/raid1/www/Hosts/bankrupt/TCREUR_Public/180212.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, February 12, 2018, Vol. 19, No. 030
Headlines
G R E E C E
ALPHA BANK: Moody's Assigns B3 Rating to Mortgage Covered Bonds
ALPHA BANK: Fitch Rates EUR500MM Ser. 7 Mortgage Covered Bonds B
GREECE: To Sell EUR3BB Seven-Year Bonds to Exit Bailout Program
I R E L A N D
CELF LOAN III: Moody's Hikes Rating on Class E Notes From Ba2
I T A L Y
CAPITAL MORTGAGE 2007-1: Fitch Raises Rating on Cl. B Notes to B-
L U X E M B O U R G
ROBERTSHAW HOLDINGS: S&P Affirms 'B' CCR, Removes From Watch Neg.
N E T H E R L A N D S
CAIRN CLO IX: Moody's Assigns (P)B2 Rating to Cl. F Sr. Notes
NOSTRUM OIL: Moody's Assigns B2 Rating to New Sr. Unsecured Notes
N O R W A Y
CAMPOSOL HOLDING: Moody's Hikes CFR to B2, Outlook Stable
P O L A N D
ALIOR BANK: Fitch Affirms 'BB' IDR, Alters Outlook to Positive
R U S S I A
CB FPK: Put on Provisional Administration, License Revoked
LOCKO-BANK JSC: Fitch Withdraws 'B+(EXP)' Sr. Unsec. Bonds Rating
RUSAL CAPITAL: Fitch Rates USD500MM Notes Due 2023 'BB-'
RUSHYDRO CAPITAL: Moody's Assigns Ba1 Rating to Proposed LPNs
S P A I N
VIESGO GENERACION: Fitch Affirms BB IDR, Outlook Stable
S W E D E N
POLYGON AB: Moody's Assigns B1 CFR, Outlook Positive
U N I T E D K I N G D O M
BRIGHTHOUSE GROUP: S&P Cuts ICR to 'D' on Debt Exchange Offer
CARILLION PLC: Another 101 Jobs Made Redundant Following Collapse
FIAT CHRYSLER: S&P Raises CCR to 'BB+' on Stronger Profit Margins
FOUR SEASONS: H/2 Capital Injects GBP70 Million of Funding
ITHACA ENERGY: Moody's Affirms B3 CFR, Alters Outlook to Negative
TOYS R US: Appeals to Investors for GBP120-Mil. Lifeline
X X X X X X X X
* BOND PRICING: For the Week February 5 to February 9, 2018
*********
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G R E E C E
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ALPHA BANK: Moody's Assigns B3 Rating to Mortgage Covered Bonds
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Moody's Investors Service has assigned a definitive B3 long-term
rating to the mortgage covered bonds issued by Alpha Bank AE (the
issuer/Alpha Bank, deposits Caa3 positive; adjusted baseline
credit assessment caa2; counterparty risk (CR) assessment
Caa2(cr)) under its Alpha Bank A.E. Direct Issuance Global
Covered Bond Programme I. This programme will be governed by
Greek covered bond legislation. Greece's B3 bond country ceiling
constrains the covered bonds' ratings at B3.
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 39.5%.
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 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
and the legal segregation of the assets in the cover pool from
any bankruptcy proceedings against the issuer.
c) The contractual structure and provisions contained in the
transaction documents that aim to mitigate various risks such as
(i) covered bonds benefit from a 12 month maturity extension as a
mitigant for refinancing risk; (ii) a general reserve fund held
with an external counterparty rated P-1 to ensure that the
servicer has sufficient funds to pay interest payments due on
covered bonds as well as other senior expenses, and (iii) a
minimum over-collateralisation (OC) of 25.0% to be maintained by
the issuer on a nominal basis.
d) The exposure to market risk, which is 19.7% for this cover
pool.
e) Based on the covered bond issuance of EUR500 million, the OC
in the cover pool will be approximately 39.0%, of which the
issuer provides 25.0% 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 January 25, 2018, the total value of the assets included in
the cover pool is approximately EUR694.8 million, comprising
19,267 residential mortgage loans. The residential mortgage loans
have a weighted-average (WA) seasoning of 113 months and a WA
indexed LTV ratio of 53.6%.
The definitive 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.
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 39.5%. 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 19.7% 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 issuer provides up to 25.0% OC on a "committed" basis. Under
Moody's COBOL model, the minimum OC level consistent with the
definitive 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 January 25, 2018.
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.
ALPHA BANK: Fitch Rates EUR500MM Ser. 7 Mortgage Covered Bonds B
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Fitch Ratings has assigned Alpha Bank AE's (Alpha, RD/RD/ccc/RWE)
EUR500 million Series 7 mortgage covered bonds a final rating of
'B' with a Positive Outlook.
The covered bonds pay a 2.5% fixed coupon rate and have a five-
year maturity. This is the first issuance after the programme's
terms and conditions were amended in January 2018 to reflect the
soft bullet redemption profile (from previous conditional pass-
through) and the increase of the liquidity reserve covering
interest payments and senior expenses to 12 months (from three
months previously).
KEY RATING DRIVERS
Country Ceiling
The 'B' covered bonds rating is constrained by Greece's 'B'
Country Ceiling and it is based on Alpha's Viability Rating (VR)
of 'ccc', an Issuer Default Rating (IDR) uplift of two notches
and a recovery uplift of one notch (of the three assigned to the
programme). In a scenario where the covered bonds are assumed to
default, Fitch would expect at least good recovery prospects as
the cover pool comprises Greek residential mortgage loans.
The Positive Outlook reflects that on Greece's sovereign IDR and
the strong protection offered via the 25% minimum contractual
over-collateralisation (OC), which the agency views as sufficient
to sustain stresses above the 'B' rating and which provides more
protection than the 5.3% 'B' breakeven OC.
IDR Uplift
The two-notch IDR uplift assigned to the covered bonds reflects
their exemption from bail-in, Fitch's view that the issuer's
resolution scenario would not result in a direct enforcement of
the recourse against the cover pool and the low risk of under-
collateralisation at the point of resolution. This is based on
Fitch's assessment on the Greek legal framework, the presence of
an asset monitor, asset eligibility criteria and minimum
contractual level of OC. It also reflects that Alpha's Long-Term
IDR is not support-driven (institutional or by the sovereign).
Recovery Uplift
The covered bonds are eligible for a recovery uplift of three
notches as they are secured by a pool of prime residential
mortgages. The 25% relied-upon OC provides more protection than
the 7.4% 'B' stressed credit loss estimated for the cover pool,
which is one of the lowest among Greek covered bond programmes
rated by Fitch.
The EUR695 million cover pool comprises borrower and loan
characteristics with a low risk profile. The weighted average
seasoning is about nine years, almost all the loans were granted
to purchase or construct a house, and 77.3% is linked to
permanent employees, pensioners or civil servants. Restructured
and subsidised loans are no longer admitted in the cover pool as
per the revised eligibility criteria, but 7.1% of the loans are
in early stage arrears.
Payment Continuity Uplift
Fitch has assigned a payment continuity uplift (PCU) of six
notches to the programme, although this is not currently a driver
of the rating. The covered bonds have a soft bullet redemption
profile with a 12-month principal maturity extension, and a
liquidity reserve is in place providing coverage for 12-month
interest payments and senior expenses, to be rolled over on each
payment date. The agency considers asset segregation and
alternative management features of the covered bonds compatible
with the six-notch PCU uplift.
RATING SENSITIVITIES
Changes in Greece's Country Ceiling could affect the rating of
Alpha Bank AE's covered bond programme. All else being equal, an
upgrade of the Country Ceiling will lead to an upgrade of the
covered bonds programme as long as the relied-upon
overcollateralisation (OC) of the programme is sufficient to
compensate for the stresses commensurate with the Country
Ceiling.
A one-notch downgrade or upgrade of the bank's 'ccc' Viability
Rating would leave the 'B' covered bonds rating unaffected
because of the cushion provided by the notches of recoveries not
factored in the current rating (downside scenario) and because of
the Greece's 'B' Country Ceiling cap (upside scenario).
An increase of the cover pool credit loss estimate above the 25%
OC relied upon by Fitch would lead to a revision of the Outlook
to Stable, all else being equal.
GREECE: To Sell EUR3BB Seven-Year Bonds to Exit Bailout Program
---------------------------------------------------------------
Sotiris Nikas and Lyubov Pronina at Bloomberg News report that
Greece will sell EUR3 billion (US$3.7 billion) of seven-year
bonds in another step toward exiting a bailout program in August
that has kept the nation afloat.
The offer for the 2025 notes will price to yield 3.5%, inside an
initial target of about 3.75%, people familiar with the matter
said, asking not to be named because they're not authorized to
speak about it, Bloomberg relates. The people said investor
orders for the sale topped EUR6 billion, Bloomberg notes.
Barclays Plc, BNP Paribas SA, Citigroup Inc. and JPMorgan Chase &
Co. and Nomura Holdings Inc are the bookrunners for the bond,
Bloomberg discloses.
The government aims to create a cash buffer of about EUR20
billion by the time its bailout program ends in August, of which
half will come from markets and the rest from European Stability
Mechanism bailout funds, Bloomberg states. It also plans three-
year and 10-year offerings in the coming months as it tries to
cement its bond market recovery from a 2012 debt restructuring by
rebuilding a yield curve, according to Bloomberg.
The Greek government is now turning its attention to discussions
on further debt relief and post-bailout arrangement for the
country, Bloomberg says. According to Bloomberg, Finance
Minister Euclid Tsakalotos has said Greece expects a different
kind of monitoring from its bailout lenders that will focus on
achieving agreed targets, and not micromanaging how the country
will meet them.
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I R E L A N D
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CELF LOAN III: Moody's Hikes Rating on Class E Notes From Ba2
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Moody's Investors Service has upgraded the ratings on the
following notes issued by CELF Loan Partners III plc.:
-- EUR29M Class D Senior Secured Deferrable Floating Rate Notes
due Nov. 1, 2023, Upgraded to Aaa (sf); previously on
Sept. 4, 2017 Upgraded to Aa3 (sf)
-- EUR19.5M Class E Senior Secured Deferrable Floating Rate
Notes due Nov. 1, 2023, Upgraded to Baa1 (sf); previously on
Sept. 4, 2017 Upgraded to Ba2 (sf)
Moody's has also affirmed the ratings on the following notes:
-- EUR31.5M (Current outstanding balance of EUR14M) Class C
Senior Secured Deferrable Floating Rate Notes due Nov. 1,
2023, Affirmed Aaa (sf); previously on Sept. 4, 2017
Affirmed Aaa (sf)
CELF Loan Partners III plc., issued in October 2006, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield European loans. The portfolio is managed by
CELF Advisors LLP. The transaction's reinvestment period ended in
November 2013.
RATINGS RATIONALE
The rating actions on the notes are primarily a result of the
deleveraging of Class B-1, B-2 and C notes following amortisation
of the underlying portfolio since the last rating action in
September 2017.
The Classes B-1 and B-2 notes have been redeemed in full and the
Class C has paid down by approximately EUR17.5 million (55.59% of
the closing balance) at the last payment date in November 2017.
As a result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the trustee
report as of December 2017 the Class C, Class D and Class E OC
ratios are reported at 536.39%, 174.54%, and 120.07% compared to
July 2017 levels of 206.72%, 137.59% and 112.33%, respectively.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR52.6 million and principal proceeds balance
of EUR25.8 million, a weighted average default probability of
26.48% (consistent with a WARF of 3834 over a weighted average
life of 4.05 years), a weighted average recovery rate upon
default of 44.79% for a Aaa liability target rating, a diversity
score of 10, a weighted average spread of 3.34% and a weighted
average coupon of 5.13%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analysing.
Moody's notes that the January 2018 trustee report was published
at the time it was completing its analysis of the December 2017
data. Key portfolio metrics such as WARF, diversity score,
weighted average spread and life, OC ratios and cash balance
exhibit some changes between these dates, which were considered
in the analysis.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in July 2017. Moody's
concluded the ratings of the notes are not constrained by these
risks.
Factors that would lead to an upgrade or downgrade of the
ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs that
were within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortisation would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
* Lack of portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors with low non-investment-grade ratings, especially when
they default. Because of the deal's lack of granularity, Moody's
substituted its typical Binomial Expansion Technique analysis
with a simulated default distribution using Moody's CDOROM(TM)
software and an individual scenario analysis.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
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I T A L Y
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CAPITAL MORTGAGE 2007-1: Fitch Raises Rating on Cl. B Notes to B-
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Fitch Ratings has upgraded Capital Mortgage Series 2007-1's class
A and B notes and affirmed the class C notes, as follows:
Class A1 (ISIN IT0004222532): upgraded to 'BBB+sf' from 'B+sf';
off Rating Watch Evolving (RWE); Outlook Stable
Class A2 (ISIN IT0004222540): upgraded to 'BBB+sf' from 'B+sf';
off RWE; Outlook Stable
Class B (ISIN IT0004222557): upgraded to 'B-sf' from 'CCCsf'; off
RWE; Outlook Stable
Class C (ISIN IT0004222565): affirmed at 'CCsf'; off RWE;
Recovery Estimate (RE) of 0%
The removal of the RWE follows the implementation of Fitch's
European RMBS rating criteria published on 27 October 2017. The
transaction was placed on RWE on 5 October 2017 on the
publication of Fitch's Exposure Draft: European RMBS Rating
Criteria.
The transaction is a securitisation of Italian residential
mortgage loans serviced by UniCredit S.p.A. (BBB/Stable/F2).
KEY RATING DRIVERS
Stable Performance, Increased Protection
Asset performance has remained stable over the past year and
Fitch expects this trend to continue. Over the last 12 months,
the accumulation of new defaults has slowed down compared with
the previous year. Gross cumulative defaults, defined as loans
with six or more unpaid monthly instalments, increased by 0.5% to
13.4%, compared with the 0.7% increase over the 12 months to
September 2016.
At the October 2017 payment date, credit enhancement for the
class A notes was 8.3%, up 2.0% from one year before. Increased
protection and stable asset performance support the upgrade of
the class A1 and A2 notes, which are pro rata in interest and
principal and so have the same rating.
Clearing Principal Deficiency Ledger (PDL)
Over the past 12 months, recoveries have been outpacing new
defaults, compared with all previous years where new provisioned
defaults were greater than recoveries. Negative Euribor, which
has recently meant no interest payments on class A and B, has
also contributed to restore some excess spread. As a result, the
class B PDL had decreased to EUR26.7 million in October 2017, and
to EUR22.9 million in January 2018, from EUR33.7 million in
October 2016. The gradual clearing of the class B PDL, which
Fitch expect to continue, underpins the upgrade of the class B
notes to 'B-sf' from 'CCC'.
The class C PDL balance still accounts for 100% of the class C
notes, which is reflected by the Recovery Estimate of 0% for this
tranche.
European RMBS Rating Criteria Implemented
In this annual review, Fitch has fully implemented its new
European RMBS Rating criteria, published on 27 October 2017,
including the application of its standard recovery rate and
recovery timing assumptions for new and outstanding defaults.
RATING SENSITIVITIES
The rating of the class B and C notes is highly reliant on
recoveries from the large stock of outstanding defaults (EUR200
million versus a remaining performing and delinquent balance of
EUR636 million). Recoveries are volatile. Recovery cash flows
consistently lower and slower than Fitch's assumptions, reverting
the clearing trend of the class B and C PDL, may put pressure on
the ratings of these tranches. Conversely, higher and faster
recoveries than expected, accelerating the clearing of the PDLs,
could trigger positive rating actions on the mezzanine notes.
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L U X E M B O U R G
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ROBERTSHAW HOLDINGS: S&P Affirms 'B' CCR, Removes From Watch Neg.
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S&P Global Ratings removed its 'B' corporate credit rating on
Robertshaw Holdings S.a.r.l, the Luxembourg-domiciled parent of
Robertshaw US Holding Corp., and all of its issue-level ratings
on the issuer's existing debt from CreditWatch, where S&P placed
them with negative implications on Jan. 5, 2018, and affirmed
them. The outlook is stable.
S&P said, "At the same time, we assigned our 'B' issue-level
rating and '3' recovery rating to Robertshaw US Holding Corp.'s
proposed $480 million first-lien term loan due 2025. The '3'
recovery rating indicates our expectation for meaningful (50%-
70%; rounded estimate: 60%) recovery for lenders in the event of
a payment default.
"In addition, we assigned our 'CCC+' issue-level rating and '6'
recovery rating to the company's proposed $125 million second-
lien term loan due 2026. The '6' recovery rating indicates our
expectation for negligible (0%-10%; rounded estimate: 5%)
recovery for lenders in the event of a payment default.
"We intend to withdraw our ratings on the company's existing debt
once the transaction is completed, which we expect to occur in
the first quarter of 2018. The transaction is subject to
customary closing conditions and requires regulatory approval in
the U.S., Mexico, and Turkey.
"Our ratings on Robertshaw reflect the company's relatively high
debt leverage, its potentially aggressive financial policies (due
to its ownership by a financial sponsor), and its dependence on
cyclical housing starts and consumer spending levels (as housing
starts and consumer spending influence the demand for the home
appliances and commercial applications that Robertshaw's products
are made for).
"The stable outlook on Robertshaw reflects our expectation that
the company will reduce its debt following its sale to One Rock.
Specifically, we expect that it will maintain adjusted debt-to-
EBITDA of less than 7x as the healthy global economy and
favorable durable goods orders and consumer sentiment promote
strong demand for its valves and control products.
"Despite the slower-than-expected production of electric vehicles
and the dip in U.S. new home starts in December, we anticipate
that the demand for home appliances and HVAC units will remain
solid in 2018. The company's footprint optimization and continued
focus on procurement and other cost savings should also support
its operating performance.
"We could lower our ratings on Robertshaw if a significant
decline in its earnings or a large debt-financed acquisition or
shareholder return cause its total debt-to-EBITDA to exceed 7x
without clear prospects for recovery. This could occur if the
company faces operational challenges following unexpected volume
declines caused by reduced sales of home and commercial
appliances, a significant increase in metals prices and other
costs, the loss of key customers, or an inability to win business
on new product platforms. Based on our downside scenario, this
could occur if Robertshaw's revenue and operating margins both
weaken by more than 200 basis points (bps).
"While Robertshaw's credit measures could improve meaningfully if
the projected growth of its electric vehicle sales comes to
fruition and its cost structure remains manageable, we would
likely require One Rock to commit to more conservative financial
policies before we would consider upgrading the company."
For a modest upgrade, the company would need to commit to-and
demonstrate a track record of-operating with debt-to-EBITDA of
4x-5x, a FFO-to-debt ratio at the higher end of the 12%-20%
range, and a consistently positive free cash flow-to-debt ratio
with no prospects for material deterioration over the near term.
A more significant upgrade would depend on whether the company
can meaningfully strengthen its business risk profile by
enhancing its scale, increasing its market share, or improving
its pricing and operating efficiencies.
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N E T H E R L A N D S
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CAIRN CLO IX: Moody's Assigns (P)B2 Rating to Cl. F Sr. Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Cairn CLO
IX B.V. (the "Issuer"):
-- EUR247,500,000 Class A Senior Secured Floating Rate Notes due
2032, Assigned (P)Aaa (sf)
-- EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes
due 2032, Assigned (P)Aa2 (sf)
-- EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2032, Assigned (P)Aa2 (sf)
-- EUR23,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)A2 (sf)
-- EUR23,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Baa2 (sf)
-- EUR24,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)Ba2 (sf)
-- EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
RATINGS RATIONALE
Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2032. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Cairn Loan
Investments LLP ("Cairn Loan Investments"), has sufficient
experience and operational capacity and is capable of managing
this CLO.
Cairn CLO IX B.V. is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
obligations, second-lien loans, mezzanine loans and high yield
bonds. The portfolio is expected to be approximately 70% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.
Cairn Loan Investments will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR20.2m of subordinated M-1 notes and EUR18.8m
of subordinated M-2 notes, which will not be rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the
ratings:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Cairn Loan Investments'
investment decisions and management of the transaction will also
affect the notes' performance.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR400,000,000
Diversity Score: 36
Weighted Average Rating Factor (WARF): 2790
Weighted Average Spread (WAS): 3.40%
Weighted Average Recovery Rate (WARR): 43.00%
Weighted Average Life (WAL): 8.5 years
Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling (LCC) of A1 or below. As per the portfolio constraints,
exposures to countries with a LCC of A1 or below cannot exceed
10%, with exposures to countries with a LCC of below A3 further
limited to 5%. Given the current composition of qualifying
countries, Moody's has assumed a maximum 5% of the pool would be
domiciled in countries with LCC of Baa1 to Baa3. It has futher
assumed, 5% of the pool would be domiciled in countries with a
LCC of A1-A3 and the remainder of the pool be domiciled in
countries which currently have a LCC of Aa3 and above. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the methodology. The portfolio haircuts
are a function of the exposure size to peripheral countries and
the target ratings of the rated notes and amount to 0.75% for the
Class A notes, 0.50% for the Class B notes, 0.375% for the Class
C notes and 0% for Classes D, E and F.
Stress Scenarios:
Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3209 from 2790)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -2
Class B-2 Senior Secured Fixed Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes:-2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes:-1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3627 from 2790)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -4
Class B-2 Senior Secured Fixed Rate Notes: -4
Class C Senior Secured Deferrable Floating Rate Notes:-4
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
NOSTRUM OIL: Moody's Assigns B2 Rating to New Sr. Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating with a loss
given default assessment of LGD4 to the proposed senior unsecured
notes to be issued by Nostrum Oil & Gas Finance B.V., a wholly
owned subsidiary of Nostrum Oil & Gas Plc (Nostrum).
Concurrently, Moody's has affirmed Nostrum's B2 corporate family
rating (CFR), B2-PD probability of default rating (PDR) and the
B2 senior unsecured ratings assigned to the notes issued by
Nostrum's wholly owned subsidiaries Zhaikmunai LLP and Nostrum
Oil & Gas Finance B.V. The outlook on the ratings remains
negative.
"The B2 rating assigned to the notes is the same as Nostrum's
corporate family rating because the notes will rank on par with
the company's other outstanding unsecured debt," says Denis
Perevezentsev, a Moody's Vice President -- Senior Credit Officer
and lead analyst for Nostrum.
RATINGS RATIONALE
The B2 rating assigned to the proposed notes is the same as
Nostrum's CFR, which reflects Moody's view that these notes will
rank pari passu with Nostrum's existing notes. The proposed notes
will be fully and unconditionally guaranteed by Nostrum Oil & Gas
Plc and certain of its subsidiaries, including the group's core
operating company Zhaikmunai LLP. The noteholders will have the
benefit of certain covenants made by Nostrum, including
limitations on dividends, liens, merger and consolidation, and
sale of assets, as well as a debt incurrence covenant preventing
Nostrum and its restricted subsidiaries from incurring
indebtedness if its consolidated coverage ratio, defined as the
ratio of EBITDAX to interest expense, falls below 2.75x.
Nostrum's rating remains constrained by the company's (1)
relatively modest scale of operations by international standards,
with an average daily production of approximately 39 thousand
barrels of oil equivalent (boe) per day in 2017; (2) high field
concentration, with only one field currently in operation; (3)
fairly sizeable capital spending, encompassing the completion of
GTU 3 and the drilling programme, which will keep free cash flows
negative in 2018; (4) Moody's expectation that higher realised
prices owing to improved oil pricing environment will not be
sufficient to fully offset weaker operating performance following
the loss of two production wells in 2017 and scheduled 3-week
shutdown of GTU facilities in 2018, which will put operating cash
flows and EBITDA under pressure in 2018; and (5) execution risks
related to the commencement of GTU 3 in 2Q 2018 and
implementation of the drilling programme, which will provide
sufficient feedstock for GTU 3 to be operated at full capacity.
More positively, the rating reflects (1) the recovery of
Nostrum's financial metrics in 2017 on the back of higher oil
prices; (2) Moody's expectations that the company's operating and
financial results shall recover from 2019 owing to the launch of
GTU 3 in 2018 and subsequent ramp up of production, if executed
as planned by the company; and (3) a material strengthening of
Nostrum's liquidity profile following the placement of new 7-year
notes, with no debt maturities until 2022. This will allow the
company to focus on ramping up production and deleveraging once
GTU 3 commences its operations.
RATIONALE FOR NEGATIVE OUTLOOK
The negative outlook on Nostrum's ratings captures elevated
leverage as well as the risks related to the timely launch of the
GTU 3 facility and execution of the drilling programme allowing
full utilisation of GTU 3 despite a pick-up in oil prices over
the last several months. The outlook could be stabilised if
Moody's were to see stabilisation of production during 2018
provided that the company remains on track with its drilling
programme and launches GTU 3 in 2018.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's would consider an upgrade of Nostrum's ratings, if (1)
the company successfully launches GTU 3 with sufficient feedstock
to ramp up hydrocarbons production in accordance with its current
plan; and (2) the company's RCF/debt ratio improves to above 20%
on a sustained basis.
Moody's could downgrade the ratings as a result of developments
that would weaken Nostrum's operating or financial profile,
including (1) deterioration of RCF/debt ratio to below 10% on a
sustained basis; (2) deterioration in the company's liquidity and
financial profile beyond Moody's current expectations; and (3)
the imposition by the Government of Kazakhstan of material
regulatory and/or contractual changes adversely affecting the
economics of Nostrum's operations.
STRUCTURAL CONSIDERATIONS
Similar to Nostrum's existing $725 million notes due 2022, the
proposed notes will be issued by Nostrum Oil & Gas Finance B.V.,
a private company incorporated under the laws of the Netherlands,
which is wholly owned by Nostrum Oil & Gas Coîperatief U.A., a
100%-owned subsidiary of Nostrum Oil & Gas Plc. The notes will be
fully and unconditionally guaranteed on a senior basis by, inter
alia, Zhaikmunai LLP, the group's sole operating subsidiary,
which owns substantially all of the group's assets.
The proposed notes are rated at the same level as Nostrum's CFR
because there are no debt instruments with priority claim over
these notes. Following the exercise of the call option on the
existing notes due 2019 issued by Zhaikmunai LLP, the proposed
notes and the 2022 notes will be the only two debt instruments of
the group.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
Registered in England and Wales, Nostrum Oil & Gas Plc, via its
indirectly owned subsidiary Zhaikmunai LLP, is engaged in
exploration, development and production of oil and gas in
Kazakhstan under the framework of production sharing agreement
related to the Chinarevskoye field and three subsoil use
contracts. Nostrum's principal shareholders are Mayfair
Investments B.V. (25.7%), Baring Vostok Capital Partners (17.1%),
Aberforth Partners LLP (7.9%) and Harding Loevner LP (5.5%). In
the first nine months of 2017, Nostrum reported revenue of $304
million and its Moody's-adjusted EBITDA amounted to $163 million.
Nostrum's production in 2017 was approximately 39.2 thousand boe
per day and its proved reserves stood at 146.6 million boe as of
January 1, 2017.
===========
N O R W A Y
===========
CAMPOSOL HOLDING: Moody's Hikes CFR to B2, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded Camposol Holding Plc.
('Camposol')'s corporate family rating to B2 from B3. At the same
time, Moody's upgraded Camposol S.A.'s 10.5% Senior Secured notes
due 2021 to B2 from B3. The outlook for all ratings is stable.
The ratings are:
Issuer: Camposol Holding Plc.
- Corporate Family Rating: B2 (global scale)
Outlook: Stable
Issuer: Camposol S.A.
- USD 147.5 million 10.5% Senior Secured Notes due 2021: B2
(foreign currency)
Outlook: Stable
RATINGS RATIONALE
The ratings upgrade to B2 from B3 reflects Camposol's meaningful
deleveraging process and the sustainable improvement in its
operating performance in 2017 due to the recovery in its main
products prices in the past 12 months, but also from cost-
reduction initiatives in combination with operational
adjustments. Accordingly, leverage metrics have significantly
improved as adjusted Debt to EBITDA reached 1.6 times as of the
last twelve months ended September 2017 from 8.5 times as of
December 2015, and EBITA to Interest Expense reached 3.6 times
from 0.2 times for the same period. Finally, Adjusted EBITDA
jumped to USD 107 million as of last twelve months ended
September 30, 2017 from USD 20 million in FY 2015 with adjusted
operating margins moving up towards 21.8% from 3.2% in the same
period. Moody's expect the growing blueberry business to generate
about USD 167 million in revenues in 2018, which represents a 67%
increase when compared to 2016.
Offsetting considerations to the favorable operating profile are
Camposol's susceptibility to volatility coming from "El Nino
event", which led to unstable operating results in the last years
and limited historical track record in its current business
model.
Camposol's B2 ratings are supported by the company's position as
the largest fully integrated agribusiness corporation in Peru
(approximately 6.393 hectares planted as of September 2017 versus
6.173 has in 2015), including production, packaging and
distribution of agricultural products. The rating reflects
Camposol's large holdings of arable land as well as its
diversified product mix comprised of a varied range of fruits and
vegetables which allows the company to drive growth through
expansion and product mix shifts without substantial additional
capital expenditures needs.
The stable outlook reflects Moody's expectation that the company
will maintain its operating margins and expand internal cash flow
generation going forward. Moody's notes that the company will
benefit from the refinancing of the outstanding bond for a new
senior unsecured bond extending its amortization schedule. The
stable outlook also assumes that the management will timely
implement a financing strategy in anticipation of debt
maturities.
An upgrade would require Camposol to be able to sustain current
operating margins and credit metrics over the next quarters. A
positive rating action would also require the maintenance of a
good liquidity profile in order to protect the company against
the inherent volatility of its operations. Quantitatively, upward
momentum could result if Camposol's total adjusted debt to EBITDA
is sustained below 3 times and adjusted EBITA to interest expense
is sustained above 2.5 times.
Camposol's rating could be negatively impacted should the company
fail to generate free cash flow, allow its liquidity position to
deteriorate by not retaining sufficient funds internally, and /or
permit its adjusted debt/EBITDA ratio to exceed 4x. At the same
time an EBITA to interest expense below 1.0 time could also place
the rating under negative pressure.
The principal methodology used in these ratings was Global
Protein and Agriculture Industry published in June 2017. Please
see the Rating Methodologies page on www.moodys.com for a copy of
this methodology.
Camposol Holding, Plc. (Camposol) is an agribusiness company
located in Peru, which started operations in 1997 and has been
owned and operated by Generacion del Pacifico Grupo SL, formerly
"Dyer Coriat Holding SL" since 2007. The company has the world's
largest Hass avocado plantation in the world and will soon be the
largest blueberry producer in the world. As a vertically
integrated company, it is involved in the harvest, processing and
marketing of high quality agricultural and marine products such
as avocadoes, blueberries, grapes, mangoes, tangerines, shrimps,
among others; which are exported to Europe, the United States of
America and Asia. For last twelve months as of September 30,
2017, the company posted revenues of USD 342 million. Camposol
owns 24,268 of arable agricultural hectares (Ha) across Peru, out
of which 5,036 Ha have been planted. In addition, Camposol owns
1,343 Ha of ponds of which 67 are intensive and 1,276 semi-
intensive.
===========
P O L A N D
===========
ALIOR BANK: Fitch Affirms 'BB' IDR, Alters Outlook to Positive
--------------------------------------------------------------
Fitch Ratings has revised Alior Bank SA's Outlook to Positive
from Stable, while affirming the bank's Long-Term Issuer Default
Rating (IDR) at 'BB' and Viability Rating (VR) at 'bb'.
The Outlook revision mainly reflects the improving profitability
metrics of Alior relative to the risks it assumed, a more mature
and proven business model and planned moderation of its growth
appetite. Alior's strategic shift to more granular non-retail
loans should reduce loan book concentration.
KEY RATING DRIVERS
IDRS, NATIONAL RATINGS
The IDRs and National Ratings of Alior are driven by the bank's
standalone strength, as reflected in the bank's VR.
VR
Alior's VR reflects the bank's higher risk appetite and impaired
loans ratio than peers', moderate capitalisation, as well as the
bank's healthy funding, improved profitability and strengthened
company profile.
Alior's performance is vulnerable to changes in economic and/or
interest-rate cycles due to the bank's material concentration in
higher-risk industries, such as unsecured retail loans, wind
farms and construction. However, Alior's underwriting standards
are in line with the industry average. Alior's lending process is
more advanced and digitised than peers', which allows for
adequate pricing of higher-risk loans and reasonable recoveries.
At end-3Q17, Alior's impaired loans ratio increased to 11%, from
9.9% at end-2016 (sector: about 6%), but the bank expects the
ratio to shrink below 10% by end-2020. Alior plans to reduce loan
impairment charges (LICs)/ average gross loans to about 1.7% by
2020. The ratio was on average about 2.1% in 2012-2016 (sector:
0.8%) and should be viewed in light of Alior's adequate risk
pricing, evidenced in healthy average margins of about 4.7%
(sector: 2.5%).
Alior's capital could be vulnerable to shocks from rapid growth,
concentration in higher-risk industries and a small capital
buffer over regulatory minimums. However, Alior plans to improve
its Tier 1 capital ratio to about 15% by-2020 (end-3Q17: 12%)
mainly through profit retention. At end-3Q17, its Fitch Core
Capital (FCC) ratio was 12.4% and Fitch believe that the ratio
will be only moderately weakened by the application of IFRS 9.
The bank's gross loans/deposits ratio equalled 104% at end-3Q17
and should remain about 100% in the following years. The ratio,
including banking securities (a quasi-deposit substitute), was
98%. The bank's refinancing needs in the next three years are
moderate and easily manageable due to Alior's reduced growth
appetite. The bank's liquidity management is advanced and
appropriate and coverage of short-term liabilities by liquid
assets is strong, particularly in light of the bank's loan book's
short maturity.
By 2020 Alior plans to improve its return on equity to 14.1% and
cost/income ratio to 39% (9M17: 7.8% and 51% respectively), which
is ambitious, but plausible. In 9M17 Alior's ratio of operating
profit/ risk-weighted assets was about 1.8%, but is likely to
grow above 2% in the following years.
Alior is a medium-sized universal bank with a strategic focus on
retail and SME customers. The bank started as a green field
operation in late 2008 and by end-3Q17 it was the eighth-largest
bank by asset in the highly competitive Polish banking sector.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating Floor of 'No Floor' and the Support Rating of
'5' for Alior express Fitch's opinion that potential sovereign
support of the bank cannot be relied upon. This is underpinned by
the Polish resolution legal framework, which requires senior
creditors to participate in losses, if necessary, instead of or
ahead of a bank receiving sovereign support.
PZU Group (unrated), the largest insurer in central and eastern
Europe (CEE) and controlled by the Polish state, controls Alior.
PZU Group holds only a 32.2% stake in Alior (since 2016), with
the remaining shares being widely held. Should Fitch take the
view that PZU Group's propensity to support Alior is strong,
Fitch will consider the insurer's ability to support the bank.
This may result in the Support Rating being based on
institutional rather than sovereign support.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS
The IDRs and National Ratings of Alior are primarily sensitive to
changes in the bank's VR.
SUPPORT RATING AND SUPPORT RATING FLOOR
Domestic resolution legislation limits the potential for positive
rating action on the bank's Support Rating and Support rating
Floor. The Support Rating could be upgraded if Fitch takes the
view of at least a moderate probability of support from PZU
Group. If Fitch believe the probability of support is high, this
could also lead to an upgrade of the IDRs.
VR
The following factors in combination could lead to VR upgrade in
the next one to two years: an extended record of improved
profitability, moderation of loan growth, improvement in the
impaired loan ratio, lower LICs relative to loans, a build-up of
stronger capital cushion and lower loan book concentration.
The rating actions are as follows:
Long-Term IDR: affirmed at 'BB', Outlook Revised to Positive from
Stable
Short-Term IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BBB+(pol)', Outlook
Revised to Positive from Stable
National Short-Term Rating: affirmed at 'F2(pol)'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
===========
R U S S I A
===========
CB FPK: Put on Provisional Administration, License Revoked
----------------------------------------------------------
The Bank of Russia, by its Order No. OD-320, dated February 9,
2018, revoked the banking license of Moscow-based credit
institution Commercial Bank Financial-Industrial Capital (Limited
Liability Company), or CB FPK (LLC) from February 9, 2018.
According to the financial statements, as of January 1, 2018, the
credit institution ranked 297th by assets in the Russian banking
system.
It was revealed that CB FPK (LLC) repeatedly violated the
statutory requirements on countering the legalisation
(laundering) of criminally obtained incomes and the financing of
terrorism in respect of the reliability of information submitted
to the authorised body, including operations subject to mandatory
control, and completeness of information recorded in settlement
documents. The supervisory action against the bank's activities
established "shadow" currency exchange operations which were not
recorded in its accounting records and statements submitted to
the Bank of Russia.
The Bank of Russia repeatedly applied supervisory measures to CB
FPK (LLC), including restrictions on household deposit taking.
The management and owners of the bank failed to take any
effective measures to normalise its activities. Under the
circumstances the Bank of Russia took the decision to withdraw CB
FPK (LLC) from the banking services market.
The Bank of Russia took this decision due the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within one year
of the requirements stipulated by Articles 7 (except for Clause 3
of Article 7) and 7.2 of the Federal Law "On Countering the
Legalisation (Laundering) of Criminally Obtained Incomes and the
Financing of Terrorism", and the requirements of Bank of Russia
regulations issued in compliance with the indicated Federal Law,
and taking into account repeated applications within one year of
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)".
Following banking license revocation, in accordance with Bank of
Russia Order No. OD-320, dated February 9, 2018, professional
securities market participant license of CB FPK (LLC) was
revoked.
The Bank of Russia, by its Order No. OD-321, dated February 9,
2018, appointed a provisional administration to CB FPK (LLC) for
the period until the appointment of a receiver pursuant to the
Federal Law "On Insolvency (Bankruptcy)" or a liquidator under
Article 23.1 of the Federal Law "On Banks and Banking
Activities". In accordance with federal laws, the powers of the
credit institution's executive bodies have been suspended.
CB FPK (LLC) is a member of the deposit insurance system. The
revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by law. The said Federal
Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than a total of
RUR1.4 million per depositor.
The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.
LOCKO-BANK JSC: Fitch Withdraws 'B+(EXP)' Sr. Unsec. Bonds Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn the expected ratings on Russia-based
LOCKO-Bank JSC's senior unsecured local-currency bonds of
'B+(EXP)' and Recovery Rating 'RR4(EXP)'.
The ratings have been withdrawn because the bank has no plans to
issue these bonds in the near-term.
KEY RATING DRIVERS
See "Fitch Affirms 3 Private Medium-Sized Russian Banks", dated
22 September 2017.
RATING SENSITIVITIES
Not applicable.
The other ratings of LOCKO-Bank are unaffected and as follows:
Long-Term Foreign- and Local-Currency Issuer Default Ratings:
'B+', Outlooks Stable
Short-Term Foreign-Currency Issuer Default Rating: 'B'
Viability Rating: 'b+'
Support Rating: '5'
Support Rating Floor: 'No Floor'
Senior unsecured debt: 'B+'/Recovery Rating 'RR4'
RUSAL CAPITAL: Fitch Rates USD500MM Notes Due 2023 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned Rusal Capital D.A.C.'s recent 4.85%
USD500 million notes issue due 2023 a final senior unsecured
rating of 'BB-'/'RR4'. The rating is in line with the ratings of
Rusal Capital D.A.C.'s outstanding senior unsecured notes.
The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
rating is in line with the expected rating assigned on 19 January
2018.
Rusal Capital D.A.C. is a financing entity of Russia-based
aluminium company United Company RUSAL Plc (Rusal; BB-/Stable).
The new notes are guaranteed by the holding company (Rusal), its
main trading company (RTI Limited) and Rusal's key aluminium
smelting companies (Rusal Bratsk, Rusal Krasnoyarsk and Rusal
Sayanogorsk), which together produce 3 million tonnes of
aluminium per annum (81% of Rusal's total annual production). The
notes rank equally with Rusal's existing and future unsecured and
unsubordinated obligations. The guarantees also rank equally with
all existing and future unsecured and unsubordinated obligations
of each guarantor. The net proceeds from the issue will be used
primarily to refinance existing debt, with any remaining proceeds
to be used for Rusal's general corporate purposes.
KEY RATING DRIVERS
Competitive Cost Position: In 2016 Rusal's smelters were strongly
positioned in the first quartile of the global aluminium cost
curve. In the past couple of years the group has benefited from
highly favourable FX dynamics following the rouble devaluation,
which positively affected the company's cash costs (around 50%
+/-5% of Rusal's cash costs are rouble denominated). The company
also still benefits from the results of its own cost-saving
measures (including the idling of 647,000t of its least efficient
assets in 2013-2014). Rusal's cash costs therefore decreased to
USD1,334/t in FY16 (-8% yoy).
In 3Q17, Rusal's average costs increased to USD1,520/t (up 12% on
FYE16) on the back of higher energy costs due to a new
electricity agreement, higher raw material costs and FX effects.
However, Rusal's smelters are located in Siberia and source 90%
of their electricity needs from the region's hydro power
generation assets, thus continue to benefit from low electricity
prices. Fitch forecast gradual rouble strengthening to 56RUB/USD
by 2020 to have the biggest negative impact on the company's cost
structure in the next three to four years, leading to gradual
EBITDA margin erosion from 22% in 2017 to 16% by 2020.
Positive Aluminium Market Dynamics: Fitch has recently updated
its commodity price assumptions and Fitch now assume aluminium
prices at USD1,900/t over the next four years compared with
USD1,800/t long-term price used previously. The change in assumed
prices primarily reflects a downward revision of Fitch
assumptions for net Chinese smelter capacity growth due to
supply-side reform closures. Fitch now expect Chinese output to
grow by only about 4% year on year in 2018 due to a combination
of state-directed and winter closures. Aluminium prices are also
being supported by a cost push from increasing alumina prices and
other cost elements.
Smelter capacity in China, and specifically the balance of
smelter additions and curtailments, remains key to the aluminium
market outlook and was a main factor in the weak market prices
and higher exports from China in recent years. Net smelter
capacity additions in China and the rest of the world is a
variable to watch in the next three years, although Fitch expect
demand for aluminium to remain sound in the medium term.
Ongoing Deleveraging: Rusal had a high debt burden and leverage
since the purchase of its 25% stake in Norilsk Nickel (NN; BBB-
/Stable) in 2008. However, the group has benefitted from strong
support from its bank group and has consistently deleveraged,
although at a slower pace than Fitch initially expected, to an
estimated USD8.8 billion at end-2017 (Fitch-adjusted) from USD9.1
billion in 2016. In Fitch's view further debt reduction remains a
key priority for Rusal but the pace will depend on aluminium
prices and the level of dividends paid by NN. At end-December
2016, funds from operations gross leverage temporarily increased
to above 5x from 3.6x at end-2015.
Fitch now expects this ratio to decrease to 3.1x by end-2017 and
to remain below 3.5x in 2018-2020. This is mainly due to improved
prices, as also reflected in the expected 40% rise in Fitch
adjusted EBITDA by end-2017. Absent an absolute debt reduction,
Rusal will remain exposed to external factors, such as market
price volatility, rouble strengthening and energy costs
inflation, which add volatility in the leverage metrics (as in
2016). Fitch expects future positive free cash flow will be
partly directed to deleveraging, resulting in total debt of less
than USD8 billion at end-2018, USD7 billion at end-2019 and
around USD6.5 billion in 2020.
Stake in Norilsk Nickel: Rusal effectively owns 27.82% of the
world's second largest nickel producer, NN. The market value of
the stake was USD9.1billion at 2 February 2018, representing more
than 100% of Rusal's total indebtedness at 9M17, and therefore
providing significant collateral coverage.
NN has historically paid out significant dividends to its
shareholder. From 2017 a new dividend policy applies, with a
variable payout ratio of 30%-60% of EBITDA, depending on NN's net
leverage metrics. The total dividend declared by NN in 2017 is
around USD3.0 billion (Rusal received USD0.6 billion in 9M17) and
the total minimum payment will be USD1 billion from 2018 (USD278
million Rusal pre-tax share). Fitch expects dividends
attributable to Rusal to exceed USD650 million/year on average in
2018-2020, contributing materially to Rusal's debt service.
Vertically Integrated Business Model: Rusal operates throughout
the aluminium value chain with bauxite mining, alumina refining
and aluminium smelting production. The Dian Dian project in
Guinea (first delivery planned in 3Q18) will make Rusal almost
100% self-sufficient in bauxite. This provides the group with
significant control over its raw material costs, and limits its
exposure to input cost fluctuations.
DERIVATION SUMMARY
Comparable peers to Rusal rated by Fitch include Alcoa
Corporation (BB+/Stable), Aluminium Corporation of China (Chalco)
(BBB+/Stable) and China Hongqiao Group (B+/Stable). Rusal's
rating reflects a comparable operating profile in most respects
(eg, market position, self-sufficiency, cost competitiveness),
but typically higher leverage metrics than Alcoa and Chalco.
Rusal's rating also incorporates the higher-than-average systemic
risks associated with the Russian business and jurisdictional
environment.
Chalco is rated three notches below China's rating based on
Fitch's top-down approach in line with its parent and subsidiary
linkage rating criteria. Fitch downgraded Hongqiao Group, the
biggest aluminium producer in the world, from 'BB' in April 2017
due to weak internal controls and uncertainty regarding the
impact of its capacity closures in 2H17.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Fitch aluminium LME base prices: USD1,900 in 2018-2020
- Aluminium premiums earned by Rusal to average USD165/t in
2017, USD170/t in 2018 and USD180/t thereafter (across all
products produced by the group)
- USD/RUB exchange rates: 58 in 2018, and 56 in 2019
- 3% increase in production volumes in 2017 and 6% increase in
2018, flat thereafter
- EBITDA margin to average 22% in 2017, 19% in 2018 and 16% in
2019-2020
- USD437million dividend payment in 2017 and to average USD350
million thereafter
- Sustained dividend from NN under new dividend policy
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Further absolute debt reduction with FFO adjusted gross
leverage moving sustainably below 3.0x
- FFO adjusted net leverage below 2.5x
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO gross leverage sustained above 3.5x with limited prospects
for deleveraging
- EBITDA margin below 12.5% on a sustained basis
LIQUIDITY
Adequate Liquidity: At end-September 2017 Rusal had nearly USD8.7
billion of debt, excluding USD140 million Fitch adjustments for
factoring and leases. USD0.6 billion maturities are to be repaid
before December 2018 compared with USD1.1billion of non-
restricted cash. Near-term liquidity is also supported by free
cash- flow generation, which Fitch forecasts to be over USD0.9
billion for the period from November 2017 to December 2018,
including dividends from NN.
Rusal has decreased its debt redemptions after 2018, refinancing
USD1.4 billion and USD2.9 billion of 2019 and 2020 maturities,
and reducing them to USD0.8 billion and USD0.7 billion,
respectively (excluding the new USD500 million notes, the
proceeds of which will further enhance the group's maturity
profile).
RUSHYDRO CAPITAL: Moody's Assigns Ba1 Rating to Proposed LPNs
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating with a loss
given default assessment of LGD3 to the proposed ruble-
denominated senior unsecured loan participation notes (LPNs or
the notes) to be issued by RusHydro Capital Markets DAC (the
Issuer). The Issuer will in turn on-lend the proceeds to
RusHydro, PJSC (RusHydro, Ba1 positive).
The outlook on the rating is positive.
RATINGS RATIONALE
The notes will be issued by RusHydro Capital Markets DAC, an
orphan vehicle, created for the sole purpose of financing a loan
to RusHydro under the terms of an underlying loan agreement (the
Loan Agreement) between the Issuer and RusHydro. RusHydro will
use the proceeds of the loan for general corporate purposes.
Noteholders will only have limited recourse to the Issuer and
will rely solely on RusHydro's credit quality to service and
repay the debt.
The Ba1 rating assigned to the notes is in line with RusHydro's
corporate family rating (CFR) and reflects Moody's view that
RusHydro's obligations under the Loan Agreement, which will
mirror the Issuer's obligations under the proposed notes, will
rank pari passu with other outstanding unsecured debts of
RusHydro.
The noteholders will have the benefit of a negative pledge and
certain covenants granted by RusHydro in the underlying Loan
Agreement, including restrictions on mergers, disposals and new
debt incurrence if leverage ratio calculated as consolidated net
indebtedness to 12-months consolidated EBITDA exceeds 3.5x. The
cross-default clause embedded in the bond documentation will
cover, inter alia, a failure by RusHydro or any of its material
subsidiaries to pay any of its financial indebtedness in the
amount exceeding $50 million.
RusHydro's Ba1 CFR positively reflects (1) the company's
strategic role in the Russian electricity market as one of the
largest power producers with installed capacity of 38.9 GW or
around 16% of total generation capacity in the country; (2) the
low cost hydropower generation fleet, which contributed around
80% of EBITDA in 2016; and (3) the moderately leveraged financial
profile of the group, with Moody's-adjusted debt/EBITDA of around
2.6x as of September 2017, and the expectation that the company's
financial metrics will remain broadly at current levels over the
coming years.
However, RusHydro's rating is constrained by the still evolving
operating environment, which is characterised by (1) limited
potential for growth in electricity consumption, given Russia's
weakened economic environment; (2) electricity oversupply due to
market overcapacity, which results in downward pressure on power
prices; and (3) a developing regulatory framework with some risk
of political interference. In addition, the rating reflects
Moody's expectation that RusHydro will continue to exhibit
negative free cash flow in the next 12-18 months due to
investment requirements and higher dividend payout.
RATING OUTLOOK
The outlook on RusHydro's ratings is positive in line with the
outlook on the sovereign bond rating of its support provider, the
government of Russia (Ba1 positive), and indicates that an
upgrade of the sovereign rating is likely to lead to an upgrade
of RusHydro's ratings, subject to other upgrade triggers below.
WHAT COULD CHANGE THE RATING UP/DOWN
RusHydro's ratings could be upgraded subject to an upgrade of
Russia's sovereign rating, and provided that (1) the company's
operating and financial performance and liquidity remain robust;
(2) macroeconomic environment and regulatory framework are
supportive and provide sufficient predictability over the
company's cash flow generation capacity for the medium to long
term; and (3) there are no adverse changes in the probability of
the Russian government providing extraordinary support to the
company in the event of financial distress.
Upward pressure on the BCA could result from a material
improvement in the company's financial profile such that Moody's-
adjusted debt/EBITDA ratio is positioned at 2x or below on a
sustainable basis.
Conversely, downward pressure on RusHydro's ratings could arise
from a downgrade of the sovereign rating or a downward assessment
of the probability of government support for RusHydro in the
event of financial distress. Downward pressure could also arise
if Moody's were to lower RusHydro's BCA on the back of (1) a
negative shift in the evolving regulatory framework; or (2)
weakening financial profile, resulting in a Moody's-adjusted
debt/EBITDA ratio increasing to 3.0x or above on a sustained
basis. In addition, inability to maintain adequate liquidity
could also pressure the company's BCA and the final rating.
The methodologies used in these ratings were Unregulated
Utilities and Unregulated Power Companies published in May 2017,
and Government-Related Issuers published in August 2017.
CORPORATE PROFILE
Headquartered in Moscow, RusHydro, PJSC is one of the world's
largest hydropower companies, accounting for more than half of
hydropower output in Russia. The company is also the owner of RAO
Energy System of East, the monopoly integrated electric utility
in the Far East region. In the last twelve months ended 30
September 2017, RusHydro generated RUB354.0 billion
(approximately $6.1 billion) of revenue and Moody's-adjusted
RUB98.0 billion ($1.7 billion) of EBITDA.
=========
S P A I N
=========
VIESGO GENERACION: Fitch Affirms BB IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Viesgo Generacion S.L.U. (VG)'s Long-
Term Issuer Default Rating (IDR) at 'BB' and its senior secured
rating at 'BB+'. The Outlook on the IDR is Stable.
The rating affirmation reflects VG's merchant exposure, small
size and concentrated asset base, mitigated by the mix of
advantageously located, efficient and responsive plants, and by
the natural hedging provided by its supply activities. Fitch also
take into account management's business plan update for 2018-
2022, which foresees tough operating conditions for VG's
generation plants but continued profitable growth in supply.
Fitch expects funds from operations (FFO) net adjusted leverage
to average 1.8x in 2018-2020 from 1.1x in 2017. Notwithstanding
the increase, Fitch see this level as commensurate with Fitch
revised guidelines for the 'BB' rating.
KEY RATING DRIVERS
Balanced Generation Capacity Mix: The group relies on a few key
plants, resulting in operational risk associated with asset
concentration. However, hydro plants provide a good base for
profitability under normal hydro conditions, due to their
fundamental position in the merit order and high margins. Around
half of the group's revenue from its hydro capacity comes from
pumping (Aguayo plant), making most of its earnings on the spread
between peak and off-peak prices and on the competitive balancing
market.
Fitch expects the Los Barrios coal plant, a key asset for VG, to
retain its strategic importance for the Campo de Gibraltar area,
characterised by grid technical constraints, although Fitch see
the plant facing higher competition in its reference area from
third-party combined-cycle gas turbines (CCGTs), which will
become more competitive under Fitch's projected commodity prices.
Fitch forecast that the Algeciras CCGT will contribute around 18%
of the group's EBITDA, in line with the previous plan.
Downward Revision for Generation: The company's business plan for
2018-2022, approved last December, projects significantly lower
earnings for all the generation assets compared to the previous
plan (2015-2019) reflecting a tougher energy market and a weak
performance in 2017. The plan foresees lower baseload prices and
dark and spark spreads, depressed ancillary markets revenues and
decreasing capacity payments (expiration of the investment
incentive for the Los Barrios and Puente Nuevo coal plants in
2019 and 2020, respectively) compared with the previous plan.
The positive factor partially offsetting these dynamics comes
from around 1TWh of higher production in coal and CCGTs and
efficiency savings expected as a result of the company's
initiatives to reduce costs.
Supportive Supply: The updated plan confirms ambitious growth in
residential customers with growing unitary gross margins and the
completion of the unwinding for large industrial customers.
However, the higher gross margin is partially offset by the bono
social cost reallocation and other customer protection measures
set by the regulation, along with higher cost-to-serve and
marketing costs to support the growth in customers, resulting in
the modest EBITDA growth for supply expected by management.
Less Profitable Ancillary Markets: Intra-day price volatility has
decreased significantly over the last few years reducing peak
off-peak spreads, largely affecting Aguayo's earnings visibility.
Moreover, technical constraints on the market, in which Los
Barrios coal plant makes the bulk of its revenues, have eased due
to the increased competition from other CCGTs in a context of a
lower gas-to-coal spread, and aggressive market behaviour from
market participants. In Fitch view, these trends limit visibility
on the ancillary markets' revenue streams, likely reducing VG's
plants profitability over the next few years.
From 2020, the expected entrance into operation of around 8GW of
renewable capacity in Spain could lead to higher price volatility
due to intermittent flows coming from these sources, therefore
improving VG's captured value in these markets.
Increased Leverage: Fitch expect higher leverage over the plan,
at an average of 1.8x (2018-2020) compared to 1.1x in 2017, with
a peak in 2019 when existing hedges run off. Gradual deleveraging
from 2020 is a function of improved market conditions for
ancillary markets and growth in supply activity. The expected
leverage is lower than the negative guideline of 2.0x for the
current rating, although with limited headroom in 2018-2019.
Dividends Absorb Underperformance: Dividends are distributed
based on the level of cash generated after debt repayment and
considering the cash needs related to commodities for the
following six months and a cash reserve, in order to absorb any
business stress. In addition, in an adverse scenario,
distributions to shareholders would not be allowed due to the
embedded provisions in the financing documentation, thus
providing a cushion for the lenders.
DERIVATION SUMMARY
VG is a pure generation and supply operator in Spain. Its
business profile is riskier than that of the large integrated
European utilities, given the lack of diversification into stable
networks, its small size and asset concentration. The group's
business profile is to a degree comparable to other small
generators rated by Fitch such as Melton Renewable Energy UK Plc
(BB/Stable) and Drax Group Holdings Ltd (BB+/Stable). Melton has
a negative rating guideline on FFO net adjusted leverage for the
same rating at 4.0x, against 2.0x for Viesgo, reflecting the
largely quasi-regulated nature of its activities. Drax, with
similar leverage metrics, is rated one notch higher, also
benefiting from the quasi-regulated nature of its biomass power
generation. No Country Ceiling, parent/subsidiary or operating
environment constrains affect the rating.
The above-average recovery prospects under the senior secured
financing is reflected in a single-notch rating uplift of the
facilities above the company's IDR.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Generation EBITDA of around EUR35 million on average for the
period 2018-20, assuming electricity prices within the range
of 43-47 EUR/MWh, lower ancillary revenues than historically
and declining capacity payments, due to expiration of coal
plants' investment incentive by end of the period
- Supply EBITDA is kept similar to historical values
- No changes in current regulation
- Early refinancing of the EUR125 million term loan and the
EUR49.5 million RCF by 2020 through similar facilities,
although with higher interest rate
- Working capital is positive at around EUR12 million on average
- Distributions to shareholders have been conservatively
modelled in order to leave cash on balance at EUR50 million
every year, and consequently, gross debt remains stable
- Cash inflows from tax equalisation agreement with VG's holding
company for an annual average of EUR24 million are cash-flow
neutral as they are distributed to shareholders according with
company's dividend policy.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- An upgrade is unlikely due to the company's business profile,
but an improvement in the business profile (meaningful
contribution of quasi-regulated activities) or sustained
negligible leverage may be rating-positive
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO-adjusted net leverage above 2.0x and/or FFO fixed charge
cover below 4.5x on a sustained basis, as a consequence of worse-
than-expected changes to the generation market and/or
substantially lower supply margins than Fitch expects
- Material adverse changes to the regulatory framework,
including the wholesale market, capacity payments or ancillary
services, leading to a change in Fitch view on the system's
sustainability and on the company's operating environment
We have revised the negative sensitivity for FFO adjusted net
leverage to 2.0x from 2.5x to reflect lower earnings visibility
due to changing market dynamics, largely affecting the
predictability of ancillary markets' revenue.
LIQUIDITY
Adequate Liquidity: As of December 2017, VG had EUR60 million of
available cash and cash equivalents and the additional EUR49.5
million revolving credit facility for general corporate purposes
fully undrawn. FCF is broadly neutral over the rating horizon to
2020. VG does not have debt maturities until September 2021 when
the current EUR125 million term loan matures. Loan documentation
includes a cash-sweep clause applying from 4Q20. Fitch forecasts
an early refinancing of the current loan by 2020.
===========
S W E D E N
===========
POLYGON AB: Moody's Assigns B1 CFR, Outlook Positive
----------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) and a B1-PD probability of default rating
(PDR) to Polygon AB, a holding company of Sweden-based property
damage restoration services provider Polygon group ("Polygon").
Concurrently, Moody's has assigned a B1 instrument rating to the
group's proposed EUR210 million senior secured notes (due 2023),
to be issued by Polygon AB. The outlook on all ratings is
positive.
The proposed new notes will be used to refinance the group's
existing EUR180 million senior secured notes (due April 2019) and
to cover transaction fees and expenses including the premium for
the early redemption of the outstanding notes. The new financing
package also comprises a proposed EUR40 million super senior
secured revolving credit facility (RCF, maturing 2023), to be
raised by Polygon International AB, a direct subsidiary of
Polygon AB, which Moody's expects to remain fully undrawn at
closing of the transaction.
RATINGS RATIONALE
The B1 corporate family rating (CFR) is supported by Polygon's
(1) leadership position in the fragmented European property
damage restoration (PDR) market, (2) broad offering of 24/7
preventive and loss mitigating services, operational flexibility
to meet demand peaks and advanced technical capabilities, which
give the group a competitive edge and help secure long-standing
customer relationships, (3) stable demand for historically
recurring water and fire damage restoration, providing for good
revenue and earnings visibility, (4) flexible cost base with
close to 90% of total costs in EBITDA being variable, allowing
for expected margin stability, (5) moderate leverage, exemplified
by Moody's-adjusted debt/EBITDA of around 4x expected by year-end
2018, (6) projected positive free cash flow (FCF) generation and
good liquidity, and (7) a dedicated management team with a track
record of developing the business and improving profitability
over the last three years.
Credit challenges constraining the rating relate to Polygon's (1)
relatively small scale in terms of group revenues of EUR514
million in the last 12 months (LTM) ended September 30, 2017 (Q3-
17), (2) geographic focus on Germany, albeit tempered by a
presence in 13 countries worldwide, whilst most competitors are
local players, (3) limited track record of current profitability
with a Moody's-adjusted EBIT margin of 5.6% as of LTM Q3-17,
improved from 0.1% in 2014, (4) approximately 5% of revenues
generated from extreme weather events historically, resulting in
some demand volatility and forecast uncertainty, (5) foreign
currency exposure as around 26% (40%) of group sales (EBITA) are
denominated in currencies other than the euro, albeit this is
predominantly a translational risk, (6) challenge to smoothly
integrate occasional bolt-on acquisitions whilst ensuring
consistent high quality and customer satisfaction, (7) a growth-
oriented business strategy, implying the risk of debt-funded
acquisitions and/or integration challenges, and (8) private
equity ownership structure, which poses the event risk of
occasional recapitalisation measures.
LIQUIDITY
Polygon's liquidity will be good at closing of the transaction.
Internal liquidity sources consisting of an expected pro forma
EUR45 million cash balance at closing of the transaction as of 31
December 2017 (net of acquisition-related payments made in early
January) and funds from operations of around EUR40 million will
be more than sufficient to cover all cash needs over the next 12-
18 months. Cash uses mainly comprise capital expenditures of over
EUR15 million per annum, minor working capital consumption and
deferred considerations for acquisitions of around EUR5 million
in 2018.
The group's liquidity further benefits from its proposed new
EUR40 million committed super senior revolving credit facility,
which Moody's expects to remain undrawn at transaction closing.
The terms of the new RCF require compliance with one springing
covenant (super senior leverage ratio), which needs to be tested
when the facility is drawn by more than 35% and which Moody's
understands to be set with ample headroom.
STRUCTURAL CONSIDERATIONS
In Moody's loss given default (LGD) assessment the proposed
EUR210 million senior secured notes (due 2023) rank as
contractually subordinated obligations behind the proposed EUR40
million super senior secured RCF (maturing 2023). Both
instruments will be guaranteed by the group's parent Polygon
Holding AB and certain subsidiaries, which together account for
at least 85% of consolidated EBITDA and are secured by pledges
over shares in group companies and intercompany loans. Given the
weak collateral value of such assets in a potential default
scenario, the LGD analysis assumes these instruments as
unsecured.
While trade payables according to Moody's LGD analysis together
with the super senior RCF (not rated) rank senior to the notes,
unsecured short-term lease commitments and pension obligations
rank second at the level of the notes, which results in a B1
(LGD4) rating on the notes in line with the CFR.
RATING OUTLOOK
The positive outlook reflects the expectation of largely steady
demand, supporting organic revenue growth in the low- to mid-
single-digits, which, together with ongoing efficiency
improvements should enable the group to achieve Moody's-adjusted
EBIT margins of around 6.5%. The outlook further assumes Polygon
to reduce its Moody's-adjusted debt/EBITDA to well below 4x over
the next 12-18 months and to generate solid positive FCF.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Positive rating pressure would build, if Polygon's (1) Moody's-
adjusted leverage declined towards 3.5x gross debt/EBITDA, (2)
Moody's-adjusted EBIT margins were sustained at 6.5% or higher,
and (3) Moody's-adjusted FCF/debt ratios increased towards 10%.
Downward pressure on the ratings would result from (1) Moody's-
adjusted leverage exceeding 4.5x gross debt/EBITDA, (2) Moody's-
adjusted EBIT margins falling towards 5.0%, and (3) FCF/debt
metrics of 5% or below and/or a failure to maintain a solid
liquidity profile. Moreover, evidence of a more aggressive
financial policy such as larger debt-funded acquisitions and/or
distributions to shareholders would exert pressure on the
ratings.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in June 2014.
Headquartered in Stockholm, Sweden, Polygon AB (Polygon) is a
provider of property restoration services for water and fire
damages (together 75% of sales as of LTM Q3-17), major and
complex claims (13%), temporary climate solutions (8%), and leak
detection services (4%). The group is present in 13 countries in
Western and Northern Europe (around 94% of sales, of which 57% in
Germany), North America (6%) and Singapore and employs over 3,000
people across 252 depots. As of LTM Q3-17, Polygon reported sales
of EUR514 million and company-adjusted EBITDA of more than EUR43
million (8.5% margin).
The group was founded in 1985 as the Moisture Control Services
business of its previous parent Swedish Munters Group. In 2010,
it was acquired by funds advised by private equity firm Triton
Partners, which currently owns about 85% of the group besides
management and the board of directors together holding a 15%
stake.
===========================
U N I T E D K I N G D O M
===========================
BRIGHTHOUSE GROUP: S&P Cuts ICR to 'D' on Debt Exchange Offer
-------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on U.K.-based rent-to-own provider BrightHouse
Group Plc to 'D' (default) from 'CC'. At this rating level S&P
does not assign an outlook.
S&P said, "We therefore also lowered our issue rating on the
company's GBP220 million senior secured notes due 2018 to 'D'
from 'CC'. The recovery rating on the notes remains '4',
indicating our expectation of 35% recovery in the event of a
default. Because the notes are being refinanced, we expect to
discontinue the issue and recovery ratings on the notes.
"We removed the ratings from CreditWatch, where we had placed
them with negative implications on Dec. 14, 2017.
The downgrade follows BrightHouse's announcement on Feb. 2, 2018,
that it had completed its debt exchange offer. S&P understands
that, under the agreement, the notes, which had an aggregate
principal amount outstanding of GBP217.9 million, have been fully
discharged in exchange for:
-- GBP155.1 million of new senior secured notes issued by a
newly created finance subsidiary; and
-- New shares to be issued by a newly created holding company,
which will be the indirect parent of BrightHouse.
S&P said, "We view the transaction as a distressed exchange
because investors will receive less than what was promised on the
original securities. We therefore consider the exchange as
tantamount to a default on the company's obligations and have
lowered our issuer and issue credit ratings to 'D'."
CARILLION PLC: Another 101 Jobs Made Redundant Following Collapse
-----------------------------------------------------------------
Rahul B at Reuters reports that the British government said on
Feb. 8 that another 101 jobs at Carillion Plc will be cut, as the
fallout from Britain's biggest corporate failure in a decade
continues.
The Official Receiver, which manages insolvencies for the British
government, said it safeguarded a further 1,221 jobs at the
company but 101 roles have been made redundant, Reuters relates.
According to Reuters, the jobs made redundant relate to back-
office functions and engineering support roles that new suppliers
no longer require, the statement said.
So far 2,250 jobs have been saved and 930 job redundancies have
been made, Reuters notes.
Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company. The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).
FIAT CHRYSLER: S&P Raises CCR to 'BB+' on Stronger Profit Margins
-----------------------------------------------------------------
S&P Global Ratings said that it raised to 'BB+' from 'BB' its
long-term corporate credit ratings on automotive manufacturer
Fiat Chrysler Automobiles N.V. (FCA) and FCA US LLC (FCA US), a
U.S. subsidiary. S&P also affirmed its 'B' short-term corporate
credit rating on FCA. The outlook remains positive.
S&P said, "At the same time, we raised our issue ratings on the
senior unsecured debt instruments issued or guaranteed by FCA to
'BB+' from 'BB', in line with our action on the corporate credit
rating. The '3' recovery rating on these debt instruments is
unchanged. Although indicative recovery prospects exceed 70%, we
cap our recovery rating at '3' due to the unsecured nature of the
notes.
"We have affirmed our 'BBB-' issue ratings on a U.S. senior
secured term loan borrowed by FCA US. The recovery rating on this
instrument is unchanged at '1', reflecting our expectation of
very high (90%-100%) recovery for senior secured lenders in the
event of a payment default.
"The upgrade reflects our view that FCA is making good progress
in deleveraging its balance sheet, supported by stronger profit
margins and positive free operating cash flow (FOCF), and thereby
improving its credit metrics. As a result, we have revised upward
our assessment of FCA's financial risk profile to intermediate
from significant.
"Based on preliminary figures for 2017, we estimate healthy
leverage ratios of funds from operations (FFO) to adjusted debt
of over 60% (compared to 46% a year earlier) and adjusted debt to
EBITDA of below 1.3x (down from 1.5x). The ratio of FOCF to
adjusted debt was around 15% last year (slightly stronger year-
on-year)."
FCA's leverage metrics are improving despite slowing demand in
the key U.S. auto market, which accounted for 46% of the group's
sales volumes in 2017. During 2017, FCA's U.S. volumes declined
by 8% in a market that contracted by only 2%, albeit partly
reflecting FCA's planned reductions in fleet sales and the impact
from discontinued models. FCA's U.S. market share therefore
declined by 90 basis points (bps) year-on-year to 11.9%. Market
leaders were less affected; General Motors was down 10 bps to
17.5%, Ford was up 10 bps to 14.7%, and Toyota was up 20 bps to
14.2% (source: Ward's AutoInfoBank).
S&P said, "We expect further improvements in these metrics in
2018 and 2019, which could support a higher rating. We currently
forecast ratios of FFO to debt above 70%, debt to EDITDA below
1.0x, and FOCF to debt of 15%-20% in 2018. This continues to be
supported by FCA's conservative financial policy objective to
eliminate net industrial debt during 2018 and achieve a net
industrial cash surplus of about EUR4 billion by the end of the
year.
"In 2018 and 2019, we expect auto sales volumes in the U.S.
market to weaken slightly from 2017 levels but remain at a
relatively healthy annual rate of 16.7 million-16.9 million units
based on our expectation for steady U.S. GDP growth, housing
starts, and gasoline prices. The marginal expected year-over-year
contraction reflects reduced availability of auto credit, falling
used car prices, rising interest rates, and less-favorable lease
options for consumers. The NAFTA region accounted for 51% of
FCA's combined shipments, 60% of revenues, and 74% of EBIT (as
adjusted by the company) in 2017.
"Our ratio forecasts could be at risk if the U.S. auto market
were to weaken more rapidly than we currently expect, or if FCA's
market share further reduced. We expect offsetting positive
factors to continue, including benefits from an improving vehicle
mix toward SUVs and pick-up trucks, as well as new and updated
models such as the new Jeep Wrangler, the Ram 1500, and the Jeep
Cherokee, and global rollout of the Jeep Compass.
"In EMEA, where FCA's product mix is geared more toward small
cars, we expect slight volume and margin growth in 2018. In Latam
we expect further volume increases and wider margins, supported
by market recovery in Brazil, a favorable product mix, and better
fixed-cost absorption due to higher capacity utilization.
A key risk factor remains potential fines arising from the civil
lawsuit filed by the DoJ on violations the U.S. Environmental
Protection Agency (EPA) raised in January 2017 about certain
diesel engine emission control systems. S&P does not include a
potential fine in our base-case scenario forecast. However, FCA
has a degree of headroom within the ratings to accommodate a fine
of up to EUR2.0 billion this year. All else being equal, this
would lower S&P's 2018 FFO to debt ratio forecast to 50%-55%,
which would still be acceptable for the ratings, but may reduce
the likelihood of an upgrade.
S&P said, "We do not factor in any potential disposals of the
components or other businesses. Nor do we factor in major changes
in the corporate strategy or financial policy of FCA arising from
the next five-year business plan, which the company is due to
announce in June 2018, nor from a new CEO due to be announced
later this year, expected to come from FCA's internal ranks.
"We consider FCA to be somewhat behind peers in responding to
more stringent environmental standards, new technology, consumer
trends, new market entrants, and the emergence of new forms of
mobility that threaten the business models of the incumbents. The
industry's response--with the electrification, digitalization,
connectivity, and autonomy of vehicles--will add billions to the
sector's research, development, and capital spending budgets.
This will pressure profit margins and cash flows, and require
mitigating cost-cutting steps and a more efficient allocation of
capital expenditure (capex)."
In S&P's base case, it assumes:
-- Global automotive sales increasing by about 2%-3%, similar to
global GDP growth. For the U.S. market, S&P forecasts a 1.5%
decline in light vehicle sales to 16.9 million units in 2018
and 16.7 million in 2019.
-- Stable volumes for FCA, due to slightly lower volumes in the
U.S. being offset by growth in other markets.
-- Continued EBITDA margin progression thanks to a favorable
product mix in the NAFTA area and EMEA.
-- Stable capex of about EUR9 billion per year.
-- No dividend payments.
-- No mergers or acquisitions or asset disposals.
-- No fines or damages related to the U.S. Department of Justice
(DoJ) civil lawsuit.
Based on these assumptions, S&P arrives at the following credit
measures for FCA in 2018 and 2019:
-- FFO to debt above 70%;
-- Debt to EBITDA below 1.0x; and
-- FOCF to debt above 15%.
At Dec. 31, 2017 S&P estimates its adjusted debt figure at EUR11
billion-EUR12 billion, including EUR5.3 billion for pensions,
EUR2.2 billion for factoring and operating leases, netting
surplus cash balances of EUR11.4 billion, and captive finance
debt of EUR2.3 billion.
Headquartered in London, FCA operates in NAFTA, EMEA, Latin
America, and Asia-Pacific. With 4.7 million cars sold in 2017,
FCA ranks eighth worldwide behind automakers such as Volkswagen,
GM, and Ford, but ahead of Renault and Volvo Car. It reported
revenues of about EUR111 billion in 2017.
S&P said, "We continue to assess FCA US as a core subsidiary of
FCA, and we expect that the rating on FCA US will move in tandem
with that on FCA.
"The positive outlook reflects the possibility that we could
upgrade FCA and FCA US to 'BBB-' if FCA can show further
improvements in profitability and cash flow generation, despite
weaker market conditions in the U.S., while maintaining solid
leverage metrics and not attracting DoJ fines above EUR2.0
billion.
"We could raise our ratings if FCA can further improve and
sustain its EBITDA margin above 10%, increase its ratio of FOCF
to debt above 25% and sustain a ratio of FFO to debt above 60%.
The DoJ lawsuit would need to have been resolved before we would
consider an upgrade, as well as there being no major changes in
financial policy or corporate strategy in the next five-year
plan.
"We could revise our outlook to stable if FCA had to pay fines
above EUR2.0 billion in relation to the DoJ lawsuit or
experienced a deterioration in EBITDA margins below 8% or cash
flows due to a weaker-than-anticipated U.S. car market. Credit
ratios weaker than FFO to debt of 45% and FOCF to debt of 15% on
a sustained basis would not support a positive outlook."
FOUR SEASONS: H/2 Capital Injects GBP70 Million of Funding
----------------------------------------------------------
Gill Plimmer and Javier Espinoza at The Financial Times report
that Britain's second-largest care home chain Four Seasons has
moved closer to a takeover by its biggest creditor, after the
hedge fund that holds most of its debt agreed to inject a further
GBP70 million to enable it to keep operating.
Terra Firma Capital Partners, which is run by the veteran
investor Guy Hands, remains in formal control of the lossmaking
chain, which houses 17,000 people in 343 care homes, the FT
notes. But, H/2 Capital Partners, the Connecticut-based hedge
fund that owns most of the chain's GBP525 million net debt, in
effect took control in December when it agreed to defer a
GBP26 million interest payment within hours of it being due, the
FT recounts.
H/2, the FT says, is understood to be willing to take on Four
Seasons, which it believes could be turned into a profitable
business without the pressure of having to pay debt interest. It
has already lined up Margaret Ford -- former chair of care home
group Barchester -- as Four Seasons' chair-in-waiting, according
to the FT.
But agreement has been held up by acrimonious relations between
H/2 and Terra Firma, and the fate of 24 more profitable care
homes operating under the Brighterkind brand, which house
predominantly self-funded rather than local authority-funded
residents, the FT states.
Terra Firma, which has already lost an estimated GBP450 million
on Four Seasons, is reluctant to hand over the care homes,
maintaining it owns them separately, the FT discloses. The two
sides have agreed to go to court over this question later in the
year, but to reach a deal on plans for the rest of the business
by April, with full agreement to be won from other debtholders by
June, the FT relays, citing sources close to the talks.
According to the FT, Vernon Baxter, managing director of private
healthcare publication HealthInvestor, welcomed the injection of
capital but said the sector was "keen to see the situation
resolved sooner rather than later".
ITHACA ENERGY: Moody's Affirms B3 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed Ithaca Energy Inc.
(Ithaca)'s B3 Corporate Family Rating (CFR), B3-PD probability of
default rating (PDR) and Caa1 senior unsecured notes rating. The
notes are guaranteed on a senior subordinated basis by certain
Ithaca subsidiaries. The outlook on all ratings is changed to
negative from positive.
RATINGS RATIONALE
The change of outlook to negative from positive reflects the
lower production expected in 2017-18, at around 14-16 kboepd from
18-22 kboepd previously expected, as a result of the lower
production step up from the Stella field. The company completed a
three week planned shutdown in Q3 2017 of the Stella field to
enable the switch from oil tanker loading to pipeline exports.
The Cook field is also expected to undergo certain modifications
which would result in constrained production levels in Q4 2017
and Q1 2018. This would lead to slower deleveraging in 2017-18
with adjusted gross debt/EBITDA expected to remain flat at around
4.6x in 2017 and around 4.0x in 2018, mitigated to some extent by
higher oil prices, still below initial expectations of quicker
deleveraging. Timely development of the Greater Stella Area
satellite fields will be important to the company's production
and cash flow growth in 2017-19 and beyond.
The negative outlook also reflects the lower amount of the
Reserve Based Lending (RBL) facility of $245 million refinanced
in November 2017. A new term loan of $140 million was signed to
support the liquidity profile of the company and to repay the old
RBL. The RBL and the term loan amounting to $305 million in
drawings mature in May 2019, ahead of the $300 million bond
maturity in July 2019. The negative outlook also reflects the
refinancing risk that the company faces due to the high debt
maturities in 2019.
Moody's believes that Ithaca's business profile remains
constrained due to its small scale and highly concentrated
reserves base with a weak reserve life of 4.2 years with an
expected 21.5 million BOE of 1P (proved) reserves at the end of
2017 versus 5.1 million BOE of expected 2017 production. However,
this is partially mitigated by Ithaca's 2P (proved and probable)
reserve life of 13 years. Field Development Plan approval on the
additional interests acquired in the Vorlich discovery expected
in 2018 and development of the follow-up Harrier field with
expected production start-up in 2018 will address this risk to
some extent and should improve the 1P reserves of the company.
Ithaca was acquired by Delek Group Ltd. (unrated) in 2017 and is
now a 100% owned subsidiary of Delek. As a result, Ithaca was
delisted from the AIM and Canadian Stock Exchanges. Delek Group
has a dominant presence in the energy sector in Israel, mainly
involved in natural gas exploration and production (E&P)
activities, which accounted for around 96% of its operating
profits in 2016. The company also has a presence in other
segments like fuel products, water desalination and automotive,
however, these segments contribute marginally to the operating
profits. The acquisition is in line with Delek's strategy to
expand outside of the Israeli market to become a more regionally
diversified E&P company. Moody's does not view Delek's financial
profile as stronger considering its high leverage and the B3
rating of Ithaca does not take into account any uplift from the
new parent. However, Moody's notes the support derived from the
parent demonstrated by the new $140 million term loan, borrowed
by Ithaca and guaranteed by the parent.
Rating Outlook
The negative outlook reflects the lower production step up at
Stella, with lower production in 2017-18 than previous
expectations, and the refinancing risks that the company faces
given its high debt maturities of $305 million in May 2019 and
$300 million in July 2019.
What Could Change the Rating - Up
Timely development of the Greater Stella Area satellite fields,
sustainable production of 25,000 BOE/day, further debt reduction
from free cash flow with adjusted RCF/Total Debt rising above 25%
and sustained investment in new development projects to increase
the 1P reserve base could support an upgrade.
What Could Change the Rating - Down
Further significant delays in Stella field ramp-up and declining
free cash flow generation, resulting in a weaker liquidity
profile could cause a rating downgrade. Rating could also be
downgraded if there is a declining 1P reserve life or adjusted
RCF/Total Debt falling below 15% on a sustained basis.
Structural Considerations
Ithaca's major borrowings include the RBL, the term loan and
senior notes. The RBL and the senior notes are guaranteed by
essentially all of its producing subsidiaries. The RBL facility
is secured by share pledges and floating charges of the
subsidiary guarantors. The guarantees and security pledges are
subject to a priority of claim in accordance with their terms,
ranking the RBL most senior with the senior notes effectively and
structurally subordinated. The Caa1 rating on the senior
unsecured notes reflects the reduced proportion of secured debt
compared to unsecured debt in the capital structure, however, is
one notch below the B3 CFR, reflecting the secured liabilities
ranking ahead of the notes in the capital structure.
The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.
Ithaca Energy Inc. is a UK-based independent exploration and
production company with all of its assets and production in the
United Kingdom Continental Shelf (UKCS) region of the North Sea.
The company has pursued growth via acquisitions of producing
field interests and appraisal and development of assets that have
potential for step outs in contiguous areas. As of year to date
September 2017, Ithaca's production averaged at 12,525 BOE/day.
TOYS R US: Appeals to Investors for GBP120-Mil. Lifeline
--------------------------------------------------------
Christopher Williams at The Telegraph reports that Toys R Us has
appealed to investors for a GBP120 million lifeline as crucial
payment deadlines loom at the end of the month.
The UK arm of the troubled retailer was put on the block, with
management proposing a five-year plan to fight back against
Amazon and Argos, The Telegraph relates.
It is understood that potential buyers would have to stump up
around GBP50 million immediately to pay off the consortium of
bank lenders that have provided financing to its US parent
company, The Telegraph states. It entered bankruptcy protection
in September and gained access to US$2.2 billion from a
consortium led by JP Morgan, The Telegraph recounts.
According to sources who have seen proposals for Toys R Us in the
UK, the retailer is also seeking around GBP70 million in the
first year to fund a major overhaul of its store estate and more
competitive pricing, The Telegraph notes.
The chain has already won approval from creditors to close 26
loss-making stores with the loss of around 800 out of 3,200 jobs,
The Telegraph discloses.
Turnaround specialists were this weekend poring over Toys R Us
finances to decide whether the chain can be saved, The Telegraph
relays.
In recent years it has struggled in a fight on two fronts, as
supermarkets expanded beyond selling groceries, and Amazon
undercut its prices online, The Telegraph recounts. The chain's
UK operations have made a loss for seven of the last eight years,
according to The Telegraph.
Sources said Toys R Us was likely to collapse within weeks
without a major cash injection, The Telegraph notes.
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.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland &
Ellis International LLP serve as the Debtors' legal counsel.
Kutak Rock LLP serves as co-counsel. Toys "R" Us employed
Alvarez & Marsal North America, LLC as its restructuring advisor;
and Lazard Freres & Co. LLC as its investment banker. It hired
Prime Clerk LLC as claims and noticing agent. A&G Realty
Partners, LLC, serves as its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee
retained Kramer Levin Naftalis & Frankel LLP as its legal
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 February 5 to February 9, 2018
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Steinhoff Europe AG 1.88 1/24/2025 EUR 62.26
Steinhoff Finance Holding Gm 1.25 8/11/2022 EUR 63.08
Steinhoff Finance Holding Gm 1.25 10/21/2023 EUR 55.43
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 45.75
Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 43.40
Astaldi SpA 4.88 6/21/2024 EUR 70.09
Intelsat Luxembourg SA 7.75 6/1/2021 USD 44.62
Portugal Telecom Internation 4.63 5/8/2020 EUR 43.50
Intelsat Luxembourg SA 8.13 6/1/2023 USD 42.01
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 44.87
Agrokor dd 9.88 5/1/2019 EUR 30.04
Ageasfinlux SA 1.02 EUR 70.83
Portugal Telecom Internation 5.00 11/4/2019 EUR 40.00
Air Berlin PLC 8.25 4/19/2018 EUR 1.07
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.01
Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 96.75
Vallourec SA 4.13 10/4/2022 EUR 7.89
Portugal Telecom Internation 4.50 6/16/2025 EUR 43.81
CGG SA 5.88 5/15/2020 EUR 53.02
Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.06
Portugal Telecom Internation 5.88 4/17/2018 EUR 44.13
EA Partners I BV 6.88 9/28/2020 USD 74.77
Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.45
Korian SA 2.50 EUR 41.74
Banco Espirito Santo SA 4.75 1/15/2018 EUR 31.27
CGG SA 1.75 1/1/2020 EUR 1.78
Air Berlin PLC 6.75 5/9/2019 EUR 0.92
Portugal Telecom Internation 6.25 7/26/2016 EUR 41.41
Neopost SA 3.38 EUR 55.94
Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13
Maisons du Monde SA 0.13 12/6/2023 EUR 53.50
Privatbank CJSC Via UK SPV C 10.25 1/23/2018 USD 29.67
Immigon Portfolioabbau AG 10.00 EUR 16.38
Genfit 3.50 10/16/2022 EUR 31.38
Pierre & Vacances SA 2.00 4/1/2023 EUR 58.72
Agrokor dd 8.88 2/1/2020 USD 28.84
Avangardco Investments Publi 10.00 10/29/2018 USD 18.33
Agrokor dd 9.13 2/1/2020 EUR 29.07
OAS Investments GmbH 8.25 10/19/2019 USD 7.00
Grupo Isolux Corsan SA 3.00 12/30/2021 EUR 0.50
UkrLandFarming PLC 10.88 3/26/2018 USD 22.47
Rickmers Holding AG 8.88 6/11/2018 EUR 2.42
Pacific Drilling SA 5.38 6/1/2020 USD 45.25
publity AG 3.50 11/17/2020 EUR 77.00
BIM SAS 2.50 11/13/2020 EUR 25.19
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50
Grupo Isolux Corsan SA 0.25 12/30/2021 EUR 0.28
EA Partners II BV 6.75 6/1/2021 USD 71.47
Banco Espirito Santo SA 4.00 1/21/2019 EUR 28.75
Mitsubishi UFJ Investor Serv 3.92 12/30/2099 EUR 5.54
CGG SA 6.50 6/1/2021 USD 53.41
WPE International Cooperatie 10.38 9/30/2020 USD 18.90
Transcapitalbank JSC Via Tra 10.00 9/18/2020 USD 70.25
Banco Espirito Santo SA 2.63 5/8/2017 EUR 30.27
Promsvyazbank OJSC Via PSB F 10.50 7/30/2021 USD 5.01
CGG SA 1.25 1/1/2019 EUR 21.38
Scholz Holding Gmbh 8.50 12/31/2019 EUR 8.00
FIGEAC-AERO 1.13 10/18/2022 EUR 25.14
Air Berlin PLC 5.63 5/9/2019 CHF 1.16
Santhera Pharmaceuticals Hol 5.00 2/17/2022 CHF 73.97
Credito Valtellinese SpA 4.70 8/4/2021 EUR 70.33
Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50
Capital Raising GmbH 7.50 EUR 53.04
Barclays Bank PLC 2.23 7/31/2034 USD 63.00
Bilt Paper BV 9.64 USD 20.33
Mriya Agro Holding PLC 9.45 4/19/2018 USD 5.38
ADLER Real Estate AG 2.50 7/19/2021 EUR 15.56
Cooperatieve Rabobank UA 0.50 11/26/2021 ZAR 73.09
Alno AG 8.50 5/14/2018 EUR 3.65
CGG SA 6.88 1/15/2022 USD 54.75
Allied Irish Banks PLC 12.50 6/25/2035 GBP 72.51
Hybrid Raising GmbH 6.63 EUR 53.11
Nexity SA 0.13 1/1/2023 EUR 69.51
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64
Mobylife Holding A/S 7.25 5/23/2020 SEK 8.00
Nexans SA 2.50 1/1/2019 EUR 74.87
Promsvyazbank OJSC Via PSB F 8.75 USD 5.00
Banca Carige SpA 7.32 12/20/2020 EUR 65.20
3W Power SA 10.00 8/29/2019 EUR 3.10
Banco Espirito Santo SA 7.13 11/28/2023 EUR 0.40
Orient Express Bank PJSC Via 10.00 USD 56.00
Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21
Elli Investments Ltd 12.25 6/15/2020 GBP 65.00
Yuksel Insaat AS 9.50 11/10/2015 USD 20.88
OGX Austria GmbH 8.50 6/1/2018 USD 0.00
Alitalia-Societa' Aerea Ital 5.25 7/30/2020 EUR 5.83
Privatbank CJSC Via UK SPV C 11.00 2/9/2021 USD 13.34
IMMOFINANZ AG 4.25 3/8/2018 EUR 4.32
Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.50
Aligera Holding AB publ 5.00 5/7/2019 SEK 29.63
Lloyds Bank PLC 0.12 1/31/2033 USD 54.95
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.03
Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 34.97
Stichting Afwikkeling Onderh 11.25 EUR 0.58
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10
Stichting Afwikkeling Onderh 6.25 10/26/2020 EUR 3.86
Beate Uhse AG 7.75 7/9/2019 EUR 9.88
Cirio Holding Luxembourg SA 6.25 2/16/2004 EUR 1.07
Afren PLC 6.63 12/9/2020 USD 0.04
Veneto Banca SpA 9.50 12/1/2025 EUR 0.31
Waste Italia SpA 10.50 11/15/2019 EUR 2.00
Oi Brasil Holdings Cooperati 5.75 2/10/2022 USD 42.25
Lambay Capital Securities PL 6.25 GBP 2.00
Espirito Santo Financial Gro 6.88 10/21/2019 EUR 0.16
Lloyds Bank PLC 1.50 12/27/2028 USD 72.50
Afren PLC 10.25 4/8/2019 USD 0.01
LBI HF 6.10 8/25/2011 USD 7.88
Bank Nederlandse Gemeenten N 0.50 7/12/2022 ZAR 69.35
KTG Agrar SE 7.13 6/6/2017 EUR 3.69
Belfius Bank SA/NV 1.60 FRF 72.00
Banca Popolare di Vicenza 9.50 9/29/2025 EUR 0.55
BBVA International Preferred 1.40 GBP 45.75
New World Resources NV 4.00 10/7/2020 EUR 0.46
NTRP Via Interpipe Ltd 10.25 8/2/2017 USD 28.00
OSX 3 Leasing BV 13.00 3/20/2015 USD 29.25
Dexia SA 1.45 EUR 8.75
Pescanova SA 5.13 4/20/2017 EUR 1.91
GNB - Cia de Seguros de Vida 3.17 EUR 73.13
Lehman Brothers UK Capital F 5.13 EUR 2.94
Barclays Bank PLC 1.28 8/28/2029 USD 75.58
Cattles Ltd 7.13 7/5/2017 GBP 0.24
Dexia Credit Local SA 1.40 EUR 5.67
New Look Senior Issuer PLC 8.00 7/1/2023 GBP 16.88
Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50
Kaupthing ehf 5.75 10/4/2011 USD 0.25
Barclays Bank PLC 1.35 9/30/2031 USD 62.85
GEWA 5 to 1 GmbH & Co KG 6.50 3/24/2018 EUR 18.31
Steilmann SE 7.00 9/23/2018 EUR 1.56
Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50
Deutsche Bank AG/London 2.56 10/31/2034 USD 65.75
Cirio Del Monte NV 7.75 3/14/2005 EUR 1.25
Manchester Building Society 6.75 GBP 15.00
Mriya Agro Holding PLC 10.95 3/30/2016 USD 5.41
Kaupthing ehf 7.63 2/28/2015 USD 0.25
Corporate Commercial Bank AD 8.25 8/8/2014 USD 1.40
Banca Carige SpA 8.34 EUR 28.00
Lehman Brothers UK Capital F 6.90 USD 1.51
Pierre & Vacances SA 3.50 10/1/2019 EUR 42.32
Pescanova SA 8.75 2/17/2019 EUR 2.33
Societe Centrale des Bois et 2.50 5/15/2023 EUR 7.80
New Look Secured Issuer PLC 6.50 7/1/2022 GBP 46.13
Espirito Santo Financial Gro 3.13 12/2/2018 EUR 0.28
BLT Finance BV 7.50 5/15/2014 USD 2.04
Agrokor dd Via Aquarius + In 4.92 8/8/2017 EUR 24.88
New World Resources NV 8.00 4/7/2020 EUR 3.56
Aralco Finance SA 10.13 5/7/2020 USD 4.98
Lloyds Bank PLC 1.11 11/27/2033 USD 64.75
Sazka AS 9.00 7/12/2021 EUR 0.50
Afren PLC 11.50 2/1/2016 USD 0.05
Alno AG 8.00 3/21/2019 EUR 3.85
Lehman Brothers UK Capital F 5.75 EUR 1.47
Accentro Real Estate AG 6.25 3/27/2019 EUR 7.80
Royal Bank of Scotland PLC/T 0.95 11/16/2030 USD 65.63
HSBC France SA 1.03 EUR 70.00
CGG SA 6.50 6/1/2021 USD 55.35
Promsvyazbank PJSC 12.25 2/1/2018 RUB 50.00
German Pellets GmbH 7.25 11/27/2019 EUR 1.79
Cirio Finanziaria SpA 8.00 12/21/2005 EUR 0.54
German Pellets GmbH 7.25 7/9/2018 EUR 1.90
EFG International AG 1.14 EUR 64.53
Norske Skog Holding AS 8.00 2/24/2023 USD 2.31
ESFIL-Espirito Santo Financi 5.25 6/12/2015 EUR 0.07
Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75
Deutsche Bank AG/London 0.21 6/30/2034 USD 61.50
Smart Solutions GmbH 8.00 12/3/2018 EUR 9.50
Touax SA 6.00 7/10/2020 EUR 17.89
Cirio Finance Luxembourg SA 7.50 11/3/2002 EUR 4.81
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75
Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.50
Eniro AB 6.00 4/14/2020 SEK 4.30
PNE Wind AG 3.75 10/10/2019 EUR 3.50
Barclays Bank PLC 0.61 11/29/2030 USD 63.35
Deutsche Bank AG/London 0.81 9/30/2029 USD 70.00
Praktiker AG 5.88 2/10/2016 EUR 0.08
Breeze Finance SA 6.71 4/19/2027 EUR 29.05
Portigon AG 7.46 12/31/2019 EUR 31.00
Barclays Bank PLC 1.42 2/25/2031 USD 62.50
Manchester Building Society 8.00 GBP 25.00
Agrokor dd 8.88 2/1/2020 USD 29.13
Del Monte Finance Luxembourg 6.63 5/24/2006 EUR 5.38
Espirito Santo Financial Gro 9.75 12/19/2025 EUR 0.51
Banca Carige SpA 2.77 6/19/2018 EUR 68.64
Gebr Sanders GmbH & Co KG 8.75 10/22/2018 EUR 33.38
Barclays Bank PLC 0.46 3/21/2033 USD 58.65
Lehman Brothers UK Capital F 3.88 EUR 1.91
New Look Secured Issuer PLC 4.50 7/1/2022 EUR 45.00
Uppfinnaren 1 AB 10.00 SEK 61.33
CBo Territoria 6.00 1/1/2020 EUR 4.08
Portugal Telecom Internation 5.24 11/6/2017 EUR 41.25
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lloyds Bank PLC 1.30 7/26/2033 USD 65.63
Lloyds Bank PLC 1.04 4/25/2034 USD 62.50
Etablissements Maurel et Pro 1.63 7/1/2019 EUR 16.24
Havila Shipping ASA 5.39 11/7/2020 NOK 67.63
Vneshprombank Ltd Via VPB Fu 9.00 11/14/2016 USD 0.32
IT Holding Finance SA 9.88 11/15/2012 EUR 0.76
Cooperatieve Rabobank UA 0.50 2/26/2029 HUF 64.74
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Bank Nadra Via NDR Finance P 8.25 7/31/2018 USD 0.80
Hamburgische Landesbank-Giro 0.05 1/22/2041 EUR 63.15
Home Money LLC 18.00 4/19/2022 RUB 68.77
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18
Sairgroup Finance BV 4.38 6/8/2006 EUR 9.25
Golden Gate AG 6.50 10/11/2014 EUR 50.60
Frey 6.00 11/15/2022 EUR 21.50
Havila Shipping ASA 4.61 11/7/2020 NOK 54.00
Alpha Bank AE 2.50 6/20/2022 EUR 89.53
Promsvyazbank OJSC Via PSB F 10.20 11/6/2019 USD 2.37
Afren PLC 6.63 12/9/2020 USD 0.04
Deutsche Bank AG/London 3.00 2/23/2035 EUR 72.50
Lehman Brothers Treasury Co 6.00 11/2/2035 EUR 7.50
Petrol AD 5.50 1/26/2022 EUR 30.00
Atari SA 5.50 10/30/2022 EUR 0.56
Steilmann SE 6.75 6/27/2017 EUR 3.50
Waste Italia SpA 10.50 11/15/2019 EUR 2.00
Etablissements Maurel et Pro 2.75 7/1/2021 EUR 10.50
Windreich GmbH 6.50 7/15/2016 EUR 13.38
Deutsche Bank AG/London 0.50 8/28/2034 USD 61.50
Stichting Afwikkeling Onderh 2.42 EUR 0.58
UniCredit Bank Austria AG 0.17 12/31/2031 EUR 71.38
Rena GmbH 8.25 7/11/2018 EUR 2.00
Kommunalbanken AS 0.50 5/27/2022 ZAR 70.57
International Industrial Ban 9.00 7/6/2011 EUR 0.30
Barclays Bank PLC 0.30 3/28/2033 USD 59.70
Stroika Finance Ltd Via Emer 9.90 6/25/2019 RUB 10.00
Lehman Brothers Treasury Co 7.25 10/5/2035 EUR 7.50
Barclays Bank PLC 1.10 6/17/2033 USD 58.60
Vseukrainsky Aktsinerny Bank 10.90 6/14/2019 USD 0.89
PA Resources AB 13.50 3/3/2016 SEK 0.12
Rem Offshore ASA 5.00 12/8/2024 NOK 42.94
Enterprise Holdings LTD 7.00 3/30/2020 EUR 4.31
Northland Resources AB 4.00 10/15/2020 USD 0.15
MS Deutschland Beteiligungsg 6.88 12/18/2017 EUR 4.11
Koninklijke Luchtvaart Maats 0.75 CHF 38.00
Norske Skog Holding AS 8.00 2/24/2023 USD 2.31
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52
Air Berlin Finance BV 6.00 3/6/2019 EUR 1.14
Ideal Standard International 11.75 5/1/2018 EUR 4.89
Pescanova SA 6.75 3/5/2015 EUR 2.09
Barclays Bank PLC 0.34 9/29/2034 USD 65.72
Sequa Petroleum NV 5.00 4/29/2020 USD 68.75
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39
Finmek International SA 7.00 12/3/2004 EUR 6.13
DEMIRE Deutsche Mittelstand 6.00 12/30/2018 EUR 4.00
Barclays Bank PLC 1.46 5/30/2034 USD 65.50
Banco Espirito Santo SA 6.88 7/15/2016 EUR 28.38
Windreich GmbH 6.50 3/1/2015 EUR 13.50
Offshore Drilling Holding SA 8.38 9/20/2020 USD 44.11
Norske Skog Holding AS 8.00 2/24/2021 EUR 2.21
Lloyds Bank PLC 0.09 4/26/2033 USD 57.50
Banco Pinto & Sotto Mayor 1.13 EUR 39.50
Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.61
Depfa Funding III LP 0.87 EUR 56.69
Pacific Drilling SA 5.38 6/1/2020 USD 38.00
Orient Express Bank PJSC 13.60 8/9/2018 RUB 65.00
International Industrial Ban 11.00 2/19/2013 USD 0.17
Governo Portugues Consolidad 3.00 EUR 70.00
OGX Austria GmbH 8.38 4/1/2022 USD 0.83
Societe Generale SA 2.04 3/31/2034 USD 69.40
KPNQwest NV 8.13 6/1/2009 USD 0.07
Promsvyazbank OJSC Via PSB F 12.50 USD 10.50
Lehman Brothers Treasury Co 6.00 2/15/2035 EUR 7.50
Air Berlin Finance BV 8.50 3/6/2019 EUR 1.23
Lloyds Bank PLC 1.24 7/5/2033 USD 62.13
World Wide Supply AS 7.75 5/26/2017 USD 15.38
Rudolf Woehrl AG 6.50 2/12/2018 EUR 6.61
Atari SA 7.50 2/17/2020 EUR 0.51
Stichting Afwikkeling Onderh 6.63 5/14/2018 EUR 3.86
OGX Austria GmbH 8.50 6/1/2018 USD 0.83
Depfa Funding II LP 6.50 EUR 59.17
APP International Finance Co 11.75 10/1/2005 USD 0.28
Steilmann SE 7.00 3/9/2017 EUR 1.56
Depfa Funding IV LP 1.54 EUR 57.25
Cooperatieve Rabobank UA 0.50 7/30/2043 MXN 9.55
Societe Generale SA 1.15 6/26/2034 USD 72.32
KTG Agrar SE 7.25 10/15/2019 EUR 3.43
Northland Resources AB 15.00 7/15/2019 USD 2.62
SiC Processing GmbH 7.13 3/1/2016 EUR 2.91
IVG Immobilien AG 5.47 EUR 2.35
Ahtium PLC 9.75 4/4/2017 EUR 3.25
PSN Pm OOO 13.00 9/10/2026 RUB 43.01
Santander Finance Capital SA 2.00 EUR 70.63
Azubu Investments SA 5.00 8/25/2018 EUR 60.00
JZ Capital Partners Ltd 6.00 7/30/2021 GBP 10.50
CGG SA 6.88 1/15/2022 USD 53.50
Tatfondbank OAO Via TFB Fina 8.50 11/12/2019 USD 2.18
Teksid Aluminum Luxembourg S 11.38 7/15/2011 EUR 0.11
Lloyds Bank PLC 3.33 1/29/2034 USD 74.99
Sidetur Finance BV 10.00 4/20/2016 USD 3.65
CGG SA 5.88 5/15/2020 EUR 53.75
BOA Offshore AS 0.40 7/17/2047 NOK 10.88
Agroton Public Ltd 6.00 7/14/2019 USD 16.63
Svensk Exportkredit AB 0.50 3/15/2022 ZAR 70.56
Activa Resources AG 0.50 11/15/2021 EUR 23.00
Lehman Brothers Treasury Co 5.00 9/22/2014 EUR 7.50
Barclays Bank PLC 1.81 3/27/2029 USD 58.00
AKB Peresvet ZAO 0.51 2/14/2032 RUB 24.13
3W Power SA 5.50 11/11/2020 EUR 1.50
Veneto Banca SpA 6.95 2/25/2025 EUR 0.13
UniCredit Bank Austria AG 0.15 12/27/2031 EUR 74.77
Otkritie Holding JSC 12.62 4/25/2028 RUB 16.10
Afren PLC 10.25 4/8/2019 USD 0.01
Santander Issuances SAU 4.35 12/1/2026 EUR 75.16
Virgolino de Oliveira Financ 10.50 1/28/2018 USD 6.38
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.17
Frigoglass Finance BV 8.25 5/15/2018 EUR 47.75
Mifa Mitteldeutsche Fahrradw 7.50 8/12/2018 EUR 1.68
Laurel GmbH 7.13 11/16/2017 EUR 7.75
SAG Solarstrom AG 6.25 12/14/2015 EUR 33.63
Abanka DD Via Afinance BV 1.57 EUR 1.90
Lehman Brothers Treasury Co 5.00 2/16/2015 EUR 7.50
KPNQwest NV 10.00 3/15/2012 EUR 0.08
Enterprise Holdings LTD 7.00 9/26/2017 EUR 4.33
SeaBird Exploration Finance 6.00 6/30/2020 USD 20.13
Kaupthing ehf 5.75 10/4/2011 USD 0.25
Veneto Banca SpA 6.41 EUR 1.20
Cooperatieve Rabobank UA 0.50 10/30/2043 MXN 9.40
CRC Breeze Finance SA 6.11 5/8/2026 EUR 53.13
Virgolino de Oliveira Financ 10.88 1/13/2020 USD 25.50
Credit Suisse AG/London 10.50 2/15/2018 USD 71.31
getgoods.de AG 7.75 10/2/2017 EUR 0.26
Agrokor dd 9.13 2/1/2020 EUR 28.49
Intelsat Luxembourg SA 12.50 11/15/2024 USD 44.50
Finans-Avia OOO 9.00 7/31/2022 RUB 69.51
Moscow United Electric Grid 8.55 5/6/2027 RUB 74.20
Caixa Geral de Depositos SA 1.31 11/5/2018 EUR 54.85
La Veggia Finance SPA 7.13 11/14/2004 EUR 0.56
Artea 6.00 8/4/2019 EUR 14.19
Decipher Production Ltd 12.50 9/27/2018 USD 1.87
Wild Bunch AG 8.00 3/23/2019 EUR 45.00
Mox Telecom AG 7.25 11/2/2017 EUR 3.00
Afren PLC 11.50 2/1/2016 USD 0.05
Banco Comercial Portugues SA 5.00 EUR 70.00
Hellas Telecommunications Lu 8.50 10/15/2013 EUR 1.04
Kardan NV 6.33 2/25/2018 ILS 62.14
Minicentrales Dos SA 6.45 4/14/2028 EUR 65.75
Bank Otkritie Financial Corp 10.00 4/26/2019 USD 20.13
Hamburgische Landesbank-Giro 0.05 10/30/2040 EUR 67.85
Montepio Holding SGPS SA 5.00 EUR 50.00
Svensk Exportkredit AB 0.50 4/24/2029 AUD 65.04
Landesbank Hessen-Thueringen 0.06 4/23/2041 EUR 68.29
Banca Carige SpA 5.70 9/17/2020 EUR 60.11
Lehman Brothers Treasury Co 2.88 3/14/2013 CHF 7.50
DOF ASA 7.85 9/12/2019 NOK 40.00
Deutsche Agrar Holding GmbH 7.25 9/28/2018 EUR 2.20
Landesbank Hessen-Thueringen 0.05 5/3/2041 EUR 66.58
Northland Resources AB 4.00 10/15/2020 NOK 0.15
A-TEC Industries AG 8.75 10/27/2014 EUR 0.10
Banco Espirito Santo SA 6.90 6/28/2024 EUR 26.63
Svensk Exportkredit AB 0.50 1/31/2022 ZAR 71.64
Popular Capital SA 4.00 EUR 2.76
Royal Bank of Scotland PLC/T 0.50 12/13/2028 USD 62.97
BLT Finance BV 12.00 2/10/2015 USD 10.50
Alpha Bank AE 2.50 6/20/2022 EUR 89.55
Otkritie Holding JSC 11.56 7/27/2028 RUB 16.06
A-TEC Industries AG 2.75 5/10/2014 EUR 0.10
HPI AG 3.50 EUR 2.27
Agrokor dd 9.88 5/1/2019 EUR 29.86
ADLER Real Estate AG 6.00 12/27/2018 EUR 14.00
Governo Portugues Consolidad 2.75 EUR 68.00
Barclays Bank PLC 2.74 3/27/2029 USD 67.25
SAG Solarstrom AG 7.50 7/10/2017 EUR 33.63
Alpine Holding GmbH 5.25 7/1/2015 EUR 0.13
Lehman Brothers Treasury Co 11.25 12/31/2008 USD 1.90
International Finance Facili 0.50 6/24/2024 ZAR 56.41
Salvator Grundbesitz-AG 9.50 12/31/2021 EUR 4.00
Alpine Holding GmbH 6.00 5/22/2017 EUR 0.13
HSH Nordbank AG 3.21 5/6/2030 EUR 74.44
OAS Investments GmbH 8.25 10/19/2019 USD 7.00
A-TEC Industries AG 5.75 11/2/2010 EUR 0.10
Mriya Agro Holding PLC 9.45 4/19/2018 USD 6.13
Moscow United Electric Grid 10.30 4/16/2026 RUB 66.02
Norske Skogindustrier ASA 7.13 10/15/2033 USD 2.52
Penell GmbH Elektrogrosshand 7.75 6/10/2019 EUR 5.00
Siberian Gostinecs PAO 17.00 6/26/2019 RUB 45.01
Plaza Centers NV 6.90 7/1/2020 ILS 74.06
Barclays Bank PLC 0.50 4/24/2023 MXN 61.80
Lehman Brothers Treasury Co 7.00 11/26/2013 EUR 7.50
Barclays Bank PLC 1.21 11/1/2031 USD 62.80
Gazprom PJSC 3.50 10/21/2043 RUB 65.01
Tonon Luxembourg SA 10.50 5/14/2024 USD 40.75
Lehman Brothers Treasury Co 7.00 5/17/2035 EUR 7.50
German Pellets GmbH 7.25 4/1/2016 EUR 1.85
Solon SE 1.38 12/6/2012 EUR 0.25
BNP Paribas SA 0.50 9/29/2029 AUD 63.86
Petromena ASA 10.85 11/19/2018 USD 0.61
Societe Generale SA 1.60 1/9/2020 GBP 1.13
Municipality Finance PLC 0.50 7/30/2029 AUD 70.83
Sairgroup Finance BV 6.63 10/6/2010 EUR 11.00
Banco Pastor SAU 2.08 EUR 1.55
OGX Austria GmbH 8.38 4/1/2022 USD 0.83
Finance and Credit Bank JSC 9.25 1/25/2019 USD 0.67
SAir Group 5.50 7/23/2003 CHF 11.81
Svensk Exportkredit AB 0.50 2/22/2022 ZAR 70.90
PromSvyazCapital AO 10.50 4/10/2026 RUB 97.75
UniCredit Bank Austria AG 0.02 1/25/2031 EUR 73.71
Veneto Banca SpA 6.94 5/15/2025 EUR 0.31
Lehman Brothers Treasury Co 5.00 2/27/2014 EUR 7.50
Atari SA 0.10 4/1/2020 EUR 5.88
Elli Investments Ltd 12.25 6/15/2020 GBP 65.00
Banco Espirito Santo SA 10.00 12/6/2021 EUR 0.39
Bank Nederlandse Gemeenten N 0.50 8/15/2022 ZAR 68.37
Rio Forte Investments SA 4.00 7/22/2014 EUR 6.63
Municipality Finance PLC 0.50 6/19/2024 ZAR 58.19
Kristensen Germany AG 0.50 6/30/2018 DKK #N/A N/A
Minicentrales Dos SA 4.81 11/29/2034 EUR 65.75
New World Resources NV 4.00 10/7/2020 EUR 0.46
Espirito Santo Financial Gro 5.05 11/15/2025 EUR 0.57
AKB Peresvet ZAO 13.50 10/16/2020 RUB 21.06
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 70.53
Barclays Bank PLC 1.33 3/21/2031 USD 62.02
Espirito Santo Financial Por 5.13 5/30/2016 EUR 4.76
Hypo Vorarlberg Bank AG 5.87 EUR 44.66
Lehman Brothers Treasury Co 6.00 3/14/2011 EUR 7.50
Cooperatieve Rabobank UA 0.50 1/31/2033 MXN 23.14
Oi Brasil Holdings Cooperati 5.63 6/22/2021 EUR 43.69
Svensk Exportkredit AB 0.50 6/20/2029 AUD 70.16
Plaza Centers NV 6.00 7/1/2020 ILS 72.06
Ahtium PLC 4.00 12/16/2015 EUR 1.52
Bank Julius Baer & Co Ltd/Gu 9.10 5/23/2018 USD 59.60
Lehman Brothers Treasury Co 8.25 3/16/2035 EUR 7.50
Agentstvo po Ipotechnomu Zhy 7.60 11/13/2050 RUB 70.53
Phones4u Finance PLC 9.50 4/1/2018 GBP 74.50
BNP Paribas SA 0.50 7/20/2021 BRL 72.62
Alpine Holding GmbH 5.25 6/10/2016 EUR 0.13
BTV Hybrid I GmbH 6.50 EUR 37.92
Orient Express Bank PJSC 18.00 5/28/2020 RUB 75.00
Agentstvo po Ipotechnomu Zhy 7.60 11/13/2050 RUB 70.53
SPORTTOTAL AG 6.00 3/17/2019 EUR 3.85
Lehman Brothers Treasury Co 5.10 5/8/2017 HKD 7.50
Virgolino de Oliveira Financ 11.75 2/9/2022 USD 6.75
Deutsche Bank AG/London 1.51 11/26/2034 USD 66.33
Barclays Bank PLC 1.40 12/23/2033 USD 68.00
Krakowski Bank Spoldzielczy 5.11 9/20/2023 PLN 65.20
Lehman Brothers Treasury Co 4.00 2/16/2017 EUR 7.50
Norske Skogindustrier ASA 2.00 12/30/2115 EUR 1.10
Delamare Finance PLC 1.72 2/19/2029 GBP 72.46
Marine Subsea AS 9.00 12/16/2019 USD 0.50
Region of Abruzzo Italy 0.10 11/7/2036 EUR 63.01
SpareBank 1 SR-Bank ASA 1.45 12/21/2030 EUR 74.29
Svensk Exportkredit AB 0.50 6/29/2029 AUD 64.73
UkrLandFarming PLC 10.88 3/26/2018 USD 20.75
Podkarpacki Bank Spoldzielcz 5.81 3/31/2025 PLN 55.02
State of Rhineland-Palatinat 0.60 10/24/2046 EUR 74.62
MegaFon PJSC 9.90 5/29/2026 RUB 66.01
Royal Bank of Scotland PLC/T 0.51 2/25/2031 USD 65.05
Barclays Bank PLC 1.33 8/31/2031 USD 64.80
New World Resources NV 8.00 4/7/2020 EUR 3.56
Svensk Exportkredit AB 0.50 8/28/2020 TRY 71.89
Credit Suisse AG/London 8.25 9/27/2018 USD 67.73
Lloyds Bank PLC 1.04 10/25/2033 USD 70.00
Barclays Bank PLC 2.33 10/30/2034 USD 74.75
Minaya Capital AG 7.00 8/1/2018 EUR 60.00
Cooperatieve Rabobank UA 0.50 10/29/2027 MXN 42.34
Vnesheconombank 8.24 12/15/2022 RUB 62.00
Kaupthing ehf 9.00 USD 0.12
Banca Adriatica Spa 7.75 6/30/2018 EUR 1.24
Banca Popolare di Vicenza 9.50 10/2/2025 EUR 0.96
Svensk Exportkredit AB 0.50 8/29/2029 AUD 65.56
Heta Asset Resolution AG 5.92 12/31/2023 EUR 34.63
Barclays Bank PLC 1.35 9/30/2031 USD 65.50
Bibby Offshore Services PLC 7.50 6/15/2021 GBP 15.50
Otkritie Holding JSC 11.25 12/10/2026 RUB 17.21
SAir Group 4.25 2/2/2007 CHF 11.75
Beluga Group PJSC 12.90 4/29/2020 RUB 106.60
Lehman Brothers Treasury Co 4.60 10/11/2017 ILS 7.50
Kardan NV 6.78 2/2/2020 ILS 67.45
Rena GmbH 7.00 12/15/2015 EUR 2.00
Societe Generale SA 0.37 2/28/2033 USD 63.11
Norske Skogindustrier ASA 7.00 12/30/2026 EUR 1.64
Credito Padano Banca di Cred 3.10 EUR 34.68
HSH Nordbank AG 2.30 2/1/2036 EUR 71.69
Grupo Isolux Corsan SA 3.00 12/30/2021 USD 2.90
Grupo Isolux Corsan SA 0.25 12/30/2018 EUR 0.29
AKB Peresvet ZAO 3.02 9/2/2020 RUB 21.02
United Aircraft Corp PJSC 8.00 3/17/2020 RUB 70.00
Bank Otkritie Financial Corp 8.00 11/11/2023 RUB 75.00
Johnston Press Bond Plc 8.63 6/1/2019 GBP 73.13
Tonon Luxembourg SA 9.25 1/24/2020 USD 7.75
WPE International Cooperatie 10.38 9/30/2020 USD 18.25
Bank Nederlandse Gemeenten N 0.50 6/7/2022 ZAR 69.56
SAir Group 6.25 4/12/2005 CHF 11.75
Centrosolar Group AG 7.00 2/15/2016 EUR 1.30
Promsvyazbank OJSC Via PSB F 10.50 3/17/2021 USD 10.50
Rosneft Oil Co PJSC 8.35 11/24/2027 RUB 70.53
Salvator Grundbesitz-AG 9.50 EUR 18.20
Barclays Bank PLC 3.28 1/31/2029 USD 60.75
EFG International Finance Gu 7.00 11/27/2019 EUR 15.40
Bilt Paper BV 9.64 USD 21.38
Bank Nederlandse Gemeenten N 0.50 9/20/2022 ZAR 67.70
Anglian Water Services Finan 0.93 1/26/2057 GBP 73.59
BNP Paribas SA 11.60 6/6/2018 USD 70.25
Barclays Bank PLC 1.04 4/25/2034 USD 66.25
Rosneft Oil Co PJSC 7.85 12/3/2020 RUB 62.02
SAir Group 6.25 10/27/2002 CHF 11.81
UniCredit Bank AO 12.00 11/20/2019 RUB 60.16
Heta Asset Resolution AG 0.43 12/31/2023 EUR 34.63
Raiffeisen Schweiz Genossens 8.99 7/22/2019 EUR 29.11
Russian Post FGUP 9.35 10/18/2019 RUB 72.00
Municipiul Timisoara 1.73 5/15/2026 RON 70.00
PSN Pm OOO 12.00 8/31/2027 RUB 70.00
AKB Peresvet ZAO 0.51 8/4/2034 RUB 22.04
Oberbank Hybrid 1 GmbH 0.87 EUR 50.40
AKB Peresvet ZAO 12.75 7/24/2018 RUB 25.00
Moscow United Electric Grid 10.00 5/26/2026 RUB 62.00
Bashneft PJSC 10.50 5/12/2026 RUB 60.00
SG Issuer SA 0.78 6/15/2020 SEK 57.41
Gold-Zack AG 7.00 12/14/2005 EUR 12.06
Finans-Avia OOO 0.01 7/31/2027 RUB 19.00
Rosneft Oil Co PJSC 9.15 12/3/2020 RUB 62.02
Bank Intesa AO 9.75 10/10/2019 RUB 71.01
Banca delle Marche SpA 6.00 5/8/2018 EUR 1.93
Atomenergoprom JSC 11.10 12/12/2025 RUB 70.01
Lehman Brothers Treasury Co 8.25 12/3/2015 EUR 7.50
International Finance Facili 0.50 6/29/2027 ZAR 41.82
Podkarpacki Bank Spoldzielcz 5.11 5/28/2023 PLN 51.00
Lehman Brothers Treasury Co 1.46 2/19/2012 JPY 7.50
Kamaz PJSC 11.24 7/18/2030 RUB 70.00
EFG International Finance Gu 2.10 3/23/2018 EUR 8.22
Lehman Brothers Treasury Co 10.00 1/3/2012 BRL 1.90
Kommunekredit 0.50 7/30/2027 TRY 35.41
UniCredit Bank Austria AG 0.06 1/24/2031 EUR 73.83
Cerruti Finance SA 6.50 7/26/2004 EUR 1.45
Podkarpacki Bank Spoldzielcz 5.81 7/2/2020 PLN 72.50
Pongs & Zahn AG 8.50 EUR 0.00
Lehman Brothers Treasury Co 5.00 5/2/2022 EUR 1.90
Lehman Brothers Treasury Co 5.00 3/18/2015 EUR 7.50
Ideal Standard International 11.75 5/1/2018 EUR 4.89
Driver & Bengsch AG 8.50 12/31/2027 EUR 0.00
Muehl Product & Service AG 6.75 3/10/2005 DEM 0.08
Societe Generale SA 1.73 1/31/2029 USD 73.54
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
Rosselkhozbank JSC 9.35 7/11/2025 RUB 65.01
Lehman Brothers Treasury Co 5.00 8/16/2017 EUR 7.50
Podkarpacki Bank Spoldzielcz 5.81 2/23/2025 PLN 50.00
LBI HF 7.43 USD 0.00
BKS Hybrid alpha GmbH 7.35 EUR 60.15
SAir Group 0.13 7/7/2005 CHF 12.00
Bank Nederlandse Gemeenten N 0.50 9/20/2022 MXN 68.31
Lehman Brothers Treasury Co 1.68 3/5/2015 EUR 1.90
Svensk Exportkredit AB 0.50 3/28/2029 AUD 70.62
Royal Bank of Scotland PLC/T 0.51 8/26/2031 USD 61.10
Lehman Brothers Treasury Co 4.00 7/27/2011 EUR 1.90
Rosneft Oil Co PJSC 7.95 5/30/2023 RUB 100.51
Astana Finance BV 7.88 6/8/2010 EUR 16.88
Municipality Finance PLC 0.50 5/8/2029 AUD 65.06
Region of Molise Italy 0.13 12/15/2033 EUR 67.40
SAir Group 2.13 11/4/2004 CHF 11.75
Mriya Agro Holding PLC 10.95 3/30/2016 USD 6.13
HSBC Bank PLC 0.50 12/29/2026 AUD 71.96
Lehman Brothers Treasury Co 6.25 9/5/2011 EUR 1.90
COFIDUR SA 0.10 12/31/2024 EUR 24.76
Phosphorus Holdco PLC 10.00 4/1/2019 GBP 1.18
Bank Nederlandse Gemeenten N 0.50 8/9/2022 MXN 68.98
Virgolino de Oliveira Financ 10.88 1/13/2020 USD 25.50
Santander Finance Capital SA 2.00 USD 71.27
Otkritie Holding JSC 11.50 8/5/2025 RUB 14.95
EFG International Finance Gu 7.20 7/29/2020 EUR 27.64
Espirito Santo Financial Por 5.63 7/28/2017 EUR 4.23
Grupo Isolux Corsan SA 0.25 12/30/2021 USD 0.30
Miratorg-Finans OOO 11.00 8/24/2021 RUB 66.01
SG Issuer SA 6.00 6/30/2022 USD 72.35
Lehman Brothers Treasury Co 6.65 8/24/2011 AUD 7.50
Lehman Brothers Treasury Co 6.00 3/18/2015 USD 7.50
Rosneft Oil Co PJSC 9.15 12/3/2020 RUB 62.02
Metalloinvest Holding Co OAO 11.90 2/12/2026 RUB 70.06
Lehman Brothers Treasury Co 7.50 5/2/2017 EUR 1.90
Lehman Brothers Treasury Co 0.50 8/1/2020 EUR 1.90
Northland Resources AB 15.00 7/15/2019 USD 2.62
ECM Real Estate Investments 5.00 10/9/2011 EUR 15.38
BLT Finance BV 7.50 5/15/2014 USD 2.04
Lehman Brothers Treasury Co 7.00 6/6/2017 EUR 1.90
Lehman Brothers Treasury Co 5.25 4/1/2023 EUR 1.90
ENEL RUSSIA PJSC 12.10 9/28/2018 RUB 80.35
ML 33 Invest AS 7.50 NOK 68.74
Barclays Bank PLC 0.50 1/28/2033 MXN 26.26
Barclays Bank PLC 2.49 2/28/2034 USD 69.30
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
City of Predeal Romania 2.50 5/15/2026 RON 60.00
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Windreich GmbH 6.25 3/1/2015 EUR 14.63
Heta Asset Resolution AG 0.22 12/31/2023 EUR 34.63
EFG International Finance Gu 7.19 5/6/2019 EUR 12.26
Credit Suisse AG/London 7.00 11/8/2018 USD 65.78
Avangard Bank PJSC 9.75 2/20/2026 RUB 72.01
Privatbank CJSC Via UK SPV C 10.88 2/28/2018 USD 38.13
Hamon & CIE SA 5.50 1/30/2020 EUR 64.50
Risland OOO 9.25 1/10/2019 RUB 1.11
Lehman Brothers Treasury Co 0.50 7/2/2020 EUR 1.90
Fonciere Volta SA 4.50 7/30/2020 EUR 2.50
Rosneft Oil Co PJSC 9.50 12/17/2026 RUB 68.17
City of St Petersburg Russia 7.65 12/4/2026 RUB 99.10
Cooperatieve Rabobank UA 0.50 12/29/2027 MXN 39.85
SAir Group 5.13 3/1/2003 CHF 13.00
Province of Brescia Italy 0.03 6/30/2036 EUR 65.52
Rosselkhozbank JSC 17.00 12/13/2024 RUB 61.32
Societe Generale SA 0.50 5/30/2023 MXN 63.48
City of Moscow Russia 7.50 5/18/2021 RUB 65.00
Petromena ASA 9.75 5/24/2016 NOK 0.61
Lehman Brothers Treasury Co 15.00 3/30/2011 EUR 1.90
UmweltBank AG 2.85 EUR 54.18
Aralco Finance SA 10.13 5/7/2020 USD 5.15
IDGC of Centre PJSC 9.32 8/14/2026 RUB 70.01
Municipality Finance PLC 0.50 4/26/2022 ZAR 69.80
Kommunalbanken AS 4.80 12/1/2022 TRY 70.28
Solarwatt GmbH 7.00 11/1/2015 EUR 15.50
Banca delle Marche SpA 6.00 6/12/2018 EUR 1.93
Lehman Brothers Treasury Co 4.00 7/20/2012 EUR 1.90
Bashneft PJSC 10.70 5/13/2024 RUB 70.01
Windreich GmbH 6.75 3/1/2015 EUR 14.63
IDGC of Centre PJSC 11.58 11/11/2025 RUB 70.27
Landesbank Baden-Wuerttember 12.40 11/23/2018 EUR 70.40
AKB Peresvet ZAO 13.00 10/7/2017 RUB 24.13
Praim Finans OOO 9.34 7/13/2021 RUB 1.12
Otkritie Holding JSC 11.50 5/26/2032 RUB 49.77
Kaupthing ehf 5.25 7/18/2017 BGN 0.25
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Credit Suisse AG/London 8.00 11/29/2019 USD 7.64
United Confectioners Finance 10.50 4/3/2023 RUB 100.23
SAir Group 2.75 7/30/2004 CHF 11.88
Gazprom PJSC 3.50 10/21/2043 RUB 65.01
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 62.00
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 100.40
VEB-Leasing OAO 8.71 9/1/2025 RUB 65.01
Bashneft PJSC 10.90 4/29/2026 RUB 108.70
Vimpel-Communications PJSC 1.00 10/3/2025 RUB 62.00
Lloyds Bank PLC 0.50 7/26/2028 MXN 34.90
Astana Finance BV 9.00 11/16/2011 USD 16.88
Lehman Brothers Treasury Co 4.25 3/13/2021 EUR 1.63
Lehman Brothers Treasury Co 4.87 10/8/2013 USD 1.90
Union Technologies Informati 0.10 1/1/2020 EUR 6.00
DekaBank Deutsche Girozentra 0.01 6/29/2046 EUR 54.61
SAir Group 2.75 7/30/2004 CHF 11.75
LBI HF 7.43 USD 0.00
Sankt-Peterburg Telecom OAO 10.70 1/31/2022 RUB 63.17
Transneft PJSC 8.75 4/14/2027 RUB 60.66
Raiffeisen Centrobank AG 9.32 12/25/2018 EUR 26.89
Lehman Brothers Treasury Co 5.00 8/1/2025 EUR 1.90
Rosselkhozbank JSC 9.35 7/14/2025 RUB 65.01
Bashneft PJSC 10.90 4/29/2026 RUB 110.00
Lehman Brothers Treasury Co 5.00 2/28/2032 EUR 1.90
Municipality Finance PLC 0.25 6/28/2040 CAD 32.49
Lehman Brothers Treasury Co 11.75 3/1/2010 EUR 1.90
UniCredit Bank Austria AG 0.12 1/22/2031 EUR 74.78
Lehman Brothers Treasury Co 4.60 11/9/2011 EUR 7.50
Vontobel Financial Products 2.00 6/22/2018 EUR 65.17
Credit Suisse AG/London 9.00 1/23/2020 USD 9.28
Agrokompleks OOO 0.10 7/29/2019 RUB 2.50
Bashneft PJSC 9.50 12/10/2026 RUB 63.93
Royal Bank of Scotland PLC/T 1.68 8/18/2031 USD 69.28
Lehman Brothers Treasury Co 3.00 6/23/2009 EUR 7.50
Lehman Brothers Treasury Co 6.00 10/24/2008 EUR 1.90
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 99.00
Polyplast OAO/Moscow 15.90 6/6/2018 RUB 90.01
HSBC Bank PLC 0.50 6/23/2027 MXN 42.27
Credit Europe Bank Ltd 10.00 10/22/2018 RUB 66.01
Bulgaria Steel Finance BV 12.00 5/4/2013 EUR 0.17
Kreditanstalt fuer Wiederauf 0.25 10/6/2036 CAD 42.47
HSBC Bank PLC 0.50 7/21/2021 BRL 71.75
Lehman Brothers Treasury Co 1.28 11/6/2010 JPY 7.50
Oberoesterreichische Landesb 0.32 11/6/2030 EUR 74.93
Oberoesterreichische Landesb 0.30 4/25/2042 EUR 71.31
AKB Peresvet ZAO 0.51 6/23/2021 RUB 20.06
Raiffeisen Switzerland BV 9.00 4/1/2019 EUR 18.26
Podkarpacki Bank Spoldzielcz 5.01 10/6/2021 PLN 62.11
Podkarpacki Bank Spoldzielcz 5.81 10/24/2024 PLN 45.00
Rusfinans Bank OOO 11.00 10/2/2019 RUB 72.01
Investpro OOO 13.00 12/31/2018 RUB 3.05
Lehman Brothers Treasury Co 7.59 11/22/2009 MXN 7.50
Lehman Brothers Treasury Co 5.55 3/12/2015 EUR 1.90
Lehman Brothers Treasury Co 6.00 10/30/2012 USD 1.90
Lehman Brothers Treasury Co 8.00 10/17/2014 EUR 1.90
Lehman Brothers Treasury Co 8.00 2/16/2016 EUR 1.90
City of Siret Romania 3.21 3/1/2028 RON 50.00
Commerzbank AG 10.00 3/2/2020 EUR 62.56
Bank Julius Baer & Co Ltd/Gu 6.50 6/14/2018 USD 63.15
EFG International Finance Gu 7.20 2/25/2019 EUR 11.00
Xsystem SA 10.00 3/31/2019 PLN 20.00
Landes-Hypothekenbank Steier 0.02 3/7/2043 EUR 70.44
Kaupthing ehf 9.75 9/10/2015 USD 0.25
Barclays Bank PLC 0.50 3/19/2021 MXN 74.38
Rosneft Oil Co PJSC 11.90 11/28/2024 RUB 100.40
Cooperatieve Rabobank UA 0.50 11/30/2027 MXN 40.08
Lehman Brothers Treasury Co 2.50 12/15/2011 GBP 1.90
Metalloinvest Holding Co OAO 0.01 3/7/2022 RUB 65.00
Eiendomskreditt AS 4.13 NOK 56.60
Otkritie Holding JSC 10.00 4/20/2028 RUB 15.02
Svensk Exportkredit AB 0.50 6/28/2022 ZAR 68.66
UBS AG/London 10.00 12/10/2019 USD 9.77
Commerzbank AG 5.00 2/9/2018 EUR 62.89
Polski Bank Spoldzielczy w C 4.81 6/18/2020 PLN 50.00
Bashneft PJSC 9.40 1/22/2024 RUB 66.57
ENEL RUSSIA PJSC 12.10 5/22/2025 RUB 67.00
Lehman Brothers Treasury Co 7.50 10/24/2008 USD 1.90
Lehman Brothers Treasury Co 10.00 6/11/2038 JPY 1.90
Nutritek International Corp 8.75 12/11/2008 USD 2.00
Lehman Brothers Holdings PLC 3.03 3/24/2009 JPY 2.76
Atomenergoprom JSC 9.33 12/3/2026 RUB 70.01
Lehman Brothers Treasury Co 4.50 3/7/2015 EUR 1.90
Rio Forte Investments SA 4.75 11/10/2015 EUR 6.63
Lehman Brothers Treasury Co 11.00 7/4/2011 CHF 1.90
Communaute Francaise de Belg 0.50 6/27/2046 EUR 68.90
Lehman Brothers Treasury Co 6.30 12/21/2018 USD 1.90
Bank ZENIT PJSC 7.50 6/14/2024 RUB 65.01
Vontobel Financial Products 5.00 6/25/2018 EUR 60.46
Leonteq Securities AG/Guerns 5.00 12/27/2019 EUR 64.28
Bayerische Landesbank 2.60 3/29/2018 EUR 73.19
German Pellets GmbH 8.00 EUR 0.02
Municipality Finance PLC 0.50 5/31/2022 ZAR 69.07
Investpro OOO 11.50 10/13/2020 RUB 2.00
RGS Nedvizhimost OOO 12.00 6/21/2021 RUB 1.55
Lehman Brothers Treasury Co 3.86 9/21/2011 SGD 7.50
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasury Co 7.00 4/14/2009 EUR 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Rosneft Oil Co PJSC 9.40 11/28/2024 RUB 62.00
LBI HF 6.10 8/25/2011 USD 7.88
Otkritie Holding JSC 12.70 9/30/2027 RUB 33.00
Lehman Brothers Treasury Co 5.00 4/24/2017 EUR 1.90
Lehman Brothers Treasury Co 6.00 9/20/2011 EUR 1.90
Societe Generale SA 0.50 8/4/2021 BRL 72.33
Banca Adriatica Spa 7.20 6/30/2018 EUR 1.24
HSBC Bank PLC 0.50 10/30/2026 NZD 74.25
HSBC Bank PLC 0.50 6/10/2021 BRL 72.62
Credit Europe Bank Ltd 10.00 4/6/2018 RUB 64.01
Lehman Brothers Treasury Co 0.01 9/20/2011 USD 1.90
Deutsche Bank AG/London 0.50 10/5/2021 IDR 70.36
Portugal Telecom Internation 4.38 3/24/2017 EUR 42.00
Otkritie Holding JSC 12.14 10/3/2036 RUB 19.13
Lehman Brothers Treasury Co 7.60 1/31/2013 AUD 1.90
KPNQwest NV 8.88 2/1/2008 EUR 0.06
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90
Lehman Brothers Treasury Co 5.00 11/22/2012 EUR 1.90
UniCredit Bank AG 4.60 7/2/2018 EUR 58.60
Bayerische Landesbank 2.70 7/6/2018 EUR 70.13
Bayerische Landesbank 3.20 7/27/2018 EUR 72.01
IT Holding Finance SA 9.88 11/15/2012 EUR 0.76
Lehman Brothers Treasury Co 6.45 2/20/2010 AUD 1.90
Svensk Exportkredit AB 0.50 8/25/2021 ZAR 73.77
BELLAGIO Holding GmbH 1.91 EUR 48.39
RGS Nedvizhimost OOO 12.00 10/19/2020 RUB 0.61
Bank ZENIT PJSC 7.50 11/20/2025 RUB 56.28
Credit Agricole Corporate & 0.50 3/6/2023 RUB 72.33
Credit Suisse AG/London 8.54 1/7/2020 USD 9.95
UniCredit Bank AG 5.20 5/4/2020 USD 67.24
Rosselkhozbank JSC 12.87 12/21/2021 RUB 111.15
Credit Suisse AG/London 8.50 2/2/2018 USD 52.99
UBS AG/London 5.50 5/17/2018 USD 56.30
Lehman Brothers Treasury Co 5.25 7/8/2014 EUR 1.90
Solomenskij Lesozavod ZAO 10.00 9/29/2021 RUB 62.00
Bashneft PJSC 12.00 5/19/2025 RUB 60.00
Lehman Brothers Treasury Co 5.00 10/24/2008 CHF 1.90
Lehman Brothers Treasury Co 4.60 7/6/2016 EUR 1.90
Republic of Komi Russia 9.50 11/16/2022 RUB 61.02
DekaBank Deutsche Girozentra 0.12 6/23/2034 EUR 74.14
Delta-Finance OOO 10.00 12/17/2020 RUB 0.10
Credit Europe Bank Ltd 10.00 9/14/2018 RUB 103.00
Lehman Brothers Treasury Co 5.10 6/22/2046 EUR 1.90
Lehman Brothers Treasury Co 11.00 12/19/2011 USD 1.90
Lehman Brothers Treasury Co 3.50 10/31/2011 USD 1.90
KPNQwest NV 7.13 6/1/2009 EUR 0.07
Sidetur Finance BV 10.00 4/20/2016 USD 3.65
Banca Adriatica Spa 8.00 6/30/2018 EUR 1.24
Lehman Brothers Treasury Co 3.03 1/31/2015 EUR 1.90
Kaupthing ehf 7.50 2/1/2045 USD 0.26
Lehman Brothers Treasury Co 5.00 9/1/2011 EUR 1.90
Lehman Brothers Treasury Co 6.00 10/30/2012 EUR 1.90
Cooperatieve Rabobank UA 0.50 8/21/2028 MXN 37.14
ECM Real Estate Investments 5.00 10/9/2011 EUR 15.38
Heta Asset Resolution AG 5.03 12/31/2023 EUR 34.63
DZ Bank AG Deutsche Zentral- 5.75 2/23/2018 EUR 72.30
Credit Suisse AG/London 7.00 11/15/2019 USD 8.52
Raiffeisen Centrobank AG 10.63 9/25/2018 EUR 67.65
HSBC Trinkaus & Burkhardt AG 6.50 6/22/2018 EUR 70.56
BAWAG PSK Versicherungs AG 0.92 EUR 57.07
Lehman Brothers Treasury Co 5.25 5/26/2026 EUR 1.90
Region Invest OOO 9.53 1/12/2021 RUB 0.95
Region Invest OOO 10.50 9/12/2019 RUB 1.27
Stroytemp CJSC 9.00 11/13/2019 RUB 0.10
Promnefteservis OOO 10.50 11/21/2019 RUB 2.20
Rosselkhozbank JSC 15.00 1/29/2025 RUB 66.73
Otkritie Holding JSC 11.50 7/22/2030 RUB 19.13
Otkritie Holding JSC 10.00 9/17/2027 RUB 17.95
Otkritie Holding JSC 11.50 7/23/2029 RUB 19.13
Lehman Brothers Treasury Co 12.00 7/13/2037 JPY 1.90
RGS Nedvizhimost OOO 12.50 7/22/2021 RUB 0.03
Lehman Brothers Treasury Co 2.00 11/16/2009 EUR 1.90
Lehman Brothers Treasury Co 1.75 2/7/2010 EUR 1.90
Eiendomskreditt AS 5.08 NOK 66.89
Atomenergoprom JSC 9.33 11/2/2026 RUB 70.01
Hellas Telecommunications Lu 8.50 10/15/2013 EUR 1.04
LBI HF 2.25 2/14/2011 CHF 7.13
EDOB Abwicklungs AG 7.50 4/1/2012 EUR 0.39
Investpro OOO 12.75 9/6/2018 RUB #N/A N/A
Otkritie Holding JSC 11.50 7/20/2028 RUB 14.02
Lehman Brothers Treasury Co 6.85 12/22/2008 EUR 1.90
Credit Suisse AG 0.50 12/16/2025 BRL 45.68
Heta Asset Resolution AG 0.13 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 7.55 12/29/2008 USD 1.90
HSBC Bank PLC 0.50 1/29/2027 NZD 73.33
UniCredit Bank AG 4.50 9/28/2018 EUR 19.74
Commerzbank AG 0.10 12/27/2018 RUB 1.72
UniCredit Bank AG 5.40 11/29/2019 USD 61.42
Commerzbank AG 4.50 12/29/2022 USD 7.00
Leonteq Securities AG/Guerns 10.20 10/24/2018 USD 66.12
Transneft PJSC 9.65 6/30/2023 RUB 65.10
Leonteq Securities AG 7.20 5/2/2019 CHF 63.18
Credit Suisse AG/London 5.75 2/2/2018 USD 57.85
UniCredit Bank AG 3.10 1/4/2019 EUR 22.98
Agrokompleks OOO 0.10 12/8/2022 RUB 3.21
Lehman Brothers Treasury Co 5.12 4/30/2027 EUR 1.90
Lehman Brothers Treasury Co 5.25 11/21/2009 USD 1.90
Lehman Brothers Treasury Co 5.50 4/23/2014 EUR 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Zurcher Kantonalbank Finance 7.82 8/6/2018 EUR 66.66
Hellenic Republic Government 2.09 7/25/2057 EUR 39.88
Lehman Brothers Treasury Co 14.90 9/15/2008 EUR 1.90
Lehman Brothers Treasury Co 1.50 10/25/2011 EUR 1.90
Region Invest OOO 10.48 4/20/2021 RUB 0.67
LBI HF 5.08 3/1/2013 ISK 7.13
UniCredit Bank AG 3.10 6/22/2018 EUR 17.85
UniCredit Bank AG 4.20 6/22/2018 EUR 17.01
Citigroup Global Markets Fun 7.00 6/16/2022 SEK 70.52
Commerzbank AG 4.50 12/29/2022 USD 5.24
City of Bistrita Romania 2.73 11/25/2029 RON 60.00
Leonteq Securities AG/Guerns 7.00 6/26/2019 CHF 65.55
Commerzbank AG 4.00 7/6/2018 EUR 53.07
EFG International Finance Gu 6.48 5/29/2018 EUR 3.05
Raiffeisen Schweiz Genossens 6.50 7/2/2018 USD 63.62
National Developing Co PAO 16.00 4/15/2021 RUB 0.10
Eurocent SA 8.50 9/15/2018 PLN 10.00
HSBC Trinkaus & Burkhardt AG 11.60 3/23/2018 EUR 60.28
RBC PJSC 6.00 4/19/2018 RUB 60.00
SG Issuer SA 5.50 4/10/2021 EUR 67.54
RBC PJSC 6.00 4/19/2018 RUB 75.00
UniCredit Bank AG 4.70 6/22/2018 EUR 22.83
Credit Suisse AG/London 8.25 8/29/2018 USD 68.79
Bank Julius Baer & Co Ltd/Gu 9.40 10/11/2018 USD 70.70
UniCredit Bank AG 4.90 9/28/2018 EUR 22.34
UniCredit Bank AG 4.10 9/28/2018 EUR 24.49
UniCredit Bank AG 3.60 9/28/2018 EUR 26.57
UniCredit Bank AG 4.10 6/22/2018 EUR 23.81
Leonteq Securities AG 8.20 11/23/2018 USD 68.90
Nota-Bank OJSC 13.50 4/1/2016 RUB 31.50
Lehman Brothers Treasury Co 7.50 5/30/2010 AUD 1.90
Kaupthing ehf 6.13 10/4/2016 USD 0.25
Lehman Brothers Treasury Co 1.00 5/9/2012 EUR 1.90
Lehman Brothers Treasury Co 6.60 2/9/2009 EUR 1.90
Heta Asset Resolution AG 7.50 12/31/2023 ATS 34.63
T-Generation CJSC 12.00 6/14/2019 RUB 0.10
Otkritie Holding JSC 11.50 7/23/2029 RUB 19.13
RGS Nedvizhimost OOO 12.50 1/19/2021 RUB 8.00
MIK OAO 15.00 2/19/2020 RUB 0.02
Rosbank PJSC 7.85 12/2/2022 RUB 70.53
RGS Nedvizhimost OOO 12.00 10/18/2017 RUB 0.68
Region Invest OOO 10.23 5/4/2021 RUB 0.81
SG Issuer SA 0.10 6/11/2029 NZD 61.21
Ladya-Finans LLC 12.00 10/29/2021 RUB 100.00
Lehman Brothers Treasury Co 3.35 10/13/2016 EUR 1.90
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90
Lehman Brothers Treasury Co 4.82 12/18/2036 EUR 1.90
Lehman Brothers Treasury Co 6.50 5/16/2015 EUR 1.90
Region Invest OOO 10.48 4/19/2021 RUB 0.72
Lehman Brothers Treasury Co 0.50 6/2/2020 EUR 1.90
Lehman Brothers Treasury Co 10.00 6/17/2009 USD 1.90
Lehman Brothers Treasury Co 12.40 6/12/2009 USD 1.90
Bank Intesa AO 8.25 6/10/2018 RUB 64.01
Lehman Brothers Treasury Co 2.00 6/28/2011 EUR 1.90
Region Invest OOO 10.36 7/19/2022 RUB 1.44
Region Invest OOO 10.48 4/15/2021 RUB 0.67
Kaupthing ehf 7.00 7/24/2009 ISK 0.25
LBI HF 8.65 5/1/2011 ISK 7.13
Malahit AO 15.00 7/14/2025 RUB 2.40
Lehman Brothers Treasury Co 8.28 3/26/2009 USD 1.90
Lehman Brothers Treasury Co 3.00 12/3/2012 EUR 1.90
Lehman Brothers Treasury Co 4.68 12/12/2045 EUR 1.90
First Mortgage Co Universal 6.50 12/12/2019 USD 25.20
Commerzbank AG 4.50 12/30/2024 USD 15.22
Landesbank Baden-Wuerttember 3.00 9/28/2018 EUR 63.59
Landesbank Baden-Wuerttember 3.40 6/22/2018 EUR 72.98
SG Issuer SA 6.65 10/10/2021 EUR 73.62
Lehman Brothers Treasury Co 5.00 12/6/2011 EUR 1.90
Barclays Bank PLC 0.50 3/26/2021 MXN 73.95
Barclays Bank PLC 0.50 3/13/2023 RUB 72.05
HSBC Bank PLC 0.50 4/27/2027 NZD 72.69
Lehman Brothers Treasury Co 5.00 2/15/2018 EUR 1.90
Heta Asset Resolution AG 5.73 12/31/2023 EUR 34.63
HSBC Bank PLC 0.50 2/24/2027 NZD 73.28
VEB-Leasing OAO 8.65 1/16/2024 RUB 65.01
Lehman Brothers Treasury Co 4.50 3/6/2013 CHF 1.90
Northland Resources AB 12.25 3/26/2016 USD 2.62
BNP Paribas SA 0.50 11/16/2032 MXN 32.72
Lehman Brothers Treasury Co 6.00 5/12/2017 EUR 1.90
Lehman Brothers Treasury Co 4.50 5/2/2017 EUR 7.50
Digital Invest OOO 10.22 10/22/2020 RUB 1.09
Lehman Brothers Treasury Co 7.00 9/20/2011 USD 1.90
Metalloinvest Holding Co OAO 0.01 3/7/2022 RUB 65.00
Lehman Brothers Treasury Co 3.50 6/20/2011 EUR 1.90
OOO SPV Structural Investmen 0.01 9/1/2023 RUB 70.21
Lehman Brothers Treasury Co 5.00 3/13/2009 EUR 1.90
Lehman Brothers Treasury Co 15.00 6/4/2009 CHF 1.90
Kaupthing ehf 7.63 2/28/2015 USD 0.25
Digital Invest OOO 9.95 4/21/2020 RUB 1.16
Raiffeisen Centrobank AG 6.84 6/25/2019 EUR 24.05
Zurcher Kantonalbank Finance 7.50 7/6/2018 CHF 65.77
Leonteq Securities AG/Guerns 7.00 6/19/2019 USD 68.70
Deutsche Bank AG 5.20 12/27/2018 EUR 71.10
Raiffeisen Centrobank AG 7.25 12/25/2018 EUR 23.62
Bank J Safra Sarasin AG/Guer 12.75 2/1/2018 USD 53.01
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 12.22 11/21/2017 USD 1.90
Heta Asset Resolution AG 4.35 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 17.00 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 5.50 11/30/2012 CZK 1.90
Soyuz AKB OAO 9.50 11/22/2019 RUB 100.04
Soyuz AKB OAO 13.00 11/22/2019 RUB 99.00
Lehman Brothers Treasury Co 5.22 3/1/2024 EUR 1.90
UniCredit Bank AG 11.30 1/4/2019 EUR 74.33
DZ Bank AG Deutsche Zentral- 5.25 7/27/2018 EUR 72.74
Commerzbank AG 17.00 6/22/2018 EUR 70.82
Landesbank Baden-Wuerttember 5.50 7/26/2019 EUR 74.25
DZ Bank AG Deutsche Zentral- 7.50 3/23/2018 EUR 73.00
DZ Bank AG Deutsche Zentral- 5.25 9/28/2018 EUR 73.95
Vontobel Financial Products 9.45 3/9/2018 EUR 71.87
HSBC Trinkaus & Burkhardt AG 9.30 4/27/2018 EUR 63.90
HSBC Trinkaus & Burkhardt AG 7.00 3/23/2018 EUR 62.32
DZ Bank AG Deutsche Zentral- 5.25 9/28/2018 EUR 66.36
UniCredit Bank AG 9.40 3/23/2018 EUR 73.03
HSBC Trinkaus & Burkhardt AG 10.70 9/28/2018 EUR 70.09
Commerzbank AG 18.00 5/25/2018 EUR 70.22
HSBC Trinkaus & Burkhardt AG 8.10 9/28/2018 EUR 74.57
Raiffeisen Centrobank AG 8.83 6/25/2019 EUR 27.18
Vontobel Financial Products 6.00 6/22/2018 EUR 64.30
DZ Bank AG Deutsche Zentral- 6.25 8/24/2018 EUR 73.85
EFG International Finance Gu 8.40 8/23/2018 USD 70.99
Commerzbank AG 12.50 5/23/2018 EUR 66.82
Commerzbank AG 11.50 7/27/2018 EUR 67.70
DZ Bank AG Deutsche Zentral- 9.50 9/28/2018 EUR 72.28
DZ Bank AG Deutsche Zentral- 11.90 3/23/2018 EUR 69.96
DZ Bank AG Deutsche Zentral- 8.50 6/22/2018 EUR 72.66
DZ Bank AG Deutsche Zentral- 9.90 6/22/2018 EUR 71.07
DZ Bank AG Deutsche Zentral- 7.60 9/28/2018 EUR 74.80
DZ Bank AG Deutsche Zentral- 8.30 9/28/2018 EUR 73.41
Deutsche Bank AG 4.20 3/20/2018 EUR 70.80
Deutsche Bank AG 4.20 6/19/2018 EUR 68.40
Deutsche Bank AG 4.20 9/25/2018 EUR 69.30
Deutsche Bank AG 4.20 12/27/2018 EUR 70.10
DZ Bank AG Deutsche Zentral- 8.25 9/28/2018 EUR 68.31
Credit Suisse AG/London 10.00 2/19/2020 USD 9.98
UniCredit Bank AG 13.60 1/4/2019 EUR 23.34
UniCredit Bank AG 4.60 1/4/2019 EUR 19.75
UniCredit Bank AG 8.20 1/4/2019 EUR 21.74
UniCredit Bank AG 10.10 6/22/2018 EUR 16.49
UniCredit Bank AG 7.70 6/22/2018 EUR 16.36
UniCredit Bank AG 8.90 9/28/2018 EUR 19.61
UniCredit Bank AG 5.60 1/4/2019 EUR 19.59
UniCredit Bank AG 11.60 1/4/2019 EUR 22.05
UniCredit Bank AG 3.30 1/4/2019 EUR 21.34
UniCredit Bank AG 5.70 9/28/2018 EUR 19.36
UniCredit Bank AG 12.00 1/4/2019 EUR 72.41
UniCredit Bank AG 13.50 1/4/2019 EUR 71.29
Commerzbank AG 18.25 2/22/2018 EUR 55.81
Commerzbank AG 17.50 3/22/2018 EUR 57.19
Vontobel Financial Products 10.50 6/25/2018 EUR 71.43
Vontobel Financial Products 14.00 6/25/2018 EUR 67.39
Vontobel Financial Products 13.00 9/28/2018 EUR 70.35
DZ Bank AG Deutsche Zentral- 7.00 6/22/2018 EUR 72.74
DZ Bank AG Deutsche Zentral- 5.00 6/22/2018 EUR 13.11
DZ Bank AG Deutsche Zentral- 9.00 6/22/2018 EUR 66.26
Societe Generale SA 8.00 5/28/2027 USD 68.60
Vontobel Financial Products 5.50 6/22/2018 EUR 59.69
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 64.64
HSBC Trinkaus & Burkhardt AG 10.60 6/22/2018 EUR 71.33
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 56.17
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 51.16
Vontobel Financial Products 9.50 11/23/2018 EUR 68.82
Vontobel Financial Products 13.00 3/23/2018 EUR 59.07
Vontobel Financial Products 9.70 6/25/2018 EUR 58.65
Vontobel Financial Products 7.55 6/22/2018 EUR 70.94
UniCredit Bank AG 14.10 3/23/2018 EUR 68.36
Commerzbank AG 18.75 2/22/2018 EUR 62.06
Commerzbank AG 13.50 2/22/2018 EUR 49.77
HSBC Trinkaus & Burkhardt AG 12.20 9/28/2018 EUR 68.24
HSBC Trinkaus & Burkhardt AG 9.70 7/27/2018 EUR 71.50
Raiffeisen Centrobank AG 8.33 6/25/2019 EUR 26.58
UniCredit Bank AG 10.50 6/22/2018 EUR 71.07
UniCredit Bank AG 13.60 6/22/2018 EUR 67.37
Commerzbank AG 8.50 2/22/2018 EUR 69.66
Commerzbank AG 15.75 2/22/2018 EUR 56.29
Commerzbank AG 15.50 3/22/2018 EUR 65.67
HSBC Trinkaus & Burkhardt AG 10.90 2/23/2018 EUR 68.84
Commerzbank AG 11.25 10/26/2018 EUR 74.20
Commerzbank AG 12.00 2/22/2018 EUR 62.20
Commerzbank AG 11.50 3/22/2018 EUR 71.02
Commerzbank AG 17.50 3/22/2018 EUR 63.46
Commerzbank AG 9.00 2/22/2018 EUR 63.39
Commerzbank AG 10.75 2/22/2018 EUR 53.57
Commerzbank AG 13.25 10/26/2018 EUR 72.40
Commerzbank AG 15.50 7/27/2018 EUR 70.86
DZ Bank AG Deutsche Zentral- 7.75 7/27/2018 EUR 74.57
Commerzbank AG 16.00 2/21/2018 EUR 62.16
UniCredit Bank AG 11.00 3/23/2018 EUR 69.44
UniCredit Bank AG 12.70 3/23/2018 EUR 66.20
Commerzbank AG 12.75 2/22/2018 EUR 69.11
Commerzbank AG 13.50 3/22/2018 EUR 68.11
Commerzbank AG 9.75 3/22/2018 EUR 75.10
BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 62.49
Commerzbank AG 11.50 4/26/2018 EUR 67.85
DZ Bank AG Deutsche Zentral- 5.50 3/23/2018 EUR 69.01
DZ Bank AG Deutsche Zentral- 5.25 7/27/2018 EUR 14.71
Vontobel Financial Products 9.20 6/8/2018 EUR 74.83
HSBC Trinkaus & Burkhardt AG 12.10 3/23/2018 EUR 53.63
HSBC Trinkaus & Burkhardt AG 8.10 4/27/2018 EUR 60.32
HSBC Trinkaus & Burkhardt AG 3.50 4/27/2018 EUR 72.29
Vontobel Financial Products 10.55 7/27/2018 EUR 73.06
BNP Paribas Emissions- und H 18.00 6/21/2018 EUR 65.19
HSBC Trinkaus & Burkhardt AG 13.70 3/23/2018 EUR 63.29
HSBC Trinkaus & Burkhardt AG 10.30 3/23/2018 EUR 66.00
HSBC Trinkaus & Burkhardt AG 7.60 8/24/2018 EUR 70.73
Leonteq Securities AG/Guerns 10.00 12/19/2018 CHF 65.46
DZ Bank AG Deutsche Zentral- 10.75 9/28/2018 EUR 74.74
BNP Paribas Emissions- und H 15.00 6/21/2018 EUR 64.03
BNP Paribas Emissions- und H 6.00 9/27/2018 EUR 71.28
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 66.62
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 71.39
BNP Paribas Emissions- und H 10.00 12/31/2018 EUR 68.28
BNP Paribas Emissions- und H 25.00 2/22/2018 EUR 71.75
BNP Paribas Emissions- und H 23.00 2/22/2018 EUR 74.16
DZ Bank AG Deutsche Zentral- 8.20 3/23/2018 EUR 65.74
DZ Bank AG Deutsche Zentral- 6.40 3/23/2018 EUR 61.96
DZ Bank AG Deutsche Zentral- 7.20 3/23/2018 EUR 59.64
DZ Bank AG Deutsche Zentral- 7.90 3/23/2018 EUR 73.37
DZ Bank AG Deutsche Zentral- 7.40 3/23/2018 EUR 67.81
Vontobel Financial Products 10.50 3/23/2018 EUR 73.17
Credit Suisse AG/London 9.10 3/5/2018 USD 53.69
Vontobel Financial Products 11.50 3/23/2018 EUR 67.81
Vontobel Financial Products 6.50 3/23/2018 EUR 67.07
Vontobel Financial Products 3.50 3/23/2018 EUR 66.62
Raiffeisen Centrobank AG 7.54 12/28/2018 EUR 60.98
Raiffeisen Centrobank AG 6.23 12/28/2018 EUR 65.59
DZ Bank AG Deutsche Zentral- 6.00 2/23/2018 EUR 61.48
Deutsche Bank AG 4.20 2/21/2018 EUR 74.80
BNP Paribas Emissions- und H 6.00 3/22/2018 EUR 56.06
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 57.47
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 58.24
Commerzbank AG 1.00 2/19/2020 USD 63.67
UniCredit Bank AG 11.30 6/28/2019 EUR 72.88
UniCredit Bank AG 13.20 6/28/2019 EUR 31.32
Vontobel Financial Products 3.00 6/8/2018 EUR 64.50
Vontobel Financial Products 9.00 9/28/2018 EUR 68.58
Vontobel Financial Products 4.00 1/2/2019 EUR 73.32
Vontobel Financial Products 6.00 1/2/2019 EUR 70.81
Vontobel Financial Products 9.55 1/2/2019 EUR 67.56
HSBC Trinkaus & Burkhardt AG 3.00 6/22/2018 EUR 71.04
DZ Bank AG Deutsche Zentral- 12.50 4/27/2018 EUR 63.86
DZ Bank AG Deutsche Zentral- 5.75 6/22/2018 EUR 68.86
Commerzbank AG 1.00 11/2/2020 USD 14.98
Leonteq Securities AG/Guerns 11.00 9/12/2018 USD 64.51
Commerzbank AG 8.25 5/24/2018 EUR 74.85
Commerzbank AG 10.25 5/24/2018 EUR 70.45
Commerzbank AG 12.25 5/24/2018 EUR 67.03
Commerzbank AG 14.25 5/24/2018 EUR 64.26
Commerzbank AG 16.25 5/24/2018 EUR 61.80
Vontobel Financial Products 10.10 6/8/2018 EUR 71.77
Vontobel Financial Products 13.10 9/14/2018 EUR 71.88
UniCredit Bank AG 3.50 6/28/2019 EUR 28.73
UniCredit Bank AG 9.90 1/3/2020 EUR 73.11
UniCredit Bank AG 9.20 6/28/2019 EUR 72.85
UniCredit Bank AG 7.90 6/28/2019 EUR 26.67
Vontobel Financial Products 7.80 6/8/2018 EUR 66.22
Vontobel Financial Products 11.00 9/28/2018 EUR 67.18
Vontobel Financial Products 8.00 1/2/2019 EUR 68.63
UBS AG/London 15.30 6/21/2018 EUR 71.37
UBS AG/London 16.90 6/21/2018 EUR 74.97
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 75.23
Vontobel Financial Products 4.00 9/28/2018 EUR 68.92
Vontobel Financial Products 6.00 9/28/2018 EUR 70.25
Vontobel Financial Products 7.50 6/25/2018 EUR 57.76
Commerzbank AG 7.25 6/22/2018 EUR 75.00
Commerzbank AG 9.25 6/22/2018 EUR 71.52
Commerzbank AG 11.25 6/22/2018 EUR 67.81
Commerzbank AG 13.25 6/22/2018 EUR 65.77
Vontobel Financial Products 8.55 3/23/2018 EUR 72.88
HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 57.38
HSBC Trinkaus & Burkhardt AG 6.80 3/23/2018 EUR 65.47
HSBC Trinkaus & Burkhardt AG 4.00 3/23/2018 EUR 74.59
HSBC Trinkaus & Burkhardt AG 7.00 3/23/2018 EUR 66.52
Bank Julius Baer & Co Ltd/Gu 3.55 3/2/2018 SEK 63.80
Raiffeisen Schweiz Genossens 10.00 3/6/2018 USD 55.25
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 56.52
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 56.52
BNP Paribas Emissions- und H 10.00 3/22/2018 EUR 56.79
BNP Paribas Emissions- und H 4.00 6/21/2018 EUR 56.70
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 58.05
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 59.01
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 59.08
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 60.91
Landesbank Baden-Wuerttember 3.00 2/23/2018 EUR 72.68
Deutsche Bank AG 6.20 2/21/2018 EUR 74.90
BNP Paribas Emissions- und H 4.00 3/22/2018 EUR 55.97
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 57.47
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 59.01
Bank Julius Baer & Co Ltd/Gu 8.75 2/23/2018 USD 67.10
Zurcher Kantonalbank Finance 6.75 8/20/2018 USD 58.45
HSBC Trinkaus & Burkhardt AG 12.60 3/23/2018 EUR 71.74
UBS AG/London 13.25 9/6/2018 CHF 61.30
Landesbank Baden-Wuerttember 2.90 7/27/2018 EUR 71.87
Vontobel Financial Products 10.00 3/23/2018 EUR 58.63
Vontobel Financial Products 3.00 6/25/2018 EUR 68.85
Commerzbank AG 13.50 9/28/2018 EUR 70.30
UniCredit Bank AG 10.70 3/23/2018 EUR 72.70
Commerzbank AG 14.00 6/22/2018 EUR 65.73
UniCredit Bank AG 13.10 6/22/2018 EUR 68.97
Commerzbank AG 5.75 2/22/2018 EUR 68.67
Commerzbank AG 6.50 2/22/2018 EUR 63.55
Commerzbank AG 8.25 2/22/2018 EUR 58.09
UniCredit Bank AG 12.00 6/22/2018 EUR 68.46
UBS AG/London 9.70 2/22/2018 EUR 75.30
Vontobel Financial Products 4.00 12/21/2018 EUR 69.62
DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 68.73
BNP Paribas Emissions- und H 11.00 3/22/2018 EUR 72.53
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 74.71
EFG International Finance Gu 7.40 6/28/2019 USD 69.51
Commerzbank AG 7.00 3/21/2018 EUR 75.40
HSBC Trinkaus & Burkhardt AG 10.60 4/27/2018 EUR 70.38
DZ Bank AG Deutsche Zentral- 5.25 5/25/2018 EUR 13.26
BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 66.70
BNP Paribas Emissions- und H 13.00 9/27/2018 EUR 62.34
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 66.45
HSBC Trinkaus & Burkhardt AG 9.80 6/22/2018 EUR 74.55
UniCredit Bank AG 13.60 3/23/2018 EUR 68.66
UniCredit Bank AG 14.60 3/23/2018 EUR 67.66
Commerzbank AG 17.25 4/26/2018 EUR 62.64
Vontobel Financial Products 7.00 6/8/2018 EUR 65.93
HSBC Trinkaus & Burkhardt AG 9.00 3/23/2018 EUR 73.21
BNP Paribas Emissions- und H 8.00 9/27/2018 EUR 72.60
BNP Paribas Emissions- und H 12.00 9/27/2018 EUR 65.36
DZ Bank AG Deutsche Zentral- 8.50 9/28/2018 EUR 70.73
BNP Paribas Emissions- und H 7.00 9/27/2018 EUR 67.27
BNP Paribas Emissions- und H 7.00 12/31/2018 EUR 68.12
BNP Paribas Emissions- und H 9.00 12/31/2018 EUR 64.93
Commerzbank AG 30.00 6/30/2020 USD 5.59
Commerzbank AG 10.50 2/22/2018 EUR 64.90
Raiffeisen Centrobank AG 13.12 12/28/2018 EUR 37.52
Raiffeisen Centrobank AG 7.01 12/28/2018 EUR 33.74
Raiffeisen Centrobank AG 17.22 6/19/2018 EUR 27.36
DZ Bank AG Deutsche Zentral- 6.25 11/23/2018 EUR 70.18
HSBC Trinkaus & Burkhardt AG 11.80 6/22/2018 EUR 68.56
Commerzbank AG 7.25 10/26/2018 EUR 73.73
Commerzbank AG 9.25 10/26/2018 EUR 70.76
Commerzbank AG 11.25 10/26/2018 EUR 68.70
BNP Paribas Emissions- und H 9.00 9/27/2018 EUR 68.74
DZ Bank AG Deutsche Zentral- 5.00 5/25/2018 EUR 73.78
Commerzbank AG 11.75 2/22/2018 EUR 74.21
Commerzbank AG 13.75 3/22/2018 EUR 61.52
Commerzbank AG 15.75 3/22/2018 EUR 59.04
Commerzbank AG 14.50 2/22/2018 EUR 58.62
BNP Paribas Emissions- und H 7.50 9/27/2018 EUR 71.69
Commerzbank AG 10.50 11/23/2018 EUR 73.46
Commerzbank AG 12.50 11/23/2018 EUR 71.66
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 60.80
BNP Paribas Emissions- und H 14.00 3/22/2018 EUR 74.35
BNP Paribas Emissions- und H 14.00 6/21/2018 EUR 69.13
BNP Paribas Emissions- und H 8.00 3/22/2018 EUR 71.06
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 63.21
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 72.17
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 63.00
Commerzbank AG 16.50 2/22/2018 EUR 62.24
Landesbank Baden-Wuerttember 5.50 7/27/2018 EUR 69.62
Commerzbank AG 11.75 3/22/2018 EUR 64.58
Commerzbank AG 8.50 2/22/2018 EUR 69.11
Commerzbank AG 6.50 2/22/2018 EUR 74.72
Commerzbank AG 16.50 2/22/2018 EUR 56.24
Commerzbank AG 7.75 3/22/2018 EUR 72.71
Commerzbank AG 9.75 3/22/2018 EUR 68.13
BNP Paribas Emissions- und H 8.50 3/22/2018 EUR 71.47
HSBC Trinkaus & Burkhardt AG 13.40 6/22/2018 EUR 66.19
HSBC Trinkaus & Burkhardt AG 8.90 6/22/2018 EUR 74.20
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 68.01
BNP Paribas Emissions- und H 15.00 3/22/2018 EUR 60.60
Commerzbank AG 13.00 3/21/2018 EUR 62.88
Commerzbank AG 14.50 2/22/2018 EUR 64.61
Commerzbank AG 10.50 10/26/2018 EUR 68.88
Erste Group Bank AG 8.30 4/20/2018 EUR 71.25
Bank Julius Baer & Co Ltd/Gu 6.50 6/15/2018 USD 57.10
Commerzbank AG 12.50 2/22/2018 EUR 61.47
Deutsche Bank AG 6.20 9/25/2018 EUR 70.60
Commerzbank AG 14.00 5/24/2018 EUR 70.00
Commerzbank AG 14.75 4/26/2018 EUR 71.02
Vontobel Financial Products 10.50 3/23/2018 EUR 71.18
Vontobel Financial Products 9.00 9/28/2018 EUR 73.05
Vontobel Financial Products 13.00 9/28/2018 EUR 68.52
Vontobel Financial Products 8.50 1/2/2019 EUR 73.16
Vontobel Financial Products 12.00 1/2/2019 EUR 69.86
Vontobel Financial Products 15.50 1/2/2019 EUR 67.46
Vontobel Financial Products 14.00 3/23/2018 EUR 66.38
Vontobel Financial Products 9.50 6/22/2018 EUR 72.12
Vontobel Financial Products 12.50 6/22/2018 EUR 68.52
Vontobel Financial Products 14.50 6/22/2018 EUR 66.38
EFG International Finance Gu 10.20 3/23/2018 USD 58.46
Deutsche Bank AG 5.20 3/20/2018 EUR 70.90
Commerzbank AG 12.00 5/24/2018 EUR 74.46
Commerzbank AG 13.25 6/21/2018 EUR 72.56
Credit Suisse AG/London 8.50 3/13/2018 USD 59.99
HSBC Trinkaus & Burkhardt AG 6.50 6/22/2018 EUR 69.75
HSBC Trinkaus & Burkhardt AG 7.50 12/28/2018 EUR 67.99
HSBC Trinkaus & Burkhardt AG 5.00 12/28/2018 EUR 73.48
UBS AG/London 7.70 6/28/2018 EUR 72.76
UBS AG/London 4.30 6/28/2018 EUR 73.87
UBS AG/London 6.50 3/22/2018 EUR 73.83
UBS AG/London 4.40 6/28/2018 EUR 72.61
Societe Generale SA 14.75 3/19/2019 USD 47.95
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 67.17
BNP Paribas Emissions- und H 10.00 9/27/2018 EUR 73.90
BNP Paribas Emissions- und H 12.00 9/27/2018 EUR 70.70
Credit Suisse AG/London 8.25 7/26/2018 USD 64.21
Bank Julius Baer & Co Ltd/Gu 9.10 8/6/2018 USD 62.45
UniCredit Bank AG 12.50 3/23/2018 EUR 69.66
Vontobel Financial Products 14.00 6/8/2018 EUR 68.62
Commerzbank AG 13.50 8/24/2018 EUR 67.06
DZ Bank AG Deutsche Zentral- 8.75 1/2/2019 EUR 74.38
BNP Paribas Emissions- und H 16.00 6/21/2018 EUR 69.55
Bank Julius Baer & Co Ltd/Gu 10.45 5/11/2018 USD 62.30
UBS AG/London 6.50 1/7/2019 CHF 64.50
Deutsche Bank AG 6.20 6/19/2018 EUR 69.20
Commerzbank AG 15.25 8/24/2018 EUR 73.34
Commerzbank AG 11.50 2/21/2018 EUR 49.64
Deutsche Bank AG 5.20 6/19/2018 EUR 68.80
Commerzbank AG 16.75 4/26/2018 EUR 68.69
Commerzbank AG 11.25 6/21/2018 EUR 75.28
Commerzbank AG 15.25 6/21/2018 EUR 70.11
Zurcher Kantonalbank Finance 6.00 1/17/2019 USD 69.66
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 73.30
Raiffeisen Centrobank AG 9.30 9/25/2018 EUR 69.54
Raiffeisen Centrobank AG 10.19 3/20/2018 EUR 69.75
Vontobel Financial Products 9.50 9/28/2018 EUR 72.57
Vontobel Financial Products 4.50 3/23/2018 EUR 68.99
Vontobel Financial Products 12.00 6/25/2018 EUR 59.58
Vontobel Financial Products 4.50 6/22/2018 EUR 69.73
UniCredit Bank AG 10.40 6/22/2018 EUR 72.74
DekaBank Deutsche Girozentra 3.00 6/27/2018 EUR 55.28
UniCredit Bank AG 14.50 3/23/2018 EUR 63.28
Commerzbank AG 10.75 2/22/2018 EUR 72.30
Commerzbank AG 7.25 2/22/2018 EUR 65.91
Vontobel Financial Products 8.50 9/28/2018 EUR 72.71
Vontobel Financial Products 14.55 9/28/2018 EUR 69.55
Deutsche Bank AG 6.20 12/27/2018 EUR 72.00
Deutsche Bank AG 5.20 9/25/2018 EUR 70.00
Deutsche Bank AG 7.20 3/20/2018 EUR 63.50
Deutsche Bank AG 5.20 6/19/2018 EUR 72.70
UBS AG/London 16.00 8/30/2018 CHF 44.95
BNP Paribas Emissions- und H 4.00 12/31/2018 EUR 67.00
BNP Paribas Emissions- und H 6.00 12/31/2018 EUR 68.84
Leonteq Securities AG 10.00 7/10/2018 USD 57.95
UniCredit Bank AG 9.80 6/22/2018 EUR 74.99
UniCredit Bank AG 12.50 3/23/2018 EUR 72.88
Vontobel Financial Products 5.00 3/23/2018 EUR 73.32
Vontobel Financial Products 6.00 3/23/2018 EUR 69.02
Vontobel Financial Products 9.00 3/23/2018 EUR 61.94
Raiffeisen Centrobank AG 6.04 6/25/2019 EUR 23.38
DZ Bank AG Deutsche Zentral- 6.50 3/23/2018 EUR 67.76
DZ Bank AG Deutsche Zentral- 8.00 3/23/2018 EUR 69.48
DZ Bank AG Deutsche Zentral- 6.25 9/28/2018 EUR 73.90
Commerzbank AG 11.50 4/27/2018 EUR 74.94
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 71.40
Vontobel Financial Products 6.55 3/9/2018 EUR 66.82
UniCredit Bank AG 5.00 7/30/2018 EUR 74.06
Landesbank Baden-Wuerttember 3.50 7/27/2018 EUR 70.65
Landesbank Baden-Wuerttember 3.00 1/4/2019 EUR 71.49
Landesbank Baden-Wuerttember 4.00 6/22/2018 EUR 69.23
Syntagma OOO 16.50 5/10/2022 RUB 0.10
SG Issuer SA 0.82 8/2/2021 SEK 56.32
Raiffeisen Schweiz Genossens 4.50 3/27/2018 EUR 74.41
Landesbank Baden-Wuerttember 3.30 6/22/2018 EUR 70.33
DekaBank Deutsche Girozentra 3.30 2/26/2018 EUR 52.64
DekaBank Deutsche Girozentra 2.70 3/16/2018 EUR 73.72
Credit Suisse AG/Nassau 5.25 5/14/2018 CHF 74.75
Landesbank Baden-Wuerttember 3.00 6/28/2019 EUR 70.05
DekaBank Deutsche Girozentra 3.15 5/18/2018 EUR 66.04
DekaBank Deutsche Girozentra 3.40 4/9/2018 EUR 57.16
Landesbank Baden-Wuerttember 3.00 5/25/2018 EUR 74.33
UniCredit Bank AG 3.75 10/2/2020 EUR 70.33
Credit Suisse AG/London 9.86 2/27/2020 USD 9.96
Landesbank Baden-Wuerttember 3.15 6/22/2018 EUR 68.63
Landesbank Baden-Wuerttember 3.00 2/23/2018 EUR 66.30
UniCredit Bank AG 5.00 6/25/2019 EUR 62.29
Landesbank Baden-Wuerttember 5.00 2/23/2018 EUR 71.77
Credit Suisse AG/London 7.00 12/11/2019 USD 9.44
DekaBank Deutsche Girozentra 3.00 12/17/2018 EUR 67.22
UniCredit Bank AG 3.75 9/7/2020 EUR 73.36
UniCredit Bank AG 4.00 6/26/2018 EUR 65.91
UniCredit Bank AG 13.50 3/23/2018 EUR 75.58
UniCredit Bank AG 11.00 6/22/2018 EUR 73.63
Commerzbank AG 7.75 9/28/2018 EUR 74.76
Commerzbank AG 11.75 9/28/2018 EUR 69.13
HSBC Trinkaus & Burkhardt AG 14.70 3/23/2018 EUR 68.36
UniCredit Bank AG 14.90 6/22/2018 EUR 74.71
UniCredit Bank AG 13.90 6/22/2018 EUR 67.70
UniCredit Bank AG 14.00 3/23/2018 EUR 64.76
UniCredit Bank AG 13.90 3/23/2018 EUR 71.06
Landesbank Baden-Wuerttember 2.80 11/23/2018 EUR 74.37
UniCredit Bank AG 13.40 3/23/2018 EUR 70.47
UniCredit Bank AG 10.00 6/22/2018 EUR 74.93
UniCredit Bank AG 13.10 6/22/2018 EUR 71.30
Vontobel Financial Products 6.50 2/23/2018 EUR 75.19
UniCredit Bank AG 13.00 3/23/2018 EUR 72.19
UniCredit Bank AG 13.00 3/23/2018 EUR 73.81
UniCredit Bank AG 10.50 6/22/2018 EUR 72.78
UniCredit Bank AG 9.00 3/23/2018 EUR 75.01
Raiffeisen Centrobank AG 11.14 12/25/2018 EUR 29.76
Raiffeisen Centrobank AG 11.32 6/19/2018 EUR 25.27
Raiffeisen Centrobank AG 4.13 12/28/2018 EUR 17.28
Raiffeisen Centrobank AG 13.79 6/19/2018 EUR 28.16
Raiffeisen Centrobank AG 3.54 6/19/2018 EUR 15.37
Raiffeisen Centrobank AG 8.49 6/19/2018 EUR 22.01
UniCredit Bank AG 12.20 3/23/2018 EUR 67.83
UniCredit Bank AG 11.60 3/23/2018 EUR 75.37
HSBC Trinkaus & Burkhardt AG 12.10 3/23/2018 EUR 55.96
HSBC Trinkaus & Burkhardt AG 6.20 3/23/2018 EUR 72.35
BNP Paribas Emissions- und H 8.00 6/21/2018 EUR 69.26
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 60.90
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 69.66
BNP Paribas Emissions- und H 12.00 6/21/2018 EUR 68.76
HSBC Trinkaus & Burkhardt AG 10.20 3/23/2018 EUR 64.10
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 72.95
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 66.15
BNP Paribas Emissions- und H 9.00 6/21/2018 EUR 66.04
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 58.55
HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 61.53
HSBC Trinkaus & Burkhardt AG 7.40 3/23/2018 EUR 70.98
DekaBank Deutsche Girozentra 3.50 10/28/2019 EUR 72.20
Bank Julius Baer & Co Ltd/Gu 12.15 5/4/2018 USD 69.00
HSBC Trinkaus & Burkhardt AG 8.30 3/23/2018 EUR 63.14
UniCredit Bank AG 4.00 10/14/2019 EUR 68.87
UniCredit Bank AG 4.40 7/13/2018 EUR 68.70
UniCredit Bank AG 3.80 7/23/2020 EUR 71.54
DekaBank Deutsche Girozentra 2.75 10/29/2018 EUR 61.25
DekaBank Deutsche Girozentra 3.25 4/20/2018 EUR 58.44
HSBC Trinkaus & Burkhardt AG 5.80 3/23/2018 EUR 70.73
Commerzbank AG 14.00 4/25/2018 EUR 59.42
Vontobel Financial Products 10.50 9/28/2018 EUR 69.58
Raiffeisen Schweiz Genossens 3.00 9/22/2020 CHF 74.78
Norddeutsche Landesbank Giro 3.00 10/30/2018 EUR 62.89
HSBC Trinkaus & Burkhardt AG 5.00 6/22/2018 EUR 63.50
BNP Paribas Emissions- und H 13.00 2/22/2018 EUR 71.03
BNP Paribas Emissions- und H 18.00 2/22/2018 EUR 65.82
BNP Paribas Emissions- und H 13.00 3/22/2018 EUR 71.73
BNP Paribas Emissions- und H 13.00 12/31/2018 EUR 71.04
BNP Paribas Emissions- und H 15.00 3/22/2018 EUR 72.35
BNP Paribas Emissions- und H 11.00 9/27/2018 EUR 73.98
DZ Bank AG Deutsche Zentral- 5.00 7/27/2018 EUR 14.35
DZ Bank AG Deutsche Zentral- 8.25 9/28/2018 EUR 72.84
HSBC Trinkaus & Burkhardt AG 4.50 12/28/2018 EUR 73.65
HSBC Trinkaus & Burkhardt AG 4.50 12/28/2018 EUR 73.51
HSBC Trinkaus & Burkhardt AG 10.07 6/22/2018 EUR 69.24
Commerzbank AG 11.75 7/27/2018 EUR 72.35
Commerzbank AG 13.75 7/27/2018 EUR 69.87
DZ Bank AG Deutsche Zentral- 12.75 2/23/2018 EUR 66.82
EFG International Finance Gu 7.66 10/5/2018 USD 67.80
Leonteq Securities AG 14.00 8/2/2018 USD 58.74
UniCredit Bank AG 15.00 6/22/2018 EUR 68.47
UniCredit Bank AG 13.90 6/22/2018 EUR 69.42
UniCredit Bank AG 12.80 6/22/2018 EUR 70.43
Vontobel Financial Products 7.50 3/23/2018 EUR 65.27
Vontobel Financial Products 12.50 3/23/2018 EUR 56.40
Vontobel Financial Products 11.00 3/23/2018 EUR 72.62
HSBC Trinkaus & Burkhardt AG 12.30 6/22/2018 EUR 70.33
HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 71.83
HSBC Trinkaus & Burkhardt AG 10.10 12/28/2018 EUR 72.38
DZ Bank AG Deutsche Zentral- 5.00 3/23/2018 EUR 75.00
UniCredit Bank AG 14.50 1/4/2019 EUR 25.44
DekaBank Deutsche Girozentra 3.00 8/16/2019 EUR 74.87
Credit Suisse AG/London 8.00 10/9/2018 USD 67.89
DZ Bank AG Deutsche Zentral- 8.50 6/22/2018 EUR 72.36
DZ Bank AG Deutsche Zentral- 6.00 9/28/2018 EUR 73.34
Deutsche Bank AG 5.20 3/20/2018 EUR 71.70
Deutsche Bank AG 7.20 6/19/2018 EUR 73.50
Deutsche Bank AG 5.20 6/19/2018 EUR 64.30
UniCredit Bank AG 8.80 6/22/2018 EUR 75.33
UniCredit Bank AG 11.20 3/23/2018 EUR 74.41
Vontobel Financial Products 14.50 3/23/2018 EUR 54.10
Vontobel Financial Products 14.50 3/23/2018 EUR 68.40
Araratbank OJSC 7.00 6/18/2019 USD 25.92
Leonteq Securities AG 10.20 10/24/2018 EUR 45.18
HSBC Trinkaus & Burkhardt AG 11.20 9/28/2018 EUR 74.21
Commerzbank AG 9.75 8/24/2018 EUR 63.06
Commerzbank AG 6.75 9/28/2018 EUR 65.81
Commerzbank AG 8.75 9/28/2018 EUR 63.70
Commerzbank AG 10.75 9/28/2018 EUR 62.32
Commerzbank AG 4.50 10/26/2018 EUR 70.45
Commerzbank AG 6.50 10/26/2018 EUR 66.17
Commerzbank AG 8.50 5/25/2018 EUR 64.69
Commerzbank AG 10.50 7/27/2018 EUR 62.62
Commerzbank AG 3.75 8/24/2018 EUR 73.73
Commerzbank AG 5.75 8/24/2018 EUR 68.05
Commerzbank AG 7.75 8/24/2018 EUR 64.96
Commerzbank AG 11.75 8/24/2018 EUR 61.74
Commerzbank AG 4.75 9/28/2018 EUR 69.62
Commerzbank AG 10.50 10/26/2018 EUR 62.55
Commerzbank AG 4.50 5/25/2018 EUR 72.49
Commerzbank AG 6.50 5/25/2018 EUR 67.66
Commerzbank AG 10.50 5/25/2018 EUR 62.67
Commerzbank AG 6.50 7/27/2018 EUR 67.18
Commerzbank AG 8.50 7/27/2018 EUR 64.41
Commerzbank AG 12.50 7/27/2018 EUR 61.33
Commerzbank AG 8.50 10/26/2018 EUR 63.94
Commerzbank AG 4.50 7/27/2018 EUR 71.79
UBS AG/London 8.20 6/22/2018 EUR 59.74
Leonteq Securities AG 11.00 3/19/2018 USD 52.67
UBS AG/London 6.90 6/22/2018 EUR 62.27
UBS AG/London 9.40 6/22/2018 EUR 57.47
UBS AG 5.21 6/27/2018 USD 22.57
Goldman Sachs & Co Wertpapie 19.00 2/21/2018 EUR 74.15
Deutsche Bank AG 5.20 3/20/2018 EUR 63.20
Deutsche Bank AG 7.20 6/19/2018 EUR 65.10
Deutsche Bank AG 4.20 6/19/2018 EUR 72.30
Leonteq Securities AG 8.40 7/10/2018 CHF 57.76
UniCredit Bank AG 13.90 3/23/2018 EUR 71.43
UniCredit Bank AG 10.80 6/22/2018 EUR 73.37
UniCredit Bank AG 11.80 6/22/2018 EUR 72.54
Vontobel Financial Products 5.95 9/27/2019 EUR 74.63
EFG International Finance Gu 8.50 2/27/2019 USD 63.81
Vontobel Financial Products 10.50 3/23/2018 EUR 58.97
Commerzbank AG 10.50 8/24/2018 EUR 67.74
DZ Bank AG Deutsche Zentral- 9.00 3/23/2018 EUR 70.99
DZ Bank AG Deutsche Zentral- 8.75 9/28/2018 EUR 69.94
DZ Bank AG Deutsche Zentral- 13.00 3/23/2018 EUR 67.72
DZ Bank AG Deutsche Zentral- 5.25 4/27/2018 EUR 72.56
Deutsche Bank AG 7.20 3/20/2018 EUR 72.00
Deutsche Bank AG 4.20 3/20/2018 EUR 71.50
HSBC Trinkaus & Burkhardt AG 8.70 12/28/2018 EUR 74.03
Bank Julius Baer & Co Ltd/Gu 11.00 3/29/2018 USD 60.90
HSBC Trinkaus & Burkhardt AG 5.60 3/23/2018 EUR 75.45
HSBC Trinkaus & Burkhardt AG 7.70 3/23/2018 EUR 64.01
Deutsche Bank AG 7.20 3/20/2018 EUR 68.90
Deutsche Bank AG 7.20 6/19/2018 EUR 70.40
Deutsche Bank AG 7.20 6/19/2018 EUR 74.40
Deutsche Bank AG 6.20 6/19/2018 EUR 74.00
Deutsche Bank AG 6.20 6/19/2018 EUR 70.60
Vontobel Financial Products 11.00 6/22/2018 EUR 67.99
Vontobel Financial Products 7.65 3/9/2018 EUR 75.39
Vontobel Financial Products 13.35 3/9/2018 EUR 67.71
Bank Julius Baer & Co Ltd/Gu 7.75 2/9/2018 USD 63.20
HSBC Trinkaus & Burkhardt AG 12.40 3/23/2018 EUR 60.20
HSBC Trinkaus & Burkhardt AG 8.60 2/23/2018 EUR 66.85
HSBC Trinkaus & Burkhardt AG 3.60 2/23/2018 EUR 71.70
Deutsche Bank AG 6.20 3/20/2018 EUR 71.90
Commerzbank AG 9.75 8/24/2018 EUR 72.88
Vontobel Financial Products 9.55 3/23/2018 EUR 72.41
Leonteq Securities AG 7.40 4/24/2020 USD 66.97
DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 73.01
HSBC Trinkaus & Burkhardt AG 10.10 2/23/2018 EUR 62.96
Deutsche Bank AG 7.20 3/20/2018 EUR 66.10
Commerzbank AG 11.75 8/24/2018 EUR 70.19
Vontobel Financial Products 8.00 6/22/2018 EUR 71.33
DZ Bank AG Deutsche Zentral- 5.25 3/23/2018 EUR 70.45
Leonteq Securities AG 16.60 5/7/2018 USD 50.07
Commerzbank AG 12.25 7/27/2018 EUR 74.05
Commerzbank AG 13.75 3/23/2018 EUR 73.15
Commerzbank AG 12.75 4/27/2018 EUR 74.19
Commerzbank AG 11.00 6/22/2018 EUR 74.98
Commerzbank AG 14.75 2/23/2018 EUR 72.02
Goldman Sachs & Co Wertpapie 21.00 2/21/2018 EUR 74.27
Deutsche Bank AG 7.20 6/19/2018 EUR 67.60
HSBC Trinkaus & Burkhardt AG 8.40 3/23/2018 EUR 66.96
Deutsche Bank AG 7.20 3/20/2018 EUR 72.00
Deutsche Bank AG 7.20 6/19/2018 EUR 71.00
Deutsche Bank AG 6.20 3/20/2018 EUR 75.40
HSBC Trinkaus & Burkhardt AG 10.30 9/28/2018 EUR 72.84
Vontobel Financial Products 11.50 6/22/2018 EUR 68.08
SG Issuer SA 0.80 11/30/2020 SEK 50.06
Commerzbank AG 10.00 9/28/2018 EUR 70.15
HSBC Trinkaus & Burkhardt AG 9.00 8/24/2018 EUR 74.82
Commerzbank AG 8.00 11/6/2020 USD 9.10
HSBC Trinkaus & Burkhardt AG 9.70 4/27/2018 EUR 73.92
Vontobel Financial Products 12.50 9/28/2018 EUR 68.19
Vontobel Financial Products 11.00 1/2/2019 EUR 68.92
Leonteq Securities AG 8.40 9/6/2018 USD 56.63
Leonteq Securities AG 3.00 9/19/2019 CHF 64.15
Vontobel Financial Products 6.00 6/22/2018 EUR 73.91
Raiffeisen Centrobank AG 8.63 9/25/2018 EUR 67.68
Commerzbank AG 12.50 4/25/2018 EUR 66.20
Credit Suisse AG/Nassau 8.50 4/6/2018 USD 54.11
DZ Bank AG Deutsche Zentral- 6.50 2/23/2018 EUR 12.64
DZ Bank AG Deutsche Zentral- 6.50 10/26/2018 EUR 74.01
UniCredit Bank AG 10.10 1/4/2019 EUR 22.87
Landesbank Hessen-Thueringen 4.00 5/16/2018 EUR 69.97
Deutsche Bank AG 4.20 3/20/2018 EUR 75.10
Zurcher Kantonalbank Finance 5.25 10/24/2018 CHF 71.95
UniCredit Bank AG 5.10 1/4/2019 EUR 23.01
UniCredit Bank AG 5.00 1/3/2020 EUR 27.95
UniCredit Bank AG 10.00 9/28/2018 EUR 73.59
DZ Bank AG Deutsche Zentral- 8.50 3/23/2018 EUR 65.68
DZ Bank AG Deutsche Zentral- 8.75 6/22/2018 EUR 65.44
UniCredit Bank AG 10.90 1/3/2020 EUR 35.57
DZ Bank AG Deutsche Zentral- 5.50 10/26/2018 EUR 19.04
UniCredit Bank AG 14.70 1/4/2019 EUR 70.04
UniCredit Bank AG 7.00 1/3/2020 EUR 29.02
UniCredit Bank AG 11.60 1/3/2020 EUR 72.64
Deutsche Bank AG 4.20 6/19/2018 EUR 69.80
Raiffeisen Centrobank AG 6.43 12/27/2019 EUR 27.09
Commerzbank AG 11.75 3/23/2018 EUR 74.86
Commerzbank AG 12.75 2/23/2018 EUR 73.76
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 63.56
BNP Paribas Emissions- und H 9.00 6/21/2018 EUR 67.60
DZ Bank AG Deutsche Zentral- 5.10 4/25/2018 EUR 70.87
DZ Bank AG Deutsche Zentral- 7.75 3/23/2018 EUR 57.28
Commerzbank AG 13.00 6/22/2018 EUR 73.27
HSBC Trinkaus & Burkhardt AG 10.40 3/23/2018 EUR 69.55
Raiffeisen Switzerland BV 10.00 4/19/2018 USD 53.18
DZ Bank AG Deutsche Zentral- 12.75 4/27/2018 EUR 63.92
Deutsche Bank AG 4.20 6/19/2018 EUR 73.20
Deutsche Bank AG 4.20 9/25/2018 EUR 70.80
HSBC Trinkaus & Burkhardt AG 11.40 6/22/2018 EUR 72.26
HSBC Trinkaus & Burkhardt AG 10.10 9/28/2018 EUR 74.15
HSBC Trinkaus & Burkhardt AG 7.60 6/22/2018 EUR 74.50
Bank Julius Baer & Co Ltd/Gu 11.50 10/10/2018 USD 71.50
Deutsche Bank AG 4.20 3/20/2018 EUR 71.60
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 71.80
Raiffeisen Centrobank AG 5.86 12/27/2019 EUR 30.15
Deutsche Bank AG 5.20 2/21/2018 EUR 71.30
Raiffeisen Centrobank AG 8.57 12/27/2019 EUR 30.53
HSBC Trinkaus & Burkhardt AG 8.70 6/22/2018 EUR 71.26
HSBC Trinkaus & Burkhardt AG 7.40 9/28/2018 EUR 69.07
Deutsche Bank AG 4.20 3/20/2018 EUR 75.10
Deutsche Bank AG 4.20 12/27/2018 EUR 75.00
UniCredit Bank AG 6.00 9/28/2018 EUR 20.57
UniCredit Bank AG 14.80 9/28/2018 EUR 71.08
HSBC Trinkaus & Burkhardt AG 5.30 6/28/2019 EUR 75.07
HSBC Trinkaus & Burkhardt AG 9.20 9/28/2018 EUR 68.20
BNP Paribas Emissions- und H 13.00 9/27/2018 EUR 68.44
HSBC Trinkaus & Burkhardt AG 6.20 6/28/2019 EUR 70.07
DZ Bank AG Deutsche Zentral- 8.20 3/23/2018 EUR 11.97
Raiffeisen Schweiz Genossens 10.00 10/23/2018 CHF 66.14
DZ Bank AG Deutsche Zentral- 10.40 3/23/2018 EUR 64.94
DZ Bank AG Deutsche Zentral- 11.90 3/23/2018 EUR 62.74
UniCredit Bank AG 12.80 9/28/2018 EUR 72.14
Leonteq Securities AG 7.00 8/22/2018 CHF 56.45
DZ Bank AG Deutsche Zentral- 9.30 3/23/2018 EUR 67.19
Bank Julius Baer & Co Ltd/Gu 9.25 10/12/2018 USD 70.80
BNP Paribas Emissions- und H 15.00 9/27/2018 EUR 67.17
BNP Paribas Emissions- und H 8.00 12/31/2018 EUR 73.22
UniCredit Bank AG 11.00 6/22/2018 EUR 19.64
UniCredit Bank AG 12.10 9/28/2018 EUR 22.60
Commerzbank AG 21.25 4/27/2018 EUR 79.29
HSBC Trinkaus & Burkhardt AG 7.20 12/28/2018 EUR 69.50
HSBC Trinkaus & Burkhardt AG 5.80 12/28/2018 EUR 72.97
DZ Bank AG Deutsche Zentral- 6.60 3/23/2018 EUR 12.23
Deutsche Bank AG 4.20 6/19/2018 EUR 73.20
EFG International Finance Gu 11.00 10/25/2018 CHF 69.79
HSBC Trinkaus & Burkhardt AG 6.50 1/29/2018 EUR 52.97
UniCredit Bank AG 5.30 6/22/2018 EUR 20.25
UniCredit Bank AG 14.30 6/22/2018 EUR 71.29
Commerzbank AG 9.75 9/28/2018 EUR 71.55
UniCredit Bank AG 12.50 6/22/2018 EUR 71.08
Commerzbank AG 16.75 4/27/2018 EUR 79.42
Commerzbank AG 18.75 4/27/2018 EUR 78.00
HSBC Trinkaus & Burkhardt AG 8.00 12/28/2018 EUR 65.38
HSBC Trinkaus & Burkhardt AG 12.10 6/22/2018 EUR 66.70
Bank Julius Baer & Co Ltd/Gu 8.35 9/24/2018 USD 71.10
HSBC Trinkaus & Burkhardt AG 11.80 3/23/2018 EUR 54.84
Deutsche Bank AG 6.20 6/19/2018 EUR 73.74
DZ Bank AG Deutsche Zentral- 6.80 6/22/2018 EUR 72.00
DZ Bank AG Deutsche Zentral- 8.00 6/22/2018 EUR 68.10
HSBC Trinkaus & Burkhardt AG 12.30 9/28/2018 EUR 66.99
HSBC Trinkaus & Burkhardt AG 8.80 9/28/2018 EUR 73.43
HSBC Trinkaus & Burkhardt AG 11.10 4/27/2018 EUR 68.76
HSBC Trinkaus & Burkhardt AG 11.20 3/23/2018 EUR 71.97
HSBC Trinkaus & Burkhardt AG 9.20 6/22/2018 EUR 71.76
Deutsche Bank AG 4.20 9/25/2018 EUR 74.20
Deutsche Bank AG 4.20 12/27/2018 EUR 75.00
UniCredit Bank AG 12.10 6/22/2018 EUR 72.45
Araratbank OJSC 7.25 6/27/2018 USD 25.43
UniCredit Bank AG 12.00 3/23/2018 EUR 73.33
HSBC Trinkaus & Burkhardt AG 11.10 9/28/2018 EUR 68.92
UniCredit Bank AG 10.50 3/23/2018 EUR 71.24
Vontobel Financial Products 8.00 9/28/2018 EUR 72.38
UniCredit Bank AG 12.20 6/22/2018 EUR 71.36
SG Issuer SA 0.80 10/21/2020 SEK 68.03
Commerzbank AG 17.75 5/25/2018 EUR 78.72
HSBC Trinkaus & Burkhardt AG 8.00 9/28/2018 EUR 72.29
HSBC Trinkaus & Burkhardt AG 7.10 9/28/2018 EUR 71.66
HSBC Trinkaus & Burkhardt AG 9.40 12/28/2018 EUR 68.89
HSBC Trinkaus & Burkhardt AG 11.30 3/23/2018 EUR 57.23
HSBC Trinkaus & Burkhardt AG 7.80 3/23/2018 EUR 69.49
Polski Bank Spoldzielczy w C 5.31 9/14/2027 PLN 50.01
HSBC Trinkaus & Burkhardt AG 8.00 6/22/2018 EUR 62.64
HSBC Trinkaus & Burkhardt AG 11.70 6/22/2018 EUR 55.65
Deutsche Bank AG 6.20 6/19/2018 EUR 73.74
DZ Bank AG Deutsche Zentral- 8.40 3/23/2018 EUR 70.46
UBS AG/London 12.50 4/5/2018 USD 61.00
UBS AG/London 10.00 4/5/2018 USD 54.40
BNP Paribas Emissions- und H 6.00 6/21/2018 EUR 68.12
BNP Paribas Emissions- und H 10.00 6/21/2018 EUR 64.99
BNP Paribas Emissions- und H 13.00 6/21/2018 EUR 59.64
Vontobel Financial Products 10.00 3/23/2018 EUR 75.37
Commerzbank AG 13.50 4/26/2018 EUR 64.70
Vontobel Financial Products 10.50 7/27/2018 EUR 71.52
Deutsche Bank AG 6.20 3/20/2018 EUR 71.10
Bank Julius Baer & Co Ltd/Gu 5.25 3/14/2018 CHF 69.35
DZ Bank AG Deutsche Zentral- 6.75 3/23/2018 EUR 11.40
Commerzbank AG 16.00 5/24/2018 EUR 67.67
UBS AG/London 8.30 6/22/2018 EUR 54.25
UBS AG/London 9.00 2/22/2018 EUR 51.60
DZ Bank AG Deutsche Zentral- 6.25 4/27/2018 EUR 73.73
HSBC Trinkaus & Burkhardt AG 5.70 6/22/2018 EUR 69.39
HSBC Trinkaus & Burkhardt AG 10.10 4/27/2018 EUR 58.14
BNP Paribas Emissions- und H 4.50 6/21/2018 EUR 73.43
Goldman Sachs & Co Wertpapie 25.00 3/21/2018 EUR 74.68
BNP Paribas Emissions- und H 12.00 3/22/2018 EUR 53.06
BNP Paribas Emissions- und H 7.00 6/21/2018 EUR 61.07
Vontobel Financial Products 9.50 1/2/2019 EUR 70.03
Vontobel Financial Products 11.50 1/2/2019 EUR 69.38
Commerzbank AG 9.50 4/26/2018 EUR 71.84
HSBC Trinkaus & Burkhardt AG 13.10 3/23/2018 EUR 52.82
HSBC Trinkaus & Burkhardt AG 10.50 6/22/2018 EUR 57.33
Vontobel Financial Products 8.95 3/9/2018 EUR 71.97
DZ Bank AG Deutsche Zentral- 8.25 6/22/2018 EUR 74.27
Vontobel Financial Products 12.00 9/28/2018 EUR 70.58
Commerzbank AG 15.50 4/26/2018 EUR 61.98
HSBC Trinkaus & Burkhardt AG 5.20 6/22/2018 EUR 73.46
HSBC Trinkaus & Burkhardt AG 6.10 3/23/2018 EUR 68.92
DZ Bank AG Deutsche Zentral- 5.40 6/22/2018 EUR 74.28
DZ Bank AG Deutsche Zentral- 8.20 6/22/2018 EUR 69.70
DZ Bank AG Deutsche Zentral- 5.30 6/22/2018 EUR 71.71
DZ Bank AG Deutsche Zentral- 9.50 6/22/2018 EUR 65.56
DZ Bank AG Deutsche Zentral- 5.50 6/22/2018 EUR 71.23
Lehman Brothers Treasury Co 3.00 9/13/2010 JPY 7.50
Lehman Brothers Treasury Co 5.50 6/22/2010 USD 7.50
Lehman Brothers Treasury Co 3.82 10/20/2009 USD 1.90
Lehman Brothers Treasury Co 3.00 9/12/2036 JPY 7.50
Lehman Brothers Treasury Co 6.70 4/21/2011 USD 1.90
Lehman Brothers Treasury Co 2.75 10/28/2009 EUR 1.90
Lehman Brothers Treasury Co 4.00 6/5/2011 USD 1.90
Lehman Brothers Treasury Co 14.10 11/12/2008 USD 1.90
Lehman Brothers Treasury Co 4.00 8/11/2010 USD 7.50
Lehman Brothers Treasury Co 9.25 6/20/2012 USD 1.90
Lehman Brothers Treasury Co 2.30 4/28/2014 JPY 1.90
Societe Generale SA 0.50 4/4/2024 MXN 58.74
Lehman Brothers Treasury Co 4.90 7/28/2020 EUR 1.90
Lehman Brothers Treasury Co 4.15 8/25/2020 EUR 1.90
Societe Generale SA 0.50 4/30/2023 RUB 71.21
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90
Lehman Brothers Treasury Co 6.00 7/28/2010 EUR 1.90
Lehman Brothers Treasury Co 7.00 7/11/2010 EUR 1.90
Lehman Brothers Treasury Co 13.15 10/30/2008 USD 1.90
Lehman Brothers Treasury Co 16.80 8/21/2009 USD 1.90
Lehman Brothers Treasury Co 2.30 6/6/2013 USD 1.90
Lehman Brothers Treasury Co 4.30 6/4/2012 USD 1.90
Lehman Brothers Treasury Co 2.00 5/17/2010 EUR 1.90
Lehman Brothers Treasury Co 1.60 6/21/2010 JPY 1.90
Lehman Brothers Treasury Co 4.10 5/20/2009 USD 1.90
Heta Asset Resolution AG 4.88 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.00 2/28/2010 EUR 1.90
Lehman Brothers Treasury Co 2.40 6/20/2011 JPY 1.90
Lehman Brothers Treasury Co 11.00 5/9/2020 USD 1.90
Lehman Brothers Treasury Co 13.43 1/8/2009 ILS 1.90
Lehman Brothers Treasury Co 7.75 1/3/2012 AUD 1.90
Lehman Brothers Treasury Co 13.50 6/2/2009 USD 1.90
Lehman Brothers Treasury Co 3.10 6/4/2010 USD 1.90
Lehman Brothers Treasury Co 2.50 8/15/2012 CHF 1.90
Digital Invest OOO 10.48 4/7/2021 RUB 0.81
Lehman Brothers Treasury Co 7.38 9/20/2008 EUR 1.90
Lehman Brothers Treasury Co 3.85 4/24/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 4/24/2009 USD 1.90
Lehman Brothers Treasury Co 10.50 8/9/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 9.00 6/13/2009 USD 1.90
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Lehman Brothers Treasury Co 10.00 3/27/2009 USD 1.90
Lehman Brothers Treasury Co 5.75 6/15/2009 CHF 1.90
Lehman Brothers Treasury Co 7.00 11/28/2008 CHF 1.90
Lehman Brothers Treasury Co 7.25 10/6/2008 EUR 1.90
Lehman Brothers Treasury Co 4.50 7/24/2014 EUR 1.90
Lehman Brothers Treasury Co 5.00 5/12/2011 CHF 1.90
Lehman Brothers Treasury Co 6.50 7/24/2026 EUR 1.90
Lehman Brothers Treasury Co 7.75 2/21/2016 EUR 1.90
Lehman Brothers Treasury Co 7.50 9/13/2009 CHF 1.90
Lehman Brothers Treasury Co 8.50 7/6/2009 CHF 1.90
Lehman Brothers Treasury Co 4.95 10/25/2036 EUR 1.90
Lehman Brothers Treasury Co 8.28 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 2.30 6/27/2013 USD 1.90
Lehman Brothers Treasury Co 2.37 7/15/2013 USD 1.90
Lehman Brothers Treasury Co 8.60 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 7.50 7/31/2013 GBP 1.90
Kaupthing ehf 7.50 12/5/2014 ISK 0.25
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Lehman Brothers Treasury Co 9.75 6/22/2018 USD 1.90
Heta Asset Resolution AG 5.27 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 10.00 10/23/2008 USD 1.90
Lehman Brothers Treasury Co 10.00 10/22/2008 USD 1.90
Lehman Brothers Treasury Co 16.00 11/9/2008 USD 1.90
Lehman Brothers Treasury Co 16.20 5/14/2009 USD 1.90
Lehman Brothers Treasury Co 10.60 4/22/2014 MXN 1.90
Lehman Brothers Treasury Co 10.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 6.60 5/23/2012 AUD 1.90
Lehman Brothers Treasury Co 3.45 5/23/2013 USD 1.90
Lehman Brothers Treasury Co 9.00 5/6/2011 CHF 1.90
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Credit Suisse AG/London 3.00 11/15/2025 ZAR 68.90
Lehman Brothers Treasury Co 11.00 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 10.00 2/16/2009 CHF 1.90
Lehman Brothers Treasury Co 5.38 2/4/2014 USD 1.90
Lehman Brothers Treasury Co 4.00 1/4/2011 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 7.50
Lehman Brothers Treasury Co 6.72 12/29/2008 EUR 1.90
Lehman Brothers Treasury Co 7.06 12/29/2008 EUR 1.90
Lehman Brothers Treasury Co 9.30 12/21/2010 EUR 1.90
Lehman Brothers Treasury Co 8.00 12/31/2010 USD 1.90
Araratbank OJSC 8.00 6/10/2018 USD 25.58
Transgazservice LLP 10.50 11/8/2019 RUB 5.02
Noyabrskaya Pge OOO 8.50 11/10/2020 RUB 60.00
UNGP-Finance OOO 10.00 12/16/2020 RUB 0.10
BNP Paribas Emissions- und H 3.00 10/12/2018 EUR 74.11
Landesbank Baden-Wuerttember 2.60 8/23/2019 EUR 73.23
National Developing Co PAO 12.00 7/19/2018 RUB 1.11
Lehman Brothers Treasury Co 9.00 3/17/2009 GBP 1.90
Lehman Brothers Treasury Co 8.00 12/27/2032 JPY 1.90
Lehman Brothers Treasury Co 1.50 2/8/2012 CHF 1.90
Lehman Brothers Treasury Co 4.50 8/2/2009 USD 1.90
Lehman Brothers Treasury Co 4.35 8/8/2016 SGD 7.50
Societe Generale SA 0.50 5/22/2024 MXN 57.99
HSBC Bank PLC 0.50 12/8/2026 AUD 72.94
Lehman Brothers Treasury Co 3.00 8/13/2011 EUR 1.90
Kaupthing ehf 3.75 2/15/2024 ISK 0.25
Lehman Brothers Treasury Co 7.50 6/15/2017 USD 1.90
Lehman Brothers Treasury Co 8.00 10/23/2008 USD 1.90
Lehman Brothers Treasury Co 7.00 10/22/2010 EUR 1.90
Lehman Brothers Treasury Co 2.00 6/21/2011 EUR 1.90
Lehman Brothers Treasury Co 6.00 6/21/2011 EUR 1.90
Lehman Brothers Treasury Co 3.40 9/21/2009 HKD 1.90
Lehman Brothers Treasury Co 4.00 10/12/2010 USD 1.90
Lehman Brothers Treasury Co 1.50 10/12/2010 EUR 1.90
Lehman Brothers Treasury Co 18.25 10/2/2008 USD 1.90
Lehman Brothers Treasury Co 2.50 8/23/2012 GBP 1.90
Lehman Brothers Treasury Co 6.00 12/30/2017 EUR 1.90
Lehman Brothers Treasury Co 13.00 7/25/2012 EUR 1.90
Lehman Brothers Treasury Co 10.00 8/2/2037 JPY 1.90
Lehman Brothers Treasury Co 4.10 8/23/2010 USD 1.90
Societe Generale SA 0.50 6/12/2023 RUB 70.60
Lehman Brothers Treasury Co 8.00 4/20/2009 EUR 1.90
Lehman Brothers Treasury Co 6.00 3/17/2011 EUR 1.90
Lehman Brothers Treasury Co 4.70 3/23/2016 EUR 1.90
Lehman Brothers Treasury Co 3.70 6/6/2009 EUR 1.90
Lehman Brothers Treasury Co 3.63 3/2/2012 EUR 1.90
Lehman Brothers Treasury Co 13.00 12/14/2012 USD 1.90
Kaupthing ehf 5.00 1/4/2027 SKK 0.25
Lehman Brothers Treasury Co 7.00 2/15/2012 EUR 1.90
Lehman Brothers Treasury Co 4.69 2/19/2017 EUR 1.90
Credit Suisse AG/London 0.50 1/8/2026 BRL 44.50
Lehman Brothers Treasury Co 5.20 3/19/2018 EUR 1.90
Lehman Brothers Treasury Co 3.50 10/24/2011 USD 1.90
Lehman Brothers Treasury Co 13.50 11/28/2008 USD 1.90
Lehman Brothers Treasury Co 4.10 2/19/2010 EUR 1.90
Lehman Brothers Treasury Co 6.00 2/14/2012 EUR 1.90
Lehman Brothers Treasury Co 6.60 2/22/2012 EUR 1.90
Lehman Brothers Treasury Co 9.00 5/15/2022 USD 1.90
Lehman Brothers Treasury Co 6.75 4/5/2012 EUR 1.90
Lehman Brothers Treasury Co 0.25 10/19/2012 CHF 1.90
Lehman Brothers Treasury Co 7.39 5/4/2017 USD 1.90
Lehman Brothers Treasury Co 2.25 5/12/2009 USD 1.90
Lehman Brothers Treasury Co 4.00 5/17/2010 USD 1.90
Escher Marwick PLC 3.50 10/14/2031 USD 56.24
Digital Invest OOO 11.00 3/8/2021 RUB 0.74
Lehman Brothers Treasury Co 4.25 5/15/2010 EUR 1.90
Lehman Brothers Treasury Co 4.00 5/30/2010 USD 1.90
Lehman Brothers Treasury Co 2.48 5/12/2009 USD 1.90
Lehman Brothers Treasury Co 6.00 5/23/2018 CZK 1.90
Lehman Brothers Treasury Co 0.80 12/30/2016 EUR 1.90
Lehman Brothers Treasury Co 4.10 6/10/2014 SGD 7.50
Lehman Brothers Treasury Co 5.50 6/15/2009 CHF 1.90
Lehman Brothers Treasury Co 8.00 8/3/2009 USD 1.90
UNGP-Finance OOO 10.00 4/20/2021 RUB 0.10
HSBC Bank PLC 0.50 6/9/2023 MXN 63.22
Lehman Brothers Treasury Co 4.00 11/24/2016 EUR 1.90
Lehman Brothers Treasury Co 4.00 10/24/2012 EUR 1.90
Lehman Brothers Treasury Co 11.00 6/29/2009 EUR 1.90
Lehman Brothers Treasury Co 7.75 1/30/2009 EUR 1.90
Lehman Brothers Treasury Co 0.25 7/21/2014 EUR 1.90
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.08
TPGK-Finance ZAO 10.83 9/17/2021 RUB 0.07
Societe Generale SA 0.50 7/6/2021 BRL 72.91
Lehman Brothers Treasury Co 10.00 1/4/2010 USD 1.90
Lehman Brothers Treasury Co 0.50 2/16/2009 EUR 1.90
Lehman Brothers Treasury Co 3.00 8/8/2017 EUR 1.90
Lehman Brothers Treasury Co 3.50 9/19/2017 EUR 1.90
Lehman Brothers Treasury Co 8.25 2/3/2016 EUR 1.90
Lehman Brothers Treasury Co 4.20 12/3/2008 HKD 7.50
Lehman Brothers Treasury Co 0.75 3/29/2012 EUR 1.90
Lehman Brothers Treasury Co 4.50 12/30/2010 USD 1.90
Kommunekredit 0.50 5/11/2029 CAD 71.95
Lehman Brothers Treasury Co 7.50 8/1/2035 EUR 1.90
Lehman Brothers Treasury Co 6.00 12/6/2016 USD 1.90
Lehman Brothers Treasury Co 7.25 6/20/2010 USD 1.90
Lehman Brothers Treasury Co 3.00 8/15/2017 EUR 1.90
Lehman Brothers Treasury Co 3.50 9/29/2017 EUR 1.90
Lehman Brothers Treasury Co 1.95 11/4/2013 EUR 1.90
Lehman Brothers Treasury Co 23.30 9/16/2008 USD 1.90
Lehman Brothers Treasury Co 10.44 11/22/2008 CHF 1.90
Lehman Brothers Treasury Co 7.60 3/4/2010 NZD 1.90
Lehman Brothers Treasury Co 4.00 12/2/2012 EUR 1.90
Lehman Brothers Treasury Co 3.00 6/3/2010 EUR 1.90
Lehman Brothers Treasury Co 7.60 5/21/2013 USD 1.90
Bashneft PJSC 12.00 5/9/2025 RUB 60.00
Lehman Brothers Treasury Co 12.00 7/4/2011 EUR 1.90
Lehman Brothers Treasury Co 8.00 3/19/2012 USD 1.90
Lehman Brothers Treasury Co 3.60 3/19/2018 JPY 1.90
Lehman Brothers Treasury Co 6.00 3/4/2015 USD 1.90
Lehman Brothers Treasury Co 1.00 2/26/2010 USD 1.90
Lehman Brothers Treasury Co 11.00 7/4/2011 USD 1.90
Lehman Brothers Treasury Co 5.50 7/8/2013 EUR 1.90
Societe Generale SA 0.50 4/3/2023 RUB 71.79
Lehman Brothers Treasury Co 7.50 2/14/2010 AUD 1.90
Lehman Brothers Treasury Co 7.32 7/31/2013 GBP 1.90
Lehman Brothers Treasury Co 16.00 10/28/2008 USD 1.90
Lehman Brothers Treasury Co 8.00 5/22/2009 USD 1.90
Lehman Brothers Treasury Co 4.60 8/1/2013 EUR 1.90
Lehman Brothers Treasury Co 16.00 10/8/2008 CHF 1.90
Lehman Brothers Treasury Co 14.90 11/16/2010 EUR 1.90
Lehman Brothers Treasury Co 7.60 3/26/2009 EUR 1.90
HSBC Bank PLC 0.50 12/22/2025 BRL 43.60
Lehman Brothers Treasury Co 7.80 3/31/2018 USD 1.90
Lehman Brothers Treasury Co 9.50 4/1/2018 USD 1.90
Digital Invest OOO 10.48 4/8/2021 RUB 0.57
Lehman Brothers Treasury Co 8.88 1/28/2011 HKD 7.50
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 USD 1.90
Lehman Brothers Treasury Co 7.05 4/8/2015 USD 1.90
Lehman Brothers Treasury Co 7.15 3/21/2013 USD 1.90
Digital Invest OOO 10.48 4/9/2021 RUB 0.57
Digital Invest OOO 10.48 4/9/2021 RUB 0.57
Lehman Brothers Treasury Co 4.00 3/10/2011 EUR 1.90
Lehman Brothers Treasury Co 8.00 3/21/2018 USD 1.90
Heta Asset Resolution AG 0.38 12/31/2023 EUR 34.63
Lehman Brothers Treasury Co 4.05 9/16/2008 EUR 1.90
Lehman Brothers Treasury Co 11.00 2/16/2009 CHF 1.90
Kommunalbanken AS 0.50 12/16/2020 TRY 70.54
Lehman Brothers Treasury Co 13.00 2/16/2009 CHF 1.90
Lehman Brothers Treasury Co 7.00 2/15/2010 CHF 1.90
Lehman Brothers Treasury Co 6.00 2/19/2023 USD 1.90
Lehman Brothers Treasury Co 6.25 11/30/2012 EUR 1.90
Lehman Brothers Treasury Co 8.80 12/27/2009 EUR 1.90
Lehman Brothers Treasury Co 8.05 12/20/2010 HKD 1.90
Lehman Brothers Treasury Co 2.50 11/9/2011 CHF 1.90
Lehman Brothers Treasury Co 7.63 7/22/2011 HKD 1.90
Lehman Brothers Treasury Co 0.50 12/20/2017 AUD 1.90
Lehman Brothers Treasury Co 3.50 12/20/2027 USD 1.90
Lloyds Bank PLC 0.50 7/26/2021 BRL 72.50
Lehman Brothers Treasury Co 4.80 11/16/2012 HKD 1.90
Digital Invest OOO 10.22 11/3/2020 RUB 0.67
HSBC Bank PLC 0.50 11/25/2025 BRL 43.94
Lehman Brothers Treasury Co 16.00 12/26/2008 USD 1.90
Lehman Brothers Treasury Co 6.00 8/7/2013 EUR 1.90
HSBC Bank PLC 0.50 4/11/2023 MXN 64.15
*********
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 2018. 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.
* * * End of Transmission * * *