TCREUR_Public/170403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, April 3, 2017, Vol. 18, No. 66


                            Headlines


A U S T R I A

OSTREGION INVESTMENTGESELLSCHAFT: S&P Affirms B+ Sr. Debt Rating


C R O A T I A

AGROKOR DD: Nears Debt Restructuring Deal with Creditors


C Y P R U S

OCEAN RIG: Liquidators Seek US Recognition of Cayman Proceeding


G E O R G I A

GEORGIAN OIL: S&P Affirms 'B+/B' CCRs, Outlook Stable


G E R M A N Y

CIBER AG: Deal Halted Following Insolvency Filing


G R E E C E

GREECE: Talks with Creditors Fail to Resolve Pending Issues


I R E L A N D

BUS EIREANN: Deficit Rises in First Two Months of 2017
CVC CORDATUS VIII: S&P Assigns 'B-' Rating to Class F Notes
OCP EURO CLO 2017-1: S&P Assigns Prelim. B- Rating to Cl. F Notes
SUPER VALU: To Continue Trading Amid Receiver Appointment


I T A L Y

ATLANTE FINANCE: S&P Raises Rating on Class C Notes to 'B'
MOBY SPA: S&P Affirms 'B+' CCR & Revises Outlook to Negative


N E T H E R L A N D S

CEVA GROUP: S&P Affirms 'B-' CCR Following Exchange Offer


P O L A N D

PGG-KHW: Creditors Agree to Extend Debt Repayment by Five Years


P O R T U G A L

ENERGIAS DE PORTUGAL: S&P Affirms 'BB+' CCR, Outlook Positive
NOVO BANCO: Lone Star to Buy 75% Stake in Exchange for Capital


R U S S I A

PERESVET BANK: S&P Affirms 'D/D' Counterparty Credit Ratings
ROSSETI: S&P Affirms 'BB+' CCR, Outlook Remains Positive


S P A I N

ISOLUX: Commences Restructuring Process to Avert Insolvency


U N I T E D   K I N G D O M

JOHNSTON PRESS: S&P Revises Outlook to Neg. & Affirms 'CCC+' CCR
NATWEST: Announces Closure of Four More Stores


X X X X X X X X

* BOND PRICING: For the Week March 27 to March 31, 2017


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A U S T R I A
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OSTREGION INVESTMENTGESELLSCHAFT: S&P Affirms B+ Sr. Debt Rating
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S&P Global Ratings affirmed its 'B+' rating on the senior debt of
Ostregion Investmentgesellschaft Nr. 1 S.A., a special-purpose
vehicle for the financing of an Austrian road project.  The
outlook is stable.

The bonds and loan benefit from an unconditional and irrevocable
guarantee provided by Ambac Assurance U.K. Ltd. (Ambac; not
rated) for payment of scheduled interest and principal.  However,
since S&P no longer rates Ambac, the 'B+' long-term debt rating
is based solely on the 'B+' S&P published underlying rating
(SPUR) and does not reflect any potential benefit provided by the
guarantee.

"The affirmation reflects our view on the improved operational
risk of the road project, since we expect ASFINAG and ProjectCo
to maintain their current relationship, with limited or no
penalty points going forward.  Between 2010 and 2013, ProjectCo
experienced an abnormally high number of penalty points (77 in
2010, 299 in 2011, 190 in 2012, and 232 in 2013) because of a
disruption in relations between ProjectCo and the granting
authority.  ProjectCo and ASFINAG addressed this situation by
increasing collaboration and, since 2014, no penalty points have
been imposed. ProjectCo and ASFINAG now conduct monthly meetings,
and their communications are more fluent," S&P said.

S&P's overall assessment of the operational risk of the asset
also reflects the project's relatively simple operations and
maintenance profile.  Furthermore, S&P assess ProjectCo as having
minimal market risk exposure, since 70% of revenue is based on
availability and 30% on the traffic level.  Traffic-based
revenues are determined using five bands.  This mechanism limits
the ability of ProjectCo to benefit from traffic increases, but
also currently limits exposure to traffic decline, since traffic
is currently already in the lower bands.

Each band is associated with a price per vehicle, but there is no
additional payment for vehicles that fall in bands 2 and 4.  The
limits of the traffic bands increase every year.  Traffic is
currently within band 2 for light vehicles (LV); for ProjectCo to
receive additional payment, traffic would have to increase to
band 3.  On the other hand, since vehicles in band 2 are not
remunerated, a reduction of traffic within band 2 would have no
effect on revenue.  Heavy vehicle (HV) traffic is currently in
band 3, but will decline to band 2 from 2019 in S&P's base-case
forecast because band 3 has a contractual average growth rate for
the next five years (up to December 2021) of 4.0% for LV and 4.9%
for HV.  The contractual average growth from 2022 to 2031 is 2.3%
for LV and 3.1% for HV.

Despite the operational improvement, S&P believes Ostregion's
creditworthiness remains constrained by low debt service coverage
ratios (DSCR), with a minimum DSCR under our base case of 0.99x
and an average of 1.03x.  However, ProjectCo's cash flows are
resilient in S&P's downside scenario, thanks to the significant
contribution of availability-based revenue.

The stable outlook on the rating reflects S&P's view that further
traffic decreases wouldn't greatly affect the project's cash
flows because traffic levels are already at the low end of the
scale. We think that, despite growth, traffic will remain in its
current band, so ProjectCo will not benefit from significant
additional revenues.

S&P could raise the rating by one notch if the minimum DSCR under
its base case increased above 1.0x and S&P considered this
improvement to be sustainable.  S&P believes that this is
unlikely at this stage, since under its base case the traffic
increase won't be sufficient to qualify for a higher band.

S&P could lower the rating by one or more notches if the project
requires the use of reserve accounts to cover debt service on a
regular basis, if high penalties are imposed due to
underperformance, or if cost slippage or latent defects emerge.
S&P sees this scenario as unlikely.


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C R O A T I A
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AGROKOR DD: Nears Debt Restructuring Deal with Creditors
--------------------------------------------------------
Boris Cerni and Jasmina Kuzmanovic at Bloomberg News report that
Agrokor d.d. is closing in on an agreement with its Russian-led
creditors, easing financial pressure on a company that makes up
about 15% of Croatia's economy.

According to Bloomberg, Sberbank PJSC said in a statement on
March 31 the retailer and foodmaker would appoint a chief
restructuring officer as part of the deal and eventually replace
senior management.

The statement said Agrokor may get about EUR300 million (US$321
million) of new financing under the accord, Bloomberg relates.

Erste&Steiermaerkische Bank d.d. said in a separate statement the
deal is agreed "in principle" and set to be signed later on
March 31, Bloomberg notes.

The deal averts a potential crisis for Croatia, while loosening
tycoon Ivica Todoric's grip on the company he founded in 1976,
Bloomberg states.

Zagreb-based Agrokor is the biggest food producer and retailer in
the Balkans, employing almost 60,000 people across the region
with annual revenue of some HRK50 billion (US$7billion).

                            *   *   *

As reported by the Troubled Company Reporter-Europe on March 31,
2017, Moody's Investors Service downgraded the Croatian retailer
and food manufacturer Agrokor D.D.'s corporate family rating
(CFR) to Caa1 from B3 and its probability of default rating (PDR)
to Caa1-PD from B3-PD. Moody's has also downgraded the senior
unsecured rating assigned to the notes issued by Agrokor and due
in 2019 and 2020 to Caa1 from B3. The outlook on the company's
ratings remains negative.

"Our downgrade of Agrokor's rating reflects Moody's views that
the company is no longer able to sustain its high level of trade
payables, which may constrain its liquidity position," says
Vincent Gusdorf, a Vice President -- Senior Analyst at Moody's.
"This comes at a time when the company has limited means to raise
additional sources of liquidity owing to its restricted access to
credit markets and its reliance on a limited number of banks."



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C Y P R U S
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OCEAN RIG: Liquidators Seek US Recognition of Cayman Proceeding
---------------------------------------------------------------
Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their
capacities as the joint provisional liquidators and authorized
foreign representatives of Cyprus-based Ocean Rig UDW Inc., Drill
Rigs Holdings Inc., Drillships Financing Holding Inc. and
Drillships Ocean Ventures Inc., filed for Chapter 15 protection
with the U.S. Bankruptcy Court for the Southern District of New
York, lead case 17-10736.

The JPLs seek to obtain immediate stays and protections for the
Debtors in the United States in order to effectuate a financial
restructuring.  The JPLs also seek recognition in the United
States of a provisional liquidation proceedings under Part V of
the Cayman Islands Companies Law (2016 Revision) pending before
the Grand Court of the Cayman Islands, Financial Services
Division, as foreign main proceedings or, in the alternative, as
foreign nonmain proceedings under Section 1517 of the Bankruptcy
Code.

The Group, an internal provider of deepwater drilling services
for the offshore oil and gas industry, has entered into a
restructuring support agreement with creditors representing over
73% of Group's outstanding consolidated indebtedness.  The RSA
contemplates that the restructuring of the Group will be
implemented through four separate Cayman Schemes, one for each
Debtor.  The Cayman Schemes are all interrelated, but only the
UDW scheme, the DOV scheme and the DFH scheme are inter-
conditional.

The Cayman Schemes contemplate the exchange of approximately $3.7
billion of existing financial indebtedness of the Group for new
equity in UDW, cash payments of about $288 million and new
secured debt of $450 million.  The JPLs believe that if the
contemplated restructuring is achieved, the Group will be well
placed to continue to operate as the market recovers and to
effectively compete as an industry leader.

On March 24, 2017, the Debtors filed winding up petitions with
the Cayman Court and issued summonses for the appointment of
joint provisional liquidators for the purpose of the
Restructuring.  By orders of the Cayman Court dated March 27,
2017, Simon Appell and Eleanor Fisher were appointed as the JPLs
and duly authorized foreign representatives, and the Cayman
Provisional Liquidation Proceedings were commenced.

"The oil and gas drilling industry is currently in a down-cycle,
as crude oil prices have fallen during the past several years,"
according to Evan C. Hollander, Esq. at Orrick, Herrington &
Sutcliffe LLP, one of the JPLs' attorneys.  "The significant
decrease in oil prices is expected to continue to reduce customer
demand in the industry during 2017.  In fact, a number of the
Group's customers have revised their budgets to decrease
projected expenditures for offshore drilling on multiple
occasions.  Declines in capital spending levels, coupled with an
oversupply of newbuilding, have and are likely to continue to put
significant pressure on "day rates" and utilization."

As a consequence of the filing of winding up petitions and the
commencement of the Cayman Provisional Liquidation Proceedings,
the Debtors have triggered defaults and cross-defaults under
their financial indebtedness and have exposed themselves to any
number of adverse actions in the United States.  The JPLs said
that if provisional relief in the form of a stay is not granted,
there is substantial risk that certain creditors may place the
company in imminent peril in an effort to jeopardize the
restructuring.  According to the JPLs, the Debtors are already
the target of aggressive litigation tactics initiated by certain
creditors.

The Group does not expect that its inactive rigs will begin work
under new contracts until Jan. 1, 2020, at the earliest.
According to an energy industry expert report commissioned by the
Group, deepwater rig demand is currently at utilization rates of
only approximately 45% of available rigs and is not expected
to begin to improve until 2019 . Even by the first quarter of
2020, utilization rates are expected to remain below 60% of rig
availability.

The Group expects to continue to face significant challenges in
the near and mid-term.  Of the Group's five operational units,
two are under contracts that will expire during the second half
of 2017, and two are under contracts that will expire during
2018.  Only one unit, the Ocean Rig Skyros, is under a long term
contract (expiring Sept. 30, 2021).

                      Scheme Indebtedness

Each Debtor has incurred financing as follows:

   a. UDW has issued $500 million of 7.25% Senior Unsecured Notes
      due 2019 pursuant to that certain Indenture, dated as of
      March 26, 2014.  Deutsche Bank Trust Company Americas
      is the Indenture Trustee under the SUN Indenture.  The SUNs
      are not guaranteed by any member of the Group.
      Approximately $131 million of SUNs remain outstanding under
      the SUN Indenture.

   b. DRH has issued $800 million of 6.50% Senior Secured Notes
      due 2017 pursuant to that certain Indenture, dated as of
      Sept. 20, 2012 (as amended by a supplemental indenture
      dated Jan. 23, 2013).  U.S. Bank National Association is
      the Indenture Trustee under the DRH Indenture and Deutsche
      Bank Trust Company Americas is the collateral trustee.  The
      SSNs are guaranteed by UDW and certain of DRH's direct and
      indirect subsidiaries.  UDW has pledged the shares of DRH
      to secure the DRH Indenture Guaranty, and DRH and its
      subsidiary guarantors have pledged their assets (including
      shares of their subsidiaries) to secure their obligations
      in respect of the DRH Indenture.  All pledged shares are
      held by the collateral trustee in the United States.
      Approximately $460 million remains outstanding under the
      DRH Indenture.

   c. DFH is a borrower under a $1.9 billion Credit Agreement
      dated as of July 12, 2013 (as amended and restated from
      time to time, including on Feb. 7, 2014) between, among
      others, DFH and Drillships Projects Inc., as borrowers, and
      Deutsche Bank AG New York Branch, as administrative and
      collateral agent.  The DFH Credit Agreement has been
      guaranteed by UDW and certain of DFH's direct and indirect
      subsidiaries.  UDW has pledged the shares of DFH to secure
      the DFH Credit Agreement Guaranty, and DFH and its
      subsidiary guarantors have pledged their assets (including
      the shares of their subsidiaries) to secure their
      obligations in respect of the DFH Credit Agreement.  All
      pledged shares are held by the collateral agent in the
      United States.  Approximately $1.83 billion remains
      outstanding under the DFH Credit Agreement.

   d. DOV is a borrower under a $1.3 billion Credit Agreement,
      dated as of July 25, 2014, between, among others, DOV and
      Drillships Ventures Projects Inc., as borrowers, and
      Deutsche Bank AG New York Branch, as administrative and
      collateral agent.  The DOV Credit Agreement has been
      guaranteed by UDW and certain of DOV's direct and indirect
      subsidiaries.  UDW has pledged the shares of DOV
      to secure the DOV Credit Agreement Guaranty, and DOV and
      its subsidiary guarantors have pledged their assets
     (including the shares of their subsidiaries) to secure their
      obligations in respect of the DOV Credit Agreement.  All
      pledged shares are held by the collateral agent in the
      United States.  Approximately $1.27 billion remains
      outstanding under the DOV Credit Agreement.

According to the JPLs, the Debtors were facing significant
challenges with respect to their Scheme Indebtedness prior to
commencing the Cayman Provisional Liquidation Proceedings.  DRH
and UDW both have obligations to make sizeable payments on April
3, 2017.  DRH has an interest payment of $14.9 million due in
respect of the SSNs.  DRH had to consider that if it made this
payment its projected cash balances would be depleted to
approximately $4 million by the end of June 2017.  UDW has an
interest payment of $4.7 million due in respect of the SUNs.  UDW
does not have sufficient cash to make this payment without
borrowing funds that it will be unable to repay. Both entities
are insolvent.  The failure to pay these obligations beyond
thirty days after the scheduled payment dates would trigger
cross-defaults under the Credit Agreements.

The Debtors also had to consider that, even if they made the
April 3, 2017, payments, the Group would face another critical
inflection point at the Oct. 1, 2017, maturity of the $460
million SSNs.  Neither DRH nor UDW, as guarantor, will have
sufficient cash or financeable assets to pay the SSNs at
maturity.  Failure to repay the SSNs would trigger cross-defaults
under the Credit Agreements and the SUN Indenture.  Such cross-
defaults could cause an acceleration of approximately $3.7
billion in debt, the loss of critical customer contracts, and the
destruction of a substantial portion of the value of the Group.
Further, beyond the SSN maturity date, the Debtors are projected
to breach the leverage covenant in the Credit Agreements at the
latest by Dec. 31, 2017.

For these reasons, the Group retained legal and financial
advisors in early 2016 to consider various restructuring
alternatives.  The Group ultimately decided to engage primarily
with an ad hoc group of lenders under the DFH Credit Agreement
and the DOV Credit Agreement, as the units owned by those
divisions are among the most technologically advanced and
valuable in the fleet, and because the members of the Ad Hoc
Group were willing to engage constructively with the Group on a
restructuring founded on realistic valuations of the Group's
assets, the benefits of a significant deleveraging and the
prognosis for the industry.  The negotiations with the Ad Hoc
Group have culminated in the signing of the RSA.

                   Terms of Cayman Schemes

The terms of the contemplated Cayman Schemes are as
follows:

   a. UDW Scheme: The SUNs and the UDW Guarantees will be
      discharged in exchange for New Parent Equity.  This New
      Parent Equity will be valued at the asset value of UDW
      immediately prior to the restructuring of DRH, DFH and
      DOV.  The New Parent Equity will be allocated among the
      holders of the UDW Guarantees and the SUNs pro rata on the
      basis of the notional amount of the claims of those
      holders.

   b. DRH Scheme: The claims of the SSNs will be transferred to
      UDW in exchange for (i) New Parent Equity and (ii) Cash
      Consideration.  The Cash Consideration will be shared pro
      rata with the lenders under the Credit Agreements under the
      DFH and the DOV schemes from a pool of available cash.  The
      value of the New Parent Equity received in exchange for the
      transfer of the SSNs to UDW will equal the going concern
      value of DRH, less the Cash Consideration received by
      holders of the SSNs in the exchange.

   c. DFH and DOV Schemes: In the DOV and DFH schemes, the
      lenders under the Credit Agreements will transfer their
      loans to UDW in exchange for (i) New Parent Equity, (ii)
      New Secured Debt and (iii) Cash Consideration.  The Cash
      Consideration will be shared pro rata among the lenders
      under the Credit Agreements and, if the DRH scheme is also
      sanctioned, the holders of the SSNs.  The New Secured Debt
      will be shared pro rata among the lenders under the Credit
      Agreements.  The value of the New Parent Equity received in
      exchange for the transfer of the loans under the DOV Credit
      Agreement to UDW will equal the going concern value of DOV,
      less the Cash Consideration and New Secured Debt received
      by the lenders under the DOV Credit Agreement in the
      exchange for the transfer of the loans under the DFH Credit
      Agreement to UDW will equal the going concern value of DFH,
      less the Cash Consideration and New Secured Debt received
      by the lenders under the DFH Credit Agreement.

In accordance with the requirements of the RSA, the Group entered
into a global settlement agreement pursuant to which (i) it
canceled approximately $369 million of SUNs and approximately
$340 million of SSNs held by certain subsidiaries of UDW, Alley
Finance Co., and Algarve Finance Limited, and (ii) all intragroup
liabilities among the members of the Group were released.  The
effect of the GSA is that the scheme consideration to be received
by UDW, DOV and DRH scheme creditors will be of a greater value
in any event than if the GSA had not been entered into.  DFH
creditors will receive slightly less, but, as of the Petition
Date, 84.25% of the DFH lenders support the proposed RSA.

The JPLs beleive that if the Cayman Schemes are ultimately
sanctioned by the Cayman Court, the Group will achieve its much
needed deleveraging.

The Schemes will affect only the financial indebtedness of the
Scheme Companies and their guarantor affiliates.  Operations of
the Scheme Companies will continue to be unaffected and trade
creditors/vendors of the Group will continue to be paid in the
ordinary course of business and will not be affected by the
Schemes.

The RSA became effective on March 23, 2017.  It requires the
Scheme Companies to apply to the Grand Court before, or as soon
as practicable after, May 8, 2017, for permission to convene a
meeting of creditors to vote on the Schemes.  Pursuant to the
RSA, the Company will not make any further payments of any kind
on or relating to its existing financial indebtedness.

If all four Schemes are sanctioned and become effective, the
holders of  the SUNs and the beneficiaries of the Company
Guarantees will receive approximately 20.9% of the New Equity
under the Company Scheme, the  holders of the SSNs will receive
approximately 2.9% of the New Equity  under the DRH Scheme, the
DFH Lenders will receive approximately 40.2% of the New Equity
under the DFH Scheme, and the DOV Lenders will  receive
approximately 36% of the New Equity under the DOV Scheme, in each
case subject to dilution in respect of New Equity of 9.5% to be
reserved under a new management equity plan.  If the Schemes are
sanctioned, the existing shareholders of the Company will be
diluted  to  an insignificant amount of the post-restructuring
equity of the Company.

George Economou, Ocean Rig's chairman and chief executive
officer, commented: "Ocean Rig, similar to all rig operators,
faces a deep and prolonged industry downturn.  Given these
conditions, Ocean Rig is taking the appropriate steps to allow us
to emerge as a much stronger company that can take advantage of
opportunities as they emerge.  Our entire team at Ocean Rig is
wholly committed to the success of the company and looks forward
to our emergence from this  financial restructuring that will
ultimately enable us to better  service our customers in the long
term."

                        About the Group

Nicosia, Cyprus-based Ocean Rig UDW Inc. is an operator of semi-
submersible oil rigs and UDW drillships based in Athens, Greece.
The company also maintains offices in Luanda, Angola, Jersey, Rio
de Janeiro, Brazil and Stavanger, Norway.

Ocean Rig UDW Inc is the holding company of the Ocean Rig Group
and the direct parent of the Subsidiary Debtors.  The Group is
composed of four separate operating divisions.  Each of the
Subsidiary Debtors is itself a holding company and the parent of
one of three of these operating divisions.  The parent holding
company of the fourth operating division, Drillship Alonissos
Shareholders Inc., is not a debtor herein or a part of the
restructuring.  Each of the operating divisions has secured its
own financing.  The financing obtained by each of the Subsidiary
Debtors has been guaranteed by UDW and UDW has pledged the shares
of the applicable Subsidiary Debtor to secure its respective
guaranty obligations.


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GEORGIAN OIL: S&P Affirms 'B+/B' CCRs, Outlook Stable
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S&P Global Ratings said that it had affirmed its 'B+/B' long- and
short-term corporate credit ratings on Georgian Oil and Gas Corp.
JSC (GOGC).  The outlook is stable.

The affirmation primarily reflects the continuing improvement in
the group's performance and the resulting reduction in its
leverage, as well as a more moderate expectation of capital
expenditures (capex), given the postponing of the underground gas
storage facility construction.  All these have led S&P to revise
up its assessment of GOGC's stand-alone credit profile (SACP) to
'b+'.  At the same time, at this new SACP level, S&P do not
attribute uplift to the rating from the sovereign rating as it
did previously, which leaves the rating unchanged at one notch
below the rating on the sovereign.

S&P estimates that GOGC's revenues have grown by about 27%-29% to
Georgian lari (GEL) 629 million (US$266 million)-GEL638 million
(US$270 million) and EBITDA has improved by about 61%-63% to
GEL199 million-GEL202 million in 2016 after the first full year
of operations of the Gardabani combined-cycle power plant (CCPP).
Due to its high profitability, fostered by the existing
contractual framework, the power plant provided a significant
boost to GOGC's EBITDA margin, which S&P estimates grew to about
31%-32% in 2016 from 24.9% in 2015.  GOGC's financial risk
profile has strengthened as S&P's adjusted ratio of debt to
EBITDA fell to about 3.4x-3.6x in 2016 from 4.9x in 2015.  Given
GOGC's business risk profile and heavy capex ahead, in S&P's
adjusted debt calculation, it nets only US$53 million of cash
designated for Eurobond repayment in May 2017.  S&P expects that
debt to EBITDA will remain between 3.0x-3.6x in the next two to
three years if GOGC continues with the expected Gardabani 2
project, but postpones the underground storage facility, as S&P
currently assumes in its model.  S&P also expects the EBITDA
interest expense ratio to remain at or above 3x in 2017-2018,
after an improvement to 3.6x-3.8x in 2016 from 2.6x in 2015.

S&P's assessment of GOGC's financial risk profile continues to be
constrained by high volatility of its cash flows and ratios
during stress periods and sizable investments in the Gardabani 2
project, which will lead to negative free operating cash flow in
2017-2018. Historically, GOGC has issued loans to other
government-related entities (GREs) (GEL99 million outstanding as
of June 30, 2016). S&P understands that some of the loans were
repaid in 2016 and the remainder was offset from equity.  S&P
sees the risk that GOGC's funds and assets might be used to
finance other Georgian GREs.

GOGC's business risk is constrained by the company's reliance on
gas supply from a consortium led by BP and SOCAR to transport gas
from Azerbaijan to Turkey via Georgia, under supplemental and
optional gas agreements.  Being a national company, GOGC buys
significant volumes of gas flowing from Azerbaijan at a price
substantially below the level of the social gas price set in
Georgia.  Effectively, this forms GOGC's profits from gas trading
business. GOGC's gas purchase prices are gradually increasing
under the terms of the contracts, and it expects this to be
eventually offset by increased social gas prices in Georgia.  In
addition, S&P understands that the electricity and capacity sales
of Gardabani 1 are indirectly linked to U.S. dollar under a long-
term contract and defined by another GRE, Georgian National
Energy and Water Supply Commission.

S&P views this contractual and regulatory setup as a sign of
ongoing state support and factor it in S&P's assessment of GOGC's
SACP.  The impact on GOGC's earnings and cash flow generation
would likely be material if the contract terms were unexpectedly
amended during the contract period, or in case of material
disruptions in gas flows from Azerbaijan due to operational or
political reasons.  Also, GOGC would be exposed if the current
link between the domestic gas and electricity price to the U.S.
dollar becomes unsustainable, for example, in case of material
future foreign exchange fluctuations or payment issues at GOGC's
major customers.

Constraining factors also include the company's lack of long-term
strategic planning and a history of unexpected changes in the
government's strategic decisions for GOGC.  For example, the
company abandoned plans to construct the Namakhvani hydropower
plant in favor of the Gardabani CCPP in 2013.  Furthermore, on
June 12, 2015, the company announced a potential sale of the
Gardabani CCPP to the Georgian government; however, S&P
understands that this has now been cancelled.

The stable outlook reflects S&P's view that its adjusted debt-to-
EBITDA ratio for GOGC will be below 3.6x (on a gross basis), that
the existing contract framework for gas purchase and sale, as
well as the Gardabani CCPP, will remain in place without any
material changes.  It also assumes no major cost overruns or
operational issues on the new projects, and no material support
from GOGC to other GREs.

S&P could lower its ratings on GOGC if S&P was to revise its
assessment of the company's SACP to 'b-' from the current 'b+'.
This could occur if debt to EBITDA is sustainably and
consistently above 4x due to significantly lower profits or
material capex overruns, or if the company's liquidity were to
weaken materially. This could happen, for example, in case of
operational setbacks, or if the company's margins are squeezed by
higher gas purchase prices, or if it undertakes another large
debt-financed capex project.  Rating downside could also stem
from a significant unfavorable change in the existing gas
purchase and sale framework, changes to the operation framework
of Gardabani power plant, disposal of key assets, or government
pressure to provide sizable support to other, weaker GREs.

S&P could raise its ratings on GOGC if S&P was to raise its
ratings on Georgia.  An upgrade could also happen if debt to
EBITDA approaches 2x, which S&P don't foresee before the
Gardabani expansion project is completed and starts to generate
cash flows for GOGC.


=============
G E R M A N Y
=============


CIBER AG: Deal Halted Following Insolvency Filing
-------------------------------------------------
Allgeier SE signed a purchase agreement with Ciber, Inc.,
Greenwood Village, Colorado, USA, on February 3, 2017, concerning
German companies Ciber AG and Ciber Managed Services GmbH, Ciber
France SAS, as well as further assets.  With an ad hoc
announcement on March 22, 2017, Allgeier announced that the
transaction could not be implemented in the agreed manner, as
crucial preconditions for the closing had not been met.  For this
reason, the parties initiated talks about an alternative
structure to the transaction in the form of an asset deal.  To
date, it has not been possible to finally implement such a
transaction due to the high level of uncertainty arising from
concerns about the risk of legal appeals.

Allgeier on March 30 disclosed that the German Ciber companies
have filed for bankruptcy with the Cologne local court.  From
Allgeier's perspective this means that the original purchase
agreement can now no longer be implemented conclusively.

Allgeier nevertheless appraises the portfolio and services of the
German Ciber companies positively, and will consequently offer to
the insolvency administrator to continue talks about the asset
deal that has already been envisaged.

Headquartered in Munich, Germany, Allgeier SE --
http://www.allgeier.com-- is a Munich-based IT company with more
than 6,300 salaried employees and more than 1,300 freelance
experts.

Headquartered in Heidelberg, Germany, Ciber AG --
www.ciber.com/de -- offers SAP software implementation, training,
human capital management, and enterprise integration services.


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


GREECE: Talks with Creditors Fail to Resolve Pending Issues
-----------------------------------------------------------
Philip Chrysopoulos at Greek Reporter reports that creditors
failed to come to any conclusions during the March 30 Euro
Working Group, the preparatory meeting for the April 7 meeting of
the 19 euro zone finance ministers in Malta.

Lenders decided that the institutions' technical teams need to
return to Athens to work on the staff level agreement that would
close the bailout program review, Greek Reporter relates.
However, the date is not specified, Greek Reporter notes.

According to Greek Reporter, an EU official said "institutions
will go back to Greece and will try to get an agreement on a
policy package by the next Eurogroup."

The thorny issues of labor law reforms and pension cuts are still
pending, Greek Reporter relays, citing sources close to the
talks.


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


BUS EIREANN: Deficit Rises in First Two Months of 2017
------------------------------------------------------
Charlie Taylor at The Irish Times reports that new accounts show
the deficit at troubled Bus Eireann jumped sharply in the first
two months of the year, rising 41% to EUR2.2 million versus
EUR1.5 million for the same period last year.

According to The Irish Times, the accounts reveal total revenues
rose 3% from EUR27.6 million to EUR28.4 million in the first
eight weeks of the year due to a 14% rise in the Public Service
Obligation (PSO) subvention grant to EUR6.6 million.

Revenues from operations were flat at EUR21.7 million, with
turnover from the company's Expressway services down 5%, The
Irish Times discloses.

The deficit in the first two months was pushed up by a EUR437,000
exceptional cost largely due to voluntary severance payments, The
Irish Times relates.  Excluding this the net deficit in the first
two months was EUR1.77 million, up 14 per cent on the
corresponding period in 2016, The Irish Times states.

Bus Eireann's acting chief executive Ray Hernan recently warned
the company would be insolvent by the end of the current calendar
year if losses continued at existing levels, The Irish Times
relays.

The accounts, presented to a recent board meeting, show an
operating deficit after receipt of the PSO payment of EUR8
million last year and a net loss of EUR9.5 million, The Irish
Times notes.


CVC CORDATUS VIII: S&P Assigns 'B-' Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to CVC Cordatus
Loan Fund VIII DAC's class A-1, A-2, B-1, B-2, C, D, E, and F
notes.  At closing, the issuer also issued unrated subordinated
notes.

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

   -- The diversified collateral pool, which consists primarily
      of broadly syndicated speculative-grade senior secured term
      loans and bonds that are governed by collateral quality and
      portfolio profile tests.  The credit enhancement provided
      through the subordination of cash flows, excess spread, and
      overcollateralization.

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

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event.  Following
this, the notes permanently switch to semiannual payment.  The
portfolio's reinvestment period ends approximately four years
after closing.

S&P's ratings reflect its assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B+'
rating.  S&P considers that the portfolio at closing is well-
diversified, primarily comprising broadly syndicated speculative-
grade senior secured term loans and senior secured bonds.
Therefore, S&P has conducted its credit and cash flow analysis by
applying its criteria for corporate cash flow collateralized debt
obligations.

In S&P's cash flow analysis, it used the EUR400 million target
par amount, the covenanted weighted-average spread (4.10%), the
covenanted weighted-average coupon (5.00%), and the target
minimum weighted-average recovery rate at the 'AAA' rating level
as indicated by the collateral manager.  S&P applied various cash
flow stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for
each liability rating category.

Bank of New York Mellon, London Branch is the bank account
provider and custodian.  The documented downgrade remedies are in
line with S&P's current counterparty criteria.

Following the application of S&P's structured finance ratings
above the sovereign criteria, it considers that the transaction's
exposure to country risk is sufficiently mitigated at the
assigned rating levels.

The issuer is bankruptcy remote, in accordance with S&P's
European legal criteria.

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

RATINGS LIST

Ratings Assigned

CVC Cordatus Loan Fund VIII DAC
EUR415.60 Million Secured Floating- and Fixed-Rate Notes

Class            Rating           Amount
                                (mil. EUR)

A-1              AAA (sf)         206.00
A-2              AAA (sf)          30.00
B-1              AA (sf)           46.00
B-2              AA (sf)           10.00
C                A (sf)            24.00
D                BBB (sf)          20.80
E                BB (sf)           22.20
F                B- (sf)           11.00
M-1              NR                44.60
M-2              NR                 1.00

NR--Not rated.


OCP EURO CLO 2017-1: S&P Assigns Prelim. B- Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to OCP
EURO CLO 2017-1 DAC's class A, B, C, D, E, and F notes.

The preliminary ratings assigned to OCP EURO CLO 2017-1's notes
reflect S&P's assessment of:

   -- The diversified collateral pool, which consists primarily
      of broadly syndicated speculative-grade senior secured term
      loans and bonds that are governed by collateral quality and
      portfolio profile tests.  The credit enhancement provided
      through the subordination of cash flows, excess spread, and
      overcollateralization.

   -- The collateral manager's experienced team, which can affect
      the performance of the rated notes through collateral
      selection, ongoing portfolio management, and trading.  The
      transaction's legal structure, which is expected to be
      bankruptcy remote.

Following the application of S&P's structured finance ratings
above the sovereign criteria, it considers that the transaction's
exposure to country risk is sufficiently mitigated at the
assigned preliminary rating levels.

At closing, S&P considers that the issuer will be bankruptcy
remote according to its European legal criteria.

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

OCP EURO CLO 2017-1 is a European cash flow collateralized loan
obligation securitization of a portfolio primarily comprising
senior secured euro-denominated leveraged loans and bonds issued
by European borrowers.  Onex Credit Partners LLC is the
collateral manager.

RATINGS LIST

Preliminary Ratings Assigned

OCP EURO CLO 2017-1 DAC
EUR360.75 Million Senior Secured Floating-Rate Notes (Including
EUR38.25 Million Unrated Notes)

Class                Prelim.          Prelim.
                     rating            amount
                                     (mil. EUR)
A                    AAA (sf)          202.25
B                    AA (sf)            49.75
C                    A (sf)             21.00
D                    BBB (sf)           17.50
E                    BB (sf)            22.75
F                    B- (sf)             9.25
Subordinated notes   NR                 38.25

NR--Not rated.


SUPER VALU: To Continue Trading Amid Receiver Appointment
---------------------------------------------------------
Enda Cunningham at Connacht Tribune reports that the Musgrave
Group has said that three Super Valu and one Centra supermarkets
in Galway City will continue to trade, and all 190 jobs are safe,
despite the appointment of a receiver.

The receiver was appointed to the Nestor's Group -- which
operates the Super Valu premises at Fr Griffin Road, Oranmore and
Ballybane and a Centra premises in Doughiska -- according to
Connacht Tribune.

A spokesperson for Musgraves -- which owns the two supermarket
brands -- confirmed to the Connacht Tribune that a receiver had
been appointed to Nestor's, but the move was not connected to
them (Musgraves) as wholesalers, the report relays.

"The supermarkets are gone into receivership, but continue to
trade as normal.  No jobs are affected."

The report discloses it is understood that around 190 people are
employed between the four premises.



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


ATLANTE FINANCE: S&P Raises Rating on Class C Notes to 'B'
----------------------------------------------------------
S&P Global Ratings raised to 'B (sf)' from 'B- (sf)' its credit
rating on Atlante Finance S.r.l.'s class C notes.

The upgrade follows S&P's credit and cash flow analysis of the
most recent transaction information that S&P has received as of
January 2017.  S&P's analysis reflects the application of its
European residential loans criteria and S&P's criteria for rating
collateralized loan obligations (CLOs) backed by loans to small
and midsize enterprises (SMEs).

The transaction features an interest deferral trigger for the
class C notes, set at 28.0% of the unpaid principal deficiency
ledger (PDL) balance as a proportion of the closing portfolio
balance.  Upon a trigger breach, all funds available to pay note
interest divert to pay down the note balances.  As of the January
2017 interest payment date, the unpaid PDL balance has increased
to 4.99% from 4.60% during S&P's previous review.  Therefore,
this trigger has not been breached, and S&P don't expect it to be
breached.

Credit enhancement for the class C notes has increased to 11.72%
from 10.93% at S&P's previous review.

Severe delinquencies of more than 90 days, at 1.37% for the
residential mortgage portion of the portfolio, have been stable
since S&P's previous review.  The proportion of the portfolio
comprising residential mortgage loans has increased to 78% from
57% of the outstanding pool balance.  Commercial SME loans
secured by a first-lien mortgage and loans to public-sector
entities have decreased to 21% from 40% and to 1% from 3%,
respectively.  Total arrears have remained stable over the past
two years, and S&P don't expect arrears to increase significantly
over the next year.

After applying S&P's criteria to this transaction, its credit
analysis results show a decrease in S&P's required credit
coverage assumptions at each rating level compared with at S&P's
previous review.  This is due to the portfolio's higher
seasoning, S&P's updated market value decline assumptions, and a
higher proportion of the portfolio comprising residential
mortgage loans.

The documentation for the swap and the liquidity facility
(provided by The Royal Bank of Scotland PLC; BBB+/Stable/A-2) are
not in line with S&P's current counterparty criteria.
Consequently, S&P's current counterparty criteria constrain its
rating on the notes at 'BBB+ (sf)', the long-term issuer credit
rating on the swap and liquidity facility provider.

S&P's credit, cash flow, and structural analysis shows that the
class C notes have sufficient credit enhancement to support a
higher rating than that currently assigned.  S&P has therefore
raised to 'B (sf)' from 'B- (sf)' its rating on the class C
notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its weighted-average
foreclosure frequency (WAFF) assumptions by assuming additional
arrears of 8% for one- and three-year horizons for the
residential portion of the pool.  For the commercial mortgage
portion of the pool, S&P considered the effect of high and low
correlation between the assets.  These stresses did not result in
S&P's rating deteriorating below the maximum projected
deterioration that it would associate with each relevant rating
level, as outlined in S&P's credit stability criteria.

Atlante Finance is an Italian residential mortgage-backed
securities (RMBS) transaction, which closed in May 2006, and
securitizes a mixed portfolio of loans to SMEs and residential
loans, originated by Unipol Banca SpA.

RATINGS LIST

Class              Rating
            To                From

Atlante Finance S.r.l.
EUR1.52 Billion Floating-Rate Notes

Rating Raised

C           B (sf)            B- (sf)


MOBY SPA: S&P Affirms 'B+' CCR & Revises Outlook to Negative
------------------------------------------------------------
S&P Global Ratings said that it revised its outlook on Italy-
based ferry service provider Moby SpA (previously Onorato
Armatori) to negative from developing.  S&P also affirmed its
long-term corporate credit rating at 'B+'.

At the same time, S&P affirmed its 'BB-' issue ratings on the
senior secured EUR60 million revolving credit facility (RCF),
EUR200 million term loan A, and EUR300 million senior secured
notes issued by Moby.  The recovery rating on the senior secured
debt is unchanged at '2', indicating S&P's expectation of
substantial recovery (rounded estimate of 85%), for the secured
lenders in the event of a payment default.

The outlook revision reflects S&P's view that Moby's EBITDA has
significantly reduced because a new entrant is competing on its
core routes.  This diminishes the likelihood of Moby being able
to achieve funds from operations (FFO)-to-debt ratio of more than
20%, which S&P considers commensurate with a higher rating.  S&P
forecasts that Moby's credit measures will remain commensurate
with the current rating, but that the leeway under the ratios for
operating underperformance will dwindle.  Lower EBITDA generation
will tighten headroom under the net leverage ratio covenant
through 2017.  The rating is also under pressure from the
uncertainty regarding an investigation by the European Commission
(EC).  Depending on the outcome, this could result in a liquidity
shortfall for the company, which would trigger a downgrade.

S&P's rating on Moby reflects the company's exposure to the
cyclical transportation industry and its narrow business scope
compared with other global ship operators and transport service
providers.  Furthermore, S&P considers that Moby's competitive
position has weakened after competition on its key Sardinian
routes increased, resulting in a steep decline in EBITDA
performance.  In S&P's previous review, it anticipated that
competition for passenger and freight would be limited because
new players seeking to enter the market would need to gain market
share by offering low prices and would also have to develop port
infrastructure.  However, now that a new competitor has entered
the market, S&P expects Moby's profitability to be lower than S&P
previously expected.  In S&P's view, the resulting pricing
pressures could mean that Moby's profitability takes longer than
expected to reach a level commensurate with S&P's previous
expectation (EBITDA margin above 30%).

The company's business model is mainly built around ferry
operations that provide services via two main subsidiaries: Moby
and Tirrenia-CIN.  Jointly, these entities manage a fleet of 48
passenger and cargo ferries and 17 tug boats.  Moby predominantly
serves routes between continental Italy and Italian islands
(including Corsica).  Revenues are highly concentrated: the
Sardinia routes accounts for more than 55% of the company's
revenues.  Passenger ferry routes account for more than half of
Moby's revenues.  S&P considers them highly seasonal--some are
not profitable outside the tourist season and certain routes
never turn a profit.  Therefore, the Italian government is
contracted to pay annual subsidies amounting to about EUR87
million for all of Tirrenia-CIN's and some of Toremar (Moby's
wholly-owned subsidiary) loss-making routes, in exchange for
provision of services of a certain standard and frequency.  These
subsidies help to smooth earnings and boost profitability.

The EC has challenged this payment and may determine that it is
an unauthorized state intervention.  The ongoing investigation
also encompasses other issues related to allegations that the
privatization of the Tirrenia-CIN business was conducted
unfairly. The outcome of the investigation is difficult to
predict.  On top of its passenger ferry operations, Moby
generates about 30% of its total revenue from cargo
transportation, which S&P considers to have more stable volume
patterns throughout the year.

These weaknesses are mitigated, in S&P's view, by Moby's leading
position as a ferry operator in the niche Italian market.  It has
a well-recognized and long-standing brand and has operated in the
maritime industry since the 18th century.  The weaknesses are
also mitigated by Moby's relatively young and difficult-to-
replicate fleet of vessels.  S&P also sees as positive that Moby
has demonstrated its ability to proactively manage its exposure
to fluctuations in bunker fuel prices (a vast majority of the
fuel volumes has been hedged for 2017 and 2018) and to adjust its
fairly flexible cost base to reduce costs during the low season.
S&P considers the fundamentals of the ferry industry to be more
favorable than traditional cyclical transportation because demand
and pricing is generally more stable and capital intensity is
lower.

"We have revised down our base-case forecasts because we believe
Moby faces greater competition over the medium term than we
previously assumed, especially in the freight segment.  Freight
is one of the two biggest segments and has a large impact on
sales. Although we anticipate the opening of new routes, which
should increase the number of passengers transported, this is
unlikely to improve profitability in the short term because the
company will need to attract customers to the new routes and is
likely to do so by offering lower prices," S&P said.

In S&P's base-case scenario, it assumes:

   -- Sales growth of about 2%-3%, linked to S&P's estimates of
      annual GDP and inflation growth rates for Italy and the
      eurozone.

   -- Low total cost-base growth because Moby has hedges on a
      vast majority of its bunker fuel volumes over 2017 and
      2018.  This should allow Moby to generate an average EBITDA
      margin of about 28%.

   -- An increase in the proportion chartered in vessels in
      Moby's fleet, which could increase annual charter costs by
      EUR8 million.  Annual capital expenditure (capex) of around
      EUR35 million-EUR40 million in 2017-2018 to cover
      investments in fleet refitting and dry-docking.

   -- No dividend distribution.

   -- State grants continuing in 2017 and 2018.  S&P assumes that
      any potential changes to the system of state grants could
      be largely mitigated by terminating services and
      implementing other efficiency measures.

   -- EUR65 million of the company's cash to be immediately
      accessible to repay debt in 2017 and EUR95 million in 2018.
      These amounts correspond to the first installment of
      EUR55 million for the deferred payment to Tirrenia group
      and EUR10 million and EUR40 million for the amortization of
      the secured term loan in 2017 and 2018, respectively.

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

   -- A weighted-average ratio of S&P Global Ratings-adjusted FFO
      to debt of about 16%-17% in 2017-2018 (from about 24%
      previously forecasted).

   -- A weighted-average ratio of adjusted debt to EBITDA of
      about 4.5x in the same period.*

*Our adjusted calculation for debt to EBITDA is not consistent
with the bank's definition of net debt leverage used for the
purpose of covenant calculation.  This is mainly due to S&P's
perating lease and surplus cash adjustment to total debt.

Under the purchase agreement between Moby and Tirrenia,
EUR55 million of the total EUR180 million deferred payment is
currently suspended, pending the final outcome of the
investigation.  In S&P's view, it is unclear what effect the
outcome will have on Moby's credit quality in the next two years.

The negative outlook reflects S&P's view that an adverse ruling
from the EC could cause liquidity and credit metrics to
deteriorate further.  The resolution, timing, and impact of the
ruling remain uncertain.  The outcome could be determined in the
next 12 months.

S&P would likely lower the rating by one or more notches if the
EC's decision resulted in Moby having to repay significantly more
than the deferred payment amount, which would be likely to lead
to a liquidity shortfall.  S&P could also lower the rating in the
next 12 months if EBITDA generation materially reduces, causing
the company's credit metrics to further deteriorate, such that
FFO to debt falls below 12% on a sustainable basis.  This could
occur, for example, if sales continue to deteriorate amid
competitive pricing pressure.

S&P would revise the outlook to stable if the EC imposes a
repayment amount that does not considerably exceed the deferred
amount of EUR180 million.  This would relieve the pressure on
Moby's liquidity position and stabilize its credit quality.  S&P
considers an upgrade to be highly unlikely in the near term.


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


CEVA GROUP: S&P Affirms 'B-' CCR Following Exchange Offer
---------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
ratings on Netherlands-based integrated logistics services
provider CEVA Group PLC and its holding company CEVA Holding LLC.
The outlook is stable.

In addition, S&P affirmed its 'B-' issue ratings on CEVA's first-
lien notes and the recovery rating at '4', reflecting S&P's
expectation of average (30%-50%) recovery in the event of
default.

S&P also affirmed the issue ratings on first-and-a-half-lien and
unsecured notes at 'CCC' and the recovery rating at '6',
reflecting S&P's expectation of negligible (0%-10%) recovery in
the event of default.

The rating affirmation follows CEVA's announcement of a private
offer to exchange its $390 million 4% first lien senior secured
notes due 2018 through the issuance of 9% first lien senior
secured notes due 2020.  S&P don't consider the proposed exchange
offer to be a distressed restructuring.  In S&P's view, this
transaction, which will be carried out at par several quarters
prior to final maturity, would not represent a loss of value for
current debt holders.  S&P believes that the additional
compensation for the extension in this case, an increase from 4%
cash-pay to 6% cash-pay and 3% payment in kind (PIK), is
sufficient to make up for the extra two years tenor.

Furthermore, the ratings on CEVA reflect the company's exposure
to highly fragmented and competitive markets with stronger and
larger players, all of which limits growth prospects and
pressures profitability for CEVA.  Although CEVA seeks to offset
operating risk somewhat with long-term contracts, it's still
highly exposed to air and freight rate cyclicality and volatile
volume demand that negatively affect margins during economic
slowdowns. While these weaknesses are partly mitigated by the
company's strong client retention rates and long-standing
relationships across a broadly diversified end-market, CEVA's
profitability is still weak.  S&P assumes CEVA's overall
profitability, as measured by S&P's ratio of adjusted average
EBIT margin -- which averaged about 1.6% in the last two years --
will remain relatively weak over S&P's 2017-2018 forecast period.

S&P expects an improvement in CEVA's EBITDA generation as a
result of the company's cost-cutting initiatives, notably
personnel reductions in the next 12 months.  However, S&P
forecasts CEVA's financial profile will continue reflecting high
adjusted debt and weak cash flow protection measures, including
adjusted weighted-average funds from operations (FFO) to debt of
about 8%, and debt to EBITDA of about 8.5x. In addition, under
the assumption of modest capital expenditure (capex) to support
growth, S&P believes that it is unlikely that the company will be
able to offset the impact of negative free cash flow with capex
reductions, and in net debt is actually likely to increase.
Moreover, S&P considers that CEVA's leverage metrics will remain
broadly flat beyond 2017, further constrained by the intrinsic
characteristics and nature of its private-equity-owned business.

In S&P's base case, it assumes:

   -- For 2017, despite some new contracts won in 2016, S&P
      assumes that contract logistics net revenues will decrease
      by about 4%, reflecting the strong competitive pressures in
      the highly fragmented segment.  For Freight, S&P assumes a
      decrease in net revenue, given ocean spot rates remained
      high in first quarter of 2017.  Relatively flat revenues
      from 2017 onward, supported by S&P's estimates of annual
      GDP and inflation growth rates for Europe, the Americas,
      and Asia-Pacific.

   -- Cost cutting initiatives, notably personnel reductions, to
      improve margins by about 0.5% in 2017.  Beyond 2017, S&P
      forecasts flat margins to reflect stabilization in the cost
      base.

   -- Heightened focus on working capital will generate a modest
      inflow in 2017 (we project $11 million).  The improvement
      in 2017 includes some embedded benefit from the 2016
      outflow that was not recovered in latter quarters.

   -- Capex requirements are broadly in line with previous years,
      ranging from $70 million-$80 million per year and mostly
      relate to support revenue growth.  Out of the total, about
      30% relates to maintenance capex.

   -- S&P adjusts debt for $863 million 10% second lien secured
      PIK notes due 2023.  S&P treats these preference shares as
      debt mainly because they can be sold independently to any
      third party.  No significant debt leverage reduction in the
      short term due to negative free operating cash flow; and

   -- No dividend distributions.

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

   -- Adjusted FFO to debt of about 8%-9%; and
   -- Adjusted debt to EBITDA of about 8.0x-9.0x.

Although available, S&P thinks it unlikely the company will use
cash to retire debt, so S&P don't deduct cash from its leverage
calculations.  This is mainly due to the nature of its financial
sponsor ownership and our assessment of the company's level of
reliance on its cash balance to meet its operating needs.

The stable outlook reflects S&P's view that, over the next 12
months, CEVA's credit metrics will remain highly debt leveraged
and liquidity will be sufficient to meet its financing needs.

While S&P understands that the exchange transaction is in its
final stages and it will most likely be completed, S&P could take
a negative rating action if it didn't finalize as expected and
the company failed to refinance its upcoming maturity due in May
2018, which would lead S&P to reassess the sustainability of its
capital structure.  Also, downside rating pressure could arise if
CEVA's cash balance weakened materially, for example because of
greater negative free operating cash flow than S&P currently
forecasts. This could stem from further deterioration in the
global supply chain industry or higher capex than S&P currently
expects.  S&P could also lower the rating if it considered CEVA
materially underperformed, either at the top-line or on cost
initiatives, and leverage increased significantly.

S&P considers an upgrade to be unlikely in the near term, based
on the challenging market conditions and S&P's forecast that
adjusted FFO to debt will remain weak in the next 12 months.  An
upgrade could be considered if cost cutting initiatives resulted
in FFO to debt above 12% combined with material debt reduction.


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


PGG-KHW: Creditors Agree to Extend Debt Repayment by Five Years
---------------------------------------------------------------
Polska Agencja Prasowa reports that Energy Minister Krzysztof
Tchorzewski told a news conference merged coal mining group PGG-
KHW's creditors agreed to suspend for two years repayment of
installments and extend the repayment period by five years.

"First of all we got a two-year suspension of installment
repayment, secondly a prolongation of repayment by 5 years so the
installments will be lower and thirdly . . . following the
negotiations with banks we got the effects of some PLN200
million," PAP quotes Mr. Tchorzewski as saying without specifying
any details.

The list of KHW creditors includes banks BZ WBK, BGZ BNP Paribas,
PKO BP, BGK as well as DZ Bank and Nordea Bank Polska, PAP
discloses.

Earlier last month Energy Ministry officials said Poland was
trying to secure bank consent for converting 30-35% of ailing
miner KHW's PLN1.4 billion debt into equity of peer miner PGG,
PAP recounts.

The banks did not consent to swap the debt for shares of coal
miner PGG after its merger with KHW, but did agree to some other
form of debt restructuring satisfactory to all parties involved,
PAP relays, citing Parkiet daily.


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


ENERGIAS DE PORTUGAL: S&P Affirms 'BB+' CCR, Outlook Positive
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long- and 'B' short-term
corporate credit rating on integrated utility EDP - Energias de
Portugal S.A.  The outlook remains positive.

S&P also affirmed its 'B+' long-term rating on EDP's hybrid
instruments and S&P's 'BB+' long-term rating on EDP's senior
unsecured debt.  S&P's '3' recovery rating on the senior
unsecured debt remains unchanged, reflecting its expectation of
meaningful recovery (50%-70%; rounded estimate: 65%) in event of
a payment default.

The affirmation reflects S&P's view that the announced disposal
of EDP's regulated gas network business in Spain, Naturgas, for
EUR2.6 billion will only marginally affect S&P's assessment of
EDP's credit profile.  As a result of the transaction and the
possible disposal of the gas distribution network in Portugal
(Portgas), S&P expects that the contribution from regulated
network activities in Iberia will fall in 2018 to about 21% (from
27% in 2016).

At the same time, the transaction values Naturgas at more than
15x its EBITDA, and the significant proceeds will be used to
reduce debt and to finance the proposed buyout of the remaining
22.5% of the 77.5%-owned renewable subsidiary EDP Renovaveis
(EDPR).  If successful, S&P believes this second transaction will
simplify the group structure and offer full control over the cash
flows of the renewables business.  At the same time, the minority
dividends were limited in size (at about EUR10 million per year).

Overall, S&P believes these two transactions are credit neutral
and will not delay the group's path to deleveraging.  On top of
this, on March 27, 2017, EDP announced the sale of its tariff
deficit for EUR574 million, as included in the company's business
plan.

S&P understands that the details of the transactions are:

   -- A binding offer was made to sell Spain's Naturgas at an
      enterprise value of 15.7x EBITDA.  The proceeds from the
      disposal (EUR2.3 billion in 2017 and EUR200 million to be
      received in five years) will fund the potential acquisition
      of EDPR shares, while the remaining proceeds will be used
      to reduce debt.  The proposed transaction is expected to
      result in a capital gain of EUR0.7 billion (which should be
      tax-free since it is in Spain, according to EDP).  The
      transaction is expected to be closed during the second or
      third quarter of 2017.  EDP announced it will launch a cash
      offer to acquire minorities at EDPR for EUR6.80/share.  EDP
      has indicated that this means a +10.5% premium on a six-
      month volume weighted average price of EUR6.15/share and
      +9.7% on the spot price on March 24.  EDP will finance the
      offer with proceeds from the Naturgas disposal.  EDP may
      consider applying for EDPR delisting if it reaches 90% of
      its voting rights.  The completion of the transaction is
      also expected by the second or third quarter of 2017.

EDP's 2016 operating performance was solid, despite a challenging
operating environment, with adjusted EBITDA increasing to
EUR3.75 billion from EUR3.50 billion in 2015, reflecting
portfolio expansion (installed capacity and client base) and
efficiency improvements (particularly in EDPR where operating
expenditure per megawatt is down by 5%), but also better weather
conditions in Iberia and Brazil (mainly in the first half of
2016).  At the same time, results were affected by one-off cash
elements.  These one-offs depressed S&P's adjusted funds from
operations (FFO) and debt figures.  As a result, adjusted credit
metrics at year-end 2016 remained weak, with FFO to debt at
10.6%.  S&P nevertheless believes that some of these one-offs in
2016 will not materialize again, which should support a rebound
in FFO from 2017.  At the same time, ongoing efforts to reduce
leverage, in addition to the recently announced transactions,
should support further debt reduction.

S&P's view of EDP's strong business risk profile is supported by
the overwhelming contribution to cash flows from its networks,
renewable activities, and long-term contracted asset-based
operations.  S&P estimates these should represent more than 70%
of consolidated EBITDA by 2020.  EDP's position is also
underpinned by its strong position in its key markets, being the
largest generator, distributor, and supplier of electricity in
Portugal, and the third-largest electricity generation company.
S&P's assessment also reflects EDP's cost discipline and solid
operating performance, the group's significant global scale, and
low-cost, low carbon-intensive, diversified and modern generation
portfolio (including one of the leading positions globally in
wind energy). Finally, EDP enjoys significant diversity, with
more than 50% of 2016 EBITDA generated outside Portugal--mostly
in Spain, Brazil, and the U.S.

Key relative weaknesses include EDP's rising exposure to
uncertain and volatile power prices in Iberia, as well as its
above-average country risk exposure to Portugal, Brazil, and
Spain.  As to regulatory risk, Portugal's track record and the
EU's ultimate oversight over Portuguese energy regulation are
risk mitigants.

S&P's assessment of EDP's financial risk profile reflects its
stretched metrics, resulting from sizable debt, due to past major
growth capital spending combined with continued generous
dividends.  S&P benchmark EDP's credit metrics against its
standard volatility table due to our strong/adequate assessment
for the regulatory advantage of corporates operating in Portugal.

S&P nevertheless expects EDP to gradually reduce its debt burden
over 2017-2018 through positive free cash flow on the back of
declining capital expenditures (capex).  Importantly, S&P also
assumes continued commitment by management to securitize
regulatory receivables that are nonrecourse to EDP.  The
securitization is executed at EDP's sole discretion.  The
securitization of receivables has allowed EDP to improve its
reported net debt position by more than EUR1 billion in 2016, but
the positive effect is partially offset by S&P's anticipation of
a related one-off tax expense of EUR350 million (related to
securitization disposal proceeds), even though it is to be paid
in 2017.  Moreover, S&P expects EDP to dispose of its gas
distribution operations in Portugal, which could further support
the improvement of EDP's credit metrics, without significantly
weakening the business risk profile.

Finally, EDP benefits from some ongoing shareholder financial
support from its reference shareholder China Three Gorges, which
recently has been materializing through asset disposals.

The positive outlook on EDP reflects S&P's expectation that the
group's financial risk profile will continue to improve over the
next two years, with notably FFO to debt reaching 16% by 2018
(from 10.6% in 2016, with the one-off tax related to the
securitization proceeds cashed in 2016).

S&P anticipates that EDP's debt will gradually decrease while its
credit metrics will strengthen over the next two years, thanks to
additional asset sales, tariff deficit securitizations, and cuts
in capex, as well as organic growth, mainly from renewable
operations.

S&P could upgrade EDP over the next 12 months if it become more
confident that it could achieve and sustain adjusted FFO to debt
of about 16% in 2018, and assuming no unexpected material
weakening of the regulatory, fiscal, or economic environments in
EDP's core markets, notably Portugal and Brazil.  A one-notch
downgrade of Portugal or disposal of gas distribution networks in
Portugal would not prevent an upgrade of EDP.

S&P would likely revise the outlook to stable if EDP appeared
unable to reach adjusted FFO to debt of about 16% by the end of
2018.  This could be prompted by large power price declines in
Iberia, a material heightening of Portuguese and secondarily
Brazilian country risk (including adverse regulatory or fiscal
effects), an inability to effectively securitize tariff deficits
or to achieve its asset rotation target in 2020, or unexpected
debt-financed acquisitions.


NOVO BANCO: Lone Star to Buy 75% Stake in Exchange for Capital
--------------------------------------------------------------
Peter Wise at The Financial Times reports that Portugal has
struck a deal with Lone Star on the sale of Novo Banco, in which
the US private-equity fund will acquire 75% of the country's
third-largest lender in return for a capital injection of EUR1
billion.

Carlos Costa, governor of the Bank of Portugal, said on March 31
that Portugal's bank resolution fund, Novo Banco's sole
shareholder, would retain the other 25%, the FT relates.

Lone Star will initially provide EUR750 million in new capital
and the remainder within three years, the FT discloses.

The deal is the culmination of more than two years of efforts to
sell Novo Banco, the so-called "good bank" salvaged from the
collapse of Banco Espirito Santo in a EUR4.9 billion bailout in
201, the FT notes.

According to the FT, the Bank of Portugal said in a statement
that under the agreement, the resolution fund -- a public body
that is jointly financed by all of Portugal's banks -- is
committed to injecting fresh capital into Novo Banco if its
capital strength falls below regulatory requirements.

The resolution fund has already spent EUR4.9 billion on rescuing
Novo Banco, EUR3.9 billion of which came from a state loan, the
FT discloses.

The sale of a 75% stake to Lone Star in exchange for fresh
capital means it will not recover any of this outlay from the
deal, the FT states.

However, the government has ruled that banks will not have to
make any extraordinary contributions beyond their regular
payments to the resolution fund, giving them several decades to
make up the shortfall, the FT relays.

Headquartered in Lisbon, Novo Banco, S.A. provides various
financial products and services to private, corporate, and
institutional customers.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 23,
2016, DBRS Ratings Limited confirmed Novo Banco, S.A.'s (NB or
the Bank) Senior Long-Term Debt and Deposits rating at CCC
(high), and changed the trend to Stable from Negative. At the
same time, the agency confirmed the Short-Term & Deposit rating
of R-5 with a Stable trend.


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


PERESVET BANK: S&P Affirms 'D/D' Counterparty Credit Ratings
------------------------------------------------------------
S&P Global Ratings affirmed its 'D/D' long- and short-term
counterparty credit ratings and its 'D' Russia national scale
rating on JSCB Peresvet Bank.  At the same time, S&P affirmed its
'D' ratings on the bank's senior unsecured debt.  S&P
subsequently withdrew all ratings at the bank's request.

At the time of the withdrawal, S&P's ratings on Peresvet Bank
reflected the bank's inability to honor its obligations on time
and in full.

On Oct. 21, 2016, the Central Bank of Russia announced the
appointment of a temporary administration of Peresvet Bank and
imposed a payment moratorium, citing the bank's failure to meet
creditors' claims for more than seven days.  S&P subsequently
lowered the ratings on Peresvet Bank to 'D' on Oct. 24, 2016.


ROSSETI: S&P Affirms 'BB+' CCR, Outlook Remains Positive
--------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
and 'B' short-term corporate credit ratings on the Russian state-
controlled electricity grid operator Rosseti PJSC.  The outlook
remains positive.

At the same time, S&P affirmed the 'ruAA+' Russia national scale
rating on Rosseti.

The affirmation reflects S&P's unchanged expectation that Rosseti
has a very high likelihood of receiving timely and sufficient
extraordinary state support from the Russian government in times
of economic stress.

S&P now views Rosseti's stand-alone credit profile (SACP) as
'bb', up from 'bb-', supported by its solid operating
performance, the track record of operation as a consolidated
entity, and S&P's understanding that no major changes to the
group's consolidated perimeter are being considered in the near
future.  At the current level of the sovereign rating and the
company's SACP, the rating on Rosseti factors in one notch of
uplift for extraordinary government support, compared with two
notches before.

Although Rosseti may be required to divest some subsidiaries,
including retail electricity companies and some regional grids,
S&P believes that major asset sales in the electricity sector are
currently not on the Russian government's agenda.  S&P notes that
the group has operated in its current form for a number of years,
and S&P don't expect any major changes in 2017-2018.  S&P also
takes a view that, as long as Rosseti keeps its controlling stake
in the country's transmission operator Federal Grid (about 30% of
consolidated sales), potential sales of relatively smaller assets
are unlikely to materially affect S&P's view of the group's
business or financial risk profiles or S&P's assessment of its
likelihood of receiving government support.

Rosseti is the Russian government-controlled holding which owns
controlling stakes in the country's electricity transmission
operator Federal Grid and electricity distribution companies in
most Russian regions.  Based on available information, S&P
expects 2016 consolidated sales to be about Russian ruble
(RUB)880 billion (about $1.3 billion)-RUB900 billion and EBITDA
to be about RUB260 billion-RUB280 billion.

S&P continues to view Rosseti as a government-related entity
(GRE) with a very high likelihood of timely and sufficient
extraordinary government support, given the company's important
role for the government as a provider of essential infrastructure
services, majority government ownership, and the track record of
ongoing financial support to the group's entities via capital
injections or favorable funding through infrastructure bonds.
S&P understands that the government continues to closely monitor
the group's strategy, operations, and financial performance.  The
current legislation requires the government to keep a majority
stake in Rosseti.

In 2016, S&P expects Rosseti's EBITDA to increase on the 2015
budget due to higher tariffs, supporting funds from operations
(FFO) to debt of above 30%.  Because the group had large
connection fees with deferred payment in 2016, S&P expects a
material working capital outlay resulting in negative free
operating cash flow (FOCF).  S&P expects Rosseti's EBITDA to
gradually increase in 2017-2018, owing to continuing tariff
growth, marginally increasing volumes, and cost-cutting efforts.
S&P believes that Rosseti's capital expenditures (capex) will be
broadly stable at around RUB200 billion in the coming two years.
This should support FFO to debt of above 30%, and debt to EBITDA
of 2.0x-2.5x.  Still, FOCF will likely remain negative in 2016-
2017, due to the heavy capex program and S&P's expectations of
material working capital outlays resulting from deferred payments
from a number of large customers for connection fees.  In S&P's
base case, it assumes that the group will retain some flexibility
in its capex program, will avoid any material additional
investments (such as a subsidiary minority buyout), and will
increase its dividends only moderately.

Rosseti primarily relies on fee income or dividend flow from its
subsidiaries to cover costs and for debt servicing.  Most
borrowing is at the operating company level.  At year-end 2016,
only RUB31 billion (or about 6% of the group's consolidated debt)
was at the parent level.  S&P understands that, although the
holding company may on a case-by-case basis borrow at the parent
level to pass the funds down via intragroup loans, most borrowing
will likely stay at the operating subsidiary level.

The rating continues to be supported by Rosseti's leading market
position in Russia, with geographically diversified operations
across most Russian regions and relatively stable profits from
regulated activities.  S&P views the regulatory framework in the
Russian transmission and distribution sector as relatively
supportive, as most of Rosseti's revenues are covered by long-
term return-on-asset-base tariffs and ensure adequate coverage of
costs and maintenance capex.  Still, in S&P's view, Rosseti, like
many other Russian regulated entities, faces some political
interference through tariff regulation, which impairs the
predictability of the long-term tariff system.  Other
constraining factors include Rosseti's exposure to Russian
country risk, a relatively aged asset base, and operating
efficiency that S&P views as weaker than that of its major
Western European peers.

The positive outlook reflects that S&P would likely raise its
local currency and foreign currency ratings on Rosseti if S&P
raised its ratings on the sovereign.

S&P continues to see a very high likelihood that the Russian
government would provide timely and sufficient extraordinary
support to Rosseti.  On a stand-alone basis, S&P expects Rosseti
to report an EBITDA margin of about 30%, FFO to debt of about
30%-35%, and debt to EBITDA of 2.0x-2.5x, with a manageable debt
maturity profile.  In S&P's base-case scenario, it do not include
any material changes to the group's consolidated perimeter and,
therefore, neither to its market position nor role for the
government.

"We may upgrade Rosseti if we upgrade Russia.  Even if we revise
our assessment of Rosseti's SACP up to 'bb+', we do not expect to
rate Rosseti above the sovereign, because 1) the company's SACP
is below the rating on the sovereign, 2) its business is
domestically focused, and 3) its link with the government is very
strong.  We see a further upward revision of the SACP as unlikely
for now, given our expectations of still material negative FOCF,
and low interest coverage ratios.  Revising up our opinion of the
SACP would also require no major changes in the group's
consolidated perimeter or the government's policy with regard to
Rosseti," S&P said.

S&P would likely revise the outlook to stable if it changed its
outlook on the sovereign to stable.  S&P's expectation of a very
high likelihood of state support creates some protection against
weakening stand-alone performance.  Even if S&P's assessment of
the SACP were to deteriorate to 'bb-' owing to weaker financial
performance (for example, if capex, dividends, or working capital
outlays are significantly above our current expectations), this
would not affect the rating.

Downside could also stem from a material weakening of government
support, in case of greater privatization risk, weaker government
involvement in the group's activities, losing control over key
assets (in particular Federal Grid), or if a significant leverage
increase or liquidity disruption were not offset by government
support.  These are not S&P's base-case scenarios, however.


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


ISOLUX: Commences Restructuring Process to Avert Insolvency
-----------------------------------------------------------
Andres Gonzalez at Reuters reports that Grupo Isolux Corsan SA
said on March 31 it had activated the formal process aimed at
avoiding insolvency, as it battles to secure enough money to
remain in business.

Isolux has over EUR2 billion (US$2.1 billion) in restructured
debt, Reuters relays, citing an update on its restructuring
process published in December.

According to Reuters, Isolux said on March 31 the decision taken
by the board would not affect its capacity to carry out
operations, in particular any projects started in recent months.

Last December, Isolux agreed to a debt restructuring deal with
bondholders and banks, such as Banco Santander, Caixabank and
Bankia, taking 95 percent of the company in a debt for equity
swap, Reuters recounts.

Isolux said on March 31 it was trying to sell its concession
assets and had begun to look for an investor for the holding
company that groups the engineering and construction business,
Reuters relates.

The company has delayed the publication of its results until
negotiations are concluded, Reuters discloses.

The company, which has over 5,200 workers, carries out
infrastructure and energy projects in 35 countries.

Grupo Isolux Corsan SA is a Spanish construction company.


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


JOHNSTON PRESS: S&P Revises Outlook to Neg. & Affirms 'CCC+' CCR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based newspaper
publisher Johnston Press PLC to negative from stable.

At the same time, S&P affirmed its 'CCC+' long-term corporate
credit rating on Johnston Press PLC and our 'CCC+' issue rating
on Johnston Press' GBP225 million senior secured notes due 2019.

The recovery rating on the notes is unchanged at '4', indicating
S&P's expectation of average recovery (30%-50%; rounded estimate:
45%) in the event of a payment default.

The outlook revision reflects S&P's forecast that Johnston Press'
operating performance will continue to be weak in 2017 and 2018.
This, S&P believes, further adds to the pressure on the looming
2019 maturity of the group's outstanding GBP220 million notes.

Johnston Press reported an 8% decline in revenues for 2016, after
GBP242 million generated in 2015.  The decline was primarily due
to falling advertising and circulation revenues.  The growth in
digital advertising revenues -- excluding declining
classifieds -- was only 1%.  S&P believes that Johnston Press
will continue to post weak operating performance despite the
group's efforts to control costs.  Conditions in the print
newspaper industry are deteriorating faster than S&P previously
anticipated, while it has proven very challenging to monetize the
growing digital audience and compete against much larger
competitors, such as Facebook, on digital advertising.  In
addition, S&P believes that the disruption caused by the Brexit
vote in 2016 will continue to create some volatility for the
group's earnings in 2017.

Therefore, S&P thinks that the group will be unlikely to repay or
refinance its GBP225 million notes (of which GBP220 million are
outstanding) when they fall due in June 2019.

In S&P's view, the group does not face any immediate liquidity
issues, despite its recent cancellation of its revolving credit
facility (RCF).  S&P projects that free cash flow generation in
2017 will be low but positive, while it understands the group had
about GBP30 million of cash on balance sheet at the end of 2016
and no maturities before the notes mature in more than two years,
on June 1, 2019.

S&P also understands from management that the group does not
intend to make any distressed bond buyback over the next 12
months.  (S&P would view a buyback as tantamount to a default,
given the important discount on the notes and the 'CCC+' rating
on the company.)  S&P believes that the group has limited
capacity to do so anyway.

S&P projects that its calculation of adjusted debt to EBITDA will
remain above 6x in 2017 and 2018.  S&P views this high level of
debt as unsustainable in light of its assessment of Johnston
Press' business risk profile as vulnerable and its operation in a
structurally declining industry.

The negative outlook reflects S&P's view that Johnston Press will
continue to post weak operating performance in 2017 and 2018,
primarily due to falling advertising revenues and falling print
circulation.  S&P also forecasts some volatility in earnings
resulting from Brexit-related uncertainties in 2017.  This, S&P
believes, will materially increase the refinancing risk for
Johnston Press' GBP220 million outstanding notes due in June
2019.

S&P could lower the rating in the next 12 months if it envisions
a default over the following 12 months.  A default could result
from, among others, a debt restructuring such as a distressed
exchange offer, or a distressed bond buyback.

Although S&P views an outlook revision to stable as remote at
this stage, it could do so within the next 12 months if the
group's operations were to improve materially, such that a debt
restructuring would be unlikely over the following 12 months.


NATWEST: Announces Closure of Four More Stores
----------------------------------------------
Shelina Bagum at Manchester Evening News reports that NatWest is
closing a further four branches in Greater Manchester as
customers move away from high street banking to online.

The report relays the closures are part of a national cull by
parent company RBS, which is shutting 128 NatWest sites and 30
RBS branches - with the loss of 470 jobs.

The report discloses the banking giant said its branch in Eccles
will shut on September 28, Ramsbottom on October 2, its
Manchester University Union branch on October 3, and the
Droylsden branch will close on October 10.

The closures come just three months after NatWest announced it
was shutting nine branches across Greater Manchester and
Cheshire, the report notes.

The bank said the closures follow a 'radical shift' in the way
people are banking. Mobile and online transactions have increased
by over 400 per cent between 2010 and 2015, while mobile
transactions alone have increased by 1,350 per cent, it said, the
report relays.

The report notes that in a statement, the bank said: "We are
communicating with our customers affected by the closure and
proactively contacting vulnerable and regular branch customers.

"We have listened closely to feedback from local communities and
have extended the time between announcing our decision and the
branch closure to six months. This has been done in order to
ensure our customers have time to consider the right banking
options for them.

"We know that not all of our customers are comfortable and
familiar with using online or mobile banking, so we have created
a new specialist taskforce of NatWest TechXperts who will be
dedicated to supporting our customers with training and support
with digital skills.

"From next month, at least one TechXpert will be available in
each NatWest branch."

The report recalls that last December the bank announced the
closure of the following stores:

-- New Moston on May 30, 2017

-- Denton on June 15, 2017

-- Royton on June 20, 2017

-- Hale on June 26, 2017

-- Uppermill on June 27, 2017

-- Timperley on June 28, 2017

-- Alderley Edge on July 3, 2017

-- New Mills on July 3, 2017

-- Marple on July 4, 2017


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


* BOND PRICING: For the Week March 27 to March 31, 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 * * *