Tightening Slows But Risk Premiums Remain Low

2 September 2016 Credit Research
High Yield Pacenotes
Weekly Highlights Contents

When will turn too tight into too tight to last? _______ 2
iBoxx Rebalancing ___________________________ 4
■ Tightening slowed down somewhat over the week (iBoxx HY NFI -4bp to Rating Actions ______________________________ 5
356bp wow), but this must be seen against the massive decline in risk HY Calendar________________________________ 5
Recommendation Overview ____________________ 5
premiums in August. Last month, credit spreads tightened 38bp and
Latest Company News ________________________ 6
returned 1.8% whereas equities performed much more lackluster (Euro ALBA Group (Hold) _________________________ 6
STOXX 50 +1.1% mom). The iBoxx HY NFI hit the lowest level since Agrokor (Hold) ____________________________ 6
Altice (Buy), Telenet (Hold) ___________________ 7
June 2015 and all sectors posted significant gains (for details, please see
Areva (Hold) ______________________________ 8
our monthly High Yield Index Review). CABB (Hold) ______________________________ 9
HP Pelzer (Hold) ___________________________ 9
■ The overall picture of eurozone growth resilience prevailed. Although Lecta (Hold from Restricted) _________________ 10
final manufacturing PMI data in the eurozone came in slightly below the Matterhorn Telecom (Buy) __________________ 10
preliminary releases, Spain’s reading came in somewhat higher than RCS & RDS (Hold) ________________________ 11
Sappi (Buy) ______________________________ 12
initially reported (51 vs. 50.9), and Germany’s figure (53.6) was United Group (Hold from Restricted) __________ 12
confirmed, whereas French and Italian figures (48.3 and 49.8 Wind (Buy) ______________________________ 13
respectively) were reported lower than their initial estimates. A big Xella (Hold) ______________________________ 14
Zobele (Hold) ____________________________ 14
positive surprise was the UK’s final reading, which came in at 53.3 (vs. a HY Issuers and Bonds _______________________ 16
preliminary reading of 49).
■ Against this backdrop, our economists do not expect any FINANCIALS WEEKLY WINNERS AND LOSERS
announcements at next week’s ECB meeting. The bar for another
ECPG FRN Nov-21
increase in monthly asset purchases appears high, due to the UNIIM FRN Jun-21
LINDOR 9.5% Aug-22
intensification of scarcity problems that this would cause and the NOVBNC 3.5% Jan-43
ICBPI 8.25% May-21
IPFLN 5.75% Apr-21
countermeasures the ECB may have to take. In addition, the side effects DLNA 4.375% Perp
AIB 4.125% Nov-25
RBS 7.0916% Perp
of an even more negative deposit rate would outweigh the benefits. VICEN 9.5% Sep-25
iBoxx EUR HY Financials
UCGIM 3.125% May-24
■ In the US, a lukewarm labor market report followed weaker-than-expected
BACRED 5.75% Apr-23
RBIAV 6.625% May-21
BPIM 4.3% Jan-18
GYCGR 3.75% Perp
ISM manufacturing data (49.4 after 52.6), which showed its first contraction RBIAV 4.5% Feb-25
NDB 4.75% Oct-23
in six months amid declining new orders (49.1 after 56.9). Note that our MONTE 5% Apr-20
MONTE 5.6% Sep-20
MONTE FRN Nov-17
economists stick to their forecast of a 25bp rate hike in December after -3% -2% -1% 0% 1% 2%
nonfarm payrolls trailed estimates in August (+151k) and the weekly total return
unemployment rate stayed unchanged at 4.9%. In addition, details proved

Source: iBoxx, UniCredit Research
a tad softer as the average workweek declined (34.3, lowest since
February 2014) and hourly earnings increased merely 0.1% mom, lowering
the yoy rate to 2.4% (after 2.5%). However, the figures should not prevent
the Fed from raising before year-end as the month of August traditionally
tends to be on the weaker side, which seems to be a seasonal adjustment
issue more than underlying weakness, our economists note.
NON-FINANCIALS WEEKLY WINNERS AND LOSERS
AREVAF 3.125% Mar-23

AREVAF 3.5% Mar-21
AREVAF 4.875% Sep-24
AREVAF 3.25% Sep-20
OHLSM 4.75% Mar-22
OHLSM 5.5% Mar-23
AREVAF 4.375% Nov-19
OHLSM 7.625% Mar-20
VKFP 2.25% Sep-24
REPSM 4.5% Mar-75
iBoxx EUR HY Non-Financials
SCHMAN 7% Jul-23
PETBRA 4.75% Jan-25 Author
BULENR 4.875% Aug-21 Dr. Christian Weber, CFA (UniCredit Bank)
GAMENT 6% Aug-21 +49 89 378-12250
VERITS 7.5% Feb-23
CABBCO 6.875% Jun-22
christian.weber@unicredit.de
CMACG 7.75% Jan-21
Bloomberg
CMACG 8.75% Dec-18
IKKSFR 6.75% Jul-21 UCCR
QUIBB FRN Apr-19
Internet
-6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% www.research.unicredit.eu
weekly total return
UniCredit Research page 1 See last pages for disclaimer.

When will turn too tight into too tight to last?

iBoxx HY Excess Return vs. Bund Risk compensation in high yield is approaching critically low levels
Bund iBoxx EUR HY main cum xover cumulated excess
8% 300 5.5
6%
250 5
4%
Total return in %
2% 200 4.5
0%
150 4
-2%
-4% 100 3.5
-6%
50 3
-8% Spread (ASW) / leverage in bp 10Y median spread/lev.
3Y median spread / lev. Median net debt adj. / EBITDA (adj)
-10% 0 2.5
Apr-16
Oct-15
Sep-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Feb-06
Jun-06
Feb-07
Jun-07
Feb-08
Jun-08
Feb-09
Jun-09
Feb-10
Jun-10
Feb-11
Jun-11
Feb-12
Jun-12
Feb-13
Jun-13
Feb-14
Jun-14
Feb-15
Jun-15
Feb-16
Jun-16
Risk compensation looking Ongoing easy access to financing and stagnating-to-receding earnings are elevating the
stretched…
downside risks. After trading wide at the beginning of the year and high yield still hovering
around reasonable valuation levels in 1H16, the ongoing rally in spreads has increasingly
been accompanied by rising leverage ratios in recent months. Median net debt/EBITDA crept
up to 4.4x at the end of August – the highest level since 2009 (grey line in the right chart).
This has suppressed risk compensation in high yield – as measured by the spread for one
unit of leverage (red line in the right chart) – to 81bp, the lowest level since mid-2007 and
about one third below the 10Y median of 114bp. While ongoing ECB purchases and
continued expansion may keep things calm for a while, the next consolidation phase could be
quite painful. Especially as development of the leverage ratio and risk compensation must be
balanced against a rating quality improvement in Europe since 2010. The share of BB issues
has climbed 6pp to 67% in the iBoxx HY NFI, meaning that risk compensation is not quite as
good as it was during the financial crisis – when about half the index’s issues were rated BB.
Risk compensation is well below its median value over the past three years (99bp, black
horizontal line). This comfort zone of risk compensation (red shaded area) between the 3Y
and 10Y median value (116bp, light red horizontal line) of spread-per-leverage suggests that
current risk premiums have substantially deviated from fundamentals.
…leaving investors exposed to Stretched fundamental valuations may prevail for some time, as history – and in particular the
increased downside risk
years leading up to the financial crisis – have shown. However, when the tables turn, history
has also shown – as recently as the beginning of the year – that the consolidation momentum
to overpricing can be high and does not necessarily stop at reasonable levels. The very
limited secondary trading capabilities, coupled with ultra-low yields, rising inflation rates
towards year-end, another rate hike by the Fed, and uncertainty following the Brexit vote all
add to significant downside risks – regardless of ECB asset purchases.

INDEX PERFORMANCE
XOver vs. Cash Index Spread Index Performance

iBoxx EUR High Yield main cum xover iTraxx Eur Xover Spread (RS) iBoxx HY Non-Financials iBoxx HY Financials
600 160 NFI cumulated FIN cumulated
8%
550 140
6%
500 120
Total return in %
4%
450 100
400 80 2%
350 60
0%
300 40
-2%
250 20
200 0 -4%
Apr-16
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Mar-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Feb-16
Apr-16
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Source: iBoxx, Markit, UniCredit Research
PERFORMANCE & SPREAD BY RATING
3M cumulated performance by BB/B/CCC 3M daily spread movement by BB/B/CCC

iBoxx HY NFI BB iBoxx HY NFI B iBoxx HY NFI CCC iBoxx EUR High Yield NFI BB iBoxx EUR High Yield NFI B
iBoxx EUR High Yield NFI CCC
8% 1,400
6%
1,200
Total return in %
4%
1,000
ASW-Spread (bp)
2%
800
0%
600
-2%
400
-4%
200
-6%
Sep-15
Aug-16
Sep-16
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
0
Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-1
RATING ISSUANCE & RATING STRUCTURE
Issuance by Rating Rating Structure

BB B CCC Avg Rating BB B CCC CC C
16 100%
90%
14 BB
Issuance volume in EUR bn
80%
Average rating at issuance
12
70%
iBoxx HY Weight
10
60%
8 B
50%
6 40%
4 30%
2 CCC 20%
0 10%
Aug-11
Nov-11
May-12
Aug-12
Nov-12
May-13
Aug-13
Nov-13
May-14
Aug-14
Nov-14
May-15
Aug-15
Nov-15
May-16
Aug-16
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
0%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016

DEFAULT RATES AND SECTOR STRUCTURE
Spread vs. Default Rate Sector Structure

Default Rate Global Baseline Forecast FNL CGD IDU TEL BSC CSV CNS OIG THE UTI HCA MDI
Global Pessimistic Forecast Global Optimistic Forecast 100%
iBoxx EUR HY main cum xover (RS)
16% 1,600 90%
Moody's 12-Month Default Rate
14% 1,400 80%

70%
ASW-Spread (bp)
iBoxx HY Weight
12% 1,200
60%
10% 1,000
50%
8% 800
40%
6% 600
30%
4% 400 20%
2% 200 10%
0% 0 0%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
iBoxx Rebalancing
Sector Action Issuer iBoxx vol. Aug-16 (mn) iBoxx vol. Sep-16 (mn) ISIN Bond Volume
NFI OUT Fresenius 2,200 0 XS1013954646 FREGR 2.375% Feb-19 300
XS0759200321 FREGR 4.25% Apr-19 500
XS0873432511 FREGR 2.875% Jul-20 500
XS1013955379 FREGR 3% Feb-21 450
XS1026109204 FREGR 4% Feb-24 450
Gamenet 164 200 XS0954289913 GAMENT 7.25% Aug-18 164
Ineos 1,870 2,020 XS0928189777 INEGRP 6.5% Aug-18 500
Isolux 850 0 XS1046702293 ISOLUX 6.625% Apr-21 850
Lecta 1,091 600 XS0780141999 LECTA FRN May-18 291
XS0780068036 LECTA 8.875% May-19 200
Schaeffler 3,610 3,010 XS0923613060 SHAEFF 4.25% May-18 600
RED Huntsman 743 739 XS1395182683 HUN 4.25% Apr-25 -4
Innovia Films 342 267 XS1032974609 INNOGB FRN Mar-20 -75
Manutencoop 345 300 XS0808635352 MANTEN 8.5% Aug-20 -45
Petrobras 5,589 5,263 XS0982711631 PETBRA 2.75% Jan-18 -181
XS0716979249 PETBRA 4.875% Mar-18 -144
IN Adient 0 1,000 XS1468662801 ADGLHO 3.5% Aug-24 1,000
Axalta Coating Systems 250 585 XS1468538035 AXTA 4.25% Aug-24 335
Bulgarian Energy 500 1,050 XS1405778041 BULENR 4.875% Aug-21 550
Cellnex Telecom 600 1,350 XS1468525057 CLNXSM 2.375% Jan-24 750
Gamenet 164 200 XS1458462428 GAMENT 6% Aug-21 200
Ineos 1,870 2,020 XS1405769990 INEGRP 5.375% Aug-24 650
Schumann 0 400 XS1454980159 SCHMAN 7% Jul-23 400
Veritas US 0 262 XS1357678322 VERITS 7.5% Feb-23 262
TAP Horizon Holdings 525 725 XS1265903937 VERALL 5.125% Aug-22 +200
FNL OUT Alpha Bank 500 0 FR0010670422 ALPHA 10.653% Perp 500

Rating Actions
Rating Date Issuer Agency action Rating Type From To
29-Aug-16 Fortescue Metals (FMGAU) S&P Outlook NEG STABLE
Fitch Senior Unsecured Debt BB+ BB+
Outlook NEG STABLE
Vale (VALEBZ) S&P Outlook NEG STABLE
31-Aug-16 Caixa Geral de Depositos (CXGD) S&P watch positive Issuer Credit Rating BB- BB-*+
1-Sep-16 Progroup (PROGRP) Moody's upgrade Issue Rating B1 Ba2
Outlook STABLE STABLE
Voto-Votrantim (VOTORA) S&P remove watch Issuer Credit Rating BB+*- BB+
negative
Outlook NEG
Source: iBoxx, Agencies, UniCredit Research
HY Calendar
Mon, 05 Sep Tue, 06 Sep Wed, 07 Sep Thu, 08 Sep Fri, 09 Sep
-- -- Gestamp: 1H16 results Xella: 1H16 conference call --
at 11:00 CET
Source: iBoxx, Agencies, UniCredit Research
Recommendation Overview
Buy Hold Sell
Altice Agrokor Motherson Bilfinger
Amplifon Alain Afflelou Nokia Bombardier
Faurecia ALBA Group Ontex Hapag-Lloyd
Grupo Antolin Anglo American OTE Hellenic Telecom Hertz
Guala Closures ArcelorMittal Phoenix Peugeot
HeidelbergCement Ardagh Piaggio Stora Enso
IGT Areva RCS & RDS ThyssenKrupp
Italcementi Bormioli Rocco Schmolz & Bickenbach
LKQ Buzzi Unicem Smurfit Kappa
Manutencoop CABB Snai
Matterhorn Telecom Cirsa STADA
MOL CMC di Ravenna Sunrise
Onorato Armatori CNH Industrial Techem
Prada Douglas Telecom Italia
Sappi Europcar Telenet
Schaeffler FCA Tesco
SFR Group FMC TMF Group
Thomas Cook Gestamp TUI
Wind Goodyear United Group
ZF Friedrichshafen Groupe Casino Unitymedia
Hornbach UPC
HP Pelzer Vestas
Ineos Virgin Media
Inovyn Volvo Car
ista Wienerberger
Lecta Xella
Leonardo-Finmeccanica Ziggo
Lufthansa Zobele
Mahle
Source: UniCredit Research

Latest Company News

ALBA Group (Hold)
Tuesday, 30 August ALBA Group (--/B-n/--) reported weak 1H16 results yesterday, mainly driven by the
1H16 results continue to be hit challenging scrap metals environment and changes in the portfolio in the course of 2015.
by challenging scrap metals ALBA’s revenues dropped by 25% yoy to EUR 903mn. This decline is mainly driven by the
environment
negative development in the ferrous and non-ferrous scrap markets. Additionally, a negative
EUR 62mn came from the Green Fuel transaction as well as by company sales and site
closures carried out 2015 in the Scrap and Metals business. EBITDA in 1H16 dropped by
36% to EUR 52mn, mainly related to the previously described portfolio changes. Adjusted for
extraordinary results, the company’s EBITDA dropped by 1% yoy to EUR 55mn. In segment
terms, 1H16 EBITDA at Waste & Metals declined by 16% yoy to EUR 43mn on lower margins
and volumes. On a like-for-like basis, i.e. adjusted for portfolio effects, the company’s sales
dropped by around 24% yoy, driven by headwinds in the scrap metals markets. In the
Services business, ALBA’s sales revenues (EUR 240mn) and EBITDA (EUR 20mn) remained
broadly stable yoy. We calculate negative EUR 38mn FCF at the end of the first half, while
the company’s net financial liabilities rose to around EUR 417mn compared to around EUR
376mn at 1Q16 and FYE 2015. On an adjusted basis (UniCredit-adjusted), we calculate net
debt/EBITDA of 5.4x in 1H16, up from 4.4x in FY15. Regarding liquidity, we note that the
company reported EUR 25mn in cash, and management said in the FY15 conference call that
it had more than EUR 100mn in an RCF. However, we note that over the first quarter ALBA
drew around EUR 20mn from its RCF. With regard to ALBA’s 2016 targets, the company
guides for a significant increase in EBITDA, a positive free cash flow and a significant
decrease in net debt. On current M&A activities, ALBA stated that in the first quarter of 2016,
the company initiated two disposal processes. First, the sale of a majority of certain parts of
its Waste and Metals activities for a roll-out of such businesses (together with an Asian
investor) in China. Second, the sale of a qualified majority in the group’s Service segment.
ALBA confirmed that both disposal processes are well on track. In the course of the strategic
development of ALBA, the Lübeck site, which currently belongs to ALBA Metall Nord GmbH,
will be sold effective 1 September 2016. The asset sale and purchase agreement was signed
on 1 August. This asset deal relates to the Scrap & Metals business and is part of the
company’s portfolio-optimization program. We keep our hold recommendation on ALBA.
While we do not expect a lot of upside for the bonds, current valuations seem attractive.
However, the challenging environment in the metals business and execution risks regarding
ALBA’s “China Growth” strategy and the equity process should dampen upside. Going
forward we see the latter point combined with the scrap metal prices as the main credit driver.
In the long term we continue to see debt refinancing as the major risk for the company.
Mehmet Dere (UniCredit Bank) Michael Gerstner (UniCredit Bank)

+49 89 378 11294 +49 89 378-15449
mehmet.dere@unicredit.de michael.gerstner@unicredit.de
Agrokor (Hold)
Tuesday, 30 August Agrokor (B2s/Bs/--) has released somewhat weak 1H16 results, with revenues declining by
Reports weak 1H16 results with 3.5% yoy to HRK 21.7bn on a consolidated basis. For the first half of 2016, we calculate an
adjusted leverage increasing EBITDA of HRK 942mn, down by 52.5% yoy (1Q15: HRK 811mn). For 1H16 we calculate
FCF of HRK 489mn (1H15: -1,354mn), mainly related to strong working capital generation.
Compared to FYE 2015, the company’s net debt dropped slightly to HRK 23.1bn (stable vs.
1Q16). All in all, on a UniCredit-adjusted basis (incl. PiK), we calculate a net debt/EBITDA of
6.5x compared to 6.2x at FYE 2015. In the conference call on its 1Q16 results, management
provided further clarification on its plans for potential refinancing. Regarding the capital
structure, we understand from management statements that around EUR 700-800mn of debt

will mature over the next 12-24 months and that it is in discussions with its banks about
refinancing. However, we understand that the company is also open to approaching the
capital market. Just in order to provide some indication on potential pricing, Agrokor signed a
six-year EUR 350mn term loan facility in April for a coupon of around 6%. We keep our hold
recommendation on Agrokor bonds and note that, from a credit perspective, we will be
focused on a potential headlines and statements regarding potential refinancing as the bonds
trade at their next call levels. We do not expect significant deviations in bond prices in the
short term, which underpins our hold recommendation. Therefore, from an operational
perspective, our main concern in the short term is the challenging environment in Slovenia as
well as commodity-price-related changes in the EBITDA margin at its food manufacturing and
distribution business.
Mehmet Dere (UniCredit Bank) Michael Gerstner (UniCredit Bank)

+49 89 378 11294 +49 89 378-15449
mehmet.dere@unicredit.de michael.gerstner@unicredit.de
Altice (Buy), Telenet (Hold)

Friday, 02 September L’Echo reported today that Telenet, Orange and Apax have all expressed interest in buying
Sale of SFR belgium reportedly Altice’s SFR Belgium unit. The information was originally reported in July, but appears to have
gains traction become more concrete, with the three bidders reportedly having been selected by Lazard to
enter a second round of bidding. L’Echo cites a potential transaction value of EUR 500mn,
which sounds reasonable to us and is based on a 10x EBITDA multiple. We believe that the
rumors likely have substance because of the following: 1. Altice will likely struggle to grow in
Belgium with Telenet and Proximus now having dominant positions in the market with
converged product offerings; 2. Altice’s regional profile is becoming more complex to manage
with the shift toward the US, making the earlier, smaller acquisitions expendable; 3. especially
Telenet, but also Orange could benefit from adding more fixed assets to their existing
businesses. We see the sale as particularly interesting for Telenet, which could expand its
fixed business in Brussels. The acquisition could also generate additional synergies from the
BASE acquisition, which gave Telenet nationwide mobile coverage. The fact that Orange and
Apax are also showing interest should ensure that Altice would receive an attractive price for
the sale.
Now that the rumors on the sale of SFR Belgium have become more concrete, we would
expect TNETBB bonds, in particular, to have a weaker performance until details on the
valuation and financing are clarified. The transaction would probably have a negative impact
on Telenet’s leverage at first, but would be positive in the longer term due to the stronger
business profile and the synergies that would be generated. We confirm our hold
recommendation on TNETBB bonds, which we expect will struggle to outperform in the short
term. The primary beneficiary within the Altice group would be ALTICE bonds, as SFR
Belgium is part of Altice International. We also would not rule out that Altice might decide to
sell other, smaller subsidiaries within Altice International in the medium term as part of a
portfolio optimization process. However, we see upside for ATCNA bonds (Altice Luxembourg
SA), which would also benefit from deleveraging within Altice International. In addition, it is
possible that deleveraging at the Altice International level could eventually result in cash
upstreaming to the ATCNA level to deleverage more directly there if leverage at the ALTICE
level declined substantially below 4.0x. We therefore reiterate our buy recommendations on
ALTICE and ATCNA bonds.
Jonathan Schroer, CFA (UniCredit Bank)

+49 89 378-13212
jonathan.schroer@unicredit.de

Areva (Hold)
Wednesday, 31 August Yesterday, Areva reported that it had formally initiated the process for transferring all assets
Initiates transfer process, and liabilities related to its nuclear fuel cycle activities (including Mining, Front End and Back
provides update on capital End activities) as well as all bondholder debt to its NewCo. Areva further confirmed the
increase and liability transfer
projected EUR 5bn capital increase (subject to approval by the European Commission), which
will be divided into EUR 2bn in Areva and EUR 3bn into NewCo. The liability transfer will
exclude the 2016 bond issue, which will be repaid by Areva at maturity. The remuneration of
the contribution will be determined on the basis of the actual value of the assets and liabilities
transferred, in the order of EUR 1.4bn, valuing NewCo post-transfer at around EUR 2bn. A
bondholder meeting will take place on 19 September for bonds issued by Areva and maturing
between 2017 and 2024, to approve the draft partial transfer agreement. Bonds will be
granted a temporary guarantee by Areva until completion of the NewCo capital increase, in
the form of an irrevocable joint and several guarantee. Last Friday, S&P affirmed Areva’s
ratings and kept its developing outlook. This is mainly driven by S&P’s belief that Areva is
thus far on track to achieving its plan of focusing on the nuclear fuel cycle, cutting costs and
disposing of some key assets. However, S&P thinks that material execution risks (e.g. a
successful sale of Areva NP or a firm offer from a minority investor in Areva New Co) remain.
According to S&P, the EUR 5bn capital increase (by 20 January 2017), which is subject to
approval from the European competition authorities later this year, will be critical to address
Areva's current unsustainable leverage (>10x at 1H16). In view of Areva's pending bond
repayment, sizable negative free cash flow in 2H16 and the maturity of its undrawn bridge
facility in January 2017, S&P regards Areva’s liquidity as largely dependent on a short-term
shareholder loan being approved (assumed by the end of November) if there is a delay to the
capital increase. S&P adds that it regards the approval of a shareholder loan as highly likely.
The developing outlook reflects that S&P may take a positive rating action if the capital
increase is executed in line with the agency’s expectations in early 2017. Additional upside
would stem from tangible progress on the company's plan to dispose of non-strategic assets
for a total of EUR 2.9bn by year-end 2017, achieve cost savings, and reduce negative FOCF
over the medium term. Conversely, S&P could downgrade Areva by one or several notches if
the company does not receive the shareholder loan or obtain approval for the capital increase
by the end of November. For FY16, Areva expects net cash flow from operations to be close
to EUR -1.5bn (previously: EUR -2bn to EUR -1.5bn). As of 30 June 2016, Areva’s available
gross cash totaled EUR 2.1bn, compared to EUR 1.9bn in current financial debt. Areva’s
2016 liquidity is ensured by an undrawn bridge loan of EUR 1.2bn, which would be due in
January 2017 if drawn. Beyond that, liquidity will be ensured by the EUR 5bn capital increase
(January 2017). In the event of a temporary delay, Areva would request a shareholder loan.
With regard to the evolution on its restructuring, we regard the latest set of news as
encouraging. We further note that Areva is already making good progress with regard to its
smaller disposals. Also, the latest announcement on how EUR 5bn capital increase will be
split between Areva and the New Co and the amount of debt that will be finally transferred to
the New Co finally provides some clarity for bond investors. Cash prices for Areva’s five bond
issues maturing between 2019 and 2024 are up between 6 to 7 points this morning. However,
we note that some major topics are still open. These are: 1. a final approval of the EUR 5bn
capital increase by the European Commission, and 2. the successful sale of Areva NP, which
we think is somewhat related to the results of the Flamanville inspection. Hence, today’s price
reaction might be somewhat excessive. That said, we keep our hold recommendation on the
name. We expect volatility on Areva’s bonds to continue and view the AREVAF 4.375% 11/19
bond as the most attractive on the curve, offered at a cash price of around 101 (4% YTM).
Michael Gerstner (UniCredit Bank)

+49 89 378-15449
michael.gerstner@unicredit.de

CABB (Hold)
Monday, 29 August On Friday, CABB reported 2Q16 results that were below our expectations in terms of sales
2Q16 below expectations but and EBITDA. Sales of EUR 104.7mn (-14.7% yoy) were behind our forecast of EUR 115mn
full-year EBITDA outlook and EBITDA of EUR 22mn compared to our forecast of EUR 26mn. The margin of 21% was
confirmed
therefore also behind our forecast of 22.6%. Both of the company’s main segments reported
sales declines, but Custom Manufacturing was down particularly sharply, with a decline of
17.3% to EUR 78.7mn. CABB cited lower demand for its products as the reason for the drop.
The company noted that its agrochemical customers, in particular, were impacted by the
difficult market environment, due to high commodity stock levels, low crop prices, poor
weather conditions and reduced farm incomes. The company expects these factors to remain
in place throughout 2016. Custom Manufacturing EBITDA was down by EUR 4.6mn, or 22%,
in line with the company’s expectations. The decline was attributable to lower volumes and a
negative product mix, which was partially offset by ongoing cost control. Revenues in the
Acetyls segment were down EUR 3.3mn, or 7.0%, to EUR 43.7mn. The company said that
demand was solid in Europe, but weaker in the Americas and India, due to soft agrochemical,
oil and shale-gas markets. CABB also stated that the new MCA plant in China is ramping up
more slowly than anticipated and is now expected to reach full capacity in 4Q16. EBITDA in
Acetyls was down EUR 1.2mn, or 14.5%, due to the lower demand and weaker prices
described above. The company said that EBITDA in the segment was short of expectations in
2Q16. Group FCF for 2Q16 was positive at EUR 7.0mn. Fully-adjusted net leverage
(including pensions) came to 6.3x, which was above our estimate, due to the weaker EBITDA
and an increase in pensions qoq. With the FY16 results, CABB left its FY16 outlook
unchanged overall and continues to expect a maximum high single-digit EBITDA decline this
year (and neutral W/C). Hence, the floor is expected to remain at EUR 90mn EBITDA this
year. In FY17, management expects capex to decline slightly from EUR 40mn this year to the
high thirties. We reiterate our hold recommendation on CABB, despite the somewhat softer
2Q16 results. We continue to prefer the unsecured CABBCO 6.875% 22 offered at a cash
price of 90 (YTW: 9.1%), given the company’s still solid liquidity, strong long-term growth
prospects, substantial equity cushion and the over 400bp pickup in Z-spread that the bond
offers to the secured CABBO 5.25% 21 (for around 2.0x additional net leverage through the
unsecured tranche at 2016E EBITDA).
Christian Aust, CFA (UniCredit Bank)

+49 89 378-12806
christian.aust@unicredit.de
HP Pelzer (Hold)
Tuesday, 30 August HP Pelzer (B1s/B+n/Bs) reported strong 2Q16 results on the sales (+12.5%) and EBITDA
Strong 2Q16 results at sales level (+16.6%). In 2Q16, sales increased by 12.5% to EUR 36.7mn. From a regional
and EBITDA level perspective, sales in Europe improved by 38% to EUR 178.2mn driven by an increase in
serial sales. Sales in NAFTA decreased by 17.7% to EUR 74.1mn and remained more or less
stable in Asia (+1.1%). In 2Q16, EBITDA increased by 16.6% to EUR 29.6mn. In 1H16, cash
flow from operating activities was EUR 18.9mn (1H15: EUR 11.5mn). At 30 June 2016, net
debt remained more or less stable at EUR 260.1mn (31 Dec. 2015: EUR 254.9mn). In the
FY15 conference call, management highlighted that it expects organic revenue growth of 2-
2.5%, in line with the market. The company’s internal capex plan is to spend a maximum of a
third of its EBITDA. We note that the bond covenants allow an increase in leverage to up to
3.5x. We expect adjusted EBITDA of EUR 115mn in FY16 and FCF of EUR 18mn (after the
EUR 3mn annual payment for its EUR 15mn cartel fine) and derive net leverage of 2.1x in
FY16. We believe that, given M&A transactions and consolidation headlines in the interiors
business (e.g. Antolin acquired Magna’s interior assets and Motherson is interested in IAC),
as well as the company’s low leverage, HP Pelzer’s desire for a growth transaction is

understandable. On 14 July, Moody’s upgraded HP Pelzer by one notch to B1 with stable

outlook, the same level as S&P. Moody’s said this reflects that, over the past two years, HP
Pelzer has been able to significantly improve its profitability on the back of strong cost control
and a stronger focus on profitable contracts, resulting in an overall stable leverage of around
3.5x despite a tap issue in 2015. Moody’s added that, although a further upgrade is currently
unlikely given HP Pelzer's narrow business profile. Given the risk of releveraging and possibly
bond supply risk, as well as increased headwind from raw material prices and FX, and as any
bond upside is quite limited given its call price, we keep our hold recommendation on the
PELHOL 7.5% 7/21 bond, which has its first call on 15 July 2017 at 103.75 and has traded in
a price range of between 105 and 106.5 since mid-May. HP Pelzer will hold a conference call
today at 14:00 GMT.
Dr. Sven Kreitmair, CFA (UniCredit Bank) Dr. Silke Stegemann, CEFA (UniCredit Bank)
+49 89 378-13246 +49 89 378-18202
sven.kreitmair@unicredit.de silke.stegemann@unicredit.de
Lecta (Hold from Restricted)

Monday, 29 August Lecta reported 2Q16 results this morning that confirmed the improved profitability of the group
negative FCF in 2Q16 due to but came in weak on the FCF side. LECTA reported 2Q16 revenues down 4.5% yoy to EUR
working capital 358mn, driven by lower paper volumes (-3%) and energy prices (-27%), while average paper
prices (EUR 905/t) remained broadly stable yoy (still reflecting the capacity closures in the
industry in past quarters). Reported EBITDA of EUR 31.4mn in 2Q16 (8.9% margin, stable
sequentially) improved a comparable 11% yoy, reflecting lower raw material costs (pulp,
energy) and continued cost savings. However, FCF was disappointing and remained negative
at EUR 19mn in what is usually a seasonally positive FCF quarter. This was mainly due to the
payment of suppliers in the quarter (potentially a timing issue). Hence, Lecta's cash position
(net of overdrafts) dropped to EUR 95.5mn at end-June 2016 (from EUR 117mn in 1Q16).
However, we note that Lecta – in combination with the recent refinancing of the bonds in July
2016 – had negotiated a new 2022 RCF of EUR 65mn (replaced the old EUR 80mn 2018
RCF, which was unused as of end-June 2016). As management had already indicated solid
EBITDA performance in 2Q16 (update on April/May 2016 had been provided ahead of the
refinancing), we expect the focus today to remain on the weak FCF generation due to W/C in
2Q16. While this could trigger some profit-taking in the new Lecta notes, we reinstate our hold
recommendation on Lecta (from restricted) as the refinancing has pushed out debt maturities
to 2022/23 and overall liquidity remains solid which should support the continued
transformation of the group in order to further sustain the EBITDA turnaround.

+49 89 378-12806
Matterhorn Telecom (Buy)

Monday, 29 August Salt Mobile reported 2Q16 results that were slightly better than our expectations, particularly
2Q16 results show improving as strong cash generation led to lower net leverage. Revenues of CHF 272.3mn (or CHF
operating momentum 275.2mn excluding instalment accounting) were just under our forecast of CHF 278mn but
adjusted EBITDA of CHF 107.3mn (or CHF 111.9mn excluding instalment accounting) was
slightly above our forecast of CHF 105mn. Similar to 1Q16, revenue in 2Q16 was down 15%
yoy (or -10.7% excluding instalment accounting), due to a decrease in equipment revenue as
well as to the negative effect of instalment accounting. In terms of KPIs, mobile subscribers
fell 11.3% yoy overall to 1,906,000 in 1H16. However, most of this decline was from prepay
subscribers (-26.8% to 736,000) as the number of postpaid subscribers were up 2.4% to
1,169,000. This compares to a 6.2% gain in postpaid customers and a 9.6% decline yoy in

prepaid at Sunrise Communications (2Q16). Mobile ARPU (excluding instalment accounting)

was up 1.6% yoy to CHF 37.7 in 1H15. This compares to a 3.9% decline in blended mobile
ARPU at Sunrise (2Q16) to CHF 32.2. Adjusted EBITDA was up 8.3% yoy to CHF 107.3mn
(or +26% excluding instalment accounting), showing an improvement from the 2.3% decline
yoy in 1Q16 to CHF 102.2mn (or +17.9% excluding instalment accounting). The adjusted
EBITDA margin was up to 40.7% in 2Q16 (excluding instalment accounting) from 38.0% in
1Q16, demonstrating a sequential increase in operating momentum. Salt attributed this to
savings on commercial and operating expenses, such as lower labor costs. FCF of CHF
98mn in 2Q16 was above our expectation and led to net debt of CHF 1,780mn, lower than we
had expected. As a result, the leverage ratio (based on adjusted EBITDA excluding
instalment accounting) was 4.23x, which was lower than our expectation of 4.54x and was
down meaningfully from the 4.68x reported for 1Q16. In a recently published credit update,
S&P expects that the adjusted debt-to-EBITDA ratio will improve from 5.9x at FYE 2015 to
5.5x or below in 2016-2017 and that the FOCF-to-debt ratio will remain above 5%. Rating
upgrade potential by one notch would be driven by an adjusted debt-to-EBITDA ratio
declining towards 5.0x. We note that Salt’s management has the priority to reduce reported
leverage to below 4x (from around 4.9x at FYE 2015). However, any rating upside would
likely be limited to one notch given the lack of information on private holding company NJJ
Capital. Given Salt's fast deleveraging in 1H16, a one notch upgrade after the release of
FY16 results appears likely, in our view.
We expect further details on the competitive environment for telecoms in Switzerland at the
company’s results conference call on Tuesday. However, based on the information released
so far, it appears that Salt is holding up well in a tough environment. The improvement in
EBITDA and strong cash flow generation demonstrated rising operating efficiency, despite
slightly weaker revenue generation yoy and qoq. Current deleveraging is quite rapid and will
likely result in positive rating action during the next 12 months (in the absence of M&A
activity), in our view. We therefore reiterate our buy recommendation on MATTER bonds.
Stephan Haber, CFA (UniCredit Bank) Jonathan Schroer, CFA (UniCredit Bank)
+49 89 378-15192 +49 89 378-13212
stephan.haber@unicredit.de jonathan.schroer@unicredit.de
RCS & RDS (Hold)

Monday, 29 August RCS & RDS (B1a/B+s/--) reported 2Q16 revenues and EBITDA bang in line with our
2Q16 results in line with expectations. Revenues in the quarter came to EUR 205.3mn (UniCredit: EUR 205mn), up
forecasts and recent trends 11.3%. Every region showed growth, but – as in previous quarters – the main driver of
revenue growth was the Romanian mobile business, where revenues were up 43.4% to
EUR 28.1mn. This was due to a 26% surge in mobile RGUs in Romania to 2.95mn and a
13% increase in ARPU yoy. Revenues in Romania collectively were up 12.4% to
EUR 148.5mn, compared to revenue growth of 6.1% to EUR 33.3mn in Hungary, 17.0% to
EUR 21.3mn in Spain and 21% to EUR 2.3mn in Italy. EBITDA came to EUR 65.7mn
(UniCredit: 66mn), up 15.3% yoy, for a margin of 32%. RGUs were up significantly in all of the
company’s most important product categories (e.g. cable TV, fixed internet and data).
However, as usual, capex came in above expectations at EUR 48mn. With EUR 106.6mn so
far through 1H16, it therefore appears the company will struggle to meet its EUR 190mn
target for FY16. As we expected, FOCF (OCF – capex) was slightly negative in the quarter at
EUR 7.4mn, bringing net debt to EUR 662mn from EUR 664mn as of 1Q16. Since RCS &
RDS usually includes some other items in its net debt calculations, such as financial leases
and “other debt”, this should have kept the net leverage ratio around 2.7x, which is in line with
our expectation.
RCS & RDS continues to show rising operating momentum as the mobile products in
Romania gain from strong subscriber and ARPU growth. The company’s other key region,

Hungary, also shows sustained growth, although not as strong as that of Romania. The only
negative aspect of the company’s performance is capex, which continues to run above
budget. This prevents stronger FCF generation and, thus, more deleveraging momentum.
Without stronger cash generation, we expect deleveraging momentum to slow down from this
point, as the easier yoy increases in EBITDA disappear starting in 3Q16. Nevertheless, we
see no reason why the company’s revenue and EBITDA growth will not continue in the
coming quarters, although probably at a less rapid pace in a yoy comparison.
CBLCSY currently trades at a minimal yield on a YTW basis, with the bid price of 105.0 just
above the call price of 103.75. Given low turnover of the bond at this point, we expect the
price to remain stable until the call date on 1 November. We see the likelihood of the bond
being called as very high at this point. However, there are clearly much more attractive yields
available in the high-yield cable universe. If the bond is not called in November, then the YTM
looks much more attractive, with a mid-yield of 5.9%. We therefore reiterate our hold
recommendation for now, notably for investors seeking short-term exposure to CEE credits.

+49 89 378-13212
Sappi (Buy)
Thursday, 01 September Following release of the security package for the SAPSJ secured bonds due to Sappi having
Moody's and S&P change issue maintained a reported net leverage level of below 2.5x since 2Q15/16 (two consecutive
ratings following release of quarters), Moody’s and S&P have made changes to the issue and recovery ratings while
security package
Sappi’s corporate ratings remain at Ba3/positive and BB-/positive, respectively. Moody’s
lowered the issue ratings of the (formerly) secured tranches by one notch to Ba3 (but left the
rating of the unsecured USD 32s bond at B2) while S&P aligned the rating of the always
unsecured SAPSJ USD 32s with that of the now unsecured bonds at BB- (rating unchanged).
We note that the SAPSJ 32s, unlike the former secured SAPSJ bonds, are not guaranteed by
Sappi’s main operating subsidiaries (outside South Africa) but are also issued by Sappi
Papier Holding GmbH. We expect no impact on the (former secured) outstanding SAPSJ
bonds from the rating changes but a positive impact on the SAPSJ 32s bond, still trading at a
YTW of 8.5%. We keep a buy recommendation on Sappi as we expect the deleveraging to
result in an upgrade of the corporate rating at Moody’s and S&P and as SAPSJ 22s and 23s
continue to trade with a pick-up to other similarly-rated (and unsecured) paper/packaging
peers (e.g. STERV 23s).

+49 89 378-12806
United Group (Hold from Restricted)

Tuesday, 30 August United Group (B2s/Bs/--) reported 2Q16 results that were above our expectations on the
2H16 results above our revenue and EBITDA lines. Revenue of EUR 118mn in 2Q16 was up 21% yoy compared with
expectations, but M&A activity our estimate of EUR 109mn (1H16: +29% to EUR 222mn). This compares with EUR 104mn
increasing
reported in 1Q16 and thus shows a good sequential operating dynamic. EBITDA in 2Q16 was
up 20% to EUR 49mn, exceeding our estimate of 46mn (1H16: +28% to EUR 94mn).
However, the 41% margin in the quarter was slightly below our estimate of 42%. In terms of
RGUs, all products showed good growth yoy, although qoq growth was slow in some key
products, such as cable TV (1.0%) and broadband internet (+2.3%). On the other hand,
Mobile services showed strong qoq momentum at 5.2%. Capex was up significantly in 2Q16,
to EUR 38mn from EUR 24mn in 1Q16 and EUR 30mn in 2Q15. United Group explained the

expansion in capex through investments in network expansion, additional spending on

Tušmobil’s 4G network and acquisitions of end-user equipment. This spending – together with
the bond coupon payments – kept FOCF firmly in the red at EUR -33mn in 2Q16. Net debt
was up to EUR 753mn from EUR 722mn in 1Q16. Although United Group’s M&A activity has
been negligible so far in FY16, the company announced that it agreed in August to acquire a
cable operator in Serbia, Ikom, for EUR 45mn. Ikom has around 100,000 unique cable
subscribers. In addition, the acquisition of M-Kabl was completed in July, leading to a cash
outflow of EUR 11mn. The EUR 4mn acquisition of Maxtel is still awaiting regulatory approval.
This compares with EUR 65mn in acquisitions in FY15, indicating that the company may have
room for a few more bolt-on acquisitions in the coming months. Leverage was stable, as we
expected, at 3.97x, compared to 4.01x in 1Q16.
We see United Group’s results as demonstrating further solid operating growth. It is

encouraging that mobile products seem to be making a contribution to top-line growth without
diluting the margin more than expected. Despite a relatively acquisitive credit profile, the
company has managed to keep leverage close to the 4.0x level recently. It remains to be
seen what kind of effect the forthcoming acquisitions will have on leverage, since we have no
details on their profitability so far, but it appears that the company can continue to balance
acquisition-driven growth, supported by sustained organic growth, with rising net debt to keep
leverage broadly stable. However, this – together with rising capex – will have to be
monitored in the coming quarters.
ADRBID is callable in November 2016 at 103.938. The bond is trading slightly above this level
and we believe there is a significant chance that it will be refinanced at the coming call date.
However, if it is not, the mid-YTM of 6.4% is attractive. Nevertheless, considering the minimal
yields on a YTC basis, we believe there are a number of more attractive bonds within the
high-yield cable peer group. We expect the ADRBID bond price to trade near the call price in
the coming months and we therefore reinstate our hold recommendation – particularly for
investors seeking short-term CEE exposure – after previously being restricted on the name.

+49 89 378-13212
Wind (Buy)
Friday, 02 September Yesterday, the EC approved the JV between Wind and Hutchison’s 3 Italia. EC Competition
EC approves Hutchison/Wind Commissioner Margrethe Vestager stated that without the companies’ agreement to sell
JV assets to Iliad, allowing it to become the fourth mobile player in the Italian market, “We could
not have allowed this transaction to go ahead”. The EC added that Iliad “has the know-how
and expertise to operate, invest and innovate in the Italian market”. The companies welcomed
the announcement in a joint press release, saying that customers will benefit from improved
coverage, faster 4G/LTE rollout, greater reliability and faster download speeds. They also
expect the transaction to result in EUR 7bn being invested in Italy’s mobile infrastructure. The
companies also said that the joint venture would benefit “from a healthier debt profile” and
that they would “be in a position to deliver solid deleveraging in the medium term”. Previously,
Wind has said that, although it expects Iliad to have an impact on the market – and potentially
on the synergies that the JV can generate – it doubts that it can replicate the disruptive effect
it has had on the French market. Iliad’s impact will be partially offset by proceeds from the
asset sales and the benefits from the JV arrangement. We agree with this assessment since
Iliad’s lack of 700MHz spectrum in Italy means that it is most likely to focus on the low-price,
low-margin segment at first, at prices similar to those of 3 Italia. In addition, mobile prices in
Italy are already low in a European context. Wind confirmed its EUR 5bn synergy target in its
most recent conference call, indicating that the target has not been affected by the decision to

divest assets to Iliad for now. We reiterate our buy recommendation on WINDIM, particularly
for the unsecured bonds. The secured WINDIM 4.0% 04/21 is trading near its call price of
102, while the unsecured WINDIM 7% 04/21 is trading at a mid-YTW of 4.1%.
Stephan Haber, CFA (UniCredit Bank) Jonathan Schroer, CFA (UniCredit Bank)
+49 89 378-15192 +49 89 378-13212
stephan.haber@unicredit.de jonathan.schroer@unicredit.de
Xella (Hold)
Tuesday, 30 August Xella released solid 2Q16 results with reported sales growth accelerating to 5% (EUR 362mn)
Solid 2Q16 results, but focus to and adj. EBITDA up 18% yoy to EUR 91mn. Volume growth in Building Materials and Dry
remain on sponsor exit Lining was carried by a strong recovery in the Netherlands and better performance in Eastern
European countries as well as Germany, Switzerland and the UK, offsetting still challenging
markets in Russia and China as well as lower sales in Lime. The improved top line, as well as
continued benefits from the X-celerate cost savings program, moved the adj. EBITDA margin
to 25.1% in 2Q16 (+270bp yoy; 1H16: 21.9%), with all three segments contributing. In
combination with improved W/C management (i.e. reduced seasonal build-up), operating
cash flow in 1H16 improved to EUR 30mn (before interest) and was used for yoy slightly
higher capex (EUR 30mn vs. EUR 27mnin 1H15). Reported net debt at end-June 2016 was
only marginally up vs. FYE 2015 at EUR 705mn (but clearly down from EUR 767mn in 2Q15)
which translates into a reduction in reported net debt/adj. EBITDA to 2.7x (FY15: 3.0x).
Despite the solid 2Q16 results and our expectation of continued EBITDA improvements in the
seasonally more cash generative 2H16 on the back of supportive (residential) construction
markets and Xella’s self-help measures (further cost savings from X-celerate envisaged), we
expect the focus to remain on a potential exit of Xella’s sponsors. Following the
cancelled/postponed IPO in 2H15, rumors have re-emerged in recent months that GS Capital
Partners and PAI Partners might now also explore an outright sale of the company as part of
a dual-track strategy. We think a sale will mainly attract financial investors as we see limited
probability of a strategic European buyer/consolidation, given the size of the business which
is 1. likely to prevent the few European peers from submitting offers due to regulatory issues
(e.g. Wienerberger, Saint-Gobain, Braas Monier, HeidelbergCement), and 2. is simply too
large for many of Xella’s smaller regional competitors.
We note that the Xella FRN E+375bp 06/19 benefits from a CoC at 101 and we assume the
bond would be refinanced in any sale or IPO scenario (the bond is already callable at 100 and
continues to trade at around par). Hence, we see only very limited impact from an exit of GS
and PAI or the 2Q16 results and confirm our hold recommendation on Xella.

+49 89 378-12806
Zobele (Hold)
Tuesday, 30 August Zobele (B2s/B+/--) reported strong 2Q16 operating results and margins. In 2Q16, sales
Strong 2Q16 operating results decreased by 3.8% to EUR 80.3mn. From a business perspective, Air Care (54.7% of sales)
decreased by 2.9% yoy to EUR 43.9mn, Insecticide (35.6% of sales) by 6.5% yoy to EUR
28.6mn and Home, Health and Personal Care improved by 1.3% to EUR 7.8mn (9.7% of
sales). In Air Care Products, the decrease was mainly attributable to reduced demand for
traditional air care products in North America and Asia Pacific from its Global FMCG
customers. This effect has been partially offset by the introduction of new aerosol dispensers
and static products and by the strong order levels for other air care products in Europe. The

decline in insecticide product sales was mainly due to a different quarterly phasing of demand
in Europe compared to last year and by unfavorable weather conditions in southern Europe.
Net sales in Home, Health and Personal Care improved due to new products. From a
geographic perspective, net sales improved in Europe (+7.2%), South America (+7.9%) and
Africa-Middle East (+47.4%) but decreased in North America (-19.8%). In 2Q16, EBITDA
(before non-recurring transaction) improved by 8.9% to EUR 13.4mn and the margin jumped
by 200bp to 16.7%. Total operating free cash flow improved in 1H16 by EUR 0.3mn to EUR
3.1mn. Net financial debt at 30 June, remained more or less stable at EUR 177.24mn (31
Dec. 2015: EUR 176.5mn). As of 1H16, we calculate a ratio of adjusted net debt/EBITDA of
3.5x (UniCredit FY15: 3.6x, 1H15: 3.8x) and adj. FFO/net debt of 16.3% (FY15: 14.9%, 1H15:
12.8%). For FY16, we estimate that adjusted net leverage will decrease further yoy (UniCredit
estimate FY16: 2.8x) supported by a gradual improvement in EBITDA due to new product
launches and growth in existing and new markets. We confirm our hold recommendation on
ZOBELE bonds. There will be a conference call today at 16:00 CET, at which we hope for
more insight on 2016 assumptions. For the time being, we take comfort in the company's solid
position in growing niche markets (air care and pest-control devices have low penetration
rates in less developed markets), its strong and long-standing customer relationships with
global FMCG companies, and strong growth prospects in emerging markets. Additional
margin support is expected from a better customer mix and restructured production capacity.
Dr. Silke Stegemann, CEFA (UniCredit Bank)

+49 89 378-18202
silke.stegemann@unicredit.de

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 88
FR0012005924 4.125% PERP --/BB/BB 900 101.25 3.86 447 +0.2 +1.1 -0.2 -0.7
Adient (No rec) ADGLHO
XS1468662801 3.5% Aug 24 Ba3/BB/-- 1,000 104.35 2.93 329 -0.3 -0.3 -0.3 -0.3
Agrokor (Hold) AGROK
XS0776111188 9.875% May 19 B2/B/-- 300 105.68 5.80 853 -0.1 +0.6 -0.4 -1.2
XS0836495183 9.125% Feb 20 B2/B/-- 325 107.09 4.19 769 +0.0 +0.5 -0.3 -1.3
Albea Beauty (No rec) ALBHSA
XS0783934168 8.75% Nov 19 B2/B/-- 245 106.74 5.07 726 +0.4 +0.7 +0.0 -1.1
Alize (No rec) ALLGRP
XS1137505290 6.25% Dec 21 B2/B+/-- 360 107.41 2.91 532 +0.1 +0.0 -0.3 -1.8
Arcelik (No rec) ACKAF
XS1109959467 3.875% Sep 21 --/BB+/BB+ 350 101.72 3.60 415 +0.1 +1.2 -0.3 -0.6
Auris (No rec) AUDIOL
XS1153374084 8% Jan 23 Caa1/B-/-- 275 111.06 3.14 658 +0.1 +2.4 -0.2 +0.6
Autodis (No rec) AUTODI
XS0982711128 6.5% Feb 19 B2/B/-- 270 104.13 2.17 570 +0.0 +0.6 -0.4 -1.2
XS1117280039 9% Nov 20 B3/CCC+/-- 239 102.66 7.38 920 +0.3 +2.2 -0.1 +0.4
Barry Callebaut (No rec) BARY
BE6222320614 5.625% Jun 21 Ba1/BB+/-- 250 122.54 0.89 145 +0.1 +0.8 -0.3 -0.9
BE6286963051 2.375% May 24 Ba1/--/-- 450 106.58 1.49 187 +0.3 +2.0 -0.1 +0.3
Boing (No rec) IMOCAR
XS1028951009 6.625% Jul 19 B2/B/-- 240 94.93 9.23 986 +0.0 +2.4 -0.4 +0.7
Boparan (No rec) BOPRLN 5Y CDS 431
XS1082473395 4.375% Jul 21 B2/B+/-- 300 96.99 5.28 583 +0.1 +2.0 -0.3 +0.3
Bormioli Rocco (Hold) BORMIO
XS0615235966 10% Aug 18 B3/B/-- 250 103.44 6.70 911 +0.2 +1.1 -0.2 -0.7
BUT (No rec) BUTSAS
XS1080611970 7.375% Sep 19 B3/B/B+*+ 246 104.30 5.12 673 +0.1 +0.5 -0.3 -1.2
Campofrio (No rec) CPFSM
XS1117299211 3.375% Mar 22 Ba3/BB+/-- 500 104.14 2.08 320 +0.0 +0.8 -0.4 -0.9
Carlson Wagonlit (No rec) CARWAG
XS0652911776 7.5% Jun 19 B1/B+/-- 300 104.48 4.84 669 +0.2 +0.7 -0.2 -1.1
Cirsa (Hold) CIRSA
XS1400351653 5.75% May 21 B2/B+/-- 450 106.57 3.75 493 +0.4 +2.0 +0.0 +0.2
XS1227583033 5.875% May 23 B2/B+/-- 500 105.58 4.43 548 +0.3 +2.0 +0.0 +0.2
CNH Industrial (Hold) CNHI 5Y CDS 230
XS0604641034 6.25% Mar 18 Ba2/BB+/-- 1,200 108.63 0.73 140 +0.0 +0.3 -0.4 -1.4
XS1046851025 2.75% Mar 19 Ba2/BB+/-- 1,000 104.02 1.27 191 -0.1 +0.4 -0.4 -1.4
XS1114452060 2.875% Sep 21 Ba2/BB+/-- 700 106.39 1.64 218 -0.1 +1.5 -0.5 -0.3
XS1412424662 2.875% May 23 Ba2/BB+/BB+ 500 103.54 2.36 279 -0.2 +0.7 -0.5 -1.1
Cott (No rec) BCBCN
XS1436943309 5.5% Jul 24 B3/B-/-- 450 108.72 4.02 473 +1.2 +2.3 +0.8 +0.6
Darling Ingredients (No rec) DAR
XS1240984754 4.75% May 22 Ba3/BB+/-- 515 105.42 3.24 434 +0.3 +2.0 +0.0 +0.2
Darty (No rec) DRTYLN
XS1038807340 5.875% Mar 21 --/BB-/-- 250 105.60 1.52 524 +0.0 +0.3 -0.4 -1.4
Deutsche Raststaetten (No rec) TANKRA
XS0997664411 6.75% Dec 20 --/B/-- 459 105.75 1.02 603 +0.0 +0.2 -0.4 -1.6
Douglas (Hold) DOUGR
XS1251078009 6.25% Jul 22 B1/B/-- 300 110.92 2.21 478 +0.9 +2.0 +0.5 +0.2
XS1251078694 8.75% Jul 23 Caa1/CCC+/-- 335 110.94 5.25 741 +0.7 +2.7 +0.4 +1.0
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 Dufry (No rec) DUFSCA
XS1087753353 4.5% Jul 22 Ba3/BB/BB- 500 105.99 1.96 398 +0.1 +0.4 -0.2 -1.3
XS1266592457 4.5% Aug 23 Ba3/BB/BB- 700 107.09 2.67 387 +0.1 +0.8 -0.3 -1.0
Europcar (Hold) EUROCA
XS1028950704 5.125% Jul 21 B2/B+/-- 350 105.51 2.00 459 +0.3 +1.9 -0.1 +0.1
XS1241053666 5.75% Jun 22 B3/B-/-- 600 105.43 4.36 532 +0.8 +3.9 +0.4 +2.1
Faurecia (Buy) EOFP 5Y CDS 494
XS1204116088 3.125% Jun 22 Ba3/--/BB 700 103.52 2.24 307 +0.2 +0.8 -0.2 -1.0
XS1384278203 3.625% Jun 23 Ba3/--/BB 700 104.88 2.60 335 +0.5 +1.1 +0.1 -0.7
FCA (Hold) FCAIM 5Y CDS 342
XS0906420574 6.625% Mar 18 B1/BB/BB- 1,250 108.66 1.08 175 +0.1 +0.6 -0.2 -1.2
XS0647264398 7.375% Jul 18 B1/BB/BB- 600 111.18 1.41 207 +0.1 +0.5 -0.2 -1.3
XS0953215349 6.75% Oct 19 B1/BB/BB- 1,250 115.83 1.60 223 +0.1 +1.3 -0.3 -0.5
XS1048568452 4.75% Mar 21 B1/BB/BB- 1,000 111.71 2.10 267 +0.2 +2.1 -0.2 +0.3
XS1088515207 4.75% Jul 22 B1/BB/BB- 1,350 111.05 2.75 324 +0.1 +1.6 -0.2 -0.1
XS1388625425 3.75% Mar 24 B1/BB/BB- 1,250 104.48 3.12 349 +0.3 +1.9 -0.1 +0.1
Financiere Quick (No rec) QUIBB 5Y CDS 979
XS1054086928 FRN Apr 19 B3/B-/-- 360 81.30 14.06 1,470 -3.9 -2.5 -4.3 -4.2
Findus (No rec) FINDUS
XS1028948716 8.25% Aug 19 --/CCC+/-- 228 98.34 9.54 1,017 +0.1 +0.4 -0.3 -1.4
Frigoglass (No rec) FRIGOG
XS0932291007 8.25% May 18 Caa1/CCC+/-- 250 63.14 45.61 4,627 +1.2 +4.9 +0.8 +3.1
FTE Automotive (No rec) FTEAU
XS0952827094 9% Jul 20 B2/B*+/-- 263 106.07 5.34 807 +0.1 +0.8 -0.3 -1.0
Galapagos (No rec) GALAPG 5Y CDS 641
XS1071411547 FRN Jun 21 B1/B/-- 325 98.75 5.00 556 +0.4 +9.7 +0.0 +8.0
XS1071419524 5.375% Jun 21 B1/B/-- 200 99.71 5.70 626 +0.3 +8.6 -0.1 +6.8
XS1071420027 7% Jun 22 Caa1/CCC+/-- 250 90.15 9.72 1,023 +0.7 +16.4 +0.3 +14.6
Gamenet (Restr.) GAMENT
XS1458462428 6% Aug 21 B1/B/-- 200 103.23 5.18 598 -0.8 -0.8 -0.9 -0.9
Gestamp (Hold) GESTAM
XS1409497283 3.5% May 23 Ba3/BB+/-- 500 104.55 2.57 328 +0.2 +0.4 -0.2 -1.4
Goodyear (Hold) GT 5Y CDS 164
XS1333193875 3.75% Dec 23 Ba1/BB/BB 250 106.06 2.07 331 +0.0 +0.3 -0.4 -1.5
Groupe Casino (Hold) COFP 5Y CDS 295
FR0010893396 4.481% Nov 18 --/BB+/BBB- 508 110.77 0.80 145 +0.2 +0.0 -0.2 -1.7
FR0011606169 4.87% PERP --/B+/BB 750 93.74 8.12 877 +0.5 -1.5 +0.2 -3.3
FR0011301480 4.407% Aug 19 --/BB+/BBB- 1,000 109.63 1.16 180 +0.1 -0.8 -0.3 -2.6
FR0011215508 3.994% Mar 20 --/BB+/BBB- 600 112.36 1.52 213 +0.1 -1.1 -0.3 -2.8
FR0011052661 5.976% May 21 --/BB+/BBB- 850 117.43 2.15 271 +0.1 -1.3 -0.2 -3.1
FR0011400571 3.311% Jan 23 --/BB+/BBB- 853 109.61 2.88 334 +0.2 -2.0 -0.2 -3.7
FR0011765825 3.248% Mar 24 --/BB+/BBB- 900 107.76 3.25 366 -0.1 -2.5 -0.5 -4.2
FR0012369122 2.33% Feb 25 --/BB+/BBB- 450 101.29 3.37 368 -0.1 -2.5 -0.5 -4.3
FR0012074284 4.048% Aug 26 --/BB+/BBB- 602 105.16 3.47 367 +0.0 -2.8 -0.4 -4.6
Grupo Antolin (Buy) ANTOLN
XS1046537665 4.75% Apr 21 B1/BB-/-- 400 104.46 1.89 440 +0.1 +0.3 -0.3 -1.4
XS1246049073 5.125% Jun 22 B1/BB-/-- 400 107.15 2.75 437 +0.2 +0.8 -0.2 -1.0
Hanesbrands (No rec) HBI
XS1419661118 3.5% Jun 24 Ba1/BB/-- 500 107.48 2.50 288 +0.5 +3.3 +0.1 +1.6
Hema (No rec) HEMABV 5Y CDS 1,372
XS1075799319 FRN Jun 19 --/B/-- 250 74.37 18.09 1,873 -0.1 +0.7 -0.5 -1.1
XS1075833860 6.25% Jun 19 --/B/-- 315 78.21 17.46 1,810 +0.3 +1.0 +0.0 -0.8
XS1075845526 8.5% Dec 19 --/CCC+/-- 150 49.73 40.49 4,112 -0.2 +6.6 -0.6 +4.8
Hertz (Sell) HTZ 5Y CDS 339
XS0995045951 4.375% Jan 19 B2/B/-- 425 105.96 2.04 269 +0.1 +1.2 -0.3 -0.6


CON Hornbach (Hold) HBMGR
DE000A1R02E0 3.875% Feb 20 Ba1/BB+/-- 250 109.70 1.11 172 +0.1 +0.7 -0.3 -1.1
HP Pelzer (Hold) PELHOL
XS1028947585 7.5% Jul 21 B1/B+/BB- 280 107.50 3.73 650 +0.4 +1.6 +0.0 -0.2
Iglo Foods (No rec) IGBOND
XS1084586822 FRN Jun 20 B1/BB-/-- 500 100.53 2.10 482 +0.2 +0.6 -0.2 -1.1
IGT (Buy) IGT 5Y CDS 185
XS0564487568 6.625% Feb 18 Ba2/BB+/-- 500 109.00 0.56 123 +0.0 +0.2 -0.4 -1.5
XS1204431867 4.125% Feb 20 Ba2/BB+/-- 700 108.04 1.70 248 -0.1 +0.6 -0.5 -1.2
XS0860855930 4.75% Mar 20 Ba2/BB+/-- 500 110.68 1.73 234 +0.2 +1.5 -0.2 -0.3
XS1204434028 4.75% Feb 23 Ba2/BB+/-- 850 109.90 3.04 361 +0.2 +2.0 -0.1 +0.2
Ikks (No rec) IKKSFR
XS1084836441 6.75% Jul 21 --/B-/B 320 88.83 10.16 1,072 -3.2 -2.2 -3.6 -3.9
Intralot (No rec) INLOTG
XS0947176631 9.75% Aug 18 B1/B/BB- 297 105.59 4.36 773 +0.1 +1.0 -0.2 -0.8
XS1064899120 6% May 21 B1/B/BB- 230 97.38 6.93 749 +0.4 +4.1 +0.0 +2.3
Labeyrie (No rec) LABERE
XS1044528849 5.625% Mar 21 --/B/B+ 355 104.98 2.53 516 +0.1 +0.7 -0.3 -1.1
LKQ (Buy) LKQ
XS1395004408 3.875% Apr 24 Ba2/BB/-- 500 108.84 2.63 304 +0.2 +2.5 -0.2 +0.8
Lufthansa (Hold) LHAGR 5Y CDS 127
XS1109110251 1.125% Sep 19 Ba1/BBB-/-- 500 102.81 0.24 87 +0.0 -0.1 -0.3 -1.8
XS1271836600 5.125% Aug 75 --/BB/-- 500 106.97 3.52 409 +0.1 +0.7 -0.2 -1.0
LuxGEO Travel (No rec) LUXGEO
XS0879569464 7.5% Aug 18 B3/B/-- 295 101.71 5.16 773 +1.1 +4.2 +0.7 +2.4
Marcolin (No rec) MCLIM
XS0991759076 8.5% Nov 19 B2/B-/-- 200 102.63 7.64 856 +0.2 +0.9 -0.2 -0.9
Merlin Entertainments (No rec) MERLLN
XS1204272709 2.75% Mar 22 Ba2/BB/-- 500 102.60 2.35 288 +0.1 +2.0 -0.3 +0.3
Motherson (Hold) MSSIN
XS1082399301 4.125% Jul 21 --/BB+/-- 500 103.37 3.13 409 +0.1 +0.9 -0.3 -0.8
New Look (No rec) NEWLOK 5Y CDS 671
XS1248517341 FRN Jul 22 B1/B/B 415 94.34 5.64 614 +0.2 +1.4 -0.1 -0.4
NH Hoteles (No rec) NHHSM
XS0954676283 6.875% Nov 19 --/BB-/B+ 250 110.72 1.27 418 +0.3 +1.0 -0.1 -0.8
Novalis (No rec) ELISGP 5Y CDS 118
XS1225112272 3% Apr 22 Ba2/BB/-- 800 103.35 2.13 297 +0.2 +1.1 -0.2 -0.6
ODEON & UCI Cinemas (No rec) ODEON
XS0627135774 FRN Aug 18 B3/B-*+/-- 200 99.88 5.14 580 +0.4 +0.3 +0.1 -1.4
Ontex (Hold) ONTEX
BE6272861657 4.75% Nov 21 Ba2/BB/-- 250 107.09 1.16 392 +0.2 +0.6 -0.2 -1.2
Peugeot (Sell) PEUGOT 5Y CDS 178
FR0011439975 7.375% Mar 18 Ba2/--/BB 558 111.00 0.29 96 -0.1 +0.2 -0.4 -1.6
FR0011567940 6.5% Jan 19 Ba2/--/BB 430 114.89 0.36 101 +0.1 +0.2 -0.3 -1.6
FR0013153707 2.375% Apr 23 Ba2/--/BB 500 106.25 1.42 186 -0.1 -1.5 -0.5 -3.2
FR0010014845 6% Sep 33 Ba2/--/BB 600 124.32 4.04 391 +0.0 +1.8 -0.4 +0.0
Piaggio (Hold) PIAGIM
XS1061086846 4.625% Apr 21 B1/B+/BB- 250 104.46 2.34 433 +0.1 +0.6 -0.3 -1.2
Picard Surgeles (No rec) PICSUR
XS1117298833 7.75% Feb 20 B3/B-/CCC+ 428 106.48 2.61 651 +0.1 +0.9 -0.3 -0.9
Port Aventura (No rec) PORTAV
XS0982712019 FRN Dec 19 B3/B-/-- 150 100.62 5.43 605 +0.1 +0.5 -0.3 -1.2
XS0982712365 7.25% Dec 20 B3/B-/-- 270 104.93 4.22 675 +0.1 +1.1 -0.2 -0.7
PVH (No rec) PVH
XS1435229460 3.625% Jul 24 Ba2/BB+/-- 350 107.72 2.58 296 +0.5 +2.7 +0.1 +0.9


CON R&R Ice Cream (No rec) ICECR 5Y CDS 104
XS0928190940 9.25% May 18 Caa1/CCC+/-- 253 101.00 2.82 352 +0.0 +0.9 -0.4 -0.9
XS1080255067 4.75% May 20 B2/B/-- 150 102.83 3.85 454 +0.2 +0.6 -0.2 -1.2
Safari (No rec) LPLAYG
XS1029172514 8.25% Feb 21 B2/B/-- 235 107.05 2.97 723 -0.4 +1.9 -0.8 +0.2
Schaeffler (Buy) SHAEFF 5Y CDS 146
XS0954907787 6.875% Aug 18 Ba3/B+/-- 300 102.87 4.22 624 +0.1 +0.7 -0.2 -1.1
XS1067862919 2.75% May 19 Ba2/BB/-- 500 102.11 0.91 273 +0.1 +0.4 -0.3 -1.3
XS1067864881 3.25% May 19 Ba3/B+/-- 500 102.04 2.02 326 +0.0 +0.2 -0.3 -1.6
XS1212469966 2.5% May 20 Ba2/BB/-- 400 102.80 0.87 244 +0.0 +0.2 -0.4 -1.5
XS1126486239 5.75% Nov 21 Ba3/B+/-- 210 108.72 1.16 454 +0.1 +0.8 -0.3 -1.0
XS1067864022 3.5% May 22 Ba2/BB/-- 500 103.69 1.30 340 +0.0 +0.2 -0.4 -1.5
XS1212470972 3.25% May 25 Ba2/BB/-- 600 106.99 1.85 270 +0.3 +0.6 -0.1 -1.1
Schumann (No rec) SCHMAN
XS1454980159 7% Jul 23 B1/B+/B+ 400 103.29 6.41 701 -0.6 -0.6 -0.7 -0.7
Selecta (No rec) SELNSW 5Y CDS 1,017
XS1078234330 6.5% Jun 20 B3/B/-- 350 89.31 10.54 1,115 +0.5 +6.1 +0.2 +4.3
Sisal Holding (No rec) SISTP
XS0931919947 7.25% Sep 17 B1*+/B+/-- 275 100.38 5.72 793 +0.2 +0.7 -0.2 -1.0
SMCP (No rec) SMCPFP
XS0943327378 8.875% Jun 20 B3/B/-- 290 104.90 6.00 828 +0.0 +0.6 -0.3 -1.2
Snai (Hold) SNAIM
XS0982712449 7.625% Jun 18 B2/B-/-- 320 103.78 2.63 638 +0.2 +0.4 -0.2 -1.3
XS0982711805 12% Dec 18 Caa2/CCC/-- 160 105.57 9.84 1,049 +0.2 +1.2 -0.1 -0.6
Takko (No rec) TAKKO
XS0908516080 9.875% Apr 19 Caa1/CCC+/-- 380 59.99 37.92 3,857 +0.5 +2.5 +0.1 +0.7
Tereos (No rec) TEREOS
FR0011439900 4.25% Mar 20 --/BB/BB 500 107.00 1.61 293 +0.4 +2.1 +0.0 +0.3
FR0013183571 4.125% Jun 23 --/BB/BB 400 104.59 3.41 386 +0.1 +3.2 -0.3 +1.5
Tesco (Hold) TSCOLN 5Y CDS 217
XS0992632702 1.25% Nov 17 Ba1/BB+/BB+ 500 100.99 0.54 121 +0.0 +0.2 -0.4 -1.6
XS0697395472 3.375% Nov 18 Ba1/BB+/BB+ 750 106.10 0.62 127 +0.0 +0.5 -0.4 -1.3
XS1082970853 1.375% Jul 19 Ba1/BB+/BB+ 1,250 101.07 1.06 169 +0.0 +0.5 -0.4 -1.2
XS0992638220 2.125% Nov 20 Ba1/BB+/BB+ 500 103.53 1.28 190 +0.0 +0.6 -0.4 -1.1
XS1082971588 2.5% Jul 24 Ba1/BB+/BB+ 750 103.35 2.09 243 -0.1 +1.0 -0.4 -0.7
XS0295018070 5.125% Apr 47 Ba1/BB+/BB+ 600 103.38 4.96 461 +0.0 +2.5 -0.4 +0.7
Thom Europe (No rec) THOEUR
XS1087760648 7.375% Jul 19 B2/B/-- 347 105.89 3.19 603 +0.1 +0.8 -0.2 -1.0
Thomas Cook (Buy) TCGLN
XS0937169570 7.75% Jun 20 --/B/B+ 525 103.45 6.12 760 +0.5 +4.8 +0.1 +3.0
XS1172436211 6.75% Jun 21 --/B/B+ 400 103.08 6.02 680 +1.0 +9.2 +0.6 +7.4
TUI (Hold) TUIGR 5Y CDS 149
XS1028943162 4.5% Oct 19 Ba2/BB-/-- 300 103.34 2.85 417 +0.2 +0.7 -0.2 -1.0
Twinset (No rec) TWSSBS
XS1086778641 FRN Jul 19 B2/B/-- 150 96.89 7.28 791 +0.6 +1.5 +0.2 -0.3
Univeg (No rec) UNIVEG
XS0992644038 7.875% Nov 20 B3/CCC+/-- 285 104.68 5.99 746 +0.1 +0.6 -0.2 -1.1
Volvo (MW) VLVY 5Y CDS 91
XS1150673892 4.2% Jun 75 Ba1/BB+/BB+ 900 104.45 3.09 370 +0.3 +1.8 -0.1 +0.0
XS1150695192 4.85% Mar 78 Ba1/BB+/BB+ 600 105.27 4.00 445 +0.6 +2.3 +0.3 +0.6
Volvo Car (Hold) VOVCAB
XS1409634612 3.25% May 21 Ba3/BB/-- 500 107.49 1.70 226 +0.1 +1.2 -0.3 -0.6
Vougeot (No rec) VUECIN 5Y CDS 277
XS0953085627 FRN Jul 20 B2/B/-- 290 100.96 1.43 549 +0.1 +0.6 -0.3 -1.2


CON WEPA (No rec) WEPAHY
DE000A2AA0W5 3.75% May 24 B1/BB/-- 450 106.14 2.27 331 +0.1 +1.7 -0.2 -0.1
ZF Friedrichshafen (Buy) ZFFNGR
DE000A14J7F8 2.25% Apr 19 Ba1/BB+/-- 1,150 104.59 0.66 130 +0.1 +0.1 -0.3 -1.7
DE000A14J7G6 2.75% Apr 23 Ba1/BB+/-- 1,100 107.36 1.64 208 +0.4 +1.7 +0.1 -0.1
Zobele (Hold) ZOBELE
XS0882293557 7.875% Feb 18 B2/B+/-- 180 102.83 2.58 700 +0.2 +1.2 -0.2 -0.5
ENG Bulgarian Energy (No rec) BULENR
XS0989152573 4.25% Nov 18 --/--/BB- 500 103.78 2.55 320 +0.1 +0.6 -0.3 -1.1
XS1405778041 4.875% Aug 21 Ba2/--/BB- 550 104.49 3.94 449 -0.7 -0.7 -0.7 -0.7
CGG (No rec) CGGFP
XS1061175607 5.875% May 20 Caa2/CCC/-- 400 54.52 28.00 2,861 +0.9 +1.1 +0.6 -0.7
ContourGlobal (No rec) CONGLO
XS1433185755 5.125% Jun 21 --/BB/BB- 550 106.75 2.91 427 -0.2 +3.1 -0.5 +1.4
EDP (OW) EDPPL 5Y CDS 160
PTEDPUOM0024 5.375% Sep 75 Ba2/B+/BB 750 105.52 4.13 470 +0.8 +3.6 +0.4 +1.8
XS0399353506 0% Nov 23 --/BB+/-- 160 87.57 2.19 257 +0.1 +1.3 -0.3 -0.4
ENCE (No rec) ENCSM
XS1117280112 5.375% Nov 22 Ba3/BB-/-- 250 107.85 3.06 453 +0.3 +0.4 +0.0 -1.4
Enel (MW) ENELIM 5Y CDS 75
XS0954675129 6.5% Jan 74 Ba1/BB+/BBB- 1,250 109.80 2.32 297 +0.1 +0.9 -0.3 -0.8
XS1014997073 5% Jan 75 Ba1/BB+/BBB- 1,000 108.35 2.49 311 +0.2 +1.3 -0.2 -0.5
Gas Natural (MW) GASSM 5Y CDS 72
XS1139494493 4.125% PERP Ba1/BB+/BBB- 1,000 104.70 3.35 382 +0.7 +2.7 +0.3 +0.9
XS1224710399 3.375% PERP Ba1/BB+/BBB- 500 97.50 3.83 419 +0.7 +2.9 +0.3 +1.1
Gazprom (Trans.) GAZPRU 5Y CDS 272
XS0290581569 5.44% Nov 17 Ba1/BB+/BBB- 500 104.94 1.38 206 +0.1 +0.2 -0.3 -1.6
XS0327237136 6.605% Feb 18 Ba1/BB+/BBB- 1,200 107.60 1.49 216 +0.1 +0.4 -0.3 -1.4
XS0954912514 3.7% Jul 18 Ba1/BB+/BBB- 900 104.08 1.68 234 +0.1 +0.4 -0.3 -1.4
XS1307381928 4.625% Oct 18 Ba1/BB+/BBB- 1,000 105.88 1.89 255 +0.1 +0.1 -0.3 -1.7
XS0906946008 3.389% Mar 20 Ba1/BB+/BBB- 1,000 104.31 2.22 283 +0.1 +1.0 -0.2 -0.7
XS1038646078 3.6% Feb 21 Ba1/BB+/BBB- 750 105.26 2.43 301 +0.2 +1.8 -0.2 +0.0
XS0906949523 4.364% Mar 25 Ba1/BB+/BBB- 500 108.18 3.31 361 +0.2 +2.0 -0.2 +0.2
Gazprom Neft (Trans.) SIBNEF
XS0922296883 2.933% Apr 18 Ba1/BB+/BBB- 750 101.86 1.97 263 +0.1 +0.4 -0.3 -1.3
MOL (Buy) MOLHB 5Y CDS 253
XS1401114811 2.625% Apr 23 --/BB+/BBB- 750 104.38 1.96 240 +0.2 +1.1 -0.2 -0.6
Origin Energy (No rec) ORGAU 5Y CDS 279
XS1109795176 4% Sep 74 Ba2/BB/-- 1,000 94.78 6.25 688 +0.8 +8.7 +0.4 +6.9
Petrobras (No rec) PETBRA 5Y CDS 520
XS0982711631 2.75% Jan 18 B3/B+/BB 540 99.95 3.05 373 +0.0 +0.4 -0.3 -1.4
XS0716979249 4.875% Mar 18 B3/B+/BB 574 102.58 3.37 404 +0.0 +0.7 -0.3 -1.1
XS0835886598 3.25% Apr 19 B3/B+/BB 1,300 98.87 3.86 450 +0.1 +2.2 -0.3 +0.4
XS0982711987 3.75% Jan 21 B3/B+/BB 750 95.73 4.98 556 -0.3 +2.6 -0.7 +0.8
XS0716979595 5.875% Mar 22 B3/B+/BB 600 101.23 5.69 621 -0.3 +3.8 -0.7 +2.1
XS0835890350 4.25% Oct 23 B3/B+/BB 700 91.57 5.81 622 -0.2 +3.8 -0.6 +2.1
XS0982711714 4.75% Jan 25 B3/B+/BB 800 90.31 6.34 666 -0.7 +3.4 -1.1 +1.6
Preem Petroleum (No rec) PREEM
XS1400707771 11.75% May 21 --/B/B 570 93.15 14.45 1,502 -0.3 -0.1 -0.6 -1.8
Repsol (OW) REPSM 5Y CDS 169
XS1207054666 3.875% PERP Ba1/BB/BB+ 1,000 97.46 4.65 522 +1.5 +5.8 +1.1 +4.1
XS1207058733 4.5% Mar 75 Ba1/BB/BB+ 1,000 94.59 5.37 567 +2.4 +8.7 +2.0 +6.9
RWE (MW) RWE 5Y CDS 80
XS1219498141 2.75% Apr 75 Ba2/BB/BB+*- 700 92.27 5.00 558 +1.0 +5.4 +0.6 +3.6
XS1219499032 3.5% Apr 75 Ba2/BB/BB+*- 550 85.36 5.78 606 +1.4 +5.4 +1.0 +3.6


ENG Santos (No rec) STOAU
XS0543710395 8.25% Sep 70 --/BB+/-- 1,000 104.05 4.95 563 -0.1 +4.2 -0.5 +2.4
Veolia Environnement (MW) VIEFP 5Y CDS 53
FR0011391820 4.45% PERP Baa3/BB+/BB+ 1,000 105.59 1.17 184 +0.1 +0.3 -0.3 -1.5
Viridian (No rec) VRDLN
XS1179900102 7.5% Mar 20 B2/--/B+ 600 107.11 4.52 612 +0.1 +2.5 -0.2 +0.7
IDU Alain Afflelou (Hold) AAFFP
XS1028956909 5.625% Apr 19 B2/B/BB- 365 101.20 5.10 608 +0.2 +1.0 -0.2 -0.7
ALBA Group (Hold) ALBALN
DE000A1KQ177 8% May 18 --/CCC/-- 203 94.37 12.79 1,345 +0.4 -0.8 +0.1 -2.5
Aldesa (No rec) ALDESA
XS1028959754 7.25% Apr 21 B2/--/B 250 69.54 18.40 1,898 +1.3 +3.8 +0.9 +2.1
Algeco Scotsman (No rec) ALGSCO
XS0836306471 9% Oct 18 Caa1/--/-- 275 87.83 17.07 1,773 +0.3 +2.7 -0.1 +1.0
Almirall (No rec) ALMSM
XS1048307570 4.625% Apr 21 Ba3/BB-/-- 324 104.52 1.80 429 +0.0 +0.3 -0.4 -1.4
Anglo American (Hold) AALLN 5Y CDS 361
XS0995039806 1.75% Nov 17 Ba3/BB/BB+ 594 101.10 1.12 180 +0.1 +0.2 -0.3 -1.6
XS1052677207 1.75% Apr 18 Ba3/BB/BB+ 538 100.83 1.45 212 +0.0 +0.0 -0.4 -1.7
XS0830380639 2.5% Sep 18 Ba3/BB/BB+ 482 102.04 1.70 236 -0.1 +0.2 -0.4 -1.6
XS0789283792 2.75% Jun 19 Ba3/BB/BB+ 750 102.93 1.82 246 -0.1 +0.8 -0.4 -0.9
XS1211292484 1.5% Apr 20 Ba3/BB/-- 600 97.84 2.28 289 -0.1 +1.5 -0.5 -0.3
XS0995040051 2.875% Nov 20 Ba3/BB/BB+ 600 101.34 2.66 324 +0.0 +1.7 -0.4 +0.0
XS0923361827 2.5% Apr 21 Ba3/BB/BB+ 750 98.96 2.86 342 -0.1 +2.1 -0.5 +0.4
XS0764637194 3.5% Mar 22 Ba3/BB/BB+ 750 101.37 3.32 383 +0.1 +1.4 -0.3 -0.4
XS1052677892 3.25% Apr 23 Ba3/BB/BB+ 750 99.11 3.49 393 -0.1 +2.1 -0.4 +0.3
ArcelorMittal (Hold) MTNA 5Y CDS 377
XS0559641146 5.875% Nov 17 Ba2/BB/BB+ 540 106.79 0.55 122 +0.0 +0.4 -0.4 -1.4
XS0765621569 5.75% Mar 18 Ba2/BB/BB+ 334 108.46 0.60 127 +0.1 +0.5 -0.3 -1.3
XS1214673565 FRN Apr 18 Ba2/BB/BB+ 400 101.43 1.00 167 +0.0 +0.4 -0.4 -1.3
XS1048518358 3% Mar 19 Ba2/BB/BB+ 750 104.71 1.33 197 +0.1 +0.7 -0.3 -1.0
XS1084568762 2.875% Jul 20 Ba2/BB/BB+ 600 103.24 2.14 274 +0.0 +1.2 -0.3 -0.6
XS1214673722 3% Apr 21 Ba2/BB/BB+ 500 101.63 2.73 330 +0.0 +1.0 -0.4 -0.7
XS1167308128 3.125% Jan 22 Ba2/BB/BB+ 750 102.19 2.79 331 +0.0 +1.4 -0.4 -0.4
Ardagh (Hold) ARGID 5Y CDS 313
XS1076715108 8.375% Jun 19 Caa2/CCC+/-- 283 105.99 3.95 696 +0.6 +2.2 +0.2 +0.4
XS1082043388 4.25% Jan 22 Ba3/B+/-- 1,150 104.08 2.33 405 +0.1 +0.9 -0.2 -0.8
XS1406669553 4.125% May 23 Ba3/B+/-- 440 105.63 2.88 372 +0.7 +2.0 +0.3 +0.2
XS1406669983 6.75% May 24 B3/CCC+/-- 750 108.65 5.14 588 +0.2 +3.5 -0.2 +1.8
Areva (Hold) AREVAF
FR0011125442 4.625% Oct 17 --/B+/-- 829 102.31 2.98 366 +2.0 +2.8 +1.6 +1.0
FR0010817452 4.375% Nov 19 --/B+/-- 750 100.23 4.49 512 +7.7 +8.5 +7.3 +6.7
FR0011560986 3.25% Sep 20 --/B+/-- 500 96.11 4.54 513 +10.9 +11.0 +10.5 +9.3
FR0010941690 3.5% Mar 21 --/B+/-- 750 96.03 4.65 522 +11.3 +11.8 +10.9 +10.1
FR0011791391 3.125% Mar 23 --/B+/-- 750 92.93 4.49 494 +12.0 +12.6 +11.7 +10.9
FR0010804500 4.875% Sep 24 --/B+/-- 1,000 97.72 5.33 567 +11.0 +11.8 +10.6 +10.0
Arkema (OW) AKEFP
FR0012278539 4.75% PERP Ba1/BB+/-- 700 107.97 2.81 340 +0.3 +2.2 -0.1 +0.5
Astaldi (Restr.) ASTIM 5Y CDS 1,508
XS1000393899 7.125% Dec 20 B2/B*-/B+ 750 101.13 6.91 764 +0.6 +3.0 +0.2 +1.3
Atalian (No rec) ATALIA
XS0873629223 7.25% Jan 20 B2/B/-- 400 106.51 0.80 597 +0.0 +0.6 -0.3 -1.2
Autostrada B. V. V. P. (No rec) ABVVPS
XS1205716720 2.375% Mar 20 --/BBB-/BB+ 600 105.10 1.01 162 -0.1 +0.2 -0.5 -1.6


IDU Avis Budget Group (No rec) CAR 5Y CDS 336
XS0898656037 6% Mar 21 B1/B+/-- 450 104.75 3.48 558 +0.3 +0.9 -0.1 -0.9
Axalta Coating Systems (No rec) AXTA
XS0874859605 5.75% Feb 21 Ba2/BB+/-- 250 105.13 1.67 523 +0.3 +0.9 -0.1 -0.8
XS1468538035 4.25% Aug 24 B2/B+/-- 335 105.57 3.32 388 -0.5 -0.5 -0.6 -0.6
Ball (No rec) BLL 5Y CDS 105
XS1330978211 3.5% Dec 20 Ba1/BB+/BB+ 400 111.56 0.85 143 +0.1 +1.1 -0.3 -0.7
XS1330978567 4.375% Dec 23 Ba1/BB+/BB+ 700 115.83 2.10 249 +0.9 +4.1 +0.5 +2.3
Befesa Zinc (No rec) BEZINC
XS0625719777 8.875% May 18 B1/B/-- 300 102.90 6.03 841 +0.2 +1.0 -0.2 -0.8
Belden (No rec) BDC
XS0903269370 5.5% Apr 23 Ba3/B+/-- 500 107.07 4.42 487 +0.7 +1.6 +0.3 -0.2
Bilbao Luxembourg (No rec) BBAOLX
XS0983942656 10.5% Dec 18 Caa1/CCC+/-- 161 101.75 10.30 1,115 +0.7 +3.7 +0.3 +2.0
Bilfinger (Sell) GBFGR
DE000A1R0TU2 2.375% Dec 19 --/BB+/-- 500 103.42 1.43 205 +0.5 +1.6 +0.1 -0.2
BMBG (No rec) BMBGBN
XS1432585997 3% Jun 21 Ba3/BB-/-- 435 103.06 2.30 300 +0.4 +0.4 +0.0 -1.4
Bombardier (Sell) BBDBCN 5Y CDS 500
XS0552915943 6.125% May 21 B3/B/B 780 104.95 5.14 571 +0.8 +5.0 +0.4 +3.2
Buzzi Unicem (Hold) BZUIM
XS0835273235 6.25% Sep 18 --/BB+/-- 350 112.19 0.48 113 +0.1 +0.5 -0.3 -1.2
XS1401125346 2.125% Apr 23 --/BB+/-- 500 104.49 1.47 192 -0.2 +2.7 -0.5 +0.9
CABB (Hold) CABBCO 5Y CDS 396
XS1074935062 FRN Jun 21 B2/B/-- 175 100.02 4.67 524 -0.2 +0.6 -0.5 -1.2
XS1074935229 5.25% Jun 21 B2/B/-- 235 102.01 4.77 554 -0.4 +1.6 -0.7 -0.2
XS1074935492 6.875% Jun 22 Caa1/CCC+/-- 175 88.79 9.87 1,038 -1.0 -0.6 -1.4 -2.3
Cemex (No rec) CEMEX 5Y CDS 360
XS1028960174 5.25% Apr 21 --/B+/BB- 400 104.81 2.39 484 -0.1 +0.7 -0.5 -1.1
XS1028946348 4.75% Jan 22 --/B+/BB- 400 105.30 2.95 434 +0.3 +4.1 -0.1 +2.4
XS1198002690 4.375% Mar 23 --/B+/BB- 550 104.17 3.55 424 +0.6 +5.4 +0.2 +3.6
XS1433214449 4.625% Jun 24 --/B+/BB- 400 104.44 3.89 442 -0.3 +5.8 -0.7 +4.1
Cerba (No rec) CERBA
XS0877607076 7% Feb 20 B2/B+/B+ 530 104.73 1.18 634 +0.3 +0.8 -0.1 -1.0
Chemours (No rec) CC
XS1382783527 6.125% May 23 B1/B+/-- 358 91.97 8.02 847 +2.3 +11.9 +1.9 +10.1
CMA CGM (No rec) CMACG 5Y CDS 1,300
XS1005207961 8.75% Dec 18 B3/CCC+/-- 300 92.00 13.59 1,424 -2.9 -1.5 -3.3 -3.3
XS1244815111 7.75% Jan 21 B3/CCC+/-- 725 77.13 15.90 1,648 -1.1 -1.2 -1.4 -2.9
CMC di Ravenna (Hold) CMCRAV
XS1088811432 7.5% Aug 21 B2/B/-- 300 77.58 14.80 1,536 +0.9 -5.0 +0.5 -6.7
Constellium (No rec) CSTM
XS1064882316 4.625% May 21 Caa1/CCC+/-- 300 93.98 6.40 696 +1.8 +11.0 +1.4 +9.2
XS1151723282 7% Jan 23 Caa1/CCC+/-- 240 100.29 7.23 770 +2.1 +13.0 +1.7 +11.2
ConvaTec (No rec) CONVAT 5Y CDS 201
XS0568044555 10.875% Dec 18 B3/B/-- 250 103.34 1.07 1,034 +0.2 +0.8 -0.2 -1.0
Crown (No rec) CCK 5Y CDS 260
XS1084050316 4% Jul 22 Ba2/BB/-- 650 112.61 1.74 232 +0.5 +3.4 +0.1 +1.7
XS1227287221 3.375% May 25 Ba2/BB/-- 600 106.34 2.60 292 +0.2 +3.3 -0.2 +1.5
Dry Mix Solutions (No rec) DRYMIX 5Y CDS 160
XS1076527875 FRN Jun 21 B1/B/-- 550 100.75 2.98 451 +0.2 +0.6 -0.2 -1.1
XS1382644752 FRN Mar 23 B1/B/-- 150 102.30 3.78 554 +0.3 +0.9 -0.1 -0.8
Empark (No rec) EMPARK
XS0982711045 6.75% Dec 19 Ba3/BB/-- 235 105.82 0.37 569 +0.1 +0.4 -0.3 -1.3
XS0982712951 FRN Dec 19 Ba3/BB/-- 150 100.68 5.27 590 +0.0 +0.5 -0.3 -1.3


IDU Esterline Technologies (No rec) ESL
XS1212668062 3.625% Apr 23 Ba2/BB+/-- 330 100.11 3.75 419 +0.3 +5.3 +0.0 +3.5
Faenza (No rec) FAENNZ
XS0955817738 8.25% Aug 21 Caa1/CCC+/-- 307 106.95 5.60 737 +0.1 +0.8 -0.3 -0.9
FMC (Hold) FMEGR
XS0675221419 6.5% Sep 18 Ba2/BB+/BB 400 113.18 0.18 84 +0.1 +0.3 -0.3 -1.4
XS0723509104 5.25% Jul 19 Ba2/BB+/BB 250 114.46 0.36 100 +0.1 +0.6 -0.3 -1.2
XS0576395478 5.25% Feb 21 Ba2/BB+/-- 300 120.08 0.74 132 +0.1 +0.8 -0.3 -1.0
Gates Global (No rec) GATGLO
XS1078819726 5.75% Jul 22 Caa2/B/-- 235 93.42 7.49 799 +1.1 +5.8 +0.7 +4.1
Greif (No rec) GEF
XS0647108264 7.375% Jul 21 Ba3/BB-/-- 200 121.05 2.93 348 +0.1 +1.1 -0.3 -0.6
Guala Closures (Buy) GCLIM
XS0619675753 9.375% Apr 18 B3/CCC+/-- 200 103.04 5.26 850 +0.2 +1.0 -0.2 -0.8
XS0852482941 FRN Nov 19 B1/B/-- 275 100.85 1.91 553 +0.7 +1.0 +0.3 -0.8
Haniel (No rec) HANIEL 5Y CDS 36
XS0743603358 6.25% Feb 18 Ba1/BBB-/-- 196 108.93 0.26 93 +0.0 +0.2 -0.4 -1.6
Hapag-Lloyd (Sell) HPLGR
XS0974356262 7.75% Oct 18 Caa1/B-*-/-- 400 103.52 4.94 698 +0.4 +1.3 +0.0 -0.5
XS1144214993 7.5% Oct 19 Caa1/B-*-/-- 250 104.03 5.85 701 +0.1 +0.5 -0.3 -1.3
HeidelbergCement (Buy) HEIGR 5Y CDS 104
DE000A0TKUU3 5.625% Jan 18 Ba1/--/BB+ 480 107.43 0.26 94 +0.1 +0.2 -0.3 -1.6
XS0686703736 9.5% Dec 18 Ba1/--/BB+ 500 121.50 0.22 87 +0.1 +0.5 -0.3 -1.3
XS1044496203 2.25% Mar 19 Ba1/--/BB+ 500 104.70 0.50 114 +0.0 +0.4 -0.3 -1.3
XS0458685913 8.5% Oct 19 Ba1/--/BB+ 500 125.32 0.53 116 +0.0 +0.5 -0.3 -1.2
XS0478803355 7.5% Apr 20 Ba1/--/BB+ 750 124.74 0.62 123 +0.1 +0.8 -0.3 -0.9
XS0985874543 3.25% Oct 20 Ba1/--/BB+ 300 111.17 0.61 120 +0.1 +0.9 -0.3 -0.8
XS1002933072 3.25% Oct 21 Ba1/--/BB+ 500 112.39 0.85 139 +0.1 +1.5 -0.2 -0.2
XS1387174375 2.25% Mar 23 Ba1/--/BB+ 1,000 107.59 1.06 154 +0.3 +2.7 +0.0 +0.9
XS1425274484 2.25% Jun 24 Ba1/--/BB+ 750 107.64 1.22 159 +0.4 +3.0 +0.1 +1.3
Heidelberger Druck (No rec) HDDGR
DE000A14J7A9 8% May 22 Caa1/CCC+/-- 205 107.01 6.13 725 +0.4 +0.8 +0.0 -1.0
HomeVi (No rec) DMVIFR
XS1093814116 6.875% Aug 21 B2/B/-- 480 107.63 2.96 587 +0.2 +1.0 -0.2 -0.7
Horizon Holdings (No rec) VERALL
XS1265903937 5.125% Aug 22 B1/B+/-- 500 107.54 2.66 431 +0.1 +1.9 -0.3 +0.1
XS1265973047 7.25% Aug 23 B3/B-/-- 225 109.70 4.11 615 +0.2 +2.1 -0.1 +0.3
Huntsman (No rec) HUN 5Y CDS 521
XS1056202762 5.125% Apr 21 B1/B/-- 443 107.79 3.37 402 +0.0 +2.3 -0.3 +0.6
XS1395182683 4.25% Apr 25 B1/B/-- 296 100.71 4.28 458 +0.1 +5.0 -0.2 +3.3
Hurtigruten (No rec) HRGNO
XS1180324037 7.5% Feb 22 B2/B/-- 455 107.80 4.83 654 +0.2 +2.1 -0.2 +0.3
IMS Health (No rec) RX
XS1207120475 4.125% Apr 23 B2*+/B+*+/-- 275 105.21 2.72 383 +0.5 +1.6 +0.1 -0.1
Ineos (Hold) INEGRP 5Y CDS 317
XS0982710740 5.75% Feb 19 B3/B-/-- 600 103.34 2.31 515 +0.1 +0.5 -0.3 -1.3
XS1117296209 4% May 23 Ba3/BB-/-- 770 102.87 3.29 404 +0.7 +1.2 +0.3 -0.6
XS1405769990 5.375% Aug 24 B3/B-/-- 650 101.82 5.08 555 -0.4 -0.4 -0.4 -0.4
Innovia Films (No rec) INNOGB
XS1032974609 FRN Mar 20 B2/B/-- 267 100.88 3.89 529 +0.3 +0.8 -0.1 -1.0
Inovyn (Hold) KERLIN
XS1405784288 6.25% May 21 B2/B/-- 300 106.40 3.58 546 +0.7 +2.4 +0.3 +0.6
ista (Hold) ISTAGR 5Y CDS 121
XS0929666070 5% Apr 20 Ba3/B+/-- 350 103.10 2.81 486 +0.1 +0.5 -0.3 -1.2
XS0929660974 6.875% Apr 21 B3/B-/-- 525 105.92 5.60 617 +0.2 +0.7 -0.2 -1.0


IDU Italcementi (Buy) ITCIT
XS0893201433 6.125% Feb 18 Ba1/BB/-- 500 108.62 0.42 109 +0.0 +0.2 -0.4 -1.6
XS0496716282 6.625% Mar 20 Ba1/BB/-- 750 120.13 0.93 154 +0.0 +1.1 -0.3 -0.7
K+S (UW) SDFGR
DE000A1PGZ82 3% Jun 22 Ba1/BBB-*-/-- 500 106.82 1.85 235 +0.2 -4.3 -0.2 -6.1
Kerneos (No rec) KERNOS
XS1040428721 5.75% Mar 21 B2/B+/-- 200 104.96 2.38 526 +0.1 +0.2 -0.3 -1.5
XS1040429455 FRN Mar 21 B2/B+/-- 175 100.08 4.62 519 +0.3 +0.4 -0.1 -1.4
Klöckner Pentaplast (No rec) KPERST
XS1222584325 7.125% Nov 20 Caa1/CCC+/-- 300 106.73 3.21 614 +0.2 +1.4 -0.2 -0.4
KP Germany Erste (No rec) KPERST
XS1222584325 7.125% Nov 20 Caa1/CCC+/-- 300 106.73 3.21 614 +0.2 +1.4 -0.2 -0.4
Labco (No rec) LABFP 5Y CDS 294
XS1117292802 FRN Jul 22 B2/B+/B+ 775 101.50 3.82 540 +0.1 +0.4 -0.3 -1.4
XS1117292984 6.25% Jul 22 B2/B+/B+ 900 109.18 3.09 511 +0.3 +2.3 +0.0 +0.6
XS1268471494 8.25% Jul 23 Caa1/B-/CCC+ 375 110.33 5.92 702 +0.4 +6.4 +0.0 +4.6
Lecta (Hold) LECTA
XS1458414023 FRN Aug 22 B2/B/-- 225 100.82 6.27 694 +0.5 +2.3 +0.1 +0.5
XS1458413728 6.5% Aug 23 B2/B/-- 375 102.47 6.11 666 +1.0 +2.8 +0.7 +1.0
Leonardo-Finmeccanica (Hold) LDOIM 5Y CDS 164
XS0861828407 4.375% Dec 17 Ba1/BB+/BB+ 521 105.30 0.45 113 +0.0 -0.2 -0.4 -2.0
XS0182242247 5.75% Dec 18 Ba1/BB+/BB+ 500 112.41 0.45 110 +0.1 -0.1 -0.3 -1.8
XS0999654873 4.5% Jan 21 Ba1/BB+/BB+ 739 114.59 1.15 173 -0.1 +0.8 -0.4 -1.0
XS0458887030 5.25% Jan 22 Ba1/BB+/BB+ 556 120.72 1.33 186 +0.1 +0.9 -0.3 -0.9
XS0215093534 4.875% Mar 25 Ba1/BB+/BB+ 500 120.42 2.29 259 +0.1 +1.3 -0.2 -0.5
Loxam (No rec) LOXAM 5Y CDS 218
XS1089828450 4.875% Jul 21 --/BB-/-- 410 105.82 1.52 425 +0.1 +0.7 -0.3 -1.0
XS1089828880 7% Jul 22 --/B/-- 250 109.36 5.32 582 -0.1 +1.3 -0.5 -0.4
XS1401324972 3.5% May 23 --/BB-/-- 250 104.93 2.43 322 +0.2 +1.7 -0.1 -0.1
LSF9 Balta (No rec) BALTAL
XS1265917481 7.75% Sep 22 B2/B/-- 290 108.20 5.60 679 +0.5 +3.1 +0.1 +1.3
Maccaferri (No rec) OFFMAC
XS1074596344 5.75% Jun 21 B3/--/B 200 81.51 11.45 1,201 +1.5 -8.2 +1.1 -10.0
Manutencoop (Buy) MANTEN
XS0808635352 8.5% Aug 20 B3/B-/-- 300 95.63 10.33 1,093 +0.8 +7.8 +0.4 +6.1
Medi-Partenaires (No rec) MEDIFP
XS0924046682 7% May 20 B2/B/-- 495 105.47 4.77 619 +0.0 +0.5 -0.4 -1.3
Metsä Board (No rec) METSA 5Y CDS 124
FI4000085550 4% Mar 19 Ba2/BB+/-- 225 107.92 1.03 167 +0.2 +0.7 -0.1 -1.1
Naviera Armas (No rec) NAVIRA
XS1459821036 FRN Jul 23 B1/BB-/-- 232 99.40 6.64 713 +0.2 +1.2 -0.2 -0.6
Nexans (No rec) NEXFP
FR0011376201 4.25% Mar 18 --/BB-/-- 250 105.83 0.78 145 +0.0 +0.4 -0.3 -1.4
FR0013176294 3.25% May 21 --/BB-/-- 250 107.15 1.71 234 +0.3 +1.3 +0.0 -0.5
Norske Skog (No rec) NSINO 5Y CDS 3,268
XS1181663292 11.75% Dec 19 Caa1/CCC+/-- 290 79.75 22.09 2,271 +0.4 +1.6 +0.0 -0.2
XS1193909154 8% Feb 21 Caa2/CCC-/-- 159 40.60 39.65 4,023 +1.0 +2.0 +0.7 +0.3
Novafives (No rec) NVFVES 5Y CDS 478
XS1028951421 FRN Jun 20 B2/B+/-- 200 94.05 5.72 632 +0.2 +2.7 -0.2 +0.9
XS1028950886 4.5% Jun 21 B2/B+/-- 380 94.23 6.17 673 +0.6 +2.9 +0.2 +1.2
Nyrstar (No rec) NYRBB
XS1107268135 8.5% Sep 19 Caa1/B-/-- 350 104.26 7.27 790 +0.4 +1.8 +0.0 +0.1
Oberthur Technologies (No rec) OCSFP
XS0979448494 9.25% Apr 20 Caa1/CCC/CCC+ 190 105.83 5.80 837 +0.0 +0.5 -0.4 -1.2


IDU Obrascon (No rec) OHLSM
XS0760705631 7.625% Mar 20 B3/--/BB- 230 87.21 13.01 1,362 +6.5 +5.9 +6.2 +4.1
XS1043961439 4.75% Mar 22 B3/--/BB- 400 75.00 11.48 1,200 +9.5 +14.8 +9.1 +13.1
XS1206510569 5.5% Mar 23 B3/--/BB- 317 75.00 11.53 1,199 +8.7 +14.1 +8.3 +12.3
Onorato Armatori (Buy) MOBYIT
XS1361301457 7.75% Feb 23 Ba2/BB-/-- 300 102.88 7.24 788 -0.1 +4.5 -0.5 +2.7
Outokumpu (No rec) OUTOK
FI4000109624 6.625% Sep 19 B2/--/-- 250 103.62 5.39 622 +0.2 +1.6 -0.2 -0.2
FI4000210646 7.25% Jun 21 B2/--/-- 250 105.73 5.96 665 +0.1 +3.6 -0.2 +1.9
Ovako (No rec) OVAKOA
XS1028954367 6.5% Jun 19 B3/B-/-- 300 85.31 14.19 1,483 +1.1 +10.4 +0.7 +8.7
Owens-Illinois (No rec) OI 5Y CDS 72
XS0542593792 6.75% Sep 20 Ba3/BB/-- 500 123.34 0.99 158 +0.7 +2.9 +0.3 +1.1
XS0908230781 4.875% Mar 21 Ba3/BB/-- 330 116.30 1.33 190 +0.0 +2.1 -0.4 +0.3
Paprec (No rec) PAPREC
XS1207101418 5.25% Apr 22 B1/B+/-- 295 105.28 3.79 484 +0.3 +1.7 -0.1 -0.1
XS1207105161 7.375% Apr 23 B2/B-/-- 185 103.09 6.71 749 +0.4 +2.9 +0.0 +1.2
Paroc (No rec) PAROCG
XS1028955174 FRN May 20 B2/B/-- 230 97.73 5.95 655 +0.5 +0.7 +0.1 -1.1
XS1028955505 6.25% May 20 B2/B/-- 196 102.92 4.90 624 +0.4 +1.6 +0.0 -0.1
Pfleiderer (No rec) PFLEID
DE000A12T176 7.875% Aug 19 B2/B-/-- 322 104.61 5.50 707 +0.1 +0.8 -0.3 -0.9
Phoenix (Hold) PHARGR
XS0935786789 3.125% May 20 --/BB+/BB 300 108.57 0.90 150 +0.2 +1.0 -0.1 -0.8
XS1091770161 3.625% Jul 21 --/BB+/BB 300 112.54 1.08 163 +0.7 +1.4 +0.4 -0.3
PPC (No rec) PPCGA 5Y CDS 968
XS1063837741 5.5% May 19 --/CCC-/-- 500 83.93 13.98 1,462 +1.0 +3.5 +0.7 +1.7
Progroup (No rec) PROGRP
DE000A161GC3 5.125% May 22 Ba2/B+/-- 345 107.60 2.28 427 +0.0 +0.7 -0.3 -1.0
PSPC Escrow (No rec) PAH
XS1175224747 6% Feb 23 Caa1/B+/-- 350 95.09 7.26 773 +0.9 +8.8 +0.5 +7.1
Rain Commodities (No rec) RCOLIN
XS0867945197 8.5% Jan 21 B3/B/-- 205 92.88 11.17 1,175 +1.1 +11.6 +0.7 +9.9
Rexel (No rec) RXLFP 5Y CDS 159
XS1238996018 3.25% Jun 22 Ba3/BB-/BB 500 104.31 1.96 305 +0.0 +1.6 -0.4 -0.2
XS1409506885 3.5% Jun 23 Ba3/BB-/BB 650 104.65 2.54 325 +0.3 +2.1 -0.1 +0.3
Rheinmetall (No rec) RHMGR 5Y CDS 160
XS0542369219 5.25% Sep 17 Ba1/--/-- 500 105.10 0.56 123 -0.1 +0.2 -0.4 -1.5
Salini Impregilo (No rec) IPGIM
XS0956262892 6.125% Aug 18 --/BB+/BB 283 109.67 1.28 194 +0.2 +0.4 -0.2 -1.3
XS1435297202 3.75% Jun 21 --/BB+/BB 600 103.85 2.96 351 +0.6 +0.0 +0.2 -1.7
Sappi (Buy) SAPSJ
XS1117298676 3.375% Apr 22 Ba3/BB-/-- 450 103.47 2.51 333 -0.1 +0.6 -0.4 -1.2
XS1383922876 4% Apr 23 Ba3/BB-/-- 350 105.40 2.78 363 +0.0 +0.9 -0.4 -0.9
Schmolz & Bickenbach (Hold) STLNSW
DE000A1G4PS9 9.875% May 19 B2/B+/-- 168 105.73 6.36 866 +0.3 +2.5 -0.1 +0.7
Sealed Air Corporation (No rec) SEE 5Y CDS 101
XS1247796185 4.5% Sep 23 Ba3/BB/-- 400 111.90 2.68 315 +0.7 +2.6 +0.3 +0.9
Senvion (No rec) SENVIO
XS1223808749 6.625% Nov 20 B2/B+/-- 400 105.50 4.06 594 +0.3 +1.3 +0.0 -0.5
SGD Group (No rec) GOBAIN
XS1028957469 5.625% May 19 --/B*/B- 350 103.38 3.23 518 +0.3 +0.8 +0.0 -1.0
SGL (No rec) SGLGR
XS1002933403 4.875% Jan 21 B3/B/-- 250 98.96 5.37 595 +0.8 +0.7 +0.4 -1.1


IDU SIG Combibloc (No rec) SIGCBL
XS1176586862 7.75% Feb 23 Caa1/B-/-- 675 106.41 5.90 717 +0.4 +0.0 +0.0 -1.7
Smurfit Kappa (Hold) SKGID 5Y CDS 121
XS0828002807 5.125% Sep 18 Ba1/BB+/BB+ 200 108.52 1.15 181 +0.1 +0.3 -0.3 -1.5
XS0880132989 4.125% Jan 20 Ba1/BB+/BB+ 400 110.68 1.09 170 +0.2 +0.7 -0.2 -1.1
XS0832432446 FRN Oct 20 Ba1/BB+/BB+ 250 107.53 1.32 203 -0.2 +0.9 -0.5 -0.9
XS1074396927 3.25% Jun 21 Ba1/BB+/BB+ 500 109.64 1.16 182 +0.2 +1.2 -0.2 -0.6
XS1117298759 2.75% Feb 25 Ba1/BB+/BB+ 250 106.27 1.99 231 +0.4 +3.2 +0.0 +1.4
Solvay (MW) SOLBBB 5Y CDS 72
XS0992293570 4.199% PERP Ba1/BB/BB+ 700 104.96 2.41 305 +0.3 +0.9 -0.1 -0.9
XS1323897485 5.118% PERP Ba1/BB/BB+ 500 108.22 3.31 387 +0.3 +1.6 -0.1 -0.2
XS0992293901 5.425% PERP Ba1/BB/BB+ 500 109.33 3.97 438 +0.5 +2.4 +0.1 +0.6
XS1323897725 5.869% PERP Ba1/BB/BB+ 500 111.54 4.16 452 +0.3 +2.7 -0.1 +0.9
SPCM (No rec) SNFF
XS1221105759 2.875% Jun 23 --/BB+/-- 550 102.06 2.46 307 +0.7 +2.1 +0.3 +0.3
SSAB (No rec) SSABAS
XS1055515412 3.875% Apr 19 --/B+/-- 244 102.14 3.36 400 +0.3 +1.9 +0.0 +0.1
Stena (No rec) STENA 5Y CDS 676
XS0495219874 7.875% Mar 20 B3/BB-/-- 200 111.59 4.64 526 +0.2 +2.3 -0.2 +0.6
Stora Enso (Sell) STERV 5Y CDS 108
XS0830688411 5% Mar 18 Ba2/BB/-- 215 107.53 0.33 100 +0.1 +0.3 -0.3 -1.5
XS0754290459 5.5% Mar 19 Ba2/BB/-- 433 112.33 0.70 134 +0.0 +0.7 -0.4 -1.0
XS1432392170 2.125% Jun 23 Ba2/BB/-- 300 102.55 1.78 221 +0.2 +0.8 -0.1 -1.0
Swissport (No rec) SWPORT
XS1331156684 6.75% Dec 21 B1/B/-- 400 104.97 5.65 638 +0.3 +3.2 -0.1 +1.5
XS1331156841 9.75% Dec 22 Caa1/CCC+/-- 290 101.35 9.82 1,032 +0.8 +3.6 +0.4 +1.8
Synthos (No rec) SNSPW
XS1115183359 4% Sep 21 Ba2/BB/-- 400 103.14 3.32 399 +0.6 +1.4 +0.2 -0.4
Techem (Hold) TCHEN 5Y CDS 127
XS0783934911 6.125% Oct 19 Ba3/BB-/BB 410 104.08 4.09 552 -0.2 -0.2 -0.6 -1.9
XS0783934838 7.875% Oct 20 B3/B/B 325 104.89 6.69 728 +0.2 +0.2 -0.1 -1.5
ThyssenKrupp (Sell) TKAGR 5Y CDS 159
DE000A1R08U3 4% Aug 18 Ba2/BB/BB+ 1,600 107.02 0.60 125 +0.1 +0.5 -0.3 -1.3
DE000A1R0410 3.125% Oct 19 Ba2/BB/BB+ 1,250 106.95 0.79 159 +0.1 +0.5 -0.3 -1.3
DE000A14J579 1.75% Nov 20 Ba2/BB/BB+ 750 102.63 1.16 177 +0.2 +0.9 -0.2 -0.9
DE000A2AAPF1 2.75% Mar 21 Ba2/BB/BB+ 850 106.07 1.35 199 +0.3 +1.1 -0.1 -0.6
DE000A14J587 2.5% Feb 25 Ba2/BB/BB+ 600 103.12 2.14 243 +0.2 +1.5 -0.2 -0.3
Titan Cement (No rec) TITKGA
XS1086071146 4.25% Jul 19 --/BB/-- 298 105.79 2.40 304 +0.7 +2.8 +0.4 +1.0
XS1429814830 3.5% Jun 21 --/BB/-- 300 103.44 2.86 342 +0.4 +1.4 +0.0 -0.3
TMF Group (Hold) TMFG
XS0860995355 FRN Dec 18 B1/B/-- 450 100.98 3.54 559 +0.2 +0.9 -0.2 -0.8
XS0860984235 9.875% Dec 19 Caa1/CCC+/-- 195 107.23 2.41 825 -0.2 +0.7 -0.5 -1.1
Trinseo (No rec) TRINSE
XS1220246521 6.375% May 22 B3/--/-- 375 106.41 4.55 573 +0.1 +2.2 -0.3 +0.5
Unilabs (No rec) UNILAB 5Y CDS 115
XS0943769470 8.5% Jul 18 B2/B/-- 355 104.01 4.51 730 +1.2 +1.9 +0.8 +0.2
XS0943769041 12% Jan 19 Caa2/CCC+/-- 292 105.14 7.11 1,088 +0.3 +1.0 -0.1 -0.7
Vale (No rec) VALEBZ 5Y CDS 424
XS0497362748 4.375% Mar 18 Ba3/BBB-/BBB 750 104.63 1.72 239 -0.4 +0.1 -0.7 -1.7
XS0802953165 3.75% Jan 23 Ba3/BBB-/BBB 750 100.42 3.77 423 +0.1 +1.6 -0.3 -0.1
Valeant (No rec) VRXCN 5Y CDS 659
XS1205619288 4.5% May 23 B3/B-/-- 1,500 83.68 7.95 839 -0.2 +5.8 -0.5 +4.1


IDU Vallourec (No rec) VKFP
FR0011302793 3.25% Aug 19 --/B+/-- 400 100.38 3.41 404 +1.3 +4.3 +1.0 +2.5
FR0012188456 2.25% Sep 24 --/B+/-- 500 78.24 5.86 618 +4.4 +8.3 +4.0 +6.6
Verisure (No rec) VERISR
XS1310477895 6% Nov 22 B1/B/-- 700 109.72 2.95 481 +0.2 +1.1 -0.1 -0.6
Voto-Votrantim (No rec) VOTORA 5Y CDS 395
XS1061029614 3.25% Apr 21 Ba2/BB+/BBB- 580 95.48 4.51 508 +0.1 +2.8 -0.3 +1.0
XS1232126810 3.5% Jul 22 Ba2/BB+/BBB- 447 92.80 5.07 556 +0.1 +2.1 -0.3 +0.4
VWR (No rec) VWRINT
XS1207387801 4.625% Apr 22 B3/B+/-- 504 104.78 3.45 436 +0.0 +1.2 -0.4 -0.6
WFS Global (No rec) WFSGLB
XS1252776759 9.5% Jul 22 B3/B-/-- 325 97.46 10.57 1,108 +0.2 +3.9 -0.2 +2.1
Wienerberger (Hold) WIEAV 5Y CDS 374
AT0000A100E2 4% Apr 20 Ba1/--/-- 300 111.39 0.95 156 +0.0 +1.0 -0.3 -0.7
DE000A1ZN206 6.5% PERP Ba3/--/-- 272 105.67 3.89 447 -0.1 +0.5 -0.5 -1.3
Wittur (No rec) WITTUR
XS1188024548 8.5% Feb 23 Caa1/CCC+/-- 225 97.89 9.30 977 +0.2 +2.3 -0.2 +0.5
Worldpay Group (No rec) WPGLN
XS1319701451 3.75% Nov 22 Ba2/BB/-- 500 109.91 2.09 262 +0.9 +4.7 +0.6 +3.0
Xella (Hold) XELLA
XS1071440991 FRN Jun 19 B1/B+/-- 325 100.13 3.45 409 +0.4 +0.8 +0.0 -1.0
XPO Logistics (No rec) XPO
XS1117295060 5.75% Jun 21 B2/B/-- 500 104.79 4.55 536 +0.4 +6.6 +0.0 +4.9
Yioula (No rec) YIOULA
XS1069662812 8.5% May 19 B3/CCC/-- 185 96.90 10.53 1,117 +0.5 +3.0 +0.2 +1.3
TMT Altice (Buy) ALTICE 5Y CDS 364
XS1003905152 6.5% Jan 22 B1/BB-/-- 300 106.53 2.29 579 +0.0 +0.3 -0.4 -1.5
XS1061642317 7.25% May 22 B3/B/-- 2,075 105.90 5.66 670 +0.5 +4.6 +0.1 +2.8
XS1181246775 5.25% Feb 23 B1/BB-/-- 500 105.84 3.96 479 +0.2 +3.2 -0.1 +1.4
XS0946155693 9% Jun 23 B3/B-/-- 250 115.11 3.14 690 +0.2 +1.7 -0.2 -0.1
XS1117300241 6.25% Feb 25 B3/B/-- 750 98.92 6.58 690 +0.9 +6.0 +0.5 +4.2
Cellnex Telecom (No rec) CLNXSM
XS1265778933 3.125% Jul 22 --/BB+/BBB- 600 108.98 1.60 209 +0.2 +2.9 -0.1 +1.2
XS1468525057 2.375% Jan 24 --/BB+/BBB- 750 103.40 1.91 230 -0.6 -0.6 -0.6 -0.6
Eircom (No rec) EIRCMF
XS1432395785 4.5% May 22 B2/B/B+ 500 102.66 3.90 461 +0.2 +1.7 -0.2 -0.1
Interoute (No rec) INTERO
XS1298004612 7.375% Oct 20 B1/B+/-- 350 108.64 3.17 580 +0.0 +0.3 -0.3 -1.4
InterXion (No rec) INXN
XS0946728564 6% Jul 20 B2/BB-/-- 625 106.10 2.86 506 +0.0 +0.4 -0.3 -1.3
KPN (Restr.) KPN 5Y CDS 73
XS0903872355 6.125% PERP Ba2/BB/BB+ 1,100 108.30 2.08 274 +0.3 +1.1 -0.1 -0.7
Lawson Software (No rec) LWSN
XS1354235217 5.75% May 22 Caa1/B-/CCC+ 350 94.83 7.31 782 -0.1 +3.0 -0.5 +1.2
Matterhorn Telecom (Buy) MATTER 5Y CDS 304
XS1219465728 3.875% May 22 B2/B/-- 1,000 100.51 3.90 441 +0.6 +1.7 +0.2 +0.0
XS1219467930 FRN May 22 B2/B/-- 265 100.22 3.60 414 +0.1 +1.2 -0.2 -0.5
XS1219475792 4.875% May 23 Caa1/CCC+/-- 178 99.29 5.17 561 +0.9 +2.7 +0.5 +0.9
Nokia (Hold) NOKIA 5Y CDS 107
XS0411735482 6.75% Feb 19 Ba1/BB+/BB+ 500 115.57 0.43 107 +0.0 +0.3 -0.4 -1.5
OTE Hellenic Telecom (Hold) HTOGA 5Y CDS 234
XS0885718782 7.875% Feb 18 Caa2/B+/-- 650 108.11 2.50 317 +0.1 +0.5 -0.3 -1.2
XS1327539976 4.375% Dec 19 Caa2/B+/-- 350 105.52 2.83 345 +0.1 +1.7 -0.3 -0.1
XS1086785182 3.5% Jul 20 Caa2/B+/-- 700 103.56 2.75 335 +0.3 +2.5 -0.1 +0.7


TMT PagesJaunes (No rec) PAJFP
XS0626691447 8.875% Jun 18 Ca/--/C 350 59.31 51.12 5,178 +2.1 +20.1 +1.8 +18.3
PLAY (No rec) PFOURS 5Y CDS 144
XS0982710153 5.25% Feb 19 B1/B+/-- 725 102.98 2.21 482 +0.1 +0.4 -0.3 -1.3
XS0982709494 6.5% Aug 19 B2/B-/B- 270 104.10 4.23 585 +0.1 +0.7 -0.2 -1.0
XS1028947403 7.75% Feb 20 Caa1/B-/-- 415 102.06 6.72 800 +0.1 +0.4 -0.2 -1.4
RCS & RDS (Hold) CBLCSY
XS0954673777 7.5% Nov 20 B1/B+/-- 450 105.38 0.88 685 +0.2 +0.5 -0.2 -1.2
SES (MW) SESGFP 5Y CDS 86
XS1405777746 4.625% PERP Ba1/BB+/-- 750 104.10 3.85 438 +0.8 +2.0 +0.4 +0.2
SFR Group (Buy) SFRFP 5Y CDS 348
XS1028956222 5.375% May 22 B1/B+/-- 1,000 105.12 4.03 499 +0.1 +1.7 -0.2 +0.0
XS1028956149 5.625% May 24 B1/B+/-- 1,250 106.11 4.41 516 +0.1 +3.8 -0.3 +2.0
SOFTBANK (No rec) SOFTBK 5Y CDS 129
XS0918548644 4.625% Apr 20 Ba1/BB+/-- 625 112.38 1.27 188 +0.3 +1.7 -0.1 -0.1
XS1266662763 4% Jul 22 Ba1/BB+/-- 500 111.83 1.89 246 +0.3 +3.5 -0.1 +1.7
XS1266662334 4.75% Jul 25 Ba1/BB+/-- 1,250 113.68 3.03 334 +0.4 +3.0 +0.0 +1.2
XS1266661013 5.25% Jul 27 Ba1/BB+/-- 500 113.85 3.75 392 +0.6 +3.2 +0.2 +1.5
TDC (UW) TDCDC 5Y CDS 146
XS1195581159 3.5% Feb 15 Ba2/BB/BB 750 96.82 4.42 499 +0.4 +1.8 +0.0 +0.1
Telecom Italia (Hold) TITIM 5Y CDS 204
XS0831389985 4.5% Sep 17 Ba1/BB+/BBB- 628 104.51 0.35 102 +0.0 +0.0 -0.4 -1.7
XS0630463965 4.75% May 18 --/BB+/BBB- 593 107.49 0.52 119 +0.0 +0.1 -0.4 -1.7
XS0794393396 6.125% Dec 18 --/BB+/BBB- 582 112.69 0.61 127 +0.0 +0.1 -0.4 -1.7
XS0184373925 5.375% Jan 19 --/BB+/BBB- 832 111.51 0.64 129 +0.0 +0.2 -0.4 -1.6
XS0868458653 4% Jan 20 --/BB+/BBB- 719 109.75 1.12 174 +0.0 +0.2 -0.4 -1.6
XS0974375130 4.875% Sep 20 --/BB+/BBB- 547 114.67 1.23 182 +0.0 +0.2 -0.4 -1.6
XS1020952435 4.5% Jan 21 --/BB+/BBB- 564 114.38 1.20 178 -0.1 +0.1 -0.5 -1.6
XS0486101024 5.25% Feb 22 --/BB+/BBB- 884 119.06 1.63 215 +0.2 +1.0 -0.2 -0.8
XS1169832810 3.25% Jan 23 Ba1/BB+/BBB- 1,000 108.84 1.82 228 -0.1 +0.1 -0.4 -1.7
XS1347748607 3.625% Jan 24 Ba1/BB+/BBB- 750 109.03 2.33 271 -0.1 +0.2 -0.5 -1.5
XS1419869885 3.625% May 26 Ba1/BB+/BBB- 1,000 107.52 2.78 298 -0.1 +0.9 -0.5 -0.9
XS0161100515 7.75% Jan 33 Ba1/BB+/BBB- 1,015 137.16 4.54 445 -0.3 +0.9 -0.7 -0.9
XS0214965963 5.25% Mar 55 Ba1/BB+/BBB- 670 104.21 5.04 467 -0.4 +0.8 -0.8 -0.9
Telefonica (MW) TELEFO 5Y CDS 108
XS0972570351 6.5% PERP Ba1/BB+/BBB- 1,125 108.69 2.28 294 +0.5 +1.7 +0.1 -0.1
XS1148359356 4.2% PERP Ba1/BB+/BBB- 850 104.02 3.01 363 +0.4 +2.0 +0.1 +0.2
XS1050460739 5% PERP Ba1/BB+/BBB- 750 106.31 3.21 383 +0.5 +2.1 +0.1 +0.3
XS0972588643 7.625% PERP Ba1/BB+/BBB- 625 117.06 3.94 449 +0.6 +2.1 +0.2 +0.4
XS1050461034 5.875% PERP Ba1/BB+/BBB- 1,000 109.70 4.41 479 +0.9 +3.4 +0.5 +1.7
Telekom Austria (UW) TKAAV 5Y CDS 54
XS0877720986 5.625% PERP Ba1/BB+/-- 600 106.36 1.30 197 +0.1 +0.8 -0.3 -1.0
Telenet (Hold) TNETBB 5Y CDS 275
XS0783935488 6.25% Aug 22 B1/B+/BB 450 107.91 1.60 534 +0.1 +0.6 -0.3 -1.2
XS0783935306 6.75% Aug 24 B1/B+/BB 250 112.41 0.63 534 +0.3 +0.9 -0.1 -0.8
XS1266726592 4.875% Jul 27 B1/B+/BB 530 107.33 3.78 426 +0.5 +3.1 +0.2 +1.3
United Group (Hold) ADRBID
XS0992294388 7.875% Nov 20 B2/B/-- 625 105.33 3.24 723 +0.1 +0.6 -0.3 -1.2


TMT Unitymedia (Hold) UNITY 5Y CDS 166
XS0827991760 5.5% Sep 22 Ba3/BB-/-- 527 106.76 1.90 482 +0.2 +0.4 -0.2 -1.4
XS0862322947 5.75% Jan 23 Ba3/BB-/-- 405 107.81 2.34 492 +0.1 +0.7 -0.3 -1.1
XS0877974062 5.125% Jan 23 Ba3/BB-/BB- 405 106.59 2.41 452 +0.1 +0.7 -0.3 -1.1
XS0918739318 5.625% Apr 23 Ba3/BB-/-- 280 107.97 2.55 479 +0.1 +0.9 -0.3 -0.9
XS1150437579 4% Jan 25 Ba3/BB-/BB- 1,000 106.30 2.76 353 -0.2 +2.1 -0.6 +0.4
XS1334248223 4.625% Feb 26 Ba3/BB-/-- 420 109.52 2.95 375 +0.4 +3.2 +0.0 +1.5
XS1197205591 3.5% Jan 27 Ba3/BB-/-- 500 103.97 2.96 328 +0.1 +4.6 -0.2 +2.8
XS1199438174 3.75% Jan 27 B3/B/-- 700 100.34 3.80 395 +0.1 +6.0 -0.3 +4.2
XS0982713330 6.25% Jan 29 Ba3/BB-/-- 475 115.25 3.30 479 +0.5 +1.8 +0.1 +0.1
UPC (Hold) UPCB 5Y CDS 252
XS0832993397 6.375% Sep 22 B2/B/-- 600 107.80 5.01 550 +0.1 +0.6 -0.3 -1.1
XS0909769407 6.75% Mar 23 B2/B/-- 450 109.57 2.84 562 +0.3 +1.3 -0.1 -0.5
XS1117297603 4% Jan 27 Ba3/BB/-- 600 102.79 3.67 392 +0.5 +3.7 +0.1 +1.9
Veritas US (No rec) VERITS
XS1357678322 7.5% Feb 23 B1/B+/-- 262 97.37 8.36 883 -0.8 -0.8 -0.9 -0.9
Virgin Media (Hold) VMED 5Y CDS 237
XS1169920193 4.5% Jan 25 B2/B/B 460 103.89 3.93 437 +0.0 +2.7 -0.3 +0.9
Vivacom (No rec) BLTEBG
XS0994993037 6.625% Nov 18 B1/B-*-/-- 400 102.30 5.24 654 +0.1 +0.0 -0.3 -1.8
Warner Music (No rec) WMG
XS0849907521 6.25% Jan 21 Ba3/B/-- 158 104.56 3.76 586 -0.1 +0.7 -0.4 -1.0
Wind (Buy) WINDIM 5Y CDS 242
XS0922256580 FRN Apr 19 Ba3/BB/BB- 150 100.65 3.73 555 +0.1 +0.6 -0.3 -1.2
XS1082635712 FRN Jul 20 Ba3/BB/BB- 575 100.35 3.73 435 +0.1 +1.1 -0.3 -0.7
XS1082636876 4% Jul 20 --/BB/BB- 2,475 102.33 2.87 409 +0.3 +1.7 -0.1 -0.1
XS1204622960 FRN Jul 20 Ba3/BB/BB- 400 100.35 3.86 447 +0.1 +1.1 -0.3 -0.7
XS1055940206 7% Apr 21 Caa1/B/B- 1,750 105.21 4.80 646 +1.1 +5.7 +0.8 +3.9
Ziggo (Hold) ZIGGO 5Y CDS 230
XS1028411152 7.125% May 24 B2/B/-- 743 113.68 3.27 547 +0.0 +0.9 -0.3 -0.8
XS1170079443 4.625% Jan 25 B2/B/-- 400 101.73 4.44 480 +1.5 +2.8 +1.1 +1.0
XS1175813655 3.75% Jan 25 Ba3/BB-/-- 800 102.61 3.40 379 +1.0 +2.4 +0.6 +0.6
FNL Akelius Fastigheter (No rec) AKFAST
XS1295537077 3.375% Sep 20 --/BB+/-- 300 105.12 2.16 275 -0.1 +0.5 -0.2 -0.5
Allied Irish Banks (MW) AIB 5Y CDS 145
XS1057481084 2.75% Apr 19 Ba1/BB+/BB+ 500 105.57 0.66 131 +0.0 +0.1 -0.1 -0.9
XS1202664386 1.375% Mar 20 Ba1/BB+/BB+ 500 102.46 0.73 134 +0.0 +0.2 -0.1 -0.8
XS1325125158 4.125% Nov 25 B1/B+/BB 750 95.63 5.44 602 +0.7 +0.2 +0.6 -0.8
Arrow Global Finance (No rec) ARRGL
XS1132462786 FRN Nov 21 B1/BB/-- 335 102.02 4.52 529 +0.5 +1.3 +0.4 +0.4
XS1396892751 FRN May 23 B1/BB/-- 230 101.32 4.63 520 +0.4 +1.3 +0.3 +0.4
Atradius (No rec) ATRADI
XS1028942354 5.25% Sep 44 Ba1/--/-- 250 86.13 7.76 811 +0.5 +2.6 +0.4 +1.6
Banca MPS (UW) MONTE 5Y CDS 360
XS0236480322 FRN Nov 17 Ca*/--/CC* 369 77.25 24.21 2,489 -2.7 -6.9 -2.8 -7.8
XS1051696398 3.625% Apr 19 B3*/--/B-* 1,000 100.35 3.64 428 +0.0 +0.1 -0.1 -0.9
XS0503326083 5% Apr 20 Ca*/--/CC* 369 78.04 13.26 1,387 -1.4 -6.3 -1.5 -7.3
XS0540544912 5.6% Sep 20 Ca*/--/CC* 379 77.93 13.34 1,394 -2.2 -5.9 -2.3 -6.8
Banca Pop. di Vicenza (Restr.) VICEN
XS1339033059 FRN Dec 17 --/--/B- 300 100.25 3.72 439 +0.1 +0.3 +0.0 -0.6
XS0985326502 5% Oct 18 --/--/B- 400 97.52 6.61 726 -0.2 +0.6 -0.3 -0.3
XS1205644047 2.75% Mar 20 --/--/B- 750 91.38 5.69 630 +0.1 +0.3 +0.0 -0.7
XS1300456420 9.5% Sep 25 --/--/CC 200 84.50 15.92 1,652 +0.6 -2.2 +0.5 -3.2


FNL Banca Popolare di Milano (MW) PMIIM 5Y CDS 202
XS0372300227 9% PERP Caa2*+/--/B+*- 195 103.75 7.20 786 +0.3 +1.9 +0.2 +0.9
XS1024830819 4.25% Jan 19 Ba3*+/--/BB+*- 500 107.63 1.14 178 +0.0 +0.3 -0.1 -0.6
XS0597182665 7.125% Mar 21 B3*+/--/BB*- 475 109.06 4.99 557 +0.1 +2.3 +0.0 +1.4
Banco de Sabadell (MW) SABSM 5Y CDS 155
ES0213860051 6.25% Apr 20 B1/B+/-- 426 112.06 2.99 360 +0.0 +1.2 -0.1 +0.2
XS1405136364 5.625% May 26 B1/B+/-- 500 104.19 5.13 535 +0.4 +2.6 +0.3 +1.6
Banco do Brasil (No rec) BANBRA 5Y CDS 321
XS0955552178 3.75% Jul 18 Ba2/BB/BB 1,000 102.40 2.67 333 +0.2 +0.3 +0.1 -0.7
Banco Popolare Scarl (MW) BPIM 5Y CDS 225
XS0869136316 4.3% Jan 18 Ba3*+/--/BB 156 103.46 1.76 243 -0.3 -0.1 -0.5 -1.1
XS1070681397 2.375% Jan 18 Ba3*+/--/BB 750 101.39 1.46 213 +0.0 +0.3 -0.1 -0.7
XS1293577208 2.625% Sep 18 Ba3*+/--/BB 500 102.22 1.62 227 +0.0 +0.4 -0.1 -0.6
XS1044894944 3.5% Mar 19 Ba3*+/--/BB 1,250 103.97 1.95 260 +0.0 +0.5 -0.2 -0.5
XS1266866927 2.75% Jul 20 Ba3*+/--/BB 1,000 102.74 2.09 268 -0.1 +0.4 -0.2 -0.5
XS0555834984 6% Nov 20 B3*+/--/BB- 710 105.13 4.73 532 +0.1 +2.0 +0.0 +1.1
XS0632503412 6.375% May 21 B3*+/--/BB- 318 107.03 4.82 538 +0.3 +2.9 +0.1 +2.0
Banco Popular Espanol (MW) POPSM 5Y CDS 166
XS1169791529 2% Feb 20 Ba2/--/BB- 650 101.90 1.56 217 +0.4 +1.6 +0.2 +0.6
ES0213790019 8% Jul 21 --/--/B+ 200 100.75 8.09 880 +0.2 +0.7 +0.0 -0.3
ES0213790027 8.25% Oct 21 --/--/B+ 250 100.40 6.71 900 +0.3 +0.8 +0.1 -0.2
Banco Santander (MW) SANTAN 5Y CDS 122
XS0418134663 2% PERP Ba2/BB+/BB 307 34.50 56.97 5,761 +0.1 +0.5 +0.0 -0.5
XS0418135041 2% PERP Ba2/BB+/BB 153 34.50 56.97 5,761 +0.1 +0.5 +0.0 -0.5
Bank of Ireland (MW) BKIR 5Y CDS 165
XS1075963485 4.25% Jun 24 Ba3/BB/-- 750 100.32 4.31 495 +0.3 +0.8 +0.1 -0.2
XS0487711573 10% Feb 20 Ba3/BB/-- 206 122.93 3.04 366 +0.1 +1.6 +0.0 +0.7
XS0867469305 10% Dec 22 --/BB/-- 250 132.45 4.18 466 +0.4 +3.7 +0.3 +2.8
Bankia (MW) BKIASM 5Y CDS 153
ES0313307193 1.5% Nov 17 --/BB+/BBB- 159 101.30 0.45 113 +0.0 +0.2 -0.1 -0.7
ES0313307003 3.5% Jan 19 --/BB+/BBB- 1,000 107.18 0.55 119 +0.0 +0.4 -0.1 -0.6
ES0213307004 4% May 24 --/B+/BB+ 1,000 100.10 4.14 478 +0.2 +1.8 +0.1 +0.8
Bankinter (No rec) BKTSM 5Y CDS 124
ES0213679196 6.375% Sep 19 Ba1/BB/-- 250 114.51 1.58 221 +0.2 +0.8 +0.1 -0.2
Barclays (MW) BACR 5Y CDS 88
XS0214398199 4.75% PERP Ba2/BB/BB+ 319 95.33 6.52 713 +0.1 +1.0 -0.1 +0.1
BPCE (MW) BPCEGP 5Y CDS 84
FR0010535971 6.117% PERP Ba2/BB+/BBB- 509 106.12 1.23 191 +0.1 +0.2 -0.1 -0.7
FR0010777524 12.5% PERP Ba2/--/BBB- 374 133.39 1.52 215 +0.2 +1.0 +0.1 +0.0
CaixaBank (MW) CABKSM 5Y CDS 135
XS0989061345 5% Nov 23 Ba2/BB+/BBB- 750 106.15 2.22 288 +0.2 +0.9 +0.1 +0.0
Commerzbank (MW) CMZB 5Y CDS 116
DE000CZ31PX3 FRN Mar 18 Ba1/BBB-/BBB- 322 103.50 0.77 144 +0.1 +0.2 -0.1 -0.7
Crédit Agricole (MW) ACAFP 5Y CDS 68
FR0010603159 8.2% PERP Ba1/BB+/BBB- 850 111.62 0.94 161 +0.1 +0.4 +0.0 -0.5
FR0010814434 7.875% PERP Ba1/BB+/BBB- 550 118.27 2.03 266 +0.2 +0.6 +0.1 -0.3
Delta Lloyd (MW) DLNA
XS1076781589 4.375% PERP --/BB+/-- 750 80.27 8.01 837 +1.0 +8.1 +0.9 +7.2
Deutsche Bank (MW) DB 5Y CDS 214
DE000A0TU305 8% PERP --/B+/BB+ 1,000 103.81 5.79 646 +0.3 +1.8 +0.2 +0.8
Encore (No rec) ECPG
XS1117279619 FRN Nov 21 B2/B+/-- 310 97.50 6.47 701 +1.4 +3.4 +1.3 +2.5
Ethias Vie (No rec) ETHIAS
BE6279619330 5% Jan 26 --/--/BB 403 83.76 7.63 787 +0.3 +0.9 +0.2 +0.0


FNL Garfunkelux (No rec) GFKLDE 5Y CDS 612
XS1263891910 7.5% Aug 22 B2/B+/-- 365 104.21 6.51 734 +0.5 +3.1 +0.3 +2.2
Gazprombank (Trans.) GPBRU
XS0987109658 3.984% Oct 18 Ba2/BB+/BB+ 1,000 104.02 2.23 288 +0.2 +0.3 +0.1 -0.6
XS1084024584 4% Jul 19 Ba2/BB+/BB+ 1,000 103.95 2.66 330 +0.2 +0.3 +0.1 -0.6
Grand City Properties (No rec) GYCGR
XS1191320297 3.75% PERP Ba1/BB+/-- 500 101.33 3.64 416 -0.4 +2.5 -0.6 +1.6
Groupama (MW) CCAMA
FR0010533414 6.298% PERP --/--/BB 414 98.93 7.83 851 +0.1 +0.9 +0.0 -0.1
FR0010815464 7.875% Oct 39 --/--/BB+ 750 108.12 5.23 586 +0.2 +1.2 +0.0 +0.3
FR0011896513 6.375% PERP --/--/BB+ 1,100 92.39 7.80 818 +0.3 +1.3 +0.2 +0.4
Hoist (No rec) HOSTBS
XS1424841374 3.125% Dec 19 Ba1/--/-- 250 104.32 1.90 253 +0.1 +1.2 +0.0 +0.2
Ibercaja (No rec) CAZAR
ES0244251007 5% Jul 25 --/B/BB 500 93.54 7.13 773 +0.1 +1.6 +0.0 +0.7
ICBPI (No rec) ICBPI
XS1318392864 8.25% May 21 B3/B/-- 900 105.24 6.75 778 +1.1 +3.4 +1.0 +2.4
Iccrea Banca (No rec) ICCREA
XS1143070503 1.875% Nov 19 --/BB/BBB- 500 102.81 1.07 169 +0.0 +0.1 -0.1 -0.8
Intesa Sanpaolo (MW) ISPIM 5Y CDS 127
XS0360809577 6.625% May 18 Ba2/BB-/BB+ 841 107.66 2.18 285 +0.1 +0.4 +0.0 -0.6
XS0365303675 FRN May 18 Ba1/BB/BBB 251 100.85 0.70 203 +0.0 +0.2 -0.1 -0.7
XS0371711663 8.047% PERP Ba3/B+/BB 580 108.44 3.53 420 +0.0 +0.7 -0.1 -0.3
XS0452166324 5% Sep 19 Ba1/BB/BBB 1,051 110.15 1.67 230 +0.0 +0.5 -0.1 -0.5
XS0456541506 8.375% PERP Ba3/B+/BB 742 114.03 3.72 435 +0.1 +0.9 +0.0 +0.0
XS0526326334 5.15% Jul 20 Ba1/BB/BBB 922 112.82 1.80 240 +0.1 +0.4 -0.1 -0.5
XS0971213201 6.625% Sep 23 Ba1/BB/BBB 1,446 121.18 3.27 369 +0.0 +0.7 -0.1 -0.3
XS1222597905 2.855% Apr 25 Ba1/BB/BBB 500 99.87 2.94 321 +0.0 -0.3 -0.2 -1.2
XS1109765005 3.928% Sep 26 Ba1/BB/BBB 1,000 104.96 3.39 357 +0.0 -0.1 -0.2 -1.1
IPF (No rec) IPFLN
XS1054714248 5.75% Apr 21 --/--/BB+ 400 92.94 7.84 841 +1.1 +7.3 +0.9 +6.4
LeasePlan (No rec) LPTY
XS1319818057 6.875% Apr 21 B1/BB+/BB- 1,250 109.88 3.00 522 -0.1 +1.8 -0.2 +0.9
Lock (No rec) LINDOR 5Y CDS 483
XS1094672273 FRN Aug 20 B2*-/BB-/-- 553 100.48 5.28 589 +0.1 +0.5 -0.1 -0.5
XS1094612378 7% Aug 21 B2*-/BB-/-- 730 105.92 4.89 638 +0.0 +1.0 -0.1 +0.1
XS1094674642 9.5% Aug 22 Caa1*-/B-/-- 250 106.80 7.82 885 +1.1 +4.8 +1.0 +3.9
Medical Properties Trust (No rec) MPW
XS0975547141 5.75% Oct 20 Ba1/BBB-/BB 200 105.05 4.03 515 +0.1 +0.2 +0.0 -0.8
XS1278084147 4% Aug 22 Ba1/BBB-/-- 500 108.28 2.52 306 +0.3 +1.8 +0.2 +0.8
Mediobanca (Restr.) BACRED 5Y CDS 181
IT0004645542 5% Nov 20 --/BB/-- 750 109.63 2.67 326 -0.1 +0.4 -0.2 -0.5
IT0004917842 5.75% Apr 23 --/BB/-- 497 115.22 3.24 369 -0.3 +1.6 -0.4 +0.6
IT0005188351 3.75% Jun 26 --/BB/BBB 200 102.10 3.53 373 +0.0 +0.5 -0.1 -0.4
Natixis (MW) KNFP 5Y CDS 65
FR0010531012 6.307% PERP Ba2/BB+/BBB- 372 106.44 1.05 173 +0.0 +0.6 -0.1 -0.4
Nord/LB (MW) NDB 5Y CDS 114
XS0520938647 6% Jun 20 Ba1*-/--/-- 500 108.62 3.71 431 -0.1 +2.1 -0.2 +1.2
DE000NLB2HC4 4.75% Oct 23 Ba1*-/--/-- 225 108.10 3.49 390 -1.4 +1.5 -1.5 +0.5
DE000NLB8K69 3.5% Mar 26 Ba1*-/--/-- 200 103.30 3.19 339 +0.1 +1.5 -0.1 +0.6
Novo Banco (No rec) NOVBNC 5Y CDS 2,180
XS0869315241 3.5% Jan 43 Caa1/--/-- 150 49.75 8.35 807 +1.1 -3.2 +1.0 -4.2


FNL Raiffeisen Bank Int. (MW) RBIAV 5Y CDS 163
XS0843322750 5.875% Apr 23 Ba2/BB+/-- 290 103.34 4.11 478 -0.1 -0.3 -0.2 -1.2
XS1001668950 5.163% Jun 24 Ba2/BB+/-- 233 96.54 6.89 753 -0.2 +5.0 -0.4 +4.1
XS1034950672 4.5% Feb 25 Ba2/BB+/-- 500 93.87 6.80 741 -0.4 +6.0 -0.6 +5.0
XS0619437147 6.625% May 21 Ba2/BB+/-- 500 106.32 5.23 580 -0.3 -1.0 -0.5 -2.0
XS0981632804 6% Oct 23 Ba2/BB+/-- 500 102.57 5.68 610 +0.4 +1.1 +0.2 +0.1
RBS (UW) RBS 5Y CDS 103
XS0323734961 7.0916% PERP B1/B+/BB- 471 100.14 7.46 813 +0.7 +2.6 +0.6 +1.6
XS0356705219 6.934% Apr 18 Ba2/BB+/BBB 2,000 109.37 1.14 181 +0.1 +0.9 +0.0 -0.1
XS1049037200 3.625% Mar 24 Ba2/BB/BBB 1,000 100.00 3.71 435 +0.2 +1.0 +0.1 +0.1
RLB Niederoe.-Wien (No rec) RFLBNI
XS0997355036 5.875% Nov 23 Ba2/--/-- 300 99.05 6.15 655 +0.2 +1.9 +0.1 +0.9
RPG Byty (No rec) RPGBYT
XS0808638539 6.75% May 20 Ba2/--/BB- 400 104.07 5.51 620 +0.0 +0.8 -0.1 -0.2
Sberbank (Trans.) SBERRU 5Y CDS 276
XS1043520144 3.08% Mar 19 Ba1/--/BBB 500 103.56 1.74 238 +0.1 +0.7 +0.0 -0.3
XS1082459568 3.3524% Nov 19 Ba1/--/BBB 1,000 105.28 1.76 238 +0.1 +0.8 +0.0 -0.2
Société Générale (Restr.) SOCGEN 5Y CDS 69
XS0336598064 6.999% PERP Ba2/BB+/-- 468 108.10 0.98 165 +0.2 +0.7 +0.1 -0.2
XS0449487619 9.375% PERP Ba2/BB+/-- 1,000 121.97 1.93 256 +0.2 +1.0 +0.0 +0.1
UBI Banca (MW) UBIIM 5Y CDS 191
XS1404902535 4.25% May 26 Ba2/BB/BBB- 750 100.00 4.32 488 +0.2 +0.4 +0.1 -0.5
UniCredit (No rec) UCGIM 5Y CDS 170
XS0322918565 5.75% Sep 17 Ba1/BB/BBB 1,000 105.20 1.10 178 +0.0 +0.4 -0.1 -0.6
XS0367777884 6.7% Jun 18 Ba3/BB-/BB+ 835 108.07 2.25 292 +0.1 +0.4 +0.0 -0.5
XS1070428732 3.125% May 24 Ba1/BB/BBB 185 97.58 4.59 523 -0.2 +2.6 -0.4 +1.7
XS0470937243 8.125% PERP B1/B+/-- 469 112.20 4.29 491 +0.1 +0.8 +0.0 -0.1
XS0527624059 9.375% PERP B1/B+/BB 246 109.08 6.86 746 +0.1 +0.5 +0.0 -0.4
XS0986063864 5.75% Oct 25 Ba1/BB/BBB 1,000 105.11 4.45 504 +0.3 +0.4 +0.2 -0.6
XS0618847775 6.125% Apr 21 Ba1/BB/BBB 579 116.61 2.40 297 +0.1 +1.0 -0.1 +0.0
XS1426039696 4.375% Jan 27 Ba1/BB/BBB 750 99.85 4.46 499 +0.5 +0.6 +0.4 -0.3
XS0849517650 6.95% Oct 22 Ba1/BB/BBB 1,500 114.52 4.30 478 +0.4 +0.6 +0.3 -0.3
Unipol (MW) UNIIM 5Y CDS 211
XS1041042828 4.375% Mar 21 Ba2/--/BB+ 317 110.08 2.11 268 +0.2 +0.7 +0.1 -0.3
XS0130717134 FRN Jun 21 Ba1/--/BB+ 300 99.24 2.62 318 +1.4 +3.5 +1.3 +2.6
XS0173649798 FRN Jul 23 Ba1/--/BB+ 300 96.38 3.18 359 -0.1 +0.6 -0.3 -0.4
XS1206977495 3% Mar 25 Ba2/--/BB+ 1,000 99.59 3.13 341 -0.2 +0.2 -0.3 -0.7
UnipolSai (No rec) USIMIT
XS1078235733 5.75% PERP Ba2/--/BB 750 97.57 6.24 661 -0.1 +3.0 -0.2 +2.1
Veneto Banca (No rec) VENBAN
XS0337685324 6.411% PERP --/D/-- 200 44.50 +0.3 +10.8 +0.1 +9.9
XS1069508494 4% May 19 --/B/-- 500 96.15 5.83 647 +0.3 +1.4 +0.2 +0.4
XS1327514045 9.5% Dec 25 --/CCC/-- 200 84.15 15.86 1,645 +0.4 -2.6 +0.3 -3.5

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
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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; Amplifon 8a; ArcelorMittal 2, 3; Astaldi 3; Autostrada B. V. V. P. 3; Banca Pop. di Vicenza 3; Banca Popolare di Milano 3, 8a; Banco de Sabadell 3; Banco
Popolare Scarl 3; Banco Popular Espanol 3; Banco Santander 8a; Bankinter 3; Barclays 3; Buzzi Unicem 3; Commerzbank 8a; Deutsche Bank 3, 8a; EDP 3; Enel 3, 8a; FCA 3;
Fresenius 8a; Gazprom 3; Hapag-Lloyd 2; HeidelbergCement 3; Heidelberger Druck 8a; IGT 3; Intesa Sanpaolo 3, 8a; K+S 8a; KPN 3; Leonardo-Finmeccanica 3; Mediobanca 1a, 3,
6a; MOL 1a, 8a; Nokia 3, 8a; Nord/LB 3; Peugeot 3; Piaggio 3; Raiffeisen Bank Int. 3; Renault 3; Repsol 3; Salini Impregilo 3; Société Générale 3, 8a; Telecom Italia 3, 8a; Telefonica
8a; Telekom Austria 3; ThyssenKrupp 3; UBI Banca 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.
Key 8a: UniCredit Bank AG and/or any related legal person hold a net long position exceeding 0.5% of the total issued share capital of the issuer.
Key 8b: UniCredit Bank AG and/or any related legal person hold a net short position exceeding 0.5% of the total issued share capital of the issuer.
RECOMMENDATIONS, RATINGS AND EVALUATION METHODOLOGY

Company Date Rec. Company Date Rec. Company Date Rec.
AAFFP 01/12/2015 Hold HPLGR 18/09/2015 Buy RBS 08/08/2016 Underweight
AALLN 16/02/2016 Hold HTZ 09/08/2016 Sell RBS 29/04/2016 Marketweight
ACAFP 12/05/2016 Marketweight HTZ 29/02/2016 Hold RBS 31/03/2016 Restricted
ACAFP 07/04/2016 Restricted HTZ 10/11/2015 Sell RENAUL 13/05/2016 Marketweight
ADRBID 30/08/2016 Hold INEGRP 20/04/2016 Hold RENAUL 04/03/2016 Overweight
ADRBID 18/07/2016 Restricted JAGLN 15/02/2016 No rec. RENAUL 15/01/2016 Marketweight
ALBALN 01/03/2016 Hold JAGLN 30/09/2015 Hold REPSM 29/07/2016 Overweight
ALBALN 08/09/2015 Buy KNFP 11/05/2016 Marketweight REPSM 05/04/2016 Marketweight
ALUFP 29/01/2016 No rec. KNFP 10/11/2015 In transition RHMGR 20/06/2016 No rec.
AREVAF 02/11/2015 Hold KPN 30/08/2016 Restricted SAPSJ 20/04/2016 Buy
ARGID 20/04/2016 Hold KPN 21/07/2016 Marketweight SAPSJ 14/03/2016 Restricted
BNRGR 16/03/2016 Marketweight KPN 29/01/2016 Overweight SBERRU 30/05/2016 In transition
BNRGR 04/03/2016 Overweight LDOIM 06/05/2016 Hold SDFGR 09/08/2016 Underweight
BNRGR 25/11/2015 Restricted LDOIM 30/09/2015 Restricted SESGFP 29/04/2016 Marketweight
BPCEGP 11/05/2016 Marketweight LECTA 29/08/2016 Hold SHAEFF 31/03/2016 Buy
BPCEGP 10/11/2015 In transition LECTA 18/07/2016 Restricted SHAEFF 18/12/2015 Hold
CABBCO 27/11/2015 Hold LHAGR 29/10/2015 Hold SHAEFF 21/09/2015 Buy
CBLCSY 18/04/2016 Hold LHNVX 12/11/2015 Marketweight SHAEFF 14/09/2015 Hold
CBLCSY 29/01/2016 Buy LHNVX 18/09/2015 Restricted SIBNEF 30/05/2016 In transition
CIRSA 26/07/2016 Hold LKQ 29/07/2016 Buy SNAIM 16/12/2015 Hold
CIRSA 10/09/2015 Buy LKQ 21/06/2016 Hold SNAIM 18/09/2015 Sell
UniCredit Research page 33 .

Company Date Rec. Company Date Rec. Company Date Rec.

CMCRAV 31/05/2016 Hold MANTEN 21/07/2016 Buy SOCGEN 16/08/2016 Restricted
CMZB 02/11/2015 Marketweight MANTEN 17/11/2015 Hold STERV 20/04/2016 Sell
CMZB 14/09/2015 Restricted MATTER 12/04/2016 Buy STERV 12/10/2015 Hold
CNHI 31/05/2016 Hold MOBYIT 14/06/2016 Buy TCGLN 27/07/2016 Buy
CNHI 10/05/2016 Restricted MOLHB 29/06/2016 Buy TCGLN 18/09/2015 Hold
CNHI 02/05/2016 Hold MOLHB 14/04/2016 Restricted TDCDC 21/07/2016 Underweight
CNHI 04/09/2015 Sell MOLHB 21/01/2016 Buy TDCDC 28/01/2016 Marketweight
COFP 21/03/2016 Hold MONTE 06/05/2016 Underweight TELEFO 28/10/2015 Marketweight
COFP 18/01/2016 Marketweight MSSIN 20/07/2016 Hold TELEFO 07/09/2015 Restricted
COFP 16/12/2015 Overweight MSSIN 24/03/2016 Buy TITIM 16/02/2016 Hold
ENELIM 23/06/2016 Marketweight MSSIN 18/02/2016 Hold TITIM 13/01/2016 Restricted
ENELIM 18/05/2016 Restricted MTNA 15/04/2016 Hold TKAAV 21/07/2016 Underweight
ENELIM 10/02/2016 Marketweight MTNA 24/03/2016 Restricted TKAGR 16/02/2016 Sell
EOFP 22/04/2016 Buy MTNA 19/10/2015 Hold TMFG 18/09/2015 Hold
EOFP 18/12/2015 Hold NDB 27/11/2015 Marketweight UNIIM 06/11/2015 Marketweight
FCAIM 11/04/2016 Hold NDB 15/09/2015 Restricted VLVY 22/04/2016 Marketweight
FCAIM 23/03/2016 Restricted ONTEX 05/11/2015 Hold VLVY 05/02/2016 Underweight
FTEAU 19/08/2016 No rec. PELHOL 29/03/2016 Hold VMED 24/06/2016 Hold
GAMENT 15/07/2016 Restricted PELHOL 02/03/2016 Buy VOVCAB 06/06/2016 Hold
GAMENT 18/03/2016 Hold PELHOL 26/11/2015 Hold VWSDC 05/11/2015 Hold
GAMENT 16/12/2015 Buy PEUGOT 27/04/2016 Sell XELLA 30/11/2015 Hold
GAZPRU 30/05/2016 In transition PEUGOT 25/04/2016 Hold XELLA 22/09/2015 Restricted
GAZPRU 25/01/2016 Overweight PEUGOT 08/04/2016 Restricted
GAZPRU 29/09/2015 Restricted PIAGIM 01/08/2016 Hold
GCLIM 20/04/2016 Buy PIAGIM 14/09/2015 Sell
GPBRU 30/05/2016 In transition PMIIM 11/05/2016 Marketweight
GT 01/08/2016 Hold PMIIM 10/11/2015 In transition
GT 16/12/2015 Buy POPSM 02/05/2016 Marketweight
HANIEL 21/03/2016 No rec. POPSM 10/11/2015 In transition
HEIGR 06/04/2016 Buy PRADA 30/08/2016 Buy
HPLGR 10/08/2016 Sell PRADA 17/12/2015 Hold
HPLGR 24/02/2016 Hold RBIAV 13/05/2016 Marketweight
HPLGR 28/09/2015 Restricted RBIAV 10/11/2015 In transition
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 SERVICES
The analyzed company and UniCredit Bank AG and/or any related legal person concluded an agreement on the provision of investment services 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 the provision of investment services 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
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Notice to Hong Kong investors: This report is for distribution only to “professional investors” within the meaning of Schedule 1 to the Securities and Futures Ordinance (Chapter 571,
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restrictions set out in this “Disclaimer” section, and agrees to be bound by those restrictions.
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
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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
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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.
CR e 10

UniCredit Research*
Erik F. Nielsen
Group Chief Economist Dr. Ingo Heimig
Global Head of CIB Research Head of Research Operations
+44 207 826-1765 +49 89 378-13952
erik.nielsen@unicredit.eu ingo.heimig@unicredit.de
Credit Research
Luis Maglanoc, CFA, Head

+49 89 378-12708
luis.maglanoc@unicredit.de
Credit Strategy & Structured Financials Credit Research Corporate Credit Research
Credit Research
Franz Rudolf, CEFA, Head Stephan Haber, CFA, Co-Head
Dr. Philip Gisdakis, Head Covered Bonds Telecoms, Technology
Credit Strategy +49 89 378-12449 +49 89 378-15192
+49 89 378-13228 franz.rudolf@unicredit.de stephan.haber@unicredit.de
philip.gisdakis@unicredit.de Dr. Tilo Höpker Dr. Sven Kreitmair, CFA, Co-Head
Dr. Christian Weber, CFA, Deputy Head Banks Automotive & Mobility
Credit Strategy +49 89 378-12960 +49 89 378-13246
+49 89 378-12250 tilo.hoepker@unicredit.de sven.kreitmair@unicredit.de
christian.weber@unicredit.de Luis Maglanoc, CFA Christian Aust, CFA
Dr. Tim Brunne Regulatory & Accounting Service Industrials
Quantitative Credit Strategy +49 89 378-12708 +49 89 378-12806
+49 89 378-13521 luis.maglanoc@unicredit.de christian.aust@unicredit.de
tim.brunne@unicredit.de Natalie Tehrani Monfared Mehmet Dere
Holger Kapitza Regulatory & Accounting Service Oil & Gas, EEMEA Energy, Consumer
Credit Strategy & Structured Credit +49 89 378-12242 +49 89 378-11294
+49 89 378-28745 natalie.tehrani@unicredit.de mehmet.dere@unicredit.de
holger.kapitza@unicredit.de Dr. Michael Teig Michael Gerstner
Dr. Stefan Kolek Banks Utilities, Hybrids
EEMEA Corporate Credits & Strategy +49 89 378-12429 +49 89 378-15449
+49 89 378-12495 michael.teig@unicredit.de michael.gerstner@unicredit.de
stefan.kolek@unicredit.de Emanuel Teuber Jonathan Schroer, CFA
Manuel Trojovsky Covered Bonds Media/Cable, Logistics, Business Services
Credit Strategy & Structured Credit +49 89 378-12961 +49 89 378-13212
+49 89 378-14145 emanuel.teuber@unicredit.de jonathan.schroer@unicredit.de
manuel.trojovsky@unicredit.de Robert Vielhaber Dr. Silke Stegemann, CEFA
Sub-Sovereigns & Agencies, Green Bonds Health Care & Pharma, Food & Beverage,
+49 89 378-12004 Personal & Household Goods
robert.vielhaber@unicredit.de +49 89 378-18202
silke.stegemann@unicredit.de
Dr. Martina von Terzi
Banks, Financial Services, Insurance
+49 89 378-14245
martina.vonterzi@unicredit.de
Publication Address
UniCredit Research Bloomberg

Corporate & Investment Banking UCCR
UniCredit Bank AG
Arabellastrasse 12 Internet
D-81925 Munich www.research.unicredit.eu
globalresearch@unicredit.de
*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 24

Tightening Slows But Risk Premiums Remain Low

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Tightening Slows But Risk Premiums Remain Low

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2 September 2016 Credit Research

High Yield Pacenotes

Weekly Highlights Contents

unemployment rate stayed unchanged at 4.9%. In addition, details proved

AREVAF 3.125% Mar-23

Source: iBoxx, UniCredit Research

UniCredit Research page 1 See last pages for disclaimer.

When will turn too tight into too tight to last?

UniCredit Research page 2 See last pages for disclaimer.

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

Source: iBoxx, UniCredit Research

RATING ISSUANCE & RATING STRUCTURE

Issuance by Rating Rating Structure

Source: iBoxx, UniCredit Research

UniCredit Research page 3 See last pages for disclaimer.

DEFAULT RATES AND SECTOR STRUCTURE

Spread vs. Default Rate Sector Structure

14% 1,400 80%

Source: iBoxx, UniCredit Research

Source: iBoxx, UniCredit Research

UniCredit Research page 4 See last pages for disclaimer.

Source: iBoxx, Agencies, UniCredit Research

Source: iBoxx, Agencies, UniCredit Research

Source: UniCredit Research

UniCredit Research page 5 See last pages for disclaimer.

Latest Company News

Mehmet Dere (UniCredit Bank) Michael Gerstner (UniCredit Bank)

UniCredit Research page 6 See last pages for disclaimer.

Mehmet Dere (UniCredit Bank) Michael Gerstner (UniCredit Bank)

Altice (Buy), Telenet (Hold)

Jonathan Schroer, CFA (UniCredit Bank)

UniCredit Research page 7 See last pages for disclaimer.

Michael Gerstner (UniCredit Bank)

UniCredit Research page 8 See last pages for disclaimer.

Christian Aust, CFA (UniCredit Bank)

UniCredit Research page 9 See last pages for disclaimer.

understandable. On 14 July, Moody’s upgraded HP Pelzer by one notch to B1 with stable

Lecta (Hold from Restricted)

Christian Aust, CFA (UniCredit Bank)

Matterhorn Telecom (Buy)

UniCredit Research page 10 See last pages for disclaimer.

prepaid at Sunrise Communications (2Q16). Mobile ARPU (excluding instalment accounting)

RCS & RDS (Hold)

UniCredit Research page 11 See last pages for disclaimer.

Jonathan Schroer, CFA (UniCredit Bank)

Christian Aust, CFA (UniCredit Bank)

United Group (Hold from Restricted)

UniCredit Research page 12 See last pages for disclaimer.

expansion in capex through investments in network expansion, additional spending on

We see United Group’s results as demonstrating further solid operating growth. It is

Jonathan Schroer, CFA (UniCredit Bank)

UniCredit Research page 13 See last pages for disclaimer.

Christian Aust, CFA (UniCredit Bank)

UniCredit Research page 14 See last pages for disclaimer.

Dr. Silke Stegemann, CEFA (UniCredit Bank)

UniCredit Research page 15 See last pages for disclaimer.

HY Issuers and Bonds

UniCredit Research page 16 See last pages for disclaimer.

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

UniCredit Research page 17 See last pages for disclaimer.