Trench Capital (2015 06) London based specialist broker Trench Capital Partners , February 2015....

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Trench Capital Partners LLP 1-3 Fredrick's Place London EC2R 8AE www.trenchcapital.com Specialist brokerage of illiquid, distressed and esoteric assets Key Contacts Antoine Barbara +44 (0) 203 475 8041 [email protected] Robert Southey +44 (0) 203 475 8042 [email protected] Icelandics Type Bid / Offer *Glitnir 113 - EUR Claims 27.50 28.50 *Glitnir 113 - USD Claims 26.50 27.50 *Kaupthing 113 - EUR Claims 18.00 19.00 *Kaupthing 113 - USD Claims 17.00 18.00 *Landsbanki 113 - EUR Claims 8.50 9.50 *Landsbanki 113 - USD Claims 8.00 9.00 BYR Claims 2.50 3.00 Defaulting Note Trust CEAF 2011 ** Units 0.05 0.06 Defaulting Note Trust CECF 2010 ** Units 0.04 0.05 Defaulting Note Trust JARF 2012 ** Units 0.05 0.06 Exista, EUR Claims 6.50 8.50 Samson Loan/claim 1.00 2.00 Spron Claims 1.25 1.75 Stodir Shares 1.00 2.00 Straumur Units 130 135 *Pricing for Icelandics based upon typical size of EUR 10m+ *Prices available for: GBP, USD, CHF, NOK, DKK, SKK, SEK, AUD, PLN, MXN, JPY ** Indicative pricing for trade of 500,000+ units Lehman Brothers Bid / Offer *LBIE - ISDA (pre-distribution) Claims 140.00 141.00 *LBIE - Non ISDA (pre-distribution) Claims 132.00 135.00 LB Capital Funding XS0215349357 Bonds 0.01 0.50 LB UK Capital Funding II L.P. XS0229269856 Bonds 0.01 0.50 LB UK Capital Funding III L.P. XS0243852562 Bonds 0.01 0.50 LB UK Capital Funding IV L.P. XS0282978666 Bonds 2.00 3.00 LB UK Capital Funding V L.P. XS0301813522 Bonds 0.01 0.50 LBCS Claims 9.00 10.00 Lehman Bankhaus Claims 13.00 14.00 Lehman Brothers Holdings plc Claims Call Desk Call Desk Lehman Brothers Treasury B.V. (EUR, 100% w/claim) Claims 8.00 10.00 Lehman Brothers UK Holdings Limited Claims Call Desk Call Desk * For sizes above 10m GBP, USD documented. Middle East Bid / Offer A'ayan Leasing Loans 44.00 46.00 Algosaibi AHAB (10m+) Claims 18.00 20.00 Arcapita Old basis 70.00 72.00 AWAL Bank - Calyon Facility Loans Call Desk Call Desk AWAL Bank - GIB Facility & Bilats (10m+) Loans 17.00 18.00 Dubai Drydocks World LLC Loans 68.00 70.00 Dubai World, B1 - (USD and AED) Loans 82.00 84.00 GIH - Restructured Loans / Bonds 35.00 40.00 Golden belt Bonds 1.00 2.00 International Leasing - ILIC Loans 4.00 6.00 Saad SICL Loans 8.00 9.00 Saad STS Loans 3.00 5.00 TIBC Claims 1.00 2.00 TID - Oasis Cat. C 40.00 45.00 TID - Untendered Cat. C 15.00 20.00 Shipping and Shipbuilding Copenship A/S Trade Claims Call Desk Call Desk Daebo International Shipping Co Ltd Claims Call Desk Call Desk Hanjin Shipping Bank Debt 80.00 85.00 Korea Lines Trade Claims Call Desk Call Desk Oceanografia 2015s Bonds 13.00 14.50 Oceanografia 2018s Bonds 91.00 93.00 OW Bunker Secured/Bank Debt 60.00 70.00 OW Bunker Trade Claims Call Desk Call Desk Samsun Logix Trade Claims 15.00 20.00 STX Pan Ocean Bank Debt 80.00 85.00 STX Pan Ocean (pre-paydown) Re-Org 10y debt 31.00 33.00 Swiber Holdings SG6SH6000006 Bonds 67.00 73.00 TMT Maritime A Ladybug Subs Call Desk Call Desk Torm Bonds Call Desk Call Desk Winland Ocean Shipping Corp USD Loan 45.00 50.00 Zim Shipping A & B notes 40.00 43.00 Zim Shipping C & D notes 60.00 65.00 02 June 2015

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Trench Capital , June 2015, London based specialist broker of illiquid credits such as Lehman Brothers, Kaupthing, Glitnir, Landsbanki, Hedge Fund Side pockets and unlisted fund units, soveeign claims, defaulting note trust JARF, CAEF CECF.

Transcript of Trench Capital (2015 06) London based specialist broker Trench Capital Partners , February 2015....

  • Trench Capital Partners LLP

    1-3 Fredrick's Place

    London EC2R 8AE

    www.trenchcapital.com

    Specialist brokerage of illiquid, distressed and esoteric assets

    Key Contacts

    Antoine Barbara +44 (0) 203 475 8041 [email protected]

    Robert Southey +44 (0) 203 475 8042 [email protected]

    Icelandics Type Bid / Offer

    *Glitnir 113 - EUR Claims 27.50 28.50

    *Glitnir 113 - USD Claims 26.50 27.50

    *Kaupthing 113 - EUR Claims 18.00 19.00

    *Kaupthing 113 - USD Claims 17.00 18.00

    *Landsbanki 113 - EUR Claims 8.50 9.50

    *Landsbanki 113 - USD Claims 8.00 9.00

    BYR Claims 2.50 3.00

    Defaulting Note Trust CEAF 2011 ** Units 0.05 0.06

    Defaulting Note Trust CECF 2010 ** Units 0.04 0.05

    Defaulting Note Trust JARF 2012 ** Units 0.05 0.06

    Exista, EUR Claims 6.50 8.50

    Samson Loan/claim 1.00 2.00

    Spron Claims 1.25 1.75

    Stodir Shares 1.00 2.00

    Straumur Units 130 135

    *Pricing for Icelandics based upon typical size of EUR 10m+

    *Prices available for: GBP, USD, CHF, NOK, DKK, SKK, SEK, AUD, PLN, MXN, JPY

    ** Indicative pricing for trade of 500,000+ units

    Lehman Brothers Bid / Offer

    *LBIE - ISDA (pre-distribution) Claims 140.00 141.00

    *LBIE - Non ISDA (pre-distribution) Claims 132.00 135.00

    LB Capital Funding XS0215349357 Bonds 0.01 0.50

    LB UK Capital Funding II L.P. XS0229269856 Bonds 0.01 0.50

    LB UK Capital Funding III L.P. XS0243852562 Bonds 0.01 0.50

    LB UK Capital Funding IV L.P. XS0282978666 Bonds 2.00 3.00

    LB UK Capital Funding V L.P. XS0301813522 Bonds 0.01 0.50

    LBCS Claims 9.00 10.00

    Lehman Bankhaus Claims 13.00 14.00

    Lehman Brothers Holdings plc Claims Call Desk Call Desk

    Lehman Brothers Treasury B.V. (EUR, 100% w/claim) Claims 8.00 10.00

    Lehman Brothers UK Holdings Limited Claims Call Desk Call Desk

    * For sizes above 10m GBP, USD documented.

    Middle East Bid / Offer

    A'ayan Leasing Loans 44.00 46.00

    Algosaibi AHAB (10m+) Claims 18.00 20.00

    Arcapita Old basis 70.00 72.00

    AWAL Bank - Calyon Facility Loans Call Desk Call Desk

    AWAL Bank - GIB Facility & Bilats (10m+) Loans 17.00 18.00

    Dubai Drydocks World LLC Loans 68.00 70.00

    Dubai World, B1 - (USD and AED) Loans 82.00 84.00

    GIH - Restructured Loans / Bonds 35.00 40.00

    Golden belt Bonds 1.00 2.00

    International Leasing - ILIC Loans 4.00 6.00

    Saad SICL Loans 8.00 9.00

    Saad STS Loans 3.00 5.00

    TIBC Claims 1.00 2.00

    TID - Oasis Cat. C 40.00 45.00

    TID - Untendered Cat. C 15.00 20.00

    Shipping and Shipbuilding

    Copenship A/S Trade Claims Call Desk Call Desk

    Daebo International Shipping Co Ltd Claims Call Desk Call Desk

    Hanjin Shipping Bank Debt 80.00 85.00

    Korea Lines Trade Claims Call Desk Call Desk

    Oceanografia 2015s Bonds 13.00 14.50

    Oceanografia 2018s Bonds 91.00 93.00

    OW Bunker Secured/Bank Debt 60.00 70.00

    OW Bunker Trade Claims Call Desk Call Desk

    Samsun Logix Trade Claims 15.00 20.00

    STX Pan Ocean Bank Debt 80.00 85.00

    STX Pan Ocean (pre-paydown) Re-Org 10y debt 31.00 33.00

    Swiber Holdings SG6SH6000006 Bonds 67.00 73.00

    TMT Maritime A Ladybug Subs Call Desk Call Desk

    Torm Bonds Call Desk Call Desk

    Winland Ocean Shipping Corp USD Loan 45.00 50.00

    Zim Shipping A & B notes 40.00 43.00

    Zim Shipping C & D notes 60.00 65.00

    02 June 2015

  • Sovereign

    Argentina (USD 1m+ for benchmark bonds) Bonds 82.00 83.00

    Congo (trade fianance and claims) Claims 65.00 75.00

    Gabon (depending on legal) Claims Call Desk Call Desk

    Libya (pre-1973 agreements) Claims 40.00 45.00

    North Korea Loan 2.00 4.00

    Puerto Rico (2035) Bonds Call Desk Call Desk

    Sudan CHF Claims 3.00 5.00

    Venezuelan (unexchanged bonds and warrants) Claims Call Desk Call Desk

    Cuba

    Cuban CDR Ltd - Series A XS0229182737 9.00 10.00

    Cuban CDR Ltd - Series B XS0229182497 9.00 10.00

    Cuban CDR Ltd - Series C XS0229181846 7.00 8.00

    Cuban CDR Ltd - Series D XS0229182067 10.00 12.00

    Cuban CDR Ltd - Series E XS0229181689 9.50 11.50

    Cuban CDR Ltd - Series F XS0229181507 6.50 8.50

    Cuban CDR Ltd - Series G XS0229181333 6.50 8.50

    Cuban Letters of Credit Private instruments Call Desk Call Desk

    Cuban Medium Term Loans Private instrument 6.00 8.00

    Cuban Medium Term Loans Private instrument 6.00 8.00

    Cuban Short Term Non Trade pre 1987 Private instrument 5.50 7.50

    Cuban Short Term Non Trade pre 1987 Private instrument 5.50 7.50

    Cuban trade related claims Private instrument 3.00 4.00

    Cuban Unrestructured pre 1987 Private instrument 4.00 6.00

    Cuban Unrestructured pre 1987 Private instrument 4.00 6.00

    Other Liquidations/Special Sits Bid / Offer

    Alpine Claims + GTY 15.00 17.00

    Alpine Guarentee 8.00 10.00

    ATP Oil & Gas Corp (2nd Lien), for size Bonds 0.50 0.75

    Deikon GmbH,DE000A0JQAG2 Bonds 27.00 31.00

    DTEK Finance, USG2941DAA03 Bonds 43.50 45.50

    EDCON, Senior Secured Loan 60.00 65.00

    EDCON Holdings, XS0982713173 Bonds 22.50 26.00

    EDCON Senior, XS0596919026 Bonds 80.00 82.00

    EFH / Luminant / TXU 503b9 claims 45.00 50.00

    Golden Gate GmbH, DE000A0EPM07 Bonds 36.00 38.00

    Golden Gate GmbH, DE000A0KAHL9 Bonds 41.00 43.00

    Golden Gate GmbH, DE000A1KQXX5 Bonds 38.00 40.00

    HETA, CH0028623145 Bonds 67.00 70.00

    SEB Immoinvest, DE0009802306 Fund units 24.00 25.00

    CS Euroreal A EUR, DE0009805002 Fund units 25.00 26.00

    HETA Sub Bonds Bonds 2.00 3.00

    Interpipe, Senior Term Loan Loan 19.00 21.00

    Madoff (MVF, feeder funds and all other structures) Allowed Claims Call Desk Call Desk

    Mechel OAO, Senior Term Loan Loan 30.00 35.00

    Nautilus Holdings Claims Call Desk Call Desk

    Pescanova Bank Debt 2.00 3.00

    Pescanova Trade Claims 4.50 6.00

    Petroplus - RCF Bonds 41.00 42.00

    Petroplus - PMAG Claims Call Desk Call Desk

    PROKON Regenerative Energien GmbH Claims 25.00 28.00

    Q-Cells ( Global PQV ) DE000A1X3RY4 Claims 23.00 24.00

    Saur SA Loan, PIK 3.00 7.00

    Scholz Loan Call Desk Call Desk

    Stanford International Bank Claims Call Desk Call Desk

    Steel Corporation of the Philippines (SCP) Large Unsecured 50.00 55.00

    Steel Corporation of the Philippines (SCP) Small Unsecured