/raid1/www/Hosts/bankrupt/TCREUR_Public/240312.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
Tuesday, March 12, 2024, Vol. 25, No. 52
Headlines
A U S T R I A
SIGNA PRIME: Nears Asset Acquisition Deal with Schoeller Group
G E R M A N Y
ADAPA GMBH: EUR556.5MM Bank Debt Trades at 61% Discount
I R E L A N D
ALBACORE EURO VI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
L U X E M B O U R G
ALTISOURCE SARL: $412MM Bank Debt Trades at 21% Discount
N E T H E R L A N D S
VANMOOF: Administrators in Talks with Major Financiers
R U S S I A
INSON: Fitch Assigns B Insurer Fin. Strength Rating, Outlook Stable
S W E D E N
HEIMSTADEN BOSTAD: Fitch Lowers LongTerm IDR to B, Outlook Negative
U N I T E D K I N G D O M
ANNA VALLEY: Goes Into Administration
BODY SHOP: HMV Owner Eyes Rescue Bid for Business
DURHAM MORTGAGES: Fitch Assigns 'B-sf' Final Rating on Cl. X Notes
EXECUTIVE LUXURY: Goes Into Administration
HUMN.AI LTD: Aon Buys Technology Assets, Intellectual Property
JAMES PENMAN: Enters Liquidation, 35 Jobs Affected
X X X X X X X X
[*] BOND PRICING: For the Week March 4 to March 8, 2024
- - - - -
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A U S T R I A
=============
SIGNA PRIME: Nears Asset Acquisition Deal with Schoeller Group
--------------------------------------------------------------
Jack Sidders and Libby Cherry at Bloomberg News report that Signa's
flagship property unit is close to an agreement to sell a portfolio
of luxury Austrian assets to Germany's Schoeller Group, according
to people familiar with the matter.
According to Bloomberg, a deal may help Signa Prime Selection AG
resolve a deadlock in its broader restructuring related to a
previous loan deal with Schoeller. It would also be the first
major transaction with property held by Rene Benko's troubled
empire since its insolvency at the end of last year, Bloomberg
notes.
The family investment office of the packaging and logistics dynasty
has emerged as the buyer of a portfolio of properties, which
include the Golden Quarter luxury store complex and the Park Hyatt
hotel in Vienna, three people familiar with the deal told
Bloomberg.
According to Bloomberg, while Signa Prime had initially attracted
interest from 37 bidders for the assets, selling to the Schoeller
Group may help resolve a standoff with the German industrialist
family, two of the people said, asking not to be identified
discussing private information.
The Schoeller Group and Signa's representatives have been
negotiating claims related to a EUR200 million (US$219 million)
loan deal signed last year, Bloomberg previously reported. Those
claims -- though questioned by the insolvency administrator -- have
been an obstacle to raising fresh funds as they are underpinned by
a broad range of Signa's German assets, limiting their sale,
Bloomberg states.
Signa Prime was set present the potential deal to creditors for
their approval in a meeting on Monday, March 11, two of the people
said, Bloomberg relates.
Efforts to present a viable restructuring plan are gaining traction
ahead of a vote by creditors, Bloomberg notes. A majority of them
need to sign off on a strategy that offers to pay back at least 30%
of claims within two years, according to Bloomberg.
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G E R M A N Y
=============
ADAPA GMBH: EUR556.5MM Bank Debt Trades at 61% Discount
-------------------------------------------------------
Participations in a syndicated loan under which adapa GmbH is a
borrower were trading in the secondary market around 38.7
cents-on-the-dollar during the week ended Friday, March 8, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR556.5 million facility is a Term loan that is scheduled to
mature on September 24, 2028. The amount is fully drawn and
outstanding.
Adapa GmbH provides packaging products. The Company offers shrink
films, laminates, wicket bags, tobacco pouches, and bread bags. The
Company's country of domicile is Germany.
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I R E L A N D
=============
ALBACORE EURO VI: Fitch Assigns 'B-(EXP)sf' Rating on Cl. F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Albacore Euro CLO VI DAC expected
ratings. The assignment of final ratings is contingent on the
receipt of final documents conforming to information already
reviewed.
Entity/Debt Rating
----------- ------
Albacore Euro
CLO VI DAC
A Loan LT AAA(EXP)sf Expected Rating
A XS2747764392 LT AAA(EXP)sf Expected Rating
B-1 XS2747764558 LT AA(EXP)sf Expected Rating
B-2 XS2747764806 LT AA(EXP)sf Expected Rating
C XS2747765019 LT A(EXP)sf Expected Rating
D XS2747765282 LT BBB-(EXP)sf Expected Rating
E XS2747765449 LT BB-(EXP)sf Expected Rating
F XS2747765795 LT B-(EXP)sf Expected Rating
Subordinated Notes
XS2747765951 LT NR(EXP)sf Expected Rating
TRANSACTION SUMMARY
Albacore Euro CLO VI DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds will be used to fund a portfolio with a target par of
EUR400 million. The portfolio is actively managed by Albacore
Capital LLP. The collateralised loan obligation (CLO) will have a
4.6-year reinvestment period and a 7.5 year weighted average life
(WAL) test limit.
KEY RATING DRIVERS
Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.7.
High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.7%.
Diversified Portfolio (Positive): The transaction will include
various concentration limits in the portfolio, including a
fixed-rate obligation limit at 15%, a top 10 obligor concentration
limit at 20% and a maximum exposure to the three-largest
Fitch-defined industries at 40%. These covenants ensure the asset
portfolio will not be exposed to excessive concentration.
WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by one year, to 7.5 years, on the step-up date, which can be one
year after closing at the earliest. The WAL extension is at the
option of the manager but subject to conditions including passing
the collateral-quality tests and the reinvestment target par, with
defaulted assets at their collateral value.
Portfolio Management (Neutral): The transaction has an estimated
4.6-year reinvestment period and includes reinvestment criteria
similar to those of other European transactions. Fitch's analysis
is based on a stressed-case portfolio with the aim of testing the
robustness of the transaction structure against its covenants and
portfolio guidelines.
Cash Flow Modelling (Neutral): The WAL used for the stressed-cased
portfolio was 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period, including passing the over-collateralisation and Fitch
'CCC' limitation tests, and a WAL covenant that progressively steps
down over time, both before and after the end of the reinvestment
period. In Fitch's opinion, these conditions reduce the effective
risk horizon of the portfolio during the stress period.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A notes
but would lead to downgrade of no more than one notch for the class
B to E notes and to below 'B-sf' for the class F notes.
Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio, the class B to F notes
display a rating cushion of up to two notches.
Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the class A to E notes and to below 'B-sf' for the
class F notes.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the Fitch-stressed portfolio would
lead to upgrades of up to two notches for the rated notes, except
for the 'AAAsf' rated notes.
During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, leading
to the ability of the notes to withstand larger-than-expected
losses for the remaining life of the transaction. After the end of
the reinvestment period, upgrades, except for the 'AAAsf' notes,
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.
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
The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.
Overall, and together with any assumptions referred to above,
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.
===================
L U X E M B O U R G
===================
ALTISOURCE SARL: $412MM Bank Debt Trades at 21% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 79.1
cents-on-the-dollar during the week ended Friday, March 8, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $412 million facility is a Pik Term loan that is scheduled to
mature on April 2, 2025. About $224.1 million of the loan is
withdrawn and outstanding.
Altisource Solutions S.a.r.l. -- https://www.altisource.com/ --
specializes in developing and providing services and technology
solutions for real estate, mortgage, and asset recovery and
customer relationship management. The Company's country of domicile
is Luxembourg.
=====================
N E T H E R L A N D S
=====================
VANMOOF: Administrators in Talks with Major Financiers
------------------------------------------------------
NL Times reports that the curators managing the VanMoof bankruptcy
administrators are in talks with a major financier of the e-bike
brand about an agreement that would allow a group of disadvantaged
customers to get their money back.
According to NL Times, the lender promised VanMoof that customers
who ordered bikes shortly before the bankruptcy would be
compensated in the event the company went bust.
This arrangement is for customers who ordered the SX4 and SA5
e-bike models, but never received them, NL Times notes. The
American financier who put a lien on the company was meant to pay
up to a certain amount for claims from these consumers, NL Times
states. By placing the lien, they were permitted to sell off
VanMoof assets to collect debts, acording to NL Times.
However, the curators and the financiers disagree about how those
agreements were meant to be interpreted, NL Times relates. "We
differ in our vision on how this should be interpreted," curator
Jan Padberg explained in the latest bankruptcy report. He would
not share the specific reasons for the disagreements between the
two parties.
Many disadvantaged customers who had ordered a bike were still
unlikely to receive their money back, NL Times discloses. They are
among the creditors at the back of the queue with their claims,
behind other organizations, like the UWV benefits agency and the
Belastingdienst, the Dutch tax office, NL Times relays. There are
2,600 creditors, among them suppliers who are still owed money, NL
Times says.
These creditors are owed a total of over EUR35 million put
together, NL Times states. The Belastingdienst alone is owed EUR12
million, the bankruptcy report showed,
NL Times notes.
===========
R U S S I A
===========
INSON: Fitch Assigns B Insurer Fin. Strength Rating, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned Uzbekistan-based Joint Stock Company
Insurance Organization INSON (INSON) an Insurer Financial Strength
(IFS) Rating of 'B'. The Outlook is Stable.
The rating reflects reflect the insurer's moderate business
profile, weak capitalisation, profitability supportive of the
rating, and high, albeit commensurate with the rating category,
investment risk.
KEY RATING DRIVERS
Moderate Business Profile: Fitch ranks INSON's business profile as
'Moderate' compared with other Uzbek non-life insurers. This is
mainly due to its moderate diversification and competitive
positioning, and less favourable business risk profile. INSON is a
medium-sized non-life insurance company with an adequate business
franchise and limited competitive advantages. INSON is the
12th-largest Uzbek non-life insurer by gross premiums, with a
market share of 2% of gross written premiums in 1H23.
Exposed to Financial Risks: INSON's business mix is heavily skewed
towards financial risk insurance. Financial risks accounted for 40%
of net written premiums in 2022, with around half of these policies
representing credit default insurance of unsecured retail loans.
This could be a source of volatility and uncertainty for the
insurer's underwriting profitability.
Weak Capitalisation: The insurer's capital position, as measured by
Fitch's Factor-Based Capital Model, was below 'Somewhat Weak' at
end-2022. The target capital remained high due to high asset risks
stemming from the investment portfolio. Moreover, the insurer's
capital could be exposed to unmodelled potential large losses owing
to the absence of catastrophe protection. Fitch expects the
company's capital position to remain under pressure due to its
aggressive growth strategy.
Inson's regulatory solvency margin strengthened to 131% at end-3Q23
from a fairly low level of 107% at end-2022, with the improvement
mainly due to the capital injection. The company plans to
capitalise profits in 2024-2025 and not distribute any dividends.
Profitability Supportive of Rating: The company reported net income
of UZS5 billion and UZS536 million in 2022 and 2021, respectively,
which resulted in return on equity of 15% and of 2.4%. The net
result was driven by a strong investment component, which is
evidenced by investment yields of 13% and 9% in 2022 and in 2021,
respectively. This offset the negative underwriting result, with
the insurer's combined ratio of 103% and 110% in 2022 and 2021,
respectively, with burdensome expenses being the drag.
In 9M23, the company's financial performance was positive, as shown
by net profit of UZS1.7 billion based on local GAAP reporting,
supported by a historically high investment result.
High Investment Risk: Fitch views INSON's investment and asset risk
as high albeit commensurate with the rating category. The insurer
is exposed to equity investments in affiliates, which totaled 88%
of shareholders' equity. The rest of the insurer's investment
portfolio is placed in bank deposits in a large number of
state-owned and large private banks rated in the 'B' rating
category.
Natural Catastrophe Risk Not Modelled: Like its local peers, INSON
is exposed to high catastrophe risk as Uzbekistan is in a
seismically active area. The insurer does not have sufficient
catastrophe cover and does not conduct internal assessments of the
possible maximum exposure on its insurance book.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:
- Significant improvement in the company profile assessment,
demonstrated by larger operating scale, better diversification and
a lower business risk profile;
- Improvement in the capital position alongside an improvement in
the asset quality of the insurer's investment portfolio.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- Significant erosion of the capital position on a sustained
basis.
DATE OF RELEVANT COMMITTEE
16 February 2024
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating
----------- ------
Joint Stock
Company Insurance
Organization INSON LT IFS B New Rating
===========
S W E D E N
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HEIMSTADEN BOSTAD: Fitch Lowers LongTerm IDR to B, Outlook Negative
-------------------------------------------------------------------
Fitch Ratings has downgraded Heimstaden AB's Long-Term Issuer
Default Rating (IDR) to 'B' from 'BB'. The Outlook is Negative. The
ratings have been removed from Rating Watch Negative (RWN), except
for the euro-denominated hybrid, which has been maintained on RWN.
The rating actions follow Heimstaden Bostad AB's (IDR: BBB/RWN)
proposal to not pay a 2023 cash dividend (previously reflected in
the RWN on Heimstaden AB) including the Preference A dividend to
Heimstaden AB (which Fitch did not expect) that forms part of the
holding company's core income stream. Heimstaden AB has
subsequently announced that it will defer interest on its Swedish
krona hybrid and propose no preference share dividends. Fitch
calculates that Heimstaden AB has sufficient liquidity to cover
scheduled debt maturities until 2026.
Heimstaden Bostad's decision to retain capital, and
already-announced disposal plan, help preserve its investment-grade
ratings, while negotiations continue with Alecta and other
institutional shareholders on an equity raise. Until dividends can
resume, cash flows to Heimstaden AB are disrupted and its 34.8%
(attributable SEK40.8 billion) equity stake in Heimstaden Bostad is
vulnerable to dilution. If negotiations result in material
detrimental changes to existing shareholder agreement mechanisms
for Heimstaden AB, it could be credit negative.
KEY RATING DRIVERS
Interrupted Income Streams: Heimstaden AB is reliant upon two fee
incomes (each around SEK0.7 billion per year based on Heimstaden
Bostad's gross asset value) to fund its operational cost base and
debt service, one of which is routed as a Preference A dividend.
The latter is deferred until Heimstaden Bostad re-assumes dividend
payments. After the disposal of its income-producing Iceland
portfolio, Heimstaden AB has become over-reliant on the Heimstaden
Bostad dividend (as previously reflected in the RWN) for recurring
income.
Additional Liquidity Required: Fitch calculates that on a
standalone basis, Heimstaden AB has sufficient liquidity sources to
cover its remaining 2024 and 2025 debt maturities of SEK0.3 billion
and SEK1.7 billion, respectively. Heimstaden AB will need
additional liquidity sources to cover its 2026 and beyond debt
maturities.
Heimstaden Bostad Equity Stake: With bond markets closed to
Heimstaden AB, and dividend suspended, the most obvious way
alongside cash to repay end-2023 SEK10.3 billion of senior debt,
and nominal SEK7.8 billion of hybrids is to realise part of its
SEK40.8 billion equity stake in Heimstaden Bostad to existing or
new shareholders. Based on the equity stake's reported value, Fitch
calculates that recoveries on Heimstaden AB's hybrids are high
after its senior debt is paid.
Assuming a near-30% discount on the adjusted-net asset value,
equivalent to a 10% discount on Heimstaden Bostad end-2023
investment property values, yields more than 200% coverage on the
hybrids. However, recoveries are difficult to estimate for an
unlisted investment, depending also on the route to eventual
default and the multiple layers of senior debt including at the
subsidiary.
Equity Raise Improves Dividend Prospects: Heimstaden Bostad's
prospective equity raise has been delayed until shareholders can
agree on terms. Fitch believes that ongoing negotiations may widen
to existing shareholder agreement mechanisms. As Heimstaden AB is
unlikely to participate in the equity raise, its current equity
stake (share of capital) may be diluted. An equity raise improves
prospects of Heimstaden Bostad resuming payment of dividends, but
with lower than historical levels of remuneration to Heimstaden AB,
given the higher interest burden. These parameters are known
unknowns.
Heimstaden Bostad Protecting Rating: Heimstaden Bostad announced
the non-payment of dividends, alongside initiatives including the
sizeable privatisation plan (piecemeal disposals), to help protect
its investment-grade ratings. Heimstaden Bostad's financial profile
is hampered by regulated residential rent with inflation-linked
rent increases phased over multiple years compared with more
immediate interest expense increases (unaided by Heimstaden
Bostad's short-term interest rate hedging). To improve its
resultant tight interest cover requires lower leverage. The
privatisation plan and the equity raise proceeds, which will prepay
expensive forms of debt, will aid de-leveraging.
Heimstaden AB is the group's founding holding company. Its own
recurring cash flows have been interrupted to protect its equity
investment.
IHC Criteria Approach: Fitch rates Heimstaden AB using its
Investment Holding Companies (IHC) Rating Criteria, reflecting
reliance on its main subsidiary's dividends, finite liquidity and
its main asset, the equity stake, to mitigate refinancing risk.
Recovery Rating Criteria Variation: The IHC criteria guides senior
debt to be rated the same as the IDR with a Recovery Rating capped
at 'RR4' to reflect the lower predictability of recovery prospects.
Given the relatively more stable valuation of the underlying
residential-for-rent (some regulated) assets compared with share
prices, Fitch has applied a criteria variation for Heimstaden AB's
senior unsecured rating to be one notch above the IDR at 'B+' with
a 'RR3' recovery estimate.
Hybrid Notching: Under Fitch's hybrid criteria, activated deferral
of interest makes the Swedish krona hybrid non-performing (loss
absorption has been triggered although the instrument is expected
to return to performing status with only very low economic losses)
and it is rated 'CCC'. The euro hybrid is performing (annual
interest payment is not until January 2025) and is rated
'CCC+'/RWN/RR6 and will be downgraded to 'CCC' when loss absorption
is activated.
Fredensborg Has No Notching Impact: Fitch has not factored any
financial support from Heimstaden AB's main shareholder,
Fredensborg AS, into the rating.
DERIVATION SUMMARY
There are no relevant publicly rated real estate holding company
peers to compare Heimstaden AB with.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- No further cash dividends from Heimstaden Bostad.
Non-dividend-routed management fee of SEK0.7 billion continues,
which net of Heimstaden AB's operational expenses, results in 2024
EBITDA of SEK0.2 billion. For its rating case Fitch has assumed
that Heimstaden AB defers interest under its Swedish krona (and
euro) hybrids, and its preference shares.
- Disposal proceeds from remaining Iceland portfolio receipts, and
other assets, and Fitch has not assumed drawdown of the end-2023
SEK1 billion revolving credit facility (RCF).
- Remaining SEK0.3 billion 2024 and 2025 SEK1.7 billion senior debt
is repaid with cash resources.
- Fitch uses end-2023's Heimstaden Bostad's adjusted net asset
value (from the annual accounts) of SEK40.8 billion representing
Heimstaden AB's 34.8% equity stake in Heimstaden Bostad (before
likely dilution).
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Restoration of cash-pay Preference A, Preference B and common
share dividends
- Heimstaden AB's standalone EBITDA including restored cash
dividends/cash interest expense (including hybrids) coverage above
1.0x
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Indefinite postponement of equity raise, jeopardising restoration
of dividends.
- Cessation of asset management fee (0.2% of Heimstaden Bostad's
gross asset value), which is not routed through dividends.
- Delay in asset disposal receipts.
- 12-month liquidity score below 1.0x
LIQUIDITY AND DEBT STRUCTURE
Liquidity Until end-2025: At end-2023, Heimstaden AB had SEK1.2
billion in readily available cash. The SEK1 billion RCF is
considered unavailable. Expected funds from operations (FFO)
outflow of around SEK0.3 billion in 2024 (including the Swedish
krona hybrid interest deferral) and remaining Iceland disposal
receipts. In total, net SEK1.7 billion liquidity covers SEK0.3
billion of remaining debt maturities in 2024.
Fitch calculates that Heimstaden AB has enough liquidity resources
to cover its SEK1.7 billion of scheduled 2025 debt maturities after
expected negative FFO in 2025 and other expected disposal proceeds.
For the liquidity calculation, Fitch has assumed deferral of both
Swedish krona hybrid (quarterly payments starting April 2024) and
euro hybrid (annual payments start January 2025). The Swedish krona
deferral restricts payments on the euro hybrid until parity
instruments' interest is paid in full.
The Swedish krona 2024 and 2025 floating-rate debt is expensive at
STIBOR (4%) plus a 4% weighted-average margin, whereas the euro
2026 and 2027 bonds are at around 4.3% fixed rates. A significant
cost (now deferred) is the interest on the Swedish krona
floating-rate October 2024 first call date hybrid (STIBOR +5.9%),
whereas the October 2026 first call date hybrid is fixed at a 6.75%
coupon.
The hybrid bonds and preference shares issued by Heimstaden AB are
deeply subordinated and have received 50% equity credit.
Criteria Variation
Criteria Variation on Recovery Rating: The IHC criteria guides
senior debt to be the same as the IDR with a recovery rating capped
at 'RR4' to reflect the lower predictability of recovery prospects.
Given the high recovery estimates detailed above under various
scenarios and the predictability and stability of
residential-for-rent (some regulated) rents and values, Fitch has
applied a criteria variation to rate Heimstaden AB's senior
unsecured rating one-notch above the IDR at 'B+' with a 'RR3'
recovery estimate.
ESG CONSIDERATIONS
Heimstaden AB has an ESG Relevance Score of '4' for Governance
Structure due to its approximate 94% ownership (96% of votes) by
Fredensborg AS, itself owned by family interests, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Heimstaden AB LT IDR B Downgrade BB
senior
unsecured LT B+ Downgrade RR3 BB
subordinated LT CCC Downgrade B+
subordinated LT CCC+ Downgrade RR6 B+
===========================
U N I T E D K I N G D O M
===========================
ANNA VALLEY: Goes Into Administration
-------------------------------------
Jenny Priestley at TVBEurope reports that audio-visual and
entertainment technology company Anna Valley has entered
administration.
According to TVBEurope, a listing with Companies House states the
company entered into administration March 6, with Benjamin John
Wiles and Geoffrey Wayne Bouchiser of Kroll Advisory Ltd named as
administrators.
Anna Valley has been working in the AV sector for over three
decades, with roots in the supply of cameras and display technology
to the broadcast sector, TVBEurope discloses.
BODY SHOP: HMV Owner Eyes Rescue Bid for Business
-------------------------------------------------
Amanda Pauley at Cosmetics Business reports that HMV owner Doug
Putman is allegedly mulling a bid for The Body Shop as the beauty
company's US and Canada operations file for bankruptcy.
The Canadian billionaire has reportedly contacted the cosmetic
retailer's administrators with a view to potentially buying the
business, Cosmetics Business relays, citing The Telegraph.
However, a formal bid has not been put on the table yet, reported
the publication, Cosmetics Business notes.
Rumours of a rescue bid come after The Body Shop's US and Canadian
arms both collapsed into administration over the weekend, Cosmetics
Business relates.
The retailer's US business filed for Chapter 7 insolvency in North
America on March 9, under which its assets are to be sold off to
clear debts, Cosmetics Business discloses.
It has stopped trading at 50 outlets, putting around 400 jobs at
risk, Cosmetics Business notes.
This includes roles at a distribution centre which holds millions
of dollars worth of stock.
In Canada, 33 of the cosmetic retailer's 105 shops have also
closed, with reported job losses of more than 200, according to
Cosmetics Business.
The future of The Body Shop's Australian and New Zealand operations
are uncertain due to financial difficulties, Cosmetics Business
says, citing The Guardian.
The business is rumoured to be struggling with cash shortages
following its UK parent's collapse into administration last month,
reported the publication, Cosmetics Business discloses.
Seventy-five of The Body Shop's UK stores are to be shuttered, said
administrators FRP Advisory, with 116 remaining open as part of its
restructuring plans, Cosmetics Business relates.
The administrators are allegedly investigating claims that millions
of pounds were taken out of the business before its collapse into
administration, according to Cosmetics Business.
The Body Shop's Denmark arm also filed for bankruptcy in February,
with 15 stores closing, Cosmetics Business recounts.
DURHAM MORTGAGES: Fitch Assigns 'B-sf' Final Rating on Cl. X Notes
------------------------------------------------------------------
Fitch Ratings has assigned Durham Mortgages A PLC's notes final
ratings.
Entity/Debt Rating Prior
----------- ------ -----
Durham Mortgages A PLC
Class A XS2761206114 LT AAAsf New Rating AAA(EXP)sf
Class B XS2761206460 LT AA+sf New Rating AA+(EXP)sf
Class C XS2761206627 LT A+sf New Rating A+(EXP)sf
Class D XS2761208672 LT A-sf New Rating A-(EXP)sf
Class E XS2761211890 LT BBBsf New Rating BBB(EXP)sf
Class F XS2761212864 LT BB+sf New Rating BB+(EXP)sf
Class R XS2761214134 LT NRsf New Rating NR(EXP)sf
Class X XS2761213243 LT B-sf New Rating B-(EXP)sf
Class Z XS2761213912 LT NRsf New Rating NR(EXP)sf
TRANSACTION SUMMARY
Durham Mortgages A PLC is the second refinancing of first-lien
residential owner- occupied (OO) mortgage loans originated in the
UK by Bradford & Bingley plc and Mortgage Express. The asset pool
was originally securitised in 2018 and refinanced in 2021 under
Durham Mortgages A PLC.
KEY RATING DRIVERS
Seasoned Non-Conforming Loans: The portfolio consists of seasoned
OO loans, originated primarily between 2004 and 2008. The mortgage
loans have benefited from considerable house price indexation, with
a weighted average (WA) indexed current loan-to-value (LTV) of
48.0% leading to a WA sustainable LTV of 59.6%.
The characteristics of the pool are typical of Fitch-rated legacy
UK non-conforming (UKN) RMBS transactions: 87.8% of the loans are
self-certified, 88.8% are interest-only loans, 12.2% are in arrears
by one month or more, and 12.3% have been restructured. Fitch
therefore applied its UKN matrix assumptions.
Positive Originator Adjustment: When setting the originator
adjustment, Fitch considered the historical performance of the
asset pool from previous transactions containing these loans. The
arrears and default performance of the pool has outperformed
Fitch's UKN index despite the recent rise in arrears.
Furthermore, Fitch considered the originators' lending criteria at
the time of origination to be stronger than at typical UKN lenders,
with stricter adverse credit limits applied. Taking these factors
into consideration, Fitch applied a downward originator adjustment
to the base-case default rate of 0.9x.
Unhedged Low-Margin Assets: The pool consists almost entirely
(99.7% by current balance) of Bank of England base rate (BBR)
tracker loans, which have a low WA margin (1.9%) over BBR. These
loans are unhedged, leading Fitch to apply its basis risk
assumptions. The low WA margin will lead to low excess spread over
the life of the transaction and potential use of principal to pay
interest on the notes. Using principal for interest payment is
subject to principal deficiency ledger triggers on the class B to F
notes but unconditionally for the most senior notes.
Deviation from MIR (Criteria Variation): The collateral performance
may worsen and excess spread will likely be further depressed,
given the rising arrears trend and, potentially, lower recovery
rates from repossessions due to adverse selection. Fitch accounted
for this in its analysis by assigning ratings for the class C to X
notes with the assumption of increased front-loading of defaults
and a decrease to the WA recovery rate (RR). Fitch has assigned
ratings of two notches below the model-implied ratings (MIR) for
the class F and X notes and one notch below the MIR for the class C
to E notes. The two-notch variation for the class F and X notes
constitutes a criteria variation.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce the credit enhancement
available to the notes. In addition, unexpected declines in
recoveries could result in lower net proceeds, which may make some
notes susceptible to negative rating action depending on the extent
of the decline in recoveries.
Fitch found that a 15% increase in the WA foreclosure frequencies
(WAFF) and a 15% decrease in the WARR would lead to downgrades of
two notches for the class A and C notes, three notches for the
class B and D notes, and four notches for the class E and F notes.
The class X notes would be assigned distressed ratings in this
scenario.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Stable-to-improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement levels and
consideration for upgrades. Fitch found a decrease in the WAFF of
15% and an increase in the WARR of 15% would lead to upgrades of no
more than one notch for the class B notes, three notches for the
class C notes, four notches for the class D and E notes and six
notches for the class F and X notes. The class A notes are at the
highest achievable rating on Fitch's scale and cannot be upgraded.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte. The third-party due diligence described in
Form 15E focused on the verification of data fields contained
within the loan-level data against the loan system. Fitch
considered this information in its analysis, which did not have an
effect on Fitch's analysis or conclusions.
DATA ADEQUACY
Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.
Overall, and together with any assumptions referred to above,
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.
Criteria Variation
A criteria variation has been applied in the application of Fitch's
UK RMBS Criteria.
Fitch's criteria permit a rating to be assigned that is one notch
higher or lower than the MIR based on other qualitative or
quantitative factors that are not captured directly in the
modelling. Fitch has assigned a rating two notches below the MIR
for the class F and X notes as these notes demonstrate particular
vulnerability to reductions in revenue and RR.
DATE OF RELEVANT COMMITTEE
15 February 2024
ESG CONSIDERATIONS
Durham Mortgages A PLC has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to
the high proportion of interest-only loans in legacy OO mortgages,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.
Durham Mortgages A PLC has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to a large proportion of the pool
containing OO loans advanced with limited affordability checks,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.
Durham Mortgages A PLC has an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to the high
proportion of borrowers in the pool that have already reverted to a
floating rate and are currently paying a high BBR rate. These
borrowers may not be in a position to refinance. This has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
EXECUTIVE LUXURY: Goes Into Administration
------------------------------------------
William Telford at DevonLive reports that a company which runs
plush Devon holiday parks has collapsed into administration leaving
workers in limbo.
Exclusive Luxury Lodges Ltd runs five country parks including
Hornbeam Country Park at Dunkeswell, and Willow Bay Country Park,
in Whitstone, near Holsworthy.
The company also has parks in Suffolk, Berkshire, and the Whitebeam
Country Park in Gloucestershire's Forest of Dean. It appointed
administrators at PKF in Canary Wharf, London, DevonLive relates.
An employee at one of the five parks told DevonLive that staff were
unsure what was going on and had been left "in limbo" waiting to
hear what would happen to their jobs, DevonLive notes.
Hornbeam Country Park is in its own private estate, next to 40
acres of woodland. It has luxury lodges which can cost up to
GBP519 for five nights.
Willow Bay, close to the Cornwall border, has 42 luxury lodges, a
mixture of owned and rented. Prices can go to GBP595 for seven
nights.
Executive Luxury Lodges failed to submit accounts due at Companies
House in December 2023, DevonLive notes. Its most recent accounts,
for 2021, showed it made an operating profit of GBP262,913 for the
year on turnover of GBP2,134,292, DevonLive discloses.
HUMN.AI LTD: Aon Buys Technology Assets, Intellectual Property
--------------------------------------------------------------
Terry Gangcuangco at Insurance Business reports that Aon has
acquired the technology assets and intellectual property of
insurance provider Humn.ai Limited (Humn), which went into
administration earlier this year, to bolster the broking giant's
commercial fleet capabilities.
According to Insurance Business, Jillian Slyfield, Aon's chief
innovation officer, highlighted the boost the transaction will
bring to the table, saying: "It is more important than ever for our
fleet and mobility clients to have access to data-driven insights
and tools that inform their risk and business strategies.
"[This] announcement is a testament to our ongoing investment in
technology to build innovative offerings that address evolving
client needs."
As reported by Insurance Business, Humn entered administration
earlier this year, with Adam Seres, David Baxendale, and James
Cameron of PwC serving as joint administrators.
"The directors of Humn.ai Limited had been exploring strategic
options to address the medium-term funding requirements of the
company," PwC noted at the time. "Despite extensive efforts and
having exhausted all options, the difficult decision was taken by
the directors to place the company into administration."
Incorporated in 2017, Humn produced real-time data-driven fleet
insurance. Now its platform will be integrated into Aon's
offerings, providing commercial fleet performance insights to
clients to assist in reducing accidents and lowering risk costs.
JAMES PENMAN: Enters Liquidation, 35 Jobs Affected
--------------------------------------------------
Paul Malik at The Courier reports that all 35 employees at James
Penman Plant Hire in Kirkcaldy have been made redundant after the
company went into liquidation.
Callum Carmichael and Michelle Elliot of business advisory firm FRP
Advisory were appointed joint provisional liquidators after the
firm's collapse, The Courier relates.
According to The Courier, difficulties paying its "financial
obligations" brought about during the pandemic and worsened by the
cost-of-living crisis have been blamed for the company's demise.
James and Wendy Penman and Jane Downie are no longer listed as
directors of the company, The Courier notes.
All 35 staff have been made redundant, The Courier states.
The latest accounts for the company, which were submitted in June
2023 and run only up to September 2022, showed the firm had plant
and machinery valued at GBP3.5 million, The Courier discloses.
Papers also show the firm had net assets of GBP1.5 million in
September 2022, The Courier relays.
"James Penman struggled to maintain its financial obligations which
stemmed from the pandemic and, regrettably, has entered
liquidation," The Courier quotes FRP partner Callum Carmichael as
saying.
"Our job now is to focus on supporting all staff that have been
impacted with their applications to the redundancy payments service
as we wind down the remaining business."
===============
X X X X X X X X
===============
[*] BOND PRICING: For the Week March 4 to March 8, 2024
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
Codere Finance 2 Lu 11.000 9/30/2026 EUR 23.000
Kvalitena AB publ 10.067 4/2/2024 SEK 33.666
Codere Finance 2 Lu 12.750 11/30/2027 EUR 2.035
R-Logitech Finance 10.250 9/26/2027 EUR 16.891
Solocal Group 10.925 3/15/2025 EUR 18.923
Caybon Holding AB 10.566 3/3/2025 SEK 46.333
Codere Finance 2 Lu 13.625 11/30/2027 USD 2.000
YA Holding AB 12.789 12/17/2024 SEK 15.000
Ilija Batljan Inves 10.797 SEK 3.854
IOG Plc 13.438 9/20/2024 EUR 10.000
Tinkoff Bank JSC Vi 11.002 USD 37.000
Oscar Properties Ho 11.317 7/5/2024 SEK 3.321
Bilt Paper BV 10.360 USD 1.415
UkrLandFarming PLC 10.875 3/26/2018 USD 4.085
Bakkegruppen AS 11.700 2/3/2025 NOK 46.337
Codere Finance 2 Lu 13.625 11/30/2027 USD 2.000
Privatbank CJSC Via 10.250 1/23/2018 USD 0.852
Plusplus Capital Fi 11.000 7/29/2026 EUR 10.541
Avangardco Investme 10.000 10/29/2018 USD 0.108
Bourbon Corp SA 11.652 EUR 1.375
Offentliga Hus I No 10.924 SEK 44.000
Immigon Portfolioab 10.258 EUR 9.751
Virgolino de Olivei 10.500 1/28/2018 USD 0.010
Saderea DAC 12.500 11/30/2026 USD 43.625
Solocal Group 10.925 3/15/2025 EUR 9.091
Virgolino de Olivei 11.750 2/9/2022 USD 0.715
Codere Finance 2 Lu 11.000 9/30/2026 EUR 23.000
Sidetur Finance BV 10.000 4/20/2016 USD 0.205
Marginalen Bank Ban 13.068 SEK 45.000
Goldman Sachs Inter 16.288 3/17/2027 USD 25.610
Virgolino de Olivei 10.500 1/28/2018 USD 0.010
Transcapitalbank JS 10.000 USD 1.342
Privatbank CJSC Via 10.875 2/28/2018 USD 8.637
Santander Consumer 10.757 EUR 92.858
Privatbank CJSC Via 11.000 2/9/2021 USD 1.000
Virgolino de Olivei 10.875 1/13/2020 USD 36.000
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Leonteq Securities 12.490 7/10/2024 USD 35.340
KPNQwest NV 10.000 3/15/2012 EUR 0.911
Citigroup Global Ma 25.530 2/18/2025 EUR 3.130
Phosphorus Holdco P 10.000 4/1/2019 GBP 0.373
NTRP Via Interpipe 10.250 8/2/2017 USD 0.818
Societe Generale SA 23.510 6/23/2026 USD 7.600
Bulgaria Steel Fina 12.000 5/4/2013 EUR 0.216
Bilt Paper BV 10.360 USD 1.415
Ukraine Government 11.000 3/24/2037 UAH 25.019
Codere Finance 2 Lu 12.750 11/30/2027 EUR 2.035
Societe Generale SA 15.840 8/30/2024 USD 14.300
Russian Railways JS 12.940 2/28/2040 RUB 50.000
UBS AG/London 13.750 7/1/2024 CHF 37.400
Virgolino de Olivei 10.875 1/13/2020 USD 36.000
Banco Espirito Sant 10.000 12/6/2021 EUR 0.063
Credit Suisse AG/Lo 20.000 11/29/2024 USD 16.050
Societe Generale SA 16.000 7/3/2024 USD 28.500
Ukraine Government 11.000 2/16/2037 UAH 25.187
Russian Railways JS 12.940 2/28/2040 RUB 50.100
Societe Generale SA 18.000 5/31/2024 USD 21.000
Tailwind Energy Chi 12.500 9/27/2019 USD 1.500
Evocabank CJSC 11.000 9/28/2024 AMD 0.000
Societe Generale SA 16.000 7/3/2024 USD 20.800
Lehman Brothers Tre 10.000 6/11/2038 JPY 0.100
Ukraine Government 10.570 5/10/2027 UAH 42.749
Credit Suisse AG/Lo 29.000 3/28/2024 USD 17.898
Leonteq Securities 12.000 4/23/2024 CHF 48.740
Leonteq Securities 25.000 5/2/2024 CHF 24.800
Privatbank CJSC Via 10.875 2/28/2018 USD 8.637
UBS AG/London 16.500 7/22/2024 CHF 23.220
Erste Group Bank AG 14.500 8/2/2024 EUR 48.400
Corner Banca SA 22.000 3/20/2024 CHF 20.520
ACBA Bank OJSC 11.500 3/1/2026 AMD 0.000
Basler Kantonalbank 26.000 5/8/2024 CHF 27.530
Swissquote Bank SA 25.390 5/30/2024 CHF 39.020
Bank Vontobel AG 18.000 6/28/2024 CHF 40.000
Petromena ASA 10.850 11/19/2018 USD 0.622
Societe Generale SA 15.000 9/29/2025 USD 11.300
Leonteq Securities 14.000 4/30/2024 CHF 13.170
Societe Generale SA 21.000 12/26/2025 USD 27.300
Societe Generale SA 15.110 10/31/2024 USD 28.000
Societe Generale SA 11.000 7/14/2026 USD 13.120
Raiffeisen Schweiz 20.000 7/24/2024 CHF 43.270
Ukraine Government 11.000 4/1/2037 UAH 24.978
Phosphorus Holdco P 10.000 4/1/2019 GBP 0.373
Turkiye Ihracat Kre 12.540 9/14/2028 TRY 40.841
Ukraine Government 12.500 4/27/2029 UAH 37.822
Deutsche Bank AG/Lo 12.780 3/16/2028 TRY 40.100
UkrLandFarming PLC 10.875 3/26/2018 USD 4.085
Virgolino de Olivei 11.750 2/9/2022 USD 0.715
Lehman Brothers Tre 11.750 3/1/2010 EUR 0.100
Bulgaria Steel Fina 12.000 5/4/2013 EUR 0.216
Inecobank CJSC 10.000 4/28/2025 AMD 10.200
Leonteq Securities 30.000 3/13/2024 CHF 20.990
Raiffeisen Schweiz 15.500 4/11/2024 CHF 34.290
Leonteq Securities 26.000 7/31/2024 CHF 36.590
Ukraine Government 11.000 4/24/2037 UAH 27.535
Credit Agricole Cor 10.500 2/16/2027 TRY 42.664
PA Resources AB 13.500 3/3/2016 SEK 0.124
Credit Agricole Cor 11.640 3/24/2027 TRY 44.000
Credit Agricole Cor 10.200 8/6/2026 TRY 45.713
Ukraine Government 10.360 11/10/2027 UAH 39.295
Credit Agricole Cor 10.320 7/22/2026 TRY 46.149
Leonteq Securities 24.000 8/14/2024 CHF 46.650
UBS AG/London 19.000 7/12/2024 CHF 37.150
Converse Bank 10.500 5/22/2024 AMD 10.464
Leonteq Securities 23.000 3/13/2024 USD 33.700
UBS AG/London 10.000 3/23/2026 USD 24.200
Sintekom TH OOO 13.000 1/23/2025 RUB 19.450
UniCredit Bank GmbH 10.700 2/3/2025 EUR 24.290
UniCredit Bank GmbH 10.700 2/17/2025 EUR 24.570
UBS AG/London 21.600 8/2/2027 SEK 46.950
UniCredit Bank GmbH 10.500 9/23/2024 EUR 31.490
Finca Uco Cjsc 12.500 6/21/2024 AMD 0.000
Corner Banca SA 13.000 4/3/2024 CHF 34.450
Landesbank Baden-Wu 12.500 3/22/2024 EUR 28.340
UBS AG/London 13.000 9/30/2024 CHF 18.740
Landesbank Baden-Wu 11.000 3/22/2024 EUR 31.110
EFG International F 10.300 8/23/2024 USD 37.460
Armenian Economy De 10.500 5/4/2025 AMD 0.000
Bank Vontobel AG 19.000 4/9/2024 CHF 14.800
Societe Generale SA 13.010 11/14/2024 USD 27.000
UBS AG/London 16.000 3/11/2024 CHF 9.030
UBS AG/London 12.250 3/11/2024 CHF 9.000
UBS AG/London 12.250 3/11/2024 EUR 36.150
UniCredit Bank GmbH 16.550 8/18/2025 USD 35.030
UBS AG/London 16.000 4/19/2024 CHF 31.150
UBS AG/London 17.400 4/14/2027 SEK 48.820
UBS AG/London 14.250 4/8/2024 USD 49.700
UBS AG/London 18.000 4/8/2024 CHF 41.650
BNP Paribas Issuanc 20.000 9/18/2026 EUR 33.810
BNP Paribas Issuanc 19.000 9/18/2026 EUR 0.820
Societe Generale SA 16.000 7/3/2024 USD 24.400
Raiffeisen Switzerl 15.000 3/20/2024 CHF 28.380
Raiffeisen Switzerl 20.000 3/20/2024 CHF 20.110
Raiffeisen Switzerl 19.200 3/20/2024 CHF 35.140
Vontobel Financial 17.000 3/22/2024 EUR 43.990
Vontobel Financial 13.000 3/22/2024 EUR 48.870
Vontobel Financial 14.000 3/22/2024 EUR 47.000
Vontobel Financial 20.500 3/22/2024 EUR 41.350
Vontobel Financial 15.500 3/22/2024 EUR 45.590
Vontobel Financial 22.000 3/22/2024 EUR 40.150
Vontobel Financial 18.500 3/22/2024 EUR 42.750
Zurcher Kantonalban 17.400 4/19/2024 USD 42.740
Zurcher Kantonalban 16.700 4/19/2024 CHF 46.610
Raiffeisen Switzerl 19.000 3/27/2024 CHF 35.520
UBS AG/London 22.000 3/15/2024 CHF 29.020
UBS AG/London 17.500 3/15/2024 CHF 44.650
UBS AG/London 21.250 4/2/2024 CHF 18.460
DZ Bank AG Deutsche 20.200 3/22/2024 EUR 38.780
DZ Bank AG Deutsche 23.600 3/22/2024 EUR 34.960
Leonteq Securities 15.000 4/3/2024 CHF 13.660
DZ Bank AG Deutsche 10.300 4/26/2024 EUR 44.460
UBS AG/London 18.750 4/15/2024 CHF 23.960
Zurcher Kantonalban 17.300 4/19/2024 USD 46.910
DZ Bank AG Deutsche 21.700 3/22/2024 EUR 45.710
DZ Bank AG Deutsche 23.200 6/28/2024 EUR 46.630
Leonteq Securities 15.000 4/30/2024 CHF 42.820
Zurcher Kantonalban 12.000 4/26/2024 EUR 48.380
UBS AG/London 18.750 4/26/2024 CHF 22.320
DZ Bank AG Deutsche 12.500 3/22/2024 EUR 43.520
Vontobel Financial 12.500 3/22/2024 EUR 37.200
Bank Vontobel AG 20.000 4/15/2024 CHF 30.700
Leonteq Securities 27.000 5/30/2024 CHF 16.690
Leonteq Securities 24.000 4/11/2024 CHF 32.480
DZ Bank AG Deutsche 11.000 3/20/2024 EUR 44.690
Zurcher Kantonalban 21.000 5/17/2024 CHF 41.970
Vontobel Financial 20.000 3/22/2024 EUR 44.050
Vontobel Financial 24.500 3/22/2024 EUR 41.590
Vontobel Financial 16.000 3/22/2024 EUR 47.220
Vontobel Financial 21.000 6/28/2024 EUR 46.800
Vontobel Financial 18.000 6/28/2024 EUR 48.690
BNP Paribas Emissio 15.000 3/21/2024 EUR 49.990
Leonteq Securities 28.000 4/11/2024 CHF 20.090
DZ Bank AG Deutsche 13.500 6/28/2024 EUR 52.980
UBS AG/London 26.000 3/22/2024 CHF 17.880
Ameriabank CJSC 10.000 2/20/2025 AMD 0.000
DZ Bank AG Deutsche 16.900 6/28/2024 EUR 48.300
Leonteq Securities 28.000 5/30/2024 CHF 41.190
Bank Vontobel AG 24.000 3/25/2024 CHF 20.900
Bank Vontobel AG 20.750 6/24/2024 CHF 23.600
Basler Kantonalbank 18.000 6/17/2024 CHF 38.230
Vontobel Financial 11.500 3/22/2024 EUR 46.600
Bank Vontobel AG 21.000 3/11/2024 CHF 37.600
UBS AG/London 18.750 5/31/2024 CHF 28.360
Societe Generale SA 27.300 10/20/2025 USD #N/A N/A
Raiffeisen Switzerl 20.000 3/13/2024 CHF 18.070
DZ Bank AG Deutsche 22.700 3/22/2024 EUR 44.980
UniCredit Bank GmbH 10.300 9/27/2024 EUR 31.630
UBS AG/London 14.250 8/19/2024 CHF 31.500
Societe Generale SA 18.000 8/1/2024 USD #N/A N/A
Bank Julius Baer & 18.400 3/20/2024 CHF 50.250
Fast Credit Capital 11.500 7/13/2024 AMD 0.000
Bank Vontobel AG 13.000 3/18/2024 CHF 27.000
Raiffeisen Switzerl 10.500 7/11/2024 USD 23.570
UBS AG/London 17.040 5/26/2027 SEK 50.070
UBS AG/London 10.000 5/14/2024 USD 9.975
Finca Uco Cjsc 12.000 2/10/2025 AMD 0.000
Vontobel Financial 11.000 3/22/2024 EUR 36.170
UniCredit Bank GmbH 15.900 3/22/2024 EUR 47.650
UniCredit Bank GmbH 13.800 3/22/2024 EUR 46.130
EFG International F 11.120 12/27/2024 EUR 35.970
Finca Uco Cjsc 13.000 11/16/2024 AMD 0.000
Leonteq Securities 21.000 8/14/2024 CHF 41.200
Leonteq Securities 22.000 8/7/2024 CHF 44.500
Bank Vontobel AG 20.500 11/4/2024 CHF 41.100
Leonteq Securities 22.000 8/14/2024 CHF 49.970
Bank Julius Baer & 12.720 2/17/2025 CHF 42.400
DZ Bank AG Deutsche 11.200 6/28/2024 EUR 42.950
UBS AG/London 13.500 8/15/2024 CHF 46.850
Vontobel Financial 12.500 3/22/2024 EUR 43.850
Vontobel Financial 24.000 3/22/2024 EUR 48.490
Vontobel Financial 23.000 3/22/2024 EUR 42.890
Vontobel Financial 21.500 3/22/2024 EUR 44.820
Vontobel Financial 17.500 3/22/2024 EUR 38.980
Vontobel Financial 14.500 3/22/2024 EUR 41.170
Vontobel Financial 25.000 3/22/2024 EUR 40.300
Leonteq Securities 19.000 6/3/2024 CHF 49.050
DZ Bank AG Deutsche 14.700 3/22/2024 EUR 43.740
Bank Vontobel AG 17.250 3/22/2024 CHF 31.000
UniCredit Bank GmbH 13.500 6/28/2024 EUR 48.070
Ist Saiberian Petro 14.000 12/28/2024 RUB 10.780
Leonteq Securities 28.000 6/5/2024 CHF 29.220
Leonteq Securities 24.000 6/5/2024 CHF 38.880
Raiffeisen Schweiz 19.500 6/6/2024 CHF 40.250
Bank Vontobel AG 12.000 6/10/2024 CHF 42.700
Vontobel Financial 11.000 6/28/2024 EUR 45.670
Vontobel Financial 14.000 6/28/2024 EUR 46.340
Leonteq Securities 30.000 5/8/2024 CHF 26.380
Leonteq Securities 23.000 6/26/2024 CHF 40.850
Raiffeisen Switzerl 20.000 6/26/2024 CHF 34.900
DZ Bank AG Deutsche 10.600 3/22/2024 EUR 48.540
Vontobel Financial 21.000 3/22/2024 EUR 49.030
Vontobel Financial 21.750 3/22/2024 EUR 23.070
UniCredit Bank GmbH 12.600 6/28/2024 EUR 49.500
Leonteq Securities 19.000 5/24/2024 CHF 13.120
Lehman Brothers Tre 16.000 10/28/2008 USD 0.100
Lehman Brothers Tre 13.000 12/14/2012 USD 0.100
Lehman Brothers Tre 11.250 12/31/2008 USD 0.100
Lehman Brothers Tre 11.000 7/4/2011 CHF 0.100
Lehman Brothers Tre 14.100 11/12/2008 USD 0.100
Lehman Brothers Tre 13.150 10/30/2008 USD 0.100
Lehman Brothers Tre 16.800 8/21/2009 USD 0.100
Lehman Brothers Tre 16.000 12/26/2008 USD 0.100
Lehman Brothers Tre 13.432 1/8/2009 ILS 0.100
Lehman Brothers Tre 11.000 2/16/2009 CHF 0.100
Lehman Brothers Tre 12.400 6/12/2009 USD 0.100
Lehman Brothers Tre 10.000 6/17/2009 USD 0.100
Lehman Brothers Tre 10.000 10/23/2008 USD 0.100
Lehman Brothers Tre 10.000 10/22/2008 USD 0.100
Lehman Brothers Tre 16.200 5/14/2009 USD 0.100
Lehman Brothers Tre 10.600 4/22/2014 MXN 0.100
Lehman Brothers Tre 17.000 6/2/2009 USD 0.100
Lehman Brothers Tre 10.442 11/22/2008 CHF 0.100
Lehman Brothers Tre 11.000 7/4/2011 USD 0.100
Lehman Brothers Tre 16.000 11/9/2008 USD 0.100
Lehman Brothers Tre 15.000 6/4/2009 CHF 0.100
Lehman Brothers Tre 13.500 6/2/2009 USD 0.100
Lehman Brothers Tre 10.000 5/22/2009 USD 0.100
Lehman Brothers Tre 23.300 9/16/2008 USD 0.100
Lehman Brothers Tre 12.000 7/4/2011 EUR 0.100
Credit Agricole Cor 10.200 12/13/2027 TRY 38.802
Sidetur Finance BV 10.000 4/20/2016 USD 0.205
Lehman Brothers Tre 11.000 12/20/2017 AUD 0.100
Lehman Brothers Tre 13.000 7/25/2012 EUR 0.100
Lehman Brothers Tre 18.250 10/2/2008 USD 0.100
Lehman Brothers Tre 11.000 12/20/2017 AUD 0.100
Lehman Brothers Tre 13.000 2/16/2009 CHF 0.100
Lehman Brothers Tre 14.900 9/15/2008 EUR 0.100
Lehman Brothers Tre 10.000 2/16/2009 CHF 0.100
Bank Vontobel AG 12.000 9/30/2024 EUR 22.100
BNP Paribas Emissio 22.000 3/21/2024 EUR 48.130
JP Morgan Structure 15.500 11/4/2024 USD 30.480
Corner Banca SA 23.000 8/21/2024 CHF 40.210
Raiffeisen Switzerl 12.300 8/21/2024 CHF 17.890
Bank Vontobel AG 10.000 8/19/2024 CHF 14.200
ObedinenieAgroElita 13.750 5/22/2024 RUB 21.310
Leonteq Securities 24.000 1/13/2025 CHF 39.570
Bank Vontobel AG 13.500 1/8/2025 CHF 27.500
BNP Paribas SA 10.000 7/26/2027 USD 10.350
UniCredit Bank GmbH 17.900 3/22/2024 EUR 24.530
UniCredit Bank GmbH 17.000 6/28/2024 EUR 28.860
HSBC Trinkaus & Bur 20.750 3/22/2024 EUR 27.360
Leonteq Securities 20.000 8/7/2024 CHF 20.200
Leonteq Securities 30.000 8/7/2024 CHF 34.840
Raiffeisen Schweiz 20.000 8/7/2024 CHF 37.060
DZ Bank AG Deutsche 26.000 3/22/2024 EUR 26.840
HSBC Trinkaus & Bur 23.250 3/22/2024 EUR 22.960
Citigroup Global Ma 14.650 7/22/2024 HKD 36.610
Raiffeisen Switzerl 20.000 7/10/2024 CHF 43.360
Swissquote Bank SA 26.040 7/17/2024 CHF 41.130
Finca Uco Cjsc 13.000 5/30/2025 AMD 0.000
UBS AG/London 14.250 7/12/2024 EUR 19.640
Swissquote Bank SA 26.120 7/10/2024 CHF 39.950
Swissquote Bank SA 27.700 9/4/2024 CHF 46.280
Leonteq Securities 24.000 7/10/2024 CHF 41.080
Leonteq Securities 26.000 7/10/2024 CHF 35.410
Leonteq Securities 24.000 7/10/2024 CHF 39.320
UniCredit Bank GmbH 14.300 6/28/2024 EUR 46.720
Bank Vontobel AG 10.000 9/2/2024 EUR 48.300
Bank Vontobel AG 22.000 5/31/2024 CHF 19.600
UBS AG/London 18.500 6/14/2024 CHF 31.000
Vontobel Financial 10.000 3/22/2024 EUR 37.130
UniCredit Bank GmbH 11.900 6/28/2024 EUR 49.100
Bank Vontobel AG 25.000 7/22/2024 USD 39.100
Bank Vontobel AG 12.250 6/17/2024 CHF 50.400
Bank Vontobel AG 21.750 3/18/2024 CHF 14.900
Swissquote Bank SA 16.380 7/31/2024 CHF 16.830
UniCredit Bank GmbH 13.500 3/22/2024 EUR 46.250
Swissquote Bank SA 22.120 4/11/2024 CHF 35.900
Swissquote Bank SA 21.060 4/11/2024 CHF 14.170
Leonteq Securities 23.400 6/19/2024 CHF 38.170
Bank Vontobel AG 25.500 4/3/2024 CHF 23.100
Leonteq Securities 15.000 9/12/2024 USD 24.960
Leonteq Securities 27.600 6/26/2024 CHF 30.790
Vontobel Financial 12.500 6/28/2024 EUR 45.920
Leonteq Securities 20.000 9/26/2024 USD 41.590
Corner Banca SA 18.500 9/23/2024 CHF 23.660
Raiffeisen Schweiz 20.000 4/3/2024 CHF 22.350
Bank Vontobel AG 21.000 6/10/2024 CHF 35.200
Basler Kantonalbank 16.000 6/14/2024 CHF 33.450
Leonteq Securities 20.000 6/19/2024 CHF 39.860
Bank Vontobel AG 19.000 4/3/2024 CHF 37.400
Bank Vontobel AG 22.000 7/1/2024 CHF 43.200
Bank Vontobel AG 20.000 6/26/2024 CHF 35.000
Bank Vontobel AG 13.000 6/26/2024 CHF 13.100
Bank Vontobel AG 18.500 12/16/2024 CHF 25.900
EFG International F 15.000 7/12/2024 CHF 48.020
Leonteq Securities 24.000 7/17/2024 CHF 40.450
Basler Kantonalbank 24.000 7/5/2024 CHF 38.000
Leonteq Securities 15.000 7/24/2024 CHF 16.820
Leonteq Securities 23.000 7/24/2024 CHF 38.270
Vontobel Financial 19.500 6/28/2024 EUR 43.830
HSBC Trinkaus & Bur 22.750 3/22/2024 EUR 24.540
Bank Vontobel AG 23.000 6/4/2024 CHF 37.400
UniCredit Bank GmbH 13.200 6/28/2024 EUR 47.580
Swissquote Bank SA 25.080 6/12/2024 CHF 37.290
Zurcher Kantonalban 16.500 3/27/2024 CHF 43.930
Vontobel Financial 21.500 3/22/2024 EUR 44.090
BNP Paribas Emissio 16.000 3/21/2024 EUR 44.030
Vontobel Financial 12.000 3/22/2024 EUR 44.090
National Mortgage C 12.000 3/30/2026 AMD 0.000
Leonteq Securities 21.000 5/22/2024 USD 29.860
Raiffeisen Switzerl 16.000 6/12/2024 CHF 30.130
Raiffeisen Schweiz 20.000 6/12/2024 CHF 30.450
Raiffeisen Schweiz 18.000 4/3/2024 CHF 37.850
EFG International F 24.000 6/14/2024 CHF 32.690
Vontobel Financial 14.500 6/28/2024 EUR 47.540
Vontobel Financial 11.000 6/28/2024 EUR 39.270
Basler Kantonalbank 17.000 7/19/2024 CHF 43.310
Leonteq Securities 30.000 4/24/2024 CHF 22.850
Evocabank CJSC 11.000 9/27/2025 AMD 0.000
Raiffeisen Switzerl 16.000 5/22/2024 CHF 29.110
Raiffeisen Switzerl 20.000 5/22/2024 CHF 30.820
DZ Bank AG Deutsche 22.900 3/22/2024 EUR 48.090
Vontobel Financial 16.500 6/28/2024 EUR 45.520
Leonteq Securities 22.000 4/3/2024 CHF 31.880
Corner Banca SA 24.000 4/3/2024 CHF 23.210
Vontobel Financial 17.000 3/22/2024 EUR 47.250
Zurcher Kantonalban 24.250 3/28/2024 USD 41.280
HSBC Trinkaus & Bur 20.250 6/28/2024 EUR 29.720
Leonteq Securities 20.000 4/24/2024 CHF 40.180
Leonteq Securities 20.000 8/28/2024 CHF 23.150
Leonteq Securities 21.000 6/5/2024 CHF 37.920
Swissquote Bank SA 26.980 6/5/2024 CHF 29.490
Vontobel Financial 23.500 3/22/2024 EUR 33.240
HSBC Trinkaus & Bur 10.100 3/22/2024 EUR 47.260
Vontobel Financial 12.000 3/22/2024 EUR 46.620
Vontobel Financial 21.000 3/22/2024 EUR 37.120
Vontobel Financial 22.000 3/22/2024 EUR 35.670
Vontobel Financial 25.000 3/22/2024 EUR 33.470
UniCredit Bank GmbH 16.800 3/22/2024 EUR 45.180
Vontobel Financial 10.000 3/22/2024 EUR 37.240
Vontobel Financial 18.500 3/22/2024 EUR 48.940
Vontobel Financial 13.500 3/22/2024 EUR 43.340
Vontobel Financial 23.500 3/22/2024 EUR 34.510
Vontobel Financial 18.500 3/22/2024 EUR 39.950
UniCredit Bank GmbH 15.200 3/22/2024 EUR 46.840
DZ Bank AG Deutsche 12.800 3/22/2024 EUR 40.160
DZ Bank AG Deutsche 21.100 6/28/2024 EUR 48.840
Vontobel Financial 10.500 3/22/2024 EUR 46.930
Vontobel Financial 25.000 3/22/2024 EUR 46.670
Vontobel Financial 20.000 3/22/2024 EUR 46.950
Vontobel Financial 20.000 3/22/2024 EUR 36.900
Vontobel Financial 24.500 3/22/2024 EUR 41.130
Bank Vontobel AG 10.500 7/29/2024 EUR 47.400
Leonteq Securities 21.600 6/26/2024 CHF 18.890
Raiffeisen Switzerl 20.000 5/8/2024 EUR 45.960
Raiffeisen Schweiz 18.400 5/2/2024 CHF 23.680
Bank Vontobel AG 23.500 4/29/2024 CHF 23.800
Vontobel Financial 11.500 3/22/2024 EUR 48.690
Vontobel Financial 13.500 6/28/2024 EUR 48.790
Vontobel Financial 16.000 3/22/2024 EUR 44.070
Leonteq Securities 20.000 5/2/2024 CHF 28.840
Vontobel Financial 14.000 3/22/2024 EUR 45.550
Vontobel Financial 16.250 3/22/2024 EUR 26.290
Leonteq Securities 23.000 3/27/2024 CHF 21.050
Leonteq Securities 18.000 3/27/2024 CHF 32.940
Bank Vontobel AG 18.000 7/19/2024 CHF 41.100
Raiffeisen Schweiz 16.000 4/18/2024 CHF 38.440
Vontobel Financial 24.750 6/28/2024 EUR 34.170
DZ Bank AG Deutsche 19.900 3/22/2024 EUR 46.240
Societe Generale Ef 13.750 3/22/2024 EUR 46.680
Leonteq Securities 24.000 4/3/2024 CHF 18.970
Societe Generale Ef 13.250 4/26/2024 EUR 44.880
Leonteq Securities 24.000 5/17/2024 CHF 48.150
Bank Vontobel AG 10.000 5/28/2024 CHF 11.500
Leonteq Securities 27.000 7/24/2024 CHF 20.410
Leonteq Securities 22.000 4/17/2024 CHF 32.460
Leonteq Securities 26.000 4/17/2024 CHF 23.980
Swissquote Bank SA 21.550 4/17/2024 CHF 39.430
Leonteq Securities 30.000 3/20/2024 CHF 17.370
Zurcher Kantonalban 17.000 3/13/2024 CHF 44.200
UniCredit Bank GmbH 16.400 3/22/2024 EUR 25.360
UniCredit Bank GmbH 19.600 3/22/2024 EUR 23.770
UniCredit Bank GmbH 15.800 6/28/2024 EUR 29.390
UniCredit Bank GmbH 18.200 6/28/2024 EUR 28.390
UniCredit Bank GmbH 14.900 3/22/2024 EUR 26.250
UniCredit Bank GmbH 19.500 6/28/2024 EUR 28.010
Leonteq Securities 18.000 9/11/2024 CHF 23.230
ACBA Bank OJSC 11.000 12/1/2025 AMD 9.700
Leonteq Securities 25.000 3/27/2024 CHF 21.540
Leonteq Securities 16.000 3/20/2024 CHF 34.360
Leonteq Securities 14.000 7/3/2024 CHF 16.570
Swissquote Bank SA 20.120 6/20/2024 CHF 18.710
Leonteq Securities 16.000 6/20/2024 CHF 34.910
Raiffeisen Switzerl 20.000 5/10/2024 CHF 40.100
Leonteq Securities 26.000 7/3/2024 CHF 37.400
Leonteq Securities 24.000 7/3/2024 CHF 41.010
Leonteq Securities 20.000 7/3/2024 CHF 18.690
Leonteq Securities 24.000 3/27/2024 CHF 28.610
Leonteq Securities 26.000 5/22/2024 CHF 28.270
Leonteq Securities 24.000 5/22/2024 CHF 41.740
Zurcher Kantonalban 18.000 4/17/2024 CHF 22.250
DZ Bank AG Deutsche 10.250 3/20/2024 EUR 44.630
UniCredit Bank GmbH 19.100 3/22/2024 EUR 27.400
Raiffeisen Switzerl 20.000 6/19/2024 CHF 40.720
Vontobel Financial 18.000 9/27/2024 EUR 30.870
Vontobel Financial 17.500 3/22/2024 EUR 42.720
Vontobel Financial 16.000 6/28/2024 EUR 46.710
Vontobel Financial 19.000 6/28/2024 EUR 44.990
Vontobel Financial 10.750 6/28/2024 EUR 47.340
DZ Bank AG Deutsche 11.800 9/27/2024 EUR 49.810
Leonteq Securities 27.500 5/2/2024 CHF 25.260
Vontobel Financial 21.000 3/22/2024 EUR 40.250
BNP Paribas Emissio 13.000 6/27/2024 EUR 48.730
BNP Paribas Emissio 16.000 6/27/2024 EUR 48.050
Leonteq Securities 11.000 5/13/2024 CHF 38.720
Leonteq Securities 19.000 6/10/2024 CHF 33.410
Swissquote Bank SA 14.560 3/13/2024 CHF 44.110
Bank Vontobel AG 15.000 3/11/2024 CHF 43.500
Leonteq Securities 26.000 3/13/2024 CHF 15.930
Raiffeisen Switzerl 19.000 3/13/2024 CHF 39.260
Armenian Economy De 11.000 10/3/2025 AMD 0.000
Leonteq Securities 22.000 8/28/2024 CHF 41.460
Raiffeisen Schweiz 20.000 8/28/2024 CHF 23.710
Teksid Aluminum Lux 12.375 7/15/2011 EUR 0.619
Ukraine Government 11.000 4/8/2037 UAH 24.943
Ukraine Government 11.000 4/20/2037 UAH 24.684
Ukraine Government 11.000 4/23/2037 UAH 24.876
Tonon Luxembourg SA 12.500 5/14/2024 USD 0.010
Credit Agricole Cor 11.190 3/12/2027 TRY 43.429
Deutsche Bank AG/Lo 14.900 5/30/2028 TRY 42.742
Lehman Brothers Tre 10.000 3/27/2009 USD 0.100
Lehman Brothers Tre 11.000 6/29/2009 EUR 0.100
Lehman Brothers Tre 10.500 8/9/2010 EUR 0.100
Lehman Brothers Tre 11.000 12/19/2011 USD 0.100
Lehman Brothers Tre 12.000 7/13/2037 JPY 0.100
BLT Finance BV 12.000 2/10/2015 USD 10.500
Ukraine Government 12.500 10/12/2029 UAH 36.764
Ukraine Government 11.570 3/1/2028 UAH 40.032
Ukraine Government 11.580 2/2/2028 UAH 40.315
Ukraine Government 11.110 3/29/2028 UAH 38.808
Ukraine Government 10.710 4/26/2028 UAH 37.706
Lehman Brothers Tre 15.000 3/30/2011 EUR 0.100
Lehman Brothers Tre 16.000 10/8/2008 CHF 0.100
Lehman Brothers Tre 13.500 11/28/2008 USD 0.100
Lehman Brothers Tre 14.900 11/16/2010 EUR 0.100
Lehman Brothers Tre 11.000 12/20/2017 AUD 0.100
*********
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 2024. All rights reserved. ISSN 1529-2754.
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contact Peter Chapman at 215-945-7000.
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