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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, August 7, 2017, Vol. 18, No. 155


                            Headlines


C Z E C H   R E P U B L I C

VITKOVICE POWER: Outcome of Reorganization Process Uncertain


F I N L A N D

NOKIA CORPORATION: Fitch Affirms BB+ IDR, Outlook Positive


F R A N C E

LABEYRIE FINE: Fitch Affirms & Withdraws B- Long-Term IDR


G R E E C E

NAVIOS MARITIME:  S&P Raises Senior Secured Debt Rating to 'B+'


I R E L A N D

ARMADA EURO CLO I: Moody's Assigns (P)B2 Rating to Class F Notes
ARMADA EURO CLO I: S&P Rates Class F Notes Preliminary B- (sf)
FCR MEDIA: Receives Seven Expressions of Interest
TAURUS 2015-2 DEU: S&P Raises Class F Notes Rating to B+ (sf)


I T A L Y

BANCA POPOLARE: Fitch Affirms & Withdraws 'D' IDR on Liquidation


K A Z A K H S T A N

KAZTEMIRTRANS JSC: Moody's Affirms Ba1 CFR, Outlook Now Stable


L U X E M B O U R G

PACIFIC DRILLING: Chapter 11 Likely if Debt Overhaul Plan Fails


N E T H E R L A N D S

E-MAC NL 2004-1: Fitch Cuts Ratings on 4 Note Classes to 'BBsf'
EDML 2017-1: Moody's Assigns (P)Ba1 Rating to Class E Notes
REFRESCO GROUP: S&P Lowers Long-Term CCR to 'BB-', Outlook Stable


N O R W A Y

NORSKE SKOG: S&P Lowers Issue Rating on 2026 Notes to 'D'


R U S S I A

VNESHECONOMBANK: S&P Affirms BB+/B Foreign Currency Credit Rating


S P A I N

ABANCA CORPORACION: S&P Affirms 'BB-/B' Counterparty Ratings
EUSKALTEL SA: Moody's Affirms B1 Corporate Family Rating
IBERCAJA BANCO: S&P Affirms 'BB+/B' Counterparty Credit Ratings
VIESGO GENERACION: Moody's Withdraws B1 Corporate Family Rating


T U R K E Y

ODEA BANK: Fitch Rates Basel III-Compliant Tier 2 Notes 'B+'


U N I T E D   K I N G D O M

ASHTEAD GROUP: S&P Affirms 'BB+' Long-Term CCR, Outlook Stable
PALMER & HARVEY: Draws Up Cost-Cutting Plan Amid Financial Woes
ZATCHELS: Bought Out of Administration by Founders, 50 Jobs Saved

* UK: Nearly Fifth of Estate Agents at Risk of Going Bust


X X X X X X X X

* BOND PRICING: For the Week July 31 to August 4, 2017


                            *********


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C Z E C H   R E P U B L I C
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VITKOVICE POWER: Outcome of Reorganization Process Uncertain
------------------------------------------------------------
Chris Johnstone at Radio Praha reports that one of the biggest
engineering groups in the country, Ostrava-based Vitkovice
Machinery Group has clearly been going through some problems of
late.

The biggest engineering group in the country has put up for sale
some of its real estate assets, is looking for a buyer for
Vitkovice Gearworks, and one of its key divisions, Vitkovice
Power Engineering (VPE), which now employs 600 after cutting the
total from 800, was undergoing a reorganization process aimed at
putting it back on its feet, Radio Praha discloses.

That reorganization at VPE might or might not be going ahead,
Radio Praha states.  The question mark was raised last week when
the company's bosses asked a court to bring to an end the
restructuring process and start bankruptcy, Radio Praha notes.

According to Radio Praha, the bosses argued that a sale of key
assets was going nowhere and that in any case they would not
really address the company's problems.  And a deal for the core
company activities had collapsed after the two interested parties
changed their stance during talks, Radio Praha relays, citing the
note to the court.

Added to that, the letter, as cited by Radio Praha, said that
parent company, V°tkovice Machinery Group, was not willing to
inject the sums needed for continued survival.  The letter stated
that in this context, the reorganization costing several tens of
millions of crowns a month, should be ended as soon as possible,
according to Radio Praha.

V°tkovice Machinery Group fired back that the move by VPE bosses
was unilateral and taken without consultations with the mother
company, Radio Praha relays.  The mother company said the move
threatened to torpedo talks aimed at finding an investor for the
troubled Adularya Turkish power plant, which is the source of
much of VPE's problems, and for VPE itself, Radio Praha recounts.
It added that it is willing to inject case to see the
reorganization and completion of key projects through, Radio
Praha notes

The original reorganization was cleared at the end of 2016, Radio
Praha states.  The latest deadline for it was Aug. 14 with the
expectations that an extension would be sought, Radio Praha says.


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F I N L A N D
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NOKIA CORPORATION: Fitch Affirms BB+ IDR, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed Finland-based Nokia Corporation's
(Nokia) Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB+'. The Outlook on the IDR is Positive.

Nokia's rating reflects its leading position in the
telecommunications equipment market, a strong balance sheet with
a net cash position of EUR3.96 billion (1H17) and an end-to-end
product portfolio. These factors are countered by cash-flow
volatility, significant ongoing restructuring costs that are
likely to remain into the medium term, and a challenging industry
backdrop with low visibility. The Positive Outlook reflects Fitch
views that the potential extraction of acquisition synergies,
further operational improvements and a strengthening market
position are likely to lead to improvements in cash generation to
a level that enables Nokia to achieve a low investment-grade
rating in the short to medium term.

KEY RATING DRIVERS

Strong Position in a Key Sector: Nokia has a leading position in
the global telecoms equipment sector which in the past few years
has consolidated into a handful of providers with sufficient
scale, experience and breath of service capability that can
support telecom operators. The sector, while currently
challenged, is key to the entire communications ecosystem and
will remain core to supporting growth in connectivity and
transmission speeds in the long run. Nokia has a strong position
in the US where major competition from Chinese vendors is
restricted by government and an IP portfolio that Fitch estimates
accounted about 15% to 20% of adjusted operating profits in 2016.

Improved Operating Profile: The acquisition of Alcatel Lucent in
2016 improved Nokia's operating profile by increasing its scale
in mobile, allowing greater synergies in R&D, broadening its
product portfolio to include fixed-line equipment, IP routing and
applications, and creating scope to improve profitability. The
acquisition enables Nokia to pursue paths such as cross-selling
within its existing customer base and developing convergence in
its product and service portfolio that were not previously
possible to the extent now. Combined with the company's focus on
restructuring these factors are likely to place the group in a
better position to compete within the sector.

Sector Backdrop Remains Challenging: Fitch expects the telecoms
equipment market in which Nokia competes to remain weak and
potentially continue to experience modest declines over the next
12 to 24 months. Fitch had previously expected the market to
remain broadly flat. The change reflects a combination of factors
that include slower 4G equipment sales in developed markets,
macroeconomic factors in emerging markets and weak demand in core
networking and fixed-access products as the roll-out of fibre by
telecom operators moderates in some markets.

Low Visibility of Growth Drivers: The evolution of 5G services
may provide a basis for growth in the sector. However, the exact
form of these services is not visible as yet and they are likely
to take at least three to five years to materialise. This
reflects the ongoing evolution of technology standards, the
development of the broader eco-system and that mobile operators
may aim to gain some return from 4G investments before making
scaled investments in 5G where the demand for applications of the
technology are not yet known.

Increasing R&D Importance: The lack of growth in the sector over
the medium term will keep competition intense, which is likely to
exert pressure on prices and margins, particularly for
commoditised products. This makes maintaining a strong R&D focus
and increasing the software and services part of its portfolio
key for Nokia. However, this raises the sector's and Nokia's risk
profile with R&D making a demand on cash flows while expanding
the software and services portfolio could mean competing with
well-established global software service providers.

Cautious Revenue Outlook: Fitch's base-case forecasts for the
rating take a cautious stance on total revenue evolution over the
next two years as a result of low visibility and assume a
moderate decline over 2017 to 2019. Fitch are however more
optimistic on the company's ability to reduce costs as a result
of its restructuring programme. Nokia intends to reduce costs by
EUR1.2 billion by 2018, with associated restructuring cash costs
of EUR3.1 billion (including network equipment swaps). Nokia
achieved EUR550 million of the cost savings in 2016. This would
imply a potential 2.7 percentage points of the company's 2016
operating margin that can still be improved.

Strong Balance Sheet: At end-1H17 Nokia had a net cash position
of EUR3.96 billion. The positive cash position is core to Nokia's
rating as it enables it to effectively manage operating risks
relating to demand volatility, technology changes, cash
restructuring demands and working-capital fluctuations. It also
enables Nokia to maintain long-term product evolution plans and
R&D during downturns, and to provide confidence to its customers.

Fitch's base-case forecasts expect that the cash position will
fall in line with its capital structure optimisation programme,
but remain strong. Nokia's policy is to maintain a cash level
equivalent to 30% of net revenues. Fitch envisage in Fitch base
case that Nokia is likely to be able to achieve a low single-
digit free cash-flow margin in 2019 once the current
restructuring programme is completed.

DERIVATION SUMMARY

Nokia's operating profile carries higher risk than broader
technology sector peers such as ASML (BBB+/Stable) and
STMicroelectronics (BBB-/Positive). This reflects lower demand
visibility, exposure to technology changes, competition and
growth dynamics in the telecoms sector and the company's current
need for restructuring to improve profitability and cash
generation. Nokia effectively manages its operational risks
through a conservative financial policy that maintains a
significant net cash position and a flexible dividend policy
based on a 40%-70% payout ratio of non-IFRS EPS. A high
dependency on R&D for sustaining the business model is however
similar to its higher-rated technology sector peers.

Nokia's current lower rating than its telecoms equipment peer
Telefonaktiebolaget LM Ericsson (BBB-/Negative) is historical,
reflecting Ericsson's greater stability in past earnings and
Nokia's radical change in business and product mix. Following the
acquisition of Alcatel-Lucent, Nokia has a comparable strong
market position, more diversified product mix, and an ability to
provide end-to-end solutions and a restructuring programme that
is more advanced than Ericsson's.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- non-IFRS Revenue decline around 4% in 2017 and 2% in 2018;
- non-IFRS operating margin improving to around 10% in 2018 from
   9% in 2016 reflecting an improvement in product mix and a
   successful extraction of acquisition synergies;
- cash restructuring costs including recurring elements of
   EUR1.2 billion in 2017 and EUR850 million 2018;
- EUR400m of yearly restructuring costs assumed to be recurring
   in nature and treated before FFO into the medium-term,
   including 2019 and 2020;
- capex to remain at around 2.4% of revenues;
- cash dividend of EUR980 million in 2017 and a dividend payout
   ratio of 70% non-IFRS net income thereafter;
- maintenance of a healthy net cash position.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Sustained operational performance and market position within
   core operating divisions
- Evidence that the integration programme with Alcatel-Lucent is
   on track, along with no slippage in cost-saving targets
- Sustained group EBIT margins in the high single-digit range,
   with healthy revenue and cash-flow visibility
- Sustained pre-dividend free cash-flow margins trending
   consistently at 3% to 5%.

Future Developments That May, Individually or Collectively, Lead
to the Outlook being changed to Stable Include:
- deterioration in operating performance in Nokia's core
   operating divisions;
- sustained delays to or increase in the cost of Nokia's
   integration programme with Alcatel-Lucent or a reduction in
   targeted cost savings;
- sustained mid-single digit group EBIT margins;
- a lack of progress in improving pre-dividend FCF generation;
- sharp weakening of net cash position because of a sharp
   deterioration in the operating environment or increased
   shareholder remuneration.

LIQUIDITY

Strong Liquidity Profile: As of 1H17, Nokia had a net cash
balance of EUR3.96 billion and a revolving credit facility of
EUR1.6 billion providing ample resources to cover short-term
requirements.


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F R A N C E
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LABEYRIE FINE: Fitch Affirms & Withdraws B- Long-Term IDR
---------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following rating for
French packaged food group Labeyrie Fine Foods SAS (LFF):
Long-Term Issuer Default Rating (IDR) at 'B-'. The Rating Outlook
is Stable.

Fitch has withdrawn LFF's IDR for commercial reasons. Fitch
reserves the right at its sole discretion to withdraw or maintain
any rating at any time for any reason it deems sufficient.

KEY RATING DRIVERS

Changes to Capital Structure: In May 2017 LFF completed the
refinancing of its EUR355 million senior secured notes with the
closing of a new bank debt facility for EUR455 million, which is
also used to fund the payment of dividends and shareholder loans
for up to EUR100 million. Completion of this refinancing added an
extra EUR100 million to LFF's debt.

Leverage Increase:  The addition of EUR100 million derails the
deleveraging trajectory that Fitch had previously seen as
achievable for LFF. Fitch now projects FFO adjusted net leverage
of 6.8x in FY17 (Financial Year ending June 2017) and 6.3x in
FY18, going back to FY16's level of 5.5x only in FY20.

Operational Challenges: LLF maintains a strong business model but
its operations are currently challenged by another avian flu
outbreak and the generation of close to 30% of EBITDA in the UK,
with imported products that may suffer from sterling volatility
and trade restrictions following Brexit. LLF proved to be able to
manage the effect of avian flu despite its recurrence and to
mitigate the transactional and translational negative effect from
the depreciation of the pound by passing a large part of the cost
increases on to its retail customers in UK.

Diversification Strategy: LFF's acquisition strategy and its
record of innovation help reduce its business risk profile
through diversification by product range, raw materials and
geography, and lower sales seasonality. The companies acquired in
FY16, including Pere Olive, King Cuisine and Aqualande, clearly
help mitigate the supply and raw materials difficulties of the
French premium and UK businesses. They are also less seasonal and
higher margin. Pere Olive and King Cuisine reinforce growth
prospects and enhance geographic diversification, due to their
location and because they provide export opportunities, notably
to Germany and Scandinavia.

Resilient Profitability: Fitch expects the EBITDA margin to
slightly decrease by 10bp to 7.9% in FY17 due to the combination
of the second avian flu outbreak, the depreciation of sterling
and record-high salmon prices. However, Fitch expects a recovery
to 8% in FY19. This should be driven by the group's ability to
compensate, albeit with delays, lower production volumes and
higher raw material prices through selling price increases and
the positive impact of the integration of the FY16 acquisitions,
which provide better organic growth prospects and have less
volatile margin profiles.

M&A absorbs Free Cash Flow: Fitch expects LFF's free cash flow
(FCF) generation to remain positive, despite some volatility in
operating margins over the next three years. Fitch however
expects the company to continue its strategy of diversification
by acquisitions and the approximately EUR15 to EUR20 million per
annum FCF to be utilised for bolt on M&A.

DERIVATION SUMMARY

LFF has narrower margins than most of its food manufacturing
peers due to the high share of raw materials in its cost
structure. Moreover, it benefits from low raw-material and
geographical diversification, although this is improving. The
volatility in performance is mitigated by the company's high
market shares (allowing strong bargaining power with client
retailers), high brand reputation and the price inelasticity of
demand, especially in its premium segments. In addition, compared
to other food manufacturers sharing the same operating margin
profile and size, LFFbenefits from a stronger financial structure
and financial flexibility.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for LFF include:
- annual sales growth in the mid-single digits;
- in FY17 and FY18 the full contribution of the FY16
   acquisitions should be significantly offset by the second
   avian flu outbreak and the depreciation of the pound;
- thereafter, Fitch assumes stable organic growth around 3% per
   annum;
- EBITDA margin down to 7.9% in FY17 and FY18, with the impact
   of avian flu and the Brexit vote being mitigated by the full-
   year integration of higher-margin Pere Olive, King Cuisine and
   Aqualande;
- working-capital needs development in line with sales and raw
   materials (both prices and volumes);
- capex at 2.8% of sales in FY17, slightly increasing to 3% from
   FY18;
- disposal of Labeyrie Traiteur Surgeles in FY18 for JPY2.7
   billion (approximately EUR20 million), having a slightly
   positive impact on group EBITDA margin;
- no acquisitions in FY17, internally generated cash-funded
   acquisition spending of EUR15 million per annum from FY18

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given rating
withdrawal.

LIQUIDITY

Adequate Liquidity: At FYE16 LFF's readily available cash on
balance sheet was low at EUR2 million (Fitch-adjusted), but
liquidity was supported both by its undrawn EUR45 million
revolving credit facility (RCF) maturing in 2020 and by its EUR80
million factoring facility maturing in 2017, which Fitch expects
will be renewed. Fitch expects liquidity to remain adequate after
FY16, supported by positive FCF generation, the forecast renewal
of its factoring facility and an increase to EUR65 million of the
RCF included in the refinancing package. Furthermore, post
refinancing the group faces only minor scheduled debt repayments
before 2023.


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G R E E C E
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NAVIOS MARITIME:  S&P Raises Senior Secured Debt Rating to 'B+'
---------------------------------------------------------------
S&P Global Ratings raised its issue rating on Marshall Islands-
registered dry-bulk and container shipping company Navios
Maritime Partners L.P.'s (Navios Partners') senior secured term
loan to 'B+' from 'B', and revised the recovery rating upward to
'2' from '3'. The '2' recovery rating indicates our expectation
of substantial recovery prospects (70%-90%; rounded estimate 75%)
in the event of default.

S&P said, "We also affirmed our 'B' long-term corporate credit
rating on Navios Partners. The outlook is stable.

"We raised our issue rating on the company's senior secured term
loan B to reflect our view of improved recovery prospects,
following the addition of seven dry-bulk vessels to the fleet (of
which four vessels were added and two older vessels were removed
from the term loan B collateral) and about 20% improvement in the
fair market values of the dry-bulk vessels that are part of the
collateral, as compared to our last review in March 2017. This,
together with vessel acquisitions being partly funded with cash
and our view of continued gradual recovery in the dry-bulk
shipping industry, results in our expectation of higher recovery
prospects for the term loan B amounting to $453 million,
including the proposed $53 million add-on. The collateral after
the add-on issue will include first-lien security on 29 vessels
(including seven containerships and 22 drybulkers).

"Furthermore, we understand that the new vessels and improvement
in the fair market value of the fleet will expand Navios
Partners' headroom under its loan-to-value (LTV) covenant, as
stipulated in the term loan B's documentation, to about 20% (from
10% previously) at the transaction's closing. We continue to
believe that the company could face tight headroom under the LTV
covenant if -- contrary to our expectations -- asset prices do
not hold or improve in tandem with easing industry supply
pressure and improving charter rates in the dry-bulk shipping
sector.

"In addition, while the vessel acquisitions will be partly funded
with cash, we expect Navios Partners will maintain an adequate
liquidity cushion underpinned by its ability to generate excess
cash flows (supported by the suspended dividend distribution). In
the 12 months from June 30, 2017, we forecast that Navios
Partners' ratio of liquidity sources to uses will be about 1.3x
(excluding Navios Maritime Containers Inc. [Navios Containers])."

Formed in 2007, Navios Partners is listed on the New York Stock
Exchange and owns and operates a fleet of 37 dry-bulk vessels and
container ships, including 30 small to large dry-bulk carriers
with a total carrying capacity of about 3.6 million deadweight
tons, and seven container ships that total 50,400 20-foot
equivalent units. Navios Partners generated about $107 million of
adjusted EBITDA last year and had adjusted debt of about $529
million as of Dec. 31, 2016.

S&P said, "We acknowledge that the additional vessels will
enhance Navios Partners' fleet profile in terms of size and age.
However, we consider this insufficiently material to revise our
view of the business risk profile. Our assessment remains
constrained by Navios Partners' relatively narrow scope and
diversity, with a focus on the oversupplied dry-bulk and
container shipping industries and a fairly concentrated and
low-quality customer base. We also believe that dry-bulk and
container shipping sectors have less favorable characteristics in
general, compared with those for oil and gas shipping. This is
because the credit quality of the oil and gas shipping sectors'
customer base is stronger. That said, dry-bulk and container-ship
time charters are typically fragile, and we continue to observe
more charter defaults on those contracts than in other shipping
segments."

The key credit support to Navios Partners' competitive position
comes from its time-charter profile, with the average charter
duration at 2.4 years as of July 27, 2017. Furthermore, Navios
Partners benefits from its competitive and predictable cost base.

As of July 27, Navios Partners had chartered out about 88% of
available days for 2017 and about 34% for 2018 (including index-
linked charters). Normally, this would add to earnings
visibility, provided the charters honor their original
commitments, but we note that this might not be the case for
Navios Partners. This is because the weak credit standing of
Navios Partners' crucial counterparties under the long-term
charter agreements, namely the South Korean container liner
Hyundai Merchant Marine Co., Ltd. (accounts for about 30% of
Navios Partners' EBITDA in 2017 under our base case) and
Taiwanese container liner Yang Ming (about 20%), inevitably poses
a risk of amendments to the existing contracts and ensuing strain
on Navios Partners' cash flows.

S&P said, "We forecast that the partly debt-funded vessel
acquisitions would likely moderately weaken the company's credit
metrics. However, the increase in debt is largely counterbalanced
by our upward revision in dry-bulk shipping rates, and therefore
we expect that S&P Global Ratings' average adjusted funds from
operations (FFO) to debt will remain in the 14%-15% range and
adjusted debt to EBITDA in the 4.5x-5.0x range in 2017-2018,
which is consistent with our financial profile assessment. We do
not factor Navios Containers into these credit ratios at this
stage, given the uncertainty over its future capital structure
and ownership composition. Furthermore, our understating is that
Navios Partners intends to dilute its equity stake in Navios
Containers to below 50% from the current 60%."

In general, Navios Partners' financial profile reflects the
prolonged depressed charter rate conditions and the company's
relatively high debt, which mirrors the underlying industry's
high capital intensity and the company's track record of large,
partly debt-funded, expansionary investments and dividend
distributions.

S&P said, "We assess Navios Partners based on our approach
outlined in "Master Limited Partnerships And General
Partnerships," published Sept. 22, 2014, on RatingsDirect. We
consider that Navios Partners does not constitute a group with a
lower-rated Navios Maritime Holdings Inc. (Navios Holdings),
given our opinion that the default risk of these entities is
differentiated. We believe Navios Holdings exercises meaningful
ongoing control and influence over Navios Partners through its
100% control of Navios GP LLC, Navios Partners' general partner.

"We currently consider the strategic and financial interests of
Navios Holdings and the other unitholders in Navios Partners to
be aligned. Third parties own a material percentage (80%) of
Navios Partners' units. Furthermore, unitholders elect four of
the seven members of Navios Partners' board of directors. We
understand that this is the key reason for Navios Holdings not
consolidating Navios Partners in its accounts under U.S.
generally accepted accounting principles.

"The stable outlook on Navios Partners reflects our view that
charter rate conditions in dry-bulk shipping will continue to
gradually improve and Navios Partners will maintain a rating-
commensurate credit profile and liquidity over the next 12
months, underpinned by its medium-term time charter profile and
competitive and predictable cost structure.

"Given the inherent volatility of the shipping sector, we view
the company's maintenance of adequate liquidity coverage of at
least 1.2x and manageable LTV covenant compliance tests,
supported by available ample cash for early debt prepayments to
ensure compliance if needed, as important contributors to a
stable outlook.

"We could lower the rating if, unexpectedly, the vessel values
and, therefore, LTV covenant headroom appeared to significantly
diminish, translating into an inevitable, large cash drain on
Navios Partners to prepay the loan and prevent LTV covenant
breaches. A downgrade would also be likely if the company made
further and largely debt-funded vessel acquisitions, resulting in
adjusted FFO to debt weakening to below 12%.

"Rating pressure would also materialize if the company's EBITDA
trends significantly below our base-case forecast. Our rating
incorporates a gradual recovery in dry-bulk rate conditions and
potential moderate amendments to charter agreements, given that
the container-ship rates embedded in Navios Partners' charter
agreements exceed the current market rates. This means that
Navios Partners' earnings and, consequently, liquidity would come
under pressure if the company faced higher-than-anticipated
cyclical pressure on dry-bulk and container-ship charter rates
and was forced to make material amendments to existing charter
agreements.

"We could raise the rating if we observed marked industry
recovery, if the risk of charter amendments materially
diminished, and if we believed that the company sustained a
comfortable level of headroom under its LTV covenant so that the
risk of a large cash drain, and the ratio of liquidity sources to
uses falling below 1.0x, is remote. An upgrade would also depend
on Navios Partners' ability to realize EBITDA of at least $120
million, accompanied by gradual debt amortization, to achieve
core credit ratios commensurate with a 'B+' rating. Specifically,
such ratios would include adjusted FFO to debt of 15% or higher
and adjusted debt to EBITDA below 5.0x on a sustainable basis.

"An upgrade would also depend on our belief that the company will
pursue a balanced financial policy once it resumes dividend
distribution, while investing in additional tonnage."


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ARMADA EURO CLO I: Moody's Assigns (P)B2 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of debts to be issued by Armada Euro CLO I Designated
Activity Company:

-- EUR211,000,000 Class A Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR49,200,000 Class B Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR24,100,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)A2 (sf)

-- EUR16,000,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR23,200,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR10,200,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The provisional 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, Brigade Capital
Europe Management LLP ("Brigade Europe") has sufficient
experience and operational capacity and is capable of managing
this CLO.

Armada Euro CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 70% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

Brigade Europe 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.

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR34,500,000 of subordinated notes which will
not be rated.

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.

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. Brigade Europe's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modelled 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
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 modelling assumptions:

Par Amount: EUR360,000,000

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.5%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8 years

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating 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 3191 from 2775)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes due 2030: 0

Class B Senior Secured Floating Rate Notes due 2030: -2

Class C Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Class D Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Class E Senior Secured Deferrable Floating Rate Notes due 2030: -
1

Class F Senior Secured Deferrable Floating Rate Notes due 2030: -
0

Percentage Change in WARF: WARF +30% (to 3608 from 2775)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes due 2030: -1

Class B Senior Secured Floating Rate Notes due 2030: -3

Class C Senior Secured Deferrable Floating Rate Notes due 2030: -
4

Class D Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Class E Senior Secured Deferrable Floating Rate Notes due 2030: -
2

Class F Senior Secured Deferrable Floating Rate Notes due 2030: -
3

Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale 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.


ARMADA EURO CLO I: S&P Rates Class F Notes Preliminary B- (sf)
--------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Armada
Euro CLO I DAC's class A, B, C, D, E, and F notes. At closing,
Armada Euro CLO I will also issue an unrated subordinated class
of notes.

The preliminary ratings assigned to Armada Euro CLO I's notes
reflect our 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.
-- Under the transaction documents, the rated notes will pay
    quarterly interest unless there is a frequency switch event.
    Following this, the notes will permanently switch to
    semiannual payment. The portfolio's reinvestment period will
    end approximately four years after closing.

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average 'B' rating. We consider that the portfolio at
closing will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations (see "Global Methodologies And
Assumptions For Corporate Cash Flow And Synthetic CDOs,"
published on Aug. 8, 2016).

"In our cash flow analysis, we used the EUR360 million target par
amount, the covenanted weighted-average spread (3.50%), the
covenanted weighted-average coupon (5.50%) (where applicable),
and the target minimum weighted-average recovery rates at each
rating level as indicated by the manager. We applied various cash
flow stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for
each liability rating category."

Citibank N.A. is the bank account provider and custodian. S&P
said, "At closing, we anticipate that the documented downgrade
remedies will be in line with our current counterparty criteria
(see "Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).

"Following the application of our structured finance ratings
above the sovereign criteria, we consider that the transaction's
exposure to country risk is sufficiently mitigated at the
assigned preliminary rating levels (see "Ratings Above The
Sovereign - Structured Finance: Methodology And Assumptions,"
published on Aug. 8, 2016). This is because the concentration of
the pool comprising assets in countries rated lower than 'A-'
will be limited to 10% of the aggregate collateral balance.

"At closing, we consider that the issuer will be bankruptcy
remote, in accordance with our legal criteria (see "Structured
Finance: Asset Isolation And Special-Purpose Entity Methodology,"
published on March 29, 2017).

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."

RATINGS LIST

Preliminary Ratings Assigned

  Armada Euro CLO I DAC
  EUR368.20 Million Senior Secured Floating-Rate Notes (Including
  EUR34.50 Million Unrated Notes)

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

  A                     AAA (sf)         211.00
  B                     AA (sf)           49.20
  C                     A (sf)            24.10
  D                     BBB (sf)          16.00
  E                     BB (sf)           23.20
  F                     B- (sf)           10.20
  Sub                   NR                34.50

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


FCR MEDIA: Receives Seven Expressions of Interest
-------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court
has heard there have been seven expressions in interest in
acquiring companies involved in specialized sales and marketing
and in publishing the Golden Pages directory.

Last month the High Court appointed Neil Hughes as interim
examiner to Dublin-based FCR Media Ltd. which publishes the
Golden Pages directory and related firm FCR Tech UAB, The Irish
Times recounts.

FCR Tech UAB is incorporated in Lithuania, is the Irish-based
company's sole shareholder and holds the intellectual property
rights to Golden Pages.

Both companies form part of the FCR media group which provides
search and advertising services in 10 countries in Europe and has
more than 1,000 employees across its operations.

The decision to seek the protection of courts was made after FCR
media group withdrew its interests in the Irish market meaning
the firms could no longer pay their debts as they fell due, The
Irish Times relays.

According to The Irish Times, in a ruling on Aug. 4 Mr. Michael
Moriarty said that on balance he was satisfied to continue the
examinership and confirm the "experienced and accredited,"
Mr. Hughes as examiner.

The judge said it was in the interests of all the affected
parties that he confirm Mr. Hughes as examiner, The Irish Times
notes.

The decision gives the firms up to 100 days to come up with an
arrangement with its creditors, which if approved by the High
Court, would allow the business to continue to trade as a going
concern, The Irish Times states.

The judge, who noted that time was of the essence in the
examinership process, confirmed the appointment after Ross Gorman
BL for Mr. Hughes told the court that following the close of the
deadline seven parties had indicated to Mr. Hughes their interest
in the undertaking, The Irish Times relates.

The matter will return before the High Court later this month,
The Irish Times discloses.


TAURUS 2015-2 DEU: S&P Raises Class F Notes Rating to B+ (sf)
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Taurus 2015-2 DEU
Ltd.'s class C, D, E, and F notes. S& P siad, "At the same time,
we have affirmed our 'AAA (sf)' and 'AA (sf)' ratings on the
class A and B notes, respectively.

"Today's rating actions follow our review of the transaction's
five key rating factors (credit quality of the securitized
assets, legal and regulatory risks, operational and
administrative risks, counterparty risks, and payment structure
and cash flow mechanisms)."

Taurus 2015-2 DEU is a secured European commercial mortgage-
backed securities (CMBS) transaction that closed in 2015, with
notes totaling EUR445.1 million. The single loan is secured on
THE SQUAIRE, one of Germany's largest office buildings. It is
located adjacent to Frankfurt airport. The western end of the
building houses the European headquarters of KPMG AG, while the
eastern end contains Hilton Worldwide branded hotels. The current
securitized loan balance is EUR436.1 million.

S&P said, "Upon publishing our updated S&P Cap Rates for various
jurisdictions and property types, we placed those ratings that
could potentially be affected "under criteria observation" (see
"Application Of Property Evaluation Methodology In European CMBS
Transactions," published on April 28, 2017). Following our review
of this transaction, our ratings that could potentially be
affected are no longer under criteria observation."

CREDIT QUALITY OF THE SECURITIZED ASSETS

S&P said, "Our analysis considers the revenue and expense drivers
affecting the portfolio of properties in forecasting property
cash flow, in order to make appropriate adjustments. These
adjustments are intended to minimize the effects of near-term
volatility and ensure that the net cash flow (NCF) figure derived
from the analysis represents our view of a long-term sustainable
NCF (S&P NCF) for the portfolio of properties. This S&P NCF is
then converted into an expected-case value (S&P Value) using a
direct capitalization approach and capitalization rates
calibrated to our expected-case approach, which is akin to a 'B'
stress level. We derive our view of the loan-to-value ratio (S&P
LTV ratio) by applying our CMBS global property evaluation
methodology. We consider the S&P LTV ratio in our transaction-
level analysis, in conjunction with stressed recovery parameters
and pool diversity metrics, to determine credit risk and
ultimately credit enhancement for a CMBS transaction at each
rating category in accordance with our European CMBS criteria
(see "CMBS Global Property Evaluation Methodology," published on
Sept. 5, 2012, and "European CMBS Methodology And Assumptions,"
published on Nov. 7, 2012).

"Our credit analysis also takes into account our long-term
sovereign rating on the relevant jurisdiction (see "Ratings Above
The Sovereign - Structured Finance: Methodology And Assumptions,"
published on Aug. 8, 2016)."

LOAN (100% OF THE POOL)

The securitized loan is secured against THE SQUAIRE, a nine-story
building complex, constructed on the roof structure of the
mainline train station immediately adjoining Frankfurt Airport.
The building is multifunctional comprising hotel, office, retail,
and restaurant space, as well as public areas. The loan matures
in January 2020. The property including the hotel is 93.9%
occupied. The weighted-average remaining lease term to the first
break clause is 8.6 years, including the hotel lease.

LOAN AND COLLATERAL SUMMARY (AS OF APRIL 2017)

-- Securitized loan balance:  EUR436.1 million
-- Securitized LTV ratio: 67.8%
-- Net operating income:  EUR34.1 million
-- Market value:  EUR643.0 million (dated as of June 2016)
-- Net yield: 5.3%

S&P's KEY ASSUMPTIONS

-- S&P NCF:  EUR32.0 million
-- S&P Value:  EUR515.5 million
-- Net yield: 6.2%
-- Haircut-to-market value: 19.8%
-- S&P LTV ratio (before recovery rate adjustments): 89.0%

OPERATIONAL RISKS

S&P said, "We apply our operational risk criteria to assess the
operational risk associated with transaction parties that provide
an essential service to a structured finance issuer (see "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," published on Oct. 9, 2014). Where we believe that
operational risk could lead to credit instability and have an
effect on our ratings, these criteria call for rating caps that
limit the securitization's maximum potential rating.

"The Situs Companies is the servicer and special servicer. Our
assessment of the operational risk associated with the
transaction parties does not constrain our ratings in this
transaction."

LEGAL AND REGULATORY RISKS

S&P said, "Under our legal criteria, we assess the extent to
which a securitization structure isolates securitized assets from
bankruptcy or insolvency risk of the entities participating in
the transaction, as well as the special-purpose entities'
bankruptcy remoteness (see "Structured Finance: Asset Isolation
And Special-Purpose Entity Methodology," published on March 29,
2017).

"Our assessment of the legal and regulatory risk is commensurate
with the ratings assigned."

COUNTERPARTY RISKS

S&P said, "Our current counterparty criteria allow us to rate the
notes in structured finance transactions above our ratings on
related counterparties if a replacement framework exists and
other conditions are met (see "Counterparty Risk Framework
Methodology And Assumptions," published on June 25, 2013). The
maximum ratings uplift depends on the type of counterparty
obligation.

"Our assessment of the counterparty risk for this transaction
does not constrain the ratings assigned."

PAYMENT STRUCTURE AND CASH FLOW MECHANICS

"Our ratings analysis includes an analysis of the transaction's
payment structure and cash flow mechanics. We assess whether the
cash flow from the securitized assets would be sufficient, at the
applicable rating levels, to make timely payments of interest and
ultimate repayment of principal by the legal maturity date in
January 2026, after taking into account available credit
enhancement and allowing for transaction expenses and external
liquidity support.

"The risk of interest shortfalls is mitigated by a EUR42.1
million facility that provides liquidity support to service the
interest on the notes, if needed. Our assessment of the payment
structure and cash flow mechanics for this transaction does not
constrain our ratings in this transaction."

RATING ACTIONS

S&P said, "We consider the available credit enhancement for the
class C, D, E, and F notes to be sufficient to absorb the amount
of losses that the underlying property would suffer at higher
rating levels than those currently assigned. We have therefore
raised our ratings on the class C, D, E, and F notes.

"At the same time, we consider the available credit enhancement
for the class A and B notes to be sufficient to absorb the amount
of losses that the underlying property would suffer at the
currently assigned rating levels. We have therefore affirmed our
'AAA (sf)' and 'AA (sf)' ratings on the class A and B notes,
respectively."

RATINGS LIST

Taurus 2015-2 DEU Ltd.
EUR445.186 mil commercial mortgage backed floating-rate notes
                                     Rating
  Class        Identifier            To               From
  A            XS1220231846          AAA (sf)         AAA (sf)
  B            XS1220235839          AA (sf)          AA (sf)
  C            XS1220235912          A+ (sf)          A (sf)
  D            XS1220242025          BBB+ (sf)        BBB (sf)
  E            XS1220242298          BB (sf)          BB- (sf)
  F            XS1220242454          B+ (sf)          B (sf)


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


BANCA POPOLARE: Fitch Affirms & Withdraws 'D' IDR on Liquidation
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Banca Popolare di
Vicenza S.p.A. (Vicenza)'s Issuer Default Ratings (IDR),
Viability Rating (VR), Support Rating and Support Rating Floor,
as well as the bank's subordinated debt rating.

Fitch has also upgraded Vicenza's senior unsecured bonds to 'BBB'
from 'CCC'/'RR4 and removed them from Rating Watch Positive
(RWP). At the same time, the state-guaranteed senior debt of
Vicenza and another Italian bank Veneto Banca S.p.A. has been
affirmed at 'BBB'. The bonds of both banks have been transferred
to Intesa Sanpaolo (IntesaSP).

The upgrade of Vicenza's senior unsecured bonds follows the
conversion into Law of the June 25, 2017 Law Decree that placed
Vicenza and Veneto Banca under liquidation. The conversion means
that Fitch now considers the transfer of senior debt from Vicenza
to IntesaSP final.

KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT

Vicenza's 'D' Long- and Short-Term IDRs and 'f' VR reflect that
the bank has been placed into liquidation. Fitch is withdrawing
Vicenza IDRs and VR as Vicenza has entered insolvency
proceedings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Vicenza.

The upgrade of the rating of senior unsecured debt originally
issued by Vicenza and transferred to IntesaSP reflects Fitch's
view that the transfer has become final, The rating is now in
line with IntesaSP's senior unsecured debt rating.

SR AND SRF
The SR and SRF reflect Fitch's view that although external
support is possible, and the regulatory action taken at Vicenza
did not result in losses for the bank's senior creditors,
external support cannot be relied upon. Senior creditors can no
longer expect to receive full extraordinary support from the
sovereign in the event that the bank becomes non-viable.
Vicenza's SR and SRF have been withdrawn in line with the
withdrawal of the other issuer ratings.

SUBORDINATED DEBT

The rating of the subordinated Tier 2 debt issued by Vicenza
reflects poor recovery prospects for the subordinated bondholders
that remain in the entity that is being liquidated. The Italian
State will become a senior creditor of the liquidated entity,
which means that recovery prospects for junior creditors out of
the liquidation are poor. The rating has been withdrawn in line
with the withdrawal of Vicenza's issuer ratings.

SENIOR STATE-GUARANTEED SECURITIES
Vicenza, Veneto Banca

The long-term rating of the state-guaranteed debt is based on
Italy's direct, unconditional and irrevocable guarantee for the
issues, which covers payments of both principal and interest.
Italy's guarantee was issued by the Ministry of Economy and
Finance under Law Decree December 23, 2016, n. 237, subsequently
converted into Law 15/2017. The ratings reflect Fitch's
expectation that Italy will honour the guarantee provided to the
noteholders in a full and timely manner. The state guarantee
ranks pari passu with Italy's other unsecured and unguaranteed
senior obligations. As a result, the notes' long-term ratings are
in line with Italy's 'BBB' Long-Term IDR.

Under the Law, the notes have been transferred to IntesaSP.
IntesaSP has the right to cancel the guarantee.

RATING SENSITIVITIES
IDRS, VR, SR, SRF, SUBORDINATED DEBT

Not applicable.

SENIOR DEBT
The senior debt originally issued by Vicenza and transferred to
IntesaSP is sensitive to the same factors that might drive a
change in IntesaSP's IDRs.

IntesaSP's ratings could be downgraded if the bank does not meet
its impaired loan reduction targets and its capital remains
highly exposed to unreserved impaired loans. Similarly,
deterioration in the bank's funding and liquidity would put
pressure on the ratings, as would unnecessarily prioritising
dividend distribution over capital retention. IntesaSP's ratings
remain sensitive to deterioration in the operating environment in
Italy and to Italy's sovereign ratings.

IntesaSP's Short-Term IDR would be downgraded if the bank is
unable to successfully manage the tapered ECB asset buying
programme and replace central bank funding with market funding.

An upgrade of the ratings would require a significant improvement
of the bank's asset quality and, given the bank's overwhelmingly
domestic operations, an upgrade of Italy's sovereign rating.

SENIOR STATE-GUARANTEED SECURITIES

Vicenza, Veneto Banca
The notes' ratings are sensitive to changes in Italy's Long-Term
IDR. If IntesaSP decides to cancel the guarantee on this senior
debt, Fitch will no longer rate the notes based on the guarantee
but might assign ratings based on IntesaSP's senior debt rating.

The rating actions are as follows:

Vicenza
Long-Term IDR: affirmed at 'D'; withdrawn
Short-Term IDR: affirmed at 'D'; withdrawn
Viability Rating: affirmed at 'f'; withdrawn
Support Rating: affirmed at '5'; withdrawn
Support Rating Floor: affirmed at 'No Floor'; withdrawn
Long-term senior unsecured notes and EMTN programme: upgraded to
'BBB' from 'CCC'/'RR4'; removed from RWP
Short-term rating on EMTN programme: upgraded to 'F2' from 'C';
removed from RWP
Subordinated debt: affirmed at 'C'/'RR6'; withdrawn
State-guaranteed debt: affirmed at 'BBB'

Veneto Banca
State-guaranteed debt: affirmed at 'BBB'


===================
K A Z A K H S T A N
===================


KAZTEMIRTRANS JSC: Moody's Affirms Ba1 CFR, Outlook Now Stable
--------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the ratings of eight Kazakhstani government-related
issuers (GRIs) -- in the oil & gas, mining, transportation and
defence sectors -- as a result of significant progress made by
the Government of Kazakhstan toward adjusting the country's
economy, public finances and banking system to the reality of low
oil prices. Concurrently, Moody's has affirmed all these ratings.
For all affected GRIs, their respective baseline credit
assessments have been affirmed, and their support and dependence
assumptions remain unchanged as a result of this rating action.

The actions follow Moody's change of the outlook on Kazakhstan's
Baa3 government bond rating to stable from negative and the
affirmation of the rating on July 26, 2017.

RATINGS RATIONALE

The rating actions are in line with the sovereign rating action
and reflect the strong credit linkages of the affected companies
with the state as well as their exposure to the operating and
macroeconomic environment of Kazakhstan.

Moody's believes that Kazakhstan's policy response to the
negative oil price shock and available financial buffers have
stabilised the economy and the government's fiscal strength. As a
result, the rating agency expects that the operating environment
for Kazakhstani non-financial corporates will remain stable or
gradually improve over the next 12-18 months, supporting their
credit profile.

In particular, Moody's recognizes that (1) Kazakhstan's effective
policy response to the global oil price shock, driven by
countercyclical government spending and increased exchange rate
flexibility, has supported the economy and bolsters prospects of
future shock absorption capacity; (2) its very strong fiscal
position has only slightly eroded during the oil shock despite
higher foreign-currency debt costs and recapitalization of some
banks, thereby providing flexibility and ample financial
resources to manage potential further contingent liability risks;
and (3) recent government actions to strengthen and recapitalize
the banking system help address banks' solvency risks.

At the same time, Kazakhstan's credit profile is constrained by
(1) low, albeit improving, institutional strength; (2) a
relatively high proportion of foreign-currency government debt,
which raises the vulnerability of public finances to a potential
sharp depreciation of the currency; (3) susceptibility to event
risk related to presidential succession which, if it were to
proceed in a disorderly manner, could affect economic, external
and fiscal trends; and (4) weak asset quality, remaining high
deposit dollarization and higher concentration in the banking
system signalling ongoing contingent liability risk to the
sovereign.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the affected companies' ratings is in line
with the stable outlook for Kazakhstan's sovereign rating and
reflects Moody's expectation that each company's specific credit
factors, including their operating and financial performance,
market position and liquidity, will remain commensurate with
their ratings on a sustainable basis.

Moody's additionally notes that in the case of JSC NC Kazakhstan
Engineering (KE), given the fundamental weakness of company's
standalone positioning, the stabilization of the outlook on its
B1 ratings is driven by the demonstrated continuing government
support provided to the company's regular operations, resulting
in improved liquidity which addresses KE's funding needs and debt
service through end 2018. KE's standalone highly leveraged
financial profile as of end-2016 and overall baseline credit
assessment is weakly positioned in the b3 category.

List of affected ratings

Affirmations:

Issuer: KazMunayGas NC JSC

-- LT Issuer Rating, Affirmed Baa3

-- Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa3

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: KazMunaiGaz Finance Sub B.V.

-- Backed Senior Unsecured Medium-Term Note Program, Affirmed
   (P)Baa3

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: JSC KazTransOil

-- LT Issuer Rating, Affirmed Baa3

-- LT Corporate Family Rating, Affirmed Baa3

Issuer: JSC KazTransGas

-- LT Issuer Rating, Affirmed Baa3

Issuer: Intergas Central Asia

-- LT Issuer Rating, Affirmed Baa3

Issuer: National Company Kazakhstan Temir Zholy JSC

-- LT Issuer Rating, Affirmed Baa3

-- Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: KTZ Finance LLC

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

Issuer: Kaztemirtrans, JSC

-- LT Corporate Family Rating, Affirmed Ba1

-- Probability of Default Rating, Affirmed Ba1-PD

Issuer: Kazatomprom JSC

-- LT Issuer Rating, Affirmed Baa3

Issuer: JSC NC Kazakhstan Engineering

-- LT Corporate Family Rating, Affirmed B1

-- Probability of Default Rating, Affirmed B1-PD

-- National Scale LT Corporate Family Rating, Affirmed Baa3.kz

Outlook actions:

Issuer: KazMunayGas NC JSC

-- Outlook, Changed To Stable From Negative

Issuer: KazMunaiGaz Finance Sub B.V.

-- Outlook, Changed To Stable From Negative

Issuer: JSC KazTransOil

-- Outlook, Changed To Stable From Negative

Issuer: JSC KazTransGas

-- Outlook, Changed To Stable From Negative

Issuer: Intergas Central Asia

-- Outlook, Changed To Stable From Negative

Issuer: National Company Kazakhstan Temir Zholy JSC

-- Outlook, Changed To Stable From Negative

Issuer: KTZ Finance LLC

-- Outlook, Changed To Stable From Negative

Issuer: Kaztemirtrans, JSC

-- Outlook, Changed To Stable From Negative

Issuer: Kazatomprom JSC

-- Outlook, Changed To Stable From Negative

Issuer: JSC NC Kazakhstan Engineering

-- Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating KazMunayGas NC JSC and
KazMunaiGaz Finance Sub B.V. were Global Integrated Oil & Gas
Industry published in October 2016, and Government-Related
Issuers published in October 2014.

The principal methodologies used in rating JSC KazTransGas and
Intergas Central Asia were Natural Gas Pipelines published in
November 2012, and Government-Related Issuers published in
October 2014.

The principal methodologies used in rating JSC KazTransOil were
Midstream Energy published in May 2017, and Government-Related
Issuers published in October 2014.

The principal methodologies used in rating National Company
Kazakhstan Temir Zholy JSC, KTZ Finance LLC and Kaztemirtrans,
JSC were Global Surface Transportation and Logistics Companies
published in May 2017, and Government-Related Issuers published
in October 2014.

The principal methodologies used in rating Kazatomprom JSC were
Global Mining Industry published in August 2014, and Government-
Related Issuers published in October 2014.

The principal methodologies used in rating JSC NC Kazakhstan
Engineering were Global Aerospace and Defense Industry published
in April 2014, and Government-Related Issuers published in
October 2014.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".za" for South Africa.
For further information on Moody's approach to national scale
credit ratings, please refer to Moody's Credit rating Methodology
published in May 2016 entitled "Mapping National Scale Ratings
from Global Scale Ratings". While NSRs have no inherent absolute
meaning in terms of default risk or expected loss, a historical
probability of default consistent with a given NSR can be
inferred from the GSR to which it maps back at that particular
point in time. For information on the historical default rates
associated with different global scale rating categories over
different investment horizons.


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


PACIFIC DRILLING: Chapter 11 Likely if Debt Overhaul Plan Fails
---------------------------------------------------------------
Charles T. Clark and Eliza Ronalds-Hannon at Bloomberg News
report that Pacific Drilling SA may wind up in bankruptcy court
if it's unable to salvage a debt overhaul plan that creditors
rejected.

According to Bloomberg, a statement on Aug. 3 said the owner of
seven drillships said too few holders of its senior secured notes
due in December consented to extending the maturity until June
2018.

Pacific Drilling is considering ideas to bolster liquidity that
include borrowing more and cutting costs, Bloomberg discloses.
If it can't restructure or refinance its US$3 billion of debt,
the company, as cited by Bloomberg, said it may resort to a
private restructuring or a negotiated deal under Chapter 11 of
the U.S. Bankruptcy Code.

"We continue to engage in discussions with our shareholders, the
bank lenders and the ad hoc group of holders of our public debt
on the terms of a restructuring, although there is currently no
consensus as to the form or structure of any restructuring,"
Bloomberg quotes Chief Financial Officer John Boots as saying in
the statement.

The disclosure was included in the company's second-quarter
results, which showed a net loss of US$138.1 million, compared
with profit of US$8.2 million a year earlier, Bloomberg notes.
This year's first quarter ended with a US$99.8 million loss,
Bloomberg states.

                     About Pacific Drilling

Based in Luxembourg, Pacific Drilling S.A. (NYSE:PACD) is an
international offshore drilling contractor.  The Company's
primary business is to contract its high-specification rigs,
related equipment and work crews, primarily on a day rate basis,
to drill wells for its clients.  The Company's contract
drillships operate in the deepwater regions of the United States,
Gulf of Mexico and Nigeria.

Pacific Drilling reported a net loss of $37.15 million on $769.5
million of revenues for the year ended Dec. 31, 2016, as compared
with net income of $126.2 million on $1.08 billion of revenues
for the year ended Dec. 31, 2015.  As of March 31, 2017, Pacific
Drilling had $5.75 billion in total assets, $3.18 billion in
total liabilities and $2.57 billion in total shareholders'
equity.

The Company's independent auditors KPMG LLP, in Houston, Texas,
expressed substantial doubt about the Company's ability to
continue as a going concern in their report on the consolidated
financial statements for the year ended Dec. 31, 2016.  KPMG
noted that the Company expects to be in violation of certain of
its financial covenants in the next 12 months.

                          *     *     *

In October 2016, Moody's Investors Service downgraded Pacific
Drilling's Corporate Family Rating to 'Caa3' from 'Caa2' and
Probability of Default Rating (PDR) to 'Caa3-PD' from 'Caa2-PD'.
"PacDrilling's ratings downgrade reflects our extremely negative
view of the offshore drilling sector with no near term signs of
improvement.  Depressed prices for the offshore drillships offers
weak asset coverage for PacDrilling's overall debt.  With no
material signs of improving contract coverage or utilization for
PacDrilling's drillships, cashflow through 2017 will be severely
impacted resulting in an unsustainable capital structure," said
Sreedhar Kona, Moody's senior analyst.

In February 2017, S&P Global Ratings affirmed its ratings on
Pacific Drilling S.A., including its 'CCC-' corporate credit
rating.  S&P subsequently withdrew all ratings on the company at
its request.



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


E-MAC NL 2004-1: Fitch Cuts Ratings on 4 Note Classes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has resolved the Rating Watch Negative (RWN) on 17
tranches of E-MAC NL. Thirteen tranches were downgraded to 'BBsf'
and assigned a Stable Outlook. Additionally, 14 tranches were
affirmed reflecting the stable performance since the last rating
action in February 2017.

The resolution of the Rating Watch follows Fitch's assessment of
risks around asset maturities identified in February 2017 (please
see Fitch Places E-MAC NL Series on RWN Following Asset Maturity
Risks).

KEY RATING DRIVERS

Asset Maturity Risks
In four transactions (2004-I, 2005-III, 2006-II, 2006-III) Fitch
identified assets with maturity dates exceeding those of the
notes'.

Note amortisation in these transactions is pro-rata given
satisfactory performance. Transactions will only switch to
sequential amortisation in case of (i) drawings on the reserve
fund, (ii) drawings on the liquidity facility, (iii) uncleared
balances on the principal deficiency ledgers, or (iv) more than
1.5% of delinquent loans over two months. Therefore, in a benign
environment it is possible for the transactions to amortise pro-
rata until note maturity. This implies a loss to the structure
equal to the balance of the loans that mature after the notes.

We note that such loans have shown a history of prepayments and
are small as a proportion of the current pool. Additionally, all
such borrowers also have at least one loan-part that matures
prior to note maturity. Should the borrower decide to refinance
that loan-part they will have to refinance all their outstanding
loan-parts.

Fitch also notes a number of loan-parts maturing within the two
years up until notes' legal final maturity. Given the curtailed
time to note maturity, if borrowers fail to refinance these loans
the recoveries from the sale of the underlying properties may not
feed into the transactions.

Given the elevated risk to default, Fitch is of the opinion that
a rating of 'BBsf' is appropriate for these transactions.

Interest-only Concentration
The interest-only concentrations in these transactions range
between 72% and 83% of the outstanding portfolio and are high
compared with the broader Dutch market. The criteria stress
applies a 50% weighted average foreclosure frequency (WAFF)
against peak concentration at 'AAAsf' level (lower WAFF
assumptions for lower rating stresses) and the 'Bsf' WAFF to the
remainder of the pool. For three of the six transactions the
stress resulted in a significantly higher WAFF than that produced
by applying the standard criteria assumptions.

Pro-Rata Structures
In the current benign market conditions, a number of the
transactions are amortising pro-rata. Should transactions that
are currently amortising sequentially revert to pro-rata, the
credit enhancement protection built up for the senior notes will
be reduced as per the amortisation mechanism in the
documentation. This feature has been factored into the rating
analysis.

Swap Mismanagement
As noted in Fitch commentary in May 2017 (Fitch Monitoring E-MAC
NL Swap Mismanagement Notices) Fitch continues to monitor
developments following issuer notices relating to swap
mismanagement. At this stage Fitch does not believes the swap
mismanagement, if any, affect the ratings.

VARIATIONS FROM CRITERIA

Upon downgrade of the liquidity facility provider below the
trigger ratings, Fitch expects the issuer to be able to make a
stand-by drawing within 14 calendar days. In accordance with the
documentation in these transactions the drawing can only be made
after 30 calendar days. The agency has not adjusted its analysis
for this inconsistency with its criteria. Fitch does not consider
the additional 16 days a material risk, given that the liquidity
facility providers are highly rated, and notes that other
remedial actions upon downgrade of the liquidity facility
provider are in line with its expectations.

RATING SENSITIVITIES

Should the assets maturing after note maturity prepay, it would
address the risk of the notes incurring losses at maturity. This
may lead to positive rating actions.

Fitch notes that there is no specified minimum margin requirement
for floating-rate loans. For loans that reset to floating in the
current low rate environment, it may result in a compression of
excess spread. This is especially the case for the 2008-I and
2008-IV transactions where the liability costs are higher than in
previous transactions, and both of which have a large proportion
of loans resetting this year.

Fitch has taken the following rating actions:

E-MAC NL 2004-1 B.V.
Class A (XS0188806870) downgraded to 'BBsf' from 'Asf'; off RWN,
Outlook Stable
Class B (XS0188807506) downgraded to 'BBsf' from 'Asf'; off RWN,
Outlook Stable
Class C (XS0188807928) downgraded to 'BBsf' from 'A-sf';oOff RWN,
Outlook Stable
Class D (XS0188808819) downgraded to 'BBsf' from 'BBB-sf'; off
RWN, Outlook Stable

E-MAC NL 2005-III B.V.
Class A (XS0236785431) downgraded to 'BBsf' from 'Asf'; off RWN,
Outlook Stable
Class B (XS0236785860) downgraded to 'BBsf' from 'Asf'; off RWN,
Outlook Stable
Class C (XS0236786082) downgraded to 'BBsf' from 'A-sf'; off RWN,
Outlook Stable
Class D (XS0236786595) downgraded to 'BBsf' from 'BB+sf'; off
RWN, Outlook Stable
Class E (XS0236787056) affirmed at 'CCCsf'; Recovery Estimate
(RE) 90%

E-MAC NL 2006-II B.V.
Class A (XS0255992413) downgraded to 'BBsf' from 'Asf'; off RWN,
Outlook Stable
Class B (XS0255993577) downgraded to 'BBsf' from 'BBBsf'; off
RWN, Outlook Stable
Class C (XS0255995358) downgraded to 'BBsf' from 'BB+sf'; off
RWN, Outlook Stable
Class D (XS0255996166) affirmed at 'CCCsf'; off RWN; RE 90%
Class E (XS0256040162) affirmed at 'CCCsf'; RE 30%

E-MAC Program B.V. Compartment NL 2006-III
Class A2 (XS0274609923) downgraded to 'BBsf' from 'Asf'; off RWN,
Outlook Stable
Class B (XS0274610855) downgraded to 'BBsf' from 'BBB+sf'; off
RWN, Outlook Stable
Class C (XS0274611317) affirmed at 'BBsf'; off RWN, Outlook
Stable
Class D (XS0274611747) affirmed at 'CCCsf'; off RWN; RE 50%
Class E (XS0275099322) affirmed at 'CCCsf'; RE 0%

E-MAC Program III B.V. Compartment NL 2008-I
Class A2 (XS0344800957) affirmed at 'AAAsf'; Outlook Stable
Class B (XS0344801765) affirmed at 'A-sf'; Outlook Stable
Class C (XS0344801922) affirmed at 'BBB+sf'; Outlook Stable
Class D (XS0344802060) affirmed at 'CCCsf'; RE 95%

E-MAC Program II B.V. Compartment NL 2008-IV
Class A (XS0355816264) affirmed at 'AAsf'; Outlook Stable
Class B (XS0355816421) affirmed at 'Asf'; Outlook Stable
Class C (XS0355816694) affirmed at 'Asf'; Outlook Stable
Class D (XS0355816934) affirmed at 'CCCsf'; off RWN, RE 95%


EDML 2017-1: Moody's Assigns (P)Ba1 Rating to Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned provisional credit ratings
to the following classes of notes to be issued by EDML 2017-1
B.V.:

-- EUR[233.9]M Class A mortgage-backed notes 2017 due October
    2055, Assigned (P)Aaa(sf)

-- EUR[3.8]M Class B mortgage-backed notes 2017 due October
    2055, Assigned (P)Aa2(sf)

-- EUR[7.6]M Class C mortgage-backed notes 2017 due October
    2055, Assigned (P)A2(sf)

-- EUR[2.6]M Class D mortgage-backed notes 2017 due October
    2055, Assigned (P)Baa2(sf)

-- EUR[2.6]M Class E mortgage-backed notes 2017 due October
    2055, Assigned (P)Ba1(sf)

Moody's has not assigned any ratings to the Class F notes and to
the Class RS notes. The Class A to F are mortgage backed notes.
The proceeds of the Class RS notes are partially used to fund the
reserve account.

The transaction represents the securitisation of Dutch prime
mortgage loans backed by residential properties located in the
Netherlands and originated by Elan Woninghypotheken B.V.
(formerly known as Dynamic Credit Woninghypotheken B.V.) ("Elan",
not rated). The portfolio will be serviced by Quion Services B.V.
("Quion", not rated) and Intertrust Administrative Services B.V.
will act in the role of issuer administrator.

RATINGS RATIONALE

The ratings of the notes take into account, among other factors:
(1) the historical performance of the collateral; (2) the credit
quality of the underlying mortgage loan pool, (3) the seasoning
of the loan pool, (4) the initial credit enhancement provided to
the senior notes by the junior notes and the reserve fund, and
(5) the legal and structural features of this transaction.

-- Expected Loss and MILAN CE Analysis

Moody's determined the MILAN credit enhancement (MILAN CE) and
the portfolio's expected loss (EL) based on the pool's credit
quality. The expected portfolio loss (EL) of 1.5% and the MILAN
CE of 11.5% serve as input parameters for Moody's cash flow
model, which is based on a probabilistic lognormal distribution.
The MILAN CE reflects the loss Moody's expects the portfolio to
suffer in the event of a severe recession scenario.

The key drivers for the MILAN CE number, which is higher than the
Dutch Prime RMBS sector average (7.3%), are (i) the limited
historical performance data for the originator's portfolio; (ii)
the weighted average current loan-to- market-value (LTMV) of
99.2%, (iii) the fact that 84.9% of the pool are loans with
portability option, which refers to the possibility of the
borrower to "port" their mortgage loan conditions to another
property, and (iv) the weighted average seasoning of 0.49 years
with the maximum vintage concentration of 78.7% in 2016.

The key drivers for the portfolio expected loss, which is higher
than the Dutch Prime RMBS sector average (0.9%) and is based on
Moody's assessment of the lifetime loss expectation, are (i) the
limited historical performance data for the originator's
portfolio; (ii) benchmarking with comparable transactions in the
Dutch RMBS market, and (iii) the current economic conditions in
the Netherlands.

-- Operational Risk Analysis

The servicer Quion is not rated by Moody's, which introduces
operational risk into the transaction. Operational risk is
mitigated by the appointment of a back-up servicer facilitator
(BNP Paribas Securities Services, Luxembourg Branch (part of BNP
Paribas), rated A1/P-1/ Aa3(cr)) who will assist the Issuer in
appointing a back-up servicer on best effort basis upon
termination of servicing agreement. The documentation also
contains estimation language if the servicer report is not
available due to the servicer disruption. In addition, Intertrust
Management B.V. ("Intertrust", not rated) will act in the role of
cash manager.

-- Transaction structure

The transaction has the benefit of liquidity through a reserve
account fully funded at 1.3% of the A to F notes' balance, which
consists of five sub-ledgers for each of the Class A-E notes.
Only the Class A ledger will amortise subject to a floor of 50%
of the initial amount. Amortisation will occur subject to certain
strict conditions when the outstanding balance of Class A notes
is less than 50% of the amount at closing. After the respective
Classes of notes have amortised the corresponding reserve sub-
ledgers will be equal to zero and will be released to the
principal waterfall. On legal final maturity of the notes any
remaining amounts will be released to the principal waterfall. In
addition, principal to pay interest is available to pay the
interest rate on the Class A notes or for Class B to E notes in
case they become the most senior notes outstanding.

-- Interest Rate Risk Analysis

99.9% of the pool balance is comprised of fixed rate mortgage
loans with different reset frequencies. The notes pay three-month
EURIBOR, which means there is an interest mismatch in the
transaction. To mitigate the fixed-floating mismatch, the issuer
entered into swap agreement with the swap counterparty ING Bank
N.V. (A1/P-1/Aa3(cr)). However, this is not a typical Dutch swap
providing guaranteed excess spread in the transaction. The issuer
will pay to the swap counterparty the swap notional amount
multiplied by the swap rate plus the prepayment penalties for
fixed rate mortgage loans. In return, the Issuer will receive the
swap notional multiplied by the three-month EURIBOR rate. The
floating-rate loans are unhedged. Moody's has taken into
consideration the interest rate swap and the unhedged basis risk
arising from the floating rate loans in its cash flow modelling.

-- Stress Scenarios

Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that Class A notes would
have achieved Aa1 rating if the expected loss was as high as
2.25% assuming MILAN CE increased to 13.8% and all other factors
remained the same. Class B notes would have achieved Aa3 rating
if the expected loss was as high as 2.25% assuming MILAN CE
increased to 13.8% and all other factors remained the same. Class
C notes would have achieved Baa2 rating if the expected loss was
as high as 2.25% assuming MILAN CE increased to 13.8% and all
other factors remained the same. Class D notes would have
achieved Ba1 rating if the expected loss was as high as 2.25%
assuming MILAN CE increased to 13.8% and all other factors
remained the same. Class E notes would have achieved B2 rating if
the expected loss was as high as 2.25% assuming MILAN CE
increased to 13.8% and all other factors remained the same.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors that would lead to an upgrade of the ratings include
economic conditions being better than forecast resulting in
better-than-expected performance of the underlying collateral.

Factors that would lead to a downgrade of the ratings include
economic conditions being worse than forecast resulting in worse-
than-expected performance of the underlying collateral,
deterioration in the credit quality of the counterparties and
unforeseen legal or regulatory changes.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Class A, Class B, Class
C, Class D and Class E notes by the legal final maturity. Moody's
ratings only address the credit risk associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk. Moody's will monitor this transaction on an ongoing
basis. For updated monitoring information, please contact
monitor.rmbs@moodys.com.


REFRESCO GROUP: S&P Lowers Long-Term CCR to 'BB-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it lowered its long-term corporate
credit rating on Netherlands-based bottler of soft drinks and
fruit juices Refresco Group N.V. to 'BB-' from 'BB'. The outlook
is stable.

S&P siad, "At the same time, we assigned our 'BB-' issue rating
to the proposed senior secured term loan facilities (comprising
EUR1.3 billion and US$620 million). The recovery rating is '3',
reflecting our expectation of meaningful recovery (50%-70%;
rounded estimate 50%) in the event of a payment default.

"We will withdraw our issue ratings on the existing senior
facilities once the proposed refinancing is complete.
The downgrade reflects our revised S&P Global Ratings-adjusted
leverage and interest coverage metrics for Refresco, following
the company's agreement to buy the bottling activities of U.S.-
based diversified beverage company Cott Corp. Cott's bottling
business generated revenues of approximately EUR1.5 billion in
2016, with reported adjusted EBITDA of about EUR117 million-
EUR122 million (US$136.5 million) based on volumes of 4.3 billion
liters. We forecast the combined entity to generate revenues in
excess of EUR3.6 billion in 2017, with reported EBITDA of about
EUR350 million based on the production of around 11.6 billion
liters on a pro forma basis."

Refresco plans to fund the EUR1.1 billion acquisition with the
issuance of a new dual-tranche senior secured term loan amounting
to about EUR1.835 billion. The group will also refinance its
existing  EUR726 million senior facilities with the proceeds.
Given the increase in the debt amount, we forecast that the group
will record adjusted debt-to-EBITDA of 4.5x-5.0x by year-end 2018
and 4.0x-4.5x in 2019 as Cott's activities are fully integrated
and operating efficiencies achieved. S&P said, "We understand
that the legacy Cott business was underinvested due to the
management's operational focus on the water delivery and coffee
services business. We view the carbonated soft drink market in
North America as very mature and declining, with very high
competition among industry players. We also note importantly that
the group will not acquire Cott's proprietary brands and will
maintain its business-to-business model, with no competitive
exposure to its client base. We expect the group to invest
capital expenditure (capex) in the manufacturing facilities to
help to drive productivity and increase the variety of service
options available to the North American customers that will yield
benefits in profitability and production volumes."

Refresco enjoys strong positions in large European consumer
markets including Germany, Benelux, France, Italy, the U.K., and
Iberia. Modern manufacturing plants, increased productivity, and
variety in packaging formats helps Refresco to maintain a
competitive advantage over other players and makes it an
attractive partner for the group's customer base of private
retailers and branded consumer companies. Having entered the
attractive U.S. market in September 2016 by acquiring Whitlock
Packaging, Refresco's acquisition of Cott's bottling business
will significantly increase the group's scale in North America.
The proportion of co-packing volumes for the combined group is
expected to fall to about 27%, however, as over 80% of the
existing Cott activity is attributed to private-label volumes.
Working capital management and long-term profitability is
supported by a greater proportion of co-packing activity, however
management believes there are opportunities to bolster earnings
through increased innovation in product sizes and varieties in
the private-label volumes.

North America is the single largest soft drinks market globally,
with higher per capita consumption than Western Europe. The Cott
business has faced a challenging period over the past three
years, with declining revenues, production volumes, and stagnant
reported EBITDA generation. S&P said, "In our view, however,
Refresco's track record of successful integration, supported by
its innovative production proposition and technical knowledge,
should help to deliver stability and operational improvements to
the legacy Cott business. The combined group's ability to reverse
the recent trend and improve volumes and profitability is vital
for its prospective deleveraging. We see this execution risk and
the timing of any expected procurement or operational synergies
as the main threats to the group achieving adjusted EBITDA
margins of 10.5%-11.5% over the next two years."

Refresco continues to be exposed to volatility in input prices,
including raw materials such as juice concentrate and sugar and
packaging materials including PET, liquid paper board, and
aluminum cans. The group mitigates some of this exposure with the
use of forward purchasing in its procurement and pass-through
mechanisms in its contracts. The growing trend of branded
producers outsourcing the bottling function supports growth
prospects in Refresco's key markets, but we note that the group
does not have any proprietary brands and as such is not able to
maximize its margins by employing a marketing strategy. Despite
the group's increased scale following the Cott acquisition, the
company's limited pricing power constrains our current business
risk profile assessment at fair.

S&P siad, "We have revised our financial risk profile assessment
downward to aggressive. This reflects our expectations that the
group will record adjusted debt to EBITDA of around 4.5x-5.0x
over the next 12-18 months. Our estimates of debt include senior
secured debt totaling  EUR1.835 billion with adjustments for
operating leases and pension obligations of over  EUR250 million.
We give benefit for surplus cash held following the successful
IPO transaction in May 2015 and management's public commitment to
reported net leverage not exceeding 3.0x over the long term.

"We expect the company to marginally improve its profitability
with increased economies of scale, controlling more of the value
chain and procurement savings. The group's continued focus on
cash conversion and working capital management is expected to
support investment in capex, innovation, and overall deleveraging
up to 2019.

"We expect Cott to make a limited contribution in 2017 since the
transaction is occurring in the fourth quarter, resulting in
year-end adjusted EBITDA of about  EUR280 million and adjusted
leverage of 7.2x. For 2018, however, we forecast adjusted EBITDA
of  EUR400 million- EUR410 million and adjusted free operating
cash flow (FOCF) of  EUR140 million- EUR150 million, with modest
growth supported by the full-year contribution of Cott and
organic top-line growth. We also forecast leverage to fall below
5.0x, supported by the equity issuance of about  EUR200 million
expected in 2018. We expect the group to enjoy EBITDA interest
coverage above 5.0x in our forecasts and note that they may
benefit from a decrease in interest obligations as reported
leverage declines, with the associated step down in margin
interest. We also closely monitor the FOCF-to-debt and
discretionary cash flow-to-debt ratios in our forecasts given the
importance of capital investment for operating activity and
Refresco's new financial and dividend policy as a public company.
We expect FOCF to debt of 7%-10% over the next 12-18 months,
which we view as commensurate with the 'BB-' rating, as we expect
FOCF to be around  EUR100 million- EUR120 million in 2018 and
2019."

In S&P's base case, it assumes:

-- Revenue increases of 25%-45% over financial years 2017 and
    2018 reflecting partial and full-year contributions from the
    recent Cott acquisition.
-- Organic growth, especially in the U.S., supported by product
    innovation and some inflationary price pressures, should also
    support top-line growth. S&P expects the group to continue to
    make small opportunistic bolt-on acquisitions in its drive to
    increase enterprise value but that it will prioritize
    deleveraging in the near-to-medium term.
-- Steady improvement in profitability supported by management's
    cost efficiency and productivity measures helping to maintain
    reported EBITDA margins at around 10% and a reported EBITDA
    base of at least  EUR240 million in 2017, growing to  EUR350
    million in 2018 and about  EUR380 million in 2019.
-- Modest working capital movement reflecting growing sales
    volume as the group penetrates the U.S. market.
-- Capex of about  EUR120 million- EUR170 million annually in
    2017 and 2018.
-- Bolt-on acquisitions of up to  EUR35 million annually over
    the next two years as management prioritizes deleveraging.
-- Shareholder dividends at the lower end of the 35%-50% range
    of the adjusted net income dividend policy.

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

-- Adjusted debt to EBITDA of around 4.5x-5.0x in 2018 and 4.0x-
    4.5x in 2019 falling from a post-transaction leverage of
    around 7.2x in 2017.
-- Adjusted EBITDA interest coverage of 5.5x-6.0x in 2018 and
    2019.
-- Adjusted FOCF to debt of 7%-10% in 2017 and 2018.

S&P said, "We assess Refresco's liquidity as adequate, according
to our criteria, based on our estimate that the group's sources
of cash will exceed uses by more than 1.2x over the subsequent 12
months. We assess the liquidity position on an ongoing basis, and
as such we do not include the one-off impact of the refinancing
transaction and buy-out transaction in our calculations.

"We anticipate that the group will prioritize using free cash
flow for deleveraging or funding operational improvements. While
sources of liquidity sufficiently exceed uses to qualify for a
stronger liquidity assessment, the headroom under financial
covenants does not support a strong assessment. We also have
limited visibility and track record of solid support from banks
throughout a period of distress or underperformance. We therefore
maintain an adequate liquidity assessment."

S&P anticipates that Refresco's principal liquidity sources over
the 12 months from June 2017 will be:

-- Cash balance of about EUR120 million- EUR130 million;
-- Revolving credit facility (RCF) of EUR200 million;
-- Cash funds from operations of EUR210 million- EUR220
    million; and
-- Working capital inflows of less than EUR5 million.

S&P anticipates that Refresco's principal liquidity uses over the
same period will be:

-- Capex of EUR140 million-EUR170 million;
-- Net movement in cash balances of approximately EUR38 million
    linked to the refinancing;
-- Seasonal working capital of EUR75 million; and
-- Dividends in line with a payout ratio of about 35%-45% of net
    income.

S&P said, "There is a maintenance leverage covenant with multiple
step-downs (from 7.7x in June 2018 to 4.5x by December 2020)
linked to the RCF that will test net total leverage. We expect
headroom of above 15% in our forecasts.

"The stable outlook reflects our expectations that the newly
combined group will benefit from increased sales volumes and
EBITDA base with marginal improvement in profitability from
procurement and operational synergies. We expect management will
prioritize deleveraging with FOCF following this transformational
acquisition ahead of any other discretionary spending. We expect
that the group's adjusted debt to EBITDA will be around 4.5x-5.0x
and FOCF will be above  EUR100 million over the next 12-18
months. We also forecast that EBITDA interest coverage will
remain above 5.0x and FOCF to debt will be 7%-10%, a level we
consider commensurate with the 'BB-' rating.

"We could consider lowering the ratings if the deleveraging
profile or the group's liquidity comes under pressure due to
challenges faced in the integration of Cott's bottling
activities. We expect that there will be increased capex
investments in the North American business to drive innovation,
counter the competitive environment, and turn around the recent
operating performance. Given this imminent execution risk, any
disruption in Refresco's European bottling services as result of
unexpected higher raw material prices or tighter margins could
significantly impact leverage metrics and cash flow generation.
We would consider a lower rating if adjusted debt to EBITDA
remains above 5.0x after a full-year contribution from the Cott
business and the proposed equity injection.

"An upgrade of Refresco would most likely be the result of
stronger credit ratios on the back of successful integration of
the Cott business, sustainable like-for-like growth, and
strengthening profitability.

"Specifically, we could raise the ratings if we see a sustainable
improvement in the company's adjusted debt to EBITDA to
comfortably below 4.0x, supported by FOCF to debt comfortably
above 10% in our forecasts."


===========
N O R W A Y
===========


NORSKE SKOG: S&P Lowers Issue Rating on 2026 Notes to 'D'
---------------------------------------------------------
S&P Global Ratings lowered to 'D' (default) from 'C' its issue
rating on the unsecured notes due in 2026 issued by Norwegian
paper producer Norske Skogindustrier ASA (Norske Skog). S&P said,
"At the same time, we removed the rating from CreditWatch with
negative implications, where we placed it on June 6, 2017.

"We also affirmed the long- and short-term corporate credit
ratings on Norske Skog at 'SD' (selective default) and affirmed
our 'D' issue rating on the senior secured notes maturing in
2019."

The 'C' ratings on the remaining unsecured debt remain on
CreditWatch negative. The recovery rating on these notes is
unchanged at '6', reflecting our expectation of negligible (0%-
10%) recovery in the event of a conventional default.

The downgrade follows the nonpayment of the cash coupon due on
Norske Skog's 2026 unsecured notes before the contractual grace
period expired on July 30, 2017. Norske Skog has also announced
that it has entered into a standstill agreement with the holders
of its unrated new securitization facility (NSF) loan notes due
2020. It had already reached a standstill agreement on June 14,
2017, with its secured noteholders to suspend coupon payments
beyond the 30-day contractual grace period. This will allow
Norske Skog to extend discussions on its proposed exchange offer
to Aug. 11.

S&P said, "The 'D' ratings on the 2026 unsecured notes, as well
as those on the 2019 senior secured notes, reflect the nonpayment
of interest payments beyond any contractual grace periods, which
we consider a default. The 'C' ratings on the remaining unsecured
debt are unaffected by the latest announcements, but remain on
CreditWatch with negative implications as they are subject to the
exchange offer that is currently being negotiated. We aim to
resolve the CreditWatch on the completion of the debt exchange.

"The corporate credit ratings will remain at 'SD' for as long as
the standstill period is upheld. We expect this to last until the
group's debt exchange offer is accepted or rejected, which will
be on Aug. 11 if it is not extended further.

"If the offer is completed as planned, we would maintain the
long- and short-term ratings on Norske Skog at 'SD' as a result
of the distressed exchange offer, and lower the issue ratings on
the remaining affected senior unsecured notes to 'D'.

"If Norske Skog does not complete the offer, or fails to receive
the minimum consents required, we will reassess the company's
creditworthiness primarily based on our view of the likelihood of
a further distressed exchange offer."


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


VNESHECONOMBANK: S&P Affirms BB+/B Foreign Currency Credit Rating
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based JSC VEB-
leasing to positive from developing. S&P said, "At the same time,
we affirmed our 'BB+/B' long- and short-term foreign currency and
'BBB-/A-3' long- and short-term local currency counterparty
credit ratings on VEB-leasing.

"The outlook revision follows that on VEB-leasing's 100% owner,
Vnesheconombank. We regard VEB-leasing as a core subsidiary of
VEB and equalize our ratings on VEB-leasing with those on its
parent.

"We expect that VEB-leasing will remain highly integrated within
the VEB group, acting as the group's leasing arm. Accordingly, we
assume that VEB-leasing will receive extraordinary support from
VEB in the form of capital and liquidity if needed.

"The positive outlook on VEB-leasing mirrors that on its parent,
VEB. The ratings and outlook on VEB-leasing will move in tandem
with those on VEB as long as VEB-leasing remains core to the
group. As such, a positive rating action on VEB would lead us to
upgrade VEB-leasing.

"Similarly, a negative rating action on VEB would result in a
negative rating action on VEB-leasing. In addition, we might take
a negative rating action over the next 12 months if we revised
our view of VEB-leasing's core group status, for example, if VEB
were to change its strategy and divest all or part of its leasing
subsidiary, or if the group no longer had the financial capacity
to support VEB-leasing, which currently appears remote, however."


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


ABANCA CORPORACION: S&P Affirms 'BB-/B' Counterparty Ratings
------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB-/B' long- and
short-term counterparty credit ratings on Spain-based Abanca
Corporacion Bancaria S.A. (Abanca). The outlook remains positive.

S&P said, "At the same time, we removed the long-term issuer
credit and issue ratings from UCO where they were placed upon
publication of the new risk-adjusted capital (RAC) methodology on
July 20, 2017.

"The affirmation follows our review of the impact of our revised
RAC framework, which we published on July 20, 2017, on Abanca
(see "Risk-Adjusted Capital Framework Methodology").

"Under the new methodology, our calculation of Abanca's capital
ratio falls below our previous measures, mainly as a result of
our revised treatment of DTAs. That said, we think that the
bank's initiatives to improve its risk framework are bearing
fruit. This is reflected in its better-than-average asset quality
metrics compared to the Spanish banking sector and the relatively
good quality of its new loan production. We have revised downward
our capital and earnings assessment to moderate from adequate,
and revised upward our risk position assessment to adequate from
moderate. We continue to view Abanca's capitalization, compared
to the risks it faces, as a rating weakness.

"We estimate that Abanca's RAC ratio at end-2016 stands at about
7.0% under our updated methodology, compared with 8.4%
previously. Our analysis and figures are based on current
parameters, using consolidated financial information from Abanca
Holding Financiero S.A., Abanca's parent company. We think our
updated metric better reflects Abanca's capitalization as it more
fully captures the bank's large DTA stock. The significant stock
of DTAs was already captured in our ratings on Abanca, lowering
our view of the quality of its capital base. We expect that
further organic capital generation will be limited, absent one-
offs, and that Abanca's increasing loan book will more than
consume retained earnings in the next year. We therefore forecast
that Abanca's RAC will decline to about 6.5% at end-2018. Our
estimates also incorporate the bank's negative earnings buffer, a
measure of the earnings that would be necessary to cover its
normalized losses over our outlook horizon.

"We acknowledge the progress that Abanca has made in terms of
closing its asset quality gap with the Spanish banking system,
with indicators that are now better than the system average. We
attribute this to the bank's focus on improving its overall risk
framework and derisking its balance sheet, after substantial
government assistance received in 2012. The asset quality of
recent loan production is also proving positive so far, a trend
that we will continue to monitor. At end-March 2017, Abanca's
ratio of problem loans stood at 7.3% versus 8.8% for the system,
and its stock of problematic assets (NPAs) represented 11.8% of
gross loans at end-2016 versus an estimated 15% for the system
average. We anticipate that NPAs will decline to about 9% of
gross loans by end-2018. At the same time, the bank maintains
adequate coverage ratios, equivalent to 52% of NPAs.

"Our ratings on Abanca remain constrained by its business
concentration in its home market and its very weak underlying
profitability and poor efficiency. Its cost-to-income ratio has
remained above 100% between 2014 and 2016, and we forecast that
it will gradually improve to a still-high 86% by end-2018. In
addition, Abanca will have to prove it is still able to fund
growth with long-term resources.

"Our ratings on the bank do not benefit from additional loss-
absorbing capacity (ALAC). This is because we consider that its
ALAC buffer is unlikely to exceed our required 5% threshold for
one notch of uplift over a projected two-year period. In
particular, we forecast that it will stand at about 1.6% of S&P
Global Ratings' risk-weighted assets as of end-2018.

"The positive outlook on Abanca reflects that we could raise our
long-term rating in the next 12 months if Spain's economic and
operating environment becomes more supportive, ultimately
resulting in a strengthening of banks' creditworthiness and
therefore a higher anchor for banks operating primarily in Spain.
An upgrade would also depend on Abanca becoming sustainably
profitable, as well as our view of its capital strength compared
with the risks it faces.

"We expect that Abanca will continue to reduce its portfolio of
NPAs, while keeping its coverage ratios similar to current
levels. In particular, we forecast that the bank's NPAs will fall
to about 9% of gross loans by end-2018.

"We could revise the outlook to stable if, contrary to our
current expectations, we do not foresee the economic or operating
environment in Spain becoming more supportive for banks. We could
also revise the outlook to stable if Abanca was unable to further
deliver on its strategic plan and sustainably reverse its net
operating losses, or if we anticipated that the bank could face
difficulties in financing new lending with stable funding
sources."


EUSKALTEL SA: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) of Euskaltel, S.A.  Concurrently, Moody's has
affirmed the B1 rating of Euskaltel's EUR1,470 million senior
term loan facilities. In addition, Moody's has assigned a B1
rating to the EUR300 million revolving credit facility (RCF) due
2021, which was upsized from EUR30 million to fund the
acquisition of Telecable (rated at Parselaya S.L., B1 stable).
Moody's will subsequently withdraw the B1 rating on the existing
EUR30 million RCF due 2020. Finally, Moody's also upgraded
Euskaltel's probability of default rating (PDR) to B1-PD from B2-
PD.

The outlook on all ratings remains stable.

The rating action follows the completion of Telecable's
acquisition by Euskaltel. In May, Euskaltel announced it had
reached an agreement to acquire Telecable from Zegona
Communications Plc (unrated) for EUR686 million, but regulatory
approval was not granted until 26 July 2017.

"The rating affirmation balances the improvement in Euskaltel's
business profile and its more conservative financial policy,
against Moody's expectations of increasing competitive pressures
faced in the company's enlarged footprint which would probably
weigh on growth prospects," says Laura Perez, a Moody's Vice
President - Senior Analyst and lead analyst for Euskaltel.

RATINGS RATIONALE

The acquisition of Telecable is credit positive because it
improves Euskaltel's business profile by increasing its revenues
by 25% and expanding its footprint in Spain's northern region to
Asturias, from Galicia, where it operates under the "R Cable"
brand, and its Basque Country home market. The proposed
acquisition is in line with Euskaltel's strategy of leading the
consolidation of cable operators in the north of Spain.

In Moody's view, the valuation of 10.5x enterprise value/EBITDA
(pre-synergies) is fair and the funding is conservative. The
funding comprises a significant equity component (EUR255 million)
and EUR270 million of debt which will be funded by upsizing the
existing RCF to EUR300 million. Moody's estimates Euskaltel's pro
forma net leverage (as reported by Euskaltel) will increase by
0.3x to 4.5x, from 4.2x as of the last twelve months to June
2017.

The company's reported maximum net leverage target post
transaction will be 4.5x, and it remains committed to a target
net leverage ratio of between 3x and 4x over the long-term.
Euskaltel expects its reported net leverage will fall below 4x by
year-end 2018, which is equivalent to an estimated Moody's gross
adjusted leverage of around 4.4x.

However, Moody's believes that increasing competitive pressures
could delay the company's organic deleveraging consistently below
4.5x. Euskaltel and Telecable are facing increasing competition
in the regions they operate and the combined group is still
relatively small compared with the larger national competitors
such as Telefonica S.A. (Baa3 stable), Orange (Baa1 stable) and
Vodafone Group Plc (Baa1 stable).

While Euskaltel and Telecable have consistently reported healthy
operating performance metrics, increasing competition has started
to weigh on growth rates and key performance indicators.
Euskaltel's growth rate declined by 3% in the second quarter of
2017, mainly driven by sustained pressures in the business
segment, the loss of a large contract with the Basque Government
and a modest decline in residential revenues. Telecable faced a
decline in its subscriber base in the residential segment last
year, although it grew its revenues by 2%.

Furthermore, Moody's believes that the company's liquidity has
weakened with greater reliance on the use of the upsized
revolving credit facility together with uncommitted short-term
lines and commercial paper, notwithstanding its strong cash
generation.

-- UPGRADE OF THE PDR TO B1-PD FROM B2-PD

The PDR has been upgraded to B1-PD from B2-PD to principally
reflect a lower family recovery rate of 50%, instead of the
previous 65%. While the capital structure is comprised of bank
loans only, there is just one maintenance covenant and there is
significant headroom under this covenant, which is unlikely to
avoid value erosion in a scenario of deteriorating credit
quality.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Euskaltel's
leverage will continue to improve towards 4.5x at year-end 2018
driven by improving EBITDA, which positions Euskaltel strongly in
the B1 rating category. However, Euskaltel is vulnerable to
heightened competitive pressure by larger national players which
could delay organic deleveraging sustainably below 4.5x.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating could develop if the company
delivers on its business plan and maintains improving operating
performance with sustained revenue growth and healthy KPIs (ARPU,
churn rate) such that its adjusted debt/EBITDA ratio drops below
4.5x on a sustained basis. This decrease in leverage would likely
be reliant on the company maintaining a conservative approach to
any further acquisitions, such that its deleveraging profile is
not compromised.

Downward pressure could be exerted on the rating if Euskaltel's
operating performance weakens as a result of pricing pressures or
market share losses reducing cash flow generation, or if the
company increases debt as a result of acquisitions or shareholder
distributions such that its adjusted debt/EBITDA rises and
remains above 5.5x. A weakening in the company's liquidity
profile could also exert downward pressure on the rating.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Euskaltel, S.A.

-- LT Corporate Family Rating, Affirmed B1

-- Senior Unsecured Bank Credit Facility, Affirmed B1

Assignments:

Issuer: Euskaltel, S.A.

-- Senior Unsecured Bank Credit Facility, Assigned B1

Upgrades:

Issuer: Euskaltel, S.A.

-- Probability of Default Rating, Upgraded to B1-PD from B2-PD

Outlook Actions:

Issuer: Euskaltel, S.A.

-- Outlook, Remains Stable

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.

Euskaltel S.A., headquartered in Derio (Bizkaia, Spain), is the
dominant cable operator in the Autonomous Community of the Basque
Country and Galicia. At year-end 2016, Euskaltel reported
revenues and EBITDA of EUR573 million and EUR281 million,
respectively.


IBERCAJA BANCO: S&P Affirms 'BB+/B' Counterparty Credit Ratings
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
counterparty credit ratings on Spain-based Ibercaja Banco S.A.
(Ibercaja). The outlook remains positive.

S&P said, "The affirmation reflects our view that Ibercaja's
stand-alone creditworthiness remains broadly unchanged. In early
July 2017, Ibercaja announced it had reached an agreement to sell
a EUR489 million portfolio of real estate loans, mostly
classified as doubtful. With the sale, we estimate that its pro
forma problem loans ratio will decline by more than 100 basis
points (bps) to slightly below 8.0% from 9.1% as of end-March
2017. Although high, this ratio compares favorably to the 8.8%
system average. The sale reinforces our view of the bank's strong
risk position, which benefits from a sound risk culture,
conservative underwriting standards, and a mortgage-focused loan
book.

"That said, we still view Ibercaja's capital as weak relative to
the risks it runs, and its financial flexibility as limited. We
estimate that under our new risk-adjusted capital (RAC)
framework, Ibercaja's RAC ratio at end-2016 stands at about 4.5%,
or 40 bps lower than under the previous methodology. We expect
this metric to improve slightly aided by further deleveraging and
some limited internal capital generation, to stand at around 5.0%
by end-2018. The bank's recurrent earnings generation capacity
and efficiency remain pressured by current low interest rates and
by Ibercaja's mortgage-oriented loan book. We acknowledge that,
to become more efficient, the entity has announced a
restructuring plan to downsize its staff and branch network by
around 10%. However, we believe that its cost to income ratio
will remain high at around 70%-75% by end-2018."

At the current level, the ratings on Ibercaja reflect its solid
retail banking franchise in Northeastern Spain and conservative
management, as well as its ample liquidity. Its liquid assets
covered its short-term wholesale funding 2.8x on March 31, 2017.

S&P said, "Our ratings on the bank do not include uplift for
additional loss-absorbing capacity (ALAC). This is because we
consider that its ALAC buffer is unlikely to exceed our required
5% threshold for one notch of uplift over a projected two-year
period. We have revised our threshold to 5% from 4.75% previously
to reflect our updated treatment of insurance risk under our new
capital methodology. In particular, we forecast that Ibercaja's
ALAC buffer will stand at around 2.3% of S&P Global Ratings'
risk-weighted assets at end-2018.

"The positive outlook on Ibercaja reflects the possibility that
we could raise our long-term rating in the next 12 months if
Spain's economic and operating environment becomes more
supportive, ultimately resulting in a higher anchor for banks
operating primarily in Spain. An upgrade would also depend on our
view of its ability to turn around and sustainably increase its
profitability, as well as preserve its franchise.

"Although we expect the bank's capitalization to improve slightly
from current levels, we consider it unlikely that we would change
our view of Ibercaja's capital weakness compared with the risks
it faces. We forecast that its problem assets will decline to
around 11% of gross loans by the end of 2018.

"We could revise the outlook to stable if, contrary to our
current expectations, we don't see prospects of the economic or
operating environment in Spain becoming more supportive for
banks. We could also revise the outlook to stable if Ibercaja is
not able to prove that it can be sustainably profitable, the
relative value of its regional banking franchise weakens, the
bank engages in acquisitions that impair its financial profile,
or its risk appetite increases."


VIESGO GENERACION: Moody's Withdraws B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings of VIESGO
Generacion S.L., including the company's B1 long term corporate
family rating (CFR), the B1-PD probability of default rating
(PDR) and its stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

VIESGO Generacion S.L. is a power generation company with gross
installed capacity of 3.3 GW headquartered in Madrid, Spain.

REGULATORY DISCLOSURES

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this credit rating
action, and whose ratings may change as a result of this credit
rating action, the associated regulatory disclosures will be
those of the guarantor entity. Exceptions to this approach exist
for the following disclosures, if applicable to jurisdiction:
Ancillary Services, Disclosure to rated entity, Disclosure from
rated entity.


===========
T U R K E Y
===========


ODEA BANK: Fitch Rates Basel III-Compliant Tier 2 Notes 'B+'
------------------------------------------------------------
Fitch Ratings has assigned Odea Bank A.S.'s (BB-/Stable/bb-)
USD300 million Basel III-compliant Tier 2 capital notes due 2027
a final rating of 'B+'.

The final rating is line with the expected rating which Fitch
assigned to the notes on July 17, 2017 (see 'Fitch Rates Odea's
Basel III-Compliant Tier 2 Notes 'B+(EXP)'').

The notes qualify as Basel III-compliant Tier 2 instruments and
contain contractual loss absorption features, which will be
triggered at the point of non-viability of the bank. According to
the terms, the notes are subject to permanent partial or full
write-down upon the occurrence of a non-viability event (NVE).
There are no equity conversion provisions in the terms.

An NVE is defined as occurring when the bank has incurred losses
and has become, or is likely to become, non-viable as determined
by the local regulator, the Banking and Regulatory Supervision
Authority (BRSA). The bank will be deemed non-viable when it
reaches the point at which either the BRSA determines that its
operating licence is to be revoked and the bank liquidated, or
the rights of Odea's shareholders (except to dividends), and the
management and supervision of the bank, should be transferred to
the Savings Deposit Insurance Fund on the condition that losses
are deducted from the capital of existing shareholders.

The notes have a 10-year maturity (August 2027) and a call option
after five years.

KEY RATING DRIVERS
The notes are rated one notch below Odea's Viability Rating (VR)
of 'bb-' in accordance with Fitch's "Global Bank Rating
Criteria". The notching includes zero notches for incremental
non-performance risk relative to the VR and one notch for loss
severity.

Fitch has applied zero notches for incremental non-performance
risk, as the agency believes that write-down of the notes will
only occur once the point of non-viability is reached and there
is no coupon flexibility prior to non-viability.

The one notch for loss severity reflects Fitch's view of below-
average recovery prospects for the notes in case of an NVE. Fitch
has applied one notch, rather than two, for loss severity, as
partial, and not solely full, write-down of the notes is
possible. In Fitch's view, there is some uncertainty about the
extent of losses the notes would face in case of an NVE, given
that this would be dependent on the size of the operating losses
incurred by the bank and any measures taken by the authorities to
help restore the bank's viability.

RATING SENSITIVITIES

As the notes are notched down from Odea's VR, their rating is
sensitive to a change in this rating. The notes' rating is also
sensitive to a change in notching due to a revision in Fitch's
assessment of the probability of the notes' non-performance risk
relative to the risk captured in Odea's VR, or in its assessment
of loss severity in case of non-performance.

The following ratings are unaffected by the action:

Long-Term Foreign- and Local-Currency IDRs: 'BB-'; Stable Outlook
Short-Term Foreign- and Local-Currency IDRs: 'B'
National Long-Term Rating: 'A+(tur)'; Stable Outlook
Viability Rating: 'bb-'
Support Rating: '5'
Support Rating Floor: 'No Floor'


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


ASHTEAD GROUP: S&P Affirms 'BB+' Long-Term CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Ashtead Group PLC. The outlook is stable.

S&P said, "At the same time, we affirmed our 'BBB-' issue rating
on Ashtead's $500 million second-lien notes. The recovery rating
is unchanged at '2', reflecting our expectation of substantial
recovery (70%-90%; rounded estimate: 85%) in the event of a
default.

"We also assigned our 'BBB-' issue rating to the proposed $1.2
billion second-lien senior secured notes due 2025 and 2027. The
recovery rating on this instrument is also '2'."

The affirmation reflects the leverage-neutral nature of the
transaction. Proceeds from the issuance of the $1.2 billion
(GBP928 million) second-lien senior secured notes will be used to
redeem its existing $900 million (GBP696 million) second-lien
notes as well as pay down about GBP196 million of the asset-based
loan (ABL) revolver. The remaining GBP36 million will be used to
cover fees and expenses related to the issuance. S&P expects that
Ashtead will maintain credit metrics in line with the rating,
with funds from operations (FFO) to debt about 50% and debt to
EBITDA of 1.5x-1.7x in the next two years.

Ashtead continues to post strong results driven by favorable
markets and prudent financial policy, resulting in above average
profitability and our expectation of positive cash flow
generation in the next two years. Ashtead's operating performance
has been consistently resilient over the past five years. The
equipment rental industry has been enjoying positive trends, with
the nonresidential construction market remaining strong in the
U.S. and U.K. Moreover, an ongoing shift toward renting has
provided for additional equipment market penetration and allowed
the company to strengthen its positions in the U.S. market. The
company has been able to increase sales significantly to GBP3.5
billion-GBP3.6 billion (S&P's estimate for fiscal 2018, ending
April 30) compared with sales of about GBP1 billion in 2011. This
has enabled Ashtead to expand margins each year, maintaining
above average EBITDA margins compared with the industry average
of 30%-40%. S&P expects it will continue to post an EBITDA margin
of 49%-50% on an adjusted basis over the next few years. S&P also
expects Ashtead to deliver a return on capital of about 16%-18%.

Ashtead's capital expenditure (capex) remains elevated to expand
its business and take advantage of favorable market conditions.
Due to the strong margin expansion, we now think that Ashtead
will be able to generate positive free operating cash flows
(FOCF) in fiscal 2018 and 2019. Additionally, the company has
entered a two-to-three year phase where replacement capex will be
lower it is mainly replacing fleet bought in 2009, 2010, and
2011 -- when capex was at the bottom of the cycle. S&P said,
"Moreover, we expect it to continue to prudently manage its
balance sheet. Despite our expectation that Ashtead will continue
to make bolt-on acquisitions and pay dividends and repurchase
shares, we expect the company's leverage to remain in line with
its public guidance of debt to EBITDA of 1.5x-2.0x.

"Our view of Ashtead's business risk profile is supported by the
company's strong market position in the fragmented U.S. market
and the scale of its operations, which enhances its purchasing
power with suppliers. We also view positively Ashtead's above
average profitability, which is supported by a competitive
average utilization rate -- 71% for the 12 months to April 30,
2017 -- and a fairly low average fleet age. We also consider that
the company has a flexible business model that allows it to lower
capex during industry downturns. This was evident from its
ability to reduce its exposure to the oil and gas markets during
the recent downturn. The company managed to dispose of oil and
gas assets while further diversifying in expanding markets such
as event management. However, the high capital intensity of the
equipment rental sector, the cyclicality of its end-markets --
mainly nonresidential construction -- as well as its limited
geographic diversity constrain our business risk assessment."

In its base case, S&P assumes:

-- Real GDP growth in the U.S. of 2.3% in 2017 and 2.4% in 2018.
-- The U.S. (through Sunbelt) represents around 87% of Ashtead's
    sales.
-- S&P believes equipment rental players are positioned for
    improving profitability as end-markets continue to recover
    and the supply and demand of equipment becomes more balanced.
    S&P continues to view the long-term demand trends for the
    equipment rental industry as generally positive, as the
    economics of renting continue to compare favorably with those
    of owning, and allow customers the flexibility to adjust
    their fleet to match cyclical end-market demand.
-- Revenue growth of 10%-14% in fiscal 2018 (GBP3.5 billion-
    GBP3.6 billion) and 7%-9% in fiscal 2019 driven by a
    supportive macroeconomic environment and an ongoing shift
    from ownership to rental, which provides higher market
    penetration while customers adhere to an outsourced model and
    foreign exchange tailwinds. S&P expects this to be realized
    via same-store growth, greenfields, and a moderate amount of
    mergers and acquisitions.
-- Adjusted EBITDA margin above 49%-50% in fiscal 2018 and 2019,
    driven by strong margins of close to 50% at Ashtead's
    subsidiary Sunbelt Rentals.
-- Capex of GBP1.0 billion-GBP1.1 billion in fiscal 2018, partly
    offset by GBP142 million in disposal proceeds.
-- Positive FOCF in fiscal 2018 of about GBP300 million
    supported by growth in margins.
-- Acquisitions of above GBP200 million in 2018, slightly
    decreasing thereafter.
-- Cash tax rate of 23% for 2018, and 34%-36% for 2019,
    depending on the level of capex, increase following the
    utilization of the U.S. tax losses, with the U.S. becoming a
    significant cash tax payer.
-- Increasing dividend outflows, in line with earnings, of about
    GBP140 million in fiscal 2018.

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

-- FFO to debt of about 50% for fiscal 2018 and 2019.
-- Debt to EBITDA of 1.5x-1.7x for fiscal 2018 and 2019.

S&P said, "The stable outlook reflects our expectation that
Ashtead will continue to cement its positions in the U.S. and the
U.K., maintaining robust operating performance over the next 12
months thanks to favorable markets. This should result in FFO to
debt about 50% and debt to EBITDA 1.5x-1.7x. We also anticipate
that Ashtead will balance the level of capital investments with
cash flow generation and maintain stable EBITDA margins. Positive
FOCF would also be a supportive factor.

"We would consider an upgrade if Ashtead tightened its leverage
targets and exhibited adjusted debt to EBITDA below 1.5x and FFO
to debt well above 60% on a consistent basis. An upgrade would
also depend on the company balancing the level of capital
investments with cash flow generation.

"We could lower our ratings if Ashtead's operating performance
deteriorates or if an unexpected increase in fleet capex,
dividend payout, or acquisition occurs. More specifically, we
would consider a downgrade if the company revised its internal
leverage policy upward or failed to adhere to its leverage target
on a consistent basis without expectation of recovery. We could
also lower the ratings if the company continuously generates
negative FOCF or consistently falls below our expectation, that
is, of debt to EBITDA above 2x and FFO to debt below 45%."


PALMER & HARVEY: Draws Up Cost-Cutting Plan Amid Financial Woes
---------------------------------------------------------------
Christopher Williams at The Sunday Telegraph reports that
troubled grocery wholesale giant Palmer & Harvey has drawn up
plans to slash costs in an attempt to secure a GBP100 million
cash lifeline from investors.

According to The Sunday Telegraph, the employee-owned company,
which has a turnover of GBP4.5 billion and 4,000 staff, is
fighting for its future under the weight of heavy debts and the
growing threat of a big supermarket onslaught in its market.

An investment presentation dubbed "Project Cyrus" revealed Palmer
& Harvey made a pre-tax loss of GBP56 million last year and
expects to lose more than GBP27 million in 2018, The Sunday
Telegraph discloses.

The company's management has appealed to turnaround specialists
to inject GBP100 million to help it reignite growth, The Sunday
Telegraph relates.

The documents reveal Palmer & Harvey has pledged to make deep
cuts in a bid to win investment, The Sunday Telegraph relays.  It
has until the end of September before its lenders step in, and
must repay further debts to cigarette giants Imperial Tobacco and
Japan Tobacco next year, The Sunday Telegraph states.

The wholesaler plans to cut GBP8.2 million of costs from its
operations this year, The Sunday Telegraph says.  Next year it
has pledged to slash 15% of head office overheads, including
staff, and to drop more than 3,000 product lines to simplify its
warehouses, according to The Sunday Telegraph.


ZATCHELS: Bought Out of Administration by Founders, 50 Jobs Saved
-----------------------------------------------------------------
Lauren Mills at Leicester Mercury reports that Zatchels, a
Leicester-based satchel manufacturer which went into
administration on July 31, was rescued by its founders on the
same day.

The company, located in Charter Street, had been operating under
a Company Voluntary Agreement (CVA), which allowed it to carry on
trading as normal having reached an agreement with its business
creditors about repaying its corporate debts over a period of
time, Leicester Mercury notes.

It slipped into administration on July 31 but was immediately
bought by founders Brian Brady and Dean Clarke, with the backing
of Avenue 51 Group, a Chinese investment company with particular
expertise in the retail sector, Leicester Mercury relates.

In total around 50 jobs were saved, Leicester Mercury states.

The CVA was brought forward by HMRC and since April 2016 Zatchels
had been paying GBP10,000 a month towards a GBP480,000
contribution to creditors over a period of four years, Leicester
Mercury recounts.

London-based ReSolve Partners handled the administration, but
when the Mercury contacted them earlier on Aug. 4 they did not
mention that a sale had been completed and that Zatchels was now
in a position to keep trading, Leicester Mercury relays.

Zatchels makes a range of brightly coloured satchels and bags for
men, women and children.


* UK: Nearly Fifth of Estate Agents at Risk of Going Bust
---------------------------------------------------------
Patrick Wernham at The Independent reports that new research
reveals nearly a fifth of estate agents in the UK are at risk of
going bust.

According to The Independent, a report published by accountancy
firm Moore Stephens on July 31 shows that a total of 19% of
estate agents -- or 4,928 out of the 25,560 across the country --
are showing signs of financial insolvency.

The study suggests that the growth of property websites, such as
Rightmove and Zoopla, are making the estate agent an increasingly
inessential part of the house-buying process, The Independent
states.  Rather than being forced to go to a bricks-and-mortar
professional outlet on the high street, potential buyers are able
to view houses and flats independently, often starting with an
app or website, The Independent notes.

Online estate agents such as Purplebricks and HouseSimple have
been putting pressure on more traditional agents, who are likely
to have higher building and staffing costs, The Independent
discloses.

Mike Finch -- michael.finch@moorestephens.com -- restructuring
and insolvency partner at Moore Stephens, as cited by The
Independent, said that "traditional high street estate agents'
profit margins are being squeezed from both sides -- from cut-
price online competitors, to their larger counterparts on the
high street -- who are forcing them to up their spending or give
up the race".

"Many areas across the UK are oversaturated with estate agents,
and competition is becoming too much for some smaller
businesses."

Smaller high street agents are under particular pressure, as
larger national businesses are able to spend more on marketing,
The Independent states.

The findings come at an already difficult time for estate agents
in the UK, The Independent notes.  According to The Independent,
the level of property sales is still below where it was before
the 2007/8 financial crisis.


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


* BOND PRICING: For the Week July 31 to August 4, 2017
------------------------------------------------------

Issuer                      Coupon   Maturity  Currency Price
------                      ------   --------  -------- -----
Agrokor dd                   9.88    5/1/2019    EUR    21.08
Korian SA                    2.50                EUR    40.23
New Look Secured Issuer PL   6.50    7/1/2022    GBP    70.92
CGG SA                       5.88   5/15/2020    EUR    31.03
QGOG Constellation SA        6.25   11/9/2019    USD    78.50
Co-Operative Bank PLC       11.00  12/20/2023    GBP    48.00
HSH Nordbank AG              7.25                USD    19.01
Banca Carige SpA             7.32  12/20/2020    EUR    71.33
Agrokor dd                   9.13    2/1/2020    EUR    21.03
Alno AG                      8.50   5/14/2018    EUR     9.75
Air Berlin PLC               6.75    5/9/2019    EUR    52.13
Holdikks SAS                 6.75   7/15/2021    EUR    57.67
Mitsubishi UFJ Investor Se   3.92  12/30/2099    EUR     8.34
Grupo Isolux Corsan SA       3.00  12/30/2021    EUR     1.41
HSH Nordbank AG/Luxembourg   1.99                EUR    14.31
Ensco PLC                    5.75   10/1/2044    USD    65.67
Banca Monte dei Paschi di    0.67  11/30/2017    EUR    45.83
Banca Monte dei Paschi di    5.00   4/21/2020    EUR    45.28
Air France-KLM               2.03   2/15/2023    EUR    12.82
Frigoglass Finance BV        8.25   5/15/2018    EUR    50.00
Banca Monte dei Paschi di    2.25   5/15/2018    EUR    45.90
CGG SA                       6.50    6/1/2021    USD    31.75
Agrokor dd                   8.88    2/1/2020    USD    20.00
Banca Carige SpA             8.34                EUR    23.88
Offshore Drilling Holding    8.38   9/20/2020    USD    36.70
Lehman Brothers UK Capital   6.90                USD     1.77
Oi Brasil Holdings Coopera   5.75   2/10/2022    USD    34.50
Intelsat Luxembourg SA       7.75    6/1/2021    USD    59.90
Rickmers Holding AG          8.88   6/11/2018    EUR     2.36
Banca Monte dei Paschi di    5.60    9/9/2020    EUR    43.63
Air Berlin PLC               5.63    5/9/2019    CHF    52.09
Co-Operative Bank PLC        8.50    7/1/2025    GBP    47.20
Santander International Pr   2.00                USD    65.52
Brighthouse Group PLC        7.88   5/15/2018    GBP    73.13
CGG SA                       1.75    1/1/2020    EUR     2.01
Mitsubishi UFJ Investor Se   4.17  12/15/2050    EUR    55.55
Ageasfinlux SA               1.02                EUR    59.08
Banca Carige SpA             2.77   6/19/2018    EUR    58.51
Grupo Isolux Corsan SA       0.25  12/30/2021    EUR     0.31
New Look Secured Issuer PL   4.50    7/1/2022    EUR    68.22
OAS Investments GmbH         8.25  10/19/2019    USD     6.05
Far East Capital Ltd SA      8.00    5/2/2018    USD    71.50
Banca Popolare di Vicenza    9.50   9/29/2025    EUR     0.80
Alitalia-Societa' Aerea It   5.25   7/30/2020    EUR     5.57
CGG SA                       6.88   1/15/2022    USD    32.25
Portugal Telecom Internati   4.63    5/8/2020    EUR    33.50
Veneto Banca SpA             9.50   12/1/2025    EUR     0.85
Portugal Telecom Internati   4.38   3/24/2017    EUR    33.33
Intelsat Luxembourg SA       8.13    6/1/2023    USD    58.00
Portugal Telecom Internati   6.25   7/26/2016    EUR    33.75
Banca Popolare di Vicenza    2.82  12/20/2017    EUR     0.68
Bibby Offshore Services PL   7.50   6/15/2021    GBP    32.75
Banco Espirito Santo SA      2.63    5/8/2017    EUR    28.48
Portugal Telecom Internati   5.00   11/4/2019    EUR    33.53
Norske Skogindustrier ASA    7.00  12/30/2026    EUR     5.63
Pacific Drilling SA          5.38    6/1/2020    USD    40.50
Immigon Portfolioabbau AG   10.00                EUR    14.22
Norske Skog Holding AS       8.00   2/24/2021    EUR    12.75
Lehman Brothers UK Capital   5.13                EUR     0.28
Aligera Holding AB publ      5.00    5/7/2019    SEK    31.12
Avangardco Investments Pub  10.00  10/29/2018    USD    22.00
Alno AG                      8.00   3/21/2019    EUR     7.00
Oi Brasil Holdings Coopera   5.63   6/22/2021    EUR    35.14
Neopost SA                   3.38                EUR    60.56
Banca Monte dei Paschi di    7.00    3/4/2019    EUR    44.57
Nexity SA                    0.13    1/1/2023    EUR    68.01
Portugal Telecom Internati   4.50   6/16/2025    EUR    33.51
Banca Monte dei Paschi di    0.67   1/15/2018    EUR    45.36
Scholz Holding Gmbh          8.50  12/31/2019    EUR     1.78
International Bank of Azer   6.17   5/10/2017    USD    43.14
Allied Irish Banks PLC      12.50   6/25/2035    GBP    71.50
Banco Espirito Santo SA      4.00   1/21/2019    EUR    28.00
Privatbank CJSC Via UK SPV  10.25   1/23/2018    USD    20.01
WPE International Cooperat  10.38   9/30/2020    USD    15.50
SOITEC                       6.75   9/18/2018    EUR     3.37
Banco Espirito Santo SA      7.13  11/28/2023    EUR     0.07
CGG SA                       1.25    1/1/2019    EUR    23.75
Portugal Telecom Internati   5.88   4/17/2018    EUR    33.75
Rothschilds Continuation F   1.69                USD    68.55
Bilt Paper BV                9.64                USD    28.01
BNP Paribas SA               1.15                EUR    69.21
UkrLandFarming PLC          10.88   3/26/2018    USD    28.50
Sanha GmbH & Co KG           7.75    6/4/2018    EUR    65.63
Scandinavian Airlines Syst   0.63                CHF    24.56
Banca Carige SpA             1.67  12/29/2018    EUR    39.99
ADLER Real Estate AG         2.50   7/19/2021    EUR    15.61
Yuksel Insaat AS             9.50  11/10/2015    USD    20.27
IMMOFINANZ AG                4.25    3/8/2018    EUR     4.47
Banco Espirito Santo SA      4.75   1/15/2018    EUR    28.50
Virgolino de Oliveira Fina  10.50   1/28/2018    USD     5.00
NIBC Bank NV                 0.91                EUR    71.33
Capital Raising GmbH         7.50                EUR    28.00
Privatbank CJSC Via UK SPV  11.00    2/9/2021    USD     6.63
Cooperatieve Rabobank UA     0.50  11/26/2021    ZAR    70.42
KTG Agrar SE                 7.13    6/6/2017    EUR     1.79
Mriya Agro Holding PLC       9.45   4/19/2018    USD     6.75
TES Finance PLC              5.29   7/15/2020    GBP    71.47
Lambay Capital Securities    6.25                GBP     0.20
Tonon Luxembourg SA          9.25   1/24/2020    USD    11.50
Banca Monte dei Paschi di    2.79  10/31/2018    EUR    44.66
BIM SAS                      2.50  11/13/2020    EUR    28.30
Privatbank CJSC Via UK SPV  10.88   2/28/2018    USD    20.75
Tonon Luxembourg SA         10.50   5/14/2024    USD    42.70
Hybrid Raising GmbH          6.63                EUR    24.25
Pierre & Vacances SA         3.50   10/1/2019    EUR    45.32
syncreon Group BV / syncre   8.63   11/1/2021    USD    74.76
Far East Capital Ltd SA      8.75    5/2/2020    USD    70.74
Beate Uhse AG                7.75    7/9/2019    EUR    30.75
OSX 3 Leasing BV            13.00   3/20/2015    USD    35.00
Fred Olsen Energy ASA        3.89   2/28/2019    NOK    52.75
Norske Skogindustrier ASA    2.00  12/30/2115    EUR     4.88
Johnston Press Bond Plc      8.63    6/1/2019    GBP    64.63
Touax SA                     6.00   7/10/2020    EUR    17.11
Eramet                       4.00                EUR    52.57
Elli Investments Ltd        12.25   6/15/2020    GBP    70.00
Montepio Holding SGPS SA     5.00                EUR    50.15
Novo Banco SA                3.50    1/2/2043    EUR    62.49
Aralco Finance SA           10.13    5/7/2020    USD     3.00
New World Resources NV       8.00    4/7/2020    EUR     5.75
OGX Austria GmbH             8.50    6/1/2018    USD     0.01
3W Power SA                  8.00   8/29/2019    EUR    46.13
ATF Capital BV               8.77                USD    72.00
Waste Italia SpA            10.50  11/15/2019    EUR     8.13
PNE Wind AG                  3.75  10/10/2019    EUR     3.45
Norske Skog Holding AS       8.00   2/24/2023    USD    12.75
Lloyds Bank PLC              0.43   2/22/2033    USD    60.61
Bank Nederlandse Gemeenten   0.50    6/7/2022    ZAR    66.43
Credit Lyonnais SACA         0.44                EUR    71.00
Societe Generale SA          0.81                EUR    70.00
Novo Banco SA                3.50   1/23/2043    EUR    62.18
IKB Deutsche Industriebank   5.63    8/1/2017    EUR    34.25
Agrokor dd Via Aquarius +    4.92    8/8/2017    EUR    19.00
OP Corporate Bank plc        0.84                EUR    74.00
Wild Bunch AG                8.00   3/23/2019    EUR    50.00
Novo Banco SA                5.00   2/24/2022    EUR    75.30
Ideal Standard Internation  11.75    5/1/2018    EUR     4.70
Deutsche Agrar Holding Gmb   7.25   9/28/2018    EUR     1.23
Banco Espirito Santo SA      2.32                EUR     0.27
New World Resources NV       4.00   10/7/2020    EUR     0.08
GEWA 5 to 1 GmbH & Co KG     6.50   3/24/2018    EUR    31.38
Orient Express Bank PJSC v  12.00   5/29/2019    USD    55.88
Norske Skogindustrier ASA    7.13  10/15/2033    USD     6.00
Afren PLC                   11.50    2/1/2016    USD     0.15
Hamon & CIE SA               5.50   1/30/2020    EUR    70.64
CNP Assurances               2.00                EUR    74.00
Veneto Banca SpA             6.41                EUR
Virgolino de Oliveira Fina  11.75    2/9/2022    USD     7.13
EFG International AG         0.97                EUR    67.60
Barclays Bank PLC            1.94   9/30/2031    USD    72.10
More & More AG               8.13   6/11/2018    EUR    52.75
Lloyds Bank PLC              2.75  12/27/2028    USD    73.75
KTG Agrar SE                 7.25  10/15/2019    EUR     2.05
Barclays Bank PLC            2.85   1/27/2031    USD    67.00
NTRP Via Interpipe Ltd      10.25    8/2/2017    USD    24.82
New Look Senior Issuer PLC   8.00    7/1/2023    GBP    56.17
Sequa Petroleum NV           5.00   4/29/2020    USD    68.25
Banco Pastor SAU             2.07                EUR     1.51
Veneto Banca SpA             6.95   2/25/2025    EUR     1.00
Pescanova SA                 8.75   2/17/2019    EUR     2.38
Espirito Santo Financial G   6.88  10/21/2019    EUR     0.08
Praktiker AG                 5.88   2/10/2016    EUR     0.21
Pescanova SA                 5.13   4/20/2017    EUR     2.68
Cirio Holding Luxembourg S   6.25   2/16/2004    EUR     0.91
Rena GmbH                    8.25   7/11/2018    EUR     9.38
Dexia Credit Local SA        1.40                EUR     7.25
Klarna Bank AB               5.25                SEK    72.30
Lehman Brothers Treasury C   7.25   10/5/2035    EUR     9.63
A-TEC Industries AG          8.75  10/27/2014    EUR     0.97
Smart Solutions GmbH         8.00   12/3/2018    EUR    38.00
Lloyds Bank PLC              0.41   1/31/2033    USD    59.50
Banca Carige SpA             5.70   9/17/2020    EUR    55.59
Dexia SA                     1.45                EUR     7.88
German Pellets GmbH          7.25    7/9/2018    EUR     1.42
Orco Property Group SA       7.00   11/7/2019    EUR    66.38
Deutsche Bank AG/London      3.19  10/31/2034    USD    72.25
Stichting Afwikkeling Onde   6.25  10/26/2020    EUR     4.07
Agrokor dd                   8.88    2/1/2020    USD    19.38
Rudolf Woehrl AG             6.50   2/12/2018    EUR     7.01
Corporate Commercial Bank    8.25    8/8/2014    USD     0.94
Bank Nadra via NDR Finance   8.25   7/31/2018    USD     0.34
Enterprise Holdings LTD      7.00   3/30/2020    EUR     2.76
IKB Deutsche Industriebank   4.70    8/1/2017    EUR    32.00
Barclays Bank PLC            1.65   4/25/2034    USD    66.00
Popular Capital SA           4.00                EUR     2.76
Grupo Isolux Corsan SA       0.25  12/30/2018    EUR     4.22
Steilmann SE                 7.00   9/23/2018    EUR     2.32
ESFIL-Espirito Santo Finan   5.25   6/12/2015    EUR     0.29
Phones4u Finance PLC         9.50    4/1/2018    GBP    72.38
Royal Bank of Scotland PLC   1.54  12/30/2030    USD    65.13
Norske Skogindustrier ASA    7.13  10/15/2033    USD    25.00
City of Kiev Ukraine Via C   8.00   11/6/2015    USD    62.38
Mobylife Holding A/S         7.25   5/23/2020    SEK    53.25
Novo Banco SA                3.00   6/21/2022    USD    71.91
Royal Bank of Scotland PLC   1.85  11/16/2030    USD    70.50
Lloyds Bank PLC              2.45  11/27/2033    USD    70.00
Offshore Drilling Holding    8.38   9/20/2020    USD    35.88
Novo Banco SA                3.50   3/18/2043    EUR    62.17
A-TEC Industries AG          2.75   5/10/2014    EUR     0.61
Banco Pinto & Sotto Mayor    0.64                EUR    39.00
UniCredit Bank Austria AG    0.19   8/20/2033    EUR    64.90
Decipher Production Ltd     12.50   9/27/2018    USD     1.24
Air Berlin Finance BV        1.50   4/11/2027    EUR    50.00
Eniro AB                     6.00   4/14/2020    SEK    11.56
Sairgroup Finance BV         4.38    6/8/2006    EUR    12.50
Lloyds Bank PLC              0.24   4/26/2033    USD    48.00
Novo Banco SA                3.50   2/19/2043    EUR    62.22
BOA Offshore AS              7.64  12/18/2018    NOK    27.50
BNP Paribas SA               0.38   4/30/2033    USD    52.25
Breeze Finance SA            6.71   4/19/2027    EUR    29.05
LBI HF                       6.10   8/25/2011    USD     8.88
New Look Secured Issuer PL   6.50    7/1/2022    GBP    70.64
Vseukrainsky Aktsinerny Ba  10.90   6/14/2019    USD     0.64
Manchester Building Societ   6.75                GBP    17.38
OGX Austria GmbH             8.38    4/1/2022    USD     0.03
ChelPipe PJSC                8.95    6/8/2027    RUB    99.55
Far East Capital Ltd SA      8.00    5/2/2018    USD    70.88
Alpine Holding GmbH          6.00   5/22/2017    EUR     0.45
Intelsat Luxembourg SA      12.50  11/15/2024    USD    68.00
GNB - Cia de Seguros de Vi   1.87  12/19/2022    EUR    58.38
Banco Espirito Santo SA      6.88   7/15/2016    EUR    28.08
Norske Skog Holding AS       8.00   2/24/2021    EUR    12.75
Barclays Bank PLC            1.54  12/30/2030    USD    67.15
Espirito Santo Financial G   3.13   12/2/2018    EUR     0.32
Santander Finance Capital    2.00                USD    56.26
Barclays Bank PLC            0.66   3/21/2033    USD    52.59
Havila Shipping ASA          5.35   11/7/2020    NOK    69.25
ADLER Real Estate AG         6.00  12/27/2018    EUR    14.00
Finmek International SA      7.00   12/3/2004    EUR     6.50
Barclays Bank PLC            3.81   9/13/2028    USD    72.00
Barclays Bank PLC            2.72   7/28/2031    USD    66.10
Etablissements Maurel et P   1.63    7/1/2019    EUR    16.23
Hellenic Republic Governme   2.09   7/25/2057    EUR    41.50
UniCredit Bank Austria AG    0.17  12/31/2031    EUR    67.25
Heta Asset Resolution AG     2.75  12/31/2023    CHF    89.25
GNB - Cia de Seguros de Vi   3.17                EUR    44.13
Cirio Finance Luxembourg S   7.50   11/3/2002    EUR     4.54
International Industrial B  11.00   2/19/2013    USD     0.27
Barclays Bank PLC            1.70  11/29/2030    USD    67.50
RENE LEZARD Mode GmbH        7.25  11/25/2017    EUR     9.25
Stichting Afwikkeling Onde  11.25                EUR     0.46
Deutsche Bank AG/London      1.85   8/28/2034    USD    62.25
German Pellets GmbH          7.25  11/27/2019    EUR     0.78
Sazka AS                     9.00   7/12/2021    EUR     0.42
Minicentrales Dos SA         4.81  11/29/2034    EUR    60.25
SAG Solarstrom AG            7.50   7/10/2017    EUR    33.63
CBo Territoria               6.00    1/1/2020    EUR     4.04
Dexia Kommunalbank Deutsch   5.63  12/31/2017    EUR    13.13
CGG SA                       6.50    6/1/2021    USD    32.00
International Finance Faci   0.50   6/24/2024    ZAR    54.06
Agrokor dd                   9.88    5/1/2019    EUR    21.25
HSBC France SA               1.03                EUR    68.50
KPNQwest NV                  7.13    6/1/2009    EUR     0.28
Abanka Vipa DD Via Afinanc   1.57                EUR     1.17
TradeDoubler AB              6.75  12/20/2018    SEK    69.90
Autonomous Community of Ca   2.97    9/8/2039    JPY    64.40
Steilmann SE                 6.75   6/27/2017    EUR     5.38
DEMIRE Real Estate AG        6.00  12/30/2018    EUR     3.60
Koninklijke Luchtvaart Maa   0.75                CHF    38.00
Oi Brasil Holdings Coopera   5.75   2/10/2022    USD    34.75
Hellas Telecommunications    8.50  10/15/2013    EUR     0.77
IT Holding Finance SA        9.88  11/15/2012    EUR     1.89
OAS Investments GmbH         8.25  10/19/2019    USD     5.75
Rena GmbH                    7.00  12/15/2015    EUR     9.38
Santander Finance Capital    2.00                EUR    27.71
PA Resources AB              3.00  12/27/2017    NOK     0.14
Dannemora Mineral AB        11.75   3/22/2016    USD     0.39
Lehman Brothers Treasury C   5.00   2/16/2015    EUR     8.25
Sidetur Finance BV          10.00   4/20/2016    USD     3.78
Vneshprombank Ltd via VPB    9.00  11/14/2016    USD     0.52
Gebr Sanders GmbH & Co KG    8.75  10/22/2018    EUR    27.88
Espirito Santo Financial G   9.75  12/19/2025    EUR     1.34
A-TEC Industries AG          5.75   11/2/2010    EUR     0.79
JZ Capital Partners Ltd      6.00   7/30/2021    GBP    11.30
OGX Austria GmbH             8.50    6/1/2018    USD     0.03
Cirio Del Monte NV           7.75   3/14/2005    EUR     1.97
HSH Nordbank AG              3.21    5/6/2030    EUR    74.89
Norske Skog Holding AS       8.00   2/24/2023    USD    21.75
Far Eastern Shipping Co PL  12.25  11/28/2017    RUB    60.00
Cirio Finanziaria SpA        8.00  12/21/2005    EUR     0.31
Northland Resources AB       4.00  10/15/2020    USD     0.19
KPNQwest NV                 10.00   3/15/2012    EUR     0.24
Northland Resources AB      15.00   7/15/2019    USD     0.37
Mriya Agro Holding PLC      10.95   3/30/2016    USD     5.93
Pacific Drilling SA          5.38    6/1/2020    USD    48.50
Barclays Bank PLC            2.42   2/25/2031    USD    65.75
EDOB Abwicklungs AG          7.50    4/1/2012    EUR     0.55
New Look Secured Issuer PL   4.50    7/1/2022    EUR    68.52
Veneto Banca SpA             6.94   5/15/2025    EUR     0.90
Etablissements Maurel et P   2.75    7/1/2021    EUR    10.62
Tonon Luxembourg SA         10.50   5/14/2024    USD    40.00
Geotech Seismic Services P  12.00  10/16/2019    RUB    69.41
Belfius Bank SA/NV           1.62                FRF    70.38
Petrol AD                    5.50   1/26/2022    EUR    29.13
Tikehau Capital SCA          1.63    1/1/2022    EUR
Marfin Investment Group Ho   7.00   7/29/2019    EUR     0.98
Landesbank Hessen-Thuering   0.08    5/3/2041    EUR    66.21
Finance and Credit Bank JS   9.25   1/25/2019    USD     0.58
Deutsche Bank AG/London      0.18   1/31/2033    USD    60.73
CGG SA                       5.88   5/15/2020    EUR    32.25
Phosphorus Holdco PLC       10.00    4/1/2019    GBP     1.27
CGG SA                       6.88   1/15/2022    USD    31.88
Agrokor dd                   9.13    2/1/2020    EUR    21.01
APP International Finance   11.75   10/1/2005    USD     0.01
Pescanova SA                 6.75    3/5/2015    EUR     3.30
Virgolino de Oliveira Fina  10.88   1/13/2020    USD    28.50
Teksid Aluminum Luxembourg  11.38   7/15/2011    EUR     0.51
Kaupthing ehf                7.63   2/28/2015    USD    17.63
getgoods.de AG               7.75   10/2/2017    EUR     0.05
Afren PLC                    6.63   12/9/2020    USD     0.08
Lehman Brothers Treasury C   6.00   2/15/2035    EUR     8.25
Laurel GmbH                  7.13  11/16/2017    EUR     3.22
Lehman Brothers Treasury C   5.00   9/22/2014    EUR     8.25
Grupo Isolux Corsan SA       3.00  12/30/2021    USD     2.51
Lehman Brothers Treasury C   6.00   3/18/2015    USD     8.25
Golden Energy Offshore Ser   5.00  12/31/2017    NOK    40.00
Barclays Bank PLC            0.40   5/31/2033    USD    56.75
Cooperatieve Rabobank UA     0.50  10/29/2027    MXN    43.27
Barclays Bank PLC            2.76   7/31/2034    USD    70.50
Del Monte Finance Luxembou   6.63   5/24/2006    EUR     5.44
CRC Breeze Finance SA        6.11    5/8/2026    EUR    56.00
Portigon AG                  7.46  12/31/2019    EUR    27.00
Lehman Brothers Treasury C   6.00   11/2/2035    EUR     8.25
Tatfondbank OAO via TFB Fi   8.50  11/12/2019    USD     0.10
Royal Bank of Scotland PLC   1.50  12/13/2028    USD    65.69
Lehman Brothers Treasury C   7.00   5/17/2035    EUR     8.25
Frey                         6.00  11/15/2022    EUR    23.00
Mox Telecom AG               7.25   11/2/2017    EUR     3.43
Minicentrales Dos SA         6.45   4/14/2028    EUR    67.25
Deutsche Bank AG             0.20   6/28/2033    USD    56.46
Assystem                     4.50                EUR    34.53
Golden Gate AG               6.50  10/11/2014    EUR    45.30
Enterprise Holdings LTD      7.00   9/26/2017    EUR     2.76
World Wide Supply AS         7.75   5/26/2017    USD    15.75
Barclays Bank PLC            3.18   3/27/2029    USD    69.15
Cooperatieve Rabobank UA     0.50   7/30/2043    MXN    12.42
Hamburgische Landesbank-Gi   0.05   1/22/2041    EUR    62.47
Sairgroup Finance BV         6.63   10/6/2010    EUR    13.13
La Veggia Finance SPA        7.13  11/14/2004    EUR     1.83
Barclays Bank PLC            1.84   11/1/2031    USD    63.52
Belfius Bank SA/NV           5.35                EUR    64.74
Heta Asset Resolution AG     0.24  12/31/2023    EUR    39.88
Tonon Luxembourg SA          9.25   1/24/2020    USD    11.50
Oceanic Champion AS          8.00   2/20/2020    USD    72.89
MS Deutschland Beteiligung   6.88  12/18/2017    EUR     5.50
Norske Skogindustrier ASA    7.00  12/30/2026    EUR     5.63
Santander Finance Capital    2.00                EUR    29.08
Veneto Banca SpA             1.67   5/15/2019    EUR    36.38
Sistema PJSC FC             10.90  10/31/2025    RUB    62.51
Havila Shipping ASA          4.82   11/7/2020    NOK    48.13
Bulgaria Steel Finance BV   12.00    5/4/2013    EUR     2.46
Banca Popolare di Vicenza    9.50   10/2/2025    EUR     0.80
Windreich GmbH               6.50   7/15/2016    EUR    11.00
Credit Suisse AG/London     10.50   8/20/2024    USD    10.22
Eirles Two DAC               1.84   9/30/2046    USD    12.70
SeaBird Exploration Financ   6.00    3/3/2018    USD    20.63
Banco BPI SA                 1.78                EUR    55.00
Lehman Brothers Treasury C   8.25   3/16/2035    EUR     8.25
Rem Offshore ASA             5.00   12/8/2024    NOK    36.10
Manchester Building Societ   8.00                GBP    25.25
Banco Espirito Santo SA      6.90   6/28/2024    EUR    27.63
Barclays Bank PLC            0.55   3/28/2033    USD    56.50
Banco Espirito Santo SA      1.22   5/27/2018    EUR     2.76
Bibby Offshore Services PL   7.50   6/15/2021    GBP    32.75
Brighthouse Group PLC        7.88   5/15/2018    GBP    73.13
Deutsche Bank AG/London      1.94   6/30/2034    USD    66.00
OGX Austria GmbH             8.38    4/1/2022    USD     0.03
Atari SA                     7.50   2/17/2020    EUR     0.39
Lehman Brothers Treasury C   2.88   3/14/2013    CHF     8.25
SAG Solarstrom AG            6.25  12/14/2015    EUR    33.63
DOF ASA                      7.83   9/12/2019    NOK    40.00
IVG Immobilien AG            5.50                EUR     0.41
AKB Peresvet ZAO            13.50  10/16/2020    RUB    13.00
PA Resources AB             13.50    3/3/2016    SEK     0.14
Institut Catala de Finance   0.87   9/18/2024    EUR    69.67
Alpine Holding GmbH          5.25   6/10/2016    EUR     0.38
Stichting Afwikkeling Onde   2.42                EUR     0.46
Waste Italia SpA            10.50  11/15/2019    EUR     8.13
Lloyds Bank PLC              2.65   4/25/2034    USD    71.00
Petromena ASA               10.85  11/19/2017    USD     0.57
Barclays Bank PLC            0.48    4/9/2028    USD    67.10
Steilmann SE                 7.00    3/9/2017    EUR     2.32
Sibur Holding PAO            9.65   7/22/2026    RUB   102.60
Municipality Finance PLC     0.50    5/8/2029    AUD    60.67
New World Resources NV       4.00   10/7/2020    EUR     0.08
Svensk Exportkredit AB       0.50   8/29/2029    AUD    62.56
Barclays Bank PLC            0.48   4/19/2033    USD    61.23
Banca Meridiana              1.25  11/12/2017    EUR    21.00
KPNQwest NV                  8.88    2/1/2008    EUR     0.28
RusHydro PJSC                8.20   6/12/2020    RUB    61.00
Virgolino de Oliveira Fina  10.50   1/28/2018    USD     6.88
Svensk Exportkredit AB       0.50   4/24/2029    AUD    61.48
German Pellets GmbH          7.25    4/1/2016    EUR     1.04
Mriya Agro Holding PLC       9.45   4/19/2018    USD     6.75
Rosneft Oil Co PJSC         11.40   12/3/2020    RUB    62.01
MegaFon PJSC                 9.90   5/29/2026    RUB    61.62
Depfa Funding IV LP          1.54                EUR    57.13
Electromagnetic Geoservice   6.86   6/27/2019    NOK    70.50
Barclays Bank PLC            2.85   5/30/2034    USD    69.29
Agentstvo po Ipotechnomu Z  10.30   7/15/2023    RUB
Grupo Isolux Corsan SA       0.25  12/30/2021    USD     0.23
Barclays Bank PLC            1.54  12/30/2030    USD    68.40
Afren PLC                   11.50    2/1/2016    USD     0.19
Banca del Monte di Lucca-S   2.43   6/29/2020    EUR    44.97
Alpine Holding GmbH          5.25    7/1/2015    EUR     0.38
Marfin Investment Group Ho   6.30   7/29/2020    EUR     0.93
Kaupthing ehf                5.75   10/4/2011    USD    17.63
Afren PLC                   10.25    4/8/2019    USD     0.01
Lehman Brothers Treasury C   5.00   2/27/2014    EUR     8.25
Portugal Telecom Internati   5.24   11/6/2017    EUR    33.88
Nationwide Building Societ   0.82                GBP    72.00
Talvivaara Mining Co PLC     4.00  12/16/2015    EUR     0.27
Windreich GmbH               6.50    3/1/2015    EUR    11.00
Svensk Exportkredit AB       0.50   6/29/2029    AUD    61.23
Accentro Real Estate AG      6.25   3/27/2019    EUR     9.00
Far Eastern Shipping Co PL  14.75   2/27/2018    RUB    68.85
Barclays Bank PLC            2.82   9/29/2034    USD    73.90
State of Berlin Germany      0.50   6/19/2047    EUR    73.12
Banco Comercial Portugues    5.00                EUR    65.00
Credito Padano Banca di Cr   3.10                EUR    41.27
Holdikks SAS                 6.75   7/15/2021    EUR    57.96
3W Power SA                  5.50  11/11/2020    EUR    30.00
Barclays Bank PLC            1.80   7/24/2028    USD    72.00
Solon SE                     1.38   12/6/2012    EUR     0.33
Lehman Brothers Treasury C   4.00   2/16/2017    EUR     8.25
UniCredit Bank Austria AG    0.16  10/31/2031    EUR    67.69
Barclays Bank PLC            3.87   4/16/2029    USD    63.75
Barclays Bank PLC            1.33   6/17/2033    USD    66.25
Northland Resources AB       4.00  10/15/2020    NOK     0.23
Vimpel-Communications PJSC  11.90   10/3/2025    RUB    62.00
Stroika Finance Ltd Via Em   9.90   6/25/2019    RUB    12.00
Depfa Funding II LP          6.50                EUR    57.63
Volga Capital PAO           12.00   6/27/2022    RUB    99.00
Kommunekredit                0.50   7/30/2027    TRY    34.42
Kaupthing ehf                5.75   10/4/2011    USD    17.63
Sankt-Peterburg Telecom OA  10.70   1/31/2022    RUB   102.75
BLT Finance BV              12.00   2/10/2015    USD    10.50
WGF Westfaelische Grundbes   6.35    8/1/2017    EUR     0.11
Barclays Bank PLC            2.28   8/31/2031    USD    68.85
UniCredit Bank Austria AG    0.02   1/25/2031    EUR    69.72
Cooperatieve Rabobank UA     0.50  10/30/2043    MXN    12.20
Barclays Bank PLC            1.81   7/28/2034    USD    65.65
Kommunalbanken AS            0.50   5/27/2022    ZAR    67.79
Orient Express Bank PJSC    13.60    8/9/2018    RUB    63.00
Cooperatieve Rabobank UA     0.50   1/31/2033    MXN    26.53
Espirito Santo Financial G   5.05  11/15/2025    EUR     0.27
Banco Espirito Santo SA     10.00   12/6/2021    EUR     0.07
KPNQwest NV                  8.13    6/1/2009    USD     0.26
Lehman Brothers Treasury C   6.00   3/14/2011    EUR     8.25
RESO-Garantia Insurance PJ  12.00   9/13/2022    RUB    60.26
Barclays Bank PLC            1.28   3/28/2034    USD    63.40
UniCredit Bank Austria AG    0.15  12/27/2031    EUR    67.03
Bilt Paper BV                9.64                USD    28.13
Atari SA                     0.10    4/1/2020    EUR     5.70
SiC Processing GmbH          7.13    3/1/2016    EUR     2.42
Royal Bank of Scotland PLC   1.84   8/26/2031    USD    65.60
Svensk Exportkredit AB       0.50   6/28/2022    ZAR    66.04
Gazprom PJSC                 5.10  10/21/2043    RUB    60.01
Lehman Brothers Treasury C   4.00   4/13/2011    CHF     2.67
ROSSETI PJSC                11.25  11/14/2025    RUB   104.27
Kamaz PJSC                  11.24   7/18/2030    RUB    62.00
Uppfinnaren 1 AB            10.00                SEK    63.71
Societe Generale SA         20.10  10/31/2017    USD    68.20
UniCredit Bank AG            0.37  11/19/2029    EUR    63.74
Municipality Finance PLC     0.50   4/26/2022    ZAR    67.15
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.43
Karlie Group GmbH            5.00   6/25/2021    EUR     3.00
International Finance Faci   0.50   6/29/2027    ZAR    39.19
Rusfinans Bank OOO           8.90   4/24/2018    RUB    66.72
Rosneft Oil Co PJSC         14.90   12/3/2020    RUB    68.67
New World Resources NV       8.00    4/7/2020    EUR     5.75
Privatbank CJSC Via UK SPV  10.88   2/28/2018    USD    20.75
Virgolino de Oliveira Fina  11.75    2/9/2022    USD     7.13
Societe Generale SA          1.60    1/9/2020    GBP     1.12
Agroton Public Ltd           6.00   7/14/2019    USD    14.00
Agentstvo po Ipotechnomu Z   8.80   2/15/2020    RUB    70.93
Elli Investments Ltd        12.25   6/15/2020    GBP    70.00
Evrofinansy-Nedvizhimost O  11.00  10/23/2020    RUB    60.00
MPS Capital Services Banca   4.36   3/14/2024    EUR    40.51
Barclays Bank PLC            2.57   3/21/2031    USD    68.00
Alpha Bank AE                2.50   6/20/2022    EUR    39.16
Bank Nederlandse Gemeenten   0.50   7/12/2022    ZAR    66.05
Lloyds Bank PLC              1.84   7/29/2033    USD    70.00
Lehman Brothers Treasury C   5.10    5/8/2017    HKD     9.63
Rossiysky Capital OJSC      13.00  11/22/2019    RUB    70.01
Governo Portugues Consolid   2.75                EUR    69.00
BNP Paribas SA               0.50   7/20/2021    BRL    67.21
Landesbank Hessen-Thuering   0.09   4/23/2041    EUR    70.65
Aralco Finance SA           10.13    5/7/2020    USD     2.07
Barclays Bank PLC            2.59   2/28/2034    USD    72.10
Salvator Grundbesitz-AG      9.50                EUR    19.30
Ekotechnika AG               9.75   5/10/2018    EUR     9.50
Vnesheconombank             11.60   2/17/2025    RUB    70.27
Alpha Bank AE                2.50   6/20/2022    EUR    39.16
Santander Finance Capital    2.00                USD    56.26
Societe Generale SA          0.28   6/28/2033    USD    73.40
AKB Metallinvestbank PAO    11.00   5/21/2020    RUB    65.56
Far East Capital Ltd SA      8.75    5/2/2020    USD    71.00
Region of Abruzzo Italy      0.13   11/7/2036    EUR    61.42
Afren PLC                   10.25    4/8/2019    USD     0.01
ML 33 Invest AS              7.50                NOK    68.85
Freight One JSC             11.80  10/23/2025    RUB   109.00
Cooperatieve Rabobank UA     0.50  11/30/2027    MXN    42.81
Artea                        6.00    8/4/2019    EUR    14.64
SAir Group                   0.13    7/7/2005    CHF    14.75
Hamburgische Landesbank-Gi   0.05  10/30/2040    EUR    64.33
Stichting Afwikkeling Onde   6.63   5/14/2018    EUR     0.73
WPE International Cooperat  10.38   9/30/2020    USD    14.63
Finans-Avia OOO              0.01   7/31/2027    RUB    21.10
United Aircraft Corp PJSC    8.00   3/17/2020    RUB    60.11
Deutsche Bank AG/London      0.34   3/15/2033    USD    59.30
Mifa Mitteldeutsche Fahrra   7.50   8/12/2018    EUR     1.02
Lehman Brothers Treasury C   5.55   3/12/2015    EUR     2.67
Cie de Financement Foncier   0.98   8/11/2046    EUR    70.73
TES Finance PLC              5.29   7/15/2020    GBP    71.48
Eurocent SA                  8.50   9/15/2018    PLN    12.75
Kaupthing ehf                5.25   7/18/2017    BGN    17.63
Talvivaara Mining Co PLC     9.75    4/4/2017    EUR     0.92
FPK OAO                      9.95    6/4/2026    RUB    62.00
ROSSETI PJSC                 9.15   8/18/2026    RUB    60.06
BNP Paribas SA               0.50    5/6/2021    MXN    72.93
Johnston Press Bond Plc      8.63    6/1/2019    GBP    64.63
Eiendomskreditt AS           4.15                NOK    55.41
DekaBank Deutsche Girozent   0.01   6/29/2046    EUR    52.09
Societe Generale SA          1.00  12/22/2017    GBP     0.98
Lehman Brothers Treasury C   6.00  10/24/2008    EUR     2.67
Russian Post FGUP           10.00    5/7/2026    RUB   102.20
BLT Finance BV               7.50   5/15/2014    USD     2.48
Afren PLC                    6.63   12/9/2020    USD     0.08
Agentstvo po Ipotechnomu Z  10.75    3/1/2033    RUB    62.10
Intelsat Luxembourg SA      12.50  11/15/2024    USD    68.00
Lehman Brothers Treasury C   7.00    6/6/2017    EUR     2.67
Virgolino de Oliveira Fina  10.88   1/13/2020    USD    28.53
Lloyds Bank PLC              2.38    7/5/2033    USD    72.26
AKB Peresvet ZAO            12.50    9/6/2017    RUB    21.55
Lehman Brothers Treasury C   5.00   3/18/2015    EUR     8.25
International Industrial B   9.00    7/6/2011    EUR     0.65
Cattles Ltd                  7.13    7/5/2017    GBP     0.32
Bank Norwegian AS            6.12                NOK    68.50
Transneft PJSC               8.00    7/3/2025    RUB    62.00
Marine Subsea AS             9.00  12/16/2019    USD     0.40
Rossiysky Capital OJSC      10.50   1/20/2020    RUB    70.01
Rosneft Oil Co PJSC         10.65   12/3/2020    RUB    73.57
Rusfinans Bank OOO           8.05   6/30/2020    RUB    60.11
Krakowski Bank Spoldzielcz   5.11   9/20/2023    PLN    69.05
Svensk Exportkredit AB       0.50   2/22/2022    ZAR    68.23
Activa Resources AG          0.50  11/15/2021    EUR    17.50
Oberoesterreichische Lande   0.32   11/6/2030    EUR    69.22
Muehl Product & Service AG   6.75   3/10/2005    DEM     2.40
Pongs & Zahn AG              8.50                EUR     0.08
Municipality Finance PLC     0.50   7/30/2029    AUD    68.96
Rosbank PJSC                10.40   5/27/2026    RUB   102.45
SUEK Finance                12.50   8/19/2025    RUB   100.00
Mechel PJSC                  8.00    2/9/2021    RUB    60.00
State of Rhineland-Palatin   0.60  10/24/2046    EUR    73.37
Lehman Brothers Treasury C   7.00  11/26/2013    EUR     8.25
Lehman Brothers Treasury C   8.25   12/3/2015    EUR     8.25
PromSvyazCapital AO         11.75   4/10/2026    RUB    61.21
COFIDUR SA                   0.10  12/31/2024    EUR    24.25
Lehman Brothers Treasury C   5.25    7/8/2014    EUR     2.67
Cooperatieve Rabobank UA     0.50  12/29/2027    MXN    42.62
HSBC Bank PLC                0.50   6/10/2021    BRL    68.70
EFG International Finance    6.00  11/30/2017    EUR     5.34
wige MEDIA AG                6.00   3/17/2019    EUR     3.00
Municipality Finance PLC     0.50   6/19/2024    ZAR    55.80
Espirito Santo Financial G   5.05  11/15/2025    EUR     0.68
Deutsche Bank AG/London      2.84  11/26/2034    USD    60.63
Kaupthing ehf                9.00                USD     0.13
Main Road OJSC               4.40  11/22/2028    RUB    60.07
Lehman Brothers Treasury C   1.46   2/19/2012    JPY     8.25
SUEK Finance                12.50   8/19/2025    RUB   100.00
Barclays Bank PLC            3.84   1/31/2029    USD    72.00
Vnesheconombank              9.75   8/16/2029    RUB    60.00
BNP Paribas SA               0.50   9/29/2029    AUD    61.32
Atomenergoprom JSC          11.10  12/12/2025    RUB    70.01
Rusfinans Bank OOO           9.65   2/26/2021    RUB   100.10
Deutsche Bank AG/London      0.50   10/5/2021    IDR    67.37
syncreon Group BV / syncre   8.63   11/1/2021    USD    74.76
Heliocentris Energy Soluti   4.00   1/16/2019    EUR    15.04
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.40
Kaupthing ehf                6.13   10/4/2016    USD    17.63
Societe Generale SA          8.00   2/14/2022    USD
Delamare Finance PLC         1.50   2/19/2029    GBP    63.26
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.41
Svensk Exportkredit AB       0.50   1/31/2022    ZAR    68.97
LBI HF                       7.43                USD     0.00
ROSSETI PJSC                 9.15   8/18/2026    RUB    60.06
Svensk Exportkredit AB       0.50   3/15/2022    ZAR    67.90
Barclays Bank PLC            3.86  10/10/2029    USD    74.57
Oi Brasil Holdings Coopera   5.63   6/22/2021    EUR    35.50
Sibur Holding PAO            9.65   9/16/2026    RUB    60.06
Societe Generale SA          0.57   2/28/2033    USD    68.70
PromSvyazCapital AO         12.00  11/13/2026    RUB   100.00
Lehman Brothers Treasury C   6.00   9/20/2011    EUR     2.67
UniCredit Bank Austria AG    0.06   1/24/2031    EUR    67.36
Ideal Standard Internation  11.75    5/1/2018    EUR     4.70
VEB-Leasing OAO              8.65   1/16/2024    RUB    62.00
German Pellets GmbH          8.00                EUR     0.05
Agentstvo po Ipotechnomu Z  10.90   11/1/2022    RUB   101.17
Gazprom PJSC                 5.10  10/21/2043    RUB    60.00
VEB-Leasing OAO             12.50    9/1/2025    RUB    62.00
Communaute Francaise de Be   0.50   6/27/2046    EUR    65.01
Espirito Santo Financial P   5.13   5/30/2016    EUR     0.94
Norske Skogindustrier ASA    2.00  12/30/2115    EUR     4.88
Vorarlberger Landes- und H   5.87                EUR    52.11
Bank Intesa AO               8.25   6/10/2018    RUB    60.07
Lehman Brothers Treasury C  14.90  11/16/2010    EUR     2.67
National Capital JSC         9.50   7/25/2018    RUB   100.00
O1 Properties Finance ZAO   13.00   10/2/2020    RUB   107.00
Leonteq Securities AG       17.00   8/17/2017    CHF    59.45
Russian Railways JSC         6.40   5/30/2040    RUB
Fonciere Volta SA            4.50   7/30/2020    EUR     2.54
Lehman Brothers Treasury C   5.00    5/2/2022    EUR     2.67
RVK-Finans LLC              13.50  12/21/2020    RUB    61.00
RESO-Garantia Insurance PJ  11.75   3/24/2023    RUB    62.01
ROSSETI PJSC                10.29  10/31/2045    RUB    60.07
Vnesheconombank              9.76  12/17/2021    RUB    69.62
UkrLandFarming PLC          10.88   3/26/2018    USD    28.38
Svensk Exportkredit AB       0.50   8/28/2020    TRY    71.17
ENEL RUSSIA PJSC            12.10   5/22/2025    RUB    62.27
Vnesheconombank              8.35  11/24/2020    RUB    69.61
BKS Hybrid alpha GmbH        7.35                EUR    61.20
City of Kiev Ukraine Via C   8.00   11/6/2015    USD    62.38
Pierer Industrie AG          5.75                EUR    62.61
MPS Capital Services Banca   3.76   3/30/2022    EUR    49.48
Rossiysky Capital OJSC      10.50   1/16/2020    RUB    70.01
State of Saxony-Anhalt       0.65    7/3/2028    EUR    69.00
Anglian Water Services Fin   0.87   1/26/2057    GBP    72.56
UmweltBank AG                2.85                EUR    62.94
UBS AG/London               16.00   1/19/2018    USD    60.45
Delta Credit Bank JSC       10.29  11/24/2021    RUB   105.20
Lehman Brothers Treasury C   4.05   9/16/2008    EUR     2.67
Bank Nederlandse Gemeenten   0.50    8/9/2022    MXN    69.08
EFG International Finance    2.10   3/23/2018    EUR    19.41
Lehman Brothers Treasury C   6.65   8/24/2011    AUD     9.63
Oberoesterreichische Lande   0.30   4/25/2042    EUR    55.26
Lehman Brothers Treasury C   8.00  12/27/2032    JPY     2.67
Heta Asset Resolution AG     0.43  12/31/2023    EUR    39.88
Gazprombank JSC              9.87   2/19/2021    RUB   100.60
HSH Nordbank AG              2.30    2/1/2036    EUR    71.09
Lehman Brothers Treasury C   0.50    8/1/2020    EUR     2.67
Penell GmbH Elektrogroshan   7.75   6/10/2019    EUR     5.00
Lehman Brothers Treasury C  11.00   6/29/2009    EUR     2.67
Bashneft PJSC               12.00   5/19/2025    RUB    60.00
HPI AG                       3.50                EUR     6.00
Podkarpacki Bank Spoldziel   5.81   3/31/2025    PLN    60.00
Podkarpacki Bank Spoldziel   5.11   5/28/2023    PLN    51.00
Lehman Brothers Treasury C  14.90   9/15/2008    EUR     2.67
Dresdner Bank AG             0.34  11/19/2029    EUR    65.80
Banca delle Marche SpA       6.00    5/8/2018    EUR     1.85
Lehman Brothers Treasury C   7.50  10/24/2008    USD     2.67
SAir Group                   5.50   7/23/2003    CHF    14.74
Delta Credit Bank JSC       12.40  10/20/2025    RUB    63.06
Municipality Finance PLC     0.50   5/31/2022    ZAR    66.43
Lehman Brothers Treasury C   4.87   10/8/2013    USD     2.67
Region of Molise Italy       0.13  12/15/2033    EUR    66.72
Oberbank Hybrid 1 GmbH       0.87                EUR    48.59
TransFin-M PAO              11.00    7/5/2024    RUB   100.00
Commerzbank AG              30.00   6/30/2020    USD     4.18
Rosbank PJSC                 7.50   10/7/2024    RUB    60.11
Lehman Brothers Treasury C   5.00   8/16/2017    EUR     8.25
Cerruti Finance SA           6.50   7/26/2004    EUR     1.17
HSBC Bank PLC                0.50   7/21/2021    BRL    69.79
Metalloinvest Holding Co O   0.01   3/10/2022    RUB    60.00
State Transport Leasing Co  14.30  12/10/2024    RUB    73.75
VEB-Leasing OAO             12.50   8/18/2025    RUB    62.00
SG Issuer SA                 5.50   4/10/2021    EUR    68.07
Kamaz PJSC                   9.63   12/2/2031    RUB    62.00
UBS AG                       5.60    3/4/2019    EUR    67.49
EFG International Finance   12.86  10/30/2017    EUR     0.99
Podkarpacki Bank Spoldziel   5.81    7/2/2020    PLN    72.03
Svensk Exportkredit AB       0.50   6/20/2029    AUD    68.99
Bank Nederlandse Gemeenten   0.50   8/15/2022    ZAR    65.17
Nuova Banca delle Marche S   8.00   6/30/2018    EUR     1.24
SAir Group                   4.25    2/2/2007    CHF    14.75
Kreditanstalt fuer Wiedera   0.25   10/6/2036    CAD    40.87
Lehman Brothers Treasury C   5.00   5/12/2011    CHF     2.67
Russian Railways JSC        11.20  10/16/2025    RUB   105.75
Metalloinvest Holding Co O   0.01    3/7/2022    RUB    73.01
Petromena ASA                9.75   5/24/2016    NOK     0.78
UNGP-Finance OOO            10.00  12/16/2020    RUB   100.00
Rosneft Oil Co PJSC         10.40   12/3/2020    RUB    62.01
Kardan NV                    6.78    2/2/2020    ILS    72.84
Lehman Brothers Treasury C   5.00   2/28/2032    EUR     2.67
Lehman Brothers Treasury C   3.35  10/13/2016    EUR     2.67
Lehman Brothers Treasury C   8.00   3/19/2012    USD     2.67
Delta Credit Bank JSC        9.65   10/1/2024    RUB   102.85
Bulgaria Steel Finance BV   12.00    5/4/2013    EUR     2.46
Europlan Leasing Co         11.50   8/23/2021    RUB    60.44
Credit Europe Bank Ltd       8.88   9/14/2018    RUB   103.00
Phones4u Finance PLC         9.50    4/1/2018    GBP    72.38
Lehman Brothers Treasury C   5.00   4/24/2017    EUR     2.67
KPNQwest NV                  7.13    6/1/2009    EUR     0.28
Lehman Brothers Treasury C   7.06  12/29/2008    EUR     2.67
Salvator Grundbesitz-AG      9.50  12/31/2021    EUR     9.80
HSBC Bank PLC                0.50  12/29/2026    AUD    67.59
SAir Group                   5.13    3/1/2003    CHF    15.00
Rosselkhozbank JSC          12.87  12/22/2021    RUB    70.01
AKB Peresvet ZAO            13.00   10/7/2017    RUB    22.50
UNGP-Finance OOO            10.00   4/20/2021    RUB   100.00
Credit Suisse AG/London      3.00  11/15/2025    ZAR    66.90
Phosphorus Holdco PLC       10.00    4/1/2019    GBP     1.27
Solarwatt GmbH               7.00   11/1/2015    EUR    14.50
SAir Group                   6.25   4/12/2005    CHF    14.75
Lehman Brothers Treasury C   6.50   5/16/2015    EUR     2.67
LBI HF                       6.10   8/25/2011    USD     8.88
AKB Peresvet ZAO            13.25   4/25/2018    RUB    23.49
Rinol AG                     5.50  10/15/2006    DEM     0.00
Rosselkhozbank JSC          12.87  12/21/2021    RUB    60.01
Moscow United Electric Gri  10.00   5/26/2026    RUB    62.00
Bank Nederlandse Gemeenten   0.50   5/12/2021    ZAR    73.08
Lehman Brothers Treasury C  10.00   6/11/2038    JPY     2.67
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.40
Main Road OJSC               4.40  10/30/2028    RUB    56.07
IKB Deutsche Industriebank   0.66   5/25/2031    EUR    66.11
Lehman Brothers Treasury C   4.25   3/13/2021    EUR     2.67
ENEL RUSSIA PJSC            12.10   5/22/2025    RUB    60.06
Svensk Exportkredit AB       0.50   3/28/2029    AUD    69.54
SAir Group                   2.75   7/30/2004    CHF    14.75
Province of Brescia Italy    0.03   6/30/2036    EUR    64.52
Lehman Brothers Treasury C   3.00   6/23/2009    EUR     8.25
IT Holding Finance SA        9.88  11/15/2012    EUR     1.89
BLT Finance BV               7.50   5/15/2014    USD     2.48
Lehman Brothers Treasury C   4.00   7/27/2011    EUR     2.67
Lehman Brothers Treasury C   3.63    3/2/2012    EUR     2.67
TransFin-M PAO              11.00  12/31/2024    RUB   100.00
Fininvest OOO               13.00   11/9/2018    RUB     0.30
SAir Group                   6.25  10/27/2002    CHF    14.79
Bank Nederlandse Gemeenten   0.50   6/22/2021    ZAR    72.30
HSBC Bank PLC                0.50   6/23/2027    MXN    43.88
Lehman Brothers Treasury C   4.35    8/8/2016    SGD     9.63
Artug OAO                   15.00   7/14/2025    RUB   100.00
AKB Peresvet ZAO            13.50   6/23/2021    RUB    12.49
Barclays Bank PLC            0.50   4/24/2023    MXN    61.03
RGS Nedvizhimost OOO        12.00  10/18/2017    RUB    59.95
Sidetur Finance BV          10.00   4/20/2016    USD     3.78
Lehman Brothers Treasury C  10.00   6/17/2009    USD     2.67
HSBC Bank PLC                0.50   2/24/2027    NZD    67.68
Natixis Structured Issuanc  11.70   12/8/2023    EUR    69.84
Promnefteservis OOO         10.50  11/21/2019    RUB     1.19
National Developing Co PAO  12.00   7/19/2018    RUB
BELLAGIO Holding GmbH        2.18                EUR    49.41
Kommunekredit                0.50   5/11/2029    CAD    72.26
TransFin-M PAO              13.00    9/3/2025    RUB   100.02
TransFin-M PAO              10.50   4/11/2019    RUB   100.00
Astana Finance BV            7.88    6/8/2010    EUR    16.88
Lehman Brothers Treasury C   4.82  12/18/2036    EUR     2.67
Lehman Brothers Treasury C   4.60    7/6/2016    EUR     2.67
Bank Nederlandse Gemeenten   0.50   9/20/2022    MXN    68.45
Lenta Center OOO             9.75  10/14/2020    RUB    96.18
Agrokompleks OOO             0.10   12/8/2022    RUB     3.71
Agrokompleks OOO             0.10   7/29/2019    RUB     4.05
Rosneft Oil Co PJSC          9.10   1/18/2021    RUB    60.40
Espirito Santo Financial P   5.63   7/28/2017    EUR     0.99
Lloyds Bank PLC              0.50   7/26/2021    BRL    67.11
Lehman Brothers Treasury C  11.00  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   8.25    2/3/2016    EUR     2.67
Lehman Brothers Treasury C   7.60   1/31/2013    AUD     2.67
Societe Generale SA          0.50   5/30/2023    MXN    62.88
DekaBank Deutsche Girozent   0.12   6/23/2034    EUR    69.84
Raiffeisen Schweiz Genosse   6.50    7/2/2018    USD    48.39
City of Siret Romania        2.32    3/1/2028    RON    50.00
Agentstvo po Ipotechnomu Z  10.83    2/1/2034    RUB   100.00
Lehman Brothers Treasury C   4.60  10/11/2017    ILS     8.25
UniCredit Bank Austria AG    0.12   1/22/2031    EUR    71.23
KPNQwest NV                  8.88    2/1/2008    EUR     0.28
Lehman Brothers Treasury C   2.50  12/15/2011    GBP     2.67
Lehman Brothers Treasury C   4.20   12/3/2008    HKD     9.63
Lehman Brothers Treasury C   1.28   11/6/2010    JPY     8.25
Barclays Bank PLC            1.94   9/30/2031    USD    68.55
Russian Post FGUP            5.07  11/17/2023    RUB    70.01
Mriya Agro Holding PLC      10.95   3/30/2016    USD     6.38
Nuova Banca delle Marche S   7.20   6/30/2018    EUR     1.24
Credit Agricole Corporate    0.50    3/6/2023    RUB    63.61
Rusfinans Bank OOO           9.95   8/22/2019    RUB   101.00
Bank ZENIT PJSC              8.50   6/14/2024    RUB    99.77
Main Road OJSC               4.40  10/30/2029    RUB    69.66
Bayerische Landesbank        3.20   7/27/2018    EUR    72.34
Kamaz PJSC                  10.39   12/5/2030    RUB    62.00
Lehman Brothers Treasury C   1.75    2/7/2010    EUR     2.67
Lehman Brothers Treasury C   5.25  11/21/2009    USD     2.67
Lehman Brothers Treasury C   3.03   1/31/2015    EUR     2.67
Lehman Brothers Treasury C   4.50    3/7/2015    EUR     2.67
Astana Finance BV            9.00  11/16/2011    USD    16.88
Freight One JSC             12.00  10/15/2025    RUB   104.50
Svensk Exportkredit AB       0.50   8/25/2021    ZAR    70.86
Bank Nederlandse Gemeenten   0.50   9/20/2022    ZAR    64.51
Societe Generale SA          0.50    7/6/2021    BRL    67.47
Er-Telekom Holding ZAO      10.85   12/1/2021    RUB    60.06
Lehman Brothers Treasury C   0.50    7/2/2020    EUR     2.67
Barclays Bank PLC            0.50   3/13/2023    RUB    63.63
Northland Resources AB      15.00   7/15/2019    USD     0.37
Lehman Brothers Treasury C  11.00    7/4/2011    CHF     2.67
Societe Generale SA         11.50   10/3/2017    USD    48.10
Rostelecom PJSC              8.40   5/20/2025    RUB    60.07
Societe Generale SA         17.00   1/31/2018    USD    65.53
Raiffeisen Schweiz Genosse   3.00   9/22/2020    CHF    69.08
Bayerische Landesbank        2.60   3/29/2018    EUR    73.68
Lehman Brothers Treasury C   4.00   7/20/2012    EUR     2.67
Banca delle Marche SpA       6.00   6/12/2018    EUR     1.85
Societe Generale SA          0.50   5/22/2024    MXN    57.68
TransFin-M PAO              10.00   9/30/2024    RUB   100.00
SAir Group                   2.13   11/4/2004    CHF    14.75
Lehman Brothers Treasury C   7.00   2/15/2010    CHF     2.67
Lehman Brothers Treasury C   4.70   3/23/2016    EUR     2.67
Kaupthing ehf                7.63   2/28/2015    USD    17.63
Lehman Brothers Treasury C   3.50   6/20/2011    EUR     2.67
Nutritek International Cor   8.75  12/11/2008    USD     2.00
Lehman Brothers Treasury C   5.25   5/26/2026    EUR     2.67
Credit Suisse AG             0.50  12/16/2025    BRL    45.04
Rusfinans Bank OOO           8.75   9/29/2020    RUB   100.10
TransFin-M PAO              10.50   6/17/2024    RUB   100.00
TransFin-M PAO              14.50   2/26/2025    RUB   100.00
AKB Derzhava OJSC           15.00   9/12/2025    RUB   100.00
Kerdos Group SA              8.00  12/15/2017    PLN
Union Technologies Informa   0.10    1/1/2020    EUR     4.45
Stroytemp CJSC               9.00  11/13/2019    RUB    92.70
Bank VTB 24 JSC              9.00    9/1/2044    RUB
Podkarpacki Bank Spoldziel   5.01   10/6/2021    PLN    70.00
AKB Peresvet ZAO            12.75   7/24/2018    RUB    19.74
Raiffeisen Schweiz Genosse   8.99   7/22/2019    EUR    25.03
Raiffeisen Switzerland BV   22.20    9/1/2017    USD    61.74
ECA                          2.50    1/1/2018    EUR
Credit Suisse AG/London      8.00  11/29/2019    USD     6.05
EFG International Finance    8.99    9/4/2017    EUR     1.44
HSBC Trinkaus & Burkhardt    6.50   1/29/2018    EUR    60.57
Polski Bank Spoldzielczy w   4.81   6/18/2020    PLN    51.00
Kommunalbanken AS            0.50  12/16/2020    TRY    72.53
Lehman Brothers Treasury C  13.50  11/28/2008    USD     2.67
Barclays Bank PLC            0.50   1/28/2033    MXN    26.64
Lehman Brothers Treasury C  12.00   7/13/2037    JPY     2.67
TransFin-M PAO              10.50   9/17/2019    RUB   100.03
Lehman Brothers Treasury C  10.00    1/3/2012    BRL     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   3.00   12/3/2012    EUR     2.67
Lehman Brothers Treasury C   6.00  10/30/2012    USD     2.67
Lehman Brothers Treasury C   5.50   6/22/2010    USD     8.25
Lehman Brothers Treasury C  11.75    3/1/2010    EUR     2.67
Kaupthing ehf                5.00    1/4/2027    SKK    17.63
Lehman Brothers Treasury C   5.00  11/22/2012    EUR     2.67
SAir Group                   2.75   7/30/2004    CHF    14.75
Municipality Finance PLC     0.25   6/28/2040    CAD    31.60
Lehman Brothers Treasury C   4.50  12/30/2010    USD     2.67
HSBC Bank PLC                0.50   4/27/2027    NZD    67.00
Lehman Brothers Treasury C   2.00  11/16/2009    EUR     2.67
Lehman Brothers Treasury C   8.00   3/21/2018    USD     2.67
Lehman Brothers Treasury C   2.00   6/28/2011    EUR     2.67
Lehman Brothers Treasury C   5.50    7/8/2013    EUR     2.67
Podkarpacki Bank Spoldziel   5.81   2/23/2025    PLN    60.00
EFG International Finance    7.20   7/29/2020    EUR    27.08
UBS AG                      12.10   4/26/2019    USD     9.02
UBS AG                       5.75  12/22/2017    EUR    59.74
UniCredit Bank AG            3.75    9/7/2020    EUR    73.05
Bayerische Landesbank        2.60  10/19/2018    EUR    67.48
Bayerische Landesbank        2.70    7/6/2018    EUR    70.36
Bayerische Landesbank        2.70    7/6/2018    EUR    69.97
SG Issuer SA                 0.82    8/2/2021    SEK    71.72
Barclays Bank PLC            1.88   8/15/2033    USD    63.20
Lehman Brothers Treasury C   3.00   9/13/2010    JPY     8.25
Lehman Brothers Treasury C   7.50    5/2/2017    EUR     2.67
Lloyds Bank PLC              0.50   7/26/2028    MXN    45.95
Nuova Banca delle Marche S   7.75   6/30/2018    EUR     1.24
Lehman Brothers Treasury C   4.60   11/9/2011    EUR     8.25
ECM Real Estate Investment   5.00   10/9/2011    EUR    10.38
BAWAG PSK Versicherungs AG   1.06                EUR    60.04
Lehman Brothers Treasury C   7.59  11/22/2009    MXN     8.25
Lehman Brothers Treasury C   5.12   4/30/2027    EUR     2.67
Lehman Brothers Treasury C   4.05   9/16/2008    EUR     2.67
Cooperatieve Rabobank UA     0.50   8/21/2028    MXN    40.17
Lehman Brothers Treasury C  16.20   5/14/2009    USD     2.67
Lillestroem Sparebank        4.34                NOK    57.79
Kamaz PJSC                   9.92  11/24/2031    RUB    62.01
Eiendomskreditt AS           5.10                NOK    66.18
SpareBank 1 Nordvest         3.66   3/11/2099    NOK    61.86
Lehman Brothers Treasury C   6.60    2/9/2009    EUR     2.67
HSBC Bank PLC                0.50   4/11/2023    MXN    63.63
Lehman Brothers Treasury C  23.30   9/16/2008    USD     2.67
Lehman Brothers Treasury C   3.60   3/19/2018    JPY     2.67
Landesbank Hessen-Thuering   4.00   5/16/2018    EUR    70.39
Leonteq Securities AG       15.60  12/19/2017    CHF    66.12
Royal Bank of Scotland PLC   6.20    9/7/2018    GBP     1.06
OOO SPV Structural Investm   0.01    9/1/2023    RUB    65.90
Lehman Brothers Treasury C   5.38    2/4/2014    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Windreich GmbH               6.25    3/1/2015    EUR    11.00
Lehman Brothers Treasury C   6.00   2/19/2023    USD     2.67
Lehman Brothers Treasury C   8.00  10/17/2014    EUR     2.67
Lehman Brothers Treasury C   4.00   12/2/2012    EUR     2.67
HSBC Bank PLC                0.50   1/29/2027    NZD    67.73
Vegarshei Sparebank          4.85                NOK    62.98
UniCredit Bank AO           12.00  11/20/2019    RUB   100.00
Delta-Finance OOO           10.00  12/17/2020    RUB   100.00
Polbrand sp zoo              9.00   10/2/2017    PLN    50.00
Bank VTB 24 JSC              9.00   9/15/2044    RUB
Russian Railways JSC         5.10   5/20/2044    RUB
Polski Bank Spoldzielczy w   4.81   6/22/2021    PLN    42.00
UBS AG/London                7.93  12/30/2021    USD    10.28
Leonteq Securities AG/Guer  16.20  11/30/2017    USD    31.71
Raiffeisen Schweiz Genosse   6.70   7/24/2017    EUR    74.63
Landesbank Baden-Wuerttemb   3.00   9/28/2018    EUR    66.99
UniCredit Bank AG            3.75   10/2/2020    EUR    69.97
Lehman Brothers Treasury C   4.50    5/2/2017    EUR     8.25
Lehman Brothers Treasury C   6.00   5/23/2018    CZK     2.67
Lehman Brothers Treasury C  15.00   3/30/2011    EUR     2.67
Russian Post FGUP            2.75   12/6/2023    RUB    72.54
Lehman Brothers Treasury C   4.00  10/24/2012    EUR     2.67
Kaupthing ehf                6.13   10/4/2016    USD    17.63
Lehman Brothers Treasury C   7.00   4/14/2009    EUR     2.67
Lehman Brothers Treasury C   5.75   6/15/2009    CHF     2.67
Lehman Brothers Treasury C   1.50  10/25/2011    EUR     2.67
Lehman Brothers Treasury C  10.00    8/2/2037    JPY     2.67
Lehman Brothers Treasury C   1.00    5/9/2012    EUR     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C   2.50   11/9/2011    CHF     2.67
LBI HF                       2.25   2/14/2011    CHF     7.13
HSBC Bank PLC                0.50  10/30/2026    NZD    68.77
IDGC of the North Caucasus  13.00   4/22/2021    RUB    60.00
Credit Suisse AG/London      0.50    1/8/2026    BRL    43.92
Hellas Telecommunications    8.50  10/15/2013    EUR     0.77
Lehman Brothers Treasury C   0.50    6/2/2020    EUR     2.67
Lehman Brothers Treasury C   2.00   5/17/2010    EUR     2.67
Polski Bank Spoldzielczy w   4.81  11/26/2024    PLN
Vontobel Financial Product   4.65   7/24/2017    EUR    72.30
Commerzbank AG               4.00    7/6/2018    EUR    57.79
UBS AG                      24.10   9/28/2017    EUR    68.20
UBS AG/London                5.00   8/14/2017    CHF    55.30
Bank Julius Baer & Co Ltd/   5.50   11/6/2017    CHF    62.75
Podkarpacki Bank Spoldziel   5.81  10/24/2024    PLN
Lehman Brothers Treasury C   3.50  10/31/2011    USD     2.67
Soyuz AKB OAO               10.50   6/11/2020    RUB    60.00
MIK OAO                     15.00   2/19/2020    RUB     3.33
Societe Generale SA          0.50    8/4/2021    BRL    66.97
ECM Real Estate Investment   5.00   10/9/2011    EUR    10.38
Lehman Brothers Treasury C   7.00  10/22/2010    EUR     2.67
BTV Hybrid I GmbH            6.50                EUR    41.23
Lehman Brothers Treasury C   3.86   9/21/2011    SGD     9.63
Lehman Brothers Treasury C   5.50   4/23/2014    EUR     2.67
Societe Generale SA          0.50    4/3/2023    RUB    63.37
Lehman Brothers Treasury C   6.00  10/30/2012    EUR     2.67
Windreich GmbH               6.75    3/1/2015    EUR    11.00
Barclays Bank PLC            0.50   3/26/2021    MXN    72.77
Lehman Brothers Treasury C  10.44  11/22/2008    CHF     2.67
HSBC Bank PLC                0.50   12/8/2026    AUD    71.04
Syntagma OOO                16.50   5/10/2022    RUB     0.01
DekaBank Deutsche Girozent   3.00   6/27/2018    EUR    56.10
City of Predeal Romania      1.50   5/15/2026    RON    60.00
Admiral Boats SA             8.50   9/18/2017    PLN    25.50
Kaupthing ehf                7.50    2/1/2045    USD     0.22
Lehman Brothers Treasury C   5.00  10/24/2008    CHF     2.67
New Look Senior Issuer PLC   8.00    7/1/2023    GBP    55.58
Landesbank Baden-Wuerttemb   3.00   9/22/2017    EUR    68.97
Leonteq Securities AG        6.00  10/12/2017    CHF    65.47
UniCredit Bank AG            4.50   9/19/2017    EUR    57.82
Landesbank Hessen-Thuering   5.00  10/17/2017    EUR    70.47
Landesbank Hessen-Thuering   4.50  11/28/2017    EUR    72.41
Commerzbank AG              15.50   8/23/2017    EUR    63.03
Bank Julius Baer & Co Ltd/   5.40  12/20/2017    CHF    71.20
Vontobel Financial Product   9.05   9/22/2017    EUR    71.38
Vontobel Financial Product   7.00  12/22/2017    EUR    72.69
Vontobel Financial Product  20.00  12/22/2017    EUR    55.78
Vontobel Financial Product  13.50   9/22/2017    EUR    64.73
Vontobel Financial Product  16.05   9/22/2017    EUR    62.01
Vontobel Financial Product  12.00  12/22/2017    EUR    64.40
Vontobel Financial Product  16.00  12/22/2017    EUR    60.65
Driver & Bengsch AG          8.50  12/31/2027    EUR     0.00
Vontobel Financial Product  10.65    9/8/2017    EUR    70.40
Vontobel Financial Product  12.35    9/8/2017    EUR    67.83
Commerzbank AG              16.75  11/23/2017    EUR    69.00
HSBC Trinkaus & Burkhardt    8.70   9/22/2017    EUR    75.58
UBS AG/London               11.70   9/29/2017    EUR    67.11
UBS AG/London               12.60  12/29/2017    EUR    67.07
UBS AG/London                9.30   9/29/2017    EUR    70.51
UBS AG/London               10.60  12/29/2017    EUR    69.52
UBS AG/London                7.00  12/29/2017    EUR    75.80
UBS AG/London                8.80  12/29/2017    EUR    72.45
UBS AG/London               14.30   9/29/2017    EUR    64.18
Commerzbank AG               1.00   2/19/2020    USD    33.86
Commerzbank AG              14.00   1/24/2018    EUR    67.47
Commerzbank AG              12.75  11/23/2017    EUR    74.61
Deutsche Bank AG             7.20  12/19/2017    EUR    73.30
Deutsche Bank AG             5.20  12/19/2017    EUR    72.50
Deutsche Bank AG             5.20   3/20/2018    EUR    73.60
BNP Paribas Emissions- und   4.00   9/21/2017    EUR    74.41
HSBC Trinkaus & Burkhardt   10.90  10/27/2017    EUR    70.55
HSBC Trinkaus & Burkhardt   10.10   1/26/2018    EUR    72.63
Vontobel Financial Product  16.00  12/22/2017    EUR    64.59
Vontobel Financial Product   7.50   3/23/2018    EUR    74.60
Vontobel Financial Product   9.00   3/23/2018    EUR    71.93
Vontobel Financial Product  10.50   3/23/2018    EUR    69.57
Vontobel Financial Product  12.50   3/23/2018    EUR    67.84
Vontobel Financial Product  14.50   3/23/2018    EUR    66.38
HSBC Trinkaus & Burkhardt   14.20  12/22/2017    EUR    68.15
HSBC Trinkaus & Burkhardt   11.20   8/25/2017    EUR    70.85
HSBC Trinkaus & Burkhardt   10.50  11/24/2017    EUR    73.16
UBS AG/London                7.10   9/29/2017    EUR    74.35
DZ Bank AG Deutsche Zentra   8.20   3/23/2018    EUR    74.90
Lehman Brothers Treasury C  10.00   2/16/2009    CHF     2.67
Lehman Brothers Treasury C  11.00  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   8.00  12/31/2010    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C  11.00  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     9.63
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   9.30  12/21/2010    EUR     2.67
Lehman Brothers Treasury C   5.50  11/30/2012    CZK     2.67
Lehman Brothers Treasury C   8.88   1/28/2011    HKD     9.63
Kaupthing ehf                7.00   7/24/2009    ISK    17.63
LBI HF                       5.08    3/1/2013    ISK     7.13
LBI HF                       8.65    5/1/2011    ISK     7.13
Lehman Brothers Treasury C  11.00   2/16/2009    CHF     2.67
Lehman Brothers Treasury C   6.30  12/21/2018    USD     2.67
Lehman Brothers Treasury C  16.00   10/8/2008    CHF     2.67
Lehman Brothers Treasury C   8.00   4/20/2009    EUR     2.67
Lehman Brothers Treasury C   6.00   3/17/2011    EUR     2.67
Lehman Brothers Treasury C   6.70   4/21/2011    USD     2.67
Lehman Brothers Treasury C   3.50   9/29/2017    EUR     2.67
Oberbank AG                  7.40                EUR    67.80
Barclays Bank PLC            1.99   12/1/2040    USD    74.19
Lehman Brothers Treasury C   8.60   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   8.28   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   7.32   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   5.00    9/1/2011    EUR     2.67
Lehman Brothers Treasury C   3.00    8/8/2017    EUR     2.67
Lehman Brothers Treasury C   3.50   9/19/2017    EUR     2.67
Lehman Brothers Treasury C   9.50    4/1/2018    USD     2.67
Lehman Brothers Treasury C   7.05    4/8/2015    USD     2.67
Lehman Brothers Treasury C   7.80   3/31/2018    USD     2.67
Lehman Brothers Treasury C   2.30   6/27/2013    USD     2.67
Lehman Brothers Treasury C   6.00    3/4/2015    USD     2.67
Kaupthing ehf                6.50   10/8/2010    ISK    17.63
Kaupthing ehf                7.50   12/5/2014    ISK    17.63
Lehman Brothers Treasury C   7.50   2/14/2010    AUD     2.67
Lehman Brothers Treasury C  16.00  10/28/2008    USD     2.67
Lehman Brothers Treasury C   1.95   11/4/2013    EUR     2.67
Lehman Brothers Treasury C   3.45   5/23/2013    USD     2.67
Lehman Brothers Treasury C   1.00   2/26/2010    USD     2.67
Lehman Brothers Treasury C   6.00   6/21/2011    EUR     2.67
Lehman Brothers Treasury C  10.00  10/23/2008    USD     2.67
Lehman Brothers Treasury C   6.45   2/20/2010    AUD     2.67
Lehman Brothers Treasury C  10.00  10/22/2008    USD     2.67
Nota-Bank OJSC              13.50    4/1/2016    RUB    31.50
Barclays Bank PLC            0.50   3/19/2021    MXN    73.40
Lehman Brothers Treasury C  13.00   7/25/2012    EUR     2.67
Barclays Bank PLC            1.64    6/3/2041    USD    75.16
Lehman Brothers Treasury C   7.50   6/15/2017    USD     2.67
Lehman Brothers Treasury C   0.01   9/20/2011    USD     2.67
Lehman Brothers Treasury C   4.10   6/10/2014    SGD     9.63
Lehman Brothers Treasury C   6.00  12/30/2017    EUR     2.67
Lehman Brothers Treasury C   5.25    4/1/2023    EUR     2.67
Lehman Brothers Treasury C   6.50   7/24/2026    EUR     2.67
Lehman Brothers Treasury C   4.68  12/12/2045    EUR     2.67
Lehman Brothers Treasury C   5.10   6/22/2046    EUR     2.67
Lehman Brothers Treasury C  13.00  12/14/2012    USD     2.67
Lehman Brothers Treasury C   3.00   9/12/2036    JPY     8.25
Lehman Brothers Treasury C   7.50   9/13/2009    CHF     2.67
Lehman Brothers Treasury C   8.50    7/6/2009    CHF     2.67
Lehman Brothers Treasury C   3.70    6/6/2009    EUR     2.67
HSBC Bank PLC                0.50    6/9/2023    MXN    62.75
Province of Brescia Italy    0.11  12/22/2036    EUR    63.94
Lehman Brothers Treasury C   2.50   8/15/2012    CHF     2.67
Lehman Brothers Treasury C  13.43    1/8/2009    ILS     2.67
Russkiy Mezhdunarodnyi Ban  12.00  11/14/2021    RUB    61.00
Lehman Brothers Treasury C   7.60    3/4/2010    NZD     2.67
Lehman Brothers Treasury C  14.10  11/12/2008    USD     2.67
Lehman Brothers Treasury C   7.00   7/11/2010    EUR     2.67
Lehman Brothers Treasury C  10.00    1/4/2010    USD     2.67
Lehman Brothers Treasury C   4.70   3/23/2016    EUR     2.67
Lehman Brothers Treasury C   7.50   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   0.50   2/16/2009    EUR     2.67
Lehman Brothers Treasury C   4.50    8/2/2009    USD     2.67
Lehman Brothers Treasury C   4.50    3/6/2013    CHF     2.67
Lehman Brothers Treasury C   5.00   3/13/2009    EUR     2.67
Lehman Brothers Treasury C  13.00   2/16/2009    CHF     2.67
Lehman Brothers Treasury C   4.00    1/4/2011    USD     2.67
Lehman Brothers Treasury C   4.10   5/20/2009    USD     2.67
Lehman Brothers Treasury C   3.82  10/20/2009    USD     2.67
Lehman Brothers Treasury C   6.00    8/7/2013    EUR     2.67
Lehman Brothers Treasury C  15.00    6/4/2009    CHF     2.67
Societe Generale SA          0.50   4/30/2023    RUB    62.80
Lehman Brothers Treasury C  11.00    7/4/2011    USD     2.67
Lehman Brothers Treasury C   5.22    3/1/2024    EUR     2.67
Lehman Brothers Treasury C  16.00  12/26/2008    USD     2.67
Lehman Brothers Treasury C  13.15  10/30/2008    USD     2.67
Lehman Brothers Treasury C   2.30   4/28/2014    JPY     2.67
Lehman Brothers Treasury C   4.00   2/28/2010    EUR     2.67
Lehman Brothers Treasury C   7.60   5/21/2013    USD     2.67
Lehman Brothers Treasury C   3.00    6/3/2010    EUR     2.67
Lehman Brothers Treasury C  12.00    7/4/2011    EUR     2.67
Lehman Brothers Treasury C  12.40   6/12/2009    USD     2.67
Lehman Brothers Treasury C   7.75    1/3/2012    AUD     2.67
Lehman Brothers Treasury C   3.10    6/4/2010    USD     2.67
TransFin-M PAO              12.50   8/11/2025    RUB   100.00
BNP Paribas SA               0.50  11/16/2032    MXN    31.40
Center-Invest Commercial B   8.70  11/13/2018    RUB    59.01
Societe Generale SA          0.50   6/12/2023    RUB    62.18
Societe Generale SA          0.50    4/4/2024    MXN    58.37
Lehman Brothers Treasury C   5.00   12/6/2011    EUR     2.67
Lehman Brothers Treasury C   2.75  10/28/2009    EUR     2.67
DZ Bank AG Deutsche Zentra   9.25   7/28/2017    EUR    74.54
UBS AG/London                9.50   9/22/2017    EUR    53.65
UBS AG/London               12.50   9/22/2017    EUR    49.02
Raiffeisen Switzerland BV    3.50   8/25/2017    CHF    71.04
Leonteq Securities AG       12.20    8/4/2017    CHF    74.24
BNP Paribas Emissions- und  16.00  12/21/2017    EUR    68.13
BNP Paribas Emissions- und  18.00  12/21/2017    EUR    65.40
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    63.55
BNP Paribas Emissions- und  12.00  12/21/2017    EUR    58.90
BNP Paribas Emissions- und   9.00   9/21/2017    EUR    62.55
BNP Paribas Emissions- und  10.00   9/21/2017    EUR    59.71
BNP Paribas Emissions- und  12.00   9/21/2017    EUR    54.85
BNP Paribas Emissions- und  16.00   9/21/2017    EUR    50.12
BNP Paribas Emissions- und   9.00  12/21/2017    EUR    66.26
BNP Paribas Emissions- und  10.00  12/21/2017    EUR    63.56
Vontobel Financial Product   4.00   11/9/2017    EUR    66.61
Goldman Sachs & Co Wertpap  12.00  12/20/2017    EUR    72.08
Goldman Sachs & Co Wertpap  13.00  12/20/2017    EUR    67.61
Goldman Sachs & Co Wertpap  10.00  12/20/2017    EUR    68.94
Goldman Sachs & Co Wertpap  11.00  12/20/2017    EUR    64.92
Goldman Sachs & Co Wertpap  11.00  12/20/2017    EUR    67.06
Uginvestgerion OOO          12.10    4/1/2020    RUB   100.00
UBS AG/London                1.31   5/29/2020    USD     9.75
HSBC Trinkaus & Burkhardt    3.00   6/22/2018    EUR    62.63
Leonteq Securities AG       20.00  10/25/2017    CHF    50.87
DZ Bank AG Deutsche Zentra   8.70  12/22/2017    EUR    55.95
DZ Bank AG Deutsche Zentra  10.10  12/22/2017    EUR    52.97
HSBC Trinkaus & Burkhardt   12.70   9/22/2017    EUR    51.53
HSBC Trinkaus & Burkhardt   10.30   9/22/2017    EUR    55.64
HSBC Trinkaus & Burkhardt    7.50   9/22/2017    EUR    62.09
EFG International Finance    6.89  12/28/2017    CHF    71.17
SG Issuer SA                 0.80  11/30/2020    SEK    65.95
EFG International Finance    7.35  12/28/2017    CHF    66.04
HSBC Trinkaus & Burkhardt    7.50   9/22/2017    EUR    73.14
HSBC Trinkaus & Burkhardt    9.30   4/27/2018    EUR    74.24
Gold-Zack AG                 7.00  12/14/2005    EUR    12.58
Transgazservice LLP         10.50   11/8/2019    RUB     0.04
Noyabrskaya Pge OOO          8.50  11/10/2020    RUB    60.00
Polski Bank Spoldzielczy w   5.31   9/14/2027    PLN    50.00
Deutsche Bank AG             3.20  11/22/2017    EUR    71.70
DekaBank Deutsche Girozent   3.10    8/4/2017    EUR    54.15
DZ Bank AG Deutsche Zentra  10.00  12/22/2017    EUR    75.46
UBS AG/London                9.50    9/4/2017    CHF    28.10
Goldman Sachs & Co Wertpap   9.00   9/20/2017    EUR    73.32
Goldman Sachs & Co Wertpap  12.00   9/20/2017    EUR    62.24
Goldman Sachs & Co Wertpap  12.00   9/20/2017    EUR    60.21
AKB Peresvet ZAO             2.56    9/2/2020    RUB    11.34
Leonteq Securities AG        6.77   8/17/2017    CHF    59.94
Leonteq Securities AG        5.40   8/28/2017    CHF    59.82
Leonteq Securities AG        5.00    9/4/2018    CHF    62.22
Leonteq Securities AG        5.60    9/4/2017    CHF    63.91
Leonteq Securities AG        5.60   9/11/2017    CHF    60.33
UBS AG/London                8.25    8/7/2017    EUR    71.70
DZ Bank AG Deutsche Zentra   3.45   8/25/2017    EUR    73.10
Raiffeisen Centrobank AG     9.85  12/20/2017    EUR    66.62
Raiffeisen Centrobank AG    13.01  12/20/2017    EUR    63.89
Raiffeisen Centrobank AG     7.54  12/28/2018    EUR    64.26
Raiffeisen Centrobank AG     6.23  12/28/2018    EUR    69.09
Commerzbank AG              12.00   2/22/2018    EUR    73.90
Commerzbank AG              15.75   2/22/2018    EUR    69.55
Landesbank Baden-Wuerttemb   2.60   8/23/2019    EUR    71.97
Landesbank Baden-Wuerttemb   3.00   8/25/2017    EUR    68.44
Landesbank Baden-Wuerttemb   4.00   8/25/2017    EUR    63.81
Landesbank Baden-Wuerttemb   5.00   8/25/2017    EUR    60.19
Landesbank Baden-Wuerttemb   4.00   8/25/2017    EUR    71.95
UBS AG/London                8.00   7/31/2017    CHF    72.35
EFG International Finance   14.00    3/8/2018    CHF    72.59
DZ Bank AG Deutsche Zentra   7.40   3/23/2018    EUR    76.54
DZ Bank AG Deutsche Zentra   6.00  12/22/2017    EUR    72.65
DZ Bank AG Deutsche Zentra   7.40  12/22/2017    EUR    75.25
Bank Julius Baer & Co Ltd/  11.00   3/29/2018    USD    72.60
Commerzbank AG              11.50   7/26/2017    EUR    47.43
Exane Finance SA             5.00  12/20/2019    SEK
Commerzbank AG               7.25  10/26/2017    EUR    65.11
Commerzbank AG              10.50  10/26/2017    EUR    58.99
Commerzbank AG              14.25  10/26/2017    EUR    54.32
UBS AG/London                7.00   9/22/2017    EUR    59.69
UBS AG/London               11.60  12/29/2017    EUR    52.06
UBS AG/London               13.00   9/27/2017    EUR    49.35
UBS AG/London                5.30  12/29/2017    EUR    60.86
Leonteq Securities AG       17.60  12/19/2017    USD    66.29
Vontobel Financial Product  18.40   9/11/2017    EUR    63.34
Goldman Sachs & Co Wertpap   6.00   8/23/2017    EUR
Raiffeisen Schweiz Genosse  15.00  12/27/2017    CHF    60.91
UBS AG/London               12.50   9/22/2017    EUR    69.05
Vontobel Financial Product  13.00  12/22/2017    EUR    67.92
Vontobel Financial Product   8.50   9/22/2017    EUR    75.64
Vontobel Financial Product  13.50   9/22/2017    EUR    68.21
Vontobel Financial Product  11.00  12/22/2017    EUR    70.47
Commerzbank AG              15.50   9/20/2017    EUR    63.04
Commerzbank AG              13.50  12/20/2017    EUR    65.99
HSBC Trinkaus & Burkhardt   13.40  12/22/2017    EUR    66.23
HSBC Trinkaus & Burkhardt    7.80  12/22/2017    EUR    74.81
HSBC Trinkaus & Burkhardt   10.40   8/25/2017    EUR    68.79
HSBC Trinkaus & Burkhardt    9.70  11/24/2017    EUR    70.92
Commerzbank AG               8.50  12/21/2017    EUR    76.74
Commerzbank AG              12.25  12/21/2017    EUR    70.35
Commerzbank AG              16.25  12/21/2017    EUR    65.52
Societe Generale SA          7.00  10/20/2020    USD
UBS AG/London                6.90   6/22/2018    EUR    70.77
UBS AG/London                8.20   6/22/2018    EUR    69.04
UBS AG/London                7.40   9/22/2017    EUR    66.21
UBS AG/London                9.90   9/22/2017    EUR    63.12
UBS AG/London                9.40   6/22/2018    EUR    67.08
HSBC Trinkaus & Burkhardt   13.80  12/22/2017    EUR    69.66
HSBC Trinkaus & Burkhardt   10.80   8/25/2017    EUR    72.73
HSBC Trinkaus & Burkhardt   10.10  11/24/2017    EUR    75.10
BNP Paribas Emissions- und  15.00  11/23/2017    EUR    67.43
BNP Paribas Emissions- und   8.00  12/21/2017    EUR    77.23
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    71.30
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    67.33
BNP Paribas Emissions- und  16.00  12/21/2017    EUR    65.98
BNP Paribas Emissions- und  12.00   6/21/2018    EUR    72.88
BNP Paribas Emissions- und  13.00   6/21/2018    EUR    70.95
BNP Paribas Emissions- und  13.00  11/23/2017    EUR    70.21
BNP Paribas Emissions- und  10.00  10/26/2017    EUR    76.57
BNP Paribas Emissions- und  12.00  10/26/2017    EUR    72.81
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    67.85
BNP Paribas Emissions- und  15.00  10/26/2017    EUR    66.28
BNP Paribas Emissions- und  19.00  10/26/2017    EUR    64.47
BNP Paribas Emissions- und  10.00   9/21/2017    EUR    74.03
BNP Paribas Emissions- und  12.00   9/21/2017    EUR    70.20
BNP Paribas Emissions- und  19.00   9/21/2017    EUR    62.26
Bank Julius Baer & Co Ltd/   7.85   7/28/2017    USD    47.45
Commerzbank AG              10.25   7/27/2017    EUR    50.11
Commerzbank AG               7.00   7/27/2017    EUR    56.21
Commerzbank AG              14.25   7/27/2017    EUR    45.43
HSBC Trinkaus & Burkhardt    7.90   9/22/2017    EUR    57.81
HSBC Trinkaus & Burkhardt    5.40   9/22/2017    EUR    63.35
HSBC Trinkaus & Burkhardt    2.90   9/22/2017    EUR    72.40
BNP Paribas Emissions- und  16.00   9/21/2017    EUR    48.29
BNP Paribas Emissions- und   5.00  10/26/2017    EUR    62.27
BNP Paribas Emissions- und   6.00  10/26/2017    EUR    61.01
BNP Paribas Emissions- und   9.00  10/26/2017    EUR    55.15
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    50.82
BNP Paribas Emissions- und   5.00  12/21/2017    EUR    64.64
BNP Paribas Emissions- und   6.00  12/21/2017    EUR    61.94
BNP Paribas Emissions- und   9.00  12/21/2017    EUR    57.68
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    50.04
BNP Paribas Emissions- und   5.00   9/21/2017    EUR    61.60
BNP Paribas Emissions- und   6.00   9/21/2017    EUR    60.45
BNP Paribas Emissions- und   9.00   9/21/2017    EUR    55.43
BNP Paribas Emissions- und  13.00   9/21/2017    EUR    48.75
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    71.75
BNP Paribas Emissions- und  13.00   9/21/2017    EUR    72.73
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    73.77
BNP Paribas Emissions- und   9.00  12/21/2017    EUR    71.99
UBS AG/London               12.50    4/5/2018    USD    66.45
Commerzbank AG              20.00   5/28/2018    SEK    52.17
DZ Bank AG Deutsche Zentra   9.75  12/22/2017    EUR    75.09
HSBC Trinkaus & Burkhardt   14.10   9/22/2017    EUR    72.10
HSBC Trinkaus & Burkhardt   13.70  12/22/2017    EUR    73.24
HSBC Trinkaus & Burkhardt   12.70  12/22/2017    EUR    74.78
HSBC Trinkaus & Burkhardt   11.90   8/25/2017    EUR    75.27
HSBC Trinkaus & Burkhardt    8.95  12/22/2017    EUR    69.05
Credit Suisse AG/London      8.50   9/18/2017    USD    62.96
HSBC Trinkaus & Burkhardt   13.80  12/22/2017    EUR    62.07
HSBC Trinkaus & Burkhardt   11.90  12/22/2017    EUR    64.10
HSBC Trinkaus & Burkhardt   10.70   8/25/2017    EUR    63.46
HSBC Trinkaus & Burkhardt   10.20  11/24/2017    EUR    65.77
HSBC Trinkaus & Burkhardt   13.40   9/22/2017    EUR    63.04
HSBC Trinkaus & Burkhardt   12.10   3/23/2018    EUR    67.10
HSBC Trinkaus & Burkhardt   11.30   3/23/2018    EUR    68.07
HSBC Trinkaus & Burkhardt    8.30   3/23/2018    EUR    72.83
HSBC Trinkaus & Burkhardt   11.00   8/25/2017    EUR    65.17
HSBC Trinkaus & Burkhardt   10.40  11/24/2017    EUR    67.52
DZ Bank AG Deutsche Zentra   7.10   9/22/2017    EUR    68.95
DZ Bank AG Deutsche Zentra   7.10  12/22/2017    EUR    70.56
Landesbank Baden-Wuerttemb   2.90   7/27/2018    EUR    72.25
Leonteq Securities AG        6.20   7/24/2018    CHF     0.15
Leonteq Securities AG        5.20   7/24/2018    CHF     0.01
Leonteq Securities AG        7.00   11/6/2017    CHF    44.78
Leonteq Securities AG        7.00  10/19/2017    CHF    67.70
Norddeutsche Landesbank Gi   3.00  10/30/2018    EUR    65.81
DZ Bank AG Deutsche Zentra   8.30   9/22/2017    EUR    52.53
HSBC Trinkaus & Burkhardt    1.75   8/25/2017    EUR    58.02
Deutsche Bank AG             6.20  12/19/2017    EUR    73.30
Deutsche Bank AG             6.20   9/19/2017    EUR    74.80
Deutsche Bank AG             6.20   9/19/2017    EUR    71.80
UBS AG/London                6.30  12/29/2017    EUR    58.43
EFG International Finance    6.48   5/29/2018    EUR     5.97
Landesbank Baden-Wuerttemb   3.00   2/23/2018    EUR    67.00
Vontobel Financial Product   7.00  12/22/2017    EUR    74.72
Vontobel Financial Product   6.50  12/22/2017    EUR    76.65
Vontobel Financial Product   8.00  12/22/2017    EUR    73.09
Vontobel Financial Product  14.00  12/22/2017    EUR    65.22
Vontobel Financial Product  13.00  12/22/2017    EUR    66.32
Vontobel Financial Product  12.00  12/22/2017    EUR    67.51
Vontobel Financial Product  11.00  12/22/2017    EUR    68.77
Vontobel Financial Product  10.00  12/22/2017    EUR    70.12
Vontobel Financial Product   9.00  12/22/2017    EUR    71.56
Vontobel Financial Product   9.05  12/22/2017    EUR    74.33
UBS AG/London                6.50   1/25/2018    CHF    70.50
BNP Paribas Emissions- und  10.00   6/21/2018    EUR    74.89
Municipiul Timisoara         0.80   5/15/2026    RON    70.00
UBS AG                      11.41   4/26/2019    USD     9.86
HSBC Trinkaus & Burkhardt   10.10   2/23/2018    EUR    73.33
HSBC Trinkaus & Burkhardt   11.60   3/23/2018    EUR    71.49
HSBC Trinkaus & Burkhardt    8.40   3/23/2018    EUR    76.76
Commerzbank AG              12.75   1/25/2018    EUR    73.43
Commerzbank AG              16.50   1/25/2018    EUR    68.77
Leonteq Securities AG       15.20  10/11/2017    CHF    63.80
Vontobel Financial Product  11.50   9/22/2017    EUR    72.71
UBS AG/London                6.00   10/5/2017    CHF    52.05
BNP Paribas Emissions- und   8.00   9/21/2017    EUR    73.66
BNP Paribas Emissions- und  13.00   9/21/2017    EUR    66.64
BNP Paribas Emissions- und  14.00   9/21/2017    EUR    72.49
HSBC Trinkaus & Burkhardt    9.00   9/22/2017    EUR    72.49
HSBC Trinkaus & Burkhardt    8.30  12/22/2017    EUR    74.12
HSBC Trinkaus & Burkhardt    2.50   9/22/2017    EUR    64.57
Leonteq Securities AG       10.20  10/24/2018    EUR    64.64
Landesbank Baden-Wuerttemb   3.25  12/22/2017    EUR    72.06
UniCredit Bank AG            4.00   6/26/2018    EUR    67.38
Landesbank Baden-Wuerttemb   3.25   1/26/2018    EUR    66.83
Landesbank Hessen-Thuering   4.00   1/16/2018    EUR    63.86
Leonteq Securities AG/Guer   5.00  12/27/2019    EUR    69.17
Landesbank Baden-Wuerttemb   3.15   6/22/2018    EUR    68.88
UBS AG                       4.50  12/22/2017    EUR    59.06
Credit Suisse AG/Nassau      5.25   5/14/2018    CHF    71.70
DekaBank Deutsche Girozent   3.15   5/18/2018    EUR    73.60
Raiffeisen Schweiz Genosse   5.00   6/13/2018    CHF    72.75
UBS AG                       5.00  12/22/2017    EUR    67.39
DekaBank Deutsche Girozent   3.40    4/9/2018    EUR    59.97
Raiffeisen Schweiz Genosse   4.50   5/23/2018    CHF    73.39
Raiffeisen Schweiz Genosse   5.00    6/6/2018    CHF    73.45
Raiffeisen Schweiz Genosse   5.00   7/25/2018    CHF    73.89
UBS AG/London                7.00  12/22/2017    EUR    65.44
UBS AG/London               12.50  12/22/2017    EUR    70.20
UBS AG/London                9.00  12/22/2017    EUR    58.50
UBS AG/London                5.75  12/22/2017    EUR    72.21
UBS AG/London                6.25  12/22/2017    EUR    69.88
UBS AG/London                7.75  12/22/2017    EUR    54.43
UBS AG/London               14.50  12/22/2017    EUR    69.80
Raiffeisen Schweiz Genosse   5.00   8/29/2018    CHF    75.17
Leonteq Securities AG/Guer   4.40   8/28/2017    CHF    62.86
Raiffeisen Schweiz Genosse   5.04   8/28/2017    CHF    72.39
Leonteq Securities AG/Guer   4.68   8/29/2017    CHF    74.11
Leonteq Securities AG/Guer   5.99   9/11/2017    EUR    69.51
Bank Julius Baer & Co Ltd/   5.20   9/25/2017    EUR    66.45
UniCredit Bank AG            4.00  10/14/2019    EUR    71.23
DZ Bank AG Deutsche Zentra  13.00   9/22/2017    EUR    64.19
UBS AG                       9.50  12/22/2017    EUR    63.43
UBS AG                       5.25  12/22/2017    EUR    63.32
UBS AG                      10.25  12/22/2017    EUR    42.63
UBS AG                       8.00  12/22/2017    EUR    70.62
UBS AG                      11.75  12/22/2017    EUR    55.53
UBS AG                      13.00  12/22/2017    EUR    63.50
UBS AG                       7.75  12/22/2017    EUR    61.24
UBS AG                       6.25  12/22/2017    EUR    54.93
UBS AG                      11.25  12/22/2017    EUR    67.08
UBS AG                       9.00  12/22/2017    EUR    71.23
UBS AG                      10.50  12/22/2017    EUR    54.86
UBS AG                       9.50  12/22/2017    EUR    63.02
Landesbank Baden-Wuerttemb   3.30   6/22/2018    EUR    70.54
UBS AG                      11.75  12/22/2017    EUR    56.77
UBS AG                       7.75  12/22/2017    EUR    65.77
UBS AG                      10.25  12/22/2017    EUR    54.47
UBS AG                       5.00  12/22/2017    EUR    67.57
UBS AG                       8.50  12/22/2017    EUR    47.31
UBS AG                      11.75  12/22/2017    EUR    38.42
UBS AG                       8.75  12/22/2017    EUR    66.79
UBS AG                      10.25  12/22/2017    EUR    60.47
UBS AG                       7.50  12/22/2017    EUR    51.48
UBS AG                       6.75  12/22/2017    EUR    55.28
UBS AG                       9.50  12/22/2017    EUR    68.68
UBS AG                       8.25  12/22/2017    EUR    49.39
UBS AG                      10.50  12/22/2017    EUR    61.96
UBS AG                       8.25  12/22/2017    EUR    53.07
UBS AG                       4.50  12/22/2017    EUR    68.36
UBS AG                       6.50  12/22/2017    EUR    55.04
UniCredit Bank AG            4.30  12/22/2017    EUR    72.74
DekaBank Deutsche Girozent   3.30   2/26/2018    EUR    54.66
Credit Suisse AG/London      8.50   3/13/2018    USD    61.21
DekaBank Deutsche Girozent   3.50  10/28/2019    EUR    71.01
DekaBank Deutsche Girozent   7.15  10/27/2017    EUR    65.93
EFG International Finance    7.00  11/27/2019    EUR    17.45
Goldman Sachs Internationa   1.00   12/5/2017    SEK    17.85
DekaBank Deutsche Girozent   3.00  12/17/2018    EUR    70.78
Leonteq Securities AG        6.00   1/23/2019    CHF     0.01
DZ Bank AG Deutsche Zentra   5.00    2/6/2018    EUR    70.84
Landesbank Baden-Wuerttemb   5.00  10/27/2017    EUR    67.49
Landesbank Baden-Wuerttemb   5.00  10/27/2017    EUR    63.77
Landesbank Baden-Wuerttemb   4.00  10/27/2017    EUR    68.41
Landesbank Baden-Wuerttemb   3.60   9/22/2017    EUR    73.03
Landesbank Baden-Wuerttemb   3.25   7/28/2017    EUR    72.31
Landesbank Baden-Wuerttemb   3.90   7/28/2017    EUR    70.79
Landesbank Baden-Wuerttemb   3.05   8/25/2017    EUR    71.12
Landesbank Baden-Wuerttemb   3.25   7/28/2017    EUR    74.50
Landesbank Baden-Wuerttemb   3.55   8/25/2017    EUR    60.34
Landesbank Baden-Wuerttemb   3.70   9/22/2017    EUR    68.06
Landesbank Baden-Wuerttemb   3.75   9/22/2017    EUR    58.25
Landesbank Baden-Wuerttemb   3.90   9/22/2017    EUR    56.76
Landesbank Baden-Wuerttemb   3.20   9/22/2017    EUR    65.01
Landesbank Baden-Wuerttemb   3.85  10/27/2017    EUR    64.67
Landesbank Baden-Wuerttemb   3.40  11/24/2017    EUR    61.73
Landesbank Baden-Wuerttemb   3.00   6/28/2019    EUR    69.85
Landesbank Baden-Wuerttemb   2.50   6/28/2019    EUR    70.39
Landesbank Baden-Wuerttemb   3.50   6/22/2018    EUR    65.38
Landesbank Baden-Wuerttemb   4.00   8/25/2017    EUR    57.94
Landesbank Baden-Wuerttemb   3.75  10/27/2017    EUR    67.13
Landesbank Baden-Wuerttemb   3.25   8/25/2017    EUR    68.20
DekaBank Deutsche Girozent   3.25   4/20/2018    EUR    60.24
Raiffeisen Schweiz Genosse   4.00    5/8/2018    CHF    62.66
DekaBank Deutsche Girozent   2.75  10/29/2018    EUR    61.75
EFG International Finance    7.19    5/6/2019    EUR    13.47
DekaBank Deutsche Girozent   3.00   4/30/2019    EUR    73.27
Landesbank Baden-Wuerttemb   3.55   8/25/2017    EUR    69.84
Landesbank Baden-Wuerttemb   4.00   6/22/2018    EUR    70.74
Landesbank Baden-Wuerttemb   3.60   6/22/2018    EUR    66.12
UBS AG                       7.40   5/17/2021    CHF    53.82
DekaBank Deutsche Girozent   2.80   5/13/2019    EUR    68.77
Landesbank Baden-Wuerttemb   3.50   7/27/2018    EUR    71.35
Landesbank Baden-Wuerttemb   3.40   7/27/2018    EUR    70.03
UniCredit Bank AG            3.80   7/23/2020    EUR    71.23
UniCredit Bank AG            5.00   6/25/2019    EUR    63.30
EFG International Finance    7.20   2/25/2019    EUR    12.67
Landesbank Hessen-Thuering   4.00    4/8/2019    EUR    65.25
UniCredit Bank AG            4.60    7/2/2018    EUR    61.73
Leonteq Securities AG        7.00   9/20/2017    CHF    74.09
Commerzbank AG               5.80   10/8/2017    EUR    68.91
DZ Bank AG Deutsche Zentra   5.60    9/8/2017    EUR    70.41
Raiffeisen Schweiz Genosse   4.50   3/27/2018    EUR    58.96
Leonteq Securities AG        3.50   4/10/2018    EUR    58.75
Landesbank Hessen-Thuering   4.00   4/30/2019    EUR    73.02
DekaBank Deutsche Girozent   3.25   5/18/2018    EUR    71.59
Raiffeisen Schweiz Genosse   4.20   4/10/2018    EUR    59.58
Raiffeisen Switzerland BV    9.00    4/1/2019    EUR    18.67
Zurcher Kantonalbank Finan   6.50   4/10/2018    CHF    62.15
UniCredit Bank AG            4.40   7/13/2018    EUR    70.18
Norddeutsche Landesbank Gi   3.00   7/16/2018    EUR    70.81
DZ Bank AG Deutsche Zentra  11.00  10/27/2017    EUR    64.25
HSBC Trinkaus & Burkhardt    2.80   9/22/2017    EUR    68.28
Leonteq Securities AG/Guer  29.61  10/26/2017    EUR    26.34
Landesbank Baden-Wuerttemb   3.85   8/25/2017    EUR    67.25
Credit Suisse AG/London      8.00   9/28/2021    USD     9.94
HSBC Trinkaus & Burkhardt    8.40   9/22/2017    EUR    52.78
HSBC Trinkaus & Burkhardt    4.80   9/22/2017    EUR    60.14
HSBC Trinkaus & Burkhardt    3.00   9/22/2017    EUR    66.43
DZ Bank AG Deutsche Zentra   8.70  12/22/2017    EUR    67.72
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    67.25
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    57.87
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    71.00
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    71.07
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    67.10
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    66.47
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    72.23
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    67.72
BNP Paribas Emissions- und   6.00  12/21/2017    EUR    52.05
BNP Paribas Emissions- und  10.00  12/21/2017    EUR    43.70
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    39.32
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    30.02
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    69.79
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    61.74
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    60.96
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    67.70
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    49.27
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    47.11
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    72.89
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    67.06
BNP Paribas Emissions- und  24.00  12/21/2017    EUR    71.74
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    66.26
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    72.07
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    68.97
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    54.38
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    49.14
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    45.53
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    45.37
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    68.87
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    71.89
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    60.86
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    49.34
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    44.42
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    67.56
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    62.13
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    59.38
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    54.49
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    65.08
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    54.24
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    69.57
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    71.39
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    65.05
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    61.14
BNP Paribas Emissions- und  23.00  12/21/2017    EUR    69.23
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    51.05
BNP Paribas Emissions- und  23.00  12/21/2017    EUR    71.55
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    62.53
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    70.93
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    58.52
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    68.08
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    62.86
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    66.47
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    61.19
BNP Paribas Emissions- und  24.00  12/21/2017    EUR    61.76
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    58.57
BNP Paribas Emissions- und  29.00  12/21/2017    EUR    53.95
BNP Paribas Emissions- und  23.00  12/21/2017    EUR    55.37
BNP Paribas Emissions- und  29.00  12/21/2017    EUR    69.78
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    59.84
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    70.40
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    56.23
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    49.67
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    59.46
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    63.96
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    72.57
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    65.93
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    60.92
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    55.79
BNP Paribas Emissions- und  21.00  12/21/2017    EUR    72.11
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    65.15
BNP Paribas Emissions- und  29.00  12/21/2017    EUR    58.29
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    68.55
Goldman Sachs & Co Wertpap  14.00   9/20/2017    EUR    67.01
Credit Suisse AG             9.00   1/12/2018    USD    10.29
Deutsche Bank AG             5.20   7/26/2017    EUR    73.10
UBS AG/London                6.40   12/8/2017    EUR    55.60
UBS AG/London                9.60   12/8/2017    EUR    50.51
Goldman Sachs & Co Wertpap  15.00   9/20/2017    EUR    69.46
Deutsche Bank AG             7.20   7/26/2017    EUR    73.20
Deutsche Bank AG             9.20   7/26/2017    EUR    73.20
Zurcher Kantonalbank Finan   4.75  12/11/2017    CHF    66.95
Royal Bank of Scotland PLC   1.33  10/26/2018    GBP
Vontobel Financial Product   5.50   7/28/2017    EUR    74.86
Bank Julius Baer & Co Ltd/  10.45   5/11/2018    USD    72.90
Leonteq Securities AG        3.00   9/19/2019    CHF    58.91
HSBC Trinkaus & Burkhardt    4.50  12/28/2018    EUR    72.96
HSBC Trinkaus & Burkhardt    4.50  12/28/2018    EUR    73.17
HSBC Trinkaus & Burkhardt    5.00   6/22/2018    EUR    68.22
Northland Resources AB      12.25   3/26/2016    USD     0.37
Lehman Brothers Treasury C   9.25   6/20/2012    USD     2.67
National Capital JSC         9.25   4/22/2019    RUB   100.00
Lehman Brothers Treasury C   7.39    5/4/2017    USD     2.67
Lehman Brothers Treasury C   4.25   5/15/2010    EUR     2.67
Lehman Brothers Treasury C   4.10   8/23/2010    USD     2.67
Lehman Brothers Treasury C   1.68    3/5/2015    EUR     2.67
Lehman Brothers Treasury C   6.75    4/5/2012    EUR     2.67
National Capital JSC         9.25   4/22/2019    RUB   100.00
Lehman Brothers Treasury C   9.00   5/15/2022    USD     2.67
Lehman Brothers Treasury C   3.50  10/24/2011    USD     2.67
Lehman Brothers Treasury C   0.25  10/19/2012    CHF     2.67
Lehman Brothers Treasury C   5.20   3/19/2018    EUR     2.67
Lehman Brothers Treasury C   4.69   2/19/2017    EUR     2.67
Lehman Brothers Treasury C   4.10   2/19/2010    EUR     2.67
Lehman Brothers Treasury C   6.00   2/14/2012    EUR     2.67
Lehman Brothers Treasury C   6.60   2/22/2012    EUR     2.67
HSBC Bank PLC                0.50  11/25/2025    BRL    48.66
Lehman Brothers Treasury C   1.50    2/8/2012    CHF     2.67
HSBC Bank PLC                0.50  12/22/2025    BRL    48.37
Kaupthing ehf                3.75   2/15/2024    ISK    17.63
Lehman Brothers Treasury C   4.00  10/12/2010    USD     2.67
Lehman Brothers Treasury C   3.00   8/13/2011    EUR     2.67
Lehman Brothers Treasury C   3.40   9/21/2009    HKD     2.67
Lehman Brothers Treasury C  18.25   10/2/2008    USD     2.67
Lehman Brothers Treasury C   8.05  12/20/2010    HKD     2.67
Lehman Brothers Treasury C   6.85  12/22/2008    EUR     2.67
Lehman Brothers Treasury C   7.60   3/26/2009    EUR     2.67
Lehman Brothers Treasury C   8.00  10/23/2008    USD     2.67
LBI HF                       7.43                USD     0.00
KPNQwest NV                  8.88    2/1/2008    EUR     0.28
Lehman Brothers Treasury C   1.50  10/12/2010    EUR     2.67
Lehman Brothers Treasury C  12.22  11/21/2017    USD     2.67
Lehman Brothers Treasury C   8.28   3/26/2009    USD     2.67
Lehman Brothers Treasury C   7.55  12/29/2008    USD     2.67
Lehman Brothers Treasury C   4.80  11/16/2012    HKD     2.67
Lehman Brothers Treasury C   6.72  12/29/2008    EUR     2.67
KIT Finance Capital OOO     12.00  12/21/2020    RUB    99.98
Lehman Brothers Treasury C   3.50  12/20/2027    USD     2.67
EDOB Abwicklungs AG          7.50    4/1/2012    EUR     0.55
Lehman Brothers Treasury C   0.75   3/29/2012    EUR     2.67
Lehman Brothers Treasury C  16.80   8/21/2009    USD     2.67
Lehman Brothers Treasury C   4.00   8/11/2010    USD     8.25
Lehman Brothers Treasury C   7.50   5/30/2010    AUD     2.67
Lehman Brothers Treasury C   6.00   7/28/2010    EUR     2.67
Lehman Brothers Treasury C  11.00    5/9/2020    USD     2.67
Lehman Brothers Treasury C   4.30    6/4/2012    USD     2.67
Lehman Brothers Treasury C   3.00   8/15/2017    EUR     2.67
Lehman Brothers Treasury C   6.25    9/5/2011    EUR     2.67
Lehman Brothers Treasury C   4.90   7/28/2020    EUR     2.67
Lehman Brothers Treasury C   4.15   8/25/2020    EUR     2.67
Lehman Brothers Treasury C   6.00   12/6/2016    USD     2.67
HSBC Bank PLC                0.50   12/8/2020    BRL    73.54
Lehman Brothers Treasury C   5.00    8/1/2025    EUR     2.67
Lehman Brothers Treasury C   2.30    6/6/2013    USD     2.67
Lehman Brothers Treasury C   6.00   7/28/2010    EUR     2.67
Lehman Brothers Treasury C   7.50    8/1/2035    EUR     2.67
Lehman Brothers Treasury C   4.00    6/5/2011    USD     2.67
Kaupthing ehf                9.75   9/10/2015    USD    17.63
Lehman Brothers Treasury C   7.75   1/30/2009    EUR     2.67
Barclays Bank PLC            1.00   5/10/2019    JPY    62.39
Lehman Brothers Treasury C   4.95  10/25/2036    EUR     2.67
Lehman Brothers Treasury C   0.25   7/21/2014    EUR     2.67
Lehman Brothers Treasury C   8.00    8/3/2009    USD     2.67
Lehman Brothers Treasury C   5.50   6/15/2009    CHF     2.67
Lehman Brothers Treasury C  10.00   3/27/2009    USD     2.67
Lehman Brothers Treasury C   4.00  11/24/2016    EUR     2.67
Lehman Brothers Treasury C   2.40   6/20/2011    JPY     2.67
Lehman Brothers Treasury C   4.50   7/24/2014    EUR     2.67
Lehman Brothers Treasury C   7.00  11/28/2008    CHF     2.67
Lehman Brothers Treasury C   3.85   4/24/2009    USD     2.67
Lehman Brothers Treasury C   7.25   10/6/2008    EUR     2.67
Lehman Brothers Treasury C  10.50    8/9/2010    EUR     2.67
Lehman Brothers Treasury C   9.00   3/17/2009    GBP     2.67
Lehman Brothers Treasury C   4.00   4/24/2009    USD     2.67
Lehman Brothers Treasury C   7.38   9/20/2008    EUR     2.67
Lehman Brothers Treasury C   8.00   5/22/2009    USD     2.67
Lehman Brothers Treasury C   9.00   6/13/2009    USD     2.67
Lehman Brothers Treasury C   1.60   6/21/2010    JPY     2.67
Lehman Brothers Treasury C   7.00   9/20/2011    USD     2.67
Upravlenie Otkhodami ZAO     4.00   4/29/2027    RUB    66.14
Lehman Brothers Treasury C  11.00  12/19/2011    USD     2.67
Lehman Brothers Treasury C   7.25   6/20/2010    USD     2.67
Lehman Brothers Treasury C   2.25   5/12/2009    USD     2.67
Lehman Brothers Treasury C   4.00   5/17/2010    USD     2.67
Lehman Brothers Treasury C   2.48   5/12/2009    USD     2.67
Lehman Brothers Treasury C   7.75   2/21/2016    EUR     2.67
Lehman Brothers Treasury C   4.00   5/30/2010    USD     2.67
Lehman Brothers Treasury C   0.80  12/30/2016    EUR     2.67
Lehman Brothers Treasury C   6.00   5/12/2017    EUR     2.67
Lehman Brothers Treasury C   7.00   2/15/2012    EUR     2.67
Lehman Brothers Treasury C   2.50   8/23/2012    GBP     2.67
Lehman Brothers Treasury C   7.63   7/22/2011    HKD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   8.80  12/27/2009    EUR     2.67
Lehman Brothers Treasury C   8.00   2/16/2016    EUR     2.67
Lehman Brothers Treasury C   4.00   3/10/2011    EUR     2.67
KPNQwest NV                  7.13    6/1/2009    EUR     0.28
Lehman Brothers Treasury C   9.75   6/22/2018    USD     2.67
Lehman Brothers Treasury C   7.15   3/21/2013    USD     2.67
Lehman Brothers Treasury C   2.37   7/15/2013    USD     2.67
Lehman Brothers Treasury C   6.60   5/23/2012    AUD     2.67
Lehman Brothers Treasury C   9.00    5/6/2011    CHF     2.67
Lehman Brothers Treasury C  10.60   4/22/2014    MXN     2.67
Lehman Brothers Treasury C  16.00   11/9/2008    USD     2.67
Lehman Brothers Treasury C   5.00   2/15/2018    EUR     2.67
Lehman Brothers Treasury C  10.00   5/22/2009    USD     2.67
Lehman Brothers Treasury C   4.60    8/1/2013    EUR     2.67
Lehman Brothers Treasury C   8.00   5/22/2009    USD     2.67
Lehman Brothers Treasury C   2.00   6/21/2011    EUR     2.67
Lehman Brothers Treasury C   6.25  11/30/2012    EUR     2.67
Lehman Brothers Treasury C  17.00    6/2/2009    USD     2.67
Lehman Brothers Treasury C  13.50    6/2/2009    USD     2.67
TransFin-M PAO              10.50  11/11/2024    RUB   100.00
PKVIT OOO                    9.75  10/14/2020    RUB    96.18
National Capital JSC        10.50   9/15/2020    RUB   100.00



                            *********

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.


                            *********


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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