TCREUR_Public/170220.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 20, 2017, Vol. 18, No. 036


                            Headlines


G E R M A N Y

HECKLER & KOCH: Moody's Raises CFR to Caa1, Outlook Stable


G R E E C E

GREECE: EU Finance Ministers May Miss Bailout Deal Deadline


I R E L A N D

IARNROD EIREANN: Pay Dispute to Go to Labour Court as Talks Fail
NEWHAVEN CLO: Moody's Assigns Definitive B2 Rating to F-R Notes
ST PAUL'S CLO II: S&P Assigns B- Rating to Class F-R Notes
TELIFIS MHAIGH: Tommy Fleming Told of Unsecured Creditor Status


I T A L Y

MEDIOCREDITO CENTRALE: S&P Puts 'BB' CCR on CreditWatch Dev.


K A Z A K H S T A N

CAPITAL BANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
* KAZAKHSTAN: Proposes Additional Spending for Ailing Banks
* Kazakh Bank Sector Rehabilitation Steps Up, Fitch Says


L U X E M B O U R G

MALLINCKRODT INT'L: Moody's Assigns Ba1 Rating to New $2BB Loans


N E T H E R L A N D S

CARLYLE GLOBAL 2013-1: S&P Assigns B- Rating to Class E-R Notes
EA PARTNERS I: Fitch Affirms B- Rating on Sr. Secured Notes
NORTH WESTERLY IV: S&P Affirms BB Rating on Class E Notes


P O L A N D

ALIOR BANK: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable


R O M A N I A

* ROMANIA: Number of Corporate Insolvencies Down 18% in 2016


R U S S I A

AK TRANSNEFT: S&P Affirms 'BB+' CCR, Outlook Stable
ENISEY PJSC: Put on Provisional Administration, License Revoked
NORTH-WEST 1 ALLIANCE: Put on Provisional Administration


S P A I N

CELLNEX TELECOM: S&P Affirms 'BB+' CCR, Outlook Remains Stable


U K R A I N E

BANK UNISON: Ukraine Court Confirms Bank's Insolvency
PRIVATBANK: Additional Provisioning Led to Rise in Banking Losses
UKRAINE: DGF Returns UAH81-Bil. to Insolvent Banks' Depositors


U N I T E D   K I N G D O M

CLEARTRADE LIMITED: Directors of GBP1MM Carbon Credit Scam Banned
CO-OPERATIVE BANK: Moody's Cuts CR Assessment Rating to Caa1(cr)
NEW LOOK: Moody's Lowers CFR to B3, Outlook Stable
PARK INVESTMENTS: Clipper Puts Business Into Administration
THOMAS COOK: S&P Affirms 'B' CCR & Revises Outlook to Positive

WORLD OF FURNITURE: Customers Called to Come Forward


X X X X X X X X

* BOND PRICING: For the Week February 13 to February 17, 2017


                            *********



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G E R M A N Y
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HECKLER & KOCH: Moody's Raises CFR to Caa1, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Heckler & Koch GmbH's
Corporate Family Rating (CFR) to Caa1 from Caa3. Moody's also
upgraded the Probability of Default Rating (PDR) to Caa1- PD from
Caa3-PD as well as the rating on Heckler & Koch's EUR295 million
senior secured notes due 2018 (of which EUR220 million are
outstanding) to Caa1 from Caa3. The outlook on all ratings has
been changed to stable from positive.

"Our decision to upgrade Heckler & Koch's rating to Caa1 from
Caa3 and to change the outlook to stable follows the company's
timely refinancing of its Revolving Credit Facility ("RCF"), with
an extended maturity to December 2021. In Moody's views, this
reduces the company's short-term liquidity risk" says Jeanine
Arnold, a Moody's Vice President -- Senior Analyst and lead
analyst for Heckler & Koch.

RATINGS RATIONALE

Moody's rating action follows Heckler & Koch's signing of a EUR20
million RCF with a 4.5 year maturity, in place of its current
EUR30 million RCF which is due to expire in June 2017 (both
unrated). This provides Moody's with greater comfort that the
company will be able to maintain a minimum liquidity buffer
(unrestricted cash and undrawn credit facilities) of at least
EUR35 million in the short to medium-term. Moody's considers this
to be a sufficient level of liquidity to cover the company's
short-term operational needs as well as interest payments on its
net EUR220 million notes due in May 2018.

The rating also reflects Moody's view that Heckler & Koch's
rating is further supported by the company's improved operating
performance, its more predictable and sustainable earnings stream
and its commitment to more conservatively manage its balance
sheet. This should continue to support further improvements in
key credit metrics, such as interest cover and leverage. In
particular, Moody's positively views Heckler & Koch's strategy to
focus on sales to "green customers", namely customers in Europe,
NATO countries and NATO-allies, its more effective working
capital management (which has resulted in more optimum inventory
levels) and opportunistic bond repurchases have reduced gross
debt.

However, there continues to be the risk that Heckler & Koch is
unable to successfully refinance the net EUR220 million notes
before they mature in May 2018 and this constrains the rating
within the Caa rating category. Moody's understands that the
company is already looking at options to allow a timely
refinancing of its notes. But, given the company's leverage as at
Dec. 31, 2016 is expected to remain high at around 6.3x, and the
current market environment is still fragile, there still remains
a degree of risk to a full and timely refinancing.

Outlook

The stable outlook on Heckler & Koch's rating reflects
improvements in the company's business model and strategy as well
as internal cash flow generation, which will support a steady
strengthening in key credit metrics. However, the pending
refinancing of the company's senior secured notes, maturing in
May 2018, is the primary factor preventing us from considering
further positive rating action at this point in time.

Factors that Could Lead to an Upgrade

* A successful refinancing of the net EUR220 million notes due
   in May 2018, such that there is much greater certainty that
   the company will be able to more comfortably meet short-term
   interest and debt requirements

* Continued positive operating performance to ensure free cash
   flow continues to support the company's liquidity
   (unrestricted cash and undrawn committed credit facilities) of
   at least EUR35 million on a sustainable basis.

* Expectations that Moody's adjusted gross debt/EBITDA will
   remain sustainably below 6.5x

Factors that Could Lead to a Downgrade

* If Moody's become concerned that the company will be unable to
   successfully refinance the net EUR220 million notes falling
   due in May 2018

* Eroding liquidity leading to an inability for Heckler & Koch
   to meet its payment obligations, for example if liquidity is
   likely to fall below EUR35 million on a sustainable basis.

* Moody's adjusted gross debt/EBITDA materially in excess of
   6.5x

Liquidity

As at Sept. 30, 2016 total liquidity was around EUR59.7 million,
reflecting unrestricted cash of around EUR29.7 million and its
undrawn EUR30 million RCF but this was prior to further
opportunistic bond repurchases in Q4-16 of around EUR18 million
and the c.EUR10.5 million interest paid on 15 November 2016 in
respect of HK's EUR220 million net outstanding notes. Moody's
expects unrestricted cash balances at end-2016 to be in excess of
EUR20 million in addition to the company's EUR30 million undrawn
credit facility.

The principal methodology used in these ratings was Global
Aerospace and Defense Industry published in April 2014.



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G R E E C E
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GREECE: EU Finance Ministers May Miss Bailout Deal Deadline
-----------------------------------------------------------
Jim Brunsden and Eleftheria Kourtali at The Financial Times
report that eurozone finance ministers will miss this week's
deadline for an agreement with the International Monetary Fund to
release EUR7 billion in aid to Greece, forcing the bailout fight
into the Dutch and French election season where diplomats fear it
could become highly politicized.

According to the FT, EU officials said the two sides remained at
loggerheads over an IMF demand that Athens be granted significant
debt relief and easier surplus targets, meaning that a deal that
had been hoped for at a high-stakes ministerial meeting on Monday
may now be months away.

Although the Greek government will not face bankruptcy without
the EUR7 billion in aid until July, eurozone capitals were racing
to strike a deal with the IMF in time for the Feb. 20 eurogroup
meeting of finance ministers so that the troubled EUR86 billion
Greek bailout program would not become subject of debate in Dutch
or French national elections, the FT states

But ministers are not expected to take any "momentous decisions"
on the program, according to a senior EU official involved in the
talks, adding that substantial further technical work and
political compromises were needed to secure a deal, the FT notes.

In an effort to keep the fund in the program, EU and IMF monitors
are working with Athens to secure the outlines of a potential
accord on close to EUR4 billion of tax and pension reforms that
the fund says are needed for the country to hit its current
surplus targets, the FT discloses.

Should an outline be agreed, it would allow teams of EU and IMF
officials to return to Athens to resolve what has been one of the
major sticking points in the talks, the FT relays.

Even if a deal can be unlocked on tax and pension reforms,
eurozone ministers face further difficult talks with the IMF over
debt relief, the FT says.

According to the FT, a Greek government spokesman said on Feb. 16
that Athens' aim at the Feb. 20 meeting was to define "the
central axes" of a possible deal, but that the country did not
want to accept "even one" additional austerity measure.



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I R E L A N D
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IARNROD EIREANN: Pay Dispute to Go to Labour Court as Talks Fail
----------------------------------------------------------------
RTE.ie reports that the Iarnrod Eireann pay dispute is to be
referred to the Labour Court after talks between management and
unions at the Workplace Relations Commission failed to secure
agreement.

According to RTE.ie, workers are seeking a pay rise totalling
21%, or at the very least, a deal equivalent to increases secured
in recent disputes at the Luas and Dublin Bus of around 3.75% per
year.

It is understood that at the negotiations on Feb. 6, unions
sought a flat rate increase for staff with "no strings attached"
in terms of productivity.  However, the company has insisted that
any increases must be funded through additional efficiencies.

RTE.ie says management has pointed out that the Iarnrod Eireann
lost EUR3 million last year, and has an accumulated deficit of
EUR153 million.

It is unclear when the Labour Court will be in a position to hear
the case, the report states.

So far Iarnrod Eireann unions have not balloted for industrial
action over the pay claim, says RTE.ie.

RTE.ie relates that at the talks, Iarnrod Eireann Director of
Human Resources Ciaran Masterson noted that the company has an
accumulated deficit of EUR153 million, and losses last year of
EUR3 million.

Mr. Masterson said that without Government support, the company
would be in a very difficult situation, the report relays.

Iarnrod Eireann is the operator of the national railway network
of Ireland.


NEWHAVEN CLO: Moody's Assigns Definitive B2 Rating to F-R Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
eight classes of notes (the "Refinancing Notes") issued by
Newhaven CLO Designated Activity Company:

-- EUR1,500,000 Class X Senior Secured Floating Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

-- EUR205,900,000 Class A-1R Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR10,000,000 Class A-2R Senior Secured Fixed Rate Notes due
2030, Definitive Rating Assigned Aaa (sf)

-- EUR35,000,000 Class B-R Senior Secured Floating Rate Notes
due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR23,500,000 Class C-R Senior Secured Deferrable Floating
Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR18,600,000 Class D-R Senior Secured Deferrable Floating
Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR20,400,000 Class E-R Senior Secured Deferrable Floating
Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR10,000,000 Class F-R Senior Secured Deferrable Floating
Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's rating of the Notes addresses the expected loss posed to
noteholders. The rating reflects the risks due to defaults on the
underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A-1
Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C
Notes, Class D Notes, Class E Notes and Class F Notes due 2028
(the "Original Notes"), previously issued on November 5, 2014
(the "Original Closing Date"). On the Refinancing Date, the
Issuer will use the proceeds from the issuance of the Refinancing
Notes to redeem in full its respective Original Notes. On the
Original Closing Date, the Issuer also issued one class of
subordinated notes, which will remain outstanding.

Newhaven CLO is a managed cash flow CLO. The issued notes are
collateralized primarily by broadly syndicated first lien senior
secured corporate loans. At least 90% of the portfolio must
consist of senior secured obligations and eligible investments,
and up to 10% of the portfolio may consist of second lien loans,
unsecured loans, mezzanine obligations and high yield bonds.

Bain Capital Credit, Limited (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer. After the reinvestment period, which
ends in February 2021, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit risk
obligations, subject to certain restrictions.

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in October 2016.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Performing par and principal proceeds balance: EUR349,600,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 4.25%

Weighted Average Coupon (WAC): 5.70%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 8 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond rating of A1 or below. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below A3
cannot exceed 5% (with none allowed below Baa3). Also, the
eligibility criteria do not currently allow for the acquisition
of assets where the obligor is domiciled in a country with a
local currency government bond rating below A3. Given this
portfolio composition, there were no adjustments to the target
par amount, as further described in the methodology.

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:

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

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the ratings assigned to the rated Notes.
This sensitivity analysis includes increased default probability
relative to the base case.

Below is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), assuming that all other factors are
held equal:

Percentage Change in WARF -- increase of 15% (from 2850 to 3278)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1R Notes: 0

Class A-2R Notes: 0

Class B-R Notes: -1

Class C-R Notes: -2

Class D-R Notes: -2

Class E-R Notes: 0

Class F-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 2850 to 3705)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1R Notes: -1

Class A-2R Notes: -1

Class B-R Notes: -3

Class C-R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -1

Class F-R Notes: -1


ST PAUL'S CLO II: S&P Assigns B- Rating to Class F-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to St. Paul's CLO
II DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes.  S&P has
withdrawn its ratings on the existing class A, B, C, D, and E
notes.  The issuer did not redeem the unrated subordinated notes,
which remain outstanding with an extended maturity to match the
newly issued notes.

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

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

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

Under S&P's structured finance ratings above the sovereign
criteria, the transaction's exposure to country risk is limited
at the assigned rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in S&P's criteria.

The transaction's legal structure is bankruptcy remote, in line
with S&P's European legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

St. Paul's CLO II is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. Intermediate
Capital Managers Ltd. is the collateral manager.

RATINGS LIST

St. Paul's CLO II DAC
EUR393.5 Million Floating-Rate Notes
(Including EUR62.0 Million Unrated Subordinated Notes)

Ratings Assigned

Class                  Rating           Amount
                                      (mil. EUR)

A-R                     AAA (sf)         241.5
B-R                     AA (sf)           40.0
C-R                     A (sf)            28.5
D-R                     BBB (sf)          21.5
E-R                     BB (sf)           25.0
F-R                     B- (sf)           11.0
Sub.                    NR                62.0

Ratings Withdrawn

Original class                Rating
                       To                 From

A                      NR                 AAA (sf)
B                      NR                 AA (sf)
C                      NR                 A (sf)
D                      NR                 BBB (sf)
E                      NR                 BB+ (sf)

Sub.--Subordinated notes.
NR--Not rated.


TELIFIS MHAIGH: Tommy Fleming Told of Unsecured Creditor Status
---------------------------------------------------------------
The Irish Times reports that singer Tommy Fleming will be dealt
with only as an unsecured creditor if he wins his claim against
Teilifis Mhaigh Eo, a wound-up television company over revenue
from a bestselling DVD, Voice of Hope, the High Court has heard.

Unsecured creditors usually get the smallest proportion of funds
available in a liquidation after secured or preferential
creditors have been paid, the report notes.

Last December, Mr. Fleming, Tina Mitchell Fleming and TF
Productions Ltd obtained an injunction against Teilifis Mhaigh
Eo, which broadcast the Irish TV channel from Co Mayo, The Irish
Times recalls.

The Irish Times relates that the injunction restrained Irish TV
passing off the Voice of Hope DVD under the title Tommy Fleming
Musical Extravaganza or any similar trademark. It also restrained
Irish TV from making the DVD available to the public without
authorisation or broadcasting it in breach of Mr. Fleming's
copyright, the report says.

The day after that injunction was granted, the High Court wound
up Telifis Mhaigh Eo on foot of evidence it was insolvent and
could not continue as a going concern, according to the report.

The Irish Times says Mr. Fleming's proceedings returned before
Mr. Justice Paul Gilligan last month when his counsel, Helen
Johnson, sought an order for judgment against Telifis Mhaigh Eo
in default of appearance by the company.

Kelley Smith, for the liquidator, Michael McAteer, sought an
adjournment to allow her client consider whether to defend the
judgment application, the report notes.

According to the Irish Times, Ms. Smith said Mr. Fleming's claim
could be dealt with only as an unsecured creditor of the company
and any payment due would only be on that basis.

The liquidator would have to decide, after he received details of
the claim, whether to defend it or whether it would be a waste of
limited resources to do so, counsel, as cited by The Irish Times,
said.

Mr. Justice Gilligan has adjourned the matter for six weeks, adds
The Irish Times.

The Irish Times meanwhile reports that the Irish Post, based in
London, has acquired the digital and intellectual property assets
of the defunct Irish TV from the liquidator, including the Irish
TV name.



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MEDIOCREDITO CENTRALE: S&P Puts 'BB' CCR on CreditWatch Dev.
------------------------------------------------------------
S&P Global Ratings placed its 'BB' long-term counterparty credit
rating on MedioCredito Centrale SpA (MC) on CreditWatch with
developing implications.  At the same time, S&P affirmed its 'B'
short-term rating.

The CreditWatch placement follows Poste Italiane SpA's
announcement that it has finalized an agreement to sell
government-related entity Invitalia its entire shareholding in
its banking subsidiary, MC.  The transaction is worth EUR390
million, close to the bank's book value.  S&P expects the
acquisition to be completed within the next three months, subject
to the approval of the Italian Ministry of Economy, the Bank of
Italy, and the European Central Bank.

S&P's rating action mainly reflects the uncertainty around the
extent of both extraordinary and ongoing support -- particularly
capital and funding related -- that Invitalia will be able and
willing to offer to MC in the future, as part of its new business
plan.

Invitalia is 100%-owned and controlled by the Italian Ministry of
Economy, unlike Poste Italiane, which is currently undergoing
privatization.

Furthermore, S&P understands that the buyer operates as the
national agency for inward investments and economic development,
with a particular focus on Southern Italian regions.  Therefore,
S&P could see a better alignment in terms of strategic objectives
with the new parent, given that MC was primarily designed by the
Italian Ministry of Economy and Finance in 2011 to provide loans
and guarantees on loans to small and midsize enterprises in
Southern Italy.

S&P is affirming its 'B' short-term rating on MC to reflect that,
at present, S&P considers the upside or downside potential for
the long-term counterparty credit ratings to be likely limited to
one notch.

S&P aims to resolve the CreditWatch most likely within the next
three months, as soon as S&P receives more details on this
transaction.  S&P will hear from either the new shareholder or
the Italian government about the plans for incorporating MC into
Invitalia's new business plan.  Only then S&P will be able to
determine the level of actual ongoing and extraordinary
government support S&P could expect MC to benefit from.

As a result, S&P could affirm, raise, or lower its long-term 'BB'
rating on MC.

In particular, S&P could affirm the long-term rating on MC if S&P
believed that this transaction might lead to a closer
interconnection with the Italian government, thereby replacing
the current group support by Poste Italiane.  Specifically, this
could occur if the government were able and willing to meet MC's
ongoing liquidity needs, as well as to ensure a higher degree of
extraordinary support, compared with the degree of government
support that S&P current incorporates into the rating.

Alternatively, S&P could raise the long-term rating on the bank
by one notch if S&P considered that the likelihood of government
extraordinary support had materially increased, following not
only a closer relationship with the Italian government, but also
a more important role within its strategy.

Finally, S&P could lower the long-term rating on MC by one notch
if S&P assessed that the government's stance on supporting MC
were not sufficient to compensate for Poste Italiane's
extraordinary and ongoing support.



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K A Z A K H S T A N
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CAPITAL BANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-/C' long- and short-term
counterparty credit ratings on Capital Bank Kazakhstan JSC (CBK).
The outlook is negative.

At the same time, S&P affirmed its 'kzB+' Kazakh national scale
rating on the bank.

S&P removed all the ratings from CreditWatch, where they were
placed with negative implications on Feb. 1, 2017.

The affirmation follows an improvement in CBK's liquidity metrics
in the first half of February 2017.  The bank's liquid assets
increased to 14% of total assets as of Feb. 13, 2017, from 5.5%
as of Jan. 27, 2017, on the back of a long-term shareholder
deposit alongside other net customer deposit inflows.  This
strengthened the bank's capacity to deal with future unexpected
customer funds outflows.

Although the bank's liquidity position stabilized in the second
half of January, S&P cannot exclude possible panic-driven
customer funds outflows in the future.  Although this is not
S&P's base case, the possibility of these outflows is the main
driver behind the negative outlook on CBK.

Under S&P's base-case scenario, it projects that the bank will
meet its planned repayments till mid-2017 fully and on time
without breaching the regulatory liquidity ratios.  S&P bases
this expectation on projected inflows of deposits, potential
additional shareholder support, and available unused limits under
the bank's existing credit facilities.

In addition, S&P negatively reassessed the bank's capital and
earnings to adequate from strong, based on S&P's view that asset
growth will most likely outpace the bank's ability to generate
stable profits over the next 12-18 months in the absence of
expected capital injections from the owner.  S&P's risk-adjusted
capital (RAC) ratio for the bank stood at 11.2% as of Nov. 30,
2016, and S&P expects it to stabilize in the next 12-18 months at
the 8%-10% range.

Despite the expected deterioration in the bank's RAC ratio, S&P
believes that CBK still will continue to have relatively high
level of capitalization compared with the Kazakh banking system
average.  Furthermore, local regulatory Tier 1 and total capital
adequacy ratios of 20.7% at year-end 2016 are comfortably above
the regulatory minimums of 6% and 8.5%, respectively.  Therefore,
S&P adds one notch of uplift to our assessment of the bank's
stand-alone credit profile.

The negative outlook reflects S&P's view that CBK, similar to
other local banks, is vulnerable to adverse funding and liquidity
developments in the Kazakh banking sector, and this might impair
the bank's creditworthiness and result in recurrent liquidity
pressures over the next 12 months.

S&P might lower the ratings over the next 12 months if it sees a
negative trend in the bank's liquid assets due to net deposits
outflows in the absence of tangible support from the owners.  S&P
could also lower the ratings if the bank does not comply with
regulatory liquidity ratios.  Signs of significant deterioration
in the bank's loss absorption capacity with the expected RAC
ratio falling below 7% (the lower limit of the adequate capital
and earnings assessment) could also prompt a negative rating
action.

S&P might consider revising the outlook to stable over the next
12 months if it observes that CBK's liquidity cushion rebounds to
the previous adequate levels and if S&P believes that those
improvements are sustainable.


* KAZAKHSTAN: Proposes Additional Spending for Ailing Banks
-----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Kazakhstan is
considering a KZT2.1 trillion (US$6.5 billion) plan this year to
restore banks to health, widening its budget deficit and tapping
its oil wealth fund to cover the costs.

According to Bloomberg, a website statement said Finance Minister
Bakhyt Sultanov proposed the additional spending on Feb. 13 in a
presentation to the cabinet.  The government plans to triple a
special transfer from the national oil fund to the budget to
KZT1.5 trillion, while similarly widening the deficit to KZT1.5
trillion, Bloomberg relays, citing an e-mailed copy of National
Economy Minister Timur Suleimenov's speech.

Kazakhstan is weighing support for its largest lender by assets,
Kazkommertsbank, which is struggling under bad loans acquired
when it took twice-defaulted BTA Bank off the state's hands in
2014, Bloomberg discloses.

Halyk Bank, which is controlled by President Nursultan
Nazarbayev's daughter Dinara and son-in-law Timur Kulibayev,
announced the start of the talks with Kazkommertsbank last month
on a possible deal, Bloomberg recounts.  Bloomberg notes that two
people said if Kazakhstan agrees to provide money to plug holes
in Kazkommertsbank, Halyk may discuss gaining control of the
troubled lender.

The central bank will inject the KZT2 trillion of budget funds
into its Problem Loan Fund unit to buy bad assets from banks,
Interfax reported on Feb. 13, citing National Bank Deputy
Governor Oleg Smolyakov at parliamentary talks where Sultanov and
Suleimenov presented the draft amendments after their meeting
with the cabinet, Bloomberg relates.

The Kazakh central bank doubled emergency loans to lenders to
about KZT400 billion on Feb. 9, half of which was borrowed by
Kazkommertsbank, Bloomberg discloses.


* Kazakh Bank Sector Rehabilitation Steps Up, Fitch Says
--------------------------------------------------------
Announcements and actions by the Kazakh authorities signal a
step-up in the resolution of problems in the local banking
sector, Fitch Ratings says. Fitch believes asset quality could
improve significantly as a result of the state's plan, announced
in February, to provide KZT2trn through the problem loan fund for
purchases of distressed loans from troubled banks.

However, considerable uncertainty remains as to the pricing and
mechanisms for loan sales to the fund and the banks and assets
that would be eligible. Accordingly, Fitch believes that risks
for creditors of the sector's weaker banks remain considerable,
as they may be forced to share losses before or as any support
kicks in.

Senior officials in Kazakhstan have indicated an intensified
focus on rehabilitation for the banking sector. They have voiced
increasing concerns over its health, with asset quality proving
to be weaker than reported. While underreporting of problems by
local banks is well known, the government's official
acknowledgment of the problem is significant.

Fitch estimates that non-performing loans across the sector were
about KZT0.6trn at end-1H16. However, significant asset risks,
estimated at KZT3.4trn, also stem from restructured and other
distressed exposures, the latter mainly relating to
Kazkommertsbank (KKB). Non-impaired foreign-currency loan
portfolios of about KZT3trn may also need cleaning, despite being
classified as performing.

The authorities also appear to view bank mergers as an important
part of sector rehabilitation, although Fitch believes mergers
will only lead to sustainable improvements in solvency if weak
banks are sufficiently cleaned up by the state or recapitalised
by shareholders before being merged.

The authorities appear more confident about closing small weak
banks, mirroring a similar regulatory push in Russia. The
National Bank of Kazakhstan imposed restrictions on several small
banks in November 2016, triggering significant deposit outflows.
As a result, one small bank, Kazinvestbank, failed and was
liquidated.

The two largest Kazakh banks, Halyk Bank of Kazakhstan (HB) and
KKB, each accounting for about 20% of sector assets, are
discussing a potential deal. Fitch believes that an acquisition
of KKB by HB is possible but the cleaning-up of KKB from
distressed assets is a pre-requisite for HB. Should KKB's
rehabilitation measures prior to a hypothetical purchase by HB
prove insufficient, HB's Long-Term Issuer Default Rating of 'BB'
could be downgraded.

The third-largest Kazakh bank, Tsesnabank, plans to buy a 41.9%
stake in Bank Centercredit, potentially creating a bank with a
market share of 14%. The acquisition costs would probably be
small but may increase as a result of the mandatory offer to
minority shareholders before a subsequent legal merger. However,
the risks for the banks' 'B' ratings are limited, given their
already low level.



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


MALLINCKRODT INT'L: Moody's Assigns Ba1 Rating to New $2BB Loans
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the new senior
secured term loan due 2024 and senior secured revolver of
Mallinckrodt International Finance SA and co-issuer Mallinckrodt
CB LLC. Both of these entities are subsidiaries of Mallinckrodt
plc. There are no changes to Mallinckrodt's existing ratings,
including the Ba3 Corporate Family Rating.

Mallinckrodt is upsizing its revolving credit facility to $1
billion from $500 million. Proceeds from the new term loan will
be used to refinance its two tranches of existing term loan B
facilities. After the close of the transaction and debt
repayment, Moody's expects to withdraw the ratings of the
existing term loans.

Rating assigned to Mallinckrodt International Finance S.A. (co-
borrower Mallinckrodt CB LLC):

  Ba1 (LGD2) senior secured term loan of $1.862 billion due 2024

  Ba1 (LGD2) senior secured revolver upsized to $1.0 billion due
  2022

Ratings unchanged:

Mallinckrodt International Finance SA

  Ba3 Corporate Family Rating

  Ba3-PD Probability of Default Rating

  Ba1 (LGD 2) senior secured rating

  B1 (LGD 4) guaranteed senior unsecured notes

  B2 (LGD 6) unguaranteed senior unsecured notes

  SGL-2 Speculative Grade Liquidity Rating

RATINGS RATIONALE

Mallinckrodt's Ba3 Corporate Family Rating is supported by the
company's moderate scale in specialty branded pharmaceuticals,
balanced by Moody's expectation for relatively moderate financial
leverage of around 4.0x debt/EBITDA. The rating is also supported
by strong free cash flow and a healthy liquidity profile. The Ba3
rating is constrained by Mallinckrodt's high concentration of
profits in one product, H.P. Acthar Gel ("Acthar") and in
controlled substances. Acthar accounts for 40% of sales and a
greater share of profits. Acthar is not protected by any patents,
however, companies would face significant hurdles to get a
generic version approved. The company's organic growth in 2017
will be modest driven by mid-single digit growth of its branded
pharmaceuticals, driven primarily by Acthar. This will be
partially offset by double digit declines in its specialty
generics segment (including declines related to Methylphenidate
ER). The ratings are also constrained by Mallinckrodt's
aggressive appetite for acquisitions that will likely lead to
increased leverage from time to time, and risks inherent in a
rapidly executed business strategy. Moody's anticipates that in
2017 the company's capital deployment will be used primarily for
acquisitions, with only modest debt repayment. Moody's estimates
that the company has more than $800 million in cash and will have
$1 billion in revolver availability upon close of the facility's
upsizing.

The co-borrowers of the senior secured credit facilities are
Mallinckrodt International Finance SA (MIFSA) and Mallinckrodt CB
LLC. The Ba1 rating on Mallinckrodt's senior secured credit
facilities reflects a security package consisting of asset
pledges of the co-borrowers and guarantor subsidiaries, excluding
certain principal property, as well as guarantees from
substantial operating subsidiaries. The B1 rating on the
unsecured notes reflects guarantees from the same subsidiaries
that guarantee the obligations under the senior secured term loan
facility. The B2 rating on the existing senior unsecured notes
due in 2018 and 2023 reflects structural subordination, as these
notes are not guaranteed by subsidiaries.

The rating outlook is stable, reflecting Moody's view that
Mallinckrodt will generate good free cash flow and generally
maintain debt/EBITDA around 4.0 times over the next 12-18 months.
The ratings could be upgraded if Mallinckrodt maintains
debt/EBITDA below 3.0x and improves its revenue diversity.
Conversely, the ratings could be downgraded if debt/EBITDA is
sustained materially above 4.0 times, a key product faces an
unexpected material decline, or the company pursues large, debt-
funded acquisitions.

Luxembourg-based Mallinckrodt International Finance SA is a
subsidiary of Staines-upon-Thames, UK-based Mallinckrodt plc
(collectively "Mallinckrodt"). Mallinckrodt is a specialty
biopharmaceutical company with annual revenues of approximately
$3.3 billion.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 2012.



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


CARLYLE GLOBAL 2013-1: S&P Assigns B- Rating to Class E-R Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Carlyle Global
Market Strategies Euro CLO 2013-1 B.V.'s (Carlyle 2013-1) class
A-1-R, A-2-R, B-R, C-R, D-R, and E-R notes.  S&P has withdrawn
its ratings on the existing class A, B, C, D, and E notes.  The
issuer did not redeem the unrated subordinated class S-1 and S-2
notes, which remain outstanding, with an extended maturity to
match the newly issued notes.  At closing, the issuer also issued
a third tranche of subordinated notes (class S-3).

The ratings assigned to the notes reflect S&P's assessment of:

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

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

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

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

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

Under S&P's structured finance ratings above the sovereign
criteria, the transaction's exposure to country risk is limited
at the assigned rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in S&P's criteria.

The transaction's legal structure is bankruptcy remote, in line
with S&P's European legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

Carlyle 2013-1 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers.  CELF Advisors LLP
is the collateral manager.

RATINGS LIST

EUR415.20 Million Floating-Rate Notes (Including EUR46.2 Million
Unrated Subordinated Notes)

Class                   Rating           Amount
                                       (mil. EUR)

Ratings Assigned

A-1-R                   AAA (sf)         236.0
A-2-R                   AA (sf)           56.0
B-R                     A (sf)            24.0
C-R                     BBB (sf)          23.0
D-R                     BB (sf)           20.0
E-R                     B- (sf)           10.0
S-3                     NR                 4.2

Ratings Withdrawn

Original class                Rating
                        To                       From

A                       NR                       AAA (sf)
B                       NR                       AA (sf)
C                       NR                       A (sf)
D                       NR                       BBB (sf)
E                       NR                       BB+ (sf)

NR--Not rated.


EA PARTNERS I: Fitch Affirms B- Rating on Sr. Secured Notes
-----------------------------------------------------------
Fitch Ratings has affirmed EA Partners I B.V.'s senior secured
notes due 2020 at 'B-' and EA Partners II B.V.'s senior secured
notes due 2021 at 'B'. The Outlooks are Stable. The Recovery
Ratings are 'RR4'.

The ratings affirmation reflects Fitch views that the standstill
agreements announced by Alitalia for certain debt obligations,
which are unrelated to its obligations under EA Partners'
transactions, are unlikely to have a direct impact on EA
Partners' notes due to the availability of the liquidity pool
under the notes' structure, continuous shareholder support and
Alitalia's stated intention to fulfil its payment obligations.

Fitch will continue to monitor the situation at Alitalia for any
change in the current position.

KEY RATING DRIVERS

Unsecured Claims: The proceeds from the note issue represent
separate debt obligations of seven obligors under EA Partners I
B.V.'s transaction and six obligors under EA Partners II B.V.'s
transaction. On-lending of proceeds from these transactions'
secured notes creates back-to-back senior unsecured claims upon
the relevant obligors, which rank behind each obligor's other
prior-ranking, including secured debt.

Weakest Obligor Credit: The rating of the notes reflects Fitch
views of the creditworthiness, and the senior unsecured ranking,
of the obligors including Fitch assessments of their links with
their respective parents. Given the transactions' recourse to
each obligor on a several basis, the ratings are constrained at
the 'B-' level by obligors of the weakest credit quality for EA
Partners I B.V.'s notes and at 'B' for EA Partners II B.V'.s
notes. This is due to the sole cash flow for the service and
repayment of the notes being the individual cash-flow streams
from the obligors under their respective loans.

Failure of any obligor to make interest or principal payments
under its respective debt obligation, which remains uncured
following the remarketing of the respective debt obligation
and/or through the liquidity pool, may lead to an event of
default under the notes and their acceleration. The transaction's
noteholders are thus exposed to the underlying creditworthiness
of each individual obligor.

Obligors' Credit Quality Varies: The credit quality of the
obligors varies substantially - from that of Etihad Airways
(A/Stable) whose rating incorporates strategic, operational and,
to a lesser extent, legal ties with its ultimate sole shareholder
Abu Dhabi (AA/Stable), to that of obligors with the weakest
credit quality - which has constrained the notes' rating. The
obligors with the weakest profiles also benefit from the
shareholder support of their minority parent, Etihad Aviation
Group, but their standalone profiles remain weak largely due to
weak credit metrics.

According to Alitalia, it continues to make payments under all
its obligations. Fitch assess its liquidity position to be
sufficient to cover its short-term maturities and interest
payments in 2017. However, it is dependent on shareholder
support.

Cross Default: The notes do not have a cross-default provision,
which means that a default by one obligor under its debt
obligation does not constitute an event of default under other
debt obligations incurred under this transaction by other
obligors.

However, events of default under each debt obligation include a
customary cross-default provision which states that a failure by
the respective "obligor or any of its material subsidiaries to
pay any of its own financial indebtedness when due" or the
entering by an obligor "into negotiations regarding rescheduling
any of its indebtedness" will lead to an event of default under
the debt obligations of this obligor, but not of any other
obligor other than in the case of Etihad Airways and Etihad
Airport Services as described below.

Etihad Airport Services is considered a material subsidiary of
Etihad Airways under these transactions' documentation.
Therefore, an uncured failure by Etihad Airport Services to make
payments under these transactions' debt obligations will
constitute an event of default under Etihad Airways' debt
obligation under these transactions.

No Obligation to Support Other Obligors: Etihad Airways or any
other non-defaulting obligor may also provide support to other
obligors by purchasing their debt obligations through the
"remarketing event", if it takes place upon default of another
obligor on its payments under the debt obligation. However, this
can be exercised at Etihad Airways' or any other non-defaulting
obligor's discretion and is not an obligation under this
transaction.

This lack of legal obligation to support other entities underpins
this transactions' rating approach based on the credit profile of
the weakest obligors rather than on the stronger entities
supporting the weakest.

DERIVATION SUMMARY

The notes' rating reflects Fitch views of the credit profiles and
recovery assumptions for the obligors and is constrained at 'B-'
by the obligor of the weakest credit quality for the notes under
EA Partners I B.V. and at 'B' under EA Partners II B.V. The
credit quality of the obligors varies substantially depending on
their business profiles and financial profiles that Fitch
generally see as weak compared with peers. Shareholder support
improves Fitch assessments of the obligors.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- the proceeds from the notes' issue will be on-lent to
   obligors;

- these transactions' notes are secured over assets that
   represent senior unsecured claims to respective obligors;

- the notes do not have a cross-default provision.

RATING SENSITIVITIES

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

- The improvement of the credit quality of the obligors with the
   weakest credit profiles

- Sustained improvement of the recovery prospects for the senior
   unsecured creditors of the obligors of the weakest credit
   quality, unless there are limitations due to country-specific
   treatment of Recovery Ratings.

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

- The deterioration of the credit quality of the obligors with
   the weakest credit profiles

- Worsening of the recovery prospects to below average for the
   senior unsecured creditors of the obligors of the weakest
   credit quality

LIQUIDITY

Liquidity Pool: The transactions contain a liquidity pool, their
only cross-collateralised feature (excluding ratchet account
component, which is not cross-collateralised), which is available
to service the interest or principal on the notes, if an obligor
fails to pay an interest or principal on its respective debt
obligation when due. Contractually, the liquidity pool does not
have to be replenished if it is used to service the notes.

Fitch estimates that the liquidity pool is sufficient to cover
4.6 years of Alitalia's coupon payment under EA Partners I B.V.'s
transaction (notes due in September 2020) and 3.9 years under EA
Partners II BV's transaction (notes due in June 2021). Fitch also
estimates that the amount of the liquidity pool, including
additional deposits, is sufficient to cover around nine months of
interest payments on the notes under EA Partners I BV and around
eight months under EA Partners II BV. It also represents 12
months of interest payments for all obligors, except for the
stronger Etihad Airways and Etihad Airport Services, under EA
Partners I B.V. and 11 months under EA Partners II B.V.

If over 25% of the initial deposits, which account for most of
the liquidity pool, is drawn to cure a default of an obligor to
pay interest on its debt obligation, this may trigger the
remarketing of the respective debt obligation.


NORTH WESTERLY IV: S&P Affirms BB Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on NORTH WESTERLY
CLO IV 2013 B.V.'s class A-1, A-2, B-1, B-2, C, D, and E notes.

CAPITAL STRUCTURE

                  Notional
                  as of                  CE as of
       Current    effective    Current   effective
       notional   date         CE        date
Class  (mil. EUR)  (mil. EUR)   (%)      (%)     Interest    Def.
A-1      161.0    161.0        41.1      41.0    6mE+1.45%   No
A-2      16.0     16.0         41.1      41.0    2.80%       No
B-1      27.0     27.0         28.8      28.7    6mE+2.10%   No
B-2      10.0     10.0         28.8      28.7    3.65%       No
C        17.5     17.5         23.0      22.9   6mE+3.25%    Yes
D        16.0     16.0         17.7      17.6   6mE+4.25%    Yes
E        21.0     21.0         10.7      10.6   6mE+6.00%    Yes
Sub.     37.5     37.5         0.0       0.0    Residual     N/A

CE--Credit enhancement = (performing assets balance + principal
cash -- tranche balance [including tranche balance of all senior
tranches])/(performing assets balance + principal cash).

6mE--Six-month Euro Interbank Offered Rate (EURIBOR).

N/A--Not applicable.

The figures above represent the most recently available data at
the time of S&P's analysis.

The collateral manager declared the effective date on March 27,
2014.  The transaction is currently in its reinvestment period.
Since the effective date, the collateral manager has built up
EUR0.45 million of par.

The trustee currently reports a negative principal account
balance of EUR2.38 million, representing committed trades that
have not yet settled.  The collateral manager expects to use
refinancing proceeds from Ziggo B.V. to settle the committed
trades and pay the negative cash balance.

The portfolio experienced positive rating migration with 17% of
assets rated 'BB-' or higher, up from 6% at the effective date.

Until the end of the reinvestment period on Jan. 15, 2018, the
collateral manager is allowed to substitute assets in the
portfolio for so long as the S&P Global Ratings CDO Monitor test
is maintained or improved with regards to the initial ratings on
the notes.  The S&P Global Ratings CDO Monitor looks at the total
amount of losses that the transaction can sustain as established
by the initial cash flows for each rating, and compares that with
the default potential of the current portfolio plus par loses to
date.  As a result, until the end of the reinvestment period, the
collateral manager can, through trading, deteriorate the current
risk profile of the transaction, as long as the initial ratings
are maintained.

Therefore, despite the positive developments in the transaction,
S&P has affirmed its ratings on all classes of notes.

NORTH WESTERLY CLO IV 2013 is a cash flow collateralized loan
obligation (CLO)transaction managed by NIBC Bank N.V. A portfolio
of loans to European and U.S. speculative-grade corporates backs
the transaction.  NORTH WESTERLY CLO IV 2013 closed in December
2013 and its reinvestment period will end in January 2018.

RATINGS LIST

NORTH WESTERLY CLO IV 2013 B.V.
EUR306 mil senior secured floating- and fixed-rate notes

                                         Rating
Class            Identifier              To            From
A-1              XS0999650376            AAA (sf)      AAA (sf)
A-2              XS0999651184            AAA (sf)      AAA (sf)
B-1              XS0999651697            AA (sf)       AA (sf)
B-2              XS1004566482            AA (sf)       AA (sf)
C                XS0999653719            A (sf)        A (sf)
D                XS0999654105            BBB (sf)      BBB (sf)
E                XS0999655094            BB (sf)       BB (sf)



===========
P O L A N D
===========


ALIOR BANK: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Alior Bank SA at 'BB', Bank Ochrony Srodowiska at 'B+',
Eurobank at 'A-' and Getin Noble Bank SA at 'BB-'.

The affirmations of Alior, BOS and Getin reflect limited changes
to their standalone credit profiles over the last 12 months. The
affirmation of Eurobank reflects Fitch's opinion of a high
probability that the bank would be supported by its parent,
Societe Generale (SG; A/Stable/a).

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT
Fitch believes that Eurobank is a strategically important
subsidiary for SG, and therefore its Long-Term IDR is notched
down once from the parent's IDR. Eurobank's National Rating is
also underpinned by potential support from SG. The cost of
support should be easily manageable for SG in light of Eurobank's
small relative size.

The IDRs and National Ratings of Alior, BOS and Getin and senior
debt ratings of BOS are driven by their standalone strength, as
reflected in their Viability Ratings (VRs).

The National Long-Term Rating of BOS's subordinated debt is
notched down twice from the bank's National Rating to reflect
weak recovery prospects in case of default.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Support Rating Floors (SRF) of 'No Floor' and the Support
Ratings (SR) of '5' for Alior and Getin express Fitch's opinion
that potential sovereign support of the banks cannot be relied
upon. This is underpinned by the Polish resolution legal
framework, which requires senior creditors to participate in
losses, if necessary, instead of or ahead of a bank receiving
sovereign support.

BOS's SRF (B) and SR (4) reflect Fitch's view of an only limited
probability of extraordinary support for BOS from the Polish
sovereign, mostly due to the combination of the Polish resolution
legal framework and EU state aid rules. At the same time, Fitch
believes that the state would endeavour to act pre-emptively to
avoid BOS breaching regulatory capital adequacy requirements due
to the state's indirect ownership of the bank and BOS's role in
financing Poland's environmental protection projects.

BOS is controlled by the state-owned National Fund for
Environment Protection and Water Management (the Fund). Fitch
believes that it would be difficult for the Fund to increase
capital at BOS, without triggering state aid and bail-in
considerations, if private shareholders demonstrate that they are
unwilling to support the bank. In July 2016 the Fund and two
other state-related entities acquired about 50% and about 20% of
BOS's new share issue, respectively. The remainder was acquired
by private investors. At end-3Q16, state-related entities held
about a 70% stake in BOS (the Fund: 52.4%).

VIABILITY RATINGS

ALIOR
Alior's VR of 'bb' reflects the rapid credit expansion of the
bank, its higher appetite for credit risk than peers, weak
internal capital generation and rapidly increasing new impaired
loans. Alior's strategic focus on unsecured retail lending, some
concentration in higher-risk industries (such as wind farms and
the construction sector) and only moderate coverage of impaired
loans by loan loss reserves are rating weaknesses. The bank's
conservative funding strategy is a rating strength and is based
predominantly on customer deposits.

In November 2016 Alior acquired some of the assets and
liabilities of Bank BPH (BPH Core), 87.2% owned by GE Capital.
Fitch believes that this transaction has a neutral impact on
Alior's credit profile, because the bank's capital ratios, asset
quality, loan and funding mix should remain broadly unchanged.
Alior expects PLN460 million of cost synergies (equal to the
bank's annualised 9M16 pre-tax profit) by 2019, which is
ambitious in Fitch views.

The bank's business model is contingent on the rapid growth of
disbursed loans, which may not be sustainable if the operating
environment weakens. In 9M16, Alior's net interest margin was
almost twice as high as the sector average, reflecting the bank's
focus on unsecured high-margin consumer lending. However, high
loan impairment charges absorbed about 60% of Alior's pre-
impairment operating profit in 2015 and 9M16.

At end-3Q16, the impaired loans ratio reached 10.3% (sector
average: 6.4%) and the bank aims to maintain a similar ratio in
the next two years. Coverage of impaired loans by specific loan
loss reserves was moderate at 59%.

In 9M16, Alior's loan book increased 14% (2015: 32%), but
including loans acquired from BPH Core the estimated growth in
2016 was almost 50%. The bank plans to continue fast credit
expansion in 2017 and 2018, which could bring capital under
pressure. The bank's Fitch core capital (FCC) ratio was 16% at
end-3Q16, but Fitch estimates it at about 12% at end-2016
following the BPH Core acquisition. At end-3Q16, unreserved
impaired loans equalled 29% of FCC, or 30% including BPH Core.
Management has informed us that the bank is considering a credit
risk guarantee from its largest shareholder (Powszechny Zaklad
Ubezpieczen) to lower its capital requirement and create
additional capacity for loan growth.

At end-3Q16, customer deposits accounted for 87% of Alior's total
funding (excluding derivatives). They were split 69% to retail
and 31% to non-retail customers. Fitch believes that depositor
loyalty and the strength of customer relationships with the bank
has not yet been fully tested through-the-cycle. Alior's
available liquidity was PLN6.6 billion (about 14% of total
assets).

BOS
BOS's VR of 'b+' suffers from the bank's weak asset quality and
profitability, which weigh on capitalisation. The VR also
reflects the bank's weak market franchise, moderate exposure to
fairly high-risk Swiss franc retail mortgages, modest loan loss
reserve coverage of impaired loans and a significant reliance on
price-sensitive term deposits.

In 1H16, BOS entered a rehabilitation programme supervised by the
local regulator following an annual loss in 2015. As a result,
the bank was exempt from the special bank tax. The key objective
of the programme is to restore the bank's long-term
profitability, but it is also likely to curb the bank's risk
appetite and impose a more conservative provisioning policy.

The bank has a sizeable credit exposure to higher-risk wind farm
development projects, which it had financed until 2015. At end-
2016, the wind farm portfolio amounted to about PLN2.2 billion
(about 129% of FCC). These loans are under significant pressure
from an unfavourable operating and regulatory environment. Credit
risks are also amplified by long financing tenors, project-linked
collateral and large single exposures.

BOS's impaired loan ratio of 8.7% at end-3Q16 reflects the bank's
above-average risk appetite. The ratio is masked by strong
corporate loan growth before 2016 (including high-risk exposure
to wind farms) and considerable lending to the low-risk public
finance sector. Fitch do not expects rapid deterioration in the
Swiss franc mortgage portfolio (which was moderate at about 9% of
total gross loans at end-3Q16), assuming no economic stress.

BOS has limited loss absorption capacity given its weak
profitability prospects, high credit risk concentrations and
significant unreserved impaired loans (48% of FCC at end-3Q16).
This is despite a PLN400 million capital increase in July 2016.
At end-3Q16, the bank had modest capital buffers over domestic
regulatory minimum levels. BOS reported a marginal profit in
9M16. Its revenue base is weak, and earnings are highly
vulnerable to even a moderate increase in impairment charges or
overheads.

BOS's funding and liquidity are generally stable, but material
funding concentration is present in typically price-sensitive
term deposits (mostly retail). The bank's liquidity buffer
covered about 21% of total deposits at end-3Q16. BOS refinances
its Swiss franc retail mortgages through short-term Swiss
franc/zloty swaps, which increases rollover risk.

EUROBANK

Eurobank's VR of 'bb' reflects the bank's small size, a market
franchise limited to retail customers, significant concentration
on higher-risk unsecured consumer loans and a moderate exposure
to Swiss franc mortgages. These factors are counterbalanced by
the bank's considerable capital buffers, robust pre-impairment
operating profit, prudent risk controls and a comfortable funding
and liquidity position.

The bank's impaired loans ratio (8% at end-2016) is moderately
higher than the sector average (6.2% in the household segment
only), which reflects the bank's significant focus on unsecured
consumer loans (about 46% of total gross loan book) and legacy
bad debts. However, impaired loans are reasonably covered by loan
loss reserves and new defaults were only moderate in 2015 and
2016. The quality of Swiss franc mortgage loans (about 12% of
total gross loans at end-2016) has stabilised, but their high
loan-to-value (LTV) ratios could reduce potential recoveries if
the operating environment deteriorates.

Fitch views Eurobank's capitalisation as solid given the bank's
significant buffers over regulatory capital minimums, solid
internal capital generation (supported by strong margins) and
good risk controls. Unreserved impaired loans represented about
24% of FCC at end-2016.

The bank's funding and liquidity profile benefits from strong
parental support. At end-2016, SG financed Eurobank's entire
Swiss franc mortgage portfolio and a large part of its Polish
zloty mortgages with long-term facilities in respective
currencies. Customer deposits (almost solely retail) finance the
short-term cash loans.

GETIN

Getin's VR of 'bb-' suffers from loan book deleveraging (subdued
earnings), high loan impairment charges, a substantial high-risk
exposure to legacy foreign currency mortgages, weak asset
quality, high, albeit declining, cost of funding and only modest
capitalisation. Getin's funding, based mainly on retail savings
deposits, is a rating strength.

Getin entered a rehabilitation programme in 1H16 due to the
bank's loss in 4Q15 (driven by one-offs). The programme
(scheduled until end-2019) does not materially differ from the
bank's previous strategy, which was largely based on lowering
funding and credit risk costs. Getin is aiming for its post-
rehabilitation profitability to be sufficient to absorb the bank
tax (about PLN200 million annually) and to allow for sufficient
internal capital generation, which will be challenging in Fitch
opinions. The bank is exempt from the bank levy until it exits
the programme. In 9M16 Getin's pre-tax loss (without one-offs)
equalled PLN61.5 million.

At end-3Q16, Getin's impaired loans ratio of 14.3% was one of the
highest in the sector, reflecting aggressive lending before 2010.
The ratio of problem assets, including impaired loans, performing
forborne loans and collateral seized for bad debts, was a higher
17.1%. Fitch believes that Getin's pre-impairment operating
profit may be insufficient to withstand even moderate stress in
its loan book, given its large stock of legacy high-LTV mortgages
disbursed with relaxed credit standards.

Foreign currency mortgages (mainly Swiss franc) are declining
slowly, but still accounted for a high 26% of gross loans at end-
3Q16. The bank's high reliance on currency swaps to refinance CHF
loans exposes Getin to potential prohibitive pricing for new
swaps or their limited supply in case of market stress. At end-
3Q16, the share of Swiss franc loans with LTV ratios above 80%
and 100% equalled 76% and 65%, respectively.

At end-3Q16, customer deposits represented 90% of total funding
(excluding derivatives) and this ratio has remained stable in the
last three years. Household savings accounted for 78% of total
deposits. The bank's strategic goal is to raise the share of
relatively cheap personal accounts (salary accounts) through the
acquisition of new customers and conversion of maturing term
deposits. The bank's liquidity risk management is reasonable.
Getin aims to maintain the ratio of liquid assets-to-customer
deposits at about 20%.

Getin's FCC ratio (end-3Q16: 11.8%) should be seen in light of
the bank's high stock of unreserved impaired loans, which
represented 93% of FCC. The Polish Financial Stability Committee
proposed to increase the risk weight for foreign currency
mortgages to 150% (currently 100%). If this proposal is
implemented, Fitch estimates that the bank may need to raise up
to about PLN700 million of additional CET1 capital to meet the
higher capital requirements. The ultimate impact will depend on
the bank's level of future capital buffers over regulatory
minimums, but this amount is likely to be significantly above
Getin's internal capital generation capacity in the next 12-24
months. If this proposal is enacted, Fitch believes that banks
will likely be given sufficient time to either increase their
capital or secure voluntary conversion of some of their foreign
currency mortgages into Polish zloty without incurring material
losses.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND DEBT RATINGS
The support-driven ratings of Eurobank are sensitive to SG's
IDRs. The IDRs and National Ratings of Alior, BOS (also senior
debt ratings) and Getin are sensitive to changes in the
respective banks' VRs.

The National Long-term Rating of BOS's subordinated debt is
sensitive to the bank's National Rating and Fitch's view of
recovery prospects in case of default.

SRF AND SR
Domestic resolution legislation limits the potential for
upgrading the banks' SRs and SRFs. BOS's SR and SRF could be
downgraded and revised to 'No Floor', respectively, if the
sovereign's propensity to support BOS weakens.

VIABILITY RATINGS
A marked and prolonged weakening in the Polish economy (not
Fitch's base scenario) materially affecting the four banks' asset
quality, capitalisation and profitability, could lead to their
VRs being downgraded. The VRs of Getin, BOS and Eurobank could
also suffer from a large and sustained depreciation of the Polish
zloty.

The risk of a full conversion of foreign currency mortgage loans
at a high cost for the banks has largely abated. Fitch believes
that losses from a potential spread refund law should be
manageable for BOS and Eurobank, without materially denting their
capitalisation. However, large spread losses, if not offset by a
capital increase, could put pressure on Getin's regulatory
capital ratios and ratings.

Fitch does not anticipate any positive rating actions in the near
term. However, the following factors would be positive for banks'
credit profiles and in combination could lead to upgrades of
their VRs:

Alior: stronger capitalisation, a moderation of loan growth,
stable asset quality and a longer record of solid profitability
in an environment of low interest rates and the bank tax;

BOS: a successful completion of its rehabilitation programme
evidenced by reduced credit risk concentrations, sustainable and
healthy earnings generation (net of the bank levy) and stronger
capital buffers;

Eurobank: a more significant strengthening of the bank's
franchise and asset quality;

Getin: a successful completion of its rehabilitation programme, a
reduction in impaired loans or significantly higher coverage by
loan loss reserves, lower loan impairment charges, strengthened
capitalisation and a material reduction in foreign mortgages
achieved without significant conversion losses.

The rating actions are:

Alior
Long-Term Foreign Currency IDR: affirmed at 'BB', Outlook Stable
Short-Term Foreign Currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BBB+(pol)', Outlook
Stable
National Short-Term Rating: affirmed at 'F2(pol)'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'

BOS
Long-Term Foreign Currency IDR: affirmed at 'B+', Outlook Stable
Short-Term Foreign Currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BB+(pol)', Outlook Stable
National Short-Term Rating: affirmed at 'B(pol)'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B'
PLN2 billion long-term senior unsecured bond programme: affirmed
at 'BB+(pol)'
PLN2 billion short-term senior unsecured bond programme: affirmed
at 'B(pol)'
PLN83 million subordinated debt: affirmed at 'BB-(pol)'

Eurobank
Long-Term Foreign Currency IDR: affirmed at 'A-'; Outlook Stable
Short-Term Foreign Currency IDR: affirmed at 'F1'
National Long-Term Rating: affirmed at 'AA+(pol)'; Outlook Stable
National Short-Term Rating: affirmed at 'F1+(pol)'
Support Rating: affirmed at '1'
Viability Rating: affirmed at 'bb'

Getin
Long-Term Foreign Currency IDR: affirmed at 'BB-'; Outlook Stable
Short-Term Foreign Currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'BBB-(pol)'; Outlook
Stable
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'



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R O M A N I A
=============


* ROMANIA: Number of Corporate Insolvencies Down 18% in 2016
------------------------------------------------------------
Romania-Insider.com reports that a number of 8,371 companies
became insolvent in Romania last year, down 18.5% compared to
2015, according to data from the Trade Registry's Office (ONRC).

Most of the insolvency cases were recorded in Bucharest, namely
1,771, down 2.5% compared to 2015. The capital was followed by
Bihor and Timis counties, with 422, respectively 406
insolvencies, Romania-Insider.com discloses.

Romania-Insider.com relates that based on the activity, most
insolvencies were recorded in the wholesale and retail trade, as
well as in the repair of motor vehicles and motorcycles, namely
2,555. The number dropped by 24% compared to the previous year.

In 2016, over 15,900 companies suspended their activity, down 10%
compared to the previous year. Bucharest ranked first with 2,260
companies.

As for dissolutions, they rose by 7% in 2016 to 29,923. Bucharest
saw most cases, with 6,590, Romania-Insider.com adds.



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


AK TRANSNEFT: S&P Affirms 'BB+' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB+' foreign currency and 'BBB-'
local currency long-term corporate credit ratings on Russia-based
OAO AK Transneft, monopoly operator of oil pipeline networks.
The outlook is stable.

S&P also affirmed its 'BB+' issue rating on the company's $1.05
billion senior unsecured notes due 2018.

The affirmation reflects that, although S&P assess Transneft's
stand-alone credit profile (SACP) at 'bbb', S&P continues to cap
the rating on the company at the level of our sovereign credit
rating on the Russian Federation.  This is based on S&P's view of
Transneft's very strong links with the Russian government.

"We believe there is an extremely high likelihood of
extraordinary support for Transneft from the government.
Transneft plays a critical role in the functioning of the Russian
oil industry, which is the major source of the government's tax
revenues and national income.  We continue to see a very strong
link between the company and its shareholder, the Russian
government, which holds 100% of voting shares.  The state
appoints the company's board members, and fully controls the
company's strategy, tariffs, and key investment projects.  We
understand, however, that Transneft autonomously manages its day-
to-day operations and financing activities," S&P said.

In S&P's view, in the event of sovereign stress, the company
would not be sufficiently insulated from negative government
interventions, such as pressures to support other government-
related, strategic, or socially important entities, or pay higher
dividends.  Also, Transneft's business primarily focuses on
domestic operations.  Although the company resells oil to China
to repay its loan to the China Development Bank, Transneft does
not produce this oil, and we understand that the margin on these
operations is minimal.

Given S&P's current assessment of Transneft's SACP, S&P does not
apply to the rating any uplift for government support.  However,
S&P believes that government support potentially protects the
rating from downside risk if Transneft's SACP were to
deteriorate.

Transneft benefits from its natural monopoly status in
transporting about 90% of Russia's oil production.  Russia is one
of the world's largest crude oil producers and exporters.  S&P
views transportation volume risk as low at least in the next
three to five years, because Russia's oil production has proven
resilient to oil price fluctuations.  S&P do not expect Russia's
current commitments to cut oil production to affect Transneft's
operations because the implementation is uncertain.  Even if
volumes decline somewhat, average transportation distances could
increase as oil companies would be interested in increasing the
share of further-away fields subject to material tax cuts.

S&P views Transneft's tariff regulation system as adequate, as it
enables the company to fully cover its costs and most capital
expenditures (capex), and supports fairly stable robust
profitability, with expected EBITDA margin above 40%.  The
government's decision to adjust tariffs by 90%-100% of expected
inflation provides some visibility on tariffs overall, although
S&P acknowledges that tariff adjustments are currently well below
historical double-digit levels.  Nevertheless, the decision-
making process regarding Transneft's capex and the tariffs for
certain new routes (notably Zapoliarie-Purpe and Kuyumba-Taishet)
could still be opaque and politicized, in S&P's view.
Furthermore, S&P thinks that Transneft's exposure to country risk
in Russia is high.

S&P expects Transneft's core credit metrics to remain solid, with
debt to EBITDA of 1.0x-1.5x and funds from operations (FFO) to
debt of above 60% on average in the next three years.  S&P
expects negative free operating cash flow (FOCF) in 2017, due to
heavy capex on a number of key projects, notably the ESPO
expansion and oil product pipelines.  Due to heavy and largely
committed capex, S&P now views Transneft's liquidity as adequate,
versus strong previously.  The company faces some foreign
exchange risk, as about 70% of debt is denominated in U.S.
dollars, while revenues are mostly in rubles.  Still, Transneft's
manageable debt and solid foreign currency-denominated liquid
assets partially mitigate this risk.

Because of heavy capex and potential ruble weakening under S&P's
base-case scenario for the sovereign in 2017, S&P do not rule out
that Transneft's adjusted debt could increase and FFO to debt in
2017 could be slightly below 60%.  Still, S&P expects a rebound
in 2018, as the company completes some of its top projects and
repays some foreign currency-denominated debt.

S&P's assessment of Transneft's SACP factors in uncertainties
related to the company's financial policy.  S&P sees a risk that
the company's currently low debt could increase because of higher
capex or larger dividends, if so directed by the government.

The stable outlook on Transneft mirrors S&P's outlook on the
sovereign.

S&P's current assessment of Transneft's SACP factors in S&P's
assumption that the company will achieve FFO to debt above 60% on
average for the next three years.  Even if the ratio is slightly
below this target, S&P expects it will rebound in 2018, when
moderating capex should facilitate positive FOCF.

S&P would lower the rating on Transneft if S&P was to lower the
ratings on the sovereign.  S&P do not expect to rate Transneft
above the sovereign because of S&P's view of very strong links
between the company and the government, which could leave room
for potential negative government interference.  Also, S&P views
Transneft as a domestically-focused company exposed to country
risks in Russia.

S&P may revise its assessment of Transneft's SACP if FFO to debt
were consistently below 60% and FOCF remained negative.  This
could happen if capex doesn't decline after 2018, if foreign
exchange fluctuations constrain credit metrics beyond S&P's
current expectations, if costs increase well above tariffs, or if
dividends are markedly higher than our current expectations,
which S&P currently do not expect.

Given S&P's expectation of an extremely high likelihood of
extraordinary state support, downside risk to the local currency
rating could stem from a deterioration of the company's SACP by
three notches (or a full category) to S&P's 'bb' category.  For
S&P to consider a negative action on the foreign currency rating,
the SACP would have to decline even further to 'b+'.  This is far
from S&P's base-case scenario.

Upside potential hinges on the sovereign rating on Russia.  S&P
would raise its rating on Transneft in the event of a sovereign
upgrade.


ENISEY PJSC: Put on Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by its Order No. OD-369, dated February 9,
2017, revoked the banking license of Krasnoyarsk-based credit
institution Joint-stock commercial bank ENISEY (public joint-
stock company) or JSCB ENISEY (PJSC) from February 9, 2017.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, establishment of facts of material financial
misstatements, repeated application within a year of measures
envisaged by the Federal Law "On the Central Bank of the Russian
Federation (Bank of Russia)", and considering the existence of a
real threat to the interests of the bank's creditors and
depositors.

The credit institution implemented high-risk lending policy
connected with the placement of funds into poor quality assets.
An adequate assessment of the risks assumed and a reliable
recognition of the bank's assets resulted in a total loss of the
bank's capital.  JSCB ENISEY failed to comply with supervisor's
requirements to establish loan loss provisions and submit
statements on its actual financial status and the existence of
grounds to revoke the banking license.

Both management and owners of the credit institution did not take
any effective measures to bring its activities back to normal.
Under these circumstances, the Bank of Russia took a decision to
revoke the banking license from JSCB ENISEY (PJSC).

The Bank of Russia, by its Order No. OD-370, dated February 9,
2017, appointed a provisional administration to JSCB ENISEY
(PJSC) for the period until the appointment of a receiver
pursuant to the Federal Law "On Insolvency (Bankruptcy)" or a
liquidator under Article 23.1 of the Federal Law "On Banks and
Banking Activities".  In accordance with federal laws, the powers
of the credit institution's executive bodies are suspended.

JSCB ENISEY (PJSC) is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by legislation.  The said
Federal Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but not more than RUR1.4 million per
depositor.

According to the financial statements, as of January 1, 2017,
JSCB ENISEY (PJSC) ranked 254th by assets in the Russian banking
system.


NORTH-WEST 1 ALLIANCE: Put on Provisional Administration
--------------------------------------------------------
The Bank of Russia, by its Order No. OD-414, dated February 16,
2017, revoked the banking license of Saint Petersburg-based
credit institution Joint-Stock Commercial Bank North-West 1
Alliance Bank, or Joint-Stock Company JSCB North-West 1 Alliance
Bank JSC from February 16, 2017, according to the press service
of the Central Bank of Russia.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, failure to adjust its authorized capital and equity
as requested by the Bank of Russia and in time, stipulated by
Paragraph 4.1 of Chapter IX of the Federal Law "On Insolvency
(Bankruptcy)", and given repeated application within a year of
measures envisaged by the Federal Law "On the Central Bank of the
Russian Federation (Bank of Russia)".

JSCB North-West 1 Alliance Bank JSC placed funds in low quality
assets and inadequately assessed the risks assumed.  As a result
of the execution of supervisory body's order to establish
adequate provisions, bank's equity dropped below the level of
registered authorized capital.  The bank failed to adjust its
authorized capital and equity as requested by the Bank of Russia
and in time, established by law.  The management and owners of
the bank did not take effective measures to bring its activities
back to normal and under such circumstances, in accordance with
Article 20 of the Federal Law "On Banks and Banking Activities",
the Bank of Russia performed its duty and revoked the banking
license.

The Bank of Russia, by its Order No. OD-415, dated February 16,
2017, appointed a provisional administration to JSCB North-West 1
Alliance Bank JSC for the period until the appointment of a
receiver pursuant to the Federal Law "On Insolvency (Bankruptcy)"
or a liquidator under Article 23.1 of the Federal Law "On Banks
and Banking Activities".  In accordance with federal laws, the
powers of the credit institution's executive bodies are
suspended.

JSCB North-West 1 Alliance Bank JSC is a member of the deposit
insurance system.  The revocation of the banking license is an
insured event as stipulated by Federal Law No. 177-FZ "On the
Insurance of Household Deposits with Russian Banks" in respect of
the bank's retail deposit obligations, as defined by law.  The
said Federal Law provides for the payment of indemnities to the
bank's depositors, including individual entrepreneurs, in the
amount of 100% of the balance of funds but no more than RUR1.4
million per depositor.

According to the financial statements, as of February 1, 2017,
JSCB North-West 1 Alliance Bank JSC ranked 547th by assets in the
Russian banking system.



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


CELLNEX TELECOM: S&P Affirms 'BB+' CCR, Outlook Remains Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Spain-based wireless telecommunications and
broadcasting infrastructure operator Cellnex Telecom S.A.  The
outlook remains stable.

The affirmation reflects S&P's expectation that Cellnex will
generate solid organic revenue and EBITDA growth and still be
able to sustainably improve its S&P Global Ratings-adjusted debt
to EBITDA to slightly less than 5x and funds from operations
(FFO) to debt to more than 15% in 2018.  However, leverage will
temporarily remain higher than S&P anticipated in 2017 after the
company's announced agreement with French telecom operator
Bouygues Telecom to acquire up to 1,800 towers over the next two
years in France, as well as the initiation of a build-to-suit
program for 1,200 towers over the next five years.

As per our revised base-case scenario, S&P anticipates that
Cellnex' adjusted debt to EBITDA will peak at about 5.5x in 2017,
then decline to about 4.9x in 2018.  At the same time, FFO to
debt will temporarily weaken to about 14% in 2017 and strengthen
to more than 15% in 2018.  S&P expects free operating cash flow
(FOCF) and discretionary cash flow (DCF) will remain strong on
growing EBITDA and contained working capital needs, despite
growth in capital expenditures (capex) to support the announced
expansion initiatives with Bouygues Telecom.

With the agreement with Bouygues Telecom, Cellnex is improving
its positioning in France.  S&P understands the company will
become the No. 2 independent tower company in this market at the
end of the five-year build-to-suit program.  S&P thinks the
transaction will expand Cellnex' activities outside its
historical markets -- Spain, and more recently, Italy.
Furthermore, S&P thinks Cellnex' revenues and cash flow
visibility is improving, because it concomitantly signed a 15-
year contract with Bouygues Telecom (including three five-year
extensions and an escalation fee above France's current CPI),
that reduces its reliance on Italy's Wind Telecomunicazioni SpA
(Wind).

The strengths of the agreement are partly offset by a still-
concentrated customer base, with particular exposure to Wind
(about 20% of total revenues on a pro forma basis).  S&P is also
seeing increasing interest for tower businesses in Europe from
independent players and mobile network operators, which could, in
S&P's view, intensify competition and slow the planned
improvement of Cellnex tenancy ratio.  A recent example is
American Tower's entry into the French market.

The stable outlook reflects S&P's anticipation that S&P Global
Ratings-adjusted debt to EBITDA and FFO to debt for Cellnex will
temporarily weaken in 2017 before returning to slightly less than
5.0x and more than 15%, respectively, in 2018, while the company
maintains FOCF to debt at about 10%.  S&P projects these credit
ratios after Bouygues Telecom's gradual transfer of towers to
Cellnex and the two companies' initiation of the build-to-suit
program in France.

S&P could lower its rating on Cellnex if S&P expected adjusted
debt to EBITDA would remain above 5.0x and FFO to debt would stay
below 15% on a sustainable basis.  S&P thinks this could be
caused by additional debt-funded acquisitions that further
postpone the company's deleveraging schedule, higher-than-
expected shareholder remuneration, weaker organic revenue growth,
or slower realization of operating efficiencies than S&P
currently anticipates in its base case.

S&P could raise its rating if Cellnex' adjusted debt to EBITDA
improved to about 4x and FFO to debt to approximately 20% on a
sustainable basis, assuming that S&P expected management would
adjust its financial policy to maintain these levels.



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


BANK UNISON: Ukraine Court Confirms Bank's Insolvency
-----------------------------------------------------
The Higher Administrative Court of Ukraine on Feb. 14, 2017,
confirmed the legitimacy of the decision by the National Bank of
Ukraine to declare Bank Unison PJSC insolvent. The bank was
classified as insolvent due to its opaque ownership structure.

In June 2016, the Kyiv Circuit Administrative Court dismissed a
claim brought by one of the shareholders of Bank Unison PJSC in
which the claimant asked the Court to recognize as illegitimate
and overturn the NBU Board Resolution on declaring Bank Unison
PJSC insolvent. Therefore, the court of the first instance
confirmed the legitimacy of the actions taken the regulator in
all stages of negotiations with Bank Unison PJSC over ways to
bring its ownership into compliance with transparency
requirements.

On Aug. 2, of 2016, the Kyiv Administrative Court of Appeal
upheld the ruling by the court of the first instance.  The Higher
Administrative Court of Ukraine upheld the rulings by the court
of the first instance and the court of appeal confirming the
legitimacy of the NBU decision.

On April 28, 2016, the NBU Board issued a decision on declaring
Bank Unison PJSC insolvent.

Since mid-2014, the NBU has repeatedly notified Bank Unison PJSC
that its ownership structure fails to comply with transparency
requirements. As of January 1, 2014, the Bank's shareholders were
two legal entities incorporated in Liechtenstein: IDP Capital
LTD, holding 82.5% of the bank's shares and MCHL Finance LTD
holding 17.5% of the bank's shares. The Bank failed to disclose
information on the shareholders of these companies since both
companies had more than 10 shareholders, but none of them held a
stake of at least 10%.

In November 2014, the Bank's ownership structure underwent
changes and 11 legal entities became its shareholders. The Bank
disclosed information on the bank's new shareholders and their
ownership structure only following the entry into force of the
Law of Ukraine On Amendments to Certain Legal Acts of Ukraine on
the Responsibility of Bank's Related Parties in March 2015.

As of the date when this Bank was declared insolvent, Bank Unison
PJSC's shareholders were 11 companies incorporated in the
Republic of Cyprus and none of them held a stake of at least 10%
in the Bank's authorized capital.  Each company had one ultimate
beneficiary owner - an individual.  Some of these individuals
used to be members of the Supervisory Board of Bank Unison PJSC.


PRIVATBANK: Additional Provisioning Led to Rise in Banking Losses
--------------------------------------------------------------
The Ukranian banking sector in 2016 posted a record high loss of
UAH159.4 billion, according to a press release by the National
Bank of Ukraine. Significant net losses resulted mainly from the
recognition of a loss of UAH135.3 billion by PrivatBank in late
2016 due to additional loan loss provisioning, according to the
National Bank of Ukraine.

The remaining solvent banks significantly reduced allocations to
provisions compared to the previous year. Lower provisioning
levels led to a 2.8-fold reduction in total losses incurred by
banks to UAH24 billion from UAH66.9 billion in 2015. In
particular, state-owned banks posted much lower losses (by
UAH21.5 billion) in 2016.

Another positive development is a 15% increase in net interest
income, driven by a rise in interest income (by UAH 4.6 billion)
amid lower interest expenses (UAH 1.2 billion). Growth in net
interest income is an indication of the increased efficiency of
the banking system in 2016. In addition, net commission income
rose by 12% in 2016, supported by a recovery in demand for
banking services and higher fees.

Overall, in 2016, 63 banks out of 96 solvent banks earned a
profit of UAH 10.8 billion, while 33 banks generated a loss of
UAH 170.2 billion. In 2015, 71 bank out of 117 banks posted a
profit of UAH 5.2 billion as of 1 January 2016, while 46 banks
incurred losses of UAH 71.8 billion.

In 2017, the National Bank of Ukraine expects the banking sector
to return to profitability (excluding CB PrivatBank PJSC) due to
lower provisioning levels and a stronger increase in interest
income owning to a revival of lending to the real sector.

Detailed information on the structure of income and expenses of
Ukraine's banks in 2016 is published on the NBU's website under
"Statistics" section at:

        https://bank.gov.ua/doccatalog/document?id=34661579

                          About PrivatBank

PrivatBank is the largest commercial bank in Ukraine, in terms of
the number of clients, assets value, loan portfolio and taxes
paid to the national budget.  PrivatBank has its headquarters in
Dnipropetrovsk, in central Ukraine.

                          *   *   *

As reported by the Troubled Company Reporter-Europe on Jan. 16,
2017, S&P Global Ratings revised its counterparty credit ratings
on Ukraine-based PrivatBank to 'SD' (selective default) from 'R'.
The rating action follows the Deposit Guarantee Fund's
announcement that PrivatBank's three outstanding loan
participation notes have been bailed in following the placing of
the bank under temporary administration in late December 2016.


UKRAINE: DGF Returns UAH81-Bil. to Insolvent Banks' Depositors
--------------------------------------------------------------
Ukrinform reports that the Deposit Guarantee Fund over the last
three years paid off about UAH81 billion to depositors of
insolvent banks.

Andriy Olenchyk, Deposit Guarantee Fund deputy managing director,
stated this at a press conference dedicated to the presentation
of an updated Comprehensive Program of Financial Sector
Development until 2020, according to an Ukrinform correspondent.

"Over the past three years, we've made payments worth over UAH81
billion to more than 1.5 million depositors," Ukrinform quotes
Olenchyk as saying.

The Deposit Guarantee Fund took out loans from the National Bank
and the Finance Ministry to pay off guaranteed funds to insolvent
banks' depositors, Ukrinform recalls. At present, the Fund owes
more than UAH69 billion to the mentioned establishments,
Ukrinform discloses.



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


CLEARTRADE LIMITED: Directors of GBP1MM Carbon Credit Scam Banned
-----------------------------------------------------------------
Marcel McKeigue, Carl Stuart Thornton and Graham Stephen Philip
Hawrysh, the directors of Cleartrade Limited which sold worthless
voluntary emission reduction carbon credits have been banned as
company directors for a total of 43 years.

An Insolvency Service investigation found that the voluntary
emission reduction carbon credits (VERs) were sold by Cleartrade
at highly inflated prices and had no investment potential.
Members of the public have lost almost ú1m as a result of dealing
with Cleartrade.

Mr. Hawrysh, 40, gave an undertaking to the Secretary of State
for Business, Energy and Industrial Strategy to be disqualified
as a director for a period of 13 years. Mr. McKeigue, 39, and
Mr. Thornton, 36, did not defend proceedings brought by the
Official Receiver and on Feb. 8, 2017, were disqualified for 15
years each ? the maximum period - by the High Court after the
Registrar found that members of the public had been deceived and
that Cleartrade's business was a scam.

Mr. Hawrysh's disqualification commenced on July 13, 2016, those
of McKeigue and Thornton will start on March 1, 2017 and mean
that they cannot promote, manage, or be a director of a limited
company until 2031.

This disqualification follows investigation by the Official
Receiver at the Public Interest Unit, a specialist team of the
Insolvency Service, whose involvement commenced with the winding
up of the company in the public interest following an
investigation by Company Investigations into the affairs of the
company. The disqualification regime exists to protect the
public.

The Official Receiver's investigation uncovered that between
November 2011 and October 2012 the company sold VERs to members
of the public as an investment, netting almost GBP1 million. The
VERs they were selling had no potential to show a return and
McKeigue, Thornton and Hawrysh knew, or should have known that
this was the case.

Commenting on this case Anthony Hannon, Official Receiver in the
Public Interest Unit, said: "This company's claims about the
profits to be made by buying its carbon credits were quite simply
untrue and only the company and those working for it made money.

"The lengthy periods of disqualification handed down in this case
show that this kind of behavior will not be tolerated by the
Insolvency Service nor by the Court."

Cleartrade Ltd was incorporated on Oct. 19, 2011. Its trading
address and registered office was at One Cornhill, London EC3V
3ND.

The petition to wind up the company was presented by the
Secretary of State for Business, Energy and Industrial Strategy
(formerly Business, Innovation and Skills) in the public interest
following an investigation conducted by Company Investigations
(Live), another specialist unit within the Insolvency Service
which uses powers under the Companies Act 1985 (as amended) to
conduct confidential enquiries into the activities of live
limited companies in the UK on behalf of the Secretary of State.
The winding up order against Cleartrade Limited was made on May
1, 2014.

On June 22, 2016, the Secretary of State accepted a
disqualification under taking from Graham Stephen Philip Hawrysh
for a period of 13 years. The period of disqualification
commenced on July 13, 2016.

On April 20, 2016, the Official Receiver issued disqualification
proceedings against Marcel McKeigue and Carl Stuart Thornton in
the High Court and on Feb. 8, 2017, Mr. Registrar Jones
disqualified each for a period of 15 years. These
disqualifications will commence on March 1, 2017.


CO-OPERATIVE BANK: Moody's Cuts CR Assessment Rating to Caa1(cr)
----------------------------------------------------------------
Moody's Investors Service has downgraded to Baa3 from Baa1 the
ratings of the mortgage covered bonds issued by Co-Operative Bank
Plc (Co-Op; Caa1(cr) outlook developing, baseline credit
assessment ca). The covered bonds are issued under Co-Op's
Moorland Covered Bond Programme and Co-Op is the underlying
institution supporting these covered bonds.

This action follows the downgrade of Co-Op's counterparty risk
(CR) assessments to Caa1(cr) from B2(cr).

RATINGS RATIONALE

The covered bond downgrade follows the downgrade of Co-Op's CR
assessment to Caa1(cr) from B2(cr). For further information
please refer to "Moody's takes action on Co-Operative Bank's
ratings" published on 15 February 2017.

The covered bonds were downgraded as a result of the impact of
the CR assessment downgrade under Moody's Timely Payment
Indicator (TPI) framework. The rating assigned to the covered
bonds of Moorland is now restricted at Baa3 and reflects the
combination of the TPI framework and the programme's' TPI, of
"Probable-High".

Moody's has positioned the covered bond ratings at Baa3 given the
following factors:

(1) the high credit strength indicated by Moody's expected loss
analysis;

(2) the high level of over-collateralisation (OC). The Moorland
programme benefits from committed OC of 29.0%. In addition, the
total level of OC in the programme as of 30 September 2016 was
114.3%; and

(3) the time remaining until the next principal payment. The
expected principal payment is four years away. Co-Op has not been
issuing covered bonds since 2011 and Moody's understands that Co-
Op is not planning to issue further covered bonds in the near
term. Negative pressure on the covered bond rating is likely to
arise during this four year period if Co-Op's future remains
uncertain; and

(4) high level of operational de-linkage of the covered bonds
from Co-Op owing to third party sub-servicing, replacement of
servicing and cash management provisions, external bank accounts
and external provision of hedging.

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.

The CB anchor for each of these programmes is the CR assessment
plus 1 notch. The CR assessment reflects an issuer's ability to
avoid defaulting on certain senior bank operating obligations and
contractual commitments, including covered bonds. Moody's may use
a CB anchor of CR assessment plus one notch in the European
Economic Area or otherwise where an operational resolution regime
is particularly likely to ensure continuity of covered bond
payments.

The cover pool losses are an estimate of the losses Moody's
currently models following a CB anchor event. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk is derived
from the collateral score, which measures losses resulting
directly from the cover pool assets' credit quality.

The cover pool losses for this programme are 16.3%. This is an
estimate of the losses Moody's currently models if Co-Op
defaults. Moody's splits cover pool losses between market risk of
12.9% and collateral risk of 3.4%. Market risk measures losses as
a result of refinancing risk and risks related to interest-rate
and currency mismatches (these losses may also include certain
legal risks). Collateral risk measures losses resulting directly
from the credit quality of the assets in the cover pool.
Collateral risk is derived from the collateral score which for
this programme is 5.0%.

The OC in the cover pool is 114.3%, of which Co-Op provides 29.0%
on a "committed" basis. The minimum OC level that is consistent
with the Baa3 rating target is 1.0%. These numbers show that
Moody's is not relying on "uncommitted" OC in its expected loss
analysis.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programmes rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on Moody's most recent modelling (based on
data provided by the issuer as of 30 September 2016).

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.

When assessing TPIs for sub-investment-grade-rated issuers
Moody's place more focus on factors that may impact the current
credit position of the covered bonds. In the case of Moorland,
these factors included (1) credit strength indicated by Moody's
expected loss analysis (2) the current level of OC, and (3) the
time to the next principal payment.

The TPI assigned to this programme is "Probable-High". The TPI
leeway for Moorland's mortgage covered bonds is limited, and thus
any downgrade of the issuer ratings may lead to a downgrade of
the covered bond ratings.

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

The CB anchor is the main determinant of a covered bond
programme's rating robustness. A change in the level of the CB
anchor could lead to a downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.

The TPI assigned to this programme is "Probable-High". The TPI
leeway for Moorland's mortgage covered bonds is limited, and thus
any downgrade of the issuer ratings may lead to a downgrade of
the covered bond ratings.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.

RATINGS METHODOLOGY

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in December 2016.


NEW LOOK: Moody's Lowers CFR to B3, Outlook Stable
--------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
Corporate Family Rating (CFR) of New Look Retail Group Limited
(New Look or the company), and to B3-PD from B2-PD its
probability of default rating (PDR).

"Our decision to downgrade New Look reflects the likelihood that,
after deteriorating during 2016, profitability will remain weak
over the next 12 to 18 months, as the company seeks to regain
market share in a retail environment that Moody's expects to
remain challenging," says David Beadle, a Moody's Vice
President - Senior Credit Officer and lead analyst for New Look.

At the same time, the ratings agency downgraded the ratings of
the GBP700 million and the EUR415 million senior secured notes
due in July 2022 issued by New Look Secured Issuer plc to B2 from
B1 and the rating of the c. GBP177 million outstanding senior
unsecured notes due in July 2023 issued by New Look Senior Issuer
plc to Caa2 from Caa1. The outlook on all ratings is stable.

RATINGS RATIONALE

The downgrade reflects New Look's higher leverage and lower
interest coverage than Moody's previously considered appropriate
for a B2 CFR, coupled with the ratings agency's expectation that
meaningful improvement in credit metrics is unlikely over the
next 12-18 months.

Moody's expects difficult market conditions to persist for UK-
focused apparel retailers, with rising inflation likely leading
to a squeeze on disposable incomes and weighing on discretionary
spending. Against this backdrop, and with staff costs also set to
rise further when the latest increase in the National Living Wage
is implemented, New Look will find it difficult to increase
profitability while also seeking to reinvigorate its product
offering, reduce the elevated level of discounting, and recover
ground lost to competitors.

More positively, the rating agency views a further deterioration
in credit metrics as unlikely and notes that New Look still has
good liquidity and relatively long dated debt maturities, which
give the company time to recover towards previous levels of
profitability.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectations that New
Look's efforts to improve the attractiveness of its product
offering during 2017 will be successful but that the continued
challenging trading environment for UK apparel-focused retailers
will constrain profitability growth, such that New Look's credit
metrics remain broadly stable. It is also based on the assumption
that New Look will maintain at least adequate liquidity.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the rating is unlikely in the short term but
could arise if the company were to return to positive like-for-
like growth and achieved a sustainable recovery in profitability,
leading to Moody's-adjusted gross leverage returning sustainably
to less than 6.0x.

Downward pressure on the rating could arise if New Look's
profitability deteriorated further such that the company's
Moody's-adjusted Debt / EBITDA rose above 7.0x. Concerns about
the company's liquidity could likely result in downward pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
Industry published in October 2015.

COMPANY PROFILE

Headquartered in London and Weymouth (with its registered office
in Weymouth, UK), New Look Retail Group Limited is a value
fashion retailer selling a range of apparel, accessories and
footwear, primarily for women. As at 26 March 2016, New Look
operated 838 stores under the New Look brand: 575 directly-
operated stores in the UK; 86 stores in Europe (Ireland, France,
Belgium, Poland and Germany); 85 stores in China; and 92
franchise stores (predominantly in the Middle East). In the
financial year ended 26 March 2016, New Look recorded revenues
and reported adjusted EBITDA of over GBP1.49 billion and GBP227.2
million respectively.

Since June 2015 the business has been majority owned by South
African investment firm Brait SE (unrated). The family trusts of
founder Tom Singh and certain members of the management
reinvested alongside Brait.


PARK INVESTMENTS: Clipper Puts Business Into Administration
-----------------------------------------------------------
Evening Telegraph reports that major pub businesses of Dundee
businessman Jimmy Marr have gone into administration.

Sixteen licensed and other premises are involved, including the
Taybridge Bar on Perth Road, one of the city's best-known
hostelries, Evening Telegraph discloses.  The Park House Hotel on
Coupar Angus Road and the Playwright in South Tay Street are also
affected, Evening Telegraph notes.

Mr. Marr blamed the setback on the vigorous debt recovery action
of Luxembourg-based lender Clipper Holding, which put his two
firms into administration, Evening Telegraph relates.

According to Evening Telegraph, he said the businesses concerned
are continuing to trade and no employees have lost their jobs.
The two companies are Park Investments (Dundee) Ltd and Park
Properties (Dundee) Ltd, and their principal directors were Jimmy
Marr and his wife Karen.

Mr. Marr, as cited by Evening Telegraph, said the two companies
were funded for a number of years by Allied Irish Banks (AIB).

It was severely affected by the banking crisis and was
restructured by the Irish state, Evening Telegraph recounts.  He
explained that in December 2015 Clipper Holding 11 sarl., a
Luxembourg-based company, bought from AIB ú650 million of UK
loans of which 200 related to businesses in Scotland, including
the two Park companies, Evening Telegraph relates.

Park Investments was set up as an investment vehicle to acquire
and own a number of restaurants, bars and hotels.

Park Properties is a similar company that owns a nursery and a
yoga studio.


THOMAS COOK: S&P Affirms 'B' CCR & Revises Outlook to Positive
--------------------------------------------------------------
S&P Global Ratings said it has revised its outlook on U.K.-based
tour operator Thomas Cook Group PLC to positive from stable.

At the same time, S&P affirmed its 'B' long-term corporate credit
and issue ratings on the company.  The recovery rating on the
senior unsecured notes is unchanged at '3'.

The outlook revision reflects Thomas Cook's resilient operating
performance in 2016, despite disruptions in a number of its
markets resulting from terrorist attacks, which required
substantial redirection of capacity to safer destinations at
short notice.  It also reflects improving operating margins due
to the company's focus on increasing the quality of product
offerings despite operating losses in the airline business
Condor, and the implementation of a new operating model based on
increasing efficiencies and reducing operating leverage.  S&P
thinks that gradually improving cash flow generation on the back
of these measures, and a financial policy aimed at deleveraging,
could support an upgrade of Thomas Cook in the next 12-18 months.

In the financial year ending Sept. 30, 2016 (FY2016), Thomas Cook
reported underlying EBIT of GBP308 million compared to
GBP349 million the previous year -- with falls in revenues from
Turkey, Egypt, and Tunisia -- and operating losses at the airline
business Condor.  This was partly offset by redirected traffic to
western Mediterranean and long-haul destinations, and operating
benefits arising from the company's new operating model.  Despite
setbacks, Thomas Cook achieved a 27 basis point improvement in
its EBITDA margin for the year (at 7.4% in FY2016 on an S&P
Global Ratings-adjusted basis).  Similar trends were reported in
the results for the first-quarter ending Dec. 31, 2016, with a
GBP12 million growth in underlying EBITDA from the tour operator
business being offset by a GBP13 million loss at Condor.  The
EBIT margin in the quarter fell by 30 basis points (bps), but S&P
notes that the first quarter is not very representative, being
the low point in the booking cycle.

S&P anticipates that, assuming no meaningful redirection of
capacity again in 2017, earnings could stay relatively flat in
FY2017 as a result of cautiously optimistic demand and ongoing
difficult conditions in the short-haul airline market.  S&P
expects margins and cash conversion to remain at least stable as
a result of continued implementation of the new operating model.
In FY2018, S&P anticipates a meaningful improvement in credit
metrics supported by strengthened demand from key source markets,
some recovery in the airline business, and a GBP200 million debt
repayment in line with Thomas Cook's publicly-stated deleveraging
policy.  These factors could, in S&P's view, result in actual
adjusted metrics moving clearly into the aggressive category,
which in turn could support an upgrade.  Importantly, S&P sees
free operating cash flows (FOCF) and discretionary cash flows
(DCF) strengthening to robust levels by 2018, supported by lower
capital expenditure (capex), and despite a resumption of
normalized dividend payments.

S&P's assessment of Thomas Cook's business risk profile as weak
reflects the company's exposure to the cyclicality and
seasonality of the tourism industry; its exposure to event risks,
including terrorism; its capital intensity resulting from its
airlines and hotel business; and its modest and cyclical
operating margins compared to other leisure segments.

These weaknesses are offset by Thomas Cook's strong position as
the No. 2 operator in its key source markets; its well-
established brand; its improving diversification into new source
markets, including long-haul; and its decreasing operating
leverage and gradually strengthening operating margins.  S&P also
views the underlying long-term growth of the travel industry as a
positive factor.

"We have revised Thomas Cook's financial risk profile to
aggressive from highly leveraged to reflect our assessment that
ratios are now in the aggressive category on a forward-looking,
average-weighted basis, including our assumptions for
deleveraging in FY2018.  The financial risk profile reflects the
company's still-high adjusted debt, which includes financial debt
and sizable operating lease adjustments that have historically
resulted in adjusted debt to EBITDA consistently above 5.0x.  It
also reflects a degree of volatility and unpredictability in
ratios due to Thomas Cook's exposure to exogenous shocks, and
moderate, albeit still positive, FOCF.  We forecast that actual
ratios will transition into our aggressive category during 2018,
supported by recovering top-line growth, improving margins and
cash conversion, and voluntary debt repayments in line with
Thomas Cook's publicly-stated financial policy.  We have made a
one-notch downward adjustment from the 'b+' anchor to reflect
that Thomas Cook's average-weighted adjusted metrics remain at
the low end of the aggressive category.  In addition, the notch
reflects our view of implementation risk to the company's plan to
continue its positive performance and ratio trends, in light of
the still challenging and unpredictable operating environment for
the travel industry," S&P said.

S&P's base case assumes:

   -- Low-single-digit revenue growth in fiscal 2017 and 2018,
      with stronger growth from the U.K. and Nordic source
      markets, offset by more cautious demand from continental
      Europe and the airline business.

   -- Gross margin expansion of about 50bps in 2017 and about
      100bps in 2018, supported by lower fuel costs.

   -- Flat EBITDA margin in 2017 due to increased labor costs and
      foreign exchange headwinds, and 80bps-100bps improvement in
      2018 as a result of efficiency and capacity improvements.

   -- Capex of GBP180 million in 2016 and GBP160 million in 2017.

   -- No major acquisitions or disposals.

   -- Dividends paid in 2017 of GBP7.7 million, rising toward 30%
      of after-tax profit in 2018.

   -- Repayment of GBP200 million of the EUR400 million
      outstanding senior notes by FY2018 (first call date in
      January 2018), in line with management's publicly-stated
      intention.

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

   -- Adjusted debt to EBITDA of close to 5.0x in FY2017 and
      close to 4.5x in FY2018.

   -- Adjusted interest cover of about 3.0x in 2017 and 3.5x-4.0x
      in 2018.

   -- Adjusted FFO to debt of 10%-12% in 2017 and more than 12%
      in 2018.

The positive outlook on Thomas Cook reflects S&P's opinion that,
following a resilient operating performance in FY2016 in the face
of significant headwinds, Thomas Cook will--barring any material
worsening in geopolitical events--be in a position to report at
least a stable performance in FY2017.  S&P's assessment is
supported by the company's focus on increasing the quality of its
content and reducing operating leverage through its new operating
model.  S&P forecasts a significant improvement in ratios in
FY2018, supported by recovering demand and a planned GBP200
million debt reduction.  In S&P's opinion, and given these
assumptions, it sees at least a one-in-three chance that S&P
could raise the ratings in the next 12-18 months.

"We would consider an upgrade if we saw key metrics transitioning
clearly and sustainably into the aggressive category;
specifically if adjusted debt-to-EBITDA declined meaningfully
between 4.0x-5.0x on an adjusted basis, coupled with rising
earnings and operating margins, and materially positive FOCF.
Such ratio improvement would likely require that geopolitical
events including potential terrorist attacks are well managed,
enabling Thomas Cook's operating performance to continue to
improve.  A turnaround in the loss making airline Condor would
support such improvement. Importantly, S&P sees the anticipated
debt reduction in early 2018 as key to facilitating the required
strengthening of credit metrics.

S&P would likely revise the outlook back to stable if the
security environment deteriorated, especially if this spread to
new destinations, requiring Thomas Cook to redirect capacity.  It
could also occur if Thomas Cook failed to turn around its airline
business, or if the company did not repay meaningful gross debt
by FY2018 as S&P currently expects, for example, as a result of
liquidity constraints.  S&P could also revise the outlook if FOCF
and DCF were to weaken, either as a result of a tougher operating
environment, higher-than-anticipated capex, or dividends.


WORLD OF FURNITURE: Customers Called to Come Forward
----------------------------------------------------
Rachel Martin at Belfast Telegraph reports that only 12 customers
at World of Furniture have come forward so far to tell the
Official Receiver they are owed money.

It's understood investigations into World of Furniture, which
include attempts to establish the value of all its assets and
debts, are taking place after it was wound up over unpaid rates,
the report says.

Belfast Telegraph relates that Wilson's Auctions is expected to
handle the sale of some of the firm's assets after World of
Furniture shops in Belfast and Londonderry were closed last
month. But Wilson's would not say when any auction would take
place.

World of Furniture left customers out of pocket when the firm's
two stores shut down, the report recounts.

Many said orders had not been delivered and they were asked to
pay in cash because they were told the firm's credit card machine
was not working, the report relays.

Several have contacted the Belfast Telegraph to say they are owed
hundreds of pounds.

According to the report, a spokesman for the Department for the
Economy said a decision would be made on whether or not to
appoint an external insolvency practitioner to deal with the
company's affairs.

"Once that decision has been taken, it is likely an auction will
take place as quickly as possible. Until the auction takes place,
it is not possible to say how much money will be available to
distribute to creditors," the report quotes the spokesman as
saying.

"The winding up of the company was petitioned by Land and
Property Services and, to date, around 12 customers have been
identified. There is no deadline for customers to come forward,
but any that are affected should contact the Official Receiver as
quickly as possible."

The spokesman added that the investigation would include
identifying any potential misconduct by the company's directors
as a matter of routine, the report relays.

"The Official Receiver, and all private sector insolvency
practitioners, are routinely required to provide a report to the
department's directors disqualification unit (DDU), following all
creditors voluntary liquidations and compulsory winding up made
by the court," he said.

Several rival firms, including Harvey Norman and EZ Living,
offered to honour customers' deposits as store credit, Belfast
Telegraph notes.

Belfast Telegraph says Gerard O'Hanlon, who was a director of the
furniture shop, last month expressed regret at the circumstances
leading up to the failure of the company.

Hopes of trading well over January did not materialise.

"We are very sorry that this has happened, it's the last thing we
wanted but it became obvious that we couldn't sustain the
company," Belfast Telegraph quotes Mr. O'Hanlon as saying.

World of Furniture NI is a Northern Ireland furniture company.



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


* BOND PRICING: For the Week February 13 to February 17, 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 * * *