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

                           E U R O P E

           Monday, March 12, 2018, Vol. 19, No. 050


                            Headlines


C R O A T I A

AGROKOR DD: Debt Settlement Term Expected to be Ready by April 10


G R E E C E

HELLENIC SHIPYARDS: Athens Court Allows Liquidation to Proceed


I T A L Y

ANDROMEDA FINANCE: Fitch Affirms 'BB' Ratings on Two Note Classes
FINCOPTER: March 22 Bid Submission Deadline Set for CESSNA Jet


K A Z A K H S T A N

SAMRUK-ENERGY: Fitch Lowers Long-Term IDR to BB, Off RWN


L A T V I A

ABLV BANK: Court Rules Against Liquidation of Luxembourg Branch


L U X E M B O U R G

TRAVELPORT FINANCE: Moody's Rates New $1.65BB Sr. Sec. Loans 'B1'


N E T H E R L A N D S

DRYDEN 59: Fitch Gives B-(EXP) Rating to Class F Notes
FIAT CHRYSLER: Moody's Hikes CFR to Ba2, Outlook Stable


R U S S I A

EKIBASTUZ GRES-1: Fitch Lowers Long-Term IDR to BB, Off RWN
EN+ GROUP: Fitch Puts BB- IDR on Rating Watch Negative


S P A I N

FOMENTO CONSTRUCCIONES: Share Sale Neutral for Fitch's BB+ IDR


S W E D E N

FASTPARTNER AB: Moody's Assigns Ba2 CFR, Outlook Positive


S W I T Z E R L A N D

SWISSPORT GROUP: Moody's Alters Outlook to Neg & Affirms B3 CFR


T U R K E Y

TURKLAND BANK: Fitch Cuts IDR to B+ Following Parent Downgrade


U K R A I N E

BIZ FINANCE: Fitch Assigns B- Rating to Senior Unsecured Eurobond


U N I T E D   K I N G D O M

CARILLION PLC: Paid GBP6MM to Advisers Day Before Bailout Request
CATALYST HEALTHCARE: S&P Puts 'BB+' CCR on Watch Negative
COUNTRYWIDE FARMERS: Financial Woes Prompt Administration
GVC HOLDINGS: Fitch Assigns 'BB+(EXP)' First Time IDR
PRECISE MORTGAGE 2018-2B: Moody's Gives (P)B1 Rating to E Notes

TRAVELPORT WORLDWIDE: S&P Alters Outlook to Pos & Affirms B+ ICR


X X X X X X X X

* BOND PRICING: For the Week March 5 to March 9, 2018


                            *********



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


AGROKOR DD: Debt Settlement Term Expected to be Ready by April 10
-----------------------------------------------------------------
SeeNews reports that Agrokor said the new receiver of Agrokor
expects to have the terms of the debt settlement ready by April
10 and have it approved by the creditors by the July 10 deadline.

According to SeeNews, Agrokor said in a statement late on March 6
that since taking office at the indebted concern, the new
emergency management has engaged in a series of in-depth
consultations and talks with creditors, setting the preconditions
necessary to intensify direct negotiations between creditors
towards reaching an agreement in the following weeks.

The debt settlement plan proposes that the creditors will become
the new owners of Agrokor, while it is expected of them to write
off a portion of their claims, based on the financial business
projections and the assets of the entire system, SeeNews
discloses.

"With over 5,700 claims, it will not be possible to completely
align every creditor but the proposal by the company is fair and
equitable," SeeNews quotes Agrokor as saying.

Fabris Perusko was appointed as Agrokor's new receiver in late
February, to replace Ante Ramljak who resigned due to conflict of
interest, SeeNews recounts.  Irena Weber was appointed as Mr.
Perusko's deputy, SeeNews relates.

The value of claims recognized by the extraordinary
administration total around HRK41.5 billion, while the total
value of contested claims is around HRK16.5 billion, 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.



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


HELLENIC SHIPYARDS: Athens Court Allows Liquidation to Proceed
--------------------------------------------------------------
John Smith at Greek Reporter reports that Chinese state
involvement in Greece's maritime sector could intensify after an
Athens court ruled the liquidation of Hellenic Shipyards in
Skaramagas could go ahead.

According to Greek Reporter, Cosco, which has had control of
Piraeus port since 2016 and has recently docked the world's
largest containership at the Greek facility, is reportedly
interested in the shipyard which has been largely inactive for
the last four years.

However, Privinvest, the main shareholder at the Skaramagas site,
is in a position to object which could impede the government's
plans to auction off the shipyard to the highest bidder, Greek
Reporter states.

The Greek government is proceeding with a process of
privatization demanded by the country's range of international
creditors, Greek Reporter discloses.  In October last year, the
government petitioned for the facility to be declared bankrupt,
sparking an angry response from Privinvest and labor unions,
Greek Reporter recounts.



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


ANDROMEDA FINANCE: Fitch Affirms 'BB' Ratings on Two Note Classes
-----------------------------------------------------------------
Fitch Ratings has affirmed Andromeda Finance S.r.l.'s class A1
notes' underlying rating and class A2 notes at 'BB' with a Stable
Outlook. Fitch has also affirmed the rating of the class A1 notes
at 'BBB+' with Stable Outlook. This rating benefits from SACE
S.p.A.'s (BBB+/Stable) unconditional and irrevocable guarantee.

The ratings reflect the feed-in premium received by the project
on top of market sales under the Italian regulatory framework
Conto Energia, limiting the project's exposure to merchant risk
to 11% of total revenue. The project also benefits from the use
of proven technology and a robust operations and maintenance
services agreement with SunPower, the panel manufacturer and an
experienced operator of solar PV plants.

The ratings also consider the relatively low uncertainty of
generation due to strong production levels at or above the P50
production estimate and high availability consistently above 99%.
The financial coverage profile with annual average DSCR under the
Fitch rating case of 1.20x (1.17x profile) and minimum DSCR of
1.15x position the rating in the 'BB' category.

KEY RATING DRIVERS

Strong Operator and Established Technology: Operation Risk -
Stronger
The monocrystalline panel technology is well established and
operating requirements for photovoltaic (PV) plants are
straightforward. SunPower is the equipment manufacturer and the
operator. Operations and maintenance contracts are comprehensive,
fixed-priced and cover the full life of debt. Fitch regards
SunPower as a sub-investment-grade counterparty, but it is a
reputable and experienced contractor.

The project's existing operating cost history shows modest
variability due to some one-off items and costs have generally
been reducing over time, indicating strong cost control.

Strong Production History: Revenue Risk (Volume) - Stronger
Solar resource performance is consistent with projections,
helping validate the reliability of the resource and output
forecast. In the 12 months ended December 2017 Andromeda exceeded
the updated P50 and 1YP90 forecasts by 9% and 16%, respectively.
In addition, in the revised forecast the difference between new
P50 and 1YP90 has decreased to 6% from 9% due to increased
certainty on the solar resources. The project is not exposed to
revenue losses from grid curtailment.

Limited Exposure to Merchant Prices: Revenue Risk (Price) -
Midrange
About 89% of total project revenues under the Fitch rating case
stem from the feed-in-tariff (EUR318/MWh) under the Italian
regulatory framework for solar plants (Conto Energia). The
remaining revenues are generated from electricity sales at market
prices, which averaged EUR43.7/MWh during the 12 months ending
June 2017. The project's merchant exposure under Fitch's rating
case represents a small portion of 11% over the remaining life of
the project's debt.

Both revenue streams are received from the Italian public
authority Gestore Dei Servizi Energeticci.

Senior Debt, Fully Amortising: Debt Structure - Midrange
The transaction is a project finance structure with some elements
of a securitisation, which positions the noteholders further away
from the cash flows generated at the project company. However,
the project documentation is well structured and the debt terms
are relatively straightforward, with two fixed-rate fully
amortising senior tranches ranking pari passu, no floating
interest rate risk and no refinancing risk. The debt-service
reserve of six months and a lock-up ratio of 1.15x constrain the
debt structure assessment to midrange overall

Financial Profile
Fitch projects a base case debt service coverage ratio (DSCR) of
1.29x (average)/1.26x (profile) with a minimum of 1.24x over the
tenor of the debt. Fitch's rating case includes increased
expenses and lower energy output, resulting in a DSCR of 1.20x
(average)/1.17x (profile) with a minimum of 1.15x, metrics that
are supportive of the rating.

Under Fitch "Renewable Energy Project Rating Criteria" Fitch
compare the Fitch rating case metrics to the DSCR threshold
calculated on the basis of the proportion of the project's
regulated revenue and market sales. The DSCR threshold for
Andromeda is 1.14x for a 'BB-' rating and 1.24x for a 'BBB-'
rating.

PEER GROUP

US PV plants Topaz Solar Farms LLC (BBB+/Rating Watch Negative)
and Solar Star Funding LLC (BBB/Stable) are significantly larger
than Andromeda at 550MW and 579MW, respectively.

Solar Star has a "Stronger" assessments for price risk due to
long-term power purchase agreement revenue contracts with a
strong counterparty. Both projects have increasing DSCR profiles
over the life of the debt resulting in a "Stronger" assessment
for debt structure. Topaz has a stronger Fitch rating case DSCR
profile that averages 1.59x, while that of Solar Star is 1.32x,
leading to the rating differentials with Andromeda.

RATING SENSITIVITIES

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

- Rating case averages DSCR consistently below 1.17x.
- Class A1 would be downgraded if the rating of the guarantor,
   SACE, was downgraded.

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

- Rating case averages DSCR consistently above 1.23x might
   result in an upgrade.
- Class A1 would be upgraded if the rating of the guarantor,
   SACE, was upgraded.

The stated DSCR thresholds are subject to merchant revenue
remaining at around 10% of the total revenue under the Fitch
rating case over the whole debt life.


FINCOPTER: March 22 Bid Submission Deadline Set for CESSNA Jet
--------------------------------------------------------------
Fincopter is putting up for sale a CESSNA Citation 560 XL private
jet in Bolzano (Auction Sale no. 3626, Court of Vicenza,
Bankruptcy no. 106/2017).

The asset put for sale is a member of the business jet family,
two engines, with a capacity of 2 pilots and up to 9 passengers
and 4,800 hours of flying.

The starting price is US$1,500,000.

The deadline for submission of bids is Thursday, March 22, 2018,
at 4:00 PM (CET).

For terms and conditions for participation, one may refer to the
website, www.gobid.it

For more information, one may contact:

          info@gobid.it
          +39(0737)782080



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


SAMRUK-ENERGY: Fitch Lowers Long-Term IDR to BB, Off RWN
--------------------------------------------------------
Fitch Ratings has downgraded JSC Samruk-Energy's Long-Term Issuer
Default Ratings (IDR) to 'BB' from 'BB+' and removed it from
Rating Watch Negative (RWN). The Outlook is Stable.

The downgrade reflects the application of Fitch's new Government-
Related Entities Rating (GRE) Criteria. Samruk-Energy is rated
three notches below its indirect majority shareholder The
Republic of Kazakhstan (BBB/Stable). The notching reflects the
status, ownership and control links between Samruk-Energy and the
state, as well as support track record and expectations as
strong. Fitch also deem the financial implication of GRE's
potential default as strong, while Fitch view the socio-political
implications as moderate. Fitch continue to assess Samruk-
Energy's standalone credit profile at 'B'.

KEY RATING DRIVERS

Strong Links with Parent: Fitch views the linkage of Samruk-
Energy with the sovereign as strong, due to the company's full
government ownership and strategic importance to the Kazakh
economy, as it controls about 40% of total installed electricity
generation capacity and 36% of total coal output in the country.
The strong government support reflects equity injections of more
than KZT234 billion in 2008-2017 and the lowered interest rate to
1% from 9% in 2015 on Samruk-Kazyna's KZT100 billion loan to
Samruk-Energy.

The moderate socio-political implications of Samruk-Energy's
potential default reflect Fitch view that most of the operations
within its subsidiaries would likely continue following a
default. However, the presence of multi-lateral lenders may have
significant impact on the parent and other GREs as reflected in
the strong score for the financial implications of a possible
default.

Standalone Profile Remains Weak: Fitch continues to view Samruk-
Energy's standalone profile as weak and commensurate with the mid
'B' rating category, significantly below the government-supported
IDR. The credit profile has recently improved but is constrained
by weak credit metrics, FX exposure and by a challenging
operating and regulatory environment in Kazakhstan. Fitch expects
Samruk-Energy's funds from operations (FFO) adjusted gross
leverage to remain on average at around 5x (6.5x in 2016) in
2017-2021, and FFO fixed charge cover to average around 3x (3.2x
in 2016) during the same period.

Refinanced Eurobonds, Lowered FX Risk: Samruk-Energy has
significantly decreased its FX exposure to slightly below 20% of
total debt at end-2017 from 60% at end-2016 following its
refinancing of USD500 million Eurobonds at end-2017 with tenge
loans from local banks and EBRD. Almost all revenue is generated
in tenge, and the company does not use hedging. Debt repayment
schedule has also become smoother with average repayment of KZT48
billion in 2018-2021 and no significant spikes.

Waived Covenants: The company's debt/EBITDA covenant set in the
loan agreement with the EBRD is tight due to Samruk-Energy's weak
financials. The covenant is currently set at 4.5x and Samruk-
Energy had already received a waiver for 2017. Fitch expect
covenant pressure to persist in the medium-term, also reflected
in the company's standalone mid 'B' category profile.

Regulatory Changes: The capacity market launch in 2019 could
improve Samruk-Energy's earnings predictability, especially after
the tariff freeze during 2016-2018, depending on the details of
the first capacity auctions. The new model anticipates the
segregation of the electricity market into electricity and
capacity sub-markets, which will remain fully regulated with
approved maximum caps for long-term tariffs with possible annual
revisions. Capacity payments will be set up with a maximum
allowed cap, which will help improve efficiency, as there will be
no particular capex obligations.

High Prior-ranking Debt: Fitch estimate the ratio of secured and
prior-ranking debt at operating company level to have reached
around 3.0x by the end-2017, exceeding Fitch's threshold of 2x.
This leads to the foreign-currency senior unsecured rating being
notched down once from Samruk-Energy's Long-Term Foreign-Currency
IDR.

DERIVATION SUMMARY

Samruk-Energy is rated three notches below the sovereign under
the GRE Criteria. The ratings of its peer, Kazakhstan Electricity
Grid Operating Company (KEGOC; BBB-/Stable), also incorporate
state support but are closer to that of the parent due to a
significant share of KEGOC's debt being guaranteed by the
government and KEGOC's stronger standalone profile in high 'BB'
rating category. Samruk-Energy's standalone profile is in the mid
'B' category mainly due to a heavy debt burden. Samruk-Energy and
its Kazakh peers are subject to regulatory uncertainties and
possible political interference. Smaller peers, Joint Stock
Company Central-Asian Electric-Power Corporation (CAEPCo,
B+/Stable) and Kazakhstan Utility Systems (KUS, BB-/Stable) are
rated on a standalone basis.

KEY ASSUMPTIONS

Key Assumptions within Fitch Rating Case for the Issuer are:

- Flat tariff in electricity generation for 2017-2018 and 3%
   growth thereafter

- Electricity production to increase at 3.4% on average, in line
   with GDP growth for 2017-2021

- Inflation-driven cost increase (including coal)

- 30% dividend payout ratio

- Average capex of KZT48 billion over 2017-2021, above
   management's guidance.

RATING SENSITIVITIES

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

- Positive sovereign rating action.

- Strengthening links with the government, for example in the
   form of explicit guarantees or cross default provisions.

- While unlikely in the short term, a significant improvement of
   the company's standalone credit profile to 'BB-', for example
   due to FFO adjusted gross leverage falling below 3.5x and FFO
   interest coverage above 4.0x on a sustained basis.

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

- Negative sovereign rating action.
- Weaker linkage with the ultimate parent, for example
   diminishing or irregular state support or weaker financial
   implications of its potential default on the parent or other
   GREs.

For the sovereign rating of Kazakhstan, Samruk-Energy's ultimate
parent, Fitch outlined the following sensitivities in its rating
action commentary of October 20, 2017:

The main factors that could, individually or collectively,
trigger negative rating action are:

- A weakening in the sovereign external balance sheet;
- Materialisation of significant contingent liabilities above
   those already identified from the banking sector on the
   sovereign balance sheet; and
- Policies that hamper fiscal consolidation or undermine
   monetary policy credibility.

The main factors that could, individually or collectively,
trigger positive rating action are:

- A sustained recovery in external and fiscal buffers;

- Sustainable improvement in the health of the banking sector;
   and

- Steps to reduce the vulnerability of the public finances and
   the economy to future oil price shocks.

FULL LIST OF RATING ACTIONS

  Long-Term Foreign- and Local-Currency IDRs downgraded to 'BB'
  from 'BB+', off RWN; Outlook Stable

  Short-Term Foreign-Currency IDR affirmed at 'B'

  National Long-Term Rating downgraded to 'A+(kaz)' from
  'AA(kaz)', off RWN; Outlook Stable

  Foreign and local currency senior unsecured rating downgraded
to
  'BB-' from 'BB', off RWN

  National senior unsecured rating downgraded to 'A-(kaz)' from
  'AA-(kaz)', off RWN



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L A T V I A
===========


ABLV BANK: Court Rules Against Liquidation of Luxembourg Branch
---------------------------------------------------------------
Alissa de Carbonnel at Reuters reports that Latvia's ABLV Bank,
accused by U.S. authorities of large-scale money laundering, will
be allowed to look for new investors for its Luxembourg branch
after a court there ruled against forced liquidation by EU
authorities.

The decision comes after the European Union's Single Resolution
Board and the European Central Bank (ECB) said last month ABLV
was failing and would be wound up, Reuters notes.

It followed allegations by U.S. authorities Latvia's third-
biggest bank had covered up money laundering, bribed officials
and facilitated the breach of sanctions against North Korea. ABLV
has denied wrongdoing, Reuters states.

The accusations effectively froze the bank out of U.S. dollar
financial markets, prompting its closure and hurting some local
peers, Reuters recounts.

But the Luxembourg court on March 9 rejected a request from the
financial regulator -- Commission de Surveillance du Secteur
Financier (CSSF) -- to liquidate ABLV's Luxembourg branch,
Reuters relates.

The CSSF had been made a temporary administrator of the bank,
Reuters discloses.  According to Reuters, the court said in a
statement it appointed two new administrators on March 9.

ABLV, as cited by Reuters, said its Luxembourg branch had a
strong financial standing, which was recognized by the court, and
it would now look for new investors.



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


TRAVELPORT FINANCE: Moody's Rates New $1.65BB Sr. Sec. Loans 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned B1 ratings to the new $1.5
billion senior secured term loan B due 2025 and the new $150
million revolving credit facility due 2022, to be issued by
Travelport Finance (Luxembourg) S.a.r.l., and the new $650
million senior secured notes due 2026 to be issued by Travelport
Corporate Finance PLC. Travelport Finance (Luxembourg) S.a.r.l.
and Travelport Corporate Finance PLC are both wholly owned
subsidiaries of UK-based travel commerce platform operator
Travelport Limited (Travelport or the company). Travelport's
remaining ratings, including the B1 corporate family rating,
probability of default rating of B1-PD and B1 instrument ratings
are unchanged. The outlook on Travelport and Travelport Finance
(Luxembourg) S.a.r.l. is stable.

The rating action reflects the launch of a refinancing of
Travelport's capital structure. The proceeds from the new
issuance will be applied to repay the company's existing senior
secured term loan B of $2.1 billion. The ratings on the existing
instruments will be withdrawn on full repayment. Leverage is
expected to remain unchanged as a result of the refinancing, at
5.1x on a Moody's-adjusted basis at December 31, 2017.

RATINGS RATIONALE

The B1 CFR reflects the company's: (1) leading position as a
travel commerce platform, among the top three globally, alongside
Amadeus IT Group S.A. (Baa2, stable) and Sabre Holdings
Corporation (Ba2, stable); (2) deleveraging profile supported by
conservative financial policies and solid cash generation; (3)
diversified customer base with high retention rates and balanced
geographical footprint; (4) track record of cross-selling airline
merchandising solutions, hotel bookings and other services
alongside its core air travel products; and (5) upside potential
from fast-growing payment services offering to travel agents.

The rating also reflects Travelport's: 1) gradual losses in air
travel market share and smallest of the three leading players; 2)
risks of disintermediation; 3) certain degree of airline and
travel agent concentration; and 4) the loss of a large Pacific-
based travel agent in 2017 and risks of further losses.

Liquidity

Moody's expects that Travelport's liquidity profile will remain
good over the next 12-18 months. At December 31, 2017, Travelport
had cash balances of $122 million. Further liquidity cushion is
provided by the expected free cash flow generation and the new
$150 million revolving credit facility which is expected to be
largely unutilised.

Moody's expects Travelport to maintain solid headroom under its
maintenance covenant.

Ratings outlook

The stable outlook reflects Moody's expectations that Travelport
will continue to grow its revenues and EBITDA, with the large
travel agent loss in 2017 offset by new contract wins. It also
assumes continued positive cash generation and debt repayments,
leading to continued deleveraging below 5x over the next 12-18
months.

What could change the ratings -- up

The ratings could be upgraded If Travelport succeeds in bringing
leverage down sustainably towards 3.5x Moody's-adjusted
debt/EBITDA, with Moody's-adjusted free cash flow (FCF) / debt
increasing towards 10%, and maintaining stable market shares.

What could change the ratings -- down

The ratings could be downgraded If leverage fails to reduce
sustainably below 5.0x debt/EBITDA on a Moody's-adjusted basis,
if Moody's-adjusted FCF / debt were to trend below 5%, if there
are any material customer losses leading to reduced market share,
or if any liquidity concerns arise.

LIST OF AFFECTED RATINGS

Issuer: Travelport Finance (Luxembourg) S.a.r.l.

Assignments:

-- BACKED Senior Secured Bank Credit Facility, Assigned B1

Issuer: Travelport Corporate Finance PLC

Assignments:

-- BACKED Senior Secured Regular Bond/Debenture, Assigned B1

Outlook Actions:

-- Outlook, Assigned No Outlook

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Company profile

Registered in Bermuda and headquartered in Langley, United
Kingdom, Travelport is a leading travel commerce platform
providing distribution, technology, payment and other solutions
for the global travel and tourism industry. Travelport's ultimate
parent company, Travelport Worldwide Limited, is listed on the
New York Stock Exchange with an enterprise value of approximately
$3.8 billion in February 2018. During 2017, the group reported
net revenues and Adjusted EBITDA of $2.45 billion and $590
million, respectively.



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


DRYDEN 59: Fitch Gives B-(EXP) Rating to Class F Notes
------------------------------------------------------
Fitch Ratings has assigned Dryden 59 Euro CLO 2017 B.V. expected
ratings, as follows:

EUR294.5 million Class A: 'AAA(EXP)sf'; Outlook Stable
EUR37.4 million Class B: 'AA(EXP)sf'; Outlook Stable
EUR29 million Class C: 'A(EXP)sf'; Outlook Stable
EUR31 million Class D: 'BBB-(EXP)sf'; Outlook Stable
EUR35.6 million Class E: 'BB-(EXP)sf'; Outlook Stable
EUR11.875 million Class F: 'B-(EXP)sf'; Outlook Stable
EUR48.6 million subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

Dryden 59 Euro CLO 2017 B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR475 million of mostly
European leveraged loans and bonds. The portfolio is actively
managed by PGIM Limited. The CLO envisages a 4.5-year
reinvestment period and an 8-year weighted average life (WAL).
The WAL test can be increased by nine months on any date on or
after the end of the non-call period in October 2019 if certain
conditions are met or at any time subject to rating agency
confirmation from Fitch.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch considers the average credit quality of obligors to be in
the 'B' range. The Fitch-weighted average rating factor (WARF) of
the identified portfolio is 31.9.

High Recovery Expectations
At least 90% of the portfolio comprises 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 64.2%.

Interest Rate Exposure
Fixed-rate liabilities represent 7.9% of the target par, while
fixed-rate assets can represent up to 20% of the portfolio. The
transaction is therefore partially hedged against rising interest
rates.

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

Limited FX Risk
The transaction is allowed to invest up to 30% of the portfolio
in non-euro-denominated assets, provided these are hedged with
perfect asset swaps within six months of purchase. Unhedged non-
euro assets must not exceed 2.5% of the portfolio at any time.

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 four notches for the rated notes.


FIAT CHRYSLER: Moody's Hikes CFR to Ba2, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
corporate family rating (CFR) and to Ba2-PD from Ba3-PD the
probability of default rating (PDR) of Fiat Chrysler Automobiles
N.V. (FCA). Concurrently, Moody's has upgraded to Ba3 from B1
FCA's senior unsecured notes rating and to Baa2 from Baa3 the
rating of the senior secured term loan B issued by FCA US LLC, a
subsidiary of FCA. The outlook on all ratings has been changed to
stable from positive.

"FCA's upgrade reflects the significant improvements in its
credit metrics over the past three years especially the reduction
of its financial leverage," said Falk Frey, a Senior Vice
President and lead analyst for FCA. "Moody's anticipates a
continued strong operating performance in the current year, based
on a number of high margin product renewals in the SUV- and pick-
up segment," Frey added.

RATINGS RATIONALE

In 2017, FCA's worldwide combined shipments (including shipments
from unconsolidated joint ventures) of 4.7 million units were
basically unchanged compared to the previous year resulting in
net revenues of EUR111 billion (2016: EUR111 billion). An
improved product mix was the main driver of a 16% increase in the
reported adjusted EBIT of EUR7.1 billion. All regions and
divisions reported an improvement in its adjusted EBIT and
margin.

These reported numbers resulted in an EBITA margin improvement to
5.5% (as adjusted by Moody's) from 3.9% in 2016, free cash flow
generation (as adjusted by Moody's) of EUR1.1 billion (2016:
EUR1.8 billion), a reduction in gross debt to EUR24.4 billion (as
adjusted by Moody's) from 30.4 billion in 2016 and a reduced
leverage (Moody's adjusted debt/EBITDA) of 2.4x compared with
3.5x in 2016.

For 2018, Moody's anticipates FCA's operating performance and
cash flow generation to continue to improve driven by successful
new product launches in high margin SUV and pick-up segments like
the Jeep Cherokee and Jeep Wrangler as well as the Ram 1500
pickup, despite the slight decline in US light vehicles demand
that Moody's anticipates in 2018 (-2%) as well as the continued
ramp-up of the all-new Jeep Compass following completion of its
worldwide roll-out in 2017.

FCA's rating is constrained by a significant dependency on
operating performance from its business in the US, with a strong
reliance on performance of the Jeep and Ram models. Given the
strong market dynamics there, FCA's numbers are reflective of a
cyclical industry that has reached a peak, even though Moody's do
not expect a severe decline for the current year. However, a
weaker market environment in the US could have adverse effects on
FCA's performance and, hence, leverage. In addition, FCA together
with all other automotive OEMs is exposed to the transition risks
of the industry towards alternative fuel vehicles, and autonomous
driving technologies, which will weigh negatively on future cash
flow generation.

FCA is subject to emissions investigations in Europe and most
notably in the US. In January 2017, the U.S. Environmental
Protection Agency ("EPA") accused FCA of violating the US Clean
Air Act, alleging that FCA US LLC (FCA US) failed to disclose
certain emissions control strategies. While discussions on
possible penalties seem premature, the US Clean Air Act provides
for theoretical fines of up to USD4.6 billion (does not include
possible fines imposed by other authorities or civil damages).
Moody's believes that a mid-single digit billion Euro amount of
one-time expenses could be compensated within the Ba2 rating.

LIQUIDITY

As of December 31, 2017, FCA's liquidity profile is considered
good, underpinned by EUR12.8 billion in reported cash and
marketable securities as well as access to undrawn EUR7.6 billion
committed revolving credit facilities (RCFs). The RCFs have been
upsized by EUR1.25 billion in March 2017 and its maturities have
been extended, with EUR3.1 billion maturing in April 2020 (with
two 1-year extension options available) and EUR3.1 billion in
March 2022. These funding sources should cover FCA's anticipated
cash requirements over the next 12 months, which comprise
principally capex, debt maturities (EUR6.9 billion in 2018), cash
for day-to-day needs and a modest amount of dividends paid to
non-controlling interests.

RATING OUTLOOK

The stable outlook is based on Moody's expectation that FCA's
operating performance and cash flow generation will continue to
improve in 2018 driven by successful new product launches in high
margin SUV and pick-up segments like the Jeep Cherokee and Jeep
Wrangler as well as the Ram 1500 pickup, despite the slight
decline in US light vehicles demand that Moody's anticipates in
2018 (-2%) as well as the continued ramp-up of the all-new Jeep
Compass following completion of its worldwide roll-out in 2017.
This should translate into credit metrics that position it
comfortably in the current rating category e.g. Moody's-adjusted
(gross) debt/EBITDA around 2.0x and a positive free cash flow
exceeding EUR2.0 billion.

The stable outlook further reflects Moody's expectation that
FCA's business setup has the capacity to contend with the long-
term cyclicality within the global passenger vehicle markets and
its challenging landscape as a result of heavy investment
requirements for (1) alternative propulsion technologies; (2)
driverless vehicles; (3) the shift of production capacities
towards alternative fuel vehicles; (4) connectivity as well as
(5) regulations relating to vehicle safety, emissions and fuel
economy.

WHAT COULD CHANGE THE RATINGS UP/DOWN

FCA's ratings might come under downward pressure should FCA's
operating performance and cash flow generation come under
significant pressure as a result of market share declines or if
market conditions were to weaken in the US and in Europe or
material fines would hurt the company's brand image.

A downgrade could occur in case these events would result in the
following credit metrics for a sustained period of time: (1) a
Moody's-adjusted EBITA margin falling below 4%, (2) a sizable
negative free cash flow, or (3) a Moody's-adjusted (gross)
debt/EBITDA exceeding 3.5x.

Qualitatively, upward pressure on FCAs rating could materialize
if the company is able to demonstrate a product breadth and
improved market position which is more in line relative to its
Baa3 rated peers as well as sustainability in its current
operating profitability and cash flow generation, even if market
conditions were to weaken in the US and in Europe. An upgrade of
FCAs rating would also hinge on the company's ability to resolve
the current legal investigations in the US and Europe surrounding
the diesel emissions issues, without a material impact on the
company's credit metrics, and without a serious impact on its
reputation, as evidenced by a loss of market share.

Quantitatively, an upgrade could occur if FCA were able to
achieve (1) a Moody's-adjusted EBITA margin around 6%, (2) a
consistently positive and robust free cash flow without
compromising on its capital expenditures and R&D expenses needed
to achieve emission targets, to manage the transition to
alternative fuel vehicles and new drivetrain technologies as well
as autonomous vehicles, (3) a reduction in leverage based on
Moody's-adjusted (gross) debt/EBITDA sustainably below 2.0x.

STRUCTURAL CONSIDERATIONS

Moody's has considered the senior unsecured notes issued by FCA
and its treasury companies as structurally subordinated to a
significant portion of financial and non-financial debt
(including the remaining USD1.0 billion senior secured term loan
B at FCA US), located at the level of FCA's operating
subsidiaries largely consisting of trade payables. Consequently,
the ratings of FCA's outstanding senior unsecured bonds is Ba3,
or one notch below the Ba2 CFR, according to Moody's Loss Given
Default Methodology, and the rating assigned to FCA US's secured
term loan B is Baa2.

LIST OF AFFECTED RATINGS

Issuer: Fiat Chrysler Automobiles N.V.

Upgrades:

-- LT Corporate Family Rating, upgraded to Ba2 from Ba3

-- Probability of Default Rating, upgraded to Ba2-PD from Ba3-PD

-- Senior Unsecured Regular Bond/Debenture, upgraded to Ba3 from
    B1

-- Senior Unsecured Shelf, upgraded to (P)Ba3 from (P)B1

-- Senior Unsecured Medium-Term Note Program, upgraded to (P)Ba3
    from (P)B1

Affirmation:

-- Other Short Term, affirmed (P)NP

Outlook Action:

-- Outlook changed to Stable from Positive

Issuer: FCA US LLC

Upgrades:

-- Senior Secured Bank Credit Facility, upgraded to Baa2 from
    Baa3

Outlook Action:

-- Outlook changed to Stable from Positive

Issuer: Fiat Chrysler Finance Europe SA

Upgrades:

-- Backed Senior Unsecured Regular Bond/Debenture, upgraded to
    Ba3 from B1

-- Backed Senior Unsecured Medium-Term Note Program, upgraded to
    (P)Ba3 from (P)B1

Affirmation:

-- Backed Senior Unsecured Medium-Term Note Program, affirmed
    (P)NP

Outlook Action:

-- Outlook changed to Stable from Positive

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

Having its corporate seat in Amsterdam, the Netherlands, and the
place of effective management in the United Kingdom, FCA is one
of the world's largest automotive manufacturers by unit sales.
Its portfolio of brands includes Abarth, Alfa Romeo, Chrysler,
Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram, Maserati and
Mopar, the parts and service brand. In 2017 FCA generated
consolidated net revenues of EUR111 billion and reported an
adjusted EBIT of EUR7.1 billion.



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R U S S I A
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EKIBASTUZ GRES-1: Fitch Lowers Long-Term IDR to BB, Off RWN
-----------------------------------------------------------
Fitch Ratings has downgraded Ekibastuz GRES-1 LLP's (GRES-1)
Long-Term Foreign Currency Issuer Default Ratings (IDR) to 'BB'
from 'BB+' and removed it from Rating Watch Negative (RWN). The
Outlook is Stable.

The downgrade follows the same rating action on GRES-1's parent
JSC Samruk-Energy (BB/Stable). Fitch continue to view the
strength of the ties between the company and its shareholder as
strong, implying the same 'BB' rating for GRES-1, which also
reflects Fitch view of GRES-1's standalone profile.

KEY RATING DRIVERS

Downgrade Mirrors Parent's: GRES-1's IDR is at the same level as
Samruk-Energy's, reflecting its position as one of the largest
operating subsidiaries contributing around 50% of group EBITDA.
Fitch continue to view the links between GRES-1 and Samruk-Energy
as strong under Fitch parent and subsidiary rating linkage (PSL)
methodology implying the same ratings for both entities, which is
also the level of GRES-1's standalone profile.

Samruk-Energy's Bonds Purchase: In September 2017, GRES-1
purchased KZT28 billion of Samruk-Energy's five-year local bonds
at a 12.5% rate funded from a KZT28 billion five-year loan from a
subsidiary of Sberbank of Russia, JSC (Sberbank, BB+/Positive) at
the same rate of 12.5%. The received coupons will be netted with
interest payments on the loan. The proceeds were used by Samruk-
Energy to partially repay a USD500 million Eurobond in December
2017.

The deal weakens GRES-1's credit ratios, with funds from
operations (FFO) adjusted gross leverage rising to 1.5x on
average in 2017-2021 from 1.1x in 2016. Nevertheless, this still
leaves headroom within Fitch negative guidance of FFO adjusted
gross leverage of 2.0x for the company's standalone profile.

Dividends Increase Expected: Fitch expects GRES-1's dividend
payments to increase significantly over 2017-2021. Samruk-Energy
operates a centralised group treasury and its ability to upstream
cash from GRES-1 is limited only by a total debt/EBITDA covenant
of 3x stipulated in the documentation of its loans, which mature
in 2021.

Strong Standalone Profile: Fitch expects that GRES-1 will
maintain a strong position in the domestic power market as the
largest power plant in Kazakhstan with around a 20% share in
total installed electric power capacity, and a solid credit
profile supported by capex flexibility.

Exports to Russia: In February 2017, GRES-1 resumed electricity
exports to Russia, and Fitch expects these volumes to account for
30% of electricity generation and to have contributed to increase
in power production in 2017. Lack of exports to Russia was the
main reason for the 24% and 16% declines in electricity
generation in 2015 and 2016, respectively. Export tariffs
fluctuate at around 1 RUB/kWh (around KZT5.6/kWh) compared with
an average price of KZT7/kWh for domestic sales.

Kazakhstan Electricity Grid Operating Company (KEGOC) (BBB-
/Stable) has provided a discount to transmission tariffs for
GRES-1's electricity export operations for January-September
2018, which will make export sales more profitable. The current
export contract expires in end-2018, but the company expects it
to be renewed. Fitch forecasts export volumes in 2018-2020 to be
close to 2017's.

Significant Capex: In response to favourable electricity
generation dynamics in 2017, GRES-1 increased its capex plan for
2017-2019 to an annual average of KZT12.5 billion from the KZT4
billion expected when GRES-1 had planned to implement only key
investments required by technical supervisory bodies. Fitch
forecast average investments of KZT14.5 billion on average in
2017-2018 and around KZT22 billion thereafter.

DERIVATION SUMMARY

GRES-1's closest peers are Kazakhstan-based regional players
Limited Liability Partnership Kazakhstan Utility Systems (KUS,
BB-/Stable) and Joint Stock Company Central-Asian Electric-Power
Corporation (CAEPCo, B+/Stable). GRES-1, KUS and CAEPCo's EBITDA
is dominated by the electricity generation segment. GRES-1's
financial profile is similar to the one of KUS, but stronger than
CAEPCo's due to higher margins, lower leverage and lack of debt
exposure to FX.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer

- Moderate growth of electricity tariff by around 2% during
   2018-2021

- Electricity production growth for Kazakhstan customers in line
   with GDP growth (3%-4% in 2017-2021), annual export volumes to
   Russia of 4 billion kWh in 2018-2020, 2 billion kWh thereafter

- Inflation-driven cost increase (including coal) by average
   6.5% during 2017-2021;

- Dividends of KZT9.6 billion in 2017 and KZT13.5 billion on
   average in 2018-2021;

- Capex of KZT15 billion in 2018, KZT20 billion annually in
   2019-2020 and KZT25 billion in 2021, which is above
   management's guidance.

RATING SENSITIVITIES

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

- Upgrade of Samruk-Energy's ratings provided that the links
   with the parent remain strong.

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

- Negative rating action on Samruk-Energy.
- Weaker links with the parent and FFO adjusted gross leverage
   persistently higher than 2x (2016: 1.1x) and FFO interest
   coverage below 4x (2016: 5.9x), for example due to tariffs
   and/or operating dynamics materially lower than Fitch
   forecasts and a substantially above-inflation increase in coal
   price, which would be negative for the standalone credit
   profile.

LIQUIDITY

Manageable Liquidity: At September 30, 2017, GRES-1 had cash and
cash equivalents of KZT6.9 billion compared with short-term debt
of KZT5.6 billion. The company's debt consisted of a long-term
loan from Halyk Bank of Kazakhstan (BB/Stable) of KZT28 billion
at 13% and a KZT28 billion loan at 12.5% from Sberbank for the
acquisition of KZT28 billion 12.5% local bonds of the company's
parent Samruk-Energy.

Based on Fitch estimates, the cash and internally generated funds
should be sufficient to finance capex needs and Fitch expect
GRES-1 to refinance 2018-2019 maturities. All loans are tenge-
denominated and have fixed interest rates. Fitch expect the
company to generate positive free cash flow in 2017-2018.

FULL LIST OF RATING ACTIONS

  Long-Term Foreign- and Local-Currency IDRs downgraded to 'BB'
  from 'BB+', off RWN; Outlook Stable

  National Long-Term Rating downgraded to 'A(kaz)' from 'AA-
  (kaz)', off RWN; Outlook Stable.


EN+ GROUP: Fitch Puts BB- IDR on Rating Watch Negative
------------------------------------------------------
Fitch Ratings has placed Russia-based EN+ Group PLC's (EN+) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of
'BB-' on Rating Watch Negative (RWN) in light of the potential
"shoot out" auction for PJSC MMC Norilsk Nickel (NN, BBB-/RWN).

The rating action follows the announcement by United Company
Rusal Plc (UC Rusal, BB-/Rating Watch Evolving) of its intention
to obtain approval from the majority of its shareholders and
debtholders to allow the shoot-out mechanism. The latter is
included in the shareholder agreement between UC Rusal and
Whiteleave Holdings Ltd (which replaced Interros Holding Co in
the agreement) to be triggered in respect of their holdings in
NN.

The RWN reflects Fitch expectation of a neutral to negative
impact of the shoot out on EN+'s credit profile if realised,
although Fitch understand that there is a high degree of
uncertainty regarding the actual triggering of the shoot out and
its impact on EN+. If the shoot out is implemented, the impact on
EN+ is likely to be driven by the terms of the potential shoot
out and the financing structure in case of the purchase of
Whiteleave's stake by UC Rusal. Fitch assessment also reflects
the fact that EN+'s rating scope is based on deconsolidation of
UC Rusal and Fitch view the dividends from UC Rusal effectively
as a pass-through item. As a result, EN+'s rating could stay at
its present level or potentially be downgraded.

KEY RATING DRIVERS

Shoot-Out Mechanism: UC Rusal announced its intention to obtain
approval from the majority of its shareholders and bondholders
(via consent solicitation) to allow the shoot-out clause. At any
time after the lock-up period, which expired in December 2017,
either UC Rusal or Whiteleave (which replaced Interros) can
initiate a shoot-out mechanism to be triggered in respect of
their holdings in NN.

Neutral to Negative Impact: The impact on EN+'s credit profile is
likely to be neutral in the case of a sale of the 27.8% stake in
NN by UC Rusal, as EN+'s rating scope is based on deconsolidation
of UC Rusal and Fitch view the dividends from UC Rusal
effectively as a pass-through item. If UC Rusal were to acquire a
30.4% stake from Whiteleave, this could adversely affect EN+'s
credit profile, depending on the financing structure and dividend
policy following the acquisition.

Deconsolidated Group Profile: The rating scope covers the EN+
group, deconsolidating UC Rusal's financials but including
dividends from UC Rusal, and consolidating JSC Eurosibenergo and
other small wholly owned subsidiaries, representing EN+'s energy
segment.

Fitch's deconsolidation approach is driven by UC Rusal being a
listed company, owned by a number of strategic investors in
addition to a free float, and which is run relatively
independently. There is no centralised treasury at the EN+ level,
operating companies raise debt independently, and there are no
cross guarantees within the group involving UC Rusal. Some loans
at the operating companies' level have a cross-default provision
to other EN+ group entities, but UC Rusal does not. Fitch rate UC
Rusal on a standalone basis. As of 5 December 2017 66.1% of EN+
was beneficially controlled by Oleg Deripaska.

Dividends from UC Rusal: EN+'s deconsolidated scope includes
dividend flows from UC Rusal expected at about USD144 million
annually over 2017-2021. However, Fitch adjust Fitch leverage and
coverage metrics by excluding the dividend stream from UC Rusal
as they form part of EN+'s dividend outflow to its shareholders
based on the dividend policy. Fitch believe the dividend policy
could be adjusted in a situation of financial distress at
deconsolidated EN+, but the general framework implies that
dividends from UC Rusal will not contribute to the debt repayment
capacity of EN+.

Weak but Manageable Liquidity: Fitch assesses EN+'s liquidity at
end-1H17 as tight but manageable and as a rating constraint.
Short-term maturities were USD796 million against a cash position
of USD103 million, unused credit facilities of RUB24 billion
(USD410 million) at 30 August 2017 mainly from state-owned banks
and Fitch-expected 2017 free cash flow (FCF, after capex and
dividends) of about USD60 million. EN+ expects to extend a USD173
million (RUB10.2 billion) loan from Sberbank. In November 2017
the group repaid the loan of USD943 million held at the EN+
level, of which USD50 million was short-term maturities, from IPO
proceeds.

Strong Market Position: The group is one of the largest power
generation companies in Russia covering about 8% of Russia's
installed capacity in 2016. The group operates 18 power stations
with a total installed capacity of 19.7GW, which should moderate
the risk of cash-flow disruptions driven by unexpected outages.
The company operates across the entire power value chain,
including coal mining, power generation, and transmission and
distribution networks. However, in contrast to many rated Russian
utilities the group's financial profile does not benefit from
cash-flow generation from capacity sales under capacity supply
agreements (CSAs).

Hydro Generation Enhances Profitability: The business profile
benefits from a significant share of hydro-generating facilities
with about 77% of total installed capacity and about 78% of
EBITDA in 2016, enhancing EN+'s profitability and operational
profile due to the absence of fuel costs and because of the
priority of dispatch. Fitch expects EN+'s EBITDA margin to remain
broadly stable at an average of about 36% over 2017-2020 (34% in
2016).

Deleveraging Expected: EN+'s credit metrics will remain somewhat
weaker than that of other rated Russian utilities, despite an
expected improvement. Fitch forecasts funds from operations (FFO)
adjusted net leverage (excluding dividends from UC Rusal) to
average about 4.3x over 2017-2021, down from around 6x in 2016.
This is driven by healthy cash flow from operations, and by
lower-than-historical capex, averaging USD200 million pa in 2017-
2021, although Fitch expects continued high dividends to
shareholders of USD304 million in 2017 and on average about
USD500 million over 2018-2021. Fitch forecasts Fitch-calculated
FCF (after capex and dividends) on average to be largely neutral
over 2017-2021.

Regulatory Changes, Contract With UC Rusal: Fitch expects EN+'s
profitability to be supported by capacity market deregulation in
Siberia and a new contract with UC Rusal. Full deregulation of
the capacity market in Siberia from May 2016 led to increases in
capacity prices. The competitive capacity selection mechanism has
stipulated gradually increasing capacity prices until 2021,
providing visibility on cash-flow generation. At the same time, a
new contract with UC Rusal, the majority customer for EN+'s power
sales, has linked power sale prices to the market price with a
discount, boosting EN+'s margins and establishing an arm's-length
basis for cooperation, given their operational interdependence.

FX Exposure, Secured Debt: Fitch views EN+'s FX and interest-rate
exposure as manageable. About 28% of total debt at end-1H17 was
denominated in foreign currencies, mainly US dollars. The group
does not use any hedging instruments. About 54% of total debt is
raised with floating interest rates, which are mainly linked to
the central bank rate. The group has a large share of prior-
ranking debt. Should senior unsecured debt be issued at the EN+
level, this may lead to its structural and contractual
subordination.

DERIVATION SUMMARY

EN+'s deconsolidated business profile is similar to that of PJSC
RusHydro (BB+/Stable; standalone rating of BB) as both companies
generate hydro power and benefit from high profitability.
However, EN+ operates on a smaller scale (based on installed
capacity) and has a much more concentrated customer base. Fitch
assess EN+'s business profile as somewhat stronger than that of
PJSC The Second Generating Company of the Wholesale Power Market
(OGK-2, BB+/Stable; standalone rating of BB) due to vertical
integration and low-cost hydro generating facilities. Despite the
expected deleveraging, EN+ falls behind its Russian peers rated
in the 'BB' category (including Rushydro, OGK-2, Public Joint
Stock Company Territorial Generating Company No. 1 (TGC-1,
BB+/Stable)) based on its credit metrics. Its liquidity profile
is weaker than that of most rated Russian utilities and is
comparable to that of some Kazakh utilities.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer

- Russian GDP growth of 2%-2.2% and CPI of 4.1%-4.5% pa over
   2017-2021
- Average USD/RUB exchange rate of 58-59.3 over 2017-2021
- Electricity generation volumes to increase slightly above GDP
   in 2017 and below GDP over 2018-2021
- Capex to average about USD200 million annually over 2017-2021
- Dividends from UC Rusal on average of about USD144 million
   annually over 2017-2021
- Dividends to shareholders in line with management expectations
   of about USD304 million in 2017 and on average about USD500
   million annually over 2018-2021 which include dividends
   received from UC Rusal.
- Fitch do not expect any other distributions to shareholders in
   the forecast period
- IPO proceeds of USD1 billion in 2017 used primarily for the
   repayment of debt at EN+ of USD943 million and covering IPO-
   related costs of about USD40 million

RATING SENSITIVITIES

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

- The RWN could be removed and the ratings affirmed if the shoot
   out is not exercised, or if UC Rusal proceeds with the sale of
   its stake in NN, other things being equal.

The ratings are on RWN, therefore, positive rating action is
unlikely, but the following developments may lead to positive
rating action:

- improvement of the financial profile eg FFO adjusted net
   leverage below 3.5x (excluding dividends from UC Rusal) and
   FFO fixed charge cover above 4x (excluding dividends from UC
   Rusal) on a sustained basis);

- stronger liquidity profile management.

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

- Deterioration in the financial profile (eg FFO net adjusted
   leverage above 4.5x (excluding dividends from UC Rusal) and
   FFO fixed charge cover well below 2.5x (excluding dividends
   from UC Rusal) on a sustained basis) due to, among other
   things, aggressive dividends distribution or capex and much
   lower-than-expected electricity prices

- Negative rating action on UC Rusal, which is likely to lead to
   negative rating action on EN+ due to the cross-default
   provision in some of EN+ subsidiaries loans to EN+ group
   entities

- Weak liquidity, with liquidity ratio consistently below 1x

- Deterioration of the regulatory and operational environment in
   Russia


- Long-Term Foreign- and Local-Currency IDRs of 'BB-' placed on
   RWN

- Short-Term Foreign- and Local-Currency IDRs: affirmed at 'B'



=========
S P A I N
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FOMENTO CONSTRUCCIONES: Share Sale Neutral for Fitch's BB+ IDR
--------------------------------------------------------------
Fitch Ratings says that Fomento Construcciones y Contratas S.A.'s
(FCC) potential sale of a 49% stake in its water subsidiary FCC
Aqualia S.A. (Aqualia; BB+/Stable) to IFM Global Infrastructure
investment fund (IFM) would be credit neutral for Aqualia's
ratings, based on Fitch standalone approach for the company's
rating and as long as there is a supportive attitude from IFM for
Aqualia's business plan and credit quality.

Aqualia's 'BB+' Issuer Default Rating (IDR) is based on a
standalone approach, as Fitch consider the company to be
adequately ring-fenced from its parent, FCC, even under its
current 100% ownership. This is largely due to financial
covenants and lock-up provisions included in the bond
documentation and Aqualia's management and funding independence
from FCC. A significant new minority interest in Aqualia's
shareholding would strengthen Fitch view of operational
separation from FCC.

Last week, FCC announced it had entered into negotiations with
IFM regarding the acquisition of a minority stake in Aqualia.
Under the potential new shareholding structure, Aqualia's long-
term rating stability would depend on establishing a track record
of consistent execution of its business plan. Fitch expects IFM's
partnership and investment philosophy - focused on long-term
returns - to be supportive of Aqualia's current ratings.

Aqualia's 'BB+' IDR incorporates Fitch expectation of substantial
deleveraging from its high leverage ratios post-refinancing
(expected 7.7x FFO adjusted net leverage by end-2017 decreasing
to 5.5x by end-2021), based on Fitch's projections before SmVak's
(BB+/Stable) minority stake acquisition in November 2017. This
implies no dividend distribution up until 2021, as Fitch expect
the company's leverage to be above the lock-up threshold of 5.0x
recourse net debt to recourse EBITDA over the period. Fitch also
note the existence of material loans granted from Aqualia to FCC,
whose repayment would likely be subject to shareholders
agreements in the context of the potential acquisition.

FCC's water business results as reported this week, largely
corresponding to Aqualia, showed total revenues and EBITDA of
EUR1,025.9 million (+1.6% compared with last year) and EUR241.5
million (+4.4%), respectively, chiefly due to higher returns in
the water concessions. Aqualia recently completed the repurchase
from Mitsui of a 49% stake in SmVak for EUR92.5 million. Fitch
will continue deconsolidating SmVak from Aqualia based on weak
legal, operational and strategic links with Aqualia, despite no
license or regulatory ring-fence provisions around SmVaK.



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


FASTPARTNER AB: Moody's Assigns Ba2 CFR, Outlook Positive
---------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to FastPartner AB, a midsized commercial real
estate company based in Stockholm, Sweden. The outlook on the
rating is positive.

"FastPartner's Ba2 rating reflects its midsized property
portfolio with a very well-defined strategy of focusing on office
buildings in secondary locations in the Greater Stockholm area
and an established track record of activity in its segment. Other
strengths underpinning the rating include an adequate leverage of
54%, as per preliminary Moody's-adjusted Q4 2017 numbers, and a
strong EBITDA fixed-charge coverage," says Maria Gillholm, a
Moody's VP - Senior Credit Officer and lead analyst for
FastPartner. "It, however, also reflects the company's currently
weak liquidity position due to short-dated commercial papers
which shortens debt maturities and has to be seen in combination
with a low share of unencumbered assets" Mrs. Gillholm added.

RATINGS RATIONALE

FastPartner's Ba2 Corporate Family Rating (CFR) reflects (1) the
company's medium-sized property portfolio, with a very well-
defined strategy of focusing on office buildings in secondary
locations in the Greater Stockholm area; (2) attractively located
logistics properties, though these account for only a small
proportion of the overall portfolio; (3) an established track
record of activity in its segment; (4) favourable real estate
market fundamentals; (5) leverage of 54% as measured by Moody's-
adjusted gross debt to total assets, as well as strong EBITDA
fixed-charge coverage of 3.2x as of December 31, 2017.

The company's strengths are partly offset by (1) its geographical
concentration mostly to Stockholm, albeit this is considered the
strongest growth area in Sweden; (2) a somewhat high vacancy rate
of 11.4% as of the end of 2017 (10.7% excluding project
properties); (3) some tenant concentration; (4) a high net
debt/EBITDA ratio of 11.7x; (5) a low but growing unencumbered
asset ratio; (6) weak short term liquidity due to reliance on
commercial paper (17% of total borrowings), but this is fully
backed by undrawn, but relatively short term (up to 2 years)
credit facilities; and (7) a concentration of debt maturities in
the coming three years (Moody's three year weighted maturity at
60% of total debt as of December 31, 2017).

Rating outlook

The positive outlook reflects Moody's expectation that
FastPartner will maintain leverage well below 55% and maintaining
a financial policy that supports this leverage. Moody's also
expect that the share of unencumbered assets will increase
towards 30% within the next 12-18 months and incorporate
refinancing of SEK2 billion in capital markets funding;
refinancing maturing bank loans and the release of secured
assets. In addition, Moody's expect liquidity to improve by
extending maturities when rolling over short maturity debt coming
due. Overall the outlook reflects a positive view of the
macroeconomic environment, the favourable Swedish commercial real
estate market and the positive domestic environment for bank
lending. For an upgrade Moody's expect all conditions to be met.

Factors that could lead to an upgrade

* Sustaining leverage below 55% as measured by Moody's-adjusted
  gross debt/total assets, and maintaining financial policies
  that support such lower leverage

* Sustaining Moody's fixed charge coverage ratio well above 3.0x

* Increasing senior unsecured borrowing to increase the pool of
  unencumbered assets to around 30% whilst at the same time
  improving the debt maturity profile with less reliance on
  commercial papers and an extended debt maturity schedule,
  consequently improving the liquidity profile

Factors that could lead to a downgrade

* Sustaining leverage above 60% as measured by Moody's-adjusted
  gross debt/total assets

* Moody's fixed charge coverage ratio dropping below 2.2x on a
  sustainable basis

* Weakening liquidity or continued or increased reliance on
  short-term debt

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

FastPartner is headquartered in Stockholm and owns, develops and
manages a commercial property portfolio across Sweden's largest
growth markets, predominantly Stockholm, but also Gîteborg and
Malmî, Sweden's second- and third-largest cities, respectively.
FastPartner also has holdings in GÑvle and Norrkîping. The
company owns a portfolio of 194 commercial properties spanning
more than 1.4 million square metres and valued at SEK20.1 billion
as of December 31, 2017. The properties generated approximately
SEK1.4 billion in revenue in 2017, with a reported yield of 4.9%.
FastPartner is listed on the Nasdaq Stockholm Mid Cap market and
had a market capitalisation of SEK9.1 billion as of March 5,
2018. The largest shareholder in FastPartner is Sven-Olof
Johansson with a stake of 71.7% as of December 31, 2017.



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


SWISSPORT GROUP: Moody's Alters Outlook to Neg & Affirms B3 CFR
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on all the
ratings of Swissport Group S.a r.l. ("Swissport"), Swissport
Investments S.A., Swissport Financing S.a r.l., and Swissport
International AG to negative from stable. The B3 corporate family
rating ("CFR") and the B3-PD probability of default rating of
Swissport have been affirmed.

Concurrently, Moody's downgraded to B2 from B1 the rating on the
EUR460 million term loan B ("TLB"), to B2 from B1 the rating on
the EUR363.5 million senior secured notes ("SSN"), and to Caa2
from Caa1 the rating on the EUR264.6 million senior unsecured
notes ("SN") issued by Swissport Financing S.a r.l. Moody's also
downgraded to B2 from B1 the rating of the CHF110 million
revolving credit facility (RCF) issued by Swissport International
AG. The downgrades are driven by the issuance of an incremental
Term Loan B, which increased the proportion of senior secured
debt in the capital structure and Moody's view that the company's
credit standing has deteriorated.

Moody's also assigned a provisional (P)B2 rating to the EUR325
million incremental term loan B ("incremental TLB") to be issued
by Swissport Financing S.a r.l. The assignment of a (P)B2 rating
to the incremental TLB follows the company's announcement in
January 2018 that it secured funding to finance the acquisition
of Aerocare. Pro-forma for the transaction the term loan B is
expected to increase to EUR785 million from EUR460 million.

Finally, Moody's downgraded to Caa3 from B1 the rating of the
original EUR400 million senior secured notes ("old SSN"), and to
Caa3 from Caa1 the rating of the original EUR290 million senior
unsecured notes ("old SN"), issued by Swissport Investments S.A..
The remaining notes outstanding, EUR36.5 million for the old SSN
and EUR16.9 million for the old SN, have not been exchanged as
part of the debt restructuring completed in August 2017 and
therefore sit outside of the restricted group and no longer
benefit from the original security package.

"Moody's decision to change the outlook to negative from stable
reflects sustained negative free cash flow generation in 2016 and
2017, as well as concerns over the timely repayment in May 2018
of the loan provided to an affiliate of HNA. Moody's expect free
cash flow generation to improve in 2018, allowing the company to
maintain an adequate liquidity profile" says Emmanuel Savoye, a
Moody's Assistant Vice President and lead analyst for Swissport.

RATINGS RATIONALE

Based on Moody's estimates, Swissport generated negative free
cash flow of EUR102 million in LTM Q3 2017 during a period of
increased airline traffic and cargo activity. This stems from the
inherently low margin of the business, significant interest
expenses, adverse working capital changes and capital
expenditures, including investments in its global IT
infrastructure. Liquidity remained adequate during this period
due to net proceeds from an equity injection of EUR718 million
after taking into account the EUR200 million TLB partial
repayment and the EUR400 million loan provided to an affiliate of
HNA, and Moody's anticipates that a stronger Q4 performance will
lead to an improvement in free cash flow for 2017 as a whole.
Pro-forma for the acquisition of Aerocare, Moody's estimates
Swissport's cash position of approximately EUR160 million and
available liquidity under the revolving credit facility of EUR43
million. Moody's expects free cash generation to remain negative
although improving significantly during 2018 as a result of lower
exceptional costs, better working capital management, and the
contribution from Aerocare.

Swissport benefitted from excellent liquidity following the
equity injection from HNA in the first half of 2017. However, its
cash balance has reduced in the following quarters due to (1) a
use of cash of EUR200 million to refinance and partially repay
the TLB in July 2017, as well as transaction fees incurred during
the restructuring to resolve the technical event of default; (2)
the issuance of a EUR400 million loan to an affiliate of HNA in
August 2017 (the "Affiliate Loan"); and (3) a deposit payment for
the Aerocare acquisition.

The Affiliate Loan, due for final repayment in May 2018, has been
renewed on several occasions by Swissport. In Moody's view, these
loans reflect an aggressive financial policy especially at a time
when Swissport is in the process of closing the sizeable
acquisition of Aerocare. In addition, Moody's understands that
pro-forma for the transaction, any further repayment of the
Affiliate Loan will be used for deleveraging.

Despite negative trends in cash flow generation, Swissport's
revenues have increased by 6.2% on a constant currency basis in
the first nine months of 2017 to EUR2.1 billion and net contract
wins totaled EUR60 million. This reflects strong growth in cargo
handling activities and a stable performance in ground handling,
which will continue in light of a good macro-economic backdrop.
Additionally, the acquisition of Aerocare will be an important
step forward in the penetration of the Asian market which is one
of Swissport's strategic objectives.

The B3 CFR assigned to Swissport reflects the company's leading
market positions in ground handling and cargo, its geographical
diversification which Moody's expects to be further enhanced with
the acquisition of Aerocare, and the growth opportunities from
more profitable emerging markets, particularly China, following
the acquisition by HNA Group in 2016.

However, the B3 CFR also takes into account the limited free cash
flow generation partly stemming from airlines' focus on costs for
ancillary services, and the Moody's adjusted leverage of 6.5x as
of September 30, 2017 pro-forma for Aerocare.

OUTLOOK

The negative outlook reflects that, despite Swissport's adequate
liquidity profile, free cash flow generation has been negative
over a number of quarters and is likely to remain negative in
2018 although improving. It also assumes that the company will
continue to successfully achieve organic growth while renewing
existing contracts, and focus on measures aimed at improving
profitability across its network.

WHAT COULD CHANGE THE RATING UP / DOWN

Upward pressure on the ratings would develop upon improvements in
free cash flow generation resulting in a stronger liquidity
position.

Downward pressure on the ratings would develop in case of
negative free cash flow generation over the coming quarters, or
in case of non-repayment of the affiliate loan in May 2018.

LIST OF AFFECTED RATINGS

Issuer: Swissport Group S.a r.l.

Affirmations:

-- Long-term Corporate Family Rating, affirmed B3

-- Probability of Default Rating, affirmed B3-PD

Outlook Action:

-- Outlook changed to Negative from Stable

Issuer: Swissport Investments S.A.

Downgrades:

-- Backed Senior Secured Regular Bond/Debenture, downgraded to
    Caa3 (LGD6) from B1 (LGD3)

-- Backed Senior Unsecured Regular Bond/Debenture, downgraded to
    Caa3 (LGD6) from Caa1 (LGD5)

Outlook Action:

-- Outlook changed to Negative from Stable

Issuer: Swissport Financing S.a r.l.

Downgrades:

-- Senior Secured Bank Credit Facility, downgraded to B2 (LGD3)
    from B1 (LGD2)

-- Backed Senior Secured Regular Bond/Debenture, downgraded to
    B2 (LGD3) from B1 (LGD2)

-- Backed Senior Unsecured Regular Bond/Debenture, downgraded to
    Caa2 from Caa1

Assignments:

-- Senior Secured Bank Credit Facility, assigned (P)B2 (LGD3)

Outlook Action:

-- Outlook changed to Negative from Stable

Issuer: Swissport International AG

Downgrades:

-- Senior Secured Bank Credit Facility, downgraded to B2 (LGD3)
from B1 (LGD2)

Outlook Action:

-- Outlook changed to Negative from Stable

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered near Zurich Airport, Swissport is the world's
largest independent ground handling services company, based on
revenue and number of ground handling stations, and ranks first
globally in terms of metric tonnes of cargo handled. In 2016,
Swissport handled approximately 4.1 million flights and around
4.3 million tonnes of cargo, for approximately 800 passenger
airlines and freight carriers.

Ground handling represented 82% of Swissport's 2016 revenue, with
cargo revenues contributing the remainder. For the FY 2016 ending
December 31, 2016, Swissport generated revenues and management
adjusted EBITDA of EUR2.7 billion and EUR206 million,
respectively.



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


TURKLAND BANK: Fitch Cuts IDR to B+ Following Parent Downgrade
--------------------------------------------------------------
Fitch Ratings has downgraded Turkland Bank A.S.'s (T-Bank) Long-
Term Issuer Default Ratings (IDR) to 'B+' from 'BB-'. The Outlook
is Stable.

The rating action follows the downgrade of parent Arab Bank Plc's
Long-Term IDRs to 'BB' from 'BB+' (see 'Fitch Downgrades Arab
Bank to 'BB'; Outlook Stable' dated 28 Feb 2018 at
www.fitchratings.com).

T-Bank's 'b' Viability Rating (VR) is unaffected by this rating
action.

KEY RATING DRIVERS
IDRS, NATIONAL RATING AND SUPPORT RATING

T-Bank's IDRs, National Rating and Support Rating are driven by
institutional support from Arab Bank Group, which owns a 50%
stake of T-Bank. The downgrade reflects Arab Bank's reduced
ability to provide support to T-Bank, as reflected in the
downgrade of its IDRs. T-Bank's 'B+' support-driven IDRs are
notched twice from its parent Arab Bank Plc (BB/Stable) and its
Support Rating has been downgraded to '4' from '3', together with
the downgrade of its IDRs. The Outlook on the bank's IDRs mirrors
that on its parent.

Fitch's view of support is based on Arab Bank Group's 50%
ownership, which may complicate the prompt provision of solvency
support, if required. It also reflects T-Bank's weak performance
in recent years and non-core jurisdiction relative to Arab Bank's
other strategically important subsidiaries. Nevertheless, T-
Bank's Support Rating also takes into account its small size
relative to its parent and the record of timely and sufficient
provision of capital and liquidity support from both the Arab
Bank Group and its other 50% shareholder, Lebanon's BankMed Sal.

RATING SENSITIVITIES
IDRS, NATIONAL RATING AND SUPPORT RATING

The IDRs, National Rating, and Support Rating of T-Bank are
sensitive to a marked weakening in Fitch's view of the ability,
or propensity, of the parent institution to provide support.

The Stable Outlook on T-Bank's ratings reflects that on Arab Bank
Plc, indicating a change in the IDRs is unlikely in the near
term. However, any material changes in Fitch's view of support
available to the bank from its owners would result in rating
action.

The rating actions are as follows:

  Long-Term FC and LC IDRs: downgraded to 'B+' from 'BB-'; Stable
  Outlook

  Short-Term FC and LC IDRs: affirmed at 'B'

  Viability Rating: unaffected at 'b'

  Support Rating: downgraded to '4' from '3'

  National Long-Term Rating: downgraded to 'A(tur)' from
  'A+(tur)'; Stable Outlook



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


BIZ FINANCE: Fitch Assigns B- Rating to Senior Unsecured Eurobond
-----------------------------------------------------------------
Fitch Ratings has assigned Biz Finance Plc's hryvnia-denominated
senior unsecured Eurobond issue (ISIN of XS1713473517) a final
Long-Term rating of 'B-(emr)' and a Recovery Rating of 'RR4'.

The notes have a principal amount of UAH4,051 million (equalling
to USD150 million proceeds from issuance), a 16.5% annual coupon
rate, semi-annual coupon payments and a maturity of three years.
The notes are issued by Biz Finance Plc, a UK-based special-
purpose vehicle. Proceeds from the issue are lent by Biz Finance
Plc to JSC The State Export-Import Bank of Ukraine (Ukrexim) for
the latter's general banking activity. Ukrexim's obligations
under the loan rank equally with the bank's other senior
unsecured and unsubordinated obligations.

The notes are denominated in Ukrainian hryvnia, but both the
coupon payments and principal repayment are settled in US dollars
at the prevailing UAH-USD exchange rate. The linkage of payments
under the terms of the notes to the prevailing exchange rate
means that Fitch does not regard the conversion of currencies at
the transaction's initiation and maturity as altering the
underlying local-currency nature of the note. The 'emr' suffix
denoting embedded market risk has been applied to the rating of
the notes to reflect that upon maturity bondholders are paid in
US dollars rather than in hryvnia.

The issue terms contain a clause allowing Ukrexim to make
settlements in hryvnia if the exchange rate cannot be determined
(when it is not published by the National Bank of Ukraine or it
cannot be received from reference currency dealers). Fitch would
not treat such a situation as an event of default, as it is
contractually permissible. However, the inability of Ukrexim to
pay in US dollars in other circumstances would be considered a
default.

According to Fitch's Rating Definitions, ratings do not comment
on the taxability of payments made in respect of any investment,
loan or security and therefore the rating of these notes does not
factor in the possible impact from withholding tax on
bondholders' proceeds. In accordance with the terms of the issue,
bondholders may suffer a tax deduction if the US dollar repayment
amount is more than the original US dollar-equivalent amount of
the bond (i.e. if the hryvnia appreciates against the US dollar
during the lifetime of the bond).

Ukrexim has Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) of 'B-', with Stable Outlooks, a Short-Term
Foreign-Currency IDR of 'B', a National Long-Term Rating of
'AA(ukr)' with a Stable Outlook, a Viability Rating of 'b-', a
Support Rating of '5' and a Support Rating Floor of 'B-'.

KEY RATING DRIVERS

The bond is rated at the same level as Ukrexim's Long-Term Local-
Currency IDR as it ultimately constitutes an unconditional and
unsecured obligation of the bank.

RATING SENSITIVITIES

Changes in Ukrexim's Long-Term Local-Currency IDR would affect
the bond's rating. Ukrexim's IDRs are in turn sensitive to the
sovereign's credit profile and could be downgraded in case of a
sovereign downgrade. The bank's IDR could also be downgraded in
case of restrictions being imposed on the bank's ability to
service obligations (not expected by Fitch). An upgrade of the
sovereign could result in an upgrade of the bank's ratings if
Fitch takes the view that the sovereign's ability to provide
support to the bank has also materially improved.



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


CARILLION PLC: Paid GBP6MM to Advisers Day Before Bailout Request
-----------------------------------------------------------------
Jack Torrance at The Telegraph reports that MPs have hit out at
the board of collapsed outsourcer Carillion after it was revealed
that the company paid more than GBP6 million to City advisers
just one day before asking the Government for a GBP10 million
taxpayer-backed loan.

Philip Green, Carillion's chairman, wrote to the Cabinet Office
on Jan. 13 warning the company would fall into a "very disorderly
and value destructive" insolvency that would harm its workers,
customers and suppliers if it could not secure a bail-out, The
Telegraph relates.

But new figures released by the Official Receiver, a civil
servant appointed by the courts to handle bankruptcies, show the
company handed over millions to its advisers the day before,
including GBP2.5 million to Ernst and Young, GBP1.2 million to
law firm Slaughter and May and GBP1 million to FTI Consulting,
The Telegraph discloses.  The Government refused to provide a
bail-out on Sunday, Jan. 14, and Carillion applied for
liquidation the following day, The Telegraph recounts.

According to The Telegraph, Rachel Reeves MP, chairman of the
business select committee, said Carillion's board "ensured that
the costs of failure would be picked up by the taxpayer -- either
from a bail-out or footing the bill for a desperate clean-up
operation".  She added: "Expensive advisers still pocketed
millions while workers risked losing jobs and long-suffering
suppliers faced financial ruin".

Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company.  The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle
East construction services and Construction services (excluding
the Middle East).


CATALYST HEALTHCARE: S&P Puts 'BB+' CCR on Watch Negative
---------------------------------------------------------
S&P Global Ratings said that it placed its 'BB+' long-term issue
rating on the debt issued by Catalyst Healthcare (Manchester)
Financing PLC on CreditWatch with negative implications. The debt
comprises a GBP175 million senior secured European Investment
Bank loan due Sept. 30, 2037, and GBP218.05 million index-linked
bonds due Sept. 30, 2040.

The recovery rating on the senior secured debt is unchanged at
'2' indicating our expectations of meaningful (70%-90%, rounded
estimate: 70%) recovery, although there has been limited
experience regarding default or loss in this sector to date.

The CreditWatch placement reflects the potentially increased
termination risk faced by Catalyst Healthcare (Manchester) Ltd.
(ProjectCo) following its receipt of an event of default (EoD)
notice in January 2018 from the Manchester University Hospitals
NHS Foundation Trust (the Trust). The Trust issued what it claims
to be an EoD notice in response to an electrical power outage
affecting about 25% of the hospital on Nov. 14, 2017. The outage
allegedly caused major interruptions to the operations of the
hospital for a period of several hours and resulted in a partial
evacuation of some of the buildings. During the power outage, a
large number of the emergency lights did not turn on as required,
highlighting maintenance concerns. ProjectCo disputes that an EoD
has occurred and does not consider that the Trust has any right
to terminate the project agreement.

In response to the alleged EoD notice, ProjectCo, in conjunction
with the facilities management service provider, Sodexo Ltd.,
issued a remedial plan, which was approved by the Trust on Feb.
19, 2018. As a result, S&P now expects ProjectCo to implement the
remedial plan as soon as possible to resolve the technical issues
and to minimize any risk of termination of the project agreement.

The remedial plan calls for the technical problems with the
emergency lights to be resolved by the end of August 2018. The
project will also investigate and report on the causes of the
power outage and provide technical solutions, if required. Given
that the cause of the power outage remains to be determined,
there is no hard deadline for this part of the remedial plan,
although ProjectCo aims to complete the investigation and
identify the technical fix within the next few weeks.

Since June 2017, the Trust has been declaring, but not applying,
significant unavailability deductions relating to fire door
defects on fire doors installed throughout the hospital. Since
then, ProjectCo, the construction contractor, Lend Lease
Construction (EMEA) Ltd. (Lend Lease), and Sodexo have been
working to remediate all defective doors. The parties expect to
complete the works by the beginning of March. The total level of
deductions declared, but not applied, amounted to GBP13.5 million
as of Nov. 30, 2017 and is likely to continue increasing until
all fire door defects are remediated. These deductions, if
actually withheld from cash unitary receipts from the Trust,
would significantly affect the project's creditworthiness if it
cannot pass the costs through to the construction contractor,
Lend Lease. ProjectCo continues to dispute that the Trust has any
entitlement to levy deductions in relation to the fire door
defects.

Catalyst Healthcare (Manchester) Financing PLC (Issuer) is a
U.K.-based special-purpose vehicle that issued debt to finance
the design, construction, and refurbishment of facilities for the
Trust, under a 38-year private-finance initiative (PFI) project
agreement signed in 2004. Construction was completed in April
2011. The Issuer onlent the proceeds from the debt issuance to
the ProjectCo, which entered into the project agreement with the
Trust.

S&P assesses the project's liquidity as neutral, in line with
that of other U.K. PFI projects with similar risk profiles.
Specifically, the project features a six-month, forward-looking,
senior debt reserve account (DSRA), and a life cycle reserve
account structured on a three-year, forward-looking basis
(100%/66%/33%). It also features a change-in-law (CiL) reserve.

The balances of the DSRA, the CiL reserve, and the life cycle
reserve account are GBP12.9 million, GBP5.9 million, and GBP16.3
million, respectively.

ProjectCo is currently not making distributions to its
shareholders.

S&P said, "The CreditWatch placement reflects that we could lower
the rating by one or more notches if the ProjectCo fails to
implement the agreed remedial plan in a timely manner, thereby
increasing the risk of termination of the project agreement.

"We could also lower the rating if the minimum ratio under our
base case were to fall below 1.2x as a result of increased
deductions to the Unitary Charge. This could occur, for example,
if the Trust applies the accrued performance deductions relating
to the fire door defects and ProjectCo is unable to pass these
deductions through to the respective subcontractor in a timely
manner.

"We aim to resolve the CreditWatch placement within three-to-six
months and following the expected implementation of such plan.

"We would likely revise the outlook to stable once the ProjectCo
has implemented the remedial plan and completed the fire door
rectification, absent any other adverse developments."


COUNTRYWIDE FARMERS: Financial Woes Prompt Administration
---------------------------------------------------------
Owen Hughes at Daily Post reports that Countrywide Farmers has
gone into administration.

No initial redundancies have been made as a result of the
administration of the firm, which employs 735 people, Daily Post
notes.

The company had identified a purchaser for the retail business,
subject to Competition and Markets Authority (CMA) clearance,
Daily Post discloses.  On March 6, the CMA announced its
intention to refer the process to an in-depth phase 2
investigation, Daily Post recounts.

According to Daily Post, David Pike -- david.j.pike@kpmg.co.uk --
partner at KPMG and joint administrator, said: "Following the
recent CMA announcement, the proposed retail transaction cannot
proceed.

"Unfortunately, given the significant trading difficulties and
cash flow pressures, this has led the directors to consider their
options and take the difficult decision to place the company into
administration.

"It is our intention to seek a purchaser for the business in
whole or part and we have appointed Hilco Capital to assist in
running the stores whilst we explore and develop available
options."

Countrywide Farmers operates 48 retail stores across England and
Wales -- including Wrexham -- selling a range of farming,
equestrian, harvesting and agricultural supplies to consumers.


GVC HOLDINGS: Fitch Assigns 'BB+(EXP)' First Time IDR
-----------------------------------------------------
Fitch Ratings has assigned GVC Holdings plc an expected Long-Term
Issuer Default Rating (IDR) of 'BB+(EXP)' with Stable Outlook.
Fitch has also assigned an expected senior secured debt rating of
'BB+(EXP)'.

Final ratings will be contingent on completion of GVC's takeover
of Ladbrokes Coral Group plc (Ladbrokes Coral: BB/Rating Watch
Positive), currently expected to complete by 2Q18 subject to
regulatory and shareholder approvals. The assignment of the final
instrument ratings is contingent on final documents conforming to
information already received.

The 'BB+(EXP)' IDR reflects GVC's solid business risk profile,
reflected in enhanced geographic diversification, with over 90%
of revenues generated from locally regulated or taxed markets.
The enlarged group will also combine both retail and digital
betting offerings, while GVC currently only operates online
platforms. This will enhance the group's ability to improve brand
and product awareness as well as customer retention through
enhanced multi-channel and marketing initiatives.

Fitch expects that GVC will continue to provide generous
shareholder returns, and financial leverage is high for the
rating at the onset. However, Fitch views positively management's
commitment to a long-term net leverage ratio of below 2.0x, so
expect a steady pace of deleveraging despite future dividends
over the rating horizon. The rating factors in the large equity
component of the price consideration for Ladbrokes Coral reducing
the impact on financial leverage. In addition, the group is
protected from the outcome of the Triennial Review due to the
contingent value right (CVR) mechanism, which limits GVC's
exposure in the event of a low maximum staking level.

KEY RATING DRIVERS

Stronger Business Profile: The combination of GVC and Ladbrokes
Coral will create one of the leading gaming operators in the
world, with a stronger business profile than either would likely
be able to achieve individually through organic growth. The group
will benefit from owning multiple brands providing betting and
gaming services across multiple geographies in Europe, as well as
sizeable operations in Australia. It will also hold licences in
the US, positioning the group well for any future liberalisation
in this market.

Fitch views the combination of retail and digital as positive,
and that Ladbrokes Coral's strong multi-channel offer could
provide more growth opportunities for GVC. The size of the
business will position the group well to benefit from economies
of scale and also benefit in an industry that is becoming more
competitive and tightly regulated, whether through further
consolidation or taking market share from smaller players who
struggle with the changes.

Track Record Reduces Execution Risks: The management teams of
both GVC and Ladbrokes Coral have a strong track record of
integrating mergers and acquisitions successfully in the past.
Consequently, Fitch believe that a combination of the two will
lead to reduced risks regarding the integration and the
realisation of synergies. However, given the size of the deal as
well as the gaming machines review and other possible regulatory
changes, Fitch does not rule out slower integration. Fitch does
not expect significant opposition from the competition
authorities because of the competitiveness of the UK online
gaming market.

Diversified End Markets: The combined business profile will
benefit from enhanced geographic diversification, with over 90%
of revenues generated from regulated or taxed markets, following
the disposal of GVC's Turkish operations last year. The addition
of Ladbrokes Coral to the group will add a strong market position
in the UK as well as good positions in the Italian and Australian
gaming markets. This reduces the risks associated with regulatory
changes in individual jurisdictions, providing greater visibility
on profits. The enlarged group will also combine both retail and
digital betting offerings. This will enhance its ability to
improve brand and product awareness, as well as customer
retention through enhanced multi-channel and marketing
initiatives.

Synergies Drive Profitability: Management have guided to roughly
GBP100 million of cost savings from the combined group to be
phased in over the next four years. The major component of these
will be from technology savings, given GVC's own proprietary
technology. However, benefits will be limited until 2021 due to
outstanding contracts between Ladbrokes Coral and Playtech. Fitch
forecasts that cost savings along with some additional top line
growth should drive combined pro-forma EBITDA margin toward over
25% by 2020 from 22.7% this year.

Uncertain Regulatory Environment: The gaming industry can be
subject to changes in regulation that can impact the
competitiveness of operations or issuers' profitability, but may
also open up new opportunities. The combined group will be well
diversified, but it remains exposed to regulatory changes. The UK
Gaming Machines Triennial Review will impact all large retail
operators in the UK, the potential introduction of a state-wide
point of consumption tax in Australia may lead to lower
profitability there, while licence renewals in Italy can lead to
some uncertainty and lumpiness of capex.

On the other hand, the potential liberalisation of gaming in the
US could create an opportunity for operators, with the combined
group well placed given that it holds a Nevada and Jersey
licence.

CVR Reduces Triennial Review Impact: GVC has considered the
outcome of the Triennial Review on Gaming Machines in the final
purchase consideration, with a limit of GBP2 on 'B2' content
machines resulting in no additional consideration, while a limit
of GBP50 could lead to an additional GBP827 million cash
consideration. This would be funded through loan notes that will
be structured in a way that will incentivise the group to
refinance them as soon as possible after issuance to avoid
accruing PIK interest. The GBP50 outcome would lead to higher
leverage in the short term, but Fitch believe that this
additional financial risk would be balanced by an enhanced
business profile.

Strong Cash Generating Capability: Fitch forecasts that the
combined group should be able to generate very strong free cash
flow (FCF) margins for the rating category, even after sizeable
dividends. This will allow for good deleveraging prospects
coupled with an improving liquidity profile. Fitch expects that
the main driver of improvements will be top-line growth coupled
with improvements in profitability from cost savings. The group
has a track record of generous shareholder returns, and Fitch
expects that this may continue. However, given management's
commitment to a net debt/EBITDA target of below 2.0x in the long
term, Fitch expect that the group may look to repay debt to move
towards this level initially.

Improving Financial Headroom: Given the combined group's
excellent cash generation, Fitch forecasts that it will be able
to deleverage over the rating horizon, with FFO adjusted net
leverage expected to fall from a high of 4.4x in 2018 to about
3.4x by 2020. Fitch expects that this will be achieved partly
through improved FFO generation, but also through gross debt
repayments after assuming some drawings under the RCF to cover
the refinancing of the loan notes associated with the CVR
mechanism. Fitch expects FFO fixed charge coverage above 3.5x,
which will be strong for the rating.

DERIVATION SUMMARY

The combination of GVC and Ladbrokes Coral will create the
largest European gaming operator, mixing a mature retail channel
with a growing online product with a business profile
commensurate with that of a low investment-grade issuer, with
solid profitability and cash flow generation capabilities.
However, the group's leverage will initially be at the lower end
of what Fitch expect in the 'BB' category, and slightly higher
than that of closest peer William Hill (NR) as well as other
rated gaming operators such as Crown Resorts Limited (BBB) and
Las Vegas Sands (BBB-). There are some execution risks associated
with the combination of the two businesses, but should the
expected synergies and deleveraging come through leading to an
improved financial structure, an upgrade to investment grade
could be considered in the event of a more constructive
regulatory environment in key markets.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer:

- Good top-line growth in the group's online businesses
offsetting lower staking in the retail business, and a
significant reduction in machines staking from 2019 onwards as a
result of lower staking limits. Fitch base case assumes a GBP20
'B2' staking limit impacting operations from 2019.

- Combined group pro-forma EBITDA margin of about 22.5% in 2018,
improving to over 25% in 2020 as synergies are realised and the
group sees some organic growth. Fitch assume that the group
reaches synergies of GBP50 million out of the planned GBP56
million by 2020.

- Slight annual working capital outflows with receivables from
payments processers growing faster than monies owed to customers.

- Capex for the combined group between EUR170 million-EUR210
million over the next three years.

- Dividends increasing progressively towards about EUR200
million per year.

- Some small bolt-on acquisitions considered. A new large
acquisition would be considered as an event.

- Drawings under the RCF combined with cash on balance sheet to
fund the refinancing of the loan notes for the CVR in GBP20
scenario, with some repayments on this facility from internally
generated cash in years thereafter.

- EUR187 million of cash set aside from 2018 onwards due to the
ongoing tax dispute in Greece.

Recovery Assumptions:

Fitch assumes that all the debt instruments of the enlarged group
will rank pari passu among themselves, benefiting from the same
share pledge and guarantees with guarantor coverage of at least
75% of group EBITDA. Total debt will encompass GBP1.95 billion of
the new senior secured facility and term loan B, GVC's existing
EUR300 million senior secured term loan and Ladbrokes Coral's
existing senior notes due 2022 and 2023 totalling GBP500 million
(currently requesting bondholder consent to align the financing
arrangements of the combined group once the takeover completes).

The pro forma capital structure characterised by an all-senior
debt, and the nature and size of the asset base with limited
sizeable tangible assets, speaks for limited additional credit
enhancement arising from the security package at the 'BB+(EXP)'
IDR level. Fitch would expect good recovery prospects for secured
and guaranteed creditors in a default situation, but in Fitch
view this is insufficient to warrant a notch uplift.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Successful integration of the two businesses and realisation
of planned synergies resulting in profitability (EBITDA margin
above 25%) outpacing the level expected in Fitch's rating case
projections

- FFO adjusted net leverage trending towards 3.0x

- FFO fixed charge coverage remaining above 3.5x on a sustained
basis

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Evidence that the group is not realising the expected
synergies or facing other difficulties such as increased
competition or tighter regulation leading to weaker than
forecasted profitability (for example with EBITDA margin at 22%
or below)

- Increased shareholder returns and/or permanently weak FCF
margin in mid-single digits % of sales or below, that limit the
group's deleveraging path such that FFO adjusted net leverage
would stay above 4.0x within the next three years

- FFO fixed charge coverage below 3.0x on a sustained basis

LIQUIDITY

Adequate Liquidity: Fitch forecasts that GVC's liquidity will
remain adequate under Fitch base case scenario of a GBP20 outcome
from the Triennial Review. Fitch expects that the group will have
a growing cash balance of roughly EUR80 million in 2018 rising
towards EUR170 million in 2020, after excluding client funds and
cash for prize pools. This will be backed up by undrawn
commitments under the committed RCF, the amount of which will
vary depending on the outcome of the Triennial Review.

Under its base case of a GBP20 outcome from the Triennial Review,
Fitch assumes that the group will need to use internally
generated cash as well as drawings under the committed RCF to
repay the loan notes issued to pay for the CVR. The group may
also have to pay a tax bill of roughly EUR187 million to the
Greek government dating back to 2010/11. Fitch has considered
this amount in GVC's reported cash as not available for debt
service. The group may need to find additional liquidity in the
instance of a GBP50 outcome in the Triennial Review in the
absence of reduced dividends but Fitch treat this as an event.

GVC Holdings plc

- Long-Term IDR: assigned 'BB+(EXP)', Stable Outlook
- Senior secured debt rating: assigned 'BB+(EXP)'


PRECISE MORTGAGE 2018-2B: Moody's Gives (P)B1 Rating to E Notes
---------------------------------------------------------------
Moody's Investor Service has assigned provisional long-term
credit ratings to Notes to be issued by Precise Mortgage Funding
2018-2B PLC:

-- GBP[*]M Class A Mortgage Backed Floating Rate Notes due March
    2055, Assigned (P)Aaa (sf)

-- GBP[*]M Class B Mortgage Backed Floating Rate Notes due March
    2055, Assigned (P)Aa1 (sf)

-- GBP[*]M Class C Mortgage Backed Floating Rate Notes due March
    2055, Assigned (P)A2 (sf)

-- GBP[*]M Class D Mortgage Backed Floating Rate Notes due March
    2055, Assigned (P)Baa3 (sf)

-- GBP[*]M Class E Mortgage Backed Floating Rate Notes due March
    2055, Assigned (P)B1 (sf)

-- GBP[*]M Class X Mortgage Backed Floating Rate Notes due March
    2055, Assigned (P)Caa1 (sf)

The static portfolio backing this transaction consists of first
ranking buy-to-let mortgage loans advanced to semi-professional
landlords with small portfolios secured by properties located in
England and Wales. The loans have been originated by Charter
Court Financial Services Limited (not rated) under its trading
name of Precise Mortgages.

RATINGS RATIONALE

The ratings take into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement and the portfolio expected loss, as well
as the transaction structure and legal considerations. The
expected portfolio loss of [2.0]% and the MILAN required credit
enhancement of [12.0]% serve as input parameters for Moody's cash
flow model and tranching model, which is based on a probabilistic
lognormal distribution.

The portfolio expected loss is [2.0]%, which is marginally higher
than in other comparable buy-to-let transactions in the UK. This
is mainly due to: (i) the originator's limited historical
performance, (ii) the current macroeconomic environment in the
UK, (iii) the low weighted-average seasoning of the collateral of
[0.8] years; and (iv) benchmarking with similar UK buy-to-let
transactions.

The portfolio MILAN CE is [12.0]%: which is marginally higher
than in other comparable buy-to-let transactions in the UK mainly
due to: (i) a weighted average current LTV of [71.0]%; (ii)
around [89.5]% of the pool being interest-only loans; (iii) the
originator's limited historical performance and (iv) benchmarking
with other UK buy-to-let transactions.

At closing, the mortgage pool balance will consist of GBP [399.1]
million of loans. An amortising reserve fund will be funded to
[1.5]% of the aggregate principal amount outstanding of the rated
notes as of the closing date. Within the reserve fund an amount
equal to [1.5]% of Class A and Class B Notes outstanding
principal amount will be dedicated to provide liquidity to Class
A and Class B Notes. Moreover, the Class A and B Notes benefit
from principal to pay interest mechanism.

Operational Risk Analysis: Charter Mortgages Limited ("CML", not
rated), 100% owned by Charter Court Financial Services Group
Limited (not rated) will be acting as servicer. In order to
mitigate the operational risk, there will be a back-up servicer
facilitator, Intertrust Management Limited (not rated), and
Elavon Financial Services DAC, (Aa2/P-1) acting through its UK
Branch, will be acting as an independent cash manager from close.
To ensure payment continuity over the transaction's lifetime the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available.

Interest Rate Risk Analysis: The transaction will benefit from a
swap provided by Natixis (A1(cr)/P-1(cr)), acting through its
London Branch. Under the swap agreement during the term of the
life of the fixed rate loans the issuer will pay a fixed swap
rate and on the other side the swap counterparty will pay three-
month sterling Libor. The notional of the swap covers the fixed
portion of the pool under a 0% CPR and 0% default assumption
until all fixed rate loans switch to floating rate. In addition,
approximately [33.4]% of the pool comprises floating rate loans.
As these floating rate loans are linked to three-month LIBOR with
the same reset date as the notes, there is no basis risk
mismatch.

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

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

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

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

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from [2.0]% to [6.0]% of current balance, and the
MILAN CE was increased from [12.0]% to [19.2]%, the model output
indicates that the Class A Notes would achieve (P)A1 (sf)
assuming that all other factors remained equal. Moody's Parameter
Sensitivities provide a quantitative/model-indicated calculation
of the number of rating notches that a Moody's structured finance
security may vary if certain input parameters used in the initial
rating process differed. The analysis assumes that the deal has
not aged and is not intended to measure how the rating of the
security might migrate over time, but rather how the initial
rating of the security might have differed if key rating input
parameters were varied. Parameter Sensitivities for the typical
EMEA RMBS transaction are calculated by stressing key variable
inputs in Moody's primary rating model.

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

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings.
Deleveraging of the capital structure or conversely a
deterioration in the notes available credit enhancement could
result in an upgrade or a downgrade of the ratings, respectively.


TRAVELPORT WORLDWIDE: S&P Alters Outlook to Pos & Affirms B+ ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-headquartered
travel service provider Travelport Worldwide Ltd. and its finance
subsidiary Travelport Finance (Luxembourg) S.a.r.l. to positive
from stable. S&P said, "We affirmed our 'B+' issuer credit
ratings on the companies. We also assigned our 'B+' issuer credit
rating to Travelport Corporate Finance PLC, a new finance
subsidiary and the issuer of the proposed notes. The outlook is
also positive."

S&P said, "At the same time, we assigned our 'B+' issue-level
rating and '3' recovery rating to the company's proposed US$650
million senior secured notes due in 2026 and US$1,500 million
term loan B due in 2025. Our '3' recovery rating indicates our
expectation for meaningful (50%-70%, rounded estimate 60%)
recovery in a default scenario.

"We affirmed our 'B+' issue-level rating, with a '3' recovery
rating, on the company's US$2,154 million first-lien term loan B.
We expect to withdraw the ratings on the existing first-lien debt
post the closing of the refinancing transaction.

"The outlook revision reflects our view that, after its stable
operating performance in 2017, Travelport's healthy growth
prospects, combined with disciplined capital expenditure (capex)
and dividend policy, and its stated intention to gradually reduce
debt, will lead to a sustainable improvement in credit metrics in
the next 12-18 months. We believe that the positive momentum in
Travelport's credit ratios will continue this year and beyond,
such that the S&P Global Ratings-adjusted ratio of funds from
operations (FFO) to debt reaches and remains above 16%, which we
view as commensurate with a higher rating.

"We believe Travelport's good growth trajectory will persist over
the next 12-24 months, driven by the continued increase in demand
for digital travel services but also reflecting the company's
continued innovation. For example, it has reduced its global
average search response time and enhanced its mobile booking
capabilities. In addition, we believe that the double-digit
growth in travel payments and growth in other beyond-air
solutions will likely support Travelport's low single-digit
growth in its main air solutions business (73% of its travel
commerce platform revenues in 2017). This, combined with
Travelport's continued disciplined capex and moderate dividend
policy, further supports the outlook revision. We are mindful,
however, of the need for the company to continue to invest in
strategic technology, a key growth driver, and we incorporate
into our base case capex of 6%-7% of revenues.

"Our business assessment continues to incorporate our view that
the travel industry carries high risk: it is seasonal, cyclical,
and price competitive. The industry is also prone to rapid
technological change; investment in enhanced technological
capabilities is key. Although there are only three major players
in the air travel booking market (about 70% of Travelport's
revenues), the segment is highly competitive and customers
continue to pressure for lower fees or even consider in-house
bookings systems. We balance this view against Travelport's
exposure to other platform services with better growth prospects,
such as payment solutions, hotel, car rental, cruise-line, and
tour operators. In addition, we view Travelport's globally
diversified operations as a positive; no single customer
represents more than 10% of revenues, and it has exposure to more
than 400 airlines. So far, it has managed to withstand some
contract losses without material impact on earnings."

In 2017, Travelport's Travel Commerce Platform revenue remained
balanced across the main world travel regions, with the U.S.
about 26% of revenues, Europe 32%, Asia-Pacific 24%, the Middle
East and Africa 13%, and Latin America and Canada 5%. The mix in
2016 was similar. Travelport's business risk profile also
reflects its relatively high and stable profitability in the
wider context of its business services industry peer group.

S&P's base case assumes:

-- S&P's forecast 2018 global GDP growth of about 2.8%: 2.8% in
    the U.S., 2.1% in the Europe, 5.4% in Asia-Pacific, and 2.6%
    in Middle East and Africa, compared with 2.3%, 2.5%, 5.6%,
    and 1.5% in 2017, respectively. Steady growth in air revenues
    of about 2%-3% in 2018 (compared to 3% growth in 2017), based
    on an increase in passenger volumes fueled by global GDP
    growth.

-- Revenue growth in the beyond air solutions -- which includes
    the fast-growing eNett payment solutions, hospitality
    business, and the mobile service platform -- of 10%-12% (in
    line with 11% in 2017).

-- Stable S&P Global Ratings-adjusted EBITDA margin at 19%-20%
    (in line with previous years) potentially constrained by the
    higher contribution from less profitable but rapidly growing
    segments, such as eNett.

-- Positive discretionary cash flow allowing Travelport to
    reduce leverage, or invest in growth.

-- Tuck-in acquisitions.

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

-- Adjusted FFO to debt of 15%-17% in 2018-2019, an improvement
    from about 14% and 11% in 2017 and 2016; and

-- Stable adjusted EBITDA interest cover of 4.0x-4.5x in 2018-
    2019, compared to about 4.2x in 2017.

S&P said, "The positive outlook reflects that we could consider
an upgrade if Travelport's credit measures looked likely to
sustainably improve enough to be commensurate with a 'BB-'
rating.

"We would raise the rating in the next 12-18 months if Travelport
continues to increase revenues and maintain stable profitability,
and if we believed that the company's steady free cash flow
generation used for debt reduction supported an improvement in
credit metrics, such that adjusted FFO to debt reached and stayed
above 16%."

An upgrade would also depend on whether or not the company's
financial policy supported a higher rating, including a
continuation of prudent capex and potential acquisitions, and
predictable dividend distributions.

Lower debt repayment than S&P currently forecasts, deterioration
in pricing conditions keeping EBITDA margins below its base-case
forecast, or loss of key customers, either combined or on a
stand-alone basis, could lead it to revise the outlook to stable.

Furthermore, Travelport's unexpected departure from its cautious
external growth strategy and moderate dividend distributions, or
large swings in profitability measures, would place negative
pressure on the rating.



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


* BOND PRICING: For the Week March 5 to March 9, 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.


                 * * * End of Transmission * * *