/raid1/www/Hosts/bankrupt/TCREUR_Public/180409.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, April 9, 2018, Vol. 19, No. 069


                            Headlines


C Y P R U S

BANK OF CYPRUS: Fitch Affirms B- Long-Term Issuer Default Rating


F I N L A N D

FINNAIR OYJ: Egan-Jones Hikes FC Sr. Unsecured Ratings to BB+


F R A N C E

FINANCIERE EFEL: S&P Affirms 'B' ICR Following Storax Acquisition
SPIE SA: Moody's Affirms Ba3 Corporate Family Rating
SPIE SA: S&P Alters Outlook to Neg. & Affirms 'BB' Long-Term ICR


G E O R G I A

BANK OF GEORGIA: Moody's Raises $350MM Notes Rating to Ba2


I R E L A N D

MARLAY PARK: Moody's Assigns B2 Rating to Class E Sr. Notes
SAMMON CONTRACTING: Carillion's Collapse Prompts Examinership
VOYA EURO: Moody's Assigns (P)B2 Rating to Class F Sr. Notes


I T A L Y

UNIONE DI BANCHE: Moody's Assigns (P)Ba3 LT Sr. Notes Rating


K A Z A K H S T A N

BANK OF ASTANA: S&P Assigns 'B-/B' Ratings, Outlook Negative
KAZMUNAIGAS EXPLORATION: S&P Withdraws 'BB-' Issuer Credit Rating


L U X E M B O U R G

COVERIS HOLDING: S&P Alters Outlook to Pos. & Affirms 'B-' ICR


N E T H E R L A N D S

BNPP IP 2015-1: Fitch Assigns 'B-(EXP)' Rating to Class F-R Notes


R U S S I A

DELOPORTS LLC: Fitch Affirms BB- IDR & Unsecured Bond Rating
TOMSK OBLAST: S&P Affirms BB- Issuer Credit Rating


U N I T E D   K I N G D O M

CONVIVIALITY PLC: Appoints Administrators, Share Trading Halted
IWH UK: Fitch Assigns 'B' First-Time Final Issuer Default Rating
MOTHERCARE: Calls in KPMG for Restructuring Advice, CVA Mulled
NEW LOOK: Fitch Corrects March 2 Rating Release
SERVACOMM: Administrators Seek Buyer for Business

S.G. ALUMINIUM: Onerous Contract Prompts Administration
U Z B E K I S T A N


AGROBANK: Moody's Hikes LT Local-Currency Deposit Rating to B1


X X X X X X X X

* BOND PRICING: For the Week April 2 to April 6, 2018


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C Y P R U S
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BANK OF CYPRUS: Fitch Affirms B- Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Bank of Cyprus Public Company
Limited's (BoC) Long-Term Issuer Default Rating (IDR) at 'B-' and
Hellenic Bank Public Company Limited's (HB) Long-Term IDR at 'B'.
The Outlooks on both banks' Long-Term IDRs are Stable.

Fitch has also upgraded the Long-Term rating of BoC's Tier 2
subordinated notes to 'CCC'/'RR6' from 'CC'/'RR6' and removed it
from Rating Watch Positive. The rating action follows the
publication of the updated bank rating criteria, which introduced
+ and -- modifiers at the 'CCC'/'ccc' level for Long-Term IDRs,
long-term international debt and deposit ratings, Derivative
Counterparty Ratings and Viability Ratings.

KEY RATING DRIVERS
IDRS, VIABILITY RATINGS AND SENIOR DEBT
BoC's and HB's ratings are driven by the banks' poor asset
quality and the resulting high encumbrance of capital by problem
assets. HB's ratings factor in the high share of high quality
non-loan earning assets on its balance sheet, which support its
overall asset quality and liquidity, and drive the one-notch
difference relative to BoC's ratings.

BoC achieved an almost 40% reduction in the stock of non-
performing exposures (NPEs, as defined by the EBA) between end-
2015 and end-2017, ahead of its domestic peers. HB's NPEs
declined by 17% over the same period, although about a third of
it came from an NPE sale agreed in December 2017. Despite this,
asset quality is still very weak at both banks. The NPE/gross
loans ratios at end-2017 were stubbornly high at 47% at BoC (55%
at end-2016) and at 53% at HB (pro-forma for the NPE sale, 58% at
end-2016). In 2Q17, both banks revised their provisioning
assumptions in the context of the ECB's supervisory review and
evaluation process. Coverage of NPEs reached 48% at end-2017 at
BoC (51% pro-forma for additional provisions due to IFRS 9) and
60% at HB. While Fitch view the revised assumptions as more
realistic, coverage levels continue to reflect the banks' high
reliance on collateral.

For HB, Fitch assessment of asset quality takes into account the
high quality of the bank's other earning assets, in particular a
large placement with the ECB (EUR2.2 billion at end-2017 or
around 30% of total assets).

BoC targets a further EUR2 billion organic decrease of NPEs in
2018 (slightly over 20% of the end-2017 stock and in line with
performance in 2017). The bank also stated that it is exploring
non-organic options to accelerate de-risking of its balance
sheet. In July 2017, HB transferred the servicing of almost all
of its NPEs and real estate assets to an external company (a
joint venture between HB and an international specialist
servicer). Fitch expect this will boost HB's currently fairly low
pace of NPE reduction. Notwithstanding the banks' efforts,
organic workout of their asset quality problems will be a lengthy
process in Fitch's view and will require the operating
environment in Cyprus to remain supportive. Fitch expect asset
quality to remain weak in the medium term in the absence of any
structural solutions.

Capital ratios (fully-loaded common equity Tier 1 ratio of 12.2%
at BoC and 13.8% at HB at end-2017) should be viewed in the
context of the banks' asset quality. BoC's unreserved NPEs and
foreclosed assets stood at exceptionally high 3x fully-loaded
CET1 capital, only marginally down from the year before as NPE
stock decrease and higher coverage were offset by capital erosion
caused by the full-year loss. HB's unreserved NPEs and foreclosed
assets were similarly high and equalled 2.2x fully-loaded CET1
capital (albeit down from 2.5x at end-2016). This makes the
banks' capitalisation sensitive to the setbacks in the recovery
of the Cypriot property market (house prices posted a 1.4% yoy
increase in 3Q17 but remain around 30% below their pre-crisis
peak). Fitch's assessment of both banks' capitalisation factors
in Fitch expectation that the banks will reduce their capital
encumbrance.

The impact of the first-time adoption of IFRS 9 is material
(EUR300 million for BoC and EUR34 million for HB, around 15% and
7% of end-2017 CET1 capital, respectively). However, it is
mitigated by a generous phase-in schedule, whereby only 5% of it
is taken into account when calculating regulatory capital ratios
in 2018 (rising to 15% in 2019 and 30% in 2020).

Both banks are primarily deposit-funded. HB's liquidity is
underpinned by its large placement at the ECB and is stronger
than BoC's. BoC's funding and liquidity improved in 2017 as the
bank continued to grow deposits (+8% yoy) and managed to build-up
an acceptable liquidity buffer (about 15% of assets, mostly cash
at the central bank) and reach compliance with regulatory
liquidity requirements. At end-2017, the liquidity coverage ratio
stood at 190% at BoC and at 277% at HB. The net stable funding
ratio was 111% and 158%, respectively.

In Fitch's view, both banks need to maintain relatively high
liquidity buffers to mitigate the potential volatility of non-
resident deposits (about a quarter of total deposits at BoC and
about a half at HB). This largely short-term funding has been
stable in recent years but is more confidence-sensitive than
domestic deposits and is likely to become flighty in a stress.

SUPPORT RATING AND SUPPORT RATING FLOOR

BoC's and HB's Support Ratings of '5' and Support Rating Floors
of 'No Floor' reflect Fitch's view that senior creditors cannot
rely on receiving full extraordinary support from the sovereign
if BoC or HB becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that is
likely to require senior creditors participating in losses, if
necessary, instead of or ahead of a bank receiving sovereign
support.

Fitch views on support takes into account the authorities' record
of imposing losses on senior creditors of BoC and Laiki Popular
Bank in March 2013. It also considers the potentially constrained
ability to provide support in light of the large size of the
banking sector relative to the Cypriot economy, and the banks'
high stock of NPEs.

SUBORDINATED DEBT

BoC's subordinated Tier 2 notes are notched twice off its VR.
Fitch applies zero notches for additional non-performance risk
relative to the VR as the notes' loss-absorption is triggered
only at the point of non-viability, and two notches for loss
severity. The latter reflects Fitch view that the layer of
subordinated debt is very thin relative to the size of the bank's
potential problem (reflected in the high volume of unreserved
NPEs).

RATING SENSITIVITIES
IDRS, VR AND SENIOR DEBT

An upgrade is unlikely in the near term given the banks' asset
quality problems, but a significant reduction of NPEs relative to
capital and demonstrated ability to dispose of foreclosed assets,
resulting in a much lower vulnerability of capital to stress,
could be rating positive.

The ratings could be downgraded if the banks fail to reduce
capital encumbrance by unreserved NPE or if asset quality
deterioration jeopardises solvency or if there are any unforeseen
shocks to the stability of the bank's deposits.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch believes there is little upside for the banks' Support
Ratings and Support Rating Floors. This is due to the presence of
a resolution scheme with bail-in tools that have already been
implemented, the authorities' limited capacity to provide future
support, but also in light of a clear intention to reduce
implicit state support for financial institutions in the EU.

SUBORDINATED DEBT

BoC's subordinated debt ratings are sensitive to changes in the
bank's Viability Rating. They could also be upgraded if
unreserved NPEs become less significant relative to the layer of
subordinated debt, either through an increase in the amount of
junior debt or through a significant reduction of unreserved
NPEs.

The rating actions are as follows:

BoC
Long-Term IDR: affirmed at 'B-'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior debt long-term rating: affirmed at 'B-'/'RR4'
Senior debt short-term rating: affirmed at 'B'
Subordinated debt long-term rating: upgraded to 'CCC'/'RR6' from
'CC'/'RR6'; off Rating Watch Positive

HB
Long-Term IDR: affirmed at 'B'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'


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F I N L A N D
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FINNAIR OYJ: Egan-Jones Hikes FC Sr. Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2018, upgraded
the foreign currency senior unsecured ratings on debt issued by
Finnair Oyj to BB+ from BB.

Finnair Oyj provides passenger and cargo airline services to
various destinations between Asia and Europe. The company was
founded in 1923 and is based in Vantaa, Finland.


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F R A N C E
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FINANCIERE EFEL: S&P Affirms 'B' ICR Following Storax Acquisition
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Financiere Efel SAS. The outlook remains stable. S&P
said, "At the same time, we affirmed our 'B' issue rating on the
EUR295 million (EUR230 million plus EUR65 million add-on) senior
secured term loan B due 2024 and on the existing revolving credit
facility (RCF). The recovery rating remains at '3', reflecting
our expectation of about 55% recovery for holders of the
instrument in case of a payment default."

Averys Group has announced that it has agreed to acquire
Portugal-based storage racking systems manufacturer Storax. The
acquisition, with an enterprise value of EUR75 million, is being
financed via the issuance of a EUR65 million add-on to the
group's existing EUR230 million senior secured term loan B,
resulting in total outstanding debt of EUR295 million after the
transaction closes, expected in April 2018.

S&P said, "The rating affirmation reflects our view that the
acquisition of Storax will be beneficial for the Averys Group.
Despite the increase in debt to fund the acquisition, we expect
key credit metrics to gradually improve over the medium term
driven by the group's operational and financial performance;
adjusted debt to EBITDA should remain comfortably below 5x and
FFO to cash interest more than 3x over the next 12 months."

With stand-alone pro forma sales of over EUR470 million in 2017
and EBITDA of EUR58 million, Averys Group is a European leader in
the manufacturing of storage systems (heavy- and light-duty
racking) and metal furniture for numerous applications in
industrial warehouses. Headquartered in France, the group
operates in 13 countries across Europe, the Middle East, and
APAC, through a portfolio of eight brands. The group has been
able to grow its revenues and EBITDA, with a compound annual
growth rate of revenues of 7% and EBITDA of 15%, since 2010
notably driven by the acquisition and successful integration of
Stow in 2013.

Storax is the leading South European manufacturer of racking
products and is well-positioned in attractive niches such as
mobile racks, shuttles, and silos, and benefits from the ongoing
automation trend. Storax generated EUR76 million of revenue with
EBITDA margins of 10.5% in the year-ended Dec. 31, 2017 (fiscal
2017). S&P assesses that the acquisition will improve Averys
Group's scale of its operations, as well as provide operational
synergies and additional cash flow from day one. Operationally,
Averys Group should benefit from Storax's distribution network,
which will allow the group to access the Spanish and Portuguese
market for storage racking products with further potential to
penetrate new markets and expand its geographical footprint.

S&P said, "We assess the business risk profile of the group as
weak according to our methodology. Most notably, it is
constrained by the limited scale, scope, and diversification of
its operations compared with other capital goods sector
companies. The group has addressed its geographic concentration
over the past 10 years through acquiring Standard in Turkey,
Wandalex in Poland, and Stow across Europe. The integration of
Storax will further reduce the importance of France in revenue
generation (at around 35%) but Europe will still account for 90%
of the group's revenue base. We also view the market for racking
storage products as fragmented and competitive, which is a
further constraining factor.

"We positively view Averys' solid market shares in its core
geographic markets (50% in France, 27% in Belgium) translating
into its no. 2 position in Europe and no. 3 position globally.
Furthermore, on the strength of its leading market position,
Averys has maintained long-term relationships with a fairly wide
range of customers from original equipment manufacturers
(forklift companies), to E-tailers, including retailers, with no
contract losses. While its top 10 customers account for less than
30% of its sales, the group to an extent remains exposed to its
relationships with its largest industrial customers.  We also
view positively the group's variable cost structure, which has
historically enabled the group to deliver an EBITDA margin of
10%-12% through the cycle. At the end of fiscal year 2017 we
estimate the S&P Global Ratings-adjusted EBITDA margin at 12.8%.

"We assess Averys' financial risk profile as highly leveraged,
according to our methodology, constrained by its financial
sponsor ownership with inherent risk of re-leveraging, as
evidenced by the refinancing and dividend recapitalization in
2017, and appetite for growth through acquisitions. At the end of
fiscal year 2017 we estimate S&P Global Ratings-adjusted debt to
EBITDA at around 4.4x. Despite increased debt associated with the
transaction, our leverage expectation remains largely unchanged
toward the end of fiscal year 2018, at about 4.2x-4.5x. This is
due to our expectation that the increase in debt is offset by
enhanced EBITDA and cash flow generation due to organic growth
and the Storax contribution.

"Our estimate of adjusted debt at year-end 2018 includes the
EUR230 million term loan B facility, the add-on of EUR65 million,
EUR5 million in other debt, and our standard adjustment for
operating leases and pensions, at around EUR18 million-EUR19
million and EUR5 million-EUR6 million, respectively.

"The stable outlook reflects our expectation that Financiere Efel
will grow organically and that it will maintain an EBITDA margin
of 12%-13%, and report adjusted debt to EBITDA below 5x and FFO
to cash interest cover of more than 3x by year-end 2018. In our
view, the acquisition of Storax combined with the group's organic
growth should offset the increase in debt following the add-on
term loan B facility.

"We could lower the rating if the company faced the loss of a
major customer contract or if the anticipated growth did not
materialize due to adverse market conditions, leading to lower
revenues, EBITDA, and cash flow generation compared with our base
case. A more aggressive financial policy--for example in form of
shareholder distributions--or deteriorating liquidity could also
put the ratings under pressure. Likewise, FFO cash interest
coverage converging toward less than 3.0x or adjusted debt to
EBITDA above 5.0x would likely trigger a negative rating action.

"Given the company's small absolute size, we see an upgrade as
remote. Any positive rating acting would require further
significant diversification, the company to outperform our base-
case projections, with the EBITDA margin improving sustainably,
and to demonstrate a supportive financial policy, such as a
constant deleveraging path combined with a lack of further
returns to shareholder. This is unlikely during the outlook
horizon of the next 12 months."


SPIE SA: Moody's Affirms Ba3 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating (CFR) and the Ba3-PD probability of default rating (PDR)
of SPIE SA (Spie), a leading independent European multi-technical
business services provider. The rating agency has concurrently
placed on review for downgrade the Ba3 rating of the EUR600
million outstanding notes issued by Spie. Moody's expects that
the outlook for Spie's ratings will be stable upon conclusion of
the review for downgrade of the notes.

The rating action follows the company's announcement that it has
received commitments from a group of lenders for new unguaranteed
credit facilities, including a EUR1.2 billion term loan due 2023
and a EUR600 million revolving credit facility (RCF) due 2023 to
refinance and replace the outstanding guaranteed credit
facilities, including the EUR1,125 million term loan due 2020 and
the EUR400 million revolving credit facility due 2020.

LIST OF AFFECTED RATINGS

-- Corporate Family Rating, Affirmed Ba3

-- Probability of Default Rating, Affirmed Ba3-PD

-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
    Downgrade, currently Ba3

-- Outlook, Rating Under Review from Stable

RATINGS RATIONALE

RATIONALE TO REVIEW THE NOTES FOR THE DOWNGRADE

  -- As per provisions in Spie's notes documentation, the notes
will become unguaranteed (in line with the new credit facilities)
if the refinancing completes as planned. This will make the notes
structurally subordinate to sizable liabilities of Spie's
operating subsidiaries;

  -- Moody's expects to downgrade the notes rating to B1 from Ba3
if they become unguaranteed.

RATIONALE TO AFFIRM THE CFR AND PDR

  -- The affirmation of Spie's CFR and PDR reflects Moody's view
that the refinancing does not affect the CFR of the group, which
remains adequately positioned in the Ba3 category, though with
limited headroom for more leverage;

  -- The company's leverage, as measured by Moody's-adjusted
debt/EBITDA, has increased to 5.5x based on the pro forma results
in 2017 from 5.1x based on the pro forma results in 2016.
However, despite high leverage the rating agency views positively
the company's increased scale and improved geographical
diversification since the acquisition of SAG AG on April 1, 2017;

  -- In addition, Moody's expects the company will reduce
leverage towards 5.0x over the next 12-18 months on the back of
gradual recovery in major segments, continued M&A activity
(financed by internally generated cash), and gradually improving
oil prices, which will help to stabilize its Oil & Gas subsegment
that had a steep decline in 2017.

Spie's Ba3 CFR reflects: (1) the positive growth dynamics
dominating the technical services industry; (2) the company's
position as a leading independent multi-technical service
provider; (3) its recurring revenues from a large number of small
contracts leading to stable financial performance in the past;
(4) good customer diversification; and (5) steady cash flow
generation underpinned by negative working capital needs and the
business's low capital intensity.

Conversely, the rating reflects: (1) the company's high leverage
of 5.5x pro forma for the refinancing; (2) intense competition in
the fragmented multi-technical services market, including larger
providers, leading to pricing pressure; (3) exposure to
construction and renovation demand with some headwinds in its
French market driven by lower public spending and cyclicality of
the Oil & Gas subsegment; (4) ongoing growth strategy through
acquisitions, which may delay deleveraging if the company
finances acquisitions by debt.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE CFR

Leverage, as measured by Moody's-adjusted debt/EBITDA, were to
decrease towards 4.0x; and

RCF/Net debt ratio were to increase above 17%.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE CFR

Leverage, as measured by Moody's-adjusted debt/EBITDA, were to
increase above 5.5x;

RCF/Net debt ratio were to decrease below 10%; or

Any significant debt-financed acquisition were to put negative
pressure on credit metrics.

LIQUIDITY

Pro forma for the refinancing, Spie's liquidity is good,
supported by low capex requirements of around 0.6% of revenue and
structurally negative working capital; expected positive free
cash flow of around EUR200 million in 2018 (after dividends but
before acquisitions); no scheduled debt amortizations until 2023;
cash of EUR520.1 million as of December 31, 2017; an undrawn
EUR600 million RCF; and good expected headroom under its net
leverage covenant.

STRUCTURAL CONSIDERATIONS

The Ba3 rating of the EUR600 million notes in line with Ba3 CFR
and Ba3-PD probability of default rating (PDR) reflects Moody's
50% corporate family rating recovery assumption. Currently, the
notes and the credit facilities are guaranteed by Spie's
operating subsidiaries, representing at least 65% of total
EBITDA. The review for downgrade of the notes reflects Moody's
expectation that the notes will become unguaranteed (in line with
the new unguaranteed credit facilities) if the refinancing
completes as planned based on the provisions in Spie's notes
documentation. This will make the notes structurally subordinate
to sizable liabilities of Spie's operating subsidiaries, such as
trade payables and pension liabilities, thereby putting pressure
on the Ba3 rating of the notes.

PRINCIPAL METHODOLOGY

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

PROFILE

Spie, headquartered in Cergy, France, is a leading independent
European multi-technical services provider of electrical and
mechanical services, technical facility management, information
and communications technology services. Spie's pro forma revenue
was around EUR6.5 billion in 2017. The company has been listed on
the Euronext Paris stock exchange since June 11, 2015.


SPIE SA: S&P Alters Outlook to Neg. & Affirms 'BB' Long-Term ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable on
France-based multi-technical services provider Spie SA. At the
same time, S&P affirmed its 'BB' long-term issuer credit rating
on Spie.

S&P said, "We also affirmed our 'BB' issue ratings on Spie's
EUR1.125 billion senior unsecured term loan, EUR600 million
senior unsecured notes, and EUR400 million revolving credit
facility (RCF). The recovery rating of '4' on the facilities
reflects our expectation of average recovery (30%-50%; rounded
estimate: 30%) in the event of a payment default.

"At the same time, we assigned an issue rating of 'BB' and a
recovery rating of '4' to the proposed EUR1.2 billion senior
unsecured term loan and EUR600 million RCF. Our recovery
expectation for these facilities is also about 30%.

"The outlook revision reflects our expectation of slower
deleveraging than we previously forecast. Although Spie's
underlying performance in 2017 was broadly in line with our
expectations, we expect exceptional costs related to streamlining
of the business, and soft market conditions, to continue to weigh
on the group's operating performance in 2018. We view 2017 as a
transitional year, given the sizable acquisition of SAG in the
second quarter and the exceptional costs associated with its
integration, which resulted in adjusted debt to EBITDA of above
5.0x.

"In 2018, we forecast revenue growth of 8%-10%, owing to the
full-year consolidation of SAG, alongside further bolt-on
acquisitions, and organic growth in the group's French and German
operations. However, we expect that continued soft pricing in the
French commercial sector, weaker demand in the U.K., and a degree
of margin dilution from acquisitions made in 2017 will constrain
growth and underlying EBITDA generation. In addition, while we
expect lower exceptional costs in 2018, we forecast that
restructuring costs in France, alongside acquisition-related
costs, will result in elevated leverage metrics, including
adjusted debt to EBITDA of 4.5x-4.8x and funds from operations
(FFO) to debt of 13%-17%. We view such ratios as inconsistent
with the current rating. However, we expect to see further margin
improvement in 2019 as the group benefits from increased density
in the German market, alongside lower restructuring costs, such
that debt to EBITDA falls below 4.5x and FFO to debt rises above
15%.

"Our 'BB' issue ratings and '4' recovery ratings on the group's
proposed EUR1.2 billion senior unsecured term loan and EUR600
million RCF reflect our expectation that the group will use the
new facilities to refinance the existing banking lines. We note
that the proposed facilities will no longer benefit from upstream
guarantees provided by the group's operating subsidiaries, which
we expect to result in the removal of the guarantee package under
the group's EUR600 million notes. However, we assess that this
won't be detrimental to the recovery prospects for bond
investors, as they would continue to rank pari passu with the
group's banking facilities. That said, the recovery rating of '4'
is constrained by the existence of material liabilities, which we
would consider would rank prior to the senior unsecured
facilities in the event of a payment default.

"The negative outlook reflects our assessment that there is a
one-in-three chance that continued soft pricing in the group's
core French market, weakness in the U.K. and oil and gas
segments, and continued high restructuring costs will constrain
Spie's revenue and EBITDA growth.

"We could lower the rating if the group's operating performance
in 2018 does not signal an improving leverage trend, such that we
do not expect debt to EBITDA to fall below 4.5x or FFO to debt to
increase above 15% in 2019.

"We could consider revising the outlook to stable if Spie focuses
on reducing its leverage while improving operating performance,
such that debt to EBITDA improves to below 4.5x and FFO to debt
increases to above 15%."



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BANK OF GEORGIA: Moody's Raises $350MM Notes Rating to Ba2
----------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from B1 the
foreign-currency rating on the $350 million senior unsecured
notes due July 2023 (ISIN XS1405775880) transferred to JSC Bank
of Georgia (BoG, long term local-currency deposits Ba2 stable,
baseline credit assessment ba3). The outlook on the senior
unsecured notes has changed to stable from rating under review.

This rating action concludes the review for upgrade on the notes'
rating initiated on November 27, 2017, following the announcement
that JSC BGEO Group (BGEO) was seeking consent from noteholders
to transfer the notes to its main banking subsidiary BoG.

At the same time, Moody's affirmed the B1/Not Prime long- and
short-term issuer ratings of BGEO. The outlook on the long term
issuer rating remains stable.

RATINGS RATIONALE

  -- CONCLUSION OF RATING REVIEW ON SENIOR UNSECURED NOTES

The rating action reflects the fact that BoG has now become the
principal debtor under the notes, replacing BGEO. The upgrade to
Ba2 aligns the rating on these notes with the rating on other
senior unsecured debt issued by BoG.

Following the transfer to BoG, the notes have become senior
unsecured obligations of the bank. Therefore, holders of these
notes are no longer structurally subordinated to the bank's
creditors. In addition, similar to local-currency deposits and
other senior debt issued by BoG, the rating of the notes now
benefits from one notch of support uplift from the Government of
Georgia (Ba2 stable). This government support uplift is driven by
Moody's expectation of a high probability of government support
and derives from the bank's systemic importance to the national
economy and the functioning of the domestic financial system. BoG
accounted for 34% of total customer deposits in Georgia as of
year-end 2017.

  -- RATING AFFIRMATION OF JSC BGEO GROUP'S RATINGS

The affirmation of BGEO's B1 issuer rating reflects Moody's
expectation that BoG will continue to account for the bulk of the
group's assets and revenues. BGEO's ratings will therefore remain
driven by BoG's standalone credit profile. Following the
corporate restructuring announced on July 3, 2017 and the split
of the group into separate banking and investment business arms,
which will require shareholder approval at a meeting planned for
April 30, 2018, the rating agency expects that BoG will account
for more than 90% of BGEO's assets and recurring revenues, up
from an estimated 83% and roughly 80% respectively as of year-end
2017.

BGEO's B1 issuer rating remains positioned one notch below the
ba3 adjusted baseline credit assessment (BCA) assigned to BoG.
This rating approach is in line with the rating agency's usual
notching practice for holding companies, as described in Moody's
Banks methodology, which recognises the structural subordination
of BGEO's creditors to those of its operating subsidiaries. The
issuer rating of BGEO does not incorporate any government support
uplift as Moody's considers that any support would flow directly
to the bank rather than through the holding company.

The stable outlook on BGEO's issuer rating is in line with the
stable outlook on BoG's ratings.

WHAT COULD CHANGE THE RATING UP/DOWN

There is limited upward rating pressure for BoG's long-term
ratings, given that they are already in line with Georgia's
sovereign rating. Upward rating pressure will require both an
improvement in the bank's standalone assessment - mainly through
improved operating conditions, such as the evolution and
diversification of the Georgian economy, and a substantial
reduction in loan and deposit dollarisation - and an upgrade in
the rating of the Georgian government.

Downward pressure on BoG's ratings could develop as a result of a
material rise in nonperforming loans, and therefore credit costs,
which would damage the bank's bottom-line profitability, or, if
the bank's capital metrics do not increase in line with higher
capital requirements. A significant deterioration in the domestic
operating conditions in Georgia, as described in Moody's Macro
Profile for the country, would also strain the bank's ratings.
There could also be negative pressure on BoG's ratings if Moody's
believes that the government's willingness to provide support in
case of need has diminished.

BGEO's long-term issuer rating could be upgraded if the financial
profile of its main banking subsidiary improves, leading to an
upgrade of BoG's standalone BCA.

BGEO's ratings could be downgraded if: (1) BoG's standalone BCA
is downgraded; (2) the holding company creates double leverage
above 115% owing to debt-funded acquisitions; or (3) in the
remote scenario where the bank ceases to account for the bulk of
the group's assets or recurring profits (around 80%) and Moody's
assesses that the weighted average credit profile of its other
subsidiaries is weaker.

LIST OF AFFECTED RATINGS

Issuer: JSC BGEO Group

Upgraded and Transferred to JSC Bank of Georgia:

-- Senior Unsecured Regular Bond/Debenture (ISIN: XS1405775880),
    Upgraded to Ba2 Stable from B1 Rating Under Review

Affirmations:

-- LT Issuer Rating, Affirmed B1, Outlook remains Stable

-- ST Issuer Rating, Affirmed NP

Outlook Actions:

-- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.


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


MARLAY PARK: Moody's Assigns B2 Rating to Class E Sr. Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Marlay Park CLO
DAC:

-- EUR218,000,000 Class A-1A Senior Secured Floating Rate Notes
    due 2030, Assigned Aaa (sf)

-- EUR30,000,000 Class A-1B Senior Secured Fixed Rate Notes due
    2030, Assigned Aaa (sf)

-- EUR34,000,000 Class A-2A Senior Secured Floating Rate Notes
    due 2030, Assigned Aa2 (sf)

-- EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due
    2030, Assigned Aa2 (sf)

-- EUR24,800,000 Class B Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned A2 (sf)

-- EUR20,000,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned Baa2 (sf)

-- EUR23,600,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned Ba2 (sf)

-- EUR11,600,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Blackstone / GSO
Debt Funds Management Europe Limited ("Blackstone GSO"), has
sufficient experience and operational capacity and is capable of
managing this CLO.

Marlay Park CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be at least 83% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR41m of subordinated notes which are not
rated.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Moody's used the following base-case modeling assumptions:

Par amount: EUR400,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2753

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8.50 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling ("LCC") below Aa3 shall
not exceed 10% and per Eligibility Criteria obligors domiciled in
countries with a LCC below A3 is not allowed.

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3166 from 2753)

Ratings Impact in Rating Notches:

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

Class A-1B Senior Secured Fixed Rate Notes: 0

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

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

Class B Senior Secured Deferrable Floating Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3759 from 2753)

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

Class A-1B Senior Secured Fixed Rate Notes: -1

Class A-2A Senior Secured Floating Rate Notes: -4

Class A-2B Senior Secured Fixed Rate Notes: -4

Class B Senior Secured Deferrable Floating Rate Notes: -4

Class C Senior Secured Deferrable Floating Rate Notes: -3

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -1


SAMMON CONTRACTING: Carillion's Collapse Prompts Examinership
-------------------------------------------------------------
Aodhan O'Faolain and Ray Managh at The Irish Times report that
Irish building contractor Sammon has been pushed into
examinership following the collapse of British construction giant
Carillion, the High Court was told on Thursday, April 5.

Mr. Justice Robert Haughton was told the Irish business got into
financial difficulties due to the "devastating collapse" of
Carillion for which it was working on a number of projects in
Ireland, The Irish Times relates.

The High Court appointed Michael McAteer --
michael.mcateer@ie.gt.com -- of Grant Thornton as interim
examiner to Kildare-based Sammon Contracting Group and related
companies Sammon Contracting Ireland Ltd and Miceal Sammon
Woodcraft Ltd., The Irish Times discloses.

According to The Irish Times, the judge said that, while the
firms were insolvent, he was satisfied to appoint Mr. McAteer on
the basis that an independent expert's report had stated the
companies had a reasonable prospect of surviving if certain steps
were taken.

Seeking Mr. McAteer's appointment, barrister Ross Gorman, for the
group, said it was hired to build five schools and the institute
for education by a special purpose vehicle (SPV) that included
Carillion, known as Inspired Spaces, The Irish Times relays.

The counsel, as cited by The Irish Times, said that contract was
worth about EUR87 million to the group.  His client was paid on a
monthly basis after works commenced in 2016, The Irish Times
notes.

However, the counsel said the collapse of Carillion with debts of
more than GBP1.5 billion (EUR1.72 billion) has had "a devastating
and immediate impact" on the companies, according to The Irish
Times.  The counsel said payments from the SPV to the Sammon
companies ceased last December, The Irish Times notes.

As a result, the group has been unable to pay its suppliers and
subcontractors working on those projects, The Irish Times states.

According to The Irish Times, the counsel said the fallout from
Carillion's collapse in January had "contaminated the entire
group and the other projects it is working".

In addition, there has been no activity on any of the sites where
the company had been carrying out works on behalf of the SPV
involving Carillion, The Irish Times relays.


VOYA EURO: Moody's Assigns (P)B2 Rating to Class F Sr. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
seven classes of notes to be issued by Voya Euro CLO I Designated
Activity Company:

-- EUR203,000,000 Class A Senior Secured Floating Rate Notes due
    2031, Assigned (P)Aaa (sf)

-- EUR36,000,000 Class B-1 Senior Secured Floating Rate Notes
    due 2031, Assigned (P)Aa2 (sf)

-- EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2031, Assigned (P)Aa2 (sf)

-- EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)A2 (sf)

-- EUR18,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)Baa2 (sf)

-- EUR19,500,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)Ba2 (sf)

-- EUR9,800,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Voya Alternative
Asset Management LLC, has sufficient experience and operational
capacity and is capable of managing this CLO.

Voya CLO I is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must
consist of senior secured loans, cash, and eligible investments,
and up to 10% of the portfolio may consist of underlying assets
that are unsecured loans and second lien loans. The portfolio is
expected to be approximately 75% ramped as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.

Voya Alternative Asset Management LLC (the "Manager") will direct
the selection, acquisition and disposition of the assets on
behalf of the Issuer and may engage in trading activity,
including discretionary trading, during the transaction's four-
year reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk assets, subject to certain restrictions.

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued subordinated notes of EUR31.5 m which is
unrated.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.

Moody's used the following base-case modeling assumptions:

Par amount: EUR350,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2825

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8.5 years

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3249 from 2825)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3673 from 2825)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1


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


UNIONE DI BANCHE: Moody's Assigns (P)Ba3 LT Sr. Notes Rating
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3 rating to
the long-term senior non-preferred medium term note programme of
Unione di Banche Italiane S.p.A. (UBI).

The senior non-preferred notes, referred to as "junior senior"
notes by Moody's, could be issued under UBI's EUR15 billion Euro
Medium Term Note Programme. The notes will be explicitly
designated as "senior non-preferred" in the legal documentation
as per Italian regulation. As such the notes would rank junior to
other senior unsecured obligations, including senior unsecured
debt, and senior to subordinated debt in both resolution and
insolvency.

Moody's issues provisional ratings in advance of the issuance.
These ratings represent the rating agency's preliminary credit
opinion. A definitive rating may differ from a provisional rating
if the terms and conditions of the issuance are materially
different from those of the draft prospectus reviewed.

RATINGS RATIONALE

The (P)Ba3 rating assigned to the junior senior unsecured
programme reflects (1) UBI's adjusted baseline credit assessment
(BCA) of ba2; (2) Moody's Advanced Loss Given Failure (LGF)
analysis, which indicates likely high loss-given-failure for
these instruments in the event of the bank's failure and results
in the rating being positioned one notch below the bank's
adjusted BCA; and (3) Moody's assumption of a low probability of
government support for this new instrument, resulting in no
uplift.

UBI is subject to the EU's Bank Recovery and Resolution Directive
(BRRD), which Moody's considers to be an Operational Resolution
Regime. Therefore, Moody's applies its Advanced LGF analysis to
determine the loss-given-failure of all debt instruments
including the junior senior notes. For UBI, Moody's assumes
residual tangible common equity of 3% and losses post-failure of
8% of tangible banking assets, in keeping with Moody's standard
assumptions.

Given the relatively small amount of junior senior debt that
Moody's expects to be issued, at least at first, and the current
limited subordination in the form of Tier 2 securities and
residual equity, the LGF analysis indicates likely high loss-
given-failure. As a result, the securities will be positioned one
notch below the adjusted BCA.

Given that the purpose of the junior senior notes is to provide
additional loss absorption capacity and improve the ability of
authorities to resolve ailing banks, government support for these
instruments is unlikely, in Moody's view. The rating agency
therefore attributes a low probability of government support to
UBI's junior senior notes, which does not result in any further
uplift to the rating.

The update of UBI's programme to include issuance of junior
senior notes follows the publication of the Italian budget law
(Law 205/2017), which modifies the hierarchy of claims in an
insolvency by introducing a new type of debt within the senior
debt class that ranks junior to other senior debt instruments. To
fall into the category of the senior unsecured non-preferred debt
class, the notes must have an original maturity of one year or
more, cannot have derivative features, and the related issuance
documents must incorporate a contractual subordination clause.

RATING OUTLOOK

Provisional ratings and junior senior unsecured debt ratings do
not carry outlooks.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's Advanced LGF analysis indicates that the provisional
rating of the junior senior programme could be upgraded if there
were to be further material issuance of junior senior debt or
more subordinated instruments such as Tier 2 and/or Additional
Tier 1.

UBI's junior senior programme ratings could be also upgraded or
downgraded together with any upgrade or downgrade of UBI's
Adjusted BCA.

LIST OF ASSIGNED RATINGS

Issuer: Unione di Banche Italiane S.p.A.

Assignment:

-- Junior Senior Unsecured MTN, assigned (P)Ba3

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.


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


BANK OF ASTANA: S&P Assigns 'B-/B' Ratings, Outlook Negative
------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B-/B' issuer
credit ratings to Kazakhstan-based Bank of Astana. The outlook is
negative.

At the same time, S&P assigned its 'kzB+' Kazakhstan national
scale rating to Bank of Astana.

S&P said, "Our rating on Bank of Astana reflects the bank's small
asset base in Kazakhstan's banking sector, as well as the bank's
moderate capitalization. Furthermore, we assess the bank's
liquidity as moderate in comparison with other rated Kazakh
banks, reflecting that its regulatory liquidity coefficient (K4;
liquid assets divided by funds due within a three-month horizon)
meets the regulatory minimum, but also the very large
concentration on its largest current account. We do not
incorporate into the rating uplift for support to the bank from
the government, owing to its low systemic importance.

"Our assessment of Bank of Astana's business position as weak
reflects its modest loan and deposit franchise in the domestic
banking sector, rapid opportunistic growth over 2014-2016, low
profitability, and aggressive liquidity and capitalization
policies." Bank of Astana ranked No.17 of 32 Kazakh banks, with a
market share of 1.4% of assets, totaling Kazakhstani tenge 340
billion as of year-end 2017.

Bank of Astana positions itself as an online bank, having
captured an about 12% market share of internet banking in
Kazakhstan. However, internet banking does not directly
contribute to profits yet, as most of the online services are
free of charge and serve only as a means to acquire clients.

Following three years of very fast growth in 2014-2016, the
bank's loan portfolio contracted by 4% in 2017 after loan
repayments outpaced new business generation. However, the bank
was able to retain its market share in the sector, thanks to loan
contractions systemwide in the same period.

The bank is majority owned by the Kazakh businessman Olzhas
Tokhtarov, who holds a 52.4% stake in the bank. Several
institutional and retail investors hold the remainder.

S&P said, "We assess Bank of Astana's capital and earnings as
moderate because we expect the bank's planned rapid loan and
asset growth for 2018-2019 will gradually deplete its
capitalization levels. We expect our risk-adjusted capital ratio
will fall to about 6.5% by year-end 2019 from our estimate of
8.5% at year-end 2017, based on the assumption of 20%-25% asset
growth, about 0.5% return on assets (ROA), and full earnings
retention. We forecast the bank's ROA will remain modest in 2018-
2019, reflecting our expectation of pressure on systemwide net
interest margins and Bank of Astana's continuous investments in
franchise expansion. We are monitoring the bank's ability to
sustain the considerable net interest margin improvement it
achieved in 2017.

"Our assessment of Bank of Astana's risk position as moderate
reflects fast loan growth in 2014-2016, a sizable share of
restructured loans, a policy of low provisioning, and high
individual and sector concentrations. The 20 largest loans
accounted for about 55% of Bank of Astana's total loans and 2.1x
of total adjusted capital as of year-end 2017. We view the bank's
rapid future growth strategy as a key risk factor. Its loans
increased by about 5x in 2014-2016. The management team has yet
to prove its ability to manage asset quality over a full business
cycle. We expect that nonperforming loans (NPLs) will increase to
about 7.0% by year-end 2019 from 4.4% at year-end 2017. Our
expectation reflects the fact that 25% of the loans had been
restructured as of year-end 2017, which could translate into
NPLs. In our view, the bank's provisions, at 5.8% of total loans
as of year-end 2017, are very low compared with the amount of
loans that are overdue and restructured.

"We consider Bank of Astana's funding to be average and in line
with that of other small Kazakh banks, reflecting its
predominantly customer deposit funding and limited interbank and
other funding. Customer deposits accounted for about 93% of total
funding as of year-end 2017. The top 20 deposits, excluding the
largest deposit (from the large one-off project of financing a
monorail road), accounted for 46% of total customer deposits,
which is in line with comparable peers of similar size in the
Commonwealth of Independent States. The monorail's current
account made up 32% of total deposits as of Feb. 1, 2018, which
we view as a very high concentration, exposing the bank to a
shortfall in liquid assets in the case of unexpected deposit
withdrawals.

"We view the bank's liquidity as moderate, reflecting its
aggressive liquidity management. As of Feb. 1, 2018, Bank of
Astana's 32.5% K4 was only slightly above the 30% regulatory
minimum. Since Oct. 1, 2017, the average monthly K4 has been 32%.
This is the second-lowest K4 among all Kazakh banks.

"The negative outlook on Bank of Astana reflects our opinion that
the bank's liquidity management is aggressive, with liquid assets
remaining only slightly above the regulatory minimum. We also
consider that the bank has very large depositor concentration. We
think it unlikely that the bank's shareholders would support the
bank with sizable liquidity and capital injections over the next
12-18 months.

"We could take a negative rating action if the bank's liquid
assets further decrease below the regulatory minimum, or if it is
unable to meet its payments in full and on time.

"We could revise the outlook to stable if the bank's K4 increased
above 50%, which we believe is a sufficient level to deal with
unexpected deposit outflows, and if the predictability of funds
being disbursed to the monorail project became clear."


KAZMUNAIGAS EXPLORATION: S&P Withdraws 'BB-' Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on the Kazakhstan-based oil producer KazMunaiGas
Exploration Production JSC (KMGEP) at the company's request. At
the time of withdrawal, the outlook was stable.

S&P's rating on KMGEP reflected its position as a core subsidiary
of the 100% government-controlled vertically integrated national
company KazMunayGas NC JSC (KMG; BB-/Stable/--). As a result, the
rating on KMGEP mirrored that on KMG.

In March 2018, KMGEP closed a tender offer to repurchase
essentially all its free float common shares and global
depositary receipts, so that KMG's effective shareholding is now
above 98% of common stock (excluding common shares and global
depositary receipts held by KMGEP). Also, KMGEP started a
voluntary delisting from the London Stock Exchange and the
Kazakhstan Stock Exchange. S&P said, "We estimate that of about
$4.05 billion of cash and financial assets at year-end 2017,
KMGEP used about $1.9 billion to repurchase its shares from
minority shareholders. We believe this transaction further
reinforces KMGEP's status as a core subsidiary of KMG, and should
give the parent direct access to the remaining significant cash
balances at KMGEP. Our 'BB-' rating on KMG already incorporates
our expectation of KMGEP's minority share repurchase."


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


COVERIS HOLDING: S&P Alters Outlook to Pos. & Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on flexible and rigid
packaging producer Coveris Holding S.A. to positive from
developing. S&P affirmed its 'B-' long-term issuer credit rating.

At the same time, S&P affirmed its 'B-' issue rating on the euro-
denominated term loan due in June 2022 and borrowed by Coveris.
The recovery rating is unchanged at '3' indicating S&P's
expectation of meaningful (50%-70%; rounded estimate 60%)
recovery in the event of payment default.

The affirmation follows Coveris' announcement that it agreed to
sell its Americas business to Transcontinental for around $1.32
billion. Completion is expected for mid-2018. This transaction
will make Coveris a smaller, primarily European-based group with
a larger portion of sales from the lower margin, more
commoditized flexible packaging products. The remaining
businesses' chief executive officer and chief financial officer
joined the group in December 2017 and January 2018, respectively.
Both will be based in Vienna. The headquarters of the new group
are yet to be determined.

The positive outlook reflects S&P's expectation that it might
raise its ratings if Coveris' operating performance improves on a
sustainable basis over the next 12 months, alongside expected
deleveraging as a result of the sale of the Americas business,
the proceeds of which are anticipated to be used to repay debt.

After the sale of the Americas business, Coveris' revenues will
be split between the manufacturing of flexible (59% of sales) and
rigid (41%) packaging products. In 2017, the remaining group will
have generated sales of EUR1.3 billion and S&P Global Ratings-
adjusted EBITDA of EUR88 million. The adjusted EBITDA margin for
2017 amounted to 6.5% and S&P expects this to improve to just
over 8% in 2018.

After the sale of the Americas packaging business, the group will
have adequate geographic diversification. Sales will be split
between the U.K. (34%), Germany (16%), France (13.5%), Austria
(9.4%), and Poland (7.4%). The remainder will primarily relate to
other European countries as well as the U.S. (2.8%) and Egypt
(1.5%). The group will have 44 manufacturing facilities in 14
countries.

S&P said, "We believe that the remaining European business will
have a weaker business risk profile. It will still benefit from
the longstanding customer relations with blue-chip players, a
large size, large customer base, its exposure to the more stable
food industry, and leading niche market positions. After the
disposal of the Americas operations, our business risk assessment
will also reflect Coveris' limited product diversification and
the commoditized nature of its products. The European group's
EBITDA margins are low and, in 2017, profitability was undermined
by rising resin prices, which the group was unable to pass on to
customers. Revenues and profitability have historically also been
exposed to movements in foreign currencies. Although foreign
exchange movements raised EBITDA in 2017, they undermined the
ratio in 2016, and to a lesser extent in 2015.

"We expect Coveris' financial risk profile to improve with the
sale of the Americas business. Sales proceeds of around $1.32
billion (around EUR1 billion) are expected to be applied to debt
repayments (around EUR995 million), transaction expenses (EUR40
million), and a cash overfunding (EUR10 million). After this
transaction, we expect the European business to generate adjusted
EBITDA margins of 8.0%-8.5% over 2018-2019."

Free cash flow generation has historically been hampered by high
integration and restructuring costs, as well as capital
expenditure (capex). Free cash flow generation at the European
business will remain weak in 2018 and 2019 due to annual capex of
EUR70 million-EUR75 million (around 5% of sales). S&P said, "We
expect funds from operations (FFO) to debt of 13%-14% and
adjusted debt to EBITDA above 5.0x over 2018 and 2019. In
addition to the company's reported debt, we adjust our debt
figures for the remaining European business for operating leases
(EUR35.7 million in 2018) and pension obligations (EUR22.7
million). We believe that our debt figure for the remaining
European business will also include over EUR30 million of asset-
linked preferred equity certificates, which are held by Sun
Capital. We would thereby expect the financial risk profile to
remain highly leveraged after the sale of the Americas packaging
unit."

S&P assumes that the remaining European business will:

-- Benefit from eurozone GDP growth of 2.1% in 2018 and 1.9% in
    2019, supported by private consumption and investments,
    exports, improvements in the labor market, and low inflation.

-- See revenue growth of 5% in 2018 and 2019, driven by capacity
    additions, price increases, customer wins, product
    innovations, and a more favorable product mix.

-- See some improvements in EBITDA margins due to price
    increases, cost savings, capital investments, and a reduction
    in exceptional expenses (that is, plant restructurings and
    third party consultancy fees).

-- Report capex of approximately EUR70 million, corresponding to
    around 5% of sales in 2018.

-- Not make any dividend payments or acquisitions.

Based on these assumptions, we arrive at the following credit
measures for the remaining European business:

-- Adjusted FFO to debt of clearly of 13%-14% in 2018 and 2019.

-- Adjusted debt to EBITDA of 5.5x in 2018 and 5.0x in 2019.

-- Adjusted free operating cash flow to debt of 1%-3% in 2018
    and 2019.

S&P said, "After the sale of the Americas business, we expect
Coveris' liquidity to remain adequate. We estimate that the ratio
of liquidity sources to uses will remain above 1.2x in the 12
months post-completion and that the ratio will remain positive
even if EBITDA declines by 15%." The European business' debt
structure will most likely largely be comprised of the existing
euro-denominated term loan, which does not include any financial
covenants.

S&P anticipates the remaining European business will have the
following principal liquidity sources in the next 12 months:

-- About EUR22 million in cash and cash equivalents at
    transaction closing. Expected FFO of about EUR70 million in
    2018.

-- EUR9 million in working capital inflows.

-- Some availability under factoring and asset-backed loan
    facilities.

S&P anticipates the remaining European business will have the
following principal liquidity use over the same period:

-- Capex of about EUR71 million.

S&P said, "The positive outlook reflects our expectation that we
might raise our ratings if Coveris' operating performance
improves on a sustainable basis over the next 12 months alongside
expected deleveraging as a result of the sale of the Americas
business and anticipated debt repayment.

"We could raise the rating if Coveris' operating performance
improves, resulting in sustainable positive free cash flow
generation, most likely on the back of significant EBITDA
improvements, with leverage improving toward 5.0x, or below, on a
sustainable basis."

Upside to the ratings would diminish if the company's operating
performance continued to weaken, leading to either a decline in
EBITDA margins, continuous negative free cash flow generation, or
weak liquidity. S&P would also no longer consider raising the
ratings if the proceeds of the sale of the Americas business were
not used to reduce leverage, or if Coveris pursues a debt-funded
dividend distribution or acquisition that keeps leverage
elevated.


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


BNPP IP 2015-1: Fitch Assigns 'B-(EXP)' Rating to Class F-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned BNPP IP Euro CLO 2015-1 B.V.
refinancing notes expected ratings, as follows:

Class X: 'AAA(EXP)sf'; Outlook Stable
Class A-R: 'AAA(EXP)sf'; Outlook Stable
Class B-1R: 'AA(EXP)sf'; Outlook Stable
Class B-2R: 'AA(EXP)sf'; Outlook Stable
Class C-R: 'A(EXP)sf'; Outlook Stable
Class D-R: 'BBB-(EXP)sf'; Outlook Stable
Class E-R: 'BB(EXP)sf'; Outlook Stable
Class F-R: 'B-(EXP)sf'; Outlook Stable

BNPP IP Euro CLO 2015-1 B.V. is a cash flow collateralised loan
obligation (CLO). The proceeds of this issuance will be used to
redeem the existing notes, with a new identified portfolio
comprising the existing portfolio, as modified by sales and
purchases conducted by the manager. The portfolio is managed by
BNP Paribas Asset Management SAS. The refinanced CLO envisages a
further 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL).

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

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency has rated almost all obligors in the
current portfolio. The weighted average rating factor (WARF) of
the current portfolio was 33.4 as of end-March 2018, below the
maximum indicative covenant of 34 for assigning the expected
ratings.

High Recovery Expectations
The portfolio will comprise a minimum of 90% senior secured
loans. Fitch has assigned Recovery Ratings to almost the entire
current portfolio. The weighted average recovery rate (WARR) of
the current portfolio was 64.9% as of end-March 2018, above the
minimum covenant of 61.9% for assigning the expected ratings.

Limited Interest Rate Risk
The transaction is only allowed to invest in floating-rate
assets. This aligns the portfolio yield with the cost of the
floating-rate liabilities as fixed-rate liabilities only
represent approximately 4.2% of the target par amount. The
presence of fixed-rate liabilities partially lowers the impact of
rising interest rates on the cost of liabilities.

Limited FX Risk
Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date, limiting foreign exchange
risk. The transaction is permitted to invest up to 30% of the
portfolio in non-euro-denominated assets.

TRANSACTION SUMMARY

The issuer will amend the capital structure and reset the
maturity of the notes as well as the reinvestment period. The
four-year reinvestment period is scheduled to end in 2022. The
issuer will introduce the new class X notes, ranking pari passu
and pro-rata to the class A-R notes. Principal on these notes is
scheduled to amortise in four equal instalments starting from the
first payment date. Class X notional is excluded from the over-
collateralisation tests calculation, but a breach of this test
will divert interest and principal proceeds to the repayment of
the class X notes.

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 two rating categories of the class A and E notes and
up to two notches for the other rated notes.


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


DELOPORTS LLC: Fitch Affirms BB- IDR & Unsecured Bond Rating
------------------------------------------------------------
Fitch Ratings has affirmed LLC DeloPorts' Long-Term Issuer
Default Rating at 'BB-' and DeloPorts' RUB3 billion unsecured
bond rating at 'BB-', both with Stable Outlook.

The additional debt raised at DeloPorts level to help its
shareholder finance the acquisition of a 30.75% stake in Global
Ports Investment PLC (Global Ports; BB/Negative) and ongoing
expansion programme will result in a five-year average leverage
forecast of 2.9x, with a peak at 3.5x in 2019. This is within
Fitch revised downgrade sensitivity of 3.5x.

The Stable Outlook reflects Fitch view that operational and
financial performance will be maintained and the company will
embark on deleveraging after 2019.

KEY RATING DRIVERS

The ratings reflect the business profile of a secondary port of
call exposed to cargo concentration and competition. The business
profile risk is balanced by relatively low leverage. Fitch
considers the DeloPorts group's consolidated profile to be in
line with a 'BB' rating. The ratings of DeloPorts and the bond
are notched down by one notch from the consolidated profile to
reflect the structural subordination of the company's debt.

Concentrated Exposure to Commodity Cargo: Volume Risk - Weaker
DeloPorts is a secondary port of a call with business segment
concentration. The container segment remains mostly import
oriented but with a growing export component and throughput is
diversified, while the grain segment is fully export oriented.
Maersk accounted for 40% of container throughput in 2016. Grain
export destinations are diversified.

Over 40% of grain transhipments are handled by US agribusiness
company Cargill, a minority shareholder in the grain terminal.
DeloPorts operates in a dynamic and competitive environment in
both container and grain segments. There are similar competing
container and grain terminals in the port of Novorossiysk.
DeloPorts also competes indirectly with other container terminals
in the Baltic Sea region and the Far East, and with other
deepwater grain ports in the Black Sea.

Competition Dampens Price Flexibility: Price Risk - Midrange
The company has a short-term contracting strategy. There are no
take-or-pay contracts or minimum volume guarantees. Tariffs are
unregulated and charged in US dollars. Competition dampens price
flexibility.

Mainly Debt-Funded Major Expansion: Infrastructure Development
and Renewal - Midrange
DeloPorts is undertaking a major expansion programme. The NUTEP
container terminal expansion aims to double capacity to 700,000
twenty-foot equivalent units (TEUs) and to enable it to receive
larger vessels. The project, known as Berth No. 38, will improve
the port's competitive advantage but the incremental volumes are
still subject to uncertainty. Investments in KSK, the grain
terminal, aim to increase its throughput by 43% to 5 million
tonnes and modernise the associated infrastructure.

Grain terminal operation exceeded its estimated capacity in 2017.
Management expects to complete the main construction works in
2018-2019, with the commissioning of the new facilities in 2019.
DeloPorts expects to fund the NUTEP capex through additional
external debt and KSK capex through a combination of internally
generated funds and external debt. Fitch do not expect
significant maintenance capex over the medium term.

Structurally Subordinated, Refinancing Risk Exposure: Debt
Structure - Midrange
Debt at DeloPorts is unsecured, fixed rate and structurally
subordinated to partially floating rate bank debt at the
operating companies' level. The company's debt is non-amortising
with maturity concentration, while the operating companies' debt
is mainly amortising and secured on operating assets. Tariffs
linked to US dollars lower the group's foreign-exchange risk. The
rated bonds are effectively uncovenanted but DeloPorts' other
bonds are subject to financial covenants. There are no liquidity
reserve provisions.

Financial Profile
Fitch project DeloPorts' projected five-year average Fitch
adjusted net debt/EBITDAR (leverage) to reach 2.5x under the base
case and 2.9x under the rating case. The leverage peaks at 3.5x
in 2019 under the rating case as the company reaches the peak in
its investment cycle.

PEER GROUP

Russian port operator Global Ports is DeloPorts' closest peer.
Global Ports is larger than DeloPorts, and has a dominant
position in Russian container market and more transparent
corporate governance, as it is listed on the London Stock
Exchange. It can sustain higher leverage under the Fitch rating
case.

Turkish ports Global Liman Isletmeleri A.S. (BB-/Negative) and
Mersin Uluslararasi Liman Isletmeciligi A.S. (BBB-/Stable) are
also comparable peers. Mersin Uluslararasi Liman is a larger port
that benefits from a more diversified revenue stream. Global
Liman has a 'Weaker' volume risk assessment, with similar
leverage to DeloPorts' post-acquisition forecast.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Actions on DeloPorts and its Bonds
- Projected five-year average Fitch adjusted net debt/EBITDAR
   exceeding 3.5x in the Fitch rating case
- Adverse policy decisions related to tariff regulation, grain
   exports or geopolitical events affecting the port sector
- A failure to manage refinancing risk

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action on DeloPorts and its Bonds:
- DeloPorts' projected five-year average Fitch adjusted net
   debt/EBITDAR below 2.5x in the rating case


TOMSK OBLAST: S&P Affirms BB- Issuer Credit Rating
--------------------------------------------------
On March 30, 2018, S&P Global Ratings affirmed its 'BB-' long-
term issuer credit rating on Russia's Tomsk Oblast. The outlook
remains stable.

OUTLOOK

The stable outlook reflects S&P's expectation that Tomsk Oblast's
commitment to financially managing cost controls will allow the
region to keep its deficit after capital account below 10% of
total revenues while maintaining its liquidity at adequate levels
through the timely arrangement of committed facilities.

Downside Scenario

S&P could lower the ratings on Tomsk if the region materially
departs from its cautious spending policy resulting in an
increase on deficit after capital account to above 10% of total
revenues, or if the regional government loosened its cautious
approach to liquidity management leading to its debt service
coverage ratio decreasing to below 120%.

Upside Scenario

S&P might consider a positive rating action over the next 12
months if, thanks to an improvement in budgetary performance, the
oblast could structurally decrease its debt burden below 60% of
consolidated revenues.

RATIONALE

The rating reflects S&P's expectation that Tomsk could deliver
stable budgetary performance in the coming three years, while
management's cautious approach to liquidity will result in a debt
service coverage ratio above 120% in the next 12 months.

Concentrated economy in the context of a volatile and unbalanced
institutional framework

Under Russia's institutional framework, Tomsk's budgetary
flexibility and performance are significantly affected by the
federal government's decisions regarding key taxes, transfers,
and expenditure responsibilities. S&P estimates that federally-
regulated revenues will continue to make up more than 95% of
Tomsk's budget revenues, which leaves very little revenue
autonomy for the region. The application of the consolidated-tax-
payer-group, the tax payment scheme used by corporate tax payers
since 2012, continues to undermine predictability of corporate
profit tax (CPT) payments. In 2017, the region lost several
billion rubles due to changes implemented by two large taxpayers
to their regional tax distribution within the holding. The
federal budget law for 2018-2020 does not have provisions for new
budget loans. At the same time, S&P understands that the region
will participate in the restructuring of the outstanding budget
loans proposed by the Federal Ministry of Finance, which will
support its liquidity. Tomsk will also benefit from the extension
of the revolving federal treasury facility from 50 to 90 days
starting from 2018.

Tomsk's economy benefits from its location, bordering
economically important Krasnoyarsk Krai, Tyumen Oblast, and
Novosibirsk Oblast. Tomsk is rich in oil, natural gas, ferrous
and non-ferrous metals, and underground water. About 20% of the
West Siberian forest resources are located in Tomsk. However, S&P
believes that gross regional product per capita will remain at
less than US$10,000 over the next three years and the oblast's
economy will remain subject to volatility and concentration since
mining (mainly oil and gas) continue to provide over 20% of the
gross regional product.

Like other Russian regions, Tomsk has very limited control over
its revenues within the centralized institutional framework. The
federal government regulates the rates and distribution shares
for most taxes and transfers, leaving only about 5% of operating
revenues that the region can manage. However, S&P said, "We
believe Tomsk has more flexibility on spending, due to its
relatively large self-financed part of the capital program, which
we think it could reduce at least by 20% if necessary. Our
assessment of the oblast's budgetary flexibility also reflects
our view that its management has some leeway to continue
implementing austerity measures aimed at keeping the deficit
after capital accounts below 10% of total revenues."

Tomsk remains more sophisticated in debt and liquidity management
compared with the local peers and has improved expenditure
management with the implementation of tighter control of spending
growth for the past couple of years. At the same time, similar to
all Russian local and regional governments (LRGs), the oblast
lacks reliable long-term financial planning and doesn't have
sufficient mechanisms to counterbalance the volatility that stems
from the concentrated nature of its economy and tax base in an
international comparison.

Deficits after capital account result in moderate debt burden but
liquidity remains adequate

In 2017, Tomsk oblast saw a significant decline in CPT from a
high base of 2016 but also due to changes made by the two large
holding companies to their intra-holding tax allocation. S&P
said, "We believe that, going forward, revenue collections will
be supported by strong performance of food retail, beer
production, and manufacturing, and the oblast will benefit from
additional transfers from the federal level to compensate for tax
base decline. We also expect some nominal increase in total
expenditure but only a modest acceleration in real terms based on
management's cautious approach and the need to respect the budget
loans restructuring agreement. We therefore assume that Tomsk's
deficit after capital account will not exceed 10% of the LRG
total revenues in the near term."

S&P expects Tomsk's debt burden to steadily increase due to
important investment needs in the oblast, relatively weak revenue
collections, and projected deficits after capital account. S&P
believes the debt burden is likely to modestly exceed 60% of
total revenues by 2020. The LRG bonds remain fairly liquid on the
domestic market thanks to sustained issuance and a relatively
wide investor base. Last year's bond placement was several times
oversubscribed. Since 2002, Tomsk has also been issuing bond
instruments for regional retail investors, which helps the oblast
to diversify its investor base. In 2018, the oblast plans to
register a total of Russian ruble (RUB) 9.5 billion in bonds,
which include a new seven-year bond program for institutional
investors of about RUB7 billion and a smaller amount for the
local retail market.

S&P said, "We see very low risks stemming from contingent
liabilities. If faced with financial stress, we estimate that the
oblast would need to provide only the equivalent of less than 2%
of its operating revenues to support the few government-related
entities that it owns.

"We anticipate the oblast will stick to its prudent practice of
organizing committed liquidity facilities and keeping undrawn
amounts exceeding refinancing needs, for which it has a strong
track record over a number of years. We consider that the average
amount available on the oblast's credit facilities and the
average amount of free cash will cover the LRG's debt service by
more than 120% over the next 12 months. We also consider that the
oblast has limited access to external liquidity, given the
weaknesses of the domestic capital market."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

                                       Rating
                               To               From
  Tomsk Oblast
   Issuer Credit Rating
  Foreign and Local Currency   BB-/Stable/--    BB-/Stable/--
  Senior Unsecured
  Local Currency               BB-              BB-


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


CONVIVIALITY PLC: Appoints Administrators, Share Trading Halted
---------------------------------------------------------------
Conviviality Plc on April 5 disclosed that, further to the
Company's announcement on March 29, 2018, the Company has
appointed Matthew Callaghan -- matthew.callaghan@uk.pwc.com --
Ian Green -- ian.d.green@uk.pwc.com. -- and David Baxendale --
david.baxendale@uk.pwc.com -- of PricewaterhouseCoopers LLP as
joint administrators to Conviviality Plc.

Companies now in administration are Conviviality Plc and
Conviviality Brands Limited.  No other companies in the group
have had administrators appointed and such other companies
continue to trade.

The Company continues to engage with parties interested in its
retail business, which trades under the names of Bargain Booze,
Bargain Booze Select Convenience, Wine Rack and Central
Convenience.

PricewaterhouseCoopers will provide further updates in due
course.

Furthermore, with mutual agreement of the Board, Investec Bank
plc has resigned as Nominated Adviser and Broker to the Company
with immediate effect.  Pursuant to AIM Rule 1, if a replacement
Nominated Adviser is not appointed within one month, the
admission of the Company's securities will be cancelled on AIM.
The Company has no current intention of appointing a replacement
Nominated Adviser.

Temporary Suspension of Trading on AIM

The shares of Conviviality Plc remain suspended pending further
notice.

On April 4, Matthew Callaghan, Ian Green and David Baxendale of
PwC were appointed joint administrators of Conviviality Brands
Limited.  The wholesale business delivers beverages to more than
24,000 retail outlets across the UK, operating out of
distribution centres across England and Scotland.

On appointment, the administrators transferred the entire
shareholding of Matthew Clark (Holdings) Limited and Bibendum PLB
(Topco) Limited and their subsidiary businesses trading as
Catalyst, Peppermint, Elastic and Walker & Wodehouse to C&C
Holdings (NI) Ltd.

As part of the deal, more than c. 1,900 staff were transferred to
C&C Holdings (NI) Ltd.

Conviviality (AIM: CVR) is the drinks and impulse sector's
leading independent distributor.


IWH UK: Fitch Assigns 'B' First-Time Final Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned a first-time final Issuer Default
Rating (IDR) of 'B'/'Stable' to IWH UK Finco Ltd, which
indirectly owns Theramex HQ UK Ltd (Theramex), a UK-based
supplier of women's medication. Fitch has also assigned a first-
time final senior secured debt rating of 'B+'/'RR3'/'57%' to the
term loan B (TLB) and the revolving credit facility (RCF) issued
by IWH UK Midco Ltd, a direct subsidiary of IWH UK Finco Ltd.

The assignment of final ratings follows Fitch's review of the
execution version of the financing documents and confirmation
that all support agreements between Theramex and Teva
Pharmaceutical Industries Limited (Teva) have been put into place
to accompany the carve-out of Theramex from Teva.

The IDR of 'B' reflects the mid-cap nature of Theramex with
concentrated operations in a few European markets. It has a
relatively narrow product portfolio compared with global
pharmaceutical companies, although, on the individual country
level, its product portfolio is quite diversified. Fitch view
Theramex as a stable performer with mature, cash-generative
brands, and Fitch expect that two proprietary products will
contribute incremental growth, supporting the assigned IDR of
'B'.

Theramex's lack of meaningful scale, exposure to competition and
limited diversification by product or geography are likely to
constrain the IDR to the 'B' rating category in the long term.
This is mitigated by solid cash conversion given the asset-light
business model. Leverage of around 6.0x on an FFO-adjusted basis
is comfortably placed for the IDR level relative to Fitch-rated
peers.

KEY RATING DRIVERS

Mature Profitable Product Portfolio
Theramex benefits from a portfolio of mature and profitable
brands supported by an established base of prescribers and
customers, and facilitated by a dedicated sales force. Fitch
estimate that the mature product portfolio covering osteoporosis,
menopause and contraception solutions will contribute between
80%-90% to Theramex's business. The stability of core products'
earnings is evident in overall steady gross margins and EBITDA,
despite volume and price volatility of individual brands.

Growth Products Key for the Rating
Proprietary new-generation drugs complement the product base,
with patent-protected income streams projected by Fitch to
contribute the remaining 10%-20% to Theramex's sales. Fitch
consider the contribution from growth products to be material to
substantiate the assigned IDR of 'B'. Any delays in introducing
new products in target markets, price/volume erosion arising from
competing products, or inefficient sales and marketing
initiatives will affect the company's earnings and cash flows,
and may put the ratings under pressure.

Focus on Women's Health
Fitch regard Theramex's focus on women's health as credit
supportive, although Fitch do not consider this area to be a
major business strength, because the company is not insulated
from generic drug competition. Theramex is exposed to volume and
price challenges and a highly competitive, dispersed women's
health market ranging from global pharmaceutical companies to
mid- and small-cap local market constituents. Fitch forecast that
the company will be able to compensate for possible weaknesses in
individual products through active management of a diversified
brand portfolio, leading to overall stable levels of EBITDA
margins of at least 30%.

Scale Constrains Rating
The mid-cap nature of Theramex's operations will keep the IDR in
the 'B' rating category in the medium to long term. Fitch
anticipate the sponsor will develop the asset organically,
although Fitch believe that complementary product or licence
acquisitions of below EUR10 million a year are conceivable.
However, Fitch do not project any material change in the scale of
Theramex's product portfolio.

Manageable Carve-Out Risks
Fitch view the separation risk as manageable and rating neutral
against a defensive asset-development strategy - whereby the
company plans to maintain its product and geographic base -
despite a range of issues that Theramex needs to address if it is
to function efficiently as a stand-alone business. The
appointment of important senior executives and expected
immediate, post carve-out availability of a dedicated
international sales force for distributing existing products to
other European markets where Theramex already has presence with
other product categories will contribute greatly to Fitch
expectations of Theramex's stable operating profile. Fitch regard
Teva's contractual commitment on supply and transitional
business-support functions to be a considerable credit-
stabilising factor, as it allows Theramex to avoid operational
disruptions and provides a reasonable timeframe to transition
towards an independent business entity.

High Cash-Flow Conversion
Theramex is a cash-generative business supported by high and
stable operating margins in combination with manageable working
capital and low capital intensity. Fitch project FFO margins will
reach on average 22% over the rating horizon, which is solid for
the rating. Based on Fitch expectations of a largely unchanged
supplier and distributor networks, which would not adversely
affect Theramex's stand-alone cash conversion cycle, working
capital outflows will remain contained at EUR2 million a year.
This, in combination with low capex required for maintenance of
business infrastructure and intellectual property, will result in
pre-exceptional FCF margins averaging 20%, leading to a strong
implied pre-exceptional FCF/EBITDA conversion rate in excess of
60%.

Leverage Aligned with IDR
Leverage projected at around 6.0x on an FFO-adjusted basis is
commensurate with the assigned IDR of 'B' and in line with Fitch-
rated mid-cap European generic pharmaceutical companies. In the
absence of committed contractual repayments, Fitch forecast no
material de-leveraging on a gross basis, although there is a mild
deleveraging path net of accumulated cash, with FFO-adjusted net
leverage trending to 4.6x by FY20.

DERIVATION SUMMARY

Fitch considers Theramex in the framework of the Ratings
Navigator for pharmaceutical companies, despite some consumer
angles of its branded products, where demand is generated through
a pull-marketing strategy at the level of drug prescribers.
Compared with Nidda Bondco GmbH (Stada, B+(EXP)), Theramex's IDR
will remain constrained in the 'B' rating category in the long
run given its considerably smaller operations and fairly
concentrated product and country exposure. The company's
profitability and cash-flow margins are high in the sector,
although in line with other mid-cap asset-light pharma peers.
Fitch therefore attribute such strong margins to the selected in-
house competences, such as sales and marketing, and avoiding
costly product innovations, and commoditised, or economically
less-attractive, manufacturing processes. The financial risk
profile with FFO-adjusted leverage of 6.0x is well placed for a
'B' IDR and in the context of the Ratings Navigator as a mid-
point for the 'B' rating category.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
include:
- revenue growth of around 2.0% a year from FY18 ending
   December;
- stable EBITDA margin of around 30%;
- annual capex of 1% of sales;
- increase in working capital at 40% of revenue increase;
- non-recurring cash outflows in FY18-19 totalling EUR80 million
   relating to carve out and initial working capital required for
   a standalone entity;
- no acquisitions factored over the rating horizon.

Key Recovery Assumptions

The recovery analysis based on the going concern approach. This
reflects Theramex's asset-light business model supporting higher
realisable values in a hypothetical distress situation compared
with balance-sheet liquidation. For the going concern analysis
enterprise value (EV) calculation, Fitch has applied a 25%
discount to Fitch-estimated 2017F EBITDA of EUR66 million,
leading to a post-distress EBITDA of EUR50 million, as a post-
distress cash-flow proxy.

Fitch has then applied a 5.5x distressed EV/EBITDA multiple,
considering Theramex's estimated multiple in the LBO transaction,
as well as broader sector trading benchmarks. After a deduction
of 10% for administrative claims, investors in senior secured
debt comprising TLB and RCF would be able to recover 57% of the
debt face value, leading to one-notch uplift from the IDR to
'B+'.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- successful completion of the separation from Teva evidenced in
   efficiently functioning new senior management team,
   appropriately sized international sales force, fully
   internalised business-support functions and intact supply and
   distribution networks;
- increase in scale with a concurrent sustained expansion of
   EBITDA and margins;
- Free cash flows trending towards EUR100 million a year, with
   FCF margins sustainably at mid- to high-single-digit level;
   and
- FFO-adjusted gross leverage below 5.0x on a sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- significant delays or material challenges incurred with the
   separation process, evidenced in incomplete key senior
   management team, inadequately staffed sales force, or
   disruptions in any outsourced or in-house business processes;
- declining sales and EBITDA with margins falling below 30%;
- declining FCF and FCF margins trending to zero;
- FFO-adjusted gross leverage above 7.0x.

LIQUIDITY

Comfortable liquidity
Fitch considers the liquidity profile to be comfortable. This is
supported by the company's strong cash generation, availability
of EUR55 million RCF, which has remained undrawn at closing, the
absence of short-term financial obligations or significant
working capital seasonality, as well as the cash overfunding of
US$40 million to partly cover the costs of separation and the
follow-up restructuring.


MOTHERCARE: Calls in KPMG for Restructuring Advice, CVA Mulled
--------------------------------------------------------------
Chris St Cartmail at Business-Sale reports that struggling baby
and toddler clothing retailer Mothercare is fast running out of
cash and believed to be investigating new avenues to raise
finance quickly.

According to Business-Sale, if these initiatives fail, it is near
certain that the share price of Mothercare will spiral downwards,
leaving the firm as easy pickings for retail vulture funds and
entrepreneurs looking for distressed turnaround opportunities.

Mothercare has called in KPMG for restructuring advice and has
been in talks with its lenders, including Barclays and HSBC about
raising funding limits, Business-Sale relates.  It is believed
the lenders have agreed temporary advances until May,
Business-Sale notes.

The cashflow crisis is believed to be at an emergency level with
the talks at KPMG involving Mothercare entering into a company
voluntary arrangement (CVA), Business-Sale states.  In this
scenario one of the obvious moves would be to immediately shut
down loss-producing stores, according to Business-Sale.

Founded by James Goldsmith and Selim Zilkhar in 1961, Mothercare
has grown into a global business with over 1000 international
franchises and 140 stores in the UK.  The business recorded a
GBP16.8 million pre-tax loss in the half-year to October 2017, on
sales of GBP340 million.


NEW LOOK: Fitch Corrects March 2 Rating Release
-----------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
New Look Retail Group Ltd published on March 2, 2018, to clarify
the rationale for the removal of the Rating Watch Positive on
which the ratings had been placed on Dec. 20, 2017.

The revised release is as follows:

Fitch Ratings has downgraded New Look Retail Group Ltd's Long-
Term Issuer Default Rating (IDR) to 'CC' from 'CCC'. The agency
has also downgraded New Look's Secured Issuer plc's 2022 senior
secured notes to 'C'/'RR5'/'23%' from 'CCC'/'RR4'/'44%' and New
Look Senior Issuer plc's 2023 senior notes to 'C'/'RR6'/'0%' from
'CC'/'RR6'/'0%'. A full list of rating actions is available at
the end of this commentary.

The ratings were initially placed on Rating Watch Positive on 20
December 2017 to reflect the fact that the Corporate Rating
Criteria Exposure Draft published on 14 December 2017
contemplated the introduction of rating modifiers for IDRs in the
'CCC' rating range. As Fitch has downgraded New Look's IDR to
'CC', the introduction of rating modifiers for 'CCC' rated
entities no longer applies and Fitch has removed the ratings from
Rating Watch.

The downgrade of the IDR reflects uncertainty over the
sustainability of New Look's capital structure given a sharp
deterioration in performance, evidenced by operating losses and
accelerating cash outflows from Q1 to Q3 FY2017/18 (ie the first
nine months in the 12-month financial year ending March 2018).
Clearance sales under challenging trading conditions have seen
New Look's profit margins to plummet, while generating limited
cash flow benefits.

In response to this underperformance, New Look is now required to
implement a challenging turnaround strategy and to reposition its
business offering in the context of weakening UK consumer
spending. However, this turnaround is based on the company
shifting back to its strengths in its core mass market customer
base, who are less fashion-led and who shop both online and in-
store.

New Look had GBP128 million of cash, overdraft and uncommitted
operating facilities at 2 February 2018, after drawing the
remaining available amount under its GBP100 million RCF
(revolving credit facility) in January 2018, and the group has no
other committed liquidity buffers. Fitch believes that the costs
and execution risks associated with the turnaround plan will
maintain free cash flow in negative territory in 2018 and 2019,
compromising New Look's liquidity position further.

These elements, combined with Fitch expectation that funds from
operations (FFO) lease-adjusted gross leverage will remain above
10x in the short to medium term, make a default or a debt
restructuring probable in Fitch view.

KEY RATING DRIVERS

Business Model Under Threat: Further to a challenging 1Q-3Q
FY2017/18 trading environment, Fitch see New Looks' business
model as increasingly compromised, as it faces structural changes
in the UK fast fashion sector, including fierce online
competition from pure players like ASOS and Boohoo.com that
benefit from asset-light operating structures. Retailers also now
need to respond rapidly to new fashion trends and products need
to be available for sale under very short timescales.

Highly Uncertain Turnaround: Following a deteriorating
performance and operating losses due to large clearance and deep
discount sales in the first three quarters of FY2017/18, Fitch
has reduced Fitch forecasts on profit margins over the short to
medium term. Despite a planned reduction in marketing spending,
promotions and discount sales in 2018, the company's operational
challenges are high, including mitigating rising input costs and
adverse FX movements, rationalising the store network and fixing
logistics issues. This needs to be achieved despite UK consumer
spending falling due to increased inflation, making a turnaround
highly uncertain. Fitch does not expect a recovery in UK spending
in 1H18, particularly in clothing.

Unsustainable Leverage: Fitch believes New Look's capital
structure is unsustainable, making a default or a debt
restructuring probable. FFO lease-adjusted gross leverage
increased to 8.4x at FY17 and Fitch expect a further increase to
13.5x by end-March 2018, given the poor 1Q-3Q FY2017/8 operating
performance. Fitch expect leverage to remain above 10x in the
short to medium term. The company's ability to meet its fixed
costs is highly compromised, as Fitch estimates the FFO fixed
charge cover will fall to 0.8x in FY17/18.

Worsening Liquidity Position: As of 2 February 2018, New Look had
fully drawn its GBP100 million RCF and is expected to be able to
make the coupon payment on its senior secured notes, due in May
2018. However, New Look currently has no other committed
liquidity buffers. In the absence of fresh third-party support,
Fitch believes that the costs and execution risks associated with
the turnaround plan will maintain free cash flow in negative
territory and will put further pressure on the group's liquidity
position for the next financial year ending March 2019.

Lowered Recovery Expectations: Fitch has downgraded the recovery
rating for the senior secured notes to 'C'/'RR5'/'23%' and the
senior notes to 'C'/'RR6'/'0%'. This is due to a revision of
Fitch going concern valuation assumptions, in light of lower
profitability due to intensive competition translating into a
weakened business model.

DERIVATION SUMMARY

New Look is a fast fashion multichannel retailer operating in the
value segment of the UK clothing & footwear market for women, men
and teenage girls. The group also generates around 20% of revenue
internationally and continues to develop outside the UK, which
partially helps offset weaknesses in its domestic retail market,
where it is heavily exposed. The ecommerce platform is a key
differentiating factor relative to other sector peers, such as
Financiere IKKS S.A.S (CCC/RWN) or Novartex (CCC), but the
unsustainable leverage and compromised liquidity position place
New Look one-notch below these peers.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Reductions in price promotions in the UK, offset by sustained
   challenging consumer spending environment and online
   competition.
- Continued pressure on EBITDA margin.
- Capex to reduce to around 1.5% of sales as a cash preservation
   measure.
- No dividend payments.

Key Recovery Assumptions
- The recovery analysis assumes that New Look would be
   considered a going concern in bankruptcy and that the company
   would be reorganised rather than liquidated. Fitch has assumed
   a 10% administrative claim in the recovery analysis.

- New Look's recovery assumes a post-restructuring EBITDA of
   around GBP100 million. At this level of EBITDA, which assumes
   the successful implementation of corrective measures and lower
   cash interest following a debt restructuring, Fitch would
   expect New Look to generate neutral free cash flow.

- Fitch has reduced the distressed multiple to 4.5x from 5.0x in
   light of the weakened business model, evidenced by worse than
   expected trading results in the first three quarters in
   FY17/18. The distressed multiple is between that of Novartex
   SA (4.0x) and IKKS (5.0x) as New Look still has a better brand
   reputation than Novartex's old and dated banners, yet lower
   profit margins than IKKS.

- Fitch has added the utilised amount of operating facilities of
   GBP63.5 million to the fully drawn RCF, both of which rank
   super senior. Therefore, Fitch's expectations for senior
   secured note recoveries fall to 23%, in line with a 'C'/'RR5'
   rating. Following the payment waterfall, the senior
   noteholders would receive no recovery, in line with a
   'C'/'RR6' rating.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Evidence of successful implementation of the turnaround
   strategy, leading to an improvement in the business model,
   reflected in a material increase in the EBITDA margin and free
   cash flow trending towards neutral territory.
- Significant improvements in the liquidity position.

Developments that May, Individually or Collectively, Lead to a
Negative Rating Action
- Failure to overcome profit margin pressure and reduce cash
   outflows, adverse FX impact, loss of market share and weaker
   consumer confidence in the UK, leading to a liquidity crisis.
- A missed payment on a material financial obligation.
- Formal announcement of a distressed debt exchange (DDE) under
   Fitch's criteria.

LIQUIDITY

Worsening Liquidity Position:  As of January 2018, New Look had
fully drawn its GBP100 million RCF and the company is expected to
be able to make the coupon payment on its senior secured notes,
due in May 2018. New Look currently has no other committed
liquidity buffers. Fitch does not take into account operating
facilities in its assessment of the liquidity position because
they are uncommitted. In the absence of fresh third-party
support, Fitch expectation of continued cash outflows under
challenging market conditions will put further pressure on the
group's liquidity position for the next financial year, ending
March 2019.

FULL LIST OF RATING ACTIONS

New Look Retail Group Limited
- Long-Term IDR downgraded to 'CC' from 'CCC'; Off RWP

New Look Secured Issuer plc
- Senior Secured Notes downgraded to 'C'/'RR5' from 'CCC'/'RR4';
   Off RWP

New Look Senior Issuer plc
- Senior Notes downgraded to 'C'/'RR6' from 'CC'/'RR6'; Off RWP


SERVACOMM: Administrators Seek Buyer for Business
-------------------------------------------------
Hanna Sharpe at Business-Sale reports that a buyer is sought for
Servacomm, a maker of modular buildings based near Hull, after
hard trading conditions saw it enter administration.

Two professionals from Leonard Curtis Business Rescue & Recovery
have been appointed as joint administrators -- Phil Deyes --
phil.deyes@leonardcurtis.co.uk -- and Sean Williams --
sean.williams@leonardcurtis.co.uk -- and will take control of the
business going forward, Business-Sale relates.

According to Business-Sale, they say that they are currently
trying to sell the business and its assets while working
alongside stakeholders and creditors to make sure a positive
result is achieved.

Recent accounts for Servaccomm filed with Companies House show
that the firm achieved a turnover of GBP22.2 million for the year
ending March 31, 2016, resulting in a pre-tax profit of
GBP775,048, Business-Sale discloses.

Servacomm, which was founded in 1997, is a modular construction
company that manufacturers bespoke buildings that are designed to
be customisable by the end use.


S.G. ALUMINIUM: Onerous Contract Prompts Administration
-------------------------------------------------------
Eilis Jordan at Business-Sale reports that S.G. Aluminium has
entered administration after an exacting contract dragged down
the company's finances.

The company is expected to make the majority of its 33-person
workforce redundant as a result, Business-Sale discloses.

According to Business-Sale, recent pressures on the company were
prompted by falling sales and cash flow pressures arising from
one particularly onerous contract which chipped away at the
company's reserves, meaning that it had little ability to meet
its capital requirements to continue operating.

The firm's directors have been considering various restructuring
options since the beginning of the year, when such troubles
became apparent, Business-Sale relates.

They were unable to come up with a satisfactory solution,
however, and called in Paul Flint -- paul.flint@kpmg.co.uk -- and
David Costley-Wood -- david.costley-wood@kpmg.co.uk -- from
KPMG's restructuring practice to oversee its administration,
Business-Sale states.

S.G. Aluminium is a Blackburn-based producer of aluminium
products.  The company also installs architectural aluminium
windows, doors, curtain walling and shop fronts.


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


AGROBANK: Moody's Hikes LT Local-Currency Deposit Rating to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded to B1 from B2 the long-
term local-currency deposit rating of Uzbekistan-based Agrobank.
Concurrently, Moody's upgraded Agrobank's baseline credit
assessment (BCA) and adjusted BCA to b3 from caa2. The bank's
long-term foreign-currency deposit rating of B2, as well as its
Not Prime short-term local-currency and foreign-currency deposit
ratings were affirmed. The outlook on all of the bank's long-term
deposit ratings is stable.

Moody's has also affirmed Agrobank's long-term and short-term
Counterparty Risk Assessments (CR Assessments) of B1(cr)/Not
Prime(cr).

RATINGS RATIONALE

The upgrade of Agrobank's long-term local-currency deposit rating
reflects the material improvements in the bank's capital adequacy
levels, as well as in its funding structure and liquidity
position, resulting from a recently completed substantial
government capital injections.

In the end-2017 -- beginning-2018, Agrobank received a series of
capital injections from its key shareholders, Uzbekistan's
Ministry of Finance and the Fund for Reconstruction and
Development of the Republic of Uzbekistan. The capital injections
in aggregate totaled UZS600 billion and $140 million and they
boosted the bank's statutory total and Tier 1 capital adequacy
ratios to 37.8% and 37.6%, respectively, as of January 31, 2018.
The bank has not yet disclosed its IFRS capital adequacy ratios,
however Moody's estimates that its ratio of tangible common
equity to risk-weighted assets stands around 30%. In addition,
since the capital injections were made in cash form, the bank's
funding and liquidity profiles also materially improved. The bank
ceased to act as net debtor on Uzbekistan's local interbank
market (its net amount due to local banks amounted to 17% of
total assets at year-end 2016) and turned into a net creditor
(its net amount due from local banks was 3% of total assets as at
January 31, 2018), while its liquidity cushion comprising cash
and cash equivalents increased to 17% of total assets from 7.4%
over the same period.

The rating agency added that, despite the above-mentioned
significant improvements in capital, funding and liquidity
profiles, Agrobank's standalone credit standing continues to be
constrained by its concentration on a relatively risky
agricultural segment and fast loan growth. Agrobank acts as a
government agent for providing loans to farmers and agri-
businesses, predominantly servicing cotton and grain production
industries. Credit exposures to agricultural sector accounted for
more than 60% of Agrobank's loan portfolio as of January 31,
2018. Moreover, Agrobank started displaying high loan growth in
2018: in January 2018 alone, the bank's gross loans expanded 30%,
while for the whole 2017 the loan book grew 12%, according to
Agrobank's local GAAP statements.

Agrobank's profitability is low, mainly stemming from the bank's
high costs of running its branch network. Agrobank's distribution
network is among the largest in Uzbekistan and it includes a lot
of inefficient small points of sales located in rural areas.

WHAT COULD MOVE THE RATINGS UP / DOWN

Moody's may upgrade Agrobank's standalone BCA if it observes
better diversification and sustainable good quality of the bank's
loan portfolio coupled with material and sustainable improvements
in its profitability. Significant improvements in the overall
operating environment in Uzbekistan could lead to an upgrade of
Agrobank's supported deposit ratings over a long term.

Agrobank's standalone and supported ratings could be downgraded
if Moody's observes any weakening of the bank's financial
fundamentals, particularly asset quality and profitability,
beyond the rating agency's current expectations, especially if
any losses start eroding the bank's currently ample capital base.
Furthermore, the rating agency's diminished perception of the
probability of support for the bank from the Uzbekistan
government might also result in a negative rating action.

LIST OF AFFECTED RATINGS

Issuer: Agrobank

Upgrades:

-- LT Bank Deposits (Local Currency), Upgraded to B1 from B2,
    Outlook remains Stable

-- Adjusted Baseline Credit Assessment, Upgraded to b3 from caa2

-- Baseline Credit Assessment, Upgraded to b3 from caa2

Affirmations:

-- LT Bank Deposits (Foreign Currency), Affirmed B2, Outlook
    remains Stable

-- ST Bank Deposits, Affirmed NP

-- LT Counterparty Risk Assessment, Affirmed B1(cr)

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

-- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in September 2017.

Headquartered in Tashkent, Uzbekistan, Agrobank reported total
assets of UZS4,982 billion and total shareholder equity of
UZS1,374 billion as at year-end 2017, in its unaudited local GAAP
financial statements. Agrobank's local GAAP profits stood at
UZS2.7 billion in 2017.


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


* BOND PRICING: For the Week April 2 to April 6, 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 * * *