TCREUR_Public/170522.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 22, 2017, Vol. 18, No. 100


                            Headlines


C R O A T I A

AGROKOR DD: Collapse May Cause Recession


F R A N C E

CGG: S&P Lowers CCR to 'D' on Interest Payment Being Put on Hold


G R E E C E

GREECE: Parliament Approves Omnibus Reform Package
INTRALOT SA: Fitch Affirms B+ IDR & Revises Outlook to Stable


I R E L A N D

GTLK EUROPE: Fitch Assigns BB(EXP) Rating to USD Guaranteed Notes
SMURFIT KAPPA: Fitch Affirms BB+ Long-Term IDR, Outlook Stable


I T A L Y

UNICREDIT SPA: Moody's Assigns Ba1 Baseline Credit Assessment
SAFILO GROUP: S&P Affirms Then Withdraws 'B+' CCR


N E T H E R L A N D S

SPECIALTY CHEMICALS: S&P Assigns 'B' CCR, Outlook Stable


R U S S I A

ALFA-BANK JSC: S&P Affirms 'BB/B' Counterparty Credit Ratings
O1 PROPERTIES: Moody's Rates Proposed $150MM Domestic Bonds B1


S P A I N

HNVR MIDCO: S&P Assigns 'B' CCR, Outlook Stable
BANCO POPULAR LEASING 3: Moody's EUR220MM Series B Notes 'Caa2'


S W E D E N

MUNTERS AB: S&P Puts 'B' CCR on CreditWatch Positive


U N I T E D   K I N G D O M

CLAVIS SECURITIES 2007-01: S&P Raises Rating on M2b Notes to BB+
COTTAGE BREWING: Enters Administration, Seeks CVA Deal
DIVERSITY FUNDING 1: S&P Lowers Rating on Cl. D Notes to CCC+
FOUR SEASONS: Raises Fees for Elderly Amid Financial Woes
PREMIER FOODS: S&P Rates GBP210MM Sr. Secured Notes 'B'

STORE TWENTY ONE: May Enter Administration, 1,000 Jobs at Risk


X X X X X X X X

* BOND PRICING: For the Week May 15 to May 19, 2017


                            *********


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C R O A T I A
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AGROKOR DD: Collapse May Cause Recession
----------------------------------------
http://www.bbc.com/news/world-europe-39960383

BBC News reports that Crotia's biggest company, Agrokor d.d.,
which owns the supermarkets, is teetering on the brink of
collapse.  And if it does fall, the impact will reverberate
across the Balkans, BBC says.

Croatia has only four million people and 60,000 of them are
directly employed by Agrokor, BBC discloses.

According to BBC, if Agrokor went down, the repercussions would
be far wider than the 1,000 or so spaces where its Konzum
supermarkets currently stand.

"The collapse of Agrokor could cause a recession," BBC quotes
Croatia's Economy Minister Martina Dalic as saying.

"Its core company, Konzum, has 2,500 suppliers, which employ more
than 150,000 people.  There is a systemic risk if Agrokor is
faced with bankruptcy."

Agrokor's revenues are worth more than 15% of Croatia's total
GDP, BBC states.  It also has considerable interests in Slovenia,
Bosnia, Serbia and Montenegro, according to BBC.  The threat of
collapse worried their governments so much they held a
ministerial summit about the crisis, BBC relays.

The problem is that the company has debts of more than EUR6
billion (GBP5 billion; US$6.7 billion), largely the legacy of an
attempt to become the dominant regional retailer, BBC discloses.
It took out loans to fund the purchase of Slovenian rival
Mercator in 2014, BBC recounts.  Now it is unable to repay them,
BBC notes.

The government has appointed a restructuring team to take control
of the business and save what it can, BBC relays.

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

                            *   *   *

The Troubled Company Reporter-Europe reported on May 10, 2017
that S&P Global Ratings lowered its corporate credit rating on
Croatian retailer Agrokor d.d. to SD/--/SD (SD: selective
default) from CC/Negative/C. S&P lowered its issue rating on the
three series of Company's senior unsecured notes to 'D' from
'CC'.

S&P understands that, on May 1, 2017, Agrokor missed a coupon
payment on its EUR300 million senior secured notes due 2019.  On
April 6, 2017, Croatia enacted a law -- "Law on Procedures for
Extraordinary Management in Companies of Systematic
Significance" -- that restricts Agrokor from making any interest
or principal payments on its debt over the next 12 months.  Under
the standstill agreement, Agrokor signed with its main lenders,
its bank debt payments are currently frozen.  Under S&P's
criteria, it considers all the above to be tantamount to a
default, because S&P does not expect Agrokor to be able to make a
payment within the grace period of 30 days.

The TCR-Europe on April 17, 2017, reported that Moody's Investors
Service has downgraded Agrokor D.D.'s corporate family rating
(CFR) to Caa2 from Caa1 and its probability of default rating
(PDR) to Ca-PD from Caa1-PD. The outlook on the company's ratings
remains negative. "Our decision to downgrade Agrokor's rating
reflects its filing for restructuring under Croatian law, which
in Moody's views makes a default highly likely," Vincent Gusdorf,
a Vice President -- Senior Analyst at Moody's, said.  "It also
takes into account uncertainties around the restructuring
process, as creditors' ability to get their money back hinges on
numerous factors that will become apparent over time."



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F R A N C E
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CGG: S&P Lowers CCR to 'D' on Interest Payment Being Put on Hold
----------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on French
geoscience company CGG to 'D' from 'CCC-'.

At the same time, S&P lowered the issue rating on its senior
secured debt to 'D' from 'CCC'.  The recovery rating remained
'2', indicating a recovery of 85% in the event of default.  S&P
also lowered the rating of the senior unsecured notes to 'D' from
'C'. The recovery rating remained '6', indicating negligible
recovery in the event of default.

The downgrade to 'D' follows the interest payment on CGG's senior
unsecured note (due 2020) being put on hold; it was due on May
15, 2017.  According to the company's announcement it will use
the 30-day grace period to consider its options regarding the
changes in its capital structure.  S&P understands that the
additional interest payments and some maturities are scheduled to
take place in the coming months.  S&P thinks it is very unlikely
that the company will resume regular payments at the end of the
grace period, as reflected in its current unsustainable capital
structure and need to preserve cash.

In addition, the company announced its proposal to rearrange its
existing capital structure, reducing its reported gross debt of
$2.7 billion as of March 31, 2017, to a more manageable debt
level of about $1.05 billion.  S&P understands that negotiations
are currently focused on the ownership structure post the
restructuring.  According to the company, if the stakeholders
(existing shareholders and debt holders) don't reach an agreement
on the capital structure in the coming weeks, it could consider
commencing voluntary court proceedings to preserve its liquidity
and business value.  In S&P's view, the capital restructuring
will affect a substantial share of debtholders: they will either
not receive the debt's full nominal value and/or will experience
a delay in the debt maturing, without sufficient compensation.

S&P understands various stakeholders have raised different
proposals to the capital restructuring.  Under each one of them,
the company is unlikely to pay the face value of the debt
according to the original terms, which will be considered as a
default under S&P's criteria.

For illustration purposes, S&P outlines the company's proposal,
which includes:

   -- Converting $1.6 billion of the senior secured notes and
      $0.4 billion of convertible notes into equity.

   -- Rights issue of $75 million and warrants to existing
      shareholders.  Issue of $360 million high yield bonds.
      Pushing the maturity of the existing $800 million out to
      2022, taking out the current financial covenants, and
      introducing a payment-in-kind feature.  The proposal
      includes a prepay up to $100 million.

According to the company's proposal, the existing senior
unsecured holders will hold between 80%-90% of the company's
shares, convertible holders about 5%, and existing shareholders
5%-15%.

S&P will keep the issue rating at 'D' until the debt
restructuring is completed.  A future rating will rely on CGG's
updated liquidity position, capital structure, and maturity
schedule.



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G R E E C E
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GREECE: Parliament Approves Omnibus Reform Package
--------------------------------------------------
Kerin Hope at The Financial Times reports that Greece's
parliament has narrowly approved an omnibus reform package needed
to unlock more than EUR6 billion of bailout aid and open the way
for the country's international creditors to reach a deal on debt
relief.

Lawmakers from the governing left-wing Syriza party and its
coalition partner, the right-wing Independent Greeks, backed the
bill in a late-night vote on May 18, the FT relates.

The center-right opposition New Democracy party, which holds a
strong lead in opinion polls, voted against the package, even
though it is committed to implementing reforms if it wins the
next election, the FT relays.

The legislative package calls for fresh austerity measures over
the next three years to ensure Greece hits tight fiscal targets,
including spending cuts and reductions in pensions and tax
allowances in 2019 and 2020, the FT discloses.

The eurozone finance ministers will hold debt relief talks with
the International Monetary Fund on May 22, the FT says.

A Greek official, as cited by the FT, said it was unclear whether
a deal would be reached at the meeting.

Agreement on the debt is needed for Greece to draw its next
installment of bailout aid and make a EUR7.5 billion debt
repayment in July, the FT notes.


INTRALOT SA: Fitch Affirms B+ IDR & Revises Outlook to Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Intralot S.A's Long-Term Issuer
Default Rating (IDR) at 'B+'. The Outlook has been revised to
Stable from Negative.

The Stable Outlook reflects Fitch's belief that Intralot's
underlying business model and financial trends appear to have
stabilised, underpinned by steady recurring contracted revenues
and cash-flow generation. Fitch views management's attempts to
rebalance the portfolio over the past year positively, while the
planned sale of its Oceania business, whilst not seen as critical
to steer Intralot's credit profile, has been delayed due to
circumstances beyond its control.

Despite the improvement seen in FY16, Intralot's high gross
leverage remains not fully aligned with a 'B+' rating, but the
business profile is commensurate with a 'BB' rating category for
the sector. The solid business risk profile together with a
weaker financial profile supports Intralot's IDR at 'B+'. In its
assessment Fitch estimates that Intralot will maintain a
conservative financial structure. Any evidence of a deteriorating
operating environment, contracts not renewing or renewing on
worse terms, unexpected cash leakages, or weakening of liquidity
will be negative for the rating.

KEY RATING DRIVERS

Recurring Contracted Revenue Base: Intralot's credit profile
benefits from more than 85% of revenues recurring and contracted
up until 2021, with only three contracts up for renewal in 2018.
The fall in EBITDA margin appears to have stabilised and Fitch
expects this to improve to 13.7% in 2017. However due to high
switching costs, Fitch expects many of the contracts to be
renewed, although Fitch continues to believe these could be on
lower margins in future and may require a higher renewal fee.
EBIT margins are now above the minimum threshold of 7% supporting
the 'B+' rating.

Weak Free Cash Flows: Fitch expects free cash flow (FCF) to be
negative in 2017 and 2018, bottoming at -1.8% in 2018 due to one-
off investments and some renewal fees and then to turn positive
thereafter. FCF can be volatile as a result of upfront
investments related to new contracts of contract renewals;
however this does contribute to a steady operating cash-flow
generation due to its recurring profit stream as a key credit
support.

Leverage Declines From 2015 Peak: Fitch expects funds from
operations (FFO) adjusted gross leverage to remain high at about
6.0x in 2017 and 2018. Fitch base-case projections do not factor
in any proceeds from the sale of Oceania. This level of gross
leverage is not commensurate with a 'B+' rating, which indicates
low financial headroom. However, FFO adjusted net leverage
remains within Fitch sensitivity guidance for the rating below
4.5x. Fitch anticipates some deleveraging from the group's
underlying operating performance, but the potential sale of
Oceania or other assets could still be used to accelerate the
debt reduction process.

Reputable Gaming Operator, Technology Supplier: Intralot has
established itself in the international gaming sector as a
reputable provider of, among other products, systems to manage
lotteries through software platforms and hardware terminals, and
in betting, a large algorithm-based sportsbook. This has enabled
it to win important contracts for the supply of technology and
the management of lotteries in the US and Greece and for sports
betting in Turkey and Germany.

Positive Scope for Growth: The gradual liberalisation of gaming
markets, governments' keenness on finding ways to raise tax
proceeds and the increasing supply of new games, should all
provide increasing opportunities for Intralot. The company should
be able to leverage on its experience and reputation and also
benefit from the limited number of reputable suppliers in the
industry, allowing the group to expand into new geographies.
Intralot is also well positioned to benefit from opportunities in
the US.

Limited Linkage with Greece: Intralot generates only less than
10% of its EBITDA in Greece (rated 'CCC'). Fitch views Greece's
low sovereign rating as neutral for Intralot's ratings given its
contractual requirement to maintain large portions of its cash
outside Greek banks. In the event of a sovereign default,
including Greece's exit from the euro - a scenario that Fitch
does not currently envisage - the company has contingency plans
in place that it could complete within three months. Intralot's
wide geographic diversification of its business and lack of
meaningful reliance on Greek banks for funding mitigates its
exposure to Greece and other countries with 'b' economic
environment.

Above-Average Recovery Expectations: In Fitch bespoke going-
concern recovery analysis, Fitch looks at Intralot's 2016 EBITDA
of EUR106 million (after deducting attributable EBITDA to
minority interests) and this is further discounted to arrive at
an estimated post-restructuring EBITDA available to creditors of
around EUR84.8 million. Fitch apply a conservative distressed
EV/EBITDA multiple of 4.5x to Intralot's wholly owned operations.

Fitch also estimates EUR100 million of additional value stemming
from minority interests, mainly from emerging markets. In terms
of distribution of value, all unsecured debt would recover 58% in
the event of default consistent with an 'RR3' and an instrument
rating of 'BB-', one notch above the IDR.

DERIVATION SUMMARY

Intralot is positioned well in the 'B' rating category compared
to its peers. The main differentiating factor being its
visibility of revenue from recurring contracted EBITDA. Intralot
has smaller revenue and EBITDA than Ladbrokes, William Hill, IGT,
and Scientific Games. However, it does have good geographic
diversification and benefits from the more profitable emerging
markets. It also has an established position in the US, and is
well placed for potential future growth opportunities. Compared
to peers at the 'B' rating level, Intralot has certain
differentiating characteristics, such as the abovementioned
contracted EBITDA and specialist supplier technology expertise.

KEY ASSUMPTIONS

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

   - Revenue growth of 2% in 2017, accelerating in 2018 and 2019
     underpinned by new contracts and some organic growth;

   - EBITDA margin remaining steady at between 13.5% and 14.0%;

   - Rental expenses lower as a result of leases associated with
     expiring contracts;

   - Minority profits fully paid out fully as dividends, EUR39
     million in 2017, EUR44 million in 2018;

   - CapEx higher in 2017 and 2018 due to contract renewals and
     investments in new contracts which Fitch assumes will be
     partially funded by debt drawdowns;

   - Fitch forecast capex falling back towards about EUR45-50
     million per annum from 2019; and

   - No common dividends.

RATING SENSITIVITIES

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

   - Revenue growth and steady profitability supported by a
     stronger return on capital on existing and future contracts
     with limited capex outlays

   - FFO adjusted net leverage reducing sustainably below 3.0x
     (or FFO gross lease adjusted leverage below 4.0x), with cash
     deposited predominantly at investment grade-rated
     counterparties

   - FFO fixed charge cover above 3.0x, unaided by favourable
     interest carry

   - Evidence of sustained positive FCF generation in the low to
     mid-single digits of sales.

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

   - Evidence that new contracts or renewals are occurring at
     materially less favourable conditions for Intralot,
     resulting in continuing weak EBIT margins of under 7%, large
     upfront concession fees or capex outlays (2016: 8.2%)

   - FFO adjusted net leverage sustainably above 4.5x (or FFO
     adjusted gross leverage above 5.5x) (FY16: 4.3x and 5.6x
     respectively)

   - FFO fixed charge cover below 2.0x (2016: 1.8x)

   - Material reduction in liquidity without a commensurate
     reduction in gross debt levels

LIQUIDITY

Comfortable Liquidity Following Refinancing: At end-2016,
Intralot had EUR164 million of cash on its balance sheet, of
which about 7% was deposited in Greek banks, and around EUR65
million of undrawn availability under committed facilities. This
was sufficient for liquidity purposes with no significant debt
maturity until 2019, when the term facilities mature, while the
two bonds (totalling EUR500 million) mature during 2021. During
the start of 2017, Intralot drew EUR15 million under its RCF with
respect to the new Amelco partnership.

In response to the Greek debt crisis and to protect its liquidity
position, Intralot fully drew on its syndicated revolving credit
facility (RCF; EUR120 million of EUR200 million facility)
maturing May 2017. This was replaced by a new EUR225 million
syndicated facility maturing in 2019 (RCF EUR86 million, term
loan EUR99 million and standby RCF EUR40 million) following the
successful placement of the EUR250 million unsecured notes in
September 2016 extending maturities.


FULL LIST OF RATING ACTIONS

Intralot S.A.

-- Long-Term IDR affirmed at 'B+'; Outlook Stable (previously
    Negative)

Intralot Capital Luxembourg S.A.

-- Senior unsecured notes affirmed at 'BB-'/RR3';



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GTLK EUROPE: Fitch Assigns BB(EXP) Rating to USD Guaranteed Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Ireland-based GTLK Europe DAC's
upcoming issue of USD-denominated guaranteed notes an expected
'BB(EXP)' rating.

GTLK Europe is a 100%-owned Irish subsidiary of Russia-based PJSC
State Transport Leasing Company (STLC, BB/Stable), acting as an
operating entity utilising the favourable tax and regulatory
regimes of Ireland for leasing of aircraft and ships. The notes
will represent direct, unsubordinated and unsecured obligations
of GTLK Europe and will benefit from an unconditional and
irrevocable guarantee from STLC.

The proceeds will be used mainly for general corporate purposes
by GTLK Europe, including refinancing current outstanding USD-
denominated borrowings.

The facility agreement includes financial covenants on STLC
(maintenance of positive net interest income and an equity-to-
assets ratio of above 10%). The terms of the issue also provide
noteholders with a put option in case of the Russian sovereign
ceasing to control more than 75% of STLC's and/or GTLK Europe's
equity.

KEY RATING DRIVERS

The notes' rating is equalised with the STLC's Long-Term Foreign
Currency Issuer Default Rating (IDR), reflecting Fitch's view
that STLC, if required, would have a very strong propensity to
honour the obligation under the guarantee due to its publicly
expressed commitment to do so, and potential reputational damage
from not honouring the obligation.

STLC's Long-Term IDR in turn reflects Fitch's view of a moderate
probability of support for the company, if needed, from the
Russian sovereign (BBB-/Stable).

RATING SENSITIVITIES

The rating of the issue is likely to move in tandem with STLC's
Long-Term Foreign Currency IDR.


SMURFIT KAPPA: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch has affirmed Ireland-based packaging company Smurfit Kappa
Group plc's (SKG) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB+'. The Outlook is Stable. Fitch has also
affirmed the senior unsecured ratings of Smurfit Kappa
Acquisitions and Smurfit Kappa Treasury Funding at 'BB+'.

The affirmation reflects Fitch's expectation of continued healthy
cash flow generation and modest deleveraging, despite slightly
higher dividend distribution. The group's improving geographical
diversification continues to contribute to its leading packaging
market position in Europe and pan-regional coverage in the
Americas. Fitch expects leverage metrics to steadily improve,
largely due to profitability improvements from SKG's capex
investments, cost reduction programme and continuing
acquisitions.

KEY RATING DRIVERS

Solid Financial Performance: SKG continued to achieve solid
revenue growth in the year ended December 31, 2016 and Fitch
forecasts low-single-digit growth over the forecast period 2017-
2020, largely driven by better performance in the Americas and
increase in scale. Margins improved in 2016 despite significant
foreign-currency impacts and raw material cost increases and
Fitch expects these to remain relatively constant over the
forecast period.

Gradually Improving Metrics Support Rating: Management has a
stated target of maintaining a 'BB+' rating and in doing so
maintaining net debt/EBITDA at 2.0x-3.0x (2016: 2.4x reported).
The group's strategic focus and financial policies support
acquisition and capex-driven growth delivering shareholder
returns. Fitch therefore does not expect significant deleveraging
over the forecast period but Fitch forecast leverage and coverage
metrics to improve from investments generating profitability
growth. These metrics, together with strong margins and limited
volatility, position the group at the top-end of the 'BB+' rating
level.

Diversification Supported by M&A: The group continues to look to
increase scale and diversify its operations through M&A,
undertaking five acquisitions in 2016 for a consideration of
EUR41 million, considerably less than the EUR330 million
consideration for acquisitions in 2015. Most of the acquisitions
were in the Americas, as in 2015, and Fitch forecasts that SKG
will continue to undertake EUR150 million acquisitions annually.
Should the acquisitions be significantly larger than expected,
they would be likely to require debt funding, thereby negatively
affecting SKG's leverage, but countered by its likely improvement
in geographical diversification.

Leading Packaging Producer: SKG's ratings are supported by its
leading position in corrugated containers and exposure to the
relatively stable packaging markets. The group is further
supported by its vertical integration into containerboard,
providing some margin protection against raw material cost
inflation. In addition, around 60% of the group's revenues are
generated by clients in the fast-moving consumer goods sector,
which provides a level of stability to SKG's financial
performance.

Good Sub-Sector Fundamentals: The packaging sector has above-
average stability compared to the rest of the paper and wood
products sector, benefitting from growth in population,
disposable income, e-commerce, and convenience food and smaller
packaging sizes due to single households. In particular, paper
packaging benefits from a trend towards more sustainable,
recyclable materials. This contrasts with the paper sector's
structural decline, notably in graphic papers (newsprint,
magazines and catalogues) in mature markets in particular.

Global Company, Localised Production: The group is a global
leader in the packaging sector, with well-integrated operations
and logistics across its key European and Americas operations.
SKG's international exposure provides its larger clients with
international packaging support and provides SKG with greater
understanding of market developments. Its well-established
localised production facilities in its markets of operations
enable it to better meet specific regional requirements.

Limited Input Costs Risk: Fitch expects SKG's raw materials cost
increases to be largely passed through to customers in the short
to medium term. Input costs rose in 2016, but the group has
managed to impose containerboard and box pricing increases,
achieving margin improvement for the year.

DERIVATION SUMMARY

SKG is well positioned relative to its EMEA peers. Its ratings
are supported by its leading packaging market position, stable
and diversified customer base and good liquidity. The group's
relatively weaker leverage metrics and lower profitability
margins constrain its ratings compared to its investment-grade
peers, although this is mitigated by the group's strong FCF
generation.

KEY ASSUMPTIONS

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

   - revenue growth of 1%-2% a year for 2017-2020;

   - EBITDA margin flat at below 15%;

   - net acquisitions of around EUR150 million annually over the
     rating horizon;

   - gradually increasing dividends, in line with higher
     earnings;

   - capex around EUR450 million annually over 2017-2020;

   - restricted cash required for operational stability at EUR107
     million.

RATING SENSITIVITIES

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

   - Increased geographic and product diversification improving
     business risk

   - Stable or increasing EBITDA margin

   - FFO-adjusted net leverage below 2.5x

   - FCF margin above 2.5% (2015 outturn: 2.5%)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action - Larger-than-expected acquisitions or
increased shareholder returns that further delay deleveraging

   - FFO-adjusted net leverage above 3.5x on a sustained basis
   - FCF margin below 1%

LIQUIDITY

Solid Liquidity Position: At end-2016, SKG had EUR443 million in
cash and short-term deposits (of which Fitch considers EUR107
million restricted for working-capital and other operational
requirements) and EUR729 million of undrawn committed credit
facilities, which is more than enough to offset the EUR137
million of short-term maturities. The positive expected FCF
generation over the next 12 months should also provide ample
coverage for debt service.



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UNICREDIT SPA: Moody's Assigns Ba1 Baseline Credit Assessment
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive Aa2 long-term
rating to the UniCredit S.p.A - Mortgage Covered Bonds 2 (CPT)
issued by UniCredit S.p.A.(the issuer, deposits Baa1 stable,
adjusted baseline credit assessment ba1, counterparty risk (CR)
assessment Baa1(cr)), which are governed by the Italian covered
bonds law.

RATINGS RATIONALE

A covered bond benefits from (1) the issuer's promise to pay
interest and principal on the bonds; and (2) following a CB
anchor event, the economic benefit of a collateral pool (the
cover pool). The ratings therefore reflect the following factors:

(1) The credit strength of UniCredit S.p.A. (deposits Baa1
stable, adjusted baseline credit assessment ba1, counterparty
risk (CR) assessment Baa1(cr)) and a CB anchor of CR assessment
plus 1 notch.

(2) Following a CB anchor event the value of the cover pool. The
stressed level of losses on the cover pool assets following a CB
anchor event (cover pool losses) for this transaction is 17.9%.

Moody's considered the following factors in its analysis of the
cover pool's value:

a) The credit quality of the assets backing the covered bonds.
The mortgage covered bonds are backed by Italian residential (77%
of the cover pool) and commercial (11% of the cover pool)
mortgage loans. The collateral score for the cover pool is 7.5%.

b) The legal framework /structure of the programme. In
particular, the conditional pass-through nature of the notes
reduces the covered bonds' default probability in case the issuer
ceases to make payments to covered bond holders. Moody's note
however that a breach of the amortization test following an
issuer's default remains likely and it would in turn lead to the
acceleration of the bond which limits the benefit of the long
maturity extension.

c) The exposure to market risk, which is 12.9% for this cover
pool.

d) The over-collateralisation (OC) in the cover pool is 49.2%, of
which UniCredit S.p.A. (deposits Baa1 stable, adjusted baseline
credit assessment ba1, counterparty risk (CR) assessment
Baa1(cr)) provides 7.5% on a "committed" basis (see Key Rating
Assumptions/Factors, below).

The TPI assigned to this transaction is Probable. Moody's TPI
framework does not constrain the rating. The main driver for
assigning a Probable TPI is the acceleration risk embedded into
the structure, which limits the effectiveness of the conditional
pass-through features in reducing the refinancing risk. Moody's
TPI framework does not constrain the rating.

As of December 31, 2016, the total value of the assets included
in the cover pool is approximately EUR 19 billion, comprising EUR
14.6 billion residential mortgage loans, EUR 2.1 commercial
mortgage loans and EUR 2.2 billion substitute assets. The
residential mortgage loans have a weighted-average (WA) seasoning
of 90 months and a WA loan-to-value (LTV) ratio of 49.2%. The
commercial mortgage loans have a WA seasoning of 100 months and a
WA LTV ratio of 29.3%.

The definitive ratings that Moody's has assigned address the
expected loss posed to investors. Moody's ratings address only
the credit risks associated with the transaction. Moody's did not
address other non-credit risks, but these may have a significant
effect on yield to investors.

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor); and (2) the stressed losses on the cover
pool assets should the issuer cease making payments under the
covered bonds (i.e., a CB anchor event).

The CB anchor for this programme is CR assessment plus 1 notch.
The CR assessment reflects an issuer's ability to avoid
defaulting on certain senior bank operating obligations and
contractual commitments, including covered bonds. Moody's may use
a CB anchor of CR assessment plus one notch in the European Union
or otherwise where an operational resolution regime is
particularly likely to ensure continuity of covered bond
payments.

The cover pool losses for this programme are 17.9%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market
risk of 12.9% and collateral risk of 5%. Market risk measures
losses stemming from refinancing risk and risks related to
interest-rate and currency mismatches (these losses may also
include certain legal risks). Collateral risk measures losses
resulting directly from cover pool assets' credit quality.
Moody's derives collateral risk from the collateral score, which
for this programme is currently 7.5%.

The over-collateralisation in the cover pool is 49.2%, of which
UniCredit S.p.A. (deposits Baa1 stable, adjusted baseline credit
assessment ba1, counterparty risk (CR) assessment Baa1(cr))
provides 7.5% on a "committed" basis. The minimum OC level
consistent with the Aa2 rating is 3%. These numbers show that
Moody's is not relying on "uncommitted" OC in its expected loss
analysis.

All numbers in this section are based on Moody's most recent
modelling (based on data, as per December 31, 2016).

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.

For UniCredit S.p.A - Mortgage Covered Bonds 2 (CPT), Moody's has
assigned a TPI of Probable. The main driver for assigning a
Probable TPI is the acceleration risk embedded into the
structure, which limits the effectiveness of the conditional
pass-through features in reducing the refinancing risk.

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

The CB anchor is the main determinant of a covered bond
programme's rating robustness. A change in the level of the CB
anchor could lead to an upgrade or downgrade of the covered
bonds. The TPI Leeway measures the number of notches by which
Moody's might lower the CB anchor before the rating agency
downgrades the covered bonds because of TPI framework
constraints.

Based on the current TPI of "Probable", the TPI Leeway for this
programme is 2 notches. This implies that Moody's might downgrade
the covered bonds because of a TPI cap if it lowers the CB anchor
by 2 notches all other variables being equal.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in December 2016.


SAFILO GROUP: S&P Affirms Then Withdraws 'B+' CCR
-------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating on Italy-based eyewear manufacturer Safilo Group SpA.  S&P
subsequently withdrew the rating at the issuer's request.  The
outlook was stable at the time of withdrawal.

At the time of withdrawal, Safilo's business risk profile
reflected the negative track record in the renewal of some key
license agreements, as well as the transition phase the company
is facing with the early termination of Gucci's license.

In addition, weakness in Safilo's recent operating performance
demonstrates some ongoing delays and execution risks in the
implementation of its business strategy to consolidate the
position of its own brands (namely Carrera, Polaroid, and Smith).

Positively, the company's revenue base is quite diversified in
terms of geographical regions (between mature and emerging
markets) and product category categories (luxury, mass, and
sport).  S&P also notes that Safilo will benefit from a EUR30
million cash-in from Kering S.A. in 2018 (representing the last
tranche of the EUR90 million compensation for Gucci's early
termination of the license).  This will provide the company with
external resources in order to implement its strategy.  At end-
2016, the credit ratios were solid for the rating category.
However, if the weak trend in operating performance continues,
this would deteriorate over the next two years.



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


SPECIALTY CHEMICALS: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Specialty Chemicals International B.V. (Dutch HoldCo),
the intermediate holding company of the combined intermediates,
coating, and composites producers Polynt Group and Reichhold.
The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to the EUR413
million term loan borrowed by Specialty Chemicals Holding II
B.V., Specialty Chemicals International Inc., Reichhold Holdings
International B.V., Polynt Composites USA Inc., and Reichhold LLC
2.  The recovery rating on the term loan is '3', indicating S&P's
expectation of meaningful recovery (50%-70%; rounded estimate
60%) in the event of payment default.

The ratings follow the announcement that Dutch HoldCo has
refinanced the combined group capital structure.  The group has
recently received the required regulatory approvals to combine
intermediates and specialty chemicals producer Polynt Group with
the supplier of unsaturated polyester resins Reichhold.  The
approval is subject to the divestiture of certain assets to
Ashland Global Holdings Inc., following completion of the
combination.

Several operating and nonoperating entities within the new
combined group have issued debt to fund the refinancing, in the
form of a EUR413 million senior secured term loan, to which S&P
has assigned its 'B' rating, and EUR197 million of senior secured
notes (not rated).  In addition, the transaction includes a
super-senior secured EUR60 million revolving credit facility
(RCF; not rated) which was not expected to be drawn at closing,
and common equity provided by the sponsors.  Funds managed by
Investindustrial and Black Diamond Capital Management L.L.C. have
become equal investors and collectively are majority stakeholders
in the combined business.

After combining Polynt Group and Reichhold, Dutch HoldCo will
become a vertically integrated specialty chemical producer.  The
group will serve a wide variety of product applications and end-
markets globally.  The combined products' portfolio will
primarily comprise composites and coating resins, with the
balance coming from specialties.  Additionally, a small portion
of revenues will be generated from the sale of intermediates and
anhydrides that are not used internally as raw materials in the
manufacturing of coatings and composites.

S&P's assessment of business risk is constrained by Dutch
HoldCo's relatively small size, with EBITDA of less than EUR200
million (excluding synergies), and by its exposure to cyclical
end-markets. In addition, Dutch HoldCo needs to establish its
track record as an integrated entity, and realize synergies
arising from the combination.  On a net basis (including
implementation costs), management anticipates the synergies to
deliver a meaningful contribution to EBITDA only from 2018-2019.

The combined group's end markets will include building and
construction (35% of pro forma revenues in 2016), transportation
(18%), housing appliances (11%), and electronic (10%) in various
regions.  On a pro forma basis, Europe and North America account
for 41% and 35% of revenues, respectively.  This is expected to
reduce the group's exposure to demand volatility in single
geographies.

Following the divestment of its unsaturated polyester resins
plant in Etain (France), Dutch HoldCo's manufacturing footprint
will be diverse, with more than 45 plants across Europe, North
America, Latin America, the Middle East, and Asia.

Most of the raw materials utilized in the production process are
derived from crude oil and other crude oil feed stocks.  The
exposure to the risks arising from volatile raw materials is
entirely determined by supply contracts, and can be mitigated by
price renegotiation clauses with suppliers and pass-through
clauses in contracts with customers (quarterly/monthly price
revisions), so that there is a limited time lag.

The absence of long-term contract agreements with customers is
partially mitigated by Dutch HoldCo's long-standing relationship
with key clients of about 10 years on average, historically, and
its track record of passing-through raw material price increases.
Currently, the low crude oil prices support the group, but its
margin is still below average compared with the 12%-20% we
typically see in specialty chemical companies.

In S&P's base case, it assumes for 2017-2018:

   -- 4.0%-5.5% revenue growth across the business over the next
      two years.  This is supported by the sound demand from end-
      consumer industries.

   -- Consolidated EBITDA margin improving and stabilizing,
      albeit still below average of 12%-20% for the specialty
      chemical industry.  This reflects better integration and
      cost efficiencies stemming from the combination, and
      improved capacity management.  Costs synergies, supply
      chain optimization, and operational improvements at
      manufacturing plants are expected to benefit the combined
      business' EBITDA over the next three years.

   -- Neutral raw-material effect because the group will retain
      its ability to pass through price increases.  However, the
      recent recovery in oil price, which could trigger further
      volatility for some raw materials, could reduce the
      profitability of the group if price increases were not
      passed-through accordingly.

   -- Negative working capital outflows in both years, as sales
      and volumes are expected to expand following the merger.
      In particular, adverse volatility of raw material could
      inflate working capital and result in materially higher net
      outflows.  Limited maintenance capital expenditure (capex)
      of EUR50 million-EUR55 million a year or about 2%-3% of
      sales.

   -- No acquisitions or disposals, and zero dividends over the
      forecast horizon, under the guidance of management.

   -- EUR413 million term loan and EUR197 million notes to be
      issued for seven years.

   -- Multipurpose super senior RCF of EUR60 million to be signed
      simultaneously with the transaction, and not expected to be
      drawn at closing.

   -- S&P also adjusts debt to reflect operating leases of
      EUR17.6 million and postretirement plan funding deficit of
      EUR20.4 million.

Based on these assumptions, S&P arrives at these credit measures
for 2017-2018:

   -- Funds from operations (FFO) to debt of approximately 15.5%-
      16.5%;

   -- Debt to EBITDA of 3.5x-3.7x; and

   -- EBITDA interest coverage of approximately 3.5x-4.5x.

The stable outlook reflects S&P's view that Dutch HoldCo will be
able to increase volumes and realize synergies stemming from the
combination, to report consolidated EBITDA of about
EUR170 million-EUR180 million in 2017 under S&P's base-case
scenario, and maintain an adjusted debt to EBITDA ratio of 3.5x-
3.7x in the next 12 months.

S&P could lower the rating if leverage increased as a result of a
material weakening of the company's performance or downturn in
the industry.  This would happen if adjusted debt to EBITDA
increases to about 5.0x-5.5x without near-term prospects of
recovery. Alternatively, S&P could lower the rating in case of
deteriorated liquidity, large debt-funded acquisition, or a
significant dividend payment.

Raising the rating is a more remote scenario as it would require
a sustained improvement in the EBITDA margin to an average of
about 12%, and the business to display a track record of
successful integration.  This could be, for example, demonstrated
by the sustainable generation of free operating cash flow leading
to deleveraging to an adjusted debt to EBITDA ratio of about
3.0x-3.5x.  Importantly, if S&P was to raise the rating, it would
need to see commitment and track record of lower leverage from
both private equity sponsors.



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


ALFA-BANK JSC: S&P Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB/B' long- and short-term
counterparty credit ratings on Russia-based Alfa-Bank JSC.  The
outlook is positive.

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

S&P also affirmed the 'B+/B' long- and short-term counterparty
credit ratings on non-operating holding company ABH Financial
Ltd., Alfa-Bank's Cyprus-based owner.  The outlook is positive.

The affirmation reflects S&P's opinion that Alfa-Bank continues
to enjoy a track record of healthy and above-peer pre-provision
income, benefiting from a strong business position despite a
weaker market share than the other top banks in Russia.  S&P
believes that the bank has maintained a higher quality risk
profile in recent years, which has proven to be more resilient
than that of most peers, despite the ongoing economic problems
besetting the Russian economy.

The bank has recovered faster from the crisis than S&P expected,
seen in lower nonperforming loans (NPLs; loans overdue by 90 days
or more) than system average (4.4% versus 10% for peers) as well
as lower cost of risk (1.1% versus 2.1% for peers).  Over the
next three to five years, the bank aims to significantly increase
its market share in loans, deposits, and income.

S&P considers Alfa-Bank's risk tolerance as low and its lending
standards as conservative and in S&P's base-case scenario it
expects no significant changes in its risk appetite.  Therefore,
S&P considers the bank's growth strategy as feasible based on its
expectation that Alfa-Bank will grow without significant
deterioration in asset quality as it pursues good-quality
clients. In S&P's view, funding costs significantly lower than
Russian peer average (4.74% versus 6.04%) will further support
growth, although the growth strategy will likely lead to some
decrease in margins, which S&P incorporates in our forecast.

NPLs at the group level were at 4.4% at year-end 2016, down from
7.1% at year-end 2015, mostly thanks to write-offs and some
recoveries.  S&P expects the bank's credit costs to be about 1.5%
in 2017-2018 and to stay below the system average of 2.5%-3.0%,
given its well-ingrained risk-management procedures and controls
and its proactive reactions in terms of collateral foreclosure.
While some new problems may appear on the back of the higher
growth rate, S&P expects that no material problem loans will
arise and that the NPL level will remain around 4.0%-4.5%.

Alfa-Bank does, however, maintain a significant single-party
concentration in loans, in S&P's view.  The ratio of the top 20
loans to the total loan portfolio has been at around 42%-45% over
the past several years, which somewhat reflects the bank's large
corporate financing focus.  At the same time, S&P understands
that when the economy decelerates, Alfa-Bank's loan portfolio
shrinks and the bank tends to rely more on large borrowers with
higher-than-average credit quality. Even though such
concentration levels are in general on par with those of local
peers, S&P considers them as very high in a global context.

S&P believes that Alfa-Bank will continue to show good positive
results, but that its internal capital generation capacity will
lag risk-weighted assets growth.  Therefore, S&P expects its
risk-adjusted capital (RAC) ratio will decline to about 8.0% over
the next 12-18 months, gradually reducing from 8.6% as of year-
end 2016.

The positive outlook on Alfa-Bank and its non-operating holding
company ABH Financial reflects the possibility that S&P could
raise the long-term ratings in the next 12 months if it observes
that the group, despite the still difficult operating environment
in Russia, had managed to continue improving its risk metrics and
preserve its risk profile strengths as compared with those of
peers.

A positive rating action would require that Alfa-Bank continue to
benefit from sound capitalization (with its RAC ratio standing
sustainably above 7% over 2017-2018), maintain prudent risk
management with gradually improving loan book concentrations,
credit losses below normalized losses, and good asset quality
with no additional risk-taking while targeting growth.

S&P could revise the outlook to stable if it observes significant
changes in the group's risk appetite that could lead to asset
quality deterioration to system-average levels, higher credit
costs than currently envisaged, or if S&P believes that the
group's capital is no longer sufficient to cover the risks it
bears.


O1 PROPERTIES: Moody's Rates Proposed $150MM Domestic Bonds B1
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
proposed $150 million domestic bonds due in 2021 to be issued by
O1 Properties Finance JSC and guaranteed by O1 Properties Limited
(O1). The outlook on the ratings is stable.

O1 Properties Finance JSC will issue the bonds for the sole
purpose of financing loans to O1 and its key operating
subsidiaries. Moody's expects that the issuance proceeds will be
used for repayment of part of the company's existing debt.

The bonds will be denominated in US dollars and settled in
Russian rubles at the exchange rate determined by the Central
Bank of Russia for the relevant date.

RATINGS RATIONALE

The B1 rating assigned to the domestic bonds is in line with O1's
B1 corporate family rating (CFR), which reflects its (1) large
high quality office property portfolio; (2) leading position in
the most lucrative and stable segment in Russia of Class A
properties in Moscow's central business district (CBD); (3)
diversified top-tier tenant base; (4) balanced lease terms and
maturities; and (5) conservative development strategy with
current development risk limited to below 5% of its total
portfolio.

The company's strong business profile partly mitigates the risks
related to its high geographic concentration in Moscow. The
capital city, while the largest and the most stable market in
Russia, remains vulnerable to the country's economic cycles and
its less developed regulatory, political and legal framework.

However, the rating is constrained by O1's historically leveraged
financial profile, which was further pressured by negative asset
revaluations and declines in rental income on the back of
macroeconomic decline and material local currency depreciation.
Although the adoption of a more conservative financial policy and
some stabilisation in the market will likely result in gradual
deleveraging in 2017, O1's financial metrics will still remain
fairly weak and subject to the uncertainties related to economic
developments in Russia. The company will also remain reliant on
secured debt funding at its properties level and will stay
exposed to foreign exchange risks. O1's sound liquidity position
partly offsets the risks related to its elevated level of
leverage.

STRUCTURAL CONSIDERATIONS

The domestic bonds will be issued by O1 Properties Finance JSC, a
financing vehicle established solely for the purpose of the
issuance, and guaranteed via the surety provided by O1 Properties
Limited. The bonds constitute general unsecured and
unsubordinated obligations of O1, ranking pari passu with all of
its other unsecured and unsubordinated indebtedness, and are
subordinated to the company's property-level secured debt. O1's
senior unsecured bond ratings are not notched down from the CFR
for subordination, in line with Moody's notching practices for
REITs and commercial property firms rated at Ba3 or below.

Following the issuance, secured debt at the properties level will
reduce to around 70% of the company's total reported debt (around
80% as of end 2016), while unsecured bonds at the parent level
will represent the remaining 30%. Although substantially all of
O1's property portfolio is pledged, the secured indebtedness is
generally structured to have recourse to only the property that
is pledged in its support rather than the entire group. The
company also benefits from the substantial assets value even
after negative revaluations in H1 2015-16 with the adjusted
secured leverage at approximately 50% of total assets implying a
comfortable coverage ratio for unsecured debt of more than 2x
with some buffer for fluctuations in asset values. These factors
provide adequate financial flexibility in relation to unsecured
creditors.

The assignment of B1 rating to domestic bonds -- at the level of
the company's CFR -- also reflects the surety provided by O1. The
surety is in a form that should give bondholders the ability to
make a guarantee claim on O1 for repayment of the bonds if O1
Properties Finance JSC defaults. However, under Russian
suretyship law O1 has certain rights to raise defences to
bondholder claims and therefore to avoid or reduce its liability.

While the rating agency recognizes that the surety is arguably as
strong a guarantee as can be given by a non-financial corporate
in Russia, this potential bondholder exposure is something
Moody's considers to be inconsistent with the equalization of the
rating of O1 Properties Finance JSC's bonds with the rating of O1
based solely on the strength of the surety.

At the same time, the assessment positively considers that the
credit support provider's self-interest in maintaining the
creditworthiness and business viability of O1 Properties Finance
JSC is quite substantial. While this interest does not fully
mitigate potential legal deficiencies in the surety and
irrevocable offers, it is sufficient for the bonds to be aligned
with and uplifted to O1's rating at the B1 level. The factors
considered were (1) the degree to which the operations of the
companies are interwoven; (2) the degree of business and
financial disruption that would result for O1 or its corporate
family if payments by O1 Properties Finance JSC are not made on
time; and (3) the extent to which the support package, while
generally deficient in some respects, still represents a
relatively strong commitment within the current limitations of
Russian Law.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that despite the weak
economic climate prevailing in Russia, O1 will continue to
produce healthy cash flows, leveraging its competitive market
position with its high quality office portfolio in prime Moscow
locations, strong tenant base, and balanced lease terms. Moody's
also expects the company to continue to adhere to its
conservative financial and development policy, which will allow
it to improve and maintain its adjusted "effective" leverage
below 75% and adjusted fixed charge coverage at 1.4x or above,
while preserving its historically solid liquidity profile.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure on the rating could develop if, on a sustained
basis, adjusted "effective" leverage and adjusted fixed-charge
coverage were to trend towards 60% and 2.0x, respectively; and
secured debt/total assets were to stay below 50%, while O1
preserves its strong liquidity and operating profile.

O1's rating could come under pressure if the company were to face
a material deterioration in its business and financial profile,
with adjusted "effective" leverage exceeding 75% and adjusted
fixed-charge coverage falling below 1.4x on a sustained basis. A
noticeable deterioration of the company's liquidity could also
pressure the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

O1 Properties Group (O1) is Russia's leading real estate
investment company. It manages, develops, and acquires office
properties in Moscow. O1 owns a portfolio of 13 yielding assets
with net rentable area of 492.000 square meters, generating $368
million in annual rental income. Including two development
projects, the reported gross asset value of its real estate
portfolio stood at $3.7 billion as of end-2016. The company also
participates with a 50%+1 share in a JV for the "Bolshevik"
development project with a total reported gross asset value of
$281.4 million.



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


HNVR MIDCO: S&P Assigns 'B' CCR, Outlook Stable
-----------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Spain-based independent accommodations distributor HNVR
Midco Ltd. (Hotelbeds).  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating and '4'
recovery rating to the company's amended senior secured debt
facilities, comprising a EUR1,007.6 million term loan B (TLB) and
a EUR247.5 million revolving credit facility (RCF).  The '4'
recovery rating indicates S&P's expectation of 45% recovery in
the event of a payment default.

S&P's rating on Hotelbeds reflects S&P's assessments of the
company's business risk profile as weak and financial risk
profile as highly leveraged.  Hotelbeds is a global independent
business-to-business (B2B) accommodation distributor offering
hotel rooms and ancillary products -- such as transfers,
excursions and tours, meetings and events, visa processing
outsourcing, and cruise handling services -- to the travel
industry.  Founded in 2001, the company is based in Palma de
Mallorca, Spain.

The recent agreements to acquire Tourico and GTA are
strategically positive for business, in S&P's view, including
higher scale and scope and further geographic expansion into the
U.S. and Asia-Pacific, and should unlock synergies.
Nevertheless, S&P views the integration and execution risks as
material, because the company will simultaneously face
integrating two similar companies with many overlapping functions
and different IT platforms, very shortly after its carve-out from
TUI.  S&P also notes the carve-out of GTA is part of a complex
transaction underway at Kuoni, and many aspects are still to be
defined.  S&P do not expect the GTA acquisition to close before
the end of 2017.

In S&P's opinion, Hotelbeds' business risk profile is
characterized by the high degree of cyclicality and seasonality
inherent in the travel industry.  Its cyclicality is somewhat
less than that of a traditional travel operator, in S&P's view,
given its relatively asset-light nature, but its seasonality is
very pronounced, as about 55% of EBITDA is generated in its
fourth quarter (financial year end is Sept. 30).  In addition,
the B2B bedbank segment, from which Hotelbeds derives the bulk of
its profit, is highly competitive and fragmented. Hotelbeds is
the global market leader in the segment but has only about 15%
market share (pro forma for TH and GTA).  In S&P's view, because
the online travel agency and lodging segments continue to
consolidate and offline-online migration continues, Hotelbeds
could be adversely affected by disintermediation.  S&P also views
Hotelbeds as exposed to typical event risks in the travel sector,
such as natural disasters, and geopolitical incidents, including
terrorism attacks like those seen recently in France, Turkey, and
Egypt. These markedly dampened GTA's performance in 2016.
Lastly, although S&P understands that Hotelbeds has operated
within TUI semi-autonomously under a long-standing management
team, S&P lacks a track record of Hotelbeds operating fully
independently. Consequently, S&P considers that Hotelbeds faces
increased risks as it integrates TH and GTA at the same time.

These constraints are to an extent offset by Hotelbeds' leading
market position, with notable scale, especially in its core,
expanding bedbank market, which offers some barriers to entry, in
S&P's view.  S&P's assessment also takes into account Hotelbeds'
broad geographic diversity both in terms of source and
destination markets.  Its products are present in over 185
countries, and although Europe is its most important source
market, S&P understands Asia-Pacific is emerging as an important
growth engine in the near term.  Moreover, the GTA acquisition
will extend Hotelbeds' reach in Asia-Pacific, given GTA's strong
presence in the region.  S&P also views positively the expected
strengthened position in the U.S., both as a source and
destination market, given TH's local focus.  In terms of
profitability, S&P views Hotelbeds' margins as average for the
industry.

"We assess Hotelbeds' financial risk profile as highly leveraged,
considering its relatively high post-transaction debt for this
business as well as its private equity ownership, leaving minimum
headroom under the current ratings.  We view risks of foreign-
exchange movements as higher, given that TH's business is
predominantly in U.S. dollars, GTA has substantial exposure to
various currencies in Asia-Pacific, and all debt is mostly
denominated in euros.  We are unaware of any material hedges to
be put in place and consider currency fluctuations an important
risk. We also understand and assume that the equity to be rolled
over from EQT and current Kuoni shareholders, as part of the
acquisition, will comply with our criteria to be considered as
pure equity, in line with the original transaction of Hotelbeds
from TUI.  We will revisit this point once we receive final
documentation," S&P said.

S&P estimates pro forma adjusted leverage (debt to EBITDA) at
about 6.8x as of Sept. 30, 2017, and S&P anticipates this metric
will remain in the highly leveraged category over the next 12-24
months.  However, S&P expects leverage will reduce to about 5.8x
in fiscal 2018, mainly owing to its estimate of realized
synergies.  Still, S&P notes this deleveraging depends on the
company's ability to smoothly execute its strategy and contain
any integration or unexpected costs arising from the three-way
merger transaction.  Adjusted EBITDA interest coverage will
likely remain above 3.0x over the same period, together with
positive free operating cash flow (FOCF) generation, owing to
Hotelbeds' business model of negative working capital and
relatively low net capital expenditures (capex).

S&P makes note that its financial analysis is based mostly on
independent third-party due diligence reports because audited
accounts are not yet available for the Hotelbeds-TH-GTA combined
entity.

The stable outlook reflects S&P's view that Hotelbeds will post
good operating performance, with 5% to 7% total transaction value
growth in fiscal 2017, while maintaining adequate liquidity and
generating positive FOCF.  S&P expects these growth levels will
be sustained in 2018, mostly on account of its pro forma scale,
further geographic reach, and synergies to be realized.  However,
S&P also expects adjusted debt to EBITDA will remain markedly
above 5x over the next 12-18 months.

S&P could take a negative rating action on Hotelbeds if audited
financial statements differ notably from those presented in the
due diligence reports, causing S&P's credit metrics to
deteriorate substantially vis-a-vis our current base case.  S&P
could also lower the ratings if poor operating performance causes
adjusted free cash flow to deteriorate significantly.  This could
occur, for example, if integration costs turn notably higher than
anticipated and synergies below expectations, or if revenue
trends were to reverse and start declining, leading to potential
difficulties on the working capital management front.  A
pronounced deterioration in liquidity or adjusted operating cash
flow to debt falling below 5% could also result in a negative
rating action.

An upgrade is unlikely over the next 12 months, given Hotelbeds'
limited track record of operating as a stand-alone company,
together with the complexity of integrating TH and GTA, and its
high debt burden.  Over the long term, S&P would view sustainable
positive FOCF, leverage remaining below 5x, and a sustainably
more conservative financial policy as supportive of a higher
rating.


BANCO POPULAR LEASING 3: Moody's EUR220MM Series B Notes 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by IM GRUPO BANCO POPULAR LEASING 3,
FT (the Issuer):

-- EUR880M Series A Notes due August 2050, Definitive Rating
    Assigned A2 (sf)

-- EUR220M Series B Notes due August 2050, Definitive Rating
    Assigned Caa2 (sf)

IM GRUPO BANCO POPULAR LEASING 3, FT is a cash securitization of
lease receivables granted by Banco Popular Espanol, S.A. ("Banco
Popular", Long Term Deposit Rating Ba3 Not on Watch, Long Term
Senior Unsecured Rating (P)B1 Not on Watch, Long Term
Counterparty Risk Assessment Ba2(cr) Not on Watch) and Banco
Pastor, S.A. (NR) to corporates, small and medium-sized
enterprises (SMEs) and self-employed individuals located in
Spain.

RATINGS RATIONALE

The ratings of the notes are primarily based on the analysis of
the credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external
counterparties and the protection provided by credit enhancement.

The provisional pool analysed was, as of April 2017, composed of
a portfolio of 37,428 lease contracts granted to obligors located
in Spain. Most of the assets were originated between 2014 and
2016, and have a weighted average seasoning of 2.3 years and a
weighted average remaining term of 5.1 years. The securitised
portfolio includes different sub-pools characterised by the
nature of the leased assets: real estate (21.4%), equipment
(32.7%), vehicles (42.4%) and other (3.5%). The top three
industry sectors in the pool, in terms of Moody's industry
classification, are Transportation Cargo (26.6%), Construction &
Building (11.4%) and Beverage, Food & Tobacco (9.4%).
Geographically, the borrowers are located mostly in the regions
of Andalusia (19.1%), Catalonia (18.4%) and Madrid (16.1%). At
closing, any leases more than 30 days in arrears will be excluded
from the final portfolio. The securitized portfolio does not
include the so-called "residual value instalment", i.e. the final
instalment amount to be paid by the lessee (if such option is
chosen) to acquire full ownership of the leased asset.

The transaction benefits from a cash reserve which is funded at
closing and is equivalent to 3% of the original balance of the
pool of assets. This reserve fund provides liquidity protection
to the notes over the life of the transaction and credit
protection on the final maturity. In addition, Series A Notes
benefit from the subordination of Series B Notes, which represent
20% of the total issue.

In Moody's view, the credit positive features of this deal
include, among others: (i) the pool granularity with an effective
number of obligors exceeding 600, (ii) the portfolio
diversification across industry sectors and geographical regions;
(iii) the low exposure to the real estate development sector,
representing 5.4% of the pool volume, (iv) the short weighted
average life of the portfolio of 2.8 years. The transaction also
shows a number of credit weaknesses, including: (i) the
historical recovery data provided by Banco Popular and the
performance observed on its previous leasing transactions show
below average recoveries compared to the Spanish market; (ii)
high degree of linkage to Banco Popular acting as key
counterparty in the transaction in its role of servicer and
treasury account holder; (iii) absence of interest rate hedge
mechanism in place while the notes pay a floating coupon and
29.6% of the pool balance are fixed rate leases.

In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitised portfolio due to its
granularity. The rating agency derived the default distribution,
namely the relevant main inputs such as the mean default
probability and its related standard deviation, via the analysis
of: (i) the characteristics of the loan-by-loan portfolio
information, complemented by the available historical vintage
data; (ii) the potential fluctuations in the macroeconomic
environment during the lifetime of this transaction; and (iii)
the portfolio concentrations in terms of industry sectors and
single obligors. Moody's assumed the cumulative default
probability of the portfolio to be equal to 11.2% over a weighted
average life of 2.8 years (equivalent to a B1 rating proxy), with
a coefficient of variation (CoV, i.e. the ratio of standard
deviation over mean default rate) of 35.6%. The rating agency has
assumed stochastic recoveries with a mean recovery rate of 35%
and a standard deviation of 20%. Given legal uncertainties to
access recovery proceeds on defaulted leases upon insolvency of
the originator, Moody's assumed a 15% stressed mean recovery rate
upon originator default. In addition, Moody's has assumed the
prepayments to be 10% per year. These assumptions correspond to a
portfolio credit enhancement of 21%.

Counterparty risks:

Banco Popular and Banco Pastor, S.A. will act as servicers of the
leases, while InterMoney Titulizacion, S.G.F.T., S.A. will be the
management company (Gestora) of the Issuer.

All of the payments under the assets in the securitised pool are
paid into the servicer's account and swept daily into an issuer
account held at Banco Santander S.A. (Spain) ("Banco Santander",
Long Term Deposit Rating A3 Not on Watch, Short Term Deposit
Rating P-2 Not on Watch). Moody's has considered one month of
lost collections upon insolvency of the servicer due to potential
commingling risk. In addition, Banco Popular acts as paying agent
and will hold the Issuer's treasury account which, two business
days before each monthly payment date, will receive the amounts
to be paid under the waterfall. Moody's has considered this
additional exposure to Banco Popular in its analysis.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. Moody's ratings address only
the credit risk associated with the transaction, Other non-credit
risks have not been addressed but may have a significant effect
on yield to investors.

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

Factors or circumstances that could lead to a downgrade of the
ratings affected by action would be (1) worse-than-expected
performance of the underlying collateral; (2) an increase in
counterparty risk; (3) an increase in country risk.

Factors or circumstances that could lead to an upgrade of the
ratings affected by action would be the better-than-expected
performance of the underlying assets, a decline in counterparty
risk or decreased country risk.

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. If the assumed default probability of
11.2% used in determining the initial rating was changed to 14.6%
and the recovery rate of 35% was changed to 25%, the model-
indicated ratings for Series A and Series B of A2(sf) and
Caa2(sf) would be Baa2(sf) and Ca(sf) respectively.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.



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


MUNTERS AB: S&P Puts 'B' CCR on CreditWatch Positive
----------------------------------------------------
S&P Global Ratings placed its 'B' long-term corporate credit
rating on Sweden-based air treatment solutions provider Munters
AB on CreditWatch with positive implications.

At the same time, S&P affirmed its 'B' issue ratings on its $280
million senior secured term loan and $75 million revolving credit
facility (RCF).  The recovery rating remains at '4', indicating
S&P's expectation of average recovery (30%-50%, rounded estimate:
45%) in the event of a payment default.  S&P will withdraw its
recovery and issue ratings on these facilities upon completion of
Munters' refinancing.

In addition, S&P assigned its 'B+' issue ratings to Munters'
proposed new senior unsecured facilities, comprising a
$250 million term loan B and a EUR185 million RCF, with a
recovery rating of '4', indicating S&P's expectation of average
recovery (30%-50%, rounded estimate: 40%).

The CreditWatch placement follows Munters' announcement on
April 27, 2017, and subsequent publication of a prospectus on
May 9, 2017, for the launch of an initial public offering (IPO),
with trading expected to start on May 19, 2017.  The majority of
the shares will be offered by the company's financial sponsor,
Nordic Capital Fund VII.  S&P understands that the IPO's
successful completion would reduce Nordic Capital Fund VII's
ownership to 50.1%-54.4%, depending on any exercise of over-
allotment options.

In connection with the offering, the shareholder loan of about
Swedish krona (SEK) 2.7 billion will be converted to equity
through a directed set-off of new common shares to the selling
shareholder.  S&P treats these loans as equity, because they are
deeply subordinated to all of Munters' existing debt instruments,
and no mandatory cash payments can be associated with this
instrument.  As such, the conversion will not materially change
S&P's forecasted credit ratios.

S&P assumes that the issuance of new shares will result in net
proceeds, after transaction costs, of about SEK33 million.
Munters' external interest-bearing loans amount to almost
SEK3.2 billion as of March 31, 2017.  Although S&P believes the
company will use the net proceeds to deleverage, this debt
reduction would have a limited impact on the company's credit
ratios.  In connection with the IPO, S&P understands that the
company expects to refinance its existing senior secured
facilities with new credit facilities, ushering in lower interest
expenses.  Although the financial sponsor will maintain a
majority stake in the company, S&P believes that the broadening
of the shareholder base will positively affect the company's
financial policy and that there is lower risk of re-leveraging
beyond debt to EBITDA of 5x.  This is further supported by the
company's new leverage target of net debt to the company's
adjusted EBITDA of 1.5x-2.5x.  The ratio stood near 3.5x at year-
end 2016.  S&P views favorably the company's leverage target,
although S&P notes that it will likely take some time for the
company to reach those levels.

Any change in S&P's opinion of Munters' financial risk profile
would be contingent on the final ownership structure and S&P's
view of the company's financial policy, as well as Munters'
willingness and ability to maintain S&P Global Ratings-adjusted
debt to EBITDA below 5x.  S&P notes that the company intends to
distribute annual dividends of 30%-50% of income, which, together
with larger-than-expected acquisitions, could weigh on credit
ratios.

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

The CreditWatch reflects that S&P would raise its long-term
corporate credit rating on Munters by one notch on successful
completion of the IPO if the transaction is executed in line with
S&P's expectations.

S&P aims to resolve the CreditWatch placement over the next 90
days, on completion of the IPO.

S&P will assess the impact of any debt reduction on Munters'
financial risk profile, as well as review the ownership
structure, including reduced financial sponsor ownership.  Aside
from the successful completion of the IPO, ratings upside would
hinge on S&P's view of Munters' ability to continue to deliver
stronger credit metrics, its ultimate shareholding structure and
financial policy, and its liquidity remaining adequate, in S&P's
view.

S&P would most likely affirm its ratings on Munters if the IPO
does not close successfully.



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


CLAVIS SECURITIES 2007-01: S&P Raises Rating on M2b Notes to BB+
----------------------------------------------------------------
S&P Global Ratings took various credit rating actions in Clavis
Securities PLC's series 2007-01.

Specifically, S&P has:

   -- Raised its ratings on the class AZa, M1a, M1b, M2a, and
      M2b, notes; and
   -- Affirmed its ratings on the class A3a, A3b, B1a, B1b, and
      B2a notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
part of its surveillance review cycle.  S&P's analysis reflects
the application of its European residential loans criteria and
its current counterparty criteria.

The collateral performance has stabilized since S&P's previous
review.  As of March 2017, total arrears were 10.54% compared
with 11.90% at S&P's previous review.

S&P has observed a decrease in its weighted-average foreclosure
frequency (WAFF) since its previous review.  In addition, S&P has
observed a decrease in its weighted-average loss severity (WALS).

Clavis Securities 2007-01

Rating     WAFF    WALS
level       (%)     (%)

AAA       38.65   45.93
AA        32.02   37.94
A         26.22   25.60
BBB       21.68   18.24
BB        17.16   13.07
B         15.14    9.30

The decrease in the WAFF is primarily due to the increase in
seasoning.  The decrease in the WALS primarily reflects house
price increases since the previous review and the subsequent
decrease in S&P's calculation of the weighted-average current-
loan-to-value (CLTV) ratio.

Due to an error, in S&P's previous review it incorrectly applied
post recessionary low prepayment stresses of 3% for rating
scenarios below 'AA'.  Consequently, following the application of
S&P's credit stresses, which caused a negative excess spread, the
incorrect low post recessionary prepayment stress led S&P to
lower its ratings on the class M1a and M1b notes.

Under S&P's revised credit and cash flow stresses, including the
applicable low post recessionary prepayment stress, the class M1a
and M1b notes are able to support ratings at the 'BBB+' level.
S&P has therefore raised to 'BBB+ (sf)' from 'BB (sf)' its
ratings on the class M1a and M1b notes.

The transaction's swap documentation is not in line with S&P's
current counterparty criteria.  Due to the transaction's
dependence on the currency swap, S&P's current counterparty
criteria cap its ratings in this transaction at one notch above
its 'AA-' long-term issuer credit rating on The Royal Bank of
Scotland PLC (BBB+/Stable/A-2).  Therefore, despite the stable
asset performance and improved credit coverage, S&P has affirmed
its 'A- (sf)' ratings on the class A3a and A3b notes.

The class AZa, M2a, and M2b notes have benefitted from an
increase in available credit enhancement and a fall in credit
coverage compared with at S&P's previous review.  In addition,
the reserve fund in this transaction no longer amortizes,
suggesting that credit enhancement will build up more quickly.
S&P has therefore raised to 'A- (sf)' from 'BBB+ (sf)' its rating
on the class AZa notes, and to 'BB+ (sf)' from 'B+ (sf)' its
ratings on the class M2a and M2b notes.

At the same time, S&P's credit and cash flow analysis indicates
that the class B1a and B1b notes can withstand the stresses that
S&P applies at the currently assigned rating level.  S&P has
therefore affirmed its 'B (sf)' ratings on the class B1a and B1b
notes.

Despite the improved credit enhancement and lower credit
coverage, due to a shortage of liquidity the cash flow analysis
indicates that the available credit enhancement and liquidity
support is not commensurate with the stresses that S&P applies at
the 'B' rating level for the class B2a notes.  In S&P's opinion,
in line with its criteria for assigning 'CCC' category ratings,
the class B2a notes are not dependent upon favorable economic
conditions to pay note interest and principle.  In addition, S&P
believes that this class of notes does not face a one-in-two
likelihood of default and S&P do not expect a default within the
next 12 months.  Consequently, in line with S&P's criteria for
assigning 'CCC' category ratings, S&P has affirmed its 'B- (sf)'
rating on the class B2a notes.

Clavis Securities' series 2007-01 is a U.K. residential mortgage-
backed securities (RMBS) transactions backed by nonconforming
residential mortgages originated by GMAC RFC Ltd.

RATINGS LIST

Class              Rating
         To                    From

Clavis Securities PLC
EUR306.5 Million And GBP347.0 Million Mortgage-Backed Floating-
Rate Notes Series 2007-01

Ratings Raised

AZa      A- (sf)               BBB+ (sf)
M1a      BBB+ (sf)             BB (sf)
M1b      BBB+ (sf)             BB (sf)
M2a      BB+ (sf)              B+ (sf)
M2b      BB+ (sf)              B+ (sf)

Ratings Affirmed

A3a      A- (sf)
A3b      A- (sf)
B1a      B (sf)
B1b      B (sf)
B2a      B- (sf)


COTTAGE BREWING: Enters Administration, Seeks CVA Deal
------------------------------------------------------
David Casey at Insider Media reports that The Cottage Brewing
Company Ltd. has entered administration, with insolvency
specialists now seeking to push through a deal with its
creditors.

According to Insider Media, Craig Povey and Richard Toone,
partners at restructuring firm CVR Global, have been tasked with
handling the affairs of the company.

The business ceased trading with all staff made redundant prior
to their appointment, but the joint administrators have put
forward a proposal to enter into a company voluntary arrangement
(CVA) which is hoped will ensure the brewery has a future,
Insider Media relates.

"The company was struggling with liabilities to a number of
creditors and prior to our appointment had made all 16 staff
redundant and has ceased trading," said Insider Media quotes
Mr. Povey as saying.

"A proposed CVA will be discussed at a meeting later this month.
We've also received interest from a number of parties and we are
confident there is a future for the brewery."

The Cottage Brewing Company was founded in 1993.


DIVERSITY FUNDING 1: S&P Lowers Rating on Cl. D Notes to CCC+
-------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Diversity
Funding No. 1 Ltd.'s class C and D notes.  At the same time, S&P
has affirmed its ratings on the class E and F notes.

The rating actions follow S&P's review of Diversity Funding No.
1's credit quality under its European commercial mortgage-backed
securities (CMBS) criteria.

Diversity Funding No. 1 is a true-sale CMBS transaction
originally backed by 863 U.K. loans secured by 1,685 properties
with various maturity dates, with the last loans maturing between
2027 and 2032.  The note legal final maturity date is in February
2046.

As of the January 2017 investor report, there were 187 remaining
loans secured on 326 U.K. properties comprising a mix of retail
(33.6% by property value), office (24.8%), industrial (15.4%),
and the remaining properties consist of other sectors including
residential and hotels (26.2%).  The properties are located
within 13 U.K. regions.  The top two regions by market value are
London and southeast England, which together comprise 51.2% of
the total. Of the loans, 59.1% (by balance) have a loan-to-value
ratio greater than 90%, while 64.7% of the loan pool is on the
servicer watch list.

The loan's portfolio balance has reduced by approximately 85%
since closing in 2007 to GBP151.1 million from GBP1.1 billion.
The issuer has applied the majority of these proceeds
sequentially with the class A and B notes now fully repaid.  Of
the class C notes' initial balance, 83.0% remains outstanding.
The class C notes credit enhancement level has increased to
69.4%, from 10.0% at closing, due to the repayment of the class A
and B notes.

S&P understands that some previous loans (no longer in the pool)
have repaid at a loss.  In this transaction, losses are not
directly applied reverse sequentially toward the notes'
redemption. Instead, they accrue on a principal deficiency ledger
(PDL).  As of the February 2017 interest payment date, the class
E notes' PDL is GBP5.3 million, representing 16.5% of the current
note balance, and the class F notes' PDL is GBP10.7 million,
representing 100.0% of the current note balance.  In addition,
the PDL for the unrated class G notes is GBP11.4 million, which
represents 100.0% of the current note balance.

S&P's ratings in the transaction address the timely payment of
interest (payable quarterly in arrears) and the payment of
principal no later than the February 2046 legal final maturity
date.

Following S&P's review, it considers the available credit
enhancement for the class C notes to be sufficient to mitigate
the risk of losses from the underlying loans in a 'BB' rating
stress scenario.  S&P applied final transaction-level
considerations to reflect the weak quality of the class C notes'
credit enhancement, which constrains S&P's rating on this class
of notes.

S&P has therefore lowered to 'BB (sf)' from 'BB+ (sf)' its rating
on the class C notes.

S&P considers that the available credit enhancement for the class
D notes is not sufficient to mitigate the risk of principal
losses from the underlying loans at the currently assigned
rating. Therefore, S&P has lowered to 'CCC+ (sf)' from 'B- (sf)'
its rating on the class D notes.  S&P believes the repayment of
this class of notes is currently vulnerable to nonpayment, and
depends on favorable business, financial, and economic
conditions.  S&P also believes there is a one-in-two likelihood
of a payment default.  This is in line with S&P's criteria for
assigning 'CCC' category ratings.

S&P continues to believe that there is at least a one-in-two
likelihood that these notes will experience a payment default.
This class of notes has a PDL of GBP5.3 million, which represents
15.5% of the original note balance.  S&P has therefore affirmed
its 'CCC- (sf)' rating on the class E notes, in line with its
criteria for assigning 'CCC' category ratings.

S&P has affirmed its 'D (sf)' rating on the class F notes.  There
is currently a PDL balance of GBP10.7 million, representing the
full amount of the note balance.  This class of notes has also
experienced interest shortfalls in the past.  This is in line
with S&P's criteria.

RATINGS LIST

Diversity Funding No. 1 Ltd.
GBP1.145 bil variable reference rate notes
                                         Rating
Class            Identifier              To            From
C                XS0330906925            BB (sf)       BB+ (sf)
D                XS0330907576            CCC+ (sf)     B- (sf)
E                XS0330907659            CCC- (sf)     CCC- (sf)
F                XS0332618296            D (sf)        D (sf)


FOUR SEASONS: Raises Fees for Elderly Amid Financial Woes
---------------------------------------------------------
Gill Plimmer at The Financial Times reports that Four Seasons
Health Care has raised fees for the elderly as the lossmaking
care home operator squeezes local authorities to shore up its
finances ahead of a crucial restructuring.

According to the FT, Britain's biggest care home operator, which
runs 370 homes, has raised average fees per resident by an
average 7.5% to GBP663 a week -- up from GBP617 in 2015.

The company says the increase, which has been agreed with local
authorities, was needed to offset rising food, energy and
staffing costs, the FT relays.

It follows a year when Four Seasons' debt climbed from GBP509.9
million in April last year to GBP565 million at the end of
December, the FT notes.

Four Seasons will have to refinance later this year in order to
stave off a collapse of the business, the FT states.

The company ended the year with GBP33 million cash -- enough to
satisfy demands from its creditors in the medium term -- but it
is weighed down by interest payments after being bought by
Guy Hands' private equity business Terra Firma in 2012 in a debt-
fuelled GBP825 million deal, according to the FT.

It faces annual interest payments of GBP55.3 million on its
GBP565 million debt, meaning it is making less money than it
needs to service bondholders, the FT notes.

According to the FT, analysts have been forecasting for some time
that Mr. Hands will eventually hand over the keys to the company
to its lenders.

But the company, as cited by the FT, said this would have no
impact on "staff, or the quality of care that we provide to long-
term residents".

Robbie Barr, chairman of Four Seasons, confirmed discussions were
continuing to "reach a debt and capital structure, which is more
appropriate to long-term requirements", the FT relates.


PREMIER FOODS: S&P Rates GBP210MM Sr. Secured Notes 'B'
-------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '4' recovery
rating to the proposed GBP210 million senior secured floating
rates notes maturing in 2022 to be issued by U.K.-based packaged
food company Premier Foods Finance PLC, a subsidiary of Premier
Foods PLC (B/Stable).  The '4' recovery rating indicates S&P's
expectation of recovery prospects in the range of 30%-50%
(rounded estimate: 35%) in the event of a default.

The recovery rating is supported by the comprehensive security
package (which includes tangible assets and share pledges) but
constrained by the sizable senior secured debt and pension
deficit.

The draft documentation of the proposed senior secured notes
mirrors the terms of the existing GBP175 million senior secured
notes maturing in 2020.

S&P understands that Premier Foods will use the GBP210 million
proceeds coming from the issuance of the proposed notes, together
with existing cash, to repay its existing GBP175 million senior
secured notes, prepay GBP35 million drawings under the existing
revolving credit facility (RCF), and cover about GBP5 million of
transaction fees.

Via this refinancing, Premier Foods is also downsizing the
existing RCF to GBP217 million from GBP272 million and extending
the maturity to December 2020 from March 2019. From March 2019,
the amount will decrease to GBP184 million.

S&P's 'B' issue rating and '4' recovery rating on the existing
GBP325 million senior secured fixed rate notes and GBP217 million
senior secured RCF remain unchanged.  The '4' recovery rating on
the existing facilities continues to indicate S&P's expectations
of average recovery (30%-50% range; rounded estimate: 35%), and
is supported by a strong security package, which includes
tangible assets.

S&P's hypothetical default scenario assumes reduced discretionary
spending owing to a weak economic environment and increased
competition.

S&P values Premier Foods under going concern assumptions given
its long-standing relationship with retailers and its leading
position in the U.K. grocery market segment.

S&P's 'B' corporate credit rating on Premier Foods PLC is based
on S&P's assessment of the company's fair business risk profile
and highly leverage financial risk profile.  The outlook is
stable.

SIMULATED DEFAULT ASSUMPTIONS

   -- Year of default: 2020
   -- Jurisdiction: U.K.
   -- Implied enterprise value multiple: 6.0x
   -- EBITDA at emergence: GBP69 million
   -- Capital expenditures representing 2% of three-year annual
      pro forma average of sales, in line with the company's
      expectation
   -- No cyclicality adjustment (in line with subsegment)
   -- No operational adjustments

SIMPLIFIED WATERFALL

   -- Gross recovery value: GBP414 million
   -- Net enterprise value available to creditors after
      administrative expenses (5%) and 50% of pension deficit:
      GBP308 million
   -- Estimated priority claims: GBP31 million*
   -- Remaining recovery value: GBP277 million
   -- Estimated first-lien debt claim: GBP735 million*
   -- Recovery rating: 4 (30%-50% range; rounded estimate: 35%)

*All debt amounts include six months of pre-petition interests.


STORE TWENTY ONE: May Enter Administration, 1,000 Jobs at Risk
--------------------------------------------------------------

Ashley Armstrong at The Telegraph reports that fashion chain
Store Twenty One is on the brink of collapse this weekend after
its main backer refused to continue propping up the failing
retailer.

According to The Telegraph, the discount chain, formerly known as
Quality Seconds, is expected to declare insolvency soon, putting
around 1,000 jobs at risk.

Management filed a notice to appoint administrators earlier this
month, after the company was served with a winding-up notice by
HM Revenue and Customs for breaching the terms of last year's
company voluntary arrangement (CVA), The Telegraph relates.
AlixPartners is on standby to handle the collapse, The Telegraph
notes.

The retailer, which has around 125 high street shops, has spent
the last few weeks scrambling to raise fresh cash from its main
lender, State Bank of India, ahead of a court-imposed deadline on
Friday.

However, it is understood that the bank, which is owed around
GBP14 million, said last week that it will not provide any
further funding, The Telegraph notes.

As a result, Store Twenty One and its 125 shops is almost certain
to tumble into administration this week, adding to this year's
growing list of retail casualties, which include Brantano and
BHS, The Telegraph says.

Landlords and suppliers have complained that they have not been
paid by the company for months, The Telegraph relays.

According to The Telegraph, industry sources have said that it is
unlikely that the retailer will fetch any rescue offers as its
financial struggles are well-known.

Store Twenty One's accounts, recently filed at Companies House,
reveal a slump in sales to GBP89.4 million in 2016 from GBP92.2
million a year earlier, while pre-tax losses grew from GBP6.6
million to GBP9.3 million, The Telegraph discloses.



===============
X X X X X X X X
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* BOND PRICING: For the Week May 15 to May 19, 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 * * *