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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, September 11, 2017, Vol. 18, No. 180


                            Headlines


A Z E R B A I J A N

ACCESSBANK: Fitch Lowers Long-Term IDR to BB-, Outlook Stable


G E O R G I A

SILKNET JSC: Fitch Affirms B+ Long-Term IDR, Outlook Stable


G E R M A N Y

AIR BERLIN: May Drop More Long-Haul Routes This Week to Cut Costs
NIDDA BONDCO: Moody's Assigns (P)B2 CFR, Outlook Stable
NIDDA BONDCO: S&P Assigns Prelim 'B+' CCR, Outlook Stable
SGL CARBON: Moody's Alters Outlook to Pos. & Affirms Caa1 CFR
SYNLAB BONDCO: S&P Alters Outlook to Neg. & Affirms 'B+' CCR


G R E E C E

EUROBANK ERGASIAS: Fitch Raises Long-Term Rating to B-


I R E L A N D

IRELAND GROUP: Moody's Assigns (P)Ba1 LT Subordinate Debt Rating


N E T H E R L A N D S

JUBILEE CLO 2014-XII: Moody's Assigns (P)B2 Rating to Cl. F Notes


P O R T U G A L

EDA - ELECTRICIDADE: Moody's Withdraws Ba3 Issuer Rating


R U S S I A

EURASIA DRILLING: Fitch Affirms BB IDR & Alters Outlook to Stable
URAL BANK: S&P Alters Outlook to Stable on Improved Performance


S P A I N

CATLUXE ACQUISITION: Moody's Assigns B2 CFR, Outlook Stable
CATLUXE ACQUISITION: S&P Assigns Prelim 'B' CCR, Outlook Stable


U N I T E D   K I N G D O M

BELL POTTINGER: Failure to Find Buyer May Spur Administration
FARMERS CHOICE: Goes Into Liquidation Following Court Order
GP RACES: Circuit of Wales Project Delay Prompts Liquidation
PAYFONT: Enters Administration, 12 Jobs Affected
RAC BIDCO: S&P Affirms Then Withdraws 'B' Corp. Credit Rating


X X X X X X X X

* BOND PRICING: For the September 4 to September 8, 2017


                            *********



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A Z E R B A I J A N
===================


ACCESSBANK: Fitch Lowers Long-Term IDR to BB-, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Azerbaijan-based AccessBank's Long-
Term Issuer Default Rating (IDR) to 'BB-' from 'BB+'. The Outlook
is Stable. At the same time, the agency has affirmed the bank's
Viability Rating (VR) at 'f'.

KEY RATING DRIVERS

IDRS AND SUPPORT RATING

The downgrade of AccessBank's Long-Term IDR reflects Fitch's
reassessment of the likelihood of support that the bank may
receive from its core international financial institution (IFI)
shareholders.

Fitch has reassessed its view of the propensity and willingness
of the core shareholders to provide support to AB, primarily due
to the weak recent track record of capital support, which in
Fitch's view has been somewhat delayed and has not yet been
sufficient to restore the capital position of the bank. The
reassessment also takes into account the bank's recent weak
financial results and significant uncertainty about future
performance prospects, which Fitch believes will constrain its
ability to develop further as a microfinance lender in
Azerbaijan.

AccessBank has not been in compliance with prudential capital
requirements since the beginning of 2017 and has therefore been
relied on regulatory forbearance. The shareholders provided USD20
million of equity in March 2017 and are committed to inject a
further USD12 million by the end of September 2017 to make the
bank's total capital above the regulatory minimum of AZN50
million. However, these contributions are unlikely to be
sufficient to achieve compliance with required capital adequacy
ratios given further losses reported by the bank.

Fitch has maintained the bank's Long-Term IDR in the 'BB'
category and affirmed the Support Rating at '3', reflecting the
agency's view that there is still a moderate probability of
support for the bank. This view is based on the IFIs' strategic
commitment to microfinance lending in emerging markets, the IFIs'
direct ownership of AccessBank, stemming from their participation
as founding shareholders, and the fact that capital contributions
have been made in 2017 and may be considered again in 2018,
depending on the bank's capital position.

The Stable Outlook reflects Fitch's view that the capital support
provided by the IFI shareholders is likely to be eventually
sufficient to restore the bank's capital position and enable it
to continue fulfilling its obligations to creditors.

VR

The affirmation of AccessBank's VR at 'f' reflects the fact that
the bank continues to have a material capital shortfall. The
agency downgraded the bank's VR in February 2017 following a
sizable impairment-driven loss, which resulted in the bank's
regulatory capital ratios falling to low levels.

At end-1H17, the Fitch Core Capital (FCC) remained low, at an
estimated 3% of Basel risk-weighted assets. There has been no
improvement since end-2016 despite the March 2017 USD20 million
(AZN35 million equivalent) capital contribution due to the
sizable impairment-driven loss of AZN43 million, incurred by
AccessBank in 1H17. The regulatory Tier 1 and total capital
ratios were 2.2% and 4.5%, respectively. The upcoming equity
injection of USD12 million (AZN20 million equivalent) should
improve regulatory ratios to 4.3% and 7.7%, respectively,
according to Fitch's estimates (which also take into account
estimated losses for 3Q17), which would still be just below the
regulatory minimum levels of 5% and 10%.

Furthermore, the capital position will remain vulnerable as a
result of sizable unreserved non-performing loans (NPLs; loans
overdue by more than 90 days) of AZN71 million, or 2.4x Tier 1
capital after the anticipated equity injection. Internal capital
generation is an additional source of weakness. The 1H17 net loss
of AZN43 million was mostly due to high impairment-related
expenses of AZN38 million. However, even net of these (i.e. on a
pre-impairment basis before foreign-currency movements)
AccessBank would have still been loss making due to reduced loan
issuance, tight margins and high operating expenses.

AccessBank's funding profile has been stable. At end-1H17,
wholesale funding maturing within 12 months was equal to around
17% of total liabilities, while the available liquidity buffer
moderately exceeded this. However, Fitch views the liquidity
position as only moderate given the fact that most wholesale
funding repayments are in foreign currency, while more than half
of available liquidity is in local currency, and banks' ability
to convert local into foreign currency in Azerbaijan has been
significantly constrained by lack of FX supply.

RATING SENSITIVITIES

Fitch does not expect to further downgrade of AccessBank's Long-
Term IDR and Support Rating, as reflected by the Stable Outlook.
However, further prolonged delays with the provision of
sufficient capital support could result in a downgrade. Upside
for the Long-Term IDR is currently limited given the recent weak
track record of capital support.

Fitch will upgrade AccessBank's VR once the bank achieves
sustainable compliance with regulatory capital requirements and
is no longer reliant on regulatory forbearance. However, the
rating will probably be at a low sub-investment grade level given
sizable asset quality problems and the bank's likely weak future
performance.

The rating actions are as follows:

  Long-Term IDR: downgraded to 'BB-' from 'BB+'; Outlook Stable

  Short-Term IDR: affirmed at 'B'

  Viability Rating: affirmed at 'f'

  Support Rating: affirmed at '3'



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G E O R G I A
=============


SILKNET JSC: Fitch Affirms B+ Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed JSC Silknet's Long-Term Issuer Default
Rating (IDR) at 'B+' with a Stable Outlook.

Silknet is the incumbent fixed-line telecoms operator in Georgia
with an extensive backbone and last-mile infrastructure across
the country. The company holds sustainably strong market
positions of above 40% in both fixed-voice and broadband
services, and is the largest provider of pay-TV services by
revenue. Its lack of significant mobile operations is a strategic
weakness, as is its small absolute scale -- Silknet services
fewer than 350,000 fixed lines and it generated GEL63 million
(about USD27 million) EBITDA in 2016.

KEY RATING DRIVERS

Fibre Strategy: Silknet's fibre strategy improves the company's
growth outlook and strengthens its competitive position. However,
it also entails execution risks and may lead to a slight increase
in leverage. Silknet is undertaking a wide-scale upgrade of its
last-mile infrastructure, aiming to rapidly mass-migrate its ADSL
customers to fibre. To a degree, this is a defensive strategy,
protecting the existing franchise from competition, which is
primarily fibre in large cities.

Management's plans to increase broadband ARPU and grow revenue
from pay-TV services from wider fibre coverage may be challenged
by the relatively low disposable income in Georgia (GDP per
capita was estimated at USD3,615 in 2016, equal to 37% of the
emerging Europe median). ADSL customers typically benefit from
lower tariffs, and may be reluctant to pay extra for higher
quality and additional services, particularly outside large
cities.

Modest Growth Outlook: Fitch expects revenue growth to remain in
the low-to-mid single digit positive territory, supported by
subscriber additions in pay-TV and to a lesser degree, broadband.
Voice revenue declines will likely continue unabated, diluting
the headline growth. Broadband is the largest segment by far
(bringing in close to 50% of Silknet revenues) and Fitch
forecasts it will see mid-single digit expansion. Revenue growth
across the Georgian internet market slowed to 4% yoy in 1H17,
from 6% yoy in 2016, and a much higher 16% yoy in 2015 (estimates
of the national regulator, GNCC).

Strategy May Face Challenges: Urban broadband penetration has
reached 70% by household, limiting further growth in the most
commercially attractive areas. Management's strategy of growing
revenue on the back of higher ARPU from fibre customers may be
challenged by competition. Silknet's residential internet ARPU
has reached parity with the market, suggesting that the company
no longer has a relative price advantage.

Threat From Bundled Competition: Silknet is facing the threat of
bundled competition, which it would not be able to directly
match. Magticom, Silknet's largest rival, keeps on consolidating
smaller broadband operators and is capable of bundling broadband,
pay-TV and mobile services. Bundled offers have not been actively
promoted so far, but significant changes in the market shares of
either operator risk their wider use.

Improving Profitability: Fitch expects Silknet's profitability to
continue steadily improving, as a result of the management's
focus on cost cutting, but also the growing contribution from
high margin Pay-TV and premium fibre services. The company is
unlikely to replicate the step-change in profitability reported
in 2016, with EBITDA margin jumping to 39% compared with 32% in
2015. To a large degree, the 2016 improvement was a result of a
change in the accounting treatment of installation and other
support services, which were spun off into a separate subsidiary,
with a significant portion of expenses capitalised.

Mobile Lack a Strategic Disadvantage

Silknet does not have any significant mobile operations, which
Fitch views as a strategic disadvantage. The Georgian mobile
market is mature, making an organic entry into the market a less
feasible option. The company therefore may explore options to
team up or merge with one of the existing mobile operators. Fitch
would treat acquisition of an existing mobile operator as event
risk.

Stable Leverage: A spike in infrastructure investment but also
continuing regular dividends, expected by Fitch at above GEL10
million per year, on par with 2016 distributions, will likely
push FCF into break-even-to-slightly-negative territory in 2017-
2018. Fitch expects that this weakness will be largely
compensated by moderately growing EBITDA, leading to stable FFO
adjusted net leverage of 2.0x over the period.

Dominant Shareholder Influence: The company's 100% shareholder
Silk Road Group can exercise significant influence on the company
and has access to its cash flows, as demonstrated by bypassing
formal restrictions on dividends - Silknet guaranteed GEL35
million of its shareholder's loan in 2016. Fitch treat this
guarantee as off-balance sheet debt, and include it in all
leverage calculations. Silknet's governance situation is
commensurate with its 'B'-range rating category. Silk Road Group
does not publicly disclose its financial results.

DERIVATION SUMMARY

Silknet benefits from its established customer franchise and wide
network of a telecoms incumbent, similar to its higher rated
emerging markets peers such as Kazakhtelecom (BB+/Stable) and
Tattelecom (BB/Stable). However, Silknet is smaller in size with
revenue of less than EUR100 million. Unlike its higher rated
peers, the company lacks any mobile operations and faces a strong
four-play-enabled competitor. Its corporate governance situation
is commensurate with a rating in the 'B' category.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for Silknet
include:

- continuing voice revenue contraction, at 10% per year on
   average;
- broadband revenue growth in the mid-single digit range;
- double-digit Pay-TV revenue growth in 2017 and 2018;
- GEL3 million of IRU proceeds are treated as recurring and
   included into FFO, with the rest treated as one-offs;
- EBITDA margin modestly improving from the 2016 level;
- high capex of above 25% of revenues in both 2017 and 2018
   moderating to below 20% of revenues by 2020;
- regular dividends moderately growing from 2016 level in both
   2017 and 2018

RATING SENSITIVITIES

Positive: developments that may, individually or collectively,
lead to positive rating action include:

- stronger FCF generation on a sustained basis, alongside stable
   operating performance, comfortable liquidity and a track
   record of improved corporate governance.

Negative: developments that may, individually or collectively,
lead to negative rating action include:

- leverage rising to and sustainably above 3x FFO-adjusted net
   leverage without a clear path for deleveraging; and
- a rise in corporate governance risks due to, among other
   things, related-party transactions or up-streaming excessive
   distributions to shareholders.

LIQUIDITY

As of end-2016, Silknet did not have sufficient liquidity to
repay its amortising debt of approximately GEL25 million in 2017.
However, the company extended the maturity of its long-term bank
debt to 2024 from 2021 reducing its annual refinancing exposure.
The same positive impact is likely to be achieved from the GEL34
million bond due in 2022 issued in August 2017, assuming that
most proceeds are applied to refinancing the existing bank debt.
Silknet relies heavily on TBC (BB-/Stable), its largest creditor
and key relationship bank, for refinancing. High refinancing risk
is mitigated by Silknet's moderate leverage.



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


AIR BERLIN: May Drop More Long-Haul Routes This Week to Cut Costs
-----------------------------------------------------------------
Ilona Wissenbach and Klaus Lauer at Reuters report that insolvent
German airline Air Berlin may drop more long-haul routes this
week, earlier than planned, to cut costs as it races to find
investors before it runs out of cash.

"The next step will be that further long-haul planes from
Duesseldorf will be grounded," one of the sources, who is
familiar with the industry, told Reuters.

Air Berlin said talk of cancelling more routes was "speculation",
Reuters relates.

Air Berlin said late in August it was bringing forward by a month
to Oct. 1 the cancellation of its services from Berlin to Los
Angeles and San Francisco, and from Duesseldorf to Boston,
Reuters recounts.

It said last week it was dropping flights from Berlin to New York
and Miami and from Duesseldorf to Orlando as of Sept. 25, Reuters
relays.

                        About Air Berlin

In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.

In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers.  Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers.  It employs
approximately 8,481 employees.  Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.

Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.

On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding.  On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.

To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017.  The Hon. Michael E. Wiles is the
case judge.  Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition.  Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.


NIDDA BONDCO: Moody's Assigns (P)B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2
Corporate Family rating to Nidda BondCo GmbH, the new indirect
parent company of STADA Arzneimittel AG (Stada). Concurrently
Moody's has assigned provisional (P)B2 instrument ratings to up
to EUR1,950 million of senior secured 1st lien term loan B1 and
B2, to EUR485 million of senior secured 1st lien notes and to
EUR400 million of senior secured 1st lien revolving credit
facility issued by Nidda Healthcare Holding AG. Moody's has also
assigned a provisional (P)Caa1 instrument rating to EUR340
million of senior secured 2nd lien notes issued by Nidda BondCo
GmbH. The outlook on all ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the rating agency's
preliminary assessment of the transaction. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the proposed senior secured notes
and RCF. Definitive ratings may differ from provisional ratings.

The provisional rating assigned to the corporate family reflects
the uncertainty related to the ability of Cinven and Bain Capital
to be able to implement a domination agreement, which would
enable a full control of Stada. Cinven and Bain Capital would
need 75% of the registered share capital represented at the
adoption of the resolution at a shareholders meeting to be able
to implement the domination agreement. The underlying (P)B2
rating assigned reflects Moody's working assumption that Cinven
and Bain Capital will be able to buy all outstanding shares of
Stada at the tender offer price or alternatively that any
potential premium paid to minority shareholders would be financed
by additional equity.

RATINGS RATIONALE

The provisional (P)B2 Corporate Family rating assigned to Nidda
BondCo GmbH reflects the group's (i) diversified small molecule
generics portfolio with 13,000 SKUs and a good geographical split
across key European generics markets, (ii) track record in
bringing new small molecules generics drugs to the market and a
healthy small molecule generics pipeline, (iii) strong Over-the-
Counter ('OTC') brand portfolio with leading market positions
across various therapeutic areas and geographic markets, (iv)
potential to reduce costs with a stronger focus on operational
excellence than on revenue growth and to benefit from a recovery
in Eastern European markets, which have negatively impacted
Stada's OTC performance over the last 3 years (860bps decline in
Stada's adjusted EBITDA margin between 2013 and 2016).

Nidda BondCo's provisional Corporate Family rating is mainly
constrained by (i) the leveraged pro-forma capital structure of
the group (pro-forma Moody's Adjusted Gross Debt/EBITDA slightly
in excess of 7.0x as per LTM June 2017) albeit with good
deleveraging prospects thanks to EBITDA and FCF generation), (ii)
the relatively commoditized nature of Stada's generic portfolio
focused largely on solid and liquid small molecule generics with
a large tail of products in competitive markets (approximately
50% of the portfolio), (iii) currency mismatch between cost basis
and revenue basis in the Eastern European OTC business, which
alongside underlying market weaknesses has led to a material
deterioration in profitability, (iv) a higher than average degree
of execution risk in the implementation of the new cost
initiatives and (v) Stada's relatively small size in the context
of the European and global pharmaceutical rated universe.

RATIONALE FOR THE STABLE OUTLOOK

Nidda BondCo will be weakly positioned in its rating category at
the closing of the acquisition as a result of a high pro-forma
opening leverage (pro-forma Moody's adjusted Gross debt /EBITDA
of slightly more than 7.0x). The stable outlook assigned to the
ratings reflects Moody's expectations that Nidda BondCo will
swiftly delever to Debt/EBITDA of sustainably below 6.0x at the
latest 18 to 24 months after the closing of the acquisition
supported by a recovery in the underlying operating performance
in 2017 and beyond as well as by the execution of cost reduction
measures to be implemented over the next 24 months. Failure to
swiftly delever to a target level of Debt/EBITDA below 6.0x in
the two years post acquisition (assuming 100% ownership of Stada)
would exert negative pressure on the ratings. There is little or
no headroom for further debt financed acquisitions (not reflected
in the company's underlying business plan) prior to achievement
of envisaged cost synergies.

LIQUIDITY

The liquidity position of Nidda BondCo at closing of the
transaction will be adequate. While the two acquirers will not
overfund the transaction to ensure a minimum cash balance at
closing, the access to a sizeable revolving credit facility of
EUR400 million should offer sufficient liquidity buffer to run
the operations smoothly. Nidda BondCo should also have sufficient
headroom under its springing covenant to ensure access to the
revolving credit facility at any time. Moody's expects the
liquidity position of Nidda BondCo to improve over time supported
by the group's strong cash flow generation profile, which should
ensure a swift build up in cash on a balance sheet and no need to
draw the revolving credit facility.

STRUCTURAL CONSIDERATIONS

In light of the mixed capital structure including both bank debt
and bonds Moody's has applied a recovery rate of 50% for the
corporate family. The recovery rate assumption of 50% is further
supported by the covenant lite package with only a springing
covenant on the revolving credit facility protecting creditors.

The provisional (P)B2 ratings assigned to the senior secured 1st
lien term loan B1 and B2, senior secured 1st lien notes and
senior secured 1st lien RCF reflects the creditors 1st lien claim
over a security package consisting of shares from operating
subsidiaries accounting for at least 80% of group EBITDA. However
the security package is seen as weak given the access to shares
only rather than to all assets of the operating subsidiaries. The
provisional (P)Caa1 rating assigned to the senior secured 2nd
lien notes reflects the 2nd lien claim over the same security
package.

WHAT COULD CHANGE THE RATING UP/DOWN

The proposed rating trigger reflect Moody's working assumption
that Nidda BondCo will be able to implement a squeeze out of all
minority shareholders and will own indirectly 100% of the shares
in Stada Arzneimittel AG. Moody's would be adjusting Moody's
guidance (tighter credit metrics requirements) if Nidda BondCo
would fail to fully own the company whilst still fully
consolidating it in its accounts.

Positive rating pressure is unlikely in the short term given the
weak rating positioning of Nidda BondCo at closing of the
acquisition. Over time a reduction in leverage as measured by
adjusted Debt/EBITDA sustainably below 5.0x would lead to
positive rating pressure on the rating.

Negative pressure on the rating would develop if Nidda BondCo
would fail to swiftly reduce leverage as measured by adjusted
debt/EBITDA to sustainably below 6.0x at the latest 18 to 24
months after the closing of the acquisition supported by a
recovery in the underlying operating performance in 2017 and
beyond as well as by the execution of cost reduction measures to
be implemented over the next 24 months. There is little or no
headroom for further debt financed acquisitions prior to
achievement of envisaged cost synergies.

The principal methodology used in these ratings was
Pharmaceutical Industry published in June 2017.


NIDDA BONDCO: S&P Assigns Prelim 'B+' CCR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term
corporate credit rating to Nidda BondCo GmbH (Nidda), the parent
of the group's holding company, Nidda Healthcare Holding AG
(Nidda Healthcare). The outlook is stable.

S&P said, "At the same time, we assigned a preliminary 'B+' issue
rating to the proposed secured debt, including the EUR1.95
billion term loan B, the EUR485 million senior secured notes and
the EUR400 million Revolving Credit Facility. The recovery rating
on these instruments is '4', reflecting our expectation of 45%
recovery in the event of a payment default.

"We also assigned a preliminary 'B-' issue rating to the proposed
EUR340 million of senior unsecured debt. The recovery rating on
this debt is '6' and reflects our expectation of 0% recovery in
the event of a payment of default.

"The final ratings will be subject to the successful closing of
the proposed issuance and will depend on our receipt and
satisfactory review of all final transaction documentation.
"Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If the final debt amounts and the
terms of the final documentation depart from the materials we
have already reviewed, or if we do not receive the final
documentation, we reserve the right to withdraw or revise our
ratings."

Headquartered in Germany, Nidda manufactures, develops, markets,
and distributes generic and over the counter (OTC)
pharmaceuticals, mainly in Central and Western Europe.

S&P said, "Generating revenues of EUR2 billion and about EUR400
million of EBITDA in 2016, we view positively Nidda's position as
the fourth-largest generic company in Europe after Teva, Sandoz,
and Mylan. We view scale as an important factor in the mainstream
generic business, as it enables the company to offer an extensive
product portfolio, increasing its ability to compete in
government tenders that are mainly price driven and to achieve
operating cost savings."

The group's business model does not focus on internally
developing generic versions of marketed drugs, but instead on
acquiring and registering marketing rights to products with
recently expired patents. The company has a long track record of
doing this efficiently, supported by collaboration agreements.
This is a strong competitive advantage and enables the company to
launch about 700 new products a year. This in turn leads to a
very low product concentration with no particular focus on any
one therapeutic area. However, although lowering the risk of
concentrated pricing pressure, it poses challenges in terms of
managing the active pharmaceutical ingredients supplier base and
manufacturing efficiencies. The company operates 16 manufacturing
sites and two-thirds of its production internally. The sites are
well balanced between low-cost countries and close-to-home
facilities for more value-added products.

As a German company and with Germany being the largest European
generic pharmaceuticals market, the country accounts for about
25% of the company's revenues. The market in Germany has become
highly competitive as a result of a large number of generic
participants, having one of the highest generic penetration rates
in Europe and the use of tender systems. The market continues to
be highly price and discount driven, although to a lesser extent
than in the past. The management has exited, and is not entering
into, tenders that are margin dilutive.

Overall, the European generics market is predicted to grow at a
compound annual growth rate (CAGR) of 8% in 2017-2021 and remains
volume driven, supported by a favorable long-term demographic
trend, particularly an aging population seeking lower-cost health
care products, along with the increasing penetration and
utilization of generics in some countries. The OTC segment is
also supported by the growing self-payer market and switch to OTC
drugs from prescription drugs, with a predicted CAGR of 5% in
2017-2021.

About 40% of the company's revenues and 50% of EBITDA is
generated from branded healthcare and OTC products, focused on
cough and cold medicine, vitamins, pain management, and skin
care. We view this division as a positive factor in our
assessment, as it benefits from higher margins and good revenue
and cash flow predictability. The group's portfolio is focused on
local brands mainly in Germany, the U.K., France, and Russia,
where it benefits from distribution mainly via pharmacy channels
(these are less price competitive and require less marketing
spending), but where it also competes with major players --
international brands with significantly higher marketing budgets.
Despite its recent consolidation, the OTC market remains highly
fragmented and driven by local brand awareness.

S&P said, "If the company has lower margins than its peers, we
expect a catch-up effect as the management will focus on
profitability rather than driving gross revenues. The main cost
savings will likely come from sourcing active ingredients by
concentrating the supplier base, while other savings should come
from manufacturing efficiencies and general and administrative
expenses.

"We believe that the procurement savings should be relatively
easy to achieve, as the company's portfolio does not contain many
complex molecules. Additional benefits should also come from the
positive portfolio mix skewing toward the OTC segment, which
benefits from higher margins and cash flow predictability, given
that it operates in an unregulated pricing market. We could see,
however, some dilution from its exposure to currency headwinds
through its presence in Eastern Europe and Russia.

"On Aug. 18, 2017, Nidda Healthcare published that STADA
Arzneimittel AG's shareholders had agreed to a public-to-private
takeover by two private equity funds, Cinven and Bain Capital.
Our assessment therefore reflects the ownership by financial
sponsors and our projections that S&P Global Ratings-adjusted
debt to EBITDA will remain between 6.5x and 7.2x over the next
12-24 months. We include in our debt calculation a EUR1.95 term
loan, EUR485 million senior secured notes, and EUR340 million
unsecured notes.

"The financing structure will also include a EUR400 million
revolving credit facility (RCF), which we expect to be undrawn at
the closing. We exclude the preferred equity certificates and the
shareholder loan from our debt calculation, and treat it as
equity as per our criteria. We adjusted our debt of operating
leases for around EUR60 million, EUR23 million of pensions, EUR5
million of contingent purchase price, EUR140 million for
factoring, and EUR1.5 million for finance leases.
As the new majority owner is a private equity fund, we did not
deduct any cash from our debt calculations.

"We expect Nidda will be able to generate positive free operating
cash flow (FOCF) of at least EUR100 million annually, excluding
2017 (as this reflects one-off expenses related to the take-
private transaction). There is a potential for ratings upside,
but this will depend on the speed and success of planned cost
savings.

"The stable outlook reflects our expectations that Nidda will
continue to benefit from new product launches and the
internationalization of its branded products to generate solid
revenue growth over the next 12 months, and that it will
gradually improve its profitability, mainly thanks to the planned
cost savings. This should enable the company to gradually reduce
leverage close to 6.0x-6.5x over the next two years, supported by
positive FOCF generation of at least EUR100 million, assuming
well-managed capex and working capital spending.

"We could take a negative rating action if Nidda's EBITDA margin
declines below 20% as a result of price competition, any delays
in new product launches to support volume growth, or if there are
higher than expected one-time operational charges. We would also
lower the rating if FOCF is close to zero or negative as a
result.

"We would likely take a positive rating action if Nidda was able
to achieve adjusted debt to EBITDA below 5x on a sustainable
basis, depending on shareholders' commitment, supported by solid
cash flow generation. A positive rating action would be
contingent on a track record of accelerating profitable growth
through a positive mix in volume and price, combined with its
cost savings plan."


SGL CARBON: Moody's Alters Outlook to Pos. & Affirms Caa1 CFR
-------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
ratings outlook for German global manufacturer of graphite and
carbon material products SGL Carbon SE (SGL). Concurrently,
Moody's affirmed SGL's Caa1 corporate family rating (CFR),
affirmed the Caa1-PD probability of default rating and affirmed
the B3 rating on the company's existing EUR250 million of senior
secured notes due 2021.

"Moody's decision to change SGL Carbon's outlook to positive
reflects the improvement in the company's financial results with
solid growth of both sales from the continuing operations and
profitability. Moody's also see as a positive credit factor the
two agreements reached for the sale of the former Performance
Product (PP) business unit and the announcement of the debt
repayment from the net proceeds to be received", says Hubert
Allemani, a Vice President -- Senior Analyst at Moody's. "Moody's
expect that the proposed debt repayment will reduce the Moody's
adjusted leverage to around 6x, which would be more commensurate
with a higher rating category."

RATINGS RATIONALE

The change in outlook reflects the gradual strengthening of SGL
carbon's key credit metrics over the last year and Moody's
expectations that those metrics will further improve over the
next 12-24 months. Compared to the first half of 2016, sales
achieved in the first half of 2017 were 15% higher at EUR435.3
million. On a Moody's adjusted basis, EBITDA for the first half
2017 was EUR54 million, 15% up compared to the first half 2016.
EBITDA margin on an adjusted basis remained stable at
approximately 12.5% compared to the previous year. Moody's
expects sales in excess of EUR825 million and Moody's adjusted
EBITDA in excess of EUR110 million for 2017. Moody's expects that
the growth achieved over the last quarters will continue into
2018.

While high at about 11x at the end of June 2017, SGL's Moody's
adjusted leverage should decrease towards 6x based on the
expected debt repayment from the net proceeds from the sale of
PP. The company expects to receive about EUR200 million when the
sale of the graphite electrode business closes and about EUR230
million when the sale of the cathodes and furnace lining business
closes. The proceeds should be used to repay in full the EUR240
million convertible bond due in January 2018 and the EUR250
million secured notes due in 2021.

Despite the profitability improvement, the group's cash flow
generation will stay weak. Moody's forecasts that SGL's free cash
flow (FCF) will remain negative in 2017 of about EUR35 million,
on a Moody's-adjusted basis, following the negative EUR38 million
in 2016. FCF generation should move closer to breakeven in 2018
as working capital stabilises and earnings increase. However,
capital expenditure should remain substantial at about EUR55
million at least over the next 12 months as the company announced
that it will step up investments in growth projects.

The company's CFR has been affirmed at Caa1 and reflects (1)
accelerating ramp-up of the Composite Fibres & Materials (CFM),
and Graphite Materials & Systems (GMS) divisions, supported by
growing underlying markets; (2) divestment of PP division now
sold, albeit not completed, with proceeds earmarked to reduce
gross debt; (3) leading market position in each of its markets,
with high technological know-how; and (4) stable and supportive
shareholders as evidenced by December 2016 right issue of EUR180
million.

The Caa1 CFR is constrained by (1) still weak credit and debt
protection metrics with EBIT margin of 3.7% at the end of June 17
and EBITDA to interest under 1.5x; (2) expected negative FCF this
year; (3) highly leveraged capital structure with a LTM to June
2017 leverage of 11x, although expected to decrease towards 6x
after proposed debt repayment from divestment proceeds; and (4)
uncertainties around the timing of the closing of the divestments
that may lead to use of the RCF and cash on balance sheet to fund
the convertible bond repayment due in Jan 2018 of EUR240 million.

LIQUIDITY

While the company's liquidity benefitted from the December 2016
net proceeds of EUR173 million from the rights issue, it remains
constrained by the negative free cash generation. At the end of
June 2017, SGL liquidity is supported by cash balances of around
EUR286.4 million, and the availability of its revolving credit
facility (RCF). The company negotiated a new syndicated facility
which includes a EUR50 million RCF fully available and due in
December 2019 and a EUR100 million bridge facility also due in
December 2019. The EUR100 million bridge facility is not
immediately available as it is subject to the closing of the
graphite electrode sale and the repayment of the EUR250 million
bond due 2021.

Moody's believes that the current cash level and availability
under the EUR50 million RCF would be sufficient to fulfil SGL's
operational needs and would allow the company to meet its January
maturity should neither of the sale processes close by year end.
In this scenario liquidity would then become tight. The net
proceeds expected from PP divestments would provide additional
cash to the company and further strengthens its liquidity.
However, Moody's cautions that there are some execution risks
linked to the two sales processes, particularly the sale of the
graphite electrodes which remains subject to competition approval
in the United States. The sale of the cathodes, furnace linings
and carbon electrode is expected to close by year end because the
process has less regulatory hurdles.

Excluding the convertible bond due in January 2018, the next
maturities are in December 2018, September 2020 and January 2021.
The December 2018 maturity is a EUR116 million loan borrowed by
the joint venture with Bayerische Motoren Werke
Aktiengesellschaft (BMW, A1 stable), which Moody's expects to be
extended. The 2021 secured notes have been earmarked to be repaid
by the proceeds of the sale of the graphite electrodes business.
Once those transactions are concluded, the only maturity would be
the EUR167 million amount due under the 2020 convertible bond,
which places SGL in a more comfortable position.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's view that SGL Carbon's
operational performance should continue to improve driven by the
accelerating ramp-up of the CFM and GMS business units.
Profitability should also benefit from the costs savings from the
restructuring program in place. While the company's FCF should
remain negative this year, Moody's expects it to improve towards
breakeven in 2018 benefitting from the improved profitability and
lower debt service post repayment of debt. With the closing of PP
sale process, liquidity should improve. Moody's also expects that
the company's leverage should decrease towards 6x after repayment
of debt from the proceeds of the PP business unit divestment.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings could be upgraded if (1) Moody's-adjusted leverage
decreases sustainably below 6.5x; (2) SGL strengthens its
liquidity profile, notably with the revolving credit facility
continuing to be fully available; and (3) returns to be at least
free cash flow break-even.

Downward ratings pressure could occur if (1) the company fails to
grow its earnings; (2) SGL's Moody's-adjusted debt/EBITDA ratio
does not decrease over time to levels close to 8x; (3) Its
liquidity profile deteriorates; and (4) the company is unable to
access the revolving credit facility.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Headquartered in Wiesbaden, Germany, SGL Group is one of the
world's leading manufacturers of carbon-based products. SGL's
comprehensive portfolio ranges from carbon and graphite products
to carbon fibers and composites. The company operates through two
business units of Composites-Fibers & Materials (41% of 2016
sales) and Graphite Materials & Systems (59% of 2016 sales). In
2016 the company had EUR769.8 million of Sales and reported
EBITDA before non-recurring items of approximately EUR70 million.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: SGL Carbon SE

-- Probability of Default Rating, Affirmed Caa1-PD

-- Corporate Family Rating, Affirmed Caa1

-- Senior Secured Regular Bond/Debenture, Affirmed B3

Outlook Actions:

Issuer: SGL Carbon SE

-- Outlook, Changed To Positive From Stable


SYNLAB BONDCO: S&P Alters Outlook to Neg. & Affirms 'B+' CCR
------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable
and affirmed its 'B+' corporate credit rating on Germany-based
Synlab Bondco PLC, a leading provider of laboratory services, and
its subsidiary Synlab Unsecured Bondco PLC.

S&P said, "At the same time, we assigned our 'B+' issue rating to
Synlab's proposed EUR300 million senior secured term loan B. We
affirmed our 'B+' issue rating on Synlab's existing EUR1,840
million senior secured notes due in 2022. The recovery rating on
the loan and the notes is '4', indicating our expectation of
average (30%-50%; rounded estimate: 45%) recovery in the event of
a payment default.

"We also affirmed our 'BB+' issue rating on Synlab's EUR250
million super senior secured revolving credit facility (RCF)
maturing in 2021. The recovery rating on the RCF is '1+',
indicating our expectation of substantial (100%) recovery in the
event of a payment default.

"We affirmed our 'B-' issue rating on the EUR375 million senior
unsecured notes issued by Synlab Unsecured Bondco PLC. The
recovery rating on the notes remains '6', reflecting our
expectation of negligible (0%-10%) recovery for debtholders in
the event of a payment default."

Synlab has increased the frequency and size of its acquisitions
so far this year. As of June 30, 2017, it had spent EUR80 million
on 18 bolt-on acquisitions, mainly in France, Germany, Austria,
and Spain.

Synlab is also pursuing strategic acquisitions. On July 3, it
integrated the U.K.-based environment testing provider ALcontrol,
which generates annual revenues of EUR95 million. Synlab's newly
combined environmental/food testing unit will generate close to
EUR200 million in annual revenues. On July 10, Synlab acquired
Cityterveys, which provides diagnostics services in Finland that
include imaging, a segment where the group was not present.
Furthermore, the group is reinforcing its geographic
diversification by broadening its presence in Latin America. Its
revenues from M&A in the region reached EUR35 million between
fourth-quarter 2016 and second-quarter 2017.

S&P expects Synlab's S&P Global Ratings-adjusted leverage (debt
to EBITDA) will remain above 7x. This is despite support from
Novo for the group's M&A strategy in the form of a EUR250 million
equity injection when Novo upped its stake in the group to 20% in
April 2017.

At year-end 2016, Synlab's S&P Global Ratings-adjusted leverage
ratio stood at 7.4x. Given the group's financial sponsor
ownership, S&P does not deduct cash on balance sheet from
reported debt of EUR2,270 million. S&P adds back EUR273 million
of operating leases, EUR30.5 million of pensions, and EUR10.8
million of debt fees. S&P expects reported EBITDA will reach
EUR301 million in 2017 and EUR330 million in 2018.

Organic growth in the laboratory market is limited, owing to
pricing pressure and slowly rising volumes. Consequently,
industry players are making acquisitions, aiming to capture
market share and improve the operating efficiency of their
structures. They are achieving cost savings mainly by
centralizing technical platforms and applying groupwide supplier
agreements.

GEMINI, the program implemented at the time of the merger between
ex-Synlab and ex-Labco has continued to deliver synergies this
year, currently totaling EUR24.7 million. Despite Synlab's good
track record of making successful acquisitions, S&P believes that
its increased M&A activity accentuates execution risks that could
lead to a deterioration in profitability and working capital.
EBITDA margin dilution could also be caused by integrating
companies with lower margins than in the group's legacy business.

In first-half 2017, the group's working capital outflow reached
EUR62 million, leading to negative free operating cash flow
(FOCF) of EUR24 million (after capital expenditures [capex], tax
payments, and interest payments). S&P said, "We expect FOCF will
remain negative at year-end 2017, at around EUR5 million,
although we think the group is taking the necessary measures to
monitor its working capital and we assume no major operating
setback related to the newly acquired companies.

"The ratings on Synlab continue to reflect its leading positions
in all its key markets. Its consolidating strategy should allow
it to maintain these positions. In addition, we consider that it
has a good track record of integrating laboratories and achieving
synergies. The group's exposure to different healthcare systems
and regions is another positive rating factor, in our view,
because it diversifies third-party payers' profiles, limiting
payment risk. It also reduces risks related to price cuts."

S&P said, "The negative outlook on Synlab reflects our view of
heightened execution risks related to the increased frequency and
size of the group's acquisitions. These risks could hamper its
profitability and working capital management, leading to
potential deterioration in cash flow generation.

"We could lower our ratings on Synlab if FOCF were negative in
2017, because of a combination of large working capital outflow
and margin deterioration, following the integration of new
laboratories.

"We could also take a negative rating action if Synlab's fixed-
charge coverage ratio were to fall below 1.5x. This could happen
if the group continued its quick and aggressive M&A strategy,
pushing up its debt burden.

"We would revise the outlook to stable if Synlab achieved
positive operating performance and successfully integrated
purchased companies, rapidly unlocking synergies and avoiding
operating setbacks. Such performance would include establishing a
solid track record of positive FOCF, maintaining fixed-charge
coverage at the upper end of the 1.5x-2.0x range and adjusted
leverage at about 7x."



===========
G R E E C E
===========


EUROBANK ERGASIAS: Fitch Raises Long-Term Rating to B-
------------------------------------------------------
Fitch Ratings has upgraded the Long-Term ratings on Eurobank
Ergasias S.A.'s and National Bank of Greece S.A.'s (NBG)
government-guaranteed debt programmes to 'B-' from 'CCC'. Fitch
has also upgraded the Short-Term rating on Eurobank's government-
guaranteed debt programme to 'B' from 'C'.

This rating action follows the upgrade of Greece's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'B-' and Short-
Term Foreign-Currency IDR to 'B' on August 18, 2017.

KEY RATING DRIVERS

Eurobank's and NBG's government-guaranteed debt are senior
unsecured instruments that are unconditionally and irrevocably
guaranteed by the Greek State under the Greek Law 3723/2008 "for
the enhancement of liquidity of the economy in response to the
impact of the international financial crisis". The ratings
reflect Fitch's expectation that Greece will honour the
guarantees provided to the noteholders. Fitch believes that these
guaranteed programmes and issues will be treated equally with
other senior obligations of the Greek State.

RATING SENSITIVITIES

The ratings of Eurobank's and NBG's state-guaranteed debt are
sensitive to Greece's sovereign ratings.



=============
I R E L A N D
=============


IRELAND GROUP: Moody's Assigns (P)Ba1 LT Subordinate Debt Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 long-term
subordinate debt rating to Bank of Ireland Group plc (BOI Group,
Issuer rating Baa3 positive), the holding company of Bank of
Ireland (BOI, rated LT Bank Deposits A3/ Senior Unsecured Baa1
positive, BCA baa3). The subordinate debt rating is based on the
consolidated Loss-Given-Failure (LGF) analysis of the Group
including the main operating company, BOI.

RATINGS RATIONALE

According to Moody's Banks Methodology, in countries subject to
the EU's Bank Recovery and Resolution Directive (BRRD), such as
Ireland, which Moody's considers an Operational Resolution
Regime, it is assumed that if a holding company forms part of the
same resolution perimeter as the bank, as is the case of the BOI
Group, holding company subordinate obligations rank below the
holding company's senior unsecured obligations, in this case
rated at (P) Baa3, and pari passu with the operating company's
subordinate obligations, rated at Ba1. This is because Ireland's
implementation of EU's BRRD mandates write-down and conversion
for bank-issued capital instruments as the initial source of
loss-absorbing capital.

Based on the above liability ranking assumptions, a (P)Ba1 rating
is assigned to the subordinate debt issuances of BOI Group. The
Agency assigns a "Low" government support probability to the
issuer rating of the Group as well as to its subordinate
obligations resulting in no additional notching for this class of
liabilities.

WHAT COULD CHANGE THE RATING -- UP/DOWN

A positive change in BOI's BCA would likely lead to an upgrade of
BOI Group's issuer rating and, consequently, to the subordinated
rating. A downward movement in BOI's BCA would likely result in
the downgrade of BOI Group's issuer and subordinated ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in January 2016.



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


JUBILEE CLO 2014-XII: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that is has assigned the
following provisional ratings to refinancing notes ("Refinancing
Notes") to be issued by Jubilee CLO 2014-XII B.V. (the "Issuer"):

-- EUR4,000,000 Class X Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR304,000,000 Class A Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR32,000,000 Class B1 Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR25,000,000 Class B2 Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR29,500,000 Class C Deferrable Mezzanine Floating Rate
    Notes due 2030, Assigned (P)A2 (sf)

-- EUR25,500,000 Class D Deferrable Mezzanine Floating Rate
    Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR34,000,000 Class E Deferrable Junior Floating Rate Notes
    due 2030, Assigned (P)Ba2 (sf)

-- EUR15,000,000 Class F Deferrable Junior 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 endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional ratings of the notes address 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 assets, the transaction's
legal structure, and the characteristics of the underlying
assets. Furthermore, Moody's is of the opinion that the
collateral manager, Alcentra Limited ("Alcentra"), has sufficient
experience and operational capacity and is capable of managing
this CLO.

The Issuer will issue the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B1 Notes and B2 Notes, which were refinanced in January
2017 and Class C Notes, Class D Notes, Class E Notes and Class F
Notes due 2027 (the "Original Notes"), previously issued May 2014
(the "Original Closing Date"). On the Refinancing Date, the
Issuer will use the proceeds from the issuance of the Refinancing
Notes to redeem in full the Original Notes. On the Original
Closing Date the Issuer also issued Subordinated Notes, which
will remain outstanding.

Jubilee CLO 2014-XII B.V. is a managed cash flow CLO with a
target portfolio made up of EUR500,000,000 par value of mainly
European corporate leveraged loans. 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 may also consist of up to 10% of fixed rate
obligations. The portfolio is expected to be 100% ramped up as of
the closing date and to be comprised predominantly of corporate
loans to obligors domiciled in Western Europe.

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

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

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

The performance of the notes is subject to uncertainty. The
performance of the notes is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change (including a change of
sovereign related risks with regards to the country of domicle of
obligors). The Manager's investment decisions and management of
the transaction will also affect the performance of the notes.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016. The
cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. For modeling
purposes, Moody's used the following base-case assumptions:

Performing par and principal proceeds balance: EUR500,000,000

Defaulted par: EUR0

Diversity Score: 38

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.5%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8.5 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk ceiling of A1 or below. As per the portfolio
constraints, exposures to countries with a local currency country
risk ceiling of A1 or below cannot exceed 10%. However, the
eligibility criteria require that an obligor be domiciled in a
non-emerging market country. At present, all countries classified
as non-emerging market under this transaction have a local
currency country risk ceiling of at least A1. Therefore at
present, it is not possible to have exposures to countries with a
local currency country risk ceiling of below A3.

Stress Scenarios:

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

Percentage Change in WARF -- increase of 15% (from 2800 to 3220)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: 0

Class B1 Senior Secured Floating Rate Notes : -2

Class B2 Senior Secured Fixed Rate Notes : -2

Class C Deferrable Mezzanine Floating Rate Notes: -2

Class D Deferrable Mezzanine Floating Rate Notes: -2

Class E Deferrable Junior Floating Rate Notes: -1

Class F Deferrable Junior Floating Rate Notes: -1

Percentage Change in WARF -- increase of 30% (from 2850 to 3640)

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: -1

Class B1 Senior Secured Floating Rate Notes : -4

Class B2 Senior Secured Fixed Rate Notes : -4

Class C Deferrable Mezzanine Floating Rate Notes: -4

Class D Deferrable Mezzanine Floating Rate Notes: -3

Class E Deferrable Junior Floating Rate Notes: -2

Class F Deferrable Junior Floating Rate Notes: -3

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.



===============
P O R T U G A L
===============


EDA - ELECTRICIDADE: Moody's Withdraws Ba3 Issuer Rating
--------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the Ba3 long-issuer rating of EDA - Electricidade dos
Acores, S.A. (EDA) and converted the issuer rating into a
corporate family rating (CFR) in line with the rating agency's
practice for corporates with non-investment-grade ratings.
Concurrently Moody's has withdrawn the Ba3 issuer rating of EDA.

RATINGS RATIONALE

RATIONALE FOR RATING AND OUTLOOK CHANGE

The outlook change to positive reflects Moody's view that EDA
should be able to sustain a stronger financial profile against
the background of a gradually improving local economy. It factors
in Moody's assumption that the forthcoming settlement for the
regulatory period starting from 2018 will extend the regulatory
framework's track record of continuity and transparency, which is
a supporting factor for EDA's rating. This would allow the group
to fund the majority of its ambitious capital investment from
internal cash generation, while also maintaining a financial
profile consistent with guidance for a Ba2 rating.

The outlook change factors in a gradually improving regional
macroeconomic environment; electricity demand in the RAA rose by
1.4% in 2016 to 730GWh, up from 720GWh in 2015. Moody's forecast
is for GDP growth in Portugal overall of 1.3% in 2017, which
should be reflected in a further strengthening of the economy in
the Autonomous Region of the Azores (Regiao Autonoma dos Acores,
or RAA, rated Ba2), whose rating outlook was recently changed to
positive. Moody's expects this will be supportive of regional
power demand in the medium-term, although moderated by the
gradual adoption of energy efficiency measures.

EDA's financial profile has strengthened over the current three
year regulatory period which runs 2015-2017. This reflects
consistent free cash flow generation -- thanks in part to slower
than planned capital investment -- which enabled the group to cut
reported net debt to EUR217 million at end-2016. Combined with
stronger funds from operations (FFO) this resulted in FFO/debt of
more than 20% in 2016, and approximately 16% on a three year
average basis. The outlook change factors in Moody's assumption
that (1) the substance of the regulatory framework within which
EDA operates should be little changed for the new period starting
in 2018; and (2) that allowed returns and efficiency targets
should be manageable for EDA, although these will not be
formalized until December.

EDA's Ba3 rating is supported by a relatively low business risk
profile, based upon: (1) the company's position as the dominant
vertically integrated utility in the RAA; and (2) the fully
regulated nature of the company's activities in the context of a
relatively well-established and transparent regulatory framework.
At the same time, the rating factors in: (1) the small size of
the company, and its large EUR261 million investment and asset
transition plan over 2017 to 2021, whose objective is
progressively to shift its generation mix from thermal to
renewables sources; (2) the costs and challenges associated with
operating in a small, relatively remote, archipelago; and (3) the
tightening of efficiency factors during the 2015-2017 regulatory
period.

The positive outlook reflects Moody's view that EDA's cash flow
generation under the forthcoming regulatory period starting in
2018 could support its capital investment plan and dividend
policy, while maintaining a financial profile which is consistent
with ratio guidance for a Ba2 rating, including FFO/net debt in
the mid-teens, in percentage terms.

WHAT COULD MOVE THE RATING UP/DOWN

The rating could be upgraded in the event that the settlement for
the forthcoming regulatory period were to support confidence that
the company could deliver on its capex programme and asset
transition plan whilst achieving the operating efficiencies
imposed by the regulator and maintaining FFO/debt in the mid-
teens on a sustainable basis. Any upward movement in EDA's rating
will also be considered in the context of the evolution of the
macroeconomic environment in the Azores and in Portugal.

Although not expected, the rating could be downgraded if (1)
deleveraging momentum were to be reversed -- whether because a
more challenging regulatory settlement or faster than expected
capital investment resulted in a deterioration in the group's
financial profile -- such that FFO/debt was likely to be
consistently below double digits; and/or (2) if the company was
unable to raise debt in the domestic or international markets
leading to a deterioration in EDA's liquidity position.

The methodologies used in this were Regulated Electric and Gas
Utilities published in June 2017, and Government-Related Issuers
published in August 2017.

EDA is the dominant vertically integrated utility in Azores,
50.01% owned by the Autonomous Region of Azores. In the year to
December 2016, the company reported consolidated revenues of
EUR175 million and EBITDA of EUR60 million.



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


EURASIA DRILLING: Fitch Affirms BB IDR & Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Eurasia Drilling Company
Limited's (EDC) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) at 'BB' and revised the Outlook to Stable
from Negative.

The stabilisation of the Outlook follows a material reduction in
EDC's leverage in 2016 and Fitch Ratings' expectation of a
further reduction in leverage in 2017-2019, stable demand for
drilling services from Russian oil companies, improved free cash
flow (FCF) in 2016 driven by significant capex flexibility and
the absence of dividends, as well as improving customer
diversification. Fitch does not incorporate any potential upside
from Schlumberger's announcement of the purchase of a 51% stake
in the company into EDC's ratings until the transaction is
approved by the Russian authorities and closed.

KEY RATING DRIVERS

Meterage, Rouble Drive Performance: EDC increased 1H17 total
metres drilled by 8% on 1H16, while the horizontal metres surged
30%, as Russian oil companies require more complex wells with
significant horizontal sections for hydraulic fracturing and
higher oil flow rates at conventional wells. In 2016 EDC's total
metres drilled were up 3% yoy, as its horizontal metres drilled
increased 5%. Two of the company's four offshore drilling rigs
were idle in 2016 and 1H17, which damaged overall results.
Improving operational performance coupled with a stronger rouble
led to better-than-expected results in 2016 and more favourable
projections for EDC's revenue and EBITDA.

Deleveraging Fuelled by FCF: EDC's funds from operations (FFO)
adjusted net leverage declined to 1.9x at end-2016 from 2.6x a
year before. EDC reduced US dollar-denominated capex by half in
2016 on 2015 and did not pay dividends for the second year in a
row. This helped it generate record FCF of USD304 million in 2016
despite a 12% yoy drop in EBITDA to USD408 million. Significant
FCF and year-end rouble appreciation helped EDC reduce its US
dollar-denominated net debt by almost a third at end-2016. Net
leverage continued declining in 1H17, and Fitch projects it will
drop further to 1.5x by end-2017 due to moderate capex, ongoing
debt reduction and a stronger rouble.

No Current Deals Impact: On July 20, 2017, EDC announced that its
shareholders agreed to sell a 51% stake in the company to
Schlumberger, the leading global oilfield services provider. The
agreement is subject to approval by the state authorities,
including the Federal Antimonopoly Service of Russia. Fitch does
not incorporate any upside into EDC's rating from the deal until
it is closed. The earlier attempt in 2015 by Schlumberger to
acquire a 46% interest in EDC was abandoned after Schlumberger
failed to obtain necessary approvals after a nine-month waiting
period.

On June 1, 2017, EDC said that it had agreed principal terms for
an equity investment with the state-owned Russian Direct
Investment Fund (RDIF), the Russia-China Investment Fund (founded
by RDIF and China Investment Corporation) and unnamed Middle
Eastern investors. The deal has not been completed yet. Fitch
understand that EDC may issue new shares to the investors and use
proceeds for capex and debt repayment. The transaction may have
neutral to positive impact on the company's leverage depending on
the size of the investment.

Positive Russian Market Fundamentals: In 2012-2016, the
cumulative average growth rate (CAGR) of Russia's total
production drilling volumes was 5%, while that of horizontal
drilling volumes reached 18%. According to the Russian Energy
Ministry, in 2016 total production drilling meters in Russia
increased by 10% to a record 25 million meters, with Rosneft's
drilling metres up 35%. The Russia-OPEC production cut has not
impacted Russian drilling volumes significantly as Russian oil
companies focus on developing fields that should continue
producing beyond the timeframe of the current agreement and have
to drill more wells to maintain output as brownfields mature.

More Balanced Customer Base: In 2016 PJSC Lukoil accounted for
50% of EDC's total onshore metres drilled (53% in 2015), PJSC
Gazprom Neft (GPN, BBB-/Stable) for 28% (35%) and Rosneft - 13%
(3%). As EDC secures more business with Rosneft in 2017, Fitch
expects the share of Lukoil and GPN in meterage to drop and
Rosneft's share to exceed 20% of total metres drilled.
Nonetheless, Fitch expects EDC to continue generating most of its
revenues from Lukoil over the medium term.

DERIVATION SUMMARY

EDC is among Russia's largest onshore oil drilling companies,
which also provides onshore workover, sidetracking services and
offshore drilling on the Caspian Sea shelf. EDC's financial
profile is stronger than peers', for example Nabors Industries
(BB+/Negative), QGOG Constellation (B/Negative), Anton Oilfield
Services (CCC). On the other hand, EDC remains Russia-focused,
has a high reliance on a single customer PJSC Lukoil and performs
a narrow range of oilfield services. Unlike most of its OFS
peers, EDC performed reasonably well operationally in 2H14-1H17
when the oil price declined as rouble-denominated capex of
Russian oil companies has proved to be relatively robust.

In line with Fitch's approach to Russian corporates, Fitch apply
a two-notch discount to EDC's rating to account for higher-than-
average political, business and regulatory risks in Russia. No
parent/subsidiary linkage or country ceiling aspects affect the
rating.

KEY ASSUMPTIONS

Fitch's key assumptions within its ratings case for the issuer
include:

- average annual growth in drilling volumes in 2017-2021 of 3%;

- small single-digit increase in rouble-denominated onshore
   drilling rates;

- gradual rebound in Caspian offshore drilling activity
   resulting in offshore revenue rising from USD121 million in
   2016 to USD200 million in 2021;

- EBITDA margin averaging 26% in 2017-2021;

- average exchange rate of USD/RUB59 in 2017-2021;

- capex for 2017-2021 gradually increasing from USD180 million
   in 2017 to USD300 million in 2021;

- reintroduction of dividends paid to shareholders in 2019.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- FFO adjusted net leverage below 1.5x (2017E: 1.5x) and FFO
    interest cover above 8x (2017E: 8x) on a sustained basis.

-- Positive free cash flows on an ongoing basis.

-- Improved customer diversification.

-- More limited FX exposure.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- FFO adjusted net leverage above 2.5x or FFO interest cover
    below 6x on a sustained basis.

-- Material weakening of corporate governance or financial
    transparency, timeliness and completeness of information
    disclosures.

-- Substantial decline in demand for drilling services in
    Russia.

LIQUIDITY

Sufficient Liquidity, FX Mismatch: EDC's end-June 2017 cash of
USD242 million fell short of its USD272 million short-term debt,
including liabilities for rig purchases and a USD150 million
secured loan from Lukoil. Fitch projects that EDC will generate
around USD160 million of positive FCF in 2H17-1H18 and may have
working-capital cash release in 2H17, which will help it cover
short-term maturities. Fitch expects that a remaining payment to
dissenting shareholders will take place in 2H17.

Around 92% of EDC's debt and 20% of cash were denominated in US
dollars at June 30, 2017, while more than 90% of its revenues and
costs were denominated in roubles. The company's offshore rigs,
which generate revenues in US dollars, are currently
significantly underutilised. EDC does not have specific plans to
change the FX debt structure. Foreign-currency mismatch
negatively affects the company's ratings.

FULL LIST OF RATING ACTIONS

Eurasia Drilling Company Limited

Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB';
Outlook revised to Stable from Negative
Short-term foreign and local IDRs: affirmed at 'B'

OOO Burovaya Kompaniya Eurasia

Senior unsecured rating: affirmed at 'BB'

EDC Finance Limited

Senior unsecured rating: affirmed at 'BB'


URAL BANK: S&P Alters Outlook to Stable on Improved Performance
---------------------------------------------------------------
S&P Global Ratings said it had revised its outlook on Russia-
based commercial bank Ural Bank for Reconstruction and
Development (UBRD) to stable from negative. At the same time, S&P
affirmed its 'B-/B' long- and short-term counterparty credit
ratings on UBRD.

S&P said, "In our view, over the last year, UBRD has demonstrated
progress in stabilizing its asset quality and credit losses. The
bank's cost of risk in 2016 improved to 3.7% after two
consecutive years of very high credit losses. We note that the
improvements owed mainly to recovery and write-offs in the bank's
retail portfolio. On June 30, 2017, UBRD's new provisions in its
retail portfolio had dropped to 11.4%, versus 17.9% in 2016, and
we currently see that the performance of new types of retail
products is continuing to improve through declining rates of
default. We believe that the improvements reflect broad
stabilization of the retail segment in Russia after overheating
and subsequent contraction, which was exacerbated by the economic
slump. We also note material progress in the reduction of
related-party exposure. As of July 1, 2017, exposure to related
parties had declined to 0.5% (0.05x of equity) of the bank's
gross loan portfolio compared with 7.00% (0.76x of equity) at the
end of 2015.

"Despite the achieved progress, we note that the bank's retail
business remains geographically concentrated in its home region,
Russia's Urals district, while its underwriting standards and
policies remain largely untested. We also note that UBRD's
single-name concentration remains high: the top 20 borrowers
represented about 56% of its loan portfolio and 5.3x of its
capital as of June 30, 2017. On top of that, we continue seeing
regulatory risks in lending to large international commodities
traders: as of July 1, 2017, this type of loan represented about
36% of the bank's corporate portfolio. We therefore still assess
the bank's risk position as moderate.

"In 2016, UBRD's capitalization slightly improved, the bank's
risk-adjusted capital (RAC) ratio increased to 2.6% from 2.3% a
year earlier. Nevertheless, we expect that the bank's
capitalization will remain very weak in the next 12-18 months, as
reflected in our forecast RAC ratio of 2.4%-2.6%. This reflects
our expectations about the bank's modest earnings capacity and
ability to generate capital internally to support the expected
growth.

"Our assessment of UBRD's business position as adequate balances
its good franchise in the Urals region, especially in the segment
of retail deposits, with relatively high geographic concentration
and management's high risk appetite. In our view, the bank's
business model has become more sustainable with gradually
increasing interest margins and declining credit losses. We also
expect that UBRD will rely more on recurring and stable sources
of income, while the share of market-sensitive revenues in the
bank's operating revenues will likely decline.

"We asses UBRD's funding as average and liquidity as adequate,
taking into account a large share of relatively stable and long-
term sources of funding in the bank's funding mix, as well as
good liquidity buffers sufficient to cover all liquidity needs in
the next 12-18 months. The bank's liquidity reserves
appropriately match its short-term liquidity needs. At the same
time, we think that the bank has only a limited ability to obtain
emergency funds in case of stress, since about 98% of securities
are already pledged under repurchase agreements.

"The stable outlook reflects our expectations that UBRD's credit
profile will not change materially in the next 12 months,
supported by stable asset quality.

"We could lower the ratings if the bank became more dependent on
favorable business, economic, and financial conditions to meet
its financial obligations. This could happen if, for example,
UBRD's capitalization substantially deteriorates following higher
asset growth or new provisions, which may put its regulatory
capital adequacy ratios at risk. Pressure on the bank's liquidity
or funding profile could also prompt us to consider a negative
rating action.

"A positive rating action is remote over the next 12 months, in
our view."



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


CATLUXE ACQUISITION: Moody's Assigns B2 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family
Rating (CFR) and B2-PD Probability of Default Rating (PDR) to
CatLuxe Acquisition S.a.r.l., a holding company of the leading
international bridal wear company Pronovias. Concurrently,
Moody's has assigned a (P)B1 instrument rating to the EUR260
million senior secured credit facilities comprising a EUR45
million revolving credit facility (RCF) due in 2023 and EUR215
million term loan B due in 2024.

The proceeds of the transaction will be used to finance the
acquisition of Pronovias by BC Partners. The outlook on the
ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon conclusive
review of the final documentation, Moody's will endeavour to
assign a definitive rating to the loans. A definitive rating may
differ from a provisional rating.

RATINGS RATIONALE

The B2 Corporate Family rating (CFR) reflects the company's (1)
established market position; (2) good brand awareness both
domestically and internationally and (3) strong profitability and
cash flow generation underpinned by an asset-light business
model.

However, the B2 rating also factors in (1) the modest scale,
limited product diversity and niche nature of Pronovias'
operations relative to Moody's rated universe of apparel
companies; (2) the long term trend of falling wedding rates; (3)
the high supplier concentration risk and (4) its leveraged
capital structure. The rating agency estimates that, pro forma
for the transaction, Moody's adjusted gross leverage, defined as
debt to EBITDA, will be around 5.9x.

"Moody's expects Pronovias will achieve top line growth in the
mid-single digit range with slight improvements in profitability
margins in the next 12-18 months as a result of the company's
growth strategy in the US and the benefits of the new flagship
store concept. However, there are downside risks, particularly,
in the form of headwinds in the US where the market is very
mature and growth prospects are limited, therefore, Pronovias'
planned market share gains will have to come at the expense of
competitors which will not come without challenges", said Victor
Garcia Capdevila, a Moody's analyst and lead analyst for
Pronovias.

Moody's views the company's liquidity profile as adequate. At
closing of the transaction, Pronovias will have access to a EUR45
million RCF, which coupled with Moody's expectations of positive
free cash flow generation of around EUR20 million per annum, will
allow the company to meet its cash requirements comfortably over
the next 12-18 months.

The (P)B1 instrument rating assigned to the senior secured credit
facilities is one notch above the CFR, reflecting its seniority
over the EUR60 million second lien loan . The company's
probability of default rating (PDR) of B2-PD, is in line with the
CFR. The PDR reflects the use of a 50% family recovery rate
resulting from a covenant-lite debt package. The pari passu RCF
has a springing covenant to be tested when drawings exceed 40% of
total commitments. Moody's forecasts sufficient headroom under
this covenant in the next 12-18 months.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Pronovias'
top line will grow by a mid-single digit and Moody's adjusted
gross leverage will trend towards 5.5x in the next 12-18 months.
The stable outlook also anticipates that the company will
maintain an adequate liquidity profile at all times and does not
factor in any large debt-funded acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE

* Expansion plan leading to a significant higher EBITDA
  generation than currently forecast

* Moody's adjusted gross debt to EBITDA falling below 4.5x on a
  sustainable basis

* Track record of stable profitability margins and positive free
  cash flow generation is maintained

FACTORS THAT COULD LEAD TO A DOWNGRADE

* Deterioration in sales and profitability leading to negative
  free cash flow generation

* Moody's adjusted gross debt to EBITDA increasing above 6.0x

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Apparel Companies published in May 2013.

COMPANY PROFILE

Pronovias is an international bridal wear company with presence
in 95 countries. In FY2016, net sales and EBITDA reached EUR169
million and EUR44 million respectively. Europe is the company's
largest market, with approximately 69% of total sales (27% in
Spain), followed by North America, which constitutes 13% and
emerging markets and rest of the world which account for 7% and
11% respectively.


CATLUXE ACQUISITION: S&P Assigns Prelim 'B' CCR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit rating to Spain-based bridalwear designer
Pronovias (CatLuxe Acquisition S.a.r.l.). The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to Pronovias' proposed senior secured loans,
comprising a EUR215 million term loan due 2024 and a EUR45
million secured revolving credit facility (RCF) due 2023.

"The recovery rating is '3', indicating our expectation of
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default.

"The final rating will be subject to our receipt and satisfactory
review of all the final transaction documentation. Accordingly,
the preliminary rating should not be construed as evidence of the
final rating. If the terms and conditions of the final
documentation depart from the one we have already reviewed, or if
the financing transaction does not close within what we consider
to be a reasonable time frame, we reserve the right to withdraw
or revise the rating."

Pronovias is a global bridalwear company that offers bridal
gowns, cocktail dresses, and wedding-related accessories under
its two brands Pronovias and St Patrick. The brands are
positioned in the "affordable luxury" segment (more than EUR1,000
per dress).

The company sells its products mainly through the wholesale
channel with around 3,800 clients (mostly small independent
wedding shops) across 95 countries and 73 franchises. It also
operated 45 own stores as of July 2017. Sales are from Spain
(27%), the rest of Europe (42%), North America (13%), emerging
market countries (7%), and other countries (11%).

Funds advised by private equity firm BC Partners have signed an
agreement to acquire a majority stake in Pronovias for EUR532
million from its founder. The proposed new debt is designed to
fund the acquisition and cover related costs together with a
EUR275 million common equity issuance. The debt instruments
include a seven-year EUR215 million senior secured term loan, a
six-year EUR45 million RCF, and an eight-year EUR60 million
second-lien term loan.

S&P said, "Our rating on Pronovias reflects our view that the
capital structure will include a high level of debt as
demonstrated by an adjusted debt leverage of 6x in the 12 months
post-transaction. Cash flow should be supported by the high
profitability of the business but affected by higher interest
expenses. The working capital needs will be funded by a EUR45
million RCF, which will complement customers cash prepayments.

"Pronovias' business, in our view, although small and in a
relatively niche market, is highly profitable with an EBITDA
margin of 27%. We forecast it to generate positive free cash flow
generation of EUR15 million, and solid interest coverage of 3x.

"We believe that Pronovias is looking to consolidate the
bridalwear sector but we see limited acquisition risks as most
competitors are very small and Pronovias' focus is more on
acquiring wholesale client lists than brands or store networks.
We see potential downside to our cash flow projections if
earnings suffer from pricing pressures from competition, high
promotional activity, and repeated inventory markdowns if
collections are not successful. Finally, the business is working
capital intensive and the swift collection of receivables from
wholesalers is crucial for the cash flow capacity of the group."

Pronovias' business strengths, in S&P's view, include its leading
market position in Europe (69% of sales in 2016), especially in
Spain and Italy; solid price-premium with a positioning in the
affordable luxury (mid- to high-end price); and a track record of
high gross margins (c.70%), above most S&P Global Ratings-rated
peers in fashion apparels. Fashion risk is limited as consumer
preferences only evolve slowly compared with high turnover
fashion apparels. The business model has low capital expenditure
(capex) as all the manufacturing is outsourced to Chinese
suppliers. S&P notes the good customer diversity with no
dependence on a large single customer, and distribution channel
diversity between wholesale (59% sales), own stores (32%), and
franchise (9%).

Pronovias has better brand recognition among retail professionals
(wholesale channel) than in the B2C channel (own stores).
Profitability is above average, with an adjusted EBITDA margin of
around 25%-27% in the past three years and the same projected for
the next two to three years.

Weaknesses, in S&P's view, are that Pronovias operates in the
relatively niche, discretionary, and highly fragmented bridalwear
industry. Long-term growth prospects appear limited in Europe and
the U.S. due to the flat to slightly declining number of
weddings. The revenue base (EUR169 million reported in 2016) and
scale of operations is very small compared with most rated peers.
Product and brand diversity is very limited as Pronovias mostly
sells wedding dresses (79% sales) under its Pronovias/Atelier
brands (67% sales). It has geographical concentration to Spain
(27% of sales) and the rest of Europe (42%), with a limited
presence in North America (13%) and emerging markets (7%). S&P
also notes the working capital intensity of the business with
limited inventory risk and cash prepayments but high levels of
receivables to collect from the independent shops. Additionally,
S&P views the operating cost structure as relatively rigid due to
high staff costs linked to the expansion of the store network.

Overall Pronovias appears to be well positioned in Europe where
it has some scale, a recognized brand, and a good strategy
balancing the highly profitable wholesale channel and expanding
moderately its store networks. The company has prioritized
investment in marketing to support the brand and gain new
customers (mostly social media) and expanding the store networks
in new markets. That said, S&P is cautious about profitability
prospects in the U.S. where Pronovias intends to expand given the
higher promotional activity needed to support the expansion and
stronger competitive pressures given the weaker positioning
compared to the European one.

S&P's base case for 2017-2018 assumes:

-- Revenue growth of about 4%-5% annually driven by volume sales
    in wholesale and own stores. S&P accounts for the gradual
    expansion of the customer base in both segments.

-- S&P Global Ratings-adjusted EBITDA margin of 27%, reflecting
    the growth in the profitable wholesale channel in Europe.
    This is offset by the growth in the less profitable retail
    network, by higher marketing costs, and by promotional
    activity in segments such as cocktail dresses.

-- Free operating cash flow (FOCF) of about EUR15 million driven
    by a stable EBITDA base and capex expenses but offset by
    higher interest expenses due to the new debt structure.

-- Adjusted debt of about EUR300 million, reflecting mostly
    EUR275 million of borrowings and EUR22 million of operating
    leases.

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

-- Adjusted net debt to EBITDA of about 6x;
-- EBITDA interest coverage of about 3x; and
-- FOCF to debt of about 5%.

S&P said, "The stable outlook reflects our view that Pronovias'
mid- to high-end price positioning, recognized brand in the
wholesale channel, and established market position in Spain and
Italy should enable it to maintain a relatively high and stable
EBITDA margin. That said, the small scale of operations and
limited brand and product diversity could expose the company to
pricing pressures in markets such as the U.S. where the company
positioning is weaker than in Europe.

"For the rating category, we believe Pronovias should be able to
generate positive FOCF as well as maintain EBITDA interest
coverage of over 3x over the next 12 months.

"We could lower the ratings if we see free cash flow generation
turning negative, which could occur because of weaker operating
performance or an inability to control large working capital
swings. We would notably be concerned that this could weaken the
company's liquidity position. An inability to collect receivables
swiftly from the large wholesale customer base or a loss of
market share in key markets such as Spain or Italy, combined with
increased pricing pressures from competitors in the U.S. and the
U.K. could be negative factors. We would also take a negative
view of a decline in profitability due to higher than expected
costs associated with marketing spending and investments in the
expansion of the retail network. In addition, we would take a
negative rating action if EBITDA interest coverage declined to
close to 2x.

"We view an upgrade as unlikely given the small scale of
operations and the product and brand concentration. To raise the
rating we would need to see a strong sustained increase in the
revenue base and free cash flow generation. This could arise from
an ability to expand strongly in large new markets such as the
U.S. while maintaining solid price-premium. We would also need to
see evidence of good management of the larger working capital and
store network.

"Our understanding of the company's expansion plans and financial
policy associated with its private equity ownership structure
leads us to think that adjusted debt leverage is unlikely to be
below 5x."



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


BELL POTTINGER: Failure to Find Buyer May Spur Administration
-------------------------------------------------------------
David Bond at The Financial Times reports that staff at Bell
Pottinger have been told that the scandal-hit PR firm is likely
to go into administration as early as today, Sept. 11, after
attempts to find a buyer failed.

According to the FT, people briefed on the meeting the news was
delivered to Bell Pottinger's employees at its London
headquarters on Sept. 7 by chairman Mark Smith and a
representative from accountants BDO.

BDO was hired in the past week to try to find new investment as
clients and key staff deserted the agency in the wake of two
reports that found it had stoked racial tensions in South Africa
through its work for the powerful Gupta family, the FT relates.

The source added the move to inform the company's 250 employees
of the gravity of the situation came after the Bell Pottinger
board decided the company was now insolvent, the FT notes.

The company declined to comment on whether Bell Pottinger was
insolvent but a spokesperson, as cited by the FT, said BDO was
now working on a "restructuring" of the business -- apparent
confirmation that hopes of finding a new investor had faded.


FARMERS CHOICE: Goes Into Liquidation Following Court Order
-----------------------------------------------------------
BBC News reports that Farmers Choice (Anglesey) Ltd., an abattoir
that hoped to bring more than 100 jobs to Anglesey, has gone into
liquidation.

A court ordered the company to be dissolved after a winding-up
order in July, BBC relates.

The company had taken over the former Welsh Country Foods site at
Gaerwen, which closed in 2013 with the loss of more than 300
jobs, BBC discloses.

Farmers Choice initially said it wanted to expand operations at
the site when it took it over in 2015, but only slaughtered a
limited number of sheep for a period, BBC relays.

The site gates remained locked on Sept. 7 and nobody from the
business could be contacted, BBC notes.


GP RACES: Circuit of Wales Project Delay Prompts Liquidation
------------------------------------------------------------
Martin Shipton at Western Mail reports that GP Races Ltd., a
company owned by the controversial Circuit of Wales project, is
being wound up following a petition to the High Court by the tax
office.

According to Western Mail, accounts filed at Companies House by
the company for the financial year ending September 30, 2016,
showed it lost nearly GBP1 million, with a net debt of
GBP971,534, with debtors owing GBP5,378,564 and creditors owed
GBP6,350,098.

The Circuit of Wales had a responsibility to stage the British
leg of the Moto GP after signing a 10-year contract in 2014 with
the Catalan firm which owns the right to Moto GP, Western Mail
discloses.

That contract was cancelled earlier this year after the Welsh
Government decided not to provide a GBP210 million loan guarantee
that the Circuit of Wales had requested to enable construction of
the GBP433 million racetrack on moorland near Ebbw Vale to begin,
Western Mail recounts.

The Companies House website now states that Her Majesty's Revenue
and Customs petitioned to have the company wound up on April 28,
2017, that the commencement of winding up began on Aug. 21 and
that the court order to wind up the firm was received on Sept. 7,
Western Mail relays.

GP Races Ltd was set up in September 2015 with Circuit of Wales
frontman Michael Carrick as the sole director.  Its single GBP1
share is owned by Circuit of Wales Ltd.

A spokesman for liquidator Anthony Hannon confirmed that HMRC was
the petitioning creditor, Western Mail notes.

"GP Races Ltd, the company running the MOTOGP event at
Silverstone, has been put into court appointed liquidation as a
result of delays to the Circuit of Wales project.  "The
petitioning creditor was HMRC, which was not prepared to wait any
further for the project to advance," The Scotsman quote a
spokesman for the Circuit of Wales as saying.

"My client did not oppose the action as it had done in the past
as it did not think it would be resolved in 6/8 weeks."


PAYFONT: Enters Administration, 12 Jobs Affected
------------------------------------------------
Gareth Mackie at The Scotsman reports that Payfont, the
Edinburgh-based cyber-security firm that was last year said to be
worth up to GBP180 million, has collapsed into administration.

Administrator Donald McNaught -- donald.mcnaught@jcca.co.uk --
restructuring partner at accountancy and business advisory firm
Johnston Carmichael, said the move will see all 12 of the
company's staff made redundant, The Scotsman relates.

According to The Scotsman, Mr. McNaught said that Payfont,
founded by chief executive David Lanc -- a former senior
executive at Royal Bank of Scotland's cards business -- had been
trying to raise extra funds to continue trading, but "time ran
out".

Mr. McNaught, as cited by The Scotsman, said: "The difficult
decision to enter administration was made by the directors when
it became clear that ongoing commitments could not be met from
available working capital.  "Efforts had been made in the months
leading up to administration to raise sufficient capital to allow
trading to continue but unfortunately time ran out for that
fundraising exercise to be completed successfully.  Our objective
now is to maximize value for creditors and, ultimately,
shareholders."

Payfont was founded 14 years ago and was developing technology
designed to protect users' digital identities and online data.


RAC BIDCO: S&P Affirms Then Withdraws 'B' Corp. Credit Rating
-------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit rating on U.K.-based RAC Bidco Ltd. S&P
subsequently withdrew the rating at the issuer's request. The
outlook was stable at the time of withdrawal.

S&P said, "This rating action does not have any impact on our
'BBB- (sf)' ratings on RAC Bond Co. PLC's class A notes or our 'B
(sf)' rating on its class B1-Dfrd notes. These notes continue to
be rated in line with our "Global Methodology And Assumptions For
Corporate Securitizations" criteria."

At the time of withdrawal, RAC Bidco's business risk profile
reflected the company's good customer retention, membership-based
operating model, its national scale, strong brand recognition in
the U.K., and above-average profitability for the services
sector. The group has relatively limited exposure to
macroeconomic cycles and benefits from significant barriers to
entry. However, S&P thinks that RAC Bidco has limited geographic
diversification, with virtually all revenues generated in the
U.K, and the environment in roadside assistance and insurance
brokerage markets remains highly competitive.



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


* BOND PRICING: For the September 4 to September 8, 2017
--------------------------------------------------------

Issuer                  Coupon   Maturity  Currency  Price
------                  ------   --------  --------  -----
Air Berlin PLC           8.25   4/19/2018  EUR       9.09
New Look Secured Issu    6.50    7/1/2022  GBP      67.68
Air Berlin PLC           6.75    5/9/2019  EUR       8.87
Air Berlin PLC           5.63    5/9/2019  CHF       8.89
Agrokor dd               9.88    5/1/2019  EUR      28.14
New Look Senior Issue    8.00    7/1/2023  GBP      49.43
New Look Secured Issu    4.50    7/1/2022  EUR      63.64
Co-Operative Bank PLC   11.00  12/20/2023  GBP      46.51
Ensco PLC                5.20   3/15/2025  USD      74.10
Ensco PLC                4.50   10/1/2024  USD      72.08
Intelsat Luxembourg S    7.75    6/1/2021  USD      62.29
Ensco PLC                5.75   10/1/2044  USD      63.02
Oi Brasil Holdings Co    5.75   2/10/2022  USD      34.00
Agrokor dd               9.13    2/1/2020  EUR      27.51
Offshore Drilling Hol    8.38   9/20/2020  USD      40.25
Holdikks SAS             6.75   7/15/2021  EUR      60.86
Agrokor dd               8.88    2/1/2020  USD      22.35
Intelsat Luxembourg S    8.13    6/1/2023  USD      59.79
Air Berlin Finance BV    8.50    3/6/2019  EUR      10.63
Mitsubishi UFJ Invest    4.17  12/15/2050  EUR      57.41
Air France-KLM           2.03   2/15/2023  EUR      13.29
CGG SA                   5.88   5/15/2020  EUR      33.88
OAS Investments GmbH     8.25  10/19/2019  USD       5.90
HSH Nordbank AG/Luxem    1.99              EUR      15.64
Ageasfinlux SA           1.02              EUR      59.76
Banca Carige SpA         7.32  12/20/2020  EUR      69.92
Pacific Drilling SA      5.38    6/1/2020  USD      42.06
Frigoglass Finance BV    8.25   5/15/2018  EUR      54.63
Korian SA                2.50              EUR      42.11
Grupo Isolux Corsan S    3.00  12/30/2021  EUR       1.16
Solarworld AG           11.00   2/24/2019  EUR      56.00
CGG SA                   6.50    6/1/2021  USD      34.03
Johnston Press Bond P    8.63    6/1/2019  GBP      68.50
Banca Carige SpA         8.34              EUR      25.00
Portugal Telecom Inte    4.38   3/24/2017  EUR      32.80
Rickmers Holding AG      8.88   6/11/2018  EUR       2.39
Mitsubishi UFJ Invest    3.92  12/30/2099  EUR       7.75
Far East Capital Ltd     8.00    5/2/2018  USD      72.38
Grupo Isolux Corsan S    0.25  12/30/2021  EUR       0.34
Alitalia-Societa' Aer    5.25   7/30/2020  EUR       5.53
CGG SA                   6.88   1/15/2022  USD      32.25
HSH Nordbank AG          7.25              USD      21.01
Rothschilds Continuat    1.69              USD      74.07
Brighthouse Group PLC    7.88   5/15/2018  GBP      70.38
Portugal Telecom Inte    4.50   6/16/2025  EUR      32.99
UkrLandFarming PLC      10.88   3/26/2018  USD      28.50
Air Berlin Finance BV    6.00    3/6/2019  EUR      10.63
WPE International Coo   10.38   9/30/2020  USD      15.80
Santander Internation    2.00              USD      67.97
Norske Skogindustrier    7.00  12/30/2026  EUR       5.38
CGG SA                   1.75    1/1/2020  EUR       1.98
Oi Brasil Holdings Co    5.63   6/22/2021  EUR      33.98
Bibby Offshore Servic    7.50   6/15/2021  GBP      31.50
Portugal Telecom Inte    5.88   4/17/2018  EUR      33.13
Norske Skog Holding A    8.00   2/24/2021  EUR      11.63
Banco Espirito Santo     4.00   1/21/2019  EUR      30.00
Avangardco Investment   10.00  10/29/2018  USD      22.33
Alno AG                  8.50   5/14/2018  EUR       8.75
Privatbank CJSC Via U   10.25   1/23/2018  USD      20.56
BIM SAS                  2.50  11/13/2020  EUR      27.51
Banco Espirito Santo     2.63    5/8/2017  EUR      29.67
Portugal Telecom Inte    6.25   7/26/2016  EUR      32.46
Bourbon Corp             4.70              EUR      48.50
Banca Popolare di Vic    2.82  12/20/2017  EUR       0.59
Co-Operative Bank PLC    8.50    7/1/2025  GBP      46.25
Solarworld AG           11.00   2/24/2019  EUR      59.00
Privatbank CJSC Via U   11.00    2/9/2021  USD       9.67
Mriya Agro Holding PL    9.45   4/19/2018  USD       5.00
Banco Espirito Santo     7.13  11/28/2023  EUR       0.30
Immigon Portfolioabba   10.00              EUR      14.10
Neopost SA               3.38              EUR      59.94
Yuksel Insaat AS         9.50  11/10/2015  USD      20.00
Bilt Paper BV            9.64              USD      26.26
Nexity SA                0.13    1/1/2023  EUR      67.11
NTRP Via Interpipe Lt   10.25    8/2/2017  USD      25.00
Novo Banco SA/Luxembo    3.50    1/2/2043  EUR      65.15
Scholz Holding Gmbh      8.50  12/31/2019  EUR       2.24
Veneto Banca SpA         9.50   12/1/2025  EUR       0.79
Banca Carige SpA         2.77   6/19/2018  EUR      59.25
Banca Popolare di Vic    9.50   9/29/2025  EUR       0.57
BNP Paribas SA           1.15              EUR      74.50
CGG SA                   1.25    1/1/2019  EUR      22.00
Beate Uhse AG            7.75    7/9/2019  EUR      32.00
OGX Austria GmbH         8.50    6/1/2018  USD       0.03
Banco Espirito Santo     4.75   1/15/2018  EUR      28.38
KTG Agrar SE             7.13    6/6/2017  EUR       1.93
Virgolino de Oliveira   10.50   1/28/2018  USD       6.63
Veneto Banca SpA         0.72   9/17/2017  EUR       0.48
Waste Italia SpA        10.50  11/15/2019  EUR       7.50
IMMOFINANZ AG            4.25    3/8/2018  EUR       4.50
3W Power SA              8.00   8/29/2019  EUR      45.00
Cooperatieve Rabobank    0.50  11/26/2021  ZAR      71.21
ADLER Real Estate AG     2.50   7/19/2021  EUR      15.63
Agrokor dd Via Aquari    4.92    8/8/2017  EUR      19.75
Lambay Capital Securi    6.25              GBP       0.03
Eramet                   4.00              EUR      56.69
ATF Capital BV           8.77              USD      73.00
Mobylife Holding A/S     7.25   5/23/2020  SEK      30.63
Pierre & Vacances SA     3.50   10/1/2019  EUR      44.82
Capital Raising GmbH     7.50              EUR      35.67
Allied Irish Banks PL   12.50   6/25/2035  GBP      70.62
Scandinavian Airlines    0.63              CHF      24.55
New World Resources N    8.00    4/7/2020  EUR       5.38
Far East Capital Ltd     8.75    5/2/2020  USD      72.38
Sanha GmbH & Co KG       7.75    6/4/2018  EUR      65.63
Aligera Holding AB pu    5.00    5/7/2019  SEK      31.12
New Look Senior Issue    8.00    7/1/2023  GBP      49.94
Espirito Santo Financ    6.88  10/21/2019  EUR       0.11
International Bank of    6.17   5/10/2017  USD      42.75
New Look Secured Issu    6.50    7/1/2022  GBP      67.91
Orient Express Bank P   12.00   5/29/2019  USD      55.63
Novo Banco SA/Luxembo    3.50   1/23/2043  EUR      65.18
Norske Skogindustrier    7.13  10/15/2033  USD       6.00
Dexia SA                 1.45              EUR       8.29
New World Resources N    4.00   10/7/2020  EUR       0.18
Barclays Bank PLC        2.42   2/25/2031  USD      67.85
Societe Generale SA      0.81              EUR      67.35
Pescanova SA             8.75   2/17/2019  EUR       2.62
Elli Investments Ltd    12.25   6/15/2020  GBP      69.25
Stichting Afwikkeling    6.25  10/26/2020  EUR       3.49
Lehman Brothers UK Ca    5.13              EUR       1.51
Eniro AB                 6.00   4/14/2020  SEK      11.33
Novo Banco SA            3.00   6/21/2022  USD      72.07
Novo Banco SA            5.00   3/15/2022  EUR      75.18
Phones4u Finance PLC     9.50    4/1/2018  GBP      72.50
Royal Bank of Scotlan    1.54  12/30/2030  USD      73.88
Lloyds Bank PLC          0.74   1/31/2033  USD      62.00
Espirito Santo Financ    3.13   12/2/2018  EUR       0.29
Lehman Brothers UK Ca    6.90              USD       2.65
Alno AG                  8.00   3/21/2019  EUR       7.50
OSX 3 Leasing BV        13.00   3/20/2015  USD      33.50
Hybrid Raising GmbH      6.63              EUR      24.03
GNB - Cia de Seguros     3.17              EUR      49.75
Hamon & CIE SA           5.50   1/30/2020  EUR      71.06
Privatbank CJSC Via U   10.88   2/28/2018  USD      20.59
Novo Banco SA            5.00   2/24/2022  EUR      75.08
Afren PLC               11.50    2/1/2016  USD       0.02
Bank Nadra via NDR Fi    8.25   7/31/2018  USD       0.15
Tonon Luxembourg SA      9.25   1/24/2020  USD      11.00
Pescanova SA             5.13   4/20/2017  EUR       2.86
GEWA 5 to 1 GmbH & Co    6.50   3/24/2018  EUR      31.38
Novo Banco SA/Luxembo    3.50   2/19/2043  EUR      65.27
Aralco Finance SA       10.13    5/7/2020  USD       3.00
Credit Lyonnais SACA     0.44              EUR      73.50
Koninklijke Luchtvaar    0.75              CHF      36.50
Fred Olsen Energy ASA    3.89   2/28/2019  NOK      50.33
Rudolf Woehrl AG         6.50   2/12/2018  EUR       5.60
New Look Secured Issu    4.50    7/1/2022  EUR      64.00
Golden Gate AG           6.50  10/11/2014  EUR      56.56
GNB - Cia de Seguros     1.87  12/19/2022  EUR      61.75
Lloyds Bank PLC          2.45  11/27/2033  USD      70.22
Norske Skogindustrier    2.00  12/30/2115  EUR       4.19
Dexia Credit Local SA    1.40              EUR       7.13
Banca Carige SpA         1.67  12/29/2018  EUR      40.00
Praktiker AG             5.88   2/10/2016  EUR       0.21
Klarna Bank AB           5.25              SEK      72.40
Agrokor dd               8.88    2/1/2020  USD      27.09
Vseukrainsky Aktsiner   10.90   6/14/2019  USD       0.54
Lloyds Bank PLC          2.75  12/27/2028  USD      73.76
Novo Banco SA/Luxembo    3.50   3/18/2043  EUR      65.17
BNP Paribas SA           0.69   4/30/2033  USD      58.68
Norske Skog Holding A    8.00   2/24/2023  USD      16.38
Offshore Drilling Hol    8.38   9/20/2020  USD      38.75
Barclays Bank PLC        0.40   5/31/2033  USD      54.00
Virgolino de Oliveira   11.75    2/9/2022  USD       6.92
EDOB Abwicklungs AG      7.50    4/1/2012  EUR       0.72
Kaupthing ehf            7.63   2/28/2015  USD      17.63
Stichting Afwikkeling    1.96              EUR       0.24
Barclays Bank PLC        1.65   4/25/2034  USD      69.25
Mriya Agro Holding PL   10.95   3/30/2016  USD       5.72
Azubu Investments SA     5.00   8/25/2018  EUR      60.00
Deutsche Bank AG/Lond    0.34   3/15/2033  USD      63.00
ESFIL-Espirito Santo     5.25   6/12/2015  EUR       0.39
Barclays Bank PLC        1.94   9/30/2031  USD      69.45
Deutsche Bank AG/Lond    2.84  11/26/2034  USD      67.75
Sequa Petroleum NV       5.00   4/29/2020  USD      70.75
Corporate Commercial     8.25    8/8/2014  USD       0.94
SeaBird Exploration F    6.00   6/30/2020  USD      20.50
Banco Espirito Santo     2.32              EUR       0.27
KTG Agrar SE             7.25  10/15/2019  EUR       2.72
Abanka Vipa DD Via Af    1.57              EUR       1.64
Barclays Bank PLC        2.59   2/28/2034  USD      75.00
Tonon Luxembourg SA     10.50   5/14/2024  USD      40.00
HSBC France SA           1.03              EUR      71.50
Etablissements Maurel    1.63    7/1/2019  EUR      16.18
Norske Skog Holding A    8.00   2/24/2021  EUR      11.63
Lloyds Bank PLC          0.43   2/22/2033  USD      59.38
Havila Shipping ASA      4.82   11/7/2020  NOK      48.75
PNE Wind AG              3.75  10/10/2019  EUR       3.45
LBI HF                   6.10   8/25/2011  USD       9.50
JZ Capital Partners L    6.00   7/30/2021  GBP      11.30
Touax SA                 6.00   7/10/2020  EUR      17.31
Norske Skogindustrier    7.13  10/15/2033  USD       3.79
Deutsche Bank AG/Lond    3.32  10/31/2034  USD      65.67
Alpine Holding GmbH      6.00   5/22/2017  EUR       0.39
OGX Austria GmbH         8.38    4/1/2022  USD       0.03
Manchester Building S    6.75              GBP      17.13
Havila Shipping ASA      5.35   11/7/2020  NOK      69.63
Smart Solutions GmbH     8.00   12/3/2018  EUR      29.13
Decipher Production L   12.50   9/27/2018  USD       1.85
Sidetur Finance BV      10.00   4/20/2016  USD       4.86
City of Kiev Ukraine     8.00   11/6/2015  USD      63.38
Gebr Sanders GmbH & C    8.75  10/22/2018  EUR      28.50
Lloyds Bank PLC          0.24   4/26/2033  USD      59.95
Hellenic Republic Gov    2.09   7/25/2057  EUR      41.50
Veneto Banca SpA         6.95   2/25/2025  EUR       0.60
Barclays Bank PLC        0.55   3/28/2033  USD      61.75
APP International Fin   11.75   10/1/2005  USD       0.56
KPNQwest NV              7.13    6/1/2009  EUR       0.09
Deutsche Agrar Holdin    7.25   9/28/2018  EUR       1.57
Geotech Seismic Servi   12.00  10/16/2019  RUB      64.42
Sazka AS                 9.00   7/12/2021  EUR       0.50
Sairgroup Finance BV     4.38    6/8/2006  EUR      12.50
Cirio Holding Luxembo    6.25   2/16/2004  EUR       0.87
Espirito Santo Financ    9.75  12/19/2025  EUR       1.05
More & More AG           8.13   6/11/2018  EUR      50.00
Abengoa Finance SA       7.75    2/1/2020  USD       2.76
getgoods.de AG           7.75   10/2/2017  EUR       0.15
Orco Property Group S    7.00   11/7/2019  EUR      68.13
Lehman Brothers Treas    6.00   11/2/2035  EUR       8.00
Vneshprombank Ltd via    9.00  11/14/2016  USD       0.40
Cooperatieve Rabobank    0.50   2/26/2029  HUF      58.31
Barclays Bank PLC        1.84   11/1/2031  USD      68.10
Banca Carige SpA         5.70   9/17/2020  EUR      55.01
Far Eastern Shipping    14.75   2/27/2018  RUB      68.19
Laurel GmbH              7.13  11/16/2017  EUR       3.93
Barclays Bank PLC        1.28   3/28/2034  USD      68.14
Barclays Bank PLC        1.54  12/30/2030  USD      71.13
Intelsat Luxembourg S   12.50  11/15/2024  USD      69.83
Pacific Drilling SA      5.38    6/1/2020  USD      40.00
Oi Brasil Holdings Co    5.75   2/10/2022  USD      34.75
Far Eastern Shipping    12.25  11/28/2017  RUB      60.00
Barclays Bank PLC        2.31  12/23/2033  USD      71.60
Ideal Standard Intern   11.75    5/1/2018  EUR       4.63
OGX Austria GmbH         8.50    6/1/2018  USD       0.03
UniCredit Bank Austri    0.19   8/20/2033  EUR      64.92
EFG International AG     0.97              EUR      68.00
Norske Skog Holding A    8.00   2/24/2023  USD      21.75
World Wide Supply AS     7.75   5/26/2017  USD      15.25
BBVA International Pr    1.16              GBP      62.30
Barclays Bank PLC        2.85   5/30/2034  USD      70.90
Orient Express Bank P   13.60    8/9/2018  RUB      68.00
IT Holding Finance SA    9.88  11/15/2012  EUR       2.44
Barclays Bank PLC        0.66   3/21/2033  USD      59.50
Finmek International     7.00   12/3/2004  EUR       5.63
Rena GmbH                8.25   7/11/2018  EUR       9.38
RENE LEZARD Mode GmbH    7.25  11/25/2017  EUR      12.00
Wild Bunch AG            8.00   3/23/2019  EUR      50.05
German Pellets GmbH      7.25  11/27/2019  EUR       0.72
Mox Telecom AG           7.25   11/2/2017  EUR       3.31
MPS Capital Services     4.36   3/14/2024  EUR      40.51
Tonon Luxembourg SA     10.50   5/14/2024  USD      40.00
Enterprise Holdings L    7.00   3/30/2020  EUR       3.33
PA Resources AB          3.00  12/27/2017  NOK       0.16
Rena GmbH                7.00  12/15/2015  EUR       9.38
Stichting Afwikkeling   11.25              EUR       0.53
CBo Territoria           6.00    1/1/2020  EUR       3.96
Barclays Bank PLC        2.03   1/27/2031  USD      69.50
Portigon AG              7.46  12/31/2019  EUR      27.00
Barclays Bank PLC        1.44   8/15/2033  USD      70.72
Northland Resources A    4.00  10/15/2020  USD       0.07
Petrol AD                5.50   1/26/2022  EUR      42.13
Phosphorus Holdco PLC   10.00    4/1/2019  GBP       1.09
Etablissements Maurel    2.75    7/1/2021  EUR      10.56
Barclays Bank PLC        1.70  11/29/2030  USD      69.90
PA Resources AB         13.50    3/3/2016  SEK       0.22
Teksid Aluminum Luxem   11.38   7/15/2011  EUR       0.34
KPNQwest NV             10.00   3/15/2012  EUR       0.08
Pescanova SA             6.75    3/5/2015  EUR       2.91
Cooperatieve Rabobank    0.50  10/30/2043  MXN      12.66
Banco Espirito Santo     6.88   7/15/2016  EUR      29.67
Barclays Bank PLC        1.33   6/17/2033  USD      63.75
Agrokor dd               9.13    2/1/2020  EUR      27.68
Barclays Bank PLC        3.81   9/13/2028  USD      71.00
Belfius Bank SA/NV       1.62              FRF      69.63
Waste Italia SpA        10.50  11/15/2019  EUR       7.50
Afren PLC                6.63   12/9/2020  USD       0.01
Barclays Bank PLC        1.87   7/28/2031  USD      74.20
Kaupthing ehf            5.75   10/4/2011  USD      17.63
Royal Bank of Scotlan    1.50  12/13/2028  USD      65.69
Lehman Brothers UK Ca    5.75              EUR       2.75
A-TEC Industries AG      2.75   5/10/2014  EUR       0.63
Lehman Brothers Treas    7.25   10/5/2035  EUR       9.63
Dannemora Mineral AB    11.75   3/22/2016  USD       0.28
CGG SA                   6.50    6/1/2021  USD      34.38
German Pellets GmbH      7.25    7/9/2018  EUR       1.56
International Industr   11.00   2/19/2013  USD       0.22
Barclays Bank PLC        0.48   4/19/2033  USD      59.00
Lehman Brothers Treas    8.25   3/16/2035  EUR       8.00
Tatfondbank OAO via T    8.50  11/12/2019  USD       0.13
DOF ASA                  7.82   9/12/2019  NOK      40.00
Steilmann SE             7.00    3/9/2017  EUR       1.81
Northland Resources A   15.00   7/15/2019  USD       0.32
Bulgaria Steel Financ   12.00    5/4/2013  EUR       4.31
Frey                     6.00  11/15/2022  EUR      23.00
Hellas Telecommunicat    8.50  10/15/2013  EUR       0.72
Barclays Bank PLC        3.87   4/16/2029  USD      70.21
Sibur Holding PAO        9.65   7/22/2026  RUB      62.12
HSH Nordbank AG          2.30    2/1/2036  EUR      70.31
Steilmann SE             7.00   9/23/2018  EUR       1.81
Transneft PJSC           9.30   8/25/2026  RUB      63.01
Cooperatieve Rabobank    0.50   7/30/2043  MXN      12.89
Lloyds Bank PLC          1.95   7/29/2033  USD      70.00
Bank Norwegian AS        6.12              NOK      68.91
OGX Austria GmbH         8.38    4/1/2022  USD       0.03
Breeze Finance SA        6.71   4/19/2027  EUR      29.05
Barclays Bank PLC        2.82   9/29/2034  USD      74.25
Agrokor dd               9.88    5/1/2019  EUR      28.01
Virgolino de Oliveira   10.88   1/13/2020  USD      26.38
UniCredit Bank Austri    0.17  12/31/2031  EUR      67.31
Veneto Banca SpA         6.94   5/15/2025  EUR       0.39
Cirio Finanziaria SpA    8.00  12/21/2005  EUR       0.65
Rosneft Oil Co PJSC     10.90  11/28/2024  RUB      64.01
Popular Capital SA       4.00              EUR       2.76
FPK OAO                  9.95    6/4/2026  RUB     102.25
Windreich GmbH           6.50   7/15/2016  EUR      11.00
Stroika Finance Ltd V    9.90   6/25/2019  RUB      10.00
Nationwide Building S    0.78              GBP      74.00
OAS Investments GmbH     8.25  10/19/2019  USD       5.25
Grupo Isolux Corsan S    0.25  12/30/2018  EUR       0.80
Cirio Del Monte NV       7.75   3/14/2005  EUR       1.47
Santander Finance Cap    2.00              EUR      27.13
Johnston Press Bond P    8.63    6/1/2019  GBP      68.50
Deutsche Bank AG/Lond    0.49   1/31/2033  USD      61.10
Rem Offshore ASA         5.00   12/8/2024  NOK      30.00
Norske Skogindustrier    7.00  12/30/2026  EUR       5.38
Mifa Mitteldeutsche F    7.50   8/12/2018  EUR       2.26
Banco Pinto & Sotto M    0.64              EUR      33.35
Cirio Finance Luxembo    7.50   11/3/2002  EUR       4.69
Deutsche Bank AG/Lond    1.85   8/28/2034  USD      62.25
3W Power SA              5.50  11/11/2020  EUR      30.00
Del Monte Finance Lux    6.63   5/24/2006  EUR       5.30
Hamburgische Landesba    0.05   1/22/2041  EUR      62.57
Dexia Kommunalbank De    5.63  12/31/2017  EUR      13.13
Manchester Building S    8.00              GBP      25.25
Enterprise Holdings L    7.00   9/26/2017  EUR       3.33
Assystem                 4.50              EUR      34.06
Banco BPI SA             1.78              EUR
Lehman Brothers Treas    7.00   5/17/2035  EUR       8.00
Royal Bank of Scotlan    1.84   8/26/2031  USD      71.25
Delamare Finance PLC     1.50   2/19/2029  GBP      63.41
Veneto Banca SpA         1.67   5/15/2019  EUR       0.47
Alpine Holding GmbH      5.25    7/1/2015  EUR       0.36
Barclays Bank PLC        2.57   3/21/2031  USD      66.19
Royal Bank of Scotlan    1.42  11/16/2030  USD      70.50
Lehman Brothers Treas    6.00   2/15/2035  EUR       8.00
SAG Solarstrom AG        7.50   7/10/2017  EUR      33.63
Oceanic Champion AS      8.00   2/20/2020  USD      74.71
CNP Assurances           2.00              EUR      74.00
Kaupthing ehf            5.75   10/4/2011  USD      17.63
Steilmann SE             6.75   6/27/2017  EUR       5.38
CRC Breeze Finance SA    6.11    5/8/2026  EUR      56.00
German Pellets GmbH      7.25    4/1/2016  EUR       1.07
Barclays Bank PLC        1.80   7/24/2028  USD      72.00
Solon SE                 1.38   12/6/2012  EUR       0.33
Electromagnetic Geose    6.86   6/27/2019  NOK      70.13
International Finance    0.50   6/24/2024  ZAR      54.68
Sairgroup Finance BV     6.63   10/6/2010  EUR      12.75
Banco Pastor SAU         2.07              EUR       0.99
Finance and Credit Ba    9.25   1/25/2019  USD       0.56
Lloyds Bank PLC          2.77   7/26/2033  USD      67.75
State of Berlin Germa    0.50   6/19/2047  EUR      75.09
A-TEC Industries AG      5.75   11/2/2010  EUR       0.81
Rosneft Oil Co PJSC     11.40   12/3/2020  RUB      62.01
KPNQwest NV              8.88    2/1/2008  EUR       0.07
Artea                    6.00    8/4/2019  EUR      14.64
Tikehau Capital SCA      1.63    1/1/2022  EUR
Barclays Bank PLC        1.54  12/30/2030  USD      66.00
Barclays Bank PLC        1.87   7/28/2034  USD      65.65
Uppfinnaren 1 AB        10.00              SEK      63.76
Lehman Brothers Treas    5.00   9/22/2014  EUR       8.00
Abengoa Finance SA       7.75    2/1/2020  USD       2.76
CGG SA                   6.88   1/15/2022  USD      34.88
Portugal Telecom Inte    5.24   11/6/2017  EUR      33.00
Bibby Offshore Servic    7.50   6/15/2021  GBP      31.50
Banco Espirito Santo     1.22   5/27/2018  EUR       2.83
Virgolino de Oliveira   10.50   1/28/2018  USD       6.63
Mriya Agro Holding PL    9.45   4/19/2018  USD       6.50
Municipality Finance     0.50   6/19/2024  ZAR      56.44
SiC Processing GmbH      7.13    3/1/2016  EUR       2.70
Lehman Brothers Treas    5.00   2/16/2015  EUR       8.00
Accentro Real Estate     6.25   3/27/2019  EUR       7.20
Stichting Afwikkeling    2.42              EUR       0.53
Svensk Exportkredit A    0.50   6/29/2029  AUD      62.49
Agroton Public Ltd       6.00   7/14/2019  USD      14.75
Governo Portugues Con    2.75              EUR      65.00
IVG Immobilien AG        5.50              EUR       2.13
Heta Asset Resolution    0.43  12/31/2023  EUR      36.63
Svensk Exportkredit A    0.50   8/29/2029  AUD      63.76
UniCredit Bank Austri    0.15  12/27/2031  EUR      67.10
SAG Solarstrom AG        6.25  12/14/2015  EUR      33.63
Svensk Exportkredit A    0.50   4/24/2029  AUD      62.75
Petromena ASA           10.85  11/19/2017  USD       0.61
Talvivaara Mining Co     4.00  12/16/2015  EUR       1.29
Banca del Monte di Lu    2.43   6/29/2020  EUR      55.75
KPNQwest NV              8.13    6/1/2009  USD       0.08
A-TEC Industries AG      8.75  10/27/2014  EUR       0.98
Agrokompleks OOO         0.10   7/29/2019  RUB       4.05
DEMIRE Real Estate AG    6.00  12/30/2018  EUR       3.60
ADLER Real Estate AG     6.00  12/27/2018  EUR      14.00
CGG SA                   5.88   5/15/2020  EUR      33.88
Afren PLC               10.25    4/8/2019  USD       0.01
Windreich GmbH           6.50    3/1/2015  EUR      11.00
Region of Abruzzo Ita    0.13   11/7/2036  EUR      61.54
MS Deutschland Beteil    6.88  12/18/2017  EUR       5.51
Banco Comercial Portu    5.00              EUR      61.00
Credit Bank of Moscow    9.15   7/10/2019  RUB      59.59
Banca Meridiana          1.25  11/12/2017  EUR       1.00
Alpine Holding GmbH      5.25   6/10/2016  EUR       0.36
Intelsat Luxembourg S   12.50  11/15/2024  USD      68.47
Lloyds Bank PLC          2.38    7/5/2033  USD      66.00
Municipality Finance     0.50    5/8/2029  AUD      62.70
Landesbank Hessen-Thu    0.09   4/23/2041  EUR      71.23
Golden Energy Offshor    5.00  12/31/2017  NOK      45.63
Holdikks SAS             6.75   7/15/2021  EUR      61.00
Rosneft Oil Co PJSC     14.90   12/3/2020  RUB      63.23
Landesbank Hessen-Thu    0.08    5/3/2041  EUR      66.35
New World Resources N    4.00   10/7/2020  EUR       0.18
Banco Espirito Santo    10.00   12/6/2021  EUR       0.30
Espirito Santo Financ    5.05  11/15/2025  EUR       0.12
UniCredit Bank Austri    0.02   1/25/2031  EUR      69.87
Municipality Finance     0.50   4/26/2022  ZAR      67.84
Svensk Exportkredit A    0.50   6/28/2022  ZAR      66.73
Bank Nederlandse Geme    0.50    6/7/2022  ZAR      67.11
Rosbank PJSC            10.40   5/27/2026  RUB      61.33
Hamburgische Landesba    0.05  10/30/2040  EUR      64.20
BLT Finance BV          12.00   2/10/2015  USD      10.50
AKB Peresvet ZAO        13.00   10/7/2017  RUB      61.74
BNP Paribas SA           0.50   9/29/2029  AUD      61.87
Minicentrales Dos SA     6.45   4/14/2028  EUR      65.75
BNP Paribas SA           0.50   7/20/2021  BRL      67.99
Societe Generale SA      2.26  10/31/2033  USD      74.00
Rosbank PJSC             7.50   10/7/2024  RUB      60.35
Barclays Bank PLC        1.94   9/30/2031  USD      60.59
Ideal Standard Intern   11.75    5/1/2018  EUR       4.63
Atari SA                 7.50   2/17/2020  EUR       0.42
Europlan Leasing Co     11.50   8/23/2021  RUB      60.54
Kaupthing ehf            9.00              USD       0.13
Deutsche Bank AG/Lond    1.94   6/30/2034  USD      57.77
Afren PLC               11.50    2/1/2016  USD       0.02
Agentstvo po Ipotechn    8.80   2/15/2020  RUB      65.37
Freight One JSC         11.80  10/23/2025  RUB      65.56
Grupo Isolux Corsan S    3.00  12/30/2021  USD       1.16
Elli Investments Ltd    12.25   6/15/2020  GBP      69.25
Bilt Paper BV            9.64              USD      27.63
Santander Finance Cap    2.00              EUR      27.42
SAir Group               0.13    7/7/2005  CHF      14.75
Norske Skogindustrier    2.00  12/30/2115  EUR       4.19
Kommunalbanken AS        0.50   5/27/2022  ZAR      68.48
UniCredit Bank AG        0.37  11/19/2029  EUR      63.75
MPS Capital Services     3.76   3/30/2022  EUR      50.19
Barclays Bank PLC        0.50   4/24/2023  MXN      61.64
Cooperatieve Rabobank    0.50   1/31/2033  MXN      27.64
Lehman Brothers Treas    5.55   3/12/2015  EUR       3.92
Kaupthing ehf            5.25   7/18/2017  BGN      17.63
Santander Finance Cap    2.00              USD      58.91
wige MEDIA AG            6.00   3/17/2019  EUR       3.20
Minicentrales Dos SA     4.81  11/29/2034  EUR      65.75
Tonon Luxembourg SA      9.25   1/24/2020  USD      11.00
New World Resources N    8.00    4/7/2020  EUR       5.38
AKB Peresvet ZAO        13.50  10/16/2020  RUB      20.16
Lehman Brothers Treas    5.00   2/27/2014  EUR       8.00
Vorarlberger Landes-     5.87              EUR      45.68
Oi Brasil Holdings Co    5.63   6/22/2021  EUR      34.00
DekaBank Deutsche Gir    3.40    4/9/2018  EUR      52.97
UkrLandFarming PLC      10.88   3/26/2018  USD      29.25
Burovoya Kompaniya Eu   10.25   6/21/2019  RUB     103.10
Societe Generale SA      0.57   2/28/2033  USD      70.24
Afren PLC               10.25    4/8/2019  USD       0.01
Banca Popolare di Vic    9.50   10/2/2025  EUR       0.19
Lehman Brothers Treas    6.00   3/18/2015  USD       8.00
Rosbank PJSC             9.80  12/20/2026  RUB     102.71
State of Rhineland-Pa    0.60  10/24/2046  EUR      74.85
Depfa Funding II LP      6.50              EUR      56.88
Espirito Santo Financ    5.13   5/30/2016  EUR       0.28
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
SUEK Finance OOO        12.50   8/19/2025  RUB      98.26
Cattles Ltd              7.13    7/5/2017  GBP       0.51
Fonciere Volta SA        4.50   7/30/2020  EUR       2.54
Rostelecom PJSC          9.20   9/10/2026  RUB      64.10
Muehl Product & Servi    6.75   3/10/2005  DEM       2.40
Rosbank PJSC             9.80  12/20/2026  RUB      62.07
Far East Capital Ltd     8.00    5/2/2018  USD      71.26
Afren PLC                6.63   12/9/2020  USD       0.01
Brighthouse Group PLC    7.88   5/15/2018  GBP      70.38
Lehman Brothers Treas    5.10    5/8/2017  HKD       9.63
Depfa Funding IV LP      1.54              EUR      56.00
Aralco Finance SA       10.13    5/7/2020  USD       2.65
SUEK Finance OOO        12.50   8/19/2025  RUB      99.14
Marine Subsea AS         9.00  12/16/2019  USD       0.39
Societe Generale SA      1.60    1/9/2020  GBP       1.12
United Engine Corp JS    8.00   4/24/2020  RUB      70.31
Kamaz PJSC              11.24   7/18/2030  RUB      60.00
Barclays Bank PLC        2.28   8/31/2031  USD      68.85
Region of Molise Ital    0.13  12/15/2033  EUR      66.65
Privatbank CJSC Via U   10.88   2/28/2018  USD      20.88
Heta Asset Resolution    4.35  12/31/2023  EUR      36.63
Oberbank Hybrid 1 Gmb    0.87              EUR      48.58
Alpha Bank AE            2.50   6/20/2022  EUR      39.69
State of Saxony-Anhal    0.65    7/3/2028  EUR      99.00
Activa Resources AG      0.50  11/15/2021  EUR      18.12
Virgolino de Oliveira   11.75    2/9/2022  USD       6.63
Santander Finance Cap    2.00              USD      62.21
Phones4u Finance PLC     9.50    4/1/2018  GBP      72.50
Finans-Avia OOO          0.01   7/31/2027  RUB      21.37
Metalloinvest Holding    0.01    3/7/2022  RUB      61.28
Salvator Grundbesitz-    9.50  12/31/2021  EUR       9.30
Banco Espirito Santo     6.90   6/28/2024  EUR      28.63
Rossiysky Capital OJS   13.00  11/22/2019  RUB      70.01
Rosselkhozbank JSC      12.87  12/21/2021  RUB      60.01
Credito Padano Banca     3.10              EUR      33.39
HPI AG                   3.50              EUR       6.00
HSBC Bank PLC            0.50   6/10/2021  BRL      71.10
Deutsche Bank AG/Lond    0.50   10/5/2021  IDR      66.31
International Industr    9.00    7/6/2011  EUR       0.47
BLT Finance BV           7.50   5/15/2014  USD       2.48
Credit Suisse AG/Lond    8.00  11/29/2019  USD       5.27
RESO-Garantia Insuran   12.00   9/13/2022  RUB      60.27
Heliocentris Energy S    4.00   1/16/2019  EUR      12.67
EFG International Fin    6.00  11/30/2017  EUR       1.57
Svensk Exportkredit A    0.50   1/31/2022  ZAR      69.62
Societe Generale SA      6.00   8/31/2017  USD      33.50
Lloyds Bank PLC          2.65   4/25/2034  USD      70.00
AKB Peresvet ZAO        13.25   4/25/2018  RUB      64.47
United Aircraft Corp     8.00   3/17/2020  RUB      60.06
Biomed-Lublin Wytworn    7.31   8/14/2018  PLN      73.30
Cooperatieve Rabobank    0.50  10/29/2027  MXN      45.57
Alpha Bank AE            2.50   6/20/2022  EUR      39.69
WPE International Coo   10.38   9/30/2020  USD      15.13
Vnesheconombank          9.75   8/16/2029  RUB      60.00
UniCredit Bank Austri    0.16  10/31/2031  EUR      67.70
Podkarpacki Bank Spol    5.81   3/31/2025  PLN      51.00
Gazprom PJSC             5.10  10/21/2043  RUB     115.00
Northland Resources A    4.00  10/15/2020  NOK       0.09
IKB Deutsche Industri    0.66   5/25/2031  EUR      67.36
Transneft PJSC           9.45    8/3/2023  RUB      63.22
WEB Windenergie AG       6.25              EUR      73.30
Ekotechnika AG           9.75   5/10/2018  EUR       9.50
Rossiysky Capital OJS   10.50   1/20/2020  RUB      70.02
La Veggia Finance SPA    7.13  11/14/2004  EUR       1.87
Bank Nederlandse Geme    0.50   7/12/2022  ZAR      66.74
Talvivaara Mining Co     9.75    4/4/2017  EUR       1.04
OGK-2 PJSC              11.50  11/17/2020  RUB     102.15
ROSSETI PJSC            11.25  11/14/2025  RUB      62.66
ML 33 Invest AS          7.50              NOK      69.02
Lehman Brothers Treas    4.00   2/16/2017  EUR       8.00
AKB Metallinvestbank    11.00   5/21/2020  RUB      60.43
SAir Group               6.25  10/27/2002  CHF      14.79
Grupo Isolux Corsan S    0.25  12/30/2021  USD       0.25
EFG International Fin    2.10   3/23/2018  EUR      24.29
Rosneft Oil Co PJSC      8.60    5/8/2025  RUB      74.13
Agrokompleks OOO         0.10   12/8/2022  RUB       2.66
Bulgaria Steel Financ   12.00    5/4/2013  EUR       4.31
UBS AG                   5.60    3/4/2019  EUR      70.66
Lehman Brothers Treas    3.00   6/23/2009  EUR       8.00
Anglian Water Service    0.76   1/26/2057  GBP      73.24
Vnesheconombank          8.35  11/24/2020  RUB      64.10
Lehman Brothers Treas    2.88   3/14/2013  CHF       8.00
Societe Generale SA      1.00  12/22/2017  GBP       0.98
EFG International Fin    8.99    9/4/2017  EUR       0.72
Kardan NV                6.78    2/2/2020  ILS      75.01
Stichting Afwikkeling    6.63   5/14/2018  EUR       3.48
Bank Nederlandse Geme    0.50   9/20/2022  ZAR      65.19
SAir Group               6.25   4/12/2005  CHF      14.75
DekaBank Deutsche Gir    0.01   6/29/2046  EUR      54.11
City of Siret Romania    2.32    3/1/2028  RON      50.00
Vnesheconombank          9.76  12/17/2021  RUB      64.11
SAir Group               5.50   7/23/2003  CHF      14.75
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
AKB Peresvet ZAO        12.50    9/6/2017  RUB      35.00
Orient Express Bank P   11.70   7/17/2018  RUB      99.10
Cooperatieve Rabobank    0.50  11/30/2027  MXN      43.75
UmweltBank AG            2.85              EUR      53.62
Lehman Brothers Treas    1.46   2/19/2012  JPY       8.00
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
Lehman Brothers Treas    5.00    5/2/2022  EUR       3.92
Salvator Grundbesitz-    9.50              EUR      19.10
Deutsche Bank AG         0.20   6/28/2033  USD      56.46
Solarwatt GmbH           7.00   11/1/2015  EUR      14.50
Reso-Leasing OOO        13.25  10/30/2025  RUB      62.21
Kaupthing ehf            6.13   10/4/2016  USD      17.63
Pierer Industrie AG      5.75              EUR      66.69
SAir Group               4.25    2/2/2007  CHF      14.75
UniCredit Bank AO       12.35   9/16/2020  RUB     103.75
Transneft PJSC           8.75   4/14/2027  RUB      78.01
Barclays Bank PLC        3.18   3/27/2029  USD      69.15
International Finance    0.50   6/29/2027  ZAR      39.76
Kaupthing ehf            6.13   10/4/2016  USD      17.63
Societe Generale SA      0.28   6/28/2033  USD      71.38
Mriya Agro Holding PL   10.95   3/30/2016  USD       6.00
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
BNP Paribas Emissions    3.00  10/12/2018  EUR      68.29
VEB-Leasing OAO         12.50    9/1/2025  RUB      60.01
Lehman Brothers Treas    5.00   8/16/2017  EUR       8.00
Russian Post FGUP        9.50  10/18/2019  RUB      90.01
Lehman Brothers Treas    6.00   9/20/2011  EUR       3.92
BF Garant-Invest OOO    13.00   5/27/2019  RUB      60.00
ENEL RUSSIA PJSC        12.10   9/28/2018  RUB      70.01
Banca delle Marche Sp    6.00    5/8/2018  EUR       1.91
Heta Asset Resolution    0.13  12/31/2023  EUR      36.63
Far East Capital Ltd     8.75    5/2/2020  USD      71.63
Sidetur Finance BV      10.00   4/20/2016  USD       4.86
Espirito Santo Financ    5.05  11/15/2025  EUR       0.06
Russian Railways JSC    11.20  10/16/2025  RUB      63.63
UniCredit Bank Austri    0.06   1/24/2031  EUR      67.55
Lehman Brothers Treas    9.30  12/21/2010  EUR       3.92
HSH Nordbank AG          3.21    5/6/2030  EUR      73.72
HSBC Bank PLC            0.50  12/29/2026  AUD      68.29
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Fininvest OOO           13.00   11/9/2018  RUB       0.50
Driver & Bengsch AG      8.50  12/31/2027  EUR       0.00
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      90.00
Pongs & Zahn AG          8.50              EUR       0.08
Lehman Brothers Treas    4.00   7/27/2011  EUR       3.92
Rusfinans Bank OOO       9.65   2/26/2021  RUB      60.16
Avangard-Agro OOO       11.50  10/10/2017  RUB      65.01
SG Issuer SA             0.78   6/15/2020  SEK      66.51
Cie de Financement Fo    0.98   8/11/2046  EUR      72.22
City of Moscow Russia    7.50   5/18/2021  RUB      65.00
Dresdner Bank AG         0.34  11/19/2029  EUR      65.48
Heta Asset Resolution    0.24  12/31/2023  EUR      36.63
Vontobel Financial Pr    8.05  12/22/2017  USD      52.36
Atari SA                 0.10    4/1/2020  EUR       5.16
Lehman Brothers Treas    3.86   9/21/2011  SGD       9.63
City of Kiev Ukraine     8.00   11/6/2015  USD      63.38
MKB-Leasing OOO         12.50  10/21/2021  RUB      60.30
Heta Asset Resolution    7.50  12/31/2023  ATS      36.63
Rossiysky Capital OJS   10.50   1/16/2020  RUB      70.01
Krakowski Bank Spoldz    5.11   9/20/2023  PLN      69.06
BLT Finance BV           7.50   5/15/2014  USD       2.48
Portugal Telecom Inte    5.00   11/4/2019  EUR      33.25
Beluga Group PJSC       12.90   4/29/2020  RUB      65.00
Windreich GmbH           6.75    3/1/2015  EUR      11.00
OGK-2 PJSC              11.50  11/24/2020  RUB      62.06
EDOB Abwicklungs AG      7.50    4/1/2012  EUR       0.66
Institut Catala de Fi    0.87   9/18/2024  EUR      71.07
Lehman Brothers Treas    7.00  11/26/2013  EUR       8.00
Lehman Brothers Treas    4.60  10/11/2017  ILS       8.00
RESO-Garantia Insuran   11.75   3/24/2023  RUB      62.01
Lehman Brothers Treas    8.25   12/3/2015  EUR       8.00
Svensk Exportkredit A    0.50   6/20/2029  AUD      69.94
Rusfinans Bank OOO      10.05   6/10/2019  RUB      60.78
Societe Generale SA     17.00   1/31/2018  USD      55.60
Reso-Leasing OOO        11.00   10/3/2025  RUB     100.00
Barclays Bank PLC        3.95   1/31/2029  USD      72.00
AKB Peresvet ZAO        12.75   7/24/2018  RUB      26.15
Astana Finance BV        9.00  11/16/2011  USD      16.88
Russian Railways JSC     9.85   4/26/2041  RUB      64.33
Lehman Brothers Treas    6.00   3/14/2011  EUR       8.00
Moscow United Electri   10.00   5/26/2026  RUB      62.00
Lehman Brothers Treas    3.50  10/24/2011  USD       3.92
Barclays Bank PLC        0.50   3/19/2021  MXN      73.80
Finstone OOO             9.25   1/10/2019  RUB      60.00
State Transport Leasi   14.30  12/10/2024  RUB      68.42
O1 Properties Finance   13.00   10/2/2020  RUB      70.01
UniCredit Bank AO       12.00  11/20/2019  RUB     100.00
Rosselkhozbank JSC      10.60   7/14/2025  RUB      95.01
Beluga Group PJSC        9.75   5/28/2020  RUB      61.00
Rosselkhozbank JSC      12.87  12/22/2021  RUB     100.01
Societe Generale SA      8.00   2/14/2022  USD
PromSvyazCapital AO     11.75   4/10/2026  RUB     100.60
Lehman Brothers Treas    5.00   3/18/2015  EUR       8.00
Lehman Brothers Treas    4.68  12/12/2045  EUR       3.92
BNP Paribas SA           0.50    5/6/2021  MXN      73.33
Russian Post FGUP        9.35  10/18/2019  RUB      70.00
Bank Nederlandse Geme    0.50   8/15/2022  ZAR      65.86
Rusfinans Bank OOO       8.05   6/30/2020  RUB      60.12
Rosintrud OOO           11.25    2/5/2021  RUB      61.01
Freight One JSC         12.00  10/15/2025  RUB      62.88
SAir Group               2.75   7/30/2004  CHF      14.75
Lehman Brothers Treas    7.60   1/31/2013  AUD       3.92
Lehman Brothers Treas    8.00   5/22/2009  USD       3.92
Virgolino de Oliveira   10.88   1/13/2020  USD      26.38
Heta Asset Resolution    4.88  12/31/2023  EUR      36.63
BELLAGIO Holding GmbH    2.18              EUR      49.14
Cooperatieve Rabobank    0.50  12/29/2027  MXN      43.95
Podkarpacki Bank Spol    5.81    7/2/2020  PLN      74.50
Polski Bank Spoldziel    4.81  11/26/2024  PLN
PromSvyazCapital AO     12.00  11/13/2026  RUB     100.00
Metalloinvest Holding    0.01   3/10/2022  RUB      60.00
Oberoesterreichische     0.32   11/6/2030  EUR      69.59
MegaFon PJSC             9.90   5/29/2026  RUB      61.62
Astana Finance BV        7.88    6/8/2010  EUR      16.88
EFG International Fin   12.86  10/30/2017  EUR       0.90
Two Capitals Highway    13.45   5/10/2030  RUB      74.13
Raiffeisen Switzerlan   22.20    9/1/2017  USD      64.53
Bashneft PJSC           12.00   5/19/2025  RUB      60.00
Lehman Brothers Treas    7.00   4/14/2009  EUR       3.92
Lehman Brothers Treas    6.00    3/4/2015  USD       3.92
Autonomous Community     2.97    9/8/2039  JPY      64.64
Leonteq Securities AG   20.00  10/25/2017  CHF      52.35
Transbaltstroi OOO       9.50  11/26/2020  RUB      95.00
Expobank LLC            12.50   7/12/2019  RUB     100.00
Admiral Boats SA         8.50   9/18/2017  PLN      25.01
Gold-Zack AG             7.00  12/14/2005  EUR      12.61
Russian Railways JSC     6.40   5/30/2040  RUB
ENEL RUSSIA PJSC        12.10   5/22/2025  RUB      60.01
Heta Asset Resolution    5.92  12/31/2023  EUR      36.63
Severo-Zapadnaya Konc    7.60   9/26/2031  RUB     100.00
Phosphorus Holdco PLC   10.00    4/1/2019  GBP       1.09
HSBC Bank PLC            0.50   7/21/2021  BRL      67.90
KPNQwest NV              7.13    6/1/2009  EUR       0.09
BNP Paribas Emissions    3.25  11/24/2017  EUR      64.87
SAir Group               5.13    3/1/2003  CHF      15.00
Bank Nederlandse Geme    0.50    8/9/2022  MXN      69.37
Lehman Brothers Treas    5.00   3/13/2009  EUR       3.92
Kommunekredit            0.50   7/30/2027  TRY      34.44
Barclays Bank PLC        0.50   1/28/2033  MXN      27.04
German Pellets GmbH      8.00              EUR       0.05
TransFin-M PAO          13.00    9/3/2025  RUB      60.02
Vimpel-Communications   11.90   10/3/2025  RUB      60.01
AKB Peresvet ZAO        13.50   6/23/2021  RUB      20.52
Credit Europe Bank Lt    8.88   9/14/2018  RUB      61.80
EFG International Fin    7.19    5/6/2019  EUR      11.14
Municipiul Timisoara     0.76   5/15/2026  RON      70.00
Union Technologies In    0.10    1/1/2020  EUR       4.45
Federal Grid Co Unifi    4.90    9/7/2048  RUB      70.32
Lehman Brothers Treas    4.00   4/13/2011  CHF       3.92
Lehman Brothers Treas    6.65   8/24/2011  AUD       9.63
LBI HF                   2.25   2/14/2011  CHF       7.13
Lehman Brothers Treas    8.00   3/19/2012  USD       3.92
HSBC Bank PLC            0.50    6/9/2023  MXN      63.59
Heta Asset Resolution    5.03  12/31/2023  EUR      36.63
IT Holding Finance SA    9.88  11/15/2012  EUR       2.44
Russian Post FGUP        2.75   12/6/2023  RUB      74.13
UBS AG/London            7.93  12/30/2021  USD      10.28
Credit Suisse AG/Lond    3.00  11/15/2025  ZAR      67.86
Societe Generale SA      0.50   5/30/2023  MXN      63.72
Lehman Brothers Treas    5.00   5/12/2011  CHF       3.92
Rusfinans Bank OOO       9.95   8/22/2019  RUB      60.67
Sankt-Peterburg Telec   10.70   1/31/2022  RUB      62.67
Lehman Brothers Treas    3.60   3/19/2018  JPY       4.19
Severo-Zapadnaya Konc    7.60   9/26/2031  RUB     100.00
Societe Generale SA      0.50    4/3/2023  RUB      66.32
Barclays Bank PLC        0.50   3/26/2021  MXN      73.21
Lehman Brothers Treas    6.00  10/30/2012  USD       3.92
Lehman Brothers Treas   11.00  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Lehman Brothers Treas   23.30   9/16/2008  USD       3.92
IDGC of Centre PJSC     12.42   5/23/2025  RUB      71.01
Moscow United Electri   11.00   9/12/2024  RUB      60.35
ECM Real Estate Inves    5.00   10/9/2011  EUR      10.38
Credit Suisse AG/Lond    8.00    4/6/2022  USD       9.77
Federal Grid Co Unifi    5.40   3/23/2050  RUB      70.32
Federal Grid Co Unifi    5.40   3/23/2050  RUB      70.32
VEB-Leasing OAO         12.50   8/18/2025  RUB      62.00
Federal Grid Co Unifi    5.10  10/30/2048  RUB      70.32
Federal Grid Co Unifi    5.10  10/30/2048  RUB      70.32
Bank Julius Baer & Co   12.15    5/4/2018  USD      60.30
Federal Grid Co Unifi    5.40   6/30/2048  RUB      70.31
Federal Grid Co Unifi    5.40   6/30/2048  RUB      70.31
LBI HF                   6.10   8/25/2011  USD       9.50
Municipality Finance     0.50   5/31/2022  ZAR      67.12
Upravlenie Otkhodami     4.00   4/29/2027  RUB      68.29
Digital Invest OOO      12.00    4/7/2021  RUB      60.40
Windreich GmbH           6.25    3/1/2015  EUR      11.00
Lehman Brothers Treas   11.00    7/4/2011  CHF       3.92
Lehman Brothers Treas    0.50    8/1/2020  EUR       3.92
KPNQwest NV              8.88    2/1/2008  EUR       0.07
Lillestroem Sparebank    4.34              NOK      60.12
Lehman Brothers Treas    5.50   6/22/2010  USD       8.00
Societe Generale SA     11.50   10/3/2017  USD      48.10
Rinol AG                 5.50  10/15/2006  DEM       0.00
ECA                      2.50    1/1/2018  EUR
Raiffeisen Schweiz Ge    8.99   7/22/2019  EUR      24.58
Svensk Exportkredit A    0.50   2/22/2022  ZAR      68.89
Lehman Brothers Treas    8.25    2/3/2016  EUR       3.92
Lehman Brothers Treas    7.50   5/30/2010  AUD       3.92
Lehman Brothers Treas   16.80   8/21/2009  USD       3.92
Lehman Brothers Treas    6.25    9/5/2011  EUR       3.92
Vegarshei Sparebank      4.85              NOK      64.51
Podkarpacki Bank Spol    5.01   10/6/2021  PLN      65.12
Eurocent SA              8.50   9/15/2018  PLN      15.80
Rusfinans Bank OOO      10.90   10/2/2018  RUB      60.26
Lehman Brothers Treas    7.00   2/15/2010  CHF       3.92
LBI HF                   7.43              USD       0.00
Glavnyi Centr Special   13.00   8/22/2019  RUB      70.31
Kerdos Group SA          8.00  12/15/2017  PLN
COFIDUR SA               0.10  12/31/2024  EUR      27.00
VEB-Leasing OAO          8.65   1/16/2024  RUB      62.00
Lehman Brothers Treas    2.50  12/15/2011  GBP       3.92
Lehman Brothers Treas    2.30   6/27/2013  USD       3.92
Lehman Brothers Treas    2.37   7/15/2013  USD       3.92
Lehman Brothers Treas    7.50    5/2/2017  EUR       3.92
Penell GmbH Elektrogr    7.75   6/10/2019  EUR       5.00
KPNQwest NV              7.13    6/1/2009  EUR       0.09
Municipality Finance     0.50   7/30/2029  AUD      70.77
Barclays Bank PLC        0.50   3/13/2023  RUB      66.56
Cerruti Finance SA       6.50   7/26/2004  EUR       1.19
Heta Asset Resolution    5.73  12/31/2023  EUR      36.63
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Lehman Brothers Treas    5.10   6/22/2046  EUR       3.92
Lehman Brothers Treas    1.28   11/6/2010  JPY       8.00
UBS AG                   7.40   5/17/2021  CHF      56.09
MIK OAO                 15.00   2/19/2020  RUB       0.14
Polski Bank Spoldziel    4.81   6/18/2020  PLN      51.00
Podkarpacki Bank Spol    5.81   2/23/2025  PLN      60.00
Main Road OJSC           3.90  11/22/2028  RUB      60.01
Lehman Brothers Treas    3.00    8/8/2017  EUR       3.92
HSBC Bank PLC            0.50   6/23/2027  MXN      45.20
Lehman Brothers Treas    3.03   1/31/2015  EUR       3.92
Municipality Finance     0.25   6/28/2040  CAD      32.25
Lehman Brothers Treas    0.50    7/2/2020  EUR       3.92
Kaupthing ehf            7.63   2/28/2015  USD      17.63
Lehman Brothers Treas    8.00  10/17/2014  EUR       3.92
BAWAG PSK Versicherun    1.06              EUR      59.58
Russian Railways JSC     5.10   5/20/2044  RUB
KB MIA AO                9.90    3/7/2025  RUB      59.01
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Hellas Telecommunicat    8.50  10/15/2013  EUR       0.72
Bank Nederlandse Geme    0.50   6/22/2021  ZAR      72.95
Lehman Brothers Treas    4.60    7/6/2016  EUR       3.92
BTV Hybrid I GmbH        6.50              EUR      40.05
Lehman Brothers Treas   14.90   9/15/2008  EUR       3.92
Nuova Banca delle Mar    8.00   6/30/2018  EUR       1.24
Commerzbank AG          10.00    3/2/2020  EUR      45.21
EFG International Fin    6.26    5/7/2018  EUR      67.85
Cooperatieve Rabobank    0.50   8/21/2028  MXN      41.45
Svensk Exportkredit A    0.50   8/28/2020  TRY      72.81
Leonteq Securities AG    5.20   8/14/2018  CHF      73.66
UniCredit Bank AG        3.75   10/2/2020  EUR      65.08
Leonteq Securities AG   29.61  10/26/2017  EUR      15.44
UBS AG/London           16.00   1/19/2018  USD      54.25
Landesbank Hessen-Thu    5.00  10/17/2017  EUR      52.99
Leonteq Securities AG   16.20  11/30/2017  USD      23.30
Podkarpacki Bank Spol    5.11   5/28/2023  PLN
HSBC Bank PLC            0.50  11/25/2025  BRL      45.83
Lehman Brothers Treas    6.25  11/30/2012  EUR       3.92
Svensk Exportkredit A    0.50   3/28/2029  AUD      70.49
Avangard Bank PJSC       9.75   2/20/2026  RUB      70.31
Bank Nederlandse Geme    0.50   9/20/2022  MXN      68.77
Heta Asset Resolution    0.41  12/31/2023  EUR      36.63
Lehman Brothers Treas   10.00   6/17/2009  USD       3.92
Oberbank AG              7.40              EUR      71.42
Lehman Brothers Treas    6.00   5/23/2018  CZK       3.92
Absolut Bank PAO        12.00  12/25/2018  RUB      60.01
Lehman Brothers Treas    6.00  12/30/2017  EUR       3.92
Lehman Brothers Treas    4.05   9/16/2008  EUR       3.92
Lehman Brothers Treas   10.00    8/2/2037  JPY       3.92
Leonteq Securities AG    4.40   8/28/2017  CHF      71.83
Raiffeisen Schweiz Ge    5.04   8/28/2017  CHF      74.68
Raiffeisen Schweiz Ge    6.50    7/2/2018  USD      48.40
Bank Julius Baer & Co    9.00  11/16/2017  USD      44.60
SAir Group               2.13   11/4/2004  CHF      14.75
DekaBank Deutsche Gir    2.80   7/22/2019  EUR      70.70
UniCredit Bank AG        4.00   6/26/2018  EUR      57.76
EFG International Fin    6.48   5/29/2018  EUR       5.89
Podkarpacki Bank Spol    5.81  10/24/2024  PLN
SAir Group               2.75   7/30/2004  CHF      14.75
Rusfinans Bank OOO       8.75   9/29/2020  RUB      60.16
Polbrand sp zoo          9.00   10/2/2017  PLN      50.00
Royal Bank of Scotlan    6.20    9/7/2018  GBP       1.06
Transneft PJSC           8.00    7/3/2025  RUB      62.00
Northland Resources A   12.25   3/26/2016  USD       0.32
Province of Brescia I    0.03   6/30/2036  EUR      63.91
Espirito Santo Financ    5.63   7/28/2017  EUR       0.27
Lehman Brothers Treas    3.50   9/29/2017  EUR       3.92
Lehman Brothers Treas    3.00   8/15/2017  EUR       3.92
IDGC of Centre PJSC     11.80  11/11/2025  RUB      72.61
Lehman Brothers Treas    5.00  11/22/2012  EUR       3.92
IDGC of the North Cau   13.00   4/22/2021  RUB      60.00
Lehman Brothers Treas    4.00  10/24/2012  EUR       3.92
Lehman Brothers Treas    7.59  11/22/2009  MXN       8.00
Societe Generale SA      0.50   5/22/2024  MXN      58.74
Solomenskij Lesozavod   10.00   9/29/2021  RUB      60.00
MRSK Urala PJSC         11.58  11/11/2025  RUB      70.31
Heta Asset Resolution    5.27  12/31/2023  EUR      36.63
Kaupthing ehf            7.50    2/1/2045  USD       0.15
Lehman Brothers Treas    1.00    5/9/2012  EUR       3.92
Lehman Brothers Treas    6.00    8/7/2013  EUR       3.92
Lehman Brothers Treas    7.55  12/29/2008  USD       3.92
Noyabrskaya Pge OOO      8.50  11/10/2020  RUB      60.00
Promnefteservis OOO     10.50  11/21/2019  RUB       1.70
Bank Julius Baer & Co   11.00   3/29/2018  USD      64.20
Mcib Bank LLC           14.50    9/1/2023  RUB
KPNQwest NV              8.88    2/1/2008  EUR       0.07
Eiendomskreditt AS       4.15              NOK      54.79
Societe Generale SA      0.50    4/4/2024  MXN      59.40
Lehman Brothers Treas    7.06  12/29/2008  EUR       3.92
Lehman Brothers Treas   11.75    3/1/2010  EUR       3.92
Lehman Brothers Treas    5.00   4/24/2017  EUR       3.92
Lehman Brothers Treas    6.00   3/17/2011  EUR       3.92
Lloyds Bank PLC          0.50   7/26/2028  MXN      46.49
Lehman Brothers Treas    4.00   12/2/2012  EUR       3.92
IDGC of Centre PJSC     11.58  11/11/2025  RUB      70.31
Lehman Brothers Treas    5.25   5/26/2026  EUR       3.92
Communaute Francaise     0.50   6/27/2046  EUR      66.84
Lehman Brothers Treas    3.50  10/31/2011  USD       3.92
Lehman Brothers Treas    6.75    4/5/2012  EUR       3.92
Bank Nederlandse Geme    0.50   5/12/2021  ZAR      74.69
Lehman Brothers Treas    4.50    5/2/2017  EUR       8.00
Lehman Brothers Treas    5.00   2/28/2032  EUR       3.92
Province of Brescia I    0.11  12/22/2036  EUR      63.25
Societe Generale SA      0.50    8/4/2021  BRL      67.75
ECM Real Estate Inves    5.00   10/9/2011  EUR      10.38
IDGC of Centre PJSC      9.32   8/14/2026  RUB      70.31
Lloyds Bank PLC          0.50   7/26/2021  BRL      67.89
MRSK Urala PJSC          9.32   8/14/2026  RUB      70.31
Lehman Brothers Treas    1.75    2/7/2010  EUR       3.92
Barclays Bank PLC        8.00   12/8/2017  USD
AKB Peresvet ZAO         2.56    9/2/2020  RUB      15.88
BNP Paribas Emissions   27.00  12/21/2017  EUR      53.17
Lehman Brothers Treas    2.00  11/16/2009  EUR       3.92
SpareBank 1 Nordvest     3.66   3/11/2099  NOK      64.32
HSBC Bank PLC            0.50   2/24/2027  NZD      70.94
Northland Resources A   15.00   7/15/2019  USD       0.32
Lehman Brothers Treas    3.00   12/3/2012  EUR       3.92
Lehman Brothers Treas    6.00   7/28/2010  EUR       3.92
Transgazservice LLP     10.50   11/8/2019  RUB       0.04
Lehman Brothers Treas   10.00   6/11/2038  JPY       3.92
Lehman Brothers Treas   12.00   7/13/2037  JPY       3.92
Lehman Brothers Treas    5.25  11/21/2009  USD       3.92
UniCredit Bank Austri    0.12   1/22/2031  EUR      71.28
Lehman Brothers Treas    8.00   2/16/2016  EUR       3.92
Lehman Brothers Treas    2.00   6/28/2011  EUR       3.92
Lehman Brothers Treas    7.60    3/4/2010  NZD       3.92
Lehman Brothers Treas    4.25   3/13/2021  EUR       3.92
Lehman Brothers Treas    4.70   3/23/2016  EUR       3.92
HSBC Bank PLC            0.50   4/27/2027  NZD      70.34
Lehman Brothers Treas    5.12   4/30/2027  EUR       3.92
Polski Bank Spoldziel    4.81   6/22/2021  PLN
Credit Suisse AG/Lond    8.50   9/18/2017  USD      33.76
EFG International Fin    6.21   7/22/2019  EUR      70.70
Lehman Brothers Treas   11.00  12/19/2011  USD       3.92
HSBC Bank PLC            0.50   4/11/2023  MXN      64.43
Landesbank Baden-Wuer    3.25   1/26/2018  EUR      60.10
BNP Paribas Emissions   29.00  12/21/2017  EUR      54.79
DZ Bank AG Deutsche Z    7.10  12/22/2017  EUR      69.18
Lehman Brothers Treas    4.50    3/6/2013  CHF       3.92
BKS Hybrid alpha GmbH    7.35              EUR      60.82
Lehman Brothers Treas    7.00    6/6/2017  EUR       3.92
Kreditanstalt fuer Wi    0.25   10/6/2036  CAD      40.89
Center-Invest Commerc    8.70  11/13/2018  RUB      99.90
Lehman Brothers Treas   10.00   2/16/2009  CHF       3.92
Portugal Telecom Inte    4.63    5/8/2020  EUR      33.01
Lehman Brothers Treas    0.50  12/20/2017  AUD       9.63
UBS AG                   4.00  12/22/2017  EUR      67.73
UBS AG/London            6.00   10/5/2017  CHF      42.90
OOO SPV Structural In    0.01    9/1/2023  RUB      66.65
Banca delle Marche Sp    6.00   6/12/2018  EUR       1.92
Lehman Brothers Treas    4.00   7/20/2012  EUR       3.92
Nutritek Internationa    8.75  12/11/2008  USD       2.00
Landesbank Baden-Wuer    3.00   5/25/2018  EUR      67.32
Leonteq Securities AG   15.20  10/11/2017  CHF      68.55
Leonteq Securities AG    7.00   11/6/2017  CHF      36.24
Credit Suisse AG/Lond    0.50    1/8/2026  BRL      45.07
DZ Bank AG Deutsche Z    8.70  12/22/2017  EUR      54.63
DZ Bank AG Deutsche Z   10.10  12/22/2017  EUR      51.59
UBS AG/London           12.50   9/22/2017  EUR      47.89
HSBC Trinkaus & Burkh   12.70   9/22/2017  EUR      50.07
HSBC Trinkaus & Burkh   10.30   9/22/2017  EUR      54.31
HSBC Trinkaus & Burkh    7.50   9/22/2017  EUR      60.92
UBS AG/London            9.50   9/22/2017  EUR      52.77
Zurcher Kantonalbank     8.50  10/16/2017  CHF      66.24
Raiffeisen Schweiz Ge    8.00  10/20/2017  CHF      68.42
BNP Paribas Emissions   12.00   9/21/2017  EUR      69.61
BNP Paribas Emissions   12.00  12/21/2017  EUR      57.29
BNP Paribas Emissions   16.00   9/21/2017  EUR      48.33
BNP Paribas Emissions    9.00  12/21/2017  EUR      64.61
BNP Paribas Emissions   10.00  12/21/2017  EUR      61.90
Landesbank Baden-Wuer    4.50   8/25/2017  EUR      71.03
Landesbank Baden-Wuer    3.00   8/25/2017  EUR      63.87
Landesbank Baden-Wuer    4.00   8/25/2017  EUR      59.47
Landesbank Baden-Wuer    5.00   8/25/2017  EUR      56.03
Landesbank Baden-Wuer    3.00   8/25/2017  EUR      74.99
Landesbank Baden-Wuer    4.00   8/25/2017  EUR      70.65
EFG International Fin    7.20   7/29/2020  EUR      23.34
Landesbank Baden-Wuer    3.40   9/28/2018  EUR      68.85
DZ Bank AG Deutsche Z    3.45   8/25/2017  EUR      65.75
Leonteq Securities AG    5.40   8/28/2017  CHF      59.93
Leonteq Securities AG    5.00    9/4/2018  CHF      62.47
Leonteq Securities AG    5.60    9/4/2017  CHF      64.51
DZ Bank AG Deutsche Z    3.60   9/15/2017  EUR      71.07
Leonteq Securities AG    5.60   9/11/2017  CHF      60.44
Bayerische Landesbank    3.00   10/5/2018  EUR      74.48
Deutsche Bank AG         4.20  11/22/2017  EUR      69.60
Deutsche Bank AG         3.20  11/22/2017  EUR      66.50
Deutsche Bank AG         3.20  11/22/2017  EUR      66.50
Deutsche Bank AG         3.20  11/22/2017  EUR      62.50
City of Predeal Roman    1.50   5/15/2026  RON      60.00
UBS AG/London            9.50    9/4/2017  CHF      26.75
Goldman Sachs & Co We   13.00   9/20/2017  EUR      72.67
Goldman Sachs & Co We   12.00   9/20/2017  EUR      55.39
Goldman Sachs & Co We   12.00   9/20/2017  EUR      53.56
Landesbank Hessen-Thu    5.00   3/27/2019  EUR      62.53
Landesbank Hessen-Thu    4.00    4/8/2019  EUR      59.03
UniCredit Bank AG        4.60    7/2/2018  EUR      54.44
Leonteq Securities AG    7.00   9/20/2017  CHF      68.03
Bayerische Landesbank    2.60  10/19/2018  EUR      62.97
Raiffeisen Schweiz Ge    4.50   3/27/2018  EUR      55.17
DZ Bank AG Deutsche Z    5.25    3/6/2018  EUR      71.59
DekaBank Deutsche Gir    2.75    2/2/2018  EUR      67.75
UniCredit Bank AG        5.00   6/25/2019  EUR      57.85
Bayerische Landesbank    2.60   3/29/2018  EUR      66.91
EFG International Fin    7.20   2/25/2019  EUR      12.12
Commerzbank AG           5.80   10/8/2017  EUR      67.67
DZ Bank AG Deutsche Z    5.60    9/8/2017  EUR      68.85
Landesbank Hessen-Thu    6.75   4/17/2020  EUR      73.24
Leonteq Securities AG    3.50   4/10/2018  EUR      54.80
Landesbank Hessen-Thu    6.20   7/24/2020  EUR      72.72
DZ Bank AG Deutsche Z    5.00    2/6/2018  EUR      65.94
DekaBank Deutsche Gir    2.70   3/16/2018  EUR      66.72
Raiffeisen Schweiz Ge    4.20   4/10/2018  EUR      57.24
Landesbank Baden-Wuer    3.00  10/27/2017  EUR      67.51
Landesbank Baden-Wuer    5.00  10/27/2017  EUR      60.47
Landesbank Baden-Wuer    5.00  10/27/2017  EUR      58.73
Landesbank Baden-Wuer    6.00  10/27/2017  EUR      73.89
Landesbank Baden-Wuer    3.60   9/22/2017  EUR      65.56
Landesbank Baden-Wuer    3.05   8/25/2017  EUR      68.87
Landesbank Baden-Wuer    3.55   8/25/2017  EUR      70.22
Landesbank Baden-Wuer    3.75   9/22/2017  EUR      70.95
Landesbank Baden-Wuer    3.00   6/28/2019  EUR      63.79
Landesbank Baden-Wuer    3.00   6/28/2019  EUR      68.64
Landesbank Baden-Wuer    3.25   8/25/2017  EUR      63.62
Bayerische Landesbank    2.70   7/27/2018  EUR      70.29
Landesbank Baden-Wuer    3.00   6/28/2019  EUR      69.55
DekaBank Deutsche Gir    3.25   4/20/2018  EUR      53.83
Raiffeisen Schweiz Ge    4.00    5/8/2018  CHF      58.74
DekaBank Deutsche Gir    2.75  10/29/2018  EUR      54.76
Vontobel Financial Pr    4.00   11/9/2017  EUR      58.04
Goldman Sachs & Co We   12.00  12/20/2017  EUR      70.20
Goldman Sachs & Co We   10.00  12/20/2017  EUR      71.74
Goldman Sachs & Co We   13.00  12/20/2017  EUR      64.52
Goldman Sachs & Co We    6.00  12/20/2017  EUR      73.66
Goldman Sachs & Co We   10.00  12/20/2017  EUR      61.84
Goldman Sachs & Co We   11.00  12/20/2017  EUR      58.16
Goldman Sachs & Co We   11.00  12/20/2017  EUR      60.09
DekaBank Deutsche Gir    2.75   9/18/2018  EUR      71.26
Landesbank Hessen-Thu    4.00   4/30/2019  EUR      66.09
DekaBank Deutsche Gir    3.25   5/18/2018  EUR      66.05
Raiffeisen Switzerlan    9.00    4/1/2019  EUR      17.21
DekaBank Deutsche Gir    3.25   3/29/2018  EUR      74.33
Bayerische Landesbank    2.70    7/6/2018  EUR      64.10
Bayerische Landesbank    2.70    7/6/2018  EUR      65.19
EFG International Fin    6.40    4/9/2020  EUR      71.92
Zurcher Kantonalbank     6.50   4/10/2018  CHF      58.20
DekaBank Deutsche Gir    3.25   5/30/2018  EUR      70.73
Landesbank Baden-Wuer    3.00  10/27/2017  EUR      71.05
Landesbank Baden-Wuer    4.00  10/27/2017  EUR      63.09
Landesbank Baden-Wuer    3.70   8/25/2017  EUR      66.37
Landesbank Baden-Wuer    3.70   9/22/2017  EUR      59.45
Landesbank Baden-Wuer    3.90   9/22/2017  EUR      68.05
Landesbank Baden-Wuer    3.20   9/22/2017  EUR      58.36
Landesbank Baden-Wuer    3.40  11/24/2017  EUR      73.12
Landesbank Baden-Wuer    3.50   1/26/2018  EUR      69.66
Landesbank Baden-Wuer    2.50   6/28/2019  EUR      65.89
Landesbank Baden-Wuer    3.50   6/22/2018  EUR      58.93
Landesbank Baden-Wuer    4.00   8/25/2017  EUR      67.44
Bayerische Landesbank    3.20   7/27/2018  EUR      66.00
Commerzbank AG           4.40   4/29/2019  EUR      69.65
DekaBank Deutsche Gir    3.10   4/20/2018  EUR      74.62
Landesbank Hessen-Thu    4.00    6/5/2019  EUR      68.01
DekaBank Deutsche Gir    3.00   4/30/2019  EUR      67.21
UniCredit Bank AG        3.75    9/7/2020  EUR      68.17
Landesbank Baden-Wuer    3.85   8/25/2017  EUR      62.55
Commerzbank AG          20.00   5/28/2018  SEK      51.10
HSBC Trinkaus & Burkh    2.80   9/22/2017  EUR      67.40
Landesbank Baden-Wuer    3.25  12/22/2017  EUR      64.81
Landesbank Hessen-Thu    4.00   1/16/2018  EUR      51.34
Leonteq Securities AG    5.00  12/27/2019  EUR      69.01
Landesbank Baden-Wuer    3.00   2/23/2018  EUR      60.29
Raiffeisen Switzerlan    3.50   8/25/2017  CHF      71.56
Vontobel Financial Pr    9.05   9/22/2017  EUR      69.84
Vontobel Financial Pr   13.50   9/22/2017  EUR      62.92
Vontobel Financial Pr   16.05   9/22/2017  EUR      60.05
Vontobel Financial Pr   16.00  12/22/2017  EUR      58.58
Vontobel Financial Pr   20.00  12/22/2017  EUR      53.61
HSBC Trinkaus & Burkh   14.20  12/22/2017  EUR      66.45
HSBC Trinkaus & Burkh   11.20   8/25/2017  EUR      71.74
HSBC Trinkaus & Burkh   13.80  12/22/2017  EUR      60.45
HSBC Trinkaus & Burkh   11.90  12/22/2017  EUR      62.60
HSBC Trinkaus & Burkh   10.70   8/25/2017  EUR      64.20
HSBC Trinkaus & Burkh   10.20  11/24/2017  EUR      64.37
DZ Bank AG Deutsche Z   11.25   1/26/2018  EUR      73.06
Vontobel Financial Pr   14.00  12/22/2017  EUR      63.24
Vontobel Financial Pr   13.00  12/22/2017  EUR      64.43
Vontobel Financial Pr   12.00  12/22/2017  EUR      65.68
Vontobel Financial Pr   11.00  12/22/2017  EUR      67.03
Vontobel Financial Pr   10.00  12/22/2017  EUR      68.46
Vontobel Financial Pr    9.00  12/22/2017  EUR      69.98
Vontobel Financial Pr    8.00  12/22/2017  EUR      71.61
HSBC Trinkaus & Burkh   13.40   9/22/2017  EUR      61.42
HSBC Trinkaus & Burkh   12.10   3/23/2018  EUR      65.60
HSBC Trinkaus & Burkh   11.30   3/23/2018  EUR      66.63
HSBC Trinkaus & Burkh    8.30   3/23/2018  EUR      71.66
HSBC Trinkaus & Burkh   11.00   8/25/2017  EUR      65.94
HSBC Trinkaus & Burkh   10.40  11/24/2017  EUR      66.09
Commerzbank AG          16.75  11/23/2017  EUR      66.99
UBS AG/London            9.30   9/29/2017  EUR      69.69
UBS AG/London           10.60  12/29/2017  EUR      68.59
UBS AG/London            8.80  12/29/2017  EUR      71.66
UBS AG/London           11.70   9/29/2017  EUR      66.20
UBS AG/London           12.60  12/29/2017  EUR      65.97
UBS AG/London           14.30   9/29/2017  EUR      63.09
DekaBank Deutsche Gir    2.75   6/24/2019  EUR      66.98
Landesbank Baden-Wuer    5.00   9/22/2017  EUR      70.35
Landesbank Baden-Wuer    6.00   9/22/2017  EUR      66.59
Landesbank Baden-Wuer    5.00   9/22/2017  EUR      69.42
Leonteq Securities AG    6.00  10/12/2017  CHF      65.76
UniCredit Bank AG        4.50   9/19/2017  EUR      47.17
Landesbank Hessen-Thu    4.50  11/28/2017  EUR      57.30
Bank VTB 24 JSC          9.00    9/1/2044  RUB
Polski Bank Spoldziel    5.31   9/14/2027  PLN      41.00
DZ Bank AG Deutsche Z   11.50  12/22/2017  EUR      66.69
HSBC Trinkaus & Burkh    3.00   6/22/2018  EUR      62.70
DZ Bank AG Deutsche Z   13.00   9/22/2017  EUR      62.07
UBS AG/London           14.00  12/22/2017  EUR      72.86
UBS AG/London           12.50   2/23/2018  EUR      74.00
UBS AG/London           15.30  12/22/2017  EUR      73.50
Credit Suisse AG/Lond    8.50   3/13/2018  USD      60.99
Vontobel Financial Pr   10.65    9/8/2017  EUR      71.24
Vontobel Financial Pr   12.35    9/8/2017  EUR      68.49
Bank VTB 24 JSC          9.00   9/15/2044  RUB
National Capital JSC    10.50   9/15/2020  RUB      60.00
Soyuz AKB OAO           11.00  11/22/2019  RUB     100.04
Soyuz AKB OAO           13.00  11/22/2019  RUB      99.00
DZ Bank AG Deutsche Z    5.25   4/27/2018  EUR      69.65
HSBC Trinkaus & Burkh    3.00   3/23/2018  EUR      71.85
Commerzbank AG          30.00   6/30/2020  USD       2.35
Bank Julius Baer & Co    8.25   4/19/2018  USD      70.20
SG Issuer SA             5.50   4/10/2021  EUR      68.13
Goldman Sachs & Co We   15.00   9/20/2017  EUR      67.25
UBS AG/London           10.50  11/13/2017  CHF      73.90
HSBC Trinkaus & Burkh    6.50   1/29/2018  EUR      59.52
Zurcher Kantonalbank     4.75  12/11/2017  CHF      67.23
Landesbank Baden-Wuer    5.00  11/24/2017  EUR      70.28
UBS AG/London            6.40   12/8/2017  EUR      54.99
UBS AG/London            9.60   12/8/2017  EUR      49.70
Commerzbank AG           1.00   2/19/2020  USD      32.36
Commerzbank AG          14.00   1/24/2018  EUR      65.74
DZ Bank AG Deutsche Z    6.00  12/22/2017  EUR      73.22
Royal Bank of Scotlan    1.33  10/26/2018  GBP       1.04
Landesbank Baden-Wuer    2.90   7/27/2018  EUR      65.56
SG Issuer SA             0.80  11/30/2020  SEK      55.48
EFG International Fin    7.35  12/28/2017  CHF      66.06
BNP Paribas Emissions   25.00  12/21/2017  EUR      71.97
BNP Paribas Emissions   28.00  12/21/2017  EUR      69.54
BNP Paribas Emissions   26.00  12/21/2017  EUR      63.57
BNP Paribas Emissions   23.00  12/21/2017  EUR      65.92
BNP Paribas Emissions   28.00  12/21/2017  EUR      50.57
BNP Paribas Emissions   21.00  12/21/2017  EUR
BNP Paribas Emissions   15.00  12/21/2017  EUR      72.52
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   29.00  12/21/2017  EUR      50.32
BNP Paribas Emissions   10.00  12/21/2017  EUR      71.96
BNP Paribas Emissions   29.00  12/21/2017  EUR      74.14
BNP Paribas Emissions   27.00  12/21/2017  EUR      54.59
BNP Paribas Emissions   25.00  12/21/2017  EUR      62.72
BNP Paribas Emissions   27.00  12/21/2017  EUR      64.50
BNP Paribas Emissions   22.00  12/21/2017  EUR
BNP Paribas Emissions   26.00  12/21/2017  EUR      57.95
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   27.00  12/21/2017  EUR      61.02
BNP Paribas Emissions   10.00  12/21/2017  EUR      42.47
BNP Paribas Emissions   24.00  12/21/2017  EUR      72.33
BNP Paribas Emissions   28.00  12/21/2017  EUR      57.67
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   25.00  12/21/2017  EUR      48.25
BNP Paribas Emissions   25.00  12/21/2017  EUR      71.05
BNP Paribas Emissions   28.00  12/21/2017  EUR      64.98
BNP Paribas Emissions   15.00  12/21/2017  EUR      75.43
BNP Paribas Emissions   27.00  12/21/2017  EUR      47.42
BNP Paribas Emissions   28.00  12/21/2017  EUR      45.06
BNP Paribas Emissions   23.00  12/21/2017  EUR
BNP Paribas Emissions   22.00  12/21/2017  EUR
BNP Paribas Emissions   28.00  12/21/2017  EUR      60.36
BNP Paribas Emissions   28.00  12/21/2017  EUR      60.28
BNP Paribas Emissions   16.00  12/21/2017  EUR      72.31
BNP Paribas Emissions   24.00  12/21/2017  EUR      58.19
BNP Paribas Emissions   24.00  12/21/2017  EUR      71.85
BNP Paribas Emissions   27.00  12/21/2017  EUR      43.16
BNP Paribas Emissions   22.00  12/21/2017  EUR      72.85
BNP Paribas Emissions   24.00  12/21/2017  EUR      70.92
BNP Paribas Emissions   28.00  12/21/2017  EUR      55.34
BNP Paribas Emissions   26.00  12/21/2017  EUR      65.46
BNP Paribas Emissions   13.00  12/21/2017  EUR      37.87
BNP Paribas Emissions   25.00  12/21/2017  EUR      27.84
BNP Paribas Emissions   15.00  12/21/2017  EUR      68.23
BNP Paribas Emissions   27.00  12/21/2017  EUR      45.87
BNP Paribas Emissions   27.00  12/21/2017  EUR
BNP Paribas Emissions   22.00  12/21/2017  EUR
Goldman Sachs & Co We   16.00   9/20/2017  EUR      73.34
Goldman Sachs & Co We   16.00   9/20/2017  EUR      69.67
BNP Paribas Emissions   27.00  12/21/2017  EUR      67.41
BNP Paribas Emissions   26.00  12/21/2017  EUR      58.27
BNP Paribas Emissions   28.00  12/21/2017  EUR      58.79
BNP Paribas Emissions   26.00  12/21/2017  EUR      56.63
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   26.00  12/21/2017  EUR
BNP Paribas Emissions   23.00  12/21/2017  EUR      49.19
BNP Paribas Emissions   27.00  12/21/2017  EUR      57.39
BNP Paribas Emissions   22.00  12/21/2017  EUR      49.13
BNP Paribas Emissions   16.00  12/21/2017  EUR      73.82
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   28.00  12/21/2017  EUR      60.25
BNP Paribas Emissions   28.00  12/21/2017  EUR      56.90
BNP Paribas Emissions   21.00  12/21/2017  EUR
BNP Paribas Emissions   25.00  12/21/2017  EUR      61.72
BNP Paribas Emissions   24.00  12/21/2017  EUR      70.73
BNP Paribas Emissions   22.00  12/21/2017  EUR      70.16
BNP Paribas Emissions   25.00  12/21/2017  EUR      72.72
BNP Paribas Emissions    6.00  12/21/2017  EUR      50.90
BNP Paribas Emissions   24.00  12/21/2017  EUR
BNP Paribas Emissions   27.00  12/21/2017  EUR      70.42
BNP Paribas Emissions   19.00  12/21/2017  EUR      64.40
BNP Paribas Emissions   28.00  12/21/2017  EUR      50.76
BNP Paribas Emissions   19.00  12/21/2017  EUR      67.14
BNP Paribas Emissions   22.00  12/21/2017  EUR      61.36
BNP Paribas Emissions   28.00  12/21/2017  EUR      66.97
Goldman Sachs & Co We   15.00  12/20/2017  EUR      73.40
Exane Finance SA         5.00  12/20/2019  SEK
Commerzbank AG          14.25  10/26/2017  EUR      52.59
Commerzbank AG           7.25  10/26/2017  EUR      63.84
Commerzbank AG          10.50  10/26/2017  EUR      57.50
UBS AG/London            7.00   9/22/2017  EUR      59.04
UBS AG/London           11.60  12/29/2017  EUR      50.98
UBS AG/London           13.00   9/27/2017  EUR      48.11
UBS AG/London            5.30  12/29/2017  EUR      60.20
Vontobel Financial Pr   19.60   12/8/2017  EUR      73.72
UBS AG/London           12.50   9/22/2017  EUR      67.88
Vontobel Financial Pr   13.00  12/22/2017  EUR      66.02
Vontobel Financial Pr   13.50   9/22/2017  EUR      66.37
Vontobel Financial Pr   11.00  12/22/2017  EUR      68.76
HSBC Trinkaus & Burkh   13.40  12/22/2017  EUR      64.60
HSBC Trinkaus & Burkh   10.40   8/25/2017  EUR      69.69
HSBC Trinkaus & Burkh    9.70  11/24/2017  EUR      69.53
Commerzbank AG          12.25  12/21/2017  EUR      68.66
Commerzbank AG          16.25  12/21/2017  EUR      63.55
Societe Generale SA      7.00  10/20/2020  USD
UBS AG/London            6.90   6/22/2018  EUR      70.11
UBS AG/London            8.20   6/22/2018  EUR      67.98
UBS AG/London            7.40   9/22/2017  EUR      65.55
UBS AG/London            9.90   9/22/2017  EUR      62.36
UBS AG/London            9.40   6/22/2018  EUR      66.10
BNP Paribas Emissions   12.00  10/26/2017  EUR      71.12
BNP Paribas Emissions   15.00  10/26/2017  EUR      64.39
BNP Paribas Emissions   19.00  10/26/2017  EUR      62.30
BNP Paribas Emissions   19.00   9/21/2017  EUR      60.20
Bank Julius Baer & Co   13.00  12/21/2017  USD      49.75
Commerzbank AG          15.50   9/20/2017  EUR      61.12
Commerzbank AG          13.50  12/20/2017  EUR      64.29
DZ Bank AG Deutsche Z    6.00   6/22/2018  EUR      70.62
DekaBank Deutsche Gir    3.00   6/27/2018  EUR      50.37
DZ Bank AG Deutsche Z   12.25   1/26/2018  EUR      72.26
Bank Julius Baer & Co   10.45   5/11/2018  USD      64.50
SG Issuer SA             0.82    8/2/2021  SEK      60.80
EFG International Fin    6.89  12/28/2017  CHF      64.31
Raiffeisen Centrobank    7.20   9/20/2017  EUR      67.57
Goldman Sachs & Co We    9.00  12/20/2017  EUR      74.54
HSBC Trinkaus & Burkh   13.80  12/22/2017  EUR      67.98
HSBC Trinkaus & Burkh   10.80   8/25/2017  EUR      73.70
BNP Paribas Emissions   15.00  11/23/2017  EUR      65.47
BNP Paribas Emissions   13.00  12/21/2017  EUR      69.26
BNP Paribas Emissions   16.00  12/21/2017  EUR      63.86
BNP Paribas Emissions   12.00   6/21/2018  EUR      71.23
BNP Paribas Emissions   13.00   6/21/2018  EUR      69.14
BNP Paribas Emissions   13.00  11/23/2017  EUR      68.36
BNP Paribas Emissions   15.00   9/21/2017  EUR      73.20
Vontobel Financial Pr    9.00   3/23/2018  EUR      70.23
Vontobel Financial Pr   12.50   3/23/2018  EUR      65.91
Commerzbank AG           5.00    2/9/2018  EUR      52.89
Vontobel Financial Pr   16.00  12/22/2017  EUR      62.47
Vontobel Financial Pr   10.50   3/23/2018  EUR      67.77
Vontobel Financial Pr   14.50   3/23/2018  EUR      64.33
Vontobel Financial Pr    4.80   5/14/2018  EUR      69.36
Deutsche Bank AG         5.20   3/20/2018  EUR      74.70
Deutsche Bank AG         7.20  12/19/2017  EUR      74.20
Deutsche Bank AG         5.20  12/19/2017  EUR      73.50
DZ Bank AG Deutsche Z   10.00   1/26/2018  EUR      73.33
DZ Bank AG Deutsche Z   12.25  11/24/2017  EUR      67.33
DZ Bank AG Deutsche Z    7.10   9/22/2017  EUR      67.57
DZ Bank AG Deutsche Z    8.70  12/22/2017  EUR      66.24
HSBC Trinkaus & Burkh    7.90   9/22/2017  EUR      56.65
HSBC Trinkaus & Burkh    5.40   9/22/2017  EUR      62.32
HSBC Trinkaus & Burkh    2.90   9/22/2017  EUR      71.47
Vontobel Financial Pr   12.30    9/8/2017  EUR      72.19
Lehman Brothers Treas    7.25   10/6/2008  EUR       3.92
Lehman Brothers Treas    4.00   4/24/2009  USD       3.92
Lehman Brothers Treas    7.25   6/20/2010  USD       3.92
Lehman Brothers Treas    4.50   7/24/2014  EUR       3.92
Lehman Brothers Treas    7.00   9/20/2011  USD       3.92
Lehman Brothers Treas    4.95  10/25/2036  EUR       3.92
Lehman Brothers Treas    0.25   7/21/2014  EUR       3.92
Lehman Brothers Treas    7.50  10/24/2008  USD       3.92
Lehman Brothers Treas   10.00   3/27/2009  USD       3.92
Lehman Brothers Treas    5.75   6/15/2009  CHF       3.92
Lehman Brothers Treas    6.50   7/24/2026  EUR       3.92
Lehman Brothers Treas    4.50    8/2/2009  USD       3.92
Lehman Brothers Treas    7.38   9/20/2008  EUR       3.92
Lehman Brothers Treas    3.85   4/24/2009  USD       3.92
Lehman Brothers Treas   10.50    8/9/2010  EUR       3.92
Lehman Brothers Treas    8.00   5/22/2009  USD       3.92
Lehman Brothers Treas    9.00   3/17/2009  GBP       3.92
Lehman Brothers Treas    9.00   6/13/2009  USD       3.92
Lehman Brothers Treas    7.00  11/28/2008  CHF       3.92
Lehman Brothers Treas    4.35    8/8/2016  SGD       9.63
Lehman Brothers Treas    6.00  10/24/2008  EUR       3.92
Lehman Brothers Treas    5.00  10/24/2008  CHF       3.92
Petromena ASA            9.75   5/24/2016  NOK       0.61
Lehman Brothers Treas    6.50   5/16/2015  EUR       3.92
Lehman Brothers Treas    5.00    9/1/2011  EUR       3.92
Lehman Brothers Treas    3.50   9/19/2017  EUR       3.92
Lehman Brothers Treas    3.00   9/12/2036  JPY       8.00
Lehman Brothers Treas   10.00    1/4/2010  USD       3.92
Lehman Brothers Treas    6.70   4/21/2011  USD       3.92
Lehman Brothers Treas    8.60   7/31/2013  GBP       3.92
Lehman Brothers Treas    8.28   7/31/2013  GBP       3.92
Lehman Brothers Treas    7.50   7/31/2013  GBP       3.92
HSBC Bank PLC            0.50   12/8/2020  BRL      72.22
Lehman Brothers Treas   12.00    7/4/2011  EUR       3.92
Lehman Brothers Treas   16.00  12/26/2008  USD       3.92
Lehman Brothers Treas   11.00    7/4/2011  USD       3.92
Lehman Brothers Treas    5.50    7/8/2013  EUR       3.92
Lehman Brothers Treas   13.15  10/30/2008  USD       3.92
Lehman Brothers Treas    3.63    3/2/2012  EUR       3.92
Kommunekredit            0.50   5/11/2029  CAD      73.00
Lehman Brothers Treas    5.25    7/8/2014  EUR       3.92
Lehman Brothers Treas    2.50   8/15/2012  CHF       3.92
Lehman Brothers Treas   12.40   6/12/2009  USD       3.92
Lehman Brothers Treas    3.00    6/3/2010  EUR       3.92
Lehman Brothers Treas    8.00    8/3/2009  USD       3.92
Lehman Brothers Treas    4.00  11/24/2016  EUR       3.92
Lehman Brothers Treas    1.50  10/25/2011  EUR       3.92
Lehman Brothers Treas    7.75   1/30/2009  EUR       3.92
Lehman Brothers Treas   11.00   6/29/2009  EUR       3.92
Lehman Brothers Treas    5.50   6/15/2009  CHF       3.92
Kommunalbanken AS        0.50  12/16/2020  TRY      72.61
Barclays Bank PLC        1.99   12/1/2040  USD      72.96
Lehman Brothers Treas   13.00  12/14/2012  USD       3.92
Lehman Brothers Treas    7.32   7/31/2013  GBP       3.92
Lehman Brothers Treas    6.00   12/6/2016  USD       3.92
Lehman Brothers Treas    4.15   8/25/2020  EUR       3.92
Lehman Brothers Treas    4.00    6/5/2011  USD       3.92
Lehman Brothers Treas    4.50  12/30/2010  USD       3.92
Lehman Brothers Treas    2.30    6/6/2013  USD       3.92
Lehman Brothers Treas    4.30    6/4/2012  USD       3.92
Lehman Brothers Treas   11.00   2/16/2009  CHF       3.92
Lehman Brothers Treas    6.30  12/21/2018  USD       3.92
Kaupthing ehf            7.50   12/5/2014  ISK      17.63
Kaupthing ehf            6.50   10/8/2010  ISK      17.63
HSBC Bank PLC            0.50   12/8/2026  AUD      71.93
Lehman Brothers Treas    6.00   2/19/2023  USD       3.92
Lehman Brothers Treas    8.00   3/21/2018  USD       3.92
Lehman Brothers Treas   13.00   2/16/2009  CHF       3.92
Lehman Brothers Treas    1.00   2/26/2010  USD       3.92
Lehman Brothers Treas    6.00   6/21/2011  EUR       3.92
Lehman Brothers Treas    3.10    6/4/2010  USD       3.92
Lehman Brothers Treas    7.75    1/3/2012  AUD       3.92
Lehman Brothers Treas    0.50    6/2/2020  EUR       3.92
Lehman Brothers Treas    5.00   12/6/2011  EUR       3.92
Lehman Brothers Treas   13.43    1/8/2009  ILS       3.92
Lehman Brothers Treas   10.00  10/23/2008  USD       3.92
Lehman Brothers Treas    6.60   5/23/2012  AUD       3.92
Lehman Brothers Treas   10.00   5/22/2009  USD       3.92
Lehman Brothers Treas    4.60    8/1/2013  EUR       3.92
Lehman Brothers Treas    5.00   2/15/2018  EUR       3.92
Lehman Brothers Treas    9.75   6/22/2018  USD       3.92
Lehman Brothers Treas   10.60   4/22/2014  MXN       3.92
Lehman Brothers Treas   16.00   11/9/2008  USD       3.92
Lehman Brothers Treas   16.20   5/14/2009  USD       3.92
Lehman Brothers Treas    4.87   10/8/2013  USD       3.92
Lehman Brothers Treas    7.05    4/8/2015  USD       3.92
Lehman Brothers Treas    7.15   3/21/2013  USD       3.92
Lehman Brothers Treas    7.80   3/31/2018  USD       3.92
Lehman Brothers Treas    2.30   4/28/2014  JPY       3.92
Lehman Brothers Treas    4.00   2/28/2010  EUR       3.92
Lehman Brothers Treas    2.00   5/17/2010  EUR       3.92
Lehman Brothers Treas    4.10   5/20/2009  USD       3.92
Lehman Brothers Treas    6.45   2/20/2010  AUD       3.92
Lehman Brothers Treas    4.00   3/10/2011  EUR       3.92
Lehman Brothers Treas   10.00  10/22/2008  USD       3.92
Lehman Brothers Treas   16.00  10/28/2008  USD       3.92
Lehman Brothers Treas    5.50   4/23/2014  EUR       3.92
Lehman Brothers Treas    8.88   1/28/2011  HKD       9.63
Kaupthing ehf            7.00   7/24/2009  ISK      17.63
Lehman Brothers Treas   11.00  12/20/2017  AUD       3.92
Lehman Brothers Treas    4.00    1/4/2011  USD       3.92
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Oberoesterreichische     0.30   4/25/2042  EUR      55.14
Lehman Brothers Treas    4.50    3/7/2015  EUR       3.92
Lehman Brothers Treas   14.10  11/12/2008  USD       3.92
Lehman Brothers Treas    4.00   8/11/2010  USD       8.00
BNP Paribas SA           0.50  11/16/2032  MXN      31.71
Lehman Brothers Treas    0.75   3/29/2012  EUR       3.92
Kaupthing ehf            9.75   9/10/2015  USD      17.63
Lehman Brothers Treas    7.50    8/1/2035  EUR       3.92
Lehman Brothers Treas    4.90   7/28/2020  EUR       3.92
Lehman Brothers Treas   11.00    5/9/2020  USD       3.92
Lehman Brothers Treas    7.00   7/11/2010  EUR       3.92
Lehman Brothers Treas    6.00   7/28/2010  EUR       3.92
Svensk Exportkredit A    0.50   3/15/2022  ZAR      68.56
Lehman Brothers Treas    4.69   2/19/2017  EUR       3.92
Lehman Brothers Treas    7.60   3/26/2009  EUR       3.92
Lehman Brothers Treas   15.00   3/30/2011  EUR       3.92
Lehman Brothers Treas    6.00   5/12/2017  EUR       3.92
Lehman Brothers Treas    4.10   2/19/2010  EUR       3.92
DekaBank Deutsche Gir    0.12   6/23/2034  EUR      70.89
Landesbank Hessen-Thu    4.00   5/16/2018  EUR      61.20
UBS AG/London           12.50    4/5/2018  USD      64.65
DZ Bank AG Deutsche Z    6.50   3/23/2018  EUR      66.14
DZ Bank AG Deutsche Z    5.75   3/23/2018  EUR      68.62
UniCredit Bank AG        4.40   9/19/2018  EUR      67.24
UBS AG                  10.50  12/22/2017  EUR      70.83
UBS AG                  10.25  12/22/2017  EUR      50.11
UBS AG                   8.50  12/22/2017  EUR      42.49
UBS AG                  11.75  12/22/2017  EUR      62.41
UBS AG                   7.50  12/22/2017  EUR      46.30
UBS AG                   5.75  12/22/2017  EUR      53.84
UBS AG                   7.75  12/22/2017  EUR      60.84
UBS AG                   5.75  12/22/2017  EUR      73.02
UBS AG                  13.00  12/22/2017  EUR      62.74
UBS AG                   9.50  12/22/2017  EUR      71.86
UBS AG                   7.75  12/22/2017  EUR      71.16
UBS AG                  10.50  12/22/2017  EUR      64.63
Landesbank Baden-Wuer    3.15   6/22/2018  EUR      62.34
UBS AG                   9.50  12/22/2017  EUR      71.77
UBS AG                   5.25  12/22/2017  EUR      57.10
UBS AG                  11.75  12/22/2017  EUR      58.99
UBS AG                  10.25  12/22/2017  EUR      38.19
UBS AG                   5.00  12/22/2017  EUR      60.97
UBS AG                  11.75  12/22/2017  EUR      34.32
UBS AG                  10.25  12/22/2017  EUR      68.30
UBS AG                   6.75  12/22/2017  EUR      49.76
UBS AG                   8.25  12/22/2017  EUR      44.38
UBS AG                   6.25  12/22/2017  EUR      49.46
UBS AG                  11.25  12/22/2017  EUR      64.15
UBS AG                   9.00  12/22/2017  EUR      70.85
UBS AG                   8.25  12/22/2017  EUR      61.45
UBS AG                   4.50  12/22/2017  EUR      61.72
UBS AG                  10.50  12/22/2017  EUR      61.82
UBS AG                   9.50  12/22/2017  EUR      65.86
UBS AG                   6.50  12/22/2017  EUR      49.55
HSBC Trinkaus & Burkh    9.00   9/22/2017  EUR      72.88
HSBC Trinkaus & Burkh    8.30  12/22/2017  EUR      74.59
HSBC Trinkaus & Burkh    2.50   9/22/2017  EUR      63.74
Leonteq Securities AG   10.20  10/24/2018  EUR      56.85
DZ Bank AG Deutsche Z   11.00  10/27/2017  EUR      62.31
Commerzbank AG          15.50   8/23/2017  EUR      64.84
Credit Suisse AG/Lond   11.50   4/25/2018  USD      73.47
Bank Julius Baer & Co    5.40  12/20/2017  CHF      71.55
Vontobel Financial Pr    7.00  12/22/2017  EUR      71.27
Vontobel Financial Pr   12.00  12/22/2017  EUR      62.58
HSBC Trinkaus & Burkh   10.50  11/24/2017  EUR      71.70
Lehman Brothers Treas    3.00   8/13/2011  EUR       3.92
Lehman Brothers Treas    1.50    2/8/2012  CHF       3.92
Lehman Brothers Treas   12.22  11/21/2017  USD       3.92
Lehman Brothers Treas    3.50  12/20/2027  USD       3.92
Lehman Brothers Treas    8.05  12/20/2010  HKD       3.92
Kaupthing ehf            3.75   2/15/2024  ISK      17.63
Lehman Brothers Treas   14.90  11/16/2010  EUR       3.92
Lehman Brothers Treas    6.00  10/30/2012  EUR       3.92
Lehman Brothers Treas   16.00   10/8/2008  CHF       3.92
Lehman Brothers Treas    5.50  11/30/2012  CZK       3.92
Lehman Brothers Treas    4.80  11/16/2012  HKD       3.92
United Confectioners    10.50    4/3/2023  RUB      99.96
RGS Nedvizhimost OOO    12.50   2/25/2021  RUB      60.00
Lehman Brothers Treas    7.63   7/22/2011  HKD       3.92
TransFin-M PAO          14.50   2/26/2025  RUB      60.01
Lehman Brothers Treas    6.72  12/29/2008  EUR       3.92
RGS Nedvizhimost OOO    12.50   1/19/2021  RUB      99.91
RGS Nedvizhimost OOO    12.50   7/22/2021  RUB      99.80
Nota-Bank OJSC          13.50    4/1/2016  RUB      31.50
TransFin-M PAO          12.50   8/11/2025  RUB     100.00
Lehman Brothers Treas    2.50   11/9/2011  CHF       3.92
Svensk Exportkredit A    0.50   8/25/2021  ZAR      71.51
LBI HF                   5.08    3/1/2013  ISK       7.13
Lehman Brothers Treas    8.00  12/31/2010  USD       3.92
Lehman Brothers Treas    4.05   9/16/2008  EUR       3.92
LBI HF                   8.65    5/1/2011  ISK       7.13
Lehman Brothers Treas    8.80  12/27/2009  EUR       3.92
Lehman Brothers Treas   11.00  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Lehman Brothers Treas    7.50   2/14/2010  AUD       3.92
Lehman Brothers Treas    5.22    3/1/2024  EUR       3.92
Lehman Brothers Treas    3.50   6/20/2011  EUR       3.92
Lehman Brothers Treas    3.45   5/23/2013  USD       3.92
Lehman Brothers Treas    1.95   11/4/2013  EUR       3.92
Lehman Brothers Treas    2.00   6/21/2011  EUR       3.92
Lehman Brothers Treas    5.38    2/4/2014  USD       3.92
Lehman Brothers Treas    9.50    4/1/2018  USD       3.92
Lehman Brothers Treas    2.75  10/28/2009  EUR       3.92
Lehman Brothers Treas    7.60   5/21/2013  USD       3.92
Societe Generale SA      0.50   6/12/2023  RUB      65.18
Lehman Brothers Treas    9.00    5/6/2011  CHF       3.92
Lehman Brothers Treas   15.00    6/4/2009  CHF       3.92
HSBC Bank PLC            0.50   1/29/2027  NZD      70.95
Lehman Brothers Treas   13.50    6/2/2009  USD       3.92
Lehman Brothers Treas   17.00    6/2/2009  USD       3.92
Lehman Brothers Treas   10.44  11/22/2008  CHF       3.92
RGS Nedvizhimost OOO    12.00  10/19/2020  RUB      99.81
Lehman Brothers Treas    3.82  10/20/2009  USD       3.92
Lehman Brothers Treas    7.75   2/21/2016  EUR       3.92
Credit Suisse AG         0.50  12/16/2025  BRL      46.17
Lehman Brothers Treas    5.00    8/1/2025  EUR       3.92
Lehman Brothers Treas    9.25   6/20/2012  USD       3.92
Lehman Brothers Treas    0.01   9/20/2011  USD       3.92
Lehman Brothers Treas    2.48   5/12/2009  USD       3.92
Lehman Brothers Treas    4.00   5/17/2010  USD       3.92
Lehman Brothers Treas    7.50   6/15/2017  USD       3.92
Lehman Brothers Treas    4.00   5/30/2010  USD       3.92
Lehman Brothers Treas    2.25   5/12/2009  USD       3.92
Lehman Brothers Treas    0.80  12/30/2016  EUR       3.92
Lehman Brothers Treas   10.00    1/3/2012  BRL       3.92
Societe Generale SA      0.50    7/6/2021  BRL      68.24
Credit Agricole Corpo    0.50    3/6/2023  RUB      66.61
Lehman Brothers Treas    4.10   6/10/2014  SGD       9.63
Barclays Bank PLC        1.00   5/10/2019  JPY      64.99
Lehman Brothers Treas    0.50   2/16/2009  EUR       3.92
Lehman Brothers Treas    8.00   4/20/2009  EUR       3.92
Lehman Brothers Treas    1.60   6/21/2010  JPY       3.92
Lehman Brothers Treas    2.40   6/20/2011  JPY       3.92
Lehman Brothers Treas    4.70   3/23/2016  EUR       3.92
Lehman Brothers Treas    8.50    7/6/2009  CHF       3.92
Lehman Brothers Treas    7.50   9/13/2009  CHF       3.92
Lehman Brothers Treas    5.25    4/1/2023  EUR       3.92
Lehman Brothers Treas    4.82  12/18/2036  EUR       3.92
HSBC Bank PLC            0.50  12/22/2025  BRL      45.54
Lehman Brothers Treas    3.70    6/6/2009  EUR       3.92
Eiendomskreditt AS       5.10              NOK      65.50
Lehman Brothers Treas    5.20   3/19/2018  EUR       3.92
Lehman Brothers Treas    6.00   2/14/2012  EUR       3.92
Lehman Brothers Treas    0.25  10/19/2012  CHF       3.92
Lehman Brothers Treas    1.68    3/5/2015  EUR       3.92
Lehman Brothers Treas    8.00  12/27/2032  JPY       3.92
Lehman Brothers Treas   13.50  11/28/2008  USD       3.92
Lehman Brothers Treas    9.00   5/15/2022  USD       3.92
Lehman Brothers Treas    7.39    5/4/2017  USD       3.92
Lehman Brothers Treas    6.60   2/22/2012  EUR       3.92
Lehman Brothers Treas    8.28   3/26/2009  USD       3.92
Lehman Brothers Treas    6.85  12/22/2008  EUR       3.92
Lehman Brothers Treas    7.00   2/15/2012  EUR       3.92
Kaupthing ehf            5.00    1/4/2027  SKK      17.63
Lehman Brothers Treas    4.20   12/3/2008  HKD       9.63
Lehman Brothers Treas   13.00   7/25/2012  EUR       3.92
Lehman Brothers Treas    4.00  10/12/2010  USD       3.92
Lehman Brothers Treas    7.00  10/22/2010  EUR       3.92
Lehman Brothers Treas    1.50  10/12/2010  EUR       3.92
Lehman Brothers Treas    4.60   11/9/2011  EUR       8.00
Nuova Banca delle Mar    7.20   6/30/2018  EUR       1.24
Nuova Banca delle Mar    7.75   6/30/2018  EUR       1.24
LBI HF                   7.43              USD       0.00
Lehman Brothers Treas    8.00  10/23/2008  USD       3.92
Lehman Brothers Treas    3.40   9/21/2009  HKD       3.92
Lehman Brothers Treas   18.25   10/2/2008  USD       3.92
Lehman Brothers Treas    2.50   8/23/2012  GBP       3.92
Artug OAO               15.00   7/14/2025  RUB       1.40
Lehman Brothers Treas    4.25   5/15/2010  EUR       3.92
Lehman Brothers Treas    3.35  10/13/2016  EUR       3.92
Raiffeisen Centrobank    9.85  12/20/2017  EUR      66.16
Raiffeisen Centrobank   13.01  12/20/2017  EUR      63.48
Raiffeisen Centrobank    7.54  12/28/2018  EUR      63.93
Raiffeisen Centrobank    6.23  12/28/2018  EUR      68.78
Commerzbank AG          12.00   2/22/2018  EUR      72.27
Commerzbank AG          15.75   2/22/2018  EUR      67.63
BNP Paribas Emissions   16.00   9/21/2017  EUR      46.52
BNP Paribas Emissions    6.00  10/26/2017  EUR      59.85
BNP Paribas Emissions   13.00  10/26/2017  EUR      49.32
BNP Paribas Emissions    5.00  12/21/2017  EUR      63.29
BNP Paribas Emissions    6.00  12/21/2017  EUR      60.59
BNP Paribas Emissions    9.00  12/21/2017  EUR      56.30
BNP Paribas Emissions    6.00   9/21/2017  EUR      59.30
BNP Paribas Emissions    9.00   9/21/2017  EUR      54.19
BNP Paribas Emissions   13.00  10/26/2017  EUR      68.93
UBS AG/London           12.50  12/22/2017  EUR      69.53
UBS AG/London            5.00  12/22/2017  EUR      70.48
UBS AG/London            7.75  12/22/2017  EUR      63.13
Bank Julius Baer & Co    5.20   9/25/2017  EUR      67.10
Leonteq Securities AG    3.00   9/19/2019  CHF      56.06
Raiffeisen Schweiz Ge    5.00    6/6/2018  CHF      73.32
Raiffeisen Schweiz Ge    5.00   6/13/2018  CHF      72.66
Raiffeisen Schweiz Ge    5.00   7/25/2018  CHF      73.90
HSBC Trinkaus & Burkh    7.50   9/22/2017  EUR      71.86
EFG International Fin   14.00    3/8/2018  CHF      73.16
UBS AG/London            4.50  12/22/2017  EUR      73.38
UBS AG/London            7.00  12/22/2017  EUR      58.96
UBS AG/London            4.00  12/22/2017  EUR      73.02
UBS AG/London            9.00  12/22/2017  EUR      52.60
UBS AG/London            5.75  12/22/2017  EUR      65.18
UBS AG/London           11.00  12/22/2017  EUR      74.65
UBS AG/London            6.25  12/22/2017  EUR      63.03
UBS AG/London           14.50  12/22/2017  EUR      68.94
UniCredit Bank AG        5.00   9/25/2017  EUR      73.78
Credit Suisse AG/Nass    5.25   5/14/2018  CHF      71.26
Raiffeisen Schweiz Ge    4.50   5/23/2018  CHF      73.25
UniCredit Bank AG        4.30  10/17/2018  EUR      66.35
Landesbank Baden-Wuer    3.30   6/22/2018  EUR      63.89
UniCredit Bank AG        4.30  12/22/2017  EUR      58.87
DekaBank Deutsche Gir    3.30   2/26/2018  EUR      48.77
UBS AG                   4.50  12/22/2017  EUR      53.26
UBS AG                   5.00  12/22/2017  EUR      60.81
Landesbank Baden-Wuer    3.05   6/22/2018  EUR      69.20
DekaBank Deutsche Gir    3.00   4/16/2018  EUR      73.09
Leonteq Securities AG   10.00  12/27/2017  USD      57.17
Raiffeisen Schweiz Ge   15.00  12/27/2017  CHF      68.36
HSBC Trinkaus & Burkh    8.95  12/22/2017  EUR      67.80
DZ Bank AG Deutsche Z    8.30   9/22/2017  EUR      51.26
HSBC Trinkaus & Burkh    1.75   8/25/2017  EUR      59.67
Deutsche Bank AG         6.20   9/19/2017  EUR      72.10
Deutsche Bank AG         6.20  12/19/2017  EUR      73.60
UBS AG/London            6.30  12/29/2017  EUR      57.87
HSBC Trinkaus & Burkh    4.80   9/22/2017  EUR      59.18
HSBC Trinkaus & Burkh   13.70  12/22/2017  EUR      71.56
Vontobel Financial Pr   11.50   9/22/2017  EUR      72.98
HSBC Trinkaus & Burkh    8.40   9/22/2017  EUR      51.63
HSBC Trinkaus & Burkh    3.00   9/22/2017  EUR      65.55
UBS AG                  24.10   9/28/2017  EUR      49.75
HSBC Trinkaus & Burkh   14.10   9/22/2017  EUR      70.33
Leonteq Securities AG    7.00  10/19/2017  CHF      68.31
Norddeutsche Landesba    3.00  10/30/2018  EUR      57.81
DZ Bank AG Deutsche Z   10.00  12/22/2017  EUR      72.42
DZ Bank AG Deutsche Z   11.80  12/22/2017  EUR      69.94
DZ Bank AG Deutsche Z    7.70   3/23/2018  EUR      72.58
DZ Bank AG Deutsche Z    9.60   3/23/2018  EUR      70.87
Leonteq Securities AG   15.60  12/19/2017  CHF      70.78
Leonteq Securities AG   17.60  12/19/2017  USD      70.94
Vontobel Financial Pr   18.40   9/11/2017  EUR      70.33
Commerzbank AG           4.00    7/6/2018  EUR      50.88
HSBC Trinkaus & Burkh    4.50  12/28/2018  EUR      73.88
HSBC Trinkaus & Burkh    4.50  12/28/2018  EUR      74.08
HSBC Trinkaus & Burkh   10.07   6/22/2018  EUR      74.26
HSBC Trinkaus & Burkh    5.00   6/22/2018  EUR      66.20
UBS AG/London            3.81  10/28/2017  USD      57.15
HSBC Trinkaus & Burkh   10.10   2/23/2018  EUR      71.98
HSBC Trinkaus & Burkh   11.60   3/23/2018  EUR      70.03
Commerzbank AG          12.75   1/25/2018  EUR      71.73
Commerzbank AG          16.50   1/25/2018  EUR      66.79
Leonteq Securities AG   16.60    5/7/2018  USD      57.48
Vontobel Financial Pr    9.05  12/22/2017  EUR      74.74
UBS AG/London            6.50   1/25/2018  CHF      70.60
Goldman Sachs & Co We   10.00   9/20/2017  EUR      72.43
Goldman Sachs & Co We   14.00   9/20/2017  EUR      63.70
DekaBank Deutsche Gir    3.50  10/28/2019  EUR      64.59
Bank Julius Baer & Co    5.50   11/6/2017  CHF      62.35
Bank Julius Baer & Co    7.75    2/9/2018  USD      53.20
HSBC Trinkaus & Burkh   10.90  10/27/2017  EUR      69.05
HSBC Trinkaus & Burkh   10.10   1/26/2018  EUR      71.26
Raiffeisen Schweiz Ge    3.00   9/22/2020  CHF      67.24
UniCredit Bank AG        3.50   1/29/2020  EUR      74.37
EFG International Fin    7.00  11/27/2019  EUR      16.81
Goldman Sachs Interna    1.00   12/5/2017  SEK      15.60
Bayerische Landesbank    2.70   7/13/2018  EUR      69.11
UniCredit Bank AG        3.80   7/23/2020  EUR      66.13
UniCredit Bank AG        4.40   7/13/2018  EUR      61.78
Bayerische Landesbank    2.40   7/20/2018  EUR      70.79
Norddeutsche Landesba    3.00   7/16/2018  EUR      64.69
Landesbank Baden-Wuer    3.00   7/26/2019  EUR      73.09
EFG International Fin    5.30   6/24/2019  EUR      73.28
Landesbank Baden-Wuer    3.70   7/27/2018  EUR      67.14
UniCredit Bank AG        5.00   7/30/2018  EUR      66.43
Landesbank Baden-Wuer    3.55   8/25/2017  EUR      67.59
Landesbank Baden-Wuer    4.00   6/22/2018  EUR      62.05
Landesbank Baden-Wuer    3.60   6/22/2018  EUR      59.56
DekaBank Deutsche Gir    3.00   5/13/2019  EUR      73.93
Bayerische Landesbank    2.90   6/22/2018  EUR      68.68
Landesbank Baden-Wuer    2.50  12/22/2017  EUR      73.83
Landesbank Baden-Wuer    3.50   7/27/2018  EUR      62.89
Landesbank Baden-Wuer    3.40   7/27/2018  EUR      63.11
Landesbank Baden-Wuer    3.00   7/26/2019  EUR      70.69
DekaBank Deutsche Gir    2.80   5/13/2019  EUR      61.23
Bayerische Landesbank    2.70   6/22/2018  EUR      70.67
Landesbank Baden-Wuer    2.60   8/23/2019  EUR      66.33
Lehman Brothers Treas    4.10   8/23/2010  USD       3.92
Lehman Brothers Treas    3.00   9/13/2010  JPY       8.00
Lehman Brothers Treas    6.60    2/9/2009  EUR       3.92
Societe Generale SA      0.50   4/30/2023  RUB      65.76
HSBC Bank PLC            0.50  10/30/2026  NZD      71.86



                            *********

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.
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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