TCREUR_Public/170501.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, May 1, 2017, Vol. 18, No. 85



AGROKOR DD: Will Still Raise Cash Despite Accounting Issue


LA FINANCIERE: Moody's Rates Proposed New EUR600MM Sr. Notes B2


HAPAG-LLOYD: S&P Maintains 'B+' CCR on CreditWatch Negative
SENVION TOPCO: Moody's Rates EUR400MM Senior Secured Notes B2
TRIONISTA TOPCO: S&P Affirms 'B+/B' CCRs on Solid 2016 Results


GREECE: Major Issues in Bailout Reform Resolved, Talks Continue
INTRALOT SA: S&P Affirms 'B' CCR on Solid Operating Performance


BOSPHORUS CLO II: Fitch Affirms B Rating on EUR7.1MM Cl. F Notes
GRAND CANAL 1: S&P Assigns 'B' Rating to Class F1-dfrd Notes
RYE HARBOUR: Moody's Assigns B2(sf) Rating to Class F-R Sr. Notes


ALITALIA SPA: Lufthansa Says Not Eyeing Acquisition
LEONARDO SPA: S&P Affirms 'BB+/B' CCRs on Strong Performance


* Fitch Says Health of Troubled Kazakh Banking Sector May Improve


CADOGAN SQUARE CLO II: Moody's Affirms Ba3 Rating on Cl. E Notes
DRYDEN XXVII-R 2017: Moody's Assigns (P)B2 Rating to Cl. F Notes


EURASIA DRILLING: S&P Affirms 'BB/B' CCRs, Outlook Stable
INTERNATIONAL CONSTRUCTION: Put on Provisional Administration
RAIFFEISENBANK AO: Moody's Raises LT Deposit Ratings to Ba1
SIBES BANK: Put on Provisional Administration, License Revoked
SPURT JSCB: Deposit Insurance Agency to Oversee Administration

VLADIMIRSKIY PROMYSHLENNY: Put on Provisional Administration


TDA SA NOSTRA 1: Fitch Places BB Class E Notes Rating on RWP


FINBANK: National Bank of Ukraine Revokes Banking License

U N I T E D   K I N G D O M

BLAS: Faces Liquidation, Owes Money to HMRC
HARBEN FINANCE 2017-1: Moody's Assigns Caa1 Rating to Cl. G Notes
MISYS NEWCO: Moody's Rates Proposed New $1.15BB Sr. Loans (P)Caa2
TAURUS CMBS 2006-2: S&P Lowers Rating on Class A Notes to B+

* UK: Corporate Insolvencies Up 4.5% from Q4 2016 to Q1 2017


* BOND PRICING: For the Week April 24 to April 28, 2017



AGROKOR DD: Will Still Raise Cash Despite Accounting Issue
Jasmina Kuzmanovic, Luca Casiraghi, Andras Gergely and Neil
Denslow at Bloomberg News report that Albert Stein of
AlixPartners, Agrokor d.d.'s resructuring adviser, said the
company will still be able to raise new financing in spite of
potential irregularities in its accounts.

"Our experience has been we have been able to raise cash in
difficult circumstances," Bloomberg quotes Mr. Stein, managing
director with AlixPartners, as saying on April 28.

According to Bloomberg, Agrokor said on April 27 that there may
have been errors in past financial reports and it's working with
PricewaterhouseCoopers to review its books.

The company asked stakeholders not to rely on its historical
financial statements until the investigation has been completed,
Bloomberg relates.

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

                            *   *   *

The Troubled Company Reporter-Europe reported on April 10, 2017,
that S&P Global Ratings said it lowered its long- and short-term
corporate credit ratings on Croatian retailer Agrokor d.d. to
'CC/C' from 'B-/B'.  The outlook is negative.  At the same time,
S&P lowered the issue rating on the senior unsecured notes to
'CC' from 'B-'.

On April 2, 2017, a spokesperson for the Agrokor group said that
the company reached an agreement with its bank creditors to
freeze debt payments.  The creditor group includes Sberbank, VTB,
and Erste Bank, which together account for most of the EUR2.5
billion loan debt for the Agrokor group, as of Sept. 30, 2016.

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

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


LA FINANCIERE: Moody's Rates Proposed New EUR600MM Sr. Notes B2
Moody's Investors Service has assigned a B2 instrument rating to
the proposed new EUR600 million senior notes due 2024 (the new
notes) to be issued by La Financiere ATALIAN S.A.S. (Atalian or
the company) and affirmed Atalian's B1 corporate family rating
(CFR) and B1-PD probability of default rating (PDR).
Concurrently, Moody's has changed the outlook on all the ratings
to positive from stable.

Atalian will use the proceeds from the new notes (1) to refinance
the EUR400 million senior notes due 2020 (the existing notes)
previously issued by La Financiere ATALIAN S.A.S., (2) to repay
drawn amounts and cancel bilateral facilities, (3) to pay related
fees and expenses, and (4) to fund the planned expansion of the
group over the next 24 months. At the completion of the
transaction, Moody's will withdraw the B2 instrument rating
assigned to the existing notes.


"The change of outlook to positive reflects Moody's expectation
that Atalian's business profile will continue benefitting over
the next 18 months from increased geographical diversification
outside of its domestic French market through bolt-on
acquisitions supported by the significant additional liquidity
provided by the new notes, while maintaining a disciplined
approach in terms of expansion strategy and reducing its gross
leverage to below 4.5x pro forma for the acquisitions", said
Sebastien Cieniewski, Moody's lead analyst for Atalian. Moody's
nevertheless notes that Atalian's credit profile remains
constrained by the fact that the acquisition strategy led by the
group is subject to execution risk due to management's focus on
developing and integrating its targets throughout several regions
including Europe, the United States, Asia, and Africa, and the
company's exposure to the relatively mature and highly
competitive French market, where the company generated 67.8% and
63.0% of its revenues in fiscal year (FY) ended August 31, 2016
and the four months ended 31 December 2016, respectively.

Moody's positively views Atalian's track record of geographical
diversification mainly through acquisitions - the rating agency
projects that the contribution from international operations will
increase to around 50% of group pro forma sales over the next 18
months from only 12% in FY 2013. Moody's projects that Atalian's
international operations will continue growing at mid-single
digit rates on an organic basis -- this trend will contrast with
the projected growth at low single-digit rates for the group's
French business. Growth in France should remain constrained by
(1) the mature nature of the market with continued pricing
pressure in both cleaning and facility management services, (2) a
continuation of targeted divestitures of smaller businesses, and
(3) subdued gross domestic product (GDP) growth for the country
projected by the rating agency at 1.3% in 2017 and 1.4% in 2018.

The proposed issuance of the new notes will significantly
increase the company's gross adjusted leverage (as adjusted by
Moody's for off-balance sheet factoring, pension liabilities,
operating leases, as well as the pre-financing of CICE
receivables) to around 5.9x on a pro forma basis as of 31
December 2016 -- well beyond the guidance for a B1 CFR set at
4.5x -- as a significant portion of the proceeds will be
dedicated for pre-funding future bolt-on acquisitions. However,
based on Atalian's track record of acquiring and integrating
EUR119 million worth of acquisitions over the last three years
and its disciplined approach in terms of acquisition multiples,
Moody's projects that pro forma adjusted gross leverage will
trend to below 4.5x as the company progressively spends part of
its EUR194 million cash balance at closing on EBITDA accretive
acquisitions over the next 18 months.

Despite the small size of the company's EUR18 million revolving
credit facility (RCF), which will be undrawn at the closing of
the transaction, Moody's considers that Atalian benefits from an
adequate liquidity position. Liquidity will be supported by the
company's large pro forma cash balance of EUR194 million as of 31
December 2016 as well as the free cash flow (FCF) generated by
the group projected to increase towards 5% of total gross
Moody's-adjusted debt over the next 18 months.

The new notes will be unsecured and guaranteed on a senior basis
by Atalian S.A.S.U. and Atalian Cleaning S.A.S. -- these
subsidiaries of La Financiere ATALIAN S.A.S. are holding
companies that do no generate any significant revenues. The
notes, rated B2, are notched down from the CFR as a result of
liabilities, notably the large amount of trade payables and the
RCF, which benefits from a first-ranking pledge over the capital
stock of Atalian's cleaning subsidiary, and which rank ahead of
the notes in the waterfall.

The positive outlook reflects Moody's expectations of continued
positive organic growth in the company's French and international
operations with a gradual improvement in the EBITDA margin (as
reported by the company) towards 7% following the integration of
acquired businesses leading to a deleveraging to below 4.5x on a
pro forma basis over the next 18 months.


Moody's could consider upgrading the rating to Ba3 if Atalian
continues to successfully deliver on its growth strategy and
solidifies its position and profitability in existing territories
such that leverage, measured by debt/EBITDA (including Moody's
adjustments) moves sustainably towards 4.0x while adjusted
FCF/debt increases towards 5%. An upgrade would also require that
the company maintains a solid liquidity position with
appropriately sized committed credit facilities in place or a
large cash balance. Negative pressure could develop if Atalian
fails to de-leverage to below 4.5x over the next 18 months driven
by a more aggressive acquisition strategy or weaker-than-expected
organic growth, the company experiences a softening of its
margins, or Moody's becomes concerned about the company's

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in France, Atalian is a leading provider of
cleaning and facility management services. The company operates
throughout 28 countries and had revenues and EBITDA (as reported
by the company) of EUR1,790 million and EUR114.9 million in the
12 months (LTM) to 31 December 2016 -- pro forma for the
acquisitions completed until LTM 31 December 2016 EBITDA (as
reported by the company) was higher at EUR134 million. The
company remains owned by the founding family.


HAPAG-LLOYD: S&P Maintains 'B+' CCR on CreditWatch Negative
S&P Global Ratings said that it maintained its 'B+' long-term
corporate credit rating on Germany-based container liner operator
Hapag-Lloyd AG and its 'B-' issue rating on the company's senior
unsecured notes on CreditWatch with negative implications, where
they had been placed on April 26, 2016.

The CreditWatch placement reflects S&P's view that it could lower
the corporate credit rating on Hapag-Lloyd to 'B' upon completion
of the transaction.  A downgrade would be based on the
significant increase in debt that could be incurred in connection
with the takeover of UASC, which is expected to be a
contribution-in-kind transaction and to close in the next three

Such a downgrade would also reflect S&P's expectation that Hapag-
Lloyd will not be able to expand its EBITDA to more than
EUR1 billion in 2017 and more than EUR1.3 billion in 2018 (from
EUR585 million in 2016), which would mean the most recent rebound
in container shipping freight rates appears unsustainable.  S&P
believes this EBITDA underperformance -- combined with Hapag-
Lloyd's takeover of UASC, which involves Hapag-Lloyd's assumption
of UASC's balance-sheet debt of about US$4 billion -- will result
in the combined entity's credit measures falling short of the
levels S&P considers commensurate with our 'B+' rating on Hapag-
Lloyd. This includes a ratio of S&P Global Ratings'-adjusted
funds from operations (FFO) to debt of more than 12%.

According to S&P's current base case, it forecasts a pro forma
adjusted FFO to debt of about 10% in 2017 and about 14% in 2018
for the combined entity.  S&P nevertheless believes that the pace
and magnitude of a rebound in Hapag-Lloyd's credit measures after
the transaction would remain susceptible to sustainability of the
most recent improvement in freight rates, in the context of the
structural containership overcapacity and subdued expansion of
global trade.

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

   -- An average global GDP growth rate of about 2.8% in 2017 and
      2.9% in 2018, compared with 2.4% last year.  However, this
      average hides wide regional variations.  China, a key
      engine of shipping growth, and many European economies,
      including the eurozone, are slowing down; Brazil and Russia
      are emerging from recession, and S&P expects a return to
      positive real GDP growth in 2017-2019.  Furthermore, the
      continued strong job gains, accelerating wage inflation,
      and relatively healthy economy suggest the pace of U.S.
      economic expansion will likely continue into next year.
      S&P expects U.S. GDP growth of 2.3% this year and 2.4% in

   -- General economic growth is vital to the shipping industry.
      Given the global nature of shipping sector demand, S&P
      considers the GDP growth of all major contributors to trade

   -- Annual growth rates in Hapag-Lloyd's transported volumes of
      3%-4% in 2017, based on global trends and growth in the
      company's fleet capacity.

   -- An increase in the price of bunker fuel--which is used to
      run ships and is one of Hapag's major costs--will directly
      affect bottom-line earnings in 2017.  S&P estimates that
      Hapag will spend about $240-$250 per ton in 2017 and 2018
      compared with about $210 per ton in 2016.  This largely
      follows S&P's estimates for crude oil prices, which are
      typically a good indicator of bunker price performance.

   -- About a 4%-5% increase in freight rates in 2017, from
      historical lows in 2016, as a reflection of the trend in
      the past six months.  S&P anticipates freight rates on some
      major trade lanes will be recalibrated to more sustainable
      levels in 2017.  S&P bases this on promising trade
      dynamics, higher bunker fuel prices, and supply-side
      adjustments, such as vessel demolition or lay-up and
      rationalization of networks as a consequence of dynamic
      consolidation between liners.  These improvements will be
      partly counterbalanced by deliveries of ultra-large
      containerships, which were ordered a few years ago, when
      the future was brighter.  Transport expenses (excluding
      bunker fuel) per 20-foot equivalent units (TEU) similar to
      those in 2016.

   -- Cost per TEU to remain flat in 2017-2018, after the company
      successfully completed its major cost-efficiency programs.

   -- Prudent capital investments tied to favorable industry
      prospects and available funding.  S&P forecasts total
      annual investments of EUR400 million-EUR450 million in
      2017, stepping down to about $250 million in 2018.  These
      relate to payments for ships on order, new ships and
      containers, and dry-docking/maintenance. About one-third of
      the capital expenditure (capex) S&P forecasts is currently

Based on S&P's base case, which is subject to the sustainability
of the most recent improvement in freight rates, S&P arrives at
these credit measures:

   -- Pro forma for the takeover of UASC, a weighted-average
      ratio of adjusted FFO to debt of about 12% in 2017-2018,
      compared with about 15% in 2016 and about 16%-17% in 2017-
      2018 for stand-alone Hapag-Lloyd.

   -- A pro forma weighted-average ratio of adjusted debt to
      EBITDA of about 5.5x-6.0x in 2017-2018, compared with about
      4.8x in 2016 and about 4.0x-4.5x for stand-alone Hapag-

S&P also anticipates that the potential merger would not affect
its assessment of Hapag-Lloyd's business risk profile.  Merging
with UASC could offer Hapag-Lloyd the opportunity to improve its
diversity and gain competitive advantages.  Hapag-Lloyd has also
demonstrated its ability to integrate new businesses and extract
synergies.  Nevertheless, S&P would likely consider this
insufficiently material overall to revise its view of the
business risk profile.  UASC has a fairly young but comparatively
small fleet of large containerships.  Its operations have an
estimated carrying capacity of 450,000-500,000 TEU, not quite
half Hapag-Lloyd's current capacity of about 1 million TEU.

S&P's business assessment remains constrained by the shipping
industry's high risk and fragmentation.  Hapag-Lloyd's
profitability remains vulnerable because of its operating margins
and return on capital.  These are tied to the industry's cyclical
swings, heavy exposure to fluctuations in bunker fuel prices, and
its limited short-term flexibility to adjust its operating cost

These weaknesses are partly mitigated by Hapag-Lloyd's leading
market positions and coverage through a broad and strategically
located route network, broad customer base, and attractive fleet
profile, supported by a large and fairly diverse fleet.  S&P's
business risk profile assessment incorporates the company's track
record of achieving operational efficiencies and its proactive
efforts to steadily reduce its cost base, which S&P considers to
be a critical support to earnings.

S&P expects to resolve the CreditWatch placement shortly after
the transaction closes, assuming it does so, after S&P has
finalized itsour assessment of the combined company's future
capital structure and financial leverage.  The CreditWatch
placement indicates that S&P could lower the rating if the merger
dilutes Hapag-Lloyd's financial leverage beyond the level S&P
considers commensurate with the current rating.  S&P views
adjusted FFO to debt of more than 12% as being commensurate with
the 'B+' rating on Hapag-Lloyd.

Alternatively, if the deal is not approved, S&P would affirm the
rating if it considers that Hapag-Lloyd's credit quality has not
deteriorated for other reasons in the meantime.  The company's
credit quality could deteriorate because of lower freight rates
or higher bunker fuel prices than S&P forecasts in its base case,
combined with an inability to adjust Hapag-Lloyd's cost base to
maintain the rating-commensurate credit measures and adequate
liquidity, amid ongoing difficult industry conditions.

SENVION TOPCO: Moody's Rates EUR400MM Senior Secured Notes B2
Moody's Investors Service assigned a B2 rating to the EUR400
million senior secured notes due 2022 to be issued by Senvion
Holding GmbH under an unconditional and irrevocable guarantee of
Senvion TopCo GmbH and several key subsidiaries of Senvion group
(Senvion). The outlook on Senvion Holding GmbH is positive.


The B2 rating assigned to the new notes offered is one notch
below the group's corporate family rating. This principally
reflects the bond's subordinated position in the loss given
default waterfall with regards to the super senior secured
syndicated facility in a default scenario, even though the
facility and the bond share the same guarantor and collateral
package. The facility (unrated) is large enough (i.e., EUR125
million revolving credit facility and EUR825 million letter of
guarantees facility) to justify the notching of the senior
secured bond below the B1 CFR of Senvion S.A. The EUR825 million
letter of guarantees facility, although not a cash credit, also
enjoys super seniority status versus the notes.

The proceeds of the planned issuance will be used to redeem in
full the existing EUR400 million notes issued in 2015 and thus
serve to extend the group's debt maturity profile without
increasing the level of debt outstanding. In addition, interest
expense may be reduced.

Moody's consider Senvion's liquidity to be good, benefiting from
roughly EUR440 million of liquid funds as of the end of 2016 and
full availability under its EUR125 million revolving credit
facility, which has two financial covenants enjoying adequate
headroom. While Moody's expects Senvion to be free cash flow
negative during 2017 (in view of the restructuring measures
announced only recently and the cash flow impact of the offshore
blade issue), Moody's expects the company to return to generating
positive free cash flow thereafter. However, Moody's acknowledge
the fact that there is an element of unpredictability and
volatility in cash flows, considering the large size and long
lead times of projects. In addition to the revolving credit
facility Senvion also has access to an EUR825 million letter of
guarantee facility, which should provide sufficient headroom for
the business needs (issued bonds have been oscillating around
EUR400 million in the last couple of years).

Senvion S.A.'s CFR of B1 primarily reflects its (1) structurally
low profitability with low-to-mid-single-digit Moody's-adjusted
EBITA margins, which, while broadly in line with other wind
turbine generator (WTG) manufacturers, is below the vast majority
of many other manufacturing companies; (2) limited product and
end industry diversification; and (3) geographical concentration
risk, with three key markets (i.e., Germany, France and UK)
representing almost 60% of the group's annual capacity
installation in 2016; and (4) still very short track record of
conservative financial policies aimed at deleveraging.

Senvion S.A.'s B1 CFR is supported by its (1) size and market
leadership positions, ranking number six worldwide and typically
number two to three in its key markets; (2) historically
relatively stable and resilient profitability compared to some
other WTG competitors as well as some other similarly rated
manufacturing companies, owing to low vertical integration with a
very high share of component outsourcing leading to a fairly
variable cost base and an increasing share of highly profitable
and fairly stable and predictable service business (roughly 12.5%
of revenues); (3) healthy order book with roughly 1.3 years of
sales (excluding service backlog) as of December 2016, providing
good revenue visibility in the short-term.

The positive outlook reflects an increasing likelihood that in
the next 12-18 months Senvion will be able to further grow its
orderbook in new territories that allows the group to return to
topline growth after 2017, allowing it to sustainably generate a
Moody's-adjusted EBITA margin above 5% and to reduce its Moody's-
adjusted leverage to or below 3.0x debt/EBITDA.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

The group's parent, Senvion S.A., is a publicly quoted entity
holding 100% of share capital at Senvion TopCo GmbH. Senvion
TopCo GmbH, guaranteeing the notes, is the holding company of the
Senvion group at the top of the restricted group. Headquartered
in Hamburg, Germany, Senvion is one of the leading manufacturers
of wind turbine generators (WTG). The group develops,
manufactures, assembles and installs WTGs with rated outputs
ranging from 2 MW to 6.2 MW, covering all wind classes in both
onshore and offshore markets. The group does not engage in
project development or wind farm ownership. Senvion employs a
workforce of more than 4,500 worldwide and generated revenues of
more than EUR2.2 billion in 2016, with cumulative installed
capacity worldwide of approximately 15.5 GW. In March 2016,
private equity firm Centerbridge Partners sold around 26.4% stake
in Senvion S.A to private investors in an IPO.

TRIONISTA TOPCO: S&P Affirms 'B+/B' CCRs on Solid 2016 Results
S&P Global Ratings affirmed its 'B+/B' long- and short-term
corporate credit ratings on German energy service provider
Trionista TopCo GmbH (ista), the top holding company of ista
International GmbH.  The outlook is stable.

At the same time, S&P raised to 'BB-' from 'B+' its issue ratings
on Trionista HoldCo's EUR1,114 million senior secured term loan
B, EUR150 million revolving credit facility (RCF), and EUR350
million senior secured notes.  S&P revised the recovery rating on
these debt instruments to '2' from '3', now indicating its
expectation of substantial recovery prospects (70%-90%; rounded
estimate 70%) in the event of payment default.

S&P affirmed the 'B-' issue rating on ista's subordinated notes.
The recovery rating remains at '6', indicating S&P's expectation
of negligible (0%-10%) recovery in the event of payment default.

The affirmation follows S&P's view of ista's healthy 2016
results, and reflects S&P's view that the company will continue
to reduce its S&P Global Ratings-adjusted leverage through
improvements in adjusted EBITDA and modest debt repayments.  S&P
forecasts an adjusted debt-to-EBITDA ratio of about 7.5x in 2017
compared with about 7.8x in 2016.  S&P believes that ista will
continue increasing its revenues and EBITDA, on the back of
moderate price and volume growth, increasing radio penetration,
growth in ancillary products such as smoke detectors, and rising
sub-metering penetration in markets that are expected to
implement the EU's Energy Efficiency Directive (EED), such as
France and Italy. In S&P's opinion, these supporting factors will
enable the company to improve adjusted debt to EBITDA to about 7x
in 2018.  In addition, S&P thinks that there is a low likelihood
that the German competition authorities' current review of the
sub-metering sector will be a major roadblock for ista in the
near-term and have therefore not factored any repercussions into
S&P's base case.

"Our view of ista's business risk is supported by the company's
leading positions in the domestic German sub-metering market and
across Europe, among other geographies.  According to ista's
estimates, the company is the second-largest player in the stable
German heat sub-metering market, with a market share of about
26%. It also holds No. 1 and No. 2 positions in a range of
European heat or water billing markets, such as France, Spain,
Poland, the Netherlands, and Austria.  Furthermore, we think that
ista benefits from a favorable regulatory environment in Germany
that defines comprehensive legal requirements for heat and hot
water sub-metering, and from its increasing focus on energy
efficiency. This, together with the essential and
nondiscretionary nature of water and heat sub-metering,
established relationships with the housing industry, and long-
term customer contracts, supports low customer turnover, high
adjusted EBITDA margins of more than 40%, and stable, predictable
operating cash flows.  Moreover, new legislation, such as the
EU's EED rolled out in several countries and the U.K.'s Renewable
Heat Initiative, may provide additional growth opportunities
outside Germany, which contributed 57% of revenues in 2016," S&P

S&P considers ista's relatively small size and focus on the
energy sub-metering niche market to be a constraint relative to
larger, more diversified business service companies.  S&P
believes the company is vulnerable to potential changes in
technology regulation that could disrupt the business.  In
addition, in S&P's view, ista's sub-metering business requires
higher capital expenditures (capex), about 16% of revenues in
2016, than other business services companies, including a
meaningful share of maintenance capex for ongoing replacements in
the meter base.  S&P also notes that the operating environment in
some international markets is somewhat more susceptible to
changes in legislation and characterized by lower margins.

ista's high leverage and our view of the company's aggressive
financial policies because of its private equity owners are key
constraints to the company's financial risk profile, in S&P's
opinion.  In addition to the EUR1,514 million of senior secured
debt and EUR525 million in senior subordinated notes, ista's
financing includes preferred equity certificate amounting to
EUR705 million, which S&P treats as debt, at year-end 2016.  In
S&P's opinion, the significant amount of debt will permit only
gradual improvements of leverage, among other credit metrics,
despite S&P's expectations of solid EBITDA growth.  S&P forecasts
that S&P Global Ratings-adjusted debt-to-EBITDA ratio will remain
at about 7.0x-7.5x and free operating cash flow (FOCF) will stay
below 5% of adjusted debt over the next 24 months.  At the same
time, S&P's projection of funds from operations (FFO) cash
interest coverage of about 3.0x-3.5x in 2017 supports ista's
financial risk profile at the current rating level.  Another
support is the company's stable and predictable operating cash
flows, which, excluding potential swings in working capital, S&P
expects will broadly mirror EBITDA growth over the next two

The stable outlook reflects S&P's view that ista will show mid-
single-digit revenue growth and stable to slightly rising EBITDA
margins in 2017, thanks to moderate price and volume growth,
increasing radio meter penetration, growth in ancillary products,
and rising sub-metering penetration in some international
markets. This will likely usher in stable and predictable
operating cash flows and further reduce adjusted debt to EBITDA
to about 7.5x (less than 6.0x excluding the shareholder loan) by
the end of 2017, while maintaining adjusted FFO cash interest
coverage of more than 3x.

S&P could lower the rating if ista were to undertake material
debt-funded acquisitions outside Germany or if its owners were to
pursue sizable debt-funded shareholder distributions, causing
adjusted FFO cash interest coverage to fall below 2x.  S&P could
also lower the rating if it observed unexpected and material
declines in the company's revenues and margins, due for example
to unfavorable regulatory measures in the domestic market that
would induce marked increases in competition.

Rating upside is limited at this stage because of the company's
high leverage and the aggressive financial policies of its
private equity owner.  S&P could raise the rating if ista's
credit metrics were to markedly improve, such as adjusted debt to
EBITDA below 5.5x and adjusted free operating cash flow (FOCF)
above 5%.


GREECE: Major Issues in Bailout Reform Resolved, Talks Continue
Philip Chrysopoulos at Greek Reporter reports that the seven or
eight major issues that were pending are resolved in the
negotiations between Greece and creditors and only minor issues

Talks to complete the second review of the bailout program
continue in Athens between the Greek government, the European
institutions and the International Monetary Fund, Greek Reporter

So far, the Greek side has been blaming the IMF for delaying
negotiations by putting irrational demands on the table, Greek
Reporter notes.   However, it seems that the Fund has been more
lenient as talks progress, Greek Reporter states.

According to Greek Reporter, a government source told the Athens
News Agency on April 27, "I do not have the impression that the
Fund has come to the negotiations in order to delay and I do not
think these issues can stop the completion of the agreement".

Finance Minister Euclid Tsakalotos, Labor Minister Efi
Achtsioglou and Alternate Finance Minister Giorgos Chouliarakis
negotiated with the heads of missions for one hour and a half,
Greek Reporter relays.  The issues discussed were privatizations,
labor law reforms, Greek Reporter discloses.

According to Greek Reporter, the government official said on
April 28 the two sides were set to discuss four draft documents:
the MoU with the European institutions, the Memorandum of
Economic and Financial Policies with the IMF and two
corresponding technical agreements.  These documents should first
be "cleared" at a staff level so only the basic issues are
discussed at a senior level.  The aim is to have completed the
entire process by next Sunday, April 7, the official, as cited by
Greek Reporter, said.

INTRALOT SA: S&P Affirms 'B' CCR on Solid Operating Performance
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Greece-based gaming company Intralot S.A.  The outlook
remains stable.

S&P also affirmed its 'B' issue ratings on Intralot's senior
unsecured notes issued by Intralot Capital Luxembourg S.A.

S&P's affirmation of the ratings on Intralot reflects its
reported 6.6% improvement in like-for-like EBITDA (+20.6% on a
constant currency basis) and steady EBITDA margin of 13.3% (or
25.8% based on gross gaming revenue [GGR]), and the benefits S&P
believes it will see from growth in the Bulgarian and Turkish
markets and its focus on strategic partnerships with strong local

Furthermore, in the 12 months to Dec. 31, 2016, Intralot reported
7.1% revenue growth (+19.2% on a constant currency basis).  Its
revenue growth and EBITDA increase were mainly driven by higher
sales in Bulgaria, Turkey, and North America, which
counterbalanced the lower sales in Azerbaijan and Argentina due
to currency devaluations.  The positive performance was most
pronounced in the second half of the year after the acquisition
of the Bulgarian lottery company, Eurobet.  The figures for the
fiscal year 2015 have been restated to reflect the discontinued
operations in Italy and Peru.  The group's EBITDA margin remained
stable at 13.3% (or 25.8% based on GGR), despite the 3.5
percentage point increase in the average pay-out ratio.

S&P's assessment of Intralot's business risk profile is
constrained by its significant exposure to emerging markets
(about 60% of EBITDA), which inherently have higher regulatory,
taxation, and political risk when compared to the jurisdictions
under which traditional gaming companies operate.  S&P also sees
Intralot as having high contract concentration: its top-five
contracts represent close to 50% of EBITDA.  In S&P's view,
licence renewal also poses a risk particularly with its Turkish,
Moroccan, and Greek licences coming up for renewal in 2018.
Compared to peers, Intralot is smaller and has a limited
profitability track record due to past margin volatility.

Positively, however, Intralot continues to be supported by its
position as a major supplier of integrated gaming systems and
services and its role as a game manager on behalf of third
parties, including state-owned operators.  In addition, the
contract-based nature of Intralot's business offers some medium-
term revenue visibility.  The company's strategy is to enter into
partnerships with strong local partners who offer market
knowledge and require limited capital expenditure compared to
full-scale acquisitions. Lastly, S&P acknowledges that the
disposals in Italy and Peru have improved group margins and
somewhat reduced its exposure to emerging markets.

S&P has revised its assessment of Intralot's financial risk
profile to highly leveraged from aggressive, reflecting its
weaker credit ratios on a proportionally consolidated basis.
This is partly explained by the fact that S&P now applies a 100%
haircut to surplus cash because S&P understands the company may
not use the entire amount of available cash and revolving credit
facility (RCF) for debt reduction.  S&P assess Intralot's
financial risk profile on a proportionate basis because not all
of the group's cash flows are available to service debt as they
ultimately belong to significant minority interests in some of
Intralot's subsidiaries.  The deterioration in credit ratios
results from slightly lower than previously forecast EBITDA
coupled with a smaller proportion of fully consolidated cash
flows belonging to Intralot after several divestitures.  S&P also
includes foreign-exchange risk in its financial risk profile
assessment.  S&P understands that Intralot converts some of its
surplus cash from local currency and uses some forward contracts
for hedging purposes but, given its significant exposure to
emerging markets with notable currency fluctuations, sharp
currency movements could affect our credit ratios.

Accordingly, on a fully consolidated basis, Intralot also has
weak discretionary cash flow (DCF) generation with a highly
leveraged DCF to debt ratio.  S&P considers this to be a true
measure of free cash flow for Intralot, as DCF is measured after
deducting significant dividends paid to minority interests at the
subsidiary level.

S&P has removed its negative comparable rating analysis modifier
as Intralot's weaker free operating cash flow (FOCF) generation
on a proportionally consolidated basis is already reflected in
the financial risk profile assessment.  Moreover, S&P no longer
forecasts tight interest coverage covenant headroom for Intralot
over the next 12-24 months.

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

   -- An adjusted EBITDA margin of about 13.6% in 2017 (or 26.4%
      on a GGR basis) and about 14% in 2018 (or 27.6% on an GGR
      basis) as a result of cost reduction initiatives and
      increased sales in the technology business;

   -- Capital expenditure (capex) of about EUR85 million in 2017
      and about EUR100 million in 2018; and

   -- Dividends to minority interest of about EUR40 million in
      2017 and about EUR45 million in 2018.

Based on these assumptions, S&P arrives at these credit measures
for 2017-2019:

   -- Adjusted debt-to-EBITDA between 6.1x and 6.4x on a
      proportionally consolidated basis (3.8x-4.0x on a fully
      consolidated basis).

   -- Adjusted EBITDA interest cover of around 2.5x on a
      proportionally consolidated basis (3.8x-4.1x fully

   -- Adjusted DCF to debt between -2.8% and 4.0% on a fully
      consolidated basis.

S&P's stable outlook reflects the likelihood that Intralot's
strategic initiatives in the U.S. and Bulgaria are expected to
support moderate improvement in EBITDA margin over the next 12-24
months.  S&P anticipates adjusted EBITDA interest cover above 2x,
debt to EBITDA above 5x (on a proportionate consolidated basis),
and positive FOCF.

Rating pressure could arise in the next 12 months if Intralot's
operating performance weakens, leading to adjusted EBITDA
interest coverage falling below 2x on a proportional
consolidation basis and/or FOCF turning negative.  This could
arise if Intralot does not complete the expected license renewals
in Turkey, Morocco, and Greece, as well as new contracts in the
U.S., leading to insufficient EBITDA growth.  S&P could also take
a negative rating action if it perceived any weakening of

S&P sees rating upside as unlikely over the 12 months.  However,
S&P could consider a positive rating action if the company's
operating performance substantially improves beyond S&P's base
case and it sees clearly diminished exposure to emerging markets.
Specifically, S&P would look for substantial positive FOCF (after
paying dividends to minority interest partners) and adjusted
leverage declining sustainably below 5x on a proportionate
consolidated basis.


BOSPHORUS CLO II: Fitch Affirms B Rating on EUR7.1MM Cl. F Notes
Fitch Ratings has affirmed Bosphorus CLO II Designated Activity
Company, as follows:

EUR162.7 million Class A notes: affirmed at 'AAAsf'; Outlook
EUR30.5 million Class B notes: affirmed at 'AA+sf'; Outlook
EUR22.2 million Class C notes: affirmed at 'Asf'; Outlook Stable
EUR13.9 million Class D notes: affirmed at 'BBBsf'; Outlook
EUR16.2 million Class E notes: affirmed at 'BBsf'; Outlook Stable
EUR7.1 million Class F notes: affirmed at 'Bsf'; Outlook Stable
EUR23.3 million Subordinated notes: Not Rated

The transaction is a cash flow collateralised loan obligation
(CLO) securitising a portfolio of European leveraged loans and
bonds. The portfolio is managed by Commerzbank AG.


Fitch has affirmed the notes despite several portfolio covenants
breaches and small trading losses. We have been informed by the
manager that it is proposing to re-price the liabilities. Given
the strong repricing activity currently observed for European
leveraged loan CLO, Fitch ran a sensitivity analysis based on the
liabilities re-pricing spreads published in the proposed re-
pricing notice. The portfolio deterioration is offset by the
lower spread on the transaction liabilities. However, we could
revise the Outlooks on the class C, D, E and F notes to Negative
should the liabilities spread remain unchanged and depending on
portfolio prepayment activities.

The transaction crystallised approximately 25bps of losses
following reinvestment of unscheduled proceeds at premium prices
prior to the end of the reinvestment period. This has resulted in
a slight deterioration of credit enhancement for the rated notes
as well as the over-collateralisation cushions.

Trading is restricted when deal covenants are breached, but the
portfolio spreads and recoveries have deteriorated following the
refinancing and repricing of multiple underlying asset. The
transaction is currently failing the Fitch minimum weighted
average recovery covenant by 3.33% with a current value of 65.31%
compared with the minimum of 68.64%. The weighted average
recovery rate has been falling since November 2016 with a full
percentage drop in the latest April trustee report.

In addition, the transaction is currently failing the weighted
average spread covenant by 0.44% with a current value of 3.97%
compared with the minimum of 4.41%. The weighted average spread
has been failing the minimum covenant since the first report with
further, albeit gradual, deterioration since the beginning of

Bosphorus CLO II closed in April 2016 and the reinvestment period
expired on 15 April 2017. The transaction can no longer reinvest
unscheduled proceeds and as a result all principal repayments
will, in future, be used to pay down the senior notes.


A 25% increase in the obligor default probability could lead to a
downgrade of up to two notches for the rated notes, while a 25%
reduction in expected recovery rates could also lead to a
downgrade of up to two notches for the rated notes.

GRAND CANAL 1: S&P Assigns 'B' Rating to Class F1-dfrd Notes
S&P Global Ratings assigned its credit ratings to Grand Canal
Securities 1 DAC's (Grand Canal 1) class A to F1-dfrd notes.  At
closing, Grand Canal 1 also issued the unrated class X, F2-dfrd,
Z1, Z2, and Z3 notes.

At closing, the issuer used the note issuance proceeds to
purchase a portfolio of Irish residential mortgages from the
beneficial title seller, Mars Capital Ireland Holdings DAC.  The
transaction has two reserve funds:

   -- A liquidity reserve fund, which was funded to 1.85% of the
      class A note balance at closing.  This can build up to
      3.75% of the class A note balance at closing through the
      revenue priority of payments.

   -- A general reserve fund, which was not funded at closing.
      This can build up to 3.5% of the outstanding principal
      balance of the class B-dfrd to Z3 notes, and to 4% after
      the step-up date in 2022, through the revenue priority of

The rated notes' interest rate is based on an index of three-
month Euro Interbank Offered Rate (EURIBOR).  Within the mortgage
pool, the loans are linked to either the European Central Bank
(ECB) base rate, or a standard variable rate (SVR).  There is no
swap in the transaction to cover the interest rate mismatches
between the assets and liabilities, although after the step-up
date a cap of 6% (on the three-month EURIBOR index) applies to
the rated notes. S&P considered this cap in our analysis, but in
scenarios where the cap is reached, S&P also applies a cap to the
three-month EURIBOR payable by the assets.

S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, and the results of S&P's cash
flow analysis to assess whether the notes would be repaid under
stress test scenarios.  Subordination, the general reserve fund
and excess spread provide credit enhancement to the rated notes.
The notes amortize sequentially, and do not include a trigger to
switch to pro rata amortization.  Subject to certain documented
conditions, principal can be used to pay interest and further
liquidity is provided through the liquidity reserve fund.

Taking these factors into account, S&P considers the available
credit enhancement for the rated notes to be commensurate with
the ratings that S&P has assigned.  Interest on the class B-dfrd
to F1-dfrd notes can be deferred, so S&P's analysis of these
notes addresses the ultimate payment of principal and the
ultimate payment of interest.

S&P's ratings also reflect the application of its criteria for
structured finance ratings above the sovereign.

S&P's RAS criteria designate the country risk sensitivity for
residential mortgage-backed securities as moderate.  Under S&P's
RAS criteria, this transaction's notes can therefore be rated
four notches above the sovereign rating, if they have sufficient
credit enhancement to pass at least a severe stress.

However, as all six of the conditions in paragraph 42 of the RAS
criteria are met, S&P can assign ratings in this transaction up
to a maximum of six notches (two additional notches of uplift for
the most senior class of notes) above the sovereign rating,
subject to credit enhancement being sufficient to pass an extreme

As S&P's foreign currency long-term sovereign rating on the
Republic of Ireland is 'A+', S&P's RAS criteria do not currently
constrain its ratings on any class of notes.  This is Mars
Capital Ireland's first securitization.   The EUR326.755 million
pool (as of March 31, 2017,) comprises owner-occupied and buy-to-
let, Irish residential mortgages, which were originated by Irish
Nationwide Building Society (60.37%) and Springboard Mortgages
Ltd. (39.63%). The portfolio of mortgages was acquired during
2014 by a number of entities (Mars Capital Ireland DAC, Mars
Capital Ireland No. 2 DAC, Mars Capital Ireland No. 3 DAC, and
Mars Capital Ireland No. 4 DAC).

Mars Capital Finance Ireland DAC acts as master servicer and
special servicer for all of the loans in the transaction.
However, the primary servicing is done by Acenden Ltd.  Once a
loan in the pool goes beyond 35 days in arrears, Mars Capital
Finance Ireland steps in as the special servicer for the loan in


Grand Canal Securities 1 DAC
EUR336.557 Mortgage-Backed Floating-Rate And Unrated Notes

Class         Rating            Amount
                              (mil. EUR)

X             NR                 9.802
A             AAA (sf)         239.348
B-dfrd        AA (sf)           18.788
C-dfrd        A (sf)            14.703
D-dfrd        BBB (sf)          14.703
E-dfrd        BB (sf)            7.188
F1-dfrd       B (sf)             3.921
F2-dfrd       NR                 5.228
Z1            NR                 3.267
Z2            NR                 3.267
Z3            NR                16.342

NR--Not rated.

RYE HARBOUR: Moody's Assigns B2(sf) Rating to Class F-R Sr. Notes
Moody's Investors Service has assigned definitive ratings to ten
classes of notes (the "Refinancing Notes") issued by Rye Harbour
CLO, Designated Activity Company:

-- EUR2,000,000 Class X Senior Secured Floating Rate Notes due
    2031, Definitive Rating Assigned Aaa (sf)

-- EUR186,750,000 Class A-1R Senior Secured Floating Rate Notes
    due 2031, Definitive Rating Assigned Aaa (sf)

-- EUR25,000,000 Class A-2R Senior Secured Fixed Rate Notes due
    2031, Definitive Rating Assigned Aaa (sf)

-- EUR15,000,000 Class B-1R Senior Secured Floating Rate Notes
    due 2031, Definitive Rating Assigned Aa2 (sf)

-- EUR20,000,000 Class B-2R Senior Secured Fixed/Floating Rate
    Notes due 2031, Definitive Rating Assigned Aa2 (sf)

-- EUR10,000,000 Class C-1R Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR12,750,000 Class C-2R Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned A2 (sf)

-- EUR19,225,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned Baa2 (sf)

-- EUR23,400,000 Class E-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned Ba2 (sf)

-- EUR11,000,000 Class F-R Senior Secured Deferrable Floating
    Rate Notes due 2031, Definitive Rating Assigned B2 (sf)


Moody's definitive ratings of the 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

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B-1 Notes, Class B-2 Notes, Class B-3 Notes, Class C-1
Notes, Class C-2 Notes, Class D Notes, Class E Notes and Class F
Notes due 2028 (the "Original Notes"), previously issued on
January 21, 2015 (the "Original Closing Date"). On the
Refinancing Date, the Issuer will use the proceeds from the
issuance of the Refinancing Notes to redeem in full its
respective Original Notes. On the Original Closing Date, the
Issuer also issued one class of subordinated notes, which will
remain outstanding.

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

Bain Capital Credit, LTD (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer. After the reinvestment period, which
ends in April 2022, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, subject to certain restrictions.

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

Loss and Cash Flow Analysis:

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

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

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

Performing par and principal proceeds balance: EUR350,000,000

Diversity Score: 34

Weighted Average Rating Factor (WARF): 2880

Weighted Average Spread (WAS): 4.20%

Weighted Average Recovery Rate (WARR): 42%

Weighted Average Life (WAL): 9 years

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints, only up to 10% of the pool can be
domiciled in countries with local currency country risk ceiling
below Aa3 with a further constraint in the eligibility criteria
which prevents the acquisition of assets from countries with a
local currency country risk ceiling below A3. As a result,
Moody's has not made any adjustments to the target par amount as
further described in the methodology.

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the

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

Stress Scenarios:

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

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

Percentage Change in WARF -- increase of 15% (from 2880 to 3312)

Rating Impact in Rating Notches:

Class X Notes: 0

Class A-1R Notes: -1

Class A-2R Notes: -1

Class B-1R Notes: -2

Class B-2R Notes: -2

Class C-1R Notes: -2

Class C-2R Notes:-2

Class D-R Notes: -2

Class E-R Notes: 0

Class F-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 2880 to 3744)

Rating Impact in Rating Notches:

Class X Notes: 0

Class A-1R Notes: -1

Class A-2R Notes: -1

Class B-1R Notes: -3

Class B-2R Notes: -3

Class C-1R Notes: -3

Class C-2R Notes: -3

Class D-R Notes: -2

Class E-R Notes: -1

Class F-R Notes: -1

Further details regarding Moody's analysis of this transaction
may be found in the related pre-sale report, published prior to
the Original Closing Date in January 2015 and available on


ALITALIA SPA: Lufthansa Says Not Eyeing Acquisition
Victoria Bryan at Reuters reports that Lufthansa said it was not
interested in buying Italian rival Alitalia, whose future is
unclear after workers last week ruled out a rescue plan.

"I have no comment on Alitalia . . . But we are not there to buy
Alitalia," Reuters quotes Lufthansa Chief Financial Officer Ulrik
Svensson as saying on a call with analysts and media after the
carrier reported first-quarter results on April 27.

Budget rival Norwegian Air Shuttlelso said on April 27 it was not
interested in buying any Alitalia assets.

However, the CEO of Malaysia Airlines told Reuters on April 26 he
would be interested in leasing planes from Alitalia if it was
wound up.


As reported by the Troubled Company Reporter-Europe on April 27,
2017, Bloomberg News related that Alitalia SpA said it exhausted
all options after workers voted against job cuts aimed at
salvaging the cash-strapped Italian airline, pushing it toward
administration for the second time in a decade.  According to
Bloomberg, the Rome-based airline said a EUR2 billion (US$2.2
billion) recapitalization tied to the savings plan is effectively
dead and Alitalia will start appropriate "legal procedures" as
funds run out.  Chairman Luca Cordero Di Montezemolo "formally"
communicated to the Italy aviation authority that the carrier
decided to start the process of naming an administrator,
Bloomberg disclosed.  The decision to appoint an administrator is
the first step for being placed in a legal reorganization
process, making it almost impossible a last-minute rescue of the
carrier as it exists today, Bloomberg noted.

                       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%.

LEONARDO SPA: S&P Affirms 'BB+/B' CCRs on Strong Performance
S&P Global Ratings affirmed its 'BB+/B' long- and short-term
corporate credit ratings on Italy-based Leonardo S.p.a.  The
outlook is stable.

At the same time, S&P affirmed its 'BB+' rating on the group's
senior unsecured debt.  The recovery rating on these debt
instruments is '3', indicating S&P's expectation of average
recovery prospects (50%-70%; rounded estimate 55%).

The affirmation reflects that Leonardo's operating performance
has significantly improved in recent years, in line with S&P's
expectations, and it anticipates that in 2017 the group will
continue to strengthen results achieved so far.

The group's adjusted EBITDA margin reached 14% in 2016, up from
11.7% in 2015 and 10.5% in 2014.  Most of the improvement
reflects the benefits of significant restructuring and process
reviews undertaken in past few years, rather than increased
revenues, which instead have modestly declined over the period.
S&P considers current margin as average when compared with
industry standards. Furthermore, S&P views positively the much
lower EBITDA volatility that Leonardo has displayed in the past
three years, reflecting both the sale of its transportation
business in 2015 and reduced restructuring charges in the
aerospace and defense activities.  S&P also appreciates the
group's currently more balanced portfolio mix when compared with
2013-2014.  This is due to the significant improvement of margins
in both the aeronautics and electronics and the defense and
security systems divisions. This has allowed Leonardo to offset
the effects of the slowdown in the helicopters business on 2016
group operating result.

S&P expects Leonardo's EBITDA margin to stand at around 14% in
2017, similar to 2016.  S&P expects the company's helicopter-
related revenue to continue its subdued trend in 2017, and S&P do
not anticipate any tangible recovery before 2018.  In S&P's base
case for 2017, it factors in a rather limited impact on operating
performance from the recently signed contract with Kuwait to
supply 28 Eurofighter jets.  S&P expects that this contract will
start progressively increasing group revenues and EBITDA in 2018.
Leonardo's order backlog, at about EUR35 billion at end-2016,
provides visibility for about three years of production in its
most important markets -- the U.K., Italy, and the U.S.  In 2017
and 2018, S&P expects defense procurement spending to decline in
Italy, to be stable in the U.K., and to increase moderately in
the U.S.

Leonardo's leverage metrics in 2016 were better than S&P had
anticipated, mainly reflecting the cash advanced payment related
to the large contract with Kuwait.  As such, adjusted funds from
operations (FFO) to debt stood at 29.6% at end-2016, up from
21.8% in 2015.  S&P anticipates much more modest progress in
2017, with FFO to debt only marginally above 30%.  S&P expects
Leonardo's free operating cash flow (FOCF) to be at about EUR500
million in 2017, and to significantly reduce in 2018-2019,
reflecting much higher working capital outflows, due to the
structural trend of a reduction in customer advances and the
buildup of working capital related to the Kuwait contract.  S&P
anticipates adjusted net financial debt to decline marginally to
above EUR4 billion at end-2017, compared with EUR4.4 billion end-
2016, mainly as result of FOCF generation and cash-in of the
second part of the advance payment from the Kuwait contract.  In
2017, Leonardo reinstated a policy to distribute dividends.
While S&P did not anticipate this, it notes that the amount to be
distributed in 2017 is moderate.

In S&P's base case, it assumes that Leonardo's new top management
that the Italian government proposed in April 2017 will continue
pursuing a strategy to reduce the group's financial leverage.

S&P views Leonardo as being of limited importance to its 30.2%
owner, the Republic of Italy.  S&P also views the link between
the Italian government and Leonardo as limited, owing to S&P's
view of Italy's fiscal situation and its capacity to support
government-related entities as low.  Consequently, S&P do not add
any uplift for government support to Leonardo's stand-alone
credit profile.

The stable outlook on Leonardo reflects S&P's view that over 2017
group's FFO to debt should stay marginally above 30%.  It also
reflects S&P's opinion that Leonardo's adjusted EBITDA margin
will stand at around 14%, broadly similar to 2016.  S&P expects
Leonardo will use most of the FOCF to further reduce its
financial debt.

S&P could consider upgrading Leonardo if the company progresses
with reducing leverage faster than S&P anticipates in its base
case, such that its adjusted FFO-to-debt ratio reaches around 35%
for a sustained period of time.  S&P' believes such a scenario
may happen if the helicopters business recovers faster than it
anticipates, or the company's working capital management is more
efficient than in S&P's base case, resulting into a more
contained cash outflow.

S&P would consider lowering the ratings if Leonardo's leverage
metrics were to deteriorate, more specifically if FFO to debt
fell below 20% for a prolonged period.  S&P believes this
scenario is currently unlikely, given the wide headroom built at
current rating level.  However, a significant drop in operating
performance or adoption of a more aggressive financial policy may
potentially put pressure on the ratings.


* Fitch Says Health of Troubled Kazakh Banking Sector May Improve
The health of the troubled Kazakh banking sector should start to
improve as the authorities push ahead with initiatives to address
weak asset quality while the economy recovers following a modest
increase in oil prices, Fitch Ratings said at its 11th annual
conference on Kazakhstan in Almaty on April 25. However,
rehabilitation efforts may hurt bank creditors before or as any
state support kicks in.

Speaking at a conference on April 25, Oleg Smolyakov, a deputy
governor of the National Bank of Kazakhstan (NBK) confirmed the
NBK's commitment to conduct an asset-quality review, together
with stress tests, to clarify banks' true exposures to distressed
assets. Non-performing loans (NPLs) are often underreported in
Kazakhstan and the International Monetary Fund recently
highlighted the importance of getting a clear picture on banks'
asset quality and capital adequacy, adding that recognition of
loan losses and capital injections by shareholders will be key to
strengthening the sector.

The asset-quality review is scheduled to start later this year as
part of what is to become a new supervisory approach. It may
conclude that some banks must strengthen their capital by raising
equity, which will also make them eligible for accessing a Tier 2
capital support programme being considered by the NBK. Mr
Smolyakov said yesterday that the NBK intends to provide interim
liquidity support and regulatory forbearance to facilitate
individual bank rehabilitation, when feasible.

NPLs reduced slightly in 2016 to 7% of sector loans (end-2015:
8%), but we still view asset quality as a serious weakness for
the sector as NPL ratios significantly understate the extent of
problem loans at some banks. Significant asset risks also stem
from loans not classified as NPLs, such as restructured and other
distressed exposures. Foreign-currency loans with grace periods
for payments are also a source of high asset-quality risks as a
result of the 2015 tenge devaluation.

Fitch says "We estimate that unreserved restructured and other
distressed exposures across the sector were about KZT3 trillion
at end-2016 compared with net NPLs of about KZT0.5 trillion. The
problem exposures of the largest lender, Kazkommertsbank, were
particularly significant, at about 60% of loans. Sector foreign-
currency loans, classified as non-impaired, were about KZT3
trillion, with about a third of this at Tsesnabank, and a
significant portion of these may need additional provisioning."

"We believe asset quality could improve significantly as a result
of the state's plan, announced in February, to provide KZT2
trillion through the problem loan fund for purchases of
distressed loans from troubled banks, mainly Kazkommertsbank.
However, the risks for bank creditors in Kazakhstan remain
considerable, as they may be forced to share losses to beef up
troubled banks' capital bases.

"The authorities appear to view bank mergers as an important part
of the sector's rehabilitation, although we believe mergers will
only lead to sustainable improvements in solvency if weak banks
are sufficiently cleaned up by the state or recapitalised by
shareholders before being merged. The authorities also appear
more confident about closing small weak banks if they fail to
raise sufficient equity capital, mirroring a similar regulatory
push in Russia."


CADOGAN SQUARE CLO II: Moody's Affirms Ba3 Rating on Cl. E Notes
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Cadogan
Square CLO II B.V.:

-- EUR33.8M (Current outstanding balance of EUR 32.49M) Class B
Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Oct 7, 2015 Affirmed Aaa (sf)

-- EUR31.9M Class C Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to Aaa (sf); previously on Oct 7, 2015
Upgraded to Aa1 (sf)

-- EUR27.9M Class D Senior Secured Deferrable Floating Rate
Notes due 2022, Upgraded to A2 (sf); previously on Oct 7, 2015
Upgraded to Baa2 (sf)

-- EUR10.6M Class E Senior Secured Deferrable Floating Rate
Notes due 2022, Affirmed Ba3 (sf); previously on Oct 7, 2015
Affirmed Ba3 (sf)

Cadogan Square CLO II B.V., issued in June 2006, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans managed by Credit
Suisse Asset Management Limited. The transaction's reinvestment
period ended in August 2012.


According to Moody's, the rating actions taken on the notes are
the result of deleveraging of the Class A-2 and Class B notes in
February 2017 when Class A-2 notes where paid in full by EUR 13.2
million or 42% of their original balance and Class B notes ware
paid EUR 1.31 million or 3.88% of their original balance. In
addition, principal proceeds of EUR 15.09 million are reported in
the March 2017 trustee report which will be used at the August
2017 payment date to further deleverage Class B notes.

As a result of the deleveraging, over-collateralisation (OC)
ratios have increased across the capital structure. According to
the trustee report dated March 2017, Class B, Class C, Class D
and Class E OC ratios are reported at 378.4%, 190.9%, 133.2% and
119.5% respectively, compared to January 2017 levels of
274.0%,170.1%, 127.7% and 116.7% respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds of EUR 105.47 million and
EUR 18.90 million respectively, defaulted par of EUR 5.89
million, a weighted average default probability of 24.16%
(consistent with a WARF of 3,557 over a weighted average life of
3.89 years), a weighted average recovery rate upon default of
47.30% for a Aaa liability target rating, a diversity score of 13
and a weighted average spread of 3.91%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs". In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action

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

Factors that would lead to an upgrade or downgrade of the

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were unchanged for Classes B and C and within one notch of
the base-case results for Classes D and E.

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

Additional uncertainty about performance is due to the following:

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

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

3) Around 17.9% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at

4) Liquidation value of long-dated assets: Approximately 24% of
the portfolio is comprised of assets that mature after the
maturity date of the transaction ("long dated assets"). These
include one loan and one structured finance asset. For these long
dated assets, Moody's assumed a weighted average liquidation
value of 72.85% in its analysis. Any volatility between the
assumed liquidation value and the actual liquidation value may
create additional performance uncertainties.

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

DRYDEN XXVII-R 2017: Moody's Assigns (P)B2 Rating to Cl. F Notes
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Dryden
XXVII-R Euro CLO 2017 B.V.:

-- EUR251,200,000 Class A-1 Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aaa (sf)

-- EUR15,800,000 Class A-2 Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR36,800,000 Class B-1 Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aa2 (sf)

-- EUR18,500,000 Class B-2 Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR39,000,000 Class C Mezzanine Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)A2 (sf)

-- EUR29,300,000 Class D Mezzanine Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR27,300,000 Class E Mezzanine Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR14,000,000 Class F Mezzanine Secured Deferrable Floating
    Rate Notes due 2030, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.


Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, PGIM Limited, has
sufficient experience and operational capacity and is capable of
managing this CLO.

Dryden XXVII-R Euro CLO 2017 B.V. is a managed cash flow CLO. At
least 90% of the portfolio must consist of senior secured loans
and senior secured bonds. The portfolio is expected to be 65%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western

PGIM Limited will manage the CLO. It will direct 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 four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
improved and credit risk obligations, and are subject to certain

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR46.9M of subordinated notes, which will not
be rated.

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.

Defaulted obligations will neither be excluded nor carried at the
respective Moody's collateral value (defined as the minimum of
the market value and the Moody's recovery rate assumption) when
used to calculate the maximum exposures for Current Pay
Obligations and the Below-Par Exception. Exposures above such
limits (for Current Pay Obligations at 2.5% and Below-Par
Exceptions at 5%) will be treated as defaulted obligations and
Below-Par Securities respectively. This is not the usual market
practice and could weaken the effectiveness of the principal
coverage tests.

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
October 2016. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR466,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 4.00%

Weighted Average Recovery Rate (WARR): 41.0%

Weighted Average Life (WAL): 8 years

Weighted Average Coupon (WAC): 5.70%

Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. For countries which are not member of the
European Union, the foreign currency country risk ceiling applies
at the same levels under this transaction. Following the
effective date, and given the portfolio constraints and the
current sovereign ratings in Europe, such exposure may not exceed
15% of the total portfolio. As a result and in conjunction with
the current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 15% of the pool
would be domiciled in countries with A3 local or foreign currency
country ceiling. The remainder of the pool will be domiciled in
countries which currently have a local or foreign currency
country ceiling of Aaa or Aa1 to Aa3. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class as further described
in the methodology. The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of
the rated notes and amount to 2.00% for the Class A-1 and A-2
Notes, 1.25% for the Class B-1 and B-2 Notes, 0.50% for the Class
C Notes and 0% for Classes D, E, and F Notes.

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case. Below is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (from 2800 to 3220)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

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

Class B-2 Senior Secured Fixed Rate Notes: -1

Class C Mezzanine Secured Deferrable Floating Rate Notes: -1

Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F Mezzanine Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (from 2800 to 3640)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class C Mezzanine Secured Deferrable Floating Rate Notes: -3

Class D Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F Mezzanine Secured Deferrable Floating Rate Notes: -1

Further details regarding Moody's analysis of this transaction
may be found in the upcoming pre-sale report, available soon on

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.


EURASIA DRILLING: S&P Affirms 'BB/B' CCRs, Outlook Stable
S&P Global Ratings said that it has revised its outlook on
Russia-based oilfield services (drilling) company Eurasia
Drilling Co. (EDC) to stable from negative.

At the same time, S&P affirmed its 'BB/B' long- and short-term
corporate credit ratings and 'ruAA' Russia national scale rating
on EDC.

S&P also affirmed its 'BB' issue rating on EDC's senior unsecured

The outlook revision reflects S&P's view that the Russian oil
market has emerged from its trough in 2016, along with S&P's
expectation of a gradual increase in capital expenditures (capex)
in the sector in the coming years.  S&P believes that higher
demand for drilling in 2017 and 2018 will translate into a
recovery of EDC's EBITDA to $450 million in 2017.  This
profitability, coupled with lower capex compared with historical
levels should enable the company to deleverage further and
maintain S&P Global Ratings-adjusted debt to EBITDA below 2.0x.

Russia's three leading oil and gas producers -- LUKoil, Gazprom
Neft, and Rosneft -- represented more than 70% of EDC's revenues
in 2016, and these companies' capex was about Russian ruble (RUB)
1.5 trillion (about $23 billion) in 2016.  S&P expects this
aggregate capex will increase to RUB1.7 trillion in 2017 ($27
billion, taking into account the stronger expected ruble than in
2016) and climb again in 2018.  In addition to investments in new
fields, EDC foresees increasing demand for complex services, due
to the mature nature of key oil-producing fields (in 2016, value-
added services compensated for the decline in EDC's overall
drilling volumes).

S&P understands the company plans to set its capital spending at
a more sustainable level of about $200 million a year.  In
previous years, the company completed construction of jack-up
rigs and finalized its fleet renovation program.  This capex
level would enable EDC to resume some dividend distribution and
further strengthen its balance sheet.

Under S&P's base-case scenario, it expects EDC will report EBITDA
of $430 million-$470 million annually in 2017 and 2018, compared
with EBITDA of $405 million in 2016.

The stable outlook reflects S&P's view that EDC has the ability
to generate positive discretionary cash flows (free cash flow
after capex and dividends) in the coming 12-18 months, amid a
depressed drilling market.  In turn, S&P anticipates adjusted FFO
to debt of 40%-45%, which is in the upper end of the 30%-45%
range that is commensurate with the current rating.

Upside scenario:

Rating upside would follow stronger metrics, with FFO to debt
comfortably above 45%, taking into account potential foreign
exchange volatility.  Other factors that would support a higher
rating could include less exposure to exchange-rate volatility, a
longer-term debt maturity profile and committed credit
facilities, and better visibility regarding EDC's dividend

Downside scenario:

S&P is unlikely to consider a downgrade of EDC over the coming 12
months.  Downward rating pressure could arise from a substantial
increase in the company's investment program, leading to negative
FOCF generation and adjusted FFO to debt deteriorating to below

INTERNATIONAL CONSTRUCTION: Put on Provisional Administration
The Bank of Russia, by its Order No. OD-1138, dated April 28,
2017, revoked the banking license of Moscow-based credit
(Limited liability company) or CB ICB (LLC) from April 28, 2017,
according to the press service of the Central Bank of Russia.

According to the financial statements, as of April 1, 2017, CB
ICB (LLC) ranked 423rd by assets in the Russian banking system.
The credit institution is not a member of the deposit insurance

The problems faced by CB ICB (LLC) have resulted from its
extremely risky business model and the low quality of the bigger
portion of its assets caused by lending to shell companies.  The
bank's activities bore the signs of unfair practice on the part
of its management and owners manifested in the diversion of
assets to the detriment of creditors and conduct of fraudulent
operations aimed at masking the real credit risk.

Due to the acute liquidity strain, CB ICB (LLC) has actually lost
the ability to honour its obligations to creditors in full.

The Bank of Russia has repeatedly applied supervisory measures to
the credit institution, including restrictions and prohibition on
the conduct of certain operations.

The management and owners of the bank have not taken so far
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 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, due to the bank's inability to meet monetary
obligations to creditors, and also taking into account repeated
application within a year of measures envisaged by the Federal
Law "On the Central Bank of the Russian Federation (Bank of

The Bank of Russia, by its Order No. OD-1139, dated April 28,
2017, appointed a provisional administration to CB ICB (LLC) 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.

RAIFFEISENBANK AO: Moody's Raises LT Deposit Ratings to Ba1
Moody's Investors Service has upgraded AO RAIFFEISENBANK's
long-term local-currency deposit ratings and local-currency
senior unsecured debt ratings to Ba1 from Ba2. The long-term
foreign currency deposit rating is affirmed at Ba2, Russia's
foreign currency LT bank deposit country ceiling level. The
outlook on the long-term local-currency deposit and senior
unsecured debt ratings is stable, while the outlook on the long-
term foreign-currency deposit rating was changed to stable from

Concurrently, the rating agency upgraded the bank's baseline
credit assessment (BCA) and adjusted BCA to ba1 from ba2, and the
long-term Counterparty Risk Assessment (CR Assessment) to
Baa3(cr) from Ba1(cr), as well as the short-term CR Assessment to
Prime-3(cr) from Not Prime(cr). Moody's affirmed the local- and
foreign-currency short-term deposit ratings at Not Prime.

The rating action primarily reflects AO RAIFFEISENBANK's
resilient business model and credit metrics through the credit
cycle when compared to its peers in Russia and elsewhere. The
rating agency expects the bank will report strong profitability
in the next 12-18 months along with robust capital and liquidity


The upgrade of the bank's BCA, adjusted BCA and the long-term
ratings were driven by: (1) proven robust financial performance
through the credit cycle in 2014-16; and (2) Moody's expectation
of strong bottom line results in 2017-18. The rating agency
expects that the bank will maintain healthy capital adequacy and
liquidity in the next 12 to 18 months.

Unlike many other banks in Russia, AO RAIFFEISENBANK has
navigated the recent challenging years of the economic downturn
and interest rate shock relatively smoothly; it remained
profitable in 2014-16 and reported strong capital adequacy ratios
through the cycle.

In 2016, the bank posted RUB23.2 billion net income, which
translates into a return-on-average-assets (ROAA) and return-on-
average-equity (ROAE) of 3.0% and 22.0%, respectively. Strong
profitability was bolstered by: (1) the decline in credit costs
to 2.0% in 2016 from 2.7% a year before owing to tight risk
controls; and (2) a robust net interest margin of 5.4% in 2016,
which proved to be resilient to interest rate shocks seen in
2014-15. Barring material external shocks, the rating agency
expects the bank to show strong net profits in the next 12-18

In addition, the bank's asset quality and capital adequacy levels
will likely remain solid in the medium term. As of year-end 2016,
the bank reported a problem loan ratio of 6.3%, with its problem
lending sufficiently covered by loan loss reserves (79%), and
healthy capital buffers with a Tier 1 ratio of 21.6% under Basel
III. Moody's views these levels as robust, providing it with a
sufficient cushion to absorb potential credit losses, taking into
account a slight anticipated decline by the end of 2017 given
dividend payouts to its parent Raiffeisen Bank International AG
(RBI; LT bank deposits Baa1 stable, BCA ba2).


AO RAIFFEISENBANK's long-term local-currency deposit rating is at
the same level as Russia's Ba1 sovereign debt rating, so an
upgrade would require both an enhancement of the bank's
standalone fundamentals as well as the improved creditworthiness
of the Russian government. The bank's foreign-currency deposit
rating is at the same level as Moody's foreign currency bank
deposit ceiling for Russia, and so could be raised in the event
of an increase in the ceiling, which would likely also be
triggered by an upgrade in the agency's sovereign debt rating.

The ratings could be downgraded if: (1) the bank experiences
pressure on the loan book quality and higher than expected credit
losses; or (2) its loss absorption capacity in terms of its Tier
1 capital ratio or its problem loan coverage significantly




-- LT Bank Deposit (Local Currency), Upgraded to Ba1 from Ba2,
    Outlook Remains Stable

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 from
    Ba2, Outlook Remains Stable

-- Adjusted Baseline Credit Assessment, Upgraded to ba1 from ba2

-- Baseline Credit Assessment, Upgraded to ba1 from ba2

-- LT Counterparty Risk Assessment, Upgraded to Baa3(cr) from

-- ST Counterparty Risk Assessment, Upgraded to P-3(cr) from


-- LT Bank Deposit (Foreign Currency), Affirmed Ba2, Outlook
    changed to Stable from Negative

-- ST Bank Deposits (Local & Foreign Currency), Affirmed NP

Outlook Actions:

-- Outlook, Changed To Stable From Stable(m)


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

SIBES BANK: Put on Provisional Administration, License Revoked
The Bank of Russia, by its Order No. OD-1134, dated April 28,
2017, revoked the banking license of Omsk-based credit
institution SIBES Bank Joint-stock Company or SIBES Bank JSC from
April 28, 2017, according to the press service of the Central
Bank of Russia.

According to reporting data, as of April 1, 2017, the credit
institution ranked 352nd in the Russian banking system in terms
of assets and did not have a material effect on the aggregate
indicators of the Omsk Region's banking sector (household funds
-- 1.4% and corporate funds -- 0.09%).

The financial position of SIBES Bank JSC was characterised by
extremely elevated risks caused by household debt refinancing and
fraudulent transactions with consumer loan claims obtained from
microfinance organisations.

Fictitious operations to change assets have been revealed in the
bank's activity.  These operations were conducted to conceal the
shortage of funds in the bank's tills and its actual financial
position.  The unscrupulous behaviour of management and owners of
the credit institution to withdraw assets, manipulate reporting
data and disregard the supervisor's requirements to make
provisions adequate to the risks assumed is suggestive of the
credit institution's deliberate bankruptcy.  Moreover, the bank's
activity this year has been largely oriented to suspicious
transit operations with customers having negligent tax burden.

The Bank of Russia repeatedly applied supervisory measures to the
credit institution, including restrictions on household deposit

The management and owners of the bank have not taken so far
effective measures to bring its activities back to normal. Under
the circumstances, the Bank of Russia decided to withdraw the
credit institution off the banking services market.

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 stipulated 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 and 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
respective 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-1135, dated April 28,
2017, appointed a provisional administration to SIBES Bank JSC
for the period until the appointment of a receiver pursuant to
the Federal Law "On the 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.

SIBES Bank 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 RUR1.4
million per depositor.

SPURT JSCB: Deposit Insurance Agency to Oversee Administration
Due to the unstable financial position of Joint-stock Commercial
Bank Spurt (Public Joint-stock Company) and considering the
existence of a threat to creditors' and depositors' interests, by
its Order No. OD-1136, dated April 28, 2017, the Bank of Russia
appointed the state corporation Deposit Insurance Agency
(hereinafter, the Agency) to perform the functions of the
provisional administration of the bank for a six-month term from
April 28, 2017, according to the press service of the Central
Bank of Russia.

The powers of shareholders connected with participation in the
authorised capital and the powers of managing bodies of JSCB
Spurt (PJSC) are suspended for the period of provisional
administration activity.

The key objective of the provisional administration is to carry
out an inspection of the bank's financial position.

At the same time, due to the failure to meet creditors' claims on
monetary obligations within seven days from their maturity date
and guided by Article 18938 of Federal Law No. 127-FZ, dated
October 26, 2002, "On Insolvency (Bankruptcy)", by its Order
No. OD-1137, dated April 28, 2017, the Bank of Russia imposed a
moratorium on meeting creditors' claims with respect to JSCB
Spurt (PJSC) for a three-month term starting 28 April 2017.

Deterioration in the bank's financial position was caused by the
significant outflow of monetary funds belonging to corporate and
retail customers triggered, among other things, by information
attacks in social networks.

At the start of liquidity squeeze, the bank managed to honour its
obligations by selling its liquid assets.  Further out, the asset
selling was hampered by the bank's participation in the financing
of a large investment project at enterprises controlled by the
bank's head.

The size of financing for this project was three times the size
of the equity capital of the bank, however the bank masked this
fact by using various schemes involving shell companies.  As a
result, considerable funds of creditors and depositors turned out
to be immobilised in the form of zero-yielding long-term
investment, and the implementation of the investment project
slowed down because of financing deficit.

The moratorium imposed on servicing debt obligations will help
the provisional administration to control the situation at the
bank, and it will also allow the Bank of Russia to make a
decision on bank's future with due regard to the interests of
socially important enterprises credited by the bank.

Pursuant to Federal Law No. 177-FZ, dated 23 December 2003, "On
the Insurance of Household Deposits with Russian Banks" the
moratorium on meeting bank creditors' claims is an insured event.
Payments to JSCB Spurt (PJSC) depositors, including individual
entrepreneurs, will start no later than 14 days since the date
the moratorium has been imposed.  The Agency will determine the
procedure for paying out insurance indemnities.

After the Agency pays out insurance indemnities to retail
customers, the size of the bank's unsettled debt obligations will
be negligible.

VLADIMIRSKIY PROMYSHLENNY: Put on Provisional Administration
The Bank of Russia, by its Order No. OD-1140, dated April 28,
2017, revoked the banking license of Vladimir-based credit
institution Limited Liability Company Vladimirskiy Promyshlenny
Bank or Vladprombank LLC from April 28, 2017, according to the
press service of the Central Bank of Russia.

According to the financial statements, as of April 1, 2017,
Vladprombank LLC ranked 287th by assets in the Russian banking

Over a long period of time, the Bank of Russia has been keeping
an eye on Vladprombank LLC because of the bank's involvement in
various schemes of suspicious operations of its customers,
including operations conducted across the accounts of companies
engaged in business with precious metals.

The high involvement of Vladprombank LLC in various suspicious
operations despite the supervisor's repeated measures aimed at
preventing the bank from providing services to certain segments
of the shadow market, has demonstrated the unwillingness on the
part of the bank's management and owners to normalise its
activities.  Under the circumstances, the Bank of Russia took a
decision to withdraw Vladprombank LLC off the banking services

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 requirements
stipulated by Articles 7 (excluding Clause 3 of Article 7) and
7.2 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 the repeated application within
a year 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 and

The Bank of Russia, by its Order No. OD-1141, dated April 28,
2017, appointed a provisional administration to Vladprombank LLC
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.

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


TDA SA NOSTRA 1: Fitch Places BB Class E Notes Rating on RWP
Fitch Ratings has taken rating actions on TDA Sa Nostra Empresas
1, FTA's (Sa Nostra 1) and TDA Sa Nostra Empresas 2, FTA's (Sa
Nostra 2) notes, as follows:

Sa Nostra 1
EUR5.4m class B: affirmed at 'Asf'; Outlook Stable
EUR6.7m class C: upgraded to 'BBBsf' from 'BBsf'; Outlook
EUR6.6m class D: 'BBsf'; placed on Rating Watch Positive (RWP)
EUR3.0m class E: 'BBsf'; placed on RWP

Sa Nostra 2
EUR19.0m class B: affirmed at 'Asf'; Outlook Stable
EUR31.9m class C: 'BBsf;' placed on RWP
EUR9.7m class D: 'BBsf'; placed on RWP

Sa Nostra 1 and 2 are static cash flow securitisations of
portfolios of secured and unsecured loans granted by Caja de
Ahorros y Monte de Piedad de las Baleares (Sa Nostra; now Banco
Mare Nostrum (BMN); BB/RWP/B) to small and medium-sized
enterprises (SMEs) located in Spain.


Counterparty Risk Rating Cap
Sa Nostra 1's class D and E notes and Sa Nostra 2's class C and D
notes are capped at the rating of Banco Mare Nostrum (BMN). The
notes' credit enhancement is partially or fully provided by
reserve funds held in accounts at BMN. The rating cap for these
notes reflects their material exposure to BMN. Fitch has
therefore placed these notes on RWP in line with BMN's rating.

For rating stresses above BMN's rating, Fitch does not give
credit to the reserve. We have capped the highest achievable
rating in both transactions at 'Asf' since there is no additional
source of liquidity besides the reserve fund to mitigate payment
interruption risk in case of a servicer default.

Fitch has upgraded Sa Nostra 1's class C notes as the notes can
now withstand rating stresses above BMN's rating in the absence
of the reserve fund due to the continued deleveraging of the
transaction. The Positive Outlook reflects Fitch's view that
continued deleveraging at the current pace would put upward
pressure on the notes' rating.

Stable Performance; High Concentration
Both transactions have shown stable performance and delinquencies
over the last 12 months. Loans in arrears of more than 90 days
have declined to 0% from 1.2% for Sa Nostra 1. Arrears over 90
days have increased slightly to 0.6% from 0.4% one year ago for
Sa Nostra 2 but remain low in absolute terms.

Both transactions are reaching the tail end of their life with
pool factors standing at 8.6% and 17.1% for Sa Nostra 1 and 2,
respectively. Obligor concentration levels in both portfolios
have been rising and have become a main driver of the performance
of Sa Nostra 1. The largest obligor in the Sa Nostra 1 portfolio
accounts for 8.4% of total performing assets while 81.8% of the
portfolio is made up of obligors that each represent more than
50bp of par. The comparable figures for Sa Nostra 2 are lower at
2.9% and 20.5%, respectively.


A 25% increase in the obligor probability of default or a 25%
reduction in recoveries would not lead to a downgrade of the
rated notes in either transaction.

The ratings of Sa Nostra 1's class D and E notes and Sa Nostra
2's class C and D notes will be subject to rating action should
BMN's rating change.

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis.

Fitch did not undertake a review of the information provided
about the underlying asset pools ahead of the transactions'
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.

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


The information below was used in the analysis.

- Issuer and Servicer reports dated March 31, 2017 and provided
   by Titulizacion de Activos S.G.F.T. S.A.

- Loan-by-loan data as of March 31, 2017, provided by
   Titulizacion de Activos S.G.F.T. S.A.


FINBANK: National Bank of Ukraine Revokes Banking License
Interfax-Ukraine reports that the National Bank of Ukraine on
April 27 decided to revoke the banking license and liquidate PJSC
Finbank at the suggestion of the Individuals' Deposit Guarantee

The central bank said, with reference to the fund, 99% of Finbank
depositors will receive their deposits in full, since their
amount does not exceed the guaranteed sum of UAH200,000,
Interfax-Ukraine relates.

The NBU noted Finbank was declared insolvent on April 7 due to
the failure to complete the program of capitalization, a high
proportion of transactions with related parties, and violation of
economic standards, Interfax-Ukraine recounts.  Temporary
administration was introduced in the bank on April 10,
Interfax-Ukraine relays.

According to Interfax-Ukraine, the fund said the total guaranteed
amount of deposit refunds is UAH2.9 million.

Finbank was registered in 1993.  Finbank ranked 63rd among 93
banks operating in the country as of Jan. 1 (UAH650.91 million).

U N I T E D   K I N G D O M

BLAS: Faces Liquidation, Owes Money to HMRC
Hywel Trewyn at The Daily Post reports that Blas, an award
winning restaurant, has gone bust owing GBP168,000 to the taxman.

Blas in Caernarfon, Gwynedd shut without warning at the end of
March, with staff losing their jobs, The Daily Post relates.

Scores of customers who bought vouchers have also been left out
of pocket by the closure, The Daily Post notes.

According to The Daily Post, The Gazette official public record
showed that a petition to wind up Blas was filed in the High
Court by HMRC on April 25 after a meeting of creditors at Parkin
S Booth, liquidators, Chester on April 18.

The petition should be heard at the High Court, London on May 8,
The Daily Post discloses.  Appointed liquidator Ian Brown, of
Parkin S Booth, as cited by The Daily Post, said Mr. Blas owed
GBP168,500 in unpaid taxes to the HMRC, its biggest creditor, and
around GBP3,700 to local creditors.

"They're bust.  You still have to put the company into
liquidation.  The petition will now be withdrawn as they have
gone into voluntary liquidation.  The assets are minimal," The
Daily Post quotes Mr. Brown as saying.

Mr. Brown, the liquidator, however did not hold out much hope
that customers would get their money back, The Daily Post notes.

HARBEN FINANCE 2017-1: Moody's Assigns Caa1 Rating to Cl. G Notes
Moody's Investors Service has assigned definitive ratings to the
following classes of notes issued by Harben Finance 2017-1 plc:

-- GBP1493.326M Class A mortgage backed floating rate notes due
    August 2056, Definitive Rating Assigned Aaa (sf)

-- GBP125.247M Class B mortgage backed floating rate notes due
    August 2056, Definitive Rating Assigned Aa1 (sf)

-- GBP120.429M Class C mortgage backed floating rate notes due
    August 2056, Definitive Rating Assigned A1 (sf)

-- GBP57.807M Class D mortgage backed floating rate notes due
    August 2056, Definitive Rating Assigned Baa1 (sf)

-- GBP4.817M Class E mortgage backed floating rate notes due
    August 2056, Definitive Rating Assigned Baa3 (sf)

-- GBP19.268M Class F mortgage backed floating rate notes due
    August 2056, Definitive Rating Assigned Ba1 (sf)

-- GBP19.269M Class G mortgage backed zero rate notes due August
    2056, Definitive Rating Assigned Caa1 (sf)

This transaction is the first securitisation of Prudential Loan
Investments S.Ö r.l. ("Prudential", not rated). The portfolio
consists of first lien BTL home loans extended to 9,633
borrowers, with the current pool balance of approximately
GBP1,926 million. A significant portion of the assets comes from
a pool backing the Aire Valley Master Trust. The portfolio will
be serviced by Topaz Finance Limited (NR), part of the
Computershare group.


The rating of the notes take into account, among other factors:
(1) the performance of the Aire Valley Master Trust; (2) the
credit quality of the underlying mortgage loan pool, (3) legal
considerations (4) the initial credit enhancement provided to the
senior notes by the junior notes and the reserve fund and (5) the
low level of excess spread.

Please note that on March 22, 2017, Moody's released a Request
for Comment, in which it has requested market feedback on
potential revisions to its Approach to Assessing Counterparty
Risks in Structured Finance. If the revised Methodology is
implemented as proposed, the Credit Rating on Harben Finance
2017-1 plc may be affected. Please refer to Moody's Request for
Comment, titled "Moody's Proposes Revisions to Its Approach to
Assessing Counterparty Risks in Structured Finance," for further
details regarding the implications of the proposed Methodology
revisions on certain Credit Ratings.

  -- Expected Loss and MILAN CE Analysis

Moody's determined the MILAN credit enhancement (MILAN CE) and
the portfolio's expected loss (EL) based on the pool's credit
quality. The MILAN CE reflects the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario.
The expected portfolio loss (EL) of 2.3% and the MILAN CE of
15.0% serve as input parameters for Moody's cash flow and
tranching model, which is based on a probabilistic lognormal

MILAN CE for this pool is 15.0%, which is higher than the UK buy-
to-let sector average of ca. 14.7%, owing to: (1) the weighted
average original loan-to-value (LTV) of 74.87%, which is higher
than the LTV observed in other comparable UK BTL transactions;
(2) the historical performance of the pool (high levels of
arrears were observed in stressed scenarios); (3) the weighted-
average seasoning of 11.05 years; (4) the proportion of interest-
only loans (89.26%); and (5) benchmarking with other UK BTL RMBS
transactions as well as with the previous transactions of Aire

The expected loss is 2.3%, which is higher than the UK buy-to-let
sector average of ca. 1.7%, owing to: (1) the performance of the
originator's precedent transactions; (2) benchmarking with
comparable transactions in the UK BTL RMBS market; and (3) the
current economic conditions in the UK and the potential impact of
future interest rate rises on the performance of the mortgage

  -- Operational Risk Analysis

Prudential Loan Investments will act as servicer facilitator, and
it will give the directives to the Long Term Servicer and the
Interim Servicer on the administration of the portfolio. Topaz
Finance Limited ("Topaz") will act as a Long Term Servicer and
will start servicing the portfolio one year after closing.
Computershare Mortgage Services Limited will act as the Interim
Servicer and will service the portfolio for one year after
closing. Computershare Mortgage Services Limited has been
servicing the portfolio prior to closing. A back-up servicer
facilitator (Intertrust Management Limited) will be appointed at
closing. The backup servicer facilitator is required to find a
suitable replacement within 30 days if, amongst other things, the
servicer is insolvent or defaults on its obligation under the
servicing agreement. Citibank N.A., London Branch (A1 Senior
Unsecured/(P)P-1/A1(cr)) will act as cash manager. The collection
account is held at National Westminster Bank PLC ("Natwest")
(A3/P-2 Bank Deposits/A3(cr)) ("RBS"). There is a daily sweep of
the funds held in the collection account into the transaction
account. In the event Natwest rating falls below Baa3 the
collection account will be transferred to an entity rated at
least Baa3. The issuer account is held at Citibank N.A., London
Branch (A1 Senior Unsecured/(P)P-1/A1(cr)) with a transfer
requirement if the rating of the account bank falls below A3.

  -- Transaction structure

There is no General Reserve Fund in place at closing. The reserve
fund will be funded by the Available Revenues up to a target
amount of 2.5% of Classes A and B initial amount less the
Liquidity Reserve Fund target, according to the priority of
payments. The General Reserve Fund can be used to cover
shortfalls in interest payments for Classes A to F as well as to
cure PDL. There will be a fully funded Liquidity Reserve Fund in
place at closing equal to 2.5% of the Class A and B Notes
outstanding balance. Following the first IPD the Liquidity
Reserve Fund will be available to cover senior fees and interest
shortfalls on Class A and B Notes after using revenue and
principal proceeds. At closing, the Liquidity Reserve Fund
provides approx. 4 months of liquidity to the Class A assuming
Libor of 5.7%. Principal can be used as an additional source of
liquidity to meet shortfall on senior fees and interest on the
most senior outstanding class, principal can also be used to
cover interest payment for more junior classes subject to a PDL

  -- Interest Rate Risk Analysis

The majority of the loans in the pool are BBR linked (ca. 99.3%)
with the remaining small proportion being fixed rate loans. There
is no swap in the transaction to mitigate the risk of mismatch
between the index applicable to the loans in the pool and the
index applicable to the notes. Moody's has taken the absence of
swap into account in the stressed margin vector used in the cash
flow modelling.

Stress Scenarios:

  -- Parameter Sensitivities

At the time the ratings were assigned, the model output indicated
that Class A notes would have achieved Aaa(sf), even if MILAN CE
was increased to 24% from 15.0% and the portfolio expected loss
was increased to 6.9% from 2.3% and all other factors remained
the same.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

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

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

Factors that would lead to an upgrade or downgrade of the

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.

For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in a downgrade of the ratings.
Downward pressure on the ratings could also stem from (1)
deterioration in the notes' available credit enhancement; (2)
counterparty risk, based on a weakening of a counterparty's
credit profile, or (3) any unforeseen legal or regulatory

Conversely, the junior notes' ratings could be upgraded: (1) if
economic conditions are significantly better than forecasted; or
(2) upon deleveraging of the capital structure.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Classes A and B Notes by
the legal final maturity. In Moody's opinion, the structure
allows for ultimate payment of interest and principal with
respect to the Class C, Class D, Class E, Class F and Class G
notes by the legal final maturity. Moody's ratings only address
the credit risk associated with the transaction. Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

MISYS NEWCO: Moody's Rates Proposed New $1.15BB Sr. Loans (P)Caa2
Moody's Investors Service has assigned (P)Caa2 ratings to Misys
Newco 2 S.a r.l.'s (Misys) proposed new $1.15 billion equivalent
senior secured second lien term loans, which shall be co-borrowed
by Almonde, Inc. and Misys Europe SA. The action follows the
launch of syndication for a financing package comprising $5.35
billion equivalent of senior secured term loans and $400 million
equivalent of revolving credit facilities, 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.

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 second lien debt transaction, as well
as a conclusive review of the final documentation, Moody's will
endeavour to assign definitive ratings on the second lien debt
instruments. A definitive rating may differ from a provisional

All existing ratings and outlooks remain unchanged.


The rating assignment was driven by the large amount of senior
secured first lien credit facilities, worth $4.6 billion, ranking
ahead of the proposed $1.15 billion senior secured second lien
term debt.

There will be no scheduled debt amortisation or financial
maintenance covenants attached to the second lien term debt.



Issuer: Almonde, Inc.

-- Senior Secured Bank Credit Facility, Assigned (P)Caa2

Issuer: Misys Europe SA

-- Senior Secured Bank Credit Facility, Assigned (P)Caa2


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

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

TAURUS CMBS 2006-2: S&P Lowers Rating on Class A Notes to B+
S&P Global Ratings has lowered to 'B+ (sf)' from 'BB- (sf)' its
credit rating on Taurus CMBS (U.K.) 2006-2 PLC's class A notes.
At the same time, S&P has affirmed its 'D (sf)' ratings on the
class B, C, and D notes.

The rating actions follow S&P's review of the transaction's
outstanding portfolio performance under its European commercial
mortgage-backed securities (CMBS) criteria.

                         MAPELEY STEPS LOAN

The Mapeley Steps loan, the last remaining loan in the pool, has
a GBP121.75 million outstanding securitized balance and matures
in April 2021.

The loan was initially secured on 140 properties.  The borrower
has disposed of 70 properties since closing.

The loan is now secured on a portfolio of 70 properties.  The
properties are predominantly U.K. office buildings.  Of the
portfolio, about 93% is let to Her Majesty's Revenue and Customs
(HMRC).  The lease expires toward the loan maturity date.

The portfolio was valued at GBP392.3 million in June 2016. This
reflects a whole loan-to-value (LTV) ratio of 31.2%.

Absent of additional property sales during the loan term, S&P
considers that the loan may become more vulnerable to nonpayment,
in particular if HRMC decides to vacate at lease maturity in
April 2021.

S&P has assumed principal losses in its 'B' rating stress

                           RATING ACTIONS

S&P's ratings address the timely payment of interest and the full
repayment of principal no later than the legal final maturity
date in April 2024.

Following S&P's review, it considers the available credit
enhancement for the class A notes to be insufficient to mitigate
the risk of losses from the remaining underlying loan pool at the
currently assigned rating level.  S&P has therefore lowered to
'B+ (sf)' from 'BB- (sf)' its rating on the class A notes.

Given the outstanding non-accruing interest amount, the class B,
C, and D notes continue to experience interest shortfalls, and
S&P also expects these classes of notes to experience principal
losses on their final payment date.  S&P has therefore affirmed
'D (sf)' ratings on the class B, C, and D notes.

Taurus CMBS (U.K.) 2006-2 is a 2006-vintage CMBS transaction
backed by one loan (down from eight at closing), secured on 70
U.K. office properties.


Taurus CMBS (U.K.) 2006-2 PLC
GBP447.15 mil commercial mortgage-backed floating-rate notes
Class             Identifier              To         From
A                 XS0271522103            B+ (sf)    BB- (sf)
B                 XS0271523259            D (sf)     D (sf)
C                 XS0271523846            D (sf)     D (sf)
D                 XS0271524653            D (sf)     D (sf)

* UK: Corporate Insolvencies Up 4.5% from Q4 2016 to Q1 2017
Commenting on the Q1 2017 England & Wales insolvency statistics
(published on April 28 by the Insolvency Service), Adrian Hyde,
President of insolvency and restructuring trade body R3, says:

Corporate insolvencies

   -- Corporate insolvency numbers are not easily comparable to
Q4 2016: insolvency numbers in that quarter were distorted by
1,796 connected companies entering insolvency procedures at the
same time

   -- Excluding these companies, corporate insolvencies rose 4.5%
from Q4 2016 to Q1 2017 and are 5.3% higher than this time last

"Having been flat last year and having fallen slowly from a post-
financial crisis peak before that, corporate insolvency numbers
are starting to move up again.

"Low interest rates, creditor forbearance, and a growing economy
mean insolvency numbers are still close to record lows but the
past year and a bit has been much more challenging for

"The pound's fall in value since last year's referendum will have
hurt importers, while many of the currency hedges that protected
larger companies in the immediate aftermath of the referendum
will have begun to unwind at the start of the year.

"Other challenges include the introduction of the National Living
Wage and the rollout of pension auto-enrolment to smaller firms.
More obstacles lie in wait, too.  The rates changes -- despite
some last minute alterations -- could hurt businesses in London
and the South East, for example.

"It's worth noting, however, that insolvencies usually rise in
the first three months of the calendar year as many companies
come to the end of their financial year and have to make some
difficult decisions.

"Insolvency numbers should be watched closely over the next year
to see whether recent rises are just a blip or the start of a new
upwards trend."

Personal Insolvencies

Personal insolvencies rose 6.7% from Q4 2016 to Q1 2017 and are
15.7% higher than this time last year.

"The personal insolvency increase has been driven by further
rises in Individual Voluntary Arrangement numbers -- which is
more of an indication of easier access to IVAs than increasing
financial problems -- but it's notable that bankruptcies have
begun ticking up a little.

"Rising bankruptcies are perhaps a better indicator of worsening
debt problems as access is less flexible -- although the
introduction of an online application process in April 2016 has
made things simpler for people in debt.  Bankruptcies are often
triggered by someone's own company failing, over-spending, job
loss, or wage reductions, or relationship breakdowns.

"Although borrowing rates remain at record lows, rising inflation
and slowing real wage growth will be limiting people's financial
room for manoeuvre.

"Compared to where insolvency numbers were a few years ago,
personal insolvency rates are still low and the recent bankruptcy
rises have been very small.  However, a continued gradual upwards
shift may be a sign that the post-recession return of high levels
of consumer borrowing and spending is starting to reach its

"The increase in IVA numbers is harder to assess.  It may be down
to increased insolvencies but it is just as likely to be because
IVA providers have made it easier for insolvent individuals to
set up an IVA, or because people have been switching from a non-
statutory debt management plan to the statutory insolvency

"It should be remembered that the statutory insolvency numbers do
not give the full picture of personal insolvency in England &
Wales.  There are potentially hundreds of thousands of people in
non-statutory debt management plans, but unfortunately, there are
no official statistics on these.  Better information would give
us a better understanding of the personal insolvency landscape. A
register of debt management plans would be a good step forward."


* BOND PRICING: For the Week April 24 to April 28, 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 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  Go to 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 Joseph Cardillo at 856-

                 * * * End of Transmission * * *