weekly highlights contents - unicredit

22 April 2016 Credit Research

High Yield Pacenotes

UniCredit Research page 1 See last pages for disclaimer.

Weekly Highlights ■ Credit markets remained on a tightening path (iBoxx HY NFI -16bp wow

to 420bp) as equities continued to climb (Euro STOXX 50 +2.9% wow) and as commodity prices remained on an upward bias (oil prices were up 4% wow, at USD 44.9/bbl) despite the inconclusive meeting, which aimed to freeze oil production, in Doha last Sunday.

■ The ECB meeting proceeded as had widely been expected, with interest rates unchanged and no additional stimulus measures announced. At the press conference afterwards, ECB president Mario Draghi emphasized that he remained committed to maintaining an easing stance and that the central bank would react if need be (“we stand ready to do more”). At the same time, he reaffirmed his awareness of the potential side effects of negative rates, which suggests that the downside to rates is limited and that further stimulus (if deemed necessary) could come in the form of more asset purchases.

■ Regarding purchases, details about the corporate bond program were provided. Overall, the main technical parameters of the program have come in at the wider end of expectations, effectively allowing the broadest possible overlap with the ECB’s collateral framework. Meanwhile, the ECB’s economic assessment was largely similar to that of last month: the central bank expects the recovery to continue at a moderate, although steady, pace with risks remaining tilted to the downside. Both the ECB’s introductory statement and the Q&A session showed that it is growing impatient with the current “insufficient” pace of structural reforms, suggesting the central bank sees politicians as responsible.

■ Preliminary eurozone PMIs came in broadly unchanged in April, with the composite (53 after 53.1) a tad softer than expected (53.3) but still consistent with 1.5% annualized GDP growth. Job creation improved both in manufacturing and services, and manufacturing export orders ticked upwards.

■ On Wednesday, we released the 32nd issue of our Euro High Yield & Crossovers publication, which provides a detailed analysis of more than 60 high-yield corporates.

NON-FINANCIALS WEEKLY WINNERS AND LOSERS

Source: iBoxx, UniCredit Research

Contents ECB releases technical parameters of corporate bond purchases__________________________________ 2Rating Actions ______________________________ 4Recommendation Overview ____________________ 5HY Calendar ________________________________ 6Earnings Previews ___________________________ 6

ALBA Group ______________________________ 6Bombardier _______________________________ 7CABB ___________________________________ 7CNH Industrial ____________________________ 8FCA ____________________________________ 8FTE Automotive ___________________________ 9Gestamp _________________________________ 9Goodyear ________________________________ 9Guala Closures ___________________________ 10HP Pelzer _______________________________ 10Peugeot ________________________________ 11SNAI ___________________________________ 11TeamSystem _____________________________ 11Telenet _________________________________ 12United Group ____________________________ 12Xella ___________________________________ 13Zobele __________________________________ 13

Latest Company News _______________________ 14Euro High Yield & Crossovers Compendium: Trade ideas ___________________________________ 14Altice (Buy) ______________________________ 15Anglo American (Hold) _____________________ 15Ardagh (Sell) _____________________________ 16Bombardier (Sell) _________________________ 16Bormioli Rocco (Hold) ______________________ 17Cirsa (Buy) ______________________________ 18FCA (Hold) ______________________________ 19Faurecia (Buy) ___________________________ 20Grupo Antolin (Buy) _______________________ 21Hapag-Lloyd (Hold) ________________________ 22IGT (Buy) _______________________________ 23Ineos (Hold) _____________________________ 24Manutencoop (Hold) _______________________ 25Oi (Hold) ________________________________ 25RCS & RDS (Hold) ________________________ 26ThyssenKrupp (Sell) _______________________ 27Wind (Buy) ______________________________ 27

HY Issuers and Bonds _______________________ 29

FINANCIALS WEEKLY WINNERS AND LOSERS


Author Dr. Christian Weber, CFA (UniCredit Bank) +49 89 378-12250 [email protected]

Bloomberg UCCR

Internet www.research.unicredit.eu

-8% -6% -4% -2% 0% 2% 4% 6% 8%

WASTEI 10.5% Nov-19ALTICE 6.5% Jan-22

NSINO 8% Feb-21WINDIM 7% Apr-21QUIBB FRN Apr-19WINDIM 4% Jul-20

FREGR 2.875% Jul-20RCOLIN 8.5% Jan-21

GBFGR 2.375% Dec-19ARGID 4.25% Jan-22

iBoxx EUR HY Non-FinancialsOIBRBZ 5.242% Nov-17OIBRBZ 5.875% Apr-18

AALLN 3.25% Apr-23NYRBB 8.5% Sep-19

MANTEN 8.5% Aug-20HEMABV 6.25% Jun-19VALEBZ 3.75% Jan-23HEMABV FRN Jun-19NVFVES FRN Jun-20NVFVES 4.5% Jun-21

weekly total return

-5% 0% 5% 10% 15% 20% 25%

VICEN 2.75% Mar-20POPSM 8% Jul-21

AIB 4.125% Nov-25RBIAV 4.5% Feb-25

VICEN 2.75% Apr-17DEXGRP FRN Jul-17

ICCREA 1.875% Nov-19UCGIM 6.7% Jun-18AIB 1.375% Mar-20

BYLAN FRN Feb-19iBoxx EUR HY Financials

POPSM 8.25% Oct-21UNIIM 3% Mar-25

ETHIAS 5% Jan-26VICEN 9.5% Sep-25

MONTE 5.6% Sep-20MONTE 5% Apr-20

VENBAN 6.411% PerpVENBAN 9.5% Dec-25

MONTE FRN Nov-17VENBAN FRN Jun-17

weekly total return

https://www.ecb.europa.eu/press/pr/date/2016/html/pr160421_1.en.html�

https://www.ecb.europa.eu/pub/pdf/other/financial_risk_management_of_eurosystem_monetary_policy_operations_201507.en.pdf�

https://www.research.unicredit.eu/DocsKey/credit_docs_2016_153315.ashx?M=D&R=31904263�

https://www.research.unicredit.eu/DocsKey/credit_docs_2016_153315.ashx?M=D&R=31904263�




ECB releases technical parameters of corporate bond purchases

iBoxx HY Excess Return vs. Bund HY spreads vs. oil price


Technical parameters of the CSPP allow broadest possible range of purchases under the collateral framework

Corporate bond purchases will start in June 2016 and “will be carried out by six nationalcentral banks [Belgium, Finland, France, Germany, Italy, Spain] acting on behalf of theEurosystem, coordinated by the ECB”. Purchases will be conducted in primary and secondarymarkets of EUR notes ranging in maturity from 6M to 30Y and up to 70% of the notional of asingle instrument (ISIN). A minimum issuance size is not necessary and insurance notes arealso included. Credit institutions (bank bonds and asset management vehicles) in general andpublic undertakings (government owned) in primary market purchases are excluded. As laid out in the collateral framework, split-rated issues will be eligible for purchase (minimum first-best rating BBB-). In addition, “corporate debt instruments issued by corporationsincorporated in the euro area whose ultimate parent is not based in the euro area are also eligible for purchase under the CSPP, provided they fulfil all the other eligibility criteria,"meaning that bonds of non-eurozone issuers with financing vehicles within the eurozone willalso be purchased. To ensure proportionality, the ECB will define a benchmark at issuer group level. The benchmark will be neutral in the sense that it will proportionally reflect alloutstanding issues qualifying for the benchmark. This also implies that market capitalizationprovides a weighting for each of the jurisdictions of issuance within the benchmark. Inaddition, issuer group limits will be based on the benchmark to ensure a diverse portfolio. Thevolume of CSPP holdings will be published on a weekly and monthly basis and a breakdownof primary and secondary market purchases will also be published every month.

ECB will buy whatever it can get

While allowing the broadest possible set of purchases relating to the collateral framework, theECB has decided not to set a target size. Experience from the ABS program shows that it canbe quite a difficult task to acquire size in a tight and (compared to sovereign bonds) illiquid market. Hence, it makes sense to have a wide starting point. But this does not necessarilyimply that purchase volumes will be large (we still think EUR 2-3bn a month), especially as the program could end as soon as March 2017. After the conclusion of the CSPP, investors will once again have to assess risk premiums solely on the basis of economic prospects andcredit fundamentals. This means that tactically, spreads could continue to grind somewhattighter, but in the medium term downside risks will increase.

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INDEX PERFORMANCE

XOver vs. Cash Index Spread Index Performance

Source: iBoxx, Markit, UniCredit Research

PERFORMANCE & SPREAD BY RATING

3M cumulated performance by BB/B/CCC 3M daily spread movement by BB/B/CCC


RATING ISSUANCE & RATING STRUCTURE

Issuance by Rating Rating Structure


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DEFAULT RATES AND SECTOR STRUCTURE

Spread vs. Default Rate Sector Structure


Rating Actions

Rating Date Issuer Agency action Rating Type From To

15-Apr-16 Odebrecht (ODBR) S&P downgrade Issue Rating BB BB-

Banque PSA (PEUGOT) Moody's upgrade Senior Unsecured Debt Baa3 Baa2

Outlook POS STABLE

18-Apr-16 Cirsa (CIRSA) Moody's Outlook POS STABLE

Unipol (UNIIM) S&P withdrawn LC Issuer Credit Rating BB NR

19-Apr-16 Edcon Proprietary (EDCON) S&P downgrade Issuer Credit Rating B- SD

Renault (RENAUL) S&P Outlook STABLE POS

20-Apr-16 Banco BPI (BPIPL) Moody's watch Senior Unsecured Debt Ba3*- Ba3*

watch Subordinated Debt Rating B2*- B2*

CaixaBank (CABKSM) Moody's Outlook STABLE NEG

NH Hoteles (NHHSM) Fitch Outlook STABLE POS

21-Apr-16 Banca Popolare di Milano (PMIIM) Fitch watch negative Senior Unsecured Debt BB+ BB+*-

watch negative Subordinated Debt Rating BB BB*-

Banco Popolare Scarl (BPIM) Fitch Outlook STABLE NEG

Elior (ELRFP) Fitch new Issue Rating WD BB+

Oberthur Technologies (OCSFP) S&P remove wp Issuer Credit Rating B-*+ B-

Outlook POS

Tesco (TSCOLN) Fitch Outlook NEG STABLE

22-Apr-16 Origin Energy (ORGAU) Fitch Outlook STABLE NEG

Source: iBoxx, Agencies, UniCredit Research

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Recommendation Overview

Buy Hold Sell

Altice Amplifon

Cirsa CMC di Ravenna

Faurecia Goodyear

Grupo Antolin Guala Closures

HeidelbergCement IGT

Italcementi Matterhorn Telecom

Motherson Numericable-SFR

Sappi Schaeffler

Virgin Media Wind

ZF Friedrichshafen

Agrokor Alain Afflelou ALBA Group

Anglo American ArcelorMittal

Ardagh Areva

Bormioli Rocco Buzzi Unicem

CABB Douglas Europcar

FCA FMC

Fresenius FTE Automotive

Gamenet Gestamp

Groupe Casino Hapag-Lloyd

Hertz Hornbach HP Pelzer

Ineos ista

Kerling Lecta

Lufthansa Mahle

Manutencoop Nokia

Oi Ontex

OTE Hellenic Telecom Phoenix Prada

RCS & RDS Rexam

Rheinmetall Sberbank

Schmolz & Bickenbach Smurfit Kappa

Snai STADA Sunrise

TeamSystem Techem

Telecom Italia Telenet Tesco

Thomas Cook TMF Group

TUI United Group Unitymedia

UPC Vestas Voith

Wienerberger Xella Ziggo

Zobele

Bilfinger Bombardier

CNH Industrial Gazprombank

Piaggio Stora Enso

ThyssenKrupp

Source: UniCredit Research




HY Calendar

Mon, 25 Apr Tue, 26 Apr Wed, 27 Apr Thu, 28 Apr Fri, 29 Apr

Vale: Annual Shareholder Meeting

FCA: 1Q16 results and conference call at 14:00 CET

TeamSystem: FY15 results

Zobele: FY15 results

SNAI: FY15 results

CABB: FY15 results and conference call at 14:00 CET

Goodyear: 1Q16 results and conference call at 21:00 CET INT: (785) 424-1059 (Goodyear#) US: (800) 895-1715 (Goodyear#)

Peugeot: 1Q16 revenues

TeamSystem: FY15 results conference call at 14:00 CET

Telekom Austria: 1Q16 results

Zobele: FY15 results conference call at 16:00 CET

Ball: 1Q16 results and conference call at 23:00 CET INT: 303-223-4387 US: 877-256-8251

Gestamp: By end of April FY15 results and conference call at 15:00 CET

Huntsman: 1Q16 results at 18:00 CET and conf. call at 22:00 CET INT: (617) 213-4848 (503 030 93##) US: (888) 679-8035 (503 030 93##)

Ineos: 1Q15 conference call and quarterly report

Portucel: 1Q16 results and conference call

Sealed Air Corporation: 1Q16 results at 19:30 CET and conf. call at 22:00 CET INT: (617) 213-4866 (71904198#) US: (888) 713-4214 (71904198#)

Stora Enso: 1Q16 results at 11:00 CET and conf. call at 12:30 CET INT: +44(0)20 3427 1904 (7227642#) FI: 212 444 0896 (7227642#)

Telekom Austria: conference call at 17:00 CET.

Telenet: 1Q15 results and conference call at 15:00 CET

United Group: FY15 results and conf. call at 15:00 CET

Vale: 1Q16 results at 16:00 CET and conf. call at 22:00 CET INT: (1412) 317-6029 (VALE#) BR: 8662624553 (VALE#)

ALBA Group: FY15 results

Bombardier: 1Q16 results at 14:00CET and conference call

Cirsa: FY15 results

CNH Industrial: 1Q16 results and conf. call at 15:30 CET

FTE Automotive: FY15 results

Guala Closures: FY15 results

HP Pelzer: FY15 results

KPN: 1Q16 results at 07:30 CET and conf. call at 10:30 CET Dial in: 31 20 531 5851

Rexel: 1Q16 results at 07:30 CET and conf. call at 10:00 CET Dial in: 44 (0) 20 7162 0077 (958388#)

Telefonica: 1Q16 results and conference call at 14:00 CET INT: +44 (0) 203 427 1925 (5986644#) ES: 646 254 3387 (5986644#)

Xella: FY15 results

Highlight: See Earnings Preview Source: iBoxx, Agencies, UniCredit Research

Earnings Previews

ALBA Group Friday, 29 April FY15 results preview

ALBA Group (--/B-n/--) will publish its FY15 results on 29 April. Management has scheduled aconference call for 14:30 CET the same day. Given the sharp drop in metals prices, as wellas management’s guidance in the last conference call of EBITDA of around EUR 135-140mnand net debt levels comparable to 3Q15, we expect the company to report EBITDA at thelower end of its guidance of around EUR 136mn. During the conference call, we will befocusing on following points 1. an update on the equity process (management is aiming tosign the contract and close the deal in 1H16 or in summer, according to media reports), 2. anupdate on a potential stake sale of the Services business, 3. the outlook for 2016 (we expectbroad guidance as in the past). We note that the first two points are the key credit drivers asthese points will affect the company’s net debt position, its negotiations with banks as well as




potential refinancing needs. Keep in mind that S&P lowered the rating on the company by onenotch to B- on 18 February on looming maturities. ALBA faces roughly EUR 200mn in debtmaturities in October 2017 under its banking facilities and a further EUR 200mn for theALBALN 8% 5/18 (--/CCC/--) bond. S&P notes that the company had a cash balance of aboutEUR 20mn as of 3Q15, about EUR 75mn available under its RCF and about EUR 60mn ofcash FFO.

Mehmet Dere (UniCredit Bank) +49 89 378 11294 [email protected]

Bombardier Friday, 29 April 1Q16 preview

Bombardier will report its 1Q16 results on Friday, 29 April. The company’s AGM is scheduledfor the same day. During the quarter, the C Series jet took further milestones toward entry intoservice (EIS). Still, the EIS date was again pushed back a few weeks: in the annual report, itwas scheduled for 1H16, and it is now scheduled for 15 July. On a more positive note,Bombardier signed a letter of intent (LoI) with Air Canada for 45 CS300 orders plus an optionfor 30 more. We will look for statements regarding the LoI turning into firm orders. We alsohope to receive insight into a major order by Delta Air Lines for which the C Series is said tobe among the top candidates. While the company’s liquidity is still good with USD 2.7bn ofcash on the balance sheet as of end-December 2015 plus a convertible share investment ofUSD 1.5bn by the CDPQ (for a 30% stake of the Transportation segment, closed on 11February), Bombardier expects FCF burn to amount to USD 1.0-1.3bn in FY16 (FY15: USD1.9bn) and flagged 1Q16 to be the most pressured quarter. To bolster its liquidity, thecompany is in discussions with the province of Quebec and the federal government ofCanada for them to provide investments of around USD 1bn each. Since Quebec’sinvestment schedule has been delayed and Bombardier is said to have declined the federalgovernment’s initial investment proposal, we think news on these issues will be the majorconcern for investors.

Stephan Haber, CFA (UniCredit Bank) David Bertholdt (UniCredit Bank) +49 89 378-15192 +49 89 378-13211 [email protected] [email protected]

CABB Wednesday, 27 April FY15 results preview

CABB will release FY15 results on 27 April 2016 (conference call at 14:00 CET). With its3Q15-results conference call in November 2015, CABB confirmed its full-year outlook forslight EBITDA growth in FY15 (9M15: +4.8% yoy). However, EBITDA growth will be lesspronounced than initially expected due to weakening crop protection markets, and weforecast full-year operating EBITDA of EUR 103mn (vs. EUR 97mn in FY14). With anexpected moderate W/C release in 4Q15, and despite further execution of capex projects, weforecast a slight improvement in adj. net leverage towards 5.4x at FYE 2015. This would implythat CABB would be able to finish the year with stable net leverage vs. FYE 2014, despite thecapex plan peaking in FY15. Focus will remain on the FY16 outlook as the distributionpipelines for agrochemicals need to be cleared and crop prices need to stabilize before themarket returns to its underlying growth path. Hence, volumes in the Custom Manufacturingsegment are expected to decline in FY16 (we currently estimate by around -3% yoy), whichwill not be fully offset by the additional contribution from the new Acetyls capacity in China(SOP in April 2016). Hence, management expects revenues to decline in FY16. Cost savingsand higher Acetyls volumes will likely not be sufficient to keep EBITDA stable yoy, in our view,and we will look out for EBITDA guidance in the FY15 results call. In our current 2016forecast, we assumed a top-line decline of 5% yoy to result in 2016E operating EBITDA of




EUR 92.5mn (-10% yoy; 20.4% margin). However, capex is still expected to declinesubstantially towards EUR 40-45mn in FY16, which, together with some W/C release, giventhe lower sales volumes, should still enable CABB to generate EUR 5-10mn of FCF this year.Consequently, we expect net leverage to move up temporarily, towards 6.0x in FY16.

Christian Aust, CFA (UniCredit Bank) +49 89 378-12806 [email protected]

CNH Industrial Friday, 29 April 1Q16 results preview

CNHI (Ba1s/BB+s) will report 1Q16 results on 29 April and will hold a conference call at 15:30CET the same day. Bloomberg consensus expects revenues to decline by 2.8% yoy andoperating profit to decline to USD 241.5mn (between USD 200mn to USD 287mn) vs. USD284mn (US GAAP) yoy. For 2016, CNHI expects the agricultural equipment industry inNAFTA to decline, with the row-crop sector (combines) sales down 15-20%. EMEAagricultural equipment markets are expected to be flat. The commercial vehicles segment isexpected to increase by up to 5% in EMEA and to remain flat in APAC. Trading conditions inLatAm are expected to remain challenging, with sales declining by 10-15%. Net sales ofIndustrial Activities (US GAAP) are estimated to be between USD 23bn and USD 24bn(FY15: USD 24.7bn), with an operating margin at Industrial Activities (US GAAP) of 5.2-5.8%(FY15: 5.8%) and net industrial debt in FY16 of USD 1.5-1.8bn (USD 1.6bn). The companyannounced a share-buyback program to repurchase up to USD 300mn of stock. This is to befunded with liquidity and aims to pay about USD 177-200mn in dividends depending on theFX rate at the time of payment. At the AGM in Amsterdam on 15 April, the chairman, SergioMarchionne, said that CNHI is definitely prepared to expand its business scale/productportfolio when opportunities arise. For details on CNHI’s credit profile and our model, pleaserefer to our Euro High Yield & Crossover publication (20 April), from page 184.

Dr. Sven Kreitmair, CFA (UniCredit Bank) +49 89 378-13246 [email protected]

FCA Tuesday, 26 April 1Q16 results preview

FCA (B1p/BBs/BB-s) will report 1Q16 results on 26 April and hold a conference call at 14:00CET. Bloomberg consensus expects revenues to increase by 6.2% to EUR 28.0bn and EBITto be up to EUR 1.25bn vs. EUR 800mn. In 1Q16, FCA’s provisional group unit sales were upby 2.6% to 1.154mn vehicles. In EMEA, sales were up by 12.4% in cars and by 1.5% inLCVs, in NAFTA, sales were up by 7.9%, in LatAm they were down by 29.2%, in APAC theywere down by 9.1% and Maserati was up by 7.0%. FCA’s 2016 guidance (including theFerrari spin-off) is for revenues of EUR >110bn (FY15: EUR 111bn), adjusted EBIT of EUR>5bn (FY15: EUR 4.8bn), adjusted net profit of EUR >1.9bn (FY15: EUR 1.7bn), and netindustrial debt of EUR <5.0bn (FY15: EUR 5.0bn). FCA’s 2016 guidance assumes thefollowing: NAFTA and EMEA will continue to show improving performance; that LatAm willreturn to modest profitability, with Pernambuco reaching full model production in 2H16;APAC’s profitability will improve in 2H16 (as Jeep manufacturing localization in China iscompleted); Maserati’s performance will improve in 2H16 following the Levante launch; capexwill be in line with 2015. CEO Sergio Marchionne recently said that he was open to thepossibility of FCA starting to pay dividends again before 2018, on the condition that thecompany is first free of debt. For detail on FCA’s credit profile and our model, please refer toour Euro HY & Crossover publication dated 20 April from page 212 onwards.





FTE Automotive Friday, 29 April FY15 results preview

FTE Automotive (B2s/Bs) will report its FY15 results on 29 April. Our model assumptions for2015/16 are as follows: revenue growth of 12.3% in 2015 (including SBS acquisition) and of5% in 2016; an adjusted EBITDA margin (company definition) in the stable 16-17% range;around 6% growth in capex/sales; some working capital built up; small, but slightly positiveFCF in FY15E and FY16E. For details about our expectations for FY15, please refer to ourEuro HY & Crossover publication dated 20 April from page 217 onwards. FTE said that itsDCT sales in 9M15 represented 5% of group revenues or EUR 19mn (compared to 1H15: 1%or EUR 1.3mn). The company also said that it expects the non-linear growth of its DCTbusiness to continue into FY15/16. FTE stated that it repaid EUR 5mn of its EUR 15mn RCFdrawing in November 2015 and expects to fully pay back the remaining drawdown of EUR10mn over time. In addition, the company presented some new applications and products inelectric shift technology and electric pump technology (metal-to-plastic-substitution), where italready has orders, but which are not yet in serial production and would later lead torevenues. FTE expects capex and net debt at FYE 2015 to be more or less stable andcomparable to FYE 2014 figures.

Dr. Sven Kreitmair, CFA (UniCredit Bank) +49 89 378-13246; [email protected]

Gestamp Thursday, 28 April FY15 results preview

Gestamp (Ba3s/BBs) will report FY15 results on 28 April and hold a conference call at 15:00CET. For our FY15 expectations, details on Gestamp’s credit profile and our model, pleaserefer to our Euro HY & Crossover publication dated 20 April from page 223 onwards. Thecompany said that for FY15 it expects revenues to increase by 10% (influenced by FX), theEBITDA margin to move closer to 11% (FY14: 10.5%), and capex to increase by EUR 100mnfrom that of FY14 (and to remain flat in FY16). Net debt (company definition, 2Q15: EUR1,895.1mn) is expected to remain stable compared to that of FYE 2014 (EUR 1,409.7mn).However, the reported net debt figure is influenced by the sale of receivables. Non-recoursefactoring rose from EUR 150.7mn at FYE 2014 to EUR 163mn in 2Q15 (2Q14: EUR 117mn).Regarding M&A, Gestamp said that it is not planning any larger acquisitions as it has madeseveral larger transactions in recent years and currently has significant capex on its projects.In an interview with Automotive News Europe in April 2015, CEO Francisco Riberas said thatmost of the growth in FY15 will come from China, where the supplier has built up substantialbusiness in the past six years. In FY15, Gestamp aimed to achieve about EUR 700mn inrevenue in China from zero in FY08. Gestamp is now looking for growth opportunities incountries such as Indonesia, Vietnam, Thailand and the Philippines; Mr. Riberas said thatthese countries are dominated by Japanese automakers and that auto suppliers needcontacts with Japanese car manufacturers to be successful in Southeast Asia.


Goodyear Wednesday, 27 April 1Q16 results preview

Goodyear (Ba2s/BBs/BBs) will report 1Q16 results on 27 April and will hold a conference callat 15:00 CET. Bloomberg consensus expects revenues to be down by 2.7% yoy andoperating profit up to USD 402mn vs. USD 334mn yoy. Adjusted debt/EBITDAP (companydefinition) in FY15 improved to 2.45x vs. 2.96x yoy. At FYE 2015, liquidity was USD 4.2bn(including USD 1.5bn in cash). GT’s 2016 outlook is for global volume to fall by 3%, price/mixvs. raw materials USD 75mn (raw materials -5%), overhead absorption USD 50mn, costsavings vs. inflation USD 135mn (including incremental SAG from the inclusion of theJapanese replacement business), FX USD -45mn, sale of Motorcycle business USD -30mn




and, other, USD -35mn. The SOI growth target is USD 2.1-2.2bn. GT’s 2016 financial targetsare: SOI growth of between 10% and 15% from ongoing operations (excludes Venezuela),positive FCF from operations and adjusted debt/EBITDAP of 2.0-2.1x at FYE 2016. GT’s2014-16 capital allocation plan (growth capex, dividends/share repurchases, restructuring,debt repayment/pension funding) is unchanged at USD 3.6-3.8bn, but now includes USD 1.1-1.3bn in dividends/share repurchases (previously: USD 0.6-1.25bn) and growth capex of USD0.9bn (previously: USD 1.15bn). Adjusted gross debt/EBITDA (UniCredit Research) in FY15improved to 3.2x vs. 3.6x yoy. GT’s 2016 guidance is for further deleveraging of around 0.3-0.4x. Positive rating actions in 2016 cannot be ruled out if GT stays on track to reach this2016 guidance, which certainly depends on continued strong performance of its NorthAmerican Tire unit and the oil/rubber price.


Guala Closures Friday, 29 April FY15 results preview

Guala Closures will report FY15 results on 29 April 2016 (conference call the same day). Inline with the closure business’s typical seasonality (more spirits closures are sold towardsyear-end), we expect further margin improvements in 4Q15 with profitability supported by thelower price of plastics (and likely resilient selling prices). For FY15, Guala targets organicsales growth of 6-8% (vs. +10.5% in 9M15), an adjusted EBITDA margin improvement of90bp yoy (vs. +180bp in 9M15) and debt reduction of EUR 15-20mn (vs. a seasonal increaseof EUR 18mn in 9M15).

We continue to regard the company’s 2015 guidance as conservative and expect full-yearEBITDA of EUR 107.5mn (at the upper end of the implied range). Additionally, the companyexpects to make further progress on the optimization of net working capital (60-65 daystargeted at FYE 2015, which should imply the release of approx. a further EUR 25mn in4Q15). Hence, we continue to expect net debt to have declined to slightly below EUR 500mnat FYE 2015 and adjusted net leverage to have moved towards 4.5x at year-end. We do notexpect any news on the M&A or shareholder-exit front. Hence, the focus will be on thegroup’s growth outlook for FY16.

Christian Aust, CFA (UniCredit Bank) +49 89 378-12806; [email protected]

HP Pelzer Friday, 29 April FY15 results preview

HP Pelzer (B2s/B+n) will report FY15 results on 29 April at 13:00 CET and will hold aconference call on 3 May at 15:00 CET. The numbers will not be a big surprise as thecompany recently issued a trading update with preliminary FY15 results with the following keyfigures: revenues of EUR 1.1-1.2bn vs. EUR 986mn yoy, adjusted EBITDA of EUR 99-101mnvs. EUR 79.5mn yoy, total debt of EUR 325-335mn vs. EUR 264.5mn yoy, cash of EUR 99-101mn vs. EUR 67mn yoy (vs. EUR 90.3mn qoq), and the order book up by 21.2% yoy toEUR 6.3bn from EUR 5.2bn yoy. These figures indicate that the company generated cash ofaround EUR 9-11mn in 4Q15 and expects net leverage (co. definition) of 2.2-2.4x vs. 2.5x yoyin FY15. In its 2Q15 results call, the company said that its general target for net leverage(company definition) is to remain at 2-2.5x. For details on HP Pelzer’s credit profile and ourmodel, please refer to our Euro HY & Crossovers publication (20 April), from page 229.





Peugeot Wednesday, 27 April 1Q15 results preview

Peugeot (Ba2s/--/BBp) will report its 1Q16 revenues on 27 April and hold a conference call at08:00 CET. In EU+EFTA, Peugeot’s passenger car registrations in 1Q16 were up by 5.1%and its market share fell to 10.3% vs. 10.6% yoy. In 2016, PSA Peugeot Citroën expects tosee automotive demand increase by 2% in Europe and by approximately 5% in China.However, it expects demand to decline by some 10% in LatAm and by around 15% in Russia.Recently, majority owned and fully consolidated Faurecia (Ba2s/--/BBs) reported 1Q16 salesup 4.4% yoy (like-for-like), which was above the company’s confirmed FY16 guidance of +1%to +3%. Faurecia said that based on its 1Q16 results and on current trends (very positive inEurope, still uncertain in China and, as expected in North America), it confirmed its FY16guidance of total sales growth of 1-3% (at constant FX and scope; 2015 continued operations:EUR 18,770mn), and an operating margin improvement of 20-60bp to 4.6-5.0% (2015continued operations: 4.4%, EUR 830mn) and net cash flow around EUR 300mn (2015: EUR303mn). For details on Peugeot’s credit profile and our model, please refer to our Euro HY &Crossover publication dated 20 April from page 212 onwards.


SNAI Tuesday, 26 April 4Q15 results preview

We expect SNAI (B3n/B-n/--) to publish its 4Q15 results on 26 April. On a standalone basis,we expect results comparable to those of 3Q15, i.e. revenues of around EUR 120mn andadjusted EBITDA of roughly EUR 20mn. After the Cogetech transaction was closed on 19November 2015, we expect SNAI to report another EUR 4-5mn generated through theacquired business (excluding any synergies). Going forward, we note that the development ofSNAI’s credit profile will largely depend on the following: 1. the impact of the new StabilityLaw 2016 on gaming machines and sports betting; 2. the integration of Cogetech andpotential synergies; 3. payout levels in betting; 4. potential further M&A, as we expect furtherconsolidation in the Italian gaming market. The company rescheduled the approval of itsfinancial statement for FY15 on 26 April. In a press release on 21 April, SNAI said that itsboard of directors has approved the requirements to account for and to report impairment ofnon-financial assets as of 31 December 2015. The results of such an Impairment Test alsocover the purchase price allocation (run by SNAI with the support of third-party provider) inrelation to the acquisitions made in 2015 by SNAI group of Cogemat S.p.A., Finscom S.r.l andSIS business unit.


TeamSystem Tuesday, 26 April 4Q16 earnings preview

TeamSystem will release 4Q15 results on Tuesday, 26 April. A conference call will be hostedon Wednesday, 27 April, at 14:00 CET. For 4Q15, we expect reported revenues of EUR58.1mn and EBITDA of EUR 21.3mn, driven by organic growth and the acquisition of the 24ORE Software business. FCF generation is usually moderately negative in the fourth quarter:we expect FCF in the area of minus EUR 5mn, depending on the working capitaldevelopment. As of 30 September 2015, reported net debt amounted to EUR 432.4mn. Thecompany’s reported leverage (net debt/unaudited pro forma LTM-adjusted EBITDA) was at5.5x using unaudited LTM-adjusted EBITDA of EUR 79.0mn at the end of September 2015.




After TeamSystem Holding S.p.A. (“issuer”) announced on 9 March the completion of itsacquisition by Barolo Bidco S.p.A., which is controlled by Hellman and Friedman, the focuswill be on the call of the existing bonds. According to TeamSystem’s latest announcement,Barolo Bidco (H+F), the purchaser, intends to have TeamSystem Holding S.p.A., as theissuer of the EUR 430mn 7.375% senior secured notes (due 2020), redeem the notes by nolater than 31 May 2016. Barolo Bidco S.p.A has entered into an alternative committedfinancing arrangement, “private placement of notes” to be issued by the purchaser, to financethe redemption of the existing notes.

Stephan Haber, CFA (UniCredit Bank) +49 89 378-15192 [email protected]

Telenet Thursday, 28 April 1Q16 results preview

Telenet will report its 1Q16 results on 28 April and will hold a results conference call on thesame day at 15:00 CET. In the report, Telenet will give its first impressions of BASE now thatthe acquisition has been completed. The company has also said that it will provide a detailedoutlook for 2016. We expect 1Q16 revenues of EUR 643mn with the inclusion of BASE andEBITDA of EUR 290mn. These figures will depend to a large extent on the performance ofBASE, which showed a significant EBITDA improvement to EUR 170mn in FY15 from EUR156mn in the FY14. In the 4Q15 results call, Telenet reported leverage pro forma for theBASE acquisition of 4.1x. We expect leverage to have remained stable at this level in 1Q16.Telenet will be holding a capital markets day on the same day, which should provideconsiderable detail on the convergence product strategy. We would be especially interestedin seeing a long-term financial policy with leverage and shareholder remuneration targets.Depending on the direction of these forecasts, we think that there could be further upsidepressure on Telenet’s current rating levels if the company keeps leverage sustainably belowthe 4.5x lower threshold articulated by Liberty Global.

Jonathan Schroer, CFA (UniCredit Bank) +49 89 378-13212 [email protected]

United Group Thursday, 28 April FY15 results preview

United Group will report its FY15 results on 28 April and will hold a results conference call onthe same day at 15:00 CET. We expect FY15 revenues to be up, to EUR 378mn. This wouldentail a 4Q15 increase to EUR 105mn from EUR 101mn in the prior quarter. We expectEBITDA to be up, to EUR 163mn for the year, which would amount to an increase to EUR46mn in 4Q15 from EUR 44mn in 3Q15. Since the company calculates leverage based on thelast two quarters annualized, we expect a stable result of 3.8x as higher EBITDA should beoffset by interest expense and an outflow for the acquisition of M-Kabl in 4Q15. We expectany updates on progress on the integration of the mobile business (Tušmobil), productstrategy and M&A to be in the focus of the conference call. In addition, any outlook for theyear, notably for capex, would be interesting.





Xella Friday, 29 April FY15 results preview

Xella will release FY15 results on 29 April 2016. The company does not provide anyquantitative guidance. However, we expect cost savings to be the main driver ofnormalized/adj. EBITDA growth in 4Q15 (and the coming quarters), while the top line shouldbe supported by the continued gradual recovery in construction spending in Europe.Supported by gains from the X-Celerate program, we expect EBITDA to advance from EUR201mn in FY14 to EUR 242mn in FY15. With improving cash conversion (and includingreduced capex in FY15), we expect reported net leverage to have declined to 3.0x at FYE2015 (fully-adj. 3.8x). As the IPO was postponed last year, we expect an update on when theplans to list the company will be revived.


Zobele Wednesday, 27 April FY15 results preview

Zobele (B2s/B+s/--) will report its 4Q15 and FY15 results on 27 April and will hold aconference call on 28 April at 16:00 CET. We assume a strong finish to the year. On a full-year basis, we expect sales to have increased 7% to EUR 300mn (9M15: +12.8%; FY14: -15.8%) and EBITDA (co. def., before non-recurring items) to have increased by 10% to EUR44mn (9M15: +14%; FY14: -9%). We estimate that in 2015/16, Air Care products (around66% of net sales) increased sales by 4% to EUR 210mn. We assume that sales of Insecticideproducts (around 26% of net sales) improved by 5% to EUR 74mn and Home, Health and ofPersonal Care products (around 9% of net sales) by more than 100% yoy to EUR 16mn. Inour view, growth in Insecticide product sales will be mainly driven by 1. good climaticconditions in Southern Europe leading to strong consumer demand by both Retailers andGlobal FMCGs (fast-moving consumer goods), especially in 3Q15, 2. an enlarged productportfolio in South America, 3. increased market penetration of a product line for outdoor use inNorth America. Sales in Air Care should benefit from 1. higher consumer demand for severalkey Air Care products in North America, 2. the successful launch of a new Air Care product inAsia Pacific, 3. the start of production of a new product line and successful enlargement of thecustomer portfolio in Europe – however, these effects were likely partially offset by thecontinued phasing out of low-value-added manufacturing activities. The increases will also bestrongly boosted by the strong USD affecting reported sales in North America and AsiaPacific. In Home, Health and Personal Care the launch of a new personal care product likelysupported growth. In FY15, we calculate an improvement in credit metrics. This meansadjusted net leverage of 3.4x (FY14: 3.9x, UniCredit calculation) and adjusted FFO/net debtof 18% (FY14: 12%).

Dr. Silke Stegemann (UniCredit Bank) +49 89 378-18202 [email protected]




Latest Company News

Euro High Yield & Crossovers Compendium: Trade ideas Thursday, 21 April Euro High Yield & Crossovers publication: trade ideas

Yesterday, we published the 32nd edition of our semi-annual Euro High Yield & Crossovers(HYCO) compendium. As usual, the HYCO provides investors with a detailed analysis ofmore than 60 high-yield corporates comprising credit drivers, credit-profile developments,SWOT analyses, liquidity analyses, financial forecasts for the next two fiscal years, corporatestructures, bond-documentation summaries and recommendations.

Buy recommendations on issuers: We have buy recommendations on the followingissuers: Sappi, CMC di Ravenna, HeidelbergCement, Italcementi, Guala Closures, GrupoAntolin, SM Motherson, Schaeffler, ZF Friedrichshafen, Cirsa, International Game Technology(IGT), Altice, Numericable-SFR, Virgin Media, Matterhorn Telecom, Wind Telecomunicazioni.

Buy recommendations on issues: In addition, we find the following issues particularlyattractive:

– Buy 2016-18 AALLN bond, protected by the group’s solid liquidity

– Buy the secured SAPSJ 22s and 23s and unsecured 32s, all benefitting from continueddeleveraging and attractive relative value

– Buy the unsecured CABBCO 6.875% 06/22 bond, as the premium to secured is at anall-time high (>400bp on a Z-spread basis)

– Buy the CMCRAV 7.5% 8/21 on attractive risk/return profile and improving FCFgeneration

– Buy ITCIT 6.625% 3/20 and new HEIGR 2.25% 3/23 bonds on rising-star potential

– Buy the ARGID 8.375% 06/19 PiK offered at 9% YTW (and upside if called before) forthree years remaining maturity and despite M&A risk

– Buy the unsecured GCLIM 9.375% 04/18 (YTM: 8%), as we expect the bond to remainoutstanding in the absence of any larger M&A or exit of sponsors

– Buy the longer-dated SKGID 2.75% 02/25 bond, given the steepness of the group’scash curve

– Buy the VMED 4.5% 01/25, which trades more attractive than comparable unsecuredZIGGO and UNITY issues

– Buy the ATCNA 7.25% 05/22 and the ATCNA 6.25% 02/25, which trade wider than allother HY cable bonds and in line with more highly leveraged Altice US issues

– Buy the NUMFP 5.375% 05/22 and the NUMFP 5.625% 05/24, on expecteddeleveraging and more attractive relative value than comparable Liberty Global issues

– Buy the MATTER 4.875% 05/23, on improving operating performance and good FCFgeneration as well as deleveraging prospects and improved transparency

– Buy the WINDIM 7.9% 04/21, on the expectation that the merger between Wind and 3Italia will be approved by the EU Commission

– Buy the ANTOLN 4.75% 06/22, on lower-than-expected leverage and upgrade potential

– Buy the MSSIN 4.125% 07/21,on attractive valuations versus its Indian parent company

– Buy the SHAEFF 3.25% 05/25, on attractive valuations and prospects for an upgrade toIG in the medium term (not before 2018)

https://www.research.unicredit.eu/DocsKey/credit_docs_2016_153315.ashx?EXT=pdf&KEY=n03ZZLYZf5nemXA3J7Cyxj6SJGXveKolvIJrV9AwN3U=�




– Buy the ZFFNGR 2.25% 04/19, on better-than-expected operating performance anddeleveraging prospects

– Buy the Cirsa’s 5.875% 05/23, on strong fundamental performance, good growth anddeleveraging prospects

– Buy the euro-denominated IGT 4.125% 03/20 and 4.75% 02/23, on attractive valuations

Stephan Haber, CFA (UniCredit Bank), +49 89 378-15192, [email protected] Dr. Sven Kreitmair, CFA (UniCredit Bank), +49 89 378-13246, [email protected] Christian Aust, CFA (UniCredit Bank), +49 89 378-12806, [email protected] Jonathan Schroer, CFA (UniCredit Bank), +49 89 378-13212, [email protected] Mehmet Dere (UniCredit Bank), +49 89 378 11294, [email protected]

Altice (Buy) Wednesday, 20 April Issues USD 1.5bn bond for US refinancing

Yesterday, Altice issued a USD 1.5bn 10Y (NC5) senior secured bond. The bond was issuedby Altice US Finance I Corporation, the financing subsidiary of Cequel CommunicationsHoldings II (Suddenlink), and has a coupon of 5.5%. The proceeds will be used to refinancethe USD 1.5bn term loan at Suddenlink that matures in February 2019. With the refinancing,Suddenlink’s average maturity will be extended to 7.3 years from 5.7 years and the averagecost of debt will increase to 5.5% from 5.3%. The issue should improve Altice’s financialprofile somewhat since it improves the liquidity profile by pushing out maturities furtherwithout any negative effects on leverage. It has no implications for the financial metrics orcash-flow generation of the European restricted group (Altice Luxembourg SA, AlticeInternational, Numericable-SFR), since the slight increase in interest expense will only affectSuddenlink and the group holding company, Altice NV, although this increase should beinsubstantial in the group context. As of FYE 2015, Suddenlink had EUR 6.2bn of EUR49.7bn in group gross debt, including Cablevision (EUR 36.4bn without Cablevision). Wetherefore reiterate our buy recommendation on ALTICE and ATCNA bonds.

Tuesday, 19 April Refinancing improves maturity profile

Yesterday, Altice placed USD 2.75bn in 10-year (NC-5) senior secured notes at the AlticeFinancing level within the Altice International segment. The notes priced at 7.5% but theswapped coupon for the EUR payments will be 5.8%. The proceeds from the offering, whichwas upsized from USD 2.25bn due to strong demand, will be used exclusively for refinancing.In particular, Altice will refinance the USD 460mn notes due in 2019, the EUR 210mn notesdue 2019, the USD 1,013mn of term loans under the July 2019 term loan facility and aroundEUR 855mn in loans under the February 2022 term loan facility. The refinancing willstrengthen Altice’s liquidity profile by extending the average maturity to 7.7 years from 6.0years. Since much of the debt to be refinanced featured relatively high coupons, the overallweighted cost of debt will be unchanged at 6.0%, despite the improved maturity profile. Withthe refinancing, Altice has proactively improved its liquidity profile without paying extra ininterest expenses, as it had to do with the recent NUMFP issue (7.375% coupon swapped to5.7%). We therefore see the refinancing exercise as clearly positive for the company and wereiterate our buy recommendation on ALTICE and ATCNA bonds.


Anglo American (Hold) Thursday, 21 April 1Q16 update, full-year production guidance confirmed

Anglo American released its 1Q16 production report this morning. In line with Anglo’sstrategy, diamond production declined 10% yoy to 6.9mn ct, iron ore production by 9% yoy to12.2mn tons and coal production by 11% yoy to 12.2mn tons, while copper production wasflat yoy at 146,500t and platinum production up 4% to 567,000oz in 1Q16. According to CEO




Mark Cutifani, overall results were in line with 1Q15 on a copper-equivalent basis. Asrestructuring is progressing and particularly reduced production in diamonds is having thedesired positive effects (see results of third cycle last week), Anglo confirmed its FY16production outlook for all segments. However, we do not expect any impact from the 1Q16production update on AALLN bonds this morning with the main drivers remaining as follows:1. progress on disposals/restructuring (see update in our HYCO publication yesterday), and 2.the development of commodity prices (supportive since mid-January 2016). We have a holdrecommendation on Anglo American for the time being, with a preference for the shorter-dated AALLN bonds (2016-2018) given the group’s strong liquidity.


Ardagh (Sell) Tuesday, 19 April Said to be leading bidder for Ball/Rexam remedy assets

According to Bloomberg, Ardagh is currently the leading bidder for the acquisition of theBall/Rexam remedy package. Bloomberg says that Ball might grant Ardagh exclusivity asearly as this week. As highlighted in the FY15 results call, Ardagh’s management regards theBall and Rexam plants in NA, Europe and Brazil as complementary to its own set-up andsees potential for synergy creation (we believe mainly top-line synergies), which we interpretas a relatively strong desire to secure those assets. We have highlighted before that anacquisition of the package – valued at at least 8-9x pro forma EBITDA – is unlikely to be adeleveraging event for Ardagh, particularly as the IPO route for Ardagh’s Metal businessremains closed for the time being. Management stated it will pursue this acquisitionindependent of an Oressa IPO and based on the above valuation, we calculate an impact onArdagh’s net leverage (excl. PiKs, and synergies) of 0.5-0.7x, which would keep pro formareported net leverage above 5x at FYE 2016 (and clearly above 7x, including rising PiKs andoff-balance-sheet adjustments). We have a sell recommendation on Ardagh for the time beingbut continue to expect a potential deal with Ball, which apparently has become more likelynow and will not impact the prospect for the call/refinancing of the unsecured ARGID 2020bonds, given the expensive 9%+ coupons.


Bombardier (Sell) Monday, 18 April Reports of rejection of state aid proposal

Bloomberg reported that Bombardier has declined Canada’s initial investment proposal as thefederal government seems to be demanding more than Bombardier is willing to offer. Thedifferences are said to be due to “corporate governance and other issues”, according topeople familiar with the matter. Bombardier’s dual share structure was again and again saidto be causing disagreement between the company and the government; it allows theBombardier family to retain control of the company while holding only a minority stake.Bombardier is said to be targeting USD 1bn of state aid. On another note, after rumorssurfaced on Friday that Bombardier was close to signing a deal with Delta Air Lines for 75CSeries orders, with an option for an additional 50, Bloomberg yesterday reported thatEmbraer (with its E-Jet) is still being considered for the deal, according to an aviationconsultant familiar with the talks. According to Delta Air Lines’ comments earlier this year, thehigh price of the CSeries might prevent it from deciding on Bombardier. These statementswere certainly also driven by strategic considerations to push prices downward. However, wethink the pricing may be pretty painful if Delta were to choose Bombardier. We note that,according to further reports, Airbus is poised to win a 30-aircraft order from Delta for its A321




jet. Still, this may be an additional order instead of a competitive one, as the large Delta orderis supposed to replace the airline's 25-year-old MD-88 fleet, providing seats for around 150passengers. In contrast, the A321 has space for some 190 passengers. Still, the recentdevelopments should be credit negative. They fuel our concerns over whether Bombardier willable to overcome its substantial problems by winning orders for its CSeries and covering itscash burn over the coming years – the latter is mainly due to the jet’s ramp-up. Accordingly,we maintain our sell recommendation on the BBDBCN EUR-denominated bond.


Bormioli Rocco (Hold) Friday, 22 April Weaker-than-expected FY15 results

Bormioli Rocco (B2s/Bs/--) reported weaker-than-expected 4Q15/FY15 results yesterday. Inparticular, adj. group EBITDA of EUR 8.9mn in 4Q15 (FY15: EUR 58mn from continuedoperations) was still impacted by furnace maintenance at the Tableware segment (4Q15segment EBITDA: EUR 2.5mn; -42% yoy) and a flat top line yoy with group sales of EUR102mn (FY15: EUR 437mn from continued operations; +1.6% yoy). Despite the EUR 4.5mnnegative EBITDA impact from the heavy maintenance at Tableware’s Fidenza and Altareplants, we note that the underlying performance in Pharmaceuticals Glass and Plastics wasalso weaker than we had expected as higher volumes were offset by lower prices. However,pre-overhead margin in Pharma Glass and Plastic remained at 20% in 4Q15 (FY15: 24%).Given the furnace overhauls, capex (EUR 11mn) remained high in 4Q15 (11% of sales) vs.EUR 45mn spent in FY15 (9% of sales). Also the seasonal working capital recovery in 4Q15remained clearly below the previous year. Hence, underlying cash generation (FOCF: EUR1.5mn) remained weak in the quarter (FY15: EUR -42mn). However, Bormioli’s cash balanceimproved to EUR 77mn at year-end 2015, mainly due to the EUR 9mn remaining paymentfrom Vetropack for the Food & Beverage business, solid in July 2015. Reported net debtdeclined to EUR 204mn at year-end 2015 (vs. EUR 213mn at FYE 2014), which translates toa net leverage (based on adj. EBITDA from continued operations) of 3.6x at FYE 2015. Fully-adj. and including factoring, we calculate net leverage of 4.3x at end-December 2015.

Management guided for an improvement in the current trading environment (vs. 1Q15) andfor FY16, Bormioli targets further EBITDA growth on the back of improved operationalefficiency and lower overhead costs. Bormioli guided for three furnace overhauls in FY16(plus one starting at the turn to 2017), which is comparable to FY15. However, managementconfirmed the outlook for EUR 30-35mn capex p.a. in the next two years (EUR 32mn in FY16vs. EUR 45mn in FY15). While we expect adj. EBITDA to improve to EUR 62mn this year(from EUR 58mn in FY15), lower capex and reduced working capital should support areduction in cash burn in FY16 and potential FCF turnaround in FY17, in our view. However,we still need confirmation that underlying cash burn can be addressed. With only minor short-term maturities (excl. the EUR 50mn GE factoring line, which matures in June 2016),Bormioli’s liquidity still rests on the EUR 77mn cash balance at year-end and EUR 28mnavailable under Bormioli’s committed facilities (of EUR 76mn of unused committed anduncommitted facilities). Additionally, EUR 6mn of the Food & Beverage disposal are placed inescrow (release unlikely in the short-term) and the EUR 15mn unsecured RCF was extendedby a year to Feb-2017, with the maintenance leverage covenant amended to 4.25x (from4.0x) for June-2016 and Dec-2016. In April, the EUR 20mn Ifitalia factoring line was extendedto 2018.

We expect a negative impact from the weaker-than-expected 4Q15 results but keep a holdrecommendation on Bormioli Rocco. The BORMIO 10% 8/18 bond already trades around thecurrent call price of 105 (104.375/105.125) and, while the call price steps down to 102.5 in




August 2016 (mid-YTC 8/16 is 1.4%), we don’t think that a call of the bond is likely withoutevidence that Bormioli Rocco can sustainably generate positive FCF going forward or that thePharma business can be disposed of. Hence, the current YTM of 7.5% compensates for thecontinued risk of no substantial or slightly negative FCF generation in FY16 and FY17 (excl.disposals and assuming no capex overruns) in view of continuing solid liquidity and assetvaluation (Pharma business at 5x EV/EBITDA) supporting the EUR 250mn secured notes.


Cirsa (Buy) Wednesday, 20 April S&P affirms rating at B+ on refinancing

S&P has affirmed Cirsa’s (B1s/B+s/--) B+ rating and provided a stable outlook after thecompany’s successful debt refinancing. The agency views the refinancing as broadly creditneutral, with modestly improved liquidity through the terming out of upcoming debt maturities.S&P’s stable outlook reflects its expectation that Cirsa will maintain S&P-adjusted netdebt/EBITDA of 3-4x and adjusted FOCF/net debt of 10-15% over the next 12-18 months. Wenote that the senior unsecured notes offer of the CIRSA 05/21 was upsized to EUR 450mnfrom EUR 300mn, and, according to Bloomberg, it was priced at a coupon of 5.75%. Weunderstand that the bond was issued for refinancing purposes and therefore we do not expectany impact on leverage going forward. We keep our buy recommendation on the name.

Tuesday, 19 April Moody's upgrades CFR by one notch to B1

Moody’s has upgraded Cirsa’s (B1s/B+s/--) corporate family rating (CFR) to B1 from B2, whileat the same time the rating agency upgraded the ratings of the EUR 500mn senior unsecurednotes due 2023 and the EUR 900mn (EUR 450mn outstanding) senior unsecured notes due2018, which are both issued by Cirsa Funding Luxembourg S.A., a wholly owned subsidiaryof Cirsa, to B2 from B3. The outlook on all ratings is stable. At the same time, the ratingagency assigned a provisional (P)B2 rating to Cirsa's proposed EUR 300mn senior unsecurednotes due 2021, which will also be issued by Cirsa Funding Luxembourg S.A. The proceedsfrom the 2021 notes together with balance-sheet cash will be used to redeem EUR 300mn ofthe outstanding EUR 450mn 2018 notes and pay transaction fees. Moody’s views thetransaction as credit positive because it will allow Cirsa to extend its debt-maturity profile, andto slightly reduce future interest expense whilst remaining leverage neutral. The agencyassigned the 2021 senior unsecured notes the same rating as that of the existing 2018 and2023 notes as they rank pari passu. Moody’s notes that the three sets of notes share a similarguarantee package, currently comprised of guarantees by material subsidiaries representing34.2% of consolidated assets and 32.9% of EBITDA. Based on Cirsa’s FY15 figures, Moody’scalculates adjusted leverage of 3.1x, down from 3.6x in FY14. Going forward, the rating couldbe changed downward if Cirsa’s adjusted leverage were to increase above 3.5x or itsEBIT/interest coverage ratio were to trend towards 1.5x, whether as a result of a change infinancial policy or a deterioration in operating performance. The rating could also come underpressure if Moody’s were to consider Cirsa’s liquidity to have become inadequate to supportthe company’s operations or debt servicing or if criteria set for the stable outlook were notmet. Nevertheless, Moody’s says that it remains cautious on the 2016 outlook as the materialdepreciation of the Argentinian peso towards end-2015 coupled with higher taxes in Italy arelikely to erode any expected growth prospects from recent acquisitions and investments.Therefore, the rating agency expects stable credit metrics in the near term and for Cirsa tocontinue to generate positive free cash flow.We keep our buy recommendation on Cirsa,following management’s encouraging outlook for FY16 (i.e. that it expects EBITDA generationof around EUR 390-400mn) although we note some M&A risk and that there is somedownside risk due to the macroeconomic uncertainty in Latin America, especially inArgentina. We continue to view Cirsa among the most stable single-B rated gamingcompanies in our coverage (which includes SNAI and Gamenet), which is based on the




company’s geographical diversification, its scale and its strong EBITDA margin (around 24%in FY15, based on net operating revenues). As a reminder, yesterday Cirsa announced thelaunch of EUR 300mn in senior notes, due in 2021. According to Bloomberg, the new bondcould have NC2 call protection. Cirsa has announced a tender offer to repurchase, for cash,up to EUR 300mn of the aggregate principal amount, or a larger or smaller aggregateprincipal amount as it may determine at its sole discretion of its outstanding 8.75% seniornotes due 2018 held pursuant to Regulation S under the Securities Act of 1933, as amendedand issued in an original aggregate principal amount of EUR 840mn, of which EUR 414mnremain outstanding. Cirsa offers a purchase price of 100.5% for the tender.

Monday, 18 April announces the launch of EUR 300mn bonds due 2021

Cirsa (B2p/B+s/--) has announced the launch of EUR 300mn senior notes, due in 2021.According to Bloomberg, the new bond could have NC2 call protection. As expected, the netproceeds from the offering, if completed, will be used to repurchase, or redeem forcancellation, approximately EUR 300mn of Cirsa Funding Luxembourg S.A.’s existing seniornotes, due in 2018, and to pay commissions, fees and expenses associated with the offering.Cirsa has announced a tender offer for the CIRSA 8.75% 05/18 to repurchase, for cash, up toEUR 300mn of the aggregate principal amount, or a larger or smaller aggregate principalamount as it may determine at its sole discretion of its outstanding 8.75% senior notes due2018 held pursuant to Regulation S under the Securities Act of 1933, as amended and issuedin an original aggregate principal amount of EUR 840mn of which EUR 414mn remainoutstanding. Cirsa offers a purchase price of 100.5% for the tender. We keep our buyrecommendation on the outstanding CIRSA 5.875% 05/23, which currently trades at99.0/100.5.


FCA (Hold) Monday, 18 April Debt reduction ahead of dividend payment is credit positive

According to Reuters and Bloomberg, FCA’s (B2s/BB-s/BB-s) CEO, Sergio Marchionne, atthe press conference for the AGM, said that Toyota, VW and Ford are the only remainingpotential merger candidates for FCA, since the attempt to join up with GM has been rebuffed.Mr. Marchionne, whose mandate at FCA is due to run out at the end of the 2018 businessplan, said Korean carmakers like Hyundai were among the big players in the industry andthere would be sufficient synergies to justify a merger, but "the Koreans don't get married".His comments about industry consolidation follow a renewed pitch for an alliance by FCAChairman John Elkann a day earlier, who said a combination of FCA with one of the "BigGuys" could yield annual savings of close to USD 10bn. According to Mr. Marchionne, thesavings could only be made with a combination, and FCA may decide this year on a mid-size-car production partner in the US, although there is no rush. The CEO said he was open to thepossibility of FCA starting to pay dividends again before 2018, on the condition the companyis first free of debt. FCA’s guidance (including the Ferrari spin-off) is for revenues of EUR>110bn (FY15: EUR 111bn), adjusted EBIT of EUR >5bn (FY15: EUR 4.8bn), adjusted netprofit of EUR >1.9bn (FY15: EUR 1.7bn) and net industrial debt of EUR <5.0bn (FY15: EUR5.0bn). FCA’s 2016 guidance assumes the following: that NAFTA and EMEA will continue toshow improving performance; that LatAm will return to modest profitability, with Pernambucoreaching full model production in 2H16; that APAC’s profitability will improve in 2H16 (as Jeepmanufacturing localization in China is completed); that Maserati’s performance will improve in2H16 following the Levante launch, and that capex will be in line with that of 2015. For detailson FCA’s credit profile, please refer to our Credit Flash from 4 November. Despite the positivesales-volume growth in Italy (+24.5%) and in the US (+8.9%) in 1Q16, we do not see near-




term triggers sufficient for a rating uplift at S&P and/or Fitch in 2016 and we do not expect anupgrade to IG before 2018. Although the credit still trades around 150bp wider than the bondsof its financial services JV FCA Bank (Baa2s/BB+p/BBBp), we do not expect meaningfulrelative outperformance of FCAIM bonds for the time being. At FYE 2015, total group liquidityfully covered all group cash maturities until FYE 2020, with headroom of EUR 1.9bn to covernegative FCF. From a 1M Z-score perspective, we prefer the FCAIM 4/20 (USD) and 4/23(USD) bonds. The least attractive are the FCAIM 3/18 and 3/17 bonds.


Faurecia (Buy) Friday, 22 April Acquisition policy and leverage target of 1.0x limits rating concern

On 19 April, Faurecia (Ba2s/--/BBs) held its investor day in Paris and outlined its 2018strategy. The highlights for debtholders were:

Total sales growth of 6% CAGR to EUR 24.6bn vs. EUR 20.7bn in FY15 (400bp aboveautomotive production), operating margin in 2018 to reach 6% (FY15: 4.4%; FY16: 4.5-5.0%)of total sales (7% of value added sales), EBITDA enhancement to 10% (12% on value addedsales); net cash flow EUR >500mn (FY15: EUR 303mn; FY16: EUR 300mn).

Growth should come from three areas: a. customer partnerships with its four main customers(VW, Ford, Renault-Nissan, PSA), with an extended premium customer portfolio on top of theGerman premium brands and with fast-growing customers including Hyundai-Kia, ChineseOEMs and Cummins; b. in China, the group targets EUR 5bn in sales in 2020 (2016: EUR2.5bn), of which 30% of sales will come from Chinese OEMs; and c. “value spaces” with hightechnology content and margins that are 200-400bp above the Faurecia average. Profitabilitydrivers are the order book (EUR 54bn) profitability, manufacturing excellence and costefficiency.

The company said that the “value spaces” market growth potential represents EUR 50bn by2025 (environmental protection: EUR 9bn commercial vehicles, off-road & high hp emissionscontrols, EUR 3bn composites, EUR 2bn lightweight materials, EUR 1bn energy recovery andcockpit of the future: EUR 14bn comfort and trim systems, EUR 13bn connected HMItechnologies, EUR 5bn mechanisms and mechatronics, EUR 2bn smart surfaces anddecoration, EUR 1bn health monitoring). In this context, Faurecia aims to enhance itstechnology and expertise (electronics, sensors, big data, actuators, intelligent surfaces,carbon fiber and materials), enlarge its innovation ecosystem (scouting network, ventures andpartnerships) and look for strategic opportunities.

As it implements its strategic plan, Faurecia said that any strategic opportunities needs to beaccretive in the short term to EBITDA and that net debt/EBITDA would stay around 1.0x(FY15: 0.6x). The company indicated, however, that it would perform reverse factoring forworking capital optimization, which might be added as off-balance sheet liabilities by ratingagencies, just like factoring. The company aims to maintain capex and capitalized R&D atbelow 5%, and plans to lower financial expenses by EUR 50mn in 2017-18 to EUR 100mn,and targets a cash tax rate of around 25%.

For details on Faurecia’s credit profile and our model, please refer to our Euro HY &Crossovers publication dated 20 April on pages 206 and following. The company will presentits 1H16 results on 26 July. We have a buy recommendation on Faurecia. We think that thecompany’s communicated limitation on leverage to around 1.0x and its not overly aggressivegrowth strategy reduces investors concerns that Faurecia might risk its ratings with a larger




fully debt-financed transaction. We prefer the EOFP 6/23 (Ba3/--/BB) bond on the steep cashcurve as its trades at a similar spread level to the weaker-rated ANTOLN 6/22 (B1/BB-) bondand around 100bp wider than the PEUGOT 4/23 (Ba2/--/BB) bond. The EOFP 6/22 bond stilltrades roughly 50bp above the SHAEFF 5/25 (Ba2/BB-) bond.


Grupo Antolin (Buy) Friday, 22 April Significant covenant headroom in FY15 results

Antolin (B1s/BB-s) reported FY15 results yesterday. Revenues were up by 57.6% to EUR3,506mn, EBITDA was up by 45% to EUR 388mn, and the EBITDA margin was at 11.1%.Excluding the Magna Interiors acquisition, sales would have been up by 21% and EBITDA upby 29% and the EBITDA margin would have been 12.8%. This is above the company’s 2016guidance of +50% in revenues and 10% EBITDA margin. The company now generatesaround 72% of EBITDA with its Doors and Headliners segments. The Cockpit and InteriorTrim segment had the weakest EBITDA margin at 5.5% and the highest margin is in theLighting segment, 15.9%. By regions, 92% of EBITDA was generated in Europe and NAFTAin FY15, where the EBITDA margin was 10.6% and 12.4%, respectively.Net debt/adjustedEBITDA (co. definition) was 2.15x (vs. covenant of 4.0x) at LTM adjusted EBITDA of EUR446mn. Antolin had EUR 362mn in cash and EUR 240mn in an available RCF. The companysaid that it would have to pay a final price adjustment of USD 58mn in April 2016. Thecompany’s capex/sales ratio was down to 4.9% vs. 6.4% yoy as it delayed some projects to2016. The company said that its net working capital increased in FY15, but it was committedto reducing its year-end working capital (excluding tooling) to the historical average of 9.5-10.5% of sales. In 2016 and 2017, debt maturities would be only EUR 65mn and EUR 44mn,respectively. We calculate adjusted gross leverage (UniCredit Research) of 4.5x vs. 3.6x yoyand adjusted net leverage of 3.5x vs. 2.9x yoy. This ratio only includes the Magna interiorassets since 31 August 2015 and will therefore improve in the next couple of quarters. Thecompany’s 2016 guidance is for global car production growth of 4.1%: China +6.8%, Europe+2.1%, NAFTA +2.5%, Mercosur -12%. In its annual report, Antolin says it expects turnover ofaround EUR 5.2bn with the new “Cockpit instrument panels” division accounting for EUR2.54bn, and an EBITDA margin of around 10%. In the presentation slides, it says it expectssales growth of 40% (3% excluding Cockpits and Consoles), an EBITDA margin of 9%, andcapex/sales of 6.5%. For details on the credit profile and our model, please refer to our EuroHigh Yield & Crossovers publication (20 April), from page 188. We keep our buyrecommendation on the name and prefer the ANTOLN 6/22 given the steep cash curve.

Thursday, 21 April Strong FY15 results

Antolin (B1s/BB-s) reported FY15 results with revenues up by 57.6% to EUR 3,506mn,EBITDA up by 45% to EU 388mn, and the EBITDA margin 11.1%. Excluding the MagnaInteriors acquisition, sales would have been up by 21% and EBITDA up by 29% and theEBITDA margin would have been 12.8%. This is above the company’s 2016 guidance of+50% in revenues and 10% in EBITDA margin. Net debt/adjusted EBITDA (co. definition) was2.15x at LTM-adjusted EBITDA of EUR 446mn. Antolin had EUR 362mn in cash and EUR240mn in an available RCF. The company said that it would have to pay a final priceadjustment of USD 58mn in April 2016. The company’s capex/sales ratio was down to 4.9%vs. 6.4% yoy as it delayed some projects to 2016. The company said that its net workingcapital increased in FY15, but it was committed to reducing its year-end working capital(excluding tooling) to the historical average of 9.5-10.5% of sales. In 2016 and 2017, debtmaturities would be only EUR 65mn and EUR44mn, respectively. We calculate adjustedgross leverage (UniCredit Research) of 4.5x vs. 3.5x yoy and adjusted net leverage of 3.5xvs. 2.8x yoy. The company’s 2016 guidance is for global car production growth of 4.1%:China +6.8%, Europe +2.1%, NAFTA +2.5%, Mercosur -12%. In its annual report, Antolin




says it expects turnover of around EUR 5.2bn with the new “Cockpit instrument panels”division accounting for EUR 2.54bn, and an EBITDA margin of around 10%. In thepresentation slides, it says it expects sales growth of 40% (3% excluding Cockpits andConsoles), an EBITDA margin of 9%, and capex/sales of 6.5%. We keep our buyrecommendation on the bond.


Hapag-Lloyd (Hold) Friday, 22 April Confirms talks with UASC

Yesterday, Hapag-Lloyd (HL, B2p/B+s/--) announced that it is currently in discussions withUnited Arab Shipping Company SAG (UASC) about forms of cooperation including a potentialcombination of their mutual container shipping operations. In the event of a businesscombination, the parties are basing their discussions on a relative valuation of the twobusinesses at 72% (HL) and 28% (UASC), subject to a mutually satisfactory completion ofnegotiations and the mutual due diligence exercise. HL noted that no assurance can be giventhat these discussions will lead to a definitive agreement.

We note that on 20 April CMA CGM, COSCO Container Lines, Evergreen Line and OrientOverseas Container Line signed a memorandum of understanding to form a new alliance(called New Ocean), enabling each of them to offer competitive products and comprehensiveservice networks covering almost all important trade routes. The New Ocean alliance willhave a total capacity of TEU 5.45mn versus the current market-leading alliance of Maerskand MSC (called 2M) with TEU 5.56mn. As a result, the drain of participants from existingalliances raises questions about their future development. Hapag-Lloyd’s G6 alliance now hassignificantly reduced capacity (down from TEU 3.53mn to TEU 2.43mn). It is possible that G6and CKYHE (and maybe even UASC, the only remaining member of the Ocean Threealliance) will form a new alliance in the future. The current alliances of 2M and New Ocean, byfar the market leaders, would offer significant cost synergies to their members, while Hapag-Lloyd might face cost disadvantages as soon as these alliances are implemented. We notethat no immediate impact is expected as current alliance participants have to stick to theircontractual termination clauses and exit timeframes (estimate to be about one year) from theirrespective existing alliances. However, G6, which includes Hapag-Lloyd, needs to strengthenits alliance to avoid future disadvantages. While the creation of the New Ocean alliance isnegative as the G6 alliance loses members and size, we view consolidation in this industryper se as positive and necessary going forward. If G6 is able to negotiate a combination withCKYHE (and maybe UASC), this could lead to a combined alliance size of TEU 4.5mn. Itremains to be seen how alliances in the global shipping industry will develop. In light of thisdevelopment and recent industry consolidation (CMACGM/APL, COSCO/ CSCL), we think itis important for HL to continue to participate in this consolidation, as profitability is linked tothe capacity size of container shipping companies. Given relatively low transparency aboutUASC and the final conditions of this transaction, it is difficult to estimate the financial impactof a potential transaction.

For the time being, we keep our hold recommendation on HPLGR bonds. We assume Hapag-Lloyd is actively pursuing negotiations to broaden the existing G6 alliance and we view thepotential merger with UASC as credit positive. However, upside should be limited by currentcall prices.

Thursday, 21 April A new alliance and more specualtion about consolidation

Yesterday, CMA CGM, COSCO Container Lines, Evergreen Line and Orient OverseasContainer Line signed a memorandum of understanding to form a new alliance (called NewOcean in the following), enabling each of them to offer competitive products and




comprehensive service networks covering almost all important trade routes. The New Oceanalliance will have a total capacity of TEU 5.45mn versus the current market-leading alliance ofMaersk and MSC (called 2M) with TEU 5.56mn. As a result, the drain of participants fromexisting alliances raises questions about their future development. Hapag-Lloyd’s G6 alliancenow has significantly reduced capacity (down from TEU 3.53mn to TEU 2.43mn). It ispossible that G6 and CKYHE (and maybe even UASC, the only remaining member of theOcean Three alliance) will form a new alliance in the future. The current alliances of 2M andNew Ocean, by far the market leaders, would offer significant cost synergies to these twooperators, while Hapag-Lloyd might face cost disadvantages as soon as the alliances areimplemented. We note that no immediate impact is expected as current alliance participantshave to stick their contractual termination clauses and exit timeframes (estimate to be aboutone year) from their respective existing alliances. However, G6, which includes Hapag-Lloyd,needs to strengthen its alliance to avoid future disadvantages.

While the creation of the New Ocean alliance is negative as the G6 alliance loses membersand size, we view consolidation in this industry per se as positive and necessary goingforward. If G6 is able to negotiate a combination with CKYHE (and maybe UASC), this couldlead to a combined alliance size of TEU 4.5mn. It remains to be seen how alliances in theglobal shipping industry will develop.

German manager magazin reports this morning that Hapag-Lloyd (TEU 0.966mn; no.6globally) is planning a merger with UASC (TEU 0.509mn; no.12 globally) to become the fifth-largest container shipping company worldwide. The headquarters of the combined entity areplanned to be in Hamburg. UASC’s Arab investors would own roughly one-third of the newlycombined entity.

For the time being, we keep our hold recommendation for HPLGR bonds. We expect noimmediate impact on Hapag-Lloyd’s results from the New Ocean alliance and we assumeHapag-Lloyd is actively pursuing negotiations to broaden the existing G6 alliance. Moreover,we view the potential merger with UASC as credit positive, while it should not significantlyimpact existing HPLGR bonds, which already trade close to their call prices.


IGT (Buy) Monday, 18 April Italian regulator announces provisional award of Italian Lotto concession

IGT (Ba2s/BB+s/--) stated that the Italian regulator announced that it has provisionally awardedthe concession for the Lotto game to a consortium led by IGT subsidiary Lottomatica. IGT saysthat the final award of the concession is expected to be made during 2Q16 and it has a durationof nine years. The consortium's bid comprised EUR 770mn in upfront concession payments thatwill be paid in three installments between the time of the award and April 2017. The companycurrently expects the first two installments of EUR 350mn and EUR 250mn to be made in 2016,with the balance made in April 2017. On top of that, IGT says that EUR 130mn will be investedby the consortium to upgrade the technological infrastructure (systems, terminals) supportingthe Lotto game. The company expects that approximately 25% of the capital related to theinfrastructure upgrades will occur in 2016 and the balance in 2017. As a reminder, as stated inIGT’s last investor call, members of the consortium will contribute to both the upfront concessionpayments and capital investments on a pro rata basis as follows: Lottomatica, 61.5%; IGH,32.5%; Arianna 2001, 4%; and Novomatic, 2%. Please bear in mind that in our previousprojections, we factored in a payment of EUR 700mn, which was the amount of the initial bid.We understand the EUR 70mn is a premium, while the management announced during lastconference call that, on top of that, it has to invest in infrastructure, although it did not quantify




the amount. We now note that this amount is EUR 130mn. We note as credit positive that theItalian regulator has provisionally awarded the concession to IGT, which significantly reducesour concerns that IGT might lose its Lotto business in Italy. However, we view the additionalcosts of EUR 130mn for infrastructure upgrades and management’s decision regarding therenewal of the concession through a consortium as slightly credit negative, as it reduces therevenue stream from a mature market. The additional costs and the upfront premium have aslightly negative impact on our previous credit metric forecasts. However, we wonder whatalternative areas management might choose to invest the cash saved for the lottery concessionrenewal in. Here, we expect management to put more emphasis on gaming or on further growthin North American or international lotteries, although we would prefer the latter. The bottom lineis that, on top of the Italian lottery payments, management’s guidance for capex was USD 575-625mn. Taking the above-mentioned effects on capex (incl. additional technology investments inItalian lottery) into account, management expects net debt of USD 7.7-7.9bn in 2016 and adj.EBITDA of USD 1.74-1.79bn. This would result in a slight decrease in leverage from currentlevels (4.3-4.54x). [Note that, as of 4Q15, the company reported an adjusted net debt/EBITDAon reported figures of 4.8x, while leverage based on adjusted pro forma figures decreased to4.5x]. We expect IGT to report adj. net leverage that is at the upper end of its guidance (ataround 4.6x in FY16E), as we would question, from a credit perspective, the incrementalsynergies of USD 70mn – and as total investments related to the lottery were above ourexpectations. For 2016, we expect negative FCF of EUR 250mn and expect this figure to turnpositive in 2017, to EUR 35mn. Therefore, we expect some further deleveraging for 2017 (to4.4x). We keep our buy recommendation on IGT. We see value at the longer end of IGT’s cashcurve. On the euro-denominated side, we prefer the EUR 03/20 and EUR 02/23 bonds, as theytrade at a significant spread pick-up to lower-rated companies in the BB segment.


Ineos (Hold) Friday, 22 April Very strong 1Q16 trading statement

Ineos (B1s/B+s/--) released a stronger than expected 1Q16 trading update yesterday(detailed 1Q16 report and conference call are scheduled for 28 April). Reported EBITDA ofEUR 554mn was clearly above market (EUR 480mn) and our more cautious estimate (EUR400mn). Group EBITDA actually improved 14% sequentially and 10% yoy, despite thesignificantly lower oil price and top line, with the earnings surprise mainly driven by a strongresult from O&P Europe (EUR 175mn; vs. EUR 71mn in 1Q15 and EUR 136mn in 4Q15) onthe back of very strong polymer demand and European crackers running at close to maximumcapacity. EBITDA in O&P NA declined 15% yoy to EUR 229mn but was still up on theEUR 208mn reported for 4Q15. Chemical Intermediates reported 1Q16 EBITDA ofEUR 150mn (-8% yoy; +6% qoq) as margins remain impacted by overcapacities in Asia(particularly for Nitriles and Phenol) while demand in Europe and NA remained firm. While thecontinued solid demand environment had been indicated by Ineos’ weekly market updates in1Q16 (and has continued into 2Q16), margins seemed to have remained more resilient (andeven firmly improved in Europe) despite the expected top-line impact from pricing (revenueswill be reported next week). With the better-than-expected EBITDA in 1Q16, FCF generation(around EUR 0.4bn) also came in stronger and reported net debt improved to EUR 6.3bn atend-March 2016. Based on LTM EBITDA of EUR 2.26bn, this translates into a reported netleverage of 2.8x vs. 3.0x at FYE 2015. With the good start to 2016, our expectation of a mid-cycle EBITDA of EUR 1.6-1.7bn this year already looks (too) cautious after 1Q16. Hence, weexpect net leverage to increase only slightly above 3.0x this year (vs. our earlier indication ofit moving closer to 4.0x). Despite restricted payment basket likely rising again (from aroundEUR 0.1bn and looking at the strong 1Q16 results), the risk of cash leakage from the INEOSrestricted group to other INEOS subsidiaries has somewhat decreased, in our view. Alsoyesterday, INOVYN announced to refinance the EUR 785mn KERLIN 10.625% 02/17 bond




as well as the EUR 335mn payment for the Solvay stake buy-out itself, via EUR 835mn ofnew loans and other senior secured debt.

We expect the 1Q16 trading update to particularly support the Ba3/BB- rated securedINEGRP 4% 05/23 bonds (trading at par). However, with the increased probability of a calland refinancing of the unsecured INEGRP 6.5% 8/18 bond (call price steps down to 101.625on 15 March 2016) and unsecured INEGRP 5.75% 02/19 bond (callable @ 102.875), andbonds already trading at or above call prices, we see no potential for further appreciation ofthe bonds at this stage. Hence, and despite solid fundamentals, we moved to a holdrecommendation on INEOS (from buy) in our High Yield & Crossovers publication, releasedearlier this week.


Manutencoop (Hold) Friday, 22 April TAR postpones hearing on antitrust fine

Manutencoop announced yesterday that the Administrative Regional Tribunal (TAR) decidedto postpone a hearing on the payment of the EUR 48.5mn antitrust fee. Manutencoop hadrequested to suspend the enforcement of the immediate payment of the EUR 48.5mn antitrustfee until a definitive decision has been reached – that is, until after the full appeals processhas been completed. On 20 April, TAR held a hearing at Manutencoop’s request. The TARproposed that Manutencoop’s application be discussed at a public hearing on 6 July. BothManutencoop and the state attorney representing the Italian Competition Authority agreed tothe TAR’s proposal. Delaying the hearing should give Manutencoop a little more breathingroom as it rebuilds liquidity after the seasonal working capital outflows in the first quarter ofthe year. However, since the third quarter is also seasonally weak, the reprieve will not last forlong. We expect that the decision on whether the payment is due immediately could have ameaningful short-term impact on the bond price – in either direction depending on thedecision. We therefore reiterate our hold recommendation on MANTEN for now.


Oi (Hold) Wednesday, 20 April Management said to be seeking options to avoid official bankruptcy filing

Bloomberg reports, citing people with knowledge of the matter, that Oi SA is concerned thatsome bondholders who bought credit protection may try to push Oi into default to trigger theCDS. According to the article, Oi is aiming to avoid an official bankruptcy filing and is lookingfor ways the CDS might be triggered without an official bankruptcy filing. We note that anofficial bankruptcy filing would offer the regulator/government an opportunity to revoke itsfixed-line concessions (including assets to operate the service) and wireless spectrumlicenses, which is not in the interest of OI’s management nor its bond- and equityholders. Thearticle says that Oi may create an event that would trigger payments on the derivatives (USD14bn) without sparking a default on the rest of the company’s approximately USD 17bn ingross debt. No decision has been made and the company may not pursue the strategiescurrently being analyzed by its lawyers, according to the article.

We would view it positively if Oi’s management tries to avoid an official bankruptcy filing asthis would be our worst-case scenario for the potential recovery value for bondholders. Wehave a hold recommendation for OIBRBZ bonds. S&P and Fitch view the recovery value ofthe company’s rated debt as 30% and 50%, respectively. Given that the bonds are trading atcash prices of 25-30, we keep our hold recommendation on the issues. However, we note




that there is relatively high uncertainty about the recovery value, which could be significantlybelow 30%, even under 10% (worst-case scenario), while we regard a recovery value ofaround 50% as the best-case scenario (albeit with a low probability).


RCS & RDS (Hold) Monday, 18 April FY15 results show sequential EBITDA growth

RCS & RDS (Ba1s/B+s/--) reported strong FY15 results over the weekend that showedsustained revenue growth and a further sequential EBITDA increase. Revenues of EUR750.1mn for FY15 were exactly in line with our forecast of EUR 750mn and were therefore up13.4% yoy. Adjusted EBITDA of EUR 237.4mn was up only 2.9% for the year, but the 4Q15figure came to EUR 62.4mn (+11.2% yoy) for a margin of 32.2%. This was an increase overthe EUR 60.9mn figure generated in 3Q15 with a margin of 31.5%. We had said that it wouldbe a good signal if RCS & RDS could repeat an EBITDA figure near the previous quarter’slevel of EUR 60.9mn and thus demonstrate that it has left the previous EUR 56-57mn levelwhere it had been stuck since 2Q14. It therefore appears that RCS & RDS is gaining thescale in the Romanian mobile business that will enable it to make consistent profits. Mobilesubscribers in Romania reached 1.9mn as of FYE 2015, which is close to the 2mn numberthat the company had previously said was likely to represent the necessary scale in order tosee improved profitability from this business line. Revenues by geography were upeverywhere, with Romania being the main driver for the group, with an increase of 15% toEUR 540.1mn. Revenues in Hungary were up 5.7% to EUR 125.9mn, while revenues inSpain (+34.6% to EUR 72.7mn) and Italy (+47.1% to EUR 7.5mn) also showed clear gains.Revenues were boosted by a 7.6% increase in RGUs. ARPU trends were mixed overall, butstrong increases in mobile ARPU supported the top line increase and should have alsocontributed to the improvement in profitability. Somewhat surprisingly, the company cut backcapex substantially to around EUR 32mn in 4Q15, compared to EUR 49-57mn per quarter inthe first 3 quarters of the year. As we expected, leverage stabilized at 2.8x as of FYE 2015.

Capex for FY15 was still high at EUR 194.4mn for FY15, although the 4Q15 figure givessome hope that the company may be able to eventually achieve a figure closer to its originaltarget for the year of EUR 180mn. We expected capex to be above EUR 200mn for FY15after reaching EUR 162mn through 9M15, so the 4Q15 result shows that RCS & RDS mayhave more control over this figure than it has previously demonstrated. Although leveragestabilized qoq, if we were to calculate it by annualizing the last two quarters, the figure wouldcurrently come to 2.6x. It is therefore clear that sustaining the current trends would supportfurther deleveraging throughout 2016. We think it is possible for the company to deleverage tothis level by the end of 2016. We therefore see the company’s operating performance as ontrack to show sustainable improvements in FY16.

Despite the positive operating trends demonstrated in 2H15, we changed ourrecommendation on CBLCSY to hold from buy this morning following a strong increase in thebond price since our change in the recommendation at the end of January. The bond price isnow close to an all-time high and shows a mid-yield of 1.3%. Considering the wide bid/askspread, we do not recommend selling (yield at ask price of 3.1%) for investors who find thecarry acceptable or who are seeking CEE exposure. Nevertheless, in the context of high-yieldcable peers, there are a number of bonds in the same rating class with more compellingyields currently. We see particularly ATCNA, ALTICE, NUMFP and even short dated UPCBand UNITY as currently more attractive.

Jonathan Schroer, CFA (UniCredit Bank) +49 89 378-13212; [email protected]




ThyssenKrupp (Sell) Monday, 18 April CEO denies progress on market-consolidation considerations

Following the publication of a Handelsblatt report on Friday, stating that a decision about aconsolidation of the European steel market by ThyssenKrupp should be made this year, thecompany’s CEO, Heinrich Hiesinger, denied the degree of maturity of such consolidationtalks. He cautioned that movement toward consolidation was neither as definite nor asadvanced as had been reported. He further noted that he expects mergers (rather thanacquisitions) because of weak balance sheets and a lack of available funds in the industry.Still, he reiterated that industry consolidation would be a step forward, in which ThyssenKruppwould try to participate from a position of strength. However, talks between ThyssenKruppand competitors are said to have been ongoing for more than a year now, but the companieshave not yet even opened their books. Therefore, we do not think a consolidation will happenin the short term. Also, the prospect of a merger rather than the possibility of ThyssenKruppselling its steel business does not promise a quick improvement of the company’s creditmetrics. Hence, we confirm our sell recommendation on ThyssenKrupp.


Wind (Buy) Tuesday, 19 April Read-across from the potential blocking of consolidation in the UK to the proposed merger in Italy

Yesterday, Bloomberg reported, citing two people familiar with the negotiations, that CKHutchison Holdings Ltd.’s bid for Telefonica SA’s UK mobile-phone business will be formallyblocked by European Union antitrust regulators, which should be announced in the comingweeks. According to the article, the EU Commission is not convinced that Hutchison’s offer tosell space on its network to MVNOs would create enough rivalry to prevent potential priceincreases. We note that the UK CMA recently recommended in an open letter to the EUCommission that it block the transaction. While Hutchison is still trying to convince the EUCommission to approve the transaction, the question is how does the decision in the UKaffect a similar decision in the Italian market, where Wind and Hutchison’s 3 Italia haveproposed to merge their operations. Recently, as expected, the EU opened an in-depth probeinto this Italian transaction. Yesterday, EU Competition Commissioner Margrethe Vestagerstated that the EU prefers structural remedies, but has no set template for approving orblocking mobile-phone deals. She stated that situation with the Italian, UK and Danish mobiledeals are different, indicating that the decision in the Italian market could be different from thedecision in the UK market. We still believe that it is more likely than not that the EUCommission will approve the merger between Wind and Hutchison’s 3 Italia in the Italianmobile market. In our view, 3 Italia has no sustainable stand-alone business case, which isdifferent from Hutchinson’s position the UK mobile market. Moreover, in the UK, TelefonicaUK and Vodafone have a strong network cooperation agreement, i.e. a potential combinationbetween Hutchison and Telefonica UK would reduce the number of independent networks to2.5. Therefore, the UK CMA is asking for the creation of another MNO instead of an MVNO toapprove the merger between Telefonica UK and Hutchison in the UK market. We note thatthere is no such strong network cooperation in the Italian market. Hence, after the merger ofWind and 3 Italia there would still be three independent mobile networks in Italy. For thesereasons, we see no reason why the merger should not be approved with similar remedies tothose seen in the German mobile market for the approval of the merger between TelefonicaDeutschland Holding and KPN’s Eplus. Hence, Wind/3 Italia may have to find a company thatis willing to buy 20-30% of the newly combined mobile network (at wholesale conditions) plussome retail stores to establish a significant MVNO. Hence, we keep our buy recommendationfor WINDIM bonds. However, we note that uncertainty about the decision of the EUCommission on a potential Wind/3 Italia merger has increased and that further pressure onWINDIM bonds could occur if the EU Commission announces it is blocking the proposed




merger in the UK mobile market. Furthermore, we note that if the EU Commission decides toblock the proposed mobile merger in Italy, this would put significant pressure on WINDIMbonds, particularly the subordinated ones. According to our estimates, Wind is expected togenerate moderately positive FCF of around EUR 200-300mn in 2016. Hence, refinancingneeds are unlikely to materialize before 2019. Risk to our forecast stems from thedevelopment of Wind’s fixed-line business as well as from an increasingly competitiveenvironment in the Italian mobile market if a merger between Wind and 3 Italia is blocked.





HY Issuers and Bonds

Sec Name Instrument Rating Out PX Yield Spread TR 1w TR 1m ER 1w ER 1m

CON Accor (MW) ACFP 5Y CDS 100

FR0012005924 4.125% PERP --/BB/BB 900 101.33 3.88 428 +0.6 +2.3 -0.2 +0.2

Agrokor (Hold) AGROK

XS0776111188 9.875% May 19 B2/B/-- 300 105.97 6.82 846 +0.0 +0.3 -0.7 -1.8

XS0836495183 9.125% Feb 20 B2/B/-- 325 107.08 6.36 769 +0.0 +0.7 -0.8 -1.4

Albea Beauty (No rec) ALBHSA

XS0783934168 8.75% Nov 19 B2/B/-- 245 106.78 4.99 729 +0.1 +0.7 -0.6 -1.4

Alize (No rec) ALLGRP

XS1137505290 6.25% Dec 21 B2/B+/-- 360 108.01 3.31 507 +0.8 +2.2 +0.1 +0.1

Arcelik (No rec) ACKAF

XS1109959467 3.875% Sep 21 --/BB+/BB+ 350 102.63 3.42 372 +1.2 +2.8 +0.5 +0.7

Auris (No rec) AUDIOL

XS1153374084 8% Jan 23 Caa1/B-/-- 275 110.35 4.34 649 +0.4 +1.2 -0.3 -0.9

Autodis (No rec) AUTODI

XS0982711128 6.5% Feb 19 B2/B/-- 270 104.17 4.04 569 +0.0 +0.5 -0.8 -1.6

XS1117280039 9% Nov 20 B3/CCC+/-- 239 98.98 9.72 1,011 +0.4 +1.1 -0.3 -1.0

Barry Callebaut (No rec) BARY

BE0933072291 6% Jul 17 Ba1/BB+/-- 350 106.96 0.57 111 +0.1 +0.1 -0.7 -2.0

BE6222320614 5.625% Jun 21 Ba1/BB+/-- 250 118.19 1.97 230 -0.1 +1.5 -0.9 -0.6

Boing (No rec) IMOCAR

XS1028951009 6.625% Jul 19 B2/B/-- 240 94.55 9.07 953 +0.2 +0.9 -0.5 -1.2

Boparan (No rec) BOPRLN 5Y CDS 386

XS1082473395 4.375% Jul 21 B2/B+/-- 300 95.71 5.54 586 +1.1 +0.6 +0.3 -1.5

Bormioli Rocco (Hold) BORMIO

XS0615235966 10% Aug 18 B3/B/-- 250 104.50 5.07 879 +0.1 +0.6 -0.7 -1.5

Brakes Capital (No rec) BRKCAP

XS1071435561 FRN Dec 18 B3*+/B-/-- 150 101.08 4.01 509 +0.1 +0.4 -0.6 -1.7

BUT (No rec) BUTSAS

XS1080611970 7.375% Sep 19 B3/B/B 246 105.13 3.26 639 +0.1 +0.4 -0.6 -1.7

Campofrio (No rec) CPFSM

XS1117299211 3.375% Mar 22 Ba3/BB+/-- 500 103.93 2.56 309 +0.2 +1.1 -0.5 -1.0

Carlson Wagonlit (No rec) CARWAG

XS0652911776 7.5% Jun 19 B1/B+/-- 300 104.98 3.62 653 +0.0 +0.0 -0.7 -2.1

Cirsa (Buy) CIRSA

XS0506591519 8.75% May 18 B2/B+/-- 450 100.75 8.25 925 +0.2 -0.2 -0.6 -2.3

XS1227583033 5.875% May 23 B2/B+/-- 500 100.30 5.99 615 +0.8 +2.8 +0.1 +0.7

CNH Industrial (Sell) CNHI 5Y CDS 297

XS0604641034 6.25% Mar 18 Ba2/BB+/-- 1,200 108.31 1.88 240 +0.2 -0.1 -0.5 -2.2

XS1046851025 2.75% Mar 19 Ba2/BB+/-- 1,000 102.41 2.02 249 +0.4 +0.9 -0.3 -1.2

XS1114452060 2.875% Sep 21 Ba2/BB+/-- 700 102.38 2.51 281 +1.1 +1.4 +0.3 -0.7

Darling Ingredients (No rec) DAR

XS1240984754 4.75% May 22 Ba3/BB+/-- 515 103.66 4.07 453 +1.0 +3.4 +0.3 +1.2

Darty (No rec) DRTYLN

XS1038807340 5.875% Mar 21 --/BB-/-- 250 106.82 1.98 485 +0.1 +0.8 -0.6 -1.3

Deutsche Raststaetten (No rec) TANKRA

XS0997664411 6.75% Dec 20 --/B/-- 459 107.04 2.06 560 +0.2 +0.6 -0.5 -1.5

Douglas (Hold) DOUGR

XS1251078009 6.25% Jul 22 B1/B/-- 300 108.83 3.70 498 +0.5 +2.2 -0.2 +0.1

XS1251078694 8.75% Jul 23 Caa1/CCC+/-- 335 105.45 7.52 817 +1.1 +2.1 +0.3 +0.0

Dufry (No rec) DUFSCA

XS1087753353 4.5% Jul 22 Ba3/BB/BB- 500 106.71 2.06 364 +0.3 +2.0 -0.5 -0.1

XS1266592457 4.5% Aug 23 Ba3/BB/BB- 700 106.85 3.04 365 +0.5 +2.3 -0.2 +0.2

Spread: FIX bonds – z-spread, FRN – discount margin, PIK bonds – mid swap, 5Y CDS spread Source: Agencies, iBoxx, Markit, UniCredit Research TR: 1w/1m: weekly/monthly total return (%); ER: 1w/1m weekly/monthly excess return vs. iBoxx HY NFI/FIN (%) Out: Outstanding volume in EUR mn; Sec: CON: Consumers, ENG: Energy, IDU: Industrials, TMT: TMT, FNL: Financials





CON Elior (No rec) ELRFP

XS0808635600 6.5% May 20 Ba3/BB+/BB+ 178 105.12 4.85 566 -0.2 +0.1 -0.9 -2.0

Europcar (Hold) EUROCA

XS1028950704 5.125% Jul 21 B2/B+/-- 350 105.46 3.08 443 +0.1 +0.8 -0.6 -1.3

XS1241053666 5.75% Jun 22 B3/B-/-- 475 105.71 4.41 506 +0.3 +1.4 -0.5 -0.7

Faurecia (Buy) EOFP 5Y CDS 491

XS1204116088 3.125% Jun 22 Ba3/--/BB 700 101.96 2.75 311 +0.5 +2.7 -0.2 +0.6

FCA (Hold) FCAIM 5Y CDS 344

XS0305093311 5.625% Jun 17 B2/BB/BB- 1,000 105.08 1.40 195 +0.2 +0.3 -0.5 -1.8

XS0906420574 6.625% Mar 18 B2/BB/BB- 1,250 109.21 1.74 226 +0.3 +0.5 -0.5 -1.6

XS0647264398 7.375% Jul 18 B2/BB/BB- 600 112.14 1.87 238 +0.3 +0.8 -0.4 -1.3

XS0953215349 6.75% Oct 19 B2/BB/BB- 1,250 115.12 2.28 272 +0.6 +0.6 -0.1 -1.5

XS1048568452 4.75% Mar 21 B2/BB/BB- 1,000 108.25 2.98 333 +0.2 -0.1 -0.5 -2.2

XS1088515207 4.75% Jul 22 B2/BB/BB- 1,350 109.11 3.18 341 +0.6 +0.3 -0.2 -1.8

XS1388625425 3.75% Mar 24 B2/BB/BB- 1,250 101.88 3.53 358 +0.7 +1.6 -0.1 -0.2

Financiere Quick (No rec) QUIBB 5Y CDS 978

XS1054086928 FRN Apr 19 B3/B-/-- 360 82.48 12.28 1,275 -2.6 -3.1 -3.3 -5.2

Findus (No rec) FINDUS

XS1028948716 8.25% Aug 19 --/CCC+/-- 228 99.04 9.07 952 -0.6 +3.6 -1.3 +1.5

Frigoglass (No rec) FRIGOG

XS0932291007 8.25% May 18 Caa1/CCC+/-- 250 63.79 38.97 3,948 +0.2 +2.5 -0.5 +0.4

FTE Automotive (Hold) FTEAU

XS0952827094 9% Jul 20 B2/B/-- 263 106.01 4.53 800 +0.0 +0.4 -0.7 -1.7

Galapagos (No rec) GALAPG 5Y CDS 587

XS1071411547 FRN Jun 21 B1/B/-- 325 95.25 5.99 632 +0.5 +0.5 -0.3 -1.6

XS1071419524 5.375% Jun 21 B1/B/-- 200 98.36 5.99 632 +0.9 +2.8 +0.1 +0.7

XS1071420027 7% Jun 22 Caa1/CCC+/-- 250 93.38 8.79 905 +1.9 +2.7 +1.1 +0.6

Gamenet (Hold) GAMENT

XS0954289913 7.25% Aug 18 B2/B/-- 200 102.20 6.06 712 +0.1 +0.4 -0.6 -1.7

Gestamp (Hold) GESTAM

XS0925126491 5.875% May 20 B1/BB+/-- 500 103.66 3.87 549 +0.0 +0.2 -0.7 -1.9

Goodyear (Buy) GT 5Y CDS 142

XS1333193875 3.75% Dec 23 Ba1/BB/BB 250 105.44 2.52 313 +0.5 +1.1 -0.2 -1.0

Groupe Casino (Hold) COFP 5Y CDS 255

FR0010893396 4.481% Nov 18 --/BB+/BBB- 508 110.38 1.40 189 +0.1 +2.1 -0.6 +0.0

FR0011606169 4.87% PERP --/B+/BB 750 90.98 8.91 939 +3.4 +11.1 +2.6 +9.0

FR0011301480 3.157% Aug 19 --/BB+/BBB- 1,000 108.62 1.68 213 +0.5 +3.3 -0.3 +1.2

FR0011215508 3.994% Mar 20 --/BB+/BBB- 600 110.32 2.23 265 +0.6 +3.2 -0.1 +1.1

FR0011052661 4.726% May 21 --/BB+/BBB- 850 116.32 2.55 289 +1.0 +5.3 +0.2 +3.2

FR0011400571 3.311% Jan 23 --/BB+/BBB- 1,000 105.87 3.46 364 +0.4 +5.1 -0.4 +3.0

FR0011765825 3.248% Mar 24 --/BB+/BBB- 900 103.71 3.83 391 +0.8 +3.9 +0.1 +1.8

FR0012369122 2.33% Feb 25 --/BB+/BBB- 637 96.77 3.95 391 +0.5 +4.2 -0.2 +2.1

FR0012074284 2.798% Aug 26 --/BB+/BBB- 885 98.53 4.24 406 +0.4 +3.5 -0.4 +1.4

Grupo Antolin (Buy) ANTOLN

XS1046537665 4.75% Apr 21 B1/BB-/-- 400 105.12 2.28 410 +0.6 +1.6 -0.2 -0.5

XS1246049073 5.125% Jun 22 B1/BB-/-- 400 106.74 3.36 427 +0.7 +2.4 -0.1 +0.3

Hema (No rec) HEMABV 5Y CDS 1,330

XS1075799319 FRN Jun 19 --/B/-- 250 75.26 16.21 1,667 +6.3 +6.1 +5.5 +4.0

XS1075833860 6.25% Jun 19 --/B/-- 315 78.86 15.90 1,636 +6.0 +5.7 +5.2 +3.6

XS1075845526 8.5% Dec 19 --/CCC+/-- 150 43.49 43.97 4,442 +2.7 +2.5 +1.9 +0.4

Hertz (Hold) HTZ 5Y CDS 554

XS0995045951 4.375% Jan 19 B2/B/-- 425 103.62 3.19 368 +0.3 +0.8 -0.4 -1.3

Hornbach (Hold) HBMGR

DE000A1R02E0 3.875% Feb 20 Ba1/BB+/-- 250 108.08 1.77 219 -0.2 +0.8 -1.0 -1.3






CON HP Pelzer (Hold) PELHOL

XS1028947585 7.5% Jul 21 B2/B+/BB- 280 106.25 5.63 664 +0.1 +0.8 -0.6 -1.3

Hydra (No rec) HYDHLD

XS1059509429 FRN Apr 19 B2/B/-- 175 96.03 7.19 766 +0.9 +1.8 +0.2 -0.3

Iglo Foods (No rec) IGBOND

XS1084586822 FRN Jun 20 B1/BB-/-- 500 99.36 4.67 507 +0.3 +0.1 -0.5 -2.1

IGT (Buy) IGT 5Y CDS 226

XS0564487568 6.625% Feb 18 Ba2/BB+/-- 500 110.09 1.04 157 +0.5 +1.8 -0.3 -0.3

XS1204431867 4.125% Feb 20 Ba2/BB+/-- 700 106.39 2.43 295 +1.9 +3.1 +1.1 +1.0

XS0860855930 4.75% Mar 20 Ba2/BB+/-- 500 106.54 3.04 346 +1.6 +2.7 +0.9 +0.6

XS1204434028 4.75% Feb 23 Ba2/BB+/-- 850 104.82 4.01 424 +1.5 +2.6 +0.7 +0.5

Ikks (No rec) IKKSFR

XS1084836441 6.75% Jul 21 --/B/B 320 100.48 6.92 725 +1.1 +3.5 +0.3 +1.4

Intralot (No rec) INLOTG

XS0947176631 9.75% Aug 18 B1/B/BB- 297 104.04 7.23 884 +0.4 +1.7 -0.4 -0.4

XS1064899120 6% May 21 B1/B/BB- 230 90.75 8.65 900 +0.4 +2.1 -0.4 +0.0

IVS Group (No rec) IVSIM

XS0911441409 7.125% Apr 20 --/BB-/-- 250 +0.0 +0.2 -0.8 -1.9

Jarden (No rec) JAH 5Y CDS 254

XS1084944096 3.75% Oct 21 Ba3*+/BB*+/-- 300 106.49 2.57 287 +0.9 +2.4 +0.1 +0.3

Labeyrie (No rec) LABERE

XS1044528849 5.625% Mar 21 --/B/B+ 355 106.08 2.59 478 +0.0 +1.3 -0.7 -0.8

Lufthansa (Hold) LHAGR 5Y CDS 101

XS1109110251 1.125% Sep 19 Ba1/BBB-/-- 500 101.68 0.69 113 +0.0 +0.3 -0.8 -1.8

XS1271836600 5.125% Aug 75 --/BB/-- 500 106.40 3.74 410 +0.4 +2.6 -0.3 +0.5

LuxGEO Travel (No rec) LUXGEO

XS0879569464 7.5% Aug 18 B3/B/-- 325 97.15 9.40 990 +0.6 +4.1 -0.1 +2.0

Magnolia (No rec) MDMFP

XS0955023931 9% Aug 20 B2/B/-- 325 106.63 2.95 784 +0.1 +0.4 -0.7 -1.7

Marcolin (No rec) MCLIM

XS0991759076 8.5% Nov 19 B2/B-/-- 200 104.13 7.21 802 +1.3 +3.9 +0.5 +1.8

Merlin Entertainments (No rec) MERLLN

XS1204272709 2.75% Mar 22 Ba2/BB/-- 500 100.61 2.75 300 +0.3 +1.3 -0.5 -0.8

Motherson (Buy) MSSIN

XS1082399301 4.125% Jul 21 --/BB+/-- 500 99.85 4.33 465 +0.1 +3.2 -0.7 +1.0

New Look (No rec) NEWLOK 5Y CDS 466

XS1248517341 FRN Jul 22 B1/B/B 415 97.31 5.16 541 -0.5 -1.3 -1.2 -3.4

NH Hoteles (No rec) NHHSM

XS0954676283 6.875% Nov 19 --/B+/B+ 250 110.97 2.45 429 +0.4 +2.5 -0.3 +0.4

Novalis (No rec) ELISGP 5Y CDS 114

XS1225112272 3% Apr 22 Ba2/BB/-- 800 102.12 2.59 297 -0.1 +1.6 -0.9 -0.5

ODEON & UCI Cinemas (No rec) ODEON

XS0627135774 FRN Aug 18 B3/CCC+/-- 200 99.44 5.42 592 -0.2 +0.6 -0.9 -1.5

Ontex (Hold) ONTEX

BE6272861657 4.75% Nov 21 Ba2/BB/-- 250 106.67 2.26 385 +0.1 +0.6 -0.7 -1.5

Peugeot (Restr.) PEUGOT 5Y CDS 204

FR0011233451 5.625% Jul 17 Ba2/--/BB 378 106.26 0.68 122 +0.1 +0.3 -0.7 -1.8

FR0011439975 7.375% Mar 18 Ba2/--/BB 810 112.09 1.02 154 +0.3 +0.1 -0.4 -2.0

FR0011567940 6.5% Jan 19 Ba2/--/BB 600 114.73 1.15 163 +0.4 +0.0 -0.4 -2.1

FR0010014845 6% Sep 33 Ba2/--/BB 600 118.14 4.52 394 +0.5 +1.6 -0.3 -0.5

Piaggio (Sell) PIAGIM

XS1061086846 4.625% Apr 21 B1/B+/BB- 250 104.48 3.06 416 +0.2 +0.7 -0.5 -1.4

Picard Surgeles (No rec) PICSUR

XS1117298833 7.75% Feb 20 B3/B-/CCC+ 428 107.66 2.73 613 +0.2 +0.4 -0.6 -1.8






CON Port Aventura (No rec) PORTAV

XS0982712019 FRN Dec 19 B3/B-/-- 150 100.38 5.51 599 +0.1 +0.6 -0.6 -1.5

XS0982712365 7.25% Dec 20 B3/B-/-- 270 105.12 5.47 660 +0.5 +2.3 -0.3 +0.2

R&R Ice Cream (No rec) ICECR 5Y CDS 166

XS0928190940 9.25% May 18 Caa1/CCC+/-- 253 101.35 7.64 944 +0.2 +0.6 -0.5 -1.5

XS1080255067 4.75% May 20 B2/B/-- 150 102.70 3.67 461 +0.1 +0.2 -0.7 -1.9

Safari (No rec) LPLAYG

XS1029172514 8.25% Feb 21 B2/B/-- 235 106.39 5.90 728 +0.1 +1.2 -0.7 -0.9

Schaeffler (Buy) SHAEFF 5Y CDS 187

XS0923613060 4.25% May 18 Ba2/BB-/-- 600 101.57 3.13 419 +0.1 +0.1 -0.7 -2.0

XS0954907787 6.875% Aug 18 Ba3/B/-- 800 103.70 1.71 589 +0.1 +0.3 -0.6 -1.8

XS1067862919 2.75% May 19 Ba2/BB-/-- 500 101.57 2.18 283 +0.0 +0.2 -0.7 -1.9

XS1067864881 3.25% May 19 B1/B/-- 500 101.82 2.59 327 +0.2 +0.2 -0.6 -1.9

XS1212469966 2.5% May 20 Ba2/BB-/-- 400 102.85 1.42 230 +0.2 +0.8 -0.6 -1.3

XS1126486239 5.75% Nov 21 Ba3/B/-- 350 107.37 3.05 469 +0.0 +0.5 -0.8 -1.6

XS1067864022 3.5% May 22 Ba2/BB-/-- 500 104.03 1.76 312 -0.1 +0.8 -0.8 -1.3

XS1212470972 3.25% May 25 Ba2/BB-/-- 600 105.43 2.39 259 +0.5 +4.6 -0.3 +2.5

Selecta (No rec) SELNSW 5Y CDS 698

XS1078234330 6.5% Jun 20 B2/B+/-- 350 98.78 7.13 753 +1.2 +2.6 +0.5 +0.5

Sisal Holding (No rec) SISTP

XS0931919947 7.25% Sep 17 B1/B/-- 275 100.18 7.56 810 +0.3 +1.7 -0.4 -0.4

SMCP (No rec) SMCPFP

XS0943327378 8.875% Jun 20 B3*/B/-- 290 105.87 2.38 789 +0.1 +0.4 -0.7 -1.7

Snai (Hold) SNAIM

XS0982712449 7.625% Jun 18 B2/B-/-- 320 104.63 4.08 614 +0.4 +2.1 -0.3 +0.0

XS0982711805 12% Dec 18 Caa2/CCC/-- 160 103.88 10.83 1,132 +2.0 +3.1 +1.3 +0.9

Takko (No rec) TAKKO

XS0908516080 9.875% Apr 19 Caa1/CCC+/-- 380 61.12 33.92 3,439 +1.0 +6.6 +0.3 +4.5

Tereos (No rec) TEREOS

FR0011439900 4.25% Mar 20 --/BB/BB 500 101.74 4.08 454 +1.2 +6.2 +0.4 +4.1

Tesco (Hold) TSCOLN 5Y CDS 248

XS0992632702 1.25% Nov 17 Ba1/BB+/BB+ 500 100.77 0.84 138 +0.1 +0.3 -0.7 -1.8

XS0697395472 3.375% Nov 18 Ba1/BB+/BB+ 750 105.25 1.31 180 +0.3 +0.3 -0.5 -1.8

XS1082970853 1.375% Jul 19 Ba1/BB+/BB+ 1,250 99.76 1.51 196 +0.8 +0.4 +0.0 -1.8

XS0992638220 2.125% Nov 20 Ba1/BB+/BB+ 500 101.22 1.89 227 +0.7 +0.5 -0.1 -1.6

XS1082971588 2.5% Jul 24 Ba1/BB+/BB+ 750 97.51 2.90 291 +1.6 +2.2 +0.8 +0.1

XS0295018070 5.125% Apr 47 Ba1/BB+/BB+ 600 94.36 5.55 479 +1.4 +0.9 +0.6 -1.2

Thom Europe (No rec) THOEUR

XS1087760648 7.375% Jul 19 B2/B/-- 347 106.91 3.50 573 +0.1 +0.7 -0.6 -1.4

Thomas Cook (Hold) TCGLN

XS0937169570 7.75% Jun 20 --/B/B+ 525 103.40 6.38 746 +0.6 +0.4 -0.2 -1.7

XS1172436211 6.75% Jun 21 --/B/B+ 400 101.70 6.49 692 +0.5 -0.9 -0.2 -3.0

TUI (Hold) TUIGR 5Y CDS 157

XS1028943162 4.5% Oct 19 Ba3/BB-/-- 300 103.71 2.21 397 -0.5 +0.2 -1.2 -1.9

Twinset (No rec) TWSSBS

XS1086778641 FRN Jul 19 B1/B/-- 150 95.55 7.82 828 +1.1 +2.9 +0.3 +0.8

Univeg (No rec) UNIVEG

XS0992644038 7.875% Nov 20 B3/CCC+/-- 285 105.65 5.87 711 +0.3 +1.5 -0.5 -0.6

Volvo (UW) VLVY 5Y CDS 102

XS1150673892 4.2% Jun 75 Ba1/BB+/BB+ 900 101.42 3.94 434 +1.1 +2.3 +0.3 +0.2

XS1150695192 4.85% Mar 78 Ba1/BB+/BB+ 600 99.45 4.99 516 +2.0 +3.3 +1.2 +1.2

Vougeot (No rec) VUECIN 5Y CDS 297

XS0953085627 FRN Jul 20 B2/B/-- 290 100.71 4.29 552 +0.3 +0.6 -0.5 -1.5

WEPA (No rec) WEPAHY

DE000A1TNA88 6.5% May 20 B1/BB/-- 327 105.93 4.25 547 +0.2 +0.4 -0.5 -1.7






CON ZF Friedrichshafen (Buy) ZFFNGR

DE000A14J7F8 2.25% Apr 19 Ba2/BB+/-- 1,150 103.36 1.26 172 +0.3 +1.8 -0.4 -0.3

DE000A14J7G6 2.75% Apr 23 Ba2/BB+/-- 1,100 103.01 2.35 249 +0.6 +3.4 -0.2 +1.3

Zobele (Hold) ZOBELE

XS0882293557 7.875% Feb 18 B2/B+/-- 180 102.59 5.31 731 +0.5 +1.4 -0.2 -0.7

ENG Bulgarian Energy (No rec) BULENR

XS0989152573 4.25% Nov 18 --/--/BB- 500 98.65 5.04 553 +0.3 +2.7 -0.4 +0.6

CGG (No rec) CGGFP

XS1061175607 5.875% May 20 Caa2/CCC/-- 400 48.13 30.90 3,131 +0.2 -1.2 -0.5 -3.4

CP Energy (No rec) ENAPHO

XS0982708769 7% Feb 21 B1/--/B+ 293 +0.0 +4.3 -0.8 +2.2

EDP (OW) EDPPL 5Y CDS 186

PTEDPUOM0024 5.375% Sep 75 Ba2/B+/BB 750 100.84 5.28 563 +1.6 +3.4 +0.9 +1.3

XS0399353506 0% Nov 23 --/BB+/-- 160 77.46 3.67 373 +0.2 +2.7 -0.5 +0.6

ENCE (No rec) ENCSM

XS1117280112 5.375% Nov 22 Ba3/BB-/-- 250 106.03 4.07 465 +0.4 +1.0 -0.4 -1.1

Enel (MW) ENELIM 5Y CDS 83

XS0954675129 6.5% Jan 74 Ba1/BB+/BBB- 1,250 109.67 2.88 336 +1.2 +1.9 +0.5 -0.2

XS1014997073 5% Jan 75 Ba1/BB+/BBB- 1,000 106.87 3.12 355 +1.4 +2.4 +0.7 +0.3

Gas Natural (MW) GASSM 5Y CDS 83

XS1139494493 4.125% PERP Ba1/BB+/BBB- 1,000 100.80 4.06 426 +1.8 +3.8 +1.0 +1.7

XS1224710399 3.375% PERP Ba1/BB+/BBB- 500 94.23 4.31 436 +3.5 +6.5 +2.8 +4.3

Gazprom (OW) GAZPRU 5Y CDS 301

XS0290581569 5.44% Nov 17 Ba1*-/BB+/BBB- 500 105.03 2.26 279 +0.1 +0.6 -0.7 -1.5

XS0327237136 6.605% Feb 18 Ba1*-/BB+/BBB- 1,200 107.42 2.54 307 +0.2 +0.5 -0.5 -1.6

XS0954912514 3.7% Jul 18 Ba1*-/BB+/BBB- 900 102.50 2.72 322 +0.2 +0.6 -0.6 -1.5

XS1307381928 4.625% Oct 18 Ba1*-/BB+/BBB- 1,000 104.65 2.81 330 +0.2 +0.7 -0.6 -1.4

XS0906946008 3.389% Mar 20 Ba1*-/BB+/BBB- 1,000 100.66 3.31 373 +0.0 +1.2 -0.7 -0.9

XS1038646078 3.6% Feb 21 Ba1*-/BB+/BBB- 750 101.33 3.39 374 +0.2 +1.7 -0.6 -0.4

XS0906949523 4.364% Mar 25 Ba1*-/BB+/BBB- 500 101.27 4.25 421 +0.4 +1.6 -0.3 -0.5

Gazprom Neft (MW) SIBNEF

XS0922296883 2.933% Apr 18 Ba1*-/BB+/BBB- 750 100.43 2.85 336 +0.1 +1.3 -0.6 -0.8

MOL (Restr.) MOLHB 5Y CDS 254

XS0503453275 5.875% Apr 17 --/BB/BBB- 750 104.86 1.20 175 +0.0 +0.0 -0.7 -2.1

Origin Energy (No rec) ORGAU 5Y CDS 314

XS1109795176 4% Sep 74 Ba2/BB/-- 1,000 82.73 10.50 1,095 +3.6 +6.5 +2.9 +4.4

Petrobras (No rec) PETBRA 5Y CDS 813

XS0982711631 2.75% Jan 18 B3/B+/BB+ 1,500 92.26 7.93 845 +0.7 +2.6 -0.1 +0.5

XS0716979249 4.875% Mar 18 B3/B+/BB+ 1,250 94.80 8.21 873 +1.1 +2.3 +0.4 +0.2

XS0835886598 3.25% Apr 19 B3/B+/BB+ 1,300 88.06 8.17 864 +3.5 +5.8 +2.7 +3.7

XS0982711987 3.75% Jan 21 B3/B+/BB+ 750 81.67 8.75 911 +3.3 +7.3 +2.5 +5.2

XS0716979595 5.875% Mar 22 B3/B+/BB+ 600 86.48 9.04 932 +2.3 +7.6 +1.5 +5.5

XS0835890350 4.25% Oct 23 B3/B+/BB+ 700 76.04 8.85 896 +3.7 +7.7 +2.9 +5.6

XS0982711714 4.75% Jan 25 B3/B+/BB+ 800 75.86 8.91 890 +3.8 +8.0 +3.0 +5.9

Repsol (MW) REPSM 5Y CDS 220

XS1207054666 3.875% PERP Ba1/BB/BB+ 1,000 91.69 6.02 636 +2.3 +7.9 +1.6 +5.8

XS1207058733 4.5% Mar 75 Ba1/BB/BB+ 1,000 86.31 6.67 663 +2.8 +9.7 +2.0 +7.6

RWE (MW) RWE 5Y CDS 129

XS1219498141 2.75% Apr 75 Ba1*-/BB+*-/BB+*- 700 87.77 6.05 643 +1.6 +6.6 +0.8 +4.5

XS1219499032 3.5% Apr 75 Ba1*-/BB+*-/BB+*- 550 79.29 6.73 667 +2.5 +12.1 +1.8 +10.0

Santos (No rec) STOAU

XS0543710395 8.25% Sep 70 --/BB+/-- 1,000 97.20 11.10 1,164 +4.5 +6.6 +3.7 +4.5

Veolia Environnement (MW) VIEFP 5Y CDS 62

FR0011391820 4.45% PERP Baa3/BB+/BB+ 1,000 104.80 2.11 262 +0.3 +0.5 -0.5 -1.6






ENG Viridian (No rec) VRDLN

XS1179900102 7.5% Mar 20 B2/--/B+ 600 106.72 5.43 618 +0.6 +1.4 -0.1 -0.7

IDU Alain Afflelou (Hold) AAFFP

XS1028956909 5.625% Apr 19 B2/B/BB- 365 96.92 7.10 757 +1.2 +2.9 +0.5 +0.8

ALBA Group (Hold) ALBALN

DE000A1KQ177 8% May 18 --/CCC/-- 203 92.77 13.30 1,381 +0.6 +2.3 -0.1 +0.2

Aldesa (No rec) ALDESA

XS1028959754 7.25% Apr 21 B2/--/B 250 81.96 12.96 1,331 +1.7 +4.9 +0.9 +2.8

Algeco Scotsman (No rec) ALGSCO

XS0836306471 9% Oct 18 B3*-/--/-- 275 78.82 21.74 2,224 +1.8 +2.6 +1.1 +0.5

Almirall (No rec) ALMSM

XS1048307570 4.625% Apr 21 Ba3/BB-/-- 324 105.76 1.71 389 +0.6 +1.1 -0.2 -1.0

Anglo American (Hold) AALLN 5Y CDS 478

XS0995039806 1.75% Nov 17 Ba3/BB/BB+ 594 99.41 2.20 273 +0.7 +3.3 -0.1 +1.1

XS1052677207 1.75% Apr 18 Ba3/BB/BB+ 538 98.79 2.66 318 +1.0 +4.5 +0.2 +2.4

XS0830380639 2.5% Sep 18 Ba3/BB/BB+ 482 99.02 2.98 347 +1.5 +4.8 +0.7 +2.7

XS0789283792 2.75% Jun 19 Ba3/BB/BB+ 750 97.99 3.62 408 +2.3 +5.7 +1.5 +3.6

XS1211292484 1.5% Apr 20 Ba3/BB/-- 600 90.00 4.36 477 +3.3 +7.0 +2.5 +4.9

XS0995040051 2.875% Nov 20 Ba3/BB/BB+ 600 92.99 4.77 514 +3.4 +6.1 +2.6 +4.0

XS0923361827 2.5% Apr 21 Ba3/BB/BB+ 750 89.58 4.94 528 +3.8 +7.2 +3.0 +5.1

XS0764637194 3.5% Mar 22 Ba3/BB/BB+ 750 92.26 5.15 540 +4.9 +9.6 +4.1 +7.5

XS1052677892 3.25% Apr 23 Ba3/BB/BB+ 750 90.05 5.07 523 +5.4 +9.1 +4.6 +7.0

ArcelorMittal (Hold) MTNA 5Y CDS 375

XS0559641146 5.875% Nov 17 Ba2/BB/BB+ 1,000 108.56 0.74 127 +0.1 +3.1 -0.7 +1.0

XS0765621569 5.75% Mar 18 Ba2/BB/BB+ 500 108.77 1.47 198 +0.5 +4.1 -0.2 +2.0

XS1214673565 FRN Apr 18 Ba2/BB/BB+ 400 99.95 2.11 263 +0.1 +5.2 -0.7 +3.1

XS1048518358 3% Mar 19 Ba2/BB/BB+ 750 101.90 2.60 307 +0.4 +5.0 -0.3 +2.9

XS1084568762 2.875% Jul 20 Ba2/BB/BB+ 600 100.14 2.94 333 +1.5 +6.4 +0.8 +4.2

XS1214673722 3% Apr 21 Ba2/BB/BB+ 500 98.73 3.42 376 +1.8 +8.1 +1.0 +6.0

XS1167308128 3.125% Jan 22 Ba2/BB/BB+ 750 97.85 3.68 395 +1.7 +7.9 +1.0 +5.8

Ardagh (Hold) ARGID 5Y CDS 402

XS1076715108 8.375% Jun 19 Caa2/CCC+/-- 283 100.66 8.55 902 -0.6 +0.8 -1.3 -1.3

XS0547019777 9.25% Oct 20 Caa1/CCC+/-- 475 104.98 6.04 857 +0.2 +0.8 -0.5 -1.3

XS1082043388 4.25% Jan 22 Ba3/B+/-- 1,150 101.02 4.10 446 -0.8 -0.8 -1.6 -2.9

Areva (Hold) CEIFP

FR0011125442 4.625% Oct 17 --/B+/-- 829 102.15 3.42 395 +0.5 +3.3 -0.3 +1.2

FR0010817452 4.375% Nov 19 --/B+/-- 750 95.91 5.81 625 +0.9 +1.0 +0.2 -1.1

FR0011560986 3.25% Sep 20 --/B+/-- 500 88.62 6.42 681 -0.5 +0.3 -1.3 -1.8

FR0010941690 3.5% Mar 21 --/B+/-- 750 88.28 6.47 681 -0.4 +0.2 -1.1 -1.9

FR0011791391 3.125% Mar 23 --/B+/-- 750 82.23 6.52 668 -0.4 -1.0 -1.2 -3.1

FR0010804500 4.875% Sep 24 --/B+/-- 1,000 86.10 7.22 724 -0.3 -0.9 -1.0 -3.1

Arkema (OW) AKEFP

FR0012278539 4.75% PERP Ba1/BB+/-- 700 104.12 3.83 421 +0.9 +3.5 +0.2 +1.4

Astaldi (Restr.) ASTIM 5Y CDS 886

XS1000393899 7.125% Dec 20 B1/B+/B+ 750 101.94 6.62 725 +0.7 +1.9 -0.1 -0.2

Atalian (No rec) ATALIA

XS0873629223 7.25% Jan 20 B2/B/-- 400 107.53 2.51 566 -0.3 +0.7 -1.1 -1.4

Autostrada B. V. V. P. (No rec) ABVVPS

XS1205716720 2.375% Mar 20 --/BBB-/BB+ 600 103.85 1.46 187 +0.0 +1.3 -0.8 -0.9

Avis Budget Group (No rec) CAR 5Y CDS 507

XS0898656037 6% Mar 21 B1/B+/-- 450 105.45 4.54 548 +0.2 +1.7 -0.5 -0.4

Axalta Coating Systems (No rec) AXTA

XS0874859605 5.75% Feb 21 Ba3/BB-/-- 250 104.48 4.41 532 -0.1 +0.2 -0.9 -1.9






IDU Ball (No rec) BLL 5Y CDS 118

XS1330978211 3.5% Dec 20 Ba1/BB+/BB+ 400 107.95 1.81 217 +0.2 +2.2 -0.6 +0.1

XS1330978567 4.375% Dec 23 Ba1/BB+/BB+ 700 109.28 3.08 317 +0.1 +3.2 -0.7 +1.1

Befesa Zinc (No rec) BEZINC

XS0625719777 8.875% May 18 B1/B/-- 300 99.94 9.61 1,012 +1.7 +3.0 +1.0 +0.9

Belden (No rec) BDC

XS0903269370 5.5% Apr 23 Ba3/B+/-- 500 101.60 5.32 555 +0.3 +1.7 -0.4 -0.4

Bilbao Luxembourg (No rec) BBAOLX

XS0983942656 10.5% Dec 18 Caa1/CCC+/-- 161 96.83 12.71 1,320 +1.7 +2.2 +1.0 +0.1

Bilfinger (Sell) GBFGR

DE000A1R0TU2 2.375% Dec 19 --/BB+/-- 500 100.62 2.28 271 -0.8 -1.4 -1.6 -3.5

BMBG (No rec) BMBGBN

XS1056054551 FRN Oct 20 Ba3/BB-/-- 315 101.15 1.43 511 +0.7 +1.2 -0.1 -0.9

Bombardier (Sell) BBDBCN 5Y CDS 663

XS0552915943 6.125% May 21 B2/B/B 780 96.67 7.24 758 +5.0 +10.7 +4.2 +8.6

Buzzi Unicem (Hold) BZUIM

XS0835273235 6.25% Sep 18 --/BB+/-- 350 113.10 0.95 145 +0.1 +0.3 -0.6 -1.8

CABB (Hold) CABBCO 5Y CDS 294

XS1074935062 FRN Jun 21 B2/B/-- 175 100.81 2.83 500 +0.1 +1.6 -0.7 -0.5

XS1074935229 5.25% Jun 21 B2/B/-- 235 102.66 4.60 519 +1.1 +2.8 +0.4 +0.7

XS1074935492 6.875% Jun 22 Caa1/CCC+/-- 175 92.59 8.82 907 +4.2 +5.3 +3.4 +3.2

Celanese (No rec) CE 5Y CDS 499

XS1110862148 3.25% Oct 19 Ba2/BB+/-- 300 105.70 1.71 215 +0.6 +1.5 -0.2 -0.6

Cemex (No rec) CEMEX 5Y CDS 397

XS0752095686 9.875% Apr 19 --/B+/BB- 179 105.60 6.80 845 +0.1 +0.9 -0.7 -1.2

XS1028960174 5.25% Apr 21 --/B+/BB- 400 102.92 4.47 514 +0.8 +3.7 +0.1 +1.6

XS1028946348 4.75% Jan 22 --/B+/BB- 400 100.36 4.86 514 +2.5 +3.6 +1.7 +1.5

XS1198002690 4.375% Mar 23 --/B+/BB- 550 97.50 4.96 513 +2.6 +4.9 +1.9 +2.8

Cerba (No rec) CERBA

XS0877607076 7% Feb 20 B2/B+/B+ 530 104.38 4.26 638 +0.0 +0.3 -0.8 -1.8

Chemours (No rec) CC

XS1226296603 6.125% May 23 B1*-/B+/-- 360 89.00 8.56 872 +2.8 +11.6 +2.1 +9.5

Ciments Francais (No rec) CMFP 5Y CDS 220

FR0010454090 4.75% Apr 17 Ba2*+/BB/-- 500 103.79 1.04 160 +0.0 +0.1 -0.8 -2.0

CMA CGM (No rec) CMACG 5Y CDS 1,096

XS1005207961 8.75% Dec 18 B3/CCC+/-- 300 96.06 11.17 1,166 +3.8 +3.1 +3.1 +1.0

XS1244815111 7.75% Jan 21 B3/CCC+/-- 725 80.34 14.28 1,465 +3.6 -2.2 +2.9 -4.3

CMC di Ravenna (Buy) CMCRAV

XS1088811432 7.5% Aug 21 B2/B/-- 300 94.28 9.28 961 +0.2 +1.6 -0.6 -0.5

Constellium (No rec) CSTM

XS1064882316 4.625% May 21 Caa1/CCC+/-- 300 85.25 8.55 889 +4.3 +6.5 +3.6 +4.4

XS1151723282 7% Jan 23 Caa1/CCC+/-- 240 88.29 9.81 1,001 +3.4 +4.2 +2.7 +2.1

ConvaTec (No rec) CONVAT 5Y CDS 169

XS0568044555 10.875% Dec 18 B3/B/-- 250 104.07 4.10 996 +0.6 +1.4 -0.2 -0.7

Crown (No rec) CCK 5Y CDS 241

XS1084050316 4% Jul 22 Ba2/BB/-- 650 107.75 2.70 298 +0.4 +1.0 -0.3 -1.1

XS1227287221 3.375% May 25 Ba2/BB/-- 600 101.27 3.31 324 +0.7 +1.8 +0.0 -0.3

Dry Mix Solutions (No rec) DRYMIX 5Y CDS 204

XS1076527875 FRN Jun 21 B1/B/-- 550 98.81 4.62 495 +0.9 +1.9 +0.2 -0.2

XS1382644752 FRN Mar 23 B1/B/-- 150 102.07 4.40 557 +1.7 +1.5 +1.0 -0.3

Empark (No rec) EMPARK

XS0982711045 6.75% Dec 19 B1/BB/-- 235 106.81 2.40 539 -0.2 +0.6 -0.9 -1.5

XS0982712951 FRN Dec 19 B1/BB/-- 150 100.46 5.34 583 +0.3 +1.0 -0.4 -1.1

Esterline Technologies (No rec) ESL

XS1212668062 3.625% Apr 23 Ba2/BB+/-- 330 91.50 5.34 549 +2.0 +4.2 +1.3 +2.1






IDU Faenza (No rec) FAENNZ

XS0955817738 8.25% Aug 21 Caa1/CCC+/-- 307 108.00 3.94 700 +0.1 +0.5 -0.6 -1.6

Finmeccanica (Restr.) FNCIM 5Y CDS 150

XS0861828407 4.375% Dec 17 Ba1/BB+/BB+ 521 106.23 0.68 121 +0.1 +0.1 -0.7 -2.0

XS0182242247 5.75% Dec 18 Ba1/BB+/BB+ 500 112.97 0.89 138 +0.2 +0.3 -0.6 -1.8

XS0999654873 4.5% Jan 21 Ba1/BB+/BB+ 739 112.95 1.72 208 +0.0 +0.8 -0.8 -1.3

XS0458887030 5.25% Jan 22 Ba1/BB+/BB+ 556 117.83 2.01 229 +0.2 +1.8 -0.6 -0.3

XS0215093534 4.875% Mar 25 Ba1/BB+/BB+ 500 118.21 2.64 260 +0.5 +1.5 -0.2 -0.6

FMC (Hold) FMEGR

XS0675221419 6.5% Sep 18 Ba2/BB+/BB 400 114.05 0.74 123 +0.1 +0.9 -0.7 -1.2

XS0723509104 5.25% Jul 19 Ba2/BB+/BB 250 113.98 1.02 148 +0.1 +0.7 -0.7 -1.4

XS0576395478 5.25% Feb 21 Ba2/BB+/-- 300 118.64 1.35 170 +0.0 +2.2 -0.7 +0.1

Fresenius (Hold) FREGR 5Y CDS 71

XS1013954646 2.375% Feb 19 Baa3/BB+/BB+ 300 105.40 0.52 100 +0.0 +1.5 -0.8 -0.6

XS0759200321 4.25% Apr 19 Baa3/BB+/BB+ 500 111.63 0.42 89 +0.0 +0.1 -0.7 -2.0

XS0873432511 2.875% Jul 20 Baa3/BB+/BB+ 500 107.50 1.15 154 -1.1 +0.2 -1.9 -1.9

XS1013955379 3% Feb 21 Baa3/BB+/BB+ 450 109.87 0.96 131 +0.5 +1.3 -0.2 -0.8

XS1026109204 4% Feb 24 Baa3/BB+/BB+ 450 119.59 1.40 147 +0.1 +7.2 -0.6 +5.1

Gates Global (No rec) GATGLO

XS1078819726 5.75% Jul 22 Caa2/B/-- 235 85.46 9.28 953 +1.3 +6.1 +0.5 +4.0

Greif (No rec) GEF

XS0647108264 7.375% Jul 21 Ba3/BB-/-- 200 117.19 3.90 423 +0.5 +2.0 -0.2 -0.1

Guala Closures (Buy) GCLIM

XS0619675753 9.375% Apr 18 B3/CCC+/-- 200 103.01 6.77 864 +0.2 +0.6 -0.6 -1.5

XS0852482941 FRN Nov 19 B1/B/-- 275 100.71 4.80 565 +0.0 +0.6 -0.7 -1.5

Haniel (No rec) HANIEL 5Y CDS 81

XS0743603358 6.25% Feb 18 Ba1/BB+/-- 199 110.39 0.59 112 +0.1 +0.5 -0.6 -1.6

Hapag-Lloyd (Hold) HPLGR

XS0974356262 7.75% Oct 18 Caa1/B-/-- 400 104.13 4.13 678 +0.1 +4.0 -0.6 +1.9

XS1144214993 7.5% Oct 19 Caa1/B-/-- 250 104.10 6.07 692 +0.3 +2.3 -0.4 +0.2

HeidelbergCement (Buy) HEIGR 5Y CDS 119

DE000A0TKUU3 5.625% Jan 18 Ba1/--/BB+ 480 108.91 0.51 104 +0.1 +0.3 -0.7 -1.8

XS0686703736 9.5% Dec 18 Ba1/--/BB+ 500 122.62 0.97 146 +0.2 +0.5 -0.6 -1.6

XS1044496203 2.25% Mar 19 Ba1/--/BB+ 500 104.32 0.86 133 +0.3 +0.4 -0.5 -1.7

XS0458685913 8.5% Oct 19 Ba1/--/BB+ 500 125.48 1.22 167 +0.4 +1.2 -0.4 -0.9

XS0478803355 7.5% Apr 20 Ba1/--/BB+ 750 124.58 1.21 163 +0.6 +1.8 -0.1 -0.3

XS0985874543 3.25% Oct 20 Ba1/--/BB+ 300 109.32 1.20 158 +0.5 +1.3 -0.2 -0.8

XS1002933072 3.25% Oct 21 Ba1/--/BB+ 500 109.72 1.49 178 +0.5 +1.6 -0.3 -0.5

XS1387174375 2.25% Mar 23 Ba1/--/BB+ 1,000 102.62 1.87 203 +0.7 +2.2 +0.0 +0.4

Heidelberger Druck (No rec) HDDGR

DE000A14J7A9 8% May 22 Caa1/CCC+/-- 205 103.17 7.40 787 +1.6 +5.9 +0.9 +3.8

HomeVi (No rec) DMVIFR

XS1093814116 6.875% Aug 21 B2/B/-- 480 107.22 4.26 582 +0.4 +1.1 -0.4 -1.0

Horizon Holdings (No rec) VERALL

XS1265903937 5.125% Aug 22 B1/B+/-- 300 106.50 3.48 430 +0.6 +1.5 -0.1 -0.6

XS1265973047 7.25% Aug 23 B3/B-/-- 225 107.33 5.54 633 +0.3 +1.9 -0.4 -0.2

Huntsman (No rec) HUN 5Y CDS 521

XS1056202762 5.125% Apr 21 B1/B/-- 443 103.56 4.47 485 +2.1 +5.0 +1.3 +2.9

XS1207638732 4.25% Apr 25 B1/B/-- 300 95.18 5.08 504 +1.8 +7.8 +1.0 +5.7

Hurtigruten (No rec) HRGNO

XS1180324037 7.5% Feb 22 B2/B/-- 455 105.18 6.17 689 +0.4 +0.9 -0.4 -1.2

IMS Health (No rec) RX

XS1207120475 4.125% Apr 23 B2/B+/-- 275 99.50 4.38 454 +0.6 +2.0 -0.2 -0.1






IDU Ineos (Hold) INEGRP 5Y CDS 340

XS0928189777 6.5% Aug 18 B3/B-/-- 500 102.12 4.87 627 -0.1 +0.4 -0.8 -1.7

XS0982710740 5.75% Feb 19 B3/B-/-- 600 102.91 4.39 535 +0.1 +0.8 -0.7 -1.3

XS1117296209 4% May 23 Ba3/BB-/-- 770 99.59 4.17 432 +0.7 +1.9 -0.1 -0.2

Innovia Films (No rec) INNOGB

XS1032974609 FRN Mar 20 B2/B/-- 342 100.33 4.95 540 +0.5 +2.2 -0.3 +0.1

Isolux (No rec) ISOLUX 5Y CDS 5,433

XS1046702293 6.625% Apr 21 --/B-/B-*- 850 26.94 50.05 5,042 +1.6 -12.5 +0.8 -14.6

ista (Hold) ISTAGR 5Y CDS 143

XS0929666070 5% Apr 20 Ba3/B+/-- 350 103.21 3.45 470 +0.1 +0.2 -0.7 -1.9

XS0929660974 6.875% Apr 21 B3/B-/-- 525 105.82 4.89 608 +0.1 +0.4 -0.6 -1.7

Italcementi (Buy) ITCIT

XS0893201433 6.125% Feb 18 Ba3*+/BB/-- 500 109.94 0.79 131 +0.1 +0.5 -0.6 -1.6

XS0496716282 6.625% Mar 20 Ba3*+/BB/-- 750 120.65 1.27 169 +1.3 +3.0 +0.5 +0.9

Kerneos (No rec) KERNOS

XS1040428721 5.75% Mar 21 B2/B+/-- 200 104.07 4.48 534 +0.6 +3.5 -0.2 +1.4

XS1040429455 FRN Mar 21 B2/B+/-- 175 98.23 5.29 564 +0.0 +2.2 -0.8 +0.1

Klöckner Pentaplast (No rec) KPERST

XS1222584325 7.125% Nov 20 Caa1/CCC+/-- 300 105.78 5.27 625 +0.4 +1.3 -0.4 -0.8

KP Germany Erste (No rec) KPERST

XS1222584325 7.125% Nov 20 Caa1/CCC+/-- 300 105.78 5.27 625 +0.4 +1.3 -0.4 -0.8

KraussMaffei (No rec) KRAUSS

XS0864385264 8.75% Dec 20 B1/B*+/-- 260 107.94 3.06 736 +0.4 +1.1 -0.3 -1.0

Labco (No rec) LABFP 5Y CDS 325

XS1117292802 FRN Jul 22 B2/B+/B+ 585 101.50 4.11 526 +0.3 +2.3 -0.4 +0.2

XS1117292984 6.25% Jul 22 B2/B+/B+ 900 107.32 4.40 527 +0.5 +1.9 -0.3 -0.2

XS1268471494 8.25% Jul 23 Caa1/B-/CCC+ 375 103.58 7.70 803 +0.7 +2.8 +0.0 +0.7

Lecta (Hold) LECTA

XS0780141999 FRN May 18 B2/B/-- 390 98.93 6.32 683 +0.2 +3.2 -0.6 +1.1

XS0780068036 8.875% May 19 B2/B/-- 200 105.02 6.69 787 +0.9 +1.7 +0.1 -0.4

Loxam (No rec) LOXAM 5Y CDS 316

XS1089828880 7% Jul 22 --/B/-- 250 106.90 1.91 245 +0.8 +2.8 +0.0 +0.7

XS1089828450 4.875% Jul 21 --/BB-/-- 410 105.70 2.57 413 +0.1 +1.5 -0.6 -0.6

LSF9 Balta Issuer (No rec) BALTAL

XS1265917481 7.75% Sep 22 B2/B/-- 290 107.09 6.17 686 +0.1 +2.3 -0.6 +0.2

Maccaferri (No rec) OFFMAC

XS1074596344 5.75% Jun 21 B2/--/B 200 93.25 7.75 808 +2.0 +3.6 +1.2 +1.5

Manutencoop (Hold) MANTEN

XS0808635352 8.5% Aug 20 B3/B-*-/-- 345 81.71 15.35 1,575 +5.8 +17.0 +5.1 +14.8

Medi-Partenaires (No rec) MEDIFP

XS0924046682 7% May 20 B2/B/-- 495 105.36 5.37 616 +0.0 +0.1 -0.7 -2.0

Metsä Board (No rec) METSA 5Y CDS 125

FI4000085550 4% Mar 19 Ba2/BB+/-- 225 107.76 1.43 190 +0.2 +0.3 -0.6 -1.8

New World Resources (No rec) NWRLN

XS1107303148 8% Apr 20 Caa2/CCC-/-- 334 4.00 +3.0 +12.3 +2.3 +10.2

Nexans (No rec) NEXFP

FR0010465427 5.75% May 17 --/BB-/-- 350 105.40 0.95 150 +0.0 +0.7 -0.7 -1.5

FR0011376201 4.25% Mar 18 --/BB-/-- 250 106.20 1.27 179 +0.2 +0.8 -0.6 -1.3

Norske Skog (No rec) NSINO 5Y CDS 3,959

XS0307552355 7% Jun 17 Ca/C*-/-- 218 27.03 +0.4 +13.0 -0.3 +10.9

XS1181663292 11.75% Dec 19 Caa2/CC*-/-- 290 61.45 32.93 3,337 +0.8 -1.6 +0.1 -3.7

XS1193909154 8% Feb 21 Caa3/C*-/-- 159 26.00 57.38 5,776 -4.9 +2.3 -5.6 +0.1

Novacap (No rec) NOVAFR

XS1065165455 FRN May 19 B2/B/-- 405 100.85 3.16 514 +0.3 +1.0 -0.4 -1.1






IDU Novafives (No rec) NVFVES 5Y CDS 520

XS1028951421 FRN Jun 20 B2/B+/-- 200 92.71 6.16 656 +6.8 +7.5 +6.1 +5.4

XS1028950886 4.5% Jun 21 B2/B+/-- 380 94.14 6.10 643 +7.0 +7.9 +6.2 +5.8

Nyrstar (No rec) NYRBB

XS1107268135 8.5% Sep 19 Caa1/B-/-- 350 95.37 10.74 1,120 +5.6 +6.3 +4.8 +4.2

Oberthur Technologies (No rec) OCSFP

XS0979448494 9.25% Apr 20 Caa1/CCC/CCC+*+ 190 106.55 6.47 807 +0.2 +1.6 -0.6 -0.5

Obrascon (No rec) OHLSM

XS0760705631 7.625% Mar 20 B2/--/BB- 230 102.95 6.51 753 +1.6 +4.4 +0.9 +2.3

XS1043961439 4.75% Mar 22 B2/--/BB- 400 86.53 8.02 829 +3.5 +11.3 +2.7 +9.2

XS1206510569 5.5% Mar 23 B2/--/BB- 317 88.30 8.14 832 +3.7 +12.3 +2.9 +10.2

Onorato Armatori (No rec) MOBYIT

XS1361301457 7.75% Feb 23 Ba2/BB-/-- 300 105.54 6.61 712 +1.1 +0.0 +0.3 -1.8

Ovako (No rec) OVAKOA

XS1028954367 6.5% Jun 19 B3/B-/-- 300 80.70 15.41 1,588 +2.8 +6.8 +2.0 +4.7

Owens-Illinois (No rec) OI 5Y CDS 86

XS0542593792 6.75% Sep 20 Ba3/BB/-- 500 119.10 2.32 271 +0.5 +2.1 -0.2 +0.0

XS0908230781 4.875% Mar 21 Ba3/BB/-- 330 112.04 2.41 275 +1.2 +2.8 +0.4 +0.7

Paprec (No rec) PAPREC

XS1207101418 5.25% Apr 22 B1/B+/-- 295 99.43 5.56 583 +0.9 +3.2 +0.2 +1.1

XS1207105161 7.375% Apr 23 B2/B-/-- 185 94.33 8.86 904 +0.5 +2.7 -0.2 +0.6

Paroc (No rec) PAROCG

XS1028955174 FRN May 20 B2/B/-- 230 97.85 5.94 635 +0.4 +1.7 -0.4 -0.4

XS1028955505 6.25% May 20 B2/B/-- 200 100.15 6.58 699 +1.3 +3.0 +0.6 +0.9

Perstorp (No rec) PERHOL

XS0855179536 9% May 17 B2/CCC+/-- 270 100.81 8.80 954 +0.6 +1.3 -0.1 -0.8

Pfleiderer (No rec) PFLEID

DE000A12T176 7.875% Aug 19 B2/B-/-- 322 106.01 2.55 659 +0.7 +2.3 +0.0 +0.2

Phoenix (Hold) PHARGR

XS0935786789 3.125% May 20 --/BB+/BB 300 106.12 1.67 207 +0.3 +1.5 -0.5 -0.6

XS1091770161 3.625% Jul 21 --/BB+/BB 300 108.52 1.99 231 +1.5 +3.6 +0.7 +1.5

Portucel (No rec) PTIPL

PTPTIHOT0014 5.375% May 20 Ba2/BB/-- 150 104.55 5.58 617 +0.0 +0.2 -0.7 -1.9

PPC (No rec) PPCGA 5Y CDS 1,142

XS1063837311 4.75% May 17 --/CCC-/-- 200 89.53 18.60 1,916 -0.2 +4.6 -1.0 +2.5

XS1063837741 5.5% May 19 --/CCC-/-- 500 74.83 17.79 1,826 +1.3 +1.2 +0.5 -0.9

Progroup (No rec) PROGRP

DE000A161GC3 5.125% May 22 B1/B+/-- 345 106.79 3.18 424 +0.5 +1.5 -0.3 -0.6

DE000A161GE9 FRN May 22 B1/B+/-- 150 100.63 4.17 479 +0.5 +0.5 -0.3 -1.6

PSPC Escrow (No rec) PAH

XS1175224747 6% Feb 23 Caa1/B+/-- 350 89.29 8.36 855 +4.6 +5.2 +3.8 +3.1

Rain Commodities (No rec) RCOLIN

XS0867945197 8.5% Jan 21 B3/B+/-- 205 71.25 19.03 1,941 -0.9 +0.2 -1.6 -1.9

Rexam (Hold) REXLN 5Y CDS 59

XS0307868744 6.75% Jun 67 Ba2*-/BB/-- 750 100.48 6.77 732 +0.2 +0.5 -0.5 -1.6

Rexel (No rec) RXLFP 5Y CDS 199

XS0908821639 5.125% Jun 20 Ba3/BB/BB 650 104.52 3.75 450 +0.2 +0.3 -0.6 -1.8

XS1238996018 3.25% Jun 22 Ba3/BB/BB 500 102.55 2.74 314 +1.0 +3.0 +0.3 +0.9

Rheinmetall (Hold) RHMGR 5Y CDS 154

XS0542369219 5.25% Sep 17 Ba1/--/-- 500 106.39 0.83 137 +0.0 +0.5 -0.7 -1.6

Salini Impregilo (No rec) IPGIM

XS0956262892 6.125% Aug 18 --/BB+/BB 400 109.47 2.06 256 +0.2 +1.0 -0.5 -1.1

Sappi (Buy) SAPSJ

XS1117298676 3.375% Apr 22 Ba2/BB-/-- 450 101.35 3.16 349 +1.5 +3.0 +0.8 +0.9

XS1383922876 4% Apr 23 Ba2/BB-/-- 350 102.21 3.64 391 +1.2 +2.2 +0.5 +0.4






IDU Schmolz & Bickenbach (Hold) STLNSW

DE000A1G4PS9 9.875% May 19 B2/B+/-- 168 103.12 9.08 985 +4.5 +4.9 +3.8 +2.8

Sealed Air Corporation (No rec) SEE 5Y CDS 105

XS1247796185 4.5% Sep 23 B1/BB/-- 400 107.37 3.44 359 +0.3 +1.3 -0.4 -0.8

Senvion (No rec) SENVIO

XS1223808749 6.625% Nov 20 B2/B+/-- 400 104.50 5.32 612 +0.0 +1.6 -0.8 -0.5

SGD Group (No rec) GOBAIN

XS1028957469 5.625% May 19 --/B/B- 350 102.92 4.43 532 +0.2 +1.5 -0.6 -0.6

SGL (No rec) SGLGR

XS1002933403 4.875% Jan 21 B1/BB-/-- 250 100.49 4.96 532 +0.6 +2.8 -0.2 +0.7

SIG Combibloc (No rec) SIGCBL

XS1176586862 7.75% Feb 23 Caa1/B-/-- 675 108.17 5.40 664 +0.4 +1.2 -0.4 -0.9

Smurfit Kappa (Hold) SKGID 5Y CDS 140

XS0828002807 5.125% Sep 18 Ba1/BB+/BB+ 200 109.36 0.51 192 +0.1 +0.5 -0.6 -1.6

XS0880132989 4.125% Jan 20 Ba1/BB+/BB+ 400 110.83 1.33 175 +0.1 +0.4 -0.7 -1.7

XS0832432446 FRN Oct 20 Ba1/BB+/BB+ 250 105.67 2.07 253 +0.2 +0.3 -0.6 -1.8

XS1074396927 3.25% Jun 21 Ba1/BB+/BB+ 500 107.30 1.78 218 +0.0 +0.4 -0.8 -1.7

XS1117298759 2.75% Feb 25 Ba1/BB+/BB+ 250 99.40 2.91 286 +0.3 +0.3 -0.5 -1.8

Solvay (MW) SOLBBB 5Y CDS 93

XS0992293570 4.199% PERP Ba1/BB/BB+ 700 101.93 3.64 411 +1.1 +2.7 +0.4 +0.6

XS1323897485 5.118% PERP Ba1/BB/BB+ 500 104.26 4.24 458 +1.6 +3.7 +0.9 +1.6

XS0992293901 5.425% PERP Ba1/BB/BB+ 500 102.81 5.03 513 +2.1 +4.4 +1.4 +2.3

XS1323897725 5.869% PERP Ba1/BB/BB+ 500 105.54 5.08 514 +2.2 +5.2 +1.5 +3.1

SPCM (No rec) SNFF

XS1221105759 2.875% Jun 23 --/BB+/-- 550 98.44 3.22 335 +0.8 +0.7 +0.1 -1.4

SSAB (No rec) SSABAS

XS1055515412 3.875% Apr 19 --/B+*-/-- 244 98.10 4.99 546 +2.8 +4.6 +2.0 +2.5

Stena (No rec) STENA 5Y CDS 662

XS0495219874 7.875% Mar 20 B2*-/BB/-- 200 110.01 5.36 578 +1.2 +4.8 +0.4 +2.7

Stora Enso (Sell) STERV 5Y CDS 165

XS0830688411 5% Mar 18 Ba2/BB/-- 500 108.17 0.87 139 -0.1 +0.1 -0.8 -2.0

XS0754290459 5.5% Mar 19 Ba2/BB/-- 500 112.52 1.21 168 +0.1 +0.4 -0.6 -1.7

Swissport (No rec) SWPORT

XS1331156684 6.75% Dec 21 B1/B/-- 400 107.19 5.18 573 +0.8 +1.8 +0.0 -0.3

XS1331156841 9.75% Dec 22 Caa1/CCC+/-- 290 103.34 9.34 963 +1.7 +3.5 +0.9 +1.4

Synthos (No rec) SNSPW

XS1115183359 4% Sep 21 Ba2/BB/-- 400 99.48 4.26 456 +0.1 +0.4 -0.7 -1.7

Techem (Hold) TCHEN 5Y CDS 143

XS0783934911 6.125% Oct 19 Ba3/BB-/BB 410 105.38 1.93 507 +0.0 +0.5 -0.8 -1.6

XS0783934838 7.875% Oct 20 B3/B/B 325 106.98 2.09 668 +0.0 +0.2 -0.7 -1.9

ThyssenKrupp (Sell) TKAGR 5Y CDS 178

DE000A1R08U3 4% Aug 18 Ba2/BB/BB+ 1,600 106.84 1.17 167 +0.2 +1.2 -0.6 -0.9

DE000A1R0410 3.125% Oct 19 Ba2/BB/BB+ 1,250 105.45 1.52 207 +0.3 +1.8 -0.4 -0.3

DE000A14J579 1.75% Nov 20 Ba2/BB/BB+ 750 100.28 1.80 217 +0.3 +1.9 -0.5 -0.2

DE000A2AAPF1 2.75% Mar 21 Ba2/BB/BB+ 850 102.82 2.27 264 +0.3 +0.0 -0.5 -1.8

DE000A14J587 2.5% Feb 25 Ba2/BB/BB+ 600 99.15 2.67 261 +1.3 +5.0 +0.6 +2.9

Titan Cement (No rec) TITKGA

XS1086071146 4.25% Jul 19 --/BB/-- 298 101.02 4.23 469 +0.4 +2.0 -0.4 -0.1

TMF Group (Hold) TMFG

XS0860995355 FRN Dec 18 B1/B/-- 450 100.89 1.49 552 +0.5 +0.7 -0.3 -1.4

XS0860984235 9.875% Dec 19 Caa1/CCC+/-- 195 107.79 6.13 820 +0.2 +0.7 -0.6 -1.4

Trinseo (No rec) TRINSE

XS1220246521 6.375% May 22 B3/--/-- 375 103.60 5.57 610 +0.3 +2.7 -0.4 +0.6






IDU Unilabs (No rec) UNILAB 5Y CDS 111

XS0943769470 8.5% Jul 18 B3/B/-- 355 104.27 2.28 737 +0.1 +0.7 -0.7 -1.4

XS0943769041 12% Jan 19 Caa2/CCC+/-- 274 104.75 7.40 1,102 +0.2 +1.2 -0.5 -0.9

Vale (No rec) VALEBZ 5Y CDS 609

XS0497362748 4.375% Mar 18 Ba3/BBB-/BBB 750 101.99 3.49 401 +1.2 +2.3 +0.4 +0.2

XS0802953165 3.75% Jan 23 Ba3/BBB-/BBB 750 89.90 5.70 588 +6.1 +11.1 +5.4 +9.0

Valeant (No rec) VRXCN 5Y CDS 738

XS1205619288 4.5% May 23 B3*-/B-*/-- 1,500 80.98 8.42 857 +2.3 +10.9 +1.5 +8.8

Vallourec (No rec) VKFP

FR0011302793 3.25% Aug 19 --/BB-/-- 400 91.54 6.55 701 +3.0 +10.4 +2.2 +8.3

FR0012188456 2.25% Sep 24 --/BB-/-- 500 70.00 7.29 728 +5.0 +11.1 +4.2 +9.0

Verisure (No rec) VERISR

XS1310477895 6% Nov 22 B1/B/-- 700 107.66 4.16 497 +0.2 +2.1 -0.5 +0.0

Voith (Hold) VOITGR 5Y CDS 115

XS0306488627 5.375% Jun 17 Ba1/--/-- 600 104.80 1.41 195 +0.0 +0.6 -0.8 -1.5

Voto-Votrantim (No rec) VOTORA

XS1061029614 3.25% Apr 21 Ba2/BB+*-/BBB- 580 88.30 6.30 664 +5.0 +13.5 +4.2 +11.4

XS1232126810 3.5% Jul 22 Ba2/BB+*-/BBB- 447 84.34 6.79 702 +4.3 +14.8 +3.6 +12.7

VWR (No rec) VWRINT

XS1207387801 4.625% Apr 22 B3/B+/-- 504 99.90 4.85 511 -0.1 -0.1 -0.8 -2.2

Waste Italia (No rec) WASTEI

XS1139056037 10.5% Nov 19 Ca/--/C 200 25.50 88.28 8,874 -6.2 -0.6 -6.9 -2.7

WFS Global (No rec) WFSGLB

XS1252776759 9.5% Jul 22 B2/B/-- 325 108.89 7.29 818 +0.7 +2.2 -0.1 +0.1

Wienerberger (Hold) WIEAV 5Y CDS 372

AT0000A100E2 4% Apr 20 Ba1/--/-- 300 109.51 1.65 206 +1.0 +2.1 +0.2 +0.0

DE000A1ZN206 6.5% PERP Ba3/--/-- 272 104.48 4.37 473 +0.6 +2.6 -0.2 +0.5

Wittur (No rec) WITTUR

XS1188024548 8.5% Feb 23 Caa1/CCC+/-- 225 96.20 9.60 980 +0.8 +0.5 +0.0 -1.6

Worldpay Group (No rec) WPGLN

XS1319701451 3.75% Nov 22 Ba2/BB/-- 500 105.53 2.90 312 +0.9 +1.8 +0.1 -0.3

Xella (Hold) XELLA

XS1071440991 FRN Jun 19 B1/B+/-- 325 99.96 3.60 408 +0.1 +0.9 -0.7 -1.2

XPO Logistics (No rec) XPO

XS1117295060 5.75% Jun 21 B2/B-/-- 500 99.75 6.03 636 +2.8 +4.1 +2.1 +2.0

Yioula (No rec) YIOULA

XS1069662812 8.5% May 19 B3/CC/-- 185 94.38 11.41 1,188 +0.6 +2.2 -0.2 +0.1

TMT Altice (Buy) ALTICE 5Y CDS 418

XS0864611610 8% Dec 19 B1/BB-/-- 210 104.46 5.81 640 +0.2 +0.5 -0.6 -1.7

XS1003905152 6.5% Jan 22 B1/BB-/-- 300 101.12 6.43 677 -5.1 -4.0 -5.9 -6.1

XS1061642317 7.25% May 22 B3/B/-- 2,075 101.93 6.92 731 +1.0 +2.6 +0.3 +0.5

XS1181246775 5.25% Feb 23 B1/BB-/-- 500 105.22 4.25 471 +1.1 +3.0 +0.3 +0.9

XS0946155693 9% Jun 23 B3/B-/-- 250 114.16 4.36 686 +1.1 +2.4 +0.3 +0.3

XS1117300241 6.25% Feb 25 B3/B/-- 750 92.95 7.56 756 +2.1 +2.6 +1.4 +0.5

Cegedim (No rec) CGMFP

XS0906984272 6.75% Apr 20 --/BB-/-- 425 +0.0 +0.7 -0.8 -1.4

Cellnex Telecom (No rec) CLNXSM

XS1265778933 3.125% Jul 22 --/BB+/BBB- 600 101.84 2.88 310 +0.6 +3.8 -0.2 +1.7

Eircom (No rec) EIRCMF

XS0927671080 9.25% May 20 B2/B/B+ 350 105.41 6.59 837 +0.1 +0.4 -0.7 -1.7

Interoute (No rec) INTERO

XS1298004612 7.375% Oct 20 B1/B+/-- 350 108.15 4.33 584 +0.3 +1.1 -0.4 -1.0

InterXion (No rec) INXN

XS0946728564 6% Jul 20 B2/BB-/-- 475 106.02 1.98 503 +0.1 +0.7 -0.7 -1.4






TMT KPN (OW) KPN 5Y CDS 69

XS0903872355 6.125% PERP Ba2/BB/BB 1,100 107.31 3.03 353 +0.3 +1.2 -0.5 -0.9

Lawson Software (No rec) LWSN

XS1354235217 5.75% May 22 Caa1/--/-- 350 86.51 9.47 972 +1.6 -0.2 +0.8 -2.0

Matterhorn Telecom (Buy) MATTER 5Y CDS 338

XS1219465728 3.875% May 22 B2/B/-- 1,000 97.94 4.44 469 +2.2 +4.0 +1.4 +1.9

XS1219467930 FRN May 22 B2/B/-- 265 95.47 4.81 506 +0.3 +1.1 -0.4 -1.0

XS1219475792 4.875% May 23 Caa1/CCC+/-- 250 93.33 6.27 643 +2.9 +6.4 +2.1 +4.3

Nokia (Hold) NOKIA 5Y CDS 141

XS0411735482 6.75% Feb 19 Ba2/BB+/BB+ 500 116.17 0.98 146 +0.1 +0.4 -0.7 -1.7

Numericable-SFR (Buy) NUMFP 5Y CDS 362

XS1028956222 5.375% May 22 B1/B+/-- 1,000 105.50 4.04 470 +0.0 +2.7 -0.8 +0.6

XS1028956149 5.625% May 24 B1/B+/-- 1,250 105.66 4.67 495 +0.8 +3.8 +0.1 +1.7

Oi (Hold) OIBRBZ 5Y CDS 9,437

XS0441479804 5.242% Nov 17 Caa2/CCC/CCC 250 32.11 +5.1 +7.2 +4.4 +5.1

XS0569301327 5.125% Dec 17 Caa1/CCC/CCC+ 601 33.76 +3.3 -0.4 +2.6 -2.5

XS0843939918 5.875% Apr 18 Caa2/CCC/CCC 750 29.93 +5.2 +14.1 +4.4 +12.0

XS0462994343 5% Nov 19 Caa2/CCC/CCC 750 29.00 56.07 5,651 +3.8 +8.6 +3.1 +6.5

XS0927581842 4.625% May 20 Caa2/CCC/CCC 1,000 28.59 48.89 4,931 +3.5 +7.3 +2.8 +5.2

XS1245244402 5.625% Jun 21 Caa2/CCC/CCC 600 24.15 48.03 4,838 +4.4 +0.3 +3.7 -1.8

XS0221854200 4.5% Jun 25 Caa2/CCC/CCC 500 26.09 27.85 2,786 +1.8 +10.6 +1.1 +8.5

OTE Hellenic Telecom (Hold) HTOGA 5Y CDS 452

XS0885718782 7.875% Feb 18 Caa2/B+/-- 650 106.23 4.70 522 +1.0 -0.3 +0.3 -2.4

XS1327539976 4.375% Dec 19 Caa2/B+/-- 350 99.63 4.68 512 +1.5 +0.7 +0.8 -1.4

XS1086785182 3.5% Jul 20 Caa2/B+/-- 700 95.23 5.03 543 +1.2 +0.1 +0.4 -2.0

PagesJaunes (No rec) PAJFP

XS0626691447 8.875% Jun 18 Caa2/--/B 350 57.81 46.27 4,678 +0.9 +5.5 +0.2 +3.4

PLAY (No rec) PFOURS 5Y CDS 221

XS0982710153 5.25% Feb 19 B1/B+/-- 725 103.16 3.36 472 +0.0 +0.7 -0.8 -1.4

XS0982709494 6.5% Aug 19 B2/B-/B- 270 104.47 3.48 566 +0.0 +1.0 -0.7 -1.1

XS1028947403 7.75% Feb 20 Caa1/B-/-- 415 102.69 6.27 762 +0.3 +1.2 -0.4 -0.9

RCS & RDS (Hold) CBLCSY

XS0954673777 7.5% Nov 20 B1/B+/-- 450 106.75 2.67 638 +0.1 +0.2 -0.6 -1.9

SOFTBANK (No rec) SOFTBK 5Y CDS 178

XS0918548644 4.625% Apr 20 Ba1/BB+/-- 625 109.04 2.39 280 +0.3 +1.0 -0.4 -1.1

XS1266662763 4% Jul 22 Ba1/BB+/-- 500 105.94 3.02 328 +0.2 +1.7 -0.6 -0.4

XS1266662334 4.75% Jul 25 Ba1/BB+/-- 1,250 104.87 4.20 413 +0.8 +4.0 +0.0 +1.9

XS1266661013 5.25% Jul 27 Ba1/BB+/-- 500 103.33 4.97 473 +1.4 +4.2 +0.6 +2.1

TDC (MW) TDCDC 5Y CDS 118

XS1195581159 3.5% Feb 15 Ba2/BB/BB 750 95.37 4.70 505 +1.6 +4.3 +0.9 +2.2

TeamSystem (Hold) TITANL

XS0808638372 7.375% May 20 B2/--/-- 430 104.28 5.45 682 +0.4 +0.5 -0.3 -1.6

Telecom Italia (Hold) TITIM 5Y CDS 167

XS0831389985 4.5% Sep 17 Ba1/BB+/BBB- 628 106.04 0.32 86 +0.0 +0.3 -0.8 -1.8

XS0630463965 4.75% May 18 --/BB+/BBB- 593 108.97 0.51 102 +0.0 +0.5 -0.7 -1.6

XS0794393396 6.125% Dec 18 --/BB+/BBB- 582 114.44 0.69 118 +0.2 +0.8 -0.6 -1.3

XS0184373925 5.375% Jan 19 --/BB+/BBB- 832 112.71 0.80 128 +0.1 +0.6 -0.6 -1.5

XS0868458653 4% Jan 20 --/BB+/BBB- 719 109.99 1.32 174 +0.2 +1.5 -0.5 -0.6

XS0974375130 4.875% Sep 20 --/BB+/BBB- 547 114.75 1.47 185 +0.3 +1.8 -0.4 -0.3

XS1020952435 4.5% Jan 21 --/BB+/BBB- 564 114.33 1.43 179 +1.0 +2.9 +0.2 +0.7

XS0486101024 5.25% Feb 22 --/BB+/BBB- 884 117.80 2.03 230 +0.7 +2.6 -0.1 +0.5

XS1169832810 3.25% Jan 23 Ba1/BB+/BBB- 1,000 106.16 2.30 248 +0.8 +2.8 +0.0 +0.7

XS1347748607 3.625% Jan 24 Ba1/BB+/BBB- 750 107.23 2.64 271 +1.3 +3.4 +0.6 +1.3

XS0161100515 7.75% Jan 33 Ba1/BB+/BBB- 1,015 136.19 4.65 413 +0.1 +2.8 -0.7 +0.7

XS0214965963 5.25% Mar 55 Ba1/BB+/BBB- 670 102.96 5.11 431 +0.8 +0.3 +0.0 -1.8






TMT Telefonica (MW) TELEFO 5Y CDS 114

XS0972570351 6.5% PERP Ba1/BB+/BBB- 1,125 106.56 3.72 422 +0.2 +1.2 -0.5 -0.9

XS1148359356 4.2% PERP Ba1/BB+/BBB- 850 100.58 4.12 455 +0.4 +1.6 -0.3 -0.5

XS1050460739 5% PERP Ba1/BB+/BBB- 750 101.60 4.65 507 -0.2 +1.0 -0.9 -1.1

XS0972588643 7.625% PERP Ba1/BB+/BBB- 625 111.87 5.14 546 +0.3 +1.6 -0.5 -0.5

XS1050461034 5.875% PERP Ba1/BB+/BBB- 1,000 103.31 5.41 548 +0.8 +2.5 +0.1 +0.4

Telekom Austria (MW) TKAAV 5Y CDS 68

XS0877720986 5.625% PERP Ba1/BB+/-- 600 105.74 2.55 307 +0.3 +0.8 -0.5 -1.3

Telenet (Hold) TNETBB 5Y CDS 276

XS0592445075 6.625% Feb 21 B1/B+/BB 300 104.28 4.89 621 +0.1 +0.5 -0.6 -1.7

XS0615238390 FRN Jun 21 B1/B+/BB 400 99.69 3.92 431 +0.0 +1.8 -0.8 -0.3

XS0783935488 6.25% Aug 22 B1/B+/BB 450 108.87 2.11 498 +0.5 +0.9 -0.3 -1.2

XS0783935306 6.75% Aug 24 B1/B+/BB 250 113.34 0.01 507 +1.5 +2.5 +0.7 +0.4

XS1266726592 4.875% Jul 27 B1/B+/BB 530 102.09 4.71 451 +0.8 +3.4 +0.1 +1.3

TVN (No rec) TVNPW 5Y CDS 71

XS0954674668 7.375% Dec 20 Ba2/BBB/-- 344 107.98 1.43 597 +0.0 +0.6 -0.8 -1.5

United Group (Hold) ADRBID

XS0992294388 7.875% Nov 20 B2/B/-- 625 106.84 3.44 673 +0.2 +0.1 -0.5 -2.0

Unitymedia (Hold) UNITY 5Y CDS 229

XS0827991760 5.5% Sep 22 Ba3/BB-/-- 527 107.14 2.56 456 +0.2 +0.4 -0.6 -1.7

XS0862322947 5.75% Jan 23 Ba3/BB-/-- 405 108.08 2.87 467 +0.2 +0.9 -0.6 -1.2

XS0877974062 5.125% Jan 23 Ba3/BB-/BB- 405 106.81 2.86 427 +0.1 +0.2 -0.7 -1.9

XS0918739318 5.625% Apr 23 Ba3/BB-/-- 280 108.14 3.03 456 +0.4 +1.0 -0.4 -1.1

XS1150437579 4% Jan 25 Ba3/BB-/BB- 1,000 104.26 3.39 349 +0.7 +2.2 -0.1 +0.1

XS1334248223 4.625% Feb 26 Ba3/BB-/-- 420 105.43 3.87 392 +1.0 +2.1 +0.3 +0.0

XS1197205591 3.5% Jan 27 Ba3/BB-/-- 500 97.97 3.82 358 +1.0 +0.1 +0.2 -2.0

XS1199438174 3.75% Jan 27 B3/B/-- 700 91.24 4.93 470 +0.7 -0.8 +0.0 -2.9

XS0982713330 6.25% Jan 29 Ba3/BB-/-- 475 113.15 3.96 464 +0.6 +2.5 -0.2 +0.4

UPC (Hold) UPCB 5Y CDS 278

XS0832993397 6.375% Sep 22 B2/B/-- 600 107.20 3.68 542 +0.3 +0.3 -0.4 -1.8

XS0909769407 6.75% Mar 23 B2/B/-- 450 108.81 3.92 554 +0.4 +1.0 -0.3 -1.1

XS1117297603 4% Jan 27 Ba3/BB/-- 600 99.33 4.19 397 +0.8 +1.6 +0.1 -0.5

Virgin Media (Buy) VMED 5Y CDS 290

XS1169920193 4.5% Jan 25 B2/B/B 460 97.19 5.04 502 +1.0 -0.2 +0.3 -2.3

Vivacom (No rec) BLTEBG

XS0994993037 6.625% Nov 18 B1/B-*-/-- 400 102.85 5.13 621 +0.3 +1.1 -0.5 -1.0

Warner Music (No rec) WMG

XS0849907521 6.25% Jan 21 B1/B/-- 158 103.50 5.15 598 -0.1 +0.5 -0.9 -1.6

Wind (Buy) WINDIM 5Y CDS 503

XS0922256580 FRN Apr 19 Ba3/BB/BB- 150 100.50 4.67 552 +0.0 +0.7 -0.8 -1.4

XS1082635712 FRN Jul 20 Ba3/BB/BB- 575 98.18 4.45 485 +0.1 +0.6 -0.6 -1.5

XS1082636876 4% Jul 20 --/BB/BB- 2,475 97.91 4.73 512 -1.8 -1.3 -2.6 -3.4

XS1204622960 FRN Jul 20 Ba3/BB/BB- 400 98.97 4.37 477 -0.1 +0.4 -0.9 -1.7

XS1055940206 7% Apr 21 Caa1/B/B- 1,750 93.46 8.95 930 -3.3 -3.1 -4.1 -5.2

Ziggo (Hold) ZIGGO 5Y CDS 253

XS1028411152 7.125% May 24 B2/B/-- 743 109.85 4.94 581 +0.4 +0.4 -0.3 -1.7

XS1170079443 4.625% Jan 25 B2/B/-- 400 98.82 4.91 490 +0.5 +0.4 -0.2 -1.7

XS1175813655 3.75% Jan 25 Ba3/BB-/-- 800 99.75 3.89 386 +1.3 +1.1 +0.5 -1.0

FNL Akelius Fastigheter (No rec) AKFAST

XS1295537077 3.375% Sep 20 --/BB+/-- 300 103.09 2.71 309 +0.0 +0.7 -0.7 -0.9

Alfa Group (No rec) ABHFIN

XS1076087375 5.5% Jun 17 --/B+/BB 350 103.22 2.89 344 +0.5 +1.4 -0.2 -0.3






FNL Allied Irish Banks (MW) AIB 5Y CDS 150

XS1057481084 2.75% Apr 19 Ba1/BB+/BB+ 500 105.07 1.07 154 +0.0 +0.1 -0.7 -1.6

XS1202664386 1.375% Mar 20 Ba1/BB+/BB+ 500 101.35 1.16 157 -0.1 +0.2 -0.8 -1.5

XS1325125158 4.125% Nov 25 B1/B+/BB 750 93.93 5.77 614 -0.6 -3.0 -1.3 -4.7

Arrow Global Finance (No rec) ARRGL

XS1132462786 FRN Nov 21 B1/BB-/-- 335 100.70 5.11 558 +0.3 +0.8 -0.4 -0.9

Atradius (No rec) ATRADI

XS1028942354 5.25% Sep 44 Ba1/--/-- 250 85.11 7.87 789 +1.3 +2.1 +0.6 +0.4

Banca MPS (Restr.) MONTE 5Y CDS 480

XS0236480322 FRN Nov 17 Caa3/--/CCC 369 88.81 9.04 957 +6.6 +9.4 +5.9 +7.8

XS1051696398 3.625% Apr 19 B3/--/B- 1,000 100.62 3.47 395 +0.7 +1.8 +0.0 +0.1

XS0503326083 5% Apr 20 Caa3/--/CCC 369 92.42 7.41 782 +5.3 +10.5 +4.6 +8.9

XS0540544912 5.6% Sep 20 Caa3/--/CCC 379 94.00 7.38 776 +5.0 +9.1 +4.3 +7.5

Banca P. Emilia Romagna (Restr.) BPEIM

XS0300345971 FRN May 17 --/B-/BB- 220 99.10 2.18 273 +0.2 +0.9 -0.5 -0.8

Banca Pop. di Vicenza (Restr.) VICEN

XS1057050855 2.75% Apr 17 --/--/B-*- 201 96.00 7.90 845 -0.3 +2.0 -1.0 +0.3

XS1339033059 FRN Dec 17 --/--/B-*- 300 100.37 3.70 422 +0.1 +0.3 -0.6 -1.3

XS0985326502 5% Oct 18 --/--/B-*- 400 97.61 6.40 689 +0.3 +6.4 -0.4 +4.8

XS1205644047 2.75% Mar 20 --/--/B-*- 750 88.43 6.48 690 -1.1 +13.8 -1.8 +12.1

XS1300456420 9.5% Sep 25 --/--/CC 200 90.52 13.38 1,377 +4.9 +19.4 +4.2 +17.8

Banca Popolare di Milano (Trans.) PMIIM 5Y CDS 235

XS0372300227 9% PERP Caa2*+/--/B+*- 195 103.19 7.74 825 +0.0 +2.4 -0.7 +0.7

XS1024830819 4.25% Jan 19 Ba3*+/--/BB+*- 500 107.32 1.62 210 +0.2 +0.6 -0.5 -1.0

XS0597182665 7.125% Mar 21 B3*+/--/BB*- 475 111.66 4.51 486 +0.3 +2.3 -0.4 +0.7

Banco de Sabadell (MW) SABSM 5Y CDS 183

ES0213860051 6.25% Apr 20 B1/B+/-- 426 111.97 3.19 360 +0.3 +1.1 -0.4 -0.5

Banco do Brasil (No rec) BANBRA 5Y CDS 411

XS0955552178 3.75% Jul 18 Ba2/BB/BB+ 1,000 99.26 4.30 481 +0.6 +2.3 -0.1 +0.6

Banco Popolare Scarl (MW) BPIM 5Y CDS 238

XS0869136316 4.3% Jan 18 Ba3*+/--/BB 156 104.55 1.65 217 +0.1 +1.0 -0.6 -0.6

XS1070681397 2.375% Jan 18 Ba3*+/--/BB 750 101.39 1.63 216 +0.1 +1.0 -0.7 -0.7

XS1293577208 2.625% Sep 18 Ba3*+/--/BB 500 101.73 1.96 245 +0.1 +1.1 -0.6 -0.5

XS1044894944 3.5% Mar 19 Ba3*+/--/BB 1,250 103.37 2.36 284 +0.4 +1.8 -0.3 +0.2

XS1266866927 2.75% Jul 20 Ba3*+/--/BB 1,000 101.33 2.47 287 +0.5 +2.2 -0.2 +0.6

XS0555834984 6% Nov 20 B3*+/--/BB- 710 106.50 4.55 493 +0.1 +3.0 -0.6 +1.4

XS0632503412 6.375% May 21 B3*+/--/BB- 318 108.09 4.71 505 +0.5 +2.7 -0.2 +1.1

Banco Popular Espanol (Trans.) POPSM 5Y CDS 240

XS1169791529 2% Feb 20 Ba2/--/BB- 650 99.71 2.20 262 +1.2 +1.6 +0.4 +0.0

ES0213790019 8% Jul 21 --/--/B+ 200 101.78 4.26 832 -0.6 +0.4 -1.3 -1.2

ES0213790027 8.25% Oct 21 --/--/B+ 250 83.05 13.25 1,357 +2.3 +0.8 +1.6 -0.9

Banco Santander (MW) SANTAN 5Y CDS 112

XS0418134663 2% PERP Ba2/BB+/BB 314 34.50 49.20 4,967 +0.1 +0.4 -0.6 -1.2

XS0418135041 2% PERP Ba2/BB+/BB 154 34.50 49.20 4,967 +0.1 +0.4 -0.6 -1.2

Bank of Ireland (MW) BKIR 5Y CDS 183

XS1075963485 4.25% Jun 24 Ba3/BB/-- 750 99.37 4.59 505 +0.7 -1.2 +0.0 -2.9

XS0487711573 10% Feb 20 Ba3/BB/-- 206 119.93 4.37 480 +0.7 +1.6 +0.0 +0.0

XS0867469305 10% Dec 22 --/BB/-- 250 128.21 5.01 523 +0.5 +1.9 -0.2 +0.2

Bankia (MW) BKIASM 5Y CDS 179

ES0313307193 1.5% Nov 17 --/BB+/BBB- 159 99.95 1.59 212 +0.0 +0.1 -0.7 -1.5

ES0313307003 3.5% Jan 19 --/BB+/BBB- 1,000 107.03 0.96 144 +0.4 +1.1 -0.3 -0.6

ES0213307004 4% May 24 --/B+/BB+ 1,000 97.02 5.24 570 +1.7 +0.3 +1.0 -1.4

Bankinter (No rec) BKTSM 5Y CDS 147

ES0213679196 6.375% Sep 19 Ba1/BB/-- 250 115.25 1.91 236 +0.7 +1.0 +0.0 -0.6






FNL Barclays (MW) BACR 5Y CDS 109

XS0214398199 4.75% PERP Ba2/BB/BB+ 319 92.57 7.14 756 +0.0 +2.4 -0.7 +0.8

BAWAG P.S.K. (MW) BAWAG 5Y CDS 150

XS0987169637 8.125% Oct 23 Baa3/--/-- 300 122.25 4.62 475 +1.4 +4.1 +0.7 +2.4

BayernLB (MW) BYLAN 5Y CDS 64

XS0326869665 5.75% Oct 17 Baa3/--/BB 1,000 107.73 0.76 130 +0.2 +0.2 -0.5 -1.4

XS0285330717 FRN Feb 19 Baa3/--/BB 472 97.71 1.63 211 -0.1 +0.6 -0.8 -1.0

BPCE (Trans.) BPCEGP 5Y CDS 85

FR0010535971 6.117% PERP Ba2/BB+/BBB- 509 105.80 2.59 312 +0.2 +0.6 -0.5 -1.0

FR0010777524 12.5% PERP Ba2/--/BBB- 374 131.94 2.81 326 +0.4 +1.9 -0.3 +0.3

CaixaBank (MW) CABKSM 5Y CDS 148

XS0989061345 5% Nov 23 Ba2/BB+/BBB- 750 103.70 3.55 404 +1.1 +0.2 +0.4 -1.5

Commerzbank (MW) CMZB 5Y CDS 101

DE000CZ31PX3 FRN Mar 18 Ba1/BBB-/BBB- 322 103.50 1.18 170 +0.1 +0.2 -0.7 -1.4

Crédit Agricole (Restr.) ACAFP 5Y CDS 72

FR0010603159 8.2% PERP Ba2/BB+/BBB- 850 110.97 2.65 316 +0.3 +1.1 -0.4 -0.5

FR0010670422 10.653% PERP Ba2/BB+/BBB- 500 117.88 3.52 402 +0.2 +0.6 -0.5 -1.1

FR0010814434 7.875% PERP Ba2/BB+/BBB- 550 116.15 3.10 355 +0.7 +1.4 -0.1 -0.2

Danske Bank (Trans.) DANBNK 5Y CDS 60

XS0287195233 4.878% PERP Ba1/BB+/BBB- 600 102.76 2.60 315 +0.3 +0.6 -0.5 -1.1

Delta Lloyd (MW) DLNA

XS1076781589 4.375% PERP --/BB+/-- 750 83.76 7.19 723 +2.2 +6.4 +1.4 +4.7

Deutsche Bank (MW) DB 5Y CDS 158

DE000A0TU305 8% PERP --/B+/BB+ 1,000 103.36 6.46 697 +0.3 +0.4 -0.4 -1.2

Deutsche Postbank (Trans.) DPB

XS0307741917 5.983% PERP Ba3*-/--/BB+* 500 100.41 6.14 668 +0.3 +3.0 -0.4 +1.3

Dexia Kommunalbank (No rec) DEXGRP 5Y CDS 193

XS0307581883 FRN Jul 17 Caa3/CCC-/B- 252 94.11 6.02 657 -0.2 -0.1 -0.9 -1.8

Encore (No rec) ECPG

XS1117279619 FRN Nov 21 B2/B+/-- 310 100.25 6.02 640 +1.4 +5.0 +0.7 +3.4

Erste Bank (MW) ERSTBK 5Y CDS 149

XS0260783005 FRN Jul 17 Ba2/BB+/BBB 455 98.25 2.52 306 +0.0 +0.2 -0.7 -1.5

Ethias Vie (No rec) ETHIAS

BE6279619330 5% Jan 26 --/--/BB 403 84.84 7.39 728 +4.8 +11.9 +4.1 +10.2

Garfunkelux (No rec) GFKLDE 5Y CDS 556

XS1263891910 7.5% Aug 22 B2/B+/-- 365 101.94 7.22 758 +0.6 +0.4 -0.1 -1.2

Gazprombank (Sell) GPBRU

XS0987109658 3.984% Oct 18 Ba2/BB+/BB+ 1,000 101.40 3.55 404 +0.3 +1.7 -0.4 +0.0

XS1084024584 4% Jul 19 Ba2/BB+/BB+ 1,000 101.43 3.65 411 +0.3 +2.2 -0.4 +0.6

Grand City Properties (No rec) GYCGR

XS1191320297 3.75% PERP Ba1/BB+/-- 500 95.66 4.72 498 +1.0 +2.6 +0.3 +1.0

Groupama (MW) CCAMA

FR0010533414 6.298% PERP --/--/BB 416 98.41 7.80 834 +0.6 -0.1 -0.1 -1.7

FR0010815464 7.875% Oct 39 --/--/BB+ 750 108.09 5.42 586 +1.0 +0.4 +0.3 -1.2

FR0011896513 6.375% PERP --/--/BB+ 1,100 90.98 8.01 808 +2.3 +0.1 +1.6 -1.6

Ibercaja (No rec) CAZAR

ES0244251007 5% Jul 25 --/B/BB 500 94.07 6.80 720 +1.6 +0.4 +0.9 -1.3

ICBPI (No rec) ICBPI

XS1318392864 8.25% May 21 B3/B/-- 900 101.39 8.13 855 +1.2 +0.4 +0.5 -1.2

Iccrea Banca (No rec) ICCREA

XS1143070503 1.875% Nov 19 --/BB/BBB- 500 102.56 1.24 167 -0.1 +0.5 -0.8 -1.2

Immigon Portfolioabbau (No rec) IMIGON

AT000B053442 FRN Jul 17 Caa1/--/-- 513 79.88 21.92 2,247 +0.0 +0.0 -0.7 -1.6






FNL Intesa Sanpaolo (MW) ISPIM 5Y CDS 111

IT0004692817 FRN Mar 18 Ba1/--/-- 373 100.66 1.38 191 +0.0 +0.0 -0.7 -1.7

XS0360809577 6.625% May 18 Ba2/BB-/BB+ 841 109.26 2.20 272 +0.7 +1.2 +0.0 -0.4

XS0365303675 FRN May 18 Ba1/BB/BBB 251 101.04 0.44 184 +0.0 +0.3 -0.7 -1.3

XS0371711663 8.047% PERP Ba3/B+/BB 580 109.08 3.87 438 +0.3 +1.4 -0.4 -0.2

XS0452166324 5% Sep 19 Ba1/BB/BBB 1,051 110.69 1.82 227 +0.7 +2.6 +0.0 +1.0

XS0456541506 8.375% PERP Ba3/B+/BB 742 112.93 4.42 486 +0.4 +1.5 -0.3 -0.1

XS0526326334 5.15% Jul 20 Ba1/BB/BBB 922 111.48 2.34 273 +0.7 +1.9 +0.0 +0.2

XS0971213201 6.625% Sep 23 Ba1/BB/BBB 1,446 121.13 3.41 354 +0.1 +1.2 -0.6 -0.5

XS1222597905 2.855% Apr 25 Ba1/BB/BBB 500 98.63 3.08 301 +0.0 +1.4 -0.7 -0.2

XS1109765005 3.928% Sep 26 Ba1/BB/BBB 1,000 103.16 3.60 340 +0.2 +0.3 -0.5 -1.3

IPF (No rec) IPFLN

XS1054714248 5.75% Apr 21 --/--/BB+ 400 91.07 8.29 864 +2.1 +5.2 +1.4 +3.6

Kaufman & Broad (No rec) KAUF

XS1050202446 7% Sep 19 --/B*+/B- 370 103.82 5.27 647 +0.1 +0.3 -0.6 -1.4

LeasePlan (No rec) LPTY

XS1319818057 6.875% Apr 21 B1/BB+/BB- 1,250 107.06 4.94 571 +1.0 +3.0 +0.3 +1.4

Lock (No rec) LINDOR 5Y CDS 442

XS1094672273 FRN Aug 20 B2/BB-/-- 553 100.44 5.37 586 +0.2 +0.3 -0.5 -1.3

XS1094612378 7% Aug 21 B2/BB-/-- 730 106.97 4.40 594 +0.8 +1.8 +0.1 +0.1

XS1094674642 9.5% Aug 22 Caa1/B-/-- 250 104.08 8.69 920 +0.7 +1.6 +0.0 +0.0

Medical Properties Trust (No rec) MPW

XS0975547141 5.75% Oct 20 Ba1/BBB-/BB 200 106.49 2.19 472 +0.3 +0.5 -0.5 -1.2

XS1278084147 4% Aug 22 Ba1/BBB-/-- 500 103.75 3.42 366 +0.3 +2.2 -0.4 +0.5

Mediobanca (Restr.) BACRED 5Y CDS 160

IT0004645542 5% Nov 20 --/BB/-- 750 110.54 2.60 298 +0.2 +1.4 -0.5 -0.2

IT0004917842 5.75% Apr 23 --/BB/-- 497 115.39 3.29 346 +0.8 +1.9 +0.1 +0.3

Natixis (Trans.) KNFP 5Y CDS 72

FR0010531012 6.307% PERP Ba2/BB+/BBB- 372 106.37 2.28 282 +0.2 +0.9 -0.5 -0.7

Nord/LB (MW) NDB 5Y CDS 119

XS0520938647 6% Jun 20 Ba1/--/-- 500 112.11 3.04 344 +0.5 +0.9 -0.3 -0.8

DE000NLB2HC4 4.75% Oct 23 Ba1/--/-- 225 109.87 3.28 340 +0.6 +1.5 -0.1 -0.2

Nova Ljubljanska Banka (No rec) NOVALJ

XS1081728195 2.875% Jul 17 --/BB-/B+ 300 101.73 1.66 220 +0.1 +0.4 -0.6 -1.3

Novo Banco (No rec) NOVBNC 5Y CDS 1,176

XS0869315241 3.5% Jan 43 Caa1/--/-- 150 57.60 7.20 645 +1.5 +4.1 +0.7 +2.5

Raiffeisen Bank Int. (Trans.) RBIAV 5Y CDS 274

XS0843322750 5.875% Apr 23 Ba2/BB+/-- 290 102.60 4.77 528 +0.2 +0.2 -0.5 -1.4

XS1001668950 5.163% Jun 24 Ba2/BB+/-- 233 88.77 9.76 1,022 +0.1 -0.9 -0.6 -2.5

XS1034950672 4.5% Feb 25 Ba2/BB+/-- 500 83.86 9.99 1,042 -0.4 -2.0 -1.1 -3.6

XS0619437147 6.625% May 21 Ba2/BB+/-- 500 106.18 5.36 570 +0.4 +1.5 -0.3 -0.1

XS0981632804 6% Oct 23 Ba2/BB+/-- 500 98.76 6.33 645 +1.0 +1.3 +0.3 -0.4

RBS (Restr.) RBS 5Y CDS 109

XS0323734961 7.0916% PERP B1/B+/BB- 471 99.61 7.76 829 +0.1 +0.2 -0.6 -1.5

XS0356705219 6.934% Apr 18 Ba2/BB+/BBB 2,000 110.21 1.72 224 +0.4 +0.6 -0.3 -1.1

XS1049037200 3.625% Mar 24 Ba2/BB/BBB 1,000 98.26 4.34 481 +1.9 +0.7 +1.2 -0.9

RLB Niederoe.-Wien (No rec) RFLBNI

XS0997355036 5.875% Nov 23 Ba2/--/-- 300 90.55 7.67 779 +0.8 +1.9 +0.0 +0.3

RPG Byty (No rec) RPGBYT

XS0808638539 6.75% May 20 Ba2/--/BB- 400 104.07 4.74 622 +0.2 +0.8 -0.5 -0.8

Sberbank (Hold) SBERRU 5Y CDS 298

XS1043520144 3.08% Mar 19 Ba1*-/--/BBB 500 101.00 2.83 330 +0.5 +1.8 -0.2 +0.1

XS1082459568 3.3524% Nov 19 Ba1*-/--/BBB 1,000 102.01 2.84 328 +0.5 +2.1 -0.2 +0.4






FNL Société Générale (MW) SOCGEN 5Y CDS 72

XS0336598064 6.999% PERP Ba2/BB+/-- 468 107.87 2.48 301 +0.3 +1.1 -0.4 -0.5

XS0449487619 9.375% PERP Ba2/BB+/-- 1,000 120.15 3.15 360 +0.2 +2.2 -0.5 +0.6

UBS (Restr.) UBS 5Y CDS 63

XS0336744650 7.152% PERP Ba1/BB+/BBB- 600 108.70 2.17 270 +0.3 +1.1 -0.4 -0.6

UniCredit (No rec) UCGIM 5Y CDS 150

XS0322918565 5.75% Sep 17 Ba1/BB/BBB 1,000 107.00 0.96 150 +0.4 +0.8 -0.3 -0.8

XS0367777884 6.7% Jun 18 Ba3/BB-/BB+ 835 110.66 1.72 223 -0.1 +1.3 -0.8 -0.4

XS0470937243 8.125% PERP B1/B+/-- 585 109.48 5.36 580 +0.3 +1.1 -0.4 -0.6

XS0986063864 5.75% Oct 25 Ba1/BB/BBB 1,000 106.30 4.25 463 +1.1 +1.0 +0.4 -0.6

XS0618847775 6.125% Apr 21 Ba1/BB/BBB 750 113.53 3.21 356 +1.5 +2.8 +0.8 +1.2

XS0849517650 6.95% Oct 22 Ba1/BB/BBB 1,500 114.55 4.40 462 +1.1 +1.3 +0.4 -0.3

Unipol (MW) UNIIM 5Y CDS 175

XS1041042828 4.375% Mar 21 Ba2/--/BB+ 317 108.01 2.78 313 +1.2 +2.5 +0.5 +0.9

XS0130717134 FRN Jun 21 Ba1/--/BB+ 300 98.59 2.81 314 +1.0 +2.4 +0.3 +0.7

XS0173649798 FRN Jul 23 Ba1/--/BB+ 300 95.24 3.66 378 +1.2 +4.7 +0.5 +3.1

XS1206977495 3% Mar 25 Ba2/--/BB+ 1,000 98.19 3.28 322 +2.9 +4.5 +2.2 +2.8

Veneto Banca (No rec) VENBAN

IT0004241078 FRN Jun 17 --/CCC/-- 150 81.60 22.05 2,260 +21.2 +21.3 +20.5 +19.7

XS0337685324 6.411% PERP --/D/-- 200 44.88 75.65 7,618 +5.5 -41.5 +4.8 -43.1

XS1069508494 4% May 19 --/B/-- 500 98.98 4.62 508 +0.9 +8.0 +0.2 +6.4

XS1327514045 9.5% Dec 25 --/CCC/-- 200 89.99 13.30 1,369 +5.6 +21.8 +4.9 +20.1




UniCredit Research page 47 .

Disclaimer Our recommendations are based on information obtained from, or are based upon public information sources that we consider to be reliable but for the completeness and accuracy of which we assume no liability. All estimates and opinions included in the report represent the independent judgment of the analysts as of the date of the issue. This report may contain links to websites of third parties, the content of which is not controlled by UniCredit Bank. No liability is assumed for the content of these third-party websites. We reserve the right to modify the views expressed herein at any time without notice. Moreover, we reserve the right not to update this information or to discontinue it altogether without notice.

This analysis is for information purposes only and (i) does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any financial, money market or investment instrument or any security, (ii) is neither intended as such an offer for sale or subscription of or solicitation of an offer to buy or subscribe for any financial, money market or investment instrument or any security nor (iii) as an advertisement thereof. The investment possibilities discussed in this report may not be suitable for certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value of investments. Furthermore, past performance is not necessarily indicative of future results. In particular, the risks associated with an investment in the financial, money market or investment instrument or security under discussion are not explained in their entirety.

This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual advice. Investors must make their own determination of the appropriateness of an investment in any instruments referred to herein based on the merits and risks involved, their own investment strategy and their legal, fiscal and financial position. As this document does not qualify as an investment recommendation or as a direct investment recommendation, neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors are urged to contact their bank's investment advisor for individual explanations and advice.

Neither UniCredit Bank nor any of their respective directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.

This analysis is being distributed by electronic and ordinary mail to professional investors, who are expected to make their own investment decisions without undue reliance on this publication, and may not be redistributed, reproduced or published in whole or in part for any purpose.

Responsibility for the content of this publication lies with:

UniCredit Group and its subsidiaries are subject to regulation by the European Central Bank

a) UniCredit Bank AG (UniCredit Bank), Am Tucherpark 16, 80538 Munich, Germany, (also responsible for the distribution pursuant to §34b WpHG). The company belongs to UniCredit Group. Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany.

b) UniCredit Bank AG London Branch (UniCredit Bank London), Moor House, 120 London Wall, London EC2Y 5ET, United Kingdom. Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany and subject to limited regulation by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom and Prudential Regulation Authority 20 Moorgate, London, EC2R 6DA, United Kingdom. Further details regarding our regulatory status are available on request.

c) UniCredit Bank AG Hong Kong Branch (UniCredit Bank Hong Kong), 25/F Man Yee Building, 68 Des Voeux Road Central, Hong Kong. Regulatory authority: Hong Kong Monetary Authority, 55th Floor, Two International Financial Centre, 8 Finance Street, Central, Hong Kong

d) UniCredit Bank AG Singapore Branch (UniCredit Bank Singapore), Prudential Tower, 30 Cecil Street, #25-01, Singapore 049712 Regulatory authority: Monetary Authority of Singapore, 10 Shenton Way MAS Building, Singapore 079117

e) UniCredit Bank AG Tokyo Branch (UniCredit Tokyo), Otemachi 1st Square East Tower 18/F, 1-5-1 Otemachi, Chiyoda-ku, 100-0004 Tokyo, Japan Regulatory authority: Financial Services Agency, The Japanese Government, 3-2-1 Kasumigaseki Chiyoda-ku Tokyo, 100-8967 Japan, The Central Common Government Offices No. 7.

POTENTIAL CONFLICTS OF INTERESTS

Accor 3; Allied Irish Banks 3; ArcelorMittal 2, 3; Astaldi 3; Autostrada B. V. V. P. 3; Banca P. Emilia Romagna 3; Banca Pop. di Vicenza 3; Banca Popolare di Milano 3; Banco de Sabadell 3; Banco Popolare Scarl 3; Banco Popular Espanol 3; Bankinter 3; Barclays 3; Buzzi Unicem 3; Danske Bank 3; Deutsche Postbank 3; EDP 3; Enel 3; FCA 3; Finmeccanica 3; Gazprom 3; Hapag-Lloyd 2; HeidelbergCement 3; IGT 3; Intesa Sanpaolo 3; KPN 3; Mediobanca 1a, 3, 6a; Nokia 3; Nord/LB 3; Peugeot 3; Piaggio 3; Raiffeisen Bank Int. 3; Renault 3; Repsol 3; Salini Impregilo 3; Société Générale 3; Telecom Italia 3; Telekom Austria 3; ThyssenKrupp 3; UBS 3; UniCredit 2, 3; Unipol 3; Veneto Banca 3; Vestas 3; Wienerberger 3; Wind 3; Zobele 3 Key 1a: UniCredit Bank AG and/or any related legal person owns at least 2% of the capital stock of the analyzed company.

Key 1b: The analyzed company owns at least 2% of the capital stock of UniCredit Bank AG and/or any related legal person.

Key 2: UniCredit Bank AG and/or any related legal person has been lead manager or co-lead manager over the previous 12 months of any publicly disclosed offer of financial instruments of the analyzed company, or in any related derivatives.

Key 3: UniCredit Bank AG and/or any related legal person administers the securities issued by the analyzed company on the stock exchange or on the market by quoting bid and ask prices (i.e. acts as a market maker or liquidity provider in the securities of the analyzed company or in any related derivatives).

Key 5: The analyzed company and UniCredit Bank AG and/or any related legal person have concluded an agreement on the preparation of analyses.

Key 6a: Employees or members of the Board of Directors of UniCredit Bank AG and/or any other employee that works for UniCredit Research (i.e. the joint research department of the UniCredit Group) and/or members of the Group Board (pursuant to relevant domestic law) are members of the Board of Directors of the analyzed company. Members of the Board of Directors of the analyzed company hold office in the Board of Directors of UniCredit Bank AG (pursuant to relevant domestic law). The application of this Key 6a is limited to persons who, although not involved in the preparation of the analysis, had or could reasonably be expected to have access to the analysis prior to its dissemination to customers or the public.

Key 6b: The analyst is on the Supervisory Board/Board of Directors of the company they cover.

RECOMMENDATIONS, RATINGS AND EVALUATION METHODOLOGY

Company Date Rec. Company Date Rec. Company Date Rec. AAFFP 01/12/2015 Hold HEIGR 06/04/2016 Buy SBERRU 29/05/2015 Hold AAFFP 24/07/2015 Buy HEIGR 29/07/2015 Hold SHAEFF 31/03/2016 Buy AALLN 16/02/2016 Hold HPLGR 24/02/2016 Hold SHAEFF 18/12/2015 Hold ACAFP 07/04/2016 Restricted HPLGR 28/09/2015 Restricted SHAEFF 21/09/2015 Buy AKEFP 31/07/2015 Overweight HPLGR 18/09/2015 Buy SHAEFF 14/09/2015 Hold ALBALN 01/03/2016 Hold HTOGA 24/04/2015 Hold SHAEFF 23/04/2015 Buy ALBALN 08/09/2015 Buy HTZ 29/02/2016 Hold SNAIM 16/12/2015 Hold ALUFP 29/01/2016 no rec. HTZ 10/11/2015 Sell SNAIM 18/09/2015 Sell ANTOLN 29/07/2015 Buy HTZ 21/07/2015 Hold SNAIM 20/07/2015 Restricted ANTOLN 09/06/2015 Hold IGT 12/08/2015 Buy STERV 20/04/2016 Sell ARGID 20/04/2016 Hold INEGRP 20/04/2016 Hold STERV 12/10/2015 Hold ASTIM 15/05/2015 Restricted ITCIT 29/07/2015 Buy SUNCOM 19/05/2015 Hold BNRGR 16/03/2016 Marketweight JAGLN 15/02/2016 no rec. TCGLN 18/09/2015 Hold BNRGR 04/03/2016 Overweight JAGLN 30/09/2015 Hold TCGLN 30/07/2015 Buy BNRGR 25/11/2015 Restricted KNFP 10/11/2015 In transition TCGLN 10/07/2015 Hold BPCEGP 10/11/2015 In transition KPN 29/01/2016 Overweight TCGLN 24/04/2015 Buy CABBCO 27/11/2015 Hold LHAGR 29/10/2015 Hold TDCDC 28/01/2016 Marketweight CBLCSY 18/04/2016 Hold LHNVX 12/11/2015 Marketweight TDCDC 10/08/2015 Overweight CBLCSY 29/01/2016 Buy LHNVX 18/09/2015 Restricted TELEFO 28/10/2015 Marketweight CBLCSY 04/05/2015 Hold MAHLGR 04/06/2015 Hold TELEFO 07/09/2015 Restricted CEIFP 02/11/2015 Hold MANTEN 17/11/2015 Hold TELEFO 14/08/2015 Marketweight CIRSA 10/09/2015 Buy MANTEN 28/05/2015 Buy TELEFO 06/05/2015 Overweight




Company Date Rec. Company Date Rec. Company Date Rec. CMCRAV 18/06/2015 Buy MANTEN 19/05/2015 Hold TITANL 29/05/2015 Hold CMZB 02/11/2015 Marketweight MATTER 12/04/2016 Buy TITIM 16/02/2016 Hold CMZB 14/09/2015 Restricted MATTER 24/04/2015 Sell TITIM 13/01/2016 Restricted CNHI 04/09/2015 Sell MONTE 19/10/2015 Restricted TITIM 06/08/2015 Marketweight COFP 21/03/2016 Hold MSSIN 24/03/2016 Buy TITIM 06/08/2015 Hold COFP 18/01/2016 Marketweight MSSIN 18/02/2016 Hold TITIM 24/04/2015 Hold COFP 16/12/2015 Overweight MTNA 15/04/2016 Hold TKAGR 16/02/2016 Sell DANBNK 10/11/2015 In transition MTNA 24/03/2016 Restricted TMFG 18/09/2015 Hold DB 31/07/2015 Marketweight MTNA 19/10/2015 Hold TMFG 24/04/2015 Buy DB 27/04/2015 Underweight NDB 27/11/2015 Marketweight UBS 14/03/2016 Restricted DLNA 12/08/2015 Marketweight NDB 15/09/2015 Restricted UBS 13/10/2015 Marketweight DOUGR 06/08/2015 Hold NUMFP 29/06/2015 Buy UBS 31/07/2015 Restricted DPB 10/11/2015 In transition ONTEX 05/11/2015 Hold UNIIM 06/11/2015 Marketweight ENELIM 10/02/2016 Marketweight PELHOL 29/03/2016 Hold VLVY 22/04/2016 Marketweight ENELIM 29/06/2015 Overweight PELHOL 02/03/2016 Buy VLVY 05/02/2016 Underweight EOFP 22/04/2016 Buy PELHOL 26/11/2015 Hold VMED 16/06/2015 Buy EOFP 18/12/2015 Hold PETBRA 09/06/2015 no rec. VOITGR 08/09/2015 Hold EUROCA 08/07/2015 Hold PEUGOT 08/04/2016 Restricted VWSDC 05/11/2015 Hold EUROCA 16/06/2015 Buy PIAGIM 14/09/2015 Sell VWSDC 20/08/2015 Buy EUROCA 24/04/2015 Hold PMIIM 10/11/2015 In transition WINDIM 07/08/2015 Buy FCAIM 11/04/2016 Hold POPSM 10/11/2015 In transition XELLA 30/11/2015 Hold FCAIM 23/03/2016 Restricted PRADA 17/12/2015 Hold XELLA 22/09/2015 Restricted FNCIM 30/09/2015 Restricted RBIAV 10/11/2015 In transition ZFFNGR 08/05/2015 Buy FNCIM 10/08/2015 Buy RBS 31/03/2016 Restricted GAMENT 18/03/2016 Hold RENAUL 04/03/2016 Overweight GAMENT 16/12/2015 Buy RENAUL 15/01/2016 Marketweight GAMENT 30/04/2015 Hold RENAUL 23/04/2015 Overweight GAZPRU 25/01/2016 Overweight REPSM 05/04/2016 Marketweight GAZPRU 29/09/2015 Restricted REPSM 08/05/2015 Overweight GBFGR 29/06/2015 Sell RHMGR 06/08/2015 Hold GCLIM 20/04/2016 Buy SAPSJ 20/04/2016 Buy GT 16/12/2015 Buy SAPSJ 14/03/2016 Restricted HANIEL 21/03/2016 no rec. SAPSJ 24/04/2015 Buy Overview of our ratings

You will find the history of rating regarding recommendation changes as well as an overview of the breakdown in absolute and relative terms of our investment ratings on our website www.disclaimer.unicreditmib.eu/credit-research-rd/Recommendations_CR_e.pdf.

Note on the evaluation basis for interest-bearing securities:

Recommendations relative to an index: For high grade names the recommendations are relative to the "iBoxx EUR Benchmark" index family, for sub investment grade names the recommendations are relative to the "iBoxx EUR High Yield" index family.

Marketweight: We recommend having the same portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is equal to the total return of the index.

Overweight: We recommend having a higher portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is greater than the total return of the index.

Underweight: We recommend having a lower portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is less than the total return of the index.

Outright recommendations:

Hold: We recommend holding the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is equal to the yield.

Buy: We recommend buying the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is greater than the yield.

Sell: We recommend selling the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is less than the yield.

We employ three further categorizations for interest-bearing securities in our coverage:

Restricted: A recommendation and/or financial forecast is not disclosed owing to compliance or other regulatory considerations such as a blackout period or a conflict of interest.

Coverage in transition: Due to changes in the research team, the disclosure of a recommendation and/or financial information are temporarily suspended. The interest-bearing security remains in the research universe and disclosures of relevant information will be resumed in due course.

Not rated: Suspension of coverage.

Trading recommendations for fixed-interest securities mostly focus on the credit spread (yield difference between the fixed-interest security and the relevant government bond or swap rate) and on the rating views and methodologies of recognized agencies (S&P, Moody’s, Fitch). Depending on the type of investor, investment ratings may refer to a short period or to a 6 to 9-month horizon. Please note that the provision of securities services may be subject to restrictions in certain jurisdictions. You are required to acquaint yourself with local laws and restrictions on the usage and the availability of any services described herein. The information is not intended for distribution to or use by any person or entity in any jurisdiction where such distribution would be contrary to the applicable law or provisions.

If not otherwise stated daily price data refers to pre-day closing levels and iBoxx bond index characteristics refer to the previous month-end index characteristics.

Coverage Policy A list of the companies covered by UniCredit Bank is available upon request.

Frequency of reports and updates It is intended that each of these companies be covered at least once a year, in the event of key operations and/or changes in the recommendation.

SIGNIFICANT FINANCIAL INTEREST UniCredit Bank AG and/or other related legal persons with them regularly trade shares of the analyzed company. UniCredit Bank AG and/or other related legal persons may hold significant open derivative positions on the stocks of the company which are not delta-neutral.

UniCredit Bank AG and/or other related legal persons have a significant financial interest relating to the analyzed company or may have such at any future point of time. Due to the fact that UniCredit Bank AG and/or any related legal person are entitled, subject to applicable law, to perform such actions at any future point in time which may lead to the existence of a significant financial interest, it should be assumed for the purposes of this information that UniCredit Bank AG and/or any related legal person will in fact perform such actions which may lead to the existence of a significant financial interest relating to the analyzed company.

Analyses may refer to one or several companies and to the securities issued by them. In some cases, the analyzed companies have actively supplied information for this analysis.

INVESTMENT BANKING TRANSACTIONS The analyzed company and UniCredit Bank AG and/or any related legal person concluded an agreement on services in connection with investment banking transactions in the previous 12 months, in return for which the Bank and/or such related legal person received a consideration or promise of consideration or intends to do so. Due to the fact that UniCredit Bank AG and/or any related legal person are entitled to conclude, subject to applicable law, an agreement on services in connection with investment banking transactions with the analyzed company at any future point in time and may receive a consideration or promise of consideration, it should be assumed for the purposes of this information that UniCredit Bank AG and/or any related legal person will in fact conclude such agreements and will in fact receive such consideration or promise of consideration.




ANALYST DECLARATION The author’s remuneration has not been, and will not be, geared to the recommendations or views expressed in this study, neither directly nor indirectly.

ORGANIZATIONAL AND ADMINISTRATIVE ARRANGEMENTS TO AVOID AND PREVENT CONFLICTS OF INTEREST To prevent or remedy conflicts of interest, UniCredit Bank has established the organizational arrangements required from a legal and supervisory aspect, adherence to which is monitored by its compliance department. Conflicts of interest arising are managed by legal and physical and non-physical barriers (collectively referred to as “Chinese Walls”) designed to restrict the flow of information between one area/department of UniCredit Bank and another. In particular, Investment Banking units, including corporate finance, capital market activities, financial advisory and other capital raising activities, are segregated by physical and non-physical boundaries from Markets Units, as well as the research department. Disclosure of publicly available conflicts of interest and other material interests is made in the research. Analysts are supervised and managed on a day-to-day basis by line managers who do not have responsibility for Investment Banking activities, including corporate finance activities, or other activities other than the sale of securities to clients.

ADDITIONAL REQUIRED DISCLOSURES UNDER THE LAWS AND REGULATIONS OF JURISDICTIONS INDICATED

You will find a list of further additional required disclosures under the laws and regulations of the jurisdictions indicated on our website www.cib-unicredit.com/research-disclaimer.

Notice to Austrian investors: This analysis is only for distribution to professional clients (Professionelle Kunden) as defined in article 58 of the Securities Supervision Act.

Notice to investors in Bosnia and Herzegovina: This report is intended only for clients of UniCredit in Bosnia and Herzegovina who are institutional investors (Institucionalni investitori) in accordance with Article 2 of the Law on Securities Market of the Federation of Bosnia and Herzegovina and Article 2 of the Law on Securities Markets of the Republic of Srpska, respectively, and may not be used by or distributed to any other person. This document does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Brazilian investors: The individual analyst(s) responsible for issuing this report represent(s) that: (a) the recommendations herein reflect exclusively the personal views of the analysts and have been prepared in an independent manner, including in relation to UniCredit Group; and (b) except for the potential conflicts of interest listed under the heading “Potential Conflicts of Interest” above, the analysts are not in a position that may impact on the impartiality of this report or that may constitute a conflict of interest, including but not limited to the following: (i) the analysts do not have a relationship of any nature with any person who works for any of the companies that are the object of this report; (ii) the analysts and their respective spouses or partners do not hold, either directly or indirectly, on their behalf or for the account of third parties, securities issued by any of the companies that are the object of this report; (iii) the analysts and their respective spouses or partners are not involved, directly or indirectly, in the acquisition, sale and/or trading in the market of the securities issued by any of the companies that are the object of this report; (iv) the analysts and their respective spouses or partners do not have any financial interest in the companies that are the object of this report; and (v) the compensation of the analysts is not, directly or indirectly, affected by UniCredit’s revenues arising out of its businesses and financial transactions. UniCredit represents that: except for the potential conflicts of interest listed under the heading “Potential Conflicts of Interest” above, UniCredit, its controlled companies, controlling companies or companies under common control (the “UniCredit Group”) are not in a condition that may impact on the impartiality of this report or that may constitute a conflict of interest, including but not limited to the following: (i) the UniCredit Group does not hold material equity interests in the companies that are the object of this report; (ii) the companies that are the object of this report do not hold material equity interests in the UniCredit Group; (iii) the UniCredit Group does not have material financial or commercial interests in the companies or the securities that are the object of this report; (iv) the UniCredit Group is not involved in the acquisition, sale and/or trading of the securities that are the object of this report; and (v) the UniCredit Group does not receive compensation for services rendered to the companies that are the object of this report or to any related parties of such companies.

Notice to Canadian investors: This communication has been prepared by UniCredit Bank AG, which does not have a registered business presence in Canada. This communication is a general discussion of the merits and risks of a security or securities only, and is not in any way meant to be tailored to the needs and circumstances of any recipient. The contents of this communication are for information purposes only, therefore should not be construed as advice and do not constitute an offer to sell, nor a solicitation to buy any securities.

Notice to Cyprus investors: This document is directed only at clients of UniCredit Bank who are persons falling within the Second Appendix (Section 2, Professional Clients) of the law for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other Related Matters, Law 144(I)/2007 and persons to whom it may otherwise lawfully be communicated who possess the experience, knowledge and expertise to make their own investment decisions and properly assess the risks that they incur (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not relevant persons or relevant persons who have requested to be treated as retail clients. Any investment or investment activity to which this communication related is available only to relevant persons and will be engaged in only with relevant persons. This document does not constitute an offer or solicitation to any person to whom it is unlawful to make such an offer or solicitation.

Notice to investors in Ivory Coast: The information contained in the present report have been obtained by Unicredit Bank AG from sources believed to be reliable, however, no express or implied representation or warranty is made by Unicredit Bank AG or any other person as to the completeness or accuracy of such information. All opinions and estimates contained in the present report constitute a judgement of Unicredit Bank AG as of the date of the present report and are subject to change without notice. They are provided in good faith but without assuming legal responsibility. This report is not an offer to sell or solicitation of an offer to buy or invest in securities. Past performance is not an indicator of future performance and future returns cannot be guaranteed, and there is a risk of loss of the initial capital invested. No matter contained in this document may be reproduced or copied by any means without the prior consent of Unicredit Bank AG.

Notice to New Zealand investors: This report is intended for distribution only to persons who are “wholesale clients” within the meaning of the Financial Advisers Act 2008 (“FAA”) and by receiving this report you represent and agree that (i) you are a “wholesale client” under the FAA (ii) you will not distribute this report to any other person, including (in particular) any person who is not a “wholesale client” under the FAA. This report does not constitute or form part of, in relation to any of the securities or products covered by this report, either (i) an offer of securities for subscription or sale under the Securities Act 1978 or (ii) an offer of financial products for issue or sale under the Financial Markets Conduct Act 2013.

Notice to Omani investors: This communication has been prepared by UniCredit Bank AG. UniCredit Bank AG does not have a registered business presence in Oman and does not undertake banking business or provide financial services in Oman and no advice in relation to, or subscription for, any securities, products or financial services may or will be consummated within Oman. The contents of this communication are for the information purposes of sophisticated clients, who are aware of the risks associated with investments in foreign securities and neither constitutes an offer of securities in Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy non-Omani securities in Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued vide CMA Decision 1/2009). This communication has not been approved by and UniCredit Bank AG is not regulated by either the Central Bank of Oman or Oman’s Capital Market Authority.

Notice to Pakistani investors: Investment information, comments and recommendations stated herein are not within the scope of investment advisory activities as defined in sub-section I, Section 2 of the Securities and Exchange Ordinance, 1969 of Pakistan. Investment advisory services are provided in accordance with a contract of engagement on investment advisory services concluded with brokerage houses, portfolio management companies, non-deposit banks and the clients. The distribution of this report is intended only for informational purposes for the use of professional investors and the information and opinions contained herein, or any part of it shall not form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Polish Investors: This document is intended solely for professional clients as defined in Art. 3.39b of the Trading in Financial Instruments Act of 29 July 2005 (as amended). The publisher and distributor of the document certifies that it has acted with due care and diligence in preparing it, however, assumes no liability for its completeness and accuracy. This document is not an advertisement. It should not be used in substitution for the exercise of independent judgment.

Notice to Serbian investors: This analysis is only for distribution to professional clients (profesionalni klijenti) as defined in article 172 of the Law on Capital Markets.

Notice to UK investors: This communication is directed only at clients of UniCredit Bank who (i) have professional experience in matters relating to investments or (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

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UniCredit Research* Erik F. Nielsen Group Chief Economist Global Head of CIB Research +44 207 826-1765 [email protected]

Dr. Ingo Heimig Head of Research Operations +49 89 378-13952 [email protected]

Credit Research

Luis Maglanoc, CFA, Head +49 89 378-12708 [email protected]

Credit Strategy & Structured Credit Research

Dr. Philip Gisdakis, Head Credit Strategy +49 89 378-13228 [email protected]

Dr. Christian Weber, CFA, Deputy Head Credit Strategy +49 89 378-12250 [email protected]

Dr. Tim Brunne Quantitative Credit Strategy +49 89 378-13521 [email protected]

Holger Kapitza Credit Strategy & Structured Credit +49 89 378-28745 [email protected]

Dr. Stefan Kolek EEMEA Corporate Credits & Strategy +49 89 378-12495 [email protected]

Manuel Trojovsky Credit Strategy & Structured Credit +49 89 378-14145 [email protected]

Financials Credit Research

Franz Rudolf, CEFA, Head Covered Bonds +49 89 378-12449 [email protected]

Dr. Tilo Höpker Banks +49 89 378-12960 [email protected]

Luis Maglanoc, CFA Regulatory & Accounting Service +49 89 378-12708 [email protected]

Natalie Tehrani Monfared Regulatory & Accounting Service +49 89 378-12242 [email protected]

Dr. Michael Teig Banks +49 89 378-12429 [email protected]

Emanuel Teuber Covered Bonds +49 89 378-12961 [email protected]

Robert Vielhaber Sub-Sovereigns & Agencies, Green Bonds +49 89 378-12004 [email protected]

Dr. Martina von Terzi Banks, Financial Services, Insurance +49 89 378-14245 [email protected]

Corporate Credit Research

Stephan Haber, CFA, Co-Head Telecoms, Technology +49 89 378-15192 [email protected]

Dr. Sven Kreitmair, CFA, Co-Head Automotive & Mobility +49 89 378-13246 [email protected]

Christian Aust, CFA Industrials +49 89 378-12806 [email protected]

David Bertholdt Capital Goods & Services +49 89 378-13211 [email protected]

Mehmet Dere Oil & Gas, EEMEA Energy, Consumer +49 89 378-11294 [email protected]

Michael Gerstner Utilities, Hybrids +49 89 378-15449 [email protected]

Alexander Rozhetskin EEMEA (Banks, Oil & Gas, Basic Resources, Telecoms) +44 207 826-7953 [email protected]

Jonathan Schroer, CFA Media/Cable, Logistics, Business Services +49 89 378-13212 [email protected]

Dr. Silke Stegemann, CEFA Health Care & Pharma, Food & Beverage, Personal & Household Goods +49 89 378-18202 [email protected]

Publication Address

UniCredit Research Corporate & Investment Banking UniCredit Bank AG Arabellastrasse 12 D-81925 Munich [email protected]

BloombergUCCR Internet www.research.unicredit.eu

*UniCredit Research is the joint research department of UniCredit Bank AG (UniCredit Bank), UniCredit Bank AG London Branch (UniCredit Bank London), UniCredit Bank AG Milan Branch (UniCredit Bank Milan), UniCredit Bank New York (UniCredit Bank NY), UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, Bank Pekao, ZAO UniCredit Bank Russia (UniCredit Russia), UniCredit Bank Romania. CR 23

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