TCREUR_Public/170313.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, March 13, 2017, Vol. 18, No. 051


                            Headlines


A U S T R I A

SUZANO AUSTRIA: S&P Rates $500MM Sr. Unsecured Notes 'BB+'


B U L G A R I A

BULGARIA: Needs to Address Corporate Indebtedness, EC Says


F I N L A N D

NOKIA CORP: S&P Assigns 'BB+' Rating to Proposed Unsecured Notes


F R A N C E

PSA PEUGEOT: DBRS Reviews Ratings Over General Motors Acquisition


G E R M A N Y

AUCTIONATA PADDLE8: Closes Down German Operations
FM POLSTERMOBEL: Files for Insolvency Following Sales Slump
RICKMERS HOLDING: Creditreform Cuts Corporate Rating to C(Watch)


G R E E C E

GREECE: No Breakthrough in Bailout Talks with Creditors


I R E L A N D

EIRCOM FINCO: Moody's Assigns B1 Rating to New Term Loan B


I T A L Y

ANDROMEDA FINANCE: Fitch Hikes Rating on Class A2 Notes to BB
BANCA CARIGE: Moody's Cuts Long-Term Deposit Ratings to Caa1


K A Z A K H S T A N

HALYK BANK: Fitch Puts 'BB' IDRs on Rating Watch Negative


N E T H E R L A N D S

CLONDALKIN INDUSTRIES: S&P Withdraws B CCR on Egeria Deal Closing
IHS NETHERLANDS: Fitch Says Nigeria Unit Default Risks Limited


R O M A N I A

* ROMANIA: Industrial Sector Has Highest Insolvency Risk


S W E D E N

VERISURE MIDHOLDING: Moody's Rates EUR425MM Sr. Sec. Loan 'B1'


S W I T Z E R L A N D

MATTERHORN TELECOM: S&P Assigns 'B' Rating to Sr. Secured Notes


U N I T E D   K I N G D O M

BLUE INC: Store Landlords Raise Questions on CVA Proposal
BUSINESS ROCKS: 2017 Event Cancelled After Going Into Liquidation
CITYWING AVIATION: Put Under Liquidation, New Operator Takes Over
DOVECLIFF HALL: Worried Couples React to Hotel in Administration
FOOD RETAILER: Budgens-Winklebury Way Closed on March 5

INNOVIA GROUP: S&P Withdraws 'B' Rating on Senior Secured Notes
JS SECURITY: Bought Out of Administration; 42 Jobs Saved
KCA DEUTAG: Moody's Rates Proposed US$525MM Sec. Notes 'CCC+'
KCA DEUTAG: S&P Assigns CCC+ Rating to $525MM Sr. Secured Notes
LION/GEM LUXEMBOURG: Moody's Cuts Corporate Family Rating to Caa2

NORD GOLD: Fitch Revises Outlook to Positive & Affirms BB- IDR
PREMIER OIL: Reports Progress on Debt Refinancing, Losses Narrow
STANLINGTON NO.1: Moody's Assigns Ba2(sf) Rating to Cl. E Notes
VOYAGE BIDCO: Fitch Cuts LT Issuer Default Rating to B-
* Tax Loss Relief Reforms May Prompt Business Failures, R3 Says


X X X X X X X X

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


                            *********



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A U S T R I A
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SUZANO AUSTRIA: S&P Rates $500MM Sr. Unsecured Notes 'BB+'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' debt rating to Suzano
Austria GmbH's (formerly Bahia Sul Holding GmbH) proposed 30-year
senior unsecured notes for up to $500 million.  S&P also assigned
a recovery rating of '3' to the notes, which indicates its
expectation of a meaningful recovery (50%-70%, in the lower range
of the band) of the notes under a hypothetical default scenario.

Suzano Austria GmbH is a wholly-owned subsidiary of Brazilian pulp
producer Suzano Papel e Celulose S.A. (Suzano; BB+/
Stable/--).  The latter will unconditionally and irrevocably
guarantee the notes.  S&P expects Suzano to use the proceeds for
refinancing or for general liquidity purposes.

S&P's 'BB+' rating on Suzano incorporates its advantageous cost
structure for pulp production thanks to its access to highly
productive forests and its solid position in the global and
Brazilian pulp markets for uncoated and coated printing, and
writing paper and paperboard.  These factors offset pulp price
volatility, which S&P expects to remain significant in the next
few years.  In addition, the rating reflects Suzano's stronger
capital structure and lighter balance sheet following the ramp-up
of Suzano's 1.5 million ton pulp mill in the state of Maranhao.
The rating constraints are the lack of a robust, clear, and
sustainable financial policy that could support conservative
leverage levels in the long term.

Recovery Analysis

Key Analytical Factors

   -- The issue-level rating on Suzano Austria's senior unsecured
      notes is 'BB+'.  The recovery rating of '3' indicates S&P's
      expectation of a recovery of 50%-70% (in the low band of
      the range) for unsecured lenders under a hypothetical
      default scenario.

   -- In S&P's default scenario, EBITDA would decline by about
      65%.  S&P has valued the company on a going-concern basis,
      using a 5.0x multiple applied to S&P's projected emergence-
      level EBITDA, which results in an estimated gross emergence
      value (EV) of about R$11.8 billion.

   -- S&P's recovery analysis assumes that under a hypothetical
      default scenario, the senior unsecured notes would rank
      pari passu to the company's existing and future senior
      unsecured debt, which is also subjected to statutory
      priorities as tax and labor obligations.

Simulated default assumptions

   -- Simulated year of default: 2021
   -- EBITDA at emergence: R$2.3 billion
   -- Implied EV multiple: 5.0x
   -- Estimated gross EV at emergence: R$11.8 billion

Simplified waterfall

   -- Net EV after 5% administrative costs: R$11.2 billion
   -- Senior secured debt: R$5.5 billion
   -- Unsecured debt: R$10.4 billion
   -- Recovery expectation: 50%-70%

RATINGS LIST

Suzano Papel e Celulose S.A.
  Corporate credit rating              BB+/Stable/--

Ratings Assigned

Suzano Austria GmbH
  Sr. unsec. notes                     BB+
  Recovery rating                      3(50%)



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B U L G A R I A
===============


BULGARIA: Needs to Address Corporate Indebtedness, EC Says
----------------------------------------------------------
SeeNews reports that the European Commission said on Feb. 22 that
Bulgaria needs to make further progress in addressing
vulnerabilities in the financial sector as well as high corporate
indebtedness in order to resolve the excessive macroeconomic
imbalances the country is experiencing.

"Reducing the high level corporate indebtedness has been
constrained by the delayed adoption of the insolvency reforms and
the lack of a deep market for sales of corporate non-performing
loans," the Commission said in its European Semester Winter
review, SeeNews relays.

Legislative changes aimed at improving the insolvency framework
have only recently been adopted. Implementation challenges,
including the qualification and training of judges and the
capacity of courts remain to be addressed, the Commission, as
cited by SeeNews, added.

Bulgaria is one of six EU member states with excessive
macroeconomic imbalances, SeeNews discloses. The other five are
Croatia, France, Italy, Portugal and Cyprus.

According to SeeNews, the review said limited progress has been
achieved regarding follow-up actions in the financial sector and
improving banking and non-banking supervision. Key challenges for
the Bulgarian authorities remain tackling hard-to-value assets and
unsound business practices, including related-party and connected
lending.

Bulgaria's banking sector has stabilised, but the legacy issues
linked to weak governance and supervision have not yet been fully
dealt with, the Commission added.

SeeNews notes that the perception of corruption, weak institutions
and an unstable legal framework remains a cause of concern
regarding business environment. In addition, slow administrative
reforms and weaknesses in public procurement continue to affect
the efficiency of the public sector.

Among the other key challenges for Bulgaria, the Commission
outlines the need of enhancing the efforts to tackle the shadow
economy, according to SeeNews.

While Bulgaria's unemployment rate remains well below the EU
average, high long-term unemployment, high inactivity levels, and
limited inclusion of young people present key impediments to the
functioning of the labour market, adds SeeNews.

As reported in the Troubled Company Reporter-Europe on Dec. 7,
2016, S&P Global Ratings affirmed its 'BB+/B' long- and short-term
foreign and local currency sovereign credit ratings on the
Republic of Bulgaria.  The outlook is stable.



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F I N L A N D
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NOKIA CORP: S&P Assigns 'BB+' Rating to Proposed Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' issue
rating to the proposed unsecured notes to be issued by Finnish
technology group Nokia Corp. (BB+/Stable/A-3).  The proposed notes
consist of four-year EUR500 million unsecured and seven-year
EUR750 million unsecured notes.  The new notes are non-callable
for life.  The recovery rating is '3', indicating S&P's
expectation of meaningful (50%-70%; rounded estimate 60%) recovery
prospects in the event of default.

S&P affirmed its 'BB+' issue ratings on Nokia's existing unsecured
notes and revolving credit facility (RCF) and the existing notes
issued by Alcatel-Lucent USA Inc. (formerly Lucent Technologies
Inc.).  The recovery ratings remain unchanged at '3' (50%-70%
recovery prospects; rounded estimate 60%).

The 'BB+' issue rating on the existing and proposed unsecured debt
is supported by the group's maintenance of a very strong balance
sheet, S&P's view that Nokia is on track in integrating Alcatel-
Lucent, and S&P's valuation of the group as a going concern.  The
key constraint on the recovery rating is the debt's continued
structural subordination to sizable receivables factoring (which
S&P estimates at about EUR2.0 billion), our adjustment for the
pension deficit (to S&P's estimated hypothetical default gross
enterprise value), and the slightly larger amount of unsecured
debt (by the end of the early tender period on March 7, only about
$765 million of existing notes were tendered).  These factors
slightly dilute expected recovery for unsecured noteholders.

The proposed notes' documentation will be aligned with that of the
existing notes, with no covenants, a customary negative pledge
provision, and a EUR75 million (or equivalent currency) threshold
cross-acceleration provision.

                         RECOVERY ANALYSIS

The issue and recovery ratings on the new unsecured notes are
based on preliminary information and are subject to the success of
the proposed tender offer and our satisfactory review of the final
documentation and structure.  Currently about $765 million of
EUR1.25 billion will be used to tender a portion of the
EUR500 million notes due 2019 issued by Nokia Corp. as well as the
$300 million debentures due 2028 and $1.36 billion debentures due
2029, issued by Alcatel-Lucent.

S&P's recovery rating of '3' on Nokia's and Alcatel-Lucent USA's
senior unsecured notes and Nokia's RCF reflects S&P's assumptions
that, at the time of Nokia's hypothetical default, the debt
sitting at Nokia and at Alcatel-Lucent USA would rank pari passu--
assuming that both capital structures would have merged--and the
RCF would be only partially drawn.  S&P assumes the RCF would be
drawn 50% given Nokia's sizable cash balances.  S&P sees recovery
prospects at about 60%, constrained by the pension deficits and
the structural subordination to sizable receivables factoring of
about EUR2 billion.

In S&P's simulated default scenario, it assumes severe
macroeconomic turmoil affecting the group's activities, together
with increased competition.  S&P believes that a continued decline
in revenues and market share, as a result of customer losses,
combined with a sustained use of large cash balances for
restructuring and investment in new technologies that do not
improve operating performance, would lead to a hypothetical
payment default in 2022.

S&P anticipates that the company would most likely reorganize in a
default scenario, given its worldwide footprint and established
customer relationship, as well as its valuable intellectual
property portfolio.  S&P therefore values Nokia as a going
concern.

Simulated default assumptions

   -- Year of default: 2022
   -- Minimum capital expenditure (% of the last three years'
      average sales): 1.5%
   -- Cyclicality adjustment factor: +10% (standard assumption
      for the hardware and semiconductors subsegment of the
      technology sector)
   -- Operational adjustment: +30% (reflecting S&P's assumption
      that on a hypothetical path to default, Nokia is likely to
      finance itself with higher interests than recently issued
      unsecured notes)
   -- Emergence EBITDA after recovery adjustments: about
      EUR1.1 billion
   -- Implied enterprise value multiple: 6.0x
   -- Jurisdiction: Finland

Simplified waterfall

   -- Gross enterprise value (EV) at default: About EUR6.6
      billion
   -- Administrative costs: 5%
   -- Tax-adjusted pension deficit adjustment to EV: about
      EUR1.0 billion
   -- Net value available to debtors: about EUR5.3 billion
   -- Priority claims[1]: About EUR2.1 billion
   -- Unsecured debt claims[1]: About EUR5.4 billion
   -- Recovery expectation[2]: 50%-70% (rounded estimate 60%;
      recovery rating: 3)

[1] All debt amounts include six months of prepetition interest.
    EUR1.6 billion unsecured RCF assumed 50% drawn on the path to
    default.
[2] Rounded down to the nearest 5%.



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F R A N C E
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PSA PEUGEOT: DBRS Reviews Ratings Over General Motors Acquisition
-----------------------------------------------------------------
DBRS Limited on March 7, 2017, placed the ratings of PSA Peugeot
CitroEn Under Review with Developing Implications. Previously,
PSA's Issuer Rating of BB and Senior Unsecured Debt rating of BB
with an associated Recovery Rating of RR4 both carried Positive
trends. The rating action follows the recent announcement that the
Company had reached an agreement with General Motors Company (GM)
regarding the acquisition of GM's Opel/Vauxhall subsidiary in
addition to that of the European operations of General Motors
Financial Company, Inc. (GM Financial; collectively, the
Acquisition) in transactions in the respective amounts of EUR 1.3
billion and EUR 0.9 billion. The Acquisition remains subject to
various regulatory approvals, with closing not anticipated before
year-end 2017.

Regarding additional details of the Acquisition, PSA is to pay a
total consideration of EUR 1.3 billion for GM's Opel/Vauxhall
subsidiary, which is to consist of EUR 0.67 billion in cash and
EUR 0.65 billion in the form of warrants (pending shareholder
approval), that will be exercisable from the fifth anniversary
date of issuance with a maturity of nine years. With respect to
the purchase of the European operations of GM Financial, these are
to be acquired by PSA and BNP Paribas SA (BNP Paribas) on a 50/50
ownership basis for EUR 0.9 billion, with BNP Paribas to
consolidate the entity. DBRS notes further that GM has retained
the majority of pension and retiree obligations, apart from the
German Actives Plan and various other small plans, which will be
transferred to PSA, with GM to pay the Company EUR 3 billion for
the full settlement thereof.

DBRS notes that the Acquisition represents a meaningful increase
for PSA in terms of scale, (which remains critical in efficiently
absorbing the high costs associated with the automotive industry),
with total global unit sales increasing to 4.3 million units on a
pro forma basis from 3.1 million units on a stand-alone basis
(both as at year-end 2016). The Acquisition would also render the
combined entity a strong number-two position in its core European
market, behind only Volkswagen AG. Moreover, the Acquisition
stands to result in sizable synergies that are currently targeted
by the Company to result in annual savings of EUR 1.1 billion and
EUR 1.7 billion by 2020 and 2026, respectively.

However, while DBRS acknowledges the rapid and considerable
turnaround of PSA, (which has been achieved significantly through
cost-reduction activities bolstered by a meaningful improvement in
European market conditions), DBRS notes that the Company's planned
turnaround of Opel/Vauxhall remains subject to significant
execution risk that is further exacerbated by the economic and
political uncertainties currently prevailing in the region, with
the automotive industry potentially being adversely affected by
last year's Brexit vote. DBRS also notes that the Acquisition
would serve to increase PSA's already high dependence on Western
European sales.

DBRS expects to resolve the Under Review with Developing
Implications status of the ratings by the anticipated closing of
the transaction. DBRS's review will consist of a detailed
assessment of the anticipated prospects of the combined Company
amid projected market developments and conditions. Moreover, DBRS
will undertake discussions with Company management as part of its
review.



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G E R M A N Y
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AUCTIONATA PADDLE8: Closes Down German Operations
-------------------------------------------------
Auctionata Paddle8, following the conclusion of its preliminary
insolvency proceedings, will cease its German operations under the
Auctionata brand as sufficient funds for maintaining the going
concern could not be found.

As a result, preliminary insolvency administrator Christian von
Brockdorff has agreed with the preliminary creditor committee
to begin the wind down of the business and the liquidation of its
assets in the context of formal insolvency proceedings beginning
March 1.

Brockdorff, name partner of BBL Bernsau Brockdorff Insolvenz- und
Zwangsverwalter GbR, one of the leading turnaround and insolvency
specialists in Germany, regrets this development but sees no
viable alternative.

Thanks to the enormous efforts of recently brought in CEO Thomas
Hesse and his team to restructure the business, subsidiaries
Paddle8 in the US and Value-my-Stuff in the UK were sold and will
continue to operate. Reductions in personnel also led to massive
cost savings in Germany. Mr. Brockdorff said, "All necessary steps
were taken. In the end, however, investors did not come together
to make sufficient funds available to operate the insolvent German
company as a going concern."

The German company's approximately 170 employees have been
informed about developments. 30-40 will remain inside the company
to support the wind-down process. Mr. Hesse, who took over his
position from former founder Alexander Zacke in the Fall of 2016,
will end his role as restructuring CEO. Mr. Brockdorff said:
"Thomas Hesse and his team around CFO Lucas Hulsmann have begun
the insolvency proceeding at the right time and rapidly achieved
significant restructuring successes, especially with Paddle8 in
New York and Value-my-Stuff in London continuing to operate.
Despite convincing work of the new management team and a new
strategic setup for the German company, the time frame was not
sufficient to secure the necessary funds for a continuation of the
business in Berlin. I would like to also thank all employees who
have diligently supported the company during this difficult time."

The team around Mr. Brockdorff is currently also evaluating
additional opportunities for selling partial business assets of
the company.


FM POLSTERMOBEL: Files for Insolvency Following Sales Slump
-----------------------------------------------------------
Cabinet Maker reports that FM Polstermobel has filed for
insolvency but remains trading in a bid to save the company.

Cabinet Maker, citing media sources in Germany, says the company,
also known as FM Munzer, filed an insolvency petition with the
District Court Coburg on Feb. 24, 2017.

Insolvency specialist Dr. Jochen Zaremba --
jochen.zaremba@schwartz.eu -- was appointed as provisional
insolvency administrator by law firm Schwartz in Nuremberg, the
report discloses.

The report relays that the business has confirmed that production
continues with a view to 'restore the company in the next two
months' and to 'keep as many jobs as possible'.

FM Polstermobel is German-based upholstery manufacturer
established in 1949.  The company currently employs around 125
staff and reported declining sales in recent years, Cabinet Maker
discloses.


RICKMERS HOLDING: Creditreform Cuts Corporate Rating to C(Watch)
----------------------------------------------------------------
David Osler at Lloyd's List reports that a leading German ratings
agency has downgraded the corporate rating of Rickmers Holding
from CCC to C (watch), a level deemed to denote high to very high
insolvency risk.

"This is mainly due to continuing strong negative developments on
the basis of current market conditions," the report quotes
Creditreform as saying. "We anticipate restructuring measures to
be stabilised in the short term, including a restructuring of
financial liabilities."

Lloyd's List says the problems facing the German operator, owned
by high-profile Hamburg shipping king Bertram Rickmers, have
already received extensive publicity, after its then affiliate in
Singapore defaulted on a bond repayment last year.

Rickmers Holding subsequently sold its stake to an entity called
Brick Holding Invest Trust, believed to be owned by Bertram
Rickmers, the report relates.

According to Lloyd's List, Mr. Bertram tried last year to
negotiate a merger with the shipping interests of ER Capital,
owned by his brother Erck Rickmers. But in the event, the two
siblings -- who reputedly do not enjoy cordial relations -- failed
to come to terms.

In February, the group sold its multipurpose division
Rickmers-Linie to rivals Zeaborn, although consideration was kept
under wraps, the report recalls.

Lloyd's List notes that the likely flashpoint will come in June,
when Rickmers Holding will need to find EUR25 million (US$26
million) to pay the coupon on a high-yield bond issued four years
ago, at a punishingly high coupon of 8.9%. The bond is currently
trading at just 15% of its nominal value.

The company is known to be in restructuring talks with its
bankers, seeking to once again extend maturities after an earlier
restructuring deal in February 2015, the report adds.

Rickmers Holding GmbH & Cie. KG, through its subsidiaries,
provides services for the maritime industry, vessel owners, and
ocean carriers worldwide.



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G R E E C E
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GREECE: No Breakthrough in Bailout Talks with Creditors
-------------------------------------------------------
Philip Chrysopoulos at Greek Reporter reports that creditors'
teams left Athens on March 9 without a breakthrough in
negotiations, as all the "hot" issues remain open, making a staff
level agreement (SLA) before the March 20 Eurogroup almost
impossible.

New meetings on the bailout program review are necessary this week
to reach a SLA, Greek Reporter cites EU institutions -- the
European Commission, the European Stability Mechanism (ESM) and
the European Central Bank (ECB) -- as saying, in order to meet the
March 20 Eurogroup deadline.  However, the International Monetary
Fund argues that there is a lot more work to be done, Greek
Reporter states.

"Important progress has been made during these discussions on a
balanced fiscal package and a number of key reforms, notably in
the financial sector.  Discussions will continue this week,
notably on pension and labor market reforms," Greek Reporter
quotes IMF spokesperson Gerry Rice as saying.

This is contrary to the EU institutions approach on the
negotiations, which would not mind postponing thorny issues such
as the pension and labor market reforms for the next program
review, Greek Reporter notes.

The Greek side appears more optimistic, with government officials
pointing out that the Euro Working Group in Brussels has recorded
some progress in talks, Greek Reporter relays.

The two sides will continue talks this week with Athens hoping to
build on the little progress made so far, Greek Reporter
discloses.



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EIRCOM FINCO: Moody's Assigns B1 Rating to New Term Loan B
----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating with a loss
given default assessment of 3 (LGD3), to the new term loan B due
2024 raised by eircom Finco S.a.r.l, a wholly-owned subsidiary of
telecommunications company eircom Holdings (Ireland) Limited
(eir).

All other ratings remain unchanged, including the B1 corporate
family rating (CFR) and B1-PD probability of default rating (PDR)
of eir and the existing instrument ratings of eir's subsidiaries.
The outlook on all the ratings is stable.

RATINGS RATIONALE

eir is refinancing its existing EUR1,611 million term loan B5 with
a new term loan B. This refinancing exercise is credit positive
and improves eir's financial flexibility due to a reduction in
interest costs, an extension of the debt maturities by two years
to 2024 and a shift to a covenant-lite structure. Nevertheless,
this refinancing exercise is leverage neutral and does not have an
impact on eir's B1 ratings with a stable outlook.

This transaction follows a number of refinancing exercises, which
have enabled eir to improve its financial flexibility through a
substantial simplification of its capital structure, steady
extension of debt maturities, greater headroom in covenants and
diversification of its funding sources through the issuance of
EUR700 million senior secured notes in June 2016.

eir's B1 CFR reflects (1) its integrated business model; (2) its
strong position in the fixed-line market as Ireland's incumbent
operator, and its position as the third-largest operator in the
mobile segment; (3) the potential for its competitive position to
strengthen over time as a result of its accelerated investment
plan in fibre, 4G rollout and its acquisition of content, and (4)
expectations that eir's operating performance will continue to
gradually improve, supporting the company's consistent
deleveraging profile towards Moody's adjusted debt/EBITDA levels
below 5x in the next 18 months.

However, the rating also reflects (1) eir's moderate, yet
improving, free cash flow generation, (2) its high leverage
compared to other European incumbents despite expectations of
gradual deleveraging; (3) the challenging competitive environment
in the Irish market; and (4) its volatile accounting pension
deficit, although not reflective of a funding requirement on a
cash flow basis.

RATIONALE FOR STABLE OUTLOOK

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

WHAT COULD CHANGE THE RATING UP/DOWN

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

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

LIST OF AFFECTED RATINGS

Assignments:

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

-- Backed Senior Secured Bank Credit Facility, Assigned B1
    (LGD3)

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

eircom Holdings (Ireland) Limited is the holding company of the
eir group, the principal provider of fixed-line telecommunications
services in Ireland, with the largest market share by revenue in
broadband. The group is also the third-largest mobile operator in
Ireland, with a subscriber market share of approximately 21%
(excluding mobile broadband and Machine to Machine, according to
ComReg). eir reported revenue of EUR1.3 billion and adjusted
EBITDA of EUR505 million for the financial year ended June 2016.



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I T A L Y
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ANDROMEDA FINANCE: Fitch Hikes Rating on Class A2 Notes to BB
-------------------------------------------------------------
Fitch Ratings has upgraded Andromeda Finance S.r.l.'s class A1
notes' underlying rating and class A2 notes to 'BB' from 'B'. The
Outlook is Stable. Fitch has also affirmed the rating of the class
A1 notes at 'A-' with Negative Outlook. This rating indirectly
benefits from SACE's (A-/Negative) unconditional and irrevocable
guarantee.

The upgrade reflects improved financial coverage ratios and the
implementation of updated financial metrics guidance as per
Fitch's revised Renewable Energy Project Rating Criteria.
Andromeda's annual average/median/minimum debt service coverage
ratio (DSCR) under Fitch rating case stood at 1.23x/1.19x/1.12x in
comparison with DSCR metrics of 1.15x/1.13x/1.05x, respectively,
in the previous review. This improvement in metrics is mainly due
to downward revision of Andromeda's local property tax assumptions
as a result of the implementation of The Italian Budget Law (Law
n. 208/2015).

Operational performance of Antromeda's monocrystalline
photovoltaic (PV) plants remained strong, with total production
levels in 12 months ending Dec 2016 still exceeding revised P50
and 1YP90 forecasts by 3% and 6%, respectively. The Stable Outlook
reflects ongoing active management of cost to strengthen the
company's credit profile and to slightly offset the negative
impact of regulatory changes.

KEY RATING DRIVERS

Revenue Risk (Price) - Midrange: Approximately 86% of total
project revenues under Fitch's base case stem from the feed-in-
tariff (FIT) (EUR318/MWh) under the Italian regulatory framework
for solar plants (Conto Energia). The remaining revenues are
generated from electricity sales at market prices, which averaged
EUR39.3/MWh during the 12 months ended December 2016. The
project's merchant exposure under Fitch's rating case represents a
small portion of 13% over the life of the project's debt. Both
revenue streams are received from the Italian public authority
Gestore Dei Servizi Energetici (GSE).

Revenue Risk (Volume) - Stronger: The revision of the assessment
to Stronger from Midrange is supported by the plants' actual
performance being consistently above production forecast. In 12
months ended December 2016 Andromeda exceeded updated P50 and
1YP90 forecasts by 3% and 6%, respectively. Furthermore, in the
revised forecast the difference between new P50 and 1YP90 has
decreased to 6% from 9% due to increased certainty on solar
resources. Additionally, the project is not materially exposed to
revenue losses from grid curtailment.

Operating Risk - Stronger: The monocrystalline PV panel technology
is well-established and operating requirements for the PV plants
are straightforward. SunPower is the equipment manufacturer and
the operator. O&M contracts are comprehensive, fixed-priced and
cover the full life of debt. Although SunPower is regarded as a
sub-investment grade counterparty, it is a reputable and
experienced contractor. Existing operating cost history shows
modest variability, and deviations are due to higher
administrative costs, which are one-off items and relate to costs
largely associated with consultant and legal fees post-retroactive
actions on FIT. In 12 months ended September 2016 cost was below
management expectations by 6.7%. As a result the Operating Risk
assessment has been revised to Stronger from Midrange.

Debt Structure - Midrange: The transaction is a project finance
structure with some elements of a securitisation, which positions
the noteholders further away from the cash flows generated at the
project company level. However, the project documentation is well-
structured and the debt terms are straightforward with two fixed-
rate fully amortising senior tranches ranking pari-passu, no
floating interest rate risk nor refinancing risk.

Debt Service: The company reported annual DSCR of 1.36x as of end-
September 2016 and 1.10x as of end-March 2016, which are broadly
in line with Fitch's expectations of 1.30x and 1.10x,
respectively. Higher coverage metrics in September 2016 under the
management case are mostly due to savings achieved on operating
costs; however, the difference between March and September DSCRs
is attributable to greater volatility in working capital echoing
the application of new revenue payment schedule since 2015.

Under Fitch's rating case, which relies on 1yP90 production
estimate, 98% availability, 0.5% degradation factor for the
initial 10 years, increasing to 0.75% for the remaining term and
5% cost stress for the entire period, Andromeda's DSCR profile is
1.19x (median) and 1.12x (minimum). The projected debt metrics
have improved in comparison to the last review, where the DSCR
profile under Fitch's rating case was 1.13x and minimum 1.05x.
This improvement has mainly been driven by the updated lower opex
projections following the substantial reductions in in Italian
property tax (Imposta Municipale Propria), retroactively applied
from January 2016.

Andromeda's average DSCR metrics were restored above the
covenanted levels in September 2016. The transaction had been in
distribution lock-up for two consecutive years since 30 September
2014.

RATING SENSITIVITIES

  Negative: rating case profile DSCR 1.17x may result in a
  downgrade

  Positive: rating case profile DSCR above 1.23x may result in an
  upgrade

SUMMARY OF CREDIT

The transaction is a securitisation of two project loans (Facility
A1 and Facility A2) under law 130/99 (the Italian securitisation
law). The loan facilities were extended by BNP Paribas and Societe
Generale to Andromeda PV S.r.l. (the project company) to build and
operate two PV plants of 45.1MW and 6.1 MW in Montalto di Castro,
Italy. The terms of the loans effectively mirror those of the
rated notes, with payments under Facility A1 and Facility A2
servicing the class A1 notes and class A2 notes, respectively. The
class A1 notes' rating and Outlook reflect the first-demand,
irrevocable and unconditional guarantee provided by SACE. The
guarantee provided by SACE to the issuer is in respect of the
project company's obligations under Facility A1 and not on the
class A1 notes directly.


BANCA CARIGE: Moody's Cuts Long-Term Deposit Ratings to Caa1
------------------------------------------------------------
Moody's has downgraded Banca Carige S.p.A.'s long-term ratings and
assessments by one notch, reflecting the challenges that the bank
is currently facing in reducing its stock of problem loans as
requested by the European Central Bank (ECB) whilst maintaining
capital levels above prudential requirements and guidance.

Moody's downgraded Carige's standalone baseline credit assessment
(BCA) to ca from caa3, the long-term deposit rating to Caa1 from
B3, the issuer rating to Caa2 from Caa1, and the long-term
Counterparty Risk Assessment (CR Assessment) to Caa1(cr) from
B3(cr). At the same time, the rating agency affirmed Carige's Not
Prime short-term deposit rating and Not Prime(cr) short-term CR
Assessment.

RATINGS RATIONALE

Moody's said that the downgrade of Carige's ratings reflects the
challenges involved with the reduction of the bank's stock of
problem loans as imposed by the ECB. A material reduction of
problem loans will require additional capital as per the bank's
plan, which may prove to be difficult to achieve without imposing
losses upon at least the bank's subordinated bondholders, either
through a liability management exercise (LME) or as a result of
supervisory intervention.

-- CHALLENGES IN EXECUTING COMPLEX RESTRUCTURING

Moody's said that the one-notch downgrade of Carige's standalone
BCA to ca from caa3 reflects additional challenges that the bank
will face in 2017 in executing its updated business plan published
on 28 February 2017. These challenges have increased the risk that
Carige faces supervisory intervention.

According to the plan, by the end of the year Carige will
securitise a portfolio of EUR950 million gross bad loans, raise
EUR450 million fresh equity in the market, and spin-off EUR2.4
billion gross bad loans in a special purpose vehicle (SPV). It
might also undertake a LME on at least a portion of its EUR0.5
billion subordinated debt placed with subordinated investors; in
Moody's view, Carige will face considerable challenges at each
stage of the plan.

The completion of the capital increase will be challenging for
Carige, because the bank has yet to find a syndication of banks
that could guarantee it, and because it represents more than twice
of Carige's current market capitalisation of around EUR200
million. This risk is only partially mitigated by the fact that
some large shareholders of Carige have in the past indicated their
willingness to participate in a rights issue if needed. The
likelihood of these shareholders providing fresh capital is
uncertain.

The spin-off of EUR2.4 billion bad loans to a SPV will also
require external funding, and Carige has not yet reached any
agreements with potential investors.

Carige's management stated that any LME would be done on a
voluntary basis and it would be dedicated only to wholesale
investors, which limits the potential benefit to the bank's
capital.

-- SHRINKING ASSETS OFFSET REDUCED BAIL-IN-ABLE DEBT

Moody's said that the one-notch downgrade of Carige's deposit and
issuer ratings to Caa1 and Caa2 from B3 and Caa1 reflects the one-
notch downgrade of the BCA to ca from caa3.

Most recent data indicate that the stock of bail-in-able
subordinated and senior debt has reduced, increasing the loss-
given-failure of senior instruments, but this effect will likely
be offset in 2017 given a continued reduction in the bank's total
assets.

Moody's expectation therefore results in unchanged loss-given-
failure assumptions; Carige's deposits are still likely to face
extremely low loss-given failure, resulting in a three-notch
uplift to Caa1 from the ca standalone BCA, and senior instrument
are still likely to face very low loss-given-failure, resulting in
a two-notch uplift to Caa2 from the ca standalone BCA.

The still substantial stock of bail-in-able debt and deposits,
taking into account expected asset reduction, drives an unchanged
three-notch uplift of Carige's Caa1(cr) CR Assessment from the
standalone BCA of ca.

SEVERAL UNCERTAINTIES DRIVE DEVELOPING OUTLOOK

Moody's said that the developing outlook on Carige's deposit and
issuer ratings reflects opposing pressures.

If the plan is implemented accordingly without bondholders
suffering losses, Carige's risk profile will improve; the stock of
problem loans will significantly reduce, capital ratios would
slightly increase, and profitability will rise. Failure of the
plan will likely lead to supervisory intervention, with potential
losses for at least Carige's subordinated bondholders and
depositors.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Moody's said that Carige's ratings would likely be upgraded
following approval of the bank's plan by the ECB, and full
implementation, without bondholder losses. Conversely, failure of
the plan and supervisory intervention would likely lead to a
downgrade of Carige's ratings.

LIST OF AFFECTED RATINGS

Issuer: Banca Carige S.p.A.

Downgrades:

-- Long-term Counterparty Risk Assessment, downgraded to
    Caa1(cr) from B3(cr)

-- Long-term Deposit Ratings, downgraded to Caa1 developing from
    B3 developing

-- Long-term Issuer Rating, downgraded to Caa2 developing from
    Caa1 developing

-- Adjusted Baseline Credit Assessment, downgraded to ca from
    caa3

-- Baseline Credit Assessment, downgraded to ca from caa3

Affirmations:

-- Short-term Counterparty Risk Assessment, affirmed NP(cr)

-- Short-term Deposit Rating, affirmed NP

Outlook Action:

-- Outlook remains Developing

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in January 2016.



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


HALYK BANK: Fitch Puts 'BB' IDRs on Rating Watch Negative
---------------------------------------------------------
Fitch Ratings has placed Halyk Bank of Kazakhstan's (HB) 'BB'
Long-Term Issuer Default Ratings (IDRs) and its 'bb' Viability
Rating (VR) on Rating Watch Negative (RWN). Fitch has also placed
the 'CCC' Long-Term IDRs of Kazkommertsbank (KKB) on Rating Watch
Evolving (RWE) and downgraded the bank's VR to 'f' from 'ccc'.

The rating actions follow recent announcements by the banks and
the Kazakh authorities on HB's potential acquisition of a
controlling stake in KKB.

KEY RATING DRIVERS - HB'S IDRS, VRS

The RWN on HB's ratings reflects the possible negative impact on
HB's capitalisation and asset quality as a result of the potential
acquisition of KKB.

Fitch expects that HB will only acquire KKB if the latter first
receives direct or indirect considerable financial support. The
National Bank of Kazakhstan (NBK) has announced that such support
is likely to take the form of a purchase of KKB's problem assets
by the problem loan fund (PLF). KKB has said that such support
should result in "the coverage of possible risks connected with
the loan owed to KKB by JSC BTA Bank", the main risk on KKB's
balance sheet, which was equal to 6x its Fitch Core Capital (FCC)
at end-1H16.

Notwithstanding this expected support, Fitch believes there is a
material risk that KKB's problem assets may not be fully removed
from the bank's balance sheet or adequately reserved prior to a
transaction. Senior country officials recently committed to
providing KZT2 trillion to the PLF for subsequent problem asset
purchases, of which KZT1.1 trillion has been provided. This
compares with a net exposure to BTA of KZT2.4 trillion.

HB's capitalisation could weaken significantly as a result of the
acquisition of KKB. If HB's consolidated FCC remains unchanged
following the transaction (i.e. it pays for KKB an amount equal to
KKB's post-clean-up net asset value) and its consolidated risk-
weighted assets (RWAs) increase by those of KKB (net of the RWAs
associated with the BTA exposure), then HB's FCC ratio would fall
from 19.5% (at end-3Q16) to 11.3%.

Potential additional provisioning needs on KKB's assets could
represent a further drag on HB's solvency, although this would
still be supported by HB's strong internal capital generation, in
Fitch's view. HB's pre-impairment profit (annualised) was equal to
a high 7% of average loans in 9M16. KKB's pre-impairment profit
(adjusted for interest income accrued but not received in cash and
other non-recurring items) was negative in 9M16, but should become
positive if it replaces the BTA exposure with income-earning
assets.

Fitch does not expect any significant negative impact on HB's
strong funding and liquidity profile as a result of the
transaction. Any cash payment for KKB is likely to be small
relative to HB's liquidity buffer and Fitch does not expect
material volumes of KKB's debt to be accelerated as a result of
any acquisition. The consolidated loans/deposits ratio (assuming
the removal of the BTA exposure) would be about 64%, compared with
79% at HB at end-3Q16.

KEY RATING DRIVERS - KKB'S IDRS, VRS

The RWE on KKB's 'CCC' Long-Term IDRs reflects the potential for
the ratings to be upgraded as a result of an acquisition by a
higher-rated institution and the expected clean-up of the loan
book and the potential for the ratings to be downgraded to 'RD'
(Restricted Default) if any losses are imposed on senior creditors
as part of the restoration of the bank's solvency (the authorities
have given no indication that losses will be imposed). The ratings
could also be downgraded in case of a hypothetical breakup of the
deal and, hence, the collapse of the main financial rehabilitation
scenario for KKB proposed by the authorities.

The downgrade of KKB's VR to 'f' from 'ccc' reflects Fitch's view
that the bank has failed and requires external support to address
a material capital shortfall. In Fitch's view, the planned large
asset sale to the PLF represents a de-facto recognition by the
Kazakh authorities of the scale of KKB's asset-quality and
solvency problems. Fitch has not downgraded KKB's IDRs following
the downgrade of the VR as the bank continue to services its
obligations and may receive external support without losses being
imposed on senior creditors.

KEY RATING DRIVERS - SUPPORT RATINGS (SR) AND SUPPORT RATING
FLOORS (SRF)

The affirmation of HB's SR at '4' and SRF at 'B' reflects the
bank's exceptional systemic importance, but also the authorities'
record of imposing losses on senior creditors in bank resolutions.

The RWP on KKB's SR of '5' reflects the potential for this to be
upgraded if KKB is acquired by a higher-rated bank. The RWP on the
SRF of 'No Floor' considers positively the plans to provide
material financial support to the bank.

KEY RATING DRIVERS - DEBT RATINGS

The Rating Watches on the banks' debt ratings match those on their
Long-Term IDRs. Fitch has placed KKB's dated subordinated and
perpetual debt ratings on RWE (rather than downgraded them in line
with the VR) to reflect uncertainty as to whether they will absorb
losses as part of the bank's resolution.

KEY RATING DRIVERS - HB'S SUBSIDIARIES

The RWN on the support-driven Long-Term IDRs and SRs of HB's
subsidiaries - JSC Halyk Finance (HF) and JSC Halyk Bank Georgia
(HBG) - match the RWN on the parent.

RATING SENSITIVITIES

Fitch expects to take rating actions on HB, KKB, HF and HBG when
the acquisition is completed (or abandoned) and sufficient
information is available on the financial profiles of the entities
following the transaction. The resolution of the rating watches
may take more than six months, although Fitch understands that if
the parties go ahead with the planned transaction, then they aim
to complete it reasonably promptly.

HB and its subsidiaries could be downgraded if in Fitch's view the
bank's asset quality and/or capitalisation weaken materially as a
result of the acquisition. However, the ratings could be affirmed
if in Fitch's view any weakening of asset quality or
capitalisation is moderate, or if the transaction is abandoned.

KKB could be upgraded to a rating level close to that of HB if it
is acquired by the latter and in Fitch's view HB would have a
strong propensity to support its subsidiary. KKB could be
downgraded if senior creditors absorb losses as part of the bank's
resolution, or if the transaction is abandoned without an
alternative creditor-friendly resolution scenario being proposed.

The rating actions are:

Halyk Bank of Kazakhstan

Long-Term Foreign and Local Currency IDRs: 'BB'; placed on RWN
Short-Term Foreign and Local Currency IDRs: affirmed at 'B'
Viability Rating: 'bb'; placed on RWN
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B'
Senior unsecured debt: 'BB'; placed on RWN

Kazkommertsbank

Long-Term Foreign and Local Currency IDRs: 'CCC'; placed on RWE
Short-Term Foreign and Local Currency IDRs: 'C'; placed on RWE
Viability Rating: downgraded to 'f' from 'ccc'
Support Rating: '5'; placed on RWP
Support Rating Floor: 'No Floor'; placed on RWP
Senior unsecured debt long-term rating: 'CCC'; placed on RWE;
  Recovery Rating at 'RR4'
Senior unsecured debt short-term rating: 'C'; placed on RWE
  Dated subordinated debt: 'CC'; placed on RWE; Recovery Rating
  at 'RR5'
Perpetual debt: 'C'; placed on RWE; Recovery Rating at 'RR6'

JSC Halyk Bank Georgia

Long-Term IDR: 'BB-'; placed on RWN
Short-Term IDR: affirmed at 'B'
Support Rating: '3'; placed on RWN

JSC Halyk Finance

Long-Term Foreign and Local Currency IDRs: 'BB'; placed on RWN
Short-Term Foreign and Local Currency IDRs: affirmed at 'B'
  Support Rating: '3'; placed on RWN



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


CLONDALKIN INDUSTRIES: S&P Withdraws B CCR on Egeria Deal Closing
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' corporate credit on
Netherlands-based flexible packaging group Clondalkin Industries
B.V.  At the time of the withdrawal, the ratings were on
CreditWatch with developing implications.

S&P has withdrawn its corporate credit rating on Clondalkin
Industries at the issuer's request, following the completion of
the acquisition by private equity firm Egeria.

At the time of the withdrawal, the ratings were on CreditWatch
with developing implications.  However, S&P lacks sufficient
information about the group's new capital structure and financial
policy to resolve the CreditWatch placement.


IHS NETHERLANDS: Fitch Says Nigeria Unit Default Risks Limited
--------------------------------------------------------------
Fitch Ratings says that IHS Netherlands Holdco BV (IHS,
B+/Negative) faces limited risks to its operations in Nigeria
following recent press reports that Etisalat Nigeria, a key
customer of IHS, had missed a debt payment.

Fitch believes IHS may experience delays in collecting payments
from Etisalat Nigeria over the short term, but medium-term
prospects should remain broadly intact. Should Etisalat Nigeria go
into bankruptcy proceedings, Fitch believes its creditors would
want to maximise recovery prospects by continuing normal mobile
network operations, which include payments to IHS for use of its
tower infrastructure.

This level of risk to IHS is reflected in its 'B+'/Negative
rating.  Fitch will monitor this situation as it evolves.

Etisalat Nigeria had 20.7 million mobile subscribers at the end of
2016 and is an affiliate of Emirates Telecommunications Group
(A+/Stable), which has 25% of the voting rights and an economic
interest of 45%.



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


* ROMANIA: Industrial Sector Has Highest Insolvency Risk
--------------------------------------------------------
Georgiana Bendre at Business Review, citing an analysis of CITR,
the Romanian insolvency administration company, reports that the
Romania industrial sector has the highest insolvency risk in 2017.

According to Business Review, out of industry and constructions
sectors, there are already 54%, respectively 15% of the total
fixed assets of the companies with insolvency requests in 2017.

At the end of February, 120 companies, each with assets with over
EUR1 million, have already recorded insolvency requests, Business
Review discloses.  The number of cumulated of employees of these
companies reached 20,000 and their turnovers account over EUR1.5
billion, Business Review notes.

"The state of this sectors strongly influenced by the alternative
energy producers market, which is still in difficulty: its
vulnerability level is correlated with the legislative regulation
and the quotas of the green certificates," Business Review quotes
Andreea Cionca-Anghelof, coordinator associate at CITR, as saying.

The constructions sector rings the alarm bell, as out of the 120
of the companies with insolvency requests, the constructions
represent 15% of the fixed assets, 38% of the cumulated turnover
and 15% of the total number of employees, Business Review states.

The banking sector also faces difficulties due to market
agglomeration, the similar operations types that they offer and
the low market shares to be profitable at competitive level,
Business Review relays.

The CITR specialists estimate that the state companies will
increase their vulnerability level in 2017, Business Review says.

The number of insolvencies has fallen compared with 2016, but the
companies with impact on the economy continue to face financial
difficulties, according to Business Review.



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


VERISURE MIDHOLDING: Moody's Rates EUR425MM Sr. Sec. Loan 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Verisure
Midholding AB's EUR425 million senior secured term loan due 2022
to be issued by Verisure Holding AB. Moody's understands that the
proceeds of the new senior secured term loan will be used to
redeem the company's S+4.25% EUR 280 million (equivalent) senior
secured term loan denominated in SEK, to repay drawings on its
revolving credit facility (RCF), redeem up to 10% of its 6% EUR
700 million senior secured notes due 2022 and cover related
transaction costs.

Verisure's existing ratings will remain unaffected. These are
comprised of B2 corporate family rating (CFR), B2-PD probability
of default rating (PDR), B1 instrument ratings on EUR 1,265
million senior secured term loans maturing in 2022, EUR 280
million (equivalent) senior secured term loan due 2022, EUR 300
million senior secured revolving credit facility maturing in 2021,
EUR 700m million senior secured notes due 2022, all issued by
Verisure Holding AB, and the Caa1 instrument rating on the senior
unsecured notes due 2023 issued by Verisure Midholding AB. The
outlook on all ratings is positive.

Moody's will withdraw the B1 rating on the EUR 280 million
(equivalent) senior secured term loan upon their redemption.

RATINGS RATIONALE

The B1 rating assigned to EUR 425 million senior unsecured term
loan due 2022 reflects their pari passu ranking with all other
senior secured indebtedness issued by Verisure. The new facility
terms will be largely in line with the terms of its EUR 280
million (equivalent) senior secured term loan.

The transaction is expected to have a minimal effect on Moodys'
adjusted leverage which is expected to be at approximately 6.3x in
financial year end December 2016 (FY16) (pro forma for the
expected new term loan B) compared to 6.2x before the refinancing.
There will be no material impact on its cash flow or interest
cover from the expected margin reduction on its new debt.

Verisure continued to perform strongly in FY16 with organic
revenue and company adjusted EBITDA up by 17% and 25% year-on-year
respectively, based on unaudited FY16 financial statements. The
company has delevered on the basis of several alarm-industry
specific metrics, with debt to recurring monthly revenues reducing
to 33x at December 2016 compared to 42x at June 2015 (pro forma
for the LBO transaction). Debt to steady-state EBITDA (excluding
costs to grow the subscriber base) reduced to 5.5x from 6.4x over
this period. Subscriber acquisition costs have remained stable and
the company has maintained its industry-leading low attrition
rates of 6.7%.

Verisure's B2 CFR is supported by group's leading position in the
European residential home and small business monitored alarms
(RHSB) market, which remains underpenetrated compared to the US
offering continued high growth potential. It also reflects
Verisure's solid track record of continuous growth in average
revenue per user (ARPU) and subscriber base while lowering churn
rates. The rating incorporates the strong current trading
performance, positive deleveraging prospects and Moody's
expectations of a gradual cash flow improvement supported by the
low churn rate and the implementation of cost saving initiatives.

On the other hand, the rating remains constrained by its high
leverage and the ongoing risks that new debt will be raised either
for subscriber acquisitions or dividends which would slow the pace
of deleveraging, negative free cash flow as a result of
significant investment to capture new subscribers and the
relatively high geographic concentration with approximately 38% of
revenues originating in Spain. In addition, the rating reflects
the potential long term threat from new entrants and existing
players, including cable and telecommunication providers.

Rating Outlook

The positive outlook reflects Moody's expectation of sustained
deleveraging through EBITDA growth whilst cancellation rates and
customer acquisition costs remain stable. Moody's expects the
subscriber base to grow leading to improved cash flow on a steady-
state basis before growth in new subscribers, which in the near
term will provide sufficient cash flows to sustain growth in new
subscribers. Moody's also anticipates that releveraging events
through tapping the existing debt will reduce as the customer
portfolio grows and the company becomes closer to self-funding its
growth.

What Could Change the Rating - Up

Positive rating pressure could develop if Verisure reduces its
debt / RMR below 30x and increases free cash flow (before growth
spending) to debt towards 10%, with free cash flow (after growth
spending) becoming positive. It also assumes a stable cancellation
rate and customer acquisition costs, and no change to the current
financial policy with no further dividends payments and limited
requirements for additional debt financing.

What Could Change the Rating - Down

Downward rating pressure could develop if the company fails to
reduce its debt / RMR below 40x within the next 12-18 months, if
steady-state cash generation trends towards zero, or if liquidity
concerns arise.

Other Considerations

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Corporate Profile

Headquartered in Malmo, Sweden, Verisure Midholding AB, is a
leading provider of monitored alarm solutions operating under the
Securitas Direct and Verisure brand names. It designs, sells and
installs alarms and provides ongoing monitoring services to
residential and small sized businesses across 14 countries in
Europe and Latin America. The customer base consists of
approximately 2.3 million subscribers. The company has around
9,000 employees and for FY2016, it reported revenues of
approximately EUR 1.2 billion.

Verisure (then Securitas Direct) was founded in 1988 as a unit of
Securitas AB. It was demerged and listed on the Stockholm Stock
Exchange in 2006. The company is controlled by Hellman & Friedman
(93% equity) and management (7%).



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


MATTERHORN TELECOM: S&P Assigns 'B' Rating to Sr. Secured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating to the senior
secured notes to be issued by Swiss mobile operator Matterhorn
Telecom S.A. (Matterhorn; B/Stable/--).  The proposed notes
consist of a tap of CHF200 million on existing senior secured
fixed-rate notes, as well as new floating-rate notes (FRN)
totaling EUR265 million (about CHF287 million). The recovery
rating is '3', indicating S&P's expectation of meaningful (50%-
70%; rounded estimate 55%) recovery prospects in the event of
default.

S&P has also assigned its 'CCC+' issue rating to the proposed
CHF200 million unsecured notes to be issued by Matterhorn Telecom
Holding S.A. through a tap on existing unsecured notes.  The
recovery rating is '6', indicating negligible (0-10%; rounded
estimate 0%) recovery in the event of default.

S&P affirmed its 'B' issue rating on Matterhorn's outstanding
senior secured debt and S&P's 'CCC+' issue rating on its
outstanding unsecured debt.  The recovery ratings are unchanged at
'3' and '6', respectively, indicating S&P's expectation of
meaningful (50%-70%; rounded estimate 55%) recovery for the
secured debt and negligible (0-10%; rounded estimate 0%) recovery
for the unsecured debt.

The rating actions follow Matterhorn's proposed dividend
recapitalization and partial refinancing.  The 'B' issue rating on
the existing and proposed secured debt is supported by the group's
substantial transformation and cash generation over the past two
years, and S&P's valuation of the group as a going concern.  The
remaining contractual subordination to the CHF100 million super
senior revolving credit facility (RCF) and the larger amount of
secured debt -- the proceeds of which are intended to partly fund
a CHF500 million dividend to NJJ
Capital -- remain the key constraints to S&P's recovery ratings on
the secured debt, diluting expected recovery for secured
noteholders.

S&P's 'CCC+' issue rating and '6' recovery rating on the proposed
CHF200 million senior unsecured notes reflect the notes' unsecured
and subordinated nature.  S&P expects that recovery prospects
would remain negligible, given that under its hypothetical default
scenario most of the value available to debtors would be absorbed
by secured lenders, leaving no residual value for unsecured
noteholders.

The proposed notes' documentation will be aligned with that for
the existing notes, although the proposed one-time amendments will
be reflected.  The security and guarantor package for the proposed
notes remains the same as for the existing notes.

                       RECOVERY ANALYSIS

The affirmation of S&P's ratings on the existing senior secured
and unsecured notes are based on preliminary information and are
subject to the proposed notes' successful issuance and S&P's
satisfactory review of the final documentation and structure.  The
issuance proceeds, as well as about CHF130 million of balance-
sheet cash, will be used to pay a CHF500 million dividend to
sponsor NJJ Capital and related fees, two years after Matterhorn
acquired the company from Apax Partners.  The documentation is
expected to be fully fungible with the existing debt indenture pro
forma the one-time amendments, pending approval from the RCF's
lenders and bondholders.

The proposed amendments aim to (i) increase the amount of
restricted payments under each indenture to allow the dividend
distribution to NJJ, in one or more payments, by December 2017 and
(ii) incur additional debt on a one-time basis to fund the portion
of the distribution not otherwise covered by cash on the balance
sheet (by changing the limitation on indebtedness and permitted
collateral liens covenants).  The maximum aggregate amount of the
distribution to NJJ will be CHF500 million.

S&P notes that about CHF120 million of the distribution will be
paid under amounts available for restricted payments under each
indenture under the "build-up basket" (of which approximately
CHF1.8 million is currently available) and the "general basket"
(of which CHF115.9 million is currently available).  The remaining
part will be paid under a new one-time restricted payments basket.
Additional debt capacity will not exceed the lesser of (i) an
amount equal to CHF400 million, CHF200 million of which is
expected to be fixed-rate senior secured notes and CHF200 million
of which is expected to be senior notes, and (ii) an amount that
would cause Matterhorn's consolidated net leverage ratio to exceed
5.25x.  S&P expects all other documentation terms will remain
unchanged.

In S&P's hypothetical default scenario, it assumes a severe
decline in mobile revenues caused by higher subscriber turnover,
declining average revenue per user, and loss of market share,
resulting from fierce competition and Matterhorn's slower-than-
expected service diversification in its fixed-line business.  S&P
believes that this, combined with the fixed-line investments
charge, would reduce cash flow, leading to a hypothetical payment
default in 2020.

S&P values Matterhorn as a going concern since S&P believes the
business would likely reorganize in a default scenario.  This is
underpinned by Matterhorn's established market position in a
regulatory stable environment, valuable mobile network and
customer base, and fairly high barriers to enter the industry.

Simulated default assumptions

   -- Year of default: 2020
   -- Minimum capital expenditure (share of the last three years'
      average sales): 6.0% [1]
   -- Cyclicality adjustment factor: +0% (standard sector
      assumption for the telecommunications and cable sector)
   -- Operational adjustment: +30% (for future capital
      expenditure needs in excess of 6% of historical sales)
   -- Emergence EBITDA after recovery adjustments: About
      CHF225 million
   -- Implied enterprise value multiple: 6.0x
   -- Jurisdiction: Switzerland

Simplified waterfall

   -- Gross enterprise value at default: About CHF1.35 billion
   -- Administrative costs: 5%
   -- Net value available to debtors: CHF1.28 billion
   -- Priority claims[2]: About CHF88 million
   -- Secured debt claims[2]: About CHF2.02 billion
   -- Recovery expectation[3]: 50%-70% (rounded estimate 55%;
      recovery rating '3')
   -- Unsecured debt claims[2]: About CHF405 million
   -- Recovery expectation[3]: 0%-10% (rounded estimate 0%;
      recovery rating '6')

[1]Average sales exclude future fixed-line revenues.
[2]All debt amounts include six months of prepetition interest.
   RCF assumed 85% drawn on the path to default.
[3]Rounded down to the nearest 5%.

RATINGS LIST

New Rating

Matterhorn Telecom Holding S.A.
Senior Unsecured                       CCC+
   Recovery Rating                      6(0%)

Matterhorn Telecom S.A.
Senior Secured                         B
   Recovery Rating                      3(55%)

Ratings Affirmed

Matterhorn Telecom Holding S.A.
Senior Unsecured                       CCC+
  Recovery Rating                       6(0%)

Matterhorn Telecom S.A.
Senior Secured                         B
   Recovery Rating                      3(55%)



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


BLUE INC: Store Landlords Raise Questions on CVA Proposal
---------------------------------------------------------
Rhiannon Bury at The Daily Telegraph reports that store landlords
to the men's fashion retailer Blue Inc. have raised serious
questions about the chain's desperate attempts to stay afloat.

Blue Inc. has asked various landlords and lenders to accept staged
payments for rent arrears and to write off some of its debt, as
well as the suggested closure of 33 of its stores, through a
company voluntary arrangement (CVA), The Daily Telegraph relates.

However, landlords have branded the plans, revealed by The Daily
Telegraph last week, as a "stay of execution" only.  Several
claim, The Daily Telegraph relates, that even if creditors agree
to its terms, Blue Inc. will struggle to continue trading -- an
extraordinary fall from grace for a company which, just three
years ago, was considering a stock exchange flotation.

Two of the company's main creditors -- Barclays Bank, to whom it
owes GBP5 million, and a supplier, Padma Textiles, to whom it owes
GBP4.8 million -- are expected to agree to its terms, The Daily
Telegraph states.  According to report, sources said Barclays
could write off part of the debt, while Padma Textiles could do a
debt-for-equity swap.

Begbies Traynor, which is handling the process, is thought to be
preparing a pre-pack administration as an option, The Daily
Telegraph relays.

                       About Blue Inc.

Blue Inc. is a chain of fashion retail stores based and operating
across the United Kingdom.  It trades under both The Officers Club
and Blue Inc. names.

In early March 2017, Blue Inc. filed for a company voluntary
arrangement (CVA) to cut its losses.  The company has identified
GBP1.8 million in rent arrears that it cannot currently pay.
Kirstie Provan of Begbies Traynor is overseeing the process. The
CVA proposal reportedly includes the closure of 33 of its 127
shops.  The Troubled Company Reporter cited The Telegraph as
reporting that under the CVA process, creditors would recoup 36p
in the pound, rather than potentially nothing were it to go into
administration or liquidation.

A creditors meeting is currently scheduled to be held on March 22.


BUSINESS ROCKS: 2017 Event Cancelled After Going Into Liquidation
-----------------------------------------------------------------
Simon Austin at Prolific North reports that the Business Rocks
2017 event has been cancelled after the company behind the event
went into liquidation.

The May 2017 event was rendered 'unsustainable' after commercial
partnerships and visitor numbers fell significantly below
expectations, according to Prolific North.

The report notes that majority shareholder Scott Fletcher, who had
invested GBP250,000 in last year's event, placed the company into
liquidation.

The report notes that former recruitment consultant Jonny Cadden,
who set up the firm, secured Apple co-founder Steve Wozniak as
keynote speaker for last year's event at Manchester Central.

But Mr. Fletcher, the CEO of ANS, told Prolific North: "I invested
to support Manchester at the time, as Cadden had secured Steve
Wozniak and I didn't want the city to have egg on its face.

"Manchester has moved on and there is more happening now. I am not
in the events business and anticipated other investors coming
along, but this did not materialise."

Mr. Cadden added: "I am hugely disappointed to announce the
cancellation of Business Rocks 2017. I have put my everything into
this vision for the last three years but regrettably have had to
accept that my everything is not going to be enough and can
confirm that the company is now in the process of being placed
into liquidation."

Prolific North is awaiting an update from the liquidator Richard
Cole at RSM for information on the creditors and suppliers and
amounts owed but it is understood that all salaries were paid
before the liquidation was called.

Profilic North relates that a creditors meeting is due to be held
at the offices of RSM on Friday, March 24, Any parties with a
claim are advised to contact Liam.Comiskey@rsmuk.com


CITYWING AVIATION: Put Under Liquidation, New Operator Takes Over
-----------------------------------------------------------------
Citywing announced in its website that it has made the difficult
decision of closing the company and entering into liquidation as
of March 10, 2017.

Flights on March 11 onwards have all be cancelled, the company
related in a statement posted in its website.

Citywing, which trades under the name Citywing Aviation Services
Limited, was an Isle of Man-based virtual airline that sold seats
on scheduled air flights operated under charter.

The virtual airline related that as a result of its operator Van
Air Europe losing their route licenses on February 24, 2017, it
found difficulty to source suitable viable aircraft to fulfill its
The company has tried to offer a service whilst suffering
considerable losses but these have proved unfortunately to be
commercially unsustainable.

In its website, Citywing requested passengers not to turn up at
the airports for their flights as there will be no one to assist.

Citywing advised that a liquidator will be appointed and
passengers will be advised in due course on how to get a refund on
their tickets.

BBC News relates that a new operator has been appointed to take
over the air service after the previous one went into liquidation.

BBC News relates that Economy Secretary Ken Skates said on March
11 that Eastern Airways would take over the Cardiff to Anglesey
route and there would be no disruption.


DOVECLIFF HALL: Worried Couples React to Hotel in Administration
----------------------------------------------------------------
Burton Mail reports that more worried couples who are set to tie
the knot at the popular Burton wedding venue, Dovecliff Hall
Hotel, have voiced their concerns after it went into
administration last month.

Dovecliff Hall, in Dovecliff Road, Stretton, sent out letters to
dozens of people planning to get hitched at the venue to inform
them that the venue had gone into administration, according to
Burton Mail.

Burton Mail relates that Duff and Phelps took control of the hotel
from Abbot Grange Limited, which also owns The Bridge Hotel in
Thrapston, in Northamptonshire, on February 16.

The report notes the firm, which is currently seeking new buyers
for the venue, has said that it will "honour bookings" that had
been made.

The news caused concern to couples looking to get hitched at the
venue, who took to social media to have their say, the report
relays.

Assurances have been made that in the event that a wedding cannot
go ahead, any money paid after February 16 would be refunded, the
report relays.  However, those who decided not to go ahead and
cancel their booking have been advised to do so before Friday,
March 17, the report notes.  This would see them lose any money
paid before Friday, February 17.

Matthew Ingram and Sarah Bell, of Duff and Phelps, have been
appointed joint administrators to Abbott Grange Limited, which
trades as The Dovecliff Hall Hotel and The Bridge Hotel.

Burton Mail relates that joint administrator Matt Ingram said: "We
are continuing to operate the hotels while we enter into
discussions with potential purchasers. I can reassure customers
that they should notice little impact as a result of our
appointment. We are aware that a number of people have weddings
and other celebrations booked in advance at the venues and have
been in touch with those parties to assure them of the commitment
to honour bookings that have been made and to advise them of our
contact details should they have any concerns.

"These are established venues and present an excellent opportunity
for an ambitious and visionary operator. I am optimistic that we
will have positive developments to report in the near future," he
added.


FOOD RETAILER: Budgens-Winklebury Way Closed on March 5
-------------------------------------------------------
Tim Birkbeck at Basingstoke Gazette reports the Budgens store
outlet at Winklebury Way, Basingstoke, was set to close March 5
after its operator, Food Retailer Operations Limited (FROL), went
into administration.

The Winklebury Way store employs 21 people.

              About Food Retailer Operations

Food Retailer Operations Limited operates 34 convenience
stores across the UK, which trade under the Budgens brand and
employs 872 people. It also holds the leasehold interests in a
further 36 non-trading stores, two non-trading properties and the
head office of the former Somerfield business.

Since FROL's acquisition of the Budgens stores from the
Co-operative Group in July 2016, the Company has experienced
difficult trading conditions.

The Company launched a Company Voluntary Arrangement (CVA)
proposal, but it was voted down by creditors. This has resulted
in the Company being placed into administration on February 10,
2017, and there will be a sale process to find a purchaser for
all or some of the stores.

Michael Denny, Robert Moran and Matthew Hammond of
PricewaterhouseCoopers (PwC) were appointed as Joint
Administrators of Food Retailer Operations Limited on February
10, 2017.

The Troubled Company Reporter-Europe reported on Jan. 23, 2017,
citing TalkingRetail, that the Budgens stores facing closure are
in Gillingham (Kent), Greenwich (south-east London), Blackburn
(Lancashire), Willenhall (West Midlands), Buckley (Flintshire),
Wisbech (Cambridgeshire), Paisley (Renfrewshire), Aberystwyth
(Ceredigion), Helston (Cornwall), Monmouth (South Wales), Totnes
(Devon) and Ludlow (Shropshire).


INNOVIA GROUP: S&P Withdraws 'B' Rating on Senior Secured Notes
---------------------------------------------------------------
S&P Global Ratings said that it raised its corporate credit rating
on U.K.-based polymer film and banknote substrate manufacturer
Innovia Group (Holding 3) Ltd. (Innovia) to 'BBB' from 'B' and
removed the ratings from CreditWatch, were they were placed with
positive implications on Dec. 21, 2016.  S&P subsequently withdrew
the ratings on Innovia.

At the same time, S&P withdrew the 'B' issue-level rating on the
group's senior secured notes.

Following the completion of Innovia's acquisition by Toronto-based
label manufacturing group CCL Industries, S&P raised the ratings
on Innovia to align them with the group's new parent.
Subsequently, S&P withdrew its corporate credit rating and issue-
level ratings on Innovia Group.  Innovia's outstanding rated debt
has been called and redeemed, while the corporate credit ratings
were withdrawn at the company's request.


JS SECURITY: Bought Out of Administration; 42 Jobs Saved
--------------------------------------------------------
Insider Media reports that JS Security, a Cheltenham company that
previously provided matchday security for the Rugby World Cup
games at Kingsholm Stadium, has been bought out of administration,
saving more than 40 jobs.

JS Security was appointed as the official security provider at
Gloucester Rugby in June 2013 for two years and also won the
contract to provide matchday security for the four Rugby World Cup
matches at Kingsholm Stadium in September 2015, the report
discloses.

According to the report, joint administrators Kelly Burton and
Lisa Hogg of Wilson Field were appointed to JS Security Ltd on
Feb. 10, 2017, after HM Revenue & Customs threatened to wind-up
the company because of accumulated tax arrears.

Insider Media relates that the company, which operated from Old
Station Drive in Cheltenham, has now been bought out of
administration by existing and associated company JS Facilities
Group Ltd, saving all 42 jobs.

It will continue to be operated by the existing management team
lead by managing director John Search, the report says.

The total value of the deal is undisclosed but it includes the
business and the assets of JS Security, Insider Media notes.

"Unfortunately, the security services sector is very competitive
which leads to hourly rate discounting and small margins," the
report quotes Ms. Burton as saying.  "JS Security accumulated tax
arrears which threatened its existence. After discussing the
situation with the director, I am pleased that we have found a
solution which will see the business continue to trade and also
all 42 employees' jobs transferred to the new company."

JS Facilities Group Ltd has been trading for 15 years and operates
throughout Gloucestershire specialising in security services for
sectors including commercial, logistics security, construction,
events, key holding and alarm response.   It provides services
including remote video monitoring, control room services, lone
working monitoring, security guarding, door supervisors, mobile
security patrols, event security and first aid training.


KCA DEUTAG: Moody's Rates Proposed US$525MM Sec. Notes 'CCC+'
-------------------------------------------------------------
Moody's Investors Service has assigned a Caa1 rating to the new
USD525 million senior secured notes due 2022 to be issued by KCA
Deutag UK Finance plc, a subsidiary of UK-based oil field services
company KCA Deutag Alpha Ltd (KCA). The outlook is stable.

"We have assigned a Caa1 rating to the proposed new senior secured
notes as they will be issued under similar terms to the
outstanding Caa1-rated secured notes. All senior secured notes and
debt facilities will rank equally in the capital structure, with
equivalent benefits from their comparable security and guarantee
arrangements," says Hubert Allemani, a Vice
President -- Senior Analyst at Moody's, and lead analyst for KCA.

Moody's views the proposed refinancing of the $500 million senior
secured notes due 2018 and envisaged maturity extension and
amendment of the financial covenant of the revolving credit
facility and term loan as positive for the liquidity profile.

RATINGS RATIONALE

-- Caa1 NEW SENIOR SECURED NOTES

The Caa1 rating assigned to the proposed USD525 million senior
secured notes due 2022 reflects that they will be issued under
similar terms to the outstanding Caa1-rated secured notes and term
loans, having various maturities from 2020 onward. All of the
senior secured notes issued by KCA Deutag UK Finance plc and
secured revolving and term facilities borrowed by KCA Deutag Alpha
Ltd will rank pari passu and benefit from similar security and
guarantee packages from material subsidiaries.

The proceeds from the new senior secured notes will be used to
repay the outstanding $500 million senior secured notes due 2018,
and related expenses.

-- Caa1 CORPORATE FAMILY RATING

The Caa1 CFR reflects the company's high Moody's adjusted leverage
that the rating agency expects to increase in 2017 to level close
to 6.0x in a market environment that continues to be challenging
with uncertainties around pricing pressure and utilization rate.
The ratings also reflect the negative free cash flow expected for
2017 on a Moody's adjusted basis due to lower Moody's adjusted
EBITDA after the divestment of MODUs and assumed price pressure on
land and offshore activities.

These negatives are partially offset by the company's
profitability resilience over the last 12 months with an
improvement of its Moody's adjusted EBIT and EBITDA margins to
8.7% and 23.3% at end of 2016 and based on preliminary financials
from 6% and 21.4% in 2015 respectively. The margins improvement is
driven by adequate level of utilisation rate, resilience of
contractual revenues, and cost reduction in all divisions. Moody's
views that the implemented cost reductions should support
profitability and cash flow over the next 12-24 months. The
divestment of MODUs should also benefit the company going forward,
taking away the volatility of earnings of the MODUs business
model.

The ratings are also supported by (1) the company's geographic
diversification in regions less affected by shale oil drilling
collapse; (2) strong focus on land drilling markets, which
represented approximately 70% of the reported EBITDA in 2016; (3)
the company's solid contract backlog of around $5.5 billion at 1st
February 2017 and (4) improved liquidity profile.

LIQUIDITY PROFILE

Moody's regards KCA's liquidity as adequate for its near-term
requirements albeit Moody's adjusted free cash flow (FCF)
generation is expected to be slightly negative in 2017. Moody's
expects FCF to be constrained by capex requirement, despite being
reduced from previous years to reflect current market conditions,
and high financial expenses this year. As of 31 December 2016, the
company had cash and cash equivalent of approximately $180 million
and approximately $156 million available under the cash component
of its RCF. The company has improved its maturity profile with the
first significant maturity being due in 2020, pro forma of the
refinancing.

Moody's also takes comfort in the proposed maturity extension of
the RCF and tem loan and the amendment of the financial covenant
that will give the company more headroom and greater certainty to
access the RCF, if needed.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook is based on the assumptions that the company
will continue to experience low prices putting pressure on its
profitability. Moody's does not expect the market environment to
recover before next year.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating could be upgraded over time if the Moody's-adjusted
leverage remains sustainably below around 6.0x, together with a
solid liquidity profile. Any potential upgrade would also include
an assessment of market conditions.

The CFR could face downward pressure if the Moody's-adjusted
leverage rises towards 8.0x or if the liquidity profile
deteriorates.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: KCA DEUTAG UK Finance plc

-- Backed Senior Secured Regular Bond/Debenture, Assigned Caa1
    (LGD4)

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Headquartered in the UK, KCA Deutag is a provider of onshore and
offshore drilling services as well as engineering services to both
IOCs and NOCs in international markets. Its ultimate owner is a
consortium led by Pamplona Capital Management. In 2016, KCA Deutag
reported revenues of USD1.2 billion.


KCA DEUTAG: S&P Assigns CCC+ Rating to $525MM Sr. Secured Notes
---------------------------------------------------------------S&P
Global Ratings said that it revised its outlook on U.K.-
headquartered oil services company KCA DEUTAG Alpha Ltd. (KCAD) to
positive from stable.  S&P affirmed the long-term corporate credit
rating on KCAD at 'CCC+'.

S&P also affirmed at 'CCC+' the issue ratings on KCAD's $375
million notes due 2021, $375 million term loan B due 2020, and
$500 million senior secured notes due 2018.  The recovery rating
on these instruments is unchanged at '3', reflecting S&P's
expectation of meaningful recovery (rounded estimate: 55%) in the
event of a payment default.

At the same time, S&P has assigned a 'CCC+' rating to the
$525 million senior secured notes that the company intends to
issue in the coming weeks.  The recovery rating on the proposed
notes is '3', indicating S&P's expectation for meaningful recovery
(rounded estimate: 55%) in the event of a payment default.  S&P
understands that after the notes are issued, the company will
redeem the $500 million senior secured notes due 2018.

At the company's request, S&P is withdrawing the 'CCC+' rating on
the $250 million revolving credit facilities (RCFs) maturing in
2019.

The outlook revision reflects the company's recent contract
agreement extensions and somewhat improved oil price, which may
support some improvement in the oil drilling market over the
medium term.  This has led S&P to revise upwards the company's
EBITDA for 2017 and 2018, compared to S&P's previous base case
from October 2016 when it lowered the credit rating to 'CCC+'.

Despite the positive momentum, the company's credit metrics will
likely remain somewhat weak in the short term.  S&P forecasts
KCAD's S&P Global Rating-adjusted debt to EBITDA to be between
6.5x-7.0x in 2017, before improving to slightly below 6.0x in
2018.  In addition, S&P continues to forecast neutral to slightly
negative free operating cash flows in 2017, but to a lesser extent
than in S&P's previous forecast.  In S&P's view, prospects for a
higher rating depend on the company's ability to report stronger
EBITDA and over time reduce its sizable debt level--as of Dec. 31,
2016, KCAD's adjusted debt was about $1.5 billion.  In S&P's view,
adjusted debt to EBITDA trending below 6.0x and positive free
operating cash flow (FOCF) would support a higher rating.

S&P understands that the company is launching a comprehensive
refinancing transaction, improving its debt maturity profile, with
no material maturities till 2020, and increasing its financial
flexibility.  S&P is likely to reassess the company's liquidity as
adequate when the refinancing is complete, which further supports
S&P's positive outlook.  The transaction will include these
components:

   -- Proposed $525 million senior secured notes due 2022, whose
      proceeds will be utilized for calling the currently
      outstanding $500 million senior secured notes due 2018.

   -- Extension of the maturity of the RCF to 2022, with an
      amended and more relaxed debt-to-EBITDA covenant test to
      5.95x until first-quarter 2018 and 5.75x until first-
      quarter 2019.  As part of the transaction, the parent
      company (KCA DEUTAG Alpha II Ltd.) is committed to provide
      an equity cure of at least $20 million in the form of a rig
      moving to KCAD's level, and an option of a further $25
      million at a later stage.

S&P expects the oilfield market services sector to slightly
recover over the course of 2017 thanks to a gradual rebound in oil
prices.  This should lead exploration and production (E&P)
companies to slightly increase investments.  However, the
profitability of the oilfield services is likely to remain
depressed.  As for KCAD, S&P expects improvement in the market to
translate into a mildly increased project pipeline for KCAD.  S&P
expects KCAD's land-drilling operations (which generate 70% of its
EBITDA) and offshore drilling operations (30% of EBITDA) to be the
first lines of business to recover.  As for KCAD's Bentec and RDS
divisions, S&P expects some business recovery this year, at least
in the pipeline of new projects.  Although those two lines of
business were deeply impacted by the oil crisis, the company was
able to implement cost-reduction measures, leading to neutral to
slightly positive EBITDA.

S&P deems the company's backlog healthy.  The contracted revenues
for 2017 and 2018 represent 60% and 54% of the company's revenues
in 2016 respectively.  Moreover, depending on market conditions,
the sizable options under the contracts could translate into new
firm contracts.

Under S&P's base-case scenario, it projects KCAD's adjusted EBITDA
in 2017 to be between $220 million-$240 million, compared to $270
million in 2016.  Moreover, S&P projects some recovery in 2018 to
about $240 million-$260 million with the improvement in market
conditions.

In S&P's base case for KCAD, S&P assumes:

   -- An oil price of $50 per barrel (/bbl) in 2017 and 2018.
      Around 10% decline in revenues for 2017 due to the company
      experiencing the tail end of the low oil price environment.
      S&P anticipates some recovery in oil prices and therefore
      more land-drilling and offshore services activities
      starting 2018, leading to an increase in revenues of about
      10%.

   -- EBITDA margins are expected to hold at around 20% for 2017,
      only slightly lower than 2016's figure of 21.6%.  The
      stability is related to a huge cost-cutting program that
      the company successfully undertook.

   -- Total capital expenditure (capex) of about $50 million-
      $70 million annually in 2017-2018, compared to about $55
      million in 2016 (including a sale and leaseback transaction
      not accounted as capex).  Most of the capex in the coming
      years will be spend on maintenance, with limited amounts on
      small reactivation projects deemed sufficient to sustain
      the company's growth.  No dividends.

   -- Working capital of around $20 million absorption driven by
      revenue growth.

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

   -- Debt to EBITDA at around 6.0x-7.0x in 2017, improving to
      slightly below 6.0x in 2018 (versus 5.5x in 2016).
   -- Neutral to slightly negative FOCF in 2017 (excluding swings
      in working capital), and positive from 2018.

The positive outlook reflects a one-in-three probability that S&P
will upgrade KCAD to 'B-' from 'CCC+' in the next 6-12 months.

An upgrade is contingent on the company's ability to secure more
contracts through 2017, improving S&P's visibility for 2018 and
enabling KCAD to grow its EBITDA from the level S&P projects for
2017.  Such a scenario is likely to follow improved market
conditions.  In S&P's view, with higher EBITDA the company would
be able to generate positive FOCF and deleverage.  S&P views debt
to EBITDA trending below 6.0x as commensurate with a higher
rating.

An upgrade would also be subject to KCAD having adequate
liquidity.

S&P could see pressure on the rating if KCAD doesn't address its
2018 debt maturities proactively in the coming six months and
doesn't obtain its covenant waivers or an equity cure from
shareholders.

S&P could also consider a negative rating action if it observes a
more pronounced decline in EBITDA in 2017 than S&P currently
expects, without an obvious rebound in 2018.


LION/GEM LUXEMBOURG: Moody's Cuts Corporate Family Rating to Caa2
-----------------------------------------------------------------
Moody's Investors Service downgraded UK-based fish and seafood
producer Lion/Gem Luxembourg 3 S.a.r.l.'s corporate family rating
(CFR) to Caa2 from Caa1, and probability of default rating (PDR)
to Caa2-PD from Caa1-PD. The rating outlook has changed to
negative from stable.

The rating action reflects Moody's view that rising input costs
and fierce competition will pressure Young's profitability over
the next 12 to 18 months. This in addition to the company's
already weak credit metrics result in a capital structure that
Moody's sees as unsustainable.

RATINGS RATIONALE

In the first quarter of its fiscal year 2016-17 (13 weeks to 31
December 2016), EBITDA (as reported) declined to GBP3.0 million
from GBP7.1 million a year ago. The sharp decline was driven by a
combination of factors including among other things time lag in
recovering rising input costs due to underlying fish and seafood
price inflation and the weaker pound as well as residual impact of
the Sainsbury's chilled salmon contract loss from November 2015.
Most of these factors are non-recurring and the company announced
that it has successfully passed through rising input costs.

However, the impact of the price increases on consumer volumes
remains uncertain. At the same time, competitive pressures is
likely to remain high. Moody's expects tenders for existing and
new private label contracts in the Chilled and Frozen divisions to
be fiercely fought whereas the branded frozen business will likely
face increased competition from Bird's Eye (owned by Nomad Foods
Europe Finco Limited rated B1 stable) as well as smaller brands.

As of December 31, 2016, the Moody's-adjusted debt/EBITDA stood at
51.4x (13.5x excluding the preferred equity certificates or PECs).
Moody's treats the PECs as debt because their terms are not in
line with the criteria defined in its methodology entitled `Hybrid
Equity Credit' published on 18 January 2017. The company's
leverage could increase towards around 55.0x (14.0x excluding the
PECs) because of downward pressure on profitability and accrued
interests on the PIK notes and the PECs.

Moody's views the company's liquidity profile as adequate but at
the weaker end. Working capital typically reaches a high level in
the first fiscal-year quarter before winding down the following
quarters. However, free cash flow generation will also remain low
if profitability does not improve over the next 12 to 18 months.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectations that the
company's credit metrics could deteriorate further in the next 12
to 18 months given the challenging market conditions and accrued
interests. However, the outlook could be stabilised if
profitability sustainably improves in the next 12 to 18 months,
and the company maintains an adequate liquidity profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the ratings is unlikely at this stage while
the PECs remain outstanding in their current format.

The ratings could be downgraded if the company's profitability or
liquidity profile were to deteriorate in the next 12 to 18 months.
Failure to address the maturity of the PIK notes in August 2019
will also likely result in a rating downgrade. Furthermore, any
transaction which crystallises a loss relative to the original
promise to creditors could lead to such actions being potentially
classified as a distressed exchange notably if the intended effect
is to alleviate liquidity or refinancing issues.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Headquartered in the UK, Young's Seafood is a leading UK fish and
seafood producer in both the chilled and frozen segments. In the
fiscal year ending 30 September 2016, it generated net turnover of
GBP495 million pro-forma for the disposal of its continental
European businesses in November 2015 to Nomad Foods.


NORD GOLD: Fitch Revises Outlook to Positive & Affirms BB- IDR
--------------------------------------------------------------
Fitch Ratings has affirmed UK-based gold mining company Nord Gold
S.E.'s Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook
on the company's Long-Term IDR has been revised to Positive from
Stable.

The affirmation of the company's ratings reflects operational and
financial results in line with the agency's previous expectations,
together with good progress on development projects including the
commissioning of the Bouly mine. The revision of the Outlook to
Positive reflects a combination of the operational benefit
expected from the commissioning of the company's Gross mine
together with an expected improvement in credit metrics post 2017.

KEY RATING DRIVERS

Operating Results Within Expectations: Nordgold's operating and
financial results for 2016 should be overall in line with Fitch's
expectations. Absolute revenue and EBITDA levels are expected to
be around 5% lower than previously anticipated, but absolute debt
levels are likely to be around USD150 million lower at
approximately USD865 million.

For 2017, Fitch expects funds from operations (FFO) gross leverage
to increase to around 3.0x (compared to approximately 2.0x in
2016), as the company continues to spend on the completion of its
Gross development project. Thereafter, with Gross expected to
commence production in H118, Fitch expects free cash flow return
to being neutral/positive, which should result in FFO gross
leverage moving below 2.0x by 2019.

Production Costs Remain Variable: All-in sustaining costs (AISC)
on a company-wide basis increased by USD145/oz to USD904/oz in the
company's latest results (nine months to September 2016). The 19%
increase in AISC exceeded an 11% increase in total cash costs
(TCC) over the same period. The increase in TCC was largely due to
lower grades at several mines, with the higher AISC increase also
reflecting increased capitalised stripping costs at the company's
West African and Berezitovy mines in relation to pit cutbacks.

Fitch expects AISC to fall moderately in 2017 due to lower
stripping costs. In the longer term, the start-up of production at
Gross is also expected to contribute to lower overall production
costs for the group given expected operating costs at this mine.

Diverse Country Risk Exposure: The company has operations in
Burkina Faso (37% of total revenues), Guinea (23%), Russia (31%)
and Kazakhstan (10%). Less developed economies such as these can
be less favourable for mining companies to operate in as a result
of factors such as poor roads and other infrastructure,
uncertainty in the application and/or enforceability of taxation,
mining and other laws, and less stable governmental finances. In
this regard Fitch views Nordgold's operational diversification as
a partial mitigant against the risk from a disruption in one of
the individual countries in which it operates.

Manageable Capex Programme: Nordgold's previous main capex project
- Bouly - commenced production in September 2016 and reached full
capacity late in the year. Nordgold's capex intensity
(capex/revenues) will remain high in the short term at over 30% in
2017 as the company continues to develop the Gross open-pit heap
leach project in Russia. Gross is expected to start production in
H118. After 2017 capex intensity will fall towards 20, allowing
Nordgold to return to neutral-to-positive free cash-flow
generation.

Redomiciled and Delisted: At the end of June 2016, Nord Gold SE
completed its return to being domiciled in the United Kingdom from
the Netherlands. This change required Nordgold to complete a
further internal reorganisation in order to comply with UK
corporate law associated with the payment of dividends. As a
result, no dividends were paid in the second and third quarters of
2016. The reorganisation was completed on 8th December 2016 with
the dividends for Q2 and Q3 2016 declared on 12 December 2016 and
paid afterwards.

Separately, on February 9, 2017, Nordgold announced its intention
to de-list its GDRs from the LSE. The company said the decision
reflected the view of the company's board that the current share
price undervalues the company. The company indicated that it will
continue its current development programme before considering a
return to the public markets in the future as a larger company.
GDR holders will be given a choice to exit or stay as shareholders
of the company. The tender for the GDRs closes on 16 March 2017.

DERIVATION SUMMARY

Fitch rates several North American gold mining companies in the
'BBB' category: Goldcorp (BBB/Stable), Kinross Gold Corp (BBB-
/Stable), and Yamana Gold (BBB-/Stable). Compared to Goldcorp and
Kinross, Nordgold is significantly smaller in terms of gold
production and revenues, although all-in sustaining costs (AISC)
are similar. Goldcorp and Kinross have a higher proportion of
mines located in more stable countries but also have a number of
mines in Mexico/South America (Goldcorp) and Russia/West Africa
(Kinross). Yamana is most comparable to Nordgold in terms of scale
and also has a majority of assets located in emerging economies
(South America). Fitch applies a two-notch corporate governance
discount to a majority of its Russian corporate issuers. This
notching applies to Nordgold and partially explains the rating
differential with Yamana. No Country Ceiling, parent/subsidiary or
operating environment aspects impacts the rating

KEY ASSUMPTIONS

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

- Fitch gold price deck assumes USD1,100/oz during forecasting
   period (2016-2019);

- capex of around USD380m in 2017 reducing towards USD300m by
   2019;

- production at the Gross project to commence in H1 18 in line
   with the company's guidance.

RATING SENSITIVITIES

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

- Strengthening of the company's operational profile through
   successful commissioning and ramp-up of the Gross project
   together with funds from operations (FFO)-adjusted gross
   leverage being sustained below 2.0

- Positive free cash flow (FCF) on a sustained basis

- EBITDA margin above 30% on a sustained basis

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

- EBITDA margin below 20% on a continuing basis

- Failure to deleverage in line with Fitch's expectations,
   resulting in FFO leverage above 3.0x on a sustained basis

LIQUIDITY

Adequate Liquidity: As at end-September 2016 the company's
unrestricted cash balance was USD312 million versus USD167 million
of short-term debt and USD12 million of accrued interest. The
short-term debt comprises amounts due under the USD500 million
five-year facility agreed with Sberbank in March 2014. Since
September, Nordgold has raised an additional USD150 million bank
facility from ING (drawn to USD40 million as of end-December 2016.
The undrawn portion of this facility together with accumulated
cash balances are sufficient to service the company's maturing
debt, working-capital needs and capital expenditure in 2017.

FULL LIST OF RATING ACTIONS

Nord Gold S.E.

- Foreign Currency Long-term Issuer Default Rating (IDR):
   affirmed at BB-; Outlook revised to Positive;

- Foreign Currency Short-Term IDR: affirmed at B;

- Local-Currency Long-term IDR: affirmed at BB-; Outlook
   revised to Positive;

- Foreign-currency senior unsecured rating: affirmed at BB-.


PREMIER OIL: Reports Progress on Debt Refinancing, Losses Narrow
----------------------------------------------------------------
Nathalie Thomas at The Financial Times reports that UK oil and gas
explorer Premier Oil said it has taken another significant step
towards completing its refinancing by the end of May, as it posted
narrower pre-tax losses.

The company, one of the biggest independent operators in the North
Sea, has been in talks with lenders for nearly a year to
renegotiate its debt pile, which stood at US$2.8 billion at the
end of December, the FT relates.

Premier announced detailed terms of the deal last month and on
March 9 reported further progress as a required number of banks
behind its loans -- including its revolving credit facility --
have committed to vote in favor of the refinancing, the FT
recounts.

According to the FT, the company is still waiting on a final
lender behind another debt instrument to proceed, but chief
executive Tony Durrant sounded a positive note, saying: "Based on
the support now received, we can look forward to completion of the
refinancing."

The main challenge remaining is to secure the support of 75% of
the company's convertible bondholders, the FT notes.  More than
50% have so far signed lock-up agreements and Mr. Durrant believes
he has the backing of a further 20%-30%, the FT states.

Premier Oil is a London-based oil and gas explorer.


STANLINGTON NO.1: Moody's Assigns Ba2(sf) Rating to Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive long-term credit
ratings to Notes issued by Stanlington No.1 PLC:

-- GBP 162.70M Class A Floating Rate Notes due June 2046,
    Definitive Rating Assigned Aaa (sf)

-- GBP 20.50M Class B Floating Rate Notes due June 2046,
    Definitive Rating Assigned Aa1 (sf)

-- GBP 11.30M Class C Floating Rate Notes due June 2046,
    Definitive Rating Assigned A2 (sf)

-- GBP 6.90M Class D Floating Rate Notes due June 2046,
    Definitive Rating Assigned Baa2 (sf)

-- GBP 5.70M Class E Floating Rate Notes due June 2046,
    Definitive Rating Assigned Ba2 (sf)

Moody's has not assigned ratings to the GBP 2.30M Class X Notes
due June 2046 and GBP 20.50M Class Z Notes due June 2046.

The portfolio backing this transaction consists of UK non-
conforming residential loans originated by multiple lenders: GMAC-
RFC Limited (currently known as Paratus AMC Limited, 62.7% of the
loans), Victoria Mortgages Funding Limited (not rated, 37.2% of
the loans), Amber Homeloans Limited (not rated) and First Alliance
Mortgage Company Limited (not rated) together representing 0.1% of
the loans). Moody's assigned provisional ratings to these notes on
February 15, 2017.

At closing, Paratus AMC Limited sold the portfolio to Stanlington
No.1 PLC.

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement (CE) and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 7.0% and the MILAN CE of 27.0% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution.

The portfolio expected loss of 7.0%, which is higher than other
recent UK Non-Conforming transactions and takes into account: (i)
the number of loans in arrears at closing including the
performance of the pool since January 2010. 23.2% of the pool is
in arrears at the end of February 2017, of which 8.4% is more than
90 days in arrears, (ii) the WA current LTV of 81.8% (iii) the
limited historical performance information available for some
originators in the portfolio, (iv) the current macroeconomic
environment and Moody's views of the future macroeconomic
environment in the UK, and (v) benchmarking with similar
transactions in the UK Non-Conforming Sector.

The MILAN CE for this pool is 27.0%, which is higher than other
recent UK Non-Conforming transactions and takes into account: (i)
the high WA current LTV of 81.8% , (ii) the presence of 86.4%
loans where the borrowers' income is either self-certified or was
not verified, (iii) borrowers with bad credit history with 14.8%
of the pool containing borrowers with CCJ's, (iv) the presence of
2.6% of right to buy loans in the pool, (v) the weighted average
seasoning of the pool of 10.3 years and (vi) the level of arrears
around 23.2% at the end of February 2017.

The reserve fund consists of two components and is partially
funded at closing. The first is a amortizing liquidity component,
which is sized at 2.25% of Class A and B note balance at closing.
The liquidity component of the reserve fund will amortise to the
lesser of 2.25% of Class A and B note balance at closing and 3.0%
of the currently outstanding balance of Class A and B notes during
the life of the transaction. The liquidity component of the
reserve is available to cover senior fees and interest on Class A
and B (subject to no PDL on the Class B). The liquidity component
of the reserve will be replenished in the revenue waterfall below
the Class B interest payments.

The second component of the reserve fund is non amortising and
sized as 2.05% of the pool balance at closing minus the balance of
the liquidity reserve from time to time. The general component of
the reserve fund is not funded at closing, but will be built up at
a junior position in the waterfall below Class X interest. The
general component of the reserve fund is available upon conditions
to cover both credit and interest and senior fee shortfalls.

Operational Risk Analysis: Paratus AMC Limited ("Paratus") is
acting as servicer and is not rated by Moody's. In order to
mitigate the operational risk, the transaction will have a back-up
servicer facilitator (Intertrust Management Limited (Not rated)).
Elavon Financial Services DAC (Aa2/P-1), acting through its UK
Branch as an independent cash manager from closing. To ensure
payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language whereby the
cash manager can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available. Class A notes benefit from principal to pay interest, a
dedicated liquidity reserve fund component within the reserve
fund. The reserve provides the Class A notes with the equivalent
of just over a 1 quarter of liquidity assuming a LIBOR rate of
5.7%.

Interest Rate Risk Analysis: The transaction is unhedged with
27.1% of the pool balance linked to Bank of England Base Rate
(BBR), 56.7% linked to three-month LIBOR and 16.2% SVR-linked
loans. Moody's has taken the absence of basis swap into account in
its cashflow modelling.

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

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from 7.0% to 10.5% of current balance, and the MILAN
CE was kept constant at 27.0%, the model output indicates that the
Class A notes would still achieve Aaa (sf) assuming that all other
factors remained equal. Moody's Parameter Sensitivities quantify
the potential rating impact on a structured finance security from
changing certain input parameters used in the initial rating. The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might change over time, but
instead what the initial rating of the security might have been
under different key rating inputs.

Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

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

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

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


VOYAGE BIDCO: Fitch Cuts LT Issuer Default Rating to B-
-------------------------------------------------------
Fitch Ratings has downgraded Voyage Bidco Limited's Long-Term
Issuer Default Rating to 'B-' from 'B', the Outlook is Stable.
Fitch has also downgraded Voyage Care BondCo plc's senior secured
notes to 'BB-'/'RR1'/100% from 'BB'/'RR1'/100% and the second lien
notes to 'CCC+'/'RR5'/24% from 'B-'/'RR5'/23%.

The downgrade of the IDR to 'B-' reflects the growing pressure on
margins and free cash flow (FCF) generation due to Voyage's
strategy to expand substantially the high-growth yet lower-margin
community-based care services business together with high leverage
measured as funds from operations (FFO) adjusted gross leverage is
expected to reach above 7.5x in August 2017, one year before the
reimbursement of the GBP222 million senior secured notes. Fitch
acknowledges Voyage's position as the UK's largest independent
provider of support to people with learning disabilities and focus
on high acuity care, which provides some resilience to government
spending pressures. However, Fitch considers such a high level of
financial risks more consistent with a 'B-' profile relative to
sector peers.

The Stable Outlook reflects Fitch's expectation of high, yet still
manageable refinancing risks over the next 12 to 18 months
horizon. This balances the group's high leverage, pressures on
profitability due to rising staff costs, high dependence on local-
authority funding, and the shift in the underlying business model
towards assisted living mitigated by a strong asset base.

KEY RATING DRIVERS

Pressure on Credit Metrics: Fitch expects FFO adjusted net
leverage of around 7.3x for the financial year to March 2017
(FY17), and then to peak at above 7.5x in FY18, one year before
the reimbursement of the GBP222 million senior secured notes. This
is based on Fitch's conservative projections. The anticipated
increase in leverage at a time of increasing refinancing risks
drives Fitch downgrade to 'B-'. Together with FFO fixed charge
coverage of above 1.5x, weakened credit metrics support a credit
profile more consistent with a 'B-' rating.

Fitch also expects break-even FCF generation by March 2018, a
reflection of weakening profit margins, and a significant
proportion of Voyage's cash flow which will be used to pay
interest on the notes and expenses related to maintenance capex.

Specialist Services, Diversification: Voyage's business risk
profile is supported by its diversified service offering covering
the full spectrum of social care needs for people with learning
disabilities in either a registered care home, a supported living
setting or as outreach services. Voyage's service line
diversification provides a degree of resilience to the tightening
in registered care homes eligibility criteria set by local
authorities as they move towards less costly options like
supported living and domiciliary care.

Voyage's strategy is to expand substantially its community-based
care services business which bears some execution risks in Fitch
views. However, Fitch sees Voyage's ability to offer the full
service spectrum to local authorities as a key competitive
advantage compared to smaller, less diversified players.

Solid Market Positioning: Voyage's IDR remains supported by its
position as the largest independent provider of support to people
with learning disabilities in the UK. Occupancy levels tend to be
high at over 90%, with average lengths of stay of around eight
years due to the high acuity, non-discretionary nature of the
services it provides. The UK learning disabilities market is a
highly fragmented market, dominated by independent providers.

Dependence on Local-Authority Funding: Voyage's ratings are
constrained by its high dependence on local government, which
accounts for around 90% of its funding. In the context of the
current reduction in UK local-authority budgets, Fitch expects the
average level of fees paid by them to remain under pressure.

The implementation of the council tax precept (an option to
increase council tax with revenues ring-fenced for social care) by
the majority of local authorities has resulted in an increase in
average fees, although not one sufficient to compensate fully the
existing underfunding of care which has been exacerbated by the
introduction of the National Living Wage. As a result, Fitch
expects Voyage EBITDA's margin to remain under pressure.

Volatile Outlook for UK Social Care: The UK social care market
will remain difficult, entering a period of short-term volatility,
characterised by continued growth in demand, further anticipated
wage inflation and a potentially widening labour shortage as the
result of the focus on limiting immigration.

Fitch is sceptical about the current political will and ability to
address the long-term funding issues given the current political
priorities relating to Brexit and the uncertainty it presents to
the long-term planning of public finances. In Fitch's opinion,
this will remove some of the visibility for the sector and
increase short-term volatility, which could delay any further
consolidation in the short term.

Significant Asset Base: Voyage's instrument and recovery prospects
are underpinned by its ownership of 90% of its registered
properties. Valued at GBP360 million in November 2016 (freehold
and long leasehold assets), Voyage's strong portfolio of freehold
assets properties gives the company greater operating flexibility
thanks to lower rental costs, and underpins Fitch's superior
recovery expectations for the secured notes to which Fitch have
assigned a 'BB-' instrument rating (reflecting a three-notch
uplift from the IDR). Fitch bases its recovery analysis on the
underlying asset values, applying a liquidation approach.

KEY ASSUMPTIONS

Key Fitch forecast assumptions are listed below.

-- Increase in sales by 3% in FY17, 6% in FY18 and around 12%
    thereafter, mainly driven by a significant growth of
    community-based care services through tender wins together
    with an increase in local-authority average weekly fee
    funding the registered care division by 2%-3 % on average;

-- EBITDA margins declining from 20.3% in 2016 to 14.1% in 2020
    mainly due to a shift in Voyage's business mix with expansion
    of the Community Base Care Services division which is
    expected to represent 45% of Voyage Care revenues in 2020
    compared with 25% in 2016. In addition, there will be an
    increase in payroll costs as the result of the introduction
    of the National Living Wage in April 2016, which is not
    adequately compensated by the local authorities' increase in
    fees, especially for the Community Base Care Services
    division.

-- Capex around 6% of sales in FY17 and FY18, 4% of sales
    thereafter. Capex is essentially maintenance capex which is
    compulsory for the reputation and the occupancy rate of the
    business.

-- FCF generation neutral during FY17 and FY18, positive around
    2% of sales on average thereafter.

RATING SENSITIVITIES

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

-- Further pressure on the UK social care business model,
    including Voyage's inability to reposition its business
    model towards growth of the assisted living sector, leading
    to:

-- FFO adjusted leverage trending above 8.5x on a sustained
    basis;
-- FFO fixed charge coverage sustainably below 1.5x;

-- negative FCF generation and inability to refinance its
    capital structure 12 months ahead of maturity.

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

-- Improving medium-term visibility around the sustainability
    of the UK social care business model, resulting in greater
    scale (EBITDA above GBP50 million) and/or improving
    profitability and cash generation along with:

-- FFO adjusted leverage of 6.5x or below on a sustained basis;

-- FFO fixed charge coverage above 2.0x;

-- sustained FCF generation translating into FCF margin of
    at least low -single digits as a percentage of sales.

LIQUIDITY

Fitch considers Voyage's liquidity satisfactory with cash on
balance sheet of GBP21 million at the end of December 2016
together with committed undrawn RCF of GBP 37.5 million.
Voyage GBP222 million senior secured notes mature in August 2018.
Its GBP50 million second lien matures in February 2019.


* Tax Loss Relief Reforms May Prompt Business Failures, R3 Says
---------------------------------------------------------------
Changes to corporation tax loss relief included in the Budget Red
Book could damage UK business rescue, warns insolvency and
restructuring trade body R3.

The 2017 Budget was a missed opportunity to amend the reforms,
which were first proposed in last year's Budget and are due to
come in on April 1, 2017.

The changes are expected to raise GBP1.6 billion over the next
five years, but R3 says this will come at the cost of an increase
in business failures.

After April 1, businesses may only be allowed to write off 50% of
past losses from future corporation tax bills, rather than the
current 100%. This will make some business rescues unviable.

Andrew Tate, president of R3, says: "The loss relief reforms could
damage business rescue in the UK.  In some cases, business rescues
will be hindered by hefty tax bills that would not arise under the
existing tax regime.  More business failure and less business
rescue will be the consequence."

"It's frustrating that while the government, through the BEIS
department, is considering reforms to boost business rescue, the
failure to tweak the loss relief reforms could cancel out that
work significantly."

"The impact on other creditors in situations where businesses have
failed is problematic, too.  The failure of one company can cause
the failure of another if there is not enough money owed to it
returned through an insolvency procedure.  By limiting loss relief
so significantly, HMRC is essentially jumping the queue of
creditors and will benefit from money that could have been a
lifeline for small businesses and other trade creditors."

"This is more of an oversight than anything else but there is very
little time left to put it right.  It is very common for the
government to overlook the way new legislation will interact with
the unique circumstances of insolvency.  The simple fact is,
different rules are often required when insolvencies occur to
encourage business rescue."

"An exemption from some of the reforms for insolvency situations
is needed, with protections to prevent abuse.  Insolvency
exemptions already exist in other parts of the tax code, and this
situation should be no different.  While we welcome the
government's determination to close the tax gap and tax losses
from insolvencies, and approve of the flexibility introduced to
the tax regime by other parts of the proposals, reform should not
come at the expense of business rescue."

Background

The government has spent the last year consulting on reforms to
corporation tax loss relief, due to come into force from April 1,
2017.

After the changes, businesses will only be allowed to write off
50% of past losses from future corporation tax bills, rather than
the current 100%, which allows post-insolvency procedure
corporation tax bills to be significantly reduced or prevented
altogether. Reduced post-insolvency tax bills mean:

A barrier to business rescue is removed.  Companies in distress
going through a restructuring process -- such as a Company
Voluntary Arrangement (CVA) - -sometimes generate one-off taxable
profits or gains. For example, assets may be sold, or businesses
profit from being released from an onerous lease.  Being able to
set-off 100% of the earlier losses against these significant one-
off profits can make the rescue viable.

More money is returned to non-HMRC creditors.  Taxes incurred as
part of an insolvency procedure -- such as those relating to asset
sales -- are an 'expense' and have to be paid as a priority to
HMRC before debts owed to other creditors.  Higher loss relief
means lower tax bills and more money back to the creditor body as
a whole.

Limiting relief to 50% means:

Some business rescues may not be viable.  Businesses may face
unaffordable tax bills for one-off profits during a rescue
procedure -- leaving business failure and job losses as the only
option.

Non-HMRC creditors will get less money back.  HMRC "jumps the
queue" and post-insolvency realisations will go to the taxman
rather than other creditors.

Business rates rise threatens companies' futures

Following the Chancellor's announcements of GBP435 million of
transitional measures for the new Business Rates, Andrew Tate,
president of R3 says:

"While most businesses will see rates cut, and many will benefit
from the new help offered by the Chancellor, the rates rises faced
by some businesses could be a threat to their financial health.  A
future consultation on rates won't help businesses affected this
April."

"Although some businesses face relatively small rises, these are
coming on the heels of a significant drop in the value of the
pound since the summer and the subsequent increase in inflation
and import costs. Some businesses will be seeing their outgoings
rise dramatically in a short period of time."

"Business distress levels, as measured by R3, are close to
historic lows but started to rise throughout 2016.  Rates rises
could help push distress levels up further in 2017."

R3's Business Distress Index is carried out with BDRC Continental
-- a representative sample of UK businesses is interviewed about
their finances every four months.  In the latest survey (September
2016*):

   -- 21% of UK businesses say they are experiencing one of five
      key signs of distress (reduction in sales volumes; decreased
      profits; recent fall in market share; regularly using
      maximum overdraft; redundancies).  This is up from the
      record low of 17% in December 2015 (record high: 64% March
      2012).

   -- 8% of all UK businesses are only paying off the interest on
      their debt and not repaying the debt itself.

   -- Corporate insolvencies increased 13% to 16,502 in 2016 from
      14,657 in 2015 -- the first annual increase since 2011 (2016
      numbers include 1,796 connected personal service companies
      -- without these, there was a 0.3% increase to 14,706
      insolvencies).

*Business Distress Index research undertaken by BDRC Continental.
Questions were put to 500 UK businesses via BDRC Continental's
monthly Business Opinion Omnibus.  Telephone-based interviews with
a nationally representative sample of senior financial decision
makers across the UK, weighted by size, region and sector.
Fieldwork dates September 5 to 15, 2016.



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


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

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



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

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

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

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

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


                 * * * End of Transmission * * *