NORDIC FIs & COVERED In association with

In association with
NORDIC FIs
& COVERED
INSIDE:
2 Sør Boligkreditt covered payment
delay has ‘no credit impact’
3 Brave new world? Market reacts
to final CBPP3 details
6 Nordic euro FI spread data
Thursday, 9 October 2014
Covered win swap concessions,
but law changes for OC seen
ESMA released final draft RTS on
central clearing requirements for
OTC derivatives on Wednesday of last
week (1 October) that featured several concessions to the covered bond industry, but the regulator did not make
all the requested changes and related
changes to Norwegian and Swedish
laws are now in store.
The European Securities & Markets
Authority (ESMA) released proposals in
July whereby derivatives related to covered bonds that met certain conditions
would be exempt from central clearing
obligations under the European Market
Infrastructure Regulation (EMIR).
During a consultation on proposed
Regulatory Technical Standards (RTS)
that ran until mid-August, the European Covered Bond Council and others
argued that covered bond-related derivatives should be fully exempt from such
obligations, with no qualifying criteria
being necessary, given that they cannot
be cleared by central counterparties, and
they also raised issues with several of the
conditions that ESMA had put forward
as criteria for exemption.
In conjunction with releasing the final
draft RTS, ESMA summarised comments it received during the consultation
and gave its feedback as to why it did or
did not make changes in response. However, it does not appear to have done so
in relation to an ECBC argument for an
unconditional exemption for covered
bonds.
“It’s very strange that they didn’t say
anything about the market’s view,” said
a covered bond banker.
ESMA nevertheless noted that market
participants had welcomed its recognition of the “specific nature” of covered
bond derivatives.
“Getting an exemption for covered
bond specific derivatives from central
clearing requirements is an important
and positive decision for the covered
bond market,” said Florian Eichert,
(continued on page 5)
Issue 99
Moody’s highlights
lower fire-sale risk from
SCBC soft bullet
Moody’s noted that the soft bullet
mechanism used by SCBC for the
first time on a Eu1bn covered bond
launched on Tuesday of last week (30
September) reduces fire-sale risk associated with covered bonds in the event
of default, which is the major driver of
cover pool losses.
The Swedish Covered Bond Corporation (SCBC) deal is understood to be the
first time a soft bullet has been used by
a Swedish issuer, although the structure
is widely used in many other jurisdictions, with Moody’s noting that it is an
accepted market norm in neighbouring
Norway, for example.
In SCBC’s case, the soft bullet structure implies an automatic extension of
the bond’s maturity date by a maximum
12 months if the bonds are not repaid in
full on the initial maturity date, according to Moody’s.
“We expect that the soft bullet bonds
will — while the issuer is not insolvent
— be repaid by the issuer at the initial
maturity date,” the rating agency said.
“However, in periods of severe stress the
maturity extension helps to reduce firesale risk as it allows additional time to
(continued on page 2)
Latest Nordic FI benchmarks
Senior unsecured (z spreads mid)
JYBC
POHBK
MINGNO
3mE+50
1.125%
1.500%
06/17
06/19
05/19
30bp
31bp
39bp
Covered bonds (asw spreads mid)
DANBNK
DNBNO
SBAB
0.375%
0.375%
0.625%
08/19
10/19
10/21
-3bp
-6bp
-2bp
Source: CACIB trading 8/10/14
Page 1
Thursday, 9 October 2014
Issue 99
Moody’s notes Swede’s soft bullet
move towards Norwegian norm
(continued from page 1)
raise alternative financing or to liquidate
the cover pool assets in a more orderly
manner, thereby avoiding a high discount.
“This gives the issuer additional flexibility also in a pre-insolvency situation. Firesale risk exists when cash collected from
the cover pool assets is insufficient to make
timely payments on the covered bonds after
the issuer has become insolvent.”
Moody’s said that fire-sale risk is the
major driver of cover pool losses in most
covered bonds, including SCBC’s. For
SCBC’s programme, the Maximum Mismatch — which is the rating agency’s
measure of the portion of the cover pool
subject to fire-sale risk — is 64%, compared with a European average of around
43% and around 60% for Swedish programmes. Moody’ said that fire-sale risk
is currently “significant” as the weighted
average life of SCBC’s cover pool assets
is 22.8 years, compared with 2.8 years
for the covered bonds.
Moody’s said that as the Eu1bn issue
accounts for just 6.2% of SCBC’s outstanding covered bonds it will affect the
rating agency’s assessment of fire-sale
risk “only marginally”.
“If SCBC were to issue only soft
bullets in future, the share of hard bul-
let covered bonds would decrease over
time,” it added. “However, a significant
risk of a fire sale remains in structures in
which not all series are soft bullet.”
The rating agency said it reflects reduced fire-sale risk for those issuers that
issue only soft bullets in two steps of its
methodology: through its expected loss
analysis, requiring lower OC consistent
with the lower current Aaa rating; and a
possibly higher Timely Payment Indicator (TPI), reflecting a higher probability
of timely payments in the event an issuer
is unable to make payments on the covered bonds. n
Nordic FIs & Covered Bonds
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Bond Report
Neil Day
Managing Editor
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Page 2
In association with
Vincent Hoarau
Head of FIG Syndicate
[email protected]
+44 20 7214 6162
Julian Burkhard
Global Head of Capital Solutions,
Head of FI DCM Nordics & UK
[email protected]
+44 20 7214 5472
Florian Eichert
Senior Covered Bond Analyst
[email protected]
+44 20 7214 6402
Sør Boligkreditt
covered payment delay
has ‘no credit impact’
A brief payment delay on a covered
bond from Norway’s Sør Boligkreditt
that matured last month and which
was due to an operational error has
no credit impact and is extremely
unlikely to happen again, according
to Moody’s, which rates the issuer’s
covered bonds Aaa.
The Sør Boligkreditt issue was due
on 26 September but because of a
“technical error in the payment process”, in Moody’s words, whereby custodian DNB Bank had failed to update
the maturity date when it was amended
in September 2011, the payment was
not made.
The payment was then made on 29
September — one working day later,
noted Moody’s — with investors receiving three days’ additional interest.
“The cash to repay the bond was available in the issuer’s account, and the bank
immediately ordered the bond’s repayment once the error was acknowledged,”
said the rating agency.
“The issuer confirmed the maturity
dates of the outstanding covered bonds
were correctly set in the payment chain
so that the error will not happen again in
the future,” it added.
Moody’s noted that such an operational error does not trigger a default of
the covered bond under the contractual
agreement.
“Moody’s definition of default is
intended to capture events whereby
issuers fail to meet their debt-service
obligations as outlined in original
credit agreements and indentures, and
which subject those creditors to economic loss,” it said. “According to
the contractual documentation of the
programme, upon failure of the issuer to fulfil its payment obligation, the
maturity is automatically extended by
one year. As a consequence of this feature of the programme — Norwegian
standard — there has been no default
of the covered bonds.
“In addition, because the cash was already available in the issuer’s account,
the bond trustee did not need to call the
liquidity facility granted by Sparebanken
Sør (A2/P-1), the sponsor bank to the issuer (Sør Boligkreditt).” n
Issue 99
Thursday, 9 October 2014
A brave new world
Market reacts to final CBPP3 details
Having announced the third covered
bond purchase programme (CBPP3)
at its last press conference, at the beginning of September, the European
Central Bank last Thursday (2 October) followed up with the technical details of CBPP3 — which didn’t disappoint our expectations as the eligibility
criteria are very wide.
General modalities: size and duration
CBPP3 will differ from CBPP1 and
CBPP2 in a number of respects.
l First of all, CBPP3 and the ABS
programmes will not have a concrete size limit. To us, this is only
natural as the required volume of
asset purchases will depend directly on the volume of TLTRO
take-up.
l Secondly, while the previous
two covered bond programmes
were both structured as 12 month
programmes, CBPP3 will last for
at least two years.
Where will the ECB buy? What about
retained bonds and issue share limits?
The ECB will purchase bonds in the
primary as well as secondary market. Different than during CBPP1 and
CBPP2, the central bank will, however, also be able to buy retained bonds
directly from issuers.
Ulrich Bindseil, director general, market operations at the ECB, did mention
the other day that the ECB would prefer
to co-invest and buy new issues in the
market, but at least the programme offers
the option to go straight to the source
should issuance not be as frequent as the
ECB would like it to be.
Bindseil also mentioned that the ECB
wants to maintain a functioning covered
bond market. In that context one would
probably have to mention the issue share
limit of 70% for covered bonds, other than from Greece and Cyprus (30%
in these two cases). In other words, the
ECB will not be able to hold more than
70% of any given ISIN. We are not sure
if one can call a market with a free float
of potentially 30% functioning, especially if much of that “free float” will sit
with other buy-and-hold investors. But,
for whatever it is worth, it is of course
hard to argue against the fact that 30%
free float is better than no free float at all.
We are still not sure how buying retained bonds works with the overall balance-sheet growth target. Banks that sell
their retained deals to the ECB can save
the haircut, which can be anywhere between 14% and 25% depending on the
rating. Based on the roughly Eu230bn in
retained covered bonds from Ireland, Italy, Portugal and Spain, this adds maybe
around Eu25bn in extra liquidity (70%
of the Eu33bn estimated haircut) and
thus balance sheet growth to the ECB.
However, if there are external investors
buying 30% of the deals, the balance
sheet of the ECB would actually shrink
by close to Eu70bn.
During the two previous programmes
the criteria talked about UCITS-compliance. Compared with UCITS, CRR limits the eligible collateral to mortgages,
Details of CBPP3 vs CBPP1 and CBPP2 (differences highlighted)
CBPP 1
CBPP 2
CBPP 3
Start date
7/10/2009
11/14/2011
2nd half October
End date
6/30/2010
10/31/2012
Duration
12M
12M
At least 24M
Total size
EUR60bn
EUR40bn
No target size
Remaining balance
EUR31.9bn
EUR13.5bn
Where will they buy?
Primary, secondary
Primary, secondary
Primary, secondary + retained
Allocation
ECB retained EUR4.8bn, the rest
was distributed based on ECB
capital share
"Across the Eurozone"
"Carried out progressively by the
ECB and the Eurosystem NCBs"
Location of issuer scope
Eurozone
Eurozone
Eurozone
Currency
EUR
EUR
EUR
Collateral
Private and public entities
Private and public entities
Private and public entities
Maturities
3-10 years, with strong focus on
maturities up to 7 years
Up to 10.5 years residual maturity
no limit
Minimum rating
At least one AA rating and no rating
below BBB-
BBB- (best rating counts)
BBB- (best rating counts)
Minimum volume
(EURmn)
As a rule 500, in any case not below
100
300
no min volume
ECB can buy up to X%
of each deal
No explicit limit (based on
observations as much as 20%)
No explicit limit (based on
observations as much as 20%)
70% per ISIN (30% for Greek and
Cypriot covered bonds)
Regulatory min.
requirement
UCITS or equivalent safeguard (similar to own use covered bond rules)
UCITS or equivalent safeguard (similar to own use covered bond rules)
CRR
Source: ECB, Crédit Agricole CIB
Page 3
Thursday, 9 October 2014
Issue 99
covered bonds have come in more than
30bp — looking at the ECB’s statements
above and the potential duration of the
programme, we could very well not be at
the end of this, though.
Looking at new issue spread levels, one
thing has become clear. Eurozone covered
bonds have profited most from CBPP3 as
they will be the direct target of CBPP3.
Non-Eurozone covered bonds have
been dragged along with them, but have
lagged. While French covered bonds, for
example, still traded at wider levels than
strong Nordic covered bonds, this has
now reversed. DNB from Norway issued
its latest five year deal at mid-swaps minus 3bp while CFF and Commerzbank
priced theirs at minus 5bp.
Retained covered bonds by country, plus haircut banks could
save by selling to the ECB (EURbn)
140
124
120
100
70
80
60
40
11
20
0
24
10
2
Ireland
4
Italy
Portugal
18
Spain
Retained covered bonds
Haircut estimate (14% for A- to AAA FRN, 25% for BBB+ to BBB- FRN)
Source: Bloomberg, iBoxx, Moody’s, AIAF, www.coveredbondlabel.com, Crédit Agricole CIB
as we can see (even Eu50m Pfandbriefe are repo-eligible, after all).
l There is no maturity limit. The
ECB will thus participate in whatever eligible issuance comes to
market. If there are only five year
deals, they will buy five years; if
there are 15 year deals, they will
buy 15 years.
l Minimum rating will have to be
BBB- (best rating).
l Euro-denominated covered bonds
issued by financial institutions located in the Eurozone
l The collateral can be public and
private sector-backed.
public sector assets and ship mortgages.
While the own-use covered bond rules
allow for equivalent legal safeguards
to be sufficient as well, the CBPP3 purchase programme eligibility criteria
don’t include this option.
At the moment there is nothing outstanding in these sectors, so it’s not a
big deal. The only non-CRR-compliant
covered bonds that could have hoped to
benefit from a UCITS wording are NordLB’s aircraft Pfandbriefe and Lettres
de Gages from Luxembourg. Looking
to the future, however, the ECB seems
to be pushing the responsibility for these
alternative collateral asset classes clearly over to the ABS programme. CBPP3
will concentrate on only the most traditional covered bond categories.
As long as we stay in these categories,
we shouldn’t run into too much trouble
overall with the programme:
How has the market reacted to
CBPP3?
Secondary markets: Since the initial
CBPP3 announcement, spreads — especially in the periphery — have tightened
quite considerably. Five year Portuguese
l There is no minimum size as far
Spread change since CBPP3 announcement five year
average covered bond spreads per country
Average distribution of EUR benchmarks before and
after the CBPP3 announcement, by investor type
100
0.5
80
0.4
60
0.3
40
0.2
20
0.1
0
-20
-4
-6
-3
-4
-40
-60
0
-14
-29
-43
AU
FR
03/09/2014
DE
SE
Current
IE
IT
PT
-35
ES
Change (bp)
Source: Bloomberg, Crédit Agricole CIB
Page 4
Primary market and investor distributions: One of the fears associated with
CBPP3 has been that the ECB could be
crowding out investors and reducing the
diversity we have managed to get in the
past few years.
For the time being, we cannot say
that these fears have proven to be true.
Following the CBPP3 announcement,
issuance has picked up and book volumes have been very healthy. Also, the
average number of investors per book
has been stable around 100 since the announcement.
There has, however, been a shift in the
investor distribution of deals since the
CBPP3 announcement. The shares of
asset managers and insurance companies
have dropped by 2% and 3%, respectively, while central banks and official institutions have nearly doubled in weight
(up from 11% to 19%).
-0.1
8%
-2%
-2%
Asset
Managers
Banks
2014 prior CBPP3
-3%
CB / OI
Insurance
2014 post CBPP3
-1%
Other
Change
Source: Bloomberg, The Cover, The CBR, IFR, Crédit Agricole CIB
Issue 99
Bottom line
The ECB announcement last Thursday
was in line with expectations — as was
the market reaction. The ECB came out
with a very broad programme without
size limits or a concrete deadline and the
market went tighter.
Looking at the market after the
September announcement and the latest
details, in core covered bond markets we
have reached levels where longer term
market funding can certainly compete
with TLTRO money on cost grounds. For
stronger peripheral issuers we are fast
getting there, but for many weaker names
Thursday, 9 October 2014
TLTRO money is still the better option.
But since the ECB is targeting spread
compression and also wants to enable
second tier banks to access the market
successfully, we believe that we are not
at the end of the compression in covered
bond markets yet. It will continue at the
higher spread end of the market. The
tight range across sectors and issuers we
have already reached at the short end and
when looking at the strongest names in
each country will continue to extend out
along the curve and increasingly also encompass the weaker issuers in the coming weeks.
At some point when everything is
trading in a fairly narrow range we will
have reached a new equilibrium where
investors grudgingly accept the low
spreads and don’t dare go against the
ECB. Looking at the planned duration of
CBPP3, this state of mind will also be
with us for the medium term. Welcome
to a brave new world.
Florian Eichert
Senior Covered Bond Analyst
Stephan Dorner
Covered Bond Analyst
Crédit Agricole CIB
Norwegian OC move underway, Swedish probable
(continued from page 1)
senior covered bond analyst at Crédit
Agricole CIB. “Centrally cleared swaps
automatically accelerate once the counterparty defaults but for covered bond
derivatives to be an effective protection
for investors they have to be able to survive the default.
“And since there is no way yet for
clearing houses to distinguish between
ordinary and covered bond related derivatives, it was vital to get an exemption.”
Luca Bertalot, secretary general of the
EMF-ECBC, described ESMA’s final
position as a “success story” for the industry’s lobbying.
ESMA amended the wording of some
of the six criteria in response to technical
issues raised by the industry that would
have unnecessarily caused problems for
issuers in certain jurisdictions. For example, in its first condition it changed a
reference to “default” of a covered bond
issuer to “resolution or insolvency”, and
added “or recorded” to a condition that
derivatives be “registered” in a cover
pool. A condition relating to derivative
counterparties being pari passu with
covered bond was also relaxed.
But changes proposed by the ECBC to
two other conditions were not made.
ESMA clarified that a reference to a
requirement for a “legal” collateralisation level of at least 102% refers to a
regulatory minimum and cannot be contractually-based, and hence changed the
requirement to being “regulatory”. Jurisdictions that are faced with addressing
the final OC requirement include Norway and Sweden.
Torkil Wiberg, analyst, banking and
capital markets, at Finance Norway,
said that a proposal has already been put
forward by the Norwegian government
whereby the Ministry of Finance will
have the authority to set a quantitative
OC level. This is part of a new act on financial institutions that is expected to be
dealt with in the Norwegian parliament
(pictured) this autumn, he said.
“OC-limits, if not necessarily regulatory, are now increasingly being incorporated into other central parts of
EU regulation, such as the LCR,” said
Wiberg. “It was also highlighted by the
EBA, in its report, as a possible area for
harmonisation.
“Of course one can argue over the specificities in the ESMA criteria,” he added,
“but overall the exemption is positive.”
Jonny Sylvén, senior advisor at the
Association of Swedish Covered Bond
Issuers (ASCB), said that Swedish legislation will probably have to be changed.
“The Swedish issuers do not have any
problems with that kind of OC requirement today,” he said. “There are discussions of other requirements in some other new regulatory changes, such as LCR,
large exposures and the harmonisation
project, and we have asked authorities to
coordinate this.”
According to another Swedish market
participant, the possibility of the ESMA
requirement being met through changes
to regulations set by the Swedish FSA
(Finansinspektionen) has been explored,
but issuers’ preferred and expected route
is an amendment to Swedish covered
bond legislation. He said that this should
be achievable within the necessary timeframe, with the bigger Swedish issuers
expected to have to comply with the RTS
in the next nine to 10 months.
Crédit Agricole CIB’s Eichert noted
how OC is becoming an issue across
regulatory initiatives.
“ESMA rules will require covered
bonds to have a minimum legal OC of
2%,” he said. “While minimum OC is becoming a topic in a number of regulatory
documents, the actual levels as well as
the nature of it differs across regulatory
dossiers. Basel large exposure limits talk
about voluntary OC, the draft LCR act
doesn’t specify the 2% and 7% levels for
1B and 2A levels further, and EBA is aiming for unspecified legal minimum levels.
“The diversity across regulatory documents is clearly not ideal for countries
aiming to change their legal frameworks.
Regulators are pushing for transparency
and harmonisation — it would be good
they did the same.”
The ECBC had also argued that covered bonds should only have to be
UCITS and not CRR-compliant, but
ESMA did not change its position, preferring the tighter criteria.
“For derivatives to be outside the
scope of central clearing they have to
be CRR-compliant,” said Eichert. “This
rules out UCITS but not CRR-compliant
programmes, such as NordLB’s aircraft
Pfandbriefe.
“However, with the exception of the
LCR, regulators have in recent months
started to tighten eligibility criteria for
covered bonds to continue to benefit
from preferential regulatory treatment.”
Some Danish issuance is also not
CRR-compliant, although a market participant said that ESMA’s move is not expected
to be a significant problem for the Danes. n
Page 5
Thursday, 9 October 2014
Issue 99
Euro Nordic covered bond & senior unsecured secondary spreads
Nordic benchmarks: covered versus ASW, senior unsecured (shaded) versus Z spreads, 8/10/14.
ISIN
Coupon
Maturity
Mid Spd
AKTIA (*AKTIA REMB)
XS0640889803*
3.125
22/06/2016
-7
XS0946639381
1.125
25/06/2018
-5
XS1056447797
1.000
15/04/2019
-4
BRF
XS0882166282
2.500
31/01/2018
61
DANBNK
XS1113212721
0.375
26/08/2019
-3
XS0469000144
4.125
26/11/2019
-8
XS1071388117
1.250
11/06/2021
0
XS0519458755
3.750
23/06/2022
3
XS0802067636
2.500
09/07/2015
5
XS0627692204
3.875
18/05/2016
9
XS0751166835
3.875
28/02/2017
16
DNBNO
XS0728790402
2.375
11/04/2017
-15
XS0877571884
1.00
22/01/2018
-9
XS0992304369
1.13
12/11/2018
-8
XS0794233865
1.88
18/06/2019
-6
XS1117515871
0.38
07/10/2019
-6
XS0637846725
3.875
16/06/2021
0
XS0759310930
2.75
21/03/2022
1
XS0856976682
1.88
21/11/2022
1
XS0522030310
3.875
29/06/2020
28
XS0595092098
4.375
24/02/2021
36
XS0732513972
4.25
18/01/2022
39
EIKBOL
XS0736417642
2.250
25/01/2017
-7
XS0851683473
1.250
06/11/2017
-8
XS0794570944
2.000
19/06/2019
-1
XS1044766191
1.500
12/03/2021
2
JYBC
XS0856532618
3mE+110bp
20/05/2015
12
XS1078186001
3mE+50bp
19/06/2017
30
LANSBK
XS0926822189
1.125
07/05/2020
-2
MINGNO
XS0893363258
2.125
21/02/2018
29
XS1069518451
1.500
20/05/2019
39
NDASS
XS0478492415
3.500
18/01/2017
-16
XS0731649660
2.375
17/07/2017
-14
XS0965104978
1.375
20/08/2018
-12
XS1014673849
1.250
14/01/2019
-9
XS0778465228
2.250
03/05/2019
-8
XS0874351728
1.375
15/01/2020
-6
XS0591428445
4.000
10/02/2021
-3
XS0801636571
2.250
05/10/2017
15
XS0916242497
1.375
12/04/2018
12
XS0728763938
4.000
11/07/2019
20
XS0520755488
4.000
29/06/2020
30
XS1032997568
2.000
17/02/2021
40
XS0801636902
3.250
05/07/2022
32
NYKRE (*senior secured)
LU0787776052*
3.250
01/06/2017
40
LU0921853205*
1.750
02/05/2018
40
LU0996352158*
1.750
28/01/2019
45
Source: Crédit Agricole CIB Trading, Bloomberg — See disclaimer on page 7
Page 6
ISIN
POHBK
XS0785351213
XS0646202407
XS1076088001
XS1045726699
XS0758309396
XS0540216669
XS0931144009
XS1077588017
XS1040272533
SAMBNK
XS0693226978
XS0834714254
XS0640463062
SBAB
XS1117542412
XS0968885623
SEB
XS0548881555
XS0894500981
XS0988357090
XS0614401197
XS0628653007
XS0730498143
XS0592695000
XS0972089568
XS0854425625
XS1033940740
SHBASS
XS0760243328
XS0906516256
XS1050552006
XS0490111563
XS0732016596
XS0794225176
XS0965050197
XS0693812355
XS0819759571
SPABOL
XS0495145657
XS0820929437
XS0738895373
XS0995022661
XS0942804351
XS0587952085
XS0674396782
SPAROG
XS0853250271
XS0965489239
XS0876758664
XS1055536251
SWEDA
XS0496542787
XS0925525510
XS1069674825
XS0768453101
XS0740788699
XS1045283766
Coupon
Maturity
Mid Spd
1.625
3.500
0.750
1.500
2.625
3.000
1.250
1.125
2.000
23/05/2017
11/07/2018
11/06/2019
17/03/2021
20/03/2017
08/09/2017
14/05/2018
17/06/2019
03/03/2021
-15
-12
-6
-2
14
10
18
31
41
2.750
1.625
3.875
19/10/2016
27/09/2019
21/06/2021
-12
-6
3
0.625
2.375
07/10/2021
04/09/2020
-2
45
2.625
1.500
1.625
4.125
3.750
3.875
4.250
2.000
1.875
2.000
16/10/2017
25/02/2020
04/11/2020
07/04/2021
19/05/2016
12/04/2017
21/02/2018
18/03/2019
14/11/2019
19/02/2021
-13
-7
-5
-1
9
12
20
30
27
41
1.875
1.000
1.000
3.750
3.375
2.250
2.250
4.375
2.625
21/03/2017
19/06/2018
04/01/2019
24/02/2017
17/07/2017
14/06/2018
27/08/2020
20/10/2021
23/08/2022
-14
-10
-8
7
7
6
17
32
34
3.250
1.250
2.750
1.500
1.500
4.000
3.375
17/03/2017
28/02/2018
01/02/2019
20/01/2020
12/06/2020
03/02/2021
07/09/2021
-10
-10
-9
-3
-2
0
2
2.000
2.125
2.125
2.125
14/05/2018
27/02/2019
03/02/2020
14/04/2021
39
44
51
67
3.375
1.125
1.125
2.375
3.375
1.500
22/03/2017
07/05/2020
21/05/2021
04/04/2016
09/02/2017
18/03/2019
-17
-5
-4
6
17
29
Issue 99
Thursday, 9 October 2014
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