/raid1/www/Hosts/bankrupt/TCREUR_Public/171204.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, December 4, 2017, Vol. 18, No. 240
Headlines
A R M E N I A
ACBA-CREDIT AGRICOLE: Fitch Rates US$5MM Sr. Unsecured Notes B+
F R A N C E
FINANCIERE LULLY: S&P Alters Outlook to Stable, Affirms 'B' CCR
PHOTONIS TECHNOLOGIES: S&P Cuts CCR to 'CCC+' on Weak Performance
G E R M A N Y
AIR BERLIN: Lufthansa May Give Up Slots to Save Rescue Deal
SAFARI BETEILIGUNGS: Moody's Assigns B2 Corporate Family Rating
SOLWAY INVESTMENT: S&P Affirms Then Withdraws 'B-' Long-Term CCR
G R E E C E
ALPHA BANK: Moody's Assigns (P)B3 Rating to 2nd Mortgage Bonds
GREECE: Reaches Deal with Int'l Creditors on Economic Overhauls
I R E L A N D
JAMES HARDIE: S&P Rates New 2025/2028 $700MM Senior Notes 'BB'
I T A L Y
CREDITO EMILIANO: Moody's Affirms Ba1 Rating on Subordinated Debt
UNIPOL GRUPPO: Fitch Rates EUR500MM Senior Unsecured Bond 'BB+'
L U X E M B O U R G
ENDO LUXEMBOURG: Moody's Revises Outlook to Neg., Affirms B2 CFR
TELENET FINANCE: Moody's Rates Proposed EUR500MM Sr. Notes Ba3
N E T H E R L A N D S
BABSON EURO 2015-1: Fitch Corrects October 25 Rating Release
F.A.B. CBO 2002-1: S&P Affirms CCC- (sf) Rating on Class B Notes
SUNSHINE MID: Moody's Assigns (P)B2 CFR, Outlook Stable
TELEFONICA EUROPE: Moody's Rates Undated Hybrid Securities Ba2
P O R T U G A L
PELICAN MORTGAGES 4: Fitch Lowers Rating on Class D Notes to B+
S P A I N
TELEFONICA SA: Fitch Rates Subordinated Securities 'BB+ (EXP)'
U N I T E D K I N G D O M
CONVATEC GROUP: S&P Affirms 'BB' Corporate Credit Rating
IHS MARKIT: Moody's Rates US$400MM New Senior Notes 'Ba1'
IHS MARKIT: S&P Rates US$400MM Unsecured Notes 'BB+'
LBS WORLDWIDE: To Exit Administration Via CVA, 34 Jobs Saved
MARBLE ARCH 4: S&P Affirms B- (sf) Rating on Class E1c Notes
PALMER & HARVEY: Paid GBP70MM Dividends Despite Debt, Losses
TALKTALK TELECOM: S&P Alters Outlook to Stable, Affirms 'BB-' CCR
TOYS R US: Plans to Close Quarter of UK Stores, To Enter Into CVA
X X X X X X X X
* BOND PRICING: For the Week November 27 to December 1, 2017
*********
=============
A R M E N I A
=============
ACBA-CREDIT AGRICOLE: Fitch Rates US$5MM Sr. Unsecured Notes B+
---------------------------------------------------------------
Fitch Ratings has assigned ACBA-Credit Agricole Bank CJSC's
(ACBA) US$5 million issue of fixed-rate senior unsecured notes a
final long-term rating of 'B+' and Recovery Rating of 'RR4'. The
bonds mature in February 2020 and have a coupon rate of 5.5% per
year.
KEY RATING DRIVERS - SENIOR DEBT
ACBA's long-term debt rating is equalised with its Long-Term
Issuer Default Rating (IDR) of 'B+', as it represents a direct,
unsecured and unconditional obligation of the bank. The issue's
Recovery Rating of 'RR4' reflects average recovery prospects for
noteholders in case of default.
ACBA's Long-Term IDR of 'B+' with a Stable Outlook is driven by
its Viability Rating and balances the bank's strong
capitalisation with vulnerable asset quality, and high loan
dollarisation. It also considers ACBA's solid domestic franchise,
in particular in agricultural lending (market share of about 50%)
and comfortable liquidity cushion.
RATING SENSITIVITIES - SENIOR DEBT
Changes to ACBA's Long-Term IDR would impact the issue's rating.
The bank's ratings are sensitive to the performance of the
economy and stability of the local currency. Deterioration in
capital adequacy ratios as a result of a marked weakening of the
ACBA's asset quality metrics, without sufficient support being
provided by the shareholders, may result in a downgrade.
Improvements in the economy and the bank's financial metrics
would be positive for the bank's credit profile, although an
upgrade is unlikely without an upgrade of the sovereign, given
that ACBA is already rated at the sovereign level.
===========
F R A N C E
===========
FINANCIERE LULLY: S&P Alters Outlook to Stable, Affirms 'B' CCR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on France-based micro-
connector manufacturer Financiere Lully C SAS (Linxens) to stable
from positive and affirmed its 'B' long-term corporate credit
rating on the company.
S&P said, "We also revised to stable from positive our outlook on
Linxens France SA and Linxens Singapore Pte. Ltd., which we view
as core subsidiaries within the Linxens group, and affirmed our
'B' long-term corporate credit ratings.
"At the same time, we affirmed our 'B' issue rating on the
existing senior secured first-lien term loans and the revolving
credit facility (RCF). Our recovery rating is '3', indicating our
expectation of meaningful (55%) recovery in the event of a
payment default.
"We also affirmed our 'CCC+' issue rating on the second-lien term
loan due 2023. The '6' recovery rating remains unchanged,
indicating our expectation of negligible (0%) recovery in the
event of a payment default.
"The outlook revision reflects that we now expect Linxens' pro
forma 2017 revenues to decline by 5% year-on-year compared with
our previous estimate of 9% growth. This is primarily due to
weaker-than-expected demand stemming from continued high client
inventories in the telecom and banking sectors, which have
affected product mix (due to lower dual interface for banking)
and volumes, due to lower sales, especially in China and the U.S.
We now expect a slower normalization in inventory, and subsequent
destocking in the banking card supply chain, and therefore a
delayed return to growth for Linxens.
"We continue to view Linxens' business as resilient even in a
temporary industry downturn, based on its efficient manufacturing
process with a mainly variable cost structure, and good track
record of continuous efficiency gains in its production process.
This offsets limited price declines and results in relatively
stable EBITDA margin versus the previous year on a pro forma
basis. We also expect underlying growth to resume in 2018 in both
the SIM and payment card markets (we anticipate mid-single-digit
annual revenue growth over the next 12 months because we think
the supply chain will normalize). Growth will also stem from new
segments such as e-government, e-security, and transport &
access, which will provide more stability to revenues, post the
SIT acquisition (April 2017)."
However, despite stable profitability and good cash flow
conversion, lower-than-expected revenues in 2017 and 2018
translate into weaker credit ratios. As a result, S&P no longer
expect the triggers for a higher rating to be achieved until at
least 2019.
Linxens' business risk profile remains constrained by the
company's small size; limited diversification; high, although
improving, customer concentration; and exposure to technology
risks. The recent SIT acquisition complemented Linxens' existing
leadership in contact and dual interface solutions. However, the
company still lacks meaningful product diversification given that
it operates in a small portion of the overall smart card value
chain. Flexible connector or "tape" products (excluding antennas,
inlays, and pre-laminates) represent about 5%-15% of a smart
card's value. While SIT increases revenues from e-government
(electronic passports and ID cards), and transportation and
access cards end-markets, Linxens is still exposed to customer
concentration, in line with the concentration of the smart card
market, with slightly less than two-thirds of revenues derived
from its 10 largest customers. S&P also acknowledges that demand
is subject to some volatility during a cycle due to sudden
destocking in the supply chain from large customers. S&P saw this
in 2012 and more recently at end-2016 and first-half 2017.
Finally, Linxens is exposed to medium- to long-term technology
shifts, including the risk of migration toward embedded handset
SIMs, partly moderated by the limited impact of this migration on
the prepaid SIM market in the medium term.
These weaknesses are partly offset by Linxens' strong market
position, good profitability, and growth opportunities -- despite
a temporary downturn in 2017 due to de-stocking effects. Linxens
is the world's No. 1 supplier of both contact and contactless
connectivity solutions across its various end-markets. It has a
track record of good and resilient profitability, thanks to a
mainly variable cost structure and a track record of steady
efficiency gains in its production process from raw materials
(gold, palladium). S&P said, "Furthermore, we believe the
industry benefits from solid growth opportunities, mainly for
banking cards, as well as for e-government and transport
solutions. We expect organic growth of 3%-5% annually driven by
the continued migration to chip and pin (EMV) cards for payments
in the U.S., a rising penetration of dual interface bank cards
notably in China and Europe, and continued strong demand for e-
passport and transport-related contactless solutions."
Linxens' financial risk profile remains constrained primarily by
debt-to-EBITDA and funds from operations (FFO)-to-debt ratios (as
adjusted by S&P Global Ratings) of 9x-10x and about 7% in 2018.
This is partly offset by high cash conversions, resulting in
solid free operating cash flow (FOCF) above 4.5% and solid EBITDA
cash interest coverage above 3x in the coming few years.
In its base case for Linxens, S&P assumes:
-- A consolidated revenue decline of 5% in 2017 pro forma the
recent acquisitions (SIT and Pretema). This reflects
prolonged destocking in the supply chain of the SIM and
payment card markets; and temporary lower demand for Europay,
MasterCard, and Visa (EMV) card transactions in the U.S.
following the postponing of the liability shift deadline.
-- In 2018, S&P expects revenues will resume growth (about 5%)
driven by supply chain normalization of the SIM and payment
card markets, as well as improved smart card adoption in the
U.S. and China.
-- A contraction in the pro forma adjusted EBITDA margin
(because SIT reports lower margins than Linxens on a stand-
alone basis) to about 10 points versus 2016.
-- Capital expenditures (capex) representing about 3%-4% of
revenues in 2017-2018.
Based on these assumptions, S&P arrives at the following credit
measures for Linxens:
-- Adjusted pro forma debt to EBITDA at about 10.1x (7.3x
excluding shareholder loans) at year-end 2017 and declining
toward 9.4x (6.7x) by year-end 2018.
-- Adjusted pro forma FFO to debt of about 7% (9%-10% excluding
shareholder loans) in 2017-2018.
-- Adjusted pro forma FOCF to debt above 4.5% (6%-7% excluding
shareholder loans) in 2017-2018.
-- Pro forma EBITDA cash interest coverage at above 3x in 2017-
2018.
S&P said, "The stable outlook reflects our expectation that
revenues and EBITDA will return to growth in 2018, and our
estimate of adjusted debt to EBITDA of about 9x-10x (6x-7x
excluding shareholder loans) and FOCF to debt of more than 3%
over 2017-2019.
"We could raise the rating if adjusted debt to EBITDA improves
sustainably below 9x (6x excluding shareholder loans), FOCF to
debt is at more than 6% (8%-10% excluding shareholder loans), and
EBITDA cash interest coverage is sustainably between 3.0x and
3.5x, which we do not expect in the next 12 months. This could
occur in the longer term, however, if revenues and EBITDA turn
around, combined with adjusted EBITDA margin improving above
current levels.
"We could lower the ratings if Linxens' operating performance
deteriorates, for instance if EBITDA continues to decline on
lower revenues or weaker margins, resulting in adjusted debt to
EBITDA significantly and sustainably above 10x (7x excluding
shareholder loans) and only modestly positive FOCF generation."
PHOTONIS TECHNOLOGIES: S&P Cuts CCR to 'CCC+' on Weak Performance
-----------------------------------------------------------------
S&P Global Ratings said that it lowered its long-term corporate
credit rating on France-based night vision sensors company
Photonis Technologies SAS to 'CCC+' from 'B-'. The outlook is
negative.
S&P said, "We also lowered our issue rating on Photonis' senior
secured term loan due September 2019 to 'CCC+' from 'B-'. The
recovery rating remains unchanged at '3', indicating meaningful
(50%-70%; rounded estimate: 55%) recovery prospects in the event
of a default.
"The downgrade reflects our belief that Photonis' successful
refinancing of its term loan B due 2019 relies on the company's
capacity to secure a higher level of new orders within the next
12 months, without suffering any major contract postponements.
We forecast that Photonis' full-year 2017 results will fall
behind our initial expectations. Although we forecast that the
company will post stronger operating results in the second half
of 2017 versus the previous year, thanks to a recovery in order
intake, we believe that it will not be enough to compensate for
the weak first half of 2017, caused by subdued demand and
contract postponements affecting volumes in the night vision and
power tube segments."
Photonis is a tier 2 manufacturer of electro-optic components,
operating in niche markets with high barriers to entry. About 75%
of Photonis' sales stem from the defense sector, with a high
degree of specialization, while the rest stems from industrial
applications. S&P forecasts that the company will maintain an S&P
Global Ratings' adjusted EBITDA margin at above 18% in 2017, a
level that it considers above industry average, reflecting the
high-end nature of Photonis' products. Nevertheless, the
company's EBITDA margin has been on a downward trend due to the
combination of production issues and lower production volumes.
While S&P's outlook for the defense sector is positive, with
defense budgets in Europe and in the U.S. expected to grow, the
company has limited control over the delays between contract
awards and the start of production, due to its position as a tier
2 manufacturer in the value chain. It has been subject to
recurring deferrals of contracts over the past two years, and
this remains a risk going forward.
Photonis' high level of indebtedness and associated high annual
interest burden of about EUR24 million continue to constrain the
company's financial risk profile. S&P said, "We forecast that the
company's focus on working capital and the reduced level of
capital expenditures (capex) closer to historical levels of EUR5
million-EUR6 million will lead to neutral free cash flow
generation in 2017."
S&P does not expect a payment default in the next 12 months
because it forecasts that the company's liquidity sources will
cover cash needs.
In its base case, S&P assumes:
-- Real GDP in France will expand by 1.7% in 2017 and 2018. In
the U.S.--Photonis' other key market in terms of operating
volumes -- S&P expects that real GDP growth will amount to
2.1% in 2017 and 2.3% in 2018.
-- Mid-single-digit revenue will decline in 2017, owing to lower
volumes as a result of contract deferrals and subdued demand
in night vision products in the first half of the year, for
which the traditionally stronger second half of the year does
not compensate.
-- In 2018, the company should benefit from the full-year impact
of the renewal of its contract with Lockheed Martin in the
U.S., and from the rebound in orders for night vision
products signed in 2017 (with production expected in 2018).
-- S&P adjusted EBITDA margin to remain above sector average (in
other words, above 18%), supported by cost saving
initiatives.
-- Cash interest payments of about EUR24 million per year.
-- Capex of about EUR5 million-EUR6 million, as the company is
postponing investments related to capacity expansion.
-- No dividend distribution.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted debt to EBITDA to exceed 20.0x in 2017-2018,
including the EUR236 million of convertible bonds that it
includes in its debt calculation.
-- S&P also includes about EUR26.5 million related to the
nominal value of preferred shares, which we consider a debt-
like instrument.
-- An adjusted funds from operations (FFO)-to-interest coverage
ratio of about 1.0x over the same period.
S&P said, "The negative outlook reflects the possibility of a
one-notch downgrade within the next 12 months if Photonis suffers
from further deferrals in orders during 2018 leading to lower
sales and EBITDA, and/or if its liquidity deteriorates.
"We could lower our ratings on Photonis if the company fails to
sustainably increase the level of order intake within the next
six to 12 months and/or if the company is unable to successfully
refinance its term loan B maturing in September 2019 at least one
year in advance. We could also lower the ratings if the company's
liquidity position deteriorates.
"We could consider a positive rating action if Photonis' order
book increases significantly, providing visibility over recovery
in sales, EBITDA, and cash flow generation. A positive rating
action would hinge on our belief that Photonis will successfully
refinance its term loan B due in September 2019."
=============
G E R M A N Y
=============
AIR BERLIN: Lufthansa May Give Up Slots to Save Rescue Deal
-----------------------------------------------------------
Klaus Lauer at Reuters reports that Lufthansa is willing to
sacrifice the right to fly some routes to save its deal to
acquire assets of Air Berlin, the low-cost airline that collapsed
recently.
According to Reuters, a source familiar with the company's
thinking said the German carrier was expected to submit its
proposed concessions to the European Commission on the midnight
of Nov. 30, including giving up so-called "slots" belonging to
Air Berlin businesses Niki and LG Walter.
Lufthansa last month signed a EUR210 million (US$249 million)
deal to take over Niki and LG Walter, plus some short-haul
planes, to cement its position in Germany and expand its
Eurowings budget brand, Reuters recounts.
But the deal has drawn fire from competitors and consumer
advocates who fear Lufthansa would dominate German domestic
routes and Austria where Niki, founded by retired Formula 1 world
champion Niki Lauda, is based, Reuters notes.
The German government, which offered a bridging loan to keep Air
Berlin flying until a deal could be done to sell its viable
operations, held crisis talks with Lufthansa representatives on
Nov. 30 to discuss concessions to offer to Brussels, Reuters
relates.
Lufthansa CEO Carsten Spohr met EU Competition Commissioner
Margrethe Vestager on Nov. 29 in Brussels, where sources, as
cited by Reuters, said the Commission is leaning towards blocking
Lufthansa's takeover of Niki.
Bild am Sonntag, citing its own sources, said the German
government was alarmed that the deal may be blocked and had urged
Lufthansa to make further concessions, Reuters notes.
The source, who requested anonymity due to the sensitivity of the
matter, told Reuters the government might lose the EUR150 million
it lent to Air Berlin because the bridging loan was secured
against the proceeds of the proposed sale.
Under EU rules, a decision should be made on whether to approve
the deal on Dec. 7 although the Commission has the power to
extend its review period by two weeks, Reuters discloses.
In complex cases, the Commission can take up to 90 working days
to reach a decision, Reuters states. If such an extension is
made, Lufthansa would likely halt its financial support to Niki,
forcing it to cease operations, Reuters relays, citing the source
familiar with the company's thinking.
It remained unclear whether the entire Air Berlin deal would
collapse if Lufthansa does not win control of Niki -- or whether
the German airline would pull out and then seek separate EU
approval just to buy LG Walter, according to Reuters.
About Air Berlin
In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.
In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers. Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers. It employs
approximately 8,481 employees. Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.
Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.
On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding. On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.
To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017. The Hon. Michael E. Wiles is the
case judge. Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition. Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.
SAFARI BETEILIGUNGS: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and B2-PD probability of default rating (PDR) to the
German arcade operator Safari Beteiligungs GmbH ("Lowen Play" or
the "company").
Concurrently, Moody's has withdrawn the B2 CFR, the B1-PD PDR of
Safari Holding GmbH, moving the CFR to Safari Beteiligungs GmbH,
a newly incorporated holding company of Lowen Play group, upon
the corporate reorganisation expected with the proposed
refinancing transaction.
Moody's has also assigned provisional (P)B2 rating to the EUR350
million senior secured notes due 2022 to be issued by Safari
Verwaltungs GmbH. The outlook on all ratings is stable.
The action reflects the following interrelated drivers:
- With the proposed refinancing, Moody's adjusted leverage will
remain moderate at 3.1x based on the last twelve months (LTM) to
September 30, 2017 EBITDA and in line with the 2014 transaction;
- The German regulatory framework has become more certain at
least until mid-2021;
- Moody's expects Lowen Play to partly mitigate the changes in
regulation affecting its existing German operations, with the
main impact occurring in 2018 and 2021, acquiring compliant
arcades and opening new sites;
- Although Moody's expects some deterioration in the company's
credit metrics, particularly gross leverage to potentially
increase toward 4.0x over the next 12 to 18 months, these remain
supportive of a B2 rating;
- Moody's also expects Lowen Play to continue to generate
positive free cash flow, despite increased capital expenditures
from acquisitions and exceptional costs from closure of arcades.
The proceeds from the new 2022 notes together with EUR71 million
of cash, will be used to refinance the existing 2021 notes issued
by Safari Holding Verwaltungs GmbH, which ratings will be
withdrawn upon completion, a distribution to shareholders and to
pay the transaction fees. The capital structure will include a
new EUR40 million super senior revolving credit facility (RCF)
maturing 2022. At close, Moody's expects Lowen Play to have
approximately EUR45 million of cash, including cash in boxes and
tube filling, as of September 2017 and pro forma for the
transaction, and full availability of the super senior RCF.
Moody's issues provisional ratings in advance of the final sale
of securities. Upon closing of the transaction and a conclusive
review of the final documentation, Moody's will endeavour to
assign definitive ratings. A definitive rating may differ from a
provisional rating.
The list of affected ratings is included at the end of this press
release.
RATINGS RATIONALE
"The assignment of B2 CFR to Lowen Play reflects the fact that
with the proposed transaction the leverage remains moderate at
3.1x and the interest coverage well above 3.0x based on LTM Sep
2017 figures. Despite pressure on the existing German business
due to the regulatory environment, albeit more certain until mid-
2021, Moody's expect the management to partially address the
downside risk with acquisitions and openings of compliant
arcades." says Donatella Maso, Vice-President and Moody's lead
analyst of Lowen Play.
While the initial regulatory change introduced by the Interstate
Treaty, has already occurred since July 2017, the implementation
of the new laws varies between German federal states. Some states
and municipalities, for instance, have granted hardship
exemptions or active tolerations until June 2021, thus limiting
the immediate impact, which was anticipated during the 2014
transaction. Since July 2017, hardship exemptions or active
tolerations are required for the operation of arcades which are
not complying with multi concession rules and minimum distance
requirements. After June 2021, Lowen Play will be expected to
comply with these rules and required to scale down multi-
concession sites to single concession sites and close a majority
of arcades which violate applicable minimum distance
requirements. Management expects to be able to maintain at least
75% of its existing AWPs in Germany until June 2021 and 60% after
that date.
Although the regulatory framework is more certain until mid-2021,
the impact on Lowen Play's existing German operations remains and
the management strategy to offset such impact, with acquisitions
and openings of over 200 arcades in Germany and the Netherlands
over the next five years, carries a degree of execution risk.
However, Moody's expects that, despite the downside pressure, the
leverage will not rise above 4.0x over the next 12-18 months.
Moody's notes that the company has already identified a pipeline
of potential targets for 2017 and through the business plan.
Lowen Play's B2 CFR continues to reflect (1) its small scale and
the limited geographic and business diversity (mainly gaming
arcades in Germany); and 2) its exposure to ongoing regulatory
and taxation headwinds.
Conversely, the B2 CFR continues to benefit from (1) Lowen Play's
leading market position as second largest operator in the
fragmented German gaming arcades market, supported by a large
network of 368 arcades in more affluent states (mainly Bavaria
and Baden WÅrttemberg); and (2) the company's ability to reduce
its fixed costs in case of a credit-negative event because of a
substantial part of real estate renting contracts become due in
2021, and the short-term nature of slot gaming machines rental
contracts (three years).
LIQUIDITY
Moody's considers Lowen Play's liquidity to be good for its near
term requirements. This is supported by (1) EUR45 million of cash
at close, (2) full availability under its new EUR40 million super
senior RCF; (3) positive free cash flow despite the expected
increase in capital expenditures to fund the acquisition strategy
and exceptional costs arising from the closure of arcades; and
(4) no debt amortisation until 2022. Moody's also expects no
dividends to be distributed over the next 12 to 18 months. The
new super senior RCF will be subject to a springing maximum
leverage covenant, set at 4.67x, to be tested when the RCF is
drawn by more than 40%.
STRUCTURAL CONSIDERATIONS
Lowen Play's PDR is in line with the CFR, reflecting Moody's
assumption of a 50% family recovery rate as is customary for
capital structure comprising of bonds and bank debt. The (P)B2
rating on the new 2022 senior secured notes, is also in line with
the CFR. These are secured by pledges over shares and receivables
and guaranteed operating subsidiaries representing at least 96%
of consolidated assets, 95% of consolidated revenues and 95% of
consolidated LTM Sept 2017 EBITDA. The notes rank pari passu with
the super senior RCF because they share substantially similar
security and guarantees, but they are subordinated upon
enforcement under the provisions of the intercreditor agreement.
Moody's also note the presence of a new EUR154 million
shareholder loan, which has been treated as equity.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects the more certain regulatory
environment and Moody's expectation that the downside risk will
be partially mitigated by acquisitions and new openings of
compliant arcades.
WHAT COULD CHANGE THE RATING -- UP/DOWN
Upward pressure on the ratings is unlikely in the near term.
However, provided that the regulatory impact is sufficiently
mitigated, positive rating pressure could occur if (1) Moody's
adjusted Debt / EBITDA falls sustainably below 3.0x; (2) EBIT /
Interest expense is maintained above 3.0x; and (3) Lowen Play
will continue to generate consistent positive free cash flow.
Negative rating pressure would be exerted on the rating if (1)
Moody's adjusted Debt / EBITDA moves toward 5.0x; (2) free cash
flow turns negative; and (3) the liquidity weakens. More
materially adverse regulatory change than currently anticipated
by management (for instance the non-availability of hardship
clauses) could also lead to negative pressure on the rating.
LIST OF AFFECTED RATINGS:
Assignments:
Issuer: Safari Beteiligungs GmbH
-- Corporate Family Rating, Assigned B2
-- Probability of Default Rating, Assigned B2-PD
Issuer: Safari Verwaltungs GmbH
-- Backed Senior Secured Notes, Assigned (P)B2
Withdrawals:
Issuer: Safari Holding GmbH
-- Corporate Family Rating, Withdrawn
-- Probability of Default Rating, Withdrawn
Outlook Actions:
Issuer: Safari Beteiligungs GmbH
-- Outlook, Assigned Stable
Issuer: Safari Verwaltungs GmbH
-- Outlook, Assigned Stable
Issuer: Safari Holding GmbH
-- Outlook, Withdrawn
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.
Lowen Play is the second largest arcade operator in Germany in a
highly fragmented market, with 368 gaming arcades providing for
8,624 gaming machines known as amusement machines with prizes
("AWPs"). The company has also seven gaming arcades (770 AWPs) in
the Netherlands, acquired between Q1 2016 and Q1 2017, and an
online gaming platform in Schleswig-Holstein, the only federal
state in Germany, which allows online gaming.
For the last twelve months ended September 30, 2017, Lowen Play
reported revenues of EUR306 million and company adjusted EBITDA
of EUR123 million, employing 2,316 people.
With the proposed transaction, the private equity firm Ardian, a
Luxembourg-based holding company controlled by a Dutch
entrepreneur Cofima and the current and former chief executive
officers of the company are expected to indirectly own 66.35%,
31.21% and 2.44% of Lowen Play, respectively.
SOLWAY INVESTMENT: S&P Affirms Then Withdraws 'B-' Long-Term CCR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on diversified metals and mining producer Solway
Investment Group GmbH.
S&P subsequently withdrew its long-term corporate credit rating
at the company's request. The outlook was positive at the time of
withdrawal.
At the time of withdrawal, Solway's business risk profile was
constrained by the group's small size; sector cyclicality; and
volatility owing to its heavy dependence on metal prices and
profitability pressure from Fenix, an anchor ferro-nickel project
in Guatemala. Achieving EBITDA growth from Fenix will now take
more time than we had previously anticipated. Due to delays in
the restoration of boilers after the accident in 2016, the
company was unable to make the cost-efficiency improvements we
had previously expected this year. S&P said, "We now assume the
project will report positive EBITDA in 2018 on the back of
increased production to about 14,000 tons-16,000 tons of nickel
(compared to 9,000 tons in 2016 and expectation of up to 12,000
tons in 2017) and reduced variable energy cost per ton. We
understand that the company is aiming to complete boiler
restorations by mid-2018."
Still, S&P continues to believe Solway's diversification in terms
of metals, its asset base, and sales geography could strengthen
the company's business risk profile once the Fenix project
expands.
Solway plans to ramp up its production of copper concentrate at
the Buchim (Borov Dol) mine in Macedonia, requiring debt-funded
investment of about $50 million in 2018, which S&P did not
forecast in its previous base case.
The timing of the restoration of boilers at Fenix will influence
the project's ability to generate EBITDA. This, in turn, will
drive the company's need for external funding for Buchim (Borov
Dol) investments and affect its credit metrics. That said, S&P
forecasts leverage to remain moderate in 2017-2018 with debt to
EBITDA of about 1.7x-2.0x (compared to 1.0x in 2016), recovering
gradually from 2019.
Delays in EBITDA generation from Fenix and additional investments
in the Macedonian assets are the main factors behind the
company's weakening debt-leverage metrics. S&P assesses Solway's
financial risk profile as significant, which also reflects our
view that cash flow metrics are likely to remain volatile and
highly dependent on business and economic conditions.
S&P said, "Moreover, we understand that since Fenix's operating
efficiency is likely to be improved, the company could seek out
additional investment projects, most likely debt-financed. We
also view Solway as a relatively small group compared to rated
peers in the sector, which brings additional volatility and
project execution risks. We reflect these considerations in our
assessment of its stand-alone credit profile at 'b-'."
-- Assumptions S&P Global Ratings' metal price assumptions for
nickel and other metals;
-- Production volumes at Fenix of up to 12,000 tons of nickel in
2017, gradually increasing to 16,000 tons by 2019;
-- Stable production at the company's Buchim mine in 2017-2019,
followed by a potential production increase at the Macedonian
mines after the project expands;
-- Relatively stable performance in other divisions, with growth
in the Pobugsky nickel smelter helped by rising nickel price
expectations;
-- Capital expenditure (capex) of about $40 million in 2017,
followed by $85 million-$90 million in 2018 with the majority
related to the Macedonian project expansion, then about $30
million per year thereafter; and
-- No dividend payout assumed in 2017, and a moderate $5 million
in 2018.
The outlook at the time of withdrawal was positive.
===========
G R E E C E
===========
ALPHA BANK: Moody's Assigns (P)B3 Rating to 2nd Mortgage Bonds
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 long-
term rating to the second mortgage covered bonds to be issued by
Alpha Bank AE (the issuer/Alpha Bank, deposits Caa3 positive;
adjusted baseline credit assessment caa2; counterparty risk (CR)
assessment Caa2(cr)), which will be governed by Greek covered
bond legislation.
RATINGS RATIONALE
A covered bond benefits from (1) the issuer's promise to pay
interest and principal on the bonds; and (2) following a CB
anchor event, the economic benefit of a collateral pool (the
cover pool). The ratings therefore reflect the following factors:
(1) The credit strength of the issuer and a CB anchor of CR
assessment plus 1 notch.
(2) Following a CB anchor event the value of the cover pool. The
stressed level of losses on the cover pool assets following a CB
anchor event (cover pool losses) for this transaction is 38.5%.
Moody's considered the following factors in its analysis of the
cover pool's value:
a) The credit quality of the assets backing the covered bonds.
The mortgage covered bonds are backed by Greek residential
mortgage loans. The collateral score for the cover pool is 29.6%.
b) The legal framework. Notable aspects of the Greek covered bond
legislation include (i) the holders of the covered bonds will
have the benefit of both unlimited recourse against the issuer
and a statutory pledge over the assets forming part of the cover
pool, (i) the legal segregation of the assets in the cover pool
from any bankruptcy proceedings against the issuer, (iii) the
statutory nominal value test with a maximum asset percentage of
95% and (iv) a legal minimum over-collateralisation (OC) of 5.3%
to be maintained by the issuer on a nominal basis.
c) The contractual structure and provisions contained in the
transaction documents that aim to mitigate various risks such as
(i) covered bonds are expected to benefit from a 12 month
maturity extension as a mitigant for refinancing risk; (ii) a
general reserve fund held with a counterparty rated at least Baa3
to ensure that the servicer has sufficient funds to pay interest
payments due on covered bonds as well as other senior expenses,
for the next 6 months.
d) The exposure to market risk, which is 18.7% for this cover
pool.
e) Based on an expected total covered bond issuance of EUR1
billion, the OC in the cover pool will be approximately 17.3%, of
which the issuer provides 5.3% on a "committed" basis (see Key
Rating Assumptions/Factors, below).
The TPI assigned to this transaction is "Very improbable", in
line with other Greek soft-bullet covered bonds.
As of September 30, 2017, the total value of the assets included
in the cover pool is approximately EUR1.17 billion, comprising
26,869 residential mortgage loans. The residential mortgage loans
have a weighted-average (WA) seasoning of 110 months and a WA LTV
ratio of 56.6%.
The provisional rating that Moody's has assigned addresses the
expected loss posed to investors. Moody's ratings address only
the credit risks associated with the transaction. Moody's did not
address other non-credit risks, but these may have a significant
effect on yield to investors.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings only represent Moody's
preliminary opinion. Upon a conclusive review of the transaction
and associated documentation Moody's will endeavour to assign a
definitive rating to the covered bonds.
KEY RATING ASSUMPTIONS/FACTORS
Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor); and (2) the stressed losses on the cover
pool assets should the issuer cease making payments under the
covered bonds (i.e., a CB anchor event).
The CB anchor for this programme is CR assessment plus 1 notch.
The CR assessment reflects an issuer's ability to avoid
defaulting on certain senior bank operating obligations and
contractual commitments, including covered bonds.
The cover pool losses for this programme are 38.5%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market
risk of 18.7% and collateral risk of 19.8%. Market risk measures
losses stemming from refinancing risk and risks related to
interest-rate and currency mismatches, if any (these losses may
also include certain legal risks). Collateral risk measures
losses resulting directly from cover pool assets' credit quality.
Moody's derives collateral risk from the collateral score, which
for this programme is currently 29.6%.
The over-collateralisation in the cover pool will depend on the
notional amount of the initial covered bond issuance and the
cover pool size at the time. The issuer provides up to 5.3% OC on
a "committed" basis. Under Moody's CoBOL model, the minimum OC
level consistent with the provisional (P)B3 rating is 0%, of 0%
needs to be in "committed" form to be given full value. These
numbers show that Moody's is not relying on "uncommitted" OC in
its expected loss analysis.
All numbers in this section are based on Moody's most recent
modelling based on data as per September 30, 2017.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programmes rated by Moody's please refer to "Moody's Global
Covered Bonds Monitoring Overview", published quarterly.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.
Factors that would lead to an upgrade or downgrade of the rating:
The CB anchor is the main determinant of a covered bond
programme's rating robustness. A change in the level of the CB
anchor could lead to a downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.
Based on the current TPI of "Very Improbable", the TPI Leeway for
this programme is 0 notches. This implies that Moody's might
downgrade the covered bonds because of a TPI cap if it lowers the
CB anchor by 1 notch all other variables being equal.
A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.
RATING METHODOLOGY
The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in December 2016.
GREECE: Reaches Deal with Int'l Creditors on Economic Overhauls
---------------------------------------------------------------
Sotiris Nikas and Viktoria Dendrinou at Bloomberg News report
that Greece and its international creditors agreed on a set of
economic overhauls the country must undertake in exchange for
fresh loans, paving the way for a payment that will help it build
a cash buffer as it seeks to prepare for its bailout exit.
The so-called staff level agreement came after a week of talks in
Athens saw the two sides reach common ground on politically
sensitive issues such as reforms in the energy sector, public
administration, the financial system, social-cohesion programs
and fiscal performance among others, Bloomberg relates.
"We reached the staff-level agreement," Bloomberg quotes Finance
Minister Euclid Tsakalotos as saying after the last meeting with
creditor's representatives in Athens.
Mr. Tsakalotos, as cited by Bloomberg, said Greece is going to
implement as soon as possible all the measures needed in order to
get fresh bailout money.
After January's Eurogroup, Mr. Tsakalotos expects that
discussions will start for further debt relief, the fourth
bailout review that is expected to conclude in May or June, and
for exiting the crisis, Bloomberg notes.
The deal marks the completion of a key step in the negotiations
between Athens and the auditors of its aid program --
representing euro-area governments and the International Monetary
Fund -- as the country is starting to prepare for its post-
bailout life, Bloomberg states. A successful conclusion of the
current review will not only entail the release of fresh loans
but it will also help Greece regain the trust of investors, as it
plans to tap financial markets again, Bloomberg notes.
Still, the Greek government will first have to implement a long
list of around 100 overhauls before it can receive any fresh
disbursements and formally conclude the ongoing audit of its
bailout, Bloomberg says. Some measures will be voted in December
while an omnibus bill to implement the remaining prior actions
must be voted in parliament before Jan. 11, Bloomberg discloses.
According to Bloomberg, an EU official said on Dec. 1, speaking
on condition of anonymity, once Greece has undertaken the agreed
reforms, euro-area finance ministry deputies can examine whether
Athens has fully complied with the conditions attached to its
bailout at a meeting on Jan. 11 and green-light the disbursement
of fresh loans, which could take place by mid-February.
=============
I R E L A N D
=============
JAMES HARDIE: S&P Rates New 2025/2028 $700MM Senior Notes 'BB'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating (the same
as the corporate credit rating) and '3' recovery rating to
Ireland-based James Hardie International Group Ltd.'s (JHX)
proposed in aggregate $700 million senior unsecured notes due
2025 and 2028, as per S&P's recovery criteria. The recovery
rating of '3' indicates our expectation for meaningful (50%-70%;
rounded estimate: 65%) recovery in the event of payment default.
James Hardie International Finance Designated Activity Co. is the
issuer of the debt.
JHX intends to use the net proceeds from this offering to
refinance, in full, the company's $400 million 5.875% senior
unsecured notes due 2023; repay outstanding borrowings under its
unsecured revolving credit facility totaling $245 million
(balance as of Nov. 23, 2017); and for general corporate
purposes, including capital expenditures.
Ratings List
James Hardie International Group Ltd.
Corporate Credit Rating BB/Stable/--
New Rating
James Hardie International Finance Designated Activity Co.
$350 mil sr unsec notes due 2025 BB
Recovery Rating 3(65%)
$350 mil sr unsec notes due 2028 BB
Recovery Rating 3(65%)
=========
I T A L Y
=========
CREDITO EMILIANO: Moody's Affirms Ba1 Rating on Subordinated Debt
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term deposit
ratings of Credito Emiliano S.p.A. (Credem) to Baa2 from Baa1.
The outlook on Credem's long-term deposit ratings remains
negative. At the same time, the rating agency affirmed Credem's
baa3 standalone baseline credit assessment (BCA), the
counterparty risk assessments (CR Assessments) at Baa1(cr)/Prime-
2(cr), the short-term deposit rating at Prime-2, and Ba1 rating
on subordinated debt; Moody's rates only one subordinated bond,
with ISIN XS1506498200.
The downgrade of the long-term deposit ratings reflects Credem's
reduced stock of bail-in-able debt, which results in higher loss-
given-failure for the bank's junior deposits, whilst the
affirmation of the standalone BCA reflects Credem's sound credit
profile. The negative outlook reflects a still challenging
operating environment, and potential continued reduction of
Credem's stock of senior debt.
RATINGS RATIONALE
-- STANDALONE BCA AFFIRMED REFLECTING SOUND CREDIT PROFILE
Moody's said it affirmed Credem's baa3 standalone baseline credit
assessment (BCA), reflecting the bank's sound credit profile; in
particular, the stock of problem loans remains low in the Italian
context, capital ratios remain significantly above prudential
minimum, and profitability, although still under pressure in the
currently low interest rate environment and high competition, has
remained good.
Moody's said Credem's asset risk is low, and it expects it to
remain so. In recent years, Credem's level of gross problem loans
has been significantly below the Italian average; in September
2017, Credem's problem loans represented 5.8% of the bank's gross
loans, which compares with an Italian system average of 16.4%
(source: Bank of Italy's Financial Stability Report, data as of
June 2017 latest available). This is broadly in line with the
European Union average of 4.5%, despite Credem's weaker operating
environment. Moody's expects a modest economic recovery in Italy,
which will drive a slight reduction in Credem's level of problem
loans.
In September 2017 the bank's consolidated Common Equity Tier 1
(CET1) stood at 14.3% (14.0% using 2019 fully-loaded Basel III
rules); this level is significantly above the 6.75% minimum
prudential requirement required by the European Central Bank
(ECB) for 2017 (7.375% in 2018 to reflect higher Capital
Conservation buffer common to all Italian banks) at holding
level. Credem's CET1 ratio as of September 2017 is equivalent to
a 15.2% Moody's Tangible Common Equity (TCE) over risk-weighted
assets, one of the highest amongst Italian banks directly
supervised by the ECB.
Credem's profitability is sound, with the annualised net income
for the first nine months of 2017 standing at 0.5% of tangible
assets (2016: 0.34%). In the first nine months of 2017 the bank
was able to offset a material reduction in the result from
trading with higher commissions, lower operating costs, and lower
cost of risk. Furthermore modest loan growth offset negative
pressure on net interest income deriving from the low interest
rate environment.
-- DOWNGRADE OF DEPOSIT RATING REFLECTS HIGHER LOSS-GIVEN-
FAILURE
Moody's said that the downgrade of Credem's long-term deposit
ratings reflects the bank's reduced stock of bail-in-able debt,
which results in higher loss-given-failure for the bank's junior
deposits.
In line with a trend common in the Italian banking system, Credem
has not replaced matured bonds that it had sold to retail
clients; proceeds from matured retail bonds are reinvested by
clients in wealth management products, or they are deposited in
the bank. Nevertheless, a lower stock of senior debt reduces the
cushion available to protect junior deposits in a resolution
scenario, which in turns results in a higher loss-given-failure
for junior deposits. Moody's said that, using most recent data
and the rating agency's forward-looking view on the bank's
maturities and issuance plan, its analysis indicates that
Credem's deposits are likely to face low loss-given-failure, from
very low previously; this provides one notch of uplift from the
baa3 standalone BCA, from two previously.
OUTLOOK REMAINS NEGATIVE
The outlook on Credem's Baa2 long-term deposit ratings is
negative, reflecting a still challenging operating environment,
as indicated by the negative outlook on Italy's Baa2 sovereign
debt rating, and potential continued reduction of Credem's stock
of senior debt. Bonds sold to retail clients are maturing and not
replaced with new senior instruments, and the bank has not yet
published a funding plan indicating new issuance of senior debt.
FACTORS THAT COULD LEAD TO AN UPGRADE
Credem's BCA could be upgraded following further improvements in
asset quality and profitability, and an improvement in its
operating environment.
The long-term deposit ratings would be upgraded following an
upgrade in the BCA, absent a material reduction in the bank's
stock of bail-in-able debt.
FACTORS THAT COULD LEAD TO A DOWNGRADE
Credem's BCA could be downgraded following a deterioration of
Italy's operating environment, a material increase in the bank's
stock of problem loans, or a reduction in capital or
profitability.
The deposit ratings would be downgraded following a downgrade of
the BCA, or a further reduction in the stock of bail-in-able
debt.
LIST OF AFFECTED RATINGS
Issuer: Credito Emiliano S.p.A.
Downgrades:
-- Long-term Bank Deposits, downgraded to Baa2 Negative from
Baa1 Negative
Affirmations:
-- Long-term Counterparty Risk Assessment, affirmed Baa1(cr)
-- Short-term Counterparty Risk Assessment, affirmed P-2(cr)
-- Short-term Bank Deposits, affirmed P-2
-- Subordinate Regular Bond/Debenture (Local Currency) ,
Affirmed Ba1
-- Adjusted Baseline Credit Assessment, affirmed baa3
-- Baseline Credit Assessment, affirmed baa3
Outlook Action:
-- Outlook remains Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
UNIPOL GRUPPO: Fitch Rates EUR500MM Senior Unsecured Bond 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned Unipol Gruppo EUR500 million senior
unsecured bond a 'BB+' rating. The bond has a 10-year maturity
and carries a coupon of 3.5%.
KEY RATING DRIVERS
The senior bond is rated one notch below Unipol's Long-Term
Issuer Default Rating (IDR) of 'BBB-', which has a Stable
Outlook, to reflect below-average recovery expectation, in line
with Fitch's notching criteria. The bond constitutes a senior and
unsecured obligation of the company.
The bond issue will increase Unipol Gruppo's financial leverage
ratio and decrease the insurer's fixed charge coverage ratio.
However, it is Fitch's assessment that Unipol Gruppo's financial
leverage and debt service capabilities will remain commensurate
with the ratings.
RATING SENSITIVITIES
The rating of the bond is subject to the same sensitivities that
may affect Unipol Gruppo's Long-Term IDR (for more details, see
'Fitch Affirms Unipol Gruppo's IDR at 'BBB-'; Outlook Stable'
dated May 25, 2017 at www.fitchratings.com)
===================
L U X E M B O U R G
===================
ENDO LUXEMBOURG: Moody's Revises Outlook to Neg., Affirms B2 CFR
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Endo Luxembourg
Finance I Company S.a.r.l., a subsidiary of Endo International
plc ("Endo"), including the B2 Corporate Family Rating (CFR) B2-
PD Probability of Default Rating (PDR), Ba2 senior secured
rating, and the B3 senior unsecured notes of Endo Finance Co. and
Endo Finance LLC. The Speculative Grade Liquidity Rating is
affirmed at SGL-2. At the same time, Moody's revised the rating
outlook to negative from stable.
The negative outlook reflects Endo's ongoing growth challenges
and Moody's view that, without debt repayment, earnings declines
will result in debt/EBITDA rising above 6 times in 2018. As a
consequence, revenue and profit will become increasingly
concentrated in its largest product, Vasostrict. The negative
outlook also reflects rising exposure to opioid-related
litigation and declining opioid prescriptions volume trends.
Outlook Actions:
Issuer: Endo Luxembourg Finance I Company S.a.r.l.
-- Outlook, Changed To Negative From Stable
Issuer: Endo Finance Co.
-- Outlook, Changed To Negative From Stable
Issuer: Endo Finance LLC
-- Outlook, Changed To Negative From Stable
Affirmations:
Issuer: Endo Luxembourg Finance I Company S.a.r.l.
-- Corporate Family Rating, Affirmed B2
-- Probability of Default Rating, Affirmed B2-PD
-- Speculative Grade Liquidity Rating, Affirmed SGL-2
-- Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2)
Issuer: Endo Finance Co.
-- Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)
Issuer: Endo Finance LLC
-- Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD2)
-- Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)
RATINGS RATIONALE
Endo's B2 Corporate Family Rating reflects its persistently high
financial leverage and rising legal risks with risk of payouts in
2018 and beyond, most notably, for its exposure to lawsuits
related to its branded opioid products. Concurrently Endo will
need to make substantial cash payments into the qualified
settlement funds through 2019 (i.e roughly $750 million) related
to vaginal mesh litigation. As Endo faces earnings declines due
to ongoing challenges in its US generics business and pain
franchises as well as the withdrawal of Opana ER from the market,
revenue and profit concentration will increase for its largest
product, Vasostrict, which Moody's estimates will contribute more
than 20% of EBITDA in 2018. As a result, without debt repayment,
Moody's believes debt to EBITDA will increase above 6 times in
2018.
Endo's rating is supported by strong scale, albeit diminishing,
and diversity by product, and its good balance between branded
and generic drugs. Absent any other signification litigation-
related payments, Moody's expects Endo will generate strong free
cash flow later into 2019.
The SGL-2 Speculative Grade Liquidity Rating is supported by
Moody's expectation that Endo will generate free cash flow
despite payments related to mesh over the next 12 to 15 months.
Endo has roughly $500 million in payments to be made in 2018,
with potentially more than $250 million in 2019. Unrestricted
cash balances at September 30, 2017, were $738 million. Liquidity
is also supported by a $1 billion revolver, which Moody's expect
to remain largely undrawn, and ample cushion under the secured
net debt to EBITDA ratio of 3.50 times under its credit
agreement.
The ratings could be downgraded if debt/EBITDA is sustained above
6.0 times or if liquidity materially weakens. The ratings could
be upgraded if debt/EBITDA is expected to be sustained below 5.0
times. Sustainable revenue and earnings growth, reduced
concentration in Vasostrict, and uncertainties related to the
impact of opioid-related legal matters would also be needed.
Headquartered in Luxembourg, Endo Luxembourg Finance I Company
S.a.r.l. is a subsidiary of Endo International plc, which is
headquartered in Dublin, Ireland. Endo is a specialty
pharmaceutical company offering branded and generic drugs. Endo
generated approximately $3.9 billion in revenues for the twelve
months ended September 30, 2017.
The principal methodology used in these ratings was that for the
Pharmaceutical Industry published in June 2017.
TELENET FINANCE: Moody's Rates Proposed EUR500MM Sr. Notes Ba3
--------------------------------------------------------------
Moody's Investors Service has assigned Ba3 ratings to the
proposed EUR500 million and USD750 million senior secured notes
(due March 2028) being raised by Telenet Finance Luxembourg Notes
S.a r.l. (a subsidiary of Telenet International Finance
S.a r.l -- borrower of senior credit facilities for Telenet Group
Holding NV - 'Telenet' or 'the company' with a corporate family
rating of Ba3, stable). Concurrently, Moody's has assigned Ba3
ratings to the USD1.55 billion Term Loan AL (due March 2026) and
EUR830 million Term Loan AM (due March 2027) being raised at
Telenet Financing USD LLC (a subsidiary of Telenet International
Finance S.a r.l.) and Telenet International Finance S.a r.l.,
respectively.
The EUR500 million senior secured notes will enter into the
existing Ba3 rated senior credit facility by way of a 'Finco AK'
loan into Telenet International Finance. Likewise, the USD750
million senior secured notes will enter into the senior credit
facility by way of a 'Finco AJ' loan. The company intends to use
the net proceeds to refinance the existing Ba3 rated term loan AI
of USD2.3 billion and term loan AH of EUR1.33 billion.
Moody's positively recognizes that this transaction is broadly
leverage neutral and will help in reducing interest costs and
extending Telenet's debt maturity profile.
RATINGS RATIONALE
The Ba3 ratings assigned to the new senior secured notes and term
loans are in line with the existing Ba3 rated bank credit
facilities as well as existing Ba3 rated senior secured notes.
This is because the new debt benefits from the same terms and
conditions as existing debt and the issuance of the new debt does
not affect Telenet's Ba3 corporate family rating (CFR) as the
transaction is leverage neutral.
Telenet's CFR is adequately positioned in the Ba3 category. The
rating reflects (1) the company's strong market position in the
overall Belgian digital TV and broadband markets, as well as its
leading market shares in these services in the Flanders region;
(2) the competitive benefits the company derives from its
technologically advanced cable networks; (3) the company's solid
EBITDA growth; and (4) Moody's expectation that the company's
gross debt/EBITDA (adjusted by Moody's) will remain around or
below 5.0x on a sustained basis.
The rating is somewhat constrained by (1) Telenet's modest
revenue growth prospects for 2018; and (2) the negative impact on
the company's operating performance due to the regulatory
requirement affecting Telenet to give wholesale access to its TV
and broadband services to alternative providers (such as Orange
Belgium, previously Mobistar). Telenet's rating also reflects the
strong competition in the market, in particular from incumbent
telecommunication operator Proximus SA (A1 stable, formerly
Belgacom). Furthermore it takes into consideration the challenge
to stop the continued slow decline in the company's video
customer base, although Moody's note that such video subscriber
losses tend to be those with a low ARPU profile.
WHAT COULD CHANGE THE RATING - UP/DOWN
Upward rating pressure could develop if (1) the company's
operating performance is solid; (2) it demonstrates clear
commitment to maintaining its gross debt to EBITDA ratio below
4.25x (as calculated by Moody's) and its Moody's adjusted CFO/
Debt ratio sustainably trends towards 20%; and (3) its Moody's
adjusted free cash flow ("FCF")/ Gross Debt ratio improves
towards 10%. However, upward rating pressure is constrained by
the fact that Telenet is majority owned by Liberty Global, which
has a more aggressive financial policy.
Downward ratings pressure could arise if: (1) Moody's adjusted
Gross Debt/ EBITDA exceeds 5.25x on a sustained basis; (2) the
company experiences a marked deterioration in operating
performance; and (3) Moody's adjusted CFO/ Debt falls to below
12% and/or it begins to generate negative free cash flow (after
capex and dividends) on a sustained basis.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Telenet Finance Luxembourg Notes S.a r.l.
-- Senior Secured Regular Bond/Debenture, Assigned Ba3
Issuer: Telenet Financing USD LLC
-- BACKED Senior Secured Bank Credit Facility, Assigned Ba3
Issuer: Telenet International Finance S.ar.l.
-- BACKED Senior Secured Bank Credit Facility , Assigned Ba3
Outlook Actions:
Issuer: Telenet Finance Luxembourg Notes S.a r.l.
-- Outlook, Assigned Stable
Issuer: Telenet Financing USD LLC
-- Outlook, Remains Stable
Issuer: Telenet International Finance S.ar.l.
-- Outlook, Remains Stable
The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.
Headquartered in Brussels, Belgium, Telenet is the largest
provider of cable services in Belgium. Currently, US-based
Liberty Global plc (rated Ba3, stable) owns approximately 57% of
Telenet.
=====================
N E T H E R L A N D S
=====================
BABSON EURO 2015-1: Fitch Corrects October 25 Rating Release
------------------------------------------------------------
This announcement replaces the version published on Oct. 25, 2017
to correct the rating sensitivities.
Fitch Ratings has assigned Babson Euro CLO 2015-1 B.V.'s
refinancing notes final ratings and affirmed the others:
EUR206.7 million class A-1R notes: assigned 'AAAsf'; Outlook
Stable
EUR5.3 million class A-2R notes: assigned 'AAAsf'; Outlook Stable
EUR26.4 million class A-3 notes: affirmed at 'AAAsf'; Outlook
EUR32.6 million class B-1R notes: assigned 'AAsf'; Outlook Stable
EUR10.6 million class B-2R notes: assigned 'AAsf'; Outlook Stable
EUR22 million class C-R: assigned 'Asf'; Outlook Stable
EUR21.6 million class D-R: assigned 'BBBsf'; Outlook Stable
EUR31.2 million class E: affirmed at 'BBsf'; Outlook Stable
EUR12.4 million class F: affirmed at 'B-sf'; Outlook Stable
Babson Euro CLO 2015-1 B.V. is a cash flow collateralised loan
obligation securitising a portfolio of mainly European leveraged
loans and bonds. Net proceeds from the issue of the notes were
used to refinance the current outstanding notes. The portfolio is
managed by Barings (UK) Limited.
KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the
'B'/'B-' range. The Fitch weighted average rating factor (WARF)
of the current portfolio is 33.3, below the covenanted maximum
for assigning the final ratings of 35.
High Recovery Expectation
The portfolio will comprise a minimum of 90% senior secured
obligations. The weighted average recovery rate of the current
portfolio is 64.7%, above the covenanted minimum for assigning
final ratings of 55.3%, corresponding to the matrix WARF of 35
and weighted average spread of 4%.
Extended Weighted Average Life
On the refinancing date, the issuer extended the weighted average
life (WAL) covenant to 7.5 years from the current 6.2 years, as
part of the refinancing and to update the Fitch matrix. Fitch has
analysed the refinancing notes in line with the extended WAL
covenant.
Diversified Asset Portfolio
This transaction contains a covenant that limits the top 10
obligors in the portfolio to 20% of the portfolio balance. This
ensures that the asset portfolio is not exposed to excessive
obligor concentration.
Limited Interest Rate Risk
Between 0% and 15% of the portfolio can be invested in fixed-rate
assets, while fixed-rate liabilities account for 11% of the rated
note balance. As the majority of fixed-paying liabilities are
senior in the structure and the class A-3 notes switch to
floating after three years, the proportion of fixed-rate
liabilities will reduce after the reinvestment period. Therefore,
the transaction is partially hedged against rising interest
rates.
Documentation Amendments
The transaction documents may be amended, subject to rating
agency confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If, in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers a confirmation to be
given if Fitch declines to comment.
TRANSACTION SUMMARY
Babson Euro CLO 2015-1 B.V. closed in September 2015 and is still
in in its reinvestment period, which is set to expire in October
2019. The issuer issued new notes to refinance part of the
original liabilities. The refinanced class A-1, A-2, B-1, B-2, C
and D notes have been redeemed in full as a consequence of the
refinancing.
The refinancing notes bear interest at a lower margin over
EURIBOR than the refinanced notes.
In addition to the lower margin, the WAL covenant will be
extended to 7.5 years from the refinancing date. The remaining
terms and conditions of the refinancing notes (including
seniority) are the same as the refinanced notes.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to two notches for the rated notes.
F.A.B. CBO 2002-1: S&P Affirms CCC- (sf) Rating on Class B Notes
----------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on F.A.B. CBO
2002-1 B.V.'s class A-2 and B notes.
S&P said, "The affirmations follow our credit and cash flow
analysis of the transaction using data from the trustee report as
of Oct. 31, 2017, and the application of our relevant criteria.
"According to our analysis, the class A-1 notes' rated
liabilities have fully repaid and a significant portion of the
class A-2 notes have deleveraged since our previous review, which
has raised the available credit enhancement for all classes of
notes.
"We subjected the capital structure to our cash flow analysis,
based on the methodology and assumptions outlined in our
corporate cash flow collateralized debt obligation (CDO)
criteria, to determine the break-even default rate. The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders. We used the reported portfolio
balance that we considered to be performing, the principal cash
balance, the current weighted-average spread, and the weighted-
average recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress
scenarios.
"For the portion of the assets not rated by S&P Global Ratings,
we apply our third-party mapping criteria to map notched ratings
from another ratings agency and to infer our rating input for the
purpose of inclusion in CDO Evaluator. In performing this
mapping, we generally apply a three-notch downward adjustment for
structured finance assets that are rated by one rating agency and
a two-notch downward adjustment if the asset is rated by two
rating agencies.
"Additionally, as part of our analysis and in accordance with our
criteria, we have applied our supplemental tests to address event
and model risk. In accordance with our corporate CDO criteria, as
the transaction employs excess spread, we have applied the
supplemental test by running our cash flows using the forward
interest rate curve, including the highest loss from the largest
obligor test net of their recoveries.
"We note from recent payment date reports that the transaction
appears to be generating insufficient interest proceeds to cover
the payment of senior items in the waterfall. That said, and
where available, the issuer has partially mitigated any payment
shortfalls using principal proceeds. The class A-2 notes also
benefit from increased credit enhancement since our previous
review. In our view, the currently assigned rating on the class
A-2 notes reflects the current risks in the transaction.
Therefore, we have affirmed our 'B+ (sf)' rating on the class A-2
notes.
"According to our credit and cash flow analysis, the class B
notes are unable to achieve a higher rating than that currently
assigned. We have therefore affirmed our 'CCC- (sf)' rating on
the class B notes."
F.A.B. CBO 2002-1 is a cash flow mezzanine structured finance CDO
transaction that closed in April 2002.
RATINGS LIST
F.A.B. CBO 2002-1 B.V.
EUR309.5 Million Asset-Backed Floating-Rate Notes
Class Ratings
Ratings Affirmed
A-2 B+ (sf)
B CCC- (sf)
SUNSHINE MID: Moody's Assigns (P)B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating to Sunshine Mid B.V., a newly formed
company controlled by funds managed and advised by PAI Partners
and bcIMC for the proposed acquisition of Refresco Group N.V.
("Refresco"; Ba3, under review for downgrade). Concurrently,
Moody's has assigned (P)B1 instrument ratings to the new EUR1,217
million senior secured term loan B1 due 2025, the new EUR228
million equivalent senior secured term loan B2 (GBP200 million)
due 2025, the new EUR550 million equivalent senior secured term
loan B3 (USD620 million) due 2025, and the new EUR200 million
revolving credit facility (RCF) due 2024 all at Sunshine
Investments B.V. The outlook on the ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon completion of
the take-private transaction and conclusive review of the final
documentation, Moody's will endeavour to assign a definitive
rating to the loans. A definitive rating may differ from a
provisional rating.
The new senior secured term loans B1, B2 and B3 (together the
term loans B) amounting to EUR1,995 million equivalent alongside
a senior unsecured bridge facility of EUR445 million and new
equity of EUR980 million will be used to fund the proposed
acquisition of Refresco by Midco and repay the target's
outstanding debt. PAI Partners and bcIMC are expected to own 60%
and 38% of Midco. The remaining equity will be held by Refresco's
management.
Moody's will withdraw the existing ratings at Refresco Group B.V.
upon completion of the take-private transaction, which is
expected to close in Q1 2018 subject to customary merger
clearance, regulatory approvals and acceptance of the offer by
Refresco Group B.V.'s shareholders.
The (P)B2 CFR reflects Moody's expectation that merger synergies
will support a reduction in its Moody's-adjusted debt/EBITDA
towards 6.5x in the next 12 to 18 months from a high level of
approximately 7.0x at closing.
RATINGS RATIONALE
The weakly positioned (P)B2 CFR balances the high expected pro-
forma Moody's-adjusted debt / EBITDA of approximately 7.0x as of
year-end 2017 with Moody's expectations that leverage will reduce
towards 6.5x in the next 12 to 18 months driven by cost synergies
following completion of the acquisition of Cott Corporation's
(B1, stable) bottling activities ("Cott TB"), which is expected
to close by the end of this year subject to antitrust clearance
in the UK.
In Moody's view, realisation of the merger synergies will support
deleveraging towards 6.5x on a Moody's-adjusted basis by end of
2018, and below 6.5x the following year. This deleveraging
trajectory is based on Moody's assumptions that Refresco will be
able to achieve at least c. EUR10 million and c. EUR35 million of
cumulative synergies in the first and second year after closing
respectively. About half of the total synergies will be
procurement related, in the form of purchases of ingredients and
packaging. Achieving these synergies will require total
integration costs of EUR21 million and capital spending of EUR38
million during the next three years.
However, there are significant execution risks associated with
the integration of the target business given its scale and recent
history of growth challenges as well as the complexity of
managing two large operations in different continents. Refresco
is acquiring assets that will likely require additional capex to
offset under-investments in the past two years as the traditional
beverage business became less strategic to the previous owner. It
will also face challenges to reinvigorate growth in a category
that has been in secular decline for nearly a decade. That being
said, Moody's acknowledges Refresco's good track record in terms
of integration including large scale acquisitions such as Gerber
Emig in 2013, which generated GBP650 million of revenues at the
time of the acquisition (based on full-year 2012 accounts).
Furthermore, Moody's expects competition from A-brands and other
private label bottlers to continue pressuring volume and EBITDA
growth in Refresco's European private label operations. However,
Moody's expects Refresco to generate underlying EBITDA growth in
its co-packing segment as branded companies increase outsourcing
of their manufacturing process.
Moody's also views the acquisition of Cott TB as positive to
Refresco's business profile owing to the increased scale, wider
geographic footprint and reduced customer concentration of the
combined group. The acquisition will also enable Refresco to
become the largest independent manufacturer of soft drinks for
retailer brands and A-brands in North America, where it made its
first entrance in July 2016 via the acquisition of Whitlock
Packaging. The combination of the two businesses will enable
Refresco to be the main consolidator of the regional market
through further investments and acquisitions. However, Moody's
understands that the Refresco intends to focus on the integration
of the acquired activities before considering further large scale
acquisitions.
LIQUIDITY
The liquidity profile is adequate. At closing, Moody's expects
cash balances of approximately EUR50 million and the EUR200
million RCF to be undrawn. Moody's also expects positive free
cash flow generation and comfortable financial covenant headroom
over the next 12-18 months.
STRUCTURAL CONSIDERATIONS
Applying the Moody's Loss Given Default for Speculative-Grade
Companies methodology with a 50% recovery rate, the senior
secured credit facilities i.e. the term loans B and the RCF are
rated (P)B1, one-notch above the (P)B2 CFR because of their first
ranking ahead of the senior unsecured bridge facility. Moody's
expects the bridge facility to be replaced with permanent debt
financing prior to or following completion of the tender offer
which is expected towards the end of Q1 2018 based on market
conditions from time to time. Moody's also expects the permanent
debt financing to be unsecured and subordinated to the senior
secured credit facilities.
The senior secured credit facilities are guaranteed by material
subsidiaries representing at least 80% of total EBITDA and
secured by shares, material intercompany receivables and material
bank accounts of these subsidiaries.
RATING OUTLOOK
The stable outlook reflects Moody's expectations that merger
synergies will support a reduction in the Moody's-adjusted
debt/EBITDA towards 6.5x in the next 12 to 18 months.
WHAT COULD CHANGE THE RATING UP/DOWN
While unlikely in the near term given the weak rating
positioning, there could be positive pressure over time if Midco
maintains (1) a Moody's-adjusted EBITA margin in the mid to high
single percentage digit; (2) a Moody's-adjusted debt/EBITDA ratio
below 5.5x, and (3) a solid liquidity profile including positive
free cash flow.
Conversely, the rating could be lowered if operating performance
deteriorates or there are issues around the integration of Cott
TB, resulting in (1) falling margins, (2) the Moody's-adjusted
debt/EBITDA remaining sustainably at around 7.0x, or (3) weak
free cash flow or liquidity concerns.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Global Soft
Beverage Industry published in January 2017.
Headquartered in Rotterdam, the Netherlands and listed on
Euronext Amsterdam, Refresco is a leading independent
manufacturer of soft drinks and juices for A-brands and
retailers. It generated sales and EBITDA (as reported) of EUR2.1
billion and EUR222 million respectively in 2016 (approximately
EUR3.6 billion and EUR350 million respectively pro-forma for the
acquisition of Cott's bottling activities based on USD/EUR
exchange rate of 1.14).
TELEFONICA EUROPE: Moody's Rates Undated Hybrid Securities Ba2
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term rating to
Telefonica Europe B.V.'s proposed issuance of undated 5.5-year
non-call, deeply subordinated, guaranteed fixed rate reset
securities (the "hybrid debt"), which are fully and
unconditionally guaranteed by Telefonica S.A. (Telefonica) on a
subordinated basis. The outlook on the rating is stable. All
other ratings of Telefonica and its guaranteed subsidiaries, as
well as the stable outlook on those ratings, remain unchanged.
"The Ba2 rating Moody's has assigned to the hybrid debt is two
notches below Telefonica's senior unsecured rating of Baa3,
primarily because the instrument is deeply subordinated to other
debt in the company's capital structure," says Carlos Winzer, a
Moody's Senior Vice President and lead analyst for Telefonica.
Telefonica plans to use the net proceeds for general corporate
purposes, to strengthen its financial ratios as well as to
refinance debt and preserve its liquidity cushion.
RATINGS RATIONALE
The Ba2 rating assigned to the hybrid debt is two notches below
the group's senior unsecured rating of Baa3. The two-notch rating
differential reflects the deeply subordinated nature of the
hybrid debt. The instrument: (1) is perpetual; (2) is senior only
to common equity; (3) provides Telefonica with the option to
defer coupons on a cumulative basis; (4) steps up the coupon by
25 basis points (bps) five years after the first reset date (year
10.5) and a further 75 bps occurring 20 years after the First
Reset Date (year 25.5); and (5) the issuer must come current on
any deferred interest if there are any payments on parity or
junior instruments. The issuer does not have any preferred shares
outstanding that would rank junior to the hybrid debt, and the
issuer's articles of association do not allow the issuance of
such shares by the issuer.
In Moody's view, the notes have equity-like features that allow
them to receive basket "C" treatment, i.e., 50% equity and 50%
debt for financial leverage purposes (please refer to Moody's
Hybrid Equity Credit methodology published in January 2017).
Telefonica S.A.'s (Telefonica) Baa3 rating reflects (1) the
company's large scale; (2) the diversification benefits
associated with its strong position in its key markets; (3) its
rich TV content and bundled offers that support its competitive
advantage; (4) the enhanced technology deployment and ample fibre
roll-out of its network in its key markets of Spain and Brazil,
and specific areas in Latin America; (5) management's track
record in executing a well-defined and concise business strategy;
(6) Telefonica's continued access to debt capital markets and its
good liquidity management; (7) management's commitment to a lower
dividend, reflecting the intention to reduce debt gradually
without depending on the sale of assets.
However, Telefonica's rating also reflects (1) intense
competition in Spain, the UK and Germany; (2) the challenge to
report revenue growth across its footprint, and (3) the
relatively slow deleveraging profile. In addition, the rating
factors in the company's exposure to emerging market risks, and
to foreign-currency volatility.
RATIONALE FOR STABLE OUTLOOK
The stable outlook on the rating primarily reflects Telefonica's
improving operating performance, coupled with management's
willingness to progressively reduce debt and achieve the
company's deleveraging plan organically over time. Moody's
expects Telefonica to continue to operate in an improved domestic
market, with more rational competition focused on value and
better underlying economic conditions that will support medium-
term revenue growth.
The rating is well positioned in the Baa3 rating category because
Moody's expects the company's ratio of adjusted net debt to
EBITDA to progressively improve to around 3.2x in 2018 from 3.8x
in 2016.
WHAT COULD CHANGE THE RATING UP/DOWN
As the hybrid debt rating is positioned relative to another
rating of Telefonica, either: (1) a change in Telefonica's senior
unsecured rating; or (2) a re-evaluation of its relative notching
could affect the hybrid debt rating.
A rating downgrade could result if (1) Telefonica were to deviate
from its financial strengthening plan, as a result of weaker cash
flow generation or difficulty in executing announced debt
reduction measures; and/or (2) the company's operating
performance in Spain and other key markets were to deteriorate,
with no likelihood of short-term improvement in underlying
trends. Resulting metrics would include the ratio of retained
cash flow to net adjusted debt of less than 15% and/or the ratio
of net adjusted debt to EBITDA of 3.75x or higher with no
expectation of improvement.
Conversely, Moody's could consider an upgrade of Telefonica's
rating to Baa2 if the company's credit metrics were to strengthen
significantly as a result of improved operational cash flow and
debt reduction. More specifically, the rating could benefit from
positive pressure if it became clear that the company were able
to achieve sustainable improvements in its debt ratios, such as a
ratio of adjusted retained cash flow to net debt above 22% and a
ratio of adjusted net debt to EBITDA comfortably below 3.0x.
LIST OF AFFECTED RATINGS
Assignments:
Issuer: Telefonica Europe B.V.
-- BACKED Preference Stock, Assigned Ba2
PRINCIPAL METHODOLOGY
The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.
Telefonica S.A., domiciled in Madrid, Spain, is a leading global
integrated telecommunications provider. The company delivers a
full range of fixed and mobile telecommunications, servicing some
344.5 million customers worldwide as of the end of September
2017. In Spain, Telefonica provides services to 41 million
customers. In Latin America, Telefonica provides services to
around 230.5 million customers and is the leading operator in
Brazil, Argentina, Chile and Peru, with substantial operations in
Colombia, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua,
Panama, Uruguay, Costa Rica and Venezuela. In addition to its
LatAm presence since 1991, Telefonica has a strong footprint in
the UK and Germany, providing services to around 74.9 million
customers. In 2016, Telefonica reported revenues of EUR52.0
billion and operating income before depreciation and amortization
(OIBDA) of EUR15.1 billion.
===============
P O R T U G A L
===============
PELICAN MORTGAGES 4: Fitch Lowers Rating on Class D Notes to B+
---------------------------------------------------------------
Fitch Ratings has taken rating actions on Pelican 3, 4 and 5 RMBS
transactions and removed them from Rating Watch Evolving (RWE):
Sagres, STC S.A. / Pelican Mortgages No.3 Plc:
Class A (ISIN XS0293657416): affirmed at 'BBB-sf'; off RWE;
Outlook Stable
Class B (ISIN XS0293657689): affirmed at 'BBB-sf'; off RWE;
Outlook Stable
Class C (ISIN XS0293657846): affirmed at 'BBsf'; off RWE; Outlook
Stable
Class D (ISIN XS0293657929): upgraded to 'BB-sf' from 'Bsf''; off
RWE; Outlook Stable
Sagres, STC S.A. / Pelican Mortgages No.4 Plc:
Class A (XS0365137990): affirmed at 'A+sf'; off RWE; Outlook
Stable
Class B (XS0365138295): affirmed at 'A+sf'; off RWE; Outlook
Stable
Class C (XS0365138964): affirmed at 'BBBsf'; off RWE; Outlook
Stable
Class D (XS0365139004): downgraded to 'B+sf' from 'BBsf'; off
RWE; Outlook Stable
Class E (XS0365139939): affirmed at 'Bsf'; off RWE; Outlook
Stable
Sagres, STC S.A. / Pelican Mortgages No.5:
Class A (XS0419743033): affirmed at 'A+sf'; off RWE; Outlook
Stable
Class B (XS0419743389): affirmed at 'A-sf'; off RWE; Outlook
Stable
Class C (XS0419743462): affirmed at 'BBB-sf'; off RWE; Outlook
Stable
KEY RATING DRIVERS
Stable Performance; Sufficient Credit Enhancement
The rating actions reflect the transactions' stable asset
performance, supported by high seasoning, and sufficient credit
enhancement (CE) for all notes except the class D and E notes of
Pelican Mortgages No. 4, which have been downgraded and affirmed,
respectively (see Variations From Criteria).
European RMBS Rating Criteria
The rating actions reflect the application of the European RMBS
Rating Criteria. Fitch placed the ratings on Rating Watch
Evolving on 5 October 2017.
Ratings Capped at 'A+sf'
Portuguese securitisations can achieve a maximum rating of
'A+sf', six notches above Portugal's Long-Term Issuer Default
Rating (IDR; BB+/Positive/B).
Pelican Mortgages No.3 Ratings Capped at 'BBB-sf'
Fitch has adopted a case-by-case approach to the analysis of
payment interruption risk as per its Structured Finance and
Covered Bonds Counterparty Rating Criteria.
For Pelican Mortgages No.3, Fitch has maintained the cap of 'BBB-
sf' due to the presence of limited payment interruption risk
mitigants. The transaction has a cash reserve fund balance equal
to 1.4% of the total note balance and a liquidity facility that
is not consistent with Fitch's counterparty criteria.
Pelican Mortgages No.4 and Pelican Mortgages No.5 currently
benefit from larger cash reserve account balances and therefore
have not been subject to an additional rating cap other than that
of the sovereign related rating cap.
VARIATIONS FROM CRITERIA
The variation from criteria relates to the ratings of class D and
E notes of Pelican Mortgages No. 4. The model-implied ratings for
both notes were lower than 'B-sf' and hence should be downgraded
to distressed levels (i.e. 'Csf' to 'CCCsf') according to the
Rating Determination section of the European RMBS Rating
Criteria.
Fitch expects that model-implied ratings will increase, taking
into account the stable asset performance and the transaction
structure (e.g. pro-rata amortisation with a floored reserve
fund) and the best-past ratings in each of the 18 cash flow model
scenarios.
Fitch concluded that ratings of 'B+sf' and 'Bsf' were most
appropriate for the class D and E notes, respectively.
RATING SENSITIVITIES
Changes to Portugal's Long-Term IDR and the rating cap for
Portuguese structured finance transactions, currently 'A+sf',
could trigger rating changes on the notes.
Drawings on the cash reserve accounts will reduce the available
payment interruption mitigants and may lead to downgrades of the
notes.
Deterioration in the asset performance beyond Fitch's standard
assumptions could trigger negative rating action.
=========
S P A I N
=========
TELEFONICA SA: Fitch Rates Subordinated Securities 'BB+ (EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Telefonica SA's (BBB/Stable) proposed
euro benchmark perpetual subordinated securities an expected
rating of 'BB+(EXP)'. The securities will be issued by Telefonica
Europe B.V. and guaranteed on a subordinated basis by Telefonica
SA. The final rating is contingent on the receipt of final
documents conforming materially to the preliminary documentation.
The upcoming hybrid securities are proposed to be deeply
subordinated and to rank senior only to TEF's share capital,
while coupon payments can be deferred at the discretion of the
issuer. The 'BB+(EXP)' rating is therefore two notches below
Telefonica's Long-Term Issuer Default Rating (IDR), which
reflects the securities' increased loss severity and heightened
risk of non-performance relative to senior obligations. This
approach is in accordance with Fitch's criteria, "Non-Financial
Corporates Hybrids Treatment and Notching Criteria" dated
April 27, 2017 at www.fitchratings.com.
The proposed securities qualify for 50% equity credit as they
meet Fitch's criteria with regard to subordination, effective
maturity of at least five years, full discretion to defer coupons
for at least five years and limited events of default, as well as
the absence of material covenants and look-back provisions.
The proposed securities will be issued in euros and have no
formal maturity date. The issuer has a call option to redeem the
notes at par within the three months ending on the first reset
date (which will be over five years after the issue date) and at
any interest payment date thereafter.
There will be a coupon step-up of 25bp after the first call date
and an additional step-up of 75bp thereafter. The first call date
and the coupon step-up date are not treated as effective maturity
dates under Fitch's criteria due to the cumulative amount of the
step-ups being lower or equal to 1% throughout the life of the
instruments. The documentation includes non-binding, intention-
based replacement language that supports Fitch permanence
assessment of the hybrid instruments.
There is no look-back provision in the securities' documentation,
which gives the issuer full discretion to unilaterally defer
coupon payments. Deferrals of coupon payments are cumulative and
the company will be obliged to make a mandatory settlement of
deferred interest payments under certain circumstances, including
a declaration or payment of a dividend.
KEY RATING DRIVERS
Well-Positioned Operating Subsidiaries: Telefonica's ratings are
supported by a portfolio of assets competitively well positioned
and geographically well diversified across Europe and Latin
America. The operator has a leading Spanish domestic market
position, which drove about 42% of group EBITDA less capex in
9M17. The Spanish operations underpin Telefonica's ratings and
consolidation has improved market structure, while the company's
investments in network, content and bundled products sustain its
competitive capability.
FCF Generation Constrained: Fitch expect Telefonica's EBITDA to
grow by 1%-2% over the next two to three years, driven by revenue
growth in Latin America and Spain, cost savings across its
business portfolio and margin expansion in Germany resulting from
the extraction of ongoing merger synergies.
However, capital expenditure levels are likely to remain high
over the next two to three years as Telefonica continues to
invest in fibre and mobile broadband networks to support its
commercial strategy across its footprint. However, the higher
capex will restrain the company's free cash flow (FCF)
generation, with a likely 3%-4% post-dividend FCF margin.
Gradual Organic Deleveraging: Telefonica's fund from operations
(FFO)-adjusted net leverage at the end of 2016 was 3.9x. Fitch
expect this to decline to around 3.4x by 2018. The decline is
driven by a combination of organic FCF, the sale of a stake in
the group's tower company, Telxius, and the conversion of EUR1.5
billion of mandatory convertible notes in 2017.
Emerging Market Exposure: Telefonica derived around 48% of its
EBITDA (end-2016) from its Latin American operations and from
countries with a non-investment-grade rating. The exposure
increases Telefonica's cash flow risks, which as a proportion are
higher than in its immediate peer group of diversified western
European operators such as Orange SA (13%) and Vodafone Group
(27%). The exposure also has an impact on Telefonica's leverage,
with most of Telefonica's debt euro and UK pound denominated.
DERIVATION SUMMARY
Telefonica is rated broadly in line with other geographically
diversified European telecoms operators such as Orange
(BBB+/Stable), Deutsche Telekom AG (BBB+/Stable) and Vodafone
(BBB+/Stable). A relatively higher exposure to emerging markets
with sub-investment-grade ratings results in slightly lower
leverage per rating band compared to peers.
Telefonica and the peer group combine strong operational
positions in fixed and/or mobile with large and diverse cash flow
generation. Operators with a single market focus such as Royal
KPN N.V. (BBB/Stable) and BT Group Plc (BBB+/Stable) have tighter
leverage thresholds for their ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Telefonica
include:
-- revenue growth of around 0.5% to 1% over the next two to
three years;
-- EBITDA margins expanding to around 32% by 2020;
-- capex to sales ratio of 15% to 16% over the next two to three
years;
-- reported operating income before depreciation and
amortisation has been considered as EBITDA.
RATING SENSITIVITIES
Developments that may, individually or collectively, lead to
positive rating action include:
-- FFO adjusted net leverage falling sustainably below 3.3x
-- Improved competitive position in Telefonica's domestic and
other key international markets combined with strong growth
in pre-dividend FCF
Developments that may, individually or collectively, lead to
negative rating action include:
-- FFO-adjusted net leverage trending above 3.8x on a sustained
basis
-- Pressure on FCF driven by EBITDA erosion, FX and capital
repatriation constraints, higher capex and shareholder
distribution, or significant underperformance in the core
domestic and international markets
LIQUIDITY
Telefonica continues to have strong liquidity, with positive
Fitch-defined pre-dividend FCF generation of around EUR3 billion;
at end-3Q17 the cash balance was EUR3.7 billion and EUR12.5
billion undrawn committed credit lines, which are adequate to
cover upcoming debt maturities.
===========================
U N I T E D K I N G D O M
===========================
CONVATEC GROUP: S&P Affirms 'BB' Corporate Credit Rating
--------------------------------------------------------
ConvaTec Group PLC revised down its guidance for 2017 organic
revenue growth and margin expansion, following recent supply
disruptions and failure to fill certain customer orders, stemming
from challenges in transitioning certain production lines to a
Dominican Republic-based manufacturing site.
S&P Global Ratings affirmed its ratings, including the 'BB'
corporate credit rating, on ConvaTec Group PLC. The outlook is
stable.
S&P said, "The rating affirmation on ConvaTec Group PLC reflects
our belief that despite near-term operational pressures facing
the company, its financial policies should remain relatively
conservative, given diminishing financial sponsor ownership. We
also believe the company's adjusted debt leverage will remain
between 3x-4x over the next 12 months and that it will generate
strong free cash flow for the same period.
"Our stable outlook reflects our expectations for ConvaTec to
continue to generate strong free cash flow, despite near-term
operational headwinds from the production shortfalls at its
Dominican Republic manufacturing facility."
IHS MARKIT: Moody's Rates US$400MM New Senior Notes 'Ba1'
---------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to IHS Markit
Ltd.'s proposed $400 million of new senior notes. IHS Markit's
existing ratings, including its Ba1 Corporate Family Rating (CFR)
and senior unsecured debt ratings, Ba1-PD Probability of Default
Rating and its SGL-1 Speculative Grade Liquidity rating are not
affected. The ratings outlook is stable. The company plans to use
the net proceeds from the new issuance to repay a portion of
outstanding revolving borrowings.
RATINGS RATIONALE
The Ba1 rating reflects IHS Markit's enhanced scale, diversified
business lines and leading positions as a provider of information
services to the energy and transportation industries. Its credit
profile is supported by the high proportion of recurring
revenues, high EBITDA-to-free cash flow conversion and a good
track record of integrating acquisitions. Moody's expects IHS
Markit's mid-single digit organic revenue growth and EBITDA
margin expansion to drive free cash flow in the high teens
percentages of total debt (Moody's adjusted) and total debt to
EBITDA to modestly decline from slightly over 4x (Moody's
adjusted, including stock-based compensation expense, and pro
forma for the acquisition of automotiveMasterMind in September
2017), to about 3.8x, over the next 12 to 18 months. The rating
is constrained by IHS Markit's moderately high financial
leverage, highly acquisitive growth strategy and history of
significant share repurchases.
The stable outlook is based on Moody's expectation for a modest
decline in IHS Markit's leverage and strong free cash flow over
the next 12 to 18 months. IHS Markit's SGL-1 liquidity rating
reflects its very good liquidity profile that is supported by
expected free cash flow of about $900 million over the next year
and at least $1 billion of availability under its revolving
credit facility.
Moody's could raise IHS Markit's ratings if it maintains strong
earnings growth and demonstrates a commitment to more
conservative financial policies. The ratings could be upgraded if
Moody's expects IHS Markit's total debt to EBITDA (Moody's
adjusted) to be sustained below 3.0x. Conversely, the rating
could be downgraded if weak operating performance or aggressive
financial policies cause total debt to EBITDA and free cash flow-
to-total debt to be sustained above 4x and below 15%,
respectively, on a Moody's adjusted basis.
Assignments:
Issuer: IHS Markit Ltd.
-- Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)
IHS Markit provides information, research, analytics and other
services to customers in major industries, financial markets, and
governments.
The principal methodology used in this rating was Business and
Consumer Services published in October 2016.
IHS MARKIT: S&P Rates US$400MM Unsecured Notes 'BB+'
----------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
London-based data and analytics provider IHS Markit Ltd.'s
proposed $400 million unsecured notes due 2026. S&P said, "We
also assigned a '3' recovery rating to the notes, indicating our
expectation for meaningful recovery (50% to 70%; rounded
estimate: 65%) in the event of a payment default. These ratings
are the same as our ratings on the company's existing unsecured
debt. We expect IHS Markit will use the proceeds to repay the
outstanding balances on the revolving credit facility.
"This transaction does not affect our 'BB+' corporate credit
rating or positive outlook on IHS Markit. We estimate adjusted
leverage is approximately 3x as of Aug. 31, 2017 and we view this
transaction as leverage neutral. The corporate credit rating
reflects improved business diversity over the past several years,
with the growth of its transportation segment, the addition of
the financial services segment, and the dilution of its resources
segment to 25% of revenues, down from about half in 2013. During
that time, the company delivered good operating performance
despite challenges in the energy market, and it has executed its
financial policy consistently, maintaining leverage below 3x with
only temporary spikes to 4x for acquisitions followed by a period
of rapid leverage reduction."
RECOVERY ANALYSIS
Key analytical factors
S&P said, "Our simulated default scenario assumes a payment
default in 2022 due to an economic downturn affecting all markets
served, the inability to integrate acquired businesses, the loss
of access to relevant data, and increased competition that
results in client attrition, lower margins, and the loss of
liquidity.
"We value IHS Markit as a going concern because we believe that
following a payment default, the company is likely to be
reorganized rather than liquidated because its brands, market
leading products, and high recurring revenues make the company
viable. We applied a 7.5x multiple to an estimated distressed
emergence EBITDA of $400 million to estimate gross recovery value
of about $3 billion. The multiple is at the high end of the range
that we use for the technology software and services industry."
Simulated default assumptions
-- Simulated year of default: 2022
-- EBITDA at emergence: $395 million
-- EBITDA multiple: 7.5x
-- Revolving facility utilization at default: 85%
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $2.8
billion
-- Unsecured debt claims: $4.5 billion
--Recovery expectations: 50% to 70% (rounded estimate: 65%)
-- All debt amounts include six months of pre-petition interest.
RATINGS LIST
IHS Markit Ltd. Corporate Credit Rating BB+/Positive/--
New Rating
IHS Markit Ltd. $400 mil. notes due 2026
Senior Unsecured BB+
Recovery Rating 3(65%)
LBS WORLDWIDE: To Exit Administration Via CVA, 34 Jobs Saved
------------------------------------------------------------
Richard Frost at Insider Media reports that more than 30 jobs
have been saved by the rescue of LBS Worldwide out of
administration.
The company entered administration on October 16, 2017, with
Kate Breese -- kate.breese@walshtaylor.co.uk -- and
Philippa Smith -- Philippa.Smith@walshtaylor.co.uk -- of Walsh
Taylor appointed joint administrators, Insider Media recounts.
Under the stewardship of Walsh Taylor, the company continued to
trade while in administration thanks to an injection of funds
from an individual investor, Insider Media relates. As a result
of that financial backing, and support from creditors, the future
of the business has now been safeguarded, Insider Media notes.
According to Insider Media, LBS Worldwide will exit
administration by a Company Voluntary Arrangement, saving 34 jobs
and maximizing returns to creditors.
More than 90% of supplier creditors have so far indicated their
ongoing support, Insider Media discloses.
LBS Worldwide is a Colne-based horticultural supplier.
MARBLE ARCH 4: S&P Affirms B- (sf) Rating on Class E1c Notes
------------------------------------------------------------
S&P Global Ratings took various credit rating actions in Marble
Arch Residential Securitisation No. 4 PLC.
Specifically, S&P has:
-- Raised to 'A (sf)' from 'A- (sf)' and removed from
CreditWatch positive its ratings on the class A3c, B1a, B1b, B1c,
C1a, and C1c notes;
-- Raised to 'BBB+ (sf)' from 'BBB (sf)' its ratings on the
class D1a and D1c notes; and
-- Affirmed its 'B- (sf)' rating on the class E1c notes.
S&P said, "The rating actions follow our credit and cash flow
analysis of the most recent transaction information that we have
received as part of our ongoing surveillance. Our analysis
reflects the application of our European residential loans
criteria and our current counterparty criteria.
"On Oct. 17, 2017, we raised our long- and short-term issuer
credit ratings (ICRs) on Barclays Bank PLC, the collection
account provider in this transaction. Consequently, on Nov. 10,
2017, we placed on CreditWatch positive our ratings on Marble
Arch Residential Securitisation No. 4's class A3c, B1a, B1b, B1c,
C1a, and C1c notes."
In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed. The servicer's definition
of other amounts owed include (among other items), arrears of
fees, charges, costs, ground rent, and insurance.
S&P said, "We have refined our analysis of these other amounts
owed by using the available reported loan-level data. The new
approach primarily results in a decrease in the weighted-average
loss severity (WALS) in this transaction.
"We have observed a slight decrease in our weighted-average
foreclosure frequency (WAFF) assumptions and a significant
decrease in our WALS assumptions since our June 14, 2017 review.
Combined, these in turn decrease the required level of credit
enhancement for all classes of notes. The primary reasons for the
lower WAFF are the lower arrears and the lower percentage of
long-term interest-only loans and buy-to-let loans."
Rating WAFF WALS
level (%) (%)
AAA 42.00 51.79
AA 34.36 42.90
A 28.16 27.12
BBB 22.83 17.66
BB 16.77 11.59
The loan pool is very seasoned (141 months) and benefits from a
nonamortizing reserve fund, which is at its required documented
level. In addition, the liquidity facility is amortizing and
fully undrawn.
S&P said, "The transaction has deleveraged since our previous
review, increasing the available credit enhancement for all
classes of notes. We consider the available credit enhancement to
be commensurate with higher ratings than those currently assigned
to the class D1a and D1c notes. We have therefore raised to 'BBB+
(sf)' from 'BBB (sf)' our ratings on these classes of notes.
"Under our current counterparty criteria, our ratings on the
class A3c, B1a, B1b, B1c, C1a, and C1c notes are constrained at
our 'A' long-term ICR on Barclays Bank, which is, among others,
the bank account provider and guaranteed investment contract
(GIC) provider. Therefore, following our recent upgrade of
Barclays Bank, we have raised to 'A (sf)' from 'A- (sf)' and
removed from CreditWatch positive our ratings on the class A3c,
B1a, B1b, B1c, C1a, and C1c notes.
"We consider the available credit enhancement for the class E1c
notes to be commensurate with our currently assigned rating. We
have therefore affirmed our 'B- (sf)' rating on this class of
notes.
"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for time horizons of one year and three years under moderate
stress conditions is in line with our credit stability criteria."
Marble Arch Residential Securitisation No. 4 is a residential
mortgage-backed securities (RMBS) transaction, backed by
nonconforming U.K. residential mortgages originated by Matlock
Bank Ltd., Southern Pacific Mortgage Ltd., Southern Pacific
Personal Loans Ltd., London Mortgage Co., and Langersal No. 2
Ltd.
RATINGS LIST
Class Rating
To From
Marble Arch Residential Securitisation No. 4 PLC
EUR100.55 Million, GBP532.9 Million, $479 Million Mortgage-
Backed Floating-Rate Notes An Overissuance Of Mortgage-Backed
Floating-Rate Notes And Mortgage-Backed Deferrable-Interest
Notes
Ratings Raised And Removed From CreditWatch Positive
A3c A (sf) A- (sf)/Watch Pos
B1a A (sf) A- (sf)/Watch Pos
B1b A (sf) A- (sf)/Watch Pos
B1c A (sf) A- (sf)/Watch Pos
C1a A (sf) A- (sf)/Watch Pos
C1c A (sf) A- (sf)/Watch Pos
Ratings Raised
D1a BBB+ (sf) BBB (sf)
D1c BBB+ (sf) BBB (sf)
Rating Affirmed
E1c B- (sf)
PALMER & HARVEY: Paid GBP70MM Dividends Despite Debt, Losses
------------------------------------------------------------
Hannah Boland at The Telegraph reports that wholesaler Palmer &
Harvey has paid out more than GBP70 million in dividends since
2009, despite having racked up more than GBP48 million in debt
amid ongoing losses, culminating in its collapse into
administration last week.
P&H was paying more than GBP8 million a year in cash to holders
of its A and B preference shares, through dividends and
redemptions, The Telegraph relays, citing filings on Companies
House.
The cash was paid out regardless of whether P&H posted an annual
loss, which it did each year apart from 2014, The Telegraph
states. In its most recent financial year, it recorded a loss of
GBP9.4 million, The Telegraph notes.
According to The Telegraph, the news is likely to spark a
backlash from the 2,500 employees of the wholesaler who lost
their jobs on Nov. 28, after the business tumbled into
administration. A further 900 jobs are still at risk from
redundancy, The Telegraph says.
Administrators at PricewaterhouseCoopers had said P&H was hit by
"challenging trading conditions and efforts to restructure the
business have been unsuccessful", The Telegraph relates.
TALKTALK TELECOM: S&P Alters Outlook to Stable, Affirms 'BB-' CCR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on U.K.-based fixed-line
carrier and mobile services provider TalkTalk Telecom Group PLC
to stable from positive and affirmed its 'BB-' long-term
corporate credit rating on the group.
S&P said, "At the same time, we affirmed our 'BB-' issue rating
on TalkTalk's GBP400 million senior notes. The recovery rating on
these notes is '3', indicating our expectation of meaningful
(50%-70%; rounded estimate: 60%) recovery prospects in the event
of a payment default.
The outlook revision follows TalkTalk's weaker-than-previously
anticipated operating performance in recent quarters. This was
mainly due to a combination of the following factors:
-- The launch of lower priced fixed plans, which were highly
successful among existing customers, resulting in some
average revenue per user (ARPU) dilution compared with our
previous expectation of ARPU growth.
-- The new fixed-price plans have also driven higher-than-
expected subscriber growth. While this should support revenue
growth in the longer term, high subscriber acquisition and
marketing costs are reducing EBITDA.
-- TalkTalk has revised its mobile strategy, and will end its
thick mobile virtual network operator plans and investments.
This will result in continued meaningful exceptional costs in
the financial year 2018 (ending March 31), compared with its
previous expectation of a significant decline.
S&P said, "As a result, we now expect TalkTalk to return to
revenue growth in financial 2019 at the earliest. In addition, we
forecast that margins will continue to be pressured over the
medium term by meaningful subscriber acquisition costs as well as
additional (though declining) exceptional costs. We therefore
forecast that the group's adjusted debt to EBITDA will remain
higher than 3x over the foreseeable future. In addition, we
expect free operating cash flow (FOCF) to debt to remain lower
than 10% in financial years 2018 and 2019.
"However, we do see a few positive signals that support our base
case of TalkTalk's return to revenue stabilization and growth
from financial 2019. These include a return to customer growth
(46 thousand net additional customers in first half 2018) and a
reduction in customer monthly churn to about 1.3%."
In addition, the affirmation of the 'BB-' rating on TalkTalk is
supported by the group's recent adjustment of its distribution
policy, with cash dividends in financial 2018 reflecting a year-
on-year reduction of about 50%. S&P said, "As a result, along
with decline in capital expenditure (capex), we expect an ongoing
reduction in cash burn from more than GBP100 million in financial
2017 to about GBP20 million in financial 2019. We note, however,
that our assessment of TalkTalk's financial risk profile remains
constrained by its relatively substantial dividend distributions,
resulting in ongoing, partially debt-funded distributions."
The rating on TalkTalk balances the group's established position
as a value-for-money telecom services provider in the very
competitive U.K. telecoms market and reliance on OpenReach for
last-mile access, with its only moderately conservative financial
policy. The latter corresponds to S&P Global Ratings-adjusted
debt to EBITDA of 3x-4x in financial years 2017-2019 and negative
discretionary cash flow generation.
S&P's base case assumes:
-- About 4%-5% revenue decline in financial 2018 (including
mobile). The decline in revenues is driven by lower consumer
revenues due to a decrease in ARPUs (re-contracting to fixed
low price plans [FLPPs]), lower revenues from carriers, and
the ongoing decline in off-net revenues.
-- Return to revenue growth of about 1% in financial 2019,
driven by a continued increase in subscribers and a minor
ARPU increase due to further shift in the product mix toward
fiber, growth from the group's TV app, the stabilizing impact
of re-contracting to FLPPs, and continued market share gains
in TalkTalk's business segment.
-- Reported EBITDA margin reduced to about 11% in financial 2018
due to S&P's assumption of about GBP80 million of exceptional
costs, increasing to 15%-16% in financial 2019, which it
assumes will continue to be burdened by relatively material
subscriber acquisition costs (SACs) and marketing expenses.
-- Total annual capex of 7%-8% of revenues.
-- Dividends of about GBP75 million.
Based on these assumptions, S&P arrives at the following credit
measures in financial 2018-2019:
-- Adjusted debt to EBITDA of 4.0x-4.5x in financial 2018,
declining to about 3.5x in financial 2019 from about 3.2x in
financial 2017;
-- Funds from operations (FFO) to debt of 17%-20% in 2018,
increasing to about 22% in 2019; and
-- FOCF to debt of about 6% in 2018, increasing to about 8% in
2019.
S&P said, "The stable outlook reflects our expectation that
TalkTalk will stabilize its revenue base over the next 12 months;
continue to expand its customer base; and significantly lower its
exceptional costs, in line with our base case, enabling it to
reduce adjusted leverage to well below 4x.
"We could lower the rating if TalkTalk continues to experience
revenue and margin declines, for example due to increased
competitive pressures, resulting in adjusted debt to EBITDA
remaining at or above 4x on a sustainable basis, and FOCF to debt
reducing to 5% or lower. We could also consider a downgrade if
operating pressures resulted in covenant headroom declining to
materially less than 10%, with no adjustment in TalkTalk's
distribution policy.
"We see upside prospects as unlikely over the next 12 months due
to our expectation of only modest improvement in EBITDA and cash
flows (excluding exceptional costs). We could raise the rating if
TalkTalk significantly over-performed our base case, resulting in
improved credit metrics and free cash flow generation. Notably,
we could take this action if we saw adjusted debt to EBITDA
falling to sustainably less than 3x, FOCF to debt increasing to
more than 10%, and positive discretionary cash flows."
TOYS R US: Plans to Close Quarter of UK Stores, To Enter Into CVA
-----------------------------------------------------------------
Ashley Armstrong at The Telegraph reports that hundreds of jobs
are at risk as it emerged that struggling retailer Toys R Us is
planning to shut a quarter of its UK stores.
According to The Telegraph, Toys R Us is expected to announce a
company voluntary arrangement (CVA) next week to close around 25
of its 105 shops in the UK.
The company employs 3,200 people in this country with insiders
saying that the shop closures could affect between 500 and 800
jobs, The Telegraph discloses.
Corporate restructuring firm Alvarez & Marsal has been lined up
to handle the CVA, according to Sky News which first reported the
shop closure plans, The Telegraph states.
However, there is a real threat that if 75% of Toys R Us
creditors and landlords do not support the CVA the business could
face insolvency, The Telegraph notes.
It is understood that Toys R Us's UK operations have been loss-
making for seven of the last eight years, The Telegraph relays.
In October, the Telegraph revealed that toy suppliers had stopped
shipments to Toys R Us in the UK over fears that the financial
struggles of its American parent company could leave them out of
pocket.
About Toys "R" Us
Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area. Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.
Merchandise is also sold at e-commerce sites including
Toysrus.com and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.
Toys "R" Us is now a privately owned entity but still files with
the Securities and Exchange Commission as required by its debt
agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders'
deficit of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.
In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.
The Company's operations outside of the U.S. and Canada,
including its 255 licensed stores and joint venture partnership
in Asia, which are separate entities, are not part of the Chapter
11 filing and CCAA proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve
as the Debtors' bankruptcy counsel. The Debtors hired Kutak Rock
LLP as co-counsel; Alvarez & Marsal North America, LLC as
restructuring advisor; Lazard Freres & Co. LLC as investment
banker; Ernst & Young LLP as auditor; KPMG LLP as tax consultant
and internal audit advisor; Prime Clerk LLC as claims and
noticing
agent; and A&G Realty Partners, LLC as real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The committee hired
Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel;
Wolcott Rivers P.C. as local counsel; FTI Consulting Inc. as
financial advisor; and Moelis & Company LLC as investment banker.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week November 27 to December 1, 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
Koninklijke Luchtvaart Maat 0.75 CHF 36.60
Wild Bunch AG 8.00 3/23/2019 EUR 50.05
Tonon Luxembourg SA 9.25 1/24/2020 USD 11.13
OAS Investments GmbH 8.25 10/19/2019 USD 7.50
Barclays Bank PLC 0.24 4/9/2028 USD 67.25
Rena GmbH 8.25 7/11/2018 EUR 9.38
BBVA International Preferre 1.27 GBP 63.20
CGG SA 6.50 6/1/2021 USD 45.23
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 12.27
Windreich GmbH 6.50 3/1/2015 EUR 14.63
Otkritie Holding JSC 11.00 8/9/2018 RUB 21.73
PA Resources AB 13.50 3/3/2016 SEK 0.05
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.25
Stroika Finance Ltd Via Eme 9.90 6/25/2019 RUB 10.00
Pescanova SA 6.75 3/5/2015 EUR 2.58
3W Power SA 5.50 11/11/2020 EUR 15.00
Golden Gate AG 6.50 10/11/2014 EUR 56.68
Deutsche Bank AG/London 1.39 8/28/2034 USD 67.00
APP International Finance C 11.75 10/1/2005 USD 0.44
Abengoa Finance SA 7.75 2/1/2020 USD 1.20
Manchester Building Society 8.00 GBP 25.25
International Industrial Ba 11.00 2/19/2013 USD 0.22
Banco Espirito Santo SA 6.90 6/28/2024 EUR 28.00
Barclays Bank PLC 1.11 4/25/2034 USD 68.75
Teksid Aluminum Luxembourg 11.38 7/15/2011 EUR 0.11
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 8.50
Barclays Bank PLC 1.33 6/17/2033 USD 65.40
Artea 6.00 8/4/2019 EUR 14.52
Afren PLC 11.50 2/1/2016 USD 0.01
Depfa Funding IV LP 1.54 EUR 50.00
DOF ASA 7.83 9/12/2019 NOK 40.00
Santander Issuances SAU 4.35 12/1/2026 EUR 73.43
Del Monte Finance Luxembour 6.63 5/24/2006 EUR 5.13
Barclays Bank PLC 3.57 9/13/2028 USD 70.57
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Lloyds Bank PLC 0.09 4/26/2033 USD 51.00
Agrokor dd 9.13 2/1/2020 EUR 26.13
Banco Comercial Portugues S 5.00 EUR 65.00
HPI AG 3.50 EUR 3.20
Svensk Exportkredit AB 0.50 8/28/2020 TRY 70.41
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 70.38
Tatfondbank OAO via TFB Fin 8.50 11/12/2019 USD 1.22
Rosneft Oil Co PJSC 8.60 1/18/2021 RUB 60.01
Rio Forte Investments SA 4.00 7/22/2014 EUR 8.38
Virgolino de Oliveira Finan 11.75 2/9/2022 USD 7.25
Abanka Vipa DD Via Afinance 1.57 EUR 2.26
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.75
Havila Shipping ASA 4.82 11/7/2020 NOK 48.38
Rena GmbH 7.00 12/15/2015 EUR 9.38
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
CGG SA 5.88 5/15/2020 EUR 45.63
Orient Express Bank PJSC 13.60 8/9/2018 RUB 68.00
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 8.50
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.31
BNP Paribas SA 0.50 9/29/2029 AUD 60.99
Atari SA 7.50 2/17/2020 EUR 0.41
Royal Bank of Scotland PLC/ 1.42 2/25/2031 USD 71.00
FPK OAO 9.95 6/4/2026 RUB 103.40
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 12.08
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
A-TEC Industries AG 8.75 10/27/2014 EUR 0.10
Popular Capital SA 4.00 EUR 2.76
Elli Investments Ltd 12.25 6/15/2020 GBP 67.63
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 8.50
A-TEC Industries AG 5.75 11/2/2010 EUR 0.10
Northland Resources AB 15.00 7/15/2019 USD 1.88
Sachsen Bank 0.07 1/22/2041 EUR 74.80
Otkritie Holding JSC 10.00 4/20/2028 RUB 19.53
Landesbank Hessen-Thueringe 0.06 4/23/2041 EUR 68.68
Svensk Exportkredit AB 0.50 4/24/2029 AUD 63.11
MS Deutschland Beteiligungs 6.88 12/18/2017 EUR 5.33
Region of Molise Italy 0.13 12/15/2033 EUR 66.99
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.62
A-TEC Industries AG 2.75 5/10/2014 EUR 0.10
Golden Energy Offshore Serv 5.00 12/31/2017 NOK 45.63
Veneto Banca SpA 6.95 2/25/2025 EUR 1.00
International Finance Facil 0.50 6/29/2027 ZAR 38.21
Virgolino de Oliveira Finan 10.88 1/13/2020 USD 25.00
Alpha Bank AE 2.50 6/20/2022 EUR 41.06
Banca Meridiana 1.25 11/12/2017 EUR 0.80
Delamare Finance PLC 1.54 2/19/2029 GBP 64.10
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.00
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 0.11
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.00
Governo Portugues Consolida 2.75 EUR 70.53
Kommunekredit 0.50 7/30/2027 TRY 33.67
CGG SA 6.88 1/15/2022 USD 45.63
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.88
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.57
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 44.36
Stichting Afwikkeling Onder 6.63 5/14/2018 EUR 3.00
Activa Resources AG 0.50 11/15/2021 EUR 18.50
Deutsche Agrar Holding GmbH 7.25 9/28/2018 EUR 2.25
Barclays Bank PLC 2.95 10/30/2034 USD 73.65
Rosneft Oil Co PJSC 8.90 2/6/2024 RUB 101.02
Laurel GmbH 7.13 11/16/2017 EUR 8.63
Credit Agricole Corporate & 5.65 10/31/2022 INR 74.85
La Veggia Finance SPA 7.13 11/14/2004 EUR 1.96
Mifa Mitteldeutsche Fahrrad 7.50 8/12/2018 EUR 2.15
KPNQwest NV 8.13 6/1/2009 USD 0.06
Espirito Santo Financial Po 5.13 5/30/2016 EUR 0.52
Banco Espirito Santo SA 1.22 5/27/2018 EUR 1.19
Oi Brasil Holdings Cooperat 5.63 6/22/2021 EUR 37.00
Otkritie Holding JSC 12.70 9/30/2027 RUB 40.78
SAir Group 6.25 4/12/2005 CHF 11.75
Intelsat Luxembourg SA 12.50 11/15/2024 USD 61.79
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 67.40
Rosneft Oil Co PJSC 9.90 12/3/2020 RUB 62.01
Hamburgische Landesbank-Gir 0.05 1/22/2041 EUR 62.83
Salvator Grundbesitz-AG 9.50 EUR 18.50
LBI HF 7.43 USD 0.00
SiC Processing GmbH 7.13 3/1/2016 EUR 2.52
UkrLandFarming PLC 10.88 3/26/2018 USD 26.88
Santander Finance Capital S 2.00 USD 62.56
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 8.50
Frigoglass Finance BV 8.25 5/15/2018 EUR 51.00
Exane Finance SA 5.00 12/20/2019 SEK
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.64
Svensk Exportkredit AB 0.50 6/29/2029 AUD 62.80
Podkarpacki Bank Spoldzielc 5.81 7/2/2020 PLN 70.50
Talvivaara Mining Co PLC 9.75 4/4/2017 EUR 1.24
PSN Pm OOO 12.00 8/31/2027 RUB 60.46
Municipality Finance PLC 0.50 6/19/2024 ZAR 55.06
Svensk Exportkredit AB 0.50 8/29/2029 AUD 63.81
Institut Catala de Finances 0.87 9/18/2024 EUR 73.73
Barclays Bank PLC 0.50 4/24/2023 MXN 62.30
Northland Resources AB 4.00 10/15/2020 NOK 0.16
Otkritie Holding JSC 11.25 12/10/2026 RUB 24.50
Otkritie Holding JSC 11.50 7/14/2027 RUB 27.00
Hamburgische Landesbank-Gir 0.05 10/30/2040 EUR 64.77
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.22
Otkritie Holding JSC 10.25 9/17/2027 RUB 20.65
Barclays Bank PLC 3.09 4/16/2029 USD 66.25
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 8.50
Anglian Water Services Fina 0.76 1/26/2057 GBP 73.29
HSBC France SA 1.03 EUR 71.00
Societe Generale SA 0.28 6/28/2033 USD 70.75
State of Berlin Germany 0.50 6/19/2047 EUR 73.62
Banco Pastor SAU 2.07 EUR 1.14
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
UBS AG/London 7.93 12/30/2021 USD 10.45
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 80.00
Alpha Bank AE 2.50 6/20/2022 EUR 41.07
Promsvyazbank PJSC 10.50 4/19/2021 RUB 70.10
Veneto Banca SpA 6.94 5/15/2025 EUR 0.39
UniCredit Bank AO 12.00 11/20/2019 RUB 67.00
AKB Peresvet ZAO 13.50 10/16/2020 RUB 19.35
Marine Subsea AS 9.00 12/16/2019 USD 0.41
SAir Group 5.50 7/23/2003 CHF 11.57
Talvivaara Mining Co PLC 4.00 12/16/2015 EUR 1.79
Aralco Finance SA 10.13 5/7/2020 USD 4.34
Finans-Avia OOO 9.00 7/31/2022 RUB 73.95
SPORTTOTAL AG 6.00 3/17/2019 EUR 3.90
BLT Finance BV 12.00 2/10/2015 USD 10.50
Banca del Monte di Lucca-Sp 2.43 6/29/2020 EUR 64.50
Barclays Bank PLC 1.33 8/31/2031 USD 71.25
Rosneft Oil Co PJSC 14.90 12/3/2020 RUB 65.67
Kamaz PJSC 11.24 7/18/2030 RUB 70.01
Barclays Bank PLC 2.41 5/30/2034 USD 73.20
BNP Paribas SA 0.50 7/20/2021 BRL 68.94
MegaFon PJSC 9.90 5/29/2026 RUB 63.88
Petromena ASA 10.85 11/19/2017 USD 0.61
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 71.51
SG Issuer SA 6.00 6/30/2022 USD 73.89
Otkritie Holding JSC 10.00 12/8/2027 RUB 24.00
MPS Capital Services Banca 3.73 3/30/2022 EUR 58.26
SAir Group 6.25 10/27/2002 CHF 11.78
Landesbank Hessen-Thueringe 0.08 5/3/2041 EUR 66.47
Dexia Kommunalbank Deutschl 5.63 12/31/2017 EUR 13.13
Banco Espirito Santo SA 10.00 12/6/2021 EUR 1.19
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 35.25
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 8.50
New World Resources NV 8.00 4/7/2020 EUR 3.68
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 8.50
SAir Group 5.13 3/1/2003 CHF 13.00
Bank Nederlandse Gemeenten 0.50 6/7/2022 ZAR 65.34
Russian Railways JSC 4.00 4/29/2043 RUB 60.06
Rosneft Oil Co PJSC 8.50 7/14/2027 RUB 67.97
Agroton Public Ltd 6.00 7/14/2019 USD 14.38
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 2.45
SAir Group 2.13 11/4/2004 CHF 11.75
Privatbank CJSC Via UK SPV 10.88 2/28/2018 USD 19.13
Otkritie Holding JSC 11.50 8/5/2025 RUB 20.50
Kommunalbanken AS 0.50 5/27/2022 ZAR 67.53
SAir Group 2.75 7/30/2004 CHF 11.75
Oravita City Council 2.89 6/15/2027 RON 74.01
Rosneft Oil Co PJSC 8.50 7/14/2027 RUB 67.97
Two Capitals Highway OOO 13.45 5/10/2030 RUB 62.57
Oberbank Hybrid 1 GmbH 0.87 EUR 48.22
OGK-2 PJSC 11.50 11/17/2020 RUB 101.72
Espirito Santo Financial Gr 5.05 11/15/2025 EUR 0.64
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 68.50
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 3.81
WPE International Cooperati 10.38 9/30/2020 USD 16.25
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 3.81
EFG International Finance G 6.00 11/30/2017 EUR 0.19
Gazprom PJSC 5.10 10/21/2043 RUB 60.06
New World Resources NV 4.00 10/7/2020 EUR 1.14
City of Kiev Ukraine Via CS 8.00 11/6/2015 USD 66.00
Rusfinans Bank OOO 8.05 10/2/2018 RUB 60.36
OGK-2 PJSC 11.50 11/17/2020 RUB 62.07
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 65.00
BNP Paribas SA 0.50 5/6/2021 MXN 74.23
SAir Group 4.25 2/2/2007 CHF 11.75
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 70.01
Agentstvo po Ipotechnomu Zh 8.20 9/15/2020 RUB 74.20
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 8.50
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 3.81
Heta Asset Resolution AG 4.35 12/31/2023 EUR 34.63
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 7.70
Metalloinvest Holding Co OA 0.01 3/7/2022 RUB 75.00
Pierer Industrie AG 5.75 EUR 69.13
Royal Bank of Scotland PLC/ 1.39 8/26/2031 USD 68.70
Gazprom PJSC 5.10 10/21/2043 RUB 60.06
Polski Bank Spoldzielczy w 4.81 6/18/2020 PLN 50.00
SAir Group 2.75 7/30/2004 CHF 11.75
Agentstvo po Ipotechnomu Zh 10.90 11/1/2022 RUB 61.01
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 3.81
Gazprombank JSC 9.00 4/27/2048 RUB 101.45
Bank Nederlandse Gemeenten 0.50 8/15/2022 ZAR 64.47
Lloyds Bank PLC 2.11 4/25/2034 USD 70.13
HSH Nordbank AG 2.30 2/1/2036 EUR 69.86
Biomed-Lublin Wytwornia Sur 7.31 9/22/2019 PLN 72.01
Bilt Paper BV 9.64 USD 24.38
Kaupthing ehf 5.75 10/4/2011 USD 17.63
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 0.75
Russian Railways JSC 8.65 2/4/2032 RUB 62.90
Solarwatt GmbH 7.00 11/1/2015 EUR 15.50
Main Road JSC 7.50 10/30/2028 RUB 65.00
WEB Windenergie AG 6.25 EUR 74.89
UmweltBank AG 2.85 EUR 53.30
Barclays Bank PLC 1.33 7/28/2034 USD 72.77
Rosneft Oil Co PJSC 11.90 12/3/2020 RUB 71.55
Northland Resources AB 15.00 7/15/2019 USD 1.88
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 26.77
Two Capitals Highway OOO 13.25 6/19/2030 RUB 67.96
Rosselkhozbank JSC 17.00 12/13/2024 RUB 60.57
Bank Nederlandse Gemeenten 0.50 5/12/2021 ZAR 72.87
Kaupthing ehf 5.25 7/18/2017 BGN 17.63
Santander Finance Capital S 2.00 USD 62.00
Bank Nederlandse Gemeenten 0.50 8/9/2022 MXN 68.97
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 67.75
Plaza Centers NV 6.00 7/1/2020 ILS 78.00
ML 33 Invest AS 7.50 NOK 68.75
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 8.50
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 8.50
HSBC Bank PLC 0.50 10/30/2026 NZD 70.62
Societe Generale SA 1.60 1/9/2020 GBP 1.13
Gold-Zack AG 7.00 12/14/2005 EUR 12.58
IT Holding Finance SA 9.88 11/15/2012 EUR 2.45
Hypo Vorarlberg Bank AG 5.87 EUR 45.88
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 8.50
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 3.81
Societe Generale SA 0.37 2/28/2033 USD 67.10
SG Issuer SA 6.65 10/10/2021 EUR 74.03
United Engine Corp JSC 8.80 4/17/2023 RUB 60.01
Krakowski Bank Spoldzielczy 5.11 9/20/2023 PLN 67.00
Rosbank PJSC 9.35 9/29/2025 RUB 60.78
Pongs & Zahn AG 8.50 EUR 0.04
Rosbank PJSC 9.80 12/20/2026 RUB 62.35
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 3.81
Heta Asset Resolution AG 0.43 12/31/2023 EUR 34.63
State Transport Leasing Co 14.30 12/10/2024 RUB 72.41
NRW Bank 0.28 10/4/2026 EUR 57.35
Windreich GmbH 6.75 3/1/2015 EUR 14.63
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 8.50
Leonteq Securities AG 15.60 12/19/2017 CHF 60.58
Muehl Product & Service AG 6.75 3/10/2005 DEM 0.21
Rio Forte Investments SA 4.75 11/10/2015 EUR 8.38
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 8.50
Ideal Standard Internationa 11.75 5/1/2018 EUR 4.83
Bank Nederlandse Gemeenten 0.50 6/22/2021 ZAR 72.07
Kaupthing ehf 6.13 10/4/2016 USD 17.63
Leonteq Securities AG/Guern 9.00 5/29/2018 EUR 56.43
Kaupthing ehf 9.00 USD 0.12
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 42.98
Grupo Isolux Corsan SA 3.00 12/30/2021 USD 0.92
State of Rhineland-Palatina 0.60 10/24/2046 EUR 73.13
EFG International Finance G 2.10 3/23/2018 EUR 21.18
Heta Asset Resolution AG 0.24 12/31/2023 EUR 34.63
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 42.58
Beluga Group PJSC 9.75 5/28/2020 RUB 61.00
Rostelecom PJSC 8.40 5/20/2025 RUB 60.06
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 8.50
Otkritie Holding JSC 11.50 7/20/2028 RUB 31.05
Astana Finance BV 9.00 11/16/2011 USD 16.88
Raiffeisen Schweiz Genossen 8.99 7/22/2019 EUR 25.13
Barclays Bank PLC 0.50 1/28/2033 MXN 28.01
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 3.81
Bank Nederlandse Gemeenten 0.50 9/20/2022 ZAR 63.78
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 8.50
Podkarpacki Bank Spoldzielc 5.01 10/6/2021 PLN 64.00
Russian Railways JSC 9.85 4/26/2041 RUB 69.69
Oberoesterreichische Landes 0.32 11/6/2030 EUR 73.28
Kerdos Group SA 8.00 12/15/2017 PLN
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 3.81
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 8.50
United Engine Corp JSC 11.50 6/26/2024 RUB 60.01
Phones4u Finance PLC 9.50 4/1/2018 GBP 73.88
Orient Express Bank PJSC 18.00 5/28/2020 RUB 50.00
Credito Padano Banca di Cre 3.10 EUR 33.86
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 8.50
Penell GmbH Elektrogroshand 7.75 6/10/2019 EUR 5.00
Union Technologies Informat 0.10 1/1/2020 EUR 5.50
Credit Europe Bank Ltd 10.00 9/14/2018 RUB 62.03
National Developing Co PAO 16.00 4/15/2021 RUB 0.01
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 65.46
Eiendomskreditt AS 4.10 NOK 55.30
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.00
Rusfinans Bank OOO 10.05 6/10/2019 RUB 61.12
Municipality Finance PLC 0.50 5/8/2029 AUD 63.10
Deutsche Bank AG/London 0.50 10/5/2021 IDR 66.68
Sidetur Finance BV 10.00 4/20/2016 USD 4.96
Barclays Bank PLC 2.49 2/28/2034 USD 73.70
Rosselkhozbank JSC 12.87 12/21/2021 RUB 66.78
UniCredit Bank AG 0.37 11/19/2029 EUR 64.30
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.62
Russian Railways JSC 5.10 11/29/2028 RUB 60.06
Commerzbank AG 10.00 3/2/2020 EUR 42.15
Bank Nederlandse Gemeenten 0.50 9/20/2022 MXN 68.35
Credit Suisse AG/London 9.50 11/15/2019 USD 5.66
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 40.48
Metalloinvest Holding Co OA 0.01 3/10/2022 RUB 60.00
Orient Express Bank PJSC 11.70 7/17/2018 RUB 60.31
Rusfinans Bank OOO 8.05 6/30/2020 RUB 60.17
AKB Peresvet ZAO 12.50 9/6/2017 RUB 18.53
Lillestroem Sparebank 4.29 NOK 60.74
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 3.81
Polski Bank Spoldzielczy w 5.31 9/14/2027 PLN 50.20
HSBC Bank PLC 0.50 12/29/2026 AUD 69.49
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 3.81
VEB-Leasing OAO 8.71 9/1/2025 RUB 60.06
Kommunekredit 0.50 5/11/2029 CAD 71.59
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 67.00
UniCredit Bank Austria AG 0.12 1/22/2031 EUR 74.58
Moscow United Electric Grid 10.00 5/26/2026 RUB 60.06
ECM Real Estate Investments 5.00 10/9/2011 EUR 10.38
VEB-Leasing OAO 8.65 1/16/2024 RUB 60.06
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 3.81
RGS Nedvizhimost OOO 12.50 12/11/2017 RUB 11.00
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 8.50
Societe Generale SA 1.00 12/22/2017 GBP 0.98
Municipality Finance PLC 0.50 4/26/2022 ZAR 66.51
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 3.81
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 3.81
City of Siret Romania 3.21 3/1/2028 RON 50.00
RGS Nedvizhimost OOO 12.50 9/14/2021 RUB 0.01
Sviaz Bank OAO 9.00 3/24/2018 RUB 60.17
Oberoesterreichische Landes 0.30 4/25/2042 EUR 61.37
Vnesheconombank 8.35 11/24/2020 RUB 60.07
Podkarpacki Bank Spoldzielc 5.11 5/28/2023 PLN 62.00
Podkarpacki Bank Spoldzielc 5.81 3/31/2025 PLN 61.01
Bayerische Landesbank 2.60 3/29/2018 EUR 66.88
Kommunalbanken AS 0.50 12/16/2020 TRY 70.27
Bank Intesa AO 8.25 6/10/2018 RUB 60.04
Credit Suisse AG/London 11.70 4/20/2018 USD 10.73
Absolut Bank PAO 12.00 12/25/2018 RUB 60.01
Espirito Santo Financial Po 5.63 7/28/2017 EUR 0.39
Windreich GmbH 6.25 3/1/2015 EUR 14.63
Kaupthing ehf 7.50 2/1/2045 USD 0.26
LBI HF 2.25 2/14/2011 CHF 7.13
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.29
TPGK-Finance ZAO 12.75 9/13/2018 RUB 0.03
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 8.50
LBI HF 7.43 USD 0.00
Russian Railways JSC 9.70 5/22/2046 RUB 60.06
RGS Nedvizhimost OOO 12.00 6/21/2021 RUB 4.15
HSBC Bank PLC 0.50 2/24/2027 NZD 69.50
Credit Suisse AG/London 8.00 11/29/2019 USD 6.39
LBI HF 6.10 8/25/2011 USD 7.88
TM-energo finance OOO 8.00 8/29/2019 RUB 92.00
Main Road JSC 7.50 11/22/2028 RUB 65.02
BNP Paribas Emissions- und 9.00 6/21/2018 EUR 57.18
State of Saxony-Anhalt 0.65 7/3/2028 EUR 58.00
ECA 2.50 1/1/2018 EUR 16.00
Federal Grid Co Unified Ene 5.40 6/30/2048 RUB 73.25
German Pellets GmbH 8.00 EUR 0.05
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.93
BLT Finance BV 7.50 5/15/2014 USD 2.05
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 3.81
BTV Hybrid I GmbH 6.50 EUR 38.55
Sviaz Bank OAO 9.00 4/13/2022 RUB 57.78
TransFin-M PAO 13.00 9/3/2025 RUB 62.45
BNP Paribas Emissions- und 7.00 12/21/2017 EUR 78.27
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 8.50
Kaupthing ehf 7.63 2/28/2015 USD 17.63
BNP Paribas SA 0.50 11/16/2032 MXN 33.20
HSBC Bank PLC 0.50 6/23/2027 MXN 45.27
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 3.81
Federal Grid Co Unified Ene 4.00 4/27/2048 RUB 73.25
AKB Peresvet ZAO 2.63 9/2/2020 RUB 16.45
HSBC Bank PLC 0.50 6/10/2021 BRL 68.87
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 3.81
Municipality Finance PLC 0.50 5/31/2022 ZAR 65.87
OOO SPV Structural Investme 0.01 9/1/2023 RUB 69.00
Fonciere Volta SA 4.50 7/30/2020 EUR 2.30
Agrokompleks OOO 0.10 7/29/2019 RUB 4.00
Russian Railways JSC 5.10 5/20/2044 RUB 65.00
Russian Railways JSC 5.30 10/11/2038 RUB 60.06
Credit Europe Bank Ltd 11.00 6/5/2018 RUB 60.06
Grupo Isolux Corsan SA 0.25 12/30/2021 USD 0.24
TPGK-Finance ZAO 10.63 9/30/2021 RUB 0.01
DekaBank Deutsche Girozentr 0.01 6/29/2046 EUR 52.46
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 3.81
Municipality Finance PLC 0.50 7/30/2029 AUD 69.96
City of Predeal Romania 1.50 5/15/2026 RON 60.00
UniCredit Bank AG 4.30 10/17/2018 EUR 65.05
Polski Bank Spoldzielczy w 4.81 6/22/2021 PLN 55.00
Societe Generale SA 0.50 5/30/2023 MXN 64.50
Russian Railways JSC 4.00 9/19/2033 RUB 60.06
Bank Julius Baer & Co Ltd/G 8.25 4/19/2018 USD 55.15
BNP Paribas Emissions- und 25.00 12/21/2017 EUR 72.56
SG Issuer SA 5.50 4/10/2021 EUR 66.77
Credit Suisse AG/London 7.00 11/15/2019 USD 7.90
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 70.55
Investpro OOO 11.50 10/13/2020 RUB 0.02
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 3.81
Province of Brescia Italy 0.03 6/30/2036 EUR 65.87
Kreditanstalt fuer Wiederau 0.25 10/6/2036 CAD 40.93
Societe Generale SA 0.50 8/4/2021 BRL 68.70
Eurocent SA 8.50 9/15/2018 PLN 20.00
Russian Railways JSC 4.00 2/28/2040 RUB 60.06
Credit Suisse AG/London 7.00 7/1/2024 USD 10.00
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.01
Heta Asset Resolution AG 5.27 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 3.81
Heta Asset Resolution AG 5.92 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 3.81
Hellenic Republic Governmen 2.09 7/25/2057 EUR 39.25
Russian Railways JSC 5.10 6/8/2028 RUB 60.06
Barclays Bank PLC 1.44 8/15/2033 USD 66.25
Russian Railways JSC 6.40 5/30/2040 RUB 60.06
COFIDUR SA 0.10 12/31/2024 EUR 24.75
Federal Grid Co Unified Ene 4.00 9/7/2048 RUB 73.25
Russian Railways JSC 6.40 2/28/2040 RUB 60.06
Malahit AO 15.00 7/14/2025 RUB 0.01
Heta Asset Resolution AG 7.50 12/31/2023 ATS 34.63
BELLAGIO Holding GmbH 2.18 EUR 48.65
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 3.81
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 3.81
Sibur Holding PAO 9.65 9/16/2026 RUB 60.06
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Barclays Bank PLC 0.50 3/13/2023 RUB 69.08
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 0.09
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 8.50
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 3.81
Lloyds Bank PLC 0.50 7/26/2021 BRL 68.83
Russian Railways JSC 4.00 5/29/2035 RUB 60.06
Agrokompleks OOO 0.10 12/8/2022 RUB 3.05
Eiendomskreditt AS 5.05 NOK 65.38
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 3.81
Sviaz Bank OAO 9.25 2/26/2018 RUB 60.27
Svensk Exportkredit AB 0.50 3/28/2029 AUD 69.76
Region Invest OOO 10.48 4/20/2021 RUB 70.14
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 3.81
Rusfinans Bank OOO 9.95 8/22/2019 RUB 60.78
Leonteq Securities AG 14.00 8/2/2018 USD 58.60
Municipiul Timisoara 0.76 5/15/2026 RON 63.00
Raiffeisen Centrobank AG 7.04 3/20/2018 EUR 66.48
Federal Grid Co Unified Ene 4.90 10/30/2048 RUB 73.25
Commerzbank AG 30.00 6/30/2020 USD 1.87
Kaupthing ehf 7.00 7/24/2009 ISK 17.63
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 3.81
HSBC Bank PLC 0.50 6/9/2023 MXN 64.38
AKB Peresvet ZAO 12.75 7/24/2018 RUB 21.00
BNP Paribas Emissions- und 7.00 3/22/2018 EUR 78.35
Podkarpacki Bank Spoldzielc 5.81 10/24/2024 PLN 60.50
BNP Paribas Emissions- und 3.00 10/12/2018 EUR 65.73
Credit Suisse AG/London 7.00 8/5/2019 USD 10.03
Bayerische Landesbank 2.70 7/6/2018 EUR 76.34
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 3.81
Credit Suisse AG/London 3.00 11/15/2025 ZAR 64.42
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 3.81
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 3.81
Digital Invest OOO 10.22 10/22/2020 RUB 65.00
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 8.50
Communaute Francaise de Bel 0.50 6/27/2046 EUR 67.69
Kaupthing ehf 3.75 2/15/2024 ISK 17.63
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 3.81
Commerzbank AG 0.10 12/27/2018 RUB 3.30
UBS AG/London 16.00 1/19/2018 USD 65.85
Bank Julius Baer & Co Ltd/G 6.30 5/11/2018 USD 74.45
Northland Resources AB 12.25 3/26/2016 USD 1.88
Russian Post FGUP 2.75 12/6/2023 RUB 80.00
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 3.81
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.01
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 3.81
Raiffeisenbank AO 11.35 6/11/2018 RUB 70.01
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 8.50
HSBC Bank PLC 0.50 12/8/2020 BRL 72.35
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 3.81
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 3.81
HSBC Bank PLC 0.50 1/29/2027 NZD 69.58
UBS AG/London 9.50 12/4/2017 EUR 60.05
Federal Grid Co Unified Ene 5.40 6/30/2048 RUB 73.25
Fininvest OOO 13.00 11/9/2018 RUB
Landesbank Hessen-Thueringe 4.50 11/28/2017 EUR 51.89
Polski Bank Spoldzielczy w 4.81 11/26/2024 PLN
Podkarpacki Bank Spoldzielc 5.81 2/23/2025 PLN 50.00
Transgazservice LLP 10.50 11/8/2019 RUB 0.10
Oberbank AG 7.40 EUR 71.60
Center-Invest Commercial Ba 9.20 5/22/2019 RUB 67.01
Digital Invest OOO 11.00 3/8/2021 RUB 75.00
Nuova Banca delle Marche Sp 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 3.81
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 3.81
Digital Invest OOO 12.00 11/3/2020 RUB 71.00
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Finans-Avia OOO 0.01 7/31/2027 RUB 20.00
Deutsche Bank AG 6.50 12/19/2017 EUR 70.49
Bank VTB 24 JSC 9.00 9/15/2044 RUB
Bank Julius Baer & Co Ltd/G 13.00 12/21/2017 USD 36.70
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 3.81
Svensk Exportkredit AB 0.50 6/20/2029 AUD 69.21
HSBC Bank PLC 0.50 4/11/2023 MXN 65.20
Societe Generale SA 0.50 4/30/2023 RUB 68.28
Landesbank Baden-Wuerttembe 3.25 12/22/2017 EUR 64.91
Bank VTB 24 JSC 9.00 9/1/2044 RUB
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 3.81
Lehman Brothers 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
Zurcher Kantonalbank Financ 4.75 12/11/2017 CHF 68.71
HSBC Bank PLC 0.50 12/8/2026 AUD 71.67
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.93
IDGC of the North Caucasus 13.00 4/22/2021 RUB 60.00
HSBC Bank PLC 0.50 7/21/2021 BRL 68.11
Zurcher Kantonalbank Financ 7.82 8/6/2018 EUR 60.02
Landesbank Baden-Wuerttembe 2.60 8/23/2019 EUR 67.12
Bayerische Landesbank 2.60 10/19/2018 EUR 73.59
Bayerische Landesbank 2.70 7/6/2018 EUR 64.12
Zurcher Kantonalbank Financ 6.50 4/10/2018 CHF 64.53
Bayerische Landesbank 3.20 7/27/2018 EUR 66.01
Bayerische Landesbank 2.90 6/22/2018 EUR 68.78
Landesbank Baden-Wuerttembe 3.50 7/27/2018 EUR 62.47
Bayerische Landesbank 2.40 7/20/2018 EUR 71.17
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.01
Petromena ASA 9.75 5/24/2016 NOK 0.61
Solomenskij Lesozavod ZAO 10.00 9/29/2021 RUB 60.00
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 3.81
Barclays Bank PLC 0.50 3/26/2021 MXN 73.59
Autonomous Community of Cat 2.97 9/8/2039 JPY 69.24
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 52.32
Deutsche Bank AG 7.20 12/19/2017 EUR 67.70
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 3.81
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 3.81
Center-Invest Commercial Ba 8.90 7/20/2018 RUB 67.01
UBS AG/London 3.81 10/28/2017 USD 62.70
UniCredit Bank AG 14.60 6/22/2018 EUR 68.71
DekaBank Deutsche Girozentr 3.00 6/27/2018 EUR 50.41
BKS Hybrid alpha GmbH 7.35 EUR 60.24
IDGC of Centre PJSC 11.80 11/11/2025 RUB 70.01
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 3.81
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 3.81
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 3.81
Nuova Banca delle Marche Sp 7.75 6/30/2018 EUR 1.24
Nuova Banca delle Marche Sp 7.20 6/30/2018 EUR 1.24
Heta Asset Resolution AG 0.13 12/31/2023 EUR 34.63
Deutsche Bank AG 7.20 12/19/2017 EUR 73.50
Deutsche Bank AG 7.20 12/19/2017 EUR 70.50
Deutsche Bank AG 7.20 3/20/2018 EUR 72.10
Deutsche Bank AG 7.20 6/19/2018 EUR 73.70
Deutsche Bank AG 7.20 3/20/2018 EUR 72.70
Deutsche Bank AG 7.20 6/19/2018 EUR 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- und 7.50 3/22/2018 EUR 74.32
BNP Paribas Emissions- und 15.00 11/23/2017 EUR 68.76
BNP Paribas Emissions- und 15.00 12/21/2017 EUR 69.70
BNP Paribas Emissions- und 12.00 3/22/2018 EUR 72.07
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 70.81
BNP Paribas Emissions- und 8.00 3/22/2018 EUR 71.88
BNP Paribas Emissions- und 9.50 3/22/2018 EUR 69.98
BNP Paribas Emissions- und 12.00 3/22/2018 EUR 67.51
BNP Paribas Emissions- und 15.00 3/22/2018 EUR 65.53
BNP Paribas Emissions- und 6.50 6/21/2018 EUR 74.82
BNP Paribas Emissions- und 8.00 6/21/2018 EUR 73.29
BNP Paribas Emissions- und 8.50 6/21/2018 EUR 71.25
BNP Paribas Emissions- und 13.00 6/21/2018 EUR 67.74
BNP Paribas Emissions- und 14.00 6/21/2018 EUR 66.48
BNP Paribas Emissions- und 15.00 6/21/2018 EUR 65.34
BNP Paribas Emissions- und 11.00 3/22/2018 EUR 74.22
BNP Paribas Emissions- und 14.00 6/21/2018 EUR 71.28
BNP Paribas Emissions- und 16.00 2/22/2018 EUR 67.98
BNP Paribas Emissions- und 6.00 3/22/2018 EUR 77.80
BNP Paribas Emissions- und 8.50 3/22/2018 EUR 74.57
BNP Paribas Emissions- und 10.00 3/22/2018 EUR 72.54
BNP Paribas Emissions- und 16.00 3/22/2018 EUR 68.97
BNP Paribas Emissions- und 19.00 3/22/2018 EUR 67.01
BNP Paribas Emissions- und 9.50 9/27/2018 EUR 73.92
BNP Paribas Emissions- und 13.00 9/27/2018 EUR 71.00
BNP Paribas Emissions- und 6.00 1/25/2018 EUR 78.06
BNP Paribas Emissions- und 9.50 1/25/2018 EUR 74.35
BNP Paribas Emissions- und 12.00 1/25/2018 EUR 72.16
BNP Paribas Emissions- und 13.00 1/25/2018 EUR 69.81
BNP Paribas Emissions- und 18.00 1/25/2018 EUR 67.42
BNP Paribas Emissions- und 6.00 2/22/2018 EUR 77.98
BNP Paribas Emissions- und 9.50 2/22/2018 EUR 74.69
Landesbank Hessen-Thueringe 7.77 7/15/2021 EUR 70.60
BNP Paribas Emissions- und 6.00 9/27/2018 EUR 79.00
BNP Paribas Emissions- und 7.50 9/27/2018 EUR 76.68
BNP Paribas Emissions- und 7.00 1/25/2018 EUR 78.29
BNP Paribas Emissions- und 8.50 1/25/2018 EUR 74.11
BNP Paribas Emissions- und 8.50 2/22/2018 EUR 74.38
BNP Paribas Emissions- und 10.00 2/22/2018 EUR 72.15
BNP Paribas Emissions- und 13.00 2/22/2018 EUR 70.55
BNP Paribas Emissions- und 6.00 12/31/2018 EUR 79.67
BNP Paribas Emissions- und 8.00 12/31/2018 EUR 76.24
BNP Paribas Emissions- und 8.50 12/31/2018 EUR 74.68
BNP Paribas Emissions- und 10.00 12/31/2018 EUR 73.39
HSBC Trinkaus & Burkhardt A 4.50 12/28/2018 EUR 66.04
HSBC Trinkaus & Burkhardt A 4.50 12/28/2018 EUR 65.90
HSBC Trinkaus & Burkhardt A 5.00 6/22/2018 EUR 67.54
BNP Paribas Emissions- und 15.00 1/25/2018 EUR 70.28
BNP Paribas Emissions- und 18.00 2/22/2018 EUR 68.60
BNP Paribas Emissions- und 7.50 6/21/2018 EUR 75.02
BNP Paribas Emissions- und 9.00 6/21/2018 EUR 73.54
Vontobel Financial Products 7.00 3/23/2018 EUR 74.86
Vontobel Financial Products 13.00 3/23/2018 EUR 67.50
Vontobel Financial Products 7.50 6/25/2018 EUR 71.36
DZ Bank AG Deutsche Zentral 8.50 6/22/2018 EUR 73.47
HSBC Trinkaus & Burkhardt A 5.55 1/26/2018 USD 60.75
HSBC Trinkaus & Burkhardt A 7.79 5/28/2018 EUR 71.02
Leonteq Securities AG 17.60 12/19/2017 USD 60.85
Leonteq Securities AG 10.00 12/27/2017 USD 43.89
Raiffeisen Schweiz Genossen 15.00 12/27/2017 CHF 69.17
Vontobel Financial Products 8.30 1/8/2018 EUR 73.57
Vontobel Financial Products 9.50 9/28/2018 EUR 73.70
Vontobel Financial Products 10.00 3/23/2018 EUR 66.30
Vontobel Financial Products 12.00 6/25/2018 EUR 67.95
Vontobel Financial Products 9.70 6/25/2018 EUR 66.45
Vontobel Financial Products 7.55 6/22/2018 EUR 71.54
Goldman Sachs & Co Wertpapi 13.00 12/20/2017 EUR 70.36
Goldman Sachs & Co Wertpapi 6.00 12/20/2017 EUR 72.80
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 58.10
UBS AG/London 4.50 12/22/2017 EUR 72.70
UBS AG/London 7.00 12/22/2017 EUR 57.68
UBS AG/London 4.00 12/22/2017 EUR 72.45
UBS AG/London 9.00 12/22/2017 EUR 50.92
UBS AG/London 5.75 12/22/2017 EUR 64.17
UBS AG/London 5.00 12/22/2017 EUR 69.65
UBS AG/London 7.75 12/22/2017 EUR 63.96
UBS AG/London 6.25 12/22/2017 EUR 61.91
UBS AG/London 14.50 12/22/2017 EUR 71.05
Uginvestgerion OOO 12.10 4/1/2020 RUB 0.01
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 74.01
Landesbank Baden-Wuerttembe 3.05 6/22/2018 EUR 69.65
Goldman Sachs & Co Wertpapi 10.00 12/20/2017 EUR 60.05
Goldman Sachs & Co Wertpapi 11.00 12/20/2017 EUR 56.15
Landesbank Baden-Wuerttembe 3.00 5/25/2018 EUR 67.66
UBS AG 4.50 12/22/2017 EUR 52.48
Vontobel Financial Products 4.00 11/9/2017 EUR 60.23
UBS AG 10.25 12/22/2017 EUR 56.71
UBS AG 11.75 12/22/2017 EUR 64.08
UBS AG 7.75 12/22/2017 EUR 72.32
UBS AG 8.25 12/22/2017 EUR 42.83
UBS AG 11.25 12/22/2017 EUR 72.54
UBS AG 6.50 12/22/2017 EUR 48.36
BNP Paribas Emissions- und 12.00 12/21/2017 EUR 41.61
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 47.51
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 45.33
Landesbank Baden-Wuerttembe 3.30 6/22/2018 EUR 64.07
UniCredit Bank AG 4.30 12/22/2017 EUR 53.95
DekaBank Deutsche Girozentr 3.30 2/26/2018 EUR 48.89
UBS AG 5.00 12/22/2017 EUR 59.94
DekaBank Deutsche Girozentr 3.40 4/9/2018 EUR 52.97
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 Zentral 11.00 12/22/2017 EUR 62.45
DZ Bank AG Deutsche Zentral 6.75 1/26/2018 EUR 65.30
DZ Bank AG Deutsche Zentral 5.50 1/26/2018 EUR 70.78
Vontobel Financial Products 7.00 12/22/2017 EUR 54.24
Vontobel Financial Products 13.00 12/22/2017 EUR 46.91
Vontobel Financial Products 12.00 12/22/2017 EUR 47.95
Vontobel Financial Products 8.00 12/22/2017 EUR 52.82
Deutsche Bank AG 6.20 12/19/2017 EUR 73.94
Deutsche Bank AG 6.20 12/19/2017 EUR 73.94
Deutsche Bank AG 6.20 12/19/2017 EUR 73.94
Deutsche Bank AG 6.20 6/19/2018 EUR 74.11
Deutsche Bank AG 6.20 6/19/2018 EUR 74.11
Deutsche Bank AG 6.20 6/19/2018 EUR 74.11
BNP Paribas Emissions- und 10.00 6/21/2018 EUR 55.31
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 71.45
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 68.52
BNP Paribas Emissions- und 6.00 6/21/2018 EUR 73.75
DZ Bank AG Deutsche Zentral 10.25 1/26/2018 EUR 68.64
DZ Bank AG Deutsche Zentral 12.25 1/26/2018 EUR 59.18
DZ Bank AG Deutsche Zentral 5.75 6/22/2018 EUR 67.24
DZ Bank AG Deutsche Zentral 9.50 3/23/2018 EUR 72.07
Commerzbank AG 15.50 12/21/2017 EUR 71.91
Commerzbank AG 14.25 1/25/2018 EUR 72.96
Commerzbank AG 13.25 2/22/2018 EUR 73.71
BNP Paribas Emissions- und 9.00 12/21/2017 EUR 78.58
BNP Paribas Emissions- und 10.00 12/21/2017 EUR 78.72
BNP Paribas Emissions- und 13.00 12/21/2017 EUR 74.43
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 71.98
BNP Paribas Emissions- und 19.00 12/21/2017 EUR 69.74
BNP Paribas Emissions- und 8.00 3/22/2018 EUR 78.74
BNP Paribas Emissions- und 11.00 3/22/2018 EUR 75.66
BNP Paribas Emissions- und 15.00 3/22/2018 EUR 72.10
BNP Paribas Emissions- und 18.00 3/22/2018 EUR 69.82
BNP Paribas Emissions- und 9.50 9/27/2018 EUR 78.74
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 73.14
BNP Paribas Emissions- und 16.00 12/21/2017 EUR 74.27
BNP Paribas Emissions- und 10.00 11/23/2017 EUR 78.10
BNP Paribas Emissions- und 18.00 11/23/2017 EUR 70.92
HSBC Trinkaus & Burkhardt A 9.30 4/27/2018 EUR 54.76
BNP Paribas Emissions- und 10.00 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 * * *