TCREUR_Public/170515.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 15, 2017, Vol. 18, No. 095


                            Headlines


G E O R G I A

BANK OF GEORGIA: Fitch Rates Upcoming Sr. Unsec. Notes 'BB-(EXP)'
BGEO GROUP: Fitch Affirms BB- Long-Term IDR, Outlook Stable


I R E L A N D

HARVEST CLO XVII: S&P Assigns B Rating to Class F Notes
OCP EURO CLO 2017-1: S&P Assigns B- Rating to Class F Notes


I T A L Y

ALITALIA SPA: Etihad Names Interim CEO Following Bankruptcy
BANCA POPOLARE DELL'EMILIA: Fitch Affirms 'BB' LongTerm IDR
INTESA SANPAOLO: S&P Assigns 'B+' Rating to EUR750MM AT1 Notes


K A Z A K H S T A N

KAZKOMMERTSBANK: S&P Puts 'B-/B' CCRs on CreditWatch Negative


N E T H E R L A N D S

HALCYON STRUCTURED 2006-II: Moody's Affirms B1 Cl. E Notes Rating
LEOPARD CLO V: S&P Raises Rating on Class F Notes to CCC
STORM 2014-I: Fitch Affirms 'BBsf' Rating on Class D Notes


P O L A N D

SKOK: Financial Markets Regulator Suspends Operations


R O M A N I A

ROMCAB SA: Has EUR222 Million Accumulated Debt
* ROMANIA: 45% Seaside Accommodation Units at Risk of Insolvency


R U S S I A

ACBA-CREDIT AGRICOLE: Fitch Publishes B+ LT Issuer Default Rating
BASHNEFT PJSOC: Fitch Raises IDRs From BB+, Outlook Stable


S L O V E N I A

TELEKOM SLOVENIJE: Moody's Withdraws Ba2 Corporate Family Rating


S P A I N

IBERCAJA BANCO: Moody's Hikes Long-Term Deposit Rating to Ba3


T U R K E Y

TURKIYE HALK: Fitch Withdraws 'BB(EXP)' Rating on Tier 2 Notes


U K R A I N E

UKRAINE: Losses of Insolvent Banks Rise to UAH195.658 Billion


U N I T E D   K I N G D O M

CO-OPERATIVE BANK: Set to Unveil Capital Injection Plans
DRAX GROUP: Fitch Assigns Final BB+ LT Issuer Default Rating
KIDS COMPANY: Trustees to Fight Any Banning Action
TRANSLINE GROUP: Gets Stay of Execution Amid Rescue Talks
VIRGIN MEDIA: Fitch Affirms BB- IDR, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week May 8 to May 12, 2017


                            *********



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G E O R G I A
=============


BANK OF GEORGIA: Fitch Rates Upcoming Sr. Unsec. Notes 'BB-(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Bank of Georgia's (BoG) upcoming issue
of GEL-denominated senior unsecured notes an expected Long-term
rating of 'BB-(EXP)'. The total amount and final maturity of the
issue are yet to be determined.

BoG has a Long-Term Issuer Default Rating (IDR) of 'BB-' with a
Stable Outlook, Short-term IDR of 'B', Viability Rating of 'bb-',
Support Rating of '4' and Support Rating Floor of 'B'.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

The issue's rating corresponds to BoG's 'BB-' Long-Term Local-
Currency IDR, which considers the bank's adequate asset quality,
reasonable capitalisation, sound profitability metrics and stable
funding profile. The ratings also capture the high lending
dollarisation level and significant borrower concentrations.

The Stable Outlook on the bank's ratings reflects Fitch's view
that BoG's pre-impairment profitability should absorb potential
asset quality impairment without losses eroding capitalisation.

RATING SENSITIVITIES

Changes to BoG's Long-Term Local-Currency IDR would impact the
issue's rating. Upside potential for BoG's ratings is limited, as
they are already at the same level as the sovereign. A downgrade
may result from rapid growth or a marked deterioration of asset
quality, leading to a substantial weakening of BoG's
capitalisation.


BGEO GROUP: Fitch Affirms BB- Long-Term IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of JSC BGEO Group (BGEO) at 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

BGEO's ratings reflect Fitch's view that the default risk of the
holding company (holdco) is highly correlated with that of its
main operating entity, Bank of Georgia (BoG, BB-/Stable/bb-). This
view is based on BGEO's reliance on loan repayments and dividends
from BoG as the main source of cash flows to service the holdco's
debt.

The equalisation of BGEO's and BoG's ratings takes into account
the absence of double leverage at the holdco level (defined as the
equity investments in subsidiaries divided by holdco equity), as
investments in subsidiaries are currently financed with the
holdco's equity. Fitch's expectation is that double leverage, even
if it appears in the future, will not exceed the 120% threshold,
at which the agency would usually consider introducing a notch
difference between with the ratings of a bank holdco and its main
operating subsidiary.

The equalisation of the ratings also reflects Fitch's view that
consolidated non-banking subsidiaries have limited impact on
BGEO's creditworthiness due to them being small (15% of BGEO's
assets and 25% of revenues in 2016) and profitable.

The fact that BGEO and BoG are domiciled in the same jurisdiction
also supports the equalisation of the ratings. However, in a
stress scenario Fitch believes that lack of consolidated group
oversight (National Bank of Georgia regulates only BoG) could
moderately impair the fungibility of liquidity and capital within
the group, resulting in better protection of creditors' rights at
BoG than at BGEO.

The senior unsecured debt rating of BGEO is aligned with its IDR.

BGEO's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's view that sovereign support for BGEO cannot
be relied upon given that it is not a regulated entity.

RATING SENSITIVITIES

BGEO's ratings are sensitive to changes in BoG's ratings. In
addition, BGEO's ratings could be downgraded if any debt issuance
results in a marked increase in double leverage or if this results
in significantly increased liquidity risks at the BGEO level.

Greater risks relating to BGEO's non-banking subsidiaries -
because of a marked increase in their size, a deterioration in
their credit profiles or greater reliance on their cash flows for
servicing of holdco debt - could also be negative for BGEO's
ratings.

The rating actions are as follows:

BGEO
Long-Term IDR: affirmed at 'BB-'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'
Senior unsecured debt: affirmed at 'BB-'



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


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

The ratings assigned to Harvest CLO XVII's notes reflect S&P's
assessment of:

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

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

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

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

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

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

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

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

Harvest CLO XVII is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a revolving
pool, comprising primarily euro-denominated senior secured loans
and bonds issued mainly by European borrowers.  Investcorp Credit
Management EU Ltd. is the collateral manager.

RATINGS LIST

Ratings Assigned

Harvest CLO XVII DAC
EUR413.65 Million Fixed- And Floating-Rate Notes (Including
EUR42.9 Million Subordinated Notes)

Class          Rating           Amount
                              (mil. EUR)

A              AAA (sf)         242.00
B-1            AA (sf)           43.50
B-2            AA (sf)           10.00
C              A (sf)            21.50
D              BBB (sf)          20.00
E              BB (sf)           24.00
F              B (sf)             9.75
Sub.           NR                42.90

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


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

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

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

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

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

The issuer is bankruptcy remote according to S&P's European legal
criteria.

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

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

RATINGS LIST

Ratings Assigned

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

Class                Rating            Amount
                                     (mil. EUR)

A                    AAA (sf)          202.25
B                    AA (sf)            49.75
C                    A (sf)             21.00
D                    BBB (sf)           17.50
E                    BB (sf)            22.75
F                    B- (sf)             9.25
Subordinated notes   NR                 38.25

NR--Not rated.



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


ALITALIA SPA: Etihad Names Interim CEO Following Bankruptcy
-----------------------------------------------------------
Reuters reports that the naming of a new boss at Etihad Airways
presents the Gulf carrier with an opportunity to rethink its
aggressive expansion strategy after the failure of minority-owned
Alitalia underlined the big barriers to global growth.

Ray Gammell was appointed interim CEO last week, days after
Alitalia sought bankruptcy protection with US$3.3 billion (GBP2.5
billion) of debt, Reuters relates.  He replaces veteran boss James
Hogan, Reuters discloses.

According to Reuters, Mr. Hogan's strategy was to buy up minority
stakes in myriad airlines but the struggles of that strategy, most
recently with Alitalia, are emblematic of a quandary peculiar to
the industry.

Since 2011, Abu Dhabi state-owned Etihad has spent billions of
dollars buying minority stakes from Europe to Australia as it
races to catch up with regional rivals Emirates and Qatar Airways,
Reuters relays.

Alitalia was Etihad's eighth and most high-profile bet, Reuters
notes.  But the EUR560 million (GBP472.8 million) investment lies
in tatters, placing Hogan's wider strategy under the microscope,
after staff overwhelmingly rejected its latest restructuring
plans, Reuters states.

                          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%.

                      *     *     *

Alitalia was the subject of a bail-out in 2014 by means of a
significant capital injection from Etihad Airways, with goals of
achieving profitability during 2017.  However, increased
competition on routes operated by U.K.-based carriers and
significantly higher labor costs led to the ultimate failure of
Etihad Airways' profitability goals for Alitalia.  During late
April 2017, labor unions representing Alitalia workers rejected a
plan that called for job reductions and pay cuts for workers.
Following the failure of these negotiations, Etihad Airways
signaled an unwillingness to invest additional capital into the
company and shareholders ultimately agreed to file for
extraordinary administration proceedings on May 2, 2017.


BANCA POPOLARE DELL'EMILIA: Fitch Affirms 'BB' LongTerm IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Banca Popolare dell'Emilia Romagna's
(BPER) Long-Term Issuer Default Rating (IDR) at 'BB' and Viability
Rating (VR) at 'bb'. The Outlook is Stable.

KEY RATING DRIVERS
IDRS, VR AND SENIOR DEBT

The bank's Long- and Short-Term IDRs are driven by the bank's
standalone profile, as captured by the VR. The ratings primarily
reflect the bank's weak asset quality and the impact this has on
its capitalisation. Regulatory capital ratios comfortably meet
minimum requirements, but in Fitch views capitalisation is not in
line with the bank's risk profile, given the high proportion of
its unreserved impaired loans.

With a gross impaired loan ratio of nearly 22% at end-2016, asset
quality weighs heavily on the bank's balance sheet and has a
negative impact in Fitch overall assessment of the bank's profile
and risk appetite. BPER's loan book is fairly diversified by
borrower and industry and the pace of new impaired loans has
consistently slowed down for a number of quarters. However, Fitch
does not expects to see large scale reductions in the stock of
impaired loans, at least in the short to medium term, given
management's intention to work out problem loans gradually rather
than dispose of them.

BPER's profitability is vulnerable to the economic and interest
rate cycles. During 2016 profitability slumped due to lower
operating revenues, mainly driven by tighter lending spreads and
halved net gains from securities. LICs remained high, although
they decreased from 2015. Over the medium term, the bank expects a
stabilisation in operating profitability as business volumes pick
up, costs remain under control and LICs decrease further. Fitch
believes there is a risk that LICs might remain high if, depending
on the feedback from the regulators on its impaired loan reduction
plan, the bank decides to accelerate the pace of disposals.

Fitch considers the bank's risk appetite overall to have improved,
particularly in the form of risk controls and Fitch expects that
newly underwritten loans are of better quality than legacy assets.
Furthermore, the bank continues to benefit from a strong franchise
in a number of regions. As a result, its funding profile is
adequate, benefiting from stable and loyal customers. Since late
2015 the bank has benefited from flight to quality customer
deposit inflows.

Wholesale channels are sufficiently diversified for a second-tier
bank through the utilisation of covered bonds, securitisation and
ECB funding. Liquidity is acceptable, with liquidity coverage and
net stable funding ratios above 100%. Contingent access to ECB
facilities underpins Fitch assessments of the bank's funding and
liquidity. ECB funding rose to 14% of total assets in March 2017,
following participation in the last TLTRO 2 auction.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

The SR and SRF reflect Fitch's view that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign in the event that a bank becomes nonviable. The EU's
Bank Recovery and Resolution Directive and the Single Resolution
Mechanism for eurozone banks provide a framework for resolving
banks that require senior creditors participating in losses, if
necessary, instead of or ahead of a bank receiving sovereign
support.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BPER's subordinated debt is rated one notch below the VR to
reflect the higher loss severity compared with senior debt. Its
affirmation reflects that of BPER's VR.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND SENIOR DEBT

The bank's IDRs, VR and senior debt ratings would be downgraded if
Fitch see continued pressure from weak asset quality, with the
stock of non-performing loans remaining substantial, as well as
weakening capital and profitability. Should a reduction in
impaired loans cause material capital erosion without any
simultaneous capital strengthening, ratings would also likely be
downgraded.

Conversely, the ratings could benefit from an acceleration in the
reduction of gross impaired loans and in the level of unreserved
impaired loans relative to core capital, but to the extent that
capital ratios are maintained with moderate buffers above
regulatory requirements.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)
An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support the banks. In Fitch's view this is highly unlikely,
although not impossible.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt ratings are broadly sensitive to changes in the
VR, from which they are notched. The ratings are also sensitive to
a change in the notes' notching, which could arise if Fitch
changed its assessment of their expected loss severity.

The rating actions are as follows:

BPER
Long-Term IDR: affirmed at 'BB'; Outlook Stable
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
EMTN programme Long- and Short-Term ratings: affirmed at
  'BB'/'B'
Subordinated debt: affirmed at 'BB-'


INTESA SANPAOLO: S&P Assigns 'B+' Rating to EUR750MM AT1 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to the
EUR750 million perpetual additional Tier 1 (AT1) capital notes
issued by Intesa Sanpaolo (BBB-/Stable/A-3).

S&P understands from the terms and conditions that the AT1 notes
will comply with the EU's latest capital requirement directive
(CRD IV), which is the EU implementation of Basel III.  S&P also
understands that the notes will rank senior to ordinary shares,
but will be subordinated to more senior debt, including Intesa
Sanpaolo's Tier 2 debt.

In accordance with S&P's methodology on hybrid capital, S&P is
assigning the AT1 notes a 'B+' rating, four notches below the
issuer credit rating (ICR) on Intesa Sanpaolo.  S&P usually
derives the hybrid rating for banks based in Italy by notching
down from the bank's stand-alone credit profile (SACP).  In this
case, S&P notch down from the ICR on Intesa Sanpaolo because it is
currently lower than its SACP, given the lower creditworthiness of
the Republic of Italy (unsolicited, BBB-/Stable/A-3).

As such, S&P calculates this four-notch difference as:

   -- One notch to reflect subordination risk.
   -- Two additional notches to take into account the risk of
      non-payment at the full discretion of the issuer and the
      hybrid's likely inclusion in Tier 1 regulatory capital.
   -- One further notch because the instruments allow for full or
      partial temporary write-down.

S&P does not apply any additional notching because it do not
consider the 5.125% mandatory conversion trigger as a going-
concern trigger.

Compliance with the minimum regulatory capital requirements is
necessary to avoid the risk of potential restrictions in the
payment of coupons on AT1 notes.  The minimum regulatory capital
requirement (the aggregate of capital conservation buffers, Pillar
1 and Pillar 2) in terms of Common Equity Tier 1 (CET1) for 2017
that the European Central Bank set for Intesa Sanpaolo in the 2016
Supervisory Review and Evaluation Process (SREP) was 7.25% (9.25%
on a fully loaded basis).  S&P views the risk of this restriction
being applied to Intesa Sanpaolo as limited at this stage.  This
is because the bank's CET1 ratio is well above the SREP level.  As
of March 31, 2017, the CET1 ratio was 12.5% (12.9% on a fully
loaded basis), clearing above the SREP requirement.  In addition,
the nonpayment risk for Intesa Sanpaolo is mitigated by S&P's
expectation that the bank will maintain resilient profitability
over the next two years.  This will likely allow its
capitalization to remain in line with the current level, despite
the high dividend distribution (in the 80%-90% range).

S&P intends to assign intermediate equity content to the notes,
once the regulator approves them, for inclusion in the bank's
regulatory Tier 1 capital.  The instruments meet the conditions
for intermediate equity content under S&P's criteria as they are
perpetual, with a call date expected to be five or more years from
issuance.  In addition, they do not contain a coupon step-up and
have loss-absorption features on a going-concern basis due to the
bank's flexibility to suspend the coupon at any time.



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


KAZKOMMERTSBANK: S&P Puts 'B-/B' CCRs on CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings said that it had placed its 'B-/B' long- and
short-term counterparty credit ratings and 'kzB+' Kazakhstan
national scale ratings on Kazkommertsbank JSC on CreditWatch with
negative implications.

The CreditWatch placement reflects S&P's view that KKB could need
a capital injection to address its underprovisioning even though
the Kazakh authorities have committed to provide substantial bad
asset and liquidity support to KKB.  S&P does not see KKB's
current financial position as sustainable in the long term.  While
S&P's base case remains that the bank will receive solvency
support to restore its capital to regulatory adequate levels after
additional provisioning, S&P currently has doubts about the source
and timing of such support.

S&P anticipates that KKB's total equity, which was Kazakhstani
tenge (KZT) 381 billion ($1.1 billion) as of year-end 2016, could
be substantially reduced following the creation of additional
provisions.  Following its inspection in November 2015-February
2016, KKB received a prescriptive order from the National Bank of
Kazakhstan (NBK) to create KZT125 billion additional provisions on
loans unrelated to BTA, a failed Kazakh bank that was merged with
KKB in 2014.  The deadline for this remains unclear.  The NBK also
noted its view of significant underprovisioning on KKB's KZT2.4
trillion ($7.3 billion) loan to BTA.  Following the public
statements of the Deputy Governor of the NBK Oleg Smolyakov in
mid-March 2017, S&P expects full repayment of this loan in the
next few months, aided by extraordinary support from the Fund of
Problem Loans.  Most recently, KKB's auditor, Deloitte, gave a
qualified opinion on the bank's 2016 financial statements under
International Financial Reporting Standards (IFRS) regarding the
adequacy of provisions on KZT302 billion of non-BTA loans.

S&P currently sees KKB as subject to regulatory forbearance.  S&P
believes KKB would be in breach of regulatory minimum requirements
if it had reported losses in accordance with International
Financial Reporting Standards.  Therefore, S&P has revised its
capital and earnings assessment on KKB to very weak from weak.
S&P's view of KKB's weak risk position is unchanged because S&P
anticipates the BTA loan repayment.  The assessment also reflects
the bank's still high exposure to the construction and real estate
sectors and the apparent low provisioning of these loans.

S&P continues to assess KKB's liquidity as adequate, despite a low
liquidity cushion of about 5% of total assets as of end-April 2017
and its apparent inability to issue in the wholesale market.
KKB's otherwise weak liquidity position is substantially mitigated
by the track record of NBK's support in providing KKB a liquidity
line.  This enabled KKB to repay its EUR397 million senior
unsecured bond in February 2017 and a large client deposit
withdrawal in December 2016.  S&P expects that KKB will repay its
$211 million subordinated callable notes due in June 2017 with a
further draw on this liquidity line, but also that its deposit
base will be stable.

In view of the above, and even including the extraordinary bad
loan and liquidity support, S&P sees KKB's intrinsic
creditworthiness as having deteriorated.  S&P consequently revised
down its assessment of KKB's stand-alone credit profile (SACP) to
'ccc' from 'ccc+'.  This assessment reflects S&P's view that KKB
could default in the next 12 months if it does not receive further
extraordinary support.

S&P's issuer credit rating incorporates a two-notch uplift for
government support beyond the SACP.  This reflects S&P's view that
KKB has high systemic importance in Kazakhstan, and that the
government is supportive of the domestic banking sector.  KKB
retains a strong market share of 19% in total assets and 16% in
retail deposits as of Sept. 30, 2016.  KKB is also one of the
largest recipients of funding under government support programs.
The government's track record of support for KKB and the bank's
continued systemic importance suggest that the government could
provide solvency support that would help to adequately
recapitalize KKB.

S&P notes that on March 2, 2017, Halyk Bank, along with the
government of the Republic of Kazakhstan, the NKB, KKB, JSC BTA
Bank, and Kenes Rakishev signed a nonbinding memorandum of
understanding with respect to a potential acquisition by Halyk
Bank of a controlling interest in KKB.  Although S&P understands
that discussions have progressed since then, it remains uncertain
that the parties will agree a deal and, even if a deal is agreed,
what it would entail.  Therefore, while a takeover by the much
stronger institution Halyk could be supportive for KKB, S&P do not
factor it into its assessments on either institution at this time.
S&P expects that any deal would be subject to regulatory approval.

S&P expects to resolve the CreditWatch placement within the next
90 days.  Specifically, S&P is looking for clarity on how KKB's
apparent capital shortfall will be addressed.

S&P would expect to remove the ratings from CreditWatch and affirm
them if S&P sees evidence of a firm commitment to recapitalize KKB
to regulatory adequate levels (after allowing for further
provisioning), thereby ensuring its continued viability and debt-
servicing capacity.

In contrast, S&P will remove the ratings from CreditWatch and
lower them if, in the same timeframe, S&P sees no plan to
sufficiently recapitalize the bank.  A delay would undermine S&P's
existing base case that the bank will receive necessary support,
implying an associated increased possibility of default on some or
all of its debt.  S&P could also lower the ratings if, contrary to
its current view, S&P sees any increased prospect of a selective
default, for example through a restructuring of the bank's foreign
debt as part of a solvency support package.



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


HALCYON STRUCTURED 2006-II: Moody's Affirms B1 Cl. E Notes Rating
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Halcyon Structured Asset Management
European CLO 2006-II B.V.:

-- EUR34,300,000 Class B Senior Secured Floating Rate Notes due
    2023, Upgraded to Aaa (sf); previously on Jul 20, 2016
    Affirmed Aa1 (sf)

-- EUR27,100,000 Class C Senior Secured Deferrable Floating
    Rate Notes due 2023, Upgraded to Aaa (sf); previously on Jul
    20, 2016 Upgraded to Aa3 (sf)

-- EUR21,800,000 Class D Senior Secured Deferrable Floating
    Rate Notes due 2023, Upgraded to Baa2 (sf); previously on Jul
    20, 2016 Affirmed Ba1 (sf)

Moody's also affirmed the ratings on the following notes:

-- EUR80,000,000 (Current outstanding balance of EUR3M) Class
    A-1R Senior Secured Revolving Floating Rate Notes due 2023,
    Affirmed Aaa (sf); previously on Jul 20, 2016 Affirmed Aaa
    (sf)

-- EUR12,500,000 (Current outstanding balance of EUR12.1M) Class
    E Senior Secured Deferrable Floating Rate Notes due 2023,
    Affirmed B1 (sf); previously on Jul 20, 2016 Affirmed B1 (sf)

Halcyon Structured Asset Management European CLO 2006-II B.V.,
issued in January 2007, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
and US loans. The portfolio is managed by Halcyon Structured Asset
Management L.P. The transaction's reinvestment period ended in
January 2013.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
deleveraging of the Class A Notes, following amortisation of the
underlying portfolio since the last rating action in July 2016.

The Class A Notes have paid down by approximately EUR37.6 million
over the last two payment dates in July 2016 and January 2017. As
a result, the over-collateralisation (OC) ratios have increased.
According to the trustee report dated March 2017, the Class A/B,
Class C, Class D and Class E OC ratios are reported at 288.8%,
167.3%, 125.0% and 109.6% respectively, compared to 194.2%,
143.5%, 118.6% and 108.2%, as per the May 2016 report.

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 of approximately EUR76.3 million and a principal
proceeds balance of approximately EUR22.9 million, a weighted
average default probability of 24.8% (consistent with a WARF of
3824 and a weighted average life of 3.6 years), a weighted average
recovery rate upon default of 48.5% for a Aaa liability target
rating, a diversity score of 13 and a weighted average spread of
4.46%. The GBP-denominated liabilities are naturally hedged by the
GBP assets.

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 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 analysing.

Methodology Underlying the Rating Actions:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed 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 were
unchanged for Classes A, B and C and within 2 notches 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
notes, 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:

* 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.

Around 34% 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
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

* Recovery of 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.

* Long-dated assets: The presence of assets that mature beyond the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of
the asset as well as the extent to which the asset's maturity lags
that of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

* Foreign currency exposure: The deal has a small exposure to non-
EUR denominated assets. Volatility in foreign exchange rates will
have a direct impact on interest and principal proceeds available
to the transaction, which can affect the expected loss of rated
tranches.

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.


LEOPARD CLO V: S&P Raises Rating on Class F Notes to CCC
--------------------------------------------------------
S&P Global Ratings raised its credit ratings on Leopard CLO V
B.V.'s class C-1, C-2, D, E-1, E-2, and F notes.  At the same
time, S&P has affirmed its rating on the class R Combo notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction, using data from the trustee report dated
March 31, 2017, and the application of our relevant criteria.

Upon publishing S&P's updated recovery rate criteria for
speculative-grade corporate issuers and our updated criteria for
analyzing foreign exchange risk in global structured finance
transactions, S&P placed those ratings that could potentially be
affected under criteria observation.  Following S&P's review of
this transaction, its ratings that could potentially be affected
by the criteria change are no longer under criteria observation.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.  The BDR
represents S&P's estimate of the maximum level of gross defaults,
based on its stress assumptions, that a tranche can withstand and
still fully repay the noteholders.  S&P used the portfolio balance
that it considers to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that S&P
considered to be appropriate.  S&P applied various cash flow
stress scenarios using its standard default patterns and timings
for each rating category, combined with different interest stress
scenarios as outlined in our criteria.

Since S&P's previous review, the class VFN, A, and B notes have
fully repaid and the class C notes have amortized to a note factor
(the current notional amount divided by the notional amount at
closing) of approximately 74.3%.  The transaction has also been
deleveraging because the class E and F notes' par value tests were
failing, though they are now passing.  In addition, the issuer
received a cash inflow of EUR8.6 million through the sale of an
equity security, which S&P had previously given no credit to in
its analysis.  This has resulted in higher available credit
enhancement for all classes of notes since our previous review.

The weighted-average spread earned on the portfolio has decreased
to 3.46% from 3.62% at S&P's previous review, and the
transaction's weighted-average life has fallen to 4.51 years from
4.79 years over the same period.  The proportion of 'CCC' rated
assets (debt obligations of obligors rated 'CCC+', 'CCC', and
'CCC-') has decreased, while there is now one defaulted asset in
the portfolio.

Due to the class VFN, A, B, and C notes' amortization, S&P
considers the increased credit enhancement for the class C-1, C-2,
D, E-1, E-2, and F notes to be commensurate with higher ratings
than those currently assigned.  S&P has therefore raised its
ratings on these classes of notes.  S&P notes that the upgrades of
the class E-1 and E-2 notes are constrained by the application of
our largest obligor supplemental test, which is highly sensitive
to the obligor concentration present in the portfolio.

The class R Combo notes comprise class C-2 (initially 70%) and E-2
(initially 30%) components.  Their rated balance has decreased to
EUR3.88 million from EUR6.15 million at S&P's previous review
through interest distributions from their components.  The results
of S&P's cash flow analysis indicate that the class R Combo notes
can sustain the stresses that S&P applies at a 'AAA' rating level.
S&P has therefore affirmed its 'AAA (sf)' rating on this class of
notes.

Leopard CLO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms.

RATINGS LIST

Leopard CLO V B.V.
EUR430 Million Floating- And Fixed-Rate Notes

Class               Rating
            To                From

Ratings Raised

C-1         AAA (sf)          AA+ (sf)
C-2         AAA (sf)          AA+ (sf)
D           AA+ (sf)          BBB+ (sf)
E-1         B- (sf)           CCC+ (sf)
E-2         B- (sf)           CCC+ (sf)
F           CCC (sf)          CCC- (sf)

Rating Affirmed

R combo     AAA (sf)


STORM 2014-I: Fitch Affirms 'BBsf' Rating on Class D Notes
----------------------------------------------------------
Fitch Ratings has upgraded three tranches of Storm 2014-I B.V.,
Storm 2014-II B.V. and Storm 2014-III B.V. and affirmed 13, as
follows:

2014-I
Class A (ISIN: XS1022033135) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1022034372) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS1022034455) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Class D (ISIN: XS1022034539) affirmed at 'BBsf'; Outlook Stable

2014-II
Class A1 (ISIN: XS1071274531) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN: XS1071275181) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1071275850) affirmed at 'AAsf'; Outlook Stable
Class C (ISIN: XS1071276403) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Class D (ISIN: XS1071277120) affirmed at 'BBsf'; Outlook Stable
Class E (ISIN: XS1071277476) affirmed at 'BBsf'; Outlook Stable

2014-III
Class A1 (ISIN: XS1112010134) affirmed at 'AAAsf'; Outlook Stable
Class A2 (ISIN: XS1112010217) affirmed at 'AAAsf'; Outlook Stable
Class B (ISIN: XS1112010308) affirmed at 'AA+sf'; Outlook Stable
Class C (ISIN: XS1112010480) upgraded to 'Asf' from 'A-sf';
Outlook Stable
Class D (ISIN: XS1112011967) affirmed at 'BB+sf'; Outlook Stable
Class E (ISIN: XS1112012346) affirmed at 'BB+sf'; Outlook Stable

KEY RATING DRIVERS

Stable Performance
The Storm transactions issued in 2014 have generally outperformed
the market, with late-stage arrears (loans in arrears by more than
three months) at 16bp (Storm 2014-I), 29bp (Storm 2014-II) and 8bp
(Storm 2014-III) of the current portfolio balance compared with
Fitch's index of 29bp. It is only as market conditions have
recently improved that the deals have become more in line with the
index.

Foreclosures as a proportion of the original portfolio balance
remain low, at 62bp in Storm 2014-I, 29bp in Storm 2014-II and
44bp in Storm 2014-III, which is below the 120bp of the market
index.

No NHG Foreclosure Frequency Credit
The portfolios include portions of NHG loans (31.77% in 2014-I,
32.58% in 2014-II and 34.23% in 2014-III). Based on historical NHG
loan performance information made available to Fitch, loans
originated between 2007 and 2010 show higher levels of NHG loan
defaults than non-NHG loan defaults. Therefore, in this analysis
Fitch has not given credit to NHG loans in the derivation of the
foreclosure frequency of the portfolios.

Data on recoveries received from WEW has resulted in Fitch
applying a compliance ratio of 85% across all rating scenarios, in
line with criteria.

Interest-only (IO) Concentration
All three transactions contain significant portions of IO loans
(between 57.1% and 62.4% of the current portfolio balance), with
32.2% (Storm 2014-I), 28.7% (Storm 2014-II) and 32.9% (Storm 2014-
III) maturing between 2035 and 2037.

To assess the risk of more than 20% of the IO loans maturing over
a three year period, Fitch applied stressed weighted average
foreclosure frequencies (WAFF) to the IO concentration as
described in its criteria. For Storm 2014-I the model implied
ratings using these stressed WAFFs were more than three notches
lower than the WAFFs derived using standard assumptions.
Therefore, the ratings on notes issued in these deals were derived
using stressed WAFFs.

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

Guaranteed Excess Spread
The transactions feature swap agreements with Obvion that
effectively guarantee 50bp excess spread. Given the low levels of
arrears and defaults, this has led to the rapid pay-down of the
uncollateralised notes across the transactions.

Insurance Set-Off Risk
Loans with life insurance payment vehicles attached make up 7.6%
of 2014-I's portfolio, 6.1% of 2014-II and 6.2% of 2014-III. Upon
insolvency of the insurance provider there is a risk that the
borrowers may try to set-off their insurance claim against the
lender. Fitch accounts for this risk by assuming a capital build-
up over 30 years and then analysing the effect of a combined
default of the insurance providers, factoring in the affiliation
of the insurance provider to the original lender.

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

Credit Enhancement Build-up
All three transactions are fully sequential. With average
prepayments at 10% across the three transactions, the portfolios
currently stand at between 79.6% and 82.4% of their original
balance. This has led to a build-up in the credit enhancement
available to the rated tranches, which combined with the sound
performance of the deals led to the upgrade of the class C notes
in all three transactions.

RATING SENSITIVITIES

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to closing, Fitch reviewed the results of a third-party
assessment conducted on the asset portfolio information, which
indicated no adverse findings material to the rating analysis.

Prior to the transactions' closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall and together with the assumptions referred to above,
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.



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


SKOK: Financial Markets Regulator Suspends Operations
-----------------------------------------------------
Marta Waldoch at Bloomberg News reports that the Polish financial
markets regulator KNF said in an e-mailed statement it suspended
the operations of Kedzierzyn-Kozle-based credit union Twoja SKOK
as its assets don't match liabilities.

Twoja SKOK had PLN170.3 million in deposits at end-March,
Bloomberg discloses.

According to Bloomberg, the regulator's decision allows the Bank
Guarantee Fund to start payouts of guaranteed deposits to the
union's clients.



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


ROMCAB SA: Has EUR222 Million Accumulated Debt
----------------------------------------------
Romania-Insider.com, citing Economica.net, reports that Romcab SA
has accumulated debts of about RON1 billion (over EUR222 million).

The biggest creditor is the state-owned bank Eximbank, which is
the Romanian state's guarantee institution, the report says.
Romcab's debt to Eximbank amounts to EUR41 million, accounting for
18.4% of its total debts.

Romania-Insider.com relates that the second largest creditor is
Banca Transilvania, the second largest lender in Romania, which
has to recover some EUR24.8 million. Moscow-based regional lender
International Investment Bank comes third and has to recover over
EUR15 million.

Other large creditors include Piraeus Bank, CEC Bank, Banca
Comerciala Feroviara, BCR, Intesa Sao Paolo Bank Romania, and
Unicredit Leasing Corporation, Romania-Insider.com discloses.

The insurer with the most exposure is EXIM Romania (CARE Romania),
which has to recover about EUR7.6 million, according to the
report.

Targu Mures-based Romcab SA manufactures cables and electric
conductors.  Romcab is majority owned by its founder, businessman
Zoltan Prosszer through his company Sadalbari, which holds a
69.03% stake. The remainder is on free float on the BVB. Romcab
filed for insolvency in February 2017.


* ROMANIA: 45% Seaside Accommodation Units at Risk of Insolvency
----------------------------------------------------------------
Romania-Insider.com reports that around 45% of the accommodation
units in Constanta county, at the Romanian seaside, have a high
risk of entering insolvency, according to data compiled by
commercial risk management company Creditinfo Romania, quoted by
Capital.ro

At a national level, out of the 2,748 companies that operate
accommodation units, 1,508 or 55% have a high risk of entering
insolvency, Romania-Insider.com relates. Bucharest is top of the
list, with 64% of companies owning hotels or other accommodation
units being at risk of entering insolvency. Among tourist
developed counties, hospitality companies in Brasov (62%), Bihor
(59%), Cluj (55%), Mures (54%), Prahova (53%), and Timis (51%)
also see high risks, the report says.

Romania-Insider.com relates that the Creditinfo Romania study
found a correlation between the year the company owning
accommodation units was established and the risk of entering
insolvency. As such, the most exposed to risk are companies
established between 2006 and 2010, with 54% of these companies
having an insolvency risk. By comparison, companies established
between 1991 and 1995 are the most solid, with only 31% of them
being at risk of entering insolvency.

There were 6,946 hotels, motels, pensions, hostels, cabins and
other tourist accommodation units in the country, in 2016. Most of
them were located in Brasov county (881 units), Constanta (761),
and Harghita (371), Romania-Insider.com says.

Overall, 8.46 million tourists checked in local accommodation
units in 2015.

According to Romania-Insider.com, the most developed and sought
after tourist areas of Romania were: Bucharest (1.7 million
tourist arrivals), especially for corporate and cultural tourism;
Constanta (1.02 million arrivals) for summer tourism; Brasov
(997,601) and Prahova (467,158) for mountain tourism; Mures
(495,481) for spa, culture and mountain tourism; Cluj (428,812)
for corporate, spa and cultural tourism; Bihor (344,059) for spa
and mountain tourism; Timis (338,238) for corporate tourism; and
Suceava (310,458). These counties attract 80% of the total
tourists, according to the same study.

Bucharest hotels and accommodation units generated a turnover of
RON1.29 billion (EUR288.4 million) in 2015, the highest in the
country, Romania-Insider.com discloses. Constanta was second with
RON447 million (EUR99.3 million). It was followed by Timis with
RON184 million (EUR40.8 million), Brasov with RON171 million
(EUR38 million), Prahova with RON166 million (EUR36.8 million),
Cluj with RON160 million (EUR35.5 million), Bihor with RON141
million (EUR31.3 million), and Mures with RON139 million (EUR30.8
million).



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


ACBA-CREDIT AGRICOLE: Fitch Publishes B+ LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has published ACBA-Credit Agricole Bank CJSC's
(ACBA) Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook and Viability Rating at 'b+'.

KEY RATING DRIVERS - ALL RATINGS

The bank's IDRs are driven by its intrinsic strength, as captured
by its 'b+' Viability Rating (VR). The VR balances the bank's
strong capitalisation with asset quality that is weaker than that
of other Fitch-rated Armenian banks, and high loan dollarisation.
The VR also considers ACBA's solid domestic franchise, in
particular in agricultural lending (market share of 50%) and
comfortable liquidity cushion.

ACBA's recent credit growth has been limited, with the bank
focusing on asset quality management in the challenging operating
environment. Asset quality pressures decreased in 2016, in line
with sector trends, driven by the recovering economy and relative
currency stability: ACBA's NPL origination ratio (calculated as
the net change in loans over 90 days overdue plus write-offs
divided by average performing loans in the period) decreased to
2.7% in 2016 from 8.6% in 2015. NPLs were a still significant
10.3% at end-2016, notwithstanding sizeable write-offs equal to 3%
and 2% of average gross loans in 2016 and 2015, respectively, but
had strong reserve coverage of almost 90%. Restructured loans were
minor at 0.2% of loans.

ACBA's loan concentrations are moderate for a CIS bank: at end-
2016, the 25 largest borrowers accounted for 20% of loans or 70%
of Fitch Core Capital. Foreign currency loans were a high 50% of
the portfolio, albeit below the sector average of 63%.

Pre-impairment profit has remained healthy, at 5% of average loans
in 2015-2016, offering significant loss absorption capacity. Loan
impairment charges were sizeable at 71% of pre-impairment profit
in 2016 (2015: 90%), constraining ROAE at 3% (2015: 0%).

ACBA's solid regulatory capital buffer (regulatory capital ratio
of 19% at end-2016) could allow the bank to absorb up to 7.5% of
additional credit losses without breaching the regulatory minimum
capital ratio of 12%. The FCC ratio was a more solid 24% at end-
2016, reflecting lower risk weights for FX-exposures compared to
regulatory rules.

The share of non-deposit funding is high, as reflected in the
loan-to-deposit ratio of 157% at end-2016. This is mainly due to
longer-term external funding raised from international financial
institutions (28% and 16% of end-2016 liabilities came from
commercial and development institutions, respectively) used to
finance the agricultural, micro- and SME segments. Wholesale-
funding refinancing needs appear manageable, while customer
funding, which is highly dollarised (70% of the total), has proven
to be sticky. ACBA's cushion of liquid assets, net of upcoming
wholesale maturities within the next 12 months, was equivalent to
30% of customer deposits at end-2M17.

ACBA's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's view that the Armenian authorities have
limited financial flexibility to provide extraordinary support to
banks, if necessary, given the banking sector's large foreign
currency liabilities relative to the country's international
reserves.

Fitch believes that extraordinary support from ACBA's 28%-
shareholder, Credit Agricole (CA, A/Positive), cannot be relied
upon and therefore factored into the bank's ratings. This view
considers (i) the minority ownership; and (ii) CA's limited
presence in emerging markets, and Fitch's belief that the Armenian
market is not of strategic importance for CA. There have been no
prior cases of extraordinary capital and/or liquidity support
being required by ACBA, and so support from CA has not been fully
tested.

RATING SENSITIVITIES

The Stable Outlook on ACBA is driven by Fitch's view of prospects
for its standalone credit profile and hence the VR. ACBA's credit
metrics are sensitive to the performance of the economy and
stability of the local currency. Deterioration in capital adequacy
ratios as a result of a marked weakening of the bank's asset
quality metrics, without sufficient support being provided by the
shareholders, may result in a downgrade.

Improvements in the economy and the bank's financial metrics would
be positive for the bank's credit profile, although an upgrade is
unlikely without an upgrade of the sovereign, given that ACBA is
already rated at the sovereign level.

The rating actions are as follows:

Long-Term IDR published at 'B+'; Outlook Stable
Short-Term IDR published at 'B'
Support Rating published at '5'
Support Rating Floor published at 'No Floor'
Viability Rating published at 'b+'


BASHNEFT PJSOC: Fitch Raises IDRs From BB+, Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded PJSOC Bashneft's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+'
and removed them from Rating Watch Evolving (RWE). The Outlook is
Stable.

The rating actions follow Fitch assessments of the consequences of
Rosneft Oil Company's acquisition of Bashneft, which was completed
in October 2016. The rating now takes into account Bashneft's
standalone profile, its strong operational and strategic ties with
Rosneft and Fitch view of Rosneft's credit quality.

Bashneft is a medium-scale integrated oil company with core assets
in the Russian Bashkortostan Republic (Bashkiria, BBB-/Stable).
Over the past several years the company's growth outpaced Russia's
average as its greenfield projects came on stream and it boosted
production in Timan-Pechora and Western Siberia. Rosneft, Russia's
largest oil company, has a 69% stake in Bashneft; 25% is
controlled by Bashkiria. Bashneft is ultimately controlled by
Russia (BBB-/Stable).

KEY RATING DRIVERS

Bashneft's Standalone Profile: Fitch assessments of Bashneft's
standalone credit profile takes into account its recently
increased upstream production, high reserve life, diversification
into downstream operations and conservative leverage. At the same
time, like other Russian oil producers, Bashneft is subject to
Russia-specific risks, such as unexpected tax hikes in the oil and
gas industry. Fitch also note that the company's assets in
Bashkiria are highly depleted; maintaining stable upstream
production in the republic may be a challenge in the long term.

Peer Comparisons: In 2016, Bashneft's hydrocarbon production
averaged 428 thousand barrels of oil equivalent per day (mboepd),
close to that of PJSC Tatneft (574mboepd; BBB-/Stable), Apache
Corporation (522mboepd; BBB/Stable) and Hess Corporation
(311oembpd; BBB-/Stable). At the moment Bashneft's leverage of
1.5x remains conservative and much lower than that of its
international peers, supported by the weak rouble and
predominantly rouble-denominated debt portfolio.

Acquisition by Rosneft: The company's rating also takes into
account Bashneft's strong operational and strategic ties with
Rosneft, its new parent, as well as Fitch assessments of Rosneft's
credit quality. While Bashneft retains some autonomy, it is now
closely integrated into Rosneft. This is evidenced by Bashneft's
less detailed post-acquisition disclosures, change of the
management team and intra-group operations with Rosneft, which
Fitch believes lead to significantly reduced cash on the balance
sheet at end-2016 and March 31, 2017. Rosneft does not guarantee
Bashneft's debt, although it is subject to cross-default provision
under Rosneft's Eurobonds terms and conditions.

Sector Outlook Stable: In 2017, Russian oil and gas producers
should be able to broadly balance their cash inflows and outflows
without resorting to disposals and additional borrowings on a
large scale, supporting the industry's stable outlook. This is
mainly due to the weaker rouble, which has helped to reduce costs,
capex and dividends in US dollar terms. The leverage of most
Fitch-rated oil and gas producers should remain in check. Taxation
is also less of an issue now as oil prices recovered from the low
levels seen in 2016. However, a major tax hike still cannot be
ruled out if oil prices retreat below USD40-45/bbl again.

DERIVATION SUMMARY

Bashneft is a medium-scale integrated oil company with core assets
in the Russian Bashkortostan Republic (Bashkiria, BBB-/Stable).
Its 'BBB-' rating takes into accounts the company's standalone
credit profile, its links with the main shareholder, Rosneft; and
Fitch assessments of Rosneft's credit position.

KEY ASSUMPTIONS

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

- Fitch's oil price deck: Brent USD52.5/bbl in 2017; USD55/bbl
   in 2018; USD60/bbl in 2019 and USD65/bbl in the long term;

- RUB/USD: 61 in 2017; 60 in 2018; 58 in 2019; 57 in 2020 and 58
   in 2021;

- marginally rising oil production in the medium term;

- dividends averaging 28bn p.a. in 2017-21.

RATING SENSITIVITIES

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

- A positive rating action on Russia, coupled with a stronger
   credit position of Rosneft, Bashneft's key shareholder.

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

- A negative rating action on Russia. Fitch cap ratings of
   Russian oil and gas companies by that of the sovereign due to
   the influence the state exerts on their profitability through
   taxation and other measures.

- Evidence of weaker links between Bashneft and Rosneft, and/or
   Rosneft and Russia.

- Weaker credit position of Rosneft, Bashneft's key shareholder.

LIQUIDITY

Standalone Liquidity Not Representative: Bashneft's standalone
liquidity position has worsened after its acquisition by Rosneft.
The company's cash balances significantly decreased on the back of
intra-group operations with the parent. However, this situation is
not representative of Bashneft's credit quality as the company is
now effectively a part of Rosneft. At March 31, 2017, Bashneft's
cash amounted to RUB4 billion, compared to the short-term debt of
RUB32 billion, including long-term oil prepayments.

Constrained Access to Western Funding: Bashneft's access to
foreign capital is constrained in view of the western financial
sanctions targeted at Rosneft. However, the company has access to
domestic banks and domestic bond market.

FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency Issuer Default Rating: upgraded to
  'BBB-' from 'BB+'; off Rating Watch Evolving; Outlook Stable

  Long-Term Local-Currency Issuer Default Rating: upgraded to
  'BBB-' from 'BB+'; off Rating Watch Evolving; Outlook Stable

  Short-Term Foreign -Currency Issuer Default Rating: upgraded to
  'F3' from 'B'; off Rating Watch Evolving

  Short-Term Local-Currency Issuer Default Rating: upgraded to
  'F3' from 'B'; off Rating Watch Evolving

  Senior unsecured debt: upgraded to 'BBB-' from 'BB'+'; off
  Rating Watch Evolving (this rating action applies to all debt
  issued prior to October 12, 2016)



===============
S L O V E N I A
===============


TELEKOM SLOVENIJE: Moody's Withdraws Ba2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Telekom
Slovenije d.d., including the company's Ba2 corporate family
rating (CFR) and Ba2-PD probability of default rating (PDR).

Moody's has withdrawn the ratings for its own business reasons.

Headquartered in Ljubljana, Slovenia, Telekom Slovenije d.d. is an
integrated telecommunications provider in Slovenia and the
controlling company for the Telekom Slovenije Group, with a
presence in Kosovo, Macedonia, Bosnia and Herzegovina, Croatia,
Serbia and Montenegro. Telekom Slovenije Group reported operating
revenues of EUR 702 million and EBITDA of EUR 199 million in 2016.
As of the end of 2016, the Republic of Slovenia (Baa3 positive)
directly and indirectly owns 74.15% of the company.



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


IBERCAJA BANCO: Moody's Hikes Long-Term Deposit Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has taken rating actions on 10 Spanish
banking groups, prompted by the rating agency's change of the
banking Macro Profile of Spain (Baa2 stable) to "Strong-" from
"Moderate+", as well as the continued improvement in the banks'
credit fundamentals, notably asset risk.

"The main driver for the rating actions is the banking system's
improved credit conditions following the deleveraging of the
private sector. This positive development has been reflected in an
improvement in Moody's Macro Profile for Spain" says Maria
Cabanyes, a Senior Vice President at Moody's. "The rating actions
also incorporate Moody's expectation of a sustained improvement in
the banks' asset risk metrics against a backdrop of solid economic
growth in Spain and the progressive recovery of the country's real
estate market".

Among the actions taken by Moody's on the affected banks are the
following:

- CaixaBank, S.A. (CaixaBank): long-term deposit ratings affirmed
at Baa2 with a positive outlook and long-term senior debt ratings
affirmed at Baa2 with a stable outlook. Baseline Credit Assessment
(BCA) and adjusted BCA affirmed at ba1.

- Banco Sabadell, S.A. (Banco Sabadell): long-term deposit
ratings affirmed at Baa2 with a stable outlook and long-term
senior debt ratings affirmed at Baa3 with a positive outlook. BCA
and adjusted BCA affirmed at ba2.

- Bankia S.A. (Bankia): long-term deposit ratings upgraded to
Baa3 from Ba2 and long-term senior debt ratings to Ba1 from Ba3,
both with a stable outlook. BCA and adjusted BCA upgraded to ba2
from b1.

- Unicaja Banco S.A. (Unicaja): long-term deposit ratings
affirmed at Ba3 with a positive outlook. BCA and adjusted BCA
affirmed at b1.

- Ibercaja Banco S.A. (Ibercaja): long-term deposit ratings
upgraded to Ba3 from B1 with a stable outlook. BCA and adjusted
BCA upgraded to ba3 from b1.

- Kutxabank, S.A. (Kutxabank): long-term deposit ratings upgraded
to Baa3 from Ba1 with a positive outlook and senior debt program
to (P)Baa3 from (P)Ba1. BCA and adjusted BCA upgraded to baa3 from
ba1.

- ABANCA Corporacion Bancaria, S.A. (ABANCA): long-term deposit
ratings upgraded to Ba3 from B2 with a stable outlook. BCA and
adjusted BCA upgraded to ba3 from b2.

- Banco Cooperativo Espanol, S.A. (Banco Cooperativo): long-term
deposit ratings upgraded to Baa3 from Ba1 with a stable outlook.
BCA upgraded to ba1 from ba2 and adjusted BCA to baa3 from ba1.

- Banca March S.A. (Banca March): long-term deposit ratings
upgraded to A3 from Baa1 with a stable outlook. BCA and adjusted
BCA upgraded to baa2 from baa3.

- Caja Rural de Navarra: long-term deposit ratings affirmed at
Baa2 with a stable outlook. BCA and adjusted BCA affirmed at baa2
(BCA constrained at the level of the Spanish sovereign rating -
Baa2 stable).

The ratings and outlooks of other Moody's rated Spanish banks are
unaffected by the country's higher Macro Profile.

RATINGS RATIONALE

Moody's rating methodology for banks includes an assessment of
each individual country's operating environment, expressed as a
Macro Profile, which is designed to capture system-wide factors
that are predictive of the propensity of banks to fail. The Macro
Profile assigned to each bank informs the financial factors, which
are key inputs into the determination of each bank's BCA.

(1) CHANGE IN THE MACRO PROFILE TO 'STRONG-' FROM 'MODERATE+'
REFLECTS IMPROVING OPERATING ENVIRONMENT IN SPAIN AND EXERTS
UPWARD PRESSURE ON BANKS' RATINGS

Moody's has changed Spain's Macro Profile to 'Strong-' from
'Moderate+' to reflect the improvements in the banks' credit
conditions that have been driven by the deleveraging of the
private sector.

In improving Spain's Macro Profile, Moody's has taken into account
the significant reduction in the debt burden of the domestic
private sector, after it materially increased in the years prior
to the financial crisis. Starting from leverage levels materially
above the euro area average, the private debt outstanding to gross
domestic product ratio fell to 166% as of the end of 2016, which
is now in line with the euro area average after declining by
almost 30 percentage points over the last three years.

Consequently, Moody's assessment of more favorable operating
conditions for banks in Spain, in combination with ongoing
improvements in other credit fundamentals, notably asset quality
and capital, has resulted in rating upgrades by one to two notches
or rating affirmations for the banks affected by rating actions.

(2) SPECIFIC ANALYTICAL FACTORS FOR THE AFFECTED BANKS

  -- CAIXABANK

Moody's has affirmed CaixaBank's senior debt and deposit ratings
of Baa2. The outlook on the long-term deposit ratings has been
changed to positive from stable while the outlook for the long-
term senior debt remains stable.

The affirmation of the ratings reflects: (1) the affirmation of
the bank's ba1 BCA; (2) the rating uplift from Moody's Advanced
Loss Given Failure (LGF) analysis (two notches for junior deposits
and one notch for senior debt); and (3) the one-notch uplift on
the bank's senior debt rating from Moody's assumption of moderate
government support.

CaixaBank's BCA of ba1 reflects its stable revenue-generation
capacity, underpinned by its leading retail franchise in Spain,
strong liquidity and funding profile. The group's high level of
problematic exposures is a key constraint on the ba1 BCA.

The change in outlook of CaixaBank's long-term deposit rating
reflects Moody's expectation that the bank's credit profile will
continue to improve over the next 12 to 18 months. More
specifically, a higher BCA will be underpinned by: (1) a reduction
in the high stock of problematic assets, namely non-performing
loans and real-estate assets which, despite ongoing progress,
remain at very high levels; (2) stronger Tangible Common Equity
(TCE) levels; and (3) a sustained recovery of recurrent
profitability levels while the bank's funding and liquidity
profile remain at sound levels.

The stable outlook on the bank's long-term senior debt ratings
reflects Moody's consideration that any upward pressure on the
bank's standalone BCA will not translate into an improvement of
the bank's Baa2 senior debt ratings. At this level, CaixaBank will
continue to benefit from one-notch uplift resulting from the
rating agency's LGF analysis but no uplift from the moderate
government support assumptions as the bank's senior debt rating
would be aligned with Spain's Baa2 sovereign rating.

  -- BANCO SABADELL

As part of rating action, Moody's has affirmed Banco Sabadell's
Baa2 long-term deposit ratings and its Baa3 long-term senior debt
rating. The outlook on the bank's long-term deposit ratings is
stable and the outlook on the bank's long-term senior debt rating
has been changed to positive from stable.

The affirmation of Banco Sabadell's long-term Baa2 deposit rating
and its Baa3 long-term senior debt rating, reflects: (1) the
affirmation of the bank's ba2 BCA; (2) the uplift from Moody's
Advanced LGF analysis; and (3) one notch of uplift for the deposit
and senior debt ratings from the rating agency's assumptions of
moderate government support.

Banco Sabadell's ba2 standalone BCA reflects the bank's improved
credit fundamentals, notably in terms of asset risk, with a
sustained decline in the stock of problematic assets. Moody's
expects this trend to continue in 2017, underpinned by the sound
growth prospects of the Spanish economy. The rating agency
considers that any pressure that could arise on the credit profile
of Banco Sabadell's UK subsidiary TSB Bank plc (TSB; deposits Baa2
negative; BCA baa2), which has a very low credit risk profile but
limited track record and is following a rapid expansion, would be
offset by the positive trends in the Spanish operations, which
represent close to 80% of the group's assets.

The change in the outlook of Banco Sabadell's long-term senior
debt rating reflects Moody's expectation that the bank's credit
profile will continue to improve over the next 12 to 18 months.
The rating agency expects Banco Sabadell to continue reducing the
stock of problematic assets and gradually improve its
profitability metrics as the domestic operations continue to
recover.

The stable outlook on Banco Sabadell's long-term deposit ratings
reflects Moody's consideration that any upward pressure on the
bank's standalone BCA will not translate into an improvement of
the bank's Baa2 deposit ratings. At this level, Banco Sabadell's
deposit rating will benefit from the uplift of the rating agency's
LGF analysis but no uplift from the moderate government support
assumptions as the bank's deposit rating is currently aligned with
Spain's Baa2 sovereign rating.

  -- BANKIA

Moody's has upgraded Bankia's deposit ratings to Baa3/Prime-3 from
Ba2/Not Prime and its long-term senior debt rating to Ba1 from Ba3
and has changed the outlook on the long-term ratings to stable
from positive.

The upgrade of the ratings reflects: (1) the two notch upgrade of
the bank's BCA to ba2 from b1; (2) Moody's Advanced LGF analysis
that provides one-notch uplift for deposits and no uplift for
senior debt from the bank's ba2 adjusted BCA; and (3) Moody's
assumption of moderate government support from Spain, which
results in a one notch uplift for both the deposit and senior debt
ratings.

Bankia's ba2 BCA reflects the bank's improving credit
fundamentals, notably in terms of asset risk, capital and funding
structure. The bank's BCA remains constrained by: (1) the still
high volume of problematic exposures - measured as non-performing
loans (NPLs) + real estate assets + performing refinanced loans -
which accounted for 15.5% of the bank's loan book and real estate
assets and 87.9% of its shareholder equity and loss reserves as of
end-2016; and (2) the pressures on the bank's recurrent
profitability stemming mainly from the very low interest rates
environment - that affects not only the re-pricing of the loan
book but also the bank's large bond portfolio - and subdued
business growth

The outlook on Bankia's long-term deposit and debt ratings is
stable reflecting Moody's view that the current ratings already
capture expected performance of the bank's financial fundamentals.

  -- UNICAJA

Moody's has affirmed Unicaja's Ba3 long-term deposit rating and
changed the outlook to positive from stable.

Unicaja's long-term deposit ratings of Ba3 reflect: (1) the
affirmation of its b1 BCA; and (2) the Advanced LGF analysis that
provides one notch of uplift from the bank's adjusted BCA of b1
for the deposit ratings. There is no government support uplift for
these ratings, given Moody's assumption that the probability of
such support is low.

Unicaja's standalone b1 BCA reflects the bank's: (1) sound
liquidity profile underpinned by sizeable liquid assets; (2)
improving asset risk trend although the level of problematic
assets is still high; (3) modest recurrent profitability, which
remains challenged by the low interest rate environment and
persisting subdued business volumes; and (4) weak capitalization
which is constrained by a large amount of deferred tax assets
(DTAs).

The positive outlook on Unicaja's Ba3 long-term deposit ratings
reflects Moody's view that the bank's credit profile will be
bolstered if it succeeds to conclude the planned capital increase
for a nominal value of EUR625 million. On April 26, 2017,
Unicaja's shareholders meeting approved the bank's IPO and capital
increase.

  -- IBERCAJA

Moody's has upgraded Ibercaja's long-term deposit ratings to Ba3
from B1. The outlook on the long-term deposit ratings is stable.

The upgrade of the bank's deposit ratings reflects: (1) the
upgrade of the bank's BCA and adjusted BCA to ba3 from b1; and (2)
Moody's Advanced LGF analysis that provides no uplift from the
bank's adjusted BCA. There is no government support uplift for
these ratings, given Moody's assumption that the probability of
such support is low.

Ibercaja's BCA of ba3 reflects the bank's sound franchise in its
home region of Aragon, Spain, and its favourable liquidity
position, with modest refinancing requirements and sizable liquid
assets. However, the BCA also reflects Ibercaja's challenges and
constrained financial flexibility following its acquisition of
Caja 3 in 2013, namely in terms of asset risk and capital
adequacy. These indicators have nevertheless shown some
improvement since the sharp deterioration observed in 2013, on the
back of the more favourable economic environment in Spain.

The outlook on Ibercaja's long-term deposit ratings is stable,
reflecting Moody's view that all currently foreseen risks are
captured within the current credit rating.

  -- KUTXABANK

Moody's has upgraded Kutxabank's deposit ratings to Baa3/Prime-3
from Ba1/Not Prime and the long-term senior debt ratings of its
supported entity Caja Vital Finance B.V. to Baa3 from Ba1. The
outlook on the long-term deposit and senior debt ratings is
positive.

The upgrade of the deposit and senior debt ratings reflects: (1)
the upgrade of the bank's BCA and adjusted BCA to baa3 from ba1;
and (2) Moody's Advanced LGF analysis that provides no uplift from
the bank's adjusted BCA of baa3. There is no government support
uplift for these ratings, given Moody's assumption that the
probability of such support is low.

Kutxabank's standalone baa3 BCA is underpinned by the bank's
improving asset risk trends, as well as its strong capital buffers
and sound liquidity position. The bank's BCA is constrained by its
still relatively high level of problematic exposures when compared
to other European banks at the same BCA level and modest
profitability metrics with ongoing pressures on top line revenues.

The positive outlook on Kutxabank's long-term deposit and senior
debt ratings primarily reflects Moody's expectation that Kutxabank
will be able to maintain current positive trends on its financial
fundamentals. The rating agency expects a further improvement of
the bank's asset risk and capital over the outlook period of 12-18
months, which combined with resilient profit generation capacity
could result in upward pressure on Kutxabank's ratings.

In particular, a stronger assessment of Kutxabank's credit profile
could materialize if: (1) the NPL ratio declines below 6% over the
outlook period while the stock of foreclosed real estate assets
continues to gradually decline; (2) Moody's key capital metric --
TCE to risk-weighted assets ratio -- stands at around 13% (from
12.2% at end-December 2016); and (3) profitability remains
resilient and bottom line profits continue to grow at the current
pace.

  -- ABANCA

Moody's has upgraded ABANCA's long-term deposit ratings to Ba3
from B2. The outlook on the long-term deposit ratings has been
changed to stable from positive.

The upgrade of the bank's deposit ratings reflects: (1) the
upgrade by two notches of the bank's BCA and adjusted BCA to ba3
from b2; (2) Moody's Advanced LGF analysis that provides no uplift
from the bank's adjusted BCA. There is no government support
uplift for these ratings, given Moody's assumption that the
probability of such support is low.

ABANCA's BCA of ba3 reflects the bank's sound franchise in its
home region of Galicia, Spain, and its improved asset risk
indicators, with a decline in the NPL ratio of around 200 basis
points throughout 2016. The BCA also reflects the bank's sound
funding profile, with customer deposits covering the majority of
its funding needs. However, the BCA also takes into account the
bank's weak capital position constrained by a large amount of
DTAs, as well as its weak recurrent profitability, with a high
proportion of total profits stemming from non-recurrent financial
operations.

The outlook on ABANCA's long-term deposit ratings is stable,
reflecting Moody's view that the bank's financial fundamentals
will continue to show some improvement in 2017, but will remain
consistent with the BCA of ba3.

  -- BANCO COOPERATIVO

Moody's has upgraded Banco Cooperativo's deposit ratings to
Baa3/Prime-3 from Ba1/Not Prime. The outlook on the long-term
deposit ratings is stable.

The upgrade of the bank's deposit ratings reflects: (1) the
upgrade of the bank's BCA to ba1 from ba2 and of the adjusted BCA
to baa3 from ba1; and (2) Moody's Advanced LGF analysis that
provides no uplift from the bank's adjusted BCA of baa3. There is
no government support uplift for these ratings, given Moody's
assumption that the probability of such support is low.

Banco Cooperativo's BCA of ba1 reflects: (1) the bank's moderate
risk profile, although its exposure to Spanish sovereign debt
remains high, encompassing concentration and some market risk; and
(2) its adequate liquidity profile. The bank's BCA is constrained
by Banco Cooperativo's very high leverage because of its role as a
service provider and its modest but stable profitability levels.

Banco Cooperativo is owned by the 38 rural co-operatives
amalgamated under the Asociacion Espanola de Cajas Rurales (AECR;
unrated) and by Germany-based DZ Bank AG (deposits Aa1
stable/senior unsecured Aa3 positive, BCA baa2/Adjusted BCA a2).
Banco Cooperativo's purpose is to provide these rural co-
operatives with a cost-effective comprehensive range of financial
services. Moody's believes there is a high probability of support
from these rural co-operatives associated under the AECR, given
Banco Cooperativo's role as central treasury provider for this
group of entities. As a result of this affiliate support
assessment, Banco Cooperativo's adjusted BCA is baa3, one notch
above the bank's BCA.

The stable outlook on Banco Cooperativo's long-term deposit
ratings reflects Moody's expectation that the improving operating
environment will support the stabilisation of the bank's financial
fundamentals, as well as the gradual improvement of those of the
rural cooperatives sector.

  -- BANCA MARCH

Moody's has upgraded Banca March's long-term deposit ratings to A3
from Baa1. The short-term deposit ratings have been affirmed at
Prime-2. The outlook on the long-term deposit ratings is stable.

The upgrade of the bank's deposit ratings reflects: (1) the
upgrade of the bank's BCA and adjusted BCA to baa2 from baa3; and
(2) Moody's Advanced LGF analysis that provides a two-notch uplift
from the bank's adjusted BCA. The bank's ratings do not benefit
from uplift from government support.

Banca March's BCA of baa2 reflects the bank's sound credit
profile, especially in terms of capital adequacy which, with a TCE
over risk-weighted assets (RWA) ratio of 21.3% at the end of 2016,
ranks among the strongest in the Spanish banking sector. The BCA
also reflects the bank's strong asset quality, with an exposure to
problematic assets (i.e. problem loans and repossessed real estate
assets) materially below the system average, and the bank's sound
funding profile, supported by a large and stable deposit base that
covers around 90% of the bank's funding needs. As factors
constraining the BCA, Moody's notes the bank's modest recurrent
profitability as well as its exposure to equity risk through its
investment vehicle, Corporacion Financiera Alba (unrated).

The outlook on Banca March's long-term deposit ratings is stable.
Moody's notes that the current baa2 BCA and A3 deposit ratings are
placed at and two notches above the Spanish sovereign rating
respectively, and are constrained at that levels under Moody's
methodology. Therefore, any upward pressure on Banca March's BCA
and deposit ratings would require an upgrade of Spanish sovereign
rating.

  -- CAJA RURAL DE NAVARRA

Moody's has affirmed Caja Rural de Navarra's Baa2/Prime-2 deposit
ratings. The outlook on the long-term deposit ratings is stable.

Caja Rural de Navarra's long-term deposit ratings of Baa2 reflect:
(1) the affirmation of the bank's baa2 BCA and adjusted BCA; and
(2) Moody's Advanced LGF analysis that provides no uplift from the
bank's adjusted BCA. There is no government support uplift for
these ratings, given Moody's assumption that the probability of
such support is low.

Caja Rural de Navarra's BCA of baa2 reflects the bank's sound
financial fundamentals, namely: (1) its stronger asset-quality
performance compared with that of the wider Spanish banking
system; (2) its sound capitalization levels; and (3) its stable
retail deposit base and low reliance on wholesale funding. The
bank's BCA also reflects Caja Rural de Navarra's modest, albeit
stable, profitability levels.

Caja Rural de Navarra's BCA is constrained at the level of the
Spanish sovereign rating. Under Moody's methodology, a bank's BCA
will not typically exceed the sovereign rating absent any factor
that reduces the dependency between the creditworthiness of that
bank and the sovereign. Therefore, any upward pressure on Caja
Rural de Navarra's ratings is dependent on an upgrade of the
government of Spain's ratings, thereby lifting the current
constraint on the bank's BCA. The outlook on Caja Rural de
Navarra's long-term deposit ratings is also aligned with that of
the Spanish sovereign.

FACTORS THAT COULD LEAD TO AN UPGRADE

Banks' standalone BCAs could be upgraded as a consequence of a
sustained recovery of recurrent profitability levels, while
maintaining current improving trends of asset risk indicators,
with an ongoing reduction in the stock of problematic assets. The
banks' BCAs could also be upgraded on the back of stronger TCE
levels.

As the banks' debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.

The bank's deposit and senior debt ratings could also experience
upward pressure from movements in the loss-given-failure faced by
these securities.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on the banks' BCAs could develop as a result of:
(1) The reversal in current asset risk trends with an increase in
the stock of NPLs and/or other problematic exposures; (2) a
weakening of banks' internal capital-generation and risk-
absorption capacity as a result of subdued profitability levels;
and/or (3) a deterioration in the banks' liquidity position.

As the banks' debt and deposit ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.

The bank's deposit and senior debt ratings could also experience
downward pressure from movements in the loss-given-failure faced
by these securities.

PRINCIPAL METHODOLOGY

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



===========
T U R K E Y
===========


TURKIYE HALK: Fitch Withdraws 'BB(EXP)' Rating on Tier 2 Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn Turkiye Halk Bankasi A.S.'s (Halk,
BB+/Stable/bb+) proposed Basel III-compliant Tier 2 capital notes'
'BB(EXP)' expected rating. The expected rating was assigned on
March 24, 2017.

KEY RATING DRIVERS

The rating has been withdrawn because Halk does not expect to
proceed with the Tier 2 notes issue within the previously
envisaged timeline. Halk's other ratings are unaffected by the
withdrawal.

RATING SENSITVITIES

Not applicable.



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


UKRAINE: Losses of Insolvent Banks Rise to UAH195.658 Billion
-------------------------------------------------------------
UNIAN reports that the National Bank of Ukraine has revised its
report on the performance of the banking system for 2016 toward
the increase of losses of operating and insolvent banks by 22.2%,
or by UAH35.516 billion, to UAH195.658 billion, which is a record
figure for Ukraine's banking system.



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


CO-OPERATIVE BANK: Set to Unveil Capital Injection Plans
--------------------------------------------------------
Emma Dunkley and Martin Arnold at The Financial Times report that
The Co-operative Bank is poised to reveal in the coming days that
it is a step closer to bolstering its balance sheet to meet the
Bank of England's capital requirements ahead of a looming
deadline.

According to the FT, the lossmaking bank is preparing to announce
that it is in advanced talks with existing hedge fund investors
about injecting more capital, after stating in January that it
will fall short of the regulatory threshold during the next few
years.

But the bank, which is 80% owned by the hedge funds, is still
talking about a potential sale as an alternative option, after
receiving a number of "non-binding proposals" in April, the FT
notes.

One banker close to the Co-op Bank said that it has to have a plan
in place to boost its capital buffers by September, the same month
in which GBP400 million of senior bonds are due to be repaid, the
FT relates.

The Bank of England put the Co-op Bank under "intensive
supervision" in March, while its contingency plans are well under
way to ensure an "orderly failure" if the lender does not agree a
sale or fresh capital injection, the FT discloses.

The bank warned last month that bondholders would take a hit from
its rescue plans, which would involve a restructuring, or
liability management exercise, leaving investors with losses in
return for equity stakes, the FT recounts.

The bank said earlier this year that it requires nearly GBP750
million of capital, the bulk of which would likely come from
exchanging some debt for equity, the FT relays.

                  About Co-operative Bank

The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.

In 2013-2014, the Bank was the subject of a rescue plan to address
a capital shortfall of about GBP1.9 billion.  The Bank mostly
raised equity to cover the shortfall from hedge funds.

In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting offers."

The Troubled Company Reporter-Europe reported on February 17, 2017
that Moody's Investors Service downgraded Co-operative Bank plc's
standalone baseline credit assessment (BCA) to ca from caa2. The
downgrade of the bank's BCA to ca reflects Moody's view that the
bank's standalone creditworthiness is increasingly challenged and
that the bank will not be able to restore its declining capital
position without external assistance.

TCR-Europe also reported on February 23, 2017 that Fitch Ratings
has downgraded The Co-operative Bank p.l.c.'s (Co-op Bank) Long-
Term Issuer Default Rating (IDR) to 'B-' from 'B' and placed it on
Rating Watch Evolving (RWE). The Viability Rating (VR) was
downgraded to 'cc' from 'b'. The downgrade of the VR reflects
Fitch's view that a failure of the bank appears probable as it
likely needs to obtain new equity capital to restore viability.
Fitch believes there is a very high risk that this will include a
restructuring of its subordinated debt that Fitch is likely to
consider a distressed debt exchange, which would result in a
failure according to Fitch definitions.


DRAX GROUP: Fitch Assigns Final BB+ LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' final Long-Term Issuer Default
Rating (IDR) to Drax Group Holdings Ltd. The Outlook on the IDR is
Stable. Fitch also assigned a final 'BB+' rating to Drax Finco
Plc's GBP550 million senior secured notes due 2022 and a 'BBB-'
rating to Drax Corporate Ltd.'s GBP350 million super senior
secured revolving credit facility (RCF).

The debt issuance will be used by Drax to refinance its existing
debt, which includes around GBP200 million drawn from its
acquisition bridge facility and around GBP300 million of loans and
private placements. The senior secured notes are contractually
subordinated to its super senior secured RCF and GBP35 million
loan. The debt issuance benefits from security over the assets and
shares of Drax Group Holdings Ltd and its material subsidiaries.

KEY RATING DRIVERS

Regulatory Support: Drax benefits from regulatory support for
biomass power generation, through the Renewables Obligation and
contracts for difference (CfD). This support accounts for around
55% of EBITDA. The schemes give Drax earnings stability and
predictability until 2027, when both support mechanisms end.
However, the government's current energy policy excludes biomass
from bidding at capacity market auctions and from CfD auctions in
2017.

Increasingly Volatile Coal-fired Generation: Fitch views Drax's
coal generation as significantly more volatile in volume and
spread than baseload energy production. Drax's coal generation
provides power on an increasingly intermittent basis supporting
periods of peak power demand. Coal capacity also allows grid
support service contracts with National Grid as an additional
revenue stream. However, under current government policy all coal
generation must shut down by 2025.

The capping of the increase in the carbon price floor supports the
competitiveness of coal capacity, but this was offset by the
removal of the exemption from the climate change levy for
renewables, lowering full-year EBITDA by GBP60 million in 2015.
Capacity market and ancillary services contribute up to 15% to
group EBITDA.

Hedging Limits Power Price Exposure: Fitch estimates that around
30% of 2017 generation revenues are exposed to wholesale commodity
price risk, potentially leading to price volatility with a
significant impact on cash flows. Drax hedges forward biomass
output up to 18 months ahead, but coal is largely unhedged and
EBITDA should benefit from the recent recovery in UK power prices.
However, Fitch expects low power prices, as Fitch believes UK
baseloads continue to be affected by a structurally oversupplied
gas market.

Acquisitions to Increase Security of Supply: At 16% of renewables
output in the UK, Drax's biomass conversion of 1.8GW capacity is a
ground-breaking achievement in a relatively new market. There is
no meaningful spot market for sustainable compressed wood pellets
and uninterrupted availability of high-quality fuel supplies is
key to maintaining generation output and cash flow. Procurement is
on a long-term fixed cost basis, with the longest-dated contracts
expiring in 2027.

Plans to increase self-supply from around 10% to at least 30% by
organic and external growth will reduce risk in Drax's supply
chain. Most biomass is sourced in the US. This entails hedging
shipping and bunker-fuel costs and above all currency to protect
margins. Drax has limited ability to pass through cost increases
in biomass fuel costs.

Supply Offers Diversification, Cash-Flow Benefits: The acquisition
of SME power supplier Opus in February 2017 partly diversifies
earnings away from generation and enables the company to improve
its working-capital position by more quickly using Renewable
Obligation Certificates (ROCs) internally against its group
obligations. Fitch expects supply to contribute 10%-15% of EBITDA
in the longer term. Fitch expects UK supply margins to be under
pressure from the increasingly competitive environment.

Manageable Execution Risk: Execution risk arises from integrating
the acquisition of Opus Energy, but the risk is spread across
various IT billing systems partners and over a relatively long
time. The acquisition of open-cycle gas turbine (OCGT) development
projects for the capacity market may also further diversify
generation away from coal, but its development is contingent upon
being awarded capacity market contracts and is not included in
Fitch ratings case.

Dividend Policy Under Review: Drax is reviewing its dividend
payout, currently 50% of underlying earnings, following the recent
approval of the CfD on one of its biomass units. Fitch
understanding is that the company will probably retain a certain
level of cash to fund future growth opportunities, with a net
debt/EBITDA target for end-2017 of 2x. Fitch believes there may be
potential political obstacles to an aggressive dividend policy.
Fitch expects FFO-adjusted net leverage to be around 2.6x in 2017.

Declining Capex: Fitch expects FFO adjusted net leverage to fall
from 2.6x in 2017 on steady free cash flow generation to possibly
well below 1.5x by 2020, notwithstanding acquisitions of GBP432
million and a peak in capex (including acquisitions accounted as
capex) of GBP185 million in 2017, although falling thereafter to
around GBP65 million a year. However, this excludes any further
acquisitions, growth capex (OCGT) and any change in dividend
policy.

DERIVATION SUMMARY

Fitch views Drax's business profile as comparable to that of peers
like Melton Renewable Energy UK PLC (BB/Stable) and Viesgo
Generacion (BB/Stable), which reflects its focus on generation
activity. Biomass generation has regulatory support until 2027.

Drax's growth in retail offers some diversification, but supply in
the UK remains competitive, putting pressure on margins. Fitch
expects Drax's FFO-adjusted net leverage to be between 2x and 3x
during 2017 and 2018, and later below the negative rating
sensitivity at 2.5x, potentially to a significant extent. Fitch
considers that the group's capital expenditure requirements are
minimal and expect Drax to generate significant free cash flows.
However, potential changes to dividend policy or leverage targets
may limit deleveraging below the level Fitch expects for the next
two years.

KEY ASSUMPTIONS

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

  - power prices of GBP40-45/MWh during 2017-2020;
  - ROC recycle price to remain around GBP2/MWh;

  - UK RPI to remain slightly above 3%;

  - cost of new debt around 4.25%;

  - coal generation volumes to decline, based on the challenging
    outlook for dark green spreads;

  - EBITDA margins improving to around 9% by 2019 based on a
    positive price effect from the CfD, integration of the Opus
    acquisition and further growth of the supply business;

  - unchanged dividend policy (payout ratio 50% of underlying
    earnings);

  - maintenance capex kept at around GBP65 million per year;

  - Drax will reduce its use of its factoring programmes over the
    forecast period to around GBP90 million in 2019;

  - no allowance for OCGT capex or EBITDA contribution.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to positive rating action:

  - Increased wholesale electricity prices or output above Fitch's
    expectations leading to FFO net adjusted leverage sustainably
    below 1.5x, against 1.9x in the financial year to December
    2016, supported by a strong commitment to strengthened capital
    structure, along with no adverse regulatory change

Future developments that may, individually or collectively, lead
to negative rating action:

  - Lower wholesale electricity prices or output below Fitch's
    expectations leading to FFO adjusted net leverage sustainably
    above 2.5x and FFO fixed charge cover below 5x

  - Changes to the regulatory framework with a material negative
    impact on profitability and cash flow

LIQUIDITY

Adequate Liquidity: Drax will refinance its existing debt with
GBP550 million of senior secured notes and a new GBP350 million
super senior RCF, of which GBP35 million is a drawn term loan. The
senior secured debt is secured against the assets of and shares in
Drax Group Holdings Limited and its material subsidiaries, and
guaranteed by subsidiaries in the group making up at least 85% of
group EBITDA and assets.

Revolving Credit Facility Limit: The RCF has a limit of GBP200
million for drawings not used to cash collateralise letters of
credit and other hedging transactions. Therefore Fitch only use
GBP200 million in liquidity calculations as this represents the
amount available for repaying debt and interest. The group also
has access to a GBP35 million RCF at Opus Energy, which matures in
December 2017, and an uncommitted USD25 million credit facility at
Drax Biomass Inc.

The senior secured bonds and super senior RCF and term loan are
party to a new intercreditor agreement and covenant package. The
events of default for the senior secured notes include pro forma
fixed-charge cover of 2x and for the super senior RCF a springing
covenant with EBITDA requirement above GBP170 million if the
GBP200 million cash line of RCF is drawn down by more than GBP87.5
million. Annual dividend payments are also restricted to the lower
of GBP75 million or 2% of total assets, and cannot be paid if
debt/EBITDA is above 2.25x.

FULL LIST OF RATING ACTIONS

Drax Group Holdings Limited
-- Final Long-Term IDR assigned at 'BB+', Stable Outlook
-- Final super senior secured rating assigned at 'BBB-'
-- Final senior secured rating assigned at 'BB+'

Drax Corporate Limited
-- Final super senior secured revolving credit facility rating
    assigned at 'BBB-'

Drax Finco Plc
-- Final Senior secured notes rating assigned at 'BB+'


KIDS COMPANY: Trustees to Fight Any Banning Action
--------------------------------------------------
Kirsty Weakley at Civil Society reports that the former trustees
of Kids Company have said that they would "vigorously defend" any
attempt to disqualify them from acting as company directors in the
future, following media reports that the Insolvency Service was
considering action.

Civil Society relates that Sky News said on April 24 it had
learned that lawyers for the government's Insolvency Service had
written to former trustees, including Alan Yentob, to warn them it
is minded to pursue disqualification proceedings against them.
Kids Company chief executive Camila Batmanghelidjh has also
reportedly been included in this action, the report says.

The Insolvency Service was appointed to wind up the charity after
it collapsed in the summer of 2015. It has the power to seek bans
on directorships for individuals of up to 15 years.

"Our investigation into the circumstances surrounding the collapse
of Keeping Kids Company and the conduct of the directors is
ongoing. It is not appropriate to comment further at this time,"
Civil Society quotes a spokesman for the Insolvency Service as
saying.

According to the report, the trustees on April 25 issued a joint
response to say that they would defend themselves and warn of
wider implications for the charity sector.

Civil Society relates that the trustees said in a statement: "As
former trustees of Kids Company, we are jointly responding to
unconfirmed reports that the Insolvency Service may or may not
recommend that proceedings are taken to disqualify us as company
directors.

"As non-executive trustees we were responsible for overseeing the
charity. At all times we had the interests of the children and
young people in our care as our primary concern. We freely gave
significant amounts of our personal time and money to that end. We
took professional advice on legal and financial matters. In order
to satisfy our funders, it was necessary to undergo regular,
stringent scrutiny and validation by external independent parties,
including auditors.

"It is deeply regrettable that the charity was forced to close
following the instigation of a Metropolitan Police investigation
of allegations that subsequently were found to be unfounded.

"There is no suggestion that we acted dishonestly or in bad faith.
As far as we are aware, there has never been a case where trustees
of a charity have been disqualified by a court in circumstances
such as these.

"We acted diligently throughout, and if any proceedings are
brought will defend ourselves vigorously. What happens to us could
have serious implications for the thousands of other trustees who
want to do charitable work in this country."

The Charity Commission is also investigating Kids Company's
collapse and is expected to publish the findings from its
statutory inquiry at some point this year, the report says.

Two parliamentary select committees have already published their
findings into the charity, with both criticising trustees'
actions, adds Civil Society.


TRANSLINE GROUP: Gets Stay of Execution Amid Rescue Talks
---------------------------------------------------------
Sky News reports that Transline Group paid more than GBP1 million
last year to directors in the form of dividends, loans and a
transfer of shares -- even as it was facing a funding squeeze
after suffering a seven-figure annual loss.

Transline, which was fiercely criticised over working practices at
facilities used by Asos and Mike Ashley's Sports Direct, lost
GBP1.2 million in 2016, according to a document seen by Sky News.

According to the report, the company last month said it was
preparing to appoint insolvency practitioners by filing a formal
notice that sources said was due to expire on May 4.  It said just
hours before that deadline, however, that it would extend that
period for a further 10 days.

Sky News says the identity of the new backer was unclear, although
sources said a number of specialist turnaround investors had been
approached in recent weeks.

The latest development does not mean that Transline is certain to
avoid insolvency, but gives the directors additional breathing
space to negotiate a deal, the report says.

News of the temporary reprieve comes after the online fashion
retailer Asos terminated its relationship with Transline earlier
this month, according to Sky News.

Transline manages a temporary workforce estimated by people close
to the company at approximately 11,000, Sky News discloses.

The report says the group has blamed "tighter margins" for its
financial difficulties and has told prospective investors that it
required new funding of just over GBP6 million.

In a document sent to potential backers, Transline said GBP750,000
had been paid to Colin Beasley, who now holds 10% of the company,
"in respect of his shareholding", while there were GBP308,000 in
dividends paid and increases in directors' loan accounts.

A filing at Companies House shows that Mr. Beasley, father of
co-founder Paul Beasley, resigned as a director last month.

A further GBP624,000 was paid to HM Revenue and Customs in
relation to National Minimum Wage fines and Accelerated Payment
Notices, according to the document cited by Sky News.


VIRGIN MEDIA: Fitch Affirms BB- IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Virgin Media Inc.'s (VMED) Long-Term
Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Its
Short-Term IDR is affirmed at 'B'. All associated instrument
ratings have been affirmed at the existing levels.

Virgin Media's (VMED) ratings are supported by its consistent
financial performance, well-developed and stable operating
profile, and a competitive, advanced but rational UK
broadband/fixed line market - particularly within its most
important consumer segment. TV content cost pressures are being
managed, helped by the company's access to the widest available
range of content in the UK and agnostic approach to content
access. The technological advantage of cable and the company's
broadband-led business strategy further support the ratings.

VMED's strong physical metrics and underlying cash flow support
leverage which in Fitch's view is likely to remain close to its
ratings threshold, with the business expected to continue to make
sizeable shareholder payments to support Liberty Global's (LG)
share buyback programme.

KEY RATING DRIVERS

Solid Physicals, Visible Financials:  VMED consistently delivers
improvements in physical metrics eg net customer additions,
services per customer (revenue generating units per customer) and
average revenue per user (ARPU). This is in spite of the maturity
of the UK market. Triple-play penetration of the customer base is
advanced - 62% at end-2016- but Fitch believes scope remains to
improve this metric. Convergence trends in the UK offer further
support, although quad-play is most important from a churn
management perspective.

Fitch views VMED as having one of the most visible revenue and
underlying cash flows in the European telecoms portfolio, which is
supportive of a relatively high financial leverage.

Well Positioned in a Competitive Market: The UK, VMED's most
important market, is competitive but rational. This is
particularly the case in fixed, by far the most important area for
the cable operator. Fixed telephony has proven far more defensive
than mobile, with the market consistently pushing through price
rises. Consumer revenues in the incumbent's fixed operations are
growing strongly, while Sky continues to post mid-single-digit
growth helped by its telecoms offer, echoing the performance at
VMED. VMED is well positioned: Fitch estimates it is the in-
franchise broadband market leader while based on Ofcom data its
end-2016 national share of broadband lines was 19.5%.

Lightning to Ramp over 2017/2018: VMED's plan to connect an
additional 4 million UK homes to its two-way network by 2019-20
has so far (ie at end-2016) added 567,000 homes; a number that was
restated following initial year end reporting. Other physicals -
penetration, ARPUs and build costs are reported to be within
management's targets. It is possible the build profile will take
longer than initially thought given the complexity of such a
project. The broad parameters remain intact and in Fitch's view,
incremental revenue and cash-flow targets seem reasonable.
Investment will compress near term free cash flow; longer term
benefits are clear and investment likely to be flexible.

Cable's Technological Advantage: Cable is likely to retain its
broadband speed advantage. VMED is currently offering commercial
download speeds of up to 300 Mbps, while the incumbent's most
widely available commercial offer provides speeds of up to 76
Mbps. The incumbent's technology roadmap is closing the gap.
G.fast technology is expected to enable broadband speeds of up to
500 Mbps, its targets including covering 10 million homes by 2020.
BT Group is also targeting 2 million homes with fibre to the
premise. DOCSIS 3.1 cable technology nonetheless is capable of
delivering 1 Gbit speeds, is deliverable and likely to be rolled
out across all of LG's European cable assets.

Leverage, Shareholder Distributions: FFO net leverage has been
managed around 5.0x in recent years (5.1x in 2016), and in Fitch's
forecasts likely to remain around these levels over the medium
term given the cash-flow pressures of Project Lightning and the
sizeable shareholder payments VMED makes to parent company LG.
This is likely to provide little headroom to Fitch ratings
threshold of 5.2x. The importance of VMED's cash flow to the LG
group is evident in the GBP1.5 billion shareholder payment in
2016. The overall contribution VMED makes to the LG consolidation
provides a certain amount of leverage discipline given's LG's
upper net debt /EBITDA threshold of 5.0x.

DERIVATION SUMMARY

VMED's ratings are underpinned by its strong operating profile, a
developed but rational UK convergent market, technological
advantage and broadband-led business strategy. The company's
closest peers include fellow Liberty Global owned cable operators,
Telenet N.V, UPC and VodafoneZiggo (each rated BB-/Stable) -- with
Telenet arguably its closest peer given the developed stage of
their respective business strategies and strong competitive
position in their markets. Talktalk is also rated 'BB-'/Stable,
but its weaker competitive position in the UK telecoms market
means that leverage thresholds are much tighter. The deleveraging
capacity provided by VMED's underlying free cash flow and strong
operating profile would allow for a higher rating if leverage was
lower on a sustainable basis. No Country Ceiling,
parent/subsidiary or operating environment aspects impacts the
rating

KEY ASSUMPTIONS

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

  - revenue growth of around 6%-7% overs over the next few years
driven by Project Lightning and some price increases;

  - modest EBITDA margin expansion from 45% in 2016 to 48% in 2020
due to benefits of economies of scale as Project Lightning is
completed;

  - capital intensity (property & equipment additions including
those funded through vendor finance as a percentage of revenue) to
remain elevated at around 28-33% over 2017-2019 before reducing as
Project Lighting completes;

  - FFO net leverage to be maintained at the higher end of range
of 4.5x-5.0x through cash repatriation / repayment of parent
company loans.

RATING SENSITIVITIES

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

   - A firm commitment by Virgin Media that the company is
adopting a more conservative financial policy (for example, FFO
adjusted net leverage of 4.5x) could lead to positive rating
action

  - Continued sound operational performance, as evidenced by key
performance indicator (KPI) trends and progress in both investment
and consumer take-up with respect to Project Lightning

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

  - FFO adjusted net leverage that was expected to remain above
5.2x on a sustained basis

  - FFO fixed charge cover that was expected to remain below 2.5x
on a sustained basis

  - Material decline in operational metrics, such as customer
penetration, revenue generating units per subscriber and ARPU.
Evidence that investment in Project Lightning is being scaled to
proven demand will be an important driver

LIQUIDITY

Sufficient Liquidity Profile: Fitch considers liquidity sufficient
with unrestricted cash and cash equivalents of GBP22 million
forecast positive FCF and full availability under its GBP675
million revolving credit facility as at FYE16. LG manages
liquidity across its credit pools on a flexible basis and would be
expected to provide support/reduce shareholder payments from VMED
if necessary.

FULL LIST OF RATING ACTIONS

Virgin Media Inc.
-- Long-Term IDR: Affirmed at 'BB-'; Outlook Stable
-- Short-Term IDR: affirmed at 'B'

Virgin Media Secured Finance Plc
-- Senior secured debt rating: affirmed at 'BB+','RR1'

Virgin Media Investment Holdings Limited
-- Senior secured debt rating: affirmed at 'BB+','RR1'

Virgin Media SFA Finance Limited
-- Senior secured debt rating: affirmed at 'BB+','RR1'

Virgin Media Finance PLC
-- Senior notes affirmed at 'B','RR6'

Virgin Media Bristol LLC
-- Senior secured debt rating: affirmed at 'BB+','RR1'

Virgin Media Receivables Financing 1 DAC
-- Receivables financing notes: affirmed at 'B+'.'RR5'



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


* BOND PRICING: For the Week May 8 to May 12, 2017
--------------------------------------------------

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



                            *********

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

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

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


                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at
856-381-8268.


                 * * * End of Transmission * * *