last month's highlights

1 May 2018 Credit & Credit Strategy Research

Monthly High Yield Index Review

UniCredit Research page 1 See last pages for disclaimer.

Last Month's Highlights ■ Events: Risk premiums firmed in April as geopolitical and trade concerns

eased somewhat. Driven by the package of tax cuts in the US and healthy fundamental growth, investors focused on strong earnings growth in the US this quarter, yoy income growth accelerated to 25% (after 14.4%). In addition, improved economic growth in the US points to a firm global growth picture. The IMF raised its already-optimistic GDP forecasts for the US from to 2.9% for 2018 and to 2.7% for 2019, while in the eurozone, the 2018 growth outlook was lifted to 2.4%. Chinese GDP growth was stable in 1Q18 (6.8% yoy), with the expansion driven by domestic demand and exports, amid signs of a slowdown in traditional sectors. While early indicators in the eurozone have passed their cyclical peak and are entering a more moderate phase of growth, they remain high and supportive healthy growth and profit generation.

■ Performance: After rising political uncertainty resulted in a pushback in risk appetite in 1Q18, credit has stabilized in the past month and spreads in the iBoxx HY NFI have edged 11bp lower to 280bp. Returns have been positive across all sectors, with three achieving 1% or more in April (Oil & Gas, Technology and Media) and the lower rating qualities benefitting most in recent weeks, giving HY solid outperformance vs. IG. The iBoxx HY NFI has clawed back 64bp of performance to stand virtually level YTD. BB performance has recovered (0.5% mom), but remains the drag within HY YTD (-0.3%) as returns have been capped by the yield increase. B was strongest in April (+0.9%) while CCC added 0.3% mom and is still ahead of most European equity indices YTD (1.8%, Euro STOXX 50 +0.5%).

■ Outlook: The gradual normalization path and solid economic expansion will continue to support cash-flow and profit generation. This should allow HY to extend its relative outperformance, particularly in the most indebted categories, despite absolute return levels likely remaining subdued given the upward trajectory in yields. Nevertheless, sentiment remains vulnerable to political risk and the normalization of monetary policy, amid decelerating but healthy economic data.

LAST MONTH'S WINNERS AND LOSERS

Source: iBoxx, UniCredit Research

Contents iBoxx inclusions and exclusions _________________ 5iBoxx Index Characteristics ____________________ 5HY Issuers and Bonds ________________________ 6

Dr. Christian Weber, CFA Deputy Head of Credit Strategy Research (UniCredit Bank, Munich) +49 89 378-12250 [email protected] Bloomberg UCCR

Internet www.research.unicredit.eu

0.3%

0.4%

0.43%

0.52%

0.57%

0.62%

0.63%

0.64%

0.85%

0.87%

0.91%

0.99%

1.00%

1.08%

0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4%

Consumer Goods

Utilities

Basic Materials

Financials

Industrials

Corporates

Health Care

Non-Financials

Consumer Services

Telecommunications

Construction & Materials

Media

Technology

Oil & Gas

Last month's TR

mailto:[email protected]�




PERFORMANCE BY SECTOR

Last month's winners and losers ASW spread development


NON-FINANCIALS PERFORMANCE BY RATING

Last month's performance 12 month performance


FINANCIALS PERFORMANCE BY RATING

Last month's performance 12 month performance


-5

-8

-9

-11

-12

-14

-14

-15

-16

-18

-20

-21

-23

-26

-40 -30 -20 -10 0 10 20 30

Health Care

Utilities

Consumer Goods

Financials

Basic Materials

Corporates

Telecommunications

Non-Financials

Industrials

Technology

Consumer Services

Oil & Gas

Construction & Materials

Media

Last month's ASW change in bp

150

200

250

300

350

400

450

Ma

y-1

7

Jun-

17

Jul-1

7

Aug

-17

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan-

18

Feb

-18

Ma

r-18

Apr

-18

AS

W-S

pre

ad (

bp)

Consumer Goods Consumer Services Oil & GasUtilities Basic Materials Health CareSub-Industrials Media TechnologyTelecom. Constr. & Materials FinancialsNon-Financials

-15

-12

-20-19

0.64%

0.56%

0.89%

0.28%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%-25

-20

-15

-10

-5

0Non-Financials BB B CCC

Last month's ASW change in bp Last month's TR (RS)

0

-5

28

-149

3.2%2.9%

3.9%

7.5%

-2%

-1%

0%

1%

2%

2%

3%

4%

5%

6%

6%

7%

8%-200

-180

-160

-140

-120

-100

-80

-60

-40

-20

0

20

40Non-Financials BB B CCC

12 month ASW change in bp 12 month TR (RS)

-11 -12

-20

53

0.52% 0.52%

0.79%

-1.76%

-2.4%

-2.0%

-1.6%

-1.2%

-0.8%

-0.4%

0.0%

0.4%

0.8%

1.2%

1.6%-40

-30

-20

-10

0

10

20

30

40

50

60Financials BB B CCC

Last month's ASW change in bp Last month's TR (RS)

-75-70

-75

-93

5.1% 5.1%

2.0%

23.2%

0%

3%

6%

9%

12%

15%

18%

21%

24%

27%

30%-100

-90

-80

-70

-60

-50

-40

-30

-20

-10

0Financials BB B CCC

12 month ASW change in bp 12 month TR (RS)




SECTOR DEVELOPMENT

Sector performance last month & LTM 12 month ASW movement by sector


CREDIT UNIVERSE

Performance by asset class (last month, YTD) iBoxx HY 1 month sector changes (ASW, mDur)


CREDIT UNIVERSE BY RATING CLASS

1 month changes (ASW, mDur) non-financials 1 month changes (ASW, mDur) financials


1.6%

1.9%

2.4%

3.2%

3.2%

3.4%

3.6%

2.8%

4.0%

4.7%

4.6%

4.4%

5.1%

5.6%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

Telecommunications

Technology

Consumer Goods

Construction &…

Non-Financials

Industrials

Corporates

Media

Basic Materials

Health Care

Utilities

Consumer Services

Financials

Oil & GasTR LTM TR last month

Util

itie

s

Oil

& G

as

Co

nsu

mer

Go

ods

Tech

nolo

gy

Bas

ic M

ate

rials

Fin

anci

als

Cor

pora

tes

Ind

ust

rials

No

n-F

ina

ncia

ls

Me

dia

Tele

com

mun

icat

ions

Hea

lth C

are

Co

nsu

me

r S

erv

ice

s

Co

nstr

uctio

n &

Ma

teria

ls

150

200

250

300

350

400

450

500

■ Average ASW ▬ Current ASW █ Minimum-Maximum Range

1.8%

0.6%

-0.3%

-0.2%

-0.4%

-0.4%

-0.1%

0.0%0.7%

0.1%-0.3%

-0.5%

-0.4%

-0.2%

-0.4%

1.0%

0.5%

-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0%

CCCB

BBBBB

AAA

AAANon-Fin HY

Financials HYCorporates HYNon-Financials

FinancialsCorporates

CoveredSSA

SovereignsiBoxx € Overall

TR YTD TR Last Month

THEOIG

UTI

CNS

MDI

HCACSV

BSC

TEL

CGD

150

200

250

300

350

400

3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5

ave

rage

AS

W-S

pre

ad in

bp

average mDur

Size = Market Value Today

Size = Market Value 1M

BB

B

CCC

1-3Y

3-5Y5-7Y 7-10Y

0

100

200

300

400

500

600

700

800

1.5 2.5 3.5 4.5 5.5 6.5

ave

rage

AS

W-S

prea

d in

bp

average mDur



BB

B

CCC

1-3Y

3-5Y5-7Y 7-10Y

0

100

200

300

400

500

600

700

800

1.3 2.3 3.3 4.3 5.3 6.3

ave

rage

AS

W-S

prea

d in

bp

average mDur






12M ASW MOVEMENT BY RATING CLASS

Corporates Non-financials vs. financials


LAST MONTH'S NON-FINANCIALS WINNERS

Bond TR 1m TR 12m PX ASW ASW 1m

SHFSJ 1.875% Jan 25 +15.9% +38.4% 67.44 616 -131

FDML 5% Jul 24 +7.3% +11.2% 105.14 357 -115

TSCOLN 5.125% Apr 47 +6.5% +30.9% 127.94 241 -37

ALDESA 7.25% Apr 21 +5.2% +32.7% 100.55 735 -132

ATCNA 6.25% Feb 25 +4.9% -5.4% 97.03 602 -59

FDML 4.875% Apr 22 +4.0% +8.0% 104.11 375 -95

ALGSCO 6.5% Feb 23 +3.1% +2.5% 102.92 556 -51

VRXCN 4.5% May 23 +3.0% +35.4% 91.06 588 -45

ALMAIN 7.25% Oct 22 +3.0% +1.0% 102.13 655 -46

SWPORT 9.75% Dec 22 +2.9% +2.5% 107.53 756 -75

LDOIM 4.875% Mar 25 +2.6% +1.5% 119.54 135 -42

CABBCO 6.875% Jun 22 +2.6% +3.5% 96.10 761 -51

UPCB 3.625% Jun 29 +2.4% +3.1% 99.50 257 -23


LAST MONTH'S NON-FINANCIALS LOSERS


IKKSFR 6.75% Jul 21 -28.8% -17.1% 46.80 2,329 +595

NEWLOK FRN Jul 22 -6.6% -44.4% 45.25 1,764 +103

KPERST 8.5% Jun 23 -6.6% -11.8% 82.71 1,142 +115

AAFFP FRN Oct 23 -5.7% -6.3% 94.97 517 +113

AAFFP 4% Oct 23 -4.8% -5.8% 94.83 455 +87

ATALIA 4% May 24 -4.2% -3.5% 97.37 388 +53

TEREOS 4.125% Jun 23 -3.5% -0.9% 95.78 457 +77

SPB 4% Oct 26 -3.1% +0.8% 101.32 322 +7

CBRFHG 5.125% Oct 22 -3.1% -9.4% 88.75 743 +73

WEPAHY 3.75% May 24 -2.7% -2.4% 98.73 344 +10

VKFP 2.25% Sep 24 -2.6% +4.1% 82.02 449 +37

SOFTBK 4.75% Jul 25 -2.3% -5.9% 101.77 382 +35

TEREOS 4.25% Mar 20 -1.9% -0.7% 100.33 445 +215


LAST MONTH'S FINANCIALS WINNERS


GFKLDE FRN Sep 23 +3.7% -0.8% 95.09 549 -58

ANACAP FRN Aug 24 +3.7% -1.5% 97.22 562 -36

GFKLDE FRN Sep 23 +3.6% -5.4% 93.48 481 -54

GFKLDE 7.5% Aug 22 +2.4% +3.1% 103.91 597 -88

IPFLN 5.75% Apr 21 +2.3% +20.1% 95.69 734 -61

PMIIM 7.125% Mar 21 +2.1% +7.7% 111.79 301 -58

INTRUM 3.125% Jul 24 +1.9% -0.6% 98.50 281 -29

SABSM 5.625% May 26 +1.8% +12.3% 120.07 228 -27

BALDER 3% Mar 78 +1.7% -1.9% 98.20 303 -29

BAMIIM 6.375% May 21 +1.6% +7.9% 109.80 319 -48

BAMIIM 4.375% Sep 27 +1.6% +2.3% 102.90 343 -29

INTRUM 2.75% Jul 22 +1.4% -0.2% 99.39 268 -28

UBIIM 4.45% Sep 27 +1.4% +7.2% 105.48 292 -30


LAST MONTH'S FINANCIALS LOSERS


BOCYCY 9.25% Jan 27 -7.7% -0.5% 99.53 931 +238

HATAFI 5.25% Nov 22 -6.8% -7.3% 92.50 677 +156

HATAFI FRN Nov 22 -5.9% -6.2% 93.03 685 +119

SBERRU 3.3524% Nov 19 -1.4% -0.2% 102.61 208 +103

USIMIT 3.875% Mar 28 -0.9% -0.9% 97.64 312 +4

ADLERR 2.125% Feb 24 -0.8% -0.9% 98.46 191 +16

GPBRU 4% Jul 19 -0.7% +0.9% 102.33 253 +75

CABKSM 2.75% Jul 28 -0.4% +2.7% 104.32 150 +8

AIB 1.5% Mar 23 -0.3% -0.3% 100.22 108 +2

CASSIM 4.5% Dec 47 -0.2% -0.5% 101.74 332 +3

USIMIT 5.75% PERP -0.2% +11.4% 105.20 432 +9

GARAN 3.375% Jul 19 -0.2% +2.4% 102.67 154 +22

ABHFIN 2.626% Apr 20 -0.1% +1.9% 100.64 259 +19


Mai

n

BB

B

CC

C

0

200

400

600

800

1,000


No

n-F

inan

cia

ls

BB

B

CC

C

Fin

anc

ials

BB

B

CC

C

150

250

350

450

550

650

750

850

950





iBoxx inclusions and exclusions

Issuer iBoxx vol. 04/18 (mn) iBoxx vol. 05/18 (mn) ISIN Bond Volume (mn)

IN Akelius Fastigheter 0 500 XS1788973573 AKFAST 3.875% Oct 78 500

Banca IFIS 400 700 XS1810960390 IFIM 2% Apr 23 300

Banco BPM 2,528 3,028 XS1811053641 BAMIIM 1.75% Apr 23 500

CaixaBank 2,000 3,000 XS1808351214 CABKSM 2.25% Apr 30 1,000

CGG 0 280 XS1713465760 CGGFP 7.875% May 23 280

Corestate Capital 0 300 DE000A19YDA9 CCAPGR 3.5% Apr 23 300

Coty 0 800 XS1801786275 COTY 4% Apr 23 550

XS1801788305 COTY 4.75% Apr 26 250

Gestamp 500 900 XS1814065345 GESTSM 3.25% Apr 26 400

Globalworth 550 1,100 XS1799975922 GWILN 3% Mar 25 550

Grupo Antolin 800 1,050 XS1812087598 ANTOLN 3.375% Apr 26 250

LKQ 500 1,500 XS1799641045 LKQ 4.125% Apr 28 250

XS1799640666 LKQ 3.625% Apr 26 750

LSF10 Wolverine 265 515 XS1791484394 STKGRP 5% Mar 24 250

Novafives 580 980 XS1713466149 NVFVES FRN Jun 25 275

XS1713466222 NVFVES 5% Jun 25 325

Piaggio 250 418 XS1808984501 PIAGIM 3.625% Apr 25 250

Samsonite 0 350 XS1811792792 SAMISA 3.5% May 26 350

SOFTBANK 4,061 6,685 XS1811213781 SOFTBK 4% Apr 23 1,000

XS1811213864 SOFTBK 4.5% Apr 25 450

XS1793255941 SOFTBK 5% Apr 28 1,174

TeamSystem 0 750 XS1799545089 TITANL FRN Apr 25 200

XS1799537904 TITANL FRN Apr 23 550

UBI Banca 1,250 1,750 XS1807182495 UBIIM 1.75% Apr 23 500

Vallourec 1,450 1,850 XS1807435026 VKFP 6.375% Oct 23 400

OUT Banca MPS 1,750 750 XS1051696398 MONTE 3.625% Apr 19 1,000

Campofrio 400 0 XS1117299211 CPFSM 3.375% Mar 22 400

Gamenet Group 200 0 XS1458462428 GAMENT 6% Aug 21 200

Novafives 580 980 XS1028951421 NVFVES FRN Jun 20 200

Paprec 1,505 800 XS1207105161 PAPREC 7.375% Apr 23 185

XS1207101418 PAPREC 5.25% Apr 22 520

SSAB 244 0 XS1055515412 SSABAS 3.875% Apr 19 244

Telenet 1,327 1,077 XS0783935306 TNETBB 6.75% Aug 24 250

Wind Tre 3,375 3,375 XS1708450215 WINTRE FRN Jan 24 0


iBoxx Index Characteristics

Out (EUR bn) Coupon TTM Rating Spread

HY Main cum crossover 308,842 +8,157 4.3 -0.02 4.2 -0.01 BB- 12.6 -0.03 329

Financials 61,618 +2,900 4.6 -0.11 3.8 -0.07 BB 11.9 -0.10 302

Non-Financials 247,224 +5,257 4.2 +0.00 4.3 +0.01 BB- 12.8 -0.01 335

Basic Materials 22,839 +156 4.4 +0.04 3.6 +0.07 BB- 12.8 +0.04 309

Construction & Materials 9,339 +0 4.5 +0.00 3.4 -0.30 BB- 13.0 +0.00 n.a.

Consumer Goods 45,115 +2,218 3.9 +0.00 4.5 +0.21 BB 12.3 +0.04 291

Consumer Services 22,230 +150 4.8 -0.03 3.3 +0.19 B+ 13.8 -0.03 415

Health Care 18,025 +0 3.1 +0.00 4.1 -0.37 BB- 13.3 +0.00 387

Industrials 50,502 -305 4.4 -0.01 3.7 +0.02 BB- 13.3 +0.00 335

Media 10,025 +0 4.5 +0.00 5.4 +1.33 BB- 13.1 +0.00 346

Oil & Gas 7,984 -86 5.0 +0.16 4.5 +0.10 BB 12.1 +0.08 282

Technology 9,460 +750 3.4 +0.05 4.2 -1.51 BB- 12.9 +0.18 309

Telecommunications 42,915 +2,374 4.3 +0.00 5.7 -0.19 BB 12.3 -0.09 353

Utilities 8,791 +0 3.8 +0.00 3.9 +0.03 BB+ 11.4 +0.00 247





HY Issuers and Bonds

Sec Name Instrument Rating Out PX Yield Spread Spd 1m Spd YTD TR 1m TR 1y

CON Accor (MW) ACFP 5Y CDS 56

FR0012005924 4.125% PERP --/BB/BB 0.90 106.36 1.25 180 -18.9 -18.1 +0.5 +5.9

Adient (Sell) ADNT

XS1468662801 3.5% Aug 24 Ba3/BB/-- 1.00 101.43 3.33 323 -2.5 +89.7 +0.0 +2.2

Adler Pelzer (Buy) PELHOL

XS1533914591 4.125% Apr 24 B1/B+/-- 0.35 102.50 3.60 372 -29.3 +24.7 +1.5 +4.2

Aramark (No rec) ARMK 5Y CDS 110

XS1586831999 3.125% Apr 25 Ba3/BB/-- 0.33 103.01 2.58 254 +7.7 +27.5 -0.9 +2.1

Arcelik (No rec) ACKAF

XS1109959467 3.875% Sep 21 --/BB+/BB+ 0.35 105.17 2.41 274 +22.5 +25.3 -0.7 +3.4

Arena (No rec) EMPARQ

XS1577948174 2.875% Nov 24 Ba3/BB/-- 0.35 102.26 2.45 243 -5.9 +4.1 +0.2 +1.3

Auris (No rec) AUDIOL

XS1153374084 8% Jan 23 B3/B-/-- 0.28 104.54 4.88 722 -6.2 -11.2 +0.6 +3.8

Autodis (No rec) AUTODI

XS1517169899 4.375% May 22 B2/B/-- 0.26 102.53 2.16 404 -6.1 +7.4 +0.4 +2.6

XS1517169972 FRN May 22 B2/B/-- 0.34 101.17 2.73 469 -8.2 -9.2 +0.5 +3.5

Avis Budget (Hold) CAR 5Y CDS 296

XS1496337236 4.125% Nov 24 B1/BB-/-- 0.30 102.61 3.64 365 +1.4 -8.3 +0.1 +7.7

XS1576621632 4.5% May 25 B1/BB-/-- 0.25 102.74 4.05 398 -2.6 +0.7 +0.3 +8.0

Barry Callebaut (No rec) BARY

BE6222320614 5.625% Jun 21 Ba1/BB+/-- 0.25 116.33 0.44 82 -10.8 -8.7 +0.3 +1.5

BE6286963051 2.375% May 24 Ba1/BB+/-- 0.45 105.34 1.46 140 -13.3 +12.5 +0.6 +4.0

Boparan (No rec) BOPRLN 5Y CDS 466

XS1082473395 4.375% Jul 21 Caa1/B-/-- 0.30 96.46 5.89 625 -49.0 -63.9 +1.8 +0.0

BRF (No rec) BRFSBZ

XS1242327168 2.75% Jun 22 Ba2/BB+/BBB- 0.50 97.13 3.69 389 -23.5 +174.8 +1.0 -0.8

Burger King (No rec) BGRKNG

XS1600481821 FRN May 23 B3/B-/-- 0.31 101.71 4.08 553 -6.1 +8.6 +0.4 +4.3

XS1600514696 6% May 24 B3/B-/-- 0.32 107.91 3.66 459 -40.8 -8.3 +2.3 +9.3

Carlson Travel (No rec) CARLTV

XS1535991498 FRN Jun 23 B2/B/-- 0.33 99.38 5.32 553 -7.0 -31.0 +0.5 +3.8

CBR Fashion (No rec) CBRFHG

XS1709347923 5.125% Oct 22 B2/B/-- 0.45 88.75 8.61 878 +96.1 +182.5 -3.2 -9.6

Cirsa (Hold) CIRSA

XS1400351653 5.75% May 21 B2/BB-/-- 0.45 103.13 4.06 508 -9.3 +23.8 +0.5 +2.1

XS1227583033 5.875% May 23 B2/BB-/-- 0.50 103.11 1.90 531 -14.9 +20.1 +0.8 +2.7

CNH Industrial (OW) CNHI 5Y CDS 86

XS1114452060 2.875% Sep 21 Ba1/BBB-/BBB- 0.70 108.17 0.49 82 -7.6 +0.8 +0.1 +3.2

XS1616917800 1.375% May 22 Ba2/BBB-/BBB- 0.50 102.34 0.79 103 -5.1 +2.6 +0.1 +3.5

XS1412424662 2.875% May 23 Ba2/BBB-/BBB- 0.50 108.50 1.16 122 -5.6 +14.4 +0.1 +5.0

XS1678966935 1.75% Sep 25 Ba2/BBB-/BBB- 0.65 100.92 1.64 138 -4.5 +18.9 +0.0 +1.8

Codere (Buy) CDRSM

XS1513765922 6.75% Nov 21 B2/B/-- 0.50 105.07 4.09 567 -8.9 +9.4 +0.7 +10.0

Cott (No rec) BCBCN

XS1436943309 5.5% Jul 24 B1/B/-- 0.45 106.57 3.64 433 -8.1 +25.7 +0.4 +4.0

Coty (No rec) COTY

XS1801786275 4% Apr 23 B2/BB/-- 0.55

XS1801788305 4.75% Apr 26 B2/BB/-- 0.25

Darling Ingredients (No rec) DAR

XS1240984754 4.75% May 22 Ba3/BB+/-- 0.52 102.76 3.47 433 -5.9 +15.3 +0.4 +1.5

Spd: FIX bonds – z-spread, FRN – discount margin, PIK bonds – mid swap, 5Y CDS spread Source: Bloomberg, iBoxx, UniCredit Research CON: Consumers, ENG: Energy, IDU: Industrials, TMT: TMT, FNL: Financials; Out: EUR bn Outstanding





CON Douglas (Hold) DOUGR

XS1251078009 6.25% Jul 22 B1/B/-- 0.30 104.25 2.65 549 -11.3 +24.4 +0.7 +1.0

XS1251078694 8.75% Jul 23 Caa1/CCC+/-- 0.34 104.73 6.73 795 -18.7 +43.6 +1.2 +2.8

Dufry (Hold) DUFNSW 5Y CDS 146

XS1266592457 4.5% Aug 23 Ba2/BB/-- 0.70 104.32 1.58 371 -2.6 +2.3 +0.2 +1.3

XS1699848914 2.5% Oct 24 Ba2/BB/-- 0.80 101.75 2.19 214 -18.5 -0.3 +0.9 -0.2

eDreams (No rec) EDRSM

XS1491985476 8.5% Aug 21 B3/B/-- 0.43 105.84 3.51 708 +3.3 +24.6 +0.3 +4.4

Europcar (Hold) EUROCA 5Y CDS 299

XS1241053666 5.75% Jun 22 B3/B-/-- 0.60 103.55 2.21 513 +2.9 +19.2 +0.1 +3.8

XS1703900164 2.375% Nov 22 B1/BB/-- 0.35 100.73 2.28 243 -11.5 +37.4 +0.5 -1.7

XS1706202592 4.125% Nov 24 B3/B-/-- 0.60 99.90 4.25 412 -2.2 +7.2 +0.1 -1.1

Faurecia (Buy) EOFP 5Y CDS 495

XS1384278203 3.625% Jun 23 Ba1/BB+/BB+ 0.70 104.98 1.01 270 -9.3 -1.7 +0.4 +3.0

XS1785467751 2.625% Jun 25 Ba1/BB+/BB+ 0.70 101.81 2.32 218 -21.2 -21.2 +1.4 +1.4

FCA (Buy) FCAIM 5Y CDS 143

XS0953215349 6.75% Oct 19 Ba3/BB+/BB 1.25 109.61 0.22 91 -15.1 -26.9 +0.2 +1.9

XS1048568452 4.75% Mar 21 Ba3/BB+/BB 1.00 111.77 0.68 110 -44.3 -58.8 +1.3 +4.8

XS1088515207 4.75% Jul 22 Ba3/BB+/BB 1.35 113.69 1.42 161 -27.7 -37.9 +1.2 +6.4

XS1388625425 3.75% Mar 24 Ba3/BB+/BB 1.25 110.74 1.85 179 -32.8 -34.2 +1.8 +8.5

Federal-Mogul (No rec) FDML

XS1587905727 4.875% Apr 22 B1/B-*+/-- 0.42 104.11 3.46 413 -100.8 -105.2 +3.9 +8.6

XS1587913663 FRN Apr 24 B1/B-*+/-- 0.30 101.75 3.40 515 -24.4 -15.5 +1.5 +6.4

XS1639490918 5% Jul 24 B1/B-*+/-- 0.35 105.14 3.82 409 -135.3 -122.3 +7.2 +11.1

Galapagos (Hold) GALAPG 5Y CDS 1,048

XS1071420027 7% Jun 22 Caa3/CCC-/-- 0.25 82.17 13.51 1,374 +61.0 +96.5 -1.1 -4.1

Gestamp (Sell) GESTSM

XS1409497283 3.5% May 23 Ba3/BB+/-- 0.50 103.85 1.68 281 -3.5 +11.0 +0.2 +2.8

XS1814065345 3.25% Apr 26 Ba3/BB+/-- 0.40

Goodyear (Sell) GT 5Y CDS 171

XS1333193875 3.75% Dec 23 Ba1/BB/BB 0.25 103.60 1.58 313 -2.6 +7.7 +0.1 +1.3

Groupe Casino (Hold) COFP 5Y CDS 274

FR0011301480 4.407% Aug 19 Ba1/BB+/-- 0.70 105.05 0.51 123 -3.0 +34.3 +0.2 +0.2

FR0011215508 5.244% Mar 20 Ba1/BB+/-- 0.54 107.98 1.03 164 -14.0 +59.0 +0.4 -0.2

FR0011052661 5.976% May 21 Ba1/BB+/-- 0.85 112.74 1.76 215 -6.6 +63.9 +0.2 +0.5

FR0013260379 1.865% Jun 22 Ba1/BB+/-- 0.75 97.34 2.62 282 +47.3 +115.3 -1.7 -2.7

FR0011400571 4.561% Jan 23 Ba1/BB+/-- 0.76 108.31 2.72 284 +9.1 +77.9 -0.4 +0.1

FR0011765825 4.498% Mar 24 Ba1/BB+/-- 0.90 105.88 3.39 339 -3.9 +90.7 +0.1 -0.4

FR0012369122 3.58% Feb 25 Ba1/BB+/-- 0.45 99.69 3.69 352 +6.2 +85.1 -0.4 -1.0

FR0012074284 4.048% Aug 26 Ba1/BB+/-- 0.51 100.96 3.95 362 +5.3 +91.2 -0.4 -1.9

Groupe FNAC (No rec) FNACFP

XS1496175743 3.25% Sep 23 Ba2/BB/-- 0.65 104.28 1.57 249 -11.1 +3.1 +0.7 +4.2

Grupo Antolin (Buy) ANTOLN

XS1246049073 5.125% Jun 22 Ba3/BB-/-- 0.40 103.32 1.69 455 -1.1 +26.6 +0.2 +1.1

XS1598243142 3.25% Apr 24 Ba3/BB-/-- 0.40 102.47 2.71 281 +1.4 +26.8 -0.1 +1.9

XS1812087598 3.375% Apr 26 Ba3/BB-/-- 0.25

Hanesbrands (No rec) HBI

XS1419661118 3.5% Jun 24 Ba1/BB/-- 0.50 105.56 2.59 254 -8.4 +36.7 +0.3 +5.0

Hema (No rec) HEMABV 5Y CDS 436

XS1647643110 FRN Jul 22 B2/B-/-- 0.60 100.47 6.41 688 -22.0 +56.4 +1.1 +3.8

XS1647645081 8.5% Jan 23 Caa2/CCC/-- 0.15 99.89 8.84 899 -26.7 +96.7 +1.5 +6.5

Hertz (Hold) HTZ 5Y CDS 740

XS1492665770 4.125% Oct 21 B3/BB-/-- 0.23 101.81 3.56 405 -28.2 -20.8 +1.1 +5.8

XS1790929217 5.5% Mar 23 B3/BB-/-- 0.50 100.82 5.43 555 -23.0 -23.0 +1.2 +1.2






CON Hornbach (No rec) HBMGR

DE000A1R02E0 3.875% Feb 20 Ba1/BB+/-- 0.25 105.87 0.81 142 -6.7 -3.3 -0.3 +1.1

Iglo Foods (No rec) IGBOND

XS1600824962 3.25% May 24 B1/BB-/-- 0.40 101.50 3.00 300 -1.9 +16.5 +0.1 +1.0

IGT (Hold) IGT 5Y CDS 165

XS1204431867 4.125% Feb 20 Ba2/BB+/-- 0.70 105.69 0.62 171 -27.6 -16.4 +0.6 +2.2

XS0860855930 4.75% Mar 20 Ba2/BB+/-- 0.50 107.59 0.75 136 -30.3 -3.8 +0.6 +2.0

XS1204434028 4.75% Feb 23 Ba2/BB+/-- 0.85 110.05 2.39 272 -11.4 +48.3 +0.5 +4.7

IHO (Hold) IHO

XS1490152565 2.75% Sep 21 Ba1/BB-/BB+ 0.75 102.06 1.45 252 -6.4 +10.4 +0.3 +1.1

XS1490153886 3.25% Sep 23 Ba1/BB-/BB+ 0.75 103.42 2.08 264 -11.7 +10.0 +0.6 +2.2

XS1490159495 3.75% Sep 26 Ba1/BB-/BB+ 0.75 105.17 2.78 276 -14.7 +20.8 +0.9 +4.6

Ikks (No rec) IKKSFR

XS1084836441 6.75% Jul 21 --/CCC+/CCC*- 0.32 46.80 40.63 4,102 -28.8 -16.9

Intralot (No rec) INLOTG

XS1405774727 6.75% Sep 21 B1/B/BB- 0.25 105.31 2.77 558 +16.7 +45.8 +0.0 +5.7

XS1685702794 5.25% Sep 24 B1/B/BB- 0.50 100.79 5.25 516 -13.4 +6.3 +0.7 +1.9

Jaguar Land Rover (Hold) JAGLN 5Y CDS 236

XS1551347393 2.2% Jan 24 Ba1/BB+/BB+ 0.65 99.16 2.42 238 +5.5 +50.1 -0.4 +1.2

Levi Strauss & Company (No rec) LEVI 5Y CDS 128

XS1602130947 3.375% Mar 27 Ba2/BB+/BB 0.48 102.97 2.98 266 -14.5 +21.1 +1.0 +3.5

LKQ (Hold) LKQ

XS1395004408 3.875% Apr 24 Ba3/BB/-- 0.50 105.79 2.86 284 -7.0 +52.8 +0.4 +2.4

XS1799640666 3.625% Apr 26 Ba2/BB/-- 0.75

XS1799641045 4.125% Apr 28 Ba2/BB/-- 0.25

Lufthansa (MW) LHAGR 5Y CDS 64

XS1271836600 5.125% Aug 75 --/BB/-- 0.50 109.33 1.78 221 -12.4 +0.6 +0.4 +4.4

Marcolin (Buy) MCLIM

XS1562036704 FRN Feb 23 B2/B/-- 0.25 100.56 3.45 460 -4.8 +8.3 +0.3 +2.6

Masaria Investments (No rec) MASAIN

XS1681770464 5% Sep 24 B2/B/-- 0.28 101.15 4.84 483 -16.0 -11.4 +1.0 +1.1

XS1681774888 FRN Sep 24 B2/B/-- 0.33 101.13 3.53 567 -13.2 -18.0 +0.9 +2.2

Maxeda DIY (No rec) MAXDIY

XS1648303813 6.125% Jul 22 B2/B-/-- 0.48 94.67 7.94 815 +45.2 +182.9 -1.2 -4.5

Merlin Entertainments (No rec) MERLLN

XS1204272709 2.75% Mar 22 Ba2/BB/-- 0.70 104.09 1.68 198 -8.9 -1.3 +0.4 +1.8

METRO (Hold) MEOGR

DE000A13R8M3 1.375% Oct 21 Ba1/BBB-/-- 0.50 103.03 0.54 84 +4.6 +9.8 -0.3 -0.1

XS1203941775 1.5% Mar 25 Ba1/BBB-/-- 0.60 97.75 1.88 167 +3.8 +39.6 -0.5 -2.7

Mobilux (No rec) MOBLUX

XS1512670412 5.5% Nov 24 B3/B/B+ 0.38 103.25 4.70 494 -19.4 +43.4 +1.1 +4.2

Motherson (Hold) MSSIN

XS1635870923 1.8% Jul 24 --/BB+/BBB- 0.30 95.45 2.69 257 -1.1 +46.2 -0.1 -2.4

New Look (No rec) NEWLOK 5Y CDS 4,656

XS1248517341 FRN Jul 22 Caa1/CCC/C 0.42 45.25 30.02 3,023 +300.1 -324.9 -6.7 -44.5

Newco GB (No rec) NEWCGB

XS1736257822 8% Dec 22 B3/CCC/-- 0.20 101.66 7.84 805 -45.4 +24.9 +2.0 +0.8

NH Hoteles (No rec) NHHSM

XS1497527736 3.75% Oct 23 Ba3/BB-/BB 0.40 105.39 1.53 279 -7.0 -1.0 +0.4 +4.3

Peugeot (Hold) PEUGOT 5Y CDS 109

FR0013153707 2.375% Apr 23 Ba1/--/BB+ 0.50 105.74 1.20 127 -5.5 -17.5 +0.2 +3.4

FR0013245586 2% Mar 24 Ba1/--/BB+ 0.70 101.84 1.70 163 -10.0 -5.0 +0.4 +2.2

FR0013323326 2% Mar 25 Ba1/--/BB+ 0.65 100.08 2.01 181 -12.4 -12.4 +0.7 +0.7

FR0010014845 6% Sep 33 Ba1/--/BB+ 0.60 128.09 3.63 284 -8.0 +3.2 +0.4 +10.7






CON Piaggio (Restr.) PIAGIM

XS1061086846 4.625% Apr 21 B1/BB-/-- 0.17 101.68 -579.9 -591.4 -0.9 +2.5

XS1808984501 3.625% Apr 25 B1/BB-/-- 0.25

Picard Surgeles (No rec) PICSUR 5Y CDS 448

XS1733942178 FRN Nov 23 B2/B+/B+ 1.19 99.80 3.28 358 -7.6 +14.8 +0.4 -0.3

XS1713474754 5.5% Nov 24 Caa1/B-/CCC+ 0.31 98.81 5.87 575 +5.2 +51.9 +0.0 -1.6

PVH (No rec) PVH

XS1435229460 3.625% Jul 24 Ba2/BB+/-- 0.35 108.86 2.13 208 -20.8 +19.1 +0.9 +7.8

XS1734066811 3.125% Dec 27 Ba2/BB+/-- 0.60 99.55 3.25 278 -15.4 +20.9 +0.7 -1.5

Safari (No rec) LPLAYG

XS1713475058 5.375% Nov 22 B2/B/-- 0.35 102.71 4.75 502 -44.3 -43.9 +2.1 +2.5

Samsonite (No rec) SAMISA

XS1811792792 3.5% May 26 B1/BB+/-- 0.35

Schustermann & Borenstein (No rec)

SCHUBR

XS1533933039 6.25% Dec 23 B2/B/-- 0.26 107.06 3.94 495 -9.7 -6.9 +0.8 +6.4

Scientific Games (No rec) SGMS

XS1766775545 3.375% Feb 26 Ba3/B+/-- 0.33 97.26 3.90 361 -13.9 +21.2 +0.7 -1.2

XS1766775891 5.5% Feb 26 Caa1/B-/-- 0.25 96.29 6.32 606 -28.1 +7.7 +2.0 +0.0

Selecta (No rec) SELNSW 5Y CDS 388

XS1756356371 5.875% Feb 24 B3/B/-- 0.77 100.06 6.03 601 -22.8 +10.0 +1.4 +0.0

XS1756359045 FRN Feb 24 B3/B/-- 0.33 100.42 5.52 595 -7.0 -4.3 +0.6 +0.2

Sisal (Hold) SCHMAN

XS1454976801 FRN Jul 22 B1/B+/-- 0.33 101.31 3.48 705 -0.5 -1.3 +0.5 +6.6

XS1454980159 7% Jul 23 B1/B+/-- 0.40 106.71 4.65 576 -48.7 -99.0 +2.4 +10.6

SMCP (No rec) SMCPFP

XS1405782316 5.875% May 23 B1/B+/-- 0.20 107.13 1.97 449 -5.2 +7.1 +0.4 +4.4

SNAITECH (Restr.) SNAIM

XS1513691979 6.375% Nov 21 B2*+/B*+/-- 0.32 106.33 1.10 491 -10.2 +13.9 +0.6 +5.4

XS1513692357 FRN Nov 21 B2*+/B*+/-- 0.25 101.77 3.62 622 -7.7 -7.4 +0.6 +3.8

Spectrum Brands (No rec) SPB

XS1493296500 4% Oct 26 B2/BB-/BB 0.43 101.32 3.89 357 +44.4 +60.2 -3.2 +0.7

Steinhoff (No rec) SHFSJ 5Y CDS 1,809

XS1650590349 1.875% Jan 25 Caa1*-/--/-- 0.80 67.44 8.63 845 -254.6 -493.5 +15.9 -34.7

Superior Industries (No rec) SUP

XS1577958058 6% Jun 25 Caa1/B-/B- 0.25 99.33 6.32 614 -15.8 -25.8 +0.9 +4.7

Takko (No rec) TAKKO

XS1710653137 5.375% Nov 23 B2/B/-- 0.29 96.06 6.47 647 +30.3 +40.2 -1.1 -1.6

XS1710653483 FRN Nov 23 B2/B/-- 0.23 98.49 6.35 641 +18.5 -14.9 -0.6 +1.5

Tereos (No rec) TEREOS

FR0011439900 4.25% Mar 20 --/BB/BB 0.50 100.33 4.36 497 +119.0 +192.2 -2.0 -0.8

FR0013183571 4.125% Jun 23 --/BB/BB 0.60 95.78 5.20 526 +89.6 +214.0 -3.5 -1.0

Tesco (Hold) TSCOLN 5Y CDS 95

XS1082970853 1.375% Jul 19 Ba1/BB+/BB+ 0.93 101.52 0.12 86 -17.0 -9.9 +0.2 +1.1

XS0992638220 2.125% Nov 20 Ba1/BB+/BB+ 0.50 104.36 0.30 91 -16.5 -7.4 +0.4 +1.9

XS1082971588 2.5% Jul 24 Ba1/BB+/BB+ 0.75 106.59 1.42 131 -27.1 -5.5 +1.4 +6.2

XS0295018070 5.125% Apr 47 Ba1/BB+/BB+ 0.36 127.94 3.60 251 -46.1 -20.7 +6.7 +31.1

Thomas Cook (Buy) TCGLN 5Y CDS 231

XS1531306717 6.25% Jun 22 B1/B+/BB- 0.75 107.78 2.29 453 -10.1 -7.1 +0.5 +4.5

XS1733231663 3.875% Jul 23 B1/B+/BB- 0.40 101.90 3.46 362 -13.7 -4.3 +0.7 +0.0

TUI (Sell) TUIGR 5Y CDS 136

XS1504103984 2.125% Oct 21 Ba2/BB/-- 0.30 104.34 0.88 127 -2.4 +17.6 +0.1 +2.3

Volvo Car (Hold) VOVCAB

XS1409634612 3.25% May 21 Ba2/BB+/-- 0.50 107.52 0.88 127 -14.0 +17.0 +0.6 +3.1

XS1724626699 2% Jan 25 Ba2/BB+/-- 0.50 100.09 2.03 185 -15.3 +7.6 +0.8 -0.9






CON Vougeot (No rec) VUECIN 5Y CDS 270

XS0953085627 FRN Jul 20 B2/B/-- 0.29 100.68 3.89 559 -2.9 +1.3 +0.3 +4.7

WEPA (No rec) WEPAHY

DE000A2AA0W5 3.75% May 24 B1/BB-/-- 0.45 98.73 4.12 405 +48.3 +78.5 -2.7 -2.5

ENG Bulgarian Energy (Buy) BULENR 5Y CDS 133

XS1405778041 4.875% Aug 21 Ba2/--/BB 0.55 109.47 1.92 228 -4.0 -21.0 +0.2 +6.1

CGG (No rec) CGGFP

XS1713465760 7.875% May 23 B2/B/-- 0.28

ContourGlobal (No rec) CONGLO

XS1433185755 5.125% Jun 21 --/BB/BB 0.70 103.22 2.18 454 -3.7 +31.0 +0.3 +1.9

DEA (No rec) DEAFIN

XS1498935391 7.5% Oct 22 Ba3/BB-*+/BB*+ 0.40 108.49 2.88 570 +23.5 +58.9 -0.6 +7.9

EDP (MW) EDPPL 5Y CDS 77

PTEDPUOM0024 5.375% Sep 75 Ba2/BB/BB 0.75 111.27 1.40 182 -19.0 -21.0 +0.5 +7.4

ENCE (No rec) ENCSM

XS1117280112 5.375% Nov 22 Ba3/BB/-- 0.25 105.34 0.73 434 +1.3 +14.2 +0.1 +2.4

Energo-Pro Varna (No rec) ENGPRO

XS1731657141 4% Dec 22 --/BB-/BB 0.37 102.06 3.52 375 +46.5 +16.2 -2.0 +0.4

Gas Natural (MW) GASSM 5Y CDS 62

XS1139494493 4.125% PERP Ba1/BB+/BBB-*+ 1.00 107.64 2.39 253 -35.6 +17.5 +1.6 +5.9

XS1224710399 3.375% PERP Ba1/BB+/BBB-*+ 0.50 102.61 2.94 286 -30.3 +36.7 +1.6 +7.0

Origin Energy (No rec) ORGAU 5Y CDS 133

XS1109795176 4% Sep 74 Ba2/BB/-- 1.00 104.17 1.13 182 -11.7 -28.8 +0.2 +6.2

Petrobras (No rec) PETBRA 5Y CDS 211

XS0982711987 3.75% Jan 21 Ba2/BB-/BB- 0.38 107.58 1.05 150 -17.5 -40.1 +0.4 +6.4

XS0716979595 5.875% Mar 22 Ba2/BB-/BB- 0.60 115.48 1.77 203 -35.8 -15.2 +1.4 +8.0

XS0835890350 4.25% Oct 23 Ba2/BB-/BB- 0.70 109.37 2.45 246 -35.1 -7.7 +1.8 +8.5

XS0982711714 4.75% Jan 25 Ba2/BB-/BB- 0.80 110.28 3.09 294 -29.4 -4.1 +1.8 +9.6

Preem Petroleum (No rec) PREEM

XS1400707771 11.75% May 21 --/B+/B 0.57 107.43 8.11 967 -60.3 +108.7 +2.0 +12.2

Raffinerie Heide (No rec) RAFHEI

XS1729059862 6.375% Dec 22 B3/B/-- 0.25 100.74 6.39 656 +15.1 +75.9 +0.0 -2.0

Repsol (OW) REPSM 5Y CDS 50

XS1207054666 3.875% PERP Ba1/BB+/BB+ 1.00 107.33 1.36 177 -12.0 -13.8 +0.4 +6.7

XS1207058733 4.5% Mar 75 Ba1/BB+/BB+ 1.00 109.99 2.92 274 -14.8 +9.7 +0.8 +11.5

RWE (OW) RWE

XS1219498141 2.75% Apr 75 Ba2*-/--/BB+* 0.54 103.13 1.55 204 -1.0 -0.4 +0.1 +6.2

XS1219499032 3.5% Apr 75 Ba2*-/--/BB+* 0.28 104.67 2.79 260 +2.0 +2.1 -0.2 +12.9

Saipem (Buy) SPMIM 5Y CDS 192

XS1487498922 3% Mar 21 Ba1/BB+/-- 0.50 104.54 1.49 191 -37.0 -4.0 +1.2 +4.4

XS1591523755 2.75% Apr 22 Ba1/BB+/-- 0.50 102.84 2.08 231 -37.3 -9.2 +1.6 +4.5

XS1487495316 3.75% Sep 23 Ba1/BB+/-- 0.50 106.28 2.55 257 -27.7 -8.3 +1.4 +5.0

XS1711584430 2.625% Jan 25 Ba1/BB+/-- 0.50 98.96 2.86 269 -19.1 +9.3 +1.1 -0.5

Tennet (Trans.) TENN

XS1591694481 2.995% PERP Baa3/BB+/-- 1.00 102.59 2.57 248 -10.7 +23.8 +0.5 +4.6

TVO (No rec) TVOYFH

XS1043513529 2.5% Mar 21 --/BB+/BBB- 0.50 104.82 0.84 126 -0.4 -29.4 +0.0 +1.6

XS1514470316 2.625% Jan 23 --/BB+/BBB- 0.50 104.86 1.58 169 +5.8 -21.2 -0.3 +2.8

XS1183235644 2.125% Feb 25 --/BB+/BBB- 0.50 100.31 2.15 196 +5.6 -15.3 -0.4 +2.4

Viridian (No rec) VRDLN

XS1684813493 4% Sep 25 B1/--/BB- 0.35 95.31 4.90 466 -24.0 +68.1 +1.5 -4.6

IDU Alain Afflelou (Hold) AAFFP

XS1577948687 FRN Oct 23 B3/B/B+ 0.18 94.97 5.89 590 +132.0 +144.2 -5.8 -6.5

XS1577949149 4% Oct 23 B3/B/B+ 0.25 94.83 5.31 532 +103.3 +133.8 -4.9 -5.9






IDU Aldesa (No rec) ALDESA

XS1028959754 7.25% Apr 21 B2/--/B 0.25 100.55 7.35 779 -193.9 -261.6 +5.2 +32.7

Algeco Scotsman (No rec) ALGSCO 5Y CDS 501

XS1767052050 6.5% Feb 23 B2/B-/B+ 0.60 102.92 5.84 610 -67.7 -49.8 +3.0 +2.5

XS1767053884 FRN Feb 23 B2/B-/B+ 0.15 100.97 6.03 672 -19.9 -17.8 +1.1 +1.1

ArcelorMittal (Buy) MTNA 5Y CDS 123

XS1084568762 2.875% Jul 20 Ba1/BBB-/BB+ 0.60 105.81 0.27 81 -14.6 -0.4 +0.3 +3.1

XS1214673722 3% Apr 21 Ba1/BBB-/BB+ 0.50 107.39 0.52 93 -14.6 -6.2 +0.4 +4.8

XS1167308128 3.125% Jan 22 Ba1/BBB-/BB+ 0.75 108.29 0.89 116 -17.8 +7.1 +0.5 +5.7

XS1730873731 0.95% Jan 23 Ba1/BBB-/BB+ 0.50 98.83 1.25 134 -11.6 +5.5 +0.4 -0.4

Ardagh (Buy) ARGID 5Y CDS 212

XS1406669553 4.125% May 23 Ba3/BB/-- 0.44 104.81 1.69 324 -8.5 +14.9 +0.4 +2.6

XS1599275986 6.625% Sep 23 Caa2/B-/-- 0.85 105.38 5.05 565 -0.1 +24.8 +0.2 +3.5

XS1574148877 2.75% Mar 24 Ba3/BB/-- 0.75 101.64 2.41 246 -11.0 +21.9 +0.5 +4.8

XS1406669983 6.75% May 24 B3/B/-- 0.75 109.20 2.90 505 -16.8 +8.7 +0.9 +5.2

Arkema (MW) AKEFP

FR0012278539 4.75% PERP Ba1/BB+/-- 0.70 109.05 1.16 165 -15.8 -16.0 +0.3 +5.2

Astaldi (Restr.) ASTIM 5Y CDS 2,117

XS1000393899 7.125% Dec 20 Caa1/CCC+/B 0.75 81.32 17.33 1,781 +18.2 +58.8 +0.5 -15.7

Atalian (No rec) ATALIA

XS1605600532 4% May 24 B2/B+/-- 0.63 97.37 4.62 455 +82.8 +127.6 -4.2 -3.5

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

XS1205716720 2.375% Mar 20 --/BBB-/BB+ 0.40 104.00 0.31 91 -6.8 +16.1 +0.1 +0.4

Avantor (No rec) VWR

XS1687277985 4.75% Oct 24 B3/B/BB 0.50 100.39 4.81 469 -20.3 -2.3 +1.0 -0.2

Axalta Coating Systems (No rec) AXTA

XS1468538035 4.25% Aug 24 B1/BB-/-- 0.34 106.11 2.18 316 -9.7 +8.1 +0.5 +3.0

XS1492656787 3.75% Jan 25 B1/BB-/-- 0.45 105.52 0.39 275 -17.8 +8.1 +1.0 +3.2

Ball (Sell) BLL 5Y CDS 56

XS1330978211 3.5% Dec 20 Ba1/BB+/BB+ 0.40 108.59 0.34 80 -15.1 -1.2 +0.3 +1.2

XS1330978567 4.375% Dec 23 Ba1/BB+/BB+ 0.70 113.40 1.93 191 -9.9 +22.9 +0.3 +5.1

Belden (No rec) BDC

XS1684785345 2.875% Sep 25 Ba3/BB-/-- 0.30 98.29 3.84 435 -31.2 +83.9 +1.0 +0.3

XS1500600280 4.125% Oct 26 Ba3/BB-/-- 0.20 105.46 3.21 313 -8.1 +23.5 +0.4 +6.4

XS1640668940 3.375% Jul 27 Ba3/BB-/-- 0.45 97.58 3.79 336 -6.3 +45.0 +0.4 -2.5

XS1789515134 3.875% Mar 28 Ba3/BB-/-- 0.35 97.78 4.26 378 -4.5 -4.5 +0.1 +0.1

Bilfinger (No rec) GBFGR

DE000A1R0TU2 2.375% Dec 19 --/BB+/-- 0.50 103.23 0.49 115 -13.9 -24.6 +0.3 +1.4

Bombardier (No rec) BBDBCN 5Y CDS 285

XS0552915943 6.125% May 21 Caa1/B-/B 0.78 109.89 2.89 329 -27.4 -117.2 +0.9 +6.9

Bormioli Pharma (No rec) BORMPH

XS1713858576 FRN Nov 24 B2/B/-- 0.28 100.76 2.70 391 -5.0 +3.6 +0.3 +0.2

Braas Monier (No rec) BMBGBN

XS1432585997 3% Jun 21 Ba2/BB+/-- 0.44 101.75 2.35 293 -4.4 +16.0 +0.2 +1.3

Buzzi Unicem (Buy) BZUIM

XS1401125346 2.125% Apr 23 --/BB+/-- 0.50 104.97 1.11 121 -16.5 -2.6 +0.7 +3.2

CABB (Buy) CABBCO 5Y CDS 317

XS1074935062 FRN Jun 21 B2/B-/-- 0.18 100.34 4.64 524 -29.1 -29.0 +1.3 +3.8

XS1074935229 5.25% Jun 21 B2/B-/-- 0.24 101.20 4.63 544 -7.4 -6.8 +0.2 +3.4

XS1074935492 6.875% Jun 22 Caa1/CCC/-- 0.18 96.10 8.35 858 -69.8 -81.6 +2.5 +3.4

Catalent (No rec) CTLT

XS1531338678 4.75% Dec 24 B3/B+/-- 0.38 105.39 3.07 379 -12.9 +16.1 +0.8 +3.2






IDU Cemex (No rec) CEMEX 5Y CDS 259

XS1198002690 4.375% Mar 23 --/BB/BB- 0.55 104.62 1.71 351 -3.7 +10.5 +0.2 +3.6

XS1433214449 4.625% Jun 24 --/BB/BB- 0.40 106.93 2.44 335 -6.0 +18.6 +0.4 +5.0

XS1731106347 2.75% Dec 24 --/BB/BB- 0.65 99.42 2.91 276 -5.9 +19.9 +0.3 -0.8

Cerba (No rec) CERBA

XS1584024837 5.375% Apr 25 Caa1/CCC+/-- 0.18 97.93 5.91 574 +8.0 +59.9 -0.6 +2.6

Chemours (No rec) CC

XS1382783527 6.125% May 23 Ba3/BB-/-- 0.29 104.89 4.55 524 -3.9 +19.4 +0.4 +2.6

CMA CGM (Buy) CMACG 5Y CDS 556

XS1244815111 7.75% Jan 21 B3/B-/-- 0.73 103.92 5.37 686 -22.9 +1.5 +1.0 +7.4

XS1647100848 6.5% Jul 22 B3/B-/-- 0.65 102.11 5.99 633 -31.8 +79.1 +1.4 +2.8

XS1703065620 5.25% Jan 25 B3/B-/-- 0.75 91.67 7.02 688 -40.5 +154.7 +2.1 -8.4

CMC di Ravenna (Buy) CMCRAV

XS1645764694 6.875% Aug 22 B2/B/-- 0.25 99.65 7.24 744 -29.0 +62.9 +1.4 +3.5

XS1717576141 6% Feb 23 B2/B/-- 0.33 95.93 7.27 738 -17.2 +89.6 +0.9 -2.3

Colfax (No rec) CFX

XS1599406839 3.25% May 25 Ba2/BB+/-- 0.35 101.22 3.05 294 -7.3 +32.5 +0.4 +2.6

Constellium (No rec) CSTM 5Y CDS 275

XS1064882316 4.625% May 21 B3/B-/-- 0.30 101.40 3.69 471 +2.1 +19.5 +0.2 +5.7

XS1713568811 4.25% Feb 26 B3/B-/-- 0.40 101.50 4.03 385 -6.8 -17.1 +0.3 +1.0

Crown (Sell) CCK 5Y CDS 188

XS1084050316 4% Jul 22 Ba2/BB/-- 0.65 109.49 1.60 192 -25.1 +21.2 +0.9 +1.4

XS1758716085 2.25% Feb 23 Ba2/BB/-- 0.34 101.26 2.04 215 -15.7 +37.4 +0.6 -1.2

XS1490137418 2.625% Sep 24 Ba2/BB/-- 0.60 100.76 2.57 244 -9.8 +31.1 +0.4 +3.4

XS1227287221 3.375% May 25 Ba2/BB/-- 0.60 103.67 2.84 267 -7.5 +15.7 +0.3 +3.8

XS1758723883 2.875% Feb 26 Ba2/BB/-- 0.50 98.80 3.12 283 +1.6 +32.5 -0.3 -1.1

CTC BondCo (No rec) CTCBON

XS1729972015 5.25% Dec 25 Caa2/CCC+/CCC+ 0.41 99.13 5.52 527 +2.5 +11.0 -0.1 +0.0

Diamond BC (No rec) DIVRSY

XS1654544136 5.625% Aug 25 Caa2/B/-- 0.45 96.03 6.50 629 +0.0 +78.7 +0.0 -2.9

Esterline Technologies (No rec) ESL

XS1212668062 3.625% Apr 23 Ba3/BB+/-- 0.33 102.33 3.07 337 -11.1 -1.5 +0.5 +2.6

Ferrovial (No rec) FERSM

XS1716927766 2.124% PERP --/BB+/BB+ 0.50 96.68 2.93 302 -20.4 +20.3 +0.9 -1.6

Greif (No rec) GEF

XS0647108264 7.375% Jul 21 Ba3/BB-/-- 0.20 118.76 1.50 187 -9.1 -14.3 +0.0 +2.9

Grifols (No rec) GRFSM 5Y CDS 205

XS1598757760 3.2% May 25 B2/B+/-- 1.00 101.04 3.04 291 -6.7 +6.2 +0.2 +4.5

Guala Closures (Hold) GCLIM

XS1516322465 FRN Nov 21 B2/B/-- 0.51 100.55 0.59 527 -3.4 -5.2 +0.4 +3.1

Hapag-Lloyd (Hold) HPLGR 5Y CDS 446

XS1555576641 6.75% Feb 22 Caa1/B-/-- 0.45 106.24 3.31 536 -43.1 +12.0 +1.5 +6.5

XS1645113322 5.125% Jul 24 Caa1/B-/-- 0.45 102.64 4.60 469 -42.8 +24.9 +2.3 +3.4

Heidelberger Druck (No rec) HDDGR

DE000A14J7A9 8% May 22 B3/CCC+/-- 0.21 104.53 5.90 719 -4.8 +30.4 +0.7 +3.6

Hercule Debtco (No rec) HERDEB

XS1766604067 6.75% Jun 24 --/CCC+/-- 0.15 100.77 6.76 673 -8.1 +3.8 +0.6 +0.2

Horizon Holdings (No rec) VERALL

XS1565691513 8.25% Feb 22 --/CCC+/-- 0.35 105.49 4.18 709 +4.6 +25.2 +0.2 +7.7

XS1265903937 5.125% Aug 22 B1/B/-- 0.50 103.64 2.01 450 -1.6 +15.6 +0.3 +1.8

XS1265973047 7.25% Aug 23 B3/CCC+/-- 0.23 104.99 3.25 636 +0.4 +26.2 +0.3 +4.4

Huntsman (No rec) HUN 5Y CDS 78

XS1056202762 5.125% Apr 21 Ba1/BB+/-- 0.44 111.10 1.11 183 -14.9 +5.5 +0.4 +4.2

XS1395182683 4.25% Apr 25 Ba1/BB+/-- 0.30 113.72 2.12 200 -8.9 -1.1 +0.4 +11.4






IDU IMS Health (No rec) RX

XS1492822033 3.5% Oct 24 Ba3/BB+/-- 0.63 103.82 2.24 279 -19.9 +2.3 +1.1 +3.9

XS1533922776 3.25% Mar 25 Ba3/BB+/-- 1.43 101.80 2.87 285 -26.6 +22.3 +1.6 +4.3

XS1684387456 2.875% Sep 25 Ba3/BB+/-- 0.42 97.95 3.26 302 -17.7 +43.1 +1.1 -1.0

Ineos (Hold) INEGRP 5Y CDS 202

XS1117296209 4% May 23 Ba1/BB+/BBB- 0.77 102.14 3.02 368 -3.7 +7.8 +0.2 +2.0

XS1405769990 5.375% Aug 24 B1/B+/BB 0.65 105.87 2.95 431 -9.9 +10.4 +0.5 +4.4

XS1577947440 2.125% Nov 25 Ba1/BB+/BBB- 0.55 96.61 2.68 240 +2.3 +36.8 -0.3 -3.6

Iron Mountain (No rec) IRM 5Y CDS 108

XS1619006486 3% Jan 25 Ba3/BB-/-- 0.30 99.35 3.20 303 -5.9 +39.0 +0.2 -0.4

K+S (Buy) SDFGR

XS0997941355 4.125% Dec 21 --/BB/-- 0.50 110.36 1.25 154 -21.8 -5.9 +0.9 +2.2

DE000A1PGZ82 3% Jun 22 Ba1/BB/-- 0.50 107.03 1.32 152 -23.8 -15.1 +0.9 +3.8

XS1591416679 2.625% Apr 23 --/BB/-- 0.63 104.86 1.61 173 -38.7 -21.0 +1.9 +4.0

K-Flex (No rec) KFLXIM

XS1498549325 4.25% Oct 23 --/--/BB- 0.18 102.47 3.81 385 -10.0 -12.2 +0.6 +6.7

Klöckner Pentaplast (No rec) KPERST

XS1642812991 8.5% Jun 23 --/CCC+/-- 0.40 82.71 13.91 1,399 +188.4 +559.9 -6.7 -12.1

KME (No rec) KMEAGR

XS1756722069 6.75% Feb 23 B3/--/B 0.30 101.80 6.41 662 -11.0 -5.6 +0.7 +0.8

KP Germany Erste (No rec) KPERST

XS1642812991 8.5% Jun 23 --/CCC+/-- 0.40 82.71 13.91 1,399 +188.4 +559.9 -6.7 -12.1

Kronos (No rec) KRO

XS1680281133 3.75% Sep 25 B2/B+/BB 0.40 101.97 3.44 329 +6.5 +13.9 -0.5 +1.5

Labco (No rec) LABFP 5Y CDS 208

XS1117292984 6.25% Jul 22 B2/B+/B+ 0.90 104.08 2.18 550 -2.8 +24.1 +0.2 +1.6

XS1516322200 FRN Jul 22 B2/--/B+ 0.94 100.78 2.54 388 -2.9 +1.2 +0.1 +2.6

XS1268471494 8.25% Jul 23 Caa1/B-/CCC+ 0.38 107.16 4.20 685 -5.9 +20.7 +0.6 +3.2

Lanxess (MW) LXSGR 5Y CDS 65

XS1405763019 4.5% Dec 76 Ba2/BB/-- 0.50 109.83 2.48 254 -10.4 +15.8 +0.5 +4.9

Lecta (Buy) LECTA

XS1458414023 FRN Aug 22 B2/B/-- 0.23 100.58 5.70 695 -12.8 +6.3 +0.8 +3.9

XS1458413728 6.5% Aug 23 B2/B/-- 0.38 102.52 5.84 616 +15.7 +16.9 -0.4 +3.4

Leonardo (Buy) LDOIM 5Y CDS 135

XS0999654873 4.5% Jan 21 Ba1/BB+/BBB- 0.74 111.03 0.49 93 -25.1 -14.0 +0.7 +1.9

XS0458887030 5.25% Jan 22 Ba1/BB+/BBB- 0.56 116.12 0.90 117 -26.0 -5.9 +0.9 +2.1

XS1627782771 1.5% Jun 24 Ba1/BB+/BBB- 0.60 98.30 1.84 173 -22.5 +28.0 +1.2 +0.3

XS0215093534 4.875% Mar 25 Ba1/BB+/BBB- 0.50 119.54 1.87 169 -44.0 +12.6 +2.6 +1.4

Limacorporate (No rec) LIMACO

XS1662516217 FRN Aug 23 B2/B/-- 0.28 101.94 2.30 395 -13.0 -12.6 +0.6 +1.9

Loxam (No rec) LOXAM 5Y CDS 281

XS1089828450 4.875% Jul 21 --/BB-/-- 0.30 102.54 0.58 454 -3.9 -9.4 +0.4 +3.8

XS1591779399 3.5% Apr 22 --/BB-/-- 0.30 104.03 1.46 277 -9.0 +3.2 +0.5 +3.6

XS1089828880 7% Jul 22 --/B/-- 0.25 105.30 0.90 596 -4.4 -5.5 +0.5 +5.2

XS1401324972 3.5% May 23 --/BB-/-- 0.25 103.55 2.03 290 -14.2 +2.6 +0.6 +4.1

XS1590066624 4.25% Apr 24 --/BB-/-- 0.30 106.18 2.28 314 -15.5 +5.7 +0.8 +6.4

XS1590067432 6% Apr 25 --/B/-- 0.25 108.56 3.18 450 -14.8 -0.8 +0.9 +9.0

LSF9 Balta (No rec) BALTAL

XS1265917481 7.75% Sep 22 B1/B+/-- 0.23 105.48 4.61 671 -3.6 +44.7 +0.5 +2.7

Maccaferri (No rec) OFFMAC

XS1074596344 5.75% Jun 21 B3/--/B- 0.20 101.60 4.68 579 -12.0 -32.7 +0.4 +8.4

Manutencoop (Buy) MANTEN

XS1642816554 9% Jun 22 B2/B/-- 0.36 92.11 11.98 1,221 -36.3 +308.2 +1.4 -2.5

Moby Group (Hold) MOBYIT

XS1361301457 7.75% Feb 23 B1/BB-*-/-- 0.30 91.77 10.41 1,054 -4.3 +151.0 +0.5 -4.3






IDU N&W Global Vending (No rec) NWGLOV

XS1504057008 7% Oct 23 B2/B/-- 0.41 106.18 5.26 589 -17.2 -0.7 +1.0 +7.4

Naviera Armas (No rec) NAVIRA

XS1459821036 FRN Jul 23 B1/BB-/-- 0.28 105.52 3.23 597 +1.1 +21.0 +0.2 +5.5

XS1717590563 FRN Nov 24 B1/BB-/-- 0.30 101.63 3.75 454 +1.1 +5.3 +0.0 +0.8

Nemak (No rec) TNEMAK

XS1533916299 3.25% Mar 24 Ba1/BB+/BB+ 0.50 102.77 2.74 276 -11.3 +13.6 +0.6 +4.1

Nets (No rec) NETSDC

XS1589980330 2.875% Apr 24 B1/B+/-- 0.22 102.33 2.53 248 -21.8 -20.4 +1.2 +3.3

Nexans (No rec) NEXFP

FR0013176294 3.25% May 21 --/BB/-- 0.25 107.37 0.77 134 -17.1 +1.1 +0.6 +3.3

FR0013248713 2.75% Apr 24 --/BB/-- 0.20 101.53 2.54 248 -24.3 +20.6 +1.3 +4.6

Nidda BondCo (No rec) STADAS

XS1690645129 5% Sep 25 Caa1/B-/B- 0.34 98.19 5.45 522 +8.5 +29.3 -0.4 -1.3

Nidda Healthcare (Sell) STADAH 5Y CDS 224

XS1690644668 3.5% Sep 24 B2/B+/BB- 0.74 98.91 3.80 367 +13.3 +35.3 -0.7 -1.8

Nordex (Hold) NDXGR

XS1713474168 6.5% Feb 23 B3/B/-- 0.28 93.61 8.46 858 -44.4 +160.6 +2.3 -5.5

Norican (No rec) NORICA

XS1577963058 4.5% May 23 B2/B/-- 0.34 91.95 6.66 673 -38.2 +125.4 +1.4 -6.9

Novafives (No rec) NVFVES 5Y CDS 261

XS1028950886 4.5% Jun 21 B3/B+/-- 0.38 101.85 1.65 259 -191.4 -176.6 +0.7 +5.3

XS1713466149 FRN Jun 25 B3/B+/-- 0.28

XS1713466222 5% Jun 25 B3/B+/-- 0.33

Novalis (No rec) ELISGP 5Y CDS 123

XS1225112272 3% Apr 22 Ba2/BB+/-- 0.80 101.70 2.25 285 -5.3 +2.5 +0.3 +1.3

FR0013318094 1.875% Feb 23 Ba2/--/BB+ 0.65 100.09 1.93 201 -13.1 +30.9 +0.5 -1.1

FR0013318102 2.875% Feb 26 Ba2/--/BB+ 0.35 99.53 2.99 269 -3.3 +34.3 +0.0 -1.6

Nyrstar (No rec) NYRBB

XS1107268135 8.5% Sep 19 B3/B-/-- 0.35 108.76 2.29 299 -56.7 +0.5 +0.7 +5.7

XS1574789746 6.875% Mar 24 B3/B-/-- 0.50 103.01 6.21 642 -19.2 +51.1 +1.0 +8.9

Obrascon (No rec) OHLSM

XS0760705631 7.625% Mar 20 B3*+/--/B+ 0.19 101.11 5.95 799 -41.0 +34.4 +1.5 +11.3

XS1043961439 4.75% Mar 22 B3*+/--/B+ 0.39 101.41 4.24 477 -30.7 -18.6 +0.8 +26.5

XS1206510569 5.5% Mar 23 B3*+/--/B+ 0.31 101.95 4.97 530 -29.3 +8.3 +1.6 +28.0

Orano (Hold) AREVAF

FR0010817452 4.375% Nov 19 --/BB+/-- 0.75 106.25 0.39 106 -36.6 -45.6 +0.6 +6.2

FR0011560986 3.25% Sep 20 --/BB+/-- 0.50 105.73 0.88 140 -49.3 -38.7 +1.1 +8.0

FR0010941690 3.5% Mar 21 --/BB+/-- 0.75 107.00 1.11 153 -44.5 -49.4 +1.2 +9.3

FR0011791391 3.125% Mar 23 --/BB+/-- 0.75 103.38 2.46 257 -21.6 +19.6 +1.1 +8.8

FR0010804500 4.875% Sep 24 --/BB+/-- 1.00 110.09 3.17 306 -8.1 +20.6 +0.4 +9.9

Outokumpu (No rec) OUTOK

FI4000210646 7.25% Jun 21 Ba3/--/-- 0.23 106.71 1.11 552 +14.0 +19.4 +0.2 +1.7

Ovako (No rec) OVAKOA

SE0010413997 5% Oct 22 B3/B-*+/-- 0.31 102.76 4.25 458 -0.1 -23.7 +0.2 +2.0

Owens-Illinois (Hold) OI 5Y CDS 155

XS0542593792 6.75% Sep 20 Ba3/BB/-- 0.50 114.47 0.74 126 -24.9 +19.1 +0.5 +1.1

XS0908230781 4.875% Mar 21 Ba3/BB/-- 0.33 110.96 1.17 159 -20.4 +32.9 +0.6 +1.2

XS1405765907 3.125% Nov 24 Ba3/BB/-- 0.73 102.62 2.75 261 -21.2 +35.8 +1.1 +4.4

Paprec (No rec) PAPREC

XS1794209459 4% Mar 25 B1/B+/-- 0.58 101.41 3.79 367 -20.0 -20.0 +1.0 +1.0

XS1794213055 FRN Mar 25 B1/B+/-- 0.23 101.32 3.04 382 -15.1 -15.1 +1.0 +1.0

Perstorp (No rec) PERHOL

XS1518684102 7.625% Jun 21 B3/B-/-- 0.23 106.32 3.56 601 -8.1 +8.8 +0.6 +6.9

XS1734229203 FRN Sep 22 B3/B-/-- 0.25 99.54 4.75 502 -6.4 +20.1 +0.3 -0.1






IDU Phoenix (Hold) PHARGR

XS0935786789 3.125% May 20 --/BB+/-- 0.30 105.27 0.66 123 -5.8 +3.1 +0.3 +1.0

XS1091770161 3.625% Jul 21 --/BB+/-- 0.20 108.63 1.01 136 -6.6 +18.5 +0.3 +1.1

Polygon (No rec) POLYGN

SE0010830950 4% Feb 23 B1/--/B+ 0.21 101.16 3.87 398 +6.2 -9.1 -0.1 +0.8

PPC (No rec) PPCGA 5Y CDS 446

XS1063837741 5.5% May 19 --/CCC/-- 0.35 99.52 6.56 733 +16.9 -178.2 -0.1 +20.9

Prague CE (No rec) PERSTO

XS1734230391 10% Dec 22 --/CCC-/-- 0.23 102.06 9.68 998 +9.0 -137.5 +0.2 +7.8

Pro-Gest (No rec) PROGST

XS1733958927 3.25% Dec 24 B2/BB-/-- 0.25 97.86 3.74 358 -6.2 +39.9 +0.2 -1.6

Progroup (No rec) PROGRP

DE000A161GC3 5.125% May 22 Ba3/BB-/-- 0.35 102.80 19.77 2,073 +0.2 +1.4

DE000A2E4YY0 FRN Mar 24 Ba3/BB-/-- 0.15 101.00 2.01 288 -2.5 +1.6 +0.3 +3.1

DE000A2G8WA3 3% Mar 26 Ba3/BB-/-- 0.45 99.79 3.10 279 -8.1 -8.1 +0.4 +0.4

PSPC Escrow (No rec) PAH

XS1175224747 6% Feb 23 Caa1/B+/-- 0.35 104.31 4.53 525 -4.2 -0.4 +0.4 +4.5

Rexel (No rec) RXLFP 5Y CDS 136

XS1409506885 3.5% Jun 23 Ba3/BB-/BB 0.65 103.89 1.79 281 +7.1 +9.9 -0.3 +2.4

XS1574686264 2.625% Jun 24 Ba3/BB-/BB 0.30 101.84 2.24 228 +2.4 +16.5 -0.3 +4.8

XS1716833352 2.125% Jun 25 Ba3/BB-/BB 0.50 97.16 2.64 241 -1.8 +17.5 -0.1 -1.5

Salini Impregilo (Buy) IPGIM

XS1435297202 3.75% Jun 21 --/BB+*-/BB+ 0.60 106.47 1.77 214 -40.7 -18.4 +1.3 +1.6

XS1707063589 1.75% Oct 24 --/BB+*-/-- 0.50 92.26 3.18 302 -32.9 +12.6 +1.9 -7.9

Sappi (Buy) SAPSJ

XS1117298676 3.375% Apr 22 Ba2/BB/-- 0.45 101.76 2.62 324 -5.1 -0.1 +0.3 +1.6

XS1383922876 4% Apr 23 Ba2/BB/-- 0.35 104.00 2.12 329 -1.4 +8.6 +0.1 +2.5

Sarens Bestuur (No rec) SRNSBE

BE6275588760 5.125% Feb 22 --/BB-/-- 0.25 100.64 5.00 537 -4.4 +26.6 +0.4 +0.5

Schenck Process (No rec) SCHENC

XS1735583095 5.375% Jun 23 B3/B/-- 0.43 99.55 5.68 574 -17.8 +38.2 +0.9 -0.4

Schmolz + Bickenbach (Buy) STLNSW

DE000A19FW97 5.625% Jul 22 B2/B+/-- 0.20 104.05 4.50 496 +19.5 +49.0 -0.5 +6.1

Schoeller Allibert (No rec) SCHALL

XS1500468407 8% Oct 21 B2/B/-- 0.21 104.81 6.13 700 +1.4 +76.2 +0.4 +4.4

Sealed Air Corporation (No rec) SEE 5Y CDS 93

XS1247796185 4.5% Sep 23 Ba3/BB+/-- 0.40 113.13 1.89 202 -18.3 +10.1 +0.8 +5.1

Senvion (No rec) SENGR

XS1608040090 3.875% Oct 22 B3/B+/-- 0.40 91.91 6.28 643 -37.2 +100.6 +1.7 -7.2

SIG Combibloc (No rec) SIGCBL

XS1176586862 7.75% Feb 23 Caa1/B-/-- 0.68 104.27 5.07 701 -8.8 -2.1 +0.7 +4.2

Silgan (No rec) SLGN

XS1725581190 3.25% Mar 25 Ba3/BB-/-- 0.65 102.45 2.70 275 -14.9 +33.4 +0.7 -1.4

Smurfit Kappa (Hold) SKGID 5Y CDS 66

XS0880132989 4.125% Jan 20 Ba1/BB+/BB+ 0.40 107.03 0.26 89 -11.8 -17.6 +0.2 +1.0

XS0832432446 FRN Oct 20 Ba1/BB+/BB+ 0.25 106.71 0.49 130 -17.9 +9.6 +0.3 +1.1

XS1074396927 3.25% Jun 21 Ba1/BB+/BB+ 0.50 107.39 0.73 131 -8.1 +2.4 +0.2 +2.1

XS1555147369 2.375% Feb 24 Ba1/BB+/BB+ 0.50 104.00 1.67 165 -5.0 +11.8 +0.2 +4.3

XS1117298759 2.75% Feb 25 Ba1/BB+/BB+ 0.25 105.25 1.95 180 -8.2 +5.1 +0.4 +4.9

Solvay (OW) SOLBBB 5Y CDS 49

XS0992293570 4.199% PERP Ba1/BB+/BB+ 0.70 103.70 0.76 152 -27.2 -7.3 +0.3 +2.3

XS1323897485 5.118% PERP Ba1/BB+/BB+ 0.50 111.47 1.37 175 -17.3 -15.6 +0.5 +5.3

XS0992293901 5.425% PERP Ba1/BB+/BB+ 0.50 116.18 2.32 233 -5.3 +5.8 +0.2 +8.0

XS1323897725 5.869% PERP Ba1/BB+/BB+ 0.50 118.30 2.63 256 -2.8 +10.1 +0.1 +8.0






IDU SPCM (No rec) SNFF

XS1221105759 2.875% Jun 23 --/BB+/-- 0.55 101.65 2.25 266 -0.7 -4.3 +0.1 +1.9

SPIE (No rec) SPIEFP

FR0013245263 3.125% Mar 24 Ba3*-/BB/-- 0.60 101.41 2.94 289 -12.5 +59.7 +0.6 +1.3

Stena (No rec) STENA 5Y CDS 627

XS0495219874 7.875% Mar 20 B3/B+/-- 0.20 110.12 2.60 321 -5.7 -71.4 +0.5 +2.7

Stora Enso (Hold) STERV 5Y CDS 66

XS1432392170 2.125% Jun 23 Ba1/BB+/-- 0.30 104.86 1.15 124 -12.0 -0.6 +0.5 +5.0

XS1624344542 2.5% Jun 27 Ba1/BB+/-- 0.30 102.59 2.22 179 -21.2 -2.3 +1.4 +4.5

XS1794354628 2.5% Mar 28 Ba1/BB+/-- 0.30 101.57 2.35 184 -38.9 -38.9 +2.8 +2.8

Swissport (No rec) SWPORT

XS1644604792 6.75% Dec 21 B2/B-/-- 0.36 104.14 5.31 600 -45.7 +0.6 +1.6 -0.2

XS1644605179 9.75% Dec 22 Caa2/CCC/-- 0.26 107.53 7.66 824 -75.8 -77.1 +2.8 +2.4

Synthos (No rec) SNSPW

XS1115183359 4% Sep 21 Ba2/BB/-- 0.40 103.50 1.07 335 -3.2 +14.3 +0.3 +2.5

Teva (Sell) TEVA 5Y CDS 258

XS1439749109 0.375% Jul 20 Ba2/BB/BB 1.75 97.31 1.74 227 +8.0 -54.5 -0.1 -2.5

XS1789745137 3.25% Apr 22 Ba2/--/BB 0.70 101.82 2.83 308 -37.7 -37.7 +1.6 +1.6

XS1211040917 1.25% Mar 23 Ba2/BB/BB 1.30 90.88 3.37 343 -5.5 +24.8 +0.3 -7.8

XS1439749281 1.125% Oct 24 Ba2/BB/BB 1.50 84.39 3.97 381 -19.9 +56.6 +1.3 -11.6

XS1789456024 4.5% Mar 25 Ba2/--/BB 0.90 101.60 4.31 415 -25.7 -25.7 +1.6 +1.6

XS1211044075 1.875% Mar 27 Ba2/BB/BB 0.70 82.11 4.39 396 -14.3 +77.5 +1.0 -14.0

XS1439749364 1.625% Oct 28 Ba2/BB/BB 0.75 78.74 4.21 364 -14.7 +62.9 +1.4 -13.9

ThyssenKrupp (Hold) TKAGR 5Y CDS 98

DE000A1R0410 3.125% Oct 19 Ba2/BB*+/BB+*+ 1.25 103.70 0.20 136 -14.4 +10.7 +0.2 +1.3

DE000A14J579 1.75% Nov 20 Ba2/BB*+/BB+*+ 0.75 103.07 0.48 107 -14.4 +7.7 +0.4 +2.4

DE000A2AAPF1 2.75% Mar 21 Ba2/BB*+/BB+*+ 0.85 105.60 0.64 123 -13.2 +7.1 +0.3 +3.1

DE000A2BPET2 1.375% Mar 22 Ba2/BB*+/BB+*+ 1.25 101.29 1.05 131 -25.1 +0.6 +0.9 +4.4

DE000A14J587 2.5% Feb 25 Ba2/BB*+/BB+*+ 0.60 105.46 1.68 149 -12.6 +29.3 +0.6 +4.2

Titan Cement (No rec) TITKGA

XS1086071146 4.25% Jul 19 --/BB+/-- 0.16 104.08 1.16 190 -13.1 +37.2 +0.3 +2.5

XS1429814830 3.5% Jun 21 --/BB+/-- 0.30 105.61 1.81 218 -4.5 -5.4 +0.1 +4.0

XS1716212243 2.375% Nov 24 --/BB+/-- 0.35 98.06 2.79 263 -5.9 +27.6 +0.0 -1.8

Transcom (No rec) TRNSCM

SE0010832071 6.5% Mar 23 B3/--/-- 0.18 99.25 6.92 702 +2.7 +2.7 -0.7 -0.7

Unilabs (No rec) UNILAB 5Y CDS 324

XS1602515733 5.75% May 25 Caa1/CCC+/-- 0.41 99.46 5.99 582 +17.0 +20.9 -0.9 +1.7

Valeant (No rec) VRXCN 5Y CDS 544

XS1205619288 4.5% May 23 Caa1/B-/B- 1.50 91.06 6.83 691 -62.8 +2.9 +3.0 +35.4

Vallourec (No rec) VKFP

FR0011302793 3.25% Aug 19 --/B/-- 0.40 103.27 0.90 162 -26.4 -3.9 +0.4 +3.8

XS1700480160 6.625% Oct 22 --/B/-- 0.55 103.42 5.90 607 +14.7 +20.8 -0.3 +2.5

XS1807435026 6.375% Oct 23 --/B/-- 0.40

FR0012188456 2.25% Sep 24 --/B/-- 0.50 82.02 5.77 563 +48.3 +40.9 -2.6 +4.0

Verisure (No rec) VERISR 5Y CDS 394

XS1310477895 6% Nov 22 B1/B/-- 0.63 105.46 1.71 494 -2.3 +15.4 +0.3 +2.6

XS1720016531 5.75% Dec 23 Caa1/CCC+/-- 0.98 99.62 6.00 601 -17.4 +26.6 +1.0 -0.8

Voto-Votrantim (No rec) VOTORA 5Y CDS 287

XS1061029614 3.25% Apr 21 Ba2/BB+/BBB- 0.23 105.36 1.52 192 -15.4 -5.6 +0.6 +6.4

XS1232126810 3.5% Jul 22 Ba2/BB+/BBB- 0.36 105.83 2.13 232 -15.6 -7.5 +0.7 +8.1

WFS Global (No rec) WFSGLB

XS1252776759 9.5% Jul 22 B3/B-/-- 0.38 106.56 3.18 816 +7.6 -3.6 +0.5 +6.8

Wienerberger (Hold) WIEAV 5Y CDS 366

AT0000A100E2 4% Apr 20 Ba1/--/-- 0.30 107.08 0.47 105 -2.6 -7.6 +0.2 +1.2

DE000A1ZN206 5% PERP Ba3/--/-- 0.27 108.62 1.92 235 -21.1 -51.7 +0.6 +5.7






IDU Wittur (No rec) WITTUR

XS1188024548 8.5% Feb 23 Caa2/CCC/-- 0.23 104.07 6.46 787 -9.8 -0.2 +0.9 +8.8

Worldpay Group (No rec) WPGLN

XS1319701451 3.75% Nov 22 Ba2/BB+/-- 0.50 108.25 1.86 209 -15.6 +2.6 +0.5 +3.2

TMT Almaviva Technologies (No rec) ALMAIN

XS1694628287 7.25% Oct 22 B2/B+/-- 0.25 102.13 6.82 710 -68.1 -20.8 +3.1 +1.0

Altice (Buy) ALTICE 5Y CDS 449

XS1181246775 5.25% Feb 23 B1/B+/-- 0.50 103.75 3.95 459 -10.8 +1.3 +0.8 +2.0

XS0946155693 9% Jun 23 B3/CCC+/-- 0.25 105.64 3.14 799 +3.5 +2.2 +0.3 +0.8

XS1577952440 4.75% Jan 28 B3/CCC+/-- 0.68 88.99 6.45 601 -20.4 +101.5 +1.5 -10.3

Altice Luxembourg (No rec) ATCNA 5Y CDS 593

XS1061642317 7.25% May 22 B3/B-/-- 2.08 99.40 7.69 792 -63.4 +67.0 +2.3 +0.4

XS1117300241 6.25% Feb 25 B3/B-/-- 0.75 97.03 7.01 687 -84.1 +31.3 +5.0 -5.3

Banijay Entertainment (No rec) BANIJA

XS1642700766 4% Jul 22 B1/B+/BB 0.37 103.19 3.09 350 +9.9 +25.6 -0.3 +1.8

Cellnex Telecom (Hold) CLNXSM 5Y CDS 148

XS1265778933 3.125% Jul 22 --/BB+/BBB- 0.60 107.87 1.27 145 -3.0 -17.6 +0.1 +2.0

XS1468525057 2.375% Jan 24 --/BB+/BBB- 0.75 101.71 2.09 206 -0.5 -16.9 +0.0 +2.1

XS1551726810 2.875% Apr 25 --/BB+/BBB- 0.34 102.82 2.47 228 -1.1 -4.2 +0.0 +3.7

Crystal Almond (No rec) CRYALM

XS1405766202 10% Nov 21 --/B/B*- 0.35 109.20 5.63 763 -12.4 +38.8 +0.8 +13.3

Digi Communications (Buy) CBLCSY

XS1405770576 5% Oct 23 B1/BB-/-- 0.35 106.09 2.78 391 -13.3 +15.1 +0.8 +3.9

Eircom (No rec) EIRCMF

XS1432395785 4.5% May 22 B1/B+/BB- 0.70 102.62 3.16 412 -4.9 +16.7 +0.4 +2.1

Equinix (No rec) EQIX 5Y CDS 80

XS1788558754 2.875% Mar 24 B1/BB+/BB 0.75 99.97 2.97 291 -15.2 -15.2 +0.7 +0.7

XS1679781424 2.875% Oct 25 B1/BB+/BB 1.00 97.40 3.36 311 -18.4 +53.0 +1.2 -2.3

XS1734328799 2.875% Feb 26 B1/BB+/BB 1.00 96.69 3.46 316 -27.1 +37.7 +1.3 -2.7

Ericsson (Hold) ERICB 5Y CDS 136

XS1571293171 0.875% Mar 21 Ba2/BB+/BBB- 0.50 100.13 0.90 132 -24.1 -26.6 +0.6 +0.3

XS1571293684 1.875% Mar 24 Ba2/BB+/BBB- 0.50 98.05 2.27 221 -23.6 -14.2 +1.3 -0.7

Infopro Digital Group (No rec) IPDEBV

XS1577951988 FRN Jul 22 B2/B/-- 0.18 101.52 3.61 475 -5.2 +2.4 +0.4 +1.9

XS1577954149 4.5% Jul 22 B2/B/-- 0.48 102.17 3.94 427 -6.7 +39.8 +0.4 +2.5

Inter Media Communication (No rec)

INTERM

XS1739592142 4.875% Dec 22 --/BB-/-- 0.30 100.65 4.88 503 +1.6 +49.3 +0.1 -1.4

InterXion (No rec) INXN

XS0946728564 6% Jul 20 B2/BB-/-- 0.63 102.89 0.84 536 +10.0 -5.2 +0.1 +4.3

Lawson Software (No rec) LWSN

XS1354235217 5.75% May 22 Caa1/CCC+/CCC+ 0.35 102.52 4.81 551 -16.0 -0.8 +0.9 +4.3

Matterhorn Telecom (Buy) MATTER 5Y CDS 176

XS1219465728 3.875% May 22 B2/B+/-- 1.00 101.63 3.28 381 -18.2 +3.2 +0.8 +2.4

XS1219475792 4.875% May 23 Caa1/B-/-- 0.30 101.94 4.16 468 -39.1 -10.5 +2.0 +5.7

XS1720690889 4% Nov 27 --/B+/-- 0.40 95.64 4.68 424 +6.4 +21.4 -0.6 -3.2

Netflix (No rec) NFLX

XS1603948032 3.625% May 27 Ba3/B+/-- 1.30 99.66 3.75 334 -43.2 +13.9 +1.3 -0.4

Nokia (Hold) NOKIA 5Y CDS 112

XS1577727164 1% Mar 21 Ba1/BB+/BB+ 0.50 101.03 0.72 114 -19.2 -20.3 +0.5 +1.5

XS1577731604 2% Mar 24 Ba1/BB+/BB+ 0.75 101.00 1.86 180 -16.3 -8.7 +0.8 +2.9

OTE Hellenic Telecom (Hold) HTOGA 5Y CDS 97

XS1327539976 4.375% Dec 19 B1/BB/-- 0.35 106.37 0.62 128 +0.0 -69.3 +0.3 +6.1

XS1086785182 3.5% Jul 20 B1/BB/-- 0.70 105.81 0.97 152 -25.6 -37.2 +0.6 +6.7






TMT SES (MW) SESGFP 5Y CDS 91

XS1405777746 4.625% PERP Ba1/BB+/-- 0.75 105.29 3.17 345 -33.0 +40.7 +1.2 +2.5

XS1405765659 5.625% PERP Ba1/BB+/-- 0.55 108.22 4.05 403 -22.1 +41.8 +1.2 +2.5

SFR Group (Buy) SFRFP 5Y CDS 387

XS1028956222 5.375% May 22 B1/B/-- 1.00 102.63 4.23 502 -14.1 +13.6 +0.9 +3.4

XS1028956149 5.625% May 24 B1/B/-- 1.25 103.59 4.80 501 -39.3 +12.1 +2.3 +0.8

SOFTBANK (No rec) SOFTBK 5Y CDS 224

XS0918548644 4.625% Apr 20 Ba1/BB+/-- 0.63 109.07 0.13 72 -66.1 -58.8 +1.2 +2.8

XS1266662763 4% Jul 22 Ba1/BB+/-- 0.29 105.36 2.72 297 +11.1 +83.8 -0.4 -1.0

XS1811213781 4% Apr 23 Ba1/BB+/-- 1.00

XS1811213864 4.5% Apr 25 Ba1/BB+/-- 0.45

XS1266662334 4.75% Jul 25 Ba1/BB+/-- 0.69 101.77 4.58 437 +38.7 +121.9 -2.3 -6.0

XS1684385161 3.125% Sep 25 Ba1/BB+/-- 1.50 93.08 4.33 409 +14.2 +94.3 -0.9 -5.4

XS1266661013 5.25% Jul 27 Ba1/BB+/-- 0.21 103.60 4.88 449 +24.8 +107.8 -1.8 -5.4

XS1793255941 5% Apr 28 Ba1/BB+/-- 1.17

XS1684385591 4% Sep 29 Ba1/BB+/-- 0.75 90.78 5.19 460 -14.6 +90.9 +1.1 -7.2

TDC (MW) TDCDC 5Y CDS 173

XS1195581159 3.5% Feb 15 Ba2*-/BB*-/BB*- 0.75 100.40 3.46 389 -1.6 +141.2 +0.2 +3.2

TeamSystem (No rec) TITANL

XS1799537904 FRN Apr 23 B3/--/B+ 0.55

XS1799545089 FRN Apr 25 B3/--/B+ 0.20

Telecom Italia (Sell) TITIM 5Y CDS 129

XS0868458653 4% Jan 20 Ba1/BB+/BBB- 0.72 106.70 0.18 81 -10.3 -16.0 +0.1 +1.1

XS0974375130 4.875% Sep 20 Ba1/BB+/BBB- 0.55 111.06 0.31 82 -12.5 -13.4 +0.2 +1.4

XS1020952435 4.5% Jan 21 Ba1/BB+/BBB- 0.56 111.00 0.49 94 -12.9 -5.7 +0.3 +1.4

XS0486101024 5.25% Feb 22 Ba1/BB+/BBB- 0.88 116.51 0.85 111 -16.7 -7.7 +0.5 +2.4

XS1169832810 3.25% Jan 23 Ba1/BB+/BBB- 1.00 109.19 1.26 137 -21.1 -4.8 +0.9 +3.7

XS1551678409 2.5% Jul 23 Ba1/BB+/BBB- 1.00 105.18 1.49 152 -20.0 -3.2 +0.8 +4.5

XS1347748607 3.625% Jan 24 Ba1/BB+/BBB- 0.75 111.10 1.61 158 -24.0 -7.2 +1.2 +6.1

XS1497606365 3% Sep 25 Ba1/BB+/BBB- 1.00 106.53 2.07 182 -21.5 -3.0 +1.2 +6.6

XS1419869885 3.625% May 26 Ba1/BB+/BBB- 1.00 110.35 2.24 192 -18.8 +7.5 +1.1 +6.5

XS1698218523 2.375% Oct 27 Ba1/BB+/BBB- 1.25 99.44 2.47 199 -22.2 +0.4 +1.5 -1.9

XS0161100515 7.75% Jan 33 Ba1/BB+/BBB- 1.02 150.32 3.39 265 -15.3 +13.7 +1.2 +18.0

XS0214965963 5.25% Mar 55 Ba1/BB+/BBB- 0.67 114.89 4.45 336 -9.1 +11.7 +0.3 +17.7

Telefonica (MW) TELEFO 5Y CDS 73

XS1148359356 4.2% PERP Ba2/BB+/BB+ 0.70 105.45 0.87 153 -28.8 -35.5 +0.5 +3.6

XS1050460739 5% PERP --/BB+/BB+ 0.59 107.78 0.99 158 -31.4 -47.4 +0.7 +4.5

XS0972588643 7.625% PERP Ba2/BB+/BB+ 0.29 120.54 1.47 181 -24.9 -61.2 +0.8 +7.7

XS1490960942 3.75% PERP Ba2/BB+/BB+ 1.00 105.26 2.38 263 -32.7 -7.1 +1.3 +5.8

XS1731823255 2.625% PERP Ba2/BB+/BB+ 1.00 98.78 2.94 298 -24.5 +17.6 +1.2 -0.7

XS1795406575 3% PERP Ba2/BB+/BB+ 1.25 99.33 3.16 314 -14.0 -14.0 +0.6 +0.6

XS1050461034 5.875% PERP Ba2/BB+/BB+ 1.00 114.87 3.13 308 -31.7 +4.4 +1.4 +7.6

XS1795406658 3.875% PERP Ba2/BB+/BB+ 1.00 99.35 3.99 365 -14.3 -14.3 +0.8 +0.8

Telenet (Sell) TNETBB 5Y CDS 174

XS1266726592 4.875% Jul 27 Ba3/BB-/BB*+ 0.48 108.69 2.87 341 -9.7 -4.1 +0.7 +3.8

BE6300371273 3.5% Mar 28 Ba3/BB-/BB*+ 0.60 98.42 3.77 329 -8.7 +16.8 +0.5 -1.6

United Group (Hold) ADRBID 5Y CDS 270

XS1647814968 4.375% Jul 22 B2/B/-- 0.58 102.65 3.64 402 -26.8 +27.8 +1.2 +4.6

XS1647816823 FRN Jul 23 B2/B/-- 0.45 100.67 2.42 483 -1.9 +12.5 +0.3 +2.1

XS1647815775 4.875% Jul 24 B2/B/-- 0.33 102.60 4.34 443 -21.2 +21.2 +1.2 +5.6






TMT Unitymedia (Buy) UNITY 5Y CDS 90

XS0918739318 5.625% Apr 23 Ba3/BB-/-- 0.25 103.09 4.54 512 -4.4 +14.6 +0.4 +2.0

XS1150437579 4% Jan 25 Ba3/BB-/BB+ 1.00 106.14 1.71 290 -16.3 -9.1 +0.8 +4.4

XS1334248223 4.625% Feb 26 Ba3/BB-/BB+ 0.42 110.18 1.82 294 -15.9 -31.2 +0.9 +6.2

XS1197205591 3.5% Jan 27 Ba3/BB-/BB+ 0.50 106.25 1.90 237 -21.2 -36.6 +1.3 +6.4

XS1199438174 3.75% Jan 27 B3/B/B+ 0.70 106.25 2.19 262 -20.9 -55.1 +1.3 +8.4

XS0982713330 6.25% Jan 29 Ba3/BB-/BB+ 0.48 113.99 2.21 418 -16.8 -20.5 +1.2 +5.1

UPC (Hold) UPCB 5Y CDS 154

XS1117297603 4% Jan 27 Ba3/BB/BB*+ 0.60 103.67 3.33 321 -12.9 +32.8 +0.7 +3.6

XS1629969327 3.875% Jun 29 B2/B/B 0.64 95.21 4.52 394 -24.9 +16.7 +1.9 +1.0

XS1634252628 3.625% Jun 29 Ba3/BB/BB*+ 0.60 99.50 3.76 317 -30.8 +7.4 +2.4 +3.0

Virgin Media (Buy) VMED 5Y CDS 216

XS1169920193 4.5% Jan 25 B2/B/B 0.46 102.15 4.12 408 -17.3 +36.9 +1.0 +1.8

VodafoneZiggo (Sell) ZIGGO 5Y CDS 186

XS1028411152 7.125% May 24 B3/B/B- 0.74 108.28 2.73 559 -9.2 +19.3 +0.7 +1.4

XS1170079443 4.625% Jan 25 B3/B/B- 0.40 101.65 4.36 429 -16.8 +30.5 +1.2 +0.7

XS1175813655 3.75% Jan 25 B1/BB-/BB 0.80 101.67 3.47 340 -11.8 +29.4 +0.7 +0.9

XS1493836461 4.25% Jan 27 B1/BB-/BB 0.78 102.24 3.97 367 -19.7 +21.7 +1.3 +0.4

Warner Music (No rec) WMG

XS1505573995 4.125% Nov 24 Ba3/B+/-- 0.35 105.32 2.85 318 -9.6 -1.5 +0.6 +3.9

Wind Tre (Sell) WINTRE 5Y CDS 474

XS1708450488 2.625% Jan 23 B1/BB-/BB*- 1.63 91.30 4.85 495 -25.9 +168.0 +1.3 -7.6

XS1708450215 FRN Jan 24 B1/BB-/BB*- 93.31 4.69 465 -18.5 +112.1 +0.9 -6.8

XS1708450561 3.125% Jan 25 B1/BB-/BB*- 1.75 88.42 5.32 516 -8.0 +165.2 +0.4 -9.8

FNL 4finance (No rec) FOURFN

XS1417876163 11.25% May 21 B2/B+/-- 0.15 106.22 8.06 971 -13.8 +112.1 +0.9 +10.4

Adler Real Estate (No rec) ADLERR 5Y CDS 155

XS1731858392 1.5% Dec 21 --/BB+/-- 0.50 100.55 1.43 171 -13.2 -33.0 +0.6 +1.4

XS1731858715 2.125% Feb 24 --/BB+/-- 0.30 98.46 2.48 242 +15.2 +14.8 -0.8 -0.9

Akelius Fastigheter (No rec) AKFAST

XS1788973573 3.875% Oct 78 --/BB+/-- 0.50

Alfa Group (No rec) ABHFIN

XS1588061694 2.626% Apr 20 --/B+/BB 0.40 100.64 2.48 306 +18.3 +66.6 -0.1 +1.8

Allied Irish Banks (MW) AIB

XS1325125158 4.125% Nov 25 Ba2/BB/BB+ 0.75 107.39 1.27 174 -12.4 +20.7 +0.4 +5.3

XS1799975765 1.5% Mar 23 Ba2/BB+/BBB- 0.50 100.22 1.47 154 -0.4 -0.4 -0.1 -0.1

AnaCap Financial Partners (No rec)

ANACAP

XS1649046874 FRN Aug 24 B1/BB-/-- 0.33 97.22 6.27 620 -64.5 +36.8 +3.6 -1.6

Arrow Global Finance (No rec) ARWLN

XS1533918824 FRN Apr 25 Ba3/BB/-- 0.40 98.72 3.61 362 -18.3 +13.0 +1.2 +1.4

XS1713473350 FRN Mar 26 Ba3/BB/-- 0.29 99.87 4.11 432 -16.1 -16.1 +1.2 +1.2

Banca IFIS (No rec) IFIM

XS1700435453 4.5% Oct 27 --/--/BB 0.40 101.69 4.14 429 -13.3 -17.9 +0.8 +0.9

XS1810960390 2% Apr 23 --/--/BB+ 0.30

Banca MPS (UW) MONTE 5Y CDS 148

XS1752894292 5.375% Jan 28 Caa2/--/CCC+ 0.75 95.50 6.57 669 +4.8 +166.4 +0.4 -5.1

Banca P. Emilia Romagna (No rec)

BPEIM

XS1619967182 5.125% May 27 B1/--/BB- 0.50 104.31 4.05 427 -15.5 -41.3 +0.8 +6.9

Banca Popolare di Milano (No rec) PMIIM

XS0597182665 7.125% Mar 21 B2/--/-- 0.48 111.79 2.83 326 -60.2 -113.3 +2.1 +7.6






FNL Banco BPM (MW) BAMIIM 5Y CDS 129

XS1266866927 2.75% Jul 20 Ba2/--/-- 1.00 104.24 0.87 140 -7.1 -27.7 +0.2 +4.4

XS0555834984 6% Nov 20 B2/--/-- 0.71 108.03 2.76 324 -46.2 -55.6 +1.2 +6.2

XS0632503412 6.375% May 21 B2/--/-- 0.32 109.80 3.09 348 -51.3 -82.5 +1.6 +7.8

XS1686880599 4.375% Sep 27 B2/--/-- 0.50 102.90 3.71 387 -34.1 -60.4 +1.5 +2.2

XS1811053641 1.75% Apr 23 Ba2/--/-- 0.50

Banco de Sabadell (MW) SABSM 5Y CDS 72

ES0213860051 6.25% Apr 20 Ba3/BB+/-- 0.42 111.53 0.60 118 -18.0 -36.0 +0.3 +3.6

XS1405136364 5.625% May 26 Ba3/BB+/-- 0.50 120.07 2.84 255 -29.5 -46.6 +1.8 +12.2

Bank of Cyprus (No rec) BOCYCY

XS1551761569 9.25% Jan 27 Caa2/--/CCC 0.25 99.53 9.68 997 +281.2 +343.9 -7.7 -0.6

Bank of Ireland (MW) BKIR 5Y CDS 36

XS1075963485 4.25% Jun 24 Ba1/BB+/-- 0.75 104.05 0.75 150 -12.7 +23.4 +0.1 +2.6

XS0487711573 10% Feb 20 Ba1/BB+/-- 0.21 117.13 0.53 115 -6.3 +4.9 +0.1 +1.1

XS0867469305 10% Dec 22 --/BB+/-- 0.25 138.75 1.37 152 +0.1 -7.9 +0.0 +6.1

Bankia (MW) BKIASM 5Y CDS 55

ES0213307004 4% May 24 --/BB+/BB+ 1.00 103.66 0.64 140 -21.2 -46.0 +0.2 +3.3

ES0213056007 9% Nov 26 --/--/BB+ 0.18 125.69 1.60 192 -24.6 -86.7 +0.9 +10.5

ES0213307046 3.375% Mar 27 --/BB+/BB+ 0.50 106.22 1.74 198 -5.2 -44.2 +0.2 +7.3

Bankinter (MW) BKTSM 5Y CDS 57

ES0213679196 6.375% Sep 19 Ba1/BBB-/-- 0.25 108.61 0.20 90 -5.5 -10.1 +0.0 +0.9

XS1592168451 2.5% Apr 27 Ba1/BBB-/-- 0.50 103.62 1.58 181 -6.5 -29.1 +0.2 +4.5

Barclays (MW) BACR 5Y CDS 87

XS0214398199 4.75% PERP Ba3/BB/BB+ 0.32 102.48 3.62 422 +3.1 -12.7 +0.2 +9.9

BCP (MW) BCPPL 5Y CDS 122

PTBCPWOM0034 4.5% Dec 27 B3/B-/B+ 0.30 99.23 4.74 488 +2.0 +24.8 +0.1 -0.1

BPCE (MW) BPCEGP

FR0010777524 12.5% PERP Ba2/--/BBB- 0.37 116.94 0.63 133 +0.9 +29.9 +0.0 +1.3

CaixaBank (MW) CABKSM 5Y CDS 57

XS1565131213 3.5% Feb 27 Ba2/BBB-/BBB- 1.00 107.54 1.48 173 -6.7 -54.9 +0.2 +6.8

XS1645495349 2.75% Jul 28 Ba2/BBB-/BBB- 1.00 104.32 1.91 194 +6.2 -55.7 -0.4 +2.7

XS1808351214 2.25% Apr 30 Ba2/BBB-/BBB- 1.00

Cajamar (No rec) CAJAMA

XS1626771791 7.75% Jun 27 --/--/B+ 0.30 98.95 8.19 842 -0.9 -24.2 +0.5 +14.1

Corestate Capital (No rec) CCAPGR

DE000A19YDA9 3.5% Apr 23 --/BB+/-- 0.30

Credito Valtellinese (No rec) CVALIM

XS1590496987 8.25% Apr 27 --/--/B+ 0.15 107.53 6.12 637 -22.9 -805.8 +1.2 +12.1

DEMIRE (No rec) DMREGR

XS1647824173 2.875% Jul 22 Ba2/BB+/-- 0.40 102.34 2.27 260 -7.0 -16.0 +0.3 +2.4

Deutsche Bank (OW) DB 5Y CDS 115

DE000DB7XJJ2 2.75% Feb 25 Ba2/BB+/BBB 1.25 100.83 2.65 247 -13.6 +28.0 +0.8 +3.2

DE000DL40SR8 4.5% May 26 Ba2/BB+/BBB 0.75 110.09 3.10 279 -6.1 +53.0 +0.3 +3.6

Encore (No rec) ECPG

XS1117279619 FRN Nov 21 B2/B+/-- 0.31 101.88 5.02 604 -26.2 +45.0 +1.0 +2.6

Ethias Vie (No rec) ETHIAS

BE6279619330 5% Jan 26 --/--/BB+ 0.40 114.64 2.91 264 -3.1 +3.0 +0.1 +16.7

Fastighets Balder (No rec) BALDER

XS1677911825 3% Mar 78 Ba2/BB+/-- 0.35 98.20 3.49 358 -36.1 +37.9 +1.7 -2.0

Garanti (Trans.) GARAN 5Y CDS 290

XS1084838496 3.375% Jul 19 Ba2/--/BBB- 0.50 102.67 1.30 204 +20.7 +30.2 -0.2 +2.4

Garfunkelux (No rec) GFKLDE 5Y CDS 444

XS1263891910 7.5% Aug 22 B2/B+/-- 0.37 103.91 5.92 686 -58.8 +17.6 +2.4 +3.0

XS1681017163 FRN Sep 23 B2/B+/-- 0.42 93.48 5.53 556 -71.4 +119.7 +3.6 -5.5

XS1756364805 FRN Sep 23 B2/B+/-- 0.53 95.09 6.21 624 -77.3 +14.7 +3.7 -0.8






FNL Gazprombank (Trans.) GPBRU

XS1084024584 4% Jul 19 Ba2/BB+/BB+ 1.00 102.33 2.29 303 +75.3 +108.6 -0.7 +0.8

Globalworth (No rec) GWILN

XS1577957837 2.875% Jun 22 Ba1/BB+/BBB- 0.55 103.71 2.00 220 -15.1 -9.8 +0.8 +4.8

XS1799975922 3% Mar 25 Ba1/--/BBB- 0.55

Haya Finance (No rec) HATAFI

XS1716821779 5.25% Nov 22 B3/B-/-- 0.25 92.50 7.73 788 +196.8 +216.4 -6.9 -7.3

XS1716822231 FRN Nov 22 B3/B-/-- 0.23 93.03 7.67 782 +168.5 +173.1 -6.0 -6.2

Hellman & Friedman (No rec) ALLFND

XS1654542510 4.125% Aug 24 Ba2/--/BB- 0.58 101.25 3.95 391 -16.0 +46.0 +0.8 -1.5

Ibercaja (No rec) CAZAR

ES0244251007 5% Jul 25 B1/B+/BB 0.50 105.26 2.68 322 -22.3 -73.1 +0.7 +9.1

ICBPI (Hold) ICBPI

XS1318392864 8.25% May 21 B3/B/-- 0.90 104.44 4.66 727 -3.7 -21.4 +0.6 +7.3

XS1563481479 7.125% May 21 B3/B/-- 0.60 103.64 4.51 643 -16.3 -12.0 +0.7 +7.5

Iccrea Banca (No rec) ICCREA

XS1143070503 1.875% Nov 19 --/BB/BB+ 0.50 101.78 0.81 147 -23.3 +1.4 +0.4 +1.7

XS1569103259 1.5% Feb 20 --/BB/BB+ 0.60 101.05 0.98 160 -10.8 +7.5 +0.3 +1.8

XS1762912571 FRN Feb 21 --/BB/BB+ 0.40 99.58 1.13 156 -5.3 -0.8 +0.1 -0.2

XS1696459731 1.5% Oct 22 --/BB/BB+ 0.60 100.05 1.53 167 -6.5 -2.1 +0.2 -0.3

Intesa Sanpaolo (MW) ISPIM 5Y CDS 74

XS0452166324 5% Sep 19 Ba1/BB+/BBB- 1.05 106.38 0.49 118 -15.7 -3.2 +0.2 +2.0

XS0456541506 8.375% PERP Ba3/BB-/BB- 0.74 110.49 1.26 195 -5.5 +29.3 +0.1 +4.1

XS0526326334 5.15% Jul 20 Ba1/BB+/BBB- 0.92 109.72 0.76 131 -13.5 -2.1 +0.3 +3.0

XS0971213201 6.625% Sep 23 Ba1/BB+/BBB- 1.45 124.04 1.91 195 -19.9 +0.4 +1.0 +8.4

XS1222597905 2.855% Apr 25 Ba1/BB+/BBB- 0.50 103.22 2.38 217 -23.7 -10.3 +1.4 +6.4

XS1109765005 3.928% Sep 26 Ba1/BB+/BBB- 1.00 108.58 2.80 246 -16.8 +6.2 +1.2 +7.9

Intesa Sanpaolo Vita (No rec) ISPVIT

XS1156024116 4.75% PERP --/--/BB+ 0.75 106.83 3.63 349 +1.1 +55.2 +0.0 +8.0

Intrum Justitia (No rec) INTRUM 5Y CDS 294

XS1634529363 FRN Jul 22 Ba2/BB+/BB 0.30 100.57 2.54 309 -21.9 +11.4 +1.0 +1.1

XS1634531344 2.75% Jul 22 Ba2/BB+/BB 1.50 99.39 3.02 320 -33.8 +30.3 +1.4 +0.2

XS1634532748 3.125% Jul 24 Ba2/BB+/BB 0.90 98.50 3.49 339 -35.6 +33.2 +1.8 +0.6

IPF (No rec) IPFLN

XS1054714248 5.75% Apr 21 --/--/BB 0.41 95.69 7.74 815 -79.3 -22.1 +2.3 +20.1

Liberbank (No rec) LBKSM

ES0268675032 6.875% Mar 27 --/--/BB- 0.30 110.70 3.92 418 -31.6 -86.4 +1.2 +13.0

Lincoln Finance (Hold) LINCFI

XS1319818057 6.875% Apr 21 B1/BB+/BB- 1.25 103.58 5.12 613 -9.4 +30.7 +0.5 +2.6

Louvre Bidco (No rec) LOUBID

XS1685582105 4.25% Sep 24 B2/BB-/-- 0.27 98.13 4.77 465 -21.6 +27.5 +1.0 -1.5

LSF10 Wolverine (No rec) STKGRP

XS1791484394 5% Mar 24 B2/--/-- 0.25

XS1791484717 FRN Mar 24 B2/--/-- 0.27 100.98 4.38 504 -9.8 -9.8 +0.7 +0.7

Medical Properties Trust (No rec) MPW

XS1278084147 4% Aug 22 Ba1/BBB-/-- 0.50 109.37 1.66 196 -18.8 +21.6 +0.8 +2.7

XS1523028436 3.325% Mar 25 Ba1/BBB-/-- 0.50 103.07 2.87 270 -8.4 +42.9 +0.5 +3.9

Mediobanca (No rec) BACRED 5Y CDS 95

IT0004645542 5% Nov 20 --/BB+/-- 0.62 110.77 0.75 123 -11.5 -6.7 +0.3 +2.5

IT0004917842 5.75% Apr 23 --/BB+/-- 0.50 117.95 1.97 206 -21.3 -52.7 +0.9 +8.3

IT0005188351 3.75% Jun 26 --/BB+/BBB- 0.30 107.76 2.69 237 -15.3 -24.6 +0.7 +7.9

Nord/LB (MW) NDB 5Y CDS 77

XS0520938647 6% Jun 20 B1/--/-- 0.50 107.72 2.52 308 -26.5 +30.9 +0.4 +1.9

DE000NLB2HC4 4.75% Oct 23 B1/--/-- 0.23 107.60 3.30 331 +0.9 -36.3 +0.0 +1.0

DE000NLB8K69 3.5% Mar 26 B1/--/BB- 0.20 103.75 3.10 280 -20.7 -33.5 +1.3 +6.5






FNL RESIDOMO (No rec) RESIDO

XS1698063739 3.375% Oct 24 Ba3/BB-/-- 0.68 101.00 3.23 315 -15.0 +10.9 +0.7 -0.6

RLB Niederoe.-Wien (No rec) RFLBNI

XS0997355036 5.875% Nov 23 Ba1/--/-- 0.30 115.39 2.92 292 -5.6 -23.6 +0.3 +9.3

Sberbank (Trans.) SBERRU 5Y CDS 208

XS1082459568 3.3524% Nov 19 Ba1/--/BBB 1.00 102.61 1.87 254 +102.6 +113.5 -1.4 -0.3

Societa Cattolica di Assicurazioni (No rec)

CASSIM

XS1733289406 4.5% Dec 47 --/BB+/-- 0.50 101.74 4.31 386 +1.5 +9.1 -0.3 -0.5

Société Générale (MW) SOCGEN 5Y CDS 34

XS0449487619 9.375% PERP Ba2/BB+/-- 1.00 112.04 0.57 128 -22.3 +7.8 +0.2 +2.2

Summit Germany (No rec) SMTGLN

XS1757821688 2% Jan 25 Ba1/BBB-/-- 0.30 97.50 2.46 227 -7.9 +14.3 +0.4 -0.4

Travelex (No rec) TRVLEX

XS1577963306 8% May 22 B3/B-/-- 0.36 100.75 8.11 835 -19.1 +17.0 +1.0 +5.0

UBI Banca (MW) UBIIM 5Y CDS 97

XS1404902535 4.25% May 26 Ba3/BB/BB+ 0.75 104.55 2.75 314 -44.4 -56.0 +1.4 +6.0

XS1580469895 4.45% Sep 27 Ba3/BB/BB+ 0.50 105.48 3.15 332 -34.4 -39.6 +1.4 +7.2

XS1807182495 1.75% Apr 23 Ba3/BB+/BBB- 0.50

UniCredit (No rec) UCGIM 5Y CDS 70

XS1070428732 3.125% May 24 Ba1/BB+/BBB- 0.19 91.50 13.93 1,468 +73.0 +262.2 +0.3 -7.6

XS0470937243 8.125% PERP B1/BB-/-- 0.47 111.17 1.37 202 -4.4 -19.0 +0.1 +7.7

XS0527624059 9.375% PERP B1/BB-/BB- 0.25 116.56 1.84 239 -7.0 -16.1 +0.2 +12.4

XS0986063864 5.75% Oct 25 Ba1/BB+/BBB- 1.00 110.64 1.42 191 -25.4 -26.4 +0.6 +6.6

XS0618847775 6.125% Apr 21 Ba1/BB+/BBB- 0.58 114.61 1.14 155 -17.8 -28.8 +0.5 +4.9

XS1426039696 4.375% Jan 27 Ba1/BB+/BBB- 0.75 108.83 1.91 219 -21.2 -31.2 +0.8 +8.2

XS0849517650 6.95% Oct 22 Ba1/BB+/BBB- 1.50 122.65 1.72 188 -18.2 -25.4 +0.7 +8.3

Unipol (No rec) UNIIM 5Y CDS 137

XS1041042828 4.375% Mar 21 Ba2/--/BB+ 0.32 109.58 1.02 145 -9.4 -27.9 +0.3 +4.4

XS0130717134 FRN Jun 21 Ba1/--/BB+ 0.30 100.27 2.31 291 -12.1 -11.5 +0.6 +3.1

XS0173649798 FRN Jul 23 Ba1/--/BB+ 0.30 100.23 2.33 291 -10.2 +0.6 +0.6 +4.3

XS1206977495 3% Mar 25 Ba2/--/BB+ 1.00 100.69 2.94 275 -8.2 -3.7 +0.4 +4.1

XS1725580622 3.5% Nov 27 Ba2/--/BB+ 0.50 100.22 3.52 306 -4.6 -1.2 +0.2 -0.3

UnipolSai (UW) USIMIT

XS1078235733 5.75% PERP Ba2/--/BB 0.75 105.20 4.81 474 +8.1 +24.7 -0.2 +11.2

XS1784311703 3.875% Mar 28 Ba1/--/BB 0.50 97.64 4.21 374 +2.9 +2.9 -0.3 -0.3

VakifBank (Trans.) VAKBN

XS1077629225 3.5% Jun 19 Ba2/--/BB+ 0.50 102.09 1.88 262 +1.3 -0.2 +0.2 +3.1




UniCredit Research page 23 .

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 and projections and forecasts included in the report represent the independent judgment of the analysts as of the date of the issue unless stated otherwise. 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 AG, UniCredit Bank AG London Branch, UniCredit Bank AG Milan Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank Austria AG, UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia, UniCredit Bank Czech Republic and Slovakia Slovakia Branch, UniCredit Bank Romania, UniCredit Bank AG New York Branch nor any of their respective directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.

This analysis is being distributed by electronic and ordinary mail to professional investors, who are expected to make their own investment decisions without undue reliance on this publication, and may not be redistributed, reproduced or published in whole or in part for any purpose.

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UniCredit Group and its subsidiaries are subject to regulation by the European Central Bank

a) UniCredit Bank AG (UniCredit Bank, Munich or Frankfurt), Arabellastraße 12, 81925 Munich, Germany, (also responsible for the distribution pursuant to §34b WpHG). The company belongs to UniCredit Group. Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Marie-Curie-Str. 24-28, 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, Marie-Curie-Str. 24-28, 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.

POTENTIAL CONFLICTS OF INTERESTS

Accor 3, 8a; Adler Real Estate 8a; Amplifon 8a; ArcelorMittal 3, 8a; Arkema 8a; Astaldi 3, 8a; Autostrada B. V. V. P. 3; Ball 8a; Banca MPS 8a; Banca P. Emilia Romagna 3; Banca Popolare di Milano 3, 8a; Banco BPM 3, 8a; Banco de Sabadell 3, 8a; Bank of Cyprus 8a; Bankia 8a; Bankinter 3, 8a; Barclays 3, 8a; BCP 3; Bilfinger 8a; Bombardier 8a; Brenntag 8a; Buzzi Unicem 3, 8a; CaixaBank 8a; CNH Industrial 8a; Corestate Capital 8a; Deutsche Bank 3, 8a; EDP 3, 8a; ENCE 8a; Ericsson 8a; Eurofins Scientific 8a; Faurecia 8a; FCA 3, 8a; Ferrovial 8a; FMC 8a; Fresenius 8a; Gas Natural 8a; Groupe Casino 8a; Hapag-Lloyd 2, 8a; HeidelbergCement 8a; Heidelberger Druck 8a; Iccrea Banca 3; Intesa Sanpaolo 3, 8a; K+S 8a; LafargeHolcim 8a; Lanxess 8a; Leonardo 3, 8a; Lufthansa 8a; Mediobanca 1a, 3, 6a, 8a; METRO 8a; Nexans 8a; NH Hoteles 8a; Nokia 3, 8a; Nordex 8a; Obrascon 8a; OTE Hellenic Telecom 8a; Outokumpu 8a; Petrobras 8a; Peugeot 3, 8a; Piaggio 3, 8a; Prada 8a; Renault 8a; Repsol 3, 8a; Rexel 8a; RWE 8a; Saipem 8a; Salini Impregilo 3, 8a; Sberbank 8a; Smurfit Kappa 8a; SNAITECH 3; Société Générale 8a; Solvay 8a; Steinhoff 8a; Stora Enso 8a; TDC 8a; Telecom Italia 3, 8a; Telefonica 8a; Telenet 8a; Tesco 8a; ThyssenKrupp 3, 8a; TUI 8a; UBI Banca 3, 8a; UniCredit 2, 3, 8a; Unipol 3, 8a; UnipolSai 8a; Valeant 8a; Vallourec 8a; Vestas 3, 8a; Wienerberger 3, 8a 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.

UniCredit S.p.A. acts as a Specialist or a Primary Dealer in government bonds issued by the Italian or Greek Treasury, and as market maker in government bonds issued by the Spain or Portuguese Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market making activity and quoting requirements and to contribute to the management of public debt and to the debt issuance policy choices, also through advisory and UniCredit Bank AG research activities. UniCredit S.p.A. Registered Office in Rome: Via Alessandro Specchi, 16 - 00186 Roma Head Office in Milan: Piazza Gae Aulenti 3 - Tower A - 20154 Milano, Registered in the Register of Banking Groups and Parent Company of the UniCredit Banking Group, with. cod. 02008.1; Cod. ABI 02008.1 - Competent Authority: Commissione Nazionale per le Società e la Borsa (CONSOB)”. UniCredit Bank AG acts as a Specialist or Primary Dealer in government bonds issued by the German or Austrian Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market making activity and quoting requirements and to contribute to the management of public debt and to the debt issuance policy choices, also through advisory and research activities.

RECOMMENDATIONS, RATINGS AND EVALUATION METHODOLOGY

Company Date Recommendation Analyst Company Date Recommendation Analyst AAFFP 12/12/2017 Hold Silke Stegemann LDOIM 31/05/2017 Restricted Jana Arndt AAFFP 03/10/2017 Restricted Silke Stegemann LECTA 19/01/2018 Buy Christian Aust ADNT 13/04/2018 Sell Sven Kreitmair LECTA 10/05/2017 Hold Christian Aust ADRBID 29/08/2017 Hold Jonathan Schroer LHAGR 25/08/2017 Marketweight Mehmet Dere ADRBID 10/07/2017 Restricted Jonathan Schroer LHNVX 19/01/2018 Overweight Christian Aust AMPIM 04/07/2017 Hold Silke Stegemann LINCFI 14/12/2017 Hold Sven Kreitmair AMPIM 13/06/2017 Restricted Silke Stegemann LXSGR 19/01/2018 Marketweight Christian Aust ANTOLN 20/09/2017 Buy Sven Kreitmair MAHLGR 25/04/2018 Hold Sven Kreitmair AREVAF 19/04/2018 Hold Christian Aust MANTEN 31/08/2017 Buy Jonathan Schroer AREVAF 01/08/2017 Sell Michael Gerstner MANTEN 21/06/2017 Restricted Jonathan Schroer




Company Date Recommendation Analyst Company Date Recommendation Analyst ARGID 06/09/2017 Buy Christian Aust MANTEN 19/06/2017 Hold Jonathan Schroer ASTONM 29/05/2017 Hold Sven Kreitmair MANTEN 02/06/2017 Buy Jonathan Schroer BACRED 09/03/2018 No recommendation – MATTER 20/09/2017 Buy Stephan Haber BAMIIM 29/03/2018 Marketweight Michael Teig MEOGR 23/04/2018 Hold Mehmet Dere BAMIIM 28/08/2017 No recommendation Tilo Höpker MEOGR 27/02/2018 Restricted Mehmet Dere BAMIIM 27/06/2017 Coverage in transition Tilo Höpker MEOGR 01/09/2017 Hold Mehmet Dere BKTSM 08/03/2018 Marketweight Michael Teig MEOGR 28/06/2017 Sell Mehmet Dere BMBGBN 28/09/2017 No recommendation – MOBYIT 15/12/2017 Hold Jonathan Schroer BNRGR 19/01/2018 Overweight Christian Aust MOBYIT 12/09/2017 Buy Jonathan Schroer BNRGR 08/11/2017 Marketweight Christian Aust MOBYIT 15/06/2017 Hold Jonathan Schroer BORMIO 31/10/2017 Restricted Christian Aust MONTE 29/03/2018 Underweight Michael Teig BPCEGP 08/11/2017 Marketweight Tilo Höpker MONTE 14/08/2017 No recommendation Tilo Höpker BPCEGP 12/06/2017 No recommendation – MONTE 27/06/2017 Coverage in transition Tilo Höpker CABBCO 14/09/2017 Buy Christian Aust MSSIN 20/07/2017 Hold Sven Kreitmair CAR 08/11/2017 Hold Sven Kreitmair MSSIN 22/06/2017 Restricted Sven Kreitmair CAR 08/08/2017 Sell Sven Kreitmair MTNA 21/11/2017 Buy Christian Aust CCK 06/09/2017 Sell Christian Aust NDXGR 19/04/2018 Hold Mehmet Dere CDRSM 15/02/2018 Buy Mehmet Dere NOKIA 26/10/2017 Hold Stephan Haber CIRSA 16/06/2017 Hold Mehmet Dere OI 06/09/2017 Hold Christian Aust CLNXSM 20/09/2017 Hold Stephan Haber PELHOL 21/02/2018 Buy Sven Kreitmair CMACG 27/11/2017 Buy Jonathan Schroer PELHOL 15/05/2017 Hold Sven Kreitmair CMACG 13/10/2017 Restricted Jonathan Schroer PEUGOT 11/04/2018 Hold Sven Kreitmair CMACG 18/09/2017 Buy Jonathan Schroer PEUGOT 09/03/2018 Restricted Sven Kreitmair CMACG 02/08/2017 Hold Jonathan Schroer PIAGIM 09/04/2018 Restricted Sven Kreitmair CMCRAV 19/01/2018 Buy Christian Aust PRADA 13/09/2017 Hold Silke Stegemann CMCRAV 03/11/2017 Restricted Christian Aust REPSM 06/11/2017 Overweight Mehmet Dere CMCRAV 13/09/2017 Buy Jana Arndt REPSM 04/05/2017 Marketweight Mehmet Dere CMCRAV 03/07/2017 Restricted Jana Arndt RWE 12/03/2018 Overweight Michael Gerstner CNHI 30/04/2018 Overweight Sven Kreitmair RWE 15/11/2017 Marketweight Michael Gerstner CNHI 25/10/2017 Buy Sven Kreitmair RWE 26/09/2017 Restricted Michael Gerstner CNHI 31/08/2017 Restricted Sven Kreitmair SCHMAN 16/05/2017 Hold Mehmet Dere DB 27/07/2017 Overweight Michael Teig SDFGR 16/08/2017 Buy Christian Aust DOUGR 21/03/2018 Hold Mehmet Dere SESGFP 27/04/2018 Marketweight Jonathan Schroer DUFNSW 14/03/2018 Hold Mehmet Dere SESGFP 27/10/2017 Underweight Jonathan Schroer DUFNSW 01/02/2018 Restricted Mehmet Dere SFRFP 16/03/2018 Buy Jonathan Schroer DUFNSW 19/12/2017 Buy Mehmet Dere SFRFP 11/05/2017 Hold Jonathan Schroer DUFNSW 09/10/2017 Restricted Mehmet Dere SHAEFF 16/04/2018 Hold Sven Kreitmair DUFNSW 20/09/2017 Hold Mehmet Dere SHAEFF 13/03/2018 Buy Sven Kreitmair EDPPL 08/02/2018 Marketweight Michael Gerstner SHAEFF 27/06/2017 Hold Sven Kreitmair EDPPL 14/11/2017 Restricted Michael Gerstner SNAIM 13/04/2018 Restricted Mehmet Dere EDPPL 17/10/2017 Marketweight Michael Gerstner SNAIM 17/08/2017 Sell Mehmet Dere EOFP 24/07/2017 Buy Sven Kreitmair SOCGEN 06/06/2017 Marketweight Tilo Höpker EOFP 21/07/2017 Hold Sven Kreitmair SOCGEN 12/05/2017 Restricted Tilo Höpker ERFFP 04/01/2018 Buy Silke Stegemann SPMIM 22/06/2017 Buy Mehmet Dere ERFFP 31/10/2017 Restricted Silke Stegemann STADAH 17/10/2017 Sell Silke Stegemann ERFFP 08/08/2017 Buy Silke Stegemann STERV 25/10/2017 Hold Christian Aust ERFFP 17/07/2017 Restricted Silke Stegemann STLNSW 09/03/2018 Buy Christian Aust ERICB 23/10/2017 Hold Stephan Haber STLNSW 04/05/2017 Hold Jana Arndt ERICB 19/07/2017 Underweight Stephan Haber SUNCOM 02/03/2018 Sell Stephan Haber EUROCA 09/11/2017 Hold Sven Kreitmair TCGLN 19/01/2018 Buy Mehmet Dere EUROCA 19/10/2017 Buy Sven Kreitmair TCGLN 27/11/2017 Restricted Mehmet Dere GALAPG 19/04/2018 Hold Christian Aust TCGLN 23/11/2017 Hold Mehmet Dere GARAN 01/05/2018 Coverage in transition Oksana Reinhardt TDCDC 02/02/2018 Marketweight Stephan Haber GARAN 22/12/2017 Hold Oksana Reinhardt TELEFO 26/04/2018 Marketweight Stephan Haber GASSM 29/01/2018 Marketweight Michael Gerstner TELEFO 13/03/2018 Restricted Stephan Haber GASSM 07/11/2017 Restricted Michael Gerstner TELEFO 08/02/2018 Marketweight Stephan Haber GCLIM 17/04/2018 Hold Christian Aust TELEFO 29/11/2017 Restricted Stephan Haber GCLIM 23/02/2018 Buy Christian Aust TENN 03/04/2018 Coverage in transition – GT 31/07/2017 Sell Sven Kreitmair TEVA 19/04/2018 Sell Silke Stegemann HEIGR 19/01/2018 Marketweight Christian Aust TEVA 15/12/2017 Hold Silke Stegemann HPLGR 15/11/2017 Hold Stephan Haber TEVA 05/10/2017 Underweight Silke Stegemann HPLGR 28/09/2017 Restricted Stephan Haber TEVA 08/09/2017 Marketweight Silke Stegemann HTZ 08/11/2017 Hold Sven Kreitmair TITIM 13/11/2017 Sell Stephan Haber HTZ 08/08/2017 Sell Sven Kreitmair TITIM 05/10/2017 Restricted Stephan Haber HTZ 09/05/2017 Hold Sven Kreitmair TITIM 20/09/2017 Sell Stephan Haber ICBPI 11/12/2017 Hold Tilo Höpker TNETBB 08/02/2018 Sell Jonathan Schroer IHO 16/04/2018 Hold Sven Kreitmair TWSSBS 27/03/2018 No recommendation Silke Stegemann IHO 13/03/2018 Buy Sven Kreitmair UBIIM 10/11/2017 Marketweight Tilo Höpker IHO 27/06/2017 Hold Sven Kreitmair UBIIM 09/10/2017 Restricted Tilo Höpker INEGRP 24/10/2017 Hold Christian Aust UNITY 23/10/2017 Buy Jonathan Schroer IPGIM 19/01/2018 Buy Christian Aust UPCB 19/07/2017 Hold Jonathan Schroer IPGIM 16/11/2017 Hold Christian Aust USIMIT 05/04/2018 Underweight Natalie Tehrani

Monfared IPGIM 18/10/2017 Restricted Christian Aust VAKBN 01/05/2018 Coverage in transition Oksana Reinhardt ISPIM 02/06/2017 Marketweight Tilo Höpker VAKBN 22/12/2017 Hold Oksana Reinhardt ISPIM 31/05/2017 Restricted Tilo Höpker WINTRE 21/11/2017 Sell Stephan Haber JAGLN 21/02/2018 Hold Sven Kreitmair WINTRE 18/10/2017 Restricted Stephan Haber JAGLN 03/11/2017 Buy Sven Kreitmair WINTRE 10/05/2017 Hold Stephan Haber JAGLN 04/10/2017 Restricted Sven Kreitmair ZFFNGR 04/04/2018 Overweight Sven Kreitmair JAGLN 24/05/2017 Buy Sven Kreitmair ZIGGO 30/04/2018 Sell Jonathan Schroer LDOIM 28/07/2017 Buy Jana Arndt 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 http://www.disclaimer.unicreditmib.eu/credit-research-rd/Recommendations_CR_e.pdf.

Note on the evaluation basis for interest-bearing securities:

http://www.disclaimer.unicreditmib.eu/credit-research-rd/Recommendations_CR_e.pdf�




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 (MW): 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 (OW) : 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 (UW): 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 (H): 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 (B): 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 (S): 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 (R): 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 (T): 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 (NR): 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 AG, UniCredit Bank AG London Branch, UniCredit Bank AG Milan Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank Austria AG, UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia, UniCredit Bank Czech Republic and Slovakia Slovakia Branch, UniCredit Bank Romania, UniCredit Bank AG New York Branch have 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 AG, UniCredit Bank AG London Branch, UniCredit Bank AG Milan Branch, UniCredit Bank AG Vienna Branch, UniCredit Bank Austria AG, UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia, UniCredit Bank Czech Republic and Slovakia Slovakia Branch, UniCredit Bank Romania, UniCredit Bank AG New York Branch, 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. In the case of equities execution by UniCredit Bank AG Milan Branch, other than as a matter of client facilitation or delta hedging of OTC and listed derivative positions, there is no proprietary trading. 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 http://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

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acquisition, sale and/or trading of the securities that are the object of this report; and (v) the UniCredit Group does not receive compensation for services rendered to the companies that are the object of this report or to any related parties of such companies.

Notice to Canadian investors: This communication has been prepared by UniCredit Bank AG, which does not have a registered business presence in Canada. This communication is a general discussion of the merits and risks of a security or securities only, and is not in any way meant to be tailored to the needs and circumstances of any recipient. The contents of this communication are for information purposes only, therefore should not be construed as advice and do not constitute an offer to sell, nor a solicitation to buy any securities.

Notice to Cyprus investors: This document is directed only at clients of UniCredit Bank who are persons falling within the Second Appendix (Section 2, Professional Clients) of the law for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other Related Matters, Law 144(I)/2007 and persons to whom it may otherwise lawfully be communicated who possess the experience, knowledge and expertise to make their own investment decisions and properly assess the risks that they incur (all such persons together being referred to as “relevant persons”). This document must not be acted on or relied on by persons who are not relevant persons or relevant persons who have requested to be treated as retail clients. Any investment or investment activity to which this communication related is available only to relevant persons and will be engaged in only with relevant persons. This document does not constitute an offer or solicitation to any person to whom it is unlawful to make such an offer or solicitation.

Notice to 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, Laws of Hong Kong) and any rules made thereunder, and may not be reproduced, or used by or further distributed to any other person, in whole or in part, for any purpose. This report does not constitute or form part of an offer or solicitation of any offer to buy or sell any securities, nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. By accepting this report, the recipient represents and warrants that it is entitled to receive such report in accordance with, and on the basis of, the 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 any means without the prior consent of Unicredit Bank AG.

Notice to New Zealand investors: This report is intended for distribution only to persons who are “wholesale clients” within the meaning of the Financial Advisers Act 2008 (“FAA”) and by receiving this report you represent and agree that (i) you are a “wholesale client” under the FAA (ii) you will not distribute this report to any other person, including (in particular) any person who is not a “wholesale client” under the FAA. This report does not constitute or form part of, in relation to any of the securities or products covered by this report, either (i) an offer of securities for subscription or sale under the Securities Act 1978 or (ii) an offer of financial products for issue or sale under the Financial Markets Conduct Act 2013.

Notice to Omani investors: This communication has been prepared by UniCredit Bank AG. UniCredit Bank AG does not have a registered business presence in Oman and does not undertake banking business or provide financial services in Oman and no advice in relation to, or subscription for, any securities, products or financial services may or will be consummated within Oman. The contents of this communication are for the information purposes of sophisticated clients, who are aware of the risks associated with investments in foreign securities and neither constitutes an offer of securities in Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy non-Omani securities in Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued vide CMA Decision 1/2009). This communication has not been approved by and UniCredit Bank AG is not regulated by either the Central Bank of Oman or Oman’s Capital Market Authority.

Notice to Pakistani investors: Investment information, comments and recommendations stated herein are not within the scope of investment advisory activities as defined in sub-section I, Section 2 of the Securities and Exchange Ordinance, 1969 of Pakistan. Investment advisory services are provided in accordance with a contract of engagement on investment advisory services concluded with brokerage houses, portfolio management companies, non-deposit banks and the clients. The distribution of this report is intended only for informational purposes for the use of professional investors and the information and opinions contained herein, or any part of it shall not form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.

Notice to Polish Investors: This document is intended solely for professional clients as defined in Art. 3.39b of the Trading in Financial Instruments Act of 29 July 2005 (as amended). The publisher and distributor of the document certifies that it has acted with due care and diligence in preparing it, however, assumes no liability for its completeness and accuracy. This document is not an advertisement. It should not be used in substitution for the exercise of independent judgment.

Notice to Serbian investors: This analysis is only for distribution to professional clients (profesionalni klijenti) as defined in article 172 of the Law on Capital Markets.

Notice to UK investors: This communication is directed only at clients of UniCredit Bank who (i) have professional experience in matters relating to investments or (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.

CR e 18/1




UniCredit Research* Credit & Credit Strategy Research

Erik F. Nielsen Group Chief Economist Global Head of CIB Research +44 207 826-1765 [email protected]

Dr. Ingo Heimig

Head of Research Operations & Regulatory Control +49 89 378-13952 [email protected]

Head of Credit Research Heads of Strategy Research

Dr. Sven Kreitmair, CFA Head of Credit Research +49 89 378-13246 [email protected]

Dr. Philip Gisdakis Co-Head of Strategy Research +49 89 378-13228 [email protected]

Dr. Vasileios Gkionakis Co-Head of Strategy Research +44 207 826-7951 [email protected]

Financials Credit Research

Franz Rudolf, CEFA Head Covered Bonds +49 89 378-12449 [email protected]

Valentina Stadler Deputy Head Sub-Sovereigns & Agencies, Green Bonds +49 89 378-16296 [email protected]

Dr. Tilo Höpker Banks +49 89 378-12960 [email protected]

Julian Kreipl, CFA Covered Bonds +49 89 378-12961 [email protected]

Natalie Tehrani Monfared Regulatory & Accounting Service, Insurance +49 89 378-12242 [email protected]

Dr. Michael Teig Banks +49 89 378-12429 [email protected]

Dr. Martina von Terzi Sub-Sovereigns & Agencies, Green Bonds +49 89 378-12004 [email protected]

Corporate Credit Research

Dr. Sven Kreitmair, CFA Co-Head Automotive & Mobility +49 89 378-13246 [email protected]

Stephan Haber, CFA Co-Head Telecoms, Technology, Real Estate +49 89 378-15192 [email protected]

Christian Aust, CFA Industrials +44 207 826-6054 [email protected]

Mehmet Dere Oil & Gas, EEMEA Energy, Consumer +49 89 378-11294 [email protected]

Oksana Reinhardt Russia, CIS, Turkey Financials & Corporates +44 207 826-6972 [email protected]

Jonathan Schroer, CFA Media/Cable, Logistics, Business Services +49 89 378-13212 [email protected]

Dr. Silke Stegemann, CEFA Health Care & Pharma, Food & Beverage, Personal & Household Goods +49 89 378-18202 [email protected]

Credit Strategy Research

Dr. Philip Gisdakis Head +49 89 378-13228 [email protected]

Dr. Christian Weber, CFA Deputy Head +49 89 378-12250 [email protected]

Holger Kapitza Credit Strategy +49 89 378-28745 [email protected]

Dr. Stefan Kolek EEMEA Corporate Credits & Strategy +49 89 378-12495 [email protected]

Manuel Trojovsky Credit Strategy +49 89 378-14145 [email protected]

UniCredit Research, Corporate & Investment Banking, UniCredit Bank AG, Arabellastrasse 12, D-81925 Munich, [email protected] Bloomberg: UCCR, Internet: www.research.unicredit.eu C/CS 18/4

*UniCredit Research is the joint research department of UniCredit Bank AG (UniCredit Bank, Munich or Frankfurt), UniCredit Bank AG London Branch (UniCredit Bank, London), UniCredit Bank AG Milan Branch (UniCredit Bank, Milan), UniCredit Bank New York (UniCredit Bank, New York), UniCredit Bank AG Vienna Branch (UniCredit Bank, Vienna), UniCredit Bank Austria AG (Bank Austria), UniCredit Bulbank, Zagrebačka banka d.d., UniCredit Bank Czech Republic and Slovakia, ZAO UniCredit Bank Russia (UniCredit Russia), UniCredit Bank Romania.

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