/raid1/www/Hosts/bankrupt/TCREUR_Public/190930.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, September 30, 2019, Vol. 20, No. 195
Headlines
C Y P R U S
RONIN EUROPE: S&P Affirms 'BB-/B' Issuer Credit Ratings
D E N M A R K
FAERCH MIDCO/BIDCO: S&P Lowers LT Issuer Credit Ratings to 'B-'
F R A N C E
AIGLE AZUR: Commercial Court Rejects Financial Offers
CMA CGM: Moody's Lowers CFR to B2, Outlook Stable
CMA CGM: S&P Alters Outlook to Stable & Affirms 'B+' LT ICR
ELIS SA: Fitch Assigns BB(EXP) Rating to EUR500MM Sr. Unsec. Notes
ELIS SA: S&P Assigns 'BB+' Ratings on New EUR850MM Unsec. Notes
HORIZON HOLDINGS: Moody's Reviews B1 CFR for Upgrade
G E O R G I A
GEORGIAN RAILWAY: S&P Alters Outlook to Dev. & Affirms 'B+/B' ICRs
G E R M A N Y
E-CARAT 10: S&P Assigns CCC+ Rating on Class G Notes
G R E E C E
NAVIOS MARITIME: Egan-Jones Hikes Senior Unsecured Ratings to C
I R E L A N D
ALTADA TECHNOLOGY: High Court Appoints Joseph Walsh as Examiner
AURIUM CLO I: Moody's Assigns B2 Rating on EUR12MM Cl. F-R Notes
EUROPEAN RESIDENTIAL 2019-PL1: Moody's Gives (P)B3 Rating to F Debt
L U X E M B O U R G
LSF10 XL: Moody's Rates Proposed EUR1.7 Billion Term Loan 'B2'
N E T H E R L A N D S
NEP EUROPE: Fitch Affirms 'B' Issuer Default Rating, Outlook Stable
P O R T U G A L
NAVIGATOR COMPANY: S&P Withdraws 'BB' LT Issuer Credit Rating
R U S S I A
AEROFLOT: Fitch Hikes Issuer Default Ratings to BB, Outlook Stable
LENTA LLC: Fitch Affirms BB LongTerm IDRs, Outlook Stable
NORD GOLD: Fitch Assigns BB(EXP) Rating to New Sr. Unsec. Notes
NORD GOLD: Moody's Rates Proposed Sr. Unsec. Notes 'Ba2'
S P A I N
AYT CGH CCM 1: Fitch Affirms CC Rating on Class D Debt
GRUPO ALDESA: Moody's Lowers CFR to Caa1, Outlook Stable
LECTA SA: Moody's Lowers CFR to Caa3 & Alters Outlook to Neg.
S W I T Z E R L A N D
CEVA LOGISTICS: Moody's Lowers B2 CFR & Alters Outlook to Stable
CEVA LOGISTICS: S&P Alters Outlook to Stable & Affirms 'B+' ICR
T U R K E Y
COCA-COLA ICECEK: Fitch Affirms 'BB' LongTerm Foreign Currency IDR
RONESANS GAYRIMENKUL: Moody's Lowers CFR to B2, Outlook Negative
U K R A I N E
CREDIT AGRICOLE: Fitch Raises LongTerm IDR to B, Outlook Positive
DTEK RENEWABLES: Fitch Raises LongTerm IDR to B, Outlook Stable
U N I T E D K I N G D O M
ASTON MARTIN: Moody's Alters Outlook on B3 CFR to Negative
ASTON MARTIN: S&P Cuts ICR to CCC+ on Higher Leverage, Outlook Neg
COMMERCIAL INT'L: Fitch Affirms B+ LongTerm IDR, Outlook Stable
CONTEGO CLO VII: S&P Gives Prelim B- Rating on Class F Notes
HIBU GROUP: S&P Affirms 'B' Rating on Senior Secured Notes
METRO BANK: Founder Makes Calls to Equity Investors
NEWDAY FUNDING 2019-2: DBRS Finalizes BB Rating on Class E Notes
PARK FIRST: Investors Set to Vote on Rescue Deal on October 1
SIG PLC: Egan-Jones Lowers Senior Unsecured Ratings to BB+
SIGNET UK: Moody's Lowers Sr. Notes to Ba3, Outlook Negative
SURVITEC: Management Calls on Creditors to Inject Money
TAURUS UK 2019-3: S&P Assigns Prelim. BB-(sf) Rating on Cl. E Notes
THOMAS COOK: Demise Underscores Biz Model Challenges, Fitch Says
THOMAS COOK: Trade Unions to File GBP50MM Suit After Collapse
TOTAL POLYFILM: Enters Into Administration After 2016 Fire
VIRGIN MEDIA: Moody's Alters Outlook on Ba3 CFR to Negative
YORK POTASH: Fitch Withdraws B(EXP) on New High Yield Bonds
[*] UK: No-Deal Brexit Disruption a Risk for UK Cos., Fitch Says
X X X X X X X X
[*] BOND PRICING: For the Week September 23 to September 27, 2019
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C Y P R U S
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RONIN EUROPE: S&P Affirms 'BB-/B' Issuer Credit Ratings
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S&P Global Ratings affirmed its 'BB-/B' issuer credit ratings on
Cyprus-based financial company Ronin Europe Ltd. (Ronin Europe or
the company), core subsidiary of Ronin Partners B.V. (Ronin or the
group). The outlook is stable.
S&P said, "The ratings on Ronin Europe reflect our assessment of
the wider group's creditworthiness and Ronin Europe's core status
within the group as a main operational entity for international
business and an important booking center. As a result, we equalize
the ratings on Ronin Europe with the parent's group credit profile
(GCP) and we do not assign a stand-alone credit profile to Ronin
Europe."
Ronin is a niche financial boutique firm that offers brokerage,
asset management, and depositary services to a limited number of
high net worth individuals who are finance industry professionals.
S&P said, "We expect Ronin will maintain its capitalization at very
strong levels in 2019-2020, providing the group with an ample
cushion to absorb market and credit losses. This reflects its
conservative capital philosophy and risk appetite, good level of
earnings, and full earnings retention. We expect its risk-adjusted
capital ratio (RAC) will rebound to 30%-40% in 2019-2020 following
a decrease to 21.4% at year-end 2018 from 38% at year-end 2017 due
to purchase of $75 million depositary receipts of Norilsk Nikel. In
January 2019, Ronin sold all depositary receipts and currently it
does not have any equities on its balance sheet. We assume that if
the firm buys equities in the future it is likely to be for
short-term holding.
"We estimate the group's profitability in 2019 at about $17
million-$18 million, considering about $10 million net income in
first-half 2019. In our view, trading gains on the group's
proprietary bond portfolio and brokerage commissions lead revenue
generation. Ronin remains one of the most efficient companies
within its peer group, despite its cost-to-income ratio worsening
to 40% in 2018 from 22% on average over the previous four years."
The group's investment philosophy reflects its risk averse culture
and conservative trading strategy. It's exposure to market risk
mainly relates to its fairly liquid and predominantly investment
grade bond portfolio, which is split between government bonds of
Russia, government bonds of other counties (both developed and
emerging markets in Europe, Asia, and Africa), and corporate bonds
of Russian blue chips. The group has not posted material losses in
the last six years. Main risks could come from high single-name and
geographic concentrations.
S&P said, "We assume Ronin will continue funding its assets
predominantly with capital and maintain a strong funding and
liquidity profile. Ronin's gross stable funding ratio has
historically remained above 100%, despite a negative trend over the
past five years. At year-end 2018 it was 120.5%, which was in the
middle of its peer group. In our view, liquidity risk is mitigated
by the group's limited dependence on external funding.
"Our stable outlook on Ronin Europe reflects our view that both
Ronin Europe and its parent Ronin will maintain conservative
financial policies, very strong capitalization, and ample liquidity
in the next 12 months.
"We could revise our GCP assessment downward and lower the ratings
on Ronin Europe if the group abandoned its conservative investment
philosophy, substantially increased its risk appetite, and adopted
more aggressive growth strategies that led to a material weakening
of its capitalization and risk profile.
"At this stage, we consider an upgrade unlikely. Diversification
from the current boutique business model and or further
diversification away from Russian risk may be a prerequisite for
such an action, however."
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D E N M A R K
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FAERCH MIDCO/BIDCO: S&P Lowers LT Issuer Credit Ratings to 'B-'
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S&P Global Ratings lowered to 'B-' from 'B' its long-term issuer
credit ratings on Denmark-based plastic packaging company Faerch
Group A/S's (Faerch) holding companies, Faerch Midco ApS and Faerch
Bidco ApS. S&P also lowered its issue rating on the senior secured
facilities to 'B-' from 'B'.
S&P said, "We are lowering the ratings because the company
underperformed our EBITDA and debt expectations in the first half
of 2019.
"We now expect EBITDA and credit metrics to be weaker in 2019 and
2020. For 2019, we forecast S&P Global Ratings-adjusted debt to
EBITDA of 8.6x, well above our previous prediction of 7.0x. In
addition, FOCF (before additional drawings under nonrecourse
factoring facilities) is now expected to be negative, rather than
minimal. These credit metrics are not commensurate with a 'B'
issuer credit rating."
In the first six months of 2019, Faerch incurred higher-than
expected production costs in the recycling business it acquired
from 4PET. It also incurred exceptional costs, including
consultancy and acquisition costs. Faerch had acquired 4PET Group
in August 2018 and lower-quality input, that is, processed waste
materials (plastic bottles and trays) at 4PET's new recycling tray
line caused production costs to rise.
These additional costs are likely to more than offset the benefit
of price increases and synergies from the integration of CGL Pack
in 2019. S&P has thereby revised down its EBITDA margin
expectations to 20.5%, from 22%.
Faerch has increased its use of nonrecourse factoring during the
first half of 2019. In calculating S&P Global Ratings-adjusted debt
for year-end 2019, S&P assumes factoring liabilities of about
Danish krone (DKK) 300 million, up from DKK140 million in December
2018.
The financial risk profile remains highly leveraged, in S&P's view.
Debt to EBITDA is expected to be around 8.6x at year-end 2019,
although improvements in EBITDA could reduce leverage to 7.6x by
December 2020.
S&P said, "Despite weak FOCF generation, we expect Faerch's EBITDA
interest coverage ratio to remain comfortably above 2x and do not
expect any pressure on liquidity in the near term, as there are no
significant debt maturities. We still view the group's financial
policy as aggressive, given its financial sponsor ownership and
track record of debt-funded acquisitions."
The company's business risk profile is constrained by its narrow
size, scope, and diversification. Despite its recent acquisitions
of France-based CGL and Netherlands-based 4PET, the company is
somewhat smaller than other rated packaging producers. In addition,
its production is limited to eight plants, resulting in some asset
concentration. S&P also remains cautious of Faerch's ability to
pass on increases in raw material prices to customers in a timely
manner.
The acquisition of 4PET enabled Faerch to "forward integrate" into
plastic recycling. 4PET transforms used plastic polyethylene
terephthalate (PET) trays into raw materials for its tray
production. This is expected to reduce Faerch's reliance on
externally sourced recycled PET (rPET) and its exposure to rPET's
inherent price volatility.
S&P said, "Our business risk assessment is also supported by
Faerch's strong margins, which reflect a well-invested asset base,
lean manufacturing processes, low conversion costs, and product
innovations. The company's exposure to sterling's foreign exchange
movements is partly mitigated by its manufacturing presence in the
U.K. and proactive pricing strategy.
"The stable outlook indicates that we expect EBITDA interest
coverage to exceed 2x and liquidity to remain adequate over the
next 12 months.
"We could raise our rating if leverage reduces to below 7.5x or
Faerch generates material positive S&P Global Ratings-adjusted FOCF
on a sustained basis.
"We could lower our rating if Faerch generates negative adjusted
FOCF on a sustained basis, if liquidity deteriorated, or if credit
metrics (including interest cover and our adjusted leverage)
weakened significantly, causing the capital structure to become
unsustainable over the next 12 months. This could occur if rising
costs, fiercer competition, or difficulties in passing raw material
price increases on to customers led to further operational
underperformance."
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F R A N C E
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AIGLE AZUR: Commercial Court Rejects Financial Offers
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Matthieu Protard at Reuters reports that the French government said
in a statement French budget airline Aigle Azur was expected to
cease all activities on Sept. 27 after a commercial court rejected
financial rescue offers.
Privately held Aigle Azur was put under bankruptcy protection on
Sept. 2 and halted operations days later, leaving 19,000 passengers
stranded, Reuters discloses.
According to Reuters, French junior transport minister
Jean-Baptiste Djebbari said in a statement that the government will
help Aigle Azur's 1,150 staff find new jobs as quickly as
possible.
As reported by the Troubled Company Reporter-Europe on Sept. 23,
2019, Reuters related that Air France-KLM and easyJet withdrew
competing offers for Aigle Azur on Sept. 19 after missing a court
deadline to improve their bids to acquire part of the collapsed
budget airline's operations and staff. Lionel Guerin, a former Air
France executive who had tabled and then withdrawn an offer, had
submitted a new bid that requires a EUR15 million (US$16.6 million)
French government loan, Reuters said, citing French news site La
Tribune, which first reported Air France's withdrawal. Air France,
easyJet and other bidders are attracted by Aigle Azur's valuable
take-off and landing slots at Orly as well as flying rights to
foreign destinations, which become harder or impossible to acquire
piecemeal under liquidation, Reuters stated. But absorbing Aigle
Azur operations would have required Air France to negotiate a
complex deal with its own unions within days, waiving internal
rules that bar it from granting any senior or flight captain roles
to new hires, according to Reuters. A source briefed on the
decision, as cited by Reuters, said EasyJet also pulled out because
it believed the deadlines were too short for an adequate assessment
of the business and acquisition risks. During the bankruptcy
proceedings, it emerged that Aigle Azur's debts amounted to EUR148
million -- more than previously estimated and equating to about
half its 2018 revenue, Reuters disclosed.
CMA CGM: Moody's Lowers CFR to B2, Outlook Stable
-------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
CMA CGM S.A. to B2 from B1 and its probability default rating to
B2-PD from B1-PD. Concurrently, the company's senior unsecured
ratings were downgraded to Caa1 from B3. The outlook was changed to
stable from negative.
"T[he] rating action reflects that CMA CGM's liquidity profile has
weakened materially in the last 12 months as a consequence of the
acquisition of CEVA Logistics AG, although expected by Moody's to
improve somewhat in 2020", says Daniel Harlid, Assistant Vice
President -- Analyst and lead analyst for CMA CGM.
RATINGS RATIONALE
The downgrade of CMA CGM's rating follows the acquisition of CEVA
Logistics AG (Ceva, B2 Stable), that together with the a large
capex programme and difficult, albeit stable, market environment
has and will continue to put pressure on the company's liquidity
profile. Given Moody's base case, where the free cash flow
generation of the company leaves very limited room for debt
reduction, Moody's now expects adjusted debt/EBITDA to be sustained
above 5x and adjusted FFO Interest coverage to be sustained below
3x during the next 12-18 months.
Moody's notes that CMA GCM has historically shown good access to
capital and that there is some optionality when it comes to delay
capex which would improve the current liquidity profile. Also,
Moody's understands the company is planning to sell a minority
stake in Ceva and divest terminals; both these actions would
improve liquidity. Nevertheless, the rating action reflects that
available liquidity has decreased substantially since June 2018,
when the company had $1.6 billion of cash on balance sheet and $1.2
billion of undrawn RCFs. This is in stark contrast with the
liquidity position in June 2019, consisting of $1.5 billion (of
which $270 million is at a Ceva level) and only around $280 million
in undrawn RCFs.
In terms of environmental, governance and social factors, CMA CGM's
rating reflects the elevated environmental risk facing the shipping
sector, such as carbon regulation and air pollution. More
precisely, the IMO2020 regulation which comes into force January 1,
2020 will most likely increase bunker costs for shipping companies
initially before they will be able to pass it through to shippers.
Moody's notes as positive that CMA already has agreements in place
with contracted customers to include a new Bunker Adjustment Factor
based on the new low sulfur fuel. The rating also incorporates
risks related to its ownership of Ceva, more precisely linked to
related-party transactions and that the deputy chief financial
officer ("CFO") of CMA CGM will be CFO for Ceva. That being said,
CMA's board consists of two independent directors which helps
mitigate corporate governance risks.
STRUCTURAL CONSIDERATIONS
The Caa1 rating of CMA CGM's senior unsecured notes is two notches
lower than the CFR as it reflects not only their pari passu ranking
with all other unsecured indebtedness issued by the company, but
also their contractual subordination to secured debt existing
within the group.
OUTLOOK
As Moody's currently have a stable outlook on the container
shipping sector, expectations on CMA CGM's operating performance
for the next 12-18 months reflects volumes growing with low single
digits coupled with some further improvements in operating expenses
per TEU (excluding bunker costs). This translates to a
Moody's-adjusted EBIT margin in the range of 3.5%-4.0% and
Moody's-adjusted debt/EBITDA of 5.6x-5.1x. The stable outlook is
also based on a successful divestment of terminals for a total
amount of at least $500 million.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Positive ratings pressure could arise if CMA CGM's leverage,
measured as debt/EBITDA, would be close to or below 5x and its
coverage measured as funds from operations plus interest expense
over interest expense exceeded 3x on a sustained basis. A
prerequisite for an upgrade would, however, first and foremost, be
an improved liquidity profile.
Negative rating pressure could arise if CMA CGM's leverage
increases above 6x for a prolonged period of time or (FFO +
interest expense)/interest expense declines below 2x. A failure to
divest terminals as per management's current plan could also exert
negative pressure on the current rating.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Shipping
Industry published in December 2017.
COMPANY PROFILE
CMA CGM is the fourth-largest provider of global container shipping
services. The company operates primarily in the international
containerized maritime transportation of goods, but its activities
also include container terminal operations, intermodal, inland
transport and logistics. CMA CGM recorded revenues of $23.5 billion
in 2018.
CMA CGM: S&P Alters Outlook to Stable & Affirms 'B+' LT ICR
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S&P Global Ratings revised its outlook on CMA CGM S.A. to stable
from positive and affirmed its 'B+' long-term issuer credit rating
and 'B-' issue rating on the company's senior unsecured debt.
S&P said, "We believe that CEVA's weaker financial performance than
we previously forecast, combined with sluggish economic conditions,
will weigh on CMA CGM's cash flow generation and credit ratios. CMA
CGM holds 99.6% of CEVA's outstanding shares, controls CEVA, and
consolidates CEVA in its financial accounts. We view CEVA as a core
entity of the group. We believe CEVA's operational improvement and
financial recovery will take longer than we previously expected.
The restructuring of the contract logistics operations in Italy,
which depressed CEVA's EBITDA by $42 million in 2018; and other
onerous contracts: along with margin-improvement initiatives are
dragging on in the increasingly difficult macroeconomic
environment. This situation led us to revise downward our
projections of CEVA's reported EBITDA.
"According to our base case, CEVA's EBITDA (pre-IFRS 16) in 2019
will be similar to the about $192 million it posted in 2018,
adjusted for share-based compensation of $32 million, IPO costs of
$19 million, and $20 million of dividends received from the
Anji-CEVA joint venture. We forecast CEVA's EBITDA at $260
million-$270 million in 2020. These figures are well below our
previous projections, namely $280 million of EBITDA in 2019 and
$320 million-$330 million in 2020. As a result, we consider that
CEVA's management's guidance of pre-IFRS 16 EBITDA of $470
million-$490 million by year-end 2021 unlikely to materialize."
CMA CGM's container shipping segment is holding up relatively well
despite sluggish global demand and trade volumes.
In the first half of 2019, CMA CGM reported a 5.4% increase in
transported volumes versus that in first-half 2018. According to
S&P's base case, the shipping segment will generate reported EBITDA
(pre-IFRS 16) of $1.45 billion-$1.5 billion in 2019, which is well
above the $1.16 billion reported in 2018 and only moderately below
its previous forecast of $1.5 billion-$1.6 billion.
Two main factors support a recovery of the group's shipping
earnings. CMA CGM's transported trade volumes are increasing above
the market average, thanks to the contribution from the rapidly
expanding intraregional and U.S. lines. The company has also
trimmed operating expenses, which were down $42 per twenty-foot
equivalent unit (TEU) in the second quarter of 2019 year-on-year.
The positive trend will likely continue into 2020, but to a lesser
extent than S&P previously expected, with the shipping segment
achieving reported EBITDA (pre-IFRS 16) of $1.6 billion-$1.7
billion.
S&P factors into its forecast CMA CGM's continued tight rein on
cost control and container liners' consistent pass-through of fuel
cost inflation to customers as the industry shifts to new
regulation under IMO 2020, which requires the use of more expensive
low-sulfur-compliant fuel oil.
Considering both segments' projected performance, the group's
credit measures are unlikely to improve to levels commensurate with
a higher rating in the next 12 months.
S&P said, "Consolidated EBITDA will likely falling short of our
previous forecast and the proceeds from CMA CGM's planned disposal
of terminals and a minority stake in CEVA will not offset the
group's (pre-IFRS 16) net debt, which increased to about $10.6
billion as of June 30, 2019, following its acquisition of CEVA. We
note that the group's application of IFRS 16 added about $8 billion
to its reported debt as of June 30, 2019.
"According to our base-case forecast, the group will achieve
adjusted FFO to debt of 13%-15% and adjusted debt to EBITDA of
4.5x-5.0x in 2019-2020, which are at the low end of the range for
the financial profile consistent with the current rating." This is
an improvement compared with a pro forma adjusted FFO to debt ratio
of about 12% and adjusted debt to EBITDA of 5.0x-5.2x after the
CEVA acquisition closed.
The group's business profile remains constrained by the shipping
industry's high risk and fragmentation.
CMA CGM's profitability remains susceptible to the industry's
cyclical swings, high exposure to fluctuations in bunker fuel
prices, and limited ability to quickly adjust operating costs to
falling demand and freight rates. That said, as the fourth-largest
player in the industry in terms of capacity, CMA CGM benefits from
a large, fairly new, and diverse fleet, and strong customer
diversification. CMA CGM operates globally through a broad and
strategically located route network that helps it ride out regional
downturns. S&P said, "We believe that significant consolidation in
the container liner industry over recent years could help CMA CGM
achieve less volatile profits through the industry cycle. We also
consider the company's ability to continue reducing the cost per
container transported, as demonstrated by a strong track record of
outperforming its cost-reduction targets."
S&P believes that the combined group will benefit from larger
scale, an enhanced product offering, an improved customer
proposition, and closer integration of services. This will likely
create operating and revenue synergies across the two businesses
that might help offset some of the inherent volatility of the
container shipping industry if the turnaround of CEVA's
materializes as planned.
Outlook
S&P said, "The stable outlook reflects our view that the group's
financial profile will improve steadily in the next 12 months
allowing it to achieve and maintain adjusted FFO to debt higher
than 12%. We also expect CMA CGM can maintain adequate liquidity,
including refinancing of bullet debt at least 12 months before it
matures, and proactive management of compliance with financial
covenants."
Downside scenario
S&P said, "We would downgrade CMA CGM if the company fails to
accumulate ample cash from asset disposals or obtain necessary
funding to repay the outstanding $725 million of unsecured notes
due mid-January 2021 in a timely manner, which we consider to be at
least 12 months before they mature.
"Furthermore, we could lower our ratings if CMA CGM's earnings fall
short of our revised base case, due for example to an unexpected
drop in freight rates, the company's inability to pass on the IMO
2020-related bunker price inflation to customers or counterbalance
such a price inflation through a significant reduction of unit
costs, or a significant operational setback at CEVA. Either of
these would prevent CMA CGM from achieving credit measures
commensurate with a 'B+' rating, namely adjusted FFO to debt higher
than 12%.
"If CMA CGM's investment strategy was more aggressive than we
anticipated, for example including a large order of new
containerships, and resulted in adjusted debt increasing beyond our
base case, we could also consider a downgrade."
Upside scenario
S&P could raise the rating if it considered that industry
consolidation, the company's structural cost reductions, or greater
vertical integration will likely enable CMA CGM to achieve less
volatile profits through the industry cycle. An upgrade would also
depend on CMA CGM's debt reduction and investment policies
continuing to support a sustained improvement in its FFO-to-debt
ratio to more than 16%.
Furthermore, an upgrade would be contingent on CMA CGM maintaining
adequate liquidity, including continued access to capital markets.
ELIS SA: Fitch Assigns BB(EXP) Rating to EUR500MM Sr. Unsec. Notes
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Fitch Ratings assigned Elis SA's EUR500 million notes due 2025 and
EUR350 million notes due 2028 expected senior unsecured ratings of
'BB(EXP)'.
Elis intends to use the proceeds from the new issue to repay bank
term loans totalling EUR850 million in a leverage-neutral
transaction.
The notes are rated at the same level as Elis's 'BB' Long-Term
Issuer Default Rating. They are issued under the group's EUR3
billion EMTN programme, unsecured obligations of Elis and
guaranteed by M.A.J., the group's main operating subsidiary, which
owns most of the other operating subsidiaries and acts as head of
the group's cash pooling structure. The notes rank pari passu with
all other unsubordinated, unsecured indebtedness of Elis.
The assignment of the final rating is subject to the receipt of
final documentation being in line with the information already
received.
KEY RATING DRIVERS
High Leverage: Elis's funds from operations adjusted gross leverage
remains high, at 6.8x at end-2018 due to lower-than-expected cash
flow generation during the last two years, following the
acquisition of Berendsen, as well as pressure on underlying
profitability. Fitch continues to see deleveraging capacity over
the coming years, with FFO adjusted gross leverage expected to
trend towards 5.5x by 2022, although Elis has not made any public
statement regarding a precise deleveraging commitment.
Fitch's leverage computation reflects linen costs, which are
expensed rather than capitalised, given the short average economic
life of linen. This lowers EBITDA and FFO as captured in its
adjustments to financial ratios.
Financial Flexibility Remains Solid: Despite high leverage Fitch
views the financial flexibility of Elis, including its liquidity
profile and its expectation of steady positive free cash flow (FCF)
generation, its access to diversified funding sources, and
projected FFO fixed charge cover of 4.5x-5.0x as solid for the
assigned rating.
Strong Business Profile: The rating reflects Elis's market
leadership in rental services of flat linen, work clothes, hygiene,
and well-being equipment in most of their markets. Elis has a
geographically diversified profile, and also benefits from a high
visibility of revenue from medium-term contracts with a high
renewal rate (95%). Fitch believes this strong business profile is
a key factor when negotiating contract terms with customers, as was
the case in Spain in 1H19, despite significant labour cost
pressures. Furthermore, the integration of bolt-on acquisitions
should lead to improvements in Elis's market position and pricing
power, which are key differentiators to smaller competitors.
High Profitability under Pressure: Despite the positive impact of
synergies from the Berendsen acquisition, overall underlying
profitability remains under some pressure since 2017 and Fitch
expects no meaningful improvement in profitability this year under
a tougher cost environment. This is in line with 1H19, mainly due
to labour inflation across Europe. In southern Europe the group was
able to pass inflation on to new pricing negotiations, but market
dynamics in Germany showed tighter conditions when trying to
increase prices.
Lower Execution Risk: Execution risks have declined with the near
completion of full integration of Berendsen. The acquisition has
allowed Elis to double its size and strengthen its business
profile. Elis is on track to achieving the initially expected EUR80
million synergies by 2020, which Fitch incorporates into its
forecasts. In addition, Elis's recent M&A activity does not entail
major execution risks as they are mainly bolt-on small acquisitions
in under-penetrated regions to strengthen the group's market
position. Elis has not provided guidance on the possibility of
larger acquisitions over the rating horizon to 2022.
Strong Free Cash Flow Generation: Fitch believes Elis is in a
better position to considerably improve its FCF generation from
2019 onwards due to normalised capex after integrating Berendsen,
and despite cost pressures. Fitch expects industrial capex to
remain high at 7% of sales (excluding purchase of linen) before
decreasing towards 6% over the next four years. Assuming stable
operating and market conditions, the group should be able to
continue generating FCF at or above 5% of sales from 2020, allowing
swifter deleveraging. Future clarity on further M&A appetite and
its funding will be important for ascertaining Elis's willingness
to manage the business with a more conservative balance sheet that
is consistent with a higher rating.
DERIVATION SUMMARY
Elis is one of the leading providers of flat linen globally. The
group benefits from a leading position in most European countries,
and has also an important positioning in Brazil and other fast
growing countries in Latam. Even though Elis is more leveraged than
Elior SA, another French business services provider, Elis has a
better business profile with better diversification and market
positions in their respective segments.
Elis's business profile is still much weaker than Compass Group
plc's (A-/Stable) and Sodexo S.A, which provide contract catering
services globally. The two peers also exhibit stronger financial
profiles in terms of lower leverage and solid financial
flexibility. However, Elis shows a stronger EBITDA margin (as
adjusted by Fitch) than their contract catering peers.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer:
- Organic revenue growth of 2.7% in 2019, and trending towards 2%
p.a. over 2020-2022
- EBITDA margin (after reclassification of linen investments as
operating costs) improving to around 19.5% by 2022
- Capex at 7%, of sales in 2019 before declining to 6% in 2020
following end of Berendsen integration
- Dividends stable at roughly EUR81 million p.a. from 2019
- Some annual cash outflows of EUR70 million for bolt-on
acquisitions. Larger acquisitions will be considered as event risk
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Steady operating performance and full integration synergies
resulting in FFO margin above 16% (2018: 13.7%).
- More clarity on the group's financial policy and goals
including specific deleveraging targets and future acquisition
strategy.
- FFO adjusted gross leverage (excluding purchase of linen) below
5x or FFO adjusted net leverage below 4.5x on a sustained basis.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Evidence of increased costs and/or operating underperformance
leading to FFO margin below 14%.
- FCF margin below 5%, limiting future deleveraging capacity.
- FFO adjusted gross leverage remaining above 5.5x (excluding
purchase of linen) or FFO adjusted net leverage above 5.0x by
2021.
LIQUIDITY AND DEBT STRUCTURE
Healthy Liquidity: At end-June 2019, Elis had Fitch-defined
unrestricted cash of EUR99 million. Additionally, it had access to
EUR880 million undrawn committed bank facilities, out of a total
limit of EUR930 million. Of the EUR880 million, EUR30 million
matures in 2020, EUR500 million in 2022 and EUR400 million in 2023.
The calendar for debt maturities is manageable, with EUR500 million
NEU CP maturing in the short term (EUR453 million drawn as of June
30, 2019), an instrument which is typically rolled over on an
annual basis, but uncommitted.
With the planned EUR850 million notes issuance Elis intends to
refinance and further extend the maturities of existing bank loans
from 2022 to 2025 and beyond.
SUMMARY OF FINANCIAL ADJUSTMENTS
- Given the low average economic life of linen (between one and
five years, three years on average) Fitch does not capitalise the
cost of linen, but treat it as an operating expense, thus including
such costs within EBITDA. In 2018, this resulted in lowering EBITDA
(and FFO) by EUR416 million, but also reducing capex by the same
amount.
ELIS SA: S&P Assigns 'BB+' Ratings on New EUR850MM Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue ratings to Elis S.A's
proposed EUR500 million and EUR350 million fixed-rate senior
unsecured notes due 2025 and 2028 respectively. The notes will be
issued out of Elis' EUR3 billion euro- medium-term note program and
will rank pari passu with Elis' other senior unsecured debt.
Textile and appliance rental services provider Elis (BB+/Stable/--)
will be the issuing entity. M.A.J., the group's main French
operating subsidiary, will guarantee the notes. S&P expects the
proceeds will be used to repay the company's existing EUR450
million senior credit facilities, its EUR200 million syndicated
credit facility, and a EUR200 million capital expenditure line, all
due in 2022. Therefore, the transaction will have no effect on
leverage, and will result in lower cost of capital, helping Elis
generate positive free operating cash flow.
S&P's 'BB+' ratings reflect Elis' leading market position in Europe
as a provider of textile and appliance rental services. Elis' S&P
Global Ratings-adjusted debt to EBITDA was about 3.8x on Dec. 31,
2018 (including its recent acquisitions). The ratings also consider
Elis' relatively weak free cash flow generation over the past two
years. After acquiring textile maintenance services provider
Berendsen in 2017, Elis made sizable capital expenditure
investments in the company and continues to make numerous bolt-on
acquisitions. These have weighed on free cash flow, which was less
than 5% of adjusted debt in 2018. In 2019, we anticipate slightly
positive FOCF.
Ratings List
New Rating
Elis S.A.
Senior Unsecured BB+
Recovery Rating 3(65%)
HORIZON HOLDINGS: Moody's Reviews B1 CFR for Upgrade
----------------------------------------------------
Moody's Investors Service placed on review for upgrade all ratings
of French glass packaging producer Horizon Holdings I S.A.S.,
including its B1 corporate family rating and its B1-PD probability
of default rating. Concurrently, Moody's has placed on review for
upgrade the B1 ratings on the EUR1,375 million (EUR1,125 million
outstanding) senior secured term loan B4 due 2022, the EUR550
million term loan C due 2025, and the EUR325 million senior secured
revolving credit facility due 2021, borrowed by Verallia Packaging
S.A.S., an indirect subsidiary of Horizon Holdings I S.A.S.
The rating action follows the announcement of Verallia S.A. on
September 23, 2019 that it had filed with the French stock exchange
regulator the preliminary document for the initial public offering
of Verallia S.A.'s shares on Euronext.
"We have placed Verallia's B1 ratings on review for upgrade
following the IPO filing mainly to reflect the company's increased
financial flexibility through access to public equity markets and
the improved liquidity. We note that, prior to the IPO-related
announcement, the company's ratings were strongly positioned in the
B1 rating category," says Donatella Maso, a Moody's Vice President
- Senior Analyst and lead analyst for Verallia.
RATINGS RATIONALE
The proceeds from the IPO of a 30-33% stake in Verallia S.A.,
expected to be in a range between EUR911 million and EUR1 billion,
will be used to, among others, prepay the EUR350 million PIYC notes
issued by Horizon Parent Holdings S.a r.l., an entity above the
Verallia's restricted group. While Verallia will not benefit
directly from the proceeds of the IPO, Moody's views the
transaction as credit positive because it will simplify the group
structure and remove the overhang that the PIK debt at the holding
company level represented for Verallia.
Verallia Packaging S.A.S. also entered into a new facilities
agreement in July 2019, conditional upon the completion of the IPO,
and it has increased the size of its commercial paper programme, in
order to refinance its outstanding financial indebtedness at group
level on better terms. As a result, Moody's expects that it will
withdraw the ratings on the company's existing debt instruments
once they are repaid.
Despite the transaction being leverage neutral for the Verallia
group because the existing debt at the company's restricted group
level will be refinanced, and none of the proceeds from the IPO of
Verallia S.A. will be used to reduce debt at this level, it is
positive for Verallia as it would (1) increase the group's
financial flexibility through access to public equity markets, and
(2) improve its liquidity by extending the group's debt maturity
profile, which prior to these transactions had a debt maturity wall
in 2022, by reducing the group's annual interest burden
approximately by EUR20 million, and by increasing the size of the
revolving facility from EUR325 million to EUR500 million.
Pro forma for the IPO, gross leverage (as adjusted by Moody's
mainly for non-recourse factoring and pensions) is estimated to
remain around 4.4x as of June 30, 2019. Moody's anticipates further
gradual de-leveraging over the next 18 months due to sustained
revenue growth, owing to price increases, and ongoing cost
reduction initiatives which could mitigate raw material price
fluctuations and currency headwinds.
Moody's would like to draw attention to certain governance
considerations with respect to Verallia. Although the main
shareholder post IPO will remain private equity firm Apollo with an
equity stake of around 60%, Verallia will benefit from the
additional transparency associated with becoming a publicly listed
company, as well as the expectation of operating under a more
predictable and stable financial policy.
Moody's expects to conclude the review process after the completion
of the IPO and corporate reorganization, that involves the merger
of Horizon Holdings II with Horizon Holdings I, followed by the
merger of Horizon Holdings I with the listed entity Verallia S.A..
The review will evaluate to what extent the expected benefits from
the IPO warrant a higher rating than the current B1 rating, and
will focus on (1) the group's new ownership structure and strategic
objectives, (2) its financial policy post IPO (including an annual
dividend payout ratio equal to or exceeding 40% of consolidated net
income, with an annual floor of EUR100 million and a mid-term
unadjusted financial leverage target between 2x and 3x, with 2.7x
expected at the end of 2019), and (3) an evaluation of the current
and forecasted operating trends.
WHAT COULD CHANGE THE RATING UP/DOWN
Prior to placing the ratings on review for upgrade, Moody's had
indicated that positive pressure on the rating could result if (1)
Verallia is able to maintain its EBITDA margin in the high teen
percentages, (2) Moody's-adjusted debt/EBITDA falls below 4.5x and
(3) free cash flow to debt increases sustainably above 5%. Evidence
of a more conservative financial policy is also a requirement for
an upgrade.
Prior to placing the ratings on review for upgrade, Moody's had
indicated that negative pressure on the rating could build if (1)
Verallia's profitability weakens, reflected in EBITDA margins
falling below the mid-teen percentages; (2) Moody's-adjusted
debt/EBITDA ratio increases above 5.5x; or (3) the company were to
generate negative free cash flow. Moody's also said that in the
longer term, negative pressure on the rating could also arise if
the PIK toggle notes due February 2022 are not refinanced in a
timely manner or if the refinancing becomes a contingent liability
for the rated entity.
LIST OF AFFECTED RATINGS
On Review for Upgrade:
Issuer: Horizon Holdings I S.A.S.
Corporate Family Rating, Placed on Review for Upgrade, currently
B1
Probability of Default Rating, Placed on Review for Upgrade,
currently B1-PD
Issuer: Verallia Packaging S.A.S.
Backed Senior Secured Bank Credit Facility, Placed on Review for
Upgrade, currently B1
Outlook Actions:
Issuer: Horizon Holdings I S.A.S.
Outlook, Changed To Rating Under Review From Stable
Issuer: Verallia Packaging S.A.S.
Outlook, Changed To Rating Under Review From Stable
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.
COMPANY PROFILE
Headquartered in France, Verallia is a global leading producer of
glass containers for the food and beverage industry. Verallia
operates 32 manufacturing plants, with 57 furnaces and 13 product
development centres in 11 countries, employing around 10,000
people. For the last twelve months ended June 30, 2019, Verallia
generated revenues for EUR2.5 billion and EBITDA for EUR550 million
(as adjusted by Moody's).
=============
G E O R G I A
=============
GEORGIAN RAILWAY: S&P Alters Outlook to Dev. & Affirms 'B+/B' ICRs
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' ratings on Georgian Railway
JSC (GR) and its senior unsecured notes, while revising the outlook
to developing from positive.
The outlook revision to developing reflects the possibility of a
range of rating outcomes, which depend on state support as well as
the company's ability to improve its operating performance and
capital structure, and maintain adequate liquidity. Possible
positive momentum for Georgian Railways stems from S&P's positive
outlook on Georgia (BB-/Positive/B), subject to no further
deterioration in the company's stand-alone performance, with FFO to
debt of above 5%, a prudent financial policy, and solid liquidity
buffers. On the other hand, if the company is unable to improve its
operating performance and capital structure, or maintain adequate
liquidity, or if it doesn't receive sufficient ongoing government
support (for example through asset sales to the government),
negative pressure on the rating could develop.
GR's business remains fundamentally exposed to significant
volatility in transportation volumes outside the company's control,
since it is mainly a transit corridor competing with other routes.
S&P said, "We calculate adjusted EBITDA in 2018 at Georgian lari
(GEL) 172 million (about EUR62 million), about GEL10 million below
our expectation and about GEL20 million below 2017 levels. The
weaker EBITDA resulted from lower liquid and dry cargo freight
volumes than in our base case (by 6% and 4%, respectively)." This
was partially offset by improving performance of containers and
passenger transportation segments as well as GEL depreciation.
Lari depreciation is beneficial to GR because a large share of its
revenue (from transit operations) is U.S. dollar-denominated, while
its costs are in lari. The exchange rate was GEL2.65/$1 at the
beginning of 2019, and has exceeded GEL2.9/$1 so far in September,
resulting in a similar contribution to revenue growth.
S&P said, "We forecast that revenues will rise by up to 9% in 2019
and about 7% in 2020 due to growth in dry cargo and containers,
compared with a decline of 2.3% in 2018. First-half 2019 adjusted
EBITDA amounted to GEL103 million, about GEL20 million higher than
in first-half 2018, on the back of higher dry cargo volumes, GDP
growth in Georgia and neighboring countries, and a weaker lari. We
expect EBITDA of about GEL180 million-GEL185 million in 2019, which
translates into an adjusted EBITDA margin of about 40% and FFO to
debt of about 4.7%-5.0% in 2019.
"We expect that GR will stick to prudent liquidity management
policies and will be able to maintain sufficient cash balances to
ensure adequate liquidity in the absence of large maturity
payments." As of June 30, 2019, GR reported GEL246 million of cash
on the balance sheet. This significantly reduces the risk of
liquidity deterioration in the next 12-18 months and supports the
company's current rating of 'B+'.
The next large debt maturity of $500 million comes in 2022. Given a
relatively weak recent performance and assuming only moderate
performance improvements driven by GDP growth in Georgia and
neighboring countries, S&P doesn't believe the company could
generate cash sufficient for bond repayment and will need committed
funding to refinance the debt.
S&P said, "We think that, without ongoing and extraordinary state
support, GR would face difficulties in servicing its debt because
of high leverage. Still, we understand that GR has sufficient time
to refinance, and believe that the government may consider
supporting measures to improve the company's capital structure, for
example, via government loans, equity injections, the acquisition
of unused infrastructure by the government, or other similar
methods.
"In our view, GR continues to benefit from a very high likelihood
of extraordinary government support, considering the company is the
largest employer in the country and its key role in implementing
Georgia's infrastructure development plan. We think there is a very
strong link with the Georgian government, given that GR is 100%
state-owned and the government controls major strategic
decisions."
The developing outlook encompasses the current range of rating
outcomes, which depend on state support as well as the company's
ability to improve its operating performance and capital structure
and maintain adequate liquidity.
S&P could downgrade GR if the group's operating performance
deteriorated, driving its view on the stand-alone credit profile
(SACP) to 'b-' from 'b' currently. This could result from:
-- A significant depletion of the group's liquidity buffers, due
to the accelerated reduction of its cash reserves through capital
spending or unexpected cash outflows, such as dividends or
acquisitions.
-- The absence of supportive measures from the state aiming to
improve the company's capital structure. We believe that, assuming
only moderate improvements in GR's operating performance, it is
unlikely the company will accumulate sufficient cash to repay the
$500 million bond in 2022.
-- Decreasing cargo volumes or significantly lower tariffs,
translating into lower revenue and FFO, and a depressed adjusted
EBITDA margin (falling below 40%);
-- A decline of interest coverage measures, with the FFO cash
interest coverage ratio falling below 1.5x, as a result of weaker
cash flow generation.
S&P said, "We could upgrade GR if we took the same rating action on
the sovereign. However, the upgrade would not be automatic, and
would also require a clear government strategy aimed at
strengthening GR's capital structure, which may include government
loans, equity injections, the sale of unused assets to the
government, or other mechanisms.
"At this stage, we see a limited possibility of an upgrade driven
by improvement of the SACP, which we currently assess at 'b'. This
is because the company has relatively high debt, with our forecast
of FFO to debt of about 5% in the next two years." In particular,
S&P expects that:
-- GR will maintain its liquidity buffers because the group's
access to external funding sources is limited, since the group is
exceeding its 3.5x net-debt-to-EBITDA ratio stipulated by the
incurrence covenant on its bond; and
-- The group will generate sufficient cash flows to maintain a
coverage of cash interest by FFO of above 1.5x and FFO to debt
exceeding 5%.
=============
G E R M A N Y
=============
E-CARAT 10: S&P Assigns CCC+ Rating on Class G Notes
----------------------------------------------------
S&P Global Ratings has assigned its credit ratings to E-Carat 10
FCT's class A through G-Dfrd notes.
The collateral in E-CARAT 10 comprises German auto loan receivables
for cars and light commercial vehicles that Opel Bank GmbH
originated and granted to private and commercial customers for the
purchase of new (65.5%) and used vehicles (34.5%). The portfolio
includes 6% of loans for light commercial vehicles. This
transaction is Opel Bank's 10th German public ABS securitization.
The transaction is revolving for a maximum period of 12 months.
At closing, E-CARAT 10 issued a class H-Dfrd subordinated note,
which provides credit enhancement to the class A through G-Dfrd
notes because it ranks below the notes for the payment of interest
and principal. This note does not form part of the rated capital
structure.
According to the transaction's terms and conditions, interest can
be deferred on any class of notes with the exception of the
most-senior one if the principal deficiency ledger of the relevant
class is above a certain threshold. S&P understands any deferred
interest will accrue interest 13 months after the class started
deferring in accordance with the French legal framework. All
previously deferred interest will be due immediately when the class
becomes the most senior.
S&P said, "Considering the abovementioned factors, we have assigned
ratings that address ultimate payment of interest and principal on
the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes
based on our interest shortfall methodology. Our rating on the
class A notes instead addresses the timely payment of interest and
ultimate payment of principal.
"Our ratings reflect our analysis of the transaction's payment
structure, its exposure to counterparty and operational risks, and
the results of our cash flow analysis to assess whether the rated
notes would be repaid under stress test scenarios.
"We have assigned our 'BB (sf)' rating, one notch higher than our
preliminary rating, to the class E-Dfrd notes to reflect the more
favorable outcome when running our cash flow model. This is mainly
due to lower margins on the notes than what was assumed at our
preliminary ratings analysis and lower swap rates.
"We have assigned a 'B-' rating to the class F-Dfrd notes, as it is
not able to withstand the credit and cash flow stresses we apply at
our 'B' rating level. According to our "Criteria For Assigning
'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," we nevertheless consider
payment of principal and interest on the notes not to be dependent
upon favorable business, financial, or economic conditions, and we
therefore expect this class to be repaid in full under current
conditions. This class of notes can rely on 2% credit enhancement
and is rated based on ultimate payment of both interest and
principal. Also the class G-Dfrd notes are not able to withstand
our stresses at the 'B' level. We assigned a 'CCC+' rating to this
class because we believe it is more vulnerable than the class
F-Dfrd notes as it ranks junior to it. We believe it is dependent
upon favorable business, financial, or economic conditions to be
repaid, according to our criteria for assigning 'CCC+', 'CCC',
'CCC-', And 'CC' ratings. We also believe that a 'CCC' or 'CCC-'
rating is not appropriate for this class because it can rely on 1%
credit enhancement.
"We have therefore assigned 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB
(sf)', 'BB (sf)', 'B- (sf)', and 'CCC+ (sf)' ratings to the class
A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and G-Dfrd notes,
respectively."
Ratings List
E-CARAT 10 FCT
Class Rating Amount
(mil. EUR)
A AAA (sf) 797.4
B-Dfrd AA (sf) 21.6
C-Dfrd A (sf) 18.0
D-Dfrd BBB (sf) 18.0
E-Dfrd BB (sf) 18.0
F-Dfrd B- (sf) 9.0
G-Dfrd CCC+ (sf) 9.0
H-Dfrd NR 9.0
NR--Not rated.
Dfrd--Deferrable.
===========
G R E E C E
===========
NAVIOS MARITIME: Egan-Jones Hikes Senior Unsecured Ratings to C
---------------------------------------------------------------
Egan-Jones Ratings Company, on September 20, 2019, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Navios Maritime Holdings Incorporated to C from D.
Navios Maritime Holdings Inc. is a global, vertically integrated
seaborne shipping and logistics company focused on the transport
and transshipment of drybulk commodities including iron ore, coal
and grain. Navios was created in 1954 by US Steel to transport iron
ore to the US and Europe. The Company has headquarters in Greece.
=============
I R E L A N D
=============
ALTADA TECHNOLOGY: High Court Appoints Joseph Walsh as Examiner
---------------------------------------------------------------
Sean Pollock at The Sunday Times reports that Altada Technology
Solutions, a data compliance and software company backed by US
businessman Jeffrey Leo, has gone into examinership.
According to The Sunday Times, the High Court has appointed Joseph
Walsh -- joe@jwaccountants.ie -- of JW Accountants as examiner to
the Dublin tech company, which raised EUR1.5 million last year
through Leo's Steelworks Investments.
In an interview last year, co-founder Allan Beechinor said the
company had clients in the US and EU markets, and was planning an
expansion into Asia in 2019, The Sunday Times relates. He said
Altada employed 34 staff, The Sunday Times notes.
Altada was founded in 2017 by Allan Beechinor and Brendan Cannon,
and has offices in Ireland and France.
AURIUM CLO I: Moody's Assigns B2 Rating on EUR12MM Cl. F-R Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Aurium
CLO I Designated Activity Company:
EUR249,000,000 Class A-R Senior Secured Floating Rate Notes
due 2032, Definitive Rating Assigned Aaa (sf)
EUR41,000,000 Class B-R Senior Secured Floating Rate Notes
due 2032, Definitive Rating Assigned Aa2 (sf)
EUR24,000,000 Class C-R Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned A2 (sf)
EUR26,000,000 Class D-R Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned Baa3 (sf)
EUR22,000,000 Class E-R Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned Ba2 (sf)
EUR12,000,000 Class F-R Senior Secured Deferrable Floating
Rate Notes due 2032, Definitive Rating Assigned B2 (sf)
RATINGS RATIONALE
The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.
The Issuer has issued the refinancing notes in connection with the
refinancing of the following classes of notes: Class A-R Notes,
Class B-R Notes, Class C-R Notes, Class D-R Notes due 2029,
previously issued on April 26, 2017 and the original Class E Notes
and Class F Notes. On the refinancing date, the Issuer used the
proceeds from the issuance of the refinancing notes to redeem in
full the 2017 Refinancing Notes and the original Class E Notes and
Class F notes.
On the March 26, 2015, the Issuer also issued EUR 30.52 million of
subordinated notes, which will remain outstanding. In addition, the
Issuer issued EUR 11.48 million of additional subordinated notes on
the refinancing date. The terms and conditions of the subordinated
notes have been amended in accordance with the refinancing notes'
conditions.
As part of this reset, the Issuer has increased the target par
amount by EUR 100 million to EUR 400 million, has set the
reinvestment period to 4.5 years and the weighted average life to
8.5 years. In addition, the Issuer has amended the base matrix and
modifiers that Moody's took into account for the assignment of the
definitive ratings.
Aurium CLO I Designated Activity Company is a managed cash flow
CLO. At least 90% of the portfolio must consist of secured senior
loans or senior secured bonds and up to 10% of the portfolio may
consist of unsecured senior loans, second-lien loans, high yield
bonds and mezzanine loans. The underlying portfolio is already
fully ramped as of the refinancing date.
Spire Management Limited 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 remaining four and
a half year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations.
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
March 2019.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.
Moody's used the following base-case modeling assumptions:
Target Par Amount: EUR 400,000,000
Diversity Score: 41*
Weighted Average Rating Factor (WARF): 2905
Weighted Average Spread (WAS): 3.75%
Weighted Average Coupon (WAC): 4.75%
Weighted Average Recovery Rate (WARR): 43.5%
Weighted Average Life (WAL): 8.5 years
* The covenanted diversity score is 42, however Moody's has
modelled the transaction with a diversity score of 41 as the
transaction documents allow for the diversity score calculation to
be rounded up to the nearest whole number. The convention for
diversity score calculations is to round down to the nearest whole
number.
As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. Given the portfolio
constraints and the current sovereign ratings in Europe, such
exposure may not exceed 10% of the total portfolio with exposures
to countries with local currency country risk ceiling of Baa1 to
Baa3 further limited to 5%. As a worst case scenario, a maximum 5%
of the pool would be domiciled in countries with A3 and a maximum
of 5% of the pool would be domiciled in countries with Baa3 local
currency country ceiling each. The remainder of the pool will be
domiciled in countries which currently have a local currency
country ceiling of Aaa or Aa1 to Aa3. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class as further described
in the methodology. The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of the
rated notes and amount to 0.75% for the Class A Notes, 0.50% for
the Class B Notes, 0.38% for the Class C Notes and 0% for classes
D, E and F.
EUROPEAN RESIDENTIAL 2019-PL1: Moody's Gives (P)B3 Rating to F Debt
-------------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to Notes to
be issued by European Residential Loan Securitisation 2019-PL1
DAC:
EUR[]M Class A Residential Mortgage Backed Floating Rate Notes due
[March 2063], Assigned (P)Aaa (sf)
EUR[]M Class B Residential Mortgage Backed Floating Rate Notes due
[March 2063], Assigned (P)Aa2 (sf)
EUR[]M Class C Residential Mortgage Backed Floating Rate Notes due
[March 2063], Assigned (P)A1 (sf)
EUR[]M Class D Residential Mortgage Backed Floating Rate Notes due
[March 2063], Assigned (P)Baa2 (sf)
EUR[]M Class E Residential Mortgage Backed Floating Rate Notes due
[March 2063], Assigned (P)Ba1 (sf)
EUR[]M Class F Residential Mortgage Backed Floating Rate Notes due
[March 2063], Assigned (P)B3 (sf)
Moody's has not assigned any ratings to the EUR []M Class Z
Residential Mortgage Backed Notes due [March 2063] and the EUR
[]Class X Residential Mortgage Backed Notes due [March 2063].
RATINGS RATIONALE
The Notes are backed by a pool of Irish residential mortgage loans
originated by Permanent tsb p.l.c. (Baa3/P-3 and Baa1(cr)/P-2(cr))
and acquired by LSF XI Glas Investments DAC. This represents the
5th issuance out of the European Residential Loan Securitisation
sponsored by Start Mortgages DAC ("Start", NR). No new assets can
be added to the pool after issuance.
The portfolio is serviced by Start. The servicing activities
performed by Start are monitored by the issuer administration
consultant, Hudson Advisors Ireland DAC ("Hudson", NR). Hudson has
also been appointed as back-up servicer facilitator to assist the
issuer in finding a substitute servicer in case the servicing
agreement with Start is terminated.
The portfolio of assets amount to approximately EUR[675.7] million
as of the pool cut-off date. The General Reserve Fund will be
funded to [3]% of the total Notes balance at closing and the total
credit enhancement for the Class A Notes will be [49]%.
The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.
According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and seasoned portfolio.
However, Moody's notes that the transaction features some credit
weaknesses such as an unrated servicer and significant presence of
reperforming and restructured loans. Various mitigants have been
included in the transaction structure such as a back-up servicer
facilitator which is obliged to appoint a back-up servicer if
certain triggers are breached, as well as a principal to pay
interest for all the classes subject to a trigger of PDL being less
than [10]% for Classes B to F.
Moody's determined the portfolio lifetime expected loss of [11.5]%
and Aaa MILAN credit enhancement of [42]% related to borrower
receivables. The expected loss capture its expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss Moody's expects the portfolio to suffer
in the event of a severe recession scenario. Expected defaults and
MILAN CE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.
Portfolio expected loss of [11.5]%: This is in line with the Irish
reperforming RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
collateral performance of the portfolio loans to date, as provided
by the servicer and observed in previously securitised portfolios
from the same originator; (ii) the current macroeconomic
environment in the Ireland and the impact of future interest rate
rises on the performance of the mortgage loans; and (iii) the
potential drift in performance of the re-performing loan upon a
mild negative macroeconomic environment.
MILAN CE of [42]%: This is in line with the Irish reperforming
sector average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
WA CLTV at around [105.2]%; (ii) the restructured loans accounting
for [75]% of the portfolio; (iii) [13]% of the loans in the pool
are split loans, meaning each loan is separated in two parts, an
amortizing performing one, and a non amortizing and non
cash-flowing portion; (iv) loans in arrears more than 90 days have
been excluded from the pool; (v) the well-seasoned portfolio of
around 12 years; and (vi) benchmarking with other comparable Irish
RMBS transactions.
Operational risk analysis: Start acts as the servicer of the
portfolio during the life of the transaction. In addition, Hudson
acts as back-up servicer facilitator. U.S. Bank Global Corporate
Trust Limited was appointed as independent cash manager at closing.
To ensure payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language according to
which the cash manager, will prepare the payment report based on
estimates if the servicer report is not available.
Interest Rate Risk Analysis: The portfolio comprises floating rate
loans linked to standard variable [22]% and floating rate loans
linked to ECB rate [70]%, while the remaining [8]% of the portfolio
corresponds to fixed rate loans. The majority of fixed rate loans
have been restructured and the fixed interest rate is 0%. Moreover,
these loans are also the ones with the longest weighted average
life, therefore the yield of the pool will compress as the SVR and
ECB linked loans amortise. The rated Notes pay 1-month Euribor plus
a spread. There is a cap in the transaction to mitigate the
fixed-floating rate risk and the basis risk. Moody's has taken
those risks into consideration in deriving the portfolio yield.
The principal methodology used in these ratings was "Moody's
Approach to Rating Securitisations Backed by Non-Performing and
Re-Performing Loans" published in February 2019.
Factors that would lead to an upgrade or downgrade of the ratings:
Factors that may lead to an upgrade of the ratings include,
significantly better than expected performance of the pool and
increase in the credit enhancement of the Notes.
Factors that may cause a downgrade of the ratings include,
significantly different realized losses compared with its
expectations at close, due to either a change in economic
conditions from its central scenario forecast or idiosyncratic
performance. For instance, should economic conditions be worse than
forecast, the higher defaults and loss severities resulting from a
greater unemployment, worsening household affordability and a
weaker housing market, could result in downgrade of the ratings. A
deterioration in the Notes available credit enhancement could
result in a downgrade of the ratings. Additionally, counterparty
risk could cause a downgrade of the ratings due to a weakening of
the credit profile of transaction counterparties. Finally,
unforeseen regulatory changes or significant changes in the legal
environment may also result in changes of the ratings.
===================
L U X E M B O U R G
===================
LSF10 XL: Moody's Rates Proposed EUR1.7 Billion Term Loan 'B2'
--------------------------------------------------------------
Moody's Investors Service assigned a B2 instrument rating to EUR1.7
billion of 7-year senior secured "term loan B3" to be issued by
LSF10 XL Bidco SCA, a wholly owned subsidiary of LSF10 XL
Investments S.a r.l. ("Xella"). Concurrently Moody's has affirmed
its Corporate Family rating at B2 and its Probability of default
rating at B2-PD of Xella. The rating of the existing term loan B,
issued by LSF10 XL Bidco SCA, remains unchanged but Moody's would
expect to withdraw these ratings in full or in part once existing
and new lenders will have rolled over their commitment into the
proposed term loan B3. The B2 instrument rating of EUR175 million
of senior secured revolving credit facility, issued by LSF10 XL
Bidco SCA, remains also unchanged. The outlook remains negative.
RATINGS RATIONALE
The proposed maturity extension of Xella's senior secured term loan
B through the roll-over of existing lender's commitments into a new
€1,674 million senior secured term loan B3 facility will have no
impact on the overall outstanding gross debt quantum of Xella hence
the affirmation of the current B2 CFR. At the same time the
maturity extension of 2-3 years of the term debt of Xella is seen
as a credit positive.
Year-to-date June 2019 Xella's operating performance has been solid
supported by modest volume growth and strong price dynamic which by
far outweighed cost inflation. Xella posted a 7% revenue growth
y-o-y in H1 2019 and a 13% growth y-o-y in normalized EBITDA.
Moody's adjusted EBITDA grew by around 11% over the same period.
Xella has confirmed its 2019 forecast provided to lenders in May
2019 and is well on track to at least achieve this forecast in its
view. Moody's adjusted leverage as measured by gross debt / EBITDA
was broadly flat as per LTM June 2019 at around 6.8x (versus LTM
December 2018) as Xella had to absorb the EUR100 million increase
in gross debt from the term loan B add-on performed earlier this
year during the seasonally weaker first half of the year. Credit
metrics should improve in H2 2019 and move towards a more
sustainable level for the current rating. Moody's also notes that
Xella continues to maintain a high cash balance with Moody's
adjusted net / EBITDA of around 5.9x as per LTM June 2019 even at a
time when the group's net debt is seasonally high (funding of
working capital to be released in Q4).
Despite the solid operating performance YTD June 2019, Xella
remains weakly positioned in its rating category with little scope
for underperformance versus the 2019 budget and for debt financed
acquisitions / distributions to its shareholder.
RATIONALE FOR THE NEGATIVE OUTLOOK
Pro-forma of the cash distribution to its ultimate owner in June
2019, Xella's credit metrics have been weak for the current rating
category. There is therefore little scope for underperformance
versus the 2019 budget and no tolerance for any further debt
financed dividend payments at this juncture. Any deviation from a
path to bringing down leverage towards 6.0x over the next 12 to 18
months would put negative pressure on the ratings.
LIQUIDITY
Xella's liquidity profile is strong. The group had around EUR247
million of cash on balance sheet at June 30, 2019 and full
availability under the group's revolving credit facility. This is
more than sufficient to cover all liquidity uses over the next 12
months including seasonal working capital requirements and normal
maintenance capex. Moody's also notes that Xella has a covenant
lite debt structure with a financial covenant that will only be
tested if the group's revolver is drawn by more than 35%, which is
unlikely to be the case over the next 12 to 18 months.
STRUCTURAL CONSIDERATIONS
The proposed EUR1,674 million senior secured term loan B3 and the
EUR175 million revolving credit facility will rank pari passu among
themselves and share the same collateral package, mainly consisting
of share pledges over operating subsidiaries of the Xella group
accounting for at least 80% of the group's assets and EBITDA.
Moody's is using a standard recovery rate of 50% due to the
covenant lite package.
WHAT COULD CHANGE THE RATINGS UP / DOWN
Positive rating pressure is not envisaged in the short term.
Positive pressure would build on the rating if Moody's adjusted
Debt/EBITDA would move towards 5.0x and Moody's adjusted FCF/Debt
towards 5%.
Conversely negative rating pressure would build if Moody's adjusted
Debt/EBITDA would stay sustainably above 6.0x and negative free
cash flow generation would lead to a weakening of the group's
liquidity profile.
=====================
N E T H E R L A N D S
=====================
NEP EUROPE: Fitch Affirms 'B' Issuer Default Rating, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings affirmed NEP Group Inc., NEP/NCP Holdco, Inc., and
NEP Europe Finco B.V.'s Issuer Default Ratings at 'B', in addition
to assigning a new IDR to co-borrower NEP II, Inc. at 'B'. Fitch
has also affirmed all of NEP's issue ratings. Pro forma total debt
of $2.1 billion was affected by the rating actions.
Fitch's rating action follows NEP's recent EUR110 million add-on to
its euro-denominated term loan with proceeds used to repay
borrowings under the revolving credit facility and bolster
liquidity. NEP continues to rely on its revolver to fund
acquisitions, in line with management's strategy to build scale and
expand its business globally. Revolver borrowings were high prior
to the repayment due to recent acquisitions made in the third
quarter of 2019. Total debt with equity credit to EBITDA sat at
6.0x at June 30, 2019, pro forma for the aforementioned
transactions, which is slightly down from 6.2x at Dec. 31, 2018.
Fitch had originally forecasted positive FCF beginning in 2019, but
due to slower than expected organic revenue growth for the year and
higher interest burden now expects FCF to remain negative. Fitch
forecasts this trend to reverse with the year ending 2020. The
company experienced some weakness in the first half of 2019 driven
by several factors, including underperformance in their media
solutions business resulting from a cancellation of a large
entertainment show in Europe. There was also some weakness in the
Australian market, which management believes to be transitory given
that division's stronger outlook for the remainder of the year.
The 'B' IDR for NEP incorporates the company's elevated leverage
and capital intensity. It also recognizes NEP's increasing debt
load and the resulting heavier cash interest burden, which
depresses FCF. While the company's capex requirements are high,
capex is largely success-based and funnels into future revenues and
cash flows. The ratings also incorporate NEP's ability to generate
meaningful organic revenue growth driven by new contract wins, 75%
of which come from new events and 25% from competition. The
contractual nature of NEP's revenues drives strong cash flow
visibility and stability over the forecasting horizon. Contracts
range between 3-10 years with about 3% price escalators generally
built in and a "take-or-pay" nature.
NEP is 8.0x the size of its next largest competitor on the
broadcast solutions side and of comparable size to peers operating
in the U.S. live events business. Fitch believes that the company
has gained first-mover advantage in many of the markets abroad
where only small local players are present, providing strong
defensibility and high barriers to entry.
Additionally, the ratings incorporate the generally non-cyclical
nature of the live events and sports broadcasting industries,
especially as artists become increasingly reliant on touring to
make up for a loss in revenues from album sales and sports
broadcasting rights continues to gain in value. Fitch views
positively NEP's concentration to sports and live events
programming as this type of programming continues to deliver an
aggregation of mass audience in a media ecosystem that has become
increasingly fragmented. Fitch does not rate any of NEP's direct
competitors.
KEY RATING DRIVERS
Leading Market Position: Fitch's ratings incorporate NEP's position
as the largest global outsourced provider of production solutions
for broadcasts and live events. NEP provides the broadcast
equipment, post production, video display and software-based
creative technology to the largest live sports and entertainment
events including the NFL, ESPN, Super Bowl, Wimbledon, The Grammys,
and the Oscars. NEP's asset and global client base enables the
company to sustain a competitive advantage. The company estimates
their broadcast services segment to be 8.0x the size of the next
largest competitor, however is of similar size to peers operating
in the live events space.
Aggressive Acquisition Strategy: NEP's growth is characterized by
strategic acquisitions, an important component to its growth
strategy. The company targets market leaders to penetrate a new
market and expand its global footprint and uses bolt-ons to expand
its suite of services in an established geography. For the first
three quarters of 2019, the company closed on four acquisitions
with an aggregate purchase price of about $125 million and
incremental EBITDA of $21 million. Fitch expects NEP to continue to
make acquisitions using cash and revolver borrowings. Fitch
recognizes that debt-funded acquisitions may slow delevering.
Capital Intensive Nature: NEP has historically operated at a
capital intensity level of about 20%. Most capex is associated with
new contract wins, making it success-based and tied to revenue and
cash flow growth. Upfront capex is required at contract signing and
the company targets a payback period of two years for live events
given their shorter term nature and 4 years for broadcast services.
While the company generally depreciates assets over a 6-7 year
period, it is able to repurpose equipment past its depreciable
asset life for second and third-tier events.
Leveraged Capital Structure: At June 30, 2019, pro forma for the
incremental term loan borrowings, gross leverage stood at 6.0x,
although it is down from 6.2x at Dec. 31, 2018. Management
prioritizes global expansion and growth through acquisitions, which
have been funded with debt in the past. Fitch recognizes that any
future acquisition activity may slow the company's delevering plan
as debt repayment is a secondary goal. Historically, the company
has a track record of successfully delevering post-acquisitions
through EBITDA growth.
Strong Revenue and Cash Flow Visibility: A significant portion of
NEP's revenues are derived from long-term contracts with clients
and generally range from 3-10 years with about 3% price escalators
generally built in and a "take or pay" arrangement. The contracts
are all event-based and cover specific events that recur annually
or throughout the year. The longer-term sports contracts tend to be
co-terminous with a network's broadcast rights for that particular
sport, while the entertainment events are shorter-term in nature.
75% of the revenue is recurring while most of the other 25% is
predictable due to live events. The contractual nature of revenues
provides strong visibility and stability of future cash flows.
Large and Growing End Markets: NEP focuses on the sports and
entertainment markets, both showing consistent growth. Live sports
programming remains one of the few opportunities for broadcast and
cable networks to generate large viewing audiences in an
increasingly fragmented media landscape. There continues to be an
increase in value for sports rights, sports-dedicated channels and
hours spent watching sports content. On the live events side, there
has been a surge in number of tours as artists compensate for a
loss in recorded music revenue. Additionally, unscripted
programming has remained largely resilient to time-shifted and OTT
viewing.
DERIVATION SUMMARY
The 'B' IDR for incorporates the company's elevated leverage and
capital intensity. It also recognizes NEP's increasing debt load
and the resulting heavier cash interest burden, which depresses
FCF. While the company's capex requirements are high, Fitch
highlights that capex is largely success-based and funnels into
future revenues and cash flows. The ratings also incorporate NEP's
ability to generate meaningful organic revenue growth driven by new
contract wins, 75% of which come from new events and 25% from
competition. The contractual nature of NEP's revenues drives strong
cash flow visibility and stability over the forecasting horizon.
Contracts range between 3-10 years with about 3% price escalators
generally built in and a "take-or-pay" nature.
The company continues to build scale through platform and bolt-on
acquisitions and expand its business globally, FCF deficits should
moderate. The company prioritizes acquisitions, which have
historically been funded with debt. However in the past, NEP has
been able to de-lever in periods of few to no acquisitions through
EBITDA expansion.
NEP is 8.0x the size of its next largest competitor on the
broadcast solutions side and of comparable size to peers operating
in the U.S. live events business. Fitch notes that the company has
gained first-mover advantage in many of the markets abroad where
only small local players are present, providing strong
defensibility and high barriers to entry.
Additionally, the ratings incorporate the non-cyclical nature of
the live events and sports broadcasting industries, especially as
artists become increasingly reliant on touring to make up for loss
from album sales and sports broadcasting rights continues to gain
in value. Fitch views positively NEP's concentration to sports and
live events programming as this type of programming continues to
deliver an aggregation of mass audience in a media ecosystem that
has become increasingly fragmented. Fitch does not rate any of
NEP's direct competitors.
KEY ASSUMPTIONS
-- Top-line growth is driven by $20 million in new contract wins
annually, 3% annual price escalators built into existing long-term
contracts, and aggressive acquisition strategy. The company
continues to be aggressive with its global expansion efforts
through platform and bolt-on acquisitions. $150-$200 million in
annual acquisitions are modelled in as NEP grows its presence in
international markets and expand its suite of services.
-- Three quarters of new contract wins are a result of new events
and the other quarter, from competition. Roughly 65% of contracts
relate to the broadcasting segment, 25% to the live events segment
and 10% to media solutions.
-- Stronger growth in 2020 and 2022 driven by even-year events,
namely the Olympics, World Cup. Odd years still experience high
single-digit growth driven by the Rugby World Cup, Cricket World
Cup and International Track and Field.
-- Margin stability in the mid-20% range supported by contract
terms which are structured to target a specified return on invested
capital (ROIC) and EBITDA level.
-- Capital expenditures are largely associated with new contract
wins and are therefore success-based. As a result, capital
intensity remains in the mid-to-high teens. Fitch recognizes that
the company could materially reduce capital expenditures if it were
to slow down expansion and rely on low single-digit base organic
growth. While this would reverse negative FCF trends, it would also
contradict management's expansion strategy.
-- The company is able to repurpose equipment more as it builds
scale, which leads to slightly declining capital intensity.
-- Higher cash interest payments, associated with a higher debt
load, also act as a drag on FCF.
-- Fitch forecasts minimally positive FCF beginning in 2020 as
the company's size becomes more meaningful.
-- Total debt with equity credit to EBITDA remains around 6.0x as
acquisitions continue to be funded with revolver borrowings and
incremental term loans and tapers down to the mid-5.0x range by the
end of 2022.
-- NEP maintains sufficient cushion under its First Lien Net
Leverage Covenant over the forecast horizon.
The recovery analysis assumes that NEP would be considered a
going-concern in bankruptcy, and it would be reorganized rather
than liquidated.
Fitch has assumed a 10% administrative claim.
Going-Concern (GC) Approach
NEP's LTM EBITDA assumption of $351 million includes pro forma
adjustments for four acquisitions made in 2019. The GC LTM EBITDA
of $281 million contemplates insolvency resulting from inadequate
liquidity amid recessionary stress. In this scenario, Fitch assumed
that the company is unable to integrate the large number of
acquisitions into the business. Additionally, the company is unable
to renew its large contracts, ceding share to competitors in the
space, leading to depressed EBITDA and an unsustainable capital
structure.
The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation.
An enterprise valuation multiple of 5.5x EBITDA is applied to the
GC EBITDA to calculate a post-reorganization enterprise value. The
company's platform acquisitions are transacted on average between
4.8x-6.0x, while its smaller bolt-on acquisitions close in the
range of 3.5x-4.5x. Most recently, HDR Group was acquired by NEP at
5.8x EV/EBITDA in June 2019 and Aerial Video Systems at 4.4x in
September 2019. While the above transaction multiples are lower
than the 5.5x used for NEP, these targets operated on a smaller
scale with a less-developed footprint than NEP.
The recovery analysis assumes that the full $250 million is drawn
on the first lien revolver. The recovery analysis implies a
'BB-'/'RR2' rating on the senior first lien secured debt and a
'CCC+'/'RR6' on the senior second lien secured debt.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Management commitment to and sustained track record of bringing
total debt and equity credit to EBITDA below 5.5x could lead to a
positive rating action.
- FCF margins becoming meaningfully positive.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Total debt and equity credit to EBITDA sustained over 7.0x due
to poor integration and/or additional debt-funded acquisitions
could negatively impact the rating.
- FCF margin trends reversing and deficits exacerbating through
either a debt-funded dividend payment and/or poor top line
performance.
LIQUIDITY AND DEBT STRUCTURE
Sufficient Liquidity: At June 30, 2019, pro forma for the
incremental term loan facilities, the company had adequate
liquidity supported by $34 million in balance sheet cash and about
$180 million in revolver availability (net of $10 million in
outstanding letters of credit). NEP's EUR110 million in incremental
term loan facilities were used to pay down revolver borrowings,
temporarily bolstering liquidity. The company had FCF deficits of
$33 million for the LTM period reflective of the capital intensive
nature of the live events industry. Fitch believes that the
company's FCF will remain negative in 2019 driven by a heavier
interest burden from a growing debt load and high capital
expenditures associated with new contract wins. Fitch expects FCF
trends to reverse beginning in 2020, although, be minimally
positive.
Pro forma for the transaction, NEP had about $2.1 billion in debt
outstanding with no material maturities until 2025. Fitch believes
near-term liquidity should be sufficient to meet annual cash
interest and amortization payments.
===============
P O R T U G A L
===============
NAVIGATOR COMPANY: S&P Withdraws 'BB' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' long-term and 'B' short-term
ratings on Portugal-Based pulp and paper manufacturer The Navigator
Company at the issuer's request. The outlook was positive at the
time of the withdrawal.
The positive outlook on Navigator reflected S&P's view that there
is at least a one-in-three chance that the parent company, Semapa
S.A., will continue to show financial discipline, and that further
improvements in Navigator's strong cash generation could improve
its financial risk assessment of Semapa's group credit profile
(GCP).
===========
R U S S I A
===========
AEROFLOT: Fitch Hikes Issuer Default Ratings to BB, Outlook Stable
------------------------------------------------------------------
Fitch Ratings upgraded Public Joint Stock Company Aeroflot -
Russian Airlines' Long-Term Foreign- and Local-Currency Issuer
Default Ratings to 'BB' from 'BB-'. The Outlook on the IDR is
Stable.
The upgrade reflects its reassessment of Aeroflot Group's
standalone credit profile to 'b+' from 'b', underpinned by the
continuing strength of the group's business and financial profile
compared with that of peers including GOL Linhas Aereas
Inteligentes S.A. (B+/Stable) and LATAM Airlines Group S.A.
(BB-/Stable). The group's operations are supported by a strong
market position on domestic and international routes, which is
enhanced by a multi-brand strategy, a relatively diversified route
network and an ability to maintain adequate leverage despite costs
pressure over the last couple of years.
Fitch continues to apply a two-notch uplift to its SCP under
Fitch's "Government-Related Entities (GRE) Rating Criteria". The
group is majority state-owned. Based on the overall support and the
rating differential between Aeroflot Group's SCP and the Russian
Federation (BBB/Stable), the group's rating is capped at three
notches below the sovereign's.
KEY RATING DRIVERS
Solid Business Profile: Aeroflot Group's business profile is
supported by a strong market position, which the group strengthened
to about a 43% share in 6M19 on both international and domestic
routes from just about 31% in 2014. It is further supported by a
relatively diversified route network and favourable hub position.
It is also enhanced by a multi-brand strategy within the Aeroflot
Group, including Rossiya and Pobeda, aimed at capturing customers
in every market segment and increasing passenger traffic. Aeroflot
operates one of the youngest aircraft fleets in the industry with
an average age of 6.3 years.
Passenger Traffic Growth Continues: The group continues to grow its
passenger traffic to about 28 million passengers in 6M19, a 13.4%
increase, outpacing overall Russian market growth of about 9%. The
above-market growth was primarily supported by its low-cost carrier
(LCC) Pobeda, although growth was reported in all segments. In 6M19
Aeroflot Group reported a 14% growth in revenue
passenger-kilometres (RPK) and Fitch expects this trend to continue
over 2019-2022, at about 10% on average.
Two-Notch Uplift: The Russian Federation is the majority
shareholder of Aeroflot Group, with a 51.2% direct ownership. Fitch
views status, ownership and control as well as support track record
and expectations as strong due to the state's majority ownership
and Aeroflot Group's inclusion in the list of strategically
important enterprises in accordance with the GRE Rating Criteria.
Fitch expects tangible state support for Aeroflot Group would be
forthcoming, if needed. Aeroflot Group has also consistently
received airline agreement revenue.
Fitch views socio-political implications of Aeroflot Group's
default as moderate, since the airline is important for developing
connectivity among various regions in Russia and substitution is
likely to lead to temporary disruption in service. Financial
implications of a default by Aeroflot Group for the sovereign or
other GREs are weak, in its view.
High FX Exposure: Aeroflot Group continues to be exposed to FX
fluctuations as almost all of its debt at end-2018 was denominated
in foreign currencies, mainly US dollars. The majority of debt is
in the form of finance leases for aircraft purchases. This is
partially mitigated by over half of its revenue being generated in
dollars or euros, or linked to euros, although over a third of its
operating expenses are also denominated in foreign currencies.
High Costs Pressure Profitability: The group's 2018 EBITDA
decreased by another 38% yoy (or RUB21 billion) - following a 26%
yoy decrease in 2017- despite higher passenger (PAX) and a stable
load factor, leading to 15% increase (or RUB79 billion) in revenue.
The EBITDA decline was mainly due to higher fuel and operating
lease costs, partially mitigated by the group's cost-cutting and
efficiency initiatives. Fitch forecasts a gradual improvement in
margins over 2019-2022, driven by a marginal increase in yields and
its expectations of fuel prices remaining at moderate levels.
De-leveraging Expected: Fitch believes Aeroflot Group's financial
performance will remain sustainably manageable over 2019-2022,
supported by improving operations and deleveraging from 2020. Fitch
forecasts funds from operations (FFO) adjusted gross leverage to
decline to around 5.5x over 2020-2022, following an increase to
above 6x in 2019. This makes Aeroflot Group comparable to LATAM,
GOL and American Airlines, Inc (BB-/Stable). Fitch forecasts FFO
fixed charge cover to remain at around 1.2x-1.3x over 2019-2022.
Competitive Cost Position: Aeroflot Group is favourably placed
compared with other European network carriers based on its cost
position. The group's cost per available seat-kilometre (CASK) is
also comparable to LCCs'. Although Fitch expects Pobeda to achieve
double-digit growth over the next four years, Aeroflot network
business will remain the core of the group's business model. Pobeda
contributed only around 13% of total PAX in 2018 (9% in 2017).
Fitch believes cost advantage is offset by immense pressure on
yields due to the highly competitive nature of the industry,
competition from rail, price sensitivity of customers and to a
lesser extent, the government's ambition to facilitate air travel
at an affordable price.
DERIVATION SUMMARY
Aeroflot has a stronger business profile than GOL and LATAM in
terms of scale and diversity of operations, its strong market
position and favourable cost position. Its credit metrics are
comparable to those of GOL but are somewhat weaker than LATAM's.
This supported a reassessment of Aeroflot Group's SCP to 'b+',
which is in line with that of GOL.
Aeroflot Group has a weaker competitive position than American
Airlines Inc. and Air Canada (BB/Stable). This is mainly due to its
smaller scale of operations and higher leverage, somewhat mitigated
by the high frequency of international flights, a favourable hub
position and young average fleet age.
Aeroflot Group's 'BB' rating benefits from a two-notch uplift for
state support.
KEY ASSUMPTIONS
- Russian GDP growth of 1.2% in 2019 and 1.9% thereafter
- Russian CPI of 4.9% in 2019, 4.2% in 2020 and 4% thereafter
- Average USD/RUB exchange rate of 66 in 2019, 67 in 2020 and
67.5
thereafter
- Capex in line with management forecast
- Revenue passenger kilometres growth of about 10% per annum on
average over 2019-2022;
- Yield recovery in the low single digits
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Evidence of significantly stronger state support, although
unlikely at present in its view.
- Improvement in the financial profile (eg FFO adjusted gross
leverage below 5x and FFO fixed charge cover above 2.5x on a
sustained basis), due to yield recovery, efficient cost
management and/or moderation of investments in the fleet,
coupled with an upgrade of the Russian sovereign rating.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Material deterioration of the credit metrics (eg FFO adjusted
gross leverage above 6x and FFO fixed charge cover below 1.5x
on a sustained basis) due to further rouble depreciation,
a protracted downturn in the Russian economy, drop in yields
or overly ambitious fleet expansion.
- Weakening of state support.
- Break-even or loss-making operational performance (excluding
airline agreement revenue) on a sustained basis.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: Aeroflot's low cash-to-revenue ratio of around
10%, compared with a global average of around 20%, is offset by
available credit facilities and expected positive free cash flow
(FCF) generation. At end-2018, its cash and short-term deposits
stood at RUB30 billion, which together with available credit
facilities of RUB84 billion, comfortably covered short-term debt
maturities of RUB15 billion. The group does not pay commitment fees
under its credit lines but given its state ownership Fitch would
expect funds from banks to be available in case of need. Fitch
expects Aeroflot to generate positive FCF during 2019-2022 on the
back of improving operation and moderate cash capex.
LENTA LLC: Fitch Affirms BB LongTerm IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings affirmed Lenta LLC's Long-Term Foreign- and
Local-Currency Issuer Default Ratings and senior unsecured rating
at 'BB'. The Outlooks on the IDRs are Stable.
The ratings and Stable Outlook reflect its expectation that Lenta
will maintain a conservative leverage profile over the next three
years, despite intense competition in Russian food retail eroding
profitability and the potential introduction of dividend payments
in the near future. Fitch also assumes that the company's strategy
and financial policy will not change materially after a recent
change in ownership and treat any material adjustments to Lenta's
current strategy or financial policy as event risk to the ratings.
Its ratings remain supported by Lenta's good market position as the
third largest food retailer in Russia and its expectation that the
company will be able to continue growing its like-for-like (LfL)
sales over the medium term by maintaining an attractive customer
value proposition.
KEY RATING DRIVERS
Ownership Change Neutral to Ratings: In June 2019, private
investment company LLC Severgroup became Lenta's largest
shareholder (78%) after repurchasing stakes from EBRD, TPG and
minorities. Fitch treats the change in Lenta's ultimate
shareholders as neutral to the ratings, assuming the company's
strategy, corporate governance and financial policy will not change
materially under new ownership. Should Lenta present a new strategy
materially different from its expectations, Fitch will consider its
impact on the ratings upon any announcement, which is planned for
end-2019 to beginning of 2020.
Favourable Market Position; Limited Diversification: Good market
position and scale enable Lenta to be the third-largest food
retailer in Russia and with a business risk profile comfortably in
the 'BB' category. However, the business profile is negatively
affected by Lenta's limited diversification outside the core
hypermarket format. Supermarkets made up only 7% of the company's
sales in 2018. Although Lenta's smaller size hypermarkets position
it more favourably than big-box operators, Fitch believes that
competition from convenience and specialist stores may challenge
the company's performance. Therefore, differentiation from
competitors through assortment management, private label and
promotional activity, in its view, is key to maintain LfL sales
growth over the medium term.
Subdued Consumer Confidence, Intense Competition: Its rating
assessment acknowledges that competition in Russian food retail
remains intense and Fitch does not expect it to ease over the next
two-three years. As new retail formats evolve and large food
retailers keep rolling out new stores, selling space growth in the
sector is likely to continue to outpace growth in consumption. The
latter is constrained by weak consumer purchasing power as real
disposable incomes in Russia continue to decline.
Eroding but Strong Profitability: In line with its expectation of a
structural reduction in the sector's profitability, Lenta's EBITDA
margin has been falling over the past four years. Fitch projects it
to further decline over 2019-2022, albeit at a slower pace as Lenta
is now increasingly focused on operating efficiencies and LfL sales
growth. Based on its rating case, EBITDA margin will decline to
7.6% by 2022 from 8.8% in 2018 due to competitive pressures but
will remain strong compared with Russian and European food retail
peers'.
Strategy Shifting towards Efficiencies: Fitch expects Lenta to slow
down its revenue growth to mid-single digits in 2019-2022 after
more than doubling its sales over the past four years. The company
plans to open fewer stores in 2019 than historically as it
prioritises operating efficiencies over growth to ensure adequate
investment returns in an increasingly competitive market. Fitch
believes that this balanced approach to expansion, including any
potential bolt-on M&A, will be maintained over the medium term.
FCF to Turn Positive: Fitch projects Lenta will start generating
positive free cash flow (FCF) from 2019 as its expansion capex
reduces. Nevertheless, Fitch assumes that once all necessary
changes in legal group structure are completed, these cash flows
are likely to be used to remunerate shareholders rather than
deleverage as Lenta's balance sheet structure is already
conservative for the food retail sector.
Comfortable Rating Headroom: Fitch expects Lenta to maintain
comfortable financial headroom under its 'BB' rating over
2019-2022, despite declining profitability and a potential dividend
policy. This takes into account its internal leverage target and
track record of adherence to conservative financial policy. Fitch
projects that over the medium term Lenta's funds from operations
(FFO) adjusted gross leverage will remain sufficiently below its
negative rating sensitivity of 4.5x (2018: 3.9x), with the
exception of 2019. The breach in 2019 is due to high cash balances
related to recent refinancing activity but this is neutral to the
ratings as cash will be used to repay short-term debt.
Strong Fixed Charge Coverage: Among its peer group of large Russian
food retailers, Lenta has the strongest FFO fixed charge coverage
(2018: 2.6x) due to its highest proportion of owned stores. Fitch
projects the fixed charge cover metric to remain at around 2.5x
over 2019-2022, underpinning the company's financial flexibility
for the current rating.
DERIVATION SUMMARY
Fitch applies its Food-Retail Navigator Framework to assess Lenta's
rating profile. Compared with its peer group, Lenta is rated one
notch lower than its closest peer, largest Russian food retailer X5
Retail Group N.V. (BB+/ Stable) due to its smaller market position
and scale and weaker diversification. Fitch expects both companies
to demonstrate similar leverage profiles over the medium term.
Comparing Lenta's rating with international retail chains, such as
Ahold Delhaize N.V. (BBB+/Stable), Carrefour SA (BBB/Stable), and
Tesco PLC (BBB-/Stable), Lenta has smaller business scale and,
relative to Carrefour and Ahold, more-limited geographic
diversification. Furthermore, Lenta's ratings take into
consideration the higher-than-average systemic risks associated
with the Russian business and jurisdictional environment. These
weaknesses are partly offset by structurally higher profitability
in the Russian food retail market.
No Country Ceiling constraint or parent/ subsidiary linkage aspects
were in effect for these ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
- Around 4% revenue CAGR over 2019-2022, driven primarily by an
increase in selling space
- Gradually decreasing EBITDA margin
- High cash balance at end-2019 used for short-term debt
repayment in 2020
- Capex at around 4% of revenue over 2019-2022
- External dividends paid by parent Lenta Ltd and funded by cash
up-streamed from Lenta LLC equal to FCF
- No large-scale M&A
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Healthy LfL sales growth relative to peers', resulting in
growing market share and EBITDAR
- Maintenance of strong FFO margin (2018: 6.6%) and improving FCF
margin (2018:-0.2%) towards neutral to positive territory,
indicating maturity of existing business
- FFO-adjusted gross leverage below 3.5x on a sustained basis,
coupled with conservative financial policy
- FFO fixed charge coverage around 2.5x on a sustained basis
Future Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- A contraction in LfL sales growth relative to close peers'
along with inability to drive operating efficiencies, resulting in
FFO margin erosion to below 4.5%
- FFO-adjusted gross leverage above 4.5x on a sustained basis
- FFO fixed charge cover significantly below 2.5x
- Material deterioration of FCF margin as a result of weakened
operating cash flow or introduction of aggressive dividend policy
LIQUIDITY AND DEBT STRUCTURE
Manageable Liquidity: As at end-June 2019, Lenta's cash of RUB70.7
billion and expected positive FCF were insufficient to cover
RUB83.2 billion short-term debt. Nevertheless, Fitch believes that
the company's liquidity position is supported by Lenta's good
access to bank loans and capital markets as evidenced by recent
refinancing activities. Moreover, as at 1 July 2019 Lenta had
RUB44.8 billion of undrawn uncommitted credit lines maturing in
more than 12 months. Reliance on uncommitted credit lines is
standard practice for Russian corporates.
NORD GOLD: Fitch Assigns BB(EXP) Rating to New Sr. Unsec. Notes
---------------------------------------------------------------
Fitch Ratings assigned Nord Gold SE's (BB/Stable) proposed
guaranteed notes an expected senior unsecured rating of 'BB(EXP)'.
The rating of the notes, which will be issued by Ireland-based
Celtic Resources Holdings DAC, is in line with Nord Gold's IDR as
the notes are ranked pari passu at the level of the finco which
holds all of the group's financial indebtedness (excluding reverse
factoring).
The final rating is contingent upon the receipt of final
documentation conforming materially to information already received
and details regarding the amount and tenor of the notes.
KEY RATING DRIVERS
Guaranteed Notes Rank Pari Passu: The notes are guaranteed
unconditionally and irrevocably on a joint and several basis by
Nord Gold's main operating entities, which together represent more
than 90% of assets and revenues. Noteholders will benefit from
certain financial covenants, including the incurrence based net
debt to EBITDA ratio of 3.5x.
Mid-Size Diversified Gold Miner: Nord Gold is a mid-sized
Russian-owned gold miner with producing mines in Burkina Faso,
Russia, Guinea and Kazakhstan and exploration and development
projects in French Guiana (Montagne d'Or), Russia (Uryakh and
Tokkinsky),Canada (Pistol Bay) and Guyana (Arakaka). Its 2018 gold
production totalled 907,000 oz. Nord Gold has JORC reserves of 15.1
million oz, with a mine life of about 15 years. In 2018, the
company launched Gross, its third greenfield mine commissioned
since 2013.
Gross Mine Ramps Up: Commissioned in September 2018, Gross is an
all-season open pit, heap leach operation located in Yakutia in
Russia's eastern Siberia. Management estimates that Gross's large
resource base is sufficient to maintain average production at
around 200,000 oz for about 19 years. In 2Q19, Gross's performance
exceeded the group's expectations, producing 62,200 oz. With Gross
ramping up to full capacity in 2019, Fitch estimates that Nord
Gold's total annual gold production will exceed 1 million oz.
Cash Costs Improving: In 2Q19 Nord Gold's all-in sustaining costs
(AISC) decreased 7% to USD1,038/oz on 1Q19 due to lower cash costs
at its mines as well as lower capitalised stripping at Taparko and
maintenance capex at Lefa. In 2019-2022, Fitch expects Nord Gold to
maintain flat average AISC of around USD950/oz. This is due to the
ramp-up of relatively low-cost Gross production, which would help
the group control the overall cost per ounce.
Deleveraging in 2019: Fitch expects Nord Gold's total funds from
operations (FFO) gross leverage to average 1.8x in 2019, achieving
positive free cash flow (FCF) of USD90 million due to lower capital
intensity, stronger production and pricing. Over the forecast
horizon Fitch expects FFO gross leverage to average 1.9x due to
higher production and lower AISC, mainly driven by the launch of
Gross.
Capex Peaked in 2018: Nord Gold's capital intensity (capex/revenue)
peaked in 2018 and reached almost 44% with total capex of around
USD500 million, mainly due to the development of Gross and large
stripping works at Bissa-Bouly, Taparko and Berezitovy to prepare
the mines for higher production volumes in 2019. In 2019, capex
intensity is likely to fall towards 30% and then to 28% from 2020.
Fitch expects the company to maintain leverage within the rating
guidance as the group invests in existing mines and new projects.
New Project Pipeline: Nord Gold has a number of new projects in its
pipeline. Two major current development and exploration projects
are Montagne d'Or in French Guiana and Pistol Bay in Canada,
respectively. Its base case currently excludes these projects as
visibility on their likelihood and timing remains low. In addition,
there are development projects at existing mines, where exploration
works resulted in the discovery of a number of satellite deposits,
thus extending the life of existing mines.
Diverse Country Risk Exposure: Nord Gold has operations in Burkina
Faso (40% of total output in 2018), Russia (BBB/Positive, 30%),
Guinea (21%) and Kazakhstan (BBB/Stable, 9%). Following the launch
of Gross in September 2018, Fitch expects the share of Russian
production in Nord Gold's total gold output to reach 40% by
end-2020.
Less-developed economies such as these can be less favourable for
mining companies due to a number of factors, eg poor roads and
other infrastructure, uncertainty in the application and/or
enforceability of taxation, mining and other laws, and less stable
governmental finances. In this regard Fitch views Nord Gold's
operational diversification as a mitigating factor against the risk
from disruption in one of the countries in which the group
operates.
DERIVATION SUMMARY
Nord Gold is significantly smaller than Kinross Gold Corporation
(BBB-/Stable) and PJSC Polyus (BB/Stable) by production and
revenue, while its AISC are higher. Kinross has a higher proportion
of mines located in stable countries but also has a number of mines
in Russia and West Africa, where Nord Gold's mines are located.
Yamana Gold Inc. (Yamana, BBB-/Stable) is similar to Nord Gold in
scale and also has a majority of assets located in emerging
economies (South America).
In terms of leverage, Nord Gold compares well with Goldcorp and
Polyus, but lags behind Kinross and Yamana.
Operating environment has a moderate impact on the ratings due to
higher-than-average systemic risks associated with Russia's legal
and business environment.
KEY ASSUMPTIONS
- Fitch gold price deck of USD1,200/oz for the rest of 2019 and
in 2020-2022
- Total refined gold production at 1,000,000 oz in 2019 and
slightly above 1,000,000 oz in 2020-2022
- Capex at USD400 million in 2019 and average USD350 million a
year in 2020-2022
- Discretionary dividends
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Further improvement in the operational profile beyond the
successful commissioning and ramp-up of Gross and other
projects in the pipeline
- Conservative financial profile, e.g. FFO adjusted gross
leverage below 1.5x on a sustained basis (2018: 2.3x)
- EBITDA margin above 40% (2018: 41%) and positive FCF on a
sustained basis
- One-year liquidity ratio sustained above 1.25x
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin below 30% on a sustained basis
- Failure to deleverage in line with Fitch's expectations,
resulting in FFO gross leverage above 2.5x on a sustained
basis
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: As at June 30, 2019, Nord Gold had maturities
of USD320 million (including factoring arrangements) by June 2020.
The group reported cash on hand of USD126 million, in addition it
has USD15 million undrawn under a USD75 million committed revolving
credit facility (RCF) from a major international bank due in April
2021. Further sources of liquidity consist of uncommitted RCFs from
major Russian state-owned banks for a total of USD115 million and
projected FCF of USD149 million over 2019-2020. Fitch assumes that
Nord Gold will continue to have access to financial markets.
Fitch expects the issuance of the notes to refinance existing
short-term indebtedness, which extends maturities and would lead to
an improvement in Nord Gold's liquidity profile.
NORD GOLD: Moody's Rates Proposed Sr. Unsec. Notes 'Ba2'
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
senior unsecured guaranteed notes to be issued by Celtic Resources
Holdings DAC and guaranteed by Nord Gold SE's key operating
subsidiaries. The outlook on Celtic Resources Holdings DAC is
stable. Concurrently, Moody's has affirmed the Ba2 corporate family
rating and the Ba2-PD probability of default rating of Nord Gold
SE. The outlook on Nord Gold SE remains stable.
RATINGS RATIONALE
RATIONALE FOR ASSIGNING Ba2 RATING TO THE PROPOSED NOTES
The issuer of the notes - Celtic Resources Holdings DAC - is a
designated activity company incorporated under the laws of Ireland.
The notes will be guaranteed by Nord Gold SE's subsidiaries, namely
its Russian operating companies: Rudnik Taborny LLC, Berezitovy
Rudnik LLC, Neryungri-Metallik LLC, a Kazakhstani operating company
JSC FIC Alel, Guinean operating company Societe Miniere de
Dinguiraye; and a Canadian holding company High River Gold Mines
Ltd (Buryatzoloto and Berezitovy mines in Russia, Bissa, Bouly and
Taparko mines in Burkina Faso). The Notes will be unsecured and
unsubordinated obligations of the issuer and will rank equally in
right of payment with the issuer's existing and future unsecured
and unsubordinated obligations. The consolidated total assets and
consolidated total revenues of the guarantors comprise at least
ninety per cent of Nord Gold SE's consolidated total assets and
consolidated total revenues. Therefore, the noteholders will rely
on Nord Gold SE's credit quality to service and repay the debt.
Proceeds from the notes will be used to partially repay Nord Gold
SE's outstanding indebtedness and for general corporate purposes.
The Ba2 rating of the proposed notes is at the same level as Nord
Gold SE's corporate family rating, which reflects Moody's view that
the notes will rank pari passu with other unsecured and
unsubordinated obligations of Nord Gold SE. The company's debt
comprises unsecured bank loans raised at the level of Celtic
Resources Holdings DAC and guaranteed by the same companies as the
guarantors under the proposed notes. Therefore, there are no
material debt instruments that are senior or subordinated to the
proposed senior unsecured notes.
RATIONALE FOR AFFIRMING Ba2 CFR AND Ba2-PD PDR
Nord Gold SE's Ba2 CFR factors in the company's (1) operational and
geographic diversification, with ten active mines; (2) reserve base
dominated by open-pit mines; (3) competitive operating costs
resulting in Moody's-adjusted EBITDA margin of sustainably above
35%; and (4) track record of organic growth and good corporate
governance.
The rating also takes into account (1) the company's fairly small
scale of operations, with gold production of about one million
ounces projected for 2019; (2) its exposure to volatility in gold
price and local currencies' exchange rates; (3) the heightened
business, political and event risks in countries where the company
operates, primarily Burkina Faso and Guinea (both unrated); and (4)
risks related to the company's concentrated ownership structure,
although mitigated by the track record of good corporate
governance.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS
Nord Gold SE is exposed to ESG issues typical for a company in
mining sector. The environmental risks include but not limited to
soil and water pollution as a result of processes and chemicals, in
particular cyanide and other hazardous substances, used in gold
extraction and production methods. Such risks are generally viewed
by Moody's as very high for mining companies. High risks, as viewed
by Moody's for mining companies, include water shortages and
man-made hazards. Such hazards may include flooding, collapses of
walls or shelf at the company's open-pit mines. In 2018, for
example, the company experienced a rockslide at the Berezitovy mine
resulting in a 49% decrease in the gold production at the
Berezitovy mine in 2018 compared with 2017. Following the accident,
Nord Gold SE changed the mining plan at the Berezitovy mine and
focused on investment in capital stripping activities which
resulted in the mine's all-in sustaining costs (AISC) growth to
$1,325 per ounce (oz) in 2018 from $766/oz in 2017. This accident
had quite a limited impact on the company's financial metrics as
Berezitovy mine made up only about 6% of the company's gold
production in 1H 2019. Underground mining, which comprised around
10.6% of Nord Gold SE's total gold output in the first half of 2019
(2018: 16.3%), carries its own specific risks such as underground
fires, explosions and other accidents resulting from drilling and
blasting activities at the underground mine. Leakage from or
failure of the company's tailings dams may present another
potential risk, but the company regularly inspects its tailings
storage facilities and in recent years has put greater emphasis on
the risks associated with these facilities.
Nord Gold SE has a concentrated ownership structure, with 99.94% of
the company's share capital owned by Mr Mordashov, together with
his sons Nikita and Kirill. The risk of concentrated ownership is
mitigated by the track record of a balanced financial policy, with
moderate gross debt and dividend payouts, as well as via
independent directors oversight, with fourrout of eight board
members being independent directors.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Nord Gold SE
will (1) maintain its leverage at about 2.0x Moody's-adjusted gross
debt/EBITDA on a sustainable basis; (2) retain healthy liquidity;
and (3) pursue a balanced financial policy, with moderate gross
debt and dividend payouts.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Moody's does not anticipate any positive pressure on the ratings to
develop over the next 12-18 months, due to the company's fairly
small scale of operations and gold output volume, which is likely
to remain at around one million ounces per year, and substantial
concentration of operations in geographies with heightened business
risks. Over the longer term, positive pressure on the ratings may
build up if the company were to (1) reduce its operational
concentration in geographies with heightened business risks so that
the mines located in such geographies contribute less than 40% of
consolidated revenue and EBITDA; (2) retain robust financial
metrics reducing AISC to below $950 per ounce; (3) generate
sustainable positive post-dividend free cash flow; (4) pursue a
balanced financial policy, such that its capital spending and
shareholder distributions do not exert pressure on its leverage;
and (5) maintain healthy liquidity.
Moody's could downgrade the ratings if the company's (1)
Moody's-adjusted gross debt/EBITDA were to exceed 2.5x on a
sustained basis; (2) post-dividend free cash flow were to be
negative on a sustained basis; or (3) liquidity and liquidity
management were to deteriorate materially. A material deterioration
in the company's operating performance, caused by possible
operational disruptions in geographies with heightened business
risks, could also exert negative pressure on the ratings.
PRINCIPAL METHDOLOGY
The principal methodology used in these ratings was Mining
published in September 2018.
COMPANY PROFILE
Nord Gold SE is an established pure-play gold producer, with 10
producing mines and a portfolio of exploration projects in Russia,
Guyana, French Guiana and Canada. In the last 12 months ended June
30, 2019, Nord Gold SE produced 929 thousand ounces (koz) of gold
(compared with 907 koz in 2018). For the same period, the company
generated revenue of $1.18 billion ($1.14 billion in 2018) and
Moody's-adjusted EBITDA of $439 million ($464 million in 2018).
Alexey Mordashov, together with his sons Nikita and Kirill,
controls 99.94% of the company's ordinary shares.
=========
S P A I N
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AYT CGH CCM 1: Fitch Affirms CC Rating on Class D Debt
------------------------------------------------------
Fitch Ratings upgraded two and affirmed five tranches of three
Spanish RMBS transactions. The Outlooks are Stable.
AYT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario CCM 1
Class A ES0312273248; LT AA+sf Upgrade; previously at AAsf
Class B ES0312273255; LT Bsf Affirmed; previously at Bsf
Class C ES0312273263; LT CCCsf Affirmed; previously at CCCsf
Class D ES0312273271; LT CCsf Affirmed; previously at CCsf
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario BBK II
Class A ES0312273362; LT Asf Affirmed; previously at Asf
Class B ES0312273370; LT CCCsf Affirmed; previously at CCCsf
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario BBK I
Class A ES0312273008; LT A+sf Upgrade; previously at Asf
TRANSACTION SUMMARY
The transactions comprise Spanish mortgages serviced by Kutxabank,
SA (BBB+/Stable/F2) for AyT Colaterales Global Hipotecario BBK I
and BBK II (BBK I, BBK II) and Liberbank, SA (BB+/Stable/B) for AyT
Colaterales Global Hipotecario CCM I (CCM I).
KEY RATING DRIVERS
Sound Asset Performance
Fitch expects the portfolios to show stable credit trends given
their significant seasoning of more than 13 years, a prevailing low
interest rate environment and a stable Spanish macroeconomic
outlook. Three-month plus arrears (excluding defaults) as a
percentage of the current pool balance remains below 0.8% in all
transactions as of the latest reporting date.
Gross cumulative default rates relative to the original portfolio
balances increased marginally to 3.8% currently from 3.6% as of
March 2018 for BBK I, to 1.8% currently from 1.7% as of June 2018
for BBK II and to 11.7% currently from 11.6% as of May 2018 for CCM
I. The rating actions reflect Fitch's credit analysis of the
portfolios, which have been run with performance adjustment factors
of 70% (BBK I and CCM 1) and 50% (BBK II).
Credit Enhancement (CE) to Continue Rising
Fitch expects CE ratios to continue increasing in the immediate
term for all transactions due to sequential amortisation. The
agency does not expect a switch to pro-rata in the near future
based on trigger definitions.
Excessive Counterparty Exposure
BBK II class A notes' rating remains capped at the issuer account
bank´s provider rating (Banco Santander, SA, Deposit Rating A/F1),
as the transaction's cash reserve held at this entity represent a
material source of CE for these notes. The rating cap reflects the
excessive counterparty dependence on the SPV account bank holding
the cash reserve.
Geographical Concentration
These transactions are exposed to geographical concentration risk
in the Basque region (BBK I and BBK II) and Castilla la Mancha (CCM
I). Fitch has applied a higher set of rating multiples to its base
foreclosure frequency assumption to the portion of the portfolio
that exceeds 2.5x the population within these regions.
RATING SENSITIVITIES
A worsening of the Spanish macroeconomic environment, especially
employment conditions, or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability. This could have
negative rating implications, especially for junior tranches that
are less protected by structural CE. The rating of BBK II class A
notes is sensitive to changes in the SPV account bank's deposit
ratings.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC 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
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.
Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
GRUPO ALDESA: Moody's Lowers CFR to Caa1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B3 the corporate
family rating and to Caa1-PD from B3-PD the probability of default
rating of Spanish construction company Grupo Aldesa S.A.
Concurrently, Moody's downgraded to Caa1 from B3 the instrument
rating on the EUR250 million senior secured notes due April 2021,
issued by Aldesa Financial Services S.A. The outlook on both
entities remains stable.
RATINGS RATIONALE
The downgrade follows Aldesa's weak results for the second fiscal
quarter ended June 30, 2019 (Q2-19), and the group's downward
revised 2019 full year net sales and profit guidance. The Caa1
ratings also reflect Moody's view of Aldesa facing increased risk
regarding the refinancing of its EUR250 million senior secured
notes due April 2021, while it is currently in refinancing
negotiations, including with some private lenders. While a regular
refinancing could support positive pressure over the medium term,
provided that operating performance and cash flow generation is
improving, a potential refinancing of the bond below par, resulting
in a loss for bondholders, would likely constitute a distressed
exchange (DE) and qualify as a default under Moody's definition,
driving further negative rating pressure
In Q2-19, Aldesa's net sales in the restricted group decreased by
24% year-over-year (yoy) to EUR182 million from EUR240 million in
the prior year, while its restricted EBITDA declined to EUR6.9
million (-22% yoy). Main driver for this was an ongoing difficult
environment in the Spanish and Mexican civil works sectors.
Investment activity in these markets continued to be muted in light
of the unstable political environment in Spain and constrained
decision making in the Mexican public works sector, which has led
to a delay in several projects. At the same time, higher activity
in the Spanish residential sector, where margins are typically
weaker, has prompted a material deterioration in profitability, as
shown by a meager 1.3% (restricted) EBITDA margin in Spain during
the first half of 2019 (H1-19), down from 3.4% last year.
Considering the ongoing sluggish sentiment in Spain and Mexico,
which the group expects to improve from 2020, it has revised
downward its 2019 full year net sales guidance to around EUR900
million from over EUR1 billion, and its EBITDA guidance for the
restricted group to EUR50-52 million from previously EUR58 million.
Depending on the magnitude of expected working capital releases in
the seasonally stronger second half of the year, the group also
increased its restricted group net leverage guidance to 1.9x-2.4x
from 1.7x-2.2x. This is after Aldesa's reported restricted free
cash flow weakened to EUR130 million negative in H1-19, compared
with EUR93 million during the same period of the prior year on
account of higher working capital consumption due to certain
milestone energy projects.
LIQUIDITY
Aldesa's liquidity remains adequate with EUR88 million of cash on
the balance sheet as of June 30, 2019, although Moody's forecasts
negative free cash flow generation in the restricted group over the
next 12-18 months. There are no major debt maturities before
January 2021 when the EUR100 million revolving credit facility
(EUR65 million drawn at the end of June 2019) will mature, which
the group has just been able to extend in September 2019. Liquidity
is also supported by sufficient headroom under the group's
financial leverage covenant (
LECTA SA: Moody's Lowers CFR to Caa3 & Alters Outlook to Neg.
-------------------------------------------------------------
Moody's Investors Service downgraded Lecta S.A.'s Corporate Family
Rating to Caa3 from Caa1, the company's probability of default
rating to Ca-PD from Caa1-PD as well as the ratings of the EUR600
million senior secured bonds to Ca from Caa1. The outlook has been
changed to negative from stable.
"The rating action is driven by the proposed recapitalization which
includes a debt-for-equity transaction representing a distressed
exchange, which is deemed an event of default under its
definitions," says Dirk Steinicke, Moody's lead analyst for the
issuer.
RATINGS RATIONALE
The downgrade of Lecta's ratings reflects Moody's view that the
proposed recapitalization will constitute a distressed exchange,
which is an event of default under Moody's definitions. It reflects
in particular that notes holders will suffer a severe haircut on
the nominal amount, not fully offset by the fact they will get
shares in the company as well as subordinated notes. The one notch
difference of the senior secured notes rating compared with the CFR
reflects Moody's expectation that note holders will suffer
significant losses from the restructuring while other liabilities
might not be affected by a haircut.
OUTLOOK
The negative outlook still reflects a degree of uncertainty in the
execution of the announced debt restructuring transaction which, if
not successful, could result in a potentially even lower recovery.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Lecta's ratings could be upgraded after the distressed exchange as
the capital structure will be more sustainable as well as if
Lecta's operating performance was to improve driven by successfully
executed cost cutting plans and conversion projects. The ratings
could be downgraded in case expected losses for creditors would
appear as more substantial that currently expected.
=====================
S W I T Z E R L A N D
=====================
CEVA LOGISTICS: Moody's Lowers B2 CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service downgraded to B2 from B1 the corporate
family rating, to B2-PD from B1-PD the Probability of Default
Rating of CEVA Logistics AG, as well as downgrading to B2 from B1
the instrument ratings of CEVA Logistics Finance B.V., a leading
global integrated logistics provider. Moody's has also withdrawn
the instrument rating for CEVA Logistics Finance B.V.'s EUR 300
million Senior Secured Notes due 2025 further to their repayment.
Concurrently, Moody's has changed the outlook to stable from
negative.
The rating actions are driven by:
- Moody's adjusted leverage for the last twelve months ended June
30, 2019 is 5.9x, driven by lower than expected EBITDA as a result
of continued challenges in the Contract Logistics division, and
reduction in volumes in Freight Management. Moody's now expects
leverage to reduce towards 5x by the end of 2020.
- Moody's adjusted free cash flow generation is below Moody's
expectations and will remain constrained in the next 12-18 months.
The improvements in working capital management are partially offset
by lower than expected EBITDA, higher interest paid as well capital
expenditure and restructuring costs.
RATINGS RATIONALE
CMA CGM S.A. ("CMA", B2 Stable) acquired full control of CEVA in
April 2019. CMA continues to reinforce CEVA's management team with
the recently appointed CEO and CFO, as well as progressing with the
implementation of their strategic plan for CEVA. Moody's continues
to believe that the strategy offers significant long term benefits
if well executed, and a successful implementation is factored in
Moody's forecasts. Moody's also expects a steady recovery in
Contract Logistics' profitability and relatively stable margins in
Freight Management, with growth in line with Moody's current GDP
forecasts.
CEVA's B2 corporate family rating reflects the group's: (i)
relatively solid business profile given the scale, global reach and
breadth of the group's service offering; (ii) large and diverse
blue-chip customer base with high retention rates and entrenchment
in customers' operations in Contract Logistics (CL); (iii) upside
potential from greater scale and improved efficiency in Freight
Management (FM) as a result of the acquisition of CMA's freight
management business. Conversely, the rating is constrained by: (i)
exposure to cyclical automotive, consumer and retail industries as
well as freight rates volatility; (ii) sustainability of
operational margin improvements in a low margin and highly
competitive industry; (iii) negative free cash flow generation
expected over the next 12-18 months.
Moody's considers that CEVA is well placed within the Global
Surface Transportation and Logistics Industry with regards to
exposure to environmental risks given its asset-light business
model.
CEVA's ratings also factor in the presence of a controlling
shareholder, with the potential risk of related-party transactions
and aggressive financial policies mitigated by CMA's long-term
investment horizon, stated policy of de-leveraging and defined
strategic plan for CEVA. Moody's also notes that the Board includes
two independent Board members.
Moody's considers CEVA's liquidity as adequate. As at June 30,
2019, the group had $262 million of cash available plus $34 million
availability under its committed Revolving Credit Facility (RCF)
and $14 million availability under its asset-backed facilities.
There are maintenance covenants in the RCF where the group has
limited headroom as at June 30, 2019.
The B2 ratings on the Senior Secured Bank Credit Facilities are in
line with the CFR, reflect their priority ranking in the event of
security enforcement and their large share in the capital
structure.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that CEVA's
performance will steadily improve over the next few quarters,
resulting in improved leverage and free cash flow generation.
Moody's expects that the group will benefit from an adequate
liquidity profile.
FACTORS THAT COULD LEAD TO AN UPGRADE
There could be upward pressure on the ratings if, for a sustained
period of time: (i) leverage falls below 4.5x; (ii) good liquidity
profile including FCF/Debt improving to low single digits; (iii)
EBIT/Interest comfortably above 1x.
FACTORS THAT COULD LEAD TO A DOWNGRADE
There could be downward pressure on the ratings if any of: (i)
leverage remains above 5.5x for a sustained period of time; (ii)
deterioration in liquidity, including recurring negative free cash
flow and diminishing headroom under financial covenants.
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: CEVA Logistics AG
Probability of Default Rating, Downgraded to B2-PD from B1-PD
Corporate Family Rating, Downgraded to B2 from B1
Issuer: CEVA Logistics Finance B.V.
BACKED Senior Secured Bank Credit Facility, Downgraded to B2 from
B1
Withdrawals:
Issuer: CEVA Logistics Finance B.V.
BACKED Senior Secured Regular Bond/Debenture, Withdrawn ,
previously rated B1
Outlook Actions:
Issuer: CEVA Logistics AG
Outlook, Changed To Stable From Negative
Issuer: CEVA Logistics Finance B.V.
Outlook, Changed To Stable From Negative
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.
CORPORATE PROFILE
CEVA is the one of the largest integrated logistics provider in the
world in terms of revenues ($7.4 billion for the year ended
December 31, 2018). CEVA offers integrated supply-chain services
through the two service lines of Contract Logistics and Freight
Management and maintains leadership positions in several sectors
globally including automotive, high-tech and consumer/retail. The
group is fully owned by CMA CMG group since April 2019.
CEVA LOGISTICS: S&P Alters Outlook to Stable & Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on CEVA Logistics AG to
stable from positive and affirmed its 'B+' ratings on the company
and its debt
S&P said, "We believe that CEVA's weaker financial performance than
we previously forecast, combined with sluggish economic conditions,
will weigh on CMA CGM's cash flow generation and credit ratios. CMA
CGM holds 99.6% of CEVA's outstanding shares, controls CEVA, and
consolidates CEVA in its financial accounts. We view CEVA as a core
entity of the group. We believe CEVA's operational improvement and
financial recovery will take longer than we previously expected.
The restructuring of the contract logistics operations in Italy,
which depressed CEVA's EBITDA by $42 million in 2018; and other
onerous contracts: along with margin-improvement initiatives are
dragging on in the increasingly difficult macroeconomic
environment. This situation led us to revise downward our
projections of CEVA's reported EBITDA.
"According to our base case, CEVA's EBITDA (pre-IFRS 16) in 2019
will be similar to the about $192 million it posted in 2018,
adjusted for share-based compensation of $32 million, IPO costs of
$19 million, and $20 million of dividends received from the
Anji-CEVA joint venture. We forecast CEVA's EBITDA at $260
million-$270 million in 2020. These figures are well below our
previous projections, namely $280 million of EBITDA in 2019 and
$320 million-$330 million in 2020. As a result, we consider that
CEVA's management's guidance of pre-IFRS 16 EBITDA of $470
million-$490 million by year-end 2021 unlikely to materialize."
CMA CGM's container shipping segment is holding up relatively well
despite sluggish global demand and trade volumes.
In the first half of 2019, CMA CGM reported a 5.4% increase in
transported volumes versus that in first-half 2018. According to
S&P's base case, the shipping segment will generate reported EBITDA
(pre-IFRS 16) of $1.45 billion-$1.5 billion in 2019, which is well
above the $1.16 billion reported in 2018 and only moderately below
our previous forecast of $1.5 billion-$1.6 billion.
Two main factors support a recovery of the group's shipping
earnings. CMA CGM's transported trade volumes are increasing above
the market average, thanks to the contribution from the rapidly
expanding intraregional and U.S. lines. The company has also
trimmed operating expenses, which were down $42 per twenty-foot
equivalent unit (TEU) in the second quarter of 2019 year-on-year.
The positive trend will likely continue into 2020, but to a lesser
extent than we previously expected, with the shipping segment
achieving reported EBITDA (pre-IFRS 16) of $1.6 billion-$1.7
billion.
S&P factors into its forecast CMA CGM's continued tight rein on
cost control and container liners' consistent pass-through of fuel
cost inflation to customers as the industry shifts to new
regulation under IMO 2020, which requires the use of more expensive
low-sulfur-compliant fuel oil.
Considering both segments' projected performance, the group's
credit measures are unlikely to improve to levels commensurate with
a higher rating in the next 12 months.
S&P said, "Consolidated EBITDA will likely falling short of our
previous forecast and the proceeds from CMA CGM's planned disposal
of terminals and a minority stake in CEVA will not offset the
group's (pre-IFRS 16) net debt, which increased to about $10.6
billion as of June 30, 2019, following its acquisition of CEVA. We
note that the group's application of IFRS 16 added about $8 billion
to its reported debt as of June 30, 2019.
"According to our base-case forecast, the group will achieve
adjusted FFO to debt of 13%-15% and adjusted debt to EBITDA of
4.5x-5.0x in 2019-2020, which are at the low end of the range for
the financial profile consistent with the current rating." This is
an improvement compared with a pro forma adjusted FFO to debt ratio
of about 12% and adjusted debt to EBITDA of 5.0x-5.2x after the
CEVA acquisition closed.
The group's business profile remains constrained by the shipping
industry's high risk and fragmentation.
CMA CGM's profitability remains susceptible to the industry's
cyclical swings, high exposure to fluctuations in bunker fuel
prices, and limited ability to quickly adjust operating costs to
falling demand and freight rates. That said, as the fourth-largest
player in the industry in terms of capacity, CMA CGM benefits from
a large, fairly new, and diverse fleet, and strong customer
diversification. CMA CGM operates globally through a broad and
strategically located route network that helps it ride out regional
downturns. S&P said, "We believe that significant consolidation in
the container liner industry over recent years could help CMA CGM
achieve less volatile profits through the industry cycle. We also
consider the company's ability to continue reducing the cost per
container transported, as demonstrated by a strong track record of
outperforming its cost-reduction targets."
S&P believes that the combined group will benefit from larger
scale, an enhanced product offering, an improved customer
proposition, and closer integration of services. This will likely
create operating and revenue synergies across the two businesses
that might help offset some of the inherent volatility of the
container shipping industry if the turnaround of CEVA's
materializes as planned.
Outlook
S&P said, "The stable outlook reflects our view that the group's
financial profile will improve steadily in the next 12 months
allowing it to achieve and maintain adjusted FFO to debt higher
than 12%. We also expect CMA CGM can maintain adequate liquidity,
including refinancing of bullet debt at least 12 months before it
matures, and proactive management of compliance with financial
covenants."
Downside scenario
S&P said, "We would downgrade CMA CGM if the company fails to
accumulate ample cash from asset disposals or obtain necessary
funding to repay the outstanding $725 million of unsecured notes
due mid-January 2021 in a timely manner, which we consider to be at
least 12 months before they mature.
"Furthermore, we could lower our ratings if CMA CGM's earnings fall
short of our revised base case, due for example to an unexpected
drop in freight rates, the company's inability to pass on the IMO
2020-related bunker price inflation to customers or counterbalance
such a price inflation through a significant reduction of unit
costs, or a significant operational setback at CEVA. Either of
these would prevent CMA CGM from achieving credit measures
commensurate with a 'B+' rating, namely adjusted FFO to debt higher
than 12%.
"If CMA CGM's investment strategy was more aggressive than we
anticipated, for example including a large order of new
containerships, and resulted in adjusted debt increasing beyond our
base case, we could also consider a downgrade."
Upside scenario
S&P could raise the rating if it considered that industry
consolidation, the company's structural cost reductions, or greater
vertical integration will likely enable CMA CGM to achieve less
volatile profits through the industry cycle. An upgrade would also
depend on CMA CGM's debt reduction and investment policies
continuing to support a sustained improvement in its FFO-to-debt
ratio to more than 16%.
Furthermore, an upgrade would be contingent on CMA CGM maintaining
adequate liquidity, including continued access to capital markets.
===========
T U R K E Y
===========
COCA-COLA ICECEK: Fitch Affirms 'BB' LongTerm Foreign Currency IDR
------------------------------------------------------------------
Fitch Ratings affirmed Coca-Cola Icecek's Long-Term
Foreign-Currency Issuer Default Rating and senior unsecured
long-term rating at 'BB'. The Outlook on the IDR is Negative.
The FC IDR is constrained by Turkey's Country Ceiling of 'BB-'. The
affirmation of the Long-Term Local-Currency IDR at 'BBB-' reflects
Fitch's expectations that CCI's credit profile remains strong due
to its leading positions in its core markets, resilient nature of
the soft drinks business and strong financial profile. The Negative
Outlook on the LC IDR continues to capture potential risks related
to the weakened operating environment in some of CCI's overseas
markets in addition to Turkey, which could pressure the group's
operating performance in the near term.
KEY RATING DRIVERS
FC IDR Above Country Ceiling: CCI's FC IDR benefits from a
single-notch uplift to 'BB', above Turkey's 'BB-' Country Ceiling,
reflecting scope for support by The Coca-Cola Company for transfer
and convertibility risks. Based on Fitch's "Non-Financial
Corporates Exceeding the Country Ceiling Rating Criteria" the
growing share of cash flows generated by CCI outside Turkey, and
from Kazakhstan in particular (2018: 12% of group revenue), which
has a higher Country Ceiling of 'BBB+', could support a shift of
the Country Ceiling that is applied to CCI away from Turkey. Should
CCI generate sufficient EBITDA from Kazakhstan to sustainably cover
its consolidated hard currency gross interest expenses over three
to five years, Fitch could consider changing the applicable Country
Ceiling.
Parent-Subsidiary Linkage with TCCC: CCI has a strong operational
and strategic relationship with TCCC, which owns 20.1% of CCI and
exercises considerable influence over its major decisions. TCCC
licenses strong global brands to CCI, provides marketing expertise
and has price flexibility in its supply terms that can partly
protect profits from currency fluctuations. Despite the absence of
strong legal ties such as formal guarantees from TCCC or cross
defaults, Fitch believes that CCI could still rely on TCCC through
other forms of financial support in case of need.
In applying its "Parent-Subsidiary Linkage" methodology Fitch has
followed the "strong parent/weak subsidiary" path and assessed the
overall linkage strength as overall moderate. This results in a
bottom-up approach and a one-notch uplift applied by Fitch to CCI's
'BB+' standalone Local-Currency rating.
High, Still Manageable FX Risks: Almost all of CCI's debt (2018:
above 90%) as well as the prices for a relevant proportion of raw
materials (approximately 35%) are denominated in US dollars and
euros. However, all of CCI's operations are based in emerging
markets, with Turkey, Pakistan, Kazakhstan and Iraq contributing
nearly 90% of revenue in 2018. The resulting high FX risks are
partly balanced by growing diversification of profits and reducing
dependence on a sole country (Turkey). Fitch projects that Turkey's
share in CCI's EBITDA (before central costs) will fall to around
40% by end-2020 (2018: 44%). Another mitigating factor is CCI's
conservative cash management, including a strategy to keep 75%-80%
of cash in hard currency (2018: 60%).
Debt Service Hedging in Place: Fitch also expects the impact from
depreciation of Turkish lira against the US dollar during 2019
(around -8% to date) on profits and interest costs will be partly
mitigated by a hedging contract that CCI entered into in 2018. A
seven-year swap contract allows CCI to pay its US
dollar-denominated interest rate charges on the 2024 bond at a rate
of 3.8. At maturity in 2024, it also hedges up to USD150 million of
principal at the same US dollar/Turkish lira exchange rates should
the market exchange rate be within the 3.8-8.5 range and maintain
some degree of hedging should the Turkish lira depreciate further.
Demonstrated Resilience in Core Market: CCI's operations remain
resilient in its core Turkey market, with volumes still growing in
2018 and only mild contraction in 1H19 (+4.2% volume growth
excluding Non-Alcohol Ready-To-Drink tea segment) amid a
challenging operating environment with high inflation rates and
Turkish lira depreciation. With Turkish consumer sentiment expected
to be muted, Fitch projects a slight decline in CCI's sales volumes
in 2019 with only modest recovery in 2020. This is likely to be
offset by CCI's ability for further price increases and work on
improving mix, both supported by increased marketing spending and
growing share of immediate consumption packages. Fitch projects
average price growth in the high teens in 2019 and above expected
inflation rates in 2020-21. Together with continued focus on cost
efficiencies, this is likely to allow CCI to protect its
profitability and compensate the impact of higher input costs
linked to currency headwinds. Overall, Fitch assumes 150bp EBITDA
margin expansion in 2019 (1H19:+430bp).
Challenges in Major Overseas Markets: A difficult operating
environment in Pakistan in 1H19, CCI's second-largest market (2018:
23% of revenue), together with an economic slowdown in Jordan and
convertibility problems in Turkmenistan are likely to become a drag
on CCI's international operations performance in 2019, which was
very strong in 2018 (up 7.8% volumes yoy). These pressures are
likely to be partially offset by continued strong growth in
Kazakhstan (2018: 12% of revenue), which delivered double-digit
volume growth in 1H19. Weaker revenue growth in Pakistan as well as
production stoppage in Turkmenistan led to a drop in profitability
in the international segment in 1H19 and Fitch conservatively
assumes 200 bp EBITDA margin contraction for full 2019.
Healthy Cash Flow Generation: Fitch projects positive free cash
flow (FCF) post dividend at around 3% of revenues annually over
2019-21. Assuming a resilience of CCI's fund from operations (FFO)
margin at around 14% over 2019-21 (2018: 14.3%), Fitch estimates
CCI will generate sufficient cash flow to service its hard currency
debt and maintain a dividends pay-out ratio at 50% over the next
four years. Fitch does not rule out potential interest to expand to
new markets over the next three to five years, but its projections
do not assume any major M&A activity.
Comfortable Leverage: Fitch expects FFO adjusted net leverage to
reduce toward 2.0x by end-2019 (2018: 2.3x). Nearly half of CCI's
debt is represented by a USD500 million Eurobond maturing in 2024,
resulting in manageable refinancing risk in 2019-23. The next
largest maturity of USD80 million United States Private Placement
(USPP) is in 2020 which Fitch estimates could be largely covered by
FCF. Under its rating case US dollar/Turkish lira assumptions,
Fitch expects CCI to continue deleveraging toward 1.5x FFO adjusted
net leverage by 2021. Fitch believes that management's target to
maintain net debt/EBITDA below 2.0x is achievable in the medium
term.
DERIVATION SUMMARY
CCI is the sixth-largest bottler in the Coca-Cola system in terms
of sales volume and the highest rated corporate in Turkey. Compared
with the main peers Coca-Cola Femsa (A-/Stable) and Coca-Cola
Amatil (BBB/Stable), CCI is smaller in size, has a lower EBITDA
margin and operates in markets that require more capex and are
vulnerable to volatile demand. On the other hand, with FFO adjusted
net leverage at 2.3x CCI is well-positioned at its 'BBB-'
Local-Currency rating (which includes a one-notch uplift based on
Fitch's parent-subsidiary linkages methodology) and in comparison
with other Coca-Cola bottlers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Turkish lira/US dollar average exchange rate of 5.98 in 2019,
weakening to 6.81 in 2020 and 7.13 in 2021
- Turkish volume slightly declining in 2019 before growing at
low single digits with average selling price rising 10%-18%
over 2019-2020;
- International volume growing by low single digits over the
next four years, reflecting challenging market conditions
in Pakistan and Iraq. Organic price/mix growth assumed at
1% annually;
- Consolidated EBITDA margin averaging at 16.8% over 2019-2022
(2018:17.1%);
- Capex at 7.5% of net sales;
- No major M&A spending.
- Continuous dividend growth
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
For the Long-Term Local-Currency IDR:
- Improvement of the macroeconomic and operating environment
in Turkey (including being reflected in a revision of the
Outlook on the country's FC IDR to Stable) and in CCI's
other core markets of CCI, subject to satisfactory operating
performance and FFO adjusted net leverage remaining below 3x
(2018: 2.3x).
For the Long-Term FC IDR:
- A revision of the Outlook on Turkey's IDR to Stable from
Negative.
- A change in the applicable Country Ceiling to Kazakhstan
from Turkey.
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
For the LC IDR:
- Adverse impact of deteriorated operating and macro environment
in Turkey or/and in other core markets on the company's credit
metrics not accompanied by adequate cash preservation
measures, such as dividend and capex reduction.
- Increased volatility of FCF (after capex and dividends).
- FFO adjusted net leverage above 3.0x, along with FFO
fixed-charge coverage being below 4x (2018: 4.1x).
- A weakening of CCI's strategic or operational ties with TCCC.
- EBITDA margin falling below 14%.
For the FC IDR:
- A downgrade of CCI's LC IDR to 'BB-' or below.
- A downward revision of the Country Ceiling for Turkey, would
lead to a corresponding downgrade of CCI's FC IDR;
- A reduction of the perceived likelihood of support by TCCC
to CCI in case of transfer and convertibility risks would
lead to the removal of the one-notch uplift from Turkey's
Country Ceiling that Fitch currently applies to CCI's FC IDR.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity: As of June 30, 2019 liquidity was supported by
unrestricted cash (as defined by Fitch) of TRY2,006 million,
approximately USD 1.7 billion in undrawn uncommitted (as typical in
Turkey) bank lines, as well as strong relationship with both local
and international banks. The next upcoming major maturity is
represented by the USPP of USD80 million due in 2020.
RONESANS GAYRIMENKUL: Moody's Lowers CFR to B2, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating to
B2 from B1 and the senior unsecured notes due 2023 to B2 from B1
issued by Ronesans Gayrimenkul Yatirim A.S., one of the largest
retail focused commercial property company in Turkey. The outlook
is negative.
The action concludes the review process that was initiated on June
19, 2019.
RATINGS RATIONALE
The downgrade of RGY's ratings to B2 reflects Moody's view that the
company credit profile is vulnerable to heightened currency risks
and that the company has limited operational headroom to manage
lira volatility without weakening its credit metrics. While RGY has
been successful in maintaining high occupancy rates of around 95%
it has come at the expense of lower net operating income. In
addition, RGY continues to apply discounts on rents to manage
tenant affordability with the average tenant occupancy cost ratio,
(measured as tenant sales / rent) increasing to 15.2% from
historical levels of around 12.5%. As such Moody's sees limited
capacity for tenants to absorb rental increases beyond their growth
in sales, which remains fragile.
Given the currency mismatch between foreign currency debt and lira
rental income, RGY's net leverage (as measured by net debt/ EBITDA)
of 12.1x and fixed charge cover (EBITDA/ interest expense) of 1.7x
have weakened over the past 12 months as a result of the lira
depreciation against the euro. While Moody's expect net leverage to
trend towards 9.5x for 2020 and fixed charge cover to improve
towards 1.9x due to the full cash flow contribution from Karsiyaka
Hilltown shopping centre (opening on October 18, 2019), the metrics
remain weakly positioned and are vulnerable to further lira
weakness. RGY's policy to hedge 50% of the next 12 months rental
income provides short term protection but does not shield its
foreign currency debt exposure against future lira weakness.
RGY's B2 CFR is supported by its high-quality retail property
portfolio in prime locations with good access to public transport
across Turkey; cash flows from contractual rental income,
underpinned by a diversified tenant base with a long weighted
average lease expiry profile of 6.7 years; a track record of high
occupancy rates; limited tenant concentration and no development
risk.
At the same time the rating factors RGY's predominant exposure to
the retail sector, limited number of properties and geographic
concentration in Turkey facing challenging macro-economic
conditions; exposure to currency risks stemming from the mismatch
between foreign currency debt and Turkish lira rental income; and
high percentage of secured debt in its capital structure and high
percentage of encumbered gross assets.
RGY's liquidity profile is adequate for the next 18 months
underpinned by cash balances of EUR68 million, limited near term
debt maturities and low capex demands, no expected dividend
payments and its expectation of stable operating cash flows over
the next 12 months. However, there are sizable debt maturities
totalling EUR259 million (mostly secured debt) due in 2021, which
if not addressed in a timely manner, will weaken liquidity.
Moody's view the weakening of the credit quality of Turkey-based
financial institutions to be a risk for RGY given it has EUR 67
million of foreign currency cash deposits with the local financial
institutions whose credit quality has weakened. Moody's however
note that its liquidity for the next 18 months is not overly
reliant on these cash balances.
RGY has a sound governance framework with oversight from its two
main shareholders Ronesans Holdings A.S. (via Ronesans Emlak
Gelistirme Holding A.S.) holding 74.2% equity stake and Government
of Singapore Investment Corporation (GIC) holding 21.4%. The
governing shareholder agreement ensures a balanced approach and
oversight to setting the overall strategic objectives and
investment criteria, which includes a maximum a leverage target of
45%.
RATIONALE FOR THE NEGATIVE OUTLOOK
The negative outlook reflects Moody's view that the operating and
funding environment in Turkey remains uncertain over the next 12-18
months and that RGY's operations and credit metrics are vulnerable
to the economic developments of the Turkish economy, including a
sudden depreciation of the lira.
WHAT COULD CHANGE THE RATING UP/DOWN
RGY's rating may be upgraded following a more stable macro-economic
environment including restoring a more sustainable currency match
between rental income and liabilities. A rating upgrade is also
contingent upon an adequate liquidity coupled with improving credit
metrics with adjusted total debt/gross assets below 45%, adjusted
net debt/EBITDA below 9x for a sustained period and a fixed-charge
cover sustainably above 2.0x.
RGY's rating could be downgraded if liquidity becomes inadequate or
if the fixed-charge coverage trends below 1.5x as a result of,
amongst other things, greater weakness of the lira against the Euro
or weak rental growth.
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: Ronesans Gayrimenkul Yatirim A.S.
Corporate Family Rating, Downgraded to B2 from B1
Senior Unsecured Regular Bond/Debenture, Downgraded to B2 from B1
Outlook Actions:
Issuer: Ronesans Gayrimenkul Yatirim A.S.
Outlook, Changed To Negative From Rating Under Review
=============
U K R A I N E
=============
CREDIT AGRICOLE: Fitch Raises LongTerm IDR to B, Outlook Positive
-----------------------------------------------------------------
Fitch Ratings upgraded the Long-Term Foreign-Currency Issuer
Default Ratings of seven Ukrainian banks to 'B' from 'B-'. The
Outlooks are Positive.
The affected banks are:
- JSC State Savings Bank of Ukraine (Oschadbank) (Oschad);
- JSC The State Export-Import Bank of Ukraine (Ukreximbank)
(Ukrexim);
- JSC CB Privatbank (Privat);
- Public Joint-Stock Company Joint Stock Bank Ukrgasbank (UGB);
- PJSC Credit Agricole Bank (CAB);
- Procredit Bank (Ukraine) (PCBU);
- Pravex-Bank JSC (PXB);
Fitch has also affirmed the Long-Term Foreign-Currency IDR of
Ukraine's JSC Alfa-Bank at 'B-'with Stable Outlook.
Fitch has also placed the Viability Ratings of all the above eight
banks on Rating Watch Positive. The RWP reflects Fitch's
expectations that the improving macroeconomic stability in Ukraine,
the country's reasonable economic prospects and further
stabilisation in the sovereign's credit profile should have
positive implications for the banks' standalone credit profiles
(SCPs). Its view of the operating environment in Ukraine also
factors in recovering performance of the banking sector, improved
solvency levels and lower refinancing risks. Fitch plans to resolve
RWP in a portfolio review of Fitch-rated Ukrainian banks during the
next six months.
The rating actions follow Fitch's upgrade of Ukraine's Long-Term
Foreign- and Local-Currency IDRs to 'B' from 'B-' and the revision
of Ukraine's Country Ceiling to 'B' from 'B-'.
KEY RATING DRIVERS
IDRS, SENIOR DEBT, SUPPORT RATINGS AND SUPPORT RATING FLOORS
STATE-OWNED BANKS
The revision of the Support Ratings Floors (SRFs) to 'B' from 'B-'
and upgrades of state-owned Oschad, Ukrexim, Privat and UGB reflect
Fitch's view that the Ukrainian authorities' ability to provide
support to the banks, in case of need, has improved. However, it
remains limited, in particular in foreign currency, as indicated by
the sovereign's 'B' Long-Term Foreign-Currency IDR.
The propensity to provide support to these banks remains high, in
Fitch's view. This view takes into account the banks' 100%-state
ownership (95% for UGB), high systemic importance (greater in the
case of Privat, given its 34% market share in retail deposits), the
record of capital support under different governments (Oschad,
Ukrexim), post-nationalisation equity support to Privat, and the
small cost of potential support to UGB (given its moderate size).
The Positive Outlooks on these banks' IDRs mirror that on the
sovereign.
Fitch views Privat's state ownership as non-strategic given that it
arose from a state-led rescue, rather than policy objectives, and
the authorities plans to dispose of a controlling stake in the
bank, potentially via an IPO, by end-2022. However, the bank's very
high systemic importance would still result in a strong incentive
to provide support despite planned privatisation, in Fitch's view.
IDRS, SENIOR DEBT AND SUPPORT RATINGS
FOREIGN-OWNED BANKS
The upgrades of the Long-Term Foreign-Currency IDRs of three
foreign-owned banks - CAB, PCBU and PXB - follows a revision of
Ukraine's Country Ceiling to 'B' from 'B-'. The Country Ceiling
captures transfer and convertibility risks and limits the extent to
which support from the majority foreign shareholders of these banks
can be factored into the ratings. The Positive Outlooks on the
banks' Long-Term Foreign-Currency IDRs are in line with that on the
Ukraine sovereign.
The upgrades of the Long-Term Local-Currency IDRs of CAB, PCBU and
PXB to 'B+' from 'B', i.e. one notch above their 'B' Long-Term
Foreign-Currency IDRs and the corresponding sovereign rating,
reflect the strength of expected shareholder support for these
entities. The Long-Term Local-Currency IDRs also take into account
Ukrainian country risks and, in particular, the risk of extreme
scenarios where the banks' ability to service their local-currency
obligations could be constrained by regulatory action; in Fitch's
view the risk of such scenarios has diminished in line with a
reduction of sovereign and macroeconomic risks.
CAB is fully owned by Credit Agricole S.A. (A+/Stable). PCBU is
controlled (96.6% of voting stock) by Germany's ProCredit Holding
AG & Co. KGaA (BBB/Stable). PXB is fully owned by Intesa Sanpaolo
S.p.A. (BBB/Negative).
ABU's Long-Term Foreign Currency IDR was not constrained by
Ukraine's Country Ceiling at the 'B-' level. The affirmation of
ABU's Long-Term IDRs and senior debt ratings at 'B-' reflects
Fitch's view of the unchanged probability of potential support the
bank may receive from its controlling shareholder, ABH Holdings
S.A. The latter is part of Alfa Group's financial business and is
the owner of several other banking subsidiaries, mostly in the CIS,
including Russia-based OJSC Alfa-Bank (BB+/Stable).
NATIONAL RATINGS
ALL BANKS
CAB's and PCBU's National Ratings of 'AAA(ukr)' are driven by
potential shareholder support and reflect both banks' status as
some of the highest rated local issuers.
PXB's National Rating of 'AA+(ukr)' reflects Fitch's view that,
relative to higher-rated peers on the national scale, the bank has
a more limited role in the parent's group; it also reflects the
bank's weak, albeit slightly improving, performance and prospects.
The affirmation of the National Ratings of 'AA(ukr)' of Oschad,
Ukrexim, Privat and UGB reflect their unchanged creditworthiness
relative to peers' within Ukraine.
The downgrade of ABU's National Ratings to 'BBB+(ukr)' from
'AA(ukr)' reflects a recalibration of the National Ratings scale
following the upgrade of the Ukrainian sovereign.
SUBORDINATED DEBT
UKREXIM
Fitch placed the 'CCC' Ukrexim's subordinated loan participation
notes, issued by Biz Finance PLC (a UK-based special purpose
company), on RWP following similar rating actions on Ukrexim's VR,
which is the anchor rating for the notes. The two-notch difference
between the notes' rating and Ukrexim's VR reflects moderate
incremental non-performance risks and likely below-average
recoveries in case of default as a result of subordination to
senior unsecured obligations.
RATING SENSITIVITIES
IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS, NATIONAL RATINGS AND
SENIOR DEBT
The IDRs, National Ratings, debt ratings and the SRFs of Oschad,
Ukrexim, Privat and UGB are highly correlated with the sovereign's
credit profile and therefore sensitive to changes in the sovereign
ratings. An upgrade of the sovereign could result in an upgrade of
the banks' ratings if Fitch takes the view that the sovereign's
ability to provide foreign-currency support to the banks has also
materially improved and that support propensity remains strong.
The IDRs of CAB, PCBU and Pravex are likely to move in parallel
with Ukraine's sovereign Country Ceiling.
An upgrade of ABU's IDRs, National Rating and senior debt ratings
would require a strengthening of the support track record for the
bank (not currently its base case). A significant weakening of the
ability and/or propensity of shareholders to provide support could
also result in the downgrade of ABU's IDRs.
VRs
Fitch will assess the anticipated positive impact from Ukraine's
improving operating environment on the banks' SCPs and resolve the
RWP on the VRs accordingly. Fitch will upgrade the VRs if, in its
view, reduced sovereign and macroeconomic risks, combined with
trends in banks' financial metrics, are sufficient to represent a
significant improvement in SCPs. Otherwise Fitch will affirm the
VRs at their current levels.
VR upgrades will likely be limited to one notch, while state-owned
banks' VRs will remain effectively capped by the level of the
sovereign rating given the high correlation between the sovereign
and these banks' credit profiles, in particular, due to large
holdings of sovereign bonds.
SUBORDINATED DEBT
UKREXIM
The notes' rating is sensitive to the same considerations that
might affect the bank's VR and will move in tandem with it.
Therefore, Fitch plans to resolve the RWP on the notes
simultaneously with RWP resolution on the bank's VR.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The IDRs and Support Ratings of CAB, PCBU, PXB and Alfa reflect
Fitch's view that the banks would likely be supported, in case of
need, by their private shareholders. The IDRs, Support Ratings and
Support Rating Floors of Oschad, Ukrexim, Privat and UGB reflect
Fitch's view that the banks would likely be supported, in case of
need, by the Ukrainian authorities.
DTEK RENEWABLES: Fitch Raises LongTerm IDR to B, Outlook Stable
---------------------------------------------------------------
Fitch Ratings upgraded Ukraine-based electricity generation company
DTEK Renewables B.V.'s Long-Term Foreign-Currency Issuer Default
Rating to 'B' from 'B-'. The Outlook is Stable.
The upgrade reflects its recent Ukraine sovereign rating upgrade to
'B'/Positive, as all of the company's generated electricity is sold
to a state entity under approved regulated feed-in-tariff. It also
reflects the successful commissioning of Primorsk I wind power
plant and Nikopol solar power plant (SPP) in 1H19 as well as the
expected commissioning of Orlovsk WPP, Pokrovsk SPP and Primorsk II
WPP from October 2019, which is ahead of its previous expectations
and leads to a lower leverage peak in 2019 and 2020.
The rating is constrained by the company's small size compared with
other rated European utilities focused on renewables, some exposure
to FX fluctuations, and completion risks. It also reflects a
supportive regulatory framework for renewable power generation,
highly profitable operations compared with conventional generation,
and its expectation that leverage will moderate once all assets are
commissioned.
KEY RATING DRIVERS
Supportive Regulation: For assets commissioned by end-2019, the
regulatory framework for renewable energy generators provides for
guaranteed uptake of renewable energy on a priority basis by the
guaranteed buyer at a fixed FiT, reducing price risk. The FiTs are
set in euros, but paid in hryvnia with quarterly adjustments by the
regulator to reflect movement in the hryvnia-euro rate. At present,
the tariffs for assets commissioned by end-2019 are set at EUR0.102
per kWh for wind and EUR0.15 per kWh for solar compared with
wholesale market electricity tariffs from traditional sources of
EUR0.046-EUR0.048 per kWh.
New Law: From May 2019, a new law on green energy became effective,
which introduces a new renewables (RES) support scheme. Under the
new law end-2019 is the cut-off date for signing pre-power purchase
agreements (PPA) to obtain the FiT. After signing the pre-PPA, the
RES project has to be commissioned in two years for photovoltaic
(PV) and three years for wind projects to receive the FiT. Fitch
expects the company to sign pre-PPAs by end-2019.
The new law also introduces an auction scheme, although Fitch
expects its impact on DTEK Renewables will be limited. Fitch views
the regulatory framework for renewables in Ukraine as supportive of
the company's rating despite some payment delays from Energorynok
for June 2019. However, the overall operating and macroeconomic
environment is weaker than in most European countries.
Small Size: DTEK Renewables is one of the largest independent
producers of electric energy from wind in Ukraine, with 47% of wind
power capacity and 10% of Ukranina market of RES installed capacity
at end-1H19. The company operated a 300MW wind farm and a 210MW PV
farm at end-1H19. Although the company expects to increase its
current portfolio to close to 1GW by end-2019 and to about 1.9GW by
end-2022, it will still be small compared with most rated peers.
High Investment Phase: DTEK Renewables' plan to expand the
company's portfolio is subject to execution risks as projects are
all at different stages. DTEK Renewables has already commissioned
Nikopol (PV, 200MW) and Primorsk 1 (wind, 100MW) in 1H19. In line
with management, Fitch expects that Pokrovsk (240MW), Orlovka
(100MW) and Primorsk II (100MW) will be commissioned in October
2019. Vasilkovka (PV, 115MW), Pavlograd (PV, 105MW), Troitskaya
(PV, 170MW) and Tiligul (wind, 565MW) are at various stages of
development and are expected to be commissioned by end-2020-2021.
Remaining Completion Risk: Commissioning of assets before end-2019
or inability to sign PPAs for the four new projects (Vasilkovka
SPP, Pavlograd SPP, Troitskaya SPP and Tiligul WPP) by end-2019 and
the latter's commissioning within two to three years of signing the
respective PPAs are critical for FiTs eligibility. A delay or
non-completion of the projects would result in lower tariffs and
subsequently weaker-than-expected EBITDA and slower deleveraging,
which would be negative for the rating. Fitch expects the company
to commission 740MW in 2019 and another 955MW by end-2022 and hence
to be able to receive the respective FiTs.
The company's contractors have ample experience in renewable
projects, but finding replacements or alternative sources for key
equipment could cause material delays. However, on-shore wind and
PV solar constructions have some of the lowest technology risks,
with proven utility-scale use. In the event of delays, the company
would expect to (and be allowed to) commission individual turbines.
Fitch also views positively its track record of completing its
projects so far.
Cash-Generative Profile: Green power generation in Ukraine has
attractive profit margins, underpinned by the FiT scheme for
renewables. DTEK Renewables derives all its EBITDA from regulated
green power generation, which partially off sets the company's
small size. In 2015-2018, it reported an EBITDA margin of about
83%. Fitch expects the margin to decrease to slightly above 70% in
2019 due to an increase in development expenses before gradually
returning to slightly above 80% on average over 2020-2023 if all
the expected assets are put into operation as planned.
Capex-Driven Leverage: Fitch views DTEK Renewables' excessive funds
from operations (FFO) adjusted leverage at end-2019 and end-2020 of
over 6x and 5x, respectively, as temporary and which are driven by
increased capex and expenses related to the new projects'
development and construction. The company expects to spend about
EUR1.4 billion on wind and solar power farms construction over
2019-2021. Fitch expects leverage to moderate to below 4x in 2022
once all assets are put into operations as planned and that the
company will receive its current and expected FiTs before it starts
paying significant dividends.
FX Exposure: The company is exposed to FX fluctuations as 79% of
its debt at end-2018 was euro-denominated and was mainly used to
fund the investment programme. DTEK Renewables generates revenue in
hryvnia, but tariffs are euro-denominated and converted quarterly
by the local regulator to reflect the euro-hryvnia rate, limiting
the company's cash flow FX exposure. The company does not use any
hedging instruments, other than holding a portion of cash in euros
(equivalent to UAH459 million at end-2018).
DERIVATION SUMMARY
DTEK Renewables at end-1H19 operated wind and solar
power-generating assets in Ukraine of 510MW. It plans to increase
its installed capacity further to about 1GW by end-2019 and to
about 1.9GW by end-2022, although it will still be significantly
smaller than other rated European utilities. It will become of
comparable size as Joint Stock Company Central-Asian Electric-Power
Corporation (CAEPCo) (B-/Stable) once its planned capacity becomes
operational, although CAEPCo generates electricity from traditional
sources. DTEK Renewables benefits from highly profitable
operations, unlike power generators from traditional sources, with
an EBITDA margin of about 83% on average over 2015-2018. This is
underpinned by a supportive regulatory framework for renewables,
but constrained by a weak overall operating and macroeconomic
environment.
KEY ASSUMPTIONS
- Domestic annual GDP growth of 2.6%-3.1% and inflation of
6.8%-8.6% in 2019-2023
- Annual average euro/hryvnia exchange rate of 32.8 in 2019 and
34.77 in 2020-2023
- Capex of EUR1.4 billion over 2019-2021
- Equity injections of EUR250 million over 2019-2020
- Zero dividends in 2019-2020 and of about EUR219 million
annually on average over 2021-2023
- Tariffs for facilities commissioned in 2019 of 10.2 euro cent
per kWh for wind power stations and 15 euro cents per kWh
for solar power stations and for facilities commissioned
in 2020-2021 of 9.05 euro cent per kWh for wind power stations
and 11.26 euro cents per kWh for solar power stations
- Installed capacity to increase by 740MW by end-2019 and
955MW by end-2022
- Generation volumes under P75 assumption based on independent
reports or management expectations if reports are unavailable.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Profitable growth allowing positive free cash flow (FCF) and
a stronger financial metrics (i.e. FFO adjusted leverage
sustainably below 3x) in addition to an upgrade of the
sovereign rating
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Weaker liquidity (liquidity ratio below 1x)
- Unfavourable change in the regulatory framework (i.e.
downward revision of tariffs or additional taxation)
- FFO adjusted leverage above 5x on a sustained basis following
the commissioning of all assets (among other things due to
lower volume generation, unfavourable revision of tariffs,
inability to timely commission the assets or sign PPAs,
increased dividends outflows or prolonged intensive
investment phase without adequate returns from operated asset)
- Sovereign rating downgrade
LIQUIDITY AND DEBT STRUCTURE
External Capex Funding Key: Fitch views DTEK Renewables' liquidity
at end-1H19 as manageable, consisting of unrestricted cash and cash
equivalents of UAH913 million and short-term loan receivables from
related parties of UAH4.8 billion compared with short-term
liabilities of UAH5 billion. Fitch expects the company to fund
negative FCF with proceeds from loans repayable from related
parties as well as from new debt issuance. These proceeds are to be
used by the company for capex funding. However, overall the capex
plan is subject to the availability of external debt funding.
SUMMARY OF FINANCIAL ADJUSTMENTS
Operating lease was capitalised at 5x as the company is based in
Ukraine.
Restricted cash of UAH256 million on escrow account which is used
to fund capex was reclassified to restricted cash from cash and
cash equivalents.
Capitalised interest reclassified to interest paid from capex.
===========================
U N I T E D K I N G D O M
===========================
ASTON MARTIN: Moody's Alters Outlook on B3 CFR to Negative
----------------------------------------------------------
Moody's Investors Service changed the outlook to negative from
stable for Aston Martin Lagonda Global Holdings plc and Aston
Martin Capital Holdings Limited. Concurrently, Moody's assigned a
B3 instrument rating to Aston Martin Capital Holdings Limited's new
$150 million senior secured notes. Moody's also affirmed the B3
corporate family rating and B3-PD probability of default rating of
AML as well as the B3 ratings on the existing secured rated notes
issued by Aston Martin Capital Holdings Limited.
"The negative outlook reflects the increased debt from the notes
issuance, which will result in continued very high leverage for at
least the next 24 months and delay deleveraging further.", says
Tobias Wagner, VP Senior Analyst at Moody's. "The continued high
cash outflows for at least 2019 and 2020 also weigh on rating and
outlook, but the new notes should provide the liquidity needed to
see the company through the critical upcoming SUV DBX launch unless
the company's cash flow weakens from Moody's current
expectations."
RATINGS RATIONALE
The outlook change to negative reflects the increased debt from the
notes issuance, which will result in continued very high leverage
for at least the next 24 months and delay deleveraging further.
Including the April 2019 notes issuance, the company added ca.
GBP272 million of additional notes in 2019 with total reported
borrowings rising to GBP1 billion, including lease liabilities
under IFRS 16. Moody's estimates that Moody's-adjusted debt/EBITDA
will remain well above 10x in 2019, 2020 and possibly 2021. The
company also experienced a significant cash consumption in the
first half of 2019, particularly in the second quarter, and Moody's
expects significant further outflows in the first half of 2020
around the DBX launch so that Moody's-adjusted free cash flow will
remain negative for at least 2019 and 2020.
The high leverage, continued negative free cash flow and critical
nature of the DBX launch to the company's financial performance
position the ratings weakly. However, the rating affirmations
reflect Moody's understanding that the company is currently on
track regarding the DBX launch and even a moderate success of the
DBX would result in a positive trajectory for both leverage and
free cash flow in 2020 and beyond. Nevertheless, the company may
not achieve its volume, revenue and profitability targets in a
weakening demand and competitive market environment. The risks
related to Brexit and US tariffs also remain including trade
disruptions, higher costs or from currency movements.
The new $150 million senior secured notes and up to $100 million
delayed draw notes that can be drawn once 1,400 firm DBX orders are
received, should provide the liquidity needed to see the company
through the critical upcoming SUV DBX launch unless the company's
cash flow weakens from Moody's current expectations.
Additionally, AML's ratings remain constrained by (1) limited
financial strength compared to some direct peers that belong to
larger European car manufacturers; (2) efforts to service a broad
range of GT, luxury and hypercar segments and price points despite
its comparably small scale; (3) exposure to foreign exchange risk
given its fixed cost base in the UK compared to a sizeable share of
revenue generated from exports to Europe, the US and Asia though
mitigated by hedging strategies and sourcing outside of the UK; and
(4) operational risks related to the production of all models in
two plants in the UK. However, the ratings also reflect the
company's good growth in 2018, which should resume in 2020. It also
reflects the (1) strong brand name and pricing position in the
luxury cars segment; (2) good geographic diversification; (3)
degree of flexibility in its cost and investment structure; (4)
continued model renewals and launches expected in the next few
years given its flexible production through a common architecture
and (5) technical partnerships, which give AML access to
high-performance powertrain technologies and competitive e/e
(electric/electronic) architecture.
Moody's considers the company's liquidity profile currently as
adequate pro-forma for the notes issuance. As of June 2019 and
pro-forma for the issuance, the company had GBP153 million of cash
and the committed undrawn GBP80 million revolving credit facility
due January 2022 available (safe for a small guarantee carve out).
The $100 million additional delayed draw notes that the company can
draw within the next nine months if 1,400 firm orders for the DBX
have been received are effectively committed (subject to the
drawing condition) and hence could also provide additional
liquidity support. After a significant cash outflow in the first
half of -GBP156 million excluding the April notes issuance, Moody's
currently expects the second half to be slightly cash flow
generative (again excluding the new notes) but large cash outflows
will likely resume in the first half of 2020, possibly exceeding
the first half of 2019, around the DBX launch. As of June 2019, the
company also had GBP53 million of other debt and short-term
overdrafts drawn (aside from the revolver) and the next larger
maturity would be the notes in April 2022.
The newly assigned B3 rating for the senior new secured notes as
well as the affirmed B3 rating for the existing secured notes, all
issued by Aston Martin Capital Holdings Limited, reflects their
position within the capital structure as main debt instruments, but
subordinated to the GBP80 million super senior revolving credit
facility. The notes all share significant guarantor coverage from
subsidiaries covering 86% of the group's-adjusted EBITDA and
assets. The security package comprises share pledges, intercompany
receivables, bank accounts, the main Gaydon factory and
intellectual property.
Environmental considerations are relevant for auto manufacturer as
tightening of emissions standards and regulations across most major
markets restrict the ability to reduce certain investments.
However, Moody's also notes that Aston Martin Lagonda as a smaller,
luxury-focused producer is not exposed to the same severity to
these risks as larger mass manufacturers, for example regarding
regulation. Social considerations are also important, because
changing consumer trends can affect demand. Governance factors
considered also include a tolerance for high leverage and
debt-funded expansion.
WHAT COULD CHANGE THE RATING UP/DOWN
Although unlikely in the near-term, successful execution of the DBX
launch alongside visible growth in scale, profitability and free
cash flow improvements would create positive pressure on the rating
and outlook. This would include Moody's-adjusted debt/EBITDA
improving to below 6.0x on a sustained basis, Moody's-adjusted
EBITA margin above 7% on a sustainable basis and Moody's-adjusted
FCF/debt becoming positive. Conversely, further negative pressure
on the rating could come from a lack of sufficient volume and
profitability improvements, for example from weaker than expected
DBX sales, and a resulting ongoing negative free cash flow and high
leverage levels. A deterioration in Aston Martin's liquidity
profile shown in very little to no headroom to cover cash needs
over a period of at least 12 months would also pressure the
ratings. Further increases in debt could also lead to negative
pressure.
The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.
Assignments:
Issuer: Aston Martin Capital Holdings Limited
Backed Senior Secured Regular Bond/Debenture, Assigned B3
Affirmations:
Issuer: Aston Martin Lagonda Global Holdings plc
Corporate Family Rating, Affirmed B3
Probability of Default Rating, Affirmed B3-PD
Issuer: Aston Martin Capital Holdings Limited
Backed Senior Secured Regular Bond/Debenture, Affirmed B3
Outlook Actions:
Issuer: Aston Martin Lagonda Global Holdings plc
Outlook, Changed To Negative From Stable
Issuer: Aston Martin Capital Holdings Limited
Outlook, Changed To Negative From Stable
Based in Gaydon, UK, Aston Martin Lagonda is a car manufacturer
focused on the high luxury sports car segment. Aston Martin
generated revenue of GBP1.1 billion in 2018 from the sale of 6,441
cars. AML is a UK-listed business with a market capitalization of
ca. GBP1.2 billion as of September 5, 2019. As of December 2018,
its major shareholders include the Adeem/Primewagon Controlling
Shareholder Group, including a subsidiary of EFAD Group and
companies controlled by Mr. Najeeb Al Humaidhi and Mr. Razam
Al-Roumi, with 28.84% and the Investindustrial Controlling
Shareholder Group, an Italian private equity firm, with 30.97%.
Daimler AG has also a 4.18% stake.
ASTON MARTIN: S&P Cuts ICR to CCC+ on Higher Leverage, Outlook Neg
------------------------------------------------------------------
S&P Global Ratings lowers its issuer credit and issue ratings on
U.K.-based luxury sports car manufacturer Aston Martin Lagonda
(AML) to 'CCC+' from 'B-'. The outlook is negative.
At the same time, S&P is assigning its 'CCC+' issue ratings to the
proposed new $150 million senior secured cash/ PIK toggle notes and
$100 million delayed draw notes, with a recovery rating of '4'
(rounded estimate 40%).
The downgrade reflects higher-than-expected cash burn in fiscal
2019 as well as much higher-than-expected S&P-adjusted leverage as
a result of the proposed issuance of a new $150 million senior
secured cash/PIK toggle note (with the option to issue $100 million
of delayed draw notes). AML remains materially free operating cash
flow (FOCF) negative due to ongoing high capital expenditure
(capex) to support new model development and roll-outs. In our base
case, we forecast negative free operating cash flow of GBP160
million-GBP170 million after sizable capex spend in 2019. S&P said,
"Although we expect a meaningful improvement of EBITDA in 2020, we
believe that AML has reached the ceiling in terms of the amount of
term debt and cash interest burden that it can sustainably service.
In our base case, including the proposed new $150 million issuance,
we forecast S&P-adjusted leverage of more than 30x for fiscal
2019."
Interest on the $150 million senior secured notes will accrue at
the rate of 12% per annum (comprising 6% per annum in cash plus 6%
per annum paid as PIK Interest). The optional issuance of up to
$100 million of delayed draw notes would add to this leverage (as
and when the notes are issued). In S&P's base case, it includes the
proposed $150 million cash/PIK notes in its forecasted leverage and
liquidity analysis, but at this stage S&P excludes the $100 million
of delayed draw notes, for the following reasons:
S&P said, "We note the condition precedent in the proposed notes
that stipulates that AML has 9 months (from day 1 of issuance of
the secured notes issuance) to issue up to $100 million of delayed
draw notes, subject to receiving 1,400 firm orders relating to the
new DBX model. AML may issue the delayed draw notes on the same
terms as the secured notes to the extent it is permitted under the
terms of its debt agreements. Otherwise, AML could issue all or
part of the delayed draw notes as unsecured notes, which will have
an interest rate of 15% (comprised of 6% per annum in cash plus 9%
per annum paid as PIK interest).
"With the inclusion of the proposed $150 million new notes, we
anticipate S&P-adjusted debt to be about GBP1.23 billion at the end
of full-year (FY) 2019 (materially higher than the GBP900 million
at fiscal 2018). We note that as recently as April 2019, AML issued
a $190 million mirror bond to bolster its liquidity FFO cash
interest cover, which we previously thought would rise toward more
than 1.5x, will now be less than 1x. The composition of 2019
forecasted S&P adjusted debt includes the GBP285 million 5.75%
senior secured notes due 2022 (including the GBP55 million tap
issuance), the $400 million 6.5% senior secured notes, the $190
million mirror bond issued in April 2019 and the $150 million
proposed senior secured cash/ PIK toggle notes issued September
2019. We also adjust our debt figure for operating leases and to
include drawings under AML's wholesale finance facility, which we
view as debt.
"On the other hand, we note that this proposed issuance will
bolster liquidity for the 12-month rating horizon and help AML to
push ahead with its ambitious strategy. This additional liquidity
should support the imminent launch and subsequent ramp up in
production of its new luxury SUV, the DBX. The success of the DBX
is critical to AML's ambitious growth strategy and its
creditworthiness. We note that the timescales and milestones for
the DBX launch remain on track, with the global launch slated for
December 2019 and production starting in second-quarter 2020.
"We recognize the successful launches of the Aston Martin DB11, the
Aston Martin Vantage, and the DBS Superleggera, as well as other
special edition cars. AML continues to make good progress with its
ambitious plans to upgrade and refresh its entire range of luxury
sports cars, and expand into new segments (sport utility vehicles
[SUVs] and sedans) by 2022, which should improve profitability in
the coming years, although such a strategy requires sustained high
R&D investment and capex. We therefore expect FOCF to remain
negative, with AML continuing to invest heavily in new model
development and launches through 2022." (After launching the DBX in
late 2019, AML plans to launch a mid-engine supercar in 2021 and an
ultra-luxury Lagonda-branded EV SUV in 2021). The company has
finished building a manufacturing plant at St Athan in Wales, which
should double its overall production capacity in the coming years
and support a new model roll-out.
AML is exposed to rising geopolitical risks including those
associated with a potential no-deal Brexit and new U.S. tariffs.
AML exports a significant amount of the cars it produces in the
U.K. to the EU and the U.S. A no-deal Brexit could result in supply
chain shocks, tariffs on imports and exports, and a dip in consumer
confidence. Given that AML's production presence is concentrated in
the U.K., this could harm the company more than it would some of
its rated peers. S&P notes that AML's management is taking action
to build inventory stocks and arrange for alternative ports of
entry and exit.
The possibility of new U.S. tariffs also presents a potential risk,
although the impact on AML would likely be less than that of a
no-deal Brexit. The U.S. government is currently weighing up
whether to impose tariffs on vehicles imported from Europe--a 25%
rate is on the table. Although AML could be negatively affected by
new tariffs, none of the six global luxury sports car manufacturers
(AML, Ferrari, Rolls-Royce, Lamborghini, Bentley, and McLaren) has
a production presence in the U.S. All these manufacturers would
therefore be subject to the same tariffs, and the competitive
landscape would not materially change. Tariffs would not give any
single manufacturer a significant pricing advantage over the
others. Luxury sports car customers also tend to be less price
sensitive than customers for mass-produced vehicles. We anticipate
that AML would be able to adjust pricing, in time, and so pass some
of the tariffs on. As such, S&P views U.S. tariffs as less of a
threat than a no-deal Brexit. At this stage, S&P views a potential
no-deal Brexit and new U.S. tariffs as event risks and we do not
include them in its base case.
Outlook
The negative outlook reflects ongoing pressure on profitability, a
high cash burn, and very high leverage in the face of heightened
event risk associated with a potential no-deal Brexit and/or new
tariffs on the vehicles it exports to the U.S. In addition, AML is
about to launch its new DBX luxury SUV, the success of which is
critical to AML's ambitious growth strategy and ongoing
creditworthiness.
Downside scenario
S&P said, "We could downgrade AML if it experiences
weaker-than-forecast sales volumes or profitability in fiscal 2019.
We could lower the ratings if AML did not reverse first-half
working capital-related cash outflows in the second half of 2019 or
if the proposed cash/PIK toggle issuance did not succeed as
planned, resulting in a materially weaker liquidity profile. We
could also lower the ratings if the U.K. government were to press
ahead with a no-deal Brexit or if the U.S. government introduced
new vehicle import tariffs."
Upside scenario
S&P could revise the outlook to stable if AML fully delivered on
its targets for 2019 in terms of revenues, margins, and operating
cash flows (including working capital expectations), while
sustainably exhibiting sufficient liquidity reserves on a 12-18
month horizon.
COMMERCIAL INT'L: Fitch Affirms B+ LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed Commercial International Bank's Long-Term
Issuer Default Rating at 'B+' with a Stable Outlook, Viability
Rating at 'b+' and National Long-Term Rating at 'AA(egy)'.
KEY RATING DRIVERS
IDRS, VR AND NATIONAL RATINGS
The IDRs of CIB are driven by its 'b+' VR. They are also
underpinned by potential support from the Egyptian authorities, in
case of need. The Stable Outlook reflects that on the Egyptian
sovereign.
CIB's financial metrics are stronger and less volatile than peers'.
However, the bank's significant exposure to sovereign debt is a key
driver of the VR and effectively caps the bank's ratings at the
level of the Egyptian sovereign (B+/Stable).
CIB's VR is constrained by the bank's significant exposure to the
Egyptian sovereign through the holding of sovereign securities (40%
of total assets at end-1H19) and lending to public-sector companies
(8.6% of total assets). CIB's total exposure to the sovereign was
4.3x the bank's Fitch Core Capital (FCC) at end-1H19, underpinning
the strong correlation between the bank's credit profile and that
of the Egyptian sovereign. The VR also considers CIB's good loan
quality, solid funding and sound liquidity, consistently strong
profitability and only adequate capitalisation.
CIB's strong corporate franchise enables the bank to focus on
better credit-quality private sector corporates and multi-nationals
operating in Egypt. Stage 3 loans under IFRS 9 accounted for 5% of
gross loans at end-1H19 while stage 2 loans represented 30% of
gross loans, and were concentrated in the public-sector and tourism
sectors. Total reserve coverage of stage 3 loans remained strong at
200% at end-1H19 and Fitch believes this level to be adequate given
CIB's risk profile and healthy loan metrics. Fitch expects the
bank's asset-quality metrics to stabilise over the near term due to
favourable operating conditions.
CIB continues to demonstrate consistent profitability over economic
cycles, with a return on equity of 28.2% in 1H19, which compares
well with that of peers. However, similar to peers, profitability
is highly dependent on high yields on the bank's sizeable
government debt portfolio, which generated 53% of total interest
income in 1H19. The bank's net interest margin (NIM) was 6.4% in
1H19 (5.8% excluding unearned interests), supported by the bank's
focus on lower-cost current and savings accounts (CASA) deposits
and the large share of high-yielding sovereign securities.
The cost-to-income ratio was 25% in 1H19, supported by the bank's
healthy operating income and well-managed cost base. CIB's
pre-impairment operating profitability is strong, representing
14.4% of average gross loans in 2018 and providing the bank with a
strong cushion against deteriorating credit conditions.
CIB's capital ratios have continued to improve since 2016 when the
Egyptian pound devaluation had pressured capital ratios. The bank's
FCC ratio strengthened to 23.7% at end-1H19 from 18.1% at end-2018,
supported by a decline in the bank's risk-weighted assets and
higher retained earnings. The bank's total capital adequacy ratio
stood at 25.8% at end-1H19, which was well above the 14.5% minimum
regulatory requirement including a 1% ICAAP buffer and 1% systemic
risk buffer. The equity-to-assets ratio was lower at 10% at
end-2018 as capital ratios benefited from 0% risk weight on
local-currency government securities. Fitch believes CIB's capital
ratios are only adequate, given the bank's large exposure to
sovereign securities and high credit concentration, which exposes
it to event risk.
Fitch views CIB's funding and liquidity profile as a rating
strength. The bank's funding profile benefits from a strong deposit
franchise, which limits depositor concentration to some extent (the
20-largest deposits accounted for 9% of the total at end-1H19).
Liquidity is healthy with a loans-to-deposits ratio of 40.1% at
end-1H19. Additionally the bank holds a good stock of liquid assets
(cash balances less mandatory reserves, net interbank placements
and government securities maturing within one year), which covered
48.5% of total customer deposits at end-1H19 and provides the bank
with a good buffer against tightening liquidity conditions. The
bank's liquidity coverage ratio (LCR) in local-currency stood at a
high 655% at end-1H19.
CIB also has healthy foreign-currency (FC) liquidity, with a FC
loans-to-deposits ratio of 53% at end-1H19, well below the sector
average of around 77%. The FC LCR and net stable funding ratio
(NSFR) were strong at 264% and 114%, respectively, at end-1H19.
CIB's 'AA(egy)' National Rating is based on the bank's standalone
financial strength and reflects the bank's relative
creditworthiness in Egypt.
SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch believes the Egyptian state has a strong propensity to
support CIB if required, but its ability to do so is constrained by
the state's still weak credit profile, as reflected in the
sovereign rating. CIB's Support Rating Floor is equalised with the
Egyptian sovereign rating.
CIB is a listed bank with a diversified shareholder base. It is the
leading domestic private sector bank in Egypt with lending and
deposit market shares of about 8% each at end-2018.
RATING SENSITIVITIES
IDRS, VR AND NATIONAL RATINGS
Given the high correlation between bank and sovereign risks, an
upgrade of CIB's VR and IDRs is unlikely without a corresponding
upgrade of Egypt's sovereign rating. However, CIB's VR could be
upgraded - and consequently be above the sovereign rating - on
lower direct sovereign debt exposure. As a private sector bank,
Fitch believes CIB has greater flexibility to adjust its risk
profile to changes in the operating environment, for instance by
prioritising loan book growth at the expense of sovereign debt
instruments should the operating environment, especially loan
demand and yields, improve further.
A negative sovereign rating action would likely be mirrored in the
bank's ratings, in particular if the rationale for the negative
sovereign action relates to a deteriorating operating environment.
Worsening asset quality, for instance from a large corporate
default, ultimately affecting capitalisation could lead to a
downgrade of the bank's VR.
CIB's National Ratings are sensitive to a change in Fitch's view of
the relative creditworthiness of the bank in Egypt.
SUPPORT RATING AND SUPPORT RATING FLOOR
CIB's Support Rating and Support Rating Floor are primarily
sensitive to a change in Egypt's ability to provide support as
reflected in the sovereign rating, as Fitch believes the
sovereign's willingness to support domestic banks is, and will
remain, strong.
The rating actions are as follows:
Long-Term IDR: affirmed at 'B+'; Outlook Stable
Short-Term IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'AA(egy)'; Outlook Stable
f
National Short-Term Rating: affirmed at 'F1+(egy)'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B+'
CONTEGO CLO VII: S&P Gives Prelim B- Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Contego
CLO VII DAC's class A to F European cash flow CLO notes. At closing
the issuer will issue unrated subordinated notes.
The preliminary ratings reflect S&P's assessment of:
-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.
-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which we expect to be
bankruptcy remote.
-- The transaction's counterparty risks, which we expect to be in
line with our counterparty rating framework.
-- The fact that under the transaction documents, the rated notes
will pay quarterly interest unless a frequency switch event occurs.
Following this, the notes will switch to semiannual payments. The
portfolio's reinvestment period will end approximately
four-and-a-half years after closing.
S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.
"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.70%), the
reference weighted-average coupon (4.50%), and the target minimum
weighted-average recovery rate as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.
"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings."
Until the end of the reinvestment period on June 19, 2024, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.
S&P said, "At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.
"We expect the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."
The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Five Arrows
Managers LLP, a Rothschild group company.
Ratings List
Contego CLO VII DAC
Class Prelim. rating Prelim. amount
(mil. EUR)
A AAA (sf) 279.00
B-1 AA (sf) 25.00
B-2 AA (sf) 22.80
C A (sf) 32.00
D BBB (sf) 26.10
E BB (sf) 20.10
F B- (sf) 13.60
Sub notes NR 41.30
NR--Not rated.
HIBU GROUP: S&P Affirms 'B' Rating on Senior Secured Notes
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue rating on Hibu Group
Ltd.'s (Hibu) senior secured notes and its 'BB-' issue rating on
the RCF. The issuer rating on Hibu is 'B'.
S&P said, "Our rating on digital-marketing services and digital and
print classified directory publisher Hibu reflects our expectation
that in FY2020-FY2021 the group will continue to transition to a
digital-only business model. It also reflects that Hibu's revenue
and EBITDA will decrease compared with FY2019 as it gradually stops
providing print products and digital directories in the U.S. We
view the group's small size as a weakness given the competitive
nature of the online marketing services industry. It is still very
fragmented but large technology companies are becoming more
dominant. Nevertheless, we expect the group will generate small
positive free operating cash flow (FOCF) of GBP35 million-GBP45
million over this period and maintain S&P Global Ratings-adjusted
debt to EBITDA at about 2.5x, in line with our guidance for the
current rating.
"Our rating on Hibu reflects our analysis of the whole group
including the U.K. (Yell Ltd.) and U.S. (Hibu Inc.) businesses
operations, noting that the senior secured notes are issued by the
U.K. business and the debt documentation only includes the U.K.
subsidiaries in the restricted group. Hibu has full control of both
entities and we understand there are no plans to dispose of either
of the businesses in the near term."
Despite the ongoing transformation, Hibu's operations continue to
be exposed to the declining printing and digital directories
businesses in the U.S. The digital marketing industry is also
subject to very tough competition and pricing pressure, in
particular from dominant players such as Google and Facebook, and
faces low barriers to entry. The emergence of many online players
is driving a pronounced evolution in how users search for
information online. S&P therefore incorporates into its analysis
that Hibu's earnings and credit metrics could be subject to high
volatility and deteriorate more quickly compared with peers in the
broader media industry.
The group's Yell Ltd. business in the U.K. has now become fully
digital after it delivered the last Yellow Pages directory in
January 2019. It now focuses solely on digital marketing services
for small and midsize enterprises (SMEs), a very fragmented and
competitive market. Despite its strong market position, Yell
continues to experience customer losses and declining average
monthly visits to Yell.com. This is due to tough competition from
new market entrants and the loss of advertising customers who used
to order digital services together with now-phased-out print
products. S&P thinks that ongoing transformation efforts, new
product offerings, and strategic partnerships with large online
players such as Apple will allow Yell to stabilize operating
performance in FY2021 and return to organic revenue growth
thereafter. For first-quarter FY2020 it has already managed to
contain the customer churn rate and has continued to increase
average revenue per customer.
In the U.S., Hibu Inc. continues to implement the "Print to
Digital" (P2D) program launched in FY2019 that aims to transition
existing customers from print to digital solutions, as the group
phases out printed yellow pages books. S&P said, "We expect the
group will stop providing print products by the end of FY2021, and
digital directories sales will reduce accordingly by about 50% per
year in FY2020-FY2021. At the same time, we think the digital
marketing segment will grow by about 10% in FY2020 and the low
single digits thereafter, as the group increases average revenue
per customer despite falling customer numbers."
Digital marketing offers lower margins compared with print and
digital directories, in which Hibu used to have market-leading
positions. Therefore we expect Hibu's profitability will gradually
decline, and adjusted EBITDA margin will reduce to about 20% in
FY2020-FY2021 from 26%-27% in FY2018-FY2019. Nevertheless, S&P
thinks the group will continue generating positive FOCF, mainly in
the U.S. business.
S&P said, "The stable outlook reflects our view that in FY2020-2021
Hibu will stabilize the performance of its Yell digital business in
the U.K. and will manage the transition of Hibu Inc.'s shift to
digital from print in the U.S. such that it will maintain S&P
Global Ratings-adjusted leverage (debt to EBITDA) at about 2.5x.
"We could lower the rating if the Yell digital business continues
to decline beyond FY2020, or if the group inadequately manages the
transition of its business model in the U.S., such that revenue
growth and EBITDA margin weaken more than we currently forecast.
This could lead to adjusted debt to EBITDA approaching 3x and lower
reported FOCF.
"We view an upgrade as remote over the next 12 months. It would
hinge on an improvement of the group's operating model--shifting
100% of its operations to digital solutions--together with an
increasing EBITDA base coming from organic growth at the group
level, and maintaining very low leverage."
METRO BANK: Founder Makes Calls to Equity Investors
---------------------------------------------------
Lucy Burton at The Telegraph reports that Metro Bank plc founder
Vernon Hill is hunting new backers for the struggling lender amid
mounting concern over its finances following a failed appeal to the
debt market.
According to The Telegraph, Mr. Hill, Metro's billionaire chairman,
has in recent days started making calls to equity investors trying
to convince them to invest, including those who previously turned
him down.
His latest charm offensive comes after Metro was forced to cancel a
bond sale due to a lack of investor interest, causing its shares to
plummet, The Telegraph notes.
The well-connected American is understood to have promised
potential backers he will "sort" Metro's problems, The Telegraph
states.
Bond Sale
As reported by the Troubled Company Reporter-Europe on Sept. 26,
2019, The Telegraph related that Metro Bank plc is facing questions
over its future as the shock failure of a GBP200 million bond sale
sent shares crashing to a new record low. The stock plummeted 30%
on Tuesday, Sept. 24, after it was forced to cancel the fundraising
due to a lack of investor interest, The Telegraph disclosed.
According to The Telegraph, analysts warned the debacle could leave
Metro unable to meet a Bank of England deadline for securing extra
cash at the start of next year. It is a fresh blow for the
credibility of the embattled lender, which stunned investors in
January when bosses revealed it had miscalculated the riskiness of
a string of property loans, The Telegraph noted. More than GBP3.3
billion has been wiped off the value of the business since its
stock peaked in March 2018 at just over GBP40 a share, The
Telegraph said.
Metro Bank plc is a retail bank operating in the United Kingdom,
founded by Anthony Thomson and Vernon Hill in 2010. At its launch,
it was the first new high street bank to launch in the United
Kingdom in over 150 years. It is listed on the London Stock
Exchange.
NEWDAY FUNDING 2019-2: DBRS Finalizes BB Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the Class
A, Class B, Class C, Class D, Class E and Class F Notes
(collectively, the Notes) issued by NewDay Funding 2019-2 plc (the
issuer) as follows:
-- AAA (sf) to the Class A Notes
-- AA (high) (sf) to the Class B Notes
-- A (sf) to the Class C Notes
-- BBB (low) (sf) to the Class D Notes
-- BB (sf) to the Class E Notes
-- B (high) (sf) to the Class F Notes
As the issuer is part of a master issuance structure where all
series of notes are supported by the same pool of receivables and
generally issued under the same requirements regarding servicing,
amortization events, priority of distributions and eligible
investments, DBRS notes that the issuance of the Notes will not
result in a downgrade or withdrawal of the ratings on the
outstanding series listed below:
NewDay Funding 2015-2 Plc:
-- AAA (sf) for the Class A Notes
-- AA (high) (sf) for the Class B Notes
-- A (high) (sf) for the Class C Notes
-- BBB (high) (sf) for the Class D Notes
-- BB (high) (sf) for the Class E Notes
-- B (high) (sf) for the Class F Notes
NewDay Funding 2017-1 Plc:
-- AAA (sf) for the Class A Notes
-- AA (high) (sf) for the Class B Notes
-- A (high) (sf) for the Class C Notes
-- BBB (sf) for the Class D Notes
-- BB (sf) for the Class E Notes
-- B (high) (sf) for the Class F Notes
NewDay Funding 2018-1 Plc:
-- AAA (sf) for Class A1 Notes
-- AAA (sf) for Class A2 Notes
-- AA (high) (sf) for Class B Notes
-- A (high) (sf) for Class C Notes
-- BBB (low) (sf) for Class D Notes
-- BB (low) (sf) for Class E Notes
-- B (high) (sf) for Class F Notes
NewDay Funding 2018-2 Plc:
-- AAA (sf) for Class A1 Notes
-- AAA (sf) for Class A2 Notes
-- AA (high) (sf) for Class B Notes
-- A (sf) for Class C Notes
-- BBB (sf) for Class D Notes
-- BB (low) (sf) for Class E Notes
-- B (high) (sf) for Class F Notes
NewDay Funding 2019-1 Plc:
-- AAA (sf) for Class A Notes
-- AA (high) (sf) for Class B Notes
-- A (sf) for Class C Notes
-- BBB (sf) for Class D Notes
-- BB (sf) for Class E Notes
-- B (high) (sf) for Class F Notes
NewDay Funding Loan Note Issuer VFN-F1 V1:
-- BBB (low) (sf) for Class A Notes
-- BB (low) (sf) for Class E Notes
-- B (high) (sf) for Class F Notes
NewDay Funding Loan Note Issuer VFN-F1 V2:
-- AAA (sf) for Class A Notes
-- AA (high) (sf) for Class B Notes
-- A (high) (sf) for Class C Notes
-- BBB (low) (sf) for Class D Notes
-- BB (low) (sf) for Class E Notes
-- B (high) (sf) for Class F Notes
The ratings of the Notes address the timely payment of interest and
ultimate repayment of principal by the legal maturity date.
The ratings are based on the considerations listed below:
-- The transaction capital structure including the form and
sufficiency of available credit enhancement.
-- Credit enhancement levels are sufficient to support DBRS's
expected charge-off, payment and yield rates under various stress
scenarios.
-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the Notes.
-- NewDay Ltd (the seller) and its delegates' capabilities with
respect to originations, underwriting, servicing, data processing
and cash management.
-- An operational risk review of the seller, which DBRS deems to
be an acceptable servicer.
-- The transaction parties' financial strength with regard to
their respective roles.
-- The credit quality of the collateral and diversification of the
collateral and historical and projected performance of the seller's
portfolio.
--The sovereign rating of the United Kingdom, which is currently
rated AAA with a Stable trend by DBRS.
-- The consistency of the transaction's legal structure with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology, the presence of legal opinions that
address the true sale of the assets to the issuer and
non-consolidation of the issuer with the seller or transferor.
-- The consistency of the balance-guaranteed, cross-currency
interest rate swap with DBRS's "Derivative Criteria for European
Structured Finance Transactions" methodology.
The transaction cash flow structure was analyzed in DBRS's
proprietary tool.
The Series 2019-2 Class A Notes are indexed to USD Compounded Daily
SOFR (Secured Overnight Financing Rate), a reference rate provided
by the Federal Reserve Bank of New York.
The Series 2019-2 Notes (except the Series 2019-2 Class A Notes)
are indexed to Compounded Daily SONIA (Sterling Overnight Index
Average) rates. To address the risk of negative SONIA rates, DBRS
further stressed the downward interest rates, considering the
historical differences between LIBOR and SONIA (typically trading
below LIBOR).
Notes: All figures are in British pound sterling or U.S. dollars
unless otherwise noted.
PARK FIRST: Investors Set to Vote on Rescue Deal on October 1
-------------------------------------------------------------
Peter Magill at Lancaster & Morecambe Citizen reports that
investors are set to vote on a proposed rescue deal for four East
Lancs based airport parking schemes which are in administration.
According to Lancaster & Morecambe Citizen, insolvency experts have
drawn up proposals for the Park First firms, which would use the
GBP32 million proceeds from the sale of car parking near Luton
Airport.
Toby Whittaker, the ultimate shareholder for parent company Group
First Global, has also pledged GBP1 million, for the Glasgow and
Gatwick airport related outfits, and income is still being
generated from the parking spaces, Lancaster & Morecambe Citizen
relates.
But creditors have called for a physical meeting, to decide on the
next steps, which will take place in London on Tuesday, Oct. 1,
Lancaster & Morecambe Citizen notes.
The four entities -- Park First Freeholds, Help Me Park Gatwick,
Park First Glasgow and Park First Gatwick -- have been in jeopardy
since 2017 when the Financial Conduct Authority ruled they were not
authorized to offer financial services, Lancaster & Morecambe
Citizen relays.
Administrators Smith & Williamson have working to unpick their
finances since their appointment in July, Lancaster & Morecambe
Citizen recounts.
The original offer to investors saw them pick up car parking spaces
at airports for around GBP20,000 a time, with pledges of regular
returns, Lancaster & Morecambe Citizen states.
But when it transpired that the companies did not have the funds to
cover their obligations, the FCA triggered the administration,
Lancaster & Morecambe Citizen notes.
Investors had two options initially, with some clients offered a
"buyback" arrangement and Park First Glasgow and Gatwick affiliates
told they could enter into lifelong leaseback deals, Lancaster &
Morecambe Citizen states.
According to Lancaster & Morecambe Citizen, joint administrator
Finbar O'Connell said: "Our strategy is to propose CVAs (company
voluntary arrangements) for each of the four companies, providing
that this results in a better return, as compared with alternative
outcome strategies, to the companies' creditors."
SIG PLC: Egan-Jones Lowers Senior Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on September 17, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SIG PLC to BB+ from BBB-.
SIG plc is a British-based international supplier of insulation,
roofing, commercial interiors and specialist construction products.
It is listed on the London Stock Exchange, and is a constituent of
the FTSE 250 Index.
SIGNET UK: Moody's Lowers Sr. Notes to Ba3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Signet UK Finance plc's senior
notes to Ba3 from Ba2 and affirmed both Signet's Ba2 Corporate
Family Rating and Ba2-PD Probability of Default Rating. The
company's SGL-2 Speculative Grade Liquidity Rating and negative
outlook remain unchanged.
"Signet's leverage will remain elevated as the company works to
stabilize its operational performance and keep pace with the
jewelry industry" Moody's Vice President Christina Boni stated.
"Any senior notes remaining after the tenders will be subordinated
to its new $1.6 billion of committed secured financing" Boni
further stated.
Affirmations:
Issuer: Signet UK Finance plc
Probability of Default Rating, Affirmed Ba2-PD
Corporate Family Rating, Affirmed Ba2
Downgrades:
Issuer: Signet UK Finance plc
Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 (LGD5)
from Ba2 (LGD4)
RATINGS RATIONALE
Signet's Ba2 Corporate Family Rating reflects the company's
position as the world's largest retailer of diamond jewelry, with
its well-recognized brand names and solid market position in the
U.S., Canada and U.K. The company continues to work to mitigate its
recent losses of market share, enhance its online capabilities and
reduce its store square footage as its traverses a changing retail
environment. The company has lapsed the outsourcing of its credit
program, which substantially reduces risk on its balance sheet. Its
credit offering remains integral to its business model.
The downgrade of the senior notes from Ba2 to Ba3 reflects the
expected replacement of its existing unsecured credit agreement
with $1.6 billion in asset based credit facilities, which is
unrated. It also reflects the proposed amendments to the senior
notes which will become effective upon closing of the tender for
over a majority of the senior notes.
The credit profile also reflects Signet's good liquidity and its
commitment to reducing leverage. Signet has a clearly stated
capital allocation policy which includes an adjusted leverage ratio
target between 3.0 to 3.5x (as defined by Signet) which Moody's
expects the company to exceed this year. Most of the company's
assets will be encumbered with the refinancing of its unsecured
revolver and term loan. The company's narrow focus on a
discretionary product with a demonstrated sensitivity to weak
economic conditions is also reflected in the rating. Social risks
include the need to continue responsible sourcing of its products
as well as the effect of future demographic shifts that may affect
demand for its jewelry.
The negative outlook reflects Moody's view that Signet will need to
maintain a conservative financial policy which prioritizes debt
reduction as it works to transform its business and reduce its
store footprint. The outlook also highlights the continued risk to
stabilizing its market position and improving profitability despite
its progress to date on its cost saving initiatives.
Factors that could result in an upgrade over the long term include
consistent profitable sales and operating income growth and margin
expansion while maintaining good liquidity, conservative financial
policy and a consistent track record of success with its
outsourcing arrangements. Quantitatively, rating could be upgraded
if lease-adjusted Debt/EBITDA (including preferred) sustained below
3.0x and adjusted EBIT/Interest (including preferred) above 3.25x.
Factors that could result in a downgrade include a continued
decline in sales or operating margins, disruption to its credit
outsourcing arrangements that negatively impacts its business
profile, more aggressive financial policies or meaningful erosion
in liquidity. Quantitatively, ratings could be downgraded if
lease-adjusted Debt/EBITDA (including preferred) approaches 4.0x,
or adjusted EBIT/Interest (including preferred) below 2.25x.
Signet UK Finance plc is an indirect subsidiary of Bermuda-based
Signet Jewelers Limited. Signet Jewelers Limited is the world's
largest retailer of diamond jewelry. Signet operates approximately
3,300 stores primarily under the name brands of Kay Jewelers,
Zales, Jared, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and
JamesAllen.com. As of the second quarter of fiscal 2020, the North
American segment operated 2,691 locations in the US and 124
locations in Canada, while the international segment operated 469
stores in the United Kingdom, Republic of Ireland, and Channel
Islands.
The principal methodology used in these ratings was Retail Industry
published in May 2018.
SURVITEC: Management Calls on Creditors to Inject Money
-------------------------------------------------------
Rachel McGovern at Bloomberg News reports that Survitec's
management asked creditors to inject money into the company as part
of a proposed restructuring effort, according to a presentation
distributed at a meeting with the debt investors on Sept. 24.
Details of the plan were also confirmed by a person familiar with
the discussions between creditors and management, who asked not to
be named for not being authorized to speak publicly, Bloomberg
notes.
According to Bloomberg, the maker of life-rafts presented its
business plan during the meeting.
A GBP52 million funding is required to invest in the business,
pre-interest payment and pension funding, Bloomberg discloses.
Management is to set to split marine and defense units into
separate companies, Bloomberg states.
Creditors led by an ad hoc committee are expected to respond with a
restructuring proposal next month, Bloomberg notes.
Survitec, Bloomberg says, is working with law firm Latham & Watkins
and financial adviser Houlihan Lokey. The lenders are represented
by Kirkland & Ellis and Moelis & Co., according to Bloomberg.
TAURUS UK 2019-3: S&P Assigns Prelim. BB-(sf) Rating on Cl. E Notes
-------------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Taurus 2019-3 UK DAC's class A, B, C, D, and E notes. At closing,
Taurus 2019-3 UK will also issue unrated class X notes.
The transaction is backed by one senior loan, which Bank of America
Merrill Lynch International DAC (BofAML) originated in April 2019
to refinance a portfolio owned by Brookfield Asset Management Inc.
(Brookfield or the sponsor).
The senior loan backing this true sale transaction is GBP418.6
million and is secured by 21 purpose-built student accommodation
(PBSA) properties totaling 8,053 beds located throughout the U.K.
The securitized senior loan (GBP244.4 million) will be 58.4% of the
senior loan (GBP418.6 million). As part of EU and U.S. risk
retention requirements, the issuer and the issuer lender (Bank of
American Merrill Lynch International DAC) will enter into a GBP12.2
million (representing 5% of the securitized senior loan) issuer
loan agreement, which ranks pari passu to the notes of each class
and the class X certificates. The issuer lender will advance the
issuer loan to the issuer on the closing date. The proceeds of the
issuer loan will be applied by the issuer as partial consideration
for the purchase of the securitized senior loan from the loan
seller.
In addition, RBC Europe Ltd. will hold a GBP174.1 million interest
in the senior loan that will rank pari passu with the securitized
senior loan.
The portfolio consists of PBSA properties spread out across
England, Scotland, and Northern Ireland. The appraiser has valued
the portfolio at GBP664.2 million, and the current loan-to-value
(LTV) ratio is 63.0%. The two-year loan (with three one-year
extension options) provides for amortization of 1% per annum in
year 3 and year 4-5 if debt yield is less than 9.75% and 10.00%,
respectively. There are cash trap mechanisms set at a 75.00% LTV
ratio, or a minimum debt yield set at 7.0% (academic year [AY]
18/19), 8.0% (AY 19/20), 8.5% (AY 20/21), 8.7% (AY 21/22), and 8.9%
(AY 22/23).
S&P said, "Our preliminary ratings address the issuer's ability to
meet timely interest payments and principal repayment no later than
the legal final maturity in June 2029. Our preliminary ratings on
the notes reflect our assessment of the underlying loan's credit,
cash flow, and legal characteristics and an analysis of the
transaction's counterparty and operational risks."
Ratings List
Taurus 2019-3 UK DAC
Class Preliminary rating Preliminary amount
(mil. GBP)
A AAA (sf) 119.00
B AA- (sf) 39.50
C A- (sf) 30.50
D BBB- (sf) 26.00
E BB- (sf) 17.22
THOMAS COOK: Demise Underscores Biz Model Challenges, Fitch Says
----------------------------------------------------------------
Thomas Cook entering liquidation last week highlights the evolving
nature of the travel industry and the need for traditional
operators to face growing competition from various market
participants, adjusting service levels and cost bases accordingly,
Fitch Ratings says.
Package holidays, which were created in the 1950s, still appeal to
consumers due to their convenience, fixed prices at the time of
booking, which usually eliminates currency risks, and ATOL and ABTA
protection in the UK, Fitch says. This is despite many tourists
from the UK, the rest of Europe, and increasingly China, nowadays
preferring to arrange their trips independently, including through
online platforms, such as Airbnb.
However, package holidays increasingly are being commoditised as a
product, Fitch relates. A growing number of market participants
including online intermediaries, such as Expedia, and airlines
offer traditional package holidays or their shorter variations,
such as city breaks. Online platforms make comparisons easier,
leading to intensifying price competition. A lean cost structure is
therefore key to success. Competition with online-only travel
operators necessitates significant investments in digital
capabilities. In addition, package holidays compete with other
forms of leisure activities and "experiences", such as those
provided by caravan parks, family resorts or theme parks.
Thomas Cook started as a pure travel intermediary more than 170
years ago. It had become integrated along the value chain from its
high street stores to its airlines and more recently to own-brand
hotels with a view to maximising the value of its offering and
margins. It also invested in its digital platform but made
insufficient progress in improving its online proposition. Although
this multi-channel model has its benefits (its closest peer TUI
followed a similar model), the need to run and maintain a sprawling
high-cost asset base weighed on Thomas Cook's profitability and
cash flow. This was particularly concerning given Thomas Cook's
limited profit visibility for the year as it generated earnings
mostly between May and September, Fitch says.
Several other factors exacerbated the company's difficulties and
contributed to its demise, especially its high leverage, largely
attributable to past M&A-driven growth, Fitch points out. Brexit
uncertainty and hot UK summers led to fewer bookings in 2018 and
2019 and to a series of profit warnings quickly eroding its
financial flexibility. The company had hoped to sell its airline
division either in part or in full to raise proceeds for
deleveraging or for investments in hotels. However, this was
abandoned by July 2019 due to a wide gap between Thomas Cook's and
buyers' price expectations, while Brexit remains unresolved. It was
also reported that credit card companies were delaying cash
transfers to the company until passengers were boarded and planes
took off, thus increasing working capital needs. The company's
management failed to secure a recapitalisation and further 'new
money' ahead of the seasonally low winter period and entered into
compulsory liquidation.
Fitch said, "We do not expect any rating impact on the larger rated
counterparties and suppliers of Thomas Cook owing to their size and
diversification. Smaller hotels, which focus on leisure rather than
business travel, are more reliant on tour operators to fill
capacity. Such hotels usually sell around 20% of their rooms
through this channel, but at lower rates leading to weaker revenue
per available room. The demise of Thomas Cook could force small
hoteliers to put spare capacity back on the market by summer 2020,
unless other tour operators fill this void."
THOMAS COOK: Trade Unions to File GBP50MM Suit After Collapse
-------------------------------------------------------------
Michael O'Dwyer and Harriet Russell at The Telegraph report that
Thomas Cook is facing a GBP50 million lawsuit from trade unions to
protect unpaid staff and compensate them for the collapsed travel
company’s failure to consult on redundancies.
The firm's 21,000 workers -- nearly all of whom have already lose
their jobs -- have been told they will not get their last pay
packet at the usual time on Sept. 23, The Telegraph relays, citing
trade union Unite, which is now taking legal action to try and
secure money owed to its members.
The failure to pay staff on time is likely to leave many struggling
to meet rent and mortgage repayments and pay household bills, The
Telegraph states.
Unite said the cabin crew are also expected to be left out of
pocket for commissions earned since Aug. 17, The Telegraph notes.
About Thomas Cook Group
Thomas Cook Group Plc is the ultimate holding company of direct and
indirect subsidiaries, which operate the Thomas Cook leisure travel
business around the world. TCG was formed in 2007 following the
merger between Thomas Cook AG and MyTravel Group plc.
Headquartered in London, the Group's key markets are the UK,
Germany and Northern Europe. The Group serves 22 million customers
each year.
The Group operates from 16 countries, with a combined fleet of over
100 aircraft through five entities holding air operator
certificates in the UK, Germany, Denmark and Spain. The Group has
2,800 owned and franchised retail outlets (including 555 shops in
the UK) and operates 199 own-brand hotels across the world.
As of Dec. 31, 2018, the Group had 21,263 employees, including
9,000 in the U.S.
The travel agent originally proposed a restructuring. It was
scheduled to ask creditors Sept. 27, 2019, for approval of a scheme
of arrangement that involves (a) substantially deleveraging the
Group by converting GBP1.67 billion of RCF and Notes debt currently
outstanding into new shares (15%) and a subordinated PIK note (at
least GBP81 million) to be issued by the recapitalized Group in
proportions still to be agreed; and (b) the transfer of at least a
75% interest in the Group Tour Operator and an interest of up to
25% in the Group Airline to Chinese investor Fosun Tourism Group.
Representatives of the company filed a Chapter 15 petition in New
York on Sept. 16, 2019, to seek U.S. recognition of the UK
proceedings as foreign main proceeding. The Chapter 15 case is In
re Thomas Cook Group Plc (Bankr. S.D.N.Y. Case No. 19-12984).
Latham & Watkins, LLP is the counsel.
But after last-ditch rescue talks failed, on Sept. 23, 2019, Thomas
Cook UK Plc and associated UK entities announced that they have
entered Compulsory Liquidation and are now under the control of
the
Official receiver. The UK business has ceased trading with
immediate effect and all future flights and holidays are cancelled.
All holidays and flights provided by Thomas Cook Airlines have been
cancelled and are no longer operating. All Thomas Cook's retail
shops have also closed. Restructuring specialist AlixPartners was
appointed to manage the process, subject to the approval of the
court.
Separate from the parent company, Thomas Cook's Indian, Chinese,
German and Nordic subsidiaries will continue to trade as normal.
TOTAL POLYFILM: Enters Into Administration After 2016 Fire
----------------------------------------------------------
Business Sale reports that Total Polyfilm, a manufacturer
headquartered in Preston, has collapsed into administration
following a devastating blow to the company's capabilities after a
fire in 2016.
The business was forced to call in professional advisory firm KPMG
to handle the administration process, with partners Rick Harrison
and David Costley-Wood -- david.costley-wood@kpmg.co.uk --
appointed as joint administrators, Business Sale relates.
According to Business Sale, following the fire in its Preston site
in 2016, the business failed to recover its customers and order
books even though it had become operational once again.
Despite attempts to draw in new clients and projects, liquidity and
cashflow problems arose and a deal could not be secured in time,
forcing the company to appoint administrators and cease its trading
operations, Business Sale states.
In spite of the insolvency, the administrators have said they are
looking to find a new buyer for the business and its assets and
will assist with the process of winding down the company, Business
Sale notes.
Total Polyfilm manufactured 40,000 tonnes of polythene film for the
agricultural and industrial sectors every year, and averaged annual
revenues of GBP50 million. It operated from two sites: one in
Lancashire, and the other in West Yorkshire.
VIRGIN MEDIA: Moody's Alters Outlook on Ba3 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service changed the outlook on Virgin Media Inc.
ratings to negative from stable. At the same time, Moody's has
affirmed VMED's Ba3 corporate family rating and the Ba3-PD
probability of default rating. Concurrently, the ratings agency
also affirmed the ratings of the senior secured debt instruments
issued at Virgin Media Secured Finance plc, Virgin Media Investment
Holdings Ltd, Virgin Media Bristol LLC and Virgin Media SFA Finance
Limited at Ba3 and of the senior unsecured bonds issued at Virgin
Media Finance plc at B2.
RATINGS RATIONALE
"Moody's decision to change VMED's ratings outlook to negative
reflects (1) the high Moody's adjusted leverage ratio at 5.8x as of
the last twelve months ending June 30, 2019, which has been above
the trigger of 5.0x set for the Ba3 rating category for a prolonged
period of time (the trigger was changed to 5.0x from 5.5x earlier
this year); (2) the challenging operating environment which
constrains the ability of the company to reduce leverage from a
high level on an organic basis," said Sebastien Cieniewski, Moody's
lead analyst for VMED.
Whilst VMED is weakly positioned within the Ba3 rating category
based on leverage while the company is adequately positioned within
the triggers based on CFO/debt, Moody's acknowledges that Liberty
Global plc (Ba3, Stable), parent of VMED, has received a total net
consideration of around USD11.3 billion from the sale of its
German, certain Central and Eastern European assets, which closed
on July 31, 2019. Shortly after the closing of the transaction,
Liberty Global announced a USD2.5 billion share buyback. Although
it is not clear what the parent intends to do with the remaining
proceeds, Liberty Global could decide to use some of the proceeds
for debt reduction at VMED (its 100% owned asset, accounting for
around 58% of Liberty Global's overall revenues (from continuing
operations as of H1 2019)). Additionally, Liberty Global is in the
process of selling its UPC Switzerland business to Sunrise
Communications Group AG (Ba2 stable), although the transaction is
subject to regulatory and shareholder approval. If this transaction
were to close as expected in Q4 2019, it would bring an additional
USD2.5 billion in cash proceeds for Liberty Global. Moody's notes
that the company has guided that they will review leverage as part
of broader strategic and budgeting analysis throughout Q4.
After achieving a healthy revenue growth of 3.9% in 2018, a
toughened operating environment caused by increased competition as
well as a macroeconomic slowdown has put pressure on revenues in
the first half of 2019. Within this period, revenues increased by a
modest 0.1% (0.4% in Q2 2019) reflecting pressure in mobile revenue
(-2.7% in H1 2019 compared to the same period last year) and in
business (-2.0%) mitigated by modest growth in residential cable
revenue (0.7%). Net additions amounted to only 19,000 over H1 2019,
despite the continued investment in Project Lightning, which was
rolled out to an additional 232,000 homes reaching a total of 1.8
million at the end of H1 2019. Based on the highly competitive
nature of the market, and Moody's expectations of slow gross
domestic product (GDP) growth over 2019-20, the rating agency
forecasts low organic growth over the period.
Leverage is also high at around 5.8x for the LTM period ending June
30, 2019. Based on Moody's assumptions for revenue and EBITDA
growth, without material debt reduction, the rating agency projects
limited deleveraging over the next 18 months. However, deleveraging
could be boosted by limited advances to the parent with any excess
cash flow generation to be used for debt prepayment or a straight
equity injection from the parent using part of its large cash
balance.
The rating also takes into account the following environmental,
social and governance (ESG) considerations. From a corporate
governance perspective, Moody's notes that VMED has historically
operated within a 4.0x to 5.0x net leverage target range as excess
cash flow was up-streamed to its parent. Moody's flags the risk of
further distributions subject to restricted payments limitations.
Moody's notes that this ratio does not take into consideration
vendor financing obligations which have been increasing over time.
As of June 30, 2019, net total leverage (as reported by the
company) was 4.41x or 5.23x including vendor financing
obligations.
Liquidity at VMED is adequate. As of June 30, 2019, liquidity was
supported by GBP32.9 million of cash on the balance sheet and
GBP675 million availability under the company's existing revolving
credit facilities (RCF). The company is currently in the final
stage of extending the tenor and upsizing the RCF. VMED generates
significant free cash flow although historically a significant
portion of this was used for shareholder remuneration. Short-term
vendor financing arrangements amounted to GBP1.8 billion, of which
~75% is termed out through RFNs maturing 23/24 or committed lines.
Outside its vendor financing obligations, the company has no
material near term debt maturities.
STRUCTURAL CONSIDERATIONS
VMED's probability of default of Ba3-PD is at the same level as the
company's CFR, reflecting the expected recovery rate of 50%, which
Moody's typically assumes for a capital structure that consists of
a mix of bank credit facilities and bond debt. The senior secured
bank credit facility at Virgin Media Investment Holdings Ltd and
the senior secured notes at Virgin Media Secured Finance PLC are
ranked highest in priority of claims and are rated Ba3. The ranking
reflects the upstream guarantees from operating companies, as well
as first-ranking asset security. Consistent with its methodology,
trade payables are ranked pari passu with the senior secured debt,
followed by the unsecured vendor financing obligations and the
lease rejection claims. The senior notes at Virgin Media Secured
Finance PLC, the next highest ranking instruments, are guaranteed
on a senior unsecured basis by VMED and intermediate holding
companies, including Virgin Media Group LLC, Virgin Media
Investment Holdings Inc., Virgin Media (UK) Group Inc. and Virgin
Media Communications Limited. The senior notes are also guaranteed
on a senior subordinated basis by Virgin Media Investment Holdings
Ltd and Virgin Media Investments Ltd. The senior notes are rated
B2.
The intercompany loan of GBP38.2 million from LG Europe 2 to Virgin
Media Mobile Finance Ltd has been ranked lowest in the waterfall.
Any future intercompany loan into the VMED Group that does not meet
its criteria for equity treatment as described in its methodology,
Hybrid Equity Credit (for hybrid instruments, including shareholder
loans), will be treated as debt in its leverage calculation, which
could, depending on the amount, have a negative rating impact.
RATING OUTLOOK
The negative outlook reflects Moody's expectation that VMED will
experience continued pressure on revenues over the next 18 months
with limited de-leveraging from a high level.
WHAT COULD MOVE THE RATING UP/ DOWN
While positive pressure on the rating in unlikely in the
short-term, the outlook could be stabilized if (1) operating
performance improves, (2) leverage decreases towards 5.0x through
among others, the use of excess cash for debt prepayment or by way
of an equity injection from the parent. Over time the rating could
be upgraded if VMED's (1) growth returns to healthy levels on a
sustained basis; (2) Moody's-adjusted gross debt/EBITDA falls below
4.0x on a sustained basis; and (3) cash flow generation improves,
such that it achieves a Moody's-adjusted CFO/debt above 20% on a
sustained basis.
Downward rating pressure on the ratings will arise if (1) VMED does
not take effective measures to reduce leverage towards 5.0x in the
short-term; (2) there is a sustained loss of momentum in VMED's
revenue-generating unit (RGU) and ARPU growth, resulting in weak
operating performance in and beyond 2019; and/or (3) VMED's
Moody's-adjusted CFO/debt sustainably deteriorates to below 15%.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Pay TV
published in December 2018.
Affirmations:
Issuer: Virgin Media Inc.
Corporate Family Rating, Affirmed Ba3
Probability of Default Rating, Affirmed Ba3-PD
Issuer: Virgin Media Bristol LLC
Senior Secured Bank Credit Facility, Affirmed Ba3
Issuer: Virgin Media Finance PLC
Backed Senior Unsecured Regular Bond/Debenture, Affirmed B2
Issuer: Virgin Media Investment Holdings Ltd
Backed Senior Secured Bank Credit Facility, Affirmed Ba3
Senior Secured Bank Credit Facility, Affirmed Ba3
Issuer: Virgin Media Secured Finance PLC
Backed Senior Secured Regular Bond/Debenture, Affirmed Ba3
Issuer: Virgin Media SFA Finance Limited
Senior Secured Bank Credit Facility, Affirmed Ba3
Outlook Actions:
Issuer: Virgin Media Inc.
Outlook, Changed To Negative From Stable
Issuer: Virgin Media Bristol LLC
Outlook, Changed To Negative From Stable
Issuer: Virgin Media Finance PLC
Outlook, Changed To Negative From Stable
Issuer: Virgin Media Investment Holdings Ltd
Outlook, Changed To Negative From Stable
Issuer: Virgin Media Secured Finance PLC
Outlook, Changed To Negative From Stable
Issuer: Virgin Media SFA Finance Limited
Outlook, Changed To Negative From Stable
COMPANY PROFILE
Virgin Media Inc. is a cable communications company, offering
broadband internet, television, mobile telephony and fixed line
telephony services to residential and commercial customers in the
UK and in Ireland. For the last twelve months period ending
December 31, 2018, VMED generated GBP5.0 billion in revenue and
GBP2.3 billion in OCF (as defined by VMED).
YORK POTASH: Fitch Withdraws B(EXP) on New High Yield Bonds
-----------------------------------------------------------
Fitch Ratings withdrawn York Potash Intermediate Holdings Plc's
proposed high-yield bond's 'B(EXP)' expected rating and Stable
Outlook.
York Potash Intermediate Holdings Plc is a subsidiary of Sirius
Minerals, which is aiming to develop a polyhalite mine in North
Yorkshire, England.
Fitch is withdrawing York Potash Intermediate Holdings Plc's
expected rating on the proposed issuance as the entity has
announced it is no longer issuing the proposed debt at this time.
KEY RATING DRIVERS
The expected rating reflected the mining project's complex and
large-scale construction works, the lack of fixed-price
date-certain construction contracts and a reliance on key
contractors due to the application of bespoke technology. During
construction the high level of completion and financing risk
resulted in considerable uncertainty regarding the project's
financial profile during the operational phase. Its financial
analysis of the project reflected its economic viability but also
its vulnerability to increased costs and construction delays and
these factors resulted in the expected rating of 'B(EXP)' with
Stable Outlook.
TRANSACTION SUMMARY
York Potash Intermediate Holdings Plc was intending to raise USD500
million as part of Sirius Minerals' stage 2 financing plan, which
would have ensured the mine construction project was fully funded
to completion. The US dollar high yield bond issue was a
requirement to unlock the commitment of a USD2,500 million
revolving credit facility.
Criteria Variation
The criteria variation as applied when the rating was assigned is
not applicable to the rating withdrawal.
[*] UK: No-Deal Brexit Disruption a Risk for UK Cos., Fitch Says
----------------------------------------------------------------
A 'no-deal' Brexit would put significant short-term pressure on the
UK corporate sector because the switch to trading with the EU on a
third-country basis would be likely to cause disruption at borders,
weaken sterling and push the country into recession, Fitch Ratings
said in the report "Corporates Remain Exposed to 'No-Deal 'Brexit
Disruption".
In the longer term, an extended period of trading on World Trade
Organization terms would act as a drag on corporate performance due
to the impact of tariffs and non-tariff barriers, Fitch noted.
Fitch said, "Large, publicly rated companies' diversification and
flexibility to react in this scenario mitigate risks. While these
companies may face earnings pressures from a no-deal Brexit, it
would be unlikely to lead to a rating impact. Companies in our
leveraged finance portfolio, which largely consists of private
Credit Opinions, would be more exposed and several that are already
facing other significant challenges could see their profiles
deteriorate. The greatest pressure would be felt by small, unrated
companies due to their lack of diversification, limited
preparedness, and fewer options to adapt.
"On a sector level, we view manufacturers with complex supply
chains, such as carmakers and aerospace companies, as particularly
exposed to near-term disruption. Retailers, particularly those with
significant imports from the EU, and airlines would also be among
those facing pressure from a combination of a weaker pound, lower
consumer confidence, falling demand and border disruptions. Some of
these pressures have already contributed to rating downgrades or
corporate failures, particularly in cases when they were already
facing other operating difficulties. Most recently, Brexit
uncertainty was a factor in lower bookings at travel firm Thomas
Cook, which eventually entered into liquidation."
Large manufacturers are likely to keep a close eye on supplier
credit quality to ensure the continued delivery of parts. The
rising costs of materials, personnel and inventory may leave
smaller suppliers' working capital in a precarious position. This
may prompt larger manufacturers to provide working capital or other
support, such as supplier finance or accelerated payments, to some
troubled suppliers to prevent their collapse.
The UK government has accelerated its 'no-deal' planning in the
past couple of months, but any benefits from this are likely to be
limited because the impact of a 'no-deal 'will be highly dependent
on the preparedness of the private sector and on the response of EU
authorities. Many small companies are not ready, partly because a
lack of clarity over the outcome of Brexit has left them unable or
unwilling to fully prepare, Fitch notes.
The current end-October exit date also creates fresh challenges.
Auto manufacturers that shut down for annual maintenance in April
2019 (around the previous exit date) will not be able to easily
repeat this planning, exposing them to greater risks of
supply-chain disruption. Stockpiling also will be trickier for all
industries as warehouse capacity will be low ahead of Christmas.
Fitch
===============
X X X X X X X X
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[*] BOND PRICING: For the Week September 23 to September 27, 2019
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Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Lecta SA 6.500 8/1/2023 EUR 40.125
Teva Pharmaceutical Fina 3.150 10/1/2026 USD 72.639
Thomas Cook Group PLC 6.250 6/15/2022 EUR 20.000
Valaris plc 5.750 10/1/2044 USD 49.159
Tereos Finance Groupe I 4.125 6/16/2023 EUR 75.131
Valaris plc 5.200 3/15/2025 USD 61.895
Valaris plc 4.500 10/1/2024 USD 62.423
Valaris plc 8.000 1/31/2024 USD 70.834
Teva Pharmaceutical Fina 1.625 10/15/2028 EUR 68.470
Teva Pharmaceutical Fina 4.100 10/1/2046 USD 62.378
Banca Monte dei Paschi d 5.375 1/18/2028 EUR 65.312
Jain International Tradi 7.125 2/1/2022 USD 54.078
Thomas Cook Finance 2 PL 3.875 7/15/2023 EUR 18.763
Mallinckrodt Internation 4.750 4/15/2023 USD 51.703
Teva Pharmaceutical Fina 1.875 3/31/2027 EUR 72.703
Lecta SA 6.375 8/1/2022 EUR 39.978
Officine Maccaferri-SpA 5.750 6/1/2021 EUR 57.190
Casino Guichard Perracho 1.133 EUR 34.916
Rallye SA 4.000 4/2/2021 EUR 21.000
Teva Pharmaceutical Fina 1.000 7/28/2025 CHF 74.129
Mallinckrodt Internation 5.750 8/1/2022 USD 66.135
Pizzaexpress Financing 1 8.625 8/1/2022 GBP 29.550
Casino Guichard Perracho 3.992 EUR 57.361
Nostrum Oil & Gas Financ 8.000 7/25/2022 USD 56.838
Senvion Holding GmbH 3.875 10/25/2022 EUR 28.473
Aldesa Financial Service 7.250 4/1/2021 EUR 53.699
HSBC Bank PLC 2.500 USD 72.206
Astaldi SpA 7.125 12/1/2020 EUR 22.925
Mallinckrodt Internation 5.625 10/15/2023 USD 57.088
La Financiere Atalian SA 4.000 5/15/2024 EUR 65.857
Galapagos Holding SA 7.000 6/15/2022 EUR 7.569
Mallinckrodt Internation 5.500 4/15/2025 USD 54.152
HOCHDORF Holding AG 2.500 CHF 38.465
Aegon NV 2.139 USD 63.592
Vallourec SA 2.250 9/30/2024 EUR 71.704
HSBC Bank PLC 2.938 USD 72.129
Sudzucker International 2.757 EUR 73.224
Banque Federative du Cre 0.368 EUR 60.487
VIEO BV 6.750 9/7/2020 EUR 42.520
Boparan Finance PLC 4.375 7/15/2021 EUR 50.052
KCA Deutag UK Finance PL 9.625 4/1/2023 USD 66.756
Air France-KLM 0.125 3/25/2026 EUR 18.446
Kirk Beauty One GmbH 8.750 7/15/2023 EUR 64.417
Cooperativa Muratori & C 6.000 2/15/2023 EUR 3.630
Rallye SA 4.371 1/23/2023 EUR 20.000
Offshore Drilling Holdin 8.375 9/20/2020 USD 29.415
Paragon GmbH & Co KGaA 4.500 7/5/2022 EUR 68.232
ING Groep NV 0.350 EUR 67.758
Ageasfinlux SA 0.966 EUR 46.364
AXA SA 0.565 EUR 69.370
Nostrum Oil & Gas Financ 7.000 2/16/2025 USD 57.044
AXA SA 0.548 EUR 62.484
AXA SA 1.807 USD 68.863
Moby SpA 7.750 2/15/2023 EUR 29.148
Intralot Capital Luxembo 6.750 9/15/2021 EUR 70.345
Steinhoff Europe AG 1.875 1/24/2025 EUR 73.214
BNP Paribas Fortis SA 1.680 EUR 68.857
Vallourec SA 4.125 10/4/2022 EUR 5.322
Cooperativa Muratori & C 6.875 8/1/2022 EUR 3.500
Rothschild & Co Continua 0.210 EUR 68.447
Rallye SA 4.000 11/23/2020 CHF 20.515
KCA Deutag UK Finance PL 7.250 5/15/2021 USD 65.234
Distribuidora Internacio 0.875 4/6/2023 EUR 53.371
Boparan Finance PLC 5.500 7/15/2021 GBP 49.022
Mitsubishi UFJ Investor 4.088 12/15/2050 EUR 55.189
O1 Properties Finance PL 8.250 9/27/2021 USD 69.000
Obrascon Huarte Lain SA 4.750 3/15/2022 EUR 69.373
Intralot Capital Luxembo 5.250 9/15/2024 EUR 50.732
AXA SA 0.430 EUR 69.368
Greenyard Fresh NV 3.750 12/22/2021 EUR 55.297
Rallye SA 3.250 2/8/2024 CHF 20.500
KCA Deutag UK Finance PL 9.875 4/1/2022 USD 65.917
EA Partners I BV 6.875 9/28/2020 USD 40.809
Steinhoff Finance Holdin 1.250 10/21/2023 EUR 45.496
La Financiere Atalian SA 5.125 5/15/2025 EUR 65.931
Korian SA 2.500 EUR 46.207
Rothschild & Co Continua 2.938 USD 55.614
Fuerstenberg Capital II 5.625 EUR 66.309
Abengoa Abenewco 2 Bis S 1.500 4/26/2024 EUR
New Look Secured Issuer 6.500 7/1/2022 GBP 21.817
Caisse Federale du Credi 0.590 EUR 62.403
Debenhams PLC 5.250 7/15/2021 GBP 40.042
AXA SA 2.330 USD 68.929
Neopost SA 3.375 EUR 56.178
Bourbon Corp 6.446 EUR 2.560
BNP Paribas SA 0.975 EUR 55.000
Jyske Bank A/S 0.266 EUR 73.000
EA Partners II BV 6.750 6/1/2021 USD 42.000
Fibabanka AS 7.750 11/24/2027 USD 74.649
HSBC Bank PLC 2.250 USD 72.034
Obrascon Huarte Lain SA 5.500 3/15/2023 EUR 69.224
Banco Espirito Santo SA 4.000 1/21/2019 EUR 21.360
Societe Generale SA 2.625 USD 60.125
Astaldi SpA 4.875 6/21/2024 EUR 11.528
CNP Assurances 0.147 EUR 60.259
Constellation Oil Servic 9.500 11/9/2024 USD 43.974
FF Group Finance Luxembo 3.250 11/2/2021 CHF 8.561
Banco Santander SA 0.502 EUR 66.996
Privatbank CJSC Via UK S 10.250 1/23/2018 USD 30.218
FF Group Finance Luxembo 1.750 7/3/2019 EUR 3.538
Maisons du Monde SA 0.125 12/6/2023 EUR 44.938
HOCHDORF Holding AG 3.500 3/30/2020 CHF 15.510
BNP Paribas SA 2.726 USD 59.724
Fortenova Grupa dd 9.875 5/1/2019 EUR 20.218
Rallye SA 5.250 2/1/2022 EUR 15.809
Air Berlin PLC 8.250 4/19/2018 EUR 2.441
Genfit 3.500 10/16/2022 EUR 25.486
Credit Mutuel Arkea SA 0.216 EUR 60.670
DNB Bank ASA 2.837 USD 59.750
Jyske Bank A/S 0.735 EUR 73.300
Immigon Portfolioabbau A 6.059 EUR 15.702
Credit Agricole SA 0.711 EUR 69.255
Hema Bondco II BV 8.500 1/15/2023 EUR 70.987
ADLER Real Estate AG 2.500 7/19/2021 EUR 14.737
Bank Otkritie Financial 10.000 4/26/2019 USD 8.360
Grupo Isolux Corsan SA 6.000 12/30/2021 EUR 1.333
Banco Espirito Santo SA 2.625 5/8/2017 EUR 24.862
Pierre & Vacances SA 2.000 4/1/2023 EUR 52.678
Grupo Isolux Corsan SA 0.250 12/30/2021 EUR 0.103
Mallinckrodt Internation 5.750 8/1/2022 USD 64.553
Yuksel Insaat AS 9.500 11/10/2015 USD 1.999
NIBC Bank NV 2.627 USD 58.854
Credit Suisse AG 2.856 2/27/2030 USD 101.730
Air Berlin PLC 6.750 5/9/2019 EUR 2.268
Privatbank CJSC Via UK S 11.000 2/9/2021 USD 0.001
Rallye SA 3.400 1/31/2022 EUR 17.000
DNB Bank ASA 2.813 USD 60.086
Avangardco Investments P 10.000 10/29/2018 USD 8.250
Banco BPM SpA 1.544 EUR 71.731
Econocom Group SA/NV 0.500 3/6/2023 EUR 7.131
Constellation Oil Servic 6.250 11/9/2019 USD 3.226
Fuerstenberg Capital Ers 1.287 EUR 59.396
Bilt Paper BV 9.640 USD 1.009
KCA Deutag UK Finance PL 9.875 4/1/2022 USD 65.674
Top Gun Realisations 73 8.000 7/1/2023 GBP 1.304
Banco Espirito Santo SA 4.750 1/15/2018 EUR 25.456
Mitsubishi UFJ Investor 3.887 12/30/2099 EUR 4.864
Orient Express Bank PJSC 10.000 USD 41.267
Fortenova Grupa dd 8.875 2/1/2020 USD 18.740
EOS Imaging SA 6.000 5/31/2023 EUR 6.055
Scholz Holding Gmbh 8.500 12/31/2019 EUR 1.625
Transcapitalbank JSC Via 10.000 9/18/2020 USD 56.212
Rickmers Holding AG 8.875 6/11/2018 EUR 1.673
Lambay Capital Securitie 6.250 GBP 1.209
DNB Bank ASA 2.813 USD 59.824
Scandinavian Airlines Sy 0.625 CHF 33.029
House of Fraser Funding 6.512 9/15/2020 GBP 2.687
Virgolino de Oliveira Fi 11.750 2/9/2022 USD 3.125
Nexity SA 0.125 1/1/2023 EUR 65.936
OGX Austria GmbH 8.375 4/1/2022 USD 0.001
Odea Bank AS 7.625 8/1/2027 USD 70.559
syncreon Group BV / sync 8.625 11/1/2021 USD 6.703
Nexity SA 0.250 3/2/2025 EUR 68.468
Espirito Santo Financial 6.875 10/21/2019 EUR 0.138
UkrLandFarming PLC 10.875 3/26/2018 USD 10.000
New Look Secured Issuer 4.500 7/1/2022 EUR 24.589
Virgolino de Oliveira Fi 10.500 1/28/2018 USD 3.166
BL Superstores Finance P 5.578 10/4/2025 GBP 99.331
Lecta SA 6.500 8/1/2023 EUR 40.000
New World Resources NV 8.000 4/7/2020 EUR 1.342
La Financiere Atalian SA 6.625 5/15/2025 GBP 65.535
Fortenova Grupa dd 9.125 2/1/2020 EUR 18.748
FIGEAC-AERO 1.125 10/18/2022 EUR 23.843
Banco Espirito Santo SA 7.125 11/28/2023 EUR 0.156
Aralco Finance SA 10.125 5/7/2020 USD 1.000
Allied Irish Banks PLC 12.500 6/25/2035 GBP 72.000
Dexia Credit Local SA 1.326 EUR 8.674
Mallinckrodt Internation 5.500 4/15/2025 USD 52.541
Rallye SA 1.000 10/2/2020 EUR 20.271
Afren PLC 6.625 12/9/2020 USD 0.045
GNB - Cia de Seguros de 3.180 EUR 72.846
Santhera Pharmaceuticals 5.000 2/17/2022 CHF 66.938
OP Corporate Bank plc 0.629 EUR 69.425
Tresu Investment Holding 5.000 9/29/2022 EUR 41.633
Hellenic Bank PCL 10.000 EUR 46.380
Banco Espirito Santo SA 2.238 EUR 0.076
Credit Suisse AG 2.499 8/28/2030 USD 73.550
Hamon & CIE SA 5.500 1/30/2020 EUR 46.750
Barclays Bank PLC 2.938 USD 70.000
KCA Deutag UK Finance PL 9.625 4/1/2023 USD 66.150
NTRP Via Interpipe Ltd 10.250 8/2/2017 USD 30.242
Union Fenosa Preferentes 1.307 EUR 72.000
Eramet 4.000 EUR 47.955
Air Berlin PLC 5.625 5/9/2019 CHF 2.683
NIBC Bank NV 0.552 EUR 58.833
Dexia SA 1.405 EUR 8.513
Cirio Holding Luxembourg 6.250 2/16/2004 EUR 1.248
Lehman Brothers UK Capit 3.875 EUR 7.461
Portugal Telecom Interna 6.250 7/26/2016 EUR 1.108
Stichting Afwikkeling On 11.250 EUR 1.336
Mallinckrodt Internation 5.625 10/15/2023 USD 55.394
Virgolino de Oliveira Fi 10.500 1/28/2018 USD 3.166
Alno AG 8.500 5/14/2018 EUR 6.395
HSBC France SA 0.545 EUR 56.300
OAS Investments GmbH 8.250 10/19/2019 USD 0.307
Norske Skog AS 11.750 12/15/2019 EUR 44.857
Thomas Cook Group PLC 6.250 6/15/2022 EUR 20.295
Kaupthing ehf 7.625 2/28/2015 USD 0.250
BBVA International Prefe 1.640 GBP 63.500
Cattles Ltd 8.125 7/5/2017 GBP 0.237
Banco Santander SA 0.623 EUR 65.980
CBo Territoria 3.750 7/1/2024 EUR 4.760
Alitalia-Societa Aerea I 5.250 7/30/2020 EUR 6.000
Lehman Brothers UK Capit 5.125 EUR 7.572
PNE AG 3.750 10/10/2019 EUR 3.400
OGX Austria GmbH 8.500 6/1/2018 USD 0.001
New World Resources NV 4.000 10/7/2020 EUR 0.469
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.281
Verimatrix SA 6.000 6/29/2022 EUR 3.753
KCA Deutag UK Finance PL 7.250 5/15/2021 USD 65.844
Credit Lyonnais SACA 0.680 EUR 55.000
Capital Raising GmbH 7.500 EUR 59.649
Abengoa Abenewco 2 Bis S 1.500 4/26/2024 USD 11.083
Touax SCA-SGTR-CITE-SGT- 6.000 7/10/2020 EUR 17.128
Hellenic Republic Govern 2.085 7/25/2057 EUR 53.394
Societe Generale SA 0.597 EUR 50.190
Offshore Drilling Holdin 8.375 9/20/2020 USD 32.127
OSX 3 Leasing BV 13.000 3/20/2015 USD 22.029
Stichting Afwikkeling On 6.250 10/26/2020 EUR 1.473
Lloyds Bank PLC 0.516 10/25/2033 USD 65.774
GEWA 5 to 1 GmbH & Co KG 6.500 3/24/2018 EUR 5.750
Mitchells & Butlers Fina 2.911 6/15/2036 GBP 72.333
Waste Italia SpA 10.500 11/15/2019 EUR 0.787
Claranova SADIR 5.000 7/1/2023 EUR 1.120
Russian Federal Bond - O 0.250 7/20/2044 RUB 19.340
Koninklijke Luchtvaart M 0.750 CHF 36.550
International Industrial 9.000 7/6/2011 EUR 0.320
Hellas Telecommunication 6.054 1/15/2015 USD 0.311
Zaklady Miesne Henryk Ka 6.970 3/29/2021 PLN 4.450
WPE International Cooper 10.375 9/30/2020 USD 5.277
German Pellets GmbH 7.250 7/9/2018 EUR 0.581
Afren PLC 10.250 4/8/2019 USD 0.011
Lloyds Bank PLC 0.516 4/25/2034 USD 72.776
Pizzaexpress Financing 1 8.625 8/1/2022 GBP 29.901
JZ Capital Partners Ltd 6.000 7/30/2021 GBP 10.100
KTG Agrar SE 7.125 6/6/2017 EUR 0.927
Barclays Bank PLC 2.438 USD 70.275
Nostrum Oil & Gas Financ 8.000 7/25/2022 USD 55.537
CBo Territoria 6.000 1/1/2020 EUR 3.730
Lecta SA 6.375 8/1/2022 EUR 40.640
Afren PLC 11.500 2/1/2016 USD 0.013
LBI ehf 6.100 8/25/2011 USD 7.539
Banco Pinto & Sotto Mayo 1.150 EUR 56.050
Deutsche Bank AG/London 0.410 10/31/2034 USD 72.875
Veneto Banca SpA 9.500 12/1/2025 EUR 0.484
CNP Assurances 2.000 EUR 71.000
Lloyds Bank PLC 1.048 2/26/2033 USD 66.670
Barclays Bank PLC 1.750 GBP 69.550
YA Holding AB 7.000 6/18/2022 SEK 61.789
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.359
Del Monte Finance Luxemb 6.625 5/24/2006 EUR 3.229
Deutsche Bank AG/London 0.116 6/30/2034 USD 72.893
Hybrid Raising GmbH 6.625 EUR 59.149
KTG Agrar SE 7.250 10/15/2019 EUR 0.929
OGX Austria GmbH 8.500 6/1/2018 USD 0.001
Cooperatieve Rabobank UA 0.500 10/30/2043 MXN 16.352
Privatbank CJSC Via UK S 10.875 2/28/2018 USD 29.901
Banca Popolare di Vicenz 9.500 9/29/2025 EUR 0.100
BIM SAS 2.500 11/13/2020 EUR 22.435
EFG International AG 0.791 EUR 38.000
Windreich GmbH 6.500 7/15/2016 EUR 9.631
Lloyds Bank PLC 1.800 7/5/2033 USD 70.365
International Industrial 11.000 2/19/2013 USD 0.411
Lehman Brothers UK Capit 6.900 USD 2.685
Manchester Building Soci 6.750 GBP 13.316
Solstad Offshore ASA 5.050 9/24/2021 NOK 9.617
International Finance Fa 0.500 6/24/2024 ZAR 69.094
SSM Holding AB 8.000 5/9/2020 SEK 71.307
Espirito Santo Financial 9.750 12/19/2025 EUR 0.208
Constellation Oil Servic 9.500 11/9/2024 USD 43.887
Societe Generale SA 1.600 1/9/2020 GBP
Activa Resources AG 0.500 11/15/2021 EUR 17.000
SeniVita Sozial gGmbH 7.000 EUR 58.100
Banco Espirito Santo SA 6.875 7/15/2016 EUR 23.335
Saleza AS 9.000 7/12/2021 EUR 0.035
ESFIL-Espirito Santo Fin 5.250 6/12/2015 EUR 0.295
Barclays Bank PLC 0.788 6/17/2033 USD 73.719
Thomas Cook Finance 2 PL 3.875 7/15/2023 EUR 19.500
Espirito Santo Financial 3.125 12/2/2018 EUR 0.208
Decipher Production Ltd 12.500 9/27/2019 USD 1.500
Erotik-Abwicklungsgesell 7.750 7/9/2019 EUR 0.779
Praktiker AG 5.875 2/10/2016 EUR 0.089
Breeze Finance SA 6.708 4/19/2027 EUR 28.950
OGX Austria GmbH 8.375 4/1/2022 USD 0.001
Dolphin Drilling ASA 4.490 8/28/2019 NOK 5.431
Officine Maccaferri-SpA 5.750 6/1/2021 EUR 58.304
APP International Financ 11.750 10/1/2005 USD 1.015
Hellas Telecommunication 8.500 10/15/2013 EUR 0.663
Enertronica SpA 7.000 12/31/2022 EUR 60.600
Cirio Del Monte NV 7.750 3/14/2005 EUR 0.369
Banco Espirito Santo SA 2.418 EUR 1.539
Fuerstenberg Capital Dri 5.310 EUR 75.000
EuroChem Mineral & Chemi 7.850 7/19/2023 RUB 71.470
Societe Generale SA 19.760 5/21/2020 USD 68.700
Afren PLC 10.250 4/8/2019 USD 0.011
Senvion Holding GmbH 3.875 10/25/2022 EUR 28.473
Windreich GmbH 6.500 3/1/2015 EUR 9.631
Elli Investments Ltd 12.250 6/15/2020 GBP 54.125
Barclays Bank PLC 2.875 USD 70.725
Cooperatieve Rabobank UA 0.500 7/30/2043 MXN 16.557
Norske Skog Holding AS 8.000 2/24/2023 USD 0.199
Cirio Finance Luxembourg 7.500 11/3/2002 EUR 3.243
Mifa Mitteldeutsche Fahr 7.500 8/12/2018 EUR 2.320
Kaupthing ehf 5.750 10/4/2011 USD 0.250
KPNQwest NV 10.000 3/15/2012 EUR 0.782
SAG Solarstrom AG 7.500 7/10/2017 EUR 31.000
Alpine Holding GmbH 6.000 5/22/2017 EUR 0.474
Corporate Commercial Ban 8.250 8/8/2014 USD 1.271
Vseukrainsky Aktsinerny 10.900 6/14/2019 USD 1.056
KPNQwest NV 8.875 2/1/2008 EUR 0.788
Cooperatieve Rabobank UA 0.500 2/26/2029 HUF 71.770
Aldesa Financial Service 7.250 4/1/2021 EUR 53.572
Zurcher Kantonalbank Fin 11.880 12/5/2019 USD 54.230
Solship Invest 1 AS 5.000 12/8/2024 NOK 10.543
Mox Telecom AG 7.250 11/2/2017 EUR 1.716
Societe Generale SA 13.200 4/29/2020 USD 40.875
Dogus Holding AS 24.425 7/26/2021 TRY 70.000
Manchester Building Soci 8.000 GBP 8.934
PA Resources AB 13.500 3/3/2016 SEK 0.124
Pescanova SA 8.750 2/17/2019 EUR 0.496
Galapagos Holding SA 7.000 6/15/2022 EUR 7.569
Rosneft Oil Co PJSC 7.950 7/2/2029 RUB 62.630
GE Capital UK Funding Un 2.284 3/5/2038 GBP 71.411
Banca Popolare di Vicenz 2.821 12/20/2017 EUR 0.046
Norske Skogindustrier AS 7.000 12/30/2026 EUR 0.063
Nostrum Oil & Gas Financ 7.000 2/16/2025 USD 57.653
Barclays Bank PLC 10.000 5/28/2020 USD 68.628
A-TEC Industries AG 8.750 10/27/2014 EUR 0.141
Alno AG 8.000 3/21/2019 EUR 4.010
Bank Nadra Via NDR Finan 8.250 7/31/2018 USD 0.663
Chr Bygga Bostader Holdi 9.000 7/5/2021 SEK 50.000
Kommunekredit 0.500 7/30/2027 TRY 32.675
CRC Breeze Finance SA 6.110 5/8/2026 EUR 45.125
German Pellets GmbH 7.250 11/27/2019 EUR 0.638
Societe Centrale des Boi 2.500 5/15/2023 EUR 6.910
Finmek International SA 7.000 12/3/2004 EUR 2.193
MS Deutschland Beteiligu 6.875 12/18/2017 EUR 2.000
Steilmann SE 7.000 3/9/2017 EUR 1.429
Lehman Brothers UK Capit 5.750 EUR 1.483
Frey 6.000 11/15/2022 EUR 25.500
Barclays Bank PLC 0.056 5/30/2034 USD 65.552
Astaldi SpA 7.125 12/1/2020 EUR 22.925
Norske Skogindustrier AS 2.000 12/30/2115 EUR 0.001
New World Resources NV 8.000 4/7/2020 EUR 1.342
Sequa Petroleum NV 5.000 4/29/2020 USD 69.472
Banco Espirito Santo SA 6.900 6/28/2024 EUR 24.765
Havila Shipping ASA 6.020 11/7/2020 NOK 60.000
KPNQwest NV 8.125 6/1/2009 USD 0.782
Intralot Capital Luxembo 6.750 9/15/2021 EUR 70.902
Irish Bank Resolution Co 5.454 6/13/2017 HKD 45.254
New Look Secured Issuer 6.500 7/1/2022 GBP 21.817
Deutsche ETP GmbH & Co I 3.000 11/30/2028 EUR 44.950
Boparan Finance PLC 5.500 7/15/2021 GBP 49.468
Lloyds Bank PLC 1.926 7/26/2033 USD 68.404
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.843
Vneshprombank Ltd Via VP 9.000 11/14/2016 USD 0.001
Depfa Funding II LP 6.500 EUR 59.380
BOA Offshore AS 0.409 7/17/2047 NOK 9.127
BNP Paribas SA 13.000 8/24/2027 USD 73.300
Rena GmbH 7.000 12/15/2015 EUR 2.096
Rena GmbH 8.250 7/11/2018 EUR 2.096
Intralot Capital Luxembo 5.250 9/15/2024 EUR 51.018
Portigon AG 7.460 12/31/2019 EUR 28.000
Bank Julius Baer & Co Lt 8.450 8/28/2019 CHF 60.100
Agrokor dd Via Aquarius 4.921 8/8/2017 EUR 14.412
Mriya Agro Holding PLC 10.950 3/30/2016 USD 3.011
SAG Solarstrom AG 6.250 12/14/2015 EUR 31.000
Sairgroup Finance BV 4.375 6/8/2006 EUR 9.625
Hema Bondco II BV 8.500 1/15/2023 EUR 71.127
Bulgaria Steel Finance B 12.000 5/4/2013 EUR 0.216
Espirito Santo Financial 5.050 11/15/2025 EUR 0.771
Societe Generale SA 13.000 4/16/2020 USD 52.070
Mriya Agro Holding PLC 9.450 4/19/2018 USD 3.010
Idea Bank SA 5.090 8/14/2020 PLN 59.000
Kirk Beauty One GmbH 8.750 7/15/2023 EUR 64.753
A-TEC Industries AG 2.750 5/10/2014 EUR 0.141
Banca del Monte di Lucca 2.387 6/29/2020 EUR 58.722
TransFin-M PAO 10.250 11/3/2027 RUB 101.000
Podkarpacki Bank Spoldzi 5.090 5/28/2023 PLN 32.220
Finans-Avia OOO 10.000 7/31/2022 RUB 7.380
Boparan Finance PLC 4.375 7/15/2021 EUR 50.260
Portugal Telecom Interna 5.242 11/6/2017 EUR 1.349
Steilmann SE 6.750 6/27/2017 EUR 2.184
Alpine Holding GmbH 5.250 7/1/2015 EUR 0.446
mybet Holding SE 6.250 12/11/2020 EUR 10.000
UniCredit Bank AG 3.150 7/22/2024 EUR 70.420
Golden Gate AG 6.500 10/11/2014 EUR 37.510
Solon SE 1.375 12/6/2012 EUR 0.488
Afren PLC 6.625 12/9/2020 USD 0.045
Societe Generale SA 12.000 12/3/2020 USD 73.500
La Financiere Atalian SA 4.000 5/15/2024 EUR 65.540
Caixa Economica Montepio 5.000 EUR 50.000
Afren PLC 11.500 2/1/2016 USD 0.013
Air Berlin Finance BV 6.000 3/6/2019 EUR 2.510
KPNQwest NV 7.125 6/1/2009 EUR 0.788
Waste Italia SpA 10.500 11/15/2019 EUR 0.787
Vontobel Financial Produ 6.100 1/30/2020 EUR 57.310
Bibby Offshore Services 7.500 6/15/2021 GBP 11.500
Banco Santander SA 2.081 EUR 4.753
Depfa Funding III LP 0.378 EUR 56.280
Virgolino de Oliveira Fi 11.750 2/9/2022 USD 3.682
Tonon Luxembourg SA 12.500 5/14/2024 USD 3.000
Getin Noble Bank SA 4.790 2/15/2021 PLN 60.100
O1 Properties Finance PL 8.250 9/27/2021 USD 68.492
Gebr Sanders GmbH & Co K 8.750 10/22/2018 EUR 16.214
La Financiere Atalian SA 5.125 5/15/2025 EUR 66.214
Getin Noble Bank SA 4.790 8/28/2020 PLN 75.000
Steilmann SE 7.000 9/23/2018 EUR 1.429
Fortenova Grupa dd 8.875 2/1/2020 USD 18.740
German Pellets GmbH 7.250 4/1/2016 EUR 0.864
Natixis SA 0.300 6/25/2048 USD 47.146
IT Holding Finance SA 9.875 11/15/2012 EUR 0.251
Alpine Holding GmbH 5.250 6/10/2016 EUR 0.446
Bank Julius Baer & Co Lt 15.500 5/4/2020 USD 59.900
Kaupthing ehf 5.750 10/4/2011 USD 0.250
GE Capital European Fund 0.186 10/15/2032 EUR 73.241
Region of Abruzzo Italy 0.150 11/7/2036 EUR 63.949
Spektr OOO 8.750 3/12/2026 RUB
Lehman Brothers Treasury 2.875 3/14/2013 CHF 3.750
Cooperatieve Rabobank UA 0.500 1/31/2033 MXN 33.112
Ahtium PLC 4.000 12/16/2015 EUR 0.401
Cooperatieve Rabobank UA 0.500 12/29/2027 MXN 52.749
Otkritie Holding JSC 12.700 9/30/2027 RUB
Norske Skogindustrier AS 7.125 10/15/2033 USD 0.104
Union Technologies Infor 0.100 1/1/2020 EUR 4.860
Deutsche Agrar Holding G 7.250 9/28/2018 EUR 1.254
Stichting Afwikkeling On 2.380 EUR 1.336
Air Berlin Finance BV 8.500 3/6/2019 EUR 2.763
Getin Noble Bank SA 4.540 12/21/2020 PLN 60.050
Governo Portugues Consol 2.750 EUR 73.000
International Bank of Az 8.250 10/9/2024 USD 61.250
EFG International Financ 9.600 10/15/2019 EUR 19.980
Getin Noble Bank SA 4.790 10/7/2020 PLN 74.000
Virgolino de Oliveira Fi 10.875 1/13/2020 USD 15.751
getgoods.de AG 7.750 10/2/2017 EUR 0.126
Havila Shipping ASA 5.000 11/7/2020 NOK 48.000
Fortenova Grupa dd 9.125 2/1/2020 EUR 19.629
syncreon Group BV / sync 8.625 11/1/2021 USD 6.703
Lehman Brothers Treasury 2.144 10/5/2035 EUR 3.400
Getin Noble Bank SA 4.790 11/30/2020 PLN 65.000
PA Urals Optical & Mecha 9.400 5/24/2029 RUB 101.510
O1 Group Finance OOO 11.000 4/22/2027 RUB 1.190
Pierre & Vacances SA 3.500 10/1/2019 EUR 36.368
Moby SpA 7.750 2/15/2023 EUR 29.388
Region of Molise Italy 0.141 12/15/2033 EUR 59.614
Getin Noble Bank SA 4.790 11/9/2020 PLN 74.000
RENE LEZARD Mode GmbH 7.250 11/25/2017 EUR 1.010
Ahtium PLC 9.750 4/4/2017 EUR 0.991
Neftegazholding AO 0.010 7/21/2020 RUB 75.000
Municipality Finance PLC 0.500 6/19/2024 ZAR 69.393
Veneto Banca SpA 6.411 EUR 1.000
Banco Espirito Santo SA 10.000 12/6/2021 EUR 0.156
UniCredit Bank AG 5.200 1/14/2021 USD 55.150
Hamburgische Landesbank- 0.012 10/30/2040 EUR 66.709
Sberbank of Russia PJSC 7.550 7/12/2021 RUB 71.470
Zaklady Miesne Henryk Ka 6.970 3/29/2021 PLN 3.630
Privatbank CJSC Via UK S 10.875 2/28/2018 USD 29.901
AKB Peresvet ZAO 0.510 2/14/2032 RUB 6.500
Republic of Italy Govern 0.047 7/31/2035 EUR 73.424
SiC Processing GmbH 7.125 3/1/2016 EUR 2.715
La Financiere Atalian SA 6.625 5/15/2025 GBP 65.823
Marine Subsea AS 9.000 12/16/2019 USD 0.688
DZ Bank AG Deutsche Zent 5.000 9/27/2019 EUR 50.570
Deutsche Bank AG/London 0.716 9/30/2029 USD 68.625
Tonon Luxembourg SA 9.250 1/24/2020 USD 1.843
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 3.303
New Look Secured Issuer 4.500 7/1/2022 EUR 24.589
PSN Pm OOO 9.500 9/10/2026 RUB 11.200
Raiffeisen Centrobank AG 6.250 11/12/2019 EUR 47.000
Plaza Centers NV 6.000 7/1/2020 ILS 20.200
Mobile TeleSystems PJSC 7.900 7/8/2026 RUB 71.470
Norske Skog Holding AS 8.000 2/24/2021 EUR 0.359
State of Saxony-Anhalt 0.134 7/3/2028 EUR 42.000
UkrLandFarming PLC 10.875 3/26/2018 USD 10.000
Heta Asset Resolution AG 0.142 12/31/2023 EUR 1.669
A-TEC Industries AG 5.750 11/2/2010 EUR 0.141
Forthnet SA 1.000 10/11/2025 EUR 20.000
Bank Soyuz AO 7.550 6/11/2020 RUB 98.000
Virgolino de Oliveira Fi 10.875 1/13/2020 USD 15.751
SpareBank 1 SR-Bank ASA 1.426 12/21/2030 EUR 68.957
Cooperatieve Rabobank UA 0.500 10/29/2027 MXN 54.552
Otkritie Holding JSC 12.620 4/25/2028 RUB
Russian Railways JSC 3.300 11/29/2028 RUB
Credit Suisse AG/Nassau 8.250 9/3/2019 CHF 68.140
Bank Julius Baer & Co Lt 10.060 4/27/2020 CHF 63.050
Stichting Afwikkeling On 6.625 5/14/2018 EUR 1.473
OAS Investments GmbH 8.250 10/19/2019 USD 0.307
UAHM-Finance OOO 5.000 7/25/2025 RUB 98.170
Royalbeach Spielwaren Un 7.375 11/10/2020 EUR 2.400
Ideal Standard Internati 11.750 5/1/2018 EUR 0.050
Anglian Water Services F 1.152 1/26/2057 GBP 73.545
Barclays Bank PLC 0.356 10/30/2034 USD 72.500
Landesbank Hessen-Thueri 0.106 4/23/2041 EUR 70.005
Bank Otkritie Financial 10.000 4/26/2019 USD 8.360
Sberbank of Russia PJSC 1.350 2/9/2023 RUB 71.470
Eniro AB 6.000 4/14/2020 SEK 31.618
Teksid Aluminum Luxembou 12.375 7/15/2011 EUR 0.117
Societe Generale SA 9.000 7/22/2022 USD 32.000
Podkarpacki Bank Spoldzi 4.990 10/6/2021 PLN 44.100
Lehman Brothers Treasury 2.144 11/2/2035 EUR 3.400
Norddeutsche Landesbank- 6.350 9/27/2019 EUR 36.740
Leonteq Securities AG/Gu 11.000 10/31/2019 USD 65.490
Hamburgische Landesbank- 0.010 1/22/2041 EUR 65.342
Norske Skogindustrier AS 7.125 10/15/2033 USD 0.104
Sberbank of Russia PJSC 0.875 2/15/2023 RUB 71.470
Kardan NV 6.775 2/2/2020 ILS 25.540
Vontobel Financial Produ 6.500 3/27/2020 EUR 71.150
Sberbank of Russia PJSC 0.880 2/17/2023 RUB 71.470
Lehman Brothers Treasury 2.144 3/16/2035 EUR 3.400
Podkarpacki Bank Spoldzi 5.790 3/31/2025 PLN
Stichting Afwikkeling On 8.450 8/20/2018 USD 1.473
Finance and Credit Bank 9.250 1/25/2019 USD 0.720
Erste Group Bank AG 4.350 2/20/2022 EUR 69.500
DZ Bank AG Deutsche Zent 8.000 12/23/2019 EUR 57.530
SALVATOR Vermoegensverwa 9.500 12/31/2021 EUR 6.200
Pescanova SA 5.125 4/20/2017 EUR 0.496
Norske Skog Holding AS 8.000 2/24/2023 USD 0.199
Top Gun Realisations 73 8.000 7/1/2023 GBP 1.304
Rosneft Oil Co PJSC 7.350 11/25/2026 RUB 100.000
Societe Generale SA 12.000 7/8/2021 USD 65.850
TGC-1 PJSC 5.800 2/14/2022 RUB 66.000
Bulgaria Steel Finance B 12.000 5/4/2013 EUR 0.216
Getin Noble Bank SA 4.790 3/12/2021 PLN 66.000
Cooperativa Muratori & C 6.000 2/15/2023 EUR 3.630
UBS AG/London 6.250 8/28/2019 EUR 46.650
Landesbank Baden-Wuertte 4.750 3/27/2020 EUR 71.680
Kardan NV 6.325 9/22/2019 ILS 16.260
Credit Suisse AG/London 12.250 10/7/2019 USD 45.330
Commerzbank AG 3.380 4/19/2021 USD 65.920
BLT Finance BV 12.000 2/10/2015 USD 10.500
Constellation Oil Servic 6.250 11/9/2019 USD 3.226
SAir Group 2.125 11/4/2004 CHF 7.875
Russian Railways JSC 9.700 5/22/2046 RUB 109.990
EFG International Financ 6.400 4/9/2020 EUR 66.960
Getin Noble Bank SA 4.790 4/7/2021 PLN 65.000
Credit Suisse AG/London 9.000 3/19/2021 USD 9.194
Russian Helicopters JSC 11.900 1/15/2026 RUB 109.800
Cooperatieve Rabobank UA 0.500 11/30/2027 MXN 52.650
HSBC Bank PLC 0.500 7/11/2023 BRL 74.715
International Finance Fa 0.500 6/29/2027 ZAR 50.934
Sberbank of Russia PJSC 7.550 7/12/2021 RUB 71.470
mybet Holding SE 6.250 12/12/2020 EUR 1.000
UBS AG/London 9.000 11/18/2019 CHF 68.800
SAir Group 5.125 3/1/2003 CHF 13.500
ROSSETI PJSC 9.150 8/18/2026 RUB 60.060
Rosbank PJSC 0.040 4/30/2024 RUB 100.000
Norddeutsche Landesbank- 4.500 8/27/2019 EUR 48.360
Commerzbank AG 1.000 11/2/2020 USD 8.110
Podkarpacki Bank Spoldzi 5.790 7/2/2020 PLN 61.500
Astana Finance BV 7.875 6/8/2010 EUR 16.000
Republic of Italy Govern 0.365 5/31/2035 EUR 74.545
Odea Bank AS 7.625 8/1/2027 USD 70.303
UniCredit Bank AG 4.000 5/14/2020 EUR 64.720
Credit Suisse AG/London 10.000 4/20/2020 USD 65.190
O1 Properties Finance ZA 13.000 10/2/2020 RUB 90.000
Sibur Holding PAO 9.650 9/16/2026 RUB 66.000
Finans-Avia OOO 0.010 7/31/2027 RUB 3.670
Leonteq Securities AG/Gu 6.920 11/13/2019 EUR 70.000
WEB Windenergie AG 6.250 EUR 61.322
Cooperativa Muratori & C 6.875 8/1/2022 EUR 3.500
Norske Skogindustrier AS 7.000 12/30/2026 EUR 0.063
Cooperatieve Rabobank UA 0.500 8/21/2028 MXN 48.953
Plaza Centers NV 6.900 7/1/2020 ILS 21.020
Podkarpacki Bank Spoldzi 5.790 10/24/2024 PLN 40.000
Province of Brescia Ital 0.069 12/22/2036 EUR 59.886
SAir Group 0.125 7/7/2005 CHF 8.767
Leonteq Securities AG/Gu 2.750 9/15/2022 CHF 33.420
Credit Suisse AG/London 8.000 11/29/2019 USD 2.508
Gazprombank JSC 8.200 1/5/2025 RUB 71.470
COFIDUR SA 0.100 12/31/2024 EUR 24.540
WPE International Cooper 10.375 9/30/2020 USD 5.277
Heta Asset Resolution AG 7.500 12/31/2023 ATS 1.669
Northland Resources AB 4.000 10/15/2020 NOK 0.138
UBS AG/London 12.000 5/4/2020 USD 70.840
ROSSETI PJSC 9.150 8/18/2026 RUB 60.060
Veneto Banca SpA 6.944 5/15/2025 EUR 0.093
Fortenova Grupa dd 9.875 5/1/2019 EUR 20.218
HPI AG 3.500 EUR 2.333
Credit Suisse AG/London 9.750 2/18/2020 USD 54.350
Leonteq Securities AG/Gu 2.300 2/21/2020 EUR 40.150
SAir Group 4.250 2/2/2007 CHF 7.875
Espirito Santo Financial 5.125 5/30/2016 EUR 1.627
Norddeutsche Landesbank- 5.000 10/23/2019 EUR 57.030
Landesbank Baden-Wuertte 5.000 5/22/2020 EUR 68.930
DekaBank Deutsche Giroze 10.150 11/1/2019 EUR 61.520
Bank Julius Baer & Co Lt 11.250 9/4/2019 EUR 57.650
EFG International Financ 9.800 9/21/2021 EUR 59.000
SG Issuer SA 4.000 6/22/2026 EUR 51.310
Societe Generale SA 10.000 6/26/2025 USD 73.400
Rosselkhozbank JSC 0.000 2/13/2025 RUB 63.080
SAir Group 5.500 7/23/2003 CHF 7.875
Minicentrales Dos SA 0.010 6/6/2047 EUR 65.750
Petromena ASA 9.750 5/24/2016 NOK 0.607
Northland Resources AB 15.000 7/15/2019 USD 2.621
UBS AG/London 10.000 2/6/2020 EUR 68.440
Natixis SA 3.100 8/27/2019 USD 64.116
VTB Bank PJSC 3.000 9/18/2046 RUB 71.000
Atari SA 0.100 4/1/2020 EUR 6.500
UAHM-Finance OOO 4.000 3/28/2023 RUB 20.000
Landesbank Schleswig-Hol 2.698 1/5/2040 USD 48.463
Credit Suisse AG/London 6.250 11/28/2025 USD 11.623
Espirito Santo Financial 0.466 10/27/2024 EUR 2.419
Solarwatt GmbH 7.000 11/1/2015 EUR 15.500
Sairgroup Finance BV 6.625 10/6/2010 EUR 9.664
Kaupthing ehf 9.000 USD 0.122
House of Fraser Funding 6.512 9/15/2020 GBP 3.105
Rio Forte Investments SA 4.000 7/22/2014 EUR 5.228
Tonon Luxembourg SA 12.500 5/14/2024 USD 3.000
Societe Generale SA 9.000 2/3/2021 USD 55.600
Credit Suisse AG/Nassau 8.000 9/11/2019 CHF 67.920
UBS AG/London 8.500 1/6/2020 EUR 41.800
UniCredit Bank AG 6.600 7/20/2028 EUR 34.010
DZ Bank AG Deutsche Zent 4.400 9/23/2019 EUR 65.920
Erste Group Bank AG 6.000 10/30/2023 EUR 74.900
SG Issuer SA 5.000 4/2/2024 EUR 61.590
Lehman Brothers Treasury 10.442 11/22/2008 CHF 2.571
Zurcher Kantonalbank Fin 13.550 8/29/2019 CHF 61.580
Bank Julius Baer & Co Lt 6.000 12/29/2020 USD 74.400
Commerzbank AG 3.450 12/23/2019 GBP 72.650
Getin Noble Bank SA 5.790 8/30/2024 PLN 50.000
Bank Julius Baer & Co Lt 7.200 11/11/2019 CHF 59.900
DekaBank Deutsche Giroze 7.000 2/28/2020 EUR 69.440
Praim Finans OOO 9.640 7/13/2021 RUB 0.010
Leonteq Securities AG/Gu 2.380 10/14/2019 EUR
Fast Finance SA 10.500 1/15/2021 PLN 5.000
Russian Railways JSC 5.300 5/30/2040 RUB
Veneto Banca SpA 6.950 2/25/2025 EUR 0.100
Astana Finance BV 9.000 11/16/2011 USD 15.213
Grupo Isolux Corsan SA 0.250 12/30/2018 EUR 0.102
Region Invest OOO 10.500 9/12/2019 RUB 50.000
UBS AG/London 12.000 6/19/2020 USD 64.340
Credit Suisse AG/Nassau 5.500 2/17/2020 CHF 62.970
Rosbank PJSC 0.030 4/30/2024 RUB 100.000
Samaratransneft-Terminal 12.000 4/27/2022 RUB 16.050
Lehman Brothers Treasury 4.000 10/12/2010 USD 2.571
Barclays Bank PLC 0.500 1/28/2033 MXN 32.287
Deutsche Bank AG/London 2.000 10/25/2023 TRY 55.084
SG Issuer SA 6.800 1/6/2020 USD 42.900
Deutsche Bank AG 4.200 9/24/2019 EUR 71.140
Leonteq Securities AG/Gu 1.760 4/2/2020 EUR 39.930
UBS AG/London 6.500 3/30/2020 CHF 58.950
Landesbank Hessen-Thueri 3.000 7/6/2021 EUR 61.500
Bayerische Landesbank 3.000 9/4/2020 EUR 74.440
Volga Sport ZAO 7.880 4/4/2022 RUB 75.000
Metalloinvest Holding Co 0.010 3/7/2022 RUB 67.000
Otkritie Holding JSC 12.420 8/5/2025 RUB
Aralco Finance SA 10.125 5/7/2020 USD 1.580
AKB Peresvet ZAO 13.000 10/7/2017 RUB 18.875
Natixis Structured Issua 1.125 8/9/2021 USD 70.137
Leonteq Securities AG/Gu 3.400 3/20/2024 CHF 51.380
Russian Railways JSC 6.200 9/19/2033 RUB
Mriya Agro Holding PLC 10.950 3/30/2016 USD 3.011
Irish Bank Resolution Co 6.750 11/30/2013 BGN 45.548
Mriya Agro Holding PLC 9.450 4/19/2018 USD 3.010
Russian Railways JSC 6.200 9/20/2039 RUB 91.000
Banca Popolare di Vicenz 9.500 10/2/2025 EUR 0.100
Windreich GmbH 6.750 3/1/2015 EUR 9.631
Lloyds Bank PLC 0.500 7/26/2028 MXN 49.249
Raiffeisen Centrobank AG 5.200 12/30/2019 EUR 44.010
Erste Group Bank AG 5.550 8/30/2022 EUR 71.650
Transneft PJSC 8.750 4/14/2027 RUB 74.100
Raiffeisen Centrobank AG 5.200 2/3/2020 EUR 42.310
Muehl Product & Service 6.750 3/10/2005 DEM 0.010
Kaupthing ehf 6.125 10/4/2016 USD 0.250
Russian Railways JSC 10.300 4/3/2026 RUB 109.270
Northland Resources AB 4.000 10/15/2020 USD 0.138
Elli Investments Ltd 12.250 6/15/2020 GBP 54.125
Bayerische Landesbank 2.300 8/28/2020 EUR 73.360
Natixis SA 3.100 7/26/2021 USD 50.850
Commerzbank AG 3.900 3/23/2022 USD 6.300
Leonteq Securities AG/Gu 8.000 12/27/2019 EUR 40.860
Raiffeisen Centrobank AG 7.000 10/25/2019 EUR 55.120
Societe Generale SA 8.000 8/9/2022 USD 33.300
Raiffeisen Schweiz Genos 6.450 5/25/2020 CHF 58.930
Leonteq Securities AG/Gu 12.000 10/23/2019 CHF 40.170
UBS AG/London 12.000 10/7/2019 CHF 40.900
Leonteq Securities AG/Gu 7.000 11/13/2019 CHF 54.270
Societe Generale SA 14.720 6/25/2021 USD 73.800
KPNQwest NV 8.875 2/1/2008 EUR 0.788
Turkey Government Bond 8.000 3/12/2025 TRY 71.000
Bank Otkritie Financial 0.010 9/24/2025 RUB 57.810
Region Invest OOO 7.850 5/4/2021 RUB 1.250
Eirles Two DAC 2.894 2/13/2046 USD 71.593
Samaratransneft-Terminal 12.000 9/20/2022 RUB 0.110
Leonteq Securities AG/Gu 7.600 12/4/2019 CHF 68.980
Landesbank Hessen-Thueri 2.600 7/29/2020 EUR 66.300
DZ Bank AG Deutsche Zent 7.750 9/23/2019 EUR 64.390
Credit Suisse AG/Nassau 8.000 11/15/2019 CHF 66.150
Russian Railways JSC 5.300 2/28/2040 RUB
Russian Railways JSC 5.300 2/28/2040 RUB
Leonteq Securities AG/Gu 16.000 2/20/2020 CHF 73.540
Credit Suisse AG/London 7.250 8/26/2019 CHF 65.980
Bank Julius Baer & Co Lt 11.000 10/10/2019 EUR 62.100
Bayerische Landesbank 2.900 9/20/2019 EUR 55.810
WEB Windenergie AG 6.500 EUR 70.010
SAir Group 6.250 10/27/2002 CHF 7.255
Lehman Brothers Treasury 13.500 11/28/2008 USD 2.571
SAir Group 6.250 4/12/2005 CHF 7.255
Lehman Brothers Treasury 6.000 3/18/2015 USD 3.400
Samaratransneft-Terminal 17.000 6/20/2021 RUB 12.330
Rosbank PJSC 0.020 4/30/2024 RUB 100.000
Banque Federative du Cre 0.746 EUR 61.250
Kaupthing ehf 4.390 10/14/2008 CZK 0.250
DekaBank Deutsche Giroze 4.250 3/6/2020 EUR 75.650
UBS AG/London 7.000 9/26/2019 EUR 42.810
Getin Noble Bank SA 5.790 6/28/2024 PLN 60.000
Erste Group Bank AG 5.800 1/31/2023 EUR 56.950
UBS AG/London 6.500 12/30/2019 CHF 72.650
Centralnaya Prigorodnaya 7.550 12/15/2027 RUB 65.900
Credit Suisse AG/Nassau 8.000 9/23/2019 CHF 62.420
Corner Banca SA 7.600 2/2/2021 CHF 59.700
Raiffeisen Schweiz Genos 5.700 11/14/2019 EUR 62.190
Leonteq Securities AG/Gu 6.000 1/30/2020 CHF 58.150
Corner Banca SA 14.200 11/6/2019 CHF 68.460
DZ Bank AG Deutsche Zent 8.500 9/25/2019 EUR 52.770
Getin Noble Bank SA 6.790 1/31/2024 PLN 75.000
Sviaz Bank OAO 8.100 12/9/2021 RUB 61.310
Landesbank Hessen-Thueri 2.750 5/20/2021 EUR 59.100
Rosneft Oil Co PJSC 8.700 3/23/2029 RUB 60.060
DekaBank Deutsche Giroze 4.400 9/25/2019 EUR 77.900
Getin Noble Bank SA 6.790 8/31/2023 PLN 60.000
Getin Noble Bank SA 5.790 12/12/2022 PLN 60.000
Lehman Brothers Treasury 7.500 7/31/2013 GBP 2.571
Lehman Brothers Treasury 5.103 6/22/2046 EUR 2.571
Resursosberezhenie HMAO 10.000 6/17/2031 RUB 68.770
Grupo Isolux Corsan SA 6.000 12/30/2021 USD 1.333
Grupo Isolux Corsan SA 0.250 12/30/2021 USD 0.100
Phosphorus Holdco PLC 10.000 4/1/2019 GBP 3.303
Kaupthing ehf 9.750 9/10/2015 USD 0.250
Kommunalbanken AS 5.000 10/11/2022 TRY 75.493
Otkritie Holding JSC 12.140 10/3/2036 RUB 0.074
Municipality Finance PLC 0.250 6/28/2040 CAD 36.277
Raiffeisen Centrobank AG 4.737 12/27/2019 EUR 70.480
UniCredit Bank AG 6.900 1/3/2020 EUR 45.660
Bayerische Landesbank 3.300 10/30/2020 EUR 56.560
Credit Suisse AG/London 8.000 11/17/2021 USD 10.089
UBS AG/London 6.000 8/29/2019 CHF 65.350
UBS AG/London 11.000 9/30/2019 CHF 48.250
Raiffeisen Schweiz Genos 3.000 9/22/2020 CHF 9.160
Er-Telekom Holding ZAO 10.850 12/1/2021 RUB 60.060
UniCredit Bank AG 3.750 9/7/2020 EUR 27.000
Russian Railways JSC 5.600 5/20/2044 RUB
Vontobel Financial Produ 6.000 8/29/2019 EUR 49.200
EFG International Financ 11.400 9/5/2019 CHF 71.890
HSBC Trinkaus & Burkhard 8.200 12/27/2019 EUR 59.580
Metalloinvest Holding Co 0.010 3/7/2022 RUB 63.000
National Capital JSC 10.000 9/15/2020 RUB 100.000
SG Issuer SA 5.000 5/23/2024 EUR 62.350
Rosselkhozbank JSC 12.870 12/21/2021 RUB 116.000
VTB Bank PJSC 3.000 8/14/2043 RUB 71.000
Lehman Brothers Treasury 1.750 2/7/2010 EUR 2.571
Lehman Brothers Treasury 6.650 8/24/2011 AUD 3.400
J&T Banka AS 9.000 EUR 71.853
Lehman Brothers Treasury 6.300 12/21/2018 USD 2.571
Lehman Brothers Treasury 8.000 12/27/2032 JPY 2.571
Bank Otkritie Financial 0.010 7/16/2025 RUB 59.880
La Veggia Finance SA 7.125 11/14/2004 EUR 0.287
OOO SPV Structural Inves 0.010 9/1/2023 RUB 66.740
Kaupthing ehf 3.750 2/1/2045 USD 0.100
Mobylife Holding A/S 7.250 5/23/2020 SEK 8.125
UniCredit Bank AG 4.200 1/3/2020 EUR 57.080
Natixis SA 3.690 11/9/2020 USD 55.084
Zurcher Kantonalbank Fin 7.500 9/27/2019 CHF 72.480
UBS AG/London 11.000 3/6/2020 USD 61.450
Vontobel Financial Produ 12.080 10/31/2019 EUR 56.780
Raiffeisen Centrobank AG 10.000 5/11/2020 EUR 53.440
Bank Julius Baer & Co Lt 5.750 9/12/2019 CHF 69.450
Credit Suisse AG/Nassau 8.000 8/26/2019 CHF 66.700
Landesbank Baden-Wuertte 2.500 10/23/2020 EUR 45.720
DekaBank Deutsche Giroze 9.600 10/16/2020 EUR 71.710
DZ Bank AG Deutsche Zent 8.750 9/25/2019 EUR 66.600
Credit Suisse AG/London 13.500 8/20/2020 USD 9.620
United Confectioners Fin 8.000 4/3/2023 RUB 71.000
Credit Suisse AG/Nassau 8.250 10/31/2019 CHF 64.920
Landesbank Hessen-Thueri 6.000 8/25/2023 EUR 49.720
Vivid Games SA 7.720 5/5/2020 PLN 70.000
Bank Soyuz AO 7.550 11/22/2019 RUB 100.040
Main Road JSC 4.000 10/30/2028 RUB 69.720
SG Issuer SA 7.350 9/30/2019 CHF 51.150
Irish Bank Resolution Co 4.000 4/23/2018 EUR 45.448
Lehman Brothers Treasury 16.000 10/28/2008 USD 2.571
AKB Peresvet ZAO 13.250 4/25/2018 RUB 18.875
Kaupthing ehf 5.250 7/18/2017 BGN 0.250
Bibby Offshore Services 7.500 6/15/2021 GBP 11.500
Espirito Santo Financial 5.050 11/15/2025 EUR 0.305
Rio Forte Investments SA 3.900 7/10/2014 USD 5.250
ECM Real Estate Investme 5.000 10/9/2011 EUR 15.375
Cerruti Finance SA 6.500 7/26/2004 EUR 1.904
Lehman Brothers Treasury 6.000 6/21/2011 EUR 2.571
Raiffeisen Centrobank AG 5.500 12/6/2019 EUR 60.960
Zurcher Kantonalbank Fin 5.265 9/20/2019 EUR 58.130
Leonteq Securities AG/Gu 7.000 12/4/2019 CHF 58.000
UBS AG/London 10.500 2/28/2020 CHF 40.050
Credit Suisse AG/Nassau 8.000 9/2/2019 CHF 57.220
Getin Noble Bank SA 6.290 5/31/2024 PLN 50.000
Getin Noble Bank SA 6.790 4/4/2024 PLN 61.200
Getin Noble Bank SA 6.790 4/29/2024 PLN 62.500
Leonteq Securities AG 10.200 9/18/2019 CHF 70.620
Raiffeisen Centrobank AG 6.000 7/21/2020 EUR 50.480
Leonteq Securities AG 11.350 12/27/2019 CHF 49.060
UBS AG/London 6.500 2/14/2020 USD 47.700
UBS AG/London 10.750 6/8/2020 CHF 64.950
EFG International Financ 6.400 6/22/2020 CHF 57.650
Landesbank Baden-Wuertte 3.000 4/24/2020 EUR 74.980
Landesbank Hessen-Thueri 5.900 8/25/2023 EUR 71.860
Getin Noble Bank SA 6.790 12/21/2023 PLN 72.000
Getin Noble Bank SA 5.790 7/26/2024 PLN 60.000
Credit Suisse AG/Nassau 8.500 9/2/2019 EUR 66.060
Landesbank Baden-Wuertte 2.230 5/22/2020 EUR 67.740
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 34.170
Credit Suisse AG/Nassau 8.500 12/20/2019 CHF 71.200
Getin Noble Bank SA 6.790 4/28/2023 PLN 60.000
Getin Noble Bank SA 6.790 5/31/2023 PLN 60.000
Leonteq Securities AG/Gu 10.000 10/30/2019 CHF 59.330
Societe Generale SA 8.000 10/31/2019 USD 43.860
Getin Noble Bank SA 6.790 11/30/2023 PLN 66.000
Danske Bank A/S 10.300 7/9/2023 SEK 49.700
Bank Julius Baer & Co Lt 9.600 10/21/2019 CHF 59.700
Leonteq Securities AG/Gu 2.800 10/14/2019 EUR
Home Money LLC 16.000 4/19/2022 RUB 0.220
Norddeutsche Landesbank- 5.000 5/6/2020 EUR 69.410
Getin Noble Bank SA 6.790 11/9/2023 PLN 60.000
Metalloinvest Holding Co 0.010 3/10/2022 RUB 70.000
Landesbank Baden-Wuertte 2.530 9/27/2019 EUR 50.740
Leonteq Securities AG/Gu 11.600 10/16/2019 CHF 64.820
Credit Suisse AG/Nassau 10.000 9/30/2019 CHF 48.580
Getin Noble Bank SA 6.790 7/28/2023 PLN 60.000
SG Issuer SA 5.500 4/10/2021 EUR 69.560
Russian Railways JSC 5.600 8/18/2033 RUB 60.060
Credit Suisse AG 0.500 12/16/2025 BRL 60.907
Centrosolar Group AG 7.000 2/15/2016 EUR 2.387
Deutsche Bank AG/London 0.500 4/5/2038 MXN 19.775
AKB Peresvet ZAO 0.510 8/4/2034 RUB
Lehman Brothers Treasury 5.000 5/2/2022 EUR 2.571
Heta Asset Resolution AG 0.250 12/31/2023 EUR 1.669
SAir Group 2.750 7/30/2004 CHF 7.875
Norske Skogindustrier AS 2.000 12/30/2115 EUR 0.001
Pescanova SA 6.750 3/5/2015 EUR 0.451
Lehman Brothers Treasury 10.000 6/11/2038 JPY 2.571
Hellas Telecommunication 8.500 10/15/2013 EUR 0.663
LBI ehf 2.250 2/14/2011 CHF 7.539
Raiffeisen Schweiz Genos 5.250 2/9/2021 CHF 40.840
Landesbank Hessen-Thueri 4.000 8/26/2020 EUR 53.800
Leonteq Securities AG/Gu 6.600 6/30/2020 CHF 61.500
UBS AG/London 11.000 3/20/2020 USD 73.320
Deutsche Bank AG 4.200 12/24/2019 EUR 74.100
Credit Suisse AG/Nassau 8.250 9/23/2019 EUR 68.440
Leonteq Securities AG 2.750 3/20/2020 CHF 53.670
Societe Generale SA 8.600 7/29/2022 USD 45.400
Credit Suisse AG/London 8.000 4/6/2022 USD 9.970
Bayerische Landesbank 2.200 7/16/2021 EUR 69.930
DekaBank Deutsche Giroze 2.250 1/22/2021 EUR 59.730
Landesbank Baden-Wuertte 2.650 9/25/2020 EUR 68.780
Bank Julius Baer & Co Lt 7.700 9/20/2019 USD 38.450
Leonteq Securities AG 8.000 9/25/2019 CHF 57.500
Raiffeisen Schweiz Genos 6.500 12/18/2019 CHF 46.990
Raiffeisen Switzerland B 7.080 2/15/2021 EUR 73.560
Leonteq Securities AG 5.000 9/2/2020 CHF 67.710
EFG International Financ 12.500 10/24/2019 USD 53.930
getBACK SA 5.720 2/16/2021 PLN
UBS AG/London 7.000 10/26/2020 CHF 67.900
UBS AG/London 7.000 6/8/2020 CHF 63.800
Leonteq Securities AG/Gu 11.000 11/11/2019 CHF 46.810
Leonteq Securities AG 3.000 9/19/2019 CHF
Societe Generale SA 7.000 10/20/2020 USD 0.190
HSBC Trinkaus & Burkhard 7.650 4/1/2020 EUR 69.270
Leonteq Securities AG 3.900 12/20/2024 CHF 54.840
Leonteq Securities AG 9.400 9/4/2019 CHF 57.100
City of Predeal Romania 4.500 5/15/2026 RON 68.000
Credit Suisse AG/Nassau 8.250 11/7/2019 EUR 71.170
Credit Suisse AG/Nassau 8.000 11/8/2019 CHF 64.630
Bank Julius Baer & Co Lt 7.700 11/11/2019 EUR 60.000
Bank Julius Baer & Co Lt 10.800 1/21/2020 USD 63.450
Russian Railways JSC 5.600 5/29/2035 RUB
Societe Generale SA 3.080 1/31/2033 USD 68.400
Basler Kantonalbank 5.000 10/1/2019 CHF 67.700
VTB Bank PJSC 3.000 9/1/2044 RUB 71.000
UBS AG/London 12.000 9/12/2019 CHF 62.350
Leonteq Securities AG/Gu 13.000 12/10/2019 USD 64.120
Bank Julius Baer & Co Lt 8.000 10/31/2019 CHF 54.900
Corner Banca SA 10.600 1/13/2020 CHF 62.370
UniCredit Bank AG 6.600 8/12/2020 EUR 68.280
Leonteq Securities AG/Gu 10.200 12/17/2019 EUR 69.010
DZ Bank AG Deutsche Zent 5.000 9/25/2019 EUR 27.370
Raiffeisen Centrobank AG 5.250 5/15/2020 EUR 66.130
TransFin-M PAO 10.500 2/26/2025 RUB 71.000
getBACK SA 5.720 4/30/2021 PLN
SG Issuer SA 0.800 11/30/2020 SEK 14.820
Lehman Brothers Treasury 8.280 7/31/2013 GBP 2.571
Lehman Brothers Treasury 3.600 3/19/2018 JPY 2.571
Bilt Paper BV 9.640 USD 1.009
Lehman Brothers Treasury 2.000 6/28/2011 EUR 2.571
Lehman Brothers Treasury 10.000 10/22/2008 USD 2.571
Nota-Bank OJSC 13.500 4/1/2016 RUB 31.500
MIK OAO 15.000 2/19/2020 RUB 6.700
Otkritie Holding JSC 12.420 7/20/2028 RUB 6.060
Lehman Brothers Treasury 11.750 3/1/2010 EUR 2.571
ECM Real Estate Investme 5.000 10/9/2011 EUR 15.375
Lehman Brothers Treasury 0.500 12/20/2017 AUD 2.571
New World Resources NV 4.000 10/7/2020 EUR 0.469
Lehman Brothers Treasury 8.050 12/20/2010 HKD 2.571
Kommunalbanken AS 4.800 12/1/2022 TRY 74.058
EDOB Abwicklungs AG 7.500 4/1/2012 EUR 1.281
Kaupthing ehf 6.500 10/8/2010 ISK 0.250
Heta Asset Resolution AG 5.030 12/31/2023 EUR 1.669
Windreich GmbH 6.250 3/1/2015 EUR 9.631
AKB Peresvet ZAO 0.510 6/23/2021 RUB 17.430
Minicentrales Dos SA 0.010 6/6/2047 EUR 65.750
Raiffeisen Centrobank AG 8.000 3/3/2020 EUR 56.020
Leonteq Securities AG/Gu 6.400 10/16/2019 CHF 58.840
EFG International Financ 6.400 10/26/2020 CHF 68.720
EFG International Financ 8.200 1/18/2021 CHF 74.180
Leonteq Securities AG/Gu 7.000 1/29/2020 CHF 65.070
UBS AG/London 6.000 5/27/2021 EUR 73.300
Bayerische Landesbank 3.100 10/4/2019 EUR 52.400
Raiffeisen Schweiz Genos 6.500 9/12/2019 EUR 62.140
Leonteq Securities AG/Gu 10.000 2/8/2021 USD 65.200
Bayerische Landesbank 5.300 10/25/2019 EUR 68.690
Landesbank Hessen-Thueri 6.400 8/18/2020 EUR 44.280
Macquarie Internationale 11.550 8/28/2023 ZAR 17.321
Leonteq Securities AG/Gu 13.000 9/18/2019 USD 33.600
Raiffeisen Schweiz Genos 9.500 12/15/2020 CHF 66.560
HSBC Trinkaus & Burkhard 4.000 1/17/2020 EUR 72.140
Bayerische Landesbank 7.000 11/22/2019 EUR 67.930
Bayerische Landesbank 3.100 7/10/2020 EUR 55.260
Natixis SA 3.150 6/8/2021 USD 50.112
Federal Grid Co Unified 9.350 10/17/2051 RUB 70.000
Leonteq Securities AG/Gu 8.200 9/1/2020 CHF 62.660
Rosselkhozbank JSC 10.500 11/22/2038 RUB 100.000
Leonteq Securities AG 14.250 11/22/2019 CHF 67.460
Leonteq Securities AG 17.250 11/22/2019 USD 68.260
Bayerische Landesbank 4.000 10/25/2019 EUR 61.060
Leonteq Securities AG/Gu 16.100 10/25/2019 EUR 65.590
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 57.110
Leonteq Securities AG/Gu 5.500 5/25/2021 CHF 63.400
Bayerische Landesbank 6.000 10/11/2019 EUR 63.260
Bayerische Landesbank 6.100 10/11/2019 EUR 52.070
Raiffeisen Centrobank AG 6.250 11/25/2019 EUR 47.060
Leonteq Securities AG 8.000 1/16/2020 CHF 64.550
Deutsche Bank AG 4.200 9/24/2019 EUR 57.550
Kancelaria Statima SA 8.000 12/13/2019 PLN 70.000
Leonteq Securities AG/Gu 6.000 1/20/2021 CHF 66.030
Leonteq Securities AG 12.000 10/23/2019 CHF 34.610
Leonteq Securities AG 11.000 10/23/2019 CHF 57.640
Leonteq Securities AG 10.400 10/23/2019 CHF 58.180
Leonteq Securities AG 9.400 10/23/2019 CHF 59.830
Bayerische Landesbank 3.550 8/21/2020 EUR 58.390
Leonteq Securities AG 5.400 7/25/2022 CHF 73.010
UniCredit Bank AG 5.050 1/11/2022 EUR 43.990
EFG International Financ 7.200 7/29/2020 EUR 9.040
UBS AG/London 10.000 10/11/2019 USD 44.450
Bayerische Landesbank 3.150 7/31/2020 EUR 57.860
Leonteq Securities AG 11.000 10/17/2019 CHF 59.880
Bayerische Landesbank 2.200 12/11/2020 EUR 71.230
Leonteq Securities AG/Gu 5.000 12/27/2019 EUR 58.910
Deutsche Bank AG 6.200 11/14/2019 EUR 63.870
Bank Julius Baer & Co Lt 9.650 4/27/2020 USD 52.550
UBS AG/London 8.500 11/15/2019 CHF 43.150
Bayerische Landesbank 2.450 7/31/2020 EUR 73.710
Bank Julius Baer & Co Lt 8.000 10/7/2019 EUR 53.050
Opus-Chartered Issuances 5.500 10/26/2024 EUR 0.010
LBI ehf 6.100 8/25/2011 USD 7.539
Lehman Brothers Treasury 4.350 8/8/2016 SGD 3.750
Otkritie Holding JSC 11.500 7/14/2027 RUB 0.340
Valaris plc 7.750 2/1/2026 USD 61.910
Lehman Brothers Treasury 4.600 10/11/2017 ILS 3.750
Digital Invest OOO 7.850 4/9/2021 RUB 3.030
BNP Paribas SA 0.500 11/16/2032 MXN 32.671
Barclays Bank PLC 1.450 9/24/2038 MXN 28.725
Northland Resources AB 15.000 7/15/2019 USD 2.621
Heta Asset Resolution AG 4.875 12/31/2023 EUR 1.669
Barclays Bank PLC 2.000 6/12/2029 TRY 35.251
Credito Padano Banca di 3.100 EUR 33.833
Credito Padano Banca di 3.100 EUR 34.068
Espirito Santo Financial 5.625 7/28/2017 EUR 2.931
Credit Suisse AG/Nassau 6.000 10/11/2019 EUR 58.300
UniCredit Bank AG 3.630 3/12/2020 EUR 61.240
O1 Group Finance OOO 11.250 5/24/2027 RUB 0.150
Landesbank Hessen-Thueri 3.000 12/16/2020 EUR 73.900
UBS AG/London 21.000 3/26/2020 EUR 72.410
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 60.860
UBS AG/London 12.000 6/12/2020 USD 55.050
Bayerische Landesbank 4.700 9/13/2019 EUR 63.310
Corner Banca SA 6.300 2/17/2020 EUR 69.840
Bayerische Landesbank 2.400 12/20/2019 EUR 55.830
SALVATOR Vermoegensverwa 9.500 EUR 15.800
BNP Paribas Emissions- u 28.000 9/26/2019 EUR 71.720
Gold-Zack AG 7.000 12/14/2005 EUR 11.510
Credit Suisse AG/London 7.350 10/14/2019 CHF 58.930
Credit Suisse AG/London 8.750 10/4/2019 USD 39.860
EFG International Financ 7.000 11/23/2020 CHF 61.530
WEB Windenergie AG 6.500 EUR 55.010
SG Issuer SA 5.000 7/10/2020 EUR 12.440
Bank Julius Baer & Co Lt 13.600 1/3/2020 CHF 54.850
Rosselkhozbank JSC 15.000 1/29/2025 RUB 69.060
Heta Asset Resolution AG 4.350 12/31/2023 EUR 1.669
Lehman Brothers Treasury 7.375 9/20/2008 EUR 2.571
Otkritie Holding JSC 12.150 4/20/2028 RUB
Otkritie Holding JSC 12.090 12/8/2027 RUB 0.010
Digital Invest OOO 7.850 4/7/2021 RUB 2.900
Otkritie Holding JSC 10.770 9/17/2027 RUB 0.290
KPNQwest NV 7.125 6/1/2009 EUR 0.788
Rio Forte Investments SA 4.750 11/10/2015 EUR 5.250
Leonteq Securities AG/Gu 13.000 8/4/2020 CHF 33.270
DekaBank Deutsche Giroze 5.100 3/6/2020 EUR 62.480
Societe Generale Effekte 24.908 12/20/2019 EUR 71.560
Societe Generale Effekte 12.181 9/20/2019 EUR 71.920
Societe Generale Effekte 26.656 12/20/2019 EUR 64.830
Societe Generale Effekte 29.695 3/20/2020 EUR 73.370
Societe Generale Effekte 5.883 3/20/2020 EUR 73.250
Societe Generale Effekte 6.723 3/20/2020 EUR 71.970
Societe Generale Effekte 7.564 3/20/2020 EUR 70.740
Societe Generale Effekte 8.404 3/20/2020 EUR 69.600
Societe Generale Effekte 9.245 3/20/2020 EUR 68.520
Societe Generale Effekte 12.046 3/20/2020 EUR 65.780
Societe Generale Effekte 14.287 3/20/2020 EUR 64.430
Societe Generale Effekte 16.553 9/20/2019 EUR 76.200
Societe Generale Effekte 4.060 9/20/2019 EUR 40.490
Societe Generale Effekte 5.778 9/20/2019 EUR 37.700
Societe Generale Effekte 5.899 12/20/2019 EUR 42.110
Societe Generale Effekte 7.647 12/20/2019 EUR 39.780
Societe Generale Effekte 9.832 12/20/2019 EUR 38.010
Societe Generale Effekte 12.017 12/20/2019 EUR 36.590
Societe Generale Effekte 8.684 3/20/2020 EUR 41.330
Societe Generale Effekte 10.925 3/20/2020 EUR 39.930
Societe Generale Effekte 11.986 6/19/2020 EUR 44.040
Societe Generale Effekte 14.041 6/19/2020 EUR 42.710
Societe Generale Effekte 29.671 9/20/2019 EUR 55.890
Societe Generale Effekte 18.572 12/20/2019 EUR 70.950
Societe Generale Effekte 21.631 12/20/2019 EUR 68.740
Societe Generale Effekte 24.471 12/20/2019 EUR 66.780
Societe Generale Effekte 22.411 3/20/2020 EUR 72.180
Societe Generale Effekte 25.212 3/20/2020 EUR 70.630
Societe Generale Effekte 3.748 9/20/2019 EUR 72.870
Societe Generale Effekte 4.997 9/20/2019 EUR 69.800
Societe Generale Effekte 6.555 12/20/2019 EUR 71.620
Societe Generale Effekte 7.866 12/20/2019 EUR 69.370
Societe Generale Effekte 9.395 12/20/2019 EUR 67.310
Societe Generale Effekte 10.925 12/20/2019 EUR 65.450
Societe Generale Effekte 16.168 12/20/2019 EUR 61.110
Societe Generale Effekte 7.564 3/20/2020 EUR 72.880
Societe Generale Effekte 9.247 6/19/2020 EUR 72.980
Societe Generale Effekte 8.958 12/20/2019 EUR 72.110
Societe Generale Effekte 11.799 12/20/2019 EUR 69.170
Societe Generale Effekte 21.194 12/20/2019 EUR 62.800
Societe Generale Effekte 6.871 9/20/2019 EUR 69.270
Societe Generale Effekte 8.521 12/20/2019 EUR 71.620
Societe Generale Effekte 11.799 12/20/2019 EUR 68.010
Societe Generale Effekte 15.295 12/20/2019 EUR 65.100
Societe Generale Effekte 12.326 3/20/2020 EUR 70.950
Societe Generale Effekte 13.356 6/19/2020 EUR 72.360
SG Issuer SA 16.100 11/21/2019 EUR 75.550
Vontobel Financial Produ 11.500 3/27/2020 EUR 62.910
Landesbank Hessen-Thueri 6.150 3/11/2025 EUR 71.560
Commerzbank AG 18.750 9/27/2019 EUR 54.000
Commerzbank AG 14.250 10/25/2019 EUR 68.580
Commerzbank AG 10.250 1/24/2020 EUR 72.290
Commerzbank AG 12.250 1/24/2020 EUR 70.190
Commerzbank AG 14.750 10/25/2019 EUR 61.740
Commerzbank AG 6.250 1/24/2020 EUR 72.970
Commerzbank AG 8.250 1/24/2020 EUR 69.340
Commerzbank AG 10.250 1/24/2020 EUR 66.610
Commerzbank AG 12.250 1/24/2020 EUR 64.570
Commerzbank AG 5.000 2/1/2020 EUR 67.810
Landesbank Baden-Wuertte 6.000 7/24/2020 EUR 75.200
Landesbank Baden-Wuertte 6.000 7/24/2020 EUR 69.980
Landesbank Baden-Wuertte 4.500 7/24/2020 EUR 73.520
Landesbank Baden-Wuertte 3.000 7/24/2020 EUR 41.050
Landesbank Baden-Wuertte 5.000 7/24/2020 EUR 38.410
Vontobel Financial Produ 16.000 3/13/2020 EUR 71.410
Vontobel Financial Produ 14.000 1/3/2020 EUR 68.590
Vontobel Financial Produ 15.500 3/27/2020 EUR 67.830
Vontobel Financial Produ 18.000 3/13/2020 EUR 65.560
Vontobel Financial Produ 16.500 12/13/2019 EUR 67.330
Vontobel Financial Produ 13.000 3/27/2020 EUR 69.720
Vontobel Financial Produ 17.500 1/3/2020 EUR 66.310
Vontobel Financial Produ 7.000 3/13/2020 EUR 52.198
Vontobel Financial Produ 11.500 12/13/2019 EUR 51.800
HSBC Trinkaus & Burkhard 10.100 6/26/2020 EUR 70.150
HSBC Trinkaus & Burkhard 9.600 12/27/2019 EUR 72.230
HSBC Trinkaus & Burkhard 8.400 6/26/2020 EUR 67.180
HSBC Trinkaus & Burkhard 6.700 9/25/2020 EUR 70.030
HSBC Trinkaus & Burkhard 7.400 10/25/2019 EUR 67.410
HSBC Trinkaus & Burkhard 6.800 2/28/2020 EUR 69.440
HSBC Trinkaus & Burkhard 10.300 12/27/2019 EUR 66.090
HSBC Trinkaus & Burkhard 7.900 3/27/2020 EUR 70.060
HSBC Trinkaus & Burkhard 15.000 12/27/2019 EUR 32.440
HSBC Trinkaus & Burkhard 13.100 3/27/2020 EUR 34.860
HSBC Trinkaus & Burkhard 7.900 3/27/2020 EUR 36.520
HSBC Trinkaus & Burkhard 12.600 6/26/2020 EUR 37.510
HSBC Trinkaus & Burkhard 10.200 11/22/2019 EUR 33.680
HSBC Trinkaus & Burkhard 9.100 2/28/2020 EUR 35.530
HSBC Trinkaus & Burkhard 8.200 3/27/2020 EUR 67.640
HSBC Trinkaus & Burkhard 9.800 6/26/2020 EUR 65.670
DZ Bank AG Deutsche Zent 8.750 10/23/2019 EUR 29.090
DZ Bank AG Deutsche Zent 10.750 12/27/2019 EUR 38.280
Commerzbank AG 14.250 11/22/2019 EUR 71.630
HSBC Trinkaus & Burkhard 8.400 3/27/2020 EUR 73.030
HSBC Trinkaus & Burkhard 9.500 6/26/2020 EUR 71.570
HSBC Trinkaus & Burkhard 5.100 6/26/2020 EUR 47.860
HSBC Trinkaus & Burkhard 3.300 6/26/2020 EUR 52.060
HSBC Trinkaus & Burkhard 8.800 9/25/2020 EUR 44.890
HSBC Trinkaus & Burkhard 6.500 9/25/2020 EUR 46.920
HSBC Trinkaus & Burkhard 4.400 9/25/2020 EUR 50.400
HSBC Trinkaus & Burkhard 2.900 9/25/2020 EUR 54.860
HSBC Trinkaus & Burkhard 10.700 10/25/2019 EUR 37.900
HSBC Trinkaus & Burkhard 6.500 10/25/2019 EUR 41.940
HSBC Trinkaus & Burkhard 10.400 11/22/2019 EUR 38.520
HSBC Trinkaus & Burkhard 6.400 11/22/2019 EUR 42.260
HSBC Trinkaus & Burkhard 3.300 11/22/2019 EUR 47.600
HSBC Trinkaus & Burkhard 6.300 1/24/2020 EUR 43.010
HSBC Trinkaus & Burkhard 3.400 1/24/2020 EUR 47.830
HSBC Trinkaus & Burkhard 9.500 2/28/2020 EUR 40.470
HSBC Trinkaus & Burkhard 6.300 2/28/2020 EUR 43.480
HSBC Trinkaus & Burkhard 3.600 2/28/2020 EUR 48.100
HSBC Trinkaus & Burkhard 6.800 3/27/2020 EUR 71.560
HSBC Trinkaus & Burkhard 2.600 3/27/2020 EUR 51.350
HSBC Trinkaus & Burkhard 12.300 6/26/2020 EUR 41.910
HSBC Trinkaus & Burkhard 10.400 6/26/2020 EUR 42.660
HSBC Trinkaus & Burkhard 7.600 6/26/2020 EUR 44.560
BNP Paribas Emissions- u 17.000 9/26/2019 EUR 70.320
Commerzbank AG 18.000 9/27/2019 EUR 73.510
BNP Paribas Emissions- u 23.000 9/26/2019 EUR 71.410
BNP Paribas Emissions- u 9.000 9/26/2019 EUR 71.250
BNP Paribas Emissions- u 15.000 9/26/2019 EUR 64.320
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 72.400
BNP Paribas Emissions- u 10.000 12/30/2019 EUR 69.750
BNP Paribas Emissions- u 12.000 12/30/2019 EUR 67.080
BNP Paribas Emissions- u 13.000 3/26/2020 EUR 67.160
DekaBank Deutsche Giroze 6.250 1/23/2020 EUR 73.730
Commerzbank AG 11.500 9/27/2019 EUR 71.340
Commerzbank AG 13.500 9/27/2019 EUR 68.630
Commerzbank AG 15.500 9/27/2019 EUR 66.140
Commerzbank AG 18.000 9/27/2019 EUR 31.370
Commerzbank AG 11.500 12/31/2019 EUR 74.220
Commerzbank AG 13.500 12/31/2019 EUR 71.620
Commerzbank AG 12.750 9/27/2019 EUR 67.490
Commerzbank AG 10.500 12/31/2019 EUR 71.690
Commerzbank AG 8.000 9/27/2019 EUR 71.030
Landesbank Baden-Wuertte 4.200 1/3/2020 EUR 72.510
Credit Suisse AG/Nassau 8.000 9/13/2019 CHF 59.620
Banque Cantonale Vaudois 7.500 9/23/2019 CHF 59.230
Leonteq Securities AG/Gu 10.000 9/12/2019 CHF 37.470
UBS AG/London 9.750 9/16/2019 CHF 65.450
UBS AG/London 12.500 3/16/2020 CHF 41.200
UBS AG/London 10.250 3/16/2020 USD 59.500
UBS AG/London 12.250 9/16/2019 CHF 67.350
UBS AG/London 9.000 9/16/2019 CHF 55.400
UBS AG/London 7.500 3/16/2020 EUR 68.400
UBS AG/London 8.250 9/16/2019 CHF 67.100
Leonteq Securities AG/Gu 9.000 3/16/2020 CHF 51.370
Vontobel Financial Produ 7.200 3/13/2020 EUR 73.530
Vontobel Financial Produ 7.050 3/13/2020 EUR 68.290
Vontobel Financial Produ 14.500 12/13/2019 EUR 73.190
Vontobel Financial Produ 16.500 3/13/2020 EUR 68.460
Commerzbank AG 3.500 12/31/2019 EUR 58.810
Commerzbank AG 5.500 12/31/2019 EUR 49.760
Commerzbank AG 7.500 12/31/2019 EUR 43.900
Commerzbank AG 9.500 12/31/2019 EUR 40.330
Commerzbank AG 11.500 12/31/2019 EUR 38.050
Commerzbank AG 13.500 12/31/2019 EUR 36.570
Commerzbank AG 15.500 12/31/2019 EUR 35.640
Commerzbank AG 11.250 12/31/2019 EUR 71.970
Commerzbank AG 13.250 12/31/2019 EUR 69.640
Commerzbank AG 15.250 12/31/2019 EUR 67.120
Vontobel Financial Produ 12.000 1/3/2020 EUR 73.100
Vontobel Financial Produ 10.500 3/27/2020 EUR 71.660
Vontobel Financial Produ 12.500 3/27/2020 EUR 72.270
Vontobel Financial Produ 14.000 3/27/2020 EUR 67.610
Vontobel Financial Produ 7.500 3/27/2020 EUR 50.210
Vontobel Financial Produ 6.500 3/27/2020 EUR 52.440
Vontobel Financial Produ 14.000 1/3/2020 EUR 44.320
Vontobel Financial Produ 12.000 1/3/2020 EUR 45.910
Vontobel Financial Produ 10.000 1/3/2020 EUR 47.780
Vontobel Financial Produ 12.500 3/27/2020 EUR 46.180
Vontobel Financial Produ 10.500 3/27/2020 EUR 47.110
Vontobel Financial Produ 9.000 3/27/2020 EUR 48.540
Vontobel Financial Produ 8.500 1/3/2020 EUR 50.120
Vontobel Financial Produ 16.500 3/27/2020 EUR 69.440
Vontobel Financial Produ 21.000 1/3/2020 EUR 61.870
Vontobel Financial Produ 11.500 3/27/2020 EUR 57.770
Vontobel Financial Produ 8.000 3/27/2020 EUR 72.520
Vontobel Financial Produ 15.500 3/27/2020 EUR 63.490
Vontobel Financial Produ 15.000 3/27/2020 EUR 72.500
Vontobel Financial Produ 9.500 3/27/2020 EUR 57.910
Landesbank Baden-Wuertte 3.000 12/29/2020 EUR 48.560
Landesbank Baden-Wuertte 5.000 12/29/2020 EUR 44.900
Commerzbank AG 13.500 9/27/2019 EUR 72.130
Commerzbank AG 13.000 12/31/2019 EUR 71.960
Commerzbank AG 15.250 12/31/2019 EUR 73.750
Commerzbank AG 10.750 9/27/2019 EUR 70.510
Commerzbank AG 14.750 9/27/2019 EUR 64.940
Commerzbank AG 12.500 12/31/2019 EUR 68.600
Commerzbank AG 14.500 12/31/2019 EUR 66.000
Commerzbank AG 16.000 9/27/2019 EUR 72.870
Commerzbank AG 18.000 9/27/2019 EUR 70.230
Commerzbank AG 17.250 9/27/2019 EUR 73.580
Leonteq Securities AG/Gu 6.800 3/16/2020 CHF 64.330
DekaBank Deutsche Giroze 2.850 11/29/2019 EUR 65.080
Landesbank Hessen-Thueri 2.750 10/23/2020 EUR 71.700
UBS AG/London 10.250 3/23/2020 EUR 57.950
Bayerische Landesbank 3.300 10/18/2019 EUR 58.820
Bank Julius Baer & Co Lt 10.500 9/30/2019 USD 50.700
Commerzbank AG 16.500 9/27/2019 EUR 62.130
Commerzbank AG 19.000 9/27/2019 EUR 71.940
UniCredit Bank AG 3.500 9/19/2021 EUR 47.410
Bank Julius Baer & Co Lt 13.150 12/4/2019 CHF 69.100
Vontobel Financial Produ 5.500 3/27/2020 EUR 58.280
Vontobel Financial Produ 12.000 9/27/2019 EUR 65.440
Commerzbank AG 8.250 9/27/2019 EUR 64.430
Commerzbank AG 10.250 11/22/2019 EUR 60.320
DekaBank Deutsche Giroze 2.400 9/18/2020 EUR 71.480
DekaBank Deutsche Giroze 3.000 9/18/2020 EUR 64.710
DekaBank Deutsche Giroze 2.100 9/18/2020 EUR 72.150
Commerzbank AG 9.750 12/31/2019 EUR 64.120
Commerzbank AG 21.500 9/27/2019 EUR 60.300
EFG International Financ 7.000 2/15/2021 CHF 61.530
EFG International Financ 7.800 2/15/2021 EUR 55.380
EFG International Financ 7.800 2/16/2021 USD 60.360
Bayerische Landesbank 3.900 9/6/2019 EUR 60.960
Raiffeisen Schweiz Genos 7.000 2/12/2020 CHF 67.350
BNP Paribas Emissions- u 7.500 9/26/2019 EUR 64.850
BNP Paribas Emissions- u 3.000 9/26/2019 EUR 31.840
Landesbank Baden-Wuertte 2.900 11/22/2019 EUR 67.890
Landesbank Baden-Wuertte 3.500 11/22/2019 EUR 45.290
DekaBank Deutsche Giroze 3.500 8/21/2020 EUR 70.090
Landesbank Baden-Wuertte 2.750 9/23/2022 EUR 69.360
Zurcher Kantonalbank Fin 4.750 10/10/2019 CHF 69.730
DekaBank Deutsche Giroze 1.000 11/2/2021 EUR 68.170
UBS AG/London 5.600 9/26/2019 EUR 43.540
DekaBank Deutsche Giroze 2.500 11/2/2020 EUR 72.800
DekaBank Deutsche Giroze 3.200 11/1/2019 EUR 49.190
Leonteq Securities AG/Gu 8.000 10/2/2019 CHF 62.650
Landesbank Baden-Wuertte 3.250 7/24/2020 EUR 71.160
Landesbank Baden-Wuertte 2.500 7/24/2020 EUR 70.670
Landesbank Baden-Wuertte 3.500 7/24/2020 EUR 62.100
Bayerische Landesbank 2.100 10/8/2021 EUR 72.330
Bayerische Landesbank 2.100 10/9/2020 EUR 70.350
Bayerische Landesbank 3.100 10/9/2020 EUR 56.550
UBS AG/London 7.500 10/4/2019 EUR 60.450
UBS AG/London 13.250 10/4/2019 CHF 59.550
UBS AG/London 7.250 10/4/2019 CHF 65.600
EFG International Financ 8.400 10/18/2019 EUR 52.780
Vontobel Financial Produ 4.300 11/11/2019 EUR 46.720
Bank Julius Baer & Co Lt 6.250 10/5/2020 CHF 65.200
Societe Generale SA 10.650 10/27/2022 USD 68.500
Leonteq Securities AG/Gu 7.000 4/16/2020 CHF 39.750
Raiffeisen Schweiz Genos 5.750 10/16/2019 USD 33.910
Raiffeisen Schweiz Genos 5.000 10/16/2019 CHF 33.890
UniCredit Bank AG 3.000 11/12/2022 EUR 69.640
Landesbank Baden-Wuertte 2.550 12/27/2021 EUR 70.930
Landesbank Baden-Wuertte 2.500 12/27/2021 EUR 71.910
Raiffeisen Switzerland B 7.000 7/11/2024 USD 60.920
Raiffeisen Schweiz Genos 9.000 10/12/2020 CHF 57.660
DZ Bank AG Deutsche Zent 3.000 10/30/2019 EUR 72.770
Barclays Bank PLC 13.500 10/16/2020 EUR 57.410
Landesbank Hessen-Thueri 4.000 11/10/2021 EUR 58.270
DekaBank Deutsche Giroze 2.000 11/2/2020 EUR 67.730
EFG International Financ 7.200 10/26/2020 USD 44.820
Raiffeisen Centrobank AG 6.316 12/27/2019 EUR 75.170
Leonteq Securities AG/Gu 6.000 10/23/2019 CHF 55.340
Zurcher Kantonalbank Fin 7.250 10/19/2020 CHF 64.410
Landesbank Hessen-Thueri 5.100 2/17/2023 EUR 50.680
DekaBank Deutsche Giroze 4.050 11/6/2020 EUR 74.860
UniCredit Bank AG 4.850 11/1/2020 EUR 55.030
Landesbank Hessen-Thueri 5.450 11/17/2022 EUR 51.180
UniCredit Bank AG 8.600 1/3/2020 EUR 57.540
UniCredit Bank AG 11.700 1/3/2020 EUR 50.350
UniCredit Bank AG 12.100 1/3/2020 EUR 35.630
UniCredit Bank AG 13.200 1/3/2020 EUR 72.150
UniCredit Bank AG 10.300 1/3/2020 EUR 64.780
UniCredit Bank AG 7.500 1/3/2020 EUR 71.390
UniCredit Bank AG 4.300 1/3/2020 EUR 72.560
UniCredit Bank AG 7.000 1/3/2020 EUR 72.820
UniCredit Bank AG 8.300 1/3/2020 EUR 63.470
UniCredit Bank AG 6.800 1/3/2020 EUR 68.860
UniCredit Bank AG 6.300 1/3/2020 EUR 59.930
UniCredit Bank AG 11.900 1/3/2020 EUR 60.090
UniCredit Bank AG 9.800 1/3/2020 EUR 62.840
UniCredit Bank AG 11.600 1/3/2020 EUR 59.310
UniCredit Bank AG 3.400 1/3/2020 EUR 53.210
UniCredit Bank AG 8.900 1/3/2020 EUR 67.280
UniCredit Bank AG 8.000 1/3/2020 EUR 69.110
UniCredit Bank AG 9.800 1/3/2020 EUR 63.450
UniCredit Bank AG 7.500 1/3/2020 EUR 53.760
UniCredit Bank AG 8.700 1/3/2020 EUR 70.370
UniCredit Bank AG 3.100 1/3/2020 EUR 66.090
UniCredit Bank AG 6.300 1/3/2020 EUR 50.760
UniCredit Bank AG 7.300 1/3/2020 EUR 40.480
UniCredit Bank AG 6.000 1/3/2020 EUR 42.710
UniCredit Bank AG 8.800 1/3/2020 EUR 38.670
UniCredit Bank AG 6.800 1/3/2020 EUR 58.000
UniCredit Bank AG 7.100 1/3/2020 EUR 46.100
UniCredit Bank AG 4.700 1/3/2020 EUR 53.940
UniCredit Bank AG 3.300 1/3/2020 EUR 61.410
UniCredit Bank AG 6.500 1/3/2020 EUR 42.800
UniCredit Bank AG 4.300 1/3/2020 EUR 51.520
UniCredit Bank AG 5.400 1/3/2020 EUR 46.660
UniCredit Bank AG 7.800 1/3/2020 EUR 71.570
UniCredit Bank AG 10.000 1/3/2020 EUR 42.910
UniCredit Bank AG 13.000 1/3/2020 EUR 52.150
UniCredit Bank AG 5.900 1/3/2020 EUR 50.950
UniCredit Bank AG 4.000 1/3/2020 EUR 66.720
UniCredit Bank AG 5.000 1/3/2020 EUR 4.300
UniCredit Bank AG 11.900 1/3/2020 EUR 62.750
UniCredit Bank AG 8.600 1/3/2020 EUR 45.220
DekaBank Deutsche Giroze 3.000 6/26/2020 EUR 68.760
UniCredit Bank AG 13.700 1/3/2020 EUR 68.700
UniCredit Bank AG 6.300 1/3/2020 EUR 65.210
UniCredit Bank AG 5.100 1/3/2020 EUR 67.720
UniCredit Bank AG 6.900 1/3/2020 EUR 66.700
UniCredit Bank AG 3.200 1/3/2020 EUR 72.020
UniCredit Bank AG 8.200 1/3/2020 EUR 66.350
UniCredit Bank AG 11.600 1/3/2020 EUR 59.210
UniCredit Bank AG 5.400 1/3/2020 EUR 71.030
UniCredit Bank AG 9.800 1/3/2020 EUR 61.470
UniCredit Bank AG 6.100 1/3/2020 EUR 72.770
UniCredit Bank AG 11.000 1/3/2020 EUR 40.010
UniCredit Bank AG 3.800 1/3/2020 EUR 63.570
UniCredit Bank AG 5.400 1/3/2020 EUR 73.350
UniCredit Bank AG 5.200 1/3/2020 EUR 63.840
UniCredit Bank AG 7.200 1/3/2020 EUR 51.790
UniCredit Bank AG 7.100 1/3/2020 EUR 57.910
UniCredit Bank AG 6.100 1/3/2020 EUR 65.170
UniCredit Bank AG 7.900 1/3/2020 EUR 60.430
UniCredit Bank AG 7.100 1/3/2020 EUR 74.850
UniCredit Bank AG 6.900 1/3/2020 EUR 50.690
UniCredit Bank AG 3.400 1/3/2020 EUR 67.020
UniCredit Bank AG 12.200 1/3/2020 EUR 40.240
UniCredit Bank AG 12.100 1/3/2020 EUR 64.210
UniCredit Bank AG 10.300 1/3/2020 EUR 53.440
UniCredit Bank AG 5.200 1/3/2020 EUR 69.320
UniCredit Bank AG 6.800 1/3/2020 EUR 47.520
UniCredit Bank AG 9.600 1/3/2020 EUR 42.390
UniCredit Bank AG 11.000 1/3/2020 EUR 66.510
UniCredit Bank AG 8.500 1/3/2020 EUR 61.860
UniCredit Bank AG 6.300 1/3/2020 EUR 66.260
UniCredit Bank AG 8.700 1/3/2020 EUR 60.730
UniCredit Bank AG 7.200 1/3/2020 EUR 63.860
UniCredit Bank AG 11.200 1/3/2020 EUR 50.630
UniCredit Bank AG 6.400 1/3/2020 EUR 71.730
UniCredit Bank AG 10.600 1/3/2020 EUR 61.010
UniCredit Bank AG 7.600 1/3/2020 EUR 67.380
UniCredit Bank AG 3.900 1/3/2020 EUR 55.300
UniCredit Bank AG 10.300 1/3/2020 EUR 46.020
UniCredit Bank AG 8.400 1/3/2020 EUR 44.440
UniCredit Bank AG 8.000 1/3/2020 EUR 47.680
UniCredit Bank AG 12.900 1/3/2020 EUR 48.580
UniCredit Bank AG 11.900 1/3/2020 EUR 48.570
UniCredit Bank AG 3.600 1/3/2020 EUR 58.390
UniCredit Bank AG 7.600 1/3/2020 EUR 60.010
UniCredit Bank AG 10.600 1/3/2020 EUR 73.750
UniCredit Bank AG 9.100 1/3/2020 EUR 55.980
UniCredit Bank AG 13.000 1/3/2020 EUR 29.320
UniCredit Bank AG 4.000 1/3/2020 EUR 44.820
UniCredit Bank AG 8.800 1/3/2020 EUR 33.540
UniCredit Bank AG 9.900 1/3/2020 EUR 55.590
UniCredit Bank AG 10.100 1/3/2020 EUR 64.940
UniCredit Bank AG 8.100 1/3/2020 EUR 58.660
UniCredit Bank AG 6.000 1/3/2020 EUR 38.610
UniCredit Bank AG 4.100 1/3/2020 EUR 74.260
UniCredit Bank AG 10.900 1/3/2020 EUR 55.390
UniCredit Bank AG 4.300 1/3/2020 EUR 69.360
UniCredit Bank AG 8.700 1/3/2020 EUR 59.570
UniCredit Bank AG 6.500 1/3/2020 EUR 62.360
UniCredit Bank AG 6.500 1/3/2020 EUR 73.060
UniCredit Bank AG 5.600 1/3/2020 EUR 67.910
UniCredit Bank AG 4.200 1/3/2020 EUR 38.150
UniCredit Bank AG 8.600 1/3/2020 EUR 30.590
UniCredit Bank AG 9.900 1/3/2020 EUR 60.500
UniCredit Bank AG 7.100 1/3/2020 EUR 72.460
UniCredit Bank AG 3.500 1/3/2020 EUR 68.340
UniCredit Bank AG 4.200 1/3/2020 EUR 68.380
UniCredit Bank AG 5.300 1/3/2020 EUR 59.990
UniCredit Bank AG 4.600 1/3/2020 EUR 48.690
UniCredit Bank AG 4.700 1/3/2020 EUR 54.800
UniCredit Bank AG 10.000 1/3/2020 EUR 51.750
UniCredit Bank AG 3.200 1/3/2020 EUR 69.920
UniCredit Bank AG 6.700 1/3/2020 EUR 68.890
UniCredit Bank AG 6.600 1/3/2020 EUR 49.550
UniCredit Bank AG 4.200 1/3/2020 EUR 57.660
UniCredit Bank AG 5.700 1/3/2020 EUR 73.150
UniCredit Bank AG 12.900 1/3/2020 EUR 32.060
UniCredit Bank AG 8.700 1/3/2020 EUR 69.340
UniCredit Bank AG 10.900 1/3/2020 EUR 34.270
UniCredit Bank AG 5.900 1/3/2020 EUR 71.150
UniCredit Bank AG 5.100 1/3/2020 EUR 60.270
UniCredit Bank AG 12.500 1/3/2020 EUR 42.800
UniCredit Bank AG 6.800 1/3/2020 EUR 62.270
UniCredit Bank AG 10.500 1/3/2020 EUR 53.710
UniCredit Bank AG 5.300 1/3/2020 EUR 69.280
UniCredit Bank AG 11.600 1/3/2020 EUR 54.350
UniCredit Bank AG 7.500 1/3/2020 EUR 47.300
UniCredit Bank AG 4.400 1/3/2020 EUR 55.460
UniCredit Bank AG 8.000 1/3/2020 EUR 61.370
UniCredit Bank AG 7.700 1/3/2020 EUR 62.350
UniCredit Bank AG 9.900 1/3/2020 EUR 56.280
UniCredit Bank AG 10.200 1/3/2020 EUR 56.880
UniCredit Bank AG 6.200 1/3/2020 EUR 62.870
UniCredit Bank AG 4.100 1/3/2020 EUR 73.630
UniCredit Bank AG 4.900 1/3/2020 EUR 71.720
Landesbank Hessen-Thueri 8.600 11/17/2022 EUR 52.250
Landesbank Baden-Wuertte 3.000 12/29/2020 EUR 62.420
Landesbank Baden-Wuertte 3.000 12/29/2020 EUR 63.590
Landesbank Baden-Wuertte 3.600 12/29/2020 EUR 59.280
Landesbank Baden-Wuertte 4.400 12/29/2020 EUR 53.670
UniCredit Bank AG 4.250 11/21/2021 EUR 56.940
UniCredit Bank AG 4.200 11/21/2021 EUR 58.320
UniCredit Bank AG 3.700 11/21/2021 EUR 69.610
UniCredit Bank AG 4.350 11/21/2021 EUR 47.790
UniCredit Bank AG 4.050 11/21/2021 EUR 66.420
Leonteq Securities AG/Gu 8.200 10/23/2019 CHF 54.270
Leonteq Securities AG/Gu 6.200 10/23/2019 CHF 58.900
DekaBank Deutsche Giroze 1.400 11/15/2019 EUR 73.390
DekaBank Deutsche Giroze 2.300 11/13/2020 EUR 64.360
UBS AG/London 6.250 10/18/2019 EUR 58.600
Corner Banca SA 8.800 10/30/2019 CHF 55.470
UBS AG/London 12.000 10/18/2019 CHF 54.100
UBS AG/London 9.500 4/20/2020 CHF 64.250
UBS AG/London 10.000 10/18/2019 CHF 59.300
UBS AG/London 9.000 10/18/2019 EUR 67.550
EFG International Financ 7.200 11/2/2020 EUR 55.950
Raiffeisen Switzerland B 4.440 4/19/2021 EUR 70.490
Landesbank Hessen-Thueri 4.000 11/24/2021 EUR 56.290
BNP Paribas Issuance BV 6.800 10/21/2019 EUR
Zurcher Kantonalbank Fin 8.000 10/31/2019 CHF 14.790
Landesbank Baden-Wuertte 2.800 7/24/2020 EUR 70.850
UniCredit Bank AG 3.700 5/28/2021 EUR 65.510
Corner Banca SA 10.000 11/6/2019 CHF 65.010
Landesbank Hessen-Thueri 2.200 11/24/2020 EUR 51.650
BNP Paribas Issuance BV 6.800 10/21/2019 EUR 55.950
Landesbank Baden-Wuertte 3.000 9/25/2020 EUR 71.850
DZ Bank AG Deutsche Zent 5.100 12/4/2019 EUR 65.030
UBS AG/London 5.700 1/2/2020 EUR 53.680
UBS AG/London 5.600 9/26/2019 EUR 45.740
UBS AG/London 4.000 1/2/2020 EUR 55.710
EFG International Financ 7.400 12/21/2020 USD 54.910
UBS AG/London 7.250 12/6/2019 CHF 59.250
UBS AG/London 8.500 12/6/2019 CHF 63.400
UBS AG/London 7.000 12/6/2019 CHF 66.200
UBS AG/London 9.500 12/6/2019 EUR 50.900
UBS AG/London 7.750 6/8/2020 CHF 73.800
DekaBank Deutsche Giroze 2.900 1/4/2021 EUR 61.950
DekaBank Deutsche Giroze 2.100 1/4/2021 EUR 55.200
Zurcher Kantonalbank Fin 5.000 12/14/2020 EUR 66.480
Leonteq Securities AG/Gu 7.000 12/15/2020 CHF 70.210
Leonteq Securities AG/Gu 7.400 12/18/2019 EUR 61.870
Raiffeisen Schweiz Genos 9.000 12/18/2019 CHF 44.740
Raiffeisen Schweiz Genos 6.250 12/18/2019 CHF 27.660
Vontobel Financial Produ 5.400 1/6/2020 EUR 41.420
Leonteq Securities AG/Gu 7.400 12/15/2020 CHF 73.140
Leonteq Securities AG/Gu 7.000 12/15/2020 EUR 67.990
Leonteq Securities AG/Gu 8.400 12/18/2019 CHF 28.590
Commerzbank AG 3.250 12/10/2019 USD 55.070
Landesbank Baden-Wuertte 2.000 2/25/2022 EUR 74.070
Landesbank Baden-Wuertte 2.200 2/25/2022 EUR 73.030
Natixis SA 3.000 12/11/2019 USD 41.473
Leonteq Securities AG/Gu 8.000 7/22/2020 CHF 57.760
Raiffeisen Schweiz Genos 6.450 1/22/2020 CHF 56.230
Raiffeisen Schweiz Genos 5.500 1/22/2020 CHF 62.390
Raiffeisen Schweiz Genos 10.020 1/15/2020 EUR 61.420
Leonteq Securities AG/Gu 8.000 1/17/2020 CHF 37.680
Bank Julius Baer & Co Lt 8.800 1/24/2020 EUR 51.500
UniCredit Bank AG 4.200 2/12/2021 EUR 59.900
UniCredit Bank AG 4.400 2/12/2021 EUR 49.890
UniCredit Bank AG 5.000 2/12/2021 EUR 62.320
UniCredit Bank AG 5.900 2/12/2021 EUR 68.760
Raiffeisen Schweiz Genos 7.000 1/15/2020 CHF 69.620
Raiffeisen Schweiz Genos 5.300 1/15/2020 CHF 69.940
UniCredit Bank AG 4.550 2/12/2021 EUR 56.060
UBS AG/London 4.000 7/6/2021 EUR 64.840
Bayerische Landesbank 2.200 8/20/2021 EUR 70.980
Landesbank Baden-Wuertte 3.100 3/26/2021 EUR 64.840
Landesbank Baden-Wuertte 3.000 3/26/2021 EUR 69.840
Landesbank Baden-Wuertte 3.550 3/26/2021 EUR 70.490
Landesbank Baden-Wuertte 3.000 3/26/2021 EUR 59.360
Landesbank Baden-Wuertte 2.750 10/25/2019 EUR 71.680
Landesbank Baden-Wuertte 3.000 10/25/2019 EUR 64.290
Landesbank Baden-Wuertte 3.650 10/25/2019 EUR 54.080
Landesbank Baden-Wuertte 3.600 10/25/2019 EUR 46.240
Zurcher Kantonalbank Fin 3.500 1/23/2020 CHF 22.420
Deutsche Bank AG 6.200 12/24/2019 EUR 66.310
Deutsche Bank AG 6.200 12/24/2019 EUR 62.930
Deutsche Bank AG 6.200 12/24/2019 EUR 70.810
Deutsche Bank AG 6.200 12/24/2019 EUR 67.000
Deutsche Bank AG 6.200 12/24/2019 EUR 42.800
Deutsche Bank AG 6.200 12/24/2019 EUR 41.200
Deutsche Bank AG 6.200 12/24/2019 EUR 39.700
Deutsche Bank AG 6.200 12/24/2019 EUR 46.460
Deutsche Bank AG 6.200 12/24/2019 EUR 44.680
Deutsche Bank AG 6.200 12/24/2019 EUR 43.040
Deutsche Bank AG 6.200 12/24/2019 EUR 59.880
Deutsche Bank AG 6.200 12/24/2019 EUR 56.030
Deutsche Bank AG 6.200 12/24/2019 EUR 47.200
Deutsche Bank AG 6.200 12/24/2019 EUR 73.890
Deutsche Bank AG 6.200 12/24/2019 EUR 70.480
Deutsche Bank AG 6.200 12/24/2019 EUR 73.000
Deutsche Bank AG 6.200 12/24/2019 EUR 69.100
Deutsche Bank AG 6.200 12/24/2019 EUR 65.500
Deutsche Bank AG 6.200 12/24/2019 EUR 72.560
Deutsche Bank AG 6.200 12/24/2019 EUR 69.330
Deutsche Bank AG 6.200 12/24/2019 EUR 66.370
Deutsche Bank AG 6.200 12/24/2019 EUR 64.530
Deutsche Bank AG 6.200 12/24/2019 EUR 68.900
Deutsche Bank AG 6.200 12/24/2019 EUR 65.400
Deutsche Bank AG 6.200 12/24/2019 EUR 73.600
Deutsche Bank AG 6.200 12/24/2019 EUR 67.540
Deutsche Bank AG 6.200 12/24/2019 EUR 64.830
Deutsche Bank AG 6.200 12/24/2019 EUR 62.330
Deutsche Bank AG 6.200 12/24/2019 EUR 60.010
Deutsche Bank AG 6.200 12/24/2019 EUR 49.130
Deutsche Bank AG 6.200 12/24/2019 EUR 47.510
Deutsche Bank AG 6.200 12/24/2019 EUR 46.000
Deutsche Bank AG 6.200 12/24/2019 EUR 42.700
Deutsche Bank AG 6.200 12/24/2019 EUR 41.300
Deutsche Bank AG 6.200 12/24/2019 EUR 40.000
Deutsche Bank AG 6.200 12/24/2019 EUR 72.170
Deutsche Bank AG 6.200 12/24/2019 EUR 44.890
Deutsche Bank AG 6.200 12/24/2019 EUR 43.180
Deutsche Bank AG 6.200 12/24/2019 EUR 41.600
Deutsche Bank AG 5.200 12/24/2019 EUR 65.980
Deutsche Bank AG 5.200 12/24/2019 EUR 70.480
Deutsche Bank AG 5.200 12/24/2019 EUR 42.500
Deutsche Bank AG 5.200 12/24/2019 EUR 46.120
Deutsche Bank AG 5.200 12/24/2019 EUR 44.340
Deutsche Bank AG 5.200 12/24/2019 EUR 59.550
Deutsche Bank AG 5.200 12/24/2019 EUR 46.860
Deutsche Bank AG 5.200 12/24/2019 EUR 73.550
Deutsche Bank AG 5.200 12/24/2019 EUR 72.600
Deutsche Bank AG 5.200 12/24/2019 EUR 72.220
Deutsche Bank AG 5.200 12/24/2019 EUR 68.990
Deutsche Bank AG 5.200 12/24/2019 EUR 68.600
Deutsche Bank AG 5.200 12/24/2019 EUR 67.190
Deutsche Bank AG 5.200 12/24/2019 EUR 64.490
Deutsche Bank AG 5.200 12/24/2019 EUR 48.800
Deutsche Bank AG 5.200 12/24/2019 EUR 47.170
Deutsche Bank AG 5.200 12/24/2019 EUR 42.400
Deutsche Bank AG 5.200 12/24/2019 EUR 44.560
Landesbank Baden-Wuertte 2.650 1/27/2023 EUR 65.100
Landesbank Baden-Wuertte 2.750 10/23/2020 EUR 69.530
Leonteq Securities AG/Gu 5.500 1/30/2020 CHF 55.460
Raiffeisen Schweiz Genos 7.840 1/22/2020 CHF 58.720
UBS AG/London 5.500 1/17/2020 CHF 60.400
UBS AG/London 6.250 1/17/2020 CHF 35.100
UBS AG/London 6.750 1/17/2020 CHF 60.850
UniCredit Bank AG 4.130 2/13/2022 EUR 60.240
EFG International Financ 8.000 2/1/2021 CHF 72.940
Landesbank Hessen-Thueri 7.600 2/16/2023 EUR 72.630
Landesbank Hessen-Thueri 6.500 2/16/2023 EUR 68.650
Zurcher Kantonalbank Fin 5.265 1/17/2020 CHF 65.880
Raiffeisen Schweiz Genos 6.800 1/29/2020 CHF 69.870
Raiffeisen Schweiz Genos 6.250 1/29/2020 CHF 62.430
DekaBank Deutsche Giroze 2.900 2/14/2020 EUR 65.060
DekaBank Deutsche Giroze 2.000 2/12/2021 EUR 68.900
DekaBank Deutsche Giroze 2.800 2/12/2021 EUR 60.590
Leonteq Securities AG/Gu 8.200 1/29/2020 EUR 46.930
Leonteq Securities AG/Gu 7.200 7/29/2020 CHF 69.690
Landesbank Hessen-Thueri 3.000 8/26/2020 EUR 71.100
Landesbank Hessen-Thueri 4.000 8/26/2020 EUR 50.900
Landesbank Hessen-Thueri 5.200 2/23/2022 EUR 72.780
Raiffeisen Centrobank AG 9.940 12/27/2019 EUR 55.720
Raiffeisen Centrobank AG 5.665 12/27/2019 EUR 50.730
Landesbank Baden-Wuertte 2.400 2/25/2022 EUR 73.920
Landesbank Baden-Wuertte 2.400 2/25/2022 EUR 70.340
Zurcher Kantonalbank Fin 5.750 1/30/2020 CHF 23.120
UniCredit Bank AG 3.250 2/27/2022 EUR 59.590
Vontobel Financial Produ 5.250 2/21/2020 EUR 50.170
EFG International Financ 7.000 2/8/2021 CHF 66.100
EFG International Financ 7.200 2/8/2021 EUR 69.010
EFG International Financ 8.600 2/7/2020 USD 37.290
Leonteq Securities AG/Gu 8.000 8/5/2020 CHF 72.290
Leonteq Securities AG/Gu 9.000 8/5/2020 USD 58.610
Leonteq Securities AG/Gu 10.000 2/5/2020 EUR 48.770
Landesbank Hessen-Thueri 7.900 6/2/2023 EUR 72.050
Raiffeisen Schweiz Genos 7.500 2/5/2020 CHF 67.130
Landesbank Hessen-Thueri 5.700 6/2/2023 EUR 63.650
Leonteq Securities AG/Gu 7.000 2/5/2020 CHF 24.800
Raiffeisen Schweiz Genos 6.070 1/29/2020 CHF 61.290
UniCredit Bank AG 12.900 1/3/2020 EUR 57.010
UniCredit Bank AG 4.100 1/3/2020 EUR 70.030
UniCredit Bank AG 5.300 1/3/2020 EUR 51.860
UniCredit Bank AG 14.000 1/3/2020 EUR 37.760
UniCredit Bank AG 7.900 1/3/2020 EUR 73.010
UniCredit Bank AG 8.100 1/3/2020 EUR 62.440
UniCredit Bank AG 14.500 1/3/2020 EUR 54.010
UniCredit Bank AG 5.500 1/3/2020 EUR 65.710
UniCredit Bank AG 6.100 1/3/2020 EUR 67.000
UniCredit Bank AG 4.100 1/3/2020 EUR 71.650
UniCredit Bank AG 14.400 1/3/2020 EUR 70.160
UniCredit Bank AG 10.400 1/3/2020 EUR 41.750
UniCredit Bank AG 8.800 1/3/2020 EUR 57.560
UniCredit Bank AG 5.200 1/3/2020 EUR 50.300
UniCredit Bank AG 11.200 1/3/2020 EUR 53.760
UniCredit Bank AG 5.200 1/3/2020 EUR 61.140
UniCredit Bank AG 4.800 1/3/2020 EUR 64.560
UniCredit Bank AG 6.000 1/3/2020 EUR 68.380
UniCredit Bank AG 10.900 1/3/2020 EUR 36.370
UniCredit Bank AG 7.800 1/3/2020 EUR 55.850
UniCredit Bank AG 4.600 1/3/2020 EUR 58.590
UniCredit Bank AG 14.700 1/3/2020 EUR 36.660
UniCredit Bank AG 9.300 1/3/2020 EUR 72.150
UniCredit Bank AG 4.700 1/3/2020 EUR 48.910
UniCredit Bank AG 5.700 1/3/2020 EUR 56.940
UniCredit Bank AG 8.600 1/3/2020 EUR 44.900
UniCredit Bank AG 10.500 1/3/2020 EUR 46.290
UniCredit Bank AG 12.700 1/3/2020 EUR 43.330
UniCredit Bank AG 14.900 1/3/2020 EUR 40.990
UniCredit Bank AG 13.100 1/3/2020 EUR 71.540
UniCredit Bank AG 4.800 1/3/2020 EUR 73.110
UniCredit Bank AG 6.200 1/3/2020 EUR 65.670
UniCredit Bank AG 4.400 1/3/2020 EUR 35.330
UniCredit Bank AG 8.300 1/3/2020 EUR 67.650
UniCredit Bank AG 6.100 1/3/2020 EUR 69.440
UniCredit Bank AG 10.200 1/3/2020 EUR 60.950
UniCredit Bank AG 7.400 1/3/2020 EUR 71.260
UniCredit Bank AG 9.800 1/3/2020 EUR 66.760
UniCredit Bank AG 8.100 1/3/2020 EUR 59.440
UniCredit Bank AG 14.800 1/3/2020 EUR 55.880
UniCredit Bank AG 10.100 1/3/2020 EUR 66.060
UniCredit Bank AG 11.500 1/3/2020 EUR 65.570
UniCredit Bank AG 10.300 1/3/2020 EUR 63.730
UniCredit Bank AG 5.900 1/3/2020 EUR 70.820
UniCredit Bank AG 7.800 1/3/2020 EUR 64.280
UniCredit Bank AG 4.300 1/3/2020 EUR 46.460
UniCredit Bank AG 8.000 1/3/2020 EUR 67.150
UniCredit Bank AG 12.200 1/3/2020 EUR 55.470
UniCredit Bank AG 5.800 1/3/2020 EUR 57.830
UniCredit Bank AG 7.900 1/3/2020 EUR 64.100
UniCredit Bank AG 9.900 1/3/2020 EUR 59.850
UniCredit Bank AG 6.100 1/3/2020 EUR 71.880
UniCredit Bank AG 4.600 1/3/2020 EUR 64.270
UniCredit Bank AG 8.900 1/3/2020 EUR 50.740
UniCredit Bank AG 5.800 1/3/2020 EUR 18.090
UniCredit Bank AG 6.500 1/3/2020 EUR 58.710
UniCredit Bank AG 4.900 1/3/2020 EUR 47.200
UniCredit Bank AG 13.800 1/3/2020 EUR 42.980
UniCredit Bank AG 7.500 1/3/2020 EUR 46.260
UniCredit Bank AG 8.000 1/3/2020 EUR 71.800
UniCredit Bank AG 14.700 1/3/2020 EUR 73.380
UniCredit Bank AG 13.600 1/3/2020 EUR 35.600
UniCredit Bank AG 6.900 1/3/2020 EUR 64.870
UniCredit Bank AG 13.900 1/3/2020 EUR 51.510
UniCredit Bank AG 5.100 1/3/2020 EUR 45.510
UniCredit Bank AG 11.600 1/3/2020 EUR 63.620
UniCredit Bank AG 7.800 1/3/2020 EUR 70.250
UniCredit Bank AG 14.200 1/3/2020 EUR 33.880
UniCredit Bank AG 6.400 1/3/2020 EUR 68.390
UniCredit Bank AG 8.900 1/3/2020 EUR 48.230
UniCredit Bank AG 5.900 1/3/2020 EUR 59.140
UniCredit Bank AG 6.400 1/3/2020 EUR 57.820
UniCredit Bank AG 13.700 1/3/2020 EUR 60.610
UniCredit Bank AG 11.200 1/3/2020 EUR 38.240
UniCredit Bank AG 8.300 1/3/2020 EUR 64.080
UniCredit Bank AG 14.800 1/3/2020 EUR 54.650
Leonteq Securities AG/Gu 7.500 2/6/2020 CHF 57.160
Leonteq Securities AG 3.800 2/15/2021 CHF 40.040
UBS AG/London 6.000 1/31/2020 CHF 58.250
UBS AG/London 5.250 1/31/2020 CHF 33.150
UBS AG/London 6.500 7/31/2020 CHF 56.200
UBS AG/London 6.750 7/31/2020 CHF 59.600
UBS AG/London 7.250 1/31/2020 EUR 71.400
UBS AG/London 5.500 1/31/2020 EUR 58.550
UBS AG/London 7.500 7/31/2020 EUR 41.050
UBS AG/London 6.000 1/31/2020 EUR 55.350
UBS AG/London 7.250 1/31/2020 EUR 64.350
UBS AG/London 6.500 1/31/2020 USD 42.500
Raiffeisen Centrobank AG 5.450 3/3/2020 EUR 63.920
Landesbank Baden-Wuertte 3.000 6/24/2022 EUR 72.650
Landesbank Baden-Wuertte 3.100 7/24/2020 EUR 61.620
Landesbank Baden-Wuertte 3.500 8/28/2020 EUR 69.980
Landesbank Baden-Wuertte 3.050 7/24/2020 EUR 65.760
Landesbank Baden-Wuertte 3.650 11/22/2019 EUR 56.620
Erste Group Bank AG 6.000 6/28/2022 EUR 69.800
DekaBank Deutsche Giroze 2.200 6/26/2020 EUR 72.970
Landesbank Hessen-Thueri 3.000 9/11/2019 EUR 75.000
Leonteq Securities AG/Gu 5.200 6/12/2020 CHF 59.600
Commerzbank AG 6.000 6/6/2022 USD 0.150
Zurcher Kantonalbank Fin 8.500 9/19/2019 CHF 68.020
Citigroup Global Markets 5.600 9/15/2022 SEK 59.140
Societe Generale SA 10.600 9/29/2022 USD 70.320
DekaBank Deutsche Giroze 2.100 10/9/2020 EUR 69.910
DekaBank Deutsche Giroze 3.300 10/11/2019 EUR 55.740
DekaBank Deutsche Giroze 2.200 10/9/2020 EUR 67.810
DekaBank Deutsche Giroze 2.400 10/9/2020 EUR 60.690
DekaBank Deutsche Giroze 2.600 10/9/2020 EUR 71.570
DekaBank Deutsche Giroze 2.900 10/9/2020 EUR 39.010
Commerzbank AG 1.580 9/16/2024 USD 3.490
UBS AG/London 9.500 9/13/2019 CHF 57.350
UBS AG/London 7.250 9/13/2019 EUR 62.600
Zurcher Kantonalbank Fin 7.750 9/26/2019 EUR 64.500
Leonteq Securities AG/Gu 6.400 10/9/2019 CHF 55.630
EFG International Financ 6.600 9/28/2020 EUR 68.390
Leonteq Securities AG/Gu 5.400 9/25/2019 CHF 63.050
DekaBank Deutsche Giroze 2.000 10/9/2020 EUR 66.590
DekaBank Deutsche Giroze 2.750 10/11/2019 EUR 65.700
UniCredit Bank AG 5.400 10/30/2020 EUR 52.410
Landesbank Hessen-Thueri 7.700 1/20/2023 EUR 59.490
Landesbank Hessen-Thueri 7.000 10/20/2022 EUR 65.520
Zurcher Kantonalbank Fin 7.500 9/26/2019 CHF 72.220
Landesbank Baden-Wuertte 2.350 6/26/2020 EUR 74.180
Landesbank Baden-Wuertte 3.700 6/26/2020 EUR 63.420
Landesbank Baden-Wuertte 3.600 6/26/2020 EUR 69.480
EFG International Financ 6.600 10/5/2020 EUR 70.280
EFG International Financ 7.200 10/5/2020 USD 43.310
DekaBank Deutsche Giroze 2.250 10/16/2020 EUR 65.480
DekaBank Deutsche Giroze 2.000 10/16/2020 EUR 46.970
Leonteq Securities AG/Gu 7.000 9/29/2020 CHF 67.000
Leonteq Securities AG/Gu 8.000 9/29/2020 EUR 67.420
Leonteq Securities AG/Gu 6.000 4/2/2020 CHF 59.820
UniCredit Bank AG 5.350 10/18/2020 EUR 54.630
UniCredit Bank AG 4.300 10/18/2021 EUR 62.840
Landesbank Hessen-Thueri 5.700 10/27/2022 EUR 51.930
Landesbank Hessen-Thueri 3.500 10/27/2021 EUR 66.820
Leonteq Securities AG/Gu 7.600 10/6/2020 CHF 65.910
Bayerische Landesbank 2.200 10/30/2020 EUR 69.270
DekaBank Deutsche Giroze 10.000 10/25/2019 EUR 63.740
UBS AG/London 7.200 5/22/2020 EUR 62.930
HSBC Trinkaus & Burkhard 5.600 6/26/2020 EUR 59.580
Commerzbank AG 12.500 3/27/2020 EUR 71.790
HSBC Trinkaus & Burkhard 6.300 6/26/2020 EUR 68.610
Commerzbank AG 11.500 9/27/2019 EUR 65.560
Commerzbank AG 9.500 11/22/2019 EUR 73.350
HSBC Trinkaus & Burkhard 4.300 7/24/2020 EUR 73.320
HSBC Trinkaus & Burkhard 6.800 7/24/2020 EUR 73.910
HSBC Trinkaus & Burkhard 8.600 3/27/2020 EUR 65.280
HSBC Trinkaus & Burkhard 5.100 3/27/2020 EUR 58.590
HSBC Trinkaus & Burkhard 7.700 9/25/2020 EUR 57.460
HSBC Trinkaus & Burkhard 6.100 1/24/2020 EUR 73.790
Commerzbank AG 14.500 3/27/2020 EUR 70.050
HSBC Trinkaus & Burkhard 4.700 3/27/2020 EUR 71.470
HSBC Trinkaus & Burkhard 7.300 6/26/2020 EUR 67.730
HSBC Trinkaus & Burkhard 8.800 7/24/2020 EUR 65.970
HSBC Trinkaus & Burkhard 8.600 6/26/2020 EUR 71.770
Commerzbank AG 9.000 3/27/2020 EUR 69.630
HSBC Trinkaus & Burkhard 4.300 12/28/2020 EUR 74.340
HSBC Trinkaus & Burkhard 3.300 1/24/2020 EUR 74.520
HSBC Trinkaus & Burkhard 5.700 9/25/2020 EUR 60.730
Commerzbank AG 12.000 12/31/2019 EUR 61.920
Credit Suisse AG/London 13.000 3/27/2020 USD 67.100
Landesbank Baden-Wuertte 2.800 3/25/2022 EUR 71.020
Raiffeisen Schweiz Genos 6.750 11/27/2019 CHF 69.360
Leonteq Securities AG/Gu 7.400 11/27/2019 USD 46.590
Leonteq Securities AG/Gu 4.200 6/1/2021 CHF 47.370
Landesbank Baden-Wuertte 3.100 2/25/2022 EUR 67.180
Landesbank Baden-Wuertte 2.300 2/25/2022 EUR 70.600
Landesbank Baden-Wuertte 2.750 2/25/2022 EUR 72.050
Landesbank Hessen-Thueri 4.000 12/22/2021 EUR 47.830
Landesbank Hessen-Thueri 3.500 12/22/2021 EUR 69.350
Zurcher Kantonalbank Fin 5.000 11/28/2019 CHF 72.550
Zurcher Kantonalbank Fin 7.000 11/28/2019 EUR 60.680
Raiffeisen Centrobank AG 4.311 9/24/2019 EUR 48.320
Raiffeisen Centrobank AG 5.389 9/24/2019 EUR 50.290
Raiffeisen Switzerland B 4.800 11/23/2023 CHF 55.560
DekaBank Deutsche Giroze 6.000 11/13/2019 EUR 67.900
Landesbank Hessen-Thueri 6.250 12/22/2022 EUR 61.760
UniCredit Bank AG 4.450 12/29/2022 EUR 55.610
UniCredit Bank AG 5.100 12/19/2020 EUR 48.150
UniCredit Bank AG 4.300 12/19/2021 EUR 56.940
UniCredit Bank AG 4.700 12/19/2021 EUR 53.480
UniCredit Bank AG 5.900 12/19/2020 EUR 67.490
UniCredit Bank AG 5.500 12/19/2020 EUR 71.920
UBS AG/London 5.250 11/22/2019 EUR 63.300
UBS AG/London 5.500 11/22/2019 CHF 59.400
EFG International Financ 8.000 12/6/2019 EUR 62.290
UBS AG/London 7.750 11/22/2019 CHF 49.850
Landesbank Hessen-Thueri 4.400 1/5/2023 EUR 59.550
Leonteq Securities AG/Gu 10.400 12/4/2019 EUR 50.940
EFG International Financ 7.000 5/23/2022 EUR 56.710
Landesbank Hessen-Thueri 3.250 7/8/2020 EUR 60.100
Leonteq Securities AG/Gu 6.400 6/4/2020 CHF 17.610
Leonteq Securities AG/Gu 9.000 6/4/2020 USD 52.790
Raiffeisen Schweiz Genos 8.500 11/27/2019 CHF 62.450
Societe Generale SA 8.000 12/2/2020 USD 71.050
Vontobel Financial Produ 4.500 12/30/2020 EUR 65.120
Landesbank Baden-Wuertte 2.750 11/25/2022 EUR 67.210
UniCredit Bank AG 5.500 1/4/2020 EUR 39.950
DekaBank Deutsche Giroze 3.800 12/18/2020 EUR 53.580
EFG International Financ 8.200 12/13/2019 CHF 64.320
EFG International Financ 8.000 12/13/2019 EUR 69.670
UBS AG/London 5.250 6/1/2020 USD 67.350
UBS AG/London 6.750 11/29/2019 CHF 68.450
UBS AG/London 11.000 11/29/2019 CHF 70.450
UBS AG/London 12.500 11/29/2019 CHF 69.800
Vontobel Financial Produ 7.000 12/27/2019 EUR 39.870
Commerzbank AG 3.100 11/25/2019 USD 45.490
Leonteq Securities AG/Gu 10.000 12/11/2019 CHF 28.890
Landesbank Baden-Wuertte 3.200 12/29/2020 EUR 65.350
Landesbank Baden-Wuertte 3.300 12/29/2020 EUR 70.950
Landesbank Baden-Wuertte 3.750 12/29/2020 EUR 63.410
Landesbank Baden-Wuertte 2.900 9/27/2019 EUR 73.480
Landesbank Baden-Wuertte 2.800 9/27/2019 EUR 72.300
UniCredit Bank AG 3.300 12/29/2022 EUR 69.500
UniCredit Bank AG 3.800 12/29/2022 EUR 49.460
DekaBank Deutsche Giroze 5.150 7/3/2020 EUR 60.870
DekaBank Deutsche Giroze 6.300 7/3/2020 EUR 47.650
Leonteq Securities AG/Gu 10.600 12/8/2020 EUR 57.520
Leonteq Securities AG/Gu 7.200 12/8/2020 USD 53.230
Landesbank Hessen-Thueri 3.500 1/5/2022 EUR 73.840
Landesbank Hessen-Thueri 3.500 1/5/2022 EUR 56.090
Landesbank Hessen-Thueri 4.000 1/5/2022 EUR 54.040
Raiffeisen Centrobank AG 5.200 12/30/2019 EUR 67.970
Leonteq Securities AG/Gu 9.800 6/12/2020 CHF 48.010
DekaBank Deutsche Giroze 3.000 12/29/2022 EUR 66.570
DekaBank Deutsche Giroze 4.050 7/3/2020 EUR 67.690
Landesbank Baden-Wuertte 2.600 4/28/2023 EUR 71.810
Raiffeisen Schweiz Genos 8.500 9/2/2019 CHF 36.900
Raiffeisen Schweiz Genos 5.750 9/2/2020 CHF 43.910
Raiffeisen Schweiz Genos 7.400 3/2/2020 EUR 68.600
Raiffeisen Schweiz Genos 7.000 9/2/2019 EUR 59.640
Raiffeisen Schweiz Genos 7.000 3/2/2020 CHF 60.970
Landesbank Baden-Wuertte 4.450 10/23/2020 EUR 70.330
DekaBank Deutsche Giroze 3.500 3/14/2022 EUR 68.540
DekaBank Deutsche Giroze 3.150 3/5/2021 EUR 55.290
DekaBank Deutsche Giroze 2.250 3/27/2020 EUR 66.480
DekaBank Deutsche Giroze 2.450 3/5/2021 EUR 67.060
DekaBank Deutsche Giroze 2.850 3/6/2020 EUR 60.440
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 59.900
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 53.730
Landesbank Baden-Wuertte 7.000 2/28/2020 EUR 49.090
Landesbank Baden-Wuertte 4.500 2/28/2020 EUR 70.340
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 72.800
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 74.200
Landesbank Baden-Wuertte 2.000 2/28/2020 EUR 67.700
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 64.630
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 65.810
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 58.790
Landesbank Baden-Wuertte 2.500 2/28/2020 EUR 74.250
Landesbank Baden-Wuertte 3.500 2/28/2020 EUR 67.090
Landesbank Baden-Wuertte 2.000 2/28/2020 EUR 60.700
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 57.990
Landesbank Baden-Wuertte 4.000 2/28/2020 EUR 53.010
Landesbank Baden-Wuertte 3.500 2/28/2020 EUR 70.130
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 66.510
Landesbank Baden-Wuertte 2.000 2/28/2020 EUR 61.720
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 58.590
Landesbank Baden-Wuertte 2.500 2/28/2020 EUR 47.240
Landesbank Baden-Wuertte 3.500 2/28/2020 EUR 44.340
Landesbank Baden-Wuertte 4.500 2/28/2020 EUR 43.350
Landesbank Baden-Wuertte 5.500 2/28/2020 EUR 41.120
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 50.810
Landesbank Baden-Wuertte 4.500 2/28/2020 EUR 47.120
Landesbank Baden-Wuertte 6.000 2/28/2020 EUR 44.130
Landesbank Baden-Wuertte 2.500 2/28/2020 EUR 57.840
Landesbank Baden-Wuertte 3.500 2/28/2020 EUR 55.510
Landesbank Baden-Wuertte 4.500 2/28/2020 EUR 52.310
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 71.900
Landesbank Baden-Wuertte 4.000 2/28/2020 EUR 67.930
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 65.420
Landesbank Baden-Wuertte 4.000 2/28/2020 EUR 65.640
Landesbank Baden-Wuertte 5.500 2/28/2020 EUR 60.710
Landesbank Baden-Wuertte 7.000 2/28/2020 EUR 56.730
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 67.720
Landesbank Baden-Wuertte 4.500 2/28/2020 EUR 59.940
Landesbank Baden-Wuertte 6.000 2/28/2020 EUR 56.050
Landesbank Baden-Wuertte 3.500 2/28/2020 EUR 72.250
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 67.710
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 71.660
Landesbank Baden-Wuertte 2.500 2/28/2020 EUR 22.240
Landesbank Baden-Wuertte 4.000 2/28/2020 EUR 20.890
Vontobel Financial Produ 4.000 9/16/2019 EUR 60.020
Bank Julius Baer & Co Lt 7.500 9/4/2019 CHF 57.500
UniCredit Bank AG 4.000 3/2/2020 EUR 34.580
Goldman Sachs & Co Wertp 6.000 9/25/2019 EUR 42.810
Goldman Sachs & Co Wertp 8.000 9/25/2019 EUR 39.590
Goldman Sachs & Co Wertp 10.000 9/25/2019 EUR 36.870
Goldman Sachs & Co Wertp 5.000 9/25/2019 EUR 46.760
Goldman Sachs & Co Wertp 6.000 9/25/2019 EUR 44.740
Goldman Sachs & Co Wertp 7.000 9/25/2019 EUR 70.950
Goldman Sachs & Co Wertp 8.000 9/25/2019 EUR 67.720
Goldman Sachs & Co Wertp 14.000 9/25/2019 EUR 58.760
Goldman Sachs & Co Wertp 16.000 9/25/2019 EUR 56.130
Goldman Sachs & Co Wertp 8.000 12/27/2019 EUR 70.060
Goldman Sachs & Co Wertp 10.000 12/27/2019 EUR 66.100
Goldman Sachs & Co Wertp 14.000 12/27/2019 EUR 59.600
Goldman Sachs & Co Wertp 6.000 9/25/2019 EUR 71.170
Goldman Sachs & Co Wertp 6.000 12/27/2019 EUR 72.680
Goldman Sachs & Co Wertp 7.000 12/27/2019 EUR 70.560
Goldman Sachs & Co Wertp 8.000 12/27/2019 EUR 70.900
Goldman Sachs & Co Wertp 6.000 12/27/2019 EUR 70.580
UBS AG/London 8.750 8/28/2019 CHF 36.550
UBS AG/London 8.500 8/28/2019 CHF 62.750
UBS AG/London 6.500 8/28/2019 CHF 67.700
UBS AG/London 7.000 8/28/2019 EUR 46.750
UBS AG/London 8.000 8/28/2019 CHF 62.750
UBS AG/London 7.250 8/28/2019 CHF 61.450
UBS AG/London 9.500 2/28/2020 EUR 51.400
UBS AG/London 10.000 2/28/2020 EUR 43.750
UBS AG/London 7.500 2/28/2020 EUR 66.500
Leonteq Securities AG 12.000 9/9/2019 CHF 51.490
Commerzbank AG 5.350 3/2/2020 USD 42.310
Bayerische Landesbank 2.000 12/11/2020 EUR 69.950
Bayerische Landesbank 3.400 7/16/2021 EUR 52.570
Bayerische Landesbank 4.000 5/3/2020 EUR 63.350
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 53.060
Bayerische Landesbank 4.000 10/4/2019 EUR 66.620
Credit Suisse AG/Nassau 8.250 9/12/2019 EUR 68.470
Raiffeisen Schweiz Genos 7.600 9/12/2019 CHF 41.040
Raiffeisen Schweiz Genos 6.300 9/12/2019 CHF 61.890
Raiffeisen Schweiz Genos 5.750 9/9/2020 CHF 44.960
DekaBank Deutsche Giroze 3.100 3/27/2020 EUR 56.550
Landesbank Baden-Wuertte 4.150 9/27/2019 EUR 44.940
Landesbank Baden-Wuertte 5.600 9/27/2019 EUR 59.570
Leonteq Securities AG/Gu 8.200 3/2/2020 CHF 29.100
Leonteq Securities AG/Gu 7.000 3/2/2020 CHF 61.020
Deutsche Bank AG 7.200 12/24/2019 EUR 73.300
Deutsche Bank AG 7.200 12/24/2019 EUR 72.900
Deutsche Bank AG 7.200 12/24/2019 EUR 69.660
Deutsche Bank AG 7.200 12/24/2019 EUR 66.710
Erste Group Bank AG 6.250 3/29/2023 EUR 50.550
Samaratransneft-Terminal 10.000 3/20/2023 RUB 2.960
UniCredit Bank AG 6.300 3/26/2021 EUR 63.290
Bank Julius Baer & Co Lt 10.500 9/3/2019 EUR 48.000
Deutsche Bank AG 7.200 12/24/2019 EUR 72.920
Deutsche Bank AG 7.200 12/24/2019 EUR 70.430
Deutsche Bank AG 7.200 12/24/2019 EUR 68.110
Bank Julius Baer & Co Lt 9.500 9/16/2019 USD 39.600
Deutsche Bank AG 7.200 12/24/2019 EUR 71.150
Deutsche Bank AG 7.200 12/24/2019 EUR 68.810
UniCredit Bank AG 4.750 3/26/2021 EUR 68.560
UniCredit Bank AG 4.050 3/26/2021 EUR 67.670
UniCredit Bank AG 5.550 3/26/2021 EUR 54.120
UniCredit Bank AG 4.400 3/26/2021 EUR 61.490
UniCredit Bank AG 4.600 3/26/2021 EUR 52.970
Deutsche Bank AG 7.200 12/24/2019 EUR 44.900
Deutsche Bank AG 7.200 12/24/2019 EUR 43.100
Deutsche Bank AG 7.200 12/24/2019 EUR 54.380
Deutsche Bank AG 7.200 12/24/2019 EUR 53.140
Deutsche Bank AG 7.200 12/24/2019 EUR 51.960
Deutsche Bank AG 7.200 12/24/2019 EUR 50.840
Deutsche Bank AG 7.200 12/24/2019 EUR 49.760
Deutsche Bank AG 7.200 12/24/2019 EUR 48.730
Vontobel Financial Produ 6.700 3/7/2022 EUR 69.690
Deutsche Bank AG 7.200 12/24/2019 EUR 64.670
Deutsche Bank AG 7.200 12/24/2019 EUR 61.920
Deutsche Bank AG 7.200 12/24/2019 EUR 60.220
Deutsche Bank AG 7.200 12/24/2019 EUR 55.040
Deutsche Bank AG 7.200 12/24/2019 EUR 70.810
Deutsche Bank AG 7.200 12/24/2019 EUR 55.120
Deutsche Bank AG 7.200 12/24/2019 EUR 53.100
Deutsche Bank AG 7.200 12/24/2019 EUR 51.220
Deutsche Bank AG 7.200 12/24/2019 EUR 53.740
Deutsche Bank AG 7.200 12/24/2019 EUR 51.320
Deutsche Bank AG 7.200 12/24/2019 EUR 49.110
Deutsche Bank AG 7.200 12/24/2019 EUR 41.700
Deutsche Bank AG 7.200 12/24/2019 EUR 40.400
Deutsche Bank AG 7.200 12/24/2019 EUR 38.100
UniCredit Bank AG 4.250 3/29/2021 EUR 61.480
UniCredit Bank AG 3.250 3/29/2022 EUR 24.490
DekaBank Deutsche Giroze 4.000 7/12/2021 EUR 73.500
UniCredit Bank AG 3.730 3/12/2020 EUR 55.270
DekaBank Deutsche Giroze 2.000 4/1/2021 EUR 73.590
UBS AG/London 11.500 3/9/2020 CHF 56.500
UBS AG/London 10.000 3/9/2020 CHF 51.450
UBS AG/London 12.000 3/9/2020 CHF 40.950
UBS AG/London 9.750 3/9/2020 EUR 52.800
UBS AG/London 11.250 3/9/2020 EUR 53.050
UBS AG/London 7.500 9/9/2019 CHF 45.700
UBS AG/London 7.250 9/9/2019 CHF 63.250
UBS AG/London 5.750 9/9/2019 CHF 64.800
UBS AG/London 10.500 9/9/2019 EUR 47.350
UBS AG/London 8.500 3/9/2020 USD 41.900
Deutsche Bank AG 4.200 9/24/2019 EUR 72.630
Deutsche Bank AG 4.200 9/24/2019 EUR 70.860
Deutsche Bank AG 4.200 9/24/2019 EUR 68.370
Deutsche Bank AG 4.200 9/24/2019 EUR 41.100
Deutsche Bank AG 6.200 9/24/2019 EUR 41.200
Deutsche Bank AG 6.200 9/24/2019 EUR 39.600
Deutsche Bank AG 4.200 9/24/2019 EUR 39.400
Deutsche Bank AG 4.200 9/24/2019 EUR 37.900
Deutsche Bank AG 6.200 9/24/2019 EUR 38.100
Deutsche Bank AG 4.200 12/24/2019 EUR 43.900
Deutsche Bank AG 6.200 12/24/2019 EUR 44.600
Deutsche Bank AG 4.200 12/24/2019 EUR 42.100
Deutsche Bank AG 4.200 12/24/2019 EUR 40.500
Deutsche Bank AG 4.200 12/24/2019 EUR 39.000
Deutsche Bank AG 4.200 12/24/2019 EUR 70.140
Deutsche Bank AG 6.200 12/24/2019 EUR 68.470
Deutsche Bank AG 4.200 12/24/2019 EUR 67.790
Deutsche Bank AG 6.200 9/24/2019 EUR 43.000
Deutsche Bank AG 4.200 9/24/2019 EUR 42.800
Deutsche Bank AG 4.200 9/24/2019 EUR 71.630
Deutsche Bank AG 6.200 9/24/2019 EUR 71.810
Deutsche Bank AG 4.200 9/24/2019 EUR 69.110
Deutsche Bank AG 6.200 9/24/2019 EUR 66.940
Deutsche Bank AG 4.200 9/24/2019 EUR 66.760
Deutsche Bank AG 4.200 9/24/2019 EUR 73.800
Deutsche Bank AG 4.200 9/24/2019 EUR 53.590
Deutsche Bank AG 6.200 9/24/2019 EUR 53.770
Deutsche Bank AG 6.200 9/24/2019 EUR 51.230
Deutsche Bank AG 4.200 9/24/2019 EUR 51.050
Deutsche Bank AG 6.200 9/24/2019 EUR 48.920
Deutsche Bank AG 4.200 9/24/2019 EUR 48.750
Deutsche Bank AG 4.200 9/24/2019 EUR 46.640
Deutsche Bank AG 6.200 9/24/2019 EUR 46.810
Deutsche Bank AG 4.200 12/24/2019 EUR 54.660
Deutsche Bank AG 6.200 12/24/2019 EUR 55.350
Deutsche Bank AG 6.200 12/24/2019 EUR 52.800
Deutsche Bank AG 4.200 12/24/2019 EUR 52.120
Deutsche Bank AG 6.200 12/24/2019 EUR 50.500
Deutsche Bank AG 4.200 12/24/2019 EUR 49.810
Deutsche Bank AG 6.200 12/24/2019 EUR 48.390
Deutsche Bank AG 4.200 12/24/2019 EUR 47.700
Deutsche Bank AG 4.200 9/24/2019 EUR 62.600
Deutsche Bank AG 6.200 9/24/2019 EUR 62.770
Deutsche Bank AG 6.200 9/24/2019 EUR 60.020
Deutsche Bank AG 4.200 9/24/2019 EUR 59.850
Deutsche Bank AG 6.200 9/24/2019 EUR 58.320
Deutsche Bank AG 4.200 9/24/2019 EUR 58.140
Deutsche Bank AG 6.200 12/24/2019 EUR 64.330
Deutsche Bank AG 4.200 12/24/2019 EUR 63.650
Deutsche Bank AG 4.200 12/24/2019 EUR 60.900
Deutsche Bank AG 6.200 12/24/2019 EUR 61.590
Deutsche Bank AG 4.200 12/24/2019 EUR 59.200
Deutsche Bank AG 6.200 9/24/2019 EUR 38.700
Deutsche Bank AG 4.200 9/24/2019 EUR 38.500
Deutsche Bank AG 6.200 9/24/2019 EUR 36.300
Deutsche Bank AG 4.200 9/24/2019 EUR 36.100
Deutsche Bank AG 4.200 12/24/2019 EUR 39.400
Deutsche Bank AG 4.200 12/24/2019 EUR 37.000
Deutsche Bank AG 6.200 12/24/2019 EUR 37.700
Deutsche Bank AG 4.200 9/24/2019 EUR 51.840
Deutsche Bank AG 6.200 9/24/2019 EUR 52.000
Deutsche Bank AG 6.200 9/24/2019 EUR 49.540
Deutsche Bank AG 4.200 9/24/2019 EUR 49.370
Deutsche Bank AG 4.200 9/24/2019 EUR 47.140
Deutsche Bank AG 4.200 12/24/2019 EUR 52.710
Deutsche Bank AG 6.200 12/24/2019 EUR 53.400
Deutsche Bank AG 4.200 12/24/2019 EUR 50.300
Deutsche Bank AG 6.200 12/24/2019 EUR 50.980
Deutsche Bank AG 4.200 12/24/2019 EUR 48.100
Deutsche Bank AG 4.200 9/24/2019 EUR 71.200
Deutsche Bank AG 4.200 9/24/2019 EUR 68.800
Deutsche Bank AG 6.200 9/24/2019 EUR 69.000
Deutsche Bank AG 4.200 12/24/2019 EUR 74.900
Deutsche Bank AG 4.200 12/24/2019 EUR 72.300
Deutsche Bank AG 6.200 12/24/2019 EUR 70.600
Deutsche Bank AG 4.200 12/24/2019 EUR 69.900
Deutsche Bank AG 4.200 9/24/2019 EUR 73.230
Deutsche Bank AG 4.200 9/24/2019 EUR 70.880
Deutsche Bank AG 4.200 9/24/2019 EUR 67.610
Deutsche Bank AG 6.200 9/24/2019 EUR 53.180
Deutsche Bank AG 4.200 12/24/2019 EUR 54.110
Deutsche Bank AG 6.200 12/24/2019 EUR 54.790
Deutsche Bank AG 6.200 9/24/2019 EUR 68.540
Deutsche Bank AG 4.200 9/24/2019 EUR 66.050
Deutsche Bank AG 6.200 9/24/2019 EUR 66.220
Deutsche Bank AG 4.200 12/24/2019 EUR 71.900
Deutsche Bank AG 4.200 12/24/2019 EUR 69.410
Deutsche Bank AG 6.200 12/24/2019 EUR 70.090
Deutsche Bank AG 6.200 12/24/2019 EUR 67.780
Deutsche Bank AG 4.200 12/24/2019 EUR 67.090
Deutsche Bank AG 4.200 9/24/2019 EUR 64.640
Deutsche Bank AG 4.200 12/24/2019 EUR 74.190
Deutsche Bank AG 4.200 12/24/2019 EUR 71.870
Deutsche Bank AG 4.200 12/24/2019 EUR 68.640
Deutsche Bank AG 4.200 12/24/2019 EUR 65.690
Deutsche Bank AG 4.200 9/24/2019 EUR 72.070
Deutsche Bank AG 6.200 9/24/2019 EUR 68.990
Deutsche Bank AG 4.200 9/24/2019 EUR 68.810
Deutsche Bank AG 6.200 12/24/2019 EUR 70.470
Deutsche Bank AG 4.200 12/24/2019 EUR 69.790
Deutsche Bank AG 4.200 9/24/2019 EUR 53.010
Deutsche Bank AG 6.200 9/24/2019 EUR 73.900
Deutsche Bank AG 4.200 9/24/2019 EUR 73.700
Leonteq Securities AG/Gu 10.000 3/16/2020 USD 52.700
Corner Banca SA 15.000 9/16/2019 CHF 35.960
Leonteq Securities AG/Gu 11.000 9/9/2019 CHF 53.770
Leonteq Securities AG/Gu 9.000 9/9/2019 CHF 25.090
UniCredit Bank AG 6.000 10/4/2019 EUR 58.930
Raiffeisen Schweiz Genos 11.420 9/12/2019 CHF 38.790
UBS AG/London 10.000 3/22/2021 EUR 69.220
EFG International Financ 7.600 1/11/2021 CHF 60.860
EFG International Financ 7.400 1/11/2021 USD 53.660
EFG International Financ 8.400 1/10/2020 USD 39.240
UBS AG/London 5.400 1/2/2020 EUR 48.940
EFG International Financ 7.400 1/25/2021 CHF 59.950
EFG International Financ 7.200 1/25/2021 EUR 52.320
EFG International Financ 8.000 1/29/2020 USD 37.570
Corner Banca SA 7.400 7/22/2020 CHF 56.840
Leonteq Securities AG/Gu 6.600 1/22/2020 EUR 67.910
UBS AG/London 5.800 9/26/2019 EUR 72.040
UBS AG/London 24.000 1/2/2020 EUR 72.100
UBS AG/London 21.900 1/2/2020 EUR 62.320
UBS AG/London 27.600 1/2/2020 EUR 70.140
UBS AG/London 14.000 9/26/2019 EUR 66.390
UBS AG/London 25.000 1/2/2020 EUR 70.340
UBS AG/London 6.700 3/26/2020 EUR 73.730
UBS AG/London 14.300 1/2/2020 EUR 64.110
UBS AG/London 25.200 1/2/2020 EUR 60.870
UBS AG/London 6.400 3/26/2020 EUR 73.150
UBS AG/London 11.300 1/2/2020 EUR 69.220
UBS AG/London 27.600 9/26/2019 EUR 72.510
UBS AG/London 29.100 9/26/2019 EUR 72.200
Commerzbank AG 6.000 1/24/2020 EUR 73.050
DZ Bank AG Deutsche Zent 5.550 3/24/2021 EUR 70.690
DZ Bank AG Deutsche Zent 6.500 3/24/2021 EUR 68.950
Commerzbank AG 12.000 9/27/2019 EUR 60.280
Commerzbank AG 10.000 1/24/2020 EUR 63.340
Vontobel Financial Produ 7.500 3/27/2020 EUR 43.250
Vontobel Financial Produ 6.000 3/27/2020 EUR 44.470
Vontobel Financial Produ 14.000 1/3/2020 EUR 38.700
Vontobel Financial Produ 13.000 1/3/2020 EUR 63.900
Vontobel Financial Produ 11.500 3/27/2020 EUR 63.450
Vontobel Financial Produ 13.500 3/27/2020 EUR 64.430
Vontobel Financial Produ 10.500 3/27/2020 EUR 70.650
Commerzbank AG 20.500 9/27/2019 EUR 57.700
Commerzbank AG 23.250 9/27/2019 EUR 65.730
Commerzbank AG 11.000 11/22/2019 EUR 62.190
Commerzbank AG 17.000 9/27/2019 EUR 72.960
Commerzbank AG 10.000 1/24/2020 EUR 69.630
DZ Bank AG Deutsche Zent 4.250 12/27/2019 EUR 58.140
DZ Bank AG Deutsche Zent 8.250 3/25/2020 EUR 63.740
DZ Bank AG Deutsche Zent 5.250 3/25/2020 EUR 63.420
DZ Bank AG Deutsche Zent 6.250 12/27/2019 EUR 73.330
DZ Bank AG Deutsche Zent 6.000 3/25/2020 EUR 72.430
DZ Bank AG Deutsche Zent 5.750 6/24/2020 EUR 71.850
HSBC Trinkaus & Burkhard 5.670 2/12/2021 EUR 64.030
UBS AG/London 10.000 8/13/2020 EUR 69.750
UBS AG/London 10.000 8/13/2020 EUR 70.530
Vontobel Financial Produ 6.000 1/3/2020 EUR 47.380
Vontobel Financial Produ 5.500 1/3/2020 EUR 50.367
Vontobel Financial Produ 8.000 3/27/2020 EUR 53.010
BNP Paribas Emissions- u 6.000 6/25/2020 EUR 62.450
BNP Paribas Emissions- u 7.000 6/25/2020 EUR 60.830
BNP Paribas Emissions- u 5.000 12/30/2019 EUR 59.060
BNP Paribas Emissions- u 5.000 3/26/2020 EUR 62.930
BNP Paribas Emissions- u 4.000 3/26/2020 EUR 59.780
BNP Paribas Emissions- u 4.000 6/25/2020 EUR 67.870
Luzerner Kantonalbank AG 10.000 8/28/2020 CHF 64.960
Bank Julius Baer & Co Lt 10.100 2/14/2020 USD 64.800
UBS AG/London 13.000 1/21/2020 USD 55.040
UBS AG/London 9.000 7/20/2020 CHF 61.100
UBS AG/London 6.000 7/20/2020 CHF 63.200
UBS AG/London 6.500 7/20/2020 EUR 48.100
UBS AG/London 5.500 1/20/2020 CHF 64.550
UBS AG/London 6.500 10/18/2019 EUR 73.450
Natixis SA 3.450 7/26/2021 RUB 53.460
Leonteq Securities AG/Gu 6.200 7/27/2021 CHF 55.620
UniCredit Bank AG 5.350 8/24/2021 EUR 65.120
Banque Cantonale Vaudois 5.000 1/31/2020 CHF 64.960
Commerzbank AG 16.000 9/27/2019 EUR 71.980
Commerzbank AG 17.000 12/31/2019 EUR 68.110
DekaBank Deutsche Giroze 5.000 1/24/2020 EUR 73.830
HSBC Trinkaus & Burkhard 6.100 6/26/2020 EUR 58.490
HSBC Trinkaus & Burkhard 11.300 9/25/2020 EUR 53.870
Deutsche Bank AG 4.200 9/24/2019 EUR 71.800
Deutsche Bank AG 4.200 12/24/2019 EUR 72.300
Deutsche Bank AG 4.200 3/24/2020 EUR 72.600
Deutsche Bank AG 4.200 6/23/2020 EUR 71.100
Deutsche Bank AG 4.200 9/22/2020 EUR 71.400
Deutsche Bank AG 4.200 12/22/2020 EUR 71.800
Deutsche Bank AG 4.200 6/23/2020 EUR 71.600
Deutsche Bank AG 4.200 9/22/2020 EUR 71.600
Deutsche Bank AG 4.200 12/22/2020 EUR 71.700
Deutsche Bank AG 4.200 9/24/2019 EUR 74.100
Deutsche Bank AG 4.200 3/24/2020 EUR 74.000
Deutsche Bank AG 4.200 9/24/2019 EUR 52.400
Deutsche Bank AG 4.200 9/24/2019 EUR 47.200
Deutsche Bank AG 4.200 12/24/2019 EUR 53.300
Deutsche Bank AG 4.200 12/24/2019 EUR 48.100
Deutsche Bank AG 4.200 3/24/2020 EUR 54.200
Deutsche Bank AG 4.200 3/24/2020 EUR 49.100
Deutsche Bank AG 4.200 6/23/2020 EUR 55.000
Deutsche Bank AG 4.200 6/23/2020 EUR 50.000
Deutsche Bank AG 4.200 9/22/2020 EUR 55.900
Deutsche Bank AG 4.200 9/22/2020 EUR 51.000
Deutsche Bank AG 4.200 12/22/2020 EUR 56.700
Deutsche Bank AG 4.200 12/22/2020 EUR 51.900
Commerzbank AG 10.250 12/31/2019 EUR 66.540
Commerzbank AG 12.250 12/31/2019 EUR 64.150
Commerzbank AG 8.250 12/31/2019 EUR 69.550
Commerzbank AG 5.500 2/28/2020 EUR 64.610
HSBC Trinkaus & Burkhard 2.000 3/27/2020 EUR 71.410
Vontobel Financial Produ 9.500 3/27/2020 EUR 69.890
Commerzbank AG 5.000 12/31/2019 EUR 60.610
Raiffeisen Schweiz Genos 7.500 9/16/2019 CHF 34.160
Natixis SA 2.750 3/1/2021 USD 59.793
Commerzbank AG 2.450 3/9/2020 EUR 51.830
DekaBank Deutsche Giroze 5.000 10/18/2019 EUR 68.090
DekaBank Deutsche Giroze 4.250 4/14/2022 EUR 60.390
EFG International Financ 7.200 11/30/2020 EUR 61.210
Corner Banca SA 9.600 11/27/2019 CHF 57.090
Vontobel Financial Produ 13.000 6/26/2020 EUR 62.570
Vontobel Financial Produ 12.000 6/26/2020 EUR 68.690
Vontobel Financial Produ 7.000 6/26/2020 EUR 72.740
DZ Bank AG Deutsche Zent 6.250 3/25/2020 EUR 63.010
DZ Bank AG Deutsche Zent 10.000 6/24/2020 EUR 71.810
Vontobel Financial Produ 10.500 3/27/2020 EUR 67.240
Vontobel Financial Produ 15.000 3/27/2020 EUR 64.350
Vontobel Financial Produ 9.500 3/27/2020 EUR 68.700
Vontobel Financial Produ 9.000 6/26/2020 EUR 70.170
DZ Bank AG Deutsche Zent 10.750 12/27/2019 EUR 72.080
BNP Paribas Emissions- u 10.000 12/24/2020 EUR 70.830
BNP Paribas Emissions- u 12.000 12/24/2020 EUR 68.820
BNP Paribas Emissions- u 18.000 3/26/2020 EUR 70.810
BNP Paribas Emissions- u 17.000 9/26/2019 EUR 61.260
BNP Paribas Emissions- u 9.000 12/30/2019 EUR 68.030
BNP Paribas Emissions- u 13.000 12/30/2019 EUR 64.330
BNP Paribas Emissions- u 16.000 12/30/2019 EUR 62.380
BNP Paribas Emissions- u 5.500 3/26/2020 EUR 73.790
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 69.020
BNP Paribas Emissions- u 21.000 12/30/2019 EUR 61.640
BNP Paribas Emissions- u 14.000 9/26/2019 EUR 65.530
BNP Paribas Emissions- u 12.000 12/30/2019 EUR 68.630
BNP Paribas Emissions- u 15.000 12/30/2019 EUR 65.650
BNP Paribas Emissions- u 9.500 12/24/2020 EUR 71.260
BNP Paribas Emissions- u 22.000 9/26/2019 EUR 70.650
BNP Paribas Emissions- u 21.000 9/26/2019 EUR 64.420
BNP Paribas Emissions- u 8.500 6/25/2020 EUR 73.030
BNP Paribas Emissions- u 14.000 6/25/2020 EUR 68.980
BNP Paribas Emissions- u 11.000 9/24/2020 EUR 71.650
BNP Paribas Emissions- u 9.000 12/24/2020 EUR 74.120
BNP Paribas Emissions- u 17.000 3/26/2020 EUR 64.120
BNP Paribas Emissions- u 6.500 6/25/2020 EUR 73.760
BNP Paribas Emissions- u 9.000 6/25/2020 EUR 70.380
BNP Paribas Emissions- u 15.000 6/25/2020 EUR 65.200
BNP Paribas Emissions- u 11.000 9/24/2020 EUR 69.870
BNP Paribas Emissions- u 8.000 12/24/2020 EUR 71.050
Landesbank Hessen-Thueri 5.200 9/30/2022 EUR 64.840
UniCredit Bank AG 5.350 7/28/2020 EUR 49.710
Leonteq Securities AG/Gu 6.000 6/8/2020 CHF 62.800
UniCredit Bank AG 5.750 7/4/2020 EUR 47.280
Landesbank Baden-Wuertte 3.100 2/28/2020 EUR 74.700
Landesbank Baden-Wuertte 4.150 2/28/2020 EUR 56.810
Landesbank Hessen-Thueri 5.200 9/8/2022 EUR 56.920
DekaBank Deutsche Giroze 2.750 6/26/2020 EUR 66.740
DekaBank Deutsche Giroze 2.150 6/28/2021 EUR 72.580
DekaBank Deutsche Giroze 2.150 8/28/2020 EUR 72.090
UniCredit Bank AG 3.200 9/10/2022 EUR 72.890
Landesbank Hessen-Thueri 4.000 7/7/2021 EUR 66.020
Landesbank Hessen-Thueri 7.000 1/9/2023 EUR 36.520
UBS AG/London 5.750 9/6/2019 EUR 62.600
EFG International Financ 5.500 9/21/2020 USD 41.060
Raiffeisen Centrobank AG 6.750 10/7/2019 EUR 47.320
Landesbank Hessen-Thueri 6.000 10/6/2022 EUR 58.800
UBS AG/London 5.300 9/26/2019 EUR 45.380
DekaBank Deutsche Giroze 3.450 10/11/2019 EUR 58.800
Leonteq Securities AG/Gu 7.400 9/18/2019 EUR 55.500
Leonteq Securities AG/Gu 7.600 9/18/2019 USD 69.600
Landesbank Hessen-Thueri 4.000 10/13/2021 EUR 64.040
Raiffeisen Schweiz Genos 5.000 4/3/2020 CHF 31.550
Landesbank Hessen-Thueri 6.000 8/4/2022 EUR 51.970
Landesbank Baden-Wuertte 3.300 7/24/2020 EUR 71.800
Bayerische Landesbank 2.600 6/26/2020 EUR 71.670
Landesbank Baden-Wuertte 4.450 8/28/2020 EUR 48.600
Landesbank Baden-Wuertte 4.700 3/25/2022 EUR 68.390
Landesbank Baden-Wuertte 3.300 3/25/2022 EUR 72.620
Commerzbank AG 17.000 9/27/2019 EUR 62.750
Landesbank Hessen-Thueri 7.000 9/25/2019 EUR 71.800
Credit Suisse AG/Nassau 8.250 10/28/2019 CHF 56.880
UniCredit Bank AG 4.200 8/24/2022 EUR 57.600
UniCredit Bank AG 5.250 8/24/2021 EUR 59.700
Leonteq Securities AG 15.000 5/15/2020 CHF 64.740
Leonteq Securities AG 12.000 10/30/2019 EUR 61.120
Leonteq Securities AG 10.000 8/3/2020 CHF 40.690
Commerzbank AG 20.750 9/27/2019 EUR 71.790
Commerzbank AG 19.000 9/27/2019 EUR 66.030
Commerzbank AG 21.000 9/27/2019 EUR 64.140
Raiffeisen Schweiz Genos 7.500 7/27/2020 CHF 60.030
Raiffeisen Schweiz Genos 6.500 1/30/2020 CHF 56.130
Credit Suisse AG/Nassau 7.250 7/30/2020 EUR 67.350
Landesbank Baden-Wuertte 4.150 10/22/2021 EUR 69.110
Landesbank Baden-Wuertte 4.000 10/22/2021 EUR 64.780
Zurcher Kantonalbank Fin 5.500 1/23/2020 EUR 67.180
Leonteq Securities AG/Gu 10.000 7/27/2020 CHF 52.680
Credit Suisse AG/Nassau 8.000 10/31/2019 EUR 68.240
Bank Julius Baer & Co Lt 5.000 9/27/2019 EUR 67.800
Zurcher Kantonalbank Fin 3.000 9/26/2019 USD 31.080
Zurcher Kantonalbank Fin 8.750 10/4/2019 CHF 69.450
Zurcher Kantonalbank Fin 9.750 10/4/2019 CHF 74.560
Zurcher Kantonalbank Fin 6.250 10/4/2019 CHF 69.640
Vontobel Financial Produ 14.350 9/27/2019 EUR 70.490
HSBC Trinkaus & Burkhard 4.080 9/27/2019 EUR 67.880
Raiffeisen Centrobank AG 10.772 12/27/2019 EUR 69.790
Raiffeisen Centrobank AG 6.950 12/27/2019 EUR 50.580
DZ Bank AG Deutsche Zent 4.750 9/25/2019 EUR 70.350
UniCredit Bank AG 3.750 10/2/2020 EUR 26.210
DZ Bank AG Deutsche Zent 8.250 1/22/2020 EUR 73.120
Landesbank Hessen-Thueri 8.400 5/8/2020 EUR 50.320
Landesbank Baden-Wuertte 3.000 6/26/2020 EUR 67.620
Landesbank Hessen-Thueri 7.400 6/12/2020 EUR 53.130
Landesbank Hessen-Thueri 4.600 7/8/2020 EUR 74.500
HSBC Trinkaus & Burkhard 9.500 3/27/2020 EUR 69.360
HSBC Trinkaus & Burkhard 8.100 9/25/2020 EUR 56.670
HSBC Trinkaus & Burkhard 9.500 7/24/2020 EUR 54.330
HSBC Trinkaus & Burkhard 9.000 9/25/2020 EUR 67.070
HSBC Trinkaus & Burkhard 7.800 9/25/2020 EUR 68.390
HSBC Trinkaus & Burkhard 6.200 12/28/2020 EUR 70.780
HSBC Trinkaus & Burkhard 6.700 1/24/2020 EUR 68.830
HSBC Trinkaus & Burkhard 8.500 3/27/2020 EUR 53.500
HSBC Trinkaus & Burkhard 5.800 3/27/2020 EUR 57.430
HSBC Trinkaus & Burkhard 8.400 6/26/2020 EUR 55.050
Landesbank Hessen-Thueri 8.000 5/15/2020 EUR 37.150
Landesbank Hessen-Thueri 9.500 5/15/2020 EUR 53.750
UniCredit Bank AG 3.600 6/18/2020 EUR 53.815
DekaBank Deutsche Giroze 2.900 10/29/2019 EUR 64.780
Landesbank Hessen-Thueri 6.400 9/4/2020 EUR 57.200
Vontobel Financial Produ 9.000 1/3/2020 EUR 44.860
Vontobel Financial Produ 7.000 1/3/2020 EUR 46.730
DZ Bank AG Deutsche Zent 13.750 12/27/2019 EUR 58.670
DZ Bank AG Deutsche Zent 11.250 12/27/2019 EUR 70.810
EFG International Financ 8.000 3/9/2020 USD 34.660
Landesbank Baden-Wuertte 3.000 3/25/2022 EUR 73.470
Landesbank Baden-Wuertte 3.850 6/26/2020 EUR 69.100
Commerzbank AG 10.000 3/2/2020 EUR 19.440
Bayerische Landesbank 2.800 4/3/2020 EUR 68.790
Landesbank Hessen-Thueri 3.100 10/6/2020 EUR 67.300
Landesbank Baden-Wuertte 3.500 6/26/2020 EUR 69.210
Landesbank Baden-Wuertte 3.250 6/26/2020 EUR 65.420
DekaBank Deutsche Giroze 3.000 6/21/2021 EUR 32.560
Raiffeisen Schweiz Genos 4.400 12/9/2019 CHF 29.350
UniCredit Bank AG 5.500 7/9/2021 EUR 55.500
Corner Banca SA 7.600 6/16/2020 CHF 61.950
Landesbank Baden-Wuertte 3.000 4/25/2022 EUR 72.350
Bayerische Landesbank 2.800 6/5/2020 EUR 69.260
Landesbank Baden-Wuertte 2.550 9/27/2019 EUR 72.610
Commerzbank AG 6.000 5/9/2022 USD 0.280
Landesbank Baden-Wuertte 2.400 7/24/2020 EUR 69.880
Landesbank Hessen-Thueri 8.750 2/6/2020 EUR 69.910
Landesbank Hessen-Thueri 5.000 6/26/2020 EUR 59.310
DZ Bank AG Deutsche Zent 13.250 1/22/2020 EUR 65.580
Landesbank Hessen-Thueri 8.000 4/7/2020 EUR 53.470
Landesbank Hessen-Thueri 6.200 7/24/2020 EUR 66.120
Raiffeisen Schweiz Genos 3.400 3/21/2025 CHF 54.180
Deutsche Bank AG 4.200 9/22/2020 EUR 69.870
Deutsche Bank AG 4.200 9/22/2020 EUR 68.330
Deutsche Bank AG 4.200 9/22/2020 EUR 66.840
Deutsche Bank AG 4.200 12/22/2020 EUR 73.820
Deutsche Bank AG 4.200 12/22/2020 EUR 69.180
Deutsche Bank AG 4.200 12/22/2020 EUR 67.720
Deutsche Bank AG 4.200 9/24/2019 EUR 71.540
Deutsche Bank AG 4.200 3/24/2020 EUR 71.490
Deutsche Bank AG 4.200 6/23/2020 EUR 72.440
HSBC Trinkaus & Burkhard 9.400 3/27/2020 EUR 73.990
HSBC Trinkaus & Burkhard 7.600 6/26/2020 EUR 72.210
HSBC Trinkaus & Burkhard 10.200 9/25/2020 EUR 54.600
HSBC Trinkaus & Burkhard 6.100 9/25/2020 EUR 59.710
HSBC Trinkaus & Burkhard 5.600 9/25/2020 EUR 71.880
HSBC Trinkaus & Burkhard 6.900 7/24/2020 EUR 69.260
HSBC Trinkaus & Burkhard 12.600 3/27/2020 EUR 67.420
HSBC Trinkaus & Burkhard 9.800 6/26/2020 EUR 71.500
Deutsche Bank AG 4.200 9/22/2020 EUR 73.120
Deutsche Bank AG 4.200 12/22/2020 EUR 70.680
Deutsche Bank AG 4.200 9/24/2019 EUR 67.880
Deutsche Bank AG 4.200 12/24/2019 EUR 72.480
Deutsche Bank AG 4.200 3/24/2020 EUR 73.250
Deutsche Bank AG 4.200 6/23/2020 EUR 74.220
Deutsche Bank AG 4.200 6/23/2020 EUR 70.720
Deutsche Bank AG 4.200 9/22/2020 EUR 71.470
Deutsche Bank AG 4.200 12/22/2020 EUR 72.230
Deutsche Bank AG 4.200 9/24/2019 EUR 73.520
Deutsche Bank AG 4.200 9/24/2019 EUR 69.670
Deutsche Bank AG 4.200 12/24/2019 EUR 70.660
Deutsche Bank AG 4.200 12/24/2019 EUR 68.910
Deutsche Bank AG 4.200 3/24/2020 EUR 69.810
Deutsche Bank AG 4.200 3/24/2020 EUR 68.180
Deutsche Bank AG 4.200 6/23/2020 EUR 69.070
Deutsche Bank AG 4.200 6/23/2020 EUR 67.470
Deutsche Bank AG 4.200 6/23/2020 EUR 65.940
Raiffeisen Schweiz Genos 10.000 12/31/2024 CHF 67.720
UniCredit Bank AG 3.600 3/5/2020 EUR 59.930
DZ Bank AG Deutsche Zent 14.000 1/22/2020 EUR 72.370
DZ Bank AG Deutsche Zent 15.750 1/22/2020 EUR 73.140
Vontobel Financial Produ 16.500 9/13/2019 EUR 55.550
Vontobel Financial Produ 6.500 12/13/2019 EUR 71.610
Vontobel Financial Produ 11.000 12/13/2019 EUR 61.750
Vontobel Financial Produ 6.000 12/13/2019 EUR 69.260
Vontobel Financial Produ 8.500 12/13/2019 EUR 53.930
Vontobel Financial Produ 4.500 12/13/2019 EUR 72.370
Vontobel Financial Produ 6.500 12/13/2019 EUR 69.020
Vontobel Financial Produ 7.500 12/13/2019 EUR 70.800
Vontobel Financial Produ 8.000 9/13/2019 EUR 57.700
Vontobel Financial Produ 12.000 12/13/2019 EUR 57.840
Vontobel Financial Produ 16.500 9/13/2019 EUR 52.260
Vontobel Financial Produ 10.500 9/13/2019 EUR 69.920
Vontobel Financial Produ 5.000 9/13/2019 EUR 57.070
Vontobel Financial Produ 6.000 9/13/2019 EUR 72.330
DZ Bank AG Deutsche Zent 8.250 9/25/2019 EUR 63.980
Credit Suisse AG/Nassau 7.250 12/12/2019 CHF 66.010
Leonteq Securities AG/Gu 13.200 12/11/2019 USD 55.210
Deutsche Bank AG 8.200 9/24/2019 EUR 69.340
Deutsche Bank AG 8.200 12/24/2019 EUR 70.280
Vontobel Financial Produ 8.500 1/3/2020 EUR 62.730
Vontobel Financial Produ 7.500 1/3/2020 EUR 44.330
Vontobel Financial Produ 6.000 1/3/2020 EUR 46.380
Vontobel Financial Produ 8.500 1/3/2020 EUR 42.390
Vontobel Financial Produ 10.000 1/3/2020 EUR 40.850
Vontobel Financial Produ 14.000 9/27/2019 EUR 36.440
Vontobel Financial Produ 13.000 9/27/2019 EUR 57.930
Vontobel Financial Produ 10.500 9/27/2019 EUR 60.720
Vontobel Financial Produ 8.500 9/27/2019 EUR 63.880
Vontobel Financial Produ 5.000 1/3/2020 EUR 68.400
Vontobel Financial Produ 10.500 1/3/2020 EUR 60.460
Vontobel Financial Produ 6.500 1/3/2020 EUR 65.310
Commerzbank AG 8.500 9/27/2019 EUR 72.410
Commerzbank AG 9.500 9/27/2019 EUR 70.270
Commerzbank AG 10.500 9/27/2019 EUR 68.360
Commerzbank AG 11.500 9/27/2019 EUR 66.690
Commerzbank AG 12.500 9/27/2019 EUR 65.140
Commerzbank AG 11.000 10/25/2019 EUR 78.770
Commerzbank AG 13.000 10/25/2019 EUR 75.590
Commerzbank AG 11.750 9/27/2019 EUR 73.500
Commerzbank AG 13.750 9/27/2019 EUR 70.510
Commerzbank AG 10.750 9/27/2019 EUR 65.720
Commerzbank AG 11.000 9/27/2019 EUR 49.180
Commerzbank AG 9.000 9/27/2019 EUR 69.010
Commerzbank AG 4.750 9/27/2019 EUR 72.010
Bank Julius Baer & Co Lt 11.000 9/4/2019 CHF 61.650
Erste Group Bank AG 4.250 9/28/2022 EUR 73.150
Landesbank Baden-Wuertte 3.250 8/27/2021 EUR 73.460
DZ Bank AG Deutsche Zent 6.750 9/23/2019 EUR 55.980
Landesbank Baden-Wuertte 3.800 1/28/2022 EUR 73.190
Leonteq Securities AG/Gu 5.000 5/5/2020 EUR 27.580
HSBC Trinkaus & Burkhard 3.900 9/27/2019 EUR 62.840
HSBC Trinkaus & Burkhard 2.900 12/27/2019 EUR 66.810
HSBC Trinkaus & Burkhard 5.500 11/22/2019 EUR 60.120
HSBC Trinkaus & Burkhard 2.800 11/22/2019 EUR 66.830
Bank Julius Baer & Co Lt 8.500 9/12/2019 CHF 67.100
Commerzbank AG 13.000 9/27/2019 EUR 47.070
Commerzbank AG 3.000 9/27/2019 EUR 66.000
Commerzbank AG 9.000 9/27/2019 EUR 51.690
Commerzbank AG 13.250 9/27/2019 EUR 71.610
Commerzbank AG 15.250 9/27/2019 EUR 68.860
Commerzbank AG 14.500 10/25/2019 EUR 70.000
Credit Suisse AG/Nassau 8.000 12/13/2019 CHF 68.970
DZ Bank AG Deutsche Zent 4.750 9/23/2019 EUR 70.320
Bayerische Landesbank 4.400 10/4/2019 EUR 68.100
Bayerische Landesbank 3.900 10/4/2019 EUR 64.390
Raiffeisen Switzerland B 5.600 11/2/2020 CHF 64.750
HSBC Trinkaus & Burkhard 2.700 10/25/2019 EUR 66.840
HSBC Trinkaus & Burkhard 9.800 9/27/2019 EUR 56.110
HSBC Trinkaus & Burkhard 4.000 9/27/2019 EUR 65.850
HSBC Trinkaus & Burkhard 2.100 9/27/2019 EUR 73.860
HSBC Trinkaus & Burkhard 6.000 11/22/2019 EUR 62.410
Bank Julius Baer & Co Lt 7.000 9/12/2019 EUR 62.500
Vontobel Financial Produ 14.000 9/13/2019 EUR 55.010
Vontobel Financial Produ 10.000 9/13/2019 EUR 62.910
Vontobel Financial Produ 8.500 12/13/2019 EUR 62.180
Vontobel Financial Produ 7.000 9/13/2019 EUR 67.210
Vontobel Financial Produ 12.000 9/13/2019 EUR 60.380
Vontobel Financial Produ 11.000 12/13/2019 EUR 60.040
Vontobel Financial Produ 7.000 12/13/2019 EUR 65.130
HSBC Trinkaus & Burkhard 3.700 9/27/2019 EUR 67.320
HSBC Trinkaus & Burkhard 4.600 11/22/2019 EUR 56.710
HSBC Trinkaus & Burkhard 8.200 9/27/2019 EUR 58.290
HSBC Trinkaus & Burkhard 5.100 11/22/2019 EUR 64.270
HSBC Trinkaus & Burkhard 3.700 9/27/2019 EUR 70.730
BNP Paribas Emissions- u 6.000 9/26/2019 EUR 60.130
HSBC Trinkaus & Burkhard 6.500 6/26/2020 EUR 63.870
HSBC Trinkaus & Burkhard 7.000 6/26/2020 EUR 61.170
HSBC Trinkaus & Burkhard 8.700 12/27/2019 EUR 68.200
HSBC Trinkaus & Burkhard 6.200 6/26/2020 EUR 60.590
HSBC Trinkaus & Burkhard 4.000 6/26/2020 EUR 62.550
EFG International Financ 11.600 3/19/2020 USD 71.740
UBS AG/London 12.000 12/6/2019 USD 63.460
UBS AG/London 11.000 3/5/2020 CHF 57.400
UBS AG/London 10.000 9/7/2020 CHF 55.800
Commerzbank AG 4.500 3/27/2020 EUR 68.920
BNP Paribas Emissions- u 6.000 12/30/2019 EUR 69.600
Landesbank Hessen-Thueri 6.000 9/21/2023 EUR 64.230
Bank Julius Baer & Co Lt 9.100 9/9/2019 CHF 50.850
Vontobel Financial Produ 7.500 12/13/2019 EUR 68.910
Vontobel Financial Produ 5.500 9/13/2019 EUR 71.490
Vontobel Financial Produ 7.000 9/13/2019 EUR 69.260
Vontobel Financial Produ 9.500 9/13/2019 EUR 69.340
Raiffeisen Schweiz Genos 7.100 3/10/2020 CHF 69.730
Vontobel Financial Produ 12.500 9/27/2019 EUR 69.970
Vontobel Financial Produ 9.000 9/27/2019 EUR 69.690
Vontobel Financial Produ 13.500 9/27/2019 EUR 63.970
Vontobel Financial Produ 10.500 9/27/2019 EUR 67.660
Vontobel Financial Produ 1.950 9/13/2019 EUR 42.040
Vontobel Financial Produ 7.500 9/27/2019 EUR 71.860
Landesbank Hessen-Thueri 5.000 9/21/2023 EUR 67.540
Vontobel Financial Produ 7.000 9/27/2019 EUR 71.500
Credit Suisse AG/Nassau 8.000 9/12/2019 USD 48.520
Vontobel Financial Produ 8.750 9/27/2019 EUR 57.300
Commerzbank AG 6.000 10/25/2019 EUR 62.860
Commerzbank AG 12.750 9/27/2019 EUR 63.140
HSBC Trinkaus & Burkhard 2.110 9/27/2019 EUR 65.800
Commerzbank AG 8.750 9/27/2019 EUR 68.560
Landesbank Baden-Wuertte 3.250 8/27/2021 EUR 69.960
Bank Julius Baer & Co Lt 8.000 9/12/2019 USD 50.850
HSBC Trinkaus & Burkhard 7.200 9/27/2019 EUR 59.580
HSBC Trinkaus & Burkhard 7.900 9/27/2019 EUR 73.140
HSBC Trinkaus & Burkhard 6.900 9/27/2019 EUR 59.030
HSBC Trinkaus & Burkhard 8.600 9/27/2019 EUR 50.660
HSBC Trinkaus & Burkhard 6.400 9/27/2019 EUR 31.000
HSBC Trinkaus & Burkhard 6.300 9/27/2019 EUR 69.710
BNP Paribas Emissions- u 6.100 11/21/2019 EUR 63.540
BNP Paribas Emissions- u 4.500 12/30/2019 EUR 64.980
HSBC Trinkaus & Burkhard 5.400 6/26/2020 EUR 68.510
Vontobel Financial Produ 15.000 12/31/2019 EUR 35.370
HSBC Trinkaus & Burkhard 4.200 12/27/2019 EUR 66.010
HSBC Trinkaus & Burkhard 8.200 6/26/2020 EUR 59.960
Vontobel Financial Produ 9.000 9/13/2019 EUR 63.580
HSBC Trinkaus & Burkhard 6.000 9/27/2019 EUR 71.870
HSBC Trinkaus & Burkhard 6.000 9/27/2019 EUR 71.870
HSBC Trinkaus & Burkhard 2.500 9/27/2019 EUR 61.050
Vontobel Financial Produ 16.500 12/13/2019 EUR 69.580
HSBC Trinkaus & Burkhard 11.500 9/27/2019 EUR 27.210
HSBC Trinkaus & Burkhard 9.400 9/27/2019 EUR 28.570
HSBC Trinkaus & Burkhard 3.300 9/27/2019 EUR 35.230
HSBC Trinkaus & Burkhard 8.000 11/22/2019 EUR 30.320
HSBC Trinkaus & Burkhard 5.000 12/27/2019 EUR 64.690
Bayerische Landesbank 3.350 8/7/2020 EUR 70.110
HSBC Trinkaus & Burkhard 3.600 12/27/2019 EUR 62.430
BNP Paribas Emissions- u 4.500 9/26/2019 EUR 63.130
BNP Paribas Emissions- u 6.500 9/26/2019 EUR 66.770
BNP Paribas Emissions- u 4.500 12/30/2019 EUR 63.140
BNP Paribas Emissions- u 5.000 12/30/2019 EUR 67.530
Leonteq Securities AG/Gu 10.400 12/13/2019 CHF 58.300
Bank Julius Baer & Co Lt 10.100 9/5/2019 USD 36.500
UBS AG/London 7.250 3/5/2020 CHF 65.850
UBS AG/London 9.000 9/5/2019 CHF 60.850
UBS AG/London 7.000 9/6/2019 USD 64.050
UBS AG/London 6.250 3/5/2021 CHF 68.550
UBS AG/London 5.200 1/2/2020 EUR 69.610
UBS AG/London 18.900 9/26/2019 EUR 50.740
UBS AG/London 5.900 9/26/2019 EUR 57.890
UBS AG/London 4.200 9/26/2019 EUR 72.450
UBS AG/London 11.400 9/26/2019 EUR 58.670
UBS AG/London 15.500 9/26/2019 EUR 71.500
UBS AG/London 5.000 1/2/2020 EUR 64.880
UBS AG/London 4.100 9/26/2019 EUR 63.650
UBS AG/London 6.200 1/2/2020 EUR 68.010
UBS AG/London 6.600 9/26/2019 EUR 60.750
UBS AG/London 19.700 9/26/2019 EUR 44.050
UBS AG/London 4.600 1/2/2020 EUR 71.470
UBS AG/London 3.600 9/26/2019 EUR 66.470
UBS AG/London 15.900 9/26/2019 EUR 64.640
Vontobel Financial Produ 10.050 9/20/2019 EUR 73.930
UBS AG/London 10.500 12/5/2019 CHF 52.100
UBS AG/London 6.000 9/5/2019 CHF 60.600
UBS AG/London 9.500 9/5/2019 CHF 57.500
UBS AG/London 8.000 9/7/2020 CHF 68.050
UBS AG/London 10.000 9/7/2020 EUR 69.450
UBS AG/London 9.700 9/26/2019 EUR 56.030
UBS AG/London 2.600 9/26/2019 EUR 67.230
UBS AG/London 5.800 9/26/2019 EUR 70.860
UBS AG/London 6.600 9/26/2019 EUR 73.000
UBS AG/London 7.400 9/26/2019 EUR 43.200
UBS AG/London 11.000 9/26/2019 EUR 70.490
UBS AG/London 4.100 1/2/2020 EUR 73.480
UBS AG/London 16.900 9/26/2019 EUR 45.410
UBS AG/London 10.300 9/26/2019 EUR 52.740
UBS AG/London 5.500 1/2/2020 EUR 63.600
UBS AG/London 7.500 9/26/2019 EUR 70.960
UBS AG/London 2.600 9/26/2019 EUR 50.970
UBS AG/London 7.400 9/26/2019 EUR 68.640
UBS AG/London 6.800 9/26/2019 EUR 67.240
UBS AG/London 16.800 9/26/2019 EUR 61.510
UBS AG/London 12.500 9/26/2019 EUR 65.740
UBS AG/London 2.900 9/26/2019 EUR 49.420
UBS AG/London 9.200 1/2/2020 EUR 58.570
Bank Julius Baer & Co Lt 5.000 9/13/2019 EUR 59.450
UniCredit Bank AG 4.700 10/5/2022 EUR 63.910
HSBC Trinkaus & Burkhard 4.390 9/6/2019 EUR 69.070
Raiffeisen Centrobank AG 5.500 10/9/2020 EUR 59.960
Zurcher Kantonalbank Fin 5.000 9/11/2019 CHF 72.610
Zurcher Kantonalbank Fin 5.000 9/11/2019 CHF 72.460
Bank Julius Baer & Co Lt 6.400 9/11/2019 CHF 46.450
Vontobel Financial Produ 10.500 9/13/2019 EUR 70.470
Vontobel Financial Produ 12.500 12/13/2019 EUR 60.890
Vontobel Financial Produ 4.500 9/13/2019 EUR 72.170
Vontobel Financial Produ 10.500 9/13/2019 EUR 61.480
Vontobel Financial Produ 15.500 9/13/2019 EUR 49.520
Vontobel Financial Produ 10.000 9/13/2019 EUR 55.390
Vontobel Financial Produ 8.500 12/13/2019 EUR 57.350
Vontobel Financial Produ 7.000 9/13/2019 EUR 65.600
Vontobel Financial Produ 16.500 9/13/2019 EUR 60.760
Vontobel Financial Produ 7.500 9/13/2019 EUR 70.380
Vontobel Financial Produ 8.000 9/13/2019 EUR 52.030
Vontobel Financial Produ 12.000 9/13/2019 EUR 47.890
Vontobel Financial Produ 13.000 9/13/2019 EUR 66.720
Vontobel Financial Produ 17.500 9/27/2019 EUR 56.270
Vontobel Financial Produ 4.770 9/4/2019 EUR 42.360
UniCredit Bank AG 4.400 11/27/2019 EUR 43.930
HSBC Trinkaus & Burkhard 4.700 11/22/2019 EUR 69.010
HSBC Trinkaus & Burkhard 4.300 6/26/2020 EUR 61.490
HSBC Trinkaus & Burkhard 6.100 12/27/2019 EUR 63.060
BNP Paribas Emissions- u 4.000 12/30/2019 EUR 70.150
HSBC Trinkaus & Burkhard 5.700 6/26/2020 EUR 60.090
HSBC Trinkaus & Burkhard 9.500 6/26/2020 EUR 69.090
EFG International Financ 10.400 9/19/2019 CHF 62.540
Bank Julius Baer & Co Lt 10.400 9/5/2019 USD 49.250
Vontobel Financial Produ 11.000 12/13/2019 EUR 73.980
Vontobel Financial Produ 11.500 3/13/2020 EUR 73.670
Vontobel Financial Produ 12.000 3/13/2020 EUR 72.240
Vontobel Financial Produ 11.500 12/13/2019 EUR 72.630
Vontobel Financial Produ 7.000 12/13/2019 EUR 71.890
Vontobel Financial Produ 9.500 12/13/2019 EUR 67.780
Vontobel Financial Produ 14.000 12/13/2019 EUR 61.600
Vontobel Financial Produ 10.500 3/13/2020 EUR 66.440
Vontobel Financial Produ 14.500 3/13/2020 EUR 62.040
Vontobel Financial Produ 15.000 3/13/2020 EUR 70.760
Vontobel Financial Produ 15.000 12/13/2019 EUR 70.550
Vontobel Financial Produ 6.500 12/13/2019 EUR 65.690
Vontobel Financial Produ 10.500 12/13/2019 EUR 60.110
Vontobel Financial Produ 13.000 3/13/2020 EUR 57.470
HSBC Trinkaus & Burkhard 2.620 12/30/2019 EUR 65.560
Leonteq Securities AG/Gu 6.000 9/17/2020 CHF 53.570
Leonteq Securities AG/Gu 8.000 3/17/2020 CHF 54.400
Raiffeisen Centrobank AG 9.626 3/24/2020 EUR 65.370
Raiffeisen Centrobank AG 5.143 3/24/2020 EUR 71.780
Raiffeisen Centrobank AG 10.286 3/24/2020 EUR 58.790
Raiffeisen Centrobank AG 3.857 3/24/2020 EUR 69.960
Raiffeisen Centrobank AG 10.929 3/24/2020 EUR 58.000
Raiffeisen Centrobank AG 7.714 3/24/2020 EUR 71.220
Raiffeisen Centrobank AG 9.643 3/24/2020 EUR 70.040
Raiffeisen Centrobank AG 9.000 3/24/2020 EUR 71.320
Raiffeisen Centrobank AG 9.643 3/24/2020 EUR 59.740
UBS AG/London 7.500 9/26/2019 EUR 59.500
UBS AG/London 5.100 9/26/2019 EUR 60.420
UBS AG/London 4.600 9/26/2019 EUR 73.290
UBS AG/London 5.300 9/26/2019 EUR 70.260
UBS AG/London 9.700 9/26/2019 EUR 68.600
UBS AG/London 3.800 1/2/2020 EUR 67.560
UBS AG/London 6.200 9/26/2019 EUR 71.780
UBS AG/London 12.100 9/26/2019 EUR 66.250
UBS AG/London 6.100 1/2/2020 EUR 62.430
UBS AG/London 8.700 9/26/2019 EUR 41.150
UBS AG/London 6.700 9/26/2019 EUR 57.580
UBS AG/London 7.800 9/26/2019 EUR 55.060
UBS AG/London 4.100 9/26/2019 EUR 74.130
UBS AG/London 3.400 9/26/2019 EUR 47.970
UBS AG/London 8.600 9/26/2019 EUR 55.040
UBS AG/London 7.600 1/2/2020 EUR 60.370
UBS AG/London 6.900 1/2/2020 EUR 61.390
UBS AG/London 4.400 9/26/2019 EUR 61.120
UBS AG/London 7.800 9/26/2019 EUR 71.460
UBS AG/London 8.800 9/26/2019 EUR 64.530
UBS AG/London 5.300 9/26/2019 EUR 45.430
UBS AG/London 6.700 3/26/2020 EUR 68.680
UBS AG/London 11.400 9/26/2019 EUR 38.520
UBS AG/London 5.500 9/26/2019 EUR 71.660
UBS AG/London 2.900 9/26/2019 EUR 64.760
UBS AG/London 6.300 9/26/2019 EUR 68.210
UBS AG/London 5.700 9/26/2019 EUR 62.060
UBS AG/London 11.500 9/26/2019 EUR 54.000
UBS AG/London 5.000 9/26/2019 EUR 70.370
Credit Suisse AG/London 6.000 12/12/2019 CHF 70.840
DekaBank Deutsche Giroze 2.250 6/8/2020 EUR 72.240
UniCredit Bank AG 4.300 7/18/2021 EUR 73.800
UniCredit Bank AG 3.600 7/18/2021 EUR 47.050
Landesbank Baden-Wuertte 4.000 6/26/2020 EUR 67.810
Leonteq Securities AG 9.000 3/27/2020 USD 33.690
Landesbank Hessen-Thueri 4.000 6/16/2022 EUR 69.440
Leonteq Securities AG/Gu 6.800 7/21/2020 CHF 69.500
DekaBank Deutsche Giroze 3.100 7/17/2020 EUR 67.410
EFG International Financ 6.600 8/3/2020 EUR 64.570
Leonteq Securities AG/Gu 6.000 11/19/2019 CHF 30.470
Leonteq Securities AG/Gu 5.400 6/30/2020 CHF 59.510
Corner Banca SA 8.600 6/16/2020 CHF 60.000
Landesbank Baden-Wuertte 3.500 6/26/2020 EUR 67.500
Landesbank Hessen-Thueri 4.000 1/13/2021 EUR 44.200
Citigroup Global Markets 7.000 6/16/2022 SEK 44.300
Landesbank Hessen-Thueri 3.250 2/10/2021 EUR 72.500
Landesbank Baden-Wuertte 3.200 7/24/2020 EUR 59.410
Landesbank Baden-Wuertte 4.000 7/24/2020 EUR 68.860
Landesbank Baden-Wuertte 3.150 11/22/2019 EUR 56.500
Landesbank Hessen-Thueri 5.650 10/28/2022 EUR 30.530
Bayerische Landesbank 2.600 2/21/2020 EUR 71.680
Bayerische Landesbank 2.700 2/21/2020 EUR 72.990
DekaBank Deutsche Giroze 3.600 12/20/2019 EUR 57.110
EFG International Financ 8.000 10/7/2019 EUR 67.390
DekaBank Deutsche Giroze 2.750 3/29/2021 EUR 73.440
EFG International Financ 6.000 8/3/2020 USD 36.980
Landesbank Hessen-Thueri 5.300 9/23/2022 EUR 63.180
UniCredit Bank AG 3.600 8/23/2021 EUR 49.770
Bayerische Landesbank 2.900 2/21/2020 EUR 70.920
Landesbank Hessen-Thueri 4.000 8/18/2021 EUR 35.860
UniCredit Bank AG 5.200 5/4/2020 USD 27.980
DekaBank Deutsche Giroze 2.800 3/13/2020 EUR 71.180
Leonteq Securities AG/Gu 6.000 5/22/2020 CHF 60.480
Leonteq Securities AG/Gu 6.200 7/28/2020 CHF 73.170
Leonteq Securities AG/Gu 5.200 7/28/2020 CHF 64.010
Landesbank Baden-Wuertte 2.800 1/24/2020 EUR 72.250
Landesbank Hessen-Thueri 3.000 12/16/2020 EUR 67.700
Landesbank Baden-Wuertte 3.300 6/25/2021 EUR 72.630
EFG International Financ 8.000 5/26/2020 USD 37.230
DekaBank Deutsche Giroze 6.050 9/13/2019 EUR 59.440
DekaBank Deutsche Giroze 3.000 3/13/2020 EUR 65.860
DekaBank Deutsche Giroze 3.350 3/15/2021 EUR 65.740
UniCredit Bank AG 4.300 8/29/2020 EUR 68.390
Landesbank Baden-Wuertte 3.400 7/24/2020 EUR 72.300
Leonteq Securities AG/Gu 8.000 12/27/2019 CHF 58.950
DekaBank Deutsche Giroze 3.000 6/8/2021 EUR 71.330
Leonteq Securities AG 10.400 11/22/2019 EUR 39.530
DekaBank Deutsche Giroze 2.900 8/7/2020 EUR 73.360
HSBC Trinkaus & Burkhard 5.980 2/21/2020 EUR 70.440
Landesbank Hessen-Thueri 2.750 12/16/2020 EUR 70.600
Landesbank Baden-Wuertte 3.170 5/22/2020 EUR 65.610
Landesbank Baden-Wuertte 3.400 6/26/2020 EUR 70.940
Leonteq Securities AG 3.600 9/22/2026 CHF 62.290
Landesbank Hessen-Thueri 4.000 4/13/2021 EUR 71.310
Leonteq Securities AG/Gu 7.000 7/14/2020 CHF 59.630
Leonteq Securities AG/Gu 6.000 6/23/2020 CHF 59.630
Landesbank Hessen-Thueri 5.000 8/11/2021 EUR 56.150
DekaBank Deutsche Giroze 2.250 6/8/2020 EUR 72.450
DekaBank Deutsche Giroze 2.750 6/8/2020 EUR 74.190
Raiffeisen Schweiz Genos 7.410 7/13/2020 CHF 58.670
Landesbank Hessen-Thueri 5.900 7/7/2022 EUR 71.750
Leonteq Securities AG/Gu 9.000 3/3/2020 CHF 69.550
Landesbank Baden-Wuertte 3.410 2/28/2020 EUR 72.320
Vontobel Financial Produ 8.500 12/13/2019 EUR 74.250
Vontobel Financial Produ 9.500 9/13/2019 EUR 65.180
HSBC Trinkaus & Burkhard 2.520 9/27/2019 EUR 69.180
Vontobel Financial Produ 10.000 12/13/2019 EUR 65.740
Vontobel Financial Produ 8.500 9/13/2019 EUR 67.160
Vontobel Financial Produ 7.500 12/13/2019 EUR 50.730
Raiffeisen Centrobank AG 9.396 6/23/2020 EUR 69.500
Zurcher Kantonalbank Fin 10.750 8/29/2019 CHF 60.580
UBS AG/London 6.000 8/29/2019 CHF 65.550
UBS AG/London 9.000 8/31/2020 CHF 65.950
UBS AG/London 10.000 3/2/2020 EUR 52.850
Vontobel Financial Produ 8.500 9/27/2019 EUR 50.520
Vontobel Financial Produ 11.000 9/27/2019 EUR 69.780
Vontobel Financial Produ 15.050 9/13/2019 EUR 55.340
Vontobel Financial Produ 5.100 9/13/2019 EUR 60.510
Corner Banca SA 9.000 12/10/2019 CHF 67.830
Leonteq Securities AG 6.000 9/7/2020 CHF 68.330
Bank Julius Baer & Co Lt 8.300 9/6/2019 USD 64.300
Credit Suisse AG/Nassau 8.000 12/9/2019 CHF 68.560
HSBC Trinkaus & Burkhard 4.330 9/3/2019 EUR 70.750
Zurcher Kantonalbank Fin 9.750 9/11/2019 CHF 60.540
Vontobel Financial Produ 4.000 12/13/2019 EUR 66.980
Vontobel Financial Produ 10.500 12/13/2019 EUR 70.590
Vontobel Financial Produ 14.500 12/13/2019 EUR 66.580
Vontobel Financial Produ 8.500 9/13/2019 EUR 66.760
Vontobel Financial Produ 8.500 12/13/2019 EUR 65.190
Vontobel Financial Produ 8.500 12/13/2019 EUR 66.080
Vontobel Financial Produ 9.000 9/13/2019 EUR 64.700
Vontobel Financial Produ 10.500 12/13/2019 EUR 66.050
Vontobel Financial Produ 13.500 9/13/2019 EUR 51.320
Vontobel Financial Produ 11.500 12/13/2019 EUR 54.030
Vontobel Financial Produ 16.000 12/13/2019 EUR 53.610
Vontobel Financial Produ 16.000 9/13/2019 EUR 44.420
Vontobel Financial Produ 12.000 9/13/2019 EUR 63.580
Vontobel Financial Produ 10.000 9/13/2019 EUR 66.230
Vontobel Financial Produ 17.500 9/27/2019 EUR 52.980
DZ Bank AG Deutsche Zent 5.000 9/25/2019 EUR 32.230
DZ Bank AG Deutsche Zent 10.250 9/25/2019 EUR 44.320
DZ Bank AG Deutsche Zent 7.500 9/25/2019 EUR 58.700
Barclays Bank PLC 2.500 3/4/2020 EUR 74.000
Vontobel Financial Produ 6.750 9/27/2019 EUR 68.700
Commerzbank AG 8.750 12/31/2019 EUR 67.430
Commerzbank AG 8.250 12/31/2019 EUR 74.640
Vontobel Financial Produ 6.000 12/13/2019 EUR 61.610
Vontobel Financial Produ 12.500 9/13/2019 EUR 60.610
Vontobel Financial Produ 9.500 12/13/2019 EUR 65.670
Vontobel Financial Produ 16.000 12/13/2019 EUR 57.170
Vontobel Financial Produ 8.000 9/13/2019 EUR 64.960
Vontobel Financial Produ 4.000 12/13/2019 EUR 74.240
Vontobel Financial Produ 14.500 9/13/2019 EUR 66.120
Vontobel Financial Produ 4.500 9/13/2019 EUR 71.070
Vontobel Financial Produ 11.500 9/13/2019 EUR 53.260
Vontobel Financial Produ 8.500 12/13/2019 EUR 63.510
Vontobel Financial Produ 11.000 9/13/2019 EUR 58.090
Commerzbank AG 13.750 12/31/2019 EUR 64.960
Commerzbank AG 3.000 12/31/2019 EUR 71.180
Vontobel Financial Produ 10.000 9/13/2019 EUR 72.250
Vontobel Financial Produ 5.500 12/13/2019 EUR 73.120
Vontobel Financial Produ 3.500 12/13/2019 EUR 56.500
Vontobel Financial Produ 11.500 9/13/2019 EUR 46.220
Vontobel Financial Produ 12.000 1/3/2020 EUR 61.610
Vontobel Financial Produ 11.500 9/27/2019 EUR 62.140
Bayerische Landesbank 2.600 11/13/2020 EUR 69.350
Bayerische Landesbank 2.400 11/13/2020 EUR 69.510
Leonteq Securities AG/Gu 7.000 12/1/2020 CHF 72.720
DekaBank Deutsche Giroze 5.000 2/28/2020 EUR 57.170
EFG International Financ 13.600 2/20/2020 USD 63.960
UBS AG/London 5.750 2/3/2020 CHF 58.900
Credit Suisse AG/Nassau 8.000 9/2/2019 EUR 66.460
UBS AG/London 6.000 8/3/2020 CHF 39.350
DZ Bank AG Deutsche Zent 12.000 3/25/2020 EUR 56.830
DZ Bank AG Deutsche Zent 6.500 3/25/2020 EUR 65.330
Raiffeisen Schweiz Genos 6.000 9/1/2020 CHF 67.350
Raiffeisen Schweiz Genos 8.800 3/1/2021 EUR 68.420
DZ Bank AG Deutsche Zent 11.000 12/27/2019 EUR 70.100
DZ Bank AG Deutsche Zent 4.250 3/25/2020 EUR 53.840
DZ Bank AG Deutsche Zent 11.500 12/27/2019 EUR 67.200
Landesbank Baden-Wuertte 4.600 3/27/2020 EUR 65.950
HSBC Trinkaus & Burkhard 0.750 4/22/2020 EUR 62.690
Landesbank Baden-Wuertte 3.000 3/26/2021 EUR 72.850
Landesbank Baden-Wuertte 4.500 3/26/2021 EUR 69.360
Landesbank Baden-Wuertte 6.000 3/26/2021 EUR 67.780
Landesbank Baden-Wuertte 3.000 3/26/2021 EUR 54.280
Landesbank Baden-Wuertte 5.500 3/26/2021 EUR 50.380
Landesbank Baden-Wuertte 5.000 3/26/2021 EUR 74.150
Bank J Safra Sarasin AG/ 10.400 3/5/2020 CHF 52.820
UBS AG/London 9.000 9/7/2020 EUR 60.890
UBS AG/London 6.500 9/26/2019 EUR 67.100
UBS AG/London 3.900 6/25/2020 EUR 70.780
UBS AG/London 14.000 3/26/2020 EUR 60.390
UBS AG/London 6.400 3/26/2020 EUR 69.500
UBS AG/London 4.000 3/26/2020 EUR 75.410
UBS AG/London 4.400 9/26/2019 EUR 70.810
UBS AG/London 22.100 1/2/2020 EUR 72.720
UBS AG/London 9.000 3/26/2020 EUR 64.250
UBS AG/London 18.700 9/26/2019 EUR 73.470
UBS AG/London 9.200 3/26/2020 EUR 67.750
UBS AG/London 9.400 3/26/2020 EUR 65.580
UBS AG/London 6.000 6/25/2020 EUR 70.020
UBS AG/London 5.800 6/25/2020 EUR 66.200
UBS AG/London 4.300 6/25/2020 EUR 69.480
UBS AG/London 5.500 6/25/2020 EUR 67.400
UBS AG/London 4.800 6/25/2020 EUR 68.330
UBS AG/London 7.300 3/26/2020 EUR 66.880
UBS AG/London 5.300 3/26/2020 EUR 67.640
UBS AG/London 4.800 3/26/2020 EUR 68.890
UBS AG/London 20.500 3/26/2020 EUR 74.540
UBS AG/London 6.400 6/25/2020 EUR 65.300
UBS AG/London 8.200 6/25/2020 EUR 64.200
UBS AG/London 15.600 3/26/2020 EUR 63.310
UBS AG/London 8.400 3/26/2020 EUR 65.210
UBS AG/London 7.400 3/26/2020 EUR 65.980
UBS AG/London 7.400 3/26/2020 EUR 69.120
UBS AG/London 5.500 3/26/2020 EUR 73.370
UBS AG/London 5.000 3/26/2020 EUR 72.040
UBS AG/London 3.000 3/26/2020 EUR 72.840
UBS AG/London 12.900 6/25/2020 EUR 60.470
UBS AG/London 7.700 6/25/2020 EUR 65.070
UBS AG/London 6.300 3/26/2020 EUR 66.750
UBS AG/London 8.700 6/25/2020 EUR 63.380
UBS AG/London 6.000 3/26/2020 EUR 70.890
UBS AG/London 4.100 3/26/2020 EUR 70.080
UBS AG/London 18.100 3/26/2020 EUR 73.820
UBS AG/London 12.200 3/26/2020 EUR 72.120
Commerzbank AG 6.000 12/31/2019 EUR 70.130
Bank Julius Baer & Co Lt 7.000 3/6/2020 EUR 62.450
BNP Paribas Emissions- u 3.000 3/26/2020 EUR 70.790
BNP Paribas Emissions- u 6.000 3/26/2020 EUR 67.080
BNP Paribas Emissions- u 4.000 9/24/2020 EUR 71.270
BNP Paribas Emissions- u 5.000 9/24/2020 EUR 69.310
BNP Paribas Emissions- u 6.000 9/24/2020 EUR 67.560
Commerzbank AG 17.000 12/31/2019 EUR 72.600
Commerzbank AG 15.750 12/31/2019 EUR 67.750
BNP Paribas Emissions- u 5.000 12/30/2019 EUR 68.250
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 65.810
Commerzbank AG 21.000 9/27/2019 EUR 68.890
Societe Generale Effekte 15.978 12/20/2019 EUR 72.070
Societe Generale Effekte 19.159 3/20/2020 EUR 72.250
Societe Generale Effekte 8.026 3/20/2020 EUR 66.850
Societe Generale Effekte 8.803 3/20/2020 EUR 65.880
Societe Generale Effekte 16.052 3/20/2020 EUR 61.610
Societe Generale Effekte 5.782 6/19/2020 EUR 72.350
Societe Generale Effekte 6.425 6/19/2020 EUR 71.080
Societe Generale Effekte 7.388 6/19/2020 EUR 70.150
Societe Generale Effekte 8.031 6/19/2020 EUR 68.940
Societe Generale Effekte 8.995 6/19/2020 EUR 68.150
Societe Generale Effekte 9.637 6/19/2020 EUR 67.120
Societe Generale Effekte 10.601 6/19/2020 EUR 66.380
Societe Generale Effekte 11.564 6/19/2020 EUR 65.670
Societe Generale Effekte 12.528 6/19/2020 EUR 65.020
Societe Generale Effekte 18.632 6/19/2020 EUR 62.330
Societe Generale Effekte 16.327 9/20/2019 EUR 71.450
Societe Generale Effekte 20.510 9/20/2019 EUR 67.600
Societe Generale Effekte 24.558 9/20/2019 EUR 64.240
Societe Generale Effekte 26.716 9/20/2019 EUR 61.080
Societe Generale Effekte 17.753 12/20/2019 EUR 76.420
Societe Generale Effekte 4.142 12/20/2019 EUR 60.990
Societe Generale Effekte 6.312 12/20/2019 EUR 55.430
Societe Generale Effekte 9.074 12/20/2019 EUR 51.370
Societe Generale Effekte 12.230 12/20/2019 EUR 48.400
Societe Generale Effekte 4.660 3/20/2020 EUR 61.620
Societe Generale Effekte 7.249 3/20/2020 EUR 56.740
Societe Generale Effekte 10.097 3/20/2020 EUR 53.180
Societe Generale Effekte 13.204 3/20/2020 EUR 50.660
Societe Generale Effekte 9.637 6/19/2020 EUR 58.760
Societe Generale Effekte 12.849 6/19/2020 EUR 55.730
Societe Generale Effekte 10.740 9/18/2020 EUR 59.920
Societe Generale Effekte 14.192 9/18/2020 EUR 57.320
Societe Generale Effekte 28.268 6/19/2020 EUR 73.910
Societe Generale Effekte 7.767 3/20/2020 EUR 70.550
Societe Generale Effekte 9.321 3/20/2020 EUR 68.840
Societe Generale Effekte 10.874 3/20/2020 EUR 67.300
Societe Generale Effekte 15.793 3/20/2020 EUR 63.870
Vontobel Financial Produ 11.000 3/27/2020 EUR 61.950
Deutsche Bank AG 8.200 9/24/2019 EUR 74.400
Deutsche Bank AG 8.200 9/24/2019 EUR 52.700
Deutsche Bank AG 8.200 9/24/2019 EUR 47.500
Deutsche Bank AG 8.200 9/24/2019 EUR 43.200
Deutsche Bank AG 8.200 12/24/2019 EUR 54.600
Deutsche Bank AG 8.200 12/24/2019 EUR 49.500
Deutsche Bank AG 8.200 12/24/2019 EUR 45.200
Deutsche Bank AG 8.200 3/24/2020 EUR 56.500
Deutsche Bank AG 8.200 3/24/2020 EUR 51.400
Deutsche Bank AG 8.200 3/24/2020 EUR 47.200
Deutsche Bank AG 8.200 6/23/2020 EUR 58.400
Deutsche Bank AG 8.200 6/23/2020 EUR 53.400
Deutsche Bank AG 8.200 6/23/2020 EUR 49.200
Deutsche Bank AG 8.200 9/22/2020 EUR 60.200
Deutsche Bank AG 8.200 9/22/2020 EUR 55.300
Deutsche Bank AG 8.200 9/22/2020 EUR 51.200
Deutsche Bank AG 8.200 12/22/2020 EUR 62.100
Deutsche Bank AG 8.200 12/22/2020 EUR 57.300
Deutsche Bank AG 8.200 12/22/2020 EUR 53.200
Deutsche Bank AG 8.200 9/24/2019 EUR 72.100
Commerzbank AG 16.000 9/27/2019 EUR 65.110
Commerzbank AG 6.000 12/31/2019 EUR 71.890
HSBC Trinkaus & Burkhard 1.250 4/22/2020 EUR 67.920
DekaBank Deutsche Giroze 3.000 12/13/2019 EUR 46.720
Zurcher Kantonalbank Fin 9.000 12/19/2019 CHF 68.640
UniCredit Bank AG 4.200 1/4/2021 EUR 43.030
Leonteq Securities AG/Gu 7.400 12/22/2020 CHF 54.610
Leonteq Securities AG/Gu 4.000 12/29/2020 CHF 46.770
UBS AG/London 7.000 6/15/2020 CHF 73.150
UBS AG/London 6.750 12/13/2019 USD 32.300
UBS AG/London 7.000 12/13/2019 CHF 71.750
UBS AG/London 8.500 6/15/2020 CHF 55.300
UBS AG/London 6.250 12/13/2019 USD 32.200
UBS AG/London 8.250 12/13/2019 USD 46.250
Leonteq Securities AG/Gu 7.000 12/27/2019 CHF 67.470
EFG International Financ 7.200 12/29/2020 EUR 55.930
EFG International Financ 8.000 1/3/2020 CHF 66.990
DekaBank Deutsche Giroze 3.000 6/17/2020 EUR 69.100
Raiffeisen Schweiz Genos 9.400 12/27/2019 CHF 48.070
Vontobel Financial Produ 8.300 12/18/2019 EUR 63.550
Landesbank Baden-Wuertte 2.800 12/23/2022 EUR 66.150
UniCredit Bank AG 4.500 8/6/2021 EUR 63.540
DekaBank Deutsche Giroze 5.700 7/31/2020 EUR 68.640
UniCredit Bank AG 6.000 1/18/2021 EUR 65.690
UniCredit Bank AG 4.500 1/18/2022 EUR 45.570
UniCredit Bank AG 5.300 7/19/2021 EUR 65.960
DekaBank Deutsche Giroze 5.000 7/31/2020 EUR 41.130
UniCredit Bank AG 4.100 2/13/2023 EUR 68.880
UniCredit Bank AG 3.500 2/13/2023 EUR 62.160
Landesbank Baden-Wuertte 2.550 10/25/2019 EUR 72.970
Landesbank Baden-Wuertte 2.200 10/25/2019 EUR 69.250
Landesbank Baden-Wuertte 3.000 2/26/2021 EUR 64.950
Landesbank Baden-Wuertte 3.000 2/26/2021 EUR 69.450
Landesbank Baden-Wuertte 3.800 2/26/2021 EUR 44.460
Landesbank Baden-Wuertte 3.200 2/26/2021 EUR 60.060
UBS AG/London 8.500 6/22/2020 EUR 72.250
UBS AG/London 5.750 6/22/2020 EUR 71.850
UBS AG/London 11.250 12/20/2019 EUR 46.500
Leonteq Securities AG/Gu 10.000 1/3/2020 USD 44.940
Raiffeisen Schweiz Genos 7.000 12/30/2019 CHF 65.430
DekaBank Deutsche Giroze 3.550 1/5/2022 EUR 70.720
DekaBank Deutsche Giroze 2.100 1/5/2021 EUR 55.210
Landesbank Hessen-Thueri 3.000 7/29/2020 EUR 64.100
UniCredit Bank AG 3.500 1/5/2021 EUR 45.460
UniCredit Bank AG 3.500 1/5/2021 EUR 37.710
UniCredit Bank AG 3.500 1/5/2021 EUR 54.670
UniCredit Bank AG 4.000 1/5/2021 EUR 53.610
DekaBank Deutsche Giroze 4.550 7/31/2020 EUR 57.550
DekaBank Deutsche Giroze 6.050 7/31/2020 EUR 49.940
UniCredit Bank AG 3.750 1/18/2022 EUR 69.190
EFG International Financ 12.520 1/2/2020 USD 68.250
Landesbank Hessen-Thueri 4.600 5/2/2023 EUR 68.460
Landesbank Baden-Wuertte 2.300 2/25/2022 EUR 70.870
Landesbank Baden-Wuertte 2.400 2/25/2022 EUR 67.540
Landesbank Baden-Wuertte 3.000 2/25/2022 EUR 57.690
Raiffeisen Centrobank AG 5.200 2/3/2020 EUR 66.780
UBS AG/London 6.000 12/30/2019 CHF 66.350
UBS AG/London 5.250 12/30/2019 CHF 62.750
DekaBank Deutsche Giroze 3.250 1/24/2020 EUR 50.500
Bayerische Landesbank 2.700 8/20/2021 EUR 65.630
Leonteq Securities AG/Gu 7.600 1/9/2020 CHF 67.130
Leonteq Securities AG/Gu 7.200 1/4/2021 CHF 70.340
Leonteq Securities AG/Gu 10.000 1/3/2020 CHF 44.350
Leonteq Securities AG/Gu 8.400 1/3/2020 CHF 60.640
Raiffeisen Schweiz Genos 6.900 12/30/2019 EUR 50.800
Leonteq Securities AG/Gu 8.000 1/12/2021 EUR 70.850
Leonteq Securities AG/Gu 9.000 1/12/2021 USD 37.960
UBS AG/London 9.750 7/6/2020 EUR 70.200
UBS AG/London 6.250 1/6/2020 CHF 45.200
UBS AG/London 12.000 1/6/2020 CHF 53.250
UBS AG/London 7.000 1/6/2020 CHF 66.050
Landesbank Baden-Wuertte 2.000 2/28/2020 EUR 57.330
Landesbank Baden-Wuertte 3.000 2/28/2020 EUR 52.440
Landesbank Baden-Wuertte 4.000 2/28/2020 EUR 50.610
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 46.930
Landesbank Hessen-Thueri 4.000 1/26/2022 EUR 58.350
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 50.800
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 47.710
Landesbank Baden-Wuertte 6.000 1/24/2020 EUR 45.080
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 58.910
Landesbank Baden-Wuertte 4.500 1/24/2020 EUR 52.880
Landesbank Baden-Wuertte 6.000 1/24/2020 EUR 49.850
Landesbank Baden-Wuertte 3.500 1/24/2020 EUR 66.670
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 62.590
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 73.860
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 70.950
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 73.890
Landesbank Baden-Wuertte 2.500 1/24/2020 EUR 73.530
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 65.920
Landesbank Baden-Wuertte 2.500 1/24/2020 EUR 56.410
Landesbank Baden-Wuertte 3.500 1/24/2020 EUR 52.750
Landesbank Baden-Wuertte 4.500 1/24/2020 EUR 49.510
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 72.440
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 68.780
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 66.300
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 74.450
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 71.380
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 67.950
Landesbank Baden-Wuertte 2.500 1/24/2020 EUR 66.240
Landesbank Baden-Wuertte 3.500 1/24/2020 EUR 63.090
Landesbank Baden-Wuertte 2.000 1/24/2020 EUR 53.100
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 49.120
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 45.870
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 44.650
Landesbank Baden-Wuertte 2.500 1/24/2020 EUR 20.280
Landesbank Baden-Wuertte 3.500 1/24/2020 EUR 19.280
Landesbank Baden-Wuertte 2.000 1/24/2020 EUR 59.130
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 55.160
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 41.270
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 38.820
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 50.630
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 48.650
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 44.890
Landesbank Baden-Wuertte 2.000 1/24/2020 EUR 60.540
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 56.410
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 52.880
Landesbank Baden-Wuertte 2.500 1/24/2020 EUR 70.250
Landesbank Baden-Wuertte 3.500 1/24/2020 EUR 66.340
Landesbank Baden-Wuertte 4.500 1/24/2020 EUR 63.810
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 54.470
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 62.670
Landesbank Baden-Wuertte 4.500 1/24/2020 EUR 57.740
Landesbank Baden-Wuertte 6.000 1/24/2020 EUR 51.720
Landesbank Baden-Wuertte 2.000 1/24/2020 EUR 65.500
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 69.780
UBS AG/London 9.000 1/6/2020 USD 45.750
UBS AG/London 5.750 1/6/2020 CHF 62.850
UBS AG/London 5.750 7/6/2020 EUR 60.400
UBS AG/London 7.750 1/6/2020 EUR 54.650
Commerzbank AG 2.800 12/30/2019 USD 47.640
DekaBank Deutsche Giroze 3.500 1/24/2020 EUR 43.180
DekaBank Deutsche Giroze 2.400 1/24/2020 EUR 67.080
DekaBank Deutsche Giroze 2.000 1/22/2021 EUR 64.810
DekaBank Deutsche Giroze 2.000 1/22/2021 EUR 56.230
DekaBank Deutsche Giroze 3.400 1/24/2020 EUR 46.170
Bank Julius Baer & Co Lt 10.350 5/4/2020 EUR 71.850
Vontobel Financial Produ 9.720 10/31/2019 EUR 62.300
Vontobel Financial Produ 13.500 1/3/2020 EUR 64.450
Vontobel Financial Produ 11.000 1/3/2020 EUR 66.880
Vontobel Financial Produ 14.000 3/27/2020 EUR 64.770
Vontobel Financial Produ 4.400 8/24/2020 EUR 68.980
Vontobel Financial Produ 9.500 2/28/2020 EUR 42.390
Vontobel Financial Produ 13.000 2/28/2020 EUR 64.730
Landesbank Baden-Wuertte 4.800 2/25/2022 EUR 69.400
Deutsche Bank AG 7.400 3/24/2020 EUR 73.100
Deutsche Bank AG 5.400 3/24/2020 EUR 68.960
Deutsche Bank AG 5.400 3/24/2020 EUR 65.900
Deutsche Bank AG 7.400 3/24/2020 EUR 64.270
Deutsche Bank AG 5.400 1/21/2020 EUR 64.990
Deutsche Bank AG 5.400 2/25/2020 EUR 65.490
Deutsche Bank AG 5.400 3/24/2020 EUR 74.500
Deutsche Bank AG 7.400 3/24/2020 EUR 71.500
Leonteq Securities AG/Gu 9.600 8/4/2020 CHF 63.790
Leonteq Securities AG 10.000 9/18/2019 CHF 59.430
Leonteq Securities AG 13.000 9/18/2019 USD 60.420
Corner Banca SA 11.000 12/18/2019 CHF 48.960
Leonteq Securities AG 5.000 6/15/2021 CHF 52.160
Leonteq Securities AG 12.000 9/18/2019 CHF 47.120
Leonteq Securities AG 8.200 9/18/2019 CHF 73.230
UBS AG/London 7.100 1/2/2020 EUR 54.200
UBS AG/London 3.000 9/26/2019 EUR 55.050
UBS AG/London 4.700 9/26/2019 EUR 51.300
UBS AG/London 4.200 3/26/2020 EUR 72.020
UBS AG/London 4.400 9/26/2019 EUR 65.340
UBS AG/London 3.000 9/26/2019 EUR 70.830
UBS AG/London 8.100 9/26/2019 EUR 58.500
UBS AG/London 4.400 9/26/2019 EUR 62.950
UBS AG/London 7.200 9/26/2019 EUR 52.210
UBS AG/London 4.500 9/26/2019 EUR 61.280
UBS AG/London 6.100 6/25/2020 EUR 53.210
UBS AG/London 4.800 9/26/2019 EUR 50.140
UBS AG/London 4.300 1/2/2020 EUR 53.740
UBS AG/London 8.100 1/2/2020 EUR 52.000
UBS AG/London 6.000 9/26/2019 EUR 68.270
UBS AG/London 6.100 9/26/2019 EUR 65.100
UBS AG/London 12.400 9/26/2019 EUR 54.000
UBS AG/London 4.300 9/26/2019 EUR 64.710
UBS AG/London 3.700 9/26/2019 EUR 66.540
UBS AG/London 9.200 9/26/2019 EUR 58.400
UBS AG/London 5.200 9/26/2019 EUR 65.260
UBS AG/London 4.100 9/26/2019 EUR 73.010
HSBC Trinkaus & Burkhard 5.400 9/27/2019 EUR 72.640
HSBC Trinkaus & Burkhard 3.900 10/25/2019 EUR 62.670
HSBC Trinkaus & Burkhard 3.600 9/27/2019 EUR 70.000
HSBC Trinkaus & Burkhard 5.600 10/25/2019 EUR 63.970
HSBC Trinkaus & Burkhard 5.000 10/25/2019 EUR 70.340
HSBC Trinkaus & Burkhard 5.900 10/25/2019 EUR 52.730
HSBC Trinkaus & Burkhard 3.600 10/25/2019 EUR 56.930
HSBC Trinkaus & Burkhard 5.200 10/25/2019 EUR 58.110
HSBC Trinkaus & Burkhard 4.000 10/25/2019 EUR 64.020
Credit Suisse AG/Nassau 8.000 12/18/2019 EUR 64.850
Raiffeisen Schweiz Genos 7.100 6/15/2020 CHF 59.760
Raiffeisen Schweiz Genos 5.300 12/15/2020 EUR 69.290
Landesbank Hessen-Thueri 3.100 10/16/2019 EUR 66.500
Credit Suisse AG/Nassau 7.000 12/30/2019 CHF 58.430
DZ Bank AG Deutsche Zent 4.200 9/23/2019 EUR 72.800
DZ Bank AG Deutsche Zent 4.700 9/23/2019 EUR 71.100
DZ Bank AG Deutsche Zent 4.500 9/23/2019 EUR 50.160
DZ Bank AG Deutsche Zent 5.000 9/23/2019 EUR 69.380
DZ Bank AG Deutsche Zent 8.250 9/23/2019 EUR 71.950
DZ Bank AG Deutsche Zent 5.750 9/23/2019 EUR 42.680
DZ Bank AG Deutsche Zent 5.000 9/23/2019 EUR 60.830
DZ Bank AG Deutsche Zent 9.250 9/23/2019 EUR 61.140
DZ Bank AG Deutsche Zent 8.000 9/23/2019 EUR 66.820
DZ Bank AG Deutsche Zent 5.000 9/23/2019 EUR 50.500
DZ Bank AG Deutsche Zent 6.500 9/23/2019 EUR 55.830
DZ Bank AG Deutsche Zent 6.500 9/23/2019 EUR 65.690
DZ Bank AG Deutsche Zent 8.500 9/23/2019 EUR 60.620
DZ Bank AG Deutsche Zent 4.750 9/23/2019 EUR 63.350
DZ Bank AG Deutsche Zent 6.250 9/23/2019 EUR 70.430
Deutsche Bank AG 5.500 9/24/2019 EUR 68.000
Deutsche Bank AG 5.500 12/24/2019 EUR 69.400
Deutsche Bank AG 5.500 9/24/2019 EUR 58.500
Deutsche Bank AG 5.500 9/24/2019 EUR 54.300
Deutsche Bank AG 5.500 12/24/2019 EUR 59.900
Deutsche Bank AG 5.500 12/24/2019 EUR 55.700
Deutsche Bank AG 5.500 9/24/2019 EUR 63.700
Deutsche Bank AG 5.500 9/24/2019 EUR 58.700
Deutsche Bank AG 5.500 12/24/2019 EUR 64.700
Deutsche Bank AG 5.500 12/24/2019 EUR 59.700
Deutsche Bank AG 5.500 9/24/2019 EUR 62.140
Deutsche Bank AG 5.500 9/24/2019 EUR 58.280
Deutsche Bank AG 5.500 9/24/2019 EUR 54.870
Deutsche Bank AG 5.500 12/24/2019 EUR 63.420
Deutsche Bank AG 5.500 12/24/2019 EUR 59.610
Deutsche Bank AG 5.500 12/24/2019 EUR 56.430
Deutsche Bank AG 5.500 9/24/2019 EUR 73.100
Deutsche Bank AG 5.500 9/24/2019 EUR 69.200
Deutsche Bank AG 5.500 9/24/2019 EUR 64.600
Deutsche Bank AG 5.500 12/24/2019 EUR 70.400
Deutsche Bank AG 5.500 12/24/2019 EUR 65.800
Deutsche Bank AG 5.500 9/24/2019 EUR 71.800
Deutsche Bank AG 5.500 9/24/2019 EUR 67.000
Deutsche Bank AG 5.500 12/24/2019 EUR 73.100
Deutsche Bank AG 5.500 12/24/2019 EUR 68.300
Deutsche Bank AG 5.500 9/24/2019 EUR 54.800
Deutsche Bank AG 5.500 9/24/2019 EUR 52.100
Deutsche Bank AG 5.500 12/24/2019 EUR 56.100
Deutsche Bank AG 5.500 12/24/2019 EUR 53.400
Deutsche Bank AG 5.500 9/24/2019 EUR 49.900
Deutsche Bank AG 5.500 9/24/2019 EUR 45.400
Deutsche Bank AG 5.500 12/24/2019 EUR 51.000
Deutsche Bank AG 5.500 12/24/2019 EUR 46.500
Deutsche Bank AG 5.500 9/24/2019 EUR 69.200
Deutsche Bank AG 5.500 9/24/2019 EUR 63.000
Deutsche Bank AG 5.500 12/24/2019 EUR 70.300
Deutsche Bank AG 5.500 9/24/2019 EUR 49.400
Deutsche Bank AG 5.500 9/24/2019 EUR 44.500
Deutsche Bank AG 5.500 12/24/2019 EUR 50.800
Deutsche Bank AG 5.500 12/24/2019 EUR 45.900
Deutsche Bank AG 5.500 9/24/2019 EUR 39.700
Deutsche Bank AG 5.500 9/24/2019 EUR 37.800
Deutsche Bank AG 5.500 9/24/2019 EUR 35.400
Deutsche Bank AG 5.500 12/24/2019 EUR 41.000
Deutsche Bank AG 5.500 12/24/2019 EUR 39.200
Deutsche Bank AG 5.500 12/24/2019 EUR 36.700
Deutsche Bank AG 5.500 12/24/2019 EUR 64.100
Deutsche Bank AG 5.500 9/24/2019 EUR 19.900
Deutsche Bank AG 5.500 9/24/2019 EUR 19.200
Deutsche Bank AG 5.500 12/24/2019 EUR 21.300
Deutsche Bank AG 5.500 12/24/2019 EUR 20.500
Deutsche Bank AG 5.500 9/24/2019 EUR 73.000
Deutsche Bank AG 5.500 12/24/2019 EUR 73.800
Credit Suisse AG/London 7.000 12/18/2019 CHF 55.790
Credit Suisse AG/London 8.250 9/18/2019 USD 62.570
Bank Julius Baer & Co Lt 5.200 9/19/2019 CHF 63.650
Landesbank Hessen-Thueri 3.050 10/16/2019 EUR 47.500
Leonteq Securities AG 10.000 12/27/2019 EUR 70.830
DekaBank Deutsche Giroze 5.600 1/4/2021 EUR 72.840
DekaBank Deutsche Giroze 4.300 1/4/2021 EUR 55.170
Leonteq Securities AG/Gu 10.000 9/12/2019 USD 59.330
Credit Suisse AG/London 7.000 12/23/2019 EUR 62.490
UBS AG/London 8.500 6/15/2020 USD 66.900
UBS AG/London 10.250 6/15/2020 CHF 50.700
UBS AG/London 8.000 6/15/2020 CHF 67.850
UBS AG/London 7.000 12/14/2020 CHF 58.350
UBS AG/London 8.750 6/15/2020 EUR 61.650
UBS AG/London 6.500 12/14/2020 EUR 66.000
UBS AG/London 5.500 12/13/2019 CHF 65.300
UBS AG/London 5.750 12/13/2019 EUR 72.300
UBS AG/London 6.500 12/13/2019 CHF 62.300
Landesbank Hessen-Thueri 3.500 7/19/2021 EUR 74.100
Bayerische Landesbank 3.000 7/17/2020 EUR 64.450
EFG International Financ 8.400 1/3/2020 CHF 30.250
Credit Suisse AG/Nassau 7.000 6/22/2021 CHF 63.800
Bank Julius Baer & Co Lt 7.250 12/23/2019 CHF 64.350
Bank Julius Baer & Co Lt 8.500 12/23/2019 EUR 62.650
Vontobel Financial Produ 4.200 9/27/2019 EUR 62.887
DekaBank Deutsche Giroze 3.350 7/10/2020 EUR 62.450
DekaBank Deutsche Giroze 2.450 7/10/2020 EUR 75.140
Bank Julius Baer & Co Lt 4.350 9/20/2019 EUR 66.250
SecurAsset SA 5.250 6/30/2022 EUR 43.700
Leonteq Securities AG 5.200 12/22/2020 CHF 60.320
Leonteq Securities AG 14.000 9/25/2019 CHF 47.280
Leonteq Securities AG 12.200 9/25/2019 CHF 59.470
Raiffeisen Schweiz Genos 6.100 6/22/2020 CHF 64.490
Raiffeisen Schweiz Genos 6.000 1/6/2020 CHF 47.130
Raiffeisen Schweiz Genos 10.900 1/6/2020 USD 66.570
Raiffeisen Schweiz Genos 6.300 1/6/2020 CHF 57.160
Raiffeisen Schweiz Genos 5.000 12/22/2020 CHF 71.280
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 56.570
BNP Paribas Emissions- u 9.000 12/30/2019 EUR 57.250
BNP Paribas Emissions- u 12.000 12/30/2019 EUR 58.270
BNP Paribas Emissions- u 3.500 12/30/2019 EUR 69.940
BNP Paribas Emissions- u 4.500 12/30/2019 EUR 69.820
BNP Paribas Emissions- u 3.500 9/26/2019 EUR 72.510
BNP Paribas Emissions- u 18.000 12/30/2019 EUR 66.970
BNP Paribas Emissions- u 6.500 12/30/2019 EUR 59.550
BNP Paribas Emissions- u 8.500 12/30/2019 EUR 60.230
BNP Paribas Emissions- u 11.000 12/30/2019 EUR 61.080
BNP Paribas Emissions- u 15.000 12/30/2019 EUR 62.440
BNP Paribas Emissions- u 19.000 12/30/2019 EUR 63.800
BNP Paribas Emissions- u 5.000 12/30/2019 EUR 55.890
BNP Paribas Emissions- u 4.500 9/26/2019 EUR 63.150
BNP Paribas Emissions- u 6.000 9/26/2019 EUR 60.410
BNP Paribas Emissions- u 3.000 12/30/2019 EUR 70.230
BNP Paribas Emissions- u 4.500 12/30/2019 EUR 64.260
BNP Paribas Emissions- u 6.500 12/30/2019 EUR 69.290
BNP Paribas Emissions- u 8.500 12/30/2019 EUR 69.970
BNP Paribas Emissions- u 11.000 12/30/2019 EUR 70.820
BNP Paribas Emissions- u 15.000 12/30/2019 EUR 72.180
BNP Paribas Emissions- u 5.000 12/30/2019 EUR 67.480
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 68.160
BNP Paribas Emissions- u 9.000 12/30/2019 EUR 68.840
BNP Paribas Emissions- u 12.000 12/30/2019 EUR 69.860
BNP Paribas Emissions- u 5.500 12/30/2019 EUR 61.550
BNP Paribas Emissions- u 7.500 12/30/2019 EUR 62.230
BNP Paribas Emissions- u 9.500 12/30/2019 EUR 62.910
BNP Paribas Emissions- u 13.000 12/30/2019 EUR 64.100
BNP Paribas Emissions- u 17.000 12/30/2019 EUR 65.440
BNP Paribas Emissions- u 9.500 12/30/2019 EUR 54.600
BNP Paribas Emissions- u 13.000 12/30/2019 EUR 55.790
BNP Paribas Emissions- u 17.000 12/30/2019 EUR 57.150
BNP Paribas Emissions- u 4.000 12/30/2019 EUR 50.180
BNP Paribas Emissions- u 6.000 12/30/2019 EUR 50.860
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 51.540
BNP Paribas Emissions- u 10.000 12/30/2019 EUR 52.220
BNP Paribas Emissions- u 14.000 12/30/2019 EUR 53.580
BNP Paribas Emissions- u 18.000 12/30/2019 EUR 54.940
BNP Paribas Emissions- u 16.000 12/30/2019 EUR 59.630
BNP Paribas Emissions- u 20.000 12/30/2019 EUR 60.990
BNP Paribas Emissions- u 4.500 12/30/2019 EUR 52.900
BNP Paribas Emissions- u 7.500 12/30/2019 EUR 53.920
Raiffeisen Centrobank AG 6.061 9/24/2019 EUR 74.460
Raiffeisen Centrobank AG 4.242 9/24/2019 EUR 71.110
Raiffeisen Centrobank AG 7.273 9/24/2019 EUR 70.550
Raiffeisen Centrobank AG 5.455 9/24/2019 EUR 62.660
Raiffeisen Centrobank AG 3.030 9/24/2019 EUR 63.580
Raiffeisen Centrobank AG 7.273 9/24/2019 EUR 52.660
Raiffeisen Centrobank AG 6.061 9/24/2019 EUR 55.230
Landesbank Baden-Wuertte 3.000 2/26/2021 EUR 71.950
Landesbank Baden-Wuertte 3.000 2/26/2021 EUR 62.800
DekaBank Deutsche Giroze 2.050 12/11/2020 EUR 54.240
DekaBank Deutsche Giroze 2.750 12/11/2020 EUR 51.490
DekaBank Deutsche Giroze 3.000 2/14/2020 EUR 53.750
DekaBank Deutsche Giroze 4.250 8/21/2020 EUR 59.150
DekaBank Deutsche Giroze 6.550 8/21/2020 EUR 54.190
DekaBank Deutsche Giroze 3.000 8/27/2021 EUR 60.280
DekaBank Deutsche Giroze 2.000 12/13/2019 EUR 55.870
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 58.020
Landesbank Baden-Wuertte 4.800 9/27/2019 EUR 47.950
Landesbank Baden-Wuertte 5.100 9/27/2019 EUR 68.330
Landesbank Hessen-Thueri 3.500 3/9/2022 EUR 57.000
Leonteq Securities AG/Gu 7.500 2/12/2021 CHF 72.870
Zurcher Kantonalbank Fin 4.704 2/5/2021 CHF 63.720
UniCredit Bank AG 4.000 3/13/2022 EUR 59.240
DZ Bank AG Deutsche Zent 4.000 12/31/2019 EUR 66.560
Landesbank Baden-Wuertte 2.750 11/27/2020 EUR 71.990
Landesbank Baden-Wuertte 3.500 11/27/2020 EUR 70.990
Landesbank Baden-Wuertte 2.600 11/27/2020 EUR 46.570
DekaBank Deutsche Giroze 2.050 2/14/2020 EUR 47.930
DekaBank Deutsche Giroze 3.900 9/5/2019 EUR 58.850
Credit Suisse AG/Nassau 10.250 9/19/2019 CHF 43.880
UBS AG/London 6.250 2/7/2020 CHF 34.350
UBS AG/London 6.500 2/7/2020 CHF 55.550
UBS AG/London 8.250 2/7/2020 EUR 47.850
UBS AG/London 5.000 2/7/2020 CHF 61.250
UBS AG/London 8.000 2/7/2020 CHF 59.250
Vontobel Financial Produ 5.000 9/9/2020 EUR 64.168
Leonteq Securities AG/Gu 8.000 8/19/2020 CHF 68.140
Raiffeisen Centrobank AG 5.816 9/24/2019 EUR 56.400
Raiffeisen Centrobank AG 4.758 12/27/2019 EUR 75.230
Raiffeisen Centrobank AG 9.796 9/24/2019 EUR 68.200
Raiffeisen Centrobank AG 5.204 9/24/2019 EUR 74.870
Raiffeisen Centrobank AG 5.815 12/27/2019 EUR 58.010
Raiffeisen Centrobank AG 6.735 9/24/2019 EUR 74.810
Raiffeisen Centrobank AG 6.344 12/27/2019 EUR 68.680
UBS AG/London 6.300 9/26/2019 EUR 45.800
UBS AG/London 4.800 9/26/2019 EUR 69.380
Bayerische Landesbank 2.100 9/10/2021 EUR 72.370
Bayerische Landesbank 2.500 9/10/2021 EUR 65.940
EFG International Financ 7.200 2/22/2021 CHF 32.450
Raiffeisen Schweiz Genos 6.900 2/19/2020 EUR 61.490
Raiffeisen Schweiz Genos 7.200 2/19/2020 CHF 62.110
Leonteq Securities AG/Gu 2.300 2/8/2023 CHF 68.660
UniCredit Bank AG 6.400 3/5/2021 EUR 64.850
UniCredit Bank AG 5.350 3/5/2021 EUR 62.280
UniCredit Bank AG 5.500 9/5/2019 EUR 72.200
UniCredit Bank AG 5.100 3/5/2021 EUR 51.740
UniCredit Bank AG 4.650 3/5/2021 EUR 58.510
DekaBank Deutsche Giroze 3.700 3/6/2020 EUR 54.210
Landesbank Baden-Wuertte 2.810 3/24/2023 EUR 69.320
Zurcher Kantonalbank Fin 6.000 2/20/2020 CHF 72.060
Raiffeisen Centrobank AG 5.150 2/10/2020 EUR 60.170
DZ Bank AG Deutsche Zent 0.060 9/10/2019 EUR 71.860
Landesbank Hessen-Thueri 8.900 3/16/2023 EUR 72.390
Landesbank Baden-Wuertte 3.000 4/25/2022 EUR 70.210
Erste Group Bank AG 4.350 2/28/2022 EUR 69.100
UBS AG/London 7.500 2/14/2020 EUR 68.800
Leonteq Securities AG/Gu 3.750 2/20/2023 CHF 55.540
Leonteq Securities AG/Gu 11.000 3/2/2020 CHF 42.960
Raiffeisen Schweiz Genos 5.250 8/26/2020 CHF 71.380
Landesbank Hessen-Thueri 4.000 9/22/2020 EUR 59.100
Credit Suisse AG/London 5.240 9/16/2019 EUR 71.740
Raiffeisen Schweiz Genos 10.300 2/19/2020 EUR 62.450
Landesbank Hessen-Thueri 3.500 9/22/2020 EUR 63.000
Credit Suisse AG/London 7.000 8/27/2019 EUR 69.860
DekaBank Deutsche Giroze 5.000 9/14/2020 EUR 63.370
DekaBank Deutsche Giroze 7.000 9/14/2020 EUR 56.450
Landesbank Hessen-Thueri 4.000 3/23/2022 EUR 73.750
Landesbank Hessen-Thueri 4.000 3/23/2022 EUR 66.260
UniCredit Bank AG 8.000 1/3/2020 EUR 70.400
UniCredit Bank AG 7.800 1/3/2020 EUR 69.770
UniCredit Bank AG 7.000 1/3/2020 EUR 69.930
UniCredit Bank AG 7.200 1/3/2020 EUR 69.080
UniCredit Bank AG 9.100 1/3/2020 EUR 30.890
UniCredit Bank AG 11.400 1/3/2020 EUR 44.870
UniCredit Bank AG 7.000 1/3/2020 EUR 62.180
UniCredit Bank AG 10.800 1/3/2020 EUR 70.510
UniCredit Bank AG 10.500 1/3/2020 EUR 57.050
UniCredit Bank AG 11.300 1/3/2020 EUR 50.520
UniCredit Bank AG 13.800 1/3/2020 EUR 65.140
UniCredit Bank AG 7.300 1/3/2020 EUR 70.930
UniCredit Bank AG 12.400 1/3/2020 EUR 62.270
UniCredit Bank AG 11.000 1/3/2020 EUR 72.370
UniCredit Bank AG 8.500 1/3/2020 EUR 41.110
UniCredit Bank AG 11.300 1/3/2020 EUR 64.450
UniCredit Bank AG 7.800 1/3/2020 EUR 65.440
UniCredit Bank AG 9.600 1/3/2020 EUR 63.990
UniCredit Bank AG 8.200 1/3/2020 EUR 63.310
UniCredit Bank AG 8.700 1/3/2020 EUR 69.400
UniCredit Bank AG 12.000 1/3/2020 EUR 67.560
UniCredit Bank AG 12.900 1/3/2020 EUR 72.420
UniCredit Bank AG 6.200 1/3/2020 EUR 56.720
UniCredit Bank AG 14.800 1/3/2020 EUR 41.360
UniCredit Bank AG 9.100 1/3/2020 EUR 59.260
UniCredit Bank AG 6.300 1/3/2020 EUR 51.540
UniCredit Bank AG 9.500 1/3/2020 EUR 49.630
UniCredit Bank AG 7.500 1/3/2020 EUR 56.300
UniCredit Bank AG 6.300 1/3/2020 EUR 52.630
UniCredit Bank AG 13.900 1/3/2020 EUR 69.520
UniCredit Bank AG 14.600 1/3/2020 EUR 45.190
UniCredit Bank AG 14.300 1/3/2020 EUR 52.030
UniCredit Bank AG 5.900 1/3/2020 EUR 61.980
UniCredit Bank AG 7.200 1/3/2020 EUR 72.510
UniCredit Bank AG 9.800 1/3/2020 EUR 70.340
UniCredit Bank AG 10.400 1/3/2020 EUR 73.930
UniCredit Bank AG 11.900 1/3/2020 EUR 68.310
UniCredit Bank AG 7.300 1/3/2020 EUR 64.560
UniCredit Bank AG 5.600 1/3/2020 EUR 63.690
UniCredit Bank AG 12.600 1/3/2020 EUR 55.750
UniCredit Bank AG 12.500 1/3/2020 EUR 28.000
UniCredit Bank AG 11.400 1/3/2020 EUR 56.200
UniCredit Bank AG 7.800 1/3/2020 EUR 70.430
UniCredit Bank AG 11.000 1/3/2020 EUR 43.430
UniCredit Bank AG 5.100 1/3/2020 EUR 64.990
DekaBank Deutsche Giroze 4.000 9/21/2021 EUR 70.690
UBS AG/London 7.500 2/21/2020 EUR 40.400
UBS AG/London 9.000 2/21/2020 CHF 70.150
EFG International Financ 6.400 3/8/2021 EUR 57.850
Citigroup Global Markets 13.600 1/25/2023 SEK 62.130
Leonteq Securities AG 5.200 9/2/2020 EUR 67.980
Leonteq Securities AG 7.400 3/2/2020 CHF 26.840
Leonteq Securities AG 7.200 3/2/2020 CHF 73.780
Leonteq Securities AG 10.000 3/2/2020 EUR 52.550
Bank Julius Baer & Co Lt 9.300 3/16/2020 USD 49.350
Commerzbank AG 19.000 9/27/2019 EUR 65.500
Commerzbank AG 12.250 11/22/2019 EUR 74.300
HSBC Trinkaus & Burkhard 4.000 12/30/2019 EUR 56.540
HSBC Trinkaus & Burkhard 9.800 1/24/2020 EUR 42.760
HSBC Trinkaus & Burkhard 11.800 9/27/2019 EUR 72.580
HSBC Trinkaus & Burkhard 11.400 9/27/2019 EUR 61.520
HSBC Trinkaus & Burkhard 7.200 12/27/2019 EUR 67.830
HSBC Trinkaus & Burkhard 10.200 9/27/2019 EUR 69.620
HSBC Trinkaus & Burkhard 9.200 12/27/2019 EUR 70.930
HSBC Trinkaus & Burkhard 8.600 3/27/2020 EUR 71.210
HSBC Trinkaus & Burkhard 11.500 12/27/2019 EUR 68.650
BNP Paribas Emissions- u 14.000 9/26/2019 EUR 74.330
BNP Paribas Emissions- u 17.000 9/26/2019 EUR 70.720
BNP Paribas Emissions- u 20.000 9/26/2019 EUR 67.480
BNP Paribas Emissions- u 16.000 12/30/2019 EUR 71.360
DZ Bank AG Deutsche Zent 7.000 12/27/2019 EUR 60.150
DZ Bank AG Deutsche Zent 8.500 12/27/2019 EUR 56.030
DZ Bank AG Deutsche Zent 6.750 12/27/2019 EUR 61.050
DZ Bank AG Deutsche Zent 10.000 12/27/2019 EUR 73.070
Vontobel Financial Produ 6.930 12/18/2019 EUR 65.290
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 73.420
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 68.530
Landesbank Baden-Wuertte 3.000 1/24/2020 EUR 53.670
Landesbank Baden-Wuertte 5.000 1/24/2020 EUR 49.300
Landesbank Baden-Wuertte 7.000 1/24/2020 EUR 46.460
Landesbank Baden-Wuertte 4.500 1/24/2020 EUR 76.900
Landesbank Baden-Wuertte 6.000 1/24/2020 EUR 74.050
Commerzbank AG 7.750 9/27/2019 EUR 46.510
DZ Bank AG Deutsche Zent 7.000 12/27/2019 EUR 69.460
EFG International Financ 20.000 12/19/2019 CHF 69.260
Commerzbank AG 4.000 12/30/2019 EUR 58.460
HSBC Trinkaus & Burkhard 1.750 3/27/2020 EUR 68.360
Commerzbank AG 15.500 9/27/2019 EUR 73.530
Commerzbank AG 21.750 9/27/2019 EUR 68.440
HSBC Trinkaus & Burkhard 9.400 12/27/2019 EUR 63.410
HSBC Trinkaus & Burkhard 7.400 12/27/2019 EUR 62.740
HSBC Trinkaus & Burkhard 9.400 6/26/2020 EUR 66.360
HSBC Trinkaus & Burkhard 8.600 6/26/2020 EUR 65.690
HSBC Trinkaus & Burkhard 7.400 6/26/2020 EUR 64.690
HSBC Trinkaus & Burkhard 6.900 12/27/2019 EUR 69.880
HSBC Trinkaus & Burkhard 6.700 6/26/2020 EUR 70.570
HSBC Trinkaus & Burkhard 6.200 12/28/2020 EUR 71.810
HSBC Trinkaus & Burkhard 6.900 6/26/2020 EUR 70.720
HSBC Trinkaus & Burkhard 9.300 6/26/2020 EUR 72.880
HSBC Trinkaus & Burkhard 11.400 12/27/2019 EUR 42.440
HSBC Trinkaus & Burkhard 5.600 12/28/2020 EUR 45.610
HSBC Trinkaus & Burkhard 9.400 12/27/2019 EUR 72.500
HSBC Trinkaus & Burkhard 8.300 6/26/2020 EUR 72.700
HSBC Trinkaus & Burkhard 6.800 6/25/2021 EUR 73.860
Vontobel Financial Produ 9.500 9/27/2019 EUR 74.180
Vontobel Financial Produ 14.500 9/27/2019 EUR 64.180
Vontobel Financial Produ 18.500 9/27/2019 EUR 70.890
HSBC Trinkaus & Burkhard 3.360 12/30/2019 EUR 55.440
HSBC Trinkaus & Burkhard 1.880 3/27/2020 EUR 64.770
HSBC Trinkaus & Burkhard 1.410 3/27/2020 EUR 71.450
Commerzbank AG 21.250 9/27/2019 EUR 65.060
Commerzbank AG 17.250 9/27/2019 EUR 61.190
DZ Bank AG Deutsche Zent 8.250 12/27/2019 EUR 54.370
DZ Bank AG Deutsche Zent 8.250 12/27/2019 EUR 66.020
Landesbank Baden-Wuertte 4.000 1/24/2020 EUR 44.620
Landesbank Baden-Wuertte 6.500 1/24/2020 EUR 42.050
HSBC Trinkaus & Burkhard 4.000 7/24/2020 EUR 72.760
Bank Julius Baer & Co Lt 9.700 1/24/2020 USD 57.400
HSBC Trinkaus & Burkhard 10.500 6/26/2020 EUR 41.550
HSBC Trinkaus & Burkhard 7.700 6/26/2020 EUR 43.130
HSBC Trinkaus & Burkhard 5.200 6/26/2020 EUR 46.000
HSBC Trinkaus & Burkhard 11.100 11/22/2019 EUR 37.360
HSBC Trinkaus & Burkhard 9.700 2/28/2020 EUR 39.260
Deutsche Bank AG 4.200 9/24/2019 EUR 64.710
Deutsche Bank AG 4.200 12/24/2019 EUR 73.150
Deutsche Bank AG 4.200 12/24/2019 EUR 65.050
Deutsche Bank AG 6.200 3/24/2020 EUR 73.290
Deutsche Bank AG 6.200 3/24/2020 EUR 69.380
Deutsche Bank AG 4.200 3/24/2020 EUR 72.100
Landesbank Hessen-Thueri 4.000 3/1/2023 EUR 74.710
Commerzbank AG 4.750 12/31/2019 EUR 72.980
Commerzbank AG 6.750 12/31/2019 EUR 68.670
Commerzbank AG 8.750 12/31/2019 EUR 65.270
Commerzbank AG 10.750 12/31/2019 EUR 62.650
Commerzbank AG 12.750 12/31/2019 EUR 60.320
Commerzbank AG 14.750 12/31/2019 EUR 58.580
Commerzbank AG 15.000 12/31/2019 EUR 68.260
Commerzbank AG 17.000 12/31/2019 EUR 65.880
Commerzbank AG 10.500 12/31/2019 EUR 71.330
Commerzbank AG 12.500 12/31/2019 EUR 68.720
Commerzbank AG 3.500 12/31/2019 EUR 50.470
Commerzbank AG 5.500 12/31/2019 EUR 43.550
Commerzbank AG 7.500 12/31/2019 EUR 39.450
Vontobel Financial Produ 11.250 1/24/2020 EUR 63.630
Commerzbank AG 15.750 9/27/2019 EUR 64.810
Commerzbank AG 9.500 12/31/2019 EUR 74.530
Citigroup Global Markets 12.000 2/13/2024 SEK 73.550
UBS AG/London 20.000 1/24/2020 CHF 59.100
DZ Bank AG Deutsche Zent 5.250 12/27/2019 EUR 63.660
DZ Bank AG Deutsche Zent 5.000 2/26/2020 EUR 72.070
DZ Bank AG Deutsche Zent 4.250 3/25/2020 EUR 70.850
DZ Bank AG Deutsche Zent 6.250 3/25/2020 EUR 65.480
Commerzbank AG 15.500 9/27/2019 EUR 61.440
Commerzbank AG 6.000 12/31/2019 EUR 61.690
Commerzbank AG 8.000 12/31/2019 EUR 58.420
Commerzbank AG 10.000 12/31/2019 EUR 55.810
Commerzbank AG 12.000 12/31/2019 EUR 54.110
Commerzbank AG 14.000 12/31/2019 EUR 52.400
Commerzbank AG 7.000 12/31/2019 EUR 72.310
Commerzbank AG 9.000 12/31/2019 EUR 68.930
Commerzbank AG 11.000 12/31/2019 EUR 66.370
Commerzbank AG 13.000 12/31/2019 EUR 64.400
DekaBank Deutsche Giroze 2.300 4/16/2021 EUR 72.360
Corner Banca SA 14.000 10/3/2019 CHF 38.670
Raiffeisen Schweiz Genos 6.600 4/3/2020 EUR 54.490
UniCredit Bank AG 6.300 10/16/2021 EUR 63.220
UniCredit Bank AG 5.100 4/16/2021 EUR 66.040
Bank Julius Baer & Co Lt 8.900 10/7/2019 USD 63.650
Natixis SA 4.975 3/23/2020 USD 38.270
UBS AG/London 9.000 9/30/2019 CHF 59.600
UBS AG/London 12.000 9/30/2019 CHF 35.300
UBS AG/London 8.000 9/30/2019 EUR 36.650
UBS AG/London 5.500 9/30/2019 CHF 54.750
UBS AG/London 8.250 9/30/2019 CHF 63.050
Bayerische Landesbank 3.000 11/5/2021 EUR 71.520
DekaBank Deutsche Giroze 3.800 10/23/2020 EUR 62.460
DekaBank Deutsche Giroze 2.050 5/3/2021 EUR 44.800
Raiffeisen Schweiz Genos 6.500 10/9/2020 CHF 48.820
Raiffeisen Schweiz Genos 6.250 10/9/2019 CHF 40.280
HSBC Trinkaus & Burkhard 6.400 9/27/2019 EUR 66.850
HSBC Trinkaus & Burkhard 5.500 9/27/2019 EUR 63.820
HSBC Trinkaus & Burkhard 3.500 9/27/2019 EUR 71.120
HSBC Trinkaus & Burkhard 5.200 9/27/2019 EUR 53.350
HSBC Trinkaus & Burkhard 6.500 9/27/2019 EUR 57.970
HSBC Trinkaus & Burkhard 4.700 9/27/2019 EUR 63.550
HSBC Trinkaus & Burkhard 5.400 9/27/2019 EUR 68.230
HSBC Trinkaus & Burkhard 6.300 9/27/2019 EUR 55.730
HSBC Trinkaus & Burkhard 3.700 9/27/2019 EUR 63.380
HSBC Trinkaus & Burkhard 4.500 9/27/2019 EUR 53.920
4FINANS MFK OOO 15.000 3/24/2023 RUB 65.590
Leonteq Securities AG/Gu 14.200 10/10/2019 USD 62.170
Leonteq Securities AG/Gu 11.000 10/10/2019 CHF 41.810
Landesbank Hessen-Thueri 4.750 5/11/2023 EUR 55.340
Landesbank Hessen-Thueri 6.500 5/11/2023 EUR 71.520
Landesbank Hessen-Thueri 3.500 5/11/2022 EUR 74.120
Landesbank Hessen-Thueri 4.000 5/11/2022 EUR 70.090
Raiffeisen Schweiz Genos 6.750 9/11/2019 CHF 75.160
HSBC Trinkaus & Burkhard 3.000 8/10/2020 EUR 63.340
HSBC Trinkaus & Burkhard 6.000 2/28/2020 EUR 60.310
HSBC Trinkaus & Burkhard 2.250 4/22/2020 EUR 60.100
HSBC Trinkaus & Burkhard 1.000 4/22/2020 EUR 65.140
Landesbank Baden-Wuertte 2.400 10/23/2020 EUR 72.100
Landesbank Baden-Wuertte 2.900 10/23/2020 EUR 67.040
Landesbank Baden-Wuertte 3.000 10/23/2020 EUR 66.620
UBS AG/London 11.000 3/15/2021 EUR 70.530
Deutsche Bank AG 3.200 12/24/2019 EUR 74.050
Deutsche Bank AG 3.200 3/24/2020 EUR 70.900
Deutsche Bank AG 3.200 3/24/2020 EUR 67.590
Deutsche Bank AG 3.200 12/22/2020 EUR 69.330
Deutsche Bank AG 3.200 12/22/2020 EUR 66.380
Deutsche Bank AG 4.200 10/1/2020 EUR 68.400
Commerzbank AG 15.250 12/31/2019 EUR 74.730
Commerzbank AG 24.000 9/27/2019 EUR 73.580
Commerzbank AG 17.250 9/27/2019 EUR 60.690
HSBC Trinkaus & Burkhard 1.750 3/27/2020 EUR 73.890
HSBC Trinkaus & Burkhard 2.750 3/27/2020 EUR 69.540
Landesbank Hessen-Thueri 3.400 7/29/2020 EUR 73.400
Landesbank Hessen-Thueri 6.400 1/29/2020 EUR 69.200
Landesbank Baden-Wuertte 3.000 3/27/2020 EUR 74.910
Landesbank Baden-Wuertte 5.000 3/27/2020 EUR 70.200
Landesbank Baden-Wuertte 3.000 3/27/2020 EUR 61.890
Landesbank Baden-Wuertte 5.000 3/27/2020 EUR 58.190
Landesbank Baden-Wuertte 7.000 3/27/2020 EUR 55.110
Landesbank Baden-Wuertte 4.500 3/27/2020 EUR 72.190
Landesbank Baden-Wuertte 6.000 3/27/2020 EUR 69.730
Commerzbank AG 20.250 9/27/2019 EUR 73.500
Commerzbank AG 19.500 9/27/2019 EUR 67.300
Landesbank Baden-Wuertte 3.750 3/26/2021 EUR 71.520
Goldman Sachs & Co Wertp 23.000 9/25/2019 EUR 72.470
Goldman Sachs & Co Wertp 23.000 10/23/2019 EUR 72.050
Goldman Sachs & Co Wertp 24.000 12/27/2019 EUR 72.390
Goldman Sachs & Co Wertp 25.000 9/25/2019 EUR 71.500
Goldman Sachs & Co Wertp 25.000 11/20/2019 EUR 71.620
Goldman Sachs & Co Wertp 5.000 9/25/2019 EUR 73.330
Goldman Sachs & Co Wertp 18.000 9/25/2019 EUR 59.550
Goldman Sachs & Co Wertp 22.000 9/25/2019 EUR 57.420
Goldman Sachs & Co Wertp 5.000 10/23/2019 EUR 73.690
Goldman Sachs & Co Wertp 7.000 10/23/2019 EUR 70.190
Goldman Sachs & Co Wertp 9.000 10/23/2019 EUR 66.850
Goldman Sachs & Co Wertp 11.000 10/23/2019 EUR 64.030
Goldman Sachs & Co Wertp 20.000 10/23/2019 EUR 58.770
Goldman Sachs & Co Wertp 24.000 10/23/2019 EUR 57.120
Goldman Sachs & Co Wertp 5.000 11/20/2019 EUR 74.020
Goldman Sachs & Co Wertp 6.000 11/20/2019 EUR 70.480
Goldman Sachs & Co Wertp 8.000 11/20/2019 EUR 67.510
Goldman Sachs & Co Wertp 15.000 11/20/2019 EUR 61.650
Goldman Sachs & Co Wertp 18.000 11/20/2019 EUR 59.880
Goldman Sachs & Co Wertp 25.000 11/20/2019 EUR 57.100
Goldman Sachs & Co Wertp 14.000 12/27/2019 EUR 62.870
Goldman Sachs & Co Wertp 20.000 12/27/2019 EUR 60.110
Goldman Sachs & Co Wertp 23.000 12/27/2019 EUR 59.010
Zurcher Kantonalbank Fin 12.000 3/20/2020 CHF 62.320
Vontobel Financial Produ 11.000 4/22/2020 EUR 67.490
UBS AG/London 15.200 3/26/2020 EUR 64.870
UBS AG/London 5.500 9/24/2020 EUR 74.480
UBS AG/London 5.700 6/25/2020 EUR 74.190
Landesbank Baden-Wuertte 3.000 10/25/2019 EUR 61.980
Landesbank Baden-Wuertte 3.500 10/25/2019 EUR 68.130
Landesbank Baden-Wuertte 2.000 10/25/2019 EUR 47.610
Landesbank Baden-Wuertte 3.500 10/25/2019 EUR 43.900
Landesbank Baden-Wuertte 5.000 10/25/2019 EUR 41.860
Landesbank Baden-Wuertte 6.000 10/25/2019 EUR 65.120
Landesbank Baden-Wuertte 4.000 10/25/2019 EUR 71.040
Landesbank Baden-Wuertte 2.500 10/25/2019 EUR 73.650
Landesbank Baden-Wuertte 4.000 10/25/2019 EUR 69.710
Landesbank Baden-Wuertte 2.500 10/25/2019 EUR 62.420
Landesbank Baden-Wuertte 4.000 10/25/2019 EUR 59.400
Leonteq Securities AG/Gu 10.000 9/23/2019 CHF 59.880
Landesbank Baden-Wuertte 3.000 5/26/2023 EUR 73.880
Landesbank Hessen-Thueri 3.500 10/23/2020 EUR 69.200
DekaBank Deutsche Giroze 7.050 10/9/2020 EUR 45.340
DekaBank Deutsche Giroze 6.300 10/9/2020 EUR 55.530
DekaBank Deutsche Giroze 4.250 10/9/2020 EUR 52.010
Landesbank Hessen-Thueri 4.000 4/20/2022 EUR 58.040
UBS AG/London 12.500 9/23/2019 CHF 34.650
UBS AG/London 10.000 9/23/2019 EUR 42.700
Bayerische Landesbank 3.400 10/18/2019 EUR 63.150
Bank Julius Baer & Co Lt 9.250 9/30/2019 CHF 62.700
UBS AG/London 10.000 9/23/2019 USD 49.400
Credit Suisse AG/Nassau 8.250 10/3/2019 EUR 70.720
Credit Suisse AG/Nassau 7.250 10/3/2019 CHF 62.380
DekaBank Deutsche Giroze 2.500 4/17/2020 EUR 71.560
DekaBank Deutsche Giroze 2.750 4/16/2021 EUR 64.590
Vontobel Financial Produ 6.500 4/20/2020 EUR 68.130
Vontobel Financial Produ 5.000 4/20/2020 EUR 73.350
Natixis SA 3.500 3/23/2020 USD 48.695
Raiffeisen Schweiz Genos 7.750 10/3/2019 CHF 37.230
Raiffeisen Schweiz Genos 7.500 4/3/2020 CHF 65.640
UniCredit Bank AG 4.850 10/9/2021 EUR 66.440
UniCredit Bank AG 4.650 4/16/2021 EUR 55.210
DekaBank Deutsche Giroze 3.900 4/25/2022 EUR 62.150
UniCredit Bank AG 5.600 4/16/2021 EUR 52.940
Landesbank Hessen-Thueri 2.000 3/29/2022 EUR 63.670
Banque Cantonale Vaudois 7.500 10/4/2019 CHF 67.280
DekaBank Deutsche Giroze 2.750 4/17/2020 EUR 60.830
DekaBank Deutsche Giroze 2.700 4/17/2020 EUR 51.000
DekaBank Deutsche Giroze 2.200 4/16/2021 EUR 58.220
Landesbank Baden-Wuertte 3.000 9/27/2019 EUR 64.050
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 55.090
Landesbank Baden-Wuertte 7.000 9/27/2019 EUR 50.500
Landesbank Baden-Wuertte 3.000 9/27/2019 EUR 21.720
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 19.690
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 49.770
Landesbank Baden-Wuertte 6.000 9/27/2019 EUR 45.380
Landesbank Baden-Wuertte 2.500 9/27/2019 EUR 60.000
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 56.940
Landesbank Baden-Wuertte 4.500 9/27/2019 EUR 54.130
Landesbank Baden-Wuertte 2.500 9/27/2019 EUR 60.400
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 56.210
Landesbank Baden-Wuertte 4.500 9/27/2019 EUR 53.960
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 70.800
Landesbank Baden-Wuertte 5.500 9/27/2019 EUR 66.380
Landesbank Baden-Wuertte 7.000 9/27/2019 EUR 63.520
Landesbank Baden-Wuertte 2.500 9/27/2019 EUR 71.240
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 64.270
Landesbank Baden-Wuertte 5.500 9/27/2019 EUR 58.610
Landesbank Baden-Wuertte 7.000 9/27/2019 EUR 53.860
Landesbank Baden-Wuertte 3.000 9/27/2019 EUR 66.520
Landesbank Baden-Wuertte 6.000 9/27/2019 EUR 73.170
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 70.910
Landesbank Baden-Wuertte 5.500 9/27/2019 EUR 65.670
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 69.950
Landesbank Baden-Wuertte 6.500 9/27/2019 EUR 63.760
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 73.950
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 62.900
Landesbank Baden-Wuertte 6.000 9/27/2019 EUR 56.850
Landesbank Baden-Wuertte 2.000 9/27/2019 EUR 61.090
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 57.920
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 52.280
Landesbank Baden-Wuertte 2.000 9/27/2019 EUR 72.270
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 65.580
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 61.120
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 73.490
Landesbank Baden-Wuertte 2.500 9/27/2019 EUR 68.620
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 61.960
Landesbank Baden-Wuertte 5.500 9/27/2019 EUR 56.410
Landesbank Baden-Wuertte 7.000 9/27/2019 EUR 51.890
Landesbank Baden-Wuertte 4.500 9/27/2019 EUR 70.840
Landesbank Baden-Wuertte 5.200 1/24/2020 EUR 57.080
Landesbank Baden-Wuertte 5.600 1/24/2020 EUR 40.530
Landesbank Baden-Wuertte 2.500 9/27/2019 EUR 70.080
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 64.210
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 58.090
Landesbank Baden-Wuertte 7.000 9/27/2019 EUR 53.600
Landesbank Baden-Wuertte 3.000 9/27/2019 EUR 55.130
Landesbank Baden-Wuertte 4.000 9/27/2019 EUR 52.330
Landesbank Baden-Wuertte 2.000 9/27/2019 EUR 60.940
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 56.300
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 52.340
UniCredit Bank AG 12.800 12/29/2020 EUR 38.620
UniCredit Bank AG 7.800 12/29/2020 EUR 40.950
UniCredit Bank AG 9.200 12/29/2020 EUR 39.930
Vontobel Financial Produ 9.460 10/24/2019 EUR 46.490
HSBC Trinkaus & Burkhard 6.000 12/30/2019 EUR 74.660
Landesbank Baden-Wuertte 5.800 11/22/2019 EUR 30.360
Landesbank Baden-Wuertte 5.850 11/22/2019 EUR 55.720
Vontobel Financial Produ 15.000 9/27/2019 EUR 64.000
Vontobel Financial Produ 12.500 1/3/2020 EUR 67.060
Commerzbank AG 19.750 9/27/2019 EUR 59.560
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 73.630
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 73.970
BNP Paribas Emissions- u 9.000 12/30/2019 EUR 74.290
Vontobel Financial Produ 11.500 9/27/2019 EUR 52.530
Vontobel Financial Produ 9.650 10/21/2019 CHF 70.360
Landesbank Hessen-Thueri 4.000 11/22/2019 EUR 78.100
Commerzbank AG 9.250 9/27/2019 EUR 71.210
Commerzbank AG 10.250 9/27/2019 EUR 67.530
Commerzbank AG 12.250 9/27/2019 EUR 64.870
DZ Bank AG Deutsche Zent 6.250 12/27/2019 EUR 41.000
DZ Bank AG Deutsche Zent 10.750 9/25/2019 EUR 64.390
DZ Bank AG Deutsche Zent 8.000 12/27/2019 EUR 69.850
Bank Julius Baer & Co Lt 5.700 10/23/2019 CHF 65.200
UBS AG/London 7.000 6/2/2020 CHF 58.350
UBS AG/London 11.000 12/2/2019 CHF 46.450
UBS AG/London 7.250 12/2/2019 CHF 58.400
UBS AG/London 11.000 12/2/2019 CHF 44.500
Leonteq Securities AG/Gu 8.000 12/27/2019 CHF 59.360
UniCredit Bank AG 3.850 6/28/2022 EUR 59.730
Natixis SA 2.970 6/8/2021 USD 70.473
EFG International Financ 7.000 6/15/2020 CHF 66.160
Raiffeisen Centrobank AG 7.258 6/23/2020 EUR 67.800
UniCredit Bank AG 3.800 6/28/2022 EUR 57.340
UniCredit Bank AG 4.250 6/28/2022 EUR 68.500
Landesbank Baden-Wuertte 5.000 2/28/2020 EUR 44.300
Landesbank Baden-Wuertte 5.300 2/28/2020 EUR 49.600
Landesbank Hessen-Thueri 3.500 7/6/2022 EUR 53.010
Leonteq Securities AG 12.000 9/11/2019 CHF 27.440
BNP Paribas Issuance BV 5.800 6/1/2020 EUR 64.050
BNP Paribas Issuance BV 6.400 6/1/2020 EUR 48.000
BNP Paribas Issuance BV 6.200 6/1/2020 EUR 69.400
DekaBank Deutsche Giroze 3.000 6/26/2020 EUR 61.490
Leonteq Securities AG 10.000 9/4/2019 CHF 45.300
Bayerische Landesbank 2.500 7/10/2020 EUR 67.030
Leonteq Securities AG 16.000 9/11/2019 CHF 55.010
Landesbank Hessen-Thueri 2.000 6/13/2022 EUR 70.820
BNP Paribas Emissions- u 12.000 9/26/2019 EUR 55.460
BNP Paribas Emissions- u 19.000 9/26/2019 EUR 47.650
BNP Paribas Emissions- u 13.000 12/30/2019 EUR 64.360
BNP Paribas Emissions- u 15.000 12/30/2019 EUR 59.680
BNP Paribas Emissions- u 10.000 9/26/2019 EUR 72.290
BNP Paribas Emissions- u 11.000 9/26/2019 EUR 70.500
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 69.320
BNP Paribas Emissions- u 17.000 9/26/2019 EUR 54.280
BNP Paribas Emissions- u 12.000 9/26/2019 EUR 48.600
BNP Paribas Emissions- u 12.000 12/30/2019 EUR 61.730
BNP Paribas Emissions- u 20.000 9/26/2019 EUR 65.260
BNP Paribas Emissions- u 6.500 9/26/2019 EUR 69.480
BNP Paribas Emissions- u 13.000 9/26/2019 EUR 70.010
BNP Paribas Emissions- u 6.000 9/26/2019 EUR 60.050
BNP Paribas Emissions- u 18.000 9/26/2019 EUR 72.910
BNP Paribas Emissions- u 7.500 9/26/2019 EUR 70.100
BNP Paribas Emissions- u 17.000 9/26/2019 EUR 70.820
BNP Paribas Emissions- u 6.500 9/26/2019 EUR 64.700
Commerzbank AG 4.750 9/27/2019 EUR 71.350
BNP Paribas Issuance BV 5.000 11/7/2023 SEK 67.850
UniCredit Bank AG 14.000 12/29/2020 EUR 38.750
UniCredit Bank AG 8.600 1/3/2020 EUR 33.920
UniCredit Bank AG 8.600 9/27/2019 EUR 31.600
UBS AG/London 10.000 4/24/2020 USD 49.860
UBS AG/London 9.000 4/24/2020 EUR 50.900
UBS AG/London 10.000 4/17/2020 EUR 63.300
DekaBank Deutsche Giroze 3.200 12/13/2019 EUR 39.680
Leonteq Securities AG/Gu 8.000 12/27/2019 CHF 60.520
Zurcher Kantonalbank Fin 7.000 10/16/2019 CHF 57.450
DZ Bank AG Deutsche Zent 7.500 12/23/2019 EUR 66.260
DZ Bank AG Deutsche Zent 6.250 12/23/2019 EUR 68.900
DZ Bank AG Deutsche Zent 8.250 12/23/2019 EUR 70.750
DZ Bank AG Deutsche Zent 6.500 12/23/2019 EUR 70.190
Zurcher Kantonalbank Fin 6.750 10/30/2019 USD 47.830
Commerzbank AG 11.000 9/27/2019 EUR 59.220
DZ Bank AG Deutsche Zent 10.500 12/27/2019 EUR 66.880
BNP Paribas Emissions- u 6.000 9/26/2019 EUR 46.610
BNP Paribas Emissions- u 13.000 12/30/2019 EUR 54.520
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 50.830
BNP Paribas Emissions- u 6.000 12/30/2019 EUR 48.310
BNP Paribas Emissions- u 19.000 12/30/2019 EUR 52.730
BNP Paribas Emissions- u 5.500 12/30/2019 EUR 71.020
BNP Paribas Emissions- u 9.500 12/30/2019 EUR 72.380
BNP Paribas Emissions- u 18.000 12/30/2019 EUR 72.680
BNP Paribas Emissions- u 7.500 12/30/2019 EUR 66.650
BNP Paribas Emissions- u 15.000 12/30/2019 EUR 69.190
BNP Paribas Emissions- u 8.500 9/26/2019 EUR 53.620
BNP Paribas Emissions- u 8.500 12/30/2019 EUR 54.430
BNP Paribas Emissions- u 17.000 12/30/2019 EUR 57.310
BNP Paribas Emissions- u 8.500 9/26/2019 EUR 59.350
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 66.150
BNP Paribas Emissions- u 16.000 12/30/2019 EUR 69.160
BNP Paribas Emissions- u 6.500 12/30/2019 EUR 60.950
BNP Paribas Emissions- u 13.000 12/30/2019 EUR 63.150
BNP Paribas Emissions- u 9.000 9/26/2019 EUR 65.390
BNP Paribas Emissions- u 16.000 9/26/2019 EUR 65.910
UBS AG/London 12.300 3/26/2020 EUR 67.250
UBS AG/London 5.800 3/26/2020 EUR 73.470
UBS AG/London 5.700 9/24/2020 EUR 70.360
UBS AG/London 3.800 3/26/2020 EUR 77.810
Bank Julius Baer & Co Lt 6.900 1/22/2020 CHF 66.500
Commerzbank AG 13.000 12/31/2019 EUR 68.540
Vontobel Financial Produ 9.000 1/3/2020 EUR 42.560
Vontobel Financial Produ 10.500 1/3/2020 EUR 41.030
Vontobel Financial Produ 11.000 3/27/2020 EUR 41.640
Vontobel Financial Produ 9.500 3/27/2020 EUR 42.500
Vontobel Financial Produ 12.500 1/3/2020 EUR 39.870
BNP Paribas Emissions- u 6.500 12/30/2019 EUR 39.680
DekaBank Deutsche Giroze 6.250 1/31/2020 EUR 74.200
HSBC Trinkaus & Burkhard 5.000 2/10/2020 EUR 45.760
Commerzbank AG 10.500 10/25/2019 EUR 67.570
HSBC Trinkaus & Burkhard 5.800 3/27/2020 EUR 72.830
HSBC Trinkaus & Burkhard 7.300 12/27/2019 EUR 63.550
HSBC Trinkaus & Burkhard 13.000 9/27/2019 EUR 38.850
HSBC Trinkaus & Burkhard 5.000 12/27/2019 EUR 48.220
HSBC Trinkaus & Burkhard 11.500 3/27/2020 EUR 42.280
HSBC Trinkaus & Burkhard 5.300 3/27/2020 EUR 73.240
HSBC Trinkaus & Burkhard 6.200 11/22/2019 EUR 71.930
HSBC Trinkaus & Burkhard 6.200 2/28/2020 EUR 71.550
HSBC Trinkaus & Burkhard 8.500 12/27/2019 EUR 68.250
HSBC Trinkaus & Burkhard 10.300 3/27/2020 EUR 66.060
HSBC Trinkaus & Burkhard 5.000 3/27/2020 EUR 49.080
HSBC Trinkaus & Burkhard 9.400 2/28/2020 EUR 43.390
HSBC Trinkaus & Burkhard 8.100 3/27/2020 EUR 72.270
HSBC Trinkaus & Burkhard 7.500 10/25/2019 EUR 72.780
HSBC Trinkaus & Burkhard 9.000 9/27/2019 EUR 67.300
Vontobel Financial Produ 9.750 12/31/2019 EUR 72.550
Bank Julius Baer & Co Lt 9.300 11/28/2019 EUR 60.400
UBS AG/London 9.000 11/28/2019 CHF 63.500
Leonteq Securities AG/Gu 6.600 8/18/2020 CHF 58.880
Commerzbank AG 13.250 11/22/2019 EUR 54.500
Commerzbank AG 8.750 9/27/2019 EUR 60.230
Commerzbank AG 16.000 10/25/2019 EUR 51.120
Vontobel Financial Produ 15.000 9/27/2019 EUR 72.490
Leonteq Securities AG/Gu 10.200 6/3/2020 USD 58.500
Commerzbank AG 13.750 11/22/2019 EUR 72.000
Bayerische Landesbank 2.700 9/18/2020 EUR 57.390
EFG International Financ 5.800 8/31/2020 EUR 68.320
DekaBank Deutsche Giroze 4.400 2/21/2020 EUR 65.630
DekaBank Deutsche Giroze 2.000 9/18/2020 EUR 51.060
UniCredit Bank AG 4.300 8/24/2021 EUR 68.120
DZ Bank AG Deutsche Zent 13.000 9/25/2019 EUR 49.630
DZ Bank AG Deutsche Zent 8.250 12/27/2019 EUR 61.770
DZ Bank AG Deutsche Zent 11.000 12/27/2019 EUR 67.510
Vontobel Financial Produ 15.000 9/27/2019 EUR 62.430
Vontobel Financial Produ 10.500 1/3/2020 EUR 68.580
Vontobel Financial Produ 15.500 1/3/2020 EUR 62.840
Commerzbank AG 10.000 12/31/2019 EUR 71.810
Commerzbank AG 14.250 12/31/2019 EUR 61.620
BNP Paribas Emissions- u 8.000 3/26/2020 EUR 70.330
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 68.590
Goldman Sachs & Co Wertp 14.000 9/25/2019 EUR 71.880
Goldman Sachs & Co Wertp 13.000 10/23/2019 EUR 73.000
Commerzbank AG 8.250 12/31/2019 EUR 71.290
Commerzbank AG 8.000 3/27/2020 EUR 71.580
Commerzbank AG 12.000 3/27/2020 EUR 68.060
Commerzbank AG 16.000 12/31/2019 EUR 57.870
Goldman Sachs & Co Wertp 12.000 11/20/2019 EUR 73.710
Goldman Sachs & Co Wertp 20.000 11/20/2019 EUR 68.520
Goldman Sachs & Co Wertp 24.000 11/20/2019 EUR 66.490
Goldman Sachs & Co Wertp 14.000 12/27/2019 EUR 72.000
Goldman Sachs & Co Wertp 18.000 12/27/2019 EUR 70.090
Goldman Sachs & Co Wertp 25.000 12/27/2019 EUR 66.560
Goldman Sachs & Co Wertp 13.000 1/22/2020 EUR 72.580
Goldman Sachs & Co Wertp 20.000 1/22/2020 EUR 69.040
Goldman Sachs & Co Wertp 23.000 1/22/2020 EUR 67.570
Goldman Sachs & Co Wertp 15.000 2/26/2020 EUR 71.350
Goldman Sachs & Co Wertp 18.000 2/26/2020 EUR 69.910
Goldman Sachs & Co Wertp 24.000 2/26/2020 EUR 67.770
Goldman Sachs & Co Wertp 14.000 3/25/2020 EUR 71.850
Goldman Sachs & Co Wertp 19.000 4/22/2020 EUR 70.790
Goldman Sachs & Co Wertp 20.000 6/24/2020 EUR 70.290
Goldman Sachs & Co Wertp 17.000 9/23/2020 EUR 71.990
Goldman Sachs & Co Wertp 15.000 12/23/2020 EUR 73.490
Vontobel Financial Produ 7.000 6/19/2020 USD 64.158
Commerzbank AG 5.000 1/22/2020 EUR 71.930
UniCredit Bank AG 3.500 10/8/2022 EUR 66.820
Vontobel Financial Produ 7.000 3/13/2020 EUR 69.640
Vontobel Financial Produ 18.500 12/13/2019 EUR 59.760
Vontobel Financial Produ 6.500 9/13/2019 EUR 71.380
Vontobel Financial Produ 7.000 12/13/2019 EUR 72.830
UniCredit Bank AG 3.450 9/26/2021 EUR 69.000
Landesbank Baden-Wuertte 4.000 2/28/2020 EUR 70.160
Leonteq Securities AG/Gu 9.200 9/11/2019 CHF 49.320
Leonteq Securities AG/Gu 5.200 9/11/2019 CHF 63.970
DekaBank Deutsche Giroze 3.650 3/27/2020 EUR 64.370
Deutsche Bank AG 3.200 12/24/2019 EUR 70.310
Deutsche Bank AG 3.200 12/24/2019 EUR 66.900
Deutsche Bank AG 3.200 6/23/2020 EUR 71.600
Deutsche Bank AG 3.200 6/23/2020 EUR 68.230
Deutsche Bank AG 3.200 6/23/2020 EUR 65.100
Deutsche Bank AG 3.200 9/22/2020 EUR 72.040
Deutsche Bank AG 3.200 9/22/2020 EUR 68.790
Deutsche Bank AG 3.200 9/22/2020 EUR 65.740
Deutsche Bank AG 4.200 12/22/2020 EUR 68.200
Deutsche Bank AG 3.200 12/22/2020 EUR 72.480
Deutsche Bank AG 4.200 6/23/2020 EUR 68.800
Leonteq Securities AG/Gu 6.000 8/18/2020 CHF 66.960
Commerzbank AG 11.250 11/22/2019 EUR 57.020
Commerzbank AG 10.750 9/27/2019 EUR 56.920
Commerzbank AG 16.750 9/27/2019 EUR 50.000
Commerzbank AG 7.250 11/22/2019 EUR 64.060
Vonetize Plc 6.000 8/1/2022 ILS
UniCredit Bank AG 5.250 9/19/2020 EUR 55.500
Zurcher Kantonalbank Fin 6.250 8/24/2020 CHF 62.930
Vontobel Financial Produ 10.500 12/31/2019 EUR 72.650
Commerzbank AG 15.250 9/27/2019 EUR 62.110
Leonteq Securities AG/Gu 7.400 8/28/2019 CHF 65.220
Leonteq Securities AG/Gu 5.000 8/25/2020 CHF 65.000
Citigroup Global Markets 13.200 12/18/2023 SEK 66.700
HSBC Trinkaus & Burkhard 11.530 11/28/2019 EUR 65.320
Vontobel Financial Produ 9.000 9/27/2019 EUR 70.550
Vontobel Financial Produ 12.000 9/27/2019 EUR 66.230
Vontobel Financial Produ 8.500 1/3/2020 EUR 72.330
Vontobel Financial Produ 16.500 9/27/2019 EUR 71.420
DZ Bank AG Deutsche Zent 5.750 12/27/2019 EUR 70.360
DZ Bank AG Deutsche Zent 11.000 12/27/2019 EUR 63.030
Commerzbank AG 4.250 9/27/2019 EUR 73.060
Commerzbank AG 12.500 10/25/2019 EUR 66.720
Commerzbank AG 14.500 10/25/2019 EUR 64.000
Commerzbank AG 15.250 9/27/2019 EUR 63.060
Commerzbank AG 10.500 9/27/2019 EUR 72.330
Commerzbank AG 12.500 9/27/2019 EUR 69.500
Commerzbank AG 14.500 9/27/2019 EUR 67.030
Commerzbank AG 9.750 10/25/2019 EUR 73.750
Commerzbank AG 11.750 10/25/2019 EUR 70.690
Commerzbank AG 13.750 10/25/2019 EUR 68.160
Vontobel Financial Produ 17.650 12/17/2019 EUR 71.020
Vontobel Financial Produ 7.000 1/6/2020 EUR 70.080
Vontobel Financial Produ 11.500 6/12/2020 EUR 71.550
Vontobel Financial Produ 14.500 3/13/2020 EUR 70.530
Commerzbank AG 12.000 12/31/2019 EUR 70.030
BNP Paribas Emissions- u 9.000 6/25/2020 EUR 70.440
Vontobel Financial Produ 10.500 4/3/2020 EUR 72.600
Goldman Sachs & Co Wertp 24.000 9/25/2019 EUR 65.750
Goldman Sachs & Co Wertp 17.000 10/23/2019 EUR 69.990
Goldman Sachs & Co Wertp 22.000 10/23/2019 EUR 67.300
EFG International Financ 7.400 3/29/2021 EUR 59.860
Zurcher Kantonalbank Fin 7.150 3/19/2020 CHF 27.780
Raiffeisen Schweiz Genos 7.000 9/23/2020 EUR 54.820
Raiffeisen Schweiz Genos 5.250 9/23/2019 CHF 72.360
Raiffeisen Schweiz Genos 10.000 9/23/2019 CHF 35.720
Landesbank Baden-Wuertte 4.100 6/25/2021 EUR 67.840
Societe Generale Effekte 6.100 4/3/2023 EUR 63.490
Goldman Sachs & Co Wertp 20.000 3/25/2020 EUR 69.740
Goldman Sachs & Co Wertp 22.000 3/25/2020 EUR 68.440
Goldman Sachs & Co Wertp 14.000 4/22/2020 EUR 73.060
Goldman Sachs & Co Wertp 21.000 4/22/2020 EUR 69.650
Goldman Sachs & Co Wertp 14.000 6/24/2020 EUR 72.950
Goldman Sachs & Co Wertp 14.000 9/23/2020 EUR 73.560
Vontobel Financial Produ 16.000 6/12/2020 EUR 69.760
Vontobel Financial Produ 17.000 3/13/2020 EUR 69.080
Landesbank Baden-Wuertte 5.500 9/25/2020 EUR 73.140
Landesbank Baden-Wuertte 3.000 9/25/2020 EUR 68.430
Landesbank Baden-Wuertte 5.000 9/25/2020 EUR 64.500
Landesbank Baden-Wuertte 7.000 9/25/2020 EUR 61.980
Commerzbank AG 14.000 12/31/2019 EUR 68.530
BNP Paribas Emissions- u 6.000 6/25/2020 EUR 73.290
BNP Paribas Emissions- u 9.000 12/30/2019 EUR 68.930
Vontobel Financial Produ 11.500 3/27/2020 EUR 72.220
Goldman Sachs & Co Wertp 19.000 9/25/2019 EUR 68.630
Commerzbank AG 13.750 11/22/2019 EUR 65.490
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 65.560
Vontobel Financial Produ 6.950 12/13/2019 EUR 52.910
UniCredit Bank AG 4.600 10/8/2022 EUR 61.680
Vontobel Financial Produ 5.000 12/13/2019 EUR 73.460
UBS AG/London 6.000 8/30/2019 CHF 11.040
Vontobel Financial Produ 8.000 12/13/2019 EUR 72.190
Vontobel Financial Produ 16.000 3/13/2020 EUR 71.310
UniCredit Bank AG 5.000 9/26/2021 EUR 37.770
Landesbank Baden-Wuertte 2.650 2/28/2020 EUR 74.080
Leonteq Securities AG/Gu 5.000 9/8/2020 CHF 38.410
Leonteq Securities AG/Gu 9.000 9/11/2019 EUR 62.180
HSBC Trinkaus & Burkhard 2.250 4/22/2020 EUR 60.100
HSBC Trinkaus & Burkhard 2.000 4/22/2020 EUR 72.960
HSBC Trinkaus & Burkhard 1.750 4/22/2020 EUR 73.290
Bank Julius Baer & Co Lt 5.700 10/23/2019 CHF 52.750
Bank Julius Baer & Co Lt 5.700 10/23/2019 CHF 69.500
BNP Paribas Emissions- u 5.500 9/26/2019 EUR 69.440
BNP Paribas Emissions- u 9.500 9/26/2019 EUR 69.750
BNP Paribas Emissions- u 10.000 9/26/2019 EUR 60.750
BNP Paribas Emissions- u 13.000 9/26/2019 EUR 51.000
BNP Paribas Emissions- u 8.000 9/26/2019 EUR 48.610
BNP Paribas Emissions- u 10.000 12/30/2019 EUR 71.800
BNP Paribas Emissions- u 19.000 9/26/2019 EUR 70.480
BNP Paribas Emissions- u 7.500 12/30/2019 EUR 71.830
BNP Paribas Emissions- u 7.000 9/26/2019 EUR 48.210
BNP Paribas Emissions- u 6.000 12/30/2019 EUR 59.690
BNP Paribas Emissions- u 20.000 12/30/2019 EUR 64.440
BNP Paribas Emissions- u 7.000 12/30/2019 EUR 48.910
BNP Paribas Emissions- u 12.000 12/30/2019 EUR 50.620
BNP Paribas Emissions- u 19.000 9/26/2019 EUR 71.100
BNP Paribas Emissions- u 12.000 9/26/2019 EUR 64.640
BNP Paribas Emissions- u 9.500 12/30/2019 EUR 72.830
BNP Paribas Emissions- u 5.000 9/26/2019 EUR 65.080
BNP Paribas Emissions- u 12.000 9/26/2019 EUR 60.520
BNP Paribas Emissions- u 20.000 9/26/2019 EUR 61.140
BNP Paribas Emissions- u 7.000 9/26/2019 EUR 67.290
BNP Paribas Emissions- u 16.000 9/26/2019 EUR 67.990
BNP Paribas Emissions- u 11.000 9/26/2019 EUR 65.050
BNP Paribas Emissions- u 29.000 9/26/2019 EUR 73.360
BNP Paribas Emissions- u 14.000 3/26/2020 EUR 72.380
DZ Bank AG Deutsche Zent 6.500 12/27/2019 EUR 71.330
DZ Bank AG Deutsche Zent 8.750 12/27/2019 EUR 70.490
Commerzbank AG 6.250 9/27/2019 EUR 68.600
Commerzbank AG 9.250 11/22/2019 EUR 63.500
Commerzbank AG 11.250 11/22/2019 EUR 60.580
Commerzbank AG 13.250 11/22/2019 EUR 58.130
Commerzbank AG 14.250 10/25/2019 EUR 69.200
Commerzbank AG 6.250 11/22/2019 EUR 68.720
Commerzbank AG 8.250 11/22/2019 EUR 63.790
Commerzbank AG 13.250 9/27/2019 EUR 65.880
Commerzbank AG 14.250 11/22/2019 EUR 55.210
Commerzbank AG 17.750 9/27/2019 EUR 68.670
Commerzbank AG 7.750 12/31/2019 EUR 66.670
Vontobel Financial Produ 7.250 9/13/2019 EUR 51.580
Commerzbank AG 2.100 8/28/2020 EUR 59.430
UBS AG/London 10.000 12/5/2019 EUR 64.550
Societe Generale Effekte 7.027 12/20/2019 EUR 72.500
Landesbank Baden-Wuertte 3.500 9/27/2019 EUR 70.870
Vontobel Financial Produ 5.500 12/13/2019 EUR 52.480
Vontobel Financial Produ 10.500 12/13/2019 EUR 68.070
Vontobel Financial Produ 16.000 3/13/2020 EUR 62.860
Commerzbank AG 9.500 10/25/2019 EUR 68.780
Commerzbank AG 5.250 11/22/2019 EUR 72.650
EFG International Financ 7.400 9/13/2019 USD 36.490
UBS AG/London 6.900 3/26/2020 EUR 71.350
Leonteq Securities AG/Gu 3.000 9/20/2022 CHF 69.650
UBS AG/London 10.000 12/5/2019 USD 63.300
Commerzbank AG 11.750 11/22/2019 EUR 68.190
Societe Generale Effekte 29.411 12/20/2019 EUR 61.250
Landesbank Baden-Wuertte 4.250 2/28/2020 EUR 58.090
Landesbank Baden-Wuertte 2.550 2/28/2020 EUR 73.720
Landesbank Hessen-Thueri 3.000 10/9/2019 EUR 70.300
Leonteq Securities AG/Gu 6.200 3/11/2020 CHF 66.840
Vontobel Financial Produ 14.000 1/3/2020 EUR 60.160
Vontobel Financial Produ 18.000 1/3/2020 EUR 71.220
Vontobel Financial Produ 11.500 1/3/2020 EUR 65.920
DZ Bank AG Deutsche Zent 10.000 3/25/2020 EUR 72.240
DZ Bank AG Deutsche Zent 11.000 9/25/2019 EUR 64.260
Commerzbank AG 13.750 10/25/2019 EUR 57.260
DZ Bank AG Deutsche Zent 7.000 12/27/2019 EUR 62.180
Commerzbank AG 10.500 10/25/2019 EUR 70.120
Commerzbank AG 9.750 11/22/2019 EUR 71.510
DekaBank Deutsche Giroze 2.700 9/18/2020 EUR 66.290
DekaBank Deutsche Giroze 2.300 9/20/2019 EUR 74.360
DekaBank Deutsche Giroze 2.000 9/18/2020 EUR 71.300
Vontobel Financial Produ 5.650 12/13/2019 EUR 69.090
Vontobel Financial Produ 10.250 9/13/2019 EUR 51.820
Bank Julius Baer & Co Lt 10.800 6/12/2020 CHF 68.050
UBS AG/London 10.000 12/5/2019 EUR 64.600
UBS AG/London 6.600 6/25/2020 EUR 70.380
UBS AG/London 8.500 3/26/2020 EUR 71.460
UBS AG/London 10.400 3/26/2020 EUR 68.400
UBS AG/London 5.900 12/28/2020 EUR 72.150
Bayerische Landesbank 2.700 11/26/2021 EUR 69.410
Leonteq Securities AG 13.750 11/7/2019 CHF 48.400
Leonteq Securities AG 16.000 11/4/2019 USD 50.010
Bayerische Landesbank 2.500 11/12/2021 EUR 70.100
Raiffeisen Schweiz Genos 6.750 5/4/2020 CHF 71.760
Raiffeisen Schweiz Genos 5.500 5/4/2020 CHF 60.510
Raiffeisen Schweiz Genos 5.300 5/4/2020 EUR 66.170
Raiffeisen Schweiz Genos 4.700 11/4/2020 CHF 60.960
Bank Julius Baer & Co Lt 8.500 10/28/2019 EUR 55.200
Raiffeisen Switzerland B 7.800 4/27/2020 EUR 72.160
UniCredit Bank AG 3.700 5/18/2022 CHF 63.240
Landesbank Baden-Wuertte 2.750 7/23/2021 EUR 71.050
Landesbank Baden-Wuertte 3.700 7/23/2021 EUR 66.550
DekaBank Deutsche Giroze 2.500 5/28/2021 EUR 66.870
Vontobel Financial Produ 3.250 10/25/2019 EUR 58.980
Vontobel Financial Produ 6.100 10/25/2019 EUR 56.510
Bayerische Landesbank 2.300 11/26/2021 EUR 73.730
UBS AG/London 10.500 4/20/2020 EUR 50.800
UBS AG/London 6.250 4/20/2020 CHF 61.150
UBS AG/London 6.500 11/11/2019 CHF 68.200
UBS AG/London 6.000 11/11/2019 CHF 57.750
UBS AG/London 6.000 11/11/2019 EUR 63.300
UBS AG/London 6.250 11/11/2019 EUR 56.250
UBS AG/London 6.000 11/11/2019 CHF 69.250
Vontobel Financial Produ 4.400 12/2/2019 EUR 50.890
UniCredit Bank AG 5.400 6/4/2021 EUR 51.100
Corner Banca SA 8.000 5/25/2021 CHF 65.410
UniCredit Bank AG 5.000 6/11/2021 EUR 52.680
UniCredit Bank AG 4.650 6/4/2022 EUR 72.140
Citigroup Global Markets 7.200 5/24/2023 SEK 32.500
Citigroup Global Markets 7.000 5/17/2023 SEK 57.790
Raiffeisen Schweiz Genos 5.750 5/18/2020 CHF 59.060
Raiffeisen Schweiz Genos 8.000 11/22/2019 EUR 46.380
Raiffeisen Schweiz Genos 6.500 5/18/2020 CHF 27.070
Raiffeisen Schweiz Genos 5.300 11/23/2020 CHF 60.460
Bank Julius Baer & Co Lt 10.500 11/12/2019 USD 63.100
Bank Julius Baer & Co Lt 6.000 5/11/2020 CHF 63.900
Landesbank Hessen-Thueri 4.000 6/22/2022 EUR 54.390
HSBC Trinkaus & Burkhard 4.680 11/22/2019 EUR 42.730
Natixis SA 3.150 6/9/2021 USD 50.327
Landesbank Baden-Wuertte 4.500 2/28/2020 EUR 67.470
Raiffeisen Schweiz Genos 5.800 12/11/2019 CHF 70.330
Raiffeisen Schweiz Genos 4.800 12/8/2020 CHF 50.570
Leonteq Securities AG 5.200 6/11/2020 CHF 58.370
Leonteq Securities AG 9.000 9/11/2019 CHF 56.930
Leonteq Securities AG 8.400 9/11/2019 CHF 67.360
Leonteq Securities AG 10.000 9/11/2019 EUR 67.500
Bank Julius Baer & Co Lt 8.000 9/2/2019 CHF 56.250
BNP Paribas Issuance BV 7.000 6/1/2020 EUR 72.500
BNP Paribas Issuance BV 6.600 6/1/2020 EUR 71.350
BNP Paribas Issuance BV 5.800 6/1/2020 EUR 69.900
BNP Paribas Issuance BV 6.800 6/1/2020 EUR 75.200
DekaBank Deutsche Giroze 2.000 6/25/2021 EUR 50.220
Leonteq Securities AG 14.800 9/4/2019 CHF 35.570
Credit Suisse AG/London 7.000 9/9/2019 CHF 54.420
Credit Suisse AG/Nassau 8.000 9/12/2019 EUR 66.560
UniCredit Bank AG 5.600 7/2/2021 EUR 58.540
UniCredit Bank AG 3.700 6/25/2022 EUR 73.450
Landesbank Baden-Wuertte 2.500 8/25/2023 EUR 68.640
Credit Suisse AG/Nassau 8.000 9/13/2019 CHF 73.170
Credit Suisse AG/Nassau 8.000 9/13/2019 EUR 60.420
DZ Bank AG Deutsche Zent 5.250 9/25/2019 EUR 53.600
DZ Bank AG Deutsche Zent 5.000 9/25/2019 EUR 66.940
DZ Bank AG Deutsche Zent 5.250 9/25/2019 EUR 70.920
Societe Generale SA 11.000 6/18/2020 USD 50.125
Landesbank Hessen-Thueri 7.600 7/6/2023 EUR 66.550
Leonteq Securities AG/Gu 2.500 6/5/2024 EUR 60.780
UBS AG/London 8.000 9/6/2019 CHF 65.450
UBS AG/London 5.250 12/6/2019 CHF 59.900
UBS AG/London 5.000 11/22/2019 EUR 58.000
UBS AG/London 6.750 12/6/2019 EUR 56.850
UBS AG/London 5.750 11/23/2020 CHF 63.100
UBS AG/London 8.000 6/8/2020 CHF 64.150
UBS AG/London 6.500 12/7/2020 EUR 57.400
UBS AG/London 7.250 6/8/2020 USD 68.890
Credit Suisse AG/Nassau 7.250 9/16/2019 CHF 54.260
Bank Julius Baer & Co Lt 6.950 9/13/2019 EUR 60.100
Credit Suisse AG/London 7.500 9/13/2019 CHF 71.300
Natixis SA 2.100 6/8/2021 EUR 50.885
Leonteq Securities AG 10.600 9/18/2019 CHF 56.730
Leonteq Securities AG 10.200 9/18/2019 CHF 27.450
Leonteq Securities AG 10.000 9/18/2019 EUR 44.220
Leonteq Securities AG/Gu 10.280 6/11/2020 CHF 66.120
Leonteq Securities AG/Gu 7.000 6/15/2020 CHF 61.320
UBS AG/London 3.500 9/26/2019 EUR 68.470
UBS AG/London 7.000 9/26/2019 EUR 57.370
UBS AG/London 5.400 1/2/2020 EUR 51.150
UBS AG/London 3.200 9/26/2019 EUR 69.620
UBS AG/London 5.400 9/26/2019 EUR 59.740
UBS AG/London 6.900 9/26/2019 EUR 47.100
UBS AG/London 6.900 9/26/2019 EUR 58.160
UBS AG/London 5.400 9/26/2019 EUR 49.060
UBS AG/London 4.200 1/2/2020 EUR 71.520
UBS AG/London 4.100 9/26/2019 EUR 66.320
UBS AG/London 3.800 9/26/2019 EUR 52.460
UBS AG/London 3.800 9/26/2019 EUR 72.220
UBS AG/London 4.500 9/26/2019 EUR 71.750
UBS AG/London 4.700 9/26/2019 EUR 64.150
HSBC Trinkaus & Burkhard 4.200 9/27/2019 EUR 73.180
HSBC Trinkaus & Burkhard 4.200 10/25/2019 EUR 73.990
HSBC Trinkaus & Burkhard 3.900 10/25/2019 EUR 51.190
HSBC Trinkaus & Burkhard 5.200 10/25/2019 EUR 68.780
HSBC Trinkaus & Burkhard 3.900 10/25/2019 EUR 66.040
HSBC Trinkaus & Burkhard 5.100 10/25/2019 EUR 67.690
HSBC Trinkaus & Burkhard 2.300 9/27/2019 EUR 57.510
HSBC Trinkaus & Burkhard 4.300 10/25/2019 EUR 52.250
HSBC Trinkaus & Burkhard 2.300 10/25/2019 EUR 57.630
HSBC Trinkaus & Burkhard 5.200 9/27/2019 EUR 67.310
HSBC Trinkaus & Burkhard 5.200 10/25/2019 EUR 20.890
HSBC Trinkaus & Burkhard 3.600 10/25/2019 EUR 70.270
HSBC Trinkaus & Burkhard 7.100 10/25/2019 EUR 62.480
HSBC Trinkaus & Burkhard 3.600 9/27/2019 EUR 56.650
Leonteq Securities AG/Gu 5.000 8/17/2020 CHF 65.690
UBS AG/London 2.600 9/26/2019 EUR 64.870
UBS AG/London 4.000 1/2/2020 EUR 60.820
Credit Suisse AG/Nassau 8.000 11/18/2019 CHF 66.610
Societe Generale Effekte 14.115 9/20/2019 EUR 71.460
Leonteq Securities AG 6.000 8/17/2021 CHF 63.050
Leonteq Securities AG 5.000 2/17/2021 CHF 49.760
Leonteq Securities AG/Gu 16.000 11/20/2019 USD 65.750
UBS AG/London 10.000 8/10/2020 USD 58.660
UBS AG/London 10.000 8/10/2020 CHF 59.150
Raiffeisen Schweiz Genos 5.300 8/17/2020 CHF 72.850
HSBC Trinkaus & Burkhard 5.500 8/14/2020 EUR 64.370
DZ Bank AG Deutsche Zent 6.750 12/27/2019 EUR 50.500
DZ Bank AG Deutsche Zent 6.500 12/27/2019 EUR 70.450
DZ Bank AG Deutsche Zent 8.750 12/27/2019 EUR 60.570
DZ Bank AG Deutsche Zent 5.750 12/27/2019 EUR 69.290
DZ Bank AG Deutsche Zent 9.000 12/27/2019 EUR 24.370
Landesbank Hessen-Thueri 4.000 9/14/2022 EUR 72.480
DZ Bank AG Deutsche Zent 6.250 12/23/2019 EUR 57.810
DZ Bank AG Deutsche Zent 7.000 9/23/2019 EUR 54.290
DZ Bank AG Deutsche Zent 4.800 12/23/2019 EUR 55.320
DZ Bank AG Deutsche Zent 6.000 12/23/2019 EUR 55.710
DZ Bank AG Deutsche Zent 5.000 12/23/2019 EUR 62.930
DZ Bank AG Deutsche Zent 6.000 12/23/2019 EUR 70.750
DZ Bank AG Deutsche Zent 7.700 12/23/2019 EUR 65.570
DZ Bank AG Deutsche Zent 4.750 9/23/2019 EUR 69.190
DZ Bank AG Deutsche Zent 8.500 9/23/2019 EUR 63.730
DZ Bank AG Deutsche Zent 6.250 9/23/2019 EUR 61.410
DZ Bank AG Deutsche Zent 6.750 9/23/2019 EUR 67.820
DZ Bank AG Deutsche Zent 4.500 12/23/2019 EUR 65.410
DZ Bank AG Deutsche Zent 6.250 9/23/2019 EUR 56.280
DZ Bank AG Deutsche Zent 5.400 12/23/2019 EUR 72.790
DZ Bank AG Deutsche Zent 7.000 12/23/2019 EUR 72.060
DZ Bank AG Deutsche Zent 4.700 12/23/2019 EUR 70.180
DZ Bank AG Deutsche Zent 5.100 9/23/2019 EUR 64.390
DZ Bank AG Deutsche Zent 6.600 9/23/2019 EUR 62.710
DZ Bank AG Deutsche Zent 4.300 12/23/2019 EUR 67.930
DZ Bank AG Deutsche Zent 5.100 12/23/2019 EUR 66.450
DZ Bank AG Deutsche Zent 5.900 12/23/2019 EUR 65.540
DZ Bank AG Deutsche Zent 6.500 12/23/2019 EUR 71.190
Zurcher Kantonalbank Fin 5.125 2/14/2020 CHF 66.750
Leonteq Securities AG/Gu 5.600 8/24/2021 CHF 52.740
Vontobel Financial Produ 11.500 9/27/2019 EUR 58.270
Vontobel Financial Produ 8.000 9/27/2019 EUR 72.980
Landesbank Baden-Wuertte 5.000 9/27/2019 EUR 70.990
Credit Suisse AG/Nassau 7.000 11/22/2019 CHF 64.560
DZ Bank AG Deutsche Zent 4.750 9/23/2019 EUR 59.630
BNP Paribas Emissions- u 6.300 9/26/2019 EUR 56.870
UBS AG/London 8.750 8/17/2020 CHF 47.150
UBS AG/London 9.500 8/17/2020 CHF 60.450
UBS AG/London 10.000 8/17/2020 CHF 64.150
UBS AG/London 9.000 8/17/2020 EUR 62.250
UBS AG/London 8.000 8/17/2020 EUR 50.350
UBS AG/London 7.000 8/17/2020 EUR 72.350
UBS AG/London 8.000 8/17/2020 CHF 56.800
Raiffeisen Schweiz Genos 6.000 8/17/2020 CHF 67.880
Vontobel Financial Produ 4.000 11/18/2019 EUR 74.243
Raiffeisen Schweiz Genos 5.340 8/17/2020 CHF 71.160
Leonteq Securities AG/Gu 12.800 11/27/2019 CHF 56.840
DekaBank Deutsche Giroze 3.000 9/12/2019 EUR 66.890
Vontobel Financial Produ 3.840 2/17/2020 EUR 62.400
Raiffeisen Schweiz Genos 6.250 2/17/2020 CHF 63.620
Leonteq Securities AG 8.000 8/24/2020 CHF 63.750
Leonteq Securities AG 12.400 11/27/2019 CHF 58.840
Leonteq Securities AG 10.200 11/27/2019 CHF 47.610
Leonteq Securities AG/Gu 15.000 11/27/2019 USD 39.210
Raiffeisen Schweiz Genos 6.500 2/24/2020 CHF 66.070
Raiffeisen Schweiz Genos 5.500 2/24/2020 CHF 67.270
Raiffeisen Schweiz Genos 5.250 2/24/2020 CHF 58.030
Landesbank Hessen-Thueri 5.800 9/24/2024 EUR 65.610
Credit Suisse AG/Nassau 8.000 11/27/2019 CHF 67.320
Corner Banca SA 5.800 2/17/2020 CHF 69.880
Corner Banca SA 8.700 2/20/2020 USD 70.410
Bayerische Landesbank 4.800 9/13/2019 EUR 58.790
Landesbank Baden-Wuertte 3.000 9/23/2022 EUR 69.690
Bayerische Landesbank 5.100 9/13/2019 EUR 60.770
Vontobel Financial Produ 6.000 9/27/2019 EUR 68.400
Vontobel Financial Produ 6.500 9/27/2019 EUR 53.800
Vontobel Financial Produ 7.500 9/27/2019 EUR 68.130
Societe Generale Effekte 5.600 9/4/2023 EUR 62.710
Vontobel Financial Produ 8.000 9/27/2019 EUR 49.060
Vontobel Financial Produ 12.000 9/27/2019 EUR 60.540
Vontobel Financial Produ 13.500 9/27/2019 EUR 51.180
Vontobel Financial Produ 15.500 9/27/2019 EUR 60.830
UBS AG/London 6.000 2/10/2020 EUR 48.700
Raiffeisen Schweiz Genos 6.000 2/17/2020 CHF 55.880
UBS AG/London 6.500 6/1/2020 EUR 66.400
UBS AG/London 10.000 12/2/2019 EUR 57.400
UBS AG/London 11.000 12/2/2019 EUR 66.750
UBS AG/London 5.500 12/2/2019 CHF 57.900
Credit Suisse AG/London 7.000 11/28/2019 CHF 56.860
Raiffeisen Centrobank AG 8.226 6/23/2020 EUR 65.800
Raiffeisen Centrobank AG 9.507 12/27/2019 EUR 68.070
Credit Suisse AG/Nassau 7.250 6/8/2020 EUR 63.700
Credit Suisse AG/Nassau 8.000 9/9/2019 CHF 44.900
DZ Bank AG Deutsche Zent 6.250 9/23/2019 EUR 68.010
Commerzbank AG 7.250 9/27/2019 EUR 67.520
Commerzbank AG 9.250 9/27/2019 EUR 64.330
Commerzbank AG 11.250 9/27/2019 EUR 61.720
Commerzbank AG 10.250 9/27/2019 EUR 71.970
Commerzbank AG 12.250 9/27/2019 EUR 68.590
Commerzbank AG 3.000 9/27/2019 EUR 69.000
Commerzbank AG 9.000 9/27/2019 EUR 54.260
Commerzbank AG 12.500 9/27/2019 EUR 69.510
Commerzbank AG 10.500 9/27/2019 EUR 72.730
Commerzbank AG 3.000 9/27/2019 EUR 73.140
Credit Suisse AG/London 7.250 10/14/2019 CHF 70.000
Landesbank Baden-Wuertte 3.600 7/23/2021 EUR 72.190
Vontobel Financial Produ 8.000 1/3/2020 EUR 71.410
Vontobel Financial Produ 11.500 1/3/2020 EUR 66.920
Vontobel Financial Produ 13.500 1/3/2020 EUR 60.980
Vontobel Financial Produ 14.500 1/3/2020 EUR 59.920
Vontobel Financial Produ 17.500 9/27/2019 EUR 71.500
Vontobel Financial Produ 9.000 1/3/2020 EUR 65.770
Vontobel Financial Produ 13.000 1/3/2020 EUR 61.660
Vontobel Financial Produ 17.000 1/3/2020 EUR 58.420
Vontobel Financial Produ 16.000 1/3/2020 EUR 59.530
Vontobel Financial Produ 14.500 1/3/2020 EUR 60.550
Vontobel Financial Produ 5.000 9/27/2019 EUR 72.430
Vontobel Financial Produ 7.500 9/27/2019 EUR 67.670
Vontobel Financial Produ 15.500 9/27/2019 EUR 63.000
Vontobel Financial Produ 13.500 1/3/2020 EUR 65.110
Vontobel Financial Produ 13.000 9/27/2019 EUR 65.410
Vontobel Financial Produ 5.500 1/3/2020 EUR 71.180
Vontobel Financial Produ 8.000 1/3/2020 EUR 67.500
Vontobel Financial Produ 9.000 9/27/2019 EUR 65.560
Vontobel Financial Produ 12.500 9/27/2019 EUR 61.810
Vontobel Financial Produ 14.000 9/27/2019 EUR 60.090
Vontobel Financial Produ 16.000 9/27/2019 EUR 58.530
Vontobel Financial Produ 17.500 9/27/2019 EUR 57.030
Commerzbank AG 9.500 9/27/2019 EUR 64.750
Commerzbank AG 11.500 9/27/2019 EUR 61.590
Commerzbank AG 15.500 9/27/2019 EUR 56.600
Commerzbank AG 8.000 9/27/2019 EUR 53.920
Commerzbank AG 10.000 9/27/2019 EUR 51.350
Commerzbank AG 12.000 9/27/2019 EUR 49.060
Commerzbank AG 8.000 9/27/2019 EUR 71.180
Commerzbank AG 10.000 9/27/2019 EUR 68.240
Commerzbank AG 5.500 9/27/2019 EUR 66.550
Commerzbank AG 9.750 9/27/2019 EUR 57.350
Commerzbank AG 11.750 9/27/2019 EUR 54.430
Commerzbank AG 13.750 9/27/2019 EUR 51.930
Commerzbank AG 4.000 9/27/2019 EUR 63.080
Commerzbank AG 6.000 9/27/2019 EUR 57.770
Commerzbank AG 4.500 9/27/2019 EUR 73.150
Commerzbank AG 10.500 9/27/2019 EUR 61.430
Bank Julius Baer & Co Lt 8.150 10/18/2019 USD 48.400
Vontobel Financial Produ 5.500 9/27/2019 EUR 61.130
Vontobel Financial Produ 17.500 1/3/2020 EUR 49.010
Vontobel Financial Produ 16.000 1/3/2020 EUR 50.350
Vontobel Financial Produ 4.000 1/3/2020 EUR 65.080
Vontobel Financial Produ 14.000 9/27/2019 EUR 50.290
Vontobel Financial Produ 16.500 9/27/2019 EUR 48.270
Vontobel Financial Produ 15.000 9/27/2019 EUR 55.680
Vontobel Financial Produ 6.000 1/3/2020 EUR 71.460
Vontobel Financial Produ 14.500 9/27/2019 EUR 72.490
Commerzbank AG 7.250 9/27/2019 EUR 74.160
Commerzbank AG 8.250 9/27/2019 EUR 72.600
Vontobel Financial Produ 8.500 12/31/2019 EUR 72.360
Zurcher Kantonalbank Fin 5.000 10/15/2019 EUR 64.740
Commerzbank AG 8.250 9/27/2019 EUR 70.810
Vontobel Financial Produ 6.910 10/22/2019 EUR 46.650
Commerzbank AG 10.000 3/27/2020 EUR 69.600
Landesbank Baden-Wuertte 3.000 10/25/2019 EUR 70.930
Landesbank Baden-Wuertte 4.000 10/25/2019 EUR 69.360
Landesbank Baden-Wuertte 2.000 10/25/2019 EUR 39.710
Landesbank Baden-Wuertte 3.500 10/25/2019 EUR 36.960
Landesbank Baden-Wuertte 5.000 10/25/2019 EUR 34.590
Landesbank Baden-Wuertte 3.000 10/25/2019 EUR 71.660
Landesbank Baden-Wuertte 4.500 10/25/2019 EUR 68.610
Landesbank Baden-Wuertte 5.000 10/25/2019 EUR 72.280
Landesbank Baden-Wuertte 6.000 10/25/2019 EUR 74.610
Landesbank Baden-Wuertte 7.500 10/25/2019 EUR 71.010
DZ Bank AG Deutsche Zent 8.250 9/23/2019 EUR 68.140
DZ Bank AG Deutsche Zent 6.250 12/23/2019 EUR 69.360
Commerzbank AG 5.250 9/27/2019 EUR 71.670
Commerzbank AG 7.000 9/27/2019 EUR 57.640
Commerzbank AG 11.000 9/27/2019 EUR 51.550
Commerzbank AG 13.000 9/27/2019 EUR 49.220
UBS AG/London 11.000 4/17/2020 CHF 53.800
Bayerische Landesbank 4.000 11/15/2019 EUR 71.220
Vontobel Financial Produ 18.000 9/27/2019 EUR 71.300
Vontobel Financial Produ 12.500 1/3/2020 EUR 65.990
Vontobel Financial Produ 14.000 9/27/2019 EUR 64.160
Vontobel Financial Produ 15.000 1/3/2020 EUR 64.450
Vontobel Financial Produ 16.500 9/27/2019 EUR 57.730
Vontobel Financial Produ 7.000 1/3/2020 EUR 72.650
Vontobel Financial Produ 12.000 1/3/2020 EUR 61.940
Vontobel Financial Produ 13.000 9/27/2019 EUR 60.470
Vontobel Financial Produ 15.000 9/27/2019 EUR 59.080
Vontobel Financial Produ 17.500 1/3/2020 EUR 71.420
Vontobel Financial Produ 10.500 1/3/2020 EUR 67.910
Vontobel Financial Produ 11.500 1/3/2020 EUR 62.860
Vontobel Financial Produ 10.500 1/3/2020 EUR 64.350
Vontobel Financial Produ 6.500 9/27/2019 EUR 69.980
Vontobel Financial Produ 11.500 9/27/2019 EUR 66.680
Vontobel Financial Produ 4.500 1/3/2020 EUR 73.320
Vontobel Financial Produ 6.500 1/3/2020 EUR 69.180
Vontobel Financial Produ 11.000 9/27/2019 EUR 63.640
Commerzbank AG 3.000 9/27/2019 EUR 47.220
Commerzbank AG 13.000 9/27/2019 EUR 31.900
Commerzbank AG 15.000 9/27/2019 EUR 30.660
Commerzbank AG 7.500 9/27/2019 EUR 68.590
Commerzbank AG 13.500 9/27/2019 EUR 59.000
Commerzbank AG 7.750 9/27/2019 EUR 61.120
Commerzbank AG 6.500 9/27/2019 EUR 67.740
Commerzbank AG 8.500 9/27/2019 EUR 63.980
Landesbank Hessen-Thueri 3.250 8/13/2020 EUR 71.700
Landesbank Hessen-Thueri 3.100 8/13/2020 EUR 56.100
DekaBank Deutsche Giroze 3.000 1/10/2020 EUR 68.620
Raiffeisen Schweiz Genos 5.000 11/4/2019 CHF 60.740
HSBC Trinkaus & Burkhard 6.630 5/22/2020 EUR 68.820
DekaBank Deutsche Giroze 2.200 5/28/2021 EUR 60.300
DekaBank Deutsche Giroze 2.000 5/29/2020 EUR 73.000
DekaBank Deutsche Giroze 2.500 5/29/2020 EUR 63.080
DekaBank Deutsche Giroze 2.900 5/29/2020 EUR 45.050
Corner Banca SA 14.000 11/14/2019 CHF 72.340
DekaBank Deutsche Giroze 3.000 5/29/2020 EUR 71.760
DekaBank Deutsche Giroze 2.700 5/29/2020 EUR 51.030
DekaBank Deutsche Giroze 3.100 5/28/2021 EUR 56.120
Deutsche Bank AG 6.200 9/24/2019 EUR 71.040
Deutsche Bank AG 6.200 12/24/2019 EUR 72.570
Landesbank Baden-Wuertte 2.750 5/31/2021 EUR 58.190
Deutsche Bank AG 6.200 9/24/2019 EUR 69.280
Deutsche Bank AG 6.200 9/24/2019 EUR 65.460
Deutsche Bank AG 6.200 9/24/2019 EUR 64.040
Deutsche Bank AG 6.200 12/24/2019 EUR 65.590
Deutsche Bank AG 6.200 9/24/2019 EUR 47.000
Deutsche Bank AG 6.200 9/24/2019 EUR 44.900
Deutsche Bank AG 6.200 12/24/2019 EUR 48.600
Deutsche Bank AG 6.200 12/24/2019 EUR 46.500
Deutsche Bank AG 6.200 9/24/2019 EUR 52.000
Deutsche Bank AG 6.200 12/24/2019 EUR 53.500
Deutsche Bank AG 6.200 12/24/2019 EUR 51.500
Deutsche Bank AG 6.200 9/24/2019 EUR 67.960
Deutsche Bank AG 6.200 9/24/2019 EUR 65.790
Deutsche Bank AG 6.200 12/24/2019 EUR 69.510
Deutsche Bank AG 6.200 12/24/2019 EUR 67.340
Deutsche Bank AG 6.200 9/24/2019 EUR 55.460
Deutsche Bank AG 6.200 9/24/2019 EUR 53.170
Deutsche Bank AG 6.200 12/24/2019 EUR 56.980
Deutsche Bank AG 6.200 12/24/2019 EUR 54.700
Deutsche Bank AG 6.200 9/24/2019 EUR 72.250
Deutsche Bank AG 6.200 9/24/2019 EUR 47.310
Deutsche Bank AG 6.200 9/24/2019 EUR 45.270
Deutsche Bank AG 6.200 12/24/2019 EUR 46.750
Deutsche Bank AG 6.200 9/24/2019 EUR 41.400
Deutsche Bank AG 6.200 9/24/2019 EUR 40.000
Deutsche Bank AG 6.200 9/24/2019 EUR 51.160
Deutsche Bank AG 6.200 12/24/2019 EUR 52.760
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 56.330
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 53.300
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 66.130
Landesbank Baden-Wuertte 3.500 4/24/2020 EUR 60.520
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 55.360
Landesbank Baden-Wuertte 3.000 4/24/2020 EUR 71.790
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 69.040
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 66.640
Landesbank Baden-Wuertte 6.000 4/24/2020 EUR 61.770
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 74.290
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 73.440
Landesbank Baden-Wuertte 2.500 5/22/2020 EUR 69.550
Landesbank Baden-Wuertte 4.500 5/22/2020 EUR 61.010
Landesbank Baden-Wuertte 4.500 4/24/2020 EUR 72.050
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 72.050
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 71.660
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 69.160
Landesbank Baden-Wuertte 2.500 4/24/2020 EUR 24.130
Landesbank Baden-Wuertte 4.500 4/24/2020 EUR 22.630
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 57.420
Landesbank Baden-Wuertte 3.000 4/24/2020 EUR 55.380
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 53.400
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 67.270
Landesbank Baden-Wuertte 3.500 4/24/2020 EUR 60.470
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 61.350
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 55.890
Landesbank Baden-Wuertte 2.500 5/22/2020 EUR 62.830
Landesbank Baden-Wuertte 4.000 5/22/2020 EUR 57.470
Landesbank Baden-Wuertte 5.500 5/22/2020 EUR 53.220
Landesbank Baden-Wuertte 4.000 5/22/2020 EUR 71.720
Landesbank Baden-Wuertte 6.000 5/22/2020 EUR 66.770
Landesbank Baden-Wuertte 2.000 5/22/2020 EUR 71.080
Landesbank Baden-Wuertte 3.500 5/22/2020 EUR 65.580
Landesbank Baden-Wuertte 5.000 5/22/2020 EUR 58.610
Landesbank Baden-Wuertte 4.000 5/22/2020 EUR 70.110
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 70.950
Landesbank Baden-Wuertte 2.500 4/24/2020 EUR 44.990
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 41.690
Landesbank Baden-Wuertte 2.500 4/24/2020 EUR 65.790
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 59.550
Landesbank Baden-Wuertte 2.500 4/24/2020 EUR 62.480
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 55.910
Landesbank Baden-Wuertte 5.500 4/24/2020 EUR 52.710
Landesbank Baden-Wuertte 4.000 4/24/2020 EUR 70.550
Landesbank Baden-Wuertte 4.500 4/24/2020 EUR 73.960
Landesbank Baden-Wuertte 5.500 4/24/2020 EUR 72.240
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 74.050
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 67.490
Landesbank Baden-Wuertte 3.000 4/24/2020 EUR 64.720
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 72.470
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 60.950
Landesbank Baden-Wuertte 3.000 4/24/2020 EUR 58.490
Landesbank Baden-Wuertte 2.000 4/24/2020 EUR 61.620
Landesbank Baden-Wuertte 3.500 4/24/2020 EUR 54.500
Landesbank Baden-Wuertte 5.000 4/24/2020 EUR 51.140
Landesbank Baden-Wuertte 2.580 9/27/2019 EUR 69.830
UBS AG/London 15.000 11/4/2019 USD 52.040
UBS AG/London 5.700 9/26/2019 EUR 49.690
UBS AG/London 4.800 1/2/2020 EUR 64.950
UBS AG/London 4.300 9/26/2019 EUR 53.810
UBS AG/London 7.000 9/26/2019 EUR 49.610
UBS AG/London 5.100 3/26/2020 EUR 51.200
UBS AG/London 7.700 9/26/2019 EUR 47.350
UBS AG/London 5.600 9/26/2019 EUR 63.810
UBS AG/London 5.700 9/26/2019 EUR 67.110
UBS AG/London 5.800 11/4/2019 CHF 62.000
UBS AG/London 13.000 5/4/2020 CHF 54.850
UBS AG/London 8.750 11/4/2019 CHF 49.600
UBS AG/London 10.500 11/3/2020 CHF 62.000
Bayerische Landesbank 3.100 1/31/2020 EUR 68.280
Bayerische Landesbank 2.600 1/31/2020 EUR 72.030
Corner Banca SA 9.000 11/11/2019 CHF 25.170
EFG International Financ 7.000 11/17/2020 CHF 61.240
DekaBank Deutsche Giroze 5.950 12/4/2020 EUR 55.330
DekaBank Deutsche Giroze 4.350 12/4/2020 EUR 72.090
Raiffeisen Schweiz Genos 6.400 11/14/2019 CHF 25.150
Raiffeisen Schweiz Genos 5.200 11/11/2020 CHF 61.740
Raiffeisen Schweiz Genos 3.400 5/14/2020 CHF 58.880
Corner Banca SA 8.200 5/14/2020 CHF 28.640
Vontobel Financial Produ 4.300 11/25/2019 EUR 53.770
Vontobel Financial Produ 4.000 11/25/2019 EUR 47.630
Landesbank Hessen-Thueri 4.000 6/8/2022 EUR 60.520
Landesbank Hessen-Thueri 4.000 6/8/2022 EUR 73.060
Landesbank Hessen-Thueri 4.000 6/8/2022 EUR 67.990
Leonteq Securities AG/Gu 8.000 5/14/2020 CHF 64.470
Landesbank Baden-Wuertte 2.800 7/22/2022 EUR 72.510
UBS AG/London 5.000 11/4/2019 CHF 66.350
UBS AG/London 4.000 11/4/2019 CHF 71.150
UBS AG/London 5.000 11/4/2019 EUR 65.750
HSBC Trinkaus & Burkhard 6.600 12/27/2019 EUR 20.690
HSBC Trinkaus & Burkhard 5.000 12/27/2019 EUR 20.150
HSBC Trinkaus & Burkhard 3.200 12/27/2019 EUR 19.550
HSBC Trinkaus & Burkhard 3.100 12/27/2019 EUR 56.010
HSBC Trinkaus & Burkhard 3.500 12/27/2019 EUR 64.030
HSBC Trinkaus & Burkhard 3.400 12/27/2019 EUR 58.260
HSBC Trinkaus & Burkhard 4.600 12/27/2019 EUR 64.400
DekaBank Deutsche Giroze 5.400 12/4/2020 EUR 70.410
Banque Cantonale Vaudois 8.000 11/15/2019 CHF 59.370
Landesbank Baden-Wuertte 4.500 6/26/2020 EUR 64.060
Landesbank Baden-Wuertte 4.850 6/26/2020 EUR 55.240
Landesbank Baden-Wuertte 5.000 6/26/2020 EUR 44.450
Landesbank Baden-Wuertte 5.250 6/26/2020 EUR 55.500
Bank Julius Baer & Co Lt 7.100 11/18/2019 CHF 68.350
Credit Suisse AG/London 4.950 11/4/2019 EUR 72.780
EFG International Financ 15.000 11/25/2019 USD 61.940
Raiffeisen Schweiz Genos 3.000 9/21/2029 CHF 69.650
Raiffeisen Schweiz Genos 2.700 9/22/2026 CHF 56.430
UniCredit Bank AG 3.500 1/29/2020 EUR 27.510
UniCredit Bank AG 3.500 12/19/2019 EUR 28.950
UBS AG/London 8.750 4/27/2020 EUR 65.400
UBS AG/London 8.000 4/27/2020 EUR 56.800
UBS AG/London 7.500 10/25/2019 CHF 73.350
Vontobel Financial Produ 14.000 1/3/2020 EUR 72.420
Vontobel Financial Produ 10.500 1/3/2020 EUR 37.480
Vontobel Financial Produ 12.500 1/3/2020 EUR 68.900
Vontobel Financial Produ 8.500 1/3/2020 EUR 59.760
Commerzbank AG 18.250 10/25/2019 EUR 62.500
Commerzbank AG 6.250 10/25/2019 EUR 68.830
Commerzbank AG 12.000 10/25/2019 EUR 67.040
Commerzbank AG 4.000 10/25/2019 EUR 62.540
Commerzbank AG 6.000 10/25/2019 EUR 56.910
Commerzbank AG 13.750 10/25/2019 EUR 70.110
Commerzbank AG 7.250 10/25/2019 EUR 45.080
Commerzbank AG 9.750 9/27/2019 EUR 72.470
Commerzbank AG 9.250 10/25/2019 EUR 73.300
Commerzbank AG 14.250 10/25/2019 EUR 69.540
Commerzbank AG 5.750 10/25/2019 EUR 70.140
Commerzbank AG 12.750 10/25/2019 EUR 51.490
BNP Paribas Emissions- u 6.000 12/30/2019 EUR 60.830
Commerzbank AG 13.000 10/25/2019 EUR 59.310
Commerzbank AG 15.000 10/25/2019 EUR 57.020
Commerzbank AG 10.000 10/25/2019 EUR 50.350
Commerzbank AG 11.000 10/25/2019 EUR 69.060
Commerzbank AG 12.000 10/25/2019 EUR 67.470
Commerzbank AG 12.250 10/25/2019 EUR 73.220
Commerzbank AG 8.500 9/27/2019 EUR 67.110
Commerzbank AG 6.000 10/25/2019 EUR 72.390
Commerzbank AG 8.000 10/25/2019 EUR 67.900
BNP Paribas Emissions- u 6.000 12/30/2019 EUR 71.630
BNP Paribas Emissions- u 8.000 12/30/2019 EUR 72.300
BNP Paribas Emissions- u 7.000 9/26/2019 EUR 73.400
Vontobel Financial Produ 10.000 12/31/2019 EUR 34.520
Vontobel Financial Produ 10.000 12/31/2019 EUR 71.170
Commerzbank AG 11.250 9/27/2019 EUR 70.850
Commerzbank AG 8.750 9/27/2019 EUR 67.510
Commerzbank AG 10.750 9/27/2019 EUR 64.600
Commerzbank AG 14.000 9/27/2019 EUR 59.760
Commerzbank AG 16.000 9/27/2019 EUR 57.520
Commerzbank AG 10.000 9/27/2019 EUR 43.890
Commerzbank AG 20.000 10/25/2019 EUR 63.200
Vontobel Financial Produ 11.500 9/27/2019 EUR 64.360
Vontobel Financial Produ 9.000 9/27/2019 EUR 55.170
Raiffeisen Schweiz Genos 7.000 4/30/2020 EUR 57.080
Leonteq Securities AG/Gu 7.000 10/29/2020 CHF 54.450
Vontobel Financial Produ 11.550 12/31/2019 EUR 57.500
HSBC Trinkaus & Burkhard 10.500 12/27/2019 EUR 61.870
HSBC Trinkaus & Burkhard 9.600 10/25/2019 EUR 63.130
HSBC Trinkaus & Burkhard 8.800 9/27/2019 EUR 70.890
HSBC Trinkaus & Burkhard 6.200 9/27/2019 EUR 45.530
HSBC Trinkaus & Burkhard 5.500 9/27/2019 EUR 70.110
HSBC Trinkaus & Burkhard 7.400 12/27/2019 EUR 72.420
HSBC Trinkaus & Burkhard 6.900 9/27/2019 EUR 57.450
HSBC Trinkaus & Burkhard 2.600 9/27/2019 EUR 70.430
HSBC Trinkaus & Burkhard 6.200 1/24/2020 EUR 67.870
HSBC Trinkaus & Burkhard 4.500 9/27/2019 EUR 41.400
HSBC Trinkaus & Burkhard 4.300 12/27/2019 EUR 41.940
HSBC Trinkaus & Burkhard 8.000 9/27/2019 EUR 70.750
HSBC Trinkaus & Burkhard 10.000 9/27/2019 EUR 73.970
HSBC Trinkaus & Burkhard 3.100 9/27/2019 EUR 51.050
HSBC Trinkaus & Burkhard 7.600 12/27/2019 EUR 58.120
HSBC Trinkaus & Burkhard 10.000 12/27/2019 EUR 62.280
UniCredit Bank AG 4.400 1/9/2021 EUR 69.980
Commerzbank AG 16.250 10/25/2019 EUR 65.460
Commerzbank AG 8.500 10/25/2019 EUR 73.720
Commerzbank AG 8.000 9/27/2019 EUR 40.650
Commerzbank AG 12.000 9/27/2019 EUR 35.950
Commerzbank AG 6.750 9/27/2019 EUR 71.030
Commerzbank AG 12.000 9/27/2019 EUR 58.330
Vontobel Financial Produ 16.000 1/3/2020 EUR 61.030
Vontobel Financial Produ 12.000 1/3/2020 EUR 51.970
DZ Bank AG Deutsche Zent 6.250 12/23/2019 EUR 71.650
UniCredit Bank AG 7.000 10/25/2019 EUR 41.830
HSBC Trinkaus & Burkhard 11.400 12/27/2019 EUR 60.720
HSBC Trinkaus & Burkhard 8.500 1/24/2020 EUR 64.950
HSBC Trinkaus & Burkhard 8.400 9/27/2019 EUR 72.800
HSBC Trinkaus & Burkhard 4.400 9/27/2019 EUR 65.950
HSBC Trinkaus & Burkhard 4.300 9/27/2019 EUR 63.180
HSBC Trinkaus & Burkhard 6.300 10/25/2019 EUR 66.510
HSBC Trinkaus & Burkhard 11.800 12/27/2019 EUR 35.010
HSBC Trinkaus & Burkhard 9.000 10/25/2019 EUR 36.290
HSBC Trinkaus & Burkhard 8.100 1/24/2020 EUR 37.770
HSBC Trinkaus & Burkhard 5.800 3/27/2020 EUR 60.930
HSBC Trinkaus & Burkhard 5.900 1/24/2020 EUR 60.960
HSBC Trinkaus & Burkhard 3.200 1/24/2020 EUR 66.880
HSBC Trinkaus & Burkhard 3.900 9/27/2019 EUR 71.070
HSBC Trinkaus & Burkhard 7.500 12/27/2019 EUR 65.610
HSBC Trinkaus & Burkhard 4.200 12/27/2019 EUR 71.910
Commerzbank AG 6.000 9/27/2019 EUR 69.350
Commerzbank AG 6.250 9/27/2019 EUR 71.290
Commerzbank AG 6.500 10/25/2019 EUR 75.870
Commerzbank AG 4.250 9/27/2019 EUR 55.630
Commerzbank AG 13.750 9/27/2019 EUR 35.460
Commerzbank AG 7.250 10/25/2019 EUR 43.710
Commerzbank AG 21.500 9/27/2019 EUR 68.150
Commerzbank AG 11.250 10/25/2019 EUR 38.230
Commerzbank AG 15.250 10/25/2019 EUR 35.000
Commerzbank AG 10.750 9/27/2019 EUR 65.230
Commerzbank AG 12.750 9/27/2019 EUR 62.580
DZ Bank AG Deutsche Zent 5.250 11/20/2019 EUR 71.080
Raiffeisen Centrobank AG 9.674 12/23/2020 EUR 76.630
Landesbank Hessen-Thueri 3.350 8/13/2020 EUR 71.000
DekaBank Deutsche Giroze 3.750 11/22/2019 EUR 67.030
Bayerische Landesbank 3.200 7/3/2020 EUR 67.260
Commerzbank AG 7.750 9/27/2019 EUR 36.410
Commerzbank AG 9.750 9/27/2019 EUR 34.140
UBS AG/London 12.000 10/26/2020 CHF 69.100
HSBC Trinkaus & Burkhard 11.550 10/25/2019 EUR 33.230
Vontobel Financial Produ 12.500 9/27/2019 EUR 34.630
Vontobel Financial Produ 6.500 9/27/2019 EUR 63.720
Vontobel Financial Produ 5.000 1/3/2020 EUR 64.780
Vontobel Financial Produ 8.000 9/27/2019 EUR 65.890
Landesbank Hessen-Thueri 4.750 3/3/2020 EUR 68.400
Commerzbank AG 4.500 10/25/2019 EUR 73.150
Commerzbank AG 8.500 10/25/2019 EUR 64.050
Commerzbank AG 10.250 10/25/2019 EUR 63.050
Commerzbank AG 11.250 10/25/2019 EUR 61.580
Commerzbank AG 11.000 10/25/2019 EUR 54.050
Commerzbank AG 13.000 10/25/2019 EUR 51.900
Commerzbank AG 3.500 10/25/2019 EUR 47.400
Commerzbank AG 5.500 10/25/2019 EUR 42.490
Commerzbank AG 7.500 10/25/2019 EUR 39.050
Commerzbank AG 13.500 10/25/2019 EUR 33.120
Commerzbank AG 15.500 10/25/2019 EUR 31.930
Commerzbank AG 12.250 10/25/2019 EUR 71.340
Commerzbank AG 10.000 10/25/2019 EUR 69.740
Commerzbank AG 9.500 10/25/2019 EUR 73.440
Commerzbank AG 8.250 10/25/2019 EUR 65.550
Commerzbank AG 9.500 10/25/2019 EUR 72.410
Commerzbank AG 8.000 10/25/2019 EUR 73.190
Commerzbank AG 8.000 10/25/2019 EUR 53.130
Commerzbank AG 3.250 10/25/2019 EUR 52.710
Commerzbank AG 5.250 10/25/2019 EUR 48.100
Commerzbank AG 11.250 10/25/2019 EUR 41.080
Commerzbank AG 16.250 10/25/2019 EUR 66.630
BNP Paribas Emissions- u 6.000 9/26/2019 EUR 69.820
Commerzbank AG 5.500 10/25/2019 EUR 61.780
Commerzbank AG 7.500 10/25/2019 EUR 58.170
Commerzbank AG 11.500 10/25/2019 EUR 53.060
Commerzbank AG 9.750 10/25/2019 EUR 63.090
BNP Paribas Emissions- u 6.000 9/26/2019 EUR 59.500
BNP Paribas Emissions- u 4.000 12/30/2019 EUR 60.150
Commerzbank AG 3.500 10/25/2019 EUR 73.950
Commerzbank AG 9.500 10/25/2019 EUR 61.750
Commerzbank AG 9.000 10/25/2019 EUR 65.690
Commerzbank AG 11.000 10/25/2019 EUR 62.190
Commerzbank AG 10.000 10/25/2019 EUR 70.760
Commerzbank AG 6.500 9/27/2019 EUR 71.180
Commerzbank AG 13.250 9/27/2019 EUR 68.150
Commerzbank AG 6.000 9/27/2019 EUR 44.110
Commerzbank AG 10.000 9/27/2019 EUR 38.020
Commerzbank AG 3.250 10/25/2019 EUR 52.590
Commerzbank AG 12.750 9/27/2019 EUR 62.150
Commerzbank AG 8.000 9/27/2019 EUR 46.100
Commerzbank AG 12.000 9/27/2019 EUR 42.040
Commerzbank AG 8.500 9/27/2019 EUR 64.120
Vontobel Financial Produ 14.500 9/27/2019 EUR 49.090
Vontobel Financial Produ 5.500 1/3/2020 EUR 64.210
HSBC Trinkaus & Burkhard 7.100 1/24/2020 EUR 68.020
Commerzbank AG 20.500 10/25/2019 EUR 69.550
Commerzbank AG 11.750 10/25/2019 EUR 61.950
Commerzbank AG 8.250 9/27/2019 EUR 66.960
Commerzbank AG 5.000 9/27/2019 EUR 79.430
Commerzbank AG 8.500 10/25/2019 EUR 71.950
Commerzbank AG 12.500 10/25/2019 EUR 66.090
Commerzbank AG 13.250 10/25/2019 EUR 36.390
DZ Bank AG Deutsche Zent 10.500 12/27/2019 EUR 65.120
DZ Bank AG Deutsche Zent 6.250 12/27/2019 EUR 66.920
DZ Bank AG Deutsche Zent 5.250 11/20/2019 EUR 71.610
DZ Bank AG Deutsche Zent 5.000 11/20/2019 EUR 48.740
DZ Bank AG Deutsche Zent 4.250 12/27/2019 EUR 62.470
DZ Bank AG Deutsche Zent 5.250 11/20/2019 EUR 66.760
Commerzbank AG 8.500 9/27/2019 EUR 64.120
Commerzbank AG 10.000 10/25/2019 EUR 62.020
Commerzbank AG 12.000 10/25/2019 EUR 59.410
Commerzbank AG 14.000 10/25/2019 EUR 58.100
Commerzbank AG 12.000 10/25/2019 EUR 46.610
Commerzbank AG 13.000 9/27/2019 EUR 65.520
Commerzbank AG 8.500 10/25/2019 EUR 72.960
Commerzbank AG 9.500 9/27/2019 EUR 74.740
Vontobel Financial Produ 4.850 9/13/2019 EUR 72.530
Vontobel Financial Produ 9.150 9/13/2019 EUR 66.780
BNP Paribas Emissions- u 14.000 9/26/2019 EUR 58.820
BNP Paribas Emissions- u 16.000 12/30/2019 EUR 58.160
Commerzbank AG 14.500 9/27/2019 EUR 57.200
Commerzbank AG 8.000 10/25/2019 EUR 67.800
Commerzbank AG 10.000 10/25/2019 EUR 63.870
BNP Paribas Emissions- u 5.000 12/30/2019 EUR 65.350
Leonteq Securities AG 10.000 11/13/2019 CHF 62.520
Vontobel Financial Produ 3.750 9/13/2019 EUR 70.120
Vontobel Financial Produ 10.250 9/13/2019 EUR 54.850
Vontobel Financial Produ 11.250 9/13/2019 EUR 57.820
Vontobel Financial Produ 2.850 9/13/2019 EUR 62.980
Vontobel Financial Produ 5.950 9/13/2019 EUR 56.490
Vontobel Financial Produ 2.450 9/13/2019 EUR 55.630
Vontobel Financial Produ 6.600 9/13/2019 EUR 48.860
Vontobel Financial Produ 14.900 9/13/2019 EUR 41.550
Vontobel Financial Produ 9.050 9/13/2019 EUR 68.070
Vontobel Financial Produ 5.100 9/13/2019 EUR 70.300
Vontobel Financial Produ 13.750 9/13/2019 EUR 74.400
Vontobel Financial Produ 2.750 9/13/2019 EUR 73.360
Vontobel Financial Produ 7.300 9/13/2019 EUR 63.080
Vontobel Financial Produ 10.250 9/13/2019 EUR 59.020
Vontobel Financial Produ 8.550 9/13/2019 EUR 67.540
Vontobel Financial Produ 11.950 9/13/2019 EUR 61.050
Vontobel Financial Produ 3.950 9/13/2019 EUR 73.480
Vontobel Financial Produ 8.300 9/13/2019 EUR 63.180
Vontobel Financial Produ 6.400 9/13/2019 EUR 73.660
Vontobel Financial Produ 6.700 9/13/2019 EUR 47.150
Vontobel Financial Produ 4.600 9/13/2019 EUR 60.940
EFG International Financ 6.000 8/13/2021 CHF 71.990
Corner Banca SA 11.800 11/13/2019 CHF 55.120
Leonteq Securities AG/Gu 7.000 8/17/2020 CHF 70.940
Bank Julius Baer & Co Lt 14.400 7/27/2020 USD 76.150
Vontobel Financial Produ 7.550 12/31/2019 EUR 73.910
HSBC Trinkaus & Burkhard 7.000 10/25/2019 EUR 42.120
DZ Bank AG Deutsche Zent 5.250 9/23/2019 EUR 65.700
HSBC Trinkaus & Burkhard 5.400 12/27/2019 EUR 71.490
Commerzbank AG 9.750 10/25/2019 EUR 64.670
Commerzbank AG 8.750 10/25/2019 EUR 58.320
Commerzbank AG 10.750 10/25/2019 EUR 55.270
Commerzbank AG 10.250 9/27/2019 EUR 63.660
Commerzbank AG 10.500 10/25/2019 EUR 68.790
Commerzbank AG 6.250 9/27/2019 EUR 51.420
Commerzbank AG 15.750 9/27/2019 EUR 34.060
Commerzbank AG 5.250 10/25/2019 EUR 48.040
Commerzbank AG 9.250 10/25/2019 EUR 40.600
DZ Bank AG Deutsche Zent 5.000 11/20/2019 EUR 71.750
DZ Bank AG Deutsche Zent 5.250 11/20/2019 EUR 73.330
DZ Bank AG Deutsche Zent 8.000 11/20/2019 EUR 37.290
DZ Bank AG Deutsche Zent 10.250 11/20/2019 EUR 68.710
Vontobel Financial Produ 6.000 9/27/2019 EUR 67.010
Vontobel Financial Produ 12.000 9/27/2019 EUR 58.280
Vontobel Financial Produ 8.000 9/27/2019 EUR 63.160
Commerzbank AG 12.500 9/27/2019 EUR 58.610
Commerzbank AG 6.000 10/25/2019 EUR 69.080
Commerzbank AG 8.000 10/25/2019 EUR 65.180
Landesbank Baden-Wuertte 6.000 10/23/2020 EUR 69.200
Landesbank Baden-Wuertte 3.000 10/23/2020 EUR 72.730
Landesbank Baden-Wuertte 5.000 10/23/2020 EUR 66.400
Vontobel Financial Produ 9.900 9/13/2019 EUR 64.710
Vontobel Financial Produ 14.850 9/13/2019 EUR 62.310
Commerzbank AG 12.000 10/25/2019 EUR 60.700
Landesbank Baden-Wuertte 5.000 3/27/2020 EUR 66.530
Landesbank Baden-Wuertte 4.750 3/27/2020 EUR 59.350
Vontobel Financial Produ 10.000 1/3/2020 EUR 60.440
Vontobel Financial Produ 15.500 1/3/2020 EUR 59.700
Raiffeisen Centrobank AG 5.333 3/5/2020 EUR 60.810
UBS AG/London 3.000 9/26/2019 EUR 71.640
UBS AG/London 7.400 9/26/2019 EUR 66.630
Leonteq Securities AG/Gu 10.000 11/20/2019 EUR 64.500
UBS AG/London 6.500 8/10/2020 CHF 66.400
Zurcher Kantonalbank Fin 6.250 2/13/2020 EUR 64.960
Landesbank Baden-Wuertte 2.750 11/26/2021 EUR 72.210
EFG International Financ 9.200 8/27/2020 USD 72.710
EFG International Financ 7.100 8/14/2020 EUR 68.070
Vontobel Financial Produ 9.000 3/27/2020 EUR 74.020
Vontobel Financial Produ 7.000 3/27/2020 EUR 63.100
DZ Bank AG Deutsche Zent 15.500 9/25/2019 EUR 40.760
Deutsche Bank AG 8.200 12/24/2019 EUR 64.700
Commerzbank AG 5.750 9/27/2019 EUR 39.360
Vontobel Financial Produ 9.500 12/31/2019 EUR 74.580
Vontobel Financial Produ 13.500 1/3/2020 EUR 35.580
Vontobel Financial Produ 10.500 9/27/2019 EUR 57.720
Vontobel Financial Produ 8.500 9/27/2019 EUR 60.550
Vontobel Financial Produ 6.500 1/3/2020 EUR 62.030
Vontobel Financial Produ 7.000 9/27/2019 EUR 57.860
Vontobel Financial Produ 9.500 9/27/2019 EUR 70.840
Vontobel Financial Produ 14.000 9/27/2019 EUR 67.720
Commerzbank AG 6.500 10/25/2019 EUR 67.740
Commerzbank AG 9.750 9/27/2019 EUR 68.080
Commerzbank AG 11.750 9/27/2019 EUR 64.840
Commerzbank AG 13.750 9/27/2019 EUR 62.160
Commerzbank AG 6.250 10/25/2019 EUR 71.390
Commerzbank AG 7.250 10/25/2019 EUR 68.850
Commerzbank AG 8.250 10/25/2019 EUR 66.680
Commerzbank AG 9.250 10/25/2019 EUR 64.720
Commerzbank AG 12.250 10/25/2019 EUR 60.230
Commerzbank AG 13.250 10/25/2019 EUR 58.960
Commerzbank AG 5.000 10/25/2019 EUR 66.080
Commerzbank AG 7.000 10/25/2019 EUR 60.750
Commerzbank AG 9.000 10/25/2019 EUR 56.990
Commerzbank AG 10.000 10/25/2019 EUR 64.600
Commerzbank AG 12.000 10/25/2019 EUR 61.930
Commerzbank AG 9.500 10/25/2019 EUR 36.550
Commerzbank AG 11.500 10/25/2019 EUR 34.630
Commerzbank AG 12.000 10/25/2019 EUR 67.050
Commerzbank AG 11.500 10/25/2019 EUR 70.380
Commerzbank AG 13.250 9/27/2019 EUR 71.150
Commerzbank AG 15.250 9/27/2019 EUR 68.100
Commerzbank AG 17.250 9/27/2019 EUR 65.420
Commerzbank AG 9.000 10/25/2019 EUR 69.720
Commerzbank AG 11.000 10/25/2019 EUR 66.190
Commerzbank AG 13.000 10/25/2019 EUR 63.320
Commerzbank AG 4.750 10/25/2019 EUR 65.200
Commerzbank AG 6.750 10/25/2019 EUR 60.220
Commerzbank AG 8.750 10/25/2019 EUR 56.680
Commerzbank AG 10.750 10/25/2019 EUR 53.860
Commerzbank AG 10.250 10/25/2019 EUR 62.940
Commerzbank AG 5.000 10/25/2019 EUR 66.870
Commerzbank AG 7.000 10/25/2019 EUR 62.050
Commerzbank AG 9.000 10/25/2019 EUR 58.730
Commerzbank AG 11.000 10/25/2019 EUR 56.220
Commerzbank AG 4.000 10/25/2019 EUR 73.720
Commerzbank AG 8.000 10/25/2019 EUR 65.840
Commerzbank AG 12.000 10/25/2019 EUR 60.840
Commerzbank AG 14.250 10/25/2019 EUR 68.960
Commerzbank AG 4.250 10/25/2019 EUR 73.300
BNP Paribas Emissions- u 4.000 12/30/2019 EUR 68.800
Commerzbank AG 10.000 10/25/2019 EUR 69.770
Commerzbank AG 10.500 10/25/2019 EUR 61.610
Commerzbank AG 9.250 10/25/2019 EUR 42.870
Commerzbank AG 3.500 10/25/2019 EUR 67.010
Commerzbank AG 9.500 10/25/2019 EUR 55.360
Commerzbank AG 7.750 10/25/2019 EUR 66.150
Commerzbank AG 11.750 10/25/2019 EUR 60.630
Commerzbank AG 5.500 10/25/2019 EUR 68.570
Commerzbank AG 7.500 10/25/2019 EUR 64.720
Commerzbank AG 11.500 10/25/2019 EUR 59.360
Commerzbank AG 7.000 10/25/2019 EUR 70.360
Commerzbank AG 12.000 10/25/2019 EUR 48.150
Landesbank Hessen-Thueri 3.250 7/13/2020 EUR 70.300
Landesbank Hessen-Thueri 4.100 7/13/2020 EUR 59.600
Landesbank Hessen-Thueri 2.250 7/13/2020 EUR 34.500
DekaBank Deutsche Giroze 3.000 12/20/2019 EUR 69.810
Credit Suisse AG/Nassau 7.250 11/15/2019 CHF 60.860
HSBC Trinkaus & Burkhard 4.430 12/30/2019 EUR 70.540
UBS AG/London 6.000 4/16/2020 CHF 69.000
Landesbank Baden-Wuertte 3.500 6/26/2020 EUR 70.040
Vontobel Financial Produ 8.000 1/3/2020 EUR 62.980
Vontobel Financial Produ 19.000 9/27/2019 EUR 64.630
Vontobel Financial Produ 5.000 1/3/2020 EUR 69.290
Vontobel Financial Produ 11.000 1/3/2020 EUR 74.570
UBS AG/London 4.200 9/26/2019 EUR 59.650
UBS AG/London 6.600 9/26/2019 EUR 65.880
UBS AG/London 12.900 9/26/2019 EUR 48.650
UBS AG/London 3.800 3/26/2020 EUR 68.870
UBS AG/London 5.100 9/26/2019 EUR 71.650
Commerzbank AG 10.000 10/25/2019 EUR 48.700
Commerzbank AG 6.500 9/27/2019 EUR 73.660
Commerzbank AG 7.500 9/27/2019 EUR 78.610
Commerzbank AG 13.500 9/27/2019 EUR 68.790
Vontobel Financial Produ 12.850 9/13/2019 EUR 61.450
Vontobel Financial Produ 9.000 9/13/2019 EUR 69.330
Vontobel Financial Produ 11.850 9/13/2019 EUR 65.610
Landesbank Baden-Wuertte 3.000 10/23/2020 EUR 66.390
Raiffeisen Schweiz Genos 8.700 11/13/2019 USD 67.070
Vontobel Financial Produ 6.650 9/13/2019 EUR 61.500
Vontobel Financial Produ 7.900 9/13/2019 EUR 63.410
Vontobel Financial Produ 15.000 9/13/2019 EUR 53.200
Vontobel Financial Produ 4.300 9/13/2019 EUR 59.550
Vontobel Financial Produ 7.900 9/13/2019 EUR 53.760
Vontobel Financial Produ 10.050 9/13/2019 EUR 51.310
Vontobel Financial Produ 4.350 9/13/2019 EUR 52.010
Vontobel Financial Produ 9.200 9/13/2019 EUR 46.110
Vontobel Financial Produ 12.000 9/13/2019 EUR 43.690
Vontobel Financial Produ 13.000 9/13/2019 EUR 63.030
Vontobel Financial Produ 17.250 9/13/2019 EUR 58.750
Vontobel Financial Produ 4.750 9/13/2019 EUR 67.800
Vontobel Financial Produ 6.600 9/13/2019 EUR 69.080
Vontobel Financial Produ 5.250 9/13/2019 EUR 69.670
Vontobel Financial Produ 6.700 9/13/2019 EUR 66.260
Vontobel Financial Produ 10.100 9/13/2019 EUR 60.400
Vontobel Financial Produ 10.200 9/13/2019 EUR 68.180
Vontobel Financial Produ 1.950 9/13/2019 EUR 57.370
Vontobel Financial Produ 4.000 9/13/2019 EUR 51.720
Vontobel Financial Produ 11.600 9/13/2019 EUR 41.730
Vontobel Financial Produ 8.500 9/27/2019 EUR 58.470
Vontobel Financial Produ 10.000 9/27/2019 EUR 58.590
Vontobel Financial Produ 9.500 9/27/2019 EUR 57.980
Vontobel Financial Produ 15.500 1/3/2020 EUR 68.220
Vontobel Financial Produ 12.000 1/3/2020 EUR 58.260
Vontobel Financial Produ 11.500 9/27/2019 EUR 74.170
Bayerische Landesbank 3.100 7/31/2020 EUR 66.730
Leonteq Securities AG/Gu 10.000 2/7/2020 CHF 65.340
DZ Bank AG Deutsche Zent 10.000 9/25/2019 EUR 53.530
DZ Bank AG Deutsche Zent 11.000 9/25/2019 EUR 61.150
DZ Bank AG Deutsche Zent 10.000 9/25/2019 EUR 59.160
DZ Bank AG Deutsche Zent 8.000 9/25/2019 EUR 53.740
Credit Suisse AG/Nassau 7.000 11/15/2019 EUR 67.260
Credit Suisse AG/Nassau 9.500 11/18/2019 CHF 53.510
Zurcher Kantonalbank Fin 8.750 8/14/2020 CHF 69.540
UBS AG/London 10.000 10/10/2019 USD 66.040
UBS AG/London 9.000 10/19/2020 USD 53.600
Raiffeisen Centrobank AG 6.092 9/24/2019 EUR 70.600
Raiffeisen Centrobank AG 3.921 3/24/2020 EUR 66.750
Vontobel Financial Produ 13.000 9/27/2019 EUR 73.080
Vontobel Financial Produ 15.000 1/3/2020 EUR 69.960
Vontobel Financial Produ 5.500 1/3/2020 EUR 67.490
Vontobel Financial Produ 7.000 1/3/2020 EUR 64.340
Vontobel Financial Produ 9.000 1/3/2020 EUR 61.690
Vontobel Financial Produ 11.000 1/3/2020 EUR 59.330
Vontobel Financial Produ 8.000 9/27/2019 EUR 70.470
Luzerner Kantonalbank AG 8.250 5/15/2020 CHF 71.990
Commerzbank AG 10.750 10/25/2019 EUR 71.660
Commerzbank AG 12.750 10/25/2019 EUR 68.590
Commerzbank AG 12.000 9/27/2019 EUR 72.590
Commerzbank AG 14.000 9/27/2019 EUR 69.830
Commerzbank AG 11.250 9/27/2019 EUR 70.190
Commerzbank AG 10.500 10/25/2019 EUR 71.380
Commerzbank AG 12.500 10/25/2019 EUR 68.460
DekaBank Deutsche Giroze 3.450 7/31/2020 EUR 58.140
BNP Paribas Emissions- u 7.000 9/26/2019 EUR 71.850
BNP Paribas Emissions- u 9.000 9/26/2019 EUR 72.020
UniCredit Bank AG 4.350 10/26/2021 EUR 39.330
Vontobel Financial Produ 14.000 9/27/2019 EUR 72.400
Vontobel Financial Produ 10.000 1/3/2020 EUR 72.030
Vontobel Financial Produ 13.000 9/27/2019 EUR 55.220
Vontobel Financial Produ 10.000 1/3/2020 EUR 57.580
Vontobel Financial Produ 9.000 9/27/2019 EUR 55.010
Vontobel Financial Produ 10.500 9/27/2019 EUR 71.730
Vontobel Financial Produ 5.750 11/27/2020 EUR 65.130
Raiffeisen Switzerland B 5.000 8/14/2020 EUR 36.950
Landesbank Hessen-Thueri 4.500 9/8/2021 EUR 66.160
Commerzbank AG 16.000 9/27/2019 EUR 65.140
Commerzbank AG 10.000 9/27/2019 EUR 57.640
Commerzbank AG 9.250 11/22/2019 EUR 60.090
Commerzbank AG 15.250 11/22/2019 EUR 52.320
Commerzbank AG 12.750 9/27/2019 EUR 54.250
Commerzbank AG 5.250 11/22/2019 EUR 69.540
Landesbank Baden-Wuertte 4.820 11/22/2019 EUR 62.680
HSBC Trinkaus & Burkhard 7.000 2/28/2020 EUR 70.630
HSBC Trinkaus & Burkhard 11.400 12/27/2019 EUR 41.080
HSBC Trinkaus & Burkhard 7.300 12/27/2019 EUR 44.780
HSBC Trinkaus & Burkhard 9.100 3/27/2020 EUR 67.510
HSBC Trinkaus & Burkhard 10.700 9/27/2019 EUR 68.870
HSBC Trinkaus & Burkhard 9.400 12/27/2019 EUR 71.000
HSBC Trinkaus & Burkhard 8.400 3/27/2020 EUR 72.570
HSBC Trinkaus & Burkhard 10.300 3/27/2020 EUR 43.010
HSBC Trinkaus & Burkhard 6.900 3/27/2020 EUR 46.040
HSBC Trinkaus & Burkhard 3.900 12/27/2019 EUR 61.790
HSBC Trinkaus & Burkhard 12.400 12/27/2019 EUR 69.140
HSBC Trinkaus & Burkhard 10.100 12/27/2019 EUR 72.220
HSBC Trinkaus & Burkhard 6.500 11/22/2019 EUR 71.470
HSBC Trinkaus & Burkhard 13.300 9/27/2019 EUR 70.640
HSBC Trinkaus & Burkhard 7.300 12/27/2019 EUR 55.420
DZ Bank AG Deutsche Zent 5.000 12/27/2019 EUR 66.690
Commerzbank AG 11.500 9/27/2019 EUR 42.430
Commerzbank AG 17.500 9/27/2019 EUR 37.440
DZ Bank AG Deutsche Zent 6.750 12/27/2019 EUR 67.300
DZ Bank AG Deutsche Zent 5.250 12/27/2019 EUR 58.020
Commerzbank AG 10.250 10/25/2019 EUR 69.790
Commerzbank AG 12.250 10/25/2019 EUR 66.610
Commerzbank AG 9.000 10/25/2019 EUR 57.790
DZ Bank AG Deutsche Zent 5.250 12/27/2019 EUR 69.270
HSBC Trinkaus & Burkhard 4.100 12/27/2019 EUR 61.850
Commerzbank AG 9.500 9/27/2019 EUR 44.920
DZ Bank AG Deutsche Zent 5.500 12/27/2019 EUR 68.870
Commerzbank AG 9.500 9/27/2019 EUR 70.900
Commerzbank AG 9.250 10/25/2019 EUR 71.640
Commerzbank AG 11.250 10/25/2019 EUR 68.110
Commerzbank AG 14.250 10/25/2019 EUR 64.000
Vontobel Financial Produ 7.000 8/28/2019 EUR 49.530
Landesbank Hessen-Thueri 4.000 3/8/2021 EUR 53.800
EFG International Financ 6.000 8/24/2020 CHF 65.620
Commerzbank AG 15.000 9/27/2019 EUR 49.720
Commerzbank AG 12.000 9/27/2019 EUR 55.120
HSBC Trinkaus & Burkhard 5.900 11/22/2019 EUR 72.080
HSBC Trinkaus & Burkhard 4.700 12/27/2019 EUR 69.400
HSBC Trinkaus & Burkhard 8.100 9/27/2019 EUR 43.570
HSBC Trinkaus & Burkhard 5.300 9/27/2019 EUR 47.600
HSBC Trinkaus & Burkhard 9.800 3/27/2020 EUR 66.490
HSBC Trinkaus & Burkhard 5.900 6/26/2020 EUR 72.250
HSBC Trinkaus & Burkhard 6.300 10/25/2019 EUR 71.880
HSBC Trinkaus & Burkhard 10.400 11/22/2019 EUR 41.520
HSBC Trinkaus & Burkhard 6.900 6/26/2020 EUR 73.600
HSBC Trinkaus & Burkhard 6.600 12/27/2019 EUR 56.470
HSBC Trinkaus & Burkhard 9.500 3/27/2020 EUR 66.470
HSBC Trinkaus & Burkhard 11.700 12/27/2019 EUR 73.340
DZ Bank AG Deutsche Zent 11.250 12/27/2019 EUR 72.070
Commerzbank AG 13.250 10/25/2019 EUR 65.280
Commerzbank AG 13.750 9/27/2019 EUR 51.820
Commerzbank AG 5.000 10/25/2019 EUR 65.910
HSBC Trinkaus & Burkhard 11.000 3/27/2020 EUR 71.140
HSBC Trinkaus & Burkhard 9.600 3/27/2020 EUR 73.610
HSBC Trinkaus & Burkhard 7.700 3/27/2020 EUR 69.270
HSBC Trinkaus & Burkhard 6.100 3/27/2020 EUR 72.620
HSBC Trinkaus & Burkhard 6.200 2/28/2020 EUR 72.400
HSBC Trinkaus & Burkhard 2.000 12/27/2019 EUR 70.850
Commerzbank AG 15.500 9/27/2019 EUR 38.790
Commerzbank AG 16.750 10/25/2019 EUR 38.560
Commerzbank AG 9.000 10/25/2019 EUR 71.710
Commerzbank AG 7.000 10/25/2019 EUR 61.220
Commerzbank AG 11.000 10/25/2019 EUR 55.150
Landesbank Hessen-Thueri 3.500 9/8/2022 EUR 55.870
UBS AG/London 7.000 5/21/2020 EUR 65.700
Bank Julius Baer & Co Lt 15.300 3/23/2020 USD 56.900
DekaBank Deutsche Giroze 3.100 12/21/2020 EUR 74.710
Raiffeisen Centrobank AG 12.438 12/23/2020 EUR 76.290
Commerzbank AG 17.250 9/27/2019 EUR 72.220
Commerzbank AG 11.250 9/27/2019 EUR 71.900
Commerzbank AG 12.750 9/27/2019 EUR 72.570
Vontobel Financial Produ 10.000 3/27/2020 EUR 70.590
DZ Bank AG Deutsche Zent 7.000 3/25/2020 EUR 72.080
DZ Bank AG Deutsche Zent 10.000 3/25/2020 EUR 58.520
Vontobel Financial Produ 14.000 9/27/2019 EUR 63.660
Vontobel Financial Produ 13.000 1/3/2020 EUR 64.730
DZ Bank AG Deutsche Zent 10.250 12/27/2019 EUR 69.130
DZ Bank AG Deutsche Zent 8.250 3/25/2020 EUR 72.330
Commerzbank AG 7.250 11/22/2019 EUR 67.230
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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 2019. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000.
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