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

                           E U R O P E

          Monday, November 13, 2017, Vol. 18, No. 225


                            Headlines


G E R M A N Y

CART 1: Fitch Affirms CCsf Rating on Class E Notes


G R E E C E

GREECE: Bailout May Result Into Another Bankruptcy, PBO Warns
TITAN CEMENT: S&P Affirms BB+ CCR, Outlook Stable


I R E L A N D

GOLDEN PAGES: High Court Approves Examiner's Rescue Scheme


K A Z A K H S T A N

FORTEBANK JSC: S&P Alters Outlook to Positive, Affirms 'B/B' ICR
HOME CREDIT: Fitch Affirms B+ Long-Term IDRs, Outlook Stable


L I T H U A N I A

VILNIAUS KREDITAS: License Revoked Due to Insolvency


L U X E M B O U R G

GARFUNKELUX HOLDCO: S&P Affirms 'B+/B' ICR on Acquisition
GAZ CAPITAL: S&P Rates Loan Participation Notes 'BB+'


N E T H E R L A N D S

CAIRN CLO III: Fitch Corrects October 20 Rating Release
CAIRN CLO VIII: S&P Assigns B- (sf) Rating to Class F Notes
TIKEHAU CLO III: S&P Assigns B- (sf) Rating to Class F Notes


P O R T U G A L

LUSITANO MORTGAGES NO. 6: S&P Affirms D(sf) Rating on Cl. E Notes


R U S S I A

UNICREDIT BANK: S&P Affirms 'BB+B' ICR, Outlook Changed to Pos.


S L O V E N I A

GORENJSKA BANKA: Fitch Assigns BB- Long-Term IDR, Outlook Stable


S P A I N

BAHIA DE LAS ISLETAS: S&P Affirms B+ CCR, Outlook Positive


S W E D E N

VERISURE MIDHOLDING: S&P Lowers CCR to 'B', Outlook Stable


S W I T Z E R L A N D

SPUTNIK ENGINEERING: Schaffner EMV Concludes Settlement


U N I T E D   K I N G D O M

COLOUR BIDCO: S&P Assigns Preliminary 'B' CCR, Outlook Stable
INOVYN LTD: S&P Upgrades CCR to BB-, Outlook Stable
PREFERRED RESIDENTIAL 06-1: S&P Affirms B- Rating on Cl. E1c Note
SALFORD RED: Salford Council Approves Three-Year Loan Reprieve
STAKEHOLDER GROUP: Put Under Liquidation Over GBP200,000 Tax Bill


X X X X X X X X

* BOND PRICING: For the Week November 6 to November 10, 2017


                            *********



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G E R M A N Y
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CART 1: Fitch Affirms CCsf Rating on Class E Notes
--------------------------------------------------
Fitch Ratings has affirmed CART 1 Limited's class E notes at
'CCsf' with Recovery Estimate (RE) Not Calculated (NC) and Gate
SME CLO 2006-1 Limited's class E notes at 'CCsf' with RE 'NC'.

The synthetic transactions mostly reference German SME loans and
are both beyond their scheduled maturity date. Therefore only
note balances referencing defaulted loans are outstanding.

KEY RATING DRIVERS
Reference Asset Recoveries Sole Driver of Note Repayments
The losses allocated to noteholders resulting from the currently
defaulted reference assets are the sole driver of the funds
returned to the noteholders. As all reference assets are in
default by now, the recovery rate in turn is the sole determinant
for the loss allocation. No losses have been allocated to the
rated tranches yet, but in light of the observed recovery rates a
full repayment is unlikely.

Performance Volatility
Fitch is not analysing underlying loans in this transaction
individually, but makes loss expectations based on recovery
estimates for the portfolio. However, the highly concentrated
portfolios are leading to volatile performance as singular losses
assigned are significantly driving note performance.

Loss Estimation
Sector-specific criteria reports do not usually address stress
scenarios below 'B'. Instead, Fitch makes projections of expected
performance based on the current circumstances, without applying
additional stress. The expected performance is derived from the
lower observed recovery rate of the two transactions at 23.7%.
Based on the reference asset recovery rate, loss expectations
were calculated and assigned to outstanding notes resulting in
ultimate losses for rated notes.

RATING SENSITIVITIES
Higher reference assets recovery rates could lead to higher note
recovery rates or even full repayment.

In case of foreclosure processes relating to reference loans not
concluded at legal final maturity of the notes, no losses would
be assigned to the notes resulting in higher note recoveries or
even full repayment of the class E notes.


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


GREECE: Bailout May Result Into Another Bankruptcy, PBO Warns
-------------------------------------------------------------
EIRNS reports that the infamous bailout of Greece to save the
European financial system is pushing Greece into another
bankruptcy unless the debt is cut considerably, was the
assessment of the Greek Parliament's State Budget Office (PBO),
which made its report public on Nov. 6.

The report warns that after 2020, interest payments on Greece
debt will increase dramatically, requiring EU84.3 billion in the
six years from 2021 to 2026 for interest payments alone,
according to data from the Public Debt Management Agency,
EIRNS relates.

"Without a serious lightening of the debt, Greece will be
bankrupt," EIRNS quotes Prof. Panagiotis Liargovas, director of
the PBO s saying.  He also called for suspending the insane
requirement for Greece to maintain high primary budget surpluses,
because they are "asphyxiating the economy, generating a vicious
cycle of recession."

Greek Finance Minister Euclid Tsakalotos later challenged the PBO
assessment, claiming that it was based on information from 2014,
EIRNS relays.  PBO admitted it did not have available any more
recent data, but maintained that this did not change the
substance of its assessments, EIRNS notes.

According to EIRNS, the PBO declared, "We accept the criticism
leveled at the assessments of our latest report, but that does
not change the essence of PBO's point of view, which is that if
there are no resulting long-term relief measures and regulations
that can free the Greek state from the traps of high debt, the
viability of the loan will be threatened long-term, or even prove
impossible."


TITAN CEMENT: S&P Affirms BB+ CCR, Outlook Stable
-------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB+' long-term and
'B' short-term corporate credit ratings on Greece-based cement
producer Titan Cement Co. S.A. and its 100% subsidiary Titan
Global Finance PLC. The outlook is stable.

S&P said, "We are also assigning our '4' recovery rating and
affirming our 'BB+' issue rating on the existing EUR287 million
and EUR300 million senior unsecured fixed rate notes issued by
Titan Global Finance PLC and due 2019 and 2021, respectively.
This reflects the recent expansion of our recovery methodology
framework to include Greece-based issuers.

"Finally, we are assigning our 'BB+' issue and '4' recovery
ratings to the group's proposed new EUR250 million fixed-rate
notes due 2024 to be issued by Titan Global Finance PLC.

Titan intends to apply the proceeds of the new EUR250 million
senior unsecured fixed-rate notes as follows: EUR70 million
toward early part-redemption of the existing EUR287 million
senior unsecured fixed rate notes, EUR70 million to repay local
term debt (mostly in Egypt), and EUR60 million to clear all
drawings under its EUR300 million revolving credit facility
(RCF), with the remaining proceeds to be used to bolster
liquidity.

The proposed EUR250 million notes will be unsecured obligations
of Titan Cement and rank pari passu with the existing EUR287
million and EUR300 million senior unsecured fixed-rate notes
issued by Titan Global Finance. These three instruments are all
fixed-rate and senior unsecured, rank pari passu to each other,
and are 100% irrevocably and unconditionally guaranteed by Titan
Cement Co. We view the documentation for these three fixed-rate
bonds as supportive for the noteholders. The documentation
includes a provision whereby noteholders may require repayment of
the facility upon the occurrence of a "change of control."

S&P said, "Despite the one-off impact of Hurricane Irma and
restructuring its operations in Egypt, as well as persistently
challenging market conditions in Egypt and other core markets
such as Brazil, Turkey, and Greece, Titan Cement's robust
underlying operating performance in the U.S. continues to fuel
our expectation of an improvement in overall group results and
credit metrics. We expect that Titan Cement's credit metrics will
remain at a level commensurate with an intermediate financial
risk profile, specifically funds from operations (FFO) to debt of
more than 30% and debt to EBITDA of about 2.5x."

Titan is smaller than several of its higher-rated heavy building
materials peers, and has a multiregional rather than a global
presence. S&P said, "In our view, this implies that Titan Cement
is more exposed to local construction cycles, has higher country
risk, and could see more volatility in its profitability. Titan
Cement remains vulnerable to construction end-markets that are
not only highly cyclical and seasonal, but also highly capital-
and energy-intensive. Relative to peers, Titan Cement has a
greater exposure to higher-risk countries like Egypt, Greece,
Brazil, and Turkey, meaning there is currently greater potential
downside against our base case."

Capital intensity is a structural constraint on the financial
risk of any cement or heavy building materials producer, because
it translates into hefty capital expenditure (capex) and large
seasonal working capital swings, with a risk of a build-up in
working capital depending on industry conditions. Furthermore,
heavy building materials producers typically see working capital
contraction when revenues decline organically.

S&P's base-case scenario assumes:

-- Flat revenues in 2017 and 3%-4% growth in 2018, supported
    primarily by continued strong demand in the U.S.;

-- Other core markets like Greece, Egypt, Turkey, and Brazil
    remaining challenging over the same period;

-- A gradual improvement in Titan Cement's adjusted EBITDA
    margin to more than 20%, supported by careful cost control;

-- A deflationary environment in some markets, coupled with
    energy cost volatility, which could act as a counterweight to
    the abovementioned margin improvement;

-- Capex of up to EUR125 million in 2017 and EUR115 million in
    2018;

-- No major acquisitions or divestitures; and

-- Dividends of about EUR90 million in 2017 and EUR60 million in
    2018, in line with management's guidance.

Based on these assumptions, and assuming supportive market
conditions, S&P arrives at the following credit measures:

-- S&P Global Ratings-adjusted debt to EBITDA of about 2.6x in
    2017, and slightly under 2.5x in 2018;

-- Adjusted FFO to debt of about 31%-33% over the same period;
    and

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

S&P said, "Titan exhibits peak intrayear/seasonal working capital
cash swings of up to EUR60 million, but we note that the "trough"
or greatest cash need is in the third fiscal quarter, which the
company is currently in. Therefore we expect gentle cash inflow
from now until the end of this fiscal year.

"The stable outlook reflects our view that Titan Cement will
maintain robust performance in the U.S., with a gradually
improving EBITDA margin and credit metrics commensurate with an
intermediate financial risk profile. We believe that Titan
Cement's performance and liquidity are not linked to Greek
sovereign risk, and anticipate that the group will be able to
sustain positive discretionary cash flow and at least adequate
liquidity over the next 12 months.

"We could lower the rating if we no longer believe that Titan
Cement will sustain its core credit metrics at the intermediate
financial risk profile level, specifically, if debt to EBITDA
were to trend toward 3x or more, FFO to debt were to fall to less
than 30% with no prospect of a swift recovery, or if supplemental
credit ratios like free operating cash flow (FOCF) to debt were
to weaken significantly. This could occur if economic recovery,
and therefore demand, in some of Titan Cement's main markets,
notably the U.S., were to falter, or if the group were to invest,
make acquisitions, or increase capex above our base case.
Pressure on the ratings could also arise if Titan Cement's
liquidity deteriorates.

"We consider an upgrade as unlikely over our 12-month rating
horizon. However, we could raise our ratings on Titan Cement if
the group were to improve and sustain FFO to debt above 45%,
while sustaining debt to EBITDA at less than 2x. We would also
expect industry and market conditions to be supportive of an
upgrade."


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


GOLDEN PAGES: High Court Approves Examiner's Rescue Scheme
----------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court
has approved a scheme allowing the publishers of the Golden Pages
to exit examinership and continue to trade as a going concern,
securing the jobs of 73 employees.

Mr. Justice Robert Haughton on Nov. 9 approved the scheme put
together by examiner Neil Hughes in respect of Dublin-based FCR
Media Ltd, which publishes the Golden Pages directory, and a
related firm, FCR Tech UAB, The Irish Times relates.

Ross Gorman for Mr. Hughes told the court there were no
objections to the examiner's scheme, which had secured the
approval of the majority of creditors, The Irish Times notes.

Counsel also said that the publisher had secured fresh investment
during the period it was in examinership, The Irish Times relays.
The business had employed 103 workers, The Irish Times discloses.

However, as it has decided to cease publishing the print version
and focus on its online business, a number of employees who have
been working in the printing section had been made redundant, The
Irish Time recounts.

Counsel, as cited by The Irish Times, said in total some 73 jobs
have been saved.

The two companies are part of the FCR media group which provides
search and advertising services in 10 countries in Europe and has
more than 1,000 employees across its operations, The Irish Times
states.

They sought the protection of the courts after FCR media group
withdrew its interests in the Irish market meaning the firms
could no longer pay their debts as they fell due, The Irish Times
discloses.

According to The Irish Times, its debts to creditors, including
revenue as of July 21 last were EUR5.5 million.

The appointment of an examiner was sought after the court heard
an independent expert had stated in a report that the company has
a reasonable prospect of survival and the forecasts for 2017 and
2018 are positive, The Irish Times notes.


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


FORTEBANK JSC: S&P Alters Outlook to Positive, Affirms 'B/B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on ForteBank JSC to
positive from stable and affirmed its 'B/B' long- and short-term
issuer credit ratings.

At the same time, S&P raised its Kazakhstan national scale rating
on the bank to 'kzBB+' from 'kzBB'.

The rating actions reflect its view that ForteBank has made
progress in strengthening its market share, generating new good-
quality business, and recovering legacy problem loans.

The bank's position in the Kazakh banking system has
strengthened; it is now the fifth-largest bank in terms of total
assets. ForteBank also has a more balanced mix of corporate,
small and midsize enterprise, and retail customers on both sides
of its balance sheet compared to other medium-sized peers, and
good sector and single-name diversification in its loan
portfolio, which is positive for risk and returns
diversification. The bank is mainly funded by customer deposits
with a good balance of individuals and corporations, including
government-related entities.

S&P said, "We view positively the quality of the bank's
management team and its track record of recovering legacy problem
loans. Over the last couple of years, the bank recovered
Kazakhstani tenge (KZT) 184 billion ($0.6 billion) in problem
loans, of which KZT110 billion was through cash collection. The
remaining bad loan portfolio, on and off balance sheet, was about
KZT828 billion as of Oct. 1, 2017, of which KZT702 billion was
fully-provisioned loans written off-balance sheet.

"Overall, we think that the bank's creditworthiness could be
further boosted if it sustains or augments its market share,
maintains a diversified customer profile, and further improves
its profitability metrics over the next 12-18 months. While we
have seen an improvement in the bank's profitability, we remain
concerned about the bank's very low provisioning rate and its
high cost-to-income ratio.

"We continue to view ForteBank's capital and earnings position as
moderate. This assessment reflects our expectation that our risk-
adjusted capital (RAC) ratio for ForteBank could decrease to
about 6.3% by year-end 2018 compared to 6.5% at year-end 2016 in
view of increased provisioning.

"ForteBank's asset quality is weaker than peers', in our view,
reflecting its higher level of nonperforming loans (NPLs; loans
over 90 days overdue) and lower provisioning rate on both legacy
and new NPLs. Overall, the bank's NPLs accounted for 25.8% of
total loans at mid-2017, which is one of the highest ratios in
Kazakhstan. Of NPLs, 83% related to loans disbursed before
October 2014. NPLs on new loan production over the past three
years were only 5.8% as of mid-2017, which compares favorably to
peers. The legacy portfolio reported a provisioning coverage of
NPLs of 28% at mid-2017, which is insufficient in our opinion. We
note, however, that NPLs that were not covered by provisions were
fully covered by collateral.

"We consider ForteBank's funding to be average, reflecting the
diversified profile of its funding base, strong positive dynamics
of the deposit base over the past three years, and a stable
funding ratio of 150% as of mid-2017. We think that the bank's
liquidity is sufficient and well-managed.

"The long-term rating on ForteBank is one notch higher than the
SACP of 'b-', reflecting our view that the bank has moderate
systemic importance in Kazakhstan, driven by its significant
market share in total lending and in retail deposits, and our
assumption that the government is supportive of the domestic
banking sector.

"The positive outlook reflects our expectation that the bank's
track record of generating new business, augmenting its market
share, and recovering problem loans will continue over the next
12 months.

"We could upgrade the bank over the next 12 months if it sustains
or improves its market shares in the Kazakh banking sector,
maintains a diversified customer profile, and improves its
profitability metrics. We will also view positively an
improvement in NPL coverage by loan loss provisions in line with
peers'.

"We could revise the outlook back to stable over the next 12
months if we do not see the bank's business and asset quality
indicators strengthen further, and if the operating conditions in
the Kazakh banking sector worsen such that the bank's capital and
earnings are weakened. Negative rating pressure could build if
our forecast RAC ratio decreased below 5% as a result of credit
costs significantly exceeding our base-case expectations or if
rapid asset expansion was not supported by adequate capital
buffers. We would also take a negative view of a reversal in the
positive trend in NPL resolution."


HOME CREDIT: Fitch Affirms B+ Long-Term IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based SB JSC Home Credit
and Finance Bank's (HCK) Long-Term Foreign- and Local-Currency
IDRs at 'B+'; the Outlooks are Stable.

KEY RATING DRIVERS
IDRS, VR and NATIONAL RATING
The affirmation reflects limited changes since the last review,
as HCK continued to post good asset quality and robust
profitability. However, the bank's small size (less than 1% of
banking system assets in Kazakhstan), rapid growth in the
potentially risky consumer segment, and its still concentrated
and pricy deposit base constrain the ratings.

HCK's NPL origination ratio (defined as the increase in loans
overdue above 90 days, plus gross write-offs, divided by average
performing loans) have stayed at a decent 6%-7% in 2016-1H17,
down from 14%-15% in 2014-2015, due to more prudent underwriting
standards. NPLs 90+ days overdue (5% of gross loans at end-2Q17)
were fully covered by reserves. Additionally, the bank's asset
quality benefits from the absence of foreign currency lending.

Pre-impairment profitability is robust at about 20% of average
gross loans in 6M17, which is far above the bank's NPL
origination of about 5% after recoveries. As a result, the bottom
line is also very strong (around 55% ROAE in 2016-6M17).

HCK's capitalisation is solid, despite sizeable dividends (around
75% of net income) paid out to the parent every year since 2013.
HCK's regulatory total capital ratio was a healthy 15% at end-
3Q17, but declined from 19% at end-2016 due to higher statutory
risk weights for retail cash loans applied in Kazakhstan since
January 2017. The bank's loss absorption capacity is strong: at
end-3Q17, the bank could additionally reserve 9% of gross loans
before breaching the extra 2% conservation buffer.

HCK is 70% funded by deposits. These are mostly price-sensitive,
but proved to be sticky, as the bank's wide margins allow it to
offer attractive interest rates. By end-2016, HCK became entirely
self-funded, having replaced the parent funding with retail
customer accounts, and moderately lowered concentration of its
deposit base. HCK's liquid assets (25% of total customer
accounts) were sufficient to cover 12 months' market debt
repayments. The liquidity risks are additionally mitigated by
large average monthly proceeds from loan repayments, equal to
about 12% of customer accounts.

SUPPORT RATING
HCK's Support Rating of '4' reflects the limited probability of
support that the bank may receive from its 100% parent, HCFB. In
Fitch's view, HCFB's propensity to support HCK is high given the
full ownership, the subsidiary's favourable performance to date,
common branding and potential reputational damage for the broader
Home Credit group in case of HCK's default. However, HCFB's
ability to provide support to HCK is constrained by its own
financial strength, as expressed by its 'BB-' IDR.

SENIOR UNSECURED DEBT RATINGS
HCK's senior unsecured debt ratings are aligned with the bank's
Long-Term IDRs and National Rating, reflecting Fitch's view of
average recovery prospects, in case of default.

RATING SENSITIVITIES
An upgrade of HCK's IDRs would require either an upgrade of the
parent, reflecting an improved ability to provide support to HCK,
or an improvement of the standalone profile, namely strengthening
of the franchise, and better diversification of deposit base with
lower funding costs, while maintaining reasonable asset quality
and good performance.

HCK's Long-Term IDR would only be downgraded if both its
standalone financial profile deteriorated significantly and HCFB
failed to provide timely support.

The rating actions are:

HCK
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B+';
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BBB (kaz)'; Outlook
Stable
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '4'
Senior unsecured debt Long-term rating: affirmed at 'B+';
Recovery Rating 'RR4'
Senior unsecured debt National Long-term rating: affirmed at 'BBB
(kaz)'


=================
L I T H U A N I A
=================


VILNIAUS KREDITAS: License Revoked Due to Insolvency
----------------------------------------------------
The Board of the Bank of Lithuania recognized the credit union
Vilniaus kreditas as insolvent and revoked its license of a
credit union for good, thus it has no right to provide financial
services.  The Bank of Lithuania will apply to the Vilnius
District Court regarding initiation of bankruptcy proceedings for
this union.

Such a decision was taken because this credit union's assets are
lower than its liabilities and it has not complied with the major
capital related requirements -- capital adequacy requirement and
maximum exposure to a single borrower requirement.  Complying
with them was required by the Supervision Service of the Bank of
Lithuania in May 2017, when it appointed a temporary
representative for supervision of activities; however, this
obligation was not discharged.  The information provided by this
credit union and information available to the Bank of Lithuania
provides no grounds to believe that it could resume stable and
sound activities.  Finding a potential investor, who would help
solve financial issues, has also failed.

Asset quality review of Vilniaus kreditas has revealed the need
for its asset value adjustment, as as result of which losses grew
and the adjusted capital contracted accordingly.  According to
the data from the credit union as of 30 September 2017, its
assets amount to EUR21.28 million and liabilities - EUR21.59
million, capital - minus EUR0.38 million, i.e. its assets are
lower than liabilities by this amount.  On September 30, 2017,
the credit union incurred EUR 2.85 million losses, due to which
its equity capital became negative.

In terms of asset size, this is the ninth credit union in
Lithuania (out of 690).  Its membership comprises over 2
thousand.

Recognition of this credit union as insolvent is an ensured
event, thus its depositors will be paid out respective claims.
Insurance claims for Vilniaus kreditas depositors will be paid
and calculated following the existing legal acts.  In case of
such insured event, 100 per cent of the deposit amount, not
exceeding EUR100,000, will be paid out.  A claim for a customer
shall be paid within 20 business days of the announcement of the
insured event (November 10, 2017).


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


GARFUNKELUX HOLDCO: S&P Affirms 'B+/B' ICR on Acquisition
---------------------------------------------------------
On Nov. 2, 2017, Luxembourg-based debt collection company
Garfunkelux Holdco 2 S.A. (Garfunkelux 2), which trades as
Lowell, announced that it has entered an agreement to acquire the
Nordic carve-out business from Intrum Justitia AB. S&P
understands that the company plans to fund the acquisition
through a mixture of new debt and equity, and expects to close
the transaction in the first half of 2018, subject to the
relevant regulatory approvals. However, more details regarding
the transaction are not yet available.

S&P said, "We are therefore revising our outlook to developing
and affirming our 'B+/B' long- and short-term issuer credit
ratings on Lowell.

"The developing outlook indicates that we could affirm, lower, or
raise our ratings, depending on the proposed financing package,
the potential earnings impact, and our view of the combined
group's financial policy and overall business franchise. LONDON
(S&P Global Ratings) Nov. 8, 2017--S&P Global Ratings today
revised its outlook on Luxembourg-based debt collection company
Garfunkelux Holdco 2 S.A. (Lowell) to developing from stable. At
the same time, we affirmed our 'B+/B' long- and short-term issuer
credit ratings on the company."

S&P also affirmed the issue ratings on the debt issued by various
subsidiaries of Lowell:

-- The 'B+' issue rating on the senior secured notes issued by
    Garfunkelux Holdco 3 S.A.(the recovery rating is unchanged at
    '3');

-- The 'BB' issue rating on the super senior revolving credit
    facility co-issued by Lowell Holding GmbH and Simon Bidco
    Ltd. (the recovery rating is unchanged at '1'); and

-- The 'B-' issue rating the senior unsecured notes issued by
    Lowell (the recovery rating is unchanged at '6').

The outlook revision follows Lowell's announcement on Nov. 2,
2017, that it has entered an agreement to acquire the carve-out
business from Intrum Justitia AB, subject to regulatory approval.
The impact of the final terms of the proposed acquisition on
Lowell's credit quality is not yet clear. Specifically, S&P does
not have details regarding how Lowell will finance the
acquisition, the potential earnings impact on the group, or
whether the group will materially change its strategic focus
beyond the proposed acquisition.

In June 2017, Intrum completed the acquisition of Lock Lower
Holdings (the holding company of operating entity Lindorff). As
part of the approval process, the European competition
authorities required a partial divestment of the group's Nordic
business and Intrum was given six months to find a potential
buyer. S&P understands that Lowell will use a combination of new
debt and equity to acquire the carve-out business, which includes
Intrum's Norwegian business and Lindorff's Swedish, Danish,
Finnish, and Estonian businesses.

S&P said, "In assessing Lowell's business risk profile, we
currently factor in the group's concentrated focus on the
distressed debt industry and coverage of mature markets that are
exposed to significant competitive pressures. This is somewhat
offset by its good asset class diversification relative to peers,
and its top tier market positions in Austria, Germany, and the
U.K. Although we think that such a sizable acquisition will
increase the group's near-term operational risks, we anticipate
that the transaction could eventually benefit Lowell by providing
it with a wider geographic presence and a more-balanced revenue
profile. The business being acquired earns a high proportion of
its income from servicing third-party debt portfolios. We also
think the acquisition could provide increased scale and improve
the stability of the group's earnings."

Prior to this announcement, S&P forecasts that the group would be
at the weaker end of the following ranges over the next 12
months:

-- Gross debt to adjusted EBITDA between 4x-5x;
-- Funds from operations (FFO) to gross debt between 12%-20%;
and
-- Adjusted EBITDA to interest expense between 3x-6x.

S&P said, "Our current 'b+' group credit profile (GCP) for Lowell
incorporates a downward adjustment of one notch, chiefly based on
our view that its credit metrics are weaker than those of its
peers rated 'BB-' or 'B+', and the uncertainty regarding the
group's future financial policy under its current ownership
structure. We consider that Lowell's weaker position relative to
peers reflects its financial sponsor ownership and recent fast
growth, which has included a phase of heightened merger and
acquisition activity. Depending on the mix of funding and
potential earnings impact, the latest acquisition to be announced
could put pressure on the company's credit metrics. Another
partially debt-financed acquisition could lead us to believe that
the group's financial policy and commitment to deleveraging is
unpredictable.

"The developing outlook reflects our view that the ratings could
be raised, lowered, or affirmed as a result of completing the
acquisition of Intrum's carve-out business. In our view, there is
currently a degree of uncertainty regarding the proposed
financing package, the potential earnings impact, and our view of
the combined group's financial policy and overall business
franchise. Although we recognize the potential long-term business
benefits to the group, we also acknowledge that a largely debt-
financed acquisition could put pressure on the group's credit
metrics."

S&P could lower the ratings if, after the acquisition, the
group's:

-- Debt to adjusted EBITDA rises above 5x;
-- FFO to debt falls below 12%; and Debt-servicing capacity
weakens.

This could happen if the acquisition is largely funded from newly
issued debt and the expected earnings increase did not
sufficiently offset this increase over our one-year rating
horizon.

S&P said, "We could raise the ratings if the group's credit
metrics remain stable following the acquisition and we gain
further clarity regarding the group's long-term financial policy.
If so, the increases in scale and diversification provided by the
acquisition could lead us to remove the negative comparable
adjustment notch that we currently factor into the ratings."


GAZ CAPITAL: S&P Rates Loan Participation Notes 'BB+'
-----------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' long-term
debt rating to a proposed issue of loan participation notes (LPNs
Series 44) by Gaz Capital S.A., a financing vehicle of Russian
state-controlled gas company Gazprom PJSC (foreign currency
BB+/Positive/B, local currency BBB-/Positive/A-3).

The LPNs are to be issued within the framework of Gazprom's $40
billion European medium-term note (MTN) program. The rating on
the LPNs mirrors the long-term foreign currency corporate credit
rating on Gazprom. S&P said, "We understand that LPNs are backed
by senior unsecured obligations of Gazprom with equivalent
payment terms, and that Gaz Capital is a strategic financing
entity for Gazprom set up solely to raise debt on behalf of the
Gazprom group. We believe that Gazprom is willing and able to
support Gaz Capital to ensure full and timely payment of interest
and principal when due on the LPNs, including payment of any
expenses of Gaz Capital."

Gazprom's capital structure includes mainly parent-level debt
(including loan participation notes issued by Gaz Capital S.A.,
Russian bonds and bank debt). Of Russian rubles (RUB) 3,005
billion (US$50.9 billion) total reported debt as of June 30,
2017, S&P estimates that about 25% was priority-ranking debt at
the subsidiary level. Loan participation notes issued via Gaz
Capital under the MTN program amounted to RUB1,345 billion or 45%
of the group's total reported debt.

The notes are rated the same as the foreign currency corporate
credit rating on Gazprom, because no significant elements of
subordination risk are present in the capital structure.


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


CAIRN CLO III: Fitch Corrects October 20 Rating Release
-------------------------------------------------------
This commentary corrects the version published on Oct. 20, 2017
to include more information in the data adequacy section.

Fitch Ratings has assigned Cairn CLO III B.V.'s refinancing notes
final ratings and affirmed the others:

EUR181.5 million class A-R notes: assigned 'AAAsf'; Outlook
Stable
EUR28 million class B-R notes: assigned 'AAsf'; Outlook Stable
EUR20 million class C-R notes: assigned 'Asf'; Outlook Stable
EUR16.5 million class D-R notes: assigned 'BBBsf'; Outlook Stable
EUR22 million class E notes: affirmed at 'BBsf'; Outlook Stable
EUR8 million class F notes: affirmed at 'B-sf'; Outlook Stable

Cairn CLO III B.V. is a cash flow collateralised loan obligation
securitising a portfolio of mainly European leveraged loans and
bonds. Net proceeds from the notes are being used to refinance
the current outstanding A to D notes. The portfolio is managed by
Cairn Loan Investments LLP.

KEY RATING DRIVERS
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' category. The weighted-average rating factor (WARF) of
the current portfolio is 33.3, below the covenanted maximum for
assigning the final ratings of 34.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio is 66.3%. This is above the covenanted minimum
for assigning the final ratings of 54.5% which corresponds to the
Fitch matrix of top 10 obligors at 23%, WARF of 34, and a
weighted average spread of 4%.

Extended Weighted Average Life (WAL)
On the refinancing date, the issuer extended the WAL covenant by
1.5 years to 7.5 years as part of the refinancing of the notes
and updated the Fitch matrix. Fitch tested all the points in the
matrix based on the extended WAL covenant.

Limited Interest Rate Risk
Unhedged fixed-rate assets cannot exceed 1% of the portfolio.
Consequently, interest rate risk is naturally hedged for most of
the portfolio through floating-rate liabilities.

Diversified Asset Portfolio
The transaction contains no covenant that limits the top 10
obligors in the portfolio. The transaction consists of three
Fitch matrices that the portfolio manager may choose from,
corresponding to top 10 obligors of 20%, 23% and unlimited.

TRANSACTION SUMMARY
Cairn CLO III B.V. closed in March 2013 and was reset in October
2015. The transaction is still in in its reinvestment period,
which is set to expire in October 2019. The issuer has issued new
notes to refinance part of the original liabilities. The class A,
B, C and D notes have been redeemed in full as a consequence of
the refinancing.

The refinancing notes bear interest at a lower margin over
EURIBOR than the notes being refinanced. The remaining terms and
conditions of the refinancing notes (including seniority) are the
same as the refinanced notes.

In its analysis, Fitch has applied a 15bp haircut to the weighted
average spread calculation. In this transaction, the aggregate
funded spread calculation for floating-rate collateral debt
obligation with an Euribor floor is artificially inflated by the
negative portion of Euribor.

RATING SENSITIVITIES
A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to two notches for the rated notes.


CAIRN CLO VIII: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Cairn CLO VIII
B.V.'s class A, B-1, B-2, C, D, E, and F senior secured notes. At
closing, the issuer also issued unrated subordinated notes.

The ratings assigned to Cairn CLO VIII's notes reflect our
assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality
    tests.

-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy
    remote.

-- The transaction's counterparty risks.

The transaction is a cash flow collateralized debt obligation
(CLO), securitizing a portfolio of primarily senior secured loans
granted to speculative-grade corporates. Cairn Loan Investments
LLP manages the transaction.

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

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

"In our cash flow analysis, we used the EUR350 million target par
amount, the covenanted weighted-average spread (3.70%), the
modelled weighted-average fixed coupon (5.25%), the covenanted
weighted-average recovery rate of 36.00% at the 'AAA' rating
level, and the current weighted-average recovery rates at each
rating level below 'AAA'. We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"We consider that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria (see "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013).

"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in our criteria (see
"Ratings Above The Sovereign - Structured Finance: Methodology
And Assumptions," published on Aug. 8, 2016).

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria (see "Structured Finance: Asset Isolation
And Special-Purpose Entity Methodology," published on March 29,
2017).

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

RELATED CRITERIA AND RESEARCH

RATINGS LIST

  Cairn CLO VIII B.V.
  EUR361.2 mil secured fixed-rate and floating-rate notes
  including EUR35.5 mil   unrated notes
                                                    Amount
  Class                     Rating                  (mil, EUR)
  A                         AAA (sf)                    214.4
  B-1                       AA (sf)                      27.3
  B-2                       AA (sf)                      10.0
  C                         A (sf)                       23.9
  D                         BBB (sf)                     18.5
  E                         BB (sf)                      22.3
  F                         B- (sf)                       9.3
  M-1 Sub                   NR                           17.8
  M-2 Sub                   NR                           17.7

  NR--Not rated


TIKEHAU CLO III: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Tikehau CLO III
B.V.'s class A, B, C, D, E, and F notes.

At closing, Tikehau CLO III also issued an unrated subordinated
class of notes.

The ratings assigned to Tikehau CLO III's notes reflect S&P's
assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality
    tests.

-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy
    remote.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following
this, the notes permanently switch to semiannual payment. The
portfolio's reinvestment period ends approximately four years
after closing.

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

"In our cash flow analysis, we used the EUR420 million target par
amount, the covenanted weighted-average spread (3.60%), the
covenanted weighted-average coupon (4.75%) (where applicable),
and the target minimum weighted-average recovery rates at each
rating level as indicated by the manager.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating
category. Elavon Financial Services DAC is the bank account
provider and custodian. The documented downgrade remedies are in
line with our current counterparty criteria (see "Counterparty
Risk Framework Methodology And Assumptions," published on June
25, 2013).

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

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

RATINGS LIST

  Tikehau CLO III B.V.
  EUR435.15 mil floating-rate notes (including EUR45.6 mil
  subordinated notes)
                                                      Amount
  Class                    Rating                 (mil, EUR)
  A                        AAA (sf)                  244.70
  B                        AA (sf)                    57.70
  C                        A (sf)                     28.60
  D                        BBB (sf)                   19.70
  E                        BB (sf)                    26.25
  F                        B- (sf)                    12.60
  Sub                      NR                         45.60

  NR--Not rated



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


LUSITANO MORTGAGES NO. 6: S&P Affirms D(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Lusitano
Mortgages No. 6 DAC's class B and C notes. At the same time, S&P
has affirmed its ratings on the class A, D, and E notes.

S&P said, "The rating actions follow the Sept. 15, 2017 raising
of our unsolicited foreign currency short- and long-term
sovereign ratings on the Republic of Portugal (see "Ratings On
Portugal Raised to 'BBB-/A-3' On Strong Economic And Budgetary
Performance; Outlook Stable"). We have conducted our credit and
cash flow analysis based on the most recent transaction
information that we have received, and the application of our
European residential loans criteria, our structured finance
ratings above the sovereign criteria (RAS criteria), and our
current counterparty criteria (see "Methodology And Assumptions:
Assessing Pools Of European Residential Loans," published on Aug.
4, 2017, "Ratings Above The Sovereign - Structured Finance:
Methodology And Assumptions," published on Aug. 8, 2016, and
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).

"Available credit enhancement, based on nondefaulted loans, has
increased since our previous full review to 26.3% from 21.5% for
the class A notes, to 13.8% from 10.6% for the class B notes, to
5.8% from 3.6% for the class C notes, and to 2.4% from 0.7% for
the class D notes (see "Rating Actions Taken On 41 Tranches In 25
Portuguese RMBS Transactions Following Sovereign Upgrade,"
published on Oct. 16, 2015). The undercollateralization for the
class E notes has decreased to 3.7% from 4.6% over the same
period.

This transaction features an amortizing reserve fund, which has
been completely depleted since the September 2012 payment date.
S&P considered this in the cash flow analysis.

S&P said, "Severe delinquencies of more than 90 days at 1.33% are
lower than our Portuguese residential mortgage-backed securities
(RMBS) index (see "Portuguese RMBS Index Report Q2 2017,"
published on Sept. 12, 2017). The transaction's performance has
been improving since our previous review. Prepayment levels
remain low at 2.1% over the past year and the transaction is
unlikely to pay down significantly in the near term, in our
opinion.

"After applying our European residential loans criteria to this
transaction, our credit analysis results show a decrease in both
the weighted-average foreclosure frequency (WAFF) and the
weighted-average loss severity (WALS) at each rating level."

  Rating level    WAFF (%)    WALS (%)
  AAA                36.51       30.42
  AA                 27.25       25.67
  A                  22.33       16.81
  BBB                16.27       12.21
  BB                 10.36        9.15
  B                   8.65        6.53

The decrease in the WAFF figures is primarily due to the higher
proportion of loans benefitting from the highest seasoning
credit, and lower arrears. The decrease in the WALS is primarily
due to the decrease in the pool's weighted-average current loan-
to-value, which has resulted from the loans' amortization and the
increasing house prices in Portugal.

S&P said, "Following the application of our European residential
loans criteria, our RAS criteria, and our current counterparty
criteria, we have determined that our assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by our RAS criteria, (ii) the rating that the
class of notes can attain under our European residential loans
criteria, and (iii) the rating as capped by our current
counterparty criteria. In this transaction, our ratings are
capped by the application of our current counterparty criteria.

"We do not consider the long-term issuer credit rating (ICR) on
The Royal Bank of Scotland (RBS; BBB+/Negative/A-2) as liquidity
facility provider to be in line with our current counterparty
criteria. Therefore, our ratings in the transaction are capped at
the ICR on RBS. At the same time, our ratings on the notes are
capped by our ICR plus one notch on Credit Agricole Corporate and
Investment Bank as swap counterparty at 'A+' as we do not
consider the replacement language in the swap agreement to be in
line with our current counterparty criteria.

"Our RAS criteria constrain our rating on the class A notes at
'AA- (sf)', which is six notches above our 'BBB-' long-term
rating on the sovereign. However, our current counterparty
criteria cap our rating at 'BBB+ (sf)'. We have therefore
affirmed our 'BBB+ (sf)' rating on the class A notes.

"Our RAS criteria indicate that the class B notes can achieve a
rating above the long-term rating on the sovereign, but we do not
consider the current credit enhancement on this class of notes to
be commensurate with a rating higher than the one on the Republic
of Portugal. We have therefore raised to 'BBB- (sf)' from 'BB+
(sf)' our rating on this class of notes.

"Our analysis indicates that the available credit enhancement for
the class C notes is sufficient to support the stresses that we
apply at the 'BB' rating level under our European residential
loans criteria. We have therefore raised to 'BB (sf)' from 'B
(sf)' our rating on this class of notes.

"The available credit enhancement for the class D and E notes is
commensurate with our currently assigned ratings. As the issuer
is dependent upon favorable business, financial, and economic
conditions to meet its financial commitment on the class D notes,
we have affirmed our 'CCC (sf)' rating on this class of notes.
The gross default cumulative ratio is above the 8% trigger for
the class E notes. Consequently, and as outlined in the
transaction documents, the interest due on these notes is now
subordinate to the principal deficiency ledger (PDL). Because the
PDL is not cured and the reserve fund is fully depleted, the
class E notes have defaulted. We have therefore affirmed our 'D
(sf)' rating on the class E notes.

"We also consider credit stability in our analysis (see
"Methodology: Credit Stability Criteria," published on May 3,
2010). To reflect moderate stress conditions, we adjusted our
WAFF assumptions by assuming additional arrears of 8% for one-
and three-year horizons. This did not result in our rating
deteriorating below the maximum projected deterioration that we
would associate with each relevant rating level, as outlined in
our credit stability criteria.

"In our opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and we have
therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our European
residential loans criteria, to reflect this view (see "Outlook
Assumptions For The Portuguese Residential Mortgage Market,"
published on July 28, 2017). We base these assumptions on our
expectation of modest economic growth and continuing high
unemployment."

Lusitano Mortgages No. 6 is a Portuguese RMBS transaction, which
closed in July 2007 and securitizes first-ranking mortgage loans.
Novo Banco originated the pool, which comprises loans granted to
prime borrowers for the acquisition of residential properties
located in Portugal, mainly located in the Lisbon region.

RATINGS LIST

  Class              Rating
              To                From

  Lusitano Mortgages No. 6 DAC
  EUR1.122 Billion Mortgage-Backed Floating-Rate And Subordinated
  Notes

  Ratings Raised

  B           BBB- (sf)         BB+ (sf)
  C           BB (sf)           B (sf)

  Ratings Affirmed

  A           BBB+ (sf)
  D           CCC (sf)
  E           D (sf)



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


UNICREDIT BANK: S&P Affirms 'BB+B' ICR, Outlook Changed to Pos.
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Russia-based AO
UniCredit Bank (UniCredit Russia) to positive from stable. At the
same time, S&P affirmed its 'BB+/B' long- and short-term issuer
credit ratings on the bank.

S&P said, "The outlook revision to positive follows our raising
of the long-term issuer credit rating on the bank's parent
company UniCredit SpA to 'BBB' from 'BBB-' (see "Positive Actions
Taken On Italian Banks On Reduced Economic Risks And Sovereign
Upgrade," published Oct. 31, 2017). In our view, the upgrade
indicates the group's increased ability to support its
subsidiaries.

"We continue to consider UniCredit Russia to be of high strategic
importance to the UniCredit Group, which we expect will provide
ongoing and extraordinary support to the bank if needed. We
usually rate highly strategically important subsidiaries one
notch below the parent. However, our long-term rating on
UniCredit Russia does not currently include any uplift for group
support because the rating is capped at the level of our foreign
currency long-term sovereign rating on Russia (BB+/Positive/B).
As a purely domestic bank, we do not consider that UniCredit
Russia's creditworthiness could exceed that of the sovereign.

"We believe that UniCredit SpA's increased ability to support its
Russian subsidiary would result in a one-notch upgrade if we were
to raise the Russian sovereign rating, assuming no change in the
importance of UniCredit Russia to the group.

"Our rating affirmation reflects the bank's unchanged
fundamentals, such as its strong market position, sustainable
revenues, and sound level and quality of capitalization, with our
projected risk-adjusted capital (RAC) ratio at 9.1%-9.5% over the
next 12-18 months. Our RAC estimates are based on our projections
of loan growth of about 3% over the next two years, no dividend
payout, a net interest margin of about 3.4%, and credit costs of
around 1.0% (remaining lower than the sector average of 3.5%-
4.5%). The affirmation also incorporates our view of the bank's
good earnings capacity over the cycle, and healthy risk-
management system, which result in better asset quality than the
system average (7% versus the 9% average). The bank's declining
but still-material single-name deposit concentrations remain the
bank's weakness, but this is mitigated by sound liquidity
management, in our view.

"We also continue to believe that the bank has moderate systemic
importance in Russia, and we expect the government would provide
support in case of need.

The positive outlook on UniCredit Russia mirrors that on Russia
since the bank operates solely in the Russian market and is
therefore exposed to the risks related to operations in Russia.
The outlook also reflects the bank's highly strategic status for
the UniCredit Group and related support from the group in the
case of need. If S&P upgraded Russia in the next 12-18 months, it
would also upgrade UniCredit Russia, assuming that the bank's
parent continued to view Russia as an important region for
business and there was no deterioration of the group's financial
profile.

S&P said, "We could revise our outlook on UniCredit Russia to
stable if we revised the sovereign outlook on Russia to stable. A
negative rating action could also be triggered if we considered
that the group status of the Russian subsidiary had weakened and
if we believed that the likelihood of group support had
decreased, but this is not our base-case scenario."


===============
S L O V E N I A
===============


GORENJSKA BANKA: Fitch Assigns BB- Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned Gorenjska Banka d.d., Kranj (GBKR) a
Long-Term Issuer Default Rating (IDR) of 'BB-' with a Stable
Outlook.

KEY RATING DRIVERS
IDRS, VR
The IDRs of GBKR are driven by its stand-alone financial
strength, as expressed by its Viability Rating (VR).

Fitch's assessment of GBKR's stand-alone profile reflects the
bank's straightforward business model based on providing
traditional banking services, moderate risk appetite and robust
liquidity. At the same time, Fitch also considers the bank's high
impaired loans ratio, its small size and only regional franchise,
modest profitability and only adequate capitalisation.

GBKR's branch network and its retail customer base in Slovenia
are concentrated in its home market in the Gorenjska region,
where the bank has a significant franchise. The bank's presence
in other parts of Slovenia is limited. At end-2016, GBKR was the
eighth-largest bank is Slovenia, with around a 5% share in sector
assets. Lending is dominated by exposures to corporate customers
and funding is based predominantly on retail customer deposits.

GBKR's weak asset quality reflects mostly legacy problems
stemming from relaxed corporate lending prior to 2009, including
financing of the commercial real estate and construction sectors
(around 18% of the gross loan book at end-2016). Retail loans
performed considerably better, but they accounted for a moderate
20% of gross loans at end-2016 (end-2015: 16%).

At end-2016, the bank's impaired loans ratio (defined as IFRS
impaired loans and IFRS non-impaired loans past due by more than
90 days) stood at 20.3% (but at only 2% in the retail book),
which was broadly in line with domestic averages, but weak by
international standards. The impaired loans ratio fell from
around 39% at end-2014, driven by a portfolio clean-up as new
loan production was subdued. GBKR's loan book is fairly well
diversified by industry, but single-name concentrations are high.
The 20 largest loan exposures were equivalent to around 200% of
Fitch Core Capital (FCC) at end-2016.

The profitability of GBKR and its domestic peers suffers from the
low interest rate environment, limited credit demand resulting in
a large portion of low-yielding assets on the bank's balance
sheet and a lack of scale that limits pricing power and weighs on
cost efficiency.

The net interest margin at GBKR (2.2% in 2016) has been under
pressure in recent years from the low interest rate environment,
but recently has been broadly comparable with domestic peers.
Expansion in leasing business should, in Fitch view, benefit
margins in the medium term. GBKR is also working on changing its
lending mix towards retail customers, but considering the trends
in Slovenian retail banking and tough competition this is likely
to be a challenging and lengthy process. GBKR's cost efficiency
(cost-to-income ratio of around 70% in 2016) suffers from the
small size of the bank.

Loan impairment charges have dropped to low levels (around 45bp
of average gross loans in 2016), driven by limited new loan
generation and stabilisation of loan quality in the legacy
portfolio.

The FCC ratio was a solid 19.4% at end-2016 and provided
significant capital buffers over regulatory minimums. Coverage of
impaired loans by impairment provisions (specific and IBNR) was,
however, moderate in Fitch view, at 51% at end-2016 and weaker
than at Slovenian peers rated by Fitch. The stock of uncovered
impaired exposures relative to FCC was also substantial and
higher than at peers, at around 51% at end-2016. If all impaired
loans were fully covered by reserves, GBKR's regulatory core tier
1 ratio would fall close to the Pillar 2 requirement of 10.8%.

Internal capital generation is weak. The bank reported a return
on equity of 3.2% in 2016 and paid out 75% of profits in
dividends. However, capitalisation is supported by limited
organic loan growth. In Fitch's view, the latter at GBKR is
likely to be single-digit in medium term.

GBKR is almost exclusively funded with granular customer
deposits. The bank, similar to other Slovenian banks, has enjoyed
a steady inflow of customer deposits, which together with limited
new lending opportunities have resulted in a significant
liquidity surplus invested in good quality instruments.

Customer deposits accounted for around 92% of total funding at
end-1H17 and were sourced mainly from households (around 86% of
the total). The loans/deposits ratio dropped to around 78% at
end-2016, from around 94% at end-2014. This was driven by steady
deposit growth and almost unchanged gross loans. Available highly
liquid assets (around EUR700 million) at end-1H17 covered around
49% total deposits.

SUPPORT RATING AND SUPPORT RATING FLOOR
In Fitch's view, shareholder support for GBKR cannot be relied
upon. GBKR's biggest shareholder is Sava d.d., a local financial
holding, with a 29% stake. Sava is under compulsory restructuring
and the Slovenian banking regulator withdrew the licence for the
company to hold a qualifying shareholding in GBKR in September
2015, ordered Sava to sell all of its shares in GBKR and withdrew
its voting rights pending the sale. A consortium of Sava and some
other GBKR shareholders have offered a majority stake in the bank
for sale. The second-largest shareholder of GBKR is Serbia-based
AIK Banka, which injected EUR13 million of fresh capital into
GBKR in early 2016.

The Support Rating Floor of 'No Floor' and the Support Rating of
'5' express Fitch's opinion that potential sovereign support for
the bank also cannot be relied on. This is underpinned by the
EU's Bank Recovery and Resolution Directive, which provides a
framework for resolving banks that are likely to require senior
creditors participating in losses, if necessary, instead of or
ahead of a bank receiving sovereign support.

RATING SENSITIVITIES
IDRS, VR
The bank's VR and IDRs could be upgraded in case of a significant
reduction of impaired loans and maintenance of adequate capital
levels. Upside for the VR is, however, limited given GBKR's small
size and the limitations of its franchise.

A downgrade could be triggered by negative trends in loan book
performance or a sharp increase in risk appetite.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating could be upgraded if a majority stake in GBKR
is acquired by a highly-rated institutional investor. In such a
case, the Support Rating Floor would likely be withdrawn, as
Fitch would view shareholders rather than the sovereign as the
primary potential source of support for GBKR.

The rating actions are:

Gorenjska Banka d.d., Kranj:
Long-Term IDR: assigned at 'BB-', Outlook Stable
Short-Term IDR: assigned at 'B'
Support Rating: assigned at '5'
Support Rating Floor: assigned at 'No Floor'
Viability Rating: assigned at 'bb-'



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


BAHIA DE LAS ISLETAS: S&P Affirms B+ CCR, Outlook Positive
----------------------------------------------------------
S&P Global Ratings revised its outlook on Spain-based ferry
operator Bahia de las Isletas S.L. (Bahia) to positive from
stable. At the same time, S&P affirmed its 'B+' corporate credit
rating on Bahia and its core subsidiary Naviera Armas S.A.
S&P said, "We also assigned our 'BB-' issue and '2' recovery
ratings to the proposed EUR300 million senior secured notes. The
recovery rating indicates our expectation of substantial (70%-
90%; rounded estimate: 70%) recovery in the event of a payment
default. At the same time, we affirmed our 'BB-' issue rating on
the company's existing EUR282 million secured notes due July
2023. The recovery rating of '2' is unchanged.

"Our rating actions reflect that the proposed debt-funded EUR300
million Compania Trasmediterranea S.A. acquisition will add
significantly to Bahia's size and scale, with its EBITDA set to
increase by about 70% to EUR105 million in 2018 (including one-
off synergy implementation costs of about EUR30 million), with a
potential for further growth, according to our base case.
Furthermore, the addition of 16 vessels will more than double
Bahia's existing fleet and the enlarged route network will
enhance the company's geographic diversity. This, combined with
the potential realization of acquisition-related synergies, could
reduce earnings volatility and strengthen EBITDA generation,
while credit measures will improve as Bahia integrates
Trasmediterranea, to be consistent with the financial profile of
aggressive.

"Bahia and Trasmediterranea both operate in the ferry industry,
which we view as more favorable than traditional cyclical
transportation because of generally more stable demand and
pricing and lower capital intensity. Trasmediterranea is the
largest passenger and freight ferry operator in Spain. The
company owns 16 vessels operating mainly in the Strait (Morocco
and Spain) and Balearic islands, where Bahia has low or no
exposure. As a result, we believe the business combination with
almost no intersections in the route network will add to Bahia's
business model, currently built around 11 vessels, and dilute its
revenue concentration in the Canary Islands' inter-island routes
where the company commands a leading market position. The
combined entity will provide both passenger and freight services
covering about 56 routes compared with 24 routes of Bahia stand-
alone.

"We believe Bahia will remain largely resilient to seasonal
swings because of favorable winter weather conditions in the
Canaries and local traffic. However, its exposure to seasonality
will be higher post-acquisition. This is because
Trasmediterranea's passenger revenues, which will represent about
24% of the combined entity, are depend more on the Strait and
Balearic market, which experience seasonal peaks due to the flow
of tourists during the summer.

"We expect the acquisition will enlarge Bahia's freight cargo and
in-land logistic operations, since Trasmediterranea owns the
largest truck fleet with 410 vehicles in Spain adding to Bahia's
current vehicle fleet of 109 trucks.

"We expect freight and land transportation business to represent
57% of total revenues, compared with 41% for Bahia stand-alone.
We view these segments as more predictable because most contracts
have pass-through clauses that protect the company from fuel cost
inflation, unlike passenger services where the increase in ticket
prices depends on market dynamics. Furthermore, we view the
underlying passenger and freight ferry industry as mature and
competitive, which means that Bahia's increased market share and
scale will not necessarily translate into revenue premiums or
higher ticket prices than its peers.

"While Trasmediterranea has an older and therefore less efficient
fleet (average age: about 16 years) compared with Bahia (average
age: 9.4 years), we believe it is still competitive relative to
peers. We do not expect any material cash outflows to be needed
for refurbishing other than the maintenance capital expenditure
(capex) of about EUR15 million per year for Trasmediterranea,
which is included in our forecast."

Trasmediterranea's EBITDA margins were significantly lower and
its financial performance proved to be more volatile than Bahia's
in the past few years. This was due to its less efficient
operating model and higher exposure to swings in fuel prices
because of lower and less comprehensive fuel hedging. Following
the acquisition, Trasmediterranea will remain subject to volatile
fuel costs, which represents a significant portion--about 20%--of
its operating expenses. S&P said, "However, we expect fuel
hedging levels to gradually align with Bahia's policy of 60%-80%
coverage in the coming years and this could increase earnings'
visibility. In addition, we believe that Bahia could extract
significant synergies from, among others, the reorganization of
routes and vessel replacements. If implemented effectively, this
would result in fuel savings, counterbalancing Trasmediterranea's
currently high unhedged position."

S&P said, "According to our base case, the consolidation of
Trasmediterranea will significantly expand Bahia's revenues to
about EUR600 million in 2018 (from our previous forecast for
Bahia stand-alone of about EUR180 million) and EBITDA to EUR105
million, including one-off implementation costs of about EUR30
million (from our previous forecast for Bahia stand-alone of
about EUR65 million) in 2018. This will dilute the company's
EBITDA margin to below 20% from about 35% in 2016. In 2019, we
consider an improvement in EBITDA to EUR140 million-EUR145
million and in the EBITDA margin to 20%-23%, as possible. We
nevertheless believe that the pace and magnitude of improvement
in EBITDA generation, profitability, and consequently credit
metrics is susceptible to the company's ability to effectively
integrate new business and realize synergies.

In S&P's base-case scenario for the next two years, it assumes:

-- A closing of the Trasmediterranea acquisition, subject to
    regulatory approvals, in the next two-to-three months.

-- S&P said, "Bahia stand-alone revenue growth to remain in line
    with our previous forecast. In 2018, we expect organic
    revenue growth of about 8%, well in excess of our
    expectations for annual consumer price index (CPI) ticket
    price increase for Spain and the eurozone. This is supported
    by the increase in passengers after the acquisition of a new
    ferry early this year."

-- Combined entity, an increase in revenue of about EUR425
    million-EUR430 million (up from EUR180 million-EUR190
    million).

-- Adjusted EBITDA margin of about 16%-17% in 2018,
    significantly down from about 35% of Bahia stand-alone,
    reflecting Trasmediterranea's lower profitability and one-off
    implementation costs. Beyond 2018, S&P expects a material
    improvement in the EBITDA margin to 20%-23%, which includes
    the realization of synergies and cost efficiencies.

-- Higher exposure to fuel price volatility due to
    Trasmediterranea having low hedges in place for 2018 and no
    hedges for 2019 compared with Bahia's 65% of exposure being
    hedged in 2018 and 60%-75% in 2019 and 2020. This will be
    partly offset by the reorganization of routes and vessels and
    S&P's expectation that Bahia will gradually align
    Trasmediterranea's hedging strategy with that of its own.

-- An increase in fuel prices, which largely follows S&P's
    estimate for crude oil prices, which are typically a good
    indicator of fuel price movements (see "S&P Global Ratings
    Raises Its Oil And Natural Gas Prices Assumptions For 2017,"
    Published in Dec. 14, 2016).

-- Debt incurrence of EUR300 million to fund the acquisition.

-- Annual capex of about EUR25 million in 2018-2019, mainly for
    maintenance of vessels.

-- S&P's base case also assumes that the company will dedicate
    most of its cash flow generation to capex and future debt
    repayments, and will not incur additional debt for new vessel
    acquisition and shareholder returns over the next two years.

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

-- Adjusted funds from operations (FFO) to debt of about 10%-11%
    in 2018 improving to 15%-16% in 2019 (compared with pro forma
    of about 12% in 2017).

-- Adjusted debt to EBITDA of about 6.0x in 2018 improving to
    about 4.5x in 2019 (compared with pro forma of about 6.0x in
    2017).

S&P said, "While we believe that Bahia might increase its cash
balance in the next two years, we do not deduct cash in our
forecast for the calculation of adjusted debt because of the
company's business profile, which we classify as weak. If Bahia
were to specifically identify surplus cash to retire maturing
debt and establish a track record of using available cash to pay
off maturing debt, we would consider revising our current
approach toward adjusting debt for surplus cash.

"The positive outlook reflects our view that we could upgrade
Bahia given the company's increased size, diversity, and the
potentially improved earnings capacity after the Trasmediterranea
acquisition. An upgrade would be predicated on our view that the
company will also improve and maintain credit measures at the
higher end of the range for the aggressive financial risk
assessment.

"We could raise our rating on Bahia to 'BB-' in the next 12
months if it is successful in integrating Trasmediterranea,
achieving targeted synergies of at least EUR30 million, improving
EBITDA margins, and if we believe that it will improve and
sustain its adjusted FFO to debt at above 16%.

"We could revise the outlook to stable if the company were unable
to integrate the business and realize the targeted synergies,
resulting in weaker-than-expected profitability. We could also
revise the outlook to stable if the acquisition does not receive
the corresponding regulatory approvals, which we view as
unlikely."


===========
S W E D E N
===========


VERISURE MIDHOLDING: S&P Lowers CCR to 'B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Verisure Midholding AB and its subsidiary Verisure Holding AB
to 'B' from 'B+'. The outlook is stable.

S&P said, "At the same time, we lowered our issue rating on
Verisure's senior secured debt to 'B' from 'B+'. The recovery
rating remains '3', indicating our expectation of significant
recovery (rounded estimate: 55%) in the event of default. We also
lowered our rating on Verisure's senior unsecured debt to 'CCC+'
from 'B-'. The recovery rating remains '6', indicating our
expectation of negligible recovery (0%) in the event of default.

"We also assigned our 'CCC+' issue rating to the company's
proposed senior unsecured notes. The recovery rating of '6'
reflects our expectation of negligible recovery (0%) in the event
of default.

"The downgrade reflects our expectation of a substantial increase
in Verisure's adjusted debt to EBITDA to about 7.5x at year-end
2017, following the planned debt-financed dividend payment of
EUR1.05 billion. This compares with our previous forecast of
about 5.6x in 2017. The transaction reflects a more aggressive
financial policy than we previously anticipated, and we therefore
see an ongoing risk that continued growth will be used for
further shareholder remuneration rather than leverage reduction.
In addition, we expect that higher interest costs and transaction
expenses related to the recapitalization will put additional
pressure on the company's FOCF. Free cash flows are already
constrained by the customer-acquisition costs associated with the
company's growth targets. We therefore anticipate negative FOCF
in 2017 and 2018, and do not envisage it will breakeven until
2019. These constraints are partly offset by Verisure's strong
cash-generating business from existing customers, which results
in funds from operations to debt above 10%, and EBITDA interest
coverage of 3x in 2017-2018.

"Our assessment of Verisure's business risk profile continues to
reflect its leading market position in the European residential
alarm-monitoring market, strong growth prospects, and operating
efficiency, which benefits from low customer attrition compared
with industry peers. These factors are balanced by the company's
limited, albeit increasing, absolute scale, and exposure to
technology and reputation risk.

"In our view, scale is critical in the alarm-monitoring industry,
given the cost of adding or replacing a customer and the
typically high level of attrition. Although Verisure is showing
double-digit growth in net subscribers, it is still about 3.5x
smaller than U.S. peer Prime Security Services Borrower LLC.
Furthermore, in our view, Verisure is also exposed to both
technology and reputation risks over the medium term because it
has to continually incorporate the latest technological
advancements into its product offerings to attract new customers
while maintaining its service standards.

"However, we think that these weaknesses are balanced by
Verisure's position in the European residential alarm-monitoring
market. Verisure is a clear leader in its key European markets,
including Spain, Sweden, Norway, and Portugal, being about 5x
larger than the nearest competitor. Moreover, we think the
customer attrition rate will remain below 7%, given relatively
low mobility of households in Europe and the company's integrated
business model, according to which Verisure has more interaction
with customers compared with its peers in the U.S., where alarm
companies outsource parts of the value chain. Finally, Verisure
benefits from growth opportunities in monitored residential and
small-business alarms in Europe (the penetration rate in the
addressable market is only 9%, compared with 33% in the U.S.) and
good revenue visibility from its portfolio of high-quality
customers.

"The stable outlook reflects our expectation that Verisure will
continue to post strong revenue and EBITDA growth and maintain
adequate liquidity, while new customer acquisitions will continue
to result in negative FOCF over the coming 12 months.

"We could raise the rating if continued growth in EBITDA reduces
adjusted debt to EBITDA to sustainably less than 7x, supported by
a more conservative financial policy.

"We could lower the rating if Verisure's operating performance
significantly deteriorates, for example through higher attrition
or a loss in market share, likely stemming from increased
competition or technological shifts in the industry."



=====================
S W I T Z E R L A N D
=====================


SPUTNIK ENGINEERING: Schaffner EMV Concludes Settlement
-------------------------------------------------------
Schaffner EMV AG has concluded a settlement agreement with the
bankruptcy estate of Sputnik Engineering AG in liquidation
before the Commercial Court in Berne on November 9, 2017.  As a
consequence of such agreement, Schaffner EMV has agreed to pay
CHF250,000 to the bankruptcy estate of Sputnik Engineering AG in
liquidation, without acknowledging any legal obligation, fault or
liability.  The settlement agreement is subject to approval by
the creditors.

As reported on January 30, 2016, Sputnik Engineering in
liquidation filed an action against Schaffner EMV in connection
with alleged product defects at the Commercial Court in Berne and
asserted claims in the amount of CHF2.9 million.

Schaffner EMV has always contested the claim of Sputnik
Engineering AG in liquidation.

Sputnik Engineering AG is a Swiss company specializing in the
development, production, distribution, and maintenance of
grid-connected photovoltaic inverters.

Sputnik Engineering filed for insolvency in November 2014.


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


COLOUR BIDCO: S&P Assigns Preliminary 'B' CCR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit rating to Colour Bidco Ltd., the ultimate parent
of NGA UK, a leading provider of payroll and human resources (HR)
software services in the U.K. mid-market (MM) segment. The
outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue rating to the senior secured term loan due 2024 that Colour
Bidco plans to issue. The preliminary recovery rating of '3'
indicates our expectation of meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of a default.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size, and conditions of the loans, financial and other covenants,
security, and ranking.

"Our preliminary rating on Colour Bidco primarily reflects our
view of the company's highly leveraged capital structure
following Bain Capital's planned acquisition of NGA UK through a
carve-out from Northgate Information Solutions Ltd. We take into
account the company's S&P Global Ratings-adjusted leverage of
7.1x debt to EBITDA and its relatively limited scale and scope in
comparison with peers. We also factor in Colour Bidco's well-
established niche market position in the U.K.'s fragmented
payroll and HR software service market, its good profitability --
with adjusted EBITDA margins of around 31%-32% and solid free
operating cash flow (FOCF) generation, resulting in an adjusted
FOCF-to-debt ratio of above 5%."

Colour Bidco is a provider of integrated HR information system
software, which is delivered on premise or as software as a
service (SaaS), as well as payroll and business process
outsourcing services (BPaaS), mainly in the MM segment in the
U.K. and Ireland, but also including a few larger companies in
its client base. Its main product is "ResourceLink." The company
also provides payroll services and web-based HR assistance for
small and midsize enterprises (SMEs).

S&P said, "In our view, the company's business risk profile is
primarily constrained by NGA UK's small scale compared with that
of rated peers and its limited geographic diversity, since it
operates only in the U.K. and Ireland. In fiscal year 2017 (ended
April 30), NGA UK generated about ú138 million of revenues and
about ú50 million of EBITDA. The business risk profile is further
constrained by its narrow specialization on HR and payroll
products, where the market is very competitive and fragmented
with only modest entry barriers, in our view. While NGA UK's
payroll software solutions are critical to customers' operations,
in our opinion, they are arguably not as embedded in customers'
IT strategy as software supporting revenue generation, for
instance. NGA UK's customer base also exhibits some customer
concentration because the 10 largest customers accounted for
about 25% of revenues in fiscal 2017.

This is partly offset by NGA UK's solid EBITDA margins of higher
than 30% and good cash conversion. The business risk profile
further benefits from a leading position in the HR and payroll
services in the U.K. According to management, NGA UK held around
19% market share for its MM segment in fiscal 2017, which is
twice the market share of the second player in this segment, and
around 8% for SMEs. Furthermore, NGA UK's relatively high
proportion of recurring revenues provides good visibility on
future earnings. In fiscal 2017, 85% of NGA UK's revenues were
recurring. The company has a meaningful SaaS penetration among
its existing client base, and, based on the company's projections
and S&P's forecasts, this share should increase steadily over
fiscal 2018-2021.

S&P said, "Our financial risk profile assessment reflects NGA
UK's highly leveraged pro forma capital structure and our
expectation that Bain Capital will likely pursue an aggressive
financial policy. We consequently calculate NGA UK's leverage on
a gross debt basis. We also add to our debt calculation for NGA
UK about ú40 million unfunded pension obligations and adjusted
EBITDA for capitalized development costs (about ú8 million in
fiscal 2018). As a result, we estimate that, at the transaction's
closing, the company's adjusted debt-to-EBITDA ratio will be at
about 7.1x and remain above 6.0x during fiscal 2018-2020. In
addition, we estimate that the ratio of funds from operations
(FFO) to debt will be about 8% on a pro forma basis in fiscal
2018 and below 10% in fiscal 2019-2020.

"In our view, NGA UK benefits from relatively good cash
conversion thanks to low capital expenditure (capex)
requirements, excluding capitalized expenses for research and
development (R&D), and limited working capital requirements due
to a large recurring revenue base with upfront annual billing. We
anticipate solid annual FOCF generation of about ú20 million-ú25
million in fiscal 2018-2020, which corresponds to our forecast
adjusted FOCF-to-debt ratio of about 6%-8% over the same period.
Nevertheless, this excludes about ú4.9 million annual
contributions to the company's pension plan. Furthermore, under
our base case, NGA UK maintains solid EBITDA interest cover of
more than 3x in 2019 and 2020 (assuming a full year of interest
for fiscal 2019).

"The stable outlook reflects our expectation that NGA UK will
successfully maintain or expand its well-established market
position and achieve organic revenue growth 2%-4%, with adjusted
EBITDA margins of above 30%. We think this will enable NGA UK to
generate positive FOCF generation of about ú20 million over the
next 12 months. We expect that adjusted debt to EBITDA will
remain well above 6x in fiscal 2019.

"We could lower the preliminary rating if the company's revenues
and EBITDA margins start declining due to meaningful customer
losses or heightened competition. We would also consider a
negative rating action if we saw an increase in leverage to more
than 7.5x or if FOCF-to-debt ratio fell to below 5%. This could
materialize through a worsening of the company's operating
environment or a sizable debt-financed acquisition, which we do
not assume under our base case.

"Although unlikely at this point, we could consider an upgrade if
NGA UK was able to materially deleverage beyond our current
base-case expectations. Specifically, we would consider a
positive rating action if adjusted debt to EBITDA fell below 5.5x
and if the FOCF-to-debt ratio increased to above 10%. An upgrade
would be subject to our view that these credit metrics are
sustainable."


INOVYN LTD: S&P Upgrades CCR to BB-, Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it raised its long-term corporate
credit rating on U.K.-based chlorvinyl producer Inovyn Ltd. and
its finance subsidiary Inovyn Finance PLC to 'BB-' from 'B+'. The
outlook is stable.

S&P said, "We also raised the issue ratings to 'BB-' from 'B+' on
the senior secured term loans co-issued by Inovyn Ltd. and Inovyn
Finance PLC, including the EUR108 million term loan A
(outstanding at third-quarter-end) due 2021 and the EUR830
million term loan B due 2024 (including the EUR140 million
upsizing). The recovery rating remains '3', indicating recovery
prospects in the 50%-70% range (rounded estimate: 65%).

"We also raised the issue rating on the EUR240 million senior
secured notes to 'BB-' from 'B+'. The recovery rating is '3'. We
expect to withdraw this issue and recovery rating when the notes
are repaid."

The upgrade follows deleveraging by parent Ineos AG through its
various subsidiaries, including Inovyn and sister companies Ineos
Group Holdings and Ineos Styrolution, resulting in a better
credit profile for the group. S&P said, "We now assess the group
credit profile at 'bb', which provides a one-notch uplift to the
rating on Inovyn. We continue to assess Inovyn's stand-alone
credit profile (SACP) at 'b+', taking into account its strong
operating performance so far in 2017, on the back of supportive
market conditions. In addition, Inovyn plans to repay its EUR240
million senior secured notes out of cash accumulated and its
EUR140 million additional term loan B, leading to a reduction in
gross debt of about EUR100 million. This should translate into
about 2.5x adjusted debt to EBITDA in 2017, which is at the
strong end of the 2x-4x range we view as commensurate with
Inovyn's 'b+' SACP."

Inovyn's profitability has been improving through realized cost
efficiencies and synergies, combined with supportive market
conditions. S&P said, "We view current European PVC industry
conditions as favorable, supported by capacity rationalization
and subsequent positive effects on PVC-ethylene spreads. We also
expect Inovyn to maintain high capacity utilization and efficient
production levels as a result of stable demand and major plant
turnarounds in 2016. We anticipate the company will continue to
focus on de-bottlenecking the specialty PVC business, which has
better growth prospects than commodity PVC and much higher
margins, although it currently represents only about 18%-19% of
EBITDA. Our updated base case also captures synergies realized
since the formation of Inovyn as a combination of Solvay's and
Kerling's PVC assets. We estimate these synergies at EUR154
million at the end of third-quarter 2017 since the formation of
Inovyn, and expect total synergy targets to continue to increase.
We understand savings were essentially realized in production and
procurement costs, and that these are progressively translating
into structural improvements in the company's cost position. This
has helped assuage EBITDA downside risks, therefore leading to
more resilient credit measures.

"We anticipate that Inovyn will report robust operating
performance in 2017 and 2018; we forecast annual EBITDA of about
EUR600 million-EUR650 million. This compares with our previous
projection of about EUR550 million-EUR600 million, and the actual
figure of EUR420 million for 2016 (after restructuring). We
believe free cash flow should rise materially compared with 2016,
supporting continued deleveraging.

"The company remains exposed to commoditized PVC products,
however, with 46% of revenues derived from general purpose PVC
and 25% from caustic soda and potash. Although this translates
into leading market shares -- about 30% in European PVC -- we
believe the business is highly exposed to volatile raw materials
and selling prices, while a material portion of revenues is
derived from cyclical end-markets, mainly construction (about 30%
of 2016 revenues) and chemicals and industrial applications
(16%). For these reasons, we think EBITDA is subject to
significant top-to-bottom-of-cycle swings, and therefore we
continue to view Inovyn's business risk profile as weak.

"Our adjusted debt to EBITDA for 2017 of about 2.5x supports
Inovyn's financial risk profile of aggressive. We believe a 2x-4x
range is commensurate with the 'b+' SACP. This compares with 4.3x
at end-2016, which reflected restructuring charges and the
negative effects of the interest-rate environment on the
company's pension deficit. We continue to factor in potentially
high credit volatility over the cycle. We believe, however, that
operational improvements should translate into significant free
cash flow generation in 2017. The amendment of the credit
agreement and repayment of notes will further strengthen Inovyn's
credit profile, with lower debt and interest expenses.

"We view the company's financial policy, which aims to maintain
the balance sheet such that bottom-of-the-cycle unadjusted net
leverage would not exceed 3x, as fairly supportive for the
rating. We continue to view Inovyn as a moderately strategic
subsidiary of Ineos, reflecting Inovyn's contribution of about
12% of the group's total EBITDA, and our understanding that
Ineos' policy is to fund the entities of the group on a stand-
alone basis. Therefore, the rating currently incorporates a one-
notch adjustment for group support.

In S&P base case, it assumes:

-- Broadly stable PVC and caustic soda volumes, assuming about
    1% growth in European demand for PVC in 2017 and 2018 year on
    year.

-- Adjusted EBITDA margin of 18.0%-18.5% in 2017 and 2018,
    reflecting a solid spread level and internal efficiency
    gains.

-- Relatively high capital expenditure (capex), including about
    EUR70 million on a cellroom conversion, EUR50 million on
    maintenance and minor turnarounds, and EUR30 million on
    growth projects.

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

-- Strong positive free cash flows.
-- Adjusted debt to EBITDA of about 2.5x in 2017 and 2018.

S&P said, "The stable outlook reflects our view that Inovyn
should be able to maintain 2x-4x adjusted debt to EBITDA in the
next few years. We anticipate that current favorable industry
conditions, supported by capacity rationalization, will help
maintain a strong ratio in 2017 and 2018, helped by management's
focus on realizing the announced synergies and targeted cost
savings. The stable outlook also takes into account credit
prospects for Ineos AG, and the parent's financial policy to
maintain its group credit profile at the current level."

Further upside is constrained at this stage by the volatile
underlying nature of the industry. Further deleveraging, such
that debt to EBITDA remained below 3x at all points of the cycle
could lead to an upgrade, if Inovyn also implemented stricter
financial policies. Further deleveraging of the Ineos group could
also support an upgrade.

Pressure on the rating may arise from rapidly deteriorating
EBITDA, on the back of continued--though lessened--market
overcapacities, from lagging demand especially in Europe, or from
a narrowing spread in PVC-ethylene in the coming quarters. A
ratio of adjusted debt to EBITDA exceeding 4x for a prolonged
period would likely put pressure on the rating. An increase of
leverage at the parent could also lead to a downgrade.


PREFERRED RESIDENTIAL 06-1: S&P Affirms B- Rating on Cl. E1c Note
-----------------------------------------------------------------
S&P Global Ratings took various credit rating actions on all
classes of notes in Preferred Residential Securities 05-1 PLC
(PRS 05-1) and Preferred Residential Securities 06-1 PLC
(PRS 06-1).

Specifically, S&P has:

-- Raised to 'A (sf)' from 'A- (sf)' S&P's ratings on PRS 05-1's
    class B1a, B1c, and C1c notes, and to 'A (sf)' from
    'BB+ (sf)' its ratings on PRS 06-1's class D1a and D1c notes;

-- Raised to 'A (sf)' from 'A- (sf)' S&P's ratings on PRS 06-1's
    class A2a, A2b, A2c, B1a, B1c, C1a, and C1c notes;

-- Affirmed S&P's 'BB+ (sf)' and 'B- (sf)' ratings on PRS 05-1's
    class D1c and class E notes, respectively; and

-- Affirmed S&P's 'B- (sf)' and 'CCC (sf)' ratings on PRS 06-1's
    class E1c and FTc notes, respectively.

S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction using information from the investor
report and loan-level data as of September 2017. Our analysis
reflects the application of our European residential loans
criteria and our current counterparty criteria (see "Assessing
Pools Of European Residential Loans," published on Aug. 4, 2017,
and "Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).

"On Oct. 17, 2017, we raised our long- and short-term issuer
credit ratings (ICRs) on Barclays Bank PLC, the bank account
provider in these two transactions (see "Prospective Barclays
Ring-Fenced Entity Assigned Preliminary 'A/A-1' Ratings, Barclays
Bank PLC Raised To 'A/A-1'")."

In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed. The servicer's definition
of other amounts owed include (among other items), arrears of
fees, charges, costs, ground rent, and insurance.

S&P has refined its analysis of these other amounts owed by using
the available reported loan-level data. The new approach
primarily results in a decrease in the weighted-average loss
severity (WALS) in these transactions.

Preferred Residential Securities 05-1

S&P said, "In our opinion, the performance of the loans in the
collateral pool has been stable since our previous review, but
nevertheless remains high and well above our U.K. nonconforming
index (see "All Ratings Affirmed In U.K. Nonconforming RMBS
Transaction Preferred Residential Securities 05-1 Following
Review," published on Aug. 3, 2016, and "U.K. RMBS Index Report
Q2 2017," published on Sept. 12, 2017). Total delinquencies have
slightly increased to 31.6% from 30.7% at our previous review.

"Since our previous review, our credit assumptions have decreased
at all rating levels, driven primarily by a lower WALS.

"The lower arrears projections and original loan-to-value (LTV)
ratio has improved our weighted-average foreclosure frequency
(WAFF) calculations. Our WALS assumptions have decreased at all
rating levels. The transaction has benefitted from the decrease
in the weighted-average current LTV ratios, and the refinement of
our analysis of the other amounts owed. However, this has been
partially offset by the increase in our repossession market value
decline assumptions.

"Credit enhancement levels have increased for all rated classes
of notes since our previous review. The notes benefit from an
amortizing liquidity facility and a nonamortizing reserve fund.
Both the liquidity facility and the reserve fund are currently at
their required levels.

"The structure is currently amortizing sequentially as 90+ days
arrears (including other amounts owed) are well above the
documented trigger of 22.5%. As the ratio is well above the
trigger and the other amounts owed continue to increase, we
consider that the transaction will likely continue to pay
principal sequentially. We have incorporated this assumption in
our cash flow analysis by modelling a sequential repayment of the
notes.

"In our credit and cash flow analysis, we consider the available
credit enhancement for the class B1a, B1c, and C1c notes to be
commensurate with higher ratings than those currently assigned.
However, the bank account provider, Barclays Bank (A/Negative/A-
1), breached the 'A-1+' downgrade trigger specified in the
transaction documents, following our lowering of its long- and
short-term ratings in November 2011 (see "Barclays Bank PLC
Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Bank Criteria
Change; Outlook Stable," published on Nov. 29, 2011). Because no
remedy actions were taken following our November 2011 downgrade,
our current counterparty criteria cap the maximum potential
rating on the notes in this transaction at our 'A' long-term ICR
on Barclays Bank. We have therefore raised to 'A (sf)' from 'A-
(sf)' our ratings on the class B1a, B1c, and C1c notes.

"We have affirmed our 'BB+ (sf)' rating on the class D1c notes as
the available credit enhancement is sufficient to maintain the
currently assigned rating.

"We have also affirmed our 'B- (sf)' rating on the class E notes
as there is less than a one in two likelihood that the tranche
will default in the next 24 months, given the resilient economy,
the fully funded liquidity facility, and nonamortizing reserve
fund.

"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for one- and three-year horizons under moderate stress conditions
is in line with our credit stability criteria (see "Methodology:
Credit Stability Criteria," published on May 3, 2010).

Preferred Residential Securities 05-1 is backed by nonconforming
U.K. residential mortgage loans, which Preferred Mortgages Ltd.
originated.

Preferred Residential Securities 06-1

S&P said, "In our opinion, the performance of the loans in the
collateral pool has been slightly improving since our previous
review, but nevertheless remains high and well above our U.K.
nonconforming index (see "Various Rating Actions Taken In U.K.
RMBS Transaction Preferred Residential Securities 06-1,"
published on Feb. 9, 2017). Total delinquencies have slightly
decreased to 22.9% from 24.8% at our previous review.

"Since our previous review, our credit assumptions have decreased
at all rating levels, driven primarily by a lower WALS.

"The lower arrears and the greater seasoning improved our WAFF
calculations. Our WALS assumptions have decreased at all rating
levels. The transaction has benefitted from the decrease in the
weighted-average current LTV ratios, and the refinement of our
analysis of the other amounts owed. However, this has been
partially offset by the increase in our repossession market value
decline assumptions.

"Credit enhancement levels have increased for all rated classes
of notes since our previous review. The notes benefit from an
amortizing liquidity facility and a nonamortizing reserve fund.
Both the liquidity facility and the reserve fund are currently at
their required levels.

"The structure is currently amortizing sequentially as 90+ days
arrears (including other amounts owed) are well above the
documented trigger of 22.5%. As the ratio is well above the
trigger and the other amounts owed continue to increase, we
consider that the transaction will likely continue to pay
principal sequentially. We have incorporated this assumption in
our cash flow analysis by modelling a sequential repayment of the
notes.

"In our credit and cash flow analysis, we consider the available
credit enhancement for the class A2a, A2b, A2c, B1a, B1c, C1a,
C1c, D1a, and D1c notes to be commensurate with higher ratings
than those currently assigned. However, the bank account
provider, Barclays Bank, breached the 'A-1+' downgrade trigger
specified in the transaction documents, following our lowering of
its long- and short-term ratings in November 2011. Because no
remedy actions were taken following our November 2011 downgrade,
our current counterparty criteria cap the maximum potential
rating on the notes in this transaction to our 'A' long-term ICR
on Barclays Bank. We have therefore raised to 'A (sf)' from 'A-
(sf)' our ratings on the class A2a, A2b, A2c, B1a, B1c, C1a, and
C1c notes.

"We have also raised to 'A (sf)' from 'BB+ (sf)' our ratings on
the class D1a and D1c notes due to improving credit performance
and higher available credit enhancement.

"We have affirmed our 'B- (sf)' rating on the class E1c notes as
there is less than a one in two likelihood that the tranche will
default in the next 24 months given, the resilient economy, the
fully funded liquidity facility, and nonamortizing reserve fund.

"We have also affirmed our 'CCC (sf)' rating on the class FTc
notes, given the gradual repayment of the notes over the past
three years, the modest excess spread, and the fully funded
reserve fund.

"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
for one- and three-year horizons under moderate stress conditions
is in line with our credit stability.

Preferred Residential Securities 06-1 is backed by nonconforming
U.K. residential mortgage loans, which Preferred Mortgages
originated.

  RATINGS LIST

  Class           Rating
            To              From

  Preferred Residential Securities 05-1 PLC   EUR188 Million,
  GBP271.2 Million Mortgage-Backed Floating-Rate Notes

  Ratings Raised

  B1a       A (sf)          A- (sf)
  B1c       A (sf)          A- (sf)
  C1c       A (sf)          A- (sf)

  Ratings Affirmed

  D1c       BB+ (sf)
  E         B- (sf)

  Preferred Residential Securities 06-1 PLC
  EUR107.6 Million, GBP288.432 Million, $145 Million Mortgage-
  Backed Floating-Rate
  Notes

  Ratings Raised

  A2a       A (sf)          A- (sf)
  A2b       A (sf)          A- (sf)
  A2c       A (sf)          A- (sf)
  B1a       A (sf)          A- (sf)
  B1c       A (sf)          A- (sf)
  C1a       A (sf)          A- (sf)
  C1c       A (sf)          A- (sf)
  D1a       A (sf)          BB+ (sf)
  D1c       A (sf)          BB+ (sf)

  Ratings Affirmed

  E1c       B- (sf)
  FTc       CCC (sf)


SALFORD RED: Salford Council Approves Three-Year Loan Reprieve
--------------------------------------------------------------
Richard Frost at Insider Media reports that Salford Red Devils
have been given a three-year loan reprieve by the council.

According to Insider Media, Salford City Council has decided to
extend the holiday on loan repayments for the rugby league club.
The move to suspend contributions from the club for 36 months,
subject to an annual review, has been formally approved by
Salford city mayor Paul Dennett, Insider Media discloses.

This is on condition that the club retains its name and honors
its previous agreements by playing its home games at the AJ Bell
Stadium, Insider Media notes.

Mr. Dennett, as cited by Insider Media, said: "Salford Red Devils
is an institution in our city and a huge part of the Salford
identity. I believe this decision is in the best interests of the
taxpayer of Salford.

"It is concerning to hear about the continued financial
difficulties faced by the club, especially in light of the
important role that the club has for our city.

"We have agreed to extend the CVA [company voluntary arrangement]
on the club for three years, on annual review.  Our accountants
will have full access to the club's accounts and finances and we
are determined to turn things around.

"I have met with fans and hope to meet with them regularly until
we turn this situation around and help the club stand on its own
two feet again."

In 2013, all of the club's creditors entered into a CVA which set
out terms for a loan to be paid back to the council over a 25-
year period, Insider Media recounts.  This came about when the
club's incoming owner Marwan Koukash took on a historic debt when
he bought the club, Insider Media notes.

The length of the CVA has not been extended, meaning the club
will still have to repay its debt over the agreed 25 years,
Insider Media states.  The council agreed to this on the
condition that the club pays the council GBP17,000 for IT support
services and makes a contribution of GBP30,000 each year to the
CVA to distribute to creditors, Insider Media relays.

Salford Red Devils R.L.F.C. is a professional rugby league club
in Salford, Greater Manchester, England, who play in the Super
League.


STAKEHOLDER GROUP: Put Under Liquidation Over GBP200,000 Tax Bill
-----------------------------------------------------------------
Alan Erwin at Belfast Telegraph reports that Stakeholder Group,
one of Northern Ireland's best-known public relations companies
has been wound-up at the High Court in Belfast.

According to Belfast Telegraph, the move to liquidate Stakeholder
relates to a tax bill in excess of GBP200,000.

But rival firm MCE Public Relations Ltd is close to completing a
deal to buy the business and protect its five staff members'
jobs, Belfast Telegraph discloses.

A winding-up petition brought by HM Revenue and Customs' was
granted after a proposed voluntary arrangement to pay some of the
debt was rejected, Belfast Telegraph relates.

The company was plunged into difficulties amid attempts to
restructure following the recession and Mr. Kelly's deteriorating
health, Belfast Telegraph recounts.

In a statement Tom Kelly, chief executive of Stakeholder,
confirmed a decision was taken recently to proceed with the sale
of the business to MCE, Belfast Telegraph notes.


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


* BOND PRICING: For the Week November 6 to November 10, 2017
------------------------------------------------------------

Issuer                       Coupon   Maturity  Currency  Price
------                       ------   --------  --------  -----
Bank Otkritie Financial Cor   10.00   4/26/2019    USD    23.30
Vallourec SA                   4.13   10/4/2022    EUR     6.98
New Look Secured Issuer PLC    6.50    7/1/2022    GBP    61.32
HSH Nordbank AG                7.25                USD    45.14
Agrokor dd                     9.88    5/1/2019    EUR    25.88
Genfit                         3.50  10/16/2022    EUR    29.44
HSH Nordbank AG/Luxembourg     1.99                EUR    32.57
Air Berlin PLC                 8.25   4/19/2018    EUR     3.36
New Look Senior Issuer PLC     8.00    7/1/2023    GBP    40.00
Air France-KLM                 2.03   2/15/2023    EUR    13.31
FIGEAC-AERO                    1.13  10/18/2022    EUR    25.17
Ensco PLC                      5.75   10/1/2044    USD    68.20
Oi Brasil Holdings Cooperat    5.75   2/10/2022    USD    35.50
Intelsat Luxembourg SA         7.75    6/1/2021    USD    63.17
Offshore Drilling Holding S    8.38   9/20/2020    USD    40.49
Air Berlin PLC                 6.75    5/9/2019    EUR     3.82
Portugal Telecom Internatio    5.00   11/4/2019    EUR    34.52
Agrokor dd                     9.13    2/1/2020    EUR    25.52
Mitsubishi UFJ Investor Ser    4.17  12/15/2050    EUR    61.80
Portugal Telecom Internatio    4.38   3/24/2017    EUR    33.60
Mitsubishi UFJ Investor Ser    3.92  12/30/2099    EUR     3.79
Intelsat Luxembourg SA         8.13    6/1/2023    USD    60.97
Banca Carige SpA               7.32  12/20/2020    EUR    63.40
Portugal Telecom Internatio    4.50   6/16/2025    EUR    34.08
Portugal Telecom Internatio    6.25   7/26/2016    EUR    33.83
Santander International Pre    2.00                USD    68.26
Ageasfinlux SA                 1.02                EUR    62.25
Pacific Drilling SA            5.38    6/1/2020    USD    34.51
Agrokor dd                     8.88    2/1/2020    USD    25.66
CGG SA                         5.88   5/15/2020    EUR    44.95
New Look Secured Issuer PLC    4.50    7/1/2022    EUR    59.59
Portugal Telecom Internatio    5.88   4/17/2018    EUR    33.50
Banca Carige SpA               8.34                EUR    28.00
Privatbank CJSC Via UK SPV    10.25   1/23/2018    USD    18.48
Oi Brasil Holdings Cooperat    5.63   6/22/2021    EUR    37.02
Air Berlin PLC                 5.63    5/9/2019    CHF     3.56
OAS Investments GmbH           8.25  10/19/2019    USD     8.00
Bank Otkritie Financial Cor   10.00  12/17/2019    USD     9.13
Solarworld AG                 11.00   2/24/2019    EUR    73.38
Rickmers Holding AG            8.88   6/11/2018    EUR     2.62
Frigoglass Finance BV          8.25   5/15/2018    EUR    51.00
Korian SA                      2.50                EUR    43.17
Grupo Isolux Corsan SA         0.25  12/30/2021    EUR     0.32
Grupo Isolux Corsan SA         3.00  12/30/2021    EUR     0.91
Banco Espirito Santo SA        2.63    5/8/2017    EUR    29.67
Johnston Press Bond Plc        8.63    6/1/2019    GBP    73.88
Neopost SA                     3.38                EUR    59.18
Banco Espirito Santo SA        7.13  11/28/2023    EUR     1.19
CGG SA                         1.75    1/1/2020    EUR     1.75
Eramet                         4.00                EUR    70.97
Immigon Portfolioabbau AG     10.00                EUR    14.64
Mriya Agro Holding PLC         9.45   4/19/2018    USD     2.50
Pierre & Vacances SA           3.50   10/1/2019    EUR    44.91
Banco Espirito Santo SA        4.00   1/21/2019    EUR    30.13
GNB - Cia de Seguros de Vid    3.17                EUR    59.88
Avangardco Investments Publ   10.00  10/29/2018    USD    21.93
Capital Raising GmbH           7.50                EUR    49.87
WPE International Cooperati   10.38   9/30/2020    USD    16.75
Scandinavian Airlines Syste    0.63                CHF    25.76
Alitalia-Societa' Aerea Ita    5.25   7/30/2020    EUR     6.31
Norske Skog Holding AS         8.00   2/24/2021    EUR     5.88
Scholz Holding Gmbh            8.50  12/31/2019    EUR     4.01
NTRP Via Interpipe Ltd        10.25    8/2/2017    USD    25.50
ADLER Real Estate AG           2.50   7/19/2021    EUR    15.41
Elli Investments Ltd          12.25   6/15/2020    GBP    67.63
Banca Carige SpA               2.77   6/19/2018    EUR    64.92
UkrLandFarming PLC            10.88   3/26/2018    USD    26.88
Bibby Offshore Services PLC    7.50   6/15/2021    GBP    35.04
Aligera Holding AB publ        5.00    5/7/2019    SEK    25.83
Alno AG                        8.50   5/14/2018    EUR     2.65
Yuksel Insaat AS               9.50  11/10/2015    USD    20.00
Banca Carige SpA               1.67  12/29/2018    EUR    65.72
Banco Espirito Santo SA        4.75   1/15/2018    EUR    30.00
IMMOFINANZ AG                  4.25    3/8/2018    EUR     4.47
CGG SA                         6.50    6/1/2021    USD    44.13
CGG SA                         1.25    1/1/2019    EUR    21.50
Bilt Paper BV                  9.64                USD    24.38
Cooperatieve Rabobank UA       0.50  11/26/2021    ZAR    70.39
CGG SA                         6.88   1/15/2022    USD    44.99
Virgolino de Oliveira Finan   10.50   1/28/2018    USD     6.75
3W Power SA                   10.00   8/29/2019    EUR    15.13
GNB - Cia de Seguros de Vid    1.87  12/19/2022    EUR    70.00
Nexity SA                      0.13    1/1/2023    EUR    71.05
Afren PLC                      6.63   12/9/2020    USD     0.04
Veneto Banca SpA               9.50   12/1/2025    EUR     0.29
Banca Popolare di Vicenza      9.50   9/29/2025    EUR     1.00
Lambay Capital Securities P    6.25                GBP     1.77
Solarworld AG                 11.00   2/24/2019    EUR    49.13
Espirito Santo Financial Gr    6.88  10/21/2019    EUR     0.17
Privatbank CJSC Via UK SPV    11.00    2/9/2021    USD     8.76
Norske Skogindustrier ASA      7.00  12/30/2026    EUR     2.45
OSX 3 Leasing BV              13.00   3/20/2015    USD    30.00
Aralco Finance SA             10.13    5/7/2020    USD     8.50
Allied Irish Banks PLC        12.50   6/25/2035    GBP    72.24
Waste Italia SpA              10.50  11/15/2019    EUR     7.13
Hybrid Raising GmbH            6.63                EUR    52.49
Uppfinnaren 1 AB              10.00                SEK    64.48
KTG Agrar SE                   7.13    6/6/2017    EUR     3.27
BIM SAS                        2.50  11/13/2020    EUR    28.14
Barclays Bank PLC              2.23   7/31/2034    USD    73.50
BNP Paribas SA                 2.69   4/30/2033    USD    68.50
Beate Uhse AG                  7.75    7/9/2019    EUR    21.63
Norske Skogindustrier ASA      2.00  12/30/2115    EUR     1.22
New World Resources NV         4.00   10/7/2020    EUR     1.14
Lloyds Bank PLC                1.99  11/27/2033    USD    70.25
Fred Olsen Energy ASA          3.79   2/28/2019    NOK    51.00
Mobylife Holding A/S           7.25   5/23/2020    SEK    28.75
Hamon & CIE SA                 5.50   1/30/2020    EUR    63.13
OGX Austria GmbH               8.50    6/1/2018    USD     0.01
Cie de Financement Foncier     0.98   8/11/2046    EUR    72.53
BOA OCV AS                     9.75  12/31/2020    NOK    56.25
Inside Secure SA               6.00   6/29/2022    EUR     3.50
Pescanova SA                   8.75   2/17/2019    EUR     2.40
Barclays Bank PLC              2.03   1/27/2031    USD    72.60
Orient Express Bank PJSC vi   10.00                USD    55.13
Virgolino de Oliveira Finan   11.75    2/9/2022    USD     7.25
Barclays Bank PLC              1.70  11/29/2030    USD    73.00
Etablissements Maurel et Pr    1.63    7/1/2019    EUR    16.35
New Look Senior Issuer PLC     8.00    7/1/2023    GBP    40.50
Credit Lyonnais SACA           0.44                EUR    74.00
Tonon Luxembourg SA            9.25   1/24/2020    USD     4.50
Praktiker AG                   5.88   2/10/2016    EUR     0.84
Afren PLC                     10.25    4/8/2019    USD     0.11
Barclays Bank PLC              2.10  12/23/2033    USD    74.30
Privatbank CJSC Via UK SPV    10.88   2/28/2018    USD    19.01
Lehman Brothers UK Capital     3.88                EUR     3.35
Lehman Brothers UK Capital     5.75                EUR     2.19
Cattles Ltd                    7.13    7/5/2017    GBP     0.24
Deutsche Bank AG/London        3.00   2/23/2035    EUR    55.00
Agrokor dd                     8.88    2/1/2020    USD    27.57
Eniro AB                       6.00   4/14/2020    SEK    10.41
Air Berlin Finance BV          6.00    3/6/2019    EUR     3.82
Lloyds Bank PLC                0.12   1/31/2033    USD    58.85
Afren PLC                     11.50    2/1/2016    USD     0.01
Dexia Credit Local SA          1.40                EUR     6.34
Banco Espirito Santo SA        2.32                EUR     0.22
Barclays Bank PLC              0.40   5/31/2033    USD    58.50
Mriya Agro Holding PLC        10.95   3/30/2016    USD     4.79
Smart Solutions GmbH           8.00   12/3/2018    EUR     6.50
Dexia SA                       1.45                EUR     7.78
PNE Wind AG                    3.75  10/10/2019    EUR     3.52
Barclays Bank PLC              1.33   3/21/2031    USD    67.76
New World Resources NV         8.00    4/7/2020    EUR     3.68
Lehman Brothers UK Capital     5.13                EUR     1.98
Cirio Holding Luxembourg SA    6.25   2/16/2004    EUR     0.98
Royal Bank of Scotland PLC/    1.35  12/30/2030    USD    70.38
Mox Telecom AG                 7.25   11/2/2017    EUR     2.43
Barclays Bank PLC              1.35   9/30/2031    USD    67.63
Electromagnetic Geoservices    6.80   6/27/2019    NOK    70.38
Agrokor dd Via Aquarius + I    4.92    8/8/2017    EUR    24.00
Breeze Finance SA              6.71   4/19/2027    EUR    29.05
Norske Skogindustrier ASA      7.13  10/15/2033    USD     2.42
UniCredit Bank Austria AG      0.19   8/20/2033    EUR    69.92
City of Kiev Ukraine Via CS    8.00   11/6/2015    USD    66.00
Espirito Santo Financial Gr    3.13   12/2/2018    EUR     0.09
Veneto Banca SpA               6.41                EUR
Belfius Bank SA/NV             1.62                FRF    73.00
Bulgaria Steel Finance BV     12.00    5/4/2013    EUR     0.57
RENE LEZARD Mode GmbH          7.25  11/25/2017    EUR    22.30
Kaupthing ehf                  7.63   2/28/2015    USD    17.63
Bank Nederlandse Gemeenten     0.50   7/12/2022    ZAR    65.73
Manchester Building Society    6.75                GBP    17.00
Deutsche Bank AG/London        1.75   6/30/2034    USD    68.50
Afren PLC                      6.63   12/9/2020    USD     0.11
Alno AG                        8.00   3/21/2019    EUR     2.25
Stichting Afwikkeling Onder    6.25  10/26/2020    EUR     4.12
Air Berlin Finance BV          8.50    3/6/2019    EUR     3.61
Norske Skogindustrier ASA      7.13  10/15/2033    USD     1.33
EDOB Abwicklungs AG            7.50    4/1/2012    EUR     0.36
Bank Nadra via NDR Finance     8.25   7/31/2018    USD     0.16
Sequa Petroleum NV             5.00   4/29/2020    USD    69.50
Steilmann SE                   7.00   9/23/2018    EUR     1.76
Pescanova SA                   5.13   4/20/2017    EUR     2.87
ESFIL-Espirito Santo Financ    5.25   6/12/2015    EUR     0.45
Decipher Production Ltd       12.50   9/27/2018    USD     1.91
Barclays Bank PLC              1.54  12/30/2030    USD    67.25
Barclays Bank PLC              1.04   3/28/2034    USD    66.20
Norske Skog Holding AS         8.00   2/24/2023    USD    12.25
Geotech Seismic Services PJ   11.50  10/16/2019    RUB    50.29
LBI HF                         6.10   8/25/2011    USD     7.88
Oi Brasil Holdings Cooperat    5.75   2/10/2022    USD    34.88
BLT Finance BV                 7.50   5/15/2014    USD     2.05
Atari SA                       0.10    4/1/2020    EUR     5.70
Abengoa Finance SA             7.75    2/1/2020    USD     1.42
KPNQwest NV                    7.13    6/1/2009    EUR     0.06
Societe Generale SA            0.81                EUR    70.50
International Finance Facil    0.50   6/24/2024    ZAR    52.80
Pacific Drilling SA            5.38    6/1/2020    USD    35.41
Barclays Bank PLC              0.46   3/21/2033    USD    65.00
Intelsat Luxembourg SA        12.50  11/15/2024    USD    61.79
Ideal Standard Internationa   11.75    5/1/2018    EUR     4.83
Havila Shipping ASA            5.29   11/7/2020    NOK    69.25
GEWA 5 to 1 GmbH & Co KG       6.50   3/24/2018    EUR    31.38
New Look Secured Issuer PLC    6.50    7/1/2022    GBP    61.27
Bank Otkritie Financial Cor   10.00   4/26/2019    USD    18.75
Steilmann SE                   6.75   6/27/2017    EUR     5.38
More & More AG                 8.13   6/11/2018    EUR    59.38
Barclays Bank PLC              1.87   7/28/2031    USD    65.60
Echo Investment SA             4.31   4/23/2018    PLN     0.01
Phones4u Finance PLC           9.50    4/1/2018    GBP    73.88
Windreich GmbH                 6.50   7/15/2016    EUR    14.63
Vneshprombank Ltd via VPB F    9.00  11/14/2016    USD     0.53
Deutsche Bank AG/London        2.39  11/26/2034    USD    70.50
Virgolino de Oliveira Finan   10.50   1/28/2018    USD     7.25
Barclays Bank PLC              0.30   3/28/2033    USD    61.00
Vimpel-Communications PJSC     1.00   10/3/2025    RUB    80.66
Espirito Santo Financial Gr    9.75  12/19/2025    EUR     1.28
Stichting Afwikkeling Onder   11.25                EUR     0.49
Deutsche Bank AG/London        2.56  10/31/2034    USD    71.00
Petrol AD                      5.50   1/26/2022    EUR    29.25
Offshore Drilling Holding S    8.38   9/20/2020    USD    40.64
Touax SA                       6.00   7/10/2020    EUR    17.79
Virgolino de Oliveira Finan   10.88   1/13/2020    USD    25.00
Lloyds Bank PLC                0.43   2/22/2033    USD    58.07
Barclays Bank PLC              1.54  12/30/2030    USD    71.13
Montepio Holding SGPS SA       5.00                EUR    50.00
Barclays Bank PLC              1.84   11/1/2031    USD    67.10
SAir Group                     0.13    7/7/2005    CHF    12.13
International Industrial Ba    9.00    7/6/2011    EUR     0.45
Solon SE                       1.38   12/6/2012    EUR     0.33
DEMIRE Real Estate AG          6.00  12/30/2018    EUR     4.00
Enterprise Holdings LTD        7.00   3/30/2020    EUR     3.46
getgoods.de AG                 7.75   10/2/2017    EUR     0.23
Societe Generale SA            0.15   4/29/2033    USD    65.00
German Pellets GmbH            7.25  11/27/2019    EUR     1.15
JZ Capital Partners Ltd        6.00   7/30/2021    GBP    10.50
Minaya Capital AG              7.00    8/1/2018    EUR
Lloyds Bank PLC                2.35   7/26/2033    USD    69.38
Lehman Brothers UK Capital     6.90                USD     1.89
Etablissements Maurel et Pr    2.75    7/1/2021    EUR    10.66
Northland Resources AB         4.00  10/15/2020    USD     0.45
Deutsche Bank AG/London        0.41   3/15/2033    USD    60.00
IT Holding Finance SA          9.88  11/15/2012    EUR     2.45
Alpine Holding GmbH            6.00   5/22/2017    EUR     0.35
Sazka AS                       9.00   7/12/2021    EUR     0.50
Santander Finance Capital S    2.00                EUR    61.00
Tonon Luxembourg SA           10.50   5/14/2024    USD    40.50
Bank Otkritie Financial Cor   10.00  12/17/2019    USD     9.13
Agrokor dd                     9.88    5/1/2019    EUR    25.75
Portugal Telecom Internatio    5.24   11/6/2017    EUR    33.70
Banca Carige SpA               5.70   9/17/2020    EUR    64.60
Barclays Bank PLC              1.35   9/30/2031    USD    66.62
CRC Breeze Finance SA          6.11    5/8/2026    EUR    51.88
World Wide Supply AS           7.75   5/26/2017    USD    15.38
Barclays Bank PLC              1.42   2/25/2031    USD    66.15
Portigon AG                    7.46  12/31/2019    EUR    28.50
New Look Secured Issuer PLC    4.50    7/1/2022    EUR    59.75
KTG Agrar SE                   7.25  10/15/2019    EUR     3.49
Banco Espirito Santo SA        6.88   7/15/2016    EUR    30.26
Sidetur Finance BV            10.00   4/20/2016    USD     4.96
BNP Paribas SA                 0.13   4/30/2033    USD    61.25
HSH Nordbank AG                3.21    5/6/2030    EUR    74.30
German Pellets GmbH            7.25    7/9/2018    EUR     1.56
UniCredit Bank Austria AG      0.17  12/31/2031    EUR    71.92
Gebr Sanders GmbH & Co KG      8.75  10/22/2018    EUR    28.38
PA Resources AB                3.00  12/27/2017    NOK     0.05
Norske Skog Holding AS         8.00   2/24/2021    EUR     5.88
Lehman Brothers Treasury Co    7.25   10/5/2035    EUR     8.50
Cooperatieve Rabobank UA       0.50   2/26/2029    HUF    61.79
Banco Pinto & Sotto Mayor      0.64                EUR    38.01
Corporate Commercial Bank A    8.25    8/8/2014    USD     0.94
Depfa Funding II LP            6.50                EUR    58.03
Vseukrainsky Aktsinerny Ban   10.90   6/14/2019    USD     0.10
Santander Finance Capital S    2.00                EUR    61.23
Cirio Finance Luxembourg SA    7.50   11/3/2002    EUR     5.03
Otkritie Holding JSC          12.00   4/25/2028    RUB    22.03
Rem Offshore ASA               5.00   12/8/2024    NOK    35.76
Intesa Sanpaolo SpA            5.63   3/18/2024    GBP    63.35
EFG International AG           1.14                EUR    61.62
Rudolf Woehrl AG               6.50   2/12/2018    EUR     6.20
Finmek International SA        7.00   12/3/2004    EUR     5.63
Tonon Luxembourg SA           10.50   5/14/2024    USD    40.50
Steilmann SE                   7.00    3/9/2017    EUR     1.76
Sairgroup Finance BV           4.38    6/8/2006    EUR     8.75
Lehman Brothers Treasury Co    6.00   11/2/2035    EUR     8.50
SeaBird Exploration Finance    6.00   6/30/2020    USD    20.13
Kaupthing ehf                  5.75   10/4/2011    USD    17.63
Waste Italia SpA              10.50  11/15/2019    EUR     7.13
OGX Austria GmbH               8.38    4/1/2022    USD     0.90
Far Eastern Shipping Co PLC   12.25  11/28/2017    RUB    60.00
Rosneft Oil Co PJSC            7.95  12/11/2023    RUB    73.02
OGX Austria GmbH               8.38    4/1/2022    USD     0.90
Region of Abruzzo Italy        0.13   11/7/2036    EUR    62.15
KPNQwest NV                   10.00   3/15/2012    EUR     0.06
Frey                           6.00  11/15/2022    EUR    23.11
OGX Austria GmbH               8.50    6/1/2018    USD     0.93
Phosphorus Holdco PLC         10.00    4/1/2019    GBP     1.29
Cirio Finanziaria SpA          8.00  12/21/2005    EUR     0.35
Lehman Brothers Treasury Co    7.00   5/17/2035    EUR     8.50
Norske Skog Holding AS         8.00   2/24/2023    USD     4.51
UniCredit Bank Austria AG      0.02   1/25/2031    EUR    73.18
Lloyds Bank PLC               1/29/2034    USD    73.80
SeniVita Sozial gemeinnuetz    7.00                EUR    74.00
MPS Capital Services Banca     4.33   3/14/2024    EUR    49.05
Royal Bank of Scotland PLC/    1.42  11/16/2030    USD    68.25
Deutsche Bank AG               0.10   6/28/2033    USD    60.61
German Pellets GmbH            7.25    4/1/2016    EUR     1.32
Afren PLC                     10.25    4/8/2019    USD     0.02
CBo Territoria                 6.00    1/1/2020    EUR     4.10
Alpine Holding GmbH            5.25    7/1/2015    EUR     0.31
Lloyds Bank PLC                2.18    7/5/2033    USD    66.41
Enterprise Holdings LTD        7.00   9/26/2017    EUR     3.42
Hellas Telecommunications L    8.50  10/15/2013    EUR     0.24
Dannemora Mineral AB          11.75   3/22/2016    USD     0.13
IVG Immobilien AG              5.50                EUR     2.13
IM Skaugen SE                 10.15    4/6/2018    USD    35.63
Stichting Afwikkeling Onder    2.42                EUR     0.49
Koninklijke Luchtvaart Maat    0.75                CHF    36.60
Wild Bunch AG                  8.00   3/23/2019    EUR    50.05
Tonon Luxembourg SA            9.25   1/24/2020    USD    11.13
OAS Investments GmbH           8.25  10/19/2019    USD     7.50
Barclays Bank PLC              0.24    4/9/2028    USD    67.25
Rena GmbH                      8.25   7/11/2018    EUR     9.38
BBVA International Preferre    1.27                GBP    63.20
CGG SA                         6.50    6/1/2021    USD    45.23
Cooperatieve Rabobank UA       0.50   7/30/2043    MXN    12.27
Windreich GmbH                 6.50    3/1/2015    EUR    14.63
Otkritie Holding JSC          11.00    8/9/2018    RUB    21.73
PA Resources AB               13.50    3/3/2016    SEK     0.05
Cirio Del Monte NV             7.75   3/14/2005    EUR     1.25
Stroika Finance Ltd Via Eme    9.90   6/25/2019    RUB    10.00
Pescanova SA                   6.75    3/5/2015    EUR     2.58
3W Power SA                    5.50  11/11/2020    EUR    15.00
Golden Gate AG                 6.50  10/11/2014    EUR    56.68
Deutsche Bank AG/London        1.39   8/28/2034    USD    67.00
APP International Finance C   11.75   10/1/2005    USD     0.44
Abengoa Finance SA             7.75    2/1/2020    USD     1.20
Manchester Building Society    8.00                GBP    25.25
International Industrial Ba   11.00   2/19/2013    USD     0.22
Banco Espirito Santo SA        6.90   6/28/2024    EUR    28.00
Barclays Bank PLC              1.11   4/25/2034    USD    68.75
Teksid Aluminum Luxembourg    11.38   7/15/2011    EUR     0.11
Lehman Brothers Treasury Co    8.25   3/16/2035    EUR     8.50
Barclays Bank PLC              1.33   6/17/2033    USD    65.40
Artea                          6.00    8/4/2019    EUR    14.52
Afren PLC                     11.50    2/1/2016    USD     0.01
Depfa Funding IV LP            1.54                EUR    50.00
DOF ASA                        7.83   9/12/2019    NOK    40.00
Santander Issuances SAU        4.35   12/1/2026    EUR    73.43
Del Monte Finance Luxembour    6.63   5/24/2006    EUR     5.13
Barclays Bank PLC              3.57   9/13/2028    USD    70.57
ADLER Real Estate AG           6.00  12/27/2018    EUR    14.00
Lloyds Bank PLC                0.09   4/26/2033    USD    51.00
Agrokor dd                     9.13    2/1/2020    EUR    26.13
Banco Comercial Portugues S    5.00                EUR    65.00
HPI AG                         3.50                EUR     3.20
Svensk Exportkredit AB         0.50   8/28/2020    TRY    70.41
UniCredit Bank Austria AG      0.15  12/27/2031    EUR    70.38
Tatfondbank OAO via TFB Fin    8.50  11/12/2019    USD     1.22
Rosneft Oil Co PJSC            8.60   1/18/2021    RUB    60.01
Rio Forte Investments SA       4.00   7/22/2014    EUR     8.38
Virgolino de Oliveira Finan   11.75    2/9/2022    USD     7.25
Abanka Vipa DD Via Afinance    1.57                EUR     2.26
Accentro Real Estate AG        6.25   3/27/2019    EUR     7.75
Havila Shipping ASA            4.82   11/7/2020    NOK    48.38
Rena GmbH                      7.00  12/15/2015    EUR     9.38
Minicentrales Dos SA           4.81  11/29/2034    EUR    65.75
CGG SA                         5.88   5/15/2020    EUR    45.63
Orient Express Bank PJSC      13.60    8/9/2018    RUB    68.00
SAG Solarstrom AG              7.50   7/10/2017    EUR    33.63
Lehman Brothers Treasury Co    5.00   2/16/2015    EUR     8.50
Alpine Holding GmbH            5.25   6/10/2016    EUR     0.31
BNP Paribas SA                 0.50   9/29/2029    AUD    60.99
Atari SA                       7.50   2/17/2020    EUR     0.41
Royal Bank of Scotland PLC/    1.42   2/25/2031    USD    71.00
FPK OAO                        9.95    6/4/2026    RUB   103.40
Minicentrales Dos SA           6.45   4/14/2028    EUR    65.75
Cooperatieve Rabobank UA       0.50  10/30/2043    MXN    12.08
Azubu Investments SA           5.00   8/25/2018    EUR    60.00
A-TEC Industries AG            8.75  10/27/2014    EUR     0.10
Popular Capital SA             4.00                EUR     2.76
Elli Investments Ltd          12.25   6/15/2020    GBP    67.63
Lehman Brothers Treasury Co    5.10    5/8/2017    HKD     8.50
A-TEC Industries AG            5.75   11/2/2010    EUR     0.10
Northland Resources AB        15.00   7/15/2019    USD     1.88
Sachsen Bank                   0.07   1/22/2041    EUR    74.80
Otkritie Holding JSC          10.00   4/20/2028    RUB    19.53
Landesbank Hessen-Thueringe    0.06   4/23/2041    EUR    68.68
Svensk Exportkredit AB         0.50   4/24/2029    AUD    63.11
MS Deutschland Beteiligungs    6.88  12/18/2017    EUR     5.33
Region of Molise Italy         0.13  12/15/2033    EUR    66.99
Finance and Credit Bank JSC    9.25   1/25/2019    USD     0.62
A-TEC Industries AG            2.75   5/10/2014    EUR     0.10
Golden Energy Offshore Serv    5.00  12/31/2017    NOK    45.63
Veneto Banca SpA               6.95   2/25/2025    EUR     1.00
International Finance Facil    0.50   6/29/2027    ZAR    38.21
Virgolino de Oliveira Finan   10.88   1/13/2020    USD    25.00
Alpha Bank AE                  2.50   6/20/2022    EUR    41.06
Banca Meridiana                1.25  11/12/2017    EUR     0.80
Delamare Finance PLC           1.54   2/19/2029    GBP    64.10
Sairgroup Finance BV           6.63   10/6/2010    EUR    11.00
Grupo Isolux Corsan SA         0.25  12/30/2018    EUR     0.11
KPNQwest NV                    8.88    2/1/2008    EUR     0.06
Mriya Agro Holding PLC         9.45   4/19/2018    USD     5.00
Governo Portugues Consolida    2.75                EUR    70.53
Kommunekredit                  0.50   7/30/2027    TRY    33.67
CGG SA                         6.88   1/15/2022    USD    45.63
Johnston Press Bond Plc        8.63    6/1/2019    GBP    73.88
Bulgaria Steel Finance BV     12.00    5/4/2013    EUR     0.57
Cooperatieve Rabobank UA       0.50  10/29/2027    MXN    44.36
Stichting Afwikkeling Onder    6.63   5/14/2018    EUR     3.00
Activa Resources AG            0.50  11/15/2021    EUR    18.50
Deutsche Agrar Holding GmbH    7.25   9/28/2018    EUR     2.25
Barclays Bank PLC              2.95  10/30/2034    USD    73.65
Rosneft Oil Co PJSC            8.90    2/6/2024    RUB   101.02
Laurel GmbH                    7.13  11/16/2017    EUR     8.63
Credit Agricole Corporate &    5.65  10/31/2022    INR    74.85
La Veggia Finance SPA          7.13  11/14/2004    EUR     1.96
Mifa Mitteldeutsche Fahrrad    7.50   8/12/2018    EUR     2.15
KPNQwest NV                    8.13    6/1/2009    USD     0.06
Espirito Santo Financial Po    5.13   5/30/2016    EUR     0.52
Banco Espirito Santo SA        1.22   5/27/2018    EUR     1.19
Oi Brasil Holdings Cooperat    5.63   6/22/2021    EUR    37.00
Otkritie Holding JSC          12.70   9/30/2027    RUB    40.78
SAir Group                     6.25   4/12/2005    CHF    11.75
Intelsat Luxembourg SA        12.50  11/15/2024    USD    61.79
Svensk Exportkredit AB         0.50   3/15/2022    ZAR    67.40
Rosneft Oil Co PJSC            9.90   12/3/2020    RUB    62.01
Hamburgische Landesbank-Gir    0.05   1/22/2041    EUR    62.83
Salvator Grundbesitz-AG        9.50                EUR    18.50
LBI HF                         7.43                USD     0.00
SiC Processing GmbH            7.13    3/1/2016    EUR     2.52
UkrLandFarming PLC            10.88   3/26/2018    USD    26.88
Santander Finance Capital S    2.00                USD    62.56
Lehman Brothers Treasury Co    5.00   9/22/2014    EUR     8.50
Frigoglass Finance BV          8.25   5/15/2018    EUR    51.00
Exane Finance SA               5.00  12/20/2019    SEK
Espirito Santo Financial Gr    5.05  11/15/2025    EUR     0.64
Svensk Exportkredit AB         0.50   6/29/2029    AUD    62.80
Podkarpacki Bank Spoldzielc    5.81    7/2/2020    PLN    70.50
Talvivaara Mining Co PLC       9.75    4/4/2017    EUR     1.24
PSN Pm OOO                    12.00   8/31/2027    RUB    60.46
Municipality Finance PLC       0.50   6/19/2024    ZAR    55.06
Svensk Exportkredit AB         0.50   8/29/2029    AUD    63.81
Institut Catala de Finances    0.87   9/18/2024    EUR    73.73
Barclays Bank PLC              0.50   4/24/2023    MXN    62.30
Northland Resources AB         4.00  10/15/2020    NOK     0.16
Otkritie Holding JSC          11.25  12/10/2026    RUB    24.50
Otkritie Holding JSC          11.50   7/14/2027    RUB    27.00
Hamburgische Landesbank-Gir    0.05  10/30/2040    EUR    64.77
Norske Skogindustrier ASA      2.00  12/30/2115    EUR     1.22
Otkritie Holding JSC          10.25   9/17/2027    RUB    20.65
Barclays Bank PLC              3.09   4/16/2029    USD    66.25
Lehman Brothers Treasury Co    6.00   3/14/2011    EUR     8.50
Anglian Water Services Fina    0.76   1/26/2057    GBP    73.29
HSBC France SA                 1.03                EUR    71.00
Societe Generale SA            0.28   6/28/2033    USD    70.75
State of Berlin Germany        0.50   6/19/2047    EUR    73.62
Banco Pastor SAU               2.07                EUR     1.14
SAG Solarstrom AG              6.25  12/14/2015    EUR    33.63
UBS AG/London                  7.93  12/30/2021    USD    10.45
United Aircraft Corp PJSC      8.00   3/17/2020    RUB    80.00
Alpha Bank AE                  2.50   6/20/2022    EUR    41.07
Promsvyazbank PJSC            10.50   4/19/2021    RUB    70.10
Veneto Banca SpA               6.94   5/15/2025    EUR     0.39
UniCredit Bank AO             12.00  11/20/2019    RUB    67.00
AKB Peresvet ZAO              13.50  10/16/2020    RUB    19.35
Marine Subsea AS               9.00  12/16/2019    USD     0.41
SAir Group                     5.50   7/23/2003    CHF    11.57
Talvivaara Mining Co PLC       4.00  12/16/2015    EUR     1.79
Aralco Finance SA             10.13    5/7/2020    USD     4.34
Finans-Avia OOO                9.00   7/31/2022    RUB    73.95
SPORTTOTAL AG                  6.00   3/17/2019    EUR     3.90
BLT Finance BV                12.00   2/10/2015    USD    10.50
Banca del Monte di Lucca-Sp    2.43   6/29/2020    EUR    64.50
Barclays Bank PLC              1.33   8/31/2031    USD    71.25
Rosneft Oil Co PJSC           14.90   12/3/2020    RUB    65.67
Kamaz PJSC                    11.24   7/18/2030    RUB    70.01
Barclays Bank PLC              2.41   5/30/2034    USD    73.20
BNP Paribas SA                 0.50   7/20/2021    BRL    68.94
MegaFon PJSC                   9.90   5/29/2026    RUB    63.88
Petromena ASA                 10.85  11/19/2017    USD     0.61
UniCredit Bank Austria AG      0.06   1/24/2031    EUR    71.51
SG Issuer SA                   6.00   6/30/2022    USD    73.89
Otkritie Holding JSC          10.00   12/8/2027    RUB    24.00
MPS Capital Services Banca     3.73   3/30/2022    EUR    58.26
SAir Group                     6.25  10/27/2002    CHF    11.78
Landesbank Hessen-Thueringe    0.08    5/3/2041    EUR    66.47
Dexia Kommunalbank Deutschl    5.63  12/31/2017    EUR    13.13
Banco Espirito Santo SA       10.00   12/6/2021    EUR     1.19
Bibby Offshore Services PLC    7.50   6/15/2021    GBP    35.25
Astana Finance BV              7.88    6/8/2010    EUR    16.88
Lehman Brothers Treasury Co    4.00   2/16/2017    EUR     8.50
New World Resources NV         8.00    4/7/2020    EUR     3.68
Lehman Brothers Treasury Co    5.00   2/27/2014    EUR     8.50
SAir Group                     5.13    3/1/2003    CHF    13.00
Bank Nederlandse Gemeenten     0.50    6/7/2022    ZAR    65.34
Russian Railways JSC           4.00   4/29/2043    RUB    60.06
Rosneft Oil Co PJSC            8.50   7/14/2027    RUB    67.97
Agroton Public Ltd             6.00   7/14/2019    USD    14.38
Norske Skogindustrier ASA      7.00  12/30/2026    EUR     2.45
SAir Group                     2.13   11/4/2004    CHF    11.75
Privatbank CJSC Via UK SPV    10.88   2/28/2018    USD    19.13
Otkritie Holding JSC          11.50    8/5/2025    RUB    20.50
Kommunalbanken AS              0.50   5/27/2022    ZAR    67.53
SAir Group                     2.75   7/30/2004    CHF    11.75
Oravita City Council           2.89   6/15/2027    RON    74.01
Rosneft Oil Co PJSC            8.50   7/14/2027    RUB    67.97
Two Capitals Highway OOO      13.45   5/10/2030    RUB    62.57
Oberbank Hybrid 1 GmbH         0.87                EUR    48.22
OGK-2 PJSC                    11.50  11/17/2020    RUB   101.72
Espirito Santo Financial Gr    5.05  11/15/2025    EUR     0.64
Svensk Exportkredit AB         0.50   1/31/2022    ZAR    68.50
Lehman Brothers Treasury Co    5.55   3/12/2015    EUR     3.81
WPE International Cooperati   10.38   9/30/2020    USD    16.25
Lehman Brothers Treasury Co    7.80   3/31/2018    USD     3.81
EFG International Finance G    6.00  11/30/2017    EUR     0.19
Gazprom PJSC                   5.10  10/21/2043    RUB    60.06
New World Resources NV         4.00   10/7/2020    EUR     1.14
City of Kiev Ukraine Via CS    8.00   11/6/2015    USD    66.00
Rusfinans Bank OOO             8.05   10/2/2018    RUB    60.36
OGK-2 PJSC                    11.50  11/17/2020    RUB    62.07
Metalloinvest Holding Co OA    0.01    3/7/2022    RUB    65.00
BNP Paribas SA                 0.50    5/6/2021    MXN    74.23
SAir Group                     4.25    2/2/2007    CHF    11.75
ENEL RUSSIA PJSC              12.10   9/28/2018    RUB    70.01
Agentstvo po Ipotechnomu Zh    8.20   9/15/2020    RUB    74.20
Lehman Brothers Treasury Co    2.88   3/14/2013    CHF     8.50
City of Moscow Russia          7.50   5/18/2021    RUB    65.00
Lehman Brothers Treasury Co    7.00    6/6/2017    EUR     3.81
Heta Asset Resolution AG       4.35  12/31/2023    EUR    34.63
Salvator Grundbesitz-AG        9.50  12/31/2021    EUR     7.70
Metalloinvest Holding Co OA    0.01    3/7/2022    RUB    75.00
Pierer Industrie AG            5.75                EUR    69.13
Royal Bank of Scotland PLC/    1.39   8/26/2031    USD    68.70
Gazprom PJSC                   5.10  10/21/2043    RUB    60.06
Polski Bank Spoldzielczy w     4.81   6/18/2020    PLN    50.00
SAir Group                     2.75   7/30/2004    CHF    11.75
Agentstvo po Ipotechnomu Zh   10.90   11/1/2022    RUB    61.01
Lehman Brothers Treasury Co    4.00   3/10/2011    EUR     3.81
Gazprombank JSC                9.00   4/27/2048    RUB   101.45
Bank Nederlandse Gemeenten     0.50   8/15/2022    ZAR    64.47
Lloyds Bank PLC                2.11   4/25/2034    USD    70.13
HSH Nordbank AG                2.30    2/1/2036    EUR    69.86
Biomed-Lublin Wytwornia Sur    7.31   9/22/2019    PLN    72.01
Bilt Paper BV                  9.64                USD    24.38
Kaupthing ehf                  5.75   10/4/2011    USD    17.63
Banca Popolare di Vicenza      9.50   10/2/2025    EUR     0.75
Russian Railways JSC           8.65    2/4/2032    RUB    62.90
Solarwatt GmbH                 7.00   11/1/2015    EUR    15.50
Main Road JSC                  7.50  10/30/2028    RUB    65.00
WEB Windenergie AG             6.25                EUR    74.89
UmweltBank AG                  2.85                EUR    53.30
Barclays Bank PLC              1.33   7/28/2034    USD    72.77
Rosneft Oil Co PJSC           11.90   12/3/2020    RUB    71.55
Northland Resources AB        15.00   7/15/2019    USD     1.88
Cooperatieve Rabobank UA       0.50   1/31/2033    MXN    26.77
Two Capitals Highway OOO      13.25   6/19/2030    RUB    67.96
Rosselkhozbank JSC            17.00  12/13/2024    RUB    60.57
Bank Nederlandse Gemeenten     0.50   5/12/2021    ZAR    72.87
Kaupthing ehf                  5.25   7/18/2017    BGN    17.63
Santander Finance Capital S    2.00                USD    62.00
Bank Nederlandse Gemeenten     0.50    8/9/2022    MXN    68.97
Svensk Exportkredit AB         0.50   2/22/2022    ZAR    67.75
Plaza Centers NV               6.00    7/1/2020    ILS    78.00
ML 33 Invest AS                7.50                NOK    68.75
Lehman Brothers Treasury Co    1.46   2/19/2012    JPY     8.50
Lehman Brothers Treasury Co    5.00   8/16/2017    EUR     8.50
HSBC Bank PLC                  0.50  10/30/2026    NZD    70.62
Societe Generale SA            1.60    1/9/2020    GBP     1.13
Gold-Zack AG                   7.00  12/14/2005    EUR    12.58
IT Holding Finance SA          9.88  11/15/2012    EUR     2.45
Hypo Vorarlberg Bank AG        5.87                EUR    45.88
Lehman Brothers Treasury Co    6.00   3/18/2015    USD     8.50
Lehman Brothers Treasury Co   23.30   9/16/2008    USD     3.81
Societe Generale SA            0.37   2/28/2033    USD    67.10
SG Issuer SA                   6.65  10/10/2021    EUR    74.03
United Engine Corp JSC         8.80   4/17/2023    RUB    60.01
Krakowski Bank Spoldzielczy    5.11   9/20/2023    PLN    67.00
Rosbank PJSC                   9.35   9/29/2025    RUB    60.78
Pongs & Zahn AG                8.50                EUR     0.04
Rosbank PJSC                   9.80  12/20/2026    RUB    62.35
Lehman Brothers Treasury Co    5.00    5/2/2022    EUR     3.81
Heta Asset Resolution AG       0.43  12/31/2023    EUR    34.63
State Transport Leasing Co    14.30  12/10/2024    RUB    72.41
NRW Bank                       0.28   10/4/2026    EUR    57.35
Windreich GmbH                 6.75    3/1/2015    EUR    14.63
Lehman Brothers Treasury Co    5.00   3/18/2015    EUR     8.50
Leonteq Securities AG         15.60  12/19/2017    CHF    60.58
Muehl Product & Service AG     6.75   3/10/2005    DEM     0.21
Rio Forte Investments SA       4.75  11/10/2015    EUR     8.38
Lehman Brothers Treasury Co    6.65   8/24/2011    AUD     8.50
Ideal Standard Internationa   11.75    5/1/2018    EUR     4.83
Bank Nederlandse Gemeenten     0.50   6/22/2021    ZAR    72.07
Kaupthing ehf                  6.13   10/4/2016    USD    17.63
Leonteq Securities AG/Guern    9.00   5/29/2018    EUR    56.43
Kaupthing ehf                  9.00                USD     0.12
Cooperatieve Rabobank UA       0.50  12/29/2027    MXN    42.98
Grupo Isolux Corsan SA         3.00  12/30/2021    USD     0.92
State of Rhineland-Palatina    0.60  10/24/2046    EUR    73.13
EFG International Finance G    2.10   3/23/2018    EUR    21.18
Heta Asset Resolution AG       0.24  12/31/2023    EUR    34.63
Cooperatieve Rabobank UA       0.50  11/30/2027    MXN    42.58
Beluga Group PJSC              9.75   5/28/2020    RUB    61.00
Rostelecom PJSC                8.40   5/20/2025    RUB    60.06
Lehman Brothers Treasury Co    1.28   11/6/2010    JPY     8.50
Otkritie Holding JSC          11.50   7/20/2028    RUB    31.05
Astana Finance BV              9.00  11/16/2011    USD    16.88
Raiffeisen Schweiz Genossen    8.99   7/22/2019    EUR    25.13
Barclays Bank PLC              0.50   1/28/2033    MXN    28.01
Lehman Brothers Treasury Co    4.87   10/8/2013    USD     3.81
Bank Nederlandse Gemeenten     0.50   9/20/2022    ZAR    63.78
Lehman Brothers Treasury Co    8.25   12/3/2015    EUR     8.50
Podkarpacki Bank Spoldzielc    5.01   10/6/2021    PLN    64.00
Russian Railways JSC           9.85   4/26/2041    RUB    69.69
Oberoesterreichische Landes    0.32   11/6/2030    EUR    73.28
Kerdos Group SA                8.00  12/15/2017    PLN
Lehman Brothers Treasury Co    6.45   2/20/2010    AUD     3.81
Lehman Brothers Treasury Co    7.00  11/26/2013    EUR     8.50
United Engine Corp JSC        11.50   6/26/2024    RUB    60.01
Phones4u Finance PLC           9.50    4/1/2018    GBP    73.88
Orient Express Bank PJSC      18.00   5/28/2020    RUB    50.00
Credito Padano Banca di Cre    3.10                EUR    33.86
Lehman Brothers Treasury Co    4.60  10/11/2017    ILS     8.50
Penell GmbH Elektrogroshand    7.75   6/10/2019    EUR     5.00
Union Technologies Informat    0.10    1/1/2020    EUR     5.50
Credit Europe Bank Ltd        10.00   9/14/2018    RUB    62.03
National Developing Co PAO    16.00   4/15/2021    RUB     0.01
Svensk Exportkredit AB         0.50   6/28/2022    ZAR    65.46
Eiendomskreditt AS             4.10                NOK    55.30
Mriya Agro Holding PLC        10.95   3/30/2016    USD     5.00
Rusfinans Bank OOO            10.05   6/10/2019    RUB    61.12
Municipality Finance PLC       0.50    5/8/2029    AUD    63.10
Deutsche Bank AG/London        0.50   10/5/2021    IDR    66.68
Sidetur Finance BV            10.00   4/20/2016    USD     4.96
Barclays Bank PLC              2.49   2/28/2034    USD    73.70
Rosselkhozbank JSC            12.87  12/21/2021    RUB    66.78
UniCredit Bank AG              0.37  11/19/2029    EUR    64.30
Atomenergoprom JSC            11.10  12/12/2025    RUB    70.62
Russian Railways JSC           5.10  11/29/2028    RUB    60.06
Commerzbank AG                10.00    3/2/2020    EUR    42.15
Bank Nederlandse Gemeenten     0.50   9/20/2022    MXN    68.35
Credit Suisse AG/London        9.50  11/15/2019    USD     5.66
Cooperatieve Rabobank UA       0.50   8/21/2028    MXN    40.48
Metalloinvest Holding Co OA    0.01   3/10/2022    RUB    60.00
Orient Express Bank PJSC      11.70   7/17/2018    RUB    60.31
Rusfinans Bank OOO             8.05   6/30/2020    RUB    60.17
AKB Peresvet ZAO              12.50    9/6/2017    RUB    18.53
Lillestroem Sparebank          4.29                NOK    60.74
Lehman Brothers Treasury Co    6.00   9/20/2011    EUR     3.81
Polski Bank Spoldzielczy w     5.31   9/14/2027    PLN    50.20
HSBC Bank PLC                  0.50  12/29/2026    AUD    69.49
Lehman Brothers Treasury Co    7.50    5/2/2017    EUR     3.81
VEB-Leasing OAO                8.71    9/1/2025    RUB    60.06
Kommunekredit                  0.50   5/11/2029    CAD    71.59
ENEL RUSSIA PJSC              12.10   5/22/2025    RUB    67.00
UniCredit Bank Austria AG      0.12   1/22/2031    EUR    74.58
Moscow United Electric Grid   10.00   5/26/2026    RUB    60.06
ECM Real Estate Investments    5.00   10/9/2011    EUR    10.38
VEB-Leasing OAO                8.65   1/16/2024    RUB    60.06
Lehman Brothers Treasury Co    5.00   12/6/2011    EUR     3.81
RGS Nedvizhimost OOO          12.50  12/11/2017    RUB    11.00
Lehman Brothers Treasury Co    3.00   6/23/2009    EUR     8.50
Societe Generale SA            1.00  12/22/2017    GBP     0.98
Municipality Finance PLC       0.50   4/26/2022    ZAR    66.51
Lehman Brothers Treasury Co    1.75    2/7/2010    EUR     3.81
Lehman Brothers Treasury Co    4.00   7/20/2012    EUR     3.81
City of Siret Romania          3.21    3/1/2028    RON    50.00
RGS Nedvizhimost OOO          12.50   9/14/2021    RUB     0.01
Sviaz Bank OAO                 9.00   3/24/2018    RUB    60.17
Oberoesterreichische Landes    0.30   4/25/2042    EUR    61.37
Vnesheconombank                8.35  11/24/2020    RUB    60.07
Podkarpacki Bank Spoldzielc    5.11   5/28/2023    PLN    62.00
Podkarpacki Bank Spoldzielc    5.81   3/31/2025    PLN    61.01
Bayerische Landesbank          2.60   3/29/2018    EUR    66.88
Kommunalbanken AS              0.50  12/16/2020    TRY    70.27
Bank Intesa AO                 8.25   6/10/2018    RUB    60.04
Credit Suisse AG/London       11.70   4/20/2018    USD    10.73
Absolut Bank PAO              12.00  12/25/2018    RUB    60.01
Espirito Santo Financial Po    5.63   7/28/2017    EUR     0.39
Windreich GmbH                 6.25    3/1/2015    EUR    14.63
Kaupthing ehf                  7.50    2/1/2045    USD     0.26
LBI HF                         2.25   2/14/2011    CHF     7.13
Phosphorus Holdco PLC         10.00    4/1/2019    GBP     1.29
TPGK-Finance ZAO              12.75   9/13/2018    RUB     0.03
Lehman Brothers Treasury Co    7.59  11/22/2009    MXN     8.50
LBI HF                         7.43                USD     0.00
Russian Railways JSC           9.70   5/22/2046    RUB    60.06
RGS Nedvizhimost OOO          12.00   6/21/2021    RUB     4.15
HSBC Bank PLC                  0.50   2/24/2027    NZD    69.50
Credit Suisse AG/London        8.00  11/29/2019    USD     6.39
LBI HF                         6.10   8/25/2011    USD     7.88
TM-energo finance OOO          8.00   8/29/2019    RUB    92.00
Main Road JSC                  7.50  11/22/2028    RUB    65.02
BNP Paribas Emissions- und     9.00   6/21/2018    EUR    57.18
State of Saxony-Anhalt         0.65    7/3/2028    EUR    58.00
ECA                            2.50    1/1/2018    EUR    16.00
Federal Grid Co Unified Ene    5.40   6/30/2048    RUB    73.25
German Pellets GmbH            8.00                EUR     0.05
Banca delle Marche SpA         6.00   6/12/2018    EUR     1.93
BLT Finance BV                 7.50   5/15/2014    USD     2.05
Lehman Brothers Treasury Co    8.25    2/3/2016    EUR     3.81
BTV Hybrid I GmbH              6.50                EUR    38.55
Sviaz Bank OAO                 9.00   4/13/2022    RUB    57.78
TransFin-M PAO                13.00    9/3/2025    RUB    62.45
BNP Paribas Emissions- und     7.00  12/21/2017    EUR    78.27
Lehman Brothers Treasury Co    5.50   6/22/2010    USD     8.50
Kaupthing ehf                  7.63   2/28/2015    USD    17.63
BNP Paribas SA                 0.50  11/16/2032    MXN    33.20
HSBC Bank PLC                  0.50   6/23/2027    MXN    45.27
Lehman Brothers Treasury Co    2.30   4/28/2014    JPY     3.81
Federal Grid Co Unified Ene    4.00   4/27/2048    RUB    73.25
AKB Peresvet ZAO               2.63    9/2/2020    RUB    16.45
HSBC Bank PLC                  0.50   6/10/2021    BRL    68.87
Lehman Brothers Treasury Co   16.00   10/8/2008    CHF     3.81
Municipality Finance PLC       0.50   5/31/2022    ZAR    65.87
OOO SPV Structural Investme    0.01    9/1/2023    RUB    69.00
Fonciere Volta SA              4.50   7/30/2020    EUR     2.30
Agrokompleks OOO               0.10   7/29/2019    RUB     4.00
Russian Railways JSC           5.10   5/20/2044    RUB    65.00
Russian Railways JSC           5.30  10/11/2038    RUB    60.06
Credit Europe Bank Ltd        11.00    6/5/2018    RUB    60.06
Grupo Isolux Corsan SA         0.25  12/30/2021    USD     0.24
TPGK-Finance ZAO              10.63   9/30/2021    RUB     0.01
DekaBank Deutsche Girozentr    0.01   6/29/2046    EUR    52.46
Lehman Brothers Treasury Co    5.00   4/24/2017    EUR     3.81
Municipality Finance PLC       0.50   7/30/2029    AUD    69.96
City of Predeal Romania        1.50   5/15/2026    RON    60.00
UniCredit Bank AG              4.30  10/17/2018    EUR    65.05
Polski Bank Spoldzielczy w     4.81   6/22/2021    PLN    55.00
Societe Generale SA            0.50   5/30/2023    MXN    64.50
Russian Railways JSC           4.00   9/19/2033    RUB    60.06
Bank Julius Baer & Co Ltd/G    8.25   4/19/2018    USD    55.15
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    72.56
SG Issuer SA                   5.50   4/10/2021    EUR    66.77
Credit Suisse AG/London        7.00  11/15/2019    USD     7.90
Svensk Exportkredit AB         0.50   8/25/2021    ZAR    70.55
Investpro OOO                 11.50  10/13/2020    RUB     0.02
Lehman Brothers Treasury Co   13.50  11/28/2008    USD     3.81
Province of Brescia Italy      0.03   6/30/2036    EUR    65.87
Kreditanstalt fuer Wiederau    0.25   10/6/2036    CAD    40.93
Societe Generale SA            0.50    8/4/2021    BRL    68.70
Eurocent SA                    8.50   9/15/2018    PLN    20.00
Russian Railways JSC           4.00   2/28/2040    RUB    60.06
Credit Suisse AG/London        7.00    7/1/2024    USD    10.00
TPGK-Finance ZAO              10.83   9/17/2021    RUB     0.01
Heta Asset Resolution AG       5.27  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co    6.00   2/19/2023    USD     3.81
Heta Asset Resolution AG       5.92  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co   11.00    7/4/2011    CHF     3.81
Hellenic Republic Governmen    2.09   7/25/2057    EUR    39.25
Russian Railways JSC           5.10    6/8/2028    RUB    60.06
Barclays Bank PLC              1.44   8/15/2033    USD    66.25
Russian Railways JSC           6.40   5/30/2040    RUB    60.06
COFIDUR SA                     0.10  12/31/2024    EUR    24.75
Federal Grid Co Unified Ene    4.00    9/7/2048    RUB    73.25
Russian Railways JSC           6.40   2/28/2040    RUB    60.06
Malahit AO                    15.00   7/14/2025    RUB     0.01
Heta Asset Resolution AG       7.50  12/31/2023    ATS    34.63
BELLAGIO Holding GmbH          2.18                EUR    48.65
Lehman Brothers Treasury Co    7.00   9/20/2011    USD     3.81
Lehman Brothers Treasury Co   13.00  12/14/2012    USD     3.81
Sibur Holding PAO              9.65   9/16/2026    RUB    60.06
Nota-Bank OJSC                13.50    4/1/2016    RUB    31.50
Barclays Bank PLC              0.50   3/13/2023    RUB    69.08
RGS Nedvizhimost OOO          12.00  10/19/2020    RUB     0.09
Lehman Brothers Treasury Co    4.60   11/9/2011    EUR     8.50
Lehman Brothers Treasury Co    3.50  12/20/2027    USD     3.81
Lloyds Bank PLC                0.50   7/26/2021    BRL    68.83
Russian Railways JSC           4.00   5/29/2035    RUB    60.06
Agrokompleks OOO               0.10   12/8/2022    RUB     3.05
Eiendomskreditt AS             5.05                NOK    65.38
Lehman Brothers Treasury Co    7.60   1/31/2013    AUD     3.81
Sviaz Bank OAO                 9.25   2/26/2018    RUB    60.27
Svensk Exportkredit AB         0.50   3/28/2029    AUD    69.76
Region Invest OOO             10.48   4/20/2021    RUB    70.14
Lehman Brothers Treasury Co   10.00    1/3/2012    BRL     3.81
Rusfinans Bank OOO             9.95   8/22/2019    RUB    60.78
Leonteq Securities AG         14.00    8/2/2018    USD    58.60
Municipiul Timisoara           0.76   5/15/2026    RON    63.00
Raiffeisen Centrobank AG       7.04   3/20/2018    EUR    66.48
Federal Grid Co Unified Ene    4.90  10/30/2048    RUB    73.25
Commerzbank AG                30.00   6/30/2020    USD     1.87
Kaupthing ehf                  7.00   7/24/2009    ISK    17.63
Lehman Brothers Treasury Co    5.00   2/15/2018    EUR     3.81
HSBC Bank PLC                  0.50    6/9/2023    MXN    64.38
AKB Peresvet ZAO              12.75   7/24/2018    RUB    21.00
BNP Paribas Emissions- und     7.00   3/22/2018    EUR    78.35
Podkarpacki Bank Spoldzielc    5.81  10/24/2024    PLN    60.50
BNP Paribas Emissions- und     3.00  10/12/2018    EUR    65.73
Credit Suisse AG/London        7.00    8/5/2019    USD    10.03
Bayerische Landesbank          2.70    7/6/2018    EUR    76.34
Lehman Brothers Treasury Co    5.00    8/1/2025    EUR     3.81
Credit Suisse AG/London        3.00  11/15/2025    ZAR    64.42
Lehman Brothers Treasury Co    0.80  12/30/2016    EUR     3.81
Lehman Brothers Treasury Co   11.00   6/29/2009    EUR     3.81
Digital Invest OOO            10.22  10/22/2020    RUB    65.00
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     8.50
Communaute Francaise de Bel    0.50   6/27/2046    EUR    67.69
Kaupthing ehf                  3.75   2/15/2024    ISK    17.63
Lehman Brothers Treasury Co   15.00   3/30/2011    EUR     3.81
Commerzbank AG                 0.10  12/27/2018    RUB     3.30
UBS AG/London                 16.00   1/19/2018    USD    65.85
Bank Julius Baer & Co Ltd/G    6.30   5/11/2018    USD    74.45
Northland Resources AB        12.25   3/26/2016    USD     1.88
Russian Post FGUP              2.75   12/6/2023    RUB    80.00
Lehman Brothers Treasury Co   10.60   4/22/2014    MXN     3.81
IDGC of Centre PJSC            9.32   8/14/2026    RUB    70.01
Lehman Brothers Treasury Co   11.75    3/1/2010    EUR     3.81
Raiffeisenbank AO             11.35   6/11/2018    RUB    70.01
Lehman Brothers Treasury Co    8.88   1/28/2011    HKD     8.50
HSBC Bank PLC                  0.50   12/8/2020    BRL    72.35
Lehman Brothers Treasury Co    7.60   5/21/2013    USD     3.81
Lehman Brothers Treasury Co    3.00    6/3/2010    EUR     3.81
HSBC Bank PLC                  0.50   1/29/2027    NZD    69.58
UBS AG/London                  9.50   12/4/2017    EUR    60.05
Federal Grid Co Unified Ene    5.40   6/30/2048    RUB    73.25
Fininvest OOO                 13.00   11/9/2018    RUB
Landesbank Hessen-Thueringe    4.50  11/28/2017    EUR    51.89
Polski Bank Spoldzielczy w     4.81  11/26/2024    PLN
Podkarpacki Bank Spoldzielc    5.81   2/23/2025    PLN    50.00
Transgazservice LLP           10.50   11/8/2019    RUB     0.10
Oberbank AG                    7.40                EUR    71.60
Center-Invest Commercial Ba    9.20   5/22/2019    RUB    67.01
Digital Invest OOO            11.00    3/8/2021    RUB    75.00
Nuova Banca delle Marche Sp    8.00   6/30/2018    EUR     1.24
Lehman Brothers Treasury Co    7.00   4/14/2009    EUR     3.81
Lehman Brothers Treasury Co    4.95  10/25/2036    EUR     3.81
Digital Invest OOO            12.00   11/3/2020    RUB    71.00
KPNQwest NV                    8.88    2/1/2008    EUR     0.06
Finans-Avia OOO                0.01   7/31/2027    RUB    20.00
Deutsche Bank AG               6.50  12/19/2017    EUR    70.49
Bank VTB 24 JSC                9.00   9/15/2044    RUB
Bank Julius Baer & Co Ltd/G   13.00  12/21/2017    USD    36.70
Lehman Brothers Treasury Co    4.00   2/28/2010    EUR     3.81
Svensk Exportkredit AB         0.50   6/20/2029    AUD    69.21
HSBC Bank PLC                  0.50   4/11/2023    MXN    65.20
Societe Generale SA            0.50   4/30/2023    RUB    68.28
Landesbank Baden-Wuerttembe    3.25  12/22/2017    EUR    64.91
Bank VTB 24 JSC                9.00    9/1/2044    RUB
Lehman Brothers Treasury Co    7.63   7/22/2011    HKD     3.81
Lehman Brothers Treasury Co    5.25    4/1/2023    EUR     3.81
Lehman Brothers Treasury Co    4.00  11/24/2016    EUR     3.81
Lehman Brothers Treasury Co    7.00   2/15/2012    EUR     3.81
Rusfinans Bank OOO             8.75   9/29/2020    RUB    60.26
Credit Suisse AG/London        9.00   4/27/2020    USD     9.51
Municipiul Timisoara           0.76   5/15/2026    RON    64.00
UBS AG/London                  1.38   5/29/2020    USD    10.00
Araratbank OJSC                7.00   12/2/2017    USD    25.35
Bank Julius Baer & Co Ltd/G    9.00  11/16/2017    USD    32.65
Araratbank OJSC                7.25   6/27/2018    USD    25.55
UBS AG                        13.00  12/22/2017    EUR    68.94
Lehman Brothers Treasury Co   10.44  11/22/2008    CHF     3.81
TPGK-Finance ZAO              10.83   9/17/2021    RUB     0.01
Lehman Brothers Treasury Co    8.00   2/16/2016    EUR     3.81
Lehman Brothers Treasury Co    4.05   9/16/2008    EUR     3.81
Lehman Brothers Treasury Co    0.50    8/1/2020    EUR     3.81
Lehman Brothers Treasury Co    6.00   2/15/2035    EUR     8.50
Lehman Brothers Treasury Co   10.00   6/17/2009    USD     3.81
Lehman Brothers Treasury Co    0.50    6/2/2020    EUR     3.81
Societe Generale SA            0.50   5/22/2024    MXN    59.57
BAWAG PSK Versicherungs AG     0.92                EUR    59.97
Lehman Brothers Treasury Co   13.50    6/2/2009    USD     3.81
Heta Asset Resolution AG       4.88  12/31/2023    EUR    34.63
Royal Bank of Scotland PLC/    1.33  10/26/2018    GBP     1.10
Russian Railways JSC           4.90   8/18/2033    RUB    60.06
Araratbank OJSC                8.00   6/10/2018    USD    25.74
Sviaz Bank OAO                 9.75   12/9/2021    RUB    60.27
Barclays Bank PLC              1.00   5/10/2019    JPY    71.44
RGS Nedvizhimost OOO          12.50   1/19/2021    RUB     1.00
Lehman Brothers Treasury Co    4.05   9/16/2008    EUR     3.81
Lehman Brothers Treasury Co    6.00  10/24/2008    EUR     3.81
Lehman Brothers Treasury Co    3.86   9/21/2011    SGD     8.50
Lehman Brothers Treasury Co    5.00   5/12/2011    CHF     3.81
Cerruti Finance SA             6.50   7/26/2004    EUR     1.32
Lehman Brothers Treasury Co   11.00  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    4.00   7/27/2011    EUR     3.81
Lehman Brothers Treasury Co    2.50   8/23/2012    GBP     3.81
Portugal Telecom Internatio    4.63    5/8/2020    EUR    34.00
Russian Railways JSC          10.30    4/3/2026    RUB    60.06
BNP Paribas Emissions- und    17.00  11/23/2017    EUR    68.18
Commerzbank AG                 5.00    2/9/2018    EUR    40.90
Araratbank OJSC                7.00   6/18/2019    USD    25.87
Zurcher Kantonalbank Financ    4.75  12/11/2017    CHF    68.71
HSBC Bank PLC                  0.50   12/8/2026    AUD    71.67
Banca delle Marche SpA         6.00    5/8/2018    EUR     1.93
IDGC of the North Caucasus    13.00   4/22/2021    RUB    60.00
HSBC Bank PLC                  0.50   7/21/2021    BRL    68.11
Zurcher Kantonalbank Financ    7.82    8/6/2018    EUR    60.02
Landesbank Baden-Wuerttembe    2.60   8/23/2019    EUR    67.12
Bayerische Landesbank          2.60  10/19/2018    EUR    73.59
Bayerische Landesbank          2.70    7/6/2018    EUR    64.12
Zurcher Kantonalbank Financ    6.50   4/10/2018    CHF    64.53
Bayerische Landesbank          3.20   7/27/2018    EUR    66.01
Bayerische Landesbank          2.90   6/22/2018    EUR    68.78
Landesbank Baden-Wuerttembe    3.50   7/27/2018    EUR    62.47
Bayerische Landesbank          2.40   7/20/2018    EUR    71.17
IDGC of Centre PJSC           11.58  11/11/2025    RUB    70.01
Petromena ASA                  9.75   5/24/2016    NOK     0.61
Solomenskij Lesozavod ZAO     10.00   9/29/2021    RUB    60.00
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Barclays Bank PLC              0.50   3/26/2021    MXN    73.59
Autonomous Community of Cat    2.97    9/8/2039    JPY    69.24
Raiffeisen Centrobank AG       7.54  12/28/2018    EUR    52.32
Deutsche Bank AG               7.20  12/19/2017    EUR    67.70
Lehman Brothers Treasury Co    6.60   5/23/2012    AUD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Center-Invest Commercial Ba    8.90   7/20/2018    RUB    67.01
UBS AG/London                  3.81  10/28/2017    USD    62.70
UniCredit Bank AG             14.60   6/22/2018    EUR    68.71
DekaBank Deutsche Girozentr    3.00   6/27/2018    EUR    50.41
BKS Hybrid alpha GmbH          7.35                EUR    60.24
IDGC of Centre PJSC           11.80  11/11/2025    RUB    70.01
Lehman Brothers Treasury Co    7.50   9/13/2009    CHF     3.81
Lehman Brothers Treasury Co    3.85   4/24/2009    USD     3.81
Lehman Brothers Treasury Co    7.50    8/1/2035    EUR     3.81
Nuova Banca delle Marche Sp    7.75   6/30/2018    EUR     1.24
Nuova Banca delle Marche Sp    7.20   6/30/2018    EUR     1.24
Heta Asset Resolution AG       0.13  12/31/2023    EUR    34.63
Deutsche Bank AG               7.20  12/19/2017    EUR    73.50
Deutsche Bank AG               7.20  12/19/2017    EUR    70.50
Deutsche Bank AG               7.20   3/20/2018    EUR    72.10
Deutsche Bank AG               7.20   6/19/2018    EUR    73.70
Deutsche Bank AG               7.20   3/20/2018    EUR    72.70
Deutsche Bank AG               7.20   6/19/2018    EUR    71.70
Deutsche Bank AG               6.20  12/19/2017    EUR    70.70
Deutsche Bank AG               6.20   3/20/2018    EUR    72.30
Deutsche Bank AG               6.20   6/19/2018    EUR    74.40
Deutsche Bank AG               6.20   6/19/2018    EUR    71.10
Vontobel Financial Products    9.55   3/23/2018    EUR    73.80
Vontobel Financial Products    6.00   6/22/2018    EUR    74.15
Vontobel Financial Products    8.00   6/22/2018    EUR    72.15
Vontobel Financial Products   11.00   6/22/2018    EUR    69.66
BNP Paribas Emissions- und    10.00   6/21/2018    EUR    74.56
DZ Bank AG Deutsche Zentral    5.25   4/27/2018    EUR    58.72
BNP Paribas Emissions- und    11.00   6/21/2018    EUR    72.84
BNP Paribas Emissions- und    14.00   6/21/2018    EUR    71.43
DZ Bank AG Deutsche Zentral    8.00  12/22/2017    EUR    68.70
DZ Bank AG Deutsche Zentral    8.00   3/23/2018    EUR    70.69
BNP Paribas Emissions- und    15.00  11/23/2017    EUR    70.82
BNP Paribas Emissions- und     7.50  12/21/2017    EUR    73.68
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    71.04
BNP Paribas Emissions- und    11.00  12/21/2017    EUR    68.66
BNP Paribas Emissions- und    14.00  12/21/2017    EUR    65.44
BNP Paribas Emissions- und     7.50   3/22/2018    EUR    74.32
BNP Paribas Emissions- und    15.00  11/23/2017    EUR    68.76
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    69.70
BNP Paribas Emissions- und    12.00   3/22/2018    EUR    72.07
BNP Paribas Emissions- und    13.00   6/21/2018    EUR    70.81
BNP Paribas Emissions- und     8.00   3/22/2018    EUR    71.88
BNP Paribas Emissions- und     9.50   3/22/2018    EUR    69.98
BNP Paribas Emissions- und    12.00   3/22/2018    EUR    67.51
BNP Paribas Emissions- und    15.00   3/22/2018    EUR    65.53
BNP Paribas Emissions- und     6.50   6/21/2018    EUR    74.82
BNP Paribas Emissions- und     8.00   6/21/2018    EUR    73.29
BNP Paribas Emissions- und     8.50   6/21/2018    EUR    71.25
BNP Paribas Emissions- und    13.00   6/21/2018    EUR    67.74
BNP Paribas Emissions- und    14.00   6/21/2018    EUR    66.48
BNP Paribas Emissions- und    15.00   6/21/2018    EUR    65.34
BNP Paribas Emissions- und    11.00   3/22/2018    EUR    74.22
BNP Paribas Emissions- und    14.00   6/21/2018    EUR    71.28
BNP Paribas Emissions- und    16.00   2/22/2018    EUR    67.98
BNP Paribas Emissions- und     6.00   3/22/2018    EUR    77.80
BNP Paribas Emissions- und     8.50   3/22/2018    EUR    74.57
BNP Paribas Emissions- und    10.00   3/22/2018    EUR    72.54
BNP Paribas Emissions- und    16.00   3/22/2018    EUR    68.97
BNP Paribas Emissions- und    19.00   3/22/2018    EUR    67.01
BNP Paribas Emissions- und     9.50   9/27/2018    EUR    73.92
BNP Paribas Emissions- und    13.00   9/27/2018    EUR    71.00
BNP Paribas Emissions- und     6.00   1/25/2018    EUR    78.06
BNP Paribas Emissions- und     9.50   1/25/2018    EUR    74.35
BNP Paribas Emissions- und    12.00   1/25/2018    EUR    72.16
BNP Paribas Emissions- und    13.00   1/25/2018    EUR    69.81
BNP Paribas Emissions- und    18.00   1/25/2018    EUR    67.42
BNP Paribas Emissions- und     6.00   2/22/2018    EUR    77.98
BNP Paribas Emissions- und     9.50   2/22/2018    EUR    74.69
Landesbank Hessen-Thueringe    7.77   7/15/2021    EUR    70.60
BNP Paribas Emissions- und     6.00   9/27/2018    EUR    79.00
BNP Paribas Emissions- und     7.50   9/27/2018    EUR    76.68
BNP Paribas Emissions- und     7.00   1/25/2018    EUR    78.29
BNP Paribas Emissions- und     8.50   1/25/2018    EUR    74.11
BNP Paribas Emissions- und     8.50   2/22/2018    EUR    74.38
BNP Paribas Emissions- und    10.00   2/22/2018    EUR    72.15
BNP Paribas Emissions- und    13.00   2/22/2018    EUR    70.55
BNP Paribas Emissions- und     6.00  12/31/2018    EUR    79.67
BNP Paribas Emissions- und     8.00  12/31/2018    EUR    76.24
BNP Paribas Emissions- und     8.50  12/31/2018    EUR    74.68
BNP Paribas Emissions- und    10.00  12/31/2018    EUR    73.39
HSBC Trinkaus & Burkhardt A    4.50  12/28/2018    EUR    66.04
HSBC Trinkaus & Burkhardt A    4.50  12/28/2018    EUR    65.90
HSBC Trinkaus & Burkhardt A    5.00   6/22/2018    EUR    67.54
BNP Paribas Emissions- und    15.00   1/25/2018    EUR    70.28
BNP Paribas Emissions- und    18.00   2/22/2018    EUR    68.60
BNP Paribas Emissions- und     7.50   6/21/2018    EUR    75.02
BNP Paribas Emissions- und     9.00   6/21/2018    EUR    73.54
Vontobel Financial Products    7.00   3/23/2018    EUR    74.86
Vontobel Financial Products   13.00   3/23/2018    EUR    67.50
Vontobel Financial Products    7.50   6/25/2018    EUR    71.36
DZ Bank AG Deutsche Zentral    8.50   6/22/2018    EUR    73.47
HSBC Trinkaus & Burkhardt A    5.55   1/26/2018    USD    60.75
HSBC Trinkaus & Burkhardt A    7.79   5/28/2018    EUR    71.02
Leonteq Securities AG         17.60  12/19/2017    USD    60.85
Leonteq Securities AG         10.00  12/27/2017    USD    43.89
Raiffeisen Schweiz Genossen   15.00  12/27/2017    CHF    69.17
Vontobel Financial Products    8.30    1/8/2018    EUR    73.57
Vontobel Financial Products    9.50   9/28/2018    EUR    73.70
Vontobel Financial Products   10.00   3/23/2018    EUR    66.30
Vontobel Financial Products   12.00   6/25/2018    EUR    67.95
Vontobel Financial Products    9.70   6/25/2018    EUR    66.45
Vontobel Financial Products    7.55   6/22/2018    EUR    71.54
Goldman Sachs & Co Wertpapi   13.00  12/20/2017    EUR    70.36
Goldman Sachs & Co Wertpapi    6.00  12/20/2017    EUR    72.80
Goldman Sachs & Co Wertpapi   11.00  12/20/2017    EUR    58.10
UBS AG/London                  4.50  12/22/2017    EUR    72.70
UBS AG/London                  7.00  12/22/2017    EUR    57.68
UBS AG/London                  4.00  12/22/2017    EUR    72.45
UBS AG/London                  9.00  12/22/2017    EUR    50.92
UBS AG/London                  5.75  12/22/2017    EUR    64.17
UBS AG/London                  5.00  12/22/2017    EUR    69.65
UBS AG/London                  7.75  12/22/2017    EUR    63.96
UBS AG/London                  6.25  12/22/2017    EUR    61.91
UBS AG/London                 14.50  12/22/2017    EUR    71.05
Uginvestgerion OOO            12.10    4/1/2020    RUB     0.01
Credit Suisse AG/Nassau        5.25   5/14/2018    CHF    74.01
Landesbank Baden-Wuerttembe    3.05   6/22/2018    EUR    69.65
Goldman Sachs & Co Wertpapi   10.00  12/20/2017    EUR    60.05
Goldman Sachs & Co Wertpapi   11.00  12/20/2017    EUR    56.15
Landesbank Baden-Wuerttembe    3.00   5/25/2018    EUR    67.66
UBS AG                         4.50  12/22/2017    EUR    52.48
Vontobel Financial Products    4.00   11/9/2017    EUR    60.23
UBS AG                        10.25  12/22/2017    EUR    56.71
UBS AG                        11.75  12/22/2017    EUR    64.08
UBS AG                         7.75  12/22/2017    EUR    72.32
UBS AG                         8.25  12/22/2017    EUR    42.83
UBS AG                        11.25  12/22/2017    EUR    72.54
UBS AG                         6.50  12/22/2017    EUR    48.36
BNP Paribas Emissions- und    12.00  12/21/2017    EUR    41.61
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    47.51
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    45.33
Landesbank Baden-Wuerttembe    3.30   6/22/2018    EUR    64.07
UniCredit Bank AG              4.30  12/22/2017    EUR    53.95
DekaBank Deutsche Girozentr    3.30   2/26/2018    EUR    48.89
UBS AG                         5.00  12/22/2017    EUR    59.94
DekaBank Deutsche Girozentr    3.40    4/9/2018    EUR    52.97
Raiffeisen Schweiz Genossen    6.50    7/2/2018    USD    53.69
Deutsche Bank AG               6.50  12/19/2017    EUR    70.49
Deutsche Bank AG               4.50  12/19/2017    EUR    70.20
Deutsche Bank AG               4.50  12/19/2017    EUR    70.20
Deutsche Bank AG               6.50  12/19/2017    EUR    65.83
Deutsche Bank AG               6.50  12/19/2017    EUR    65.83
Deutsche Bank AG               6.50  12/19/2017    EUR    65.83
Deutsche Bank AG               4.50  12/19/2017    EUR    65.54
Deutsche Bank AG               4.50  12/19/2017    EUR    65.54
AKB Peresvet ZAO              13.50   6/23/2021    RUB    20.00
DZ Bank AG Deutsche Zentral    8.70  12/22/2017    EUR    39.91
DZ Bank AG Deutsche Zentral   10.10  12/22/2017    EUR    37.46
Deutsche Bank AG               6.50  12/19/2017    EUR    70.49
Deutsche Bank AG               4.50  12/19/2017    EUR    70.20
Deutsche Bank AG               4.50  12/19/2017    EUR    65.54
Driver & Bengsch AG            8.50  12/31/2027    EUR     0.00
DZ Bank AG Deutsche Zentral   11.00  12/22/2017    EUR    69.33
Commerzbank AG                 4.00    7/6/2018    EUR    48.33
DZ Bank AG Deutsche Zentral    8.80   3/23/2018    EUR    63.93
HSBC Trinkaus & Burkhardt A    5.80   3/23/2018    EUR    58.94
DZ Bank AG Deutsche Zentral    7.25  12/22/2017    EUR    68.68
DZ Bank AG Deutsche Zentral   11.00  12/22/2017    EUR    62.45
DZ Bank AG Deutsche Zentral    6.75   1/26/2018    EUR    65.30
DZ Bank AG Deutsche Zentral    5.50   1/26/2018    EUR    70.78
Vontobel Financial Products    7.00  12/22/2017    EUR    54.24
Vontobel Financial Products   13.00  12/22/2017    EUR    46.91
Vontobel Financial Products   12.00  12/22/2017    EUR    47.95
Vontobel Financial Products    8.00  12/22/2017    EUR    52.82
Deutsche Bank AG               6.20  12/19/2017    EUR    73.94
Deutsche Bank AG               6.20  12/19/2017    EUR    73.94
Deutsche Bank AG               6.20  12/19/2017    EUR    73.94
Deutsche Bank AG               6.20   6/19/2018    EUR    74.11
Deutsche Bank AG               6.20   6/19/2018    EUR    74.11
Deutsche Bank AG               6.20   6/19/2018    EUR    74.11
BNP Paribas Emissions- und    10.00   6/21/2018    EUR    55.31
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    71.45
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    68.52
BNP Paribas Emissions- und     6.00   6/21/2018    EUR    73.75
DZ Bank AG Deutsche Zentral   10.25   1/26/2018    EUR    68.64
DZ Bank AG Deutsche Zentral   12.25   1/26/2018    EUR    59.18
DZ Bank AG Deutsche Zentral    5.75   6/22/2018    EUR    67.24
DZ Bank AG Deutsche Zentral    9.50   3/23/2018    EUR    72.07
Commerzbank AG                15.50  12/21/2017    EUR    71.91
Commerzbank AG                14.25   1/25/2018    EUR    72.96
Commerzbank AG                13.25   2/22/2018    EUR    73.71
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    78.58
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    78.72
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    74.43
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    71.98
BNP Paribas Emissions- und    19.00  12/21/2017    EUR    69.74
BNP Paribas Emissions- und     8.00   3/22/2018    EUR    78.74
BNP Paribas Emissions- und    11.00   3/22/2018    EUR    75.66
BNP Paribas Emissions- und    15.00   3/22/2018    EUR    72.10
BNP Paribas Emissions- und    18.00   3/22/2018    EUR    69.82
BNP Paribas Emissions- und     9.50   9/27/2018    EUR    78.74
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    73.14
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    74.27
BNP Paribas Emissions- und    10.00  11/23/2017    EUR    78.10
BNP Paribas Emissions- und    18.00  11/23/2017    EUR    70.92
HSBC Trinkaus & Burkhardt A    9.30   4/27/2018    EUR    54.76
BNP Paribas Emissions- und    10.00   3/22/2018    EUR    71.22
BNP Paribas Emissions- und    12.00   3/22/2018    EUR    69.42
Vontobel Financial Products    6.50   3/23/2018    EUR    67.72
Raiffeisen Centrobank AG       9.85  12/20/2017    EUR    52.36
Commerzbank AG                 8.50   2/22/2018    EUR    58.43
Commerzbank AG                12.00   2/22/2018    EUR    53.34
Commerzbank AG                 7.25   2/22/2018    EUR    72.13
Commerzbank AG                 9.00   2/22/2018    EUR    69.88
HSBC Trinkaus & Burkhardt A   13.80  12/22/2017    EUR    44.00
HSBC Trinkaus & Burkhardt A   11.90  12/22/2017    EUR    45.80
HSBC Trinkaus & Burkhardt A    4.60  12/22/2017    EUR    57.42
HSBC Trinkaus & Burkhardt A   10.20  11/24/2017    EUR    47.11
DZ Bank AG Deutsche Zentral    8.70  12/22/2017    EUR    48.73
Raiffeisen Schweiz Genossen   10.64   1/23/2018    USD    68.42
HSBC Trinkaus & Burkhardt A   12.10   3/23/2018    EUR    48.77
HSBC Trinkaus & Burkhardt A   11.30   3/23/2018    EUR    49.57
HSBC Trinkaus & Burkhardt A    8.30   3/23/2018    EUR    53.49
HSBC Trinkaus & Burkhardt A   10.40  11/24/2017    EUR    48.37
Raiffeisen Centrobank AG      13.01  12/20/2017    EUR    50.93
Raiffeisen Centrobank AG       6.23  12/28/2018    EUR    55.66
Commerzbank AG                 5.75   2/22/2018    EUR    65.39
Commerzbank AG                15.75   2/22/2018    EUR    49.55
Commerzbank AG                 5.75   2/22/2018    EUR    74.70
Vontobel Financial Products   12.80   12/8/2017    EUR    74.49
Vontobel Financial Products   14.55    3/9/2018    EUR    74.44
Vontobel Financial Products    9.45    3/9/2018    EUR    73.18
BNP Paribas Emissions- und    15.00   3/22/2018    EUR    73.33
Bank Julius Baer & Co Ltd/G    5.25   3/14/2018    CHF    73.55
UBS AG/London                 14.00  12/22/2017    EUR    70.41
UBS AG/London                  7.30  12/22/2017    EUR    74.37
UBS AG/London                 12.50   2/23/2018    EUR    72.02
UBS AG/London                 11.40  12/22/2017    EUR    75.82
UBS AG/London                 13.40   2/22/2018    EUR    72.44
UBS AG/London                 12.10   6/22/2018    EUR    76.51
UBS AG/London                 15.30  12/22/2017    EUR    70.78
UBS AG/London                 12.80   6/22/2018    EUR    77.11
Vontobel Financial Products    8.05  12/22/2017    USD    38.52
DZ Bank AG Deutsche Zentral    5.70  12/22/2017    EUR    74.82
DZ Bank AG Deutsche Zentral    7.10  12/22/2017    EUR    51.15
DZ Bank AG Deutsche Zentral    5.25   7/27/2018    EUR    69.47
Vontobel Financial Products    5.00  12/22/2017    EUR    74.02
Vontobel Financial Products   11.50   3/23/2018    EUR    69.71
DZ Bank AG Deutsche Zentral   11.50  12/22/2017    EUR    54.14
Vontobel Financial Products    7.50   3/23/2018    EUR    71.99
UBS AG/London                  1.38   5/29/2020    USD    10.18
HSBC Trinkaus & Burkhardt A    3.00   6/22/2018    EUR    70.86
UBS AG/London                 15.30   6/21/2018    EUR    74.22
DZ Bank AG Deutsche Zentral    8.75   6/22/2018    EUR    71.28
Vontobel Financial Products    5.00   6/22/2018    EUR    69.95
DZ Bank AG Deutsche Zentral   10.00  12/22/2017    EUR    60.10
Leonteq Securities AG         16.60    5/7/2018    USD    51.18
Vontobel Financial Products    7.00  12/22/2017    EUR    70.79
Vontobel Financial Products    9.05  12/22/2017    EUR    68.28
Vontobel Financial Products    5.50  12/22/2017    EUR    73.61
UBS AG/London                  6.50   1/25/2018    CHF    70.60
HSBC Trinkaus & Burkhardt A   10.10   2/23/2018    EUR    53.47
HSBC Trinkaus & Burkhardt A   11.60   3/23/2018    EUR    52.12
HSBC Trinkaus & Burkhardt A    8.40   3/23/2018    EUR    56.57
HSBC Trinkaus & Burkhardt A    5.60   3/23/2018    EUR    62.74
HSBC Trinkaus & Burkhardt A    7.70   3/23/2018    EUR    70.20
Commerzbank AG                 6.25   1/25/2018    EUR    65.27
Commerzbank AG                 9.25   1/25/2018    EUR    58.02
Commerzbank AG                12.75   1/25/2018    EUR    52.64
Commerzbank AG                16.50   1/25/2018    EUR    48.58
Commerzbank AG                 5.75   1/25/2018    EUR    73.95
Commerzbank AG                 7.25   1/25/2018    EUR    71.26
Commerzbank AG                 9.00   1/25/2018    EUR    68.90
Societe Generale SA           17.00   1/31/2018    USD
Vontobel Financial Products   13.35    3/9/2018    EUR    70.12
Bank Julius Baer & Co Ltd/G    7.75    2/9/2018    USD    40.60
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    61.29
Vontobel Financial Products   10.40   12/8/2017    EUR    66.23
Vontobel Financial Products   14.50  12/22/2017    EUR    71.05
HSBC Trinkaus & Burkhardt A   10.10   1/26/2018    EUR    52.72
HSBC Trinkaus & Burkhardt A    8.20  12/22/2017    EUR    71.18
Bank J Safra Sarasin AG/Gue   12.75    2/1/2018    USD    68.30
Deutsche Bank AG               5.20  12/19/2017    EUR    67.40
Deutsche Bank AG               5.20   3/20/2018    EUR    68.50
Deutsche Bank AG               7.20   3/20/2018    EUR    69.30
Deutsche Bank AG               7.20   6/19/2018    EUR    71.00
Deutsche Bank AG               5.20   6/19/2018    EUR    69.70
BNP Paribas Emissions- und     4.00  12/21/2017    EUR    70.14
BNP Paribas Emissions- und     8.00  12/21/2017    EUR    70.67
BNP Paribas Emissions- und     6.00  12/31/2018    EUR    73.95
Vontobel Financial Products   16.00  12/22/2017    EUR    45.15
Vontobel Financial Products    5.00   3/23/2018    EUR    60.41
Vontobel Financial Products    6.00   3/23/2018    EUR    57.19
Vontobel Financial Products    7.50   3/23/2018    EUR    54.60
Vontobel Financial Products    9.00   3/23/2018    EUR    52.37
Vontobel Financial Products   10.50   3/23/2018    EUR    50.41
Vontobel Financial Products   12.50   3/23/2018    EUR    48.91
Vontobel Financial Products   14.50   3/23/2018    EUR    47.61
Vontobel Financial Products   13.50  12/22/2017    EUR    71.91
Vontobel Financial Products   11.00   3/23/2018    EUR    74.38
Vontobel Financial Products   14.50   3/23/2018    EUR    71.12
Vontobel Financial Products    6.50  12/22/2017    EUR    55.83
Vontobel Financial Products    5.50  12/22/2017    EUR    57.46
Vontobel Financial Products   14.00  12/22/2017    EUR    45.93
Vontobel Financial Products   11.00  12/22/2017    EUR    49.06
Vontobel Financial Products   10.00  12/22/2017    EUR    50.24
Vontobel Financial Products    9.00  12/22/2017    EUR    51.49
UniCredit Bank AO              9.00    8/6/2019    RUB    67.01
Raiffeisen Centrobank AG      12.34  12/20/2017    EUR    68.99
Raiffeisen Centrobank AG       9.78  12/28/2018    EUR    71.13
Raiffeisen Centrobank AG      15.30  12/20/2017    EUR    69.37
Raiffeisen Centrobank AG      17.49  12/20/2017    EUR    67.56
Raiffeisen Centrobank AG       9.88   6/19/2018    EUR    69.97
Raiffeisen Centrobank AG      10.72  12/28/2018    EUR    67.34
Raiffeisen Centrobank AG      11.84   6/19/2018    EUR    69.06
Raiffeisen Centrobank AG       8.94  12/28/2018    EUR    73.45
Raiffeisen Centrobank AG      11.14   6/19/2018    EUR    66.28
Raiffeisen Centrobank AG      13.02   6/19/2018    EUR    67.46
Raiffeisen Centrobank AG       9.89  12/28/2018    EUR    69.46
HSBC Trinkaus & Burkhardt A   10.50   3/23/2018    EUR    71.57
HSBC Trinkaus & Burkhardt A   10.90   6/22/2018    EUR    71.64
HSBC Trinkaus & Burkhardt A    9.80   6/22/2018    EUR    73.24
DZ Bank AG Deutsche Zentral    5.75   3/23/2018    EUR    57.41
Societe Generale SA           15.00   3/21/2018    USD
Bank Julius Baer & Co Ltd/G   11.00   3/29/2018    USD    65.30
Vontobel Financial Products    8.10   12/8/2017    EUR    65.99
HSBC Trinkaus & Burkhardt A    8.30  12/22/2017    EUR    68.40
Commerzbank AG                12.75  11/23/2017    EUR    52.98
UBS AG/London                 10.60  12/29/2017    EUR    50.86
UBS AG/London                  7.00  12/29/2017    EUR    56.35
UBS AG/London                  8.80  12/29/2017    EUR    53.43
UBS AG/London                 12.60  12/29/2017    EUR    48.64
UBS AG/London                  5.40  12/29/2017    EUR    59.73
Bank Julius Baer & Co Ltd/G    5.40  12/20/2017    CHF    71.70
Vontobel Financial Products    4.50  12/22/2017    EUR    59.20
Vontobel Financial Products    7.00  12/22/2017    EUR    52.67
Vontobel Financial Products   12.00  12/22/2017    EUR    45.64
Vontobel Financial Products   16.00  12/22/2017    EUR    42.22
Vontobel Financial Products   20.00  12/22/2017    EUR    38.00
HSBC Trinkaus & Burkhardt A   14.20  12/22/2017    EUR    48.46
HSBC Trinkaus & Burkhardt A    5.60  12/22/2017    EUR    63.64
HSBC Trinkaus & Burkhardt A   10.50  11/24/2017    EUR    52.57
Societe Generale SA           19.68  12/19/2017    USD
HSBC Trinkaus & Burkhardt A   10.10  11/24/2017    EUR    54.10
BNP Paribas Emissions- und    15.00  11/23/2017    EUR    47.12
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    50.59
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    46.12
BNP Paribas Emissions- und    13.00  11/23/2017    EUR    49.58
HSBC Trinkaus & Burkhardt A    8.95  12/22/2017    EUR    49.93
Landesbank Hessen-Thueringe    4.00   5/16/2018    EUR    60.24
DZ Bank AG Deutsche Zentral    9.75  12/22/2017    EUR    54.18
HSBC Trinkaus & Burkhardt A   13.70  12/22/2017    EUR    52.35
HSBC Trinkaus & Burkhardt A   12.70  12/22/2017    EUR    53.67
HSBC Trinkaus & Burkhardt A    9.00  12/22/2017    EUR    59.98
HSBC Trinkaus & Burkhardt A    5.90  12/22/2017    EUR    68.11
HSBC Trinkaus & Burkhardt A   11.00  11/24/2017    EUR    55.84
Credit Suisse AG               9.00   1/12/2018    USD
Leonteq Securities AG/Guern   16.20  11/30/2017    USD    10.98
UBS AG/London                 10.50  11/13/2017    CHF    75.90
UBS AG/London                 11.60  12/29/2017    EUR    37.33
UBS AG/London                  5.30  12/29/2017    EUR    45.04
Deutsche Bank AG               6.20  11/22/2017    EUR    73.70
Landesbank Baden-Wuerttembe    3.50  11/24/2017    EUR    71.99
Landesbank Baden-Wuerttembe    5.00  11/24/2017    EUR    70.10
Landesbank Baden-Wuerttembe    4.00  11/24/2017    EUR    72.70
Vontobel Financial Products    8.95    3/9/2018    EUR    73.20
DZ Bank AG Deutsche Zentral    8.00   6/22/2018    EUR    74.54
BNP Paribas Emissions- und    11.00  11/23/2017    EUR    73.39
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    69.20
BNP Paribas Emissions- und     9.50   3/22/2018    EUR    75.09
BNP Paribas Emissions- und    13.00   3/22/2018    EUR    71.33
BNP Paribas Emissions- und     7.00   6/21/2018    EUR    79.07
BNP Paribas Emissions- und     8.50   6/21/2018    EUR    76.09
Vontobel Financial Products   13.00  12/22/2017    EUR    48.10
Vontobel Financial Products    7.50  12/22/2017    EUR    55.98
Vontobel Financial Products   11.00  12/22/2017    EUR    50.38
HSBC Trinkaus & Burkhardt A    8.84  12/22/2017    EUR    56.30
DZ Bank AG Deutsche Zentral    6.25   4/27/2018    EUR    75.80
DZ Bank AG Deutsche Zentral    6.50   3/23/2018    EUR    55.03
Commerzbank AG                16.75  11/23/2017    EUR    48.02
Commerzbank AG                 6.00  11/23/2017    EUR    67.48
Commerzbank AG                 9.25  11/23/2017    EUR    59.31
HSBC Trinkaus & Burkhardt A   13.80  12/22/2017    EUR    49.65
BNP Paribas Emissions- und    12.00   6/21/2018    EUR    53.71
BNP Paribas Emissions- und    14.00  12/21/2017    EUR    71.97
Bank Julius Baer & Co Ltd/G   12.15    5/4/2018    USD    46.55
Commerzbank AG                12.50   1/25/2018    EUR    74.12
DZ Bank AG Deutsche Zentral    5.00   5/25/2018    EUR    75.48
UniCredit Bank AG             14.00  12/22/2017    EUR    69.96
Vontobel Financial Products   14.00    6/8/2018    EUR    71.03
Vontobel Financial Products    7.00    6/8/2018    EUR    66.50
Bank Julius Baer & Co Ltd/G   10.45   5/11/2018    USD    66.20
DZ Bank AG Deutsche Zentral   12.25  11/24/2017    EUR    54.38
DZ Bank AG Deutsche Zentral   11.25  11/24/2017    EUR    65.68
Deutsche Bank AG               7.20  12/19/2017    EUR    74.30
Deutsche Bank AG               5.20  12/19/2017    EUR    74.00
Deutsche Bank AG               5.20  12/19/2017    EUR    70.50
Deutsche Bank AG               7.20  12/19/2017    EUR    70.80
Deutsche Bank AG               5.20  12/19/2017    EUR    65.90
Deutsche Bank AG               7.20  12/19/2017    EUR    66.20
Credit Suisse AG/London        8.50   3/13/2018    USD    64.41
Vontobel Financial Products   13.00  12/22/2017    EUR    73.72
Commerzbank AG                11.00   2/21/2018    EUR    66.57
Leonteq Securities AG         10.20  10/24/2018    EUR    52.08
Vontobel Financial Products   12.00  12/22/2017    EUR    70.69
Bank Julius Baer & Co Ltd/G    7.00   11/1/2017    CHF    71.80
HSBC Trinkaus & Burkhardt A    7.50  12/22/2017    EUR    74.11
BNP Paribas Emissions- und     8.00  12/21/2017    EUR    56.01
BNP Paribas Emissions- und     8.00   6/21/2018    EUR    59.70
BNP Paribas Emissions- und    13.00   6/21/2018    EUR    52.05
Landesbank Baden-Wuerttembe    3.15   6/22/2018    EUR    62.51
UBS AG                         5.25  12/22/2017    EUR    56.17
UBS AG                         7.75  12/22/2017    EUR    70.08
UBS AG                        11.75  12/22/2017    EUR    32.06
UBS AG                        10.25  12/22/2017    EUR    70.74
UBS AG                         7.50  12/22/2017    EUR    44.90
UBS AG                         6.75  12/22/2017    EUR    48.52
UBS AG                        10.50  12/22/2017    EUR    67.73
UBS AG                         6.25  12/22/2017    EUR    48.32
UBS AG                         8.25  12/22/2017    EUR    62.11
UBS AG                         4.50  12/22/2017    EUR    60.95
UBS AG                        10.50  12/22/2017    EUR    63.73
Lehman Brothers Treasury Co   10.00  10/23/2008    USD     3.81
Lehman Brothers Treasury Co    7.50   2/14/2010    AUD     3.81
Lehman Brothers Treasury Co   10.00  10/22/2008    USD     3.81
UNGP-Finance OOO              10.00   4/20/2021    RUB     0.02
Lehman Brothers Treasury Co    8.00  10/17/2014    EUR     3.81
Lehman Brothers Treasury Co    5.00   3/13/2009    EUR     3.81
Lloyds Bank PLC                0.50   7/26/2028    MXN    33.19
Lehman Brothers Treasury Co   16.20   5/14/2009    USD     3.81
Lehman Brothers Treasury Co    1.00    5/9/2012    EUR     3.81
Lehman Brothers Treasury Co   16.00   11/9/2008    USD     3.81
MIK OAO                       15.00   2/19/2020    RUB     2.09
Lehman Brothers Treasury Co   16.00  10/28/2008    USD     3.81
Kaupthing ehf                  7.50   12/5/2014    ISK    17.63
Lehman Brothers Treasury Co    2.30   6/27/2013    USD     3.81
Lehman Brothers Treasury Co    9.00    5/6/2011    CHF     3.81
Lehman Brothers Treasury Co    2.37   7/15/2013    USD     3.81
Lehman Brothers Treasury Co    3.50   6/20/2011    EUR     3.81
Lehman Brothers Treasury Co   10.00   5/22/2009    USD     3.81
Lehman Brothers Treasury Co   15.00    6/4/2009    CHF     3.81
Lehman Brothers Treasury Co    7.60    3/4/2010    NZD     3.81
Sviaz Bank OAO                10.00    4/7/2022    RUB    60.17
Lehman Brothers Treasury Co    9.75   6/22/2018    USD     3.81
Lehman Brothers Treasury Co    3.60   3/19/2018    JPY     3.81
Lehman Brothers Treasury Co    4.60    8/1/2013    EUR     3.81
Lehman Brothers Treasury Co    8.00   5/22/2009    USD     3.81
Kaupthing ehf                  6.50   10/8/2010    ISK    17.63
Lehman Brothers Treasury Co    5.50   4/23/2014    EUR     3.81
Lehman Brothers Treasury Co    3.45   5/23/2013    USD     3.81
Lehman Brothers Treasury Co    6.00    3/4/2015    USD     3.81
Lehman Brothers Treasury Co    7.15   3/21/2013    USD     3.81
Lehman Brothers Treasury Co    7.05    4/8/2015    USD     3.81
Lehman Brothers Treasury Co    9.50    4/1/2018    USD     3.81
Lehman Brothers Treasury Co    8.00   3/19/2012    USD     3.81
Lehman Brothers Treasury Co    6.25  11/30/2012    EUR     3.81
LBI HF                         5.08    3/1/2013    ISK     7.13
Lehman Brothers Treasury Co    1.00   2/26/2010    USD     3.81
Lehman Brothers Treasury Co   10.00   2/16/2009    CHF     3.81
LBI HF                         8.65    5/1/2011    ISK     7.13
Bashneft PJSC                 12.00   5/19/2025    RUB    60.06
Lehman Brothers Treasury Co   11.00   2/16/2009    CHF     3.81
Lehman Brothers Treasury Co    7.00   2/15/2010    CHF     3.81
Lehman Brothers Treasury Co    5.38    2/4/2014    USD     3.81
Lehman Brothers Treasury Co    8.00   3/21/2018    USD     3.81
Heta Asset Resolution AG       0.38  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co    4.10   5/20/2009    USD     3.81
Lehman Brothers Treasury Co   13.43    1/8/2009    ILS     3.81
Lehman Brothers Treasury Co    5.50    7/8/2013    EUR     3.81
Lehman Brothers Treasury Co    7.75    1/3/2012    AUD     3.81
Lehman Brothers Treasury Co    3.82  10/20/2009    USD     3.81
Lehman Brothers Treasury Co    0.50    7/2/2020    EUR     3.81
Lehman Brothers Treasury Co    2.50   8/15/2012    CHF     3.81
Lehman Brothers Treasury Co    5.00  11/22/2012    EUR     3.81
Lehman Brothers Treasury Co    6.00    8/7/2013    EUR     3.81
Lehman Brothers Treasury Co    3.10    6/4/2010    USD     3.81
Lehman Brothers Treasury Co   16.80   8/21/2009    USD     3.81
Lehman Brothers Treasury Co    2.75  10/28/2009    EUR     3.81
Lehman Brothers Treasury Co    6.25    9/5/2011    EUR     3.81
Lehman Brothers Treasury Co    1.95   11/4/2013    EUR     3.81
Lehman Brothers Treasury Co    5.25    7/8/2014    EUR     3.81
HSBC Bank PLC                  0.50   4/27/2027    NZD    68.82
Lehman Brothers Treasury Co    4.00   8/11/2010    USD     8.50
Lehman Brothers Treasury Co    2.30    6/6/2013    USD     3.81
Lehman Brothers Treasury Co   14.10  11/12/2008    USD     3.81
EDOB Abwicklungs AG            7.50    4/1/2012    EUR     0.36
Lehman Brothers Treasury Co    4.30    6/4/2012    USD     3.81
Lehman Brothers Treasury Co    7.50   5/30/2010    AUD     3.81
Lehman Brothers Treasury Co    4.00    6/5/2011    USD     3.81
Lehman Brothers Treasury Co    3.03   1/31/2015    EUR     3.81
Lehman Brothers Treasury Co   11.00    5/9/2020    USD     3.81
Societe Generale SA            0.50    4/4/2024    MXN    60.24
Lehman Brothers Treasury Co    5.20   3/19/2018    EUR     3.81
Lehman Brothers Treasury Co    0.01   9/20/2011    USD     3.81
Lehman Brothers Treasury Co    6.60   2/22/2012    EUR     3.81
Lehman Brothers Treasury Co    5.00   2/28/2032    EUR     3.81
Credit Suisse AG               0.50  12/16/2025    BRL    46.53
Lehman Brothers Treasury Co    3.50  10/31/2011    USD     3.81
Lehman Brothers Treasury Co    5.25  11/21/2009    USD     3.81
Heta Asset Resolution AG       5.03  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co   12.00    7/4/2011    EUR     3.81
Lehman Brothers Treasury Co    5.22    3/1/2024    EUR     3.81
Lehman Brothers Treasury Co   17.00    6/2/2009    USD     3.81
Lehman Brothers Treasury Co   12.40   6/12/2009    USD     3.81
Lehman Brothers Treasury Co    2.00   6/28/2011    EUR     3.81
Lehman Brothers Treasury Co    2.00   5/17/2010    EUR     3.81
Lehman Brothers Treasury Co   16.00  12/26/2008    USD     3.81
Lehman Brothers Treasury Co   11.00    7/4/2011    USD     3.81
Lehman Brothers Treasury Co   13.15  10/30/2008    USD     3.81
Lehman Brothers Treasury Co    4.82  12/18/2036    EUR     3.81
Lehman Brothers Treasury Co    3.50   9/19/2017    EUR     3.81
Vontobel Financial Products   10.20   12/8/2017    EUR    71.03
Vontobel Financial Products   13.55   12/8/2017    EUR    66.72
Landesbank Hessen-Thueringe    2.75  12/28/2017    EUR    75.00
Deutsche Bank AG               4.20  11/22/2017    EUR    73.60
HSBC Trinkaus & Burkhardt A    6.50   1/29/2018    EUR    44.11
UBS AG/London                  6.40   12/8/2017    EUR    40.84
UBS AG/London                  9.60   12/8/2017    EUR    36.40
DekaBank Deutsche Girozentr    3.00   8/16/2019    EUR    74.38
Vontobel Financial Products    4.00  12/21/2018    EUR    64.50
Landesbank Baden-Wuerttembe    2.90   7/27/2018    EUR    65.91
Vontobel Financial Products   10.60   12/8/2017    EUR    70.07
Vontobel Financial Products   19.60   12/8/2017    EUR    59.78
Royal Bank of Scotland PLC/    6.20    9/7/2018    GBP     1.04
SG Issuer SA                   0.82    8/2/2021    SEK    61.13
Commerzbank AG                20.00   5/28/2018    SEK    59.81
Deutsche Bank AG               4.20   6/19/2018    EUR    73.10
Deutsche Bank AG               4.20   6/19/2018    EUR    69.80
Deutsche Bank AG               4.20   9/25/2018    EUR    74.20
Deutsche Bank AG               4.20  12/27/2018    EUR    71.90
DZ Bank AG Deutsche Zentral   10.00  12/22/2017    EUR    59.32
DZ Bank AG Deutsche Zentral   11.80  12/22/2017    EUR    56.88
DZ Bank AG Deutsche Zentral    7.70   3/23/2018    EUR    60.85
DZ Bank AG Deutsche Zentral    9.60   3/23/2018    EUR    58.93
DZ Bank AG Deutsche Zentral    7.40  12/22/2017    EUR    72.32
UBS AG                         1.38   5/20/2019    USD     9.01
Vontobel Financial Products    8.00   6/22/2018    EUR    71.94
Vontobel Financial Products    9.50   6/22/2018    EUR    70.64
HSBC Trinkaus & Burkhardt A    6.28  12/22/2017    EUR    75.00
Vontobel Financial Products   10.10    6/8/2018    EUR    73.10
Vontobel Financial Products   13.10   9/14/2018    EUR    74.07
UBS AG                         5.04   10/4/2018    USD    11.84
Vontobel Financial Products    3.00    6/8/2018    EUR    64.07
Vontobel Financial Products    7.80    6/8/2018    EUR    66.99
DZ Bank AG Deutsche Zentral    8.40   3/23/2018    EUR    73.14
DZ Bank AG Deutsche Zentral    6.80   6/22/2018    EUR    74.24
DZ Bank AG Deutsche Zentral    8.20   6/22/2018    EUR    72.34
DZ Bank AG Deutsche Zentral    6.50  12/22/2017    EUR    73.75
DZ Bank AG Deutsche Zentral    8.70   6/22/2018    EUR    73.34
DZ Bank AG Deutsche Zentral    9.50   6/22/2018    EUR    72.19
UBS AG/London                 12.50    4/5/2018    USD    66.50
Vontobel Financial Products   12.45   12/8/2017    EUR    66.45
Vontobel Financial Products    6.55    3/9/2018    EUR    67.48
BNP Paribas Emissions- und     7.00  11/23/2017    EUR    77.93
BNP Paribas Emissions- und    14.00  11/23/2017    EUR    70.68
BNP Paribas Emissions- und    11.00  12/21/2017    EUR    74.16
HSBC Trinkaus & Burkhardt A    8.80   9/28/2018    EUR    72.09
Deutsche Bank AG               4.20   6/19/2018    EUR    73.10
Deutsche Bank AG               4.20   9/25/2018    EUR    74.20
Deutsche Bank AG               4.20  12/19/2017    EUR    70.40
Deutsche Bank AG               4.20   3/20/2018    EUR    71.50
Deutsche Bank AG               4.20   9/25/2018    EUR    70.90
Deutsche Bank AG               5.20  11/22/2017    EUR    70.20
Deutsche Bank AG               5.20   1/24/2018    EUR    71.10
Deutsche Bank AG               5.20   2/21/2018    EUR    71.40
Vontobel Financial Products    6.50   6/22/2018    EUR    73.36
Vontobel Financial Products   11.00   6/22/2018    EUR    69.46
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    74.66
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    73.14
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    60.83
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    58.07
BNP Paribas Emissions- und    23.00  12/21/2017    EUR    63.70
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    44.28
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    68.23
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    61.15
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    62.38
BNP Paribas Emissions- und    23.00  12/21/2017    EUR    44.83
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    52.45
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    44.39
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    71.80
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    57.31
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    63.16
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    60.05
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    68.10
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    70.21
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    66.54
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    56.31
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    30.70
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    18.05
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    53.24
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    64.62
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    38.04
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    35.67
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    47.25
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    70.51
BNP Paribas Emissions- und    19.00  12/21/2017    EUR    64.21
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    47.80
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    37.66
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    59.40
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    49.84
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    64.18
UniCredit Bank AG              4.00   6/26/2018    EUR    55.78
Landesbank Baden-Wuerttembe    3.25   1/26/2018    EUR    60.15
Landesbank Baden-Wuerttembe    3.00   2/23/2018    EUR    60.40
DZ Bank AG Deutsche Zentral    5.25  11/24/2017    EUR    73.17
Vontobel Financial Products    7.00  11/24/2017    EUR    72.42
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    57.32
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    57.88
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    57.75
BNP Paribas Emissions- und    29.00  12/21/2017    EUR    51.86
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    70.29
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    67.81
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    37.55
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    55.46
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    56.09
BNP Paribas Emissions- und    29.00  12/21/2017    EUR    51.84
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    72.46
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    60.87
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    48.95
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    65.58
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    55.49
BNP Paribas Emissions- und     6.00  12/21/2017    EUR    37.48
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    26.91
BNP Paribas Emissions- und     7.00  12/21/2017    EUR    71.10
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    65.18
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    66.04
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    69.71
BNP Paribas Emissions- und    19.00  12/21/2017    EUR    66.04
Landesbank Hessen-Thueringe    4.00   1/16/2018    EUR    48.05
Goldman Sachs & Co Wertpapi    9.00  12/20/2017    EUR    73.14
SG Issuer SA                   0.80  11/30/2020    SEK    55.09
EFG International Finance G    6.48   5/29/2018    EUR     4.55
Leonteq Securities AG/Guern    5.00  12/27/2019    EUR    68.92
EFG International Finance G    7.35  12/28/2017    CHF    65.47
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    71.14
UBS AG                         4.09  12/28/2018    USD    57.55
UBS AG                         4.92  12/28/2018    USD    60.64
HSBC Trinkaus & Burkhardt A    7.80  12/22/2017    EUR    54.48
HSBC Trinkaus & Burkhardt A    9.70  11/24/2017    EUR    51.03
Commerzbank AG                12.25  12/21/2017    EUR    50.07
Societe Generale SA            7.00  10/20/2020    USD
UBS AG/London                  6.90   6/22/2018    EUR    53.48
UBS AG/London                  9.40   6/22/2018    EUR    50.30
Leonteq Securities AG         10.00  10/30/2017    EUR    60.92
Vontobel Financial Products   11.50   3/23/2018    EUR    69.37
Vontobel Financial Products   10.00   3/23/2018    EUR    71.18
Vontobel Financial Products    8.50   3/23/2018    EUR    73.14
UniCredit Bank AG             11.80   6/22/2018    EUR    74.38
Commerzbank AG                 6.50   7/27/2018    EUR    73.56
Commerzbank AG                13.50  12/20/2017    EUR    46.71
Norddeutsche Landesbank Gir    3.00  10/30/2018    EUR    58.81
Bank Julius Baer & Co Ltd/G    5.60   1/12/2018    USD    66.85
DZ Bank AG Deutsche Zentral    5.75   1/26/2018    EUR    65.06
Leonteq Securities AG          7.00   11/6/2017    CHF    34.60
Bank Julius Baer & Co Ltd/G    5.50   11/6/2017    CHF    68.30
Vontobel Financial Products   11.00   3/23/2018    EUR    68.66
HSBC Trinkaus & Burkhardt A    9.70  12/22/2017    EUR    71.78
Vontobel Financial Products   10.50  12/22/2017    EUR    71.75
Vontobel Financial Products   12.50  12/22/2017    EUR    69.35
Vontobel Financial Products   14.50  12/22/2017    EUR    67.15
Vontobel Financial Products   13.00   3/23/2018    EUR    67.64
Vontobel Financial Products    9.00   6/22/2018    EUR    72.59
Vontobel Financial Products   11.50   6/22/2018    EUR    69.78
HSBC Trinkaus & Burkhardt A   13.40  12/22/2017    EUR    47.16
HSBC Trinkaus & Burkhardt A    4.80  12/22/2017    EUR    61.05
Commerzbank AG                 5.50  12/21/2017    EUR    62.94
Commerzbank AG                 8.50  12/21/2017    EUR    55.59
Commerzbank AG                16.25  12/21/2017    EUR    45.80
Commerzbank AG                 9.50  12/21/2017    EUR    74.81
UBS AG/London                  8.20   6/22/2018    EUR    51.80
DekaBank Deutsche Girozentr    3.50  10/28/2019    EUR    65.83
Landesbank Baden-Wuerttembe    2.80  11/23/2018    EUR    73.81
UniCredit Bank AG             13.30  12/22/2017    EUR    73.61
UniCredit Bank AG             10.80   6/22/2018    EUR    73.90
UniCredit Bank AG             15.00   6/22/2018    EUR    70.70
UniCredit Bank AG             13.90   6/22/2018    EUR    72.35
UniCredit Bank AG             12.80   6/22/2018    EUR    72.05
UniCredit Bank AG             13.00   6/22/2018    EUR    72.74
UniCredit Bank AG             14.20   6/22/2018    EUR    71.39
UniCredit Bank AG             14.30  12/22/2017    EUR    72.94
Commerzbank AG                 8.25   4/26/2018    EUR    73.75
Commerzbank AG                10.25   4/26/2018    EUR    71.26
UniCredit Bank AG             13.10   6/22/2018    EUR    73.98
UniCredit Bank AG             13.20   6/22/2018    EUR    70.77
UniCredit Bank AG             12.10   6/22/2018    EUR    73.84
UniCredit Bank AG             11.30  12/22/2017    EUR    70.89
UniCredit Bank AG             13.50   3/23/2018    EUR    69.24
UniCredit Bank AG             12.70   3/23/2018    EUR    71.07
UniCredit Bank AG             10.60   6/22/2018    EUR    73.37
UniCredit Bank AG              9.30  12/22/2017    EUR    73.40
UniCredit Bank AG             13.90   6/22/2018    EUR    69.22
UniCredit Bank AG             14.30   6/22/2018    EUR    73.82
Commerzbank AG                12.00   4/26/2018    EUR    68.95
UniCredit Bank AG             11.90   6/22/2018    EUR    72.26
UniCredit Bank AG             11.90   3/23/2018    EUR    70.93
UniCredit Bank AG             10.20   3/23/2018    EUR    72.73
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    73.97
BNP Paribas Emissions- und     5.00  12/21/2017    EUR    46.97
BNP Paribas Emissions- und     6.00  12/21/2017    EUR    44.80
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    41.21
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    68.45
Deutsche Bank AG               6.20  12/19/2017    EUR    74.20
Deutsche Bank AG               4.20  12/19/2017    EUR    73.90
UBS AG/London                  6.30  12/29/2017    EUR    43.11
DZ Bank AG Deutsche Zentral    8.25   3/23/2018    EUR    70.73
DZ Bank AG Deutsche Zentral    6.00   6/22/2018    EUR    59.82
Landesbank Baden-Wuerttembe    3.40   9/28/2018    EUR    69.15
Deutsche Bank AG               4.20  11/22/2017    EUR    69.40
Deutsche Bank AG               3.20  11/22/2017    EUR    66.50
Deutsche Bank AG               3.20  11/22/2017    EUR    69.50
Deutsche Bank AG               3.20  11/22/2017    EUR    65.20
Noyabrskaya Pge OOO            8.50  11/10/2020    RUB    60.00
Promnefteservis OOO           10.50  11/21/2019    RUB     1.12
DekaBank Deutsche Girozentr    0.12   6/23/2034    EUR    72.32
Leonteq Securities AG          3.00   9/19/2019    CHF    58.18
Raiffeisen Schweiz Genossen    3.00   9/22/2020    CHF    69.38
EFG International Finance G    7.00  11/27/2019    EUR    14.78
Goldman Sachs International    1.00   12/5/2017    SEK    19.74
Societe Generale SA            8.00   2/14/2022    USD
Commerzbank AG                14.00   1/24/2018    EUR    48.09
EFG International Finance G    6.21   7/22/2019    EUR    71.97
EFG International Finance G    7.20   7/29/2020    EUR    23.84
Leonteq Securities AG          5.00    9/4/2018    CHF    67.88
DZ Bank AG Deutsche Zentral    8.20   3/23/2018    EUR    55.07
DZ Bank AG Deutsche Zentral    9.60  12/22/2017    EUR    74.35
DZ Bank AG Deutsche Zentral    7.90   3/23/2018    EUR    76.07
DZ Bank AG Deutsche Zentral    7.40  12/22/2017    EUR    54.72
DZ Bank AG Deutsche Zentral    6.00  12/22/2017    EUR    66.96
Vontobel Financial Products    7.55  12/22/2017    EUR    69.89
Vontobel Financial Products   10.50   3/23/2018    EUR    68.11
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    69.39
DZ Bank AG Deutsche Zentral    7.40   3/23/2018    EUR    56.51
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    70.18
DZ Bank AG Deutsche Zentral    6.10   3/23/2018    EUR    71.85
DZ Bank AG Deutsche Zentral    7.70   3/23/2018    EUR    69.13
Vontobel Financial Products    8.55   3/23/2018    EUR    67.33
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    71.21
DZ Bank AG Deutsche Zentral    6.50   2/23/2018    EUR    67.87
DZ Bank AG Deutsche Zentral    5.25   2/23/2018    EUR    71.12
HSBC Trinkaus & Burkhardt A    7.00   3/23/2018    EUR    72.70
Commerzbank AG                 1.00   2/19/2020    USD    40.92
UniCredit Bank AG              4.40   9/19/2018    EUR    66.02
UBS AG                         9.50  12/22/2017    EUR    74.67
UBS AG                        11.75  12/22/2017    EUR    61.32
UBS AG                        10.25  12/22/2017    EUR    36.23
UBS AG                         5.00  12/22/2017    EUR    60.09
UBS AG                         8.50  12/22/2017    EUR    40.88
UBS AG                         4.00  12/22/2017    EUR    67.08
UBS AG                         5.75  12/22/2017    EUR    52.81
UBS AG                         9.50  12/22/2017    EUR    69.30
BNP Paribas Emissions- und     6.50  12/21/2017    EUR    71.03
DZ Bank AG Deutsche Zentral    5.00    2/6/2018    EUR    76.81
UniCredit Bank AG              3.75    9/7/2020    EUR    67.17
UniCredit Bank AG              5.00   6/25/2019    EUR    56.71
EFG International Finance G    7.20   2/25/2019    EUR    10.88
UniCredit Bank AG              3.75   10/2/2020    EUR    64.00
Landesbank Hessen-Thueringe    4.00    4/8/2019    EUR    70.88
UniCredit Bank AG              4.60    7/2/2018    EUR    52.87
Raiffeisen Schweiz Genossen    4.50   3/27/2018    EUR    62.33
Leonteq Securities AG          3.50   4/10/2018    EUR    64.46
DekaBank Deutsche Girozentr    2.70   3/16/2018    EUR    67.66
Landesbank Hessen-Thueringe    4.00   4/30/2019    EUR    66.79
Raiffeisen Schweiz Genossen    4.20   4/10/2018    EUR    68.32
Raiffeisen Switzerland BV      9.00    4/1/2019    EUR    16.34
Landesbank Baden-Wuerttembe    3.40  11/24/2017    EUR    75.04
Landesbank Baden-Wuerttembe    3.50   1/26/2018    EUR    68.33
Landesbank Baden-Wuerttembe    3.00   6/28/2019    EUR    64.35
Landesbank Baden-Wuerttembe    2.50   6/28/2019    EUR    75.77
Landesbank Baden-Wuerttembe    3.50   6/22/2018    EUR    73.21
DekaBank Deutsche Girozentr    3.25   4/20/2018    EUR    54.07
Raiffeisen Schweiz Genossen    4.00    5/8/2018    CHF    68.70
DekaBank Deutsche Girozentr    2.75  10/29/2018    EUR    55.25
EFG International Finance G    7.19    5/6/2019    EUR    12.12
DekaBank Deutsche Girozentr    3.00   4/30/2019    EUR    75.34
EFG International Finance G    6.26    5/7/2018    EUR    64.15
UniCredit Bank AG              5.00   7/30/2018    EUR    65.01
Landesbank Baden-Wuerttembe    4.00   6/22/2018    EUR    61.35
Landesbank Baden-Wuerttembe    3.60   6/22/2018    EUR    74.06
UBS AG                         7.40   5/17/2021    CHF    59.39
Landesbank Baden-Wuerttembe    3.00   7/26/2019    EUR    71.54
DekaBank Deutsche Girozentr    2.80   5/13/2019    EUR    71.13
Landesbank Baden-Wuerttembe    2.35  12/22/2017    EUR    72.00
Landesbank Hessen-Thueringe    8.90   10/6/2020    EUR    75.27
Landesbank Baden-Wuerttembe    3.40   7/27/2018    EUR    78.30
UniCredit Bank AG              3.80   7/23/2020    EUR    65.05
UniCredit Bank AG              4.40   7/13/2018    EUR    60.27
UBS AG/London                 16.00   8/30/2018    CHF    58.50
Lehman Brothers Treasury Co    6.85  12/22/2008    EUR     3.81
Lehman Brothers Treasury Co    7.60   3/26/2009    EUR     3.81
Lehman Brothers Treasury Co    7.55  12/29/2008    USD     3.81
SpareBank 1 Nordvest           3.58   3/11/2099    NOK    71.62
Lehman Brothers Treasury Co    1.60   6/21/2010    JPY     3.81
Lehman Brothers Treasury Co    2.40   6/20/2011    JPY     3.81
Lehman Brothers Treasury Co    8.28   3/26/2009    USD     3.81
Lehman Brothers Treasury Co    3.63    3/2/2012    EUR     3.81
Kaupthing ehf                  9.75   9/10/2015    USD    17.63
Lehman Brothers Treasury Co    0.75   3/29/2012    EUR     3.81
Barclays Bank PLC              0.50   3/19/2021    MXN    74.10
Lehman Brothers Treasury Co    7.32   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    8.28   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    8.60   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    7.50   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    4.50    3/7/2015    EUR     3.81
Lehman Brothers Treasury Co    6.70   4/21/2011    USD     3.81
Lehman Brothers Treasury Co    6.00   7/28/2010    EUR     3.81
Lehman Brothers Treasury Co    6.00   7/28/2010    EUR     3.81
Lehman Brothers Treasury Co    4.90   7/28/2020    EUR     3.81
Lehman Brothers Treasury Co    7.00   7/11/2010    EUR     3.81
Lehman Brothers Treasury Co    4.50  12/30/2010    USD     3.81
Lehman Brothers Treasury Co    4.00   12/2/2012    EUR     3.81
Municipality Finance PLC       0.25   6/28/2040    CAD    31.36
Lehman Brothers Treasury Co    4.50    3/6/2013    CHF     3.81
Lehman Brothers Treasury Co    6.50   7/24/2026    EUR     3.81
HSBC Bank PLC                  0.50  11/25/2025    BRL    46.13
Lehman Brothers Treasury Co   12.00   7/13/2037    JPY     3.81
Lehman Brothers Treasury Co   10.00   6/11/2038    JPY     3.81
Lehman Brothers Treasury Co    2.25   5/12/2009    USD     3.81
Lehman Brothers Treasury Co    4.00   5/30/2010    USD     3.81
Lehman Brothers Treasury Co    7.39    5/4/2017    USD     3.81
Lehman Brothers Treasury Co    4.50    5/2/2017    EUR     8.50
Lehman Brothers Treasury Co    4.25   5/15/2010    EUR     3.81
Lehman Brothers Treasury Co    1.68    3/5/2015    EUR     3.81
Lehman Brothers Treasury Co    2.48   5/12/2009    USD     3.81
Lehman Brothers Treasury Co    6.00   5/23/2018    CZK     3.81
Lehman Brothers Treasury Co    4.00   5/17/2010    USD     3.81
Lehman Brothers Treasury Co    6.75    4/5/2012    EUR     3.81
Lehman Brothers Treasury Co    9.00   5/15/2022    USD     3.81
Credit Agricole Corporate &    0.50    3/6/2023    RUB    69.29
Credit Suisse AG/London        0.50    1/8/2026    BRL    45.42
Lehman Brothers Treasury Co    8.00    8/3/2009    USD     3.81
Lehman Brothers Treasury Co    7.50  10/24/2008    USD     3.81
Lehman Brothers Treasury Co    0.25   7/21/2014    EUR     3.81
Lehman Brothers Treasury Co    4.00   4/13/2011    CHF     3.81
Lehman Brothers Treasury Co   10.00   3/27/2009    USD     3.81
Lehman Brothers Treasury Co    7.75   1/30/2009    EUR     3.81
Lehman Brothers Treasury Co    5.25   5/26/2026    EUR     3.81
Lehman Brothers Treasury Co    9.00   3/17/2009    GBP     3.81
Kaupthing ehf                  6.13   10/4/2016    USD    17.63
Lehman Brothers Treasury Co    4.00   4/24/2009    USD     3.81
Lehman Brothers Treasury Co    7.25   10/6/2008    EUR     3.81
Lehman Brothers Treasury Co    9.00   6/13/2009    USD     3.81
Lehman Brothers Treasury Co    7.38   9/20/2008    EUR     3.81
Lehman Brothers Treasury Co    4.35    8/8/2016    SGD     8.50
Lehman Brothers Treasury Co    4.50    8/2/2009    USD     3.81
Lehman Brothers Treasury Co    4.60    7/6/2016    EUR     3.81
Lehman Brothers Treasury Co    5.10   6/22/2046    EUR     3.81
Lehman Brothers Treasury Co    3.00   9/13/2010    JPY     8.50
Lehman Brothers Treasury Co    7.00  11/28/2008    CHF     3.81
Lehman Brothers Treasury Co   10.50    8/9/2010    EUR     3.81
Lehman Brothers Treasury Co    4.50   7/24/2014    EUR     3.81
Lehman Brothers Treasury Co    5.75   6/15/2009    CHF     3.81
Bank ZENIT PJSC                8.50   6/14/2024    RUB    60.07
Lehman Brothers Treasury Co    8.00   5/22/2009    USD     3.81
Horus Finance ZAO             13.00    3/6/2019    RUB
Lehman Brothers Treasury Co    4.10   8/23/2010    USD     3.81
Lehman Brothers Treasury Co    1.50  10/25/2011    EUR     3.81
Lehman Brothers Treasury Co    7.25   6/20/2010    USD     3.81
Lehman Brothers Treasury Co    8.50    7/6/2009    CHF     3.81
Societe Generale SA            0.50    4/3/2023    RUB    68.84
Lehman Brothers Treasury Co   14.90  11/16/2010    EUR     3.81
Lehman Brothers Treasury Co    2.00   6/21/2011    EUR     3.81
Lehman Brothers Treasury Co    8.05  12/20/2010    HKD     3.81
Lehman Brothers Treasury Co    2.50   11/9/2011    CHF     3.81
Lehman Brothers Treasury Co    6.72  12/29/2008    EUR     3.81
Lehman Brothers Treasury Co    6.00  10/30/2012    USD     3.81
Lehman Brothers Treasury Co    5.50  11/30/2012    CZK     3.81
KIT Finance Capital OOO       10.60   5/21/2027    RUB   100.00
Center-Invest Commercial Ba    8.70  11/13/2018    RUB    67.01
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Lehman Brothers Treasury Co    4.00    1/4/2011    USD     3.81
Lehman Brothers Treasury Co    9.30  12/21/2010    EUR     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Lehman Brothers Treasury Co    3.00   12/3/2012    EUR     3.81
Lehman Brothers Treasury Co    7.06  12/29/2008    EUR     3.81
Lehman Brothers Treasury Co    6.00  10/30/2012    EUR     3.81
Lehman Brothers Treasury Co   11.00  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Heta Asset Resolution AG       5.73  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    8.00  12/31/2010    USD     3.81
Lehman Brothers Treasury Co    6.60    2/9/2009    EUR     3.81
Lehman Brothers Treasury Co    6.00   6/21/2011    EUR     3.81
Lehman Brothers Treasury Co   11.00  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    8.80  12/27/2009    EUR     3.81
Lehman Brothers Treasury Co   13.00   2/16/2009    CHF     3.81
Lehman Brothers Treasury Co    6.30  12/21/2018    USD     3.81
Lehman Brothers Treasury Co    3.00   9/12/2036    JPY     8.50
Lehman Brothers Treasury Co    4.68  12/12/2045    EUR     3.81
KIT Finance Capital OOO        8.00   9/16/2026    RUB    60.01
Lehman Brothers Treasury Co    3.50   9/29/2017    EUR     3.81
Lehman Brothers Treasury Co    5.00    9/1/2011    EUR     3.81
Lehman Brothers Treasury Co   10.00    1/4/2010    USD     3.81
Lehman Brothers Treasury Co    3.00    8/8/2017    EUR     3.81
Hellas Telecommunications L    8.50  10/15/2013    EUR     0.24
Lehman Brothers Treasury Co    3.00   8/15/2017    EUR     3.81
Lehman Brothers Treasury Co    4.15   8/25/2020    EUR     3.81
Lehman Brothers Treasury Co    6.50   5/16/2015    EUR     3.81
Lehman Brothers Treasury Co    6.00   12/6/2016    USD     3.81
Societe Generale SA            0.50    7/6/2021    BRL    69.22
Lehman Brothers Treasury Co    2.50  12/15/2011    GBP     3.81
Lehman Brothers Treasury Co    5.50   6/15/2009    CHF     3.81
Lehman Brothers Treasury Co    4.00  10/24/2012    EUR     3.81
Lehman Brothers Treasury Co   11.00  12/19/2011    USD     3.81
Lehman Brothers Treasury Co    5.12   4/30/2027    EUR     3.81
Lehman Brothers Treasury Co    7.75   2/21/2016    EUR     3.81
Lehman Brothers Treasury Co    5.00  10/24/2008    CHF     3.81
Europlan Leasing Co           12.00   2/20/2019    RUB    60.01
Lehman Brothers Treasury Co    6.00  12/30/2017    EUR     3.81
KPNQwest NV                    7.13    6/1/2009    EUR     0.06
KPNQwest NV                    7.13    6/1/2009    EUR     0.06
Lehman Brothers Treasury Co    3.00   8/13/2011    EUR     3.81
Lehman Brothers Treasury Co   13.00   7/25/2012    EUR     3.81
Lehman Brothers Treasury Co   10.00    8/2/2037    JPY     3.81
Upravlenie Otkhodami ZAO       4.00   4/29/2027    RUB    70.50
Nutritek International Corp    8.75  12/11/2008    USD     2.00
Lehman Brothers Treasury Co    7.50   6/15/2017    USD     3.81
HSBC Bank PLC                  0.50  12/22/2025    BRL    45.84
Lehman Brothers Treasury Co    4.10   6/10/2014    SGD     8.50
Lehman Brothers Treasury Co    3.35  10/13/2016    EUR     3.81
Kaupthing ehf                  5.00    1/4/2027    SKK    17.63
Lehman Brothers Treasury Co    4.20   12/3/2008    HKD     8.50
Lehman Brothers Treasury Co    8.00  12/27/2032    JPY     3.81
Lehman Brothers Treasury Co    1.50    2/8/2012    CHF     3.81
Lehman Brothers Treasury Co    6.00   5/12/2017    EUR     3.81
Lehman Brothers Treasury Co    6.00   2/14/2012    EUR     3.81
Lehman Brothers Treasury Co    4.69   2/19/2017    EUR     3.81
Province of Brescia Italy      0.11  12/22/2036    EUR    65.20
Center-Invest Commercial Ba    8.40   8/17/2018    RUB    67.01
Lehman Brothers Treasury Co    4.10   2/19/2010    EUR     3.81
Lehman Brothers Treasury Co    0.25  10/19/2012    CHF     3.81
Lehman Brothers Treasury Co    3.50  10/24/2011    USD     3.81
Lehman Brothers Treasury Co   14.90   9/15/2008    EUR     3.81
Russkiy Mezhdunarodnyi Bank   12.00  11/14/2021    RUB     6.05
Societe Generale SA            0.50   6/12/2023    RUB    67.70
Lehman Brothers Treasury Co   12.22  11/21/2017    USD     3.81
Lehman Brothers Treasury Co    4.80  11/16/2012    HKD     3.81
KPNQwest NV                    8.88    2/1/2008    EUR     0.06
Lehman Brothers Treasury Co    3.40   9/21/2009    HKD     3.81
Lehman Brothers Treasury Co    4.00  10/12/2010    USD     3.81
Lehman Brothers Treasury Co    7.00  10/22/2010    EUR     3.81
Lehman Brothers Treasury Co    8.00  10/23/2008    USD     3.81
Lehman Brothers Treasury Co    1.50  10/12/2010    EUR     3.81
ECM Real Estate Investments    5.00   10/9/2011    EUR    10.38
Lehman Brothers Treasury Co   18.25   10/2/2008    USD     3.81
Credit Europe Bank Ltd        10.00    4/6/2018    RUB    60.17
Lehman Brothers Treasury Co    9.25   6/20/2012    USD     3.81
Lehman Brothers Treasury Co    2.00  11/16/2009    EUR     3.81
Lehman Brothers Treasury Co    8.00   4/20/2009    EUR     3.81
Lehman Brothers Treasury Co    4.70   3/23/2016    EUR     3.81
Lehman Brothers Treasury Co    4.70   3/23/2016    EUR     3.81
Lehman Brothers Treasury Co    3.70    6/6/2009    EUR     3.81
Lehman Brothers Treasury Co    4.25   3/13/2021    EUR     3.81
Lehman Brothers Treasury Co    6.00   3/17/2011    EUR     3.81
Lehman Brothers Treasury Co    0.50   2/16/2009    EUR     3.81
RGS Nedvizhimost OOO          12.50   7/22/2021    RUB     0.09



                            *********

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

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

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


                            *********


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

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

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

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

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

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


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