TCREUR_Public/170424.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 24, 2017, Vol. 18, No. 80


                            Headlines


B E L A R U S

BELARUSBANK JSC: S&P Affirms 'B-' Counterparty Credit Ratings


G E R M A N Y

ORION ENGINEERED: Moody's Affirms Ba3 CFR, Outlook Stable


G R E E C E

GREECE: IMF Skeptical on Ability to Sustain High Surplus


I R E L A N D

CBOM FINANCE: Fitch Rates Upcoming Perpetual AT1 Notes B-
LANSDOWNE MORTGAGE: Moody's Puts Notes on Review for Downgrade


I T A L Y

ALITALIA SPA: Workers Vote on Government-Brokered Rescue Deal


L U X E M B O U R G

CANYON COMPANIES: Moody's Affirms B2 Corporate Family Rating
VM HOLDING: S&P Puts 'BB+' LT CCR on Sustainable Business Model


N E T H E R L A N D S

GROSVENOR PLACE 2013-1: Fitch Affirms B- Rating on Class E Notes
GROSVENOR PLACE 2013-1: Moody's Affirms B2 Rating on Cl. E Notes
STORM 2013-I: Fitch Raises Rating on Class D Notes to 'BB+sf'


P O R T U G A L

BANCO SANTANDER: S&P Affirms 'BB+/B' Counterparty Credit Ratings
NOVO BANCO: Aether Partners Wants to Block Sale to Lone Star


R U S S I A

FINARS BANK: Put on Provisional Administration, License Revoked
OBRAZOVANIE JSCIB: Put on Provisional Administration
PERESVET JSCB: Bank of Russia Launches Rehabilitation Measures
TATFONDBANK: TFB Finance Bonds Deemed Worthless After Bankruptcy


S W E D E N

MUNTERS AB: S&P Affirms 'B' CCR, Outlook Remains Stable


U N I T E D   K I N G D O M

AMIGO LOANS: Moody's Assigns B1 Corporate Family Rating
MISYS NEWCO: Moody's Lowers CFR to B3, Outlook Stable
NOMAD FOODS: Moody's Rates New EUR500MM Sr. Secured Notes (P)B1


U Z B E K I S T A N

TURKISTON BANK: S&P Raises Counterparty Credit Rating to 'B'


X X X X X X X X

* BOND PRICING: For the Week April 17 to April 21, 2017


                            *********



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B E L A R U S
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BELARUSBANK JSC: S&P Affirms 'B-' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term counterparty
credit ratings on JSC Savings Bank Belarusbank.  The outlook
remains stable.

At the same time, S&P raised its short-term counterparty credit
ratings on Belarusbank to 'B' from 'C' and removed the "under
criteria observation" (UCO) designation from this rating.

The affirmation of the long-term rating reflects S&P's unchanged
assessment of Belarusbank's creditworthiness, which balances the
bank's slower asset growth in 2016 than in previous years with
S&P's expectation of still limited growth in 2017, improvements
in the net interest margin in 2017 to above 5% from around 4% in
2016, on the back of quicker repricing of liabilities, still
relatively low preliminary reported nonperforming loans (NPLs),
and stronger reserve coverage.

The positive action on S&P's short-term ratings on Belarusbank
and the removal of the UCO designation follows the application of
S&P's revised global criteria "Methodology For Linking Long-Term
And Short-Term Ratings," published April 7, 2017, on
RatingsDirect.

S&P's 'B-' long-term rating on Belarusbank are capped one notch
below S&P's 'b' assessment of its stand-alone credit profile
because of S&P's sovereign rating on Belarus (B-/Stable/B).  The
bank's state ownership makes it strongly dependent on the
Belarusian government's fiscal position, which is currently
vulnerable.  Furthermore, the bank operates exclusively in
Belarus and remains highly exposed to country risk.

S&P's view of Belarusbank's business position as strong reflects
the bank's dominant customer franchise in Belarus and its solid
brand name.  Belarusbank is by far the largest bank in Belarus by
assets, which totaled about Belarusian ruble BYR24 billion (about
$12 billion) as of Dec. 31, 2016, according to unaudited
International Finance Reporting Standards results.

S&P's assessment of Belarusbank's capital and earnings as weak is
based on S&P's projections that the risk-adjusted capital (RAC)
ratio will stay between 3% and 5% over the next 12 months.
Despite good net interest margin dynamics, S&P expects that the
elevated credit costs will weigh markedly on the bank's
profitability, in turn constraining capital generation.

S&P continues to regard Belarusbank's risk position as adequate,
taking into account the government guarantees provided for most
of the corporate loan book and diversified retail portfolio,
which represents about 20% of total loans as of Dec. 31, 2016.

In S&P's view, Belarusbank's funding remains above average and
its liquidity adequate.  Belarusbank continues to be the leading
retail bank in Belarus, with a 45% market share in retail
deposits is of end-December 2016.  S&P believes that retail
depositors' strong perception of the bank's brand is positive for
the stability of its funding profile.

S&P also notes that broad liquid assets sufficiently cover short-
term wholesale funding.

S&P continues to view Belarusbank as a government-related entity
(GRE), based on S&P's opinion that the bank plays a very
important role for, and has a limited link with, the Belarusian
government. The bank is among the key financial players
implementing government development programs and providing
funding to strategically important economic sectors.  At the same
time, S&P notes that large contingent liabilities continue to
affect the Belarusian government's capacity to provide
extraordinary support to GREs.  As a result, S&P believes that
the likelihood of Belarusbank receiving extraordinary support
from the government remains moderately high.

The stable outlook on the long-term ratings reflects S&P's view
that, despite the difficult market conditions, Belarusbank can
continue generating positive net income and preserve its current
capitalization over the next 12 months, thanks to its dominant
market position, strategic importance to Belarus' economy, and
regular government support.

Given the bank's state ownership and high dependence on the
government's fiscal position, S&P would downgrade Belarusbank if
S&P was to downgrade Belarus.

Furthermore, although not part of S&P's base case for the next 12
months, S&P could lower its ratings on Belarusbank to 'CCC+' or
lower if the loan portfolio's quality deteriorated much more than
S&P currently expects, pushing up credit costs further and
reducing S&P's RAC ratio forecast below 3%.  This would also
hinge on S&P's belief that the government was unable or unwilling
to provide capital support to the bank.

If S&P raised its long-term sovereign credit rating on Belarus,
other factors remaining unchanged, S&P' could consider a positive
rating action on Belarusbank.



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G E R M A N Y
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ORION ENGINEERED: Moody's Affirms Ba3 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the corporate family
rating (CFR) of Orion Engineered Carbons S.A. ("OEC SA", and
together with its subsidiaries, "Orion") at Ba3, and has
concurrently upgraded its probability of default rating (PDR) to
Ba3-PD, from B1-PD. At the same time, Moody's has affirmed at Ba3
the rating of the EUR 665 million equivalent term loan facility
('TL facility') and of the EUR 115 million multicurrency
revolving credit facility ('RCF') borrowed by Orion Engineered
Carbons GmbH and OEC Finance US LLC, two indirect subsidiaries of
OEC SA. The outlook on all ratings is stable.

This rating actions follows the company's announcement of its
plan to seek a re-pricing of its Term Loan.

RATINGS RATIONALE

The affirmation of the Ba3 CFR acknowledges the positive track
record of Orion as a listed company, with a robust governance
structure and a solid financial and liquidity profile, which
Moody's deems commensurate with a strongly positioned CFR.
Moody's expects that the adjusted gross debt/EBITDA of the
company will be c.3.0x in 2017, down from 3.2x at the end of
2016, and should reduce to around 2.9x in 2018, based on the
expectation of gradual EBITDA increase over the next 12 to 18
months, from an already historic high level of EUR 220m in 2016.
Further reduction in the average cost of debt being targeted by
management also this year, follow the re-pricing of the TL
facility achieved in 2016 which resulted in annualized interest
savings of c. EUR 6m annually, would also improve the interest
cover metric and support Orion's liquidity, which Moody's
considers as good. Over the next 12 to 18 months liquidity should
be supported by the expectation of positive free cash flows and
full availability of the EUR 115m RCF, which was undrawn at the
end of 2016.

The CFR continues to be supported also by Orion's (i) strong
market position as the global leader in the specialty carbon
black segment and as the third largest global producer of rubber
carbon blacks; (ii) long-standing relationships with established
and reputable blue-chip customers; (iii) well maintained and
flexible manufacturing asset base spread across the key regions,
North and Latin America, Europe and Asia; (iv) continued progress
with regard to the percentage of customer contracts containing
indexed pricing formulas and raw material price surcharge
mechanisms to enable a timely and efficient cost-pass through;
and (v) high operating profitability, with an adjusted EBITDA
margin at the historical high of 21% in 2016. Moody's expects
that the company will be able to maintain its high operating
profitability, which should in turn continue to translate into
solid operating cash flows, with adjusted funds from operations
(FFO) anticipated within a EUR 150m to EUR 170m range p.a. over
the next couple of years. These levels should continue to allow
the generation of positive free cash flows between EUR 25m to EUR
35m p.a., assuming the company will keep paying EUR 40m of
dividends p.a. and incurring annual capex of c. EUR 65m.

The CFR however reflects (i) the fairly modest relative scale of
Orion, with revenues of c. EUR1bn in 2016, and its niche business
profile compared to the wider rated chemical universe; (ii) the
cyclicality of its revenues and EBITDA given a concentrated
exposure to the highly cyclical automotive market; (iii) a high
level of customer concentration in the rubber carbon black
business, given that the top five customers are global tyre
manufacturers which accounted for approximately 55% of 2016
rubber carbon black sales volumes; and (iv) the carbon black
production's dependency on continued availability of carbon black
oil, a by-product of refineries and coking plants, whose prices
can be highly volatile and which typically accounts for over 70%
of the company's total annual manufacturing costs.

OUTLOOK

The stable outlook reflects Moody's expectation that Orion will
display credit metrics appropriate with its rating category and
keep a good liquidity. The company should continue to be able to
maintain its high profitability by effectively managing the
volatility of its feedstock and the cyclicality of its end-user
markets, and by reducing further its costs. The outlook also
assumes that the possible outcome of the ongoing negotiations
with the US EPA will not have meaningful negative impact on
Orion, and that Orion's financial policy, albeit shareholder
friendly, will remain balanced, as management maintains its
public commitment to focus on further deleveraging the company.
The excess cash funded voluntary debt prepayments made in 2016
and Q1 2017 for an aggregate amount of EUR 60m have been material
for the deleveraging achieved by the company in the last 12
months.

STRUCTURAL CONSIDERATIONS

The upgrade of the PDR to Ba3-PD from B1-PD reflects the revised
assumption of a 50% expected family recovery rate, from 65%
before, within the framework of the Loss Given Default for
Speculative-Grade Companies methodology, in order to reflect an
all senior secured bank debt structure characterized by covenant-
lite terms for the TL B, the main bank debt instrument, and by
the springing-covenant feature of the RCF. According to the loan
documentation, the net leverage ratio financial covenant would
only be tested when, and if, the RCF is used for more than 35% of
its size.

The Ba3 rating on the senior secured bank facilities (TL facility
and RCF) is in line with the CFR, and reflects the dominant
position of these debt instruments in the current capital
structure of Orion.

What Could Change the Rating Up

An upgrade could be considered over time in case of a material
improvement in the company's credit metrics, including (1)
Moody's-adjusted debt/EBITDA ratio falling below 3.0x on a
sustained basis; (2) retained cash flow (RCF)/debt ratio above
20% on a sustained basis; and (3) the company maintaining a
sustained positive free cash flow. An upgrade will also require
good liquidity to be maintained and a sustained track record of
more balanced financial policy between shareholders and
creditors.

What Could Change the Rating Down

Moody's would consider downgrading the rating if credit metrics
deteriorate substantially, including Moody's adjusted debt/EBITDA
ratio above 4.0x on a sustained basis and RCF/debt ratio below
10%. Furthermore, free cash flows turning negative and any
deterioration in the company's liquidity position could
contribute towards a rating downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Orion, whose Luxembourg based parent company is publicly listed
on the NY Stock Exchange (ticker 'OEC'), is the third-largest
global producer of rubber carbon black by capacity and the
largest global producer of specialty carbon black by both volumes
and revenue. In 2016, specialty carbon blacks accounted for 37.5%
of the company's revenues, but for 61.3% of its EBITDA. Rubber
blacks, albeit accounting for the largest share of volumes and
revenues, accounted for 38.7% of EBITDA. The company has 14
plants (including joint ventures) across Europe, North and South
America, South Africa and Asia, including a plant in China
acquired in 2016 from Evonik Industries AG ('Evonik', Baa1
stable). Orion was formed on July 29, 2011, following the
leveraged buyout of the carbon black operations from Evonik. Post
IPO, the two reference shareholders, Rhone Capital L.L.C. and
Triton Managers Limited, each owned 27.54% of the company. In
March 2017 both shareholders reduced their respective
shareholdings in the company through a 5 million shares sale in
the secondary market.



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G R E E C E
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GREECE: IMF Skeptical on Ability to Sustain High Surplus
--------------------------------------------------------
Sotiris Nikas at Bloomberg News reports that Greece achieved a
2016 primary surplus almost seven times higher than its bailout
target, but the International Monetary Fund is skeptical the
country can sustain that performance.

The Hellenic Statistical Authority was set on Friday, April 21,
to unveil data on last year's primary surplus, which Eurostat is
expected to validate today, April 24, Bloomberg relates.  The
surplus will be close to 4% of gross domestic product, Bloomberg
relays, citing a finance ministry official who asked not to be
identified in line with policy.  The bailout target was for a
primary surplus of 0.5% of GDP, Bloomberg notes.

In spite of its better-than-expected primary surplus last year,
the IMF is not convinced Greece will be able to maintain that
level of performance for 2018 and beyond, Bloomberg states.  The
fund estimates that at least half of the primarily surplus for
2016 came from one-off measures rather than structural changes
that will continue delivering results in the years to come,
Bloomberg says, citing a person familiar with its analysis.  That
has prompted the fund to demand more austerity measures,
Bloomberg notes.

Greece's level of primary surplus is key in determining the kind
of debt relief it will need, Bloomberg states.  The more such
surplus it has, the less debt relief will be needed, Bloomberg
notes.  According to Bloomberg, whether or not Greece should get
such relief is a source of contention between the country's euro-
area creditors and the IMF.

In Malta this month, German Finance Minister Wolfgang Schaeuble
said, "I don't think at all that there will be future debt
measures" for Greece, Bloomberg recounts.  According to
Bloomberg, a few days later the IMF's head, Christine Lagarde,
contradicted him, saying, "debt restructuring will be needed,"
the scope of which will need to be determined.

For 2016, the fund raised it surplus estimate on April 19 to 3.3%
of GDP from 0.1 percent in October, Bloomberg discloses.

The IMF sees Greece posting a primary surplus in 2018 of 2%,
Bloomberg states.  With little faith in Greece's ability to
consistently deliver a high level of primary surplus, the IMF is
insisting that the government implement more austerity measures
to achieve and maintain a primary surplus of 3.5% of GDP from
2019 and beyond, according to Bloomberg.  Greek officials who
spoke on condition of anonymity say the fund is making "arbitrary
calculations" that are not in line with reality, Bloomberg
relays.

The parties concerned are still discussing how long Greece needs
to maintain the 3.5% surplus, Bloomberg notes.


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CBOM FINANCE: Fitch Rates Upcoming Perpetual AT1 Notes B-
---------------------------------------------------------
Fitch Ratings has assigned CBOM Finance PLC's upcoming issue of
USD-denominated perpetual additional Tier 1 (AT1) notes an
expected long-term rating of 'B-(EXP)'. The final rating is
contingent upon the receipt of final documents conforming to
information already received.

CBOM Finance PLC, an Irish SPV issuing the bonds, will on-lend
the proceeds to Russia's Credit Bank of Moscow (CBM), rated Long-
Term Local and Foreign Currency Issuer Default Ratings (IDRs)
'BB'/Negative, Short-Term Foreign Currency IDR 'B', Viability
Rating (VR) 'bb', Support Rating '5' and Support Rating Floor 'No
Floor'.

KEY RATING DRIVERS

The planned notes should qualify as AT1 capital in regulatory
accounts due to a full coupon omission option at CBM's discretion
and full or partial write-down in case of either CBM's core
equity Tier 1 (CET1) ratio falling below 5.125% (versus 4.5%
regulatory minimum) or the Central Bank of Russia (CBR) approving
a plan for the participation of the Deposit Insurance Agency
(DIA) in bankruptcy prevention measures for the bank. Fitch
believes the latter is possible as soon as a bank breaches any of
its mandatory capital ratios or certain other liquidity and
capital requirements.

CBM's AT1 perpetual notes are rated four notches lower than the
bank's 'bb' VR, the maximum rating under Fitch's Global Bank
Criteria that can be assigned to deeply subordinated notes with
fully discretionary coupon omission issued by banks with a VR
anchor of 'bb'. The notching comprises:

- Two notches for higher loss severity relative to senior
unsecured creditors and relative to CBM's Tier-2 subordinated
debt due to higher write-down trigger (5.125% for AT1 notes
compared with 2% for Tier-2 subordinated debt), meaning that AT1
notes may start to absorb losses before CBM reaches the point of
non-viability.

- A further two notches for non-performance risk, as CBM has an
option to cancel the coupon payments at its discretion. This is
more likely if the capital ratios fall in the capital buffer
zone, although this risk is somewhat mitigated by CBM's
reasonable internal capital generation capacity and its general
policy of maintaining some headroom (about 150bps) over minimum
capital ratios.

The notes will have no established redemption date. However, CBM
will have an option to repay the notes after the first coupon
reset date (in 2022) subject to CBR approval.

CBM's regulatory Core Tier 1 and Tier 1 ratios were both 7.6% at
end-2M17. The required statutory minimums for CBM, including a
capital conservation buffer of 0.625%, currently equal, 5.75% and
7.25%, respectively. These minimum capital ratios will increase
to 7.0% and 8.5% in 2019 once the capital conservation buffer is
fully phased in. The countercyclical buffer also applies, but is
currently 0%. CBM is not included in the list of domestically
systemically important banks and does not need to maintain a
systemic importance buffer, which is currently 0.35% and will
increase to 1.00% in 2019.

RATING SENSITIVITIES

The issue rating could be upgraded if CBM's VR was upgraded
(currently unlikely given the Negative Outlook). If the VR was
downgraded to 'bb-', the notes could be affirmed, reducing the
notching to three notches provided that the non-performance risk
is sufficiently constrained.

However, Fitch may widen the notching if non-performance risk
increases, for example, if CBM fails to maintain reasonable
headroom over the minimum capital adequacy ratios (including the
buffers) or if the instrument becomes non-performing, i.e. if the
bank cancels any coupon payment or at least partially writes off
the principal. In that case the issue will be downgraded based on
Fitch's expectations about the form and duration of non-
performance.


LANSDOWNE MORTGAGE: Moody's Puts Notes on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 1 note and
put it on review for downgrade in Lansdowne Mortgage Securities
No. 1 p.l.c., and put on review for downgrade the ratings of 3
other notes in Lansdowne Mortgage Securities No. 1 p.l.c. and
Lansdowne Mortgage Securities No. 2 p.l.c.. The rating agency has
also downgraded and put on review for downgrade the Counterparty
Instrument Rating (CIR) relating to the Lansdowne Mortgage
Securities No.1 p.l.c. basis swap. The rating action is prompted
by prolonging worse than expected collateral performance.

LIST OF AFFECTED RATINGS

Issuer: Lansdowne Mortgage Securities No. 1 p.l.c.

-- EUR258M Class A2 Notes, Downgraded to Ba1 (sf) and Placed
    Under Review for Possible Downgrade; previously on Jul 1,
    2016 Upgraded to Baa2 (sf)

-- EUR13.8M Class M1 Notes, B2 (sf) Placed Under Review for
    Possible Downgrade; previously on Jul 1, 2016 Upgraded to B2
    (sf)

-- EUR9.3M Class M2 Notes, Ca (sf) Placed Under Review for
    Possible Downgrade; previously on Aug 22, 2014 Confirmed at
    Ca (sf)

-- Basis Swap Certificates, Downgraded to Ba1 (sf) and Placed
    Under Review for Possible Downgrade; previously on Jul 1,
    2016 Upgraded to Baa2 (sf)

Issuer: Lansdowne Mortgage Securities No. 2 p.l.c.

-- EUR372.8M Class A2 Notes, B2 (sf) Placed Under Review for
    Possible Downgrade; previously on Jan 23, 2015 Affirmed B2
    (sf)

RATINGS RATIONALE

The rating action reflects the increased key collateral
assumptions, namely the portfolio Expected Loss (EL) assumptions
due to prolonging of underperforming collateral and lack of
clarity regarding the strategy to resolve long-term arrears. The
placements on review for downgrade reflect Moody's intention to
further refine the EL levels. The EL will be reviewed in
conjunction with timing and level of recoveries of the mortgage
loans in long term arrears under expected and stressed scenarios
along with the strategy to resolve such arrears.

Total delinquencies have remained high in the past year, with 90
days plus arrears currently standing at 54.74% of current pool
balance for Lansdowne Mortgage Securities No. 1 p.l.c. and 54.52%
for Lansdowne Mortgage Securities No. 2 p.l.c.. Cumulative losses
currently stand at 2.82% of original pool balance for Lansdowne
Mortgage Securities No. 1 p.l.c. and 4.90% for Lansdowne Mortgage
Securities No. 2 p.l.c..

Moody's increased the expected loss assumption to 12.3% as a
percentage of original pool balance from 8.0% for Lansdowne
Mortgage Securities No. 1 p.l.c., and to 18.6% from 13.5% for
Lansdowne Mortgage Securities No. 2 p.l.c..

Since the Issuer's obligations under the basis swap agreement
rank pari passu with Class A2 notes the expected loss assuming no
swap counterparty default equals the expected loss for the Class
A2 noteholders, i.e. Ba1 (sf) . In a second step Moody's
considers whether the payment obligations of Lansdowne Mortgage
Securities No. 1 p.l.c. might be affected by Barclays' Bank PLC
financial strength. However, since the expected loss assuming no
counterparty default is lower than the rating of the
counterparty, the CIR is capped by the Ba1 (sf). The CIR has also
been placed on review for downgrade.

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

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

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expected, (3) deterioration in the notes' available
credit enhancement and (4) deterioration in the credit quality of
the transaction counterparties.


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ALITALIA SPA: Workers Vote on Government-Brokered Rescue Deal
-------------------------------------------------------------
The Associated Press reports that Alitalia employees are voting
on whether to accept a government-brokered deal to save Italy's
flagship airline from bankruptcy.

Some 12,500 Alitalia workers began voting on Thursday, April 20,
on a package that eased steep cuts sought by parent Etihad
Airways, and which will open EUR2 billion (US$2.1 billion) in
investment to keep the airline afloat.  Voting runs through
Tuesday, April 25, the AP discloses.

Italy's economic development minister, Carlo Calenda, has
excluded nationalizing the airline, putting pressure on workers
to accept the deal that foresees wage cuts of about 8%, down from
as much as 30%, and reduces the number of layoffs by about one-
third to 1,700, the AP relates.

According to the AP, Mr. Calenda was quoted by the Turin daily La
Stampa as saying a no vote would lead to a six-month period of
extraordinary administration followed by bankruptcy.

                         About Alitalia

Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring.  After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009.  Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania.  Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM.  An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.


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L U X E M B O U R G
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CANYON COMPANIES: Moody's Affirms B2 Corporate Family Rating
------------------------------------------------------------
Moody's affirmed Canyon Companies S.A.R.L.'s (dba "Cision") B2
corporate family rating ("CFR"), B2-PD probability of default
rating and the B1 on its first lien credit facilities. The rating
outlook is stable.

Cision plans to merge with Capital Acquisition Corp. III (a
public investment vehicle) and become a publicly traded entity
known as Capital Ltd, subject to shareholder and SEC approvals.
Concurrently Cision's second lien term loan (unrated) is to be
paid down using an approximately $325 million cash investment
from Capital Acquisition. Although the proposed transaction is
credit positive, given that it will reduce leverage (Moody's
adjusted) to about 5.8x from about 7.2x (pro forma as of December
31, 2016) and increase free cash flow, the affirmation of the B2
CFR reflects continued high leverage, integration risks
associated with recent acquisitions (PR Newswire in particular)
and an evolving business model.

RATINGS RATIONALE

The B2 corporate family rating reflects Cision high debt to
EBITDA leverage of about 7.2x as of December 31, 2016 (or about
5.8x pro forma if the second lien debt is paid down in connection
with the Merger), integration risks from recent acquisitions and
an evolving business model. These risks are balanced by Moody's
expectation for over $50 million of free cash flow ("FCF") in
2017 (or nearly $70 million pro forma for the second lien debt
pay down) and the company's leading positions in the public
relations ("PR") software market and database markets. Through
the merger of Vocus and Cision, and the subsequent acquisition of
Gorkana Group and most recently PR Newswire Association LLC,
Cision has established a leading position in various product and
geographic segments of the PR software and communications
markets. Their products provide critical software and contact
database tools for PR professionals to target PR campaigns and
track them across multiple media channels including publishing,
broadcasting, blogs and social media. In particular, Cision's
recently launched (in late 2016) product "C3" provides brands
with insights they need to link "earned media" to their strategic
business objectives, while aligning it with traditional "owned"
and "paid" media channels they use.

Upon the closing of the transaction and repayment of second lien
debt, Moody's rating on the first lien debt will likely be
downgraded to B2 from B1, reflecting the removal of a significant
amount of loss absorption support provided by the second lien
term loan. Additionally, the Probability of Default Rating will
also likely be downgraded to B3-PD from B2-PD, reflecting an all
first lien debt capital structure with financial covenants.

The ratings outlook is stable, reflecting the expectation for a
relatively smooth integration of PRN and a decline in financial
leverage to about the low 6x (or about the low 5x if the second
lien term loan is paid down in connection with the Merger) over
the next 12 to 18 months.

The ratings could be upgraded if leverage is on track to decline
towards 4.0x, FCF to debt is on track to be at least 10%, the
integration of PRN proceeds well (including realizing expected
cost synergies as planned) and the merger with Capital
Acquisition is completed as planned, including paying down
Cision's second lien term loan.

Ratings could be downgraded if integrations falter or leverage
remains above 6.5x and FCF to debt remains below 5%.

Liquidity is good based on FCF expectations of over $50 million
for FY 2017 (or nearly $70 million pro forma for the second lien
debt pay down). Additionally, liquidity is supported by cash and
cash equivalents of about $36 million and about $42 million
available under the $75 million revolver at FYE 2016. Moody's
anticipates adequate cushion under the financial covenants
applicable to the senior secured first lien revolver and term
loan. The first lien term loan has 1% per annum required
amortization. The second lien term loan (not rated by Moody's)
has no required annual amortization.

The following ratings were affirmed:

Issuer: Canyon Companies S.A.R.L.

Corporate Family Rating, affirmed B2

Probability of Default Rating, affirmed B2-PD

Issuer: GTCR Valor Companies, Inc.

Senior Secured First Lien Revolver -- affirmed B1 (LGD3)

Senior Secured First Lien Term Loan -- affirmed B1 (LGD3)

Issuers: Canyon Companies S.A.R.L. / GTCR Valor Companies, Inc.

Ratings Outlook: Stable

The principal methodology used in these ratings was Software
Industry published in December 2015.

Canyon Companies S.A.R.L. (dba "Cision"), along with its
operating subsidiaries, provides database tools and software to
PR professionals for use in PR campaigns, including earned media,
intelligence gathering and content distribution. Cision,
headquartered in Chicago, IL, is currently owned by private
equity firm GTCR. By October 19, 2017, Cision plans to merge
("Merger") with Capital Acquisition Corp. III ("Capital
Acquisition") (a public investment vehicle) and become a publicly
traded entity known as Capital Ltd ("Capital"), subject to
shareholder and SEC approvals. At closing, GTCR will be majority
shareholder of Capital.


VM HOLDING: S&P Puts 'BB+' LT CCR on Sustainable Business Model
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term and 'B' short-
term corporate credit ratings to VM Holding SA (VMH).  At the
same time, S&P assigned a 'bb+' SACP.  The outlook is negative.

S&P's ratings on VMH reflect its solid position as an integrated
zinc producer in Brazil and Peru and its sustainable business
model, based on a well-defined growth strategy, long life of
mines, and adequate cash cost.  The ratings also reflect the
company's reliance on the Cerro Lindo mine, which is responsible
for 40%-45% of overall output and cash generation.  Sound
prospects for zinc, coupled with robust leverage metrics and
satisfactory financial policies, support the ratings on VMH.

The Votorantim group (Votorantim S.A.; BB+/Negative/--; 'bbb'
SACP) controls an 89.35% equity stake in VMH.  S&P acknowledges
that VMH was structured with sound governance standards and with
an arm's-length relationship with the group.  VMH's cash doesn't
commingle with that of Votorantim, and the company doesn't have a
track record of cash transfers to the rest of the group, even
amid a scenario of depressed cement volumes and a high leverage
at its sister companies.  VMH also has a well-defined financial
policy that aims to keep leverage below 2.0x.

Nevertheless, S&P's credit analysis considers VMH as part of the
group and incorporates the latter's potential influence in future
credit-stress scenarios that go beyond the ones already
incorporated in S&P's SACP.  In this sense, given that minority
shareholders don't have veto power or material influence over
cash flow decisions, because Votorantim ultimately controls the
board, S&P assumes that if the group were to be in a financial
distress, it could draw support from VMH, even if the need for it
appears remote.  On the other hand, S&P also expects VMH to
receive support from the group in order to avoid a potential
financial distress on its debt obligations.  This is based on
VMH's contribution to the group's cash generation (about 30%),
the close link to the group's reputation and brand, and
Votorantim's focus on expanding mining operations.  As a result,
S&P considers VMH as a highly strategic subsidiary.

In early 2000s, VMH began to diversify its asset base and expand
its international operations through the acquisition of the
Cajamarquilla zinc refinery in Peru.  In 2005, VMH acquired a
12.77% equity stake in Compania Minera Milpo S.A.A. (Milpo).
Since then, the company gradually increased its stake in Milpo,
becoming the controlling shareholder in 2010.  Currently, VMH
holds 83.6% of Milpo's outstanding common shares and intends to
fully delist the company in the short term.  In S&P's view VMH's
long-term strategy is to focus on zinc and copper production,
given the metals' apparently solid fundamentals.


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


GROSVENOR PLACE 2013-1: Fitch Affirms B- Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2013-1 B.V.'s
refinancing notes final ratings and affirmed the others:

Class A-1 senior secured floating rate notes due 2026: assigned
'AAAsf', Outlook Stable

Class A-2 senior secured floating rate notes due 2026: assigned
'AAsf', Outlook Stable

Class B senior secured deferrable floating rate notes due 2026:
assigned 'Asf', Outlook Stable

Class C senior secured deferrable floating rate notes due 2026:
assigned 'BBBsf', Outlook Stable

Class D senior secured deferrable floating rate notes due 2026:
affirmed at 'BBsf', Outlook Stable

Class E senior secured deferrable floating rate notes due 2026:
affirmed at 'B-sf', Outlook Stable
Subordinated Notes due 2026: not rated

The transaction is a cash flow collateralised loan obligations
securitising portfolios of mainly European leveraged loans. The
portfolio is managed by CQS Investment Management Limited.

KEY RATING DRIVERS

The issuer has issued new notes with the aim of refinancing part
of the original liabilities. The refinancing notes bear interest
at a lower margin over EURIBOR than the notes being refinanced.
The remaining terms and conditions of the refinancing notes
(including seniority) are the same as the refinanced notes.

Average Portfolio Credit Quality
Fitch assesses the average credit quality of obligors as being in
the 'B'/'B-' category. Fitch has credit opinions on all obligors
in the underlying portfolio. The reported Fitch weighted average
rating factor of the underlying portfolio as of 31 March 2017 is
32.96, in line with the maximum limit of 33.

Failing WARR Test
At least 90% of the portfolio comprises senior secured
obligations. The reported Fitch weighted average recovery rate
(WARR) of the current portfolio as of 31 March 2017 is 64.9%,
below the minimum WARR of 65.9%. The trustee reports the WARR
test as failing. This will have some implications for the issuer
as it can only trade on a maintained and improved basis.

Target Par
The current portfolio includes one defaulted asset, which has
caused the portfolio to be slightly below target par.

RATING SENSITIVITIES

As the loss rates for the current portfolio are below those
modelled for the stress portfolio, the sensitivities shown in the
new issue report still apply.


GROSVENOR PLACE 2013-1: Moody's Affirms B2 Rating on Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to four classes of notes ("Refinancing Notes") issued by
Grosvenor Place CLO 2013-1 B.V.:

-- EUR202,125,000 Class A-1-R Senior Secured Floating Rate Notes
    due 2026, Definitive Rating Assigned Aaa (sf)

-- EUR46,375,000 Class A-2-R Senior Secured Floating Rate Notes
    due 2026, Definitive Rating Assigned Aa1 (sf)

-- EUR21,000,000 Class B-R Senior Secured Deferrable Floating
    Rate Notes due 2026, Definitive Rating Assigned A1 (sf)

-- EUR18,375,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2026, Definitive Rating Assigned Baa1 (sf)

Additionally, Moody's has affirmed the ratings on the existing
following notes issued by Grosvenor Place CLO 2013-1 B.V.:

-- EUR22,750,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2026, Affirmed Ba2 (sf); previously on Dec 5, 2013
    Assigned Ba2 (sf)

-- EUR11,375,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2026, Affirmed B2 (sf); previously on Dec 5, 2013
    Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the Refinancing Notes address the
expected loss posed to noteholders. The ratings reflect the risks
due to defaults on the underlying portfolio of assets, the
transaction's legal structure, and the characteristics of the
underlying assets.

The Issuer has issued the Class A-1-R Notes, the Class A-2-R
Notes, the Class B-R Notes and the Class C-R Notes (the
"Refinancing Notes") in connection with the refinancing of the
Class A-1 Senior Secured Floating Rate Notes due 2026, the Class
A-2 Senior Secured Floating Rate Notes due 2026, the Class B
Senior Secured Deferrable Floating Rate Notes due 2026 and the
Class C Senior Secured Deferrable Floating Rate Notes due 2026
("the Original Notes") respectively, previously issued on
December 5, 2013 (the "Original Issue Date"). The Issuer has used
the proceeds from the issuance of the Refinancing Notes to redeem
the Original Notes. On the Original Issue Date, the Issuer also
issued two classes of rated notes and one class of subordinated
notes, which remain outstanding.

Grosvenor Place CLO 2013-1 B.V. is a managed cash flow CLO. At
least 90% of the portfolio must consist of senior secured
obligations and up to 10% of the portfolio may consist of senior
unsecured loans, second-lien loans, mezzanine obligations, high
yield bonds and senior unsecured bonds. The underlying portfolio
is 100% ramped as of the refinancing date.

CQS Investment Management Limited (the "Manager") manages the
CLO. It directs the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's reinvestment period. After the reinvestment period,
which ends in October 2017, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk obligations, and are subject
to certain restrictions.

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

Loss and Cash Flow Analysis:

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

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

Performing par, recoveries and principal proceeds balance:
EUR349,708,797

Defaulted par: EUR6,373,810

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2958

Weighted Average Spread (WAS): 4.9%

Weighted Average Recovery Rate (WARR): 43.3%

Weighted Average Life (WAL): 4.6 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk bond ceilings (LCC) of A1 and lower. The
transaction's eligibility criteria allows for corporate obligors
domiciled in a list of non-emerging countries (as defined in the
transaction documents), provided such countries have a LCC of at
least Baa3. Given the portfolio constraints and the current
sovereign ratings in Europe, the exposure to obligors domiciled
in countries with a LCC of A1 and lower may not exceed 10% of the
total portfolio. The remainder of the pool will contain obligors
domiciled in countries which currently have a LCC of Aaa. Given
this portfolio composition, the analysis was performed with
different par amounts depending on the target rating of each
class of notes as further described in the methodology. The
portfolio haircuts are a function of the exposure size to
countries with a LCC of A1 and lower and the target ratings of
the rated notes, and amount to 1.50% for the Class A-1-R Notes,
1% for the Class A-2-R Notes, 0.75% for the Class B-R Notes and
0% for Classes C-R, D and E Notes.

Methodology Underlying the Rating Action:

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

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

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

Stress Scenarios:

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

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

Percentage Change in WARF -- increase of 15% (from 2958 to 3402)

Rating Impact in Rating Notches:

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

Class A-2-R Senior Secured Floating Rate Notes: -1

Class B-R Senior Secured Deferrable Floating Rate Notes: -1

Class C-R Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF -- increase of 30% (from 2958 to 3845)

Rating Impact in Rating Notches:

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

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

Class B-R Senior Secured Deferrable Floating Rate Notes: -2

Class C-R Senior Secured Deferrable Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction
may be found in the related new issue report, published around
the Original Issue Date in December 2013 and available on
Moodys.com.


STORM 2013-I: Fitch Raises Rating on Class D Notes to 'BB+sf'
-------------------------------------------------------------
Fitch Ratings has affirmed 11 tranches of Storm 2012-IV B.V.,
Storm 2012-V B.V. and Storm 2013-I B.V. and upgraded one tranche
of Storm 2013-I B.V. as follows:

2012-IV
Class A2 (ISIN: XS0815105472) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS0815105985) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS0815106108) affirmed at 'A-sf'; Outlook Stable
Class D (ISIN: XS0815106520) affirmed at 'BB+sf'; Outlook Stable

2012-V
Class A (ISIN: XS0835845560) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS0835850560) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS0835858118) affirmed at 'A-sf'; Outlook Stable
Class D (ISIN: XS0835859272) affirmed at 'BB+sf'; Outlook Stable

2013-I
Class A2 (ISIN: XS0871785019) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS0871785282) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS0871785365) affirmed at 'A-sf'; Outlook Stable
Class D (ISIN: XS0871785449) upgraded to 'BB+sf' from 'BBsf';
Outlook Stable

KEY RATING DRIVERS

Stable Performance
The Storm transactions (issued since 2012) have generally
outperformed the market, with late-stage arrears (loans in
arrears by more than three months) at 32bp (Storm 2012-IV), 24bp
(Storm 2012-V) and 23bp (Storm 2013-I) of their respective
current portfolio balances compared with Fitch's index of 29bp.

Foreclosures as a proportion of the original portfolio balance
remain low at: 76bp in Storm 2012-IV; 70bp in Storm 2012-V; and
56bp in Storm 2013-I. These levels are also well below Fitch's
index for all Dutch transactions, which is at 116bp.

No Credit to NHG loans
The portfolios contain small amounts of NHG loans (2.4% in 2012-
IV, 4.8% in 2012-V and 3.1% in 2013-I). Based on historical NHG
loan performance information made available to Fitch, for loans
originated between 2007 and 2010, NHG loan defaults were higher
than non-NHG loan defaults. Therefore, in this analysis no credit
was given to NHG loans in the derivation of the foreclosure
frequency of the portfolios.

Data received from WEW on recoveries for claims made under the
NHG scheme, resulted in Fitch applying a compliance ratio of 85%
across all rating scenarios, in line with criteria.

Interest-only (IO) concentration
All three transactions contain significant portions of IO loans
(between 67.7% and 74.5% of the current portfolio balance), with
33.2% (Storm 2012-IV), 32.8% (Storm 2012-V) and 26.6% (Storm
2013-I) maturing between 2036 and 2038.

In its analysis of the IO concentration, Fitch applied
foreclosure frequencies described in its criteria addendum. The
application of these IO concentration foreclosure frequency
assumptions led to model implied ratings that are more than three
notches lower than those derived using standard assumptions for
Storm 2012-IV and 2012-V. As a result, the rating analysis for
these two transactions is based on the IO concentration
foreclosure frequencies.

Front-loaded Default Curve for PAF
Fitch has received historical data on foreclosure data for
Obvion's total book. The data suggests that most of the defaults
occur in the first three to seven years since loan origination,
which is in line with Fitch's front-loaded default curve. As a
result, in its calculation of the performance adjustment factor,
Fitch used the front-loaded default curve.

Guaranteed Excess Spread
The transactions feature swap agreements with Rabobank, according
to which excess spread of 50bp is guaranteed. Given the low
levels of arrears and foreclosures, these funds have been used
towards the redemption of the uncollateralised notes in all three
transactions.

Insurance Set-Off Risk
5.6% of 2012-IV, 5.7% of 2012-V and 4.7% of 2013-I comprise loans
with life insurance payment vehicles attached. Upon insolvency of
the insurance provider there is a risk that the borrowers may try
to set-off their insurance claim against the lender. Fitch
accounts for this risk by assuming a capital build-up over 30
years and then analysing the effect of a combined default of the
insurance providers, factoring in the affiliation of the
insurance provider to the original lender.

The most stressful scenarios were assessed and the maximum
exposure resulting from this calculation is incorporated in the
net loss rate derived for the various rating levels in Fitch's
surveillance model. The insurance set-off exposure was found to
have a minimal effect on the rating outcome.

Credit Enhancement Build-up
Amortisation in all three transactions is fully sequential. With
average prepayments at 11% across the three transactions, the
portfolios currently stand at between 73.8% and 77.4% of their
original balance. This has led to a build-up in the credit
enhancement available to the rated tranches, which in combination
with the sound performance of the deals, led to an upgrade on the
class D note of Storm 2013-I to 'BB+sf'.

RATING SENSITIVITIES

Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode credit enhancement leading to negative rating actions.

High prepayments may lead to changes in the volume of IO loans
and concentrations of such loans maturing within a three year
period. This will have an effect on the weighted average
foreclosure frequencies derived for these pools, which may
ultimately lead to rating changes.

Fitch rates to legal final maturity. At the call option date, as
per transaction documentation, the class B to D notes can be
called net of PDL. Occurrence of material principal shortfalls in
Fitch's cash flow analysis over the life of the transactions may
trigger rating actions.


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


BANCO SANTANDER: S&P Affirms 'BB+/B' Counterparty Credit Ratings
----------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB+/B' long- and
short-term counterparty credit ratings on Portugal-based Banco
Santander Totta S.A.  The outlook is stable.

The affirmation follows Totta's announcement, on April 12, 2017,
that it has reached an agreement with the Portuguese government
regarding the pending resolution of a EUR1.1 billion litigation
case related to swap contracts with certain Portuguese state-
owned transportation companies.  Under the agreement, the public
companies will resume suspended payments -- amounting to about
EUR0.5 billion -- on the contracts, and withdraw their appeal to
the English Supreme Court.  In turn, Totta will provide a long-
term loan -- for about EUR2 billion -- to the government, which
should allow the latter to reduce its debt costs.  Totta will
also withdraw an action and demand for indemnity against the
Portuguese government and its Debt Management Office which is
pending in the Portuguese courts.

The agreement removes the uncertainty surrounding Totta's
potential need to revalue the swaps and incur litigation charges.
As a result, S&P now assess Totta's capital and earnings as
adequate instead of moderate, although this is neutral to the
bank's stand-alone credit profile and the final ratings.  S&P
understands that the more favourable terms of the loan that Totta
will grant to the government are part of the agreement between
both parties and not a widespread practice of the bank.  It does
not affect S&P's view of the bank's strong risk position, which
reflects its asset quality outperformance relative to the
Portuguese banking system.

S&P expects its risk-adjusted capital ratio for Totta to stand at
8.0%-8.5% at end-2017, compared to 7.1% at end-2015.  S&P's
capital forecasts reflect recurrent organic capital generation
through retained earnings, and incorporate the additional Tier 1
instruments issued by the bank between end-2015 and the first
half of 2016 for a total of EUR600 million.  S&P forecasts
Totta's return on equity to reach 12% at end-2017, benefitting
from relatively low credit losses and a modest increase in pre-
provision income versus 2016 levels.  S&P assumes a 50% dividend
payout and that S&P Global Ratings' risk-weighted assets will
increase moderately (about 1.5% compared to 2016), as the bank
focuses on increasing its portion of corporate lending to the
detriment of mortgages.

S&P's ratings on Totta continue to reflect its status as a highly
strategic subsidiary of Banco Santander S.A. (A-/Positive/A-2).
Accordingly, Totta would be eligible to be rated one notch below
the parent.  In practice, however, Portugal's weaker
creditworthiness acts as a constraint.  Group support cannot lead
to a subsidiary being rated above the sovereign rating of the
country where it is based if the subsidiary has material exposure
there, as Totta has in Portugal.

The stable outlook on Totta mirrors that on Portugal.  An upgrade
or downgrade of the sovereign could lead to a similar action on
Totta in the next 12 months as the bank remains a highly
strategic subsidiary of Banco Santander S.A.


NOVO BANCO: Aether Partners Wants to Block Sale to Lone Star
------------------------------------------------------------
Sergio Goncalves at Reuters reports that a failed bidder for
Portugal's third-largest lender Novo Banco has asked its lawyers
to block the EUR1 billion (GBP836.70 billion) sale to U.S. fund
Lone Star and told the central bank it should relaunch the
bidding.

London-based financial firm Aethel Partners complained to the
Bank of Portugal in a document viewed by Reuters.  It said the
central bank had not properly considered its EUR3.8 billion bid
when it awarded Novo Banco to Lone Star last month, Reuters
relates.

European Union rules require Portugal to sell the bank by August
or it may have to be liquidated, Reuters notes.

According to Reuters, the move by Aethel threatens to further
complicate a transaction that is already snagged on a separate
legal dispute involving some of Novo Banco's creditors.

The sale is one of the Socialist government's biggest headaches
and could impose costs on a country that made huge efforts to cut
its budget deficit since the eurozone debt crisis when it had to
be bailed out, Reuters states.

"Aethel has already instructed its lawyers in Portugal to rapidly
find a way to suspend the (sales) process and block the decision
to sell Novo Banco to Lone Star," a spokeswoman for Aethel told
Reuters.  "The execution of these judicial proceedings (seeking
information and documents) may lead to an injunction and then to
an action to challenge the decision."

The bondholders' legal challenge also says the tender process did
not follow correct procedures by banning them from taking part in
the sale because they were in a legal battle with the country,
Reuters discloses.

According to Reuters, the Aethel spokeswoman said it would
request information and documents from the central bank on the
sales process.

Novo Banco was carved out of Banco Espirito Santo, which
collapsed under a pile of debt in 2014 and had to be rescued in a
EUR4.9-billion operation by the previous government, Reuters
recounts.  Novo Banco was left with the healthy operations of
BES, Reuters notes.

The sale of Novo Banco already faces an injunction in a case
filed by bondholders led by U.S. fund BlackRock that want to
recover EUR1.5 billion of losses on Novo Banco bonds, Reuters
states.

The bondholders asked a Lisbon court this month to stop the sale
to put pressure on Portugal to pay them their losses, Reuters
relates.  The court has yet to rule on the injunction request and
has not publicly stated when it will hand down a decision,
Reuters relays.

If the sales process were to be relaunched, other firms could
potentially enter the bidding, including Aethel, according to
Reuters.

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
===========


FINARS BANK: Put on Provisional Administration, License Revoked
---------------------------------------------------------------
The Bank of Russia, by its Order No. OD-1057, dated April 21,
2017, revoked the banking license of Moscow-based credit
institution Finars Bank (JSC) from April 21, 2017, according to
the press service of the Central Bank of Russia.  According to
the financial statements, as of April 1, 2017, Finars Bank (JSC)
ranked 495th by assets in the Russian banking system.  The credit
institution is not a member of the deposit insurance system.

Finars Bank (JSC) was a settlement centre of one of the payment
systems; however, the Bank of Russia did not categorize it as an
important credit institution in the payment services market.  The
bank mainly conducted suspicious pass-through operations whose
ultimate aim was "shadow" trading in cash money.

The credit institution's heavy involvement in suspicious
operations over a long period of time and increase in their
volume, coupled by a persistent failure to comply with
restrictions introduced by the supervisor, pointed to the
unwillingness on the part of the bank's management and owners to
normalize its activities.  Under the circumstances, the Bank of
Russia took a decision to withdraw Finars Bank (JSC) off the
banking services market.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the credit institution's
failure to comply with federal banking laws and Bank of Russia
regulations, repeated violations within a year of Bank of Russia
requirements stipulated by Article 7 (excluding Clause 3 of
Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism" as well as Bank of Russia regulations issued in
accordance with the said law and application of the measures
stipulated by the Federal Law "On the Central Bank of the Russian
Federation (Bank of Russia)", taking into account a real threat
to the interests of creditors.

The Bank of Russia, by its Order No. OD-1058, dated April 21,
2017, appointed a provisional administration to Finars Bank (JSC)
for the period until the appointment of a receiver pursuant to
the Federal Law "On Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.


OBRAZOVANIE JSCIB: Put on Provisional Administration
----------------------------------------------------
The Bank of Russia, by its Order No. OD-1055, dated April 21,
2017, revoked the banking license of Moscow-based credit
institution JOINT-STOCK COMMERCIAL INNOVATION BANK OBRAZOVANIE
(joint-stock company) JSCIB OBRAZOVANIE (JSC) from April 21,
2017, according to the press service of the Central Bank of
Russia.  According to the financial statements, as of April 1,
2017, the credit institution ranked 118th by assets in the
Russian banking system.

The problems faced by JSCIB OBRAZOVANIE (JSC) have resulted from
its extremely risky business model and the low quality of most of
its assets caused by providing loans to shell companies.
Supervision over the bank's activities identified instances of
unfair actions performed by its management and owners in the form
of asset diversion to the detriment of creditors and depositors,
and also in the form of their "technical" transformation in order
to avoid the compliance with the supervisory requirement to
create loss provisions commensurate with risks assumed. Besides,
JSCIB OBRAZOVANIE (JSC) provided to the Bank of Russia unreliable
financial statements which failed to reflect the actual loss of
the equity capital.  In view of the above, it may be assumed that
the activities of the credit institution's management bear the
evidence of deliberate bankruptcy.

In order to mask the acute liquidity strain the bank artificially
restricted its customers' right to use monetary funds.  JSCIB
OBRAZOVANIE (JSC) has actually become unable to perform its
obligations to creditors in full.

The regulator has repeatedly applied supervisory measures to the
credit institution, including restrictions and prohibition on
household deposit taking.

The management and owners of JSCIB OBRAZOVANIE (JSC) have not
taken effective measures to bring its activities back to normal.
Under these circumstances, the Bank of Russia performed its duty
on the revocation of the banking license of the credit
institution in accordance with Article 20 of the Federal Law "On
Banks and Banking Activities".

The Bank of Russia took this decision due the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, repeated violations within one year
of the requirements specified by Article 7 (except for Clause 3
of Article 7) of the Federal Law "On Countering the Legalisation
(Laundering) of Criminally Obtained Incomes and the Financing of
Terrorism", and the requirements of Bank of Russia regulations
issued in compliance with the indicated Federal Law, because of
established instances of material unreliability of financial
statements, inability to meet monetary obligations to creditors,
and also taking into account repeated applications within one
year of measures envisaged by the Federal Law "On the Central
Bank of the Russian Federation (Bank of Russia)".

After the credit institution's statements were found considerably
unreliable, in compliance with Part 1.2 of Article 140 of the
Criminal Procedure Code of the Russian Federation and Article
75.1 of the Federal Law "On the Central Bank of the Russian
Federation (Bank of Russia)" the Bank of Russia will submit the
related materials to the Investigative Committee of the Russian
Federation for it to decide on the opening of a criminal case for
an offence under Article 172.1 of the Criminal Code of the
Russian Federation.

The Bank of Russia, by its Order No. OD-1056, dated April 21,
2017, appointed a provisional administration to JSCIB OBRAZOVANIE
(JSC) for the period until the appointment of a receiver pursuant
to the Federal Law "On Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

JSCIB OBRAZOVANIE (JSC) is a member of the deposit insurance
system.  The revocation of the banking licence is an insured
event as stipulated by Federal Law No. 177-FZ "On the Insurance
of Household Deposits with Russian Banks" in respect of the
bank's retail deposit obligations, as defined by law.  The said
Federal Law provides for the payment of indemnities to the bank's
depositors, including individual entrepreneurs, in the amount of
100% of the balance of funds but no more than a total of 1.4
million rubles per one depositor.


PERESVET JSCB: Bank of Russia Launches Rehabilitation Measures
--------------------------------------------------------------
The Bank of Russia decided to launch financial rehabilitation
measures against the Joint-stock Commercial Bank for Charity and
Spiritual Development of Fatherland PERESVET, a joint-stock
company, JSCB PERESVET using the bail-in mechanism, according to
the press service of the Central Bank of Russia.

On April 19, 2017, the Bank of Russia Board of Directors approved
amendments to the Plan of Involvement of the State Corporation
Deposit Insurance Agency (hereinafter, the Agency) in measures to
prevent the Bank's bankruptcy.  Measures of financial
rehabilitation are aimed at recovering the Bank's financial
stability, improving the quality of its assets, and bringing the
Bank's activities in line with the requirements set by the Bank
of Russia.  The bail-in procedure is an international practice
and implies financial rehabilitation of a credit institution
primarily at the expense of shareholders and creditors.

Over 70 creditors of the Bank expressed their readiness
voluntarily to take part in financial rehabilitation through
converting funds placed with the Bank in the amount of RUR69.7
billion into 15-year subordinated bonds.  Bond holders met nine
times to decide on the restructuring of six out of nine issues of
bonded loans and changing their parameters, i.e. extending the
maturity up to 20 years and cutting the interest rate to 0.51%.

While assessing the financial position of the Bank, the Agency's
representatives jointly with the Bank of Russia established the
mismatch between the fair value of assets and liabilities at
RUR103.6 billion.  In order to implement the financial
rehabilitation procedure the Agency has provided RUR66.7 billion
out of the Bank of Russia's loan, including to cover the said
mismatch and to maintain the Bank's liquidity.

As major creditors suggested, VBRR Bank JSC was designated as an
investor to implement bankruptcy-preventing measures against JSCB
PERESVET.

The Plan of Involvement stipulates a possibility of concluding
contracts with creditors, who have not so far been involved in
the conversion of funds into the Bank's subordinated bonds.  The
said conversion may be held after April 24, 2017, on terms
similar to the bail-in terms.  The detailed information will be
posted on JSCB PERESVET website.

Reference information:

The Bank of Russia, by its Order No. OD-3628, dated October 21,
2016, appointed a provisional administration to manage the Bank
in view of the latter's failure to satisfy creditors' monetary
claims within the timeframe exceeding seven days from the
deadline.  Simultaneously, the Bank of Russia imposed a
moratorium on satisfying claims of the Bank's creditors by its
Order No. OD-3629, dated October 21, 2016.

Representatives of the Bank of Russia and the state corporation
Deposit Insurance Agency analyzed the financial position of the
Bank and, based on their results, on February 3, 2017, the Bank
of Russia approved the Plan of Involvement of the Agency in
measures to prevent the Bank's bankruptcy.  From February 20,
2017, the state corporation Deposit Insurance Agency has been
vested with powers of a provisional administration to manage the
Bank.

JSCB PERESVET is a participant in the deposit insurance system.
Indemnities to the Bank's depositors, including individual
entrepreneurs, in the amount of 100% of the balance of funds, but
no more than RUR1.4 million in total per a depositor, have been
paid in full.


TATFONDBANK: TFB Finance Bonds Deemed Worthless After Bankruptcy
----------------------------------------------------------------
Joe Brennan at The Irish Times reports that some US$60 million
(EUR56 million) of debt issued by a Dublin-based company for a
Russian bank last November has been deemed worthless as the
borrower, currently at the center of a fraud investigation, has
been declared bankrupt.

Tatfondbank, based in the city of Kazan, east of Moscow, set up
an Irish special-purpose vehicle (SPV) called TFB Finance in
2007, to raise debt for the second-largest bank in the oil-rich
Russian republic of Tatarstan, The Irish Times recounts.

Most recently, Tatfondbank used TFB to sell US$60 million of
bonds in November, even though the bank had been in talks at that
stage for six months with the Russian central bank, amid
regulatory concerns about the group's financial health, The Irish
Times relates.

A prospectus issued by TFB in November, which was approved by the
Central Bank of Ireland, contained no references to the bank's
funding issues, The Irish Times discloses.

                      Declared bankrupt

According to The Irish Times, a statement from TFB issued through
the Irish Stock Exchange, where the bonds are listed, on April 20
said Tatfondbank had been declared bankrupt by a Tatarstan court
on April 10 on foot of a petition from the Central Bank of
Russia.

The country's central bank said that Tatfondbank had the
equivalent of a EUR2 billion hole in its balance sheet, more than
20% higher than a previous estimate, The Irish Times notes.

Tatfondbank is the biggest Russian banking collapse since another
lender called Vneshprombank, which also had a Dublin funding
operation, imploded in January last year and defaulted on its
US$225 million of bonds, according to The Irish Times.


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


MUNTERS AB: S&P Affirms 'B' CCR, Outlook Remains Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Sweden-based air treatment solutions provider Munters
AB.  The outlook remains stable.

S&P also assigned a corporate credit rating of 'B' with a stable
outlook to the issuing subsidiary Munters Corp., and affirmed
S&P's 'B' issue rating on its $280 million senior secured term
loan and $75 million revolving credit facility (RCF).  The
recovery rating remains at '4', indicating S&P's expectation of
average recovery (30%-50%; rounded estimate: 45%) in the event of
a payment default.

The rating affirmation reflects S&P's expectation that Munters'
recently strong growth in revenues and order intake will continue
over the next year, driven by continued strong demand, especially
in data centers and China.  Munters experienced sales growth of
about 12% in 2016, mainly driven by strong growth from data
centers in Europe and overall strong performance in Asia.  The
EBITDA margin improved to 14.9% in 2016 from 13.0% in 2015, owing
to increased volumes, a better product mix, and the benefits of
the company's productivity-improvement initiatives undertaken in
the previous years.  As a result, the company's leverage metrics
also strengthened following positive operating cash flows, with
funds from operations (FFO) to debt reaching 16.7% in 2016 after
11.1% in 2015.  Furthermore, S&P views positively the continued
strong order intake last year, with the order backlog totaling
Swedish krona (SEK) 1.74 billion (EUR181 million) at the end of
2016, up 29% from the previous year.  Munters' operating cash
flow and earnings have a history of volatility, but have improved
significantly since 2014, when weaker-than-expected operating
performance, together with material restructuring costs, put
pressure on credit ratios.  While S&P expects the improved
profitability to be sustainable, it continues to view Munters'
financial risk profile as highly leveraged and expect credit
ratios to remain aligned with this assessment over the medium
term.  The financial risk profile is constrained by the group's
aggressive financial policy, owing to its private equity
ownership.

S&P notes that Munters' management and owners are currently
investigating different strategic alternatives for the company,
including the possibility of an initial public offering.  Any
deleveraging, together with a commitment of keeping leverage
below 5x, could result in a positive rating action.  However, S&P
understands that no decision has been made and therefore it is
not taking this into account in its base-case scenario.

The ratings continue to reflect S&P's view of Munters' business
risk profile, which S&P considered to be constrained by the
company's limited scale and scope of operations in a global
comparison.  However, S&P believes these weaknesses are mitigated
by Munters' leading market positions in its major niche markets,
strong brand, customer relationships, and improving operating
track record.  Munters operates in several global end markets
including lithium-ion batteries, data center cooling, power,
supermarkets, and food and agriculture.  It is exposed to
cyclicality in the power end market.

The stable outlook reflects S&P's anticipation that the
improvement in Munters' earnings, operating cash flows, and
leverage ratios is sustainable.  S&P anticipates an EBITDA margin
of at least 10% and FFO to cash interest above 3x.

S&P would consider an upgrade only if it believed that Munters'
leverage would be consistent with our aggressive category on a
sustainable basis.  S&P would need to see a track record of debt
to EBITDA of below 5x, and to believe that the risk of
releveraging was low, based on the group's financial policy and
S&P's view of the owner's financial risk appetite.

S&P could lower the ratings if Munters' profitability
progressively declines, with the EBITDA margin falling below 10%
and FFO cash interest coverage declining to less than 3x.
Ratings pressure could also arise if the operating environment
worsened and Munters' results were weaker than S&P expects,
leading to liquidity shortfalls and covenant headroom of less
than 15%.  Any other cash outflow, such as increased capital
expenditure or a larger-than-expected debt-financed acquisition,
would also lead S&P to consider a negative rating action.


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


AMIGO LOANS: Moody's Assigns B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family
Rating (CFR) to Amigo Loans Group Ltd.

At the same time Moody's has withdrawn the B1 CFR assigned in
January to Amigo Holdings Limited.

The GBP275 million long-term senior secured bond issued by Amigo
Luxembourg S.A. is not affected by rating action.

RATINGS RATIONALE

Moody's rating actions reflect that the expected Amigo group
restructuring completed on March 13, 2017. Given the successful
completion, Moody's notes that the CFR of Amigo Loans Group Ltd
remains in line with the ratings previously assigned to Amigo
Holdings Limited, which had been assigned in January 2017.

RATING CONSIDERATIONS IN LINE WITH RATINGS ASSIGNED TO AMIGO
HOLDINGS LIMITED

As stated in the bond's offering memorandum, Amigo Holdings
Limited had to be removed from the restricted group within 90
days of the issue date and a new holding company to be
incorporated. The reorganization completed on March 13, 2017 and
consisted of adding an intermediate holding company, Amigo Loans
Group Ltd, which became guarantor in its capital structure
between Amigo Holdings and the subsidiary guarantors. Amigo
Holdings Limited has been removed from the restricted group
within the set timeframe and the shareholder loan notes converted
into common equity.

Amigo Loans Group Ltd will produce the consolidated financials
going forward.

In January 2017, Moody's assigned a definitive B1 CFR to Amigo
Holdings Limited with the understanding that the group
restructuring would take place within 90 days. Therefore, the
reorganisation itself does not change Moody's intrinsic
assessment of Amigo group.

Amigo Loans Group Ltd's B1 CFR is supported by the company's
market share and simple business model, strong profitability and
liquidity metrics, and a supporting ownership structure that
shows an alignment of interests between the senior management of
the company and its main shareholder. Moody's also sees
constraints to the rating resulting from the firm's monoline
business model, relatively simple risk management framework,
albeit mitigated by a strong compliance culture, and modest asset
quality. In addition, regulatory risk is a key concern, but the
agency believes the likelihood of a change in the regulatory
framework in the unsecured credit market to be very low.

Moody's refer to "Moody's assigns definitive B1 rating to Amigo
Holdings Limited", published January 24, 2017, for further
details (https://www.moodys.com/research/Moodys-assigns-
definitive-B1-rating-to-Amigo-Holdings-Limited--PR_361067)

WHAT COULD CHNAGE THE RATINGS UP/DOWN

Amigo Loans Group Ltd 's CFR could be upgraded because of: (i) an
improvement in asset quality metrics, with problem loans falling
below 5% of total gross loans; (ii) a strengthening of the risk
management framework; and (iii) an enhanced degree of
diversification away from the simple guarantor lending model,
while maintaining solid credit fundamentals.

The firm's rating could be downgraded because of: (i) an
unexpected decline in profitability metrics; (ii) a TCE / TMA
ratio falling below 14% for a protracted period; and (iii) a
loosening of underwriting criteria likely to result in higher
credit risk and loan impairments.

LIST OF AFFECTED RATINGS

Issuer: Amigo Loans Group Ltd

Assignments:

-- LT Corporate Family Rating, Assigned B1, Outlook Assigned
    Stable

Outlook Actions:

-- Outlook, Assigned Stable

Issuer: Amigo Holdings Limited

Withdrawals:

-- LT Corporate Family Rating, previously rated B1, Outlook
    Changed To Rating Withdrawn From Stable

Outlook Actions:

-- Outlook, Changed To Rating Withdrawn From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Finance
Companies published in December 2016.


MISYS NEWCO: Moody's Lowers CFR to B3, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has downgraded UK-based banking
software provider Misys Newco 2 S.a r.l.'s (Misys) corporate
family rating (CFR) to B3 from B2 and probability of default
rating (PDR) to B3-PD from B2-PD. The actions follow an
announcement that the company plans to raise $5.35 billion
equivalent of senior secured term loans, primarily to refinance
existing first and second lien debt and to fund the acquisition
of Canadian fintech provider D+H Corporation (D+H, unrated) for a
total purchase consideration of C$4.8 billion. The outlook on
Misys Newco 2 S.a r.l.'s ratings has changed to stable from
negative.

The downgrades were driven by:

  -- Significant releveraging to approximately 7.3x Moody's
     adjusted debt/EBITDA, before synergies

  -- Modest free cash flow coverage of debt, pro forma for the
     transaction

  -- Execution risk attached to the integration of the two
     businesses and the realisation of cost synergies

  -- Limited revenue growth prospects for the combined business
     in the next 12 months

Concurrently, Moody's has assigned (P)B2 ratings to the proposed
new $4.2 billion equivalent senior secured first lien term loans
and $400 million pari passu ranking revolving credit facility
(RCF), which shall be co-borrowed by Misys Europe SA, Almonde,
Inc. and Tahoe Canada Bidco, Inc..

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon closing and
settlement of the proposed debt and equity transactions, as well
as a conclusive review of the final debt documentation, Moody's
will endeavour to assign definitive ratings on the debt
instruments and expects to re-assign the CFR and PDR to the
parent guarantor in the new restricted group. A definitive rating
may differ from a provisional rating.

A full list of affected ratings is available at the end of this
Press Release.

RATINGS RATIONALE

The downgrades reflect the significant releveraging event that
the proposed transaction represents, (including a full year's
EBITDA contribution from D+H), and Moody's expectation that
debt/EBITDA will remain above 6.0x and free cash flow (FCF)/debt
will be in the low single digits in percentage terms in the next
12-18 months.

"Given the scale of the proposed acquisition, Moody's anticipates
that the realisation of cost synergies arising from the
combination of the two businesses will only have a significantly
positive impact on Misys' financial performance in the fiscal
year to May 2019 ('FY2019')" says Frederic Duranson, a Moody's
Analyst and lead analyst for Misys. "As a result, Moody's expects
that Misys will maintain very elevated leverage in the next 18
months and the group's cash flow generation will be constrained
by integration costs and high interest payments, despite the
otherwise cash flow generative profile of the combined group" Mr
Duranson adds.

Moody's estimates that debt/EBITDA will stand at approximately
7.3x at closing (8.3x on EBITDAC basis), compared to 5.0x at the
end of February 2017, reducing towards 6.5x over the course of
FY2019 as integration savings increasingly materialise. Moody's
also anticipates that this transaction will result in FCF/debt in
the range of 2-4% on average in the next 18 months.

However, Moody's highlights that the proposed transaction will
enhance Misys' recurring revenue base and estimates that it will
represent approximately 70% of group revenues going forward.
Misys' business profile will benefit from its expanded geographic
presence in the large North American markets and widened product
offering, which will strengthen its leading position in the
financial institutions software market. The group's credit
quality continues to be supported by long-term industry trends of
regulation, "digitalization" and cost optimization and the
mission-critical nature of its products which results in very
high retention rates of above 90%.

Misys and D+H have limited geographic and product overlap but D+H
has not fully integrated past acquisitions. This represents an
opportunity for cost reduction but it is also a source of
integration risk in so far as D+H will need to shift from its
current segment organisation into Misys existing global
functions, as is the norm for software vendors. Although Misys'
management and its shareholder Vista have prior experience of
such reorganisations, Moody's expects that the integration of
D+H, which is relatively larger than Turaz, will not be fully
completed in the next 12-18 months and highlights that Misys is
still in the process of reorganising parts of its professional
services function.

Moody's forecasts limited revenue growth of 0-2% per annum for
the combined group in the next 18 months. D+H's cheque business,
which represents approximately 10% of the combined group's
revenue, is in structural decline due to the increased
penetration of electronic payments. Furthermore, some parts of
D+H's recurring revenue base are still exposed to volume risk,
principally through regulation, such as mortgage technology
solutions in Canada. Moody's also highlights that several of
D+H's solutions have been recently sunset or repositioned and it
will adversely impact revenue generation in the next 12 months.
More generally, new business across the current Misys and D+H
portfolios, has been softer in recent quarters owing to a
combination of sales execution issues and lengthening sales
cycles, and D+H's management has mentioned that its customer
banks outside the United States were more cautious about
investment decisions, including in Europe where financial
institutions continue to assess the potential impact from Brexit.

Moody's anticipates that Misys' liquidity will remain adequate in
light of the proposed transaction. It would leave the group with
a cash balance of approximately $85 million and access to a fully
undrawn $400 million RCF at closing. The RCF will have a
springing first lien net leverage covenant, tested if 35% of the
facility is utilised. Scheduled debt amortisation will be
minimal -- 1% of original first lien loans -- and Misys will push
term debt maturities to 2024 with this transaction.

The B3-PD, in line with the CFR, reflects the expected mix of
first and second lien senior secured debt instruments in the
capital structure, leading to a 50% family recovery rate. The
(P)B2 ratings assigned to the new senior secured term loans and
RCF, one notch above the CFR, reflects the cushion offered by at
least $1.15 billion senior secured second lien term loans which
are part of the financing package.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Misys will
(1) record organic revenue growth in FY2018-19, (2) achieve costs
savings from the integration of D+H such that Moody's adjusted
leverage will reduce to below 7.0x within 18 months of closing,
and (3) generate FCF of at least $200 million per annum, after
interest and before integration costs. The stable outlook also
assumes ongoing adequate liquidity and no debt-funded shareholder
distributions or further acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

Misys' ratings could see upward pressure should the group delever
beyond Moody's expectations, to below 6.5x on a sustainable basis
(or well below 7.5x on EBITDAC basis) and FCF/debt sustainably
improve to 5% or above, whilst generating organic revenue growth.

Misys' ratings could be downgraded if: (1) the criteria for a
stable outlook were not to be met; (2) liquidity deteriorated;
and (4) a more aggressive financial policy was pursued.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Misys Newco 2 S.a r.l.

-- LT Corporate Family Rating, Downgraded to B3 from B2

-- Probability of Default Rating, Downgraded to B3-PD from B2-PD

Assignments:

Issuer: Almonde, Inc.

-- Senior Secured Bank Credit Facility, Assigned (P)B2

Issuer: Misys Europe SA

-- Senior Secured Bank Credit Facility, Assigned (P)B2

Outlook Actions:

Issuer: Misys Newco 2 S.a r.l.

-- Outlook, Changed To Stable From Negative

Issuer: Almonde, Inc.

-- Outlook, Assigned No Outlook

Issuer: Misys Europe SA

-- Outlook, Assigned No Outlook

The principal methodology used in these ratings was Software
Industry published in December 2015.

Headquartered in London, United Kingdom, Misys is one of the
world's leading financial services software providers, offering a
broad range of solutions to approximately 2,000 Banking and
Treasury & Capital Markets (TCM) customers located across 125
countries. In the last twelve months ended February 2017, Misys
reported revenues of $850 million and adjusted EBITDA of $371
million.

The group has been owned by specialist financial investor Vista
Equity Partners since 2012, when Misys was merged with Turaz
which was acquired by Vista earlier that year from Thomson
Reuters.


NOMAD FOODS: Moody's Rates New EUR500MM Sr. Secured Notes (P)B1
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to the new EUR500 million senior secured noted to be issued by
Nomad Foods BondCo Plc. Net proceeds from the new notes will be
used to repay the existing EUR500 million senior secured floating
rate notes (FRN) issued by Nomad Foods BondCo Plc, a subsidiary
of UK-based frozen food manufacturer Nomad Foods Europe Finco
Limited ("Nomad Foods"). This follows the refinancing of the
existing credit facilities with new credit facilities launched on
April 7, 2017. Upon completion of the transaction, Moody's will
withdraw the B1 rating on the existing FRN.

Nomad Foods' other ratings and stable outlook remain unchanged.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, as well as the final terms of
the transaction, Moody's will endeavour to assign definitive
ratings to the new contemplated senior secured credit facilities.
A definitive rating may differ from a provisional rating.

The provisional (P)B1 rating on the new notes reflects their
expected pari passu ranking with the new credit facilities.

RATINGS RATIONALE

The provisional (P)B1 rating assigned to the new senior secured
notes reflects their pari passu ranking with the new credit
facilities, also rated (P)B1. Post-refinancing of its entire
capital structure, Nomad Foods' capital structure will comprise
the EUR500 million new notes and the new EUR1,050 million
equivalent senior secured credit facilities, which are expected
to rank pari passu and share the same guarantee and security
package.

As set out in a press release on April 7, 2017, should the
transactions conclude as envisaged, Moody's would expect to move
the CFR from Nomad Foods Europe Finco Limited to Nomad Foods
Limited, which is the listed entity, to reflect the change in the
restricted group. Moody's current expectation is that the new CFR
will remain at B1.

Moody's views the B1 CFR as weakly positioned due to the high
leverage but expects that the company will maintain credit
metrics commensurate with the current rating despite challenging
market conditions. In Moody's view, expected merger synergies
will partly help offsetting downward pressure on profitability
due to its exposure to the mature European frozen food market,
rising input costs, and fierce competition from other brands and
private labels.

The Moody's-adjusted leverage was 5.3x at year-end 2016. Moody's
views this level of leverage as high for the rating category and
anticipates an increase to around 5.5x in the next 12 to 18
months because of the aforementioned downward pressures on
profitability. That being said, the high leverage is partly
offset by the company's strong margins with EBIT margin of 14.2%
in 2016 as well as the good liquidity profile including a track
record of strong cash flow generation. However, free cash flow in
2017 will likely be lower than last year due to higher
restructuring costs related to the closure of the Bjuv factory
and the settlement of legacy tax issues.

The rating also incorporates the company's leading market
positions in its core categories, its portfolio of iconic brands
with strong recognition across European markets, and its good
level of geographic diversification across Europe.

LIQUIDITY ANALYSIS

Moody's considers the company's liquidity position to be good,
underpinned by cash balances of EUR330 million at year-end 2016.
The company's EUR80 million revolving credit facility (RCF) is
expected to remain undrawn, and there is no debt amortization
prior to 2020. Moody's also assumes that the company will
maintain good headroom under its single financial maintenance
covenant only applicable to its new RCF and tested when drawn
above 40%.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that sales and
profitability will not materially deteriorate in the next 12 to
18 months. While Moody's understands that the company aims at
making further acquisitions in order to build a global consumer
food business, the stable outlook assumes that any debt-funded
acquisition activity will be small in nature and that there will
be no shareholder-friendly action such as dividend payments or
share buy-backs.

WHAT COULD CHANGE THE RATING UP/DOWN

Although unlikely in the near term, upward ratings pressure could
materialise if the Moody's-adjusted gross debt/EBITDA ratio falls
to 4.5x on a sustained basis, and if the company maintains a
Moody's adjusted EBIT margin in the mid-teens and a solid
liquidity profile.

Conversely, the ratings could be lowered if earnings materially
deteriorate, resulting in the Moody's-adjusted gross debt/EBITDA
ratio remaining sustainably well above 5.5x, or if the Moody's-
adjusted EBIT margin falls toward the low teens and/or liquidity
concerns emerge. Moody's could also consider downgrading the
ratings in event of any material debt funded acquisitions or
change in financial policy.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Packaged
Goods published in January 2017.

Based in the UK, Nomad Foods is a leading branded frozen foods
producer, supplying much of Western Europe's retail market. It
generated revenues of EUR1.9 billion in 2016.


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


TURKISTON BANK: S&P Raises Counterparty Credit Rating to 'B'
------------------------------------------------------------
S&P Global Ratings said that it had raised its short-term
counterparty credit rating on Uzbekistan-based Turkiston Bank to
'B' from 'C' and removed the "under criteria observation" (UCO)
designation from this rating, which was applied on April 7, 2017,
at the start of the criteria review.

At the same time, S&P affirmed the 'B-' long-term counterparty
credit rating on Turkiston Bank.  The outlook is stable.

S&P raised the short-term rating solely based on the application
of its revised methodology for linking long-term and short-term
ratings.  This upgrade does not reflect any change in S&P's
assessment of the bank's credit quality.

The affirmation of the long-term rating reflects S&P's view that
Turkiston Bank's business is gradually recovering since the
regulator authorized a foreign currency license in May 2016.
However, S&P also take intos account downside pressure coming
from potential risk related to anticipated rapid growth.  S&P
believes the bank will continue expanding its funding and
customer bases, as well as attempting to diversify its business
profile.

As a positive factor, S&P expects Turkiston Bank's profitability
to become less volatile thanks to stronger commission income.
Commission income more than doubled in 2016 compared with 2015,
because customers have found the bank more attractive with the
foreign currency license.  Thus, S&P expects that Turkiston
Bank's capitalization will be supported through improving
earnings capacity and also a planned capital injection from a
foreign investor, despite the relatively rapid loan growth S&P
expects in 2017-2018.

S&P sees Turkiston Bank's current risk profile and asset quality
as stable.  Reported nonperforming loans (NPLs; loans overdue by
90 days or more) comprise about zero percent of total loans as of
Feb. 28, 2017, which is in line with other small banks in
Uzbekistan and Turkiston Bank's track record.  S&P believes that
the historically low NPLs are mostly driven by the close personal
or business relations between the bank and its borrowers.
Therefore S&P thinks NPLs will not exceed the market average
expectation of 1.5% over the next 12-18 months.  However, this
assumption is subject to the bank's ability to manage its
expected about 65% increase in lending in 2017 and 30% in 2018.

While this growth is expected from a very low base, S&P still
considers it potentially risky, because a larger seasoned
portfolio, combined with still developing risk-management
practices, tight competition, and the challenging operating
environment, might result in higher credit losses.  To offset
that somehow, Turkiston Bank's single-name concentrations have
notably improved, with the top 20 borrowers accounting for 55% of
the loans or 1.7x of total equity as of Feb. 28, 2017, (against
72% of the loan book, or twice the total equity as of Aug. 1,
2016).  This level is now more comparable with that of local
peers, but is still high in a global context.

Turkiston Bank's adequate liquidity buffer and a planned
Uzbekistani sum 5 billion (about US$1.4 million) equity injection
in 2017 supports the bank's credit stance.

The stable outlook reflects S&P's view that the bank will be able
to cope with the challenging operating environment and retain
adequate capital and liquidity comparable with that of peers over
the next 12-18 months.

S&P's could consider a negative rating action if:

   -- S&P observed weaker liquidity and asset and liability
      management (possibly exacerbating risks connected with
      potential volatility of the bank's funding base,
      particularly regarding the amount and stability of customer
      deposits) and deterioration of the market position leading
      to significant weakening of liquidity and funding metrics
      to levels lower than peers'; or

   -- The bank's capitalization deteriorates due to higher-than-
      expected credit losses, growth of assets, or absence of the
      anticipated capital injection, with the projected risk-
      adjusted capital ratio decreasing to below 7%.

S&P believes that a positive rating action is remote at this
stage.


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


* BOND PRICING: For the Week April 17 to April 21, 2017
-------------------------------------------------------

Issuer                     Coupon    Maturity  Currency Price
------                     ------    --------  -------- -----
Agrokor dd                   9.88    5/1/2019    EUR    36.48
Agrokor dd                   8.88    2/1/2020    USD    36.63
QGOG Constellation SA        6.25   11/9/2019    USD    70.55
Rickmers Holding AG          8.88   6/11/2018    EUR     4.64
Co-Operative Bank PLC/Uni   11.00  12/20/2023    GBP    38.00
Oi Brasil Holdings Cooper    5.75   2/10/2022    USD    34.00
Aegon NV                     0.60                EUR    67.12
Offshore Drilling Holding    8.38   9/20/2020    USD    41.63
Intelsat Luxembourg SA       7.75    6/1/2021    USD    58.85
Banque Federative du Cred    0.90                EUR    68.37
Co-Operative Bank PLC/Uni    8.50    7/1/2025    GBP    29.81
ING Groep NV                 1.10                EUR    73.99
Agrokor dd Via Aquarius +    4.92    8/8/2017    EUR    30.63
Frigoglass Finance BV        8.25   5/15/2018    EUR    62.00
Ensco PLC                    5.75   10/1/2044    USD    73.42
ING Groep NV                 0.70                EUR    71.18
Casino Guichard Perrachon    1.69                EUR    67.18
Portugal Telecom Internat    4.63    5/8/2020    EUR    32.02
Banca Popolare di Vicenza    2.82  12/20/2017    EUR    12.33
Alitalia-Societa' Aerea I    5.25   7/30/2020    EUR    45.50
Immigon Portfolioabbau AG   10.00                EUR    17.63
Banca Popolare di Vicenza    9.50   9/29/2025    EUR    15.50
Neopost SA                   3.38                EUR    58.13
Intelsat Luxembourg SA       8.13    6/1/2023    USD    58.86
Mitsubishi UFJ Investor S    4.17  12/15/2050    EUR    49.92
CGG SA                       5.88   5/15/2020    EUR    46.63
Privatbank CJSC Via UK SP   10.25   1/23/2018    USD    24.04
Santander International P    2.00                USD    67.00
Veneto Banca SpA             9.50   12/1/2025    EUR    15.00
AXA SA                       0.54                EUR    70.42
Veneto Banca SpA             0.72   6/21/2017    EUR    30.00
Portugal Telecom Internat    5.88   4/17/2018    EUR    32.88
Portugal Telecom Internat    5.00   11/4/2019    EUR    33.23
HSH Nordbank AG              7.25                USD    27.04
CNP Assurances               1.27                EUR    70.45
BPCE SA                      0.72                EUR    74.21
Ageasfinlux SA               1.02                EUR    56.25
Far East Capital Ltd SA      8.00    5/2/2018    USD    68.75
Johnston Press Bond Plc      8.63    6/1/2019    GBP    63.76
Rothschilds Continuation     1.46                EUR    71.46
Pacific Drilling SA          5.38    6/1/2020    USD    51.25
HSH Nordbank AG/Luxembour    2.10                EUR    19.71
Agrokor dd                   8.88    2/1/2020    USD    36.68
Banco Espirito Santo SA      2.63    5/8/2017    EUR    29.53
Novo Banco SA                3.50    1/2/2043    EUR    59.09
Air France-KLM               2.03   2/15/2023    EUR    11.34
UkrLandFarming PLC          10.88   3/26/2018    USD    32.40
Banca Carige SpA             8.34                EUR    24.63
OAS Investments GmbH         8.25  10/19/2019    USD     5.10
Oi Brasil Holdings Cooper    5.63   6/22/2021    EUR    33.56
CGG SA                       6.50    6/1/2021    USD    48.50
ADLER Real Estate AG         2.50   7/19/2021    EUR    15.20
AXA SA                       0.88                EUR    74.71
CGG SA                       1.75    1/1/2020    EUR     2.53
Scholz Holding Gmbh          8.50  12/31/2019    EUR    10.38
Portugal Telecom Internat    4.50   6/16/2025    EUR    32.95
Caisse Federale du Credit    0.89                EUR    71.14
WPE International Coopera   10.38   9/30/2020    USD    18.50
Mitsubishi UFJ Investor S    3.92  12/30/2099    EUR     4.25
Brunswick Rail Finance De    6.50   11/1/2017    USD    72.50
Banco Espirito Santo SA      4.00   1/21/2019    EUR    27.50
Bilt Paper BV                9.64                USD    33.50
Portugal Telecom Internat    6.25   7/26/2016    EUR    32.58
Solarworld AG                9.67   2/24/2019    EUR    55.33
BNP Paribas SA               1.49                USD    70.94
BNP Paribas SA               1.15                EUR    66.04
Credit Mutuel Arkea SA       0.79                EUR    70.73
Waste Italia SpA            10.50  11/15/2019    EUR    17.13
CGG SA                       1.25    1/1/2019    EUR    24.12
Agrokor dd                   9.88    5/1/2019    EUR    37.31
Banca Carige SpA             7.32  12/20/2020    EUR    53.07
Econocom Group SA/NV         1.50   1/15/2019    EUR    13.81
Sapinda Invest SARL          5.00   6/30/2019    EUR    30.00
Aegon NV                     1.51                NLG    67.65
Banca Monte dei Paschi di    0.67  11/30/2017    EUR    37.40
Nordea Bank AB               1.50                USD    73.47
Banca Monte dei Paschi di    2.29   5/15/2018    EUR    35.60
Banca Monte dei Paschi di    5.00   4/21/2020    EUR    35.68
Jyske Bank A/S               0.84                EUR    71.81
OGX Austria GmbH             8.50    6/1/2018    USD     0.01
Bibby Offshore Services P    7.50   6/15/2021    GBP    60.13
Eramet                       4.00                EUR    43.42
Fuerstenberg Capital Erst    1.45                EUR    65.67
Banco Espirito Santo SA      7.13  11/28/2023    EUR     0.20
Yuksel Insaat AS             9.50  11/10/2015    USD    20.63
IMMOFINANZ AG                4.25    3/8/2018    EUR     4.38
Rothschilds Continuation     1.69                USD    62.60
Banco Espirito Santo SA      4.75   1/15/2018    EUR    27.38
SOITEC                       6.75   9/18/2018    EUR     2.93
Novo Banco SA                3.00   6/21/2022    USD    73.97
Privatbank CJSC Via UK SP   11.00    2/9/2021    USD    12.88
CEVA Group PLC               9.00    9/1/2021    USD    71.63
CGG SA                       6.88   1/15/2022    USD    46.50
Agrokor dd                   9.13    2/1/2020    EUR    36.87
Mriya Agro Holding PLC       9.45   4/19/2018    USD     4.00
Societe Generale SA          1.38                USD    71.75
ATF Capital BV               8.58                USD    69.44
Rudolf Woehrl AG             6.50   2/12/2018    EUR    14.50
Jyske Bank A/S               1.05                EUR    72.35
BIM SAS                      2.50  11/13/2020    EUR    26.82
Havila Shipping ASA          5.43   11/7/2020    NOK    66.00
NIBC Bank NV                 2.46                USD    73.58
Sanha GmbH & Co KG           7.75    6/4/2018    EUR    60.38
Popular Capital SA           0.93                EUR    58.13
Sydbank A/S                  0.85                EUR    71.00
syncreon Group BV / syncr    8.63   11/1/2021    USD    72.25
Far East Capital Ltd SA      8.75    5/2/2020    USD    64.51
Nexity SA                    0.13    1/1/2023    EUR    64.78
Alno AG                      8.50   5/14/2018    EUR    44.63
Norske Skog Holding AS       8.00   2/24/2021    EUR    52.12
Sydbank A/S                  0.77                EUR    74.38
Pierre & Vacances SA         3.50   10/1/2019    EUR    44.93
Virgolino de Oliveira Fin   10.50   1/28/2018    USD     7.51
3W Power SA                  8.00   8/29/2019    EUR    39.75
Allied Irish Banks PLC      12.50   6/25/2035    GBP    71.50
Paragon Offshore PLC         6.75   7/15/2022    USD    18.75
KTG Agrar SE                 7.13    6/6/2017    EUR     2.15
Novo Banco SA                3.50   1/23/2043    EUR    59.21
Matalan Finance PLC          8.88    6/1/2020    GBP    67.38
Solarworld AG                9.67   2/24/2019    EUR    50.10
Novo Banco SA                3.50   2/19/2043    EUR    59.21
IKB Deutsche Industrieban    5.63    8/1/2017    EUR    37.00
Sequa Petroleum NV           5.00   4/29/2020    USD    69.00
Banca Popolare di Vicenza    4.97   4/20/2027    EUR    43.63
Norske Skogindustrier ASA    2.00  12/30/2115    EUR    22.63
Beate Uhse AG                7.75    7/9/2019    EUR    18.25
Candyking Holding AB         5.00   1/29/2018    SEK    46.88
SeniVita Sozial gemeinnue    7.00                EUR    66.50
NIBC Bank NV                 0.91                EUR    68.31
Privatbank CJSC Via UK SP   10.88   2/28/2018    USD    22.01
Lambay Capital Securities    6.25                GBP     1.23
QGOG Constellation SA        6.25   11/9/2019    USD    70.50
OSX 3 Leasing BV            13.00   3/20/2015    USD    33.50
Electromagnetic Geoservic    6.96   6/27/2019    NOK    67.63
German Pellets GmbH          7.25  11/27/2019    EUR     0.63
DNB Bank ASA                 1.53                USD    70.69
Orient Express Bank PJSC    12.00   5/29/2019    USD    55.00
European Directories Bond    7.00   12/9/2018    EUR    66.00
Banca Carige SpA             2.77   6/19/2018    EUR    55.50
Novo Banco SA                3.50   3/18/2043    EUR    59.27
Cooperatieve Rabobank UA     0.50  11/26/2021    ZAR    67.07
Banca Carige SpA             1.67  12/29/2018    EUR    36.63
Scandinavian Airlines Sys    0.63                CHF    24.55
Pescanova SA                 5.13   4/20/2017    EUR     2.75
OGX Austria GmbH             8.38    4/1/2022    USD     0.00
EFG International AG         0.63                EUR    65.38
Lehman Brothers UK Capita    5.13                EUR     0.14
Banca Popolare di Vicenza    4.00   8/27/2019    EUR    72.75
Afren PLC                   11.50    2/1/2016    USD     0.15
Elli Investments Ltd        12.25   6/15/2020    GBP    60.00
Alno AG                      8.00   3/21/2019    EUR    37.00
Hellenic Republic Governm    5.20   7/17/2034    EUR    71.25
Banca Popolare di Vicenza    4.60  12/15/2017    EUR    31.21
Eniro AB                     6.00   4/14/2020    SEK    14.71
Tikehau Capital SCA          1.63    1/1/2022    EUR    61.50
NTRP Via Interpipe Ltd      10.25    8/2/2017    USD    26.25
Oi Brasil Holdings Cooper    5.75   2/10/2022    USD    32.38
Aralco Finance SA           10.13    5/7/2020    USD     2.28
GEWA 5 to 1 GmbH & Co KG     6.50   3/24/2018    EUR    31.38
Paragon Offshore PLC         7.25   8/15/2024    USD    18.75
Manchester Building Socie    6.75                GBP    15.84
CGG SA                       6.50    6/1/2021    USD    48.05
Dexia Credit Local SA        1.40                EUR     6.49
Air Berlin Finance BV        1.50   4/11/2027    EUR     2.70
Pescanova SA                 8.75   2/17/2019    EUR     2.75
Veneto Banca SpA             6.95   2/25/2025    EUR    15.88
Bank Nadra via NDR Financ    8.25   7/31/2018    USD     0.25
Innogy SE                    3.80    4/5/2033    USD    74.24
Fred Olsen Energy ASA        4.05   2/28/2019    NOK    52.38
Lloyds Bank PLC              2.78  12/27/2028    USD    74.25
Wild Bunch AG                8.00   3/23/2019    EUR    50.00
Avatera Medical Investmen    5.00    8/7/2018    EUR    70.00
Touax SA                     6.00   7/10/2020    EUR    16.04
Santander Finance Capital    2.00                EUR    56.13
Hybrid Raising GmbH          6.63                EUR    24.01
City of Kiev Ukraine Via     8.00   11/6/2015    USD    65.38
Praktiker AG                 5.88   2/10/2016    EUR     0.21
Banco Espirito Santo SA      2.32                EUR     0.43
Iona Energy Co UK Ltd       12.50   9/27/2018    USD     0.68
Banca delle Marche SpA       0.62    6/1/2017    EUR     0.70
Offshore Drilling Holding    8.38   9/20/2020    USD    40.50
Societe Generale SA          0.81                EUR    59.50
Alpine Holding GmbH          6.00   5/22/2017    EUR     0.36
Mriya Agro Holding PLC      10.95   3/30/2016    USD     6.48
Etablissements Maurel et     1.63    7/1/2019    EUR    17.13
Oceanic Champion AS          8.00   2/20/2020    USD    71.55
Stichting Afwikkeling Ond   11.25                EUR     0.52
Laurel GmbH                  7.13  11/16/2017    EUR     8.75
Stichting Afwikkeling Ond    6.25  10/26/2020    EUR     4.75
Sazka AS                     9.00   7/12/2021    EUR     0.34
Banca Nuova SpA              6.06   5/23/2028    EUR    68.00
Republic of Italy Governm    0.30   7/31/2035    EUR    74.20
Deutsche Bank AG/London      2.28   8/28/2034    USD    58.38
Virgolino de Oliveira Fin   11.75    2/9/2022    USD     7.00
Tonon Luxembourg SA          9.25   1/24/2020    USD    11.25
Norske Skog Holding AS       8.00   2/24/2023    USD    42.25
Phones4u Finance PLC         9.50    4/1/2018    GBP    73.63
GNB - Cia de Seguros de V    3.17                EUR    48.00
Cirio Holding Luxembourg     6.25   2/16/2004    EUR     1.34
Pacific Drilling SA          5.38    6/1/2020    USD    46.75
Tonon Luxembourg SA         10.50   5/14/2024    USD    35.00
Norske Skogindustrier ASA    7.13  10/15/2033    USD    30.13
DNB Bank ASA                 1.31                USD    70.81
More & More AG               8.13   6/11/2018    EUR    37.00
Banco Espirito Santo SA      6.88   7/15/2016    EUR    28.13
Intelsat Luxembourg SA      12.50  11/15/2024    USD    68.47
Capital Raising GmbH         7.50                EUR    23.29
Sairgroup Finance BV         4.38    6/8/2006    EUR    13.88
Phosphorus Holdco PLC       10.00    4/1/2019    GBP     1.92
Credit Lyonnais SACA         0.44                EUR    63.71
Lehman Brothers Treasury     6.00   2/15/2035    EUR    10.00
Gebr Sanders GmbH & Co KG    8.75  10/22/2018    EUR    30.13
Corporate Commercial Bank    8.25    8/8/2014    USD     0.50
LBI HF                       6.10   8/25/2011    USD    10.13
Ideal Standard Internatio   11.75    5/1/2018    EUR     5.00
Vseukrainsky Aktsinerny B   10.90   6/14/2019    USD     2.12
Grupo Isolux Corsan SA       0.25  12/30/2018    EUR     1.43
Island Drilling Co ASA       9.50    4/3/2018    USD     1.50
Banca Monte dei Paschi di    2.79  10/31/2018    EUR    37.43
Smart Solutions GmbH         8.00   12/3/2018    EUR    35.88
IGas Energy PLC             10.00    2/4/2020    USD    49.88
OP Corporate Bank plc        0.84                EUR    68.20
GNB - Cia de Seguros de V    1.87  12/19/2022    EUR    60.38
Action SA                    3.21    7/4/2017    PLN    54.07
Dexia SA                     1.45                EUR     5.13
Oceanteam ASA               12.29  10/24/2017    USD    21.63
Cooperatieve Rabobank UA     0.50  10/29/2027    MXN    42.20
Petrol AD                    5.50   1/26/2022    EUR    29.00
EDOB Abwicklungs AG          7.50    4/1/2012    EUR     0.59
Vneshprombank Ltd via VPB    9.00  11/14/2016    USD     0.03
Banca Popolare di Vicenza    5.00   5/30/2021    EUR    66.25
Banca Popolare di Vicenza    8.50  12/28/2018    EUR    28.00
GPB Aerofinans OOO           9.67   3/15/2030    RUB    60.38
Barclays Bank PLC            0.66   3/21/2033    USD    57.50
getgoods.de AG               7.75   10/2/2017    EUR     0.03
Teksid Aluminum Luxembour   11.38   7/15/2011    EUR     0.19
Mobylife Holding A/S         7.25   5/23/2020    SEK    53.00
JZ Capital Partners Ltd      6.00   7/30/2021    GBP    11.10
Santander Finance Capital    2.00                USD    56.20
DNB Bank ASA                 1.50                USD    70.69
Barclays Bank PLC            2.85   1/27/2031    USD    63.88
Banco Pinto & Sotto Mayor    0.68                EUR    25.31
Orco Property Group SA       7.00   11/7/2019    EUR    67.75
Etablissements Maurel et     2.75    7/1/2021    EUR    10.66
Havila Shipping ASA          5.01   11/7/2020    NOK    42.25
Kaupthing ehf                7.63   2/28/2015    USD    17.63
Novo Banco SA                3.00  12/16/2021    EUR    68.63
Steilmann SE                 7.00   9/23/2018    EUR     2.89
PNE Wind AG                  3.75  10/10/2019    EUR     3.30
Banca Popolare di Vicenza    9.50   10/2/2025    EUR    15.75
BOA Offshore AS              7.69  12/18/2018    NOK    25.00
KTG Energie AG               7.25   9/28/2018    EUR     2.28
Mobile TeleSystems PJSC      8.85   3/25/2021    RUB   100.40
Barclays Bank PLC            0.53   5/31/2033    USD    57.50
SeaBird Exploration Finan    6.00    3/3/2018    USD    15.25
Deutsche Bank AG/London      3.42  11/26/2034    USD    67.25
Del Monte Finance Luxembo    6.63   5/24/2006    EUR     4.61
Lehman Brothers UK Capita    6.90                USD     0.77
Lehman Brothers Treasury     6.00   11/2/2035    EUR    10.00
Koninklijke Luchtvaart Ma    0.75                CHF    36.50
Deutsche Bank AG/London      2.46   6/30/2034    USD    51.13
Windreich GmbH               6.50   7/15/2016    EUR    10.00
German Pellets GmbH          7.25    7/9/2018    EUR     1.42
Manchester Building Socie    8.00                GBP    25.00
Barclays Bank PLC            3.21   7/31/2034    USD    70.50
OGX Austria GmbH             8.38    4/1/2022    USD     0.01
Autonomous Community of C    2.97    9/8/2039    JPY    64.22
Tatfondbank OAO via TFB F    8.50  11/12/2019    USD     1.16
Barclays Bank PLC            1.94   9/30/2031    USD    66.70
Cooperatieve Rabobank UA     0.50  11/30/2027    MXN    42.96
Hellas Telecommunications    8.50  10/15/2013    EUR     0.50
Sidetur Finance BV          10.00   4/20/2016    USD     5.25
Lloyds Bank PLC              3.02  11/27/2033    USD    69.05
TradeDoubler AB              6.75  12/20/2018    SEK    49.25
Minicentrales Dos SA         6.45   4/14/2028    EUR    67.13
Breeze Finance SA            6.71   4/19/2027    EUR    29.05
Frey                         6.00  11/15/2022    EUR    22.50
Lloyds Bank PLC              0.65   1/31/2033    USD    58.70
Farstad Shipping ASA         4.45   5/29/2018    NOK    26.63
Banco Pastor SAU             2.07                EUR    57.17
Portigon AG                  7.46  12/31/2019    EUR    26.50
Lehman Brothers Treasury     5.00   2/16/2015    EUR    10.00
Deutsche Bank AG/London      0.36   3/15/2033    USD    55.00
Deutsche Bank AG/London      4.06  10/31/2034    USD    70.25
Nationwide Building Socie    0.85                GBP    70.00
Deutsche Bank AG             0.35   6/28/2033    USD    57.00
IT Holding Finance SA        9.88  11/15/2012    EUR     1.37
Lehman Brothers Treasury     7.25   10/5/2035    EUR     9.63
Paragon Offshore PLC         7.25   8/15/2024    USD    19.63
UkrLandFarming PLC          10.88   3/26/2018    USD    30.50
RENE LEZARD Mode GmbH        7.25  11/25/2017    EUR    12.00
Waste Italia SpA            10.50  11/15/2019    EUR    17.13
World Wide Supply AS         7.75   5/26/2017    USD    13.88
Royal Bank of Scotland PL    1.94  12/30/2030    USD    60.88
Hellenic Republic Governm    2.09   7/25/2057    EUR    37.25
Belfius Bank SA/NV           1.66                FRF    70.13
Talvivaara Mining Co PLC     4.00  12/16/2015    EUR     0.35
Far Eastern Shipping Co P   13.00  11/28/2017    RUB    59.11
Golden Energy Offshore Se    5.00  12/31/2017    NOK    40.75
Cirio Finance Luxembourg     7.50   11/3/2002    EUR     4.46
Steilmann SE                 6.75   6/27/2017    EUR     5.00
International Industrial    11.00   2/19/2013    USD     0.28
OGX Austria GmbH             8.50    6/1/2018    USD     0.01
Assystem                     4.50                EUR    31.28
KPNQwest NV                 10.00   3/15/2012    EUR     0.76
Barclays Bank PLC            2.12   3/28/2034    USD    62.10
Depfa Funding IV LP          1.54                EUR    56.34
A-TEC Industries AG          2.75   5/10/2014    EUR     2.00
Royal Bank of Scotland PL    2.42  12/13/2028    USD    72.04
Kommunalbanken AS            0.50   5/27/2022    ZAR    64.34
Barclays Bank PLC            2.42   2/25/2031    USD    65.60
Royal Bank of Scotland PL    2.46  11/16/2030    USD    67.71
Farstad Shipping ASA         5.22   7/30/2017    NOK    27.00
Santander Finance Capital    2.00                EUR    56.13
ADLER Real Estate AG         6.00   6/30/2017    EUR    13.50
OAS Investments GmbH         8.25  10/19/2019    USD     4.67
Lloyds Bank PLC              3.34  10/25/2033    USD    73.50
Barclays Bank PLC            2.41  11/29/2030    USD    65.50
Cirio Finanziaria SpA        8.00  12/21/2005    EUR     0.41
Holdikks SAS                 6.75   7/15/2021    EUR    60.50
Windreich GmbH               6.50    3/1/2015    EUR    10.00
Finance and Credit Bank J    9.25   1/25/2019    USD     0.47
Veneto Banca SpA             6.94   5/15/2025    EUR    15.75
Abanka Vipa DD Via Afinan    1.57                EUR     1.37
Lloyds Bank PLC              0.54   2/22/2033    USD    59.25
Barclays Bank PLC            2.57   3/21/2031    USD    66.75
Tonon Luxembourg SA         10.50   5/14/2024    USD    35.00
Lehman Brothers Treasury     8.25   3/16/2035    EUR    10.00
Alpine Holding GmbH          5.25    7/1/2015    EUR     0.17
Lehman Brothers Treasury     5.00   9/22/2014    EUR    10.00
Dexia Kommunalbank Deutsc    4.88    6/1/2017    EUR    39.05
Hypo Tirol Bank AG           0.12   7/23/2026    EUR    64.48
Portugal Telecom Internat    5.24   11/6/2017    EUR    32.88
Cirio Del Monte NV           7.75   3/14/2005    EUR     1.14
3W Power SA                  5.50  11/11/2020    EUR    45.00
Stroika Finance Ltd Via E    9.90   6/25/2019    RUB    12.00
Banca Carige SpA             5.70   6/30/2017    EUR    70.00
AKB Peresvet ZAO            13.50  10/16/2020    RUB    13.00
Bank Nederlandse Gemeente    0.50    6/7/2022    ZAR    63.14
Northland Resources AB       4.00  10/15/2020    USD     0.01
PA Resources AB             13.50    3/3/2016    SEK     0.09
Orient Express Bank PJSC     8.17   6/27/2017    USD    50.00
Rena GmbH                    8.25   7/11/2018    EUR     3.60
Banco Espirito Santo SA      6.90   6/28/2024    EUR    26.00
Enterprise Holdings LTD      7.00   9/26/2017    EUR     2.33
Commerzbank Holdings UK L    1.69                USD    73.88
Afren PLC                    6.63   12/9/2020    USD     0.42
RN Bank JSC                 10.40    7/9/2021    RUB   100.70
Cooperatieve Rabobank UA     0.50   7/30/2043    MXN    11.71
Enterprise Holdings LTD      7.00   3/30/2020    EUR     2.33
SiC Processing GmbH          7.13    3/1/2016    EUR     2.67
Privatbank CJSC Via UK SP   10.88   2/28/2018    USD    22.00
Norske Skogindustrier ASA    7.13  10/15/2033    USD    30.13
Volstad Shipping AS          7.05   4/15/2019    NOK    25.00
Steilmann SE                 7.00    3/9/2017    EUR     2.90
Barclays Bank PLC            2.96   9/29/2034    USD    69.30
Barclays Bank PLC            2.62  12/30/2030    USD    63.65
A-TEC Industries AG          8.75  10/27/2014    EUR     2.00
Norske Skog Holding AS       8.00   2/24/2023    USD    47.00
Kaupthing ehf                5.75   10/4/2011    USD    17.63
Barclays Bank PLC            0.55   3/28/2033    USD    60.00
Dannemora Mineral AB        11.75   3/22/2016    USD     0.63
KTG Agrar SE                 7.25  10/15/2019    EUR     2.14
Barclays Bank PLC            1.23   6/17/2033    USD    61.75
Bibby Offshore Services P    7.50   6/15/2021    GBP    60.13
SAG Solarstrom AG            6.25  12/14/2015    EUR    33.75
German Pellets GmbH          7.25    4/1/2016    EUR     1.04
APP International Finance   11.75   10/1/2005    USD     0.56
Landesbank Hessen-Thuerin    0.12    5/3/2041    EUR    74.06
BNP Paribas SA               0.58   4/30/2033    USD    52.75
Stichting Afwikkeling Ond    2.42                EUR     0.52
Norske Skog Holding AS       8.00   2/24/2021    EUR    54.00
Northland Resources AB      15.00   7/15/2019    USD     0.44
Lehman Brothers Treasury     7.00   5/17/2035    EUR    10.00
Golden Gate AG               6.50  10/11/2014    EUR    41.50
Gazprom Capital OOO          8.90    2/3/2027    RUB    60.12
Barclays Bank PLC            2.72   7/28/2031    USD    68.88
Societe Generale SA          1.92  10/31/2033    USD    74.82
AKB Peresvet ZAO            13.00   10/7/2017    RUB    22.50
SAir Group                   5.13    3/1/2003    CHF    14.00
HSBC France SA               1.03                EUR    61.10
Mox Telecom AG               7.25   11/2/2017    EUR     3.35
CNP Assurances               2.00                EUR    74.75
UniCredit Bank Austria AG    0.17  12/31/2031    EUR    70.30
Intelsat Luxembourg SA      12.50  11/15/2024    USD    68.47
PA Resources AB              3.00  12/27/2017    NOK     0.09
UniCredit Bank Austria AG    0.19   8/20/2033    EUR    67.61
Rem Offshore ASA             5.00   12/8/2024    NOK    30.13
KPNQwest NV                  8.88    2/1/2008    EUR     1.00
Finmek International SA      7.00   12/3/2004    EUR     4.89
Gunther Zamek Produktions    7.75   5/15/2017    EUR     1.26
Pescanova SA                 6.75    3/5/2015    EUR     3.09
CEVA Group PLC               9.00    9/1/2021    USD    70.81
Lehman Brothers Treasury     6.00   3/18/2015    USD    10.00
Barclays Bank PLC            4.63   9/13/2028    USD    65.00
Nuova Banca Popolare dell    1.67   9/28/2017    EUR     0.81
Far Eastern Shipping Co P   15.00   2/27/2018    RUB    57.03
Banca Popolare di Vicenza    5.00  11/22/2020    EUR    69.50
ADLER Real Estate AG         6.00  12/27/2018    EUR    13.50
Banco Espirito Santo SA     10.00   12/6/2021    EUR     0.20
Acron PJSC                   9.55   9/24/2026    RUB    61.56
Banco Comercial Portugues    5.00                EUR    55.00
MS Deutschland Beteiligun    6.88  12/18/2017    EUR     5.73
Barclays Bank PLC            0.06  12/28/2040    EUR    70.62
Kaupthing ehf                5.75   10/4/2011    USD    17.63
Hamburgische Landesbank-G    0.05   1/22/2041    EUR    62.14
Lehman Brothers Treasury     2.88   3/14/2013    CHF    10.00
Afren PLC                   10.25    4/8/2019    USD     0.00
Cooperatieve Rabobank UA     0.50  10/30/2043    MXN    11.53
Northland Resources AB       4.00  10/15/2020    NOK     0.06
Lehman Brothers Treasury     5.10    5/8/2017    HKD     9.63
Deutsche Bank AG/London      2.94   9/30/2029    USD    67.00
CRC Breeze Finance SA        6.11    5/8/2026    EUR    55.50
Governo Portugues Consoli    3.00                EUR    70.00
Rosneft Oil Co PJSC         14.90   12/3/2020    RUB    62.00
KPNQwest NV                  7.13    6/1/2009    EUR     1.00
Alpine Holding GmbH          5.25   6/10/2016    EUR     0.17
Accentro Real Estate AG      6.25   3/27/2019    EUR    10.00
UniCredit Bank Austria AG    0.15  12/27/2031    EUR    66.87
Virgolino de Oliveira Fin   10.88   1/13/2020    USD    26.75
Afren PLC                   11.50    2/1/2016    USD     0.20
SAG Solarstrom AG            7.50   7/10/2017    EUR    33.75
Veneto Banca SpA             1.67   5/15/2019    EUR    30.00
CGG SA                       5.88   5/15/2020    EUR    46.38
Bulgaria Steel Finance BV   12.00    5/4/2013    EUR     2.46
Lloyds Bank PLC              2.73   7/26/2033    USD    67.75
AKB Peresvet ZAO            13.25   6/22/2017    RUB    22.63
Orient Express Bank PJSC    13.60    8/9/2018    RUB    69.00
Barclays Bank PLC            2.72   7/28/2034    USD    66.35
CGG SA                       6.88   1/15/2022    USD    46.38
BLT Finance BV              12.00   2/10/2015    USD    10.50
Geotech Seismic Services    13.00  10/16/2019    RUB    70.57
Sairgroup Finance BV         6.63   10/6/2010    EUR    13.88
A-TEC Industries AG          5.75   11/2/2010    EUR     2.00
CBo Territoria               6.00    1/1/2020    EUR     4.10
Rosneft Oil Co PJSC         10.90  11/28/2024    RUB    63.00
Mriya Agro Holding PLC       9.45   4/19/2018    USD     6.25
Republic of Italy Governm    0.18   7/31/2045    EUR    72.50
Banca Carige SpA             5.70   9/17/2020    EUR    50.38
SAir Group                   0.13    7/7/2005    CHF    13.00
Lloyds Bank PLC              2.39    7/5/2033    USD    69.70
Far East Capital Ltd SA      8.00    5/2/2018    USD    65.13
Transneft PJSC               9.30   8/25/2026    RUB    61.30
Banco Espirito Santo SA      1.22   5/27/2018    EUR     0.20
UniCredit Bank Austria AG    0.02   1/25/2031    EUR    69.01
Marfin Investment Group H    7.00   7/29/2019    EUR     1.00
Bank Nederlandse Gemeente    0.50   7/12/2022    ZAR    62.81
Dexia Kommunalbank Deutsc    5.63  12/31/2017    EUR    13.13
AgroGeneration               8.00    4/1/2019    EUR    72.80
Russian Railways JSC         8.65    2/4/2032    RUB    60.06
Barclays Bank PLC            2.34   4/25/2034    USD    58.44
Barclays Bank PLC            3.28   5/30/2034    USD    72.88
Banca Popolare di Vicenza    5.00   3/31/2021    EUR    67.38
wige MEDIA AG                6.00   3/17/2019    EUR     2.60
DOF ASA                      8.00   9/12/2019    NOK    40.00
Autonomous Community of C    1.06    9/8/2024    EUR    73.41
Afren PLC                   10.25    4/8/2019    USD     0.00
Cooperatieve Rabobank UA     0.50   1/31/2033    MXN    26.30
Bilt Paper BV                9.64                USD    33.50
DEMIRE Real Estate AG        6.00  12/30/2018    EUR     3.40
Vnesheconombank              2.00   6/18/2021    RUB    74.60
Vnesheconombank              9.65   7/10/2018    RUB    62.02
Elli Investments Ltd        12.25   6/15/2020    GBP    60.00
Muehl Product & Service A    6.75   3/10/2005    DEM     2.37
Depfa Funding II LP          6.50                EUR    57.75
BAWAG PSK Versicherungs A    1.06                EUR    47.34
Deutsche Bank AG/London      0.40   1/31/2033    USD    59.70
Banca Popolare di Vicenza    5.00   6/30/2021    EUR    65.63
Svensk Exportkredit AB       0.50   4/24/2029    AUD    61.77
Finans-Avia OOO              8.25   7/31/2022    RUB    75.27
Societe Generale SA          1.60    1/9/2020    GBP     1.10
Brunswick Rail Finance De    6.50   11/1/2017    USD    71.39
Barclays Bank PLC            4.13  10/10/2029    USD    74.31
Alpha Bank AE                2.50   6/20/2022    EUR    63.70
Lloyds Bank PLC              2.72   7/29/2033    USD    63.10
Lehman Brothers Treasury     5.00   2/27/2014    EUR    10.00
Petromena ASA               10.85  11/19/2014    USD     0.59
Svensk Exportkredit AB       0.50   8/29/2029    AUD    61.07
Virgolino de Oliveira Fin   10.50   1/28/2018    USD     7.00
Barclays Bank PLC            1.88   11/1/2031    USD    64.50
Lehman Brothers Treasury     4.60   11/9/2011    EUR    10.00
Hamburgische Landesbank-G    0.05  10/30/2040    EUR    64.35
BNP Paribas SA               0.50   9/29/2029    AUD    60.04
Immigon Portfolioabbau AG    3.72   4/12/2022    EUR    74.70
Municipality Finance PLC     0.50    5/8/2029    AUD    65.98
syncreon Group BV / syncr    8.63   11/1/2021    USD    71.88
Absolut Bank PAO            11.00   5/28/2018    RUB    60.09
IVG Immobilien AG            5.54                EUR     0.56
Johnston Press Bond Plc      8.63    6/1/2019    GBP    63.63
Alpha Bank AE                2.50   6/20/2022    EUR    63.69
KPNQwest NV                  8.13    6/1/2009    USD     0.92
Lehman Brothers Treasury     6.65   8/24/2011    AUD     9.63
Svensk Exportkredit AB       0.50   6/29/2029    AUD    61.42
Opin PJSC                   13.00   3/17/2022    RUB    60.06
Espirito Santo Financial     5.05  11/15/2025    EUR     0.33
Oi Brasil Holdings Cooper    5.63   6/22/2021    EUR    33.99
Banca Popolare di Vicenza    1.60   3/20/2020    EUR    67.38
Marfin Investment Group H    6.30   7/29/2020    EUR     0.90
Governo Portugues Consoli    2.75                EUR    63.00
Rena GmbH                    7.00  12/15/2015    EUR     3.60
Uppfinnaren 1 AB            10.00                SEK    63.38
SAir Group                   6.25   4/12/2005    CHF    13.00
Agentstvo po Ipotechnomu    10.90   11/1/2022    RUB    60.72
SG Option Europe SA          7.00    5/5/2017    EUR    58.40
Societe Generale SA          0.57   2/28/2033    USD    63.40
Vimpel-Communications PJS   11.90   10/3/2025    RUB    62.00
Atari SA                     7.50   2/17/2020    EUR     0.35
Stichting Afwikkeling Ond    6.63   5/14/2018    EUR     3.34
Societe Generale SA          0.12   5/31/2033    USD    61.86
Barclays Bank PLC            0.50   3/26/2021    MXN    70.55
Kaupthing ehf                9.00                USD     0.13
Lehman Brothers Treasury     4.00   2/16/2017    EUR    10.00
Podkarpacki Bank Spoldzie    5.81    7/2/2020    PLN    70.00
MegaFon PJSC                 9.90   5/29/2026    RUB    62.00
Rosneft Oil Co PJSC         11.15   12/3/2020    RUB    62.00
Sistema PJSC FC             10.90  10/31/2025    RUB    63.01
Solon SE                     1.38   12/6/2012    EUR     0.33
Mifa Mitteldeutsche Fahrr    7.50   8/12/2018    EUR     2.92
Rusfinans Bank OOO           8.75   9/29/2020    RUB   100.10
Espirito Santo Financial     5.13   5/30/2016    EUR     0.78
Banca Popolare di Vicenza    5.00   3/25/2021    EUR    67.50
Lehman Brothers Treasury     6.00   3/14/2011    EUR    10.00
Barclays Bank PLC            3.87   4/16/2029    USD    73.30
Barclays Bank PLC            2.36  12/23/2033    USD    66.20
Virgolino de Oliveira Fin   11.75    2/9/2022    USD     7.00
Landesbank Hessen-Thuerin    0.13   4/23/2041    EUR    70.82
Artea                        6.00    8/4/2019    EUR    14.62
Sberbank of Russia PJSC     12.27    1/2/2026    RUB    60.06
Agentstvo po Ipotechnomu     9.50  11/15/2024    RUB    61.00
Santander Finance Capital    2.00                USD    56.20
Bank Julius Baer & Co Ltd    6.70    6/2/2017    USD    62.20
UniCredit Bank Austria AG    0.16  10/31/2031    EUR    66.97
United Aircraft Corp PJSC    8.00   3/17/2020    RUB    60.00
Transneft PJSC              11.00   10/1/2019    RUB   100.39
Credit Suisse AG/London      9.75   5/23/2017    USD    53.62
Lehman Brothers Treasury     5.25   5/26/2026    EUR     0.65
Samaratransneft-Terminal    12.00   3/30/2022    RUB    60.22
Municipality Finance PLC     0.50   6/19/2024    ZAR    52.44
ING Bank Eurasia JSC        10.45   3/30/2021    RUB    61.03
Svensk Exportkredit AB       0.50   6/28/2022    ZAR    62.71
Kommunekredit                0.50   7/30/2027    TRY    32.16
Agentstvo po Ipotechnomu    10.83    2/1/2034    RUB   100.00
Region of Abruzzo Italy      0.17   11/7/2036    EUR    61.39
KTM Industries AG            5.00                EUR    72.00
Kaupthing ehf                6.13   10/4/2016    USD    17.63
Afren PLC                    6.63   12/9/2020    USD     0.42
Heta Asset Resolution AG     0.43  12/31/2023    EUR    39.25
Frigoglass Finance BV        8.25   5/15/2018    EUR    62.75
Minicentrales Dos SA         4.81  11/29/2034    EUR    60.63
Matalan Finance PLC          8.88    6/1/2020    GBP    68.13
Transneft PJSC               9.65   6/30/2023    RUB    60.11
Banca Monte dei Paschi di    4.36   3/14/2024    EUR    40.88
Gazprom PJSC                 5.30  10/21/2043    RUB
Rusfinans Bank OOO          10.00   7/31/2026    RUB    60.51
Mechel PJSC                  8.00    2/9/2021    RUB    71.00
Transcapitalbank JSC Via    10.00   9/18/2020    USD    72.00
Argon Capital PLC for Roy    2.67                GBP    75.00
Societe Generale SA          8.88    6/1/2017    USD    34.01
AKB Peresvet ZAO            13.25   4/25/2018    RUB    23.49
Municipality Finance PLC     0.50   4/26/2022    ZAR    63.39
International Industrial     9.00    7/6/2011    EUR     0.50
BLT Finance BV               7.50   5/15/2014    USD     2.29
Lehman Brothers Treasury     4.50    5/2/2017    EUR    10.00
Lehman Brothers Treasury     7.00    6/6/2017    EUR     0.65
Montepio Holding SGPS SA     5.00                EUR    50.05
Banca Popolare di Vicenza    1.60    1/9/2020    EUR    68.38
Societe Generale SA          0.53   6/28/2033    USD    69.25
Republic of Italy Governm    0.19   7/31/2045    EUR    70.79
Lehman Brothers Treasury     7.00  11/26/2013    EUR    10.00
Rosbank PJSC                 9.80  12/20/2026    RUB   100.00
SUEK Finance                12.50   8/19/2025    RUB   100.00
Lehman Brothers Treasury     4.00   7/27/2011    EUR     0.65
Lehman Brothers Treasury     8.25   12/3/2015    EUR    10.00
Banca Meridiana              1.29  11/12/2017    EUR    21.00
Region of Molise Italy       0.18  12/15/2033    EUR    66.28
Paragon Offshore PLC         6.75   7/15/2022    USD    19.25
Veneto Banca SpA             2.40    4/7/2020    EUR    68.25
Vnesheconombank             11.60   2/17/2025    RUB    60.00
Lloyds Bank PLC              3.34   4/25/2034    USD    69.00
Veneto Banca SpA             5.41   5/25/2023    EUR    57.63
Lehman Brothers Treasury     1.00    5/9/2012    EUR     0.65
Vnesheconombank              9.76  12/17/2021    RUB    60.06
Western High-Speed Diamet    9.84    2/6/2032    RUB    65.03
Veneto Banca SpA             4.65   1/11/2020    EUR    75.00
Minaya Capital AG            7.00    8/1/2018    EUR    65.32
Marine Subsea AS             9.00  12/16/2019    USD     0.50
Province of Brescia Italy    0.11  12/22/2036    EUR    58.30
Lehman Brothers Treasury    11.00  12/20/2017    AUD     0.65
Tonon Luxembourg SA          9.25   1/24/2020    USD    11.25
Russian Railways JSC         9.85   4/26/2041    RUB   106.84
Cattles Ltd                  7.13    7/5/2017    GBP     0.20
Banca Popolare di Vicenza    2.53  11/22/2019    EUR    71.54
WPE International Coopera   10.38   9/30/2020    USD    18.38
BNP Paribas SA               0.50   7/20/2021    BRL    64.60
Barclays Bank PLC            2.62  12/30/2030    USD    62.88
Lehman Brothers Treasury     3.03   1/31/2015    EUR     0.65
Vnesheconombank              9.20   8/20/2020    RUB    60.37
Lehman Brothers Treasury     5.55   3/12/2015    EUR     0.65
Lehman Brothers Treasury     4.00  10/24/2012    EUR     0.65
Lehman Brothers Treasury     6.00  10/30/2012    EUR     0.65
Lehman Brothers Treasury     5.00   12/6/2011    EUR     0.65
Lehman Brothers Treasury     4.00   12/2/2012    EUR     0.65
Russian Railways JSC         9.25   7/11/2028    RUB    99.35
Russian Bank for Small an    9.25   3/17/2022    RUB    60.31
Karlie Group GmbH            5.00   6/25/2021    EUR     4.30
Royal Bank of Scotland PL    2.42   2/25/2031    USD    63.60
Tatfondbank PJSC            13.00    9/7/2021    RUB     2.98
Societe Generale SA          1.00  12/22/2017    GBP     0.98
Agentstvo po Ipotechnomu     9.50   1/15/2029    RUB   100.00
AKB Peresvet ZAO            13.50   6/23/2021    RUB    12.49
Banca Popolare di Vicenza    5.20   3/28/2024    EUR    54.00
Phones4u Finance PLC         9.50    4/1/2018    GBP    73.63
Veneto Banca SpA             5.15   1/25/2023    EUR    58.13
Activa Resources AG          8.00  11/15/2017    EUR    16.00
Svensk Exportkredit AB       0.50   1/31/2022    ZAR    66.13
Tatfondbank PJSC            12.50  12/11/2024    RUB     2.12
Podkarpacki Bank Spoldzie    5.81   3/31/2025    PLN    65.51
Ekotechnika AG               9.75   5/10/2018    EUR     9.50
Banca Popolare di Vicenza    2.50   7/11/2019    EUR    74.88
Delta Credit Bank JSC       10.29  11/24/2021    RUB    60.06
Rossiysky Capital OJSC      13.00  11/22/2019    RUB    99.89
Kaupthing ehf                6.13   10/4/2016    USD    17.63
Lehman Brothers Treasury     7.59  11/22/2009    MXN    10.00
Gazprombank JSC              9.00   4/27/2048    RUB    98.80
Lloyds Bank PLC              0.66   4/26/2033    USD    59.25
AKB Peresvet ZAO            12.50    9/6/2017    RUB    21.55
Agroton Public Ltd           6.00   7/14/2019    USD    12.88
Deutsche Bank AG/London      0.50   10/5/2021    IDR    66.43
HSBC Bank PLC                0.50   6/10/2021    BRL    69.07
Lehman Brothers Treasury     5.00   3/18/2015    EUR    10.00
Municipality Finance PLC     0.50   7/30/2029    AUD    68.98
Barclays Bank PLC            0.50   1/28/2033    MXN    23.59
Western High-Speed Diamet    9.84    2/6/2032    RUB    60.00
EFG International Finance    6.00  11/30/2017    EUR     8.50
Nuova Banca Popolare dell    5.00  10/30/2023    EUR     0.78
Russian Railways JSC        11.20  10/16/2025    RUB   105.75
Banco BPI SA                 1.78                EUR    58.02
Ideal Standard Internatio   11.75    5/1/2018    EUR     5.00
City of Moscow Russia        7.50   5/18/2021    RUB    60.00
Far East Capital Ltd SA      8.75    5/2/2020    USD    64.83
OT-Optima Telekom DD         5.25   5/30/2022    HRK    70.10
Lehman Brothers Treasury     1.46   2/19/2012    JPY    10.00
LBI HF                       7.43                USD     0.00
Espirito Santo Financial     5.05  11/15/2025    EUR     0.33
SAir Group                   5.50   7/23/2003    CHF    13.02
Nutritek International Co    8.75  12/11/2008    USD     2.00
Lehman Brothers Treasury     5.50   6/22/2010    USD    10.00
Banca Popolare di Vicenza    2.00   11/7/2019    EUR    70.88
ECM Real Estate Investmen    5.00   10/9/2011    EUR    10.38
Leonteq Securities AG        6.80   7/10/2018    USD
EFG International Finance    2.10   3/23/2018    EUR    15.48
Solarwatt GmbH               7.00   11/1/2015    EUR    14.50
German Pellets GmbH          8.00                EUR     0.10
Kardan NV                    6.78    2/2/2020    ILS    73.27
DOMO OJSC                   14.00    5/8/2026    RUB    50.00
Barclays Bank PLC            0.61    4/9/2028    USD    64.53
Cooperatieve Rabobank UA     0.50  12/29/2027    MXN    42.11
Barclays Bank PLC            2.70   2/28/2034    USD    72.89
HPI AG                       3.50                EUR     5.01
Atomenergoprom JSC          11.10  12/12/2025    RUB    63.00
Municipiul Timisoara         0.72   5/15/2026    RON    65.01
Veneto Banca SpA             2.40   3/31/2020    EUR    68.50
Banca Popolare di Vicenza    1.60   2/20/2020    EUR    67.88
Bank Intesa AO               9.75  10/10/2019    RUB   100.00
Lehman Brothers Treasury     5.00   8/16/2017    EUR    10.00
Lehman Brothers Treasury     5.00    5/2/2022    EUR     0.65
Banca Popolare di Vicenza    1.60   1/16/2020    EUR    68.63
Municipiul Timisoara         0.72   5/15/2026    RON    65.40
Virgolino de Oliveira Fin   10.88   1/13/2020    USD    26.75
World of Building Technol    9.90   6/25/2019    RUB     1.52
HSBC Bank PLC                0.50   12/8/2020    BRL    71.72
Kommunalbanken AS            0.50  12/16/2020    TRY    69.13
Kaupthing ehf                5.25   7/18/2017    BGN    17.63
Lehman Brothers Treasury     7.00   9/20/2011    USD     0.65
Barclays Bank PLC            7.12   10/4/2017    USD    40.45
Russkiy Mezhdunarodnyi Ba   10.50  11/14/2021    RUB    60.04
SAir Group                   6.25  10/27/2002    CHF    13.03
Rusfinans Bank OOO           9.95   8/22/2019    RUB   101.00
LBI HF                       6.10   8/25/2011    USD    10.13
Salvator Grundbesitz-AG      9.50  12/31/2021    EUR     9.95
Atari SA                     0.10    4/1/2020    EUR     3.90
Lehman Brothers Treasury     1.28   11/6/2010    JPY    10.00
Rosselkhozbank JSC          12.87  12/21/2021    RUB    60.01
Norske Skogindustrier ASA    2.00  12/30/2115    EUR    22.63
Lehman Brothers Treasury     3.86   9/21/2011    SGD     9.63
Kaupthing ehf                9.75   9/10/2015    USD    17.63
Banca Popolare di Vicenza    1.60   5/29/2020    EUR    65.88
Windreich GmbH               6.25    3/1/2015    EUR    10.00
Vnesheconombank              8.35  11/24/2020    RUB    60.01
Banque Federative du Cred    0.84                EUR    68.75
Svensk Exportkredit AB       0.50   3/15/2022    ZAR    64.54
Mriya Agro Holding PLC      10.95   3/30/2016    USD     6.38
HSBC Bank PLC                0.50  12/29/2026    AUD    65.61
Norddeutsche Landesbank G    4.00   3/29/2019    EUR    48.38
Rosneft Oil Co PJSC         11.40   12/3/2020    RUB    62.00
La Veggia Finance SPA        7.13  11/14/2004    EUR     1.85
Lehman Brothers Treasury     4.00   7/20/2012    EUR     0.65
Banca Popolare di Vicenza    2.25   8/22/2019    EUR    73.25
Heta Asset Resolution AG     0.27  12/31/2023    EUR    39.25
Svensk Exportkredit AB       0.50   8/28/2020    TRY    66.92
KPNQwest NV                  7.13    6/1/2009    EUR     1.00
Araratbank OJSC              7.25   6/27/2018    USD    25.81
Anglian Water Services Fi    0.87   1/26/2057    GBP    74.66
Immigon Portfolioabbau AG    1.26   7/29/2018    EUR    25.00
Araratbank OJSC              7.00   12/2/2017    USD    25.57
VEB-Leasing OAO              8.65   1/16/2024    RUB    62.00
Aralco Finance SA           10.13    5/7/2020    USD     2.28
WGF Westfaelische Grundbe    6.35    8/1/2017    EUR     3.63
City of Kiev Ukraine Via     8.00   11/6/2015    USD    65.38
Rosselkhozbank JSC          14.50                RUB    70.01
Veneto Banca SpA             2.40    4/1/2020    EUR    68.38
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.00
BANIF - Banco Internacion    4.50   1/30/2025    EUR    63.13
Orient Express Bank PJSC    11.70   7/17/2018    RUB    65.01
Atomenergoprom JSC          11.90   6/25/2025    RUB    60.00
KIT Finance Capital OOO     10.50   3/21/2022    RUB    60.06
Agentstvo po Ipotechnomu    11.50   9/25/2018    RUB    70.00
Astana Finance BV            9.00  11/16/2011    USD    16.88
Podkarpacki Bank Spoldzie    5.11   5/28/2023    PLN    62.50
Salvator Grundbesitz-AG      9.50                EUR    19.20
VEB-Leasing OAO             12.50   8/18/2025    RUB    62.00
Vnesheconombank              9.75   8/16/2029    RUB    60.00
Rosneft Oil Co PJSC         11.90  11/28/2024    RUB   101.65
Metalloinvest Holding Co     0.01   3/10/2022    RUB    60.01
Bank Nederlandse Gemeente    0.50   5/12/2021    ZAR    69.70
Lehman Brothers Treasury     4.90   7/28/2020    EUR     0.65
Lehman Brothers Treasury     3.00   6/23/2009    EUR    10.00
Penell GmbH Elektrogrosha    7.75   6/10/2019    EUR     5.51
Svensk Exportkredit AB       0.50   3/28/2029    AUD    69.38
Avangard-Agro OOO           11.50  10/10/2017    RUB   100.00
Russian Post FGUP            9.50  10/18/2019    RUB   100.00
Lehman Brothers Treasury     7.60   1/31/2013    AUD     0.65
COFIDUR SA                   0.10  12/31/2024    EUR    20.00
Societe Generale SA          8.00   2/14/2022    USD     9.00
Phosphorus Holdco PLC       10.00    4/1/2019    GBP     1.92
UniCredit Bank AO            9.20  11/20/2018    RUB    60.11
Atomenergoprom JSC          11.10  12/12/2025    RUB    63.55
Freight One JSC             12.00  10/15/2025    RUB   104.80
Russian Railways JSC         9.70   5/22/2046    RUB    60.06
State Transport Leasing C   14.30  12/10/2024    RUB    60.00
Russian Railways JSC        11.65    5/3/2030    RUB   100.00
OBRAZOVANIE AKIB AO         11.00   5/31/2018    RUB    52.21
TPGK-Finance ZAO            12.01   9/30/2021    RUB   100.00
UniCredit Bank Austria AG    0.06   1/24/2031    EUR    69.19
Lehman Brothers Treasury     4.87   10/8/2013    USD     0.65
ECA                          2.50    1/1/2018    EUR    12.44
Veneto Banca SpA             2.40    4/2/2020    EUR    68.38
Finans-Avia OOO              0.01   7/31/2027    RUB    20.25
Barclays Bank PLC            2.37  12/27/2028    USD    74.10
Mortgage Agent First St P    8.50   7/15/2041    RUB    59.23
Kaupthing ehf                5.00    1/4/2027    SKK    17.63
Windreich GmbH               6.75    3/1/2015    EUR    10.00
Western High-Speed Diamet    9.84    2/6/2032    RUB    91.61
Pongs & Zahn AG              8.50                EUR     0.20
HSBC Bank PLC                0.50   7/21/2021    BRL    68.41
Bank Nederlandse Gemeente    0.50   9/20/2022    ZAR    61.23
Russian Post FGUP            2.75   12/6/2023    RUB    68.66
Metalloinvest Holding Co     0.01    3/7/2022    RUB   100.00
Rusfinans Bank OOO          11.00   10/2/2019    RUB    61.01
Rusfinans Bank OOO          10.10  11/24/2020    RUB    60.51
Lehman Brothers Treasury    14.90   9/15/2008    EUR     0.65
Kaupthing ehf                7.50    2/1/2045    USD     0.22
Bank Julius Baer & Co Ltd    6.00   7/24/2017    CHF    69.30
Barclays Bank PLC            0.50   4/24/2023    MXN    57.90
Heliocentris Energy Solut    4.00   1/16/2019    EUR    28.46
City of Predeal Romania      1.50   5/15/2026    RON    60.00
Agentstvo po Ipotechnomu     9.20   4/18/2018    RUB    70.00
Bank Nederlandse Gemeente    0.50   6/22/2021    ZAR    68.94
Lehman Brothers Treasury     5.00   5/12/2011    CHF     0.65
BNP Paribas SA               0.50    5/6/2021    MXN    70.40
Lillestroem Sparebank        4.44                NOK    60.99
Mcib Bank LLC               14.50    9/1/2023    RUB    99.00
Immigon Portfolioabbau AG    4.81   7/29/2025    EUR    61.00
MIK OAO                     15.00   2/19/2020    RUB     3.00
Freight One JSC             11.80  10/23/2025    RUB   106.00
Metalloinvest Holding Co     0.01    3/7/2022    RUB    60.02
Lehman Brothers Treasury     4.00   4/13/2011    CHF     0.65
Northland Resources AB      15.00   7/15/2019    USD     0.44
SAir Group                   2.13   11/4/2004    CHF    13.00
VEB-Leasing OAO             12.50    9/1/2025    RUB    60.06
Rosneft Oil Co PJSC         11.15   12/3/2020    RUB    62.00
Barclays Bank PLC            4.45   5/14/2029    USD    70.00
Bank Nederlandse Gemeente    0.50    8/9/2022    MXN    67.09
Nuova Banca Popolare dell    2.17   5/21/2018    EUR     0.81
Lehman Brothers Treasury     7.60   5/21/2013    USD     0.65
Lehman Brothers Treasury     5.10   6/22/2046    EUR     0.65
SAir Group                   4.25    2/2/2007    CHF    13.00
UBS AG/London                5.00   4/22/2017    CHF    72.90
Gazprombank JSC              3.00   4/27/2048    RUB    60.06
EFG International Finance   12.86  10/30/2017    EUR     1.41
Atomenergoprom JSC           9.33   12/3/2026    RUB    60.00
Sankt-Peterburg Telecom O   10.70   1/31/2022    RUB    60.07
ROSSETI PJSC                11.25  11/14/2025    RUB   104.30
BLT Finance BV               7.50   5/15/2014    USD     2.29
Tatfondbank PJSC            13.50   5/28/2025    RUB     1.62
AKB Metallinvestbank PAO    11.00   5/21/2020    RUB    60.00
HSBC Bank PLC                0.50   1/29/2027    NZD    67.18
Lehman Brothers Treasury     0.50  12/20/2017    USD     0.65
Lehman Brothers Treasury     4.15   8/25/2020    EUR     0.65
Nauka-Svyaz OAO             13.50   5/10/2018    RUB   100.00
Western High-Speed Diamet   10.44   5/13/2031    RUB    93.99
Svensk Exportkredit AB       0.50   6/20/2029    AUD    68.78
ENEL RUSSIA PJSC            12.10   5/22/2025    RUB    60.16
Koncessii Teplosnabzheniy   12.50    4/6/2032    RUB    60.03
Lehman Brothers Treasury     8.00   3/19/2012    USD     0.65
Lehman Brothers Treasury     3.00   9/12/2036    JPY    10.00
Bank Julius Baer & Co Ltd   10.25   5/17/2017    CHF    59.35
EFG International Finance    8.99    9/4/2017    EUR     3.34
Immigon Portfolioabbau AG    5.45    8/2/2019    EUR    72.70
Tatfondbank PJSC             6.67    2/3/2026    RUB     1.83
Miratorg-Finans OOO         11.00   8/24/2021    RUB    60.00
Societe Generale SA          0.50    7/6/2021    BRL    68.16
Nuova Banca delle Marche     7.20   6/30/2018    EUR     1.24
Bulgaria Steel Finance BV   12.00    5/4/2013    EUR     2.46
TGC-1 PJSC                  14.40  12/14/2021    RUB    60.01
Lehman Brothers Treasury     8.25    2/3/2016    EUR     0.65
Lehman Brothers Treasury     0.50  12/20/2017    AUD     0.65
Credit Suisse AG/London      3.00  11/15/2025    ZAR    63.13
UBS AG/London                8.00   5/19/2021    USD    10.00
EFG International Finance    7.20   7/29/2020    EUR    34.34
Bank VTB 24 JSC              9.00    9/1/2044    RUB
Leonteq Securities AG/Gue   29.61  10/26/2017    EUR    30.12
Banca delle Marche SpA       6.00    5/8/2018    EUR     0.70
RGS Nedvizhimost OOO        12.00  10/18/2017    RUB   100.00
Center-Invest Commercial     8.70  11/13/2018    RUB    60.10
Atomenergoprom JSC           9.33   11/2/2026    RUB    60.00
Lehman Brothers Treasury     7.50    5/2/2017    EUR     0.65
Lehman Brothers Treasury    11.00   6/29/2009    EUR     0.65
Lehman Brothers Treasury    13.15  10/30/2008    USD     0.65
Lehman Brothers Treasury     4.60    7/6/2016    EUR     0.65
Lehman Brothers Treasury     8.00   2/16/2016    EUR     0.65
Main Road OJSC               4.30  11/22/2028    RUB    59.01
Municipality Finance PLC     0.50   5/31/2022    ZAR    62.42
Bank Nederlandse Gemeente    0.50   8/15/2022    ZAR    61.89
Kommunekredit                0.50  12/14/2020    ZAR    72.20
Lenenergo PJSC               9.80    7/9/2025    RUB    60.00
Univer Capital LLC          12.00    3/6/2019    RUB    59.00
Svensk Exportkredit AB       0.50   2/22/2022    ZAR    64.23
Driver & Bengsch AG          8.50  12/31/2027    EUR     0.00
DekaBank Deutsche Girozen    0.12   6/23/2034    EUR    72.42
LBI HF                       2.25   2/14/2011    CHF     5.88
Lehman Brothers Treasury     4.25   3/13/2021    EUR     0.65
Lehman Brothers Treasury     4.05   9/16/2008    EUR     0.65
Ashinskiy metallurgical w    5.80   6/17/2024    RUB    70.01
Rosselkhozbank JSC          11.35   7/14/2025    RUB    62.00
Vegarshei Sparebank          4.99                NOK    73.62
EFG International Finance    7.20   2/25/2019    EUR    15.51
Banca Monte dei Paschi di    7.00    3/4/2019    EUR    37.21
Credit Suisse AG/London      7.70   8/20/2025    USD     9.89
IFK Soyuz OAO               14.00   7/18/2028    RUB   100.00
Nuova Banca delle Marche     7.75   6/30/2018    EUR     1.24
Lehman Brothers Treasury     4.10   6/10/2014    SGD     9.63
Lehman Brothers Treasury     1.75    2/7/2010    EUR     0.65
Lehman Brothers Treasury    10.44  11/22/2008    CHF     0.65
Province of Brescia Italy    0.14   6/30/2036    EUR    59.07
Bank Nederlandse Gemeente    0.50   9/20/2022    MXN    66.50
LBI HF                       7.43                USD     0.00
Lehman Brothers Treasury     6.00   2/19/2023    USD     0.65
Credit Suisse AG/London      0.50    1/8/2026    BRL    45.97
Region of Bihor              1.45  12/15/2027    RON    67.00
Cooperatieve Rabobank UA     0.50   8/21/2028    MXN    39.64
DekaBank Deutsche Girozen    0.01   6/29/2046    EUR    55.42
Exane Finance SA             5.00  12/20/2019    SEK    64.40
Societe Generale Effekten    4.00   6/26/2017    EUR    50.59
Commerzbank AG               1.00   2/19/2020    USD    19.92
Natixis Structured Issuan   11.70   12/8/2023    EUR    47.60
Voss Veksel OG Landmands     8.15                NOK    73.50
KPNQwest NV                  8.88    2/1/2008    EUR     1.00
OOO SPV Structural Invest    0.01    9/1/2023    RUB    65.38
Cerruti Finance SA           6.50   7/26/2004    EUR     1.21
Banca delle Marche SpA       6.00   6/12/2018    EUR     0.70
KPNQwest NV                  8.88    2/1/2008    EUR     1.00
SUEK Finance                12.50   8/19/2025    RUB   100.00
Synergy PJSC                14.50   5/28/2020    RUB    61.01
Kaupthing ehf                3.75   2/15/2024    ISK    17.63
UBS AG/London               14.50   5/26/2017    CHF    63.55
Transgazservice LLP         10.50   11/8/2019    RUB     0.01
Credit Suisse AG/London      7.86  10/31/2019    USD    10.00
Rinol AG                     5.50  10/15/2006    DEM     0.00
UniCredit Bank Austria AG    0.15   1/22/2031    EUR    72.51
Loan Portfolio Securitiza    8.50  12/14/2018    USD    22.45
Eiendomskreditt              4.26                NOK    54.58
Northland Resources AB      12.25   3/26/2016    USD     0.44
Municipality Finance PLC     0.50  11/25/2020    ZAR    72.33
Europlan PJSC               12.50   3/26/2019    RUB    85.01
Svensk Exportkredit AB       0.50   8/25/2021    ZAR    67.50
Lehman Brothers Treasury     7.50   6/15/2017    USD     0.65
SG Issuer SA                 6.65  10/10/2021    EUR    70.57
Raiffeisen Versicherung A    2.02                EUR    28.83
Kaupthing ehf                7.63   2/28/2015    USD    17.63
Lehman Brothers Treasury    13.50    6/2/2009    USD     0.65
Lehman Brothers Treasury     2.00   6/28/2011    EUR     0.65
Lehman Brothers Treasury     4.00  11/24/2016    EUR     0.65
Banca Monte dei Paschi di    0.67   1/15/2018    EUR    37.34
Lehman Brothers Treasury    14.90  11/16/2010    EUR     0.65
Araratbank OJSC              7.00   6/18/2019    USD    26.17
UniCredit Bank AG            5.40   6/30/2017    EUR    64.71
Province of Milan Italy      0.03  12/22/2033    EUR    69.06
Nota-Bank OJSC              13.50    4/1/2016    RUB    31.50
Zurcher Kantonalbank Fina    3.80   5/22/2017    EUR    61.99
Bayerische Landesbank        2.40   7/20/2018    EUR    72.69
City of Siret Romania        2.24    3/1/2028    RON    50.00
Communaute Francaise de B    0.50   6/27/2046    EUR    65.53
Agrokompleks OOO             0.10   7/29/2019    RUB     4.51
Leonteq Securities AG/Gue    5.00   1/20/2020    CHF    73.30
Fonciere Volta SA            4.50   7/30/2020    EUR     2.55
Lehman Brothers Treasury     3.60   3/19/2018    JPY     0.65
Credit Suisse AG/Nassau      7.13   6/26/2017    CHF    65.37
RESO-Garantia Insurance P   12.00   9/13/2022    RUB    60.08
Torgovyi Dom Spartak-Kaza   14.00    5/2/2017    RUB    30.03
Absolut Bank PAO             8.55   4/29/2020    RUB   100.00
Espirito Santo Financial     6.88  10/21/2019    EUR     0.05
Svensk Exportkredit AB       0.10  11/20/2019    TRY    72.13
BKZ Finance OAO             17.00  12/20/2019    RUB    99.90
Municipality Finance PLC     0.50  11/17/2020    BRL    74.16
Polski Bank Spoldzielczy     4.81   6/22/2021    PLN
Lehman Brothers Treasury    15.00   3/30/2011    EUR     0.65
Lehman Brothers Treasury     4.69   2/19/2017    EUR     0.65
Lehman Brothers Treasury     5.00   2/28/2032    EUR     0.65
Lehman Brothers Treasury     9.75   6/22/2018    USD     0.65
Lehman Brothers Treasury    12.40   6/12/2009    USD     0.65
Lehman Brothers Treasury     5.00  10/24/2008    CHF     0.65
Lehman Brothers Treasury     7.00   4/14/2009    EUR     0.65
Lehman Brothers Treasury     5.00  11/22/2012    EUR     0.65
Lehman Brothers Treasury     6.00    8/7/2013    EUR     0.65
Petromena ASA                9.75   5/24/2016    NOK     0.59
Province of Rovigo Italy     0.06  12/28/2035    EUR    60.06
Noyabrskaya Pge OOO          8.50  11/10/2020    RUB    60.00
Municipality Finance PLC     0.25   6/28/2040    CAD    30.44
Lehman Brothers Treasury     1.50  10/12/2010    EUR     0.65
HSBC Bank PLC                0.50  12/22/2025    BRL    44.78
SAir Group                   2.75   7/30/2004    CHF    13.00
Credit Suisse AG             0.50  12/16/2025    BRL    46.99
First Collection Bureau O   15.00  10/15/2021    RUB    91.10
UniCredit Bank AG            0.41  11/19/2029    EUR    61.88
Sidetur Finance BV          10.00   4/20/2016    USD     5.25
Bank VTB 24 JSC              9.00   9/15/2044    RUB
Vesta ZAO                   12.50   12/4/2026    RUB    99.40
Barclays Bank PLC            2.28   8/31/2031    USD    62.89
Lehman Brothers Treasury     3.00   8/13/2011    EUR     0.65
Lehman Brothers Treasury     4.00   3/10/2011    EUR     0.65
Lehman Brothers Treasury     0.50    7/2/2020    EUR     0.65
Lehman Brothers Treasury     0.50    8/1/2020    EUR     0.65
Lehman Brothers Treasury     0.50  12/20/2017    AUD     9.63
Lehman Brothers Treasury     7.00  10/22/2010    EUR     0.65
Lehman Brothers Treasury     4.60  10/11/2017    ILS    10.00
Eiendomskreditt              5.21                NOK    65.13
Nuova Banca Popolare dell    3.50   6/28/2018    EUR     0.78
Indre Sogn Sparebank         5.95                NOK    54.21
NIBC Bank NV                25.98    5/7/2029    EUR    73.45
Portugal Telecom Internat    4.38   3/24/2017    EUR    32.63
Holdikks SAS                 6.75   7/15/2021    EUR    56.16
Credit Suisse AG/Nassau      6.38   6/12/2017    EUR    59.89
EFG International Finance    7.19    5/6/2019    EUR    17.15
Notenstein La Roche Priva    6.50    7/2/2018    USD    59.73
Polski Bank Spoldzielczy     5.31   9/14/2027    PLN    56.00
Kubanenergo PJSC            10.44  11/21/2025    RUB    60.00
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    57.62
Rusfinans Bank OOO           9.65   2/26/2021    RUB    60.11
Zapsibcombank PAO            5.00    9/4/2017    RUB    60.00
IT Holding Finance SA        9.88  11/15/2012    EUR     1.37
TransFin-M PAO              13.00    9/3/2025    RUB   100.02
Kubanenergo PJSC            12.63  11/11/2025    RUB    60.00
TGC-1 PJSC                   5.80   2/14/2022    RUB    60.01
Societe Generale SA          0.50    8/4/2021    BRL    67.72
Lehman Brothers Treasury     3.40   9/21/2009    HKD     0.65
Lehman Brothers Treasury     6.60   2/22/2012    EUR     0.65
Lehman Brothers Treasury     7.60    3/4/2010    NZD     0.65
Lehman Brothers Treasury     4.35    8/8/2016    SGD     9.63
Lehman Brothers Treasury     6.25    9/5/2011    EUR     0.65
Lehman Brothers Treasury    14.10  11/12/2008    USD     0.65
Bank Julius Baer & Co Ltd   11.30    6/7/2017    CHF    64.35
Lehman Brothers Treasury    16.00   10/8/2008    CHF     0.65
Lehman Brothers Treasury     0.50  12/20/2017    USD     0.65
SAir Group                   2.75   7/30/2004    CHF    13.00
Espirito Santo Financial     5.63   7/28/2017    EUR     0.78
Societe Generale SA          0.50   5/30/2023    MXN    61.29
Lehman Brothers Treasury     2.30   4/28/2014    JPY     0.65
LBI HF                       5.08    3/1/2013    ISK     5.88
Lehman Brothers Treasury     4.05   9/16/2008    EUR     0.65
Credit Suisse AG/London      8.95    6/6/2017    USD    61.71
Vontobel Financial Produc    3.00   6/13/2017    EUR    52.54
Kommunekredit                0.50   5/11/2029    CAD    71.71
AKB Peresvet ZAO            12.75   7/24/2018    RUB    19.74
Agrokompleks OOO             0.10   12/8/2022    RUB     1.55
AKB Peresvet ZAO             2.41    9/2/2020    RUB    11.34
Zurcher Kantonalbank Fina    8.50  10/16/2017    CHF    70.81
Bayerische Landesbank        2.60   3/29/2018    EUR    70.10
Bayerische Landesbank        3.20   7/27/2018    EUR    68.69
DekaBank Deutsche Girozen    3.00   4/30/2019    EUR    68.11
Bayerische Landesbank        2.90   6/22/2018    EUR    71.05
Bayerische Landesbank        2.70    7/6/2018    EUR    66.75
Bank J Safra Sarasin AG/G    8.00    5/4/2017    CHF    71.82
Notenstein La Roche Priva    4.50  10/31/2018    CHF    74.59
Credit Suisse AG/London      8.00  11/29/2019    USD     7.50
DekaBank Deutsche Girozen    3.45    6/1/2018    EUR    67.03
DekaBank Deutsche Girozen    3.40    4/9/2018    EUR    58.99
BNP Paribas SA               0.50  11/16/2032    MXN    28.94
Agrokor dd                   9.13    2/1/2020    EUR    36.15
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    38.64
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    60.82
Lehman Brothers Treasury     8.60   7/31/2013    GBP     0.65
Banca Monte dei Paschi di    5.60    9/9/2020    EUR    36.02
Credit Suisse AG/Nassau      7.25   7/13/2017    CHF    66.00
Espirito Santo Financial     9.75  12/19/2025    EUR     0.52
Credit Agricole Corporate    0.50    3/6/2023    RUB    61.94
ESFIL-Espirito Santo Fina    5.25   6/12/2015    EUR     1.42
Espirito Santo Financial     3.13   12/2/2018    EUR     0.24
UniCredit Bank AO           12.00  11/20/2019    RUB    60.16
Barclays Bank PLC            0.50   3/13/2023    RUB    61.98
Hellas Telecommunications    8.50  10/15/2013    EUR     0.50
HSBC Bank PLC                0.50   2/24/2027    NZD    67.21
Nuova Banca delle Marche     8.00   6/30/2018    EUR     1.24
Lehman Brothers Treasury    10.00    1/3/2012    BRL     0.65
Lehman Brothers Treasury     6.00  12/30/2017    EUR     0.65
Lehman Brothers Treasury     5.20   3/19/2018    EUR     0.65
Lehman Brothers Treasury     6.45   2/20/2010    AUD     0.65
Lehman Brothers Treasury     6.00  10/24/2008    EUR     0.65
Lehman Brothers Treasury     4.95  10/25/2036    EUR     0.65
Lehman Brothers Treasury     6.50   7/24/2026    EUR     0.65
Cassa di Risparmio di San    2.00   6/15/2025    EUR    74.75
SG Issuer SA                 5.50   4/10/2021    EUR    66.42
Lehman Brothers Treasury     8.00   4/20/2009    EUR     0.65
Kreditanstalt fuer Wieder    0.25   10/6/2036    CAD    40.85
Lehman Brothers Treasury     3.00   8/15/2017    EUR     0.65
Lehman Brothers Treasury     0.50  12/20/2017    AUD     0.65
Lehman Brothers Treasury     6.50   5/16/2015    EUR     0.65
Lehman Brothers Treasury     3.50   9/29/2017    EUR     0.65
Lehman Brothers Treasury     3.00    8/8/2017    EUR     0.65
Lehman Brothers Treasury     3.50   9/19/2017    EUR     0.65
Lehman Brothers Treasury     4.50    3/7/2015    EUR     0.65
Lehman Brothers Treasury     0.50  12/20/2017    AUD     0.65
Lehman Brothers Treasury     6.30  12/21/2018    USD     0.65
Lehman Brothers Treasury     7.00   2/15/2010    CHF     0.65
State of Saxony-Anhalt       0.30    7/3/2028    EUR    52.00
Gold-Zack AG                 7.00  12/14/2005    EUR    12.80
Lehman Brothers Treasury     2.30   6/27/2013    USD     0.65
Lehman Brothers Treasury     2.37   7/15/2013    USD     0.65
Lehman Brothers Treasury     1.95   11/4/2013    EUR     0.65
Lehman Brothers Treasury     4.00   2/28/2010    EUR     0.65
Lehman Brothers Treasury     7.06  12/29/2008    EUR     0.65
Kaupthing ehf                7.00   7/24/2009    ISK    17.63
Lehman Brothers Treasury     6.72  12/29/2008    EUR     0.65
Lehman Brothers Treasury     6.60    2/9/2009    EUR     0.65
Lehman Brothers Treasury     0.75   3/29/2012    EUR     0.65
Lloyds Bank PLC              0.50   7/26/2021    BRL    66.99
Russian Railways JSC        13.90   5/30/2040    RUB
Pierer Industrie AG          5.75                EUR    58.63
Landesbank Baden-Wuerttem    4.20   6/23/2017    EUR    74.38
Rossiysky Capital OJSC      10.50   1/16/2020    RUB    60.11
HSBC Bank PLC                0.50   4/27/2027    NZD    66.63
Lehman Brothers Treasury     7.50   7/31/2013    GBP     0.65
Soyuz AKB OAO               10.50   6/11/2020    RUB    60.00
Transcapitalbank JSC        11.25   5/30/2023    RUB    60.01
YamalStroiInvest            14.25   4/24/2021    RUB    65.70
Lehman Brothers Treasury     0.50   2/16/2009    EUR     0.65
Rusfinans Bank OOO          12.23  10/23/2019    RUB    60.06
IDGC of the South PJSC      13.50    6/8/2020    RUB    60.00
Lehman Brothers Treasury     6.00   5/23/2018    CZK     0.65
Astana Finance BV            7.88    6/8/2010    EUR    16.88
Lehman Brothers Treasury     0.25  10/19/2012    CHF     0.65
Lehman Brothers Treasury    13.50  11/28/2008    USD     0.65
Lehman Brothers Treasury    12.00    7/4/2011    EUR     0.65
Lehman Brothers Treasury    11.00  12/20/2017    AUD     0.65
Kaupthing ehf                7.50   12/5/2014    ISK    17.63
Russian Railways JSC         6.80   5/20/2044    RUB
BNP Paribas Emissions- un    3.00  10/12/2018    EUR    69.93
DekaBank Deutsche Girozen    3.00   5/12/2017    EUR    58.72
EFG International Finance    6.40    4/9/2020    EUR    70.25
State Transport Leasing C    9.03    9/5/2031    RUB   100.00
Societe Generale SA          7.00  10/20/2020    USD    10.70
Notenstein La Roche Priva    8.99   7/22/2019    EUR    34.82
Reso-Leasing OOO            10.50   9/21/2023    RUB    60.01
LizinGarant OOO             12.00  12/11/2017    RUB   100.00
Barclays Bank PLC            1.64    6/3/2041    USD    72.69
HSBC Bank PLC                0.50  10/30/2026    NZD    68.09
Lehman Brothers Treasury     5.25  11/21/2009    USD     0.65
Bank Julius Baer & Co Ltd   11.60  10/11/2017    CHF    69.30
Lehman Brothers Treasury     9.25   6/20/2012    USD     0.65
Lehman Brothers Treasury     3.00   9/13/2010    JPY    10.00
Leonteq Securities AG        7.00  10/19/2017    CHF    73.29
Norddeutsche Landesbank G    3.00  10/30/2018    EUR    61.68
Lehman Brothers Treasury     7.39    5/4/2017    USD     0.65
Lehman Brothers Treasury     4.25   5/15/2010    EUR     0.65
Lehman Brothers Treasury     3.35  10/13/2016    EUR     0.65
Lehman Brothers Treasury     0.80  12/30/2016    EUR     0.65
Lehman Brothers Treasury     4.00   5/30/2010    USD     0.65
Lehman Brothers Treasury     4.00   5/17/2010    USD     0.65
Lehman Brothers Treasury     2.48   5/12/2009    USD     0.65
Lehman Brothers Treasury     2.25   5/12/2009    USD     0.65
Lehman Brothers Treasury    13.00   7/25/2012    EUR     0.65
Lehman Brothers Treasury    10.00    8/2/2037    JPY     0.65
Lehman Brothers Treasury     2.50   8/23/2012    GBP     0.65
Lehman Brothers Treasury     6.00   9/20/2011    EUR     0.65
Lehman Brothers Treasury    18.25   10/2/2008    USD     0.65
Lehman Brothers Treasury     4.00  10/12/2010    USD     0.65
Goldman Sachs & Co Wertpa   16.00   6/21/2017    EUR    71.85
DekaBank Deutsche Girozen    3.50  10/28/2019    EUR    67.58
Bank Julius Baer & Co Ltd    5.50   11/6/2017    CHF    58.75
Goldman Sachs & Co Wertpa   16.00   6/21/2017    EUR    69.63
Societe Generale Effekten    8.47   6/23/2017    EUR    70.70
Societe Generale Effekten    8.81   6/23/2017    EUR    58.03
Societe Generale Effekten    9.62   6/23/2017    EUR    51.17
Societe Generale Effekten   11.68   6/23/2017    EUR    48.20
UBS AG/London                3.81  10/28/2017    USD    59.50
Notenstein La Roche Priva    7.70    5/9/2017    CHF    42.89
Landesbank Baden-Wuerttem    4.00   4/28/2017    EUR    71.79
Landesbank Baden-Wuerttem    5.00   4/28/2017    EUR    68.34
Leonteq Securities AG        7.00   11/6/2017    CHF    44.36
Zurcher Kantonalbank Fina   10.00   5/17/2017    CHF    72.53
DZ Bank AG Deutsche Zentr    8.30   9/22/2017    EUR    59.74
HSBC Trinkaus & Burkhardt    1.75   8/25/2017    EUR    73.05
Zurcher Kantonalbank Fina   12.10    9/6/2017    CHF    69.08
UBS AG/London                6.30  12/29/2017    EUR    66.18
UBS AG/London               16.90   6/30/2017    EUR    73.85
Commerzbank AG               4.00    9/8/2017    EUR    71.88
Lehman Brothers Treasury     6.00   2/14/2012    EUR     0.65
Lehman Brothers Treasury     7.00   2/15/2012    EUR     0.65
Lehman Brothers Treasury     6.00   5/12/2017    EUR     0.65
Lehman Brothers Treasury     4.10   2/19/2010    EUR     0.65
Lehman Brothers Treasury     3.50  10/31/2011    USD     0.65
Lehman Brothers Treasury     3.50  10/24/2011    USD     0.65
Lehman Brothers Treasury     1.68    3/5/2015    EUR     0.65
Lehman Brothers Treasury     9.00   5/15/2022    USD     0.65
Lehman Brothers Treasury     6.75    4/5/2012    EUR     0.65
Lehman Brothers Treasury     5.00   4/24/2017    EUR     0.65
HSBC Bank PLC                0.50   12/8/2026    AUD    70.99
Lehman Brothers Treasury     7.05    4/8/2015    USD     0.65
Lehman Brothers Treasury     7.80   3/31/2018    USD     0.65
Lehman Brothers Treasury     9.50    4/1/2018    USD     0.65
Lehman Brothers Treasury     6.00    3/4/2015    USD     0.65
Lehman Brothers Treasury     3.50   6/20/2011    EUR     0.65
Lehman Brothers Treasury    10.00  10/23/2008    USD     0.65
Lehman Brothers Treasury     6.60   5/23/2012    AUD     0.65
Lehman Brothers Treasury    16.00  10/28/2008    USD     0.65
Upravlenie Otkhodami ZAO    16.90    6/1/2025    RUB    98.84
Lehman Brothers Treasury     5.50   4/23/2014    EUR     0.65
Lehman Brothers Treasury     5.00   2/15/2018    EUR     0.65
Lehman Brothers Treasury     9.00    5/6/2011    CHF     0.65
Lehman Brothers Treasury    16.20   5/14/2009    USD     0.65
Lehman Brothers Treasury    10.60   4/22/2014    MXN     0.65
Lehman Brothers Treasury    16.00   11/9/2008    USD     0.65
Lehman Brothers Treasury     8.00   5/22/2009    USD     0.65
Lehman Brothers Treasury    17.00    6/2/2009    USD     0.65
Lehman Brothers Treasury     7.15   3/21/2013    USD     0.65
Lehman Brothers Treasury     7.50   2/14/2010    AUD     0.65
Lehman Brothers Treasury    10.00  10/22/2008    USD     0.65
Lehman Brothers Treasury     3.45   5/23/2013    USD     0.65
Lehman Brothers Treasury    10.00   5/22/2009    USD     0.65
Lehman Brothers Treasury     4.60    8/1/2013    EUR     0.65
Lehman Brothers Treasury    15.00    6/4/2009    CHF     0.65
Lehman Brothers Treasury    23.30   9/16/2008    USD     0.65
Lehman Brothers Treasury     3.00    6/3/2010    EUR     0.65
Lehman Brothers Treasury     4.50    3/6/2013    CHF     0.65
Lehman Brothers Treasury     4.00   4/24/2009    USD     0.65
Lehman Brothers Treasury     9.00   6/13/2009    USD     0.65
Lehman Brothers Treasury     9.00   3/17/2009    GBP     0.65
Lehman Brothers Treasury     7.00  11/28/2008    CHF     0.65
Lehman Brothers Treasury     7.38   9/20/2008    EUR     0.65
Lehman Brothers Treasury     3.85   4/24/2009    USD     0.65
Lehman Brothers Treasury     7.25   10/6/2008    EUR     0.65
Lehman Brothers Treasury    10.50    8/9/2010    EUR     0.65
Lehman Brothers Treasury     8.00   5/22/2009    USD     0.65
Lehman Brothers Treasury     4.50   7/24/2014    EUR     0.65
Lehman Brothers Treasury     5.75   6/15/2009    CHF     0.65
Lehman Brothers Treasury     7.50  10/24/2008    USD     0.65
Lehman Brothers Treasury    10.00   3/27/2009    USD     0.65
Lehman Brothers Treasury     7.75   1/30/2009    EUR     0.65
Lehman Brothers Treasury     0.25   7/21/2014    EUR     0.65
Lehman Brothers Treasury     8.00    8/3/2009    USD     0.65
Lehman Brothers Treasury     5.50   6/15/2009    CHF     0.65
Lehman Brothers Treasury     1.50  10/25/2011    EUR     0.65
Lehman Brothers Treasury     2.50  12/15/2011    GBP     0.65
Lehman Brothers Treasury    11.00  12/19/2011    USD     0.65
Lehman Brothers Treasury     0.50    6/2/2020    EUR     0.65
Lehman Brothers Treasury    11.00    7/4/2011    CHF     0.65
Lehman Brothers Treasury    16.00  12/26/2008    USD     0.65
Lehman Brothers Treasury    13.43    1/8/2009    ILS     0.65
Lehman Brothers Treasury     7.75    1/3/2012    AUD     0.65
Lehman Brothers Treasury     3.10    6/4/2010    USD     0.65
Lehman Brothers Treasury     5.25    7/8/2014    EUR     0.65
Lehman Brothers Treasury     2.30    6/6/2013    USD     0.65
Lehman Brothers Treasury    11.00    5/9/2020    USD     0.65
Lehman Brothers Treasury     4.30    6/4/2012    USD     0.65
Lehman Brothers Treasury     4.00    6/5/2011    USD     0.65
Lehman Brothers Treasury    10.00   6/17/2009    USD     0.65
Lehman Brothers Treasury    11.00    7/4/2011    USD     0.65
Lehman Brothers Treasury     5.50    7/8/2013    EUR     0.65
Lehman Brothers Treasury     2.50   8/15/2012    CHF     0.65
Lehman Brothers Treasury    16.80   8/21/2009    USD     0.65
Lehman Brothers Treasury     4.00   8/11/2010    USD    10.00
Lehman Brothers Treasury     7.50   5/30/2010    AUD     0.65
Lehman Brothers Treasury     6.70   4/21/2011    USD     0.65
Lehman Brothers Treasury     8.00  12/27/2032    JPY     0.65
Lehman Brothers Treasury     1.50    2/8/2012    CHF     0.65
Lehman Brothers Treasury     2.00  11/16/2009    EUR     0.65
Lehman Brothers Treasury     3.70    6/6/2009    EUR     0.65
Lehman Brothers Treasury     8.50    7/6/2009    CHF     0.65
Lehman Brothers Treasury     7.50   9/13/2009    CHF     0.65
Lehman Brothers Treasury     4.50    8/2/2009    USD     0.65
DZ Bank AG Deutsche Zentr   11.50   6/23/2017    EUR    54.61
Commerzbank AG              10.25   5/25/2017    EUR    66.58
Commerzbank AG              13.25   5/25/2017    EUR    59.61
Commerzbank AG              17.00   5/25/2017    EUR    54.17
HSBC Trinkaus & Burkhardt    7.90   9/22/2017    EUR    65.17
HSBC Trinkaus & Burkhardt    5.40   9/22/2017    EUR    70.45
BNP Paribas Emissions- un    5.00  10/26/2017    EUR    71.06
BNP Paribas Emissions- un    5.00  12/21/2017    EUR    71.21
BNP Paribas Emissions- un    6.00  12/21/2017    EUR    68.74
BNP Paribas Emissions- un    9.00  12/21/2017    EUR    65.16
HSBC Trinkaus & Burkhardt    9.20   6/23/2017    EUR    72.28
BNP Paribas Emissions- un   16.00   9/21/2017    EUR    56.83
BNP Paribas Emissions- un    6.00  10/26/2017    EUR    67.98
BNP Paribas Emissions- un    9.00  10/26/2017    EUR    64.06
BNP Paribas Emissions- un   13.00  10/26/2017    EUR    58.87
BNP Paribas Emissions- un   13.00  12/21/2017    EUR    58.97
BNP Paribas Emissions- un   16.00   6/22/2017    EUR    55.29
BNP Paribas Emissions- un   19.00   6/22/2017    EUR    53.49
BNP Paribas Emissions- un    6.00   9/21/2017    EUR    67.37
BNP Paribas Emissions- un    9.00   9/21/2017    EUR    62.88
BNP Paribas Emissions- un   13.00   9/21/2017    EUR    57.77
BNP Paribas Emissions- un   22.00   6/22/2017    EUR    70.74
BNP Paribas Emissions- un   19.00   9/21/2017    EUR    73.83
BNP Paribas Emissions- un    8.00   6/22/2017    EUR    66.63
BNP Paribas Emissions- un    5.00   9/21/2017    EUR    70.20
Bank Julius Baer & Co Ltd   11.85   8/30/2017    CHF    70.20
Lehman Brothers Treasury     6.00   3/17/2011    EUR     0.65
Lehman Brothers Treasury     4.70   3/23/2016    EUR     0.65
Lehman Brothers Treasury     4.70   3/23/2016    EUR     0.65
Lehman Brothers Treasury     7.75   2/21/2016    EUR     0.65
Lehman Brothers Treasury     6.00   7/28/2010    EUR     0.65
Lehman Brothers Treasury     6.00   12/6/2016    USD     0.65
Lehman Brothers Treasury     7.25   6/20/2010    USD     0.65
Lehman Brothers Treasury    10.00    1/4/2010    USD     0.65
Lehman Brothers Treasury     4.10   8/23/2010    USD     0.65
Lehman Brothers Treasury     5.12   4/30/2027    EUR     0.65
Lehman Brothers Treasury     5.50  11/30/2012    CZK     0.65
Lehman Brothers Treasury     2.50   11/9/2011    CHF     0.65
Lehman Brothers Treasury     8.80  12/27/2009    EUR     0.65
Lehman Brothers Treasury     4.00    1/4/2011    USD     0.65
Lehman Brothers Treasury     0.50  12/20/2017    AUD     0.65
Lehman Brothers Treasury     9.30  12/21/2010    EUR     0.65
Lehman Brothers Treasury     0.50  12/20/2017    USD     0.65
Lehman Brothers Treasury     0.50  12/20/2017    USD     0.65
HSBC Trinkaus & Burkhardt    8.40   9/22/2017    EUR    60.05
Lehman Brothers Treasury     6.00   7/28/2010    EUR     0.65
Lehman Brothers Treasury     7.50    8/1/2035    EUR     0.65
Lehman Brothers Treasury     5.00    9/1/2011    EUR     0.65
Lehman Brothers Treasury     4.68  12/12/2045    EUR     0.65
Lehman Brothers Treasury    13.00  12/14/2012    USD     0.65
Lehman Brothers Treasury     4.82  12/18/2036    EUR     0.65
Lehman Brothers Treasury     4.50  12/30/2010    USD     0.65
Lehman Brothers Treasury     7.00   7/11/2010    EUR     0.65
Lehman Brothers Treasury     4.80  11/16/2012    HKD     0.65
Lehman Brothers Treasury     5.25    4/1/2023    EUR     0.65
Lehman Brothers Treasury     5.00    8/1/2025    EUR     0.65
Lehman Brothers Treasury     6.00  10/30/2012    USD     0.65
Lehman Brothers Treasury     3.00   12/3/2012    EUR     0.65
Lehman Brothers Treasury    11.00  12/20/2017    AUD     0.65
Lehman Brothers Treasury     8.00  12/31/2010    USD     0.65
UBS AG/London                6.00   10/5/2017    CHF    51.00
Commerzbank AG              12.50   4/26/2017    EUR    48.55
Araratbank OJSC              8.00   6/10/2018    USD    26.09
ECM Real Estate Investmen    5.00   10/9/2011    EUR    10.38
Lehman Brothers Treasury     8.00  10/23/2008    USD     0.65
Lehman Brothers Treasury    12.22  11/21/2017    USD     0.65
Lehman Brothers Treasury     3.50  12/20/2027    USD     0.65
Lehman Brothers Treasury     5.38    2/4/2014    USD     0.65
Lehman Brothers Treasury    10.00   2/16/2009    CHF     0.65
Lehman Brothers Treasury    13.00   2/16/2009    CHF     0.65
City of Targu-Mures Roman    0.75   8/15/2027    RON    67.00
Promnefteservis OOO         10.50  11/21/2019    RUB     0.80
Lehman Brothers Treasury     8.00   3/21/2018    USD     0.65
Lehman Brothers Treasury     8.00  10/17/2014    EUR     0.65
Lehman Brothers Treasury    11.00   2/16/2009    CHF     0.65
Lehman Brothers Treasury     6.25  11/30/2012    EUR     0.65
Lehman Brothers Treasury     1.00   2/26/2010    USD     0.65
Lehman Brothers Treasury    11.75    3/1/2010    EUR     0.65
HSBC Trinkaus & Burkhardt    9.60   6/23/2017    EUR    53.66
HSBC Trinkaus & Burkhardt    2.50   9/22/2017    EUR    70.98
Leonteq Securities AG       10.20  10/24/2018    EUR    67.57
UniCredit Bank AG            5.00   6/22/2017    EUR    71.21
UniCredit Bank AG            4.80   6/22/2017    EUR    73.42
DZ Bank AG Deutsche Zentr    9.20   6/23/2017    EUR    72.19
Bank Julius Baer & Co Ltd    8.15   5/17/2017    CHF    71.15
Vontobel Financial Produc    3.00   5/26/2017    CHF    74.86
HSBC Trinkaus & Burkhardt   11.70   6/23/2017    EUR    61.34
HSBC Trinkaus & Burkhardt    8.70   6/23/2017    EUR    68.38
UniCredit Bank AG            4.80   6/22/2017    EUR    72.64
HSBC Trinkaus & Burkhardt    6.50   1/29/2018    EUR    66.97
Vontobel Financial Produc   11.00    6/9/2017    EUR    74.13
Credit Suisse AG/Nassau      7.25   6/14/2017    CHF    63.49
Deutsche Bank AG             5.20   7/26/2017    EUR    73.20
Deutsche Bank AG             5.20   7/26/2017    EUR    68.80
Zurcher Kantonalbank Fina    4.75  12/11/2017    CHF    70.73
Deutsche Bank AG             7.20   7/26/2017    EUR    73.80
Deutsche Bank AG             9.20   7/26/2017    EUR    74.40
Deutsche Bank AG             7.20   7/26/2017    EUR    69.40
Deutsche Bank AG             9.20   7/26/2017    EUR    69.90
UniCredit Bank AG            5.00   6/22/2017    EUR    70.45
UniCredit Bank AG            4.60   6/22/2017    EUR    74.97
UniCredit Bank AG            5.00   6/22/2017    EUR    71.92
UniCredit Bank AG            4.80   6/22/2017    EUR    74.23
HSBC Trinkaus & Burkhardt   13.40   9/22/2017    EUR    72.19
HSBC Trinkaus & Burkhardt   11.00   8/25/2017    EUR    73.95
Vontobel Financial Produc   14.00  12/22/2017    EUR    74.32
Commerzbank AG              11.50   7/26/2017    EUR    56.55
UBS AG/London                6.40   12/8/2017    EUR    63.22
UBS AG/London                9.60   12/8/2017    EUR    58.41
Landesbank Hessen-Thuerin    5.00  10/17/2017    EUR    65.65
Goldman Sachs & Co Wertpa   10.00   6/21/2017    EUR    66.98
Goldman Sachs & Co Wertpa   11.00   6/21/2017    EUR    67.15
Goldman Sachs & Co Wertpa   10.00   6/21/2017    EUR    71.32
Goldman Sachs & Co Wertpa   11.00   6/21/2017    EUR    71.50
Landesbank Baden-Wuerttem    6.00   9/22/2017    EUR    72.69
Landesbank Baden-Wuerttem    3.00   9/22/2017    EUR    74.76
Leonteq Securities AG        6.00  10/12/2017    CHF    61.87
UniCredit Bank AG            4.50   9/19/2017    EUR    59.08
Landesbank Hessen-Thuerin    4.50  11/28/2017    EUR    66.62
Lloyds Bank PLC              0.50   7/26/2028    MXN    43.74
AKB Derzhava OJSC           11.25   7/10/2023    RUB    90.00
HSBC Bank PLC                0.50    6/9/2023    MXN    61.16
Credit Suisse AG/London      8.00   11/2/2018    USD    10.03
Bank Julius Baer & Co Ltd   12.15   11/8/2017    CHF    71.90
Goldman Sachs & Co Wertpa   16.00   6/21/2017    EUR    69.13
Goldman Sachs & Co Wertpa   15.00   9/20/2017    EUR    72.86
HSBC Bank PLC                0.50  11/25/2025    BRL    42.85
HSBC Trinkaus & Burkhardt    7.00   6/23/2017    EUR    70.94
Municipality Finance PLC     0.50  12/15/2020    BRL    73.70
Zurcher Kantonalbank Fina   10.00    6/8/2017    CHF    73.06
Deutsche Bank AG             5.20   6/20/2017    EUR    73.60
Deutsche Bank AG             7.20   6/20/2017    EUR    74.00
Deutsche Bank AG             7.20   6/20/2017    EUR    68.20
HSBC Trinkaus & Burkhardt    2.80   9/22/2017    EUR    74.84
DZ Bank AG Deutsche Zentr    5.60    9/8/2017    EUR    71.15
Bayerische Landesbank        2.60  10/19/2018    EUR    63.60
Union Technologies Inform    0.10    1/1/2020    EUR     5.30
Lehman Brothers Treasury     8.05  12/20/2010    HKD     0.65
Goldman Sachs & Co Wertpa   14.00   6/21/2017    EUR    68.79
Goldman Sachs & Co Wertpa    8.00   6/21/2017    EUR    74.25
Goldman Sachs & Co Wertpa   10.00   6/21/2017    EUR    68.59
Goldman Sachs & Co Wertpa   13.00   6/21/2017    EUR    59.59
Goldman Sachs & Co Wertpa   12.00   6/21/2017    EUR    71.16
Goldman Sachs & Co Wertpa    6.00   6/21/2017    EUR
Goldman Sachs & Co Wertpa    7.00   6/21/2017    EUR    65.24
Goldman Sachs & Co Wertpa    8.00   6/21/2017    EUR
Goldman Sachs & Co Wertpa   10.00   6/21/2017    EUR    57.24
Goldman Sachs & Co Wertpa   13.00   6/21/2017    EUR    51.24
Goldman Sachs & Co Wertpa   13.00   6/21/2017    EUR    70.66
Goldman Sachs & Co Wertpa    5.00   6/21/2017    EUR    72.46
UBS AG/London                9.25   6/26/2017    CHF    68.80
UBS AG/London                7.00   6/26/2017    EUR    62.15
Landesbank Baden-Wuerttem    3.70   7/27/2018    EUR    69.96
UBS AG/London                9.40   6/30/2017    EUR    41.60
EFG International Finance    7.20   6/26/2017    GBP     6.03
Zurcher Kantonalbank Fina    8.50   7/17/2017    CHF    57.81
Zurcher Kantonalbank Fina    9.00   7/17/2017    EUR    68.86
UBS AG/London                7.50    7/3/2017    EUR    59.60
Banque Cantonale Vaudoise    7.25    7/3/2017    CHF    54.21
Goldman Sachs & Co Wertpa   11.00   6/21/2017    EUR    67.16
Goldman Sachs & Co Wertpa   10.00   6/21/2017    EUR    71.33
DekaBank Deutsche Girozen    2.50   7/14/2017    EUR    74.42
UBS AG/London                6.25   7/24/2017    CHF    73.05
Landesbank Baden-Wuerttem    2.60   8/23/2019    EUR    68.69
Zurcher Kantonalbank Fina    5.00   7/27/2017    CHF    74.32
Kaupthing ehf                6.50   10/8/2010    ISK    17.63
Lehman Brothers Treasury     5.22    3/1/2024    EUR     0.65
Oberoesterreichische Land    0.30   4/25/2042    EUR    36.88
Lehman Brothers Treasury     8.88   1/28/2011    HKD     9.63
LBI HF                       8.65    5/1/2011    ISK     5.88
Lehman Brothers Treasury     5.00   3/13/2009    EUR     0.65
Lehman Brothers Treasury     7.63   7/22/2011    HKD     0.65
Erste Group Bank AG          9.25   6/29/2017    EUR    51.85
HSBC Trinkaus & Burkhardt    9.60   6/23/2017    EUR    56.03
Commerzbank AG              12.00   5/24/2017    EUR    48.16
HSBC Trinkaus & Burkhardt    4.30   6/23/2017    EUR    69.35
Landesbank Hessen-Thuerin    4.00    4/8/2019    EUR    60.83
UniCredit Bank AG            4.60    7/2/2018    EUR    60.04
Leonteq Securities AG        7.00   9/20/2017    CHF    71.40
Commerzbank AG               5.80   10/8/2017    EUR    69.39
Notenstein La Roche Priva    4.50   3/27/2018    EUR    56.09
Leonteq Securities AG        3.50   4/10/2018    EUR    55.14
DekaBank Deutsche Girozen    2.70   3/16/2018    EUR    70.57
Lehman Brothers Treasury     4.10   5/20/2009    USD     0.65
Lehman Brothers Treasury     2.00   5/17/2010    EUR     0.65
Lehman Brothers Treasury     3.82  10/20/2009    USD     0.65
Lehman Brothers Treasury     2.75  10/28/2009    EUR     0.65
Lehman Brothers Treasury     3.63    3/2/2012    EUR     0.65
UBS AG/London               17.90   6/30/2017    EUR    72.29
UBS AG/London               14.30   9/29/2017    EUR    74.99
HSBC Trinkaus & Burkhardt    4.80   9/22/2017    EUR    66.88
HSBC Trinkaus & Burkhardt    3.00   9/22/2017    EUR    73.02
HSBC Trinkaus & Burkhardt    8.20   9/22/2017    EUR    72.95
Raiffeisen Switzerland BV    3.50   8/25/2017    CHF    72.57
Vontobel Financial Produc   11.75    6/9/2017    EUR    65.75
Commerzbank AG              15.50   9/20/2017    EUR    72.77
Commerzbank AG              13.50  12/20/2017    EUR    74.67
Commerzbank AG               8.00   7/14/2021    USD
Landesbank Baden-Wuerttem    2.90   7/27/2018    EUR    69.25
Zurcher Kantonalbank Fina   11.25   4/26/2017    CHF    51.22
National Developing Co PA   16.00   4/15/2021    RUB   100.05
Goldman Sachs & Co Wertpa    7.00   6/21/2017    EUR    74.08
Vontobel Financial Produc    4.65   7/24/2017    EUR    65.30
BNP Paribas Emissions- un    3.50   7/27/2017    EUR    74.85
UBS AG/London                7.00   7/17/2017    CHF    54.10
Notenstein La Roche Priva    4.00   7/24/2019    CHF    73.99
Notenstein La Roche Priva    6.70   7/24/2017    EUR    67.44
Raiffeisen-Landesbank Tir    2.50    9/2/2024    EUR    71.69
Credit Suisse AG/London     10.50   7/25/2017    USD    62.10
Leonteq Securities AG       20.00  10/25/2017    CHF    74.49
Credit Suisse AG/London     10.50   7/25/2017    USD    74.20
Landesbank Baden-Wuerttem    3.40   9/28/2018    EUR    72.62
Notenstein La Roche Priva    7.00   8/11/2017    CHF    71.99
DZ Bank AG Deutsche Zentr    3.45   8/25/2017    EUR    70.75
DekaBank Deutsche Girozen    2.80   7/22/2019    EUR    71.34
Goldman Sachs & Co Wertpa   15.00   6/21/2017    EUR    69.46
Goldman Sachs & Co Wertpa   14.00   9/20/2017    EUR    72.75
Goldman Sachs & Co Wertpa   10.00   6/21/2017    EUR    65.76
Goldman Sachs & Co Wertpa   14.00   6/21/2017    EUR
Goldman Sachs & Co Wertpa   10.00   9/20/2017    EUR
Goldman Sachs & Co Wertpa   12.00   9/20/2017    EUR    62.59
Goldman Sachs & Co Wertpa   12.00   9/20/2017    EUR    60.67
Goldman Sachs & Co Wertpa   14.00   9/20/2017    EUR    74.13
Deutsche Bank AG             4.20  11/22/2017    EUR    74.50
Deutsche Bank AG             3.20  11/22/2017    EUR    71.10
Deutsche Bank AG             3.20  11/22/2017    EUR    73.30
Deutsche Bank AG             3.20  11/22/2017    EUR    69.00
DekaBank Deutsche Girozen    3.10    8/4/2017    EUR    53.31
Bayerische Landesbank        2.50   8/31/2018    EUR    74.33
Goldman Sachs & Co Wertpa    9.00   6/21/2017    EUR
Goldman Sachs & Co Wertpa   12.00   6/21/2017    EUR    48.35
Landesbank Baden-Wuerttem    4.50   8/25/2017    EUR    72.22
Landesbank Baden-Wuerttem    5.00   8/25/2017    EUR    71.93
Landesbank Baden-Wuerttem    3.00   8/25/2017    EUR    73.68
Barclays Bank PLC            0.50   3/19/2021    MXN    71.11
Leonteq Securities AG        5.00    9/4/2018    CHF    57.59
Leonteq Securities AG        5.60    9/4/2017    CHF    69.31
Leonteq Securities AG        6.77   8/17/2017    CHF    55.71
Leonteq Securities AG        5.40   8/28/2017    CHF    56.49
Zurcher Kantonalbank Fina    5.80   8/21/2017    CHF    73.70
Banque Cantonale Vaudoise    5.36   8/25/2017    CHF    74.27
Leonteq Securities AG        5.60   9/11/2017    CHF    57.04
LZMO SA                      8.50   6/30/2017    PLN    30.00
UBS AG/London                9.50    9/4/2017    CHF    20.35
DekaBank Deutsche Girozen    2.75   6/28/2019    EUR    74.52
Goldman Sachs & Co Wertpa    9.00   9/20/2017    EUR    67.70
HSBC Trinkaus & Burkhardt    9.50   6/23/2017    EUR    58.37
HSBC Trinkaus & Burkhardt    3.00   6/23/2017    EUR    74.94
Commerzbank AG               4.00   7/19/2017    EUR    54.55
Bank Julius Baer & Co Ltd    7.85   7/28/2017    USD    46.85
UBS AG/London               14.50   7/20/2017    USD    64.30
Bank Julius Baer & Co Ltd   23.00    8/4/2017    USD    47.35
Commerzbank AG               7.00   7/27/2017    EUR    65.27
Commerzbank AG              10.25   7/27/2017    EUR    59.18
Commerzbank AG              14.25   7/27/2017    EUR    54.68
Credit Suisse AG/Nassau      7.00    8/7/2017    CHF    74.79
Landesbank Baden-Wuerttem    3.00   8/25/2017    EUR    66.43
Landesbank Baden-Wuerttem    4.00   8/25/2017    EUR    62.31
Landesbank Baden-Wuerttem    5.00   8/25/2017    EUR    59.14
Landesbank Baden-Wuerttem    4.00   8/25/2017    EUR    71.65
Vontobel Financial Produc    8.35   5/26/2017    USD    65.90
BNP Paribas Emissions- un   15.00  12/21/2017    EUR    64.33
BNP Paribas Emissions- un   16.00  12/21/2017    EUR    61.41
BNP Paribas Emissions- un   18.00  12/21/2017    EUR    59.80
BNP Paribas Emissions- un   19.00  12/21/2017    EUR    58.58
BNP Paribas Emissions- un    9.00   6/22/2017    EUR    70.30
BNP Paribas Emissions- un   16.00   6/22/2017    EUR    57.47
BNP Paribas Emissions- un   12.00  12/21/2017    EUR    67.18
BNP Paribas Emissions- un    9.00   9/21/2017    EUR    72.23
BNP Paribas Emissions- un   10.00   9/21/2017    EUR    69.35
BNP Paribas Emissions- un   12.00   9/21/2017    EUR    64.40
BNP Paribas Emissions- un   16.00   9/21/2017    EUR    58.83
BNP Paribas Emissions- un    9.00  12/21/2017    EUR    73.90
BNP Paribas Emissions- un   10.00  12/21/2017    EUR    71.43
Bank Julius Baer & Co Ltd   14.40   11/2/2017    CHF    71.50
UBS AG/London                7.00   9/22/2017    EUR    68.13
HSBC Bank PLC                0.50   4/11/2023    MXN    62.03
UBS AG/London               11.60  12/29/2017    EUR    60.41
UBS AG/London               13.00   9/27/2017    EUR    58.14
UBS AG/London                5.30  12/29/2017    EUR    68.39
HSBC Trinkaus & Burkhardt    5.50   6/23/2017    EUR    66.14
Landesbank Baden-Wuerttem    3.25   1/26/2018    EUR    64.70
Landesbank Hessen-Thuerin    4.00   1/16/2018    EUR    60.56
EFG International Finance    6.48   5/29/2018    EUR     7.57
Leonteq Securities AG/Gue    5.00  12/27/2019    EUR    69.93
Landesbank Baden-Wuerttem    3.00   2/23/2018    EUR    64.70
Landesbank Baden-Wuerttem    3.55   6/23/2017    EUR    74.48
UniCredit Bank AG            5.00   6/25/2019    EUR    61.66
Landesbank Hessen-Thuerin    5.00   3/27/2019    EUR    65.73
Leonteq Securities AG        5.00    5/7/2019    CHF    72.65
Landesbank Baden-Wuerttem    3.25   8/25/2017    EUR    66.27
Bayerische Landesbank        2.70   7/27/2018    EUR    70.58
Landesbank Baden-Wuerttem    3.00   6/28/2019    EUR    70.61
Commerzbank AG               7.24   4/27/2017    EUR    54.13
Commerzbank AG               4.40   4/29/2019    EUR    73.84
DekaBank Deutsche Girozen    2.60   4/21/2017    EUR    56.27
Landesbank Hessen-Thuerin    4.00    6/5/2019    EUR    72.15
DekaBank Deutsche Girozen    2.75  10/29/2018    EUR    58.84
Credit Suisse AG/London      8.00   5/21/2025    USD
Landesbank Baden-Wuerttem    4.00   6/22/2018    EUR    67.53
Landesbank Baden-Wuerttem    3.60   6/22/2018    EUR    63.12
UBS AG                       7.40   5/17/2021    CHF    67.69
Notenstein La Roche Priva    4.20   5/22/2019    CHF    74.14
Notenstein La Roche Priva    4.50   5/22/2018    CHF    73.33
Landesbank Baden-Wuerttem    3.00   7/26/2019    EUR    72.83
DekaBank Deutsche Girozen    2.80   5/13/2019    EUR    62.84
Bayerische Landesbank        2.70   6/22/2018    EUR    70.98
Royal Bank of Scotland PL    6.20    9/7/2018    GBP     1.07
Royal Bank of Scotland PL    1.33  10/26/2018    GBP     1.06
Landesbank Hessen-Thuerin    4.00   4/30/2019    EUR    72.10
Notenstein La Roche Priva    4.80   4/20/2017    CHF    72.55
Leonteq Securities AG        7.20   4/24/2017    EUR    57.33
Landesbank Baden-Wuerttem    3.00  10/27/2017    EUR    69.59
Landesbank Baden-Wuerttem    5.00  10/27/2017    EUR    65.96
Landesbank Baden-Wuerttem    3.00   7/28/2017    EUR    74.84
Landesbank Baden-Wuerttem    3.25   7/28/2017    EUR    68.04
Landesbank Baden-Wuerttem    3.00   6/23/2017    EUR    70.95
Landesbank Baden-Wuerttem    3.70   8/25/2017    EUR    74.15
Landesbank Baden-Wuerttem    3.55   8/25/2017    EUR    56.15
Landesbank Baden-Wuerttem    3.75   9/22/2017    EUR    54.77
Landesbank Baden-Wuerttem    3.90   9/22/2017    EUR    53.35
Landesbank Baden-Wuerttem    3.20   9/22/2017    EUR    63.14
Landesbank Baden-Wuerttem    3.50  11/24/2017    EUR    74.20
Landesbank Baden-Wuerttem    3.40  11/24/2017    EUR    57.38
Landesbank Baden-Wuerttem    4.50   3/23/2018    EUR    73.16
Landesbank Baden-Wuerttem    2.50   6/28/2019    EUR    66.98
Landesbank Baden-Wuerttem    3.50   6/22/2018    EUR    62.47
Landesbank Baden-Wuerttem    4.00   8/25/2017    EUR    54.22
Landesbank Baden-Wuerttem    3.00    1/4/2019    EUR    69.09
Notenstein La Roche Priva    4.20   4/10/2018    EUR    57.13
Raiffeisen Switzerland BV    9.00    4/1/2019    EUR    23.80
Bayerische Landesbank        2.70    7/6/2018    EUR    65.83
Zurcher Kantonalbank Fina    6.50   4/10/2018    CHF    59.05
Credit Suisse AG/Nassau      4.25   4/24/2017    CHF    74.03
UBS AG/London                6.25   4/18/2017    CHF    53.25
Landesbank Baden-Wuerttem    3.40   6/22/2018    EUR    70.74
Landesbank Baden-Wuerttem    4.20   6/23/2017    EUR    57.57
Landesbank Baden-Wuerttem    5.00  10/27/2017    EUR    61.43
Landesbank Baden-Wuerttem    4.00  10/27/2017    EUR    65.50
Landesbank Baden-Wuerttem    3.60   9/22/2017    EUR    70.80
Landesbank Baden-Wuerttem    4.60   6/23/2017    EUR    72.82
Landesbank Baden-Wuerttem    3.90   7/28/2017    EUR    64.04
Landesbank Baden-Wuerttem    3.70   9/22/2017    EUR    67.75
Landesbank Baden-Wuerttem    3.00   6/22/2018    EUR    72.91
Landesbank Baden-Wuerttem    3.40   6/23/2017    EUR    69.23
Landesbank Baden-Wuerttem    3.85  10/27/2017    EUR    60.48
Landesbank Baden-Wuerttem    3.00  11/24/2017    EUR    70.85
Landesbank Baden-Wuerttem    3.00   6/28/2019    EUR    66.48
Landesbank Baden-Wuerttem    3.00   6/28/2019    EUR    69.77
Landesbank Baden-Wuerttem    3.00   9/28/2018    EUR    62.07
Landesbank Baden-Wuerttem    3.75  10/27/2017    EUR    62.09
UBS AG/London                7.00   5/22/2017    CHF    58.45
UBS AG/London                8.00   5/26/2017    EUR    56.55
Leonteq Securities AG        9.92   5/29/2017    EUR    58.16
BNP Paribas Emissions- un    3.25  11/24/2017    EUR    69.94
Landesbank Baden-Wuerttem    3.50   7/27/2018    EUR    67.81
Landesbank Baden-Wuerttem    3.40   7/27/2018    EUR    66.28
UBS AG/London                5.75    6/6/2017    CHF    74.70
Landesbank Baden-Wuerttem    5.50   6/23/2017    EUR    70.17
Landesbank Baden-Wuerttem    2.50   6/23/2017    EUR    74.77
Landesbank Baden-Wuerttem    4.00   6/23/2017    EUR    67.15
Landesbank Baden-Wuerttem    5.50   6/23/2017    EUR    61.87
Landesbank Baden-Wuerttem    3.50   6/23/2017    EUR    71.80
Landesbank Baden-Wuerttem    4.50   6/23/2017    EUR    68.08
Landesbank Baden-Wuerttem    5.50   6/23/2017    EUR    74.83
Landesbank Baden-Wuerttem    3.00   6/23/2017    EUR    68.55
Landesbank Baden-Wuerttem    4.00   6/23/2017    EUR    64.52
Landesbank Baden-Wuerttem    5.00   6/23/2017    EUR    61.13
Landesbank Baden-Wuerttem    6.00   6/23/2017    EUR    58.44
Bayerische Landesbank        2.70   7/13/2018    EUR    69.49
UniCredit Bank AG            3.80   7/23/2020    EUR    67.26
Leonteq Securities AG        3.00    7/8/2019    CHF    74.29
UniCredit Bank AG            4.40   7/13/2018    EUR    66.78
Notenstein La Roche Priva    6.50   6/26/2017    EUR    64.34
Norddeutsche Landesbank G    3.00   7/16/2018    EUR    69.27
Landesbank Baden-Wuerttem    3.00   7/26/2019    EUR    73.84
Leonteq Securities AG        8.00   4/24/2017    USD    69.57
DekaBank Deutsche Girozen    3.25   4/20/2018    EUR    59.12
Leonteq Securities AG        6.00    5/4/2017    CHF    74.90
Bank Julius Baer & Co Ltd    6.00    5/2/2017    CHF    72.70
Notenstein La Roche Priva    4.00    5/8/2018    CHF    61.80
UniCredit Bank AG            5.00   7/30/2018    EUR    70.82
UniCredit Bank AG            4.00   6/26/2018    EUR    63.51
UniCredit Bank AG            4.60   6/30/2017    EUR    52.10
Leonteq Securities AG        3.00   9/19/2019    CHF    51.55
DekaBank Deutsche Girozen    7.15  10/27/2017    EUR    61.46
Notenstein La Roche Priva    3.00   9/22/2020    CHF    64.88
UniCredit Bank AG            3.50   1/29/2020    EUR    74.85
EFG International Finance    7.00  11/27/2019    EUR    18.85
Goldman Sachs Internation    1.00   12/5/2017    SEK    18.10
Commerzbank AG              20.00   5/28/2018    SEK    61.25
Landesbank Baden-Wuerttem    3.25  12/22/2017    EUR    69.49
Landesbank Baden-Wuerttem    3.85   8/25/2017    EUR    65.39
Landesbank Baden-Wuerttem    3.15   6/22/2018    EUR    66.25
UniCredit Bank AG            4.40   9/19/2018    EUR    70.85
UBS AG                       9.50  12/22/2017    EUR    57.42
UBS AG                       7.00  12/22/2017    EUR    71.52
UBS AG                       5.25  12/22/2017    EUR    62.00
UBS AG                       8.25  12/22/2017    EUR    63.23
UBS AG                      11.75  12/22/2017    EUR    48.63
UBS AG                       7.75  12/22/2017    EUR    64.24
UBS AG                       7.00  12/22/2017    EUR    66.37
UBS AG                      10.25  12/22/2017    EUR    54.30
UBS AG                      10.25  12/22/2017    EUR    43.82
UBS AG                       5.00  12/22/2017    EUR    65.90
UBS AG                       8.50  12/22/2017    EUR    47.77
UBS AG                      11.75  12/22/2017    EUR    40.25
UBS AG                       8.00  12/22/2017    EUR    63.05
UBS AG                       8.75  12/22/2017    EUR    60.03
UBS AG                       4.00  12/22/2017    EUR    72.20
UBS AG                      10.25  12/22/2017    EUR    55.16
UBS AG                      11.75  12/22/2017    EUR    51.46
UBS AG                       7.50  12/22/2017    EUR    51.45
UBS AG                      13.00  12/22/2017    EUR    72.40
UBS AG                       6.75  12/22/2017    EUR    54.84
UBS AG                       9.50  12/22/2017    EUR    57.04
UBS AG                       5.75  12/22/2017    EUR    58.78
UBS AG                       7.75  12/22/2017    EUR    58.26
UBS AG                       8.25  12/22/2017    EUR    49.68
UBS AG                      10.50  12/22/2017    EUR    52.20
UBS AG                       4.75  12/22/2017    EUR    74.82
UBS AG                       6.25  12/22/2017    EUR    54.36
UBS AG                      11.25  12/22/2017    EUR    74.26
UBS AG                       8.25  12/22/2017    EUR    50.98
UBS AG                       4.50  12/22/2017    EUR    66.45
UBS AG                      10.50  12/22/2017    EUR    50.49
UBS AG                       9.50  12/22/2017    EUR    52.62
UBS AG                       6.50  12/22/2017    EUR    70.91
UBS AG                       6.50  12/22/2017    EUR    54.53
UniCredit Bank AG            4.30  10/17/2018    EUR    69.95
Landesbank Baden-Wuerttem    3.30   6/22/2018    EUR    67.79
UniCredit Bank AG            4.30  12/22/2017    EUR    67.82
DekaBank Deutsche Girozen    3.30   2/26/2018    EUR    54.38
UniCredit Bank AG            4.30  10/29/2018    EUR    72.94
Landesbank Baden-Wuerttem    3.00   5/25/2018    EUR    71.18
UBS AG                       4.50  12/22/2017    EUR    57.75
UBS AG                       5.00  12/22/2017    EUR    65.70
UBS AG                       4.75  12/22/2017    EUR    74.29
Credit Suisse AG/Nassau      5.25   5/14/2018    CHF    71.74
UniCredit Bank AG            4.10   9/28/2018    EUR    69.27
Landesbank Baden-Wuerttem    3.05   6/22/2018    EUR    72.61
DekaBank Deutsche Girozen    3.10    5/5/2017    EUR    70.39
DekaBank Deutsche Girozen    3.00   4/16/2018    EUR    74.49
UBS AG/London                5.00   8/14/2017    CHF    52.30
Vontobel Financial Produc   16.00  12/22/2017    EUR    70.17
DZ Bank AG Deutsche Zentr    9.00   6/23/2017    EUR    59.15
DZ Bank AG Deutsche Zentr    8.70  12/22/2017    EUR    63.19
DZ Bank AG Deutsche Zentr   10.10  12/22/2017    EUR    60.33
BNP Paribas Emissions- un   21.00   6/22/2017    EUR    72.24
BNP Paribas Emissions- un   25.00   6/22/2017    EUR    69.53
BNP Paribas Emissions- un   19.00   9/21/2017    EUR    72.74
Raiffeisen Centrobank AG     9.85  12/20/2017    EUR    72.99
Raiffeisen Centrobank AG    13.01  12/20/2017    EUR    69.82
Raiffeisen Centrobank AG     7.54  12/28/2018    EUR    69.40
Raiffeisen Centrobank AG     6.23  12/28/2018    EUR    74.53
UBS AG                       9.00    7/3/2017    CHF    71.48
UniCredit Bank AG            4.00  10/14/2019    EUR    65.49
Notenstein Finance Guerns    1.00   9/17/2019    CHF    57.97
UBS AG/London                7.00  12/22/2017    EUR    64.54
UBS AG/London                4.00  12/22/2017    EUR    71.34
UBS AG/London                9.50  12/22/2017    EUR    66.17
UBS AG/London                9.00  12/22/2017    EUR    58.58
UBS AG/London                5.75  12/22/2017    EUR    70.38
UBS AG/London                5.00  12/22/2017    EUR    67.15
UBS AG/London                6.25  12/22/2017    EUR    68.42
UBS AG/London                7.75  12/22/2017    EUR    52.07
UBS AG/London               14.50  12/22/2017    EUR    73.22
UniCredit Bank AG            4.25   9/12/2017    EUR    65.07
Notenstein La Roche Priva    5.00   8/29/2018    CHF    73.28
Leonteq Securities AG/Gue    4.40   8/28/2017    CHF    66.08
Notenstein La Roche Priva    5.04   8/28/2017    CHF    73.02
Leonteq Securities AG/Gue    4.68   8/29/2017    CHF    74.73
Leonteq Securities AG/Gue    5.99   9/11/2017    EUR    64.72
DekaBank Deutsche Girozen    3.15   5/18/2018    EUR    64.42
Commerzbank AG              19.00   5/24/2017    EUR    69.72
Commerzbank AG              15.50   8/23/2017    EUR    72.86
Lehman Brothers Treasury     0.01   9/20/2011    USD     0.65
Lehman Brothers Treasury    12.00   7/13/2037    JPY     0.65
Lehman Brothers Treasury    10.00   6/11/2038    JPY     0.65
HSBC Trinkaus & Burkhardt   15.20   6/23/2017    EUR    66.99
HSBC Trinkaus & Burkhardt   17.10   6/23/2017    EUR    53.20
HSBC Trinkaus & Burkhardt   12.70   9/22/2017    EUR    59.55
HSBC Trinkaus & Burkhardt   10.30   9/22/2017    EUR    63.42
HSBC Trinkaus & Burkhardt    7.50   9/22/2017    EUR    69.66
UBS AG/London                5.54  12/26/2017    USD    44.26
UBS AG/London               10.00   6/23/2017    EUR    59.77
DZ Bank AG Deutsche Zentr    9.25   7/28/2017    EUR    57.44
UBS AG/London               13.50   6/23/2017    EUR    54.70
UBS AG/London                9.50   9/22/2017    EUR    62.14
UBS AG/London               12.50   9/22/2017    EUR    57.75
Commerzbank AG              15.50   6/22/2017    EUR    55.09
Commerzbank AG              16.00   6/22/2017    EUR    69.90
Commerzbank AG               8.25   6/22/2017    EUR    66.83
Commerzbank AG              11.50   6/22/2017    EUR    60.16
HSBC Trinkaus & Burkhardt   19.00   6/23/2017    EUR    73.81
Vontobel Financial Produc    4.80   5/14/2018    EUR    71.74
Vontobel Financial Produc   16.00  12/22/2017    EUR    74.20
Landesbank Hessen-Thuerin    4.00   5/16/2018    EUR    69.80
Societe Generale SA          0.50    4/4/2024    MXN    56.90
Societe Generale SA          0.50   5/22/2024    MXN    56.22
SG Issuer SA                 0.82    8/2/2021    SEK    72.21
DekaBank Deutsche Girozen    3.00  12/17/2018    EUR    64.50
DZ Bank AG Deutsche Zentr    5.00    2/6/2018    EUR    68.05
UniCredit Bank AG            3.75    9/7/2020    EUR    70.20
DekaBank Deutsche Girozen    2.75    2/2/2018    EUR    70.81
Notenstein La Roche Priva    5.00   2/27/2019    CHF    74.85
Notenstein La Roche Priva    5.70   2/27/2019    CHF    74.65
UniCredit Bank AG            3.75   10/2/2020    EUR    66.32
Vontobel Financial Produc   18.40   9/11/2017    EUR    66.92
Commerzbank AG               7.20   4/18/2017    EUR    62.72
Credit Suisse AG/London      8.50   9/18/2017    USD    73.41
Bank Julius Baer & Co Ltd   12.80   9/20/2017    CHF    66.60
Notenstein La Roche Priva   15.00  12/27/2017    CHF    69.57
Commerzbank AG              12.30   4/18/2017    EUR    55.94
HSBC Trinkaus & Burkhardt   18.60   6/23/2017    EUR    69.83
HSBC Trinkaus & Burkhardt   13.40  12/22/2017    EUR    74.96
UBS AG/London                9.90   9/22/2017    EUR    72.76
Redvans                     12.50  12/17/2021    RUB    60.00
HSBC Trinkaus & Burkhardt   18.40   6/23/2017    EUR    65.34
HSBC Trinkaus & Burkhardt   13.80  12/22/2017    EUR    70.78
HSBC Trinkaus & Burkhardt   11.90  12/22/2017    EUR    72.41
HSBC Trinkaus & Burkhardt   10.70   8/25/2017    EUR    72.05
HSBC Trinkaus & Burkhardt   10.20  11/24/2017    EUR    73.84
Vontobel Financial Produc   13.50   9/22/2017    EUR    74.16
Vontobel Financial Produc   16.05   9/22/2017    EUR    71.94
Vontobel Financial Produc   12.00  12/22/2017    EUR    73.10
Vontobel Financial Produc   20.00  12/22/2017    EUR    65.91
Zurcher Kantonalbank Fina   11.00   6/29/2017    CHF    73.96
Goldman Sachs & Co Wertpa   11.00  12/20/2017    EUR    64.92
Goldman Sachs & Co Wertpa   11.00  12/20/2017    EUR    66.92
Leonteq Securities AG        8.80   6/21/2017    CHF    69.01
Lehman Brothers Treasury     1.60   6/21/2010    JPY     0.65
Lehman Brothers Treasury     2.40   6/20/2011    JPY     0.65
Goldman Sachs & Co Wertpa   12.00  12/20/2017    EUR    74.63
Goldman Sachs & Co Wertpa   12.00  12/20/2017    EUR    74.73
Goldman Sachs & Co Wertpa   10.00  12/20/2017    EUR    68.38
Leonteq Securities AG/Gue   16.20  11/30/2017    USD    53.36
Lehman Brothers Treasury     4.20   12/3/2008    HKD     9.63
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    57.43
BNP Paribas Emissions- un   26.00  12/21/2017    EUR    66.59
BNP Paribas Emissions- un   24.00   6/22/2017    EUR    70.87
BNP Paribas Emissions- un   26.00  12/21/2017    EUR    67.49
BNP Paribas Emissions- un   29.00   6/22/2017    EUR    64.68
BNP Paribas Emissions- un   23.00  12/21/2017    EUR    71.89
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    60.95
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    69.45
BNP Paribas Emissions- un   19.00   6/22/2017    EUR    72.60
BNP Paribas Emissions- un   28.00   6/22/2017    EUR    60.29
BNP Paribas Emissions- un   26.00  12/21/2017    EUR    66.20
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    69.86
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    65.98
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    71.25
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    66.99
BNP Paribas Emissions- un   24.00  12/21/2017    EUR    71.47
BNP Paribas Emissions- un   26.00  12/21/2017    EUR    68.57
BNP Paribas Emissions- un   29.00  12/21/2017    EUR    64.38
BNP Paribas Emissions- un   26.00   6/22/2017    EUR    71.70
BNP Paribas Emissions- un   26.00  12/21/2017    EUR    70.25
BNP Paribas Emissions- un   23.00  12/21/2017    EUR    59.40
BNP Paribas Emissions- un   29.00   6/22/2017    EUR    69.82
BNP Paribas Emissions- un   29.00  12/21/2017    EUR    65.68
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    66.46
BNP Paribas Emissions- un   24.00  12/21/2017    EUR    73.26
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    68.59
BNP Paribas Emissions- un   22.00  12/21/2017    EUR    62.40
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    57.12
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    66.51
BNP Paribas Emissions- un   16.00   6/22/2017    EUR    73.19
BNP Paribas Emissions- un   28.00   6/22/2017    EUR    57.65
BNP Paribas Emissions- un   15.00  12/21/2017    EUR    74.97
BNP Paribas Emissions- un   22.00  12/21/2017    EUR    66.21
BNP Paribas Emissions- un   25.00   6/22/2017    EUR    71.33
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    74.03
BNP Paribas Emissions- un   28.00   6/22/2017    EUR    73.02
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    69.92
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    70.29
BNP Paribas Emissions- un   29.00  12/21/2017    EUR    64.74
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    71.97
BNP Paribas Emissions- un   24.00   6/22/2017    EUR    72.30
BNP Paribas Emissions- un   22.00  12/21/2017    EUR    74.47
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    66.42
BNP Paribas Emissions- un   27.00   6/22/2017    EUR    72.09
BNP Paribas Emissions- un   26.00  12/21/2017    EUR    71.25
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    71.15
BNP Paribas Emissions- un    6.00   6/22/2017    EUR    55.55
BNP Paribas Emissions- un    9.00   6/22/2017    EUR    48.29
BNP Paribas Emissions- un   18.00   6/22/2017    EUR    37.55
BNP Paribas Emissions- un   21.00   6/22/2017    EUR    34.79
BNP Paribas Emissions- un    6.00  12/21/2017    EUR    58.37
BNP Paribas Emissions- un   10.00  12/21/2017    EUR    50.31
BNP Paribas Emissions- un   13.00  12/21/2017    EUR    46.12
BNP Paribas Emissions- un   15.00  12/21/2017    EUR    67.24
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    66.57
BNP Paribas Emissions- un   28.00   6/22/2017    EUR    68.42
BNP Paribas Emissions- un   24.00   6/22/2017    EUR    66.20
BNP Paribas Emissions- un   27.00   6/22/2017    EUR    62.12
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    63.48
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    62.99
BNP Paribas Emissions- un   19.00   6/22/2017    EUR    73.79
BNP Paribas Emissions- un   21.00   6/22/2017    EUR    71.08
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    74.91
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    74.20
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    71.37
BNP Paribas Emissions- un    9.00   6/22/2017    EUR    74.77
BNP Paribas Emissions- un   13.00   6/22/2017    EUR    60.66
BNP Paribas Emissions- un   25.00   6/22/2017    EUR    40.47
BNP Paribas Emissions- un   15.00  12/21/2017    EUR    57.56
BNP Paribas Emissions- un   19.00  12/21/2017    EUR    50.97
BNP Paribas Emissions- un   22.00  12/21/2017    EUR    47.57
BNP Paribas Emissions- un   25.00  12/21/2017    EUR    45.52
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    44.07
BNP Paribas Emissions- un   25.00   6/22/2017    EUR    73.19
BNP Paribas Emissions- un   27.00   6/22/2017    EUR    69.92
BNP Paribas Emissions- un   25.00   6/22/2017    EUR    55.77
BNP Paribas Emissions- un   13.00  12/21/2017    EUR    73.21
BNP Paribas Emissions- un   19.00  12/21/2017    EUR    64.27
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    55.62
BNP Paribas Emissions- un   16.00   6/22/2017    EUR    67.08
BNP Paribas Emissions- un   13.00   6/22/2017    EUR    53.76
BNP Paribas Emissions- un   19.00   6/22/2017    EUR    46.22
BNP Paribas Emissions- un   28.00  12/21/2017    EUR    44.59
BNP Paribas Emissions- un   12.00  12/21/2017    EUR    74.69
BNP Paribas Emissions- un   25.00   6/22/2017    EUR    55.24
BNP Paribas Emissions- un   27.00   6/22/2017    EUR    52.59
BNP Paribas Emissions- un   19.00  12/21/2017    EUR    63.78
BNP Paribas Emissions- un   22.00  12/21/2017    EUR    60.13
BNP Paribas Emissions- un   27.00  12/21/2017    EUR    55.26
Raiffeisen Centrobank AG     7.20   9/20/2017    EUR    74.20
Lehman Brothers Treasury     6.00   6/21/2011    EUR     0.65
Lehman Brothers Treasury     2.00   6/21/2011    EUR     0.65
Lehman Brothers Treasury     8.28   7/31/2013    GBP     0.65
Lehman Brothers Treasury     7.32   7/31/2013    GBP     0.65
Barclays Bank PLC            1.99   12/1/2040    USD    72.72
Lehman Brothers Treasury     8.28   3/26/2009    USD     0.65
Lehman Brothers Treasury     6.85  12/22/2008    EUR     0.65
Lehman Brothers Treasury     7.60   3/26/2009    EUR     0.65
Lehman Brothers Treasury     7.55  12/29/2008    USD     0.65
UBS AG/London               11.70   4/18/2017    EUR    39.22
EFG International Finance    6.89  12/28/2017    CHF    71.01
Goldman Sachs & Co Wertpa   15.00   6/21/2017    EUR
SG Issuer SA                 0.80  11/30/2020    SEK    66.27
Notenstein La Roche Priva    6.50   7/11/2017    CHF    68.41
Notenstein La Roche Priva    6.00   7/11/2017    CHF    68.24
EFG International Finance    7.35  12/28/2017    CHF    71.98
Notenstein La Roche Priva    9.68   6/15/2017    CHF    68.75
HSBC Trinkaus & Burkhardt    8.20   6/23/2017    EUR    68.15
DekaBank Deutsche Girozen    2.75   6/24/2019    EUR    68.16
HSBC Trinkaus & Burkhardt    4.00   6/16/2017    EUR    62.10
Vontobel Financial Produc    4.00   11/9/2017    EUR    64.35
Credit Suisse AG/Nassau      5.50    8/3/2017    EUR    70.31
DekaBank Deutsche Girozen    2.60   6/23/2017    EUR    62.38
Leonteq Securities AG        5.20   8/14/2018    CHF    70.85
Goldman Sachs & Co Wertpa    9.00   6/21/2017    EUR    69.72
Goldman Sachs & Co Wertpa   13.00   6/21/2017    EUR    60.69
Notenstein La Roche Priva    7.00   8/14/2017    CHF    64.65
UBS AG/London                8.25    8/7/2017    EUR    68.85
Notenstein La Roche Priva    8.02   8/11/2017    EUR    72.30
Zurcher Kantonalbank Fina   14.75   5/11/2017    CHF    74.34
Commerzbank AG              10.25   4/27/2017    EUR    69.39
Commerzbank AG              13.50   4/27/2017    EUR    61.78
Commerzbank AG              17.25   4/27/2017    EUR    55.74
Commerzbank AG               7.25  10/26/2017    EUR    72.52
Commerzbank AG              10.50  10/26/2017    EUR    67.21
Commerzbank AG              14.25  10/26/2017    EUR    63.11
Societe Generale SA          0.50    4/3/2023    RUB    61.73
National Capital JSC         9.50   7/25/2018    RUB   100.00
RGS Nedvizhimost OOO        12.25  10/19/2017    RUB    60.00
National Capital JSC         9.25   4/22/2019    RUB   100.00
IDGC of the North Caucasu   13.00   4/22/2021    RUB    60.00
Societe Generale SA          0.50   6/12/2023    RUB    60.53
Upravlenie Otkhodami ZAO     4.00   4/29/2027    RUB    69.88
KPNQwest NV                  7.13    6/1/2009    EUR     1.00
IS-Broker OOO               13.00   6/21/2017    RUB   100.00
Soyuz AKB OAO               13.00  11/22/2019    RUB    99.00
EDOB Abwicklungs AG          7.50    4/1/2012    EUR     0.59
National Capital JSC         9.25   4/22/2019    RUB    99.98
Societe Generale SA          0.50   4/30/2023    RUB    61.15
National Capital JSC        10.50   9/15/2020    RUB   100.00
TransFin-M PAO              13.00  12/31/2024    RUB   100.00
Bashneft PJSC               12.00   5/19/2025    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 * * *