/raid1/www/Hosts/bankrupt/TCREUR_Public/180205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, February 5, 2018, Vol. 19, No. 025


                            Headlines


B E L A R U S

BELARUSIAN REPUBLICAN: Fitch Upgrades IFS Rating to B


C R O A T I A

AGROKOR DD: Receiver Invites Creditors to Elect Council Members


G E R M A N Y

KME AG: Fitch Assigns First-Time B- IDR, Outlook Stable


I R E L A N D

BLACK DIAMOND 2015-1: Moody's Assigns Ba2 Rating to Cl. E Notes
CBOM FINANCE: Fitch Rates USD-Denom. Sr. Unsec. Bonds BB-(EXP)
HARVEST CLO VIII: Fitch Rates EUR12.2MM Class F-R Notes 'Bsf'
HARVEST CLO VIII: S&P Assigns B- (sf) Rating to Class F-R Notes


I T A L Y

SOUTH EAST RAILWAY: Some 11 People Arrested Related to Bankruptcy


K A Z A K H S T A N

KAZMUNAYGAS: S&P Affirms 'BB-' Corp Credit Rating, Outlook Stable


L U X E M B O U R G

INT'L AUTOMOTIVE: Moody's Lowers PDR to Caa3-PD, Outlook Negative


R U S S I A

BANK STAR: Put on Provisional Administration, License Revoked
CREDIT BANK: S&P Puts 'BB-' LT Issue Rating to US$-Denom. LPNs


S P A I N

RURAL HIPOTECARIO XV: Fitch Hikes Cl. B Notes Rating from 'BBsf'


T U R K E Y

PETKIM PETROKIMYA: Fitch Rates USD500MM Sr. Unsec. Bond 'B/RR4'


U K R A I N E

FERREXPO PLC: S&P Raises CCR to 'B' on Expected Higher Earnings


U N I T E D   K I N G D O M

CARILLION PLC: At Least 377 Former Staff to Lose Jobs
CO-OPERATIVE BANK: To Appoint Bob Dench as New Chairman
JERROLD FINCO: Fitch Assigns BB Rating to GBP150MM Sec. Notes
LUDGATE FUNDING 2008-W1: S&P Raises Rating on Cl. D Notes to BB-
NEW LOOK: Expects Losses to Widen Amid Restructuring Talks


U Z B E K I S T A N

KAPITALBANK: S&P Maintains Negative CreditWatch on 'CCC+' ICR


X X X X X X X X

* BOND PRICING: For the Week January 29 to February 2, 2018


                            *********



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B E L A R U S
=============


BELARUSIAN REPUBLICAN: Fitch Upgrades IFS Rating to B
-----------------------------------------------------
Fitch Ratings has upgraded three state-owned Belarus insurers'
Insurer Financial Strength (IFS) Ratings to 'B' from 'B-'. The
Outlooks are Stable. The affected insurers are Belarusian
Republican Unitary Insurance Company (Belgosstrakh), Belarusian
National Reinsurance Organisation (Belarus Re), Export-Import
Insurance Company of the Republic of Belarus (Eximgarant).

KEY RATING DRIVERS

The upgrade of the IFS rating follows a similar action on
Belarus's sovereign Long-Term Local Currency Issuer Default
Rating (IDR) on Jan. 26, 2018, which was upgraded to 'B' from
'B-'.

The ratings continue to reflect the insurers' 100% state
ownership and capital support from the state when needed. In
addition, the ratings reflect the leading market positions of the
insurers in their respective segments, their sustainable profit
generation and the fairly low quality of their investment
portfolios.

The ratings of Belgosstrakh and of Eximgarant also benefit from
state guarantees for insurance liabilities under compulsory
lines.

RATING SENSITIVITIES

A change in Belarus's Local Currency Long-Term IDR is likely to
lead to a corresponding change in the insurers' IFS Ratings.

A weakening in the insurers' relationship with the government
would likely have a direct impact on the insurers' ratings.


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C R O A T I A
=============


AGROKOR DD: Receiver Invites Creditors to Elect Council Members
---------------------------------------------------------------
SeeNews reports that the receiver of Croatia's ailing concern
Agrokor has invited creditors whose claims have been determined
to elect members of the council of creditors.

According to SeeNews, the indebted food-to-retail concern said in
a statement on Feb. 1 creditors are invited to notify the
extraordinary commissioner and the Zagreb Commercial Court of
their elected members of the council of creditors within 30 days.

The concern noted the Zagreb court has agreed for council to
consist of 5 representatives of creditors who have been
classified into five groups, SeeNews relates.

In December, Agrokor's extraordinary management unveiled a debt
settlement plan under which the creditors and suppliers of the
troubled concern will take full control of a new holding company
and its units, to which the assets of the sound segments of the
Agrokor group will be transferred, SeeNews recounts.

The debt settlement proposal must be submitted to the Commercial
Court in Zagreb by April 10, 2018 at the latest, SeeNews
discloses.

                       About Agrokor DD

Founded in 1976 and based in Zagreb, Crotia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of
some HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities
of HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The
rating actions reflect Agrokor's decision not to pay the coupon
scheduled on May 1, 2017 on its EUR300 million notes due May 2019
at the end of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.



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


KME AG: Fitch Assigns First-Time B- IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned KME AG a first-time expected Issuer
Default Rating (IDR) of 'B-(EXP)'. The Outlook is Stable. Fitch
has also assigned an expected rating of 'B(EXP)' with a Recovery
Rating of 'RR3' (65%) to KME's proposed EUR300 million senior
secured notes. KME is a German-based processor and manufacturer
of copper and copper-alloy products for various industrial end-
markets.

The conversion of these expected ratings into final ratings is
conditional upon the completion of the EUR300 million notes issue
as well as the final terms and conditions of the notes and other
proposed debt instruments being in line with information already
received. The senior secured notes' final rating may be different
from the expected rating, depending on the final size of the
notes.

KME's expected rating 'B-(EXP)' is constrained by the group's
high leverage compared with peers, weak free cash flow (FCF)
generation and a weak liquidity position against the group's
refinancing risks in 2018. Positively, the rating reflects the
group's leading positions in the copper processing industry,
aided by a diversified geographic footprint, the group's large-
scale operations and improving profitability on the back of a
restructuring programme.

KEY RATING DRIVERS

Refinancing Risks: Refinancing needs are significant as KME's
both borrowing base facility (BBF) and factoring lines are
expected to mature during 2018. While KME has an option to extend
the maturities for a year, this is subject to lenders' consent.
At end-3Q17, KME had EUR18 million cash on its balance sheet
versus EUR210 million debt maturing in 2018.

Fitch views a successful issue of the senior secured notes as a
main rating driver, as it will smooth KME's debt repayment
profile and improve the group's liquidity. Pro forma for the
closing of the proposed transaction, the company will have access
to EUR300 million senior secured notes, alongside a EUR350
million borrowing base facility (BBF, to be fully utilised by
letters of credit), and a EUR30 million shareholder working
capital facility line (undrawn at closing). Otherwise, KME's
refinancing is dependent on the group's banking relationships and
the renewal of the group's factoring lines.

Rating Constrained by Leverage: Fitch views KME's financial
leverage as high and a rating constraint, with an estimated funds
from operations (FFO) adjusted gross leverage of around 7.2x in
2018, pro forma for the proposed refinancing. De-leveraging
prospects are moderate, with FFO adjusted gross leverage
remaining broadly flat over 2017-2020. KME's FFO fixed charge
cover is expected to be around 2.0x over 2017-2020.

Improving Margins: Fitch views as credit-positive the renewed
focus of KME on streamlining its operations, cost-cutting and
performance, with major restructuring initiatives completed over
the last two years. As a result, Fitch estimates an operating
EBITDA margin for 2017 of close to 4%, compared with roughly 2%
and 0% in 2016 and 2015, respectively. Fitch conservatively
forecasts further minor margin improvement on the back of
continuing efficiency gains and a favourable product mix.

Low FCF: Fitch projects that KME's FCF margins will remain in low
single-digits over the medium-term. Such FCF margins are in line
with low non-investment grade credit risk and do not pose a
threat to KME's credit quality, as long as the group's underlying
commercial performance remains healthy and trade working capital
does not drain cash.

Diversified Customer Base: KME sells to approximately 4,700
customers across around 70 countries with a primary focus on
Europe (around 90% of 2016 revenue). Customer concentration is
low, with the group's top 50 clients accounting for roughly 21%
of revenue. A short-dated contract portfolio (the majority of
contracts have one-year duration) limits visibility on both
revenue and cash flow. However, this is mitigated by KME's track
record of maintaining long-term customer relationships, ranging
up to 20 years with some large blue-chip clients.

Effective Cost Pass-Through: KME has only minimal exposure to
volatility in copper prices, which Fitch view as credit positive,
so the group can fully focus on the underlying economics of its
transformation business, reflected in the fabrication cost mark-
up charged to end-customers. KME uses a contractual pass-through
('back-to-back' pricing) for essentially all of its contracts.
Under a back-to-back pricing agreement, customers pay the same
copper price KME pays to its suppliers plus a customary LME mark-
up, which covers transportation and interest costs.

Established Player: KME is an established player in the copper
and copper-alloy processing industry with a history dating back
to 1886. The processing of the majority of copper and brass
products is highly commoditised, illustrating inherently low
barriers of entry. In contrast, engineered products generate a
higher margin, reflecting comparatively higher technological
content and a more complex manufacturing process, creating
moderate entry barriers.

Strategic Portfolio Realignments: Fitch takes a positive credit
view of KME's rebalancing towards higher value-added products,
following the sale of the UK copper plumbing unit in 2014 and
expansion in the US through the acquisition of a marine
application business, increasing the group's spectrum in higher-
margin special products. This rebalancing should support the
business model's sustainability over 2017-2020.

Senior Secured Uplift: KME's senior secured notes' 'B(EXP)'
rating takes into account the notes' equal ranking with the
group's BBF and factoring lines in right of payment, and
effective subordination of the collateral securing those
facilities. However, Fitch understands from management that the
security package for each facility is different and that the
noteholders will be given first-priority payments on KME's
Osnabruck property. Hence, Fitch has based its recovery analysis
on the value of aforementioned property.

DERIVATION SUMMARY

KME is positioned competitively, benefitting from healthy market
shares in all its segments. Compared with direct peer Global
Brass and Copper, KME exhibits weaker margins and is higher-
leveraged. Aluminium-processing peer Constellium is somewhat
larger, and has stronger EBITDA margins given its higher value-
added product portfolio for aerospace/automotive end-markets. At
the same time, KME exhibits stronger FCF, driven by comparatively
lower capex requirements, and is on a par in terms of fixed
charge coverage and FFO adjusted gross leverage. When benchmarked
against a broader portfolio of diversified industrial peers,
KME's metrics, in particular FFO adjusted gross leverage (around
7.2x) and FFO fixed charge coverage (around 2.0x), are largely in
line with 'B-' rated peers'.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer
- Issue of EUR300 million senior secured notes, alongside the
receipt of a EUR350 million borrowing base facility (BBF, to be
fully utilised by letters of credit), and a EUR30 million
shareholder working capital facility line (undrawn at closing).
- Revenue to grow at low single-digits, against the background
of a broadly flat copper price assumption.
- EBITDA margin of around 4% in 2017 with slight increase over
2017-2020.
- No dividends during 2017-2020.
- Fitch's recovery analysis takes into account the specific
security package for the senior secured notes, comprising first-
priority security interests over i) land charges encumbering the
real estate property at the Osnabruck production site, and ii)
machines and equipment at the same location. Recovery values are
derived using the liquidation value of assets, yielding a higher
claim for distribution.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- FFO adjusted gross leverage sustainably below 6.0x.
- FFO fixed charge coverage sustainably above 2.0x.
- Operating EBITDA margin maintained at above 4%.
- Growth in production output of engineered products.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted gross leverage in excess of 8x.
- FFO fixed charge coverage less than 1.5x.
- EBITDA margin trending towards low-single-digits.
- Refinancing not being completed by 1Q18.

LIQUIDITY

Pro Forma Liquidity Satisfactory: As of 30 September 2017, KME's
liquidity profile was weak. This is based on cash-on-balance
sheet of EUR18 million and EUR210 million bank debt and factoring
lines maturing in July 2018. While both lines contain a one-year
extension option subject to lenders' consent, the upcoming
maturities within the next 12 months illustrate significant
refinancing needs and KME's inability to cover liquidity needs
with internally generated funds. Successful issue of the senior
secured notes will extend KME's debt repayment profile, improve
the group's liquidity and is viewed by Fitch as a main rating
driver.

Pro forma for the proposed transaction, Fitch views KME's
liquidity profile as satisfactory. This is based on pro forma
cash-on-balance sheet of EUR50 million and access to a committed
EUR350 million BBF, which will be fully utilised for outstanding
letters of credit. In addition, KME would have access to an
undrawn EUR30 million shareholder working capital facility line.


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I R E L A N D
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BLACK DIAMOND 2015-1: Moody's Assigns Ba2 Rating to Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to seven classes of notes issued by Black Diamond CLO
2015-1 Designated Activity Company, (the "Issuer"):

-- EUR176,300,000 Refinancing Class A-1 Senior Secured Floating
    Rate Notes due 2029, Definitive Rating Assigned Aaa (sf)

-- USD67,200,000 Refinancing Class A-2 Senior Secured Floating
    Rate Notes due 2029, Definitive Rating Assigned Aaa (sf)

-- EUR24,300,000 Refinancing Class B-1 Senior Secured Floating
    Rate Notes due 2029, Definitive Rating Assigned Aa2 (sf)

-- EUR30,000,000 Refinancing Class B-2 Senior Secured Fixed Rate
    Notes due 2029, Definitive Rating Assigned Aa2 (sf)

-- EUR22,900,000 Refinancing Class C Senior Secured Deferrable
    Floating Rate Notes due 2029, Definitive Rating Assigned A2
    (sf)

-- EUR24,800,000 Refinancing Class D Senior Secured Deferrable
    Floating Rate Notes due 2029, Definitive Rating Assigned Baa2
    (sf)

-- EUR23,600,000 Refinancing Class E Senior Secured Deferrable
    Floating Rate Notes due 2029, Definitive Rating Assigned Ba2
    (sf)

Additionally, Moody's has taken the following rating action on
the existing junior notes issued by Black Diamond CLO 2015-1
Designated Activity Company:

-- EUR9,500,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2029, Upgraded to B1 (sf); previously on Sep 3,
    2015 Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the refinancing notes address the
expected loss posed to noteholders. The ratings reflect the risks
due to defaults on the underlying portfolio of assets, the
transaction's legal structure, and the characteristics of the
underlying assets.

The Issuer has issued the Refinancing Class A-1 Notes, the
Refinancing Class A-2 Notes, the Refinancing Class B-1 Notes, the
Refinancing Class B-2 Notes, the Refinancing Class C Notes, the
Refinancing Class D Notes and the Refinancing Class E Notes (the
"Refinancing Notes") in connection with the refinancing of the
Class A-1 Senior Secured Floating Rate Notes due 2029, the Class
A-2 Senior Secured Floating Rate Notes due 2029, the Class B-1
Senior Secured Floating Rate Notes due 2029, the Class B-2 Senior
Secured Fixed Rate Notes due 2029, the Class C Senior Secured
Deferrable Floating Rate Notes due 2029, the Class D Senior
Secured Deferrable Floating Rate Notes due 2029 and the Class E
Senior Secured Deferrable Floating Rate Notes due 2029 ("the
Original Notes") respectively, previously issued on September 03,
2015 (the "Original Closing Date"). The Issuer has used the
proceeds from the issuance of the Refinancing Notes to redeem in
full the Original Notes that are refinanced. On the Original
Closing Date, the Issuer also issued one class of rated notes and
two classes of subordinated notes, which will remain outstanding.

In addition to the changes to the spreads and coupon of the
notes, the manager will be able to choose from a new set of
collateral quality test covenants (the "Matrix"). No other
material modifications to the CLO are occurring in connection to
the refinancing.

Moody's rating action on the Class F Notes is primarily a result
of the issuance of the Refinancing Notes and the amendments to
the transaction documents.

Black Diamond CLO 2015-1 Designated Activity Company is a managed
cash flow CLO. The issued notes will be collateralized primarily
by broadly syndicated first lien senior secured corporate loans.
At least 90% of the portfolio must consist of senior secured
loans or senior secured bonds and up to 10% of the portfolio may
consist of unsecured senior loans, second lien loans, mezzanine
obligations and high yield bonds. The underlying portfolio is
expected to be 100% ramped as of the refinancing date.

Black Diamond CLO 2015-1 Adviser, L.L.C. (the "Manager") manages
the CLO. It directs the selection, acquisition, and disposition
of collateral on behalf of the Issuer. After the reinvestment
period, which ends in October 2019, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
improved and credit risk obligations, subject to certain
restrictions.

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

Methodology Underlying the Rating Actions:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Performing par, recoveries and principal proceeds balance:
EUR400,000,000

Defaulted par: EUR5,790,731

Diversity Score: 56

Weighted Average Rating Factor (WARF): 3390

Weighted Average Spread (WAS): 4.60%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 5.9 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. Given the portfolio
constraints and the current sovereign ratings in Europe, such
exposure may not exceed 10% of the total portfolio with exposures
to countries with local currency country risk ceiling of Baa1 to
Baa3 further limited to 5%. As a worst case scenario, a maximum
5% of the pool would be domiciled in countries with A3 and a
maximum of 5% of the pool would be domiciled in countries with
Baa3 local currency country ceiling each. The remainder of the
pool will be domiciled in countries which currently have a local
currency country ceiling of Aaa or Aa1 to Aa3. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class as
further described in the methodology. The portfolio haircuts are
a function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.75% for the
Refinancing Class A-1 Notes and Refinancing Class A-2 Notes,
0.50% for the Refinancing Class B-1 Notes and Refinancing Class
B-2 Notes, 0.38% for the Refinancing Class C Notes and 0% for
Refinancing Class D Notes, Refinancing Class E Notes and Class F
Notes.

Stress Scenarios:

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

Percentage Change in WARF -- increase of 15% (from 3390 to 3899)

Rating Impact in Rating Notches:

Refinancing Class A-1 Senior Secured Floating Rate Notes: 0

Refinancing Class A-2 Senior Secured Floating Rate Notes: 0

Refinancing Class B-1 Senior Secured Floating Rate Notes: 0

Refinancing Class B-2 Senior Secured Fixed Rate Notes: 0

Refinancing Class C Senior Secured Deferrable Floating Rate
Notes: 0

Refinancing Class D Senior Secured Deferrable Floating Rate
Notes: -1

Refinancing Class E Senior Secured Deferrable Floating Rate
Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 3338 to 4407)

Rating Impact in Rating Notches:

Refinancing Class A-1 Senior Secured Floating Rate Notes: 0

Refinancing Class A-2 Senior Secured Floating Rate Notes: 0

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

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

Refinancing Class C Senior Secured Deferrable Floating Rate
Notes: -2

Refinancing Class D Senior Secured Deferrable Floating Rate
Notes: -2

Refinancing Class E Senior Secured Deferrable Floating Rate
Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Further details regarding Moody's analysis of this transaction
may be found in the related new issue report, published after the
Original Closing Date in September 2015 and available on
Moodys.com.


CBOM FINANCE: Fitch Rates USD-Denom. Sr. Unsec. Bonds BB-(EXP)
--------------------------------------------------------------
Fitch Ratings has assigned CBOM Finance PLC's (Ireland) upcoming
issue of USD-denominated senior unsecured bonds an expected 'BB-
(EXP)' rating.

CBOM Finance PLC, an Irish SPV issuing the bonds, will be on-
lending the proceeds to Russia's Credit Bank of Moscow (CBM),
which is rated Long-Term Foreign- and Local-Currency Issuer
Default Rating (IDRs) 'BB-'/Stable, Short-Term Foreign-Currency
IDR 'B', Viability Rating 'b+', Support Rating '4' and Support
Rating Floor 'B'.

The issue size and the coupon rate are yet to be determined,
while the tenor is expected to be five years. Proceeds from this
issue are expected to be used for repayment of the bank's USD500
million senior unsecured Eurobond issue due February 2018.

The final rating is contingent upon the receipt of final
documents conforming to information already received.

KEY RATING DRIVERS

The expected rating is in line with CBM's Long-Term IDR of 'BB-',
as the notes will represent unconditional, senior unsecured
obligations of the bank.

CBM's IDRs of 'BB-' are one notch higher than the bank's VR,
reflecting Fitch's view that the risk of default on senior
obligations (the reference obligations which IDRs rate to) is
lower than the risk of the bank needing to impose losses on
subordinated obligations to restore its viability (which the VR
rates to). This is due to the large volume of junior debt (the
additional Tier 1 perpetual and the Tier 2 subordinated debt),
which amounted to around 13% of end-3Q17 IFRS risk-weighted
assets (RWAs) and could be used to restore solvency and protect
senior debt holders in case of a material capital shortfall at
the bank.

The 'b+' VR reflects the significant volume of potentially risky
asset exposures and moderate core capitalisation. However,
profitability and funding are relative rating strengths.

RATING SENSITIVITIES

The expected rating is linked to CBM's Long-Term IDR, which in
turn is sensitive to material strengthening/weakening of asset
quality and capitalisation.

The Long-Term IDR and senior debt ratings may be downgraded to
the level of the VR if the coverage of the bank's risky asset
exposures by its junior debt decreases significantly, increasing
the risk of losses for senior creditors in case of the bank's
failure.


HARVEST CLO VIII: Fitch Rates EUR12.2MM Class F-R Notes 'Bsf'
-------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO VIII DAC reissuance notes
final ratings:

EUR4 million Class X-R notes: 'AAAsf'; Outlook Stable
EUR243.4 million Class A-RR notes: 'AAAsf'; Outlook Stable
EUR34.4 million Class B-1-RR notes: 'AAsf'; Outlook Stable
EUR20 million Class B-2-RR notes: 'AAsf'; Outlook Stable
EUR25.7 million Class C-R notes: 'Asf'; Outlook Stable
EUR20.5 million Class D-R notes: 'BBBsf'; Outlook Stable
EUR22.1 million Class E-R notes: 'BBsf'; Outlook Stable
EUR12.2 million Class F-R notes: 'Bsf'; Outlook Stable

Harvest CLO VIII DAC is a cash flow collateralised loan
obligation (CLO). On the closing date, assets in the existing
transaction were liquidated and the proceeds used to redeem the
existing notes. Net proceeds from the new notes were then used to
purchase back the portfolio. The new eligibility criteria will
only be required to be satisfied in respect of assets being
purchased after the closing date. The portfolio is managed by
Investcorp Credit Management EU Limited. The refinanced CLO
envisages a further four-year reinvestment period and an 8.5-year
weighted average life (WAL).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors to be in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the current
portfolio is 34.9.

High Recovery Expectations: At least 90% of the portfolio will
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-
lien, unsecured and mezzanine assets. The Fitch weighted average
recovery rate (WARR) of the current portfolio is 62.7%.

Limited Interest Rate Exposure: Up to 6% of the portfolio can be
invested in fixed rate assets, while fixed rate liabilities
represent 4.9% of the target par. Fitch modelled both 0% and 6%
fixed rate buckets and found that the rated notes can withstand
the interest rate mismatch associated with each scenario.

Diversified Asset Portfolio: The covenanted maximum exposure to
the top 10 obligors is 20% of the portfolio balance. This
covenant ensures that the asset portfolio will not be exposed to
excessive obligor concentration.

VARIATIONS FROM CRITERIA

The "Fitch Rating" definition was amended so that assets that are
not expected to be rated by Fitch, but that are rated privately
by the other rating agency rating the liabilities, can be assumed
to be of 'B-' credit quality for up to 10% of the collateral
principal amount. This is a variation from Fitch's criteria,
which require all assets unrated by Fitch and without public
ratings to be treated as 'CCC'. The change was motivated by
Fitch's policy change of no longer providing credit opinions for
EMEA companies over a certain size. Instead Fitch expects to
provide private ratings that would remove the need for the
manager to treat assets under this leg of the "Fitch Rating"
definition.

The amendment has had only a small impact on the ratings. Fitch
has modelled the transaction at the pricing point with 10% of the
'B-' assets with a 'CCC' rating instead, which resulted in a two-
notch downgrade at the 'A' rating level and at most a one-notch
downgrade at other rating levels.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to two notches for the rated notes.


HARVEST CLO VIII: S&P Assigns B- (sf) Rating to Class F-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Harvest CLO
VIII DAC's class X-R, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes. At the same time, we withdrew our ratings on the original
A-R, B-R, C, D, E, and F notes. Additionally, the issuer also
issued unrated subordinated notes.

Harvest CLO VIII DAC is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. Investcorp Credit
Management EU Ltd. is the collateral manager.

On the Jan. 30, 2018, reissuance date, the issuer will redeem the
class A-R, B-R, C, D, E, and F notes through liquidation and use
the proceeds from the issuance of the reissued class X-R, A-R, B-
1-R, B-2-R, C-R, D-R, E-R, and F-R notes to repurchase the
portfolio.

The ratings reflect:

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

S&P said, "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.

"We also considered that the transaction's legal structure will
be bankruptcy remote, in line with our legal criteria.

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

  RATINGS ASSIGNED

  Harvest CLO VIII DAC
  EUR428.3 Million Senior Secured Floating- And Fixed-Rate Notes
  (Including EUR46.0 Million Subordinated Notes)

  Class                Rating         Amount
                                    (mil. EUR)

  X-R                  AAA (sf)          4.0
  A-R                  AAA (sf)        243.40
  B-1-R                AA (sf)          34.40
  B-2-R                AA (sf)          20.00
  C-R                  A (sf)           25.70
  D-R                  BBB (sf)         20.50
  E-R                  BB (sf)          22.10
  F-R                  B- (sf)          12.20
  Subordinated notes   NR               46.0

  RATINGS WITHDRAWN

  Class                     Rating
                       To           From

  A-R                  NR           AAA (sf)
  B-R                  NR           AA (sf)
  C                    NR           A (sf)
  D                    NR           BBB (sf)
  E                    NR           BB (sf)
  F                    NR           B (sf)

  NR--Not rated.


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


SOUTH EAST RAILWAY: Some 11 People Arrested Related to Bankruptcy
-----------------------------------------------------------------
Xinhua reports that some 11 people were arrested in Italy on
Feb. 1 in connection with the bankruptcy of a local transport
company, local media reported.

Overall, 29 people were put under investigation, including
managers, entrepreneurs, and professionals of the South East
Railway (FSE) operating in the Pulia region, Xinhua relays,
citing Ansa news agency.

All of the people involved in the probe were charged with
bankruptcy fraud in connection with the management of the company
between 2001 and 2015, Xinhua discloses.

According to Xinhua, Ansa, citing the magistrate's arrest warrant
order, reported that the suspects would have syphoned about
EUR230 million (US$286 million from the company's coffers.

FSE former executive chief Luigi Fiorillo was among those
arrested in the operation, which was coordinated by prosecutors
in Pulia's regional capital Bari, Xinhua notes.

Arrests and raids were carried out by financial police in Bari,
Rome, Bologna, and Lecce, Xinhua says, citing Il Sole 24 Ore
business daily.

South East Railway is a regional public company operating the bus
and railway transport network in Pulia, in the southeast of
Italy.  It was taken over by the Ministry of Infrastructure and
Transport -- through the Italian State Railways (FS) -- in
November 2016, and was currently under a procedure of composition
agreement with creditors, Xinhua recounts.

The FS said in a statement last year the company, which currently
counted some 1,300 employees, posted a total loss of EUR268
million (US$333.5 million) in January 2017, Xinhua relates.


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


KAZMUNAYGAS: S&P Affirms 'BB-' Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB-' long-term
corporate credit rating on Kazakhstan's 100% state-controlled
national oil company KazMunayGas NC JSC (KMG) and its core
subsidiary KazMunaiGas Exploration Production JSC (KMGEP). The
outlooks are stable.

S&P has also affirmed its 'kzA-' national scale rating on KMG.

S&P said, "The affirmation reflects our view that KMG's credit
metrics will likely improve, owing to the potential upstreaming
of KMGEP's cash to KMG after the minority shareholder buyout,
higher oil prices, and the expected completion of key capital
expenditure (capex) projects. In addition, we expect the recent
extension to 2020-2022 of KMG's option to buy back a stake in the
Kashagan oil project will provide KMG with additional
flexibility. Still, as long as the Kashagan option is
outstanding, and refinancing or repayment of debt at KMG's
immediate parent, Samruk-Kazyna, remains unresolved, uncertainty
over KMG's financial policy will continue to constrain our
assessment of the company's stand-alone credit profile (SACP) at
'b' and the overall rating at 'BB-'.

On Jan. 23, 2018, KMGEP announced that it had received valid
acceptance of its tender offer to buy out all outstanding global
depositary receipts (GDRs) and that its board unanimously
approved the offer to repurchase all of KMGEP's outstanding
common shares. The company expects to complete the minority
buyout in March 2018 and subsequently apply to delist KMGEP from
the London and Kazakhstan stock exchanges. As a result, KMG's
share in KMGEP could increase to up to 100% from the current 63%.
S&P said, "Previously, we treated KMGEP's solid cash balances of
about $4 billion as not immediately available to service its
parent's debt. Now we estimate that about $2 billion in cash will
be used to buy out KMGEP's minority shareholders, while most of
the remaining $2 billion should become available to KMG. We would
therefore adjust KMG's reported debt by deducting this additional
surplus cash.

"We expect KMG's EBITDA will stabilize at about $2.0 billion-$2.2
billion in 2018-2019. In the currently favorable oil price
environment, KMG's mature and relatively high-cost oil production
assets are profitable, oil and gas pipeline businesses
demonstrate stable performance, and Tengizchevroil LLP
(BBB/Stable/--) may pay dividends on KMG's 20% stake, despite its
ongoing capex program. We don't factor in any material dividend
income from KMG's 8.4% stake in Kashagan before the debt at
Kashagan is repaid. We expect KMG's free operating cash flow
(FOCF) will turn positive in 2018-2019, after its key capex
projects related to refining and the Beineu-Bozoy-Shymkent gas
pipeline are completed. Nevertheless, following several years of
negative FOCF, KMG has accumulated over $13 billion of adjusted
debt as of Sept. 30, 2017, and continues to provide loans to its
immediate parent, government-controlled national welfare fund
Samruk-Kazyna, to address amortization of Kashagan-related debt.
Therefore, we expect deleveraging will be only gradual, with
funds from operations (FFO) to debt at 12%-17% and adjusted debt
to EBITDA at 4.5x-5.0x in 2018-2019."

Uncertainty about financial policy remains the key constraint on
the rating. In late 2015, KMG sold 50% of Kashagan B.V. (which
owns a 16.88% interest in the world-class Kashagan oil project)
to Samruk-Kazyna to temporarily reduce KMG's reported debt. S&P
said, "We understand that, to fund the $4.7 billion asset price,
Samruk-Kazyna raised about $2 billion in debt from banks and
bondholders, and the rest via a bond issued to Samruk-Kazyna. KMG
holds an option to buy this asset back, and we understand the
option has been extended to 2020-2022 from 2018-2020, which
increases KMG's flexibility. We also understand that Samruk-
Kazyna's stake in Kashagan is currently frozen by a court order
as a result of a long-standing dispute between the Kazakh
government and external investors. Still, we cannot rule out the
possibility that, before Samruk-Kazyna finds any alternative ways
of repaying its debt to third parties or refinancing it, it could
ask KMG to exercise the option or otherwise provide support to
Samruk-Kazyna. If KMG exercises the Kashagan option and finances
it with debt, this would materially increase its leverage,
squeeze liquidity, and reduce covenant headroom unless offset by
state support or other sources (such as converting the
government's loan to Samruk-Kazyna into KMG's equity). The value
of the stake in Kashagan is roughly equivalent to KMG's EBITDA
for two years."

S&P said, "The rating on KMG continues to factor in our
expectation of a high likelihood of extraordinary state support
for KMG, resulting in a two-notch uplift above our assessment of
the company's SACP at 'b', which is the highest for government-
related entities (GREs) in Samruk-Kazyna's portfolio. KMG is the
government's main asset in the strategic hydrocarbon industry,
with priority access to new assets and stakes in all significant
oil ventures in the country. It is a large exporter, taxpayer,
employer, and supplier of fuel to the domestic market at low
prices. In our view, KMG's default would have significant
repercussions for the government's reputation and that of other
GREs. The Kazakh government's financial capacity to support GREs
is underpinned by the 'BBB-' sovereign rating. Still, KMG is only
responsible for 28% of the country's oil production (12% if only
majority-owned production is included), with minority stakes in
the country's largest and most profitable internationally led
projects. In our view, support procedures via Samruk-Kazyna could
be complex and time consuming. We believe that the government
generally tolerates relatively high debt at KMG and other GREs,
and has historically provided limited support to the company.
Also, we understand that the government is considering
privatization of a minority stake in KMG in the coming years,
although the timing and use of the proceeds are unclear.

"The stable outlook reflects our expectation of KMG's EBITDA
stabilizing in 2018-2019, with FFO to debt at 12%-17%, FOCF
turning positive, and only gradual deleveraging given already
high debt. We also expect a continuing high likelihood of
government support.

"The uncertainty about the Kashagan option still constrains any
rating upside. However, we could take a positive rating action
following an improvement in KMG's SACP through a material
reduction of consolidated adjusted leverage (with FFO to debt
consistently above 20%), consistently positive FOCF, sustainable
liquidity, and no risk of a debt-financed Kashagan buyback.
Rating upside could also result from a sovereign upgrade.

Rating downside could result from a material weakening of
liquidity or leverage, for example if KMG has to undertake large
debt-financed investments (such as a Kashagan buyout) without
sufficient offsetting state support, or if significantly lower
oil prices undermine the company's sustainable EBITDA generation.
Downside could also stem from pressure on KMG to repay debt at
Samruk-Kazyna, for example via intragroup loans or the Kashagan
option. Given S&P's expectation of a high likelihood of state
support, KMG's SACP would have to deteriorate to 'ccc+' or lower
to trigger a negative rating action. These are not our base-case
scenarios for the rating, however.


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


INT'L AUTOMOTIVE: Moody's Lowers PDR to Caa3-PD, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded International Automotive
Components Group, S.A.'s (IACG) Probability of Default Rating
(PDR) to Caa3-PD from Caa1-PD. Moody's also affirmed IACG's Caa1
Corporate Family Rating (CFR) and the Caa3 rating on the
company's senior secured notes due June 1, 2018. IACG's rating
outlook remains negative.

The PDR downgrade is based on the increased uncertainty around
the company's ability to refinance its $300 million senior
secured notes due June 1, 2018. The company has not been able to
address the maturity to date despite favorable credit market
conditions and while the auto industry new vehicles' production,
though expected to slightly decline in 2018, is still at healthy
levels. IACG is currently in the market to refinance its $300
million senior secured notes due June 1, 2018.

The affirmation of the CFR is based on Moody's view that the
company is making good progress with respect to its footprint
rationalization, plant improvements and organizational
restructuring. These factors along with continued new business
wins and the company's modest leverage would likely lead to a
high family recovery in the event of a restructuring driven by
the note maturity. Executing a refinancing is important to
provide the additional flexibility necessary to fund the
investments needed to capitalize on new business wins that will
renew revenue growth, and implement the restructuring initiatives
that will raise margins and cash flow.

Because the company has insufficient internal resources to fund
repayment of its outstanding revolver balance and the 2018 notes,
it is dependent on access to new capital to refinance the
maturities. IACG's $225 million and EUR150 million asset based
revolving facilities expire on September 30, 2020 and its $300
million senior secured bonds mature on June 1st, 2018. However,
the revolving facilities have a provision whereupon they become
due 90 days prior to the maturity of the notes if the notes are
not refinanced by that date, which would push the expiration of
the revolvers to March 3, 2018. As of September 30. 2017, IACG
had $100 million of borrowings outstanding on its EUR revolver
and $318 million of cash (including the proceeds from the sale
70% of its soft trim and acoustic operations to Shanghai Shenda
Co. Ltd). Moody's expects negative free cash flow generation over
the next 12 to 18 months as IACG implements its ongoing
restructuring activities, and a portion of the cash will be used
to fund the capital gains tax payment for the soft trim/acoustic
asset sale. Moody's note, however, that the company has an
ability to reduce its capital expenditures, to delay its
restructuring initiatives (footprint rationalization) and to
amend the maturity of its revolving facilities for a limited
period of time to address a portion of its maturities.

On September 15, 2017 the company received $413 million of gross
proceeds from the sale of 70% of its soft trim and acoustic
operations to Shanghai Shenda Co. Ltd. While the company plans to
use the proceeds to fund the company's long-term strategic plan,
it could also use the proceeds to help address its upcoming
maturities. Under its existing indenture, IACG is required to use
the proceeds to pay down debt if it is unable to invest them in
the current business or make capital expenditures within 365 days
after the receipt of the proceeds.

Moody's took the following specific actions on International
Automotive Components Group, S.A.:

Downgrade:

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Affirmations:

Corporate Family Rating, Affirmed at Caa1

$300 Million Senior Secured Notes due 2018, Affirmed at Caa3 to
(LGD4) from (LGD5)

Outlook, Remains Negative

RATINGS RATIONALE

IACG's Caa1 CFR reflects its weak liquidity, negative projected
free cash flow, high customer concentration, volatility in
performance, low margins in part due to a commodity-oriented
product portfolio, low interest coverage, and exposure to
cyclical automotive markets. The rating derives support from the
company's global presence (over 50 manufacturing facilities
across the world), a broad product portfolio and moderate
financial leverage. IACG's financial performance has recovered
since 2015 when the company experienced significant operational
challenges at four of its major facilities that resulted in a 32%
decline in EBITDA at a time of strong new U.S. vehicle sales.
IACG will likely experience a decline in sales over the next two
to three years because the company was temporarily unable to bid
on new business, Chrysler's decision to phase-out Chrysler 200
and Dodge Dart models in North America and IACG's exit of some
non-core businesses. Moody's also expects a modest slowdown in
auto sales in 2018. Despite the revenue headwinds, Moody's
expects debt-to-EBITDA leverage (4.3x 9/30/2017 incorporating
Moody's standard adjustments, accounts receivable factoring
program and pro-forma for the sale of the soft trim and acoustics
operations) will decline to high 3.0x range over the next 12 to
18 months as the company realizes savings from its operational
improvement initiative.

IACG's negative rating outlook reflects the refinancing risk
related to the upcoming maturity of substantially all of IACG's
debt, the revenue and cash flow headwinds facing the company over
the next two-to-three, and the execution risk associated with the
operational turnaround. Moody's will consider stabilizing the
outlook if the maturities are addressed depending on the terms of
any refinancings.

Moody's does not believe an upgrade over the next year is likely.
A refinancing of maturing debt at a manageable cost would be
necessary to consider an upgrade. In addition, sustained
improvement in operating performance and consistent positive free
cash flow generation would also be needed for an upgrade.

Future events that have the potential to drive IACG's rating
lower include deterioration in operating performance including an
inability to hit key restructuring milestones. A further
deterioration in liquidity including if Moody's believes the
likelihood of addressing the maturities is diminishing or the
costs of a financing are increasing. Also, the expectation for
lower family recovery could also drive the ratings lower.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

International Automotive Components Group, S.A. (IACG), a
Luxembourg entity, together with its subsidiaries, offers
original equipment manufacturers around the world a broad
portfolio of interior components and systems through core product
categories, including Instrument Panels, Consoles & Cockpits,
Headliner & Overhead Systems, as well as Other Interior &
Exterior Components. IACG is primarily owned by affiliates of WL
Ross & Co. LLC. IACG' sales pro-forma for the 70% sale of the
soft trim and acoustics operations were approximately $4.6
billion.


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


BANK STAR: Put on Provisional Administration, License Revoked
-------------------------------------------------------------
The Bank of Russia, by its Order No. OD-141, dated January 25,
2018, revoked the banking license of Moscow-based credit
institution Commercial Bank Star Alliance Limited, or Bank Star
Alliance, Ltd.

According to its financial statements, as of January 1, 2018, the
credit institution ranked 536th by assets in the Russian banking
system.  Commercial Bank Star Alliance Limited is not a member of
the deposit insurance system.

It was revealed that Bank Star Alliance, Ltd. repeatedly violated
the law on countering the legalisation (laundering) of criminally
obtained incomes and the financing of terrorism, including but
not limited to requirements for the complete and reliable
notification of the authorised body about operations subject to
obligatory control.  The supervisors established "shadow"
currency exchange operations which were unrecorded in the bank's
statements submitted to the Bank of Russia.

The management and owners of the bank failed to take any
effective measures to normalise its activities.  As it stands,
the Bank of Russia took the decision to withdraw Bank Star
Alliance, Ltd. from the banking services market.

The Bank of Russia took this decision due the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within one year
of the requirements stipulated by Article 7 (except for Clause 3
of Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism", and the requirements of Bank of Russia regulations
issued in compliance with the indicated Federal Law, and taking
into account repeated applications within one year of measures
envisaged by the Federal Law "On the Central Bank of the Russian
Federation (Bank of Russia)".

The Bank of Russia, by its Order No. OD-142, dated January 25,
2018, appointed a provisional administration to Bank Star
Alliance, Ltd. for the period until the appointment of a receiver
pursuant to the Federal Law "On Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies have been suspended.


CREDIT BANK: S&P Puts 'BB-' LT Issue Rating to US$-Denom. LPNs
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB-' long-term
issue rating to the proposed U.S. dollar-denominated senior
unsecured loan participation notes (LPNs) to be issued by Russia-
based CREDIT BANK OF MOSCOW (CBOM; BB-/Stable/B) via its
financial vehicle, CBOM Finance PLC. The rating is subject to
S&P's analysis of the notes' final documentation.

S&P rates the proposed LPNs 'BB-', at the same level as its long-
term counterparty credit rating on CBOM because the notes meet
certain conditions regarding issuance by special-purpose vehicles
(SPVs) set out in our group rating methodology.

Specifically, S&P rates LPNs issued by an SPV at the same level
as it would rate equivalent-ranking debt of the underlying
borrower (the sponsor) and treat the contractual obligations of
the SPV as financial obligations of the sponsor if the following
conditions are met:

-- All of the SPV's debt obligations are backed by equivalent-
    ranking obligations with equivalent payment terms issued by
    the sponsor;

-- The SPV is a strategic financing entity for the sponsor set
    up solely to raise debt on behalf of the sponsor's group; and

-- S&P believes the sponsor is willing and able to support the
    SPV to ensure full and timely payment of interest and
    principal on the debt issued by the SPV when it is due,
    including payment of any of the SPV's expenses.

The purpose of the proposed LPN is to finance a loan to CBOM. The
maturity of the issue will be five years. The final terms of the
issue will be defined at the time of the notes' placement.

Following S&P's review, it concludes that CBOM's proposed U.S.
dollar-denominated LPNs meet all the conditions set out by its
criteria.


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


RURAL HIPOTECARIO XV: Fitch Hikes Cl. B Notes Rating from 'BBsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Rural Hipotecario XIV, XV and XVI's
class B notes and affirmed the class A notes as well as Rural
Hipotecario XVII's Bond A. The notes have been removed from
Rating Watch Evolving (RWE) and the Outlook on all tranches is
Stable.

Rural Hipotecario XIV, FTA
Class A (ES0374268003); affirmed at 'A+sf'; off RWE; Outlook
Stable
Class B (ES0374268011); upgraded to 'A-sf' from 'BBsf'; off RWE;
Outlook Stable

Rural Hipotecario XV, FTA
Class A (ES0323977001); affirmed at 'A+sf'; off RWE; Outlook
Stable
Class B (ES0323977019); upgraded to 'Asf' from 'BBsf'; off RWE;
Outlook Stable

Rural Hipotecario XVI, FTA
Class A (ES0323978009); affirmed at 'A+sf'; off RWE; Outlook
Stable
Class B (ES0323978017); upgraded to 'Asf' from 'BBsf'; off RWE;
Outlook Stable

Rural Hipotecario XVII, FTA
Bond A (ES0305033005): affirmed at 'A+sf'; off RWE; Outlook
Stable

The rating actions follow the application of the European RMBS
Rating Criteria published on 27 October 2017.

The transactions comprise residential mortgage loans originated
and serviced by multiple rural saving banks in Spain, that form
part of the Rural Hipotecario RMBS series.

KEY RATING DRIVERS

European RMBS Rating Criteria
The application of the European RMBS Rating Criteria has
generally led to smaller expected losses, leading to the upgrade
of class B notes.

Rating Cap due to Counterparty Arrangement
For all transactions the notes' ratings are capped at 'A+sf' as
the account bank replacement trigger is set at 'BBB+'/'F2'. In
line with Fitch's counterparty criteria, direct support
counterparties rated 'BBB+'/'F2' are eligible to support note
ratings up to the 'Asf' category.

Increasing Credit Enhancement (CE)
The class A notes on all transactions are protected with
significant levels of CE ranging between 21.2% and 36.8% as per
the last payment date. As the transactions are amortising
sequentially and due to the availability of non-amortising
reserve funds, CE for all rated notes is expected to increase
further.

Class B notes' credit enhancement consists solely of the amounts
from a non-amortising cash reserve. As this exposure is present
for more than 12 months, in line with Fitch's counterparty
criteria, class B notes' ratings are not viewed as sufficiently
isolated to achieve ratings higher than the account bank's
(Citibank Europe Plc) rating of 'A'.

Stable Asset Performance
Due to seasoning, the weighted average current loan-to-value
(LTV) ratios have dropped for all transactions below 60%,
compared with the weighted average original LTV of around 70%.
The transactions continue to show sound asset performance as
excess spread has so far been sufficient to cover defaulted
amounts.

There are indications of the originators actively repurchasing
outstanding defaulted amounts. Fitch thus do not view the
reported default data as sufficiently reliable to give credit to
past performance. In line with Fitch's European RMBS Rating
Criteria, Fitch addressed this by a capped Performance Adjustment
Factor floor of 100% in the asset model.

Geographical Concentration; High-risk Borrowers
All four transaction portfolios are exposed to substantial
geographical concentration with the top three regions accounting
for at least 80% of the collateral balance. Fitch applies higher
foreclosure frequency rating multiples, where it deems that a
regional concentration exists.

Additionally, all transactions have a significant exposure to
self-employed borrowers, ranging between 14.9% for Rural
Hipotecario XVII and 22.4% for XVI, which are viewed high-risk
borrowers and are subject to an increased foreclosure frequency
assumption of 70%.

RATING SENSITIVITIES

A worsening of the Spanish macroeconomic environment, especially
employment conditions or an abrupt shift of interest rates could
jeopardise the underlying borrowers' affordability. This could
have negative rating implications, especially for junior tranches
that are less protected by structural CE.

The class B notes' ratings are sensitive to changes in the
account bank's rating. Therefore, a change in the account bank's
rating might lead to a review of class B notes' ratings.


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


PETKIM PETROKIMYA: Fitch Rates USD500MM Sr. Unsec. Bond 'B/RR4'
---------------------------------------------------------------
Fitch Ratings has assigned Petkim Petrokimya Holdings A.S.'s
(Petkim) senior unsecured USD500 million 5.875% bond due 2023 a
final foreign-currency senior unsecured rating of 'B'/'RR4'.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating published on 11 January 2018.

The rating is aligned with Petkim's Issuer Default Rating (IDR)
which reflects the company's small scale and high product
concentration relative to larger, diversified global peers.
Specifically, Petkim owns a single-site petrochemical complex and
is exposed to cyclical commodity polymers, which results in
inherent earnings volatility. The IDR is also constrained by
Petkim's forecast high leverage under Fitch base case, on the
back of the planned debt-funded acquisition of a stake in the
STAR refinery. Supports for the rating include a well-invested
asset base and a strong position in the growing Turkish chemical
market where Petkim is the sole domestic petrochemical producer.

The Stable Outlook on Petkim's Issuer Default Rating (IDR)
reflects Fitch view that beyond the forecast peak in funds from
operations (FFO) adjusted net leverage in 2018 of 5.1x, Petkim
will maintain a financial profile commensurate with Fitch rating
sensitivities despite expected supply-driven margin pressure.
Fitch base case also assumes that the commissioning of the STAR
refinery in 2018 will improve Petkim's cost structure and help
mitigate headwinds, and support positive free cash flow (FCF)
generation and gradual deleveraging after 2018.

KEY RATING DRIVERS

Capacity Increases Drive Earnings Pressure: Petkim is a Turkish
commodity chemical producer, making predominantly polymers from
naphtha, which places the company between the second and third
quartiles of the global cost curve. Following a decrease in oil
and naphtha prices since end-2014 as well as growing demand for
petrochemical products, the naphtha-ethylene spread has remained
favourable. However, Fitch forecast that the increase in global
ethylene and polymer production, mainly in the US and Middle East
on the back of cheap gas, will pose a threat to Petkim's
petrochemical margins over the next three years.

Positive FCF to Continue: In line with the Fitch oil price deck,
Fitch expect that oil prices will remain below USD60/bbl in the
long term. This, coupled with the improved cost structure
following the planned commissioning of STAR refinery, should
allow Petkim to continue to generate positive cash flows as the
market moves from top-of-cycle conditions towards a mid-cycle
level.

Strong Asset Base, Growing Turkish Market: Petkim has a well-
invested asset base and is the sole domestic petrochemical
producer in the import-dependent Turkish market. In 2014 the
company increased the capacity of its main ethylene cracker by
13% (to 588,000 tons per year), and its purified terephthalic
acid (PTA) production capacity by 50% (to 105,000 tons per year).
Petkim sells approximately 64% of its products to the domestic
market, with the remaining 36% exported mainly to Europe.

Demand for petrochemicals products in Turkey grew at a compound
annual rate of 6.6% from 2012 to 2016 based on data from the ICIS
Supply and Demand Database, and is expected to grow at a compound
annual rate of 7% between 2016 and 2023. Petkim plans to add
capacity in its speciality chemical products division, with
expansions coming onstream in 2018 and 2019.

STAR Feedstock to Lower Costs: Starting from 3Q18, Petkim will
source its naphtha and mixed xylene supplies from STAR, a 10mtpa
refinery in Turkey constructed by State Oil Company of the
Azerbaijan Republic (SOCAR,BB+/RWN). Petkim expects to save USD70
million annually on logistic costs after the refinery is
commissioned. Fitch view the improved cost structure as positive
for the credit profile. Additional synergies with the refinery in
infrastructure and services may also provide further upside to
Petkim's cost structure and earnings.

Leverage to Increase: Petkim plans to use the proposed bond
proceeds to purchase an 18% stake in STAR. Fitch believe that the
improvement in Petkim's business profile will be small compared
with the resulting increase in leverage following the
transaction. Under Fitch base case, Petkim's FFO adjusted net
leverage peaks at 5.1x in 2018 and gradually decreases to 4.1x in
2020, assuming that through-the-cycle petrochemical margins will
be in line with Fitch approach for rating companies in cyclical
industries. Although dividends from STAR could improve Petkim's
cash flow diversification in the longer term, Fitch have not
included them in Fitch forecasts due to uncertainty around their
timing and STAR's own financing requirements.

Contingent Liabilities of STEAS: Petkim is 51% owned by STEAS,
which in turn is 87%-owned by SOCAR and 13% by Goldman Sachs.
Petlim, a 70% subsidiary of Petkim, is 30%-owned by Goldman
Sachs. In the case of Goldman Sachs' ownership in STEAS and
Petlim, the bank has put options with STEAS until 2021. Should
these options be exercised, STEAS would incur liabilities of up
to USD1.3 billion in respect of STEAS, and USD300 million in
respect of Petlim. This could result in pressure on Petkim to
upstream additional resources to STEAS.

Petkim Rated on Standalone Basis: SOCAR's IDR, which was
historically aligned with that of the Republic of Azerbaijan
(BB+/Negative), is on Rating Watch Negative to reflect that under
Fitch's proposed new methodology, Exposure Draft: Government
Related Entities Criteria, the agency could adopt a top-down
approach and notch SOCAR's rating down from the sovereign's.

Fitch assesses SOCAR's standalone credit profile in the 'B'
rating category. Under Fitch's Parent and Subsidiary Rating
Linkage (PSL) methodology, Fitch have not factored in any uplift
on Petkim's rating from SOCAR's ownership since Fitch regard
support from the Azeri government as unlikely. Fitch assess the
overall links between SOCAR and Petkim as moderate. This reflects
the legal ties represented by cross default clauses to Petkim
under SOCAR's bond documentation, and an expected strengthening
of operational and strategic ties after the commissioning of the
STAR refinery.

DERIVATION SUMMARY

PJSC Kazanorgsintez (B/Positive) is the closest rated peer to
Petkim based on product mix (basic polymers) and geographical
concentration. However Kazanorgsintez benefits from its more
competitive cost position, higher EBITDA margins (on average over
30%) and from a stronger financial profile with FFO adjusted net
leverage of under 1x.

Other Fitch-rated, commodity-focused EMEA chemical companies
include PAO SIBUR Holding (BB+/Negative), Ineos Group Holdings
S.A. (BB+/Stable), Westlake Chemical Corporation (BBB/Stable) and
NOVA Chemicals Corporation (BBB-/Stable). SIBUR, Westlake and
Nova benefit from competitively priced Russian and North American
ethane, placing them in a more advantageous position versus
producers with naphtha-based feedstock. Ineos benefits from cross
regional diversification as well as product diversification.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
- Crude oil price of USD52.5/bbl in 2018, USD55/bbl in 2019 and
   USD57.5/bbl thereafter
- Capital expenditure as per the management's guidance
- Dividend pay-out assumed at 25% in 2018 and at 50% over 2019-
   2020
- Bond proceeds used to finance an 18% stake purchase in the
   STAR refinery

The recovery analysis assumes that Petkim would be considered a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch have assumed a 10%
administrative claim.

The going-concern EBITDA is equal to the average EBITDA over
2014-2017, which reflects the industry's move from bottom-of-the
cycle to top-of-the cycle conditions.

The Fitch-deployed average distressed multiple for recovery
analysis in the chemical sector of 4.5x is used to calculate a
post-reorganisation valuation.

The payment waterfall corresponds to a Recovery Rating 'RR4'
(48%) for the senior unsecured rating. Given that Petkim's assets
are located in Turkey Fitch would have applied a soft cap of
'RR4' on the senior unsecured rating even if higher recovery was
indicated by Fitch analysis.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action:
- FFO adjusted net leverage consistently below 3.0x (2016:
   1.3x); and
- Significant improvement in cash flow diversification, e.g.
   higher cash flow generation at Petlim and dividends from the
   STAR refinery.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action:
- FFO net adjusted net leverage above 4.5x;
- Support provided to the parent resulting in higher leverage
   (e.g. cash outflows related to put options being called by
   Petlim and STEAS's minority shareholder); and
- Material deterioration in the outlook for petrochemical
   margins.

LIQUIDITY

Weak Liquidity: Petkim's debt maturity profile is heavily skewed
towards the short term and reflects a reliance on low-cost short-
term funding from domestic banks. This is not uncommon among
Turkish corporates but exposes the company to systemic liquidity
risk and results in a weak liquidity ratio, with total cash of
TRY1,208 million at end-September 2017 against Fitch-adjusted
short-term debt of TRY1,186 million (see below) and forecast
negative free cash flow. Petkim aims to hold USD100 million cash
on hand.

Fitch treats liabilities resulting from letters of credit of
TRY452 million at end-September 2017 as short-term debt. Fitch
exclude from short-term debt calculation a TRY684 million (USD192
million) loan from to AKBANK in relation to the Petlim port
construction. Due to construction delays, the loan has been
reclassified to short-term debt, but Petkim received a waiver
with an extension of completion dates, which would have resulted
in the loan being reclassified to long-term debt at end-2017.


=============
U K R A I N E
=============


FERREXPO PLC: S&P Raises CCR to 'B' on Expected Higher Earnings
---------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on Ukraine-based iron ore pellet producer Ferrexpo PLC to 'B'
from 'B-'. The outlook is stable. S&P said, "We affirmed our
short-term rating at 'B'. We also raised our long-term rating on
the senior unsecured debt issued by wholly owned financing
subsidiary Ferrexpo Finance PLC to 'B' from 'B-', in line with
our rating on Ferrexpo PLC."

S&P said, "The upgrade reflects the additional clarity and
comfort we have gained on higher pellet premiums for 2018, which
makes the company's potential financial results clearer. The
upgrade also reflects our revised opinion on the company's
ability to withstand a sovereign default and exchange control
scenario. Strong demand for and tight supply of iron ore pellets
has resulted in healthy cash flow generation, enabling Ferrexpo
to continue deleveraging and meet all its debt repayment
obligations from internal cash flows. Early indications suggest
that supportive pellet market conditions will continue throughout
2018, which means the company should easily cover its upcoming
debt maturities over the next 12 months. The new $195 million
pre-export finance facility (PXF) further boosts the company's
liquidity profile and ensures it is able to meet sizable debt
maturities of about $350 million over the coming 12 months.
Although we expect lower iron ore prices and pellet premia in
2019, we expect the company will be able to refinance the $173
million notes due in April 2019.

"We expect iron ore pellets' supply-demand dynamics to support
higher prices in 2018. Brazilian pellet producer Samarco's
pelletizing plant remains idle, while stricter environmental
regulations in China are forcing iron ore producers to use more
pelletized iron ore as feedstock in the steelmaking process. We
understand that some large industry players have agreed premiums
for a material portion of their 2018 capacity, and indications
suggest an annual increase of $15-$20 per ton. We understand a
$1/ton change in sales price changes Ferrexpo's EBITDA by
slightly more than $10 million. The medium-term (2019-2020)
outlook is less certain, however, as the higher prices may
trigger capacity additions, and our base-case expectation is for
iron ore prices and pellet premiums to decline in 2019. However,
we consider there is some flexibility in Ferrexpo's capital
expenditure (capex) plans and shareholder distributions in case
of weaker market conditions.

"We expect a lower iron ore (fines) price in 2018 ($55/ton),
however, reflecting our view that the market is likely to be in
surplus due to increasing seaborne supply from Australia and
Brazil. In addition, growth momentum in Chinese downstream
sectors like property and manufacturing could slow in the next
12-24 months from strong levels in 2017.

"Under our base-case scenario, we project that Ferrexpo's S&P
Global Ratings-adjusted EBITDA will be $500 million-$600 million
in 2017 and in 2018, reflecting higher iron ore pellet premiums,
compared to $364 million in 2016." The following assumptions
underpin these estimates:

-- Iron ore price of $70/ton for 2017 and $55/ton in 2018.

-- Iron ore pellets premium of $40/ton in 2017 and $50-$55/ton
    in 2018.

-- Shipping volumes of 10.4 million tons in 2017 and 10.8
    million tons in 2018, consisting of high-grade products (65%
    ferrous content).

-- An increase in unit cash costs in line with our inflation
    assumption for Ukraine (8.7% for 2018).

-- Ukrainian hryvnia to U.S. dollar exchange rate of 26.6 for 2
    2017 and 27.1 for 2018.

-- Capex of $100 million-$130 million per year in 2017 and 2018.

-- Ordinary and special dividends of $80 million.

These assumptions translate into an adjusted debt-to-EBITDA ratio
of around 1x in 2017 and 0.8x in 2018.

S&P said, "Following the strong performance in 2017 and the new
$195 million PXF facility, we consider that the company's ability
to withstand a sovereign default has improved. This assessment
takes into account the fact that all of Ferrexpo's sales are from
exports, giving it good access to hard currency. In addition,
most cash is held outside of Ukraine, and committed credit
facilities from international lenders are likely to remain in
place under a sovereign stress scenario. We are therefore
comfortable rating the company one notch above the sovereign
rating and transfer and convertibility assessment of Ukraine
(foreign and local currency: B-/Stable/B; transfer &
convertibility [T&C] assessment: 'B-').

"The stable outlook balances our expectation of continued strong
performance and an adequate liquidity position in the next 12
months, against lower iron ore prices and higher pellet premiums
expected in 2019 and some refinancing risk related to the notes
due in April 2019.

"Rating upside is currently limited by the fact that we cap the
rating on Ferrexpo at one notch above the T&C assessment on
Ukraine ('B-'). A higher rating would require both an upgrade of
Ukraine and an upward revision of Ferrexpo's 'b' stand-alone
credit assessment (SACP). A higher SACP could be triggered by an
improved country risk assessment for Ukraine, which is currently
assessed as very high and constrains our business risk assessment
on Ferrexpo.

"For a higher rating, we would also expect the company's debt-to-
EBITDA ratio to remain sustainably below 2x (the actual figure
was 1.2x for the rolling 12 months to June 30, 2017).

"We could lower our rating on Ferrexpo if the company's liquidity
weakens in the next 12 months, such that it impacts its ability
to refinance the $173 million notes due in April 2019. This could
be the case if market conditions weaken, triggering lower-than-
expected pellet premiums and iron ore prices. It could also
result from an escalation of country risk in Ukraine leading to a
negative effect on Ferrexpo's operations, or from higher-than-
expected dividends or capex."

A sovereign downgrade could also result in a negative rating
action on Ferrexpo.


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


CARILLION PLC: At Least 377 Former Staff to Lose Jobs
-----------------------------------------------------
Rob Davies at The Guardian reports that at least 377 former
Carillion staff will be made redundant, the Insolvency Service
has said, as directors in charge of the company when it collapsed
were criticized for a policy of late payment that has left
suppliers facing "potential ruin".

The official receiver, the part of the Insolvency Service charged
with handling Carillion's liquidation, said it had found new
employment for 919 staff, who will transfer to other companies,
The Guardian relates.

The receiver is still sorting through Carillion's contracts to
determine the future of more than 18,000 employees, prompting a
warning from Unite, the UK's largest trade union, that staff were
"in limbo", The Guardian discloses.

At least 377 people will lose their jobs, the official receiver,
as cited by The Guardian, said, most of them back-office
employees such as sales staff who tried to win new contracts for
the company.

According to The Guardian, a spokesperson for the Insolvency
Service said staff could claim for statutory redundancy payments
and take advice from the Jobcentre Plus's rapid response service.

Carillion entered liquidation last month when, after a string of
profit warnings triggered by unprofitable contracts, it buckled
under the weight of a GBP900 million debt pile, The Guardian
recounts.

As well as uncertainty for former staff, small businesses in its
supply chain that had yet to receive payment from Carillion have
been left facing financial difficulty, The Guardian notes.

According to The Guardian, in a letter to MPs on two
parliamentary committees holding a joint inquiry into Carillion,
the Federation of Small Businesses (FSB) said the company was
"notorious for being late payers", often forcing firms to wait up
to 126 days for bills to be settled.

The government was due to announce on Feb. 2 that the British
Business Bank will provide an extra GBP100 million of lending to
small businesses as part of a package of measures to support
companies and staff affected by Carillion's collapse, The
Guardian discloses.  This is in addition to more than GBP200
million provided by Lloyds, HSBC and RBS, The Guardian states.

Carillion plc employs about 43,000 people worldwide and provides
services to half the UK's prisons, as well as hundreds of
hospitals and schools.


CO-OPERATIVE BANK: To Appoint Bob Dench as New Chairman
------------------------------------------------------
Martin Arnold at The Financial Times reports that The
Co-operative Bank has announced plans to appoint its fourth
chairman in as many years, with Bob Dench to take over from
Dennis Holt at the helm of the struggling British lender's board
of directors beginning next month.

Last June, the lender struck a GBP700 million rescue deal that
handed control to hedge fund investors and heavily diluted the
stake of its former parent the Co-operative Group, the FT
recounts.

The rescue package saved the bank from being put into resolution
by the Bank of England after a warning that it might not meet its
capital requirements, the FT notes.  The capital increase diluted
the Co-op Group's stake to 1%, the FT states.

Mr. Dench has for the past decade been chairman of Paragon
Banking Group, the specialist mortgage lender, having earlier
been a non-executive director of Axa UK and a long-time executive
at Barclays, the FT discloses.  He will continue as Paragon's
chairman until a successor is found, according to the FT.

Last year, Mr. Holt decided that he would step down after his
70th birthday, prompting the bank to start a search for his
successor, the FT recounts.  He took over as chairman in the wake
of the Co-op Bank's initial hedge-fund rescue in 2013, when the
bank revealed a GBP1.5 billion capital shortfall, the FT states.

                    About Co-operative Bank

The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.

In 2013-2014, the Bank was the subject of a rescue plan to
address a capital shortfall of about GBP1.9 billion.  The Bank
mostly raised equity to cover the shortfall from hedge funds.

In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting
offers."

The Troubled Company Reporter-Europe reported on Sept. 12, 2017,
that Moody's Investors Service upgraded the standalone baseline
credit assessment (BCA) of the Co-operative Bank Plc (the Co-op
Bank) to caa2 from ca in light of its improved credit profile and
capital position given the implementation of the bank's capital
increase.

Moody's upgraded the bank's long-term senior unsecured debt
rating to Caa2 from Ca, reflecting the completion of the bank's
capital raising plan without the imposition of any losses on this
class of creditors.

Moody's confirmed the long-term deposit ratings at Caa2, at the
same level as its standalone BCA, given the reduced amount of
subordination benefiting this class of liabilities due to the
cancellation of Tier 2 capital as part of the restructuring. The
short-term deposit ratings were affirmed at Not Prime.


JERROLD FINCO: Fitch Assigns BB Rating to GBP150MM Sec. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Jerrold FinCo plc's GBP150 million
senior secured notes issue a final rating of 'BB'. The notes are
guaranteed on a senior basis by Jerrold FinCo's parent company,
Together Financial Services Ltd (Together; BB/Stable), a UK-based
specialist mortgage lender.

Jerrold FinCo plc is a finance subsidiary of Together. The 6.125%
fixed-rate notes are guaranteed by Together and by other key
group operating entities. GBP140 million of the notes' proceeds
will be used to reduce the draw down in one of Together's
securitisation vehicles (by purchasing loan assets from Charles
Street ABS). Consequently, Fitch do not expect the notes issue to
lead to a meaningful increase in Together's overall drawn
leverage in the near term. However, the issue should increase
Together's overall funding capacity and slightly broaden the
group's funding diversification away from predominately
securitisation funding.

The notes, maturing in 2024, are a tap issuance of Jerrold
Finco's existing senior secured notes issued in February 2017.
They are secured on a first-priority basis by the same assets as
Together's revolving credit facility.

KEY RATING DRIVERS

The senior secured notes are rated in line with Together's Long-
Term Issuer Default Rating (IDR) as Fitch views the probability
of default on the notes as the same as the probability of default
of Together. The notes' rating is therefore driven by the same
considerations that drive Together's Long-Term IDR.

RATING SENSITIVITIES

The rating of the senior secured notes is primarily sensitive to
changes in Together's Long-Term IDR (see 'Fitch Upgrades Together
to 'BB'; Stable Outlook' published on January 15, 2018 for
Together's key rating drivers and sensitivities).


LUDGATE FUNDING 2008-W1: S&P Raises Rating on Cl. D Notes to BB-
----------------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on Ludgate Funding PLC series 2008-W1's class
A1 and A2b notes. At the same time, S&P has raised its ratings on
the class Cb and D notes, and affirmed its ratings on the class
Bb and E notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction using information from the January
2018 investor report, and the application of our relevant.

"On Nov. 10, 2017, we placed on CreditWatch positive our ratings
on Ludgate Funding's Series 2008-W1 class A1 and A2b notes
following our Oct. 17, 2017 upgrade of Barclays Bank PLC, the
collection account provider, transaction account provider, and
swap counterparty.

"In our opinion, the performance of the loans in the collateral
pool has improved since our previous full review. Total
delinquencies have decreased to 4.1% from 5.9%, 90+ days
delinquencies to 2.1% from 3.6%, and repossessions as a
percentage of the original balance to 0.5% from 0.6%. The
abovementioned decreases are in line with the evolution observed
in our U.K. nonconforming residential mortgage-backed securities
(RMBS) index.

"Prepayments have increased since our previous review to 10.6% as
of January 2018 from 9.6% in January 2017, which is higher than
the 6.6% observed in our index.

"The lower arrears levels and greater proportion of the loans in
the pool receiving the maximum seasoning credit benefitted our
weighted-average foreclosure frequency (WAFF) calculations. Our
weighted-average loss severity (WALS) assumptions have decreased
at all rating levels due to a lower weighted-average current
loan-to-value resulting from a rise in house prices since our
previous review."

  Rating        WAFF     WALS
                 (%)      (%)
  AAA          30.11    52.37
  AA           21.10    44.94
  A            16.10    31.87
  BBB          11.32    23.83
  BB            6.52    17.94
  B             5.13    12.69

The notes benefit from a liquidity facility and a reserve fund.
The facilities are not amortizing as the respective cumulative
loss triggers have been breached.

Likewise, the structure has been amortizing pro rata since the
October 2017 payment date because all of the pro rata triggers
are now currently met. S&P has considered this in its cash flow
analysis.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class E notes is
commensurate with the currently assigned rating. The pool's asset
performance is improving, the reserve fund is fully funded and
continues to increase as a percentage of the outstanding balance,
and prepayments are low. Therefore, we do not expect the issuer
to be dependent upon favorable business, financial, and economic
conditions to meet its financial commitment on the class E notes
within the next 12 months. Consequently, we have affirmed our 'B-
(sf)' rating on this class of notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class Bb notes is commensurate with
the currently assigned rating. We have therefore affirmed our
'BBB+ (sf)' rating on this class of notes.

"We consider the available credit enhancement for the class Cb
and D notes to be commensurate with higher ratings than those
currently assigned. We have therefore raised to 'BBB- (sf)' from
'BB+ (sf)' our rating on the class Cb notes, and to 'BB- (sf)'
from 'B+ (sf)' our rating on the class D notes.

"In our credit and cash flow analysis, we consider the available
credit enhancement for the class A1 and A2b notes to be
commensurate with higher ratings than those currently assigned.
However, the 'A-1+' downgrade trigger specified in the
transaction documents was breached following the lowering of our
long- and short-term issuer credit ratings (ICRs) on Barclays
Bank, acting as collection account provider and transaction
account provider, in November 2011. Because no remedial 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. Furthermore, the downgrade trigger in relation to the
guaranteed investment contract (GIC) account was amended to 'A-2'
from 'A-1+' in September 2017 following the transfer of the GIC
account to Qatar National Bank from Barclays Bank. The new
trigger also caps our ratings on the notes at 'A'. We have
therefore raised to 'A (sf)' from 'A- (sf)' and removed from
CreditWatch positive our ratings on the class A1 and A2b notes."

Ludgate Funding's series 2008-W1 is a U.K. nonconforming RMBS
transaction that closed in March 2008. It securitizes first-
ranking mortgages over freehold and leasehold properties in the
U.K.

  RATINGS LIST

  Class            Rating
            To              From

  Ludgate Funding PLC
  EUR102.7 Million, GBP321 Million Mortgage-Backed Floating-Rate
  Notes Series 2008-W1

  Ratings Raised And Removed From CreditWatch Positive

  A1        A (sf)          A- (sf)/Watch Pos
  A2b       A (sf)          A- (sf)/Watch Pos

  Ratings Raised

  Cb        BBB- (sf)       BB+ (sf)
  D         BB- (sf)        B+ (sf)

  Ratings Affirmed

  Bb        BBB+ (sf)
  E         B- (sf)


NEW LOOK: Expects Losses to Widen Amid Restructuring Talks
----------------------------------------------------------
Ashley Armstrong at The Telegraph reports that New Look is
expected to unveil a widening of losses alongside plunging
Christmas sales, exacerbating the chain's financial problems.

The high street chain has had a bruising year following an ill-
fated strategy to appeal to younger shoppers, which alienated
core customers and led to sales plummeting, The Telegraph
relates.

According to The Telegraph, New Look is now scrambling to
convince bondholders that the return of Alistair McGeorge at the
helm will herald a revival.

The retailer is expected to report a loss of between GBP5 million
and GBP10 million for the last nine months of the year, a
dramatic fall from the GBP111.5 million profit it recorded a year
ago, The Telegraph discloses.  In November it reported a half-
year loss of GBP10.4 million, compared with a GBP59.3 million
profit the previous year, The Telegraph relays.  Sales are also
expected to have suffered a double-digit decline over Christmas,
based on industry figures, The Telegraph states.

The poor results are likely to increase pressure on New Look to
agree to a costly financial restructuring, as lenders seek to
avoid further damaging losses, The Telegraph says.

The company is working with advisers at Deloitte on plans to cut
its rental bill by shutting around 60 stores, or 10pc of its UK
shop estate, The Telegraph discloses.

However, bondholders are nervous that the plans are not radical
enough to alleviate the pressure of a groaning GBP1 billion debt
pile at a time when earnings are rapidly going backwards, The
Telegraph notes.

According to The Telegraph, sources said Rothschild has now been
formally hired by a powerful committee of bondholders to
represent their interests if they decide to push for control of
the company.

New Look is majority-owned by South African listed investment
firm Brait, which is partly owned by retail tycoon Christo Wiese.


===================
U Z B E K I S T A N
===================


KAPITALBANK: S&P Maintains Negative CreditWatch on 'CCC+' ICR
-------------------------------------------------------------
S&P Global Ratings said that it had maintained the negative
CreditWatch on its 'CCC+' long-term issuer credit rating on
Uzbekistan-based Kapitalbank. S&P placed the rating on
CreditWatch on Nov. 1, 2017.

S&P affirmed its 'C' short-term issuer credit rating on the bank.

The three-month extension of the negative CreditWatch reflects
the continuing lack of clarity about Kapitalbank's prospects of
complying with prudential requirements in a timely manner without
triggering negative regulatory actions that could further hamper
the bank's creditworthiness.

While Kapitalbank is gradually recovering its capital adequacy
ratio (CAR), it is still below the minimum required 12.5%. On
Jan. 1, 2018, the CAR was 10.6%, due to retained earnings, versus
9.6% on Oct. 1, 2017. S&P understands that Kapitalbank lacks
around Uzbekistani sum 55 billion (about US$6.6 million) to meet
regulatory capital requirements. The bank has developed an action
plan to address the shortfall, and following the plan should help
Kapitalbank reach a 12.5%-13.0% CAR in the next three months.

S&P said, "We view positively the presence of clearly defined
steps to improve the CAR, although we still doubt their
successful and timely implementation. Moreover, we still believe
that Kapitalbank's liquidity management will become particularly
important in case of unexpected funding withdrawals or if the
regulator imposes restrictions on lending and deposit-taking. We
see negative regulatory intervention (with license withdrawal as
the worst-case scenario) as the key source of risk until
Kapitalbank recovers its CAR to the minimum regulatory level.

"We aim to resolve the CreditWatch within the next three months,
once we have more clarity on how successful Kapitalbank is able
to improve its CAR, as well as on the possibility of the
regulator imposing restrictions on Kapitalbank, which might
impair its creditworthiness and ability to maintain its current
operations in the market.

"We could lower the rating if the bank fails to restore its
capital adequacy so that the Central Bank of Uzbekistan ceases
forbearance and imposes regulatory restrictions on Kapitalbank.
Also, liquidity pressures caused by unexpected deposit outflows
and leading to what we would view as a pronounced default
scenario may result in a downgrade.

"We could affirm the rating and remove it from CreditWatch over
the next three months if Kapitalbank successfully restores
capitalization and boosts its regulatory ratio above the required
minimum with a remote possibility of negative regulatory
intervention, and the bank's liquidity remains intact."


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


* BOND PRICING: For the Week January 29 to February 2, 2018
-----------------------------------------------------------

Issuer                         Coupon   Maturity  Currency  Price
------                         ------   --------  --------  -----
Steinhoff Europe AG              1.88   1/24/2025    EUR    62.26
Steinhoff Finance Holding Gm     1.25   8/11/2022    EUR    63.08
Steinhoff Finance Holding Gm     1.25  10/21/2023    EUR    55.43
New Look Secured Issuer PLC      6.50    7/1/2022    GBP    45.75
Oi Brasil Holdings Cooperati     5.75   2/10/2022    USD    43.40
Astaldi SpA                      4.88   6/21/2024    EUR    70.09
Intelsat Luxembourg SA           7.75    6/1/2021    USD    44.62
Portugal Telecom Internation     4.63    5/8/2020    EUR    43.50
Intelsat Luxembourg SA           8.13    6/1/2023    USD    42.01
New Look Secured Issuer PLC      4.50    7/1/2022    EUR    44.87
Agrokor dd                       9.88    5/1/2019    EUR    30.04
Ageasfinlux SA                   1.02                EUR    70.83
Portugal Telecom Internation     5.00   11/4/2019    EUR    40.00
Air Berlin PLC                   8.25   4/19/2018    EUR     1.07
New Look Senior Issuer PLC       8.00    7/1/2023    GBP    16.01
Promsvyazbank OJSC Via PSB F    10.20   11/6/2019    USD    96.75
Vallourec SA                     4.13   10/4/2022    EUR     7.89
Portugal Telecom Internation     4.50   6/16/2025    EUR    43.81
CGG SA                           5.88   5/15/2020    EUR    53.02
Oi Brasil Holdings Cooperati     5.63   6/22/2021    EUR    43.06
Portugal Telecom Internation     5.88   4/17/2018    EUR    44.13
EA Partners I BV                 6.88   9/28/2020    USD    74.77
Offshore Drilling Holding SA     8.38   9/20/2020    USD    44.45
Korian SA                        2.50                EUR    41.74
Banco Espirito Santo SA          4.75   1/15/2018    EUR    31.27
CGG SA                           1.75    1/1/2020    EUR     1.78
Air Berlin PLC                   6.75    5/9/2019    EUR     0.92
Portugal Telecom Internation     6.25   7/26/2016    EUR    41.41
Neopost SA                       3.38                EUR    55.94
Bank Otkritie Financial Corp    10.00   4/26/2019    USD    20.13
Maisons du Monde SA              0.13   12/6/2023    EUR    53.50
Privatbank CJSC Via UK SPV C    10.25   1/23/2018    USD    29.67
Immigon Portfolioabbau AG       10.00                EUR    16.38
Genfit                           3.50  10/16/2022    EUR    31.38
Pierre & Vacances SA             2.00    4/1/2023    EUR    58.72
Agrokor dd                       8.88    2/1/2020    USD    28.84
Avangardco Investments Publi    10.00  10/29/2018    USD    18.33
Agrokor dd                       9.13    2/1/2020    EUR    29.07
OAS Investments GmbH             8.25  10/19/2019    USD     7.00
Grupo Isolux Corsan SA           3.00  12/30/2021    EUR     0.50
UkrLandFarming PLC              10.88   3/26/2018    USD    22.47
Rickmers Holding AG              8.88   6/11/2018    EUR     2.42
Pacific Drilling SA              5.38    6/1/2020    USD    45.25
publity AG                       3.50  11/17/2020    EUR    77.00
BIM SAS                          2.50  11/13/2020    EUR    25.19
Bibby Offshore Services PLC      7.50   6/15/2021    GBP    15.50
Grupo Isolux Corsan SA           0.25  12/30/2021    EUR     0.28
EA Partners II BV                6.75    6/1/2021    USD    71.47
Banco Espirito Santo SA          4.00   1/21/2019    EUR    28.75
Mitsubishi UFJ Investor Serv     3.92  12/30/2099    EUR     5.54
CGG SA                           6.50    6/1/2021    USD    53.41
WPE International Cooperatie    10.38   9/30/2020    USD    18.90
Transcapitalbank JSC Via Tra    10.00   9/18/2020    USD    70.25
Banco Espirito Santo SA          2.63    5/8/2017    EUR    30.27
Promsvyazbank OJSC Via PSB F    10.50   7/30/2021    USD     5.01
CGG SA                           1.25    1/1/2019    EUR    21.38
Scholz Holding Gmbh              8.50  12/31/2019    EUR     8.00
FIGEAC-AERO                      1.13  10/18/2022    EUR    25.14
Air Berlin PLC                   5.63    5/9/2019    CHF     1.16
Santhera Pharmaceuticals Hol     5.00   2/17/2022    CHF    73.97
Credito Valtellinese SpA         4.70    8/4/2021    EUR    70.33
Promsvyazbank OJSC Via PSB F    10.50   3/17/2021    USD    10.50
Capital Raising GmbH             7.50                EUR    53.04
Barclays Bank PLC                2.23   7/31/2034    USD    63.00
Bilt Paper BV                    9.64                USD    20.33
Mriya Agro Holding PLC           9.45   4/19/2018    USD     5.38
ADLER Real Estate AG             2.50   7/19/2021    EUR    15.56
Cooperatieve Rabobank UA         0.50  11/26/2021    ZAR    73.09
Alno AG                          8.50   5/14/2018    EUR     3.65
CGG SA                           6.88   1/15/2022    USD    54.75
Allied Irish Banks PLC          12.50   6/25/2035    GBP    72.51
Hybrid Raising GmbH              6.63                EUR    53.11
Nexity SA                        0.13    1/1/2023    EUR    69.51
Norske Skogindustrier ASA        7.00  12/30/2026    EUR     1.64
Mobylife Holding A/S             7.25   5/23/2020    SEK     8.00
Nexans SA                        2.50    1/1/2019    EUR    74.87
Promsvyazbank OJSC Via PSB F     8.75                USD     5.00
Banca Carige SpA                 7.32  12/20/2020    EUR    65.20
3W Power SA                     10.00   8/29/2019    EUR     3.10
Banco Espirito Santo SA          7.13  11/28/2023    EUR     0.40
Orient Express Bank PJSC Via    10.00                USD    56.00
Norske Skog Holding AS           8.00   2/24/2021    EUR     2.21
Elli Investments Ltd            12.25   6/15/2020    GBP    65.00
Yuksel Insaat AS                 9.50  11/10/2015    USD    20.88
OGX Austria GmbH                 8.50    6/1/2018    USD     0.00
Alitalia-Societa' Aerea Ital     5.25   7/30/2020    EUR     5.83
Privatbank CJSC Via UK SPV C    11.00    2/9/2021    USD    13.34
IMMOFINANZ AG                    4.25    3/8/2018    EUR     4.32
Virgolino de Oliveira Financ    10.50   1/28/2018    USD     6.50
Aligera Holding AB publ          5.00    5/7/2019    SEK    29.63
Lloyds Bank PLC                  0.12   1/31/2033    USD    54.95
Johnston Press Bond Plc          8.63    6/1/2019    GBP    73.03
Privatbank CJSC Via UK SPV C    10.88   2/28/2018    USD    34.97
Stichting Afwikkeling Onderh    11.25                EUR     0.58
Norske Skogindustrier ASA        2.00  12/30/2115    EUR     1.10
Stichting Afwikkeling Onderh     6.25  10/26/2020    EUR     3.86
Beate Uhse AG                    7.75    7/9/2019    EUR     9.88
Cirio Holding Luxembourg SA      6.25   2/16/2004    EUR     1.07
Afren PLC                        6.63   12/9/2020    USD     0.04
Veneto Banca SpA                 9.50   12/1/2025    EUR     0.31
Waste Italia SpA                10.50  11/15/2019    EUR     2.00
Oi Brasil Holdings Cooperati     5.75   2/10/2022    USD    42.25
Lambay Capital Securities PL     6.25                GBP     2.00
Espirito Santo Financial Gro     6.88  10/21/2019    EUR     0.16
Lloyds Bank PLC                  1.50  12/27/2028    USD    72.50
Afren PLC                       10.25    4/8/2019    USD     0.01
LBI HF                           6.10   8/25/2011    USD     7.88
Bank Nederlandse Gemeenten N     0.50   7/12/2022    ZAR    69.35
KTG Agrar SE                     7.13    6/6/2017    EUR     3.69
Belfius Bank SA/NV               1.60                FRF    72.00
Banca Popolare di Vicenza        9.50   9/29/2025    EUR     0.55
BBVA International Preferred     1.40                GBP    45.75
New World Resources NV           4.00   10/7/2020    EUR     0.46
NTRP Via Interpipe Ltd          10.25    8/2/2017    USD    28.00
OSX 3 Leasing BV                13.00   3/20/2015    USD    29.25
Dexia SA                         1.45                EUR     8.75
Pescanova SA                     5.13   4/20/2017    EUR     1.91
GNB - Cia de Seguros de Vida     3.17                EUR    73.13
Lehman Brothers UK Capital F     5.13                EUR     2.94
Barclays Bank PLC                1.28   8/28/2029    USD    75.58
Cattles Ltd                      7.13    7/5/2017    GBP     0.24
Dexia Credit Local SA            1.40                EUR     5.67
New Look Senior Issuer PLC       8.00    7/1/2023    GBP    16.88
Intelsat Luxembourg SA          12.50  11/15/2024    USD    44.50
Kaupthing ehf                    5.75   10/4/2011    USD     0.25
Barclays Bank PLC                1.35   9/30/2031    USD    62.85
GEWA 5 to 1 GmbH & Co KG         6.50   3/24/2018    EUR    18.31
Steilmann SE                     7.00   9/23/2018    EUR     1.56
Phones4u Finance PLC             9.50    4/1/2018    GBP    74.50
Deutsche Bank AG/London          2.56  10/31/2034    USD    65.75
Cirio Del Monte NV               7.75   3/14/2005    EUR     1.25
Manchester Building Society      6.75                GBP    15.00
Mriya Agro Holding PLC          10.95   3/30/2016    USD     5.41
Kaupthing ehf                    7.63   2/28/2015    USD     0.25
Corporate Commercial Bank AD     8.25    8/8/2014    USD     1.40
Banca Carige SpA                 8.34                EUR    28.00
Lehman Brothers UK Capital F     6.90                USD     1.51
Pierre & Vacances SA             3.50   10/1/2019    EUR    42.32
Pescanova SA                     8.75   2/17/2019    EUR     2.33
Societe Centrale des Bois et     2.50   5/15/2023    EUR     7.80
New Look Secured Issuer PLC      6.50    7/1/2022    GBP    46.13
Espirito Santo Financial Gro     3.13   12/2/2018    EUR     0.28
BLT Finance BV                   7.50   5/15/2014    USD     2.04
Agrokor dd Via Aquarius + In     4.92    8/8/2017    EUR    24.88
New World Resources NV           8.00    4/7/2020    EUR     3.56
Aralco Finance SA               10.13    5/7/2020    USD     4.98
Lloyds Bank PLC                  1.11  11/27/2033    USD    64.75
Sazka AS                         9.00   7/12/2021    EUR     0.50
Afren PLC                       11.50    2/1/2016    USD     0.05
Alno AG                          8.00   3/21/2019    EUR     3.85
Lehman Brothers UK Capital F     5.75                EUR     1.47
Accentro Real Estate AG          6.25   3/27/2019    EUR     7.80
Royal Bank of Scotland PLC/T     0.95  11/16/2030    USD    65.63
HSBC France SA                   1.03                EUR    70.00
CGG SA                           6.50    6/1/2021    USD    55.35
Promsvyazbank PJSC              12.25    2/1/2018    RUB    50.00
German Pellets GmbH              7.25  11/27/2019    EUR     1.79
Cirio Finanziaria SpA            8.00  12/21/2005    EUR     0.54
German Pellets GmbH              7.25    7/9/2018    EUR     1.90
EFG International AG             1.14                EUR    64.53
Norske Skog Holding AS           8.00   2/24/2023    USD     2.31
ESFIL-Espirito Santo Financi     5.25   6/12/2015    EUR     0.07
Tonon Luxembourg SA              9.25   1/24/2020    USD     7.75
Deutsche Bank AG/London          0.21   6/30/2034    USD    61.50
Smart Solutions GmbH             8.00   12/3/2018    EUR     9.50
Touax SA                         6.00   7/10/2020    EUR    17.89
Cirio Finance Luxembourg SA      7.50   11/3/2002    EUR     4.81
Tonon Luxembourg SA             10.50   5/14/2024    USD    40.75
Virgolino de Oliveira Financ    11.75    2/9/2022    USD     6.50
Eniro AB                         6.00   4/14/2020    SEK     4.30
PNE Wind AG                      3.75  10/10/2019    EUR     3.50
Barclays Bank PLC                0.61  11/29/2030    USD    63.35
Deutsche Bank AG/London          0.81   9/30/2029    USD    70.00
Praktiker AG                     5.88   2/10/2016    EUR     0.08
Breeze Finance SA                6.71   4/19/2027    EUR    29.05
Portigon AG                      7.46  12/31/2019    EUR    31.00
Barclays Bank PLC                1.42   2/25/2031    USD    62.50
Manchester Building Society      8.00                GBP    25.00
Agrokor dd                       8.88    2/1/2020    USD    29.13
Del Monte Finance Luxembourg     6.63   5/24/2006    EUR     5.38
Espirito Santo Financial Gro     9.75  12/19/2025    EUR     0.51
Banca Carige SpA                 2.77   6/19/2018    EUR    68.64
Gebr Sanders GmbH & Co KG        8.75  10/22/2018    EUR    33.38
Barclays Bank PLC                0.46   3/21/2033    USD    58.65
Lehman Brothers UK Capital F     3.88                EUR     1.91
New Look Secured Issuer PLC      4.50    7/1/2022    EUR    45.00
Uppfinnaren 1 AB                10.00                SEK    61.33
CBo Territoria                   6.00    1/1/2020    EUR     4.08
Portugal Telecom Internation     5.24   11/6/2017    EUR    41.25
KPNQwest NV                      8.88    2/1/2008    EUR     0.06
Lloyds Bank PLC                  1.30   7/26/2033    USD    65.63
Lloyds Bank PLC                  1.04   4/25/2034    USD    62.50
Etablissements Maurel et Pro     1.63    7/1/2019    EUR    16.24
Havila Shipping ASA              5.39   11/7/2020    NOK    67.63
Vneshprombank Ltd Via VPB Fu     9.00  11/14/2016    USD     0.32
IT Holding Finance SA            9.88  11/15/2012    EUR     0.76
Cooperatieve Rabobank UA         0.50   2/26/2029    HUF    64.74
KPNQwest NV                      7.13    6/1/2009    EUR     0.07
Bank Nadra Via NDR Finance P     8.25   7/31/2018    USD     0.80
Hamburgische Landesbank-Giro     0.05   1/22/2041    EUR    63.15
Home Money LLC                  18.00   4/19/2022    RUB    68.77
Phosphorus Holdco PLC           10.00    4/1/2019    GBP     1.18
Sairgroup Finance BV             4.38    6/8/2006    EUR     9.25
Golden Gate AG                   6.50  10/11/2014    EUR    50.60
Frey                             6.00  11/15/2022    EUR    21.50
Havila Shipping ASA              4.61   11/7/2020    NOK    54.00
Alpha Bank AE                    2.50   6/20/2022    EUR    89.53
Promsvyazbank OJSC Via PSB F    10.20   11/6/2019    USD     2.37
Afren PLC                        6.63   12/9/2020    USD     0.04
Deutsche Bank AG/London          3.00   2/23/2035    EUR    72.50
Lehman Brothers Treasury Co      6.00   11/2/2035    EUR     7.50
Petrol AD                        5.50   1/26/2022    EUR    30.00
Atari SA                         5.50  10/30/2022    EUR     0.56
Steilmann SE                     6.75   6/27/2017    EUR     3.50
Waste Italia SpA                10.50  11/15/2019    EUR     2.00
Etablissements Maurel et Pro     2.75    7/1/2021    EUR    10.50
Windreich GmbH                   6.50   7/15/2016    EUR    13.38
Deutsche Bank AG/London          0.50   8/28/2034    USD    61.50
Stichting Afwikkeling Onderh     2.42                EUR     0.58
UniCredit Bank Austria AG        0.17  12/31/2031    EUR    71.38
Rena GmbH                        8.25   7/11/2018    EUR     2.00
Kommunalbanken AS                0.50   5/27/2022    ZAR    70.57
International Industrial Ban     9.00    7/6/2011    EUR     0.30
Barclays Bank PLC                0.30   3/28/2033    USD    59.70
Stroika Finance Ltd Via Emer     9.90   6/25/2019    RUB    10.00
Lehman Brothers Treasury Co      7.25   10/5/2035    EUR     7.50
Barclays Bank PLC                1.10   6/17/2033    USD    58.60
Vseukrainsky Aktsinerny Bank    10.90   6/14/2019    USD     0.89
PA Resources AB                 13.50    3/3/2016    SEK     0.12
Rem Offshore ASA                 5.00   12/8/2024    NOK    42.94
Enterprise Holdings LTD          7.00   3/30/2020    EUR     4.31
Northland Resources AB           4.00  10/15/2020    USD     0.15
MS Deutschland Beteiligungsg     6.88  12/18/2017    EUR     4.11
Koninklijke Luchtvaart Maats     0.75                CHF    38.00
Norske Skog Holding AS           8.00   2/24/2023    USD     2.31
Norske Skogindustrier ASA        7.13  10/15/2033    USD     2.52
Air Berlin Finance BV            6.00    3/6/2019    EUR     1.14
Ideal Standard International    11.75    5/1/2018    EUR     4.89
Pescanova SA                     6.75    3/5/2015    EUR     2.09
Barclays Bank PLC                0.34   9/29/2034    USD    65.72
Sequa Petroleum NV               5.00   4/29/2020    USD    68.75
EDOB Abwicklungs AG              7.50    4/1/2012    EUR     0.39
Finmek International SA          7.00   12/3/2004    EUR     6.13
DEMIRE Deutsche Mittelstand      6.00  12/30/2018    EUR     4.00
Barclays Bank PLC                1.46   5/30/2034    USD    65.50
Banco Espirito Santo SA          6.88   7/15/2016    EUR    28.38
Windreich GmbH                   6.50    3/1/2015    EUR    13.50
Offshore Drilling Holding SA     8.38   9/20/2020    USD    44.11
Norske Skog Holding AS           8.00   2/24/2021    EUR     2.21
Lloyds Bank PLC                  0.09   4/26/2033    USD    57.50
Banco Pinto & Sotto Mayor        1.13                EUR    39.50
Espirito Santo Financial Gro     5.05  11/15/2025    EUR     0.61
Depfa Funding III LP             0.87                EUR    56.69
Pacific Drilling SA              5.38    6/1/2020    USD    38.00
Orient Express Bank PJSC        13.60    8/9/2018    RUB    65.00
International Industrial Ban    11.00   2/19/2013    USD     0.17
Governo Portugues Consolidad     3.00                EUR    70.00
OGX Austria GmbH                 8.38    4/1/2022    USD     0.83
Societe Generale SA              2.04   3/31/2034    USD    69.40
KPNQwest NV                      8.13    6/1/2009    USD     0.07
Promsvyazbank OJSC Via PSB F    12.50                USD    10.50
Lehman Brothers Treasury Co      6.00   2/15/2035    EUR     7.50
Air Berlin Finance BV            8.50    3/6/2019    EUR     1.23
Lloyds Bank PLC                  1.24    7/5/2033    USD    62.13
World Wide Supply AS             7.75   5/26/2017    USD    15.38
Rudolf Woehrl AG                 6.50   2/12/2018    EUR     6.61
Atari SA                         7.50   2/17/2020    EUR     0.51
Stichting Afwikkeling Onderh     6.63   5/14/2018    EUR     3.86
OGX Austria GmbH                 8.50    6/1/2018    USD     0.83
Depfa Funding II LP              6.50                EUR    59.17
APP International Finance Co    11.75   10/1/2005    USD     0.28
Steilmann SE                     7.00    3/9/2017    EUR     1.56
Depfa Funding IV LP              1.54                EUR    57.25
Cooperatieve Rabobank UA         0.50   7/30/2043    MXN     9.55
Societe Generale SA              1.15   6/26/2034    USD    72.32
KTG Agrar SE                     7.25  10/15/2019    EUR     3.43
Northland Resources AB          15.00   7/15/2019    USD     2.62
SiC Processing GmbH              7.13    3/1/2016    EUR     2.91
IVG Immobilien AG                5.47                EUR     2.35
Ahtium PLC                       9.75    4/4/2017    EUR     3.25
PSN Pm OOO                      13.00   9/10/2026    RUB    43.01
Santander Finance Capital SA     2.00                EUR    70.63
Azubu Investments SA             5.00   8/25/2018    EUR    60.00
JZ Capital Partners Ltd          6.00   7/30/2021    GBP    10.50
CGG SA                           6.88   1/15/2022    USD    53.50
Tatfondbank OAO Via TFB Fina     8.50  11/12/2019    USD     2.18
Teksid Aluminum Luxembourg S    11.38   7/15/2011    EUR     0.11
Lloyds Bank PLC                  3.33   1/29/2034    USD    74.99
Sidetur Finance BV              10.00   4/20/2016    USD     3.65
CGG SA                           5.88   5/15/2020    EUR    53.75
BOA Offshore AS                  0.40   7/17/2047    NOK    10.88
Agroton Public Ltd               6.00   7/14/2019    USD    16.63
Svensk Exportkredit AB           0.50   3/15/2022    ZAR    70.56
Activa Resources AG              0.50  11/15/2021    EUR    23.00
Lehman Brothers Treasury Co      5.00   9/22/2014    EUR     7.50
Barclays Bank PLC                1.81   3/27/2029    USD    58.00
AKB Peresvet ZAO                 0.51   2/14/2032    RUB    24.13
3W Power SA                      5.50  11/11/2020    EUR     1.50
Veneto Banca SpA                 6.95   2/25/2025    EUR     0.13
UniCredit Bank Austria AG        0.15  12/27/2031    EUR    74.77
Otkritie Holding JSC            12.62   4/25/2028    RUB    16.10
Afren PLC                       10.25    4/8/2019    USD     0.01
Santander Issuances SAU          4.35   12/1/2026    EUR    75.16
Virgolino de Oliveira Financ    10.50   1/28/2018    USD     6.38
Bulgaria Steel Finance BV       12.00    5/4/2013    EUR     0.17
Frigoglass Finance BV            8.25   5/15/2018    EUR    47.75
Mifa Mitteldeutsche Fahrradw     7.50   8/12/2018    EUR     1.68
Laurel GmbH                      7.13  11/16/2017    EUR     7.75
SAG Solarstrom AG                6.25  12/14/2015    EUR    33.63
Abanka DD Via Afinance BV        1.57                EUR     1.90
Lehman Brothers Treasury Co      5.00   2/16/2015    EUR     7.50
KPNQwest NV                     10.00   3/15/2012    EUR     0.08
Enterprise Holdings LTD          7.00   9/26/2017    EUR     4.33
SeaBird Exploration Finance      6.00   6/30/2020    USD    20.13
Kaupthing ehf                    5.75   10/4/2011    USD     0.25
Veneto Banca SpA                 6.41                EUR     1.20
Cooperatieve Rabobank UA         0.50  10/30/2043    MXN     9.40
CRC Breeze Finance SA            6.11    5/8/2026    EUR    53.13
Virgolino de Oliveira Financ    10.88   1/13/2020    USD    25.50
Credit Suisse AG/London         10.50   2/15/2018    USD    71.31
getgoods.de AG                   7.75   10/2/2017    EUR     0.26
Agrokor dd                       9.13    2/1/2020    EUR    28.49
Intelsat Luxembourg SA          12.50  11/15/2024    USD    44.50
Finans-Avia OOO                  9.00   7/31/2022    RUB    69.51
Moscow United Electric Grid      8.55    5/6/2027    RUB    74.20
Caixa Geral de Depositos SA      1.31   11/5/2018    EUR    54.85
La Veggia Finance SPA            7.13  11/14/2004    EUR     0.56
Artea                            6.00    8/4/2019    EUR    14.19
Decipher Production Ltd         12.50   9/27/2018    USD     1.87
Wild Bunch AG                    8.00   3/23/2019    EUR    45.00
Mox Telecom AG                   7.25   11/2/2017    EUR     3.00
Afren PLC                       11.50    2/1/2016    USD     0.05
Banco Comercial Portugues SA     5.00                EUR    70.00
Hellas Telecommunications Lu     8.50  10/15/2013    EUR     1.04
Kardan NV                        6.33   2/25/2018    ILS    62.14
Minicentrales Dos SA             6.45   4/14/2028    EUR    65.75
Bank Otkritie Financial Corp    10.00   4/26/2019    USD    20.13
Hamburgische Landesbank-Giro     0.05  10/30/2040    EUR    67.85
Montepio Holding SGPS SA         5.00                EUR    50.00
Svensk Exportkredit AB           0.50   4/24/2029    AUD    65.04
Landesbank Hessen-Thueringen     0.06   4/23/2041    EUR    68.29
Banca Carige SpA                 5.70   9/17/2020    EUR    60.11
Lehman Brothers Treasury Co      2.88   3/14/2013    CHF     7.50
DOF ASA                          7.85   9/12/2019    NOK    40.00
Deutsche Agrar Holding GmbH      7.25   9/28/2018    EUR     2.20
Landesbank Hessen-Thueringen     0.05    5/3/2041    EUR    66.58
Northland Resources AB           4.00  10/15/2020    NOK     0.15
A-TEC Industries AG              8.75  10/27/2014    EUR     0.10
Banco Espirito Santo SA          6.90   6/28/2024    EUR    26.63
Svensk Exportkredit AB           0.50   1/31/2022    ZAR    71.64
Popular Capital SA               4.00                EUR     2.76
Royal Bank of Scotland PLC/T     0.50  12/13/2028    USD    62.97
BLT Finance BV                  12.00   2/10/2015    USD    10.50
Alpha Bank AE                    2.50   6/20/2022    EUR    89.55
Otkritie Holding JSC            11.56   7/27/2028    RUB    16.06
A-TEC Industries AG              2.75   5/10/2014    EUR     0.10
HPI AG                           3.50                EUR     2.27
Agrokor dd                       9.88    5/1/2019    EUR    29.86
ADLER Real Estate AG             6.00  12/27/2018    EUR    14.00
Governo Portugues Consolidad     2.75                EUR    68.00
Barclays Bank PLC                2.74   3/27/2029    USD    67.25
SAG Solarstrom AG                7.50   7/10/2017    EUR    33.63
Alpine Holding GmbH              5.25    7/1/2015    EUR     0.13
Lehman Brothers Treasury Co     11.25  12/31/2008    USD     1.90
International Finance Facili     0.50   6/24/2024    ZAR    56.41
Salvator Grundbesitz-AG          9.50  12/31/2021    EUR     4.00
Alpine Holding GmbH              6.00   5/22/2017    EUR     0.13
HSH Nordbank AG                  3.21    5/6/2030    EUR    74.44
OAS Investments GmbH             8.25  10/19/2019    USD     7.00
A-TEC Industries AG              5.75   11/2/2010    EUR     0.10
Mriya Agro Holding PLC           9.45   4/19/2018    USD     6.13
Moscow United Electric Grid     10.30   4/16/2026    RUB    66.02
Norske Skogindustrier ASA        7.13  10/15/2033    USD     2.52
Penell GmbH Elektrogrosshand     7.75   6/10/2019    EUR     5.00
Siberian Gostinecs PAO          17.00   6/26/2019    RUB    45.01
Plaza Centers NV                 6.90    7/1/2020    ILS    74.06
Barclays Bank PLC                0.50   4/24/2023    MXN    61.80
Lehman Brothers Treasury Co      7.00  11/26/2013    EUR     7.50
Barclays Bank PLC                1.21   11/1/2031    USD    62.80
Gazprom PJSC                     3.50  10/21/2043    RUB    65.01
Tonon Luxembourg SA             10.50   5/14/2024    USD    40.75
Lehman Brothers Treasury Co      7.00   5/17/2035    EUR     7.50
German Pellets GmbH              7.25    4/1/2016    EUR     1.85
Solon SE                         1.38   12/6/2012    EUR     0.25
BNP Paribas SA                   0.50   9/29/2029    AUD    63.86
Petromena ASA                   10.85  11/19/2018    USD     0.61
Societe Generale SA              1.60    1/9/2020    GBP     1.13
Municipality Finance PLC         0.50   7/30/2029    AUD    70.83
Sairgroup Finance BV             6.63   10/6/2010    EUR    11.00
Banco Pastor SAU                 2.08                EUR     1.55
OGX Austria GmbH                 8.38    4/1/2022    USD     0.83
Finance and Credit Bank JSC      9.25   1/25/2019    USD     0.67
SAir Group                       5.50   7/23/2003    CHF    11.81
Svensk Exportkredit AB           0.50   2/22/2022    ZAR    70.90
PromSvyazCapital AO             10.50   4/10/2026    RUB    97.75
UniCredit Bank Austria AG        0.02   1/25/2031    EUR    73.71
Veneto Banca SpA                 6.94   5/15/2025    EUR     0.31
Lehman Brothers Treasury Co      5.00   2/27/2014    EUR     7.50
Atari SA                         0.10    4/1/2020    EUR     5.88
Elli Investments Ltd            12.25   6/15/2020    GBP    65.00
Banco Espirito Santo SA         10.00   12/6/2021    EUR     0.39
Bank Nederlandse Gemeenten N     0.50   8/15/2022    ZAR    68.37
Rio Forte Investments SA         4.00   7/22/2014    EUR     6.63
Municipality Finance PLC         0.50   6/19/2024    ZAR    58.19
Kristensen Germany AG            0.50   6/30/2018    DKK #N/A N/A
Minicentrales Dos SA             4.81  11/29/2034    EUR    65.75
New World Resources NV           4.00   10/7/2020    EUR     0.46
Espirito Santo Financial Gro     5.05  11/15/2025    EUR     0.57
AKB Peresvet ZAO                13.50  10/16/2020    RUB    21.06
Rosneft Oil Co PJSC              8.35  11/24/2027    RUB    70.53
Barclays Bank PLC                1.33   3/21/2031    USD    62.02
Espirito Santo Financial Por     5.13   5/30/2016    EUR     4.76
Hypo Vorarlberg Bank AG          5.87                EUR    44.66
Lehman Brothers Treasury Co      6.00   3/14/2011    EUR     7.50
Cooperatieve Rabobank UA         0.50   1/31/2033    MXN    23.14
Oi Brasil Holdings Cooperati     5.63   6/22/2021    EUR    43.69
Svensk Exportkredit AB           0.50   6/20/2029    AUD    70.16
Plaza Centers NV                 6.00    7/1/2020    ILS    72.06
Ahtium PLC                       4.00  12/16/2015    EUR     1.52
Bank Julius Baer & Co Ltd/Gu     9.10   5/23/2018    USD    59.60
Lehman Brothers Treasury Co      8.25   3/16/2035    EUR     7.50
Agentstvo po Ipotechnomu Zhy     7.60  11/13/2050    RUB    70.53
Phones4u Finance PLC             9.50    4/1/2018    GBP    74.50
BNP Paribas SA                   0.50   7/20/2021    BRL    72.62
Alpine Holding GmbH              5.25   6/10/2016    EUR     0.13
BTV Hybrid I GmbH                6.50                EUR    37.92
Orient Express Bank PJSC        18.00   5/28/2020    RUB    75.00
Agentstvo po Ipotechnomu Zhy     7.60  11/13/2050    RUB    70.53
SPORTTOTAL AG                    6.00   3/17/2019    EUR     3.85
Lehman Brothers Treasury Co      5.10    5/8/2017    HKD     7.50
Virgolino de Oliveira Financ    11.75    2/9/2022    USD     6.75
Deutsche Bank AG/London          1.51  11/26/2034    USD    66.33
Barclays Bank PLC                1.40  12/23/2033    USD    68.00
Krakowski Bank Spoldzielczy      5.11   9/20/2023    PLN    65.20
Lehman Brothers Treasury Co      4.00   2/16/2017    EUR     7.50
Norske Skogindustrier ASA        2.00  12/30/2115    EUR     1.10
Delamare Finance PLC             1.72   2/19/2029    GBP    72.46
Marine Subsea AS                 9.00  12/16/2019    USD     0.50
Region of Abruzzo Italy          0.10   11/7/2036    EUR    63.01
SpareBank 1 SR-Bank ASA          1.45  12/21/2030    EUR    74.29
Svensk Exportkredit AB           0.50   6/29/2029    AUD    64.73
UkrLandFarming PLC              10.88   3/26/2018    USD    20.75
Podkarpacki Bank Spoldzielcz     5.81   3/31/2025    PLN    55.02
State of Rhineland-Palatinat     0.60  10/24/2046    EUR    74.62
MegaFon PJSC                     9.90   5/29/2026    RUB    66.01
Royal Bank of Scotland PLC/T     0.51   2/25/2031    USD    65.05
Barclays Bank PLC                1.33   8/31/2031    USD    64.80
New World Resources NV           8.00    4/7/2020    EUR     3.56
Svensk Exportkredit AB           0.50   8/28/2020    TRY    71.89
Credit Suisse AG/London          8.25   9/27/2018    USD    67.73
Lloyds Bank PLC                  1.04  10/25/2033    USD    70.00
Barclays Bank PLC                2.33  10/30/2034    USD    74.75
Minaya Capital AG                7.00    8/1/2018    EUR    60.00
Cooperatieve Rabobank UA         0.50  10/29/2027    MXN    42.34
Vnesheconombank                  8.24  12/15/2022    RUB    62.00
Kaupthing ehf                    9.00                USD     0.12
Banca Adriatica Spa              7.75   6/30/2018    EUR     1.24
Banca Popolare di Vicenza        9.50   10/2/2025    EUR     0.96
Svensk Exportkredit AB           0.50   8/29/2029    AUD    65.56
Heta Asset Resolution AG         5.92  12/31/2023    EUR    34.63
Barclays Bank PLC                1.35   9/30/2031    USD    65.50
Bibby Offshore Services PLC      7.50   6/15/2021    GBP    15.50
Otkritie Holding JSC            11.25  12/10/2026    RUB    17.21
SAir Group                       4.25    2/2/2007    CHF    11.75
Beluga Group PJSC               12.90   4/29/2020    RUB   106.60
Lehman Brothers Treasury Co      4.60  10/11/2017    ILS     7.50
Kardan NV                        6.78    2/2/2020    ILS    67.45
Rena GmbH                        7.00  12/15/2015    EUR     2.00
Societe Generale SA              0.37   2/28/2033    USD    63.11
Norske Skogindustrier ASA        7.00  12/30/2026    EUR     1.64
Credito Padano Banca di Cred     3.10                EUR    34.68
HSH Nordbank AG                  2.30    2/1/2036    EUR    71.69
Grupo Isolux Corsan SA           3.00  12/30/2021    USD     2.90
Grupo Isolux Corsan SA           0.25  12/30/2018    EUR     0.29
AKB Peresvet ZAO                 3.02    9/2/2020    RUB    21.02
United Aircraft Corp PJSC        8.00   3/17/2020    RUB    70.00
Bank Otkritie Financial Corp     8.00  11/11/2023    RUB    75.00
Johnston Press Bond Plc          8.63    6/1/2019    GBP    73.13
Tonon Luxembourg SA              9.25   1/24/2020    USD     7.75
WPE International Cooperatie    10.38   9/30/2020    USD    18.25
Bank Nederlandse Gemeenten N     0.50    6/7/2022    ZAR    69.56
SAir Group                       6.25   4/12/2005    CHF    11.75
Centrosolar Group AG             7.00   2/15/2016    EUR     1.30
Promsvyazbank OJSC Via PSB F    10.50   3/17/2021    USD    10.50
Rosneft Oil Co PJSC              8.35  11/24/2027    RUB    70.53
Salvator Grundbesitz-AG          9.50                EUR    18.20
Barclays Bank PLC                3.28   1/31/2029    USD    60.75
EFG International Finance Gu     7.00  11/27/2019    EUR    15.40
Bilt Paper BV                    9.64                USD    21.38
Bank Nederlandse Gemeenten N     0.50   9/20/2022    ZAR    67.70
Anglian Water Services Finan     0.93   1/26/2057    GBP    73.59
BNP Paribas SA                  11.60    6/6/2018    USD    70.25
Barclays Bank PLC                1.04   4/25/2034    USD    66.25
Rosneft Oil Co PJSC              7.85   12/3/2020    RUB    62.02
SAir Group                       6.25  10/27/2002    CHF    11.81
UniCredit Bank AO               12.00  11/20/2019    RUB    60.16
Heta Asset Resolution AG         0.43  12/31/2023    EUR    34.63
Raiffeisen Schweiz Genossens     8.99   7/22/2019    EUR    29.11
Russian Post FGUP                9.35  10/18/2019    RUB    72.00
Municipiul Timisoara             1.73   5/15/2026    RON    70.00
PSN Pm OOO                      12.00   8/31/2027    RUB    70.00
AKB Peresvet ZAO                 0.51    8/4/2034    RUB    22.04
Oberbank Hybrid 1 GmbH           0.87                EUR    50.40
AKB Peresvet ZAO                12.75   7/24/2018    RUB    25.00
Moscow United Electric Grid     10.00   5/26/2026    RUB    62.00
Bashneft PJSC                   10.50   5/12/2026    RUB    60.00
SG Issuer SA                     0.78   6/15/2020    SEK    57.41
Gold-Zack AG                     7.00  12/14/2005    EUR    12.06
Finans-Avia OOO                  0.01   7/31/2027    RUB    19.00
Rosneft Oil Co PJSC              9.15   12/3/2020    RUB    62.02
Bank Intesa AO                   9.75  10/10/2019    RUB    71.01
Banca delle Marche SpA           6.00    5/8/2018    EUR     1.93
Atomenergoprom JSC              11.10  12/12/2025    RUB    70.01
Lehman Brothers Treasury Co      8.25   12/3/2015    EUR     7.50
International Finance Facili     0.50   6/29/2027    ZAR    41.82
Podkarpacki Bank Spoldzielcz     5.11   5/28/2023    PLN    51.00
Lehman Brothers Treasury Co      1.46   2/19/2012    JPY     7.50
Kamaz PJSC                      11.24   7/18/2030    RUB    70.00
EFG International Finance Gu     2.10   3/23/2018    EUR     8.22
Lehman Brothers Treasury Co     10.00    1/3/2012    BRL     1.90
Kommunekredit                    0.50   7/30/2027    TRY    35.41
UniCredit Bank Austria AG        0.06   1/24/2031    EUR    73.83
Cerruti Finance SA               6.50   7/26/2004    EUR     1.45
Podkarpacki Bank Spoldzielcz     5.81    7/2/2020    PLN    72.50
Pongs & Zahn AG                  8.50                EUR     0.00
Lehman Brothers Treasury Co      5.00    5/2/2022    EUR     1.90
Lehman Brothers Treasury Co      5.00   3/18/2015    EUR     7.50
Ideal Standard International    11.75    5/1/2018    EUR     4.89
Driver & Bengsch AG              8.50  12/31/2027    EUR     0.00
Muehl Product & Service AG       6.75   3/10/2005    DEM     0.08
Societe Generale SA              1.73   1/31/2029    USD    73.54
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB   100.40
Rosselkhozbank JSC               9.35   7/11/2025    RUB    65.01
Lehman Brothers Treasury Co      5.00   8/16/2017    EUR     7.50
Podkarpacki Bank Spoldzielcz     5.81   2/23/2025    PLN    50.00
LBI HF                           7.43                USD     0.00
BKS Hybrid alpha GmbH            7.35                EUR    60.15
SAir Group                       0.13    7/7/2005    CHF    12.00
Bank Nederlandse Gemeenten N     0.50   9/20/2022    MXN    68.31
Lehman Brothers Treasury Co      1.68    3/5/2015    EUR     1.90
Svensk Exportkredit AB           0.50   3/28/2029    AUD    70.62
Royal Bank of Scotland PLC/T     0.51   8/26/2031    USD    61.10
Lehman Brothers Treasury Co      4.00   7/27/2011    EUR     1.90
Rosneft Oil Co PJSC              7.95   5/30/2023    RUB   100.51
Astana Finance BV                7.88    6/8/2010    EUR    16.88
Municipality Finance PLC         0.50    5/8/2029    AUD    65.06
Region of Molise Italy           0.13  12/15/2033    EUR    67.40
SAir Group                       2.13   11/4/2004    CHF    11.75
Mriya Agro Holding PLC          10.95   3/30/2016    USD     6.13
HSBC Bank PLC                    0.50  12/29/2026    AUD    71.96
Lehman Brothers Treasury Co      6.25    9/5/2011    EUR     1.90
COFIDUR SA                       0.10  12/31/2024    EUR    24.76
Phosphorus Holdco PLC           10.00    4/1/2019    GBP     1.18
Bank Nederlandse Gemeenten N     0.50    8/9/2022    MXN    68.98
Virgolino de Oliveira Financ    10.88   1/13/2020    USD    25.50
Santander Finance Capital SA     2.00                USD    71.27
Otkritie Holding JSC            11.50    8/5/2025    RUB    14.95
EFG International Finance Gu     7.20   7/29/2020    EUR    27.64
Espirito Santo Financial Por     5.63   7/28/2017    EUR     4.23
Grupo Isolux Corsan SA           0.25  12/30/2021    USD     0.30
Miratorg-Finans OOO             11.00   8/24/2021    RUB    66.01
SG Issuer SA                     6.00   6/30/2022    USD    72.35
Lehman Brothers Treasury Co      6.65   8/24/2011    AUD     7.50
Lehman Brothers Treasury Co      6.00   3/18/2015    USD     7.50
Rosneft Oil Co PJSC              9.15   12/3/2020    RUB    62.02
Metalloinvest Holding Co OAO    11.90   2/12/2026    RUB    70.06
Lehman Brothers Treasury Co      7.50    5/2/2017    EUR     1.90
Lehman Brothers Treasury Co      0.50    8/1/2020    EUR     1.90
Northland Resources AB          15.00   7/15/2019    USD     2.62
ECM Real Estate Investments      5.00   10/9/2011    EUR    15.38
BLT Finance BV                   7.50   5/15/2014    USD     2.04
Lehman Brothers Treasury Co      7.00    6/6/2017    EUR     1.90
Lehman Brothers Treasury Co      5.25    4/1/2023    EUR     1.90
ENEL RUSSIA PJSC                12.10   9/28/2018    RUB    80.35
ML 33 Invest AS                  7.50                NOK    68.74
Barclays Bank PLC                0.50   1/28/2033    MXN    26.26
Barclays Bank PLC                2.49   2/28/2034    USD    69.30
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB   100.40
City of Predeal Romania          2.50   5/15/2026    RON    60.00
KPNQwest NV                      7.13    6/1/2009    EUR     0.07
Windreich GmbH                   6.25    3/1/2015    EUR    14.63
Heta Asset Resolution AG         0.22  12/31/2023    EUR    34.63
EFG International Finance Gu     7.19    5/6/2019    EUR    12.26
Credit Suisse AG/London          7.00   11/8/2018    USD    65.78
Avangard Bank PJSC               9.75   2/20/2026    RUB    72.01
Privatbank CJSC Via UK SPV C    10.88   2/28/2018    USD    38.13
Hamon & CIE SA                   5.50   1/30/2020    EUR    64.50
Risland OOO                      9.25   1/10/2019    RUB     1.11
Lehman Brothers Treasury Co      0.50    7/2/2020    EUR     1.90
Fonciere Volta SA                4.50   7/30/2020    EUR     2.50
Rosneft Oil Co PJSC              9.50  12/17/2026    RUB    68.17
City of St Petersburg Russia     7.65   12/4/2026    RUB    99.10
Cooperatieve Rabobank UA         0.50  12/29/2027    MXN    39.85
SAir Group                       5.13    3/1/2003    CHF    13.00
Province of Brescia Italy        0.03   6/30/2036    EUR    65.52
Rosselkhozbank JSC              17.00  12/13/2024    RUB    61.32
Societe Generale SA              0.50   5/30/2023    MXN    63.48
City of Moscow Russia            7.50   5/18/2021    RUB    65.00
Petromena ASA                    9.75   5/24/2016    NOK     0.61
Lehman Brothers Treasury Co     15.00   3/30/2011    EUR     1.90
UmweltBank AG                    2.85                EUR    54.18
Aralco Finance SA               10.13    5/7/2020    USD     5.15
IDGC of Centre PJSC              9.32   8/14/2026    RUB    70.01
Municipality Finance PLC         0.50   4/26/2022    ZAR    69.80
Kommunalbanken AS                4.80   12/1/2022    TRY    70.28
Solarwatt GmbH                   7.00   11/1/2015    EUR    15.50
Banca delle Marche SpA           6.00   6/12/2018    EUR     1.93
Lehman Brothers Treasury Co      4.00   7/20/2012    EUR     1.90
Bashneft PJSC                   10.70   5/13/2024    RUB    70.01
Windreich GmbH                   6.75    3/1/2015    EUR    14.63
IDGC of Centre PJSC             11.58  11/11/2025    RUB    70.27
Landesbank Baden-Wuerttember    12.40  11/23/2018    EUR    70.40
AKB Peresvet ZAO                13.00   10/7/2017    RUB    24.13
Praim Finans OOO                 9.34   7/13/2021    RUB     1.12
Otkritie Holding JSC            11.50   5/26/2032    RUB    49.77
Kaupthing ehf                    5.25   7/18/2017    BGN     0.25
KPNQwest NV                      8.88    2/1/2008    EUR     0.06
Credit Suisse AG/London          8.00  11/29/2019    USD     7.64
United Confectioners Finance    10.50    4/3/2023    RUB   100.23
SAir Group                       2.75   7/30/2004    CHF    11.88
Gazprom PJSC                     3.50  10/21/2043    RUB    65.01
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB    62.00
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB   100.40
VEB-Leasing OAO                  8.71    9/1/2025    RUB    65.01
Bashneft PJSC                   10.90   4/29/2026    RUB   108.70
Vimpel-Communications PJSC       1.00   10/3/2025    RUB    62.00
Lloyds Bank PLC                  0.50   7/26/2028    MXN    34.90
Astana Finance BV                9.00  11/16/2011    USD    16.88
Lehman Brothers Treasury Co      4.25   3/13/2021    EUR     1.63
Lehman Brothers Treasury Co      4.87   10/8/2013    USD     1.90
Union Technologies Informati     0.10    1/1/2020    EUR     6.00
DekaBank Deutsche Girozentra     0.01   6/29/2046    EUR    54.61
SAir Group                       2.75   7/30/2004    CHF    11.75
LBI HF                           7.43                USD     0.00
Sankt-Peterburg Telecom OAO     10.70   1/31/2022    RUB    63.17
Transneft PJSC                   8.75   4/14/2027    RUB    60.66
Raiffeisen Centrobank AG         9.32  12/25/2018    EUR    26.89
Lehman Brothers Treasury Co      5.00    8/1/2025    EUR     1.90
Rosselkhozbank JSC               9.35   7/14/2025    RUB    65.01
Bashneft PJSC                   10.90   4/29/2026    RUB   110.00
Lehman Brothers Treasury Co      5.00   2/28/2032    EUR     1.90
Municipality Finance PLC         0.25   6/28/2040    CAD    32.49
Lehman Brothers Treasury Co     11.75    3/1/2010    EUR     1.90
UniCredit Bank Austria AG        0.12   1/22/2031    EUR    74.78
Lehman Brothers Treasury Co      4.60   11/9/2011    EUR     7.50
Vontobel Financial Products      2.00   6/22/2018    EUR    65.17
Credit Suisse AG/London          9.00   1/23/2020    USD     9.28
Agrokompleks OOO                 0.10   7/29/2019    RUB     2.50
Bashneft PJSC                    9.50  12/10/2026    RUB    63.93
Royal Bank of Scotland PLC/T     1.68   8/18/2031    USD    69.28
Lehman Brothers Treasury Co      3.00   6/23/2009    EUR     7.50
Lehman Brothers Treasury Co      6.00  10/24/2008    EUR     1.90
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB    99.00
Polyplast OAO/Moscow            15.90    6/6/2018    RUB    90.01
HSBC Bank PLC                    0.50   6/23/2027    MXN    42.27
Credit Europe Bank Ltd          10.00  10/22/2018    RUB    66.01
Bulgaria Steel Finance BV       12.00    5/4/2013    EUR     0.17
Kreditanstalt fuer Wiederauf     0.25   10/6/2036    CAD    42.47
HSBC Bank PLC                    0.50   7/21/2021    BRL    71.75
Lehman Brothers Treasury Co      1.28   11/6/2010    JPY     7.50
Oberoesterreichische Landesb     0.32   11/6/2030    EUR    74.93
Oberoesterreichische Landesb     0.30   4/25/2042    EUR    71.31
AKB Peresvet ZAO                 0.51   6/23/2021    RUB    20.06
Raiffeisen Switzerland BV        9.00    4/1/2019    EUR    18.26
Podkarpacki Bank Spoldzielcz     5.01   10/6/2021    PLN    62.11
Podkarpacki Bank Spoldzielcz     5.81  10/24/2024    PLN    45.00
Rusfinans Bank OOO              11.00   10/2/2019    RUB    72.01
Investpro OOO                   13.00  12/31/2018    RUB     3.05
Lehman Brothers Treasury Co      7.59  11/22/2009    MXN     7.50
Lehman Brothers Treasury Co      5.55   3/12/2015    EUR     1.90
Lehman Brothers Treasury Co      6.00  10/30/2012    USD     1.90
Lehman Brothers Treasury Co      8.00  10/17/2014    EUR     1.90
Lehman Brothers Treasury Co      8.00   2/16/2016    EUR     1.90
City of Siret Romania            3.21    3/1/2028    RON    50.00
Commerzbank AG                  10.00    3/2/2020    EUR    62.56
Bank Julius Baer & Co Ltd/Gu     6.50   6/14/2018    USD    63.15
EFG International Finance Gu     7.20   2/25/2019    EUR    11.00
Xsystem SA                      10.00   3/31/2019    PLN    20.00
Landes-Hypothekenbank Steier     0.02    3/7/2043    EUR    70.44
Kaupthing ehf                    9.75   9/10/2015    USD     0.25
Barclays Bank PLC                0.50   3/19/2021    MXN    74.38
Rosneft Oil Co PJSC             11.90  11/28/2024    RUB   100.40
Cooperatieve Rabobank UA         0.50  11/30/2027    MXN    40.08
Lehman Brothers Treasury Co      2.50  12/15/2011    GBP     1.90
Metalloinvest Holding Co OAO     0.01    3/7/2022    RUB    65.00
Eiendomskreditt AS               4.13                NOK    56.60
Otkritie Holding JSC            10.00   4/20/2028    RUB    15.02
Svensk Exportkredit AB           0.50   6/28/2022    ZAR    68.66
UBS AG/London                   10.00  12/10/2019    USD     9.77
Commerzbank AG                   5.00    2/9/2018    EUR    62.89
Polski Bank Spoldzielczy w C     4.81   6/18/2020    PLN    50.00
Bashneft PJSC                    9.40   1/22/2024    RUB    66.57
ENEL RUSSIA PJSC                12.10   5/22/2025    RUB    67.00
Lehman Brothers Treasury Co      7.50  10/24/2008    USD     1.90
Lehman Brothers Treasury Co     10.00   6/11/2038    JPY     1.90
Nutritek International Corp      8.75  12/11/2008    USD     2.00
Lehman Brothers Holdings PLC     3.03   3/24/2009    JPY     2.76
Atomenergoprom JSC               9.33   12/3/2026    RUB    70.01
Lehman Brothers Treasury Co      4.50    3/7/2015    EUR     1.90
Rio Forte Investments SA         4.75  11/10/2015    EUR     6.63
Lehman Brothers Treasury Co     11.00    7/4/2011    CHF     1.90
Communaute Francaise de Belg     0.50   6/27/2046    EUR    68.90
Lehman Brothers Treasury Co      6.30  12/21/2018    USD     1.90
Bank ZENIT PJSC                  7.50   6/14/2024    RUB    65.01
Vontobel Financial Products      5.00   6/25/2018    EUR    60.46
Leonteq Securities AG/Guerns     5.00  12/27/2019    EUR    64.28
Bayerische Landesbank            2.60   3/29/2018    EUR    73.19
German Pellets GmbH              8.00                EUR     0.02
Municipality Finance PLC         0.50   5/31/2022    ZAR    69.07
Investpro OOO                   11.50  10/13/2020    RUB     2.00
RGS Nedvizhimost OOO            12.00   6/21/2021    RUB     1.55
Lehman Brothers Treasury Co      3.86   9/21/2011    SGD     7.50
Kaupthing ehf                    6.13   10/4/2016    USD     0.25
Lehman Brothers Treasury Co      7.00   4/14/2009    EUR     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Rosneft Oil Co PJSC              9.40  11/28/2024    RUB    62.00
LBI HF                           6.10   8/25/2011    USD     7.88
Otkritie Holding JSC            12.70   9/30/2027    RUB    33.00
Lehman Brothers Treasury Co      5.00   4/24/2017    EUR     1.90
Lehman Brothers Treasury Co      6.00   9/20/2011    EUR     1.90
Societe Generale SA              0.50    8/4/2021    BRL    72.33
Banca Adriatica Spa              7.20   6/30/2018    EUR     1.24
HSBC Bank PLC                    0.50  10/30/2026    NZD    74.25
HSBC Bank PLC                    0.50   6/10/2021    BRL    72.62
Credit Europe Bank Ltd          10.00    4/6/2018    RUB    64.01
Lehman Brothers Treasury Co      0.01   9/20/2011    USD     1.90
Deutsche Bank AG/London          0.50   10/5/2021    IDR    70.36
Portugal Telecom Internation     4.38   3/24/2017    EUR    42.00
Otkritie Holding JSC            12.14   10/3/2036    RUB    19.13
Lehman Brothers Treasury Co      7.60   1/31/2013    AUD     1.90
KPNQwest NV                      8.88    2/1/2008    EUR     0.06
Lehman Brothers Treasury Co      4.05   9/16/2008    EUR     1.90
Lehman Brothers Treasury Co      5.00  11/22/2012    EUR     1.90
UniCredit Bank AG                4.60    7/2/2018    EUR    58.60
Bayerische Landesbank            2.70    7/6/2018    EUR    70.13
Bayerische Landesbank            3.20   7/27/2018    EUR    72.01
IT Holding Finance SA            9.88  11/15/2012    EUR     0.76
Lehman Brothers Treasury Co      6.45   2/20/2010    AUD     1.90
Svensk Exportkredit AB           0.50   8/25/2021    ZAR    73.77
BELLAGIO Holding GmbH            1.91                EUR    48.39
RGS Nedvizhimost OOO            12.00  10/19/2020    RUB     0.61
Bank ZENIT PJSC                  7.50  11/20/2025    RUB    56.28
Credit Agricole Corporate &      0.50    3/6/2023    RUB    72.33
Credit Suisse AG/London          8.54    1/7/2020    USD     9.95
UniCredit Bank AG                5.20    5/4/2020    USD    67.24
Rosselkhozbank JSC              12.87  12/21/2021    RUB   111.15
Credit Suisse AG/London          8.50    2/2/2018    USD    52.99
UBS AG/London                    5.50   5/17/2018    USD    56.30
Lehman Brothers Treasury Co      5.25    7/8/2014    EUR     1.90
Solomenskij Lesozavod ZAO       10.00   9/29/2021    RUB    62.00
Bashneft PJSC                   12.00   5/19/2025    RUB    60.00
Lehman Brothers Treasury Co      5.00  10/24/2008    CHF     1.90
Lehman Brothers Treasury Co      4.60    7/6/2016    EUR     1.90
Republic of Komi Russia          9.50  11/16/2022    RUB    61.02
DekaBank Deutsche Girozentra     0.12   6/23/2034    EUR    74.14
Delta-Finance OOO               10.00  12/17/2020    RUB     0.10
Credit Europe Bank Ltd          10.00   9/14/2018    RUB   103.00
Lehman Brothers Treasury Co      5.10   6/22/2046    EUR     1.90
Lehman Brothers Treasury Co     11.00  12/19/2011    USD     1.90
Lehman Brothers Treasury Co      3.50  10/31/2011    USD     1.90
KPNQwest NV                      7.13    6/1/2009    EUR     0.07
Sidetur Finance BV              10.00   4/20/2016    USD     3.65
Banca Adriatica Spa              8.00   6/30/2018    EUR     1.24
Lehman Brothers Treasury Co      3.03   1/31/2015    EUR     1.90
Kaupthing ehf                    7.50    2/1/2045    USD     0.26
Lehman Brothers Treasury Co      5.00    9/1/2011    EUR     1.90
Lehman Brothers Treasury Co      6.00  10/30/2012    EUR     1.90
Cooperatieve Rabobank UA         0.50   8/21/2028    MXN    37.14
ECM Real Estate Investments      5.00   10/9/2011    EUR    15.38
Heta Asset Resolution AG         5.03  12/31/2023    EUR    34.63
DZ Bank AG Deutsche Zentral-     5.75   2/23/2018    EUR    72.30
Credit Suisse AG/London          7.00  11/15/2019    USD     8.52
Raiffeisen Centrobank AG        10.63   9/25/2018    EUR    67.65
HSBC Trinkaus & Burkhardt AG     6.50   6/22/2018    EUR    70.56
BAWAG PSK Versicherungs AG       0.92                EUR    57.07
Lehman Brothers Treasury Co      5.25   5/26/2026    EUR     1.90
Region Invest OOO                9.53   1/12/2021    RUB     0.95
Region Invest OOO               10.50   9/12/2019    RUB     1.27
Stroytemp CJSC                   9.00  11/13/2019    RUB     0.10
Promnefteservis OOO             10.50  11/21/2019    RUB     2.20
Rosselkhozbank JSC              15.00   1/29/2025    RUB    66.73
Otkritie Holding JSC            11.50   7/22/2030    RUB    19.13
Otkritie Holding JSC            10.00   9/17/2027    RUB    17.95
Otkritie Holding JSC            11.50   7/23/2029    RUB    19.13
Lehman Brothers Treasury Co     12.00   7/13/2037    JPY     1.90
RGS Nedvizhimost OOO            12.50   7/22/2021    RUB     0.03
Lehman Brothers Treasury Co      2.00  11/16/2009    EUR     1.90
Lehman Brothers Treasury Co      1.75    2/7/2010    EUR     1.90
Eiendomskreditt AS               5.08                NOK    66.89
Atomenergoprom JSC               9.33   11/2/2026    RUB    70.01
Hellas Telecommunications Lu     8.50  10/15/2013    EUR     1.04
LBI HF                           2.25   2/14/2011    CHF     7.13
EDOB Abwicklungs AG              7.50    4/1/2012    EUR     0.39
Investpro OOO                   12.75    9/6/2018    RUB #N/A N/A
Otkritie Holding JSC            11.50   7/20/2028    RUB    14.02
Lehman Brothers Treasury Co      6.85  12/22/2008    EUR     1.90
Credit Suisse AG                 0.50  12/16/2025    BRL    45.68
Heta Asset Resolution AG         0.13  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co      7.55  12/29/2008    USD     1.90
HSBC Bank PLC                    0.50   1/29/2027    NZD    73.33
UniCredit Bank AG                4.50   9/28/2018    EUR    19.74
Commerzbank AG                   0.10  12/27/2018    RUB     1.72
UniCredit Bank AG                5.40  11/29/2019    USD    61.42
Commerzbank AG                   4.50  12/29/2022    USD     7.00
Leonteq Securities AG/Guerns    10.20  10/24/2018    USD    66.12
Transneft PJSC                   9.65   6/30/2023    RUB    65.10
Leonteq Securities AG            7.20    5/2/2019    CHF    63.18
Credit Suisse AG/London          5.75    2/2/2018    USD    57.85
UniCredit Bank AG                3.10    1/4/2019    EUR    22.98
Agrokompleks OOO                 0.10   12/8/2022    RUB     3.21
Lehman Brothers Treasury Co      5.12   4/30/2027    EUR     1.90
Lehman Brothers Treasury Co      5.25  11/21/2009    USD     1.90
Lehman Brothers Treasury Co      5.50   4/23/2014    EUR     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Zurcher Kantonalbank Finance     7.82    8/6/2018    EUR    66.66
Hellenic Republic Government     2.09   7/25/2057    EUR    39.88
Lehman Brothers Treasury Co     14.90   9/15/2008    EUR     1.90
Lehman Brothers Treasury Co      1.50  10/25/2011    EUR     1.90
Region Invest OOO               10.48   4/20/2021    RUB     0.67
LBI HF                           5.08    3/1/2013    ISK     7.13
UniCredit Bank AG                3.10   6/22/2018    EUR    17.85
UniCredit Bank AG                4.20   6/22/2018    EUR    17.01
Citigroup Global Markets Fun     7.00   6/16/2022    SEK    70.52
Commerzbank AG                   4.50  12/29/2022    USD     5.24
City of Bistrita Romania         2.73  11/25/2029    RON    60.00
Leonteq Securities AG/Guerns     7.00   6/26/2019    CHF    65.55
Commerzbank AG                   4.00    7/6/2018    EUR    53.07
EFG International Finance Gu     6.48   5/29/2018    EUR     3.05
Raiffeisen Schweiz Genossens     6.50    7/2/2018    USD    63.62
National Developing Co PAO      16.00   4/15/2021    RUB     0.10
Eurocent SA                      8.50   9/15/2018    PLN    10.00
HSBC Trinkaus & Burkhardt AG    11.60   3/23/2018    EUR    60.28
RBC PJSC                         6.00   4/19/2018    RUB    60.00
SG Issuer SA                     5.50   4/10/2021    EUR    67.54
RBC PJSC                         6.00   4/19/2018    RUB    75.00
UniCredit Bank AG                4.70   6/22/2018    EUR    22.83
Credit Suisse AG/London          8.25   8/29/2018    USD    68.79
Bank Julius Baer & Co Ltd/Gu     9.40  10/11/2018    USD    70.70
UniCredit Bank AG                4.90   9/28/2018    EUR    22.34
UniCredit Bank AG                4.10   9/28/2018    EUR    24.49
UniCredit Bank AG                3.60   9/28/2018    EUR    26.57
UniCredit Bank AG                4.10   6/22/2018    EUR    23.81
Leonteq Securities AG            8.20  11/23/2018    USD    68.90
Nota-Bank OJSC                  13.50    4/1/2016    RUB    31.50
Lehman Brothers Treasury Co      7.50   5/30/2010    AUD     1.90
Kaupthing ehf                    6.13   10/4/2016    USD     0.25
Lehman Brothers Treasury Co      1.00    5/9/2012    EUR     1.90
Lehman Brothers Treasury Co      6.60    2/9/2009    EUR     1.90
Heta Asset Resolution AG         7.50  12/31/2023    ATS    34.63
T-Generation CJSC               12.00   6/14/2019    RUB     0.10
Otkritie Holding JSC            11.50   7/23/2029    RUB    19.13
RGS Nedvizhimost OOO            12.50   1/19/2021    RUB     8.00
MIK OAO                         15.00   2/19/2020    RUB     0.02
Rosbank PJSC                     7.85   12/2/2022    RUB    70.53
RGS Nedvizhimost OOO            12.00  10/18/2017    RUB     0.68
Region Invest OOO               10.23    5/4/2021    RUB     0.81
SG Issuer SA                     0.10   6/11/2029    NZD    61.21
Ladya-Finans LLC                12.00  10/29/2021    RUB   100.00
Lehman Brothers Treasury Co      3.35  10/13/2016    EUR     1.90
Lehman Brothers Treasury Co      4.70   3/23/2016    EUR     1.90
Lehman Brothers Treasury Co      4.82  12/18/2036    EUR     1.90
Lehman Brothers Treasury Co      6.50   5/16/2015    EUR     1.90
Region Invest OOO               10.48   4/19/2021    RUB     0.72
Lehman Brothers Treasury Co      0.50    6/2/2020    EUR     1.90
Lehman Brothers Treasury Co     10.00   6/17/2009    USD     1.90
Lehman Brothers Treasury Co     12.40   6/12/2009    USD     1.90
Bank Intesa AO                   8.25   6/10/2018    RUB    64.01
Lehman Brothers Treasury Co      2.00   6/28/2011    EUR     1.90
Region Invest OOO               10.36   7/19/2022    RUB     1.44
Region Invest OOO               10.48   4/15/2021    RUB     0.67
Kaupthing ehf                    7.00   7/24/2009    ISK     0.25
LBI HF                           8.65    5/1/2011    ISK     7.13
Malahit AO                      15.00   7/14/2025    RUB     2.40
Lehman Brothers Treasury Co      8.28   3/26/2009    USD     1.90
Lehman Brothers Treasury Co      3.00   12/3/2012    EUR     1.90
Lehman Brothers Treasury Co      4.68  12/12/2045    EUR     1.90
First Mortgage Co Universal      6.50  12/12/2019    USD    25.20
Commerzbank AG                   4.50  12/30/2024    USD    15.22
Landesbank Baden-Wuerttember     3.00   9/28/2018    EUR    63.59
Landesbank Baden-Wuerttember     3.40   6/22/2018    EUR    72.98
SG Issuer SA                     6.65  10/10/2021    EUR    73.62
Lehman Brothers Treasury Co      5.00   12/6/2011    EUR     1.90
Barclays Bank PLC                0.50   3/26/2021    MXN    73.95
Barclays Bank PLC                0.50   3/13/2023    RUB    72.05
HSBC Bank PLC                    0.50   4/27/2027    NZD    72.69
Lehman Brothers Treasury Co      5.00   2/15/2018    EUR     1.90
Heta Asset Resolution AG         5.73  12/31/2023    EUR    34.63
HSBC Bank PLC                    0.50   2/24/2027    NZD    73.28
VEB-Leasing OAO                  8.65   1/16/2024    RUB    65.01
Lehman Brothers Treasury Co      4.50    3/6/2013    CHF     1.90
Northland Resources AB          12.25   3/26/2016    USD     2.62
BNP Paribas SA                   0.50  11/16/2032    MXN    32.72
Lehman Brothers Treasury Co      6.00   5/12/2017    EUR     1.90
Lehman Brothers Treasury Co      4.50    5/2/2017    EUR     7.50
Digital Invest OOO              10.22  10/22/2020    RUB     1.09
Lehman Brothers Treasury Co      7.00   9/20/2011    USD     1.90
Metalloinvest Holding Co OAO     0.01    3/7/2022    RUB    65.00
Lehman Brothers Treasury Co      3.50   6/20/2011    EUR     1.90
OOO SPV Structural Investmen     0.01    9/1/2023    RUB    70.21
Lehman Brothers Treasury Co      5.00   3/13/2009    EUR     1.90
Lehman Brothers Treasury Co     15.00    6/4/2009    CHF     1.90
Kaupthing ehf                    7.63   2/28/2015    USD     0.25
Digital Invest OOO               9.95   4/21/2020    RUB     1.16
Raiffeisen Centrobank AG         6.84   6/25/2019    EUR    24.05
Zurcher Kantonalbank Finance     7.50    7/6/2018    CHF    65.77
Leonteq Securities AG/Guerns     7.00   6/19/2019    USD    68.70
Deutsche Bank AG                 5.20  12/27/2018    EUR    71.10
Raiffeisen Centrobank AG         7.25  12/25/2018    EUR    23.62
Bank J Safra Sarasin AG/Guer    12.75    2/1/2018    USD    53.01
Lehman Brothers Treasury Co     11.00  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co     12.22  11/21/2017    USD     1.90
Heta Asset Resolution AG         4.35  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co     17.00    6/2/2009    USD     1.90
Lehman Brothers Treasury Co      5.50  11/30/2012    CZK     1.90
Soyuz AKB OAO                    9.50  11/22/2019    RUB   100.04
Soyuz AKB OAO                   13.00  11/22/2019    RUB    99.00
Lehman Brothers Treasury Co      5.22    3/1/2024    EUR     1.90
UniCredit Bank AG               11.30    1/4/2019    EUR    74.33
DZ Bank AG Deutsche Zentral-     5.25   7/27/2018    EUR    72.74
Commerzbank AG                  17.00   6/22/2018    EUR    70.82
Landesbank Baden-Wuerttember     5.50   7/26/2019    EUR    74.25
DZ Bank AG Deutsche Zentral-     7.50   3/23/2018    EUR    73.00
DZ Bank AG Deutsche Zentral-     5.25   9/28/2018    EUR    73.95
Vontobel Financial Products      9.45    3/9/2018    EUR    71.87
HSBC Trinkaus & Burkhardt AG     9.30   4/27/2018    EUR    63.90
HSBC Trinkaus & Burkhardt AG     7.00   3/23/2018    EUR    62.32
DZ Bank AG Deutsche Zentral-     5.25   9/28/2018    EUR    66.36
UniCredit Bank AG                9.40   3/23/2018    EUR    73.03
HSBC Trinkaus & Burkhardt AG    10.70   9/28/2018    EUR    70.09
Commerzbank AG                  18.00   5/25/2018    EUR    70.22
HSBC Trinkaus & Burkhardt AG     8.10   9/28/2018    EUR    74.57
Raiffeisen Centrobank AG         8.83   6/25/2019    EUR    27.18
Vontobel Financial Products      6.00   6/22/2018    EUR    64.30
DZ Bank AG Deutsche Zentral-     6.25   8/24/2018    EUR    73.85
EFG International Finance Gu     8.40   8/23/2018    USD    70.99
Commerzbank AG                  12.50   5/23/2018    EUR    66.82
Commerzbank AG                  11.50   7/27/2018    EUR    67.70
DZ Bank AG Deutsche Zentral-     9.50   9/28/2018    EUR    72.28
DZ Bank AG Deutsche Zentral-    11.90   3/23/2018    EUR    69.96
DZ Bank AG Deutsche Zentral-     8.50   6/22/2018    EUR    72.66
DZ Bank AG Deutsche Zentral-     9.90   6/22/2018    EUR    71.07
DZ Bank AG Deutsche Zentral-     7.60   9/28/2018    EUR    74.80
DZ Bank AG Deutsche Zentral-     8.30   9/28/2018    EUR    73.41
Deutsche Bank AG                 4.20   3/20/2018    EUR    70.80
Deutsche Bank AG                 4.20   6/19/2018    EUR    68.40
Deutsche Bank AG                 4.20   9/25/2018    EUR    69.30
Deutsche Bank AG                 4.20  12/27/2018    EUR    70.10
DZ Bank AG Deutsche Zentral-     8.25   9/28/2018    EUR    68.31
Credit Suisse AG/London         10.00   2/19/2020    USD     9.98
UniCredit Bank AG               13.60    1/4/2019    EUR    23.34
UniCredit Bank AG                4.60    1/4/2019    EUR    19.75
UniCredit Bank AG                8.20    1/4/2019    EUR    21.74
UniCredit Bank AG               10.10   6/22/2018    EUR    16.49
UniCredit Bank AG                7.70   6/22/2018    EUR    16.36
UniCredit Bank AG                8.90   9/28/2018    EUR    19.61
UniCredit Bank AG                5.60    1/4/2019    EUR    19.59
UniCredit Bank AG               11.60    1/4/2019    EUR    22.05
UniCredit Bank AG                3.30    1/4/2019    EUR    21.34
UniCredit Bank AG                5.70   9/28/2018    EUR    19.36
UniCredit Bank AG               12.00    1/4/2019    EUR    72.41
UniCredit Bank AG               13.50    1/4/2019    EUR    71.29
Commerzbank AG                  18.25   2/22/2018    EUR    55.81
Commerzbank AG                  17.50   3/22/2018    EUR    57.19
Vontobel Financial Products     10.50   6/25/2018    EUR    71.43
Vontobel Financial Products     14.00   6/25/2018    EUR    67.39
Vontobel Financial Products     13.00   9/28/2018    EUR    70.35
DZ Bank AG Deutsche Zentral-     7.00   6/22/2018    EUR    72.74
DZ Bank AG Deutsche Zentral-     5.00   6/22/2018    EUR    13.11
DZ Bank AG Deutsche Zentral-     9.00   6/22/2018    EUR    66.26
Societe Generale SA              8.00   5/28/2027    USD    68.60
Vontobel Financial Products      5.50   6/22/2018    EUR    59.69
BNP Paribas Emissions- und H    10.00   3/22/2018    EUR    64.64
HSBC Trinkaus & Burkhardt AG    10.60   6/22/2018    EUR    71.33
BNP Paribas Emissions- und H    10.00   3/22/2018    EUR    56.17
BNP Paribas Emissions- und H    13.00   3/22/2018    EUR    51.16
Vontobel Financial Products      9.50  11/23/2018    EUR    68.82
Vontobel Financial Products     13.00   3/23/2018    EUR    59.07
Vontobel Financial Products      9.70   6/25/2018    EUR    58.65
Vontobel Financial Products      7.55   6/22/2018    EUR    70.94
UniCredit Bank AG               14.10   3/23/2018    EUR    68.36
Commerzbank AG                  18.75   2/22/2018    EUR    62.06
Commerzbank AG                  13.50   2/22/2018    EUR    49.77
HSBC Trinkaus & Burkhardt AG    12.20   9/28/2018    EUR    68.24
HSBC Trinkaus & Burkhardt AG     9.70   7/27/2018    EUR    71.50
Raiffeisen Centrobank AG         8.33   6/25/2019    EUR    26.58
UniCredit Bank AG               10.50   6/22/2018    EUR    71.07
UniCredit Bank AG               13.60   6/22/2018    EUR    67.37
Commerzbank AG                   8.50   2/22/2018    EUR    69.66
Commerzbank AG                  15.75   2/22/2018    EUR    56.29
Commerzbank AG                  15.50   3/22/2018    EUR    65.67
HSBC Trinkaus & Burkhardt AG    10.90   2/23/2018    EUR    68.84
Commerzbank AG                  11.25  10/26/2018    EUR    74.20
Commerzbank AG                  12.00   2/22/2018    EUR    62.20
Commerzbank AG                  11.50   3/22/2018    EUR    71.02
Commerzbank AG                  17.50   3/22/2018    EUR    63.46
Commerzbank AG                   9.00   2/22/2018    EUR    63.39
Commerzbank AG                  10.75   2/22/2018    EUR    53.57
Commerzbank AG                  13.25  10/26/2018    EUR    72.40
Commerzbank AG                  15.50   7/27/2018    EUR    70.86
DZ Bank AG Deutsche Zentral-     7.75   7/27/2018    EUR    74.57
Commerzbank AG                  16.00   2/21/2018    EUR    62.16
UniCredit Bank AG               11.00   3/23/2018    EUR    69.44
UniCredit Bank AG               12.70   3/23/2018    EUR    66.20
Commerzbank AG                  12.75   2/22/2018    EUR    69.11
Commerzbank AG                  13.50   3/22/2018    EUR    68.11
Commerzbank AG                   9.75   3/22/2018    EUR    75.10
BNP Paribas Emissions- und H    12.00   3/22/2018    EUR    62.49
Commerzbank AG                  11.50   4/26/2018    EUR    67.85
DZ Bank AG Deutsche Zentral-     5.50   3/23/2018    EUR    69.01
DZ Bank AG Deutsche Zentral-     5.25   7/27/2018    EUR    14.71
Vontobel Financial Products      9.20    6/8/2018    EUR    74.83
HSBC Trinkaus & Burkhardt AG    12.10   3/23/2018    EUR    53.63
HSBC Trinkaus & Burkhardt AG     8.10   4/27/2018    EUR    60.32
HSBC Trinkaus & Burkhardt AG     3.50   4/27/2018    EUR    72.29
Vontobel Financial Products     10.55   7/27/2018    EUR    73.06
BNP Paribas Emissions- und H    18.00   6/21/2018    EUR    65.19
HSBC Trinkaus & Burkhardt AG    13.70   3/23/2018    EUR    63.29
HSBC Trinkaus & Burkhardt AG    10.30   3/23/2018    EUR    66.00
HSBC Trinkaus & Burkhardt AG     7.60   8/24/2018    EUR    70.73
Leonteq Securities AG/Guerns    10.00  12/19/2018    CHF    65.46
DZ Bank AG Deutsche Zentral-    10.75   9/28/2018    EUR    74.74
BNP Paribas Emissions- und H    15.00   6/21/2018    EUR    64.03
BNP Paribas Emissions- und H     6.00   9/27/2018    EUR    71.28
BNP Paribas Emissions- und H    10.00   9/27/2018    EUR    66.62
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    71.39
BNP Paribas Emissions- und H    10.00  12/31/2018    EUR    68.28
BNP Paribas Emissions- und H    25.00   2/22/2018    EUR    71.75
BNP Paribas Emissions- und H    23.00   2/22/2018    EUR    74.16
DZ Bank AG Deutsche Zentral-     8.20   3/23/2018    EUR    65.74
DZ Bank AG Deutsche Zentral-     6.40   3/23/2018    EUR    61.96
DZ Bank AG Deutsche Zentral-     7.20   3/23/2018    EUR    59.64
DZ Bank AG Deutsche Zentral-     7.90   3/23/2018    EUR    73.37
DZ Bank AG Deutsche Zentral-     7.40   3/23/2018    EUR    67.81
Vontobel Financial Products     10.50   3/23/2018    EUR    73.17
Credit Suisse AG/London          9.10    3/5/2018    USD    53.69
Vontobel Financial Products     11.50   3/23/2018    EUR    67.81
Vontobel Financial Products      6.50   3/23/2018    EUR    67.07
Vontobel Financial Products      3.50   3/23/2018    EUR    66.62
Raiffeisen Centrobank AG         7.54  12/28/2018    EUR    60.98
Raiffeisen Centrobank AG         6.23  12/28/2018    EUR    65.59
DZ Bank AG Deutsche Zentral-     6.00   2/23/2018    EUR    61.48
Deutsche Bank AG                 4.20   2/21/2018    EUR    74.80
BNP Paribas Emissions- und H     6.00   3/22/2018    EUR    56.06
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    57.47
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    58.24
Commerzbank AG                   1.00   2/19/2020    USD    63.67
UniCredit Bank AG               11.30   6/28/2019    EUR    72.88
UniCredit Bank AG               13.20   6/28/2019    EUR    31.32
Vontobel Financial Products      3.00    6/8/2018    EUR    64.50
Vontobel Financial Products      9.00   9/28/2018    EUR    68.58
Vontobel Financial Products      4.00    1/2/2019    EUR    73.32
Vontobel Financial Products      6.00    1/2/2019    EUR    70.81
Vontobel Financial Products      9.55    1/2/2019    EUR    67.56
HSBC Trinkaus & Burkhardt AG     3.00   6/22/2018    EUR    71.04
DZ Bank AG Deutsche Zentral-    12.50   4/27/2018    EUR    63.86
DZ Bank AG Deutsche Zentral-     5.75   6/22/2018    EUR    68.86
Commerzbank AG                   1.00   11/2/2020    USD    14.98
Leonteq Securities AG/Guerns    11.00   9/12/2018    USD    64.51
Commerzbank AG                   8.25   5/24/2018    EUR    74.85
Commerzbank AG                  10.25   5/24/2018    EUR    70.45
Commerzbank AG                  12.25   5/24/2018    EUR    67.03
Commerzbank AG                  14.25   5/24/2018    EUR    64.26
Commerzbank AG                  16.25   5/24/2018    EUR    61.80
Vontobel Financial Products     10.10    6/8/2018    EUR    71.77
Vontobel Financial Products     13.10   9/14/2018    EUR    71.88
UniCredit Bank AG                3.50   6/28/2019    EUR    28.73
UniCredit Bank AG                9.90    1/3/2020    EUR    73.11
UniCredit Bank AG                9.20   6/28/2019    EUR    72.85
UniCredit Bank AG                7.90   6/28/2019    EUR    26.67
Vontobel Financial Products      7.80    6/8/2018    EUR    66.22
Vontobel Financial Products     11.00   9/28/2018    EUR    67.18
Vontobel Financial Products      8.00    1/2/2019    EUR    68.63
UBS AG/London                   15.30   6/21/2018    EUR    71.37
UBS AG/London                   16.90   6/21/2018    EUR    74.97
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    75.23
Vontobel Financial Products      4.00   9/28/2018    EUR    68.92
Vontobel Financial Products      6.00   9/28/2018    EUR    70.25
Vontobel Financial Products      7.50   6/25/2018    EUR    57.76
Commerzbank AG                   7.25   6/22/2018    EUR    75.00
Commerzbank AG                   9.25   6/22/2018    EUR    71.52
Commerzbank AG                  11.25   6/22/2018    EUR    67.81
Commerzbank AG                  13.25   6/22/2018    EUR    65.77
Vontobel Financial Products      8.55   3/23/2018    EUR    72.88
HSBC Trinkaus & Burkhardt AG    11.20   3/23/2018    EUR    57.38
HSBC Trinkaus & Burkhardt AG     6.80   3/23/2018    EUR    65.47
HSBC Trinkaus & Burkhardt AG     4.00   3/23/2018    EUR    74.59
HSBC Trinkaus & Burkhardt AG     7.00   3/23/2018    EUR    66.52
Bank Julius Baer & Co Ltd/Gu     3.55    3/2/2018    SEK    63.80
Raiffeisen Schweiz Genossens    10.00    3/6/2018    USD    55.25
BNP Paribas Emissions- und H     8.00   3/22/2018    EUR    56.52
BNP Paribas Emissions- und H     8.00   3/22/2018    EUR    56.52
BNP Paribas Emissions- und H    10.00   3/22/2018    EUR    56.79
BNP Paribas Emissions- und H     4.00   6/21/2018    EUR    56.70
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    58.05
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    59.01
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    59.08
BNP Paribas Emissions- und H     8.00  12/31/2018    EUR    60.91
Landesbank Baden-Wuerttember     3.00   2/23/2018    EUR    72.68
Deutsche Bank AG                 6.20   2/21/2018    EUR    74.90
BNP Paribas Emissions- und H     4.00   3/22/2018    EUR    55.97
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    57.47
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    59.01
Bank Julius Baer & Co Ltd/Gu     8.75   2/23/2018    USD    67.10
Zurcher Kantonalbank Finance     6.75   8/20/2018    USD    58.45
HSBC Trinkaus & Burkhardt AG    12.60   3/23/2018    EUR    71.74
UBS AG/London                   13.25    9/6/2018    CHF    61.30
Landesbank Baden-Wuerttember     2.90   7/27/2018    EUR    71.87
Vontobel Financial Products     10.00   3/23/2018    EUR    58.63
Vontobel Financial Products      3.00   6/25/2018    EUR    68.85
Commerzbank AG                  13.50   9/28/2018    EUR    70.30
UniCredit Bank AG               10.70   3/23/2018    EUR    72.70
Commerzbank AG                  14.00   6/22/2018    EUR    65.73
UniCredit Bank AG               13.10   6/22/2018    EUR    68.97
Commerzbank AG                   5.75   2/22/2018    EUR    68.67
Commerzbank AG                   6.50   2/22/2018    EUR    63.55
Commerzbank AG                   8.25   2/22/2018    EUR    58.09
UniCredit Bank AG               12.00   6/22/2018    EUR    68.46
UBS AG/London                    9.70   2/22/2018    EUR    75.30
Vontobel Financial Products      4.00  12/21/2018    EUR    69.62
DZ Bank AG Deutsche Zentral-     9.50   6/22/2018    EUR    68.73
BNP Paribas Emissions- und H    11.00   3/22/2018    EUR    72.53
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    74.71
EFG International Finance Gu     7.40   6/28/2019    USD    69.51
Commerzbank AG                   7.00   3/21/2018    EUR    75.40
HSBC Trinkaus & Burkhardt AG    10.60   4/27/2018    EUR    70.38
DZ Bank AG Deutsche Zentral-     5.25   5/25/2018    EUR    13.26
BNP Paribas Emissions- und H     7.00   6/21/2018    EUR    66.70
BNP Paribas Emissions- und H    13.00   9/27/2018    EUR    62.34
BNP Paribas Emissions- und H     8.00  12/31/2018    EUR    66.45
HSBC Trinkaus & Burkhardt AG     9.80   6/22/2018    EUR    74.55
UniCredit Bank AG               13.60   3/23/2018    EUR    68.66
UniCredit Bank AG               14.60   3/23/2018    EUR    67.66
Commerzbank AG                  17.25   4/26/2018    EUR    62.64
Vontobel Financial Products      7.00    6/8/2018    EUR    65.93
HSBC Trinkaus & Burkhardt AG     9.00   3/23/2018    EUR    73.21
BNP Paribas Emissions- und H     8.00   9/27/2018    EUR    72.60
BNP Paribas Emissions- und H    12.00   9/27/2018    EUR    65.36
DZ Bank AG Deutsche Zentral-     8.50   9/28/2018    EUR    70.73
BNP Paribas Emissions- und H     7.00   9/27/2018    EUR    67.27
BNP Paribas Emissions- und H     7.00  12/31/2018    EUR    68.12
BNP Paribas Emissions- und H     9.00  12/31/2018    EUR    64.93
Commerzbank AG                  30.00   6/30/2020    USD     5.59
Commerzbank AG                  10.50   2/22/2018    EUR    64.90
Raiffeisen Centrobank AG        13.12  12/28/2018    EUR    37.52
Raiffeisen Centrobank AG         7.01  12/28/2018    EUR    33.74
Raiffeisen Centrobank AG        17.22   6/19/2018    EUR    27.36
DZ Bank AG Deutsche Zentral-     6.25  11/23/2018    EUR    70.18
HSBC Trinkaus & Burkhardt AG    11.80   6/22/2018    EUR    68.56
Commerzbank AG                   7.25  10/26/2018    EUR    73.73
Commerzbank AG                   9.25  10/26/2018    EUR    70.76
Commerzbank AG                  11.25  10/26/2018    EUR    68.70
BNP Paribas Emissions- und H     9.00   9/27/2018    EUR    68.74
DZ Bank AG Deutsche Zentral-     5.00   5/25/2018    EUR    73.78
Commerzbank AG                  11.75   2/22/2018    EUR    74.21
Commerzbank AG                  13.75   3/22/2018    EUR    61.52
Commerzbank AG                  15.75   3/22/2018    EUR    59.04
Commerzbank AG                  14.50   2/22/2018    EUR    58.62
BNP Paribas Emissions- und H     7.50   9/27/2018    EUR    71.69
Commerzbank AG                  10.50  11/23/2018    EUR    73.46
Commerzbank AG                  12.50  11/23/2018    EUR    71.66
BNP Paribas Emissions- und H    16.00   6/21/2018    EUR    60.80
BNP Paribas Emissions- und H    14.00   3/22/2018    EUR    74.35
BNP Paribas Emissions- und H    14.00   6/21/2018    EUR    69.13
BNP Paribas Emissions- und H     8.00   3/22/2018    EUR    71.06
BNP Paribas Emissions- und H    13.00   3/22/2018    EUR    63.21
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    72.17
BNP Paribas Emissions- und H    12.00   6/21/2018    EUR    63.00
Commerzbank AG                  16.50   2/22/2018    EUR    62.24
Landesbank Baden-Wuerttember     5.50   7/27/2018    EUR    69.62
Commerzbank AG                  11.75   3/22/2018    EUR    64.58
Commerzbank AG                   8.50   2/22/2018    EUR    69.11
Commerzbank AG                   6.50   2/22/2018    EUR    74.72
Commerzbank AG                  16.50   2/22/2018    EUR    56.24
Commerzbank AG                   7.75   3/22/2018    EUR    72.71
Commerzbank AG                   9.75   3/22/2018    EUR    68.13
BNP Paribas Emissions- und H     8.50   3/22/2018    EUR    71.47
HSBC Trinkaus & Burkhardt AG    13.40   6/22/2018    EUR    66.19
HSBC Trinkaus & Burkhardt AG     8.90   6/22/2018    EUR    74.20
BNP Paribas Emissions- und H    10.00   9/27/2018    EUR    68.01
BNP Paribas Emissions- und H    15.00   3/22/2018    EUR    60.60
Commerzbank AG                  13.00   3/21/2018    EUR    62.88
Commerzbank AG                  14.50   2/22/2018    EUR    64.61
Commerzbank AG                  10.50  10/26/2018    EUR    68.88
Erste Group Bank AG              8.30   4/20/2018    EUR    71.25
Bank Julius Baer & Co Ltd/Gu     6.50   6/15/2018    USD    57.10
Commerzbank AG                  12.50   2/22/2018    EUR    61.47
Deutsche Bank AG                 6.20   9/25/2018    EUR    70.60
Commerzbank AG                  14.00   5/24/2018    EUR    70.00
Commerzbank AG                  14.75   4/26/2018    EUR    71.02
Vontobel Financial Products     10.50   3/23/2018    EUR    71.18
Vontobel Financial Products      9.00   9/28/2018    EUR    73.05
Vontobel Financial Products     13.00   9/28/2018    EUR    68.52
Vontobel Financial Products      8.50    1/2/2019    EUR    73.16
Vontobel Financial Products     12.00    1/2/2019    EUR    69.86
Vontobel Financial Products     15.50    1/2/2019    EUR    67.46
Vontobel Financial Products     14.00   3/23/2018    EUR    66.38
Vontobel Financial Products      9.50   6/22/2018    EUR    72.12
Vontobel Financial Products     12.50   6/22/2018    EUR    68.52
Vontobel Financial Products     14.50   6/22/2018    EUR    66.38
EFG International Finance Gu    10.20   3/23/2018    USD    58.46
Deutsche Bank AG                 5.20   3/20/2018    EUR    70.90
Commerzbank AG                  12.00   5/24/2018    EUR    74.46
Commerzbank AG                  13.25   6/21/2018    EUR    72.56
Credit Suisse AG/London          8.50   3/13/2018    USD    59.99
HSBC Trinkaus & Burkhardt AG     6.50   6/22/2018    EUR    69.75
HSBC Trinkaus & Burkhardt AG     7.50  12/28/2018    EUR    67.99
HSBC Trinkaus & Burkhardt AG     5.00  12/28/2018    EUR    73.48
UBS AG/London                    7.70   6/28/2018    EUR    72.76
UBS AG/London                    4.30   6/28/2018    EUR    73.87
UBS AG/London                    6.50   3/22/2018    EUR    73.83
UBS AG/London                    4.40   6/28/2018    EUR    72.61
Societe Generale SA             14.75   3/19/2019    USD    47.95
BNP Paribas Emissions- und H    16.00   6/21/2018    EUR    67.17
BNP Paribas Emissions- und H    10.00   9/27/2018    EUR    73.90
BNP Paribas Emissions- und H    12.00   9/27/2018    EUR    70.70
Credit Suisse AG/London          8.25   7/26/2018    USD    64.21
Bank Julius Baer & Co Ltd/Gu     9.10    8/6/2018    USD    62.45
UniCredit Bank AG               12.50   3/23/2018    EUR    69.66
Vontobel Financial Products     14.00    6/8/2018    EUR    68.62
Commerzbank AG                  13.50   8/24/2018    EUR    67.06
DZ Bank AG Deutsche Zentral-     8.75    1/2/2019    EUR    74.38
BNP Paribas Emissions- und H    16.00   6/21/2018    EUR    69.55
Bank Julius Baer & Co Ltd/Gu    10.45   5/11/2018    USD    62.30
UBS AG/London                    6.50    1/7/2019    CHF    64.50
Deutsche Bank AG                 6.20   6/19/2018    EUR    69.20
Commerzbank AG                  15.25   8/24/2018    EUR    73.34
Commerzbank AG                  11.50   2/21/2018    EUR    49.64
Deutsche Bank AG                 5.20   6/19/2018    EUR    68.80
Commerzbank AG                  16.75   4/26/2018    EUR    68.69
Commerzbank AG                  11.25   6/21/2018    EUR    75.28
Commerzbank AG                  15.25   6/21/2018    EUR    70.11
Zurcher Kantonalbank Finance     6.00   1/17/2019    USD    69.66
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    73.30
Raiffeisen Centrobank AG         9.30   9/25/2018    EUR    69.54
Raiffeisen Centrobank AG        10.19   3/20/2018    EUR    69.75
Vontobel Financial Products      9.50   9/28/2018    EUR    72.57
Vontobel Financial Products      4.50   3/23/2018    EUR    68.99
Vontobel Financial Products     12.00   6/25/2018    EUR    59.58
Vontobel Financial Products      4.50   6/22/2018    EUR    69.73
UniCredit Bank AG               10.40   6/22/2018    EUR    72.74
DekaBank Deutsche Girozentra     3.00   6/27/2018    EUR    55.28
UniCredit Bank AG               14.50   3/23/2018    EUR    63.28
Commerzbank AG                  10.75   2/22/2018    EUR    72.30
Commerzbank AG                   7.25   2/22/2018    EUR    65.91
Vontobel Financial Products      8.50   9/28/2018    EUR    72.71
Vontobel Financial Products     14.55   9/28/2018    EUR    69.55
Deutsche Bank AG                 6.20  12/27/2018    EUR    72.00
Deutsche Bank AG                 5.20   9/25/2018    EUR    70.00
Deutsche Bank AG                 7.20   3/20/2018    EUR    63.50
Deutsche Bank AG                 5.20   6/19/2018    EUR    72.70
UBS AG/London                   16.00   8/30/2018    CHF    44.95
BNP Paribas Emissions- und H     4.00  12/31/2018    EUR    67.00
BNP Paribas Emissions- und H     6.00  12/31/2018    EUR    68.84
Leonteq Securities AG           10.00   7/10/2018    USD    57.95
UniCredit Bank AG                9.80   6/22/2018    EUR    74.99
UniCredit Bank AG               12.50   3/23/2018    EUR    72.88
Vontobel Financial Products      5.00   3/23/2018    EUR    73.32
Vontobel Financial Products      6.00   3/23/2018    EUR    69.02
Vontobel Financial Products      9.00   3/23/2018    EUR    61.94
Raiffeisen Centrobank AG         6.04   6/25/2019    EUR    23.38
DZ Bank AG Deutsche Zentral-     6.50   3/23/2018    EUR    67.76
DZ Bank AG Deutsche Zentral-     8.00   3/23/2018    EUR    69.48
DZ Bank AG Deutsche Zentral-     6.25   9/28/2018    EUR    73.90
Commerzbank AG                  11.50   4/27/2018    EUR    74.94
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    71.40
Vontobel Financial Products      6.55    3/9/2018    EUR    66.82
UniCredit Bank AG                5.00   7/30/2018    EUR    74.06
Landesbank Baden-Wuerttember     3.50   7/27/2018    EUR    70.65
Landesbank Baden-Wuerttember     3.00    1/4/2019    EUR    71.49
Landesbank Baden-Wuerttember     4.00   6/22/2018    EUR    69.23
Syntagma OOO                    16.50   5/10/2022    RUB     0.10
SG Issuer SA                     0.82    8/2/2021    SEK    56.32
Raiffeisen Schweiz Genossens     4.50   3/27/2018    EUR    74.41
Landesbank Baden-Wuerttember     3.30   6/22/2018    EUR    70.33
DekaBank Deutsche Girozentra     3.30   2/26/2018    EUR    52.64
DekaBank Deutsche Girozentra     2.70   3/16/2018    EUR    73.72
Credit Suisse AG/Nassau          5.25   5/14/2018    CHF    74.75
Landesbank Baden-Wuerttember     3.00   6/28/2019    EUR    70.05
DekaBank Deutsche Girozentra     3.15   5/18/2018    EUR    66.04
DekaBank Deutsche Girozentra     3.40    4/9/2018    EUR    57.16
Landesbank Baden-Wuerttember     3.00   5/25/2018    EUR    74.33
UniCredit Bank AG                3.75   10/2/2020    EUR    70.33
Credit Suisse AG/London          9.86   2/27/2020    USD     9.96
Landesbank Baden-Wuerttember     3.15   6/22/2018    EUR    68.63
Landesbank Baden-Wuerttember     3.00   2/23/2018    EUR    66.30
UniCredit Bank AG                5.00   6/25/2019    EUR    62.29
Landesbank Baden-Wuerttember     5.00   2/23/2018    EUR    71.77
Credit Suisse AG/London          7.00  12/11/2019    USD     9.44
DekaBank Deutsche Girozentra     3.00  12/17/2018    EUR    67.22
UniCredit Bank AG                3.75    9/7/2020    EUR    73.36
UniCredit Bank AG                4.00   6/26/2018    EUR    65.91
UniCredit Bank AG               13.50   3/23/2018    EUR    75.58
UniCredit Bank AG               11.00   6/22/2018    EUR    73.63
Commerzbank AG                   7.75   9/28/2018    EUR    74.76
Commerzbank AG                  11.75   9/28/2018    EUR    69.13
HSBC Trinkaus & Burkhardt AG    14.70   3/23/2018    EUR    68.36
UniCredit Bank AG               14.90   6/22/2018    EUR    74.71
UniCredit Bank AG               13.90   6/22/2018    EUR    67.70
UniCredit Bank AG               14.00   3/23/2018    EUR    64.76
UniCredit Bank AG               13.90   3/23/2018    EUR    71.06
Landesbank Baden-Wuerttember     2.80  11/23/2018    EUR    74.37
UniCredit Bank AG               13.40   3/23/2018    EUR    70.47
UniCredit Bank AG               10.00   6/22/2018    EUR    74.93
UniCredit Bank AG               13.10   6/22/2018    EUR    71.30
Vontobel Financial Products      6.50   2/23/2018    EUR    75.19
UniCredit Bank AG               13.00   3/23/2018    EUR    72.19
UniCredit Bank AG               13.00   3/23/2018    EUR    73.81
UniCredit Bank AG               10.50   6/22/2018    EUR    72.78
UniCredit Bank AG                9.00   3/23/2018    EUR    75.01
Raiffeisen Centrobank AG        11.14  12/25/2018    EUR    29.76
Raiffeisen Centrobank AG        11.32   6/19/2018    EUR    25.27
Raiffeisen Centrobank AG         4.13  12/28/2018    EUR    17.28
Raiffeisen Centrobank AG        13.79   6/19/2018    EUR    28.16
Raiffeisen Centrobank AG         3.54   6/19/2018    EUR    15.37
Raiffeisen Centrobank AG         8.49   6/19/2018    EUR    22.01
UniCredit Bank AG               12.20   3/23/2018    EUR    67.83
UniCredit Bank AG               11.60   3/23/2018    EUR    75.37
HSBC Trinkaus & Burkhardt AG    12.10   3/23/2018    EUR    55.96
HSBC Trinkaus & Burkhardt AG     6.20   3/23/2018    EUR    72.35
BNP Paribas Emissions- und H     8.00   6/21/2018    EUR    69.26
BNP Paribas Emissions- und H    12.00   6/21/2018    EUR    60.90
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    69.66
BNP Paribas Emissions- und H    12.00   6/21/2018    EUR    68.76
HSBC Trinkaus & Burkhardt AG    10.20   3/23/2018    EUR    64.10
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    72.95
BNP Paribas Emissions- und H    13.00   6/21/2018    EUR    66.15
BNP Paribas Emissions- und H     9.00   6/21/2018    EUR    66.04
BNP Paribas Emissions- und H    13.00   6/21/2018    EUR    58.55
HSBC Trinkaus & Burkhardt AG    11.80   3/23/2018    EUR    61.53
HSBC Trinkaus & Burkhardt AG     7.40   3/23/2018    EUR    70.98
DekaBank Deutsche Girozentra     3.50  10/28/2019    EUR    72.20
Bank Julius Baer & Co Ltd/Gu    12.15    5/4/2018    USD    69.00
HSBC Trinkaus & Burkhardt AG     8.30   3/23/2018    EUR    63.14
UniCredit Bank AG                4.00  10/14/2019    EUR    68.87
UniCredit Bank AG                4.40   7/13/2018    EUR    68.70
UniCredit Bank AG                3.80   7/23/2020    EUR    71.54
DekaBank Deutsche Girozentra     2.75  10/29/2018    EUR    61.25
DekaBank Deutsche Girozentra     3.25   4/20/2018    EUR    58.44
HSBC Trinkaus & Burkhardt AG     5.80   3/23/2018    EUR    70.73
Commerzbank AG                  14.00   4/25/2018    EUR    59.42
Vontobel Financial Products     10.50   9/28/2018    EUR    69.58
Raiffeisen Schweiz Genossens     3.00   9/22/2020    CHF    74.78
Norddeutsche Landesbank Giro     3.00  10/30/2018    EUR    62.89
HSBC Trinkaus & Burkhardt AG     5.00   6/22/2018    EUR    63.50
BNP Paribas Emissions- und H    13.00   2/22/2018    EUR    71.03
BNP Paribas Emissions- und H    18.00   2/22/2018    EUR    65.82
BNP Paribas Emissions- und H    13.00   3/22/2018    EUR    71.73
BNP Paribas Emissions- und H    13.00  12/31/2018    EUR    71.04
BNP Paribas Emissions- und H    15.00   3/22/2018    EUR    72.35
BNP Paribas Emissions- und H    11.00   9/27/2018    EUR    73.98
DZ Bank AG Deutsche Zentral-     5.00   7/27/2018    EUR    14.35
DZ Bank AG Deutsche Zentral-     8.25   9/28/2018    EUR    72.84
HSBC Trinkaus & Burkhardt AG     4.50  12/28/2018    EUR    73.65
HSBC Trinkaus & Burkhardt AG     4.50  12/28/2018    EUR    73.51
HSBC Trinkaus & Burkhardt AG    10.07   6/22/2018    EUR    69.24
Commerzbank AG                  11.75   7/27/2018    EUR    72.35
Commerzbank AG                  13.75   7/27/2018    EUR    69.87
DZ Bank AG Deutsche Zentral-    12.75   2/23/2018    EUR    66.82
EFG International Finance Gu     7.66   10/5/2018    USD    67.80
Leonteq Securities AG           14.00    8/2/2018    USD    58.74
UniCredit Bank AG               15.00   6/22/2018    EUR    68.47
UniCredit Bank AG               13.90   6/22/2018    EUR    69.42
UniCredit Bank AG               12.80   6/22/2018    EUR    70.43
Vontobel Financial Products      7.50   3/23/2018    EUR    65.27
Vontobel Financial Products     12.50   3/23/2018    EUR    56.40
Vontobel Financial Products     11.00   3/23/2018    EUR    72.62
HSBC Trinkaus & Burkhardt AG    12.30   6/22/2018    EUR    70.33
HSBC Trinkaus & Burkhardt AG    11.10   9/28/2018    EUR    71.83
HSBC Trinkaus & Burkhardt AG    10.10  12/28/2018    EUR    72.38
DZ Bank AG Deutsche Zentral-     5.00   3/23/2018    EUR    75.00
UniCredit Bank AG               14.50    1/4/2019    EUR    25.44
DekaBank Deutsche Girozentra     3.00   8/16/2019    EUR    74.87
Credit Suisse AG/London          8.00   10/9/2018    USD    67.89
DZ Bank AG Deutsche Zentral-     8.50   6/22/2018    EUR    72.36
DZ Bank AG Deutsche Zentral-     6.00   9/28/2018    EUR    73.34
Deutsche Bank AG                 5.20   3/20/2018    EUR    71.70
Deutsche Bank AG                 7.20   6/19/2018    EUR    73.50
Deutsche Bank AG                 5.20   6/19/2018    EUR    64.30
UniCredit Bank AG                8.80   6/22/2018    EUR    75.33
UniCredit Bank AG               11.20   3/23/2018    EUR    74.41
Vontobel Financial Products     14.50   3/23/2018    EUR    54.10
Vontobel Financial Products     14.50   3/23/2018    EUR    68.40
Araratbank OJSC                  7.00   6/18/2019    USD    25.92
Leonteq Securities AG           10.20  10/24/2018    EUR    45.18
HSBC Trinkaus & Burkhardt AG    11.20   9/28/2018    EUR    74.21
Commerzbank AG                   9.75   8/24/2018    EUR    63.06
Commerzbank AG                   6.75   9/28/2018    EUR    65.81
Commerzbank AG                   8.75   9/28/2018    EUR    63.70
Commerzbank AG                  10.75   9/28/2018    EUR    62.32
Commerzbank AG                   4.50  10/26/2018    EUR    70.45
Commerzbank AG                   6.50  10/26/2018    EUR    66.17
Commerzbank AG                   8.50   5/25/2018    EUR    64.69
Commerzbank AG                  10.50   7/27/2018    EUR    62.62
Commerzbank AG                   3.75   8/24/2018    EUR    73.73
Commerzbank AG                   5.75   8/24/2018    EUR    68.05
Commerzbank AG                   7.75   8/24/2018    EUR    64.96
Commerzbank AG                  11.75   8/24/2018    EUR    61.74
Commerzbank AG                   4.75   9/28/2018    EUR    69.62
Commerzbank AG                  10.50  10/26/2018    EUR    62.55
Commerzbank AG                   4.50   5/25/2018    EUR    72.49
Commerzbank AG                   6.50   5/25/2018    EUR    67.66
Commerzbank AG                  10.50   5/25/2018    EUR    62.67
Commerzbank AG                   6.50   7/27/2018    EUR    67.18
Commerzbank AG                   8.50   7/27/2018    EUR    64.41
Commerzbank AG                  12.50   7/27/2018    EUR    61.33
Commerzbank AG                   8.50  10/26/2018    EUR    63.94
Commerzbank AG                   4.50   7/27/2018    EUR    71.79
UBS AG/London                    8.20   6/22/2018    EUR    59.74
Leonteq Securities AG           11.00   3/19/2018    USD    52.67
UBS AG/London                    6.90   6/22/2018    EUR    62.27
UBS AG/London                    9.40   6/22/2018    EUR    57.47
UBS AG                           5.21   6/27/2018    USD    22.57
Goldman Sachs & Co Wertpapie    19.00   2/21/2018    EUR    74.15
Deutsche Bank AG                 5.20   3/20/2018    EUR    63.20
Deutsche Bank AG                 7.20   6/19/2018    EUR    65.10
Deutsche Bank AG                 4.20   6/19/2018    EUR    72.30
Leonteq Securities AG            8.40   7/10/2018    CHF    57.76
UniCredit Bank AG               13.90   3/23/2018    EUR    71.43
UniCredit Bank AG               10.80   6/22/2018    EUR    73.37
UniCredit Bank AG               11.80   6/22/2018    EUR    72.54
Vontobel Financial Products      5.95   9/27/2019    EUR    74.63
EFG International Finance Gu     8.50   2/27/2019    USD    63.81
Vontobel Financial Products     10.50   3/23/2018    EUR    58.97
Commerzbank AG                  10.50   8/24/2018    EUR    67.74
DZ Bank AG Deutsche Zentral-     9.00   3/23/2018    EUR    70.99
DZ Bank AG Deutsche Zentral-     8.75   9/28/2018    EUR    69.94
DZ Bank AG Deutsche Zentral-    13.00   3/23/2018    EUR    67.72
DZ Bank AG Deutsche Zentral-     5.25   4/27/2018    EUR    72.56
Deutsche Bank AG                 7.20   3/20/2018    EUR    72.00
Deutsche Bank AG                 4.20   3/20/2018    EUR    71.50
HSBC Trinkaus & Burkhardt AG     8.70  12/28/2018    EUR    74.03
Bank Julius Baer & Co Ltd/Gu    11.00   3/29/2018    USD    60.90
HSBC Trinkaus & Burkhardt AG     5.60   3/23/2018    EUR    75.45
HSBC Trinkaus & Burkhardt AG     7.70   3/23/2018    EUR    64.01
Deutsche Bank AG                 7.20   3/20/2018    EUR    68.90
Deutsche Bank AG                 7.20   6/19/2018    EUR    70.40
Deutsche Bank AG                 7.20   6/19/2018    EUR    74.40
Deutsche Bank AG                 6.20   6/19/2018    EUR    74.00
Deutsche Bank AG                 6.20   6/19/2018    EUR    70.60
Vontobel Financial Products     11.00   6/22/2018    EUR    67.99
Vontobel Financial Products      7.65    3/9/2018    EUR    75.39
Vontobel Financial Products     13.35    3/9/2018    EUR    67.71
Bank Julius Baer & Co Ltd/Gu     7.75    2/9/2018    USD    63.20
HSBC Trinkaus & Burkhardt AG    12.40   3/23/2018    EUR    60.20
HSBC Trinkaus & Burkhardt AG     8.60   2/23/2018    EUR    66.85
HSBC Trinkaus & Burkhardt AG     3.60   2/23/2018    EUR    71.70
Deutsche Bank AG                 6.20   3/20/2018    EUR    71.90
Commerzbank AG                   9.75   8/24/2018    EUR    72.88
Vontobel Financial Products      9.55   3/23/2018    EUR    72.41
Leonteq Securities AG            7.40   4/24/2020    USD    66.97
DZ Bank AG Deutsche Zentral-     5.50   6/22/2018    EUR    73.01
HSBC Trinkaus & Burkhardt AG    10.10   2/23/2018    EUR    62.96
Deutsche Bank AG                 7.20   3/20/2018    EUR    66.10
Commerzbank AG                  11.75   8/24/2018    EUR    70.19
Vontobel Financial Products      8.00   6/22/2018    EUR    71.33
DZ Bank AG Deutsche Zentral-     5.25   3/23/2018    EUR    70.45
Leonteq Securities AG           16.60    5/7/2018    USD    50.07
Commerzbank AG                  12.25   7/27/2018    EUR    74.05
Commerzbank AG                  13.75   3/23/2018    EUR    73.15
Commerzbank AG                  12.75   4/27/2018    EUR    74.19
Commerzbank AG                  11.00   6/22/2018    EUR    74.98
Commerzbank AG                  14.75   2/23/2018    EUR    72.02
Goldman Sachs & Co Wertpapie    21.00   2/21/2018    EUR    74.27
Deutsche Bank AG                 7.20   6/19/2018    EUR    67.60
HSBC Trinkaus & Burkhardt AG     8.40   3/23/2018    EUR    66.96
Deutsche Bank AG                 7.20   3/20/2018    EUR    72.00
Deutsche Bank AG                 7.20   6/19/2018    EUR    71.00
Deutsche Bank AG                 6.20   3/20/2018    EUR    75.40
HSBC Trinkaus & Burkhardt AG    10.30   9/28/2018    EUR    72.84
Vontobel Financial Products     11.50   6/22/2018    EUR    68.08
SG Issuer SA                     0.80  11/30/2020    SEK    50.06
Commerzbank AG                  10.00   9/28/2018    EUR    70.15
HSBC Trinkaus & Burkhardt AG     9.00   8/24/2018    EUR    74.82
Commerzbank AG                   8.00   11/6/2020    USD     9.10
HSBC Trinkaus & Burkhardt AG     9.70   4/27/2018    EUR    73.92
Vontobel Financial Products     12.50   9/28/2018    EUR    68.19
Vontobel Financial Products     11.00    1/2/2019    EUR    68.92
Leonteq Securities AG            8.40    9/6/2018    USD    56.63
Leonteq Securities AG            3.00   9/19/2019    CHF    64.15
Vontobel Financial Products      6.00   6/22/2018    EUR    73.91
Raiffeisen Centrobank AG         8.63   9/25/2018    EUR    67.68
Commerzbank AG                  12.50   4/25/2018    EUR    66.20
Credit Suisse AG/Nassau          8.50    4/6/2018    USD    54.11
DZ Bank AG Deutsche Zentral-     6.50   2/23/2018    EUR    12.64
DZ Bank AG Deutsche Zentral-     6.50  10/26/2018    EUR    74.01
UniCredit Bank AG               10.10    1/4/2019    EUR    22.87
Landesbank Hessen-Thueringen     4.00   5/16/2018    EUR    69.97
Deutsche Bank AG                 4.20   3/20/2018    EUR    75.10
Zurcher Kantonalbank Finance     5.25  10/24/2018    CHF    71.95
UniCredit Bank AG                5.10    1/4/2019    EUR    23.01
UniCredit Bank AG                5.00    1/3/2020    EUR    27.95
UniCredit Bank AG               10.00   9/28/2018    EUR    73.59
DZ Bank AG Deutsche Zentral-     8.50   3/23/2018    EUR    65.68
DZ Bank AG Deutsche Zentral-     8.75   6/22/2018    EUR    65.44
UniCredit Bank AG               10.90    1/3/2020    EUR    35.57
DZ Bank AG Deutsche Zentral-     5.50  10/26/2018    EUR    19.04
UniCredit Bank AG               14.70    1/4/2019    EUR    70.04
UniCredit Bank AG                7.00    1/3/2020    EUR    29.02
UniCredit Bank AG               11.60    1/3/2020    EUR    72.64
Deutsche Bank AG                 4.20   6/19/2018    EUR    69.80
Raiffeisen Centrobank AG         6.43  12/27/2019    EUR    27.09
Commerzbank AG                  11.75   3/23/2018    EUR    74.86
Commerzbank AG                  12.75   2/23/2018    EUR    73.76
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    63.56
BNP Paribas Emissions- und H     9.00   6/21/2018    EUR    67.60
DZ Bank AG Deutsche Zentral-     5.10   4/25/2018    EUR    70.87
DZ Bank AG Deutsche Zentral-     7.75   3/23/2018    EUR    57.28
Commerzbank AG                  13.00   6/22/2018    EUR    73.27
HSBC Trinkaus & Burkhardt AG    10.40   3/23/2018    EUR    69.55
Raiffeisen Switzerland BV       10.00   4/19/2018    USD    53.18
DZ Bank AG Deutsche Zentral-    12.75   4/27/2018    EUR    63.92
Deutsche Bank AG                 4.20   6/19/2018    EUR    73.20
Deutsche Bank AG                 4.20   9/25/2018    EUR    70.80
HSBC Trinkaus & Burkhardt AG    11.40   6/22/2018    EUR    72.26
HSBC Trinkaus & Burkhardt AG    10.10   9/28/2018    EUR    74.15
HSBC Trinkaus & Burkhardt AG     7.60   6/22/2018    EUR    74.50
Bank Julius Baer & Co Ltd/Gu    11.50  10/10/2018    USD    71.50
Deutsche Bank AG                 4.20   3/20/2018    EUR    71.60
Deutsche Bank AG                 4.20   9/25/2018    EUR    74.20
Deutsche Bank AG                 4.20  12/27/2018    EUR    71.80
Raiffeisen Centrobank AG         5.86  12/27/2019    EUR    30.15
Deutsche Bank AG                 5.20   2/21/2018    EUR    71.30
Raiffeisen Centrobank AG         8.57  12/27/2019    EUR    30.53
HSBC Trinkaus & Burkhardt AG     8.70   6/22/2018    EUR    71.26
HSBC Trinkaus & Burkhardt AG     7.40   9/28/2018    EUR    69.07
Deutsche Bank AG                 4.20   3/20/2018    EUR    75.10
Deutsche Bank AG                 4.20  12/27/2018    EUR    75.00
UniCredit Bank AG                6.00   9/28/2018    EUR    20.57
UniCredit Bank AG               14.80   9/28/2018    EUR    71.08
HSBC Trinkaus & Burkhardt AG     5.30   6/28/2019    EUR    75.07
HSBC Trinkaus & Burkhardt AG     9.20   9/28/2018    EUR    68.20
BNP Paribas Emissions- und H    13.00   9/27/2018    EUR    68.44
HSBC Trinkaus & Burkhardt AG     6.20   6/28/2019    EUR    70.07
DZ Bank AG Deutsche Zentral-     8.20   3/23/2018    EUR    11.97
Raiffeisen Schweiz Genossens    10.00  10/23/2018    CHF    66.14
DZ Bank AG Deutsche Zentral-    10.40   3/23/2018    EUR    64.94
DZ Bank AG Deutsche Zentral-    11.90   3/23/2018    EUR    62.74
UniCredit Bank AG               12.80   9/28/2018    EUR    72.14
Leonteq Securities AG            7.00   8/22/2018    CHF    56.45
DZ Bank AG Deutsche Zentral-     9.30   3/23/2018    EUR    67.19
Bank Julius Baer & Co Ltd/Gu     9.25  10/12/2018    USD    70.80
BNP Paribas Emissions- und H    15.00   9/27/2018    EUR    67.17
BNP Paribas Emissions- und H     8.00  12/31/2018    EUR    73.22
UniCredit Bank AG               11.00   6/22/2018    EUR    19.64
UniCredit Bank AG               12.10   9/28/2018    EUR    22.60
Commerzbank AG                  21.25   4/27/2018    EUR    79.29
HSBC Trinkaus & Burkhardt AG     7.20  12/28/2018    EUR    69.50
HSBC Trinkaus & Burkhardt AG     5.80  12/28/2018    EUR    72.97
DZ Bank AG Deutsche Zentral-     6.60   3/23/2018    EUR    12.23
Deutsche Bank AG                 4.20   6/19/2018    EUR    73.20
EFG International Finance Gu    11.00  10/25/2018    CHF    69.79
HSBC Trinkaus & Burkhardt AG     6.50   1/29/2018    EUR    52.97
UniCredit Bank AG                5.30   6/22/2018    EUR    20.25
UniCredit Bank AG               14.30   6/22/2018    EUR    71.29
Commerzbank AG                   9.75   9/28/2018    EUR    71.55
UniCredit Bank AG               12.50   6/22/2018    EUR    71.08
Commerzbank AG                  16.75   4/27/2018    EUR    79.42
Commerzbank AG                  18.75   4/27/2018    EUR    78.00
HSBC Trinkaus & Burkhardt AG     8.00  12/28/2018    EUR    65.38
HSBC Trinkaus & Burkhardt AG    12.10   6/22/2018    EUR    66.70
Bank Julius Baer & Co Ltd/Gu     8.35   9/24/2018    USD    71.10
HSBC Trinkaus & Burkhardt AG    11.80   3/23/2018    EUR    54.84
Deutsche Bank AG                 6.20   6/19/2018    EUR    73.74
DZ Bank AG Deutsche Zentral-     6.80   6/22/2018    EUR    72.00
DZ Bank AG Deutsche Zentral-     8.00   6/22/2018    EUR    68.10
HSBC Trinkaus & Burkhardt AG    12.30   9/28/2018    EUR    66.99
HSBC Trinkaus & Burkhardt AG     8.80   9/28/2018    EUR    73.43
HSBC Trinkaus & Burkhardt AG    11.10   4/27/2018    EUR    68.76
HSBC Trinkaus & Burkhardt AG    11.20   3/23/2018    EUR    71.97
HSBC Trinkaus & Burkhardt AG     9.20   6/22/2018    EUR    71.76
Deutsche Bank AG                 4.20   9/25/2018    EUR    74.20
Deutsche Bank AG                 4.20  12/27/2018    EUR    75.00
UniCredit Bank AG               12.10   6/22/2018    EUR    72.45
Araratbank OJSC                  7.25   6/27/2018    USD    25.43
UniCredit Bank AG               12.00   3/23/2018    EUR    73.33
HSBC Trinkaus & Burkhardt AG    11.10   9/28/2018    EUR    68.92
UniCredit Bank AG               10.50   3/23/2018    EUR    71.24
Vontobel Financial Products      8.00   9/28/2018    EUR    72.38
UniCredit Bank AG               12.20   6/22/2018    EUR    71.36
SG Issuer SA                     0.80  10/21/2020    SEK    68.03
Commerzbank AG                  17.75   5/25/2018    EUR    78.72
HSBC Trinkaus & Burkhardt AG     8.00   9/28/2018    EUR    72.29
HSBC Trinkaus & Burkhardt AG     7.10   9/28/2018    EUR    71.66
HSBC Trinkaus & Burkhardt AG     9.40  12/28/2018    EUR    68.89
HSBC Trinkaus & Burkhardt AG    11.30   3/23/2018    EUR    57.23
HSBC Trinkaus & Burkhardt AG     7.80   3/23/2018    EUR    69.49
Polski Bank Spoldzielczy w C     5.31   9/14/2027    PLN    50.01
HSBC Trinkaus & Burkhardt AG     8.00   6/22/2018    EUR    62.64
HSBC Trinkaus & Burkhardt AG    11.70   6/22/2018    EUR    55.65
Deutsche Bank AG                 6.20   6/19/2018    EUR    73.74
DZ Bank AG Deutsche Zentral-     8.40   3/23/2018    EUR    70.46
UBS AG/London                   12.50    4/5/2018    USD    61.00
UBS AG/London                   10.00    4/5/2018    USD    54.40
BNP Paribas Emissions- und H     6.00   6/21/2018    EUR    68.12
BNP Paribas Emissions- und H    10.00   6/21/2018    EUR    64.99
BNP Paribas Emissions- und H    13.00   6/21/2018    EUR    59.64
Vontobel Financial Products     10.00   3/23/2018    EUR    75.37
Commerzbank AG                  13.50   4/26/2018    EUR    64.70
Vontobel Financial Products     10.50   7/27/2018    EUR    71.52
Deutsche Bank AG                 6.20   3/20/2018    EUR    71.10
Bank Julius Baer & Co Ltd/Gu     5.25   3/14/2018    CHF    69.35
DZ Bank AG Deutsche Zentral-     6.75   3/23/2018    EUR    11.40
Commerzbank AG                  16.00   5/24/2018    EUR    67.67
UBS AG/London                    8.30   6/22/2018    EUR    54.25
UBS AG/London                    9.00   2/22/2018    EUR    51.60
DZ Bank AG Deutsche Zentral-     6.25   4/27/2018    EUR    73.73
HSBC Trinkaus & Burkhardt AG     5.70   6/22/2018    EUR    69.39
HSBC Trinkaus & Burkhardt AG    10.10   4/27/2018    EUR    58.14
BNP Paribas Emissions- und H     4.50   6/21/2018    EUR    73.43
Goldman Sachs & Co Wertpapie    25.00   3/21/2018    EUR    74.68
BNP Paribas Emissions- und H    12.00   3/22/2018    EUR    53.06
BNP Paribas Emissions- und H     7.00   6/21/2018    EUR    61.07
Vontobel Financial Products      9.50    1/2/2019    EUR    70.03
Vontobel Financial Products     11.50    1/2/2019    EUR    69.38
Commerzbank AG                   9.50   4/26/2018    EUR    71.84
HSBC Trinkaus & Burkhardt AG    13.10   3/23/2018    EUR    52.82
HSBC Trinkaus & Burkhardt AG    10.50   6/22/2018    EUR    57.33
Vontobel Financial Products      8.95    3/9/2018    EUR    71.97
DZ Bank AG Deutsche Zentral-     8.25   6/22/2018    EUR    74.27
Vontobel Financial Products     12.00   9/28/2018    EUR    70.58
Commerzbank AG                  15.50   4/26/2018    EUR    61.98
HSBC Trinkaus & Burkhardt AG     5.20   6/22/2018    EUR    73.46
HSBC Trinkaus & Burkhardt AG     6.10   3/23/2018    EUR    68.92
DZ Bank AG Deutsche Zentral-     5.40   6/22/2018    EUR    74.28
DZ Bank AG Deutsche Zentral-     8.20   6/22/2018    EUR    69.70
DZ Bank AG Deutsche Zentral-     5.30   6/22/2018    EUR    71.71
DZ Bank AG Deutsche Zentral-     9.50   6/22/2018    EUR    65.56
DZ Bank AG Deutsche Zentral-     5.50   6/22/2018    EUR    71.23
Lehman Brothers Treasury Co      3.00   9/13/2010    JPY     7.50
Lehman Brothers Treasury Co      5.50   6/22/2010    USD     7.50
Lehman Brothers Treasury Co      3.82  10/20/2009    USD     1.90
Lehman Brothers Treasury Co      3.00   9/12/2036    JPY     7.50
Lehman Brothers Treasury Co      6.70   4/21/2011    USD     1.90
Lehman Brothers Treasury Co      2.75  10/28/2009    EUR     1.90
Lehman Brothers Treasury Co      4.00    6/5/2011    USD     1.90
Lehman Brothers Treasury Co     14.10  11/12/2008    USD     1.90
Lehman Brothers Treasury Co      4.00   8/11/2010    USD     7.50
Lehman Brothers Treasury Co      9.25   6/20/2012    USD     1.90
Lehman Brothers Treasury Co      2.30   4/28/2014    JPY     1.90
Societe Generale SA              0.50    4/4/2024    MXN    58.74
Lehman Brothers Treasury Co      4.90   7/28/2020    EUR     1.90
Lehman Brothers Treasury Co      4.15   8/25/2020    EUR     1.90
Societe Generale SA              0.50   4/30/2023    RUB    71.21
Lehman Brothers Treasury Co      6.00   7/28/2010    EUR     1.90
Lehman Brothers Treasury Co      6.00   7/28/2010    EUR     1.90
Lehman Brothers Treasury Co      7.00   7/11/2010    EUR     1.90
Lehman Brothers Treasury Co     13.15  10/30/2008    USD     1.90
Lehman Brothers Treasury Co     16.80   8/21/2009    USD     1.90
Lehman Brothers Treasury Co      2.30    6/6/2013    USD     1.90
Lehman Brothers Treasury Co      4.30    6/4/2012    USD     1.90
Lehman Brothers Treasury Co      2.00   5/17/2010    EUR     1.90
Lehman Brothers Treasury Co      1.60   6/21/2010    JPY     1.90
Lehman Brothers Treasury Co      4.10   5/20/2009    USD     1.90
Heta Asset Resolution AG         4.88  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co      4.00   2/28/2010    EUR     1.90
Lehman Brothers Treasury Co      2.40   6/20/2011    JPY     1.90
Lehman Brothers Treasury Co     11.00    5/9/2020    USD     1.90
Lehman Brothers Treasury Co     13.43    1/8/2009    ILS     1.90
Lehman Brothers Treasury Co      7.75    1/3/2012    AUD     1.90
Lehman Brothers Treasury Co     13.50    6/2/2009    USD     1.90
Lehman Brothers Treasury Co      3.10    6/4/2010    USD     1.90
Lehman Brothers Treasury Co      2.50   8/15/2012    CHF     1.90
Digital Invest OOO              10.48    4/7/2021    RUB     0.81
Lehman Brothers Treasury Co      7.38   9/20/2008    EUR     1.90
Lehman Brothers Treasury Co      3.85   4/24/2009    USD     1.90
Lehman Brothers Treasury Co      4.00   4/24/2009    USD     1.90
Lehman Brothers Treasury Co     10.50    8/9/2010    EUR     1.90
Lehman Brothers Treasury Co      8.00   5/22/2009    USD     1.90
Lehman Brothers Treasury Co      9.00   6/13/2009    USD     1.90
Lehman Brothers Treasury Co      4.00   4/13/2011    CHF     1.90
Lehman Brothers Treasury Co     10.00   3/27/2009    USD     1.90
Lehman Brothers Treasury Co      5.75   6/15/2009    CHF     1.90
Lehman Brothers Treasury Co      7.00  11/28/2008    CHF     1.90
Lehman Brothers Treasury Co      7.25   10/6/2008    EUR     1.90
Lehman Brothers Treasury Co      4.50   7/24/2014    EUR     1.90
Lehman Brothers Treasury Co      5.00   5/12/2011    CHF     1.90
Lehman Brothers Treasury Co      6.50   7/24/2026    EUR     1.90
Lehman Brothers Treasury Co      7.75   2/21/2016    EUR     1.90
Lehman Brothers Treasury Co      7.50   9/13/2009    CHF     1.90
Lehman Brothers Treasury Co      8.50    7/6/2009    CHF     1.90
Lehman Brothers Treasury Co      4.95  10/25/2036    EUR     1.90
Lehman Brothers Treasury Co      8.28   7/31/2013    GBP     1.90
Lehman Brothers Treasury Co      2.30   6/27/2013    USD     1.90
Lehman Brothers Treasury Co      2.37   7/15/2013    USD     1.90
Lehman Brothers Treasury Co      8.60   7/31/2013    GBP     1.90
Lehman Brothers Treasury Co      7.50   7/31/2013    GBP     1.90
Kaupthing ehf                    7.50   12/5/2014    ISK     0.25
Kaupthing ehf                    6.50   10/8/2010    ISK     0.25
Lehman Brothers Treasury Co      9.75   6/22/2018    USD     1.90
Heta Asset Resolution AG         5.27  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co     10.00  10/23/2008    USD     1.90
Lehman Brothers Treasury Co     10.00  10/22/2008    USD     1.90
Lehman Brothers Treasury Co     16.00   11/9/2008    USD     1.90
Lehman Brothers Treasury Co     16.20   5/14/2009    USD     1.90
Lehman Brothers Treasury Co     10.60   4/22/2014    MXN     1.90
Lehman Brothers Treasury Co     10.00   5/22/2009    USD     1.90
Lehman Brothers Treasury Co      6.60   5/23/2012    AUD     1.90
Lehman Brothers Treasury Co      3.45   5/23/2013    USD     1.90
Lehman Brothers Treasury Co      9.00    5/6/2011    CHF     1.90
Lehman Brothers Treasury Co     11.00  12/20/2017    AUD     1.90
Credit Suisse AG/London          3.00  11/15/2025    ZAR    68.90
Lehman Brothers Treasury Co     11.00  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co     10.00   2/16/2009    CHF     1.90
Lehman Brothers Treasury Co      5.38    2/4/2014    USD     1.90
Lehman Brothers Treasury Co      4.00    1/4/2011    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     7.50
Lehman Brothers Treasury Co      6.72  12/29/2008    EUR     1.90
Lehman Brothers Treasury Co      7.06  12/29/2008    EUR     1.90
Lehman Brothers Treasury Co      9.30  12/21/2010    EUR     1.90
Lehman Brothers Treasury Co      8.00  12/31/2010    USD     1.90
Araratbank OJSC                  8.00   6/10/2018    USD    25.58
Transgazservice LLP             10.50   11/8/2019    RUB     5.02
Noyabrskaya Pge OOO              8.50  11/10/2020    RUB    60.00
UNGP-Finance OOO                10.00  12/16/2020    RUB     0.10
BNP Paribas Emissions- und H     3.00  10/12/2018    EUR    74.11
Landesbank Baden-Wuerttember     2.60   8/23/2019    EUR    73.23
National Developing Co PAO      12.00   7/19/2018    RUB     1.11
Lehman Brothers Treasury Co      9.00   3/17/2009    GBP     1.90
Lehman Brothers Treasury Co      8.00  12/27/2032    JPY     1.90
Lehman Brothers Treasury Co      1.50    2/8/2012    CHF     1.90
Lehman Brothers Treasury Co      4.50    8/2/2009    USD     1.90
Lehman Brothers Treasury Co      4.35    8/8/2016    SGD     7.50
Societe Generale SA              0.50   5/22/2024    MXN    57.99
HSBC Bank PLC                    0.50   12/8/2026    AUD    72.94
Lehman Brothers Treasury Co      3.00   8/13/2011    EUR     1.90
Kaupthing ehf                    3.75   2/15/2024    ISK     0.25
Lehman Brothers Treasury Co      7.50   6/15/2017    USD     1.90
Lehman Brothers Treasury Co      8.00  10/23/2008    USD     1.90
Lehman Brothers Treasury Co      7.00  10/22/2010    EUR     1.90
Lehman Brothers Treasury Co      2.00   6/21/2011    EUR     1.90
Lehman Brothers Treasury Co      6.00   6/21/2011    EUR     1.90
Lehman Brothers Treasury Co      3.40   9/21/2009    HKD     1.90
Lehman Brothers Treasury Co      4.00  10/12/2010    USD     1.90
Lehman Brothers Treasury Co      1.50  10/12/2010    EUR     1.90
Lehman Brothers Treasury Co     18.25   10/2/2008    USD     1.90
Lehman Brothers Treasury Co      2.50   8/23/2012    GBP     1.90
Lehman Brothers Treasury Co      6.00  12/30/2017    EUR     1.90
Lehman Brothers Treasury Co     13.00   7/25/2012    EUR     1.90
Lehman Brothers Treasury Co     10.00    8/2/2037    JPY     1.90
Lehman Brothers Treasury Co      4.10   8/23/2010    USD     1.90
Societe Generale SA              0.50   6/12/2023    RUB    70.60
Lehman Brothers Treasury Co      8.00   4/20/2009    EUR     1.90
Lehman Brothers Treasury Co      6.00   3/17/2011    EUR     1.90
Lehman Brothers Treasury Co      4.70   3/23/2016    EUR     1.90
Lehman Brothers Treasury Co      3.70    6/6/2009    EUR     1.90
Lehman Brothers Treasury Co      3.63    3/2/2012    EUR     1.90
Lehman Brothers Treasury Co     13.00  12/14/2012    USD     1.90
Kaupthing ehf                    5.00    1/4/2027    SKK     0.25
Lehman Brothers Treasury Co      7.00   2/15/2012    EUR     1.90
Lehman Brothers Treasury Co      4.69   2/19/2017    EUR     1.90
Credit Suisse AG/London          0.50    1/8/2026    BRL    44.50
Lehman Brothers Treasury Co      5.20   3/19/2018    EUR     1.90
Lehman Brothers Treasury Co      3.50  10/24/2011    USD     1.90
Lehman Brothers Treasury Co     13.50  11/28/2008    USD     1.90
Lehman Brothers Treasury Co      4.10   2/19/2010    EUR     1.90
Lehman Brothers Treasury Co      6.00   2/14/2012    EUR     1.90
Lehman Brothers Treasury Co      6.60   2/22/2012    EUR     1.90
Lehman Brothers Treasury Co      9.00   5/15/2022    USD     1.90
Lehman Brothers Treasury Co      6.75    4/5/2012    EUR     1.90
Lehman Brothers Treasury Co      0.25  10/19/2012    CHF     1.90
Lehman Brothers Treasury Co      7.39    5/4/2017    USD     1.90
Lehman Brothers Treasury Co      2.25   5/12/2009    USD     1.90
Lehman Brothers Treasury Co      4.00   5/17/2010    USD     1.90
Escher Marwick PLC               3.50  10/14/2031    USD    56.24
Digital Invest OOO              11.00    3/8/2021    RUB     0.74
Lehman Brothers Treasury Co      4.25   5/15/2010    EUR     1.90
Lehman Brothers Treasury Co      4.00   5/30/2010    USD     1.90
Lehman Brothers Treasury Co      2.48   5/12/2009    USD     1.90
Lehman Brothers Treasury Co      6.00   5/23/2018    CZK     1.90
Lehman Brothers Treasury Co      0.80  12/30/2016    EUR     1.90
Lehman Brothers Treasury Co      4.10   6/10/2014    SGD     7.50
Lehman Brothers Treasury Co      5.50   6/15/2009    CHF     1.90
Lehman Brothers Treasury Co      8.00    8/3/2009    USD     1.90
UNGP-Finance OOO                10.00   4/20/2021    RUB     0.10
HSBC Bank PLC                    0.50    6/9/2023    MXN    63.22
Lehman Brothers Treasury Co      4.00  11/24/2016    EUR     1.90
Lehman Brothers Treasury Co      4.00  10/24/2012    EUR     1.90
Lehman Brothers Treasury Co     11.00   6/29/2009    EUR     1.90
Lehman Brothers Treasury Co      7.75   1/30/2009    EUR     1.90
Lehman Brothers Treasury Co      0.25   7/21/2014    EUR     1.90
TPGK-Finance ZAO                10.83   9/17/2021    RUB     0.08
TPGK-Finance ZAO                10.83   9/17/2021    RUB     0.07
Societe Generale SA              0.50    7/6/2021    BRL    72.91
Lehman Brothers Treasury Co     10.00    1/4/2010    USD     1.90
Lehman Brothers Treasury Co      0.50   2/16/2009    EUR     1.90
Lehman Brothers Treasury Co      3.00    8/8/2017    EUR     1.90
Lehman Brothers Treasury Co      3.50   9/19/2017    EUR     1.90
Lehman Brothers Treasury Co      8.25    2/3/2016    EUR     1.90
Lehman Brothers Treasury Co      4.20   12/3/2008    HKD     7.50
Lehman Brothers Treasury Co      0.75   3/29/2012    EUR     1.90
Lehman Brothers Treasury Co      4.50  12/30/2010    USD     1.90
Kommunekredit                    0.50   5/11/2029    CAD    71.95
Lehman Brothers Treasury Co      7.50    8/1/2035    EUR     1.90
Lehman Brothers Treasury Co      6.00   12/6/2016    USD     1.90
Lehman Brothers Treasury Co      7.25   6/20/2010    USD     1.90
Lehman Brothers Treasury Co      3.00   8/15/2017    EUR     1.90
Lehman Brothers Treasury Co      3.50   9/29/2017    EUR     1.90
Lehman Brothers Treasury Co      1.95   11/4/2013    EUR     1.90
Lehman Brothers Treasury Co     23.30   9/16/2008    USD     1.90
Lehman Brothers Treasury Co     10.44  11/22/2008    CHF     1.90
Lehman Brothers Treasury Co      7.60    3/4/2010    NZD     1.90
Lehman Brothers Treasury Co      4.00   12/2/2012    EUR     1.90
Lehman Brothers Treasury Co      3.00    6/3/2010    EUR     1.90
Lehman Brothers Treasury Co      7.60   5/21/2013    USD     1.90
Bashneft PJSC                   12.00    5/9/2025    RUB    60.00
Lehman Brothers Treasury Co     12.00    7/4/2011    EUR     1.90
Lehman Brothers Treasury Co      8.00   3/19/2012    USD     1.90
Lehman Brothers Treasury Co      3.60   3/19/2018    JPY     1.90
Lehman Brothers Treasury Co      6.00    3/4/2015    USD     1.90
Lehman Brothers Treasury Co      1.00   2/26/2010    USD     1.90
Lehman Brothers Treasury Co     11.00    7/4/2011    USD     1.90
Lehman Brothers Treasury Co      5.50    7/8/2013    EUR     1.90
Societe Generale SA              0.50    4/3/2023    RUB    71.79
Lehman Brothers Treasury Co      7.50   2/14/2010    AUD     1.90
Lehman Brothers Treasury Co      7.32   7/31/2013    GBP     1.90
Lehman Brothers Treasury Co     16.00  10/28/2008    USD     1.90
Lehman Brothers Treasury Co      8.00   5/22/2009    USD     1.90
Lehman Brothers Treasury Co      4.60    8/1/2013    EUR     1.90
Lehman Brothers Treasury Co     16.00   10/8/2008    CHF     1.90
Lehman Brothers Treasury Co     14.90  11/16/2010    EUR     1.90
Lehman Brothers Treasury Co      7.60   3/26/2009    EUR     1.90
HSBC Bank PLC                    0.50  12/22/2025    BRL    43.60
Lehman Brothers Treasury Co      7.80   3/31/2018    USD     1.90
Lehman Brothers Treasury Co      9.50    4/1/2018    USD     1.90
Digital Invest OOO              10.48    4/8/2021    RUB     0.57
Lehman Brothers Treasury Co      8.88   1/28/2011    HKD     7.50
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    USD     1.90
Lehman Brothers Treasury Co      7.05    4/8/2015    USD     1.90
Lehman Brothers Treasury Co      7.15   3/21/2013    USD     1.90
Digital Invest OOO              10.48    4/9/2021    RUB     0.57
Digital Invest OOO              10.48    4/9/2021    RUB     0.57
Lehman Brothers Treasury Co      4.00   3/10/2011    EUR     1.90
Lehman Brothers Treasury Co      8.00   3/21/2018    USD     1.90
Heta Asset Resolution AG         0.38  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co      4.05   9/16/2008    EUR     1.90
Lehman Brothers Treasury Co     11.00   2/16/2009    CHF     1.90
Kommunalbanken AS                0.50  12/16/2020    TRY    70.54
Lehman Brothers Treasury Co     13.00   2/16/2009    CHF     1.90
Lehman Brothers Treasury Co      7.00   2/15/2010    CHF     1.90
Lehman Brothers Treasury Co      6.00   2/19/2023    USD     1.90
Lehman Brothers Treasury Co      6.25  11/30/2012    EUR     1.90
Lehman Brothers Treasury Co      8.80  12/27/2009    EUR     1.90
Lehman Brothers Treasury Co      8.05  12/20/2010    HKD     1.90
Lehman Brothers Treasury Co      2.50   11/9/2011    CHF     1.90
Lehman Brothers Treasury Co      7.63   7/22/2011    HKD     1.90
Lehman Brothers Treasury Co      0.50  12/20/2017    AUD     1.90
Lehman Brothers Treasury Co      3.50  12/20/2027    USD     1.90
Lloyds Bank PLC                  0.50   7/26/2021    BRL    72.50
Lehman Brothers Treasury Co      4.80  11/16/2012    HKD     1.90
Digital Invest OOO              10.22   11/3/2020    RUB     0.67
HSBC Bank PLC                    0.50  11/25/2025    BRL    43.94
Lehman Brothers Treasury Co     16.00  12/26/2008    USD     1.90
Lehman Brothers Treasury Co      6.00    8/7/2013    EUR     1.90
HSBC Bank PLC                    0.50   4/11/2023    MXN    64.15



                            *********

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 2018.  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.


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