/raid1/www/Hosts/bankrupt/TCREUR_Public/180409.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, April 9, 2018, Vol. 19, No. 069
Headlines
C Y P R U S
BANK OF CYPRUS: Fitch Affirms B- Long-Term Issuer Default Rating
F I N L A N D
FINNAIR OYJ: Egan-Jones Hikes FC Sr. Unsecured Ratings to BB+
F R A N C E
FINANCIERE EFEL: S&P Affirms 'B' ICR Following Storax Acquisition
SPIE SA: Moody's Affirms Ba3 Corporate Family Rating
SPIE SA: S&P Alters Outlook to Neg. & Affirms 'BB' Long-Term ICR
G E O R G I A
BANK OF GEORGIA: Moody's Raises $350MM Notes Rating to Ba2
I R E L A N D
MARLAY PARK: Moody's Assigns B2 Rating to Class E Sr. Notes
SAMMON CONTRACTING: Carillion's Collapse Prompts Examinership
VOYA EURO: Moody's Assigns (P)B2 Rating to Class F Sr. Notes
I T A L Y
UNIONE DI BANCHE: Moody's Assigns (P)Ba3 LT Sr. Notes Rating
K A Z A K H S T A N
BANK OF ASTANA: S&P Assigns 'B-/B' Ratings, Outlook Negative
KAZMUNAIGAS EXPLORATION: S&P Withdraws 'BB-' Issuer Credit Rating
L U X E M B O U R G
COVERIS HOLDING: S&P Alters Outlook to Pos. & Affirms 'B-' ICR
N E T H E R L A N D S
BNPP IP 2015-1: Fitch Assigns 'B-(EXP)' Rating to Class F-R Notes
R U S S I A
DELOPORTS LLC: Fitch Affirms BB- IDR & Unsecured Bond Rating
TOMSK OBLAST: S&P Affirms BB- Issuer Credit Rating
U N I T E D K I N G D O M
CONVIVIALITY PLC: Appoints Administrators, Share Trading Halted
IWH UK: Fitch Assigns 'B' First-Time Final Issuer Default Rating
MOTHERCARE: Calls in KPMG for Restructuring Advice, CVA Mulled
NEW LOOK: Fitch Corrects March 2 Rating Release
SERVACOMM: Administrators Seek Buyer for Business
S.G. ALUMINIUM: Onerous Contract Prompts Administration
U Z B E K I S T A N
AGROBANK: Moody's Hikes LT Local-Currency Deposit Rating to B1
X X X X X X X X
* BOND PRICING: For the Week April 2 to April 6, 2018
*********
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C Y P R U S
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BANK OF CYPRUS: Fitch Affirms B- Long-Term Issuer Default Rating
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Fitch Ratings has affirmed Bank of Cyprus Public Company
Limited's (BoC) Long-Term Issuer Default Rating (IDR) at 'B-' and
Hellenic Bank Public Company Limited's (HB) Long-Term IDR at 'B'.
The Outlooks on both banks' Long-Term IDRs are Stable.
Fitch has also upgraded the Long-Term rating of BoC's Tier 2
subordinated notes to 'CCC'/'RR6' from 'CC'/'RR6' and removed it
from Rating Watch Positive. The rating action follows the
publication of the updated bank rating criteria, which introduced
+ and -- modifiers at the 'CCC'/'ccc' level for Long-Term IDRs,
long-term international debt and deposit ratings, Derivative
Counterparty Ratings and Viability Ratings.
KEY RATING DRIVERS
IDRS, VIABILITY RATINGS AND SENIOR DEBT
BoC's and HB's ratings are driven by the banks' poor asset
quality and the resulting high encumbrance of capital by problem
assets. HB's ratings factor in the high share of high quality
non-loan earning assets on its balance sheet, which support its
overall asset quality and liquidity, and drive the one-notch
difference relative to BoC's ratings.
BoC achieved an almost 40% reduction in the stock of non-
performing exposures (NPEs, as defined by the EBA) between end-
2015 and end-2017, ahead of its domestic peers. HB's NPEs
declined by 17% over the same period, although about a third of
it came from an NPE sale agreed in December 2017. Despite this,
asset quality is still very weak at both banks. The NPE/gross
loans ratios at end-2017 were stubbornly high at 47% at BoC (55%
at end-2016) and at 53% at HB (pro-forma for the NPE sale, 58% at
end-2016). In 2Q17, both banks revised their provisioning
assumptions in the context of the ECB's supervisory review and
evaluation process. Coverage of NPEs reached 48% at end-2017 at
BoC (51% pro-forma for additional provisions due to IFRS 9) and
60% at HB. While Fitch view the revised assumptions as more
realistic, coverage levels continue to reflect the banks' high
reliance on collateral.
For HB, Fitch assessment of asset quality takes into account the
high quality of the bank's other earning assets, in particular a
large placement with the ECB (EUR2.2 billion at end-2017 or
around 30% of total assets).
BoC targets a further EUR2 billion organic decrease of NPEs in
2018 (slightly over 20% of the end-2017 stock and in line with
performance in 2017). The bank also stated that it is exploring
non-organic options to accelerate de-risking of its balance
sheet. In July 2017, HB transferred the servicing of almost all
of its NPEs and real estate assets to an external company (a
joint venture between HB and an international specialist
servicer). Fitch expect this will boost HB's currently fairly low
pace of NPE reduction. Notwithstanding the banks' efforts,
organic workout of their asset quality problems will be a lengthy
process in Fitch's view and will require the operating
environment in Cyprus to remain supportive. Fitch expect asset
quality to remain weak in the medium term in the absence of any
structural solutions.
Capital ratios (fully-loaded common equity Tier 1 ratio of 12.2%
at BoC and 13.8% at HB at end-2017) should be viewed in the
context of the banks' asset quality. BoC's unreserved NPEs and
foreclosed assets stood at exceptionally high 3x fully-loaded
CET1 capital, only marginally down from the year before as NPE
stock decrease and higher coverage were offset by capital erosion
caused by the full-year loss. HB's unreserved NPEs and foreclosed
assets were similarly high and equalled 2.2x fully-loaded CET1
capital (albeit down from 2.5x at end-2016). This makes the
banks' capitalisation sensitive to the setbacks in the recovery
of the Cypriot property market (house prices posted a 1.4% yoy
increase in 3Q17 but remain around 30% below their pre-crisis
peak). Fitch's assessment of both banks' capitalisation factors
in Fitch expectation that the banks will reduce their capital
encumbrance.
The impact of the first-time adoption of IFRS 9 is material
(EUR300 million for BoC and EUR34 million for HB, around 15% and
7% of end-2017 CET1 capital, respectively). However, it is
mitigated by a generous phase-in schedule, whereby only 5% of it
is taken into account when calculating regulatory capital ratios
in 2018 (rising to 15% in 2019 and 30% in 2020).
Both banks are primarily deposit-funded. HB's liquidity is
underpinned by its large placement at the ECB and is stronger
than BoC's. BoC's funding and liquidity improved in 2017 as the
bank continued to grow deposits (+8% yoy) and managed to build-up
an acceptable liquidity buffer (about 15% of assets, mostly cash
at the central bank) and reach compliance with regulatory
liquidity requirements. At end-2017, the liquidity coverage ratio
stood at 190% at BoC and at 277% at HB. The net stable funding
ratio was 111% and 158%, respectively.
In Fitch's view, both banks need to maintain relatively high
liquidity buffers to mitigate the potential volatility of non-
resident deposits (about a quarter of total deposits at BoC and
about a half at HB). This largely short-term funding has been
stable in recent years but is more confidence-sensitive than
domestic deposits and is likely to become flighty in a stress.
SUPPORT RATING AND SUPPORT RATING FLOOR
BoC's and HB's Support Ratings of '5' and Support Rating Floors
of 'No Floor' reflect Fitch's view that senior creditors cannot
rely on receiving full extraordinary support from the sovereign
if BoC or HB becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that is
likely to require senior creditors participating in losses, if
necessary, instead of or ahead of a bank receiving sovereign
support.
Fitch views on support takes into account the authorities' record
of imposing losses on senior creditors of BoC and Laiki Popular
Bank in March 2013. It also considers the potentially constrained
ability to provide support in light of the large size of the
banking sector relative to the Cypriot economy, and the banks'
high stock of NPEs.
SUBORDINATED DEBT
BoC's subordinated Tier 2 notes are notched twice off its VR.
Fitch applies zero notches for additional non-performance risk
relative to the VR as the notes' loss-absorption is triggered
only at the point of non-viability, and two notches for loss
severity. The latter reflects Fitch view that the layer of
subordinated debt is very thin relative to the size of the bank's
potential problem (reflected in the high volume of unreserved
NPEs).
RATING SENSITIVITIES
IDRS, VR AND SENIOR DEBT
An upgrade is unlikely in the near term given the banks' asset
quality problems, but a significant reduction of NPEs relative to
capital and demonstrated ability to dispose of foreclosed assets,
resulting in a much lower vulnerability of capital to stress,
could be rating positive.
The ratings could be downgraded if the banks fail to reduce
capital encumbrance by unreserved NPE or if asset quality
deterioration jeopardises solvency or if there are any unforeseen
shocks to the stability of the bank's deposits.
SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch believes there is little upside for the banks' Support
Ratings and Support Rating Floors. This is due to the presence of
a resolution scheme with bail-in tools that have already been
implemented, the authorities' limited capacity to provide future
support, but also in light of a clear intention to reduce
implicit state support for financial institutions in the EU.
SUBORDINATED DEBT
BoC's subordinated debt ratings are sensitive to changes in the
bank's Viability Rating. They could also be upgraded if
unreserved NPEs become less significant relative to the layer of
subordinated debt, either through an increase in the amount of
junior debt or through a significant reduction of unreserved
NPEs.
The rating actions are as follows:
BoC
Long-Term IDR: affirmed at 'B-'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior debt long-term rating: affirmed at 'B-'/'RR4'
Senior debt short-term rating: affirmed at 'B'
Subordinated debt long-term rating: upgraded to 'CCC'/'RR6' from
'CC'/'RR6'; off Rating Watch Positive
HB
Long-Term IDR: affirmed at 'B'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
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F I N L A N D
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FINNAIR OYJ: Egan-Jones Hikes FC Sr. Unsecured Ratings to BB+
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Egan-Jones Ratings Company, on March 26, 2018, upgraded
the foreign currency senior unsecured ratings on debt issued by
Finnair Oyj to BB+ from BB.
Finnair Oyj provides passenger and cargo airline services to
various destinations between Asia and Europe. The company was
founded in 1923 and is based in Vantaa, Finland.
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F R A N C E
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FINANCIERE EFEL: S&P Affirms 'B' ICR Following Storax Acquisition
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S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Financiere Efel SAS. The outlook remains stable. S&P
said, "At the same time, we affirmed our 'B' issue rating on the
EUR295 million (EUR230 million plus EUR65 million add-on) senior
secured term loan B due 2024 and on the existing revolving credit
facility (RCF). The recovery rating remains at '3', reflecting
our expectation of about 55% recovery for holders of the
instrument in case of a payment default."
Averys Group has announced that it has agreed to acquire
Portugal-based storage racking systems manufacturer Storax. The
acquisition, with an enterprise value of EUR75 million, is being
financed via the issuance of a EUR65 million add-on to the
group's existing EUR230 million senior secured term loan B,
resulting in total outstanding debt of EUR295 million after the
transaction closes, expected in April 2018.
S&P said, "The rating affirmation reflects our view that the
acquisition of Storax will be beneficial for the Averys Group.
Despite the increase in debt to fund the acquisition, we expect
key credit metrics to gradually improve over the medium term
driven by the group's operational and financial performance;
adjusted debt to EBITDA should remain comfortably below 5x and
FFO to cash interest more than 3x over the next 12 months."
With stand-alone pro forma sales of over EUR470 million in 2017
and EBITDA of EUR58 million, Averys Group is a European leader in
the manufacturing of storage systems (heavy- and light-duty
racking) and metal furniture for numerous applications in
industrial warehouses. Headquartered in France, the group
operates in 13 countries across Europe, the Middle East, and
APAC, through a portfolio of eight brands. The group has been
able to grow its revenues and EBITDA, with a compound annual
growth rate of revenues of 7% and EBITDA of 15%, since 2010
notably driven by the acquisition and successful integration of
Stow in 2013.
Storax is the leading South European manufacturer of racking
products and is well-positioned in attractive niches such as
mobile racks, shuttles, and silos, and benefits from the ongoing
automation trend. Storax generated EUR76 million of revenue with
EBITDA margins of 10.5% in the year-ended Dec. 31, 2017 (fiscal
2017). S&P assesses that the acquisition will improve Averys
Group's scale of its operations, as well as provide operational
synergies and additional cash flow from day one. Operationally,
Averys Group should benefit from Storax's distribution network,
which will allow the group to access the Spanish and Portuguese
market for storage racking products with further potential to
penetrate new markets and expand its geographical footprint.
S&P said, "We assess the business risk profile of the group as
weak according to our methodology. Most notably, it is
constrained by the limited scale, scope, and diversification of
its operations compared with other capital goods sector
companies. The group has addressed its geographic concentration
over the past 10 years through acquiring Standard in Turkey,
Wandalex in Poland, and Stow across Europe. The integration of
Storax will further reduce the importance of France in revenue
generation (at around 35%) but Europe will still account for 90%
of the group's revenue base. We also view the market for racking
storage products as fragmented and competitive, which is a
further constraining factor.
"We positively view Averys' solid market shares in its core
geographic markets (50% in France, 27% in Belgium) translating
into its no. 2 position in Europe and no. 3 position globally.
Furthermore, on the strength of its leading market position,
Averys has maintained long-term relationships with a fairly wide
range of customers from original equipment manufacturers
(forklift companies), to E-tailers, including retailers, with no
contract losses. While its top 10 customers account for less than
30% of its sales, the group to an extent remains exposed to its
relationships with its largest industrial customers. We also
view positively the group's variable cost structure, which has
historically enabled the group to deliver an EBITDA margin of
10%-12% through the cycle. At the end of fiscal year 2017 we
estimate the S&P Global Ratings-adjusted EBITDA margin at 12.8%.
"We assess Averys' financial risk profile as highly leveraged,
according to our methodology, constrained by its financial
sponsor ownership with inherent risk of re-leveraging, as
evidenced by the refinancing and dividend recapitalization in
2017, and appetite for growth through acquisitions. At the end of
fiscal year 2017 we estimate S&P Global Ratings-adjusted debt to
EBITDA at around 4.4x. Despite increased debt associated with the
transaction, our leverage expectation remains largely unchanged
toward the end of fiscal year 2018, at about 4.2x-4.5x. This is
due to our expectation that the increase in debt is offset by
enhanced EBITDA and cash flow generation due to organic growth
and the Storax contribution.
"Our estimate of adjusted debt at year-end 2018 includes the
EUR230 million term loan B facility, the add-on of EUR65 million,
EUR5 million in other debt, and our standard adjustment for
operating leases and pensions, at around EUR18 million-EUR19
million and EUR5 million-EUR6 million, respectively.
"The stable outlook reflects our expectation that Financiere Efel
will grow organically and that it will maintain an EBITDA margin
of 12%-13%, and report adjusted debt to EBITDA below 5x and FFO
to cash interest cover of more than 3x by year-end 2018. In our
view, the acquisition of Storax combined with the group's organic
growth should offset the increase in debt following the add-on
term loan B facility.
"We could lower the rating if the company faced the loss of a
major customer contract or if the anticipated growth did not
materialize due to adverse market conditions, leading to lower
revenues, EBITDA, and cash flow generation compared with our base
case. A more aggressive financial policy--for example in form of
shareholder distributions--or deteriorating liquidity could also
put the ratings under pressure. Likewise, FFO cash interest
coverage converging toward less than 3.0x or adjusted debt to
EBITDA above 5.0x would likely trigger a negative rating action.
"Given the company's small absolute size, we see an upgrade as
remote. Any positive rating acting would require further
significant diversification, the company to outperform our base-
case projections, with the EBITDA margin improving sustainably,
and to demonstrate a supportive financial policy, such as a
constant deleveraging path combined with a lack of further
returns to shareholder. This is unlikely during the outlook
horizon of the next 12 months."
SPIE SA: Moody's Affirms Ba3 Corporate Family Rating
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Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) and the Ba3-PD probability of default rating (PDR)
of SPIE SA (Spie), a leading independent European multi-technical
business services provider. The rating agency has concurrently
placed on review for downgrade the Ba3 rating of the EUR600
million outstanding notes issued by Spie. Moody's expects that
the outlook for Spie's ratings will be stable upon conclusion of
the review for downgrade of the notes.
The rating action follows the company's announcement that it has
received commitments from a group of lenders for new unguaranteed
credit facilities, including a EUR1.2 billion term loan due 2023
and a EUR600 million revolving credit facility (RCF) due 2023 to
refinance and replace the outstanding guaranteed credit
facilities, including the EUR1,125 million term loan due 2020 and
the EUR400 million revolving credit facility due 2020.
LIST OF AFFECTED RATINGS
-- Corporate Family Rating, Affirmed Ba3
-- Probability of Default Rating, Affirmed Ba3-PD
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba3
-- Outlook, Rating Under Review from Stable
RATINGS RATIONALE
RATIONALE TO REVIEW THE NOTES FOR THE DOWNGRADE
-- As per provisions in Spie's notes documentation, the notes
will become unguaranteed (in line with the new credit facilities)
if the refinancing completes as planned. This will make the notes
structurally subordinate to sizable liabilities of Spie's
operating subsidiaries;
-- Moody's expects to downgrade the notes rating to B1 from Ba3
if they become unguaranteed.
RATIONALE TO AFFIRM THE CFR AND PDR
-- The affirmation of Spie's CFR and PDR reflects Moody's view
that the refinancing does not affect the CFR of the group, which
remains adequately positioned in the Ba3 category, though with
limited headroom for more leverage;
-- The company's leverage, as measured by Moody's-adjusted
debt/EBITDA, has increased to 5.5x based on the pro forma results
in 2017 from 5.1x based on the pro forma results in 2016.
However, despite high leverage the rating agency views positively
the company's increased scale and improved geographical
diversification since the acquisition of SAG AG on April 1, 2017;
-- In addition, Moody's expects the company will reduce
leverage towards 5.0x over the next 12-18 months on the back of
gradual recovery in major segments, continued M&A activity
(financed by internally generated cash), and gradually improving
oil prices, which will help to stabilize its Oil & Gas subsegment
that had a steep decline in 2017.
Spie's Ba3 CFR reflects: (1) the positive growth dynamics
dominating the technical services industry; (2) the company's
position as a leading independent multi-technical service
provider; (3) its recurring revenues from a large number of small
contracts leading to stable financial performance in the past;
(4) good customer diversification; and (5) steady cash flow
generation underpinned by negative working capital needs and the
business's low capital intensity.
Conversely, the rating reflects: (1) the company's high leverage
of 5.5x pro forma for the refinancing; (2) intense competition in
the fragmented multi-technical services market, including larger
providers, leading to pricing pressure; (3) exposure to
construction and renovation demand with some headwinds in its
French market driven by lower public spending and cyclicality of
the Oil & Gas subsegment; (4) ongoing growth strategy through
acquisitions, which may delay deleveraging if the company
finances acquisitions by debt.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE CFR
Leverage, as measured by Moody's-adjusted debt/EBITDA, were to
decrease towards 4.0x; and
RCF/Net debt ratio were to increase above 17%.
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE CFR
Leverage, as measured by Moody's-adjusted debt/EBITDA, were to
increase above 5.5x;
RCF/Net debt ratio were to decrease below 10%; or
Any significant debt-financed acquisition were to put negative
pressure on credit metrics.
LIQUIDITY
Pro forma for the refinancing, Spie's liquidity is good,
supported by low capex requirements of around 0.6% of revenue and
structurally negative working capital; expected positive free
cash flow of around EUR200 million in 2018 (after dividends but
before acquisitions); no scheduled debt amortizations until 2023;
cash of EUR520.1 million as of December 31, 2017; an undrawn
EUR600 million RCF; and good expected headroom under its net
leverage covenant.
STRUCTURAL CONSIDERATIONS
The Ba3 rating of the EUR600 million notes in line with Ba3 CFR
and Ba3-PD probability of default rating (PDR) reflects Moody's
50% corporate family rating recovery assumption. Currently, the
notes and the credit facilities are guaranteed by Spie's
operating subsidiaries, representing at least 65% of total
EBITDA. The review for downgrade of the notes reflects Moody's
expectation that the notes will become unguaranteed (in line with
the new unguaranteed credit facilities) if the refinancing
completes as planned based on the provisions in Spie's notes
documentation. This will make the notes structurally subordinate
to sizable liabilities of Spie's operating subsidiaries, such as
trade payables and pension liabilities, thereby putting pressure
on the Ba3 rating of the notes.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
PROFILE
Spie, headquartered in Cergy, France, is a leading independent
European multi-technical services provider of electrical and
mechanical services, technical facility management, information
and communications technology services. Spie's pro forma revenue
was around EUR6.5 billion in 2017. The company has been listed on
the Euronext Paris stock exchange since June 11, 2015.
SPIE SA: S&P Alters Outlook to Neg. & Affirms 'BB' Long-Term ICR
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S&P Global Ratings revised its outlook to negative from stable on
France-based multi-technical services provider Spie SA. At the
same time, S&P affirmed its 'BB' long-term issuer credit rating
on Spie.
S&P said, "We also affirmed our 'BB' issue ratings on Spie's
EUR1.125 billion senior unsecured term loan, EUR600 million
senior unsecured notes, and EUR400 million revolving credit
facility (RCF). The recovery rating of '4' on the facilities
reflects our expectation of average recovery (30%-50%; rounded
estimate: 30%) in the event of a payment default.
"At the same time, we assigned an issue rating of 'BB' and a
recovery rating of '4' to the proposed EUR1.2 billion senior
unsecured term loan and EUR600 million RCF. Our recovery
expectation for these facilities is also about 30%.
"The outlook revision reflects our expectation of slower
deleveraging than we previously forecast. Although Spie's
underlying performance in 2017 was broadly in line with our
expectations, we expect exceptional costs related to streamlining
of the business, and soft market conditions, to continue to weigh
on the group's operating performance in 2018. We view 2017 as a
transitional year, given the sizable acquisition of SAG in the
second quarter and the exceptional costs associated with its
integration, which resulted in adjusted debt to EBITDA of above
5.0x.
"In 2018, we forecast revenue growth of 8%-10%, owing to the
full-year consolidation of SAG, alongside further bolt-on
acquisitions, and organic growth in the group's French and German
operations. However, we expect that continued soft pricing in the
French commercial sector, weaker demand in the U.K., and a degree
of margin dilution from acquisitions made in 2017 will constrain
growth and underlying EBITDA generation. In addition, while we
expect lower exceptional costs in 2018, we forecast that
restructuring costs in France, alongside acquisition-related
costs, will result in elevated leverage metrics, including
adjusted debt to EBITDA of 4.5x-4.8x and funds from operations
(FFO) to debt of 13%-17%. We view such ratios as inconsistent
with the current rating. However, we expect to see further margin
improvement in 2019 as the group benefits from increased density
in the German market, alongside lower restructuring costs, such
that debt to EBITDA falls below 4.5x and FFO to debt rises above
15%.
"Our 'BB' issue ratings and '4' recovery ratings on the group's
proposed EUR1.2 billion senior unsecured term loan and EUR600
million RCF reflect our expectation that the group will use the
new facilities to refinance the existing banking lines. We note
that the proposed facilities will no longer benefit from upstream
guarantees provided by the group's operating subsidiaries, which
we expect to result in the removal of the guarantee package under
the group's EUR600 million notes. However, we assess that this
won't be detrimental to the recovery prospects for bond
investors, as they would continue to rank pari passu with the
group's banking facilities. That said, the recovery rating of '4'
is constrained by the existence of material liabilities, which we
would consider would rank prior to the senior unsecured
facilities in the event of a payment default.
"The negative outlook reflects our assessment that there is a
one-in-three chance that continued soft pricing in the group's
core French market, weakness in the U.K. and oil and gas
segments, and continued high restructuring costs will constrain
Spie's revenue and EBITDA growth.
"We could lower the rating if the group's operating performance
in 2018 does not signal an improving leverage trend, such that we
do not expect debt to EBITDA to fall below 4.5x or FFO to debt to
increase above 15% in 2019.
"We could consider revising the outlook to stable if Spie focuses
on reducing its leverage while improving operating performance,
such that debt to EBITDA improves to below 4.5x and FFO to debt
increases to above 15%."
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G E O R G I A
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BANK OF GEORGIA: Moody's Raises $350MM Notes Rating to Ba2
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Moody's Investors Service has upgraded to Ba2 from B1 the
foreign-currency rating on the $350 million senior unsecured
notes due July 2023 (ISIN XS1405775880) transferred to JSC Bank
of Georgia (BoG, long term local-currency deposits Ba2 stable,
baseline credit assessment ba3). The outlook on the senior
unsecured notes has changed to stable from rating under review.
This rating action concludes the review for upgrade on the notes'
rating initiated on November 27, 2017, following the announcement
that JSC BGEO Group (BGEO) was seeking consent from noteholders
to transfer the notes to its main banking subsidiary BoG.
At the same time, Moody's affirmed the B1/Not Prime long- and
short-term issuer ratings of BGEO. The outlook on the long term
issuer rating remains stable.
RATINGS RATIONALE
-- CONCLUSION OF RATING REVIEW ON SENIOR UNSECURED NOTES
The rating action reflects the fact that BoG has now become the
principal debtor under the notes, replacing BGEO. The upgrade to
Ba2 aligns the rating on these notes with the rating on other
senior unsecured debt issued by BoG.
Following the transfer to BoG, the notes have become senior
unsecured obligations of the bank. Therefore, holders of these
notes are no longer structurally subordinated to the bank's
creditors. In addition, similar to local-currency deposits and
other senior debt issued by BoG, the rating of the notes now
benefits from one notch of support uplift from the Government of
Georgia (Ba2 stable). This government support uplift is driven by
Moody's expectation of a high probability of government support
and derives from the bank's systemic importance to the national
economy and the functioning of the domestic financial system. BoG
accounted for 34% of total customer deposits in Georgia as of
year-end 2017.
-- RATING AFFIRMATION OF JSC BGEO GROUP'S RATINGS
The affirmation of BGEO's B1 issuer rating reflects Moody's
expectation that BoG will continue to account for the bulk of the
group's assets and revenues. BGEO's ratings will therefore remain
driven by BoG's standalone credit profile. Following the
corporate restructuring announced on July 3, 2017 and the split
of the group into separate banking and investment business arms,
which will require shareholder approval at a meeting planned for
April 30, 2018, the rating agency expects that BoG will account
for more than 90% of BGEO's assets and recurring revenues, up
from an estimated 83% and roughly 80% respectively as of year-end
2017.
BGEO's B1 issuer rating remains positioned one notch below the
ba3 adjusted baseline credit assessment (BCA) assigned to BoG.
This rating approach is in line with the rating agency's usual
notching practice for holding companies, as described in Moody's
Banks methodology, which recognises the structural subordination
of BGEO's creditors to those of its operating subsidiaries. The
issuer rating of BGEO does not incorporate any government support
uplift as Moody's considers that any support would flow directly
to the bank rather than through the holding company.
The stable outlook on BGEO's issuer rating is in line with the
stable outlook on BoG's ratings.
WHAT COULD CHANGE THE RATING UP/DOWN
There is limited upward rating pressure for BoG's long-term
ratings, given that they are already in line with Georgia's
sovereign rating. Upward rating pressure will require both an
improvement in the bank's standalone assessment - mainly through
improved operating conditions, such as the evolution and
diversification of the Georgian economy, and a substantial
reduction in loan and deposit dollarisation - and an upgrade in
the rating of the Georgian government.
Downward pressure on BoG's ratings could develop as a result of a
material rise in nonperforming loans, and therefore credit costs,
which would damage the bank's bottom-line profitability, or, if
the bank's capital metrics do not increase in line with higher
capital requirements. A significant deterioration in the domestic
operating conditions in Georgia, as described in Moody's Macro
Profile for the country, would also strain the bank's ratings.
There could also be negative pressure on BoG's ratings if Moody's
believes that the government's willingness to provide support in
case of need has diminished.
BGEO's long-term issuer rating could be upgraded if the financial
profile of its main banking subsidiary improves, leading to an
upgrade of BoG's standalone BCA.
BGEO's ratings could be downgraded if: (1) BoG's standalone BCA
is downgraded; (2) the holding company creates double leverage
above 115% owing to debt-funded acquisitions; or (3) in the
remote scenario where the bank ceases to account for the bulk of
the group's assets or recurring profits (around 80%) and Moody's
assesses that the weighted average credit profile of its other
subsidiaries is weaker.
LIST OF AFFECTED RATINGS
Issuer: JSC BGEO Group
Upgraded and Transferred to JSC Bank of Georgia:
-- Senior Unsecured Regular Bond/Debenture (ISIN: XS1405775880),
Upgraded to Ba2 Stable from B1 Rating Under Review
Affirmations:
-- LT Issuer Rating, Affirmed B1, Outlook remains Stable
-- ST Issuer Rating, Affirmed NP
Outlook Actions:
-- Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
=============
I R E L A N D
=============
MARLAY PARK: Moody's Assigns B2 Rating to Class E Sr. Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Marlay Park CLO
DAC:
-- EUR218,000,000 Class A-1A Senior Secured Floating Rate Notes
due 2030, Assigned Aaa (sf)
-- EUR30,000,000 Class A-1B Senior Secured Fixed Rate Notes due
2030, Assigned Aaa (sf)
-- EUR34,000,000 Class A-2A Senior Secured Floating Rate Notes
due 2030, Assigned Aa2 (sf)
-- EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due
2030, Assigned Aa2 (sf)
-- EUR24,800,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned A2 (sf)
-- EUR20,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned Baa2 (sf)
-- EUR23,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned Ba2 (sf)
-- EUR11,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Assigned B2 (sf)
RATINGS RATIONALE
Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of 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, Blackstone / GSO
Debt Funds Management Europe Limited ("Blackstone GSO"), has
sufficient experience and operational capacity and is capable of
managing this CLO.
Marlay Park CLO 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
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 83% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.
Blackstone GSO will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.
In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR41m of subordinated notes which are not
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.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
Factors that would lead to an upgrade or downgrade of the
ratings:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Blackstone GSO 's 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.
Moody's used the following base-case modeling assumptions:
Par amount: EUR400,000,000
Diversity Score: 40
Weighted Average Rating Factor (WARF): 2753
Weighted Average Spread (WAS): 3.50%
Weighted Average Coupon (WAC): 4.25%
Weighted Average Recovery Rate (WARR): 42%
Weighted Average Life (WAL): 8.50 years
As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling ("LCC") below Aa3 shall
not exceed 10% and per Eligibility Criteria obligors domiciled in
countries with a LCC below A3 is not allowed.
Stress Scenarios:
Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive 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 3166 from 2753)
Ratings Impact in Rating Notches:
Class A-1A Senior Secured Floating Rate Notes: 0
Class A-1B Senior Secured Fixed Rate Notes: 0
Class A-2A Senior Secured Floating Rate Notes: -2
Class A-2B Senior Secured Fixed Rate Notes: -2
Class B Senior Secured Deferrable Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3759 from 2753)
Class A-1A Senior Secured Floating Rate Notes: -1
Class A-1B Senior Secured Fixed Rate Notes: -1
Class A-2A Senior Secured Floating Rate Notes: -4
Class A-2B Senior Secured Fixed Rate Notes: -4
Class B Senior Secured Deferrable Floating Rate Notes: -4
Class C Senior Secured Deferrable Floating Rate Notes: -3
Class D Senior Secured Deferrable Floating Rate Notes: -1
Class E Senior Secured Deferrable Floating Rate Notes: -1
SAMMON CONTRACTING: Carillion's Collapse Prompts Examinership
-------------------------------------------------------------
Aodhan O'Faolain and Ray Managh at The Irish Times report that
Irish building contractor Sammon has been pushed into
examinership following the collapse of British construction giant
Carillion, the High Court was told on Thursday, April 5.
Mr. Justice Robert Haughton was told the Irish business got into
financial difficulties due to the "devastating collapse" of
Carillion for which it was working on a number of projects in
Ireland, The Irish Times relates.
The High Court appointed Michael McAteer --
michael.mcateer@ie.gt.com -- of Grant Thornton as interim
examiner to Kildare-based Sammon Contracting Group and related
companies Sammon Contracting Ireland Ltd and Miceal Sammon
Woodcraft Ltd., The Irish Times discloses.
According to The Irish Times, the judge said that, while the
firms were insolvent, he was satisfied to appoint Mr. McAteer on
the basis that an independent expert's report had stated the
companies had a reasonable prospect of surviving if certain steps
were taken.
Seeking Mr. McAteer's appointment, barrister Ross Gorman, for the
group, said it was hired to build five schools and the institute
for education by a special purpose vehicle (SPV) that included
Carillion, known as Inspired Spaces, The Irish Times relays.
The counsel, as cited by The Irish Times, said that contract was
worth about EUR87 million to the group. His client was paid on a
monthly basis after works commenced in 2016, The Irish Times
notes.
However, the counsel said the collapse of Carillion with debts of
more than GBP1.5 billion (EUR1.72 billion) has had "a devastating
and immediate impact" on the companies, according to The Irish
Times. The counsel said payments from the SPV to the Sammon
companies ceased last December, The Irish Times notes.
As a result, the group has been unable to pay its suppliers and
subcontractors working on those projects, The Irish Times states.
According to The Irish Times, the counsel said the fallout from
Carillion's collapse in January had "contaminated the entire
group and the other projects it is working".
In addition, there has been no activity on any of the sites where
the company had been carrying out works on behalf of the SPV
involving Carillion, The Irish Times relays.
VOYA EURO: Moody's Assigns (P)B2 Rating to Class F Sr. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
seven classes of notes to be issued by Voya Euro CLO I Designated
Activity Company:
-- EUR203,000,000 Class A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)
-- EUR36,000,000 Class B-1 Senior Secured Floating Rate Notes
due 2031, Assigned (P)Aa2 (sf)
-- EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)
-- EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)
-- EUR18,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)
-- EUR19,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)
-- EUR9,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, 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
endeavour 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 2031. 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, Voya Alternative
Asset Management LLC, has sufficient experience and operational
capacity and is capable of managing this CLO.
Voya CLO I is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of underlying assets
that are unsecured loans and second lien loans. The portfolio is
expected to be approximately 75% ramped as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.
Voya Alternative Asset Management LLC (the "Manager") will direct
the selection, acquisition and disposition of the assets on
behalf of the Issuer and may engage in trading activity,
including discretionary trading, during the transaction's four-
year reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.
In addition to the seven classes of notes rated by Moody's, the
Issuer has issued subordinated notes of EUR31.5 m which is
unrated.
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.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.
Factors that would lead to an upgrade or downgrade of the
ratings:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's 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.
Moody's used the following base-case modeling assumptions:
Par amount: EUR350,000,000
Diversity Score: 40
Weighted Average Rating Factor (WARF): 2825
Weighted Average Spread (WAS): 3.40%
Weighted Average Coupon (WAC): 5.50%
Weighted Average Recovery Rate (WARR): 44%
Weighted Average Life (WAL): 8.5 years
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 3249 from 2825)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: 0
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 3673 from 2825)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B-1 Senior Secured Floating Rate Notes: -3
Class B-2 Senior Secured Fixed Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -3
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -1
=========
I T A L Y
=========
UNIONE DI BANCHE: Moody's Assigns (P)Ba3 LT Sr. Notes Rating
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to
the long-term senior non-preferred medium term note programme of
Unione di Banche Italiane S.p.A. (UBI).
The senior non-preferred notes, referred to as "junior senior"
notes by Moody's, could be issued under UBI's EUR15 billion Euro
Medium Term Note Programme. The notes will be explicitly
designated as "senior non-preferred" in the legal documentation
as per Italian regulation. As such the notes would rank junior to
other senior unsecured obligations, including senior unsecured
debt, and senior to subordinated debt in both resolution and
insolvency.
Moody's issues provisional ratings in advance of the issuance.
These ratings represent the rating agency's preliminary credit
opinion. A definitive rating may differ from a provisional rating
if the terms and conditions of the issuance are materially
different from those of the draft prospectus reviewed.
RATINGS RATIONALE
The (P)Ba3 rating assigned to the junior senior unsecured
programme reflects (1) UBI's adjusted baseline credit assessment
(BCA) of ba2; (2) Moody's Advanced Loss Given Failure (LGF)
analysis, which indicates likely high loss-given-failure for
these instruments in the event of the bank's failure and results
in the rating being positioned one notch below the bank's
adjusted BCA; and (3) Moody's assumption of a low probability of
government support for this new instrument, resulting in no
uplift.
UBI is subject to the EU's Bank Recovery and Resolution Directive
(BRRD), which Moody's considers to be an Operational Resolution
Regime. Therefore, Moody's applies its Advanced LGF analysis to
determine the loss-given-failure of all debt instruments
including the junior senior notes. For UBI, Moody's assumes
residual tangible common equity of 3% and losses post-failure of
8% of tangible banking assets, in keeping with Moody's standard
assumptions.
Given the relatively small amount of junior senior debt that
Moody's expects to be issued, at least at first, and the current
limited subordination in the form of Tier 2 securities and
residual equity, the LGF analysis indicates likely high loss-
given-failure. As a result, the securities will be positioned one
notch below the adjusted BCA.
Given that the purpose of the junior senior notes is to provide
additional loss absorption capacity and improve the ability of
authorities to resolve ailing banks, government support for these
instruments is unlikely, in Moody's view. The rating agency
therefore attributes a low probability of government support to
UBI's junior senior notes, which does not result in any further
uplift to the rating.
The update of UBI's programme to include issuance of junior
senior notes follows the publication of the Italian budget law
(Law 205/2017), which modifies the hierarchy of claims in an
insolvency by introducing a new type of debt within the senior
debt class that ranks junior to other senior debt instruments. To
fall into the category of the senior unsecured non-preferred debt
class, the notes must have an original maturity of one year or
more, cannot have derivative features, and the related issuance
documents must incorporate a contractual subordination clause.
RATING OUTLOOK
Provisional ratings and junior senior unsecured debt ratings do
not carry outlooks.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's Advanced LGF analysis indicates that the provisional
rating of the junior senior programme could be upgraded if there
were to be further material issuance of junior senior debt or
more subordinated instruments such as Tier 2 and/or Additional
Tier 1.
UBI's junior senior programme ratings could be also upgraded or
downgraded together with any upgrade or downgrade of UBI's
Adjusted BCA.
LIST OF ASSIGNED RATINGS
Issuer: Unione di Banche Italiane S.p.A.
Assignment:
-- Junior Senior Unsecured MTN, assigned (P)Ba3
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
===================
K A Z A K H S T A N
===================
BANK OF ASTANA: S&P Assigns 'B-/B' Ratings, Outlook Negative
------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B-/B' issuer
credit ratings to Kazakhstan-based Bank of Astana. The outlook is
negative.
At the same time, S&P assigned its 'kzB+' Kazakhstan national
scale rating to Bank of Astana.
S&P said, "Our rating on Bank of Astana reflects the bank's small
asset base in Kazakhstan's banking sector, as well as the bank's
moderate capitalization. Furthermore, we assess the bank's
liquidity as moderate in comparison with other rated Kazakh
banks, reflecting that its regulatory liquidity coefficient (K4;
liquid assets divided by funds due within a three-month horizon)
meets the regulatory minimum, but also the very large
concentration on its largest current account. We do not
incorporate into the rating uplift for support to the bank from
the government, owing to its low systemic importance.
"Our assessment of Bank of Astana's business position as weak
reflects its modest loan and deposit franchise in the domestic
banking sector, rapid opportunistic growth over 2014-2016, low
profitability, and aggressive liquidity and capitalization
policies." Bank of Astana ranked No.17 of 32 Kazakh banks, with a
market share of 1.4% of assets, totaling Kazakhstani tenge 340
billion as of year-end 2017.
Bank of Astana positions itself as an online bank, having
captured an about 12% market share of internet banking in
Kazakhstan. However, internet banking does not directly
contribute to profits yet, as most of the online services are
free of charge and serve only as a means to acquire clients.
Following three years of very fast growth in 2014-2016, the
bank's loan portfolio contracted by 4% in 2017 after loan
repayments outpaced new business generation. However, the bank
was able to retain its market share in the sector, thanks to loan
contractions systemwide in the same period.
The bank is majority owned by the Kazakh businessman Olzhas
Tokhtarov, who holds a 52.4% stake in the bank. Several
institutional and retail investors hold the remainder.
S&P said, "We assess Bank of Astana's capital and earnings as
moderate because we expect the bank's planned rapid loan and
asset growth for 2018-2019 will gradually deplete its
capitalization levels. We expect our risk-adjusted capital ratio
will fall to about 6.5% by year-end 2019 from our estimate of
8.5% at year-end 2017, based on the assumption of 20%-25% asset
growth, about 0.5% return on assets (ROA), and full earnings
retention. We forecast the bank's ROA will remain modest in 2018-
2019, reflecting our expectation of pressure on systemwide net
interest margins and Bank of Astana's continuous investments in
franchise expansion. We are monitoring the bank's ability to
sustain the considerable net interest margin improvement it
achieved in 2017.
"Our assessment of Bank of Astana's risk position as moderate
reflects fast loan growth in 2014-2016, a sizable share of
restructured loans, a policy of low provisioning, and high
individual and sector concentrations. The 20 largest loans
accounted for about 55% of Bank of Astana's total loans and 2.1x
of total adjusted capital as of year-end 2017. We view the bank's
rapid future growth strategy as a key risk factor. Its loans
increased by about 5x in 2014-2016. The management team has yet
to prove its ability to manage asset quality over a full business
cycle. We expect that nonperforming loans (NPLs) will increase to
about 7.0% by year-end 2019 from 4.4% at year-end 2017. Our
expectation reflects the fact that 25% of the loans had been
restructured as of year-end 2017, which could translate into
NPLs. In our view, the bank's provisions, at 5.8% of total loans
as of year-end 2017, are very low compared with the amount of
loans that are overdue and restructured.
"We consider Bank of Astana's funding to be average and in line
with that of other small Kazakh banks, reflecting its
predominantly customer deposit funding and limited interbank and
other funding. Customer deposits accounted for about 93% of total
funding as of year-end 2017. The top 20 deposits, excluding the
largest deposit (from the large one-off project of financing a
monorail road), accounted for 46% of total customer deposits,
which is in line with comparable peers of similar size in the
Commonwealth of Independent States. The monorail's current
account made up 32% of total deposits as of Feb. 1, 2018, which
we view as a very high concentration, exposing the bank to a
shortfall in liquid assets in the case of unexpected deposit
withdrawals.
"We view the bank's liquidity as moderate, reflecting its
aggressive liquidity management. As of Feb. 1, 2018, Bank of
Astana's 32.5% K4 was only slightly above the 30% regulatory
minimum. Since Oct. 1, 2017, the average monthly K4 has been 32%.
This is the second-lowest K4 among all Kazakh banks.
"The negative outlook on Bank of Astana reflects our opinion that
the bank's liquidity management is aggressive, with liquid assets
remaining only slightly above the regulatory minimum. We also
consider that the bank has very large depositor concentration. We
think it unlikely that the bank's shareholders would support the
bank with sizable liquidity and capital injections over the next
12-18 months.
"We could take a negative rating action if the bank's liquid
assets further decrease below the regulatory minimum, or if it is
unable to meet its payments in full and on time.
"We could revise the outlook to stable if the bank's K4 increased
above 50%, which we believe is a sufficient level to deal with
unexpected deposit outflows, and if the predictability of funds
being disbursed to the monorail project became clear."
KAZMUNAIGAS EXPLORATION: S&P Withdraws 'BB-' Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on the Kazakhstan-based oil producer KazMunaiGas
Exploration Production JSC (KMGEP) at the company's request. At
the time of withdrawal, the outlook was stable.
S&P's rating on KMGEP reflected its position as a core subsidiary
of the 100% government-controlled vertically integrated national
company KazMunayGas NC JSC (KMG; BB-/Stable/--). As a result, the
rating on KMGEP mirrored that on KMG.
In March 2018, KMGEP closed a tender offer to repurchase
essentially all its free float common shares and global
depositary receipts, so that KMG's effective shareholding is now
above 98% of common stock (excluding common shares and global
depositary receipts held by KMGEP). Also, KMGEP started a
voluntary delisting from the London Stock Exchange and the
Kazakhstan Stock Exchange. S&P said, "We estimate that of about
$4.05 billion of cash and financial assets at year-end 2017,
KMGEP used about $1.9 billion to repurchase its shares from
minority shareholders. We believe this transaction further
reinforces KMGEP's status as a core subsidiary of KMG, and should
give the parent direct access to the remaining significant cash
balances at KMGEP. Our 'BB-' rating on KMG already incorporates
our expectation of KMGEP's minority share repurchase."
===================
L U X E M B O U R G
===================
COVERIS HOLDING: S&P Alters Outlook to Pos. & Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on flexible and rigid
packaging producer Coveris Holding S.A. to positive from
developing. S&P affirmed its 'B-' long-term issuer credit rating.
At the same time, S&P affirmed its 'B-' issue rating on the euro-
denominated term loan due in June 2022 and borrowed by Coveris.
The recovery rating is unchanged at '3' indicating S&P's
expectation of meaningful (50%-70%; rounded estimate 60%)
recovery in the event of payment default.
The affirmation follows Coveris' announcement that it agreed to
sell its Americas business to Transcontinental for around $1.32
billion. Completion is expected for mid-2018. This transaction
will make Coveris a smaller, primarily European-based group with
a larger portion of sales from the lower margin, more
commoditized flexible packaging products. The remaining
businesses' chief executive officer and chief financial officer
joined the group in December 2017 and January 2018, respectively.
Both will be based in Vienna. The headquarters of the new group
are yet to be determined.
The positive outlook reflects S&P's expectation that it might
raise its ratings if Coveris' operating performance improves on a
sustainable basis over the next 12 months, alongside expected
deleveraging as a result of the sale of the Americas business,
the proceeds of which are anticipated to be used to repay debt.
After the sale of the Americas business, Coveris' revenues will
be split between the manufacturing of flexible (59% of sales) and
rigid (41%) packaging products. In 2017, the remaining group will
have generated sales of EUR1.3 billion and S&P Global Ratings-
adjusted EBITDA of EUR88 million. The adjusted EBITDA margin for
2017 amounted to 6.5% and S&P expects this to improve to just
over 8% in 2018.
After the sale of the Americas packaging business, the group will
have adequate geographic diversification. Sales will be split
between the U.K. (34%), Germany (16%), France (13.5%), Austria
(9.4%), and Poland (7.4%). The remainder will primarily relate to
other European countries as well as the U.S. (2.8%) and Egypt
(1.5%). The group will have 44 manufacturing facilities in 14
countries.
S&P said, "We believe that the remaining European business will
have a weaker business risk profile. It will still benefit from
the longstanding customer relations with blue-chip players, a
large size, large customer base, its exposure to the more stable
food industry, and leading niche market positions. After the
disposal of the Americas operations, our business risk assessment
will also reflect Coveris' limited product diversification and
the commoditized nature of its products. The European group's
EBITDA margins are low and, in 2017, profitability was undermined
by rising resin prices, which the group was unable to pass on to
customers. Revenues and profitability have historically also been
exposed to movements in foreign currencies. Although foreign
exchange movements raised EBITDA in 2017, they undermined the
ratio in 2016, and to a lesser extent in 2015.
"We expect Coveris' financial risk profile to improve with the
sale of the Americas business. Sales proceeds of around $1.32
billion (around EUR1 billion) are expected to be applied to debt
repayments (around EUR995 million), transaction expenses (EUR40
million), and a cash overfunding (EUR10 million). After this
transaction, we expect the European business to generate adjusted
EBITDA margins of 8.0%-8.5% over 2018-2019."
Free cash flow generation has historically been hampered by high
integration and restructuring costs, as well as capital
expenditure (capex). Free cash flow generation at the European
business will remain weak in 2018 and 2019 due to annual capex of
EUR70 million-EUR75 million (around 5% of sales). S&P said, "We
expect funds from operations (FFO) to debt of 13%-14% and
adjusted debt to EBITDA above 5.0x over 2018 and 2019. In
addition to the company's reported debt, we adjust our debt
figures for the remaining European business for operating leases
(EUR35.7 million in 2018) and pension obligations (EUR22.7
million). We believe that our debt figure for the remaining
European business will also include over EUR30 million of asset-
linked preferred equity certificates, which are held by Sun
Capital. We would thereby expect the financial risk profile to
remain highly leveraged after the sale of the Americas packaging
unit."
S&P assumes that the remaining European business will:
-- Benefit from eurozone GDP growth of 2.1% in 2018 and 1.9% in
2019, supported by private consumption and investments,
exports, improvements in the labor market, and low inflation.
-- See revenue growth of 5% in 2018 and 2019, driven by capacity
additions, price increases, customer wins, product
innovations, and a more favorable product mix.
-- See some improvements in EBITDA margins due to price
increases, cost savings, capital investments, and a reduction
in exceptional expenses (that is, plant restructurings and
third party consultancy fees).
-- Report capex of approximately EUR70 million, corresponding to
around 5% of sales in 2018.
-- Not make any dividend payments or acquisitions.
Based on these assumptions, we arrive at the following credit
measures for the remaining European business:
-- Adjusted FFO to debt of clearly of 13%-14% in 2018 and 2019.
-- Adjusted debt to EBITDA of 5.5x in 2018 and 5.0x in 2019.
-- Adjusted free operating cash flow to debt of 1%-3% in 2018
and 2019.
S&P said, "After the sale of the Americas business, we expect
Coveris' liquidity to remain adequate. We estimate that the ratio
of liquidity sources to uses will remain above 1.2x in the 12
months post-completion and that the ratio will remain positive
even if EBITDA declines by 15%." The European business' debt
structure will most likely largely be comprised of the existing
euro-denominated term loan, which does not include any financial
covenants.
S&P anticipates the remaining European business will have the
following principal liquidity sources in the next 12 months:
-- About EUR22 million in cash and cash equivalents at
transaction closing. Expected FFO of about EUR70 million in
2018.
-- EUR9 million in working capital inflows.
-- Some availability under factoring and asset-backed loan
facilities.
S&P anticipates the remaining European business will have the
following principal liquidity use over the same period:
-- Capex of about EUR71 million.
S&P said, "The positive outlook reflects our expectation that we
might raise our ratings if Coveris' operating performance
improves on a sustainable basis over the next 12 months alongside
expected deleveraging as a result of the sale of the Americas
business and anticipated debt repayment.
"We could raise the rating if Coveris' operating performance
improves, resulting in sustainable positive free cash flow
generation, most likely on the back of significant EBITDA
improvements, with leverage improving toward 5.0x, or below, on a
sustainable basis."
Upside to the ratings would diminish if the company's operating
performance continued to weaken, leading to either a decline in
EBITDA margins, continuous negative free cash flow generation, or
weak liquidity. S&P would also no longer consider raising the
ratings if the proceeds of the sale of the Americas business were
not used to reduce leverage, or if Coveris pursues a debt-funded
dividend distribution or acquisition that keeps leverage
elevated.
=====================
N E T H E R L A N D S
=====================
BNPP IP 2015-1: Fitch Assigns 'B-(EXP)' Rating to Class F-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned BNPP IP Euro CLO 2015-1 B.V.
refinancing notes expected ratings, as follows:
Class X: 'AAA(EXP)sf'; Outlook Stable
Class A-R: 'AAA(EXP)sf'; Outlook Stable
Class B-1R: 'AA(EXP)sf'; Outlook Stable
Class B-2R: 'AA(EXP)sf'; Outlook Stable
Class C-R: 'A(EXP)sf'; Outlook Stable
Class D-R: 'BBB-(EXP)sf'; Outlook Stable
Class E-R: 'BB(EXP)sf'; Outlook Stable
Class F-R: 'B-(EXP)sf'; Outlook Stable
BNPP IP Euro CLO 2015-1 B.V. is a cash flow collateralised loan
obligation (CLO). The proceeds of this issuance will be used to
redeem the existing notes, with a new identified portfolio
comprising the existing portfolio, as modified by sales and
purchases conducted by the manager. The portfolio is managed by
BNP Paribas Asset Management SAS. The refinanced CLO envisages a
further 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL).
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency has rated almost all obligors in the
current portfolio. The weighted average rating factor (WARF) of
the current portfolio was 33.4 as of end-March 2018, below the
maximum indicative covenant of 34 for assigning the expected
ratings.
High Recovery Expectations
The portfolio will comprise a minimum of 90% senior secured
loans. Fitch has assigned Recovery Ratings to almost the entire
current portfolio. The weighted average recovery rate (WARR) of
the current portfolio was 64.9% as of end-March 2018, above the
minimum covenant of 61.9% for assigning the expected ratings.
Limited Interest Rate Risk
The transaction is only allowed to invest in floating-rate
assets. This aligns the portfolio yield with the cost of the
floating-rate liabilities as fixed-rate liabilities only
represent approximately 4.2% of the target par amount. The
presence of fixed-rate liabilities partially lowers the impact of
rising interest rates on the cost of liabilities.
Limited FX Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 30% of the
portfolio in non-euro-denominated assets.
TRANSACTION SUMMARY
The issuer will amend the capital structure and reset the
maturity of the notes as well as the reinvestment period. The
four-year reinvestment period is scheduled to end in 2022. The
issuer will introduce the new class X notes, ranking pari passu
and pro-rata to the class A-R notes. Principal on these notes is
scheduled to amortise in four equal instalments starting from the
first payment date. Class X notional is excluded from the over-
collateralisation tests calculation, but a breach of this test
will divert interest and principal proceeds to the repayment of
the class X notes.
RATING SENSITIVITIES
A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of two rating categories of the class A and E notes and
up to two notches for the other rated notes.
===========
R U S S I A
===========
DELOPORTS LLC: Fitch Affirms BB- IDR & Unsecured Bond Rating
------------------------------------------------------------
Fitch Ratings has affirmed LLC DeloPorts' Long-Term Issuer
Default Rating at 'BB-' and DeloPorts' RUB3 billion unsecured
bond rating at 'BB-', both with Stable Outlook.
The additional debt raised at DeloPorts level to help its
shareholder finance the acquisition of a 30.75% stake in Global
Ports Investment PLC (Global Ports; BB/Negative) and ongoing
expansion programme will result in a five-year average leverage
forecast of 2.9x, with a peak at 3.5x in 2019. This is within
Fitch revised downgrade sensitivity of 3.5x.
The Stable Outlook reflects Fitch view that operational and
financial performance will be maintained and the company will
embark on deleveraging after 2019.
KEY RATING DRIVERS
The ratings reflect the business profile of a secondary port of
call exposed to cargo concentration and competition. The business
profile risk is balanced by relatively low leverage. Fitch
considers the DeloPorts group's consolidated profile to be in
line with a 'BB' rating. The ratings of DeloPorts and the bond
are notched down by one notch from the consolidated profile to
reflect the structural subordination of the company's debt.
Concentrated Exposure to Commodity Cargo: Volume Risk - Weaker
DeloPorts is a secondary port of a call with business segment
concentration. The container segment remains mostly import
oriented but with a growing export component and throughput is
diversified, while the grain segment is fully export oriented.
Maersk accounted for 40% of container throughput in 2016. Grain
export destinations are diversified.
Over 40% of grain transhipments are handled by US agribusiness
company Cargill, a minority shareholder in the grain terminal.
DeloPorts operates in a dynamic and competitive environment in
both container and grain segments. There are similar competing
container and grain terminals in the port of Novorossiysk.
DeloPorts also competes indirectly with other container terminals
in the Baltic Sea region and the Far East, and with other
deepwater grain ports in the Black Sea.
Competition Dampens Price Flexibility: Price Risk - Midrange
The company has a short-term contracting strategy. There are no
take-or-pay contracts or minimum volume guarantees. Tariffs are
unregulated and charged in US dollars. Competition dampens price
flexibility.
Mainly Debt-Funded Major Expansion: Infrastructure Development
and Renewal - Midrange
DeloPorts is undertaking a major expansion programme. The NUTEP
container terminal expansion aims to double capacity to 700,000
twenty-foot equivalent units (TEUs) and to enable it to receive
larger vessels. The project, known as Berth No. 38, will improve
the port's competitive advantage but the incremental volumes are
still subject to uncertainty. Investments in KSK, the grain
terminal, aim to increase its throughput by 43% to 5 million
tonnes and modernise the associated infrastructure.
Grain terminal operation exceeded its estimated capacity in 2017.
Management expects to complete the main construction works in
2018-2019, with the commissioning of the new facilities in 2019.
DeloPorts expects to fund the NUTEP capex through additional
external debt and KSK capex through a combination of internally
generated funds and external debt. Fitch do not expect
significant maintenance capex over the medium term.
Structurally Subordinated, Refinancing Risk Exposure: Debt
Structure - Midrange
Debt at DeloPorts is unsecured, fixed rate and structurally
subordinated to partially floating rate bank debt at the
operating companies' level. The company's debt is non-amortising
with maturity concentration, while the operating companies' debt
is mainly amortising and secured on operating assets. Tariffs
linked to US dollars lower the group's foreign-exchange risk. The
rated bonds are effectively uncovenanted but DeloPorts' other
bonds are subject to financial covenants. There are no liquidity
reserve provisions.
Financial Profile
Fitch project DeloPorts' projected five-year average Fitch
adjusted net debt/EBITDAR (leverage) to reach 2.5x under the base
case and 2.9x under the rating case. The leverage peaks at 3.5x
in 2019 under the rating case as the company reaches the peak in
its investment cycle.
PEER GROUP
Russian port operator Global Ports is DeloPorts' closest peer.
Global Ports is larger than DeloPorts, and has a dominant
position in Russian container market and more transparent
corporate governance, as it is listed on the London Stock
Exchange. It can sustain higher leverage under the Fitch rating
case.
Turkish ports Global Liman Isletmeleri A.S. (BB-/Negative) and
Mersin Uluslararasi Liman Isletmeciligi A.S. (BBB-/Stable) are
also comparable peers. Mersin Uluslararasi Liman is a larger port
that benefits from a more diversified revenue stream. Global
Liman has a 'Weaker' volume risk assessment, with similar
leverage to DeloPorts' post-acquisition forecast.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Actions on DeloPorts and its Bonds
- Projected five-year average Fitch adjusted net debt/EBITDAR
exceeding 3.5x in the Fitch rating case
- Adverse policy decisions related to tariff regulation, grain
exports or geopolitical events affecting the port sector
- A failure to manage refinancing risk
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action on DeloPorts and its Bonds:
- DeloPorts' projected five-year average Fitch adjusted net
debt/EBITDAR below 2.5x in the rating case
TOMSK OBLAST: S&P Affirms BB- Issuer Credit Rating
--------------------------------------------------
On March 30, 2018, S&P Global Ratings affirmed its 'BB-' long-
term issuer credit rating on Russia's Tomsk Oblast. The outlook
remains stable.
OUTLOOK
The stable outlook reflects S&P's expectation that Tomsk Oblast's
commitment to financially managing cost controls will allow the
region to keep its deficit after capital account below 10% of
total revenues while maintaining its liquidity at adequate levels
through the timely arrangement of committed facilities.
Downside Scenario
S&P could lower the ratings on Tomsk if the region materially
departs from its cautious spending policy resulting in an
increase on deficit after capital account to above 10% of total
revenues, or if the regional government loosened its cautious
approach to liquidity management leading to its debt service
coverage ratio decreasing to below 120%.
Upside Scenario
S&P might consider a positive rating action over the next 12
months if, thanks to an improvement in budgetary performance, the
oblast could structurally decrease its debt burden below 60% of
consolidated revenues.
RATIONALE
The rating reflects S&P's expectation that Tomsk could deliver
stable budgetary performance in the coming three years, while
management's cautious approach to liquidity will result in a debt
service coverage ratio above 120% in the next 12 months.
Concentrated economy in the context of a volatile and unbalanced
institutional framework
Under Russia's institutional framework, Tomsk's budgetary
flexibility and performance are significantly affected by the
federal government's decisions regarding key taxes, transfers,
and expenditure responsibilities. S&P estimates that federally-
regulated revenues will continue to make up more than 95% of
Tomsk's budget revenues, which leaves very little revenue
autonomy for the region. The application of the consolidated-tax-
payer-group, the tax payment scheme used by corporate tax payers
since 2012, continues to undermine predictability of corporate
profit tax (CPT) payments. In 2017, the region lost several
billion rubles due to changes implemented by two large taxpayers
to their regional tax distribution within the holding. The
federal budget law for 2018-2020 does not have provisions for new
budget loans. At the same time, S&P understands that the region
will participate in the restructuring of the outstanding budget
loans proposed by the Federal Ministry of Finance, which will
support its liquidity. Tomsk will also benefit from the extension
of the revolving federal treasury facility from 50 to 90 days
starting from 2018.
Tomsk's economy benefits from its location, bordering
economically important Krasnoyarsk Krai, Tyumen Oblast, and
Novosibirsk Oblast. Tomsk is rich in oil, natural gas, ferrous
and non-ferrous metals, and underground water. About 20% of the
West Siberian forest resources are located in Tomsk. However, S&P
believes that gross regional product per capita will remain at
less than US$10,000 over the next three years and the oblast's
economy will remain subject to volatility and concentration since
mining (mainly oil and gas) continue to provide over 20% of the
gross regional product.
Like other Russian regions, Tomsk has very limited control over
its revenues within the centralized institutional framework. The
federal government regulates the rates and distribution shares
for most taxes and transfers, leaving only about 5% of operating
revenues that the region can manage. However, S&P said, "We
believe Tomsk has more flexibility on spending, due to its
relatively large self-financed part of the capital program, which
we think it could reduce at least by 20% if necessary. Our
assessment of the oblast's budgetary flexibility also reflects
our view that its management has some leeway to continue
implementing austerity measures aimed at keeping the deficit
after capital accounts below 10% of total revenues."
Tomsk remains more sophisticated in debt and liquidity management
compared with the local peers and has improved expenditure
management with the implementation of tighter control of spending
growth for the past couple of years. At the same time, similar to
all Russian local and regional governments (LRGs), the oblast
lacks reliable long-term financial planning and doesn't have
sufficient mechanisms to counterbalance the volatility that stems
from the concentrated nature of its economy and tax base in an
international comparison.
Deficits after capital account result in moderate debt burden but
liquidity remains adequate
In 2017, Tomsk oblast saw a significant decline in CPT from a
high base of 2016 but also due to changes made by the two large
holding companies to their intra-holding tax allocation. S&P
said, "We believe that, going forward, revenue collections will
be supported by strong performance of food retail, beer
production, and manufacturing, and the oblast will benefit from
additional transfers from the federal level to compensate for tax
base decline. We also expect some nominal increase in total
expenditure but only a modest acceleration in real terms based on
management's cautious approach and the need to respect the budget
loans restructuring agreement. We therefore assume that Tomsk's
deficit after capital account will not exceed 10% of the LRG
total revenues in the near term."
S&P expects Tomsk's debt burden to steadily increase due to
important investment needs in the oblast, relatively weak revenue
collections, and projected deficits after capital account. S&P
believes the debt burden is likely to modestly exceed 60% of
total revenues by 2020. The LRG bonds remain fairly liquid on the
domestic market thanks to sustained issuance and a relatively
wide investor base. Last year's bond placement was several times
oversubscribed. Since 2002, Tomsk has also been issuing bond
instruments for regional retail investors, which helps the oblast
to diversify its investor base. In 2018, the oblast plans to
register a total of Russian ruble (RUB) 9.5 billion in bonds,
which include a new seven-year bond program for institutional
investors of about RUB7 billion and a smaller amount for the
local retail market.
S&P said, "We see very low risks stemming from contingent
liabilities. If faced with financial stress, we estimate that the
oblast would need to provide only the equivalent of less than 2%
of its operating revenues to support the few government-related
entities that it owns.
"We anticipate the oblast will stick to its prudent practice of
organizing committed liquidity facilities and keeping undrawn
amounts exceeding refinancing needs, for which it has a strong
track record over a number of years. We consider that the average
amount available on the oblast's credit facilities and the
average amount of free cash will cover the LRG's debt service by
more than 120% over the next 12 months. We also consider that the
oblast has limited access to external liquidity, given the
weaknesses of the domestic capital market."
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
RATINGS LIST
Rating
To From
Tomsk Oblast
Issuer Credit Rating
Foreign and Local Currency BB-/Stable/-- BB-/Stable/--
Senior Unsecured
Local Currency BB- BB-
===========================
U N I T E D K I N G D O M
===========================
CONVIVIALITY PLC: Appoints Administrators, Share Trading Halted
---------------------------------------------------------------
Conviviality Plc on April 5 disclosed that, further to the
Company's announcement on March 29, 2018, the Company has
appointed Matthew Callaghan -- matthew.callaghan@uk.pwc.com --
Ian Green -- ian.d.green@uk.pwc.com. -- and David Baxendale --
david.baxendale@uk.pwc.com -- of PricewaterhouseCoopers LLP as
joint administrators to Conviviality Plc.
Companies now in administration are Conviviality Plc and
Conviviality Brands Limited. No other companies in the group
have had administrators appointed and such other companies
continue to trade.
The Company continues to engage with parties interested in its
retail business, which trades under the names of Bargain Booze,
Bargain Booze Select Convenience, Wine Rack and Central
Convenience.
PricewaterhouseCoopers will provide further updates in due
course.
Furthermore, with mutual agreement of the Board, Investec Bank
plc has resigned as Nominated Adviser and Broker to the Company
with immediate effect. Pursuant to AIM Rule 1, if a replacement
Nominated Adviser is not appointed within one month, the
admission of the Company's securities will be cancelled on AIM.
The Company has no current intention of appointing a replacement
Nominated Adviser.
Temporary Suspension of Trading on AIM
The shares of Conviviality Plc remain suspended pending further
notice.
On April 4, Matthew Callaghan, Ian Green and David Baxendale of
PwC were appointed joint administrators of Conviviality Brands
Limited. The wholesale business delivers beverages to more than
24,000 retail outlets across the UK, operating out of
distribution centres across England and Scotland.
On appointment, the administrators transferred the entire
shareholding of Matthew Clark (Holdings) Limited and Bibendum PLB
(Topco) Limited and their subsidiary businesses trading as
Catalyst, Peppermint, Elastic and Walker & Wodehouse to C&C
Holdings (NI) Ltd.
As part of the deal, more than c. 1,900 staff were transferred to
C&C Holdings (NI) Ltd.
Conviviality (AIM: CVR) is the drinks and impulse sector's
leading independent distributor.
IWH UK: Fitch Assigns 'B' First-Time Final Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned a first-time final Issuer Default
Rating (IDR) of 'B'/'Stable' to IWH UK Finco Ltd, which
indirectly owns Theramex HQ UK Ltd (Theramex), a UK-based
supplier of women's medication. Fitch has also assigned a first-
time final senior secured debt rating of 'B+'/'RR3'/'57%' to the
term loan B (TLB) and the revolving credit facility (RCF) issued
by IWH UK Midco Ltd, a direct subsidiary of IWH UK Finco Ltd.
The assignment of final ratings follows Fitch's review of the
execution version of the financing documents and confirmation
that all support agreements between Theramex and Teva
Pharmaceutical Industries Limited (Teva) have been put into place
to accompany the carve-out of Theramex from Teva.
The IDR of 'B' reflects the mid-cap nature of Theramex with
concentrated operations in a few European markets. It has a
relatively narrow product portfolio compared with global
pharmaceutical companies, although, on the individual country
level, its product portfolio is quite diversified. Fitch view
Theramex as a stable performer with mature, cash-generative
brands, and Fitch expect that two proprietary products will
contribute incremental growth, supporting the assigned IDR of
'B'.
Theramex's lack of meaningful scale, exposure to competition and
limited diversification by product or geography are likely to
constrain the IDR to the 'B' rating category in the long term.
This is mitigated by solid cash conversion given the asset-light
business model. Leverage of around 6.0x on an FFO-adjusted basis
is comfortably placed for the IDR level relative to Fitch-rated
peers.
KEY RATING DRIVERS
Mature Profitable Product Portfolio
Theramex benefits from a portfolio of mature and profitable
brands supported by an established base of prescribers and
customers, and facilitated by a dedicated sales force. Fitch
estimate that the mature product portfolio covering osteoporosis,
menopause and contraception solutions will contribute between
80%-90% to Theramex's business. The stability of core products'
earnings is evident in overall steady gross margins and EBITDA,
despite volume and price volatility of individual brands.
Growth Products Key for the Rating
Proprietary new-generation drugs complement the product base,
with patent-protected income streams projected by Fitch to
contribute the remaining 10%-20% to Theramex's sales. Fitch
consider the contribution from growth products to be material to
substantiate the assigned IDR of 'B'. Any delays in introducing
new products in target markets, price/volume erosion arising from
competing products, or inefficient sales and marketing
initiatives will affect the company's earnings and cash flows,
and may put the ratings under pressure.
Focus on Women's Health
Fitch regard Theramex's focus on women's health as credit
supportive, although Fitch do not consider this area to be a
major business strength, because the company is not insulated
from generic drug competition. Theramex is exposed to volume and
price challenges and a highly competitive, dispersed women's
health market ranging from global pharmaceutical companies to
mid- and small-cap local market constituents. Fitch forecast that
the company will be able to compensate for possible weaknesses in
individual products through active management of a diversified
brand portfolio, leading to overall stable levels of EBITDA
margins of at least 30%.
Scale Constrains Rating
The mid-cap nature of Theramex's operations will keep the IDR in
the 'B' rating category in the medium to long term. Fitch
anticipate the sponsor will develop the asset organically,
although Fitch believe that complementary product or licence
acquisitions of below EUR10 million a year are conceivable.
However, Fitch do not project any material change in the scale of
Theramex's product portfolio.
Manageable Carve-Out Risks
Fitch view the separation risk as manageable and rating neutral
against a defensive asset-development strategy - whereby the
company plans to maintain its product and geographic base -
despite a range of issues that Theramex needs to address if it is
to function efficiently as a stand-alone business. The
appointment of important senior executives and expected
immediate, post carve-out availability of a dedicated
international sales force for distributing existing products to
other European markets where Theramex already has presence with
other product categories will contribute greatly to Fitch
expectations of Theramex's stable operating profile. Fitch regard
Teva's contractual commitment on supply and transitional
business-support functions to be a considerable credit-
stabilising factor, as it allows Theramex to avoid operational
disruptions and provides a reasonable timeframe to transition
towards an independent business entity.
High Cash-Flow Conversion
Theramex is a cash-generative business supported by high and
stable operating margins in combination with manageable working
capital and low capital intensity. Fitch project FFO margins will
reach on average 22% over the rating horizon, which is solid for
the rating. Based on Fitch expectations of a largely unchanged
supplier and distributor networks, which would not adversely
affect Theramex's stand-alone cash conversion cycle, working
capital outflows will remain contained at EUR2 million a year.
This, in combination with low capex required for maintenance of
business infrastructure and intellectual property, will result in
pre-exceptional FCF margins averaging 20%, leading to a strong
implied pre-exceptional FCF/EBITDA conversion rate in excess of
60%.
Leverage Aligned with IDR
Leverage projected at around 6.0x on an FFO-adjusted basis is
commensurate with the assigned IDR of 'B' and in line with Fitch-
rated mid-cap European generic pharmaceutical companies. In the
absence of committed contractual repayments, Fitch forecast no
material de-leveraging on a gross basis, although there is a mild
deleveraging path net of accumulated cash, with FFO-adjusted net
leverage trending to 4.6x by FY20.
DERIVATION SUMMARY
Fitch considers Theramex in the framework of the Ratings
Navigator for pharmaceutical companies, despite some consumer
angles of its branded products, where demand is generated through
a pull-marketing strategy at the level of drug prescribers.
Compared with Nidda Bondco GmbH (Stada, B+(EXP)), Theramex's IDR
will remain constrained in the 'B' rating category in the long
run given its considerably smaller operations and fairly
concentrated product and country exposure. The company's
profitability and cash-flow margins are high in the sector,
although in line with other mid-cap asset-light pharma peers.
Fitch therefore attribute such strong margins to the selected in-
house competences, such as sales and marketing, and avoiding
costly product innovations, and commoditised, or economically
less-attractive, manufacturing processes. The financial risk
profile with FFO-adjusted leverage of 6.0x is well placed for a
'B' IDR and in the context of the Ratings Navigator as a mid-
point for the 'B' rating category.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
include:
- revenue growth of around 2.0% a year from FY18 ending
December;
- stable EBITDA margin of around 30%;
- annual capex of 1% of sales;
- increase in working capital at 40% of revenue increase;
- non-recurring cash outflows in FY18-19 totalling EUR80 million
relating to carve out and initial working capital required for
a standalone entity;
- no acquisitions factored over the rating horizon.
Key Recovery Assumptions
The recovery analysis based on the going concern approach. This
reflects Theramex's asset-light business model supporting higher
realisable values in a hypothetical distress situation compared
with balance-sheet liquidation. For the going concern analysis
enterprise value (EV) calculation, Fitch has applied a 25%
discount to Fitch-estimated 2017F EBITDA of EUR66 million,
leading to a post-distress EBITDA of EUR50 million, as a post-
distress cash-flow proxy.
Fitch has then applied a 5.5x distressed EV/EBITDA multiple,
considering Theramex's estimated multiple in the LBO transaction,
as well as broader sector trading benchmarks. After a deduction
of 10% for administrative claims, investors in senior secured
debt comprising TLB and RCF would be able to recover 57% of the
debt face value, leading to one-notch uplift from the IDR to
'B+'.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- successful completion of the separation from Teva evidenced in
efficiently functioning new senior management team,
appropriately sized international sales force, fully
internalised business-support functions and intact supply and
distribution networks;
- increase in scale with a concurrent sustained expansion of
EBITDA and margins;
- Free cash flows trending towards EUR100 million a year, with
FCF margins sustainably at mid- to high-single-digit level;
and
- FFO-adjusted gross leverage below 5.0x on a sustained basis.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- significant delays or material challenges incurred with the
separation process, evidenced in incomplete key senior
management team, inadequately staffed sales force, or
disruptions in any outsourced or in-house business processes;
- declining sales and EBITDA with margins falling below 30%;
- declining FCF and FCF margins trending to zero;
- FFO-adjusted gross leverage above 7.0x.
LIQUIDITY
Comfortable liquidity
Fitch considers the liquidity profile to be comfortable. This is
supported by the company's strong cash generation, availability
of EUR55 million RCF, which has remained undrawn at closing, the
absence of short-term financial obligations or significant
working capital seasonality, as well as the cash overfunding of
US$40 million to partly cover the costs of separation and the
follow-up restructuring.
MOTHERCARE: Calls in KPMG for Restructuring Advice, CVA Mulled
--------------------------------------------------------------
Chris St Cartmail at Business-Sale reports that struggling baby
and toddler clothing retailer Mothercare is fast running out of
cash and believed to be investigating new avenues to raise
finance quickly.
According to Business-Sale, if these initiatives fail, it is near
certain that the share price of Mothercare will spiral downwards,
leaving the firm as easy pickings for retail vulture funds and
entrepreneurs looking for distressed turnaround opportunities.
Mothercare has called in KPMG for restructuring advice and has
been in talks with its lenders, including Barclays and HSBC about
raising funding limits, Business-Sale relates. It is believed
the lenders have agreed temporary advances until May,
Business-Sale notes.
The cashflow crisis is believed to be at an emergency level with
the talks at KPMG involving Mothercare entering into a company
voluntary arrangement (CVA), Business-Sale states. In this
scenario one of the obvious moves would be to immediately shut
down loss-producing stores, according to Business-Sale.
Founded by James Goldsmith and Selim Zilkhar in 1961, Mothercare
has grown into a global business with over 1000 international
franchises and 140 stores in the UK. The business recorded a
GBP16.8 million pre-tax loss in the half-year to October 2017, on
sales of GBP340 million.
NEW LOOK: Fitch Corrects March 2 Rating Release
-----------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
New Look Retail Group Ltd published on March 2, 2018, to clarify
the rationale for the removal of the Rating Watch Positive on
which the ratings had been placed on Dec. 20, 2017.
The revised release is as follows:
Fitch Ratings has downgraded New Look Retail Group Ltd's Long-
Term Issuer Default Rating (IDR) to 'CC' from 'CCC'. The agency
has also downgraded New Look's Secured Issuer plc's 2022 senior
secured notes to 'C'/'RR5'/'23%' from 'CCC'/'RR4'/'44%' and New
Look Senior Issuer plc's 2023 senior notes to 'C'/'RR6'/'0%' from
'CC'/'RR6'/'0%'. A full list of rating actions is available at
the end of this commentary.
The ratings were initially placed on Rating Watch Positive on 20
December 2017 to reflect the fact that the Corporate Rating
Criteria Exposure Draft published on 14 December 2017
contemplated the introduction of rating modifiers for IDRs in the
'CCC' rating range. As Fitch has downgraded New Look's IDR to
'CC', the introduction of rating modifiers for 'CCC' rated
entities no longer applies and Fitch has removed the ratings from
Rating Watch.
The downgrade of the IDR reflects uncertainty over the
sustainability of New Look's capital structure given a sharp
deterioration in performance, evidenced by operating losses and
accelerating cash outflows from Q1 to Q3 FY2017/18 (ie the first
nine months in the 12-month financial year ending March 2018).
Clearance sales under challenging trading conditions have seen
New Look's profit margins to plummet, while generating limited
cash flow benefits.
In response to this underperformance, New Look is now required to
implement a challenging turnaround strategy and to reposition its
business offering in the context of weakening UK consumer
spending. However, this turnaround is based on the company
shifting back to its strengths in its core mass market customer
base, who are less fashion-led and who shop both online and in-
store.
New Look had GBP128 million of cash, overdraft and uncommitted
operating facilities at 2 February 2018, after drawing the
remaining available amount under its GBP100 million RCF
(revolving credit facility) in January 2018, and the group has no
other committed liquidity buffers. Fitch believes that the costs
and execution risks associated with the turnaround plan will
maintain free cash flow in negative territory in 2018 and 2019,
compromising New Look's liquidity position further.
These elements, combined with Fitch expectation that funds from
operations (FFO) lease-adjusted gross leverage will remain above
10x in the short to medium term, make a default or a debt
restructuring probable in Fitch view.
KEY RATING DRIVERS
Business Model Under Threat: Further to a challenging 1Q-3Q
FY2017/18 trading environment, Fitch see New Looks' business
model as increasingly compromised, as it faces structural changes
in the UK fast fashion sector, including fierce online
competition from pure players like ASOS and Boohoo.com that
benefit from asset-light operating structures. Retailers also now
need to respond rapidly to new fashion trends and products need
to be available for sale under very short timescales.
Highly Uncertain Turnaround: Following a deteriorating
performance and operating losses due to large clearance and deep
discount sales in the first three quarters of FY2017/18, Fitch
has reduced Fitch forecasts on profit margins over the short to
medium term. Despite a planned reduction in marketing spending,
promotions and discount sales in 2018, the company's operational
challenges are high, including mitigating rising input costs and
adverse FX movements, rationalising the store network and fixing
logistics issues. This needs to be achieved despite UK consumer
spending falling due to increased inflation, making a turnaround
highly uncertain. Fitch does not expect a recovery in UK spending
in 1H18, particularly in clothing.
Unsustainable Leverage: Fitch believes New Look's capital
structure is unsustainable, making a default or a debt
restructuring probable. FFO lease-adjusted gross leverage
increased to 8.4x at FY17 and Fitch expect a further increase to
13.5x by end-March 2018, given the poor 1Q-3Q FY2017/8 operating
performance. Fitch expect leverage to remain above 10x in the
short to medium term. The company's ability to meet its fixed
costs is highly compromised, as Fitch estimates the FFO fixed
charge cover will fall to 0.8x in FY17/18.
Worsening Liquidity Position: As of 2 February 2018, New Look had
fully drawn its GBP100 million RCF and is expected to be able to
make the coupon payment on its senior secured notes, due in May
2018. However, New Look currently has no other committed
liquidity buffers. In the absence of fresh third-party support,
Fitch believes that the costs and execution risks associated with
the turnaround plan will maintain free cash flow in negative
territory and will put further pressure on the group's liquidity
position for the next financial year ending March 2019.
Lowered Recovery Expectations: Fitch has downgraded the recovery
rating for the senior secured notes to 'C'/'RR5'/'23%' and the
senior notes to 'C'/'RR6'/'0%'. This is due to a revision of
Fitch going concern valuation assumptions, in light of lower
profitability due to intensive competition translating into a
weakened business model.
DERIVATION SUMMARY
New Look is a fast fashion multichannel retailer operating in the
value segment of the UK clothing & footwear market for women, men
and teenage girls. The group also generates around 20% of revenue
internationally and continues to develop outside the UK, which
partially helps offset weaknesses in its domestic retail market,
where it is heavily exposed. The ecommerce platform is a key
differentiating factor relative to other sector peers, such as
Financiere IKKS S.A.S (CCC/RWN) or Novartex (CCC), but the
unsustainable leverage and compromised liquidity position place
New Look one-notch below these peers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Reductions in price promotions in the UK, offset by sustained
challenging consumer spending environment and online
competition.
- Continued pressure on EBITDA margin.
- Capex to reduce to around 1.5% of sales as a cash preservation
measure.
- No dividend payments.
Key Recovery Assumptions
- The recovery analysis assumes that New Look would be
considered a going concern in bankruptcy and that the company
would be reorganised rather than liquidated. Fitch has assumed
a 10% administrative claim in the recovery analysis.
- New Look's recovery assumes a post-restructuring EBITDA of
around GBP100 million. At this level of EBITDA, which assumes
the successful implementation of corrective measures and lower
cash interest following a debt restructuring, Fitch would
expect New Look to generate neutral free cash flow.
- Fitch has reduced the distressed multiple to 4.5x from 5.0x in
light of the weakened business model, evidenced by worse than
expected trading results in the first three quarters in
FY17/18. The distressed multiple is between that of Novartex
SA (4.0x) and IKKS (5.0x) as New Look still has a better brand
reputation than Novartex's old and dated banners, yet lower
profit margins than IKKS.
- Fitch has added the utilised amount of operating facilities of
GBP63.5 million to the fully drawn RCF, both of which rank
super senior. Therefore, Fitch's expectations for senior
secured note recoveries fall to 23%, in line with a 'C'/'RR5'
rating. Following the payment waterfall, the senior
noteholders would receive no recovery, in line with a
'C'/'RR6' rating.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Evidence of successful implementation of the turnaround
strategy, leading to an improvement in the business model,
reflected in a material increase in the EBITDA margin and free
cash flow trending towards neutral territory.
- Significant improvements in the liquidity position.
Developments that May, Individually or Collectively, Lead to a
Negative Rating Action
- Failure to overcome profit margin pressure and reduce cash
outflows, adverse FX impact, loss of market share and weaker
consumer confidence in the UK, leading to a liquidity crisis.
- A missed payment on a material financial obligation.
- Formal announcement of a distressed debt exchange (DDE) under
Fitch's criteria.
LIQUIDITY
Worsening Liquidity Position: As of January 2018, New Look had
fully drawn its GBP100 million RCF and the company is expected to
be able to make the coupon payment on its senior secured notes,
due in May 2018. New Look currently has no other committed
liquidity buffers. Fitch does not take into account operating
facilities in its assessment of the liquidity position because
they are uncommitted. In the absence of fresh third-party
support, Fitch expectation of continued cash outflows under
challenging market conditions will put further pressure on the
group's liquidity position for the next financial year, ending
March 2019.
FULL LIST OF RATING ACTIONS
New Look Retail Group Limited
- Long-Term IDR downgraded to 'CC' from 'CCC'; Off RWP
New Look Secured Issuer plc
- Senior Secured Notes downgraded to 'C'/'RR5' from 'CCC'/'RR4';
Off RWP
New Look Senior Issuer plc
- Senior Notes downgraded to 'C'/'RR6' from 'CC'/'RR6'; Off RWP
SERVACOMM: Administrators Seek Buyer for Business
-------------------------------------------------
Hanna Sharpe at Business-Sale reports that a buyer is sought for
Servacomm, a maker of modular buildings based near Hull, after
hard trading conditions saw it enter administration.
Two professionals from Leonard Curtis Business Rescue & Recovery
have been appointed as joint administrators -- Phil Deyes --
phil.deyes@leonardcurtis.co.uk -- and Sean Williams --
sean.williams@leonardcurtis.co.uk -- and will take control of the
business going forward, Business-Sale relates.
According to Business-Sale, they say that they are currently
trying to sell the business and its assets while working
alongside stakeholders and creditors to make sure a positive
result is achieved.
Recent accounts for Servaccomm filed with Companies House show
that the firm achieved a turnover of GBP22.2 million for the year
ending March 31, 2016, resulting in a pre-tax profit of
GBP775,048, Business-Sale discloses.
Servacomm, which was founded in 1997, is a modular construction
company that manufacturers bespoke buildings that are designed to
be customisable by the end use.
S.G. ALUMINIUM: Onerous Contract Prompts Administration
-------------------------------------------------------
Eilis Jordan at Business-Sale reports that S.G. Aluminium has
entered administration after an exacting contract dragged down
the company's finances.
The company is expected to make the majority of its 33-person
workforce redundant as a result, Business-Sale discloses.
According to Business-Sale, recent pressures on the company were
prompted by falling sales and cash flow pressures arising from
one particularly onerous contract which chipped away at the
company's reserves, meaning that it had little ability to meet
its capital requirements to continue operating.
The firm's directors have been considering various restructuring
options since the beginning of the year, when such troubles
became apparent, Business-Sale relates.
They were unable to come up with a satisfactory solution,
however, and called in Paul Flint -- paul.flint@kpmg.co.uk -- and
David Costley-Wood -- david.costley-wood@kpmg.co.uk -- from
KPMG's restructuring practice to oversee its administration,
Business-Sale states.
S.G. Aluminium is a Blackburn-based producer of aluminium
products. The company also installs architectural aluminium
windows, doors, curtain walling and shop fronts.
===================
U Z B E K I S T A N
===================
AGROBANK: Moody's Hikes LT Local-Currency Deposit Rating to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the long-
term local-currency deposit rating of Uzbekistan-based Agrobank.
Concurrently, Moody's upgraded Agrobank's baseline credit
assessment (BCA) and adjusted BCA to b3 from caa2. The bank's
long-term foreign-currency deposit rating of B2, as well as its
Not Prime short-term local-currency and foreign-currency deposit
ratings were affirmed. The outlook on all of the bank's long-term
deposit ratings is stable.
Moody's has also affirmed Agrobank's long-term and short-term
Counterparty Risk Assessments (CR Assessments) of B1(cr)/Not
Prime(cr).
RATINGS RATIONALE
The upgrade of Agrobank's long-term local-currency deposit rating
reflects the material improvements in the bank's capital adequacy
levels, as well as in its funding structure and liquidity
position, resulting from a recently completed substantial
government capital injections.
In the end-2017 -- beginning-2018, Agrobank received a series of
capital injections from its key shareholders, Uzbekistan's
Ministry of Finance and the Fund for Reconstruction and
Development of the Republic of Uzbekistan. The capital injections
in aggregate totaled UZS600 billion and $140 million and they
boosted the bank's statutory total and Tier 1 capital adequacy
ratios to 37.8% and 37.6%, respectively, as of January 31, 2018.
The bank has not yet disclosed its IFRS capital adequacy ratios,
however Moody's estimates that its ratio of tangible common
equity to risk-weighted assets stands around 30%. In addition,
since the capital injections were made in cash form, the bank's
funding and liquidity profiles also materially improved. The bank
ceased to act as net debtor on Uzbekistan's local interbank
market (its net amount due to local banks amounted to 17% of
total assets at year-end 2016) and turned into a net creditor
(its net amount due from local banks was 3% of total assets as at
January 31, 2018), while its liquidity cushion comprising cash
and cash equivalents increased to 17% of total assets from 7.4%
over the same period.
The rating agency added that, despite the above-mentioned
significant improvements in capital, funding and liquidity
profiles, Agrobank's standalone credit standing continues to be
constrained by its concentration on a relatively risky
agricultural segment and fast loan growth. Agrobank acts as a
government agent for providing loans to farmers and agri-
businesses, predominantly servicing cotton and grain production
industries. Credit exposures to agricultural sector accounted for
more than 60% of Agrobank's loan portfolio as of January 31,
2018. Moreover, Agrobank started displaying high loan growth in
2018: in January 2018 alone, the bank's gross loans expanded 30%,
while for the whole 2017 the loan book grew 12%, according to
Agrobank's local GAAP statements.
Agrobank's profitability is low, mainly stemming from the bank's
high costs of running its branch network. Agrobank's distribution
network is among the largest in Uzbekistan and it includes a lot
of inefficient small points of sales located in rural areas.
WHAT COULD MOVE THE RATINGS UP / DOWN
Moody's may upgrade Agrobank's standalone BCA if it observes
better diversification and sustainable good quality of the bank's
loan portfolio coupled with material and sustainable improvements
in its profitability. Significant improvements in the overall
operating environment in Uzbekistan could lead to an upgrade of
Agrobank's supported deposit ratings over a long term.
Agrobank's standalone and supported ratings could be downgraded
if Moody's observes any weakening of the bank's financial
fundamentals, particularly asset quality and profitability,
beyond the rating agency's current expectations, especially if
any losses start eroding the bank's currently ample capital base.
Furthermore, the rating agency's diminished perception of the
probability of support for the bank from the Uzbekistan
government might also result in a negative rating action.
LIST OF AFFECTED RATINGS
Issuer: Agrobank
Upgrades:
-- LT Bank Deposits (Local Currency), Upgraded to B1 from B2,
Outlook remains Stable
-- Adjusted Baseline Credit Assessment, Upgraded to b3 from caa2
-- Baseline Credit Assessment, Upgraded to b3 from caa2
Affirmations:
-- LT Bank Deposits (Foreign Currency), Affirmed B2, Outlook
remains Stable
-- ST Bank Deposits, Affirmed NP
-- LT Counterparty Risk Assessment, Affirmed B1(cr)
-- ST Counterparty Risk Assessment, Affirmed NP(cr)
Outlook Actions:
-- Outlook, Remains Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in September 2017.
Headquartered in Tashkent, Uzbekistan, Agrobank reported total
assets of UZS4,982 billion and total shareholder equity of
UZS1,374 billion as at year-end 2017, in its unaudited local GAAP
financial statements. Agrobank's local GAAP profits stood at
UZS2.7 billion in 2017.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 2 to April 6, 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
Lehman Brothers Treasury Co 4.00 4/13/2011 CHF 1.90
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
Kaupthing ehf 6.50 10/8/2010 ISK 0.25
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 * * *