UNRATED CORPORATE BOND CHARTBOOK

UNRATED CORPORATE BOND CHARTBOOK

EUR 67bn volume from 220 issuers at a yield of 2.9%

Munich, 1 July 2015

2

CONTENTS

SUMMARY 3

PRIMARY MARKET 4

MARKET OVERVIEW 16

MARKET DATA 33

BLOOMBERG DRSK 47

COUNTRIES OVERVIEW 57

APPENDIX 63

SUMMARY

Over the last month, our unrated corporate bond (CB) index (euro-denominated fixed-coupon bonds of non-financial issuers with an outstanding amount of EUR ≥50mn and time-to-maturity [workout date] ≥1 year) spread widened by 11% to 234bp compared to a widening for the iBoxx EUR Non-Financials BBB index of 23% to 103bp and the iBoxx EUR HY Non-Financials BB index of 11% to 311bp. The yield of the unrated CB index went up by 40bp to 2.9% in the year to date (YTD) 2015, whereas the yield of the BB index went up by 60bp to 3.8% and of the BBB index by 30bp to 1.6%. The volatility, yield and spread level demonstrates the crossover character of the unrated CB universe. The modified duration of 3.8 years of the unrated CB universe is lower than the IG index (5.8Y) and the HY index (4.1Y).

Index issuance in June 2015 was only two bonds of a total of EUR 190mn. The index size increased to EUR 66.9bn from EUR 60.8bn yoy, but was slightly down from EUR 67.8bn a month earlier. The number of issuers remained rather stable at 220 compared to 221 a month earlier. In 2015, there are around EUR 2bn in bond maturities left. In 2016-18, there will be approximately EUR 10bn in bond maturities annually.

In YTD, the average coupon of issuance declined to 3.3% from 3.4% in 2014, although the average time to maturity of issuance increased to 6.7 years from 6.2 years in 2014. In YTD 2015, the average volume per issue increased to EUR 294mn from EUR 206mn in 2014. 69% of the YTD issuance has come from German, French, Spanish and Italian issuers. Another 18% were issued by Finnish and Belgian issuers.

47% of the issuers in the index are not listed and 33% of issuers have a market cap of below EUR 2bn. 62% of all index issuers issued index debt of EUR 300mn or less.

With this issue, we have started to include statistics with Bloomberg's Default Risk Measure (DRSK). 33% of the outstanding amount had no DRSK, mainly because these issuers are not listed. 32% of the amount had a DRSK of IG5-7, 20% IG8-10 and 13% had a DRSK of HY 1-6. We note that in January 2009, 40% of the index had a DRSK (i.e. with listing). Given the significant increase in issuance of listed issuers, the current share of issuers that have a DRSK/listing has risen to 69%.

For a validation and comparison between DRSK and rating agency ratings (average ratings of S&P, Moody's and Fitch) in the iBoxx non-financials IG/HY index, please refer to page 55. The chart shows that the DRSK often indicates a rating that is several notches higher than the assigned average agency rating, with the difference being more pronounced in the BB/B average rating category.

We have a buy recommendation on the unrated bonds Amplifon and Prada and hold recommendations on the unrated bonds of Mahle, Sixt, Stada and Vestas.

3

Summary

4

CONTENTS

SUMMARY 3

PRIMARY MARKET 4 iBoxx and unrated corporates issuance volumes 5 Latest unrated issuance activity 6 Monthly issuance volumes by sector 7 Issuance volumes by sector 8 Monthly issuance volumes by country 9 Issuance volumes by country 10 Issuance volumes by time to maturity 11 Issuance volumes by coupon 12 Issuance volumes by notional amount 13 Issuance vs. redemptions 14 Issuance vs. redemptions by sector 15

MARKET OVERVIEW 16

MARKET DATA 33

BLOOMBERG DRSK 47


APPENDIX 63

5

iBoxx and unrated corporates issuance volumes

Source: iBoxx, Bloomberg, UniCredit Research

Primary Market

0

20

40

60

80

100

0

50

100

150

200

250

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015YTD

HY/

NR

issu

ance

vol

ume

in E

UR

bn

IG is

suan

ce v

olum

e in

EU

R b

n

iBoxx NFI IG iBoxx NFI HY (RS) Non-Rated (RS)

Issue Date Issuer ISIN Ticker Coupon Maturity (Call) Out (EUR mn) Country Sector DRSK MS@Issue06/23/15 Studio 100 BE6278665490 STUDBB 3.35% Jun-22 (Jun-20) 90 BE TAL 27006/16/15 Shanks Group XS1238024035 SKSLN 3.65% Jun-22 100 GB IGS IG9 --05/20/15 Mahle XS1233299459 MAHLGR 2.375% May-22 500 DE ATO 18005/15/15 Katjes DE000A161F97 KATJES 5.5% May-20 (May-18) 60 DE FOB --05/13/15 Kemira FI4000153937 KRAVFH 2.25% May-22 (Feb-22) 150 FI CHE IG8 17004/29/15 Eurofins Scientific XS1224953882 ERFFP 4.875% PERP (Apr-23) 300 FR HCA IG7 --04/28/15 Ansaldo Energia XS1224617347 ANSALD 2.875% Apr-20 350 IT IGS 26904/27/15 Trafigura Beheer XS1222731215 TRAFIG 5% Apr-20 550 NL OIG 48104/13/15 ITM Enterprises FR0012672129 ITMENT 2.391% Apr-22 250 FR RET --04/09/15 Prysmian XS1214547777 PRYIM 2.5% Apr-22 750 IT IGS IG7 22504/08/15 STADA XS1213831362 SAZGR 1.75% Apr-22 300 DE HCA IG8 --04/02/15 UCB BE0002488634 UCBBB 1.875% Apr-22 350 BE HCA IG6 15004/01/15 ACS XS1207309086 ACSSM 2.875% Apr-20 500 ES CNS IG10 27204/01/15 Air France-KLM FR0012650281 AFFP 6.25% PERP (Oct-20) 600 FR TAL HY2 --03/27/15 Intercos XS1200651906 INTEIT 3.875% Mar-22 120 IT PHG --03/25/15 YIT FI4000148937 YITYH 6.25% Mar-20 (Sep-17) 100 FI CNS IG9 59703/18/15 Sidecu ES0305063002 SIDECU 6% Mar-20 55 ES TAL --03/17/15 Neste Oil FI4000148671 NESVFH 2.125% Mar-22 (Dec-21) 500 FI OIG IG8 17803/13/15 Eagle Industries FI4000148705 KOTKAM 8.25% Mar-20 (Mar-19) 105 FI BAS --03/11/15 Vestas XS1197336263 VWSDC 2.75% Mar-22 (Dec-21) 500 DK OIG IG6 24203/10/15 Infineon XS1191115366 IFXGR 1% Sep-18 300 DE THE IG6 9503/10/15 Infineon XS1191116174 IFXGR 1.5% Mar-22 500 DE THE IG6 11502/11/15 Alerion Cleanpower IT0005075533 ARNIM 6% Feb-22 (Feb-18) 130 IT OIG IG10 --02/06/15 Acciona XS1173885903 ANASM 4.625% Jul-19 50 ES CNS IG9 --02/03/15 ORES BE6275657482 ORESBE 2.85% Feb-45 100 BE UTI --01/30/15 Kinepolis Group BE6275490751 KINBB 2.7% Jan-22 61 BE TAL IG6 --01/27/15 Eurofins Scientific XS1174211471 ERFFP 2.25% Jan-22 500 FR HCA IG7 18301/26/15 ORES BE6275292710 ORESBE 3% Jan-45 100 BE UTI --01/26/15 VTG XS1172297696 VTGR 5% PERP (Jan-20) 250 DE IGS HY1 --01/19/15 Hipercor XS1169199152 HIPESA 3.875% Jan-22 600 ES RET --

6

Latest unrated issuance activity

Source: Bloomberg, UniCredit Research

Primary Market

7

Monthly issuance volumes by sector


Primary Market

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5Ja

n-20

13Fe

b-20

13

Mar

-201

3A

pr-2

013

May

-201

3Ju

n-20

13Ju

l-201

3

Aug

-201

3S

ep-2

013

Oct

-201

3N

ov-2

013

Dec

-201

3Ja

n-20

14

Feb-

2014

Mar

-201

4

Apr

-201

4M

ay-2

014

Jun-

2014

Jul-2

014

Aug

-201

4

Sep

-201

4O

ct-2

014

Nov

-201

4D

ec-2

014

Jan-

2015

Feb-

2015

Mar

-201

5A

pr-2

015

May

-201

5Ju

n-20

15

Issu

ance

vol

ume

in E

UR

bn

IGS OIG HCA RET THE CNS BAS TAL PHG MDI ATO UTI FOB CHE TEL

8

Issuance volumes by sector


Primary Market

Issuance volumes LTM

Issuance volumes YTD

0

2

4

6

8

10

12

14

16

18

20

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Issu

ance

vol

ume

in E

UR

bn

IGS OIG HCA RET THE CNS BAS TALPHG MDI ATO UTI FOB CHE TEL

IGS10.6%

OIG16.7%

HCA11.7%

RET6.7%

THE7.6%

CNS7.3%

BAS5.0%

TAL4.6%

PHG6.8%

MDI2.9% ATO

6.3%

UTI5.3%

FOB3.9%CHE3.7%

TEL0.9%

IGS16.4%

OIG19.0%

HCA16.4%

RET9.6%

THE9.1%

CNS7.4%

BAS1.2%

TAL9.1%

PHG1.4%

MDI0.0%ATO5.7%

UTI2.3%FOB0.7%

CHE1.7%

TEL0.0%

9

Monthly issuance volumes by country


Primary Market

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5Ja

n-20

13Fe

b-20

13M

ar-2

013

Apr

-201

3M

ay-2

013

Jun-

2013

Jul-2

013

Aug

-201

3S

ep-2

013

Oct

-201

3N

ov-2

013

Dec

-201

3Ja

n-20

14Fe

b-20

14M

ar-2

014

Apr

-201

4M

ay-2

014

Jun-

2014

Jul-2

014

Aug

-201

4S

ep-2

014

Oct

-201

4N

ov-2

014

Dec

-201

4Ja

n-20

15Fe

b-20

15M

ar-2

015

Apr

-201

5M

ay-2

015

Jun-

2015

Issu

ance

vol

ume

in E

UR

bn

DE FR FI IT AT BE ES NL Oth

10

Issuance volumes by country


Primary Market



DE21.1%

FR16.6%

FI8.8%

IT15.9%

AT4.9%

BE7.4%

ES8.4%

NL5.8%

Others11.1%

DE21.7%FR

18.7%

FI9.7%

IT15.3%

AT0.0%

BE8.0%

ES13.7%

NL6.2%

Others6.8%

0

2

4

6

8

10

12

14

16

18

20

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Issu

ance

vol

ume

in E

UR

bn

DE FR FI IT AT BE ES NL Oth

11

Issuance volumes by time to maturity


Primary Market



0

2

4

6

8

10

12

14

16

18

20

0

2

4

6

8

10

12

14

16

18

20

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Aver

age

time

to m

atur

ity in

yea

rs

Issu

ance

vol

ume

in E

UR

bn

<2y 2-4y 4-6y6-8y 8-10y >10yAvg ttm (RS)

<2y0.0%

2-4y6.7%

4-6y28.9%

6-8y58.7%

8-10y3.4%

>10y2.3%

<2y0.7%2-4y

10.4%4-6y

32.2%

6-8y48.6% 8-10y

1.7%

>10y6.3%

12

Issuance volumes by coupon


Primary Market

0

1

2

2

3

4

5

6

6

7

8

0

2

4

6

8

10

12

14

16

18

20

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Issu

ance

vol

ume

in E

UR

bn

<1% 1-2% 2-3%3-4% 4-5% 5-6%6-7% 7-8% 8-9%9-10% >10% Avg cpn (RS)


0-1%1.4%

1-2%18.0%

2-3%35.8%

3-4%15.8%

4-5%8.6%

5-6%9.3% 6-7%

6.9%

7-8%2.8%8-9%1.3%

9-10%0.0%

>10%0.0%


0-1%0.0%

1-2%16.4%

2-3%47.2%

3-4%11.4%

4-5%4.0%

5-6%9.7%

6-7%10.0%

7-8%0.0%8-9%1.2%

9-10%0.0%

>10%0.0%

13

Issuance volumes by notional amount


Primary Market



0

40

80

120

160

200

240

280

320

360

400

0

2

4

6

8

10

12

14

16

18

20

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Aver

age

issu

ance

vol

ume

in E

UR

mn

Issu

ance

vol

ume

in E

UR

bn

<150mn 150-300mn 300-500mn>=500mn Avg vol (RS)

<150 mn19.1%150-300 mn

14.4%

300-500 mn19.6%

>=500 mn46.9%

<150 mn12.1%

150-300 mn7.4%

300-500 mn18.1%

>=500 mn62.3%

14

Issuance vs. redemptions


Primary Market

0

2

4

6

8

10

12

14

16

18

20

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Volu

me

in E

UR

bn

Redemptions 01 July - December Issuance 01 July - DecemberRedemptions Jan - 30 June Issuance Jan - 30 June

15

Issuance vs. redemptions by sector


Primary Market

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

OIG IGS BAS RET TAL CNS HCA UTI FOB CHE MDI ATO PHG THE

Volu

me

in E

UR

bn

Redemptions 01 July - December Issuance 01 July - DecemberRedemptions Jan - 30 June Issuance Jan - 30 June

YTD: Issuance / redemptions up to the same month and day as today

16

CONTENTS

SUMMARY 3 PRIMARY MARKET 4 MARKET OVERVIEW 16 Market size of iBoxx and unrated corporates 17 Development of unrated issuer number 18 Equity Market Cap of unrated issuers 19 Index debt outstanding of unrated issuers 20 Unrated market size by sector 21 Unrated market size by country 22 Number of unrated issuers by country 23 Unrated market characteristics 24 Maturity profile by sector 25 Maturity profile by country 26 Biggest unrated issuers 27 Covered issuers and recommendations 28 Upcoming redemptions by country 29 Upcoming redemptions by issuer (>=EUR 150mn) 30 Upcoming redemptions by issuer (<EUR 150mn) 31 Upcoming unrated redemptions 32

MARKET DATA 33 BLOOMBERG DRSK 47 COUNTRIES OVERVIEW 57 APPENDIX 63

17

Market size of iBoxx and unrated corporates


Market Overview

0%

5%

10%

15%

20%

25%

30%

0

200

400

600

800

1,000

1,200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Non

-Fin

anci

al v

olum

e ou

tsta

ndin

g in

EU

R b

n

iBoxx NFI IG iBoxx NFI HY Unrated %iBoxx NFI HY %Unrated

%iBoxx NFI HY / %Unrated: Share of asset class with respect to the outstanding of NFI IG, HY and unrated bonds

18

Development of unrated issuer number

Source:Bloomberg, UniCredit Research

Market Overview

0

30

60

90

120

150

180

210

240

270

300

-40

-30

-20

-10

0

10

20

30

40

50

60

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber o

f unr

ated

issu

ers

Cha

nge

of n

umbe

r of i

ssue

rs

LTM retreats LTM inaugurals LTM net change Number of issuers (RS)

19

Equity Market Cap of unrated issuers


Market Overview

101

46

25

510

6 52 3 1 3

8

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Notlisted

0 - 1 1 - 2 2 - 3 3 - 4 4 - 5 5 - 6 6 - 7 7 - 8 8 - 9 9 - 10 > 10

Cum

ulat

ed p

erce

ntag

e of

issu

ers

Per

cent

age

of is

suer

s

Equity market cap in EUR bn

Percentage of issuers Cumulated percentage of issuers

20

Index debt outstanding of unrated issuers


Market Overview

80

49

25

10 9 8 8 93

6 8

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

≤ 100 ≤ 200 ≤ 300 ≤ 400 ≤ 500 ≤ 600 ≤ 700 ≤ 800 ≤ 900 ≤ 1,000 > 1,000

Cum

ulat

ed p

erce

ntag

e of

issu

ers

Per

cent

age

of is

suer

s

Index debt outstanding in EUR mn

Percentage of issuers Cumulated percentage of issuers

21

Unrated market size by sector


Market Overview

IGS18.0%

OIG11.9%

HCA11.1%

RET8.9%

TAL7.5%

CNS6.5%

BAS6.1%

UTI5.0% FOB

4.7%

MDI4.6%

PHG4.5%

THE4.5%

ATO3.8%

CHE2.4%

TEL0.4%

Current outstanding volumes by sector

0

10

20

30

40

50

60

70

80

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Volu

me

outs

tand

ing

in E

UR

bn

IGS OIG HCA RET TAL CNS BAS UTI

FOB MDI PHG THE ATO CHE TEL

22

Unrated market size by country


Market Overview

Current outstanding volumes by country

0

10

20

30

40

50

60

70

80

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Volu

me

outs

tand

ing

in E

UR

bn

FR DE FI AT IT BE ES NL Others

FR25.1%

DE20.8%

FI10.1%

AT9.5%

IT9.0% BE

7.9%ES

4.2%NL

3.8%

Others9.7%

23

Number of unrated issuers by country


Market Overview

Current number of issuers by country

0

50

100

150

200

250

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Num

ber o

f NFI

issu

ers

Others NL ES BE IT AT FI FR DE

Germany, 42, 19%

France, 41, 19%

Finland, 33, 15%

Austria, 22, 10%

Italy, 20, 9%Belgium, 16,

7%

Spain, 11, 5%

Netherlands, 6, 3%

Others, 27, 13%

24

Unrated market characteristics


Market Overview

02468

101214161820

0-1%

1-2%

2-3%

3-4%

4-5%

5-6%

6-7%

7-8%

8-9%

9-10

%

>10%Vo

lum

e ou

tsta

ndin

g in

EU

R b

n

Jan-13 Jan-14 Jul-15

<150 mn19.7%

150-300 mn21.1%

300-500 mn24.2%

>=500 mn35.0%

0

5

10

15

20

25

<2y

2-4y

4-6y

6-8y

8-10

y

>10yVo

lum

e ou

tsta

ndin

g in

EU

R b

n

Jan-13 Jan-14 Jul-15Current outstanding volumes by issue size Outstanding volumes by time to maturity

Outstanding volumes by coupon

25

Maturity profile by sector


Market Overview

0

2

4

6

8

10

12

14

16

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Vol

ume

of m

atur

ing

bond

s in

EU

R b

n

TEL CHE ATO THE PHG MDI FOB UTIBAS CNS TAL RET HCA OIG IGS

0

1

1

2

2

3

3

IGS

OIG

HC

A

RE

T

TAL

CN

S

BAS UTI

FOB

MD

I

PH

G

THE

ATO

CH

E

TEL

Vol

ume

of m

atur

ing

bond

s in

EU

R b

n

2015 2016 2017

26

Maturity profile by country


Market Overview

0

2

4

6

8

10

12

14

1620

15

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Vol

ume

of m

atur

ing

bond

s in

EU

R b

n

FR DE FI AT IT BE ES NL Others

0

1

1

2

2

3

3

4

FR DE FI AT IT BE

ES NL

Oth

ers

Volu

me

of m

atur

ing

bond

s in

EU

R b

n

2015 2016 2017

Issuer Ticker Country Sect. DRSKOut.

€ mnNo.

B.31 Iren IREIM IT UTI IG8 660 332 BSA BSASA FR FOB 658 233 SPAR SOWA AT RET 650 333 STADA SAZGR DE HCA IG8 650 235 ProSiebenSat.1 Media PSMGR DE MDI IG6 600 135 Novomatic NOVO AT TAL 600 335 Hipercor HIPESA ES RET 600 135 Pirelli PCIM IT ATO IG6 600 139 Hellenic Railways HELNRR GR IGS 575 240 Egger Holzwerkstoff EGGER AT BAS 570 441 Solarworld SWVGR DE IGS HY3 527 242 Eramet ERAFP FR BAS IG10 525 143 ACS ACSSM ES CNS IG10 500 143 Neopost NEOFP FR THE IG9 500 243 Vestas VWSDC DK OIG IG6 500 143 Christian Dior CDIFP FR PHG IG7 500 143 NV Bekaert BEKBBB BE IGS IG8 500 343 Sanoma SWSAV FI MDI IG10 500 243 Soc. d'Inf. Gazieres GAZIER FR UTI 500 150 Ingenico INGFP FR THE IG6 450 150 Vilmorin & Cie RINFP FR HCA IG7 450 152 Gemalto GTOFP NL THE IG6 400 153 Air Berlin AIRBR DE TAL HY5 395 254 Orpea ORPFP FR HCA IG7 368 455 ANDRITZ ANDRAV AT IGS IG5 350 155 Ansaldo Energia ANSALD IT IGS 350 155 Motor Oil MOHGA GR OIG HY2 350 155 Kemira KRAVFH FI CHE IG8 350 259 Borealis BRLS AT CHE 325 259 Huhtamaki HUHTAM FI IGS IG7 325 2

Issuer Ticker Country Sect. DRSKOut.

€ mnNo.

B.1 Air France-KLM AFFP FR TAL HY2 2,500 52 UCB UCBBB BE HCA IG6 1,926 63 voestalpine VOEAV AT BAS IG8 1,900 44 HOCHTIEF HOTGR DE CNS IG8 1,750 35 Rallye RALFP FR RET HY3 1,599 56 Neste Oil NESVFH FI OIG IG8 1,450 47 Eurofins Scientific ERFFP FR HCA IG7 1,400 48 Trafigura Beheer TRAFIG NL OIG 1,157 29 Bureau Veritas BVIFP FR IGS IG6 1,000 29 Lagardere MMBFP FR MDI IG8 1,000 29 adidas ADSGR DE PHG IG8 1,000 29 Galp GALPPL PT OIG IG8 1,000 2

13 Fraport FRAGR DE IGS IG6 950 214 ENA Infraestructuras CESA ES IGS 935 515 Louis Dreyfus Commod LOUDRE NL RET 900 216 Celesio CLSGR DE HCA IG3 850 217 Hellenic Petroleum ELPEGA GR OIG HY2 825 218 Mahle MAHLGR DE ATO 800 218 Infineon IFXGR DE THE IG6 800 218 Galeries Lafayette GLFP FR RET 800 218 Symrise SYMRIS DE CHE IG6 800 222 Plastic Omnium POMFP FR ATO IG8 750 222 Sixt SIXT DE IGS HY1 750 322 Davide Campari-Milano CPRIM IT FOB IG6 750 222 Prysmian PRYIM IT IGS IG7 750 126 Otto OTTOGR DE PHG 725 427 Fluxys Belgium FLUXBB BE UTI IG7 700 328 ORES ORESBE BE UTI 680 529 Mediaset MSIM IT MDI IG8 675 230 MBB Projects MBBAG DE OIG 673 1

27

Biggest unrated issuers


Market Overview

Issuer Ticker Country Sector Out. (EUR mn) Recadidas ADSGR DE PHG 1,000 Hold 16-Jun-15 Daily Credit Briefing - adidas: Review of

1Q15/16 results

Amplifon AMPIM IT RET 275 Buy 30-Apr-15 Daily Credit Briefing - Amplifon: Sales and profit growth ahead of consensus in 1Q15

Mahle MAHLGR DE ATO 800 Hold 23-Jun-15 Daily Credit Briefing - Mahle: Mahle acquires Kokusan Denki

Prada PRADA IT PHG 130 Buy 16-Jun-15 Daily Credit Briefing - Prada Group: Review of 1Q15/16 results

Sixt SIXT DE IGS 750 Hold 19-May-15 Daily Credit Briefing - Sixt: 1Q15 results and details on Sixt Leasing IPO

STADA SAZGR DE HCA 650 Hold 7-May-15 Daily Credit Briefing - STADA: Releases 1Q15 results, outlook for 2015 confirmed

Vestas VWSDC DK OIG 500 Hold 7-May-15 Daily Credit Briefing - Vestas: 1Q15 results ahead of consensus und outlook increase

Latest Research

28

Covered issuers and recommendations


Market Overview

29

Upcoming redemptions by country


Market Overview

DEDE

DE

DE

DE

DE

FR

FR

FI

FIFI

FI

FI

BE

BE

BE

BE

IT

IT

AT

AT

AT

PT

PT

GRES

ES

DKRO

SKSK0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

30

Upcoming redemptions by issuer (>=EUR 150mn)


Market Overview

AIRB

R BOLF

PCD

IFP

EGLP

LFLUX

BB

FNTN

GRGF

KGR

HELN

RR

NDXG

R

NESV

FH PCIM

PORS

CH

RHK

SRSI

M

TESB

BB

UCBB

B

0

200

400

600

800

1,000

1,200

1,400

1,600


31

Upcoming redemptions by issuer (<EUR 150mn)


Market Overview

AHLS

FH

AMAG

RI

AMEA

S

AUCA

LS

CENG

RO

CESA

CESA

CROS

S

DIET

E

EKOS

EM

ESIN

GR

EXER

D FKAA

V

GEOM

HH

JOJH

OU

LEMK

FHLM

GRHL

MAGA

UT

OBIG

R

POSA

V

PYGR

RISG

PS

SEMP

GR

SUIG

OR

TALV

LNVA

LENS

0

50

100

150

200

250

300

350

400

450


Date Issuer ISIN Ticker Coupon Maturity (Call) Out (EUR mn) Country Sector DRSK Current PX07/06/15 Neste Oil FI4000014329 NESVFH 4.875% Jul-15 300 FI OIG IG8 100.007/14/15 Georgsmarienhuette DE000A0H0G57 GEOMHH 8.35% Jul-15 50 DE BAS --07/15/15 Suinprod Gorj ROSUNPDBC013SUIGOR 7.5% Jul-15 115 RO FOB 100.307/21/15 SARAS XS0527887573 SRSIM 5.583% Jul-15 250 IT OIG IG9 100.207/27/15 D'ieteren XS0223418715 DIETE 4.25% Jul-15 100 BE RET IG8 100.207/31/15 AMATHEON DE000A1ZML05 AMAGRI 8.25% Jul-17 (Jul-15) 125 DE FOB 100.408/08/15 MAG IAS DE000A1H3EY2 MAGAUT 7.5% Feb-16 50 DE IGS 90.808/15/15 JOJ Media House SK4120009382 JOJHOU 6.3% Aug-18 (Aug-15) 55 SK MDI --09/30/15 ESIN group SK4120008798 ESINGR 7.5% Sep-19 (Sep-15) 55 SK OIG --10/13/15 Porr AT0000A0KJK9 POSAV 5% Oct-15 79 AT CNS IG7 --10/27/15 Tessenderlo Chemie BE6209769239 TESBBB 5.25% Oct-15 150 BE CHE IG7 101.310/29/15 Hellenic Railways FR0010027557 HELNRR 4.68% Oct-15 174 GR IGS 59.611/10/15 Ahlstrom FI4000019120 AHLSFH 4.5% Nov-15 54 FI IGS IG8 101.311/10/15 Air Berlin DE000AB100A6 AIRBR 8.5% Nov-15 196 DE TAL HY5 100.312/12/15 ENA Infraestructuras ES0211839149 CESA 3.32% Dec-15 63 ES IGS 99.412/21/15 Fluxys Belgium BE0002172386 FLUXBB 4.125% Dec-15 350 BE UTI IG7 101.812/30/15 Rentipar Investimentos SGPSPTRNRAOE0003 RISGPS 8.5% Dec-16 (Dec-15) 60 PT IGS 103.902/01/16 EXER D DE000A1E8TK1 EXERD 5.7% Feb-16 50 DE UTI --02/01/16 Porsche DE000A0GMHG2PORSCH 3.875% Feb-16 1,000 DE ATO IG3 102.102/07/16 CROSS Industries AT0000500913 CROSS 6.875% PERP (Feb-16) 60 AT ATO 101.202/15/16 Centrosolar Group DE000A1E85T1 CENGRO 7% Feb-16 50 DE IGS DS2 3.902/22/16 Pirelli XS0592703382 PCIM 5.125% Feb-16 500 IT ATO IG6 102.803/11/16 Rhön Klinikum XS0491047154 RHK 3.875% Mar-16 152 DE HCA IG6 102.303/15/16 Amer Sports FI4000041454 AMEAS 4.125% Mar-16 100 FI TAL IG6 102.303/18/16 Mota-Engil PTMENKOM0001EGLPL 6.85% Mar-16 175 PT CNS HY3 101.903/18/16 UCB BE6213104605 UCBBB 7.75% PERP (Mar-16) 300 BE HCA IG6 103.803/23/16 Ekosem-Agrar DE000A1MLSJ1 EKOSEM 8.75% Mar-17 (Mar-16) 50 DE FOB --03/26/16 Lm Group DK0030336276 LMGRHL 8% Mar-19 (Mar-16) 130 DK IGS 101.103/30/16 Lemminkainen FI4000041322 LEMKFH 10% PERP (Mar-16) 43 FI CNS IG9 104.104/04/16 Talvivaara Mining Co FI4000041702 TALVLN 9.75% Apr-17 (Apr-16) 110 FI BAS 1.6

32

Upcoming unrated redemptions


Market Overview

33

CONTENTS

SUMMARY 3

PRIMARY MARKET 4

MARKET OVERVIEW 16

MARKET DATA 33 Spread history of Unrated Core vs. iBoxx 34 Yield history of Unrated Core vs. iBoxx 35 Spread universe of Unrated Core vs. iBoxx 36 Spread performance of unrated Core vs. iBoxx 37 Unrated Core NFI ASW spread universe by modified duration 38 Unrated Core volumes vs. Non-Core and Illiquid 39 Unrated Core spread history by notional and spread level 40 Unrated Core spread performance by notional and spread level 41 Unrated Core spread history by sectors 42 Unrated Core spread performance by sectors 43 Unrated Core sector spreads by modified duration 44 Unrated Core spread history by country 45 Unrated Core spread performance by country 46

BLOOMBERG DRSK 47


APPENDIX 63

34

Spread history of Unrated Core vs. iBoxx


Market Data

0

100

200

300

400

500

600

700

Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15

ASW

Spr

ead

in b

p

Unrated Core NFI Unrated Core NFI >=150 Notional

iBoxx € Non-Financials BBB iBoxx € HY Non-Financials BB

35

Yield history of Unrated Core vs. iBoxx


Market Data

0

1

2

3

4

5

6

7

8

9

10


Yiel

d in

%

Unrated Core NFI Unrated Core NFI >=150 Notional

iBoxx € Non-Financials BBB iBoxx € HY Non-Financials BB

36

Spread universe of Unrated Core vs. iBoxx


Market Data

iBoxx € HY Non-Financials

iBoxx € HY Non-Financials BB

iBoxx € Non-FinancialsiBoxx € Non-Financials BBB

Unrated Core NFI

0

50

100

150

200

250

300

350

400

450

3.5 4.0 4.5 5.0 5.5 6.0

ASW

in b

p

mDur

37

Spread performance of unrated Core vs. iBoxx


Market Data

-100 -80 -60 -40 -20 0 20 40

iBoxx € HY Non-Financials B

iBoxx € HY Non-Financials BB

iBoxx € HY Non-Financials

iBoxx € Non-Financials BBB

iBoxx € Non-Financials A

iBoxx € Non-Financials

Unrated Core NFI 150+ Notional

Unrated Core NFI

ASW change in bp

MtD YtD

38

Unrated Core NFI ASW spread universe by modified duration (max. 1,000bp ASW and 8 mDur)


Market Data

0

100

200

300

400

500

600

700

800

900

1,000

0 1 2 3 4 5 6 7 8

ASW

in b

p

mDur

39

Unrated Core volumes vs. illiquid


Market Data

0

10

20

30

40

50

60

70

80

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

Volu

me

outs

tand

ing

in E

UR

bn

IlliquidCore

40

Unrated Core spread history by notional and spread level


Market Data

0

100

200

300

400

500

600

700

Jul-10 Jul-11 Jul-12 Jul-13 Jul-14

ASW

Spr

ead

in b

p

NR Core NFI 50-150 Notional NR Core NFINR Core NFI >=150 Notional NR Core NFI >=300 Notional

0

100

200

300

400

500

600

700


ASW

Spr

ead

in b

p

NR Core NFI NR Core NFI Low VolNR Core NFI Mid Vol NR Core NFI High Vol

By notional By spread level

41

Unrated Core spread performance by notional and spread level


Market Data

-20 0 20 40 60 80 100

Unrated Core NFI Low Vol

Unrated Core NFI Mid Vol

Unrated Core NFI High Vol



Unrated Core NFI

ASW change in bp

MtD YtD

42

Unrated Core spread history by sectors


Market Data

0

200

400

600

800

1,000

0

50

100

150

200

250


ASW

Spr

ead

in b

p

ASW

Spr

ead

in b

p

Utilities Oil & Gas (RS)

0

100

200

300

400

500

600


ASW

Spr

ead

in b

p

Automobiles & Parts Basic ResourcesChemicals Construction & MaterialsIndustrial Goods & Services

0

100

200

300

400

500

600


ASW

Spr

ead

in b

p

Telecommunications Media Technology

0

200

400

600


ASW

Spr

ead

in b

p

Health Care Food & BeveragePersonal & Househ. Goods RetailTravel & Leisure

43

Unrated Core spread performance by sectors


Market Data

-40 -20 0 20 40 60 80 100

Unrated Core NFI Oil & Gas

Unrated Core NFI Automobiles & Parts

Unrated Core NFI Travel & Leisure

Unrated Core NFI Construction & Materials

Unrated Core NFI Retail

Unrated Core NFI Personal & Household Goods

Unrated Core NFI Health Care

Unrated Core NFI Utilities

Unrated Core NFI Basic Resources

Unrated Core NFI Food & Beverage

Unrated Core NFI Industrial Goods & Services

Unrated Core NFI Chemicals

Unrated Core NFI Technology

Unrated Core NFI Media

Unrated Core NFI Telecommunications

ASW change in bp

MtD YtD

44

Unrated Core sector spreads by modified duration


Market Data

ATO

BAS

CHE

CNS

FOB

HCA

IGS

MDI

OIG

PHG

RET

TAL

TELTHE

UTI

50

100

150

200

250

300

350

400

2.5 3.0 3.5 4.0 4.5 5.0 5.5

ASW

in b

p

mDur

45

Unrated Core spread history by country


Market Data

0

50

100

150

200

250

300

350

400

450


ASW

Spr

ead

in b

p

Germany France Finland Austria Italy Belgium

46

Unrated Core spread performance by country


Market Data

-60 -50 -40 -30 -20 -10 0 10 20 30 40

Unrated Core NFI France

Unrated Core NFI Germany

Unrated Core NFI Italy

Unrated Core NFI Austria

Unrated Core NFI Belgium

Unrated Core NFI Finland

ASW change in bp

MtD YtD

47

CONTENTS

SUMMARY 3

PRIMARY MARKET 4

MARKET OVERVIEW 17

MARKET DATA 34

BLOOMBERG DRSK 47 Issuance volumes by Bloomberg default risk (DRSK) 48 Unrated market size by Bloomberg default risk (DRSK) 49 Unrated ASW spread universe by Bloomberg DRSK and duration 50 Unrated Core spread history by Bloomberg DRSK 51 Spread universe of Unrated Core by Bloomberg DRSK 52 Unrated Core vs. iBoxx IG spread history by rating/DRSK 53 Unrated Core vs. iBoxx HY spread history by rating/DRSK 54 Unrated Core spread performance by DRSK 55 Average rating by Moody's, S&P, Fitch vs. DRSK 56


APPENDIX 63

48

Issuance volumes by Bloomberg default risk (DRSK)


Primary Market



0.00%

0.08%

0.16%

0.24%

0.32%

0.40%

0.48%

0.56%

0.64%

0.72%

0.80%0

2

4

6

8

10

12

14

16

18

20

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

1yea

r Blo

ombe

rg d

efau

lt ris

k (D

RSK

) at i

ssua

nce

Issu

ance

vol

ume

in E

UR

bn

NR IG2-4 IG5-7 IG8-10HY1-3 HY4-6 Avg DRSK

NR31.4%

IG2-42.3%

IG5-735.1%

IG8-1024.2%

HY1-36.7%

HY4-60.3%

NR33.3%

IG2-40.0%

IG5-743.6%

IG8-1016.2%

HY1-36.8%

HY4-60.0%

49

Unrated market size by Bloomberg default risk (DRSK)


Market Overview

Current outstanding volumes by DRSK

0

10

20

30

40

50

60

70

80

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Volu

me

outs

tand

ing

in E

UR

bn

NR IG1 IG2-4 IG5-7 IG8-10 HY1-3 HY4-6 DS1-3

NR31.5%

IG10.0%

IG2-41.7%

IG5-729.4%

IG8-1024.1%

HY1-311.9%

HY4-60.8%

DS1-30.6%

50

Unrated ASW spread universe by Bloomberg DRSK and duration(listed issuers only)


Market Data

IG1 IG2 IG3 IG4 IG5 IG6 IG7 IG8 IG9 IG10 HY1 HY2 HY3 HY4 HY5 HY60

100

200

300

400

500

600

700

800

900

1,000

ASW

in b

p

Bloomberg 1Y Default Risk (DRSK)

1 - 4 Years 6 - 30 Years 4 - 6 Years

51

Unrated Core spread history by Bloomberg DRSK


Market Data

0

100

200

300

400

500

600


ASW

Spr

ead

in b

p

Unrated Core NFI DRSK IG2-4 Unrated Core NFI DRSK IG5-7Unrated Core NFI DRSK IG8-10 Unrated Core NFI DRSK HY1-3

52

Spread universe of Unrated Core by Bloomberg DRSK


Market Data

Unrated Core NFI DRSK HY1-3


Unrated Core NFI DRSK IG2-4



-100

0

100

200

300

400

500

600

700

800

900

2.5 2.7 2.9 3.1 3.3 3.5 3.7 3.9 4.1 4.3 4.5

ASW

in b

p

mDur

53

Unrated Core vs. iBoxx IG spread history by rating/DRSK


Market Data

0

50

100

150

200

250

300

350


ASW

Spr

ead

in b

p

Unrated Core NFI DRSK IG2-4 Unrated Core NFI DRSK IG5-7 Unrated Core NFI DRSK IG8-10iBoxx € Non-Financials AA iBoxx € Non-Financials A iBoxx € Non-Financials BBB

54

Unrated Core vs. iBoxx HY spread history by rating/DRSK


Market Data

0

500

1,000

1,500

2,000

2,500


ASW

Spr

ead

in b

p

Unrated Core NFI DRSK HY1-3 iBoxx € HY Non-Financials BBUnrated Core NFI DRSK HY4-6 iBoxx € HY Non-Financials B

55

Unrated Core spread performance by DRSK


Market Data

-20 0 20 40 60 80 100 120


Unrated Core NFI DRSK HY




Unrated Core NFI DRSK IG

ASW change in bp

MtD YtD

56

Average rating by Moody's, S&P, Fitch vs. DRSK(iBoxx EUR IG&HY universe)


Market Data

AA

A

AA

+

AA

AA

-

A+ A A-

BB

B+

BB

B

BB

B-

BB

+

BB

BB

-

B+ B B-

IG1

IG2

IG3

IG4

IG5

IG6

IG7

IG8

IG9

IG10

HY1

HY2

HY3

HY4

HY5

HY6

Blo

ombe

rg 1

Y D

RS

K R

atin

g

Average Rating By Moody's, S&P, Fitch

57

CONTENTS

SUMMARY 3

PRIMARY MARKET 4

MARKET OVERVIEW 16

MARKET DATA 33

BLOOMBERG DRSK 47

COUNTRIES OVERVIEW 57 Germany issuance & redemptions top 30 issuers by outstanding 58 France issuance & redemptions top 30 issuers by outstanding 59 Finland issuance & redemptions top 30 issuers by outstanding 60 Italy issuance & redemptions top 30 issuers by outstanding 61 Austria issuance & redemptions top 30 issuers by outstanding 62

APPENDIX 63

3Q14 4Q14 1Q15 2Q15 2Q15 3Q15 4Q15 1Q16HOCHTIEF HOTGR CNS IG8 1,750Porsche PORSCH ATO IG3 1,000 1,000adidas ADSGR PHG IG8 1,000 1,000Fraport FRAGR IGS IG6 950Celesio CLSGR HCA IG3 850Infineon IFXGR THE IG6 800 800Mahle MAHLGR ATO 800 500Symrise SYMRIS CHE IG6 800 500Sixt SIXT IGS HY1 750Otto OTTOGR PHG 725MBB Projects MBBAG OIG 673STADA SAZGR HCA IG8 650 300ProSiebenSat.1 Media PSMGR MDI IG6 600Air Berlin AIRBR TAL HY5 591 196Solarworld SWVGR IGS HY4 527freenet FNTNGR TEL IG6 400Rickmers RCKMRS IGS 275VTG VTGR IGS HY1 250 250GfK GFKGR IGS IG7 200Scholz SCHOLZ IGS 183German Pellets GERPEL CNS 172 100KTG Agrar KTGGR OIG HY2 170Rhön Klinikum RHK HCA IG6 152 152Asklepios Kliniken ASKLEP HCA 150Nordex NDXGR OIG IG8 150EUROGATE EUROGT IGS 150Ekosem-Agrar EKOSEM FOB 128 50AMATHEON AMAGRI FOB 125 125 125Deutsche Rohstoff DROGY BAS HY1 100OBI OBIGR RET 100

Issuance (EUR mn) Exp. Redemptions (EUR mn)Issuer Ticker Sector DRSK

Out(EUR mn)

58

Germany issuance & redemptions top 30 issuers by outst. volume


Countries Overview

3Q14 4Q14 1Q15 2Q15 2Q15 3Q15 4Q15 1Q16Air France-KLM AFFP TAL HY2 2,500 600Rallye RALFP RET HY3 1,599Eurofins Scientific ERFFP HCA IG7 1,400 150 500 300Lagardere MMBFP MDI IG8 1,000 500Bureau Veritas BVIFP IGS IG6 1,000Galeries Lafayette GLFP RET 800Christian Dior CDIFP PHG IG7 800Plastic Omnium POMFP ATO IG8 750BSA BSASA FOB 658Eramet ERAFP BAS IG10 525Bollore BOLFP IGS IG7 520Neopost NEOFP THE IG9 500Iliad ILDFP MDI IG7 500Soc. d'Inf. Gazieres GAZIER UTI 500Vilmorin & Cie RINFP HCA IG7 450Ingenico INGFP THE IG6 450Orpea ORPFP HCA IG7 368 52BioMerieux BIMFP HCA IG4 300Cie des Alpes CDAFP TAL IG5 300SEB SKFP PHG IG7 300ITM Enterprises ITMENT RET 250 250Altran Technologies ALTFP THE IG7 240 105Fareva FAREVA HCA 225 225Safran SAFFP IGS IG5 200Groupe Steria RIAFP THE HY1 180Vranken-Pommery Monopole VRAPFP FOB IG8 175Norbert Dentressangle GNDFP IGS IG10 160Nexity NXIFP CNS IG8 146Bonduelle BONFP FOB IG8 145Unibel UNBLFP FOB IG8 140


Out(EUR mn)

59

France issuance & redemptions top 30 issuers by outst. volume


Countries Overview

3Q14 4Q14 1Q15 2Q15 2Q15 3Q15 4Q15 1Q16Neste Oil NESVFH OIG IG8 1,750 500 300Sanoma SWSAV MDI IG10 500Outokumpu OUTOK BAS HY3 400 250Kemira KRAVFH CHE IG8 350 150Huhtamaki HUHTAM IGS IG6 325Finnair FOY TAL IG9 270Tornator TORNAT BAS 250Posti Group ITELOY IGS 250Kesko KESBV RET IG8 250DNA DNALTD TEL 250 150Lemminkainen LEMKFH CNS IG9 240 70YIT YITYH CNS IG9 200 100Ahlstrom AHLSFH IGS IG8 200 100 100Metsaliitto Osuuskunta METOSU BAS 175Nokian Renkaat NOKREN ATO IG6 150Stockmann STOCKM RET IG10 150Orion ORNVFH HCA IG5 150Outotec OTEVFH IGS IG10 150Cargotec CARGOT IGS IG7 150Talvivaara Mining Co TALVLN BAS 110Eagle Industries KOTKAM BAS 105 105PKC Group PKCVFH THE IG8 100Cramo CRAFH IGS IG8 100Rettig RETTIG CNS 100St1 Nordic STNORD OIG 100Amer Sports AMEAS TAL IG6 100 100Ramirent RMRVFH IGS IG8 100Vapo VAPOOY OIG 100Tieto TIEVFH THE IG6 100HKScan HKSAV FOB IG8 100 100


Out(EUR mn)

60

Finland issuance & redemptions top 30 issuers by outst. volume


Countries Overview

3Q14 4Q14 1Q15 2Q15 2Q15 3Q15 4Q15 1Q16Pirelli PCIM ATO IG6 1,100 600 500Prysmian PRYIM IGS IG7 750 750Davide Campari-Milano CPRIM FOB IG6 750Mediaset MSIM MDI IG8 675Iren IREIM UTI IG8 660 300SARAS SRSIM OIG IG9 425 175 250Ansaldo Energia ANSALD IGS 350 350Societa Esercizi Aereoportuali SEASPA IGS 300Kedrion KEDRIM HCA 300Fincantieri Cantieri Navali Italiani FINCAN IGS HY1 300Amplifon AMPIM RET IG6 275Alerion Cleanpower ARNIM OIG IG10 130 130Prada PRADA PHG IG7 130Intercos INTEIT PHG 120 120Societa Elettrica Trentina Per La DistriSETDIS UTI 110Coesia COESIA IGS 100 100Impresa Pizzarotti & C PIZRTI CNS 100 100Bracco Imaging BRACCO HCA 100 100Estra ESTRAS OIG 50 50Granarolo GRAFEL FOB 50


Out(EUR mn)

61

Italy issuance & redemptions top 30 issuers by outst. volume


Countries Overview

3Q14 4Q14 1Q15 2Q15 2Q15 3Q15 4Q15 1Q16Voestalpine AG VOEAV BAS IG8 1,900 400SPAR SOWA RET 650 250Novomatic NOVO TAL 600Egger Holzwerkstoff EGGER BAS 570ANDRITZ ANDRAV IGS IG5 350Borealis BRLS CHE 325Porr POSAV CNS IG7 277 52 125UBM Realitaetenentwicklung UBSAV CNS HY2 252 200Central Point CPOINS THE 175Swietelsky Baugesellschaft SWIBAU CNS 160DO & CO DOCOTI TAL IG9 150CROSS Industries CROSS ATO 135 60Constantia Flexibles CONFLX IGS 129Casinos Austria CASINO TAL 121Lenzing LENV CHE IG7 120AT&S ATSAV IGS IG8 100Frauenthal FKAAV ATO IG10 92FACC AVICAI IGS IG10 90KTM KTMG TAL IG7 85Montana Tech MNTCCO IGS 80Miba MIBA ATO IG7 75Kapsch KTCGAV IGS IG9 71MEG Moebelhandel MEGAV PHG 52


Out(EUR mn)

62

Austria issuance & redemptions top 30 issuers by outst. volume


Countries Overview

63

CONTENTS

SUMMARY 3

PRIMARY MARKET 4

MARKET OVERVIEW 16

MARKET DATA 33

BLOOMBERG DRSK 47


APPENDIX 63 Unrated corporate bond index criteria 64 Index sector structure 65

Unrated corporate bond index criteria

Unrated bond universe includes:Plain-vanilla bonds, Callable bonds and

perpetuals, Fixed-to-float bondsNo FRNs

Bond selection criteria:Denomination in EURAmount outstanding ≥ EUR 50mn Time to maturity (work-out-date) ≥ 1 yearNo bond/issuer rating

(Moody's, S&P, Fitch) Issuer is part of the Non-Financial sector

Bloomberg DRSK:See on Bloomberg Terminal:

DRSK Brochure: BPS L#1937032-ENGWhite Paper: BPS L#1937035-ENG

64

Appendix

Excluded bonds: Floating-rate notesPrivate placementsStructured notes Index-linked notes

Illiquid bonds:No reliable pricing on Bloomberg BVAL

Hi/Lo Vol Indices: 25% of bonds with highest/lowest last-

month average spreads

Index composition fixing: Two workdays before the first calendar

day of the month

Sector Sub‐Sector Three biggest issuersBasic Materials (BSC) Basic Resources (BAS) voestalpine (46.2%), Egger Holzwerkstoff (13.9%), Eramet (12.8%)

Chemicals (CHE) Symrise (50.2%), Kemira (21.9%), Borealis (20.4%)Consumer Goods (CGD) Automobiles & Parts (ATO) Mahle (31.3%), Plastic Omnium (29.3%), Pirelli (23.4%)

Food & Beverage (FOB) Davide Campari-Milano (24.9%), BSA (21.8%), Aryzta (8.3%)Personal & Household Goods (PHG) adidas (33.3%), Otto (24.2%), Christian Dior (16.7%)

Consumer Services (CSV) Media (MDI) Lagardere (32.3%), Mediaset (21.8%), ProSiebenSat.1 Media (19.4%)Retail (RET) Rallye (26.8%), Louis Dreyfus Commodities (15.1%), Galeries Lafayette (13.4%)Travel & Leisure (TAL) Air France-KLM (49.6%), Novomatic (11.9%), Air Berlin (7.8%)

Health Care (HCA) Health Care (HCA) UCB (26.1%), Eurofins Scientific (18.9%), Celesio (11.5%)Industrials (IDU) Construction & Materials (CNS) HOCHTIEF (40.1%), ACS (11.5%), UBM Realitaetenentwicklung (5.8%)

Industrial Goods & Services (IGS) Bureau Veritas (8.3%), Fraport (7.9%), ENA Infraestructuras (7.8%)Oil & Gas (OIG) Oil & Gas (OIG) Neste Oil (17.9%), Trafigura Beheer (14.3%), Galp (12.4%)Technology (THE) Technology (THE) Infineon (26.7%), Neopost (16.7%), Ingenico (15.0%)Telecommunications (TEL) Telecommunications (TEL) DNA (100.0%)Utilities (UTI) Utilities (UTI) Fluxys Belgium (20.7%), ORES (20.1%), Iren (19.6%)

65

Index sector structure


Appendix

66

Your contacts

UniCredit Corporate Credit Research

Dr. Sven Kreitmair, CFA, Co-HeadAutomotive & Mobility +49 89 [email protected]

Volker Maslo+49 89 [email protected]

Stephan Haber, CFA, Co-HeadTelecoms, Technology+49 89 [email protected]

Jana Arndt, CFABasic Resources, Industrial G&S, Construction & Materials +49 89 [email protected]

Christian Aust, CFA Chemicals, Industrial Transportation, Paper & Packaging +49 89 [email protected]

David Bertholdt Capital Goods & Services+49 89 [email protected]

Mehmet DereRetail, Travel & Leisure, Oil & Gas+49 89 [email protected]

Michael GerstnerUtilities, Hybrids+49 89 [email protected]

Jonathan Schroer, CFAMedia/Cable, Logistics, Business Services+49 89 [email protected]

Dr. Silke Stegemann, CEFAHealth Care & Pharma, Food & Beverage, Personal & H. Goods+49 89 [email protected]

Imprint

Corporate & Investment BankingUniCredit Bank AGCredit ResearchArabellastr. 12 – MRE3CCD-81925 Munich

67

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Corporate & Investment Banking UniCredit Bank AG, Munichas of 01 July 2015

68

Disclaimer Credit Research

Our recommendations are based on information obtained from, or are based upon public information sources that we consider to be reliable but for the completeness and accuracy of which we assume no liability. All estimates and opinions included in the report represent the independent judgment of the analysts as of the date of the issue. We reserve the right to modify the views expressed herein at any time without notice. Moreover, we reserve the right not to update this information or to discontinue it altogether without notice.This analysis is for information purposes only and (i) does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any financial, money market or investment instrument or any security, (ii) is neither intended as such an offer for sale or subscription of or solicitation of an offer to buy or subscribe for any financial, money market or investment instrument or any security nor (iii) as an advertisement thereof. The investment possibilities discussed in this report may not be suitable for certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. The investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may have an adverse effect on the value of investments. Furthermore, past performance is not necessarily indicative of future results. In particular, the risks associated with an investment in the financial, money market or investment instrument or security under discussion are not explained in their entirety. This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual advice. Investors must make their own determination of the appropriateness of an investment in any instruments referred to herein based on the merits and risks involved, their own investment strategy and their legal, fiscal and financial position. As this document does not qualify as an investment recommendation or as a direct investment recommendation, neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors are urged to contact their bank's investment advisor for individual explanations and advice.Neither UniCredit Bank nor any of their respective directors, officers or employees nor any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.This analysis is being distributed by electronic and ordinary mail to professional investors, who are expected to make their own investment decisions without undue reliance on this publication, and may not be redistributed, reproduced or published in whole or in part for any purpose.Responsibility for the content of this publication lies with: UniCredit Group and its subsidiaries are subject to regulation by the European Central Banka) UniCredit Bank AG (UniCredit Bank), Am Tucherpark 16, 80538 Munich, Germany, (also responsible for the distribution pursuant to §34b WpHG). The company belongs to UniCredit Group. Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany.b) UniCredit Bank AG London Branch (UniCredit Bank London), Moor House, 120 London Wall, London EC2Y 5ET, United Kingdom. Regulatory authority: “BaFin“ – Bundesanstalt für Finanzdienstleistungsaufsicht, Lurgiallee 12, 60439 Frankfurt, Germany and subject to limited regulation by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom and Prudential Regulation Authority 20 Moorgate, London, EC2R 6DA, United Kingdom. Further details regarding our regulatory status are available on request.c) UniCredit Bank AG Hong Kong Branch (UniCredit Bank Hong Kong), 25/F Man Yee Building, 68 Des Voeux Road Central, Hong Kong.Regulatory authority: Hong Kong Monetary Authority, 55th Floor, Two International Financial Centre, 8 Finance Street, Central, Hong Kongd) UniCredit Bank AG Singapore Branch (UniCredit Bank Singapore), Prudential Tower, 30 Cecil Street, #25-01, Singapore 049712Regulatory authority: Monetary Authority of Singapore, 10 Shenton Way MAS Building, Singapore 079117 e) UniCredit Bank AG Tokyo Branch (UniCredit Tokyo), Otemachi 1st Square East Tower 18/F, 1-5-1 Otemachi, Chiyoda-ku, 100-0004 Tokyo, JapanRegulatory authority: Financial Services Agency, The Japanese Government, 3-2-1 Kasumigaseki Chiyoda-ku Tokyo, 100-8967 Japan, The Central Common Government Offices No. 7.

POTENTIAL CONFLICTS OF INTERESTSANDRITZ 3; Borealis 3; Davide Campari-Milano 3; DO & CO 3; Fincantieri Cantieri Navali Italiani 2; Lenzing 3; Mediaset 3; Pirelli 3, 6a; Prysmian 3; Sixt 3; Vestas 3; voestalpine 3;

Key 1a: UniCredit Bank AG and/or any related legal person owns at least 2% of the capital stock of the analyzed company.Key 1b: The analyzed company owns at least 2% of the capital stock of UniCredit Bank AG and/or any related legal person.Key 2: UniCredit Bank AG and/or any related legal person has been lead manager or co-lead manager over the previous 12 months of any publicly disclosed offer of financial instruments of the analyzed company, or in any related derivatives. Key 3: UniCredit Bank AG and/or any related legal person administers the securities issued by the analyzed company on the stock exchange or on the market by quoting bid and ask prices (i.e. acts as a market maker or liquidity provider in the securities of the analyzed company or in any related derivatives).Key 5: The analyzed company and UniCredit Bank AG and/or any related legal person have concluded an agreement on the preparation of analyses.Key 6a: Employees or members of the Board of Directors of UniCredit Bank AG and/or any other employee that works for UniCredit Research (i.e. the joint research department of the UniCredit Group) and/or members of the Group Board (pursuant to relevant domestic law) are members of the Board of Directors of the analyzed company. Members of the Board of Directors of the analyzed company hold office in the Board of Directors of UniCredit Bank AG (pursuant to relevant domestic law). The application of this Key 6a is limited to persons who, although not involved in the preparation of the analysis, had or could reasonably be expected to have access to the analysis prior to its dissemination to customers or the public.Key 6b: The analyst is on the Supervisory Board/Board of Directors of the company they cover.

RECOMMENDATIONS, RATINGS AND EVALUATION METHODOLOGY

ADSGR 3/11/2015 Hold PCIM 9/24/2014 no rec. VOEAV 2/16/2015 no rec.MAHLGR 6/4/2015 Hold SAZGR 10/10/2014 Hold VOEAV 10/14/2014 Restricted

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Overview of our ratingsYou 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 websitehttp://www.disclaimer.unicreditmib.eu/credit-research-rd/Recommendations_CR_e.pdf .Note on the evaluation basis for interest-bearing securities:Recommendations relative to an index:For high grade names the recommendations are relative to the "iBoxx EUR Benchmark" index family, for sub investment grade names the recommendations are relative to the "iBoxx EUR High Yield" index family.Marketweight: We recommend having the same portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is equal to the total return of the index.Overweight: We recommend having a higher portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is greater than the total return of the index. Underweight: We recommend having a lower portfolio exposure in the name as the respective iBoxx index. We expect that the average total return of the instruments of the issuer is less than the total return of the indexOutright recommendations:Hold: We recommend holding the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is equal to the yield.Buy: We recommend buying the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is greater than the yield.Sell: We recommend selling the respective instrument for investors who already have exposure. We expect that the total return of the instruments of the issuer is less than the yield.We employ three further categorizations for interest-bearing securities in our coverage:Restricted: A recommendation and/or financial forecast is not disclosed owing to compliance or other regulatory considerations such as a blackout period or a conflict of interest. Coverage in transition: Due to changes in the research team, the disclosure of a recommendation and/or financial information are temporarily suspended. The interest-bearing security remains in the research universe and disclosures of relevant information will be resumed in due course. Not rated: Suspension of coverage.Trading recommendations for fixed-interest securities mostly focus on the credit spread (yield difference between the fixed-interest security and the relevant government bond or swap rate) and on the rating views and methodologies of recognized agencies (S&P, Moody’s, Fitch). Depending on the type of investor, investment ratings may refer to a short period or to a 6 to 9-month horizon. Please note that the provision of securities services may be subject to restrictions in certain jurisdictions. You are required to acquaint yourself with local laws and restrictions on the usage and the availability of any services described herein. The information is not intended for distribution to or use by any person or entity in any jurisdiction where such distribution would be contrary to the applicable law or provisions.If not otherwise stated daily price data refers to pre-day closing levels and iBoxx bond index characteristics refer to the previous month-end index characteristics.Coverage PolicyA list of the companies covered by UniCredit Bank is available upon request.Frequency of reports and updatesIt 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 a company affiliated (pursuant to relevant national law) with them regularly trade shares of the analyzed company. UniCredit Bank AG and/or a company affiliated may hold significant open derivative positions on the stocks of the company which are not delta-neutral. UniCredit Bank AG and/or other related legal persons have a significant financial interest relating to the analyzed company or may have such at any future point of time. Due to the fact that UniCredit Bank AG and/or any related legal person are entitled, subject to applicable law, to perform such actions at any future point in time which may lead to the existence of a significant financial interest, it should be assumed for the purposes of this information that UniCredit Bank AG and/or any related legal person will in fact perform such actions which may lead to the existence of a significant financial interest relating to the analyzed company.Analyses may refer to one or several companies and to the securities issued by them. In some cases, the analyzed companies have actively supplied information for this analysis.INVESTMENT BANKING TRANSACTIONSThe analyzed company and UniCredit Bank AG and/or any related legal person concluded an agreement on services in connection with investment banking transactions in the previous 12 months, in return for which the Bank and/or such related legal person received a consideration or promise of consideration or intends to do so. Due to the fact that UniCredit Bank AG and/or any related legal person are entitled to conclude, subject to applicable law, an agreement on services in connection with investment banking transactions with the analyzed company at any future point in time and may receive a consideration or promise of consideration, it should be assumed for the purposes of this information that UniCredit Bank AG and/or any related legal person will in fact conclude such agreements and will in fact receive such consideration or promise of consideration.ANALYST DECLARATIONThe 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 INTERESTTo prevent or remedy conflicts of interest, UniCredit Bank has established the organizational arrangements required from a legal and supervisory aspect, adherence to which is monitored by its compliance department. Conflicts of interest arising are managed by legal and physical and non-physical barriers (collectively referred to as “Chinese Walls”) designed to restrict the flow of information between one area/department of UniCredit Bank and another. In particular, Investment Banking units, including corporate finance, capital market activities, financial advisory and other capital raising activities, are segregated by physical and non-physical boundaries from Markets Units, as well as the research department. Disclosure of publicly available conflicts of interest and other material interests is made in the research. Analysts are supervised and managed on a day-to-day basis by line managers who do not have responsibility for Investment Banking activities, including corporate finance activities, or other activities other than the sale of securities to clients.


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ADDITIONAL REQUIRED DISCLOSURES UNDER THE LAWS AND REGULATIONS OF JURISDICTIONS INDICATEDYou will find a list of further additional required disclosures under the laws and regulations of the jurisdictions indicated on our website www.cib-unicredit.com/research-disclaimer. Notice to Austrian investors: This analysis is only for distribution to professional clients (Professionelle Kunden) as defined in article 58 of the Securities Supervision Act.Notice to investors in Bosnia and Herzegovina: This report is intended only for clients of UniCredit in Bosnia and Herzegovina who are institutional investors (Institucionalni investitori) in accordance with Article 2 of the Law on Securities Market of the Federation of Bosnia and Herzegovina and Article 2 of the Law on Securities Markets of the Republic of Srpska, respectively, and may not be used by or distributed to any other person. This document does not constitute or form part of any offer for sale or subscription for or solicitation of any offer to buy or subscribe for any securities and neither this document nor any part of it shall form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever.Notice to Brazilian investors: The individual analyst(s) responsible for issuing this report represent(s) that: (a) the recommendations herein reflect exclusively the personal views of the analysts and have been prepared in an independent manner, including in relation to UniCredit Group; and (b) except for the potential conflicts of interest listed under the heading “Potential Conflicts of Interest” above, the analysts are not in a position that may impact on the impartiality of this reportor 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 analystsand their respective spouses or partners do not hold, either directly or indirectly, on their behalf or for the account of third parties, securities issued by any of the companies that are the object of this report; (iii) the analysts and their respective spouses or partners are not involved, directly or indirectly, in the acquisition, sale and/or trading in the market of the securities issued by any of the companies that are the object of this report; (iv) the analysts and their respective spouses or partners do not have any financial interest in the companies that are the object of this report; and (v) the compensation of the analysts is not, directly or indirectly, affected by UniCredit’s revenues arising out of its businesses and financial transactions. UniCredit represents that: except for the potential conflicts of interest listed under the heading “Potential Conflicts of Interest” above, UniCredit, its controlled companies, controlling companies or companies under common control (the “UniCredit Group”) are not in a condition that may impact on the impartiality of this report or that may constitute a conflict of interest, including but not limited to the following: (i) the UniCredit Group does not hold material equity interests in the companies that are the object of this report; (ii) the companies that are the object of this report do not hold material equity interests in the UniCredit Group; (iii) the UniCredit Group does not have material financial or commercial interests in the companies or the securities that are the object of this report; (iv) the UniCredit Group is not involved in the acquisition, sale and/or trading of the securities that are the object of this report; and (v) the UniCredit Group does not receive compensation for services rendered to the companies that are the object of this report or to any related parties of such companies.Notice to 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”). 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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. 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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 actas 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. 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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.This document may not be distributed in Canada. CR e 5

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