6/15/2017 USD 3.81 HSBC Bank PLC 0.50 12/22/2025 BRL 45.84 Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 8.50 Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 3.81 Kaupthing ehf 5.00 1/4/2027 SKK 17.63 Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 8.50 Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 3.81 Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 3.81 Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 3.81 Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 3.81 Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 3.81 Province of Brescia Italy 0.11 12/22/2036 EUR 65.20 Center-Invest Commercial Ba 8.40 8/17/2018 RUB 67.01 Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 3.81 Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 3.81 Lehman Brothers Treasury Co 3.50 10/24/2011 USD 3.81 Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 3.81 Russkiy Mezhdunarodnyi Bank 12.00 11/14/2021 RUB 6.05 Societe Generale SA 0.50 6/12/2023 RUB 67.70 Lehman Brothers Treasury Co 12.22 11/21/2017 USD 3.81 Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 3.81 KPNQwest NV 8.88 2/1/2008 EUR 0.06 Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 3.81 Lehman Brothers Treasury Co 4.00 10/12/2010 USD 3.81 Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 3.81 Lehman Brothers Treasury Co 8.00 10/23/2008 USD 3.81 Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 3.81 ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38 Lehman Brothers Treasury Co 18.25 10/2/2008 USD 3.81 Credit Europe Bank Ltd 10.00 4/6/2018 RUB 60.17 Lehman Brothers Treasury Co 9.25 6/20/2012 USD 3.81 Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 3.81 Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 3.81 Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 3.81 Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 3.81 Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 3.81 Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 3.81 Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 3.81 Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 3.81 RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 0.09 ********* 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 * * *