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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, June 5, 2017, Vol. 18, No. 110


                            Headlines


B E L G I U M

DUCATT NV: Files for Insolvency Following SolarWorld Collapse


F I N L A N D

PAROC GROUP: S&P Affirms 'B' CCR & Rates New Term Loan B 'B'


F R A N C E

CGG SA: Major Creditors OK $2.75BB Debt Restructuring Program


G E R M A N Y

JUNGPFLANZEN GRUNEWALD: Preliminary Insolvency Proceedings Opened
RICKMERS HOLDING: Files for Insolvency Under Self-Administration
SOLARWORLD AG: Macquarie Tapped to Find Investor for Business


I R E L A N D

BOSPHORUS CLO III: S&P Assigns 'B-' Rating to Class F Notes
RMF EURO CDO V: S&P Hikes Rating on Class V Debt to BB+


I T A L Y

A-BEST 15: DBRS Assigns B(high) Rating to Class E Debt
LEONARDO SPA: Moody's Changes Outlook on Ba1 CFR to Positive


L U X E M B O U R G

BERNARD L MADOFF: Herald(Lux) Fund Liquidators Reach Settlement


N E T H E R L A N D S

AES ANDRES: S&P Affirms 'BB-' Global Scale CCR, Outlook Stable
BABSON EURO 2014-2: Moody's Assigns B2(sf) Rating to Cl. F Notes
DRYDEN 52 EURO: S&P Assigns Prelim. BB Rating to Cl. E Notes
JUBILEE CLO 2015-XVI: S&P Affirms B- Rating on Class F Notes


P O L A N D

SKOK NIKE: KNF Suspends Operations Due to Insolvency Issues


R U S S I A

LEXGARANT INSURANCE: S&P Hikes CCR & FSR to B+, Outlook Stable


S P A I N

CELLNEX TELECOM: S&P Affirms BB+ CCR on Swiss Towers Acquisition
IM BCC CAJAMAR 1: DBRS Confirms C(sf) Rating on Series B Notes


U N I T E D   K I N G D O M

EMBLEM FINANCE 2: S&P Puts BB+ Series 2 Notes Rating on Watch Neg
LAND ENGINEERING: Enters Administration, 135 Jobs Affected
STORE TWENTY ONE: Has Two More Weeks to Raise Funds
* S&P Affirms Various UK Bank Ratings, Outlook Still Negative


X X X X X X X X

* BOND PRICING: For the Week May 29 to June 2, 2017


                            *********


=============
B E L G I U M
=============


DUCATT NV: Files for Insolvency Following SolarWorld Collapse
-------------------------------------------------------------
Sandra Enkhardt at PV Magazine reports that Ducatt NV filed for
insolvency last month.  The decision was determined by the
insolvency of German PV module maker SolarWorld, which began the
proceedings in mid-May. Around 50% of Ducatt's sales came from
orders placed by the German company.

"There are not sufficient guarantees for a quick recovery of
SolarWorld. This makes the survival of Ducatt impossible," local
newspaper Gazet van Antwerpen reported, citing a press release
from the company, PV Magazine relays. Around 140 employees will
be hit by the insolvency proceedings.

On top of this, the European Union is also investigating into
alleged illegal state aid the company received over the past
years, PV Magazine says. The investigation started a year ago
upon request of two competitors of the company, which claim it
has received more than EUR40 million in state aid.

PV Magazine notes that Ducatt acquired Centrosolar Glas in 2013,
but immediately afterwards began to encounter its own problems.
At the end of 2015, private investors Noel Esser and Urbain
Vandeurzen, and local investment firm Investment-Gruppe LRM,
rescued the company from its financial issues, the report relays.

Ducatt NV -- http://www.ducatt.com/-- is Belgium-based solar
glass producer.



=============
F I N L A N D
=============


PAROC GROUP: S&P Affirms 'B' CCR & Rates New Term Loan B 'B'
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Finland-based stone wool insulation materials provider
Paroc Group Oy (Paroc). The outlook is stable.

S&P said, "We also assigned our 'B' issue rating to the group's
new EUR435 million term loan B. The recovery rating on the
instrument is '4', indicating our expectation of average recovery
prospects (30%-50%, rounded estimate 45%)."

Finally, S&P withdrew its 'B' issue rating on the group's EUR426
million senior secured notes, which have now been repaid using
proceeds from the new EUR435 million term loan B.

Paroc has issued a new EUR435 million term loan B and applied the
proceeds to repay its EUR426 million senior secured notes. At the
same time, Paroc also issued a new EUR70 million revolving credit
facility (RCF) -- ranking pari passu to the new term loan B -- to
replace its previous EUR80 million RCF (which ranked above the
EUR426 million senior secured notes). In terms of the amount of
gross debt, this refinancing is broadly like for like, and was
undertaken with the primary goal of lowering the group's interest
cost and offering more flexibility.

Paroc intends to pay a one-off dividend of EUR54.1 million to its
sponsor CVC. Paroc had earmarked this cash to cover a potential
obligation that may arise as a result of an ongoing dispute with
the Finnish tax authorities regarding transfer pricing in
previous fiscal years. However, Paroc will now pay the EUR54.1
million to its financial sponsor. CVC has agreed with Paroc that,
should the Finnish courts rule in favor of the tax authorities,
CVC will contribute up to EUR54.1 million to any future potential
obligation arising from this dispute. Final resolution of the
dispute is expected during 2018.

In terms of trading performance, for the past three years, Paroc
has experienced tough market conditions in Russia, Finland, and
the Baltics. Its sensitivity to unfavorable exchange rate
swings -- specifically the depreciation of the Russian ruble,
Norwegian krone, and Swedish krona against the euro -- has
dampened revenue growth over this period.

Despite these obstacles, management has been quick to take
Action -- for example, postponing the opening of a second line at
Tver, reducing capital expenditure (capex), and disposing of the
Panels business. It has also closed some plants and efficiently
reallocated capacity. The cost base has been closely managed and
margins gradually strengthened. Paroc also continues to benefit
from healthy demand in Sweden and positive growth in Western and
Eastern Europe. S&P predicts that these market trends will
persist through 2017 and that, overall, the company's
consolidated top-line growth will be about 4%-5%.

Paroc has a strong position in the Nordic countries and Baltic
region, as well as a growing presence in Russia. Paroc benefits
from relatively high barriers to entry, partly owing to its
strong brand recognition and vertical integration. Tempering
these strengths is the group's limited product and geographic
diversification. Paroc is exposed to cyclical construction end
markets, which can result in volatile demand for the group's
products. Indeed, Paroc has exhibited high volatility of absolute
EBITDA in the past and displays potential for high volatility in
the future, especially if the group's efforts to aggressively
expand the business meet a sudden drop in demand.

S&P's base case for Paroc in fiscal 2017 assumes:

-- Revenues growing by about 4%-5% annually, supported by
    continued macroeconomic recovery and a rise in demand for
    Paroc's products in its core markets;

-- Gradual improvement in the EBITDA margin toward 21%, as
    management continues to optimize the cost base;

-- Adjusted funds from operations (FFO) of about EUR39 million,
    continuing a trend of good cash flow generation;

-- Capex of up to EUR31 million;

-- No major acquisitions or divestitures; and

-- A one-off dividend of EUR54.1 million to be paid to CVC in
    2017.

Based on these assumptions, S&P arrived at the following credit
measures:

-- Debt to EBITDA of about 7x (including shareholder loans or
    about 5.6x excluding shareholder loans);

-- FFO to debt of about 6%-8% (including shareholder loans or
    8%-9% excluding shareholder loans); and

-- FFO cash interest coverage of more than 3x over the 12-month
    rating horizon.

The stable outlook on Paroc reflects S&P's expectation that the
group will be able to maintain its margins over the 12-month
rating horizon despite potential raw material and energy cost
inflation and adverse foreign currency movements. S&P forecasts
that the group's S&P Global Ratings-adjusted debt to EBITDA,
including shareholder loans, will be about 7x in 2017 and that
FFO cash interest coverage will remain more than 3x.

S&P said, "We could lower the ratings if Paroc experienced severe
price or margin pressure, or poorer cash flows, leading to weaker
credit metrics -- specifically, if FFO cash interest cover fell
below 2x. This could occur if the group suffered from persistent
detrimental foreign-exchange movements or if it failed to curtail
its capex in time to reduce debt, before a potential drop in
earnings. A downgrade could also stem from debt-funded
acquisitions or increased shareholder returns.

"We currently view the probability of an upgrade as limited over
our 12-month rating horizon. This reflects Paroc's high leverage
and limited prospects for deleveraging over this timeframe.
Uncertainties remain regarding the possibility of shareholder
returns, as well as changes to the group's capex, acquisition,
and disposal strategy driven by the group's private equity
owner."



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F R A N C E
===========


CGG SA: Major Creditors OK $2.75BB Debt Restructuring Program
-------------------------------------------------------------
Luca Casiraghi and Francois de Beaupuy at Bloomberg News report
that CGG SA won agreement from major creditors for a US$2.75
billion debt-restructuring program.

According to Bloomberg, Paris-based CGG will cut total debt to
about US$1.2 billion under the plan, helping it recover from
losses caused by low crude prices hammering demand for its
exploration services.

About US$1.9 billion of unsecured debt will be turned into
shares, giving creditors more than 80% control of the company,
Bloomberg discloses.

Investors holding 52% of CGG's unsecured bonds have already
agreed to the plan, Bloomberg relays, citing a company
presentation.

A group representing holders of CGG's US$800 million of secured
loans has also agreed to extend the maturity of the debt to 2022,
Bloomberg notes.

CGG additionally plans to sell a US$375 million high-yield bond
to unsecured creditors, Bloomberg says.  It will also seek to
raise US$125 million from existing shareholders, partially backed
by investor DNCA Finance, according to Bloomberg.

The existing shareholders' stake will be reduced to no more than
14%after the restructuring, Bloomberg states.

CGG Chief Financial Officer Stephane Paul Frydman said on a
conference call on June 2 the company will seek support from more
than two-thirds of each class of creditor, Bloomberg discloses.

It will then need support from two-thirds of shareholders at a
meeting, which may take place in "early fall," Mr. Frydman, as
cited by Bloomberg, said.

CGG SA is a French offshore oilfield surveyor.

                            *   *   *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2017, Moody's Investors Service downgraded the ratings of CGG SA,
including the Corporate Family Rating (CFR) to Caa3 from Caa1 and
the Probability of Default Rating (PDR) to Ca-PD from Caa1-PD.
Moody's also downgraded the ratings on the outstanding senior
notes to Ca from Caa2.  Moody's said the outlook on all ratings
is negative.



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G E R M A N Y
=============


JUNGPFLANZEN GRUNEWALD: Preliminary Insolvency Proceedings Opened
-----------------------------------------------------------------
Horticulture Week's German sister magazine Taspo reports that
preliminary insolvency proceedings against the young plants
producer Jungpflanzen Grunewald GmbH were opened by the District
Court at Dortmund on April 27. The other parts of the Grunewald
Group are not affected, the report says.

Despite the proceedings, the business in Selm continues to run
and customers are being further supplied, Taspo relates.

A creditors' list has been issued, the report says.

Jungpflanzen Grunewald GmbH is well-known for its GGG varieties
and is participating in the FlowerTrials at Gravenzande in the
Netherlands.  The product portfolio includes Calocephalus
Silvercalos, Sunny Susy Thunbergia, Checkies Mixes, Sweet
Pleasure Petunia, Chameletunia Petunia, Summermelody Fuchsias,
Sweetbells Calibrachoa, Honeybees Argyranthemum, Sanvitos
Sanvitalia and Sunnybees Dianthus.


RICKMERS HOLDING: Files for Insolvency Under Self-Administration
----------------------------------------------------------------
Rickmers Holding AG on June 2 disclosed that it submitted an
application for insolvency under self-administration to Hamburg
District Court with the aim of restructuring (AG Hamburg Az. 67g
IN 173/17).  The Executive Board remains in office and capable of
acting.  The necessary legal expertise will be provided by
experienced Hamburg restructuring expert, lawyer and tax adviser,
Dr Christoph Morgen -- c.morgen@brinkmann-partner.de   He is a
specialist insolvency lawyer and partner in the national law firm
Brinkmann & Partner.  Mr. Morgen was appointed on June 2 by the
Supervisory Board of Rickmers Holding AG as member of the
Executive Board and Chief Insolvency Officer.  Lawyer Dr. Jens-
Soeren Schroeder -- jens-soeren.schroeder@jnp.de -- of the law
firm Johlke Niethammer & Partner has been appointed as a
temporary trustee by the Hamburg District Court.

The insolvency application applies solely to the holding company
Rickmers Holding AG.  On the other hand, the operating
subsidiaries -- in particular Rickmers Shipmanagement Hamburg and
Singapore -- are not affected and are working normally.  Business
and shipping operations are continuing.

The aim of the Executive Board is to work out a new restructuring
solution together with the creditors and making use of the tools
of insolvency law.

Banks, bondholders and the workforce will be represented on a
temporary committee of creditors.

                  About the Rickmers Group

The Rickmers Group is an international service provider in the
maritime transport sector and a vessel owner, based in Hamburg.
In the Maritime Assets segment the Rickmers Group is active as
Asset Manager for its own vessels and also for those of third
parties.  The Group initiates and coordinates shipping
projects, organizes financing and acquires, charters and sells
ships.  In the Maritime Services business segment the Rickmers
Group provides ship management services for its own vessels as
well as for those owned by third parties; these services comprise
technical and operational management, crewing, newbuild
supervision, consultancy and insurance-related services.


SOLARWORLD AG: Macquarie Tapped to Find Investor for Business
-------------------------------------------------------------
Christoph Steitz at Reuters reports that Horst Piepenburg,
SolarWorld AG's insolvency administrator, on June 1 said
Australian investment bank Macquarie has been hired to find an
investor for the insolvent German solar panel maker.

SolarWorld, once Europe's biggest solar power equipment group,
last month said it would file for insolvency, overwhelmed by
Chinese rivals who had long been a thorn in the side of founder
and CEO Frank Asbeck, once known as "the Sun King", Reuters
relates.

According to Reuters, Mr. Piepenburg said Macquarie had accepted
the mandate and was already active, adding that SolarWorld's
operations had stabilized, with shipments to some customers
resuming.

SolarWorld AG is based in Bonn, Germany.



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I R E L A N D
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BOSPHORUS CLO III: S&P Assigns 'B-' Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Bosphorus CLO
III DAC's class A, B, C, D, E, and F secured deferrable and
nondeferrable floating-rate notes.  At closing, Bosphorus CLO III
will also issue unrated subordinated notes.

Bosphorus CLO III is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of senior secured
loans and bonds granted to speculative-grade European corporates.
Commerzbank AG, London Branch manages the transaction.

The portfolio was fully ramped up at closing.  The transaction
features a two-year reinvestment period where only unscheduled
proceeds on the underlying assets (coming from prepayments,
optional redemptions, accelerations, or offers) can be reinvested
into new assets, subject to the satisfaction of the reinvestment
criteria.  The portfolio manager may also sell assets identified
as credit-impaired and defaulted assets during the transaction's
life.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs.  Following this,
the notes will permanently switch to semiannual interest
payments.

The portfolio represents a well-diversified pool of corporate
credits, with a fairly uniform exposure to all of the credits.
Therefore, S&P has conducted its credit and cash flow analysis by
applying its criteria for corporate cash flow collateralized debt
obligations.

The Bank of New York Mellon, London Branch is the bank account
provider and custodian.  Its downgrade remedies are in line with
S&P's current counterparty criteria.

The issuer is bankruptcy remote, in line with S&P's legal
criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

RATINGS LIST

Bosphorus CLO III DAC
EUR354.4 mil secured floating rate notes

Amount
Class                   Rating               (mil, EUR)
A                       AAA (sf)             219.4
B                       AA+ (sf)             34.7
C                       A+ (sf)              23.7
D                       BBB+ (sf)            17.7
E                       BB (sf)              22.3
F                       B- (sf)              7.3
Sub                     NR                   29.3

NR--Not rated


RMF EURO CDO V: S&P Hikes Rating on Class V Debt to BB+
-------------------------------------------------------
S&P Global Ratings raised its credit ratings on RMF Euro CDO V
PLC's class III, IV, and V notes. At the same time, S&P has
affirmed its rating on the class II notes.

The rating actions follow S&P's analysis of the transaction,
using data from the March 2017 trustee report and the application
of its relevant criteria.

Upon publishing its revised foreign exchange risk criteria, S&P
placed those ratings that could potentially be affected under
criteria observation in relation to those criteria (see "Ratings
On European Cash Flow CLOs Placed Under Criteria Observation Due
To Revised Foreign Exchange Risk Criteria," published on April
21, 2017). Following its review of this transaction, S&P's
ratings that could potentially be affected by the criteria
changes are no longer under criteria observation.

Since S&P's previous review, the transaction's credit quality has
benefited from the further deleveraging of the class I revolving
facility (see "Various Rating Actions Taken In Cash Flow CLO
Transaction RMF Euro CDO V Following Review," published on June
30, 2016).

Since S&P's June 2016 review, the portfolio has amortized by
approximately EUR86.6 million, increasing available credit
enhancement for all classes of notes. This has been offset in our
analysis by a deterioration in the average credit quality on the
portfolio. Assets rated in the 'CCC' category ('CCC+', 'CCC',
and 'CCC-') have increased to 15.31% from 13.49% of the
performing asset balance and defaulted assets have increased to
9.29% of the performing asset balance from none at S&P's previous
review. Over the same period, the transaction's weighted-average
spread has remained stable at 4.00%, compared with 4.03% at S&P's
previous review, while the transaction's overcollateralization
ratios have improved significantly.

Combining portfolio performance, increased credit enhancement,
and the application of its relevant criteria, S&P considers the
available credit enhancement for the class II notes to be
commensurate with its currently assigned rating. S&P has
therefore affirmed its 'AAA (sf)' ratings on this class of notes.

S&P said, "We have raised our ratings on the class III, IV, and V
notes, based on the results of our credit and cash flow analysis.
With increased overcollateralization and shorter time to
maturity, the available credit enhancement for these classes of
notes is now commensurate with higher ratings than those
currently assigned."

RMF Euro CDO V is a cash flow collateralized loan obligation
(CLO) transaction managed by Man Investments (CH) AG. It is
backed by a portfolio of loans to speculative-grade corporate
firms. The transaction closed in April 2007 and entered its post-
reinvestment period in January 2013.

RATINGS LIST

Class      Rating       Rating
           To           From

RMF Euro CDO V PLC

EUR558.6 Million Secured Floating-Rate Notes And EUR110.0 Million
Revolving Facility

Ratings Raised

III        AAA (sf)     AA+ (sf)
IV         AA+ (sf)     A+ (sf)
V          BB+ (sf)     BB (sf)

Rating Affirmed

II         AAA (sf)



=========
I T A L Y
=========


A-BEST 15: DBRS Assigns B(high) Rating to Class E Debt
------------------------------------------------------
DBRS Ratings Limited assigned ratings to the Class A, Class B,
Class C, Class D and Class E Asset-Backed Fixed Rate Notes (the
Rated Notes; and collectively with the unrated Class M1 Notes and
Class M2 Note, the Notes) issued by Asset-Backed European
Securitisation Transaction Fifteen (A-BEST 15 or the Issuer) as
follows:

-- Class A Asset-Backed Fixed Rate Notes at AA (sf)
-- Class B Asset-Backed Fixed Rate Notes at A (high) (sf)
-- Class C Asset-Backed Fixed Rate Notes at BBB (sf)
-- Class D Asset-Backed Fixed Rate Notes at BB (high) (sf)
-- Class E Asset-Backed Fixed Rate Notes at B (high) (sf)

The Notes are backed by a pool of loans for new and used motor
vehicles granted and serviced by FCA Bank S.p.A (FCAB), which is
owned by FCA Italy S.p.A. and Credit Agricole Consumer Finance.
The loans have been granted to private individuals residing in
Italy and to individual enterprises with their registered office
in Italy.

The transaction has a scheduled revolving period of 24 months
from the Issue Date, where principal collections may be used to
purchase new receivables from the Originator. During the
revolving period, no principal is repaid on the Notes unless a
Partial Amortisation Event or a Purchase Termination Event
occurs. The purchase of additional receivables is subject to
certain concentration limits that stipulate thresholds for used
vehicles, VAT borrowers, weighted-average yield and tenor and
receivables relating to the financing of insuramce premiums,
amongst others.

Compared with previous Italian A-BEST transactions rated by DBRS,
the transaction incorporates certain changes, such as (1)
amendments to concentration limits, e.g. less used cars
permitted, a reduction in exposure to VAT customers, and (2) the
commingling reserve is dynamic during the amortisation period,
with amounts released payable to FCAB outside the priority of
payments.


LEONARDO SPA: Moody's Changes Outlook on Ba1 CFR to Positive
------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the Ba1 corporate family rating (CFR) of Rome-based
Leonardo S.p.a., a key player in the global aerospace, defence
and security sector. Concurrently, Moody's has affirmed the
ratings.

"The positive outlook reflects Leonardo's significant operational
turnaround over a relatively short three-year period despite
challenging market conditions, as well as our expectations that
it will remain financially conservative and further strengthen
its financial credit metrics over the next 12-18 months," said
Jeanine Arnold a Moody's Vice President -- Senior Credit Officer
and lead analyst for Leonardo.

RATINGS RATIONALE

Moody's rating action follows a substantial turnaround in
Leonardo's operational performance over the last three years and
the rating agency's expectations that these improvements will
continue into 2018. It also factors in Moody's view that Leonardo
will maintain its conservative financial policies, further
strengthening its key credit metrics and potentially supporting
an upgrade of Leonardo's baseline credit assessment (BCA) to ba1
from ba2. This, combined with the one notch uplift Moody's
applies to the BCA for state support by the Government of Italy
(Italy, Baa2 negative) is likely to pave the way for Leonardo to
be upgraded to investment grade over the next 12-18 months.

In particular, Moody's expects that operating profit margins will
continue to strengthen towards the high single-digit range, that
retained cash flow/net debt will still exceed 30% and that gross
leverage will improve further towards 3.5x by 2018. Moody's
forecasts that free cash flow/debt will be somewhat volatile due
to lumpy advanced payments, a common feature across the aerospace
and defense industry, but remain at or around 5% on a five-year
rolling basis.

Concerted efforts to decrease absolute gross debt and reduce cash
outlays have already led to a material improvement in key credit
metrics, including operating profit margins of just over 6% and
gross debt/EBITDA (Moody's adjusted) of around 4.5x as at 31
March 2017 (Q1-17) from just over 6.0x as at 31 December 2014.
Net leverage (Moody's adjusted) is also more solid at 3.0x (2014:
5.0x). Moody's operating profit and leverage metrics do not
include material dividend income, which Leonardo receives from
its equity-accounted JVs (Telespazio, Thales Alenia Space, ATR
and MBDA), but the rating agency recognizes that these are a
relatively regular source of income and cash flow, supporting a
further strengthening in the company's credit metrics.

Moody's expects that Leonardo's operational and financial
performance will continue to improve on the back of strengthening
aerospace and defense market fundamentals; Leonardo's record
order backlog, which is now equivalent to almost three years of
revenues; its strong market positions; exposure to high growth
markets; and its continued commitment to reduce debt levels and
leverage.

However, Moody's is mindful that despite improvements, market
conditions remain fragile and Leonardo's margins may face
pressure from competition, persistently low defense budgets and
changes in government contracting practices. Operational
challenges remain in some sub-segments of Leonardo's divisions,.

Moody's continues to incorporate one notch of uplift from the
company's underlying ba2 bca rating given the strategic ownership
stakes of Italy (c.30%), in accordance with Moody's Government-
Related Issuers (GRI) rating methodology. However, Moody's is
conscious that Italy is on negative outlook and that further
negative rating action may constrain any positive rating action
on Leonardo's rating in the future. The rating agency deems the
level of default dependence between Leonardo and its sovereign
owners as moderate and incorporates a moderate degree of implicit
support from these government owners.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Leonardo's strong positioning
within the Ba1 rating (ba2 BCA with one notch uplift for
government support) due to its stronger operating performance and
improving cash flow generation (albeit positively affected by
material advanced payments) and Moody's expectations that key
credit metrics will strengthen further over the next 12-18
months. Moody's also expects the company will maintain a
disciplined conservative financial policy as well as a solid
liquidity profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could upgrade Leonardo if its leverage trends towards
3.5x or lower, its operating profit margins trend towards the
high-single-digit percent range and it maintains a strong
liquidity profile.

Moody's would consider a negative rating action if Leonardo
pursues financial policies that don't prioritize debt reduction
when leverage is above 5x; the company's operating margins trend
back towards the mid-single-digit percent range; there is a
sustained decline in orders and ensuing pressure on revenue
profile; liquidity provisions weaken, including regular
utilization of (and failure to clean-up) revolving credit
facilities.

List of Affected Ratings:

Affirmations:

Issuer: Leonardo S.p.a.

     Corporate Family Rating, Affirmed Ba1

     Probability of Default Rating, Affirmed Ba1-PD

     Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba1

     Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

  Issuer: Meccanica Holdings USA, Inc.

    Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Outlook Actions:

  Issuer: Leonardo S.p.a.

    Outlook, Changed To Positive From Stable

  Issuer: Meccanica Holdings USA, Inc.

    Outlook, Changed To Positive From Stable

The methodologies used in these ratings were Global Aerospace and
Defense Industry published in April 2014, and Government-Related
Issuers published in October 2014.



===================
L U X E M B O U R G
===================


BERNARD L MADOFF: Herald(Lux) Fund Liquidators Reach Settlement
---------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that liquidators of
one of three Luxembourg-based mutual funds that placed assets
with Bernard Madoff and liquidated after his Ponzi scheme
collapsed said on June 2 they reached a settlement.

According to Bloomberg, liquidators say in an online statement
the settlement agreement "with the parties involved in the
Luxembourg proceedings which the liquidators" started March 17
2010, still needs to be approved by a Luxembourg court.

"The settlement agreement will ascertain that a considerable
contribution will be made to the estate of Herald(Lux) which will
come in addition to the funds received in performance of the
settlement that the liquidators entered into with Irving H.
Picard, Trustee for the Estate of Bernard L. Madoff Investment
Securities LLC," Bloomberg quotes liquidators as saying in the
statement.

                   About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler
LLP as his counsel, and (iii) removed the SIPA Liquidation
proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No.
08-01789) (Lifland, J.).  Mr. Picard has retained AlixPartners
LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and
Steven Morganstern -- assert US$64 million in claims against Mr.
Madoff based on the balances contained in the last statements
they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed
Madoff Securities International Limited in London under
bankruptcy  protection pursuant to Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. 09-16751).  The Chapter 15 case
was later transferred to Manhattan.  In June 2009, Judge Lifland
approved the consolidation of the Madoff SIPA proceedings and the
bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims.  As of
Dec. 14, 2016, the SIPA Trustee has recovered more than $11.486
billion and, following the eight interim distribution in January
2017, will raise total distributions to approximately $9.72
billion, which includes more than $839.6 million in advances
committed by SIPC.



=====================
N E T H E R L A N D S
=====================


AES ANDRES: S&P Affirms 'BB-' Global Scale CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' global scale corporate
credit rating on AES Andres B.V. (AES Andres). "We also affirmed
our 'BB-' issue-level rating on the notes of Andres and
DominicanPower Partners (DPP), as the co-borrowers of the notes.
The outlook remains stable," said S&P.

The rating affirmation reflects S&P's expectation that the
group's financial ratios will improve during 2017 and more so
during 2018, as a result of the entrance of DPP's conversion
plant. Therefore, S&P expects the group's EBITDA generation to
increase to $215 million in 2017 and $260 million in 2018 from
$150 million in 2016, and its debt-to-EBITDA to converge to 2.7x
in 2017 from 3.4x in 2016.

The ratings also incorporate the challenges of operating in the
Dominican Republic's (DR; BB-/Stable/B) electric power industry,
the country's weak regulatory framework, and an inefficient and
highly subsidized distribution sector with uncertain long-term
financial sustainability. "However, we've noted the positive
effect of the government program, which aims to reduce delays in
payments of electricity bills, on the group's working capital
management. This program has decreased receivable days
sharply -- to less than 30 days at the end of 2015 from more than
100 in 2014, although they rose to 87 for DPP in 2016 and 83 for
AES in April 2017. We will closely monitor this trend because it
could pressure the group's financial and liquidity. In addition,
the ratings reflect the group's 23% market share of the country's
generation stemming from the operations of two thermal plants:
236 megawatt (MW) open cycle plant (DPP) and a 319 MW combined
cycle plant (AES Andres) and the DR's only LNG terminal. Our
analysis also incorporates the group's adequate operating
efficiency, as seen in a track record of the average availability
of more than 90% in the last five years, low operating costs --
one of the lowest cost quartile, and part of the base-load power
plants of the national operator, Centro de Control de Energia."


BABSON EURO 2014-2: Moody's Assigns B2(sf) Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes ("Refinancing Notes")
issued by Babson Euro CLO 2014-2 B.V.:

-- EUR297,400,000 Class A-1 Senior Secured Floating Rate Notes
    due 2029, Definitive Rating Assigned Aaa (sf)

-- EUR31,600,000 Class A-2 Senior Secured Fixed Rate Notes due
    2029, Definitive Rating Assigned Aaa (sf)

-- EUR37,900,000 Class B-1 Senior Secured Floating Rate Notes
    due 2029, Definitive Rating Assigned Aa2 (sf)

-- EUR21,100,000 Class B-2 Senior Secured Fixed Rate Notes due
    2029, Definitive Rating Assigned Aa2 (sf)

-- EUR35,000,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned A2 (sf)

-- EUR28,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned Baa2 (sf)

-- EUR38,000,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned Ba2 (sf)

-- EUR16,500,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2029, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by legal final maturity of the
notes in 2029. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Barings (U.K.)
Limited (formerly Babson Capital Management (UK) Limited and
Babson Capital Europe (Limited) ("Barings"), has sufficient
experience and operational capacity and is capable of managing
this CLO.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Original Class
A Notes, Original Class B Notes, Original Class C Notes, Original
Class D Notes, Original Class E Notes and Original Class F Notes
due 2027 (the "Refinanced Notes"), previously issued on November
4, 2014 (the "Original Issue Date"). On the refinancing date, the
Issuer will use the proceeds from the issuance of the Original
Notes to redeem in full its respective Refinanced Notes. On the
Original Issue Date, the Issuer also issued one class of
subordinated notes, which will remain outstanding.

Babson Euro CLO 2014-2 is a managed cash flow CLO. At least 90%
of the portfolio must consist of secured senior obligations and
up to 10% of the portfolio may consist of unsecured senior
obligations, second-lien loans, mezzanine obligations and high
yield bonds. The percentage of the portfolio that can pay
interest at a fixed rate will vary between 3% and 16%, whilst
Classes A-2 and B-2 are the only classes paying fixed rate
interest. The portfolio is fully ramped up as of the closing date
and is comprised predominantly of corporate loans to obligors
domiciled in Western Europe.

Barings will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority. It also incorporates a
feature by which the WAL could be extended from 8 to 8.5 years at
the end of the non-call period subject to certain conditions.

Factors that would lead to an upgrade or downgrade of the
ratings:

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. Barings' investment decisions
and management of the transaction will also affect the notes'
performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios. Moody's used
the following base-case modeling assumptions:

Par Amount: EUR 549,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.90%

Weighted Average Recovery Rate (WARR): 41.5%

Weighted Average Life (WAL): 8 years.

Moody's has analysed the potential impact associated with
sovereign related risk of countries with non-Aaa ceilings. As
part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling of A1 or below. Given the portfolio
constraints and the current sovereign ratings of eligible
countries, such exposure may not exceed 10% of the total
portfolio, where exposures to countries local currency country
risk ceiling of A3 or below cannot exceed 5% (with none allowed
below Baa3). As a result and in conjunction with the current
foreign government bond ratings of the eligible countries, as a
worst case scenario, a maximum 5% of the pool would be domiciled
in countries with Baa3 local currency country ceiling and 5% in
A3 local currency country ceiling. The remainder of the pool will
be domiciled in countries which currently have a local currency
country ceiling of Aaa. Given this portfolio composition, the
model was run with different target par amounts depending on the
target rating of each class of notes as further described in the
methodology. The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of
the rated notes and amount to 0.75% for the Classes A-1 and A-2
Notes, 0.50% for the Classes B-1 and B-2 Notes, 0.375% for the
Class C Notes and 0% for Classes D, E and F Notes.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the definitive ratings
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3450 from 3000)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes:-2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3900 from 3000)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Fixed Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -4

Class B-2 Senior Secured Fixed Rate Notes: -4

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -4

Further details regarding Moody's analysis of this transaction
may be found in the upcoming New Issue report, available soon on
Moodys.com.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.


DRYDEN 52 EURO: S&P Assigns Prelim. BB Rating to Cl. E Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Dryden 52 Euro CLO 2017 B.V.'s class A, B-1, B-2, C-1, C-2, D, E,
and F notes.  At the same time, Dryden 52 Euro CLO 2017 will
issue unrated subordinated notes.

The preliminary ratings assigned to Dryden 52 Euro CLO 2017's
notes reflect S&P's assessment of:

   -- The diversified collateral pool, which consists primarily
      of broadly syndicated speculative-grade senior secured term
      loans and bonds that are governed by collateral quality
      tests.  The credit enhancement provided through the
      subordination of cash flows, excess spread, and
      overcollateralization.

   -- The collateral manager's experienced team, which can affect
      the performance of the rated notes through collateral
      selection, ongoing portfolio management, and trading.  The
      transaction's legal structure, which is expected to be
      bankruptcy remote.

S&P considers that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its
exposure to counterparty risk under S&P's current counterparty
criteria.

Following the application of S&P's structured finance ratings
above the sovereign criteria, it considers the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in S&P's criteria.

At closing, S&P considers that the transaction's legal structure
will be bankruptcy remote, in line with its legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes that its preliminary
ratings are commensurate with the available credit enhancement
for each class of notes.

Dryden 52 Euro CLO 2017 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. PGIM Ltd. is the
collateral manager.

RATINGS LIST

Preliminary Ratings Assigned

Dryden 52 Euro CLO 2017 B.V.
EUR415.7 Million Fixed- And Floating-Rate Notes (Including
Subordinated Notes)

Class                   Prelim.        Prelim.
                        rating          amount
                                      (mil. EUR)

A                       AAA (sf)         237.1
B-1                     AA (sf)           21.0
B-2                     AA (sf)           31.6
C-1                     A (sf)            16.4
C-2                     A (sf)            10.6
D                       BBB (sf)          20.0
E                       BB (sf)           22.0
F                       B- (sf)           12.5
Sub. notes              NR                44.5

NR--Not rated.
Sub.--Subordinated.


JUBILEE CLO 2015-XVI: S&P Affirms B- Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Jubilee CLO
2015-XVI B.V.'s class A, B, C, D, E, and F notes.

The affirmations follow S&P's assessment of the transaction's
performance using data from the March 31, 2017 trustee report.
S&P performed a credit and cash flow analysis and applied its
current counterparty criteria to assess the support that each
participant provides to the transaction.

S&P said, "We subjected the capital structure to a cash flow
analysis to determine the break-even default rate (BDR) for each
rated class at each rating level. The BDR represents our estimate
of the maximum level of gross defaults, based on our stress
assumptions, that a tranche can withstand and still fully repay
the noteholders. In our analysis, we used the portfolio balance
that we consider to be performing, the current weighted-average
spread, and the weighted-average recovery rates calculated in
line with our corporate collateralized debt obligation (CDO)
criteria (see "Global Methodologies And Assumptions For Corporate
Cash Flow And Synthetic CDOs," published on Aug. 8, 2016). We
applied various cash flow stresses, using our standard default
patterns, in conjunction with different interest rate stress
scenarios."

Since closing on Dec. 15, 2015, the notes have remained fully
outstanding as the transaction remains in its reinvestment period
and the collateral manager reinvests principal proceeds to
purchase new assets. Currently the issuer's par balance is
EUR400.3 million, indicating EUR1.0 million less collateral than
the par amount of EUR401.3 million at S&P's previous review on
June 7, 2016 (see "Ratings Affirmed In Jubilee CLO 2015-XVI After
The Transaction's Effective Date"). The reduction in par balance
is due to the default of one of the assets in the portfolio. As a
result, the available credit enhancement for the rated notes has
slightly decreased compared with at S&P's previous review, but is
still higher than at closing. The asset portfolio remains highly
diversified, with 86 distinct obligors spread over more than 20
distinct industries and 15 different countries.

Since S&P's previous review, the weighted-average spread has
decreased to 4.25% from 4.71%, but remains well above the
covenant of 3.87%. The portfolio's weighted-average life has
decreased, falling to 5.59 years from 6.16 years over the same
period.

S&P incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios. To help assess the collateral pool's credit
risk, S&P used CDO Evaluator 7.2 to generate scenario default
rates (SDRs; the modeled level of gross defaults that CDO
Evaluator estimates for every CDO liability rating) at each
rating level. S&P then compared these SDRs with their respective
BDRs.

While the transaction remains in its reinvestment period, the
collateral manager can alter the asset portfolio through sales
and purchases. The selection of lower quality assets is mitigated
by our CDO Monitor test, which ensures that any amended portfolio
is of sufficient quality to maintain the ratings on the notes
assigned at closing. As a result, in its analysis, S&P recognizes
that during the reinvestment period the portfolio is subject to
further change, which may constrain the ratings on the notes to
the original ratings assigned.

Taking into account the results of itscredit and cash flow
analysis, S&P considers that the available credit enhancement for
all classes of notes is commensurate with the currently assigned
ratings. S&P has therefore affirmed its ratings on all classes of
notes.

Jubilee 2015-XVI is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
December 2015 and its reinvestment period ends in December 2019.

RATINGS LIST

Ratings Affirmed

Jubilee CLO 2015-XVI B.V.
EUR412.8 Million Senior Secured And Deferrable Fixed- And
Floating-Rate Notes
(Including EUR43.20 Million Subordinated Notes)

Class       Rating

A-1         AAA (sf)
A-2         AAA (sf)
B-1         AA (sf)
B-2         AA (sf)
C           A (sf)
D           BBB (sf)
E           BB (sf)
F           B- (sf)



===========
P O L A N D
===========


SKOK NIKE: KNF Suspends Operations Due to Insolvency Issues
-----------------------------------------------------------
Marta Waldoch at Bloomberg News reports that Polish financial
markets regulator KNF said in an e-mailed statement it suspended
the operations of SKOK Nike due to "deep insolvency" issues.

According to Bloomberg, SKOK Nike had solvency ratio at -7.9% in
July last year.

The regulator's decision allows Bank Guarantee Fund BFG to start
payouts of guaranteed deposits to the union's clients, Bloomberg
discloses.

SKOK Nike is a Polish credit union.



===========
R U S S I A
===========


LEXGARANT INSURANCE: S&P Hikes CCR & FSR to B+, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said it has raised its long-term counterparty
credit and financial strength ratings on Russia-based LEXGARANT
Insurance Co. Ltd. to 'B+' from 'B'. The outlook is
stable.

At the same time, S&P raised its national scale rating on the
company to 'ruA' from 'ruA-'.

The upgrade stems from S&P's view that LEXGARANT benefits from
its management's expertise in and knowledge of the aviation
insurance industry. In addition, S&P has witnessed a gradual
delegation of operational responsibilities within the company.
S&P considers that the company's strategy has become more
consistent and predictable over the past two years, and
management has formalized its approach. LEXGARANT has established
a number of committees that are responsible for accepting certain
risks, rather than this being the CEO's sole responsibility. S&P
sees that a strategic vision is in place, and the company is
maintaining its focus on aviation and travelers' insurance. At
the same time, delegation of responsibilities partly eliminates
risks associated with dependence on key personnel. S&P recognizes
that the management team is relatively small compared with that
of international peers. However, LEXGARANT's business volumes are
much lower and its management practices are still evolving.
Consequently, S&P applies one notch of negative adjustment to the
anchor of 'bb-'.

S&P said, "We continue to assess LEXGARANT's business risk
profile as vulnerable, owing to high insurance industry and
country risk in Russia, and the company's less-than-adequate
competitive position, due to its small size and therefore limited
ability to compete effectively in the tough local and
international environment. S&P assesses the financial risk
profile as weak, owing to LEXGARANT's small absolute capital base
(less than $15 million) and moderate risk position, constrained
by the concentrated investment portfolio and potentially volatile
foreign exchange exposure.

In S&P's view, LEXGARANT is gradually establishing itself in the
international aviation segment, with the bulk of premiums coming
from Africa (39%), Western Europe (18%), Asia (8%), the U.S.
(2%), Middle East (2%), and the Commonwealth of Independent
States (30%) in 2016. In general, S&P views such broader
geographic diversification as a growth opportunity for the
company. In its base case, S&P expects at least 10% premium
growth in 2017-2018. S&P also notes that, as the company develops
its international business, it is becoming more exposed to
foreign exchange risk. However, in S&P's view, LEXGARANT is
trying to match assets and liabilities denominated in foreign
currency.

The stable outlook reflects S&P's view that LEXGARANT will at
least sustain its current level of premiums from aviation and
other insurance segments in the next 12-18 months. S&P slao
anticipates that the company will preserve capital and earnings
at least at the lower adequate level, and not substantially
increase its credit and market risk exposures.

S&P said, "We would consider taking a negative rating action in
the next 12-18 months if LEXGARANT's financial risk position
worsened significantly, due for example to substantial losses or
weakening liquidity. A negative rating action could also
follow deterioration of the company's business risk profile,
especially a decline in its market position in aviation insurance
and substantial weakening of operating results.

"We see a positive rating action as remote at this stage, and
dependent on the development of the company's competitive
position as well as further enhancement of management and
governance practices."



=========
S P A I N
=========


CELLNEX TELECOM: S&P Affirms BB+ CCR on Swiss Towers Acquisition
----------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB+' long-term
corporate credit rating on Spain-based wireless
telecommunications and broadcasting infrastructure operator
Cellnex Telecom S.A. The outlook remains stable.

Cellnex has agreed to acquire (together with coinvestors) for
EUR430 million, Swiss Towers AG, a fully owned subsidiary of
Sunrise Communications, which owns 2,239 sites in Switzerland.

The affirmation reflects S&P's expectation that Cellnex will
successfully complete its acquisition of Swiss Towers AG,
generate solid organic revenue and EBITDA growth, and maintain
key adjusted metrics within S&P's revised guidelines from 2018,
including adjusted debt to EBITDA below 5.5x. S&P's revised
benchmarks reflect our view that Cellnex's business profile will
incrementally benefit from the announced transaction, which will
contribute to broader scale, increased customer, geographic, and
asset diversification, a stronger order backlog (about EUR15
billion compared with EUR12 billion currently), and higher EBITDA
margins at the group level.

S&P said, "We also acknowledge the benefit of entering the mature
and relatively stable Swiss telecom market, which is supported by
an overall wealthy and resilient economy. After gaining a
stronger position in the French market in recent months,
Cellnex's acquisition of Swiss Towers will further expand its
international activities and reduce exposure to its historical
markets, Spain and Italy. Concurrently, we think the transaction
will help bolster customer diversity and dilute exposure to
WindTre, one of Cellnex's largest customers."

These positives are somewhat tempered by the group's increased
complexity after the planned acquisition, given the 46% stake of
minority shareholders in Swiss Towers, which will weigh somewhat
on intragroup cash circulation.

S&P said, "We think the envisaged transaction is in line with the
group's strategy to consolidate the European telecom tower market
and increase its focus on telecom site rental (TSR). We view this
focus on TSR as positive because of long-term contracts in the
sector and attractive market opportunities on the back of growing
mobile data traffic, strict population-coverage obligations,
and increasing outsourcing trends from telecom operators. That
said, we notice mounting interest for tower businesses in Europe
from independent players and mobile network operators, which
could, in our view, intensify competition and slow the planned
improvement of Cellnex's tenancy ratio in the future."

Pro forma the announced transaction, and given that about two-
thirds of the EUR430 million transaction is funded with debt, to
which S&P also adds a put option granted to a minority
shareholder, S&P estimates an impact of about 0.2x on the S&P
Global Ratings-adjusted leverage ratio in 2017. S&P forecasts pro
forma debt to EBITDA at about 5.6x in 2017, which is slightly
higher than the 5.5x commensurate for the rating. However, S&P
anticipates that this ratio will reduce significantly from 2018
onward.

The stable outlook reflects S&P's anticipation that Cellnex will
benefit from its increasing scale and diversity, smoothly
integrate recently acquired businesses, reduce adjusted debt to
EBITDA to the 4.5x-5.5x range commensurate with the current
rating by 2018, and sustain FFO to debt higher than 12% and DCF
to debt at more than 7%.

S&P said, "We could lower our rating on Cellnex if we expected
adjusted debt to EBITDA would rise to more than 5.5x and FFO to
debt would fall below 12% for an extended period, while DCF to
debt stayed below 7%. We think this could be caused by additional
debt-funded acquisitions that further postpone the company's
deleveraging schedule, higher-than-expected shareholder
remuneration, weaker organic revenue growth, or slower
realization of operating efficiencies than we currently
anticipate in our base case.

"We could raise our rating if Cellnex's adjusted debt to EBITDA
improved to less than 4.5x, FFO to debt is between 15% and 20%,
and DCF to debt remained at about 10% on a sustainable basis,
assuming that we expected management would adjust its financial
policy to maintain these levels and commit to metrics in line
with a higher rating."


IM BCC CAJAMAR 1: DBRS Confirms C(sf) Rating on Series B Notes
--------------------------------------------------------------
DBRS Ratings Limited confirmed the ratings on the following notes
issued by IM BCC Cajamar 1 (the Issuer):

-- Series A notes confirmed at AA (sf)
-- Series B notes confirmed at C (sf)

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance in terms of delinquencies and defaults.

-- Portfolio default (PD) rate, loss given default (LGD) rate
    and expected loss assumptions for the remaining collateral
    portfolio.

-- Current available credit enhancement (CE) to the Series A
    notes to cover the expected losses at the AA (sf) rating
    level. The Series B notes are in a first loss position
    supported only by available excess spread. Given the
    characteristics of the Series C notes as defined in the
    transaction documents, a default would most likely be
    recognised at maturity or following an early termination of
    the transaction.

The Issuer is a securitsation of residential mortgage loans
secured by first-lien and a small portion of second-lien
mortgages on properties in Spain originated by Cajamar Caja
Rural, Sociedad Cooperativa de CrÇdito (Cajamar). Cajamar is also
the servicer of the portfolio.

PORTFOLIO PERFORMANCE
The performance of the transaction portfolio is within DBRS's
expectations. As of February 28, 2017, loans more than 90 days in
arrears were at 0.33% of the outstanding performing portfolio
balance. Defaults are defined as loans in arrears for more than
12 months; the current cumulative defaults are at 0.04% of the
collateral balance at the transaction closing.

PORTFOLIO ASSUMPTIONS
DBRS conducted a loan-by-loan analysis on the remaining pool and
updated its PD and LGD assumptions on the remaining collateral
pool to 28.09% and 55.19% at the AA (sf) rating level from 33.86%
and 54.92%, respectively.

CREDIT ENHANCEMENT

The Series A notes are supported by the subordinated notes
(Series B) and the Reserve Fund. As of the March 2017 payment
date, CE for the Series A notes as a percentage of the non-
defaulted mortgage loans had increased to 22.5% from 21.0% at the
transaction closing. The Reserve Fund provides liquidity and
credit support to the Series A notes, and its target will remain
at 3.0% of the initial balance of the notes (EUR 22.50 million).
The repayment of the notes is fully sequential, where principal
on the Series B notes will not be paid until the Series A notes
have been redeemed in full. Additionally, the payment of Series A
principal is senior to the Series B interest payments in the
priority of payments.

Banco Santander S.A. (Santander) acts as the Account Bank for
this transaction. Santander's reference rating, being one notch
below its Long-Term Critical Obligations Rating of A (high),
complies with the Minimum Institution Rating, given the rating
assigned to the Series A notes as described in DBRS's "Legal
Criteria for European Structured Finance Transactions"
methodology.



===========================
U N I T E D   K I N G D O M
===========================


EMBLEM FINANCE 2: S&P Puts BB+ Series 2 Notes Rating on Watch Neg
-----------------------------------------------------------------
S&P Global Ratings placed on CreditWatch negative its 'BB+'
credit rating on Emblem Finance Co. No. 2 Ltd.'s series 2
(CLP5.082 billion CLP5.082 billion inflation-linked credit-linked
notes series 2).

The CreditWatch negative placement follows S&P's May 23, 2017
CreditWatch negative placement of its rating on Votorantim S.A.,
which acts as a reference entity in the transaction.


LAND ENGINEERING: Enters Administration, 135 Jobs Affected
----------------------------------------------------------
Builder reports that Glasgow-based Land Engineering (Scotland)
has collapsed with the loss of 135 jobs.

Joint administrators Colin Dempster -- cdempster@uk.ey.com -- and
Andrew Davison at EY said the civil engineer's construction
business had struggled financially in an increasingly competitive
market, Builder relates.

However, 249 jobs have been transferred to idverde Limited after
the company's business and assets were sold for an undisclosed
fee shortly after the appointment of EY's restructuring team on
May 30, Builder discloses.

Mr. Davison as cited by Builder, said: "The market has become
increasingly competitive for the company and has impacted on its
profitability, particularly in relation to the company's
construction business.  Various options have been explored by the
directors to address these challenges.

"Unfortunately none of these options were ultimately successful
and the directors therefore took the decision to appoint
Administrators to help safeguard elements of the business.  This
has been achieved through the sale we have completed to idverde."


STORE TWENTY ONE: Has Two More Weeks to Raise Funds
---------------------------------------------------
Alex Turner at TheBusinessDesk.com reports that beleaguered
retailer Store Twenty One has been given two more weeks to raise
funds and avoid administration after its Solihull head office was
subject to an offer of GBP3.2 million.

According to TheBusinessDesk.com, around 1,000 jobs are at risk
at the clothing retailer, which entered a company voluntary
arrangement (CVA) last year.

Problems returned earlier this year and a winding-up order was
presented by HM Revenue and Customs in April 12,
TheBusinessDesk.com recounts.  The company filed a notice of
intention to appoint administrators, TheBusinessDesk.com relates.


* S&P Affirms Various UK Bank Ratings, Outlook Still Negative
-------------------------------------------------------------
S&P Global Ratings related that since the Brexit vote in June
2016, the U.K.'s economic performance has remained fairly robust
but there are early signs of a slowdown. S&P's base case for the
U.K. economy is premised on a "hard" but largely orderly
Brexit, with a transitional deal that avoids a regulatory cliff-
edge when the U.K. leaves the EU in March 2019.

That said, S&P said it has affirmed the ratings and maintained
the mainly negative outlooks on various U.K. banks, reflecting
both the banks' ongoing journey to deliver sustainable earnings
and the continuing uncertainty on economic risks arising from the
U.K.'s decision to leave the EU.

S&P said, "We affirmed the long- and short-term counterparty
credit ratings and maintained the negative outlooks on Barclays
PLC (including its core subsidiaries), HSBC Bank PLC (the U.K.
subsidiary of HSBC Holdings PLC), Lloyds Banking Group PLC
(including its core bank subsidiaries), and Santander UK PLC. The
negative outlooks primarily reflect our view that we could lower
the ratings on these institutions if we see a materialization of
the economic risks for the U.K. banking industry.

"We affirmed the long- and short-term counterparty credit ratings
on Santander UK Group Holdings PLC (the nonoperating holding
company [NOHC] of Santander UK PLC) and maintained the stable
outlook. The outlook reflects our view that the prospect of
parental support to the NOHC from Banco Santander would likely
offset a decline in Santander UK PLC's intrinsic
creditworthiness.

"We affirmed the long- and short-term counterparty credit ratings
and maintained the stable outlooks on The Royal Bank of Scotland
Group PLC (RBSG) and its core U.K. banking subsidiaries. The
stable outlooks reflect our view that RBSG's strong
capitalization and continued progress with its restructuring
would likely offset any materialization of the economic risks we
see for the U.K. banking industry."

The rating affirmations apply to the U.K. banks as listed by S&P
above. S&P's existing ratings and outlooks on the other rated
U.K. banks -- AIB Group (UK) PLC, CYBG PLC, FCE Bank PLC,
Nationwide Building Society, and Standard Chartered PLC -- are
unaffected.

ECONOMIC RISKS FOR THE U.K. BANKING INDUSTRY

"We maintain our negative trend for economic risk in the U.K.
banking sector, reflecting the elevated level of economic
uncertainty arising from the U.K.'s decision to leave the EU in
2019. We assigned the negative trend in June 2016 to signify that
we see at least a one-in-three likelihood that the economic
risk assessment may worsen over the next two years," said S&P.

Since then, the U.K.'s economic performance has remained fairly
robust but there are early signs of a slowdown. S&P forecasts GDP
growth of 1.7% in 2017 and averaging 1.3% a year in 2018-2020;
unemployment remaining relatively low (5.1% in 2017, rising to
5.6% in 2019 and 2020), and inflation rising to 2.6% in 2017
before falling to under 2% in 2019-2020.

These forecasts are premised on a "hard" but largely orderly
Brexit, with a transitional deal that avoids a regulatory cliff-
edge scenario when the U.K leaves the EU in March 2019. S&P sees
more downside than upside risk to its base case. While both the
U.K. and the EU have clear incentives to reach an agreement by
March 2019, there remains a real risk that no agreement is
reached given the technical complexities of ending a 44-year
partnership and the multiple political and economic
considerations that need to be addressed. The lack of a deal
would likely result in a material negative impact on the U.K.
economy and in turn could create more challenging operating
conditions for the U.K banking industry.

S&P's view of economic risk in the U.K. could weaken over time --
potentially leading it to revise down our economic risk score to
'5' from '4' -- if:

- A significant correction in asset prices becomes increasingly
   likely, with expected credit losses jumping well above the
   long-term average of 60-70 basis points and closer to levels
   seen during the global financial crisis; or

- There are significant outflows of foreign capital or
   substantially greater-than-expected declines in foreign direct
   investment (FDI) inflows into the U.K., especially its
   financial sector.

- On the other hand, if S&P assesses that uncertainty has
   declined and the extent of economic deterioration (if any) is
   likely to be contained, with manageable expected credit
   losses, S&P could revise the economic risk trend to stable.

Although substantial clarity on the precise detail of the U.K.'s
post-Brexit arrangements over the course of 2017-2018 is
unlikely, S&P may gain more insight in the second half of this
year on the future path of negotiations and the possible
implications for the U.K. economy and banking system. Factors
such as the tone and manner of discussions between the two sides
will be important for assessing the prospects of an agreement
being reached. Data on consumer spending, business investment,
and foreign capital flows could also provide useful indicators of
confidence in the U.K.'s economic prospects.

U.K. BANKING INDUSTRY RISKS

In contrast to its negative trend for U.K. economic risk, S&P
regards U.K. banking industry risk as stable. This reflects the
U.K.'s more rigorous regulatory approach since the global
financial crisis; the high industry stability due to market
concentration; deep debt capital markets; and the limited role of
external funding for the U.K. banking industry.

The ring-fencing of retail and small to midsize enterprise
deposits from January 2019 may give rise to operational risk in
implementation, but S&P believes that banks are well-placed to
manage this risk and will meet the 2019 deadline. S&P would
expect to take any U.K. bank rating actions or outlook revisions
arising from ring-fencing in the second half of 2017 and into
2018.

S&P said, "We have seen that the Brexit vote did not materially
affect banks' access to, and cost of, wholesale funding. Our base
case is that banks will continue to be able to access such
funding over time and we note that there is now negative net
external funding of the U.K. banking system."

The following paragraphs provide more details behind S&P's
unchanged outlooks on each bank.

BARCLAYS

S&P has affirmed the ratings on Barclays PLC and Barclays Bank
PLC (BB PLC, including its core subsidiaries). The outlooks
remain negative.

The negative outlook on Barclays reflects the risk of a weaker
operating environment following the U.K.'s decision to leave the
EU. Specifically, S&P could revise down its risk position
assessment in the event of increasing economic risks associated
with Brexit because, unlike its U.K. bank peers, Barclays' anchor
is less likely to change owing to its international
diversification. With all other factors remaining the same, this
would result in a one-notch downward adjustment of the
unsupported group credit profile (UGCP) and S&P subsequent
lowering of the long- and short-term counterparty credit ratings.

S&P could revise the outlook back to stable if it took a similar
action on its assessment of U.K. economic risk, or if it observed
sufficient reasons in Barclays' case to offset any potential
deterioration of the U.K. banking environment. This might be due
to the bank's capital and earnings strengthening more than
expected or if S&P observed further progress with strategy
implementation. This would most likely arise if current
constraints on a stronger business position--in particular the
current regulatory review of the CEO, outstanding high profile
litigation cases, the still-to-be consummated regulatory
deconsolidation of Barclays Africa, and the implementation of
structural reform -- demonstrably reduced in scale or potential
impact.

S&P's rationale for the negative outlook on BB PLC, currently the
primary operating company of the Barclays group, mirrors that for
the negative outlook on the NOHC. S&P could lower the ratings on
BB PLC if S&P revised downward the UGCP, although this would only
affect the long-term rating on BB PLC.

Barclays has stated that in the first half of 2018, as part of
its structural reform program to implement U.K. ring-fencing
requirements, BB PLC will become its non-ring-fenced bank. In the
second half of 2017, or into 2018, S&P currently expects to have
a sufficient line of sight to finalize its view of BB PLC's
status within the group as well as its stand-alone
creditworthiness.

Presently S&P believes that it is likely to assess BB PLC as
highly strategic to the group, which would result in no ratings
change compared to the current ratings. Absent a change in this
view, S&P would need to revise upward the UGCP to raise the
ratings on BB PLC.

HSBC BANK PLC

S&P has affirmed the ratings on HSBC Bank PLC (HBEU) and
maintained the negative outlook. HBEU is HSBC group's U.K.
subsidiary and the parent of HSBC's other EU banks.

The negative outlook on HBEU mirrors that on its parent, HSBC
Holdings PLC. S&P classifies HBEU as a core subsidiary of HSBC
and our ratings on HBEU would therefore be affected by any rating
actions on the parent. The negative outlook on HSBC Holdings
reflects potential pressures over its two-year rating horizon
arising from Brexit, China's economic adjustment, and prolonged
ultra-low interest rates. Although HSBC's highly diversified
business profile and strengthened capitalization are significant
mitigants, S&P nevertheless identifies risks to revenues and
asset quality that may test the current ratings. While HBEU
remains core to HSBC, a change in HBEU's 'a-' unsupported group
credit profile would not in itself lead to a rating change. The
negative outlook also takes account of the future reorganization
of HBEU to comply with U.K. ring-fencing regulations. This could
lead S&P to revise down the bank's group status from core. S&P
expects to take any rating actions or outlook revisions arising
from ring-fencing during the second half of 2017 and into 2018.

S&P could lower the ratings on HSBC Holdings -- and therefore
HBEU -- if it considers that economic conditions and prospects in
HSBC's major markets no longer support the current ratings. This
could lead S&P to lower its assessment of HSBC's risk position.
S&P could also revise its current business position assessment if
HSBC were to undertake a deeper restructuring of its diversified
business model. If S&P revised down its view of HBEU's group
status from core, this would also lead to a downgrade.

S&P could revise the outlook to stable if HSBC demonstrates
resilient asset quality metrics and capital generation, and
maintains a well-diversified profile that S&P believes continues
to benefit creditors. A stable outlook would also be conditional
on S&P concluding that HBEU is likely to remain a core subsidiary
of HSBC after it has been reorganized to comply with U.K. ring-
fencing rules.

LLOYDS BANKING GROUP

S&P has affirmed the ratings on Lloyds Banking Group PLC (Lloyds)
including its core banking subsidiaries and maintained the
negative outlook.

The negative outlook reflects the negative trend S&P sees for
economic risk in the U.K. and our view that Lloyds'
creditworthiness could weaken if its operating environment
weakens. S&P said, "Nevertheless, our ratings reflect our view
that Lloyds' statutory profitability will further improve through
end-2019; that it will maintain an S&P Global Ratings risk-
adjusted capital (RAC) ratio of 7.8%-8.3%; that loan growth will
likely be lower than the U.K. industry average, with no
significant step-up in risk appetite; and it will build its
buffer of additional loss-absorbing capacity (ALAC) to at least
7% by 2019."

S&P said, "We could lower the ratings on Lloyds or its
subsidiaries if we revised down the unsupported group credit
profile (UGCP), which is currently 'a-'. This would most likely
follow a weakening in our economic risk assessment for the U.K.
While far less likely, we could also revise down the UGCP if, for
example, Lloyds' risk appetite increased substantially such that
its future asset quality or exposure to conduct risk were
affected.

"We would most likely revise the outlook to stable if we
considered that risks to the U.K. economy were reducing.
Similarly, if we consider it highly likely that Lloyds will build
its ALAC buffer sustainably beyond 8% in the near-to-medium term,
we could revise to stable our outlook on core operating
subsidiaries Lloyds Bank PLC and Bank of Scotland PLC.

"We consider it likely that Lloyds's ring-fencing plans will have
no ratings impact for the rated entities. Lloyds Bank and Bank of
Scotland are set to be within the ringfence."

THE ROYAL BANK OF SCOTLAND

S&P has affirmed the ratings on The Royal Bank of Scotland Group
PLC (RBSG) including its core banking subsidiaries, and
maintained the stable outlook.

The stable outlook on RBSG and its main subsidiaries balances a
potential increase in economic risks for U.K. banks -- following
the U.K.'s decision to leave the EU -- against the group's
improved capitalization and continued progress with its
restructuring.

S&P said, "We could lower the ratings on NOHC RBSG in the next
18-24 months if a material increase in economic risks led us to
revise down the anchor (our starting point) for rating U.K.
banks, and if this was not offset by our improved assessment of
the group's risk position. This could occur if, for instance, a
sharp economic slowdown led to a notable deterioration in asset
quality and material uncertainty remained around the group's
exposure to residual conduct and litigation risk. A downgrade
could also follow an increase in economic risks or additional
restructuring further delaying a return to statutory
profitability.

"We could raise the ratings if the Brexit process does not lead
to a material increase in systemwide risks and if RBS' overall
risk exposure, including to litigation risk, is in line with its
main U.K. peers. We could also raise the ratings if residual
litigation costs were smaller than we expected and supported a
RAC ratio likely to remain sustainably above 10%."

The outlook on RBSG's main operating subsidiaries mirrors that on
RBSG, and incorporates S&P's expectation that the bank will
maintain an ALAC buffer of more than 8.5%. At this time, S&P does
not expect to remove the one-notch negative adjustment S&P
incorporates into the issuer credit rating. This adjustment
reflects S&P's expectation that RBS will remain a relative
underperformer in terms of statutory profits in 2017 and possibly
2018 compared with similarly rated peers.

In addition, any future reorganization of the group to comply
with U.K. ring-fencing regulations could change the
creditworthiness of individual group entities. It is likely that
S&P will rate entities outside the ring-fenced bank, including
RBS PLC, one notch below the main ring-fenced operating entities
once the legislation is in effect. S&P expects that any outlook
changes arising from ring-fencing will be during the latter half
of 2017.

SANTANDER UK

S&P has affirmed the ratings on Santander UK Group Holdings PLC,
the NOHC, and Santander UK PLC, the main operating bank. The
outlook on the former remains stable and the outlook on the
latter remains negative. Santander UK's unsupported GCP is
'bbb+'.

The negative outlook on Santander UK PLC reflects the negative
trend S&P sees for economic risk in the U.K. and our view that
Santander UK's UGCP could weaken if its operating environment
weakens. That aside, S&P's ratings reflect its expectation that
Santander UK will continue to steadily grow its market
position in both U.K. retail banking and commercial banking, and
grow capitalization by its measures. Further, S&P assumes that
its ALAC buffer will remain a supportive ratings factor, and will
not dip below its 8% threshold.

S&P said, "We could lower the ratings if we revised down the
unsupported group credit profile (UGCP). This would most likely
follow a weakening in our economic risk assessment for the U.K.
Otherwise, we see limited downward pressures on the UGCP.

"We could revise the outlook to stable from negative if we
considered that risks to the U.K. economy were reducing. This
could also arise if we consider that Santander UK is making
sustainable progress to materially improve the diversification of
its revenue streams while maintaining predictable earnings
performance.

"We consider that Santander UK's ring-fencing plans have no
ratings impact."

In contrast, the stable outlook on the NOHC reflects S&P's view
that the potential for support from parent Banco Santander to the
Santander UK group would keep the ratings on the U.K. NOHC at the
current level over its two-year outlook horizon even if its
assessment of Santander UK's intrinsic creditworthiness weakened.
This takes into consideration Banco Santander's higher UGCP of
'a-' and S&P's opinion that Santander UK is a core subsidiary of
Banco Santander.

A lowering of the ratings on the NOHC would most likely result
from a lowering of its ratings on Banco Santander by two notches,
which is a remote prospect. Any prospect of a higher rating is
predicated upon S&P raising the UGCP, though this is not
imminent, or if it believes that the potential for group support
has increased.

BICRA SCORE SNAPSHOT*

U.K.                          To                From

BICRA Group                   3                 3

Economic risk                4                 4
  Economic resilience         Low risk          Low risk
  Economic imbalances         Intermediate risk Intermediate risk
  Credit risk in the economy  High risk         High risk

Industry risk                3                 3
  Institutional framework     Intermediate risk Intermediate risk
  Competitive dynamics        Intermediate risk Intermediate risk
  Systemwide funding          Very Low Risk     Low risk

Trends
  Economic risk trend         Negative          Negative
  Industry risk trend         Stable            Stable

*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk).

RATING LIST

--- Santander UK PLC --

Ratings Affirmed

Santander UK PLC
Counterparty Credit Rating             A/Negative/A-1
Certificate Of Deposit                 A/A-1

Santander UK Group Holdings PLC
Counterparty Credit Rating             BBB/Stable/A-2

Santander UK PLC
Senior Unsecured                       A
Subordinated                           BBB-
Junior Subordinated                    BB
Junior Subordinated                    BB+
Preferred Stock                        BB
Preference Stock                       BB

Abbey National Capital Trust I
Preferred Stock                        BB

Abbey National North America LLC
Commercial Paper                       A-1

Abbey National Treasury Services PLC
Senior Unsecured                       A
Certificate Of Deposit                 A-1
Commercial Paper                       A-1

Abbey National Treasury Services PLC (Hong Kong branch)
Certificate Of Deposit                 A/A-1

Santander UK Group Holdings PLC
Senior Unsecured                       BBB
Subordinated                           BB+
Junior Subordinated                    B+

--- Barclays PLC ---

Ratings Affirmed

Barclays PLC
Counterparty Credit Rating             BBB/Negative/A-2

Barclays Bank Ireland PLC
Barclays Services Ltd.
Barclays Capital Inc.
Barclays Bank plc (Milan Branch)
Barclays Bank plc (Madrid Branch)
Counterparty Credit Rating             A-/Negative/A-2

Barclays Bank PLC
Counterparty Credit Rating             A-/Negative/A-2
Greater China Regional Scale           cnAA-/--/--
Certificate Of Deposit                 A-/A-2

Barclays PLC
Senior Unsecured                       BBB
Subordinated                           BB+
Junior Subordinated                    B+
Commercial Paper                       A-2

Barclays Bank PLC
Senior Unsecured                       A-
Senior Unsecured                       A-p
Senior Unsecured                       cnAA-
Subordinated                           BB+
Subordinated                           BBB-
Junior Subordinated                    BB
Junior Subordinated                    BB+
Junior Subordinated                    BBB-
Preference Stock                       BB
Short-Term Debt                        A-2
Certificate Of Deposit                 A-
Certificate Of Deposit                 A-2
Commercial Paper                       A-2

Barclays Bank PLC (Hong Kong Branch)
Commercial Paper                       A-2

Barclays Bank PLC (New York Branch)
Commercial Paper                       A-2

Barclays Bank PLC (Singapore Branch)
Commercial Paper                       A-2

Barclays Bank PLC (Tokyo Branch)
Commercial Paper                       A-2

Barclays U.S. Funding Corp.
Commercial Paper                       A-2

--- HSBC Holdings PLC ---

Ratings Affirmed

HSBC Bank PLC
Counterparty Credit Rating             AA-/Negative/A-1+

HSBC Bank PLC
Senior Unsecured                       AA-
Senior Unsecured                       AA-p
Subordinated                           A-
Junior Subordinated                    BBB+
Commercial Paper                       A-1+

HSBC Bank Capital Funding (Sterling 1) L.P.
Preferred Stock                        BBB

HSBC Bank Capital Funding (Sterling 2) L.P.
Preferred Stock                        BBB

--- Lloyds Banking Group PLC ---

Ratings Affirmed

Lloyds Banking Group PLC
HBOS PLC
Counterparty Credit Rating             BBB+/Negative/A-2

Bank of Scotland PLC
Lloyds Bank PLC
Counterparty Credit Rating             A/Negative/A-1

Bank of Scotland PLC
Certificate Of Deposit                 A/A-1

Lloyds Bank PLC
Certificate Of Deposit                 A/A-1

Lloyds Banking Group PLC
Senior Unsecured                       BBB+
Subordinated                           BBB-
Junior Subordinated                    BB+
Junior Subordinated                    BB-
Preference Stock                       BB

Bank of Scotland Capital Funding L.P.
Preferred Stock                        BB+

Bank of Scotland PLC
Senior Unsecured                       A
Subordinated                           BBB
Junior Subordinated                    BB+
Junior Subordinated                    BBB-

HBOS Capital Funding L.P.
Preferred Stock                        BB

HBOS Capital Funding No. 1 L.P.
Preference Stock                       BB

HBOS Capital Funding No. 3 L.P.
Preferred Stock                        BB

HBOS Capital Funding No. 4 L.P.
Junior Subordinated                    BB

HBOS PLC
Subordinated                           BBB-
Junior Subordinated                    BB+

Halifax Group Sterling Finance (Jersey) L.P.
Preferred Stock                        BB

LBG Capital No. 1 PLC
Subordinated                           BBB-
Junior Subordinated                    BB+

LBG Capital No. 2 PLC
Subordinated                           BBB

Lloyds Bank Capital 2 L.P.
Preferred Stock                        BB+

Lloyds Bank PLC
Senior Unsecured                       A
Senior Unsecured                       Ap
Senior Unsecured                       cnAA+
Subordinated                           BBB
Junior Subordinated                    BB+
Junior Subordinated                    BBB-
Certificate Of Deposit                 A-1
Commercial Paper                       A-1

--- The Royal Bank of Scotland Group PLC ---

Ratings Affirmed

The Royal Bank of Scotland Group PLC
Counterparty Credit Rating             BBB-/Stable/A-3

National Westminster Bank PLC
Ulster Bank Ltd.
The Royal Bank of Scotland PLC
The Royal Bank of Scotland N.V.
Royal Bank of Scotland PLC (Connecticut Branch) (The)
Royal Bank of Scotland N.V. (Milan Branch)
RBS Securities Inc.
Counterparty Credit Rating             BBB+/Stable/A-2

The Royal Bank of Scotland PLC
Certificate Of Deposit                 BBB+/A-2

Ulster Bank Ireland DAC
Counterparty Credit Rating             BBB/Stable/A-2
Certificate Of Deposit                 BBB/A-2

The Royal Bank of Scotland Group PLC
Senior Unsecured                       BBB-
Subordinated                           BB
Junior Subordinated                    B
Junior Subordinated                    B+
Junior Subordinated                    BB-
Preferred Stock                        B+
Preference Stock                       B+
Commercial Paper                       A-3

National Westminster Bank PLC
Subordinated                           BB+
Junior Subordinated                    BB
Junior Subordinated                    BB-
Preference Stock                       BB-

RBS Capital Trust B
Preferred Stock                        B+

RBS Capital Trust D
Preferred Stock                        B+

RBS Capital Trust II
Preferred Stock                        B+

RBS Holdings USA Inc.
Commercial Paper                       A-2

The Royal Bank of Scotland N.V.
Subordinated                           BB+

The Royal Bank of Scotland PLC
Senior Unsecured                       BBB+
Senior Unsecured                       BBB+p
Senior Unsecured                       cnA+
Subordinated                           BB+
Junior Subordinated                    BB
Certificate Of Deposit                 A-2
Commercial Paper                       A-2

Ulster Bank Ireland DAC
Certificate Of Deposit                 A-2



===============
X X X X X X X X
===============


* BOND PRICING: For the Week May 29 to June 2, 2017
---------------------------------------------------

Issuer                      Coupon     Maturity  Currency Price
------                      ------     --------  -------- -----
Agrokor dd                    9.88     5/1/2019    EUR    34.31
Banco Popular Espanol SA      8.25                 EUR    61.18
Eldorado Intl. Finance Gmb    8.63    6/16/2021    USD    78.12
Rickmers Holding AG           8.88    6/11/2018    EUR     6.50
CGG SA                        5.88    5/15/2020    EUR    41.00
CSN Resources SA              6.50    7/21/2020    USD    73.57
Agrokor dd                    9.13     2/1/2020    EUR    33.32
Intelsat Luxembourg SA        7.75     6/1/2021    USD    59.00
Aegon NV                      0.53                 EUR    70.49
Alitalia-Societa' Aerea It    5.25    7/30/2020    EUR    19.00
Frigoglass Finance BV         8.25    5/15/2018    EUR    57.00
Agrokor dd                    8.88     2/1/2020    USD    35.25
Banca Popolare di Vicenza     2.75    3/20/2020    EUR    75.47
Holdikks SAS                  6.75    7/15/2021    EUR    59.33
International Bank of Azer    6.17    5/10/2017    USD    99.78
TES Finance PLC               6.75    7/15/2020    GBP    65.83
VistaJet Malta Finance PLC    7.75     6/1/2020    USD    74.53
Offshore Drilling Holding     8.38    9/20/2020    USD    37.67
Casino Guichard Perrachon     1.68                 EUR    69.19
CGG SA                        1.75     1/1/2020    EUR     1.53
Veneto Banca SpA              0.72    6/21/2017    EUR    43.75
Intelsat Luxembourg SA        8.13     6/1/2023    USD    56.28
Mitsubishi UFJ Investor Se    4.17   12/15/2050    EUR    55.72
QGOG Constellation SA         6.25    11/9/2019    USD    71.77
Ensco PLC                     5.75    10/1/2044    USD    71.76
Portugal Telecom Internati    4.63     5/8/2020    EUR    28.98
CGG SA                        6.50     6/1/2021    USD    42.28
Oi Brasil Holdings Coopera    5.75    2/10/2022    USD    30.50
Air Berlin PLC                5.63     5/9/2019    CHF    72.50
Banco Espirito Santo SA       2.63     5/8/2017    EUR    28.52
Co-Operative Bank PLC        11.00   12/20/2023    GBP    34.75
Ageasfinlux SA                1.02                 EUR    57.15
Avangardco Investments Pub   10.00   10/29/2018    USD    22.75
Air France-KLM                2.03    2/15/2023    EUR    12.29
Neopost SA                    3.38                 EUR    60.23
Credit Mutuel Arkea SA        0.79                 EUR    75.00
Portugal Telecom Internati    5.00    11/4/2019    EUR    30.54
CGG SA                        6.88    1/15/2022    USD    42.18
Portugal Telecom Internati    5.88    4/17/2018    EUR    30.50
Far East Capital Ltd SA       8.00     5/2/2018    USD    69.67
Immigon Portfolioabbau AG    10.00                 EUR    15.15
UkrLandFarming PLC           10.88    3/26/2018    USD    20.00
Portugal Telecom Internati    4.38    3/24/2017    EUR    29.90
Norske Skog Holding AS        8.00    2/24/2021    EUR    27.63
Banca Carige SpA              7.32   12/20/2020    EUR    68.11
Banca Carige SpA              8.34                 EUR    25.00
Banca Popolare di Vicenza     9.50    9/29/2025    EUR    13.50
Portugal Telecom Internati    4.50    6/16/2025    EUR    30.13
Santander International Pr    2.00                 USD    65.90
New Look Senior Issuer PLC    8.00     7/1/2023    GBP    74.70
OAS Investments GmbH          8.25   10/19/2019    USD     3.00
Privatbank CJSC Via UK SPV   10.25    1/23/2018    USD    24.04
Alno AG                       8.50    5/14/2018    EUR    55.75
Banca Popolare di Vicenza     2.82   12/20/2017    EUR    12.33
Aegon NV                      1.51                 NLG    73.40
Veneto Banca SpA              9.50    12/1/2025    EUR    14.13
BNP Paribas SA                1.15                 EUR    69.21
Bourbon Corp                  4.70                 EUR
Mitsubishi UFJ Investor Se    3.92   12/30/2099    EUR     3.98
Oi Brasil Holdings Coopera    5.63    6/22/2021    EUR    30.49
Sanha GmbH & Co KG            7.75     6/4/2018    EUR    74.63
ADLER Real Estate AG          2.50    7/19/2021    EUR    15.72
HSH Nordbank AG/Luxembourg    2.10                 EUR    19.32
SOITEC                        6.75    9/18/2018    EUR     3.23
Pierre & Vacances SA          3.50    10/1/2019    EUR    47.42
Co-Operative Bank PLC         8.50     7/1/2025    GBP    30.63
CGG SA                        1.25     1/1/2019    EUR    24.08
HSH Nordbank AG               7.25                 USD    26.98
WPE International Cooperat   10.38    9/30/2020    USD    17.00
Paragon Offshore PLC          6.75    7/15/2022    USD    22.38
Agrokor dd Via Aquarius +     4.92     8/8/2017    EUR    29.13
IMMOFINANZ AG                 4.25     3/8/2018    EUR     4.39
Jyske Bank A/S                0.84                 EUR    74.33
Jyske Bank A/S                1.05                 EUR    74.50
Privatbank CJSC Via UK SPV   11.00     2/9/2021    USD     5.01
Portugal Telecom Internati    6.25    7/26/2016    EUR    30.08
Banca Monte dei Paschi di     0.67   11/30/2017    EUR    38.75
Rothschilds Continuation F    1.69                 USD    67.59
Banco Espirito Santo SA       4.00    1/21/2019    EUR    28.06
Bilt Paper BV                 9.64                 USD    29.52
Banca Monte dei Paschi di     5.00    4/21/2020    EUR    37.52
Novo Banco SA                 3.50     1/2/2043    EUR    62.25
Elli Investments Ltd         12.25    6/15/2020    GBP    68.00
Pacific Drilling SA           5.38     6/1/2020    USD    46.00
Eramet                        4.00                 EUR    48.45
Scholz Holding Gmbh           8.50   12/31/2019    EUR     2.08
Banca Monte dei Paschi di     2.25    5/15/2018    EUR    35.67
Far East Capital Ltd SA       8.75     5/2/2020    USD    69.67
Nexity SA                     0.13     1/1/2023    EUR    68.97
Banca Monte dei Paschi di     5.60     9/9/2020    EUR    37.44
Fuerstenberg Capital Erste    1.45                 EUR    73.00
Johnston Press Bond Plc       8.63     6/1/2019    GBP    61.00
Sydbank A/S                   1.01                 EUR    73.67
VistaJet Malta Finance PLC    7.75     6/1/2020    USD    75.88
TES Finance PLC               5.34    7/15/2020    GBP    68.17
Waste Italia SpA             10.50   11/15/2019    EUR    16.13
Lambay Capital Securities     6.25                 GBP     1.36
Banco Espirito Santo SA       4.75    1/15/2018    EUR    27.88
NIBC Bank NV                  0.91                 EUR    70.06
ATF Capital BV                8.77                 USD    73.00
Sapinda Invest SARL           5.00    6/30/2019    EUR    50.00
Banco Espirito Santo SA       7.13   11/28/2023    EUR     0.71
Decipher Production Ltd      12.50    9/27/2018    USD     1.16
Alno AG                       8.00    3/21/2019    EUR    42.00
Privatbank CJSC Via UK SPV   10.88    2/28/2018    USD    20.33
BIM SAS                       2.50   11/13/2020    EUR    28.23
Mriya Agro Holding PLC        9.45    4/19/2018    USD     4.00
Aligera Holding AB publ       5.00     5/7/2019    SEK    66.03
KTG Agrar SE                  7.13     6/6/2017    EUR     2.36
Banca Carige SpA              2.77    6/19/2018    EUR    64.33
Yuksel Insaat AS              9.50   11/10/2015    USD    20.63
Allied Irish Banks PLC       12.50    6/25/2035    GBP    70.00
OGX Austria GmbH              8.50     6/1/2018    USD     0.03
Manchester Building Societ    6.75                 GBP    17.50
Bibby Offshore Services PL    7.50    6/15/2021    GBP    55.50
Popular Capital SA            0.93                 EUR    50.00
Norske Skogindustrier ASA     7.13   10/15/2033    USD    23.86
Norske Skogindustrier ASA     2.00   12/30/2115    EUR     8.25
Ichor Coal NV                 8.00     6/7/2017    EUR    42.50
Eldorado Intl. Finance Gmb    8.63    6/16/2021    USD    78.28
Phones4u Finance PLC          9.50     4/1/2018    GBP    72.88
OSX 3 Leasing BV             13.00    3/20/2015    USD    35.00
Paragon Offshore PLC          7.25    8/15/2024    USD    22.50
Scandinavian Airlines Syst    0.63                 CHF    24.38
Virgolino de Oliveira Fina   10.50    1/28/2018    USD     7.04
Belfius Bank SA/NV            5.35                 EUR    65.36
Pastor Participaciones Pre    1.84                 EUR    75.49
Novo Banco SA                 3.00    6/21/2022    USD    72.39
Hybrid Raising GmbH           6.63                 EUR    24.25
3W Power SA                   8.00    8/29/2019    EUR    40.63
Intesa Sanpaolo SpA           5.63    3/18/2024    GBP    68.60
Dexia Credit Local SA         1.40                 EUR     6.28
Espirito Santo Financial G    6.88   10/21/2019    EUR     0.08
Lloyds Bank PLC               0.43    2/22/2033    USD    56.50
Credit Lyonnais SACA          0.44                 EUR    68.00
Oceanteam ASA                12.40   10/24/2017    USD    45.00
New World Resources NV        8.00     4/7/2020    EUR     4.86
Agrokor dd                    8.88     2/1/2020    USD    34.64
Klarna AB                     5.25                 SEK    70.72
Alpine Holding GmbH           6.00    5/22/2017    EUR     0.40
Dexia SA                      1.45                 EUR     5.25
Dexia Kommunalbank Deutsch    4.88     6/1/2017    EUR    46.10
Havila Shipping ASA           5.43    11/7/2020    NOK    70.00
OP Corporate Bank plc         0.84                 EUR    71.97
IKB Deutsche Industriebank    5.63     8/1/2017    EUR    33.13
EFG International AG          0.97                 EUR    68.00
Novo Banco SA                 3.50    2/19/2043    EUR    62.25
Deutsche Bank AG/London       1.90   12/23/2035    USD    62.13
Tonon Luxembourg SA          10.50    5/14/2024    USD    42.70
Lehman Brothers UK Capital    5.13                 EUR     0.26
Banca delle Marche SpA        0.62     6/1/2017    EUR     0.99
Capital Raising GmbH          7.50                 EUR    23.74
ESFIL-Espirito Santo Finan    5.25    6/12/2015    EUR     0.29
Afren PLC                    11.50     2/1/2016    USD     0.15
Beate Uhse AG                 7.75     7/9/2019    EUR    27.63
Petrol AD                     5.50    1/26/2022    EUR    25.63
Eirles Two DAC                1.69    9/30/2046    USD    11.88
Vseukrainsky Aktsinerny Ba   10.90    6/14/2019    USD     1.24
Banca Popolare di Vicenza     4.60   12/15/2017    EUR    42.41
Smart Solutions GmbH          8.00    12/3/2018    EUR    47.88
Fred Olsen Energy ASA         3.89    2/28/2019    NOK    54.50
Lloyds Bank PLC               2.45   11/27/2033    USD    68.00
Pescanova SA                  5.13    4/20/2017    EUR     3.39
Innogy SE                     3.80     4/5/2033    USD    73.94
Barclays Bank PLC             0.66    3/21/2033    USD    56.15
More & More AG                8.13    6/11/2018    EUR    33.13
Sequa Petroleum NV            5.00    4/29/2020    USD    69.13
Ideal Standard Internation   11.75     5/1/2018    EUR     4.78
City of Kiev Ukraine Via C    8.00    11/6/2015    USD    64.88
Cooperatieve Rabobank UA      0.50   11/26/2021    ZAR    68.87
NTRP Via Interpipe Ltd       10.25     8/2/2017    USD    25.25
GEWA 5 to 1 GmbH & Co KG      6.50    3/24/2018    EUR    31.38
Intelsat Luxembourg SA       12.50   11/15/2024    USD    68.47
Novo Banco SA                 3.50    1/23/2043    EUR    62.33
Novo Banco SA                 3.50    3/18/2043    EUR    62.25
Royal Bank of Scotland PLC    1.94   12/30/2030    USD    70.88
Orco Property Group SA        7.00    11/7/2019    EUR    65.00
Touax SA                      6.00    7/10/2020    EUR    16.46
Agrokor dd                    9.88     5/1/2019    EUR    34.75
Greene King Finance PLC       2.42    3/15/2036    GBP    74.33
Aralco Finance SA            10.13     5/7/2020    USD     1.77
Wild Bunch AG                 8.00    3/23/2019    EUR    50.00
Frey                          6.00   11/15/2022    EUR    22.55
Norske Skogindustrier ASA     7.13   10/15/2033    USD    24.86
CSN Resources SA              6.50    7/21/2020    USD    74.44
Tonon Luxembourg SA           9.25    1/24/2020    USD    10.75
CGG SA                        5.88    5/15/2020    EUR    41.50
Norske Skog Holding AS        8.00    2/24/2023    USD    26.00
Espirito Santo Financial G    3.13    12/2/2018    EUR     0.31
Deutsche Bank AG/London       3.19   10/31/2034    USD    70.25
New World Resources NV        4.00    10/7/2020    EUR     0.24
Orient Express Bank PJSC v   12.00    5/29/2019    USD    53.38
CBo Territoria                6.00     1/1/2020    EUR     4.07
Belfius Bank SA/NV            1.62                 FRF    70.13
Santander Finance Capital     2.00                 EUR    56.27
Action SA                     3.21     7/4/2017    PLN    71.48
GNB - Cia de Seguros de Vi    3.17                 EUR    49.00
Societe Generale SA           0.81                 EUR    69.12
Phosphorus Holdco PLC        10.00     4/1/2019    GBP     2.10
Bank Nadra via NDR Finance    8.25    7/31/2018    USD     0.32
Praktiker AG                  5.88    2/10/2016    EUR     0.25
APP International Finance    11.75    10/1/2005    USD     0.56
Banca Carige SpA              1.67   12/29/2018    EUR    49.88
Banco Espirito Santo SA       2.32                 EUR     0.27
Stichting Afwikkeling Onde    6.25   10/26/2020    EUR     4.01
German Pellets GmbH           7.25   11/27/2019    EUR     0.83
Banca Monte dei Paschi di     7.00     3/4/2019    EUR    37.77
Lehman Brothers UK Capital    6.90                 USD     0.77
Lloyds Bank PLC               0.41    1/31/2033    USD    58.00
Belfius Bank SA/NV            4.61                 EUR    60.13
Lehman Brothers Treasury C    6.00    2/15/2035    EUR     9.13
Banco Pastor SAU              2.07                 EUR    54.62
Banca Monte dei Paschi di     0.67    1/15/2018    EUR    39.33
Pescanova SA                  8.75    2/17/2019    EUR     3.11
Koninklijke Luchtvaart Maa    0.75                 CHF    36.50
Offshore Drilling Holding     8.38    9/20/2020    USD    43.25
Havila Shipping ASA           4.82    11/7/2020    NOK    42.63
Lloyds Bank PLC               2.78   12/27/2028    USD    76.00
QGOG Constellation SA         6.25    11/9/2019    USD    71.52
CGG SA                        6.50     6/1/2021    USD    48.31
LBI HF                        6.10    8/25/2011    USD     8.75
Banca Popolare di Vicenza     8.50   12/28/2018    EUR    31.15
Cirio Holding Luxembourg S    6.25    2/16/2004    EUR     0.91
Corporate Commercial Bank     8.25     8/8/2014    USD     0.99
Barclays Bank PLC             2.12    3/28/2034    USD    70.05
Agrokor dd                    9.13     2/1/2020    EUR    34.18
Rudolf Woehrl AG              6.50    2/12/2018    EUR    16.00
Lloyds Bank PLC               0.24    4/26/2033    USD    56.00
Deutsche Bank AG/London       1.44    3/27/2035    USD    66.88
CNP Assurances                2.00                 EUR    73.50
Cooperatieve Rabobank UA      0.50   11/30/2027    MXN    43.21
Kaupthing ehf                 7.63    2/28/2015    USD    17.63
Virgolino de Oliveira Fina   11.75     2/9/2022    USD     7.04
Hellenic Republic Governme    2.09    7/25/2057    EUR    40.13
Electromagnetic Geoservice    6.96    6/27/2019    NOK    70.00
Tikehau Capital SCA           1.63     1/1/2022    EUR    61.70
Dexia Kommunalbank Deutsch    5.63   12/31/2017    EUR    13.13
Volstad Shipping AS           6.89    4/15/2019    NOK    25.00
Barclays Bank PLC             2.85    1/27/2031    USD    66.13
PNE Wind AG                   3.75   10/10/2019    EUR     3.32
Teksid Aluminum Luxembourg   11.38    7/15/2011    EUR     0.39
Barclays Bank PLC             2.76    7/31/2034    USD    73.00
Mox Telecom AG                7.25    11/2/2017    EUR     3.30
Paragon Offshore PLC          7.25    8/15/2024    USD    20.75
Eniro AB                      6.00    4/14/2020    SEK    13.69
3W Power SA                   5.50   11/11/2020    EUR    40.00
Mriya Agro Holding PLC       10.95    3/30/2016    USD     5.75
Sazka AS                      9.00    7/12/2021    EUR     0.29
KTG Energie AG                7.25    9/28/2018    EUR     2.36
Vneshprombank Ltd via VPB     9.00   11/14/2016    USD     0.53
Barclays Bank PLC             1.81    7/28/2034    USD    66.35
German Pellets GmbH           7.25     7/9/2018    EUR     1.34
Oi Brasil Holdings Coopera    5.75    2/10/2022    USD    32.38
Cirio Finance Luxembourg S    7.50    11/3/2002    EUR     4.62
Air Berlin Finance BV         1.50    4/11/2027    EUR    50.00
Manchester Building Societ    8.00                 GBP    25.25
Cooperatieve Rabobank UA      0.50   10/29/2027    MXN    42.91
OGX Austria GmbH              8.38     4/1/2022    USD     0.00
Royal Bank of Scotland PLC    1.85   11/16/2030    USD    67.50
GNB - Cia de Seguros de Vi    1.87   12/19/2022    EUR    60.00
Cirio Finanziaria SpA         8.00   12/21/2005    EUR     0.40
CRC Breeze Finance SA         6.11     5/8/2026    EUR    55.63
Espirito Santo Financial G    9.75   12/19/2025    EUR     1.41
KTG Agrar SE                  7.25   10/15/2019    EUR     2.40
Etablissements Maurel et P    1.63     7/1/2019    EUR    16.21
Banca Monte dei Paschi di     2.79   10/31/2018    EUR    39.00
Bank Nederlandse Gemeenten    0.50     6/7/2022    ZAR    65.12
Windreich GmbH                6.50    7/15/2016    EUR    10.50
IKB Deutsche Industriebank    4.70     8/1/2017    EUR    32.00
Barclays Bank PLC             2.72    7/28/2031    USD    59.04
Barclays Bank PLC             2.59    2/28/2034    USD    70.10
Banco Espirito Santo SA       6.88    7/15/2016    EUR    27.88
Golden Gate AG                6.50   10/11/2014    EUR    45.40
Abanka Vipa DD Via Afinanc    1.57                 EUR     1.50
CGG SA                        6.88    1/15/2022    USD    42.13
Far Eastern Shipping Co PL   13.00   11/28/2017    RUB    50.02
Sairgroup Finance BV          4.38     6/8/2006    EUR    11.38
Laurel GmbH                   7.13   11/16/2017    EUR     8.00
Barclays Bank PLC             1.23    6/17/2033    USD    61.00
Mobylife Holding A/S          7.25    5/23/2020    SEK    53.00
Tatfondbank OAO via TFB Fi    8.50   11/12/2019    USD     0.17
Lloyds Bank PLC               2.52    7/26/2033    USD    67.13
Waste Italia SpA             10.50   11/15/2019    EUR    16.13
Finmek International SA       7.00    12/3/2004    EUR     6.50
Stichting Afwikkeling Onde   11.25                 EUR     1.05
Portugal Telecom Internati    5.24    11/6/2017    EUR    30.25
Breeze Finance SA             6.71    4/19/2027    EUR    29.05
Rena GmbH                     8.25    7/11/2018    EUR     9.38
JZ Capital Partners Ltd       6.00    7/30/2021    GBP    11.30
Afren PLC                     6.63    12/9/2020    USD     0.00
Barclays Bank PLC             0.40    5/31/2033    USD    53.00
Alpine Holding GmbH           5.25    6/10/2016    EUR     0.31
PA Resources AB              13.50     3/3/2016    SEK     0.23
Etablissements Maurel et P    2.75     7/1/2021    EUR    10.70
Geotech Seismic Services P   12.75   10/16/2019    RUB    70.01
International Industrial B   11.00    2/19/2013    USD     0.34
World Wide Supply AS          7.75    5/26/2017    USD    16.13
Paragon Offshore PLC          6.75    7/15/2022    USD    21.25
Deutsche Bank AG/London       0.36    3/15/2033    USD    59.25
Tonon Luxembourg SA          10.50    5/14/2024    USD    42.63
Barclays Bank PLC             2.62   12/30/2030    USD    67.01
Steilmann SE                  7.00    9/23/2018    EUR     2.74
Norske Skog Holding AS        8.00    2/24/2021    EUR    27.63
Pacific Drilling SA           5.38     6/1/2020    USD    47.50
German Pellets GmbH           7.25     4/1/2016    EUR     1.03
Norske Skog Holding AS        8.00    2/24/2023    USD    21.75
RENE LEZARD Mode GmbH         7.25   11/25/2017    EUR    10.50
Lehman Brothers Treasury C    5.10     5/8/2017    HKD     9.63
Windreich GmbH                6.50     3/1/2015    EUR    10.50
Hamburgische Landesbank-Gi    0.05   10/30/2040    EUR    64.42
Landes-Hypothekenbank Stei    0.06     3/7/2043    EUR    72.28
Veneto Banca SpA              6.94    5/15/2025    EUR    12.88
Barclays Bank PLC             3.22    3/27/2029    USD    68.00
UniCredit Bank Austria AG     0.15   12/27/2031    EUR    74.38
getgoods.de AG                7.75    10/2/2017    EUR     0.05
OGX Austria GmbH              8.50     6/1/2018    USD     0.03
Orient Express Bank PJSC V    8.17    6/27/2017    USD    50.00
HSBC France SA                1.03                 EUR    70.00
TES Finance PLC               6.75    7/15/2020    GBP    65.96
Lloyds Bank PLC               2.39     7/5/2033    USD    68.25
Hellas Telecommunications     8.50   10/15/2013    EUR     0.37
Banco Comercial Portugues     5.00                 EUR    60.00
Barclays Bank PLC             2.62   12/30/2030    USD    66.25
Santander Finance Capital     2.00                 EUR    56.19
Sidetur Finance BV           10.00    4/20/2016    USD     3.54
Assystem                      4.50                 EUR    38.03
Deutsche Bank AG/London       1.85    8/28/2034    USD    61.88
TradeDoubler AB               6.75   12/20/2018    SEK    58.67
Farstad Shipping ASA          5.09    7/30/2017    NOK    27.25
Deutsche Bank AG/London       2.46    6/30/2034    USD    51.50
Grupo Isolux Corsan SA        0.25   12/30/2018    EUR     4.29
OGX Austria GmbH              8.38     4/1/2022    USD     0.01
BNP Paribas SA                0.38    4/30/2033    USD    57.25
Rena GmbH                     7.00   12/15/2015    EUR     9.38
EDOB Abwicklungs AG           7.50     4/1/2012    EUR     0.60
Banco Pinto & Sotto Mayor     0.68                 EUR    34.00
Finance and Credit Bank JS    9.25    1/25/2019    USD     0.58
Holdikks SAS                  6.75    7/15/2021    EUR    59.65
Bank Nederlandse Gemeenten    0.50    7/12/2022    ZAR    64.71
Banca Carige SpA              5.70    9/17/2020    EUR    62.02
Pescanova SA                  6.75     3/5/2015    EUR     3.61
Barclays Bank PLC             1.70   11/29/2030    USD    65.25
Enterprise Holdings LTD       7.00    9/26/2017    EUR     2.69
Barclays Bank PLC             3.84    1/31/2029    USD    67.15
Lehman Brothers Treasury C    7.00    5/17/2035    EUR     9.13
KPNQwest NV                  10.00    3/15/2012    EUR     0.48
Virgolino de Oliveira Fina   10.88    1/13/2020    USD    28.50
PA Resources AB               3.00   12/27/2017    NOK     0.11
BOA Offshore AS               7.69   12/18/2018    NOK    25.00
Societe Generale SA           0.12    5/31/2033    USD    65.00
Steilmann SE                  7.00     3/9/2017    EUR     2.74
Del Monte Finance Luxembou    6.63    5/24/2006    EUR     5.44
Talvivaara Mining Co PLC      4.00   12/16/2015    EUR     0.27
Enterprise Holdings LTD       7.00    3/30/2020    EUR     2.69
SAG Solarstrom AG             6.25   12/14/2015    EUR    33.63
SiC Processing GmbH           7.13     3/1/2016    EUR     3.23
Royal Bank of Scotland PLC    1.84    8/26/2031    USD    66.13
KPNQwest NV                   8.88     2/1/2008    EUR     0.65
Lehman Brothers Treasury C    6.00    11/2/2035    EUR     9.13
Veneto Banca SpA              6.95    2/25/2025    EUR    11.63
IT Holding Finance SA         9.88   11/15/2012    EUR     1.63
Cooperatieve Rabobank UA      0.50    7/30/2043    MXN    12.26
Governo Portugues Consolid    3.00                 EUR    75.00
IVG Immobilien AG             5.50                 EUR     0.65
Barclays Bank PLC             1.94    9/30/2031    USD    69.10
Barclays Bank PLC             2.42    2/25/2031    USD    65.01
Banca Carige SpA              5.70    6/30/2017    EUR    72.94
Espirito Santo Financial P    5.13    5/30/2016    EUR     0.93
Steilmann SE                  6.75    6/27/2017    EUR     4.94
Banca Nuova SpA               6.06    5/23/2028    EUR    65.68
Banco Espirito Santo SA       6.90    6/28/2024    EUR    25.50
Deutsche Bank AG/London       0.18    1/31/2033    USD    55.35
Lehman Brothers Treasury C    4.00    2/16/2017    EUR     9.13
New World Resources NV        4.00    10/7/2020    EUR     0.24
Gebr Sanders GmbH & Co KG     8.75   10/22/2018    EUR    29.63
SeaBird Exploration Financ    6.00     3/3/2018    USD    16.00
Banca Popolare di Vicenza     5.00    6/30/2021    EUR    64.47
Landesbank Hessen-Thuering    0.08     5/3/2041    EUR    71.46
Kommunalbanken AS             0.50    5/27/2022    ZAR    66.50
Barclays Bank PLC             0.06   12/28/2040    EUR    74.57
Lloyds Bank PLC               1.84    7/29/2033    USD    66.80
Privatbank CJSC Via UK SPV   10.88    2/28/2018    USD    21.00
Depfa Funding II LP           6.50                 EUR    57.25
Mobile TeleSystems PJSC       8.85    3/25/2021    RUB   101.25
Barclays Bank PLC             4.13   10/10/2029    USD    74.57
Farstad Shipping ASA          4.29    5/29/2018    NOK    26.00
Frigoglass Finance BV         8.25    5/15/2018    EUR    56.88
Stichting Afwikkeling Onde    2.42                 EUR     1.05
Afren PLC                    10.25     4/8/2019    USD     0.01
Portigon AG                   7.46   12/31/2019    EUR    25.50
Region of Abruzzo Italy       0.13    11/7/2036    EUR    61.20
Russian Post FGUP             8.55    5/11/2027    RUB    99.00
ADLER Real Estate AG          6.00    6/30/2017    EUR    14.50
New World Resources NV        8.00     4/7/2020    EUR     4.86
Tonon Luxembourg SA           9.25    1/24/2020    USD    10.75
TES Finance PLC               5.34    7/15/2020    GBP    67.51
MS Deutschland Beteiligung    6.88   12/18/2017    EUR     5.88
A-TEC Industries AG           2.75    5/10/2014    EUR     2.00
Montepio Holding SGPS SA      5.00                 EUR    50.10
Golden Energy Offshore Ser    5.00   12/31/2017    NOK    40.00
Barclays Bank PLC             0.55    3/28/2033    USD    59.70
Barclays Bank PLC             1.84    11/1/2031    USD    64.50
Alpine Holding GmbH           5.25     7/1/2015    EUR     0.31
Bulgaria Steel Finance BV    12.00     5/4/2013    EUR     2.46
Acron PJSC                    9.55    9/24/2026    RUB   101.01
Hypo Tirol Bank AG            0.12    7/23/2026    EUR    64.72
Lehman Brothers Treasury C    7.25    10/5/2035    EUR     9.63
A-TEC Industries AG           8.75   10/27/2014    EUR     2.00
Nationwide Building Societ    0.82                 GBP    72.00
Banca Popolare di Vicenza     9.50    10/2/2025    EUR    15.50
Solon SE                      1.38    12/6/2012    EUR     0.33
Gazprombank JSC               9.95    12/2/2019    RUB    70.05
Marfin Investment Group Ho    7.00    7/29/2019    EUR     0.40
Kaupthing ehf                 5.75    10/4/2011    USD    17.63
Moscow United Electric Gri    8.55     5/6/2027    RUB    60.10
Virgolino de Oliveira Fina   10.50    1/28/2018    USD     7.13
Agroton Public Ltd            6.00    7/14/2019    USD    14.13
Lehman Brothers Treasury C    5.00    2/16/2015    EUR     9.13
Santander Finance Capital     2.00                 USD    56.16
SAG Solarstrom AG             7.50    7/10/2017    EUR    33.63
KPNQwest NV                   8.88     2/1/2008    EUR     0.65
Rosneft Oil Co PJSC          10.65    12/3/2020    RUB    62.00
Hamburgische Landesbank-Gi    0.05    1/22/2041    EUR    62.29
AKB Peresvet ZAO             13.50   10/16/2020    RUB    13.00
Afren PLC                    11.50     2/1/2016    USD     0.17
Barclays Bank PLC             2.36   12/23/2033    USD    66.20
Barclays Bank PLC             0.61     4/9/2028    USD    67.10
Intelsat Luxembourg SA       12.50   11/15/2024    USD    68.47
New Look Senior Issuer PLC    8.00     7/1/2023    GBP    74.87
La Veggia Finance SPA         7.13   11/14/2004    EUR     1.92
Depfa Funding IV LP           1.54                 EUR    57.13
Autonomous Community of Ca    2.97     9/8/2039    JPY    64.30
Lehman Brothers Treasury C    5.00    9/22/2014    EUR     9.13
Far East Capital Ltd SA       8.00     5/2/2018    USD    70.01
Veneto Banca SpA              1.67    5/15/2019    EUR    43.75
Rosbank PJSC                 10.40    5/27/2026    RUB    61.77
Lloyds Bank PLC               2.70   10/25/2033    USD    73.13
ADLER Real Estate AG          6.00   12/27/2018    EUR    14.50
Cirio Del Monte NV            7.75    3/14/2005    EUR     1.88
Rem Offshore ASA              5.00    12/8/2024    NOK    32.51
BLT Finance BV               12.00    2/10/2015    USD    10.50
Barclays Bank PLC             3.87    4/16/2029    USD    67.25
Deutsche Bank AG/London       2.94    9/30/2029    USD    67.00
Banco Espirito Santo SA      10.00    12/6/2021    EUR     0.74
OAS Investments GmbH          8.25   10/19/2019    USD     3.75
Oceanic Champion AS           8.00    2/20/2020    USD    71.33
Svensk Exportkredit AB        0.50    6/28/2022    ZAR    64.66
Admiral Boats SA              8.50    9/18/2017    PLN    20.00
Northland Resources AB       15.00    7/15/2019    USD     0.41
Vorarlberger Landes- und H    5.87                 EUR    51.98
Talvivaara Mining Co PLC      9.75     4/4/2017    EUR     1.03
UniCredit Bank AG             5.00   12/21/2029    EUR    73.52
Mriya Agro Holding PLC        9.45    4/19/2018    USD     4.00
Svensk Exportkredit AB        0.50    4/24/2029    AUD    62.79
Cooperatieve Rabobank UA      0.50    1/31/2033    MXN    24.87
DEMIRE Real Estate AG         6.00   12/30/2018    EUR     3.69
Northland Resources AB        4.00   10/15/2020    USD     0.21
Bank Julius Baer & Co Ltd/    6.70     6/2/2017    USD    55.05
Barclays Bank PLC             1.88    8/15/2033    USD    61.00
Karlie Group GmbH             5.00    6/25/2021    EUR     3.70
Autonomous Community of Ca    1.06     9/8/2024    EUR    73.01
Landesbank Hessen-Thuering    0.09    4/23/2041    EUR    70.93
Accentro Real Estate AG       6.25    3/27/2019    EUR    10.50
Minicentrales Dos SA          6.45    4/14/2028    EUR    67.13
Stroika Finance Ltd Via Em    9.90    6/25/2019    RUB    12.00
MegaFon PJSC                  9.90    5/29/2026    RUB   102.36
Novo Banco SA                 3.00   12/16/2021    EUR    69.86
Dannemora Mineral AB         11.75    3/22/2016    USD     0.42
Artea                         6.00     8/4/2019    EUR    14.43
Lehman Brothers Treasury C    2.88    3/14/2013    CHF     9.13
Municipality Finance PLC      0.50    4/26/2022    ZAR    65.75
Stichting Afwikkeling Onde    6.63    5/14/2018    EUR     3.02
A-TEC Industries AG           5.75    11/2/2010    EUR     2.00
Barclays Bank PLC             0.48    4/19/2033    USD    56.00
Rosbank PJSC                  9.80   12/20/2026    RUB    61.66
Lehman Brothers Treasury C    8.25    3/16/2035    EUR     9.13
Kaupthing ehf                 9.00                 USD     0.13
BNP Paribas SA                0.50    9/29/2029    AUD    61.85
Rosbank PJSC                  7.50    10/7/2024    RUB    98.00
wige MEDIA AG                 6.00    3/17/2019    EUR     2.90
Activa Resources AG           8.00   11/15/2017    EUR    17.80
Bibby Offshore Services PL    7.50    6/15/2021    GBP    55.50
Svensk Exportkredit AB        0.50    8/29/2029    AUD    62.78
Banca Popolare di Vicenza     5.00    3/31/2021    EUR    66.24
Vnesheconombank               9.76   12/17/2021    RUB    60.06
Svensk Exportkredit AB        0.50    6/29/2029    AUD    63.12
AKB Peresvet ZAO             13.25    4/25/2018    RUB    23.49
Mifa Mitteldeutsche Fahrra    7.50    8/12/2018    EUR     2.95
KPNQwest NV                   7.13     6/1/2009    EUR     0.51
Uppfinnaren 1 AB             10.00                 SEK    63.55
Gazprombank JSC               9.87    2/19/2021    RUB    60.00
Orient Express Bank PJSC     13.60     8/9/2018    RUB    62.00
Banca Popolare di Vicenza     5.00    5/30/2021    EUR    65.16
UniCredit Bank Austria AG     0.02    1/25/2031    EUR    69.39
Lehman Brothers Treasury C    6.65    8/24/2011    AUD     9.63
Phones4u Finance PLC          9.50     4/1/2018    GBP    72.88
Ideal Standard Internation   11.75     5/1/2018    EUR     4.78
Kamaz PJSC                   11.24    7/18/2030    RUB    62.00
Minaya Capital AG             7.00     8/1/2018    EUR    69.55
Russian Railways JSC         10.30    3/25/2026    RUB    63.00
Podkarpacki Bank Spoldziel    5.81     7/2/2020    PLN    67.10
Deutsche Bank AG              0.35    6/28/2033    USD    57.50
Virgolino de Oliveira Fina   11.75     2/9/2022    USD     7.38
Cooperatieve Rabobank UA      0.50   10/30/2043    MXN    12.49
DOF ASA                       7.89    9/12/2019    NOK    40.00
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Barclays Bank PLC             2.96    9/29/2034    USD    71.85
Oi Brasil Holdings Coopera    5.63    6/22/2021    EUR    31.00
Alpha Bank AE                 2.50    6/20/2022    EUR    74.06
O1 Properties Finance ZAO    13.00    10/2/2020    RUB   107.00
Banco BPI SA                  1.78                 EUR    58.02
KPNQwest NV                   8.13     6/1/2009    USD     0.49
Banca Popolare di Vicenza     5.00   11/22/2020    EUR    68.17
Banca Popolare di Vicenza     5.00    3/25/2021    EUR    66.32
Rinol AG                      5.50   10/15/2006    DEM     0.00
Johnston Press Bond Plc       8.63     6/1/2019    GBP    61.00
WPE International Cooperat   10.38    9/30/2020    USD    16.50
Governo Portugues Consolid    2.75                 EUR    68.75
Vnesheconombank              11.60    2/17/2025    RUB   100.00
Heta Asset Resolution AG      0.43   12/31/2023    EUR    39.75
Solarwatt GmbH                7.00    11/1/2015    EUR    14.50
Royal Bank of Scotland PLC    2.42   12/13/2028    USD    72.31
SAir Group                    0.13     7/7/2005    CHF    13.63
BNP Paribas SA                0.50    7/20/2021    BRL    64.60
Barclays Bank PLC             5.29    3/27/2029    USD    74.25
Lehman Brothers Treasury C    7.00   11/26/2013    EUR     9.13
Sairgroup Finance BV          6.63    10/6/2010    EUR     9.88
Barclays Bank PLC             1.70    4/25/2034    USD    68.50
Sberbank of Russia PJSC      10.00    6/20/2019    RUB    81.00
Rosneft Oil Co PJSC          11.40    12/3/2020    RUB    62.00
Sankt-Peterburg Telecom OA   10.70    1/31/2022    RUB    62.63
Banca Meridiana               1.25   11/12/2017    EUR    21.00
ING Bank Eurasia JSC          9.70    5/27/2020    RUB    61.30
Heta Asset Resolution AG      0.24   12/31/2023    EUR    39.75
Raiffeisen Versicherung AG    2.02                 EUR    31.28
Kaupthing ehf                 5.75    10/4/2011    USD    17.63
Veneto Banca SpA              5.41    5/25/2023    EUR    61.28
Royal Bank of Scotland PLC    1.72    2/25/2031    USD    63.60
Mechel PJSC                   8.00     2/9/2021    RUB    71.28
Atari SA                      7.50    2/17/2020    EUR     0.37
UkrLandFarming PLC           10.88    3/26/2018    USD    21.63
Lehman Brothers Treasury C    7.00     6/6/2017    EUR     0.26
EFG International Finance    10.15     8/2/2017    CHF    70.06
Atomenergoprom JSC           11.10   12/12/2025    RUB    63.66
Espirito Santo Financial G    5.05   11/15/2025    EUR     0.86
Republic of Italy Governme    0.19    7/31/2045    EUR    74.10
Norske Skogindustrier ASA     2.00   12/30/2115    EUR     8.25
Afren PLC                    10.25     4/8/2019    USD     0.01
WGF Westfaelische Grundbes    6.35     8/1/2017    EUR     3.50
Minicentrales Dos SA          4.81   11/29/2034    EUR    60.13
Bilt Paper BV                 9.64                 USD    29.88
Atari SA                      0.10     4/1/2020    EUR     4.26
Far East Capital Ltd SA       8.75     5/2/2020    USD    70.67
United Engine Corp JSC       10.75    6/10/2026    RUB    66.11
Cattles Ltd                   7.13     7/5/2017    GBP     0.28
Afren PLC                     6.63    12/9/2020    USD     0.06
Cie de Financement Foncier    0.98    8/11/2046    EUR    73.00
Gazprom PJSC                  5.10   10/21/2043    RUB    60.01
ML 33 Invest AS               7.50                 NOK    68.86
Lehman Brothers Treasury C    5.55    3/12/2015    EUR     0.26
Lehman Brothers Treasury C    6.00    3/14/2011    EUR     9.13
Cerruti Finance SA            6.50    7/26/2004    EUR     1.30
Lehman Brothers Treasury C    5.00    2/27/2014    EUR     9.13
Lloyds Bank PLC               2.70    4/25/2034    USD    67.50
International Industrial B    9.00     7/6/2011    EUR     0.70
Virgolino de Oliveira Fina   10.88    1/13/2020    USD    28.38
Elli Investments Ltd         12.25    6/15/2020    GBP    68.00
Municipiul Timisoara          0.80    5/15/2026    RON    70.00
AKB Peresvet ZAO             13.25    6/22/2017    RUB    22.63
Banca Popolare di Vicenza     4.97    4/20/2027    EUR    41.28
Pierer Industrie AG           5.75                 EUR    62.69
Municipality Finance PLC      0.50   11/17/2020    BRL    74.10
BLT Finance BV                7.50    5/15/2014    USD     2.18
Anglian Water Services Fin    0.87    1/26/2057    GBP    74.50
City of Moscow Russia         7.50    5/18/2021    RUB    60.01
Kaupthing ehf                 5.25    7/18/2017    BGN    17.63
Banca Monte dei Paschi di     4.36    3/14/2024    EUR    13.78
State Transport Leasing Co   14.30   12/10/2024    RUB    60.00
Pongs & Zahn AG               8.50                 EUR     0.15
Astana Finance BV             9.00   11/16/2011    USD    16.88
UniCredit Bank AG             0.37   11/19/2029    EUR    62.43
Muehl Product & Service AG    6.75    3/10/2005    DEM     2.33
Marfin Investment Group Ho    6.30    7/29/2020    EUR     0.40
Marine Subsea AS              9.00   12/16/2019    USD     0.44
Deutsche Bank AG/London       2.84   11/26/2034    USD    67.25
UniCredit Bank Austria AG     0.16   10/31/2031    EUR    67.28
City of Predeal Romania       1.50    5/15/2026    RON    60.00
Societe Generale SA           1.60     1/9/2020    GBP     1.12
JP Morgan Structured Produ    4.00     6/2/2017    USD    54.96
SUEK Finance                 12.50    8/19/2025    RUB    60.07
Svensk Exportkredit AB        0.50    1/31/2022    ZAR    67.84
Municipality Finance PLC      0.50    6/19/2024    ZAR    54.26
Astana Finance BV             7.88     6/8/2010    EUR    16.88
Lehman Brothers Treasury C    6.00    3/18/2015    USD     9.13
Lehman Brothers Treasury C    8.25    12/3/2015    EUR     9.13
Province of Milan Italy       0.03   12/22/2033    EUR    69.21
Region of Molise Italy        0.18   12/15/2033    EUR    66.37
Municipality Finance PLC      0.50   11/25/2020    ZAR    74.21
Metalloinvest Holding Co O    0.01    3/10/2022    RUB    60.00
Credit Suisse AG/London       0.50     1/8/2026    BRL    44.00
HSH Nordbank AG               2.30     2/1/2036    EUR    74.37
Rosneft Oil Co PJSC          14.90    12/3/2020    RUB    62.00
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Windreich GmbH                6.25     3/1/2015    EUR    10.50
KTM Industries AG             5.00                 EUR    74.57
Fonciere Volta SA             4.50    7/30/2020    EUR     2.59
Societe Generale SA           8.88     6/1/2017    USD    34.01
Russian Post FGUP             9.35    9/10/2026    RUB    60.55
Zapsibcombank PAO             5.00     9/4/2017    RUB    61.00
Kaupthing ehf                 6.13    10/4/2016    USD    17.63
EFG International Finance     6.00   11/30/2017    EUR     8.96
Alpha Bank AE                 2.50    6/20/2022    EUR    74.08
Rossiysky Capital OJSC       13.00   11/22/2019    RUB    80.01
EFG International Finance     2.10    3/23/2018    EUR    20.37
City of Kiev Ukraine Via C    8.00    11/6/2015    USD    64.88
HPI AG                        3.50                 EUR     6.00
Commerzbank AG               30.00    6/30/2020    USD     6.07
Lehman Brothers Treasury C    4.00    7/20/2012    EUR     0.26
Nuova Banca delle Marche S    7.20    6/30/2018    EUR     1.24
Rosintrud OOO                10.50     2/5/2021    RUB    60.00
Northland Resources AB        4.00   10/15/2020    NOK     0.25
Lehman Brothers Treasury C    5.00    3/18/2015    EUR     9.13
Oberbank Hybrid 1 GmbH        0.87                 EUR    47.96
Petromena ASA                10.85   11/19/2017    USD     0.52
ENEL RUSSIA PJSC             12.10    5/22/2025    RUB   102.73
OT-Optima Telekom DD          5.25    5/30/2022    HRK
VEB-Leasing OAO              12.50     9/1/2025    RUB
Barclays Bank PLC             2.28    8/31/2031    USD    67.50
Agentstvo po Ipotechnomu Z    9.50   11/15/2024    RUB    61.00
SAir Group                    6.25    4/12/2005    CHF    13.63
SG Issuer SA                  5.50    4/10/2021    EUR    65.97
Salvator Grundbesitz-AG       9.50                 EUR    19.15
ROSSETI PJSC                 11.25   11/14/2025    RUB    80.00
Kommunekredit                 0.50    7/30/2027    TRY    33.67
Societe Generale SA           0.53    6/28/2033    USD    73.75
Lehman Brothers Treasury C    5.00     5/2/2022    EUR     0.26
Lehman Brothers Treasury C    1.46    2/19/2012    JPY     9.13
Municipiul Timisoara          0.80    5/15/2026    RON    68.00
Aralco Finance SA            10.13     5/7/2020    USD     1.77
Metalloinvest Holding Co O    0.01     3/7/2022    RUB    50.01
Credit Agricole Corporate     0.50     3/6/2023    RUB    64.64
Er-Telekom Holding ZAO       10.85    12/1/2021    RUB    60.06
Barclays Bank PLC             2.57    3/21/2031    USD    70.13
United Aircraft Corp PJSC     8.00    3/17/2020    RUB    60.00
Podkarpacki Bank Spoldziel    5.81    3/31/2025    PLN    50.00
Lloyds Bank PLC               0.50    7/26/2021    BRL    67.35
Banco Espirito Santo SA       1.22    5/27/2018    EUR     0.74
AKB Peresvet ZAO             13.00    10/7/2017    RUB    22.50
Santander Finance Capital     2.00                 USD    56.16
Moscow United Electric Gri   11.00    9/12/2024    RUB    62.00
Finans-Avia OOO               0.01    7/31/2027    RUB    20.65
Credit Suisse AG/London       9.20   10/28/2019    USD     9.82
Synergy PJSC                 14.50    5/28/2020    RUB    61.07
Banca Popolare di Vicenza     1.60    2/20/2020    EUR    67.35
Municipality Finance PLC      0.50    7/30/2029    AUD    70.31
Bank Nederlandse Gemeenten    0.50    6/22/2021    ZAR    70.80
UBS AG                        5.60     3/4/2019    EUR    72.17
Lehman Brothers Treasury C    5.25   11/21/2009    USD     0.26
Ekotechnika AG                9.75    5/10/2018    EUR     9.50
Province of Brescia Italy     0.14    6/30/2036    EUR    63.40
Lehman Brothers Treasury C    4.50     5/2/2017    EUR     9.13
Penell GmbH Elektrogroshan    7.75    6/10/2019    EUR     5.07
ROSSETI PJSC                 11.90     6/9/2025    RUB    60.07
Lillestroem Sparebank         4.44                 NOK    62.30
BNP Paribas SA                0.50     5/6/2021    MXN    71.35
Kaupthing ehf                 7.50     2/1/2045    USD     0.27
Lehman Brothers Treasury C    8.00    2/16/2016    EUR     0.26
Bank Nederlandse Gemeenten    0.50    8/15/2022    ZAR    63.83
Lehman Brothers Treasury C    1.28    11/6/2010    JPY     9.13
Rossiysky Capital OJSC       10.50    1/16/2020    RUB    70.01
DekaBank Deutsche Girozent    0.01    6/29/2046    EUR    53.58
Dummy Set-up for ticker DU    9.55   12/28/2046    RUB     4.40
ECA                           2.50     1/1/2018    EUR
Bank Nederlandse Gemeenten    0.50    5/12/2021    ZAR    71.55
EDOB Abwicklungs AG           7.50     4/1/2012    EUR     0.60
ECM Real Estate Investment    5.00    10/9/2011    EUR    10.38
Societe Generale SA           1.00   12/22/2017    GBP     0.98
Rosneft Oil Co PJSC           9.35    1/18/2021    RUB    60.00
RGS Nedvizhimost OOO         12.50     6/2/2017    RUB    74.03
Agentstvo po Ipotechnomu Z    8.05   11/15/2018    RUB    70.00
Reso-Leasing OOO             10.50    9/21/2023    RUB   100.25
BAWAG PSK Versicherungs AG    1.06                 EUR    53.75
Sibur Holding PAO             9.65    9/16/2026    RUB    60.06
Cooperatieve Rabobank UA      0.50   12/29/2027    MXN    41.91
Phosphorus Holdco PLC        10.00     4/1/2019    GBP     2.10
LBI HF                        7.43                 USD     0.00
Credit Suisse AG/London      11.70    4/20/2018    USD    10.21
Rosselkhozbank JSC           12.87   12/21/2021    RUB    60.06
Bayerische Landesbank         2.70     7/6/2018    EUR    69.88
Rosneft Oil Co PJSC          10.65    12/3/2020    RUB    62.00
SG Issuer SA                  0.82     8/2/2021    SEK    69.30
Societe Generale SA           0.57    2/28/2033    USD    63.40
Svensk Exportkredit AB        0.50    2/22/2022    ZAR    66.52
Lehman Brothers Treasury C    7.00    4/14/2009    EUR     0.26
Transcapitalbank JSC         15.00    2/14/2022    RUB   102.01
Banca Popolare di Vicenza     2.50   11/22/2019    EUR    71.07
Banca Popolare di Vicenza     2.50    7/11/2019    EUR    74.69
SG Issuer SA                  6.65   10/10/2021    EUR    73.84
Vnesheconombank               9.75    8/16/2029    RUB    60.00
Podkarpacki Bank Spoldziel    5.11    5/28/2023    PLN    60.20
German Pellets GmbH           8.00                 EUR     0.12
Gazprom PJSC                  5.10   10/21/2043    RUB    60.00
COFIDUR SA                    0.10   12/31/2024    EUR    22.45
Voss Veksel OG Landmands B    8.15                 NOK    73.71
HSBC Bank PLC                 0.50   10/30/2026    NZD    70.14
Lehman Brothers Treasury C    1.75     2/7/2010    EUR     0.26
Lehman Brothers Treasury C    8.25     2/3/2016    EUR     0.26
Lehman Brothers Treasury C   11.00   12/20/2017    AUD     0.26
AKB Peresvet ZAO             12.50     9/6/2017    RUB    21.55
Windreich GmbH                6.75     3/1/2015    EUR    10.50
Rusfinans Bank OOO            9.90    7/18/2018    RUB    60.78
Russian Railways JSC         13.90    5/30/2040    RUB
Promnefteservis OOO          10.50   11/21/2019    RUB     3.40
Dummy Set-up for ticker DU    8.50    7/15/2041    RUB
LBI HF                        2.25    2/14/2011    CHF     7.13
Banca Popolare di Vicenza     2.00    11/7/2019    EUR    70.53
Agentstvo po Ipotechnomu Z   10.90    11/1/2022    RUB    60.72
UmweltBank AG                 2.85                 EUR    70.10
Vimpel-Communications PJSC   11.90    10/3/2025    RUB    62.00
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Lehman Brothers Treasury C   23.30    9/16/2008    USD     0.26
Lehman Brothers Treasury C    0.01    9/20/2011    USD     0.26
Rostelecom PJSC              11.70    5/20/2025    RUB    60.07
Svensk Exportkredit AB        0.50    3/28/2029    AUD    70.60
Orient Express Bank PJSC     11.70    7/17/2018    RUB    59.40
Agentstvo po Ipotechnomu Z   11.50    9/25/2018    RUB    70.00
Veneto Banca SpA              2.40    3/31/2020    EUR    71.46
Banca delle Marche SpA        6.00     5/8/2018    EUR     1.22
Lehman Brothers Treasury C    7.50    6/15/2017    USD     0.26
Lehman Brothers Treasury C    5.00    8/16/2017    EUR     9.13
EFG International Finance     7.20    2/25/2019    EUR    12.41
DekaBank Deutsche Girozent    0.12    6/23/2034    EUR    70.81
Lehman Brothers Treasury C    6.70    4/21/2011    USD     0.26
Lehman Brothers Treasury C    4.87    10/8/2013    USD     0.26
UniCredit Bank AO            12.35    9/16/2020    RUB    63.00
Salvator Grundbesitz-AG       9.50   12/31/2021    EUR    10.20
Soyuz AKB OAO                13.00   11/22/2019    RUB    95.00
Bank Nederlandse Gemeenten    0.50     8/9/2022    MXN    66.41
Lehman Brothers Treasury C    7.39     5/4/2017    USD     0.26
Lehman Brothers Treasury C    3.00    12/3/2012    EUR     0.26
Credit Suisse AG/Nassau       7.13    6/26/2017    CHF    66.88
Gold-Zack AG                  7.00   12/14/2005    EUR    12.58
Lehman Brothers Treasury C    3.03    1/31/2015    EUR     0.26
Rosselkhozbank JSC           14.50                 RUB    64.52
Rosselkhozbank JSC           14.50                 RUB    64.89
Rusfinans Bank OOO            8.90    4/24/2018    RUB    60.07
Deutsche Bank AG/London       0.50    10/5/2021    IDR    66.29
Barclays Bank PLC             7.12    10/4/2017    USD    37.01
Lehman Brothers Treasury C    4.70    3/23/2016    EUR     0.26
Lehman Brothers Treasury C    5.00    5/12/2011    CHF     0.26
State of Saxony-Anhalt        0.30     7/3/2028    EUR    24.00
Municipality Finance PLC      0.50    5/31/2022    ZAR    65.04
Rusfinans Bank OOO           10.00    7/31/2026    RUB    61.17
Rusfinans Bank OOO            9.65    2/26/2021    RUB    60.23
Agentstvo po Ipotechnomu Z   10.30    7/15/2023    RUB    61.00
Municipality Finance PLC      0.50     5/8/2029    AUD    60.81
Barclays Bank PLC             0.50    3/26/2021    MXN    70.47
SAir Group                    5.50    7/23/2003    CHF    13.57
Societe Generale SA           8.00    2/14/2022    USD     9.00
Lehman Brothers Treasury C    4.60   10/11/2017    ILS     9.13
AKB Peresvet ZAO              2.45     9/2/2020    RUB    11.34
Bank Julius Baer & Co Ltd/   15.40    6/16/2017    USD    56.20
Lehman Brothers Treasury C    7.60    5/21/2013    USD     0.26
Lehman Brothers Treasury C    5.00   11/22/2012    EUR     0.26
Lehman Brothers Treasury C    2.00    6/28/2011    EUR     0.26
City of Siret Romania         2.32     3/1/2028    RON    50.00
HSBC Bank PLC                 0.50   12/29/2026    AUD    67.53
Freight One JSC              12.00   10/15/2025    RUB    63.06
Cooperatieve Rabobank UA      0.50    8/21/2028    MXN    39.51
Svensk Exportkredit AB        0.50    6/20/2029    AUD    70.02
Vnesheconombank               8.35   11/24/2020    RUB    60.06
BELLAGIO Holding GmbH         2.18                 EUR    48.20
Lehman Brothers Treasury C    2.00   11/16/2009    EUR     0.26
LBI HF                        6.10    8/25/2011    USD     8.75
Lehman Brothers Treasury C    4.00    4/13/2011    CHF     0.26
Mriya Agro Holding PLC       10.95    3/30/2016    USD     6.75
Lehman Brothers Treasury C    4.60     7/6/2016    EUR     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     9.63
Lehman Brothers Treasury C    4.60    11/9/2011    EUR     9.13
Lehman Brothers Treasury C    4.00    7/27/2011    EUR     0.26
Corner Banca SA              20.00    7/10/2018    CHF    71.51
EFG International Finance    14.00     3/8/2018    CHF    62.69
ROSSETI PJSC                 10.29   10/31/2045    RUB    60.07
Lehman Brothers Treasury C    5.12    4/30/2027    EUR     0.26
Lehman Brothers Treasury C    5.50    6/22/2010    USD     9.13
UVS-Finance OOO              14.50    9/10/2019    RUB    99.97
Podkarpacki Bank Spoldziel    5.01    10/6/2021    PLN    70.60
Bank Nederlandse Gemeenten    0.50    9/20/2022    ZAR    63.18
Sidetur Finance BV           10.00    4/20/2016    USD     3.54
ENEL RUSSIA PJSC             12.10    5/22/2025    RUB    60.06
Banca delle Marche SpA        6.00    6/12/2018    EUR     1.52
AKB Peresvet ZAO             12.75    7/24/2018    RUB    19.74
Lehman Brothers Treasury C   11.00    6/29/2009    EUR     0.26
Kommunekredit                 0.50    5/11/2029    CAD    74.42
Banca Popolare di Vicenza     5.20    3/28/2024    EUR    51.57
Lehman Brothers Treasury C    6.00    9/20/2011    EUR     0.26
Credit Suisse AG/London       8.00   11/29/2019    USD     7.50
KPNQwest NV                   7.13     6/1/2009    EUR     0.51
Lehman Brothers Treasury C    8.00    3/19/2012    USD     0.26
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Kamaz PJSC                   10.39    12/5/2030    RUB    62.00
Lehman Brothers Treasury C    7.60    1/31/2013    AUD     0.26
Societe Generale SA           7.00   10/20/2020    USD
Russian Bank for Small and    9.25    3/17/2022    RUB    60.31
RusHydro PJSC                11.85     7/4/2018    RUB    86.00
Svensk Exportkredit AB        0.10   11/20/2019    TRY    73.85
Agrokompleks OOO              0.10    7/29/2019    RUB     5.00
Espirito Santo Financial G    5.05   11/15/2025    EUR     0.71
National Capital JSC          9.25    4/22/2019    RUB    99.98
Kaupthing ehf                 7.63    2/28/2015    USD    17.63
Lehman Brothers Treasury C   14.90   11/16/2010    EUR     0.26
Kubanenergo PJSC             10.44   11/21/2025    RUB    60.00
PA Urals Optical & Mechani   14.25   12/25/2018    RUB    95.75
Lehman Brothers Treasury C    8.00    5/22/2009    USD     0.26
Lehman Brothers Treasury C   10.00    6/11/2038    JPY     0.26
Lehman Brothers Treasury C   12.00    7/13/2037    JPY     0.26
Lehman Brothers Treasury C    4.68   12/12/2045    EUR     0.26
Kamaz PJSC                    9.63    12/2/2031    RUB    62.00
Rusfinans Bank OOO           10.10    6/30/2020    RUB    60.14
BLT Finance BV                7.50    5/15/2014    USD     2.18
Transneft PJSC                8.00     7/3/2025    RUB    62.00
Lehman Brothers Treasury C    7.50     5/2/2017    EUR     0.26
Lehman Brothers Treasury C   11.00   12/19/2011    USD     0.26
Leonteq Securities AG/Guer   29.61   10/26/2017    EUR    37.89
Kommunekredit                 0.50   12/14/2020    ZAR    74.02
Ladya-Finans LLC             12.00   10/29/2021    RUB    61.00
ROSSETI PJSC                  9.15    8/18/2026    RUB    60.06
Barclays Bank PLC             0.50    1/28/2033    MXN    23.90
Barclays Bank PLC             1.00    5/10/2019    JPY    56.59
HSBC Bank PLC                 0.50    6/10/2021    BRL    67.25
SAir Group                    6.25   10/27/2002    CHF    13.58
Ashinskiy metallurgical wo    5.60    6/17/2024    RUB    62.00
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
Bayerische Landesbank         2.60   10/19/2018    EUR    67.42
SAir Group                    4.25     2/2/2007    CHF    13.63
Union Technologies Informa    0.10     1/1/2020    EUR     5.40
TGC-1 PJSC                    5.60    2/14/2022    RUB    60.01
Commerzbank AG                8.00    7/14/2021    USD
National Capital JSC          9.50    7/25/2018    RUB   100.00
Bank Julius Baer & Co Ltd/    6.00    7/24/2017    CHF    74.80
Lehman Brothers Treasury C    4.50     3/6/2013    CHF     0.26
Northland Resources AB       15.00    7/15/2019    USD     0.41
ROSSETI PJSC                  9.15    8/18/2026    RUB    60.06
Veneto Banca SpA              5.15    1/25/2023    EUR    61.81
Oberoesterreichische Lande    0.30    4/25/2042    EUR    26.76
EFG International Finance     7.00   11/27/2019    EUR    17.22
EFG International Finance     8.99     9/4/2017    EUR     2.94
AKB Peresvet ZAO             13.50    6/23/2021    RUB    12.49
Polbrand sp zoo               9.00    10/2/2017    PLN    50.00
Lehman Brothers Treasury C    0.50     7/2/2020    EUR     0.26
Lehman Brothers Treasury C    7.00    9/20/2011    USD     0.26
Russian Railways JSC          6.80    5/20/2044    RUB
Communaute Francaise de Be    0.50    6/27/2046    EUR    68.19
Locko-Bank AO                12.55    7/11/2023    RUB    60.31
Espirito Santo Financial P    5.63    7/28/2017    EUR     1.04
Lehman Brothers Treasury C   13.50   11/28/2008    USD     0.26
EFG International Finance    12.86   10/30/2017    EUR     1.96
Societe Generale SA           0.50     8/4/2021    BRL    67.40
Polski Bank Spoldzielczy w    4.81    6/18/2020    PLN    50.00
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
Rosselkhozbank JSC           10.85    7/14/2025    RUB    60.27
Lehman Brothers Treasury C    5.00    12/6/2011    EUR     0.26
Kamaz PJSC                    9.92   11/24/2031    RUB    62.00
Podkarpacki Bank Spoldziel    5.81   10/24/2024    PLN    55.20
Bank VTB 24 JSC               9.00     9/1/2044    RUB
Escher Marwick PLC            3.50   10/14/2031    USD    74.57
Dummy Set-up for ticker DU    3.00   12/28/2046    RUB    33.41
Europlan Leasing Co          12.50    9/25/2019    RUB    94.13
Agrokompleks OOO              0.10    12/8/2022    RUB     3.91
Lehman Brothers Treasury C    7.59   11/22/2009    MXN     9.13
VEB-Leasing OAO               8.65    1/16/2024    RUB    62.00
Svensk Exportkredit AB        0.50    3/15/2022    ZAR    66.47
Barclays Bank PLC             0.50    4/24/2023    MXN    57.90
T Plus PJSC                   9.50    8/24/2017    RUB    97.51
Lenenergo PJSC                9.80     7/9/2025    RUB    60.00
Rusfinans Bank OOO            8.75    9/29/2020    RUB    60.16
Heliocentris Energy Soluti    4.00    1/16/2019    EUR    21.93
VEB-Leasing OAO              12.50    8/18/2025    RUB    62.00
Bayerische Landesbank         2.70    7/13/2018    EUR    73.83
Nuova Banca delle Marche S    7.75    6/30/2018    EUR     1.24
Lehman Brothers Treasury C    4.30     6/4/2012    USD     0.26
Lehman Brothers Treasury C   15.00     6/4/2009    CHF     0.26
Lehman Brothers Treasury C   10.00    6/17/2009    USD     0.26
HSBC Bank PLC                 0.50    7/21/2021    BRL    66.39
BKS Hybrid alpha GmbH         7.35                 EUR    60.45
Delta Credit Bank JSC         9.65    10/1/2024    RUB    61.60
IDGC of the North Caucasus   13.00    4/22/2021    RUB    61.00
Societe Generale SA           0.50    5/22/2024    MXN    55.67
SUEK Finance                 12.50    8/19/2025    RUB    60.07
Lehman Brothers Treasury C    4.35     8/8/2016    SGD     9.63
Lehman Brothers Treasury C    7.25    10/6/2008    EUR     0.26
Lehman Brothers Treasury C    6.00   10/24/2008    EUR     0.26
Lehman Brothers Treasury C    6.85   12/22/2008    EUR     0.26
Bulgaria Steel Finance BV    12.00     5/4/2013    EUR     2.46
Main Road OJSC                4.10   10/30/2028    RUB    60.00
UBS AG/London                 5.00    8/14/2017    CHF    53.80
ECM Real Estate Investment    5.00    10/9/2011    EUR    10.38
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
LBI HF                        7.43                 USD     0.00
LZMO SA                       8.50    6/30/2017    PLN    63.64
BNP Paribas Emissions- und    9.00    6/22/2017    EUR    47.16
IDGC of the South PJSC       13.50     6/8/2020    RUB    60.00
Kerdos Group SA               8.00   12/15/2017    PLN
Russian Post FGUP             2.75    12/6/2023    RUB    71.82
MIK OAO                      15.00    2/19/2020    RUB     5.55
GlobexBank AO                11.00   12/25/2021    RUB    96.25
Freight One JSC              11.80   10/23/2025    RUB    65.11
Lehman Brothers Treasury C    5.10    6/22/2046    EUR     0.26
Societe Generale Effekten     4.00    6/26/2017    EUR    50.93
BNP Paribas SA                0.50   11/16/2032    MXN    29.10
Hellas Telecommunications     8.50   10/15/2013    EUR     0.37
Societe Generale SA           0.50    5/30/2023    MXN    60.75
Bank Nederlandse Gemeenten    0.50    9/20/2022    MXN    65.77
Barclays Bank PLC             0.50    3/13/2023    RUB    64.56
Leonteq Securities AG         3.00    2/21/2018    CHF
EFG International Finance     6.48    5/29/2018    EUR     5.92
Lehman Brothers Treasury C    6.00   10/30/2012    USD     0.26
Lehman Brothers Treasury C   11.00   12/20/2017    AUD     0.26
Bayerische Landesbank         2.70     7/6/2018    EUR    73.31
Lehman Brothers Treasury C    0.50     8/1/2020    EUR     0.26
Lehman Brothers Treasury C   16.20    5/14/2009    USD     0.26
Landesbank Baden-Wuerttemb    6.00    6/23/2017    EUR    61.41
LBI HF                        8.65     5/1/2011    ISK     7.13
Barclays Bank PLC             1.85    7/24/2028    USD    71.50
World of Building Technolo    9.90    6/25/2019    RUB     0.45
Bank Julius Baer & Co Ltd/   23.00     8/4/2017    USD    59.25
Indre Sogn Sparebank          5.84                 NOK    54.82
Fininvest OOO                13.00    11/9/2018    RUB     5.05
Banca Popolare di Vicenza     1.60    3/20/2020    EUR    66.56
Municipality Finance PLC      0.25    6/28/2040    CAD    31.37
Atomenergoprom JSC            9.33    12/3/2026    RUB    60.00
Driver & Bengsch AG           8.50   12/31/2027    EUR     0.00
Lehman Brothers Treasury C    4.25    5/15/2010    EUR     0.26
Lehman Brothers Treasury C   11.75     3/1/2010    EUR     0.26
DekaBank Deutsche Girozent    3.40     4/9/2018    EUR    65.58
Lehman Brothers Treasury C   11.00   12/20/2017    AUD     0.26
Lehman Brothers Treasury C   16.00   10/28/2008    USD     0.26
Lehman Brothers Treasury C    5.50    4/23/2014    EUR     0.26
Lehman Brothers Treasury C    5.50     7/8/2013    EUR     0.26
Lehman Brothers Treasury C    7.63    7/22/2011    HKD     0.26
LBI HF                        5.08     3/1/2013    ISK     7.13
Lehman Brothers Treasury C    7.50     8/1/2035    EUR     0.26
Banca Popolare di Vicenza     2.25    8/22/2019    EUR    73.08
Svensk Exportkredit AB        0.50    8/28/2020    TRY    68.62
National Capital JSC         10.50    9/15/2020    RUB   100.00
Province of Brescia Italy     0.11   12/22/2036    EUR    62.69
Petromena ASA                 9.75    5/24/2016    NOK     0.52
Societe Generale SA          11/28/2029    USD    70.77
Lehman Brothers Treasury C   14.90    9/15/2008    EUR     0.26
Kaupthing ehf                 6.13    10/4/2016    USD    17.63
Lehman Brothers Treasury C    5.00   10/24/2008    CHF     0.26
SAir Group                    2.75    7/30/2004    CHF    13.63
UniCredit Bank AG             4.50    9/19/2017    EUR    69.91
Lehman Brothers Treasury C   10.00     1/3/2012    BRL     0.26
Lehman Brothers Treasury C    6.00    5/23/2018    CZK     0.26
Nutritek International Cor    8.75   12/11/2008    USD     2.00
Raiffeisen Schweiz Genosse    6.50     7/2/2018    USD    56.41
Lehman Brothers Treasury C    4.80   11/16/2012    HKD     0.26
Lehman Brothers Treasury C    2.50    8/23/2012    GBP     0.26
HSBC Trinkaus & Burkhardt     9.60    6/23/2017    EUR    52.78
KPNQwest NV                   7.13     6/1/2009    EUR     0.51
Lehman Brothers Treasury C   14.10   11/12/2008    USD     0.26
Lehman Brothers Treasury C    7.60     3/4/2010    NZD     0.26
SAir Group                    5.13     3/1/2003    CHF    14.00
Lehman Brothers Treasury C    9.50     4/1/2018    USD     0.26
Lehman Brothers Treasury C    3.00    6/23/2009    EUR     9.13
Lehman Brothers Treasury C    2.30    4/28/2014    JPY     0.26
Agentstvo po Ipotechnomu Z    9.80    7/15/2024    RUB    60.00
IFK Soyuz OAO                14.00    7/18/2028    RUB    60.00
IFK Soyuz OAO                12.00    12/9/2027    RUB    59.70
Nota-Bank OJSC               13.50     4/1/2016    RUB    31.50
UBS AG                        7.40    5/17/2021    CHF    59.55
Leonteq Securities AG         7.20    5/29/2018    USD
Municipality Finance PLC      0.50   12/15/2020    BRL    73.58
HSBC Bank PLC                 0.50   11/25/2025    BRL    42.94
Credit Suisse AG/London       3.00   11/15/2025    ZAR    64.90
Kubanenergo PJSC             12.63   11/11/2025    RUB    60.00
Upravlenie Otkhodami ZAO      4.00    4/29/2027    RUB    69.17
Moscow United Electric Gri   10.00    5/26/2026    RUB    62.00
Banca Popolare di Vicenza     1.60    5/29/2020    EUR    65.02
Societe Generale SA           0.50     4/3/2023    RUB    64.32
Noyabrskaya Pge OOO           8.50   11/10/2020    RUB    60.00
Kaupthing ehf                 5.00     1/4/2027    SKK    17.63
Lehman Brothers Treasury C    1.50   10/25/2011    EUR     0.26
Province of Rovigo Italy      0.06   12/28/2035    EUR    64.42
Barclays Bank PLC             0.50    3/19/2021    MXN    71.16
IT Holding Finance SA         9.88   11/15/2012    EUR     1.63
Kreditanstalt fuer Wiedera    0.25    10/6/2036    CAD    40.88
KPNQwest NV                   8.88     2/1/2008    EUR     0.65
Lehman Brothers Treasury C    3.60    3/19/2018    JPY     0.26
Lehman Brothers Treasury C    8.00    3/21/2018    USD     0.26
Lehman Brothers Treasury C    4.00    3/10/2011    EUR     0.26
Leonteq Securities AG         5.00   11/21/2018    CHF
Leonteq Securities AG         3.50    4/10/2018    EUR    58.83
EFG International Finance     7.19     5/6/2019    EUR    14.19
UBS AG/London                 9.40    6/30/2017    EUR    51.25
Nuova Banca delle Marche S    8.00    6/30/2018    EUR     1.24
Lehman Brothers Treasury C    6.45    2/20/2010    AUD     0.26
Lehman Brothers Treasury C   17.00     6/2/2009    USD     0.26
Lehman Brothers Treasury C   16.00    11/9/2008    USD     0.26
Lehman Brothers Treasury C   12.00     7/4/2011    EUR     0.26
Uginvestgerion OOO           12.10     4/1/2020    RUB     0.04
Kaupthing ehf                 3.75    2/15/2024    ISK    17.63
Lehman Brothers Treasury C    3.82   10/20/2009    USD     0.26
Lehman Brothers Treasury C    3.00    8/15/2017    EUR     0.26
Podkarpacki Bank Spoldziel    5.81    2/23/2025    PLN    60.10
Northland Resources AB       12.25    3/26/2016    USD     0.41
HSBC Bank PLC                 0.50    4/11/2023    MXN    61.36
Oberbank AG                   7.40                 EUR    68.04
Jyske Bank A/S                0.74    2/13/2023    EUR    68.10
HSBC Bank PLC                 0.50    1/29/2027    NZD    69.32
Societe Generale SA           0.50    6/12/2023    RUB    63.14
Rusfinans Bank OOO           11.00    10/2/2019    RUB    61.12
Svensk Exportkredit AB        0.50    8/25/2021    ZAR    69.37
Raiffeisen Schweiz Genosse    8.99    7/22/2019    EUR    29.36
Transgazservice LLP          10.50    11/8/2019    RUB     0.25
Delta-Finance OOO            10.00   12/17/2020    RUB     0.04
Lehman Brothers Treasury C    3.86    9/21/2011    SGD     9.63
RGS Nedvizhimost OOO         12.50    7/22/2021    RUB    60.10
Lehman Brothers Treasury C    6.75     4/5/2012    EUR     0.26
Lehman Brothers Treasury C    3.40    9/21/2009    HKD     0.26
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    63.70
Commerzbank AG               10.50   10/26/2017    EUR    66.12
OBRAZOVANIE AKIB AO          11.00    5/31/2018    RUB    30.00
UBS AG                        8.75   12/22/2017    EUR    62.58
Lehman Brothers Treasury C    6.72   12/29/2008    EUR     0.26
Lehman Brothers Treasury C    6.00    7/28/2010    EUR     0.26
HSBC Trinkaus & Burkhardt    18.60    6/23/2017    EUR    67.82
HSBC Bank PLC                 0.50    12/8/2020    BRL    71.15
Bank VTB 24 JSC               9.00    9/15/2044    RUB
DekaBank Deutsche Girozent    2.60    6/23/2017    EUR    65.12
Goldman Sachs & Co Wertpap    9.00    6/21/2017    EUR    72.79
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    62.70
UBS AG/London                 8.25     8/7/2017    EUR    73.25
Leonteq Securities AG         3.80    2/21/2018    EUR
Leonteq Securities AG         4.40    2/21/2018    USD
Leonteq Securities AG         6.00    8/21/2017    CHF     0.08
Leonteq Securities AG         6.00    8/21/2017    EUR     0.01
Leonteq Securities AG         6.77    8/17/2017    CHF    57.68
Leonteq Securities AG         5.40    8/28/2017    CHF    57.26
Commerzbank AG               13.50   12/20/2017    EUR    73.93
Lehman Brothers Treasury C    9.25    6/20/2012    USD     0.26
Lehman Brothers Treasury C    3.00    9/13/2010    JPY     9.13
Leonteq Securities AG         5.00     9/4/2018    CHF    60.81
Leonteq Securities AG         5.60     9/4/2017    CHF    71.79
Leonteq Securities AG         5.60    9/11/2017    CHF    59.19
DekaBank Deutsche Girozent    2.75    6/24/2019    EUR    71.95
SAir Group                    2.75    7/30/2004    CHF    13.63
Lehman Brothers Treasury C    3.35   10/13/2016    EUR     0.26
Lehman Brothers Treasury C    4.00    5/30/2010    USD     0.26
Lehman Brothers Treasury C    2.48    5/12/2009    USD     0.26
Lehman Brothers Treasury C    2.25    5/12/2009    USD     0.26
Lehman Brothers Treasury C    4.10    6/10/2014    SGD     9.63
UniCredit Bank AG             4.00    6/26/2018    EUR    72.47
UniCredit Bank AG             4.60    6/30/2017    EUR    56.74
Landesbank Baden-Wuerttemb    3.25    1/26/2018    EUR    71.13
Landesbank Hessen-Thuering    4.00    1/16/2018    EUR    71.23
Leonteq Securities AG/Guer    5.00   12/27/2019    EUR    69.04
Landesbank Baden-Wuerttemb    3.00    2/23/2018    EUR    71.15
Landesbank Baden-Wuerttemb    3.15    6/22/2018    EUR    72.66
UBS AG                        9.50   12/22/2017    EUR    59.66
UBS AG                        5.25   12/22/2017    EUR    67.58
UBS AG                        8.25   12/22/2017    EUR    71.73
UBS AG                       11.75   12/22/2017    EUR    53.83
UBS AG                        7.75   12/22/2017    EUR    67.22
UBS AG                        7.00   12/22/2017    EUR    69.67
UBS AG                       10.25   12/22/2017    EUR    56.17
UBS AG                       10.25   12/22/2017    EUR    46.42
UBS AG                        5.00   12/22/2017    EUR    71.95
UBS AG                        8.50   12/22/2017    EUR    51.14
UBS AG                       11.75   12/22/2017    EUR    42.17
UBS AG                        8.00   12/22/2017    EUR    65.94
UBS AG                       11.75   12/22/2017    EUR    52.90
UBS AG                        7.50   12/22/2017    EUR    55.41
UBS AG                        9.50   12/22/2017    EUR    64.21
UBS AG                        5.75   12/22/2017    EUR    63.90
UBS AG                        8.25   12/22/2017    EUR    53.30
UBS AG                        8.25   12/22/2017    EUR    54.82
UBS AG                        4.50   12/22/2017    EUR    72.67
UBS AG                        9.50   12/22/2017    EUR    59.05
UBS AG                        6.50   12/22/2017    EUR    59.04
Lehman Brothers Treasury C    5.00    4/24/2017    EUR     0.26
Lehman Brothers Treasury C    0.80   12/30/2016    EUR     0.26
Lehman Brothers Treasury C    4.00    5/17/2010    USD     0.26
Lehman Brothers Treasury C    6.00   12/30/2017    EUR     0.26
Lehman Brothers Treasury C    6.00    2/19/2023    USD     0.26
Lehman Brothers Treasury C    1.00    2/26/2010    USD     0.26
Deutsche Bank AG              3.20   11/22/2017    EUR    73.50
Vontobel Financial Product    8.00    9/29/2017    EUR    73.32
Landesbank Baden-Wuerttemb    3.00    9/22/2017    EUR    72.10
Leonteq Securities AG         6.00   10/12/2017    CHF    64.21
UniCredit Bank AG             5.40    6/30/2017    EUR    68.97
Lehman Brothers Treasury C    6.25   11/30/2012    EUR     0.26
DekaBank Deutsche Girozent    3.10     8/4/2017    EUR    57.89
Lehman Brothers Treasury C    8.00   10/17/2014    EUR     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Commerzbank AG                1.00    2/19/2020    USD    27.60
Leonteq Securities AG        10.00    4/20/2018    CHF    70.30
Leonteq Securities AG        11.00    4/20/2018    USD    69.65
Lehman Brothers Treasury C    8.60    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    8.28    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    7.50    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    7.32    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    4.00    12/2/2012    EUR     0.26
Lehman Brothers Treasury C    6.00    6/21/2011    EUR     0.26
Lehman Brothers Treasury C    2.00    6/21/2011    EUR     0.26
DekaBank Deutsche Girozent    3.15    5/18/2018    EUR    71.46
UBS AG                        9.00     7/3/2017    CHF    70.55
UBS AG                        4.50   12/22/2017    EUR    63.01
UBS AG                        5.00   12/22/2017    EUR    71.75
Credit Suisse AG/Nassau       5.25    5/14/2018    CHF    73.59
UniCredit Bank AG             4.10    9/28/2018    EUR    72.99
UBS AG/London                 9.00   12/22/2017    EUR    63.03
UBS AG/London                 7.75   12/22/2017    EUR    56.12
UniCredit Bank AG             4.25    9/12/2017    EUR    69.83
Leonteq Securities AG/Guer    4.68    8/29/2017    CHF    70.84
UBS AG/London                 7.00   12/22/2017    EUR    70.04
UBS AG/London                12.50   12/22/2017    EUR    74.54
UBS AG/London                 5.00   12/22/2017    EUR    70.85
UBS AG/London                14.50   12/22/2017    EUR    70.28
Leonteq Securities AG/Guer    4.40    8/28/2017    CHF    65.01
Raiffeisen Schweiz Genosse    5.04    8/28/2017    CHF    69.38
DekaBank Deutsche Girozent    3.30    2/26/2018    EUR    59.95
DekaBank Deutsche Girozent    3.45     6/1/2018    EUR    71.58
UniCredit Bank AG             4.00   10/14/2019    EUR    72.14
Leonteq Securities AG/Guer   16.20   11/30/2017    USD    41.71
Goldman Sachs & Co Wertpap   10.00    6/21/2017    EUR    71.69
Lehman Brothers Treasury C    7.00   10/22/2010    EUR     0.26
Lehman Brothers Treasury C   16.00    10/8/2008    CHF     0.26
Lehman Brothers Treasury C    4.00     1/4/2011    USD     0.26
Lehman Brothers Treasury C   10.00    2/16/2009    CHF     0.26
Lehman Brothers Treasury C    1.50   10/12/2010    EUR     0.26
Lehman Brothers Treasury C    2.50    11/9/2011    CHF     0.26
Lehman Brothers Treasury C    8.80   12/27/2009    EUR     0.26
Lehman Brothers Treasury C   18.25    10/2/2008    USD     0.26
UBS AG/London                 9.50     9/4/2017    CHF    24.15
Lehman Brothers Treasury C    3.00    8/13/2011    EUR     0.26
Lehman Brothers Treasury C    5.50   11/30/2012    CZK     0.26
Lehman Brothers Treasury C    9.30   12/21/2010    EUR     0.26
Lehman Brothers Treasury C    8.00   12/31/2010    USD     0.26
Lehman Brothers Treasury C    6.30   12/21/2018    USD     0.26
Lehman Brothers Treasury C   13.00    7/25/2012    EUR     0.26
Goldman Sachs & Co Wertpap   12.00    9/20/2017    EUR    67.53
Lehman Brothers Treasury C    8.00   10/23/2008    USD     0.26
Lehman Brothers Treasury C   12.22   11/21/2017    USD     0.26
Lehman Brothers Treasury C    3.50   12/20/2027    USD     0.26
Lehman Brothers Treasury C    6.00   10/30/2012    EUR     0.26
Lehman Brothers Treasury C   10.00     8/2/2037    JPY     0.26
Lehman Brothers Treasury C    4.00   10/12/2010    USD     0.26
Goldman Sachs & Co Wertpap   12.00    9/20/2017    EUR    65.40
Raiffeisen Centrobank AG      6.23   12/28/2018    EUR    74.64
Raiffeisen Centrobank AG      9.85   12/20/2017    EUR    72.93
Raiffeisen Centrobank AG     13.01   12/20/2017    EUR    69.71
Raiffeisen Centrobank AG      7.54   12/28/2018    EUR    69.43
UBS AG/London                17.90    6/30/2017    EUR    70.19
UBS AG/London                14.00    6/30/2017    EUR    73.55
UBS AG/London                14.30    9/29/2017    EUR    73.45
Raiffeisen Schweiz Genosse    3.00    9/22/2020    CHF    68.51
DekaBank Deutsche Girozent    3.00   12/17/2018    EUR    71.18
DZ Bank AG Deutsche Zentra    5.00     2/6/2018    EUR    71.94
Goldman Sachs Internationa    1.00    12/5/2017    SEK    20.68
HSBC Trinkaus & Burkhardt    11.00    8/25/2017    EUR    72.95
HSBC Trinkaus & Burkhardt    13.40    9/22/2017    EUR    70.88
HSBC Trinkaus & Burkhardt    12.10    3/23/2018    EUR    74.50
Leonteq Securities AG         3.00    9/19/2019    CHF    55.01
UniCredit Bank AG             5.00    6/25/2019    EUR    67.65
UniCredit Bank AG             3.75    10/2/2020    EUR    73.35
Landesbank Hessen-Thuering    4.00     4/8/2019    EUR    64.73
UniCredit Bank AG             4.60     7/2/2018    EUR    67.23
Leonteq Securities AG         7.00    9/20/2017    CHF    71.43
Landesbank Hessen-Thuering    5.00    3/27/2019    EUR    72.03
DekaBank Deutsche Girozent    7.15   10/27/2017    EUR    66.26
Vontobel Financial Product   14.00   12/22/2017    EUR    72.94
Vontobel Financial Product   13.00   12/22/2017    EUR    74.01
Commerzbank AG               15.50    8/23/2017    EUR    71.40
Vontobel Financial Product   13.50    9/22/2017    EUR    72.67
Vontobel Financial Product   16.05    9/22/2017    EUR    70.13
Vontobel Financial Product   12.00   12/22/2017    EUR    71.89
Vontobel Financial Product   16.00   12/22/2017    EUR    68.30
Vontobel Financial Product   20.00   12/22/2017    EUR    63.53
HSBC Trinkaus & Burkhardt    15.40    6/23/2017    EUR    73.48
UBS AG/London                 9.50    9/22/2017    EUR    60.96
UBS AG/London                12.50    9/22/2017    EUR    56.17
HSBC Trinkaus & Burkhardt    17.10    6/23/2017    EUR    51.32
HSBC Trinkaus & Burkhardt    12.70    9/22/2017    EUR    58.18
HSBC Trinkaus & Burkhardt    10.30    9/22/2017    EUR    62.34
HSBC Trinkaus & Burkhardt     7.50    9/22/2017    EUR    69.02
Goldman Sachs & Co Wertpap   14.00    9/20/2017    EUR    72.29
Societe Generale Effekten     9.62    6/23/2017    EUR    65.00
Societe Generale Effekten    11.68    6/23/2017    EUR    60.97
Goldman Sachs & Co Wertpap   11.00   12/20/2017    EUR    70.01
Goldman Sachs & Co Wertpap   11.00   12/20/2017    EUR    72.24
Goldman Sachs & Co Wertpap   16.00    6/21/2017    EUR    73.87
HSBC Trinkaus & Burkhardt     4.00    6/16/2017    EUR    66.28
Vontobel Financial Product    4.00    11/9/2017    EUR    68.66
Goldman Sachs & Co Wertpap   13.00   12/20/2017    EUR    72.62
Leonteq Securities AG         8.80    6/21/2017    CHF    71.67
Notenstein La Roche Privat    9.68    6/15/2017    CHF    71.08
SG Issuer SA                  0.80   11/30/2020    SEK    63.74
EFG International Finance     7.35   12/28/2017    CHF    73.73
Credit Suisse AG/Nassau       7.25    7/13/2017    CHF    67.52
DekaBank Deutsche Girozent    3.50   10/28/2019    EUR    73.83
Bank Julius Baer & Co Ltd/    5.50    11/6/2017    CHF    60.40
Commerzbank AG                5.80    10/8/2017    EUR    73.19
Raiffeisen Schweiz Genosse    4.50    3/27/2018    EUR    59.04
DekaBank Deutsche Girozent    3.25    5/18/2018    EUR    73.87
EFG International Finance     6.40     4/9/2020    EUR    74.43
Zurcher Kantonalbank Finan    6.50    4/10/2018    CHF    62.41
Landesbank Baden-Wuerttemb    4.20    6/23/2017    EUR    62.87
Landesbank Baden-Wuerttemb    3.00   10/27/2017    EUR    73.65
Landesbank Baden-Wuerttemb    5.00   10/27/2017    EUR    71.87
Landesbank Baden-Wuerttemb    5.00   10/27/2017    EUR    64.63
Landesbank Baden-Wuerttemb    4.00   10/27/2017    EUR    69.12
Landesbank Baden-Wuerttemb    4.60    6/23/2017    EUR    71.35
Landesbank Baden-Wuerttemb    3.25    7/28/2017    EUR    74.03
Landesbank Baden-Wuerttemb    3.90    7/28/2017    EUR    70.48
Landesbank Baden-Wuerttemb    3.25    7/28/2017    EUR    72.03
Landesbank Baden-Wuerttemb    3.55    8/25/2017    EUR    61.74
Landesbank Baden-Wuerttemb    3.75    9/22/2017    EUR    60.45
Landesbank Baden-Wuerttemb    3.90    9/22/2017    EUR    58.73
Landesbank Baden-Wuerttemb    3.20    9/22/2017    EUR    69.10
Landesbank Baden-Wuerttemb    3.85   10/27/2017    EUR    67.46
Landesbank Baden-Wuerttemb    3.40   11/24/2017    EUR    63.06
Landesbank Baden-Wuerttemb    3.00    6/28/2019    EUR    72.59
Landesbank Baden-Wuerttemb    2.50    6/28/2019    EUR    70.03
Landesbank Baden-Wuerttemb    3.00    6/28/2019    EUR    72.85
Landesbank Baden-Wuerttemb    3.50    6/22/2018    EUR    66.24
Landesbank Baden-Wuerttemb    4.00    8/25/2017    EUR    59.42
Landesbank Baden-Wuerttemb    3.00    9/28/2018    EUR    67.83
Landesbank Baden-Wuerttemb    3.75   10/27/2017    EUR    69.64
Landesbank Baden-Wuerttemb    3.25    8/25/2017    EUR    72.53
Landesbank Baden-Wuerttemb    3.00    6/28/2019    EUR    73.70
DekaBank Deutsche Girozent    3.25    4/20/2018    EUR    65.21
Raiffeisen Schweiz Genosse    4.00     5/8/2018    CHF    62.76
DekaBank Deutsche Girozent    2.75   10/29/2018    EUR    65.77
DekaBank Deutsche Girozent    3.00    4/30/2019    EUR    71.31
Landesbank Baden-Wuerttemb    3.55    8/25/2017    EUR    73.89
Landesbank Baden-Wuerttemb    3.60    6/22/2018    EUR    66.95
Raiffeisen Schweiz Genosse   15.00   12/27/2017    CHF    67.06
Credit Suisse AG/London       8.50    9/18/2017    USD    56.39
HSBC Trinkaus & Burkhardt     2.50    9/22/2017    EUR    71.02
Leonteq Securities AG        10.20   10/24/2018    EUR    64.85
Landesbank Baden-Wuerttemb    4.00    6/23/2017    EUR    68.13
Credit Suisse AG/Nassau       6.38    6/12/2017    EUR    62.91
Raiffeisen Schweiz Genosse    6.50    6/26/2017    EUR    68.42
Landesbank Baden-Wuerttemb    3.00    8/25/2017    EUR    72.75
Landesbank Baden-Wuerttemb    5.00    8/25/2017    EUR    64.37
EFG International Finance     7.20    7/29/2020    EUR    28.91
Goldman Sachs & Co Wertpap   12.00    6/21/2017    EUR    52.08
Landesbank Baden-Wuerttemb    4.00    8/25/2017    EUR    68.02
Credit Suisse AG/Nassau       5.50     8/3/2017    EUR    74.13
Commerzbank AG               11.50    7/26/2017    EUR    55.24
Goldman Sachs & Co Wertpap   12.00    6/21/2017    EUR    72.99
UBS AG/London                 7.00    6/26/2017    EUR    65.30
Landesbank Baden-Wuerttemb    3.70    7/27/2018    EUR    74.29
Zurcher Kantonalbank Finan    9.00    7/17/2017    EUR    73.02
UBS AG/London                 7.50     7/3/2017    EUR    62.15
Goldman Sachs & Co Wertpap   14.00    6/21/2017    EUR    73.50
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    70.52
Goldman Sachs & Co Wertpap    7.00    6/21/2017    EUR    71.51
Goldman Sachs & Co Wertpap   10.00    6/21/2017    EUR    62.22
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    58.46
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    71.53
UBS AG/London                 9.25    6/26/2017    CHF    65.05
EFG International Finance     7.20    6/26/2017    GBP     2.90
Zurcher Kantonalbank Finan    8.50    7/17/2017    CHF    59.93
Banque Cantonale Vaudoise     7.25     7/3/2017    CHF    56.78
SAir Group                    2.13    11/4/2004    CHF    13.63
Goldman Sachs & Co Wertpap   11.00    6/21/2017    EUR    73.69
UBS AG/London                 6.40    12/8/2017    EUR    62.59
UBS AG/London                 9.60    12/8/2017    EUR    57.29
Credit Suisse AG/Nassau       7.25    6/14/2017    CHF    64.91
HSBC Trinkaus & Burkhardt     6.50    1/29/2018    EUR    66.95
HSBC Trinkaus & Burkhardt     8.40    9/22/2017    EUR    59.18
HSBC Trinkaus & Burkhardt     4.80    9/22/2017    EUR    66.51
HSBC Trinkaus & Burkhardt     3.00    9/22/2017    EUR    73.11
UBS AG                       24.10    9/28/2017    EUR    68.70
UBS AG/London                 6.00    10/5/2017    CHF    50.65
EFG International Finance    17.00     8/3/2018    USD    72.06
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    54.18
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    67.25
BNP Paribas Emissions- und   24.00    6/22/2017    EUR    71.64
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    67.22
BNP Paribas Emissions- und   29.00    6/22/2017    EUR    68.41
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    56.88
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    68.03
BNP Paribas Emissions- und   19.00    6/22/2017    EUR    68.90
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    55.88
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    64.43
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    71.95
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    67.20
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    71.88
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    66.88
BNP Paribas Emissions- und   24.00   12/21/2017    EUR    67.89
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    64.82
BNP Paribas Emissions- und   29.00   12/21/2017    EUR    60.39
BNP Paribas Emissions- und   23.00   12/21/2017    EUR    61.55
BNP Paribas Emissions- und   29.00    6/22/2017    EUR    72.47
BNP Paribas Emissions- und   29.00   12/21/2017    EUR    69.48
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    69.38
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    68.89
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    61.37
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    55.26
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    66.01
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    74.60
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    56.91
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    66.17
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    72.32
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    72.22
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    63.35
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    66.85
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    61.93
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    70.45
BNP Paribas Emissions- und   29.00   12/21/2017    EUR    63.98
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    72.80
BNP Paribas Emissions- und   24.00    6/22/2017    EUR    73.78
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    66.16
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    73.58
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    74.12
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    72.38
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    70.26
BNP Paribas Emissions- und    6.00    6/22/2017    EUR    54.74
BNP Paribas Emissions- und   18.00    6/22/2017    EUR    35.44
BNP Paribas Emissions- und   21.00    6/22/2017    EUR    32.35
BNP Paribas Emissions- und    6.00   12/21/2017    EUR    57.46
BNP Paribas Emissions- und   10.00   12/21/2017    EUR    48.90
BNP Paribas Emissions- und   13.00   12/21/2017    EUR    44.40
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    35.66
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    67.59
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    70.73
BNP Paribas Emissions- und   24.00    6/22/2017    EUR    69.24
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    64.40
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    65.16
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    58.71
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    56.42
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    74.54
BNP Paribas Emissions- und   13.00    6/22/2017    EUR    61.48
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    39.06
BNP Paribas Emissions- und   15.00   12/21/2017    EUR    58.40
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    50.85
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    46.82
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    44.21
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    42.41
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    73.04
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    69.41
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    55.06
BNP Paribas Emissions- und   13.00   12/21/2017    EUR    74.44
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    64.24
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    53.96
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    67.91
BNP Paribas Emissions- und   13.00    6/22/2017    EUR    67.11
BNP Paribas Emissions- und   19.00    6/22/2017    EUR    56.42
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    48.86
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    63.58
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    60.05
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    72.76
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    67.54
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    60.30
Lloyds Bank PLC               0.50    7/26/2028    MXN    43.41
HSBC Bank PLC                 0.50     6/9/2023    MXN    60.49
Polski Bank Spoldzielczy w    4.81   11/26/2024    PLN    45.00
DZ Bank AG Deutsche Zentra   11.50    6/23/2017    EUR    55.16
Commerzbank AG                3.51    5/31/2019    EUR     3.50
HSBC Trinkaus & Burkhardt    11.70    6/23/2017    EUR    60.08
HSBC Trinkaus & Burkhardt     8.70    6/23/2017    EUR    67.47
Polski Bank Spoldzielczy w    4.81    6/22/2021    PLN    55.00
Lehman Brothers Treasury C    7.05     4/8/2015    USD     0.26
Lehman Brothers Treasury C    7.80    3/31/2018    USD     0.26
Lehman Brothers Treasury C   10.00   10/23/2008    USD     0.26
Lehman Brothers Treasury C   10.00   10/22/2008    USD     0.26
Lehman Brothers Treasury C    3.45    5/23/2013    USD     0.26
Lehman Brothers Treasury C   13.15   10/30/2008    USD     0.26
Lehman Brothers Treasury C    7.50    5/30/2010    AUD     0.26
Lehman Brothers Treasury C   11.00     5/9/2020    USD     0.26
Lehman Brothers Treasury C    4.00     6/5/2011    USD     0.26
Lehman Brothers Treasury C    5.00    2/15/2018    EUR     0.26
Lehman Brothers Treasury C    9.00     5/6/2011    CHF     0.26
Lehman Brothers Treasury C   10.60    4/22/2014    MXN     0.26
Lehman Brothers Treasury C    9.75    6/22/2018    USD     0.26
Lehman Brothers Treasury C    4.60     8/1/2013    EUR     0.26
Lehman Brothers Treasury C   10.44   11/22/2008    CHF     0.26
Lehman Brothers Treasury C    3.00     6/3/2010    EUR     0.26
Lehman Brothers Treasury C   12.40    6/12/2009    USD     0.26
Lehman Brothers Treasury C   13.43     1/8/2009    ILS     0.26
Lehman Brothers Treasury C    7.75     1/3/2012    AUD     0.26
Lehman Brothers Treasury C    3.10     6/4/2010    USD     0.26
Lehman Brothers Treasury C    2.50    8/15/2012    CHF     0.26
Lehman Brothers Treasury C    6.00     8/7/2013    EUR     0.26
Lehman Brothers Treasury C    6.25     9/5/2011    EUR     0.26
Lehman Brothers Treasury C   16.80    8/21/2009    USD     0.26
Lehman Brothers Treasury C    5.25     7/8/2014    EUR     0.26
Lehman Brothers Treasury C    4.00    8/11/2010    USD     9.13
Lehman Brothers Treasury C    2.30     6/6/2013    USD     0.26
Lehman Brothers Treasury C    1.00     5/9/2012    EUR     0.26
Lehman Brothers Treasury C   10.00    5/22/2009    USD     0.26
Lehman Brothers Treasury C   13.50     6/2/2009    USD     0.26
Lehman Brothers Treasury C    0.50     6/2/2020    EUR     0.26
Lehman Brothers Treasury C   11.00     7/4/2011    USD     0.26
Lehman Brothers Treasury C   11.00     7/4/2011    CHF     0.26
Lehman Brothers Treasury C   16.00   12/26/2008    USD     0.26
Raiffeisen Switzerland BV     3.50    8/25/2017    CHF    67.62
Commerzbank AG                7.25   10/26/2017    EUR    72.31
Commerzbank AG               14.25   10/26/2017    EUR    61.47
Vontobel Financial Product    3.00    6/13/2017    EUR    57.88
Lehman Brothers Treasury C    1.50     2/8/2012    CHF     0.26
HSBC Trinkaus & Burkhardt     4.30    6/23/2017    EUR    68.94
HSBC Trinkaus & Burkhardt     9.60    6/23/2017    EUR    54.81
Kaupthing ehf                 9.75    9/10/2015    USD    17.63
Lehman Brothers Treasury C    4.10    8/23/2010    USD     0.26
Lehman Brothers Treasury C    7.75    2/21/2016    EUR     0.26
Lehman Brothers Treasury C    8.00   12/27/2032    JPY     0.26
Goldman Sachs & Co Wertpap   10.00    6/21/2017    EUR    73.53
Goldman Sachs & Co Wertpap   11.00    6/21/2017    EUR    73.68
Lehman Brothers Treasury C    7.25    6/20/2010    USD     0.26
Erste Group Bank AG           9.25    6/29/2017    EUR    51.20
Credit Suisse AG/London       8.95     6/6/2017    USD    53.97
Lehman Brothers Treasury C    6.00     3/4/2015    USD     0.26
Lehman Brothers Treasury C    7.15    3/21/2013    USD     0.26
Lehman Brothers Treasury C    7.50    2/14/2010    AUD     0.26
Lehman Brothers Treasury C    6.60    5/23/2012    AUD     0.26
Lehman Brothers Treasury C    3.00    9/12/2036    JPY     9.13
Lehman Brothers Treasury C    4.82   12/18/2036    EUR     0.26
Lehman Brothers Treasury C    5.25     4/1/2023    EUR     0.26
Lehman Brothers Treasury C   13.00   12/14/2012    USD     0.26
UBS AG/London                 6.30   12/29/2017    EUR    65.69
UBS AG                       10.25   12/22/2017    EUR    57.11
UBS AG                       13.00   12/22/2017    EUR    67.66
UBS AG                        6.75   12/22/2017    EUR    59.33
UBS AG                        7.75   12/22/2017    EUR    62.97
UBS AG                       10.50   12/22/2017    EUR    58.30
UBS AG                        6.25   12/22/2017    EUR    58.89
Vontobel Financial Product   18.40    9/11/2017    EUR    66.00
Deutsche Bank AG              6.20    6/20/2017    EUR    75.10
Deutsche Bank AG              6.20    6/20/2017    EUR    74.00
Raiffeisen Schweiz Genosse    4.20    4/10/2018    EUR    60.70
Raiffeisen Switzerland BV     9.00     4/1/2019    EUR    21.43
DZ Bank AG Deutsche Zentra    9.00    6/23/2017    EUR    58.08
DZ Bank AG Deutsche Zentra    8.70   12/22/2017    EUR    62.37
DZ Bank AG Deutsche Zentra   10.10   12/22/2017    EUR    59.28
DZ Bank AG Deutsche Zentra    9.25    7/28/2017    EUR    58.33
UBS AG/London                10.00    6/23/2017    EUR    58.68
UBS AG/London                13.50    6/23/2017    EUR    53.16
Landesbank Baden-Wuerttemb    3.40    7/27/2018    EUR    70.47
Landesbank Baden-Wuerttemb    5.50    6/23/2017    EUR    67.37
Landesbank Baden-Wuerttemb    4.50    6/23/2017    EUR    71.63
Landesbank Baden-Wuerttemb    3.00    6/23/2017    EUR    72.53
Landesbank Baden-Wuerttemb    5.00    6/23/2017    EUR    64.39
Norddeutsche Landesbank Gi    3.00    7/16/2018    EUR    74.24
Lehman Brothers Treasury C   11.00    2/16/2009    CHF     0.26
Lehman Brothers Treasury C   13.00    2/16/2009    CHF     0.26
Lehman Brothers Treasury C    7.00    2/15/2010    CHF     0.26
UBS AG                       11.25   12/22/2017    EUR    71.79
UBS AG                       10.50   12/22/2017    EUR    52.09
Lehman Brothers Treasury C    7.06   12/29/2008    EUR     0.26
Lehman Brothers Treasury C    6.60     2/9/2009    EUR     0.26
Lehman Brothers Treasury C    8.88    1/28/2011    HKD     9.63
Kaupthing ehf                 7.00    7/24/2009    ISK    17.63
Lehman Brothers Treasury C    4.05    9/16/2008    EUR     0.26
Lehman Brothers Treasury C    5.00    3/13/2009    EUR     0.26
Lehman Brothers Treasury C    4.25    3/13/2021    EUR     0.26
AKB Derzhava OJSC            11.25    7/10/2023    RUB    90.06
HSBC Trinkaus & Burkhardt     5.40    9/22/2017    EUR    70.10
Lehman Brothers Treasury C    8.05   12/20/2010    HKD     0.26
Royal Bank of Scotland PLC    6.20     9/7/2018    GBP     1.07
Royal Bank of Scotland PLC    1.33   10/26/2018    GBP     1.06
Kaupthing ehf                 6.50    10/8/2010    ISK    17.63
Kaupthing ehf                 7.50    12/5/2014    ISK    17.63
Lehman Brothers Treasury C    2.30    6/27/2013    USD     0.26
Lehman Brothers Treasury C    2.37    7/15/2013    USD     0.26
Lehman Brothers Treasury C    1.95    11/4/2013    EUR     0.26
Lehman Brothers Treasury C    5.22     3/1/2024    EUR     0.26
Lehman Brothers Treasury C    4.00    2/28/2010    EUR     0.26
Lehman Brothers Treasury C    4.10    5/20/2009    USD     0.26
Lehman Brothers Treasury C    2.00    5/17/2010    EUR     0.26
Lehman Brothers Treasury C    2.75   10/28/2009    EUR     0.26
Lehman Brothers Treasury C    4.50   12/30/2010    USD     0.26
Lehman Brothers Treasury C    7.00    7/11/2010    EUR     0.26
Lehman Brothers Treasury C    5.00     8/1/2025    EUR     0.26
Lehman Brothers Treasury C    4.90    7/28/2020    EUR     0.26
Lehman Brothers Treasury C    4.15    8/25/2020    EUR     0.26
Lehman Brothers Treasury C    6.00    12/6/2016    USD     0.26
Lehman Brothers Treasury C    6.50    5/16/2015    EUR     0.26
Lehman Brothers Treasury C    3.00     8/8/2017    EUR     0.26
Lehman Brothers Treasury C    5.00     9/1/2011    EUR     0.26
Lehman Brothers Treasury C    3.50    9/19/2017    EUR     0.26
Lehman Brothers Treasury C    6.00    7/28/2010    EUR     0.26
Lehman Brothers Treasury C    3.50    9/29/2017    EUR     0.26
Lehman Brothers Treasury C    2.40    6/20/2011    JPY     0.26
Lehman Brothers Treasury C    1.60    6/21/2010    JPY     0.26
OOO SPV Structural Investm    0.01     9/1/2023    RUB    64.96
HSBC Trinkaus & Burkhardt    18.40    6/23/2017    EUR    63.34
HSBC Trinkaus & Burkhardt    13.80   12/22/2017    EUR    69.55
HSBC Trinkaus & Burkhardt    11.90   12/22/2017    EUR    71.54
HSBC Trinkaus & Burkhardt    10.70    8/25/2017    EUR    71.04
HSBC Trinkaus & Burkhardt    10.20   11/24/2017    EUR    73.22
DZ Bank AG Deutsche Zentra    9.20    6/23/2017    EUR    71.09
HSBC Trinkaus & Burkhardt    19.00    6/23/2017    EUR    71.76
BNP Paribas Emissions- und   16.00   12/21/2017    EUR    73.76
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    73.62
BNP Paribas Emissions- und   15.00   10/26/2017    EUR    74.21
BNP Paribas Emissions- und   19.00   10/26/2017    EUR    72.84
BNP Paribas Emissions- und   21.00    6/22/2017    EUR    69.80
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    66.60
BNP Paribas Emissions- und   19.00    9/21/2017    EUR    70.73
BNP Paribas Emissions- und   16.00   12/21/2017    EUR    62.31
BNP Paribas Emissions- und   18.00   12/21/2017    EUR    60.30
BNP Paribas Emissions- und    9.00    6/22/2017    EUR    69.20
BNP Paribas Emissions- und    9.00    9/21/2017    EUR    71.38
BNP Paribas Emissions- und   10.00    9/21/2017    EUR    68.31
BNP Paribas Emissions- und   12.00    9/21/2017    EUR    63.07
BNP Paribas Emissions- und   10.00   12/21/2017    EUR    70.42
Commerzbank AG               16.25   12/21/2017    EUR    73.79
UBS AG/London                 9.90    9/22/2017    EUR    71.71
HSBC Trinkaus & Burkhardt    13.40   12/22/2017    EUR    74.03
BNP Paribas Emissions- und   15.00   12/21/2017    EUR    65.55
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    58.86
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    55.52
BNP Paribas Emissions- und   12.00   12/21/2017    EUR    65.71
BNP Paribas Emissions- und   16.00    9/21/2017    EUR    57.02
BNP Paribas Emissions- und    9.00   12/21/2017    EUR    73.18
Commerzbank AG               15.50    9/20/2017    EUR    71.28
Raiffeisen Schweiz Genosse    6.50    7/11/2017    CHF    71.22
Raiffeisen Schweiz Genosse    6.00    7/11/2017    CHF    69.42
Bank Julius Baer & Co Ltd/    7.85    7/28/2017    USD    46.30
UBS AG/London                14.50    7/20/2017    USD    55.50
HSBC Trinkaus & Burkhardt     9.50    6/23/2017    EUR    57.36
HSBC Trinkaus & Burkhardt     5.50    6/23/2017    EUR    65.59
Commerzbank AG                4.00    7/19/2017    EUR    59.37
Leonteq Securities AG        20.00   10/25/2017    CHF    65.18
Vontobel Financial Product   11.75     6/9/2017    EUR    71.40
Commerzbank AG                7.00    7/27/2017    EUR    64.49
Commerzbank AG               10.25    7/27/2017    EUR    57.97
Commerzbank AG               14.25    7/27/2017    EUR    52.97
Vontobel Financial Product   16.00   12/22/2017    EUR    72.51
Vontobel Financial Product   14.50    3/23/2018    EUR    73.97
Deutsche Bank AG              5.20    7/26/2017    EUR    73.10
Deutsche Bank AG              7.20    7/26/2017    EUR    73.40
Deutsche Bank AG              9.20    7/26/2017    EUR    73.80
Zurcher Kantonalbank Finan    4.75   12/11/2017    CHF    72.85
Commerzbank AG               15.50    6/22/2017    EUR    53.23
Commerzbank AG                8.25    6/22/2017    EUR    65.84
Commerzbank AG               11.50    6/22/2017    EUR    58.77
Norddeutsche Landesbank Gi    3.00   10/30/2018    EUR    70.13
UBS AG/London                 3.81   10/28/2017    USD    67.75
Leonteq Securities AG         7.00    11/6/2017    CHF    42.97
Goldman Sachs & Co Wertpap   16.00    6/21/2017    EUR    68.76
Leonteq Securities AG         5.20    8/14/2018    CHF    73.98
Leonteq Securities AG         6.00    5/22/2018    EUR
DekaBank Deutsche Girozent    2.80    5/13/2019    EUR    66.39
Leonteq Securities AG         6.00   11/21/2017    CHF
Leonteq Securities AG         9.92    5/29/2017    EUR    64.28
HSBC Bank PLC                 0.50    2/24/2027    NZD    69.37
Credit Suisse AG              0.50   12/16/2025    BRL    45.11
Kommunalbanken AS             0.50   12/16/2020    TRY    69.67
Eiendomskreditt               4.26                 NOK    54.82
HSBC Bank PLC                 0.50   12/22/2025    BRL    42.63
Barclays Bank PLC             1.99    12/1/2040    USD    72.95
HSBC Bank PLC                 0.50    12/8/2026    AUD    71.74
T-Generation CJSC            12.00    6/14/2019    RUB    99.20
Univer Capital LLC           12.00     3/6/2019    RUB    59.00
Banca Popolare di Vicenza     1.60    1/16/2020    EUR    68.26
National Capital JSC          9.25    4/22/2019    RUB   100.00
Vegarshei Sparebank           4.99                 NOK    71.81
Banca Popolare di Vicenza     1.60     1/9/2020    EUR    68.07
Vontobel Financial Product    4.65    7/24/2017    EUR    69.20
UBS AG/London                 7.00    7/17/2017    CHF    55.70
Raiffeisen Schweiz Genosse    6.70    7/24/2017    EUR    71.16
Exane Finance SA              5.00   12/20/2019    SEK
Main Road OJSC                4.10   10/30/2029    RUB    84.84
Polski Bank Spoldzielczy w    5.31    9/14/2027    PLN    55.01
Lehman Brothers Treasury C    3.63     3/2/2012    EUR     0.26
Lehman Brothers Treasury C    0.75    3/29/2012    EUR     0.26
Lehman Brothers Treasury C    6.00    3/17/2011    EUR     0.26
Lehman Brothers Treasury C    4.70    3/23/2016    EUR     0.26
Lehman Brothers Treasury C    8.00    4/20/2009    EUR     0.26
Lehman Brothers Treasury C    5.25    5/26/2026    EUR     0.26
Lehman Brothers Treasury C    3.70     6/6/2009    EUR     0.26
Lehman Brothers Treasury C    4.50     8/2/2009    USD     0.26
Lehman Brothers Treasury C    6.00    2/14/2012    EUR     0.26
Lehman Brothers Treasury C    7.00    2/15/2012    EUR     0.26
Lehman Brothers Treasury C   15.00    3/30/2011    EUR     0.26
Lehman Brothers Treasury C    4.69    2/19/2017    EUR     0.26
Lehman Brothers Treasury C    4.10    2/19/2010    EUR     0.26
Lehman Brothers Treasury C    5.20    3/19/2018    EUR     0.26
Lehman Brothers Treasury C    3.50   10/31/2011    USD     0.26
Lehman Brothers Treasury C    3.50   10/24/2011    USD     0.26
Lehman Brothers Treasury C    0.25   10/19/2012    CHF     0.26
Lehman Brothers Treasury C    1.68     3/5/2015    EUR     0.26
Lehman Brothers Treasury C    9.00    5/15/2022    USD     0.26
Lehman Brothers Treasury C    6.00    5/12/2017    EUR     0.26
Lehman Brothers Treasury C    6.60    2/22/2012    EUR     0.26
Lehman Brothers Treasury C    5.00    2/28/2032    EUR     0.26
Lehman Brothers Treasury C    3.85    4/24/2009    USD     0.26
Lehman Brothers Treasury C   10.50     8/9/2010    EUR     0.26
Lehman Brothers Treasury C    0.25    7/21/2014    EUR     0.26
Lehman Brothers Treasury C    4.95   10/25/2036    EUR     0.26
Lehman Brothers Treasury C    4.00   11/24/2016    EUR     0.26
Lehman Brothers Treasury C    4.00    4/24/2009    USD     0.26
Lehman Brothers Treasury C    9.00    6/13/2009    USD     0.26
Lehman Brothers Treasury C    9.00    3/17/2009    GBP     0.26
Lehman Brothers Treasury C    7.00   11/28/2008    CHF     0.26
Lehman Brothers Treasury C    7.38    9/20/2008    EUR     0.26
Lehman Brothers Treasury C    8.00    5/22/2009    USD     0.26
Lehman Brothers Treasury C    4.50    7/24/2014    EUR     0.26
Lehman Brothers Treasury C    5.75    6/15/2009    CHF     0.26
Lehman Brothers Treasury C    7.50   10/24/2008    USD     0.26
Lehman Brothers Treasury C   10.00    3/27/2009    USD     0.26
Lehman Brothers Treasury C    7.75    1/30/2009    EUR     0.26
Lehman Brothers Treasury C    8.00     8/3/2009    USD     0.26
Lehman Brothers Treasury C    5.50    6/15/2009    CHF     0.26
Lehman Brothers Treasury C    4.00   10/24/2012    EUR     0.26
Lehman Brothers Treasury C    2.50   12/15/2011    GBP     0.26
Lehman Brothers Treasury C    8.50     7/6/2009    CHF     0.26
Lehman Brothers Treasury C    7.50    9/13/2009    CHF     0.26
Lehman Brothers Treasury C    6.50    7/24/2026    EUR     0.26
Lehman Brothers Treasury C    4.05    9/16/2008    EUR     0.26
Lehman Brothers Treasury C    8.28    3/26/2009    USD     0.26
DZ Bank AG Deutsche Zentra    8.30    9/22/2017    EUR    58.80
HSBC Trinkaus & Burkhardt     1.75    8/25/2017    EUR    68.05
HSBC Trinkaus & Burkhardt     7.90    9/22/2017    EUR    64.40
Raiffeisen Switzerland BV    22.20     9/1/2017    USD    69.25
Landesbank Baden-Wuerttemb    3.85    8/25/2017    EUR    71.69
Commerzbank AG               20.00    5/28/2018    SEK    52.71
BNP Paribas Emissions- und    6.00   10/26/2017    EUR    67.34
BNP Paribas Emissions- und   13.00   10/26/2017    EUR    57.29
BNP Paribas Emissions- und    6.00   12/21/2017    EUR    68.18
BNP Paribas Emissions- und   13.00   12/21/2017    EUR    57.22
BNP Paribas Emissions- und    8.00    6/22/2017    EUR    65.61
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    53.35
BNP Paribas Emissions- und   13.00   10/26/2017    EUR    74.72
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    68.45
BNP Paribas Emissions- und   13.00    9/21/2017    EUR    71.50
BNP Paribas Emissions- und   13.00   10/26/2017    EUR    72.53
BNP Paribas Emissions- und   16.00    9/21/2017    EUR    55.02
BNP Paribas Emissions- und    5.00   10/26/2017    EUR    70.55
BNP Paribas Emissions- und    5.00   12/21/2017    EUR    70.95
BNP Paribas Emissions- und   19.00    6/22/2017    EUR    51.22
BNP Paribas Emissions- und    6.00    9/21/2017    EUR    66.83
BNP Paribas Emissions- und   12.00    6/22/2017    EUR    72.10
BNP Paribas Emissions- und    9.00   10/26/2017    EUR    62.94
BNP Paribas Emissions- und    9.00   12/21/2017    EUR    64.03
BNP Paribas Emissions- und    5.00    9/21/2017    EUR    69.87
BNP Paribas Emissions- und    9.00    9/21/2017    EUR    61.91
BNP Paribas Emissions- und   13.00    9/21/2017    EUR    56.30
BNP Paribas Emissions- und   22.00    6/22/2017    EUR    70.86
Lehman Brothers Treasury C   10.00     1/4/2010    USD     0.26
Lehman Brothers Treasury C    0.50    2/16/2009    EUR     0.26
Lehman Brothers Treasury C    7.60    3/26/2009    EUR     0.26
Lehman Brothers Treasury C    7.55   12/29/2008    USD     0.26
UBS AG/London                 7.00    9/22/2017    EUR    67.34
UBS AG/London                11.60   12/29/2017    EUR    59.06
UBS AG/London                13.00    9/27/2017    EUR    56.51
UBS AG/London                 5.30   12/29/2017    EUR    68.13
Lehman Brothers Treasury C    5.38     2/4/2014    USD     0.26
Lehman Brothers Treasury C    3.50    6/20/2011    EUR     0.26
Lehman Brothers Treasury C    4.20    12/3/2008    HKD     9.63
Societe Generale SA           0.50     4/4/2024    MXN    56.34
YamalStroiInvest             14.25    4/24/2021    RUB    65.70
Societe Generale SA           0.50    4/30/2023    RUB    63.74
Veneto Banca SpA              2.40     4/7/2020    EUR    71.30
Veneto Banca SpA              2.40     4/1/2020    EUR    71.44
Veneto Banca SpA              2.40     4/2/2020    EUR    71.42
Barclays Bank PLC             1.64     6/3/2041    USD    74.01
Societe Generale SA           0.50     7/6/2021    BRL    67.89
HSBC Bank PLC                 0.50    4/27/2027    NZD    68.85
Banca Nazionale del Lavoro    1.68    6/15/2037    EUR    75.15
Eiendomskreditt               5.21                 NOK    65.50
Lehman Brothers Treasury C    4.50     3/7/2015    EUR     0.26



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2017.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


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