TCREUR_Public/170619.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, June 19, 2017, Vol. 18, No. 120


                            Headlines


A U S T R I A

UNICREDIT BANK: S&P Affirms 'BB+' Rating on Subordinated Debt


A Z E R B A I J A N

INTERNATIONAL BANK: Bondholders Criticize Debt Restructuring
VTB BANK: Moody's Cuts Long-Term Deposit Ratings to B3


G E R M A N Y

HEIDELBERGER DRUCKMASCHINEN: Moody's Upgrades CFR to B2
L1E FINANCE: Moody's Assigns First-Time Ba3 CFR, Outlook Stable
RICKMERS HOLDING: Taps Macquarie for Upcoming Investor Process


G R E E C E

GREECE: Reaches Deal with International Creditors on Bailout


I R E L A N D

CARLYLE EURO 2017-1: Moody's Assigns B2(sf) Rating to Cl. E Notes
CARLYLE EURO 2017-1: S&P Assigns 'B-' Rating to Class E Notes
CARLYLE GLOBAL 2013-2: S&P Affirms 'B' Rating on Class E Notes
CELF LOAN III: S&P Affirms 'B+' Rating on Class E Notes
HARVEST CLO XI: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F-R Notes

HARVEST CLO XI: S&P Assigns Prelim. BB Rating to Cl. E-R Notes
IARNROD EIREANN: 'Nearly Insolvent' Due to Financial Losses


K A Z A K H S T A N

HALYK BANK: S&P Puts 'BB' Rating on CreditWatch Negative


L A T V I A

TRASTA KOMERCBANKA: Liquidator Detained Amid Criminal Probe


N E T H E R L A N D S

SAMVARDHANA MOTHERSON: S&P Affirms 'BB+' CCR, Outlook Positive


N O R W A Y

AKER BP: Moody's Assigns First-Time Ba2 CFR, Outlook Stable
AKER BP: S&P Assigns 'BB+' CCR, Outlook Stable


P O L A N D

TAURON POLSKA: Fitch Assigns BB+ Rating to Hybrid Bonds


R U S S I A

POLYUS GOLD: Moody's Revises Outlook to Stable, Affirms Ba1 CFR
SVYAZINVESTNEFTEKHIM-FINANCE: Fitch Rates Upcoming Bond BB+(EXP)
TINKOFF BANK: Fitch Rates US$300MM Perpetual AT1 Notes Final 'B-'


S W E D E N

LANDSHYPOTEK BANK: Fitch Rates SEK700-Mil. Tier 1 Debt 'BB+'


S W I T Z E R L A N D

EUROCHEM GROUP: S&P Affirms 'BB-' CCR, Outlook Stable


U N I T E D   K I N G D O M

NORD ANGLIA: S&P Assigns Preliminary 'B' CCR, Outlook Stable
COLLINS AND HAYES: Creditors Support CVA Proposal
DUNDEE FC: In Legal Dispute with Ex-Manager, June 20 Hearing Set
HALOSOURCE INC: May File for Insolvency if Fundraising Fails
HOOVER LIMITED: Pension Scheme Moved Into a Protection Fund

HOOVER LIMITED: Mayer Brown Advises PPF on Deficit Settlement
SOUTHERN PACIFIC 06-1: Fitch Affirms CCC Rating on Cl. FTc Notes

* EAST ENGLAND: Tech and IT Firms at Greater Risk of Insolvency


U Z B E K I S T A N

KAPITALBANK: S&P Affirms 'B/B' Counterparty Credit Ratings


X X X X X X X X

* BOND PRICING: For the Week June 12 to June 16, 2017


                            *********



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


UNICREDIT BANK: S&P Affirms 'BB+' Rating on Subordinated Debt
-------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BBB/A-2' long- and
short-term counterparty credit ratings on UniCredit Bank Austria
AG (Bank Austria).  The outlook is negative.

S&P has also affirmed its 'BBB' and 'BB+' issue ratings,
respectively, on Bank Austria's senior unsecured and subordinated
debt.

At the same time, S&P assigned its 'BBB/A-2' long- and short-term
counterparty credit ratings to Bank Austria's financing vehicles
BA-CA Finance (Cayman) Ltd. and BA-CA Finance (Cayman) (2) Ltd.
The outlooks are negative.

S&P affirmed its 'BB-' issue ratings on those entities'
subordinated debt.

Following UniCredit SpA's announcement regarding groupwide
restructuring plans in late 2015, all of Bank Austria's
subsidiaries in Central and Eastern Europe (CEE) were transferred
to the parent in October 2016.  Bank Austria's retail banking
business in Austria has been restructured to improve efficiency.

The affirmation reflects S&P's assessment that Bank Austria is
now more stable and better capitalized, but it has a narrower
focus on domestic business and is less profitable.  Looking
ahead, S&P continues to monitor, in particular, the influence of
the parent on Bank Austria's capitalization, the respective
resolution strategies, and Bank Austria's management's ability to
deliver on its plan to enhance efficiency to improve
competitiveness and profitability.

S&P continues to regard Bank Austria's business position as
adequate, mainly reflecting its predominantly domestic focus,
which is on par with peers' with a similar business mix and
industry risk in Austria.  S&P also anticipates further improving
cost structures, especially from retail-oriented efficiency
measures and the group's streamlining.  This could serve to
bolster profitability (the return on equity was a low 5.6% in
2016) and competitiveness versus leaner peers.

S&P's long-term rating on Bank Austria mirrors S&P's 'bbb'
assessment of the bank's stand-alone credit profile, which is
higher than the 'bbb-' group credit profile of UniCredit.  S&P
expects the European Single Resolution Board (SRB) will likely
employ a separate resolution plan for Bank Austria, which allows
S&P to rate Bank Austria above its parent.

As of year-end 2016, Bank Austria's additional loss-absorbing
capacity (ALAC) had increased to 4.3% of our risk-weighted assets
figure from only 2.1% one year before, mainly due to a
significant reduction in S&P's risk-weighted assets measure
following the transfer of CEE assets to the parent.  However, S&P
has not included any additional uplift in the long-term rating
because, in S&P's view, Bank Austria's aggregate ALAC is unlikely
to increase beyond S&P's 5% minimum over the next four years.

S&P has equalized its ratings on BA-CA Finance (Cayman) and BA-CA
Finance (Cayman) (2) with those on Bank Austria because S&P
regard these entities as core subsidiaries of Bank Austria.  S&P
consider these entities to be fully integrated with Bank Austria
and that they will benefit from financial support from their
parent if needed.

S&P's negative outlook on Bank Austria indicates that S&P could
lower the long-term rating, likely by one notch, in the next 12-
24 months if -- in contrast to S&P's current expectations -- S&P
believes the SRB's implementation of the EU Bank Recovery and
Resolution Directive would translate into a more unified, single
resolution process for UniCredit Group.  This would most likely
lead S&P to no longer rate Bank Austria higher than its parent.
The negative outlook also stems from S&P's expectation that Bank
Austria is unlikely to build up an ALAC buffer exceeding S&P's
minimum 5% threshold for a one-notch uplift, which could
otherwise support the rating if the SRB were to employ a separate
resolution process for the bank.

S&P could also lower the ratings if Bank Austria's stand-alone
credit profile is weaker than anticipated after the carve-out of
its CEE subsidiaries.  In particular, S&P may lower the ratings
if the bank's restructuring program fails to improve earnings
capacity and efficiency, or if the parent's capital commitments
do not allow Bank Austria to comfortably sustain adequate
capitalization, with the risk-adjusted capital ratio at 7%-10%.

S&P could revise the outlook to stable if the remaining
uncertainties regarding the resolution process are clarified, and
it becomes clear that the SRB would employ a separate resolution
process for Bank Austria to that for its parent, and Bank Austria
improves its cost efficiency and generally demonstrates sound
stand-alone creditworthiness in line with S&P's expectations.


===================
A Z E R B A I J A N
===================


INTERNATIONAL BANK: Bondholders Criticize Debt Restructuring
------------------------------------------------------------
Tom Corrigan at The Wall Street Journal reports that a group of
the International Bank of Azerbaijan's bondholders say the
troubled lender's multibillion-dollar debt restructuring
shouldn't be recognized and enforced in the U.S., citing a
"fundamental lack of fairness to non-Azeri creditors."

In court papers filed on June 12 with the U.S. Bankruptcy Court
in New York, bondholders owed about US$220 million said the
proposed restructuring is designed to benefit the bank's owners
at the expense of its foreign creditors, the Journal relates.
According to the Journal, the bondholders have asked a judge to
deny the bank's request for protection under U.S. bankruptcy law,
which would help it implement its debt-cutting plan.

"The Azeri proceeding is rife with abuses sufficient to compel
this court to deny enforcement of that proceeding in the U.S.,"
the Journal quotes lawyers for the bondholders as saying in court
papers.

Last month, the state-owned bank sought chapter 15 protection --
the section of the bankruptcy code that deals with international
insolvencies -- in U.S. Bankruptcy Court in New York to help it
restructure some US$3.3 billion in debt, the Journal relays.

If approved, U.S. recognition would help the bank steer clear of
potential disruptions from creditors during and after it emerges
from bankruptcy, the Journal states.  Judge James Garrity Jr. has
already approved provisional protections for the bank, with
another hearing slated for June 21, the Journal notes.

The International Bank of Azerbaijan is the country's largest
lender and has been grappling with a steep decline in oil prices
and subsequent currency fluctuations, the Journal discloses.
According to the Journal, court papers show despite a series of
capital injections from the Azerbaijani government, a formal
restructuring process began in Azerbaijan in April.

Bondholders expressed "grave concerns" in court papers about the
Azeri proceeding, which they say is being carried out under a
new, tailor-made law that went into effect earlier this year, the
Journal relates.  According to the Journal, bondholders said
under the bank's proposed plan, unsecured creditors, owed US$2.38
billion, would effectively take a 20% hit, while the bank's
owners would be left unimpaired.

In particular, bondholders say a voting process has been skewed
to benefit the bank's owners and that noticing requirements fall
far short of what is expected in U.S. judicial proceedings, the
Journal notes.

The objecting bondholders include funds and accounts managed by
Fidelity Management & Research Co., Franklin Templeton Investment
Management Ltd., Promeritum Investment Management LLP and VR
Global Partners LP, the Journal discloses.

The International Bank of Azerbaijan is Azerbaijan's biggest
bank.


VTB BANK: Moody's Cuts Long-Term Deposit Ratings to B3
------------------------------------------------------
Moody's Investors Service has taken rating actions on four
Azerbaijani banks. Moody's downgraded the Baseline Credit
Assessments (BCAs) and downgraded the long-term local- and
foreign-currency deposit ratings of OJSC XALQ BANK, Joint Stock
Commercial Bank Respublika (Bank Respublika), OJSC Bank of Baku
and VTB Bank (Azerbaijan). The outlooks on the long-term local-
and foreign-currency deposit ratings of all four banks remain
negative.

The rating actions reflect worsened financial fundamentals of
Azerbaijani banks amid prolonged unfavorable operating conditions
and the negative impact from local currency devaluation, in
particular significantly deteriorated asset quality, net losses
due to heightened credit costs and/or foreign exchange losses,
materially eroded capital buffers and vulnerable funding and
liquidity. Funding conditions for Azerbaijani banks have been
constrained by very high level of deposit dollarization, a lack
of local-currency liquidity, volatile customer deposit base and
limited and costly access to capital markets. This led Moody's to
lower the macro profile of Azerbaijan, Government of (LT Issuer
Rating Ba1, Outlook: Rating Under Review) to "Very Weak+" from
"Weak-". Moody's expects pressure on Azerbaijani banks to persist
given: (1) subdued lending prospects and net losses, (2) a high
provisioning burden and tighter regulation requiring additional
recapitalization, (3) persistently high dollarization of funding,
resulting in large foreign-currency mismatches and reliance on
costly hedges.

* Principal Methodology

-- OJSC XALQ BANK

The downgrade of OJSC XALQ BANK (Xalq) BCA to caa1 from b3 and
downgrade of the long-term deposit ratings to B3 from B2 with a
negative outlook is driven by ongoing material pressure on its
asset quality and profitability.

As of year-end 2016, Xalq reported impaired loans of 14.7% of its
gross loan book. In addition, the loans with renegotiated terms
accounted for 24.6% of the total and otherwise would be past due
or impaired. The adverse impact is aggravated by the bank's
significant single-name concentration of the loan portfolio with
the 20 largest exposures exceeding 400% of Tier 1 equity.

Moody's believes that the bank's loan book will require
additional provisioning charges in the next 12-18 months as loan
loss reserves at 7.9% will prove insufficient to cover the credit
risk. Under the central scenario the bank will be marginally
profitable or break-even owing to elevated credit costs.

As of May 1, 2017, the bank reported regulatory Tier 1 and total
capital adequacy ratios of 14.5% and 15.4%, respectively, which
significantly exceed the regulatory thresholds of 5% and 10%,
respectively. However, Moody's considers Xalq's capitalisation as
modest in the context of its robust regulatory Tier 1 ratio and
total capital adequacy on the one hand, and relatively low
provisioning level on the other hand.

-- JOINT STOCK COMMERCIAL BANK RESPUBLIKA

The downgrade of Bank Respublika's BCA to b3 from b2 and
downgrade of its long-term deposit ratings to B3 from B2 with a
negative outlook reflects the bank's heightened credit costs
given worsened asset quality, its loss-making performance and its
need for additional capital support in light of its provisioning
requirements and a further tightening in capital regulation.

As of end-2016, the bank's nonperforming loans overdue more than
90 days (NPLs) amounted to 8.8% of gross loans, and restructured
loans comprised another 15%, according to bank's management data.
Around 15% of loans were written off in 2016. Loan loss reserves
at 5.9% of gross loans provide NPL coverage of only 67%, suggest
further provisions will be required in the next 12 months.

Given that the bank's recurring pre-provision income is unlikely
to cover additional provisioning expenses, it will require new
capital. In order to support the bank's capitalization,
shareholders provided AZN20 million Tier 1 capital injection in
Q3 2016, and plan to inject additional AZN 20 million within the
next three months. Moody's believes that this will help to absorb
new provisioning charges in 2017, but will leave the absolute
amount of capital buffer limited, just above the minimum
regulatory requirement. The bank's total regulatory capital
amounted to AZN52 million (vs the minimum regulatory amount of
AZN) as of end 2016 and Tier 1 and total capital adequacy ratio
(CAR) accounted for 10.8% and 17.6% respectively (vs the minimum
of 5% and 10%) as of the same date under local GAAP. A further
tightening of capital requirements and a potential asset quality
deterioration will further exacerbate the need for external
capital support.

-- OJSC BANK OF BAKU

The downgrade of OJSC Bank of Baku (BoB) BCA to caa1 from b3 and
downgrade of the long-term deposit ratings to Caa1 from B3 with a
negative outlook reflects heavy net losses over the last two
years along with material capital erosion.

According to its local GAAP accounts, BoB recognized a net loss
of AZN15.3 million in 2016 and AZN16.8 million over the first
four months of 2017, due to elevated provisioning charges along
with weakened pre-provision income as a result of the bank's net
loan book contraction. This resulted in capital falling to
AZN53.7 million as of May 1, 2017, just above the minimal
regulatory threshold of AZN50 million.

Moody's expects that the bank will remain loss-making in the next
12-18 months and thus needs an equity injection to meet the
regulatory requirements. In addition, the bank's business model,
focused on high-risk unsecured consumer lending, is not
sustainable in the current environment due to weakened debt
servicing capacity of the households.

-- VTB BANK (AZERBAIJAN)

The downgrade of VTB Bank's (Azerbaijan) (VTBAZ) BCA to caa3 from
caa1 and long-term deposit ratings to B3 from B2 with a negative
outlook reflects markedly deteriorated asset quality, elevated
provisioning charges and consequent drop in capitalization. At
the same time, current deposit ratings continue to incorporate a
very high probability of affiliate support from Russia-based Bank
VTB, JSC in case of need (Bank VTB, JSC, FC deposits: Ba2 stable,
BCA: b1).

VTBAZ's problem loans (those individually impaired plus those not
impaired but 90 days or more past due) surged to 75.8% of gross
loans as of end-2016 from 29% in 2015, mainly driven by a
deterioration in foreign-currency loans (72% of the loan book in
2016). The bank currently complies with CBA's capital adequacy
requirements under local GAAP, given received deposit from VTB
Russia, which serves as a guarantee against problem loans
according to the agreement with the regulator. However, the
picture differs under IFRS which does not consider guarantee
deposit from the parent bank to be a substitute for loan loss
reserves against the respective problem loans. Following
significant loan impairment charges of AZN119 million as of end-
2016, the bank had negative capital of AZN128 million.
Shareholders target to resolve bank's capitalization in the next
few months, either through direct capital injections or through a
partial conversion of existing funding from VTB to the bank's
capital. Funding from VTB comprised AZN293 million interbank
deposits (including blocked AZN137.7 million guarantee deposit,
which serves as a cushion against problem loans under local GAAP)
and subordinated debt of AZN22 million.

Moody's expects the shareholders to recapitalize the bank as they
have done in the past. VTB group has shown commitment to the
bank's financial support through a track record of capital
injections and funding allocation

WHAT COULD MOVE THE RATINGS UP/DOWN

The ratings could be lowered if financial fundamental, namely
asset quality and capitalization of the affected banks erode
beyond Moody's current expectations. Conversely, improvement in
loss absorption capacity, a recovery in profitability, a reversal
of the current negative trends in asset quality, along with
improvements in the Azerbaijani operating environment could
enable a positive rating action.


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G E R M A N Y
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HEIDELBERGER DRUCKMASCHINEN: Moody's Upgrades CFR to B2
-------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the
corporate family rating (CFR) and to B2-PD from B3-PD the
probability of default rating (PDR) of German printing press
manufacturer Heidelberger Druckmaschinen AG. Concurrently,
Moody's upgraded to B3 (LGD 4) from Caa1 (LGD 4) its rating on
the group's EUR205 million senior unsecured notes (due 2022). The
outlook on all ratings has been changed to stable from positive.

"The upgrade to B2 acknowledges Heidelberg's sound operating
performance and strengthening credit metrics during fiscal year
ended March 2017 and Moody's expectations of a gradual further
improving business and financial profile of the group over the
next two to three years", says Goetz Grossmann, Moody's lead
analyst for Heidelberg. "Growth in profits combined with a
noticeable reduction in pension obligations supported
Heidelberg's Moody's-adjusted leverage to decline to 6.1x
debt/EBITDA as of March-end 2017, while its improved 3.7%
Moody's-adjusted EBITA margin now also meets Moody's guidance for
a B2 rating of at least 3.5%", adds Mr. Grossmann.

RATINGS RATIONALE

The upgrade was prompted by Heidelberg's solid results for its
fiscal year ended March 31, 2017 (FY2017), published on June 8,
2017, and credit metrics, which have improved more swiftly than
anticipated by Moody's when changing the rating outlook to
positive a year ago. Albeit year-over-year (yoy) topline growth
of 0.5% remained weak and behind expectations, partly due to
missing/delayed M&A activity, but also sluggish demand in some
key end-markets such as China, Heidelberg's reported EBITDA
before special items increased to EUR179 million from EUR170
million (excluding a positive EUR19 million one-off effect from
its PSG acquisition in 2015) in the prior year. Combined with
EUR3 million lower special items, a slight reduction in gross
debt post redemption of the 2011 high-yield bond in June 2016,
but also a reduced pension deficit at March-end 2017,
Heidelberg's leverage as adjusted by Moody's thus declined to
6.1x debt/EBITDA from close to 7x in FY2016.

Whilst some of Heidelberg's performance improvements in FY2017
were attributable to the execution of exceptionally high orders
secured during the drupa print fair in June 2017, Moody's takes
comfort from the group's continued focus on growth in the areas
of digitization and the more stable services and consumables
businesses. Expected growth in these areas will likely include
occasional acquisitions such as those closed by Heidelberg in
April in May this year, which will contribute some EUR30 million
of annual sales in aggregate (on a full year basis with an
expected EUR15 million in the current financial year). Building
on its technological leadership in digital printing the group
aims to continuously expand its digital product offering,
including related services, which, in Moody's view, should
further strengthen Heidelberg's market positions and business
profile. Still, the agency regards visibility of the group's new
growth strategy being successful as relatively limited at this
stage, while market conditions will likely remain challenging,
especially in its third largest market China, where a 23% yoy
sales drop was recorded in FY2017 as new machinery demand in the
country slowed down materially. However, conditions in China
provide upside potential following the April 2017 China print
fair, which Moody's understands was successful for the group.

Assuming up to 2% topline growth per annum, including organic
growth in line with relevant global print production volumes
(e.g. packaging, job printing, labels) and occasional bolt-on
acquisitions, Moody's expects Heidelberg's adjusted EBITA margin
to gradually improve towards 5% over the next three years,
further supported by targeted operational excellence and cost
reduction measures. That said, Moody's notes that profitability
remains still susceptible to potentially higher costs required to
support the group's strategic re-positioning, which might lead to
some delay in forecast margin expansions. Due to expected
earnings growth in Moody's base case for the next three years,
Heidelberg's adjusted leverage will gradually decline towards 5x
debt/EBITDA, assuming no material changes in gross indebtedness,
including pension liabilities. However, de-leveraging might
accelerate if the EUR60 million convertible bond (due July 2017)
was not immediately refinanced and/or, for instance, the EUR205
million high-yield bond (partially) redeemed ahead of schedule in
May 2022.

The rating action also recognizes Heidelberg's positive EUR37
million free cash flow (FCF) generation in FY2017, which was
stronger than Moody's had expected thanks to higher earnings
quality, lower restructuring and financing costs as well as a
significant working capital release. Nevertheless, FCF will
remain volatile in the medium term, given sizeable planned
investments in new projects such the conversion of a former
assembly hall into office space and construction of a new R&D
center in Wiesloch, as well as ongoing, albeit declining
restructuring payments. Moody's therefore expects Heidelberg's
FCF to turn modestly negative this year before improving again
into positive territory from FY2019 onwards.

LIQUIDITY

Heidelberg's adequate liquidity remains a key credit strength of
the group. As of March 31, 2017, the group had access to over
EUR189 million unrestricted cash on the balance sheet, which
together with projected funds from operations of more than EUR90
million in the current fiscal year (after restructuring payments)
will be sufficient to address its short-term cash needs as well
as smaller acquisitions. Main cash uses comprise capital
expenditures of at least EUR100 million and some EUR90 million
short term debt maturities (mainly related to the EUR60 million
convertible bond due July 2017, unrated). Although FCF will be
modestly negative in 2018, the liquidity assessment takes further
positively into consideration the group's sizeable committed and
largely undrawn EUR244 million revolving credit facility
(maturing in June 2019, unrated), as well as sustained compliance
with financial covenants.

OUTLOOK

The stable outlook reflects Moody's expectation of Heidelberg's
re-aligned business to enable modest organic topline growth and
profitability to progressively improve from current levels
(Moody's-adjusted EBITA margins moving towards 5% by 2019). The
outlook also assumes that Heidelberg's adjusted leverage will
decline to below 5.5x debt/EBITDA over the next two years and at
least break-even FCF by 2019.

WHAT COULD CHANGE THE RATING

Moody's might upgrade Heidelberg, if its Moody's-adjusted credit
metrics were to sustainably improve further such as (1) EBITA
margins of at least 6%, (2) leverage below 5x gross debt/EBITDA,
and (3) FCF/debt ratios in the mid-single digit percentages.

Downward pressure on Heidelberg's ratings would evolve, if (1)
profitability failed to improve with Moody's-adjusted EBITA
margins of below 3.5%, (2) leverage exceeded 6.5x debt/EBITDA,
and not only temporarily such as driven by volatile pension
obligations, and (3) FCF generation weakened materially into
sustained negative territory and/or if liquidity became
stretched, including narrowing headroom under financial
covenants.

PRINCIPAL METHODOLOGY

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

Based in Wiesloch, Germany, Heidelberger Druckmaschinen AG
("Heidelberg") is the leading global manufacturer of sheet-fed
offset printing presses used primarily in the advertising and
packaging printing segments. Its main competitors include unrated
Germany-based Konig & Bauer and Japanese Komori. In fiscal year
ended March 31, 2017, the group generated revenues over EUR2.5
billion and reported EBITDA (excluding special items) of EUR179
million. Heidelberg operates under three business segments: (1)
Heidelberg Equipment (approximately 54% of revenues in FY2017);
(2) Heidelberg Services (c.46%); and (3) Heidelberg Financial
Services (less than 1%).


L1E FINANCE: Moody's Assigns First-Time Ba3 CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 Corporate
Family Rating and a Ba3-PD probability of default rating (PDR) to
L1E Finance GmbH & Co KG, parent company of Dea Deutsche Erdoel
AG (Dea). Concurrently, Moody's assigned a Ba3 rating on the
existing EUR400 million senior unsecured notes due 2022 issued by
DEA Finance SA. The outlook on all ratings is stable.

RATINGS RATIONALE

The Ba3 corporate family rating of L1E Finance GmbH & Co KG (Dea)
reflects (1) a mid-sized oil & gas exploration and production
company with production expected to range between 120,000-140,000
barrels of oil equivalent per day (boepd) out of which gas
production expected at around 65%-70% in 2017-2019 (2)
geographical diversification across three main countries, with
operations in stable countries like Norway (Aaa, stable) and
Germany (Aaa, stable), expected to account for around 50% of the
production and around 60%-70% of the total EBITDA in 2018-2020
(3) good financial profile with adjusted gross debt/EBITDA
expected to range between 2.5x-3.5x in 2017-18, peaking above
3.5x in 2019 as a result of the declining operating performance,
however, should be able to recover beyond 2019 as projects ramp-
up (4) good liquidity profile with a cash balance of $95 million
as of March 2017 and $725 million available under its reserve
based lending (RBL) facility and (5) strong growth potential
beyond 2020 after projects like Njord and Dvalin in Norway start
producing and West Nile Delta (WND) in Egypt ramps up, where Dea
retains a 17.25% stake.

The rating remains constrained by Dea's (1) increasing exposure
to risky countries in North Africa, particularly Egypt, where the
company has suffered payment delays and this exposure is expected
to increase to 45%-55% of total production in the coming years as
production from West Nile Delta ramps up (2) declining production
profile due to maturing assets in Germany and Norway in 2018-2020
mitigated to some extent by increase in production in Egypt (3)
high proportion of non-operated asset portfolio of around 54%
implying a lesser degree of control over the assets and
operations with around 20% of the company's production portfolio
operated by Dea, while the Egyptian assets (Gulf of Suez and
Disouq) are jointly controlled by Dea with its JV partner EGPC
(Egyptian General Petroleum Company) (4) high capex exposure in
2017-19 expected at around $0.9-1.0 billion per annum due to the
projects in Norway and WND in Egypt resulting in negative FCF
generation of $-150 to -250 million per annum, assuming an oil
price in the middle of the range of $40-60/bbl and gas price of
around $5/mscf.

Looking ahead, production is expected to decline from the mature
Norwegian and German assets, compensated to some extent by the
ramp-up of production in WND in Egypt, resulting in total
production expected to range between 120 Kboepd-140 Kboepd in
2017-19. This coupled with an oil price assumption in the middle
of the range of $40-60/bbl and gas price of around $5/mscf could
result in the operating performance to deteriorate until 2019.
Adjusted EBITDA is expected to drop to around $650-750 million in
2019 from around $850 million in 2017.

In the coming three-years period, capex spending is expected to
remain high in 2017-19 at around $0.9-1.0 billion per annum due
to the projects in Norway and WND in Egypt. In conjunction with
falling production volumes until 2019, the company is expected to
generate negative FCF of $-150 to -250 million per annum in 2017-
19 before any one-off events, assuming an oil price in the middle
of the range of $40-60/bbl and gas price of around $5/mscf.
Adjusted gross debt/EBITDA ratio is expected to range between
2.5x-3.5x in 2017-18, peaking above 3.5x in 2019 as a result of
the declining volumes. In a sustained low oil price environment
the company has options to decrease the negative free cash flow
by reducing exploration expenditures or divesting non-core
assets. With new projects expected to come online from 2019,
production volumes should increase. Capex is expected to fall
after the WND, Dvalin and Njord developments are complete which
should result in positive FCF generation and a fall in adjusted
debt/EBITDA to below 3.0x.

LIQUIDITY

The company demonstrates a good liquidity profile. Dea has a cash
balance of $95 million as of March 2017 combined with available
RBL of $725 million out of the total RBL commitments of $2.3
billion. The company is expected to generate negative FCF of
$-150 to -250 million per annum in 2017-19, however, drawings
under the RBL combined with the cash balance should be sufficient
to address its funding needs in the coming 12-18 months. There
are no debt repayments due until at least 2019.

STRUCTURAL CONSIDERATIONS

Dea's major borrowings include a secured $2.3 billion reserve
based lending (RBL) facility and a EUR400 million senior bond due
2022. The notes are unsecured obligations issued by Dea Finance
SA and benefit from guarantees from some of the operating
subsidiaries. The Ba3 rating on the notes in line with the CFR
reflects the weak collateral package of the RBL secured against
share pledges and bank accounts which results in the amount of
debt ranking ahead of the notes as not being material.

RATING OUTLOOK

The stable outlook reflects Moody's views that Dea will maintain
its adjusted debt/EBITDA at around 3.0x, although leverage will
peak above this level in 2019, before new projects come onstream.
The outlook also reflects Moody's expectations of maintaining a
good liquidity profile and adhering to the targeted financial
policy and should be able to derive shareholder support in case
of any major acquisitions. The outlook takes into account that
the company should be able to ramp-up production in its West Nile
Delta project.

WHAT COULD CHANGE THE RATING UP

The rating could be upgraded to Ba2 if adjusted gross debt/EBITDA
is maintained below 2.5x and adjusted RCF/Debt maintained above
25% on a sustained basis, while retaining its competitive cost
position.

WHAT COULD CHANGE THE RATING DOWN

The rating could be downgraded to B1 if there is a deterioration
in the financial profile of the company with adjusted gross
debt/EBITDA rising above 3.5x and RCF/Debt below 20% on a
sustained basis. The rating could also be downgraded if there is
a sustained negative FCF generation or weaker liquidity profile.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

CORPORATE PROFILE

Headquartered in Hamburg, L1E Finance GmbH & Co KG is a medium-
sized independent oil & gas exploration and production (E&P)
company and is also the parent company of Dea Deutsche Erdoel AG
(Dea) and its operating subsidiaries. The main production assets
are located in Europe (Germany, Denmark and Norway) and North
Africa (Egypt and Algeria). In 2016 the company reported an
average production (on a working interest basis) of 138,000
barrels of oil equivalent per day, revenues of $1.62 billion and
2P proved plus probable (2P) reserves of 667 million barrels of
oil equivalent. L1E Finance GmbH & Co KG is 100% owned by Letter
One Holdings, a Luxembourg based investment holding company
focused on investments in energy and telecoms sectors.


RICKMERS HOLDING: Taps Macquarie for Upcoming Investor Process
--------------------------------------------------------------
With the approval of the Creditors Committee and the Provisional
Administrator, the Management Board of Rickmers Holding AG has
selected the internationally renowned investment house Macquarie
Capital for the upcoming investor process.  The objective is to
acquire one or more investors for the Rickmers Group.

With the mutually agreed resignation of Dr Ignace Van Meenen, CEO
of Rickmers Holding AG, the Supervisory Board appointed the
long-standing managers of Rickmers Group Frank Bunte (CRO /
Deputy CFO) and Holger Strack (COO) to the Management Board of
Rickmers Holding AG with a view of ensuring the business
continuity.

The operational business and vessel operations of Rickmers Group
(in particular ship management services) are running stable
within the self-administration of the parent company of the
Rickmers Group (Rickmers Holding AG).


                  About the Rickmers Group

The Rickmers Group is an international service provider in the
maritime transport sector and a vessel owner, based in Hamburg.
In the Maritime Assets segment the Rickmers Group is active as
Asset Manager for its own vessels and also for those of third
parties.  The Group initiates and coordinates shipping
projects, organizes financing and acquires, charters and sells
ships.  In the Maritime Services business segment the Rickmers
Group provides ship management services for its own vessels as
well as for those owned by third parties; these services comprise
technical and operational management, crewing, newbuild
supervision, consultancy and insurance-related services.

Rickmers Holding AG on June 2 disclosed that it submitted an
application for insolvency under self-administration to Hamburg
District Court with the aim of restructuring (AG Hamburg Az. 67g
IN 173/17).  The Executive Board remains in office and capable of
acting.  The necessary legal expertise will be provided by
experienced Hamburg restructuring expert, lawyer and tax adviser,
Dr Christoph Morgen.  He is a specialist insolvency lawyer and
partner in the national law firm Brinkmann & Partner.  Mr. Morgen
was appointed on June 2 by the Supervisory Board of Rickmers
Holding AG as member of the Executive Board and Chief Insolvency
Officer.  Lawyer Dr. Jens-Soeren Schroeder of the law firm Johlke
Niethammer & Partner has been appointed as a temporary trustee by
the Hamburg District Court.


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


GREECE: Reaches Deal with International Creditors on Bailout
------------------------------------------------------------
Jim Brunsden at The Financial Times reports that Greece and its
international creditors have reached a deal on the next stages of
Athens' EUR86 billion bailout, removing the risk that it could
default on over EUR7 billion in debt repayments that fall due
next month.

According to the FT, people briefed on the talks said that the
agreement would allow Athens to swiftly receive its next tranche
of bailout aid, estimated at around EUR8.5 billion.

The accord was struck at a meeting of euro area finance ministers
and the International Monetary Fund in Luxembourg, the FT relays.

The June 15 agreement resolves a standoff between the Washington-
based fund and the EU over the conditions for the IMF to take
part in Greece's bailout -- a step Berlin has insisted in
essential if Greece is to receive any more aid from its EUR86
billion pot, the FT notes.

Under the compromise deal, the IMF is set to formally join the
rescue program, but to delay providing any money to Athens until
the euro area leaders provide more clarity on what debt relief
they are prepared to offer the country, the FT discloses.

Dutch finance minister Jeroen Dijsselbloem, who chaired the June
15 meeting in Luxembourg, as cited by the FT, said "Euro area
ministers added some extra detail to possible debt relief
measures for Greece, while sticking to their existing stance that
any firm decisions on debt easing would only come at the end of
the bailout program in mid-2018."

According to the FT, Christine Lagarde, managing director of the
IMF, said "I will be proposing to the IMF executive board the
approval in principle of a new precautionary standby arrangement
for Greece."

Should the IMF board approve her proposal, the fund would make
available about EUR2 billion to Greece, although the actual
paying out of any money would come only when the euro area
confirms debt relief for the country, the FT states.


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


CARLYLE EURO 2017-1: Moody's Assigns B2(sf) Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to six
classes of debts issued by Carlyle Euro CLO 2017-1 DAC:

-- EUR 230,000,000 Class A-1 Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aaa (sf)

-- EUR 62,000,000 Class A-2 Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 26,000,000 Class B Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR 19,000,000 Class C Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR 21,000,000 Class D Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR 12,000,000 Class E Senior Secured Deferrable Floating
    Rate Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Carlyle Euro 2017-1 is a managed cash flow CLO. At least 90% of
the portfolio must consist of senior secured loans and senior
secured bonds and up to 10% of the portfolio may consist of
unsecured senior loans, second-lien loans, mezzanine obligations
and high yield bonds. The portfolio is expected to be around 95%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

CELF Advisors will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.

In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR 43,500,000 of subordinated notes which will not
be rated.

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

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

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR 400,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 44.50%

Weighted Average Life (WAL): 8.5 years

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3278 from 2850)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes due 2030: 0

Class A-2 Senior Secured Floating Rate Notes due 2030: -2

Class B Senior Secured Deferrable Floating Rate Notes due
2030: -2

Class C Senior Secured Deferrable Floating Rate Notes due
2030: -2

Class D Senior Secured Deferrable Floating Rate Notes due 2030: 0

Class E Senior Secured Deferrable Floating Rate Notes due 2030: 0

Percentage Change in WARF: WARF +30% (to 3705 from 2850)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes due 2030: 0

Class A-2 Senior Secured Floating Rate Notes due 2030: -3

Class B Senior Secured Deferrable Floating Rate Notes due
2030: -4

Class C Senior Secured Deferrable Floating Rate Notes due
2030: -3

Class D Senior Secured Deferrable Floating Rate Notes due
2030: -1

Class E Senior Secured Deferrable Floating Rate Notes due
2030: -1

Given that the transaction allows for corporate rescue loans
which do not bear a Moody's rating or Credit Estimate, Moody's
has also tested the sensitivity of the ratings of the notes to
changes in the recovery rate assumption for corporate rescue
loans within the portfolio (up to 5% in aggregate). This analysis
includes haircuts to the 50% base recovery rate which Moody's
assumes for corporate rescue loans if they satisfy certain
criteria, including having a Moody's rating or Credit Estimate.


CARLYLE EURO 2017-1: S&P Assigns 'B-' Rating to Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Carlyle Euro
CLO 2017-1 DAC's class A-1, A-2, B, C, D, and E notes.  At
closing, the issuer also issued unrated subordinated notes.

Carlyle Euro CLO 2017-1 is a European cash flow collateralized
loan obligation (CLO) transaction, securitizing a portfolio of
primarily senior secured leveraged loans and bonds.  The
transaction is managed by CELF Advisors LLP, a wholly owned
subsidiary of Carlyle Investment Management LLC, which is a
Delaware limited liability company, indirectly owned by The
Carlyle Group L.P.

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

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

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

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

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

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

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

In S&P's cash flow analysis, it used the EUR400 million target
par amount, the covenanted weighted-average spread (3.65%), the
covenanted weighted-average coupon (6.00%), the covenanted
weighted-average recovery rate of 38.25% at the 'AAA' rating
level, and the target weighted-average recovery rates at each
rating level below 'AAA' as provided by the manager.  S&P applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

Elavon Financial Services DAC, U.K. Branch is the bank account
provider and custodian.  At closing, S&P the documented downgrade
remedies were in line with its current counterparty criteria.

Under S&P's structured finance ratings above the sovereign
criteria, the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.

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

RATINGS LIST

Carlyle Euro CLO 2017-1 DAC
EUR413.5 Million Senior Secured Floating-Rate Notes (Including
EUR43.5 Million Unrated Notes)

Class                 Rating                Amount
                                          (mil. EUR)
A-1                   AAA (sf)               230.0
A-2                   AA (sf)                 62.0
B                     A (sf)                  26.0
C                     BBB (sf)                19.0
D                     BB (sf)                 21.0
E                     B- (sf)                 12.0
Sub                   NR                      43.5

Sub--Subordinated.
NR--Not rated.


CARLYLE GLOBAL 2013-2: S&P Affirms 'B' Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on CARLYLE GLOBAL
MARKET STRATEGIES EURO CLO 2013-2 DAC's class A-1-R, A-2A-R, A-
2B-R, B-R, C-R, D, and E notes.

The affirmations follow S&P's assessment of the transaction's
performance using data from the April 4, 2017 trustee report.
S&P performed a credit and cash flow analysis and applied its
current counterparty criteria to assess the support that each
participant provides to the transaction.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
at each rating level.  The BDR represents S&P's estimate of the
maximum level of gross defaults, based on its stress assumptions,
that a tranche can withstand and still fully repay the
noteholders.  In S&P's analysis, it used the portfolio balance
that it considers to be performing, the current weighted-average
spread, and the weighted-average recovery rates calculated in
line with S&P's corporate collateralized debt obligation (CDO)
criteria.  S&P applied various cash flow stresses, using its
standard default patterns, in conjunction with different interest
rate stress scenarios.

Since S&P's previous review, the notes have remained fully
outstanding as the transaction remains in its reinvestment period
and the collateral manager reinvests principal proceeds to
purchase new assets.  The asset portfolio remains highly
diversified, with 84 distinct obligors spread over 31 distinct
industries and 15 different countries.

Since S&P's previous review, the weighted-average spread has
decreased to 4.66% from 5.06%, but remains well above the
covenant of 4.25%.  The portfolio's weighted-average life has
decreased, falling to 4.55 years from 5.34 years over the same
period.

S&P incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios.  To help assess the collateral pool's credit
risk, S&P used CDO Evaluator 7.2 to generate scenario default
rates (SDRs; the modeled level of gross defaults that CDO
Evaluator estimates for every CDO liability rating) at each
rating level.  S&P then compared these SDRs with their respective
BDRs.

While the transaction remains in its reinvestment period, the
collateral manager can alter the asset portfolio through sales
and purchases.  The selection of lower quality assets is
mitigated by our CDO Monitor test, which ensures that any amended
portfolio is of sufficient quality to maintain the ratings on the
notes assigned at closing.  As a result, in S&P's analysis, it
recognizes that during the reinvestment period the portfolio is
subject to further change, which may constrain the ratings on the
notes to the original ratings assigned.

Taking into account the results of S&P's credit and cash flow
analysis, S&P considers that the available credit enhancement for
the class A-1-R, A-2A-R, A-2B-R, B-R, C-R, D, and E notes is
commensurate with the currently assigned ratings.  S&P has
therefore affirmed its ratings on these classes of notes.

CARLYLE GLOBAL MARKET STRATEGIES EURO CLO 2013-2 is a cash flow
collateralized loan obligation (CLO) transaction that securitizes
loans to primarily speculative-grade corporate firms.  The
transaction originally closed in September 2013 and refinanced
the class A-1, A-2A, A2B, B, and C notes in October 2016. Its
reinvestment period ends in October 2017.

RATINGS LIST

Ratings Affirmed

CARLYLE GLOBAL MARKET STRATEGIES EURO CLO 2013-2 DAC
EUR335.9 Million Notes (Including EUR39.6 Million Subordinated
Notes)

Class       Rating

A-1-R       AAA (sf)
A-2A-R      AA (sf)
A-2B-R      AA (sf)
B-R         A (sf)
C-R         BBB (sf)
D           BB (sf)
E           B (sf)


CELF LOAN III: S&P Affirms 'B+' Rating on Class E Notes
-------------------------------------------------------
S&P Global Ratings raised its credit rating on CELF Loan Partners
III PLC's class C notes.  At the same time, S&P has affirmed its
ratings on the class B-1, B-2, D, and E notes.

The rating actions follow S&P's assessment of the transaction's
performance, using data from the May 2, 2017 payment date report
and by applying S&P's relevant criteria.

Since S&P's Feb. 4, 2016 review of the transaction, the average
credit quality of the portfolio has remained stable at 'B+'.
The weighted-average spread earned on the collateral pool has
decreased to 360 basis points (bps) from 369 bps, while the
portfolio's weighted-average life has marginally reduced to 4.26
years from 4.69 years over the same period.

The available credit enhancement has increased for all of the
rated notes due to the senior notes' structural deleveraging.
The class A-1 and A-2 notes have redeemed since S&P's previous
review. The class B-1 and B-2 notes are now amortizing and have a
note factor of 72.8%.  The affirmations of the class B-1 and B-2
notes and the upgrade of the class C notes reflect the increased
credit enhancement.

The par value tests for all classes of notes currently comply
with the required levels under the transaction documents.

Obligor concentration in the portfolio has increased due to
portfolio deleveraging, with 31 distinct obligors, down from 62
at our previous review.  The proportion of assets that S&P
considers to be rated in the 'CCC' category ('CCC+', 'CCC', or
'CCC-') has decreased in notional and percentage terms since
S&P's previous review.  Over the same period, the proportion of
assets that S&P consider to be defaulted (assets rated 'CC', 'C',
'SD' [selective default], and 'D') is unchanged.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
at each rating level.  The BDR represents S&P's estimate of the
maximum level of gross defaults, based on its stress assumptions,
that a tranche can withstand and still fully repay the
noteholders.  In S&P's analysis, it used the portfolio balance
that it considers to be performing (EUR116,878,128), the current
weighted-average spread (3.60%), principal cash (EUR4,801,430),
and the weighted-average recovery rates calculated in line with
our corporate collateralized debt obligation (CDO) criteria.  S&P
applied various cash flow stresses, using its standard default
patterns, in conjunction with different interest rate and
currency stress scenarios.

The issuer has entered into asset swap agreements with JPMorgan
Chase Bank N.A. to hedge any resultant currency risk from non-
euro-denominated assets (7.59% of the portfolio balance).  The
documented downgrade provisions in these asset swap contracts do
not fully comply with S&P's current counterparty criteria.  S&P
has therefore applied additional stresses on these non-euro-
denominated assets to test the effect on the class B-1, B-2, and
C notes--those classes of notes rated above the ratings on the
counterparty--if the counterparty failed to perform.

The increase in available credit enhancement for the class C, D,
and E notes has resulted in these classes of notes achieving
higher ratings in S&P's cash flow analysis.  However, S&P's
ratings on the class D and E notes are constrained at the
currently assigned rating levels due to the application of its
largest obligor default test, the results of which are due to the
increased obligor concentration in the underlying portfolio.  The
largest obligor accounts for 11.6% of the portfolio balance,
while the five largest account for 34.7%.  The largest obligor
default test is an out of the model supplemental test that
assesses whether a CDO tranche has sufficient credit enhancement
to withstand specified combinations of underlying asset defaults
based on the ratings on the underlying assets, with a flat
recovery of 5%.  For example, one of the combinations S&P tests
for a 'BBB' rated CDO tranche is whether it can sustain a default
of the four largest assets rated between 'B+' and 'CCC-'.  S&P
has therefore raised to 'AAA (sf)' from 'AA (sf)' its rating on
the class C notes and affirmed its 'BBB+ (sf)' and 'B+ (sf)'
ratings on the class D and E notes, respectively.

At the same time, S&P has affirmed its 'AAA (sf)' ratings on the
class B-1 and B-2 notes as the available credit enhancement is
commensurate with the currently assigned ratings.

CELF Loan Partners III is a cash flow corporate loan
collateralized loan obligation (CLO) transaction that securitizes
loans to primarily speculative-grade corporate firms.  The
transaction closed in October 2006.  CELF Advisors LLP is the
collateral manager.

RATINGS LIST

Class               Rating
            To                From

CELF Loan Partners III PLC
EUR528.5 Million Secured Floating-Rate Notes

Ratings Affirmed

B-1         AAA (sf)
B-2         AAA (sf)
D           BBB+ (sf)
E           B+ (sf)

Rating Raised

C           AAA (sf)          AA (sf)


HARVEST CLO XI: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XI Designated Activity
Company expected ratings as follows:

EUR242.42 million Class A-R senior secured floating rate notes
due 2030: 'AAA(EXP)sf'; Outlook Stable
EUR19.16 million Class B-1-R senior secured floating rate notes
due 2030: 'AA(EXP)sf'; Outlook Stable
EUR10 million Class B-2-R senior secured fixed rate notes due
2030: 'AA(EXP)sf'; Outlook Stable
EUR20 million Class B-3-R senior secured floating rate notes due
2030: 'AA(EXP)sf'; Outlook Stable
EUR22.58 million Class C-R senior secured deferrable floating
rate notes due 2030: 'A (EXP)sf'; Outlook Stable
EUR20.64 million Class D-R senior secured deferrable floating
rate notes due 2030: 'BBB(EXP)sf'; Outlook Stable
EUR22.12 million Class E-R senior secured deferrable floating
rate notes due 2030: 'BB(EXP)sf'; Outlook Stable
EUR11.33 million Class F-R senior secured deferrable floating
rate notes due 2030: 'B-(EXP)sf'; Outlook Stable

The proceeds of this issuance will be used to redeem the old
notes, with a new identified portfolio comprising the existing
portfolio, as modified by sales and purchases conducted by the
manager in the ramp-up period following the closing date. The
portfolio will be managed by Investcorp Credit Management EU
Limited. The reinvestment period will end in June 2021.

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already received.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch sees the average credit quality of obligors to be in the
'B' range. Fitch has public ratings or credit opinions on all 127
obligors in the underlying portfolio. The Fitch weighted average
rating factor of the underlying portfolio is 32.2, below the
maximum covenant for assigning the expected ratings of 33.5.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate of the
underlying portfolio is 66.6%, above the minimum covenant for
assigning final ratings of 66.5%.

Limited Interest Rate Exposure
Fitch modelled both a 5% and a 0% fixed-rate bucket in its
analysis, and found that the rated notes can withstand the
interest rate mismatch associated with both scenarios.

Diversified Asset Portfolio
The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance.
This covenant ensures that the asset portfolio will not be
exposed to excessive obligor concentration.

Documentation Amendments
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide commentary if the change would
have a negative impact on the ratings. Such amendments may delay
the repayment of the notes as long as Fitch's analysis confirms
the expected repayment of principal at the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that the structure considers confirmation to be
given if Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the obligor default probability or reduction in
expected recovery rates would each lead to a downgrade of up to
two notches for the rated notes.


HARVEST CLO XI: S&P Assigns Prelim. BB Rating to Cl. E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Harvest CLO XI DAC (Harvest XI)'s class A-R, B-1-R, B-2-R, B-3-R,
C-R, D-R, E-R, and F-R notes.  The unrated subordinated notes
initially issued will not be redeemed and will remain outstanding
with an extended maturity to match the newly issued notes.

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

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

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

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

   -- The transaction's legal structure, which S&P expects to be
      bankruptcy remote.

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

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

S&P considers that the transaction's legal structure will be
bankruptcy remote, in line with S&P's European legal criteria.

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

Harvest XI is a European cash flow corporate loan collateralized
loan obligation (CLO) securitization of a revolving pool,
comprising euro-denominated senior secured loans and bonds issued
mainly by European borrowers. Investcorp Credit Management EU
Ltd. is the collateral manager.  The transaction is a reset of an
existing transaction, which closed in 2015.

RATINGS LIST

Preliminary Ratings Assigned

Harvest CLO XI DAC
EUR413.85 Million Floating-Rate Notes (Including EUR45.60 Million
Subordinated Notes)

Class                   Prelim.         Prelim.
                        rating           amount
                                       (mil. EUR)
A-R                     AAA (sf)         242.42
B-1-R                   AA (sf)           19.16
B-2-R                   AA (sf)           10.00
B-3-R                   AA (sf)           20.00
C-R                     A (sf)            22.58
D-R                     BBB (sf)          20.64
E-R                     BB (sf)           22.12
F-R                     B- (sf)           11.33
Subordinated            NR                45.60

NR--Not rated.


IARNROD EIREANN: 'Nearly Insolvent' Due to Financial Losses
-----------------------------------------------------------
Martin Wall at The Irish Times reports that Iarnrod Eireann has
forecast that further financial losses this year will leave the
company just EUR2 million ahead of insolvency.

According to The Irish Times, the State-owned rail operator has
predicted that it will lose about EUR6 million this year,
bringing its accumulated deficit to EUR159.2 million.

Iarnrod Eireann told the Labour Court in a confidential
submission drawn up at the end of May that its financial position
was now "critical," The Irish Times says.

It said its financial circumstances were "much more severe" than
those in Bus Eireann, where staff went on strike for three weeks
earlier this year as part of a dispute over management plans to
address its cash crisis, The Irish Times relates.

The rail operator told the Labour Court that if it were agree to
pay increases being sought by staff, it would "effectively be
trading recklessly," The Irish Times adds.

Iarnrod Eireann forecast that it would record losses of just
under EUR3 million for 2016 with a projected deficit of EUR6
million for this year, The Irish Times discloses.

It said this would leave shareholder funds in the company at a
level of EUR41.1 million at the end of 2016, The Irish Times
notes.

"The shareholder funds within the organisation cannot go below
EUR33.1 million, or we will be facing insolvency. The projected
losses in 2017 will reduce that to EUR35.1 million and within
approximately EUR2 million of insolvency. Indeed if we were to
pay increases in such a perilous financial position we would
effectively be trading recklessly," the company, as cited by The
Irish Times, said.

According to The Irish Times, the company acknowledged that it
had received increased exchequer funding in 2015, 2016 and 2017
but argued that this was "nowhere near enough" to address a
funding shortfall which a recent rail review estimated was about
EUR100 million a year.

Iarnrod Eireann said the Government had consistently argued that
any additional State funding provided to the company could not be
used to finance pay rises, but must rather be invested in
infrastructure and rolling stock, The Irish Times, adds.

Iarnrod Eireann is the operator of the national railway network
of Ireland.


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


HALYK BANK: S&P Puts 'BB' Rating on CreditWatch Negative
--------------------------------------------------------
S&P Global Ratings said that it has placed its 'BB' long-term
counterparty credit rating and 'kzA' Kazakhstan national scale
rating on Halyk Savings Bank of Kazakhstan on CreditWatch with
negative implications.  S&P affirmed the 'B' short-term
counterparty credit rating on the bank.

At the same time, S&P has revised the CreditWatch implications
for its 'B-/B' long- and short-term counterparty credit ratings
and 'kzB+' Kazakhstan national scale ratings on Kazkommertsbank
JSC (KKB) to developing from negative.  S&P placed the ratings on
CreditWatch negative on May 11, 2017.

The rating actions follow the signing on June 2, 2017, of a
framework agreement by Kazakhstan's government, the National Bank
of Kazakhstan (NBK), Samruk-Kazyna, JSC Problem Loans Fund (PLF),
Halyk Bank, BTA Bank J.S.C., KKB, and Kenges Rakishev, KKB's
largest shareholder, setting terms for the acquisition of KKB by
Halyk Bank.  S&P now factors in the possibility of the deal into
its ratings on Halyk Bank and KKB, assuming that the acquisition
is very likely to go ahead.

S&P placed its long-term rating on Halyk Bank on CreditWatch
negative because S&P thinks that the acquisition of KKB, which
has a significant legacy problem-assets portfolio, might weaken
Halyk Bank's creditworthiness.  KKB is the second largest bank in
Kazakhstan following its acquisition of BTA Bank in 2014.  S&P
views Halyk Bank to be more risk-averse than peer Kazakh banks,
as demonstrated by its track record of solid capitalization and
earnings generation.  In contrast, KKB has a history of financing
speculative real estate deals before the 2008 financial crisis,
frequent changes of management teams over the past few years, low
capitalization, and weak profitability.  S&P believes that it
might take considerable time and managerial effort to establish
solid internal control and risk management systems throughout the
combined organization.  S&P expects that following the
acquisition, Halyk Bank's consolidated nonperforming loans (NPLs;
loans more than 90 days overdue) might increase to more than 20%
of total loans from the 9.8% Halyk Bank reported at year-end
2016.

Positively, S&P also expects that Halyk Bank's consolidated
funding profile will remain strong.  Halyk Bank and KKB enjoy
strong retail deposit franchises in Kazakhstan, with a joint
market share of 38% as of May 1, 2017.  S&P expects Halyk Bank's
liquidity will remain adequate, supported by extensive government
funds.

S&P revised the implications of its CreditWatch on KKB to
developing to reflect the upside to KKB's creditworthiness if it
is acquired by the much stronger Halyk Bank.  In particular, S&P
expects KKB's creditworthiness could benefit from these measures
that are intended to be part of the acquisition deal:

   -- BTA Bank's repayment of its KZT2.4 trillion obligation to
      KKB, backed by government support through PLF; and

   -- Halyk Bank's likely provision of additional capital to KKB.

After the acquisition, S&P anticipates that KKB will become a
subsidiary of Halyk Bank, and S&P's long-term rating on KKB could
therefore potentially benefit from uplift for group support.
However, at this stage it is not possible to determine KKB's
potential group status or the likelihood of support from Halyk
Bank.

At the same time, there is uncertainty about the source and
timing of solvency support to KKB if the acquisition by Halyk
Bank does not go through.  S&P do not see KKB's current financial
position as sustainable in the long term.

                           CREDITWATCH

Halyk Bank

S&P aims to resolve the CreditWatch on completion of KKB's
acquisition by Halyk Bank, which S&P expects will happen within
the next three months.

S&P will lower its ratings if, following the acquisition, S&P
considers that Halyk Bank's creditworthiness has substantially
weakened.  This could result from the need to create substantial
additional loan loss provisions at KKB or from deterioration of
Halyk Bank's risk position after incorporating KKB, with the
combined entity having substantially worse loan asset quality
than the banking sector average.

S&P could affirm its ratings if, after the acquisition, S&P
believed the pressure on Halyk Bank's stand-alone credit profile
is offset by extraordinary government support, reflecting the
combined entity's high systemic importance.

If the acquisition did not materialize, S&P would likely affirm
its ratings on Halyk Bank and assign a negative outlook, owing to
heightened risk from relatively high levels of overdue and
restructured loans.

Kazkommertsbank

S&P would likely upgrade KKB if the acquisition by Halyk Bank
restored KKB's capital to the regulatory minimum, and S&P
considers that Halyk Bank will integrate KKB into its business,
remain committed to KKB as its subsidiary, and support KKB if
needed.

In contrast, S&P could lower the ratings if, within the next
three months, KKB's recapitalization does not take place.
Absence of or delays in providing additional capital would imply
an increased possibility of KKB defaulting on some or all of its
debt, in S&P's view.  S&P could also lower the ratings if,
contrary to its current view, S&P sees increased prospects of a
selective default, for example through restructuring of KKB's
foreign debt as part of a solvency support package.


===========
L A T V I A
===========


TRASTA KOMERCBANKA: Liquidator Detained Amid Criminal Probe
-----------------------------------------------------------
Xinhua News reports that Latvian law enforcement authorities have
detained three insolvency administrators, including Ilmars Krums,
the liquidator of Latvia's insolvent Trasta Komercbanka bank, and
a financier in an ongoing criminal probe.

Andrejs Grisins, chief of the Latvian Criminal Police, told
reporters at a press briefing that the economic crimes unit of
the Latvian State Police on June 7 made four arrests and
conducted searches as part of a criminal investigation into
offenses related to various insolvency processes, Xinhua says.
According to Xinhua, the police representative did not reveal the
names of the detained persons, but confirmed that there were
three insolvency administrators among the detainees. He also
declined to elaborate on the ongoing investigation and promised
to provide more detailed information next week.

Xinhua says the online edition of the Diena daily identified the
two other insolvency administrators under investigation as Maris
Spruds and Nauris Durevskis.

Financier Jorens Raitums, whose name also features among those
detained as part of the probe, is known to have been involved in
business dealings with entrepreneur Julijs Krumins who last year
was briefly held in connection with violations of party financing
regulations in Latvia's seaside resort Jurmala, Xinhua relates.

Mr. Krums is currently the administrator of Trasta Komercbanka,
which has been ruled insolvent and lost its license after the
Latvian banking regulator accused the bank of serious violations,
Xinhua discloses. Latvia's TV3 commercial television reported
last year that in the process of the bank's liquidation, Mr.
Krums had spent nearly EUR7 million on various services, most of
them provided by Spruds, Xinhua recalls. According to a more
recent TV3 report, a criminal probe has been started against Mr.
Krums over a failure to comply with a court ruling, says Xinhua.

The banking regulator has also accused Mr. Krums of abusing his
office powers as administrator of Trasta Komercbanka but has not
provided more detailed information about his dealings, adds
Xinhua.


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


SAMVARDHANA MOTHERSON: S&P Affirms 'BB+' CCR, Outlook Positive
--------------------------------------------------------------
S&P Global Ratings revised its outlook on The Netherlands-based
Samvardhana Motherson Automotive Systems Group B.V. (SMRP) to
positive from stable.  At the same time, S&P affirmed its 'BB+'
long-term corporate credit rating on SMRP.

S&P also affirmed its 'BB+' issue rating on SMRP's EUR100 million
senior secured notes, EUR500 million senior secured notes, and
US$400 million senior secured notes.  The '4' recovery rating on
these instruments indicates S&P's expectation of average recovery
in the event of a payment default (30%-50%; rounded estimate
40%).

The outlook revision reflects S&P's expectations that SMRP's
credit profile will benefit from the improving scale and lower
leverage of its parent company, Motherson Sumi Systems Ltd.
(MSSL; not rated).  S&P's expectations are also supported by the
group management's commitment to maintain financial disciple.
Furthermore, S&P expects SMRP's planned capacity expansion and
steady performance to underpin these improvements.  This will
translate into further improving credit ratios at SMRP in fiscal
year-ending March 31, 2018 and fiscal 2019, following an increase
in funds from operations (FFO) to debt of 28% in fiscal 2017 from
25% a year ago.  This was mainly driven by profitability
improvements and lower debt due to working capital inflow.

With a 51% stake, MSSL is SMRP's main shareholder.  Samvardhana
Motherson International Ltd. (not rated) holds the remaining 49%.
S&P classifies SMRP as a core entity of the MSSL group.  S&P
bases this assessment on its view that SMRP is unlikely to be
sold, has MSSL's long-term commitment, constitutes a material
proportion of the consolidated MSSL group (70% of sales and 60%
of EBITDA), and shares a brand with the main group.  That said,
the rating on SMRP is equal to our 'bb+' group credit profile.
The group credit profile is one notch higher than S&P's
assessment of SMRP's stand-alone credit profile, due to S&P's
understanding of better operational performance and lower
leverage at the parent level.  At the group level, S&P expects
leverage -- as measured by FFO to debt -- to surpass 40% during
fiscal 2018, before exceeding 45% in fiscal 2019.  During this
period, debt to EBITDA will move closer to 1.5x from 1.9x as of
fiscal 2017.

SMRP is an auto supplier of rearview vision systems and interior
and exterior models.  In S&P's view, SMRP's business risk profile
reflects the competitive, cyclical, and capital-intensive nature
of the markets in which it operates.  The company has no presence
in the aftermarket, which S&P believes is more stable and
profitable than direct sales to original equipment manufacturers.

The company's customer concentration is high, with about 48% of
revenues from the Volkswagen group at the end of fiscal 2017.
However, new business from Daimler, Ford, and BMW has lowered the
company's dependency by about 5% over the past year.  In
addition, S&P has yet to observe any severe impact from the
diesel emission irregularities at Volkswagen.

S&P expects the MSSL group will continue to pursue its inorganic
growth strategy, but within its leverage tolerance.  The
automobile industry is inherently volatile, and the muted demand
for automobiles in mature markets globally has led to
consolidation in the original equipment manufacturing supplier
market.  S&P expects the consolidation to continue over the next
few years, which should provide expansion opportunities to
players such as MSSL.

"Under our base case, we do not assume large debt-funded
acquisitions over the next 12-24 months because these
transactions are opportunistic and difficult to predict.
However, any significant debt-fueled acquisition remains a risk
to our leverage estimates.  We believe the company is committed
to its stated financial policies and debt tolerances; therefore
the risk of a higher-than-expected leverage is low," S&P said.

The positive outlook on SMRP reflects a one-in-three possibility
that S&P may upgrade the company by one notch within the next two
years owing to the company's steady performance and improving
scale.  S&P aligns its ratings on SMRP with S&P's view of the
parent's creditworthiness.  S&P expects MSSL group to continue
its growth strategy but be less acquisitive than in the past,
such that FFO-to-debt ratio improves to 40%-45% within the next
12-24 months.  Under S&P's base case, it don't assume significant
debt-funded acquisitions during the period.

S&P could upgrade SMRP if MSSL's group operating performance
improves such that FFO to debt moves markedly above 45% on a
sustainable basis; and the group commits to a more conservative
financial policy, resulting in the ratio of debt to EBITDA
staying below 2.0x.

A weakening of SMRP's credit metrics may not lead S&P to revise
the outlook to stable or lower the rating, provided such declines
are offset by the resilient performance of parent MSSL's other
activities.  S&P could revise the outlook to stable if FFO to
debt does not improve according to its expectations, and S&P
forecast it to remain around 35%. Such a situation could
materialize if large debt fueled acquisitions indicate a
deviation in the company's debt tolerance, or if the operating
performance deteriorates, probably due to the loss of a key
customer.

Rating pressure might also arise if S&P was to reassess SMRP's
core status within the MSSL group, which could occur, for
example, if MSSL sold some of its shares in SMRP, ultimately
resulting in MSSL no longer having a controlling stake in SMRP.
Any loss of significant business from Volkswagen, on which SMRP
relies heavily, could have pronounced repercussions for SMRP if
not compensated by additional business from other automakers.


===========
N O R W A Y
===========


AKER BP: Moody's Assigns First-Time Ba2 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 Corporate
Family Rating to Aker BP ASA, an oil & gas exploration and
production company with a strong presence in the Norwegian
Continental Shelf. Concurrently, Moody's assigned a Ba2-PD
Probability of Default Rating and a (P)Ba3 rating on the proposed
$500 million senior unsecured notes due 2022. The outlook on all
ratings is stable.

The rating on the senior unsecured notes is provisional, as it is
based on the review of draft documentation. After conclusive
review of the final documentation, Moody's will assign a
definitive rating to the notes. Definitive rating may differ from
provisional rating.

RATINGS RATIONALE

The assignment of a Ba2 corporate family rating reflects Aker
BP's (1) strong financial profile with EBITDA margin expected to
be maintained above 70% and gross adjusted debt/EBITDA to remain
in the range of 1.5x-2.0x in 2017-18 assuming an oil price in the
middle of the range of $40-60/bbl (2) good liquidity profile with
cash balance of $174 million (excluding restricted cash of $9
million) and $1.9 billion of availability under its reserve based
lending (RBL) facility as of March 31, 2017 (3) strong presence
as a mid-sized E&P operator in the Norwegian Continental Shelf
(NCS) supported by a low cost profile with opex cost expected at
$11/bbl in 2017 and a stable operating environment in Norway
(Aaa, stable) (4) exposure to a supportive tax regime in NCS
including possible cash refunds on the non-depreciated tax
balances from the government if petroleum activities cease (5)
ownership structure with two strong shareholders Aker ASA
(unrated) and BP p.l.c. (A1, positive) from whom support could be
derived in case of need and, (6) strong upside growth potential
after the start-up of Johan Sverdrup project, in which Aker BP
retains a 11.6% interest, currently expected in Q4 2019.

The rating remains constrained by the (1) lack of geographic
diversification of the company's production on the NCS combined
with production concentration on the Alvheim area which accounted
for 53% of the total production in 2016, pro-forma for the BP
acquisition (2) smaller size of the production asset base,
compared to other US peers, with production expected to average
at around 130 kboepd in 2017 (3) mature and declining reserve
life of the Alvheim and Skarv assets which could result in
declining production profile until 2019, mitigated by the
expected ramp-up of Johan Sverdrup from 2020 (4) high capex
exposure in the coming years mainly concentrated on the Johan
Sverdrup project which could result in negative free cash flow
(FCF) generation in 2018-19 assuming an oil price of $50/bbl (5)
moderate execution risks on the Johan Sverdrup project, however,
the company benefits from a strong partner and operator, Statoil
ASA (Aa3, stable) which has a strong credit profile and the
required expertise and technology to execute such large projects.

The Ba2 rating also takes into account the rating positioning of
Aker BP compared to its US rated peers Marathon Oil Corporation
(Marathon), Concho Resources Inc, (Concho) and Murphy Oil
Corporation (Murphy). Marathon (Ba1, stable) is seen as having a
more solid business profile with larger scale and geographically
diversified operations compared to Aker BP. Concho (Ba1, stable)
has a similar financial profile combined with geographic
concentration risks in the Permian Basin but demonstrates a
different risk profile than Aker BP given its onshore operations.
Murphy (Ba3, stable) is larger in size in terms of production
than Aker BP, but demonstrates a weaker financial profile.

Looking ahead, Moody's does not expects a substantial rise in the
oil or natural gas prices in the near future and assume an oil
price in the middle of the range of $40-60/bbl in Moody's
analysis. Moody's expects the company's financial profile to
deteriorate to some extent as a result of the decline in
production until 2019, still fairly strong compared to similarly
rated peers, followed by a recovery from 2020 assuming the Johan
Sverdrup project starts producing on time. The company should be
able to generate positive FCF in 2017 of around $300-350 million,
due to full consolidation of the BP assets combined with a tax
refund expected from the government as a result of the BP
acquisition. However, Moody's expects the company to turn FCF
negative in 2018-19 of around $-(100 to 200) million, after capex
and dividend payments of $500-700 million and $250 million,
respectively. Adjusted debt/EBITDA ratio is expected to remain in
the range of 1.5x-2.0x in 2017-18, peaking in 2019 to range
between 2.0x-3.0x, followed by a return to below 2.0x in 2020,
after Johan Sverdrup starts producing. The company is expected to
maintain the unleveraged cash margin at around $30/bbl in 2017-19
due to its competitive cost position.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's views that Aker BP will
maintain its strong financial profile in the longer term, despite
some deterioration until 2019 due to the declining production.
The outlook also reflects Moody's expectations of maintaining a
good liquidity profile and conservative financial policy in case
of any major acquisitions, with no significant change in the
stable operating environment. The outlook takes into account that
the company should be able to manage its maturing asset base and
assumes a timely delivery of the Johan Sverdrup project.

WHAT COULD CHANGE THE RATING -- UP

The rating could be upgraded to Ba1 if Aker BP demonstrates a
growing production profile exceeding 150,000 boepd and adjusted
RCF/Debt maintained above 30% on a sustained basis, while
retaining its competitive cost position.

WHAT COULD CHANGE THE RATING -- DOWN

The rating could be downgraded to Ba3 if there is a deterioration
in the financial profile of the company with adjusted RCF/Debt
below 20% on a sustained basis. The rating could also be
downgraded if there is a sustained negative FCF generation or
weaker liquidity profile.

STRUCTURAL CONSIDERATIONS

The (P)Ba3 rating assigned to the proposed $500 million senior
unsecured notes to be issued by Aker BP ASA take into account
that the proceeds of the bond will be used to repay the $300
million subordinated bond and a portion of the RBL facility. The
(P)Ba3 rating on the proposed senior unsecured notes is one notch
below the Ba2 CFR and it reflects the sizable secured debt ($2.0
billion as of March 31, 2017) of the RBL ranking ahead of the
notes within the capital structure. The (P)Ba3 rating also
reflects the expectation of a higher recovery rate for the notes
compared to similarly rated peers due to the favorable tax regime
that Aker BP benefits from in Norway. The non-depreciated tax
balances are refunded in cash by the government if petroleum
activities are discontinued on the NCS.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

CORPORATE PROFILE

Aker BP ASA is a Norwegian oil and gas company primarily involved
in the exploration, development and production of petroleum
resources on the Norwegian Continental Shelf. Its production
assets are entirely located in Norway and the company operates
around 99% of its fields' portfolio. In 2016, Aker BP reported an
average production (on a working interest basis) of 118,000
barrels of oil equivalent per day, revenues of $1.26 billion and
2P proved plus probable (2P) reserves of 711 million barrels of
oil equivalent. The company benefits from a 12.2 years of reserve
life (1P/ Total Annual Production). Aker BP is owned 40% by Aker
ASA (Unrated), 30% by BP p.l.c. (A1, positive) and the remaining
is free float.


AKER BP: S&P Assigns 'BB+' CCR, Outlook Stable
----------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term corporate credit
rating to Norway-based oil and gas exploration and production
company Aker BP ASA.  The outlook is stable.

S&P also assigned a 'BB+' issue rating to Aker BP's proposed
$500 million senior unsecured notes.  The recovery rating of '4'
reflects S&P's expectation of average recovery (30%-50%; rounded
estimate 40%), in the case of default.

The rating on Aker BP reflects S&P's view of the company's
midsize reserve base and production levels, relatively high asset
concentration, and the capital intensity required to develop its
reserves into production and renew its consumed reserve base.
S&P views positively management's experience, the swift
integration of acquired assets in past years, and the company's
ownership structure, mainly composed of Aker ASA and Aker BP PLC.

Aker BP has a midsize reserve base (529 million barrels of oil
equivalent [mmboe] of 1P reserves and 711 mmboe of 2P reserves)
and production (145,000 barrels of oil equivalent per day [boepd]
in first-quarter 2017), with favorable long-term growth prospects
and a high share of oil in its production (80%).  The company
also has a strong focus on operating efficiency, particularly as
cost is a key strategic focus, notably through partnerships with
suppliers, which S&P understands is fairly uncommon in the
industry.  This allows for relatively low breakeven costs per
barrel for new projects and relatively high operating cash flows
per barrel compared to peers.

Diversification is low in terms of geography, with all assets in
Norway, however, Aker BP benefits from a stable fiscal
environment and mature area with a track record of low
disturbances.  Tax regime incentivizes investments, resulting in
good opportunities to develop reserves, although it comes at the
cost of constant high capital expenditure (capex) weighing on
free operating cash flow generation, or in the absence of
investments, high taxes. Still, S&P notes the $1.9 billion of
undepreciated tax receivables that improves S&P's view of future
cash flows in the midterm and mitigates a spike in cash tax
payments in the near to midterm if investments are lower.

"We assess profitability as average despite the strong cost
focus, since the company operates in a relatively high-cost
environment (Norway).  The business overall is satisfactory, in
our view, although we believe it is relatively weaker compared
with its investment-grade peers, notably as scale and
diversification is limited on a relative basis.  Weaknesses for
the business risk profile includes the company's participation in
the highly volatile exploration and production business, the
company's current midsize hydrocarbon production base of just
below 145,000 boepd in the first quarter of 2017, of which close
to 45% came from the Alvheim field.  This relative concentration
is also present in development projects--with the Ivar Aasen
field leading new production in the coming years and the Johan
Sverdrup field in the midterm--increasing risks associated with
potential cost overruns or production issues," S&P said.

The company has put in place a dividend policy (minimum of $250
million per year) that could result, in conjunction with high
capex, in neutral or negative discretionary cash flows (DCF) on a
regular basis.  S&P's view of the company's solid credit quality,
with predictable cash flows in the long term and a capital
structure that is adequate with regards to those future cash
flows is supportive S&P's rating.  The company remains vulnerable
to price swings, but has a high discipline for sanctioning new
projects at low breakeven costs and is continuously improving its
cost base; all this while operating in an already relatively low
price environment.

Aker BP's significant financial risk profile is constrained by
the need to fund its development assets and the debt required for
that purpose.  S&P estimates funds from operations (FFO) to debt
will be 45% at year-end 2017.  S&P anticipates credit measures
will deteriorate through 2019 as production declines, until oil
production commences at the Johan Sverdrup field.

The stable outlook reflects S&P's view that Aker BP's weighted-
average credit metrics, although declining, will remain
commensurate with the rating over the next three years, with FFO
to debt in the mid-30% range.  S&P anticipates metrics will
improve when the Johan Sverdrup field starts producing, which is
included in S&P's base case.

S&P could raise the rating in the next 12 months if it expects
FFO to debt to improve and remain above 45% for a sustained
period. This would most likely occur if average commodity prices
were higher than our current price deck assumptions, or if the
company increased its proved reserves and production more in line
with higher-rated peers, while maintaining credit measures at the
current level.

S&P could downgrade the company if we expected FFO to debt to
fall and remain below 30% for a prolonged period.  This would
most likely occur if capex exceeded cash flows and dividend
payouts became more aggressive than S&P's current estimates.  If
production was weaker than S&P's projections, notably due to high
depletion rates, or if the company pursued a heavily debt-
financed acquisition, S&P could also lower the rating in the next
year.


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


TAURON POLSKA: Fitch Assigns BB+ Rating to Hybrid Bonds
-------------------------------------------------------
Fitch Ratings has assigned TAURON Polska Energia S.A.'s
(BBB/Stable) upcoming Eurobonds an expected foreign-currency
senior unsecured rating of 'BBB(EXP)'.

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

KEY RATING DRIVERS

High Share of Regulated Business: The ratings reflect the high
share of regulated and fairly stable distribution business in
Tauron's EBITDA (72% in 2016). This contributes to cash flow
predictability at a time when conventional power generation, a
key segment, is under pressure due to a challenging operating
environment and limited fuel mix diversification with a high
reliance on coal. Fitch expects the share of distribution at
about 65% of EBITDA in 2017-2018, but it may slightly decrease in
2019 when the Jaworzno III 910 MW coal-fired power plant comes on
stream to boost the performance of the weak generation segment.

Despite allocating fairly high capex for conventional power
generation by 2020, distribution continues to dominate Tauron's
capex plan (53% of 2016-2020 capex), followed by generation (37%)
and coal mining (7%).

Strategy Drives Slower Leverage Increase: One of the key elements
of Tauron's strategy update in September 2016 is the support of
the financial profile through capex reduction by 11% to about
PLN18 billion in the period from 2016 to 2020 (including the
cancellation of the PLN1.5 billion gas-fired power plant project
in Lagisza), cost reductions and asset optimisation.

A key objective is to maintain leverage below the net debt/EBITDA
covenant of 3.5x. Management said that the forecasts prepared for
the strategy update indicate that no dividends will be paid until
2019. There were no dividend payments in 2016, compared with a
PLN263 million dividend paid in 2015. Fitch assume no dividends
until 2019.

Fitch views the capex programme as still significant despite the
reduction in the strategy update. Fitch projects funds from
operations (FFO)-adjusted net leverage to increase to about 3.4x
in 2017-2018 from 3.1x in 2016, close to the maximum 3.5x for the
ratings. As a result, Tauron has limited room for
underperformance or additional capex or acquisitions.

Financial Flexibility: In Fitch views, Tauron retains some
flexibility to reduce capex or implement other measures should
cash flows be below expectations. For instance, it plans selling
to an external investor up to a 50% stake in the Jaworzno III
project and has recently signed the memorandum of understanding
with two funds managed by Polish Development Fund PFR regarding
investment of PLN880 million in the project. Capex in the
distribution segment could also be deferred.

Rated on a Standalone Basis: Tauron is 30.06% owned and
effectively controlled by the Polish state (A-/Stable). However,
Fitch rates it on a standalone basis because Fitch assess legal,
operational and strategic links with the state as moderate based
on Fitch Parent and Subsidiary Rating Linkage criteria. In Fitch
views, the links have had an incrementally stronger impact on the
company under the new government since November 2015. Examples
include the plan for no dividends until 2019.

In Fitch views, the Polish government's plans to introduce a
capacity market are crucial in allowing coal power plants under
construction, such as the Jaworzno III plant, to be profitable in
the long term. Fitch does not includes any cash inflows related
to the contemplated capacity market in Fitch ratings case
forecast until 2020.

DERIVATION SUMMARY

Tauron's and Energa S.A.'s (BBB/Stable) business profiles benefit
from the large share of regulated distribution in EBITDA, which
provides good cash flow visibility at times when another key
segment, conventional power generation, is under pressure. Two
other Polish utilities, PGE Polska Grupa Energetyczna S.A.
(BBB+/Stable), and ENEA S.A. (BBB/Stable) have lower share of
regulated distribution than Tauron and Energa.
Tauron, Energa and ENEA have limited headroom under their
negative rating guidelines due to a projected increase in
leverage in 2017-2018 driven by large capex.

KEY ASSUMPTIONS

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

- Weighted average cost of capital in the distribution segment
reduced to 5.7% in 2016 from 7.2% in 2015 (and 6.8% when applying
the one-off haircut applied by the regulator), before gradually
increasing to 6% in 2020.

- 5% haircut reducing return on the distribution's regulated
asset base incorporated from 2018.

- Wholesale baseload power prices falling to about PLN155 per
MWh by 2020.

- Commencement of Jaworzno hard coal power block (0.9GW) and
Stalowa Wola CCGT (50% of 0.4GW) in 2019-2020.

- Capex of PLN18 billion for 2016-2020.

- No dividends until 2019.

RATING SENSITIVITIES

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

- Continued focus on the distribution business in capex and
overall strategy, together with FFO-adjusted net leverage below
2.5x on a sustained basis, supported by management's more
conservative leverage target.

- A more diversified fuel generation mix and lower CO2 emissions
per MWh, which together with continued efficiency improvements,
would result in a stronger business profile.

However, the rating upside for Tauron is limited due to the
company's business profile and projected increase in leverage due
to capex.

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

- FFO-adjusted net leverage above 3.5x and FFO fixed-charge
cover below 5x on a sustained basis, for example, due to full
implementation of capex and weaker-than-expected operating cash
flows.

- Acquisitions of stakes in coal mines or other form of support
for state-owned mining companies under financial pressure leading
to net leverage above 3.5x or substantially worsening Tauron's
business profile.

- Failure to maintain adequate liquidity.

- A substantial tax payment arising from an increase in the
nominal value of Tauron's shares. This is a cash flow and
operating environment risk for Tauron and other Polish state-
controlled utilities as the government contemplates an increase
of the nominal value of their shares. Such an increase would be
subject to approval at the shareholders meeting. This tax payment
is not included in Fitch assumptions for the rating case. Fitch
treats this as event risk and a potential corporate governance
issue.

LIQUIDITY

Sufficient liquidity: At end-March 2017 Tauron had PLN88 million
of readily available cash and PLN3.4 billion of undrawn committed
funding against short-term debt of PLN648 million and Fitch-
expected negative free cash flow for 2017 of about PLN2 billion.

FULL LIST OF RATING ACTIONS

Fitch rates Tauron as follows:

-- Long-Term Foreign and Local Currency IDRs at 'BBB'; Outlook
    Stable;
-- Short-Term Foreign and Local Currency IDRs at 'F3';
-- Hybrid bonds at 'BB+'.
-- National Long-Term Rating at 'A+(pol)'; Outlook Stable;
-- National senior unsecured rating at 'A+(pol)'.

Fitch has assigned the following rating:
-- Expected foreign currency senior unsecured rating of
    'BBB(EXP)' to upcoming Eurobonds.


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


POLYUS GOLD: Moody's Revises Outlook to Stable, Affirms Ba1 CFR
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the Ba1 corporate family rating (CFR) and Ba1-PD
probability of default rating (PDR) of Polyus Gold International
Limited (PGIL), which holds a majority stake in Russia's largest
gold miner PJSC Polyus (Polyus). At the same time, Moody's has
changed to stable from negative the outlook on the Ba1 (LGD 3)
ratings of the $500 million senior unsecured notes due 2022 (the
Notes) and the $800 million senior unsecured notes due 2023
issued by Polyus Finance Plc. Concurrently, Moody's has affirmed
these ratings.

Moody's has also assigned a Ba1 CFR and a Ba1-PD PDR to Polyus.
The outlook on the ratings is stable. The rating agency will
subsequently withdraw the Ba1 CFR, Ba1-PD PDR and stable outlook
of PGIL. The assignment of ratings to Polyus and the pending
withdrawal of the ratings of PGIL follow the company's corporate
reorganisation, under which Polyus replaced PGIL as the ultimate
holding company for the group. Polyus consolidates all the
group's assets and will be the reporting entity for the
consolidated group going forward.

RATINGS RATIONALE

-- CHANGE OF OUTLOOK TO STABLE --

The change of outlook on PGIL's ratings to stable from negative
and the concurrent affirmation of PGIL's ratings reflects Moody's
expectation that the company will (1) maintain its Moody's-
adjusted debt/EBITDA below 3.5x on a sustainable basis; (2)
retain healthy liquidity; and (3) pursue a balanced financial
policy, with no elevated shareholder distributions and capex.

-- ASSIGNMENT OF Ba1 RATING --

Polyus's Ba1 CFR factors in (1) the company's global cost
leadership and large high-grade reserve base, dominated by open-
pit mines; (2) track record of cost-cutting and operational
enhancements; (3) Moody's assumption that the debt-financed $3.4
billion share buyback completed in May 2016 was one-off, and
Polyus will adhere to a balanced financial policy going forward,
with further shareholder distributions not exerting excessive
pressure on leverage; (4) the company's very high Moody's-
adjusted EBITDA margin of 62.7% at year-end 2016, backed by the
weak rouble and completed operational enhancements; (5) the
company's leverage decline to 3.2x Moody's-adjusted debt/EBITDA
at March 31, 2017 from 3.5x at year-end 2016, and Moody's
expectation that the company will reduce its leverage towards or
below 3.0x over the next 12-18 months after the commissioning of
operations at the Natalka deposit by the end of 2017; (6) the
company's strong liquidity and long-term debt maturity profile;
and (7) Moody's expectation that the company will demonstrate
prudent corporate governance.

At the same time, the rating takes into account the company's (1)
fairly moderate size in the global context, with gold production
of 1.97 million ounces (Moz) in 2016, although the company is the
largest gold miner in Russia; (2) operating and geographic
concentration, with only six active mines/deposits and one mine
under construction, all located in Eastern Siberia and Far East
in Russia; (3) product concentration, as the company produces no
by-products; (4) dividend policy which anticipates fairly high
dividend payouts; (5) concentrated ownership-related risks,
including potential rapid changes in strategy and
financial/dividend policy, although mitigated by the anticipated
sale of an up to 15% stake in Polyus to a consortium of
international investors and public offering of a 7% stake in
Polyus on the Moscow and London stock exchanges; (6) large capex
programme and execution risks, which are common for mining
companies; (7) exposure to volatility in price of gold, although
mitigated by revenue stabiliser programme to an extent, and
rouble exchange rate; and (8) exposure to Russia's macroeconomic,
regulatory and operating environment, as all of the company's
operating assets and the predominant share of sales are
concentrated in Russia.

-- WITHDRAWAL OF PGIL'S RATINGS

Moody's will subsequently withdraw PGIL's ratings because of the
corporate reorganisation, as a result of which Polyus has become
the ultimate holding company of the group instead of PGIL,
following the transfer of all rights and obligations under all
three outstanding Eurobond issues from PGIL to Polyus Finance
Plc, a wholy-owned subsidiary of Polyus. Polyus consolidates all
the group's assets and will be the reporting entity for the
consolidated group going forward. Please refer to the Moody's
Investors Service's Policy for Withdrawal of Credit Ratings,
available on its website, www.moodys.com.

-- AFFIRMATION OF Ba1 NOTES' RATINGS --

The affirmation of the notes' ratings follows (1) the
substitution of the Notes' issuer, as a result of which all
rights and obligations under the Notes were transferred from PGIL
to Polyus Finance Plc on May 30, 2017; and (2) the assignment of
CFR to Polyus, which is a parent company of Polyus Finance Plc.
The affirmation of the ratings reflects the fact that after the
issuer substitution (1) both notes will continue to rank pari
passu with each other and other unsecured and unsubordinated
obligations of Polyus's group; and (2) both notes' guarantee
structure continues to include the guarantee provided by Polyus's
key operating subsidiary, Joint Stock Company Polyus Krasnoyarsk
(renamed from Joint-Stock Company Gold-Mining Company Polyus).

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on Polyus's ratings reflects Moody's
expectation that the company will (1) maintain its Moody's-
adjusted debt/EBITDA below 3.5x on a sustainable basis; (2)
retain healthy liquidity; and (3) pursue a balanced financial
policy, with no elevated shareholder distributions and capex.

WHAT COULD CHANGE RATINGS UP/DOWN

Moody's could upgrade the rating if it were to upgrade Russia's
sovereign rating and raise the foreign-currency bond country
ceiling, and the company were to (1) reduce its Moody's-adjusted
debt/EBITDA below 2.5x on a sustainable basis; (2) generate a
positive free cash flow on a sustainable basis; (3) maintain
healthy liquidity; and (4) pursue a balanced financial policy and
prudent corporate governance.

Moody's could downgrade the rating if it were to downgrade
Russia's sovereign rating, or the company's (1) Moody's-adjusted
debt/EBITDA were to rise above 3.5x on a sustained basis; (2)
shareholder distributions or capex were to materially exceed
Moody's current expectations; or (3) operating performance and
liquidity were to deteriorate materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Jersey-domiciled PGIL is a holder of a 93.14% effective stake
(excluding treasury shares) in Polyus, which is one of the
lowest-cost gold producers globally, with six operating mines and
one development project in Russia. In 2016, the company produced
1.97 million ounces of gold, ranking as the eighth-largest
producer globally (according to the company's estimate), and
generated revenues of $2.5 billion and reported EBITDA of $1.5
billion. PGIL, which is beneficially controlled by Mr. Said
Kerimov, owns a 91.73% stake in Polyus, while a 1.51% stake are
treasury shares and 6.76% is in free float on the Moscow Exchange
and ADRs in the OTC market.


SVYAZINVESTNEFTEKHIM-FINANCE: Fitch Rates Upcoming Bond BB+(EXP)
----------------------------------------------------------------
Fitch Ratings has assigned LLC Svyazinvestneftekhim-Finance's
(SINEK-Finance) upcoming domestic bond an expected senior
unsecured 'BB+(EXP)' rating. The bond is part of SINEK-Finance's
upcoming RUB30 billion bond programme with a maturity up to 10
years. SINEK-Finance is a financial vehicle established by AO
Svyazinvestneftekhim (SINEK, BB+/Stable) for the sole purpose of
debt issuance. The proceeds of the bond will be used in the
ordinary course of SINEK's business.

The bond's final rating are contingent upon the receipt of final
documentation conforming materially to information already
received and details regarding the amount, coupon and maturity.

KEY RATING DRIVERS

The bond rating is in line with SINEK's Long-Term Local-Currency
Issuer Default Rating (IDR). This reflects Fitch's expectation
that the bond will benefit from the unconditional, unsubordinated
and irrevocable buy back guarantee provided by SINEK to
bondholders.

According to the deed of guarantee, SINEK guarantees the
bondholders that it will buy back the bonds in full if SINEK-
Finance fails to pay coupon or principal in a timely manner as
well as in case of delisting the bonds from stock exchange.
Bondholders can enforce their claims directly against SINEK
without being required to initiate lawsuits.

SINEK is the Republic of Tatarstan's (BBB-/Stable) government-
owned investment holding company. It acts as Tatarstan's policy
arm in the republic's shareholdings management and local economic
development. SINEK also acts as the republic's vehicle for
raising funds in financial markets and contributes to the
stability and development of the regional financial sector.

SINEK holds stakes in the largest corporations in Tatarstan, and
Fitch views its strategic importance, control and oversight by
the government as strong. However, the entity's legal status and
midrange integration with the public finances, particularly the
lack of guarantees on the company's liabilities, leads to a one-
notch differential between SINEK's and Tatarstan's IDRs.

Historically, SINEK has never received direct financial aid from
Tatarstan, but dividends from the republic's portfolio companies,
including dividends from investment-grade-rated PAO Tatneft (BBB-
/Stable) are retained within SINEK.

RATING SENSITIVITIES

Any rating action on SINEK's IDR would result in similar rating
action on SINEK-Finance's bonds.


TINKOFF BANK: Fitch Rates US$300MM Perpetual AT1 Notes Final 'B-'
-----------------------------------------------------------------
Fitch Ratings has assigned TCS Finance DAC's US$300 million issue
of perpetual additional Tier 1 (AT1) notes a final long-term
rating of 'B-'. The notes proceeds will be on-lent to Tinkoff
Bank.

The bonds have a coupon rate of 9.25% per year and no established
redemption date. However, Tinkoff will have an option to repay
the notes every five years after the first coupon reset date (in
2022) subject to the Central Bank of Russia's (CBR) approval.

Tinkoff has a Long-Term Issuer Default Rating (IDR) of 'BB-' with
Stable Outlook, a Short-Term IDR of 'B', a Viability Rating of
'bb-', a Support Rating of '5' and a Support Rating Floor of 'No
Floor'.

The assignment of the final rating follows the completion of the
issue and receipt of documents conforming to the information
previously received.

KEY RATING DRIVERS

Fitch rates the bank's AT1 perpetual notes three notches lower
than Tinkoff's 'bb-' VR, the maximum rating under Fitch's Global
Bank Criteria that can be assigned to deeply subordinated notes
with fully discretionary coupon omission issued by banks with a
VR anchor of 'bb-'.

The notching reflects (i) higher loss severity relative to senior
unsecured creditors; and (ii) non-performance risk due to the
option to cancel coupon payments at Tinkoff's discretion. The
latter is more likely if the capital ratios fall in the capital
buffer zone, although this risk is reasonably mitigated by
Tiknoff's stable financial profile and general policy of
maintaining decent headroom over minimum capital ratios (Tier 1
ratio was 8.9% at end-4M17 versus the minimum 7.25% with buffers
applied).

RATING SENSITIVITIES

The issue rating could be downgraded if Tinkoff's VR is
downgraded, which Fitch does not expect at present, given the
Stable Outlook on Tinkoff's ratings. If the VR is upgraded to
'bb', the perpetual notes will be affirmed and the notching
widened to four notches, in line with Fitch's criteria on rating
hybrid capital instruments.

Fitch may also widen the notching if non-performance risk
increases, for example, if the bank fails to maintain reasonable
headroom above the minimum capital adequacy ratios.

If the bank cancels any coupon payment or at least partially
writes off the principal, the issue will be downgraded based on
Fitch's expectations about the form and duration of non-
performance.


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


LANDSHYPOTEK BANK: Fitch Rates SEK700-Mil. Tier 1 Debt 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned Landshypotek Bank AB's (Landshypotek;
A/Stable/a) SEK700 million Additional Tier 1 debt issue a long-
term rating of 'BB+'.

The notes are CRD IV-compliant floating rate perpetual additional
Tier 1 instruments. They are subject to partial or full temporary
write-down if Landshypotek's consolidated Common Equity Tier 1
(CET1) ratio falls below 7.0% (or 5.125% at parent bank level),
and any coupon payments may be cancelled at the bank's
discretion. The notes are callable in March 2022.

KEY RATING DRIVERS

The rating is five notches below Landshypotek's Viability Rating
(VR) of 'a' in accordance with Fitch's criteria for assessing and
rating bank subordinated and hybrid securities. The notching
reflects the notes' higher expected loss severity relative to
senior unsecured creditors (two notches) and high non-performance
risk (three notches).

The notching for loss severity reflects the instruments' deep
subordination, the full contractual write-off language, and that
the instruments can be written down before the point of non-
viability.

The three notches for non-performance risk reflect the
instruments' fully discretionary coupon payment, which Fitch
considers as the most easily activated form of loss absorption,
and the mandatory write-down trigger. Landshypotek's large
capital buffer above the 7.0% CET1 trigger and regulatory minimum
capital ratios is sufficient to limit the notching for non-
performance risk to three.

Landshypotek is subject to stringent capital requirements by the
Swedish regulator, including a Pillar 1 CET1 requirement of 9%
based on end-March 2017 risk weights and an additional 12.9% CET1
Pillar 2 buffer, taking the total CET1 requirement to 21.9%.
Fitch expects the Swedish regulator to impose restrictions on
interest payments on the notes should Landshypotek's capital
approach the estimated Pillar 1 limit of 9% CET1. Fitch does not
believe that a breach of the Pillar 2 buffer would automatically
trigger a coupon cancellation. Landshypotek reported a CET1 ratio
of 30.1% at end-March 2017.

RATING SENSITIVITIES

The issue's rating is sensitive to changes in Landshypotek's VR,
and to wider notching if Fitch changes its assessment around non-
performance risk, including that of the impact of a possible
breach of the Pillar 2 buffer, or loss severity, which could
arise from a material increase in balance sheet encumbrance or
senior unsecured issuance.

Landshypotek's VR is primarily sensitive to weakening of asset
quality metrics or any indication of an increase in risk
appetite. Any notable weakening of earnings or capital could also
result in a downgrade. A prolonged dislocation in funding
markets, reducing Landshypotek's access to funding or materially
increasing pricing would also be rating- negative.


=====================
S W I T Z E R L A N D
=====================


EUROCHEM GROUP: S&P Affirms 'BB-' CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term corporate credit
rating on Russian, Switzerland-headquartered agrochemicals
producer EuroChem Group AG (EuroChem).  The outlook is stable.

S&P has also affirmed its 'BB-' issue rating on EuroChem's
existing senior unsecured debt.

S&P assigned its 'BB-' issue rating to the proposed senior
unsecured notes issued by EuroChem Finance DAC and guaranteed by
EuroChem and Mineral and Chemical Co. EuroChem JSC.

The affirmation reflects S&P's expectation that EuroChem's higher
leverage in 2016--with adjusted debt to EBITDA at 4.1x and funds
from operations (FFO) to debt at around 16%, resulting from high
expansionary capital expenditure (capex) against lower EBITDA as
a result of a stronger Russian ruble (RUB)--will be balanced by
eliminating dividends and reduced investment capex.  S&P
estimates EuroChem's adjusted debt to EBITDA will be around 3.8x
and FFO to debt slightly below 20% in 2017 (compared with 4.1x
and 16.2% in 2016, respectively), gradually improving in 2018-
2019.

S&P expects that EuroChem will invest about US$1.3 billion in
capex in 2017 (compared with $1.26 billion in 2016) including
into its two large greenfield potash projects (VolgaKaliy in
southern Russia and Usolskiy near the Urals mountains in Russia),
and the Kingisepp ammonia project.  That said, S&P forecasts that
capex will be considerably lower in 2018 (below $900 million)
further declining in 2019 to around $700 million.

This should allow EuroChem to generate moderately positive cash
flows after capex in 2018-2019 (compared with around $400 million
negative cash flows in 2016 and expected $400 million-$500
million negative in 2017).  As a result, S&P forecasts that after
the leverage peak in 2017 (adjusted debt of close to $4.6 billion
including $250 million shareholder loan and project finance
nonrecourse debt) EuroChem should gradually deleverage in 2018-
2019.

The affirmation reflects S&P's opinion that EuroChem is
proactively managing its refinancing risks, including a $1.5
billion shareholder loan.  S&P also factors in that EuroChem's
expansionary capex remains pre-funded with around EUR490 million
availability under the EUR557 million project finance facility
for the ammonia project in Kingisepp.

The rating remains supported by EuroChem's strong cost position
on the back of cost-efficient production and access to low-cost
feedstock, as the company is 65% self-sufficient in phosphate
rock.  S&P also factors in diverse production facilities
(including four in Russia, one in Lithuania, and one in Belgium),
and its logistics and distribution networks.  In addition, S&P
notes the diversity of EuroChem's operations in that it focuses
on nitrogen and phosphate-based fertilizers, and derives sizable
iron ore revenue as a by-product of its apatite mining
operations.  The diversity of EuroChem's operations will improve
further from the end of 2017-2018 when it expects to gradually
launch potash production through its two massive greenfield
projects in Russia. S&P expects that the first million tonnes of
potash will be used for internal consumption, supporting the
degree of self-sufficiency in feedstock and enhancing the cost
position.

At the same time, S&P notes EuroChem's high sensitivity to ruble
exchange rate volatility.  Around 80% of the group's sales come
from exports whereas the majority of its costs are in rubles.
Gradual ruble appreciation in 2016 further aggravated the
negative effect of weaker prices and resulted in EBITDA declining
by around 30% in 2016.  In first quarter (Q1) 2017, a stronger
ruble more than offset the boost from more supportive prices and
resulted in 13% weaker EBITDA year-on-year (YoY).

S&P's assessment of EuroChem's business risk profile is also
constrained by the high country risk that Russia presents.  S&P
also takes into consideration the high cyclicality in the
fertilizer industry and the fragmented nature of the nitrogen
fertilizer industry, to which EuroChem has the largest exposure.

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

   -- Global nitrogen/phosphate fertilizer prices remaining close
      to current spot price levels.  S&P takes a note of the 12%
      YoY price increase of ammonia, 17% growth of prilled urea,
      and 8% of ammonia nitrate in Q1 2017.  Compared with Q4
      2016, the ammonia price, in particular, has been
      considerably stronger, up 59% quarter-on-quarter (QoQ).
      Phosphate prices have demonstrated much more moderate
      dynamics, with monoammonium phosphate being flat YoY and
      10% up QoQ.  Overall broadly stable or slightly improving
      external sales volumes in 2017-2018.  S&P factors in that
      EuroChem is improving its geographic footprint via the
      acquisition of distribution assets.

   -- Iron ore prices amounting to $60 per metric ton for the
      rest of 2017 and $50 in 2017-2018, in line with S&P's price
      assumptions.

   -- The dollar to ruble exchange rate averaging around 1:63 in
      2017 and 1:65 in 2018.

   -- Large capex requirements of about $1.3 billion in 2017,
      most of it tied to expansion (including two potash mines
      and a new ammonia project).  S&P understands that capex in
      the existing operations is minimal (around $250 million
      annually).

   -- No material working capital outflows.

   -- No additional shareholder fund injections after the
      $250 million utilization of the shareholder loan in 2016.

   -- No dividends in 2017-2019.

   -- No material mergers or acquisitions.

Based on these assumptions, S&P expects:

   -- Adjusted EBITDA of around $1.2 billion in 2017 (compared
      with just over $1 billion in 2016), around $1.3 billion in
      2018, further improving in 2019 on the back of the potash
      projects ramp up.

   -- Average FFO to debt of close to 20%.

The stable outlook reflects S&P's expectation that EuroChem will
likely maintain a ratio of adjusted FFO to debt above 20%, on
average, in the coming years and that management will continue
its proactive refinancing strategy.

Downside rating pressure could build if nitrogen and phosphate
fertilizer prices declined materially coupled with the group's
continued active investment phase.  This would lead to FFO to
debt falling below 20% on a prolonged basis.  S&P could also take
a negative rating action if the group sought a sizable debt-
financed acquisition, although S&P sees this as less likely than
in the past because the group is focused on developing its two
major potash greenfield projects.  S&P would also lower the
rating if a materially stronger ruble in Q2-Q3 2017 hits
EuroChem's metrics, which is currently not S&P's base case.

S&P could raise the rating if the company reduced leverage, with
FFO to debt rising above 30% on the back of more supportive
industry conditions, for example.  Rating upside could also be
driven by the progress of EuroChem's potash projects supporting
profits and free operating cash flow.  S&P believes that, at this
stage, rating upside is remote.


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


NORD ANGLIA: S&P Assigns Preliminary 'B' CCR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term
corporate credit rating to Bach Finance Ltd., the parent company
of Nord Anglia Education Inc.  The outlook is stable.  S&P also
assigned its 'cnBB-' preliminary long-term Greater China regional
scale rating to Bach.

At the same time, S&P assigned its 'B' preliminary long-term
issue rating and 'cnBB-' Greater China regional scale rating to
the company's proposed US$1,225 million Euro-denominated first-
lien loans.  S&P also assigned a '3' recovery rating to the
first-lien loans to reflect its expectation of a meaningful (50%-
70%; rounded estimate: 55%) recovery in S&P's hypothetical
default scenario.

The final rating will depend on S&P's satisfactory review of all
final documentation and confirmation of the irrevocability of the
merger.  Accordingly, the preliminary rating should not be
construed as indicative of the final rating.  If S&P Global
Ratings does not receive final documentation within a reasonable
timeframe, or if final documentation departs from materials
reviewed, S&P reserves the right to withdraw or revise its
rating.

Bach is the holding vehicle for a consortium led by Baring
Private Equity Asia (BPEA) and Canada Pension Plan Investment
Board (CPPIB) that proposes to acquire Nord Anglia Education
Inc., a Hong Kong-based premium education provider.

The ratings reflect Bach's good cost controls, high revenue
growth, and steady cash flow, which should temper the risks from
its high leverage.

S&P expects the company's debt-to-EBITDA ratio to rise to 11.0x-
12.0x in fiscal 2017 (ending August 2017) from 7.7x in fiscal
2016, due to the buyout of Nord Anglia.  However, Bach should be
able to maintain its EBITDA interest coverage above 1.5x
following the privatization.  S&P's estimate of debt and interest
expenses include operating lease adjustments and the addition of
preferred shares, which S&P views as hybrid capital with minimal
equity content given the leveraged buyout nature of the
transaction.

S&P believes Bach can continue to derive benefits from a strong
brand, given its track record of service and solid academic
performances from its student base.  These attributes are a key
driver for growth in tuition and student enrollment growth, even
as it operates in a highly fragmented industry with intense
competition.  S&P forecasts Bach's organic revenue (including
greenfield projects) will grow in the high-single digits over the
next 12-24 months.  Organic growth is likely to be achieved
through continued student enrollment growth, including at its
first bilingual school in Shanghai (Nord Anglia Chinese
International School), opened September 2016, and at its existing
schools.

In S&P's opinion, the increase in tuition and student enrollment
growth, and consequently rising utilization, are likely to
directly benefit Bach's adjusted EBITDA margin, which along with
good cost controls, should increase about 1-2 percentage points
(ppts) in the next 12-24 months.  S&P's adjusted EBITDA margins
exclude operating leases.  If S&P includes operating leases,
fiscal 2017 EBITDA margins would likely decline by 1-2 ppts,
given US$15 million-US$20 million of additional rent due to the
sale and leaseback executed last year, and additional rent from
its new campus in Houston, opened in September 2016.

S&P continues to expect Bach to remain under the control of its
financial sponsor, BPEA, given its majority representation on the
company's board despite a larger shareholding by CPPIB.  As a
result, S&P expects the company to continue its aggressive
expansion plan.  S&P forecasts about US$180 million of
acquisitions in fiscal 2017 and about US$200 million each year
thereafter.  In addition, S&P expects about US$80 million-US$100
million of capital expenditure in fiscal 2018 and 2019, about
half of which would be for the construction of new capacity.
Thus, S&P expects continued heavy investment to weigh on the
company's financial leverage over the next 12-24 months.

The proposed merger deal will require the approval of at least
two-thirds of Nord Anglia's shareholders.  If approved, the deal
is expected to close before the end of fiscal 2017 (August 2017).
As BPEA currently holds approximately 67% of Nord Anglia's
shares, the deal is highly likely to be completed.  According to
the transaction proposal, Bach is expected to raise a total of
US$4.7 billion in equity and debt to fund the merger, including
US$1.5 billion of U.S. dollar and Euro-denominated first-lien
loans.

The stable outlook reflects S&P's view that Bach will maintain
its good market position in the premium international school
sector and continue to expand through organic growth and
acquisitions over the next 12 months.  S&P believes the company's
strong growth momentum, good profitability, and high visibility
on cash flows temper the risk of aggressive financial policy. S&P
also expects the company's high leverage to moderately improve
after rising from the proposed transaction.

S&P could lower the rating if the financial sponsor owners adopt
a more aggressive financial stance such that leverage does not
improve from current levels or if EBITDA interest coverage drops
below 1.5x.  S&P could also lower the rating if it believes
Bach's liquidity position deteriorates significantly.  This could
occur as a result of more aggressive and cash-exhaustive
acquisitions than S&P expects, though it considers such downside
risk limited.

S&P believes there is limited likelihood of an upside scenario
over the next 12 months.  S&P could raise the rating if it
believes the company adopts a more prudent financial policy and
maintains a debt-to-EBITDA ratio of less than 6.0x and EBITDA
interest coverage of above 3.0x on a sustainable basis.


COLLINS AND HAYES: Creditors Support CVA Proposal
-------------------------------------------------
Cabinet Maker reports that Collins and Hayes has confirmed that
its proposal of a Company Voluntary Arrangement (CVA) has been
backed by creditors.

According to Cabinet Maker, the move enables the company to
secure its near-term future after agreeing terms with creditors
and members, with turnaround and insolvency firm KSA Group
appointed as the CVA supervisor.

In a statement, the company, as cited by Cabinet Maker, said:
"Collins and Hayes Furniture Limited is pleased to announce that
our application for a CVA was granted by the court on June 13,
2017, after being duly approved by our creditors and members."

No details of the CVA were disclosed, Cabinet Maker notes.

Collins and Hayes is an upholstery manufacturer.


DUNDEE FC: In Legal Dispute with Ex-Manager, June 20 Hearing Set
----------------------------------------------------------------
Bryan Copland at thetele.co.uk reports that Dundee FC are locked
in a legal battle with former manager Paul Hartley over claims he
could attempt to put the club into liquidation.

According to thetele.co.uk, the Dens Park side and their former
boss, who was sacked from his job in April, are set to go head-
to-head at a hearing at Dundee Sheriff Court on tomorrow,
June 20.

Sources allege that Hartley has threatened to petition to have
the club liquidated, amid claims he is still owed money by Dee
chiefs, thetele.co.uk relates.

A legal interdict is in place to stop him making that move -- but
it's understood that Mr. Hartley could bid to have that withdrawn
at the interim hearing, thetele.co.uk states.

Legal representatives from both sides will put their cases
forward to a sheriff but a decision may not be made on the day,
thetele.co.uk notes.

If Hartley attempts to have the interdict withdrawn, but the
sheriff rejects that, it will prevent Hartley from making any
moves to liquidate the company, thetele.co.uk says.

But if the sheriff decides to remove the interdict, it could give
Hartley the chance to attempt to force the club into paying him
the money he wants, according to thetele.co.uk.

Dundee Football Club is a professional football club based in the
city of Dundee, Scotland.  Founded in 1893, they are nicknamed
"The Dark Blues" or "The Dees".


HALOSOURCE INC: May File for Insolvency if Fundraising Fails
------------------------------------------------------------
StockMarketWire.com reports that HaloSource Inc. has warned it
would have to initiate insolvency proceedings and suspend trading
on AIM if it failed to complete its GBP1.9 million fundraising by
the end of the month.

StockMarketWire.com relates that the company said completion was
conditional on one of the key cornerstone investors receiving
Chinese governmental approval to enable the investor to complete
its participation.

According to StockMarketWire.com, the company said it had been
advised by the cornerstone investor that approval had not been
granted and that it would now be seeking to make another
application for that approval.

"Without the proceeds of the fundraise, the company's cash
position is expected to fund the company until the end of June
2017 at which point the company will cease to trade as a going
concern," StockMarketWire.com quotes HaloSource as saying.
"Therefore, if the fundraise does not complete prior to the
company exhausting its cash resources, the board will have no
choice but to initiate insolvency proceedings and seek suspension
to trading of the company's shares on AIM and shareholders may
lose all or a substantial amount of their equity investment."

HaloSource, Inc. is a clean water technology company that
develops and manufactures products for water treatment markets.
The Company's technologies are based upon polymer chemistries
that can be applied to commonplace synthetic starting materials
(such as polystyrene, vinyl, polyester) in a range of
applications. The Company operates in two segments: Drinking
Water (through its HaloPure brand) and Recreational Water
(through its SeaKlear brand). It is engaged in providing drinking
water purification solutions. HaloSource markets its products
under its brand names of HaloPure, SeaKlear and AquaPill. The
Company offers various products, such as HaloPure Disinfecting
Pitcher, HaloPure Pitcher Cartridge, HaloPure Bacteriostatic
Water Cartridge and HaloPure Ceramic Candle Insert. It offers
various technologies, such as HaloPure Disinfection and HaloPure
Adsorption. It offers HaloPure Disinfecting Beads, which helps in
killing bacteria and inactivates virus on contact.


HOOVER LIMITED: Pension Scheme Moved Into a Protection Fund
-----------------------------------------------------------
BBC News reports that a deal has been struck for Hoover to move
the company's pension scheme into a protection fund.

Thousands of people worked at its Merthyr Tydfil washing machine
plant over 60 years. It stopped production in 2009 but a
warehouse still operates.

According to BBC, the company will contribute GBP60 million to
the pension scheme.

The Pensions Regulator has approved the proposal and the scheme
is expected to transfer into the Pension Protection Fund (PPF),
BBC says.

BBC relates that the deal has been struck because there was
"clear and extensive evidence" that Hoover would inevitably fall
into insolvency otherwise.

The regulator said it was the "best possible outcome for members
in challenging circumstances," BBC relays.

Up to 4,000 people in Wales could be affected, the report notes.
Those still under retirement age could receive an immediate 10%
cut in their pension pot.

The pension scheme has 7,500 members, made up of 5,319 pensioners
and 2,184 who have deferred their pensions, BBC discloses.

A distribution warehouse and head office is still based at
Pentrebach in Merthyr.

At about GBP500 million, the pension scheme is roughly the same
size as collapsed store group BHS's scheme, the report notes.
That is still being assessed for take-over by the PPF, which acts
as a pensions "lifeboat".

BBC says the Hoover pensions scheme will also receive a
shareholding worth a 33% stake in the company as part of the
deal.

The scheme has a deficit of about GBP250 million and Hoover had
to prove the business was at risk of going bust in the next 12
months unless action was taken, according to BBC.

"We do not agree to these types of arrangements lightly but in
this case we believe it is the right outcome for scheme members
and the PPF," BBC quotes Nicola Parish, of The Pensions
Regulator, as saying.

She said this type of pension restructuring was rare and
guidelines were in place to the arrangements were "not abused by
businesses seeking to offload their pension liabilities," BBC
relays.

This is the first such deal approved in 2017 and only the second
in the last two years, BBC states.

                           About Hoover

Hoover Limited is a vacuum cleaner manufacturer. Originally
founded in Ohio in 1908, Hoover Limited became a registered
company in the UK in 1919. The first factory, in Perivale in
Middlesex, opened in 1932.  In 1985 Hoover merged with the
Chicago Pacific Corporation, based in the USA. Four years later,
Chicago Pacific was acquired by domestic appliance giant The
Maytag Corporation. The Hoover European Appliance Group came into
existence in 1993 and is now part of Candy S.p.A, a private
company based in Brugherio in Northern Italy.

Hoover, as part of the Hoover Candy Group, employs over 1,350
people in the UK alone.


HOOVER LIMITED: Mayer Brown Advises PPF on Deficit Settlement
-------------------------------------------------------------
Mayer Brown lawyers advised the Pension Protection Fund (PPF) on
the settlement of the Hoover Pension Scheme's defined benefit
deficit by way of a Regulated Apportionment Arrangement, which
was approved by the Pensions Regulator, and the associated
corporate transaction.

The Scheme is expected to enter an assessment period and then the
PPF, meaning the PPF will take on the Scheme's assets and
liabilities and provide the Scheme's 7,800 members with
compensation.

The agreement was reached to seek a better outcome for levy
payers while still enabling the PPF to satisfy its continuing
obligations to protect the Scheme members who enter the PPF.

The transaction was led by Mayer Brown Restructuring, Bankruptcy
& Insolvency partner Devi Shah, Corporate & Securities partner
Tim Nosworthy and Pensions partner Richard Evans, who were
assisted by senior associates Sam Webster and Beth Brown.

                           About Hoover

Hoover Limited is a vacuum cleaner manufacturer. Originally
founded in Ohio in 1908, Hoover Limited became a registered
company in the UK in 1919. The first factory, in Perivale in
Middlesex, opened in 1932.  In 1985 Hoover merged with the
Chicago Pacific Corporation, based in the USA. Four years later,
Chicago Pacific was acquired by domestic appliance giant The
Maytag Corporation. The Hoover European Appliance Group came into
existence in 1993 and is now part of Candy S.p.A, a private
company based in Brugherio in Northern Italy.

Hoover, as part of the Hoover Candy Group, employs over 1,350
people in the UK alone.


SOUTHERN PACIFIC 06-1: Fitch Affirms CCC Rating on Cl. FTc Notes
----------------------------------------------------------------
Fitch Ratings has upgraded two tranches in each of Southern
Pacific Securities 05-3 (SPS05-3) and Southern Pacific Securities
06-1 (SPS06-1) and affirmed the remaining 11 tranches.

These transactions are part of a portfolio of non-conforming
residential mortgages originated by Southern Pacific Mortgages
Limited (SPML) between 2004 and 2006. SPML was a non-conforming
lender specialised in first- and second-charge mortgages to
borrowers who did not meet scorecard-based underwriting criteria
common for prime lending. Impaired borrower credit histories,
records of previous arrears, lack of income verification or
financing against more volatile property types (e.g. right-to-buy
properties) all feature in these portfolios.

KEY RATING DRIVERS

Strong Credit Enhancement (CE)
Fitch's analysis, with the use of both the agency's surveillance
model and cash flow model, concluded the current levels of CE
were sufficient to withstand the rating stresses, leading to the
upgrades and affirmations of the note ratings. Fitch expects CE
to continue building up as the transactions amortise
sequentially, supported by a non-amortising reserve fund for
SPS06-1 and an incurable reserve fund amortisation trigger breach
on SPS05-3.

Stable Asset Performance
Loans that are three month or more in arrears have shown steady
improvement post-financial-crisis. This measure has remained
stable between March 2016 and March 2017, averaging around 44.1%
for SPS05-3 and 50.9% for SPS06-1, of their respective pool
balances. However, all transactions are currently under-
performing against the Fitch Non-Conforming Index measuring at
around 9%, as of March 2017.

The servicer reports the balance of loans in arrears in terms of
loans with overdue monthly contractual payments, referred to as
delinquencies, and loans with overdue monthly contractual
payments and/or outstanding fees or other amounts due, known as
amounts outstanding. Fitch has used the balances of loans
reported with delinquencies in its analysis.

Sequential Payments to Continue
Fitch expects both transactions to continue amortising on a
sequential basis. Pro rata amortisation is being stopped by a
breach in the amounts outstanding trigger. Fitch does not expect
this trigger to cure.

Interest Only (IO) Concentration Tested
The transactions have a material concentration of IO loans
maturing within a three-year period during the lifetime of the
transactions. For SPS05-3, 34.2% mature between 2028 and 2030;
for SPS06-1 30.3% mature during the same period. As per its
criteria, Fitch tested additional foreclosure frequency
assumptions for the IO loans with maturities concentrated in a
three-year period. The results of the additional foreclosure
frequency assumption testing have not constrained the notes'
ratings.

RATING SENSITIVITIES

As the loans are paying a margin linked to LIBOR an increase in
market interest rates could cause additional stress on borrowers'
affordability and result in performance deterioration. Fitch
models affordability tests that assume LIBOR reverts to long-term
averages, thus leaving ample buffer for rate increases over the
medium term. An unexpected spike in market rates could, however,
result in negative rating actions.

List of Rating Actions:

Southern Pacific Securities 05-3 Plc
Class B1a ISIN (XS0235516084): affirmed at 'AAAsf'; Outlook
Stable
Class B1c ISIN (XS0235516241): affirmed at 'AAAsf'; Outlook
Stable
Class C1a ISIN (XS0235516324): affirmed at 'A+sf'; Outlook Stable
Class C1c ISIN (XS0235516753): affirmed at 'A+sf'; Outlook Stable
Class D1a ISIN (XS0235516837): upgraded to 'BBBsf'; from 'BBB-
sf': Outlook Stable
Class D1c ISIN (XS0235517215): upgraded to 'BBBsf'; from 'BBB-
sf': Outlook Stable
Class E1c ISIN (XS0235517728): affirmed at 'B+sf'; Outlook
Stable; Recovery Estimate: not calculated
Class FTc ISIN (XS0235518296): affirmed at 'Bsf'; Outlook Stable

Southern Pacific Securities 06-1 plc
Class B1c ISIN (XS0240950880): affirmed at 'AAAsf'; Outlook
Stable
Class C1a ISIN (XS0240951185): affirmed at 'A+sf'; Outlook Stable
Class C1c ISIN (XS0240952076): affirmed at 'A+sf'; Outlook Stable
Class D1a ISIN (XS0240952316): upgraded to 'BBBsf'; from 'BB+sf':
Outlook Stable
Class D1c ISIN (XS0240953470): upgraded to 'BBBsf'; from 'BB+sf':
Outlook Stable
Class E1c ISIN (XS0240954015): affirmed at 'Bsf'; Outlook Stable;
Recovery Estimate: not calculated
Class FTc ISIN (XS0240956572): affirmed at 'CCCsf'; Recovery
Estimate: not calculated


* EAST ENGLAND: Tech and IT Firms at Greater Risk of Insolvency
---------------------------------------------------------------
Bethany Whymark at Eastern Daily Press reports that East of
England technology and IT businesses are at greater risk of
insolvency than almost any of their UK counterparts, new research
showed.

Eastern Daily Press relates that the latest sector tracking
report from the eastern branch of insolvency and restructuring
body R3 revealed more than one in three (35%) tech and IT
operators are in heightened financial difficulty, a percentage
only exceeded by the East Midlands.

According to the report, the monthly statistics, compiled using
Bureau Van Dijk's Fame database, also reveal an uncertain outlook
for the region's retailers, with one in four (26%) having a
higher than average risk of insolvency, the second highest ratio
in the UK after the South West.

However, the region's agricultural businesses are faring better,
with only 15.7% operating with an above-average insolvency risk,
around four points below the UK average, Eastern Daily Press
says.

"Despite reports of an economic upturn, not all companies are
trading profitably, with many burdened by unmanageable debt," the
report quotes R3 Eastern chairman Mark Upton, a partner at the
Ipswich office of Ensors chartered accountants, as saying. "There
are, of course, many local IT and technology firms which are
trading successfully and are at the forefront of innovation.

"However, there are also companies whose struggles are invisible
to outside eyes, and it is not until they are on the brink of
insolvency that their owners seek financial advice."


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


KAPITALBANK: S&P Affirms 'B/B' Counterparty Credit Ratings
----------------------------------------------------------
S&P Global Ratings revised its outlook on Uzbekistan-based
Kapitalbank to negative from stable.  S&P affirmed its 'B/B'
long- and short-term counterparty credit ratings.

The outlook revision reflects S&P's concerns that Kapitalbank
might face difficulties to comply with tightening local capital
adequacy standards over the next 12-18 months.  S&P thinks that
during the transition to Basel III, Kapitalbank will likely
continue operating with local capital adequacy ratio (CAR) at
less than 100 basis points above the minimum requirement.
According to the local regulation, the bank's CAR was 13.3% as of
April 30, 2017, while the minimal regulatory requirement was
12.5% at the same date.  S&P understands that minimum capital
requirement will increase to 13.5% in 2018 and 14.5% in 2019.

If the bank continues its strong lending growth at above 20% per
year without securing additional capital to support this growth,
it will likely face a challenge in meeting the increased capital
requirements, which might lead to regulatory action.  In
addition, the bank increased its loan book by 67% in 2016.   Such
rapid growth could lead to a deterioration of portfolio quality,
and in the case of several large corporate exposures
underperforming expectations, the bank would not have enough
capital cushion to create provisions against the losses while
remaining compliant with the capital requirements.

S&P expects its risk-adjusted capital (RAC) ratio to remain in
the 4.3%-4.5% range in 2017-2018 (4.3% as of Dec. 31, 2016).
S&P's forecast is based on the assumptions that the bank does not
grow its lending book more than 20% per year and that its credit
costs do not exceed 1.5%.

Kapitalbank's strong niche position in foreign currency retail
deposits (resulting in material 48% of total liabilities being
denominated in foreign currency) represents an additional risk
for the bank.  S&P has already observed acceleration in local
currency devaluation: In the first five months of 2017, the Uzbek
sum was devalued by 24% versus 13% devaluation in 2016.  This
results in permanent revaluation of the bank's liabilities and
requires the bank to enter into foreign currency swap
arrangements to manage this risk.  S&P note that the bank enters
into swap agreements with a limited number of counterparties,
which also exposes it to respective counterparty risk.  Also, S&P
understands that the government is considering changing its
currently managed float regime in favor of greater liberalization
of currency exchange, and we think that currency risk might
further aggravate the bank if the government opted to move in
that direction.

Finally, S&P understands that in the absence of marked additional
capital injections, tightened capital regulation might impose
significant restrictions on Kapitalbank's growth over the next
12-18 months, limiting the bank's expansion plans and franchise
development.

The negative outlook indicates S&P's expectation that Kapitalbank
might face difficulties complying with tightened capital
regulatory requirements over the next 12-18 months.  The bank
does not have sufficient capital cushion to protect it against
the potential deterioration of the quality of its loan book if a
few of its largest loan exposures underperform expectations.  S&P
also thinks that the bank incurs material currency risk stemming
from foreign currency asset and liability mismatch.  S&P
recognizes, however, that this currency risk is currently
mitigated by swaps agreements with the local counterparties.

A negative rating action may follow if S&P observed that the bank
was not able to build up its capital base and comply with the
increasing local capital adequacy requirements.  Failure to
maintain asset quality in line with systemwide levels, with a
material increase in nonperforming loans that would require
additional provisioning and lead to the cost of risk of above 2%,
may also trigger a downgrade.  Local currency devaluation
markedly above currently expected levels, increasing foreign
currency mismatch on the bank's balance sheet, potential
difficulties with entering into foreign currency swaps agreement
to hedge currency risks as well as a change in the central bank's
managed float policy to a more liberal float may also negatively
impact the risk profile assessment of Kapitalbank and might lead
to a downgrade.

S&P might consider revising outlook to stable if it sees
significant improvement in capital adequacy ratios that mitigate
the risk of non-compliance with the respective regulation.  Such
a revision would also be supported by a shift in the bank's
growth strategy toward a less aggressive one, and hinge on a
strengthening of Kapitalbank's business position and improvements
in its risk management systems.


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


* BOND PRICING: For the Week June 12 to June 16, 2017
-----------------------------------------------------

Issuer                      Coupon     Maturity  Currency Price
------                      ------     --------  -------- -----
Agrokor dd                    9.88     5/1/2019    EUR    34.31
Banco Popular Espanol SA      8.25                 EUR    61.18
Eldorado Intl. Finance Gmb    8.63    6/16/2021    USD    78.12
Rickmers Holding AG           8.88    6/11/2018    EUR     6.50
CGG SA                        5.88    5/15/2020    EUR    41.00
CSN Resources SA              6.50    7/21/2020    USD    73.57
Agrokor dd                    9.13     2/1/2020    EUR    33.32
Intelsat Luxembourg SA        7.75     6/1/2021    USD    59.00
Aegon NV                      0.53                 EUR    70.49
Alitalia-Societa' Aerea It    5.25    7/30/2020    EUR    19.00
Frigoglass Finance BV         8.25    5/15/2018    EUR    57.00
Agrokor dd                    8.88     2/1/2020    USD    35.25
Banca Popolare di Vicenza     2.75    3/20/2020    EUR    75.47
Holdikks SAS                  6.75    7/15/2021    EUR    59.33
International Bank of Azer    6.17    5/10/2017    USD    99.78
TES Finance PLC               6.75    7/15/2020    GBP    65.83
VistaJet Malta Finance PLC    7.75     6/1/2020    USD    74.53
Offshore Drilling Holding     8.38    9/20/2020    USD    37.67
Casino Guichard Perrachon     1.68                 EUR    69.19
CGG SA                        1.75     1/1/2020    EUR     1.53
Veneto Banca SpA              0.72    6/21/2017    EUR    43.75
Intelsat Luxembourg SA        8.13     6/1/2023    USD    56.28
Mitsubishi UFJ Investor Se    4.17   12/15/2050    EUR    55.72
QGOG Constellation SA         6.25    11/9/2019    USD    71.77
Ensco PLC                     5.75    10/1/2044    USD    71.76
Portugal Telecom Internati    4.63     5/8/2020    EUR    28.98
CGG SA                        6.50     6/1/2021    USD    42.28
Oi Brasil Holdings Coopera    5.75    2/10/2022    USD    30.50
Air Berlin PLC                5.63     5/9/2019    CHF    72.50
Banco Espirito Santo SA       2.63     5/8/2017    EUR    28.52
Co-Operative Bank PLC        11.00   12/20/2023    GBP    34.75
Ageasfinlux SA                1.02                 EUR    57.15
Avangardco Investments Pub   10.00   10/29/2018    USD    22.75
Air France-KLM                2.03    2/15/2023    EUR    12.29
Neopost SA                    3.38                 EUR    60.23
Credit Mutuel Arkea SA        0.79                 EUR    75.00
Portugal Telecom Internati    5.00    11/4/2019    EUR    30.54
CGG SA                        6.88    1/15/2022    USD    42.18
Portugal Telecom Internati    5.88    4/17/2018    EUR    30.50
Far East Capital Ltd SA       8.00     5/2/2018    USD    69.67
Immigon Portfolioabbau AG    10.00                 EUR    15.15
UkrLandFarming PLC           10.88    3/26/2018    USD    20.00
Portugal Telecom Internati    4.38    3/24/2017    EUR    29.90
Norske Skog Holding AS        8.00    2/24/2021    EUR    27.63
Banca Carige SpA              7.32   12/20/2020    EUR    68.11
Banca Carige SpA              8.34                 EUR    25.00
Banca Popolare di Vicenza     9.50    9/29/2025    EUR    13.50
Portugal Telecom Internati    4.50    6/16/2025    EUR    30.13
Santander International Pr    2.00                 USD    65.90
New Look Senior Issuer PLC    8.00     7/1/2023    GBP    74.70
OAS Investments GmbH          8.25   10/19/2019    USD     3.00
Privatbank CJSC Via UK SPV   10.25    1/23/2018    USD    24.04
Alno AG                       8.50    5/14/2018    EUR    55.75
Banca Popolare di Vicenza     2.82   12/20/2017    EUR    12.33
Aegon NV                      1.51                 NLG    73.40
Veneto Banca SpA              9.50    12/1/2025    EUR    14.13
BNP Paribas SA                1.15                 EUR    69.21
Bourbon Corp                  4.70                 EUR
Mitsubishi UFJ Investor Se    3.92   12/30/2099    EUR     3.98
Oi Brasil Holdings Coopera    5.63    6/22/2021    EUR    30.49
Sanha GmbH & Co KG            7.75     6/4/2018    EUR    74.63
ADLER Real Estate AG          2.50    7/19/2021    EUR    15.72
HSH Nordbank AG/Luxembourg    2.10                 EUR    19.32
SOITEC                        6.75    9/18/2018    EUR     3.23
Pierre & Vacances SA          3.50    10/1/2019    EUR    47.42
Co-Operative Bank PLC         8.50     7/1/2025    GBP    30.63
CGG SA                        1.25     1/1/2019    EUR    24.08
HSH Nordbank AG               7.25                 USD    26.98
WPE International Cooperat   10.38    9/30/2020    USD    17.00
Paragon Offshore PLC          6.75    7/15/2022    USD    22.38
Agrokor dd Via Aquarius +     4.92     8/8/2017    EUR    29.13
IMMOFINANZ AG                 4.25     3/8/2018    EUR     4.39
Jyske Bank A/S                0.84                 EUR    74.33
Jyske Bank A/S                1.05                 EUR    74.50
Privatbank CJSC Via UK SPV   11.00     2/9/2021    USD     5.01
Portugal Telecom Internati    6.25    7/26/2016    EUR    30.08
Banca Monte dei Paschi di     0.67   11/30/2017    EUR    38.75
Rothschilds Continuation F    1.69                 USD    67.59
Banco Espirito Santo SA       4.00    1/21/2019    EUR    28.06
Bilt Paper BV                 9.64                 USD    29.52
Banca Monte dei Paschi di     5.00    4/21/2020    EUR    37.52
Novo Banco SA                 3.50     1/2/2043    EUR    62.25
Elli Investments Ltd         12.25    6/15/2020    GBP    68.00
Pacific Drilling SA           5.38     6/1/2020    USD    46.00
Eramet                        4.00                 EUR    48.45
Scholz Holding Gmbh           8.50   12/31/2019    EUR     2.08
Banca Monte dei Paschi di     2.25    5/15/2018    EUR    35.67
Far East Capital Ltd SA       8.75     5/2/2020    USD    69.67
Nexity SA                     0.13     1/1/2023    EUR    68.97
Banca Monte dei Paschi di     5.60     9/9/2020    EUR    37.44
Fuerstenberg Capital Erste    1.45                 EUR    73.00
Johnston Press Bond Plc       8.63     6/1/2019    GBP    61.00
Sydbank A/S                   1.01                 EUR    73.67
VistaJet Malta Finance PLC    7.75     6/1/2020    USD    75.88
TES Finance PLC               5.34    7/15/2020    GBP    68.17
Waste Italia SpA             10.50   11/15/2019    EUR    16.13
Lambay Capital Securities     6.25                 GBP     1.36
Banco Espirito Santo SA       4.75    1/15/2018    EUR    27.88
NIBC Bank NV                  0.91                 EUR    70.06
ATF Capital BV                8.77                 USD    73.00
Sapinda Invest SARL           5.00    6/30/2019    EUR    50.00
Banco Espirito Santo SA       7.13   11/28/2023    EUR     0.71
Decipher Production Ltd      12.50    9/27/2018    USD     1.16
Alno AG                       8.00    3/21/2019    EUR    42.00
Privatbank CJSC Via UK SPV   10.88    2/28/2018    USD    20.33
BIM SAS                       2.50   11/13/2020    EUR    28.23
Mriya Agro Holding PLC        9.45    4/19/2018    USD     4.00
Aligera Holding AB publ       5.00     5/7/2019    SEK    66.03
KTG Agrar SE                  7.13     6/6/2017    EUR     2.36
Banca Carige SpA              2.77    6/19/2018    EUR    64.33
Yuksel Insaat AS              9.50   11/10/2015    USD    20.63
Allied Irish Banks PLC       12.50    6/25/2035    GBP    70.00
OGX Austria GmbH              8.50     6/1/2018    USD     0.03
Manchester Building Societ    6.75                 GBP    17.50
Bibby Offshore Services PL    7.50    6/15/2021    GBP    55.50
Popular Capital SA            0.93                 EUR    50.00
Norske Skogindustrier ASA     7.13   10/15/2033    USD    23.86
Norske Skogindustrier ASA     2.00   12/30/2115    EUR     8.25
Ichor Coal NV                 8.00     6/7/2017    EUR    42.50
Eldorado Intl. Finance Gmb    8.63    6/16/2021    USD    78.28
Phones4u Finance PLC          9.50     4/1/2018    GBP    72.88
OSX 3 Leasing BV             13.00    3/20/2015    USD    35.00
Paragon Offshore PLC          7.25    8/15/2024    USD    22.50
Scandinavian Airlines Syst    0.63                 CHF    24.38
Virgolino de Oliveira Fina   10.50    1/28/2018    USD     7.04
Belfius Bank SA/NV            5.35                 EUR    65.36
Pastor Participaciones Pre    1.84                 EUR    75.49
Novo Banco SA                 3.00    6/21/2022    USD    72.39
Hybrid Raising GmbH           6.63                 EUR    24.25
3W Power SA                   8.00    8/29/2019    EUR    40.63
Intesa Sanpaolo SpA           5.63    3/18/2024    GBP    68.60
Dexia Credit Local SA         1.40                 EUR     6.28
Espirito Santo Financial G    6.88   10/21/2019    EUR     0.08
Lloyds Bank PLC               0.43    2/22/2033    USD    56.50
Credit Lyonnais SACA          0.44                 EUR    68.00
Oceanteam ASA                12.40   10/24/2017    USD    45.00
New World Resources NV        8.00     4/7/2020    EUR     4.86
Agrokor dd                    8.88     2/1/2020    USD    34.64
Klarna AB                     5.25                 SEK    70.72
Alpine Holding GmbH           6.00    5/22/2017    EUR     0.40
Dexia SA                      1.45                 EUR     5.25
Dexia Kommunalbank Deutsch    4.88     6/1/2017    EUR    46.10
Havila Shipping ASA           5.43    11/7/2020    NOK    70.00
OP Corporate Bank plc         0.84                 EUR    71.97
IKB Deutsche Industriebank    5.63     8/1/2017    EUR    33.13
EFG International AG          0.97                 EUR    68.00
Novo Banco SA                 3.50    2/19/2043    EUR    62.25
Deutsche Bank AG/London       1.90   12/23/2035    USD    62.13
Tonon Luxembourg SA          10.50    5/14/2024    USD    42.70
Lehman Brothers UK Capital    5.13                 EUR     0.26
Banca delle Marche SpA        0.62     6/1/2017    EUR     0.99
Capital Raising GmbH          7.50                 EUR    23.74
ESFIL-Espirito Santo Finan    5.25    6/12/2015    EUR     0.29
Afren PLC                    11.50     2/1/2016    USD     0.15
Beate Uhse AG                 7.75     7/9/2019    EUR    27.63
Petrol AD                     5.50    1/26/2022    EUR    25.63
Eirles Two DAC                1.69    9/30/2046    USD    11.88
Vseukrainsky Aktsinerny Ba   10.90    6/14/2019    USD     1.24
Banca Popolare di Vicenza     4.60   12/15/2017    EUR    42.41
Smart Solutions GmbH          8.00    12/3/2018    EUR    47.88
Fred Olsen Energy ASA         3.89    2/28/2019    NOK    54.50
Lloyds Bank PLC               2.45   11/27/2033    USD    68.00
Pescanova SA                  5.13    4/20/2017    EUR     3.39
Innogy SE                     3.80     4/5/2033    USD    73.94
Barclays Bank PLC             0.66    3/21/2033    USD    56.15
More & More AG                8.13    6/11/2018    EUR    33.13
Sequa Petroleum NV            5.00    4/29/2020    USD    69.13
Ideal Standard Internation   11.75     5/1/2018    EUR     4.78
City of Kiev Ukraine Via C    8.00    11/6/2015    USD    64.88
Cooperatieve Rabobank UA      0.50   11/26/2021    ZAR    68.87
NTRP Via Interpipe Ltd       10.25     8/2/2017    USD    25.25
GEWA 5 to 1 GmbH & Co KG      6.50    3/24/2018    EUR    31.38
Intelsat Luxembourg SA       12.50   11/15/2024    USD    68.47
Novo Banco SA                 3.50    1/23/2043    EUR    62.33
Novo Banco SA                 3.50    3/18/2043    EUR    62.25
Royal Bank of Scotland PLC    1.94   12/30/2030    USD    70.88
Orco Property Group SA        7.00    11/7/2019    EUR    65.00
Touax SA                      6.00    7/10/2020    EUR    16.46
Agrokor dd                    9.88     5/1/2019    EUR    34.75
Greene King Finance PLC       2.42    3/15/2036    GBP    74.33
Aralco Finance SA            10.13     5/7/2020    USD     1.77
Wild Bunch AG                 8.00    3/23/2019    EUR    50.00
Frey                          6.00   11/15/2022    EUR    22.55
Norske Skogindustrier ASA     7.13   10/15/2033    USD    24.86
CSN Resources SA              6.50    7/21/2020    USD    74.44
Tonon Luxembourg SA           9.25    1/24/2020    USD    10.75
CGG SA                        5.88    5/15/2020    EUR    41.50
Norske Skog Holding AS        8.00    2/24/2023    USD    26.00
Espirito Santo Financial G    3.13    12/2/2018    EUR     0.31
Deutsche Bank AG/London       3.19   10/31/2034    USD    70.25
New World Resources NV        4.00    10/7/2020    EUR     0.24
Orient Express Bank PJSC v   12.00    5/29/2019    USD    53.38
CBo Territoria                6.00     1/1/2020    EUR     4.07
Belfius Bank SA/NV            1.62                 FRF    70.13
Santander Finance Capital     2.00                 EUR    56.27
Action SA                     3.21     7/4/2017    PLN    71.48
GNB - Cia de Seguros de Vi    3.17                 EUR    49.00
Societe Generale SA           0.81                 EUR    69.12
Phosphorus Holdco PLC        10.00     4/1/2019    GBP     2.10
Bank Nadra via NDR Finance    8.25    7/31/2018    USD     0.32
Praktiker AG                  5.88    2/10/2016    EUR     0.25
APP International Finance    11.75    10/1/2005    USD     0.56
Banca Carige SpA              1.67   12/29/2018    EUR    49.88
Banco Espirito Santo SA       2.32                 EUR     0.27
Stichting Afwikkeling Onde    6.25   10/26/2020    EUR     4.01
German Pellets GmbH           7.25   11/27/2019    EUR     0.83
Banca Monte dei Paschi di     7.00     3/4/2019    EUR    37.77
Lehman Brothers UK Capital    6.90                 USD     0.77
Lloyds Bank PLC               0.41    1/31/2033    USD    58.00
Belfius Bank SA/NV            4.61                 EUR    60.13
Lehman Brothers Treasury C    6.00    2/15/2035    EUR     9.13
Banco Pastor SAU              2.07                 EUR    54.62
Banca Monte dei Paschi di     0.67    1/15/2018    EUR    39.33
Pescanova SA                  8.75    2/17/2019    EUR     3.11
Koninklijke Luchtvaart Maa    0.75                 CHF    36.50
Offshore Drilling Holding     8.38    9/20/2020    USD    43.25
Havila Shipping ASA           4.82    11/7/2020    NOK    42.63
Lloyds Bank PLC               2.78   12/27/2028    USD    76.00
QGOG Constellation SA         6.25    11/9/2019    USD    71.52
CGG SA                        6.50     6/1/2021    USD    48.31
LBI HF                        6.10    8/25/2011    USD     8.75
Banca Popolare di Vicenza     8.50   12/28/2018    EUR    31.15
Cirio Holding Luxembourg S    6.25    2/16/2004    EUR     0.91
Corporate Commercial Bank     8.25     8/8/2014    USD     0.99
Barclays Bank PLC             2.12    3/28/2034    USD    70.05
Agrokor dd                    9.13     2/1/2020    EUR    34.18
Rudolf Woehrl AG              6.50    2/12/2018    EUR    16.00
Lloyds Bank PLC               0.24    4/26/2033    USD    56.00
Deutsche Bank AG/London       1.44    3/27/2035    USD    66.88
CNP Assurances                2.00                 EUR    73.50
Cooperatieve Rabobank UA      0.50   11/30/2027    MXN    43.21
Kaupthing ehf                 7.63    2/28/2015    USD    17.63
Virgolino de Oliveira Fina   11.75     2/9/2022    USD     7.04
Hellenic Republic Governme    2.09    7/25/2057    EUR    40.13
Electromagnetic Geoservice    6.96    6/27/2019    NOK    70.00
Tikehau Capital SCA           1.63     1/1/2022    EUR    61.70
Dexia Kommunalbank Deutsch    5.63   12/31/2017    EUR    13.13
Volstad Shipping AS           6.89    4/15/2019    NOK    25.00
Barclays Bank PLC             2.85    1/27/2031    USD    66.13
PNE Wind AG                   3.75   10/10/2019    EUR     3.32
Teksid Aluminum Luxembourg   11.38    7/15/2011    EUR     0.39
Barclays Bank PLC             2.76    7/31/2034    USD    73.00
Mox Telecom AG                7.25    11/2/2017    EUR     3.30
Paragon Offshore PLC          7.25    8/15/2024    USD    20.75
Eniro AB                      6.00    4/14/2020    SEK    13.69
3W Power SA                   5.50   11/11/2020    EUR    40.00
Mriya Agro Holding PLC       10.95    3/30/2016    USD     5.75
Sazka AS                      9.00    7/12/2021    EUR     0.29
KTG Energie AG                7.25    9/28/2018    EUR     2.36
Vneshprombank Ltd via VPB     9.00   11/14/2016    USD     0.53
Barclays Bank PLC             1.81    7/28/2034    USD    66.35
German Pellets GmbH           7.25     7/9/2018    EUR     1.34
Oi Brasil Holdings Coopera    5.75    2/10/2022    USD    32.38
Cirio Finance Luxembourg S    7.50    11/3/2002    EUR     4.62
Air Berlin Finance BV         1.50    4/11/2027    EUR    50.00
Manchester Building Societ    8.00                 GBP    25.25
Cooperatieve Rabobank UA      0.50   10/29/2027    MXN    42.91
OGX Austria GmbH              8.38     4/1/2022    USD     0.00
Royal Bank of Scotland PLC    1.85   11/16/2030    USD    67.50
GNB - Cia de Seguros de Vi    1.87   12/19/2022    EUR    60.00
Cirio Finanziaria SpA         8.00   12/21/2005    EUR     0.40
CRC Breeze Finance SA         6.11     5/8/2026    EUR    55.63
Espirito Santo Financial G    9.75   12/19/2025    EUR     1.41
KTG Agrar SE                  7.25   10/15/2019    EUR     2.40
Etablissements Maurel et P    1.63     7/1/2019    EUR    16.21
Banca Monte dei Paschi di     2.79   10/31/2018    EUR    39.00
Bank Nederlandse Gemeenten    0.50     6/7/2022    ZAR    65.12
Windreich GmbH                6.50    7/15/2016    EUR    10.50
IKB Deutsche Industriebank    4.70     8/1/2017    EUR    32.00
Barclays Bank PLC             2.72    7/28/2031    USD    59.04
Barclays Bank PLC             2.59    2/28/2034    USD    70.10
Banco Espirito Santo SA       6.88    7/15/2016    EUR    27.88
Golden Gate AG                6.50   10/11/2014    EUR    45.40
Abanka Vipa DD Via Afinanc    1.57                 EUR     1.50
CGG SA                        6.88    1/15/2022    USD    42.13
Far Eastern Shipping Co PL   13.00   11/28/2017    RUB    50.02
Sairgroup Finance BV          4.38     6/8/2006    EUR    11.38
Laurel GmbH                   7.13   11/16/2017    EUR     8.00
Barclays Bank PLC             1.23    6/17/2033    USD    61.00
Mobylife Holding A/S          7.25    5/23/2020    SEK    53.00
Tatfondbank OAO via TFB Fi    8.50   11/12/2019    USD     0.17
Lloyds Bank PLC               2.52    7/26/2033    USD    67.13
Waste Italia SpA             10.50   11/15/2019    EUR    16.13
Finmek International SA       7.00    12/3/2004    EUR     6.50
Stichting Afwikkeling Onde   11.25                 EUR     1.05
Portugal Telecom Internati    5.24    11/6/2017    EUR    30.25
Breeze Finance SA             6.71    4/19/2027    EUR    29.05
Rena GmbH                     8.25    7/11/2018    EUR     9.38
JZ Capital Partners Ltd       6.00    7/30/2021    GBP    11.30
Afren PLC                     6.63    12/9/2020    USD     0.00
Barclays Bank PLC             0.40    5/31/2033    USD    53.00
Alpine Holding GmbH           5.25    6/10/2016    EUR     0.31
PA Resources AB              13.50     3/3/2016    SEK     0.23
Etablissements Maurel et P    2.75     7/1/2021    EUR    10.70
Geotech Seismic Services P   12.75   10/16/2019    RUB    70.01
International Industrial B   11.00    2/19/2013    USD     0.34
World Wide Supply AS          7.75    5/26/2017    USD    16.13
Paragon Offshore PLC          6.75    7/15/2022    USD    21.25
Deutsche Bank AG/London       0.36    3/15/2033    USD    59.25
Tonon Luxembourg SA          10.50    5/14/2024    USD    42.63
Barclays Bank PLC             2.62   12/30/2030    USD    67.01
Steilmann SE                  7.00    9/23/2018    EUR     2.74
Norske Skog Holding AS        8.00    2/24/2021    EUR    27.63
Pacific Drilling SA           5.38     6/1/2020    USD    47.50
German Pellets GmbH           7.25     4/1/2016    EUR     1.03
Norske Skog Holding AS        8.00    2/24/2023    USD    21.75
RENE LEZARD Mode GmbH         7.25   11/25/2017    EUR    10.50
Lehman Brothers Treasury C    5.10     5/8/2017    HKD     9.63
Windreich GmbH                6.50     3/1/2015    EUR    10.50
Hamburgische Landesbank-Gi    0.05   10/30/2040    EUR    64.42
Landes-Hypothekenbank Stei    0.06     3/7/2043    EUR    72.28
Veneto Banca SpA              6.94    5/15/2025    EUR    12.88
Barclays Bank PLC             3.22    3/27/2029    USD    68.00
UniCredit Bank Austria AG     0.15   12/27/2031    EUR    74.38
getgoods.de AG                7.75    10/2/2017    EUR     0.05
OGX Austria GmbH              8.50     6/1/2018    USD     0.03
Orient Express Bank PJSC V    8.17    6/27/2017    USD    50.00
HSBC France SA                1.03                 EUR    70.00
TES Finance PLC               6.75    7/15/2020    GBP    65.96
Lloyds Bank PLC               2.39     7/5/2033    USD    68.25
Hellas Telecommunications     8.50   10/15/2013    EUR     0.37
Banco Comercial Portugues     5.00                 EUR    60.00
Barclays Bank PLC             2.62   12/30/2030    USD    66.25
Santander Finance Capital     2.00                 EUR    56.19
Sidetur Finance BV           10.00    4/20/2016    USD     3.54
Assystem                      4.50                 EUR    38.03
Deutsche Bank AG/London       1.85    8/28/2034    USD    61.88
TradeDoubler AB               6.75   12/20/2018    SEK    58.67
Farstad Shipping ASA          5.09    7/30/2017    NOK    27.25
Deutsche Bank AG/London       2.46    6/30/2034    USD    51.50
Grupo Isolux Corsan SA        0.25   12/30/2018    EUR     4.29
OGX Austria GmbH              8.38     4/1/2022    USD     0.01
BNP Paribas SA                0.38    4/30/2033    USD    57.25
Rena GmbH                     7.00   12/15/2015    EUR     9.38
EDOB Abwicklungs AG           7.50     4/1/2012    EUR     0.60
Banco Pinto & Sotto Mayor     0.68                 EUR    34.00
Finance and Credit Bank JS    9.25    1/25/2019    USD     0.58
Holdikks SAS                  6.75    7/15/2021    EUR    59.65
Bank Nederlandse Gemeenten    0.50    7/12/2022    ZAR    64.71
Banca Carige SpA              5.70    9/17/2020    EUR    62.02
Pescanova SA                  6.75     3/5/2015    EUR     3.61
Barclays Bank PLC             1.70   11/29/2030    USD    65.25
Enterprise Holdings LTD       7.00    9/26/2017    EUR     2.69
Barclays Bank PLC             3.84    1/31/2029    USD    67.15
Lehman Brothers Treasury C    7.00    5/17/2035    EUR     9.13
KPNQwest NV                  10.00    3/15/2012    EUR     0.48
Virgolino de Oliveira Fina   10.88    1/13/2020    USD    28.50
PA Resources AB               3.00   12/27/2017    NOK     0.11
BOA Offshore AS               7.69   12/18/2018    NOK    25.00
Societe Generale SA           0.12    5/31/2033    USD    65.00
Steilmann SE                  7.00     3/9/2017    EUR     2.74
Del Monte Finance Luxembou    6.63    5/24/2006    EUR     5.44
Talvivaara Mining Co PLC      4.00   12/16/2015    EUR     0.27
Enterprise Holdings LTD       7.00    3/30/2020    EUR     2.69
SAG Solarstrom AG             6.25   12/14/2015    EUR    33.63
SiC Processing GmbH           7.13     3/1/2016    EUR     3.23
Royal Bank of Scotland PLC    1.84    8/26/2031    USD    66.13
KPNQwest NV                   8.88     2/1/2008    EUR     0.65
Lehman Brothers Treasury C    6.00    11/2/2035    EUR     9.13
Veneto Banca SpA              6.95    2/25/2025    EUR    11.63
IT Holding Finance SA         9.88   11/15/2012    EUR     1.63
Cooperatieve Rabobank UA      0.50    7/30/2043    MXN    12.26
Governo Portugues Consolid    3.00                 EUR    75.00
IVG Immobilien AG             5.50                 EUR     0.65
Barclays Bank PLC             1.94    9/30/2031    USD    69.10
Barclays Bank PLC             2.42    2/25/2031    USD    65.01
Banca Carige SpA              5.70    6/30/2017    EUR    72.94
Espirito Santo Financial P    5.13    5/30/2016    EUR     0.93
Steilmann SE                  6.75    6/27/2017    EUR     4.94
Banca Nuova SpA               6.06    5/23/2028    EUR    65.68
Banco Espirito Santo SA       6.90    6/28/2024    EUR    25.50
Deutsche Bank AG/London       0.18    1/31/2033    USD    55.35
Lehman Brothers Treasury C    4.00    2/16/2017    EUR     9.13
New World Resources NV        4.00    10/7/2020    EUR     0.24
Gebr Sanders GmbH & Co KG     8.75   10/22/2018    EUR    29.63
SeaBird Exploration Financ    6.00     3/3/2018    USD    16.00
Banca Popolare di Vicenza     5.00    6/30/2021    EUR    64.47
Landesbank Hessen-Thuering    0.08     5/3/2041    EUR    71.46
Kommunalbanken AS             0.50    5/27/2022    ZAR    66.50
Barclays Bank PLC             0.06   12/28/2040    EUR    74.57
Lloyds Bank PLC               1.84    7/29/2033    USD    66.80
Privatbank CJSC Via UK SPV   10.88    2/28/2018    USD    21.00
Depfa Funding II LP           6.50                 EUR    57.25
Mobile TeleSystems PJSC       8.85    3/25/2021    RUB   101.25
Barclays Bank PLC             4.13   10/10/2029    USD    74.57
Farstad Shipping ASA          4.29    5/29/2018    NOK    26.00
Frigoglass Finance BV         8.25    5/15/2018    EUR    56.88
Stichting Afwikkeling Onde    2.42                 EUR     1.05
Afren PLC                    10.25     4/8/2019    USD     0.01
Portigon AG                   7.46   12/31/2019    EUR    25.50
Region of Abruzzo Italy       0.13    11/7/2036    EUR    61.20
Russian Post FGUP             8.55    5/11/2027    RUB    99.00
ADLER Real Estate AG          6.00    6/30/2017    EUR    14.50
New World Resources NV        8.00     4/7/2020    EUR     4.86
Tonon Luxembourg SA           9.25    1/24/2020    USD    10.75
TES Finance PLC               5.34    7/15/2020    GBP    67.51
MS Deutschland Beteiligung    6.88   12/18/2017    EUR     5.88
A-TEC Industries AG           2.75    5/10/2014    EUR     2.00
Montepio Holding SGPS SA      5.00                 EUR    50.10
Golden Energy Offshore Ser    5.00   12/31/2017    NOK    40.00
Barclays Bank PLC             0.55    3/28/2033    USD    59.70
Barclays Bank PLC             1.84    11/1/2031    USD    64.50
Alpine Holding GmbH           5.25     7/1/2015    EUR     0.31
Bulgaria Steel Finance BV    12.00     5/4/2013    EUR     2.46
Acron PJSC                    9.55    9/24/2026    RUB   101.01
Hypo Tirol Bank AG            0.12    7/23/2026    EUR    64.72
Lehman Brothers Treasury C    7.25    10/5/2035    EUR     9.63
A-TEC Industries AG           8.75   10/27/2014    EUR     2.00
Nationwide Building Societ    0.82                 GBP    72.00
Banca Popolare di Vicenza     9.50    10/2/2025    EUR    15.50
Solon SE                      1.38    12/6/2012    EUR     0.33
Gazprombank JSC               9.95    12/2/2019    RUB    70.05
Marfin Investment Group Ho    7.00    7/29/2019    EUR     0.40
Kaupthing ehf                 5.75    10/4/2011    USD    17.63
Moscow United Electric Gri    8.55     5/6/2027    RUB    60.10
Virgolino de Oliveira Fina   10.50    1/28/2018    USD     7.13
Agroton Public Ltd            6.00    7/14/2019    USD    14.13
Lehman Brothers Treasury C    5.00    2/16/2015    EUR     9.13
Santander Finance Capital     2.00                 USD    56.16
SAG Solarstrom AG             7.50    7/10/2017    EUR    33.63
KPNQwest NV                   8.88     2/1/2008    EUR     0.65
Rosneft Oil Co PJSC          10.65    12/3/2020    RUB    62.00
Hamburgische Landesbank-Gi    0.05    1/22/2041    EUR    62.29
AKB Peresvet ZAO             13.50   10/16/2020    RUB    13.00
Afren PLC                    11.50     2/1/2016    USD     0.17
Barclays Bank PLC             2.36   12/23/2033    USD    66.20
Barclays Bank PLC             0.61     4/9/2028    USD    67.10
Intelsat Luxembourg SA       12.50   11/15/2024    USD    68.47
New Look Senior Issuer PLC    8.00     7/1/2023    GBP    74.87
La Veggia Finance SPA         7.13   11/14/2004    EUR     1.92
Depfa Funding IV LP           1.54                 EUR    57.13
Autonomous Community of Ca    2.97     9/8/2039    JPY    64.30
Lehman Brothers Treasury C    5.00    9/22/2014    EUR     9.13
Far East Capital Ltd SA       8.00     5/2/2018    USD    70.01
Veneto Banca SpA              1.67    5/15/2019    EUR    43.75
Rosbank PJSC                 10.40    5/27/2026    RUB    61.77
Lloyds Bank PLC               2.70   10/25/2033    USD    73.13
ADLER Real Estate AG          6.00   12/27/2018    EUR    14.50
Cirio Del Monte NV            7.75    3/14/2005    EUR     1.88
Rem Offshore ASA              5.00    12/8/2024    NOK    32.51
BLT Finance BV               12.00    2/10/2015    USD    10.50
Barclays Bank PLC             3.87    4/16/2029    USD    67.25
Deutsche Bank AG/London       2.94    9/30/2029    USD    67.00
Banco Espirito Santo SA      10.00    12/6/2021    EUR     0.74
OAS Investments GmbH          8.25   10/19/2019    USD     3.75
Oceanic Champion AS           8.00    2/20/2020    USD    71.33
Svensk Exportkredit AB        0.50    6/28/2022    ZAR    64.66
Admiral Boats SA              8.50    9/18/2017    PLN    20.00
Northland Resources AB       15.00    7/15/2019    USD     0.41
Vorarlberger Landes- und H    5.87                 EUR    51.98
Talvivaara Mining Co PLC      9.75     4/4/2017    EUR     1.03
UniCredit Bank AG             5.00   12/21/2029    EUR    73.52
Mriya Agro Holding PLC        9.45    4/19/2018    USD     4.00
Svensk Exportkredit AB        0.50    4/24/2029    AUD    62.79
Cooperatieve Rabobank UA      0.50    1/31/2033    MXN    24.87
DEMIRE Real Estate AG         6.00   12/30/2018    EUR     3.69
Northland Resources AB        4.00   10/15/2020    USD     0.21
Bank Julius Baer & Co Ltd/    6.70     6/2/2017    USD    55.05
Barclays Bank PLC             1.88    8/15/2033    USD    61.00
Karlie Group GmbH             5.00    6/25/2021    EUR     3.70
Autonomous Community of Ca    1.06     9/8/2024    EUR    73.01
Landesbank Hessen-Thuering    0.09    4/23/2041    EUR    70.93
Accentro Real Estate AG       6.25    3/27/2019    EUR    10.50
Minicentrales Dos SA          6.45    4/14/2028    EUR    67.13
Stroika Finance Ltd Via Em    9.90    6/25/2019    RUB    12.00
MegaFon PJSC                  9.90    5/29/2026    RUB   102.36
Novo Banco SA                 3.00   12/16/2021    EUR    69.86
Dannemora Mineral AB         11.75    3/22/2016    USD     0.42
Artea                         6.00     8/4/2019    EUR    14.43
Lehman Brothers Treasury C    2.88    3/14/2013    CHF     9.13
Municipality Finance PLC      0.50    4/26/2022    ZAR    65.75
Stichting Afwikkeling Onde    6.63    5/14/2018    EUR     3.02
A-TEC Industries AG           5.75    11/2/2010    EUR     2.00
Barclays Bank PLC             0.48    4/19/2033    USD    56.00
Rosbank PJSC                  9.80   12/20/2026    RUB    61.66
Lehman Brothers Treasury C    8.25    3/16/2035    EUR     9.13
Kaupthing ehf                 9.00                 USD     0.13
BNP Paribas SA                0.50    9/29/2029    AUD    61.85
Rosbank PJSC                  7.50    10/7/2024    RUB    98.00
wige MEDIA AG                 6.00    3/17/2019    EUR     2.90
Activa Resources AG           8.00   11/15/2017    EUR    17.80
Bibby Offshore Services PL    7.50    6/15/2021    GBP    55.50
Svensk Exportkredit AB        0.50    8/29/2029    AUD    62.78
Banca Popolare di Vicenza     5.00    3/31/2021    EUR    66.24
Vnesheconombank               9.76   12/17/2021    RUB    60.06
Svensk Exportkredit AB        0.50    6/29/2029    AUD    63.12
AKB Peresvet ZAO             13.25    4/25/2018    RUB    23.49
Mifa Mitteldeutsche Fahrra    7.50    8/12/2018    EUR     2.95
KPNQwest NV                   7.13     6/1/2009    EUR     0.51
Uppfinnaren 1 AB             10.00                 SEK    63.55
Gazprombank JSC               9.87    2/19/2021    RUB    60.00
Orient Express Bank PJSC     13.60     8/9/2018    RUB    62.00
Banca Popolare di Vicenza     5.00    5/30/2021    EUR    65.16
UniCredit Bank Austria AG     0.02    1/25/2031    EUR    69.39
Lehman Brothers Treasury C    6.65    8/24/2011    AUD     9.63
Phones4u Finance PLC          9.50     4/1/2018    GBP    72.88
Ideal Standard Internation   11.75     5/1/2018    EUR     4.78
Kamaz PJSC                   11.24    7/18/2030    RUB    62.00
Minaya Capital AG             7.00     8/1/2018    EUR    69.55
Russian Railways JSC         10.30    3/25/2026    RUB    63.00
Podkarpacki Bank Spoldziel    5.81     7/2/2020    PLN    67.10
Deutsche Bank AG              0.35    6/28/2033    USD    57.50
Virgolino de Oliveira Fina   11.75     2/9/2022    USD     7.38
Cooperatieve Rabobank UA      0.50   10/30/2043    MXN    12.49
DOF ASA                       7.89    9/12/2019    NOK    40.00
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Barclays Bank PLC             2.96    9/29/2034    USD    71.85
Oi Brasil Holdings Coopera    5.63    6/22/2021    EUR    31.00
Alpha Bank AE                 2.50    6/20/2022    EUR    74.06
O1 Properties Finance ZAO    13.00    10/2/2020    RUB   107.00
Banco BPI SA                  1.78                 EUR    58.02
KPNQwest NV                   8.13     6/1/2009    USD     0.49
Banca Popolare di Vicenza     5.00   11/22/2020    EUR    68.17
Banca Popolare di Vicenza     5.00    3/25/2021    EUR    66.32
Rinol AG                      5.50   10/15/2006    DEM     0.00
Johnston Press Bond Plc       8.63     6/1/2019    GBP    61.00
WPE International Cooperat   10.38    9/30/2020    USD    16.50
Governo Portugues Consolid    2.75                 EUR    68.75
Vnesheconombank              11.60    2/17/2025    RUB   100.00
Heta Asset Resolution AG      0.43   12/31/2023    EUR    39.75
Solarwatt GmbH                7.00    11/1/2015    EUR    14.50
Royal Bank of Scotland PLC    2.42   12/13/2028    USD    72.31
SAir Group                    0.13     7/7/2005    CHF    13.63
BNP Paribas SA                0.50    7/20/2021    BRL    64.60
Barclays Bank PLC             5.29    3/27/2029    USD    74.25
Lehman Brothers Treasury C    7.00   11/26/2013    EUR     9.13
Sairgroup Finance BV          6.63    10/6/2010    EUR     9.88
Barclays Bank PLC             1.70    4/25/2034    USD    68.50
Sberbank of Russia PJSC      10.00    6/20/2019    RUB    81.00
Rosneft Oil Co PJSC          11.40    12/3/2020    RUB    62.00
Sankt-Peterburg Telecom OA   10.70    1/31/2022    RUB    62.63
Banca Meridiana               1.25   11/12/2017    EUR    21.00
ING Bank Eurasia JSC          9.70    5/27/2020    RUB    61.30
Heta Asset Resolution AG      0.24   12/31/2023    EUR    39.75
Raiffeisen Versicherung AG    2.02                 EUR    31.28
Kaupthing ehf                 5.75    10/4/2011    USD    17.63
Veneto Banca SpA              5.41    5/25/2023    EUR    61.28
Royal Bank of Scotland PLC    1.72    2/25/2031    USD    63.60
Mechel PJSC                   8.00     2/9/2021    RUB    71.28
Atari SA                      7.50    2/17/2020    EUR     0.37
UkrLandFarming PLC           10.88    3/26/2018    USD    21.63
Lehman Brothers Treasury C    7.00     6/6/2017    EUR     0.26
EFG International Finance    10.15     8/2/2017    CHF    70.06
Atomenergoprom JSC           11.10   12/12/2025    RUB    63.66
Espirito Santo Financial G    5.05   11/15/2025    EUR     0.86
Republic of Italy Governme    0.19    7/31/2045    EUR    74.10
Norske Skogindustrier ASA     2.00   12/30/2115    EUR     8.25
Afren PLC                    10.25     4/8/2019    USD     0.01
WGF Westfaelische Grundbes    6.35     8/1/2017    EUR     3.50
Minicentrales Dos SA          4.81   11/29/2034    EUR    60.13
Bilt Paper BV                 9.64                 USD    29.88
Atari SA                      0.10     4/1/2020    EUR     4.26
Far East Capital Ltd SA       8.75     5/2/2020    USD    70.67
United Engine Corp JSC       10.75    6/10/2026    RUB    66.11
Cattles Ltd                   7.13     7/5/2017    GBP     0.28
Afren PLC                     6.63    12/9/2020    USD     0.06
Cie de Financement Foncier    0.98    8/11/2046    EUR    73.00
Gazprom PJSC                  5.10   10/21/2043    RUB    60.01
ML 33 Invest AS               7.50                 NOK    68.86
Lehman Brothers Treasury C    5.55    3/12/2015    EUR     0.26
Lehman Brothers Treasury C    6.00    3/14/2011    EUR     9.13
Cerruti Finance SA            6.50    7/26/2004    EUR     1.30
Lehman Brothers Treasury C    5.00    2/27/2014    EUR     9.13
Lloyds Bank PLC               2.70    4/25/2034    USD    67.50
International Industrial B    9.00     7/6/2011    EUR     0.70
Virgolino de Oliveira Fina   10.88    1/13/2020    USD    28.38
Elli Investments Ltd         12.25    6/15/2020    GBP    68.00
Municipiul Timisoara          0.80    5/15/2026    RON    70.00
AKB Peresvet ZAO             13.25    6/22/2017    RUB    22.63
Banca Popolare di Vicenza     4.97    4/20/2027    EUR    41.28
Pierer Industrie AG           5.75                 EUR    62.69
Municipality Finance PLC      0.50   11/17/2020    BRL    74.10
BLT Finance BV                7.50    5/15/2014    USD     2.18
Anglian Water Services Fin    0.87    1/26/2057    GBP    74.50
City of Moscow Russia         7.50    5/18/2021    RUB    60.01
Kaupthing ehf                 5.25    7/18/2017    BGN    17.63
Banca Monte dei Paschi di     4.36    3/14/2024    EUR    13.78
State Transport Leasing Co   14.30   12/10/2024    RUB    60.00
Pongs & Zahn AG               8.50                 EUR     0.15
Astana Finance BV             9.00   11/16/2011    USD    16.88
UniCredit Bank AG             0.37   11/19/2029    EUR    62.43
Muehl Product & Service AG    6.75    3/10/2005    DEM     2.33
Marfin Investment Group Ho    6.30    7/29/2020    EUR     0.40
Marine Subsea AS              9.00   12/16/2019    USD     0.44
Deutsche Bank AG/London       2.84   11/26/2034    USD    67.25
UniCredit Bank Austria AG     0.16   10/31/2031    EUR    67.28
City of Predeal Romania       1.50    5/15/2026    RON    60.00
Societe Generale SA           1.60     1/9/2020    GBP     1.12
JP Morgan Structured Produ    4.00     6/2/2017    USD    54.96
SUEK Finance                 12.50    8/19/2025    RUB    60.07
Svensk Exportkredit AB        0.50    1/31/2022    ZAR    67.84
Municipality Finance PLC      0.50    6/19/2024    ZAR    54.26
Astana Finance BV             7.88     6/8/2010    EUR    16.88
Lehman Brothers Treasury C    6.00    3/18/2015    USD     9.13
Lehman Brothers Treasury C    8.25    12/3/2015    EUR     9.13
Province of Milan Italy       0.03   12/22/2033    EUR    69.21
Region of Molise Italy        0.18   12/15/2033    EUR    66.37
Municipality Finance PLC      0.50   11/25/2020    ZAR    74.21
Metalloinvest Holding Co O    0.01    3/10/2022    RUB    60.00
Credit Suisse AG/London       0.50     1/8/2026    BRL    44.00
HSH Nordbank AG               2.30     2/1/2036    EUR    74.37
Rosneft Oil Co PJSC          14.90    12/3/2020    RUB    62.00
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Windreich GmbH                6.25     3/1/2015    EUR    10.50
KTM Industries AG             5.00                 EUR    74.57
Fonciere Volta SA             4.50    7/30/2020    EUR     2.59
Societe Generale SA           8.88     6/1/2017    USD    34.01
Russian Post FGUP             9.35    9/10/2026    RUB    60.55
Zapsibcombank PAO             5.00     9/4/2017    RUB    61.00
Kaupthing ehf                 6.13    10/4/2016    USD    17.63
EFG International Finance     6.00   11/30/2017    EUR     8.96
Alpha Bank AE                 2.50    6/20/2022    EUR    74.08
Rossiysky Capital OJSC       13.00   11/22/2019    RUB    80.01
EFG International Finance     2.10    3/23/2018    EUR    20.37
City of Kiev Ukraine Via C    8.00    11/6/2015    USD    64.88
HPI AG                        3.50                 EUR     6.00
Commerzbank AG               30.00    6/30/2020    USD     6.07
Lehman Brothers Treasury C    4.00    7/20/2012    EUR     0.26
Nuova Banca delle Marche S    7.20    6/30/2018    EUR     1.24
Rosintrud OOO                10.50     2/5/2021    RUB    60.00
Northland Resources AB        4.00   10/15/2020    NOK     0.25
Lehman Brothers Treasury C    5.00    3/18/2015    EUR     9.13
Oberbank Hybrid 1 GmbH        0.87                 EUR    47.96
Petromena ASA                10.85   11/19/2017    USD     0.52
ENEL RUSSIA PJSC             12.10    5/22/2025    RUB   102.73
OT-Optima Telekom DD          5.25    5/30/2022    HRK
VEB-Leasing OAO              12.50     9/1/2025    RUB
Barclays Bank PLC             2.28    8/31/2031    USD    67.50
Agentstvo po Ipotechnomu Z    9.50   11/15/2024    RUB    61.00
SAir Group                    6.25    4/12/2005    CHF    13.63
SG Issuer SA                  5.50    4/10/2021    EUR    65.97
Salvator Grundbesitz-AG       9.50                 EUR    19.15
ROSSETI PJSC                 11.25   11/14/2025    RUB    80.00
Kommunekredit                 0.50    7/30/2027    TRY    33.67
Societe Generale SA           0.53    6/28/2033    USD    73.75
Lehman Brothers Treasury C    5.00     5/2/2022    EUR     0.26
Lehman Brothers Treasury C    1.46    2/19/2012    JPY     9.13
Municipiul Timisoara          0.80    5/15/2026    RON    68.00
Aralco Finance SA            10.13     5/7/2020    USD     1.77
Metalloinvest Holding Co O    0.01     3/7/2022    RUB    50.01
Credit Agricole Corporate     0.50     3/6/2023    RUB    64.64
Er-Telekom Holding ZAO       10.85    12/1/2021    RUB    60.06
Barclays Bank PLC             2.57    3/21/2031    USD    70.13
United Aircraft Corp PJSC     8.00    3/17/2020    RUB    60.00
Podkarpacki Bank Spoldziel    5.81    3/31/2025    PLN    50.00
Lloyds Bank PLC               0.50    7/26/2021    BRL    67.35
Banco Espirito Santo SA       1.22    5/27/2018    EUR     0.74
AKB Peresvet ZAO             13.00    10/7/2017    RUB    22.50
Santander Finance Capital     2.00                 USD    56.16
Moscow United Electric Gri   11.00    9/12/2024    RUB    62.00
Finans-Avia OOO               0.01    7/31/2027    RUB    20.65
Credit Suisse AG/London       9.20   10/28/2019    USD     9.82
Synergy PJSC                 14.50    5/28/2020    RUB    61.07
Banca Popolare di Vicenza     1.60    2/20/2020    EUR    67.35
Municipality Finance PLC      0.50    7/30/2029    AUD    70.31
Bank Nederlandse Gemeenten    0.50    6/22/2021    ZAR    70.80
UBS AG                        5.60     3/4/2019    EUR    72.17
Lehman Brothers Treasury C    5.25   11/21/2009    USD     0.26
Ekotechnika AG                9.75    5/10/2018    EUR     9.50
Province of Brescia Italy     0.14    6/30/2036    EUR    63.40
Lehman Brothers Treasury C    4.50     5/2/2017    EUR     9.13
Penell GmbH Elektrogroshan    7.75    6/10/2019    EUR     5.07
ROSSETI PJSC                 11.90     6/9/2025    RUB    60.07
Lillestroem Sparebank         4.44                 NOK    62.30
BNP Paribas SA                0.50     5/6/2021    MXN    71.35
Kaupthing ehf                 7.50     2/1/2045    USD     0.27
Lehman Brothers Treasury C    8.00    2/16/2016    EUR     0.26
Bank Nederlandse Gemeenten    0.50    8/15/2022    ZAR    63.83
Lehman Brothers Treasury C    1.28    11/6/2010    JPY     9.13
Rossiysky Capital OJSC       10.50    1/16/2020    RUB    70.01
DekaBank Deutsche Girozent    0.01    6/29/2046    EUR    53.58
Dummy Set-up for ticker DU    9.55   12/28/2046    RUB     4.40
ECA                           2.50     1/1/2018    EUR
Bank Nederlandse Gemeenten    0.50    5/12/2021    ZAR    71.55
EDOB Abwicklungs AG           7.50     4/1/2012    EUR     0.60
ECM Real Estate Investment    5.00    10/9/2011    EUR    10.38
Societe Generale SA           1.00   12/22/2017    GBP     0.98
Rosneft Oil Co PJSC           9.35    1/18/2021    RUB    60.00
RGS Nedvizhimost OOO         12.50     6/2/2017    RUB    74.03
Agentstvo po Ipotechnomu Z    8.05   11/15/2018    RUB    70.00
Reso-Leasing OOO             10.50    9/21/2023    RUB   100.25
BAWAG PSK Versicherungs AG    1.06                 EUR    53.75
Sibur Holding PAO             9.65    9/16/2026    RUB    60.06
Cooperatieve Rabobank UA      0.50   12/29/2027    MXN    41.91
Phosphorus Holdco PLC        10.00     4/1/2019    GBP     2.10
LBI HF                        7.43                 USD     0.00
Credit Suisse AG/London      11.70    4/20/2018    USD    10.21
Rosselkhozbank JSC           12.87   12/21/2021    RUB    60.06
Bayerische Landesbank         2.70     7/6/2018    EUR    69.88
Rosneft Oil Co PJSC          10.65    12/3/2020    RUB    62.00
SG Issuer SA                  0.82     8/2/2021    SEK    69.30
Societe Generale SA           0.57    2/28/2033    USD    63.40
Svensk Exportkredit AB        0.50    2/22/2022    ZAR    66.52
Lehman Brothers Treasury C    7.00    4/14/2009    EUR     0.26
Transcapitalbank JSC         15.00    2/14/2022    RUB   102.01
Banca Popolare di Vicenza     2.50   11/22/2019    EUR    71.07
Banca Popolare di Vicenza     2.50    7/11/2019    EUR    74.69
SG Issuer SA                  6.65   10/10/2021    EUR    73.84
Vnesheconombank               9.75    8/16/2029    RUB    60.00
Podkarpacki Bank Spoldziel    5.11    5/28/2023    PLN    60.20
German Pellets GmbH           8.00                 EUR     0.12
Gazprom PJSC                  5.10   10/21/2043    RUB    60.00
COFIDUR SA                    0.10   12/31/2024    EUR    22.45
Voss Veksel OG Landmands B    8.15                 NOK    73.71
HSBC Bank PLC                 0.50   10/30/2026    NZD    70.14
Lehman Brothers Treasury C    1.75     2/7/2010    EUR     0.26
Lehman Brothers Treasury C    8.25     2/3/2016    EUR     0.26
Lehman Brothers Treasury C   11.00   12/20/2017    AUD     0.26
AKB Peresvet ZAO             12.50     9/6/2017    RUB    21.55
Windreich GmbH                6.75     3/1/2015    EUR    10.50
Rusfinans Bank OOO            9.90    7/18/2018    RUB    60.78
Russian Railways JSC         13.90    5/30/2040    RUB
Promnefteservis OOO          10.50   11/21/2019    RUB     3.40
Dummy Set-up for ticker DU    8.50    7/15/2041    RUB
LBI HF                        2.25    2/14/2011    CHF     7.13
Banca Popolare di Vicenza     2.00    11/7/2019    EUR    70.53
Agentstvo po Ipotechnomu Z   10.90    11/1/2022    RUB    60.72
UmweltBank AG                 2.85                 EUR    70.10
Vimpel-Communications PJSC   11.90    10/3/2025    RUB    62.00
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Lehman Brothers Treasury C   23.30    9/16/2008    USD     0.26
Lehman Brothers Treasury C    0.01    9/20/2011    USD     0.26
Rostelecom PJSC              11.70    5/20/2025    RUB    60.07
Svensk Exportkredit AB        0.50    3/28/2029    AUD    70.60
Orient Express Bank PJSC     11.70    7/17/2018    RUB    59.40
Agentstvo po Ipotechnomu Z   11.50    9/25/2018    RUB    70.00
Veneto Banca SpA              2.40    3/31/2020    EUR    71.46
Banca delle Marche SpA        6.00     5/8/2018    EUR     1.22
Lehman Brothers Treasury C    7.50    6/15/2017    USD     0.26
Lehman Brothers Treasury C    5.00    8/16/2017    EUR     9.13
EFG International Finance     7.20    2/25/2019    EUR    12.41
DekaBank Deutsche Girozent    0.12    6/23/2034    EUR    70.81
Lehman Brothers Treasury C    6.70    4/21/2011    USD     0.26
Lehman Brothers Treasury C    4.87    10/8/2013    USD     0.26
UniCredit Bank AO            12.35    9/16/2020    RUB    63.00
Salvator Grundbesitz-AG       9.50   12/31/2021    EUR    10.20
Soyuz AKB OAO                13.00   11/22/2019    RUB    95.00
Bank Nederlandse Gemeenten    0.50     8/9/2022    MXN    66.41
Lehman Brothers Treasury C    7.39     5/4/2017    USD     0.26
Lehman Brothers Treasury C    3.00    12/3/2012    EUR     0.26
Credit Suisse AG/Nassau       7.13    6/26/2017    CHF    66.88
Gold-Zack AG                  7.00   12/14/2005    EUR    12.58
Lehman Brothers Treasury C    3.03    1/31/2015    EUR     0.26
Rosselkhozbank JSC           14.50                 RUB    64.52
Rosselkhozbank JSC           14.50                 RUB    64.89
Rusfinans Bank OOO            8.90    4/24/2018    RUB    60.07
Deutsche Bank AG/London       0.50    10/5/2021    IDR    66.29
Barclays Bank PLC             7.12    10/4/2017    USD    37.01
Lehman Brothers Treasury C    4.70    3/23/2016    EUR     0.26
Lehman Brothers Treasury C    5.00    5/12/2011    CHF     0.26
State of Saxony-Anhalt        0.30     7/3/2028    EUR    24.00
Municipality Finance PLC      0.50    5/31/2022    ZAR    65.04
Rusfinans Bank OOO           10.00    7/31/2026    RUB    61.17
Rusfinans Bank OOO            9.65    2/26/2021    RUB    60.23
Agentstvo po Ipotechnomu Z   10.30    7/15/2023    RUB    61.00
Municipality Finance PLC      0.50     5/8/2029    AUD    60.81
Barclays Bank PLC             0.50    3/26/2021    MXN    70.47
SAir Group                    5.50    7/23/2003    CHF    13.57
Societe Generale SA           8.00    2/14/2022    USD     9.00
Lehman Brothers Treasury C    4.60   10/11/2017    ILS     9.13
AKB Peresvet ZAO              2.45     9/2/2020    RUB    11.34
Bank Julius Baer & Co Ltd/   15.40    6/16/2017    USD    56.20
Lehman Brothers Treasury C    7.60    5/21/2013    USD     0.26
Lehman Brothers Treasury C    5.00   11/22/2012    EUR     0.26
Lehman Brothers Treasury C    2.00    6/28/2011    EUR     0.26
City of Siret Romania         2.32     3/1/2028    RON    50.00
HSBC Bank PLC                 0.50   12/29/2026    AUD    67.53
Freight One JSC              12.00   10/15/2025    RUB    63.06
Cooperatieve Rabobank UA      0.50    8/21/2028    MXN    39.51
Svensk Exportkredit AB        0.50    6/20/2029    AUD    70.02
Vnesheconombank               8.35   11/24/2020    RUB    60.06
BELLAGIO Holding GmbH         2.18                 EUR    48.20
Lehman Brothers Treasury C    2.00   11/16/2009    EUR     0.26
LBI HF                        6.10    8/25/2011    USD     8.75
Lehman Brothers Treasury C    4.00    4/13/2011    CHF     0.26
Mriya Agro Holding PLC       10.95    3/30/2016    USD     6.75
Lehman Brothers Treasury C    4.60     7/6/2016    EUR     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     9.63
Lehman Brothers Treasury C    4.60    11/9/2011    EUR     9.13
Lehman Brothers Treasury C    4.00    7/27/2011    EUR     0.26
Corner Banca SA              20.00    7/10/2018    CHF    71.51
EFG International Finance    14.00     3/8/2018    CHF    62.69
ROSSETI PJSC                 10.29   10/31/2045    RUB    60.07
Lehman Brothers Treasury C    5.12    4/30/2027    EUR     0.26
Lehman Brothers Treasury C    5.50    6/22/2010    USD     9.13
UVS-Finance OOO              14.50    9/10/2019    RUB    99.97
Podkarpacki Bank Spoldziel    5.01    10/6/2021    PLN    70.60
Bank Nederlandse Gemeenten    0.50    9/20/2022    ZAR    63.18
Sidetur Finance BV           10.00    4/20/2016    USD     3.54
ENEL RUSSIA PJSC             12.10    5/22/2025    RUB    60.06
Banca delle Marche SpA        6.00    6/12/2018    EUR     1.52
AKB Peresvet ZAO             12.75    7/24/2018    RUB    19.74
Lehman Brothers Treasury C   11.00    6/29/2009    EUR     0.26
Kommunekredit                 0.50    5/11/2029    CAD    74.42
Banca Popolare di Vicenza     5.20    3/28/2024    EUR    51.57
Lehman Brothers Treasury C    6.00    9/20/2011    EUR     0.26
Credit Suisse AG/London       8.00   11/29/2019    USD     7.50
KPNQwest NV                   7.13     6/1/2009    EUR     0.51
Lehman Brothers Treasury C    8.00    3/19/2012    USD     0.26
Rosneft Oil Co PJSC           9.85    1/18/2021    RUB    60.00
Kamaz PJSC                   10.39    12/5/2030    RUB    62.00
Lehman Brothers Treasury C    7.60    1/31/2013    AUD     0.26
Societe Generale SA           7.00   10/20/2020    USD
Russian Bank for Small and    9.25    3/17/2022    RUB    60.31
RusHydro PJSC                11.85     7/4/2018    RUB    86.00
Svensk Exportkredit AB        0.10   11/20/2019    TRY    73.85
Agrokompleks OOO              0.10    7/29/2019    RUB     5.00
Espirito Santo Financial G    5.05   11/15/2025    EUR     0.71
National Capital JSC          9.25    4/22/2019    RUB    99.98
Kaupthing ehf                 7.63    2/28/2015    USD    17.63
Lehman Brothers Treasury C   14.90   11/16/2010    EUR     0.26
Kubanenergo PJSC             10.44   11/21/2025    RUB    60.00
PA Urals Optical & Mechani   14.25   12/25/2018    RUB    95.75
Lehman Brothers Treasury C    8.00    5/22/2009    USD     0.26
Lehman Brothers Treasury C   10.00    6/11/2038    JPY     0.26
Lehman Brothers Treasury C   12.00    7/13/2037    JPY     0.26
Lehman Brothers Treasury C    4.68   12/12/2045    EUR     0.26
Kamaz PJSC                    9.63    12/2/2031    RUB    62.00
Rusfinans Bank OOO           10.10    6/30/2020    RUB    60.14
BLT Finance BV                7.50    5/15/2014    USD     2.18
Transneft PJSC                8.00     7/3/2025    RUB    62.00
Lehman Brothers Treasury C    7.50     5/2/2017    EUR     0.26
Lehman Brothers Treasury C   11.00   12/19/2011    USD     0.26
Leonteq Securities AG/Guer   29.61   10/26/2017    EUR    37.89
Kommunekredit                 0.50   12/14/2020    ZAR    74.02
Ladya-Finans LLC             12.00   10/29/2021    RUB    61.00
ROSSETI PJSC                  9.15    8/18/2026    RUB    60.06
Barclays Bank PLC             0.50    1/28/2033    MXN    23.90
Barclays Bank PLC             1.00    5/10/2019    JPY    56.59
HSBC Bank PLC                 0.50    6/10/2021    BRL    67.25
SAir Group                    6.25   10/27/2002    CHF    13.58
Ashinskiy metallurgical wo    5.60    6/17/2024    RUB    62.00
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
Bayerische Landesbank         2.60   10/19/2018    EUR    67.42
SAir Group                    4.25     2/2/2007    CHF    13.63
Union Technologies Informa    0.10     1/1/2020    EUR     5.40
TGC-1 PJSC                    5.60    2/14/2022    RUB    60.01
Commerzbank AG                8.00    7/14/2021    USD
National Capital JSC          9.50    7/25/2018    RUB   100.00
Bank Julius Baer & Co Ltd/    6.00    7/24/2017    CHF    74.80
Lehman Brothers Treasury C    4.50     3/6/2013    CHF     0.26
Northland Resources AB       15.00    7/15/2019    USD     0.41
ROSSETI PJSC                  9.15    8/18/2026    RUB    60.06
Veneto Banca SpA              5.15    1/25/2023    EUR    61.81
Oberoesterreichische Lande    0.30    4/25/2042    EUR    26.76
EFG International Finance     7.00   11/27/2019    EUR    17.22
EFG International Finance     8.99     9/4/2017    EUR     2.94
AKB Peresvet ZAO             13.50    6/23/2021    RUB    12.49
Polbrand sp zoo               9.00    10/2/2017    PLN    50.00
Lehman Brothers Treasury C    0.50     7/2/2020    EUR     0.26
Lehman Brothers Treasury C    7.00    9/20/2011    USD     0.26
Russian Railways JSC          6.80    5/20/2044    RUB
Communaute Francaise de Be    0.50    6/27/2046    EUR    68.19
Locko-Bank AO                12.55    7/11/2023    RUB    60.31
Espirito Santo Financial P    5.63    7/28/2017    EUR     1.04
Lehman Brothers Treasury C   13.50   11/28/2008    USD     0.26
EFG International Finance    12.86   10/30/2017    EUR     1.96
Societe Generale SA           0.50     8/4/2021    BRL    67.40
Polski Bank Spoldzielczy w    4.81    6/18/2020    PLN    50.00
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
Rosselkhozbank JSC           10.85    7/14/2025    RUB    60.27
Lehman Brothers Treasury C    5.00    12/6/2011    EUR     0.26
Kamaz PJSC                    9.92   11/24/2031    RUB    62.00
Podkarpacki Bank Spoldziel    5.81   10/24/2024    PLN    55.20
Bank VTB 24 JSC               9.00     9/1/2044    RUB
Escher Marwick PLC            3.50   10/14/2031    USD    74.57
Dummy Set-up for ticker DU    3.00   12/28/2046    RUB    33.41
Europlan Leasing Co          12.50    9/25/2019    RUB    94.13
Agrokompleks OOO              0.10    12/8/2022    RUB     3.91
Lehman Brothers Treasury C    7.59   11/22/2009    MXN     9.13
VEB-Leasing OAO               8.65    1/16/2024    RUB    62.00
Svensk Exportkredit AB        0.50    3/15/2022    ZAR    66.47
Barclays Bank PLC             0.50    4/24/2023    MXN    57.90
T Plus PJSC                   9.50    8/24/2017    RUB    97.51
Lenenergo PJSC                9.80     7/9/2025    RUB    60.00
Rusfinans Bank OOO            8.75    9/29/2020    RUB    60.16
Heliocentris Energy Soluti    4.00    1/16/2019    EUR    21.93
VEB-Leasing OAO              12.50    8/18/2025    RUB    62.00
Bayerische Landesbank         2.70    7/13/2018    EUR    73.83
Nuova Banca delle Marche S    7.75    6/30/2018    EUR     1.24
Lehman Brothers Treasury C    4.30     6/4/2012    USD     0.26
Lehman Brothers Treasury C   15.00     6/4/2009    CHF     0.26
Lehman Brothers Treasury C   10.00    6/17/2009    USD     0.26
HSBC Bank PLC                 0.50    7/21/2021    BRL    66.39
BKS Hybrid alpha GmbH         7.35                 EUR    60.45
Delta Credit Bank JSC         9.65    10/1/2024    RUB    61.60
IDGC of the North Caucasus   13.00    4/22/2021    RUB    61.00
Societe Generale SA           0.50    5/22/2024    MXN    55.67
SUEK Finance                 12.50    8/19/2025    RUB    60.07
Lehman Brothers Treasury C    4.35     8/8/2016    SGD     9.63
Lehman Brothers Treasury C    7.25    10/6/2008    EUR     0.26
Lehman Brothers Treasury C    6.00   10/24/2008    EUR     0.26
Lehman Brothers Treasury C    6.85   12/22/2008    EUR     0.26
Bulgaria Steel Finance BV    12.00     5/4/2013    EUR     2.46
Main Road OJSC                4.10   10/30/2028    RUB    60.00
UBS AG/London                 5.00    8/14/2017    CHF    53.80
ECM Real Estate Investment    5.00    10/9/2011    EUR    10.38
Lehman Brothers Treasury C    0.50   12/20/2017    AUD     0.26
LBI HF                        7.43                 USD     0.00
LZMO SA                       8.50    6/30/2017    PLN    63.64
BNP Paribas Emissions- und    9.00    6/22/2017    EUR    47.16
IDGC of the South PJSC       13.50     6/8/2020    RUB    60.00
Kerdos Group SA               8.00   12/15/2017    PLN
Russian Post FGUP             2.75    12/6/2023    RUB    71.82
MIK OAO                      15.00    2/19/2020    RUB     5.55
GlobexBank AO                11.00   12/25/2021    RUB    96.25
Freight One JSC              11.80   10/23/2025    RUB    65.11
Lehman Brothers Treasury C    5.10    6/22/2046    EUR     0.26
Societe Generale Effekten     4.00    6/26/2017    EUR    50.93
BNP Paribas SA                0.50   11/16/2032    MXN    29.10
Hellas Telecommunications     8.50   10/15/2013    EUR     0.37
Societe Generale SA           0.50    5/30/2023    MXN    60.75
Bank Nederlandse Gemeenten    0.50    9/20/2022    MXN    65.77
Barclays Bank PLC             0.50    3/13/2023    RUB    64.56
Leonteq Securities AG         3.00    2/21/2018    CHF
EFG International Finance     6.48    5/29/2018    EUR     5.92
Lehman Brothers Treasury C    6.00   10/30/2012    USD     0.26
Lehman Brothers Treasury C   11.00   12/20/2017    AUD     0.26
Bayerische Landesbank         2.70     7/6/2018    EUR    73.31
Lehman Brothers Treasury C    0.50     8/1/2020    EUR     0.26
Lehman Brothers Treasury C   16.20    5/14/2009    USD     0.26
Landesbank Baden-Wuerttemb    6.00    6/23/2017    EUR    61.41
LBI HF                        8.65     5/1/2011    ISK     7.13
Barclays Bank PLC             1.85    7/24/2028    USD    71.50
World of Building Technolo    9.90    6/25/2019    RUB     0.45
Bank Julius Baer & Co Ltd/   23.00     8/4/2017    USD    59.25
Indre Sogn Sparebank          5.84                 NOK    54.82
Fininvest OOO                13.00    11/9/2018    RUB     5.05
Banca Popolare di Vicenza     1.60    3/20/2020    EUR    66.56
Municipality Finance PLC      0.25    6/28/2040    CAD    31.37
Atomenergoprom JSC            9.33    12/3/2026    RUB    60.00
Driver & Bengsch AG           8.50   12/31/2027    EUR     0.00
Lehman Brothers Treasury C    4.25    5/15/2010    EUR     0.26
Lehman Brothers Treasury C   11.75     3/1/2010    EUR     0.26
DekaBank Deutsche Girozent    3.40     4/9/2018    EUR    65.58
Lehman Brothers Treasury C   11.00   12/20/2017    AUD     0.26
Lehman Brothers Treasury C   16.00   10/28/2008    USD     0.26
Lehman Brothers Treasury C    5.50    4/23/2014    EUR     0.26
Lehman Brothers Treasury C    5.50     7/8/2013    EUR     0.26
Lehman Brothers Treasury C    7.63    7/22/2011    HKD     0.26
LBI HF                        5.08     3/1/2013    ISK     7.13
Lehman Brothers Treasury C    7.50     8/1/2035    EUR     0.26
Banca Popolare di Vicenza     2.25    8/22/2019    EUR    73.08
Svensk Exportkredit AB        0.50    8/28/2020    TRY    68.62
National Capital JSC         10.50    9/15/2020    RUB   100.00
Province of Brescia Italy     0.11   12/22/2036    EUR    62.69
Petromena ASA                 9.75    5/24/2016    NOK     0.52
Societe Generale SA          11/28/2029    USD    70.77
Lehman Brothers Treasury C   14.90    9/15/2008    EUR     0.26
Kaupthing ehf                 6.13    10/4/2016    USD    17.63
Lehman Brothers Treasury C    5.00   10/24/2008    CHF     0.26
SAir Group                    2.75    7/30/2004    CHF    13.63
UniCredit Bank AG             4.50    9/19/2017    EUR    69.91
Lehman Brothers Treasury C   10.00     1/3/2012    BRL     0.26
Lehman Brothers Treasury C    6.00    5/23/2018    CZK     0.26
Nutritek International Cor    8.75   12/11/2008    USD     2.00
Raiffeisen Schweiz Genosse    6.50     7/2/2018    USD    56.41
Lehman Brothers Treasury C    4.80   11/16/2012    HKD     0.26
Lehman Brothers Treasury C    2.50    8/23/2012    GBP     0.26
HSBC Trinkaus & Burkhardt     9.60    6/23/2017    EUR    52.78
KPNQwest NV                   7.13     6/1/2009    EUR     0.51
Lehman Brothers Treasury C   14.10   11/12/2008    USD     0.26
Lehman Brothers Treasury C    7.60     3/4/2010    NZD     0.26
SAir Group                    5.13     3/1/2003    CHF    14.00
Lehman Brothers Treasury C    9.50     4/1/2018    USD     0.26
Lehman Brothers Treasury C    3.00    6/23/2009    EUR     9.13
Lehman Brothers Treasury C    2.30    4/28/2014    JPY     0.26
Agentstvo po Ipotechnomu Z    9.80    7/15/2024    RUB    60.00
IFK Soyuz OAO                14.00    7/18/2028    RUB    60.00
IFK Soyuz OAO                12.00    12/9/2027    RUB    59.70
Nota-Bank OJSC               13.50     4/1/2016    RUB    31.50
UBS AG                        7.40    5/17/2021    CHF    59.55
Leonteq Securities AG         7.20    5/29/2018    USD
Municipality Finance PLC      0.50   12/15/2020    BRL    73.58
HSBC Bank PLC                 0.50   11/25/2025    BRL    42.94
Credit Suisse AG/London       3.00   11/15/2025    ZAR    64.90
Kubanenergo PJSC             12.63   11/11/2025    RUB    60.00
Upravlenie Otkhodami ZAO      4.00    4/29/2027    RUB    69.17
Moscow United Electric Gri   10.00    5/26/2026    RUB    62.00
Banca Popolare di Vicenza     1.60    5/29/2020    EUR    65.02
Societe Generale SA           0.50     4/3/2023    RUB    64.32
Noyabrskaya Pge OOO           8.50   11/10/2020    RUB    60.00
Kaupthing ehf                 5.00     1/4/2027    SKK    17.63
Lehman Brothers Treasury C    1.50   10/25/2011    EUR     0.26
Province of Rovigo Italy      0.06   12/28/2035    EUR    64.42
Barclays Bank PLC             0.50    3/19/2021    MXN    71.16
IT Holding Finance SA         9.88   11/15/2012    EUR     1.63
Kreditanstalt fuer Wiedera    0.25    10/6/2036    CAD    40.88
KPNQwest NV                   8.88     2/1/2008    EUR     0.65
Lehman Brothers Treasury C    3.60    3/19/2018    JPY     0.26
Lehman Brothers Treasury C    8.00    3/21/2018    USD     0.26
Lehman Brothers Treasury C    4.00    3/10/2011    EUR     0.26
Leonteq Securities AG         5.00   11/21/2018    CHF
Leonteq Securities AG         3.50    4/10/2018    EUR    58.83
EFG International Finance     7.19     5/6/2019    EUR    14.19
UBS AG/London                 9.40    6/30/2017    EUR    51.25
Nuova Banca delle Marche S    8.00    6/30/2018    EUR     1.24
Lehman Brothers Treasury C    6.45    2/20/2010    AUD     0.26
Lehman Brothers Treasury C   17.00     6/2/2009    USD     0.26
Lehman Brothers Treasury C   16.00    11/9/2008    USD     0.26
Lehman Brothers Treasury C   12.00     7/4/2011    EUR     0.26
Uginvestgerion OOO           12.10     4/1/2020    RUB     0.04
Kaupthing ehf                 3.75    2/15/2024    ISK    17.63
Lehman Brothers Treasury C    3.82   10/20/2009    USD     0.26
Lehman Brothers Treasury C    3.00    8/15/2017    EUR     0.26
Podkarpacki Bank Spoldziel    5.81    2/23/2025    PLN    60.10
Northland Resources AB       12.25    3/26/2016    USD     0.41
HSBC Bank PLC                 0.50    4/11/2023    MXN    61.36
Oberbank AG                   7.40                 EUR    68.04
Jyske Bank A/S                0.74    2/13/2023    EUR    68.10
HSBC Bank PLC                 0.50    1/29/2027    NZD    69.32
Societe Generale SA           0.50    6/12/2023    RUB    63.14
Rusfinans Bank OOO           11.00    10/2/2019    RUB    61.12
Svensk Exportkredit AB        0.50    8/25/2021    ZAR    69.37
Raiffeisen Schweiz Genosse    8.99    7/22/2019    EUR    29.36
Transgazservice LLP          10.50    11/8/2019    RUB     0.25
Delta-Finance OOO            10.00   12/17/2020    RUB     0.04
Lehman Brothers Treasury C    3.86    9/21/2011    SGD     9.63
RGS Nedvizhimost OOO         12.50    7/22/2021    RUB    60.10
Lehman Brothers Treasury C    6.75     4/5/2012    EUR     0.26
Lehman Brothers Treasury C    3.40    9/21/2009    HKD     0.26
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    63.70
Commerzbank AG               10.50   10/26/2017    EUR    66.12
OBRAZOVANIE AKIB AO          11.00    5/31/2018    RUB    30.00
UBS AG                        8.75   12/22/2017    EUR    62.58
Lehman Brothers Treasury C    6.72   12/29/2008    EUR     0.26
Lehman Brothers Treasury C    6.00    7/28/2010    EUR     0.26
HSBC Trinkaus & Burkhardt    18.60    6/23/2017    EUR    67.82
HSBC Bank PLC                 0.50    12/8/2020    BRL    71.15
Bank VTB 24 JSC               9.00    9/15/2044    RUB
DekaBank Deutsche Girozent    2.60    6/23/2017    EUR    65.12
Goldman Sachs & Co Wertpap    9.00    6/21/2017    EUR    72.79
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    62.70
UBS AG/London                 8.25     8/7/2017    EUR    73.25
Leonteq Securities AG         3.80    2/21/2018    EUR
Leonteq Securities AG         4.40    2/21/2018    USD
Leonteq Securities AG         6.00    8/21/2017    CHF     0.08
Leonteq Securities AG         6.00    8/21/2017    EUR     0.01
Leonteq Securities AG         6.77    8/17/2017    CHF    57.68
Leonteq Securities AG         5.40    8/28/2017    CHF    57.26
Commerzbank AG               13.50   12/20/2017    EUR    73.93
Lehman Brothers Treasury C    9.25    6/20/2012    USD     0.26
Lehman Brothers Treasury C    3.00    9/13/2010    JPY     9.13
Leonteq Securities AG         5.00     9/4/2018    CHF    60.81
Leonteq Securities AG         5.60     9/4/2017    CHF    71.79
Leonteq Securities AG         5.60    9/11/2017    CHF    59.19
DekaBank Deutsche Girozent    2.75    6/24/2019    EUR    71.95
SAir Group                    2.75    7/30/2004    CHF    13.63
Lehman Brothers Treasury C    3.35   10/13/2016    EUR     0.26
Lehman Brothers Treasury C    4.00    5/30/2010    USD     0.26
Lehman Brothers Treasury C    2.48    5/12/2009    USD     0.26
Lehman Brothers Treasury C    2.25    5/12/2009    USD     0.26
Lehman Brothers Treasury C    4.10    6/10/2014    SGD     9.63
UniCredit Bank AG             4.00    6/26/2018    EUR    72.47
UniCredit Bank AG             4.60    6/30/2017    EUR    56.74
Landesbank Baden-Wuerttemb    3.25    1/26/2018    EUR    71.13
Landesbank Hessen-Thuering    4.00    1/16/2018    EUR    71.23
Leonteq Securities AG/Guer    5.00   12/27/2019    EUR    69.04
Landesbank Baden-Wuerttemb    3.00    2/23/2018    EUR    71.15
Landesbank Baden-Wuerttemb    3.15    6/22/2018    EUR    72.66
UBS AG                        9.50   12/22/2017    EUR    59.66
UBS AG                        5.25   12/22/2017    EUR    67.58
UBS AG                        8.25   12/22/2017    EUR    71.73
UBS AG                       11.75   12/22/2017    EUR    53.83
UBS AG                        7.75   12/22/2017    EUR    67.22
UBS AG                        7.00   12/22/2017    EUR    69.67
UBS AG                       10.25   12/22/2017    EUR    56.17
UBS AG                       10.25   12/22/2017    EUR    46.42
UBS AG                        5.00   12/22/2017    EUR    71.95
UBS AG                        8.50   12/22/2017    EUR    51.14
UBS AG                       11.75   12/22/2017    EUR    42.17
UBS AG                        8.00   12/22/2017    EUR    65.94
UBS AG                       11.75   12/22/2017    EUR    52.90
UBS AG                        7.50   12/22/2017    EUR    55.41
UBS AG                        9.50   12/22/2017    EUR    64.21
UBS AG                        5.75   12/22/2017    EUR    63.90
UBS AG                        8.25   12/22/2017    EUR    53.30
UBS AG                        8.25   12/22/2017    EUR    54.82
UBS AG                        4.50   12/22/2017    EUR    72.67
UBS AG                        9.50   12/22/2017    EUR    59.05
UBS AG                        6.50   12/22/2017    EUR    59.04
Lehman Brothers Treasury C    5.00    4/24/2017    EUR     0.26
Lehman Brothers Treasury C    0.80   12/30/2016    EUR     0.26
Lehman Brothers Treasury C    4.00    5/17/2010    USD     0.26
Lehman Brothers Treasury C    6.00   12/30/2017    EUR     0.26
Lehman Brothers Treasury C    6.00    2/19/2023    USD     0.26
Lehman Brothers Treasury C    1.00    2/26/2010    USD     0.26
Deutsche Bank AG              3.20   11/22/2017    EUR    73.50
Vontobel Financial Product    8.00    9/29/2017    EUR    73.32
Landesbank Baden-Wuerttemb    3.00    9/22/2017    EUR    72.10
Leonteq Securities AG         6.00   10/12/2017    CHF    64.21
UniCredit Bank AG             5.40    6/30/2017    EUR    68.97
Lehman Brothers Treasury C    6.25   11/30/2012    EUR     0.26
DekaBank Deutsche Girozent    3.10     8/4/2017    EUR    57.89
Lehman Brothers Treasury C    8.00   10/17/2014    EUR     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Lehman Brothers Treasury C    0.50   12/20/2017    USD     0.26
Commerzbank AG                1.00    2/19/2020    USD    27.60
Leonteq Securities AG        10.00    4/20/2018    CHF    70.30
Leonteq Securities AG        11.00    4/20/2018    USD    69.65
Lehman Brothers Treasury C    8.60    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    8.28    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    7.50    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    7.32    7/31/2013    GBP     0.26
Lehman Brothers Treasury C    4.00    12/2/2012    EUR     0.26
Lehman Brothers Treasury C    6.00    6/21/2011    EUR     0.26
Lehman Brothers Treasury C    2.00    6/21/2011    EUR     0.26
DekaBank Deutsche Girozent    3.15    5/18/2018    EUR    71.46
UBS AG                        9.00     7/3/2017    CHF    70.55
UBS AG                        4.50   12/22/2017    EUR    63.01
UBS AG                        5.00   12/22/2017    EUR    71.75
Credit Suisse AG/Nassau       5.25    5/14/2018    CHF    73.59
UniCredit Bank AG             4.10    9/28/2018    EUR    72.99
UBS AG/London                 9.00   12/22/2017    EUR    63.03
UBS AG/London                 7.75   12/22/2017    EUR    56.12
UniCredit Bank AG             4.25    9/12/2017    EUR    69.83
Leonteq Securities AG/Guer    4.68    8/29/2017    CHF    70.84
UBS AG/London                 7.00   12/22/2017    EUR    70.04
UBS AG/London                12.50   12/22/2017    EUR    74.54
UBS AG/London                 5.00   12/22/2017    EUR    70.85
UBS AG/London                14.50   12/22/2017    EUR    70.28
Leonteq Securities AG/Guer    4.40    8/28/2017    CHF    65.01
Raiffeisen Schweiz Genosse    5.04    8/28/2017    CHF    69.38
DekaBank Deutsche Girozent    3.30    2/26/2018    EUR    59.95
DekaBank Deutsche Girozent    3.45     6/1/2018    EUR    71.58
UniCredit Bank AG             4.00   10/14/2019    EUR    72.14
Leonteq Securities AG/Guer   16.20   11/30/2017    USD    41.71
Goldman Sachs & Co Wertpap   10.00    6/21/2017    EUR    71.69
Lehman Brothers Treasury C    7.00   10/22/2010    EUR     0.26
Lehman Brothers Treasury C   16.00    10/8/2008    CHF     0.26
Lehman Brothers Treasury C    4.00     1/4/2011    USD     0.26
Lehman Brothers Treasury C   10.00    2/16/2009    CHF     0.26
Lehman Brothers Treasury C    1.50   10/12/2010    EUR     0.26
Lehman Brothers Treasury C    2.50    11/9/2011    CHF     0.26
Lehman Brothers Treasury C    8.80   12/27/2009    EUR     0.26
Lehman Brothers Treasury C   18.25    10/2/2008    USD     0.26
UBS AG/London                 9.50     9/4/2017    CHF    24.15
Lehman Brothers Treasury C    3.00    8/13/2011    EUR     0.26
Lehman Brothers Treasury C    5.50   11/30/2012    CZK     0.26
Lehman Brothers Treasury C    9.30   12/21/2010    EUR     0.26
Lehman Brothers Treasury C    8.00   12/31/2010    USD     0.26
Lehman Brothers Treasury C    6.30   12/21/2018    USD     0.26
Lehman Brothers Treasury C   13.00    7/25/2012    EUR     0.26
Goldman Sachs & Co Wertpap   12.00    9/20/2017    EUR    67.53
Lehman Brothers Treasury C    8.00   10/23/2008    USD     0.26
Lehman Brothers Treasury C   12.22   11/21/2017    USD     0.26
Lehman Brothers Treasury C    3.50   12/20/2027    USD     0.26
Lehman Brothers Treasury C    6.00   10/30/2012    EUR     0.26
Lehman Brothers Treasury C   10.00     8/2/2037    JPY     0.26
Lehman Brothers Treasury C    4.00   10/12/2010    USD     0.26
Goldman Sachs & Co Wertpap   12.00    9/20/2017    EUR    65.40
Raiffeisen Centrobank AG      6.23   12/28/2018    EUR    74.64
Raiffeisen Centrobank AG      9.85   12/20/2017    EUR    72.93
Raiffeisen Centrobank AG     13.01   12/20/2017    EUR    69.71
Raiffeisen Centrobank AG      7.54   12/28/2018    EUR    69.43
UBS AG/London                17.90    6/30/2017    EUR    70.19
UBS AG/London                14.00    6/30/2017    EUR    73.55
UBS AG/London                14.30    9/29/2017    EUR    73.45
Raiffeisen Schweiz Genosse    3.00    9/22/2020    CHF    68.51
DekaBank Deutsche Girozent    3.00   12/17/2018    EUR    71.18
DZ Bank AG Deutsche Zentra    5.00     2/6/2018    EUR    71.94
Goldman Sachs Internationa    1.00    12/5/2017    SEK    20.68
HSBC Trinkaus & Burkhardt    11.00    8/25/2017    EUR    72.95
HSBC Trinkaus & Burkhardt    13.40    9/22/2017    EUR    70.88
HSBC Trinkaus & Burkhardt    12.10    3/23/2018    EUR    74.50
Leonteq Securities AG         3.00    9/19/2019    CHF    55.01
UniCredit Bank AG             5.00    6/25/2019    EUR    67.65
UniCredit Bank AG             3.75    10/2/2020    EUR    73.35
Landesbank Hessen-Thuering    4.00     4/8/2019    EUR    64.73
UniCredit Bank AG             4.60     7/2/2018    EUR    67.23
Leonteq Securities AG         7.00    9/20/2017    CHF    71.43
Landesbank Hessen-Thuering    5.00    3/27/2019    EUR    72.03
DekaBank Deutsche Girozent    7.15   10/27/2017    EUR    66.26
Vontobel Financial Product   14.00   12/22/2017    EUR    72.94
Vontobel Financial Product   13.00   12/22/2017    EUR    74.01
Commerzbank AG               15.50    8/23/2017    EUR    71.40
Vontobel Financial Product   13.50    9/22/2017    EUR    72.67
Vontobel Financial Product   16.05    9/22/2017    EUR    70.13
Vontobel Financial Product   12.00   12/22/2017    EUR    71.89
Vontobel Financial Product   16.00   12/22/2017    EUR    68.30
Vontobel Financial Product   20.00   12/22/2017    EUR    63.53
HSBC Trinkaus & Burkhardt    15.40    6/23/2017    EUR    73.48
UBS AG/London                 9.50    9/22/2017    EUR    60.96
UBS AG/London                12.50    9/22/2017    EUR    56.17
HSBC Trinkaus & Burkhardt    17.10    6/23/2017    EUR    51.32
HSBC Trinkaus & Burkhardt    12.70    9/22/2017    EUR    58.18
HSBC Trinkaus & Burkhardt    10.30    9/22/2017    EUR    62.34
HSBC Trinkaus & Burkhardt     7.50    9/22/2017    EUR    69.02
Goldman Sachs & Co Wertpap   14.00    9/20/2017    EUR    72.29
Societe Generale Effekten     9.62    6/23/2017    EUR    65.00
Societe Generale Effekten    11.68    6/23/2017    EUR    60.97
Goldman Sachs & Co Wertpap   11.00   12/20/2017    EUR    70.01
Goldman Sachs & Co Wertpap   11.00   12/20/2017    EUR    72.24
Goldman Sachs & Co Wertpap   16.00    6/21/2017    EUR    73.87
HSBC Trinkaus & Burkhardt     4.00    6/16/2017    EUR    66.28
Vontobel Financial Product    4.00    11/9/2017    EUR    68.66
Goldman Sachs & Co Wertpap   13.00   12/20/2017    EUR    72.62
Leonteq Securities AG         8.80    6/21/2017    CHF    71.67
Notenstein La Roche Privat    9.68    6/15/2017    CHF    71.08
SG Issuer SA                  0.80   11/30/2020    SEK    63.74
EFG International Finance     7.35   12/28/2017    CHF    73.73
Credit Suisse AG/Nassau       7.25    7/13/2017    CHF    67.52
DekaBank Deutsche Girozent    3.50   10/28/2019    EUR    73.83
Bank Julius Baer & Co Ltd/    5.50    11/6/2017    CHF    60.40
Commerzbank AG                5.80    10/8/2017    EUR    73.19
Raiffeisen Schweiz Genosse    4.50    3/27/2018    EUR    59.04
DekaBank Deutsche Girozent    3.25    5/18/2018    EUR    73.87
EFG International Finance     6.40     4/9/2020    EUR    74.43
Zurcher Kantonalbank Finan    6.50    4/10/2018    CHF    62.41
Landesbank Baden-Wuerttemb    4.20    6/23/2017    EUR    62.87
Landesbank Baden-Wuerttemb    3.00   10/27/2017    EUR    73.65
Landesbank Baden-Wuerttemb    5.00   10/27/2017    EUR    71.87
Landesbank Baden-Wuerttemb    5.00   10/27/2017    EUR    64.63
Landesbank Baden-Wuerttemb    4.00   10/27/2017    EUR    69.12
Landesbank Baden-Wuerttemb    4.60    6/23/2017    EUR    71.35
Landesbank Baden-Wuerttemb    3.25    7/28/2017    EUR    74.03
Landesbank Baden-Wuerttemb    3.90    7/28/2017    EUR    70.48
Landesbank Baden-Wuerttemb    3.25    7/28/2017    EUR    72.03
Landesbank Baden-Wuerttemb    3.55    8/25/2017    EUR    61.74
Landesbank Baden-Wuerttemb    3.75    9/22/2017    EUR    60.45
Landesbank Baden-Wuerttemb    3.90    9/22/2017    EUR    58.73
Landesbank Baden-Wuerttemb    3.20    9/22/2017    EUR    69.10
Landesbank Baden-Wuerttemb    3.85   10/27/2017    EUR    67.46
Landesbank Baden-Wuerttemb    3.40   11/24/2017    EUR    63.06
Landesbank Baden-Wuerttemb    3.00    6/28/2019    EUR    72.59
Landesbank Baden-Wuerttemb    2.50    6/28/2019    EUR    70.03
Landesbank Baden-Wuerttemb    3.00    6/28/2019    EUR    72.85
Landesbank Baden-Wuerttemb    3.50    6/22/2018    EUR    66.24
Landesbank Baden-Wuerttemb    4.00    8/25/2017    EUR    59.42
Landesbank Baden-Wuerttemb    3.00    9/28/2018    EUR    67.83
Landesbank Baden-Wuerttemb    3.75   10/27/2017    EUR    69.64
Landesbank Baden-Wuerttemb    3.25    8/25/2017    EUR    72.53
Landesbank Baden-Wuerttemb    3.00    6/28/2019    EUR    73.70
DekaBank Deutsche Girozent    3.25    4/20/2018    EUR    65.21
Raiffeisen Schweiz Genosse    4.00     5/8/2018    CHF    62.76
DekaBank Deutsche Girozent    2.75   10/29/2018    EUR    65.77
DekaBank Deutsche Girozent    3.00    4/30/2019    EUR    71.31
Landesbank Baden-Wuerttemb    3.55    8/25/2017    EUR    73.89
Landesbank Baden-Wuerttemb    3.60    6/22/2018    EUR    66.95
Raiffeisen Schweiz Genosse   15.00   12/27/2017    CHF    67.06
Credit Suisse AG/London       8.50    9/18/2017    USD    56.39
HSBC Trinkaus & Burkhardt     2.50    9/22/2017    EUR    71.02
Leonteq Securities AG        10.20   10/24/2018    EUR    64.85
Landesbank Baden-Wuerttemb    4.00    6/23/2017    EUR    68.13
Credit Suisse AG/Nassau       6.38    6/12/2017    EUR    62.91
Raiffeisen Schweiz Genosse    6.50    6/26/2017    EUR    68.42
Landesbank Baden-Wuerttemb    3.00    8/25/2017    EUR    72.75
Landesbank Baden-Wuerttemb    5.00    8/25/2017    EUR    64.37
EFG International Finance     7.20    7/29/2020    EUR    28.91
Goldman Sachs & Co Wertpap   12.00    6/21/2017    EUR    52.08
Landesbank Baden-Wuerttemb    4.00    8/25/2017    EUR    68.02
Credit Suisse AG/Nassau       5.50     8/3/2017    EUR    74.13
Commerzbank AG               11.50    7/26/2017    EUR    55.24
Goldman Sachs & Co Wertpap   12.00    6/21/2017    EUR    72.99
UBS AG/London                 7.00    6/26/2017    EUR    65.30
Landesbank Baden-Wuerttemb    3.70    7/27/2018    EUR    74.29
Zurcher Kantonalbank Finan    9.00    7/17/2017    EUR    73.02
UBS AG/London                 7.50     7/3/2017    EUR    62.15
Goldman Sachs & Co Wertpap   14.00    6/21/2017    EUR    73.50
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    70.52
Goldman Sachs & Co Wertpap    7.00    6/21/2017    EUR    71.51
Goldman Sachs & Co Wertpap   10.00    6/21/2017    EUR    62.22
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    58.46
Goldman Sachs & Co Wertpap   13.00    6/21/2017    EUR    71.53
UBS AG/London                 9.25    6/26/2017    CHF    65.05
EFG International Finance     7.20    6/26/2017    GBP     2.90
Zurcher Kantonalbank Finan    8.50    7/17/2017    CHF    59.93
Banque Cantonale Vaudoise     7.25     7/3/2017    CHF    56.78
SAir Group                    2.13    11/4/2004    CHF    13.63
Goldman Sachs & Co Wertpap   11.00    6/21/2017    EUR    73.69
UBS AG/London                 6.40    12/8/2017    EUR    62.59
UBS AG/London                 9.60    12/8/2017    EUR    57.29
Credit Suisse AG/Nassau       7.25    6/14/2017    CHF    64.91
HSBC Trinkaus & Burkhardt     6.50    1/29/2018    EUR    66.95
HSBC Trinkaus & Burkhardt     8.40    9/22/2017    EUR    59.18
HSBC Trinkaus & Burkhardt     4.80    9/22/2017    EUR    66.51
HSBC Trinkaus & Burkhardt     3.00    9/22/2017    EUR    73.11
UBS AG                       24.10    9/28/2017    EUR    68.70
UBS AG/London                 6.00    10/5/2017    CHF    50.65
EFG International Finance    17.00     8/3/2018    USD    72.06
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    54.18
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    67.25
BNP Paribas Emissions- und   24.00    6/22/2017    EUR    71.64
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    67.22
BNP Paribas Emissions- und   29.00    6/22/2017    EUR    68.41
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    56.88
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    68.03
BNP Paribas Emissions- und   19.00    6/22/2017    EUR    68.90
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    55.88
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    64.43
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    71.95
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    67.20
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    71.88
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    66.88
BNP Paribas Emissions- und   24.00   12/21/2017    EUR    67.89
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    64.82
BNP Paribas Emissions- und   29.00   12/21/2017    EUR    60.39
BNP Paribas Emissions- und   23.00   12/21/2017    EUR    61.55
BNP Paribas Emissions- und   29.00    6/22/2017    EUR    72.47
BNP Paribas Emissions- und   29.00   12/21/2017    EUR    69.48
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    69.38
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    68.89
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    61.37
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    55.26
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    66.01
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    74.60
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    56.91
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    66.17
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    72.32
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    72.22
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    63.35
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    66.85
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    61.93
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    70.45
BNP Paribas Emissions- und   29.00   12/21/2017    EUR    63.98
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    72.80
BNP Paribas Emissions- und   24.00    6/22/2017    EUR    73.78
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    66.16
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    73.58
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    74.12
BNP Paribas Emissions- und   26.00   12/21/2017    EUR    72.38
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    70.26
BNP Paribas Emissions- und    6.00    6/22/2017    EUR    54.74
BNP Paribas Emissions- und   18.00    6/22/2017    EUR    35.44
BNP Paribas Emissions- und   21.00    6/22/2017    EUR    32.35
BNP Paribas Emissions- und    6.00   12/21/2017    EUR    57.46
BNP Paribas Emissions- und   10.00   12/21/2017    EUR    48.90
BNP Paribas Emissions- und   13.00   12/21/2017    EUR    44.40
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    35.66
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    67.59
BNP Paribas Emissions- und   28.00    6/22/2017    EUR    70.73
BNP Paribas Emissions- und   24.00    6/22/2017    EUR    69.24
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    64.40
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    65.16
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    58.71
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    56.42
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    74.54
BNP Paribas Emissions- und   13.00    6/22/2017    EUR    61.48
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    39.06
BNP Paribas Emissions- und   15.00   12/21/2017    EUR    58.40
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    50.85
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    46.82
BNP Paribas Emissions- und   25.00   12/21/2017    EUR    44.21
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    42.41
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    73.04
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    69.41
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    55.06
BNP Paribas Emissions- und   13.00   12/21/2017    EUR    74.44
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    64.24
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    53.96
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    67.91
BNP Paribas Emissions- und   13.00    6/22/2017    EUR    67.11
BNP Paribas Emissions- und   19.00    6/22/2017    EUR    56.42
BNP Paribas Emissions- und   28.00   12/21/2017    EUR    48.86
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    63.58
BNP Paribas Emissions- und   27.00    6/22/2017    EUR    60.05
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    72.76
BNP Paribas Emissions- und   22.00   12/21/2017    EUR    67.54
BNP Paribas Emissions- und   27.00   12/21/2017    EUR    60.30
Lloyds Bank PLC               0.50    7/26/2028    MXN    43.41
HSBC Bank PLC                 0.50     6/9/2023    MXN    60.49
Polski Bank Spoldzielczy w    4.81   11/26/2024    PLN    45.00
DZ Bank AG Deutsche Zentra   11.50    6/23/2017    EUR    55.16
Commerzbank AG                3.51    5/31/2019    EUR     3.50
HSBC Trinkaus & Burkhardt    11.70    6/23/2017    EUR    60.08
HSBC Trinkaus & Burkhardt     8.70    6/23/2017    EUR    67.47
Polski Bank Spoldzielczy w    4.81    6/22/2021    PLN    55.00
Lehman Brothers Treasury C    7.05     4/8/2015    USD     0.26
Lehman Brothers Treasury C    7.80    3/31/2018    USD     0.26
Lehman Brothers Treasury C   10.00   10/23/2008    USD     0.26
Lehman Brothers Treasury C   10.00   10/22/2008    USD     0.26
Lehman Brothers Treasury C    3.45    5/23/2013    USD     0.26
Lehman Brothers Treasury C   13.15   10/30/2008    USD     0.26
Lehman Brothers Treasury C    7.50    5/30/2010    AUD     0.26
Lehman Brothers Treasury C   11.00     5/9/2020    USD     0.26
Lehman Brothers Treasury C    4.00     6/5/2011    USD     0.26
Lehman Brothers Treasury C    5.00    2/15/2018    EUR     0.26
Lehman Brothers Treasury C    9.00     5/6/2011    CHF     0.26
Lehman Brothers Treasury C   10.60    4/22/2014    MXN     0.26
Lehman Brothers Treasury C    9.75    6/22/2018    USD     0.26
Lehman Brothers Treasury C    4.60     8/1/2013    EUR     0.26
Lehman Brothers Treasury C   10.44   11/22/2008    CHF     0.26
Lehman Brothers Treasury C    3.00     6/3/2010    EUR     0.26
Lehman Brothers Treasury C   12.40    6/12/2009    USD     0.26
Lehman Brothers Treasury C   13.43     1/8/2009    ILS     0.26
Lehman Brothers Treasury C    7.75     1/3/2012    AUD     0.26
Lehman Brothers Treasury C    3.10     6/4/2010    USD     0.26
Lehman Brothers Treasury C    2.50    8/15/2012    CHF     0.26
Lehman Brothers Treasury C    6.00     8/7/2013    EUR     0.26
Lehman Brothers Treasury C    6.25     9/5/2011    EUR     0.26
Lehman Brothers Treasury C   16.80    8/21/2009    USD     0.26
Lehman Brothers Treasury C    5.25     7/8/2014    EUR     0.26
Lehman Brothers Treasury C    4.00    8/11/2010    USD     9.13
Lehman Brothers Treasury C    2.30     6/6/2013    USD     0.26
Lehman Brothers Treasury C    1.00     5/9/2012    EUR     0.26
Lehman Brothers Treasury C   10.00    5/22/2009    USD     0.26
Lehman Brothers Treasury C   13.50     6/2/2009    USD     0.26
Lehman Brothers Treasury C    0.50     6/2/2020    EUR     0.26
Lehman Brothers Treasury C   11.00     7/4/2011    USD     0.26
Lehman Brothers Treasury C   11.00     7/4/2011    CHF     0.26
Lehman Brothers Treasury C   16.00   12/26/2008    USD     0.26
Raiffeisen Switzerland BV     3.50    8/25/2017    CHF    67.62
Commerzbank AG                7.25   10/26/2017    EUR    72.31
Commerzbank AG               14.25   10/26/2017    EUR    61.47
Vontobel Financial Product    3.00    6/13/2017    EUR    57.88
Lehman Brothers Treasury C    1.50     2/8/2012    CHF     0.26
HSBC Trinkaus & Burkhardt     4.30    6/23/2017    EUR    68.94
HSBC Trinkaus & Burkhardt     9.60    6/23/2017    EUR    54.81
Kaupthing ehf                 9.75    9/10/2015    USD    17.63
Lehman Brothers Treasury C    4.10    8/23/2010    USD     0.26
Lehman Brothers Treasury C    7.75    2/21/2016    EUR     0.26
Lehman Brothers Treasury C    8.00   12/27/2032    JPY     0.26
Goldman Sachs & Co Wertpap   10.00    6/21/2017    EUR    73.53
Goldman Sachs & Co Wertpap   11.00    6/21/2017    EUR    73.68
Lehman Brothers Treasury C    7.25    6/20/2010    USD     0.26
Erste Group Bank AG           9.25    6/29/2017    EUR    51.20
Credit Suisse AG/London       8.95     6/6/2017    USD    53.97
Lehman Brothers Treasury C    6.00     3/4/2015    USD     0.26
Lehman Brothers Treasury C    7.15    3/21/2013    USD     0.26
Lehman Brothers Treasury C    7.50    2/14/2010    AUD     0.26
Lehman Brothers Treasury C    6.60    5/23/2012    AUD     0.26
Lehman Brothers Treasury C    3.00    9/12/2036    JPY     9.13
Lehman Brothers Treasury C    4.82   12/18/2036    EUR     0.26
Lehman Brothers Treasury C    5.25     4/1/2023    EUR     0.26
Lehman Brothers Treasury C   13.00   12/14/2012    USD     0.26
UBS AG/London                 6.30   12/29/2017    EUR    65.69
UBS AG                       10.25   12/22/2017    EUR    57.11
UBS AG                       13.00   12/22/2017    EUR    67.66
UBS AG                        6.75   12/22/2017    EUR    59.33
UBS AG                        7.75   12/22/2017    EUR    62.97
UBS AG                       10.50   12/22/2017    EUR    58.30
UBS AG                        6.25   12/22/2017    EUR    58.89
Vontobel Financial Product   18.40    9/11/2017    EUR    66.00
Deutsche Bank AG              6.20    6/20/2017    EUR    75.10
Deutsche Bank AG              6.20    6/20/2017    EUR    74.00
Raiffeisen Schweiz Genosse    4.20    4/10/2018    EUR    60.70
Raiffeisen Switzerland BV     9.00     4/1/2019    EUR    21.43
DZ Bank AG Deutsche Zentra    9.00    6/23/2017    EUR    58.08
DZ Bank AG Deutsche Zentra    8.70   12/22/2017    EUR    62.37
DZ Bank AG Deutsche Zentra   10.10   12/22/2017    EUR    59.28
DZ Bank AG Deutsche Zentra    9.25    7/28/2017    EUR    58.33
UBS AG/London                10.00    6/23/2017    EUR    58.68
UBS AG/London                13.50    6/23/2017    EUR    53.16
Landesbank Baden-Wuerttemb    3.40    7/27/2018    EUR    70.47
Landesbank Baden-Wuerttemb    5.50    6/23/2017    EUR    67.37
Landesbank Baden-Wuerttemb    4.50    6/23/2017    EUR    71.63
Landesbank Baden-Wuerttemb    3.00    6/23/2017    EUR    72.53
Landesbank Baden-Wuerttemb    5.00    6/23/2017    EUR    64.39
Norddeutsche Landesbank Gi    3.00    7/16/2018    EUR    74.24
Lehman Brothers Treasury C   11.00    2/16/2009    CHF     0.26
Lehman Brothers Treasury C   13.00    2/16/2009    CHF     0.26
Lehman Brothers Treasury C    7.00    2/15/2010    CHF     0.26
UBS AG                       11.25   12/22/2017    EUR    71.79
UBS AG                       10.50   12/22/2017    EUR    52.09
Lehman Brothers Treasury C    7.06   12/29/2008    EUR     0.26
Lehman Brothers Treasury C    6.60     2/9/2009    EUR     0.26
Lehman Brothers Treasury C    8.88    1/28/2011    HKD     9.63
Kaupthing ehf                 7.00    7/24/2009    ISK    17.63
Lehman Brothers Treasury C    4.05    9/16/2008    EUR     0.26
Lehman Brothers Treasury C    5.00    3/13/2009    EUR     0.26
Lehman Brothers Treasury C    4.25    3/13/2021    EUR     0.26
AKB Derzhava OJSC            11.25    7/10/2023    RUB    90.06
HSBC Trinkaus & Burkhardt     5.40    9/22/2017    EUR    70.10
Lehman Brothers Treasury C    8.05   12/20/2010    HKD     0.26
Royal Bank of Scotland PLC    6.20     9/7/2018    GBP     1.07
Royal Bank of Scotland PLC    1.33   10/26/2018    GBP     1.06
Kaupthing ehf                 6.50    10/8/2010    ISK    17.63
Kaupthing ehf                 7.50    12/5/2014    ISK    17.63
Lehman Brothers Treasury C    2.30    6/27/2013    USD     0.26
Lehman Brothers Treasury C    2.37    7/15/2013    USD     0.26
Lehman Brothers Treasury C    1.95    11/4/2013    EUR     0.26
Lehman Brothers Treasury C    5.22     3/1/2024    EUR     0.26
Lehman Brothers Treasury C    4.00    2/28/2010    EUR     0.26
Lehman Brothers Treasury C    4.10    5/20/2009    USD     0.26
Lehman Brothers Treasury C    2.00    5/17/2010    EUR     0.26
Lehman Brothers Treasury C    2.75   10/28/2009    EUR     0.26
Lehman Brothers Treasury C    4.50   12/30/2010    USD     0.26
Lehman Brothers Treasury C    7.00    7/11/2010    EUR     0.26
Lehman Brothers Treasury C    5.00     8/1/2025    EUR     0.26
Lehman Brothers Treasury C    4.90    7/28/2020    EUR     0.26
Lehman Brothers Treasury C    4.15    8/25/2020    EUR     0.26
Lehman Brothers Treasury C    6.00    12/6/2016    USD     0.26
Lehman Brothers Treasury C    6.50    5/16/2015    EUR     0.26
Lehman Brothers Treasury C    3.00     8/8/2017    EUR     0.26
Lehman Brothers Treasury C    5.00     9/1/2011    EUR     0.26
Lehman Brothers Treasury C    3.50    9/19/2017    EUR     0.26
Lehman Brothers Treasury C    6.00    7/28/2010    EUR     0.26
Lehman Brothers Treasury C    3.50    9/29/2017    EUR     0.26
Lehman Brothers Treasury C    2.40    6/20/2011    JPY     0.26
Lehman Brothers Treasury C    1.60    6/21/2010    JPY     0.26
OOO SPV Structural Investm    0.01     9/1/2023    RUB    64.96
HSBC Trinkaus & Burkhardt    18.40    6/23/2017    EUR    63.34
HSBC Trinkaus & Burkhardt    13.80   12/22/2017    EUR    69.55
HSBC Trinkaus & Burkhardt    11.90   12/22/2017    EUR    71.54
HSBC Trinkaus & Burkhardt    10.70    8/25/2017    EUR    71.04
HSBC Trinkaus & Burkhardt    10.20   11/24/2017    EUR    73.22
DZ Bank AG Deutsche Zentra    9.20    6/23/2017    EUR    71.09
HSBC Trinkaus & Burkhardt    19.00    6/23/2017    EUR    71.76
BNP Paribas Emissions- und   16.00   12/21/2017    EUR    73.76
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    73.62
BNP Paribas Emissions- und   15.00   10/26/2017    EUR    74.21
BNP Paribas Emissions- und   19.00   10/26/2017    EUR    72.84
BNP Paribas Emissions- und   21.00    6/22/2017    EUR    69.80
BNP Paribas Emissions- und   25.00    6/22/2017    EUR    66.60
BNP Paribas Emissions- und   19.00    9/21/2017    EUR    70.73
BNP Paribas Emissions- und   16.00   12/21/2017    EUR    62.31
BNP Paribas Emissions- und   18.00   12/21/2017    EUR    60.30
BNP Paribas Emissions- und    9.00    6/22/2017    EUR    69.20
BNP Paribas Emissions- und    9.00    9/21/2017    EUR    71.38
BNP Paribas Emissions- und   10.00    9/21/2017    EUR    68.31
BNP Paribas Emissions- und   12.00    9/21/2017    EUR    63.07
BNP Paribas Emissions- und   10.00   12/21/2017    EUR    70.42
Commerzbank AG               16.25   12/21/2017    EUR    73.79
UBS AG/London                 9.90    9/22/2017    EUR    71.71
HSBC Trinkaus & Burkhardt    13.40   12/22/2017    EUR    74.03
BNP Paribas Emissions- und   15.00   12/21/2017    EUR    65.55
BNP Paribas Emissions- und   19.00   12/21/2017    EUR    58.86
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    55.52
BNP Paribas Emissions- und   12.00   12/21/2017    EUR    65.71
BNP Paribas Emissions- und   16.00    9/21/2017    EUR    57.02
BNP Paribas Emissions- und    9.00   12/21/2017    EUR    73.18
Commerzbank AG               15.50    9/20/2017    EUR    71.28
Raiffeisen Schweiz Genosse    6.50    7/11/2017    CHF    71.22
Raiffeisen Schweiz Genosse    6.00    7/11/2017    CHF    69.42
Bank Julius Baer & Co Ltd/    7.85    7/28/2017    USD    46.30
UBS AG/London                14.50    7/20/2017    USD    55.50
HSBC Trinkaus & Burkhardt     9.50    6/23/2017    EUR    57.36
HSBC Trinkaus & Burkhardt     5.50    6/23/2017    EUR    65.59
Commerzbank AG                4.00    7/19/2017    EUR    59.37
Leonteq Securities AG        20.00   10/25/2017    CHF    65.18
Vontobel Financial Product   11.75     6/9/2017    EUR    71.40
Commerzbank AG                7.00    7/27/2017    EUR    64.49
Commerzbank AG               10.25    7/27/2017    EUR    57.97
Commerzbank AG               14.25    7/27/2017    EUR    52.97
Vontobel Financial Product   16.00   12/22/2017    EUR    72.51
Vontobel Financial Product   14.50    3/23/2018    EUR    73.97
Deutsche Bank AG              5.20    7/26/2017    EUR    73.10
Deutsche Bank AG              7.20    7/26/2017    EUR    73.40
Deutsche Bank AG              9.20    7/26/2017    EUR    73.80
Zurcher Kantonalbank Finan    4.75   12/11/2017    CHF    72.85
Commerzbank AG               15.50    6/22/2017    EUR    53.23
Commerzbank AG                8.25    6/22/2017    EUR    65.84
Commerzbank AG               11.50    6/22/2017    EUR    58.77
Norddeutsche Landesbank Gi    3.00   10/30/2018    EUR    70.13
UBS AG/London                 3.81   10/28/2017    USD    67.75
Leonteq Securities AG         7.00    11/6/2017    CHF    42.97
Goldman Sachs & Co Wertpap   16.00    6/21/2017    EUR    68.76
Leonteq Securities AG         5.20    8/14/2018    CHF    73.98
Leonteq Securities AG         6.00    5/22/2018    EUR
DekaBank Deutsche Girozent    2.80    5/13/2019    EUR    66.39
Leonteq Securities AG         6.00   11/21/2017    CHF
Leonteq Securities AG         9.92    5/29/2017    EUR    64.28
HSBC Bank PLC                 0.50    2/24/2027    NZD    69.37
Credit Suisse AG              0.50   12/16/2025    BRL    45.11
Kommunalbanken AS             0.50   12/16/2020    TRY    69.67
Eiendomskreditt               4.26                 NOK    54.82
HSBC Bank PLC                 0.50   12/22/2025    BRL    42.63
Barclays Bank PLC             1.99    12/1/2040    USD    72.95
HSBC Bank PLC                 0.50    12/8/2026    AUD    71.74
T-Generation CJSC            12.00    6/14/2019    RUB    99.20
Univer Capital LLC           12.00     3/6/2019    RUB    59.00
Banca Popolare di Vicenza     1.60    1/16/2020    EUR    68.26
National Capital JSC          9.25    4/22/2019    RUB   100.00
Vegarshei Sparebank           4.99                 NOK    71.81
Banca Popolare di Vicenza     1.60     1/9/2020    EUR    68.07
Vontobel Financial Product    4.65    7/24/2017    EUR    69.20
UBS AG/London                 7.00    7/17/2017    CHF    55.70
Raiffeisen Schweiz Genosse    6.70    7/24/2017    EUR    71.16
Exane Finance SA              5.00   12/20/2019    SEK
Main Road OJSC                4.10   10/30/2029    RUB    84.84
Polski Bank Spoldzielczy w    5.31    9/14/2027    PLN    55.01
Lehman Brothers Treasury C    3.63     3/2/2012    EUR     0.26
Lehman Brothers Treasury C    0.75    3/29/2012    EUR     0.26
Lehman Brothers Treasury C    6.00    3/17/2011    EUR     0.26
Lehman Brothers Treasury C    4.70    3/23/2016    EUR     0.26
Lehman Brothers Treasury C    8.00    4/20/2009    EUR     0.26
Lehman Brothers Treasury C    5.25    5/26/2026    EUR     0.26
Lehman Brothers Treasury C    3.70     6/6/2009    EUR     0.26
Lehman Brothers Treasury C    4.50     8/2/2009    USD     0.26
Lehman Brothers Treasury C    6.00    2/14/2012    EUR     0.26
Lehman Brothers Treasury C    7.00    2/15/2012    EUR     0.26
Lehman Brothers Treasury C   15.00    3/30/2011    EUR     0.26
Lehman Brothers Treasury C    4.69    2/19/2017    EUR     0.26
Lehman Brothers Treasury C    4.10    2/19/2010    EUR     0.26
Lehman Brothers Treasury C    5.20    3/19/2018    EUR     0.26
Lehman Brothers Treasury C    3.50   10/31/2011    USD     0.26
Lehman Brothers Treasury C    3.50   10/24/2011    USD     0.26
Lehman Brothers Treasury C    0.25   10/19/2012    CHF     0.26
Lehman Brothers Treasury C    1.68     3/5/2015    EUR     0.26
Lehman Brothers Treasury C    9.00    5/15/2022    USD     0.26
Lehman Brothers Treasury C    6.00    5/12/2017    EUR     0.26
Lehman Brothers Treasury C    6.60    2/22/2012    EUR     0.26
Lehman Brothers Treasury C    5.00    2/28/2032    EUR     0.26
Lehman Brothers Treasury C    3.85    4/24/2009    USD     0.26
Lehman Brothers Treasury C   10.50     8/9/2010    EUR     0.26
Lehman Brothers Treasury C    0.25    7/21/2014    EUR     0.26
Lehman Brothers Treasury C    4.95   10/25/2036    EUR     0.26
Lehman Brothers Treasury C    4.00   11/24/2016    EUR     0.26
Lehman Brothers Treasury C    4.00    4/24/2009    USD     0.26
Lehman Brothers Treasury C    9.00    6/13/2009    USD     0.26
Lehman Brothers Treasury C    9.00    3/17/2009    GBP     0.26
Lehman Brothers Treasury C    7.00   11/28/2008    CHF     0.26
Lehman Brothers Treasury C    7.38    9/20/2008    EUR     0.26
Lehman Brothers Treasury C    8.00    5/22/2009    USD     0.26
Lehman Brothers Treasury C    4.50    7/24/2014    EUR     0.26
Lehman Brothers Treasury C    5.75    6/15/2009    CHF     0.26
Lehman Brothers Treasury C    7.50   10/24/2008    USD     0.26
Lehman Brothers Treasury C   10.00    3/27/2009    USD     0.26
Lehman Brothers Treasury C    7.75    1/30/2009    EUR     0.26
Lehman Brothers Treasury C    8.00     8/3/2009    USD     0.26
Lehman Brothers Treasury C    5.50    6/15/2009    CHF     0.26
Lehman Brothers Treasury C    4.00   10/24/2012    EUR     0.26
Lehman Brothers Treasury C    2.50   12/15/2011    GBP     0.26
Lehman Brothers Treasury C    8.50     7/6/2009    CHF     0.26
Lehman Brothers Treasury C    7.50    9/13/2009    CHF     0.26
Lehman Brothers Treasury C    6.50    7/24/2026    EUR     0.26
Lehman Brothers Treasury C    4.05    9/16/2008    EUR     0.26
Lehman Brothers Treasury C    8.28    3/26/2009    USD     0.26
DZ Bank AG Deutsche Zentra    8.30    9/22/2017    EUR    58.80
HSBC Trinkaus & Burkhardt     1.75    8/25/2017    EUR    68.05
HSBC Trinkaus & Burkhardt     7.90    9/22/2017    EUR    64.40
Raiffeisen Switzerland BV    22.20     9/1/2017    USD    69.25
Landesbank Baden-Wuerttemb    3.85    8/25/2017    EUR    71.69
Commerzbank AG               20.00    5/28/2018    SEK    52.71
BNP Paribas Emissions- und    6.00   10/26/2017    EUR    67.34
BNP Paribas Emissions- und   13.00   10/26/2017    EUR    57.29
BNP Paribas Emissions- und    6.00   12/21/2017    EUR    68.18
BNP Paribas Emissions- und   13.00   12/21/2017    EUR    57.22
BNP Paribas Emissions- und    8.00    6/22/2017    EUR    65.61
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    53.35
BNP Paribas Emissions- und   13.00   10/26/2017    EUR    74.72
BNP Paribas Emissions- und   16.00    6/22/2017    EUR    68.45
BNP Paribas Emissions- und   13.00    9/21/2017    EUR    71.50
BNP Paribas Emissions- und   13.00   10/26/2017    EUR    72.53
BNP Paribas Emissions- und   16.00    9/21/2017    EUR    55.02
BNP Paribas Emissions- und    5.00   10/26/2017    EUR    70.55
BNP Paribas Emissions- und    5.00   12/21/2017    EUR    70.95
BNP Paribas Emissions- und   19.00    6/22/2017    EUR    51.22
BNP Paribas Emissions- und    6.00    9/21/2017    EUR    66.83
BNP Paribas Emissions- und   12.00    6/22/2017    EUR    72.10
BNP Paribas Emissions- und    9.00   10/26/2017    EUR    62.94
BNP Paribas Emissions- und    9.00   12/21/2017    EUR    64.03
BNP Paribas Emissions- und    5.00    9/21/2017    EUR    69.87
BNP Paribas Emissions- und    9.00    9/21/2017    EUR    61.91
BNP Paribas Emissions- und   13.00    9/21/2017    EUR    56.30
BNP Paribas Emissions- und   22.00    6/22/2017    EUR    70.86
Lehman Brothers Treasury C   10.00     1/4/2010    USD     0.26
Lehman Brothers Treasury C    0.50    2/16/2009    EUR     0.26
Lehman Brothers Treasury C    7.60    3/26/2009    EUR     0.26
Lehman Brothers Treasury C    7.55   12/29/2008    USD     0.26
UBS AG/London                 7.00    9/22/2017    EUR    67.34
UBS AG/London                11.60   12/29/2017    EUR    59.06
UBS AG/London                13.00    9/27/2017    EUR    56.51
UBS AG/London                 5.30   12/29/2017    EUR    68.13
Lehman Brothers Treasury C    5.38     2/4/2014    USD     0.26
Lehman Brothers Treasury C    3.50    6/20/2011    EUR     0.26
Lehman Brothers Treasury C    4.20    12/3/2008    HKD     9.63
Societe Generale SA           0.50     4/4/2024    MXN    56.34
YamalStroiInvest             14.25    4/24/2021    RUB    65.70
Societe Generale SA           0.50    4/30/2023    RUB    63.74
Veneto Banca SpA              2.40     4/7/2020    EUR    71.30
Veneto Banca SpA              2.40     4/1/2020    EUR    71.44
Veneto Banca SpA              2.40     4/2/2020    EUR    71.42
Barclays Bank PLC             1.64     6/3/2041    USD    74.01
Societe Generale SA           0.50     7/6/2021    BRL    67.89
HSBC Bank PLC                 0.50    4/27/2027    NZD    68.85
Banca Nazionale del Lavoro    1.68    6/15/2037    EUR    75.15
Eiendomskreditt               5.21                 NOK    65.50
Lehman Brothers Treasury C    4.50     3/7/2015    EUR     0.26



                            *********

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 * * *