/raid1/www/Hosts/bankrupt/TCREUR_Public/171023.mbx         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, October 23, 2017, Vol. 18, No. 210


                            Headlines


C Y P R U S

OCEAN RIG: Moody's Hikes CFR to Caa1, Outlook Stable


G E R M A N Y

AIR BERLIN: Seeks Damages from Etihad Airways Over Insolvency
AIR BERLIN: Plane Grounded in Iceland Over Unpaid Airport Charges
AIR BERLIN: Pilots Suspended Over Fly-By Stunt in Dusseldorf
DEA GROUP: S&P Affirms 'BB-' Rating, Outlook Stable


G R E E C E

NATIONAL BANK: Fitch Rates EUR750MM Mortgage Covered Bonds 'B'


I R E L A N D

AVOCA CLO XIV: S&P Assigns Prelim B-(sf) Rating to Cl. F-R Notes


I T A L Y

SALINI IMPREGILO: S&P Assigns 'BB+' Rating to New EUR400MM Notes
WIND TRE: Moody's Rates Proposed EUR7.30BB Senior Sec. Notes B1
WIND TRE: S&P Assigns 'BB-' Rating to EUR7.3-Bil. Sr. Sec. Notes


K A Z A K H S T A N

KAZAKHSTAN UTILITY: Fitch Affirms BB- IDR, Outlook Stable
MANGISTAU ELECTRICITY: Fitch Cuts IDR to BB-, On Rating Watch Neg


L U X E M B O U R G

CONVATEC HEALTHCARE: Moody's Says Supply Chain Issues Credit Neg.
PINNACLE HOLDCO: S&P Lowers CCR to 'D' On Missed Payments


N E T H E R L A N D S

HIGHLANDER EURO II: Moody's Hikes Class E Notes Rating From Ba2
UPC BROADBAND: S&P Rates EUR500MM Secured Term Loan AS 'BB'


R U S S I A

GAZPROMBANK: Focus on Lending to Large Corp. to Constrain Returns
RUSAL PLC: Fitch Raises Long-Term IDR to 'BB-', Outlook Stable
SME BANK: S&P Affirms Then Withdraws 'BB-/B' Issuer Ratings


S P A I N

GRUPO PRISA: Close to Finalizing Up to EUR450MM Capital Increase


U N I T E D   K I N G D O M

INTERSERVE: Bags Government Contract Despite Covenant Breach Risk
PETRA DIAMONDS: Moody's Lowers Corporate Family Rating to B2
WARE TRANSPORT: Trilogy Freight Acquires Business


X X X X X X X X

* BOND PRICING: For the Week October 16 to October 20, 2017


                            *********



===========
C Y P R U S
===========


OCEAN RIG: Moody's Hikes CFR to Caa1, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded Ocean Rig UDW Inc.'s (Ocean
Rig) Corporate Family Rating (CFR) to Caa1 from Ca and
Probability of Default Rating (PDR) to Caa1-PD from D-PD. Moody's
also assigned a Caa1 rating to the new $450 million senior
secured facility jointly issued by Drillships Financing Holding
Inc., Drill Rigs Holdings Inc., Drillships Ocean Ventures Inc.
and several other holding companies owning the rigs. All these
entities are subsidiaries of Ocean Rig. This facility is jointly
guaranteed by Ocean Rig UDW Inc. and several other holding and
operating companies. The outlook on all ratings was changed to
stable from negative. The ratings on all existing old debt are
withdrawn as the obligation is no longer outstanding as a result
of the debt restructuring.

RATINGS RATIONALE

The upgrade of the CFR to Caa1 from Ca reflects the successful
completion of the debt restructuring process on Sept. 22, 2017,
after all the conditions pre-requisite for the restructuring were
satisfied. The restructuring has resulted in an exchange of
around $3.7 billion of debt for new equity of $1.8 billion, cash
consideration of approximately $288 million and new secured
facility due 2024 totaling $450 million. This has resulted in
total gross adjusted debt/EBITDA as of LTM June 2017 to fall to
around 0.7x pro-forma for the transaction from 4.4x.

Successful restructuring of the debt has also improved the
liquidity profile of the company with non-restricted cash balance
of $616 million as of June 2017 pro-forma for the transaction, no
debt repayments until 2024, lower annual cash interest payments
of around $37 million going forward compared to $250 million
historically and minimal capex requirements. Moody's expects the
company to generate positive free cash flow (FCF) of around $350-
400 million in 2017, remain marginally FCF positive in 2018 and
turn negative in 2019-20.

The rating also reflects that the company's operational activity
is expected to remain low over the next 3 years, with no real
market recovery expected before 2020, with only 5 out of 11 rigs
currently operational. There is a high level of uncertainty
around the amount of capex to be spent by oil companies in deep
water exploration with the risk that new exploration would not
materialize or day-rates remain depressed given the overcapacity
situation in the market. This results in no visibility on
revenues beyond 2018, as 4 out of 5 existing firm contracts
expire by H1 2018, with heavy reliance on one contract with Total
S.A. (Aa3, stable) which expires in 2021.

Moody's anticipates the company's credit metrics will deteriorate
in 2018 and 2019 as the existing contracts roll-off resulting in
declining EBITDA. These rigs will either be stacked if no new
contracts are found or in the best case, re-contracted likely at
significantly lower day-rates. A steady supply of new builds will
depress day-rates and maintain significant stress on the sector.
Moody's expects adjusted gross debt/EBITDA to increase to above
3.0x in 2018 from around 1.0x in 2017, and increase further in
2019-20. EBITDA generation in 2019-20 is expected to drop
materially, closer to zero, given the low visibility on revenues,
resulting in peaking leverage. As a result, negative FCF
generation is expected, however, given the high cash balance and
no material funding needs, the company should be able to sustain
for the coming 3-4 years.

More positively, the rating reflects (1) the young and
technologically advanced fleet, with all drillships built within
the last six years, (2) industry leading operating performance
with quarterly contracted operating efficiency of 95% or above
historically, (3) improved fleet average operating expenses, and
(4) scope for recovery when new contracts are signed, even if at
lower day rates, as the debt burden has substantially reduced.

RATING OUTLOOK

The stable outlook mainly reflects the severe industry conditions
for the deep offshore drilling market balanced by improved
liquidity position of the company supported by high cash
balances. The stable outlook also reflects the company's
continuing decline in contracted revenues in 2018-19, with
existing contracts winding up and no visibility of return to
better market conditions.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could downgrade the ratings if there is no recovery in
the market conditions resulting in continued deterioration of the
operating performance and/or weakening liquidity position.

Moody's could consider an upgrade of the CFR if market conditions
recover with revenue visibility resulting in improved operating
performance and strengthening of the liquidity position.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Ocean Rig is an international offshore drilling contractor
providing oilfield services for offshore oil and gas exploration,
development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore
drilling industry.

Ocean Rig is listed on the NASDAQ and its market capitalisation
was $2.4 billion as of October 17, 2017. Current largest
shareholders include George Economou, Ocean Rig's Chairman and
Chief Executive Officer and institutional funds.


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


AIR BERLIN: Seeks Damages from Etihad Airways Over Insolvency
-------------------------------------------------------------
Maria Sheahan and Sylvia Westall at Reuters report that German
airline Air Berlin is demanding damages from its part-owner
Etihad Airways for letting it become insolvent and it hopes for
payment of at least EUR10 million  (US$11.8 million).

According to Reuters, Frank Kebekus, Air Berlin's administrator,
told German newspaper Rheinische Post "We are in negotiations
with Etihad and hope to reach a general settlement soon.  We are
hoping for a two-digit million euro sum."

Air Berlin's planes have been kept in the air by a EUR150 million
government loan, which Mr. Kebekus, as cited by Reuters, said the
carrier could repay with the proceeds from a sale of assets to
larger rival Lufthansa agreed last week.

"We will in all likelihood repay the loan including interest of
around 10 percent," Reuters quotes Mr. Kebekus as saying.

Holders of more than EUR600 million worth of outstanding Air
Berlin bonds will meanwhile likely lose out, he said, as their
claims would only be considered after many others, including Air
Berlin's staff, had been paid, Reuters relates.

                        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.


AIR BERLIN: Plane Grounded in Iceland Over Unpaid Airport Charges
-----------------------------------------------------------------
Maria Sheahan and Christian Kraemer at Reuters report that an Air
Berlin airliner was grounded at Iceland's Keflavik airport late
on Oct. 19 because the insolvent German carrier had not paid its
airport charges.

Reuters Keflavik operator Isavia said in a statement the unpaid
charges had been incurred before Air Berlin, which has struggled
to turn a profit over the last decade, filed for insolvency on
Aug. 15, Reuters relates.

According to Reuters, German magazine Stern said the Airbus A320
landed at Keflavik at 10:35 p.m. local time on Oct. 19 and was
due to depart for Duesseldorf just after midnight.

Air Berlin said the grounding was "unlawful" and "unacceptable",
Reuters relays.

"We have told Keflavik airport repeatedly that any outstanding
demands of payment relating to the time before Aug. 15 must be
registered on the insolvency table due to insolvency law,"
Reuters quotes Air Berlin as saying in a statement.  "We have
called on Keflavik airport to cease its unlawful actions
immediately."

                         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.


AIR BERLIN: Pilots Suspended Over Fly-By Stunt in Dusseldorf
------------------------------------------------------------
Reuters reports that Air Berlin said pilots of the flight that
performed a fly-past during the insolvent carrier's last long-
haul flight to its hub in DÅsseldorf have been suspended.

When coming into land from Miami on the morning of Oct. 16, the
A330 jet flew low across the runway, then pulled up and banked
sharply to the left before landing on its second approach,
Reuters relates.

Pilots are trained in such "go-around" procedures for aborted
landings, but the manoeuvre was unusual and the German aviation
authorities are investigating, Reuters notes.

"In aviation, safety always comes first. We are taking the
incident very seriously," Reuters quotes an Air Berlin spokesman
as saying.

The airline will fly its final short-haul flights under the Air
Berlin brand at the end of this month, Reuters states.

                        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.


DEA GROUP: S&P Affirms 'BB-' Rating, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB-' ratings on Germany-based
oil and gas company DEA Group (L1E Finance GmbH & Co. KG) and on
the group's wholly owned subsidiary Deutsche Erdoel AG (DEA). The
outlook is stable.

S&P said, "We also affirmed our 'BB-' issue rating on the EUR400
million senior unsecured notes due in 2022 issued by DEA Finance
SA and guaranteed by DEA Group. We revised up the recovery rating
to '3' from '4', indicating our expectation of meaningful
recovery prospects (50%-70%; rounded estimate 65%)."

Germany-based oil and gas company DEA Group announced the
acquisition of a 50% interest and operatorship in the onshore oil
field Ogarrio in Mexico for $404 million, funded through a mix of
debt and equity-like instruments with effect from first-quarter
2018.

The affirmations reflect DEA Group's prospect for prudently
funded growth in the coming years, with a modest increase in its
absolute debt, as well as adequate liquidity, notwithstanding its
recent acquisition in Mexico.

Earlier this month DEA Group announced its cash acquisition of a
50% interest and operatorship in the onshore Ogarrio field, from
Mexican oil and gas producer Pemex Exploracion y Producci¢n
(PEP). S&P said, "We believe the transaction could close by the
end of first-quarter 2018 for a total consideration of $404
million. We understand that the transaction will be partially
funded by the group's shareholder with $160 million equity-like
instruments, that we expect to treat as equity. The remainder,
will be sustained by DEA Group with available sources of
liquidity through 2018 and 2019."

S&P said, "That said, we believe that the Ogarrio acquisition
will result in a modest weakening of DEA Group's financial
flexibility and liquidity cushion compared with our previous
projections.

"Under our base-case scenario for DEA Group for 2017-2019, we
continue to project that the group will maintain an S&P Global
Ratings-adjusted ratio of funds from operations (FFO) to debt of
about 20%. In addition, we believe the group's current hedges and
selling contracts mitigate some of the risks of a further drop in
oil prices.

"We take into account, however, that DEA Group has some
flexibility to track adjust its leverage and liquidity buffer. We
note that about 70% of its capital expenditures (capex) are
committed and some noncore assets can be disposed. However, the
possibility of further acquisitions as well as execution
uncertainties when deploying its investment plan lead us to think
that DEA Group's financial soundness is slightly less resilient.

"More positively, we acknowledge that the Ogarrio acquisition
will help the company increase production over 2018-2019 by 5,000
barrels of oil equivalent per day (boe/d) to 6,000 boe/d, leading
to a production of about 140,000 boe/d versus our previous
expectation of about 130,000 boe/d.

"In the first half of 2017, the group saw a decline of about 3%
in its production to 134,000 boe/d from 138,000 boe/d in 2016
because of the natural depletion of its assets. DEA Group's
management plans to achieve 200,000 boe/d or more by 2020,
compared with 138,000 boe/d in 2016. Nevertheless, this ambitious
target, in our opinion, becomes even more aggressive when we
factor in the group's natural depletion (about 30,000 boe/d by
2020)."

In addition to the aforementioned slight production boost, the
Ogarrio transaction will improve the group's 2P (proven plus
probable) reserves by 63.5 million barrels of oil equivalents
(mmboe) -- taking a 50% working interest -- an important driver
for rejuvenating the group's asset base. As of the end of 2016,
DEA Group's 2P reserves reached 667 mmboe. As such, the Ogarrio
field will represent about 10% of the group's total reserves.

S&P said, "Under our revised base-case scenario post-acquisition,
we expect the group to record adjusted EBITDAX of above EUR800
million in 2017, in line with our previous estimates, while we
anticipate an increase of EUR20 million to between EUR770
million-EUR820 million in 2018 (versus EUR727 million in 2016 and
EUR490 million at end-June 2017).

"Moreover, we expect that DEA Group's adjusted debt will reach
EUR2.8 billion in 2018 and EUR3.1 billion in 2019. This compares
with our forecast of adjusted debt of EUR2.3 billion for 2017 and
EUR2.2 billion recorded in 2016. We also note that for
2018-2019 -- the first two years of operation -- the EBITDA
before exploration costs (EBITDAX) contribution from this new
field will likely be well below $50 million per year before
rising progressively.

"The stable outlook reflects the company's growth prospects in
the coming years, without compromising its credit metrics, as
well as adequate liquidity. We forecast an adjusted debt to
EBITDA comfortably below 4x and FFO to debt slightly above 20%
both in 2017 and in 2018. Those ratios can slightly improve if
the company decided to scale back its current ambitious capex
program or to fund some of it with disposals.

"We could downgrade the company if it abandoned its financial
policy, resulting in higher debt. In this respect, we would see
an adjusted FFO to debt well below 20% or debt to EBITDA were
over 4x for a protracted period to be a trigger for a downgrade,
for example, if DEA entered into a large acquisition materially
funded by debt."

Further sustained reductions in oil prices below our price deck
could also increase the risk of a downgrade unless sufficiently
offset by cost reductions or lower capital investment.

In a less likely scenario, a decision to cut the capex budget
could result in a meaningfully declining production profile,
which could negatively affect our assessment of the business
assets and also lead us to lower the ratings.

S&P Said, "We see limited likelihood of an upgrade over the
coming 12-18 months given the group's negative FOCF, execution
risks, and recent acquisition.

"Over the longer term, we could upgrade DEA if the company
sustainably reduces leverage to below 3x with FFO to debt above
30%. Such a rating action should likely also be supported by an
increase in the scale and diversification of the reserves and
producing assets."


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


NATIONAL BANK: Fitch Rates EUR750MM Mortgage Covered Bonds 'B'
--------------------------------------------------------------
Fitch Ratings has assigned National Bank of Greece S.A.'s (NBG,
RD/RD/ccc) Series 7 EUR750 million mortgage covered bonds due
October 2020 a 'B' rating with Positive Outlook.

The covered bonds are issued under NBG's covered bond programme
II (NBG II). All previous outstanding bonds totalling EUR700
million were cancelled on Oct. 9, 2017.

KEY RATING DRIVERS

The rating of the covered bonds is capped by Greece's 'B' Country
Ceiling. The Positive Outlook reflects that on Greece and the
strong protection offered via the 25% minimum contractual over-
collateralisation (OC), which the agency views as sufficient to
sustain stresses above the 'B' rating and which provides more
protection than the 5.3% 'B' breakeven OC.

NBG II benefits from a one-notch recovery uplift from the 'B-'
rating floor that is represented by NBG's 'ccc' Viability Rating
as adjusted by the Issuer Default Rating (IDR) uplift of two
notches. In a scenario of defaulting covered bonds, Fitch would
expect at least good recovery prospects as the cover pool
comprise Greek residential loans secured by mortgages.

The IDR uplift of two notches reflects that NBG's Long-Term IDR
is not support-driven (institutional or by the sovereign) as well
as a low risk of under-collateralisation at the point of
resolution. This is based on Fitch's assessment on the Greek
legal framework, the presence of an asset monitor, asset
eligibility criteria and minimum legal and contractual levels of
OC, as applicable.

Fitch has assigned an eight-notch payment continuity uplift (PCU)
to the programme, although this is not currently a driver of the
rating. NGB II covered bonds envisage a conditional pass-through
feature implying the covered bonds can amortise in line with the
cover assets upon the extension of their principal maturity date.
Moreover, the programme includes a liquidity reserve that covers
at least three-month interest due on the covered bonds and senior
expenses.

RATING SENSITIVITIES

Changes in Greece's Country Ceiling could affect the rating of
National Bank of Greece covered bond programme II. In particular
and all else being equal, an upgrade of the Country Ceiling will
lead to an upgrade of the covered bonds programme as long as the
relied-upon overcollateralisation of the programme is enough to
compensate for the stresses that are commensurate with the
Country Ceiling level.


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


AVOCA CLO XIV: S&P Assigns Prelim B-(sf) Rating to Cl. F-R Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Avoca CLO XIV DAC's floating-rate class X, A-1R, A-2R, B-1R, B-
2R, C-1R, C-2R, D-R, E-R, and F-R notes. The unrated subordinated
notes initially issued will not be redeemed at closing and will
remain outstanding, with an extended maturity to match the newly
issued notes.

The proceeds from the issuance of these notes will be used to
redeem the existing class A, B-1, B-2, C, D, E, and F notes.
Concurrent with the new note issuance, key transactional features
such as the weighted-average life and the reinvestment period
will also be reset to initial levels.

Avoca CLO XIV is a cash flow collateralized loan obligation (CLO)
transaction securitizing a portfolio of primarily senior secured
loans granted to speculative-grade European corporations. KKR
Credit Advisors (Ireland) Unlimited Co. manages the transaction.

Under the transaction documents, the rated notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes would permanently switch to semiannual
payment.

The portfolio's reinvestment period ends approximately four years
after closing, and the portfolio's maximum average maturity date
is 8.5 years after closing.

S&P said, "We understand that the portfolio will represent a
well-diversified pool of corporate borrowers, with a fairly
uniform exposure to all of them at closing.

"Therefore, we have conducted our credit and cash flow analysis
by applying our criteria for corporate cash flow collateralized
debt obligations (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Aug. 8,
2016).

"In our cash flow analysis, we used a portfolio target par amount
of EUR500 million, using the covenanted weighted-average spread
(3.60%) and the covenanted weighted-average recovery rates at
each rating level.

"The Bank of New York Mellon (London Branch) is the bank account
provider and custodian. At closing, we expect the participants'
downgrade remedies to be in line with our current counterparty
criteria (see "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013).

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

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

RATINGS LIST

  Avoca CLO XIV Ltd.
  EUR519.80 mil senior secured floating- and fixed-rate notes and
  subordinated notes

                                          Prelim Amount
  Class                 Prelim Rating        (mil, EUR)
  X                     AAA (sf)                   3.0
  A-1-R                 AAA (sf)                 274.4
  A-2-R                 AAA (sf)                  25.0
  B-1-R                 AA (sf)                   16.3
  B-2-R                 AA (sf)                   48.5
  C-1-R                 A (sf)                    18.0
  C-2-R                 A (sf)                    15.0
  D-R                   BBB (sf)                  25.0
  E-R                   BB (sf)                   25.7
  F-R                   B- (sf)                   14.8
  Sub                   NR                        54.1

  NR--Not rated


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


SALINI IMPREGILO: S&P Assigns 'BB+' Rating to New EUR400MM Notes
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' issue
rating to the proposed about EUR400 million senior unsecured
notes due in 2024 to be issued by Italian construction company
Salini Impregilo S.p.A. (BB+/Stable).

The '4' recovery rating reflects the notes' unsecured and
unguaranteed nature, and structural subordination to significant
prior-ranking claims. S&P estimates recovery prospects at 40%.
Most bank lines and revolving credit facilities rank pari-passu
with the bonds.

The issue and recovery ratings on the proposed notes are based on
preliminary information and are subject to their successful
issuance and our satisfactory review of the final documentation.

Salini intends to use the proceeds of the proposed notes to
refinance at maturity the existing EUR283 million of unsecured
notes maturing in 2018, and repay a portion of its bank debt. In
addition, Salini is negotiating to lengthen the maturities of
some of its bank lines. If this eventuates, the new capital
structure would have an average maturity of 4.1 years compared to
3.1 years currently.

S&P expects the documentation for the proposed new bond to be
broadly in line with that for the existing notes, including one
incurrence covenant stipulating a minimum consolidated interest
coverage ratio of 2.5x, and permitting debt of the issuer or
material subsidiaries of up to 15% of consolidated assets. There
is no restricted-payment covenant, but the documentation will
come with a EUR50 million cross-default threshold provision.

S&P said, "In our hypothetical default scenario, we assume a
prolonged economic downturn affecting the construction sector,
combined with a decline in infrastructure projects and
operational delays in completing existing ones, which would
result in severe margin contractions. In our view, this would
reduce Salini's ability to meet its debt obligations, triggering
a payment default in 2022.

"We value Salini as a going concern, based on its strong brand
value, market position, and global presence."

Simulated default assumptions:
-- Year of default: 2022
-- Jurisdiction: Italy
-- Emergence EBITDA (after recovery adjustments): EUR276.8
    million
-- Minimum capex at 2.5%, in line with company's expectations
    Cyclicality adjustment is +5%, in line with the specific
    industry sub-segment. No operational adjustment was further
    taken to calculate the enterprise value at default
-- Multiple: 5x in line with the standard assumption for the
    construction sector

Simplified recovery waterfall:

-- Gross recovery value: EUR1,384 million
-- Net recovery value for waterfall after admin. expenses (7%):
    EUR1,287 million Estimated priority claims: EUR313 million
-- Unsecured debt claims: about EUR2,279.9 million
-- Recovery %: 40%
-- Recovery rating: 4


WIND TRE: Moody's Rates Proposed EUR7.30BB Senior Sec. Notes B1
---------------------------------------------------------------
Moody's Investors Service has assigned B1 ratings to the proposed
EUR7,300 million floating rate and fixed rate Senior Secured
notes (EUR and USD denominated) due between 2023-2025 issued by
Wind Tre S.p.A ("Wind Tre"). Concurrently, Moody's has also
assigned B1 ratings to a new EUR3 billion Term Loan A due in 2022
of Wind Tre.

All ratings have a positive outlook in line with the outlook on
Wind Tre's B1 Corporate Family Rating (CFR).

The company's B1 CFR, B1-PD Probability of Default Rating (PDR)
as well as the ratings on the existing debt instruments of Wind
Tre S.p.A and Wind Acquisition Finance S.A. remain unchanged.
Proceeds from the new notes and new term loan will be used to
refinance the company's whole capital structure. The ratings on
the existing debt instruments will be withdrawn upon repayment.

RATINGS RATIONALE

The B1 ratings on the term loan A and senior secured notes are in
line with Wind Tre's B1 CFR, reflecting the fact that all the
debt ranks pari passu and benefits from the same security
package, which is mainly comprised of share pledges together with
receivables of shareholder loans and upstream loans.

The refinancing of the capital structure is credit positive, as
it will reduce the company's interest expense and improve its
cash flow generation by an estimated EUR250 million. In addition,
the refinancing will extend the debt maturity profile to an
estimated average maturity of 6 years, up from the previous
average maturity of 3 years. The term loan also has a mandatory
repayment starting from 2020.

The refinancing simplifies Wind Tre's capital structure through
the issuance of senior secured and term loans which rank pari-
passu with each other. Moody's expects Wind Tre to have
meaningful headroom under the covenants for the senior secured
notes and term loan. The term loan A has a maintenance covenant
based on total net leverage (including total run-rate synergies
as defined in the documentation) with an opening level set at
5.50x with a step down after 24 months and 36 months to 4.75x and
to 4.50x, respectively.

While the refinancing exercise is viewed as positive, the
company's B1 CFR and positive outlook remain unchanged as it is a
leverage neutral transaction. Moody's expects Wind Tre's adjusted
debt to EBITDA to improve below 4x in the next 18 months driven
by the significant synergies from the merger together with
roaming revenues and proceeds from disposals required in the
remedy package, which provide a significant cushion against
increasing competitive pressures. However, upward pressure on the
rating remains somewhat constrained by the uncertainties linked
to the entry of Iliad S.A. in the Italian market in 2018.

Wind Tre's B1 CFR reflects (1) the improvement in its business
profile following the merger of Wind Telecomunicazioni S.p.A.
("Wind") and H3G S.p.A., including greater scale and its position
as the largest mobile operator by subscribers in Italy with a
strong spectrum portfolio; (2) a significant improvement in
leverage after the merger with Wind and Tre with adjusted gross
leverage which Moody's expects to reduce below 4x in the next 18
months (expected 2017: 4x; Wind standalone: 5.4x pre-transaction
in 2015); (3) its conservative financial policy with a long-term
target net leverage ratio below 3x and predictable dividend
policies linked to leverage reduction, benefitting from the
ownership of CK Hutchison Holdings Limited (A3 stable, CK
Hutchison) and VEON Ltd. (Ba2 stable); (4) Moody's expectations
that the merger will generate substantial synergies, which
together with the roaming agreement with Iliad and proceeds
derived from the remedy package, provide a significant cushion to
face revenue pressures as competition increases; and (5) an
adequate liquidity profile over the next 12-24 months.

These strengths are partially offset by (1) the uncertainties
linked to the upcoming entry of Iliad S.A. in the Italian market,
which will likely weaken Wind Tre's market share and revenues;
(2) the company's position as a challenger; and (3) lower quality
network compared to peers, although the company's investment plan
should lead to an improvement over time.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on the ratings reflects Moody's expectation
of further deleveraging with an adjusted debt to EBITDA ratio
consistently below 4x and a retained cash flow (RCF) to debt
ratio sustainably above 15% over the next 18 months. Deleveraging
will be driven by the improving cash flow generation supported by
substantial synergies from the merger together with roaming
revenues and proceeds from disposals required in the remedy
package, which will provide a significant cushion against
increasing competitive pressures.

WHAT COULD MOVE THE RATING UP/DOWN

Upward rating pressure could develop if the company demonstrates
a resilient operating performance and continues its deleveraging
profile such that (1) its adjusted debt to EBITDA ratio (as
adjusted by Moody's) declines sustainably below 4.0x, (2) its
Moody's adjusted RCF/ Gross Debt ratio is sustainably above 15%,
and (3) its free cash flow generation is positive and growing
over time.

Downward ratings pressure could arise if Wind Tre's operating
performance weakens such that debt/EBITDA (as adjusted by
Moody's) is higher than 5.0x and RCF/debt (as adjusted by
Moody's) is below 10% on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Created from the merger of Wind Telecomunicazioni S.p.A. and H3G
S.p.A., Wind Tre S.p.A. is a leading alternative integrated
telecoms operator in Italy. The company provides wireless, fixed-
line voice, internet, broadband and data services. Based on
number of subscribers, Wind Tre is the largest Italian mobile
operator, with a 32.7% market share, and the second-largest
broadband provider, together with Fastweb, with a 15% market
share (all figures as of 31 March 2017; source: AGCOM). As of
June 2017, Wind Tre reported pro-forma LTM revenues and EBITDA,
before integration costs, of EUR6.5 billion and EUR2.3 billion,
respectively.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Wind Tre S.p.A.

-- Senior Secured Bank Credit Facility, Assigned B1

-- Senior Secured Regular Bond/Debenture, Assigned B1


WIND TRE: S&P Assigns 'BB-' Rating to EUR7.3-Bil. Sr. Sec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to Italy-based
mobile operator Wind Tre S.p.A.'s proposed EUR7.3 billion senior
secured notes and EUR3.0 billion new term loan. The recovery
rating on the debt is '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate 60%) in the event
of a default.

S&P said, "At the same time, we affirmed our 'BB-' long-term
issuer credit rating on Wind Tre and on its wholly owned
subsidiary, Wind Acquisition Finance S.A. The outlook on both
entities is stable.

"We also affirmed our 'B' issue rating on Wind Acquisition
Finance's senior unsecured notes and our 'BB' issue ratings on
the senior secured debt issued by Wind Acquisition Finance and
Wind Tre. We expect these debts will be fully redeemed as part of
the refinancing. The recovery rating on Wind Acquisition
Finance's senior unsecured notes is '6', indicating our
expectation of negligible recovery (0%-10%; rounded estimate 0%)
in the event of a default. The recovery rating on Wind
Acquisition Finance's and on Wind Tre's senior secured debt is
'2', reflecting our expectations of substantial recovery (70%-
90%; rounded estimate 85%) in the event of a payment default. We
will withdraw the issue and recovery ratings on these debt
instruments once the refinancing transaction is completed.

"The ratings on the proposed notes and loans are subject to the
successful completion of the refinancing, and to our review of
the final documentation. If we do not receive the final
documentation within a reasonable timeframe, or if the final
documentation materially departs from the information we have
already reviewed, we reserve the right to revise or withdraw our
ratings.

"The affirmation reflects our view that Wind Tre's credit metrics
should remain resilient in 2017-2018 and strengthen significantly
from 2019, despite some meaningful market disturbances and
dropping retail revenues likely to stem from the entry of Iliad
as a fourth wireless service provider in the Italian market." S&P
believes this resilience will stem from:

-- Offsetting roaming revenues likely to be derived in the near
    term from the new market entrant, as the latter will be using
    Wind Tre's radio access network before it builds its own;

-- Slight revenue growth in fixed line (about 20% of retail
    revenues) driven by progressing penetration of fast broadband
    in Italy and Wind Tre's increasing fiber to the home (FTTH)
    capability through its commercial agreement with fiber-
    deploying utility Enel;

-- Hefty cost savings as the company gradually reaps EUR490
    million (more than 20% of pro forma 2016 EBITDA) in estimated
    cumulative synergetic opportunities created by the recent
    merger that gave birth to Wind Tre;

-- Significant interest cost savings provided by the planned
    refinancing; and

-- Management's heavy focus on execution and various initiatives
    to bolster Wind Tre's network and market position, in order
    to underpin the company's ability to sustainably confront a
    potential market disruption.

S&P said, "In terms of revenues, we think that, of the existing
three mobile network operators in Italy, Wind Tre is the most
exposed to the entry of Iliad, in spite of its being the largest
operator by number of mobile customers with about 33% market
share. The company's current positioning in the low-mid range of
the mobile market, and the Vodafone and Telecom Itali's stronger
networks, makes Wind Tre more sensitive to fierce price
competition in our view.

"We therefore anticipate a 6%-7% annual drop in its mobile retail
revenues over 2018-2019, stemming from a shrinking subscriber
base, because some customers would likely churn to the new
operator, and from likely declining average revenue per user
(ARPU), since part of the market may reprice in the wake of the
fourth operator entry. We think that how the ARPU develops will
be a critical factor; we have assumed a conservative annual
decline of 4%-5% for Wind Tre, although we acknowledge it is
difficult to predict, as it will depend on the entry price of the
fourth operator and the reaction of Wind Tre's competitors, all
factors that are unknown at this stage.

"In spite of revenue pressures, in our base case, we believe that
Wind Tre will generate stable EBITDA after synergies in 2017-2018
compared with 2016 (pro forma for the merger), albeit somewhat
lower after restructuring costs; and an increasing all-in EBITDA
from 2019 as the company reaps the bulk of its planned cost
synergies and integration costs shrink. We think that the likely
progressive fading of roaming revenues will probably be
compensated by an improving trend in retail mobile by then,
itself underpinned by a strengthened network, enhanced fixed-
mobile convergence capability, and subsequently higher customer
retention.

"We assess Wind Tre as a moderately strategic subsidiary of its
ultimate 50/50 shareholders, VEON Ltd. (BB/Stable/--) and CK
Hutchison Holdings Ltd. (A-/Positive/--). That said, we consider
that support from any one shareholder would be provided in
conjunction with, and not independently from the other
shareholder. Therefore, we assess the group credit profile at the
level of our rating on VEON, which is the lower rated of Wind
Tre's ultimate shareholders.

"We also take some comfort from the operational involvement and
managerial commitment demonstrated by the two shareholders; this
also supports our relative confidence that the company should
execute with discipline and display financial resilience in a
likely tough domestic market.

"The stable outlook reflects our expectation that, amid likely
heightened market competition, the revenues to be received by
Wind Tre from the new mobile entrant roaming on its network will
provide protection over the next two years. During this period,
we believe Wind Tre will timely and successfully execute its
network overhaul and cost synergies, and thereby sustain its
competitive position and free cash flow generation capacity in
the longer term as well. We foresee credit metrics about stable
over 2017-2018, with limited but positive FOCF and adjusted debt
to EBITDA above 5x, and significantly improving thereafter.

"We could raise our assessment of Wind Tre's stand-alone credit
profile over the next two years, if the company successfully
executes its cost and network overhaul plans, and if we continue
to anticipate that key credit measures would strengthen
meaningfully and sustainably from 2019, including an adjusted
ratio of debt to EBITDA below 5x (and below 4.5x excluding
shareholder loans) and FOCF to debt above 5%.

"However, this would not impact our ratings on Wind Tre, if our
group assessment and the ratings on its 50% shareholder VEON are
unchanged, because the current one-notch uplift from our group
support would then no longer apply, neutralizing the one-notch
improvement in Wind Tre's stand-alone credit quality.

"We consider rating downside unlikely in the near term, because
roaming revenues to be received from the new entrant should
offset the potential loss of retail revenues. Still, execution
issues for the various on-going initiatives could adversely
affect the company's market position and leave Wind Tre more
exposed when roaming revenues start to fade. Precipitous and
sharper ARPU decline that we have factored in our base case,
which could be triggered by aggressive price behaviors of other
competitors in the wake of the new entrant arrival, could also
heighten challenges confronting Wind Tre.

"We could lower our rating on Wind Tre if its EBITDA is less
resilient than we anticipated, resulting in only breakeven FOCF
and leverage failing to decline, and if the company adopts a more
aggressive financial policy. Also, all else being equal, if we
assessed that our assumed implicit group support had weakened,
which could be triggered by ownership changes for example, we
could lower the rating."


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


KAZAKHSTAN UTILITY: Fitch Affirms BB- IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Limited Liability Partnership
Kazakhstan Utility Systems' (KUS) Long-Term Foreign Currency
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

The affirmation reflects Fitch's expectations that the company
will maintain a solid financial profile over 2017-2021, despite
an aggressive acquisitive strategy, dividends starting from 2017
and high capex. The company's vertical integration, favourable
long-term tariffs for distribution and heat segments and minor FX
exposure also supports the company's ratings. However, KUS's
ratings are constrained by its limited size relative to larger
peers and 'BB' rated CIS companies, unfavourable regulatory
framework in generation and limitations in corporate governance.

KEY RATING DRIVERS

Business Profile Extension: In 2017 KUS followed its expansion
policy, acquiring generation and distribution assets, which
should double its electric and heat capacity and provide access
to heavily industrialised west and east Kazakhstan. In March 2017
KUS acquired two combined heat and power plants in the east from
AES Corporation for KZT9.6 billion plus KZT10.4 billion debt. In
September 2017 KUS acquired jointly with its strategic partner
(50%/50%) a 78.64% stake in Mangistau Electricity Distribution
Company (MEDNC, BB-/Rating Watch Negative) from JSC Samruk-Energy
(BB+/Stable) for KZT8.6 billion to be paid in instalments until
2020 plus KZT14.4 billion debt.

Rating-Neutral Acquisitions: Fitch estimates that KUS's leverage
will increase by around 0.5x on average during 2017-2020 as a
result of these acquisitions, other things being equal. These
assets will contribute around KZT10 billion in total to the
group's EBITDA, according to Fitch estimates. However, a
significant debt burden, potential dividends outflow to MEDNC's
minorities and the capex obligations of all acquired assets might
put pressure on KUS's financial profile, while Fitch expects
credit metrics to remain within Fitch's guidelines for negative
rating action.

Significant Capex Expected: Fitch expects consolidated capex to
remain significant due to the recent acquisitions, averaging
KZT25 billion annually in 2017-2021. This is close to the
historical KZT21 billion for 2013-2016 and higher than the KZT13
billion forecast by the management. This also includes MEDNC's
annual capex of KZT4.5 billion on average. Fitch assumes that
MEDNC is fully consolidated by KUS.

Dividends Add Pressure: In Fitch ratings case Fitch assumes that
the controlling shareholder will start extracting cash from the
company through dividends from 2017. The management expects to
pay around KZT5.6 billion (about 30% of net income) in 2017 for
2016 (KZT4.7 billion already paid in 1H17) and Fitch forecasts a
50% payout ratio from 2018, resulting in average KZT8 billion
annual dividends.

Commensurate Leverage: Fitch expects KUS's financial profile to
remain solid to the rating horizon despite recent acquisitions,
higher capex than management anticipates and dividend payments.
This will be supported by approved tariffs, moderately increasing
volumes and the acquisition of the two combined heat and power
plants and MEDNC. Fitch expects funds from operations (FFO) to
average KZT28 billion in 2017-21 compared with KZT27 billion in
2016. Post-dividends free cash flow (FCF) will become negative
during 2017-2021, with FFO adjusted gross leverage rising to
around 2x in 2017-2021 (1.2x in 2016), but KUS will comfortably
remain within its negative rating guideline of 3.0x.

Weak Corporate Governance: In Fitch's view, KUS has weaker
corporate governance than many larger state-owned Kazakh
corporations rated in the 'BB' category, mostly due to the non-
transparent ownership structure and a potential non-disclosure of
related-party transactions. The company-specific corporate
governance negatively affects the ratings.

In 2016 KUS provided a KZT7.5 billion interest-free loan to its
ultimate owner, Dinmukhamed Idrissov (KZT7.0 billion), and his
private equity fund, Ordabasy Group (KZT0.5 billion), which
supervises KUS operations. However, in 2015 there were
shareholder equity injections totalling KZT6.2 billion for the
repayment of KUS's debt, which partially explains the nature of
the interest-free loans. The maturity date on these loans is 31
December 2017, but in 1H17 Ordabasy redeemed its loan ahead of
time and Mr Idrissov repaid KZT4.9 billion.

Sound Business Profile, Vertical Integration: KUS's business
profile benefits from the company's near-monopoly position in
electricity generation, distribution and supply in highly
populated central Kazakhstan (Karaganda Region) and South Region,
which account for 25% of the country's population. However, the
business profile is constrained by the company's scale of
operations, which is smaller than that of rated Kazakh peers
Samruk-Energy and Ekibastuz GRES-1 LLP (BB+/Stable), but similar
in size to Joint Stock Company Central-Asian Electric-Power
Corporation (CAEPCo; B+/Stable).

DERIVATION SUMMARY

KUS's closest peers are Kazakhstan-based regional companies GRES-
1 and CAEPCo. KUS, CAEPCo and GRES-1 have similar business
profiles in terms of scale of operations, and their EBITDA is
dominated by the electricity generation segment. KUS's financial
profile is similar to that of GRES-1, but stronger than CAEPCo's
due to higher margins, lower leverage and minimal debt exposure
to FX. KUS and CAEPCo are rated on a standalone basis, while
GRES-1's ratings include one notch of uplift for parental
support.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- moderate electricity generation growth of average 1.5% over
   2017-2021;
- zero tariff growth in 2016-2018 in electricity generation and
   as approved by the regulator for electricity distribution and
   heat sales;
- capex averaging KZT25 billion, which is above management
   guidance;
- inflation-driven cost increases;
- 50% dividend pay-out from 2018;
- MEDNC fully consolidated from October 2017.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Long-term predictability of the regulatory framework, with
   less political interference and a cost-reflective heat segment
   in a stronger operating environment
- Increased transparency of the ownership structure and
   generally stronger corporate governance
- Increased scale of business

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Weaker-than-expected financial performance or financial
   guarantees for parent debt or aggressive M&A, leading to FFO
   gross adjusted leverage persistently higher than 3x (2016:
   1.2x) and FFO interest coverage below 4.5x (2016: 9.4x)
- Committing to capex without sufficient available funding,
   worsening overall liquidity position

LIQUIDITY AND DEBT STRUCTURE

Weak, but Manageable Liquidity: Fitch views KUS's liquidity as
weak, assuming that the cash and cash equivalents of KZT6.7
billion at end-1H17 are not sufficient to cover the company's
short-term debt totalling KZT8.4 billion and forecast negative
FCF of KZT0.4 billion. However, KUS expects to repay its short-
term maturities with its operating cash, as demonstrated by the
company's strong 8M17 results. The company is centrally managed,
including its treasury functions, across operating subsidiaries
by a single management board; Fitch therefore focus on the
consolidated group in Fitch credit analysis.

At end-1H17, KUS's debt comprised secured loans from local banks
raised at both holdco and opcos' level. The largest creditors are
Development Bank of Kazakhstan (KZT20.3 billion) and Sberbank
(KZT16.7 billion). All loans are nominated in tenge and have
fixed interest rates.

Manageable FX Exposure: Almost all KUS's debt (except one newly
acquired MEDNC bond issue of KZT3.2 billion, which is linked to
the tenge-dollar exchange rate) is denominated in tenge, which
places the company favourably compared with CAEPCo, Samruk-Energy
and Kazakhstan Electricity Grid Operating Company (BBB-/Stable),
which have 40%-60% of their debt in foreign currencies.

Senior Unsecured Aligned with IDR: KUS's KZT12.3 billion local
currency bond programme is rated 'BB-', in line with its Long-
Term Local Currency IDR, as the bonds will benefit from sureties
totalling KZT12.3 billion provided on a several basis by
Karaganda Zharyk LLP, Ontustik Zharyk Transit LLP, OntustikZharyk
LLP, Energopotok LLP, Karagandy Zhylu Sbyt LLP and Raschetniy
servisniy centr LLP, all wholly owned subsidiaries of the group.

The senior unsecured rating is equal to KUS's Long-Term Local
Currency IDR, reflecting that the level of prior-ranking debt is
below Fitch's threshold of 2.0x-2.5x EBITDA. In addition, the
combined EBITDA of subsidiaries providing sureties for the bonds
comprised 53% of the group's 2016 EBITDA. An increase in prior-
ranking debt to above 2.0x-2.5x EBITDA, a lower level of sureties
from group entities or a material drop in the share of operating
entities providing sureties in the group EBITDA would indicate a
material possibility of subordination and, as a result, the
senior unsecured rating could be notched down from the IDR.

FULL LIST OF RATING ACTIONS

Long-Term Foreign and Local Currency IDRs affirmed at 'BB-';
Outlook Stable
National Long-Term Rating affirmed at 'BBB+(kaz)'; Outlook Stable
Local currency senior unsecured rating affirmed at 'BB-'
National senior unsecured rating affirmed at 'BBB+(kaz)'.


MANGISTAU ELECTRICITY: Fitch Cuts IDR to BB-, On Rating Watch Neg
----------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Mangistau
Electricity Distribution Network Company JSC's (MEDNC) Long-Term
Issuer Foreign and Local Default Rating (IDR) to 'BB-' from 'BB'
and placed it on Rating Watch Negative (RWN) following its
ownership change.

The downgrade follows the notification submitted to Kazakhstan
Stock Exchange stating that Limited Liability Partnership
Kazakhstan Utility Systems (KUS, BB-/Stable) now owns 43.73% in
MEDNC.

The RWN reflects uncertainty related to the new owners' strategy
regarding MEDNC and the links with the new shareholders. Fitch
will resolve the RWN once sufficient information is available to
assess legal, operational and strategic ties between the company
and new owners. Depending on the strength of the ties, Fitch may
either align the ratings of MEDNC with the new owner if Fitch
considers MEDNC as integral part of KUS, or the company's ratings
may converge towards its standalone profile.

Fitch assesses the company's standalone profile as commensurate
with the mid-'B' rating category. This reflects its small size,
industry and customer concentration, negative free cash flow
expectation and weakening credit metrics. The rating also takes
into account long-term tariff regulation, despite below-inflation
expected tariff growth over 2018-2020, sound-quality
counterparties and a near-monopoly position in electricity
transmission and distribution in the Region of Mangistau.

KEY RATING DRIVERS

Ownership Change: In September 2017 KUS boosted its stake in
MEDNC and notified the Kazakhstan Stock Exchange that it owns
43.73% in MEDNC. According to KUS, MEDNC's shares are currently
in the process of reregistration to the new owner. Fitch will
resolve the RWN following the assessment of ties with the new
shareholders once the sufficient information becomes available.

Capex Drives Negative FCF: Fitch expects the company to continue
to generate healthy cash flow from operations of about KZT2
billion (about USD6 million) on average over 2017-2020. However
its free cash flow (FCF) is likely to remain significantly
negative during the period on the back of a KZT18.6 billion
government-approved capex programme, which will add to funding
requirements. Fitch expects funds flow from operations (FFO)
gross adjusted leverage to increase to about 4.6x on average over
2017-2020 from about 3.3x on average over 2015-2016.

Long-Term Tariffs: In November 2015, the regulator approved long-
term tariffs for MEDNC for 2016-2020. Tariffs for legal entities,
which represent over 70% of MEDNC distribution volumes, increased
by 13% on average in 2016-2017, but the growth rate will go down
to only 0.5% on average in 2018-2020. Long-term tariffs add
visibility to the company's cash flows, but below-inflation
tariff growth is a drag on the company's credit profile.

Near-Monopoly Position: MEDNC's credit profile is supported by
the company's near-monopoly position in electricity transmission
and distribution in the Region of Mangistau, one of Kazakhstan's
strategic oil- and gas-producing regions. It is also underpinned
by prospects for economic development and expansion in the
region, in relation to both oil and gas and transportation, and
by favourable long-term tariffs.

Small Scale, Concentrated Customer Base: The business profile is
constrained by MEDNC's small scale of operations limiting the
company's cash flow generation capacity, a high exposure to a
single industry (oil and gas) and, within that, high customer
concentration (the top seven customers accounted for 70% of
distribution volumes in 2016). The latter is somewhat mitigated
by prepayment terms under transmission and distribution
agreements.

DERIVATION SUMMARY

MEDNC is a small electricity distribution company in Western
Kazakhstan. MEDNC has significantly weaker business profile than
transmission companies, PJSC Federal Grid Company of Unified
Energy System (FedGrid, BBB-/Positive) and Kazakhstan Electricity
Grid Operating Company (KEGOC, BBB-/Stable), which operate
nation-wide, have higher geographic diversification and lower
volume risk. It is also weaker than PJSC Moscow United Electric
Grid Company (MOESK, BB+/Stable) due to lower customer
diversification, smaller scale of operations and less favourable
geography of operations.

MEDNC and its peers are subject to the regulatory uncertainties
influenced by macroeconomic shocks and possible political
interference. Their investment programmes are usually sizeable.
KEGOC is rated top-down, while FedGrid and MOESK are rated based
on a standalone basis plus uplift for state support. MEDNC's
rating may be supported at the 'BB-' rating level if the links
with the new largest shareholder are strong.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Domestic GDP growth of 2.4% in 2017 and 3%-3.2% in 2018-2021
   and inflation of 9% in 2017 and 5%-7% over 2018-2021
- Electricity distribution volumes increase slightly below GDP
   growth
- Electricity distribution tariff growth as approved by the
   regulator
- Cost inflation slightly below expected CPI to reflect the
   company's cost control efforts
- Capex for 2017-2020 in line with government-approved level
- Dividend payments of KZT264 million in 2017 for 2016 and 15%
   of IFRS net income over 2018-2021.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- No positive rating action is considered likely at this time.
   However, enhancement of the business profile, such as
   diversification and scale with only modest increase in
   leverage, which would be positive for the standalone profile.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Weak links with the new parent and the new parent's strategy,
   which may adversely affect MEDNC's credit profile.

LIQUIDITY

Weak: At June 30, 2017, MEDNC's cash balance totalled KZT0.7
billion against short-term debt of KZT3.0 billion. Short-term
debt is mainly represented by KZT1.5 billion of commercial bonds
placed in July 2017 with 15% interest and one-year maturity, and
short-term part of Bank Centercredit (B/Stable) loan of KZT0.9
billion. The company expects to place KZT5.7bn local bond at end-
2017-beginning-2018. Fitch anticipates that KUS may assist in
refinancing MEDNC's short-term debt.

FX Exposure: MEDNC is exposed to FX risk as about 20% of the
company's KZT15.2 billion debt represents local bonds that were
linked to the KZT/USD exchange rate and placed in September 2015.
The base rate is 250 KZT/USD and, if tenge devalues, the
principal increases proportionately. Thus as of 30 June 2017 when
the exchange rate was 322 KZT/USD, the principal value of this
bond issue increased to KZT3.2 billion from KZT2.5 billion.

FULL LIST OF RATING ACTIONS

Long-Term Foreign and Local-Currency IDRs: downgraded to ' BB-'
from 'BB', Negative Outlook and placed on RWN
National Long-Term Rating: downgraded to 'BBB+(kaz)' from
'A+(kaz)', Negative Outlook and placed on RWN
Short-Term Foreign-Currency IDR: affirmed at 'B'
Foreign and local currency senior unsecured ratings: downgraded
to 'BB-' from 'BB' placed on RWN (including that on KZT1.7
billion, KZT2.4 billion, KZT2.5 billion and KZT1.5 billion bonds)


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


CONVATEC HEALTHCARE: Moody's Says Supply Chain Issues Credit Neg.
-----------------------------------------------------------------
Moody's commented that ConvaTec Healthcare D S.a.r.l.'s
("ConvaTec", Ba3 stable) supply chain challenges are credit
negative. This is because they will constrain sales and earnings
in the immediate term and cause financial leverage to rise. There
is no change to the company's ratings, including its Ba3
Corporate Family Rating and Ba3 senior secured instrument
ratings. The outlook is stable.


PINNACLE HOLDCO: S&P Lowers CCR to 'D' On Missed Payments
---------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on
Luxembourg-based Pinnacle Holdco S.ar.l. to 'D' from 'CCC'.

S&P said, "At the same time, we lowered our issue-level ratings
on the company's first-lien term loan due 2019 to 'D' from 'CCC'.
We also lowered the issue-level rating on the company's second-
lien term loan due 2020 to 'D' from 'CC'.  The recovery rating on
the first- and second-lien term loan of '3' and '6',
respectively, remain unchanged. The '3' recovery rating indicates
our expectation for meaningful (50% to 70%;rounded estimate: 60%)
recovery in the event of a payment default. The '6' recovery
rating reflects our expectation of negligible (0% to 10%; rounded
estimate: 0%) recovery in the event of a default.  The '6'
recovery rating reflects our expectation of negligible (0% to
10%; rounded estimate: 0%) recovery in the event of a default."

The 'D' rating reflects that Pinnacle Holdco S.a.r.l. did not
make the interest and principal payments on the first-lien term
loan due 2019 and its second-lien term loan due 2020 as of Sept.
29, 2017.  The 'D' rating also reflects S&P's expectation that
Pinnacle will not make the required interest and principal
payments on its first- and second-lien term loans on December 31,
2017.


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


HIGHLANDER EURO II: Moody's Hikes Class E Notes Rating From Ba2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Highlander Euro CDO II B.V. /
Highlander Euro CDO II (Cayman) Ltd.:

-- EUR42M Class C Primary Senior Secured Deferrable Floating
    Rate Notes due 2022, Upgraded to Aaa (sf); previously on
    May 26, 2017 Upgraded to Aa1 (sf)

-- EUR28M Class D Primary Senior Secured Deferrable Floating
    Rate Notes due 2022, Upgraded to Aa3 (sf); previously on
    May 26, 2017 Upgraded to Baa1 (sf)

-- EUR24.5M (current outstanding balance of EUR20.7M) Class E
    Secondary Senior Secured Deferrable Floating Rate Notes due
    2022, Upgraded to Baa3 (sf); previously on May 26, 2017
    Affirmed Ba2 (sf)

Moody's has also affirmed the ratings on the following notes:

-- EUR56M (current outstanding balance of EUR26.3M) Class B
    Primary Senior Secured Floating Rate Notes due 2022, Affirmed
    Aaa (sf); previously on May 26, 2017 Affirmed Aaa (sf)

Highlander Euro CDO II B.V. / Highlander Euro CDO II (Cayman)
Ltd., issued in December 2006, is a collateralised loan
obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by CELF Advisors LLP.
The transaction's reinvestment period ended in December 2013.

RATINGS RATIONALE

The upgrades of the ratings of the notes are primarily a result
of the full redemption of Class A and partial redemption of Class
B. The Class B notes have paid down by EUR29.7M or 53% of the
original balance at the recent August 2017 payment date leading
to an increase of the overcollateralization ("OC") ratios of the
remaining tranches. According to the September 2017 trustee
report, the Classes B, C, D and E OC ratios are 239.66%, 159.30%,
130.20% and 114.67% respectively compared to levels just prior to
the payment date in June 2017 of 182.14%, 140.35%, 121.73% and
110.83%. The OC ratios will increase further following the
September 2017 payment date.

The key model inputs Moody's uses 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. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par balance of EUR142.57M, a defaulted par balance of
EUR1.24M, a weighted average default probability of 17.35%
(consistent with WARF of 2803 and a weighted average life of 3.46
years), a weighted average recovery rate upon default of 45.23%
for a Aaa liability target rating, a diversity score of 16.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs". In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

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.

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average recovery rate by 5
percentage points; the model generated outputs that were in line
with the base-case results for Classes B and C and within a notch
for Classes D and E.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behaviour and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

* Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortisation would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralisation levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

* Around 5.54% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


UPC BROADBAND: S&P Rates EUR500MM Secured Term Loan AS 'BB'
-----------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' issue
ratings to the new $1.975 billion secured term loan AR borrowed
by UPC Financing Partnership and to the EUR500 million secured
term loan AS borrowed by UPC Broadband Holding B.V. The recovery
rating on these instruments is '2', indicating S&P's expectation
of substantial (70%-90%) recovery (rounded estimate: 70%) in the
event of a payment default.

S&P said, "We also assigned our 'B' issue rating to the new $550
million senior notes issued by UPC Holding B.V. The recovery
rating is '6' (reflecting our estimate of 0% recovery), in line
with the existing senior notes, reflecting their more junior and
contractually subordinated nature to the substantial amount of
secured debt. We affirmed the 'B' ratings on the existing senior
notes.

"At the same time we affirmed our 'BB' issue ratings on UPCB
Finance IV's, and UPCB Finance VII's existing secured notes. The
recovery rating on these instruments remains at '2' (rounded
estimate of recovery: 70%).

"Recovery prospects for secured lenders are supported in our view
by the diversity of the assets within UPC, the announced debt-
free acquisition of Multimedia Polska, which will be beneficial
to secured lenders (they will have indirect access to this asset
via the existing share pledges, without additional debt in the
structure), and the senior position of the instruments in the
capital structure. They are constrained by the increasing amount
of equally-ranked senior secured debt, pro forma this
transaction, and the absence of direct pledges over group assets
for secured lenders."

UPC is replacing about EUR288 million of unsecured debt with
about EUR346 million of new senior secured debt. S&P notes that
the recovery prospects for senior secured lenders are now very
sensitive to further changes in the capital structure, and its
recovery and issue ratings on the group's senior secured debt
could be negatively affected by, for example, a change in the
proportion of senior secured or prior-ranking claims to senior or
unsecured debt, an increased debt burden, or other meaningful
changes in the capital structure or lenders' protection.

S&P said, "We assess the current documentation, including the
recent creeper amendments coming into effect, as relatively
flexible for UPC, with limited protections for creditors. For
example, we note the presence of a springing (one-third drawn
test) consolidated net senior leverage covenant under the
revolving credit facility, starting at 4.75x with no step-downs.
Debt incurrence and acquisition-related financing will be subject
to pro forma net senior debt of less than 4.5x and net total
leverage of less than 5.5x, while the documentation allows for
significant permitted debt carveouts under credit facilities,
nonguarantor debt, capital leases, general debt, qualified
receivables financing, and production facilities baskets, among
others, which we view as very issuer friendly."

Dividends and restricted payments are constrained by a standard
asymmetric distributable reserve builder (quarterly), based on
consolidated net income, hemmed in by a maximum pro forma 4.0x
net senior leverage (excluding debt at the holding company level)
under the secured facilities (maximum 5.0x consolidated net
leverage under the senior notes), while benefitting from
significant carveout baskets.

S&P said, "In our hypothetical default scenario, we assume that a
payment default would most likely result from excessive leverage
as a result of lower revenues and weaker margins due to
heightened competition, which in turn would result in meaningful
subscriber losses, lower average revenues per users, and
increased subscriber retention and acquisition costs.

"We value UPC as a going concern, given our view of its leading
market position, valuable cable networks, fairly stable customer
base, and high barriers to entry in a consolidated industry. The
valuation excludes UPC Nederland and UPC Ireland from the group.

Simulated default assumptions

-- Year of default: 2021
-- Minimum capital expenditures (% of last-three-years' average
    sales): 6%
-- Cyclicality adjustment factor: N.A. (standard sector
    assumption)
-- Operational adjustment: +35% (reflects about 10%-12% of
    minimum capital expenditure requirements and includes the
    recent debt-free acquisition of Multimedia Polska)
-- Emergence EBITDA after recovery adjustments: about EUR685
    million
-- Implied enterprise value multiple: 6.0x
-- Jurisdiction: The Netherlands

Simplified waterfall

-- Gross enterprise value at default: about EUR4.1 billion
-- Administrative costs: 5%
-- Net value available to debtors: EUR3.9 billion
-- Secured debt claims: about EUR5.4 billion[1]
-- Recovery expectation: 70% (Recovery rating: 2)[2]
-- Senior debt claims: about EUR2.0 billion[1]
-- Recovery expectation: 0% (Recovery rating: 6)[2]

[1]All debt amounts include six months' prepetition interest.
RCF assumed 85% drawn on the path to default. [2]Rounded down to
the nearest 5%. N.A.--Not available.


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


GAZPROMBANK: Focus on Lending to Large Corp. to Constrain Returns
-----------------------------------------------------------------
Gazprombank's (LT Bank Deposits Ba2 stable) focus on lending to
large corporates that benefit from competitive interest rates,
will continue to weigh on the banks' earnings, says Moody's
Investors Service in a report.

The report, "Gazprombank - Focus on large corporates and
involvement in state-related projects will constrain returns," is
now available on www.moodys.com.

"Gazprombank's business is dominated by corporate lending, with
particular focus on large and state-related companies," says Olga
Ulyanova, a Vice President at Moody's. "Loans to large corporates
typically offer lower credit risk compared to retail- or SME-
oriented lending segments, but are lower margin, and the activity
faces limited credit demand from large corporate borrowers, while
intense competition for quality borrowers is limiting banks'
ability to negotiate higher lending rates."

Despite gradually improving operating conditions in Russia,
Moody's still anticipates that Gazprombank's net profitability
will lag the sector average this year and next, and the return on
average assets (ROAA) will be at, or below, 1%. In contrast,
Moody's expects the average ROAA for the Russian banking sector
as a whole to be around 1.5% in both 2017 and 2018. Gazprombank's
net interest margin will likely stay more than 100 basis points
below the average for the Russian banking sector.

The bank's balance sheet is heavily skewed toward corporate
lending, with corporate credit accounting for 62% of Gazprom's
total assets, compared with 44% for the Russian banking sector as
a whole. This suppresses Gazprombank's revenue generation
compared to other more diversified lenders, because rates on
corporate loans are around four percentage points lower than
those on retail loans.

Gazprombank's low net interest margin is also a reflection of a
high level of impaired loans. While the impaired loans are mostly
performing, a large proportion of them was subject to
restructuring during the 2014-2016 economic downturn, usually
incorporating more favorable lending terms in order to facilitate
loan repayments by the borrower.


RUSAL PLC: Fitch Raises Long-Term IDR to 'BB-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has upgraded Russia-based aluminium company United
Company RUSAL Plc's (Rusal) Long-Term Issuer Default Rating (IDR)
to 'BB-' from 'B+'. The Outlook on the Long-Term IDR is Stable.
Rusal Capital D.A.C.'s senior unsecured rating has also been
upgraded to 'BB-'/'RR4' from 'B+'/'RR4'. The Short-Term IDR has
been affirmed at 'B'.

Fitch has also upgraded the Long-Term IDR on Rusal's 100%-owned
subsidiary, Russia-based OJSC Rusal Bratsk, to 'BB-' from 'B+'
with a Stable Outlook. Bratsk's senior unsecured rating has been
upgraded to 'BB-'/'RR4' from 'B+'/'RR4' in line with Rusal's
senior unsecured rating.

The upgrade in part reflects recent positive structural changes
in the aluminium industry including Fitch assumption that net
Chinese smelter additions will be lower than previously expected
in 2018 and beyond. Fitch anticipates this will have a positive
impact on market prices and therefore Rusal's free cash flow
generation, resulting in the company's FFO adjusted leverage
decreasing to 3.3x in 2017, and remaining below 3.5x afterwards.

KEY RATING DRIVERS

Positive Aluminium Market Dynamics: Fitch has recently updated
its commodity price assumptions and Fitch now assume aluminium
prices at USD1,900/t over the next four years compared with
USD1,700/t previously. The change in assumed prices primarily
reflects a downward revision of Fitch assumptions for net Chinese
smelter capacity growth due to supply-side reform closures. Fitch
now expects Chinese output to grow by only about 4% year on year
in 2018 due to a combination of state-directed and winter
closures. Aluminium prices are also being supported by a cost
push from increasing alumina prices.

Smelter capacity in China, and specifically the balance of
smelter additions and curtailments, remains key to the aluminium
market outlook and is a main factor in the weak market prices and
higher exports from China in recent years. Net smelter capacity
additions in China and the rest of the world is a variable to
watch in the next three years, although Fitch expects demand for
aluminium to remain sound in the medium term.

Competitive Cost Position: In 2016 Rusal's smelters were strongly
positioned in the first quartile of the global aluminium cost
curve. In the past couple of years the group has benefitted from
highly favourable FX dynamics following the rouble devaluation,
which positively affected the company's cash costs (around 50%
+/-5% of Rusal's cash costs are rouble denominated). The company
also still benefits from the results of its own cost-saving
measures (including idling of 647,000t of its least efficient
assets in 2013-2014). Rusal's cash costs therefore decreased to
USD1,334/t in FY16 (-8% yoy).

However, higher energy costs due to a new electricity agreement,
increase in raw material costs and FX effects pushed Rusal's
average costs to USD1,497/t in 2Q17 (up 12% on FYE16), still
within the first quartile of the cost curve. However, most of
Rusal's smelters, including Bratsk, are located in Siberia and
source 90% of their electricity needs from the region's hydro
power generation assets, benefitting from lower electricity
prices. Fitch forecasts gradual rouble strengthening to 56RUB/USD
by 2020 to have the biggest negative impact on the company's cost
structure in the next three to four years, leading to gradual
EBITDA margin erosion from 20% in 2017 to 15% by 2020.

Ongoing Deleveraging: Rusal has been highly leveraged since the
purchase of its 25% stake in Norilsk Nickel (NN; BBB-/Stable) in
2008. However, the group has benefitted from strong support from
its bank group and has consistently deleveraged, although at a
slower pace than Fitch initially expected, to an estimated USD8.8
billion at end-2017 (Fitch-adjusted) from USD9.1 billion in 2016.
In Fitch's view further debt reduction remains a key priority for
Rusal but the pace will depend on aluminium prices and the level
of dividends paid by NN. At end-December 2016, funds from
operations gross leverage temporarily increased to above 5x from
3.6x at end-2015.

Fitch now expects this ratio to decrease to 3.3x by end-2017 and
to remain below 3.5x in 2018-2020. This is mainly due to improved
prices, as reflected in the expected 30% rise in Fitch adjusted
EBITDA by end-2017. Absent an absolute debt reduction, Rusal will
remain exposed to external factors, such as market price
volatility, rouble strengthening and energy costs inflation,
which add instability in the leverage metrics (as in 2016). Fitch
expects positive free cash flow will be partly directed to
deleveraging, resulting in total debt of less than USD8 billion
at end-2018, USD7 billion at end-2019 and around USD6.5 billion
in 2020.

Stake in Norilsk Nickel: Rusal effectively owns 27.82% of the
world's second largest nickel producer, NN. The market value of
the stake was USD7.7 billion at 13 October 2017 thanks to
stabilisation in nickel prices, representing nearly 87% of
Rusal's total indebtedness, and therefore providing significant
collateral coverage.

NN has historically paid out significant dividends to its
shareholder. From 2017 a new dividend policy applies, with a
variable payout ratio of 30%-60% of EBITDA, depending on market
conditions. However, the total dividend declared by NN in 2017 is
around USD3.0 billion (Rusal received USD325 million in 1H17) and
the total minimum payment will be USD1 billion from 2018 (USD278
million Rusal pre-tax share). Fitch expects dividends
attributable to Rusal to exceed USD650 million/year on average in
2017-2020, contributing materially to Rusal's debt service.

DERIVATION SUMMARY

Comparable Fitch-rated peers to Rusal include Alcoa Corporation
(BB+/Stable), Aluminum Corporation of China (Chalco; BBB+/Stable)
and China Hongqiao Group (B+/Rating Watch Negative). Rusal's
standalone rating of 'BB+' ('BB-' after notching down for the
operating environment) reflects a comparable operating profile in
most respects (eg market position, vertical integration, cost
competitiveness), but typically higher leverage metrics.

Chalco is rated three notches below China's rating based on
Fitch's top-down approach in line with its parent and subsidiary
linkage rating criteria. Fitch downgraded Hongiao Group, the
biggest aluminium producer in the world, in April 2017 due to the
continued delay in publishing annual results, which suggests weak
internal controls and exposes the company to covenant breaches
and liquidity events.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Fitch aluminium LME base prices: USD1,906/t in 2017 and
   USD1,900 in 2018-2020;
- aluminium premiums earned by Rusal to average USD160/t in
   2017, USD170/t in 2018 and USD180/t thereafter (across all
   products produced by the group);
- RUB/USD exchange rates: 59 in 2017, 58 in 2018, and 56 in 2019
- 3% increase in production volumes in 2017 and 6% increase in
   2018, flat thereafter;
- EBITDA margin to average 19% in 2017-2018 and 16% in
   2019-2020;
- USD400 million dividend payment in 2017 and to average USD350
   million thereafter;
- sustained dividend from NN under new dividend policy.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Further absolute debt reduction with FFO adjusted gross
   leverage moving sustainably below 3.0x
- FFO-adjusted net leverage below 2.5x

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO gross leverage sustained above 3.5x with limited prospects
   for deleveraging
- EBITDA margin below 12.5% on a sustained basis

LIQUIDITY

Adequate Liquidity: At end-June 2017 Rusal had nearly USD9
billion of Fitch-adjusted debt, including USD0.6 billion
maturities to be repaid before December 2018 (after refinancing
of a USD1.1 billion maturity with proceeds from its January and
May Eurobonds) compared with USD0.6 billion of non-restricted
cash. Near-term liquidity is also supported by free cash flow
generation, which Fitch forecasts to be over USD1 billion over
the next 18 months, including dividends from NN.

Rusal also proactively manages its debt maturity profile after
2018, refinancing USD1.4 billion and USD2.9 billion of 2019 and
2020 maturities, and reducing them to USD0.7 billion and USD0.7
billion, respectively.


SME BANK: S&P Affirms Then Withdraws 'BB-/B' Issuer Ratings
-----------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB-/B' long-
and short-term issuer credit ratings on Russia-based SME Bank.
S&P subsequently withdrew the ratings at the bank's request. At
the time of withdrawal, the outlook was stable.

S&P said, "Before the withdrawal, our ratings on SME Bank
reflected our view of the bank's important role for, and very
strong link to, the Russian government, due to its public policy
role in the small and midsize enterprise (SME) sector. Our long-
term rating on SME Bank was therefore two notches higher than
the bank's 'b' stand-alone credit profile.

"We considered that SME Bank had a moderate business position,
based on its role in lending to SMEs, and strong capital and
earnings, since we projected its risk-adjusted capital ratio at
11%-13%, which compares well with regional peers'. Rating
constraints included the bank's exposure to changes in the
government's economic policy, Russia's challenging and volatile
operating environment for banks, in particular increasing credit
risk, as well as SME Bank's limited earnings power."


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


GRUPO PRISA: Close to Finalizing Up to EUR450MM Capital Increase
----------------------------------------------------------------
Miles Johnson at The Financial Times reports that Grupo Prisa,
owner of Spain's El Pais newspaper, is close to finalizing a
capital increase of up to EUR450 million, after its longstanding
chairman agreed to step down, in a rare victory for activist
investors operating in Southern Europe.

Prisa, which for years has struggled under a mountain of debt,
said on Oct. 16 it had achieved commitments from 48% of its
investors, including its largest shareholder, the activist hedge
fund Amber Capital, to back a capital increase that would rebuild
its balance sheet, the FT relates.

This followed Juan Luis Cebrian on Oct. 13 announcing he would
leave the company early next year, following pressure from Amber
and other shareholders frustrated with his handling as chairman
of the company's restructuring, the FT notes.

Mr. Cebrian's time leading the company has resulted in disastrous
losses and heavy dilution for its shareholders, with Prisa equity
losing 99% of its value over the past decade, the FT relays.  It
had borrowed heavily to make ill-fated acquisitions and
investments, the FT recounts.

From 2007 to 2016, Prisa reported consolidated losses of EUR2.2
billion while paying its board just under EUR80 million and
making Mr Cebri†n one of Europe's best-paid media executives at
the time, the FT discloses.

Promotora de Informaciones S.A. -- http://www.prisa.com/-- is a
Spain-based holding company engaged in various media activities.
The Company has six business areas: publishing, education and
training (Grupo Santillana publishes textbooks and books of
general interest); press (El Pais Internacional is engaged in the
distribution of news material and services to other newspapers
and publications worldwide); radio (Union Radio is a group
broadcasting worldwide); audiovisual (PRISA offers services and
products, including Pay TV, thorough the satellite platform
DIGITAL+, and free-to-view through the channel Cuatro); online
(Prisacom is committed to the development of multimedia content
with broadcasting for Internet-based TV) as well as commercial &
marketing (Sogecable Media SA manages all the advertising on the
Company and its group's media).  The Company is present in 22
countries, such as Portugal, Brazil or the United States.


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


INTERSERVE: Bags Government Contract Despite Covenant Breach Risk
-----------------------------------------------------------------
Rhiannon Bury at The Telegraph reports that Interserve has been
awarded a GBP227 million contract to provide facilities
management services to the Department for Work and Pensions, just
a day after it said it was in danger of breaching its debt
covenants and warned on profits.

According to The Telegraph, the company will provide maintenance
services to the DWP estate, as well as cleaning, catering, waste
disposal, removal and secure destruction of confidential waste
services to more than 700 buildings throughout the UK, over a
five-year period.

The new contract replaces an old Private Finance Initiative (PFI)
contract that expires earlier next year, The Telegraph notes.

Interserve is a support services and construction company.


PETRA DIAMONDS: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service has downgraded Petra Diamonds Limited's
(Petra) corporate family rating (CFR) to B2 from B1 and its
probability of default rating (PDR) to B2-PD from B1-PD.

At the same time, Moody's has downgraded to B3 from B2 the rating
assigned to the $650 million senior secured notes due 1 May 2022
and issued by Petra's wholly owned subsidiary, Petra Diamonds US$
Treasury Plc. The notes are guaranteed by Petra and some of its
subsidiaries.

All the ratings are on review for further downgrade, because of
the near-term liquidity risk that Petra faces. In particular,
based on Moody's forecasts, it is uncertain as to whether the
company can meet its covenant tests on December 31, 2017 and June
30, 2018, without its banks providing either a waiver or reset of
its covenants, or a combination of both.

"The downgrade, along with the possibility of a further downgrade
if covenant pressure is not addressed, reflects Moody's
expectations that Petra's credit metrics will be more in line
with a B2 rating over the next 18 months, and Moody's concerns
over the strength of Petra's liquidity profile over the next nine
months," says Douglas Rowlings, a Moody's Vice President and
Senior Analyst.

"If Petra breaches its covenant tests on December 31, 2017, and
its banks recall the facilities, the company will not have
sufficient liquidity under Moody's forecasts to meet its
operating needs," adds Rowlings.

RATINGS RATIONALE

The downgrade of Petra's CFR and PDR to B2 and B2-PD is based on
Moody's forecasts indicating that Petra's net debt/EBITDA will
exceed 2x over the next 18 months, and its EBIT/interest expense
will fall below 4x over the same period. Such results do not meet
the parameters set for a CFR of B1 and PDR of B1-PD.

Moody's forecasts take into account EBITDA generation and free
cash flow generation that will ramp-up at levels that are lower
than Moody's had previously expected, due to the roll-over impact
of recent operating challenges Petra has faced.

These challenges include:

(1) The delay in the commissioning of a new ore mill and C-Cut at
its Cullinan mine and Sub Level Cave at its Finsch mine;

(2) Ongoing challenges at its Williamson mine, where the company
is still in negotiations with the Tanzanian authorities to
resolve a number of disputes which are impacting cash flow
generated from the mine; and

(3) Production disruption at its Finsch, Koffiefontein and
Kimberley operations because of the wage negotiations and
subsequent strike action by miners at these mines.

Moody's points out that with the exception of Williamson mine,
the company has overcome all other challenges mentioned above.

Moody's review will focus on Petra's ability to reach an
agreement with its banking consortium to address pressures to
meet its bank covenant tests on December 31, 2017 as highlighted
by Petra in its 9 October 2017 announcement. In addition the
review will also factor the degree of headroom Petra will have in
meeting its June 30, 2018 covenant. Moody's expects that over the
next three months Petra will be in a position to provide more
definitive direction on the progress of its discussions with its
banking consortium.

Petra has in the past successfully obtained waivers and
amendments to its banking covenants from a consortium of South
African banks, with which it has established relationships dating
back more than 10 years.

A default on its bank facilities will not constitute a default on
its $650 million senior secured notes due 1 May 2022, assuming
that Petra can still make timely payment on its coupon
commitments for the notes. Petra's debt obligation agreements
also do not contain cross-acceleration of debt repayment clauses
or cross default clauses.

List of affected ratings:

Downgrades:

Issuer: Petra Diamonds Limited

-- Corporate Family Rating, Downgraded to B2 from B1; Placed
    Under Review for further Downgrade

-- Probability of Default Rating, Downgraded to B2-PD from
    B1-PD; Placed Under Review for further Downgrade

Issuer: Petra Diamonds US$ Treasury Plc

-- Backed Senior Secured Regular Bond/Debenture $650 million
    7.25% due 1 May 2022, Downgraded to B3 from B2; Placed Under
    Review for further Downgrade

Outlook Actions:

Issuer: Petra Diamonds Limited

-- Outlook, Changed To Rating Under Review From Positive

Issuer: Petra Diamonds US$ Treasury Plc

-- Outlook, Changed To Rating Under Review From Positive

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Petra Diamonds Limited is a rough diamond producer listed on the
Main Market of the London Stock Exchange. The company is
registered in Bermuda and domiciled in Jersey.

Petra has controlling interests in five mines (four in South
Africa and one in Tanzania), extensive tailings operations in
Kimberley (via its 79.5% interest in the Kimberley Ekapa Mining
joint venture), and an exploration programme in Botswana.

During the financial year ended June 30, 2017, Petra produced 4
million carats of diamonds, accounting for less than 5% of the
total production globally by volume and value at June 30, 2017.

For the financial year ended June 30, 2017, Petra generated $477
million in revenues and $158.5 million in terms of Moody's-
adjusted EBITDA. As of 17 October 2017, the company had a market
capitalization of GBP422.9 million ($557.8million).


WARE TRANSPORT: Trilogy Freight Acquires Business
-------------------------------------------------
Chris Druce at MotorTransport reports that Birmingham-based Ware
Transport has been snapped up by Trilogy Freight after entering
administration.

According to MotorTransport, DVSA records show air freight
specialist Ware Transport (Birmingham) was authorized to run more
than 20 vehicles at its base near Birmingham airport and also a
Manchester site.

The haulier had been trading under a Company Voluntary
Arrangement, MotorTransport notes.


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


* BOND PRICING: For the Week October 16 to October 20, 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.


                 * * * End of Transmission * * *