TCREUR_Public/170213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, February 13, 2017, Vol. 18, No. 31


                            Headlines


G E R M A N Y

BUTLERS GMBH: Decoration and Gift Shop Files for Insolvency
ROHR-BUSH GMBH: Insolvency Proceedings Suspended
SAFARI HOLDING: S&P Affirms 'B' CCR & Revises Outlook to Negative


G R E E C E

GREECE: Bailout Monitors Outline New Rescue Plan to Avert Crisis
PUBLIC POWER: S&P Puts 'CCC-' CCR on CreditWatch Negative


I R E L A N D

EIRCOM HOLDINGS: Moody's Raises Corporate Family Rating to B1
ST. PAUL'S CLO II: Fitch Rates Class F-R Notes 'B-(EXP)sf'


I T A L Y

BANCO BPM: DBRS Assigns B Rating to EUR300MM Subordinated Notes


K A Z A K H S T A N

TSESNABANK: S&P Affirms 'B+/B' Counterparty Credit Ratings


L U X E M B O U R G

QGOG CONSTELLATION: Fitch Lowers IDRs to B, Outlook Negative


N E T H E R L A N D S

LEOPARD CLO V: Moody's Hikes Rating on Cl. F Sec. Notes to B3


P O R T U G A L

BANCO BPI: Fitch Raises Long-Term Issuer Default Rating from 'BB'


R U S S I A

HOME CREDIT: Moody's Withdraws 'B2' LT Bank Deposits Rating


S P A I N

* S&P Takes Various Rating Actions on Spanish Banks


T U R K E Y

ANADOLUBANK AS: Fitch Lowers LT Issuer Default Ratings to 'BB-'


U N I T E D   K I N G D O M

AGENT PROVOCATEUR: Nears Rescue Deal Despite Cash Woes
BHS GROUP: Sir Philip Green Could Keep Knighthood 'For Years'
CLINTON CARDS: Mulls Closure of 120 High Street Stores
JOHN LEWIS: To Close Edinburgh Distribution Site, 80 Jobs at Risk
MCCAIN FOODS: Plans to Close Scarborough Facility

NESS CLOTHING: Plans to Close More Stores After Administration
PREFERRED RESIDENTIAL 06-1: S&P Raises Ratings on 2 Notes to BB+
SABRE SAFETY: Administrators Find Buyer for Business
SEQUA PETROLEUM: German Investor Gains Control of US$204MM Bond
TULLOW OIL: Obtains Extension on Debt Facility


X X X X X X X X

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


                            *********



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G E R M A N Y
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BUTLERS GMBH: Decoration and Gift Shop Files for Insolvency
-----------------------------------------------------------
Christoph Kapalschinski at Handelsblatt Global reports that
Butlers GmbH & Co.KG filed to launch insolvency proceedings at
the Cologne district court late in January in a last-ditch
attempt to avoid a full bankruptcy.

"We want to seize the opportunity to continue business as
smoothly as possible with the instruments of the insolvency
regulation and to reposition ourselves in a competitive way," the
report quotes Jorg Bornheimer, a lawyer appointed as temporary
insolvency administrator, as saying.

Handelsblatt says Butlers founder Wilhelm Josten is confident he
can still save his company.

According to the report, Mr. Josten said all stores and the
online shop will stay open. "We are confident that Butlers will
continue to have a good future," he said.

Handelsblatt notes that things haven't been always this bad at
Butlers.  Mr. Josten opened the first shop in 1999, and by 2005
the company already had 50 shops across Germany. This number has
grown to 160 in total, in Germany and abroad. The company's
turnover in 2015 was EUR102.5 million, or $110.7 million, but it
made a EUR12.4-million loss that year, the report discloses.

Handelsblatt relates that Mr. Josten said this was the result of
a weaker euro, which made imports from Asia costlier, as well as
online competition. The increasing popularity of online retail
for decoration items and gifts caused a EUR10-million drop in
revenue, he said.

Time will tell whether Butlers can adjust to those new realities
if it emerges out of insolvency.

Butlers is a decoration and gift shop company with 160 shops
across Europe. It currently employs around 1,000 people. In
Germany alone, the chain operates 94 shops that sell home
accessories, decoration, furniture and gifts. The Cologne-based
company has more shops in Austria, Switzerland and in the United
Kingdom.


ROHR-BUSH GMBH: Insolvency Proceedings Suspended
------------------------------------------------
EUWID reports that the insolvency proceedings under own
administration at Rohr-Bush GmbH & Co. KG were suspended, as
expected, with effect from Dec. 31, 2016.

Business partners had already been informed of the planned
termination of proceedings at the end of November, after
creditors had approved the rescue plan on November 16.

The rescue proceedings, which had been filed at the Bielefeld
district court (Germany) on June, 27, 2016, had commenced at the
end of August.  As part of those proceedings, roughly 75 jobs had
been lost and the product range cleaned out. Rohr-Bush now still
employs a work force of roughly 150.


SAFARI HOLDING: S&P Affirms 'B' CCR & Revises Outlook to Negative
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Germany-based gaming
company Safari Holding GmbH to negative from stable.  S&P
affirmed the 'B' long-term corporate credit rating on Safari.

Safari Holding continues to report solid operating results, and
it has announced an EUR80 million bond redemption that will
reduce leverage more than we previously expected.  S&P sees high
regulatory risk in 2017 and 2018, however, due to its expectation
that the German regulator will close up to 3,500 gaming machines
in 2017-2019, which would result in a 40% decline in Safari's
adjusted EBITDA; and the uncertainty surrounding the
implementation of the new regulations limits our visibility on
Safari's operating performance.

At the same time, S&P revised its recovery rating on Safari's
EUR235 million (EUR155 million post-redemption) senior secured
notes due 2021 to '3' from '4'.  The '3' recovery rating reflects
S&P's expectations of about 60% recovery prospects in the event
of a payment default.  S&P affirmed the issue ratings on the
notes at 'B', in line with the long-term corporate credit rating
of Safari.

The outlook revision on Safari, the holding company of Lowen Play
GmbH, reflects S&P's view of the uncertainty surrounding the
German regulator's aim to restrict the number of gaming arcades
from July 2017 by implementing its Interstate Treaty on Games of
Chance.  In S&P's view, this new regulation could lead to the
closure of about 50% of the gaming machines in Germany over the
next two years.  In addition, it remains unclear how the
municipalities will enforce the regulation and what hardship
treatments for existing arcades will be put in place.  Although
Safari's credit metrics show headroom within the current rating,
S&P believes there is at least a one-in-three possibility that
the regulation's impact could hamper Safari's operating
performance more than S&P currently incorporates in its base-case
scenario.

The German government passed the Interstate Treaty on Games of
Chance in 2012.  Compliance with this treaty may force Safari and
other gaming operators to close a meaningful amount of arcades
and substantially reduce the number of gaming machines per arcade
in the coming years.  S&P notes, however, that the application of
the law by local municipalities has been delayed creating a
stable operating environment until end-2017.

Nevertheless, the severity in which the municipalities interpret
the law from 2018-2019 on could have a negative impact on
Safari's financials.  Discussions among municipalities and arcade
operators are still ongoing, and the visibility regarding the
exact timeframe and the ultimate effect on Safari's financials
will likely remain limited until end-2017.

The 'B' rating on Safari continues to reflect S&P's expectation
that Safari will show debt to EBITDA slightly above 3x and funds
from operations (FFO) to debt just below 20% in 2018.  These
metrics remain commensurate with S&P's significant financial risk
assessment.   However, because S&P sees potential for volatile
cash flows due to the anticipated effect of regulation from July
2017, S&P assess Safari's financial risk profile as one category
lower at aggressive.  Positively, S&P recognizes Safari's recent
decision to redeem EUR80 million of its senior secured notes as a
means to reduce the debt burden and contain leverage, and S&P has
reflected this in its projections.

S&P sees Safari's operating performance for the first nine months
of 2016 as in line with S&P's current estimates.  S&P views the
company's acquisition of six arcades in The Netherlands during
that period as a step to mitigate the effect of the application
of the new regulation in Germany.  These efforts are underpinned
by S&P's assumption that Safari will expand the business with
regulatory-compliant arcades in Germany over the next few years.

S&P's assessment of Safari's business risk profile reflects the
company's earnings concentration in German gaming arcades, its
small size compared with other European gaming companies, and the
upcoming implementation of the regulatory changes.  Safari is
particularly vulnerable to these new regulations because it has a
low presence in other gaming products.

S&P sees as a rating strength that Lîwen Play is among the
largest operators of gaming arcades in Germany.  Within its 337
arcades in Germany, Safari currently offers about 8,794
electronic gaming machines.  Another rating positive is the
company's strong profitability, which is among the highest in the
European gaming industry, as well as the low working capital
needs that result in efficient utilization of employed capital
and low seasonal cash requirements.

Moreover, S&P incorporates its view of increasing entertainment
taxes and changing consumer trends.  German municipalities have
periodically raised taxes in the past, and S&P expects they will
continue to do so.  Safari's offer is limited to gaming machines
and is therefore exposed to competing offers, in particular
online gaming, in S&P's view.  Safari recently started an online
gaming website in Schleswig-Holstein, which is currently the only
state in Germany that allows online gaming.  This points to
limited growth potential compared with other European gaming
companies that operate in countries where online gaming is
permitted.

S&P sees higher recovery expectations for the senior secured
bondholders on the back of lower senior secured debt claims after
the announced EUR80 million bond redemption from Jan. 16, 2016.
S&P understands this redemption will reduce the senior secured
debt claims from EUR235 million to EUR155 million.

S&P's negative outlook reflects its view that there is at least a
one-in-three probability that Safari's credit metrics could
decline more than S&P anticipates over the next 12-18 months if
municipalities adhere more strictly to the new regulation than
S&P currently assumes.  Rating pressure could also arise if the
regulator is not as flexible in granting extensions to arcade
closure dates.  S&P thinks that these factors could lead to a 20%
or materially higher contraction in the company's revenues in
2018.

S&P could lower the rating if a stricter-than-expected
application of the new regulation or limited hardship treatment
weakens the operating environment and weighs greatly on Safari's
revenues or EBITDA.  Specifically, S&P would consider a downgrade
if Safari's adjusted FFO to debt dropped below 12% protractedly,
EBITDA interest coverage declined to below 2x, or FOCF adjusted
for finance leases turned substantially negative.  S&P could also
lower the rating if Safari employs a more aggressive financial
policy, which could happen if management makes unexpected
shareholder remunerations.

S&P could revise the outlook to stable if regulatory changes were
applied less strictly than S&P currently anticipates or Safari is
granted more hardship treatment than S&P currently assumes,
leading to fewer arcade closures and, in turn, improved
predictability of cash flows.  Specifically, S&P would consider
revises the outlook to stable if adjusted FFO to debt remained at
20% or higher and EBITDA interest coverage stayed above 4x after
the implementation of the Interstate Treaty on Games of Chance


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GREECE: Bailout Monitors Outline New Rescue Plan to Avert Crisis
----------------------------------------------------------------
Sotiris Nikas and Nikos Chrysoloras at Bloomberg News report that
Europe's bailout monitors sat down with Greece on Feb. 10 to
outline a new rescue plan meant to avert a brewing crisis that
could -- once again -- threaten the integrity of the currency
bloc.

Dutch Finance Minister Jeroen Dijsselbloem, who heads the
meetings of his euro-area counterparts, along with Klaus Regling,
who runs the euro area's crisis fund, were set to present the
offer to Greek Finance Minister Euclid Tsakalotos in Brussels,
Bloomberg relays, citing an official with knowledge of the
meeting.

Mr. Dijsselbloem said in an interview that he hopes the two sides
would come to an agreement on issues including the labor market,
pensions, taxes and budget, Bloomberg relates.

"Greece must reach a budget surplus of 3.5% and there are
discussions about what is needed extra," Mr. Dijsselbloem quotes
Mr. Dijsselbloem as saying.

Mission chiefs representing the European Commission, the European
Central Bank, the European Stability Mechanism and the
International Monetary Fund will consider returning to Athens to
continue talks with the Greek side, depending on the government's
response to the proposal, Bloomberg relays, citing people, who
requested anonymity because the plans were private.

A quarrel between the IMF, the government in Athens and European
creditors about the terms attached to Greece's latest bailout has
renewed concern about the country's place in the currency bloc,
Bloomberg notes.

Talks between Greece and its international creditors have stalled
over how to complete a review of its EUR86 billion (US$92
billion) bailout after the International Monetary Fund questioned
the nation's economic and budget targets as well as its debt
sustainability, Bloomberg discloses.  The impasse needs to be
bridged by the time euro-area finance ministers meet on Feb. 20,
their last gathering before European elections make an agreement
politically difficult, Bloomberg states.

EU countries including Germany and the Netherlands have said IMF
participation is a requirement for their continued involvement in
the Greek rescue program, according to Bloomberg.


PUBLIC POWER: S&P Puts 'CCC-' CCR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings said that it had placed its 'CCC-' long-term
corporate credit rating and all its rated debt on Greek utility
Public Power Corp. S.A. (PPC) on CreditWatch with negative
implications.

The CreditWatch placement reflects S&P's concerns over PPC's
liquidity for the next 12 months and our perception of
diminishing support from Greek systemic banks.  S&P sees as
material the risk that the company might not be able to meet its
debt repayments, including EUR200 million bond principal maturing
on May 1, 2017, absent the finalization of a EUR200 million two-
year facility under negotiation with Greece's four systemic
banks, National Bank of Greece, Alpha Bank AE, Piraeus Bank, and
Eurobank Ergasias.

S&P was expecting said facility to be available to PPC as of the
end of January 2017, but negotiations with banks are still
ongoing.

S&P understands the facility is subject to a guarantee in the
form of a floating charge on PPC's existing and future business
customer receivables, covering up to 125% of exposure.

As a further credit negative implication, Greek banks are
requesting the provision of guarantees on PPC's current bank loan
exposure, which was about EUR1.5 billion at year-end 2016.  The
current loan is to be paid back in five semiannual installments,
and approximately EUR150 million is due in 2017.

The banks are considering in particular a corporate guarantee
extended by Energiaki Holding, the new company created for
disposal of PPC's transmission network IPTO (51% will be owned by
the Greek government) as collateral, together with the pledge of
existing and future business customers' receivables.  The total
amount of the collateral requested is up to EUR300 million.  In
relation to the planned disposal of PPC's transmission network
IPTO, PPC is expecting EUR93 million cash upstream in the first
quarter of 2017 and a EUR320 million cash-in by State Grid in May
or June 2017.

Finally, S&P would need to get additional clarity on the Greek
government's pricing around the acquisition of 25% of IPTO.

S&P intends to resolve the CreditWatch on PPC once the
EUR200 million facility becomes available, which S&P expects to
happen in 30 days, and if S&P receives comfort on the issuer's
willingness and capacity to meet the bond repayment due in May
2017.  Moreover, S&P will assess PPC's ability to meet its
financial obligations over the remainder of 2017 after the IPTO
transaction.

In S&P's view, there is at least a 50% probability that it will
lower its rating on PPC in the next 90 days, once S&P has
concluded its review.


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EIRCOM HOLDINGS: Moody's Raises Corporate Family Rating to B1
-------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating (CFR) of eircom Holdings (Ireland) Limited to B1 from B2.
eir's Probability of Default Rating (PDR) has also been upgraded
to B1-PD from B2-PD. Concurrently, Moody's upgraded to B1 from B2
the rating on the EUR1.7 billion senior secured credit facility
raised by eircom Finco S.a.r.l. and the EUR700 million senior
secured notes due 2022 issued by eircom Finance Designated
Activity Company. The outlook on the ratings is stable.

"The upgrade of eir's ratings to B1 primarily reflects Moody's
expectations that the company's operating performance will
continue to improve over the next 12-18 months driven by cost
savings and moderate underlying revenue growth on the back of its
strengthened business profile helped by management's solid
execution of the strategy. This improvement will support a
gradual de-leveraging profile to reach leverage levels, as
measured by Moody's adjusted debt/EBITDA, sustainably below 5x in
the next 18 months," says Laura PÇrez, a Moody's Vice President -
- Senior Analyst and lead analyst for eir.

RATINGS RATIONALE

The rating upgrade reflects Moody's expectations that eir's
operating performance will gradually improve, supporting the
company's continued, albeit slow, deleveraging profile towards
Moody's adjusted debt/EBITDA levels below 5x. In addition, the
rating agency expects free cash flow to improve supported by some
growth in EBITDA and lower interest costs, although free cash
flow will remain modest because of the relatively high capex
levels due to the continued investment in fibre.

The turnaround in eir's performance has been evident since 2015.
Its enhanced network following the significant investment in
fibre and 4G, coupled with recent investments in exclusive
content through the acquisition of Setanta Sports Channel Ireland
Ltd (rebranded to eir sport), should allow the company to
monetize the increasing demand for its products and services, and
strengthen its competitive position in the Irish market.

eir has made substantial progress on expanding its fibre network,
spending over EUR440 million to pass over 1.6 million premises
(representing 68% of Irish premises) and on track to achieve a
target of 1.9 million by December 2018 (80% of Irish premises).
At the same time, the company has met ahead of schedule its 4G
mobile coverage target of 95% population coverage.

Moody's notes that the rating upgrade also factors in the strong
track record of the management team of executing a consistent
strategy and delivering on the annual financial objectives.

The rating agency expects operating performance to continue to
improve with EBITDA growing by 1%-2% p.a. driven by cost
reductions and underlying revenue growth (excluding the impact
from mobile termination rates or MTRs), although MTRs will weigh
on top-line revenues in the next 12 months (but the impact is
broadly neutral on EBITDA).

Whilst the growth in eir mobile's EBITDA will moderate compared
to recent years as a result of the company's promotional activity
to accelerate its convergence strategy and focus on customer
lifetime value, Moody's believes the consolidated operating
performance will continue to improve as Moody's expects bundling
offers to lead to positive reductions in churn and will likely
strengthen the company's pricing power over time.

eir's financial flexibility has further improved in 2016 through
various refinancing exercises, which have enabled the company to
diversify its capital structure through the issuance of EUR700
million senior secured notes and the access to a new EUR150
million revolving credit facility. At the same time, the company
has extended its debt maturities to 2022, and enhanced its
headroom under covenants.

Offsetting these strengths, eir's B1 rating also reflects a
volatile accounting pension deficit (not reflective of a funding
requirement on a cash flow basis), expectations of moderate, yet
improving, free cash flow generation, a highly competitive
environment in Ireland and still relatively high leverage
compared to European incumbents despite expectations of gradual
deleveraging.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the ratings reflect Moody's expectation
that eir will continue to make progress on its main KPIs by
investing in its fibre networks and increasing convergence,
supporting future revenue growth prospects. This together with
cost savings will further boost EBITDA. The stable outlook also
reflects the expectation that the company will organically
deleverage to a Moody's adjusted debt/EBITDA below 5x and
continue to improve its free cash flow generation.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating would be supported by continued
improvement in operating performance with revenue and EBITDA
growth leading to adjusted debt/EBITDA sustainably below 4.25x
and retained cash flow (RCF)/debt sustainably above 15%. Upward
rating pressure would also stem from a significant improvement in
the company's free cash flow generation.

Downward pressure on the rating could materialise if operating
performance weakens with substantial pressure on revenues or a
significant deterioration in either margins or main KPIs
(subscriber growth, ARPUs, market share), leading to weaker-than-
expected credit metrics, including adjusted debt/EBITDA trending
sustainably above 5.0x, RCF/debt consistently below 10%, and
negative free cash flow generation.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: eircom Holdings (Ireland) Limited

-- LT Corporate Family Rating, Upgraded to B1 from B2

-- Probability of Default Rating, Upgraded to B1-PD from B2-PD

Issuer: eircom Finance Designated Activity Company

-- Backed Senior Secured Regular Bond/Debenture, Upgraded to B1
    from B2

Issuer: eircom Finco S.a.r.l.

-- Backed Senior Secured Bank Credit Facility, Upgraded to B1
    from B2

Outlook Actions:

Issuer: eircom Holdings (Ireland) Limited

-- Outlook, Changed To Stable From Positive

Issuer: eircom Finance Designated Activity Company

-- Outlook, Changed To Stable From Positive

Issuer: eircom Finco S.a.r.l.

-- Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

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

eircom Holdings (Ireland) Limited is the holding company of the
eir group, the principal provider of fixed-line
telecommunications services in Ireland, with the largest market
share by revenue share in broadband. The group is also the third-
largest mobile operator in Ireland, with a subscriber market
share of approximately 21% (excluding mobile broadband and
Machine to Machine, according to ComReg).

eir reported revenue of EUR1.3 billion and adjusted EBITDA of
EUR505 million for the financial year ended June 2016.


ST. PAUL'S CLO II: Fitch Rates Class F-R Notes 'B-(EXP)sf'
----------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO II Designated Activity
Company notes expected ratings:

EUR241.5 million Class A-R notes due 2030: 'AAA(EXP)sf'; Outlook
Stable
EUR40 million Class B-R notes due 2030: 'AA(EXP)sf'; Outlook
Stable
EUR28.5 million Class C-R notes due 2030: 'A(EXP)sf'; Outlook
Stable
EUR21.5million Class D-R notes due 2030: 'BBB(EXP)sf'; Outlook
Stable
EUR25 million Class E-R notes due 2030: 'BB(EXP)sf'; Outlook
Stable
EUR11 million Class F-R notes due 2030: 'B-(EXP)sf'; Outlook
Stable

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

St. Paul's CLO II Designated Activity Company is a cash flow
collateralised loan obligation (CLO). The issuer has amended the
capital structure and extended the maturity of the notes. Class
F-R was introduced and the obligor concentration limits have been
slightly reduced for top 10 obligors to 22.5% of the portfolio,
down from 25%, and per obligor to 2.5% from 3%. (a limit of 3%
for top three obligors was introduced).

Following the change in payment frequency of the notes to
quarterly from semi-annually a frequency switch mechanism was
introduced. The transaction features a four-year reinvestment
period, which is scheduled to end in 2021. The subordinated notes
will not be refinanced; however, the maturity will be extended.

KEY RATING DRIVERS
'B' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors at the 'B'
category. The weighted average rating factor (WARF) of the
underlying portfolio is 32.4, below the maximum covenanted WARF
of 34. The aggregate collateral balance is EUR401.9 million,
which is above the target par of EUR400 million.

High Recovery Expectations
At least 90% of the portfolio comprises senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured and mezzanine
assets. The weighted average recovery rate (WARR) of the
identified portfolio is 68.7%, above the minimum covenanted WARR
of 68%.

Diversified Asset Portfolio
The issuer did not change the portfolio covenants, including a
minimum of 65 obligors. The 10 largest obligors now represent
22.5% of the portfolio, down from 25% at closing. The maximum
Fitch industry exposure is unchanged and slightly below the
current market standards with a top one industry limit at 15%
(vs. market 17.5%), top two at 27.5% and top three at 37.5% (vs.
market 40%).

Limited Interest Rate Risk
Unhedged fixed rate assets cannot exceed 10% of the portfolio
while there are no fixed-rate liabilities. The impact of unhedged
interest rate risk was assessed in the cash flow model analysis.

RATING SENSITIVITIES
A 25% increase in the probability of default would cause a
downgrade up to two notches for the rated notes. A 25% decrease
in recovery prospects would cause a downgrade up to four rating
notches for the rated notes.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY
The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant groups within Fitch and/or other
rating agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.
-Loan-by-loan data provided by Virtus Group LP as at 30 December
2016
-Draft offering circular as of 8 February 2017

REPRESENTATIONS AND WARRANTIES
"A description of the transaction's representations, warranties
and enforcement mechanisms ("RW&Es") that are disclosed in the
offering document and which relate to the underlying asset pool
was not prepared for this transaction. Offering documents for
EMEA Leveraged Loan CLO transactions do not typically include
RW&Es that are available to investors and that relate to the
asset pool underlying the security. Therefore, Fitch credit
reports for EMEA Leveraged Loan CLO transactions will not
typically include descriptions of RW&Es. For further information,
please see Fitch's Special Report titled "Representations,
Warranties and Enforcement Mechanisms in Global Structured
Finance Transactions," dated 31 May 2016.


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BANCO BPM: DBRS Assigns B Rating to EUR300MM Subordinated Notes
---------------------------------------------------------------
DBRS Ratings Limited (DBRS) has assigned new ratings to Banco BPM
SpA (Banco BPM or the Group), including an Issuer Rating of BBB
(low). This follows the merger of Banco Popolare and Banca
Popolare di Milano as of January 1, 2017 and the transfer of all
assets and liabilities to the new legal entity Banco BPM. At the
same time DBRS has withdrawn its existing ratings of Banco
Popolare, including its BBB (low) Issuer rating.

The ratings assigned to Banco BPM include a BBB (low) Issuer
Rating, Senior Long-Term Debt & Deposit rating of BBB (low),
Short-Term Debt & Deposit rating of R-2 (middle), and Long and
Short Term Critical Obligations Ratings of BBB (high) / R-1
(low). All ratings have a Stable trend. The Intrinsic Assessment
of the Group is BBB (low). The support assessment is SA3,
implying no uplift from systemic support.

The merger was announced in March 2016 and received final
approval in October 2016. A regulatory condition for the merger
was a EUR1 billion capital increase, which Banco Popolare
completed in June 2016.

The ratings of the new entity reflect the Group's leading
position across some of the wealthiest regions of Northern Italy,
the stable funding profile as well as the improved
capitalisation. The ratings also reflect the Group's weak risk
profile which is evidenced by the large stock of non-performing
loans (NPLs) which compares unfavorably with the Euopean and
Italian peer group, as well as weak profitability. The Stable
trend reflects DBRS' view that the Group remains committed to
achieve the targets set in the new business plan announced in May
2016. In particular the Group is targeting to reduce its large
stock of NPLs by roughly EUR8 billion, with nominal and net NPL
ratios expected at 18% and 11%, respectively, in 2019. In
addition, the Group expects to deliver pre-tax synergies of
approximately EUR460 million per year fully phased from 2019.

Concurrently, DBRS has assigned new ratings to three debt
instruments which were originally issued by Banca Popolare di
Milano and subsequently transferred to the Group. These include:
(i) a BBB (low) rating on the EUR500 million Senior notes (ISIN
XS1024830819), (ii) a BB (high) rating to the EUR475 million
Mandatory Pay Subordinated Debt in the form of Tier 2 notes (ISIN
XS0597182665), (iii) a B rating to the EUR300 million Perpetual
Subordinated notes (ISIN XS0372300227). All ratings have a Stable
trend.

The notching approach for the Group's Tier 2 and Perpetual
Subordinated notes is in line with DBRS' methodology for Rating
Bank Capital Securities -- Subordinated, Hybrid, Preferred &
Contingent Capital Securities. The rating of the Perpetual
Subordinated notes is five notches below the Group's Intrinsic
Assessment, taking into consideration the 5% Capital Deficiency
Event threshold set in the Bank's prospectus dated June 24, 2008
as well as the Group's high stock of NPLs which elevates the risk
of such a capital deficiency event in the current economic and
regulatory environment.

RATING DRIVERS

Upward rating pressure to Banco BPM's ratings would require a
reduction in the NPL stock as well as a successful post merger
integration. On the other hand, downward pressure would likely be
driven by a deterioration in the Group's franchise and/or
financial position.

A full text copy of the ratings is available:


                   https://is.gd/ex7dFp


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


TSESNABANK: S&P Affirms 'B+/B' Counterparty Credit Ratings
----------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Kazakhstan-based
Tsesnabank and its 'B/B' long- and short-term counterparty credit
ratings on Bank CenterCredit JSC.  The outlook on Tsesnabank is
negative, and the outlook on Bank CenterCredit is stable.

At the same time, S&P affirmed its 'kzBBB-' Kazakhstan national
scale rating on Tsesnabank and S&P's 'kzBB+' Kazakhstan national
scale rating on Bank CenterCredit.

The rating actions follow the announcement made on Feb. 1, 2017,
that Tsesnabank, Tsesna Financial Holding, and Mr. Bakhytbek
Baiseitov, the current chairman of Bank CenterCredit's
supervisory board, could jointly own 41.9% in Bank CenterCredit,
including both common and preferred shares, after the planned
deal.

According to the announcement, South Korean Kookmin Bank chose
the aforementioned participants as preferred buyers for its 41.9%
stake in Bank CenterCredit.  In addition, the International
Finance Corporation has chosen to sell its 10% stake in Bank
CenterCredit to Mr. Baiseitov, whose existing stake in Bank
CenterCredit was 25.6% as of Feb. 1, 2017.  The remaining stake
in Bank CenterCredit is owned by minority shareholders, including
the current management team.  The transaction is expected to
close in the second quarter of 2017, subject to the regulatory
approval by the National Bank of Kazakhstan.

The preferred buyers have yet to announce the price of the deal
and their plans for Bank CenterCredit after the acquisition.
S&P's rating actions reflect its expectation that Bank
CenterCredit will become an affiliate of Tsesnabank, and that
this might slightly weaken Tsesnabank's capitalization.  S&P also
takes into consideration its view that Bank CenterCredit's asset
quality and provisioning remains relatively weak.  S&P will
consider any associated rating implications as the transaction's
details emerge.

At this stage, S&P has analyzed only the likely implications of
the initial acquisition, if it is approved, for S&P's ratings on
Tsesnabank.  S&P anticipates that Tsesnabank will be able to fund
its share of the transaction from existing cash resources.
Although the bank's capitalization could weaken slightly, S&P
expects that its risk-adjusted capital (RAC) ratio will stay
within the existing 2%-3% range that S&P assumed before
incorporating the news of the possible merger.

As for Bank CenterCredit, the change of ownership would likely
have no immediate rating implications, in S&P's view.

Since the preferred buyers' post-acquisition plans for Bank
CenterCredit remain undisclosed at this stage, S&P do not factor
material changes into its current assessments.  Nevertheless, S&P
sees a possibility that the new owners would seek to leverage the
complementary business models of Tsesnabank and Bank
CenterCredit.

Tsesnabank has a strong wholesale franchise and enjoys a
favorable funding position with access to lower cost of funding
via governmental lending programs.  Meanwhile, Bank CenterCredit
has a strong retail and small and midsize enterprise franchise.
Although the banks have similar rating strengths, in S&P's view,
Bank CenterCredit's creditworthiness is slightly weaker because
S&P sees its asset quality and profitability as currently
constrained.  Furthermore, S&P continues to note Tsesnabank's
increased risk exposures and modest provisioning after several
years of fast credit growth, even though its reported
nonperforming loans (NPLs; loans 90 days or more overdue) remain
relatively low compared with Kazakh peers.

                   TSESNABANK - OUTLOOK NEGATIVE

The negative outlook on Tsesnabank reflects S&P's opinion of the
pressure on the bank's risk position and capitalization due to
its track record of fast credit growth.  S&P also factors in its
view of the bank's modest provisioning budgeted for 2017 amid
S&P's assumption of a marked rise in NPLs.  Moreover, S&P now
incorporates its opinion of the planned purchase of a stake in
Bank CenterCredit, which has a higher risk profile than
Tsesnabank.

S&P could lower the long-term rating on Tsesnabank by one notch
over the next 12 months if:

   -- The bank's exposure to future losses worsened on the back
      of the ongoing aggressive growth of its loan portfolio
      above the budgeted 10%-15%;
   -- NPLs increased to the system-average level; and
   -- The provision coverage of NPLs reduced below 100%.

S&P could also take a negative rating action if it considers that
the bank's post-acquisition risk profile has weakened.  This
could occur, for example, due to the already noted pressures
being intensified by a deterioration in post-acquisition
capitalization or exposure to Bank CenterCredit's weaker asset
quality.

S&P could revise the outlook to stable if the bank strengthens
its capitalization materially, for example through additional
capital injections that raise the RAC ratio comfortably above 3%.
This would provide a greater buffer against increased future
provisioning requirements.

                BANK CENTERCREDIT - OUTLOOK STABLE

The stable outlook on Bank CenterCredit reflects S&P's
expectation that its business and financial profiles will remain
balanced at the current rating level over the next 12 months and
following pending changes in ownership.

S&P could take a negative rating action on Bank CenterCredit in
the next 12 months if its provisions to address asset quality
deterioration put material pressure on the bank's capitalization,
resulting in S&P's forecast RAC ratio declining below 3% or if
S&P is substantial liquidity deterioration at Bank CenterCredit
owing to withdrawal of material amounts of funds due to the
merger.

Upside potential is limited over the next 12 months.  A positive
rating action would hinge on a pronounced strengthening of the
bank's loss-absorption capacity, either through larger capital
buffers or stronger bottom-line earnings.

S&P will assign a group status to Bank CenterCredit if it becomes
a subsidiary of Tsesnabank.  S&P generally do not assign a group
status higher than highly strategic to newly acquired
subsidiaries.

RATINGS SCORE SNAPSHOT

TSESNABANK
Issuer Credit Rating           B+/Negative/B

SACP                           b
Anchor                        bb-
Business Position             Adequate (0)
Capital and Earnings          Very Weak (-2)
Risk Position                 Adequate (0)
Funding and                   Average and
Liquidity                     Adequate (0)

Support                        +1
ALAC Support                  0
GRE Support                   0
Group Support                 0
Sovereign Support             +1

Additional Factors             0

Bank CenterCredit JSC
Issuer Credit Rating           B/Stable/B

SACP                           b-
Anchor                        bb-
Business Position             Moderate (-1)
Capital and Earnings          Weak (-1)
Risk Position                 Moderate (-1)
Funding and                   Average and
Liquidity                     Adequate (0)

Support                        +1
ALAC Support                  0
GRE Support                   0
Group Support                 0
Sovereign Support             +1

Additional Factors             0

RATINGS LIST

Ratings Affirmed

Bank CenterCredit JSC
Counterparty Credit Rating             B/Stable/B
Kazakhstan National Scale              kzBB+/--/--


Tsesnabank
Counterparty Credit Rating             B+/Negative/B
Kazakhstan National Scale              kzBBB-/--/--
Senior Unsecured                       B+
Senior Unsecured                       kzBBB-


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


QGOG CONSTELLATION: Fitch Lowers IDRs to B, Outlook Negative
------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of QGOG Constellation S.A.
(QGOG, or the HoldCo) to 'B' from 'B+'. The Rating Outlook is
Negative. The rating action affects the long-term rating on the
company's USD700 million of senior unsecured notes due 2019,
which were also downgraded to 'B/RR4' from 'B+/RR4'.

The rating actions follows the delay in renewing contracts and
the implication this could have for liquidity going forward. QGOG
announced this week it had issued a corporate guarantee for Alpha
Star's net balloon payment obligation of approximately USD120
million due in July 2017 given that this rig's contract expires
less than six months from now and it is yet to be re-contracted.

The Negative Outlook reflects the high uncertainty surrounding
the company's contractual position over the medium term as well
as the potential for a deeper and longer offshore drilling-rig
market down-cycle.

KEY RATING DRIVERS

QGOG's cash flow generation and credit metrics will likely
deteriorate over the short to medium term as its contracts expire
and the company faces a competitive global drilling rig industry
for re-contracting its units. Although current liquidity is
robust, it could deteriorate in the medium term if rigs are not
re-contracted and the company is faced with Operating Companies
(OpCos) balloon payments. As of the last 12 months (LTM) ended
Sept. 30, 2016, QGOG credit metrics had improved with a reported
EBITDA generation of approximately USD836 million and total
consolidated debt of USD2.3 billion; translating into a leverage
ratio of 2.8 times (x). Leverage could surpass 4.0x in the medium
term as contracts expire, assuming they are promptly re-
contracted at day rates of USD275,000.

QGOG's ratings reflect the deep downturn in the offshore drilling
services industry as well as the increased uncertainty about the
company's medium-term cash flow generation created by the
contract roll-over or procurement of new contracts with off-
takers other than Petrobras, its current main contractor. QGOG's
business risk has been negatively impacted by the downturn in the
oil and gas industry as well as Petrobras' efforts to reduce
capex and expenses by downsizing its drilling rig fleet.

Offshore drillers continue to face depressed market conditions
due to lower demand and a significant oversupply of rigs. Fitch
expects QGOG to face a very competitive market to re-contract its
drilling units with Petrobras or for it to find new off-takers
for its drilling units, which could affect QGOG's future cash
flow generation and potentially deteriorate its currently robust
liquidity position. This risk is heightened by the short- to
medium-term need to renew some of QGOG's contracts as they expire
by the end of 2018.

KEY ASSUMPTIONS
-- WTI and Brent oil price trend up to a longer-term price of
USD65/barrel;
-- The majority of QGOG's off-shore rigs are re-contracted at
expiration at market day rates of USD275,000;
-- Operating expenditures are assumed to remain in line with
recently reported levels.

RATING SENSITIVITIES
A negative rating action could be triggered as a result of:
-- Through-the-cycle consolidated debt/EBITDA of 5.0x or above
on a sustained basis; and/or
-- Contracts are not rolled over at expiration or are
unilaterally terminated by the off-taker before the expiration
date.

No positive rating actions are currently contemplated over the
near term given the weak offshore oilfield services outlook.

LIQUIDITY

Although the company's liquidity position is currently robust,
QGOG's paid approximately USD160 million of dividends as of the
LTM ended Sept. 30, 2016. QGOG reported available liquidity of
USD471 million, composed of consolidated cash and cash equivalent
amounting to USD428 million as of Sept. 30, 2016; and restricted
cash at the operating companies' (OpCos) level amounting to
approximately USD43 million, which can be used to service OpCos'
level debt service. This liquidity position compares with HoldCo
upcoming maturities of USD120 million related to Alpha's balloon
payment and approximately USD225 million of a recently extended
credit line that matures through July 2018.

FULL LIST OF RATING ACTIONS

Fitch has downgraded QGOG Constellation S.A.'s ratings as
follows:

-- Long-Term Foreign Currency Issuer Default Rating (IDR) to 'B'
    from 'B+'; Outlook Negative;
-- Long-Term Local Currency IDR to 'B' from 'B+'; Outlook
    Negative;
-- Senior unsecured notes due 2019 to 'B/RR4' from 'B+/RR4'.


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


LEOPARD CLO V: Moody's Hikes Rating on Cl. F Sec. Notes to B3
-------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Leopard CLO
V. B.V.:

-- EUR13M (current balance: EUR9,663,768.50) Class C-1 Secured
Deferrable Floating Rate Notes due 2023, Affirmed Aaa (sf);
previously on Jan 29, 2016 Upgraded to Aaa (sf)

-- EUR7M (current balance: EUR5,203,567.66) Class C-2 Secured
Deferrable Fixed Rate Notes due 2023, Affirmed Aaa (sf);
previously on Jan 29, 2016 Upgraded to Aaa (sf)

-- EUR26M Class D Secured Deferrable Floating Rate Notes due
2023, Upgraded to Aa2 (sf); previously on Jan 29, 2016 Upgraded
to Baa1 (sf)

-- EUR13M Class E-1 Secured Deferrable Floating Rate Notes due
2023, Upgraded to Ba1 (sf); previously on Jan 29, 2016 Affirmed
B3 (sf)

-- EUR3M Class E-2 Secured Deferrable Fixed Rate Notes due 2023,
Upgraded to Ba1 (sf); previously on Jan 29, 2016 Affirmed B3 (sf)

-- EUR7M Class F Secured Deferrable Floating Rate Notes due
2023, Upgraded to B3 (sf); previously on Jan 29, 2016 Affirmed
Caa3 (sf)

Leopard CLO V B.V., issued in May 2007, is a collateralised loan
obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by M&G Investment
Management Limited. The transaction's reinvestment period ended
in July 2013.

RATINGS RATIONALE

The upgrades of the ratings of notes are primarily a result of
the full redemption of Class A and B and partial redemption of
Class C notes and subsequent increases of the
overcollateralization ratios (the "OC ratios") of all remaining
classes of notes. The Class C notes have partially redeemed by
approximately EUR5.1 million (or 26% of their original balance)
at the last payment date in January 2017. Approximately EUR24.88
million of principal proceeds coming from asset sales and
amortisation was distributed. As a result of the deleveraging the
OC ratios of the remaining classes of notes have increased.
According to the January 2017 trustee report, the classes C, D, E
and F ratios are 233.59%, 141.51%, 113.88 and 104.85%
respectively compared to levels just prior to the payment date in
July 2016 of 170.96%, 121.81%, 103.50% and 96.48%. The OC ratios
increased further following the payment in January 2017.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR62.4 million
and GBP6.4 million, a weighted average default probability of
19.18% (consistent with a WARF of 2848 and a weighted average
life of 4.0 years), a weighted average recovery rate upon default
of 45.7% for a Aaa liability target rating, a diversity score of
14.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in October 2016.

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

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

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

Additional uncertainty about performance is due to the following:

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

* Around 5.23% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

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

* Foreign currency exposure: The deal has exposures to non-EUR
denominated assets. Volatility in foreign exchange rates will
have a direct impact on interest and principal proceeds available
to the transaction, which can affect the expected loss of rated
tranches. The non-EUR exposures are not hedged.

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


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


BANCO BPI: Fitch Raises Long-Term Issuer Default Rating from 'BB'
-----------------------------------------------------------------
Fitch Ratings has upgraded Banco BPI S.A.'s Long-Term Issuer
Default Rating (IDR) to 'BBB-' from 'BB', removed it from Rating
Watch Evolving and assigned a Stable Outlook. The bank's Short-
term IDR has been upgraded to 'F3' from 'B' and removed from
Rating Watch Positive.

Its Support Rating has been upgraded to '2' from '5' and removed
from Rating Watch Positive.

The rating actions follow the increase in Caixabank S.A.'s
(BBB/Positive) stake in Banco BPI to 84.5% in February 2017. The
agency has also affirmed Banco BPI's Viability Rating (VR) at
'bb' and removed it from Rating Watch Negative (RWN) because
Banco BPI lost control over its Angolan subsidiary, Banco de
Fomento Angola (BFA) following the sale of 2% of the shares to
the majority owner of the bank and changes in BFA's governance
structure. Thus Fitch believes Banco BPI has taken the necessary
steps to deconsolidate BFA and address a breach of its regulatory
large exposure limit. A full list of rating actions is at the end
of this commentary.

KEY RATING DRIVERS
IDRS, SENIOR DEBT AND SUPORT RATING
Banco BPI's IDRs, senior debt ratings and Support Rating reflect
a high probability of support from ultimate parent, Caixabank
(BBB/Positive), in case of need. Fitch believes Portugal is a
strategically important market for Caixabank as demonstrated by
the longstanding investment in Banco BPI (minority stake held
since 1995) and its willingness to take control of the bank
despite the related capital consumption and the difficulties
inherent in a cross-border acquisition.

Banco BPI's Long-Term IDR is capped one notch above that of
Portugal. Fitch believes Caixabank's propensity to support Banco
BPI is linked to Portugal's operating environment, since this
affects the attractiveness of Banco BPI to the group and Banco
BPI's impact on Caixabank's overall risk and returns profile.

The bank's Support Rating Floor has been affirmed and withdrawn
because the primary source of support for the bank is now
considered by Fitch to be Caixabank, rather than Portugal.

VR
Our assessment of capitalisation has a high influence on Banco
BPI's VR. The bank's capitalisation is acceptable for the
Portuguese operating environment and the bank maintains moderate
buffers over regulatory CET1 and T1 requirements. However, the
bank calculates that it needs to issue EUR206 million of
subordinated debt to maintain 25bps buffer over the total capital
ratio SREP requirement for 2017. This deficit should be easy to
close with Caixabank as its new majority shareholder.

Banco BPI's asset quality is better than domestic peers' but
remains vulnerable to changes in the tough Portuguese operating
environment. At end-2016 the bank reported a credit at-risk ratio
of 3.7%, well below the domestic peer average. The NPL ratio
under the European Banking Authority's (EBA) definition was 8.2%
at end-June 2016, which compares well with domestic peers' but
was still weaker than the weighted average 5.5% NPL ratio of the
EU banks in EBA's Risk Dashboard.

The VR also reflects the bank's generally stable funding profile
and acceptable liquidity position. At end-2016 the bank's
domestic operations had a gross loans/deposits ratio of 106% and
large liquidity buffers relative to upcoming wholesale debt
maturities. The regulatory liquidity coverage ratio for domestic
activities was a sound 181% at end-2016. Fitch believes ownership
by Caixabank will be supportive of the bank's funding and
liquidity profile.

The VR also factors in the bank's highly variable earnings
profile, which have historically been supported materially by
BFA's profits. Despite some improvements in core, domestic
revenues and loan impairment charges in 2016, Banco BPI's
cost/income ratio remained high.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by Banco BPI
have been upgraded to reflect potential support from Caixabank.
Subordinated debt is notched down once from Banco BPI's IDR for
loss severity. Banco BPI's preference shares are capped at the
level assigned to equivalent securities issued by the parent.

SUBSIDIARY COMPANY
The ratings of Banco Portugues de Investimento (BPI) have been
upgraded to Long-Term IDR 'BBB-'/Stable, Short-Term IDR 'F3' and
Support Rating '2. The IDRs are equalised with those of its 100%
parent, Banco BPI. As well as its 100% ownership by Banco BPI,
BPI's integration with and role within its parent bank mean there
is a high probability of it being supported. Fitch believes
support from Caixabank would be allowed to flow through to BPI.
Fitch does not assign a VR to this institution as the agency does
not view it as an independent entity.

RATING SENSITIVITIES
IDRS, SENIOR DEBT AND SUPORT RATING
Banco BPI's IDRs and senior debt ratings and Support Rating would
likely be downgraded if Portugal is downgraded or if Fitch has
reason to believe that Banco BPI has become less strategically
important to Caixabank. Banco BPI's Long-Term IDR and senior debt
ratings could be upgraded if the Long-Term IDRs of both Portugal
and Caixabank are upgraded.

VR
The bank's VR is sensitive to developments in profitability,
asset quality and capital. The VR could be upgraded if the bank
improves its operating efficiency while improving or maintaining
its asset quality metrics. This would result in a better internal
capital generation capacity that would strengthen the bank
capital buffers over the regulatory minimum requirements.
Conversely the VR could be downgraded if the bank's asset quality
or core earnings metrics deteriorate sharply, weakening solvency.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Banco BPI's subordinated and hybrid instruments are ultimately
sensitive to a change in Caixabank's IDR.

SUBSIDIARY AND AFFILIATED COMPANIES
The ratings of BPI are sensitive to rating action on Banco BPI's
IDRs.

The rating actions are:

Banco BPI:
Long-Term IDR: upgraded to 'BBB-' from 'BB', removed from Rating
Watch Positive (RWP), Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B', removed from RWP
Viability Rating: affirmed at 'bb', removed from RWN
Support Rating: upgraded to '2' from '5', removed from RWP
Support Rating Floor: affirmed at 'No Floor', withdrawn
Senior unsecured debt: upgraded to 'BBB-' from 'BB', removed from
RWP
Senior unsecured debt short-term rating: upgraded to 'F3' from
'B', removed from RWP
Lower Tier 2 subordinated debt: upgraded to 'BB+' from 'BB-',
removed from RWP
Preference shares: upgraded to 'B+' from 'B', removed from RWP

Banco Portugues de Investimento:
Long-Term IDR: upgraded to 'BBB-' from 'BB', removed from RWP,
Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B', removed from RWP
Support Rating: upgraded to '2' from '3', removed from RWP


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


HOME CREDIT: Moody's Withdraws 'B2' LT Bank Deposits Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Home Credit & Finance
Bank's following ratings:

Withdrawals:

-- LT Bank Deposits (Local & Foreign Currency), previously rated
    B2 Stable

-- ST Deposit Rating (Local & Foreign Currency), previously
    rated NP

-- BACKED Senior Unsecured MTN (Foreign Currency), previously
    rated (P)B2

-- Subordinate (Foreign Currency), previously rated B3

-- Subordinate MTN (Foreign Currency), previously rated (P)B3

-- Other Short Term (Foreign Currency), previously rated (P)NP

-- LT Counterparty Risk Assessment, previously rated B1(cr)

-- ST Counterparty Risk Assessment, previously rated NP(cr)

-- Adjusted Baseline Credit Assessment, previously rated b2

-- Baseline Credit Assessment, previously rated b2

Outlook Actions:

-- Outlook, Changed To Rating Withdrawn From Stable

At the time of the withdrawal, all the bank's long-term deposit
ratings carried a stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

Headquartered in Moscow, Russia, Home Credit & Finance Bank
reported total assets of RUB238 billion and shareholders' equity
of RUB41.7 billion as of October 1, 2016, according to IFRS.


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


* S&P Takes Various Rating Actions on Spanish Banks
---------------------------------------------------
S&P Global Ratings said that it took these rating actions:

   -- Raised the long- and short-term counterparty ratings on
      Bankinter S.A. to 'BBB/A-2' from 'BBB-/A-3', with a
      positive outlook.

   -- Raised the long- and short-term counterparty credit ratings
      on Bankia S.A. to 'BBB-/A-3' from 'BB+/B', with a positive
      outlook.

   -- Raised the long-term rating on BFA Tenedora de Acciones
      S.A.U. to 'BB+' from 'BB-', with a positive outlook.  S&P
      affirmed the short-term rating at 'B'.

   -- Raised the long-term rating on Ibercaja Banco S.A. to 'BB+'
      from 'BB', with a positive outlook.  S&P affirmed the
      short-term rating at 'B'.

   -- Raised the long-term rating on Abanca Corporacion Bancaria
      S.A. to 'BB-' from 'B+', with a positive outlook.  S&P
      affirmed the short-term rating at 'B'.

   -- Revised to positive the outlooks on the long-term ratings
      on Banco Santander S.A., Caixabank S.A., Cecabank S.A.,
      Kutxabank S.A., and Caja Laboral Popular Cooperativa de
      Credito.  S&P affirmed the long- and short-term ratings on
      these entities.

   -- Affirmed the 'BB+/B' long- and short-term counterparty
      credit ratings and maintained the positive outlook on Banco
      de Sabadell S.A.

   -- Revised the outlook to stable from positive on Banco
      Popular Espanol S.A. and affirmed the long- and short-term
      counterparty credit ratings at 'B+/B'.

   -- Affirmed the ratings on Banco Bilbao Vizcaya Argentaria
      S.A. and its core subsidiary BBVA Global Markets B.V., and
      on Santander Consumer Finance S.A., a highly strategic
      subsidiary of Banco Santander S.A.  The outlook on the
     three entities is stable.

The rating actions above take into account that, in S&P's view,
Spanish banks now face lower economic risks.  S&P considers that
banks have largely absorbed the credit costs of the bursting of
the real estate bubble, which started to correct almost nine
years ago, and the deep economic recession that followed.  As a
result, S&P now expects any remaining provisioning impact from
the correction of previous imbalances to be limited.  The
economic backdrop has also become more favorable and supportive
of the banking industry recovery, thanks to solid economic
growth, a gradual recovery of the property market, and reduced
political uncertainty following the formation of a government
(albeit a minority one) after two rounds of elections.

S&P estimates that, from the end of 2008 to the end of 2016,
Spanish banks recognized provisions equivalent to a massive 15.5%
of the loan book outstanding at the beginning of that period.
Credit losses have been consistently declining since their peak
in 2012, however, and S&P feels confident they will reach
normalized levels this year at about 56 basis points (bps) of
average loans.

But, banks' stock of nonperforming assets (NPAs), which S&P
estimates at 15% of loans as of the end of 2016, will decline
more gradually.  The workout process, including the sale of real
estate assets foreclosed or received in lieu of payment, which
account for almost 40% of the stock of NPAs, will take several
years, even in the context of more dynamic real estate market and
supportive economic fundamentals.  High stocks of NPAs--which S&P
estimates would still account for about 11% of loans by the end
of 2018--will thus continue to weigh on banks' balance sheets and
profits for some time, and represent a tail risk if the economic
situation were to reverse.

In S&P's view, banks' profitability could moderately improve over
the next few years, but returns are unlikely to reach a level in
line with the cost of capital, as growth in business volumes will
most likely not be strong enough to compensate for the negative
effect of low rates on earnings' generation.  S&P thus believes
that the operating environment will remain quite competitive.

Reduced economic risks mean lower unexpected losses in a stress
scenario.  Banks' current capital bases would therefore have
stronger capacity to withstand such losses.  S&P has thus revised
up the risk-adjusted capital (RAC) forecasts for all banks its
rate, on average by about 56 bps.  This capital strengthening was
sufficient to support an upgrade in only a few cases: Bankia,
Abanca, and Ibercaja.  S&P revised upwards the stand-alone credit
profiles (SACPs) of these three banks and therefore also raised
the issue ratings assigned to their hybrid debt.  In Bankia's
case, S&P raised the rating on its nondeferrable subordinated
debt by two notches because the SACP improving to 'bbb-' led S&P
to reduce the notching differential for subordination to one
notch from two notches.

The anchor -- S&P's starting point for assigning issuer credit
ratings to banks -- remains 'bbb-' for banks operating primarily
in Spain.

Different from other banks' upgrades, S&P's upgrade of Bankinter
chiefly reflects the bank's success in enhancing its liquidity
position.  Bankinter further narrowed its commercial gap (on the
back of strong deposit growth) and meaningfully reduced reliance
on short-term funding sources (mostly repos), and, as a result,
its liquid assets now comfortably cover potential short-term
funding needs.

Following these upgrades, only five of the 15 financial
institutions S&P rates in Spain have speculative-grade long-term
ratings.  Furthermore, for most institutions, the current long-
term ratings are either one or two notches higher than at the
weakest point of the post-2008 period.

For most rated banks, S&P's revision of the outlook to positive
reflects that their creditworthiness could benefit from what S&P
sees as a likely more supportive environment.  A potential
improvement of S&P's assessment of either economic or industry
risks would lead S&P to revise upward the anchor for banks
operating primarily in Spain to 'bbb'.

"We continue to see a positive trend for economic risks.  The
economy is likely to maintain its momentum, growing at a sound
pace above that of peer countries, which would support further
job creation.  We forecast real GDP growth at 2.3% for 2017 and
2.0% for 2018.  In that scenario, it is likely that fiscal
deficits will continue reducing, public sector debt will
stabilize, and that Spanish credit conditions will continue to
converge with the eurozone average, all of which could offer the
government some room to manoeuver to support the economy if
needed and ultimately improve the economy's resilience to
shocks," S&P said.

S&P also views the trend for industry risks as positive.  S&P
believes there is a one-in-three chance that the favorable
macroeconomic dynamics could lead S&P to improve its assessment
of industry funding risk if they result in higher investor
confidence in the Spanish banking system, easier funding for
banks, and reduced risk with respect to the government's ability
to act as an effective potential backstop if banks were to
encounter funding difficulties.

S&P's revision of the outlook on Banco Popular to stable from
positive reflects S&P's view that the bank is failing to restore
its financial profile as planned.  Popular's just-published 2016
results showed higher-than-expected losses, with provisions for
problem loans and real estate assets exceeding by about 20% the
guidance the bank provided in May 2016, when it launched its
EUR2.5 billion rights issue.  In spite of higher provisions, the
bank did not manage to meet its previously announced target of
reaching 50% coverage of NPAs by the end of 2016 (instead
coverage ended the year at 45%), partly because a
reclassification exercise led to a EUR3 billion inflow of new
NPAs.  Finally, since the announcement of the rights issue,
Popular has shown some disagreements between its major
shareholders.  This ultimately led to the departure of the
chairman, with a replacement expected to take office on Feb. 20,
2017.  S&P understands that the previously announced 2016-2018
strategy and targets have been put on hold until the new chair is
in place.

The revision of the outlook on Banco Santander to positive
reflects prospects of the bank accelerating the issuance of debt
instruments eligible to absorb losses in resolution in 2017 and
2018, with Santander potentially reaching a substantial ALAC
(additional loss-absorbing capacity) buffer that would reduce the
default risk on more senior obligations if the bank is resolved.

S&P's outlooks on Banco Bilbao Vizcaya Argentaria S.A., its core
subsidiary BBVA Global Markets S.A., and Santander Consumer
Finance S.A. remain stable, as any potential ratings uplift is
currently constrained by the sovereign creditworthiness of Spain
(BBB+/Stable/A-2).

                             OUTLOOKS

Banco Bilbao Vizcaya Argentaria S.A.

The stable outlook on BBVA mirrors the stable outlook on the
long-term sovereign rating on Spain.  S&P would not rate the bank
above the sovereign, although it acknowledges that the bank's
stand-alone creditworthiness could strengthen over the next 12-24
months in the context of the likely more supportive economic and
operating environment in Spain.  This is because BBVA's
relatively high business concentration in Spain, where almost
half of its loan book is booked, would make it unlikely that the
bank would continue to meet its obligations in a timely manner in
the hypothetical event of a Spanish sovereign default.

S&P could consider revising upward the bank's SACP, however, if
risks on the domestic economic environment were to ease, while
emerging risks in other markets, namely Turkey and Mexico, remain
under control; or if S&P was to improve its assessment of
industry risks in the Spanish banking system.

S&P expects BBVA will continue developing its strong retail
banking franchises in its countries of operation, with a focus on
strengthening profitability while preserving what S&P sees as a
conservative strategy.  S&P considers that the bank will have the
flexibility to accommodate emerging risks in Turkey and Mexico
thanks to the ongoing recovery of its home market.  S&P do not
envisage inorganic growth at this point; instead S&P expects the
bank to focus on leveraging its latest acquisitions (Catalunya
Banc in Spain and Garanti in Turkey).

S&P expects BBVA's asset-quality indicators to continue to
gradually improve, with likely favorable developments in Spain
more than compensating potential moderate increases in
problematic exposures in Latin America and the U.S.

Returns are also likely to improve, albeit moderately.  The
ultra-low interest rates in Europe will constrain the bank's
ability to improve revenues in Spain, while weaker foreign
currencies would likely reduce the contribution of operations
abroad to the group's results.  S&P believes the bank's RAC ratio
will continue to strengthen through earnings generation, likely
reaching 7.5%-8% by the end of 2018.  S&P expects the bank's
capacity to absorb losses in a severe downturn scenario to remain
a ratings strength.  S&P also expects the bank to preserve its
sound funding and liquidity profile.

"For us to raise the ratings on BBVA, we would have to have
raised the long-term sovereign rating on Spain.  Additionally,
the bank's stand-alone creditworthiness would have to improve
(most likely if we were to perceive that risks have eased on
either the economic or operating front in Spain); the bank would
have to substantially improve its profitability, outperforming
its peer group; or the bank would have to build up a large enough
ALAC buffer," S&P said.

The ratings on BBVA could come under pressure if S&P was to lower
the sovereign credit rating on Spain or if the bank's capacity to
absorb the impact of adverse shocks were to meaningfully reduce.

Caixabank S.A.

The positive outlook on Caixabank reflects the possibility of an
upgrade in the next 12-24 months if Spain's economic and
operating environment becomes more supportive, ultimately
resulting in a strengthening of banks' creditworthiness and
therefore a higher anchor for Spanish banks.

The positive outlook also assumes that the acquisition of
Portuguese Banco BPI will not meaningfully weaken the bank's
capital position, and that Banco BPI will be integrated as
planned, without unexpected material problems.  S&P expects that
Caixabank will continue gradually strengthening its profitability
and capital and reducing its stock of problematic assets, while
maintaining a balanced funding profile and comfortable liquidity.

S&P could revise the outlook back to stable if it don't see
prospects of the economic or operating environment in Spain
becoming more supportive for banks, or if other risks offset the
potential benefits of a likely more supportive environment.  For
example, this could happen if the acquisition and integration of
BPI faces meaningful setbacks that we believe could impair the
bank's business and financial profile, or if Caixabank's capital
position weakens and S&P sees risks of the bank not being able to
restore it.

Bankinter S.A.

The positive outlook on Bankinter indicates the possibility of an
upgrade over the next 12-24 months if Spain's economic and
operating environment becomes more supportive, ultimately
resulting in a strengthening of banks creditworthiness and
therefore a higher anchor for Spanish banks.

That aside, S&P expects that Bankinter will continue
strengthening its capital, reaching a RAC ratio of around 8% in
the next two years.  S&P anticipates that it will maintain
conservative underwriting standards while growing its loan book,
integrate and develop successfully Portuguese activities, and
keep reliance on short-term wholesale financing contained.

S&P could revise the outlook back to stable if it don't see
prospects of the economic or operating environment in Spain
easing further for banks, or if Bankinter's risk appetite
increases as it keeps steady loan growth or its funding profile
again shows an increasing reliance on short-term sources.

Cecabank S.A.

The positive outlook reflects the possibility that S&P could
raise its long-term rating on Cecabank in the next 12-24 months
if Spain's economic and operating environment becomes more
supportive, resulting in a higher anchor for banks operating
primarily in Spain.  An upgrade would also depend on Cecabank
proving able to preserve its franchise and business model
relative to peers.

The positive outlook also assumes that Cecabank's solvency will
remain strong and that its use of central bank financing, if any,
will be limited.

S&P could revise the outlook to stable if it don't see risks
easing in Spain's economic or operating environment.  S&P could
also revise the outlook to stable if it saw signs of Cecabank's
business prospects deteriorating.

Kutxabank S.A.

The positive outlook on Kutxabank indicates the possibility of an
upgrade over the next 12-24 months if Spain's economic and
operating environment becomes more supportive, ultimately
resulting in a strengthening of the bank's creditworthiness and
therefore a higher anchor for Spanish banks.

In the event of risks in the economic environment abating,
Kutxabank's capital could also strengthen further.  However, S&P
considers it unlikely that S&P would change its view of the
bank's capital strength compared to the risks it faces.

S&P expects that Kutxabank's operating profitability will
gradually improve and that the bank will steadily reduce its non-
core portfolio of equity stakes.  Moreover, S&P also considers
that the bank's asset quality will keep outperforming the
domestic system, with problem assets set to decline to just below
8% of gross loans by the end of 2018.

S&P could revise the outlook to stable if it don't perceive
prospects of the economic and operating environment for Spanish
banks easing.

Bankia S.A. and BFA Tenedora de Acciones, S.A.U.

The positive outlook on Bankia S.A. indicates the possibility of
Spain's economic and operating environment becoming more
supportive, ultimately resulting in a strengthening of banks'
creditworthiness in the next 12-24 months and therefore a higher
anchor for banks operating primarily in Spain.

S&P expects that, over this year and next, Bankia will gradually
continue to strengthen its solvency through earnings retention
and issuance of hybrid instruments, reducing its stock of
problematic assets, while maintaining a balanced funding profile
and comfortable liquidity.  At present, S&P's ratings do not
incorporate any impact on Bankia's business and financial
profiles stemming from the potential acquisition of Banco Mare
Nostrum S.A., since S&P do not have sufficient visibility on
whether the deal will go through nor its terms.

S&P could revise the outlook back to stable if it don't see
prospects of the economic or operating environment in Spain
easing further for banks, or other risks offset the potential
benefits of a likely more supportive environment.  This could
happen if the group's capitalization were to materially weaken,
for example as a result of an acquisition, BFA upstreaming
significant capital to the state, or the bank facing material
unexpected provisioning needs related to legacy issues.

The outlook on Bankia's subsidiary BFA is also positive as S&P
expects the ratings on the holding company and the operating
entity to move in tandem.

Caja Laboral Popular Cooperativa de Credito

The positive outlook reflects the possibility that S&P could
raise its long-term rating on Caja Laboral in the next 12-24
months if Spain's economic and operating environment become more
supportive, ultimately resulting in a strengthening of banks'
creditworthiness and therefore a higher anchor for Spanish banks.
An upgrade would also depend on Caja Laboral preserving its risk
profile strength compared to peers.

The positive outlook also assumes that Caja Laboral will continue
to benefit from sound capitalization (with its RAC ratio standing
at 9.0%-9.5% over 2017-2018), maintain a prudent approach to the
business, not engage in aggressive acquisitions, and remain
primarily retail-funded.  S&P also expects the bank's asset
quality to continue comparing well with industry averages, and
problem assets to decline to around 9.4% of gross loans by the
end of 2018.

S&P could revise the outlook to stable if it don't see prospects
of the economic or operating environment in Spain becoming more
supportive for banks.  S&P could also revise the outlook to
stable if it was to believe that Caja Laboral's capital compared
to the risks it bears is no longer a rating strength,
particularly given its comparatively high geographic and business
concentration, including its exposure to the Mondragon group.

Banco de Sabadell S.A.

The positive outlook indicates the possibility that S&P could
raise its long- and short-term ratings over the next 12 months if
the bank delivers on its strategic objectives.  Specifically, S&P
could raise the ratings if the bank further strengthens its
solvency, with its RAC ratio exceeding 7%, and substantially
reduces its still-high stock of nonperforming assets, while
successfully completing the integration of its U.K. subsidiary.

The positive outlook also reflects the possibility of Spain's
economic and operating environment becoming more supportive,
ultimately resulting in a strengthening of banks'
creditworthiness and therefore a higher anchor for Spanish banks.

S&P could revise the outlook back to stable if S&P anticipate
that the bank will not be able to reach a more adequate capital
position over the outlook horizon, most likely due to weak
profits hindering organic capital generation, and S&P no longer
sees prospects of easing risks in the economic or operating
environment for banks in Spain.

Ibercaja Banco S.A.

The positive outlook reflects the possibility that S&P could
raise its long-term rating on Ibercaja in the next 12 months if
Spain's economic and operating environment becomes more
supportive, ultimately resulting in a higher anchor for banks
operating primarily in Spain.  An upgrade would also depend on
Ibercaja preserving its franchise and proving it can be
sustainably profitable in the context of the likely more
consolidated and competitive environment ahead.  A higher rating
would also depend on Ibercaja maintaining a lower-risk profile
than its peers.

S&P expects that Ibercaja's capitalization will remain weak
compared to peers and to the risks it bears.  In particular, S&P
forecasts that its RAC ratio will stand at 4.25%-4.75% by end-
2017, and that its financial flexibility will remain constrained
given its unlisted status and its major shareholder's limited
sources of wealth.  S&P expects Ibercaja's problem assets to
decline to 11.4% of loans by the end of 2017.

S&P could revise the outlook to stable if, contrary to its
current expectations, S&P don't see prospects of the economic or
operating environment in Spain becoming more supportive for
banks.  S&P could also revise the outlook to stable if the
relative value of Ibercaja's regional banking franchise weakens,
the bank's returns lag those of peers, the bank engages in
acquisitions that impair its financial profile, or its risk
appetite increases.

Abanca Corporacion Bancaria S.A.

The positive outlook reflects the possibility that S&P could
raise its long-term rating on Abanca in the next 12 months if
Spain's economic and operating environment becomes more
supportive, ultimately resulting in a strengthening of banks'
creditworthiness and therefore a higher anchor for banks
operating primarily in Spain.  An upgrade would also depend on
Abanca making progress in making its banking business sustainably
profitable.

S&P expect that Abanca will continue to reduce its portfolio of
problematic assets, with NPAs reducing to slightly less than 10%
of gross loans by end-2017, while keeping its coverage ratios
high.  S&P also expects its quality of capital to remain
constrained by its stock of time-difference deferred tax assets,
which is larger than that of its peers at close to 100% of its
total adjusted capital over S&P's outlook horizon.

S&P could revise the outlook to stable if, contrary to its
current expectations, S&P don't see prospects of the economic or
operating environment in Spain becoming more supportive for
banks. S&P could also revise the outlook to stable if Abanca
proves unable to further deliver on its strategic plan and
reverse its current net operating losses, or if S&P anticipates
that the bank would face difficulties in financing new lending
with stable funding sources.

Banco Popular Espanol S.A.

The stable outlook on Popular balances the positive prospects
that S&P sees for the Spanish economic and operating environment
against S&P's view that the bank still faces significant
challenges in turning around its weak financial profile.  S&P
believes that, in the absence of appropriate and effective
measures, there will be an increasing divergence between the
improvements S&P expects for the Spanish banking system as a
whole and Popular.

S&P could lower its ratings on the bank if the new management
team fails to reach a credible plan to address Popular's
financial weaknesses, mainly the workout of its high stock of
problematic assets and turning around profitability.  S&P could
also lower the ratings if Popular posts additional losses that
cause S&P's RAC ratio to decline below 5%.

For S&P to raise the ratings on Popular, Spain's economic and
operating environment would have to become more supportive,
ultimately resulting in an improvement of the anchor for banks
operating primarily in Spain, and Popular would have to prove it
is able to tackle its key strategic challenges.

BICRA SCORE SNAPSHOT

Spain                            To                   From

BICRA Group                      5                    5

Economic risk                   5                    6
  Economic resilience            Intermediate risk
Intermediate risk
  Economic imbalances            Intermediate risk    High risk
  Credit risk in the economy     High risk            High risk

Industry risk                   5                    5
  Institutional framework        Intermediate risk
Intermediate risk
  Competitive dynamics           Intermediate risk
Intermediate risk
  Systemwide funding             High risk            High risk

Trends
  Economic risk trend            Positive             Positive
  Industry risk trend            Positive             Stable

* Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk).

RATINGS LIST

                    Abanca Corporacion Bancaria S.A.

Upgraded; Ratings Affirmed
                                   To              From
Abanca Corporacion Bancaria S.A
Counterparty Credit Rating        BB-/Positive/B   B+/Positive/B

                     Banco Bilbao Vizcaya Argentaria S.A.

Ratings Affirmed

Banco Bilbao Vizcaya Argentaria S.A.
BBVA Global Markets B.V.
Counterparty Credit Rating             BBB+/Stable/A-2

Banco Bilbao Vizcaya Argentaria S.A.
Certificate Of Deposit                 A-2
Senior Unsecured                       BBB+
Subordinated                           BBB-
Certificate Of Deposit                 A-2
Commercial Paper                       A-2

B.B.V. Finance (DE) Inc.
Commercial Paper (1)                   A-2

BBVA Capital Finance, S.A. Unipersonal
Preferred Stock (1)                    BB-

BBVA Commercial Paper Ltd.
Commercial Paper (1)                   A-2

BBVA Global Finance Ltd.
Senior Unsecured (1)                   BBB+
Subordinated (1)                       BBB-

BBVA Global Markets B.V.
Senior Unsecured (1)                   BBB+
Senior Unsecured (1)                   BBB+p

BBVA International Ltd.
BBVA International Preferred, S.A. Unipersonal
Preference Stock (1)                   BB-

BBVA Senior Finance, S.A. Unipersonal
Senior Unsecured (1)                   BBB+
Senior Unsecured (1)                   BBB+p

BBVA Subordinated Capital, S.A. Unipersonal
Subordinated (1)                       BBB-

BBVA U.S. Senior, S.A. Unipersonal
Bex America Finance Inc.
Commercial Paper (1)                   A-2
Commercial Paper (1)(2)                A-2

(1) Guaranteed by Banco Bilbao Vizcaya Argentaria S.A.
(2) Guaranteed and co-issued by Banco Bilbao Vizcaya Argentaria
S.A.

                        Banco de Sabadell S.A.

Ratings Affirmed

Banco de Sabadell S.A.
Counterparty Credit Rating             BB+/Positive/B
Senior Unsecured                       BB+
Subordinated                           B+
Preferred Stock                        CCC+
Commercial Paper                       B

                       Banco Popular Espanol S.A.

Ratings Affirmed; Outlook Action
                               To                 From
Banco Popular Espanol S.A.
Counterparty Credit Rating    B+/Stable/B        B+/Positive/B

Ratings Affirmed

Banco Popular Espanol S.A.
Subordinated                           CCC+

BPE Financiaciones S.A.
Senior Unsecured (1)                   B+
Subordinated (1)                       CCC+

Popular Capital S.A.
Preferred Stock (1)                    CCC

Popular Preference (Cayman) Ltd.
Preference Stock (1)                   CCC

(1) Guaranteed by Banco Popular Espanol S.A.

                            Banco Santander S.A.

Ratings Affirmed; Outlook Action
                                To                 From
Banco Santander S.A.
Counterparty Credit Rating     A-/Positive/A-2    A-/Stable/A-2

Ratings Affirmed

Banco Santander S.A.
Certificate Of Deposit                 A-/A-2
Senior Unsecured                       A-
Subordinated                           BBB+
Preferred Stock                        BB
Preference Stock                       BB
Commercial Paper                       A-2

BCH North American Capital Corp.
Commercial Paper (1)                   A-2

EMISORA SANTANDER ESPANA, S.A.U.
Senior Unsecured (1)                   A-

Santander Central Hispano Finance (Delaware) Inc.
Santander Central Hispano International Ltd.
Santander Commercial Paper, S.A. Unipersonal
Commercial Paper (1)                   A-2

Santander Finance Capital S.A. Unipersonal
Preferred Stock (1)                    BB
Preferred Stock (1)                    BB+

Santander Finance Preferred S.A. Unipersonal
Preferred Stock (1)                    BB
Preference Stock (1)                   BB

Santander International Debt, S.A. Unipersonal
Senior Unsecured (1)                   A-

Santander International Preferred S.A. Unipersonal
Preferred Stock (1)                    BB+

Santander Issuances S.A. Unipersonal
Subordinated (1)                       BBB

Santander Perpetual, S.A. Unipersonal
Junior Subordinated (1)                BB+

(1) Guaranteed by Banco Santander S.A.

                          Bankinter S.A.

Upgraded
                               To                 From
Bankinter S.A.
Counterparty Credit Rating    BBB/Pos./A-2      BBB-/Pos./A-3
Senior Unsecured              BBB                BBB-
Subordinated                  BB+                BB

Bankinter Sociedad de Financiacion, S.A
Commercial Paper (1)                   A-2                A-3

(1) Guaranteed by Bankinter S.A.

                     BFA Tenedora de Acciones, S.A.U.

Upgraded; Ratings Affirmed
                                To                 From
Bankia S.A.
Counterparty Credit Rating     BBB-/Pos./A-3  BB+/Positive/B
Senior Unsecured               BBB-               BB+
Subordinated                   BB                 B+
Commercial Paper               A-3                B

BFA Tenedora de Acciones, S.A.U.
Counterparty Credit Rating     BB+/Positive/B     BB-/Positive/B
Senior Unsecured               BB+                BB-

Caymadrid International Ltd.
Senior Unsecured (1)           BBB-               BB+

(1) Guaranteed by Bankia S.A.

                              Caixabank S.A.

Ratings Affirmed; Outlook Action
                                To                 From
CaixaBank S.A.
Counterparty Credit Rating     BBB/Positive/A-2   BBB/Stable/A-2

Ratings Affirmed

CaixaBank S.A.
Senior Unsecured               BBB
Subordinated                   BB+

                 Caja Laboral Popular Cooperativa de Credito

Ratings Affirmed; Outlook Action
                               To                 From
Caja Laboral Popular Cooperativa de Credito
Counterparty Credit Rating    BBB-/Positive/A-3  BBB-/Stable/A-3

                           Cecabank S.A.

Ratings Affirmed; Outlook Action
                               To                 From
Cecabank S.A.
Counterparty Credit Rating    BBB/Positive/A-2   BBB/Stable/A-2

                      Ibercaja Banco. S.A.

Upgraded; Ratings Affirmed
                                To                 From
Ibercaja Banco S.A.
Counterparty Credit Rating     BB+/Positive/B     BB/Positive/B
Subordinated                   B+                 B
Preferred Stock                CCC+               CCC

                                Kuxtabank S.A.

Ratings Affirmed; Outlook Action

                                To                 From
Kutxabank S.A.
Counterparty Credit Rating    BBB-/Positive/A-3  BBB-/Stable/A-3

Ratings Affirmed

Kutxabank S.A.
Senior Unsecured              BBB-

                          Santander Consumer Finance S.A.

Ratings Affirmed

Santander Consumer Finance S.A.
Counterparty Credit Rating             BBB+/Stable/A-2
Senior Unsecured                       BBB+
Commercial Paper                       A-2

Santander Consumer Bank AS
Senior Unsecured (1)                   BBB+

(1) Guaranteed by Santander Consumer Finance S.A.


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


ANADOLUBANK AS: Fitch Lowers LT Issuer Default Ratings to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of Anadolubank A.S. to 'BB-' from 'BB' and of Sekerbank
A.S. to 'B+' from 'BB-'.

At the same time, Fitch has affirmed the Long-Term IDRs of
domestically-owned Fibabanka .A.S. (Fiba) and of five foreign-
owned banks, Alternatifbank A.S. (ABank), BankPozitif Kredi ve
Kalkinma Bankasi A.S. (BankPozitif), ICBC Turkey Bank A.S. (ICBC
Turkey), Turkland Bank A.S (T-Bank) and Burgan Bank A.S.
(Burgan). The Outlook on all banks' Long-Term ratings are Stable,
except for T-Bank which is Negative.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SUPPORT RATINGS OF FOREIGN-OWNED BANKS
Institutional support drives the IDRs, National Ratings and
Support Ratings of ABank (100% owned by The Commercial Bank
(Q.S.C.), CBQ, A+/Stable) and its leasing subsidiary Alternatif
Finansal Kiralama (ALease) (100% owned by ABank), BankPozitif
(69.8% controlled by Bank Hapoalim, A/Stable), T-Bank (50% owned
by Arab Bank Group, BBB-/Negative), ICBC Turkey (92.8% owned by
Industrial and Commercial Bank of China, ICBC, A/Stable) and
Burgan Bank A.S. (99% owned by Burgan Bank Kuwait, BBK,
A+/Stable).

In the case of ABank, Burgan and ICBC Turkey, whose Support
Ratings have been affirmed at '2', this high probability of
support is based on Fitch's belief that the banks constitute
strategically important subsidiaries for their parents. It also
considers their majority ownership, integration, roles within
their respective groups, and common branding (Burgan and ICBC
Turkey). Nevertheless, the banks' Long-Term Foreign Currency (FC)
IDRs are constrained by Turkey's 'BBB-' Country Ceiling. As a
result their FC IDRs, along with that of ALease, have been
downgraded following Fitch's recent downgrade of the sovereign
rating and downwards revision of the Country Ceiling. The Country
Ceiling reflects transfer and convertibility risks and limits the
extent to which support from foreign shareholders can be factored
into the banks' Long-Term FC IDRs.

Furthermore, CBQ's ability to provide support to ABank could be
constrained by Qatari regulatory limits in respect of the amount
of support banks can extend to their foreign subsidiaries.

BankPozitif's IDRs are constrained by the Country Ceiling.
However, unlike ABank, Burgan and ICBC Turkey, Fitch views
BankPozitif to be of limited importance to its parent considering
its narrow franchise and lack of strategic fit. Furthermore,
Fitch could revise its support assumptions should the sale of
BankPozitif become more likely and depending on the ability and
propensity of any potential new shareholder to provide support.
Nevertheless, a high level of integration and the bank's small
size compared to parent contribute positively to Fitch assessment
of support and Fitch have affirmed the bank's Support Rating at
'2'.

T-Bank's 'BB' support-driven IDRs are notched twice from its
parent Arab Bank Plc ('BBB-'/Negative) and its Support Rating has
been affirmed at '3'. The Negative Outlook on the bank's IDRs
mirrors that on its parent. Fitch's view of support is based on
Arab Bank Group's only 50% ownership, which could limit the
probability of support. It also reflects T-Bank's non-core
jurisdiction relative to its parent's other strategically
important subsidiaries and weak performance. Nevertheless, the
bank's Support Rating also takes into account T-Bank's small size
relative to its parent and the record of timely and sufficient
provision of capital and liquidity support from both Arab Bank
Plc and its remaining 50% shareholder, Lebanon's BankMed Sal.

IDRS, NATIONAL RATINGS AND SUPPORT RATINGS OF DOMESTICALLY-OWNED
BANKS
The IDRs of Anadolubank, Fiba and Sekerbank are driven by their
standalone creditworthiness as reflected in their Viability
Ratings (VRs). Their '5' Support ratings and 'No Floor' Support
Rating Floors reflect Fitch's view that support cannot be relied
upon from the Turkish authorities, due to their very small
franchises and limited systemic importance, or from shareholders.

VRs OF ALL BANKS
The VRs of all eight banks reflect their small absolute size
(combined assets amounted to about 3% of sector assets at end-
3Q16) and ensuing limited franchises and lack of competitive
advantages. Most offer a mixture of commercial and retail banking
services with a historical focus on small and medium-sized
companies (SMEs). However, as SMEs have proven among the most
sensitive to the weaker operating environment the banks are
generally shifting their focus to larger commercial customers,
where competition is also increasing.

The banks typically report below-sector-average return on equity
(ROE) reflecting a lack of economies of scale, limited pricing
power, typically high funding costs -- albeit some of the
foreign-owned banks benefit from access to cheaper, group funding
-- and typically fairly high loan impairment charges relative to
pre-impairment operating profit (but with some variation among
banks). Growth remained fairly muted in 9M16 (with the exception
of Fiba and Anadolu) and banks' performance ratios are likely to
weaken in 2017 given potential pressures on asset quality and
performance in light of slowing GDP growth and higher funding
costs.

The banks' asset quality metrics have deteriorated due to the
lira depreciation, slower economic growth and loan book
seasoning. The average NPL ratio for the banks increased to 4.5%
at end-3Q16 (end-2015: 4.2%) while average watch loans increased
to 7.7% (end-2015: 5.1%). Fitch expects further asset quality
weakening given slowing GDP growth and negative trends in levels
of watch list and restructured loans. A high level of FC and FC-
indexed lending across the banks (albeit in most cases somewhat
lower than at larger lenders) also heightens credit risk,
particularly considering the rapid depreciation of the Turkish
lira and the fact that borrowers are typically smaller companies,
which are likely to be more weakly hedged.

The banks' average Fitch Core Capital (FCC) ratio (end-3Q16:
12.4%) is only adequate for their risk profiles at a time when
internal capital generation is likely to weaken. Capital buffers
have decreased in recent years as a result of lira depreciation
(which inflates FC risk-weighted assets). The lira depreciated by
17% against the US dollar in Q416 alone and will have eroded
buffers further. In addition, reported capital ratios at banks
that use Fitch to benchmark their risk weightings will reduce due
to the increase in the risk weighting on FC Turkish sovereign
exposures as a result of Fitch's recent sovereign downgrade.

The banks' funding and liquidity ratios are generally fairly
reasonable. The foreign-owned banks benefit from access, to
varying degrees, to funding from their respective parents. ICBC
Turkey's funding profile has changed significantly since its
acquisition in May 2015 as parent funding has increased sharply
and made up 48% of total non-equity funding at end-3Q16. This
explains the bank's very high loans/deposits ratio. In the case
of the domestically owned banks, Anadolubank has some reliance on
short-term FC repo funding from international banks (comfortably
covered by available FC liquidity), while Sekerbank and Fiba
primarily sources longer-term wholesale funding from
international development institutions.

The downgrade of Sekerbank's VR to 'b+' from 'bb-'primarily
reflects asset quality and capital pressures. Non-performing
loans (NPLs, overdue by 90 days) rose to 6% of gross loans at
end-3Q16 (5.6% at end-2015), compared with the 3.3% sector
average, and group 2 "watch list" loans increased to a high 13.2%
of performing loans at end-3Q16 (8.5% at end-2015) above most
peers. The NPL generation rate also rose to 3.1% in 9M16 (2015:
2.5%) indicating continued deterioration in underlying asset
quality. Sekerbank has tightened its underwriting standards but
the impact of this remains to be seen as loans season.

The downgrade also considers the bank's tight capitalisation.
Sekerbank reported an FCC /weighted assets ratio of 11.6% at end-
3Q16. Its total regulatory capital ratio was only slightly higher
at 12.2%, just exceeding the 12% recommended regulatory minimum.
Furthermore, unreserved NPLs were equal to a high 25% of its FCC
at end-3Q16.

Sekerbank's internal capital generation is also weak and likely
to remain under pressure due to limited growth, capital
constraints, asset quality weakness and the bank's inherently
high cost base. Its large branch network is an integral part of
its strong regional franchise but results in a costs/assets ratio
far above the sector average. Efforts to raise fresh capital from
existing or new shareholders to stimulate growth are ongoing but
uncertain.

The downgrade of Anadolubank to 'bb-', notwithstanding the bank's
typically stronger financial metrics compared with peers,
reflects downside risks to the bank's asset quality and
performance as a result of the weaker operating environment and a
reassessment of the bank's standalone creditworthiness relative
to the largest banks in the sector following the recent sovereign
downgrade. The bank's VR takes into account its record of
reasonable asset quality, profitability and capitalisation. Its
performance (9M16: ROE of 14% versus the sector average of 14.6%)
is supported by generally higher margins than peers and solid
cost efficiency ratios that are not out of line with those of the
largest banks in the sector despite its significantly smaller
size.

Fiba's 'bb-' VR reflects the bank's record of reasonable
financial metrics and sound execution. It also reflects low
credit losses to date, with lending largely weighted towards good
quality Turkish corporates and reflecting moderate single-name
concentration risk. NPLs amounted to just 2.1% of loans at end-
3Q16, below both peer and sector averages (4.5% and 3.3%,
respectively).

However, it also takes into account Fiba's above-sector-average
loan growth in 2015 and 2016, which could result in a rise in
impairments as loans season. In light of the bank's growth
appetite, the depreciation of the Turkish lira and the bank's
only modest internal capital generation, the FCC ratio of 10.8%
at end-3Q16 seems fairly tight. However, the bank's capital
buffer is supported by subordinated debt from its parent as a
result of which its total capital ratio (end-9M16: 14.5%) far
exceeds the regulatory minimum.

ICBC Turkey's 'b+' VR also reflects its weak performance - partly
reflecting investments in the development of its franchise - and
rapid growth up until 2015 (albeit from a very low base), which
could result in asset quality problems as loans season.
Furthermore, its growth strategy is focused on long-term FC
lending (end-9M16: equal to 56% of gross loans), which gives rise
to significant potential credit risks, in Fitch's view,-although
the risks are mitigated by a focus on large Turkish corporates.
ICBC Turkey's NPL ratio was 3.5% at end-3Q16 (net of a large
cash-backed loan transferred from within the ICBC group),
slightly above the sector average, while watch list loans have
also risen, as for the sector.

The VR also considers the bank's adequate capitalisation (end-
9M16: FCC ratio of 13.7%). A TRY440m capital injection, approved
in 4Q16, is earmarked to fund new growth. Fitch also considers
the prospects for ICBC Turkey's franchise to have improved given
the availability of cheap, long-term funding from its parent.

ABank's 'b+' VR is constrained by its weak core capitalisation -
as reflected in its 7.6% FCC ratio at end-3Q16- while also
considering potential further lira depreciation, the bank's
exceptionally high FC lending (71% of total loans, including FC-
indexed loans, at end-2016), large unreserved NPLs (end-3Q16:
equal to 23% of FCC) and weak internal capital generation.
However, the bank's weaker performance follows a change in
strategy, as a result of which lending remained broadly flat in
9M16. Furthermore, underlying cost efficiency is strong with the
bank reporting an end-9M16 costs/assets ratio in line with the
largest banks in the sector. Its funding costs are also at the
lower end compared with peers thanks to access to group funding.
Furthermore, ABank plans a USD40m rights issue in 2017, as a
result of which the Tier 1 ratio is expected to remain fairly
flat year-on-year at end-2017.

Burgan's NPL ratio (end-3Q16: 2.4% of gross loans) compares well
with that of peers but recent rapid loan growth (notwithstanding
a slower pace in 9M16) means that asset quality problems could
increase as loans season, particularly considering the high share
of FC loans (64% of total performing loans at end-3Q16). In
addition, Fitch considers Burgan's FCC ratio (8.4% at end-3Q16)
to be weak for its risk profile and compared to peers, although
its total capital ratio, underpinned by subordinated debt from
BBK, is comfortably above the regulatory minimum and sector
average at 17%. Furthermore, Burgan is budgeting for capital
support from its parent in 2017 to fund growth.

T-Bank's 'b+' VR considers significant pressures on the bank's
asset quality and performance, with loan impairment charges
absorbing a high 85% of pre-impairment profits in 9M16. Its NPL
ratio increased to a high 7.6% at end-3Q16 (end-2014: 2.8%) as
loans seasoned following rapid loan growth between2011 and 2015.
Watch list loans amounted to a further 16% of loans at end-3Q16,
the weakest ratio among peers. Balancing this is T-Bank's FCC
ratio of 14.1% at end-3Q16, which compares well with peers,
although it should be viewed in light of high net NPLs to FCC
(24%).

BankPozitif's 'b+' VR reflects its small absolute size, frequent
strategy changes and sole reliance on wholesale funding resulting
from the absence of a deposit license at the bank. NPL ration
increased to 6.3% from 4.2% in 9M16, reflecting the lumpy loan
book. FCC was above peers at 18.3%, yet should be viewed in light
of high concentrations and low provision coverage (37%).
Refinancing risk is mitigated by access to parental funding and
committed lines and by the bank's deleveraging plans.

BANK SUBSIDIARY - ALTERNATIF FINANSAL KIRALAMA
Alternatif Finansal Kiralama's ratings are equalised with those
of ABank, reflecting its high integration with the parent.

SUBORDINATED DEBT RATING - ABANK
ABank's subordinated debt rating is notched from its FC IDR
reflecting Fitch's view that support from the bank's owner would
likely extend to subordinated creditors.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS, DEBT RATINGS, VIABILITY RATINGS
The IDRs, National Ratings, Support Ratings and debt ratings of
ABank, Burgan, ICBC Turkey, BankPozitif and T-Bank could be
downgraded in case of a marked weakening of the ability or
propensity of parent institutions to provide support. With the
exception of T-Bank, whose ratings are two notches below the
Country Ceiling, the banks' ratings are also sensitive to further
changes in the sovereign rating or Country Ceiling.

BankPozitif's Long-term IDRs are also sensitive to changes in the
bank's strategic importance to its parent. Significant progress
with the bank's potential sale would likely result in
BankPozitif's ratings being placed on Rating Watch. The ratings
of Alternatif Finansal Kiralama are sensitive to a change in the
ability or propensity of Abank to provide support.

The Negative Outlook on T-Bank's ratings reflects that on Arab
Bank, and a downgrade of the parent would likely result in a
downgrade of the subsidiary. Any other material change in Fitch's
view of support available to the bank from its parents would also
result in a rating action.

Sekerbank, Fiba and Anadolubank's Long-Term IDRs are sensitive to
changes in their VRs. The VRs of all eight banks are sensitive to
a further weakening of the operating environment and the
potential negative impact of this on their asset quality and
performance and the sufficiency of their capital and liquidity
buffers.

Upside potential for the banks' VRs is limited in the near term,
given current operating environment pressures. A sharp
improvement in asset quality and capital at Sekerbank could be
positive for the bank's VR, while improvements in the franchises
of ICBC Turkey, Fiba and Burgan, without a corresponding sharp
increase in their risk appetites or a weakening of their
underwriting standards, could result in upside potential for
their VRs in the medium term. A track record of successful
implementation of new strategy at ABank, together with a
strengthening of its core capital ratios, could lead to an
upgrade of its VR. Upside potential for Bank Pozitif's VR is
limited given its niche franchise and small size.

The rating actions are:

Alternatifbank A.S.
Long-Term FC IDR affirmed at 'BBB-'; Stable Outlook
Long-Term LC IDR affirmed at 'BBB-'; Stable Outlook
Short-Term FC IDR affirmed at 'F3'
Short-Term LC IDR affirmed at 'F3'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '2'
National Long-Term Rating affirmed at 'AAA(tur)' Stable Outlook
USD250m senior notes guaranteed by Commercial Bank of Qatar
affirmed at 'A+'
Subordinated debt rating affirmed at 'BB+'

Alternatif Finansal Kiralama A.S.
Long-Term FC IDR affirmed at 'BBB-'; Stable Outlook
Long-Term LC IDR affirmed at 'BBB-'; Stable Outlook
Short-Term FC IDR affirmed at 'F3'
Short-Term LC IDR affirmed at 'F3'
Support Rating affirmed at '2'
National Long-Term Rating affirmed at 'AAA(tur)' Stable Outlook

Anadolubank A.S.
Long-Term FC and LC IDRs downgraded to 'BB-' from 'BB'; Stable
Outlook
Short-Term FC and LC IDRs affirmed at 'B'
Viability Rating downgraded to 'bb-' from 'bb'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
National Long-Term Rating affirmed at 'AA-(tur)' ; Stable Outlook

BankPozitif Kredi ve Kalkinma Bankasi A.S.
Long-Term FC and LC IDRs: affirmed at 'BBB-'; Stable Outlook
Short-Term FC and LC IDRs affirmed at 'F3'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '2'
National Long-Term Rating affirmed at 'AA+(tur)' ; Stable Outlook
Senior unsecured debt: affirmed at 'BBB-'

Sekerbank T.A.S.
Long-Term FC and LC IDRs downgraded to 'B+' from 'BB-'; Outlook
Stable
Short-Term FC and LC IDRs affirmed at 'B'
Viability Rating downgraded to'b+' from 'bb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
National Long-Term Rating downgraded to 'A(tur) from 'A+(tur)';
Outlook Stable

ICBC Turkey A.S.
Long-Term FC IDR affirmed at 'BBB-'; Stable Outlook
Long-Term LC IDR affirmed at 'BBB-'; Stable Outlook
Short-Term FC and LC IDRs affirmed at 'F3'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '2'
National Long-Term Rating affirmed at 'AAA(tur)' Stable Outlook

Turkland Bank A.S.
Long-Term FC and LC IDRs affirmed at 'BB'; Negative Outlook
Short-Term FC and LC IDRs affirmed at 'B'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '3'
National Long-Term Rating affirmed at 'AA-(tur)'; Negative
Outlook

Fibabanka A.S.
Long-Term FC IDR: affirmed at 'BB-'; Outlook Stable
Long-Term LC IDR: affirmed at 'BB-'; Outlook Stable
Short-Term FC and LC IDRs affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-Term Rating: affirmed at 'A+(tur)'; Outlook Stable

Burgan Bank A.S.
Long-Term FC IDR affirmed at 'BBB-'; Stable Outlook
Long-Term LC IDR affirmed at 'BBB-'; Stable Outlook
Short-Term FC IDR affirmed at 'F3'
Short-Term LC IDR affirmed at 'F3'
Viability Rating affirmed at 'b+'
Support Rating affirmed at '2'
National Long-Term Rating affirmed at 'AAA(tur)' Stable Outlook


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


AGENT PROVOCATEUR: Nears Rescue Deal Despite Cash Woes
------------------------------------------------------
Ashley Armstrong at The Telegraph reports that Agent Provocateur,
the struggling luxury lingerie brand chosen by pop star Beyonce
for her pregnancy announcement, is close to being rescued.

According to The Telegraph, France's Etam, restructuring firms
Alteri, Endless and former La Senza owner Lion Capital are among
the bidders.

Despite having a precarious cash position, it is understood that
Agent Provocateur will wait until the end of the month to seal a
deal as it makes the bulk of sales around Valentine's Day, The
Telegraph discloses.

Agent Provocateur is a British lingerie retailer founded in 1994
by Joseph Corre and Serena Rees.


BHS GROUP: Sir Philip Green Could Keep Knighthood 'For Years'
-------------------------------------------------------------
Carri-Ann Taylor at The Sun reports that shamed billionaire Sir
Philip Green could keep his knighthood "for years" thanks to
back-room Whitehall deals.

The Sun relates that a secretive government panel said they would
not make decision on stripping him of the honour until after he
has been fully investigated.

According to the report, the former BHS boss is facing an
investigation by the Insolvency Service and the pensions
regulator.

The honours forfeiture committee has revealed its stance in a
letter to Frank Field, who co-chaired the inquiry into BHS's
collapse, the Sun relates citing a report from the Times.

The Sun reports that in a letter dated January 17, Sir Jonathan
Stephens, chairman of the committee, said: "As you know, the
government is taking the circumstances surrounding the collapse
of BHS very seriously, including investigations by the Insolvency
Service and the Independent Pensions Regulator.

"We believe it will be important to ensure any consideration of
Sir Philip's case by the forfeiture committee should have the
benefit of the findings of the independent inquiries into BHS by
the relevant regulators."

Sir Jonathan also noted that last year's unanimous Commons vote
to strip Sir Philip of his honour "will be carefully considered,"
the Sun says.

In the Commons debate last October Sir Philip was branded a
"billionaire spiv" by one MP for selling BHS for GBP1 when it had
a pension scheme with a "buy out" deficit of GBP571 million.

The businessman, who was knighted for services to the retail
industry, was also compared to Napoleon and Robert Maxwell as MPs
queued up to condemn his behavior, the Sun adds.

                             About BHS

BHS Group was a high street retailer offering fashion for the
whole family, furniture and home accessories.

BHS was put into administration in April 2016 in one of the
U.K.'s largest ever corporate failures, according to The Am Law
Daily.  More than 11,000 jobs were lost and 20,000 pensions (the
U.K. equivalent of a 401k) put at risk after it emerged that the
company, which had more than 160 stores across the U.K., had a
pension deficit of GBP571 million (US$703 million), The Am Law
Daily disclosed.

Sir Philip Green, a retail magnate with a net worth of more than
US$5 billion, has been heavily criticized for his role in the
collapse of BHS, The Am Law Daily said.  Mr. Green and other
shareholders had taken around GBP580 million (US$714 million) out
of the business before selling it for just GBP1 (US$1.23), The Am
Law Daily noted.

Linklaters acted for Green's Arcadia Group on the sale of the
company to Retail Acquisitions, which was advised by London-based
technology, media and telecoms specialist Olswang, The Am Law
Daily added.

Weil Gotshal & Manges and DLA then took the lead roles on the
administration, acting for the company and administrators Duff &
Phelps, respectively, while Jones Day was appointed by the
administrators to investigate the actions of the company's former
directors, The Am Law Daily related.


CLINTON CARDS: Mulls Closure of 120 High Street Stores
------------------------------------------------------
Ashley Armstrong at The Telegraph reports that stationery chain
Clinton Cards is considering shutting swathes of high street
stores, raising fears for hundreds of jobs.

According to The Telegraph, it is understood that the chain's US
owner could bring down the shutter on around 120 shops,
equivalent to around a quarter of its UK estate.

American Greetings has admitted that 120 out of 393 shops are yet
to be modernized and as a result, these shops were "subject to an
ongoing strategic review", The Telegraph relates.

Clintons was bought out of administration by US firm American
Greetings in 2011, The Telegraph recounts.  However, the chain
has continued to struggle, and the amount Clintons owes its
parent swelled to GBP45 million last year, The Telegraph notes.

The retailer has been squeezed on both sides from value retailer
Card Factory and upmarket rival Paperchase, The Telegraph states.


JOHN LEWIS: To Close Edinburgh Distribution Site, 80 Jobs at Risk
-----------------------------------------------------------------
STV News reports department store John Lewis has announced plans
to close its Edinburgh distribution site, putting nearly 80 jobs
at risk.

The retail giant said the warehouse, where 78 employees are
based, was "no longer suitable", notes the report.

Staff are being consulted on the plans and the firm has said some
employees could be redeployed as it expands its site on Lister
Street in Glasgow, according to STV News.

The service centre in Bonnington Road Lane was built in 1973 to
support the new John Lewis store at the St. James Centre, the
report notes.

The report says a spokeswoman for John Lewis said: "We are
currently speaking to partners about how we can use existing
capacity in our distribution sites to make sure our network can
be more efficient, while maintaining our high standards of
service for customers.

"Our site in Leith is no longer suitable to support our growing
business and by consolidating work in our more modern facility in
Lister Street, it will enable us to run a more productive model.

"Our partners are at the heart of our business and we will be
listening to their views through consultation on this matter in
the coming months.

"We are creating new jobs at our Glasgow site as a result of
these changes and redeployment will be offered to partners
wherever possible."


MCCAIN FOODS: Plans to Close Scarborough Facility
-------------------------------------------------
Potato Business reports McCain Foods has informed its employees
of proposed changes to the dry and cold store operations at its
Scarborough facility.

According to the report, Bill Bartlett, corporate affairs
director for McCain Foods, said: "Built over 45 years ago, the
cold store at the McCain Scarborough site is coming to the end of
its serviceable life and no longer remains economically viable to
maintain and operate.  In order to ensure the long-term
sustainability of the overall facilities at Scarborough, and
following a review of both cold and dry store requirements on
site, the company proposes, subject to consultation, to close the
Scarborough stores in their current format over the coming months
and outsource its requirements to third party expertise. While it
is proposed that some roles will remain, as part of an integrated
stores operation, the company is entering into consultation with
employees, as it is believed these positions will be at a much
reduced level."

Mr. Bartlett confirmed: "During the consultation, all employees
will continue to be treated with fairness and respect, and McCain
will offer professional advice and guidance to those affected,
including access to an outplacement program to assist in
identifying alternative employment," the report relays.

Looking to the future, Mr. Bartlett commented: "McCain will
continue to explore possible opportunities to update the
manufacturing capacity of its Scarborough site, to meet
increasing demand for our products. This proposal, subject to
consultation, may also present options to alleviate some of the
space constraints within the site."


NESS CLOTHING: Plans to Close More Stores After Administration
--------------------------------------------------------------
Drapers reports Scottish retailer and brand Ness Clothing is
closing more of its stores in Perth, Edinburgh and Glasgow,
following its fall into administration before Christmas.


PREFERRED RESIDENTIAL 06-1: S&P Raises Ratings on 2 Notes to BB+
----------------------------------------------------------------
S&P Global Ratings raised to 'BB+ (sf)' from 'BB (sf)' its credit
ratings on Preferred Residential Securities 06-1 PLC's class D1a
and D1c notes.  At the same time, S&P has affirmed its ratings on
the class A2a, A2b, A2c, B1a, B1c, C1a, C1c, E1c, and FTc notes.

The rating actions follow S&P's credit and cash flow analysis
using the most recent collateral pool cut and the December 2016
investor report, and the application of S&P's relevant criteria.

The pool factor (the outstanding collateral balance as a
proportion of the original collateral balance) is 17.2%.  Acenden
Ltd. uses amounts outstanding to calculate the 90+ days arrears
trigger.  In the transaction, 90+ days amounts outstanding
(including repossessions) have risen to 38.33%, which breaches
the pro rata condition allowing for pro rata repayment of the
notes when the 90+ days amounts outstanding is below 22.5%.  The
transaction has therefore been paying down sequentially, and S&P
believes that the transaction will continue to pay in this way.

With cumulative losses at 3.60% (the threshold is 1.15%), and
amounts outstanding continuing to increase, the transaction's
reserve fund will not amortize.  S&P has incorporated this
assumption, and the fact that the transaction will pay down
sequentially, in S&P's cash flow analysis.  These assumptions are
the main reasons for the improving cash flow results of the
senior classes of notes, in S&P's view.  The transaction already
benefits from increased available credit enhancement, compared
with S&P's Sept. 30, 2014 review, due to a nonamortizing reserve
fund.

In addition, with sequential amortization, available credit
enhancement for the senior notes is likely to increase further.

         WAFF      WALS     Expected credit
          (%)       (%)            loss (%)
AAA     38.74     54.75               21.21
AA      33.63     45.62               15.34
A       28.57     32.93                9.41
BBB     24.47     25.68                6.28
BB      19.84     20.68                4.10
B       17.80     17.90                3.19
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P's current weighted-average foreclosure frequency (WAFF)
assumptions has decreased primarily due to greater seasoning and
lower total arrears (including projections).  The latter have
fallen to 25.50% from 29.54% at S&P's previous review.  However,
the transaction has been underperforming S&P's U.K. nonconforming
residential mortgage-backed securities (RMBS) index.  S&P's
weighted-average loss severity (WALS) assumptions have increased
because S&P expects potential losses to be higher, given the
servicer's method of allocation of payments of other amounts
owed. Overall, this has decreased S&P's expected losses since its
previous review.

The combined decrease in expected losses and the increased
available credit enhancement, and the reduced costs from the
amortizing liquidity facility and the sequential payment for life
has resulted in S&P affirming its ratings on the class A2a, A2b,
A2c, B1a, B1c, C1a, C1c, E1c, and FTc notes.  The class A2, B1,
and C1 notes could achieve higher ratings were they not capped at
S&P's 'A-' long-term issuer credit rating (ICR) on Barclays Bank
PLC as the bank account provider.

The bank account agreement is not in line with S&P's current
counterparty criteria and has breached its contractual
replacement obligation.  Accordingly, S&P's ratings on the notes
in this transaction are capped at its 'A-' long-term ICR on
Barclays Bank.

The liquidity facility amortization (to 12.00% of the outstanding
collateral balance), and the inherent reduction in liquidity
facility costs in addition to the slight improvement in credit
performance, have improved S&P's cash flow results for the class
D1a and D1b notes.  S&P has therefore raised to 'BB+ (sf)' from
'BB (sf)' its ratings on these classes of notes.

The class FTc notes have paid down significantly since S&P's
previous review, to GBP3.0 million from GBP5.6 million.  However,
S&P still considers that there is a 50% likelihood that this
class of notes may default.  As the transaction's collateral
performance has yet to improve significantly, S&P has affirmed
its 'CCC (sf)' rating on the class FTc notes.

S&P's credit stability analysis for this transaction indicates
that the maximum projected deterioration that S&P would expect at
each rating level over one- and three-year periods, under
moderate stress conditions, is in line with S&P's credit
stability criteria.

This transaction is a U.K. nonconforming RMBS transaction, which
Preferred Mortgage Ltd. originated.

RATINGS LIST

Class             Rating
          To                  From

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

Ratings Raised

D1a       BB+ (sf)            BB (sf)
D1c       BB+ (sf)            BB (sf)

Ratings Affirmed

A2a       A- (sf)
A2b       A- (sf)
A2c       A- (sf)
B1a       A- (sf)
B1c       A- (sf)
C1a       A- (sf)
C1c       A- (sf)
E1c       B- (sf)
FTc       CCC (sf)


SABRE SAFETY: Administrators Find Buyer for Business
----------------------------------------------------
Gareth Mackie at The Scotsman reports that administrators have
found a buyer for Sabre Safety, securing 15 jobs at the
Fife-based company.

According to The Scotsman, thirty jobs were lost when Sabre, a
specialist in offshore and onshore hydrogen sulfide safety and
protection, called in administrators from KPMG last month after
falling victim to a "significant drop in sales due to the reduced
levels of activity in the oil and gas sector".

But KPMG said it had received "strong interest" from potential
buyers, and has now struck a deal with private equity-backed
Starn Energy Services Group, based in Aberdeen, The Scotsman
relates.

All 15 employees retained by the administrators -- 14 in Cupar
and one in Aberdeen -- have transferred to Starn as part of the
agreement, The Scotsman discloses.

Sabre Safety is an oil and gas safety services specialist.


SEQUA PETROLEUM: German Investor Gains Control of US$204MM Bond
---------------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that German investor
Lars Windhorst gained control of a US$204 million bond issued by
Sequa Petroleum NV, paving the way for a restructuring of the
troubled notes.

Windhorst's Sapinda, which is also Sequa's largest shareholder,
is "supportive" of the oil company's debt plans and has the bond
majority needed to push them through, Bloomberg relays, citing a
statement from London-based Sequa on Feb. 9.

The statement said Sequa will withdraw from Norway to focus on
acquiring assets elsewhere in Europe, Bloomberg relates.  The
company ran into difficulties after the commodity slump caused a
cash squeeze across Windhorst's investments, Bloomberg recounts.

Sequa failed to make interest payments on the bonds in October as
it didn't receive funding from affiliates of Sapinda, it said in
a statement the following month, Bloomberg relays.  It also
scrapped plans to buy stakes in Norwegian oil projects last year,
Bloomberg discloses.

Sequa Petroleum is an oil and gas company with the aim to create
value in a cyclical industry through asset acquisition.


TULLOW OIL: Obtains Extension on Debt Facility
----------------------------------------------
Jillian Ambrose at The Telegraph reports that Tullow Oil has
landed a one-year extension on a billion dollar debt facility as
it begins the task of tackling a rising debt pile of US$4.8
billion after a third consecutive year of losses.

The Africa-focused oil group took a heavy hit from the fall in
the oil price after taking out billions of dollars in debt to
develop the TEN oil project off the coast of Ghana, The Telegraph
relates.

But Tullow's lenders have agreed to keep its US$1 billion
corporate debt facility open until mid 2019 as the group
kickstarts talks for a full-scale overhaul of its debt pile and
the TEN project begins to bring in fresh streams of much-needed
cash, according to The Telegraph.

The company revealed its third consecutive year of losses, The
Telegraph discloses.  Tullow's operating loss of US$754.7 million
was an improvement on its US$1.09 billion loss in 2015 but fell
short of analyst expectations of US$639.4 million, The Telegraph
notes.

Tullow Oil is an independent oil exploration and production
company founded in Tullow, Ireland with its headquarters in
London, United Kingdom.  It is focused on finding and monetizing
oil in Africa and South America.


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


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

Issuer                   Coupon      Maturity  Currency  Price
------                   ------      --------  --------  -----
CGG SA                     5.88     5/15/2020    EUR     44.08
IMMOFINANZ AG              4.25      3/8/2018    EUR      4.38
Co-Operative Bank PLC/U   11.00    12/20/2023    GBP     62.67
Casino Guichard Perrach    1.69                  EUR     66.15
Bank of New York Mellon    4.19    12/15/2050    EUR     49.43
AXA SA                     0.54                  EUR     71.01
Air Berlin PLC             6.75      5/9/2019    EUR     73.63
Oi Brasil Holdings Coop    5.75     2/10/2022    USD     32.75
Aegon NV                   0.52                  EUR     67.91
QGOG Constellation SA      6.25     11/9/2019    USD     74.21
Banque Federative du Cr    0.90                  EUR     67.32
Ajecorp BV                 6.50     5/14/2022    USD     69.04
Nordea Bank AB             0.44                  EUR     74.19
CGG SA                     6.50      6/1/2021    USD     43.38
Offshore Drilling Holdi    8.38     9/20/2020    USD     46.00
Abengoa SA                 8.50     3/31/2016    EUR      2.56
AXA SA                     0.82                  EUR     74.18
Obrascon Huarte Lain SA    4.75     3/15/2022    EUR     72.38
Intelsat Luxembourg SA     7.75      6/1/2021    USD     35.00
Pacific Drilling SA        5.38      6/1/2020    USD     51.50
Mitsubishi UFJ Investor    3.92    12/30/2099    EUR      5.48
CHC Helicopter SA          9.25    10/15/2020    USD     52.00
Portugal Telecom Intern    4.63      5/8/2020    EUR     33.99
CNP Assurances             0.88                  EUR     67.63
Fuerstenberg Capital II    5.63                  EUR     70.19
CGG SA                     1.75      1/1/2020    EUR      2.48
Banca Popolare di Vicen    2.84    12/20/2017    EUR     40.31
Rickmers Holding AG        8.88     6/11/2018    EUR     17.75
Credit Agricole SA         0.86                  EUR     69.89
Brunswick Rail Finance     6.50     11/1/2017    USD     62.50
Co-Operative Bank PLC/U    8.50      7/1/2025    GBP     59.76
Banca Popolare di Vicen    9.50     9/29/2025    EUR     39.95
Rothschilds Continuatio    1.46                  EUR     65.05
Immigon Portfolioabbau    10.00                  EUR     11.87
Intelsat Jackson Holdin    5.50      8/1/2023    USD     70.42
Portugal Telecom Intern    5.00     11/4/2019    EUR     34.04
Portugal Telecom Intern    4.38     3/24/2017    EUR     34.38
Veneto Banca SpA           0.74     6/21/2017    EUR     53.88
Obrascon Huarte Lain SA    5.50     3/15/2023    EUR     72.17
ING Groep NV               0.44                  EUR     69.08
BNP Paribas SA             1.31                  USD     67.09
CGG SA                     6.88     1/15/2022    USD     45.00
Abengoa Finance SA         6.00     3/31/2021    EUR      3.57
Privatbank CJSC Via UK    10.88     2/28/2018    USD     11.75
HSH Nordbank AG            7.25                  USD     28.38
Oi Brasil Holdings Coop    5.63     6/22/2021    EUR     35.11
Banca Monte dei Paschi     5.00     4/21/2020    EUR     51.53
Frigoglass Finance BV      8.25     5/15/2018    EUR     62.51
Ageasfinlux SA             1.02                  EUR     51.92
ING Groep NV               0.84                  EUR     72.92
Air Berlin PLC             5.63      5/9/2019    CHF     64.68
PagesJaunes Finance & C    8.88      6/1/2018    EUR     63.52
Privatbank CJSC Via UK    11.00      2/9/2021    USD     14.63
Caisse Federale du Cred    0.89                  EUR     64.13
BNP Paribas Fortis SA      1.68                  EUR     70.85
Portugal Telecom Intern    6.25     7/26/2016    EUR     34.23
Santander Finance Prefe    0.31                  EUR     66.42
Far East Capital Ltd SA    8.00      5/2/2018    USD     57.00
Johnston Press Bond Plc    8.63      6/1/2019    GBP     62.88
Intelsat Luxembourg SA     8.13      6/1/2023    USD     33.50
Paragon Offshore PLC       6.75     7/15/2022    USD     18.00
BNP Paribas SA             1.15                  EUR     57.60
Nordea Bank AB             1.50                  USD     66.49
BPCE SA                    2.81                  USD     73.50
Banque Federative du Cr    0.65                  EUR     66.94
Cofinoga Funding Two LP    2.12                  EUR     69.67
Aldesa Financial Servic    7.25      4/1/2021    EUR     67.39
Santander International    2.00                  USD     49.00
Portugal Telecom Intern    5.88     4/17/2018    EUR     34.01
Banco Espirito Santo SA    4.00     1/21/2019    EUR     27.63
Banca Monte dei Paschi     0.69    11/30/2017    EUR     52.21
CEVA Group PLC             9.00      9/1/2021    USD     67.25
Portugal Telecom Intern    4.50     6/16/2025    EUR     34.25
Abengoa Finance SA         7.00     4/15/2020    EUR      3.78
ADLER Real Estate AG       2.50     7/19/2021    EUR     14.73
Caixa Terrassa Societat    0.41                  EUR     59.63
CGG SA                     1.25      1/1/2019    EUR     12.79
Econocom Group SA/NV       1.50     1/15/2019    EUR     14.16
Air France-KLM             2.03     2/15/2023    EUR     10.44
Banca Monte dei Paschi     2.29     5/15/2018    EUR     45.51
OAS Investments GmbH       8.25    10/19/2019    USD      3.50
Matalan Finance PLC        8.88      6/1/2020    GBP     72.62
Jyske Bank A/S             0.84                  EUR     58.50
Sapinda Invest SARL        5.00     6/30/2019    EUR     40.00
Neopost SA                 3.38                  EUR     52.73
Bluewater Holding BV      10.00    12/10/2019    USD     70.00
Banca Monte dei Paschi     5.60      9/9/2020    EUR     51.91
Mriya Agro Holding PLC     9.45     4/19/2018    USD      7.00
Solarworld AG              9.67     2/24/2019    EUR     65.33
Banco Espirito Santo SA    2.63      5/8/2017    EUR     27.63
UkrLandFarming PLC        10.88     3/26/2018    USD     26.50
Centrics Oil & Gas Fina    6.00      3/4/2017    EUR     70.00
Alno AG                    8.50     5/14/2018    EUR     41.00
Novo Banco SA              3.50      1/2/2043    EUR     53.03
Etablissements Maurel e    1.63      7/1/2019    EUR     16.81
Fred Olsen Energy ASA      4.13     2/28/2019    NOK     55.00
Rothschilds Continuatio    1.50                  USD     55.68
Credit Mutuel Arkea SA     0.79                  EUR     62.18
WPE International Coope   10.38     9/30/2020    USD     15.75
SOITEC                     6.75     9/18/2018    EUR      2.64
Banco Santander SA         0.61                  EUR     66.50
Scholz Holding Gmbh        8.50      3/8/2017    EUR     37.38
Abengoa Greenfield SA      5.50     10/1/2019    EUR      3.93
Banco Espirito Santo SA    7.13    11/28/2023    EUR      0.40
Norske Skog Holding AS     8.00     2/24/2021    EUR     56.50
Pierre & Vacances SA       3.50     10/1/2019    EUR     44.09
IPF Investments Polska     6.06      6/3/2020    PLN     73.39
Banco Espirito Santo SA    4.75     1/15/2018    EUR     27.50
Sequa Petroleum NV         5.00     4/29/2020    USD     69.75
Societe Generale SA        1.38                  USD     66.00
Bibby Offshore Services    7.50     6/15/2021    GBP     60.50
KTG Agrar SE               7.13      6/6/2017    EUR      2.30
BIM SAS                    2.50    11/13/2020    EUR     26.66
Paragon Offshore PLC       7.25     8/15/2024    USD     17.50
Danske Bank Oyj            0.63                  EUR     97.17
Far East Capital Ltd SA    8.75      5/2/2020    USD     58.50
Societe Generale SA        0.81                  EUR     58.01
KTG Energie AG             7.25     9/28/2018    EUR      3.15
Aegon NV                   1.51                  NLG     60.98
Abengoa Finance SA         8.88     11/1/2017    USD      3.05
OSX 3 Leasing BV          13.00     3/20/2015    USD     33.00
VistaJet Malta Finance     7.75      6/1/2020    USD     71.00
Bilt Paper BV              9.64                  USD     48.27
CHC Helicopter SA          9.38      6/1/2021    USD     34.00
Veneto Banca SpA           6.41                  EUR
Scandinavian Airlines S    0.63                  CHF     24.46
Waste Italia SpA          10.50    11/15/2019    EUR     25.38
European Directories Bo    7.00     12/9/2018    EUR     71.63
ATF Capital BV             8.58                  USD     64.00
Pastor Participaciones     1.84                  EUR     75.00
Yuksel Insaat AS           9.50    11/10/2015    USD     25.88
National Westminster Ba    1.50                  USD     75.38
Kazkommertsbank JSC via    7.08                  USD     65.34
NIBC Bank NV               1.84                  USD     67.17
Fuerstenberg Capital Er    1.45                  EUR     60.38
Ausy                       3.25      1/1/2021    EUR     54.60
Solarworld AG              9.67     2/24/2019    EUR     62.00
Sanha GmbH & Co KG         7.75      6/4/2018    EUR     44.75
NIBC Bank NV               0.66                  EUR     59.00
DNB Bank ASA               1.19                  USD     64.85
NTRP Via Interpipe Ltd    10.25      8/2/2017    USD     26.01
Popular Capital SA         0.81                  EUR     49.94
Norske Skogindustrier A    2.00    12/30/2115    EUR     10.00
Intelsat Luxembourg SA    12.50    11/15/2024    USD     62.42
IKB Deutsche Industrieb    5.63     3/31/2017    EUR     30.50
Grupo Isolux Corsan SA     0.25    12/30/2018    EUR      3.81
Banco Espirito Santo SA    2.33                  EUR      0.46
OGX Austria GmbH           8.50      6/1/2018    USD      0.00
Eramet                     4.00                  EUR     56.97
Jyske Bank A/S             0.53                  EUR     62.83
Nexity SA                  0.13      1/1/2023    EUR     63.77
Pacific Drilling SA        5.38      6/1/2020    USD     48.50
de Volksbank NV           11.25                  EUR      1.14
Virgolino de Oliveira F   10.50     1/28/2018    USD      8.10
OP Corporate Bank plc      0.61                  EUR     62.01
Greene King Finance PLC    2.45     3/15/2036    GBP     70.80
Neue ZWL Zahnradwerk Le    7.50     2/17/2021    EUR     71.63
Barclays Bank PLC          3.21     7/31/2034    USD     72.80
Allied Irish Banks PLC    12.50     6/25/2035    GBP     72.13
Abengoa SA                 6.25     1/17/2019    EUR      1.53
Farstad Shipping ASA       5.27     2/15/2017    NOK     22.50
Iona Energy Co UK PLC     12.50     9/27/2018    USD      2.37
IGas Energy PLC           10.00     3/22/2018    USD     73.50
Mobylife Holding A/S       7.25     5/23/2018    SEK     51.50
E Forland AS               7.89      9/4/2018    NOK     71.50
Etablissements Maurel e    2.75      7/1/2021    EUR     10.85
Solor Bioenergi Holding    6.32     11/2/2017    NOK     58.75
Oceanteam ASA             12.29    10/24/2017    USD     21.38
Lambay Capital Securiti    6.25                  GBP      0.56
Havila Shipping ASA        8.60     3/30/2017    NOK     66.13
Abengoa Finance SA         8.88     11/1/2017    USD      3.05
MS Deutschland Beteilig    6.88    12/18/2017    EUR      6.00
BNP Paribas SA             0.58     4/30/2033    USD     52.00
Banca Monte dei Paschi     7.00      3/4/2019    EUR     50.08
Banca Popolare di Vicen    4.60    12/15/2017    EUR     63.00
Banca Carige SpA           2.78     6/19/2018    EUR     65.00
Pescanova SA               5.13     4/20/2017    EUR      2.34
Sydbank A/S                0.85                  EUR     57.70
de Volksbank NV            6.25    10/26/2020    EUR      3.31
Banca Carige SpA           8.34                  EUR     34.63
Wild Bunch AG              8.00     3/23/2019    EUR     50.00
Pescanova SA               8.75     2/17/2019    EUR      2.25
Royal Bank of Scotland     1.63                  USD     71.50
Aralco Finance SA         10.13      5/7/2020    USD      3.00
Banca Monte dei Paschi     0.67     1/15/2018    EUR     51.85
Avanti Communications G   10.00     10/1/2019    USD     60.63
Gebr Sanders GmbH & Co     8.75    10/22/2018    EUR     21.00
National Westminster Ba    1.19                  USD     76.25
Intelsat Connect Financ   12.50      4/1/2022    USD     64.28
Novo Banco SA              3.50     2/19/2043    EUR     53.06
Afren PLC                 11.50      2/1/2016    USD      0.10
Lloyds Bank PLC            3.25    11/27/2033    USD     67.30
IKB Deutsche Industrieb    4.70     3/31/2017    EUR     31.60
DNB Bank ASA               1.38                  USD     64.69
syncreon Group BV / syn    8.63     11/1/2021    USD     73.63
Novo Banco SA              5.00     3/15/2022    EUR     71.36
City of Kiev Ukraine Vi    8.00     11/6/2015    USD     70.00
BOA OCV AS                 6.75     10/7/2019    NOK     50.10
Dexia Credit Local SA      1.42                  EUR      4.63
Barclays Bank PLC          0.53     5/31/2033    USD     54.57
Barclays Bank PLC          0.84     3/21/2033    USD     58.50
Abengoa Greenfield SA      6.50     10/1/2019    USD      3.87
Abengoa Finance SA         7.75      2/1/2020    USD      3.09
Petrol AD                  5.50     1/26/2022    EUR     16.00
DNB Bank ASA               1.38                  USD     64.55
Novo Banco SA              5.00     2/24/2022    EUR     71.33
World Wide Supply AS       7.75     5/26/2017    USD     13.50
Lehman Brothers UK Capi    5.13                  EUR      0.17
German Pellets GmbH        7.25    11/27/2019    EUR      0.72
Touax SA                   6.00     7/10/2020    EUR     16.67
Ichor Coal NV              8.00      6/7/2017    EUR     61.41
Rudolf Woehrl AG           6.50     2/12/2018    EUR     12.55
Banca Monte dei Paschi     2.79    10/31/2018    EUR     51.60
Farstad Shipping ASA       4.52     5/29/2018    NOK     22.38
Espirito Santo Financia    6.88    10/21/2019    EUR      0.05
Novo Banco SA              3.50     1/23/2043    EUR     53.15
Orco Property Group SA     7.00     11/7/2019    EUR     65.25
Alpine Holding GmbH        6.00     5/22/2017    EUR      2.50
Talvivaara Mining Co PL    4.00    12/16/2015    EUR      0.37
LBI HF                     6.10     8/25/2011    USD      8.00
Candyking Holding AB       5.00     1/29/2018    SEK     38.00
Offshore Drilling Holdi    8.38     9/20/2020    USD     41.00
IM Skaugen SE             10.13     4/11/2017    NOK     54.50
Espirito Santo Financia    3.13     12/2/2018    EUR      0.50
KTG Agrar SE               7.25    10/15/2019    EUR      2.21
Praktiker AG               5.88     2/10/2016    EUR      0.12
Volstad Shipping AS        7.14     4/15/2019    NOK     25.00
Minicentrales Dos SA       4.81    11/29/2034    EUR     60.75
Minicentrales Dos SA       6.45     4/14/2028    EUR     67.25
Royal Bank of Scotland     2.62    12/30/2030    USD     65.90
Cirio Holding Luxembour    6.25     2/16/2004    EUR      0.38
GEWA 5 to 1 GmbH & Co K    6.50     3/24/2018    EUR     31.38
3W Power SA                8.00     8/29/2019    EUR     40.00
Ideal Standard Internat   11.75      5/1/2018    EUR      4.43
Oi Brasil Holdings Coop    5.75     2/10/2022    USD     35.50
Manchester Building Soc    6.75                  GBP     13.75
Banco Pinto & Sotto May    0.68                  EUR     19.00
Dexia SA                   1.45                  EUR      5.00
German Pellets GmbH        7.25      7/9/2018    EUR      1.48
Uppfinnaren 1 AB          10.00                  SEK     64.00
Phosphorus Holdco PLC     10.00      4/1/2019    GBP      1.11
Lehman Brothers Treasur    6.00     11/2/2035    EUR      8.63
GNB - Cia de Seguros de    1.88    12/19/2022    EUR     60.00
Bank Nadra via NDR Fina    8.25     7/31/2018    USD      0.44
Action SA                  3.21      7/4/2017    PLN     38.50
Elli Investments Ltd      12.25     6/15/2020    GBP     45.00
Novo Banco SA              3.00     6/21/2022    USD     68.52
Azubu Investments SA       5.00     8/25/2018    EUR     79.00
Societe Alsacienne et L    1.63      1/1/2022    EUR     60.46
GNB - Cia de Seguros de    3.18                  EUR     42.50
Banca delle Marche SpA     0.64      6/1/2017    EUR      1.00
Paragon Offshore PLC       7.25     8/15/2024    USD     15.50
Cooperatieve Rabobank U    0.50    11/26/2021    ZAR     65.57
National Westminster Ba    1.03                  USD     75.38
Western Bulk Chartering    7.80     4/19/2019    NOK     74.75
Norske Skog Holding AS     8.00     2/24/2023    USD     45.38
Tonon Luxembourg SA        9.25     1/24/2020    USD     10.75
International Industria   11.00     2/19/2013    USD      0.28
Norske Skogindustrier A    7.13    10/15/2033    USD     30.25
Banca Popolare di Vicen    8.50    12/28/2018    EUR     65.00
OGX Austria GmbH           8.38      4/1/2022    USD      0.00
Tonon Luxembourg SA       10.50     5/14/2024    USD     40.63
Barclays Bank PLC          0.69     2/25/2031    USD     67.81
Novo Banco SA              3.50     3/18/2043    EUR     53.06
Credit Lyonnais SACA       0.44                  EUR     53.51
Assystem                   4.50                  EUR     30.11
Barclays Bank PLC          0.66     3/28/2033    USD     58.00
Corporate Commercial Ba    8.25      8/8/2014    USD      0.50
RWE AG                     3.80      4/5/2033    USD     74.05
Beate Uhse AG              7.75      7/9/2019    EUR     22.00
Travel24.com AG            7.50     9/17/2017    EUR     68.00
BNP Paribas SA             0.50     9/29/2029    AUD     53.58
Portugal Telecom Intern    5.24     11/6/2017    EUR     33.50
Barclays Bank PLC          0.96     9/30/2031    USD     67.82
Sazka AS                   9.00     7/12/2021    EUR      0.06
Barclays Bank PLC          3.72    10/30/2034    USD     71.50
CBo Territoria             6.00      1/1/2020    EUR      4.15
Lloyds Bank PLC            1.33                  USD     75.14
Barclays Bank PLC          2.62    12/30/2030    USD     67.41
Banca Carige SpA           1.68    12/29/2018    EUR     61.25
Barclays Bank PLC          0.75     4/19/2033    USD     59.00
Belfius Bank SA/NV         1.66                  FRF     69.25
Veneto Banca SpA           6.95     2/25/2025    EUR     34.63
Island Drilling Co ASA     9.50      4/3/2018    USD      3.14
Virgolino de Oliveira F   10.88     1/13/2020    USD     25.83
SRH NV                     6.26                  EUR      0.01
Abengoa Greenfield SA      6.50     10/1/2019    USD      3.87
Vneshprombank Ltd via V    9.00    11/14/2016    USD      0.06
Barclays Bank PLC          2.72     3/28/2034    USD     61.22
CGG SA                     6.88     1/15/2022    USD     44.38
Lloyds Bank PLC            0.66     4/26/2033    USD     56.75
Gol LuxCo SA               8.88     1/24/2022    USD     72.50
Barclays Bank PLC          1.63                  USD     75.50
Alno AG                    8.00     3/21/2019    EUR     37.00
Barclays Bank PLC          4.61     1/31/2029    USD     72.00
Sydbank A/S                0.77                  EUR     69.88
Abanka Vipa DD Via Afin    1.57                  EUR      1.53
Hellenic Republic Gover    2.09     7/25/2057    EUR     36.63
Mriya Agro Holding PLC    10.95     3/30/2016    USD      6.48
Breeze Finance SA          6.71     4/19/2027    EUR     29.05
ESFIL-Espirito Santo Fi    5.25     6/12/2015    EUR      0.45
Barclays Bank PLC          2.41    11/29/2030    USD     67.83
Smart Solutions GmbH       8.00     12/3/2018    EUR     33.38
Kaupthing ehf              7.63     2/28/2015    USD     17.63
Vseukrainsky Aktsinerny   10.90     6/14/2019    USD      1.89
Finance and Credit Bank    9.25     1/25/2019    USD      0.00
Barclays Bank PLC          2.72     7/28/2031    USD     67.56
UniCredit Bank Austria     0.21     8/20/2033    EUR     70.05
Orient Express Bank PJS   12.00     5/29/2019    USD     49.00
Autonomous Community of    2.97      9/8/2039    JPY     63.89
Koninklijke Luchtvaart     0.75                  CHF     36.75
Far Eastern Shipping Co   13.00    11/28/2017    RUB     50.10
Ajecorp BV                 6.50     5/14/2022    USD     69.04
Barclays Bank PLC          3.41     5/30/2034    USD     73.75
Cirio Finanziaria SpA      8.00    12/21/2005    EUR      0.17
Privatbank CJSC Via UK    10.88     2/28/2018    USD     28.50
Lehman Brothers UK Capi    5.75                  EUR      0.02
wige MEDIA AG              6.00     3/17/2019    EUR      2.10
Danske Bank Oyj            1.28                  EUR     65.00
Standard Chartered PLC     1.44                  USD     70.00
Brunswick Rail Finance     6.50     11/1/2017    USD     63.79
Cirio Finance Luxembour    7.50     11/3/2002    EUR      4.45
Bremer Landesbank Kredi    9.50                  EUR     71.63
Capital Raising GmbH       7.50                  EUR     17.65
Barclays Bank PLC          3.38     9/29/2034    USD     69.92
Paragon Offshore PLC       6.75     7/15/2022    USD     15.50
Banco Espirito Santo SA    6.88     7/15/2016    EUR     26.83
Cooperatieve Rabobank U    0.50     7/30/2043    MXN     11.48
Eniro AB                   6.00     4/14/2020    SEK     17.47
Sidetur Finance BV        10.00     4/20/2016    USD      4.95
Golden Gate AG             6.50    10/11/2014    EUR     48.50
Laurel GmbH                7.13    11/16/2017    EUR      8.25
Abengoa Finance SA         7.75      2/1/2020    USD      3.09
Manchester Building Soc    8.00                  GBP     24.25
JZ Capital Partners Ltd    6.00     7/30/2021    GBP     11.30
Oceanic Champion AS        8.00     2/20/2020    USD     65.78
More & More AG             8.13     6/11/2018    EUR     40.50
Commerzbank Holdings UK    1.69                  USD     69.58
Deutsche Bank AG/London    2.98     6/30/2034    USD     52.00
La Mutuelle Generale       6.81                  EUR     70.02
Accentro Real Estate AG    6.25     3/27/2019    EUR      8.81
CNP Assurances             2.00                  EUR     61.24
Electromagnetic Geoserv    7.18     6/27/2019    NOK     54.88
3W Power SA                5.50    11/11/2020    EUR     45.00
Barclays Bank PLC          0.55     8/31/2031    USD     68.20
Landes-Hypothekenbank S    0.07     3/20/2043    EUR     78.78
Cirio Del Monte NV         7.75     3/14/2005    EUR      0.94
Standard Chartered PLC     1.56                  USD     69.91
Steilmann SE               6.75     6/27/2017    EUR      4.44
Espirito Santo Financia    9.75    12/19/2025    EUR      0.57
Santander Issuances SAU    4.35     12/1/2026    EUR     70.95
IT Holding Finance SA      9.88    11/15/2012    EUR      0.24
Phones4u Finance PLC       9.50      4/1/2018    GBP     66.50
Sairgroup Finance BV       6.63     10/6/2010    EUR     11.88
getgoods.de AG             7.75     10/2/2017    EUR      0.03
German Pellets GmbH        7.25      4/1/2016    EUR      1.11
Norske Skog Holding AS     8.00     2/24/2021    EUR     56.50
Barclays Bank PLC          2.62    12/30/2030    USD     66.10
Barclays Bank PLC          2.85     1/27/2031    USD     69.97
SAG Solarstrom AG          6.25    12/14/2015    EUR     28.50
KPNQwest NV               10.00     3/15/2012    EUR      0.18
Hellas Telecommunicatio    8.50    10/15/2013    EUR      0.43
Havila Shipping ASA        9.50     8/30/2017    NOK     15.00
Del Monte Finance Luxem    6.63     5/24/2006    EUR      5.00
Royal Bank of Scotland     2.54    11/16/2030    USD     61.96
Norske Skogindustrier A    7.13    10/15/2033    USD     34.69
Tatfondbank PJSC          13.50     5/28/2025    RUB     26.56
Deutsche Bank AG/London    4.06    10/31/2034    USD     69.75
BOA Offshore AS            7.90    12/18/2018    NOK     23.38
Standard Chartered PLC     1.65                  USD     69.88
Sairgroup Finance BV       4.38      6/8/2006    EUR     11.75
Deutsche Bank AG/London    3.65    11/26/2034    USD     65.25
Hybrid Raising GmbH        6.63                  EUR     17.50
Standard Chartered PLC     1.53                  USD     69.91
de Volksbank NV            2.42                  EUR      1.14
EDOB Abwicklungs AG        7.50      4/1/2012    EUR      0.25
Santander Finance Capit    2.00                  EUR     26.25
Barclays Bank PLC          2.75     2/28/2034    USD     67.16
Alpine Holding GmbH        5.25      7/1/2015    EUR      2.47
Deutsche Bank AG           0.50     6/28/2033    USD     54.25
Lehman Brothers Treasur    6.00     2/15/2035    EUR      8.63
Afren PLC                  6.63     12/9/2020    USD      0.08
Far Eastern Shipping Co   15.00     2/27/2018    RUB     55.55
AKB Peresvet ZAO          13.50    10/16/2020    RUB     30.10
Golden Energy Offshore     5.00    12/31/2017    NOK     29.00
Brighthouse Group PLC      7.88     5/15/2018    GBP     65.75
Enterprise Holdings LTD    7.00     3/30/2020    EUR      2.33
Strenesse AG               9.00     3/15/2017    EUR     20.00
SiC Processing GmbH        7.13      3/1/2016    EUR      1.26
Teksid Aluminum Luxembo   11.38     7/15/2011    EUR      0.19
Virgolino de Oliveira F   11.75      2/9/2022    USD      7.97
CEVA Group PLC             9.00      9/1/2021    USD     67.00
Rena GmbH                  8.25     7/11/2018    EUR      8.63
Barclays Bank PLC          1.46     6/17/2033    USD     58.92
HSBC France SA             1.03                  EUR     50.01
CGG SA                     5.88     5/15/2020    EUR     44.38
Lloyds Bank PLC            0.65     1/31/2033    USD     61.07
Alpine Holding GmbH        5.25     6/10/2016    EUR      2.47
IGas Energy PLC           10.00    12/11/2018    USD     24.38
CRC Breeze Finance SA      6.11      5/8/2026    EUR     53.63
Frey                       6.00    11/15/2022    EUR     22.60
Lehman Brothers Treasur    7.25     10/5/2035    EUR      9.63
RENE LEZARD Mode GmbH      7.25    11/25/2017    EUR     19.05
Olympic Ship AS            6.15     6/18/2019    NOK     20.38
Depfa Funding II LP        6.50                  EUR     56.75
Bank of Scotland PLC       1.56                  USD     74.87
Portigon AG                7.46    12/31/2019    EUR     27.75
Barclays Bank PLC          5.40     9/13/2028    USD     74.85
Pescanova SA               6.75      3/5/2015    EUR      3.64
Windreich GmbH             6.50     7/15/2016    EUR     10.88
Cooperatieve Rabobank U    0.50    10/30/2043    MXN     11.31
PNE Wind AG                3.75    10/10/2019    EUR      3.12
Standard Chartered PLC     0.69                  GBP     69.25
Mox Telecom AG             7.25     11/2/2017    EUR      2.85
Bulgaria Steel Finance    12.00      5/4/2013    EUR      2.46
OGX Austria GmbH           8.38      4/1/2022    USD      0.00
Landesbank Hessen-Thuer    0.12      5/3/2041    EUR     62.76
Norske Skog Holding AS     8.00     2/24/2023    USD     44.94
EFG International AG       0.63                  EUR     65.75
Espirito Santo Financia    5.13     5/30/2016    EUR      0.85
DOF ASA                    8.00     9/12/2019    NOK     39.88
Mifa Mitteldeutsche Fah    7.50     8/12/2018    EUR      3.02
Forthnet SA                1.00    10/11/2025    EUR      0.15
Barclays Bank PLC          1.88     11/1/2031    USD     66.20
Nationwide Building Soc    0.85                  GBP     70.00
Intelsat Connect Financ   12.50      4/1/2022    USD     64.25
OGX Austria GmbH           8.50      6/1/2018    USD      0.00
Marfin Investment Group    7.00     7/29/2019    EUR      1.00
Steilmann SE               7.00     9/23/2018    EUR      2.90
Atari SA                   7.50     2/17/2020    EUR      0.35
SAG Solarstrom AG          7.50     7/10/2017    EUR     28.50
Kaupthing ehf              5.75     10/4/2011    USD     17.63
Geotech Seismic Service   13.00    10/16/2019    RUB     69.90
Enterprise Holdings LTD    7.00     9/26/2017    EUR      2.33
Karlie Group GmbH          5.00     6/25/2021    EUR      3.00
Lloyds Bank PLC            0.75     2/22/2033    USD     56.50
Windreich GmbH             6.50      3/1/2015    EUR     10.88
SeaBird Exploration Fin    6.00      3/3/2018    USD     13.75
Societe Generale SA        0.14     2/28/2033    USD     65.00
Lehman Brothers Treasur    8.25     3/16/2035    EUR      8.63
Deutsche Bank AG/London    3.62     9/30/2029    USD     70.50
Santander Finance Capit    2.00                  EUR     25.88
Talvivaara Mining Co PL    9.75      4/4/2017    EUR      0.78
Intelsat Luxembourg SA    12.50    11/15/2024    USD     62.42
IVG Immobilien AG          5.54                  EUR      0.55
de Volksbank NV            6.63     5/14/2018    EUR      3.31
Steilmann SE               7.00      3/9/2017    EUR      2.90
Deutsche Bank AG/London    1.09     3/15/2033    USD     58.63
PA Resources AB           13.50      3/3/2016    SEK      0.11
KPNQwest NV                8.88      2/1/2008    EUR      0.18
Barclays Bank PLC          2.34     4/25/2034    USD     62.11
Gunther Zamek Produktio    7.75     5/15/2017    EUR      1.55
Barclays Bank PLC          2.47     7/24/2028    USD     72.10
VistaJet Malta Finance     7.75      6/1/2020    USD     71.00
Eidesvik Offshore ASA      5.60     5/22/2018    NOK     68.88
KPNQwest NV                7.13      6/1/2009    EUR      0.18
Dannemora Mineral AB      11.75     3/22/2016    USD      0.90
TradeDoubler AB            6.75    12/20/2018    SEK     47.63
Heta Asset Resolution A    0.43    12/31/2023    EUR     39.25
Banca Monte dei Paschi     4.40     3/14/2024    EUR      8.25
Abengoa Finance SA         6.00     3/31/2021    EUR      3.57
Barclays Bank PLC          0.96     9/30/2031    USD     67.87
Kommunekredit              0.50     7/30/2027    TRY     30.16
ADLER Real Estate AG       6.00     6/30/2017    EUR     13.25
Alpha Bank AE              2.50     6/20/2022    EUR     67.51
Deutsche Bank AG/London    2.65     8/28/2034    USD     58.00
Afren PLC                 11.50      2/1/2016    USD      0.10
Kazkommertsbank JSC via    7.08                  USD     68.38
INVEST-DEVELOPMENT PJSC   15.00      4/2/2026    RUB    100.00
Depfa Funding IV LP        5.03                  EUR     57.00
Region of Abruzzo Italy    0.17     11/7/2036    EUR     61.04
Bibby Offshore Services    7.50     6/15/2021    GBP     60.50
LBI HF                     2.25     2/14/2011    CHF      5.88
Finmek International SA    7.00     12/3/2004    EUR      0.13
BLT Finance BV            12.00     2/10/2015    USD     10.50
Autonomous Community of    1.10      9/8/2024    EUR     72.66
Northland Resources AB    15.00     7/15/2019    USD      0.44
A-TEC Industries AG        8.75    10/27/2014    EUR      2.00
Afren PLC                 10.25      4/8/2019    USD      0.03
Lehman Brothers Treasur    4.00     2/16/2017    EUR      8.63
Northland Resources AB     4.00    10/15/2020    USD      0.07
UniCredit Bank Austria     0.16    12/27/2031    EUR     68.23
Novo Banco SA              3.00    12/16/2021    EUR     61.13
Kaupthing ehf              5.75     10/4/2011    USD     17.63
A-TEC Industries AG        2.75     5/10/2014    EUR      2.00
Afren PLC                 10.25      4/8/2019    USD      0.00
Espirito Santo Financia    5.05    11/15/2025    EUR      0.10
Vnesheconombank           10.90      5/3/2019    RUB     85.00
Lehman Brothers Treasur    5.00     9/22/2014    EUR      8.63
Afren PLC                  6.63     12/9/2020    USD      0.08
A-TEC Industries AG        5.75     11/2/2010    EUR      2.00
Deutsche Bank AG/London    0.40     1/31/2033    USD     58.50
Olympic Ship AS            7.29     9/21/2017    NOK     20.75
Abengoa Greenfield SA      5.50     10/1/2019    EUR      3.93
Santander Finance Capit    2.00                  USD     45.38
AKB Peresvet ZAO          13.25     4/25/2018    RUB     40.42
Gazprom PJSC               6.40    10/21/2043    RUB     70.00
APP International Finan   11.75     10/1/2005    USD      0.56
UniCredit Bank Austria     0.18    12/31/2031    EUR     71.00
Russian Post FGUP          9.35     9/10/2026    RUB    100.00
KPNQwest NV                8.13      6/1/2009    USD      0.18
Rosneft Oil Co PJSC       14.90     12/3/2020    RUB     62.00
OAS Investments GmbH       8.25    10/19/2019    USD      3.15
Muehl Product & Service    6.75     3/10/2005    DEM      2.35
Far East Capital Ltd SA    8.00      5/2/2018    USD     57.24
Matalan Finance PLC        8.88      6/1/2020    GBP     72.88
Deutsche Bank AG/London    3.33     3/27/2035    USD     73.95
Agroton Public Ltd         6.00     7/14/2019    USD     14.13
Barclays Bank PLC          2.72     7/28/2034    USD     62.82
Lehman Brothers Treasur    2.88     3/14/2013    CHF      8.63
Waste Italia SpA          10.50    11/15/2019    EUR     25.38
Artea                      6.00      8/4/2019    EUR     14.32
Aldesa Financial Servic    7.25      4/1/2021    EUR     68.13
Lehman Brothers Treasur    5.00     2/16/2015    EUR      8.63
Podkarpacki Bank Spoldz    5.81      7/2/2020    PLN     57.00
Heliocentris Energy Sol    4.00     1/16/2019    EUR     45.66
Cattles Ltd                7.13      7/5/2017    GBP      0.20
Tonon Luxembourg SA       10.50     5/14/2024    USD     40.63
Barclays Bank PLC          0.07    12/28/2040    EUR     67.42
Barclays Bank PLC          1.14     3/21/2031    USD     68.90
AKB Peresvet ZAO          13.25     6/22/2017    RUB     45.00
Nuova Banca Popolare de    1.68     9/28/2017    EUR      0.81
Banco Espirito Santo SA    6.90     6/28/2024    EUR     26.38
Cooperatieve Rabobank U    0.50    10/29/2027    MXN     38.56
Russian Bank for Small    14.00     3/17/2022    RUB    100.52
Banca Popolare di Vicen    9.50     10/2/2025    EUR     37.63
Deutsche Bank AG           1.73     1/16/2045    EUR     72.82
Kaupthing ehf              6.13     10/4/2016    USD     17.63
Oi Brasil Holdings Coop    5.63     6/22/2021    EUR     36.14
UkrLandFarming PLC        10.88     3/26/2018    USD     30.00
Lehman Brothers Treasur    5.10      5/8/2017    HKD      9.63
Lloyds Bank PLC            2.73     7/26/2033    USD     69.00
Alpha Bank AE              2.50     6/20/2022    EUR     67.53
Credit Suisse AG/London    8.00    11/29/2019    USD      8.69
Abengoa Finance SA         8.88      2/5/2018    EUR      3.75
Republic of Italy Gover    0.18     7/31/2045    EUR     71.69
CHC Helicopter SA          9.25    10/15/2020    USD     63.63
Montepio Holding SGPS S    5.00                  EUR     50.10
Tonon Luxembourg SA        9.25     1/24/2020    USD     10.75
Aralco Finance SA         10.13      5/7/2020    USD      2.47
Transcapitalbank JSC      13.00      6/6/2018    RUB     70.00
Landesbank Hessen-Thuer    0.13     4/23/2041    EUR     65.43
UniCredit Bank Austria     0.16    10/31/2031    EUR     66.81
ADLER Real Estate AG       6.00    12/27/2018    EUR     13.25
Svensk Exportkredit AB     0.50     4/24/2029    AUD     59.52
AKB Peresvet ZAO          12.50      9/6/2017    RUB     35.06
Societe Generale SA        1.60      1/9/2020    GBP      1.08
Virgolino de Oliveira F   10.50     1/28/2018    USD      7.19
Dexia Kommunalbank Deut    5.63    12/31/2017    EUR     13.13
BLT Finance BV             7.50     5/15/2014    USD      1.92
Orient Express Bank PJS   13.60      8/9/2018    RUB     65.50
Tatfondbank PJSC          13.00      9/7/2021    RUB     27.60
Solon SE                   1.38     12/6/2012    EUR      0.33
Lehman Brothers Treasur    7.00     5/17/2035    EUR      8.63
German Pellets GmbH        8.00                  EUR      0.16
Immigon Portfolioabbau     3.51     4/12/2022    EUR
Municipality Finance PL    0.50     4/26/2022    ZAR     62.11
Banco Espirito Santo SA   10.00     12/6/2021    EUR      0.40
Hamburgische Landesbank    0.05     1/22/2041    EUR     61.91
Immigon Portfolioabbau     6.00     3/30/2017    EUR
Transcapitalbank JSC Vi   10.00     9/18/2020    USD     72.50
HSBC Bank PLC              0.50    10/30/2026    NZD     62.34
PA Resources AB            3.00    12/27/2017    NOK      0.11
UniCredit Bank AG          0.41    11/19/2029    EUR     61.63
Cooperatieve Rabobank U    0.50     1/31/2033    MXN     23.25
International Industria    9.00      7/6/2011    EUR      0.32
Activa Resources AG        8.00    11/15/2017    EUR     10.50
SAir Group                 0.13      7/7/2005    CHF     13.00
Kaupthing ehf              9.75     9/10/2015    USD     17.63
Tatfondbank PJSC          12.50    12/11/2024    RUB     28.60
Rusfinans Bank OOO        12.10     9/29/2020    RUB     60.46
Banco Comercial Portugu    5.00                  EUR     50.00
Finans-Avia OOO            8.25     7/31/2022    RUB     71.87
HPI AG                     3.50                  EUR      5.01
Ekotechnika AG             9.75     5/10/2018    EUR      9.50
Johnston Press Bond Plc    8.63      6/1/2019    GBP     62.88
AKB Peresvet ZAO          13.00     10/7/2017    RUB     41.00
Hypo Tirol Bank AG         0.12     7/23/2026    EUR     67.07
Bank Nederlandse Gemeen    0.50     7/12/2022    ZAR     61.30
HSBC Bank PLC              0.50     6/10/2021    BRL     66.91
Kaupthing ehf              9.00                  USD      0.13
Lloyds Bank PLC            2.30      7/5/2033    USD     71.00
syncreon Group BV / syn    8.63     11/1/2021    USD     73.63
Svensk Exportkredit AB     0.50     6/28/2022    ZAR     61.00
Anglian Water Services     0.87     1/26/2057    GBP     74.76
Veneto Banca SpA           6.94     5/15/2025    EUR      8.75
WPE International Coope   10.38     9/30/2020    USD     14.75
Marine Subsea AS           9.00    12/16/2019    USD      0.50
Gazprombank JSC           10.90     2/19/2021    RUB     60.06
AKB Peresvet ZAO          13.50     6/23/2021    RUB     29.35
Bank Nederlandse Gemeen    0.50      8/9/2022    MXN     64.24
FPK OAO                    9.95      6/4/2026    RUB     61.00
Rena GmbH                  7.00    12/15/2015    EUR      8.63
Abengoa SA                 6.25     1/17/2019    EUR      2.50
Cooperatieve Rabobank U    0.50    11/30/2027    MXN     38.40
Svensk Exportkredit AB     0.50     6/29/2029    AUD     59.21
Mechel PJSC                8.00      2/9/2021    RUB     60.06
Governo Portugues Conso    2.75                  EUR     65.10
LBI HF                     7.43                  USD      0.00
Petromena ASA             10.85    11/19/2014    USD      0.59
Banco Pastor SAU           2.08                  EUR     57.26
Barclays Bank PLC          2.62    12/23/2033    USD     68.53
City of Moscow Russia      7.50     5/18/2021    RUB     60.00
La Veggia Finance SPA      7.13    11/14/2004    EUR      0.15
Espirito Santo Financia    5.63     7/28/2017    EUR      0.42
Kaupthing ehf              7.50      2/1/2045    USD      0.00
Lehman Brothers Treasur    7.00    11/26/2013    EUR      8.63
Republic of Italy Gover    0.19     7/31/2045    EUR     69.81
UniCredit Bank Austria     0.02     1/25/2031    EUR     68.69
Mriya Agro Holding PLC     9.45     4/19/2018    USD      5.75
DEMIRE Real Estate AG      6.00    12/30/2018    EUR      3.55
Transneft PJSC             9.65     6/30/2023    RUB    100.03
Kommunalbanken AS          0.50     5/27/2022    ZAR     63.05
Northland Resources AB     4.00    10/15/2020    NOK      0.07
Region of Molise Italy     0.18    12/15/2033    EUR     66.28
Virgolino de Oliveira F   10.88     1/13/2020    USD     25.83
Agentstvo po Ipotechnom    8.05    11/15/2018    RUB     85.00
Sberbank of Russia PJSC   12.27      1/2/2026    RUB     85.00
SAir Group                 6.25     4/12/2005    CHF     12.63
Svensk Exportkredit AB     0.50     1/31/2022    ZAR     64.59
Far East Capital Ltd SA    8.75      5/2/2020    USD     57.10
Bilt Paper BV              9.64                  USD     48.75
Rosneft Oil Co PJSC       10.10     1/18/2021    RUB     60.00
WGF Westfaelische Grund    6.35      8/1/2017    EUR      3.63
Barclays Bank PLC          0.50     1/28/2033    MXN     20.02
BNP Paribas SA             0.50      5/6/2021    MXN     71.54
Abengoa SA                 5.13      3/5/2017    USD      3.04
Kommunalkredit Austria     0.87     2/24/2026    EUR     74.94
Lloyds Bank PLC            2.72     7/29/2033    USD     67.10
State Transport Leasing   14.30    12/10/2024    RUB     60.00
Russian Railways JSC       9.25     7/11/2028    RUB     98.25
Bank Nederlandse Gemeen    0.50     9/20/2022    MXN     63.62
SNCF Reseau                1.48     3/30/2065    EUR     73.26
RESO-Garantia Insurance   12.00     9/13/2022    RUB     60.08
Virgolino de Oliveira F   11.75      2/9/2022    USD      7.19
Stroika Finance Ltd Via    7.70     6/25/2019    RUB     12.00
Tatfondbank PJSC          13.50     3/21/2025    RUB     26.65
Lehman Brothers Treasur    6.00     3/14/2011    EUR      8.63
NIBC Bank NV              25.98      5/7/2029    EUR     70.47
Elli Investments Ltd      12.25     6/15/2020    GBP     45.00
Marfin Investment Group    6.30     7/29/2020    EUR      0.30
KTM Industries AG          5.00                  EUR     72.38
Immigon Portfolioabbau     1.26     7/29/2018    EUR
Kaupthing ehf              6.13     10/4/2016    USD     17.63
Svensk Exportkredit AB     0.50     8/29/2029    AUD     57.84
Lehman Brothers Treasur    3.03     1/31/2015    EUR      0.65
Lehman Brothers Treasur    6.00    10/30/2012    EUR      0.65
CHC Helicopter SA          9.25    10/15/2020    USD     63.63
Salvator Grundbesitz-AG    9.50                  EUR     19.60
Rusfinans Bank OOO        10.00     7/31/2026    RUB    100.55
Solarwatt GmbH             7.00     11/1/2015    EUR     14.50
Lehman Brothers Treasur    5.25     5/26/2026    EUR      0.65
LBI HF                     6.10     8/25/2011    USD      8.00
Metalloinvest Holding C    0.01     3/10/2022    RUB     70.00
Russian Post FGUP          9.45    10/18/2019    RUB     61.06
Mechel PJSC               12.75     7/15/2021    RUB     82.01
Lehman Brothers Treasur    8.25     12/3/2015    EUR      8.63
Lehman Brothers Treasur    5.00     3/18/2015    EUR      8.63
Vnesheconombank           11.50     8/20/2020    RUB     85.00
Gazprom PJSC               6.40    10/21/2043    RUB     70.00
Santander Finance Capit    2.00                  USD     44.38
Vnesheconombank            2.00     6/18/2021    RUB     73.06
Salvator Grundbesitz-AG    9.50    12/31/2021    EUR     10.15
Finans-Avia OOO            0.01     7/31/2027    RUB     19.90
BLT Finance BV             7.50     5/15/2014    USD      1.92
Lehman Brothers Treasur    4.00     12/2/2012    EUR      0.65
Mechel PJSC                8.00      2/9/2021    RUB     70.00
PagesJaunes Finance & C    8.88      6/1/2018    EUR     63.38
Lehman Brothers Treasur    4.00    10/24/2012    EUR      0.65
Lehman Brothers Treasur    4.50      5/2/2017    EUR      8.63
Lehman Brothers Treasur   11.00    12/20/2017    AUD      0.65
Barclays Bank PLC          2.24     8/15/2033    USD     62.08
Republic of Italy Gover    0.30     7/31/2035    EUR     71.85
HSBC Bank PLC              0.50     7/21/2021    BRL     66.26
Lehman Brothers Treasur    5.00     2/27/2014    EUR      8.63
Penell GmbH Elektrogros    7.75     6/10/2019    EUR      5.97
Barclays Bank PLC          3.49     3/27/2029    USD     66.63
Lehman Brothers Treasur    1.00      5/9/2012    EUR      0.65
Banco BPI SA               1.78                  EUR     58.02
Realwerte GmBh & Co KG     1.20                  EUR     43.16
Lehman Brothers Treasur    7.00      6/6/2017    EUR      0.65
Communaute Francaise de    0.50     6/27/2046    EUR     65.54
Mriya Agro Holding PLC    10.95     3/30/2016    USD      6.88
Lehman Brothers Treasur   14.90     9/15/2008    EUR      0.65
Lehman Brothers Treasur    6.00     3/18/2015    USD      8.63
Lehman Brothers Treasur    5.55     3/12/2015    EUR      0.65
UniCredit Bank AG          4.00     3/21/2017    EUR     67.40
Cie de Financement Fonc    0.98     8/11/2046    EUR     74.86
Windreich GmbH             6.75      3/1/2015    EUR     10.88
Heta Asset Resolution A    0.27    12/31/2023    EUR     39.25
Abengoa SA                 5.13      3/5/2017    USD      3.04
Abengoa Finance SA         7.00     4/15/2020    EUR      3.78
EFG International Finan    2.10     3/23/2018    EUR      6.06
Rosneft Oil Co PJSC       11.40     12/3/2020    RUB     62.00
Ideal Standard Internat   11.75      5/1/2018    EUR      4.43
Bank Nederlandse Gemeen    0.50     8/15/2022    ZAR     61.30
Pongs & Zahn AG            8.50                  EUR      0.30
Renaissance Credit Comm   11.15     7/30/2018    RUB     87.00
Agentstvo po Ipotechnom   11.50     9/25/2018    RUB     60.00
Rosneft Oil Co PJSC       12.90     12/3/2020    RUB     62.00
OT-Optima Telekom DD       5.25     5/30/2022    HRK     65.00
Promsvyazbank PJSC        11.00     4/19/2021    RUB     90.01
Rusfinans Bank OOO         9.95     8/22/2019    RUB     60.67
SG Option Europe SA        7.00      5/5/2017    EUR     63.82
Credit Suisse AG/Nassau    7.13     6/26/2017    CHF     70.16
Barclays Bank PLC          0.50     3/19/2021    MXN     68.07
UniCredit Bank AO         12.35     9/16/2020    RUB     62.62
Hamburgische Landesbank    0.05    10/30/2040    EUR     64.35
ING Bank Eurasia JSC      10.45     3/30/2021    RUB     85.00
City of Siret Romania      2.24      3/1/2028    RON     51.00
City of Kiev Ukraine Vi    8.00     11/6/2015    USD     70.00
EFG International Finan    8.99      9/4/2017    EUR      7.27
Rosselkhozbank JSC        12.87    12/21/2021    RUB     60.06
Lehman Brothers Treasur    5.00      5/2/2022    EUR      0.65
Metalloinvest Holding C    0.01      3/7/2022    RUB     60.02
MT-Energie GmbH & Co KG    8.25      4/4/2017    EUR      8.15
Lehman Brothers Treasur    1.46     2/19/2012    JPY      8.63
AKB Peresvet ZAO           9.80      9/2/2020    RUB     27.80
Lehman Brothers Treasur    4.00     4/13/2011    CHF      0.65
Kaupthing ehf              5.25     7/18/2017    BGN     17.63
HSBC Bank PLC              0.50    11/25/2025    BRL     43.75
Barclays Bank PLC          4.65    11/28/2029    USD     74.75
AKB Peresvet ZAO          12.75     7/24/2018    RUB     27.93
Bank Nederlandse Gemeen    0.50      6/7/2022    ZAR     62.14
Svensk Exportkredit AB     0.50     2/22/2022    ZAR     63.16
Frigoglass Finance BV      8.25     5/15/2018    EUR     62.25
Lloyds Bank PLC            3.34    10/25/2033    USD     71.50
EFG International Finan    6.00    11/30/2017    EUR      1.90
Bank Julius Baer & Co L    6.70      6/2/2017    USD     67.25
COFIDUR SA                 0.10    12/31/2024    EUR     19.01
AKB Peresvet ZAO          13.25     11/6/2020    RUB     27.01
UniCredit Bank Austria     0.06     1/24/2031    EUR     71.23
Tatfondbank PJSC          14.50      2/3/2026    RUB     27.02
Rosneft Oil Co PJSC        8.90      2/6/2024    RUB     60.00
URALSIB Leasing Co OOO    11.50    12/21/2017    RUB    100.00
Barclays Bank PLC          0.50     4/24/2023    MXN     53.53
Astana Finance BV          9.00    11/16/2011    USD     16.88
Barclays Bank PLC          2.57    12/27/2028    USD     74.63
Rinol AG                   5.50    10/15/2006    DEM      0.00
Lehman Brothers Treasur    6.00     9/20/2011    EUR      0.65
Rosneft Oil Co PJSC       11.40     12/3/2020    RUB     62.00
Vnesheconombank            9.65     7/10/2018    RUB     85.00
SG Issuer SA               0.78     6/15/2020    SEK     71.57
Araratbank OJSC            7.00     6/18/2019    USD     26.35
Rusfinans Bank OOO        10.10    11/24/2020    RUB     62.02
Fonciere Volta SA          4.50     7/30/2020    EUR      2.60
Kamaz PJSC                10.39     12/5/2030    RUB     73.53
Lehman Brothers Treasur    5.00     5/12/2011    CHF      0.65
Podkarpacki Bank Spoldz    4.99     10/6/2021    PLN     55.11
Phosphorus Holdco PLC     10.00      4/1/2019    GBP      1.11
ECM Real Estate Investm    5.00     10/9/2011    EUR     10.38
Miratorg-Finans OOO       11.00     8/24/2021    RUB     60.00
Lehman Brothers Treasur   13.50      6/2/2009    USD      0.65
City of Predeal Romania    1.50     5/15/2026    RON     60.00
ECA                        2.50      1/1/2018    EUR     12.44
MegaFon PJSC               9.90     5/29/2026    RUB     62.06
Vnesheconombank            9.75     8/16/2029    RUB     60.00
SAir Group                 5.50     7/23/2003    CHF     12.63
Landes-Hypothekenbank S    0.02     9/26/2043    EUR     77.23
Province of Brescia Ita    0.14     6/30/2036    EUR     60.35
Rossiysky Capital OJSC    10.50     1/20/2020    RUB     60.67
Banca delle Marche SpA     6.00      5/8/2018    EUR      1.00
Veneto Banca SpA           1.69     5/15/2019    EUR     39.25
Evrofinansy-Nedvizhimos   11.00    10/23/2020    RUB    100.00
Lehman Brothers Treasur    6.65     8/24/2011    AUD      9.63
Banco Espirito Santo SA    1.24     5/27/2018    EUR      0.40
Russian Post FGUP          2.75     12/6/2023    RUB     67.55
Agentstvo po Ipotechnom    8.90     11/1/2032    RUB    100.05
DekaBank Deutsche Giroz    0.01     6/29/2046    EUR     51.69
Lehman Brothers Treasur   10.00     6/11/2038    JPY      0.65
Notenstein Finance Guer    1.00     9/17/2019    CHF     64.91
Metalloinvest Holding C    0.01      3/7/2022    RUB    100.00
Province of Rovigo Ital    0.06    12/28/2035    EUR     61.08
Oberoesterreichische La    0.32     11/6/2030    EUR     71.75
Municipality Finance PL    0.50     7/30/2029    AUD     66.45
Credit Suisse AG/London    8.00     5/21/2025    USD      9.10
Bank Julius Baer & Co L    7.85     7/28/2017    USD     50.50
JP Morgan Structured Pr    4.05     8/29/2017    EUR     33.02
UBS AG/London              6.25     4/18/2017    CHF     47.30
Sidetur Finance BV        10.00     4/20/2016    USD      4.95
Bank Nederlandse Gemeen    0.50     6/22/2021    ZAR     67.65
UniCredit Bank Austria     0.15     1/22/2031    EUR     72.38
Biomed-Lublin Wytwornia    7.29     8/14/2018    PLN     72.00
Araratbank OJSC            7.25     6/27/2018    USD     26.03
Phones4u Finance PLC       9.50      4/1/2018    GBP     66.50
Raiffeisenbank AO         11.35     6/11/2018    RUB     86.00
Lehman Brothers Treasur    0.50      7/2/2020    EUR      0.65
Municipiul Timisoara       0.64     5/15/2026    RON     70.90
Araratbank OJSC            8.00     6/10/2018    USD     26.35
Agrokompleks OOO           0.10     12/8/2022    RUB      1.36
BNP Paribas SA             0.50    11/16/2032    MXN     28.91
Center-Invest Commercia   10.00     5/22/2019    RUB     60.01
Moscow United Electric    11.00     9/12/2024    RUB     62.00
Aegon NV                   5.19                  NLG     72.65
Royal Bank of Scotland     2.65     2/25/2031    USD     66.00
Municipiul Timisoara       0.64     5/15/2026    RON     77.50
EFG International Finan   12.86    10/30/2017    EUR      1.16
Raiffeisen Centrobank A    6.70     3/13/2017    EUR     64.65
Zapsibcombank PAO         14.85    12/12/2019    RUB     90.00
Russian Railways JSC      13.90     5/30/2040    RUB     60.00
SAir Group                 4.25      2/2/2007    CHF     13.00
Nuova Banca delle March    7.20     6/30/2018    EUR      1.24
Dresdner Bank AG           0.38    11/19/2029    EUR     64.88
BAWAG PSK Versicherungs    1.06                  EUR     44.89
Deutsche Bank AG/London    0.50     10/5/2021    IDR     63.42
Svensk Exportkredit AB     0.50     8/28/2020    TRY     65.16
Lehman Brothers Treasur    4.00     7/20/2012    EUR      0.65
Kaupthing ehf              7.63     2/28/2015    USD     17.63
Lehman Brothers Treasur    8.00     3/19/2012    USD      0.65
Svensk Exportkredit AB     0.50     3/28/2029    AUD     68.64
Lehman Brothers Treasur    1.28     11/6/2010    JPY      8.63
Espirito Santo Financia    5.05    11/15/2025    EUR      0.40
IDGC of the South PJSC    13.50      6/8/2020    RUB     60.00
Araratbank OJSC            7.00     12/2/2017    USD     25.78
World of Building Techn    7.70     6/25/2019    RUB      1.16
Podkarpacki Bank Spoldz    5.11     5/28/2023    PLN     53.01
Credit Suisse AG/London    0.50      1/8/2026    BRL     44.03
Kommunalbanken AS          0.50    12/16/2020    TRY     68.68
Deutsche ETP GmbH & Co     3.00    11/30/2028    EUR
Royal Bank of Scotland     2.65     8/26/2031    USD     62.92
Kreditanstalt fuer Wied    0.25     10/6/2036    CAD     40.74
HSBC Bank PLC              0.50    12/29/2026    AUD     61.53
Societe Generale SA        0.50     5/30/2023    MXN     57.68
Svensk Exportkredit AB     0.50     6/20/2029    AUD     67.48
Societe Generale SA        0.53     6/28/2033    USD     71.55
Northland Resources AB    15.00     7/15/2019    USD      0.44
Pierer Industrie AG        5.75                  EUR     57.13
Lehman Brothers Treasur    3.86     9/21/2011    SGD      9.63
Gold-Zack AG               7.00    12/14/2005    EUR     12.57
KPNQwest NV                8.88      2/1/2008    EUR      0.18
Bulgaria Steel Finance    12.00      5/4/2013    EUR      2.46
Lehman Brothers Treasur    6.30    12/21/2018    USD      0.65
Lehman Brothers Treasur   13.00     2/16/2009    CHF      0.65
Barclays Bank PLC          0.42      4/9/2028    USD     65.10
Lehman Brothers Treasur    2.00     6/28/2011    EUR      0.65
Lehman Brothers Treasur    7.50    10/24/2008    USD      0.65
Societe Generale SA       10.00     7/31/2018    USD     74.98
Nuova Banca delle March    7.75     6/30/2018    EUR      1.24
Leonteq Securities AG      7.00    10/19/2017    CHF     66.10
SAir Group                 2.75     7/30/2004    CHF     12.75
KPNQwest NV                7.13      6/1/2009    EUR      0.18
Credit Agricole Corpora    2.00      7/9/2020    BRL     75.05
Lehman Brothers Treasur    5.00     2/28/2032    EUR      0.65
EFG International Finan    7.20     7/29/2020    EUR     42.92
Windreich GmbH             6.25      3/1/2015    EUR     10.88
Svensk Exportkredit AB     0.50     3/15/2022    ZAR     62.84
Svensk Exportkredit AB     0.10    11/20/2019    TRY     70.43
OOO SPV Structural Inve    0.01      9/1/2023    RUB     65.75
Lehman Brothers Treasur    8.25      2/3/2016    EUR      0.65
Bank Spoldzielczy w Lim    5.00     5/13/2021    PLN     75.00
Russian Post FGUP          9.50    10/18/2019    RUB     98.89
Hellas Telecommunicatio    8.50    10/15/2013    EUR      0.43
HSBC Bank PLC              0.50     1/29/2027    NZD     61.28
BNP Paribas SA             0.50     7/20/2021    BRL     63.90
Oberoesterreichische La    0.30     4/25/2042    EUR     42.75
Nuova Banca Popolare de    3.50     6/28/2018    EUR      0.78
ENEL RUSSIA PJSC          12.10     5/22/2025    RUB     60.00
Ladya-Finans LLC          12.00    10/29/2021    RUB     60.00
Municipality Finance PL    0.50      5/8/2029    AUD     62.96
Vnesheconombank            8.35    11/24/2020    RUB     85.00
Polbrand sp zoo            9.00     10/2/2017    PLN     50.00
Lehman Brothers Treasur   12.00     7/13/2037    JPY      0.65
Lehman Brothers Treasur    4.60      7/6/2016    EUR      0.65
Noyabrskaya Pge OOO        8.50    11/10/2020    RUB     60.00
Rossiysky Capital OJSC    10.50     1/16/2020    RUB     60.12
Western High-Speed Diam    9.15      2/6/2032    RUB     85.00
Raiffeisen Versicherung    2.02                  EUR     26.82
Steiermaerkische Bank u    1.25                  EUR     51.02
HSBC Bank PLC              0.50     12/8/2020    BRL     70.81
Cooperatieve Rabobank U    0.50    12/29/2027    MXN     38.52
Barclays Bank PLC          0.50     3/26/2021    MXN     68.03
BANIF - Banco Internaci    4.50     1/30/2025    EUR     65.50
Cooperatieve Rabobank U    0.50     8/21/2028    MXN     36.24
Torgovyi Dom Spartak-Ka   14.00      5/2/2017    RUB     68.02
UBS AG/London              3.50     3/24/2017    EUR     73.17
Lehman Brothers Treasur    4.35      8/8/2016    SGD      9.63
Bank VTB 24 JSC            9.00     9/15/2044    RUB     60.00
Barclays Bank PLC          4.27     5/14/2029    USD     70.00
Delta Credit Bank JSC     10.29    11/24/2021    RUB     60.06
Credit Agricole Corpora    0.50      3/6/2023    RUB     60.98
Province of Milan Italy    0.03    12/22/2033    EUR     69.18
Rusfinans Bank OOO        11.00     10/2/2019    RUB     64.02
BNP Paribas SA             0.50     2/13/2024    NZD     72.60
Podkarpacki Bank Spoldz    5.79     3/31/2025    PLN     45.00
SAir Group                 2.13     11/4/2004    CHF     13.00
YamalStroiInvest          14.25     4/24/2021    RUB     65.70
Lehman Brothers Treasur    3.50     9/29/2017    EUR      0.65
Redvans                   12.50    12/17/2021    RUB     99.90
Credit Suisse AG/London   10.00     6/28/2017    USD     54.50
URALSIB Leasing Co OOO    11.50      2/6/2018    RUB      0.01
Stroytemp CJSC             9.00    11/13/2019    RUB     92.70
Banca delle Marche SpA     6.00     6/12/2018    EUR      1.00
Indre Sogn Sparebank       5.95                  NOK     47.23
Lehman Brothers Treasur    5.50     6/15/2009    CHF      0.65
RGS Nedvizhimost OOO      12.50      6/2/2017    RUB     98.26
Center-Invest Commercia    8.70    11/13/2018    RUB
Vegarshei Sparebank        5.08                  NOK     67.60
Lehman Brothers Treasur    5.00      8/1/2025    EUR      0.65
EDOB Abwicklungs AG        7.50      4/1/2012    EUR      0.25
Enemona AD-Kozloduy       10.00     4/28/2017    BGN      0.05
UniCredit Bank AG          4.25     3/27/2020    EUR     68.41
Lehman Brothers Treasur    7.38     9/20/2008    EUR      0.65
Nuova Banca Popolare de    5.00    10/30/2023    EUR      0.78
Transgazservice LLP       10.50     11/8/2019    RUB      1.00
Russian Railways JSC       6.80     5/20/2044    RUB     70.00
HSBC Bank PLC              0.50     4/27/2027    NZD     60.67
Municipality Finance PL    0.50     6/19/2024    ZAR     51.07
HSBC Bank PLC              0.50      6/9/2023    MXN     56.95
City of Alba Iulia Roma    1.50     4/15/2025    RON     68.50
Astana Finance BV          7.88      6/8/2010    EUR     16.88
Lehman Brothers Treasur    4.00     7/27/2011    EUR      0.65
Lehman Brothers Treasur    8.00     2/16/2016    EUR      0.65
Absolut Bank PAO          14.50    10/22/2021    RUB     92.68
Absolut Bank PAO           8.55     4/29/2020    RUB     92.83
Lehman Brothers Treasur    0.50      6/2/2020    EUR      0.65
Lehman Brothers Treasur   11.00      7/4/2011    CHF      0.65
Atari SA                   0.10      4/1/2020    EUR      3.90
UBS AG/London              6.02     8/15/2017    USD     50.05
LZMO SA                    8.50     6/30/2017    PLN     25.00
Lehman Brothers Treasur    8.50      7/6/2009    CHF      0.65
Lehman Brothers Treasur    7.00     4/14/2009    EUR      0.65
Bank Nederlandse Gemeen    0.50     9/20/2022    ZAR     60.70
Societe Generale SA        0.50      4/3/2023    RUB     60.76
Lehman Brothers Treasur    5.00     4/24/2017    EUR      0.65
Driver & Bengsch AG        8.50    12/31/2027    EUR      0.00
Lehman Brothers Treasur    8.28     3/26/2009    USD      0.65
SAir Group                 6.25    10/27/2002    CHF     12.58
Raiffeisen-Landesbank T    2.50      9/2/2024    EUR     68.68
Lehman Brothers Treasur    3.40     3/19/2018    JPY      0.65
Lehman Brothers Treasur    7.60     5/21/2013    USD      0.65
LBI HF                     8.65      5/1/2011    ISK      5.88
Lehman Brothers Treasur    4.05     9/16/2008    EUR      0.65
Bank Julius Baer & Co L   12.15     11/8/2017    CHF     69.25
Lehman Brothers Treasur    5.75     6/15/2009    CHF      0.65
Notenstein La Roche Pri    8.99     7/22/2019    EUR     38.81
UBS AG/London             14.50     5/26/2017    CHF     74.15
SAir Group                 5.13      3/1/2003    CHF     13.00
Deutsche Bank AG           5.20     3/21/2017    EUR     75.90
Province of Brescia Ita    0.11    12/22/2036    EUR     59.53
Lehman Brothers Treasur    4.00    11/24/2016    EUR      0.65
Kaupthing ehf              3.75     2/15/2024    ISK     17.63
URALSIB Leasing Co OOO    10.25     3/21/2019    RUB    100.00
Agrokompleks OOO           0.10     7/29/2019    RUB      4.22
Societe Generale SA        0.50      4/4/2024    MXN     52.88
Credit Suisse AG/London    3.00    11/15/2025    ZAR     62.40
Veneto Banca SpA           9.50     12/1/2025    EUR     38.69
Lehman Brothers Treasur    5.00    11/22/2012    EUR      0.65
Municipiul Timisoara       0.64     5/15/2026    RON     62.00
Lehman Brothers Treasur    4.70     3/23/2016    EUR      0.65
Lehman Brothers Treasur    2.00    11/16/2009    EUR      0.65
LBI HF                     5.08      3/1/2013    ISK      5.88
URALSIB Leasing Co OOO    10.50     4/17/2018    RUB      0.01
Credit Suisse AG/Nassau    7.00     3/22/2017    CHF     60.08
First Collection Bureau   15.00    10/15/2021    RUB     99.51
Lehman Brothers Treasur    9.00     6/13/2009    USD      0.65
Lehman Brothers Treasur    6.00    10/24/2008    EUR      0.65
Promnefteservis OOO       10.50    11/21/2019    RUB      1.12
Lehman Brothers Treasur    5.25    11/21/2009    USD      0.65
Western High-Speed Diam    9.15      2/6/2032    RUB     85.00
Drangedal Sparebank        2.36                  NOK     74.47
Municipality Finance PL    0.50    11/25/2020    ZAR     70.68
Lillestroem Sparebank      4.62                  NOK     51.51
Deutsche Bank AG/London    1.52      9/2/2036    JPY     65.15
Barclays Bank PLC          0.79     5/10/2028    USD     65.32
Lehman Brothers Treasur    4.69     2/19/2017    EUR      0.65
Nutritek International     8.75    12/11/2008    USD      2.00
Lehman Brothers Treasur    3.00     12/3/2012    EUR      0.65
Lehman Brothers Treasur    0.50    12/20/2017    AUD      0.65
UBS AG                     8.29     9/21/2017    USD     30.05
Lehman Brothers Treasur    4.20     12/3/2008    HKD      9.63
Blaker Sparebank           4.83                  NOK     45.22
Lehman Brothers Treasur   10.00    10/23/2008    USD      0.65
Petromena ASA              9.75     5/24/2016    NOK      0.59
DekaBank Deutsche Giroz    3.40      3/5/2018    EUR     71.37
Bank Julius Baer & Co L   11.85     8/30/2017    CHF     63.55
Leonteq Securities AG/G   29.61    10/26/2017    EUR     28.32
Podkarpacki Bank Spoldz    5.79     2/23/2025    PLN     50.00
Bank Julius Baer & Co L    7.10     3/29/2017    CHF     73.70
Bayerische Landesbank      2.60    10/19/2018    EUR     70.36
Leonteq Securities AG      3.00     10/2/2017    CHF     74.08
Societe Generale SA        1.00    12/22/2017    GBP      1.00
UBS AG/London             20.36      6/6/2017    USD      6.88
Cerruti Finance SA         6.50     7/26/2004    EUR      1.35
Lehman Brothers Treasur   13.50    11/28/2008    USD      0.65
Lehman Brothers Treasur    0.25    10/19/2012    CHF      0.65
Societe Generale SA        8.88      6/1/2017    USD     29.75
Fargo Finance OOO          9.00      2/6/2019    RUB     99.00
Credit Suisse AG/Nassau    5.00     2/20/2017    CHF     73.98
Barclays Bank PLC          0.50     3/13/2023    RUB     61.02
Lehman Brothers Treasur    8.00     5/22/2009    USD      0.65
Lehman Brothers Treasur    6.50     5/16/2015    EUR      0.65
Lehman Brothers Treasur    3.00      8/8/2017    EUR      0.65
Lehman Brothers Treasur    3.00     6/23/2009    EUR      8.63
Lehman Brothers Treasur    2.75    10/28/2009    EUR      0.65
Lehman Brothers Treasur    4.50      3/7/2015    EUR      0.65
Podkarpacki Bank Spoldz    5.80    10/24/2024    PLN     50.00
Redvans                   12.50    12/17/2021    RUB     99.90
DekaBank Deutsche Giroz    3.20     1/14/2019    EUR     63.31
DekaBank Deutsche Giroz    2.60     4/21/2017    EUR     62.45
UBS AG/London             11.00     2/24/2017    CHF     53.85
Credit Suisse AG/London    7.00    11/15/2019    USD      8.40
Lehman Brothers Treasur    4.50      3/6/2013    CHF      0.65
BNP Paribas Emissions-     4.00     7/27/2017    EUR     75.38
Natixis Structured Issu   11.70     12/8/2023    EUR     63.01
Nuova Banca delle March    8.00     6/30/2018    EUR      1.24
Royal Bank of Scotland     1.33    10/26/2018    GBP      1.06
Bank J Safra Sarasin AG    5.00     7/27/2017    CHF     82.67
Notenstein La Roche Pri    4.50    10/31/2018    CHF     69.92
SAir Group                 2.75     7/30/2004    CHF     12.63
Abengoa Finance SA         8.88      2/5/2018    EUR      3.75
Landes-Hypothekenbank S    0.10      3/7/2043    EUR     78.12
Hellenic Republic Gover    5.20     7/17/2034    EUR     65.13
BPCE SA                    0.71                  EUR     62.00
Western High-Speed Diam   10.44     5/13/2031    RUB     85.00
Brighthouse Group PLC      7.88     5/15/2018    GBP     65.75
Vontobel Financial Prod    4.00     11/9/2017    EUR     69.10
Lehman Brothers Treasur    1.50    10/25/2011    EUR      0.65
Lehman Brothers Treasur    7.59    11/22/2009    MXN      8.63
Kaupthing ehf              5.00      1/4/2027    SKK     17.63
Lehman Brothers Treasur    6.00     2/14/2012    EUR      0.65
Lehman Brothers Treasur    6.60     2/22/2012    EUR      0.65
Lehman Brothers Treasur    7.39      5/4/2017    USD      0.65
Lehman Brothers Treasur    2.50     8/23/2012    GBP      0.65
Lehman Brothers Treasur    0.50    12/20/2017    AUD      9.63
Lehman Brothers Treasur    5.38      2/4/2014    USD      0.65
Lehman Brothers Treasur    7.00     2/15/2010    CHF      0.65
City of Alba Iulia Roma    1.50     4/15/2025    RON     72.10
Lehman Brothers Treasur    4.00     3/10/2011    EUR      0.65
Lehman Brothers Treasur    4.60    10/11/2017    ILS      8.63
Lehman Brothers Treasur    2.50     11/9/2011    CHF      0.65
Lehman Brothers Treasur    6.00    10/30/2012    USD      0.65
UBS AG/London              5.75      6/6/2017    CHF     73.15
Zurcher Kantonalbank Fi    5.00     7/27/2017    CHF     71.53
Bank Julius Baer & Co L    4.75     2/13/2017    CHF     71.90
RGS Nedvizhimost OOO      12.25    10/19/2017    RUB     60.00
Municipality Finance PL    0.50    12/15/2020    BRL     71.21
Credit Suisse AG           0.50    12/16/2025    BRL     45.10
HSH Nordbank AG/Luxembo    2.10                  EUR     19.53
Intelsat Connect Financ   12.50      4/1/2022    USD     64.29
Polski Bank Spoldzielcz    4.81     6/18/2020    PLN     50.00
Lehman Brothers Treasur   16.00    10/28/2008    USD      0.65
City of Hunedoara Roman    1.43     8/15/2026    RON     78.00
Lehman Brothers Treasur    4.50    12/30/2010    USD      0.65
Lehman Brothers Treasur    7.50      8/1/2035    EUR      0.65
Lehman Brothers Treasur    4.25     3/13/2021    EUR      0.65
Lehman Brothers Treasur    3.70      6/6/2009    EUR      0.65
Lehman Brothers Treasur    5.22      3/1/2024    EUR      0.65
Lehman Brothers Treasur    5.00     12/6/2011    EUR      0.65
UBS AG/London              5.00     8/14/2017    CHF     56.45
EFG International Finan    5.00     8/15/2017    CHF     72.20
Credit Suisse AG/London    7.00     2/20/2017    CHF     71.35
Leonteq Securities AG      3.50     4/10/2018    EUR     62.81
Bayerische Landesbank      3.00      3/9/2018    EUR     63.12
DekaBank Deutsche Giroz    0.12     6/23/2034    EUR     70.25
Exane Finance SA           6.25    12/20/2019    SEK     70.35
Exane Finance SA           5.00    12/20/2019    SEK     64.40
Northland Resources AB    12.25     3/26/2016    USD      0.44
Polski Bank Spoldzielcz    4.81     6/22/2021    PLN     55.00
Societe Generale Effekt    8.81     6/23/2017    EUR     55.55
Societe Generale Effekt    9.62     6/23/2017    EUR     54.33
Societe Generale Effekt   11.68     6/23/2017    EUR     51.08
Credit Suisse AG/London    7.00     5/16/2017    CHF     72.46
Municipality Finance PL    0.50     5/31/2022    ZAR     61.39
Sparebanken Din            2.39                  NOK     72.81
HSBC Bank PLC              0.50     12/8/2026    AUD     67.91
HSBC Bank PLC              0.50     2/24/2027    NZD     61.30
Strommen Sparebank         2.36                  NOK     41.63
SpareBank 1 Nordvest       3.94     3/11/2099    NOK     72.34
Privatbank CJSC Via UK    10.25     1/23/2018    USD     27.76
Lloyds Bank PLC            0.50     7/26/2028    MXN     41.48
Deutsche Bank AG/London    1.20     8/22/2031    JPY     70.75
HSBC Bank PLC              5.05     5/15/2025    MXN     71.91
Lehman Brothers Treasur    1.75      2/7/2010    EUR      0.65
Lehman Brothers Treasur    7.50      5/2/2017    EUR      0.65
Lehman Brothers Treasur   10.00      8/2/2037    JPY      0.65
Lehman Brothers Treasur    7.50     6/15/2017    USD      0.65
Lehman Brothers Treasur    5.00     8/16/2017    EUR      8.63
SG Issuer SA               5.50     4/10/2021    EUR     68.86
Credit Suisse AG/London    4.00     5/22/2017    CHF     73.29
Landesbank Baden-Wuertt    3.00     8/25/2017    EUR     74.03
Societe Generale SA        0.50     5/22/2024    MXN     52.17
Lehman Brothers Treasur    6.45     2/20/2010    AUD      0.65
Lehman Brothers Treasur   15.00      6/4/2009    CHF      0.65
Lehman Brothers Treasur    0.50     2/16/2009    EUR      0.65
Bank Julius Baer & Co L    6.40     8/23/2017    CHF     78.50
Goldman Sachs & Co Wert   12.00     9/20/2017    EUR     70.01
Landesbank Baden-Wuertt    3.40     6/23/2017    EUR     53.61
Goldman Sachs & Co Wert   11.00    12/20/2017    EUR     73.93
Union Technologies Info    0.10      1/1/2020    EUR      5.30
BNP Paribas Emissions-    26.00    12/21/2017    EUR     65.11
Barclays Bank PLC          1.64      6/3/2041    USD     71.31
Societe Generale SA        0.50     4/30/2023    RUB     60.17
Lehman Brothers Treasur   15.00     3/30/2011    EUR      0.65
Credit Suisse AG/Nassau    6.38     6/12/2017    EUR     67.37
Rem Offshore ASA           5.00     12/8/2024    NOK     25.00
Lehman Brothers Treasur    8.60     7/31/2013    GBP      0.65
Lehman Brothers Treasur    8.28     7/31/2013    GBP      0.65
Lehman Brothers Treasur    7.50     7/31/2013    GBP      0.65
Lehman Brothers Treasur    7.32     7/31/2013    GBP      0.65
Commerzbank AG            12.00     5/24/2017    EUR     73.91
Lehman Brothers Treasur    9.25     6/20/2012    USD      0.65
Lehman Brothers Treasur    3.00     9/13/2010    JPY      8.63
Lehman Brothers Treasur    7.50     2/14/2010    AUD      0.65
Lehman Brothers Treasur    7.60     1/31/2013    AUD      0.65
Lehman Brothers Treasur    5.50     6/22/2010    USD      8.63
Lehman Brothers Treasur   10.00    10/22/2008    USD      0.65
Lehman Brothers Treasur    6.60     5/23/2012    AUD      0.65
Lehman Brothers Treasur    3.45     5/23/2013    USD      0.65
Lehman Brothers Treasur    5.50     4/23/2014    EUR      0.65
Lehman Brothers Treasur    5.00     2/15/2018    EUR      0.65
Lehman Brothers Treasur    9.00      5/6/2011    CHF      0.65
Lehman Brothers Treasur   16.20     5/14/2009    USD      0.65
Lehman Brothers Treasur   10.60     4/22/2014    MXN      0.65
Lehman Brothers Treasur   16.00     11/9/2008    USD      0.65
Lehman Brothers Treasur    9.75     6/22/2018    USD      0.65
Lehman Brothers Treasur   10.00     5/22/2009    USD      0.65
Lehman Brothers Treasur    4.60      8/1/2013    EUR      0.65
Lehman Brothers Treasur   10.44    11/22/2008    CHF      0.65
Lehman Brothers Treasur    7.60      3/4/2010    NZD      0.65
Nuova Banca Popolare de    2.19     5/21/2018    EUR      0.81
Lehman Brothers Treasur   17.00      6/2/2009    USD      0.65
Lehman Brothers Treasur   23.30     9/16/2008    USD      0.65
Lehman Brothers Treasur    3.00      6/3/2010    EUR      0.65
Lehman Brothers Treasur   12.40     6/12/2009    USD      0.65
Lehman Brothers Treasur   10.00     6/17/2009    USD      0.65
Lehman Brothers Treasur   11.00      7/4/2011    USD      0.65
Lehman Brothers Treasur   12.00      7/4/2011    EUR      0.65
Lehman Brothers Treasur    5.50      7/8/2013    EUR      0.65
Lehman Brothers Treasur   16.00    12/26/2008    USD      0.65
Lehman Brothers Treasur   13.43      1/8/2009    ILS      0.65
Lehman Brothers Treasur    7.75      1/3/2012    AUD      0.65
Lehman Brothers Treasur    3.10      6/4/2010    USD      0.65
Lehman Brothers Treasur    2.50     8/15/2012    CHF      0.65
Lehman Brothers Treasur   13.15    10/30/2008    USD      0.65
Lehman Brothers Treasur    0.50      8/1/2020    EUR      0.65
Lehman Brothers Treasur    6.00      8/7/2013    EUR      0.65
Lehman Brothers Treasur    6.25      9/5/2011    EUR      0.65
Lehman Brothers Treasur   16.80     8/21/2009    USD      0.65
Lehman Brothers Treasur   14.10    11/12/2008    USD      0.65
Lehman Brothers Treasur    5.25      7/8/2014    EUR      0.65
Lehman Brothers Treasur    4.00     8/11/2010    USD      8.63
Lehman Brothers Treasur    2.30      6/6/2013    USD      0.65
Lehman Brothers Treasur    7.50     5/30/2010    AUD      0.65
Lehman Brothers Treasur   11.00      5/9/2020    USD      0.65
Lehman Brothers Treasur    4.30      6/4/2012    USD      0.65
Lehman Brothers Treasur    4.00      6/5/2011    USD      0.65
Lehman Brothers Treasur    6.70     4/21/2011    USD      0.65
Lehman Brothers Treasur    3.00     9/12/2036    JPY      8.63
Lehman Brothers Treasur    4.68    12/12/2045    EUR      0.65
Lehman Brothers Treasur   13.00    12/14/2012    USD      0.65
Lehman Brothers Treasur    4.82    12/18/2036    EUR      0.65
Lehman Brothers Treasur    5.25      4/1/2023    EUR      0.65
Lehman Brothers Treasur    7.25     6/20/2010    USD      0.65
Lehman Brothers Treasur    7.00     9/20/2011    USD      0.65
Oravita City Council       1.97     6/15/2027    RON     70.90
Lehman Brothers Treasur    4.10     8/23/2010    USD      0.65
Lehman Brothers Treasur    5.12     4/30/2027    EUR      0.65
Lehman Brothers Treasur    7.75     2/21/2016    EUR      0.65
Lehman Brothers Treasur    8.00    12/27/2032    JPY      0.65
Lehman Brothers Treasur    1.50      2/8/2012    CHF      0.65
Lehman Brothers Treasur    0.01     9/20/2011    USD      0.65
Lehman Brothers Treasur    7.00     7/11/2010    EUR      0.65
Lehman Brothers Treasur    6.00     7/28/2010    EUR      0.65
Lehman Brothers Treasur    6.00     7/28/2010    EUR      0.65
Lehman Brothers Treasur    4.90     7/28/2020    EUR      0.65
Lehman Brothers Treasur    4.15     8/25/2020    EUR      0.65
Lehman Brothers Treasur    6.00     12/6/2016    USD      0.65
Lehman Brothers Treasur    5.00      9/1/2011    EUR      0.65
Lehman Brothers Treasur    3.00     8/15/2017    EUR      0.65
Lehman Brothers Treasur    3.50     9/19/2017    EUR      0.65
Lehman Brothers Treasur   10.00      1/4/2010    USD      0.65
Lehman Brothers Treasur    6.00     3/17/2011    EUR      0.65
Lehman Brothers Treasur    4.70     3/23/2016    EUR      0.65
Lehman Brothers Treasur    8.00     4/20/2009    EUR      0.65
Lehman Brothers Treasur    2.30     4/28/2014    JPY      0.65
Lehman Brothers Treasur    4.00     2/28/2010    EUR      0.65
Lehman Brothers Treasur    4.10     5/20/2009    USD      0.65
Lehman Brothers Treasur    2.00     5/17/2010    EUR      0.65
Lehman Brothers Treasur    3.82    10/20/2009    USD      0.65
Lehman Brothers Treasur    3.63      3/2/2012    EUR      0.65
Lehman Brothers Treasur    0.75     3/29/2012    EUR      0.65
Lehman Brothers Treasur    8.88     1/28/2011    HKD      9.63
Kaupthing ehf              7.00     7/24/2009    ISK     17.63
Lehman Brothers Treasur    4.05     9/16/2008    EUR      0.65
Lehman Brothers Treasur    5.00     3/13/2009    EUR      0.65
Kaupthing ehf              6.50     10/8/2010    ISK     17.63
Kaupthing ehf              7.50     12/5/2014    ISK     17.63
Lehman Brothers Treasur    2.30     6/27/2013    USD      0.65
Lehman Brothers Treasur    2.37     7/15/2013    USD      0.65
Lehman Brothers Treasur    4.87     10/8/2013    USD      0.65
Lehman Brothers Treasur    1.95     11/4/2013    EUR      0.65
Leonteq Securities AG     20.00    10/25/2017    CHF     72.12
Bank Julius Baer & Co L   10.90     7/26/2017    CHF     70.60
Commerzbank AG             4.00     7/19/2017    EUR     65.23
UBS AG/London             14.50     7/20/2017    USD     65.95
Goldman Sachs & Co Wert   24.00     4/26/2017    EUR     72.91
Goldman Sachs & Co Wert   24.00     6/21/2017    EUR     72.34
Goldman Sachs & Co Wert   22.00     7/26/2017    EUR     73.76
Goldman Sachs & Co Wert   21.00     8/23/2017    EUR     74.89
Credit Suisse AG/Nassau    7.25     6/14/2017    CHF     68.33
Vontobel Financial Prod   16.60     3/10/2017    EUR     70.87
Vontobel Financial Prod   14.90      6/9/2017    EUR     71.67
DekaBank Deutsche Giroz    3.40      4/9/2018    EUR     66.77
Landesbank Baden-Wuertt    3.60     6/23/2017    EUR     72.32
DekaBank Deutsche Giroz    3.15     5/18/2018    EUR     49.04
DekaBank Deutsche Giroz    3.65     5/18/2018    EUR     74.21
Notenstein La Roche Pri    6.50      7/2/2018    USD     61.06
UBS AG                     9.00      7/3/2017    CHF     75.47
Goldman Sachs & Co Wert   16.00     6/21/2017    EUR     73.59
HSBC Trinkaus & Burkhar   16.10     3/24/2017    EUR     49.47
HSBC Trinkaus & Burkhar    8.20     3/24/2017    EUR     65.76
DZ Bank AG Deutsche Zen    7.00     3/24/2017    EUR     60.78
DZ Bank AG Deutsche Zen    7.50     3/24/2017    EUR     65.34
UBS AG                     9.50    12/22/2017    EUR     56.25
UBS AG                     7.00    12/22/2017    EUR     73.39
UBS AG                     5.25    12/22/2017    EUR     69.71
UBS AG                     8.25    12/22/2017    EUR     65.68
UBS AG                    11.75    12/22/2017    EUR     51.74
UBS AG                     7.75    12/22/2017    EUR     72.42
UBS AG                     7.00    12/22/2017    EUR     64.01
UBS AG                    10.25    12/22/2017    EUR     61.80
UBS AG                    10.25    12/22/2017    EUR     50.43
UBS AG                     5.00    12/22/2017    EUR     73.61
UBS AG                     8.50    12/22/2017    EUR     54.67
UBS AG                    11.75    12/22/2017    EUR     46.57
UBS AG                     8.00    12/22/2017    EUR     61.15
UBS AG                     8.75    12/22/2017    EUR     58.51
UBS AG                     5.50    12/22/2017    EUR     71.80
UBS AG                    10.25    12/22/2017    EUR     54.31
UBS AG                    11.75    12/22/2017    EUR     51.20
UBS AG                     7.50    12/22/2017    EUR     58.66
UBS AG                    13.00    12/22/2017    EUR     73.89
UBS AG                     6.75    12/22/2017    EUR     62.31
UBS AG                     9.50    12/22/2017    EUR     59.82
UBS AG                     5.75    12/22/2017    EUR     66.42
UBS AG                     7.75    12/22/2017    EUR     47.36
UBS AG                     8.25    12/22/2017    EUR     56.78
UBS AG                    10.50    12/22/2017    EUR     55.13
UBS AG                     4.75    12/22/2017    EUR     59.45
UBS AG                     5.00    12/22/2017    EUR     71.27
UBS AG                     6.25    12/22/2017    EUR     61.71
UBS AG                     8.25    12/22/2017    EUR     41.95
UBS AG                     4.50    12/22/2017    EUR     74.00
UBS AG                    10.50    12/22/2017    EUR     49.99
UBS AG                     9.50    12/22/2017    EUR     55.36
UBS AG                     6.50    12/22/2017    EUR     72.67
UBS AG                     6.50    12/22/2017    EUR     61.91
Leonteq Securities AG/G    5.75     3/17/2017    CHF     66.46
UniCredit Bank AG          4.30    10/17/2018    EUR     76.16
Landesbank Baden-Wuertt    3.30     6/22/2018    EUR     73.88
UniCredit Bank AG          4.30    12/22/2017    EUR     76.13
DekaBank Deutsche Giroz    3.30     2/26/2018    EUR     62.46
DekaBank Deutsche Giroz    3.10     2/26/2018    EUR     72.66
UniCredit Bank AG          4.30    10/29/2018    EUR     68.28
DekaBank Deutsche Giroz    3.45      6/1/2018    EUR     62.91
UBS AG                     4.50    12/22/2017    EUR     65.12
UBS AG                     5.00    12/22/2017    EUR     73.38
UBS AG                     4.75    12/22/2017    EUR     58.99
Credit Suisse AG/Nassau    5.25     5/14/2018    CHF     67.77
UniCredit Bank AG          4.10     9/28/2018    EUR     65.37
Commerzbank AG            13.75     2/23/2017    EUR     74.12
Commerzbank AG            17.25     2/23/2017    EUR     71.72
Zurcher Kantonalbank Fi    6.00     5/17/2017    CHF     71.17
DZ Bank AG Deutsche Zen    8.00     9/22/2017    EUR     74.25
UBS AG/London              6.50     1/25/2018    CHF     68.38
Redvans                   12.50    12/17/2021    RUB     99.95
Zurcher Kantonalbank Fi    7.75     3/17/2017    CHF     66.94
Leonteq Securities AG     11.00     3/14/2017    CHF     75.42
Bank Julius Baer & Co L    7.60      3/8/2017    CHF     67.75
UBS AG/London             10.00     3/16/2017    CHF     20.40
Landesbank Baden-Wuertt    3.85     8/25/2017    EUR     73.33
Barclays Bank PLC          2.50      3/7/2017    EUR     54.77
Commerzbank AG            20.00     5/28/2018    SEK     61.96
Societe Generale Effekt    4.00     6/26/2017    EUR     49.92
UniCredit Bank AG          4.00     6/26/2018    EUR     71.40
UniCredit Bank AG          4.60     6/30/2017    EUR     62.83
UBS AG/London              7.00    12/22/2017    EUR     72.64
UBS AG/London              4.00    12/22/2017    EUR     67.90
UBS AG/London              9.50    12/22/2017    EUR     68.82
UBS AG/London              9.00    12/22/2017    EUR     66.68
UBS AG/London              5.00    12/22/2017    EUR     64.24
UBS AG/London              6.25    12/22/2017    EUR     76.33
UBS AG/London              7.75    12/22/2017    EUR     42.61
UBS AG/London             14.50    12/22/2017    EUR     74.40
UniCredit Bank AG          4.25     9/12/2017    EUR     61.47
Notenstein La Roche Pri    5.00     8/29/2018    CHF     70.31
Leonteq Securities AG/G    4.40     8/28/2017    CHF     67.67
Notenstein La Roche Pri    5.04     8/28/2017    CHF     75.42
Notenstein La Roche Pri    5.00      9/5/2018    CHF     73.09
Leonteq Securities AG/G    5.99     9/11/2017    EUR     46.72
DZ Bank AG Deutsche Zen    5.60     3/30/2017    EUR     38.57
Bank Julius Baer & Co L    5.20     9/25/2017    EUR     74.30
UniCredit Bank AG          4.00    10/14/2019    EUR     54.22
Deutsche Bank AG           5.20     6/20/2017    EUR     76.70
Goldman Sachs & Co Wert   18.00     3/22/2017    EUR     72.01
Deutsche Bank AG           5.20     7/26/2017    EUR     74.00
Zurcher Kantonalbank Fi    4.75    12/11/2017    CHF     62.17
Goldman Sachs & Co Wert   23.00     5/24/2017    EUR     73.59
Barclays Bank PLC          7.50     4/17/2017    USD
Landesbank Baden-Wuertt    3.25     1/26/2018    EUR     71.54
Landesbank Hessen-Thuer    4.00     1/16/2018    EUR     68.91
EFG International Finan    6.48     5/29/2018    EUR      9.26
Leonteq Securities AG/G    5.00    12/27/2019    EUR     70.30
Landesbank Baden-Wuertt    3.00     2/23/2018    EUR     71.35
Landesbank Baden-Wuertt    3.55     6/23/2017    EUR     70.73
Landesbank Baden-Wuertt    3.15     6/22/2018    EUR     72.39
Erste Group Bank AG        9.25     6/29/2017    EUR     56.75
Credit Suisse AG/London    8.95      6/6/2017    USD     66.61
Vontobel Financial Prod    3.00     6/13/2017    EUR     59.75
Kerdos Group SA            8.00    12/15/2017    PLN
Uginvestgerion OOO        12.10      4/1/2020    RUB    100.00
URALSIB Leasing Co OOO    10.50     4/17/2018    RUB      0.01
Syntagma OOO              16.50     5/10/2022    RUB      0.01
Lehman Brothers Treasur    6.00     6/21/2011    EUR      0.65
Lehman Brothers Treasur    2.00     6/21/2011    EUR      0.65
Bank Julius Baer & Co L    5.00     8/21/2017    CHF     73.45
Notenstein La Roche Pri    6.40     8/14/2017    CHF     75.57
Zurcher Kantonalbank Fi    8.00      3/3/2017    CHF     62.20
Notenstein La Roche Pri    5.30     8/21/2017    CHF     75.61
UBS AG/London              5.00     8/13/2018    CHF     74.95
Goldman Sachs & Co Wert   10.00     3/22/2017    EUR     63.11
Leonteq Securities AG      6.77     8/17/2017    CHF     58.41
Deutsche Bank AG           7.20     3/21/2017    EUR     75.10
Deutsche Bank AG           5.20     3/21/2017    EUR     74.90
Deutsche Bank AG           5.20     3/21/2017    EUR     73.10
Deutsche Bank AG           7.20     3/21/2017    EUR     73.30
Deutsche Bank AG           5.20     3/21/2017    EUR     70.40
Deutsche Bank AG           7.20     3/21/2017    EUR     70.70
Deutsche Bank AG           7.20     3/21/2017    EUR     68.20
Deutsche Bank AG           5.20     3/21/2017    EUR     67.90
Deutsche Bank AG           7.20     3/21/2017    EUR     65.90
Deutsche Bank AG           5.20     3/21/2017    EUR     65.60
Deutsche Bank AG           5.20     3/21/2017    EUR     63.40
Deutsche Bank AG           7.20     3/21/2017    EUR     63.70
Deutsche Bank AG           5.20     3/21/2017    EUR     69.70
Deutsche Bank AG           5.20     3/21/2017    EUR     72.30
Deutsche Bank AG           7.20     3/21/2017    EUR     72.50
Deutsche Bank AG           7.20     3/21/2017    EUR     68.60
Deutsche Bank AG           5.20     3/21/2017    EUR     68.30
Deutsche Bank AG           5.20     3/21/2017    EUR     64.70
Deutsche Bank AG           7.20     3/21/2017    EUR     65.00
Notenstein La Roche Pri    5.02     2/20/2017    CHF     73.40
Leonteq Securities AG      5.40     8/28/2017    CHF     60.77
Leonteq Securities AG      5.80     8/24/2017    CHF     73.63
Credit Suisse AG/Nassau    7.90     2/27/2017    CHF     72.51
Leonteq Securities AG      5.00      9/4/2018    CHF     60.89
Leonteq Securities AG      5.60      9/4/2017    CHF     62.16
Banque Cantonale Vaudoi    5.36     8/25/2017    CHF     74.26
UniCredit Bank AG          3.95     10/7/2019    EUR     62.09
Goldman Sachs & Co Wert   15.00     3/22/2017    EUR     69.54
Goldman Sachs & Co Wert   14.00     6/21/2017    EUR     72.12
Banque Cantonale Vaudoi    3.90      2/5/2018    CHF      0.80
DZ Bank AG Deutsche Zen    8.50     2/24/2017    EUR     75.70
HSBC Trinkaus & Burkhar   13.30     3/24/2017    EUR     72.05
HSBC Trinkaus & Burkhar   11.80     3/24/2017    EUR     71.27
Bank Julius Baer & Co L   10.25     5/17/2017    CHF     55.90
Goldman Sachs & Co Wert   16.00     3/22/2017    EUR     60.63
Deutsche Bank AG           3.20    11/22/2017    EUR     73.40
DekaBank Deutsche Giroz    3.10      8/4/2017    EUR     61.78
HSBC Trinkaus & Burkhar   10.50     3/24/2017    EUR     71.01
HSBC Trinkaus & Burkhar    9.40     3/24/2017    EUR     73.51
HSBC Trinkaus & Burkhar   14.60     3/24/2017    EUR     52.70
HSBC Trinkaus & Burkhar    7.30     3/24/2017    EUR     72.00
DekaBank Deutsche Giroz    2.75     6/24/2019    EUR     74.64
UBS AG/London              6.50     3/23/2017    CHF     74.95
Credit Suisse AG/Nassau    7.25      3/8/2017    CHF     61.90
Leonteq Securities AG      5.60     9/11/2017    CHF     61.49
HSBC Trinkaus & Burkhar    7.50     3/24/2017    EUR     76.20
Landesbank Baden-Wuertt    5.50     2/24/2017    EUR     74.62
UBS AG/London              9.50      9/4/2017    CHF     20.50
DekaBank Deutsche Giroz    2.75     6/28/2019    EUR     69.56
Goldman Sachs & Co Wert    9.00     9/20/2017    EUR     76.72
Goldman Sachs & Co Wert   16.00     3/22/2017    EUR     69.98
Goldman Sachs & Co Wert   15.00     6/21/2017    EUR     73.50
Goldman Sachs & Co Wert   10.00     3/22/2017    EUR     73.44
Goldman Sachs & Co Wert   15.00     3/22/2017    EUR     64.42
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     75.79
Goldman Sachs & Co Wert   14.00     6/21/2017    EUR     67.89
Goldman Sachs & Co Wert   10.00     9/20/2017    EUR     75.27
Goldman Sachs & Co Wert   12.00     9/20/2017    EUR     72.07
Goldman Sachs & Co Wert   17.00     3/22/2017    EUR     69.11
Goldman Sachs & Co Wert   14.00     9/20/2017    EUR     74.20
BNP Paribas Emissions-     3.00    10/12/2018    EUR     75.27
Bank Julius Baer & Co L    7.45     3/28/2017    CHF     54.00
DZ Bank AG Deutsche Zen   15.75     2/24/2017    EUR     60.96
Zurcher Kantonalbank Fi    7.50    11/27/2017    CHF     77.29
Goldman Sachs & Co Wert   22.00     2/22/2017    EUR     72.92
Bank Julius Baer & Co L    9.40      2/9/2017    CHF     29.05
Societe Generale Effekt   12.00     3/24/2017    EUR     73.47
Societe Generale Effekt   14.99     3/24/2017    EUR     68.48
Societe Generale Effekt   15.64     6/23/2017    EUR     71.54
Societe Generale SA        7.00    10/20/2020    USD     10.70
Vontobel Financial Prod    8.50     3/24/2017    EUR     73.40
Commerzbank AG             5.00     6/21/2017    EUR     75.57
HSBC Trinkaus & Burkhar    7.70     3/24/2017    EUR     74.72
Goldman Sachs & Co Wert   21.00     6/21/2017    EUR     73.67
Zurcher Kantonalbank Fi   13.04     4/13/2017    CHF     53.83
DekaBank Deutsche Giroz    3.05     2/25/2019    EUR     75.14
Vontobel Financial Prod    5.35      3/3/2017    EUR     64.82
Vontobel Financial Prod    5.40      3/3/2017    EUR     73.46
Landesbank Hessen-Thuer    4.00      4/8/2019    EUR     70.65
Leonteq Securities AG      5.25     3/19/2018    CHF     74.43
Notenstein La Roche Pri    6.50     3/13/2017    EUR     52.51
Notenstein La Roche Pri    5.80     3/13/2017    CHF     73.89
Leonteq Securities AG      7.00     3/13/2017    CHF     75.02
UniCredit Bank AG          4.60      7/2/2018    EUR     67.96
Leonteq Securities AG      2.75     3/20/2018    CHF     74.71
Raiffeisen Centrobank A    6.88     3/30/2017    EUR     63.46
Notenstein La Roche Pri    5.20     3/20/2017    CHF     75.15
Notenstein La Roche Pri    5.00     3/20/2017    CHF     73.19
Leonteq Securities AG      7.00     9/20/2017    CHF     67.53
Commerzbank AG             5.80     10/8/2017    EUR     72.03
DZ Bank AG Deutsche Zen    5.60      9/8/2017    EUR     73.41
Credit Suisse AG/Nassau    5.00     3/27/2017    CHF     71.41
DekaBank Deutsche Giroz    3.75     3/10/2017    EUR     50.08
UBS AG/London              5.00     3/20/2017    CHF     73.10
Notenstein La Roche Pri    4.50     3/27/2018    EUR     62.60
Notenstein La Roche Pri    5.50     3/27/2017    CHF     73.46
Landesbank Hessen-Thuer    5.00     4/24/2019    EUR     65.91
Bank Julius Baer & Co L    4.90      4/3/2017    CHF     73.95
UBS AG/London              5.50     3/27/2017    CHF     72.25
Vontobel Financial Prod    3.50      4/6/2017    EUR     71.36
DekaBank Deutsche Giroz    3.25     5/18/2018    EUR     74.24
Notenstein La Roche Pri    4.20     4/10/2018    EUR     64.79
Notenstein Finance Guer    9.00      4/1/2019    EUR     30.81
Notenstein Finance Guer    2.95      4/7/2017    CHF     74.71
Bayerische Landesbank      2.70      7/6/2018    EUR     72.82
Bayerische Landesbank      2.70      7/6/2018    EUR     72.86
Notenstein La Roche Pri    5.70     4/20/2017    CHF     72.32
Notenstein La Roche Pri    4.80     4/20/2017    CHF     70.52
Zurcher Kantonalbank Fi    6.50     4/10/2018    CHF     67.33
Credit Suisse AG/Nassau    4.25     4/24/2017    CHF     72.03
Notenstein La Roche Pri    5.80     4/27/2017    CHF     75.34
Leonteq Securities AG      7.20     4/24/2017    EUR     63.05
Notenstein La Roche Pri    5.00     1/14/2019    CHF     74.46
DekaBank Deutsche Giroz    3.00    12/17/2018    EUR     50.04
Vontobel Financial Prod    5.00     2/13/2017    EUR     67.28
UniCredit Bank AG          3.75      9/7/2020    EUR     74.86
Vontobel Financial Prod    6.20      2/4/2019    EUR     73.98
Leonteq Securities AG      6.00     2/20/2017    CHF     51.72
Commerzbank AG             5.24     2/16/2017    EUR     69.22
Leonteq Securities AG      7.20      3/6/2017    CHF     66.18
Leonteq Securities AG      6.40      3/6/2017    CHF     74.78
Leonteq Securities AG      7.80     2/27/2017    EUR     65.96
Notenstein La Roche Pri    5.00     2/27/2019    CHF     72.53
Notenstein La Roche Pri    5.70     2/27/2019    CHF     70.89
DekaBank Deutsche Giroz    2.40     2/17/2017    EUR     67.84
UniCredit Bank AG          5.00     6/25/2019    EUR     68.13
Bayerische Landesbank      2.60     3/29/2018    EUR     76.29
EFG International Finan    7.20     2/25/2019    EUR     22.61
Notenstein La Roche Pri    5.00      3/6/2017    CHF     75.30
UniCredit Bank AG          3.75     10/2/2020    EUR     72.42
Landesbank Baden-Wuertt    3.00     8/24/2018    EUR     64.92
Landesbank Baden-Wuertt    3.40     6/22/2018    EUR     56.85
Landesbank Baden-Wuertt    2.70     7/27/2018    EUR     72.96
Landesbank Baden-Wuertt    3.40     8/24/2018    EUR     69.49
Landesbank Baden-Wuertt    4.20     6/23/2017    EUR     64.18
Landesbank Baden-Wuertt    5.00    10/27/2017    EUR     73.72
Landesbank Baden-Wuertt    5.00    10/27/2017    EUR     68.89
Landesbank Baden-Wuertt    4.00    10/27/2017    EUR     73.09
Landesbank Baden-Wuertt    2.50     2/24/2017    EUR     57.45
Landesbank Baden-Wuertt    2.50     2/24/2017    EUR     70.17
Landesbank Baden-Wuertt    3.50     2/24/2017    EUR     54.67
Landesbank Baden-Wuertt    3.50     2/24/2017    EUR     71.45
Landesbank Baden-Wuertt    3.50     2/24/2017    EUR     64.88
Landesbank Baden-Wuertt    4.50     2/24/2017    EUR     67.41
Landesbank Baden-Wuertt    4.50     2/24/2017    EUR     60.54
Landesbank Baden-Wuertt    5.50     2/24/2017    EUR     63.85
Landesbank Baden-Wuertt    5.50     2/24/2017    EUR     56.83
Landesbank Baden-Wuertt    5.50     2/24/2017    EUR     72.45
Landesbank Baden-Wuertt    5.00     2/24/2017    EUR     71.89
Landesbank Baden-Wuertt    4.60     6/23/2017    EUR     72.35
Landesbank Baden-Wuertt    3.25     7/28/2017    EUR     74.52
Landesbank Baden-Wuertt    3.90     7/28/2017    EUR     49.80
Landesbank Baden-Wuertt    5.00     3/24/2017    EUR     74.31
Landesbank Baden-Wuertt    6.00     3/24/2017    EUR     70.18
Landesbank Baden-Wuertt    3.00     3/24/2017    EUR     69.49
Landesbank Baden-Wuertt    4.00     3/24/2017    EUR     65.25
Landesbank Baden-Wuertt    5.00     3/24/2017    EUR     61.72
Landesbank Baden-Wuertt    3.00     3/24/2017    EUR     71.03
Landesbank Baden-Wuertt    4.00     3/24/2017    EUR     66.64
Landesbank Baden-Wuertt    5.00     3/24/2017    EUR     63.72
Landesbank Baden-Wuertt    2.50     3/24/2017    EUR     56.55
Landesbank Baden-Wuertt    4.00     3/24/2017    EUR     52.68
Landesbank Baden-Wuertt    4.50     3/24/2017    EUR     72.82
Landesbank Baden-Wuertt    3.00     3/24/2017    EUR     71.31
Landesbank Baden-Wuertt    3.00     3/24/2017    EUR     63.76
Landesbank Baden-Wuertt    4.00     3/24/2017    EUR     59.96
Landesbank Baden-Wuertt    5.00     3/24/2017    EUR     56.80
Landesbank Baden-Wuertt    6.00     3/24/2017    EUR     53.97
Landesbank Baden-Wuertt    3.00     3/24/2017    EUR     72.19
Landesbank Baden-Wuertt    4.00     3/24/2017    EUR     67.70
Landesbank Baden-Wuertt    5.50     3/24/2017    EUR     62.55
Landesbank Baden-Wuertt    3.55     8/25/2017    EUR     43.74
Landesbank Baden-Wuertt    3.75     9/22/2017    EUR     42.49
Landesbank Baden-Wuertt    3.90     9/22/2017    EUR     41.53
Landesbank Baden-Wuertt    3.20     9/22/2017    EUR     69.51
Landesbank Baden-Wuertt    3.00     6/22/2018    EUR     58.59
Landesbank Baden-Wuertt    3.50    11/24/2017    EUR     58.29
Landesbank Baden-Wuertt    3.85    10/27/2017    EUR     46.43
Landesbank Baden-Wuertt    3.00    11/24/2017    EUR     55.37
Landesbank Baden-Wuertt    3.40    11/24/2017    EUR     44.87
Landesbank Baden-Wuertt    3.45     3/22/2019    EUR     64.56
Landesbank Baden-Wuertt    4.50     3/23/2018    EUR     55.47
Landesbank Baden-Wuertt    3.00     6/28/2019    EUR     71.75
Landesbank Baden-Wuertt    2.50     6/28/2019    EUR     73.47
Landesbank Baden-Wuertt    3.50     6/22/2018    EUR     71.34
Landesbank Baden-Wuertt    4.00     8/25/2017    EUR     42.18
Landesbank Baden-Wuertt    3.00     9/28/2018    EUR     49.68
Landesbank Baden-Wuertt    3.75    10/27/2017    EUR     47.03
Landesbank Baden-Wuertt    3.00      1/4/2019    EUR     55.83
Notenstein La Roche Pri    5.40     4/21/2017    CHF     71.56
UBS AG/London              5.00     4/22/2017    CHF     71.50
Leonteq Securities AG      5.00      5/7/2019    CHF     68.88
Leonteq Securities AG      6.00      5/5/2017    CHF     72.01
Notenstein La Roche Pri    5.60      5/4/2017    CHF     73.37
Banque Cantonale Vaudoi    5.35     4/24/2017    CHF     75.38
Landesbank Baden-Wuertt    3.25     8/25/2017    EUR     74.07
Bayerische Landesbank      3.20     7/27/2018    EUR     74.65
Leonteq Securities AG      7.80      5/5/2017    CHF     72.38
Commerzbank AG             7.24     4/27/2017    EUR     60.24
Leonteq Securities AG      8.00     4/24/2017    USD     61.33
DekaBank Deutsche Giroz    3.25     4/20/2018    EUR     66.47
Leonteq Securities AG      6.00      5/4/2017    CHF     71.67
Bank Julius Baer & Co L    6.00      5/2/2017    CHF     70.55
Notenstein La Roche Pri    4.00      5/8/2018    CHF     65.79
Notenstein La Roche Pri    5.50      5/8/2017    CHF     75.60
Zurcher Kantonalbank Fi    7.00     11/3/2017    CHF     71.75
Loan Portfolio Securiti    8.50    12/14/2018    USD     32.21
UBS AG/London             15.50    11/30/2017    CHF     74.25
Leonteq Securities AG     10.20    10/24/2018    EUR     72.19
Bank Julius Baer & Co L    5.40    12/20/2017    CHF     69.50
Notenstein La Roche Pri    4.80    11/14/2018    CHF     74.95
Notenstein La Roche Pri    3.00     9/22/2020    CHF     70.39
Credit Suisse AG/London    9.50    11/15/2019    USD      5.23
EFG International Finan    7.00    11/27/2019    EUR     22.62
Goldman Sachs Internati    1.00     12/5/2017    SEK     14.29
Leonteq Securities AG      3.00     9/19/2019    CHF     59.40
DekaBank Deutsche Giroz    7.15    10/27/2017    EUR     49.18
Lehman Brothers Treasur    7.50     9/13/2009    CHF      0.65
Lehman Brothers Treasur    5.10     6/22/2046    EUR      0.65
Lehman Brothers Treasur    6.50     7/24/2026    EUR      0.65
Lehman Brothers Treasur    4.50      8/2/2009    USD      0.65
Lehman Brothers Treasur    4.00     4/24/2009    USD      0.65
Lehman Brothers Treasur    9.00     3/17/2009    GBP      0.65
Lehman Brothers Treasur    7.00    11/28/2008    CHF      0.65
Lehman Brothers Treasur    3.85     4/24/2009    USD      0.65
Lehman Brothers Treasur    7.25     10/6/2008    EUR      0.65
Lehman Brothers Treasur   10.50      8/9/2010    EUR      0.65
Lehman Brothers Treasur    8.00     5/22/2009    USD      0.65
Lehman Brothers Treasur    4.50     7/24/2014    EUR      0.65
Lehman Brothers Treasur   10.00     3/27/2009    USD      0.65
Lehman Brothers Treasur    5.00    10/24/2008    CHF      0.65
Lehman Brothers Treasur    7.75     1/30/2009    EUR      0.65
Commerzbank AG             8.00     7/14/2021    USD
Polski Bank Spoldzielcz    5.29     9/14/2027    PLN     44.00
HSBC Trinkaus & Burkhar    4.00     6/16/2017    EUR     73.81
Vontobel Financial Prod    3.00     5/26/2017    CHF     72.69
Credit Suisse AG/London    7.80     7/16/2025    USD      9.23
Landesbank Baden-Wuertt    2.90     7/27/2018    EUR     75.13
Landesbank Hessen-Thuer    4.00     5/16/2018    EUR     76.65
DZ Bank AG Deutsche Zen    6.00     3/24/2017    EUR     71.78
Notenstein La Roche Pri    4.80     1/24/2018    CHF     73.94
Credit Suisse AG/London    7.80     7/31/2020    USD      9.33
Credit Suisse AG/Nassau    6.00     7/31/2017    CHF     72.60
Bayerische Landesbank      2.60     8/24/2018    EUR     72.46
Leonteq Securities AG      7.00     7/31/2017    CHF     74.52
Bank Julius Baer & Co L    6.00     7/24/2017    CHF     69.10
UBS AG/London              7.00     7/17/2017    CHF     59.05
Notenstein La Roche Pri    4.00     7/24/2019    CHF     69.39
Notenstein La Roche Pri    6.70     7/24/2017    EUR     72.65
Goldman Sachs & Co Wert    7.00     3/22/2017    EUR     75.08
Notenstein La Roche Pri    4.20     7/17/2019    CHF     73.12
Vontobel Financial Prod    4.65     7/24/2017    EUR     72.60
Notenstein La Roche Pri    6.00     7/17/2017    CHF     75.13
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     71.24
Goldman Sachs & Co Wert   11.00     6/21/2017    EUR     71.60
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     67.02
Goldman Sachs & Co Wert   11.00     6/21/2017    EUR     67.39
DekaBank Deutsche Giroz    2.60     6/15/2018    EUR     73.99
Bank Julius Baer & Co L   11.30      6/7/2017    CHF     60.40
DZ Bank AG Deutsche Zen   11.50     6/23/2017    EUR     57.20
Notenstein La Roche Pri    9.68     6/15/2017    CHF     72.39
UBS AG/London              9.75     3/24/2017    EUR     53.04
UBS AG/London              7.50     3/24/2017    EUR     75.02
UBS AG/London              9.50     3/24/2017    EUR     76.18
Goldman Sachs & Co Wert   11.00    12/20/2017    EUR     76.00
Leonteq Securities AG      8.80     6/21/2017    CHF     74.89
SG Issuer SA               5.05     4/10/2025    EUR     55.56
Goldman Sachs & Co Wert   16.00     3/22/2017    EUR     66.70
Leonteq Securities AG/G   16.20    11/30/2017    USD     72.17
Zurcher Kantonalbank Fi   10.00     8/18/2017    CHF     70.53
BNP Paribas Emissions-    22.00     6/22/2017    EUR     73.24
BNP Paribas Emissions-    16.00     6/22/2017    EUR     74.15
BNP Paribas Emissions-    19.00     3/23/2017    EUR     71.57
Lehman Brothers Treasur    8.05    12/20/2010    HKD      0.65
Lehman Brothers Treasur    6.72    12/29/2008    EUR      0.65
Lehman Brothers Treasur    7.63     7/22/2011    HKD      0.65
Lehman Brothers Treasur    6.60      2/9/2009    EUR      0.65
Lehman Brothers Treasur    7.06    12/29/2008    EUR      0.65
Royal Bank of Scotland     6.20      9/7/2018    GBP
Goldman Sachs & Co Wert   16.00     6/21/2017    EUR     73.87
Deutsche Bank AG           7.20     3/21/2017    EUR     76.20
Vontobel Financial Prod    8.65     3/10/2017    EUR     67.91
Norddeutsche Landesbank    3.00    10/30/2018    EUR     71.56
UBS AG/London              3.81    10/28/2017    USD     69.30
Notenstein La Roche Pri    7.70      5/9/2017    CHF     45.58
Landesbank Baden-Wuertt    4.00     4/28/2017    EUR     70.81
Leonteq Securities AG      7.00     11/6/2017    CHF     47.21
Leonteq Securities AG     16.40      2/6/2017    CHF     42.96
Landesbank Baden-Wuertt    3.00     4/28/2017    EUR     73.53
Leonteq Securities AG     10.00      2/6/2017    CHF     65.90
SG Issuer SA               6.65    10/10/2021    EUR     64.31
Vontobel Financial Prod   11.75      6/9/2017    EUR     76.05
DZ Bank AG Deutsche Zen    9.25     7/28/2017    EUR     59.60
Commerzbank AG            12.25     6/22/2017    EUR     77.61
Commerzbank AG            16.00     6/22/2017    EUR     72.27
HSBC Trinkaus & Burkhar   15.20     6/23/2017    EUR     69.52
Goldman Sachs & Co Wert   17.00     3/22/2017    EUR     74.27
SG Issuer SA               0.80    11/30/2020    SEK     70.24
Notenstein La Roche Pri    6.50     7/11/2017    CHF     60.64
Notenstein La Roche Pri    6.00     7/11/2017    CHF     70.39
EFG International Finan    7.35    12/28/2017    CHF     65.19
Credit Suisse AG/Nassau    7.25     7/13/2017    CHF     70.73
Vontobel Financial Prod   12.50     3/24/2017    EUR     70.86
DZ Bank AG Deutsche Zen    8.00     3/24/2017    EUR     63.91
BNP Paribas Emissions-    28.00     3/23/2017    EUR     68.43
BNP Paribas Emissions-    27.00    12/21/2017    EUR     69.03
Goldman Sachs & Co Wert   20.00     2/22/2017    EUR     75.09
Goldman Sachs & Co Wert   19.00     2/22/2017    EUR     73.13
Goldman Sachs & Co Wert   16.00     6/21/2017    EUR     71.83
Goldman Sachs & Co Wert   20.00     2/22/2017    EUR     68.76
BNP Paribas Emissions-    27.00    12/21/2017    EUR     74.25
BNP Paribas Emissions-    26.00    12/21/2017    EUR     71.76
BNP Paribas Emissions-    26.00    12/21/2017    EUR     73.53
BNP Paribas Emissions-    29.00     6/22/2017    EUR     68.56
BNP Paribas Emissions-    23.00    12/21/2017    EUR     74.67
BNP Paribas Emissions-    28.00    12/21/2017    EUR     69.22
BNP Paribas Emissions-    25.00     6/22/2017    EUR     73.40
BNP Paribas Emissions-    28.00    12/21/2017    EUR     70.02
BNP Paribas Emissions-    28.00     6/22/2017    EUR     69.24
BNP Paribas Emissions-    26.00    12/21/2017    EUR     70.45
BNP Paribas Emissions-    22.00    12/21/2017    EUR     73.52
BNP Paribas Emissions-    25.00    12/21/2017    EUR     69.34
BNP Paribas Emissions-    28.00    12/21/2017    EUR     66.67
BNP Paribas Emissions-    25.00     3/23/2017    EUR     68.25
BNP Paribas Emissions-    25.00    12/21/2017    EUR     72.02
BNP Paribas Emissions-    28.00    12/21/2017    EUR     68.84
BNP Paribas Emissions-    22.00     3/23/2017    EUR     69.83
BNP Paribas Emissions-    29.00     3/23/2017    EUR     62.27
BNP Paribas Emissions-    26.00    12/21/2017    EUR     72.67
BNP Paribas Emissions-    29.00    12/21/2017    EUR     69.20
BNP Paribas Emissions-    25.00     3/23/2017    EUR     72.72
BNP Paribas Emissions-    28.00     3/23/2017    EUR     69.21
BNP Paribas Emissions-    18.00     6/22/2017    EUR     72.62
BNP Paribas Emissions-    26.00     6/22/2017    EUR     63.62
BNP Paribas Emissions-    22.00    12/21/2017    EUR     68.68
BNP Paribas Emissions-    23.00    12/21/2017    EUR     69.37
BNP Paribas Emissions-    29.00    12/21/2017    EUR     62.41
BNP Paribas Emissions-    27.00    12/21/2017    EUR     71.77
BNP Paribas Emissions-    29.00     3/23/2017    EUR     69.81
BNP Paribas Emissions-    27.00    12/21/2017    EUR     70.85
BNP Paribas Emissions-    18.00     3/23/2017    EUR     64.44
BNP Paribas Emissions-    22.00     3/23/2017    EUR     60.47
BNP Paribas Emissions-    28.00     3/23/2017    EUR     53.96
BNP Paribas Emissions-    22.00    12/21/2017    EUR     62.54
BNP Paribas Emissions-    27.00    12/21/2017    EUR     59.03
BNP Paribas Emissions-    28.00    12/21/2017    EUR     69.98
BNP Paribas Emissions-    27.00    12/21/2017    EUR     71.80
BNP Paribas Emissions-    15.00     3/23/2017    EUR     67.19
BNP Paribas Emissions-    16.00     6/22/2017    EUR     65.21
BNP Paribas Emissions-    28.00     6/22/2017    EUR     54.82
BNP Paribas Emissions-    10.00    12/21/2017    EUR     73.33
BNP Paribas Emissions-    15.00    12/21/2017    EUR     67.60
BNP Paribas Emissions-    22.00    12/21/2017    EUR     62.36
BNP Paribas Emissions-    27.00     3/23/2017    EUR     71.68
BNP Paribas Emissions-    25.00     6/22/2017    EUR     73.61
BNP Paribas Emissions-    28.00     6/22/2017    EUR     73.02
BNP Paribas Emissions-    28.00    12/21/2017    EUR     71.29
BNP Paribas Emissions-    25.00    12/21/2017    EUR     73.14
BNP Paribas Emissions-    29.00    12/21/2017    EUR     68.70
BNP Paribas Emissions-    27.00     3/23/2017    EUR     74.52
BNP Paribas Emissions-    27.00    12/21/2017    EUR     73.14
BNP Paribas Emissions-    28.00    12/21/2017    EUR     74.29
BNP Paribas Emissions-    19.00    12/21/2017    EUR     73.41
BNP Paribas Emissions-    27.00     3/23/2017    EUR     68.41
BNP Paribas Emissions-    28.00     3/23/2017    EUR     62.28
BNP Paribas Emissions-    22.00     3/23/2017    EUR     72.03
BNP Paribas Emissions-    28.00     3/23/2017    EUR     65.81
BNP Paribas Emissions-    25.00    12/21/2017    EUR     69.32
BNP Paribas Emissions-    26.00     3/23/2017    EUR     74.28
BNP Paribas Emissions-     9.00     6/22/2017    EUR     72.99
BNP Paribas Emissions-    18.00     6/22/2017    EUR     58.51
BNP Paribas Emissions-    21.00     6/22/2017    EUR     54.71
BNP Paribas Emissions-    10.00    12/21/2017    EUR     72.32
BNP Paribas Emissions-    13.00    12/21/2017    EUR     66.78
BNP Paribas Emissions-    25.00    12/21/2017    EUR     54.54
BNP Paribas Emissions-    18.00     3/23/2017    EUR     58.83
BNP Paribas Emissions-    28.00     3/23/2017    EUR     48.68
BNP Paribas Emissions-    15.00    12/21/2017    EUR     64.52
BNP Paribas Emissions-    27.00     6/22/2017    EUR     72.85
BNP Paribas Emissions-    25.00    12/21/2017    EUR     73.10
BNP Paribas Emissions-    22.00     3/23/2017    EUR     68.16
BNP Paribas Emissions-    25.00    12/21/2017    EUR     66.03
BNP Paribas Emissions-    27.00    12/21/2017    EUR     64.40
BNP Paribas Emissions-    28.00    12/21/2017    EUR     74.72
BNP Paribas Emissions-    28.00     3/23/2017    EUR     72.09
BNP Paribas Emissions-    27.00    12/21/2017    EUR     72.73
BNP Paribas Emissions-    13.00     3/23/2017    EUR     60.04
BNP Paribas Emissions-    16.00     3/23/2017    EUR     53.91
BNP Paribas Emissions-    19.00     3/23/2017    EUR     49.07
BNP Paribas Emissions-    22.00     3/23/2017    EUR     45.18
BNP Paribas Emissions-    25.00     3/23/2017    EUR     41.99
BNP Paribas Emissions-    28.00     3/23/2017    EUR     39.35
BNP Paribas Emissions-    13.00     6/22/2017    EUR     61.96
BNP Paribas Emissions-    25.00     6/22/2017    EUR     44.42
BNP Paribas Emissions-    15.00    12/21/2017    EUR     59.76
BNP Paribas Emissions-    19.00    12/21/2017    EUR     53.92
BNP Paribas Emissions-    22.00    12/21/2017    EUR     51.19
BNP Paribas Emissions-    25.00    12/21/2017    EUR     49.80
BNP Paribas Emissions-    27.00    12/21/2017    EUR     48.99
BNP Paribas Emissions-    25.00     6/22/2017    EUR     69.43
BNP Paribas Emissions-    27.00     6/22/2017    EUR     67.00
BNP Paribas Emissions-    22.00    12/21/2017    EUR     73.33
BNP Paribas Emissions-    25.00     6/22/2017    EUR     62.09
BNP Paribas Emissions-    19.00    12/21/2017    EUR     69.37
BNP Paribas Emissions-    28.00    12/21/2017    EUR     62.14
BNP Paribas Emissions-    19.00     3/23/2017    EUR     68.26
BNP Paribas Emissions-    24.00     3/23/2017    EUR     62.86
BNP Paribas Emissions-    28.00     3/23/2017    EUR     58.34
BNP Paribas Emissions-    16.00     6/22/2017    EUR     71.95
BNP Paribas Emissions-     5.00     3/23/2017    EUR     73.35
BNP Paribas Emissions-     5.00     6/22/2017    EUR     73.71
BNP Paribas Emissions-    13.00     6/22/2017    EUR     55.92
BNP Paribas Emissions-    19.00     6/22/2017    EUR     49.64
BNP Paribas Emissions-     5.00    12/21/2017    EUR     73.61
BNP Paribas Emissions-    28.00    12/21/2017    EUR     49.92
BNP Paribas Emissions-    24.00     3/23/2017    EUR     60.02
BNP Paribas Emissions-    12.00    12/21/2017    EUR     74.13
BNP Paribas Emissions-    18.00     3/23/2017    EUR     62.85
BNP Paribas Emissions-    22.00     3/23/2017    EUR     58.99
BNP Paribas Emissions-    25.00     6/22/2017    EUR     56.52
BNP Paribas Emissions-    27.00     6/22/2017    EUR     54.48
BNP Paribas Emissions-    19.00    12/21/2017    EUR     63.79
BNP Paribas Emissions-    22.00    12/21/2017    EUR     61.16
BNP Paribas Emissions-    25.00    12/21/2017    EUR     59.57
BNP Paribas Emissions-    27.00    12/21/2017    EUR     57.88
BNP Paribas Emissions-    28.00     3/23/2017    EUR     69.13
BNP Paribas Emissions-    26.00     3/23/2017    EUR     72.36
UBS AG/London             11.70     4/18/2017    EUR     60.36
Raiffeisen Centrobank A    7.20     9/20/2017    EUR     73.25
Goldman Sachs & Co Wert   16.00     6/21/2017    EUR     73.52
Leonteq Securities AG      7.40    11/20/2017    EUR     71.76
Bank Julius Baer & Co L    5.50     11/6/2017    CHF     62.85
Deutsche Bank AG           9.20     3/21/2017    EUR     73.60
UBS AG/London             10.20     2/10/2017    EUR     72.23
DekaBank Deutsche Giroz    3.50    10/28/2019    EUR     71.86
Vontobel Financial Prod   12.25     3/10/2017    EUR     73.40
Notenstein La Roche Pri    5.00    10/31/2018    CHF     72.65
Zurcher Kantonalbank Fi   11.25     4/26/2017    CHF     47.29
HSBC Trinkaus & Burkhar    5.00     4/28/2017    EUR     64.15
Bank Julius Baer & Co L   14.40     11/2/2017    CHF     67.80
Landesbank Baden-Wuertt    3.00     9/22/2017    EUR     63.78
Leonteq Securities AG      6.00    10/12/2017    CHF     66.54
UniCredit Bank AG          4.50     9/19/2017    EUR     70.89
Landesbank Hessen-Thuer    5.00    10/17/2017    EUR     76.20
Landesbank Hessen-Thuer    4.50    11/28/2017    EUR     75.66
UniCredit Bank AG          5.40     6/30/2017    EUR     61.33
Eiendomskreditt            5.43                  NOK     67.00
Kommunekredit              0.50     5/11/2029    CAD     70.26
Municipality Finance PL    0.25     6/28/2040    CAD     30.52
KPNQwest NV                7.13      6/1/2009    EUR      0.18
Societe Generale SA        0.50      7/6/2021    BRL     66.56
Societe Generale SA        0.50      8/4/2021    BRL     66.13
Svensk Exportkredit AB     0.50     8/25/2021    ZAR     67.74
Bank Nederlandse Gemeen    0.50     5/12/2021    ZAR     69.33
KPNQwest NV                8.88      2/1/2008    EUR      0.18
Barclays Bank PLC          1.99     12/1/2040    USD     69.88
Kommunekredit              0.50    12/14/2020    ZAR     71.51
Societe Generale SA        0.50     6/12/2023    RUB     59.55
HSBC Bank PLC              0.50     4/11/2023    MXN     57.90
Eiendomskreditt            4.48                  NOK     56.29
Lehman Brothers Treasur    4.25     5/15/2010    EUR      0.65
Lehman Brothers Treasur   10.00      1/3/2012    BRL      0.65
Lehman Brothers Treasur    6.00     5/23/2018    CZK      0.65
HSBC Trinkaus & Burkhar    9.20     6/23/2017    EUR     72.81
HSBC Trinkaus & Burkhar    7.20     9/22/2017    EUR     74.96
HSBC Trinkaus & Burkhar    4.00     6/16/2017    EUR     66.91
HSBC Trinkaus & Burkhar    1.75     8/25/2017    EUR     60.70
Zurcher Kantonalbank Fi   12.10      9/6/2017    CHF     72.04
Vontobel Financial Prod    8.35     5/26/2017    USD     72.17
BNP Paribas Emissions-    15.00     3/23/2017    EUR     63.21
BNP Paribas Emissions-    16.00     3/23/2017    EUR     60.26
BNP Paribas Emissions-    18.00     3/23/2017    EUR     57.71
BNP Paribas Emissions-    24.00     3/23/2017    EUR     51.45
BNP Paribas Emissions-    25.00     3/23/2017    EUR     49.62
BNP Paribas Emissions-    15.00    12/21/2017    EUR     66.38
BNP Paribas Emissions-    16.00    12/21/2017    EUR     63.72
BNP Paribas Emissions-    18.00    12/21/2017    EUR     62.35
BNP Paribas Emissions-    19.00    12/21/2017    EUR     61.36
BNP Paribas Emissions-    12.00     3/23/2017    EUR     73.03
BNP Paribas Emissions-    12.00     6/22/2017    EUR     73.14
Exane Finance SA           3.00     9/18/2018    USD     72.53
Lehman Brothers Treasur    0.25     7/21/2014    EUR      0.65
Lehman Brothers Treasur    4.95    10/25/2036    EUR      0.65
Lehman Brothers Treasur   11.00     6/29/2009    EUR      0.65
Lehman Brothers Treasur    8.00      8/3/2009    USD      0.65
Lehman Brothers Treasur    2.50    12/15/2011    GBP      0.65
Lehman Brothers Treasur   11.00    12/19/2011    USD      0.65
Lehman Brothers Treasur    7.00     2/15/2012    EUR      0.65
Lehman Brothers Treasur    6.00     5/12/2017    EUR      0.65
Lehman Brothers Treasur    4.10     2/19/2010    EUR      0.65
Lehman Brothers Treasur    3.50    10/31/2011    USD      0.65
Lehman Brothers Treasur    3.50    10/24/2011    USD      0.65
Lehman Brothers Treasur    1.68      3/5/2015    EUR      0.65
Lehman Brothers Treasur    9.00     5/15/2022    USD      0.65
Lehman Brothers Treasur    6.75      4/5/2012    EUR      0.65
Lehman Brothers Treasur    3.35    10/13/2016    EUR      0.65
Lehman Brothers Treasur    0.80    12/30/2016    EUR      0.65
Lehman Brothers Treasur    4.00     5/30/2010    USD      0.65
Lehman Brothers Treasur    4.00     5/17/2010    USD      0.65
Lehman Brothers Treasur    2.48     5/12/2009    USD      0.65
Lehman Brothers Treasur    2.25     5/12/2009    USD      0.65
Lehman Brothers Treasur    4.10     6/10/2014    SGD      9.63
Lehman Brothers Treasur   13.00     7/25/2012    EUR      0.65
Lehman Brothers Treasur    3.00     8/13/2011    EUR      0.65
Lehman Brothers Treasur    6.00    12/30/2017    EUR      0.65
Lehman Brothers Treasur    8.80    12/27/2009    EUR      0.65
Lehman Brothers Treasur   11.00    12/20/2017    AUD      0.65
Lehman Brothers Treasur   11.00    12/20/2017    AUD      0.65
Lehman Brothers Treasur    4.00      1/4/2011    USD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    AUD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    AUD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    AUD      0.65
Lehman Brothers Treasur    9.30    12/21/2010    EUR      0.65
Lehman Brothers Treasur    8.00    12/31/2010    USD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    USD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    USD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    USD      0.65
Lehman Brothers Treasur    0.50    12/20/2017    USD      0.65
Lehman Brothers Treasur   11.00     2/16/2009    CHF      0.65
Lehman Brothers Treasur   10.00     2/16/2009    CHF      0.65
Lehman Brothers Treasur    6.25    11/30/2012    EUR      0.65
Lehman Brothers Treasur    6.00     2/19/2023    USD      0.65
Lehman Brothers Treasur    1.00     2/26/2010    USD      0.65
Lehman Brothers Treasur    8.00     3/21/2018    USD      0.65
Lehman Brothers Treasur   11.75      3/1/2010    EUR      0.65
Lehman Brothers Treasur    8.00    10/17/2014    EUR      0.65
Lehman Brothers Treasur    7.05      4/8/2015    USD      0.65
Lehman Brothers Treasur    7.80     3/31/2018    USD      0.65
Lehman Brothers Treasur    9.50      4/1/2018    USD      0.65
Lehman Brothers Treasur    6.00      3/4/2015    USD      0.65
Lehman Brothers Treasur    7.15     3/21/2013    USD      0.65
Lehman Brothers Treasur    3.50     6/20/2011    EUR      0.65
Bank Julius Baer & Co L   12.80     9/20/2017    CHF     62.90
Bank Julius Baer & Co L   13.85     9/20/2017    CHF     72.55
Lehman Brothers Treasur   18.25     10/2/2008    USD      0.65
Lehman Brothers Treasur    1.50    10/12/2010    EUR      0.65
ECM Real Estate Investm    5.00     10/9/2011    EUR     10.38
LBI HF                     7.43                  USD      0.00
Lehman Brothers Treasur   12.22    11/21/2017    USD      0.65
Lehman Brothers Treasur    5.50    11/30/2012    CZK      0.65
Lehman Brothers Treasur   14.90    11/16/2010    EUR      0.65
Lehman Brothers Treasur   16.00     10/8/2008    CHF      0.65
Lehman Brothers Treasur    3.40     9/21/2009    HKD      0.65
Lehman Brothers Treasur    4.00    10/12/2010    USD      0.65
Lehman Brothers Treasur    7.00    10/22/2010    EUR      0.65
Lehman Brothers Treasur    8.00    10/23/2008    USD      0.65
Lehman Brothers Treasur    4.60     11/9/2011    EUR      8.63
Lehman Brothers Treasur    4.80    11/16/2012    HKD      0.65
Lehman Brothers Treasur    3.50    12/20/2027    USD      0.65
Nota-Bank OJSC            13.50      4/1/2016    RUB     31.50
Zurcher Kantonalbank Fi    6.51     10/5/2018    CHF     74.19
Bank Julius Baer & Co L   11.60    10/11/2017    CHF     65.20
DZ Bank AG Deutsche Zen   16.00     2/24/2017    EUR     70.47
Vontobel Financial Prod   17.50     3/24/2017    EUR     71.62
DekaBank Deutsche Giroz    2.75    10/29/2018    EUR     65.56
EFG International Finan    7.19      5/6/2019    EUR     19.29
Bank J Safra Sarasin AG    8.00      5/4/2017    CHF     67.31
DekaBank Deutsche Giroz    3.00     4/30/2019    EUR     74.10
Landesbank Baden-Wuertt    3.55     8/25/2017    EUR     74.42
Landesbank Baden-Wuertt    4.00     6/22/2018    EUR     74.78
Landesbank Baden-Wuertt    3.60     6/22/2018    EUR     72.02
UBS AG                     7.40     5/17/2021    CHF     71.86
Notenstein La Roche Pri    4.20     5/22/2019    CHF     69.10
Notenstein La Roche Pri    4.50     5/22/2018    CHF     69.30
DekaBank Deutsche Giroz    3.00     5/12/2017    EUR     68.75
DekaBank Deutsche Giroz    2.80     5/13/2019    EUR     69.59
Notenstein La Roche Pri    5.70     5/29/2017    CHF     74.59
Notenstein La Roche Pri    4.00     5/29/2017    CHF     72.98
Zurcher Kantonalbank Fi    3.80     5/22/2017    EUR     68.64
UBS AG/London              7.00     5/22/2017    CHF     66.00
UBS AG/London              8.00     5/26/2017    EUR     65.00
Leonteq Securities AG      9.92     5/29/2017    EUR     67.61
Notenstein La Roche Pri    5.80      6/5/2018    CHF     73.51
Notenstein La Roche Pri    5.50      6/8/2017    CHF     74.85
Commerzbank AG             6.76     6/22/2017    EUR     63.83
Landesbank Baden-Wuertt    3.50     7/27/2018    EUR     74.72
Landesbank Baden-Wuertt    3.50     7/27/2018    EUR     67.33
Landesbank Baden-Wuertt    5.50     6/23/2017    EUR     72.35
Landesbank Baden-Wuertt    4.00     6/23/2017    EUR     75.63
Landesbank Baden-Wuertt    5.50     6/23/2017    EUR     69.12
Landesbank Baden-Wuertt    2.50     6/23/2017    EUR     72.50
Landesbank Baden-Wuertt    3.50     6/23/2017    EUR     68.22
Landesbank Baden-Wuertt    4.50     6/23/2017    EUR     64.95
Landesbank Baden-Wuertt    2.50     6/23/2017    EUR     69.32
Landesbank Baden-Wuertt    4.00     6/23/2017    EUR     62.97
Landesbank Baden-Wuertt    5.50     6/23/2017    EUR     58.41
Landesbank Baden-Wuertt    4.00     6/23/2017    EUR     72.47
Landesbank Baden-Wuertt    5.00     6/23/2017    EUR     68.92
Landesbank Baden-Wuertt    6.00     6/23/2017    EUR     66.11
Notenstein Finance Guer    5.40     6/12/2017    CHF     74.12
UniCredit Bank AG          3.80     7/23/2020    EUR     73.20
Raiffeisen Centrobank A    9.50     7/13/2017    EUR     67.80
Leonteq Securities AG      3.00      7/8/2019    CHF     75.76
UniCredit Bank AG          4.40     7/13/2018    EUR     73.94
Bayerische Landesbank      2.70     7/20/2018    EUR     74.45
Notenstein La Roche Pri    6.50     6/26/2017    EUR     70.91
HSBC Trinkaus & Burkhar    8.20     9/22/2017    EUR     72.85
UBS AG/London              6.00     10/5/2017    CHF     58.95
Lehman Brothers Treasur    6.85    12/22/2008    EUR      0.65
Lehman Brothers Treasur    7.60     3/26/2009    EUR      0.65
Lehman Brothers Treasur    7.55    12/29/2008    USD      0.65
Raiffeisen Centrobank A    6.24     3/22/2017    EUR     75.05
Goldman Sachs & Co Wert   14.00     6/21/2017    EUR     72.86
Goldman Sachs & Co Wert    8.00     3/22/2017    EUR     75.20
Goldman Sachs & Co Wert   10.00     3/22/2017    EUR     69.27
Goldman Sachs & Co Wert   14.00     3/22/2017    EUR     60.03
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     71.66
Goldman Sachs & Co Wert   13.00     6/21/2017    EUR     63.24
Goldman Sachs & Co Wert   13.00     3/22/2017    EUR     71.96
Goldman Sachs & Co Wert   12.00     6/21/2017    EUR     72.05
Goldman Sachs & Co Wert    6.00     3/22/2017    EUR     75.84
Goldman Sachs & Co Wert    7.00     3/22/2017    EUR     73.09
Goldman Sachs & Co Wert    8.00     3/22/2017    EUR     68.06
Goldman Sachs & Co Wert   10.00     3/22/2017    EUR     63.83
Goldman Sachs & Co Wert   14.00     3/22/2017    EUR     56.94
Goldman Sachs & Co Wert    6.00     6/21/2017    EUR     77.00
Goldman Sachs & Co Wert    7.00     6/21/2017    EUR     74.68
Goldman Sachs & Co Wert    8.00     6/21/2017    EUR     70.09
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     66.42
Goldman Sachs & Co Wert   13.00     6/21/2017    EUR     60.20
Goldman Sachs & Co Wert    7.00     3/22/2017    EUR     68.60
Goldman Sachs & Co Wert    8.00     3/22/2017    EUR     65.14
Goldman Sachs & Co Wert    9.00     3/22/2017    EUR     61.89
Goldman Sachs & Co Wert   13.00     3/22/2017    EUR     54.39
Goldman Sachs & Co Wert    6.00     6/21/2017    EUR     73.03
Goldman Sachs & Co Wert    7.00     6/21/2017    EUR     69.54
Goldman Sachs & Co Wert    8.00     6/21/2017    EUR     66.46
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     64.04
Goldman Sachs & Co Wert   13.00     6/21/2017    EUR     57.12
Goldman Sachs & Co Wert    7.00     3/22/2017    EUR     73.32
UBS AG/London              9.25     6/26/2017    CHF     64.30
UBS AG/London              7.00     6/26/2017    EUR     70.35
UBS AG/London              9.40     6/30/2017    EUR     44.60
EFG International Finan    7.20     6/26/2017    GBP     13.86
Zurcher Kantonalbank Fi    8.50     7/17/2017    CHF     60.99
UBS AG/London              7.50      7/3/2017    EUR     66.65
Banque Cantonale Vaudoi    7.25      7/3/2017    CHF     59.17
Goldman Sachs & Co Wert   10.00     3/22/2017    EUR     70.13
Goldman Sachs & Co Wert   12.00     3/22/2017    EUR     66.06
Goldman Sachs & Co Wert   11.00     6/21/2017    EUR     67.40
Goldman Sachs & Co Wert   10.00     6/21/2017    EUR     71.25
HSBC Trinkaus & Burkhar    7.10     3/24/2017    EUR     71.80
HSBC Trinkaus & Burkhar    6.70     3/24/2017    EUR     65.71
HSBC Trinkaus & Burkhar    6.50     3/24/2017    EUR     70.02
HSBC Trinkaus & Burkhar    7.40     3/24/2017    EUR     63.67
HSBC Trinkaus & Burkhar    6.70     3/24/2017    EUR     73.21
Landesbank Baden-Wuertt    2.60     2/24/2017    EUR     72.33
UBS AG/London              6.25     7/24/2017    CHF     71.45
Landesbank Baden-Wuertt    2.60     8/23/2019    EUR     73.77
Banque Cantonale Vaudoi    5.35     7/24/2017    CHF     73.31
Credit Suisse AG/Nassau    7.00      8/7/2017    CHF     72.34
Notenstein La Roche Pri    5.80      8/7/2017    CHF     73.04
Goldman Sachs & Co Wert   13.00     3/22/2017    EUR     53.75
Goldman Sachs & Co Wert    9.00     6/21/2017    EUR     62.16
Goldman Sachs & Co Wert   12.00     6/21/2017    EUR     56.76
Landesbank Baden-Wuertt    4.50     8/25/2017    EUR     73.13
Landesbank Baden-Wuertt    3.50     8/25/2017    EUR     73.17
Landesbank Baden-Wuertt    4.50     8/25/2017    EUR     69.61
Landesbank Baden-Wuertt    5.00     8/25/2017    EUR     73.67
Landesbank Baden-Wuertt    3.00     8/25/2017    EUR     74.18
Landesbank Baden-Wuertt    4.00     8/25/2017    EUR     70.13
Landesbank Baden-Wuertt    5.00     8/25/2017    EUR     66.92
Landesbank Baden-Wuertt    3.00     8/25/2017    EUR     74.68
Notenstein La Roche Pri    5.60     7/31/2017    CHF     74.21
Zurcher Kantonalbank Fi    4.00     8/24/2018    CHF     74.23
Bank Julius Baer & Co L    9.05     2/13/2017    EUR     74.85
DekaBank Deutsche Giroz    2.60     6/23/2017    EUR     74.05
Notenstein La Roche Pri    7.00     8/14/2017    CHF     72.99
Leonteq Securities AG      5.20     8/14/2018    CHF     70.12
Goldman Sachs & Co Wert    9.00     6/21/2017    EUR     68.81
Goldman Sachs & Co Wert   13.00     6/21/2017    EUR     60.96
Credit Suisse AG/London    7.70     8/20/2025    USD      8.64
Notenstein La Roche Pri    6.30     2/14/2017    CHF     57.83
Notenstein La Roche Pri    5.30     8/14/2017    CHF     75.62
Leonteq Securities AG      5.20     8/14/2017    CHF     73.80
UBS AG/London              5.00      8/6/2018    CHF     74.80
Lehman Brothers Treasur    2.40     6/20/2011    JPY      0.65
Lehman Brothers Treasur    1.60     6/21/2010    JPY      0.65
Bank VTB 24 JSC            9.00      9/1/2044    RUB     60.00
Commerzbank AG             4.00      9/8/2017    EUR     68.76
Lehman Brothers Treasur    5.20     3/19/2018    EUR      0.65
Credit Suisse AG/Nassau    7.25     2/20/2017    EUR     74.35
Credit Suisse AG/London    8.95    10/17/2019    USD      9.35
Lloyds Bank PLC            0.50     7/26/2021    BRL     65.29
RGS Nedvizhimost OOO      12.50     7/22/2021    RUB     60.06
Praim Finans OOO          12.50    11/10/2025    RUB    100.00
HSBC Bank PLC              0.50    12/22/2025    BRL     43.44
Soyuz AKB OAO             11.00    10/11/2018    RUB     60.06
IT Holding Finance SA      9.88    11/15/2012    EUR      0.24
Synergy PJSC              14.50     5/28/2020    RUB     61.01
IDGC of the North Cauca   13.00     4/22/2021    RUB     60.00



                            *********

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.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *