/raid1/www/Hosts/bankrupt/TCREUR_Public/180702.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, July 2, 2018, Vol. 19, No. 129
Headlines
B E L A R U S
BPS-SBERBANK: Fitch Affirms 'B' Long-Term Issuer Default Rating
F I N L A N D
TERVEYS- JA: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
F R A N C E
NOVARTEX SAS: Fitch Lowers LT Issuer Default Rating to CCC-
I R E L A N D
ACCUNIA EUROPEAN III: Moody's Assigns (P)B2 Rating to Cl. F Notes
BAMS CMBS 2018-1: Fitch Rates Class E Notes 'BB-(EXP)sf'
K A Z A K H S T A N
EURASIAN RESOURCES: S&P Raises ICR to 'B', Outlook Positive
EURASIAN RESOURCES: S&P Hikes ICR to 'B', Outlook Positive
N O R W A Y
AKER BP: S&P Revises Outlook to Positive & Affirms 'BB+' ICR
R O M A N I A
ELECTROCENTRALE BUCURESTI: Bucharest City Hall to Pay EUR447MM
TERRA TOURISM: Files for Insolvency, Directs Clients to Insurers
R U S S I A
ER-TELECOM: S&P Affirms 'B' Long-Term ICR, Outlook Stable
S P A I N
AYT GENOVA HIPOTECARIO VIII: S&P Affirms B (sf) Rating on D Notes
S W E D E N
RADISSON HOSPITALITY: Moody's Assigns B1 CFR, Outlook Stable
U N I T E D K I N G D O M
COMET: Deloitte Kahn Partner Steps Down Amid Probe Into Collapse
ESCUBED LTD: Halts Operations, Appoints Administrators
ITACONIX: Shares Suspended, At Risk of Insolvency on Funding Woes
LHC3 PLC: Fitch Affirms LT IDR at 'BB-', Outlook Stable
ORIGINAL FACTORY: Set to Close Stores Under CVA
SYNTHOMER PLC: Moody's Assigns 'Ba2' CFR, Outlook Stable
TWIN BRIDGES 2017-1: Fitch Hikes Class X1 Notes Rating to BB+sf
VTB CAPITAL: Moody's Reviews Ba3 Deposit Ratings for Downgrade
WHYTE CHEMICALS: OQEMA Acquires Business Out of Administration
* UK: More Than 100 Colleges 'At Risk' of Insolvency
X X X X X X X X
* Gordon Brothers Appoints Jaffe as UK, EU Managing Director
* BOND PRICING: For the Week June 25 to June 29, 2018
*********
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B E L A R U S
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BPS-SBERBANK: Fitch Affirms 'B' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of BPS-Sberbank (BPS), Belgazprombank (BGPB) and BelVEB
OJSC (BVEB) at 'B'. The Outlooks on the IDRs are Stable.
Fitch has also upgraded BGPB's Viability Rating (VR) to 'b' from
'b-' and affirmed the VRs of BPS and BVEB at 'b-'.
The affirmation of the IDRs reflects limited changes in Fitch's
view of institutional support to these banks from their
respective parents, which are some of Russia's largest state-
owned financial institutions. BPS is 98.4%-owned by Sberbank of
Russia (SBR; BBB-/Positive), BVEB is 97.5%-owned by
Vnesheconombank, (BBB-/Positive), and BGPB is jointly owned by
PJSC Gazprom (BBB-/Positive) and JSC Gazprombank (GPB;
BB+/Positive), each with a 49.66% stake.
KEY RATING DRIVERS
LONG-TERM IDRS, SUPPORT RATINGS (SR)
The 'B' Long-Term IDRs of BPS, BGPB and BVEB are aligned with
Belarus's 'B' Country Ceiling. The latter captures the high
transfer and convertibility risks in Belarus and limits the
extent to which support from the banks' higher-rated Russian
parents can be factored into the subsidiaries' ratings.
At the same time, Fitch believes the banks' respective parents
would likely have a high propensity to support their
subsidiaries, if needed, due to the strategic importance of the
Belarusian market and the tight political and economic ties
between the two countries. Majority ownership, significant
parent-subsidiary integration (including board representation and
operational links), a track record of support provided to date
(including assistance with business origination), the small cost
of potential support, and high reputational risks from a
subsidiary default also positively impact Fitch's assessment of
parental support.
BGPB expects a new equity contribution in the near term. There
are no plans for such injections for the other two banks, but
Fitch believes parental capital support will be available for all
three banks, if needed. BPS, BGPB and BVEB from time to time have
received equity and subordinated debt from their parents.
Transfers of credit risk on some bulky loans from BPS to SBR
provided further capital relief in 2013-2016.
Although the subsidiary banks have reduced their reliance on
parent funding in recent years, Fitch also expects funding
support to be provided, if required, and believes that this would
not be constrained by national regulators. Non-subordinated
borrowings from parent banks contributed 5% of total liabilities
at BGPB and 12% at BVEB at end-2017 (9% and 22%, respectively, at
end-2016). BGPB additionally had a significant 29% share of
deposits from Gazprom-related companies. Borrowings from SBR were
a negligible 2% of BPS's total liabilities at end-2017 (3% at
end-2016).
VRS
The upgrade of BGPB's VR reflects Fitch's reassessment of the
bank's credit profile in line with a reassessment of the
operating environment, which, in turn, reflects the recent
upgrade of the sovereign rating and improved near-term economic
prospects. The upgrade also reflects BGPB's track record of more
stable asset quality performance and profitability compared with
Belarusian peers. The affirmation of the VRs of BPS and BVEB
reflects these banks' weaker asset quality and less stable
performance.
More generally, all three banks' VRs continue to capture
Belarus's challenging operating environment, with a state-
controlled economy and potential macroeconomic volatility. The
banks' direct exposure to the sovereign through government debt
holdings at end-2017 stood at 20% of total assets at BPS (end-
2016: 25%), 14% at BGPB (20%) and 13% at BVEB (21%). Other public
sector exposures were relatively limited at BPS and BGPB, but
were a further 35% of total assets at BVEB (end-2016: 32%).
Fitch's view of BGPB's stronger loan quality is driven by the
bank's consistently low non-performing loans (NPLs; overdue by
more than 90 days) and limited restructured loans. In addition,
impairment charges and write-offs have been low, as is the
reported post-devaluation debt leverage of most of the bank's
largest borrowers.
BPS's and BVEB's weaker loan quality is reflected in these banks'
higher NPLs and restructured exposures, although Fitch recognises
that the differences in these metrics are partly due to the
differences in their reporting frameworks, recognition policies
and workout strategies.
At end-2017, BGPB's NPLs were equal to a small 1.2% of gross
loans (1.6% at end-2016) and restructured loans stood at 3.6%
(4.8% at end-2016). BPS's NPL ratio was a higher 16% at end-2017
(18% at end-2016) and restructured loans added a further 5% (7%
at end-2016). BVEB's impaired loans were mostly captured by the
bank's restructured loans at 14% at end-2017 (19.7% at end-2016)
as reported NPLs were immaterial.
Although new loan impairment origination has reduced from peak
levels, impairment risks remain high, in particular due to loans
in foreign currencies (FCs) to potentially unhedged borrowers. FC
loans made up a high 76% of gross loans at BVEB, 69% at BGPB and
48% at BPS at end-2017 (84%, 75% and 61%, respectively, at end-
2016) with only a small part of these loans reported as
problematic exposures at end-2017.
Loan impairment allowances (LIAs), at 17% at BPS and 10% at BVEB
at end-2017, viewed in conjunction with the ongoing gradual
recovery of the Belarusian economy from a recent recession,
partly mitigated higher loan-quality risks at these banks. The 4%
LIAs at BGPB covered substantially all of the bank's NPLs and
restructured loans, but left limited space for potential loss
absorption should loan quality deteriorate.
Fitch views capitalisation as slightly stronger at BGPB,
primarily reflecting the bank's lower unreserved problem loans
relative to core capital. Shareholders' plans to further improve
BGPB's core capitalisation, by converting subordinated debt into
equity, are also viewed as credit-positive.
At end-2017, Fitch Core Capital (FCC) stood at 17% of Basel I
risk-weighted assets (RWAs) at BPS, 11% at BGPB and 10% at BVEB
(15%, 13% and 10%, respectively, at end-2016). At the same time,
the combined amount of NPLs and restructured loans less loan
impairment reserves equaled 0.04x FCC at BGPB, 0.3x FCC at BPS
and 0.3x FCC at BVEB.
BGPB's stronger profitability is captured by the bank's higher
and more stable operating results through the recent credit
cycle. The bank's operating profit equaled 2.5% of RWAs in 2017
after 3.3% in 2016. The ratio improved to 2% in 2017 at BPS (0.8%
in 2016) due to reduced loan impairment charges (LICs), and
weakened to 0.7% at BVEB (1.4% in 2016) due to growth in
operating costs in 2017.
Fitch continues to view all three banks' standalone funding and
liquidity profiles as vulnerable, given their limited FC
placements with highly-rated counterparties and high funding
dollarisation. However, potential access to parents' FC resources
and all three banks' currently solid domestically-held liquidity
buffers are mitigating factors.
FC cash and foreign bank placements were a small 3% of FC-
denominated third-party liabilities at BGPB, 6% at BPS and 4% at
BVEB at end-1Q18. Total liquid assets equaled a stronger 41%, 35%
and 40% of total third-party liabilities, respectively, although
these mainly comprised sovereign bonds, which may cease to be
repo-able in a systemic stress scenario.
RATING SENSITIVITIES
IDRs AND SRs
The IDRs and SRs could be upgraded or downgraded if a change in
Belarus's sovereign ratings results in a change in the Country
Ceiling, although this is currently unlikely given the Stable
Outlook on the sovereign rating. A downgrade is also possible
upon a sharp weakening of the ability or propensity of any of the
three parent banks to provide support but this is not Fitch's
base case.
VRs
Downgrades of VRs could result from capital erosion due to a
further marked deterioration in asset quality without sufficient
and timely support being made available by parents. Upgrades of
VRs above the sovereign rating are very unlikely given the high
sovereign exposures and many borrowers' high vulnerability to
adverse changes in the Belarusian state-controlled economy.
The rating actions are as follows:
Belgazprombank
Long-Term IDRs affirmed at 'B'; Outlook Stable
Short-Term IDRs affirmed at 'B'
Support Rating affirmed at '4'
Viability Rating: upgraded to 'b' from 'b-'
BPS-Sberbank and BelVEB OJSC
Long-Term IDRs affirmed at 'B'; Outlook Stable
Short-Term IDRs affirmed at 'B'
Support Ratings affirmed at '4'
Viability Ratings: affirmed at 'b-'
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F I N L A N D
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TERVEYS- JA: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
-------------------------------------------------------
Fitch has assigned a first-time expected Issuer Default Rating
(IDR) of 'B(EXP)' to Terveys- ja Hoivapalvelut Suomi Yhtyma Oy
(the top holding company within the restricted group), which will
indirectly own the Finnish private provider of healthcare
services Mehilainen, following the completion of its acquisition
by a group of investors led by CVC. The Outlook is Stable. Fitch
has also assigned a first lien senior secured loan rating of
'B+(EXP)'/'RR3'/59% to the EUR760 million Term Loan B borrowed by
Terveys- ja Hoivapalvelut Suomi Oy, a direct subsidiary of the
top holding company, as well as a second lien loan rating of
'CCC+(EXP)'/RR6/0% to the EUR200 million second lien facility
borrowed by Terveys- ja Hoivapalvelut Suomi Oy.
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already received.
The ratings are supported by Mehilainen's strong market positions
as an integrated service provider with a significant presence in
the fragmented Finnish private health- and social-care sectors.
Scalable operations with supportive long-term demand fundamentals
and an accommodating regulatory regime for private-service
providers contribute to defensive and cash-generative operations.
The importance of private health-care service providers to the
publicly funded national health-care system in combination with a
stable national regulation with a low degree of intervention
mitigates Mehilainen's single-country exposure to Finland.
The ratings are, however, constrained by Mehilainen's
comparatively weak financial metrics with Funds from Operations
(FFO) adjusted leverage expected at 7.8x in 2019 ending December
trending to below 7x by 2021, and FFO fixed charge cover
relatively low but stable at 1.6x. These credit metrics are
considered to be at the low end of the 'B' rating category.
KEY RATING DRIVERS
Defensive Diversified Operations: Mehilainen's national presence
across the private health- and social-care markets in combination
with strong involvement of private service providers in the
Finnish public health-care sector translate into defensive
operations with diversified revenue streams. Fitch regards this
multi-sector exposure as credit-positive, which also favourably
compares with other European private providers of health- and
social-care services with more concentrated product portfolios.
Strong market positions with scalable operations allow Mehilainen
to increase the number of patients and product offering by cross-
selling additional services.
Moderate Execution Risks: Given the array of strategic and
operating initiatives planned by CVC, Fitch sees moderate
execution risks embedded in the business plan. Multiple business
development avenues are considered by the sponsor with a
combination of organic growth supported by national regulations,
greenfield projects and add-on acquisitions mainly in social
care, as well as productivity improvements across the business
platform. While these plans are aimed at doubling the earnings by
2022, they add considerable managerial and operational complexity
to a business which has recently been through a number of smaller
and larger acquisitions.
The management team has a record of successful execution and has
facilitated Mehilainen's transformational development over the
past few years. The management recognises the potential the buy-
and-build strategy offered by the local fragmented market.
However, Fitch remains cautious on management's ability to handle
rapidly growing operations without dilution of margins and loss
of productivity.
Geographic Concentration, Favourable Operating Environment: The
company's focus on Finland with comparatively small addressable
health- and social-care markets estimated at EUR5.5 billion is
balanced by the stable national health-care system with
favourable regulation of private healthcare providers. This
supportive regulatory framework in combination with positive
long-term demand fundamentals from demographics, the need for
access to high-quality services, the focus on productivity and
the growth of outpatient care create a benevolent operating
environment for Mehilainen, allowing it to capitalise on these
market trends, even if only within the Finnish markets.
Health-Care Reform Neutral: The new health-care reform SOTE aimed
at further liberalisation of the health- and social-care markets
and increasing the public-pay market for private providers does
not have a significant impact on Fitch's expectations on business
volumes and profitability within the rating case. This is due to
the uncertainty around the timing and content of the political
decision, and the long time-frame for implementation with unclear
structural effects, which Fitch anticipates would only become
visible beyond its rating case starting 2022.
Sustainably Strong Cash Flows: The 'B(EXP)' IDR is supported by
Mehilainen's strong free cash flow (FCF) generation with an FCF
margin of between 4%-5% given the structurally negative trade
working capital and comparatively low capital intensity of 2%-3%.
This compares favourably with most of Fitch-rated private
operators of clinics and care homes, where slow reimbursement
schemes from municipalities and central governments, and pricing
pressure from national regulators or local governments compress
earnings and operating cash flows.
Greater Variable Costs:
The company's focus on occupational and outpatient healthcare
services leads to a higher cost variability and lower maintenance
capex, leading to sustainably stronger cash conversion rates than
is the case for traditional operators of private hospitals.
High Indebtedness, Moderate Deleveraging Potential: The rating is
constrained at 'B' level due to Mehilainen's aggressive opening
FFO adjusted leverage in excess of 8.0x. With the increase in
earnings driven by organic and acquisitive steps, as well medium-
term productivity improvements due to increased scale Fitch
projects moderate deleveraging towards 7.0x in 2021. Inability to
bring the leverage down below 8.0x in 2019 may put pressure on
the ratings over the short to medium term.
Modest Financial Flexibility: Following the aggressively funded
buyout, Fitch projects FFO fixed charge cover will stay on
average at 1.6x from 2019 onwards, after the full year impact of
the acquisition debt service has become visible. The current
Fitch case is based on a steady level of operating leases at
around 9% of sales with some contingency for medium-term risk-
free rate increases. Disproportionately growing rental
obligations could lead to a reduction of the FFO fixed charge
cover to below 1.5x and burden the leverage metrics, which may
negatively impact the ratings.
DERIVATION SUMMARY
Based on the peer analysis performed against other European
providers of private health- and social-care services, Fitch
views Mehilainen as being well positioned at the 'B' rating level
given its well-established operations as an integrated private
health-care service provider with strong market positions in each
of its business segments benefiting from attractive underlying
market fundamentals and a stable regulatory environment in the
Finnish private health-care market.
Unlike most of Fitch-rated private health-care service providers
with a focus on either health- or social-care services,
Mehilainen has diversified operations across both market segments
with a significant national presence in each sub-market, making
its business model more resilient against weaknesses in
individual service lines. Mehilainen's regulatory framework is
positive from a credit perspective. It contrasts with the UK,
where private operators such as Voyage Bidco ('B-'/Stable,
withdrawn in December 2017) have been exposed to margin pressure
due to a reduction in local authorities' fees.
With EBITDAR margins estimated by Fitch at around 23%, Mehilanen
is in line with other 'B' rated private health- and social-care
providers with asset-light business models. Low capital intensity
in combination with structurally negative trade working capital
contribute to comparatively high cash flow conversion with FCF
margins estimated at 4%-5% over the rating horizon. Opening
leverage in excess of 8.0x on FFO adjusted basis, projected to
improve towards 7.0x by the of 2021 is more in line with 'B-'
rated peers. However, this is mitigated by the strong cash-
generative properties of the business.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Revenue growth CAGR of 12.3% driven by a combination of
internal and external growth
- Gradual EBITDA margin improvement towards 14.5% by 2021
supported by operating leverage and productivity initiatives
- Maintenance/sustainability capex at 2.5%-3.5% of sales
- Bolt-on acquisition spending of around EUR160 million
cumulatively between 2018-2021
- No dividends.
Recovery Assumptions
In its recovery analysis, Fitch follows a going-concern approach
instead of a balance-sheet liquidation. This reflects
Mehilainen's asset-light business model and brand quality
supporting higher realisable values in a hypothetical distressed
situation. In line with other 'B' rated private health-care
operators, Fitch has applied a 25% discount to the Fitch-expected
2018 EBITDA of around EUR120 million, leading to a post-
restructuring EBITDA of EUR90 million. At this level of EBITDA,
the company would generate neutral FCF, while FFO adjusted
leverage would approach 10.0x, a level which Fitch would view as
being outside the performing range, with FFO fixed charge cover
tightening to 1.2x, implying materially reduced financial
headroom.
Fitch has chosen the higher end of the distressed EV/EBITDA
multiple of 6.0x, to which it has applied a 0.5x premium
reflecting Mehilainen's favourable and stable regulatory regime
for private service providers in Finland and the company's strong
market position.
Fitch has also assumed the EUR125 million revolving credit
facility (RCF) will be drawn in full (in case of distress) and
that it will rank pari passu with the senior secured first lien
term loan of EUR760 million. The EUR200 million of senior second
lien term loan ranks second in priority.
After deduction of 10% for customary administrative claims, Fitch
expects the senior secured first lien loan would be able to
recover approximately 59% of its face value, leading to the
senior secured rating of 'B+(EXP)'/'RR3'/59%. Fitch does not
expect any recoverable value for the second lien facilities which
have a rating of 'CCC+(EXP'/'R6'/0%.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Successful execution of the medium-term strategy leading to
further increase in scale with EBITDA margins sustainably at/or
above 15%
- Continued supportive regulatory environment and Finnish
macro-economic factors
- Free cash flow margins remaining at mid-single-digit levels
- FFO adjusted leverage improving towards 6.5x and FFO fixed
charge cover trending towards 2.0x
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Pressure on profitability with EBITDA weakening towards 10%
on a sustained basis as a result of productivity losses with
declining customer visits and occupancy rates, or pressure on
costs
- Risk to the business model resulting from adverse regulatory
changes to public and private funding in the Finnish health-care
system
- As a result of the adverse trends, declining FCF margins to
low single-digit levels
- FFO adjusted gross leverage remaining above 8.0x beyond 2018
and FFO fixed charge cover persistently below 1.5x.
LIQUIDITY
Comfortable Liquidity: Fitch projects Mehilainen will generate
EUR40 million of FCF in 2018/19, growing towards EUR60 million by
2021, as its earnings expand gradually on the back of organic and
acquisitive growth in combination with productivity improvements.
This sustainably positive internal liquidity profile will
comfortably accommodate bolt-on acquisitions of EUR30-60 million
a year, and still lead to a year-end cash balance of EUR90
million in 2021. In addition to the strong internal liquidity
generation, Mehilainen has access to a committed RCF of EUR125
million, which Fitch projects will remain undrawn throughout.
For the purposes of assessment of the liquidity, which would be
freely available for debt service, Fitch has put aside EUR10
million as restricted cash, which it estimates will be required
for operations, including reserves held at certain subsidiaries,
as well as to fund annual peaks of trade working capital in
September to October of each year estimated at EUR5 million. From
2019 onward, Fitch has increased the restricted cash to EUR15
million, as the business scales up with revenues projected to
exceed EUR1 billion.
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F R A N C E
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NOVARTEX SAS: Fitch Lowers LT Issuer Default Rating to CCC-
-----------------------------------------------------------
Fitch Ratings has downgraded Novartex SAS's (Vivarte) Long-Term
Issuer Default Rating (IDR) to 'CCC-' from 'CCC' and Vivarte
SAS's senior secured "new money" debt rating to 'CCC- from 'CCC'
and placed these ratings on Rating Watch Negative (RWN). The
Recovery Rating remains 'RR4', while expected recoveries have
been revised up to 43% from 33%.
The downgrade reflects high execution risk inherent in Vivarte's
transformation plan, continuing cash outflows, rising leverage,
tightening liquidity and a competitive French womenswear market.
While the group operates a number of well-known French banners,
many of these are dated and will benefit from further spending on
brand development and marketing to maintain their relevance and
reputation. This additional spending comes at a time when Vivarte
also has to financially support the development of its growing
online sales (4% of sales) as well as improving its IT and web
platforms.
With a large store portfolio (3,000 shops and concessions) the
group retains a large fixed cost base in an industry reinventing
itself through lower cost asset-light pure online retailers. The
group's high operational risk compounds a significant refinancing
risk as it has to repay EUR300 million by 19 October 2019 under
the Fiducie agreement, given negative free cash flows (FCF) and
only modestly sized non-core business disposals to date (EUR32
million in March YTD FY18 and a further EUR52 million to be
received by end June 2018). Fitch has therefore placed the
ratings on RWN, as there is some uncertainty as to whether the
group will have raised sufficient funds by October 2019 to repay
the EUR300 million tranche of debt. The agency will review
progress towards achieving this debt reduction in 4Q18 and
resolve the RWN accordingly.
Failure to repay the EUR300 million by 19 October 2019 would be
an event of default under the "new money" debt documentation. Any
material reduction in terms would be a restricted default under
Fitch's criteria.
KEY RATING DRIVERS
Uncertain Turnaround Strategy: Management has announced a
strategy focused on transforming the core brands by making
investments on store openings and remodelling, logistic
optimisation and IT system upgrades. Fitch has doubts regarding
management's ability to generate positive like-for-like sales
growth in a difficult market that is experiencing a deep
restructuring with an uncertain outcome. The re-positioning of
brands is tricky in order for efforts to attract new customers
not to alienate the existing customer base.
Highly Challenging Retail Environment: The French women's
clothing market is highly fragmented, competition remains fierce
and 'bricks and mortar' groups such as Vivarte are finding it
difficult to increase prices above inflation, as discounting has
been rife, and to maintain volumes. Further to challenges from
store based groups such as H&M and Zara, Vivarte is now also
facing new entrants (pure online retailers, Primark) which are
much more aggressive in terms of prices, have lower costs and
more flexibility with deliveries and challenge traditional fast-
fashion retailers.
Insufficient Funding for Capex: Vivarte has identified around
EUR80 million of capex for brands transformation to be split over
FY18 and FY19. However, it remains uncertain as to how Vivarte
will finance this spending, as FCF and disposals are unlikely to
be sufficient to meet the full capex plan in the next two to
three years. In addition the group must retain a minimum EUR80
million-EUR100 million of liquidity under the "new money"
documentation.
Disposals Continuing: Under its restructuring plan Vivarte has
been disposing of non-core brands such as Naf Naf, Andre and
Merkal, and the group is negotiating a number of other sales.
These disposals not only allow management to concentrate on core
businesses such as La Halle, Caroll, San Marina, Cosmoparis and
Minelli, but also help Vivarte accumulate funds to help repay
EUR300 million of "new money" debt by October 19 2019.
Unsustainable Cost Cutting: Fitch views Vivarte's cost-cutting
measures, such as combining La Halle and La Halle Chaussures
stores, better store staff-hour planning and closure of loss-
making stores, as credit-positive. However, the key element
remains maintaining sustainable profitability that can fund
sufficient maintenance and development capex, particularly in
relation to IT and online, where competition is intensifying.
Improved but Negative FCF: The closure of non-performing stores
and the disposal plan have helped management focus on fewer, more
promising, banners, and also limited cash outflows. The new
financial structure also supports the group's turnaround plan by
creating minimal cash drain. Despite the improvements, Fitch
forecasts continuing cash outflows in FY18 and FY19, resulting in
lower cash available for capex and debt repayment. Under Fitch's
projections, it does not expect FCF to become broadly neutral
until 2021 at the earliest.
Significant Refinancing Risk: Given current trading and cash
outflows the group has a major refinancing risk profile with a
key date on October 19, 2019 when it has to repay EUR300 million
under the Fiducie agreement. Should it not do so, "new money"
lenders have the right to take control of the group and dispose
of it. Fitch projects FFO adjusted net leverage to stand at 8.8x
in FY19, which represents excessive refinancing risk. Investors
are unlikely to commit additional funds due to Vivarte's track
record of credit issues.
Tightening Liquidity: Vivarte's liquidity remains tight in the
short term given significant cash outflows and declining cash
deposits, ahead of its EUR300 million debt maturity by 19 October
2019. While the group has had some success in selling business
and assets, it remains uncertain over whether cash from disposals
and operations will be sufficient to repay the full amount. Fitch
would therefore expect the group to renegotiate with lenders the
repayment to a lower figure and extend the remaining maturities.
Fitch would view such an event as a restricted default under its
criteria.
DERIVATION SUMMARY
Vivarte has a lower EBITDAR margin than most non-food retailers
such as Financiere IKKS SAS (CC) and New Look Retail Group Plc
(CC), due to its uncompetitive position in the fast-changing mass
market clothing market. The traditional store-based business
model, large debt burden and significant capex needs, combined
with heavy restructuring costs also weaken its cash conversion
capability compared with asset-light competitors. While leverage
is lower than Financiere IKKS, it is nevertheless high, with
liquidity tight and a critical repayment due by October 19, 2019.
While Vivarte's cash flow remains negative, Fitch nevertheless
expects the group to have enough cash and credit facilities,
including letters of credit facilities, to continue trading to
around October 2019. This informs Fitch's 'CCC-' long-term IDR
rather than 'CC'.
KEY ASSUMPTIONS
Fitch's Key Assumptions within its Rating Case for the Issuer
- Decreasing like-for-like revenue until FY20 and low single-
digit growth thereafter.
- Around EUR65 million of restructuring costs in FY18 and EUR30
million in FY19.
- EUR50 million of capex in FY18.
- Proceeds from Naf Naf disposal to be received in FY18, Besson
disposal to be completed in FY19.
- With lower trade payables, Fitch projects a small release
(EUR5 million) in cash collateral in FY18.
- Fitch reduces available cash by EUR100 million to take into
account seasonal working capital requirements and cash collateral
needs for lenders.
- No dividends in the next four years.
Key Recovery Assumptions
- The recovery analysis assumes that Vivarte 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.
- The recovery analysis assumes a post-restructuring EBITDA of
EUR90 million. This is the EBITDA level which allows the company
to continue to operate normally, and leads to a breakeven FCF.
- Fitch has maintained the distressed multiple at 4.0x in light
of the weakened business model. The distressed multiple is at the
low end of the sector due to the likely loss of attractiveness
among potential buyers following several previous failed
restructurings in an adverse market environment. Fitch has
assumed existing drawn commitments, including drawn letters of
credit, ranking ahead of the New Money debt in the payment
waterfall. The lower amount of letters of credit is a key driver
behind the improvement in expected recovery rates for new money
debt creditors to 43% from 33%. This is still within the RR4 band
and represents average recovery prospects in the event of
default. Any meaningful variance in the amount of drawn letters
of credits, as an uncommitted source of financing, could alter
recovery expectations up or down.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Mitigated refinancing risk, with greater visibility regarding
the successful repayment of at least EUR300m of debt through
asset sales by the end of the 4th quarter of 2018.
- Evidence of return to positive like-for-like sales growth,
with some improvement in profitability
- Improved financial flexibility including neutral FCF, FFO
fixed charge cover sustained at above 1.2x and confirmed access
to committed facilities to fund working capital
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Fitch's increased perception that the group will fail to repay
at least EUR300 million of the 'new money' debt by October 2019,
probably driven by lack of sales and EBITDA improvement in FY18
and insufficient asset disposals.
- Sharp deterioration in short-term liquidity buffer
- Initiating a debt restructuring
LIQUIDITY
Unfunded Liquidity: Fitch estimates that Vivarte currently has
around EUR90 million-EUR110 million in readily available cash and
undrawn debt facilities (which can rise to EUR170 million
depending on time of year), excluding around EUR117 million
letters of credit facilities (EUR54.8 million outstanding at end-
May 2018), some of which are backed by cash collateral.
Should the operating performance of the group remain under
pressure, banks could refuse to renew the existing letters of
credit, which could therefore compromise Vivarte's already tight
liquidity position. This is despite the additional cash headroom
provided by lower debt and the toggle option on the "new money"
debt. Fitch expects liquidity stress to arise on October 19, 2019
when the EUR300 million debt repayment is due, given the weak
current operating trends and the lack of alternative liquidity
sources.
=============
I R E L A N D
=============
ACCUNIA EUROPEAN III: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service, announced that it has assigned the
following provisional ratings to notes to be issued by Accunia
European CLO III DAC:
EUR 216,000,000 Class A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)
EUR 20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)
EUR 12,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)
EUR 25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)
EUR 19,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)
EUR 21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)
EUR 10,200,000 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 ratings of the rated notes address 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, Accunia
Fondsmaeglerselskab A/S ("Accunia Credit Management"), has a team
with sufficient experience and operational capacity and is
capable of managing this CLO.
The Issuer 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
loans, second-lien loans, mezzanine obligations and high yield
bonds. The portfolio is expected to be approximately 75% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remaining of the portfolio will be acquired during the six months
expected ramp-up period.
Accunia Credit Management will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.
In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 37,300,000 of subordinated notes, which
will not be rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
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. Accunia Credit Management's
investment decisions and management of the transaction will also
affect the notes' performance.
Loss and Cash Flow Analysis:
Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR 350,000,000
Diversity Score: 45
Weighted Average Rating Factor (WARF): 2760
Weighted Average Spread (WAS): 3.40%
Weighted Average Recovery Rate (WARR): 42.75%
Weighted Average Life (WAL): 8.5 years
As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local a currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5%. Following the effective date, and
given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio. As a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
an additional 5% would be domiciled in countries with LCCs of A1
to A3. The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to countries with a LCC of A1 or
below and the target ratings of the rated notes, and amount to
0.75% for the Class A Notes, 0.50% for the Class B Notes, 0.375%
for the Class C Notes and 0% for Classes D, E and F.
Stress Scenarios:
Together with the set of modelling assumption, Moody's conducted
additional sensitivity analysis, which was an important component
in determining the provisional ratings assigned to the rated
notes. This sensitivity analysis includes increased default
probability relative to the base case. Here 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 3174 from 2760)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: 0
Class B-1 Senior Secured Floating Rate Notes: -1
Class B-2 Senior Secured Fixed Rate Notes: -1
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: -1
Percentage Change in WARF: WARF +30% (to 3588 from 2760)
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: -2
Class F Senior Secured Deferrable Floating Rate Notes: -3
BAMS CMBS 2018-1: Fitch Rates Class E Notes 'BB-(EXP)sf'
--------------------------------------------------------
Fitch Ratings has assigned BAMS CMBS 2018-1 DAC's notes expected
ratings as follows:
EUR150.9 million class A: 'AAA(EXP)sf'; Outlook Stable
EUR200,000 class X: not rated
EUR31.9 million class B: 'AA(EXP)sf'; Outlook Stable
EUR26.2 million class C: 'A+(EXP)sf'; Outlook Stable
EUR41.3 million class D: 'BBB+(EXP)sf'; Outlook Stable
EUR49.2 million class E: 'BB-(EXP)sf'; Outlook Stable
The transaction is a securitisation of 95% of a GBP315.3 million
commercial real estate loan backed by a portfolio of 59 light
industrial/logistics assets in the UK. The originators, Bank of
America Merrill Lynch International Limited and Morgan Stanley
Bank, N.A., advanced the loan to entities related to Blackstone
Real Estate Partners.
The final ratings are contingent upon the receipt of final
documents conforming to the information already received.
KEY RATING DRIVERS
Granular Portfolio
The portfolio benefits from a diverse array of tenants and no
significant geographic concentration. Portfolio income is
generated by about 300 tenants in various industries even though
many properties are fully or almost fully occupied by a single
tenant. Therefore, exposure to idiosyncratic factors affecting a
particular industry, tenant or region is limited, and reflected
favourably in Fitch's property scoring. The top five properties
account for over 30% of portfolio value, reinforcing the
importance of individual asset assessment.
Secondary Property Quality
Secondary property is scored down by Fitch, but there is little
that Fitch considers at risk of obsolescence. A few outliers more
than 30 years old are generally fit for purpose. Properties in or
near dense population have higher barriers to entry due to high
reinstatement costs, on average 16% higher than the market value.
Pro Rata Principal Pay
Principal (including property release amounts) is repaid to all
noteholders pro rata prior to loan default. If the borrower sells
stronger assets more quickly, notes would be exposed to a poorer-
quality, and more concentrated subset of properties. This risk is
mitigated by the initial portfolio's granularity and homogeneity,
while its impact is cushioned by a 10% release premium.
Last Mile Distribution Demand
Demand for logistics facilities near consumers for same-day
delivery is growing, driving up interest in "last mile" logistics
properties. Well-located light industrial stock in this portfolio
can be used as a final step in supply chain networks.
KEY PROPERTY ASSUMPTIONS (all by market value)
'BBsf' weighted average (WA) cap rate: 7.4%
'BBsf' WA structural vacancy: 15.6%
'BBsf' WA rental value decline: 4.7%
'BBBsf' WA cap rate: 8%
'BBBsf' WA structural vacancy: 17.4%
'BBBsf' WA rental value decline: 7.4%
'Asf' WA cap rate: 8.6%
'Asf' WA structural vacancy: 19.2%
'Asf' WA rental value decline: 11.1%
'AAsf' WA cap rate: 9.4%
'AAsf' WA structural vacancy: 21%
'AAsf' WA rental value decline: 16.2%
'AAAsf' WA cap rate: 10.2%
'AAAsf' WA structural vacancy: 25.2%
'AAAsf' WA rental value decline: 21.3%
RATING SENSITIVITIES
The change in model output that would apply if the capitalisation
rate assumption for each property is increased by a relative
amount is as follows:
Current ratings: 'AAAsf'/'AAsf'/'A+sf'/'BBB+sf'/'BB-sf'
Increase capitalisation rates by 10%: 'AA+sf'/'AA-sf'/'Asf'/'BBB-
sf'/'B+sf'
Increase capitalisation rates by 20%:
'AAsf'/'A+sf'/'BBB+sf'/'BBsf'/'CCCsf'
The change in model output that would apply if the rental value
decline (RVD) and vacancy assumption for each property is
increased by a relative amount is as follows:
Increase RVD and vacancy by 10%: 'AA+sf'/'AA-
sf'/'Asf'/'BBBsf'/'BB-sf'
Increase RVD and vacancy by 20%: 'AA+sf'/'AA-
sf'/'Asf'/'BBBsf'/'BB-sf'
The change in model output that would apply if the capitalisation
rate, RVD and vacancy assumptions for each property is increased
by a relative amount is as follows:
Increase in all factors by 10%: 'AA+sf'/'A+sf'/'A-sf'/'BBB-
sf'/'Bsf'
Increase in all factors by 20%: 'AA-sf'/'A-sf'/'BBBsf'/'BB-
sf'/'CCCsf'
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted
on the asset portfolio information, and concluded that there were
no findings that affected the rating analysis.
Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.
===================
K A Z A K H S T A N
===================
EURASIAN RESOURCES: S&P Raises ICR to 'B', Outlook Positive
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Kazakh miner Eurasian Resources Group (ERG) S.a.r.l. to 'B' from
'B-'. The outlook is positive. S&P also affirmed its 'B' short-
term issuer credit rating.
S&P said, "The rating action reflects our view that ERG is well
positioned to benefit from relatively supportive prices for metal
commodities, notably ferrochrome (and ferroalloys in general),
aluminum, copper, iron ore, and, after the ramp-up of the Roan
Tailings Reclamation (RTR) project, cobalt. Prices for
ferrochrome, which contributed about 60% of ERG's EBITDA in 2017,
recovered significantly last year, up 22% from average 2016
levels. This, combined with moderate capital expenditures (capex;
$605 million in 2017), resulted in ERG outperforming our previous
forecasts in 2017, with $2.0 billion in EBITDA, positive $476
million in free operating cash flow (FOCF), and fund from
operations (FFO) to debt climbing to 14%.
"We also think ERG will be able to increase ferroalloys
production by about 5%-10% per year in 2018 and 2019, after
resolving bottlenecks and asset upgrades. In addition, we
anticipate the company's cash flow generation and earnings in the
coming years will be supported by elevated prices for aluminum
and copper. For aluminum, we forecast prices of $2,100 per ton
(/t) in 2018-2020, and for copper $6,400/t in 2018, $6,600/t in
2019, and $6,800/t in 2020. That said, in our base case, we
expect the company will be able to post credit metrics
commensurate with a 'B' rating, notably FFO to debt exceeding 12%
on a sustainable basis, and positive FOCF. We are mindful,
however, of ferrochrome prices' strong volatility: for instance,
the 2017 high was $1.23 per pound (/lb) while the low was
$0.69/lb (58%-60% Cr, CIF China). In our base case, we currently
anticipate ferrochrome prices will experience a moderate 3%-5%
downward correction in 2018 (from a $0.96/lb average in 2017) and
then remain relatively flat, which is still higher than 2016
levels."
Another challenging factor for the company's credit profile is
very sizeable capex program, with our anticipation of $1.0
billion-$1.1 billion of spending per year in 2018 and 2019
(compared with $605 million in 2017). That is largely aimed at
expansion and production growth, which should boost cash flow
generation in the medium term. Notably, ERG has been investing in
its RTR project in the Democratic Republic of Congo (DRC), which
assumes reprocessing of old tailings of copper and cobalt. In
accordance with ERG's plan, first volumes should arrive in the
fourth quarter of this year, and after the full ramp-up might add
a meaningful EBITDA and cash flow contribution, supporting
further improvement in credit metrics in the next two to three
years. However, S&P highlights the high regulatory and country
risks in DRC, which might translate into higher operational
risks, delays, or cost overruns.
S&P said, "The company has demonstrated certain flexibility in
capex and a proactive approach to maturity management to achieve
a streamlined debt maturity profile and reduced interest
payments. We also think that the new management is inclined to
more conservative financial policies. As such, we have revised
our assessment of ERG's management and governance to fair from
weak. At the same time, we note the investigation that the U.K.'s
Serious Fraud Office has been conducting on ENRC (now a part of
ERG) since 2013. As of now, no official charges have been placed,
and we will continue monitoring developments related to this case
to assess the potential impact on ERG's credit quality.
"We currently assess the likelihood of ERG receiving timely and
sufficient extraordinary state support as low, since we believe
the government is more interested in ERG's continued operations
rather than timeliness of its debt repayments. This view is based
on the track record during 2015-2016 when there were sizable
liquidity shortfalls and covenant breaches, but no extraordinary
support (such as capital injections) from the state. We continue
to factor ongoing state support into our ratings on ERG, since we
have seen examples of tangible ongoing support provided by the
state of Kazakhstan to ERG in various forms. We think these
actions were encouraged by ERG's role as a sizable mining company
in the country and a relatively big employer (with a large
workforce in remote regions).
"The ratings continue to reflect our assessment of ERG's business
risk profile as weak. The company continues to be highly exposed
to volatile commodity prices (notably on ferrochrome, aluminum,
and iron ore), and exchange rates of the tenge to major hard
currencies. Other constraints include the capital intensity of
ERG's business and project risks related to its sizable
investment plan. Furthermore, the group faces high country risks
because most of its assets are in Kazakhstan and, to a lesser
extent, in DRC. ERG's business risk profile is, however,
supported by the low cost position of its mining operations,
especially in ferrochrome, where the group has a sizable global
market share of 13%. Additional supports include the group's
elevated and resilient profitability throughout the cycle and
substantial growth potential in 2019-2020, when the ongoing RTR
project will start to contribute to earnings and cash flows.
"The positive outlook reflects our view that we may raise the
rating on ERG in the next 12-18 months if the company is able to
maintain positive cash flow (after capex and debt service) and
continues to demonstrate improvements in credit metrics, with FFO
to debt increasing above 20% sustainably. We think this might
stem from supportive metals prices in 2018 and 2019, and will
require financial discipline in cost-cutting initiatives,
controllable investment spending, at least adequate liquidity,
and management's commitment to deleveraging.
"In our base case, we assume gradual improvement in the credit
metrics, with FFO to debt of about 16% this year rising to 24% by
end-2019. This incorporates growth of ferrochrome production by
5%-10% annually in 2018 and 2019, and first copper and cobalt
volumes mined at RTR in the fourth quarter of 2018 with further
ramp-up the following year. At the same time, deleveraging is
highly exposed to commodity prices, which showed very strong
volatility in recent years for such metals as ferrochrome and
aluminum. That said, given ERG's ambitious stance on organic
growth and increasing production, we think that deleveraging will
be very much dependent on management's ability and willingness to
moderate capex, if needed. An upgrade would also require no
significant shortfalls in ERG's liquidity position in the next 24
months.
"We might also raise the ratings by one notch if we considered
there was a higher likelihood of ERG receiving timely and
sufficient extraordinary state support. Currently we have
incorporated all the state's ongoing support into our stand-alone
assessment of ERG, while giving no uplift into the rating on top
of this."
S&P could revise the outlook to stable if it no longer think
credit metrics will strengthen further, with FFO to debt
stabilizing in the 12%-20% range. This could happen if:
-- There is a drop in commodity prices, notably ferrochrome, or
lower-than-expected production volumes, which would lead to a
material cash flow deficit; or
-- Increased investment cash outflows (for example, due to
project cost overruns) or acquisitions resulted in rapid debt
accumulation.
EURASIAN RESOURCES: S&P Hikes ICR to 'B', Outlook Positive
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Kazakh miner Eurasian Resources Group (ERG) S.a.r.l. to 'B' from
'B-'. The outlook is positive. S&P also affirmed its 'B' short-
term issuer credit rating.
S&P said, "The rating action reflects our view that ERG is well
positioned to benefit from relatively supportive prices for metal
commodities, notably ferrochrome (and ferroalloys in general),
aluminum, copper, iron ore, and, after the ramp-up of the Roan
Tailings Reclamation (RTR) project, cobalt. Prices for
ferrochrome, which contributed about 60% of ERG's EBITDA in 2017,
recovered significantly last year, up 22% from average 2016
levels. This, combined with moderate capital expenditures (capex;
$605 million in 2017), resulted in ERG outperforming our previous
forecasts in 2017, with $2.0 billion in EBITDA, positive $476
million in free operating cash flow (FOCF), and fund from
operations (FFO) to debt climbing to 14%.
"We also think ERG will be able to increase ferroalloys
production by about 5%-10% per year in 2018 and 2019, after
resolving bottlenecks and asset upgrades. In addition, we
anticipate the company's cash flow generation and earnings in the
coming years will be supported by elevated prices for aluminum
and copper. For aluminum, we forecast prices of $2,100 per ton
(/t) in 2018-2020, and for copper $6,400/t in 2018, $6,600/t in
2019, and $6,800/t in 2020. That said, in our base case, we
expect the company will be able to post credit metrics
commensurate with a 'B' rating, notably FFO to debt exceeding 12%
on a sustainable basis, and positive FOCF. We are mindful,
however, of ferrochrome prices' strong volatility: for instance,
the 2017 high was $1.23 per pound (/lb) while the low was
$0.69/lb (58%-60% Cr, CIF China). In our base case, we currently
anticipate ferrochrome prices will experience a moderate 3%-5%
downward correction in 2018 (from a $0.96/lb average in 2017) and
then remain relatively flat, which is still higher than 2016
levels."
Another challenging factor for the company's credit profile is
very sizeable capex program, with our anticipation of $1.0
billion-$1.1 billion of spending per year in 2018 and 2019
(compared with $605 million in 2017). That is largely aimed at
expansion and production growth, which should boost cash flow
generation in the medium term. Notably, ERG has been investing in
its RTR project in the Democratic Republic of Congo (DRC), which
assumes reprocessing of old tailings of copper and cobalt. In
accordance with ERG's plan, first volumes should arrive in the
fourth quarter of this year, and after the full ramp-up might add
a meaningful EBITDA and cash flow contribution, supporting
further improvement in credit metrics in the next two to three
years. However, S&P highlights the high regulatory and country
risks in DRC, which might translate into higher operational
risks, delays, or cost overruns.
S&P said, "The company has demonstrated certain flexibility in
capex and a proactive approach to maturity management to achieve
a streamlined debt maturity profile and reduced interest
payments. We also think that the new management is inclined to
more conservative financial policies. As such, we have revised
our assessment of ERG's management and governance to fair from
weak. At the same time, we note the investigation that the U.K.'s
Serious Fraud Office has been conducting on ENRC (now a part of
ERG) since 2013. As of now, no official charges have been placed,
and we will continue monitoring developments related to this case
to assess the potential impact on ERG's credit quality.
"We currently assess the likelihood of ERG receiving timely and
sufficient extraordinary state support as low, since we believe
the government is more interested in ERG's continued operations
rather than timeliness of its debt repayments. This view is based
on the track record during 2015-2016 when there were sizable
liquidity shortfalls and covenant breaches, but no extraordinary
support (such as capital injections) from the state. We continue
to factor ongoing state support into our ratings on ERG, since we
have seen examples of tangible ongoing support provided by the
state of Kazakhstan to ERG in various forms. We think these
actions were encouraged by ERG's role as a sizable mining company
in the country and a relatively big employer (with a large
workforce in remote regions).
"The ratings continue to reflect our assessment of ERG's business
risk profile as weak. The company continues to be highly exposed
to volatile commodity prices (notably on ferrochrome, aluminum,
and iron ore), and exchange rates of the tenge to major hard
currencies. Other constraints include the capital intensity of
ERG's business and project risks related to its sizable
investment plan. Furthermore, the group faces high country risks
because most of its assets are in Kazakhstan and, to a lesser
extent, in DRC. ERG's business risk profile is, however,
supported by the low cost position of its mining operations,
especially in ferrochrome, where the group has a sizable global
market share of 13%. Additional supports include the group's
elevated and resilient profitability throughout the cycle and
substantial growth potential in 2019-2020, when the ongoing RTR
project will start to contribute to earnings and cash flows.
"The positive outlook reflects our view that we may raise the
rating on ERG in the next 12-18 months if the company is able to
maintain positive cash flow (after capex and debt service) and
continues to demonstrate improvements in credit metrics, with FFO
to debt increasing above 20% sustainably. We think this might
stem from supportive metals prices in 2018 and 2019, and will
require financial discipline in cost-cutting initiatives,
controllable investment spending, at least adequate liquidity,
and management's commitment to deleveraging.
"In our base case, we assume gradual improvement in the credit
metrics, with FFO to debt of about 16% this year rising to 24% by
end-2019. This incorporates growth of ferrochrome production by
5%-10% annually in 2018 and 2019, and first copper and cobalt
volumes mined at RTR in the fourth quarter of 2018 with further
ramp-up the following year. At the same time, deleveraging is
highly exposed to commodity prices, which showed very strong
volatility in recent years for such metals as ferrochrome and
aluminum. That said, given ERG's ambitious stance on organic
growth and increasing production, we think that deleveraging will
be very much dependent on management's ability and willingness to
moderate capex, if needed. An upgrade would also require no
significant shortfalls in ERG's liquidity position in the next 24
months.
"We might also raise the ratings by one notch if we considered
there was a higher likelihood of ERG receiving timely and
sufficient extraordinary state support. Currently we have
incorporated all the state's ongoing support into our stand-alone
assessment of ERG, while giving no uplift into the rating on top
of this."
S&P could revise the outlook to stable if it no longer think
credit metrics will strengthen further, with FFO to debt
stabilizing in the 12%-20% range. This could happen if:
-- There is a drop in commodity prices, notably ferrochrome, or
lower-than-expected production volumes, which would lead to a
material cash flow deficit; or
-- Increased investment cash outflows (for example, due to
project cost overruns) or acquisitions resulted in rapid debt
accumulation.
===========
N O R W A Y
===========
AKER BP: S&P Revises Outlook to Positive & Affirms 'BB+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Norway-based oil and
gas exploration and production company Aker BP to positive from
stable. S&P also affirmed its 'BB+' long-term issuer credit
rating on the company.
S&P said, "At the same time, we affirmed our 'BB+' issue rating
on the company's senior unsecured notes due 2022 and 2025. The
'3' recovery rating remains unchanged, reflecting our expectation
of meaningful recovery (50%-70%; rounded estimate 55%) in a
default scenario."
The outlook revision recognizes Aker BP's achieved and
anticipated growth in production and reserves, which could
approach levels more in line with investment-grade peers, such as
Hess Corp. (BBB-/Stable/--) or Concho Resources Inc. (BBB-
/Stable/--). S&P said, "Importantly, we believe that, if
supportive oil prices prevail for longer than we anticipate,
credit metrics could improve more quickly than we previously
expected following the capital expenditure (capex)-heavy 2019,
resulting in fund from operations (FFO) to debt well above 45% in
some scenarios. These two factors combined could support an
upgrade to 'BBB-' in the next 12 to 24 months. We note that the
company's financial policy and dividend distribution policy are
not yet precisely defined, and we have no clarity as to whether
the company will commit to maintain this ratio going forward."
Aker BP's improved business position is a result of past
inorganic growth, but also increased reserves through
exploration. Overall, probable and proved (2P) reserves have
increased to 913 million barrels of oil equivalent (mmboe)
compared with 711mmboe one year ago, and we expect production
will reach 200 thousand barrels of oil equivalent per day
(kboepd) by 2020 compared with 139kboepd in 2017 (prior to the
Hess Norge acquisition), or a 44% increase. This increase stems
mainly from our expectation of production additions from the
giant Johan Sverdrup field, one of the most important industrial
projects in Norway in the next 50 years. With phase one set to be
completed in late 2019 and an estimated plateau production of
440kboepd, Johan Sverdrup could add up to 50kboepd to the group's
production in 2020. Additionally, there is potential for further
organic growth with 785mmboe of 2C resources, including the NOAKA
(North of Alvheim Krafla Askja) project, which could become the
first energy-positive, zero-emissions field development on the
Norwegian Continental Shelf. With potential for further
acquisitions, certain relative weaknesses, notably
diversification and scale, could be materially diminished versus
peers. This is important as by 2020, in our current base case,
25% of production will stem from the Johan Sverdrup field.
S&P said, "With a full cycle break-even target of $35 per barrel
(/bbl) and an active hedging strategy (with about 22% of 2018
production hedged, representing 78% after tax exposure), we also
believe the company can withstand stressed market conditions and
still maintain a strong liquidity profile and cash flow
generation. In a more positive scenario, with oil prices above
what we currently assume, the company's financial policy
decisions, notably regarding risk appetite, leverage, mergers and
acquisitions, and shareholder distributions, will play an
important role in our assessment of the group's long-term credit
worthiness.
"The positive outlook reflects our view that Aker BP could
improve its business position more quickly than we currently
assume, while maintaining conservative credit metrics. We
currently assume that in 2019 FFO to debt could decline to about
30%-35%, because of the need to finance its investment program,
and that the company would require more time to improve the ratio
consistently above 45%--a level we see as commensurate with a
'BBB-' rating. In our base case, we assume that oil prices will
decline from the current inflated level of about $75/bbl to about
$55/bbl in 2020. However, if supportive prices stay for longer
than we assume, and the company achieves higher production
growth, EBITDA and free cash flow growth would be more material.
This could support more rapid deleveraging and result in us
raising the rating on Aker BP to 'BBB-' in the next 12 to 24
months. An upgrade would also be dependent on conservative and
clear financial policies in line with an investment-grade rating.
"We could raise the rating based on further improvements in the
company's business risk profile, notably through added scale and
diversification within Norway. This could be the case if the
company achieved over 200kboepd in production, with an increasing
trend and growing reserves, rather than a peak in 2020, as we
assume in our base case. This could be achieved by major
exploration successes and acquisitions and lead Aker BP to reach
levels more in line with investment-grade peers. The timely
startup of Johan Sverdrup would also be a pre-requisite for an
upgrade, since it would significantly increase production and
support improvement of credit metrics in 2020, including a ratio
of FFO to debt of above 45% on a sustainable basis.
"We could revise the outlook to stable if the company performs
closer to our base-case scenario, due to either more moderate
growth of production and reserves, or due to lower oil prices
than we currently assume.
"We could also revise the outlook to stable if the company's
financial policy turns out to be more aggressive than we assume,
including higher dividend distribution or leveraged acquisitions,
resulting in FFO to debt of below 45%."
=============
R O M A N I A
=============
ELECTROCENTRALE BUCURESTI: Bucharest City Hall to Pay EUR447MM
--------------------------------------------------------------
Romania-Insider.com reports that the Bucharest City Hall will pay
over RON2 billion (EUR447 million) to take over electricity and
heat producer Electrocentrale Bucuresti (ELCEN), which is
currently in insolvency.
The amount covers the price of ELCEN's assets, the company's
debts and the investments made since the start of the insolvency
procedure, according to ELCEN's judicial administrator Seirra
Quadrant, Romania-Insider.com relates citing Profit.ro.
According to Romania-Insider.com, the municipality will take over
ELCEN through one of its newly established companies, Energetica
SA.
Romania-Insider.com says the municipality's company will also
take over the assets of insolvent heat distributor RADET to
integrate the heating production and distribution in the capital.
The company also aims to draw non-reimbursable funds to invest in
environmentally-friendly technologies the estimated investments
amount to EUR513 million between 2018 and 2030.
As reported in the Troubled Company Reporter-Europe on Oct. 11,
2016, Romania-Insider.com said the Bucharest Court approved on
Oct. 6, 2016, the insolvency request of ELCEN. KPMG was appointed
the company's judicial administrator.
Electrocentrale Bucharest S.A. (ELCEN) is a Romanian state-owned
company, which operates several thermal power plants in Bucharest
that produce electricity and hot water.
TERRA TOURISM: Files for Insolvency, Directs Clients to Insurers
----------------------------------------------------------------
Romania-Insider.com reports that travel agency Terra Tourism has
told its partners and clients that it was no longer able to
fulfil commitments and recommended them to address City Insurance
for recovering due amounts.
Terra Tourism will file for insolvency, the agency also said,
Romania-Insider.com relates citing local Profit.ro.
The number of tourists affected by Terra Tourism insolvency is
limited though, Romania-Insider.com says citing the National
Association of Tourism Agencies (ANAT). All will receive
compensations totaling up to US$50,000, which is the insurance
policy's value. ANAT will also grant counselling to Terra Tourism
clients.
According to Romania-Insider.com, ANAT submitted several
proposals to the Tourism Ministry for making legislative changes
aimed at guaranteeing tourist payments after tourism agencies
enter insolvency. However, no agreement was reached.
Terra Tourism is a Romania-based travel agency.
===========
R U S S I A
===========
ER-TELECOM: S&P Affirms 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
Russia-based cable operator Er-Telecom at 'B'. The outlook is
stable.
S&P's revised assessment of Er-Telecom's liquidity to adequate,
from less than adequate, reflects its view that Er-Telecom will
continue to benefit from access to a RUB45 billion long-term
committed term loan from Russia-based VTB Bank. The revised
assessment does not affect the issuer rating.
Er-Telecom continues to have access to a RUB45 billion term loan
from VTB Bank (secured with a pledge of shares of Er-Telecom and
its holding company) with the final maturity in February 2025 and
amortization starting from May 2021. This facility, put in place
in February 2018, has been partly used to refinance existing bank
debt. As a result, Er-Telecom's debt maturity profile has
materially improved.
The rating on Er-Telecom reflects its position as the second-
largest Russian broadband operator, with a market share
management assesses at 12%. Er-Telecom is demonstrating robust
growth driven by M&A activity and supported by organic expansion.
M&A activity is largely debt-financed, which has seen the company
build up significant debt. Its S&P Global Ratings-adjusted
leverage ratio is expected to remain about 4.0x in 2018 (4.1x at
end-2017) with subsequent deleveraging anticipated in 2019-2020.
S&P said, "We have revised our assessment of Er-Telecom's
liquidity to adequate, from less than adequate. This reflects our
view that Er-Telecom's ratio of sources to uses will be above
1.5x in the next 12 months. Er-Telecom's liquidity position is
supported by its access to the VTB Bank loan, which mitigates
near-term liquidity and refinancing risks. We also take into
account that Er-Telecom has a track record of accessing public
capital markets, with three domestic bond issuances previously
(RUB3 billion due in 2019; RUB3 billion due in 2020; and RUB5
billion due in 2021).
"That said, we do not assess Er-Telecom's liquidity as strong
because we assume it will not be able to meet high-impact low-
probability events without refinancing. We also believe that, as
a private company, Er-Telecom has somewhat more modest access to
funding sources, which is currently limited to debt financing."
At the end of 2017, Er-Telecom had access to the following
sources of liquidity:
-- Cash and equivalents of around RUB1.4 billion.
-- Availability under VTB facility of RUB22.6 billion.
-- S&P's anticipation of FFO at close to RUB7.5-8.0 billion.
Principal liquidity uses as of the same date were as follows:
-- Minimal debt maturities in the next 12 months. That said, S&P
factors in that, in July 2019, Er-Telecom will need to repay
its RUB3 billion bond. S&P expects that this bond will be
refinanced with the VTB Bank loan.
-- Annual capex of about RUB9 billion.
-- Sizable acquisitions.
-- Moderate negative working capital requirement.
-- Repayment of a liability to the shareholder.
Compliance Expectations
S&P said, "We assess that Er-Telecom has headroom of over 15%
under its maintenance financial covenant in 2018 in its major
debt facility. That said, we are mindful that in 2019 and 2020
the covenants of Er-Telecom will be tightening. In our base-case
forecast we expect Er-Telecom's debt leverage to decrease,
supporting its ability to sustain adequate headroom under its
covenants.
"Our stable outlook on Russia-based cable operator Er-Telecom
reflects our expectation that its revenues will grow by around
15%-20% in 2018-2019 supported by organic growth and previous
acquisitions, and that its EBITDA margin will slightly improve on
the back of efficiency gains. This should balance higher capex
(including related to the Yarovaya law) and M&A-related spending,
translating into adjusted debt to EBITDA close to or below 4.0x.
We also expect liquidity will remain adequate.
"We would downgrade Er-Telecom if its average adjusted leverage
exceeds 4.5x, combined with continued materially negative FOCF.
This might happen if Er-Telecom's ratios are materially affected
by higher-than-expected capex required for implementation of the
Yarovaya data storage law, resulting in higher debt and tighter
headroom under Er-Telecom's covenants.
"We may take a positive rating action if Er-Telecom sustains its
adjusted leverage ratio below 3.5x, supported by organic revenue
growth and higher margins, coupled with positive FOCF generation
and a solid liquidity position."
=========
S P A I N
=========
AYT GENOVA HIPOTECARIO VIII: S&P Affirms B (sf) Rating on D Notes
-----------------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on AyT Genova Hipotecario VIII Fondo de
Titulizacion Hipotecaria's class A2, B, and C notes. At the same
time, S&P affirmed and removed from CreditWatch positive its
rating on the class D notes.
S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transaction's current structural features. We have also
considered our updated outlook assumptions for the Spanish
residential mortgage market.
"Our structured finance ratings above the sovereign (RAS)
criteria classify the sensitivity of this transaction as
moderate. Therefore, after our March 23, 2018 upgrade of Spain to
'A-' from 'BBB+', the highest rating that we can assign to the
senior-most tranche in this transaction is six notches above the
Spanish sovereign rating, or 'AAA (sf)', if certain conditions
are met. For all the other tranches, the highest rating that we
can assign is four notches above the sovereign rating.
"Following the sovereign upgrade, on April 6, 2018, we raised to
'A' from 'A-' our long-term issuer credit rating (ICR) on Banco
Santander S.A., which is the swap provider in this."
Considering the remedial actions defined in the swap agreement,
and the current long-term ICR on Banco Santander, the maximum
rating on the notes is not constrained according to our
counterparty criteria.
S&P said, "Our European residential loans criteria, as applicable
to Spanish residential loans, establish how our loan-level
analysis incorporates our current opinion of the local market
outlook. Our current outlook for the Spanish housing and mortgage
markets, as well as for the overall economy in Spain, is benign.
Therefore, we revised our expected level of losses for an
archetypal Spanish residential pool at the 'B' rating level to
0.9% from 1.6%, in line with table 87 of our European residential
loans criteria, by lowering our foreclosure frequency assumption
to 2.00% from 3.33% for the archetypal pool at the 'B' rating
level.
"After applying our European residential loans criteria to this
transaction, the overall effect in our credit analysis results is
a decrease in the weighted-average foreclosure frequency (WAFF)
at all rating levels and an increase weighted-average loss
severity (WALS) at all rating levels.
"The decrease of the WAFF was mainly driven by our revised
foreclosure frequency assumptions. The WALS increased due to the
updated assumptions for market value decline. As the pool's
attributes indicate better credit quality than the archetype, we
increased the projected loss that we modeled to meet the minimum
floor under our European residential loans criteria."
Rating level WAFF (%) WALS (%)
AAA 7.49 45.67
AA 5.09 40.63
A 3.86 29.05
BBB 2.87 22.78
BB 1.89 9.34
B 1.14 3.30
S&P said, "The class A2, B, C, and D notes' credit enhancement at
the May 2018 payment date had remained stable since our previous
review due to the pro rata amortization of the notes at that
payment date. However, the notes amortized sequentially between
May 2017 and February 2018.
"The transaction has performed in line with our expectations and
arrears have always been lower than our Spanish residential
mortgage-backed securities (RMBS) index. Cumulative defaults,
which stand at 0.4% of the original pool balance, are also lower
than other Spanish RMBS transactions that we rate. The
collateral's strong quality is due to the strong underwriting
procedures for granted mortgage loans with a weighted-average
original LTV ratio that is lower than that of other Spanish
mortgage lenders.
"Following the application of our criteria, we have determined
that our assigned ratings on the classes of notes in this
transaction should be the lower of (i) the rating as capped by
our RAS criteria, (ii) the rating as capped by our counterparty
criteria, or (iii) the rating that the class of notes can attain
under our European residential loans criteria.
"The application of our RAS criteria allows our rating on the
class A2 notes to be six notches above our unsolicited 'A-' long-
term sovereign rating on Spain. We have therefore raised to 'AAA
(sf)' from 'AA+ (sf)' and removed from CreditWatch positive our
rating on this class of notes.
"The application of these criteria caps our rating on the class B
notes at four notches above our unsolicited 'A-' long-term
sovereign rating on Spain as it is not the most senior class of
notes. We have therefore raised to 'AA (sf)' from 'AA- (sf)' and
removed from CreditWatch positive our rating on this class of
notes.
"Our rating on the class C notes is not capped by our RAS
analysis as the application of our European residential loans
criteria, including our updated credit figures, determines our
rating on the notes at 'BBB (sf)'. We have therefore raised to
'BBB (sf)' from 'BB+ (sf)' and removed from CreditWatch positive
our rating on this class of notes.
"Credit enhancement has remained stable for the class D notes
because of the reserve fund's amortization at the May 2018
payment date even if at the previous payments dates it was not at
its required level. However, following the application of our
criteria and guidance for assigning 'CCC' category ratings, we
believe that payments on this class of notes depend on favorable
financial and economic conditions. We have therefore affirmed and
removed from CreditWatch positive our 'B (sf)' rating on the
class D notes."
AyT Genova Hipotecario VIII is a Spanish RMBS transaction, which
closed in June 2006.
RATINGS LIST
Class Rating
To From
AyT Genova Hipotecario VIII, Fondo de Titulizacion Hipotecaria
EUR2.1 Billion Mortgage-Backed Floating-Rate Bonds
Ratings Raised And Removed From CreditWatch Positive
A2 AAA (sf) AA+ (sf)/Watch Pos
B AA (sf) AA- (sf)/Watch Pos
C BBB (sf) BB+ (sf)/Watch Pos
Ratings Affirmed And Removed From CreditWatch Positive
D B (sf) B (sf)/Watch Pos
===========
S W E D E N
===========
RADISSON HOSPITALITY: Moody's Assigns B1 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned B1 corporate family rating and
B1-PD probability of default rating to Radisson Hospitality AB.
Moody's further assigned B1 senior secured bond ratings to its
proposed EUR250 million note due 2023 issued by Radisson Hotel
Holdings AB. The outlook is stable. This is the first time
Moody's has rated the company.
"Moody's rating action balances Radisson Hospitality's strong
brand, diverse pan-European portfolio, asset light strategy and
moderate credit profile with execution risks of its repositioning
programme and relatively complex corporate structure and
governance," said Maria Maslovsky, Moody's Vice President -
Senior Analyst and the lead analyst for Radisson Hospitality AB.
The instrument rating for Radisson's proposed senior secured
notes is the same as the corporate family rating reflecting its
position as the dominant class of debt in the capital structure.
RATINGS RATIONALE
The B1 corporate family rating reflects Radisson Hospitality's
well-established and diversified European platform with a strong
global brand, its asset-light business model with a mix of
leased, managed and franchised properties and moderate financial
profile. Radisson Hospitality AB operates hotels flagged under a
range of globally recognized Radisson and related brands owned by
Radisson Hospitality Inc. It also benefits from good geographic
diversification of its portfolio across Europe with some presence
in the Middle East and Africa. Radisson Hospitality AB targets an
asset-light model with a portfolio of 57 leased, 206 managed and
111 franchised hotels across its brands which contribute 46%, 44%
and 10% of EBITDA, respectively. Positively, 90% of leases are
either variable or have a cap mechanism limiting RH AB's
liability in a downturn.
Radisson Hospitality AB's credit profile is expected to be
moderate with adjusted leverage of 5.9x in 2018 which is expected
to decline to below 5x in 2019 primarily as a result of the
introduction of IFRS 16 and its favourable treatment of RH AB's
lease cap mechanism. Similarly, Radisson's EBITA/interest
coverage of 1.3x in 2018 is anticipated to almost double in 2019
to above 2x largely also as a result of IFRS 16. On a comparable
basis, leverage is expected to reduce to 5.6x in 2019 from 5.9x
in 2018 under the current accounting regime.
Counterbalancing these positives are the execution risks
associated with Radisson Hospitality's extensive repositioning
program designed to broaden the brand value proposition, support
it with marketing, revenue management, refurbished physical
facilities and back office systems. While the management team has
experience in such transformational projects, the execution risks
typical of a large restructuring remain.
In addition, Radisson Hospitality's corporate structure and
governance are relatively complex with two large shareholders
comprising almost 70% of the shares. These majority shareholders
are private firms wholly owned by HNA, a Chinese conglomerate. As
a result of their private status, the financial position of these
companies is unknown, however Moody's expects dividend upstream
to remain limited due to stated financial policy which has been
in places since the IPO in 2006 and limitations in the notes
documentation.
Radisson Hospitality relies on a Master Franchise Agreement (MFA)
with its largest shareholder, Radisson Hospitality Inc., for its
access to Radisson brands, distribution and reservation systems
and loyalty program. While the MFA is in effect until 2052, its
operation in case of Radisson Hospitality Inc.'s non-performance
(for example, as a result of bankruptcy or a change of control)
is untested. Although Radisson Hospitality AB incorporated
certain protective features into the MFA and participates in the
Global Steering Committee, the ability of Radisson Hospitality AB
to effect changes at Radisson Hospitality Inc., if needed, is
uncertain.
Radisson Hospitality's liquidity is expected to be solid
following the proposed bond issuance including over EUR200
million of cash and equivalents, no debt maturities and positive
operating cash flow. However, RH AB will be free cash flow
negative (inclusive of capex and dividends) in 2018 and 2019
owing to approximately EUR100 million of capex in each of those
years.
Positive rating movement would occur if leverage reduced to 4.0x,
coverage increased to above 2.5x and RCF/net debt increased to
over 20% on a sustained basis including Moody's standard
adjustments. Good liquidity would also be needed at all times.
Negative rating pressure would be precipitated by leverage
sustainably over 5.5x, decline in coverage to below 1.5x and
RCF/net debt below 12%. Any liquidity challenges or more
aggressive financial policy could also create negative rating
pressure.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.
COMPANY PROFILE
Radisson Hospitality AB is the 5th largest European hotel chain
with 374 hotels and over 105,000 rooms in operation and
development across EMEA focussing on midscale and upscale urban
business hotels. In 2017, the company reported revenues of EUR967
million.
===========================
U N I T E D K I N G D O M
===========================
COMET: Deloitte Kahn Partner Steps Down Amid Probe Into Collapse
----------------------------------------------------------------
Tabby Kinder at The Times reports that Neville Kahn, one of the
UK's leading insolvency practitioners, who generated more than
GBP25 million in fees from the collapses of Woolworths, HMV and
Comet, has resigned from Deloitte amid an investigation into his
conduct.
Mr. Kahn is one of three Deloitte partners under investigation by
the Institute of Chartered Accountants in England and Wales
(ICAEW) over the administration of Comet, the electrical retailer
which collapsed in 2012 at a cost to the taxpayer of GBP45
million, The Times discloses.
According to The Times, the institute's investigation is
understood to be nearing a conclusion after a second liquidator,
FRP Advisory, was appointed to Comet during a secret court
hearing in June.
Mr. Kahn, 55, joined Deloitte in 2001 after a 20-year career at
PWC, The Times relates.
ESCUBED LTD: Halts Operations, Appoints Administrators
------------------------------------------------------
Business Sale reports that Escubed Limited, a research and
development company based in North Yorkshire, stopped its
operations and has appointed administrators following tough
financial times.
Insolvency practitioners Armstrong Watson LLP have been called
in, with partners Rob Adamson --
Rob.Adamson@armstrongwatson.co.uk -- and Mark Ranson --
mark.ranson@armstrongwatson.co.uk -- assigned as joint
administrators, Business Sale relates. Pinder Asset Solutions
have been appointed to assist with the sale and marketing of the
company's assets, Business Sale discloses.
"Immediately prior to our appointment, but in conjunction with
ourselves, the directors made the difficult decision that the
company should cease trading due to its inability to meet its
ongoing financial obligations," Business Sale quotes Mr. Adamson,
Escubed Limited's lead administrator, as saying. "We have
engaged Pinder Asset Solutions to assist with the marketing and
sale of the tangible assets however we have not ruled out a
potential sale of the business in some form given its bespoke
nature. Any expressions of interest should be directed to the
joint administrators in the first instance."
Escubed Limited was founded in 2008 as a spin-out company from
the University of Leeds, acting as a particle characterization
analysis laboratory that also carries out research and
development.
ITACONIX: Shares Suspended, At Risk of Insolvency on Funding Woes
-----------------------------------------------------------------
Julia Bradshaw at The Telegraph reports that Itaconix, an
Aim-listed chemicals company, has had its shares suspended while
it looks for more money.
Itaconix, which makes biopolymers for the home care, personal
care and industrial markets, said it needed more funding, but
there was no guarantee that it could find it, The Telegraph
relates.
"In the event that the company is unable to raise such funding,
the company will enter into some form of insolvency procedure,"
The Telegraph quotes the company as saying.
However, Kevin Matthews, the company's chief executive, said the
shares had not stopped trading because it was about to run out of
cash, but because its fundraising round had been delayed, The
Telegraph notes.
LHC3 PLC: Fitch Affirms LT IDR at 'BB-', Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded Allfunds Bank S.A.'s (AFB) Long-Term
Issuer Default Rating (IDR) and Viability Rating (VR) to 'BBB+'
and 'bbb+' from 'BBB' and 'bbb', respectively. At the same time,
the agency affirmed LHC3 plc's Long-Term IDR and its senior
secured payment in kind (PIK) toggle notes at 'BB-'. The Outlooks
on both entities' Long-Term IDRs are Stable.
KEY RATING DRIVERS
AFB
IDRS AND VR
The upgrade of AFB's ratings reflects solid progress in
developing its leading European business-to-business open
architecture fund distribution franchise while maintaining its
low risk appetite and sound capital ratios. Assets under
administration (AuA) that exceeded Fitch's expectations in 2017
make AFB less vulnerable to downturns in the valuations of
financial markets. The ratings also factor in AFB's improved,
sound earnings but concentrated business model and relatively
small equity base in absolute terms.
AFB's robust technological platform is its main competitive
advantage because it connects asset management houses with
distributor clients in a reliable and efficient manner, offering
a one-stop solution fund intermediation and order routing
service. The continuous development of the platform gives AFB a
tool to escalate its business at a low marginal cost, supporting
the stability and predictability of its earnings. The bank's AuA
rose by about 42% in 2017 to about EUR359 billion at year-end and
Fitch expects further growth in 2018-2019 as AFB focuses on the
Benelux, Nordics and Asian markets.
AuA volume growth is underpinning AFB's earnings growth by
offsetting the continued pressure on margins due to a stricter
regulatory landscape. AFB's earnings profile benefits from the
sound efficiency provided by its highly automated technological
platform. However, the bank's revenues remain highly concentrated
in the fund distribution and intermediation segment as 89% of
total revenue in 2017 was related to these activities. This makes
earnings sensitive to margin pressure from regulatory changes and
increased competition.
Operational and litigation risks are the main risks to which AFB
is exposed to as they are an inherent part of its business. High
automation of processes, sound controls, IT investments, various
insurance policies and a highly regulated environment minimise
these risks. Operational losses to date have been minimal.
AFB maintains comfortable buffers over regulatory capital
requirements, with a common equity Tier 1 (CET1) ratio of 18.1%
at end-2017 (or 27.5% including the audited net profit for 2017).
AFB is committed to maintaining a minimum CET1 ratio of 17.5% at
all times despite the pressure to upstream dividends to repay the
EUR575 million debt at the holding company level, which in its
view is adequate. In its assessment of capitalization, Fitch also
takes into account the bank's small total equity base against the
bank's high exposure to operational risk.
Fitch expects AFB to consider developing and diversifying its
business through small acquisitions like that of Finametrix, a
leading company in fintech solutions for asset management,
announced in January 2018. However, Fitch expects limited impact
on capital from potential acquisition as this will either be
small or funded with earnings retention.
SUPPORT RATING AND SUPPORT RATING FLOOR
AFB's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's belief that senior creditors of the bank
can no longer rely on receiving full extraordinary support from
the sovereign if the bank becomes non-viable. The EU's Bank
Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM) for eurozone banks provide a framework
for resolving banks that is likely to require senior creditors to
participate in losses, instead of or ahead of a bank receiving
sovereign support.
LHC3
IDRS AND DEBT RATING
LHC3 is the holding company set up by Hellman & Friedman (H&F, a
private equity firm) and GIC, Singapore's sovereign wealth fund
(together, the acquirers) to buy AFB, which is its only
significant asset. LHC3 funds the shares in AFB partly through a
EUR575 million senior bond, which is its main reference liability
for rating purposes.
Fitch has affirmed LHC3's rating despite the upgrade of AFB's
ratings because the latter is based on the strengthening of the
bank's company profile, which has translated into growing
business volume (measured by AuA) exceeding Fitch's expectations,
making it less vulnerable to downturns in market valuations,
rather than on an improvement in its earnings outlook.
LHC3's Long-Term IDR is primarily driven by the structural
subordination of LHC3's creditors, its reliance on dividends
being upstreamed from AFB to service its debt and high but
improving gross cash flow leverage. The rating also takes into
account LHC3's adequate standalone liquidity management, adequate
up-stream dividend predictability and commitments made to the
regulator on reducing net cash flow leverage over the life of the
bond.
There are no cross-guarantees of debt between LHC3 and AFB, and
the ratings reflect the structural subordination of LHC3's
creditors to those of AFB. In Fitch's view, debt issued by LHC3
is sufficiently isolated from AFB so that failure to service it,
all else being equal, may have limited implications for AFB's
creditworthiness.
LHC3's gross leverage (defined as gross debt/received dividends)
is high, although Fitch expects it to improve to more manageable
levels within the next two years. Fitch also believes that net
cash flow leverage should reduce materially in the medium term,
supported by the entity's ability to retain a proportion of
upstreamed dividends.
Standalone liquidity is supported by LHC3's interest reserve
account and an adequately sized revolving credit facility (RCF).
In Fitch's view, weaker liquidity metrics in the short term are
adequately mitigated by the availability of the RCF and its
assessment that dividends upstreamed from AFB are reasonably
predictable.
The instrument rating is aligned with LHC3's Long-Term IDR as
Fitch expect the senior PIK notes to have average recovery
prospects.
RATING SENSITIVITIES
AFB
IDRS AND VR
Upside rating potential for AFB is constrained by its company
profile and would require sustained business growth and more
balanced geographical and business mix diversification,
supporting an improvement in the quality of its earnings. This is
provided that sound capital ratios are maintained and the risk
appetite remains unchanged.
Downward rating pressure could arise from a material erosion in
AFB's franchise leading to a substantial decrease in AuA and
therefore earnings. Increases in its risk appetite, current
capitalisation being negatively affected by operational or
litigation losses or significant inorganic growth could also
adversely affect the ratings.
SUPPORT RATING AND SUPPORT RATING FLOOR
An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support AFB. Although not impossible, this is highly unlikely, in
Fitch's view.
LHC3
IDRS AND DEBT RATING
Downward pressure on LHC3's IDR and the rating of the notes would
arise from a significant depletion of liquidity within LHC3
affecting its ability to service its debt obligations. This would
most likely be prompted by a material fall in earnings at AFB
restricting its capacity to pay dividends. LHC3's ratings are
highly sensitive to the stability and predictability of dividends
being upstreamed from AFB but a change in AFB's ratings would not
necessarily translate into changes in LHC3's ratings.
Given the regulatory ring-fence around AFB, the structural
subordination of LHC3's creditors to AFB creditors and LHC3's
reliance on dividends being upstreamed from AFB to service the
notes, rating upside is limited in the medium term.
Fitch views the senior PIK notes as LHC3's reference liabilities.
Consequently, any payment in kind (instead of cash payments)
would be viewed as non-performance of the notes and would
constitute a default of the issuer under Fitch's "Bank Rating
Criteria".
The rating actions are as follows:
AFB
Allfunds Bank, S.A.
Long-Term IDR: upgraded to 'BBB+' from 'BBB', Outlook Stable
Short Term IDR: upgraded to 'F2' from 'F3'
Viability Rating: upgraded to 'bbb+' from 'bbb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
LHC3 Limited
Long-Term IDR: affirmed at 'BB-', Outlook Stable
Senior secured PIK toggle notes' long-term rating: affirmed at
'BB-'
ORIGINAL FACTORY: Set to Close Stores Under CVA
-----------------------------------------------
Tim Clark at Drapers Online reports that The Original Factory
Shop (TOFS) is set to close stores in York, Brighton, Aylesbury
and Dumfries, blaming poor trading conditions for its Company
Voluntary Arrangement.
SYNTHOMER PLC: Moody's Assigns 'Ba2' CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned new ratings for Synthomer plc
(Synthomer), including a Ba2 Corporate Family Rating (CFR) and a
Ba2-PD Probability of Default Rating. Concurrently, Moody's
assigned a Ba2 rating to the company's proposed EUR300 million
senior notes due 2025 and a Ba2 rating to its proposed EUR300
million revolving credit facility. Both debt instruments are to
be issued by Synthomer plc, rank pari passu and are unsecured but
guaranteed by the same guarantor group. The ratings outlook is
stable.
"Synthomer's strong credit metrics including low Moody's adjusted
leverage of 2.3x expected for the end of 2018 post proposed
refinancing, coupled with a conservative financial policy support
the assigned Ba2 ratings," said Hubert Allemani a Senior Analyst,
Vice President and lead analyst on Synthomer.
RATINGS RATIONALE
The Ba2 CFR reflects Synthomer's (1) solid credit metrics
underpinned by the company's leading European position in the
styrene butadiene (SBR) latex and dispersions chemical markets,
and leading global position in nitrile butadiene rubber (NBR);
(2) global manufacturing footprint with strategic presence in key
geographies like Malaysia for NBR and long term relationship with
blue chip customers; (3) well diversified end markets with
expectation of growing underlying demand, particularly for NBR;
(4) stable to improving Moody's adjusted EBITDA margins with
margin in the mid teen supported by raw material pass through
clauses and fixed costs reduction program; and (5) conservative
financial policy with a low Moody's adjusted leverage of 2.3x
post refinancing reducing towards 2x over the next two years.
However, the Ba2 rating also factors in (1) modest size with
about GBP1.5 billion of revenue in 2017; (2) some geographical
concentration in Europe which represented about 60% of revenue in
2017; (3) revenue growth in the past three years mostly driven by
acquisitions, albeit all well integrated; (4) expected modest
Moody's adjusted free cash flow over the next 12-24 months
because of high capital expenditures to increase capacity and
expected higher taxes in Malaysia from 2019 if their local
incentive program is not renewed.
Moody's expects Synthomer to achieve top line growth in the high-
single digit range over the next 12-24 months, driven by (1)
integration of the acquired businesses and strategic plan to
increase capacity to support demand growth; (2) stable market
share in markets with limited new entrants or additional
capacity; (3) high research and development capabilities and
technical expertise to support its leading market share.
Moody's also believes that the market environment could be less
positive than the one seen over the last 18 months. While the NBR
market is expected to show high single digit growth rate over the
next two to three years, the three other Synthomer's markets of
SBR latex, dispersions and specialties should display lower
growth rate in the low single digit (akin to GDP growth).
Moody's remains confident that the company will maintain its
solid profitability over the next 18-24 months to improve its
Moody's adjusted EBITDA to close to GBP200 million. Synthomer's
Moody's adjusted EBITDA margin is expected to improve towards 13%
in 2018 from 12% in 2017 supported by a combination of fixed
costs management, higher efficiencies and improved product mix
following the acquisitions made over the last two years. Moody's
also expects that the company's Moody's adjusted retained cash
flow (RCF) to debt will remain in the mid-twenties and that with
an improving Moody's adjusted EBITDA and no additional debt
financed acquisition, Synthomer's Moody's adjusted leverage will
improve towards 2x. Moody's expects the company to continue to
follow its conservative financial policy of not exceeding net
leverage of 2x for a sustained period should it consider to
pursue its bolt-on acquisitions strategy.
Synthomer's liquidity is good and supported by pro forma cash on
balance sheet post debt refinancing expected of GBP59.1 million
and large committed and undrawn revolving credit facility (RCF)
of EUR300 million. Moody's expects the company to remain free
cash flow positive this year and under Moody's base case
assumptions cash in hands should increase to close to GBP100
million. With this refinancing, the company will not have any
maturities before 2022 when the RCF matures.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectations that Synthomer
can achieve revenue and EBITDA growth in line with its publicly
stated guidance and that leverage, as adjusted by Moody's, will
fall towards 2x by 2019. It also reflects the rating agency's
expectation that the company will improve its free cash flow and
maintain strong liquidity.
WHAT COULD CHANGE THE RATING UP/DOWN
Although unlikely in the near term, Synthomer's ratings could be
upgraded if the company were to grow its size, improve its
business profile in terms of greater geographical diversification
of revenue and profitability; higher share of specialty chemicals
that would lead to an improvement in its Moody's adjusted EBITDA
margin in the mid to high teens level. The company would also
have to maintain its high RCF to debt and continue to be
sustainably free cash flow positive.
Conversely, downward ratings pressure could develop if the
company's (1) Moody's adjusted leverage increases sustainably
above 3x; (2) RCF / debt is below 20% on sustainable basis and
(3) deterioration of the liquidity profile.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Chemical
Industry published in January 2018.
COMPANY PROFILE
Synthomer plc is a specialty chemical company, one of the world's
leading suppliers of Acrylic and Vinyl emulsions polymers,
specialty polymers and Styrene-Butadiene and Acrylonitrile-
Butadiene latex. The company's business profile is supported by
its broad range of end markets with a positive demand outlook in
many market segments including coatings, construction, technical
textiles, paper and synthetic latex gloves. Synthomer has 25
operational sites in 14 countries with a significant presence in
Europe, the Middle East and Asia. It employs more than 2800
employees.
Synthomer is headquartered and listed in the UK (market
capitalisation of GBP1.8 billion on 15 June). In 2017, the
company generated GBP1.5 billion of sales and underlying EBITDA
of GBP176 million (11.9% margin).
LIST OF AFFECTED RATINGS:
Assignments:
Issuer: Synthomer plc
Corporate Family Rating, Assigned Ba2
Probability of Default Rating, Assigned Ba2-PD
Backed Senior Unsecured Bank Credit Facility, Assigned Ba2
Backed Senior Unsecured Regular Bond/Debenture, Assigned Ba2
Outlook Actions:
Issuer: Synthomer plc
Outlook, Assigned Stable
TWIN BRIDGES 2017-1: Fitch Hikes Class X1 Notes Rating to BB+sf
---------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on Twin Bridges
2017-1's notes, including upgrading the class X1 notes and
maintaining Rating Watch on the class B to D notes.
The transaction is secured by residential mortgages originated
and serviced by Paratus AMC Limited (Paratus), an experienced
mortgage servicer that started originating buy-to-let (BTL)
mortgages in 2015. The loans are exclusively BTL and secured
against properties located in England and Wales.
KEY RATING DRIVERS
Consistent Performance
Performance since close in July 2017 has been consistent with
Fitch's expectations. One month plus arrears have reached only
0.07% of the pool. The have been no repossessions and thus no
associated losses for the transaction.
Prefunding Completed
At close the transaction featured a prefunding mechanism to
purchase additional mortgage loans during the first payment date.
These mortgages were added shortly after transaction closing,
resulting in less uncertainty around the mortgage pool. As a
result, Fitch's assumptions to capture potential risk migration
of the mortgage pool are no longer in place.
Excess Spread Notes Paid Down
Available excess spread is used to pay pro-rata interest and
sequential principal on the class X1 and X2 notes. There has been
a significant pay-down in the outstanding principal balance of
the X1 notes since closing leading to an upgrade of its rating.
The rating of the class X2 notes reflects its subordinated
position in the revenue waterfall and the higher reliance on
medium-term excess spread than the class X1 notes. Excess spread
could be reduced at or around the reversion dates of the asset
pool, when higher prepayments are expected.
Rating Watch Maintained
The transaction was placed on Rating Watch Positive following the
publication of the Exposure Draft: Structured Finance and Covered
Bonds Counterparty Rating Criteria on May 31, 2018. This rating
watch is to be maintained pending publication of the final
criteria. The class X1 and X2 notes will not be impacted by the
change of criteria and have therefore been removed from rating
watch.
RATING SENSITIVITIES
Adverse macroeconomic conditions could result in high
unemployment which in turn may affect residential letting terms.
This would impact buy-to-let transactions through reduced excess
spread and potential losses, leading to negative rating actions.
The transaction features a significant proportion of interest-
only loans, with a concentration in a three-year period between
2040 and 2042. In the event that borrowers are unable to
refinance these loans at maturity, increased foreclosures may
result, with potential losses for the transaction.
USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio
information and concluded that there were no findings that
affected the rating analysis.
Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio.
Overall and together with its assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that
it is adequately reliable.
Fitch has taken the following rating actions:
Class A (ISIN: XS1622306972) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1622307947): 'AA+sf' remains on Rating Watch
Positive
Class C (ISIN: XS1622308242): 'A+sf' remains on Rating Watch
Positive
Class D (ISIN: XS1622308671): Asf' remains on Rating Watch
Positive
Class X1 (ISIN: XS1622308838) upgraded to 'BB+sf' from 'BBsf';
removed from Rating Watch Positive; Outlook Stable
Class X2 (ISIN: XS1629372357) affirmed at 'BB-sf'; removed from
Rating Watch Positive; Outlook Stable
VTB CAPITAL: Moody's Reviews Ba3 Deposit Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
local- and foreign currency long-term bank deposit ratings and
counterparty risk assessments (CRAs) of VTB Capital plc (VTBC).
Moody's rating action reflects the changed structure of the
bank's liabilities following the partial repayment of its
subordinated debt.
Concurrently, Moody's affirmed VTBC's short-term deposit ratings
of Not Prime and the short-term CRA of Not Prime(cr).
RATINGS RATIONALE
The rating action reflects the likelihood of higher loss-given-
failure for the bank's depositors and senior operating
obligations as a result of reduced subordination protecting these
instruments from loss.
VTBC's Ba3 deposit ratings are based on the bank's b2 baseline
credit assessment (BCA) and a high probability of support from
Bank VTB, PJSC (VTB; Ba1 positive Long-term local currency Bank
Deposits/Ba2 stable Long-term foreign currency Bank Deposits, b1
BCA) which provides an adjusted BCA of b1. In addition, VTBC's
deposit ratings benefit from one notch of uplift under Moody's
Advanced Loss Given Failure (LGF) approach, considering the risks
faced by the different debt and deposit classes across the
liability structure, should the bank enter resolution. The CRA
benefits from three notches of uplift, reflecting the agency's
view that operating obligations also benefit from loss absorption
provided by junior deposits.
However, the bank's most recent financial statements indicate a
reduction in the subordination available to protect the bank's
deposits and operating obligations from loss in a resolution,
following the partial redemption of the bank's subordinated debt
and other changes in the balance sheet. As a result, Moody's will
review the long-term deposit ratings and CRA pending further
analysis of likely changes in the bank's liability structure and
loss rate in failure.
WHAT COULD CHANGE THE RATING UP / DOWN
An upgrade in the long-term deposit rating is unlikely given that
it is on review for downgrade.
Moody's may downgrade the long-term deposit rating should it
conclude that loss-given-failure for deposits has increased
following changes to the capital structure.
LIST OF AFFECTED RATINGS
Issuer: VTB Capital plc
On Review for Downgrade:
Long-term Counterparty Risk Assessment, Placed on Review for
Downgrade, currently Ba1(cr)
Long-term Bank Deposits (Local and Foreign Currency), Placed on
Review for Downgrade, currently Ba3 STA
Affirmations:
Short-term Deposit Rating (Local and Foreign Currency), Affirmed
NP
Short-term Counterparty Risk Assessment, Affirmed NP(cr)
Outlook Actions:
Outlook, Changed To Rating Under Review From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks
published in June 2018.
WHYTE CHEMICALS: OQEMA Acquires Business Out of Administration
--------------------------------------------------------------
Business Sale reports that Whyte Chemicals, a chemicals
distribution business based in north London and Denaby, South
Yorkshire, has been acquired out of administration by the
Oxfordshire-based UK division of Germany's OQEMA.
All employees will transfer over to the new company OQEMA Whyte
Ltd, and operations will be conducted under the Whyte name,
Business Sale discloses.
The company was forced to restructure its credit facilities
earlier this year and Andrew Andronikou --
andrew.andronikou@quantuma.com -- and Paul Zalkin --
paul.zalkin@quantuma.com -- were appointed as joint
administrators, Business Sale relates.
Mr. Andronikou, as cited by Business Sale, said: "The last few
months have been a testing time for the suppliers, customers and
loyal staff of Whyte Chemicals Ltd. Without their forbearance and
understanding the job of rescuing this leading name in the
chemical distribution industry would not have been possible."
The chemical distribution business is considered to be one of the
largest privately owned distributors of chemicals in the UK, with
an annual turnover of around GBP70 million, Business Sale states.
It is said that more than 40 jobs have been saved from the
acquisition, Business Sale notes.
"Despite unexpected difficulties and significant external
challenges [this] hopefully delivered a fantastic result. We
wish all concerned the very best for a bright future," Business
Sale quotes Mr. Zalkin as saying.
Founded in 1976, Whyte Chemicals is based in North London with a
flagship distribution centre on a nine-acre site in Denaby, South
Yorkshire.
* UK: More Than 100 Colleges 'At Risk' of Insolvency
----------------------------------------------------
Stephen Exley at TES reports that more than 100 colleges "need to
familiarise themselves" with the new FE insolvency regime, a
government document has suggested.
According to TES, the government's response to the consultation
on the new regime for colleges, published on June 15, estimates
that over the next 10 years, 63 colleges could be given a notice
to improve for their financial health, in addition to the 37
current subject to a notice.
While the document stated "we would expect instances of college
insolvency to be exceptional and uncommon", it continues: "As a
central estimate, we believe that 100 colleges will need to fully
familiarise themselves with the insolvency procedures," TES
relays.
This could vary between a best case number of 80 colleges and a
"worst case scenario" under which 150 colleges would be at risk,
added TES.
However, the report also stated: "It is important not to
overstate the risk of college insolvency. The government believes
that the risk of a college becoming insolvent is very low,
particularly given the robust financial monitoring by [Education
and Skills Funding Agency] and strengthened intervention regime
which will be part of the new landscape. We envisage that formal
insolvency procedures (including education administration) will
be tools of last resort."
TES notes that the government's response also addressed concerns
raised in the consultation that the new rules could deter many
people from becoming college governors, due to concerns about
their liability, should a college become insolvent.
"We recognise the concern raised by a number of respondents", it
stated adding "Our aim is for clear guidance to dispel those
apprehensions and minimise the risk of good governors leaving
their posts . . . Insolvency proceedings do not automatically
result in disqualification proceedings or wrongful trading
claims. So long as governors have adequately discharged their
duties, then disqualification proceedings and wrongful trading
claims would be very unlikely," TES reports.
===============
X X X X X X X X
===============
* Gordon Brothers Appoints Jaffe as UK, EU Managing Director
------------------------------------------------------------
Gordon Brothers Finance Company (GBFC) disclosed that it has
appointed Peter Jaffe as Managing Director to lead GBFC's
financing platform in the U.K. and Europe.
GBFC is a commercial finance company focused on middle market
lending worldwide. The Company originates asset-based loans
across a wide spectrum of industries and since its foundation in
2014 has deployed approximately US$700 million of financing for
40 companies across a range of industry sectors. GBFC maintains
an ongoing relationship with the Gordon Brothers Group, which
enhances GBFC's deep understanding of assets.
Mr. Jaffe brings significant experience to GBFC's European
proposition as it seeks to add to its portfolio of assets from
its London base. He has over 20 years' experience across the
European financing markets. From 1997 to 2013, Mr. Jaffe held
various roles at JPMorgan across leverage finance and credit,
including as a Managing Director and Head of the Restructuring
Group. From 2013 to 2017, Mr. Jaffe was a founding partner of
Grovepoint Credit, an alternative debt provider.
Gene Martin (CEO of GBFC) commented "We have financed a number of
U.K. and European based middle market companies over the past
several years and felt we needed to have a senior, well respected
finance professional on the ground to ensure we are strategically
well placed for this significant market opportunity. We are
delighted to welcome Peter to the GBFC family."
Larry Klaff (Senior Managing Director of GBFC) added "I have
covered the U.K. and European market for the past six years and
strongly believe that middle market companies need more financing
options and choices. By having Peter in London, we will be able
to provide innovative solutions in a proactive manner."
Peter Jaffe stated "Banks and other capital providers have
neglected the many middle market companies across Europe that
need innovative capital solutions to grow and contribute towards
the economy. GBFC is ideally placed to provide these types of
capital solutions to meet these requirements. I am looking
forward to working with this market leading team to continue
building their European presence"
* BOND PRICING: For the Week June 25 to June 29, 2018
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
FF Group Finance Luxembour 1.750 7/3/2019 EUR 43.850
FF Group Finance Luxembour 3.250 11/2/2021 CHF 43.322
Casino Guichard Perrachon 1.941 EUR 58.719
Andrade Gutierrez Internat 4.000 4/30/2018 USD 70.000
Aryzta AG 5.314 CHF 67.275
Steinhoff Europe AG 1.875 1/24/2025 EUR 69.394
VIEO BV 6.750 9/7/2022 EUR 69.110
Mitsubishi UFJ Investor Se 4.177 12/15/2050 EUR 53.279
Aryzta AG 3.500 CHF 63.371
Rallye SA 3.250 2/8/2024 CHF 73.066
Astaldi SpA 4.875 6/21/2024 EUR 68.258
New Look Secured Issuer PL 6.500 7/1/2022 GBP 50.500
Holdikks SAS 6.750 7/15/2021 EUR 46.728
O1 Properties Finance PLC 8.250 9/27/2021 USD 64.553
Galapagos Holding SA 7.000 6/15/2022 EUR 61.100
QGOG Constellation SA 6.250 11/9/2019 USD 28.856
Steinhoff Finance Holding 1.250 10/21/2023 EUR 46.803
Ageasfinlux SA 1.022 EUR 60.344
House of Fraser Funding PL 6.377 9/15/2020 GBP 73.090
Credit Bank of Moscow Via 8.875 USD 76.950
Agrokor dd 9.875 5/1/2019 EUR 24.243
QGOG Constellation SA 9.500 11/9/2024 USD 38.844
Teva Pharmaceutical Financ 4.100 10/1/2046 USD 73.454
Ensco PLC 5.750 10/1/2044 USD 71.620
Offshore Drilling Holding 8.375 9/20/2020 USD 51.058
Oi Brasil Holdings Coopera 5.750 2/10/2022 USD 7.050
EA Partners I BV 6.875 9/28/2020 USD 73.030
BNP Paribas SA 2.528 USD 71.990
Turkey Government Bond 7.100 3/8/2023 TRY 69.650
Portugal Telecom Internati 5.000 11/4/2019 EUR 5.193
Rothschilds Continuation F 2.750 USD 71.414
Agrokor dd 9.125 2/1/2020 EUR 23.883
EA Partners II BV 6.750 6/1/2021 USD 69.134
Portugal Telecom Internati 4.625 5/8/2020 EUR 5.852
Vallourec SA 4.125 10/4/2022 EUR 7.289
Bank Otkritie Financial Co 10.000 4/26/2019 USD 16.667
Agrokor dd 8.875 2/1/2020 USD 24.347
Bourbon Corp 6.446 EUR 47.000
Neopost SA 3.375 EUR 56.590
OAS Investments GmbH 8.250 10/19/2019 USD 6.100
New Look Senior Issuer PLC 8.000 7/1/2023 GBP 26.125
Immigon Portfolioabbau AG 5.982 EUR 15.750
BIM SAS 2.500 11/13/2020 EUR 23.221
Econocom Group SA/NV 0.500 3/6/2023 EUR 7.988
Societe Generale SA 2.545 USD 74.575
Rickmers Holding AG 8.875 6/11/2018 EUR 2.255
New Look Secured Issuer PL 4.500 7/1/2022 EUR 49.343
Maisons du Monde SA 0.125 12/6/2023 EUR 48.680
Nexans SA 2.500 1/1/2019 EUR 74.029
Promsvyazbank OJSC Via PSB 10.200 11/6/2019 USD 14.442
EOS Imaging SA 6.000 5/31/2023 EUR 6.790
America Movil BV 5.500 9/17/2018 EUR 73.027
Air Berlin PLC 8.250 4/19/2018 EUR 0.455
Portugal Telecom Internati 5.875 4/17/2018 EUR 4.732
Grupo Isolux Corsan SA 3.000 12/30/2021 EUR 0.628
Portugal Telecom Internati 4.375 3/24/2017 EUR 5.025
Genfit 3.500 10/16/2022 EUR 30.846
Nexity SA 0.125 1/1/2023 EUR 71.170
ADLER Real Estate AG 2.500 7/19/2021 EUR 16.151
Pacific Drilling SA 5.375 6/1/2020 USD 37.250
Mriya Agro Holding PLC 9.450 4/19/2018 USD 7.750
Transcapitalbank JSC Via T 10.000 9/18/2020 USD 55.000
DNB Bank ASA 2.375 USD 71.692
Korian SA 2.500 EUR 41.310
Grupo Isolux Corsan SA 0.250 12/30/2021 EUR 0.622
Portugal Telecom Internati 4.500 6/16/2025 EUR 6.637
DNB Bank ASA 2.563 USD 71.692
Nexity SA 0.250 3/2/2025 EUR 70.268
Banco Espirito Santo SA 4.750 1/15/2018 EUR 28.656
Banco Espirito Santo SA 2.625 5/8/2017 EUR 28.777
Turkey Government Bond 8.800 9/27/2023 TRY 74.100
Oi Brasil Holdings Coopera 5.625 6/22/2021 EUR 6.984
OGX Austria GmbH 8.500 6/1/2018 USD 0.366
Johnston Press Bond Plc 8.625 6/1/2019 GBP 68.718
Air Berlin PLC 6.750 5/9/2019 EUR 1.076
Privatbank CJSC Via UK SPV 10.250 1/23/2018 USD 25.000
FIGEAC-AERO 1.125 10/18/2022 EUR 24.770
Mitsubishi UFJ Investor Se 3.921 12/30/2099 EUR 5.365
Avangardco Investments Pub 10.000 10/29/2018 USD 19.667
EFG International AG 1.262 EUR 56.234
Scandinavian Airlines Syst 0.625 CHF 26.167
Capital Raising GmbH 7.500 EUR 54.268
Scholz Holding Gmbh 8.500 12/31/2019 EUR 2.210
Portugal Telecom Internati 6.250 7/26/2016 EUR 5.000
Yuksel Insaat AS 9.500 11/10/2015 USD 18.932
Lambay Capital Securities 6.250 GBP 0.898
Banco Espirito Santo SA 4.000 1/21/2019 EUR 29.266
DNB Bank ASA 2.375 USD 71.692
Pierre & Vacances SA 2.000 4/1/2023 EUR 56.634
Afren PLC 6.625 12/9/2020 USD 0.058
Tonon Luxembourg SA 10.500 5/14/2024 USD 4.000
WPE International Cooperat 10.375 9/30/2020 USD 17.750
Alitalia-Societa Aerea Ita 5.250 7/30/2020 EUR 5.230
Privatbank CJSC Via UK SPV 11.000 2/9/2021 USD 10.840
Fred Olsen Energy ASA 4.030 2/28/2019 NOK 58.845
Orient Express Bank PJSC V 10.000 USD 56.004
Claranova SADIR 5.000 7/1/2023 EUR 1.120
UkrLandFarming PLC 10.875 3/26/2018 USD 20.000
Bilt Paper BV 9.640 USD 22.348
Frey 6.000 11/15/2022 EUR #N/A N/A
Intelsat Luxembourg SA 12.500 11/15/2024 USD 95.000
New World Resources NV 8.000 4/7/2020 EUR 1.477
Virgolino de Oliveira Fina 10.500 1/28/2018 USD 5.288
QGOG Constellation SA 9.500 11/9/2024 USD 38.934
Hamon & CIE SA 5.500 1/30/2020 EUR 62.531
Banco Espirito Santo SA 7.125 11/28/2023 EUR 0.222
OSX 3 Leasing BV 13.000 3/20/2015 USD 25.003
Mriya Agro Holding PLC 10.950 3/30/2016 USD 7.340
Cattles Ltd 7.125 7/5/2017 GBP 0.238
3W Power SA 10.000 8/29/2019 EUR 2.559
Veneto Banca SpA 9.500 12/1/2025 EUR 0.307
Santhera Pharmaceuticals H 5.000 2/17/2022 CHF 72.345
Credit Lyonnais SACA 0.765 EUR 70.000
Stichting Afwikkeling Onde 6.250 10/26/2020 EUR 4.577
Lloyds Bank PLC 0.755 12/27/2028 USD 63.918
Deutsche Bank AG/London 0.279 10/31/2034 USD 56.366
Waste Italia SpA 10.500 11/15/2019 EUR 2.204
Norske Skog Holding AS 8.000 2/24/2021 EUR 1.173
Hellenic Republic Governme 2.085 7/25/2057 EUR 39.875
Alno AG 8.500 5/14/2018 EUR 2.189
Manchester Building Societ 6.750 GBP 15.701
Virgolino de Oliveira Fina 11.750 2/9/2022 USD 5.097
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 29.512
Dexia Credit Local SA 1.404 EUR 6.611
Pescanova SA 8.750 2/17/2019 EUR 1.616
SeniVita Sozial gemeinnuet 7.000 EUR 63.500
Credit Suisse AG 2.328 2/27/2030 USD 69.000
Lloyds Bank PLC 0.116 10/25/2033 USD 59.485
Aralco Finance SA 10.125 5/7/2020 USD 2.983
Lehman Brothers UK Capital 6.900 USD 2.744
International Industrial B 9.000 7/6/2011 EUR 0.363
Air Berlin PLC 5.625 5/9/2019 CHF 1.011
German Pellets GmbH 7.250 7/9/2018 EUR 0.940
Sairgroup Finance BV 4.375 6/8/2006 EUR 11.125
Espirito Santo Financial G 3.125 12/2/2018 EUR 0.271
Barclays Bank PLC 0.995 9/13/2028 USD 63.528
Allied Irish Banks PLC 12.500 6/25/2035 GBP 74.509
Andrade Gutierrez Internat 4.000 4/30/2018 USD 69.431
New World Resources NV 4.000 10/7/2020 EUR 0.151
Norske Skogindustrier ASA 7.000 12/30/2026 EUR 1.000
Natwest Markets PLC 0.072 11/16/2030 USD 60.894
Elli Investments Ltd 12.250 6/15/2020 GBP 50.000
Beate Uhse AG 7.750 7/9/2019 EUR 1.785
Sidetur Finance BV 10.000 4/20/2016 USD 5.251
Credit Suisse AG 3.744 4/29/2031 USD 73.750
BBVA International Preferr 1.665 GBP 55.774
Kaupthing ehf 7.625 2/28/2015 USD 0.250
QGOG Constellation SA 6.250 11/9/2019 USD 29.023
Barclays Bank PLC 0.875 3/27/2029 USD 59.098
Afren PLC 10.250 4/8/2019 USD 0.366
Havila Shipping ASA 5.650 11/7/2020 NOK 62.432
Azubu Investments SA 5.000 8/25/2018 EUR 10.000
Stichting Afwikkeling Onde 11.250 EUR 1.073
Lehman Brothers UK Capital 5.125 EUR 7.379
OGX Austria GmbH 8.500 6/1/2018 USD 0.366
Touax SCA-SGTR-CITE-SGT-CM 6.000 7/10/2020 EUR 17.788
Offshore Drilling Holding 8.375 9/20/2020 USD 51.565
KTG Agrar SE 7.125 6/6/2017 EUR 3.823
Cirio Holding Luxembourg S 6.250 2/16/2004 EUR 0.975
Inside Secure SA 6.000 6/29/2022 EUR 3.781
Hybrid Raising GmbH 6.625 EUR 54.096
Praktiker AG 5.875 2/10/2016 EUR 1.085
Kommunekredit 0.500 7/30/2027 TRY 28.198
Pescanova SA 5.125 4/20/2017 EUR 1.276
Rem Offshore ASA 5.000 12/8/2024 NOK 49.990
OGX Austria GmbH 8.375 4/1/2022 USD 0.421
O1 Group Finance 9.750 4/22/2027 RUB 2.550
Breeze Finance SA 6.708 4/19/2027 EUR 29.050
Depfa Funding IV LP 1.547 EUR 57.167
Depfa Funding III LP 1.064 EUR 56.472
Espirito Santo Financial G 9.750 12/19/2025 EUR 0.542
LBI HF 6.100 8/25/2011 USD 5.000
Eniro AB 6.000 4/14/2020 SEK 5.184
GEWA 5 to 1 GmbH & Co KG 6.500 3/24/2018 EUR 23.050
Bank Nadra Via NDR Finance 8.250 7/31/2018 USD 0.884
Privatbank CJSC Via UK SPV 10.875 2/28/2018 USD 24.848
GNB - Cia de Seguros de Vi 3.179 EUR 73.626
Afren PLC 11.500 2/1/2016 USD 0.082
Lehman Brothers UK Capital 3.875 EUR 8.246
Kaupthing ehf 5.750 10/4/2011 USD 0.250
Sazka AS 9.000 7/12/2021 EUR 0.304
German Pellets GmbH 7.250 11/27/2019 EUR 1.101
Vseukrainsky Aktsinerny Ba 10.900 6/14/2019 USD 0.546
Eurobank Ergasias SA 6.410 1/17/2028 EUR 66.790
Home Money LLC 18.000 4/19/2022 RUB 25.700
Havila Shipping ASA 4.940 11/7/2020 NOK 50.592
House of Fraser Funding PL 6.377 9/15/2020 GBP 73.108
Tonon Luxembourg SA 9.250 1/24/2020 USD 4.882
Agrokor dd 8.875 2/1/2020 USD 24.691
Espirito Santo Financial G 6.875 10/21/2019 EUR 0.094
Norske Skogindustrier ASA 7.125 10/15/2033 USD 4.226
JZ Capital Partners Ltd 6.000 7/30/2021 GBP 10.300
Banco Pastor SAU 2.079 EUR 6.712
Cirio Finance Luxembourg S 7.500 11/3/2002 EUR 4.587
Dexia SA 1.451 EUR 8.665
Republic of Italy Governme 0.077 7/31/2045 EUR 74.439
Volkswagen Bank Rus OOO 9.950 7/16/2021 RUB 81.780
Vneshprombank Ltd Via VPB 9.000 11/14/2016 USD 0.087
KPNQwest NV 7.125 6/1/2009 EUR 0.090
Banca Popolare di Vicenza 9.500 9/29/2025 EUR 0.463
Banco Pinto & Sotto Mayor 1.127 EUR 47.560
Portigon AG 7.460 12/31/2019 EUR 30.300
Del Monte Finance Luxembou 6.625 5/24/2006 EUR 4.777
Northland Resources AB 4.000 10/15/2020 USD 0.138
AgroGeneration 8.000 4/1/2019 EUR 65.000
Bibby Offshore Services PL 7.500 6/15/2021 GBP 14.766
Barclays Bank PLC 0.116 5/30/2034 USD 61.500
INVEST-DEVELOPMENT PJSC 15.000 4/2/2026 RUB 65.000
Petrol AD 6.000 1/26/2022 EUR 31.653
Tatfondbank OAO Via TFB Fi 8.500 11/12/2019 USD 8.470
SeaBird Exploration Financ 6.000 6/30/2020 USD 20.000
Sequa Petroleum NV 5.000 4/29/2020 USD 69.761
World Wide Supply AS 7.750 5/26/2017 USD 15.259
Russian Railways JSC 7.250 4/4/2033 RUB 61.250
Teksid Aluminum Luxembourg 11.375 7/15/2011 EUR 0.139
Turkey Government Internat 7.100 3/8/2023 TRY 69.659
Societe Generale SA 8.250 5/26/2020 EUR 72.760
CRC Breeze Finance SA 6.110 5/8/2026 EUR 46.101
Pierre & Vacances SA 3.500 10/1/2019 EUR 37.724
Barclays Bank PLC 1.352 9/30/2031 USD 55.483
New Look Senior Issuer PLC 8.000 7/1/2023 GBP 26.125
Deutsche Bank AG/London 3.000 2/23/2035 EUR 75.000
Cirio Finanziaria SpA 8.000 12/21/2005 EUR 0.880
Lehman Brothers Treasury C 6.000 2/15/2035 EUR 6.000
SAG Solarstrom AG 7.500 7/10/2017 EUR 33.625
Banco Espirito Santo SA 6.875 7/15/2016 EUR 27.574
Lehman Brothers UK Capital 5.750 EUR 3.000
Cooperatieve Rabobank UA 0.500 10/30/2043 MXN 11.629
Lloyds Bank PLC 0.496 7/5/2033 USD 55.676
Windreich GmbH 6.500 7/15/2016 EUR 13.125
Air Berlin Finance BV 6.000 3/6/2019 EUR 1.220
Ideal Standard Internation 11.750 5/1/2018 EUR 0.740
Finmek International SA 7.000 12/3/2004 EUR 5.158
Deutsche Bank AG/London 0.164 11/26/2034 USD 54.832
Rena GmbH 8.250 7/11/2018 EUR 2.000
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.151
Koninklijke Luchtvaart Maa 0.750 CHF 36.500
International Industrial B 11.000 2/19/2013 USD 0.209
Cooperatieve Rabobank UA 0.500 2/26/2029 HUF 60.500
Mobylife Holding A/S 7.250 5/23/2020 SEK 8.263
PNE AG 3.750 10/10/2019 EUR 3.400
Corporate Commercial Bank 8.250 8/8/2014 USD 1.854
Lehman Brothers Treasury C 7.250 10/5/2035 EUR 6.000
Barclays Bank PLC 0.060 11/29/2030 USD 60.649
OT Logistics SA 6.810 2/23/2020 PLN 65.100
O1 Properties Finance PLC 8.250 9/27/2021 USD 67.281
Manchester Building Societ 8.000 GBP 21.697
Bank Nederlandse Gemeenten 0.500 9/20/2022 MXN 70.077
Oi Brasil Holdings Coopera 5.750 2/10/2022 USD 5.317
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 3.224
UniCredit Bank Austria AG 0.171 12/31/2031 EUR 74.463
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.196
Barclays Bank PLC 0.630 4/30/2029 USD 71.039
Portugal Telecom Internati 5.242 11/6/2017 EUR 5.458
Lloyds Bank PLC 1.540 9/26/2033 USD 61.800
Artea 6.000 8/4/2019 EUR 14.120
ESFIL-Espirito Santo Finan 5.250 6/12/2015 EUR 0.034
Lehman Brothers Treasury C 6.000 11/2/2035 EUR 6.000
Decipher Production Ltd 12.500 9/27/2018 USD 1.873
A-TEC Industries AG 2.750 5/10/2014 EUR 0.357
Hellas Telecommunications 8.500 10/15/2013 EUR 0.424
Holdikks SAS 6.750 7/15/2021 EUR 47.333
Bank Nederlandse Gemeenten 0.500 8/15/2022 ZAR 70.887
O1 Properties Finance PLC 7.000 1/29/2021 USD 69.923
Intelsat Luxembourg SA 12.500 11/15/2024 USD 75.000
New Look Secured Issuer PL 6.500 7/1/2022 GBP 50.300
Deutsche Bank AG/London 0.144 9/30/2029 USD 62.136
KPNQwest NV 10.000 3/15/2012 EUR 0.090
Steilmann SE 7.000 3/9/2017 EUR 1.588
HSBC France SA 0.635 EUR 61.550
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.191
getgoods.de AG 7.750 10/2/2017 EUR 0.206
Sairgroup Finance BV 6.625 10/6/2010 EUR 11.125
Depfa Funding II LP 6.500 EUR 59.411
Windreich GmbH 6.500 3/1/2015 EUR 13.125
mybet Holding SE 6.250 12/12/2020 EUR 60.000
Alno AG 8.000 3/21/2019 EUR 4.000
Agroton Public Ltd 6.000 7/14/2019 USD 16.000
PA Resources AB 13.500 3/3/2016 SEK 0.124
Galapagos Holding SA 7.000 6/15/2022 EUR 61.260
Norske Skogindustrier ASA 2.000 12/30/2115 EUR 1.113
Tonon Luxembourg SA 10.500 5/14/2024 USD 3.479
A-TEC Industries AG 5.750 11/2/2010 EUR 0.357
Turkey Government Internat 7.100 3/8/2023 TRY 69.659
SpareBank 1 SR-Bank ASA 1.457 12/21/2030 EUR 73.405
Republic of Italy Governme 0.082 7/31/2045 EUR 72.647
SAG Solarstrom AG 6.250 12/14/2015 EUR 33.625
getBACK SA 6.100 5/10/2020 PLN 27.100
Afren PLC 10.250 4/8/2019 USD 0.001
Steilmann SE 7.000 9/23/2018 EUR 1.586
Pacific Drilling SA 5.375 6/1/2020 USD 34.938
Turkey Government Bond 10.600 2/11/2026 TRY 76.350
Lloyds Bank PLC 1.140 4/26/2027 USD 69.334
DEMIRE Deutsche Mittelstan 6.000 12/30/2018 EUR 4.151
Banco Espirito Santo SA 6.900 6/28/2024 EUR 27.191
Burovoya Kompaniya Eurasia 10.250 6/21/2019 RUB 76.180
Finance and Credit Bank JS 9.250 1/25/2019 USD 0.727
APP International Finance 11.750 10/1/2005 USD 0.189
KPNQwest NV 8.875 2/1/2008 EUR 0.090
IT Holding Finance SA 9.875 11/15/2012 EUR 0.103
Bank Julius Baer & Co Ltd/ 10.000 1/10/2019 EUR 73.100
Societe Generale SA 1.600 1/9/2020 GBP 1.120
Ahtium PLC 9.750 4/4/2017 EUR 3.288
Virgolino de Oliveira Fina 10.875 1/13/2020 USD 26.032
Stichting Afwikkeling Onde 2.422 EUR 1.073
Region of Molise Italy 0.132 12/15/2033 EUR 57.850
Barclays Bank PLC 1.084 10/10/2029 USD 57.296
HSBC Bank PLC 0.500 7/11/2023 BRL 60.334
BLT Finance BV 12.000 2/10/2015 USD 10.500
Barclays Bank PLC 1.248 1/31/2029 USD 56.144
Hamburgische Landesbank-Gi 0.052 1/22/2041 EUR 63.679
Svensk Exportkredit AB 0.500 4/24/2029 AUD 64.509
Landesbank Hessen-Thuering 0.061 5/3/2041 EUR 67.328
Waste Italia SpA 10.500 11/15/2019 EUR 2.204
Cooperatieve Rabobank UA 0.500 7/30/2043 MXN 11.600
IKS 5 Finance OOO 8.450 5/7/2032 RUB 81.260
MS Deutschland Beteiligung 6.875 12/18/2017 EUR 3.510
Steilmann SE 6.750 6/27/2017 EUR 2.214
KTG Agrar SE 7.250 10/15/2019 EUR 3.823
Norske Skog Holding AS 8.000 2/24/2021 EUR 1.173
Afren PLC 6.625 12/9/2020 USD 0.001
Banco Santander SA 2.000 USD 65.981
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.973
O1 Properties Finance PLC 6.000 5/18/2021 USD 65.017
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.380
Barclays Bank PLC 0.025 3/21/2031 USD 62.850
Aralco Finance SA 10.125 5/7/2020 USD 4.900
Barclays Bank PLC 0.980 4/16/2029 USD 58.518
Region of Abruzzo Italy 0.111 11/7/2036 EUR 60.073
Turkey Government Bond 10.500 8/11/2027 TRY 74.700
Veneto Banca SpA 6.411 EUR 1.196
Otkritie Holding JSC 11.560 7/27/2028 RUB 7.770
Stichting Afwikkeling Onde 6.625 5/14/2018 EUR 4.354
KPNQwest NV 8.125 6/1/2009 USD 0.090
Golden Gate AG 6.500 10/11/2014 EUR 39.100
Stichting Afwikkeling Onde 8.450 8/20/2018 USD 4.151
Deutsche Bank AG 1.725 1/16/2045 EUR 71.491
Pescanova SA 6.750 3/5/2015 EUR 1.446
Rostelecom PJSC 8.650 4/14/2027 RUB 80.000
Norske Skog Holding AS 8.000 2/24/2023 USD 2.423
Ahtium PLC 4.000 12/16/2015 EUR 1.500
Heta Asset Resolution AG 0.139 12/31/2023 EUR 34.625
Svensk Exportkredit AB 0.500 6/29/2029 AUD 64.002
Mriya Agro Holding PLC 9.450 4/19/2018 USD 8.074
OAS Investments GmbH 8.250 10/19/2019 USD 5.557
Svensk Exportkredit AB 0.500 8/29/2029 AUD 63.478
United Aircraft Corp PJSC 8.000 3/17/2020 RUB 61.900
Lehman Brothers Treasury C 7.000 5/17/2035 EUR 6.000
Lehman Brothers Treasury C 5.000 9/22/2014 EUR 6.000
Agrokor dd Via Aquarius + 4.921 8/8/2017 EUR 14.480
Barclays Bank PLC 0.248 10/30/2034 USD 58.207
New Look Secured Issuer PL 4.500 7/1/2022 EUR 49.500
Hamburgische Landesbank-Gi 0.052 10/30/2040 EUR 66.377
Municipality Finance PLC 0.500 6/19/2024 ZAR 58.512
New World Resources NV 8.000 4/7/2020 EUR 1.477
Stroika Finance Ltd Via Em 9.900 6/25/2019 RUB 11.600
Lehman Brothers Treasury C 5.100 5/8/2017 HKD 6.000
Wild Bunch AG 8.000 3/23/2019 EUR 45.000
Societe Generale SA 8.000 8/9/2022 USD 58.130
SUEK Finance OOO 10.500 10/23/2019 RUB 64.310
Rosbank PJSC 9.800 12/20/2026 RUB 81.410
Mox Telecom AG 7.250 11/2/2017 EUR 2.849
Finans-Avia OOO 9.000 7/31/2022 RUB 67.970
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.191
Barclays Bank PLC 0.500 2/28/2034 USD 63.451
International Finance Faci 0.500 6/24/2024 ZAR 57.488
IDGC of Centre PJSC 6.950 3/28/2028 RUB 63.660
Agrokor dd 9.125 2/1/2020 EUR 24.080
Gebr Sanders GmbH & Co KG 8.750 10/22/2018 EUR 20.216
Svensk Exportkredit AB 0.500 3/15/2022 ZAR 72.325
Landesbank Hessen-Thuering 0.068 4/23/2041 EUR 68.074
Solon SE 1.375 12/6/2012 EUR 0.100
SiC Processing GmbH 7.125 3/1/2016 EUR 2.740
Petromena ASA 10.850 11/19/2018 USD 0.607
BNP Paribas SA 0.500 9/29/2029 AUD 66.129
Rio Forte Investments SA 4.000 7/22/2014 EUR 6.282
Deutsche Bank AG/London 0.500 4/5/2038 MXN 15.405
Kardan NV 6.325 7/24/2018 ILS 40.150
Kommunalbanken AS 0.500 5/27/2022 ZAR 72.175
A-TEC Industries AG 8.750 10/27/2014 EUR 0.357
Deutsche Agrar Holding Gmb 7.250 9/28/2018 EUR 1.415
3W Power SA 5.500 11/11/2020 EUR 1.000
ML 33 Invest AS 7.500 NOK 68.712
Kaupthing ehf 5.750 10/4/2011 USD 0.250
Banca del Monte di Lucca-S 2.429 6/29/2020 EUR 58.963
Lloyds Bank PLC 0.459 7/26/2033 USD 59.555
Barclays Bank PLC 1.601 3/27/2029 USD 57.500
Virgolino de Oliveira Fina 10.500 1/28/2018 USD 5.288
WPE International Cooperat 10.375 9/30/2020 USD 17.500
Minicentrales Dos SA 6.450 4/14/2028 EUR 65.750
Rosselkhozbank JSC 8.500 10/11/2022 RUB 72.020
Lehman Brothers Treasury C 5.000 2/16/2015 EUR 6.000
BOA Offshore AS 0.398 7/17/2047 NOK 10.000
Agrokor dd 9.875 5/1/2019 EUR 24.252
Cherkizovo Group PJSC 12.500 10/6/2020 RUB 81.260
Rosneft Oil Co PJSC 8.650 12/3/2020 RUB 62.010
OGX Austria GmbH 8.375 4/1/2022 USD 0.421
German Pellets GmbH 7.250 4/1/2016 EUR 1.018
Mifa Mitteldeutsche Fahrra 7.500 8/12/2018 EUR 2.260
Air Berlin Finance BV 8.500 3/6/2019 EUR 0.946
Gazprom PJSC 3.400 10/21/2043 RUB 65.020
Kamaz PJSC 11.240 7/18/2030 RUB 70.000
Delamare Finance PLC 1.952 2/19/2029 GBP 73.471
Bank Nederlandse Gemeenten 10.010 6/17/2025 TRY 73.791
Lehman Brothers Treasury C 1.600 6/21/2010 JPY 2.571
Afren PLC 11.500 2/1/2016 USD 0.082
Bank Nederlandse Gemeenten 0.500 6/7/2022 ZAR 70.798
Minicentrales Dos SA 4.810 11/29/2034 EUR 65.750
IKS 5 Finance OOO 10.900 3/9/2023 RUB 66.230
SAir Group 0.125 7/7/2005 CHF 13.150
getBACK SA 6.100 9/14/2021 PLN 5.500
AKB Peresvet ZAO 0.510 2/14/2032 RUB 22.750
Turkey Government Internat 4.875 4/16/2043 USD 74.960
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Espirito Santo Financial G 5.050 11/15/2025 EUR 0.598
Societe Generale SA 0.146 9/30/2034 USD 60.375
Muehl Product & Service AG 6.750 3/10/2005 DEM 0.051
Otkritie Holding JSC 12.500 12/10/2026 RUB 7.560
Delta Credit Bank JSC 11.000 5/18/2026 RUB 64.110
Home Money LLC 20.000 10/23/2018 RUB 19.000
La Veggia Finance SPA 7.125 11/14/2004 EUR 0.285
RN Bank JSC 10.400 7/9/2021 RUB 62.120
Johnston Press Bond Plc 8.625 6/1/2019 GBP 69.979
Lehman Brothers Treasury C 8.250 12/3/2015 EUR 6.000
ECM Real Estate Investment 5.000 10/9/2011 EUR 15.375
Promsvyazbank OJSC Via PSB 10.200 11/6/2019 USD 14.442
Rena GmbH 7.000 12/15/2015 EUR 2.000
Vnesheconombank 8.240 12/15/2022 RUB 63.200
Northland Resources AB 4.000 10/15/2020 NOK 0.138
SUEK Finance OOO 12.500 8/19/2025 RUB 66.010
Lehman Brothers Treasury C 2.400 6/20/2011 JPY 2.571
Bank Otkritie Financial Co 10.000 4/26/2019 USD 18.531
Gazprombank OJSC Via GPB E 8.750 6/29/2024 RUB 51.365
Lehman Brothers Treasury C 8.250 3/16/2035 EUR 6.000
Bank Julius Baer & Co Ltd/ 12.100 12/27/2018 EUR 62.600
ADLER Real Estate AG 6.000 12/27/2018 EUR 14.001
Credit Agricole Corporate 2.400 5/17/2048 EUR 49.487
Grupo Isolux Corsan SA 3.000 12/30/2021 USD 1.822
Sberbank of Russia PJSC 0.010 5/16/2021 RUB 69.000
Veneto Banca SpA 6.944 5/15/2025 EUR 0.273
Barclays Bank PLC 0.500 4/24/2023 MXN 64.509
Lenta LLC 8.700 5/26/2020 RUB 100.520
Neftegazholding AO 0.010 7/21/2020 RUB 65.000
O1 Properties Finance ZAO 13.000 10/2/2020 RUB 85.000
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.169
VEB-Leasing OAO 8.710 9/1/2025 RUB 62.000
Minaya Capital AG 7.000 8/1/2018 EUR 38.400
Lehman Brothers Treasury C 10.000 5/22/2009 USD 2.571
Russian Railways JSC 3.400 4/29/2043 RUB 62.020
Lehman Brothers Treasury C 7.000 11/26/2013 EUR 6.000
Lloyds Bank PLC 0.116 4/25/2034 USD 54.000
Russian Railways JSC 3.500 2/28/2040 RUB 62.020
Fast Finance SA 10.500 1/15/2021 PLN 65.100
Marine Subsea AS 9.000 12/16/2019 USD 0.688
Activa Resources AG 0.500 11/15/2021 EUR 20.500
Svensk Exportkredit AB 0.500 1/31/2022 ZAR 73.384
Severo-Zapadnaya Koncessio 5.180 9/26/2031 RUB 60.110
AKB Peresvet ZAO 13.500 10/16/2020 RUB 20.000
Credit Bank of Moscow Via 8.875 USD 75.400
Barclays Bank PLC 0.220 12/23/2033 USD 63.250
Espirito Santo Financial P 5.125 5/30/2016 EUR 4.181
Federal Grid Co Unified En 3.400 3/23/2050 RUB 63.200
Rosneft Oil Co PJSC 8.350 11/24/2027 RUB 63.010
HSBC Trinkaus & Burkhardt 6.500 6/22/2018 EUR 64.390
Rosneft Oil Co PJSC 9.400 11/28/2024 RUB 100.400
OGK-2 PJSC 6.950 3/31/2023 RUB 62.020
Turkey Government Bond 9.000 7/24/2024 TRY 73.650
SUEK Finance OOO 12.500 8/19/2025 RUB 66.010
LBI HF 6.100 8/25/2011 USD 5.000
Municipality Finance PLC 0.500 7/30/2029 AUD 73.313
Societe Generale SA 10.000 7/30/2032 USD 74.420
Rosneft Oil Co PJSC 8.350 11/24/2027 RUB 63.010
Ideal Standard Internation 11.750 5/1/2018 EUR 0.740
Orient Express Bank PJSC 11.700 7/17/2018 RUB 95.000
SG Issuer SA 0.780 6/15/2020 SEK 48.480
Severo-Zapadnaya Koncessio 5.180 9/26/2031 RUB 65.010
Rossiysky Capital OJSC 7.750 1/20/2020 RUB 71.010
Oi Brasil Holdings Coopera 5.625 6/22/2021 EUR 6.984
Norske Skogindustrier ASA 7.125 10/15/2033 USD 4.226
Espirito Santo Financial G 5.050 11/15/2025 EUR 0.880
Vnesheconombank 9.760 12/17/2021 RUB 65.400
Tonon Luxembourg SA 9.250 1/24/2020 USD 4.882
Vimpel-Communications PJSC 1.000 10/3/2025 RUB 73.010
Deutsche Bank AG/London 0.500 10/5/2021 IDR 72.672
UmweltBank AG 2.850 EUR 72.642
Norske Skog Holding AS 8.000 2/24/2023 USD 2.423
Cooperatieve Rabobank UA 0.500 1/31/2033 MXN 25.901
Bank Nederlandse Gemeenten 0.500 8/9/2022 MXN 70.610
Societe Generale SA 0.018 12/31/2034 USD 60.375
Otkritie Holding JSC 12.700 9/30/2027 RUB 16.160
Lehman Brothers Treasury C 5.000 2/27/2014 EUR 6.000
Heta Asset Resolution AG 0.219 12/31/2023 EUR 34.625
Veneto Banca SpA 6.950 2/25/2025 EUR 0.228
getBACK SA 5.700 2/16/2021 PLN 36.000
New World Resources NV 4.000 10/7/2020 EUR 0.151
Mriya Agro Holding PLC 10.950 3/30/2016 USD 7.340
Oberbank Hybrid 1 GmbH 0.872 EUR 43.509
Bibby Offshore Services PL 7.500 6/15/2021 GBP 14.766
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.450
O1 Group Finance 9.750 5/13/2027 RUB 1.110
UkrLandFarming PLC 10.875 3/26/2018 USD 20.185
Lloyds Bank PLC 0.500 7/26/2028 MXN 37.283
Bilt Paper BV 9.640 USD 22.348
International Bank of Azer 8.250 10/9/2024 USD 64.706
BNP Paribas SA 13.000 8/24/2027 USD 74.500
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Atari SA 0.100 4/1/2020 EUR 6.050
RESO-Garantia Insurance PJ 11.750 3/24/2023 RUB 75.000
Societe Generale SA 0.459 10/31/2033 USD 69.200
Lehman Brothers Treasury C 6.000 3/14/2011 EUR 6.000
Rosneft Oil Co PJSC 7.850 12/3/2020 RUB 62.010
Russian Railways JSC 3.500 2/28/2040 RUB 62.030
Royalbeach Spielwaren Und 7.375 11/10/2020 EUR 1.100
Norske Skogindustrier ASA 7.000 12/30/2026 EUR 1.000
HSBC Trinkaus & Burkhardt 10.070 6/22/2018 EUR 64.170
Plaza Centers NV 6.000 7/1/2020 ILS 65.000
Lehman Brothers Treasury C 5.000 5/2/2022 EUR 2.571
Gazprombank JSC 7.380 2/19/2021 RUB 70.010
Rosneft Oil Co PJSC 11.900 11/28/2024 RUB 100.400
Rosselkhozbank JSC 8.600 12/13/2024 RUB 64.490
Banco Santander SA 2.000 USD 64.345
Northland Resources AB 15.000 7/15/2019 USD 2.621
Virgolino de Oliveira Fina 10.875 1/13/2020 USD 26.032
Sistema PJSFC 10.900 10/31/2025 RUB 64.430
getBACK SA 5.700 4/30/2021 PLN 28.000
Bank Julius Baer & Co Ltd/ 10.500 11/30/2018 USD 62.650
Lehman Brothers Treasury C 6.000 9/20/2011 EUR 2.571
Russian Post FGUP 9.350 10/18/2019 RUB 73.010
Leonteq Securities AG 16.500 10/16/2018 CHF 47.230
Russian Regional Developme 7.800 7/30/2021 RUB 100.700
Societe Generale SA 10.000 6/30/2032 USD 67.625
Gazprom PJSC 3.400 10/21/2043 RUB 65.020
Barclays Bank PLC 1.415 9/27/2028 USD 63.500
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
OOO SPV Structural Investm 0.010 9/1/2023 RUB 72.973
KPNQwest NV 7.125 6/1/2009 EUR 0.090
Barclays Bank PLC 1.164 11/28/2029 USD 56.980
Lehman Brothers Treasury C 5.000 9/1/2011 EUR 2.571
Lehman Brothers Treasury C 7.600 5/21/2013 USD 2.571
Federal Grid Co Unified En 3.400 9/7/2048 RUB 63.200
ING Bank Eurasia JSC 7.150 3/30/2021 RUB 75.730
Sparebank 1 Ostfold Akersh 2.590 4/25/2028 NOK 73.762
Sberbank of Russia PJSC 12.270 1/2/2026 RUB 62.020
Salvator Grundbesitz-AG 9.500 12/31/2021 EUR 7.800
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Lehman Brothers Treasury C 5.000 3/18/2015 EUR 6.000
Laurel GmbH 7.125 11/16/2017 EUR 5.250
Svensk Exportkredit AB 0.500 2/22/2022 ZAR 72.688
Bank Nederlandse Gemeenten 0.500 7/12/2022 ZAR 71.317
Otkritie Holding JSC 12.620 4/25/2028 RUB 8.880
HPI AG 3.500 EUR 1.150
Bayerische Landesbank 2.900 6/22/2018 EUR 46.330
Russian Railways JSC 3.200 9/20/2039 RUB 62.020
Investpro OOO 13.000 12/31/2018 RUB 0.700
Russian Railways JSC 8.650 2/4/2032 RUB 65.070
Lehman Brothers Treasury C 8.000 4/20/2009 EUR 2.571
Banca Popolare di Vicenza 9.500 10/2/2025 EUR 0.463
Lehman Brothers Treasury C 1.000 5/9/2012 EUR 2.571
Kaupthing ehf 7.625 2/28/2015 USD 0.250
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Deutsche Bank AG/London 13.750 6/20/2026 TRY 66.993
getBACK SA 6.000 9/16/2018 PLN 5.500
Russian Railways JSC 3.200 8/18/2033 RUB 65.020
SAir Group 5.500 7/23/2003 CHF 13.092
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Atomenergoprom JSC 11.100 12/12/2025 RUB 71.010
BKS Hybrid alpha GmbH 7.350 EUR 58.157
Societe Generale SA 0.212 3/31/2034 USD 65.137
Autonomous Region of Yamal 7.000 12/25/2024 RUB 80.740
UBS AG/London 7.000 9/26/2019 EUR 70.740
Rosneft Oil Co PJSC 8.500 7/14/2027 RUB 63.010
getBACK SA 5.550 9/21/2018 PLN 15.000
DekaBank Deutsche Girozent 0.010 6/29/2046 EUR 55.670
Federal Grid Co Unified En 3.400 6/30/2048 RUB 63.220
Svensk Exportkredit AB 0.500 6/28/2022 ZAR 70.317
Municipality Finance PLC 0.500 4/26/2022 ZAR 71.525
Lenta LLC 12.400 8/28/2025 RUB 81.260
Bank ZENIT PJSC 8.000 3/27/2025 RUB 80.430
Centrosolar Group AG 7.000 2/15/2016 EUR 0.805
Cooperatieve Rabobank UA 0.500 10/29/2027 MXN 44.115
Sidetur Finance BV 10.000 4/20/2016 USD 5.251
DOM RF Russia Housing and 7.600 12/13/2027 RUB 100.400
Elli Investments Ltd 12.250 6/15/2020 GBP 50.000
UniCredit Bank AO 12.000 11/20/2019 RUB 60.220
State Transport Leasing Co 9.000 11/24/2031 RUB 79.920
Credit Europe Bank Ltd 10.000 9/14/2018 RUB 103.000
German Pellets GmbH 8.000 EUR 0.010
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Siberian Gostinecs PAO 16.500 6/26/2019 RUB 33.010
Federal Grid Co Unified En 0.100 10/16/2020 RUB 70.070
DOM RF Russia Housing and 6.750 3/24/2028 RUB 63.300
Svensk Exportkredit AB 0.500 8/28/2020 TRY 68.143
Avangard-Agro OOO 9.250 11/16/2027 RUB 67.050
Grupo Isolux Corsan SA 0.250 12/30/2021 USD 0.191
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 3.224
Rio Forte Investments SA 4.750 11/10/2015 EUR 6.250
International Finance Faci 0.500 6/29/2027 ZAR 40.679
UBS AG/London 8.500 1/6/2020 EUR 68.750
Araratbank OJSC 7.250 6/27/2018 USD 25.443
Lehman Brothers Treasury C 4.600 10/11/2017 ILS 6.000
AKB Peresvet ZAO 13.250 4/25/2018 RUB 22.750
Cerruti Finance SA 6.500 7/26/2004 EUR 1.130
Virgolino de Oliveira Fina 11.750 2/9/2022 USD 5.097
Rusfinans Bank OOO 9.900 7/18/2018 RUB 70.000
RusHydro PJSC 0.100 2/2/2023 RUB 60.810
Baltic Leasing OOO 9.800 6/19/2020 RUB 62.370
LBI HF 7.431 USD 0.001
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
Plaza Centers NV 6.900 7/1/2020 ILS 70.500
VTB Bank PJSC 9.000 9/18/2046 RUB 62.010
getBACK SA 5.780 3/17/2019 PLN 20.000
Federal Grid Co Unified En 3.400 10/30/2048 RUB 63.220
Lehman Brothers Treasury C 11.000 12/19/2011 USD 2.571
Lehman Brothers Treasury C 5.500 4/23/2014 EUR 2.571
Volga Capital PAO 12.000 6/27/2022 RUB 61.020
Leonteq Securities AG/Guer 10.650 9/6/2018 EUR 74.570
VEB-Leasing OAO 8.710 2/18/2025 RUB 97.010
Russian Railways JSC 3.400 6/8/2028 RUB 90.010
Otkritie Holding JSC 11.500 5/26/2032 RUB 30.580
Societe Generale SA 0.909 6/30/2035 USD 60.375
HSBC Bank PLC 0.500 12/29/2026 AUD 71.954
Lehman Brothers Treasury C 6.000 2/14/2012 EUR 2.571
UBS AG/London 11.250 7/1/2019 EUR 69.050
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
getBACK SA 5.770 11/27/2019 PLN 12.500
Kardan NV 6.775 2/2/2020 ILS 55.890
Russian Railways JSC 3.500 10/15/2040 RUB 62.050
Otkritie Holding JSC 11.500 7/22/2030 RUB 12.125
Russian Railways JSC 9.700 5/22/2046 RUB 62.030
KB MIA AO 8.250 3/7/2025 RUB 100.330
Lehman Brothers Treasury C 10.000 6/11/2038 JPY 2.571
Bank Nederlandse Gemeenten 0.500 9/20/2022 ZAR 70.224
Cooperatieve Rabobank UA 0.500 12/29/2027 MXN 42.016
Avangard-Agro OOO 9.500 9/23/2027 RUB 63.160
Credit Agricole Corporate 0.500 3/6/2023 RUB 72.278
Landesbank Baden-Wuerttemb 5.400 10/26/2018 EUR 55.840
Societe Generale SA 1.424 3/17/2032 USD 63.600
Federal Grid Co Unified En 3.400 3/23/2050 RUB 63.200
UniCredit Bank AG 4.300 10/17/2018 EUR 35.710
Russian Railways JSC 3.400 11/29/2028 RUB 65.020
Krakowski Bank Spoldzielcz 5.080 9/20/2023 PLN 57.010
Metalloinvest Holding Co O 11.900 2/12/2026 RUB 72.010
Heta Asset Resolution AG 0.432 12/31/2023 EUR 34.625
HSBC Bank PLC 0.500 12/22/2025 BRL 44.663
Zurcher Kantonalbank Finan 8.212 8/23/2018 EUR 55.360
DekaBank Deutsche Girozent 6.230 8/1/2018 EUR 68.330
SPORTTOTAL AG 6.000 3/17/2019 EUR 4.000
Rosneft Oil Co PJSC 9.400 11/28/2024 RUB 100.400
Cooperatieve Rabobank UA 0.500 8/21/2028 MXN 39.500
Freight One JSC 12.000 10/15/2025 RUB 106.850
Municipality Finance PLC 0.500 5/8/2029 AUD 68.975
Commerzbank AG 7.000 6/22/2018 EUR 58.660
Russian Railways JSC 6.400 5/30/2040 RUB 62.030
Sberbank of Russia PJSC 0.010 6/27/2021 RUB 62.470
Lehman Brothers Treasury C 4.000 7/20/2012 EUR 2.571
Metalloinvest Holding Co O 0.010 3/7/2022 RUB 65.000
Barclays Bank PLC 0.644 12/27/2028 USD 64.530
Bank Intesa AO 9.750 10/10/2019 RUB 67.010
Vimpel-Communications PJSC 1.000 10/3/2025 RUB 62.010
Lehman Brothers Treasury C 5.250 4/1/2023 EUR 2.571
Lehman Brothers Treasury C 11.000 6/29/2009 EUR 2.571
Kaupthing ehf 5.000 1/4/2027 SKK 0.250
Turkey Government Bond 8.500 9/14/2022 TRY 75.200
Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.213
Lehman Brothers Treasury C 2.875 3/14/2013 CHF 6.000
Lehman Brothers Treasury C 14.900 9/15/2008 EUR 2.571
Miratorg-Finans OOO 11.000 8/24/2021 RUB 100.000
Vnesheconombank 11.600 2/17/2025 RUB 100.000
Natwest Markets PLC 6.200 9/7/2018 GBP 1.010
Federal Grid Co Unified En 0.100 10/16/2020 RUB 63.030
Otkritie Holding JSC 12.140 10/3/2036 RUB 12.125
Otkritie Holding JSC 11.500 8/5/2025 RUB 8.600
Barclays Bank PLC 0.980 7/22/2024 USD 75.000
Cooperatieve Rabobank UA 0.500 11/30/2027 MXN 42.663
Rio Forte Investments SA 3.900 7/10/2014 USD 6.250
Lehman Brothers Treasury C 5.220 3/1/2024 EUR 2.571
4FINANS MFK OOO 15.000 3/24/2023 RUB 62.310
PSN Pm OOO 12.000 8/31/2027 RUB 1.800
United Engine Corp JSC 8.800 4/17/2023 RUB 75.010
GPB Aerofinans OOO 9.670 3/15/2030 RUB 80.110
Lehman Brothers Treasury C 6.300 12/21/2018 USD 2.571
Societe Generale SA 0.500 5/30/2023 MXN 65.006
Lehman Brothers Treasury C 8.250 2/3/2016 EUR 2.571
Reso-Leasing OOO 9.250 9/21/2023 RUB 63.010
Heta Asset Resolution AG 4.350 12/31/2023 EUR 34.625
Astana Finance BV 9.000 11/16/2011 USD 16.000
Svensk Exportkredit AB 0.500 3/28/2029 AUD 73.207
Lehman Brothers Treasury C 5.550 3/12/2015 EUR 2.571
Raiffeisen Switzerland BV 10.000 2/11/2019 CHF 69.340
Leonteq Securities AG/Guer 11.000 12/12/2018 CHF 62.920
Deutsche Bank AG 5.200 12/27/2018 EUR 70.000
Leonteq Securities AG/Guer 10.000 9/5/2018 EUR 74.750
VTB Bank PJSC 9.000 12/6/2044 RUB 62.010
Federal Grid Co Unified En 3.400 4/27/2048 RUB 65.000
Podkarpacki Bank Spoldziel 5.780 10/24/2024 PLN 50.000
Federal Grid Co Unified En 3.400 6/30/2048 RUB 63.220
Leonteq Securities AG 3.000 9/19/2019 CHF 61.720
KPNQwest NV 8.875 2/1/2008 EUR 0.090
RusHydro PJSC 9.500 4/12/2021 RUB 65.210
Reso-Leasing OOO 8.900 10/3/2025 RUB 65.010
Escher Marwick PLC 3.500 10/14/2031 USD 57.882
Northland Resources AB 12.250 3/26/2016 USD 2.621
Delta Credit Bank JSC 5.000 10/30/2025 RUB 71.000
Russian Railways JSC 11.200 10/16/2025 RUB 67.010
Natwest Markets PLC 0.296 8/18/2031 USD 60.246
Privatbank CJSC Via UK SPV 10.875 2/28/2018 USD 24.848
Kaupthing ehf 9.000 USD 0.122
Svensk Exportkredit AB 0.500 6/20/2029 AUD 72.785
Lehman Brothers Treasury C 1.280 11/6/2010 JPY 6.000
Bayerische Landesbank 5.000 8/17/2018 EUR 71.970
getBACK SA 5.900 12/30/2020 PLN 35.000
Credit Suisse AG/Nassau 10.000 10/29/2018 CHF 62.680
Russian Railways JSC 3.400 5/20/2044 RUB 90.010
Podkarpacki Bank Spoldziel 5.780 3/31/2025 PLN 40.000
SAir Group 5.125 3/1/2003 CHF 13.000
Main Road JSC 4.000 10/30/2029 RUB 60.860
Volga Sport ZAO 6.400 2/29/2024 RUB 65.000
Lehman Brothers Treasury C 7.600 1/31/2013 AUD 2.571
UniCredit Bank AO 9.000 8/6/2019 RUB 91.010
IT Holding Finance SA 9.875 11/15/2012 EUR 0.103
Western High-Speed Diamete 10.440 5/13/2031 RUB 101.000
Lehman Brothers Treasury C 0.500 8/1/2020 EUR 2.571
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 0.380
Finconsult OOO 8.000 2/1/2028 RUB 63.000
Anglian Water Services Fin 0.929 1/26/2057 GBP 74.948
Lehman Brothers Treasury C 6.000 3/18/2015 USD 6.000
Transneft PJSC 8.750 4/14/2027 RUB 60.320
Credit Suisse AG/London 9.000 3/19/2021 USD 9.650
Societe Generale SA 8.000 5/28/2027 USD 49.600
Driver & Bengsch AG 8.500 12/31/2027 EUR 0.001
Finans-Avia OOO 0.010 7/31/2027 RUB 16.020
VTB Bank PJSC 3.000 12/6/2044 RUB 62.010
Federal Grid Co Unified En 3.400 4/27/2048 RUB 63.250
Podkarpacki Bank Spoldziel 5.080 5/28/2023 PLN 45.100
VEB-Leasing OAO 8.650 1/16/2024 RUB 65.010
Russian Railways JSC 2.400 10/11/2038 RUB 62.020
Societe Generale SA 0.284 11/26/2034 USD 60.375
Windreich GmbH 6.750 3/1/2015 EUR 13.125
Region Invest OOO 9.530 1/12/2021 RUB 0.280
Reso-Leasing OOO 12.600 10/2/2026 RUB 85.000
Petromena ASA 9.750 5/24/2016 NOK 0.607
Rusfinans Bank OOO 9.950 8/22/2019 RUB 63.990
Turkey Government Bond 8.000 3/12/2025 TRY 65.700
Norske Skogindustrier ASA 2.000 12/30/2115 EUR 1.113
HSBC Bank PLC 0.500 11/25/2025 BRL 45.047
LBI HF 5.080 3/1/2013 ISK 8.375
AKB Metallinvestbank PAO 8.500 5/21/2020 RUB 80.430
Lehman Brothers Treasury C 8.000 3/19/2012 USD 2.571
getBACK SA 6.000 10/2/2018 PLN 50.000
Vontobel Financial Product 10.000 7/10/2018 EUR 63.420
National Developing Co PAO 12.000 7/19/2018 RUB 1.500
Federal Grid Co Unified En 3.400 10/30/2048 RUB 63.220
getBACK SA 5.840 2/28/2019 PLN 15.000
Salvator Grundbesitz-AG 9.500 EUR 18.500
Russian Railways JSC 3.200 9/19/2033 RUB 62.020
Bayerische Landesbank 2.400 7/20/2018 EUR 47.300
Lehman Brothers Treasury C 3.500 12/20/2027 USD 2.571
Heta Asset Resolution AG 5.920 12/31/2023 EUR 34.625
Communaute Francaise de Be 0.500 6/27/2046 EUR 67.346
IDGC of Centre PJSC 11.580 11/11/2025 RUB 70.020
Rusfinans Bank OOO 8.050 6/30/2020 RUB 61.930
LBI HF 2.250 2/14/2011 CHF 8.375
Societe Generale SA 1.139 1/31/2034 USD 60.375
Region Invest OOO 10.360 7/19/2022 RUB 0.170
Barclays Bank PLC 1.044 5/14/2029 USD 57.500
Bashneft PJSC 12.000 5/9/2025 RUB 62.040
Lehman Brothers Treasury C 8.000 10/17/2014 EUR 2.571
Zurcher Kantonalbank Finan 8.400 9/28/2018 CHF 63.150
Credit Suisse AG/London 9.100 6/23/2020 USD 9.996
UBS AG/London 5.500 9/13/2018 CHF 55.100
Two Capitals Highway OOO 13.250 6/19/2030 RUB 64.630
SG Issuer SA 6.800 1/6/2020 USD 70.510
getBACK SA 5.750 9/18/2019 PLN 15.000
Russian Railways JSC 3.400 5/29/2035 RUB 62.020
Norddeutsche Landesbank Gi 3.000 10/30/2018 EUR 35.570
City of Predeal Romania 3.500 5/15/2026 RON 60.000
Bayerische Landesbank 3.000 12/21/2018 EUR 72.840
Leonteq Securities AG 8.200 10/17/2018 USD 48.150
Gold-Zack AG 7.000 12/14/2005 EUR 12.700
Nutritek International Cor 8.750 12/11/2008 USD 2.000
SAir Group 4.250 2/2/2007 CHF 13.125
Lehman Brothers Treasury C 11.000 12/20/2017 AUD 2.571
PIK Group PJSC 7.750 3/24/2028 RUB 62.010
Lehman Brothers Treasury C 10.000 10/23/2008 USD 2.571
BELLAGIO Holding GmbH 1.914 EUR 50.320
Lehman Brothers Treasury C 6.650 8/24/2011 AUD 6.000
SAir Group 2.125 11/4/2004 CHF 13.125
Hellas Telecommunications 8.500 10/15/2013 EUR 1.048
Lehman Brothers Treasury C 4.000 2/28/2010 EUR 2.571
Malahit AO 15.000 7/14/2025 RUB 0.010
Avangard Bank PJSC 7.250 2/20/2026 RUB 62.030
Credit Suisse AG 0.500 12/16/2025 BRL 47.277
Whale Finance LLC 8.750 3/13/2019 RUB 54.010
Lehman Brothers Treasury C 15.000 3/30/2011 EUR 2.571
TransFin-M PAO 10.500 9/17/2019 RUB 63.000
Lehman Brothers Treasury C 0.500 7/2/2020 EUR 2.571
Credit Suisse AG/London 9.000 10/30/2020 USD 9.842
Credit Suisse AG/Nassau 9.500 8/17/2018 CHF 55.100
Leonteq Securities AG 16.000 4/9/2019 CHF 57.850
IDGC of the South PJSC 9.240 7/1/2022 RUB 65.010
Finca Uco Cjsc 7.500 2/22/2019 USD 25.844
VTB Bank PJSC 9.000 9/15/2044 RUB 62.010
UniCredit Bank AG 5.400 11/29/2019 USD 48.270
Leonteq Securities AG 7.000 10/23/2018 CHF 66.450
Podkarpacki Bank Spoldziel 4.980 10/6/2021 PLN 50.000
VTB Bank PJSC 3.000 11/26/2043 RUB 65.000
UniCredit Bank AG 15.000 6/22/2018 EUR 69.140
Credit Suisse AG/London 8.000 11/29/2019 USD 7.550
Stroytemp CJSC 9.000 11/13/2019 RUB 1.000
Promnefteservis OOO 10.500 11/21/2019 RUB 1.550
Landesbank Baden-Wuerttemb 3.850 6/22/2018 EUR 72.780
Region Kapital OOO 9.250 7/10/2018 RUB 65.000
Lehman Brothers Treasury C 6.000 10/30/2012 EUR 2.571
Russian Railways JSC 10.300 4/3/2026 RUB 65.020
AKB Peresvet ZAO 0.510 6/23/2021 RUB 20.010
RGS Nedvizhimost OOO 12.500 1/19/2021 RUB 0.335
Transports publics fribour 0.471 7/29/2051 CHF 73.063
Rossiysky Capital OJSC 13.000 11/22/2019 RUB 61.310
MIK OAO 15.000 2/19/2020 RUB 1.250
Turkey Government Bond 11.000 2/24/2027 TRY 76.650
RGS Nedvizhimost OOO 12.500 7/22/2021 RUB 0.335
Upravlenie Otkhodami ZAO 10.500 10/9/2030 RUB 100.000
Lehman Brothers Treasury C 2.500 12/15/2011 GBP 2.571
Archer Finance OOO 9.250 3/29/2022 RUB 60.100
Heta Asset Resolution AG 5.270 12/31/2023 EUR 34.625
Commerzbank AG 4.500 12/29/2022 USD #N/A N/A
Baltic Leasing OOO 9.800 6/19/2020 RUB 62.150
Province of Brescia Italy 0.032 6/30/2036 EUR 61.820
Kommunalbanken AS 4.800 12/1/2022 TRY 60.869
LBI HF 7.431 USD 0.001
Hypo Vorarlberg Bank AG 5.870 EUR 40.688
Societe Generale SA 15.720 1/27/2020 USD 54.419
Credit Suisse AG/Nassau 11.050 2/11/2019 CHF 68.700
UBS AG/London 8.250 7/4/2019 EUR 69.950
Commerzbank AG 10.250 8/24/2018 EUR 72.630
UBS AG/London 8.000 7/26/2018 CHF 59.150
Vontobel Financial Product 9.500 9/28/2018 EUR 54.890
getBACK SA 6.200 9/16/2019 PLN 70.000
Beluga Group PJSC 12.900 4/29/2020 RUB 67.260
Rosselkhozbank JSC 8.850 7/15/2025 RUB 62.540
Credit Suisse AG/London 7.550 11/9/2018 USD 69.100
Rosselkhozbank JSC 12.870 12/22/2021 RUB 68.120
VTB Bank PJSC 3.000 9/1/2044 RUB 65.000
VTB Bank PJSC 3.000 9/18/2046 RUB 65.000
Raiffeisen Centrobank AG 5.656 3/19/2019 EUR 66.590
Municipality Finance PLC 0.500 5/31/2022 ZAR 70.790
Lehman Brothers Treasury C 6.250 11/30/2012 EUR 2.571
Heta Asset Resolution AG 5.730 12/31/2023 EUR 34.625
AKB Peresvet ZAO 12.750 7/24/2018 RUB 21.010
VEB-Leasing OAO 7.270 4/2/2021 RUB 97.550
Lehman Brothers Treasury C 11.000 12/20/2017 AUD 2.571
RusHydro PJSC 0.100 2/2/2023 RUB 70.000
Bulgaria Steel Finance BV 12.000 5/4/2013 EUR 0.169
Lehman Brothers Treasury C 7.250 6/20/2010 USD 2.571
Lehman Brothers Treasury C 3.025 1/31/2015 EUR 2.571
Kreditanstalt fuer Wiedera 0.250 10/6/2036 CAD 42.663
Kommunalbanken AS 5.000 9/8/2022 TRY 66.063
Baltic Leasing OOO 12.950 2/12/2021 RUB 65.730
Societe Generale SA 1.664 8/29/2034 USD 60.375
Rosbank PJSC 7.850 12/2/2022 RUB 61.700
Center-Invest Commercial B 10.500 7/20/2018 RUB 63.000
Societe Generale SA 0.500 4/4/2024 MXN 60.107
Kaupthing ehf 6.125 10/4/2016 USD 0.250
AKB Peresvet ZAO 0.510 8/4/2034 RUB 22.110
Lehman Brothers Treasury C 5.000 5/12/2011 CHF 2.571
Municipality Finance PLC 4.300 10/31/2022 TRY 73.282
Center-Invest Commercial B 8.400 8/17/2018 RUB 61.010
Vnesheconombank 8.350 11/24/2020 RUB 66.220
Lehman Brothers Treasury C 8.000 2/16/2016 EUR 2.571
getBACK SA 6.000 12/14/2018 PLN 15.000
getBACK SA 5.970 12/19/2018 PLN 15.000
EFG International Finance 10.400 11/15/2018 EUR 69.130
Leonteq Securities AG/Guer 15.200 11/28/2018 USD 72.180
Leonteq Securities AG 10.000 7/27/2018 EUR 64.320
Federal Grid Co Unified En 9.350 10/17/2051 RUB 65.000
UBS AG/London 8.000 7/19/2018 EUR 72.400
Rosneft Oil Co PJSC 7.350 1/18/2021 RUB 60.010
EFG International Finance 6.210 7/22/2019 EUR 48.740
getBACK SA 5.600 6/24/2019 PLN 10.000
Credit Suisse AG 7.000 11/30/2018 USD 10.010
EFG International Finance 9.600 10/15/2019 EUR 15.850
Kontsessii Vodosnabzheniya 10.250 3/17/2031 RUB 65.000
Bayerische Landesbank 2.700 7/6/2018 EUR 42.150
Podkarpacki Bank Spoldziel 5.810 7/2/2020 PLN 50.000
Agrokompleks OOO 0.100 7/29/2019 RUB 2.550
Lehman Brothers Treasury C 6.000 3/4/2015 USD 2.571
Lehman Brothers Treasury C 7.000 2/15/2010 CHF 2.571
Lehman Brothers Treasury C 13.000 2/16/2009 CHF 2.571
PSN Pm OOO 13.000 9/10/2026 RUB 24.000
Lehman Brothers Holdings P 3.030 3/24/2009 JPY 2.756
Barclays Bank PLC 0.500 3/13/2023 RUB 72.026
HSBC Bank PLC 0.500 6/9/2023 MXN 64.861
Lehman Brothers Treasury C 4.050 9/16/2008 EUR 2.571
Northland Resources AB 15.000 7/15/2019 USD 2.621
Region Invest OOO 7.350 5/4/2021 RUB 0.180
Barclays Bank PLC 0.500 1/28/2033 MXN 25.572
TransFin-M PAO 10.500 4/11/2019 RUB 65.000
Lehman Brothers Treasury C 10.442 11/22/2008 CHF 2.571
Otkritie Holding JSC 10.000 4/20/2028 RUB 7.300
SAir Group 2.750 7/30/2004 CHF 13.125
Credit Suisse AG/Nassau 8.000 8/24/2018 CHF 63.850
HSBC Trinkaus & Burkhardt 12.000 6/22/2018 EUR 64.810
UBS AG/London 5.500 11/1/2018 USD 60.500
Deutsche Bank AG/London 7.000 10/15/2018 USD 9.270
UBS AG/London 6.250 11/5/2018 CHF 70.900
Landesbank Baden-Wuerttemb 6.500 8/24/2018 EUR 67.770
Credit Suisse AG/London 10.500 4/9/2021 USD 10.320
HSBC Trinkaus & Burkhardt 7.000 6/22/2018 EUR 72.560
EFG International Finance 12.200 8/2/2018 EUR 62.720
Araratbank OJSC 6.500 10/29/2019 USD 25.721
Samolet Group 12.000 5/17/2022 RUB 62.950
Commerzbank AG 30.000 6/30/2020 USD 0.580
Leonteq Securities AG 8.400 9/6/2018 USD 43.060
getBACK SA 5.710 10/22/2019 PLN 15.000
Bank Julius Baer & Co Ltd/ 8.350 9/24/2018 USD 55.050
National Developing Co PAO 16.000 4/15/2021 RUB 1.000
Penell GmbH Elektrogrossha 7.750 6/10/2019 EUR 3.550
TGC-1 PJSC 4.000 2/14/2022 RUB 100.000
UniCredit Bank AG 4.000 6/26/2018 EUR 32.420
UniCredit Bank AG 4.400 9/19/2018 EUR 35.850
Agrokompleks OOO 0.100 12/8/2022 RUB 2.950
Praim Finans OOO 9.340 7/13/2021 RUB 5.000
Volga Sport ZAO 5.150 4/4/2022 RUB 60.220
Noyabrskaya Pge OOO 8.500 11/10/2020 RUB 60.000
Deutsche Bank AG 4.200 12/24/2018 EUR 73.180
Societe Generale SA 0.795 12/28/2029 USD 69.100
EFG International Finance 5.300 6/24/2019 EUR 49.330
RGS Nedvizhimost OOO 12.000 10/18/2017 RUB 0.335
KPNQwest NV 8.875 2/1/2008 EUR 0.090
Lehman Brothers Treasury C 6.000 10/30/2012 USD 2.571
Bashneft PJSC 12.000 5/19/2025 RUB 62.050
Lehman Brothers Treasury C 13.500 11/28/2008 USD 2.571
Region Invest OOO 10.500 9/12/2019 RUB 0.240
National Capital JSC 9.250 4/22/2019 RUB 100.000
Pioneer Group CJSC 0.010 6/3/2021 RUB 70.010
Metalloinvest Holding Co O 0.010 3/10/2022 RUB 53.510
Metalloinvest Holding Co O 0.010 3/7/2022 RUB 63.000
Upravlenie Otkhodami ZAO 4.000 4/29/2027 RUB 68.250
KPNQwest NV 7.125 6/1/2009 EUR 0.090
Municipality Finance PLC 0.250 6/28/2040 CAD 33.255
National Capital JSC 9.500 7/25/2018 RUB 100.000
Banca Adriatica Spa 7.200 6/30/2018 EUR 1.237
KIT Finance Capital OOO 12.000 12/21/2020 RUB 99.800
HSBC Bank PLC 0.500 6/23/2027 MXN 43.929
RESO-Garantia Insurance PJ 0.020 9/13/2022 RUB 65.010
Oberbank AG 7.400 EUR 68.738
SAir Group 6.250 4/12/2005 CHF 13.125
Lehman Brothers Treasury C 3.860 9/21/2011 SGD 6.000
Bashneft PJSC 10.900 4/29/2026 RUB 93.010
RGS Nedvizhimost OOO 12.500 2/25/2021 RUB 0.335
Credito Padano Banca di Cr 3.100 EUR 36.477
Investpro OOO 12.750 9/6/2018 RUB 1.100
Horus Finance ZAO 13.000 3/6/2019 RUB 65.000
BNP Paribas SA 0.500 11/16/2032 MXN 25.287
Credit Suisse AG/London 0.500 1/8/2026 BRL 46.093
Heta Asset Resolution AG 7.500 12/31/2023 ATS 34.625
Bashneft PJSC 10.500 5/12/2026 RUB 62.020
Bashneft PJSC 12.100 6/3/2025 RUB 98.000
Heta Asset Resolution AG 4.875 12/31/2023 EUR 34.625
Espirito Santo Financial P 5.625 7/28/2017 EUR 3.947
Kaupthing ehf 9.750 9/10/2015 USD 0.250
Lehman Brothers Treasury C 10.000 1/3/2012 BRL 2.571
ECM Real Estate Investment 5.000 10/9/2011 EUR 15.375
Bashneft PJSC 10.700 5/13/2024 RUB 98.010
Region Invest OOO 7.350 4/15/2021 RUB 0.400
Lehman Brothers Treasury C 23.300 9/16/2008 USD 2.571
Lehman Brothers Treasury C 11.000 7/4/2011 CHF 2.571
Region Invest OOO 7.350 4/19/2021 RUB 0.140
SG Issuer SA 0.100 6/11/2029 NZD 61.918
Digital Invest OOO 7.350 4/8/2021 RUB 0.140
Region Invest OOO 7.350 4/20/2021 RUB 0.400
Lehman Brothers Treasury C 8.000 5/22/2009 USD 2.571
RGS Nedvizhimost OOO 12.000 6/21/2021 RUB 0.335
TransFin-M PAO 10.500 11/11/2024 RUB 63.000
EFG International Finance 11.800 10/18/2018 EUR 71.290
HSBC Trinkaus & Burkhardt 9.900 6/22/2018 EUR 74.960
getBACK SA 5.730 9/22/2018 PLN 20.000
Kontsessii Vodosnabzheniya 11.250 11/30/2030 RUB 65.000
VTB Bank PJSC 3.000 8/14/2043 RUB 65.000
EFG International Finance 11.000 7/19/2018 EUR 62.820
VTB Bank PJSC 3.000 9/15/2044 RUB 65.000
Bayerische Landesbank 2.600 11/16/2018 EUR 53.200
Bayerische Landesbank 3.000 10/5/2018 EUR 50.480
Kontsessii Vodosnabzheniya 10.250 6/7/2031 RUB 63.000
Expobank LLC 12.500 7/12/2019 RUB 80.000
EFG International Finance 7.190 5/6/2019 EUR 5.990
Bayerische Landesbank 3.200 7/27/2018 EUR 43.310
Kontsessii Vodosnabzheniya 11.000 8/10/2031 RUB 62.180
HSBC Bank PLC 0.500 4/27/2027 NZD 73.502
HSBC Bank PLC 0.500 4/11/2023 MXN 65.800
Lehman Brothers Treasury C 3.000 9/12/2036 JPY 6.000
Otkritie Holding JSC 11.500 7/23/2029 RUB 12.125
Otkritie Holding JSC 11.500 7/23/2029 RUB 12.125
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 3.600 3/19/2018 JPY 2.571
Windreich GmbH 6.250 3/1/2015 EUR 13.125
Lehman Brothers Treasury C 8.600 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 4.500 12/30/2010 USD 2.571
HSBC Bank PLC 0.500 2/24/2027 NZD 74.057
Lehman Brothers Treasury C 9.000 5/15/2022 USD 2.571
Otkritie Holding JSC 11.500 7/20/2028 RUB 9.500
AKB Peresvet ZAO 13.000 10/7/2017 RUB 22.750
Lehman Brothers Treasury C 8.000 10/23/2008 USD 2.571
AKB Peresvet ZAO 3.589 9/2/2020 RUB 18.030
Kaupthing ehf 7.000 7/24/2009 ISK 0.250
UniCredit Bank AG 12.400 1/3/2020 EUR 73.220
Vontobel Financial Product 13.000 6/28/2019 EUR 69.240
BNP Paribas Emissions- und 13.000 3/21/2019 EUR 68.570
UniCredit Bank AG 14.500 6/28/2019 EUR 69.360
UniCredit Bank AG 10.400 1/3/2020 EUR 72.180
Raiffeisen Schweiz Genosse 10.500 10/16/2018 CHF 61.970
Zurcher Kantonalbank Finan 5.000 8/12/2019 CHF 54.180
HSBC Trinkaus & Burkhardt 2.500 6/22/2018 EUR 59.240
Vontobel Financial Product 8.000 1/2/2019 EUR 73.930
DZ Bank AG Deutsche Zentra 6.000 6/22/2018 EUR 71.420
Vontobel Financial Product 8.250 7/27/2018 EUR 60.930
Goldman Sachs & Co Wertpap 16.000 6/26/2019 EUR 70.510
UBS AG/London 8.000 4/29/2021 USD 9.780
getBACK SA 5.800 10/1/2019 PLN 15.000
getBACK SA 5.900 1/29/2019 PLN 12.500
Leonteq Securities AG/Guer 6.400 6/4/2020 CHF 60.790
Podkarpacki Bank Spoldziel 5.810 2/23/2025 PLN 50.000
Rosselkhozbank JSC 8.850 7/11/2025 RUB 62.030
BNP Paribas Emissions- und 3.000 10/12/2018 EUR 44.430
Rosselkhozbank JSC 8.850 7/14/2025 RUB 62.020
Landesbank Baden-Wuerttemb 3.050 6/22/2018 EUR 46.220
Landesbank Baden-Wuerttemb 8.000 9/28/2018 EUR 70.550
DZ Bank AG Deutsche Zentra 5.500 9/28/2018 EUR 73.060
DZ Bank AG Deutsche Zentra 9.250 6/22/2018 EUR 74.630
Otkritie Holding JSC 8.750 12/8/2027 RUB 16.010
getBACK SA 5.700 2/28/2019 PLN 20.000
UniCredit Bank AG 4.400 7/13/2018 EUR 36.880
Leonteq Securities AG/Guer 13.000 3/15/2019 EUR 69.130
Landesbank Baden-Wuerttemb 7.000 6/28/2019 EUR 67.240
Region Kapital OOO 9.250 7/10/2018 RUB 100.000
Heta Asset Resolution AG 5.030 12/31/2023 EUR 34.625
Lehman Brothers Treasury C 2.000 6/21/2011 EUR 2.571
Eiendomskreditt AS 5.370 NOK 67.239
Digital Invest OOO 9.080 3/8/2021 RUB 0.140
Lehman Brothers Treasury C 4.050 9/16/2008 EUR 2.571
Lehman Brothers Treasury C 13.500 6/2/2009 USD 2.571
DZ Bank AG Deutsche Zentra 6.400 6/22/2018 EUR 67.970
HSBC Trinkaus & Burkhardt 4.000 7/27/2018 EUR 73.360
Landesbank Baden-Wuerttemb 5.000 1/24/2020 EUR 73.110
HSBC Trinkaus & Burkhardt 5.500 6/22/2018 EUR 53.160
Commerzbank AG 13.750 7/27/2018 EUR 71.500
Commerzbank AG 11.000 8/24/2018 EUR 73.800
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 66.660
Vontobel Financial Product 6.500 1/2/2019 EUR 70.530
Vontobel Financial Product 10.500 6/22/2018 EUR 69.180
HSBC Trinkaus & Burkhardt 2.600 6/22/2018 EUR 73.970
Raiffeisen Schweiz Genosse 6.000 11/5/2018 CHF 55.990
Deutsche Bank AG 4.200 12/27/2018 EUR 60.700
Deutsche Bank AG 4.200 9/25/2018 EUR 56.900
Deutsche Bank AG 4.200 12/27/2018 EUR 57.900
Leonteq Securities AG/Guer 11.000 4/8/2019 EUR 68.540
Landesbank Baden-Wuerttemb 3.500 6/22/2018 EUR 74.050
Landesbank Baden-Wuerttemb 2.500 6/22/2018 EUR 71.200
Landesbank Baden-Wuerttemb 4.000 6/22/2018 EUR 67.270
Landesbank Baden-Wuerttemb 4.000 6/22/2018 EUR 68.690
Landesbank Baden-Wuerttemb 5.500 6/22/2018 EUR 64.140
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 68.240
DZ Bank AG Deutsche Zentra 10.500 6/22/2018 EUR 55.120
Commerzbank AG 17.500 1/2/2019 EUR 61.830
Commerzbank AG 6.250 11/23/2018 EUR 68.490
UBS AG/London 9.400 3/28/2019 EUR 62.960
UBS AG/London 10.400 9/27/2018 EUR 62.090
UBS AG/London 10.600 1/3/2019 EUR 71.600
UBS AG/London 8.700 1/3/2019 EUR 73.060
Deutsche Bank AG 2.700 9/25/2018 EUR 74.000
UBS AG/London 13.200 1/3/2019 EUR 59.870
UBS AG/London 7.600 9/27/2018 EUR 65.260
UBS AG/London 5.900 3/28/2019 EUR 67.630
UBS AG/London 7.000 6/27/2019 EUR 69.280
UBS AG/London 12.200 1/3/2019 EUR 67.920
Vontobel Financial Product 11.000 6/22/2018 EUR 57.910
Commerzbank AG 9.500 11/23/2018 EUR 64.840
Vontobel Financial Product 6.000 9/28/2018 EUR 67.050
Vontobel Financial Product 7.500 9/28/2018 EUR 64.020
Vontobel Financial Product 8.550 9/28/2018 EUR 71.570
UniCredit Bank AG 13.900 6/22/2018 EUR 55.000
UniCredit Bank AG 11.500 6/22/2018 EUR 72.520
UniCredit Bank AG 12.500 6/22/2018 EUR 48.750
UniCredit Bank AG 7.600 6/22/2018 EUR 57.130
UniCredit Bank AG 14.100 6/22/2018 EUR 73.990
UBS AG/London 19.300 6/28/2018 EUR 61.570
Commerzbank AG 10.500 7/27/2018 EUR 70.600
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 42.180
HSBC Trinkaus & Burkhardt 6.700 9/28/2018 EUR 46.550
UBS AG/London 18.000 6/28/2018 EUR 74.040
UBS AG/London 6.100 9/27/2018 EUR 69.380
HSBC Trinkaus & Burkhardt 7.600 6/22/2018 EUR 61.100
HSBC Trinkaus & Burkhardt 8.000 9/28/2018 EUR 61.250
HSBC Trinkaus & Burkhardt 3.600 9/28/2018 EUR 70.510
HSBC Trinkaus & Burkhardt 9.200 6/22/2018 EUR 43.890
HSBC Trinkaus & Burkhardt 6.700 6/22/2018 EUR 49.750
UBS AG/London 8.250 8/3/2018 CHF 57.000
Leonteq Securities AG 7.200 5/2/2019 CHF 51.260
Deutsche Bank AG 4.200 9/25/2018 EUR 59.700
Deutsche Bank AG 5.500 9/25/2018 EUR 62.500
Deutsche Bank AG 5.500 12/27/2018 EUR 64.800
Deutsche Bank AG 5.500 12/27/2018 EUR 62.900
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 71.900
Deutsche Bank AG 6.200 7/25/2018 EUR 65.900
Deutsche Bank AG 6.200 10/24/2018 EUR 65.200
DekaBank Deutsche Girozent 6.700 1/31/2019 EUR 64.250
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 67.580
UBS AG/London 11.900 1/3/2019 EUR 71.510
HSBC Trinkaus & Burkhardt 5.000 7/27/2018 EUR 70.400
Raiffeisen Switzerland BV 5.000 8/14/2020 EUR 59.690
Deutsche Bank AG 2.700 9/25/2018 EUR 59.900
Deutsche Bank AG 2.700 12/27/2018 EUR 64.400
UBS AG/London 9.700 1/3/2019 EUR 73.360
Deutsche Bank AG 10.000 9/25/2018 EUR 55.200
UBS AG/London 15.200 9/27/2018 EUR 65.520
UBS AG/London 12.500 9/27/2018 EUR 69.470
Deutsche Bank AG 10.000 9/25/2018 EUR 64.300
UniCredit Bank AG 10.900 6/22/2018 EUR 60.000
UniCredit Bank AG 11.800 6/22/2018 EUR 58.230
UniCredit Bank AG 7.200 6/22/2018 EUR 65.100
UniCredit Bank AG 12.900 6/22/2018 EUR 56.570
UniCredit Bank AG 6.700 6/22/2018 EUR 70.810
DZ Bank AG Deutsche Zentra 4.500 9/28/2018 EUR 73.150
UniCredit Bank AG 7.500 6/22/2018 EUR 49.650
UniCredit Bank AG 10.700 6/22/2018 EUR 73.390
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 61.620
HSBC Trinkaus & Burkhardt 12.100 6/22/2018 EUR 39.440
DekaBank Deutsche Girozent 4.050 5/17/2019 EUR 65.700
Vontobel Financial Product 6.750 1/2/2019 EUR 58.990
Leonteq Securities AG 14.000 8/2/2018 USD 39.830
Deutsche Bank AG 4.200 9/25/2018 EUR 59.700
Vontobel Financial Product 13.450 12/14/2018 EUR 63.140
Vontobel Financial Product 5.200 12/14/2018 EUR 67.490
Leonteq Securities AG/Guer 11.000 4/12/2019 EUR 64.500
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 53.940
DZ Bank AG Deutsche Zentra 5.500 12/24/2018 EUR 58.310
DZ Bank AG Deutsche Zentra 5.250 3/18/2019 EUR 59.340
DZ Bank AG Deutsche Zentra 5.500 9/24/2018 EUR 70.020
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 70.240
DZ Bank AG Deutsche Zentra 5.500 12/24/2018 EUR 72.650
DZ Bank AG Deutsche Zentra 6.250 3/18/2019 EUR 71.540
HSBC Trinkaus & Burkhardt 4.600 6/22/2018 EUR 72.150
HSBC Trinkaus & Burkhardt 4.100 8/24/2018 EUR 73.580
HSBC Trinkaus & Burkhardt 10.300 9/28/2018 EUR 41.460
HSBC Trinkaus & Burkhardt 7.500 9/28/2018 EUR 45.570
HSBC Trinkaus & Burkhardt 7.300 9/28/2018 EUR 73.580
Commerzbank AG 13.000 8/24/2018 EUR 72.240
Commerzbank AG 13.250 9/28/2018 EUR 71.430
Vontobel Financial Product 7.500 6/22/2018 EUR 57.990
Vontobel Financial Product 10.500 6/22/2018 EUR 57.840
Vontobel Financial Product 12.550 6/22/2018 EUR 65.780
Vontobel Financial Product 8.500 1/2/2019 EUR 63.480
Vontobel Financial Product 2.500 9/28/2018 EUR 50.200
Vontobel Financial Product 10.500 9/28/2018 EUR 39.240
Vontobel Financial Product 12.500 9/28/2018 EUR 37.920
HSBC Trinkaus & Burkhardt 7.600 6/22/2018 EUR 62.650
Commerzbank AG 11.500 10/26/2018 EUR 73.710
Commerzbank AG 16.000 7/27/2018 EUR 60.280
Vontobel Financial Product 9.500 8/24/2018 EUR 65.160
Vontobel Financial Product 7.000 8/24/2018 EUR 65.620
Commerzbank AG 15.250 8/24/2018 EUR 61.760
DZ Bank AG Deutsche Zentra 4.000 8/2/2018 EUR 66.540
Deutsche Bank AG 5.500 9/25/2018 EUR 66.700
Vontobel Financial Product 6.000 6/22/2018 EUR 51.790
Deutsche Bank AG 5.500 9/25/2018 EUR 60.600
Deutsche Bank AG 5.500 12/27/2018 EUR 71.200
Deutsche Bank AG 5.500 12/27/2018 EUR 67.900
Deutsche Bank AG 5.500 12/27/2018 EUR 66.800
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 54.970
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 71.920
Vontobel Financial Product 11.500 9/28/2018 EUR 74.070
Deutsche Bank AG 6.200 8/22/2018 EUR 68.100
Commerzbank AG 12.500 11/23/2018 EUR 66.830
Deutsche Bank AG 5.500 9/25/2018 EUR 68.400
Deutsche Bank AG 6.200 7/25/2018 EUR 67.700
Deutsche Bank AG 6.200 8/22/2018 EUR 68.600
Deutsche Bank AG 6.200 8/22/2018 EUR 64.100
Deutsche Bank AG 6.200 8/22/2018 EUR 60.200
Deutsche Bank AG 6.200 10/24/2018 EUR 67.300
UBS AG/London 8.600 6/22/2018 EUR 57.170
UBS AG/London 10.700 1/3/2019 EUR 61.590
Deutsche Bank AG 2.700 9/25/2018 EUR 63.800
DZ Bank AG Deutsche Zentra 5.000 1/25/2019 EUR 65.350
Vontobel Financial Product 10.500 6/22/2018 EUR 54.290
HSBC Trinkaus & Burkhardt 8.470 1/25/2019 EUR 72.170
Vontobel Financial Product 13.000 6/22/2018 EUR 51.670
Vontobel Financial Product 5.000 9/28/2018 EUR 68.880
Vontobel Financial Product 7.550 9/28/2018 EUR 61.050
Vontobel Financial Product 10.550 9/28/2018 EUR 55.300
Vontobel Financial Product 14.000 9/28/2018 EUR 50.930
Vontobel Financial Product 5.000 1/2/2019 EUR 69.970
Vontobel Financial Product 8.500 1/2/2019 EUR 60.010
Vontobel Financial Product 12.550 1/2/2019 EUR 53.750
Commerzbank AG 14.750 8/24/2018 EUR 71.260
Deutsche Bank AG 6.200 7/25/2018 EUR 74.000
Deutsche Bank AG 6.200 7/25/2018 EUR 68.200
Deutsche Bank AG 6.200 7/25/2018 EUR 61.600
Deutsche Bank AG 6.200 7/25/2018 EUR 59.700
UniCredit Bank AG 11.900 6/22/2018 EUR 74.230
UniCredit Bank AG 9.100 6/28/2019 EUR 73.300
UniCredit Bank AG 13.300 6/28/2019 EUR 68.540
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 72.160
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 73.270
UniCredit Bank AG 10.500 9/28/2018 EUR 67.140
BNP Paribas Emissions- und 9.500 6/27/2019 EUR 71.600
Deutsche Bank AG 5.200 12/27/2018 EUR 72.400
Deutsche Bank AG 6.200 9/25/2018 EUR 69.200
UniCredit Bank AG 14.700 1/3/2020 EUR 69.380
Deutsche Bank AG 6.200 9/25/2018 EUR 73.300
UniCredit Bank AG 14.700 1/4/2019 EUR 41.000
UniCredit Bank AG 14.900 1/4/2019 EUR 64.830
UniCredit Bank AG 14.500 1/4/2019 EUR 9.590
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 62.440
BNP Paribas Emissions- und 6.000 6/27/2019 EUR 66.850
BNP Paribas Emissions- und 8.500 6/27/2019 EUR 64.800
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 62.710
BNP Paribas Emissions- und 16.000 6/27/2019 EUR 68.870
UniCredit Bank AG 9.300 3/22/2019 EUR 71.990
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 60.800
Commerzbank AG 11.250 1/2/2019 EUR 71.890
Vontobel Financial Product 7.100 12/14/2018 EUR 73.130
Vontobel Financial Product 12.650 12/14/2018 EUR 71.510
Commerzbank AG 10.750 7/27/2018 EUR 70.660
Raiffeisen Centrobank AG 10.237 3/19/2019 EUR 69.080
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 66.220
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 64.660
Bank Julius Baer & Co Ltd/ 8.000 11/2/2018 USD 62.300
Vontobel Financial Product 8.500 9/28/2018 EUR 66.580
BNP Paribas Emissions- und 9.000 3/21/2019 EUR 72.100
BNP Paribas Emissions- und 8.000 6/27/2019 EUR 72.290
UniCredit Bank AG 9.400 3/22/2019 EUR 72.470
BNP Paribas Emissions- und 9.000 3/21/2019 EUR 70.200
UniCredit Bank AG 13.600 3/22/2019 EUR 69.170
Commerzbank AG 12.250 1/2/2019 EUR 70.520
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 72.660
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 68.420
Zurcher Kantonalbank Finan 6.600 4/3/2019 CHF 63.060
UBS AG/London 11.750 11/1/2018 USD 62.700
Leonteq Securities AG/Guer 10.400 2/13/2019 CHF 70.700
Vontobel Financial Product 13.400 9/14/2018 EUR 69.900
Vontobel Financial Product 15.750 9/14/2018 EUR 64.510
Vontobel Financial Product 5.050 9/14/2018 EUR 66.840
Vontobel Financial Product 6.400 9/14/2018 EUR 66.180
Vontobel Financial Product 7.800 9/14/2018 EUR 67.520
Vontobel Financial Product 10.800 9/14/2018 EUR 67.130
DZ Bank AG Deutsche Zentra 15.000 6/22/2018 EUR 73.720
DZ Bank AG Deutsche Zentra 6.750 6/22/2018 EUR 72.640
Commerzbank AG 7.500 8/24/2018 EUR 73.920
Vontobel Financial Product 10.050 9/14/2018 EUR 73.420
Commerzbank AG 5.500 8/24/2018 EUR 70.760
UBS AG/London 12.800 9/27/2018 EUR 72.160
Commerzbank AG 10.500 8/24/2018 EUR 74.030
UBS AG/London 17.100 9/27/2018 EUR 74.040
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 61.700
BNP Paribas Emissions- und 12.000 10/25/2018 EUR 66.350
Vontobel Financial Product 7.550 1/25/2019 EUR 67.700
Vontobel Financial Product 9.250 9/14/2018 EUR 63.100
Commerzbank AG 22.000 11/23/2018 EUR 65.000
Commerzbank AG 8.500 8/24/2018 EUR 72.520
DZ Bank AG Deutsche Zentra 11.000 2/20/2019 EUR 62.730
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 63.180
Commerzbank AG 11.750 8/24/2018 EUR 38.710
Commerzbank AG 10.000 9/28/2018 EUR 71.600
Commerzbank AG 4.500 12/29/2022 USD #N/A N/A
Vontobel Financial Product 8.550 1/2/2019 EUR 65.250
Raiffeisen Centrobank AG 12.706 12/28/2018 EUR 63.160
Raiffeisen Centrobank AG 6.026 12/27/2019 EUR 70.940
Bank Julius Baer & Co Ltd/ 8.000 11/14/2018 EUR 66.800
Vontobel Financial Product 14.000 1/2/2019 EUR 73.160
Credit Suisse AG/Nassau 7.500 7/29/2019 CHF 49.770
UniCredit Bank AG 10.600 6/22/2018 EUR 75.000
UniCredit Bank AG 13.900 9/28/2018 EUR 71.580
UniCredit Bank AG 13.700 6/28/2019 EUR 72.370
UniCredit Bank AG 13.600 9/28/2018 EUR 68.970
DZ Bank AG Deutsche Zentra 7.750 9/26/2018 EUR #N/A N/A
UniCredit Bank AG 14.300 1/4/2019 EUR 71.680
HSBC Trinkaus & Burkhardt 1.000 12/28/2018 EUR 68.830
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 65.600
Commerzbank AG 13.000 9/28/2018 EUR 68.260
Commerzbank AG 10.250 1/2/2019 EUR 73.310
Vontobel Financial Product 12.250 12/14/2018 EUR 66.690
Commerzbank AG 9.750 7/27/2018 EUR 72.640
Commerzbank AG 12.750 7/27/2018 EUR 67.170
Commerzbank AG 23.250 10/26/2018 EUR 63.620
Commerzbank AG 20.000 11/23/2018 EUR 66.700
Commerzbank AG 9.500 8/24/2018 EUR 71.120
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 68.080
BNP Paribas Emissions- und 13.000 6/27/2019 EUR 65.860
Commerzbank AG 6.500 8/24/2018 EUR 69.040
Commerzbank AG 12.500 8/24/2018 EUR 70.310
UBS AG/London 20.200 9/27/2018 EUR 71.020
Commerzbank AG 9.750 8/24/2018 EUR 40.940
BNP Paribas Emissions- und 20.000 9/27/2018 EUR 70.980
Landesbank Baden-Wuerttemb 5.000 11/23/2018 EUR 60.450
Commerzbank AG 10.500 6/22/2018 EUR 71.090
Commerzbank AG 9.500 8/24/2018 EUR 70.680
Vontobel Financial Product 10.050 6/22/2018 EUR 63.550
Vontobel Financial Product 8.000 9/28/2018 EUR 71.200
Vontobel Financial Product 13.500 1/2/2019 EUR 67.970
DZ Bank AG Deutsche Zentra 7.750 9/24/2018 EUR 71.850
HSBC Trinkaus & Burkhardt 9.000 12/28/2018 EUR 72.090
Commerzbank AG 21.750 9/28/2018 EUR 64.050
Vontobel Financial Product 9.800 3/8/2019 EUR 65.880
Vontobel Financial Product 7.000 6/28/2019 EUR 72.080
Vontobel Financial Product 7.000 6/28/2019 EUR 72.080
Raiffeisen Centrobank AG 12.395 6/25/2019 EUR 71.520
EFG International Finance 7.660 10/5/2018 USD 53.270
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 69.980
Vontobel Financial Product 8.000 11/23/2018 EUR 64.630
Vontobel Financial Product 11.550 9/28/2018 EUR 68.830
Vontobel Financial Product 8.500 1/2/2019 EUR 72.470
Vontobel Financial Product 17.000 1/2/2019 EUR 65.760
Vontobel Financial Product 8.550 6/28/2019 EUR 72.820
Vontobel Financial Product 10.550 6/28/2019 EUR 70.560
Commerzbank AG 9.500 1/25/2019 EUR 69.970
HSBC Trinkaus & Burkhardt 7.600 10/26/2018 EUR 72.720
HSBC Trinkaus & Burkhardt 7.800 11/23/2018 EUR 73.300
HSBC Trinkaus & Burkhardt 3.500 10/26/2018 EUR 66.920
HSBC Trinkaus & Burkhardt 11.300 9/28/2018 EUR 72.510
HSBC Trinkaus & Burkhardt 5.400 9/28/2018 EUR 66.360
HSBC Trinkaus & Burkhardt 7.500 3/22/2019 EUR 65.540
Vontobel Financial Product 10.700 9/14/2018 EUR 65.810
Vontobel Financial Product 13.200 9/14/2018 EUR 64.110
Vontobel Financial Product 12.950 12/14/2018 EUR 65.000
Vontobel Financial Product 10.500 9/21/2018 EUR 63.560
Vontobel Financial Product 13.000 1/2/2019 EUR 65.800
Vontobel Financial Product 13.000 6/28/2019 EUR 67.880
Commerzbank AG 8.000 11/6/2020 USD 3.160
DZ Bank AG Deutsche Zentra 9.250 9/26/2018 EUR #N/A N/A
Bank Julius Baer & Co Ltd/ 9.500 8/23/2018 USD 62.400
Commerzbank AG 15.000 7/27/2018 EUR 65.670
Commerzbank AG 14.000 8/24/2018 EUR 66.890
Raiffeisen Centrobank AG 11.943 3/19/2019 EUR 69.340
BNP Paribas Emissions- und 7.500 9/27/2018 EUR 71.600
Credit Suisse AG/London 8.000 10/9/2018 USD 53.450
Commerzbank AG 5.000 7/27/2018 EUR 45.820
BNP Paribas Emissions- und 19.000 10/25/2018 EUR 61.520
Vontobel Financial Product 11.650 9/14/2018 EUR 63.620
BNP Paribas Emissions- und 16.000 10/25/2018 EUR 62.740
Commerzbank AG 11.750 7/27/2018 EUR 68.850
Leonteq Securities AG/Guer 12.000 4/30/2019 EUR 72.270
Vontobel Financial Product 9.000 10/30/2018 EUR 70.540
Commerzbank AG 12.000 9/28/2018 EUR 71.880
BNP Paribas Emissions- und 13.000 6/27/2019 EUR 67.760
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 73.030
Commerzbank AG 11.500 8/24/2018 EUR 72.000
Commerzbank AG 3.750 8/24/2018 EUR 58.520
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 60.220
Commerzbank AG 9.000 7/27/2018 EUR 69.880
DZ Bank AG Deutsche Zentra 6.500 11/21/2018 EUR 72.220
Commerzbank AG 4.500 12/30/2024 USD #N/A N/A
Raiffeisen Centrobank AG 10.166 6/25/2019 EUR 71.510
Vontobel Financial Product 11.550 9/28/2018 EUR 74.610
DZ Bank AG Deutsche Zentra 8.500 1/2/2019 EUR 69.330
Commerzbank AG 7.500 8/24/2018 EUR 67.800
UBS AG/London 16.600 9/27/2018 EUR 63.800
Commerzbank AG 12.000 6/22/2018 EUR 73.190
Commerzbank AG 5.750 8/24/2018 EUR 48.920
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 65.680
Vontobel Financial Product 12.350 12/14/2018 EUR 68.750
Vontobel Financial Product 9.800 12/14/2018 EUR 71.980
BNP Paribas Emissions- und 18.000 10/25/2018 EUR 71.790
Commerzbank AG 10.000 9/28/2018 EUR 40.110
Raiffeisen Centrobank AG 8.008 6/25/2019 EUR 71.970
Leonteq Securities AG/Guer 13.400 1/3/2019 EUR 64.120
Raiffeisen Centrobank AG 10.588 12/28/2018 EUR 69.680
Raiffeisen Centrobank AG 6.850 12/27/2019 EUR 73.080
Vontobel Financial Product 9.550 9/28/2018 EUR 70.910
Vontobel Financial Product 8.500 1/2/2019 EUR 63.320
Vontobel Financial Product 8.500 9/28/2018 EUR 72.260
UniCredit Bank AG 13.000 1/4/2019 EUR 61.850
UBS AG/London 8.750 8/16/2018 CHF 64.000
DZ Bank AG Deutsche Zentra 6.000 9/28/2018 EUR 61.400
DZ Bank AG Deutsche Zentra 5.200 3/28/2019 EUR 61.600
DZ Bank AG Deutsche Zentra 5.000 12/28/2018 EUR 69.810
Raiffeisen Schweiz Genosse 5.400 8/2/2019 CHF 71.450
DZ Bank AG Deutsche Zentra 5.000 3/28/2019 EUR 61.810
DZ Bank AG Deutsche Zentra 7.250 12/24/2018 EUR 64.310
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 67.720
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 72.790
DZ Bank AG Deutsche Zentra 8.600 12/24/2018 EUR 69.730
DZ Bank AG Deutsche Zentra 7.600 3/18/2019 EUR 70.850
Commerzbank AG 25.250 8/24/2018 EUR 58.440
Commerzbank AG 14.500 9/28/2018 EUR 73.510
Commerzbank AG 17.250 7/27/2018 EUR 63.290
Commerzbank AG 16.250 8/24/2018 EUR 64.310
Commerzbank AG 12.500 10/26/2018 EUR 68.630
Commerzbank AG 14.500 10/26/2018 EUR 66.640
DZ Bank AG Deutsche Zentra 5.000 8/24/2018 EUR 67.290
Leonteq Securities AG/Guer 12.800 1/10/2019 CHF 62.150
UniCredit Bank AG 12.500 9/28/2018 EUR 67.260
UniCredit Bank AG 13.800 9/28/2018 EUR 65.050
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 70.690
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 66.810
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 68.980
UniCredit Bank AG 14.200 9/28/2018 EUR 63.970
UniCredit Bank AG 14.200 6/28/2019 EUR 73.130
UniCredit Bank AG 13.600 9/28/2018 EUR 70.160
Deutsche Bank AG 6.200 12/27/2018 EUR 70.500
UniCredit Bank AG 11.400 3/22/2019 EUR 67.240
Deutsche Bank AG 6.200 9/25/2018 EUR 71.700
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 72.570
BNP Paribas Emissions- und 9.000 3/21/2019 EUR 73.920
UniCredit Bank AG 13.400 1/3/2020 EUR 71.870
Deutsche Bank AG 5.200 9/25/2018 EUR 73.000
Credit Suisse AG/London 8.250 8/29/2018 USD 54.060
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 61.910
Deutsche Bank AG 6.200 2/20/2019 EUR 71.300
Commerzbank AG 10.500 10/26/2018 EUR 70.400
Commerzbank AG 11.500 10/26/2018 EUR 69.060
Commerzbank AG 5.250 10/26/2018 EUR 47.490
Commerzbank AG 7.250 10/26/2018 EUR 43.090
Commerzbank AG 9.250 10/26/2018 EUR 40.570
DZ Bank AG Deutsche Zentra 12.250 7/25/2018 EUR #N/A N/A
Commerzbank AG 8.750 1/2/2019 EUR 71.130
Deutsche Bank AG 6.200 2/20/2019 EUR 73.700
Deutsche Bank AG 6.200 2/20/2019 EUR 67.000
Commerzbank AG 19.750 1/2/2019 EUR 64.670
DZ Bank AG Deutsche Zentra 5.000 8/24/2018 EUR 67.160
UniCredit Bank AG 14.800 6/28/2019 EUR 69.770
UniCredit Bank AG 13.900 9/28/2018 EUR 67.280
Landesbank Hessen-Thuering 6.500 2/16/2023 EUR 73.530
UniCredit Bank AG 7.600 9/28/2018 EUR 69.670
BNP Paribas Emissions- und 7.500 3/21/2019 EUR 74.430
UniCredit Bank AG 14.900 9/28/2018 EUR 73.600
UniCredit Bank AG 11.800 9/28/2018 EUR 74.090
UniCredit Bank AG 13.800 6/28/2019 EUR 72.650
BNP Paribas Emissions- und 13.000 3/21/2019 EUR 73.650
UniCredit Bank AG 12.200 6/28/2019 EUR 67.530
Deutsche Bank AG 6.200 12/27/2018 EUR 72.900
Deutsche Bank AG 6.200 12/27/2018 EUR 68.300
Deutsche Bank AG 5.200 12/27/2018 EUR 67.800
Deutsche Bank AG 6.200 9/25/2018 EUR 66.900
UniCredit Bank AG 14.900 9/28/2018 EUR 59.310
UniCredit Bank AG 8.800 9/28/2018 EUR 68.940
UniCredit Bank AG 11.400 9/28/2018 EUR 70.490
UniCredit Bank AG 12.000 1/4/2019 EUR 43.030
UniCredit Bank AG 4.000 1/4/2019 EUR 59.440
UniCredit Bank AG 11.500 1/4/2019 EUR 67.250
DZ Bank AG Deutsche Zentra 7.200 3/28/2019 EUR 72.840
Commerzbank AG 10.500 10/26/2018 EUR 69.720
DZ Bank AG Deutsche Zentra 8.000 9/24/2018 EUR 63.160
Vontobel Financial Product 15.000 9/28/2018 EUR 69.770
DZ Bank AG Deutsche Zentra 5.000 12/24/2018 EUR 66.580
Commerzbank AG 22.250 9/28/2018 EUR 58.900
Commerzbank AG 21.000 10/26/2018 EUR 60.100
Commerzbank AG 17.750 7/27/2018 EUR 71.480
DZ Bank AG Deutsche Zentra 6.300 3/18/2019 EUR 73.980
Vontobel Financial Product 9.750 7/27/2018 EUR 62.070
DZ Bank AG Deutsche Zentra 9.200 9/24/2018 EUR 67.830
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 61.890
DZ Bank AG Deutsche Zentra 6.500 3/18/2019 EUR 68.350
Vontobel Financial Product 13.500 6/22/2018 EUR 73.530
DZ Bank AG Deutsche Zentra 7.250 3/18/2019 EUR 73.730
DZ Bank AG Deutsche Zentra 6.600 12/24/2018 EUR 73.040
DZ Bank AG Deutsche Zentra 6.000 3/18/2019 EUR 73.850
Commerzbank AG 0.100 12/27/2018 RUB 2.160
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 59.600
DZ Bank AG Deutsche Zentra 5.500 9/24/2018 EUR 66.850
DZ Bank AG Deutsche Zentra 6.250 12/24/2018 EUR 70.110
DZ Bank AG Deutsche Zentra 6.250 11/23/2018 EUR 41.410
Raiffeisen Centrobank AG 8.862 9/25/2018 EUR 68.080
DZ Bank AG Deutsche Zentra 5.500 3/20/2019 EUR 73.180
Commerzbank AG 9.500 10/26/2018 EUR 71.880
Commerzbank AG 14.750 1/2/2019 EUR 64.050
Commerzbank AG 10.000 11/23/2018 EUR 72.540
Commerzbank AG 11.000 11/23/2018 EUR 71.020
Leonteq Securities AG/Guer 12.800 10/30/2018 USD 72.260
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 65.850
DZ Bank AG Deutsche Zentra 8.500 3/18/2019 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 7.000 3/18/2019 EUR 69.170
DZ Bank AG Deutsche Zentra 5.500 12/24/2018 EUR 72.180
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 73.810
DZ Bank AG Deutsche Zentra 15.000 7/25/2018 EUR #N/A N/A
Commerzbank AG 10.750 1/2/2019 EUR 67.940
Commerzbank AG 12.750 1/2/2019 EUR 65.740
Deutsche Bank AG 6.200 2/20/2019 EUR 72.400
Deutsche Bank AG 6.200 2/20/2019 EUR 71.300
Commerzbank AG 14.000 11/23/2018 EUR 67.460
Commerzbank AG 13.500 1/2/2019 EUR 68.640
Commerzbank AG 15.250 9/28/2018 EUR 65.610
UBS AG/London 7.000 2/22/2019 EUR 73.140
Deutsche Bank AG 6.200 2/20/2019 EUR 72.400
Deutsche Bank AG 6.200 1/23/2019 EUR 73.300
DZ Bank AG Deutsche Zentra 11.250 7/25/2018 EUR 70.820
Commerzbank AG 14.250 9/28/2018 EUR 63.300
Deutsche Bank AG 6.200 2/20/2019 EUR 69.900
DZ Bank AG Deutsche Zentra 10.750 8/24/2018 EUR 61.330
DZ Bank AG Deutsche Zentra 6.500 9/28/2018 EUR 73.560
Deutsche Bank AG 8.500 10/15/2018 USD 8.080
DZ Bank AG Deutsche Zentra 8.250 3/18/2019 EUR 63.870
DZ Bank AG Deutsche Zentra 6.250 9/24/2018 EUR 70.020
DZ Bank AG Deutsche Zentra 7.250 9/24/2018 EUR 67.310
DZ Bank AG Deutsche Zentra 6.700 3/18/2019 EUR 72.240
Vontobel Financial Product 10.500 10/26/2018 EUR 68.390
Raiffeisen Centrobank AG 7.374 3/19/2019 EUR 65.960
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 59.170
DZ Bank AG Deutsche Zentra 6.250 3/18/2019 EUR 67.270
DZ Bank AG Deutsche Zentra 7.200 12/24/2018 EUR 71.980
Deutsche Bank AG 6.200 1/23/2019 EUR 66.600
Deutsche Bank AG 6.200 2/20/2019 EUR 73.700
UniCredit Bank AG 12.800 9/28/2018 EUR 39.990
UniCredit Bank AG 6.600 6/28/2019 EUR 70.920
BNP Paribas Emissions- und 9.500 3/21/2019 EUR 72.060
UniCredit Bank AG 10.900 1/3/2020 EUR 72.820
Commerzbank AG 6.500 10/26/2018 EUR 72.980
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 73.480
UniCredit Bank AG 12.300 3/22/2019 EUR 68.310
DZ Bank AG Deutsche Zentra 5.500 9/24/2018 EUR 59.300
Commerzbank AG 20.000 11/23/2018 EUR 61.210
DZ Bank AG Deutsche Zentra 6.700 9/24/2018 EUR 71.620
DZ Bank AG Deutsche Zentra 7.800 9/24/2018 EUR 69.640
DZ Bank AG Deutsche Zentra 7.600 12/24/2018 EUR 71.330
DZ Bank AG Deutsche Zentra 5.750 9/24/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 7.250 9/24/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 5.000 12/24/2018 EUR 73.740
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 72.420
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 68.190
DZ Bank AG Deutsche Zentra 5.250 12/24/2018 EUR 74.010
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 74.990
Vontobel Financial Product 10.000 8/24/2018 EUR 69.670
Deutsche Bank AG 6.200 1/23/2019 EUR 72.000
Deutsche Bank AG 6.200 1/23/2019 EUR 69.500
Deutsche Bank AG 6.200 2/20/2019 EUR 69.900
Deutsche Bank AG 6.200 1/23/2019 EUR 70.900
Deutsche Bank AG 6.200 2/20/2019 EUR 67.000
Raiffeisen Centrobank AG 13.292 9/25/2018 EUR 66.820
Raiffeisen Centrobank AG 4.431 9/25/2018 EUR 70.450
Commerzbank AG 12.250 7/27/2018 EUR 73.790
DZ Bank AG Deutsche Zentra 13.750 7/25/2018 EUR #N/A N/A
Commerzbank AG 8.500 10/26/2018 EUR 73.560
Commerzbank AG 3.250 10/26/2018 EUR 57.160
Commerzbank AG 11.250 10/26/2018 EUR 38.860
Vontobel Financial Product 3.600 2/1/2019 EUR 69.910
Commerzbank AG 13.000 10/26/2018 EUR 64.660
Commerzbank AG 12.000 11/23/2018 EUR 69.680
Commerzbank AG 26.750 7/27/2018 EUR 56.760
Leonteq Securities AG/Guer 10.000 1/10/2019 USD 65.010
Commerzbank AG 12.750 10/26/2018 EUR 72.290
BNP Paribas Emissions- und 6.800 10/25/2018 EUR 69.180
UniCredit Bank AG 6.300 9/28/2018 EUR 47.890
Vontobel Financial Product 14.000 1/2/2019 EUR 66.860
Vontobel Financial Product 10.500 9/28/2018 EUR 71.000
Commerzbank AG 14.500 9/28/2018 EUR 66.560
Vontobel Financial Product 4.300 12/14/2018 EUR 58.870
HSBC Trinkaus & Burkhardt 4.500 9/28/2018 EUR 39.750
HSBC Trinkaus & Burkhardt 6.500 9/28/2018 EUR 69.160
HSBC Trinkaus & Burkhardt 5.800 12/28/2018 EUR 72.330
Commerzbank AG 6.500 6/22/2018 EUR 63.750
Commerzbank AG 3.000 9/28/2018 EUR 48.280
Vontobel Financial Product 13.550 6/22/2018 EUR 65.910
Vontobel Financial Product 7.000 8/24/2018 EUR 69.790
Vontobel Financial Product 8.500 1/2/2019 EUR 71.780
Leonteq Securities AG/Guer 13.200 1/16/2019 CHF 66.490
BNP Paribas Emissions- und 6.000 3/21/2019 EUR 74.280
BNP Paribas Emissions- und 5.000 6/27/2019 EUR 66.910
Commerzbank AG 5.750 8/24/2018 EUR 38.580
Commerzbank AG 8.750 9/28/2018 EUR 35.610
Commerzbank AG 4.500 7/27/2018 EUR 41.050
Commerzbank AG 6.500 7/27/2018 EUR 37.570
Commerzbank AG 10.250 10/26/2018 EUR 69.620
DZ Bank AG Deutsche Zentra 6.400 9/24/2018 EUR 72.310
Commerzbank AG 14.000 9/28/2018 EUR 73.970
Commerzbank AG 14.500 7/27/2018 EUR 71.360
DZ Bank AG Deutsche Zentra 11.000 2/20/2019 EUR 67.340
HSBC Trinkaus & Burkhardt 6.700 9/28/2018 EUR 62.300
HSBC Trinkaus & Burkhardt 4.000 6/28/2019 EUR 67.010
Vontobel Financial Product 10.500 1/2/2019 EUR 68.410
Vontobel Financial Product 12.000 1/2/2019 EUR 67.180
Vontobel Financial Product 15.000 1/2/2019 EUR 65.050
Vontobel Financial Product 8.500 1/2/2019 EUR 71.780
Commerzbank AG 11.500 9/28/2018 EUR 66.200
Commerzbank AG 12.750 8/24/2018 EUR 66.850
Commerzbank AG 8.500 11/23/2018 EUR 72.050
Raiffeisen Schweiz Genosse 10.000 10/16/2018 CHF 57.330
Vontobel Financial Product 8.000 9/28/2018 EUR 41.740
DZ Bank AG Deutsche Zentra 4.500 12/28/2018 EUR 70.910
Bank Julius Baer & Co Ltd/ 12.750 4/23/2019 USD 69.650
Bank Julius Baer & Co Ltd/ 14.100 1/24/2019 USD 68.300
Vontobel Financial Product 14.500 1/2/2019 EUR 72.360
Commerzbank AG 15.000 8/24/2018 EUR 67.790
BNP Paribas Emissions- und 7.000 3/21/2019 EUR 72.440
Commerzbank AG 3.750 8/24/2018 EUR 43.010
Commerzbank AG 11.750 8/24/2018 EUR 33.460
Commerzbank AG 4.750 9/28/2018 EUR 40.180
Vontobel Financial Product 7.750 3/8/2019 EUR 68.300
HSBC Trinkaus & Burkhardt 8.500 9/28/2018 EUR 70.950
HSBC Trinkaus & Burkhardt 9.000 3/22/2019 EUR 72.240
HSBC Trinkaus & Burkhardt 11.900 12/28/2018 EUR 68.480
Vontobel Financial Product 8.550 9/28/2018 EUR 69.790
Vontobel Financial Product 14.000 9/28/2018 EUR 64.620
Vontobel Financial Product 11.000 9/28/2018 EUR 68.080
Vontobel Financial Product 7.500 6/28/2019 EUR 73.560
Vontobel Financial Product 7.550 1/2/2019 EUR 73.700
Vontobel Financial Product 11.000 6/28/2019 EUR 69.210
Vontobel Financial Product 4.000 9/28/2018 EUR 47.310
BNP Paribas Emissions- und 3.000 6/27/2019 EUR 70.190
Commerzbank AG 8.000 2/22/2019 EUR 72.170
Commerzbank AG 10.500 7/27/2018 EUR 33.870
Commerzbank AG 8.500 10/26/2018 EUR 36.210
Commerzbank AG 7.750 8/24/2018 EUR 44.010
BNP Paribas Emissions- und 19.000 8/23/2018 EUR 61.100
Raiffeisen Centrobank AG 9.940 12/27/2019 EUR 72.550
Raiffeisen Centrobank AG 8.395 12/27/2019 EUR 72.650
Vontobel Financial Product 7.000 9/28/2018 EUR 62.540
Vontobel Financial Product 12.000 6/22/2018 EUR 63.560
Vontobel Financial Product 7.550 1/2/2019 EUR 69.390
Vontobel Financial Product 9.500 1/2/2019 EUR 63.840
Vontobel Financial Product 16.550 9/28/2018 EUR 65.470
BNP Paribas Emissions- und 13.000 10/25/2018 EUR 72.700
HSBC Trinkaus & Burkhardt 10.500 3/22/2019 EUR 70.790
HSBC Trinkaus & Burkhardt 6.400 3/22/2019 EUR 63.110
HSBC Trinkaus & Burkhardt 2.000 11/23/2018 EUR 72.320
HSBC Trinkaus & Burkhardt 3.500 2/23/2019 EUR 67.540
HSBC Trinkaus & Burkhardt 9.700 12/28/2018 EUR 73.890
HSBC Trinkaus & Burkhardt 5.600 3/22/2019 EUR 67.280
HSBC Trinkaus & Burkhardt 4.000 6/28/2019 EUR 70.010
HSBC Trinkaus & Burkhardt 3.300 10/26/2018 EUR 69.630
HSBC Trinkaus & Burkhardt 3.300 11/23/2018 EUR 69.680
Vontobel Financial Product 12.100 3/8/2019 EUR 64.020
Vontobel Financial Product 5.800 3/8/2019 EUR 71.250
Vontobel Financial Product 6.550 1/2/2019 EUR 70.990
Vontobel Financial Product 8.750 9/28/2018 EUR 65.170
Vontobel Financial Product 8.500 6/22/2018 EUR 73.470
Vontobel Financial Product 10.000 6/22/2018 EUR 70.710
Vontobel Financial Product 9.500 1/2/2019 EUR 70.030
Vontobel Financial Product 13.500 1/2/2019 EUR 66.060
Commerzbank AG 9.750 1/2/2019 EUR 67.880
Commerzbank AG 13.750 8/24/2018 EUR 66.110
BNP Paribas Emissions- und 5.000 3/21/2019 EUR 76.460
BNP Paribas Emissions- und 7.000 3/21/2019 EUR 72.240
BNP Paribas Emissions- und 8.500 3/21/2019 EUR 70.750
Commerzbank AG 7.750 8/24/2018 EUR 36.190
Commerzbank AG 9.750 8/24/2018 EUR 34.660
Commerzbank AG 6.750 9/28/2018 EUR 37.250
DZ Bank AG Deutsche Zentra 9.750 2/20/2019 EUR 67.510
Commerzbank AG 10.750 11/23/2018 EUR 69.420
Commerzbank AG 11.250 10/26/2018 EUR 68.680
Commerzbank AG 15.000 8/24/2018 EUR 73.400
Vontobel Financial Product 6.850 3/8/2019 EUR 70.520
HSBC Trinkaus & Burkhardt 5.800 9/28/2018 EUR 68.060
HSBC Trinkaus & Burkhardt 5.500 12/28/2018 EUR 68.770
HSBC Trinkaus & Burkhardt 8.000 12/28/2018 EUR 38.760
Vontobel Financial Product 8.050 9/21/2018 EUR 54.370
Vontobel Financial Product 5.750 3/8/2019 EUR 63.880
HSBC Trinkaus & Burkhardt 6.800 6/22/2018 EUR 69.480
HSBC Trinkaus & Burkhardt 6.800 6/22/2018 EUR 69.410
BNP Paribas Emissions- und 17.000 8/23/2018 EUR 71.210
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 72.320
Vontobel Financial Product 14.000 9/28/2018 EUR 67.060
Vontobel Financial Product 10.500 9/28/2018 EUR 61.650
Vontobel Financial Product 10.000 1/2/2019 EUR 70.740
Vontobel Financial Product 11.500 1/2/2019 EUR 69.150
Vontobel Financial Product 15.550 1/2/2019 EUR 66.960
HSBC Trinkaus & Burkhardt 7.800 3/22/2019 EUR 61.950
HSBC Trinkaus & Burkhardt 2.400 6/28/2019 EUR 70.790
HSBC Trinkaus & Burkhardt 3.400 11/23/2018 EUR 67.010
HSBC Trinkaus & Burkhardt 2.000 1/25/2019 EUR 72.440
HSBC Trinkaus & Burkhardt 2.000 2/23/2019 EUR 72.390
HSBC Trinkaus & Burkhardt 5.400 12/28/2018 EUR 67.280
HSBC Trinkaus & Burkhardt 3.600 2/23/2019 EUR 70.190
Vontobel Financial Product 11.050 12/14/2018 EUR 66.190
Vontobel Financial Product 4.750 12/21/2018 EUR 72.110
Vontobel Financial Product 8.500 3/22/2019 EUR 66.920
Vontobel Financial Product 7.000 9/28/2018 EUR 71.880
Vontobel Financial Product 10.050 9/28/2018 EUR 67.840
Vontobel Financial Product 12.000 9/28/2018 EUR 66.160
Vontobel Financial Product 16.000 9/28/2018 EUR 63.210
Vontobel Financial Product 12.500 9/28/2018 EUR 66.290
Vontobel Financial Product 11.500 1/2/2019 EUR 73.160
Vontobel Financial Product 10.000 3/22/2019 EUR 73.220
Vontobel Financial Product 10.000 6/28/2019 EUR 73.450
Vontobel Financial Product 8.500 9/28/2018 EUR 72.270
Vontobel Financial Product 10.000 9/28/2018 EUR 70.160
Vontobel Financial Product 11.550 6/22/2018 EUR 68.250
Vontobel Financial Product 9.000 6/28/2019 EUR 70.930
Vontobel Financial Product 11.000 1/2/2019 EUR 68.670
Leonteq Securities AG/Guer 7.000 4/16/2020 CHF 68.800
Commerzbank AG 11.000 10/26/2018 EUR 66.700
Commerzbank AG 12.500 11/23/2018 EUR 67.960
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 70.500
DZ Bank AG Deutsche Zentra 10.500 6/22/2018 EUR 63.780
HSBC Trinkaus & Burkhardt 9.800 9/28/2018 EUR 69.980
Commerzbank AG 12.500 7/27/2018 EUR 32.640
Commerzbank AG 10.750 9/28/2018 EUR 34.460
Commerzbank AG 4.500 10/26/2018 EUR 41.250
Commerzbank AG 6.500 10/26/2018 EUR 37.920
Commerzbank AG 10.500 10/26/2018 EUR 35.040
Commerzbank AG 8.750 10/26/2018 EUR 72.950
Commerzbank AG 15.750 7/27/2018 EUR 66.030
Vontobel Financial Product 9.000 1/25/2019 EUR 66.060
DZ Bank AG Deutsche Zentra 8.500 9/24/2018 EUR 60.450
EFG International Finance 10.400 2/7/2019 EUR 73.880
Vontobel Financial Product 17.000 1/2/2019 EUR 63.960
Vontobel Financial Product 14.550 9/28/2018 EUR 66.250
Vontobel Financial Product 11.000 1/2/2019 EUR 70.340
UBS AG/London 16.000 8/30/2018 CHF 21.950
UBS AG/London 6.000 8/30/2019 CHF 56.550
Zurcher Kantonalbank Finan 11.000 2/1/2019 EUR 71.400
Vontobel Financial Product 10.350 3/8/2019 EUR 60.510
Commerzbank AG 12.500 1/2/2019 EUR 69.140
Bank Julius Baer & Co Ltd/ 14.400 1/24/2019 USD 68.700
Commerzbank AG 5.500 9/28/2018 EUR 62.920
HSBC Trinkaus & Burkhardt 12.300 6/22/2018 EUR 41.770
HSBC Trinkaus & Burkhardt 11.100 9/28/2018 EUR 40.630
HSBC Trinkaus & Burkhardt 3.900 9/28/2018 EUR 52.660
HSBC Trinkaus & Burkhardt 10.100 12/28/2018 EUR 42.850
Raiffeisen Schweiz Genosse 9.100 3/8/2019 CHF 59.380
Leonteq Securities AG/Guer 10.600 1/16/2019 EUR 72.010
Commerzbank AG 12.750 8/24/2018 EUR 65.020
Commerzbank AG 9.500 11/23/2018 EUR 70.800
Vontobel Financial Product 5.500 9/28/2018 EUR 44.820
BNP Paribas Emissions- und 3.500 9/26/2019 EUR 68.430
Commerzbank AG 7.000 11/23/2018 EUR 73.010
Commerzbank AG 8.500 7/27/2018 EUR 35.370
Commerzbank AG 12.000 9/28/2018 EUR 67.680
Commerzbank AG 15.750 7/27/2018 EUR 72.860
Vontobel Financial Product 9.200 12/14/2018 EUR 71.040
Vontobel Financial Product 11.600 12/14/2018 EUR 71.900
Vontobel Financial Product 15.550 1/2/2019 EUR 65.360
Vontobel Financial Product 12.550 9/28/2018 EUR 68.530
Vontobel Financial Product 12.500 1/2/2019 EUR 68.520
Vontobel Financial Product 3.950 3/8/2019 EUR 63.940
DZ Bank AG Deutsche Zentra 6.250 6/22/2018 EUR 53.150
DZ Bank AG Deutsche Zentra 6.250 6/22/2018 EUR 74.210
Vontobel Financial Product 5.500 6/22/2018 EUR 48.160
Commerzbank AG 7.000 8/24/2018 EUR 61.420
Commerzbank AG 8.000 9/28/2018 EUR 67.850
Commerzbank AG 6.500 1/2/2019 EUR 69.140
Commerzbank AG 4.000 7/27/2018 EUR 68.160
Commerzbank AG 3.750 10/26/2018 EUR 69.600
Commerzbank AG 12.250 7/27/2018 EUR 65.400
Leonteq Securities AG/Guer 11.000 9/12/2018 USD 48.580
DZ Bank AG Deutsche Zentra 8.500 6/22/2018 EUR 44.420
Vontobel Financial Product 9.000 8/24/2018 EUR 61.850
EFG International Finance 10.400 1/24/2019 EUR 72.550
Vontobel Financial Product 7.550 1/2/2019 EUR 73.190
Vontobel Financial Product 9.500 6/22/2018 EUR 61.940
Vontobel Financial Product 10.000 6/22/2018 EUR 59.710
Vontobel Financial Product 7.500 6/22/2018 EUR 73.200
UniCredit Bank AG 10.400 6/22/2018 EUR 50.590
UniCredit Bank AG 8.100 6/22/2018 EUR 54.760
UniCredit Bank AG 6.500 6/22/2018 EUR 51.280
UniCredit Bank AG 7.700 6/22/2018 EUR 48.100
UniCredit Bank AG 12.000 6/22/2018 EUR 40.590
HSBC Trinkaus & Burkhardt 8.900 1/25/2019 EUR 65.650
Vontobel Financial Product 10.550 6/22/2018 EUR 64.670
HSBC Trinkaus & Burkhardt 13.100 1/25/2019 EUR 71.140
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 57.800
HSBC Trinkaus & Burkhardt 5.400 6/22/2018 EUR 74.740
HSBC Trinkaus & Burkhardt 11.900 1/25/2019 EUR 63.880
Commerzbank AG 7.500 11/23/2018 EUR 65.680
Vontobel Financial Product 2.500 1/29/2019 EUR 66.950
Commerzbank AG 13.000 7/27/2018 EUR 73.980
Commerzbank AG 15.500 1/2/2019 EUR 59.330
Commerzbank AG 12.500 7/27/2018 EUR 60.730
Commerzbank AG 10.500 1/2/2019 EUR 65.020
Vontobel Financial Product 11.000 6/22/2018 EUR 54.380
UBS AG/London 9.300 9/27/2018 EUR 71.210
Deutsche Bank AG 10.000 9/25/2018 EUR 74.900
Deutsche Bank AG 10.000 12/27/2018 EUR 66.700
Landesbank Baden-Wuerttemb 4.500 1/4/2019 EUR 73.870
UniCredit Bank AG 10.800 6/22/2018 EUR 74.320
Vontobel Financial Product 8.500 6/22/2018 EUR 62.330
UniCredit Bank AG 13.900 6/22/2018 EUR 72.990
UniCredit Bank AG 13.600 6/22/2018 EUR 38.600
UniCredit Bank AG 9.100 6/22/2018 EUR 45.300
HSBC Trinkaus & Burkhardt 4.300 8/24/2018 EUR 69.510
HSBC Trinkaus & Burkhardt 12.600 1/25/2019 EUR 63.410
DZ Bank AG Deutsche Zentra 6.100 9/24/2018 EUR 63.590
DZ Bank AG Deutsche Zentra 7.900 9/24/2018 EUR 60.260
Vontobel Financial Product 8.500 6/22/2018 EUR 67.470
HSBC Trinkaus & Burkhardt 10.500 9/28/2018 EUR 74.220
Vontobel Financial Product 6.500 6/22/2018 EUR 70.470
HSBC Trinkaus & Burkhardt 14.700 1/25/2019 EUR 62.830
HSBC Trinkaus & Burkhardt 7.100 1/25/2019 EUR 71.650
HSBC Trinkaus & Burkhardt 17.800 6/22/2018 EUR 61.750
Vontobel Financial Product 9.000 9/28/2018 EUR 74.970
Vontobel Financial Product 13.000 6/22/2018 EUR 73.530
Leonteq Securities AG/Guer 11.200 5/8/2019 CHF 69.090
HSBC Trinkaus & Burkhardt 6.200 6/22/2018 EUR 72.000
HSBC Trinkaus & Burkhardt 4.600 3/22/2019 EUR 69.170
HSBC Trinkaus & Burkhardt 4.200 1/25/2019 EUR 70.770
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 67.070
Commerzbank AG 11.500 7/27/2018 EUR 37.080
HSBC Trinkaus & Burkhardt 12.900 1/25/2019 EUR 73.010
HSBC Trinkaus & Burkhardt 11.100 1/25/2019 EUR 65.750
HSBC Trinkaus & Burkhardt 13.100 9/28/2018 EUR 61.410
Commerzbank AG 6.000 7/27/2018 EUR 63.210
Vontobel Financial Product 10.000 9/28/2018 EUR 73.400
DZ Bank AG Deutsche Zentra 5.750 6/22/2018 EUR 64.850
Vontobel Financial Product 7.000 6/22/2018 EUR 66.120
Commerzbank AG 5.000 1/2/2019 EUR 62.850
Commerzbank AG 10.500 8/24/2018 EUR 68.290
Commerzbank AG 10.750 9/28/2018 EUR 67.440
DZ Bank AG Deutsche Zentra 7.500 1/2/2019 EUR 65.080
Bank Julius Baer & Co Ltd/ 10.200 11/15/2018 CHF 57.850
UniCredit Bank AG 9.400 6/22/2018 EUR 66.040
UniCredit Bank AG 11.400 6/22/2018 EUR 62.940
HSBC Trinkaus & Burkhardt 6.200 9/28/2018 EUR 67.400
HSBC Trinkaus & Burkhardt 4.800 9/28/2018 EUR 68.020
Commerzbank AG 5.750 10/26/2018 EUR 67.520
Commerzbank AG 10.000 7/27/2018 EUR 73.470
Commerzbank AG 12.750 10/26/2018 EUR 71.360
Leonteq Securities AG/Guer 11.000 2/18/2019 CHF 73.820
Vontobel Financial Product 7.000 6/22/2018 EUR 54.210
Vontobel Financial Product 10.500 6/22/2018 EUR 62.650
Vontobel Financial Product 9.500 6/22/2018 EUR 54.090
DZ Bank AG Deutsche Zentra 5.000 6/22/2018 EUR 1.630
UBS AG/London 3.200 9/27/2018 EUR 73.740
UBS AG/London 5.600 1/3/2019 EUR 70.600
Vontobel Financial Product 6.000 6/22/2018 EUR 70.740
UBS AG/London 7.100 3/28/2019 EUR 64.690
UBS AG/London 7.300 1/3/2019 EUR 67.190
UBS AG/London 5.000 3/28/2019 EUR 71.140
Vontobel Financial Product 12.000 6/22/2018 EUR 56.220
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 69.710
Vontobel Financial Product 5.000 9/28/2018 EUR 68.660
Vontobel Financial Product 6.000 6/22/2018 EUR 65.680
Vontobel Financial Product 4.000 9/28/2018 EUR 70.370
Vontobel Financial Product 6.500 6/22/2018 EUR 75.000
UniCredit Bank AG 4.400 6/22/2018 EUR 65.650
UniCredit Bank AG 13.600 6/22/2018 EUR 60.120
UniCredit Bank AG 10.500 6/22/2018 EUR 42.810
UniCredit Bank AG 7.500 6/22/2018 EUR 69.480
HSBC Trinkaus & Burkhardt 9.300 12/28/2018 EUR 65.210
Vontobel Financial Product 4.500 6/22/2018 EUR 73.810
HSBC Trinkaus & Burkhardt 7.300 12/28/2018 EUR 66.600
HSBC Trinkaus & Burkhardt 5.100 12/28/2018 EUR 68.850
Vontobel Financial Product 11.000 6/22/2018 EUR 62.250
Vontobel Financial Product 2.000 6/22/2018 EUR 53.830
Vontobel Financial Product 5.500 6/22/2018 EUR 68.580
BNP Paribas Emissions- und 7.000 1/24/2019 EUR 67.040
Vontobel Financial Product 7.500 9/28/2018 EUR 68.560
Landesbank Baden-Wuerttemb 4.500 11/23/2018 EUR 69.430
Deutsche Bank AG 10.000 12/27/2018 EUR 57.700
Raiffeisen Centrobank AG 9.304 9/25/2018 EUR 70.960
Vontobel Financial Product 8.500 9/28/2018 EUR 62.680
Commerzbank AG 12.750 9/28/2018 EUR 72.400
Vontobel Financial Product 7.000 9/28/2018 EUR 74.200
Vontobel Financial Product 4.000 6/22/2018 EUR 69.420
Vontobel Financial Product 5.000 6/22/2018 EUR 67.500
UniCredit Bank AG 3.200 6/22/2018 EUR 72.920
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 74.970
UniCredit Bank AG 4.200 6/22/2018 EUR 59.130
UniCredit Bank AG 5.800 6/22/2018 EUR 73.300
UniCredit Bank AG 5.300 6/22/2018 EUR 54.930
HSBC Trinkaus & Burkhardt 3.200 9/28/2018 EUR 72.740
HSBC Trinkaus & Burkhardt 4.300 10/26/2018 EUR 70.090
DZ Bank AG Deutsche Zentra 8.250 9/24/2018 EUR 58.570
DZ Bank AG Deutsche Zentra 6.750 9/24/2018 EUR 58.220
HSBC Trinkaus & Burkhardt 7.000 1/25/2019 EUR 66.900
Deutsche Bank AG 6.200 7/25/2018 EUR 63.700
Deutsche Bank AG 6.200 8/22/2018 EUR 66.300
Deutsche Bank AG 6.200 10/24/2018 EUR 69.600
Deutsche Bank AG 6.200 10/24/2018 EUR 63.100
Deutsche Bank AG 2.700 9/25/2018 EUR 68.300
Deutsche Bank AG 2.700 12/27/2018 EUR 68.700
Deutsche Bank AG 2.700 12/27/2018 EUR 60.500
UBS AG/London 9.300 1/3/2019 EUR 64.300
Vontobel Financial Product 5.000 6/22/2018 EUR 73.450
Vontobel Financial Product 6.500 6/22/2018 EUR 68.220
EFG International Finance 8.400 8/23/2018 USD 55.130
Vontobel Financial Product 7.500 6/22/2018 EUR 65.870
Vontobel Financial Product 8.500 6/22/2018 EUR 64.000
Commerzbank AG 23.500 8/24/2018 EUR 57.060
Vontobel Financial Product 6.550 9/28/2018 EUR 65.420
UniCredit Bank AG 6.100 6/22/2018 EUR 59.700
UniCredit Bank AG 14.200 6/22/2018 EUR 70.310
UniCredit Bank AG 13.100 6/22/2018 EUR 47.030
Vontobel Financial Product 7.500 8/24/2018 EUR 68.260
HSBC Trinkaus & Burkhardt 11.800 6/22/2018 EUR 40.670
HSBC Trinkaus & Burkhardt 6.300 6/22/2018 EUR 51.400
HSBC Trinkaus & Burkhardt 9.800 6/22/2018 EUR 69.610
Raiffeisen Schweiz Genosse 6.000 5/9/2019 CHF 74.720
Commerzbank AG 25.000 7/27/2018 EUR 56.290
Deutsche Bank AG 5.500 9/25/2018 EUR 69.000
Deutsche Bank AG 5.500 9/25/2018 EUR 64.500
DZ Bank AG Deutsche Zentra 6.900 9/24/2018 EUR 67.640
UniCredit Bank AG 14.300 6/22/2018 EUR 55.780
Vontobel Financial Product 12.000 6/22/2018 EUR 74.930
Deutsche Bank AG 6.200 10/24/2018 EUR 69.100
Commerzbank AG 16.000 7/27/2018 EUR 70.060
Commerzbank AG 13.750 9/28/2018 EUR 72.400
Commerzbank AG 5.250 11/23/2018 EUR 69.890
Deutsche Bank AG 5.500 12/27/2018 EUR 70.700
Deutsche Bank AG 6.200 8/22/2018 EUR 62.100
Deutsche Bank AG 6.200 10/24/2018 EUR 61.200
Vontobel Financial Product 14.000 6/22/2018 EUR 56.360
Vontobel Financial Product 11.000 6/22/2018 EUR 63.300
Commerzbank AG 8.750 7/27/2018 EUR 68.630
Commerzbank AG 10.750 7/27/2018 EUR 63.050
Commerzbank AG 11.750 7/27/2018 EUR 61.460
Commerzbank AG 3.750 7/27/2018 EUR 60.570
Commerzbank AG 5.750 7/27/2018 EUR 50.920
Vontobel Financial Product 10.500 7/27/2018 EUR 60.130
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 62.570
Goldman Sachs & Co Wertpap 21.000 7/25/2018 EUR 65.290
Goldman Sachs & Co Wertpap 16.000 12/28/2018 EUR 71.500
Goldman Sachs & Co Wertpap 19.000 7/25/2018 EUR 70.060
Goldman Sachs & Co Wertpap 25.000 7/25/2018 EUR 64.730
Goldman Sachs & Co Wertpap 18.000 8/22/2018 EUR 71.250
Goldman Sachs & Co Wertpap 24.000 8/22/2018 EUR 66.430
Goldman Sachs & Co Wertpap 20.000 7/25/2018 EUR 70.710
Goldman Sachs & Co Wertpap 19.000 8/22/2018 EUR 72.210
Leonteq Securities AG/Guer 11.000 11/26/2018 EUR 60.890
Vontobel Financial Product 12.700 9/14/2018 EUR 60.160
DZ Bank AG Deutsche Zentra 5.600 6/22/2018 EUR 65.960
Commerzbank AG 11.250 10/26/2018 EUR 70.340
Bank Julius Baer & Co Ltd/ 7.000 8/3/2018 CHF 50.350
Deutsche Bank AG 4.200 9/25/2018 EUR 56.800
Deutsche Bank AG 4.200 9/25/2018 EUR 53.700
Vontobel Financial Product 12.950 9/21/2018 EUR 68.940
DZ Bank AG Deutsche Zentra 7.500 6/22/2018 EUR 71.140
DZ Bank AG Deutsche Zentra 6.700 6/22/2018 EUR 62.910
Vontobel Financial Product 12.000 12/14/2018 EUR 70.450
DZ Bank AG Deutsche Zentra 4.600 6/22/2018 EUR 65.330
Vontobel Financial Product 9.500 1/2/2019 EUR 62.140
Bank Julius Baer & Co Ltd/ 10.200 2/19/2019 USD 66.350
Commerzbank AG 10.000 11/23/2018 EUR 71.950
Vontobel Financial Product 8.500 6/22/2018 EUR 73.050
UniCredit Bank AG 12.600 6/22/2018 EUR 70.820
UniCredit Bank AG 13.700 6/22/2018 EUR 69.190
UniCredit Bank AG 14.900 6/22/2018 EUR 70.910
UniCredit Bank AG 14.100 6/22/2018 EUR 72.250
UniCredit Bank AG 4.900 6/22/2018 EUR 70.720
UniCredit Bank AG 11.000 6/22/2018 EUR 58.900
UniCredit Bank AG 14.400 6/22/2018 EUR 68.880
UniCredit Bank AG 14.500 6/22/2018 EUR 54.250
UniCredit Bank AG 4.800 6/22/2018 EUR 56.950
UniCredit Bank AG 12.200 6/22/2018 EUR 41.700
UniCredit Bank AG 7.600 6/22/2018 EUR 67.700
UniCredit Bank AG 5.600 6/22/2018 EUR 62.540
UniCredit Bank AG 13.000 6/22/2018 EUR 70.380
UniCredit Bank AG 11.800 6/22/2018 EUR 71.850
UniCredit Bank AG 14.900 6/22/2018 EUR 69.360
UniCredit Bank AG 9.900 6/22/2018 EUR 52.600
Vontobel Financial Product 9.500 6/22/2018 EUR 73.830
HSBC Trinkaus & Burkhardt 12.300 9/28/2018 EUR 37.270
HSBC Trinkaus & Burkhardt 11.100 9/28/2018 EUR 38.700
UBS AG/London 17.000 6/28/2018 EUR 53.700
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 71.860
Vontobel Financial Product 9.250 9/14/2018 EUR 74.520
HSBC Trinkaus & Burkhardt 9.600 9/28/2018 EUR 60.040
DZ Bank AG Deutsche Zentra 10.750 6/22/2018 EUR 64.700
First Mortgage Co Universa 6.500 12/12/2019 USD 25.044
Deutsche Bank AG 6.200 9/25/2018 EUR 60.800
Deutsche Bank AG 6.200 9/25/2018 EUR 57.300
Deutsche Bank AG 4.200 12/27/2018 EUR 61.300
Vontobel Financial Product 14.700 9/14/2018 EUR 74.380
Landesbank Baden-Wuerttemb 6.000 1/24/2020 EUR 70.890
HSBC Trinkaus & Burkhardt 7.600 6/22/2018 EUR 48.210
Deutsche Bank AG 4.200 12/27/2018 EUR 54.700
Deutsche Bank AG 6.200 9/25/2018 EUR 54.200
Leonteq Securities AG/Guer 10.000 1/3/2020 CHF 71.920
Vontobel Financial Product 13.600 12/14/2018 EUR 60.380
DZ Bank AG Deutsche Zentra 7.700 6/22/2018 EUR 60.000
DZ Bank AG Deutsche Zentra 4.800 6/22/2018 EUR 71.900
HSBC Trinkaus & Burkhardt 6.200 12/28/2018 EUR 68.460
HSBC Trinkaus & Burkhardt 6.400 8/24/2018 EUR 66.520
HSBC Trinkaus & Burkhardt 5.800 9/28/2018 EUR 49.620
HSBC Trinkaus & Burkhardt 9.000 8/24/2018 EUR 42.540
HSBC Trinkaus & Burkhardt 8.800 9/28/2018 EUR 70.540
UBS AG/London 11.300 6/28/2018 EUR 60.240
HSBC Trinkaus & Burkhardt 2.800 6/22/2018 EUR 71.800
HSBC Trinkaus & Burkhardt 7.000 12/28/2018 EUR 66.730
Deutsche Bank AG 4.200 9/25/2018 EUR 62.800
Deutsche Bank AG 4.200 12/27/2018 EUR 60.700
Vontobel Financial Product 4.350 9/14/2018 EUR 61.280
HSBC Trinkaus & Burkhardt 6.400 9/28/2018 EUR 63.940
Vontobel Financial Product 13.300 9/14/2018 EUR 68.810
HSBC Trinkaus & Burkhardt 5.300 12/28/2018 EUR 72.660
HSBC Trinkaus & Burkhardt 9.500 6/22/2018 EUR 60.720
EFG International Finance 10.000 8/16/2018 EUR 68.120
Landesbank Baden-Wuerttemb 7.000 6/22/2018 EUR 60.150
EFG International Finance 8.000 5/26/2020 USD 60.510
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 64.890
Deutsche Bank AG 6.200 12/27/2018 EUR 58.800
Deutsche Bank AG 6.200 12/27/2018 EUR 62.300
Vontobel Financial Product 10.700 9/14/2018 EUR 67.110
DZ Bank AG Deutsche Zentra 8.600 6/22/2018 EUR 58.070
Vontobel Financial Product 10.750 12/14/2018 EUR 69.860
UniCredit Bank AG 13.300 6/22/2018 EUR 73.650
UniCredit Bank AG 6.000 6/22/2018 EUR 73.460
UniCredit Bank AG 8.200 6/22/2018 EUR 66.040
UniCredit Bank AG 13.400 6/22/2018 EUR 74.670
UniCredit Bank AG 14.300 6/22/2018 EUR 54.990
UniCredit Bank AG 9.900 6/22/2018 EUR 61.880
UniCredit Bank AG 7.400 6/22/2018 EUR 68.340
DZ Bank AG Deutsche Zentra 4.500 6/22/2018 EUR 74.600
UniCredit Bank AG 14.600 6/22/2018 EUR 74.970
UniCredit Bank AG 9.600 6/22/2018 EUR 75.000
UBS AG/London 6.300 3/28/2019 EUR 72.150
HSBC Trinkaus & Burkhardt 10.850 6/22/2018 EUR 57.370
HSBC Trinkaus & Burkhardt 4.200 12/28/2018 EUR 73.420
HSBC Trinkaus & Burkhardt 7.800 9/28/2018 EUR 75.030
Commerzbank AG 19.250 1/25/2019 EUR 71.490
DZ Bank AG Deutsche Zentra 9.500 9/26/2018 EUR 65.530
DZ Bank AG Deutsche Zentra 8.750 12/28/2018 EUR 69.850
UniCredit Bank AG 8.500 1/4/2019 EUR 72.630
UniCredit Bank AG 11.100 1/4/2019 EUR 74.530
UniCredit Bank AG 10.500 1/3/2020 EUR 71.450
UniCredit Bank AG 10.700 3/22/2019 EUR 69.170
UniCredit Bank AG 9.700 3/22/2019 EUR 75.690
UniCredit Bank AG 13.400 9/28/2018 EUR 72.210
UniCredit Bank AG 9.500 9/28/2018 EUR 70.890
UniCredit Bank AG 7.400 6/28/2019 EUR 73.140
UniCredit Bank AG 11.300 6/28/2019 EUR 69.920
BNP Paribas Emissions- und 18.000 12/31/2018 EUR 71.150
BNP Paribas Emissions- und 22.000 12/31/2018 EUR 68.410
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 70.710
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 70.910
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 69.840
BNP Paribas Emissions- und 23.000 9/27/2018 EUR 75.470
BNP Paribas Emissions- und 24.000 9/27/2018 EUR 68.670
BNP Paribas Emissions- und 28.000 9/27/2018 EUR 64.700
BNP Paribas Emissions- und 17.000 12/31/2018 EUR 72.050
Citigroup Global Markets F 13.600 1/25/2023 SEK 71.880
Commerzbank AG 15.750 2/22/2019 EUR 70.810
Commerzbank AG 17.750 2/22/2019 EUR 69.040
SG Issuer SA 11.350 3/26/2019 EUR 66.090
Commerzbank AG 11.000 2/22/2019 EUR 72.660
Vontobel Financial Product 4.500 3/22/2019 EUR 49.820
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 70.600
Vontobel Financial Product 10.000 3/22/2019 EUR 72.690
Vontobel Financial Product 11.000 1/2/2019 EUR 71.250
Vontobel Financial Product 13.000 1/2/2019 EUR 69.930
Vontobel Financial Product 15.050 1/2/2019 EUR 68.770
Vontobel Financial Product 13.000 3/22/2019 EUR 70.460
Vontobel Financial Product 11.550 6/28/2019 EUR 71.570
DZ Bank AG Deutsche Zentra 10.750 3/20/2019 EUR 70.530
DZ Bank AG Deutsche Zentra 7.750 9/26/2018 EUR 72.930
DZ Bank AG Deutsche Zentra 9.250 9/26/2018 EUR 69.640
HSBC Trinkaus & Burkhardt 9.300 6/22/2018 EUR 70.440
Vontobel Financial Product 8.000 6/22/2018 EUR 71.510
Vontobel Financial Product 9.000 6/22/2018 EUR 66.900
Vontobel Financial Product 10.500 6/22/2018 EUR 62.990
Vontobel Financial Product 12.000 6/22/2018 EUR 59.470
Raiffeisen Centrobank AG 11.137 12/25/2018 EUR 22.410
Raiffeisen Centrobank AG 6.216 12/25/2018 EUR 69.260
Raiffeisen Centrobank AG 7.252 12/25/2018 EUR 15.120
Raiffeisen Centrobank AG 8.029 12/25/2018 EUR 69.520
Raiffeisen Centrobank AG 2.321 12/28/2018 EUR 60.550
Raiffeisen Centrobank AG 4.126 12/28/2018 EUR 8.770
Raiffeisen Centrobank AG 9.324 12/25/2018 EUR 19.010
Raiffeisen Centrobank AG 3.868 12/28/2018 EUR 59.940
HSBC Trinkaus & Burkhardt 4.020 7/27/2018 EUR 69.930
HSBC Trinkaus & Burkhardt 5.000 8/24/2018 EUR 71.980
Landesbank Hessen-Thuering 4.350 2/24/2023 EUR 63.010
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 63.090
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 61.060
BNP Paribas Emissions- und 4.500 12/31/2018 EUR 71.580
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 69.890
Vontobel Financial Product 8.000 12/7/2018 EUR 69.700
HSBC Trinkaus & Burkhardt 9.100 6/22/2018 EUR 68.240
DekaBank Deutsche Girozent 3.000 11/30/2018 EUR 74.440
Landesbank Baden-Wuerttemb 9.000 7/27/2018 EUR 67.030
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 73.380
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 72.960
Landesbank Baden-Wuerttemb 5.000 7/27/2018 EUR 70.410
Vontobel Financial Product 14.500 6/22/2018 EUR 72.970
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 70.370
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 62.240
Vontobel Financial Product 10.500 6/22/2018 EUR 73.070
BNP Paribas Emissions- und 4.000 12/31/2018 EUR 60.930
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 61.960
EFG International Finance 8.500 2/27/2019 USD 50.210
Bank Julius Baer & Co Ltd/ 9.400 10/11/2018 USD 54.500
EFG International Finance 7.200 10/26/2020 USD 72.850
EFG International Finance 11.000 10/25/2018 CHF 40.960
Raiffeisen Centrobank AG 8.571 12/27/2019 EUR 20.570
Raiffeisen Centrobank AG 6.429 12/27/2019 EUR 16.020
UBS AG/London 12.500 10/11/2018 CHF 57.900
UBS AG/London 7.000 10/12/2018 USD 53.300
Raiffeisen Switzerland BV 11.400 4/12/2019 CHF 66.880
Leonteq Securities AG/Guer 12.000 1/23/2019 CHF 70.860
HSBC Trinkaus & Burkhardt 4.300 12/28/2018 EUR 44.830
HSBC Trinkaus & Burkhardt 3.100 12/28/2018 EUR 51.810
HSBC Trinkaus & Burkhardt 6.200 6/28/2019 EUR 43.140
HSBC Trinkaus & Burkhardt 4.400 6/28/2019 EUR 49.290
HSBC Trinkaus & Burkhardt 3.700 6/28/2019 EUR 55.090
HSBC Trinkaus & Burkhardt 9.300 6/22/2018 EUR 71.310
HSBC Trinkaus & Burkhardt 6.900 6/22/2018 EUR 71.310
HSBC Trinkaus & Burkhardt 9.200 9/28/2018 EUR 38.940
Raiffeisen Schweiz Genosse 10.000 10/23/2018 CHF 73.060
Credit Suisse AG/London 8.000 10/22/2018 USD 57.240
Bank Julius Baer & Co Ltd/ 9.250 10/12/2018 USD 54.900
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 45.390
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 38.290
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 37.140
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 44.010
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.890
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 64.910
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 63.390
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 70.160
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 63.250
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 72.150
BNP Paribas Emissions- und 4.500 9/27/2018 EUR 73.100
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 68.710
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 67.050
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 71.810
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 66.470
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 62.320
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 58.860
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 73.170
BNP Paribas Emissions- und 14.000 12/31/2018 EUR 62.040
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 73.360
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 72.110
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 68.420
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 67.440
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 73.400
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 73.410
Commerzbank AG 3.000 7/27/2018 EUR 54.220
Commerzbank AG 17.750 7/27/2018 EUR 73.780
Commerzbank AG 16.750 8/24/2018 EUR 74.640
Zurcher Kantonalbank Finan 5.250 10/24/2018 CHF 60.490
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 60.850
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 60.830
DZ Bank AG Deutsche Zentra 6.500 9/28/2018 EUR 63.370
DZ Bank AG Deutsche Zentra 6.750 1/2/2019 EUR 69.230
DZ Bank AG Deutsche Zentra 7.300 10/24/2018 EUR 72.970
DZ Bank AG Deutsche Zentra 10.500 1/2/2019 EUR 72.490
DZ Bank AG Deutsche Zentra 5.500 10/26/2018 EUR 3.870
Credit Suisse AG/Nassau 8.000 10/25/2018 USD 66.260
UniCredit Bank AG 13.000 1/4/2019 EUR 73.960
UniCredit Bank AG 14.000 1/4/2019 EUR 73.170
UniCredit Bank AG 14.500 9/28/2018 EUR 62.910
UniCredit Bank AG 14.900 1/4/2019 EUR 65.490
UniCredit Bank AG 10.300 9/28/2018 EUR 69.450
UniCredit Bank AG 12.600 9/28/2018 EUR 66.560
UniCredit Bank AG 14.900 6/22/2018 EUR 74.240
UniCredit Bank AG 13.300 1/4/2019 EUR 72.280
UniCredit Bank AG 14.900 1/4/2019 EUR 72.350
UniCredit Bank AG 13.200 9/28/2018 EUR 71.950
UniCredit Bank AG 10.600 1/3/2020 EUR 72.230
UniCredit Bank AG 14.500 6/28/2019 EUR 65.860
UniCredit Bank AG 10.400 6/28/2019 EUR 71.500
UniCredit Bank AG 11.000 1/3/2020 EUR 75.340
UniCredit Bank AG 12.400 1/3/2020 EUR 74.580
UniCredit Bank AG 11.800 1/3/2020 EUR 67.540
UniCredit Bank AG 5.000 1/3/2020 EUR 10.550
UniCredit Bank AG 8.900 6/28/2019 EUR 74.850
UniCredit Bank AG 13.700 1/3/2020 EUR 68.670
UniCredit Bank AG 12.200 1/3/2020 EUR 71.900
UniCredit Bank AG 11.600 1/3/2020 EUR 48.070
UniCredit Bank AG 5.800 1/3/2020 EUR 51.760
UniCredit Bank AG 9.600 1/3/2020 EUR 72.240
UniCredit Bank AG 4.300 1/3/2020 EUR 55.010
UniCredit Bank AG 10.800 6/28/2019 EUR 73.010
UniCredit Bank AG 8.900 6/28/2019 EUR 72.230
UniCredit Bank AG 13.300 6/28/2019 EUR 70.160
UniCredit Bank AG 14.200 6/28/2019 EUR 63.480
UniCredit Bank AG 9.900 1/3/2020 EUR 48.250
UniCredit Bank AG 11.600 1/3/2020 EUR 70.560
UniCredit Bank AG 3.100 1/3/2020 EUR 59.960
UniCredit Bank AG 10.200 1/3/2020 EUR 69.430
UniCredit Bank AG 3.400 6/28/2019 EUR 59.770
UniCredit Bank AG 6.300 6/28/2019 EUR 49.670
UniCredit Bank AG 11.300 6/28/2019 EUR 44.620
UniCredit Bank AG 9.200 6/28/2019 EUR 45.930
UniCredit Bank AG 8.700 6/28/2019 EUR 75.060
UniCredit Bank AG 13.100 6/28/2019 EUR 71.760
UniCredit Bank AG 15.000 6/28/2019 EUR 70.560
UniCredit Bank AG 11.900 6/28/2019 EUR 65.560
UniCredit Bank AG 8.700 6/28/2019 EUR 70.530
UniCredit Bank AG 13.200 6/28/2019 EUR 15.390
Landesbank Baden-Wuerttemb 7.000 10/26/2018 EUR 72.430
Vontobel Financial Product 9.000 9/28/2018 EUR 38.860
Vontobel Financial Product 11.000 9/28/2018 EUR 37.540
Vontobel Financial Product 14.550 1/2/2019 EUR 72.390
Vontobel Financial Product 10.000 1/2/2019 EUR 70.290
Vontobel Financial Product 12.500 1/2/2019 EUR 67.440
Vontobel Financial Product 2.500 1/2/2019 EUR 50.750
Vontobel Financial Product 3.000 1/2/2019 EUR 47.940
Vontobel Financial Product 4.000 1/2/2019 EUR 45.440
Vontobel Financial Product 6.000 1/2/2019 EUR 42.770
Vontobel Financial Product 8.000 1/2/2019 EUR 40.680
Vontobel Financial Product 9.550 1/2/2019 EUR 39.650
Bank Julius Baer & Co Ltd/ 5.950 1/24/2019 CHF 71.450
Leonteq Securities AG/Guer 10.000 1/30/2019 CHF 58.920
Raiffeisen Schweiz Genosse 10.250 10/30/2018 CHF 57.080
Vontobel Financial Product 14.000 9/28/2018 EUR 71.090
Vontobel Financial Product 10.550 10/26/2018 EUR 70.090
Vontobel Financial Product 8.000 10/26/2018 EUR 70.290
Zurcher Kantonalbank Finan 8.000 10/31/2019 CHF 60.640
Bank Julius Baer & Co Ltd/ 10.000 10/24/2018 USD 57.900
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 62.820
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 59.360
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 65.680
Zurcher Kantonalbank Finan 4.500 11/2/2018 CHF 55.040
Credit Suisse AG/London 5.150 12/7/2018 EUR 73.520
Commerzbank AG 1.000 11/2/2020 USD #N/A N/A
UBS AG/London 7.300 6/22/2018 EUR 70.910
Leonteq Securities AG 9.000 3/27/2020 USD 56.900
HSBC Trinkaus & Burkhardt 8.000 6/22/2018 EUR 67.640
HSBC Trinkaus & Burkhardt 4.800 9/28/2018 EUR 72.570
HSBC Trinkaus & Burkhardt 8.000 6/22/2018 EUR 37.650
HSBC Trinkaus & Burkhardt 5.700 6/22/2018 EUR 42.850
HSBC Trinkaus & Burkhardt 12.000 6/22/2018 EUR 62.240
HSBC Trinkaus & Burkhardt 8.300 9/28/2018 EUR 70.650
HSBC Trinkaus & Burkhardt 7.700 6/22/2018 EUR 64.290
HSBC Trinkaus & Burkhardt 5.800 6/22/2018 EUR 67.860
HSBC Trinkaus & Burkhardt 5.200 6/22/2018 EUR 67.520
HSBC Trinkaus & Burkhardt 3.000 6/22/2018 EUR 74.220
HSBC Trinkaus & Burkhardt 11.700 6/22/2018 EUR 32.220
HSBC Trinkaus & Burkhardt 10.500 6/22/2018 EUR 33.600
Koncessii Teplosnabzheniya 9.250 4/6/2032 RUB 63.000
Vontobel Financial Product 11.500 6/22/2018 EUR 73.080
UniCredit Bank AG 5.200 5/4/2020 USD 54.020
Commerzbank AG 12.500 3/22/2019 EUR 69.640
Commerzbank AG 14.500 3/22/2019 EUR 67.530
Leonteq Securities AG/Guer 18.000 4/9/2019 USD 60.610
HSBC Trinkaus & Burkhardt 9.200 1/25/2019 EUR 70.280
Credit Suisse AG/London 11.900 3/31/2020 USD 10.130
Goldman Sachs & Co Wertpap 12.000 12/28/2018 EUR 72.990
Landesbank Hessen-Thuering 4.000 2/17/2021 EUR 67.340
DekaBank Deutsche Girozent 3.100 1/10/2020 EUR 65.530
Commerzbank AG 13.750 10/26/2018 EUR 67.380
Vontobel Financial Product 9.050 3/8/2019 EUR 71.040
Vontobel Financial Product 10.200 3/8/2019 EUR 59.480
EFG International Finance 7.400 9/13/2019 USD 60.910
Raiffeisen Schweiz Genosse 7.780 8/31/2018 USD 54.340
HSBC Trinkaus & Burkhardt 3.400 6/22/2018 EUR 57.060
HSBC Trinkaus & Burkhardt 8.700 12/28/2018 EUR 44.280
HSBC Trinkaus & Burkhardt 7.600 10/26/2018 EUR 44.850
Bank Julius Baer & Co Ltd/ 11.500 10/10/2018 USD 54.400
HSBC Trinkaus & Burkhardt 6.300 3/22/2019 EUR 65.390
HSBC Trinkaus & Burkhardt 2.400 6/28/2019 EUR 73.270
UBS AG/London 5.600 3/21/2019 EUR 71.610
UBS AG/London 5.900 1/3/2019 EUR 70.850
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 35.420
Leonteq Securities AG/Guer 10.200 10/24/2018 USD 52.660
Deutsche Bank AG 6.200 9/25/2018 EUR 74.100
UBS AG/London 6.300 9/26/2019 EUR 73.900
Commerzbank AG 14.000 6/22/2018 EUR 38.450
Deutsche Bank AG 4.200 9/25/2018 EUR 71.100
Deutsche Bank AG 3.200 9/25/2018 EUR 66.100
Deutsche Bank AG 3.200 12/27/2018 EUR 71.400
BNP Paribas Emissions- und 3.500 9/27/2018 EUR 73.760
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 34.390
Deutsche Bank AG 4.200 12/27/2018 EUR 67.300
UBS AG/London 7.800 3/28/2019 EUR 69.110
Goldman Sachs & Co Wertpap 19.000 7/25/2018 EUR 70.750
Vontobel Financial Product 14.550 6/22/2018 EUR 72.880
Deutsche Bank AG 3.200 12/27/2018 EUR 64.600
UBS AG/London 12.900 1/3/2019 EUR 66.230
UBS AG/London 5.900 3/28/2019 EUR 71.830
Deutsche Bank AG 4.200 9/25/2018 EUR 64.200
Commerzbank AG 5.000 12/21/2018 EUR 67.190
HSBC Trinkaus & Burkhardt 5.800 9/28/2018 EUR 48.020
BNP Paribas Emissions- und 7.400 7/26/2018 EUR 58.640
UBS AG/London 6.400 6/27/2019 EUR 72.780
UBS AG/London 9.200 1/3/2019 EUR 68.490
Zurcher Kantonalbank Finan 7.500 7/6/2018 CHF 54.640
Commerzbank AG 11.250 11/23/2018 EUR 70.500
HSBC Trinkaus & Burkhardt 3.000 6/22/2018 EUR 66.500
HSBC Trinkaus & Burkhardt 12.200 9/28/2018 EUR 38.090
HSBC Trinkaus & Burkhardt 7.400 12/28/2018 EUR 71.280
HSBC Trinkaus & Burkhardt 5.600 9/28/2018 EUR 67.180
DekaBank Deutsche Girozent 3.000 6/27/2018 EUR 32.760
Raiffeisen Centrobank AG 7.930 12/27/2019 EUR 73.250
Goldman Sachs & Co Wertpap 17.000 9/26/2018 EUR 71.220
Deutsche Bank AG 4.200 12/27/2018 EUR 65.100
Deutsche Bank AG 4.200 12/27/2018 EUR 71.900
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 67.400
UBS AG/London 8.000 6/22/2018 EUR 64.210
Landesbank Baden-Wuerttemb 4.000 1/4/2019 EUR 74.500
Landesbank Baden-Wuerttemb 5.000 1/4/2019 EUR 71.260
UniCredit Bank AG 6.900 1/4/2019 EUR 74.000
Landesbank Baden-Wuerttemb 3.000 2/22/2019 EUR 73.220
Landesbank Baden-Wuerttemb 4.000 2/22/2019 EUR 69.990
Deutsche Bank AG 5.200 7/25/2018 EUR 68.100
Vontobel Financial Product 10.000 3/27/2019 EUR 71.010
Deutsche Bank AG 5.200 7/25/2018 EUR 73.900
Deutsche Bank AG 5.200 7/25/2018 EUR 67.600
UBS AG/London 7.700 6/22/2018 EUR 67.700
UniCredit Bank AG 8.400 1/4/2019 EUR 67.610
UniCredit Bank AG 7.700 1/4/2019 EUR 69.370
Vontobel Financial Product 6.000 9/28/2018 EUR 56.230
UBS AG/London 8.300 6/22/2018 EUR 32.270
HSBC Trinkaus & Burkhardt 5.000 6/22/2018 EUR 60.340
Bank J Safra Sarasin AG/Gu 12.100 7/6/2018 CHF 52.010
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 64.110
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 74.040
Raiffeisen Schweiz Genosse 8.800 7/3/2018 CHF 60.900
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 59.300
DZ Bank AG Deutsche Zentra 5.600 6/22/2018 EUR 68.410
HSBC Trinkaus & Burkhardt 6.500 12/28/2018 EUR 73.710
Raiffeisen Schweiz Genosse 10.000 10/3/2018 CHF 68.540
Vontobel Financial Product 5.500 6/22/2018 EUR 72.730
UBS AG/London 6.900 6/22/2018 EUR 59.040
UBS AG/London 10.100 6/22/2018 EUR 64.140
Vontobel Financial Product 8.000 6/22/2018 EUR 71.330
Vontobel Financial Product 9.500 6/22/2018 EUR 67.230
Vontobel Financial Product 12.500 6/22/2018 EUR 59.460
UniCredit Bank AG 10.800 6/22/2018 EUR 63.240
Vontobel Financial Product 8.000 8/24/2018 EUR 62.410
Vontobel Financial Product 6.500 9/28/2018 EUR 69.260
Vontobel Financial Product 10.500 6/22/2018 EUR 61.650
Vontobel Financial Product 5.500 7/27/2018 EUR 73.420
UniCredit Bank AG 7.300 1/4/2019 EUR 70.500
Vontobel Financial Product 9.550 1/2/2019 EUR 64.020
UniCredit Bank AG 8.400 1/4/2019 EUR 47.920
UniCredit Bank AG 10.500 1/4/2019 EUR 68.950
UniCredit Bank AG 11.800 1/4/2019 EUR 66.590
Goldman Sachs & Co Wertpap 10.000 3/20/2019 EUR 63.130
UniCredit Bank AG 9.400 6/22/2018 EUR 66.080
Landesbank Hessen-Thuering 3.300 7/13/2018 EUR 67.700
UniCredit Bank AG 8.100 6/22/2018 EUR 69.200
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 69.520
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 65.280
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 70.720
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 71.990
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 70.600
Vontobel Financial Product 6.000 9/28/2018 EUR 71.630
Vontobel Financial Product 7.500 9/28/2018 EUR 67.190
Vontobel Financial Product 7.000 7/27/2018 EUR 68.340
Vontobel Financial Product 9.000 7/27/2018 EUR 63.990
UniCredit Bank AG 6.800 1/4/2019 EUR 71.060
UniCredit Bank AG 10.100 1/4/2019 EUR 69.250
DZ Bank AG Deutsche Zentra 7.750 7/27/2018 EUR 42.390
Goldman Sachs & Co Wertpap 16.000 9/26/2018 EUR 70.910
Vontobel Financial Product 5.500 6/22/2018 EUR 73.470
UniCredit Bank AG 12.200 1/4/2019 EUR 60.720
UniCredit Bank AG 11.400 1/4/2019 EUR 61.860
UniCredit Bank AG 12.200 1/4/2019 EUR 65.550
DZ Bank AG Deutsche Zentra 8.250 9/28/2018 EUR 56.740
Vontobel Financial Product 14.500 6/22/2018 EUR 66.700
Vontobel Financial Product 10.500 9/28/2018 EUR 61.800
Vontobel Financial Product 11.500 7/27/2018 EUR 60.250
Vontobel Financial Product 6.500 6/22/2018 EUR 70.750
UniCredit Bank AG 9.000 1/4/2019 EUR 66.020
Goldman Sachs & Co Wertpap 6.000 12/28/2018 EUR 73.200
Goldman Sachs & Co Wertpap 7.000 3/20/2019 EUR 71.160
Bank Julius Baer & Co Ltd/ 9.400 7/27/2018 EUR 69.900
Landesbank Baden-Wuerttemb 7.000 6/28/2019 EUR 73.250
UniCredit Bank AG 8.200 1/4/2019 EUR 73.810
Vontobel Financial Product 8.500 9/28/2018 EUR 65.260
Vontobel Financial Product 11.500 9/28/2018 EUR 60.280
Vontobel Financial Product 12.500 9/28/2018 EUR 58.870
Vontobel Financial Product 9.500 6/22/2018 EUR 63.700
Vontobel Financial Product 13.500 6/22/2018 EUR 57.940
UniCredit Bank AG 8.600 1/4/2019 EUR 68.310
Vontobel Financial Product 8.000 1/2/2019 EUR 67.120
UniCredit Bank AG 6.000 1/4/2019 EUR 52.680
UniCredit Bank AG 8.400 1/4/2019 EUR 71.110
DZ Bank AG Deutsche Zentra 5.250 9/28/2018 EUR 68.320
UniCredit Bank AG 9.200 1/4/2019 EUR 71.420
UniCredit Bank AG 12.400 6/22/2018 EUR 60.640
UniCredit Bank AG 14.000 6/22/2018 EUR 58.250
Landesbank Baden-Wuerttemb 2.000 6/28/2019 EUR 72.840
Landesbank Baden-Wuerttemb 4.000 6/28/2019 EUR 66.250
UBS AG/London 9.400 6/22/2018 EUR 53.300
DZ Bank AG Deutsche Zentra 8.250 9/28/2018 EUR 54.900
Zurcher Kantonalbank Finan 3.000 7/22/2019 CHF 54.920
Deutsche Bank AG 7.200 12/27/2018 EUR 65.300
Deutsche Bank AG 5.200 9/25/2018 EUR 64.400
Deutsche Bank AG 5.200 7/25/2018 EUR 73.900
DZ Bank AG Deutsche Zentra 8.500 6/22/2018 EUR 61.830
Commerzbank AG 17.250 8/24/2018 EUR 70.930
Deutsche Bank AG 5.200 9/25/2018 EUR 67.700
Deutsche Bank AG 5.200 12/27/2018 EUR 68.500
Commerzbank AG 14.250 8/24/2018 EUR 69.020
Commerzbank AG 10.750 9/28/2018 EUR 72.290
Commerzbank AG 13.000 11/23/2018 EUR 70.630
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 54.820
Commerzbank AG 16.250 8/24/2018 EUR 67.740
Commerzbank AG 14.750 9/28/2018 EUR 68.990
Vontobel Financial Product 9.000 6/22/2018 EUR 67.470
Vontobel Financial Product 3.000 1/2/2019 EUR 56.690
Vontobel Financial Product 4.000 6/22/2018 EUR 55.010
Vontobel Financial Product 9.500 6/22/2018 EUR 44.040
Vontobel Financial Product 14.500 6/22/2018 EUR 38.520
Zurcher Kantonalbank Finan 6.000 1/17/2019 USD 54.290
DZ Bank AG Deutsche Zentra 6.100 9/24/2018 EUR 61.590
Vontobel Financial Product 7.500 9/28/2018 EUR 68.380
Vontobel Financial Product 7.000 6/22/2018 EUR 70.520
DZ Bank AG Deutsche Zentra 5.750 6/22/2018 EUR 70.540
DZ Bank AG Deutsche Zentra 8.500 6/22/2018 EUR 70.700
DZ Bank AG Deutsche Zentra 9.500 6/22/2018 EUR 41.360
DZ Bank AG Deutsche Zentra 6.250 9/24/2018 EUR 71.850
Vontobel Financial Product 10.500 9/28/2018 EUR 63.600
Zurcher Kantonalbank Finan 6.750 8/20/2018 USD 45.350
Leonteq Securities AG/Guer 7.000 6/19/2019 USD 52.170
Commerzbank AG 14.750 8/24/2018 EUR 69.910
Vontobel Financial Product 7.000 7/27/2018 EUR 59.680
Vontobel Financial Product 5.500 9/28/2018 EUR 47.700
Vontobel Financial Product 8.500 1/2/2019 EUR 44.070
Vontobel Financial Product 6.500 6/22/2018 EUR 48.140
Vontobel Financial Product 12.500 6/22/2018 EUR 40.530
Vontobel Financial Product 11.000 2/22/2019 EUR 74.020
DZ Bank AG Deutsche Zentra 10.250 6/22/2018 EUR 55.100
Commerzbank AG 12.750 9/28/2018 EUR 70.470
Commerzbank AG 11.750 10/26/2018 EUR 71.520
Commerzbank AG 11.000 11/23/2018 EUR 72.370
Commerzbank AG 12.250 8/24/2018 EUR 70.790
Commerzbank AG 13.750 10/26/2018 EUR 69.910
Vontobel Financial Product 9.000 6/22/2018 EUR 61.970
Vontobel Financial Product 13.500 6/22/2018 EUR 59.200
DZ Bank AG Deutsche Zentra 8.750 6/22/2018 EUR 62.780
Vontobel Financial Product 5.500 1/2/2019 EUR 49.040
Vontobel Financial Product 15.500 1/2/2019 EUR 38.860
Vontobel Financial Product 2.500 6/22/2018 EUR 61.600
DZ Bank AG Deutsche Zentra 8.500 9/28/2018 EUR 58.750
DZ Bank AG Deutsche Zentra 11.000 6/22/2018 EUR 63.730
Vontobel Financial Product 11.000 7/27/2018 EUR 58.130
Vontobel Financial Product 5.000 6/22/2018 EUR 51.340
Vontobel Financial Product 2.550 9/28/2018 EUR 56.000
DZ Bank AG Deutsche Zentra 6.750 7/27/2018 EUR 71.420
Vontobel Financial Product 9.000 9/28/2018 EUR 42.000
DZ Bank AG Deutsche Zentra 11.750 6/22/2018 EUR 73.530
DZ Bank AG Deutsche Zentra 11.000 7/27/2018 EUR 64.690
Commerzbank AG 7.500 6/22/2018 EUR 63.310
EFG International Finance 7.400 6/28/2019 USD 52.720
DZ Bank AG Deutsche Zentra 5.900 9/24/2018 EUR 68.980
Bank J Safra Sarasin AG/Gu 11.000 7/10/2018 CHF 72.010
UniCredit Bank AG 7.100 1/4/2019 EUR 50.050
HSBC Trinkaus & Burkhardt 13.100 12/28/2018 EUR 71.760
UniCredit Bank AG 10.000 1/4/2019 EUR 65.900
Vontobel Financial Product 10.000 6/22/2018 EUR 61.430
UniCredit Bank AG 8.400 1/4/2019 EUR 68.320
UniCredit Bank AG 5.300 1/4/2019 EUR 74.260
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 68.950
Vontobel Financial Product 8.000 8/7/2019 EUR 72.870
Landesbank Baden-Wuerttemb 4.500 1/4/2019 EUR 71.740
UniCredit Bank AG 10.900 1/4/2019 EUR 64.890
BNP Paribas Emissions- und 5.500 9/27/2018 EUR 73.460
UBS AG/London 9.500 7/26/2018 EUR 59.350
UniCredit Bank AG 6.400 1/4/2019 EUR 73.350
UniCredit Bank AG 9.800 1/4/2019 EUR 64.480
UniCredit Bank AG 10.900 1/4/2019 EUR 64.050
UniCredit Bank AG 12.100 1/4/2019 EUR 73.720
UniCredit Bank AG 10.000 1/4/2019 EUR 63.280
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 65.740
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 61.860
Raiffeisen Centrobank AG 5.470 6/25/2019 EUR 71.010
HSBC Trinkaus & Burkhardt 16.800 9/28/2018 EUR 67.470
UniCredit Bank AG 10.800 1/4/2019 EUR 75.260
UniCredit Bank AG 9.200 1/4/2019 EUR 67.060
Vontobel Financial Product 11.000 6/22/2018 EUR 56.400
UniCredit Bank AG 7.200 1/4/2019 EUR 68.300
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 41.710
UniCredit Bank AG 11.200 1/4/2019 EUR 67.340
Raiffeisen Centrobank AG 8.329 6/25/2019 EUR 18.310
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 66.910
UniCredit Bank AG 7.300 1/4/2019 EUR 76.380
Vontobel Financial Product 9.500 9/28/2018 EUR 63.470
Vontobel Financial Product 8.500 6/22/2018 EUR 65.890
Vontobel Financial Product 13.000 1/2/2019 EUR 59.250
Vontobel Financial Product 6.500 1/2/2019 EUR 70.750
UniCredit Bank AG 11.500 1/4/2019 EUR 64.770
UniCredit Bank AG 10.600 1/4/2019 EUR 63.110
UniCredit Bank AG 11.600 1/4/2019 EUR 66.460
UniCredit Bank AG 6.000 1/4/2019 EUR 72.580
UniCredit Bank AG 11.800 1/4/2019 EUR 63.930
DZ Bank AG Deutsche Zentra 5.000 7/27/2018 EUR 64.630
DZ Bank AG Deutsche Zentra 5.250 7/27/2018 EUR 2.010
UniCredit Bank AG 10.000 1/4/2019 EUR 68.630
UniCredit Bank AG 4.900 1/4/2019 EUR 55.750
UniCredit Bank AG 9.800 1/4/2019 EUR 46.150
UniCredit Bank AG 7.500 1/4/2019 EUR 69.590
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 71.940
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 67.250
Raiffeisen Centrobank AG 6.837 6/25/2019 EUR 14.960
Raiffeisen Centrobank AG 8.826 6/25/2019 EUR 18.830
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 71.590
Commerzbank AG 18.250 9/28/2018 EUR 70.230
UniCredit Bank AG 7.000 1/4/2019 EUR 71.260
Landesbank Baden-Wuerttemb 7.500 1/4/2019 EUR 73.990
DZ Bank AG Deutsche Zentra 8.500 7/27/2018 EUR 67.890
UniCredit Bank AG 5.500 1/4/2019 EUR 70.980
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 65.930
Vontobel Financial Product 15.000 6/22/2018 EUR 66.970
Vontobel Financial Product 12.000 6/22/2018 EUR 59.680
Vontobel Financial Product 15.050 6/22/2018 EUR 56.250
Vontobel Financial Product 7.500 6/22/2018 EUR 68.230
Vontobel Financial Product 14.000 7/27/2018 EUR 56.970
UniCredit Bank AG 6.000 1/4/2019 EUR 72.950
UniCredit Bank AG 10.100 1/4/2019 EUR 66.460
Vontobel Financial Product 11.000 1/2/2019 EUR 61.300
DZ Bank AG Deutsche Zentra 6.000 9/28/2018 EUR 71.730
DZ Bank AG Deutsche Zentra 8.750 6/22/2018 EUR 56.040
DZ Bank AG Deutsche Zentra 6.250 9/28/2018 EUR 64.170
UniCredit Bank AG 11.200 1/4/2019 EUR 44.620
Vontobel Financial Product 7.550 6/22/2018 EUR 57.720
DZ Bank AG Deutsche Zentra 5.000 7/27/2018 EUR 1.960
HSBC Trinkaus & Burkhardt 4.500 12/28/2018 EUR 59.910
HSBC Trinkaus & Burkhardt 4.500 12/28/2018 EUR 59.700
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 70.910
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 62.370
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 71.620
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 67.770
UBS AG/London 6.500 7/19/2018 EUR 72.300
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 65.240
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 42.070
Raiffeisen Centrobank AG 10.573 12/28/2018 EUR 68.860
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.790
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 68.750
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 36.500
Raiffeisen Centrobank AG 12.454 12/28/2018 EUR 66.600
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 70.970
HSBC Trinkaus & Burkhardt 7.300 6/22/2018 EUR 64.780
HSBC Trinkaus & Burkhardt 11.000 6/22/2018 EUR 60.770
HSBC Trinkaus & Burkhardt 7.900 12/28/2018 EUR 63.000
Vontobel Financial Product 6.500 1/2/2019 EUR 72.480
Bank Julius Baer & Co Ltd/ 6.450 7/13/2018 USD 59.500
Landesbank Baden-Wuerttemb 4.550 11/23/2018 EUR 63.660
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 69.840
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 65.030
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 68.530
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 69.660
DZ Bank AG Deutsche Zentra 5.200 9/28/2018 EUR 71.980
Vontobel Financial Product 9.500 9/28/2018 EUR 57.130
Vontobel Financial Product 4.500 6/22/2018 EUR 57.700
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 58.630
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 71.210
DZ Bank AG Deutsche Zentra 6.500 9/24/2018 EUR 58.090
HSBC Trinkaus & Burkhardt 6.200 12/28/2018 EUR 69.840
Leonteq Securities AG/Guer 18.000 2/4/2019 CHF 61.870
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 66.020
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 42.560
Landesbank Hessen-Thuering 5.000 2/11/2019 EUR 72.700
UBS AG/London 16.400 6/28/2018 EUR 56.820
Bank Julius Baer & Co Ltd/ 9.100 8/6/2018 USD 47.350
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 71.430
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 70.510
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 39.960
UBS AG/London 4.300 9/27/2018 EUR 70.550
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 68.610
HSBC Trinkaus & Burkhardt 8.900 6/22/2018 EUR 66.200
BNP Paribas Emissions- und 5.000 9/27/2018 EUR 70.190
Commerzbank AG 4.000 7/6/2018 EUR 29.980
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 69.510
BNP Paribas Emissions- und 5.500 9/27/2018 EUR 71.620
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 66.460
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 66.430
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 61.580
HSBC Trinkaus & Burkhardt 8.300 6/22/2018 EUR 60.810
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 61.600
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 70.630
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 66.750
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 69.330
DZ Bank AG Deutsche Zentra 8.750 6/22/2018 EUR 58.070
DZ Bank AG Deutsche Zentra 6.400 9/24/2018 EUR 70.800
Landesbank Baden-Wuerttemb 6.000 7/27/2018 EUR 68.100
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 65.970
DZ Bank AG Deutsche Zentra 7.500 9/24/2018 EUR 71.780
Vontobel Financial Product 10.500 7/27/2018 EUR 57.270
Vontobel Financial Product 9.750 9/14/2018 EUR 71.510
Landesbank Hessen-Thuering 2.250 7/13/2020 EUR 66.600
Vontobel Financial Product 10.350 9/14/2018 EUR 74.920
Vontobel Financial Product 6.750 9/14/2018 EUR 53.950
Credit Suisse AG/Nassau 7.000 9/24/2018 EUR 66.200
Vontobel Financial Product 7.050 1/2/2019 EUR 70.940
Vontobel Financial Product 8.000 9/28/2018 EUR 69.460
Vontobel Financial Product 9.000 9/28/2018 EUR 69.720
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 68.450
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 61.970
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 60.260
Vontobel Financial Product 4.850 9/14/2018 EUR 70.690
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 63.590
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 66.400
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 39.200
Deutsche Bank AG 5.200 9/25/2018 EUR 64.500
Deutsche Bank AG 5.200 9/25/2018 EUR 69.600
Landesbank Baden-Wuerttemb 6.000 7/27/2018 EUR 63.610
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 64.110
Deutsche Bank AG 5.200 9/25/2018 EUR 74.000
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 71.480
UBS AG/London 8.500 7/19/2018 CHF 57.250
Raiffeisen Centrobank AG 11.676 12/28/2018 EUR 67.880
Vontobel Financial Product 10.000 6/22/2018 EUR 72.530
Vontobel Financial Product 5.500 9/28/2018 EUR 68.820
Vontobel Financial Product 6.550 9/28/2018 EUR 69.090
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 63.660
Vontobel Financial Product 9.000 8/24/2018 EUR 69.920
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.130
Commerzbank AG 14.250 8/24/2018 EUR 73.660
Commerzbank AG 15.750 9/28/2018 EUR 72.510
Commerzbank AG 20.000 9/28/2018 EUR 67.100
Landesbank Baden-Wuerttemb 6.000 7/27/2018 EUR 66.930
Landesbank Baden-Wuerttemb 2.000 7/27/2018 EUR 71.600
DZ Bank AG Deutsche Zentra 9.000 6/22/2018 EUR 71.460
Vontobel Financial Product 6.450 9/14/2018 EUR 67.880
Commerzbank AG 15.000 10/26/2018 EUR 73.490
Credit Suisse AG/London 8.540 1/7/2020 USD 9.982
Deutsche Bank AG 7.200 9/25/2018 EUR 63.600
Deutsche Bank AG 5.200 9/25/2018 EUR 68.900
Vontobel Financial Product 6.550 9/28/2018 EUR 73.930
Commerzbank AG 10.000 3/2/2020 EUR 71.690
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 67.030
EFG International Finance 8.000 3/9/2020 USD 56.840
Vontobel Financial Product 7.500 6/22/2018 EUR 56.680
Vontobel Financial Product 9.500 6/22/2018 EUR 56.730
Vontobel Financial Product 6.000 7/27/2018 EUR 66.840
MultiBotSystems Investment 10.250 7/14/2023 RUB 100.050
Vontobel Financial Product 3.550 9/28/2018 EUR 73.140
Vontobel Financial Product 6.000 1/18/2019 EUR 60.370
Vontobel Financial Product 4.000 9/28/2018 EUR 55.720
Vontobel Financial Product 10.550 7/27/2018 EUR 62.920
Vontobel Financial Product 5.550 6/22/2018 EUR 56.670
Vontobel Financial Product 10.550 7/27/2018 EUR 40.570
UBS AG/London 6.000 9/27/2018 EUR 69.310
DekaBank Deutsche Girozent 3.000 6/21/2021 EUR 66.480
UBS AG/London 14.400 1/3/2019 EUR 65.100
Deutsche Bank AG 3.200 9/25/2018 EUR 68.400
Deutsche Bank AG 4.200 12/27/2018 EUR 69.500
Credit Suisse AG/London 7.000 10/9/2018 USD 74.050
Vontobel Financial Product 13.000 6/22/2018 EUR 56.350
Deutsche Bank AG 6.200 12/27/2018 EUR 69.000
Deutsche Bank AG 6.200 9/25/2018 EUR 73.000
Deutsche Bank AG 4.200 9/25/2018 EUR 66.300
Deutsche Bank AG 3.200 12/27/2018 EUR 69.000
HSBC Trinkaus & Burkhardt 10.700 9/28/2018 EUR 39.530
HSBC Trinkaus & Burkhardt 9.700 7/27/2018 EUR 39.640
HSBC Trinkaus & Burkhardt 6.700 9/28/2018 EUR 66.700
HSBC Trinkaus & Burkhardt 4.800 9/28/2018 EUR 69.940
Citigroup Global Markets F 7.000 6/16/2022 SEK 51.330
Bank Julius Baer & Co Ltd/ 5.600 7/6/2018 EUR 66.250
HSBC Trinkaus & Burkhardt 8.100 9/28/2018 EUR 43.170
HSBC Trinkaus & Burkhardt 10.300 9/28/2018 EUR 63.920
Deutsche Bank AG 5.200 9/25/2018 EUR 72.700
Goldman Sachs & Co Wertpap 18.000 7/25/2018 EUR 67.500
Deutsche Bank AG 6.200 12/27/2018 EUR 74.300
Commerzbank AG 12.250 1/2/2019 EUR 71.570
Commerzbank AG 16.250 8/24/2018 EUR 71.140
HSBC Trinkaus & Burkhardt 8.300 9/28/2018 EUR 73.350
Vontobel Financial Product 10.000 6/22/2018 EUR 62.990
Deutsche Bank AG 6.200 9/25/2018 EUR 68.000
Deutsche Bank AG 3.200 9/25/2018 EUR 70.900
Deutsche Bank AG 4.200 9/25/2018 EUR 68.700
Deutsche Bank AG 3.200 9/25/2018 EUR 63.900
Deutsche Bank AG 3.200 12/27/2018 EUR 66.700
Vontobel Financial Product 11.500 6/22/2018 EUR 59.460
Goldman Sachs & Co Wertpap 14.000 7/25/2018 EUR 72.560
Goldman Sachs & Co Wertpap 17.000 8/22/2018 EUR 68.630
Goldman Sachs & Co Wertpap 20.000 7/25/2018 EUR 70.880
Commerzbank AG 11.750 1/25/2019 EUR 71.880
Deutsche Bank AG 6.200 9/25/2018 EUR 53.000
HSBC Trinkaus & Burkhardt 8.500 9/28/2018 EUR 67.660
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 65.010
Deutsche Bank AG 5.200 12/27/2018 EUR 73.800
Deutsche Bank AG 5.200 9/25/2018 EUR 52.700
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 64.680
Goldman Sachs & Co Wertpap 16.000 9/26/2018 EUR 69.890
Goldman Sachs & Co Wertpap 15.000 12/28/2018 EUR 74.610
Goldman Sachs & Co Wertpap 14.000 12/28/2018 EUR 72.930
Vontobel Financial Product 1.650 9/14/2018 EUR 74.040
DZ Bank AG Deutsche Zentra 13.750 8/22/2018 EUR 68.820
Vontobel Financial Product 11.800 9/14/2018 EUR 74.240
UBS AG/London 6.500 1/7/2019 CHF 50.700
Commerzbank AG 18.750 1/2/2019 EUR 71.140
DZ Bank AG Deutsche Zentra 11.000 6/22/2018 EUR 60.040
Raiffeisen Centrobank AG 7.536 12/28/2018 EUR 54.720
Deutsche Bank AG 5.200 12/27/2018 EUR 70.300
Zurcher Kantonalbank Finan 5.750 7/27/2018 CHF 61.570
Credit Suisse AG/London 8.250 7/26/2018 USD 50.060
Bank Julius Baer & Co Ltd/ 6.600 7/27/2018 USD 63.600
UniCredit Bank AG 5.800 6/22/2018 EUR 69.130
Vontobel Financial Product 6.200 9/14/2018 EUR 75.850
Vontobel Financial Product 8.000 6/22/2018 EUR 71.000
Commerzbank AG 24.250 8/24/2018 EUR 64.870
Deutsche Bank AG 5.200 9/25/2018 EUR 71.400
Deutsche Bank AG 5.200 7/25/2018 EUR 68.100
Deutsche Bank AG 5.200 7/25/2018 EUR 63.600
Deutsche Bank AG 5.200 9/25/2018 EUR 68.900
Deutsche Bank AG 5.200 12/27/2018 EUR 65.700
Raiffeisen Schweiz Genosse 9.200 2/12/2019 CHF 69.510
DZ Bank AG Deutsche Zentra 5.000 9/24/2018 EUR 69.270
Vontobel Financial Product 10.500 6/22/2018 EUR 59.910
EFG International Finance 6.000 8/3/2020 USD 61.800
Commerzbank AG 15.250 8/24/2018 EUR 71.930
Commerzbank AG 17.250 8/24/2018 EUR 70.370
Commerzbank AG 14.750 9/28/2018 EUR 72.710
Commerzbank AG 14.000 10/26/2018 EUR 73.630
Vontobel Financial Product 13.000 6/22/2018 EUR 74.410
Deutsche Bank AG 5.200 7/25/2018 EUR 70.600
Commerzbank AG 17.000 8/24/2018 EUR 71.320
Commerzbank AG 15.500 9/28/2018 EUR 72.530
Deutsche Bank AG 5.200 9/25/2018 EUR 68.400
Vontobel Financial Product 9.000 7/27/2018 EUR 69.650
Landesbank Baden-Wuerttemb 8.000 7/27/2018 EUR 63.760
Landesbank Baden-Wuerttemb 4.500 7/27/2018 EUR 68.000
Vontobel Financial Product 5.500 1/2/2019 EUR 70.130
DZ Bank AG Deutsche Zentra 7.750 9/28/2018 EUR 68.300
DZ Bank AG Deutsche Zentra 7.400 9/24/2018 EUR 65.800
Vontobel Financial Product 7.800 9/14/2018 EUR 74.100
Vontobel Financial Product 9.500 6/22/2018 EUR 69.110
Vontobel Financial Product 6.000 6/22/2018 EUR 74.020
UniCredit Bank AG 4.000 6/22/2018 EUR 61.490
UniCredit Bank AG 3.500 6/22/2018 EUR 64.060
Vontobel Financial Product 5.800 9/14/2018 EUR 68.520
Vontobel Financial Product 10.300 9/14/2018 EUR 54.720
Vontobel Financial Product 8.600 9/14/2018 EUR 54.350
UniCredit Bank AG 12.900 6/22/2018 EUR 70.610
UniCredit Bank AG 14.400 6/22/2018 EUR 68.780
Zurcher Kantonalbank Finan 9.500 7/13/2018 CHF 65.910
Landesbank Baden-Wuerttemb 3.000 10/26/2018 EUR 72.520
Commerzbank AG 11.250 1/25/2019 EUR 67.880
Commerzbank AG 14.750 2/22/2019 EUR 64.470
Commerzbank AG 16.750 2/22/2019 EUR 62.850
Leonteq Securities AG/Guer 11.800 12/21/2018 USD 66.950
Vontobel Financial Product 10.500 9/28/2018 EUR 70.540
Deutsche Bank AG 6.200 9/24/2019 EUR 73.000
Deutsche Bank AG 6.200 12/27/2018 EUR 72.700
Deutsche Bank AG 6.200 12/27/2018 EUR 70.200
Deutsche Bank AG 4.200 3/19/2019 EUR 72.200
Bank Julius Baer & Co Ltd/ 5.500 9/26/2018 CHF 57.150
DZ Bank AG Deutsche Zentra 10.750 9/28/2018 EUR 49.920
Commerzbank AG 9.250 1/25/2019 EUR 71.310
Commerzbank AG 13.250 1/25/2019 EUR 65.380
Deutsche Bank AG 4.200 9/24/2019 EUR 72.700
Deutsche Bank AG 4.200 3/19/2019 EUR 69.800
Deutsche Bank AG 4.200 6/25/2019 EUR 72.200
HSBC Trinkaus & Burkhardt 7.600 8/24/2018 EUR 40.030
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 69.030
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 67.480
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 67.290
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 72.770
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 37.640
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 42.990
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 69.810
Commerzbank AG 7.750 7/27/2018 EUR 45.640
Commerzbank AG 9.750 7/27/2018 EUR 42.170
DZ Bank AG Deutsche Zentra 7.000 6/22/2018 EUR 73.090
Vontobel Financial Product 13.900 9/14/2018 EUR 74.850
Credit Suisse AG/London 7.000 11/8/2018 USD 51.890
Vontobel Financial Product 6.000 6/22/2018 EUR 60.750
Goldman Sachs & Co Wertpap 19.000 1/23/2019 EUR 68.210
Goldman Sachs & Co Wertpap 23.000 12/28/2018 EUR 67.020
EFG International Finance 5.500 9/21/2020 USD 67.800
UBS AG/London 22.700 9/27/2018 EUR 58.850
UBS AG/London 16.100 9/27/2018 EUR 63.620
DZ Bank AG Deutsche Zentra 9.750 9/28/2018 EUR 73.050
Vontobel Financial Product 10.650 3/8/2019 EUR 66.290
Commerzbank AG 11.250 6/22/2018 EUR 40.310
DZ Bank AG Deutsche Zentra 8.000 9/26/2018 EUR 73.170
Zurcher Kantonalbank Finan 6.250 9/21/2018 CHF 58.610
Leonteq Securities AG/Guer 7.600 9/18/2019 USD 64.100
Raiffeisen Schweiz Genosse 6.750 3/15/2019 CHF 62.670
Vontobel Financial Product 9.750 3/8/2019 EUR 72.170
Raiffeisen Schweiz Genosse 4.000 7/24/2019 CHF 71.550
Vontobel Financial Product 6.700 3/8/2019 EUR 61.420
Commerzbank AG 13.250 6/22/2018 EUR 38.480
Raiffeisen Schweiz Genosse 8.990 7/22/2019 EUR 21.670
DZ Bank AG Deutsche Zentra 6.750 12/28/2018 EUR 74.120
Deutsche Bank AG 4.200 12/24/2019 EUR 73.200
Citigroup Global Markets F 5.600 9/15/2022 SEK 63.290
Commerzbank AG 10.250 7/27/2018 EUR 70.500
Commerzbank AG 12.250 7/27/2018 EUR 67.830
Commerzbank AG 11.750 8/24/2018 EUR 68.720
Vontobel Financial Product 13.050 3/8/2019 EUR 70.010
Vontobel Financial Product 8.750 9/28/2018 EUR 70.390
Goldman Sachs & Co Wertpap 7.000 6/26/2019 EUR 74.130
Goldman Sachs & Co Wertpap 7.000 10/24/2018 EUR 71.310
Landesbank Baden-Wuerttemb 2.900 7/27/2018 EUR 43.010
Raiffeisen Schweiz Genosse 4.200 7/17/2019 CHF 71.780
UniCredit Bank AG 14.400 1/4/2019 EUR 60.240
UniCredit Bank AG 12.000 9/28/2018 EUR 65.400
UniCredit Bank AG 3.400 1/4/2019 EUR 63.860
UniCredit Bank AG 13.500 1/4/2019 EUR 42.010
HSBC Trinkaus & Burkhardt 5.800 6/22/2018 EUR 69.470
Commerzbank AG 10.500 10/26/2018 EUR 39.640
Commerzbank AG 12.750 11/23/2018 EUR 73.770
DZ Bank AG Deutsche Zentra 9.500 9/24/2018 EUR 67.800
Bank Julius Baer & Co Ltd/ 6.250 2/13/2019 CHF 69.450
Commerzbank AG 7.750 7/27/2018 EUR 69.600
DZ Bank AG Deutsche Zentra 6.750 10/26/2018 EUR 67.570
DZ Bank AG Deutsche Zentra 5.500 2/20/2019 EUR 71.430
HSBC Trinkaus & Burkhardt 5.500 3/22/2019 EUR 68.890
HSBC Trinkaus & Burkhardt 5.900 12/28/2018 EUR 65.950
Vontobel Financial Product 10.500 9/21/2018 EUR 70.090
Deutsche Bank AG 5.200 10/24/2018 EUR 73.300
Deutsche Bank AG 5.200 12/27/2018 EUR 72.200
Vontobel Financial Product 9.250 9/14/2018 EUR 72.110
Vontobel Financial Product 12.000 9/14/2018 EUR 67.900
Deutsche Bank AG 5.200 10/24/2018 EUR 64.800
Deutsche Bank AG 5.200 11/21/2018 EUR 69.700
Deutsche Bank AG 5.200 11/21/2018 EUR 65.300
Deutsche Bank AG 5.200 6/25/2019 EUR 72.400
Commerzbank AG 10.500 1/25/2019 EUR 71.180
Commerzbank AG 4.500 1/25/2019 EUR 70.020
Commerzbank AG 8.500 1/25/2019 EUR 65.790
Commerzbank AG 15.250 1/25/2019 EUR 69.340
Commerzbank AG 3.750 12/21/2018 EUR 73.140
Vontobel Financial Product 9.500 9/28/2018 EUR 69.080
Vontobel Financial Product 7.500 1/2/2019 EUR 70.060
HSBC Trinkaus & Burkhardt 7.400 3/22/2019 EUR 67.010
Commerzbank AG 13.500 11/23/2018 EUR 72.850
Deutsche Bank AG 5.200 10/24/2018 EUR 70.500
Deutsche Bank AG 5.200 11/21/2018 EUR 70.900
Deutsche Bank AG 5.200 3/19/2019 EUR 72.000
Deutsche Bank AG 5.200 3/19/2019 EUR 67.700
Deutsche Bank AG 5.200 6/25/2019 EUR 68.200
Deutsche Bank AG 5.200 10/24/2018 EUR 71.100
Deutsche Bank AG 5.200 11/21/2018 EUR 71.600
Deutsche Bank AG 5.200 6/25/2019 EUR 72.900
DZ Bank AG Deutsche Zentra 7.500 9/24/2018 EUR 69.140
DZ Bank AG Deutsche Zentra 5.000 12/28/2018 EUR #N/A N/A
Vontobel Financial Product 9.050 1/2/2019 EUR 69.130
Vontobel Financial Product 11.000 1/2/2019 EUR 67.680
Commerzbank AG 9.000 2/22/2019 EUR 72.070
Credit Suisse AG/London 7.000 7/19/2018 USD 73.380
Commerzbank AG 5.000 12/21/2018 EUR 74.550
DZ Bank AG Deutsche Zentra 7.250 9/24/2018 EUR 73.230
Commerzbank AG 12.500 1/25/2019 EUR 68.730
Commerzbank AG 6.500 1/25/2019 EUR 67.480
Commerzbank AG 13.250 1/25/2019 EUR 71.890
Commerzbank AG 19.250 1/25/2019 EUR 65.170
Commerzbank AG 10.500 1/25/2019 EUR 71.740
Commerzbank AG 11.750 1/25/2019 EUR 73.530
Commerzbank AG 16.000 8/24/2018 EUR 66.620
Vontobel Financial Product 8.800 9/14/2018 EUR 64.890
BNP Paribas Emissions- und 19.000 9/27/2018 EUR 69.730
UniCredit Bank AG 6.000 9/28/2018 EUR 4.180
UniCredit Bank AG 3.100 9/28/2018 EUR 58.320
Deutsche Bank AG 5.200 9/25/2018 EUR 66.600
UniCredit Bank AG 11.000 9/28/2018 EUR 63.810
UniCredit Bank AG 12.900 9/28/2018 EUR 61.420
Commerzbank AG 6.000 10/26/2018 EUR 66.830
UniCredit Bank AG 11.400 1/3/2020 EUR 69.510
UniCredit Bank AG 13.800 1/3/2020 EUR 69.280
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 59.760
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 65.790
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 63.590
UniCredit Bank AG 11.500 1/4/2019 EUR 63.630
Vontobel Financial Product 16.100 12/14/2018 EUR 74.860
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 66.420
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 65.330
BNP Paribas Emissions- und 18.000 6/27/2019 EUR 67.400
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 64.630
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 62.630
BNP Paribas Emissions- und 14.000 3/21/2019 EUR 65.070
UniCredit Bank AG 14.800 3/22/2019 EUR 70.740
UniCredit Bank AG 14.400 3/22/2019 EUR 73.040
UBS AG/London 12.250 8/23/2018 USD 61.250
Vontobel Financial Product 9.550 12/14/2018 EUR 69.580
EFG International Finance 12.000 11/15/2018 CHF 71.220
Vontobel Financial Product 12.500 9/14/2018 EUR 71.190
Commerzbank AG 11.500 2/22/2019 EUR 69.320
HSBC Trinkaus & Burkhardt 6.100 12/28/2018 EUR 48.030
HSBC Trinkaus & Burkhardt 4.100 12/28/2018 EUR 53.520
HSBC Trinkaus & Burkhardt 7.800 7/27/2018 EUR 42.990
Raiffeisen Schweiz Genosse 12.000 9/11/2018 CHF 61.430
HSBC Trinkaus & Burkhardt 6.000 9/28/2018 EUR 64.620
Commerzbank AG 13.250 8/24/2018 EUR 73.830
Deutsche Bank AG 5.200 10/24/2018 EUR 69.300
Deutsche Bank AG 5.200 12/27/2018 EUR 73.000
Commerzbank AG 5.500 1/25/2019 EUR 68.640
Commerzbank AG 7.500 1/25/2019 EUR 66.480
Commerzbank AG 24.000 9/28/2018 EUR 60.200
Bank Julius Baer & Co Ltd/ 6.800 9/12/2018 CHF 54.950
DZ Bank AG Deutsche Zentra 5.500 12/28/2018 EUR 74.180
Vontobel Financial Product 8.050 9/28/2018 EUR 70.630
Vontobel Financial Product 12.000 9/28/2018 EUR 75.420
UBS AG/London 6.000 11/8/2018 EUR 65.750
Landesbank Baden-Wuerttemb 4.500 9/28/2018 EUR 70.590
Raiffeisen Centrobank AG 6.037 6/25/2019 EUR 12.950
HSBC Trinkaus & Burkhardt 16.200 9/28/2018 EUR 64.670
Vontobel Financial Product 10.000 9/28/2018 EUR 70.540
Commerzbank AG 16.500 8/24/2018 EUR 70.190
Vontobel Financial Product 15.050 9/14/2018 EUR 64.370
Deutsche Bank AG 5.200 3/19/2019 EUR 73.000
Deutsche Bank AG 5.200 6/25/2019 EUR 73.200
Commerzbank AG 9.500 1/25/2019 EUR 72.500
Commerzbank AG 11.500 1/25/2019 EUR 69.940
Bank Julius Baer & Co Ltd/ 7.200 2/13/2019 CHF 70.400
Commerzbank AG 17.250 1/25/2019 EUR 67.160
Commerzbank AG 9.500 1/25/2019 EUR 72.850
Commerzbank AG 11.500 1/25/2019 EUR 70.750
Zurcher Kantonalbank Finan 5.000 7/11/2018 CHF 63.660
Vontobel Financial Product 10.500 6/22/2018 EUR 56.180
Vontobel Financial Product 7.000 6/22/2018 EUR 56.040
Vontobel Financial Product 10.050 1/2/2019 EUR 57.580
Vontobel Financial Product 6.550 9/28/2018 EUR 67.160
Vontobel Financial Product 13.000 9/28/2018 EUR 38.050
Vontobel Financial Product 12.000 1/2/2019 EUR 40.920
DZ Bank AG Deutsche Zentra 6.750 6/22/2018 EUR 70.650
DZ Bank AG Deutsche Zentra 10.750 7/27/2018 EUR 56.460
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 72.960
Landesbank Baden-Wuerttemb 4.000 7/27/2018 EUR 73.420
Landesbank Baden-Wuerttemb 3.000 7/27/2018 EUR 67.590
DZ Bank AG Deutsche Zentra 7.500 6/22/2018 EUR 63.770
Vontobel Financial Product 11.500 6/22/2018 EUR 56.070
Vontobel Financial Product 8.500 6/22/2018 EUR 56.050
Vontobel Financial Product 9.500 1/2/2019 EUR 57.290
Commerzbank AG 13.500 11/23/2018 EUR 70.940
Vontobel Financial Product 8.000 6/22/2018 EUR 56.040
Vontobel Financial Product 11.550 9/28/2018 EUR 55.410
Vontobel Financial Product 8.000 1/2/2019 EUR 56.520
Vontobel Financial Product 10.000 9/28/2018 EUR 55.020
Vontobel Financial Product 6.550 1/2/2019 EUR 63.960
Leonteq Securities AG/Guer 7.000 6/26/2019 CHF 51.860
DZ Bank AG Deutsche Zentra 9.500 9/28/2018 EUR 41.380
DZ Bank AG Deutsche Zentra 10.300 1/2/2019 EUR 61.850
Landesbank Baden-Wuerttemb 6.000 11/23/2018 EUR 65.590
Landesbank Baden-Wuerttemb 4.000 11/23/2018 EUR 71.590
Commerzbank AG 16.750 7/27/2018 EUR 70.000
Commerzbank AG 13.250 10/26/2018 EUR 72.690
BNP Paribas Emissions- und 4.500 9/27/2018 EUR 71.370
BNP Paribas Emissions- und 5.000 12/31/2018 EUR 68.730
HSBC Trinkaus & Burkhardt 11.900 6/22/2018 EUR 62.920
HSBC Trinkaus & Burkhardt 10.100 6/22/2018 EUR 67.220
Deutsche Bank AG 6.200 6/25/2019 EUR 71.900
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 59.110
Landesbank Baden-Wuerttemb 5.500 8/24/2018 EUR 68.530
Bank Julius Baer & Co Ltd/ 7.300 8/16/2019 USD 68.850
DZ Bank AG Deutsche Zentra 5.500 9/28/2018 EUR 66.380
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 70.420
DZ Bank AG Deutsche Zentra 5.500 6/22/2018 EUR 59.860
UniCredit Bank AG 14.700 1/4/2019 EUR 71.720
UniCredit Bank AG 3.400 6/22/2018 EUR 69.860
UniCredit Bank AG 14.600 1/4/2019 EUR 64.300
UniCredit Bank AG 13.500 1/4/2019 EUR 74.260
UniCredit Bank AG 9.600 9/28/2018 EUR 70.210
UniCredit Bank AG 11.500 9/28/2018 EUR 72.820
UniCredit Bank AG 9.700 9/28/2018 EUR 66.670
Landesbank Baden-Wuerttemb 4.600 3/22/2019 EUR 74.770
UniCredit Bank AG 10.100 9/28/2018 EUR 72.140
UniCredit Bank AG 10.500 9/28/2018 EUR 75.770
UniCredit Bank AG 5.700 9/28/2018 EUR 50.960
UniCredit Bank AG 11.800 9/28/2018 EUR 66.340
Landesbank Baden-Wuerttemb 3.000 6/28/2019 EUR 68.820
Landesbank Baden-Wuerttemb 5.000 3/22/2019 EUR 64.770
Vontobel Financial Product 4.000 6/22/2018 EUR 63.940
Vontobel Financial Product 8.000 6/22/2018 EUR 57.880
Vontobel Financial Product 11.000 6/22/2018 EUR 54.040
Commerzbank AG 8.750 7/27/2018 EUR 66.940
Commerzbank AG 9.750 7/27/2018 EUR 64.850
Commerzbank AG 11.750 7/27/2018 EUR 39.650
Commerzbank AG 13.750 7/27/2018 EUR 37.640
Vontobel Financial Product 9.500 7/27/2018 EUR 59.290
Commerzbank AG 6.000 7/27/2018 EUR 68.700
UniCredit Bank AG 14.800 6/22/2018 EUR 72.620
UniCredit Bank AG 9.100 6/22/2018 EUR 63.890
UniCredit Bank AG 4.200 6/22/2018 EUR 72.840
UniCredit Bank AG 12.100 6/22/2018 EUR 57.530
UniCredit Bank AG 9.000 6/22/2018 EUR 46.680
Commerzbank AG 7.750 7/27/2018 EUR 69.300
UniCredit Bank AG 5.000 6/29/2018 EUR 67.150
Leonteq Securities AG 7.400 4/24/2020 USD 56.430
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 72.150
UniCredit Bank AG 13.900 6/22/2018 EUR 74.250
UniCredit Bank AG 5.600 6/22/2018 EUR 68.740
Landesbank Baden-Wuerttemb 4.000 11/23/2018 EUR 69.090
Commerzbank AG 8.500 11/23/2018 EUR 63.610
Deutsche Bank AG 5.500 9/25/2018 EUR 67.800
Deutsche Bank AG 5.500 12/27/2018 EUR 67.000
HSBC Trinkaus & Burkhardt 8.700 9/28/2018 EUR 69.960
Leonteq Securities AG 10.400 11/22/2019 EUR 68.690
Deutsche Bank AG 4.200 12/27/2018 EUR 71.900
DZ Bank AG Deutsche Zentra 9.000 6/22/2018 EUR 71.280
DZ Bank AG Deutsche Zentra 13.500 8/24/2018 EUR 63.510
UniCredit Bank AG 14.900 6/22/2018 EUR 67.650
Landesbank Hessen-Thuering 4.000 10/10/2018 EUR 69.100
UniCredit Bank AG 6.100 6/22/2018 EUR 53.050
UniCredit Bank AG 13.900 6/22/2018 EUR 39.590
UniCredit Bank AG 13.800 6/22/2018 EUR 58.790
UniCredit Bank AG 11.600 6/22/2018 EUR 61.480
Vontobel Financial Product 14.500 6/22/2018 EUR 62.660
HSBC Trinkaus & Burkhardt 13.400 6/22/2018 EUR 38.650
Vontobel Financial Product 11.500 6/22/2018 EUR 40.520
HSBC Trinkaus & Burkhardt 8.900 6/22/2018 EUR 45.400
Vontobel Financial Product 5.000 9/28/2018 EUR 44.690
Vontobel Financial Product 11.000 1/2/2019 EUR 40.400
HSBC Trinkaus & Burkhardt 8.300 9/28/2018 EUR 72.070
HSBC Trinkaus & Burkhardt 5.700 6/22/2018 EUR 66.030
Vontobel Financial Product 8.550 1/2/2019 EUR 65.830
DZ Bank AG Deutsche Zentra 5.000 1/25/2019 EUR 71.340
Vontobel Financial Product 12.000 6/22/2018 EUR 53.100
Vontobel Financial Product 14.000 6/22/2018 EUR 50.320
Vontobel Financial Product 4.000 9/28/2018 EUR 73.780
Vontobel Financial Product 6.050 9/28/2018 EUR 64.640
Vontobel Financial Product 9.000 9/28/2018 EUR 57.980
Vontobel Financial Product 12.500 9/28/2018 EUR 53.040
Vontobel Financial Product 6.000 1/2/2019 EUR 66.080
Vontobel Financial Product 10.000 1/2/2019 EUR 57.700
Vontobel Financial Product 7.000 1/2/2019 EUR 62.700
Vontobel Financial Product 11.500 1/2/2019 EUR 55.700
DZ Bank AG Deutsche Zentra 7.000 8/24/2018 EUR 64.610
Vontobel Financial Product 6.600 9/14/2018 EUR 64.560
Vontobel Financial Product 11.650 9/14/2018 EUR 55.160
Vontobel Financial Product 3.450 9/14/2018 EUR 68.150
Vontobel Financial Product 13.100 9/14/2018 EUR 55.270
UniCredit Bank AG 6.400 6/22/2018 EUR 66.870
Deutsche Bank AG 4.200 12/27/2018 EUR 74.600
Deutsche Bank AG 6.200 12/27/2018 EUR 72.900
UniCredit Bank AG 14.100 6/22/2018 EUR 68.970
DZ Bank AG Deutsche Zentra 8.500 1/2/2019 EUR 59.290
UniCredit Bank AG 5.900 6/22/2018 EUR 71.330
UniCredit Bank AG 11.600 6/22/2018 EUR 74.920
Landesbank Baden-Wuerttemb 4.000 8/24/2018 EUR 73.440
Landesbank Baden-Wuerttemb 7.000 8/24/2018 EUR 64.340
DZ Bank AG Deutsche Zentra 5.500 6/22/2018 EUR 66.790
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 59.870
UniCredit Bank AG 11.700 9/28/2018 EUR 72.830
UniCredit Bank AG 4.600 1/4/2019 EUR 4.870
UniCredit Bank AG 8.600 9/28/2018 EUR 72.420
UniCredit Bank AG 10.100 6/22/2018 EUR 2.200
UniCredit Bank AG 3.100 6/22/2018 EUR 2.750
UniCredit Bank AG 7.700 6/22/2018 EUR 2.290
UniCredit Bank AG 10.800 9/28/2018 EUR 73.120
UniCredit Bank AG 8.200 9/28/2018 EUR 45.580
UniCredit Bank AG 4.700 9/28/2018 EUR 54.400
UBS AG/London 6.000 9/27/2018 EUR 69.330
Leonteq Securities AG/Guer 11.000 11/21/2018 CHF 71.840
Vontobel Financial Product 10.500 8/24/2018 EUR 69.530
DZ Bank AG Deutsche Zentra 5.100 1/2/2019 EUR 73.040
Vontobel Financial Product 10.500 1/2/2019 EUR 63.870
Vontobel Financial Product 6.000 9/28/2018 EUR 70.070
Landesbank Baden-Wuerttemb 3.000 11/23/2018 EUR 72.710
Commerzbank AG 15.500 8/24/2018 EUR 70.940
Deutsche Bank AG 5.500 9/25/2018 EUR 66.000
Deutsche Bank AG 5.500 12/27/2018 EUR 68.700
BNP Paribas Emissions- und 5.000 3/21/2019 EUR 70.520
Bank Julius Baer & Co Ltd/ 5.500 8/27/2018 CHF 65.700
Vontobel Financial Product 8.500 9/28/2018 EUR 67.010
Vontobel Financial Product 10.500 9/28/2018 EUR 64.950
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 63.010
Commerzbank AG 4.750 10/26/2018 EUR 67.280
BNP Paribas Emissions- und 5.500 9/27/2018 EUR 66.840
Deutsche Bank AG 5.500 9/25/2018 EUR 69.700
Deutsche Bank AG 5.500 12/27/2018 EUR 70.500
Vontobel Financial Product 7.000 1/2/2019 EUR 70.910
Vontobel Financial Product 10.500 6/22/2018 EUR 69.470
HSBC Trinkaus & Burkhardt 7.500 6/22/2018 EUR 74.730
Vontobel Financial Product 5.250 9/14/2018 EUR 68.750
Deutsche Bank AG 6.200 3/19/2019 EUR 72.700
UniCredit Bank AG 12.200 6/22/2018 EUR 71.770
Deutsche Bank AG 4.200 12/27/2018 EUR 63.700
Landesbank Baden-Wuerttemb 4.600 11/23/2018 EUR 73.920
Deutsche Bank AG 4.200 12/27/2018 EUR 57.800
Deutsche Bank AG 6.200 12/27/2018 EUR 55.700
Deutsche Bank AG 4.200 9/25/2018 EUR 60.200
Goldman Sachs & Co Wertpap 20.000 7/25/2018 EUR 73.900
HSBC Trinkaus & Burkhardt 8.700 8/24/2018 EUR 43.730
Goldman Sachs & Co Wertpap 13.000 1/23/2019 EUR 70.910
Goldman Sachs & Co Wertpap 20.000 2/20/2019 EUR 68.520
Goldman Sachs & Co Wertpap 19.000 3/20/2019 EUR 69.330
Goldman Sachs & Co Wertpap 24.000 9/26/2018 EUR 65.240
Goldman Sachs & Co Wertpap 13.000 10/24/2018 EUR 70.170
Goldman Sachs & Co Wertpap 25.000 10/24/2018 EUR 65.450
Goldman Sachs & Co Wertpap 20.000 11/21/2018 EUR 67.270
Goldman Sachs & Co Wertpap 7.000 3/20/2019 EUR 73.560
Goldman Sachs & Co Wertpap 7.000 9/26/2018 EUR 70.820
UBS AG/London 8.750 8/28/2019 CHF 72.400
Landesbank Baden-Wuerttemb 3.100 10/25/2019 EUR 58.210
VTB Bank PJSC 9.000 8/14/2043 RUB 62.010
SG Issuer SA 0.800 11/30/2020 SEK 51.000
Landesbank Baden-Wuerttemb 2.800 11/23/2018 EUR 61.230
T-Generation CJSC 12.000 6/14/2019 RUB 0.500
DekaBank Deutsche Girozent 3.500 10/28/2019 EUR 42.610
Beluga Group PJSC 9.750 5/28/2020 RUB 65.000
Pongs & Zahn AG 8.500 EUR 0.002
getBACK SA 5.720 10/5/2019 PLN 15.000
Landesbank Hessen-Thuering 7.770 7/15/2021 EUR 59.970
Landesbank Hessen-Thuering 3.250 12/27/2018 EUR 73.700
SG Issuer SA 5.500 4/10/2021 EUR 65.970
Raiffeisen Schweiz Genosse 5.000 8/6/2018 CHF 69.970
Deutsche Bank AG 5.200 9/25/2018 EUR 74.000
Deutsche Bank AG 5.200 7/25/2018 EUR 67.600
Deutsche Bank AG 5.200 7/25/2018 EUR 70.600
DZ Bank AG Deutsche Zentra 9.000 9/28/2018 EUR 62.600
Bank Julius Baer & Co Ltd/ 5.800 7/13/2018 USD 67.550
HSBC Trinkaus & Burkhardt 5.600 7/27/2018 EUR 68.230
HSBC Trinkaus & Burkhardt 5.800 10/26/2018 EUR 69.660
Vontobel Financial Product 12.000 2/22/2019 EUR 70.860
Vontobel Financial Product 9.000 6/22/2018 EUR 70.280
Vontobel Financial Product 6.500 6/22/2018 EUR 72.980
HSBC Trinkaus & Burkhardt 5.400 6/28/2019 EUR 69.450
HSBC Trinkaus & Burkhardt 4.500 6/28/2019 EUR 72.410
Commerzbank AG 21.000 10/26/2018 EUR 68.290
HSBC Trinkaus & Burkhardt 3.200 6/22/2018 EUR 67.070
HSBC Trinkaus & Burkhardt 6.500 9/28/2018 EUR 64.760
Commerzbank AG 14.000 6/22/2018 EUR 60.900
Vontobel Financial Product 7.000 1/2/2019 EUR 62.040
HSBC Trinkaus & Burkhardt 4.700 9/28/2018 EUR 71.390
HSBC Trinkaus & Burkhardt 9.800 6/22/2018 EUR 45.410
HSBC Trinkaus & Burkhardt 5.400 6/22/2018 EUR 51.390
HSBC Trinkaus & Burkhardt 8.200 9/28/2018 EUR 65.410
HSBC Trinkaus & Burkhardt 4.100 6/22/2018 EUR 41.430
HSBC Trinkaus & Burkhardt 5.200 6/22/2018 EUR 67.070
HSBC Trinkaus & Burkhardt 8.700 6/22/2018 EUR 64.990
Vontobel Financial Product 6.500 1/2/2019 EUR 52.970
Vontobel Financial Product 4.050 9/28/2018 EUR 53.490
Polski Bank Spoldzielczy w 5.300 9/14/2027 PLN 55.010
Commerzbank AG 20.250 8/24/2018 EUR 68.500
Commerzbank AG 22.250 8/24/2018 EUR 66.580
BNP Paribas Emissions- und 6.000 12/31/2018 EUR 39.280
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 44.400
Commerzbank AG 14.000 7/27/2018 EUR 63.320
Commerzbank AG 15.250 8/24/2018 EUR 40.100
Commerzbank AG 12.250 9/28/2018 EUR 42.930
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 64.840
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 72.930
BNP Paribas Emissions- und 4.500 12/31/2018 EUR 70.490
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 70.990
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 66.740
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 67.170
BNP Paribas Emissions- und 25.000 9/27/2018 EUR 61.730
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 63.910
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 66.190
BNP Paribas Emissions- und 20.000 9/27/2018 EUR 59.860
BNP Paribas Emissions- und 16.000 12/31/2018 EUR 63.060
BNP Paribas Emissions- und 17.000 9/27/2018 EUR 70.770
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 65.450
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 57.180
BNP Paribas Emissions- und 5.500 12/31/2018 EUR 72.770
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 64.400
BNP Paribas Emissions- und 17.000 9/27/2018 EUR 67.820
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 71.950
UniCredit Bank AG 3.600 1/5/2020 EUR 75.140
Commerzbank AG 10.000 8/24/2018 EUR 63.900
Vontobel Financial Product 8.550 9/28/2018 EUR 74.600
Vontobel Financial Product 7.000 1/2/2019 EUR 75.710
Vontobel Financial Product 8.000 1/2/2019 EUR 74.480
BNP Paribas Emissions- und 3.000 12/31/2018 EUR 71.480
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 64.500
Commerzbank AG 14.750 7/27/2018 EUR 72.510
Commerzbank AG 12.500 11/23/2018 EUR 41.200
Commerzbank AG 12.000 8/24/2018 EUR 61.660
Commerzbank AG 9.250 9/28/2018 EUR 65.200
Commerzbank AG 10.250 9/28/2018 EUR 63.950
Commerzbank AG 11.750 10/26/2018 EUR 62.500
Commerzbank AG 5.250 11/23/2018 EUR 73.340
Commerzbank AG 7.250 11/23/2018 EUR 68.920
Commerzbank AG 8.250 11/23/2018 EUR 67.180
Commerzbank AG 9.250 11/23/2018 EUR 65.750
Commerzbank AG 11.250 11/23/2018 EUR 63.360
Commerzbank AG 6.500 11/23/2018 EUR 47.980
DZ Bank AG Deutsche Zentra 6.250 3/20/2019 EUR 69.610
HSBC Trinkaus & Burkhardt 10.900 6/28/2019 EUR 67.850
DZ Bank AG Deutsche Zentra 7.750 9/26/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 4.250 12/28/2018 EUR 69.540
Goldman Sachs & Co Wertpap 15.000 11/21/2018 EUR 69.540
Commerzbank AG 14.250 7/27/2018 EUR 67.650
Commerzbank AG 13.750 8/24/2018 EUR 68.470
Commerzbank AG 15.250 6/22/2018 EUR 72.510
Commerzbank AG 11.000 9/28/2018 EUR 72.590
Commerzbank AG 12.000 9/28/2018 EUR 71.020
Commerzbank AG 3.750 9/28/2018 EUR 55.730
Commerzbank AG 5.750 9/28/2018 EUR 47.590
Commerzbank AG 7.750 9/28/2018 EUR 43.250
Commerzbank AG 9.750 9/28/2018 EUR 40.560
Commerzbank AG 11.750 9/28/2018 EUR 38.590
Commerzbank AG 6.000 9/28/2018 EUR 69.490
Commerzbank AG 7.000 9/28/2018 EUR 68.120
Commerzbank AG 8.000 9/28/2018 EUR 67.010
Vontobel Financial Product 8.500 9/28/2018 EUR 67.340
Deutsche Bank AG 4.200 12/27/2018 EUR 63.900
Credit Suisse AG/London 8.250 9/27/2018 USD 53.170
Leonteq Securities AG/Guer 10.200 12/20/2018 CHF 57.500
Leonteq Securities AG/Guer 12.200 12/20/2018 USD 57.680
Commerzbank AG 4.000 8/24/2018 EUR 52.150
DZ Bank AG Deutsche Zentra 5.000 3/20/2019 EUR 73.880
Commerzbank AG 15.250 1/25/2019 EUR 63.480
Deutsche Bank AG 4.200 12/27/2018 EUR 71.700
Deutsche Bank AG 4.200 12/27/2018 EUR 69.200
Deutsche Bank AG 4.200 6/25/2019 EUR 72.900
Deutsche Bank AG 4.200 9/24/2019 EUR 73.500
Samolet Group 13.500 10/30/2026 RUB 100.000
DZ Bank AG Deutsche Zentra 5.000 9/28/2018 EUR 68.950
Leonteq Securities AG 8.200 11/23/2018 USD 45.530
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 69.120
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 70.900
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 40.180
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 74.210
Deutsche Bank AG 6.200 9/25/2018 EUR 69.800
Deutsche Bank AG 4.200 12/27/2018 EUR 69.800
Vontobel Financial Product 7.500 9/28/2018 EUR 69.580
Deutsche Bank AG 4.200 9/24/2019 EUR 70.500
Deutsche Bank AG 4.200 12/24/2019 EUR 71.000
Deutsche Bank AG 4.200 6/25/2019 EUR 69.900
Commerzbank AG 6.000 8/24/2018 EUR 44.070
Leonteq Securities AG/Guer 10.000 12/19/2018 CHF 38.630
BNP Paribas Emissions- und 9.000 9/27/2018 EUR 67.450
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 73.900
BNP Paribas Emissions- und 6.000 9/27/2018 EUR 41.560
BNP Paribas Emissions- und 11.000 9/27/2018 EUR 71.730
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 72.260
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 71.950
Vontobel Financial Product 13.000 9/28/2018 EUR 66.420
Deutsche Bank AG 6.200 9/25/2018 EUR 63.600
Deutsche Bank AG 6.200 12/27/2018 EUR 70.800
Polski Bank Spoldzielczy w 4.780 11/26/2024 PLN 60.000
Landesbank Baden-Wuerttemb 2.500 8/24/2018 EUR 69.780
Zurcher Kantonalbank Finan 7.820 8/6/2018 EUR 50.800
Intertekhelektro-Novaya Ge 8.500 4/21/2020 RUB 65.000
Landesbank Baden-Wuerttemb 3.400 9/28/2018 EUR 41.610
DekaBank Deutsche Girozent 3.000 8/16/2019 EUR 59.410
Landesbank Baden-Wuerttemb 3.000 11/23/2018 EUR 63.170
Landesbank Baden-Wuerttemb 3.000 8/24/2018 EUR 67.490
getBACK SA 5.680 10/30/2019 PLN 20.000
DekaBank Deutsche Girozent 2.600 10/12/2018 EUR 52.080
Leonteq Securities AG 7.000 8/22/2018 CHF 42.890
Landesbank Baden-Wuerttemb 3.000 9/27/2019 EUR 55.360
Landesbank Baden-Wuerttemb 3.350 11/23/2018 EUR 53.530
UniCredit Bank AG 4.100 10/1/2020 EUR 55.130
Leonteq Securities AG 5.000 9/4/2018 CHF 64.140
AKB Derzhava OJSC 15.000 9/12/2025 RUB 100.000
Rossiysky Capital OJSC 7.750 1/16/2020 RUB 61.900
Landesbank Hessen-Thuering 8.000 11/17/2020 EUR 73.480
UniCredit Bank AG 4.400 12/17/2019 EUR 70.910
Landesbank Baden-Wuerttemb 2.600 8/23/2019 EUR 46.150
EFG International Finance 7.200 7/29/2020 EUR 18.580
Leonteq Securities AG 5.200 8/14/2018 CHF 73.060
Rosbank PJSC 0.030 4/30/2024 RUB 100.000
UBS AG/London 5.000 8/6/2018 CHF 73.950
UniCredit Bank AG 6.800 6/22/2018 EUR 72.630
Raiffeisen Centrobank AG 10.954 6/25/2019 EUR 73.730
DZ Bank AG Deutsche Zentra 8.250 6/22/2018 EUR 67.200
UniCredit Bank AG 4.300 6/29/2018 EUR 57.020
Vontobel Financial Product 8.150 9/14/2018 EUR 60.960
Vontobel Financial Product 7.800 9/14/2018 EUR 60.660
Leonteq Securities AG 15.000 8/22/2018 CHF 71.820
Deutsche Bank AG 4.200 9/25/2018 EUR 73.600
Deutsche Bank AG 6.200 9/25/2018 EUR 71.300
Deutsche Bank AG 4.200 12/27/2018 EUR 75.000
UniCredit Bank AG 13.300 6/22/2018 EUR 74.860
DZ Bank AG Deutsche Zentra 7.600 1/2/2019 EUR 61.900
Landesbank Baden-Wuerttemb 7.000 1/25/2019 EUR 71.520
Credit Suisse AG/London 8.000 8/22/2018 CHF 68.100
Landesbank Baden-Wuerttemb 5.000 6/28/2019 EUR 71.240
Deutsche Bank AG 6.200 6/24/2019 EUR 72.990
DZ Bank AG Deutsche Zentra 11.750 1/2/2019 EUR 73.130
Raiffeisen Schweiz Genosse 4.200 5/22/2019 CHF 70.270
VTB Bank PJSC 9.000 11/26/2043 RUB 62.010
SG Issuer SA 0.800 10/21/2020 SEK 57.890
Leonteq Securities AG/Guer 5.000 12/27/2019 EUR 65.340
Landesbank Baden-Wuerttemb 3.150 6/22/2018 EUR 41.160
Landesbank Baden-Wuerttemb 3.300 6/22/2018 EUR 42.180
Raiffeisen Centrobank AG 10.627 9/25/2018 EUR 74.160
Raiffeisen Centrobank AG 8.635 9/25/2018 EUR 59.840
Raiffeisen Centrobank AG 10.627 9/25/2018 EUR 60.220
Raiffeisen Centrobank AG 7.970 9/25/2018 EUR 74.470
Landesbank Baden-Wuerttemb 3.000 9/28/2018 EUR 72.320
Landesbank Baden-Wuerttemb 4.000 9/28/2018 EUR 68.490
HSBC Trinkaus & Burkhardt 9.000 7/27/2018 EUR 68.600
DZ Bank AG Deutsche Zentra 6.000 6/22/2018 EUR 61.790
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 58.920
Vontobel Financial Product 11.500 6/22/2018 EUR 52.970
Credit Suisse AG/Nassau 8.250 7/10/2018 EUR 65.960
UniCredit Bank AG 13.000 6/22/2018 EUR 72.040
UniCredit Bank AG 9.000 6/22/2018 EUR 72.160
UniCredit Bank AG 14.600 6/22/2018 EUR 59.160
Leonteq Securities AG 8.400 7/10/2018 CHF 45.140
Leonteq Securities AG 10.000 7/10/2018 USD 45.450
UniCredit Bank AG 14.000 6/22/2018 EUR 70.560
UniCredit Bank AG 3.500 6/22/2018 EUR 74.420
UniCredit Bank AG 4.700 6/22/2018 EUR 69.730
UniCredit Bank AG 4.000 6/22/2018 EUR 71.750
UniCredit Bank AG 5.400 6/22/2018 EUR 67.780
UniCredit Bank AG 10.800 6/22/2018 EUR 58.690
UniCredit Bank AG 7.000 6/22/2018 EUR 64.240
UniCredit Bank AG 8.800 6/22/2018 EUR 61.080
UniCredit Bank AG 7.900 6/22/2018 EUR 62.630
UniCredit Bank AG 9.800 6/22/2018 EUR 59.590
UniCredit Bank AG 11.800 6/22/2018 EUR 56.880
UniCredit Bank AG 10.700 6/22/2018 EUR 67.220
UniCredit Bank AG 11.700 6/22/2018 EUR 65.000
UniCredit Bank AG 9.800 6/22/2018 EUR 69.600
UniCredit Bank AG 12.600 6/22/2018 EUR 62.920
UniCredit Bank AG 8.100 6/22/2018 EUR 74.910
UniCredit Bank AG 15.000 6/22/2018 EUR 53.210
UniCredit Bank AG 6.200 6/22/2018 EUR 65.960
UniCredit Bank AG 13.900 6/22/2018 EUR 54.370
UniCredit Bank AG 12.800 6/22/2018 EUR 55.610
UniCredit Bank AG 12.000 6/22/2018 EUR 73.580
UniCredit Bank AG 13.600 6/22/2018 EUR 60.980
UniCredit Bank AG 14.900 6/22/2018 EUR 73.370
UniCredit Bank AG 13.800 6/22/2018 EUR 74.980
DZ Bank AG Deutsche Zentra 7.200 6/22/2018 EUR 74.240
DZ Bank AG Deutsche Zentra 9.900 6/22/2018 EUR 69.610
BNP Paribas Emissions- und 4.500 9/27/2018 EUR 74.030
BNP Paribas Emissions- und 5.000 9/27/2018 EUR 68.970
BNP Paribas Emissions- und 3.500 9/27/2018 EUR 62.860
DZ Bank AG Deutsche Zentra 5.250 6/22/2018 EUR 64.470
DZ Bank AG Deutsche Zentra 5.200 6/22/2018 EUR 71.910
DZ Bank AG Deutsche Zentra 5.300 6/22/2018 EUR 65.840
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 61.420
DZ Bank AG Deutsche Zentra 9.500 6/22/2018 EUR 58.460
EFG International Finance 8.000 4/21/2020 USD 57.100
DZ Bank AG Deutsche Zentra 7.000 6/22/2018 EUR 70.700
DZ Bank AG Deutsche Zentra 6.500 6/22/2018 EUR 70.240
DZ Bank AG Deutsche Zentra 5.250 6/22/2018 EUR 65.030
Vontobel Financial Product 11.250 6/22/2018 EUR 63.710
Vontobel Financial Product 8.000 6/22/2018 EUR 63.840
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 68.780
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 57.970
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 55.910
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 50.480
BNP Paribas Emissions- und 18.000 9/27/2018 EUR 48.130
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 59.220
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 58.230
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 71.130
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 71.760
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 69.660
BNP Paribas Emissions- und 17.000 9/27/2018 EUR 60.030
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 73.270
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 70.680
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 67.970
BNP Paribas Emissions- und 14.000 12/31/2018 EUR 70.980
Deutsche Bank AG 4.200 10/24/2018 EUR 74.000
Deutsche Bank AG 4.200 6/25/2019 EUR 71.300
DZ Bank AG Deutsche Zentra 6.750 3/18/2019 EUR 66.880
DZ Bank AG Deutsche Zentra 7.500 9/24/2018 EUR 68.870
DZ Bank AG Deutsche Zentra 5.250 1/2/2019 EUR 71.430
Commerzbank AG 3.250 10/26/2018 EUR 49.930
Commerzbank AG 17.000 6/22/2018 EUR 72.350
Commerzbank AG 21.000 6/22/2018 EUR 66.840
Commerzbank AG 19.000 7/27/2018 EUR 62.800
Commerzbank AG 13.500 8/24/2018 EUR 71.640
Commerzbank AG 17.500 8/24/2018 EUR 64.700
Commerzbank AG 19.500 8/24/2018 EUR 62.240
Commerzbank AG 14.000 9/28/2018 EUR 70.230
Commerzbank AG 18.000 9/28/2018 EUR 63.960
Commerzbank AG 13.000 10/26/2018 EUR 72.020
Commerzbank AG 16.250 11/23/2018 EUR 66.320
Vontobel Financial Product 8.000 11/23/2018 EUR 60.410
Commerzbank AG 7.750 8/24/2018 EUR 70.720
Commerzbank AG 8.000 9/28/2018 EUR 70.660
Commerzbank AG 15.500 7/27/2018 EUR 37.870
Commerzbank AG 7.250 10/26/2018 EUR 47.630
Commerzbank AG 9.250 10/26/2018 EUR 44.650
Landesbank Hessen-Thuering 4.000 6/21/2019 EUR 64.200
Deutsche Bank AG 6.200 9/25/2018 EUR 70.100
Deutsche Bank AG 6.200 9/25/2018 EUR 64.400
Deutsche Bank AG 6.200 12/27/2018 EUR 71.500
Deutsche Bank AG 6.200 12/27/2018 EUR 65.900
Deutsche Bank AG 8.200 9/25/2018 EUR 70.600
Commerzbank AG 11.500 7/27/2018 EUR 65.960
Commerzbank AG 12.750 7/27/2018 EUR 70.810
Vontobel Financial Product 5.500 1/2/2019 EUR 72.620
Vontobel Financial Product 7.500 1/2/2019 EUR 69.000
Vontobel Financial Product 9.500 1/2/2019 EUR 65.880
Vontobel Financial Product 10.550 1/2/2019 EUR 64.530
Vontobel Financial Product 11.500 1/2/2019 EUR 63.240
Vontobel Financial Product 7.500 9/28/2018 EUR 67.190
Vontobel Financial Product 10.550 9/28/2018 EUR 63.730
DZ Bank AG Deutsche Zentra 6.500 12/24/2018 EUR 58.760
DZ Bank AG Deutsche Zentra 5.600 3/18/2019 EUR 68.660
DZ Bank AG Deutsche Zentra 5.400 9/24/2018 EUR 70.530
DZ Bank AG Deutsche Zentra 7.200 9/24/2018 EUR 66.560
DZ Bank AG Deutsche Zentra 6.800 12/24/2018 EUR 68.080
DZ Bank AG Deutsche Zentra 5.250 9/28/2018 EUR 69.170
DZ Bank AG Deutsche Zentra 5.250 3/22/2019 EUR 71.310
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 65.470
DZ Bank AG Deutsche Zentra 8.500 9/28/2018 EUR 69.210
Commerzbank AG 9.500 10/26/2018 EUR 65.080
DZ Bank AG Deutsche Zentra 6.500 3/18/2019 EUR 60.180
Vontobel Financial Product 6.000 9/28/2018 EUR 44.950
Vontobel Financial Product 8.500 9/28/2018 EUR 41.870
Vontobel Financial Product 12.000 9/28/2018 EUR 39.630
Vontobel Financial Product 9.500 1/2/2019 EUR 41.460
Vontobel Financial Product 11.500 1/2/2019 EUR 40.610
Vontobel Financial Product 5.550 9/28/2018 EUR 71.510
Commerzbank AG 7.000 1/2/2019 EUR 72.030
Commerzbank AG 8.000 1/2/2019 EUR 69.850
Commerzbank AG 9.000 1/2/2019 EUR 68.410
Commerzbank AG 10.000 1/2/2019 EUR 66.970
Commerzbank AG 11.000 1/2/2019 EUR 65.560
Commerzbank AG 12.000 1/2/2019 EUR 64.610
Commerzbank AG 14.750 1/2/2019 EUR 70.410
Commerzbank AG 16.750 1/2/2019 EUR 68.170
Commerzbank AG 6.750 1/2/2019 EUR 70.720
Commerzbank AG 7.750 1/2/2019 EUR 69.710
Commerzbank AG 8.750 1/2/2019 EUR 68.830
Commerzbank AG 15.000 7/27/2018 EUR 59.790
Commerzbank AG 14.250 8/24/2018 EUR 60.790
Commerzbank AG 13.500 9/28/2018 EUR 61.900
Commerzbank AG 13.000 10/26/2018 EUR 62.710
Commerzbank AG 12.500 11/23/2018 EUR 63.500
Commerzbank AG 15.000 6/22/2018 EUR 63.990
Commerzbank AG 10.250 9/28/2018 EUR 44.790
Landesbank Baden-Wuerttemb 4.600 1/25/2019 EUR 59.910
BNP Paribas Emissions- und 15.000 12/31/2018 EUR 69.750
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 65.380
EFG International Finance 13.000 12/6/2018 EUR 71.770
Zurcher Kantonalbank Finan 4.750 11/30/2018 CHF 55.370
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 71.740
BNP Paribas Emissions- und 22.000 9/27/2018 EUR 63.200
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 73.240
Bank Julius Baer & Co Ltd/ 7.800 11/30/2018 USD 73.350
BNP Paribas Emissions- und 7.500 9/27/2018 EUR 67.230
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 59.540
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 69.120
Commerzbank AG 5.750 6/22/2018 EUR 71.720
Vontobel Financial Product 10.550 9/28/2018 EUR 73.230
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 70.360
Commerzbank AG 10.500 11/23/2018 EUR 42.700
Commerzbank AG 11.000 8/24/2018 EUR 62.740
Commerzbank AG 13.000 8/24/2018 EUR 60.740
Commerzbank AG 11.250 9/28/2018 EUR 62.800
Commerzbank AG 12.250 9/28/2018 EUR 61.790
Commerzbank AG 6.250 11/23/2018 EUR 70.880
Commerzbank AG 10.250 11/23/2018 EUR 64.430
Commerzbank AG 4.500 11/23/2018 EUR 53.450
Commerzbank AG 8.500 11/23/2018 EUR 44.780
Vontobel Financial Product 8.500 1/2/2019 EUR 70.560
Vontobel Financial Product 9.550 9/28/2018 EUR 63.530
Vontobel Financial Product 10.500 1/2/2019 EUR 64.190
Vontobel Financial Product 15.000 1/2/2019 EUR 66.520
DekaBank Deutsche Girozent 3.500 12/20/2018 EUR 58.610
DZ Bank AG Deutsche Zentra 8.250 3/20/2019 EUR 65.480
DZ Bank AG Deutsche Zentra 8.500 12/28/2018 EUR #N/A N/A
Rosselkhozbank JSC 12.870 12/21/2021 RUB 71.010
Vontobel Financial Product 8.500 1/2/2019 EUR 54.000
Vontobel Financial Product 7.500 1/2/2019 EUR 53.490
Vontobel Financial Product 4.050 9/14/2018 EUR 73.660
Vontobel Financial Product 9.800 9/14/2018 EUR 57.850
Deutsche Bank AG 6.200 3/19/2019 EUR 71.300
Deutsche Bank AG 6.200 6/25/2019 EUR 73.400
Goldman Sachs & Co Wertpap 7.000 9/26/2018 EUR 66.790
UniCredit Bank AG 14.600 6/22/2018 EUR 73.000
Deutsche Bank AG 5.200 12/24/2019 EUR 74.200
UniCredit Bank AG 8.100 6/22/2018 EUR 63.430
UniCredit Bank AG 10.000 6/22/2018 EUR 60.350
UniCredit Bank AG 13.100 6/22/2018 EUR 56.230
UniCredit Bank AG 9.000 6/22/2018 EUR 61.860
DZ Bank AG Deutsche Zentra 10.250 6/22/2018 EUR 62.750
DZ Bank AG Deutsche Zentra 10.750 8/24/2018 EUR 61.920
Raiffeisen Schweiz Genosse 7.600 8/22/2018 CHF 55.660
Deutsche Bank AG 4.200 9/25/2018 EUR 70.800
DZ Bank AG Deutsche Zentra 7.250 6/22/2018 EUR 70.650
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 65.300
DZ Bank AG Deutsche Zentra 5.000 12/24/2018 EUR 66.990
DZ Bank AG Deutsche Zentra 6.250 12/24/2018 EUR 58.680
DZ Bank AG Deutsche Zentra 13.500 6/22/2018 EUR 58.590
UniCredit Bank AG 14.900 6/22/2018 EUR 57.540
UniCredit Bank AG 10.500 6/22/2018 EUR 44.040
UniCredit Bank AG 9.500 6/22/2018 EUR 64.440
UniCredit Bank AG 13.800 6/22/2018 EUR 71.120
DZ Bank AG Deutsche Zentra 6.800 12/24/2018 EUR 64.560
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 64.750
DZ Bank AG Deutsche Zentra 9.750 6/22/2018 EUR 69.050
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 67.260
DZ Bank AG Deutsche Zentra 7.250 6/22/2018 EUR 58.920
DZ Bank AG Deutsche Zentra 6.250 9/28/2018 EUR 54.400
Leonteq Securities AG/Guer 10.000 6/20/2019 CHF 74.490
DZ Bank AG Deutsche Zentra 6.400 9/24/2018 EUR 64.790
DZ Bank AG Deutsche Zentra 6.000 12/24/2018 EUR 66.110
DZ Bank AG Deutsche Zentra 4.600 3/18/2019 EUR 66.390
DZ Bank AG Deutsche Zentra 10.250 9/28/2018 EUR 71.670
DZ Bank AG Deutsche Zentra 10.500 6/22/2018 EUR 54.130
DZ Bank AG Deutsche Zentra 8.750 1/2/2019 EUR 44.850
DZ Bank AG Deutsche Zentra 12.250 1/2/2019 EUR 72.180
Vontobel Financial Product 5.050 9/28/2018 EUR 53.750
Vontobel Financial Product 11.550 1/2/2019 EUR 55.580
Vontobel Financial Product 13.500 9/28/2018 EUR 55.910
Vontobel Financial Product 12.550 1/2/2019 EUR 56.100
DZ Bank AG Deutsche Zentra 8.500 9/28/2018 EUR 60.630
BNP Paribas Emissions- und 13.000 9/27/2018 EUR 34.440
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 38.030
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 65.880
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 70.270
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 67.770
BNP Paribas Emissions- und 12.000 9/27/2018 EUR 66.970
BNP Paribas Emissions- und 16.000 9/27/2018 EUR 71.990
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 72.510
BNP Paribas Emissions- und 12.000 12/31/2018 EUR 69.300
BNP Paribas Emissions- und 6.500 9/27/2018 EUR 73.600
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 72.140
BNP Paribas Emissions- und 8.000 9/27/2018 EUR 72.390
BNP Paribas Emissions- und 8.500 9/27/2018 EUR 71.000
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 74.380
BNP Paribas Emissions- und 7.500 12/31/2018 EUR 73.130
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 69.970
Commerzbank AG 13.500 8/24/2018 EUR 36.380
Landesbank Baden-Wuerttemb 7.000 11/23/2018 EUR 71.410
Commerzbank AG 6.500 8/24/2018 EUR 68.190
Commerzbank AG 5.000 10/26/2018 EUR 72.590
Commerzbank AG 7.000 10/26/2018 EUR 68.070
HSBC Trinkaus & Burkhardt 5.900 9/28/2018 EUR 70.230
HSBC Trinkaus & Burkhardt 7.300 12/28/2018 EUR 69.320
HSBC Trinkaus & Burkhardt 5.600 12/28/2018 EUR 71.160
HSBC Trinkaus & Burkhardt 4.000 6/22/2018 EUR 74.910
HSBC Trinkaus & Burkhardt 9.600 12/28/2018 EUR 66.050
HSBC Trinkaus & Burkhardt 11.100 9/28/2018 EUR 68.830
Vontobel Financial Product 17.000 9/28/2018 EUR 69.280
Vontobel Financial Product 13.500 9/28/2018 EUR 68.390
DZ Bank AG Deutsche Zentra 8.250 3/18/2019 EUR 63.390
DZ Bank AG Deutsche Zentra 7.750 9/24/2018 EUR 66.010
Commerzbank AG 13.500 9/28/2018 EUR 39.050
Leonteq Securities AG/Guer 13.400 2/27/2019 EUR 67.900
DZ Bank AG Deutsche Zentra 8.500 1/2/2019 EUR 73.130
DZ Bank AG Deutsche Zentra 5.750 6/22/2018 EUR #N/A N/A
DZ Bank AG Deutsche Zentra 12.250 6/22/2018 EUR 73.640
DZ Bank AG Deutsche Zentra 4.250 9/28/2018 EUR 73.190
Commerzbank AG 13.250 10/26/2018 EUR 41.050
Commerzbank AG 7.000 9/28/2018 EUR 72.530
Commerzbank AG 5.250 10/26/2018 EUR 52.340
Commerzbank AG 11.250 10/26/2018 EUR 42.590
Deutsche Bank AG 4.200 9/25/2018 EUR 69.600
Deutsche Bank AG 4.200 9/25/2018 EUR 63.900
Deutsche Bank AG 4.200 12/27/2018 EUR 70.500
Deutsche Bank AG 4.200 12/27/2018 EUR 64.900
Commerzbank AG 8.750 8/24/2018 EUR 68.540
Commerzbank AG 17.000 6/22/2018 EUR 40.960
Deutsche Bank AG 8.200 12/27/2018 EUR 72.500
Deutsche Bank AG 8.200 9/25/2018 EUR 68.400
Deutsche Bank AG 8.200 12/27/2018 EUR 70.000
Vontobel Financial Product 7.500 1/2/2019 EUR 71.550
Vontobel Financial Product 10.000 11/23/2018 EUR 64.300
Vontobel Financial Product 14.000 9/28/2018 EUR 60.920
Vontobel Financial Product 6.500 1/2/2019 EUR 70.750
Vontobel Financial Product 8.550 1/2/2019 EUR 67.400
Vontobel Financial Product 13.000 1/2/2019 EUR 62.340
Vontobel Financial Product 6.500 9/28/2018 EUR 69.260
Vontobel Financial Product 9.050 9/28/2018 EUR 65.400
Vontobel Financial Product 12.000 9/28/2018 EUR 62.180
DZ Bank AG Deutsche Zentra 6.300 9/24/2018 EUR 68.400
DZ Bank AG Deutsche Zentra 6.100 12/24/2018 EUR 69.730
DZ Bank AG Deutsche Zentra 5.100 3/18/2019 EUR 70.290
DZ Bank AG Deutsche Zentra 5.000 1/2/2019 EUR 68.430
DZ Bank AG Deutsche Zentra 7.750 6/22/2018 EUR 69.660
Commerzbank AG 6.750 6/22/2018 EUR 68.700
Commerzbank AG 26.750 6/22/2018 EUR 66.560
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 61.870
Vontobel Financial Product 14.550 9/28/2018 EUR 38.450
Vontobel Financial Product 4.500 9/28/2018 EUR 73.910
Zurcher Kantonalbank Finan 6.509 10/5/2018 CHF 44.630
Kontsessii Vodosnabzheniya 12.000 4/7/2031 RUB 62.430
Araratbank OJSC 7.000 6/18/2019 USD 25.545
Leonteq Securities AG 10.200 10/24/2018 EUR 63.820
Raiffeisen Schweiz Genosse 6.500 7/2/2018 USD 69.940
Leonteq Securities AG 8.400 9/27/2018 USD 45.140
Landesbank Hessen-Thuering 4.000 10/14/2020 EUR 67.790
DZ Bank AG Deutsche Zentra 15.000 8/22/2018 EUR 70.590
Vontobel Financial Product 7.550 6/22/2018 EUR 71.980
Commerzbank AG 19.000 10/26/2018 EUR 70.130
Commerzbank AG 18.000 11/23/2018 EUR 71.300
HSBC Trinkaus & Burkhardt 4.200 12/28/2018 EUR 71.170
Deutsche Bank AG 5.200 7/25/2018 EUR 73.300
Deutsche Bank AG 5.200 7/25/2018 EUR 63.600
Deutsche Bank AG 5.200 12/27/2018 EUR 69.500
HSBC Trinkaus & Burkhardt 5.600 12/28/2018 EUR 68.760
Commerzbank AG 3.000 11/23/2018 EUR 63.580
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 70.930
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 72.530
Deutsche Bank AG 4.200 10/24/2018 EUR 68.900
Deutsche Bank AG 4.200 11/21/2018 EUR 69.300
Deutsche Bank AG 4.200 3/19/2019 EUR 71.200
DZ Bank AG Deutsche Zentra 4.750 3/18/2019 EUR 72.430
DZ Bank AG Deutsche Zentra 6.200 3/18/2019 EUR 73.850
DZ Bank AG Deutsche Zentra 5.250 12/24/2018 EUR 69.640
DZ Bank AG Deutsche Zentra 5.000 3/18/2019 EUR 70.640
Commerzbank AG 19.000 6/22/2018 EUR 69.380
Commerzbank AG 15.000 7/27/2018 EUR 68.850
Commerzbank AG 17.000 7/27/2018 EUR 65.460
Commerzbank AG 21.000 7/27/2018 EUR 60.390
Commerzbank AG 23.000 7/27/2018 EUR 58.380
Commerzbank AG 15.500 8/24/2018 EUR 67.850
Commerzbank AG 21.500 8/24/2018 EUR 59.900
Commerzbank AG 16.000 9/28/2018 EUR 66.770
Commerzbank AG 20.000 9/28/2018 EUR 61.520
Commerzbank AG 15.000 10/26/2018 EUR 68.270
Commerzbank AG 17.000 10/26/2018 EUR 65.250
Commerzbank AG 19.000 10/26/2018 EUR 62.710
Commerzbank AG 14.250 11/23/2018 EUR 69.440
Commerzbank AG 18.250 11/23/2018 EUR 63.580
Vontobel Financial Product 7.500 11/23/2018 EUR 71.830
DZ Bank AG Deutsche Zentra 5.250 1/2/2019 EUR 66.840
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 38.600
BNP Paribas Emissions- und 7.000 12/31/2018 EUR 40.430
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 39.150
BNP Paribas Emissions- und 7.500 9/27/2018 EUR 70.430
BNP Paribas Emissions- und 6.500 12/31/2018 EUR 71.520
BNP Paribas Emissions- und 15.000 9/27/2018 EUR 68.840
Vontobel Financial Product 7.000 1/25/2019 EUR 66.760
BNP Paribas Emissions- und 14.000 9/27/2018 EUR 66.690
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 70.920
BNP Paribas Emissions- und 9.500 6/27/2019 EUR 73.770
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 69.210
BNP Paribas Emissions- und 9.000 12/31/2018 EUR 71.740
BNP Paribas Emissions- und 11.000 12/31/2018 EUR 68.210
Leonteq Securities AG/Guer 8.000 12/27/2019 EUR 66.640
EFG International Finance 10.000 12/28/2018 EUR 69.640
Landesbank Hessen-Thuering 7.250 3/15/2023 EUR 69.490
Raiffeisen Schweiz Genosse 8.750 12/27/2018 CHF 48.910
Commerzbank AG 4.500 6/22/2018 EUR 73.370
Commerzbank AG 5.500 8/24/2018 EUR 70.370
Commerzbank AG 5.750 9/28/2018 EUR 70.130
Commerzbank AG 6.000 10/26/2018 EUR 70.180
Commerzbank AG 8.000 10/26/2018 EUR 66.380
HSBC Trinkaus & Burkhardt 16.000 6/22/2018 EUR 70.140
Vontobel Financial Product 15.550 9/28/2018 EUR 68.910
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 61.570
DZ Bank AG Deutsche Zentra 8.750 12/24/2018 EUR 68.430
EFG International Finance 12.600 11/29/2018 EUR 65.020
DZ Bank AG Deutsche Zentra 5.250 3/22/2019 EUR 64.900
DZ Bank AG Deutsche Zentra 13.000 6/22/2018 EUR 71.590
DZ Bank AG Deutsche Zentra 12.250 6/22/2018 EUR 70.040
DZ Bank AG Deutsche Zentra 8.000 6/22/2018 EUR 70.000
DZ Bank AG Deutsche Zentra 9.250 6/22/2018 EUR 67.210
Commerzbank AG 13.000 3/13/2023 USD 9.250
Raiffeisen Schweiz Genosse 5.000 8/29/2018 CHF 73.230
BNP Paribas Emissions- und 8.000 12/31/2018 EUR 40.310
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 41.330
DZ Bank AG Deutsche Zentra 4.750 9/24/2018 EUR 56.710
Bank Julius Baer & Co Ltd/ 5.600 12/5/2018 CHF 75.050
BNP Paribas Emissions- und 19.000 12/31/2018 EUR 45.940
DZ Bank AG Deutsche Zentra 8.250 12/24/2018 EUR 62.410
HSBC Trinkaus & Burkhardt 7.000 12/28/2018 EUR 60.900
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 42.870
DekaBank Deutsche Girozent 3.000 1/7/2019 EUR 67.110
Credit Suisse AG/London 9.000 1/23/2020 USD 7.920
Vontobel Financial Product 6.500 1/2/2019 EUR 70.470
Raiffeisen Schweiz Genosse 10.000 12/31/2024 CHF 71.940
Vontobel Financial Product 7.000 12/27/2019 EUR 68.260
Vontobel Financial Product 9.500 9/28/2018 EUR 68.300
Polski Bank Spoldzielczy w 4.780 6/18/2020 PLN 50.000
BNP Paribas Emissions- und 3.000 12/31/2018 EUR 71.480
Vontobel Financial Product 6.000 1/2/2019 EUR 65.040
UniCredit Bank AG 3.500 1/29/2020 EUR 47.810
Vontobel Financial Product 7.500 1/2/2019 EUR 65.820
Vontobel Financial Product 8.000 9/28/2018 EUR 67.870
Vontobel Financial Product 8.500 1/2/2019 EUR 67.380
Vontobel Financial Product 10.000 1/2/2019 EUR 68.200
UniCredit Bank AG 3.500 12/19/2019 EUR 51.250
EFG International Finance 7.000 11/27/2019 EUR 10.020
Commerzbank AG 8.250 10/26/2018 EUR 69.540
Commerzbank AG 9.500 9/28/2018 EUR 67.940
Landesbank Hessen-Thuering 4.250 7/9/2019 EUR 62.800
Vontobel Financial Product 6.550 9/28/2018 EUR 67.450
Vontobel Financial Product 10.500 1/2/2019 EUR 55.040
Vontobel Financial Product 5.500 1/2/2019 EUR 52.450
Vontobel Financial Product 10.500 9/28/2018 EUR 55.140
Raiffeisen Schweiz Genosse 3.000 9/22/2020 CHF 73.580
DekaBank Deutsche Girozent 2.750 7/17/2019 EUR 48.050
HSBC Trinkaus & Burkhardt 9.900 12/28/2018 EUR 63.960
Vontobel Financial Product 2.850 9/21/2018 EUR 73.440
Vontobel Financial Product 12.000 12/14/2018 EUR 61.220
Vontobel Financial Product 14.900 12/14/2018 EUR 70.200
HSBC Trinkaus & Burkhardt 5.600 8/24/2018 EUR 68.720
Vontobel Financial Product 9.400 12/14/2018 EUR 63.460
Vontobel Financial Product 10.700 12/14/2018 EUR 62.280
Vontobel Financial Product 12.000 9/14/2018 EUR 72.190
HSBC Trinkaus & Burkhardt 7.700 12/28/2018 EUR 67.090
HSBC Trinkaus & Burkhardt 5.800 3/22/2019 EUR 71.600
HSBC Trinkaus & Burkhardt 5.800 11/23/2018 EUR 70.050
Vontobel Financial Product 15.450 9/14/2018 EUR 69.240
HSBC Trinkaus & Burkhardt 5.000 12/28/2018 EUR 72.020
Vontobel Financial Product 12.800 9/21/2018 EUR 71.490
Vontobel Financial Product 13.800 12/14/2018 EUR 71.310
HSBC Trinkaus & Burkhardt 10.600 6/22/2018 EUR 42.910
UniCredit Bank AG 3.750 9/7/2020 EUR 44.710
HSBC Trinkaus & Burkhardt 5.400 9/28/2018 EUR 46.420
Vontobel Financial Product 7.000 11/23/2018 EUR 66.160
DZ Bank AG Deutsche Zentra 8.250 1/2/2019 EUR 64.530
UniCredit Bank AG 4.600 7/2/2018 EUR 33.350
Landesbank Hessen-Thuering 4.000 4/8/2019 EUR 67.340
Vontobel Financial Product 3.050 12/14/2018 EUR 69.910
Vontobel Financial Product 4.100 12/14/2018 EUR 62.750
Deutsche Bank AG 6.200 9/24/2018 EUR 70.370
UniCredit Bank AG 3.750 10/2/2020 EUR 42.640
DZ Bank AG Deutsche Zentra 11.250 1/2/2019 EUR 61.390
Vontobel Financial Product 4.400 12/14/2018 EUR 66.770
Vontobel Financial Product 5.450 12/14/2018 EUR 68.230
Landesbank Baden-Wuerttemb 8.000 6/22/2018 EUR 64.420
Landesbank Baden-Wuerttemb 2.000 6/22/2018 EUR 74.200
Landesbank Baden-Wuerttemb 3.000 6/28/2019 EUR 43.750
Commerzbank AG 11.250 6/22/2018 EUR 71.390
UBS AG/London 5.200 1/3/2019 EUR 70.330
Deutsche Bank AG 6.200 9/24/2018 EUR 73.170
Deutsche Bank AG 6.200 9/24/2018 EUR 70.370
Deutsche Bank AG 6.200 3/18/2019 EUR 72.550
Deutsche Bank AG 6.200 12/24/2018 EUR 71.540
Deutsche Bank AG 6.200 9/24/2018 EUR 73.170
Deutsche Bank AG 6.200 12/24/2018 EUR 71.540
UniCredit Bank AG 5.000 6/25/2019 EUR 36.840
Vontobel Financial Product 9.500 11/23/2018 EUR 39.900
Deutsche Bank AG 4.200 9/24/2018 EUR 69.860
DekaBank Deutsche Girozent 2.750 9/18/2018 EUR 65.810
Landesbank Hessen-Thuering 4.000 4/30/2019 EUR 38.240
Vontobel Financial Product 6.400 12/14/2018 EUR 55.380
Vontobel Financial Product 7.600 12/14/2018 EUR 55.940
UniCredit Bank AG 4.100 11/7/2018 EUR 72.470
UniCredit Bank AG 5.000 11/5/2018 EUR 59.490
Vontobel Financial Product 8.800 12/14/2018 EUR 56.500
Vontobel Financial Product 6.600 12/14/2018 EUR 67.800
Vontobel Financial Product 8.450 12/14/2018 EUR 64.830
Deutsche Bank AG 6.200 3/18/2019 EUR 72.550
Deutsche Bank AG 6.200 6/24/2019 EUR 72.990
EFG International Finance 7.200 2/25/2019 EUR 4.460
Vontobel Financial Product 7.750 12/14/2018 EUR 69.380
Landesbank Baden-Wuerttemb 3.350 6/22/2018 EUR 66.490
Leonteq Securities AG 5.000 5/7/2019 CHF 70.230
UBS AG/London 6.000 3/28/2019 EUR 67.670
Deutsche Bank AG 4.200 6/24/2019 EUR 73.360
Deutsche Bank AG 4.200 6/24/2019 EUR 70.970
Deutsche Bank AG 4.200 9/24/2018 EUR 69.860
Deutsche Bank AG 4.200 12/24/2018 EUR 73.180
Deutsche Bank AG 4.200 12/24/2018 EUR 70.530
Deutsche Bank AG 4.200 3/18/2019 EUR 71.070
Bank Julius Baer & Co Ltd/ 8.550 12/12/2018 CHF 50.550
Deutsche Bank AG 4.200 9/24/2018 EUR 72.660
Deutsche Bank AG 4.200 9/24/2018 EUR 72.660
Deutsche Bank AG 4.200 12/24/2018 EUR 70.530
Deutsche Bank AG 4.200 6/24/2019 EUR 73.360
Koncessii Teplosnabzheniya 11.000 11/11/2032 RUB 62.120
Deutsche Bank AG 4.200 3/18/2019 EUR 71.070
Deutsche Bank AG 4.200 6/24/2019 EUR 70.970
Zurcher Kantonalbank Finan 3.000 12/12/2018 CHF 48.120
EFG International Finance 6.400 4/9/2020 EUR 73.600
Landesbank Hessen-Thuering 8.000 5/15/2020 EUR 66.110
Vontobel Financial Product 8.250 9/28/2018 EUR 69.010
VTB Bank PJSC 9.000 9/1/2044 RUB 62.010
Raiffeisen Switzerland BV 9.000 4/1/2019 EUR 9.570
SG Issuer SA 0.820 8/2/2021 SEK 56.210
Commerzbank AG 7.250 10/26/2018 EUR 70.720
Commerzbank AG 9.250 10/26/2018 EUR 68.430
Commerzbank AG 10.250 8/24/2018 EUR 66.820
Vontobel Financial Product 8.000 1/2/2019 EUR 59.280
Vontobel Financial Product 10.000 1/2/2019 EUR 59.120
BNP Paribas Emissions- und 17.000 12/31/2018 EUR 67.720
BNP Paribas Emissions- und 13.000 12/31/2018 EUR 52.990
BNP Paribas Emissions- und 15.000 12/31/2018 EUR 51.210
Deutsche Bank AG 3.200 3/19/2019 EUR 69.500
UBS AG/London 8.400 1/3/2019 EUR 63.820
EFG International Finance 11.000 12/20/2018 EUR 62.480
UniCredit Bank AG 5.500 1/4/2019 EUR 70.250
UniCredit Bank AG 15.000 1/4/2019 EUR 72.580
UBS AG/London 12.900 1/3/2019 EUR 72.850
UBS AG/London 7.000 1/3/2019 EUR 67.030
UBS AG/London 19.000 1/3/2019 EUR 57.780
DekaBank Deutsche Girozent 2.750 10/29/2018 EUR 34.260
UBS AG/London 5.600 6/27/2019 EUR 71.980
UBS AG/London 5.600 9/26/2019 EUR 72.900
UniCredit Bank AG 5.000 7/30/2018 EUR 38.760
UBS AG/London 13.100 1/3/2019 EUR 59.880
UBS AG/London 14.700 1/3/2019 EUR 71.490
Landesbank Baden-Wuerttemb 4.000 6/22/2018 EUR 37.990
UBS AG/London 4.800 3/28/2019 EUR 71.010
Landesbank Baden-Wuerttemb 3.000 7/26/2019 EUR 49.620
UBS AG/London 8.750 6/6/2019 EUR 64.150
UBS AG/London 5.000 9/27/2018 EUR 69.090
DekaBank Deutsche Girozent 2.800 5/13/2019 EUR 73.120
Raiffeisen Schweiz Genosse 4.300 6/5/2019 CHF 70.450
UniCredit Bank AG 12.700 9/28/2018 EUR 68.860
UniCredit Bank AG 14.900 9/28/2018 EUR 61.420
UniCredit Bank AG 13.300 9/28/2018 EUR 62.790
Deutsche Bank AG 3.200 6/25/2019 EUR 69.300
UniCredit Bank AG 7.600 9/28/2018 EUR 64.520
UniCredit Bank AG 3.800 7/23/2020 EUR 43.580
UniCredit Bank AG 14.400 9/28/2018 EUR 72.430
UniCredit Bank AG 6.300 9/28/2018 EUR 70.000
UniCredit Bank AG 12.800 1/4/2019 EUR 69.370
Landesbank Baden-Wuerttemb 3.000 6/22/2018 EUR 64.270
Landesbank Baden-Wuerttemb 3.500 7/27/2018 EUR 38.160
Leonteq Securities AG/Guer 10.600 3/15/2019 CHF 51.150
Vontobel Financial Product 5.400 1/6/2020 EUR 73.250
UniCredit Bank AG 11.800 9/28/2018 EUR 64.320
Landesbank Baden-Wuerttemb 3.000 8/24/2018 EUR 53.880
Landesbank Baden-Wuerttemb 3.200 7/27/2018 EUR 53.070
Landesbank Baden-Wuerttemb 12.400 11/23/2018 EUR 40.740
Landesbank Baden-Wuerttemb 5.000 6/22/2018 EUR 68.740
BNP Paribas Emissions- und 7.000 9/27/2018 EUR 70.700
BNP Paribas Emissions- und 10.000 9/27/2018 EUR 73.000
BNP Paribas Emissions- und 9.500 12/31/2018 EUR 74.150
BNP Paribas Emissions- und 9.500 9/27/2018 EUR 72.200
BNP Paribas Emissions- und 8.500 12/31/2018 EUR 73.680
BNP Paribas Emissions- und 10.000 12/31/2018 EUR 68.940
Deutsche Bank AG 4.200 9/25/2018 EUR 69.300
Deutsche Bank AG 4.200 9/25/2018 EUR 67.400
Deutsche Bank AG 4.200 9/25/2018 EUR 63.100
Deutsche Bank AG 4.200 12/27/2018 EUR 68.000
Deutsche Bank AG 6.200 12/27/2018 EUR 64.900
EFG International Finance 7.200 10/5/2020 USD 68.420
Raiffeisen Centrobank AG 7.653 3/19/2019 EUR 69.220
UBS AG/London 13.250 9/6/2018 CHF 51.000
Goldman Sachs & Co Wertpap 21.000 1/23/2019 EUR 67.560
Goldman Sachs & Co Wertpap 13.000 2/20/2019 EUR 71.870
Goldman Sachs & Co Wertpap 16.000 10/24/2018 EUR 68.760
Goldman Sachs & Co Wertpap 23.000 11/21/2018 EUR 66.540
Goldman Sachs & Co Wertpap 7.000 1/23/2019 EUR 72.770
Goldman Sachs & Co Wertpap 7.000 2/20/2019 EUR 73.170
Goldman Sachs & Co Wertpap 6.000 6/26/2019 EUR 72.250
Goldman Sachs & Co Wertpap 7.000 11/21/2018 EUR 71.750
Goldman Sachs & Co Wertpap 7.000 12/28/2018 EUR 72.330
UBS AG/London 17.500 9/27/2018 EUR 65.270
UBS AG/London 10.400 9/27/2018 EUR 70.520
Lehman Brothers Treasury C 7.500 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 7.320 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 3.500 6/20/2011 EUR 2.571
Lehman Brothers Treasury C 5.500 6/22/2010 USD 6.000
Lehman Brothers Treasury C 10.000 10/22/2008 USD 2.571
Lehman Brothers Treasury C 3.450 5/23/2013 USD 2.571
Lehman Brothers Treasury C 7.500 2/14/2010 AUD 2.571
TransFin-M PAO 10.000 10/3/2024 RUB 63.000
Business-Consulting OAO 9.000 3/26/2020 RUB 62.380
Center-Invest Commercial B 8.500 11/13/2018 RUB 61.310
TransFin-M PAO 10.500 2/26/2025 RUB 63.000
Lehman Brothers Treasury C 4.600 11/9/2011 EUR 6.000
Lehman Brothers Treasury C 4.800 11/16/2012 HKD 2.571
Lehman Brothers Treasury C 12.220 11/21/2017 USD 2.571
Digital Invest OOO 7.350 4/21/2020 RUB 0.140
Lehman Brothers Treasury C 10.000 2/16/2009 CHF 2.571
Lehman Brothers Treasury C 5.375 2/4/2014 USD 2.571
Ladya-Finans LLC 12.000 10/29/2021 RUB 62.010
Societe Generale SA 0.500 5/22/2024 MXN 59.358
Lehman Brothers Treasury C 1.000 2/26/2010 USD 2.571
Oberoesterreichische Lande 0.300 4/25/2042 EUR 70.965
Lehman Brothers Treasury C 11.000 2/16/2009 CHF 2.571
Societe Generale SA 0.500 4/30/2023 RUB 71.171
Lehman Brothers Treasury C 5.500 11/30/2012 CZK 2.571
Aragon OOO 10.250 5/4/2022 RUB 65.000
Lehman Brothers Treasury C 7.800 3/31/2018 USD 2.571
Lehman Brothers Treasury C 7.150 3/21/2013 USD 2.571
Lehman Brothers Treasury C 7.050 4/8/2015 USD 2.571
Lehman Brothers Treasury C 4.000 3/10/2011 EUR 2.571
Lehman Brothers Treasury C 11.750 3/1/2010 EUR 2.571
Digital Invest OOO 7.350 4/9/2021 RUB 0.170
Digital Invest OOO 7.350 4/7/2021 RUB 0.140
Lehman Brothers Treasury C 6.000 2/19/2023 USD 2.571
SAir Group 6.250 10/27/2002 CHF 13.125
Lenenergo PJSC 7.850 7/9/2025 RUB 99.950
Lehman Brothers Treasury C 4.200 12/3/2008 HKD 6.000
Risland OOO 9.250 1/10/2019 RUB 1.000
Finstone OOO 9.250 1/10/2019 RUB 100.000
Lehman Brothers Treasury C 1.950 11/4/2013 EUR 2.571
Lehman Brothers Treasury C 4.870 10/8/2013 USD 2.571
Lehman Brothers Treasury C 4.680 12/12/2045 EUR 2.571
Lehman Brothers Treasury C 6.700 4/21/2011 USD 2.571
Lehman Brothers Treasury C 7.500 6/15/2017 USD 2.571
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
Lehman Brothers Treasury C 4.100 6/10/2014 SGD 6.000
Lehman Brothers Treasury C 2.480 5/12/2009 USD 2.571
Lehman Brothers Treasury C 4.000 5/30/2010 USD 2.571
TransFin-M PAO 12.500 8/11/2025 RUB 63.000
Lehman Brothers Treasury C 6.000 12/30/2017 EUR 2.571
Lehman Brothers Treasury C 10.000 8/2/2037 JPY 2.571
Lehman Brothers Treasury C 13.000 7/25/2012 EUR 2.571
Lehman Brothers Treasury C 8.050 12/20/2010 HKD 2.571
Lehman Brothers Treasury C 3.000 12/3/2012 EUR 2.571
Lehman Brothers Treasury C 7.060 12/29/2008 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 9.300 12/21/2010 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 16.000 10/8/2008 CHF 2.571
Lehman Brothers Treasury C 14.900 11/16/2010 EUR 2.571
Lehman Brothers Treasury C 2.500 11/9/2011 CHF 2.571
Kaupthing ehf 3.750 2/15/2024 ISK 0.250
Rosbank PJSC 0.040 4/30/2024 RUB 100.000
National Capital JSC 9.250 4/22/2019 RUB 100.000
Nota-Bank OJSC 13.500 4/1/2016 RUB 31.500
Lehman Brothers Treasury C 3.000 8/13/2011 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 6.000
Lehman Brothers Treasury C 11.000 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 4.000 1/4/2011 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 8.800 12/27/2009 EUR 2.571
Lehman Brothers Treasury C 7.625 7/22/2011 HKD 2.571
Lehman Brothers Treasury C 6.720 12/29/2008 EUR 2.571
Lehman Brothers Treasury C 2.500 8/23/2012 GBP 2.571
Lehman Brothers Treasury C 4.000 7/27/2011 EUR 2.571
Lehman Brothers Treasury C 5.000 8/16/2017 EUR 6.000
United Confectioners Finan 8.000 4/3/2023 RUB 65.000
Lehman Brothers Treasury C 2.250 5/12/2009 USD 2.571
Lehman Brothers Treasury C 2.750 10/28/2009 EUR 2.571
Barclays Bank PLC 1.645 6/3/2041 USD 70.900
Lehman Brothers Treasury C 7.000 9/20/2011 USD 2.571
Lehman Brothers Treasury C 16.800 8/21/2009 USD 2.571
Lehman Brothers Treasury C 6.450 2/20/2010 AUD 2.571
Lehman Brothers Treasury C 6.600 5/23/2012 AUD 2.571
Lehman Brothers Treasury C 16.000 10/28/2008 USD 2.571
Lehman Brothers Treasury C 5.250 7/8/2014 EUR 2.571
Lehman Brothers Treasury C 4.000 8/11/2010 USD 6.000
Lehman Brothers Treasury C 4.300 6/4/2012 USD 2.571
Lehman Brothers Treasury C 6.250 9/5/2011 EUR 2.571
Lehman Brothers Treasury C 4.600 8/1/2013 EUR 2.571
Lehman Brothers Treasury C 14.100 11/12/2008 USD 2.571
Lehman Brothers Treasury C 6.000 8/7/2013 EUR 2.571
Lehman Brothers Treasury C 8.280 7/31/2013 GBP 2.571
Lehman Brothers Treasury C 12.000 7/4/2011 EUR 2.571
Lehman Brothers Treasury C 4.000 6/5/2011 USD 2.571
Barclays Bank PLC 1.988 12/1/2040 USD 72.885
Lehman Brothers Treasury C 7.500 5/30/2010 AUD 2.571
Lehman Brothers Treasury C 11.000 5/9/2020 USD 2.571
IDGC of Centre PJSC 9.320 8/14/2026 RUB 70.020
Lehman Brothers Treasury C 13.150 10/30/2008 USD 2.571
Center-Invest Commercial B 8.250 5/22/2019 RUB 61.910
Metalenergmontazh OOO 10.000 5/7/2020 RUB 63.070
Lehman Brothers Treasury C 4.500 3/7/2015 EUR 2.571
Kommunekredit 0.500 5/11/2029 CAD 75.236
Lehman Brothers Treasury C 0.750 3/29/2012 EUR 2.571
Lehman Brothers Treasury C 7.000 6/6/2017 EUR 2.571
Banca Adriatica Spa 7.750 6/30/2018 EUR 1.237
Banca Adriatica Spa 8.000 6/30/2018 EUR 1.237
Lehman Brothers Treasury C 8.280 3/26/2009 USD 2.571
Lehman Brothers Treasury C 7.600 3/26/2009 EUR 2.571
Lehman Brothers Treasury C 2.000 5/17/2010 EUR 2.571
Invektor 7.000 7/30/2019 RUB 63.000
Profit Garant Ltd 7.000 7/30/2019 RUB 94.300
Otkritie Holding JSC 10.000 9/17/2027 RUB 7.500
Lehman Brothers Treasury C 5.120 4/30/2027 EUR 2.571
Lehman Brothers Treasury C 4.100 8/23/2010 USD 2.571
Lehman Brothers Treasury C 4.150 8/25/2020 EUR 2.571
Lehman Brothers Treasury C 6.000 12/6/2016 USD 2.571
Lehman Brothers Treasury C 7.750 2/21/2016 EUR 2.571
Lehman Brothers Treasury C 4.900 7/28/2020 EUR 2.571
Lehman Brothers Treasury C 6.000 7/28/2010 EUR 2.571
Lehman Brothers Treasury C 6.000 7/28/2010 EUR 2.571
Lehman Brothers Treasury C 7.500 8/1/2035 EUR 2.571
Lehman Brothers Treasury C 7.000 7/11/2010 EUR 2.571
Lehman Brothers Treasury C 3.000 8/8/2017 EUR 2.571
Lehman Brothers Treasury C 6.500 5/16/2015 EUR 2.571
Lehman Brothers Treasury C 3.500 9/29/2017 EUR 2.571
Lehman Brothers Treasury C 10.000 1/4/2010 USD 2.571
Lehman Brothers Treasury C 0.010 9/20/2011 USD 2.571
Lehman Brothers Treasury C 1.500 2/8/2012 CHF 2.571
Lehman Brothers Treasury C 3.000 8/15/2017 EUR 2.571
Soyuz AKB OAO 13.000 11/22/2019 RUB 65.010
Lehman Brothers Treasury C 9.250 6/20/2012 USD 2.571
Societe Generale SA 0.000 6/26/2034 USD 57.334
Lehman Brothers Treasury C 3.000 9/13/2010 JPY 6.000
Lehman Brothers Treasury C 11.250 12/31/2008 USD 2.571
Lehman Brothers Treasury C 12.000 7/13/2037 JPY 2.571
Lehman Brothers Treasury C 8.500 7/6/2009 CHF 2.571
Lehman Brothers Treasury C 4.600 7/6/2016 EUR 2.571
Lehman Brothers Treasury C 7.500 9/13/2009 CHF 2.571
Lehman Brothers Treasury C 5.103 6/22/2046 EUR 2.571
Lehman Brothers Treasury C 4.500 8/2/2009 USD 2.571
Solomenskij Lesozavod ZAO 10.000 9/29/2021 RUB #N/A N/A
Lehman Brothers Treasury C 8.000 5/22/2009 USD 2.571
Lehman Brothers Treasury C 7.250 10/6/2008 EUR 2.571
Digital Invest OOO 7.350 10/22/2020 RUB 0.120
Lehman Brothers Treasury C 7.000 11/28/2008 CHF 2.571
Lehman Brothers Treasury C 4.500 3/6/2013 CHF 2.571
Lehman Brothers Treasury C 9.000 3/17/2009 GBP 2.571
Lehman Brothers Treasury C 4.000 4/24/2009 USD 2.571
Lehman Brothers Treasury C 9.000 6/13/2009 USD 2.571
Kaupthing ehf 6.125 10/4/2016 USD 0.250
Lehman Brothers Treasury C 7.375 9/20/2008 EUR 2.571
Lehman Brothers Treasury C 10.500 8/9/2010 EUR 2.571
Lehman Brothers Treasury C 4.350 8/8/2016 SGD 6.000
Lehman Brothers Treasury C 8.000 12/27/2032 JPY 2.571
Lehman Brothers Treasury C 3.500 9/19/2017 EUR 2.571
KIT Finance Capital OOO 8.000 9/16/2026 RUB 100.000
Lehman Brothers Treasury C 4.820 12/18/2036 EUR 2.571
Lehman Brothers Treasury C 2.300 4/28/2014 JPY 2.571
Lehman Brothers Treasury C 3.000 6/23/2009 EUR 6.000
Lehman Brothers Treasury C 6.850 12/22/2008 EUR 2.571
Lehman Brothers Treasury C 3.630 3/2/2012 EUR 2.571
Lehman Brothers Treasury C 5.250 11/21/2009 USD 2.571
BTV Hybrid I GmbH 6.500 EUR 29.475
Kaupthing ehf 7.500 2/1/2045 USD 0.259
Lehman Brothers Treasury C 5.000 8/1/2025 EUR 2.571
Lehman Brothers Treasury C 7.000 4/14/2009 EUR 2.571
Lehman Brothers Treasury C 6.000 10/24/2008 EUR 2.571
Lehman Brothers Treasury C 5.500 6/15/2009 CHF 2.571
Lehman Brothers Treasury C 8.000 8/3/2009 USD 2.571
Lehman Brothers Treasury C 1.500 10/25/2011 EUR 2.571
Lehman Brothers Treasury C 4.500 7/24/2014 EUR 2.571
Lehman Brothers Treasury C 5.750 6/15/2009 CHF 2.571
Lehman Brothers Treasury C 3.850 4/24/2009 USD 2.571
Lehman Brothers Treasury C 10.000 3/27/2009 USD 2.571
Lehman Brothers Treasury C 0.250 7/21/2014 EUR 2.571
Lehman Brothers Treasury C 7.500 10/24/2008 USD 2.571
Lehman Brothers Treasury C 4.950 10/25/2036 EUR 2.571
Lehman Brothers Treasury C 7.750 1/30/2009 EUR 2.571
Lehman Brothers Treasury C 5.000 10/24/2008 CHF 2.571
Lehman Brothers Treasury C 4.000 10/24/2012 EUR 2.571
Lehman Brothers Treasury C 4.000 11/24/2016 EUR 2.571
Lehman Brothers Treasury C 7.585 11/22/2009 MXN 6.000
Lehman Brothers Treasury C 4.000 4/13/2011 CHF 2.571
HSBC Bank PLC 0.500 12/8/2026 AUD 73.456
Lehman Brothers Treasury C 4.700 3/23/2016 EUR 2.571
Lehman Brothers Treasury C 3.700 6/6/2009 EUR 2.571
Univer Capital LLC 12.000 3/6/2019 RUB 59.000
Lehman Brothers Treasury C 4.250 3/13/2021 EUR 2.571
Lehman Brothers Treasury C 0.500 2/16/2009 EUR 2.571
KIT Finance Capital OOO 10.900 10/13/2026 RUB 100.500
Lehman Brothers Treasury C 5.250 5/26/2026 EUR 2.571
KIT Finance Capital OOO 9.800 3/21/2022 RUB 100.500
Lehman Brothers Treasury C 2.000 11/16/2009 EUR 2.571
Lehman Brothers Treasury C 6.000 3/17/2011 EUR 2.571
Lehman Brothers Treasury C 4.700 3/23/2016 EUR 2.571
KIT Finance Capital OOO 10.530 9/4/2019 RUB 66.670
HSBC Bank PLC 0.500 1/29/2027 NZD 74.134
Priam JSC 11.000 12/3/2026 RUB 98.500
Digital Invest OOO 7.350 11/3/2020 RUB 0.140
Kommunalbanken AS 0.500 12/16/2020 TRY 65.854
TransFin-M PAO 10.500 6/17/2024 RUB 63.000
Lehman Brothers Treasury C 7.550 12/29/2008 USD 2.571
Lehman Brothers Treasury C 3.820 10/20/2009 USD 2.571
Lehman Brothers Treasury C 5.000 12/6/2011 EUR 2.571
KIT Finance Capital OOO 11.500 12/9/2026 RUB 98.900
Lehman Brothers Treasury C 13.000 12/14/2012 USD 2.571
Lehman Brothers Treasury C 4.100 5/20/2009 USD 2.571
Eiendomskreditt AS 4.420 NOK 56.982
Lehman Brothers Treasury C 2.370 7/15/2013 USD 2.571
Kaupthing ehf 7.500 12/5/2014 ISK 0.250
Kaupthing ehf 6.500 10/8/2010 ISK 0.250
Lehman Brothers Treasury C 2.300 6/27/2013 USD 2.571
Landes-Hypothekenbank Stei 0.023 3/7/2043 EUR 70.065
Lehman Brothers Treasury C 5.000 3/13/2009 EUR 2.571
Commerzbank AG 6.000 1/25/2019 EUR 72.460
Lehman Brothers Treasury C 6.500 7/24/2026 EUR 2.571
Lehman Brothers Treasury C 5.000 4/24/2017 EUR 2.571
Lehman Brothers Treasury C 7.390 5/4/2017 USD 2.571
Societe Generale SA 0.500 4/3/2023 RUB 71.753
Lehman Brothers Treasury C 4.500 5/2/2017 EUR 6.000
Lehman Brothers Treasury C 6.000 5/23/2018 CZK 2.571
Lehman Brothers Treasury C 4.000 5/17/2010 USD 2.571
Credit Suisse AG/London 3.000 11/15/2025 ZAR 66.093
Lehman Brothers Treasury C 5.000 2/28/2032 EUR 2.571
Lehman Brothers Treasury C 0.250 10/19/2012 CHF 2.571
Lehman Brothers Treasury C 3.500 10/24/2011 USD 2.571
Lehman Brothers Treasury C 1.680 3/5/2015 EUR 2.571
Lehman Brothers Treasury C 6.750 4/5/2012 EUR 2.571
Lehman Brothers Treasury C 0.800 12/30/2016 EUR 2.571
Lehman Brothers Treasury C 3.350 10/13/2016 EUR 2.571
Lehman Brothers Treasury C 4.250 5/15/2010 EUR 2.571
Lehman Brothers Treasury C 1.750 2/7/2010 EUR 2.571
Lehman Brothers Treasury C 6.000 6/21/2011 EUR 2.571
Lehman Brothers Treasury C 7.000 2/15/2012 EUR 2.571
Lehman Brothers Treasury C 4.100 2/19/2010 EUR 2.571
Lehman Brothers Treasury C 6.600 2/22/2012 EUR 2.571
Lehman Brothers Treasury C 4.690 2/19/2017 EUR 2.571
Lehman Brothers Treasury C 5.200 3/19/2018 EUR 2.571
Lehman Brothers Treasury C 6.000 5/12/2017 EUR 2.571
Lehman Brothers Treasury C 7.500 5/2/2017 EUR 2.571
Lehman Brothers Treasury C 3.500 10/31/2011 USD 2.571
Lehman Brothers Treasury C 18.250 10/2/2008 USD 2.571
Lehman Brothers Treasury C 3.400 9/21/2009 HKD 2.571
Lehman Brothers Treasury C 4.000 10/12/2010 USD 2.571
Lehman Brothers Treasury C 1.500 10/12/2010 EUR 2.571
Lehman Brothers Treasury C 7.000 10/22/2010 EUR 2.571
Rosbank PJSC 0.020 4/30/2024 RUB 61.900
Rosbank PJSC 0.010 4/30/2024 RUB 61.900
Lehman Brothers Treasury C 6.600 2/9/2009 EUR 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 AUD 2.571
Lehman Brothers Treasury C 8.000 12/31/2010 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 0.500 12/20/2017 USD 2.571
Lehman Brothers Treasury C 16.000 12/26/2008 USD 2.571
Lehman Brothers Treasury C 7.750 1/3/2012 AUD 2.571
Lehman Brothers Treasury C 3.100 6/4/2010 USD 2.571
Lehman Brothers Treasury C 2.500 8/15/2012 CHF 2.571
Lehman Brothers Treasury C 5.000 11/22/2012 EUR 2.571
Lehman Brothers Treasury C 16.000 11/9/2008 USD 2.571
Lehman Brothers Treasury C 7.600 3/4/2010 NZD 2.571
Lehman Brothers Treasury C 10.000 6/17/2009 USD 2.571
Lehman Brothers Treasury C 17.000 6/2/2009 USD 2.571
Lehman Brothers Treasury C 13.432 1/8/2009 ILS 2.571
Lehman Brothers Treasury C 3.000 6/3/2010 EUR 2.571
Societe Generale SA 0.500 6/12/2023 RUB 70.535
Lehman Brothers Treasury C 0.500 6/2/2020 EUR 2.571
Lehman Brothers Treasury C 11.000 7/4/2011 USD 2.571
Lehman Brothers Treasury C 5.500 7/8/2013 EUR 2.571
National Capital JSC 9.800 9/15/2020 RUB 100.000
Lehman Brothers Treasury C 10.600 4/22/2014 MXN 2.571
Lehman Brothers Treasury C 16.200 5/14/2009 USD 2.571
Lehman Brothers Treasury C 9.000 5/6/2011 CHF 2.571
Lehman Brothers Treasury C 5.000 2/15/2018 EUR 2.571
LBI HF 8.650 5/1/2011 ISK 8.375
Heta Asset Resolution AG 0.378 12/31/2023 EUR 34.625
Lehman Brothers Treasury C 8.000 3/21/2018 USD 2.571
Lehman Brothers Treasury C 8.875 1/28/2011 HKD 6.000
TransFin-M PAO 11.000 6/23/2021 RUB 65.000
Lehman Brothers Treasury C 12.400 6/12/2009 USD 2.571
Lehman Brothers Treasury C 9.750 6/22/2018 USD 2.571
Lehman Brothers Treasury C 15.000 6/4/2009 CHF 2.571
Lehman Brothers Treasury C 2.000 6/28/2011 EUR 2.571
Lehman Brothers Treasury C 4.000 12/2/2012 EUR 2.571
Lehman Brothers Treasury C 9.500 4/1/2018 USD 2.571
SAir Group 2.750 7/30/2004 CHF 13.125
Lehman Brothers Treasury C 2.300 6/6/2013 USD 2.571
Lehman Brothers Treasury C 1.460 2/19/2012 JPY 6.000
*********
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 * * *