TCREUR_Public/170626.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 26, 2017, Vol. 18, No. 125



UNITED BULGARIAN: Fitch Upgrades Long-Term IDRs from B+


TELLER AS: Fitch Affirms & Withdraws 'BB' Long-Term IDR


ELIS SA: Moody's Confirms Ba2 Corporate Family Rating


NITROGENMUVEK ZRT: Fitch Revises Outlook to Neg., Affirms B+ IDR


AURIUM CLO I: Moody's Affirms B2(sf) Rating on Cl. F Senior Notes


ASR MEDIA: S&P Affirms 'BB+' Rating on Amended Loan Facility
NUOVO TRASPORTO: Fitch Assigns BB Rating to EUR550MM Sr. Bond

* ITALY: RMBS 60+ and 90+ Day Delinquencies Slightly Drop in Feb.


CANYON COS: S&P Revises Outlook to Stable & Affirms 'B' CCR
LECTA SA: S&P Affirms 'B/B' CCRs Following Postponed IPO
TAGUS SOCIEDADE: Moody's Assigns (P)Ba2 Rating to Class B Notes


MONTENEGRO: Rising Debt & Volatile Growth Pose Credit Challenges


WOOD STREET IV: Moody's Raises Rating on Cl. E Notes from Ba1(sf)


BANCO BPI: Fitch Affirms B+ Preference Shares Rating
PORTO CITY: Fitch Revises Outlook to Positive, Affirms BB+ IDR


CREDIT BANK: Fitch Cuts Long-Term IDRs to BB-, Outlook Stable


CAIXABANK CONSUMO 2: Fitch Affirms B+ Rating on Class B Notes
FONCAIXA FTGENCAT 4: Fitch Corrects May 26 Rating Release


ARCELIK AS: Fitch Affirms BB+ Long-Term IDR, Outlooks Stable

U N I T E D   K I N G D O M

ARGON CAPITAL: Moody's Ups Rating on Perpetual Sec. Notes to Ba3
PREMIER OIL UK: June 26 Senior Scheme Creditors Meeting Set


* BOND PRICING: For the Week June 19 to June 23, 2017



UNITED BULGARIAN: Fitch Upgrades Long-Term IDRs from B+
Fitch Ratings has upgraded United Bulgarian Bank AD's (UBB) Long-
Term Issuer Default Ratings (IDR) to 'BBB+ ' from ' B+', Short-
Term IDR to 'F2' from 'B' and Support Rating (SR) to '2' from '5'
and removed the ratings from Rating Watch Positive (RWP). The
Outlook on the Long-Term IDR is Positive. Fitch has also withdrawn
UBB's Support Rating Floor (SRF) of No Floor. UBB's Viability
Rating (VR) of 'b+' is unaffected by the rating actions.

The rating actions are driven by KBC Bank's (A/Stable/a)
acquisition of a 99.9% stake in UBB from National Bank of Greece
(NBG; 'RD') on June 14, 2017. Fitch placed UBB on RWP on January
5, 2017 following the announcement by KBC of its acquisition


UBB's IDRs and Support Rating reflect Fitch's view that there is a
high probability that KBC will support its Bulgarian subsidiary,
if required. Fitch believes there will be strong synergies between
UBB and its new parent because the bank provides banking services
in one of KBC's four strategically important markets in central
and eastern Europe (together with Czech Republic, Hungary and
Slovakia). KBC has been present in Bulgaria since 2007 through its
smaller bank subsidiary CIBANK (about 3% market share) and an
insurance company, DZI Insurance.

After the acquisition of UBB (ranked third by total assets with
about 8% market share) KBC achieved its strategic target of a
significant market share (about 11%, third place) in Bulgaria. KBC
has also purchased 100% of Interlease, which was NBG's local
leasing subsidiary (directly owned by NBG) and its operations are
financed by UBB. In Fitch opinions, a merger between UBB and
CIBANK is possible in the near term, but no details have yet been

In Fitch assessments of support Fitch also take into consideration
almost full ownership by the Belgian parent and potential high
reputational risk to KBC (that could undermine its CEE franchise)
if UBB defaults. In Fitch opinions, any required support would be
immaterial relative to KBC's ability to provide it because of
KBC's strong credit profile and the relative small size of UBB
(equal to about 1.5% of KBC Bank's consolidated assets at end-

UBB could be rated within one notch of its parent were it not for
the constraint from Bulgaria's Country Ceiling, which caps UBB's
Long-Term IDR at 'BBB+'. Consequently, the Positive Outlook on UBB
reflects that on the Bulgarian sovereign rating (BBB-/Positive).

Before the acquisition by KBC, UBB's IDRs were driven by its
standalone financial strength, expressed by its 'b+' VR.

The withdrawal of UBB's SRF is due to Fitch's view that
institutional support has become the more likely source of
external support for UBB.


UBB's Long-Term IDR would be upgraded if Bulgaria's Country
Ceiling is revised upwards. The bank could be downgraded if
Fitch's view of KBC's ability and propensity to support the bank
has weakened, which Fitch currently views as unlikely.


TELLER AS: Fitch Affirms & Withdraws 'BB' Long-Term IDR
Fitch Ratings has affirmed Teller A/S's Long-Term Issuer Default
Rating (IDR) at 'BB' with a Positive Outlook and Short-Term IDR at
'B' and simultaneously withdrawn the ratings.

The withdrawal of the ratings is due to commercial reasons. Fitch
will no longer provide ratings or analytical coverage of the


The Long-Term IDR reflects materially lower group leverage
following the recent IPO of Nets A/S, Teller's ultimate parent.
The Positive Outlook is driven by the declining trend of group
leverage and Fitch's expectation that it will continue to
gradually decline throughout 2017.

Capitalisation is a key rating driver. Fitch believes it is
appropriate to look primarily at group capitalisation, rather than
capital held at Teller, given the cross-guarantees between Teller
and various group entities mean that excess capital held in Teller
(above regulatory minimum) could be up-streamed to help service
debt repayments in other parts of the group. Capital is also
increasingly managed at the group level.

The ratings also factor in Teller's monoline business model in
Nordic merchant acquiring of international payment cards, although
this is mitigated by its leading Nordic franchise in its business
niche. They also reflect potentially large exposures to
operational risk, strong liquidity management and small historical
credit losses, which have been comfortably absorbed by earnings.

Group operating margins remained strong in 1Q17 and Fitch expects
operating profitability to remain healthy throughout 2017
supported by increased transaction volumes and business expansion
in Sweden. However, high competition in the payment industry
limits Teller's pricing power. Cost efficiency and more
diversified revenues will be key to profitability.

A key risk for Teller is the potential need to bridge a liquidity
gap that could be caused by a major operational event, such as a
system failure, which would delay payments from credit card
issuers. Fitch believes such a scenario is unlikely and the risk
is mitigated by a strong track record in managing operational risk
and significant holdings of cash.

Credit risk can stem from both fraud and default of a merchant.
Losses have consistently remained low and have been comfortably
absorbed by earnings. Fitch expects that Teller will maintain
prudent underwriting standards and strict risk controls,
particularly for its high-risk customers with large pre-payments
of goods and/or services.


ELIS SA: Moody's Confirms Ba2 Corporate Family Rating
Moody's Investors Service has confirmed Elis S.A.'s (Elis) Ba2
corporate family rating (CFR) and Ba2-PD probability of default
rating (PDR). Concurrently, Moody's has confirmed the Ba2
instrument rating on the EUR800 million senior unsecured notes due
2022 issued by Elis. The outlook on the ratings is stable.

On June 12, 2017, the boards of Elis and Berendsen plc (Berendsen)
announced that they reached an agreement on the terms of a
recommended acquisition by Elis of the entire issued and to be
issued share capital of Berendsen. The offer, which comprises a
cash portion (43%) and new Elis shares (57%), implies a total
equity value for Berendsen of approximately GBP2.17 billion on a
fully diluted basis. Elis will fund the cash portion of the
acquisition and refinance Berendsen's outstanding debt with a
committed bridge term facility amounting to a maximum of EUR1,920
million with an initial 12-month term extendable by a further 6+6
months at the option of the company. In addition, as part of the
transaction, the Canada Pension Plan Investment Board (CPPIB), one
of Elis' largest shareholders, has agreed to subscribe to a EUR200
million reserved capital increase. The transaction, which will be
implemented by means of a court-sanctioned scheme of arrangement
requiring approval from a minimum of 75% of Berendsen's voting
shareholders, is expected to complete in the third or fourth
quarter of 2017 subject also to customary regulatory approvals.
Post-closing of the transaction and pro forma for the capital
increase from CPPIB, Berendsen shareholders will hold c.32% of the
combined group.


"The rating action reflects (1) the positive impact from the
acquisition of Berendsen on Elis' business profile thanks to the
significantly improved geographical diversification of the
enlarged group to 28 countries from 14 and the increased customer
base to more than 390,000 from 240,000 prior to the transaction,
(2) Berendsen's leading position in its key markets of operations,
and (3) the good liquidity position supported by Elis' undrawn
EUR500 million revolving credit facility (RCF) and availability
under the committed bridge term facility to refinance all of
Berendsen's debt, including undrawn amounts under the target's
EUR510 million revolving credit facility (target's RCF)", says
Sebastien Cieniewski, Moody's lead analyst for Elis.

However, these positive factors are mitigated by (1) the
moderately negative impact from the acquisition on Elis' pro forma
adjusted leverage which Moody's projects at around 3.9x-4.0x by
the end of 2017 compared to the rating agency's previous forecasts
of a de-leveraging towards 3.5x at that date, (2) the projected
weaker pro forma free cash flow (FCF) generation of the group over
the next 18-24 months due to a higher level of capital
expenditures required to upgrade Berendsen's plants and machinery
in the United Kingdom following a period of under-investment, (3)
the higher integration risk related to the acquisition of
Berendsen relative to Elis' previous transactions due to its
significantly larger scale and geographical span, and (4) the
challenging trading in France and the United Kingdom core markets
for Elis and Berendsen, respectively.

The closing of the review on Elis' ratings initiated on May 23,
2017 reflects the higher degree of certainty that Elis will
successfully complete the acquisition of Berendsen based on its
firm offer announced on June 12, 2017 and the intention of
Berendsen's directors to unanimously recommend that the target's
shareholders vote in favour of the transaction. Were the
transaction to fail, due to among others an insufficient level of
approval from Berendsen's shareholders, the Ba2 CFR on Elis with a
stable outlook would remain unchanged for the reasons disclosed in
Moody's press release published on December 23, 2016 following the
announcement of the acquisitions of Indusal and Lavebras.

Moody's positively views the increased scale of operations with
pro forma revenues of around EUR3 billion in 2016 compared with
approximately EUR1.5 billion as reported by Elis for that same
year. The increased scale reflects also the group's enhanced
geographical diversification due to Berendsen's focus on Northern
Europe, including the United Kingdom and Scandinavia, while Elis
has established its presence mainly in France and Southern Europe
and Latin America. The increased geographical diversification will
particularly contribute to reducing Elis' exposure to its French
domestic market with pro forma revenues generated in the country
decreasing to 32% from 57% (adjusted revenues including
contribution from Indusal, Lavebras and Puschendorf) as of 2016.
Growth in France has been constrained by the highly competitive
environment in the context of a sluggish gross domestic product
(GDP) growth - organic revenue growth at 0.6% in 2016 lagged
significantly behind growth in Europe (excluding France) and Latin
America at 5.0% and 15.0%, respectively.

Moody's expects that the acquisition of Berendsen will result in a
weak pro forma FCF generation over the next 24 months at around
2.5% and 3.0% as a percentage of adjusted debt (as adjusted by
Moody's mainly for operating leases and pension liabilities) with
capital expenditures maintained at 19-20% as a percentage of
annual pro forma group sales compared with 17% as reported by Elis
in 2016. This higher level of capex over the medium-term reflects
the increased investment in plant and machinery required by
Berendsen to support its operations its UK textiles operations.
Underinvestment in Berendsen's operations in the UK has
constrained the target's organic revenue growth at 2% in 2016 and
led to a decline in profitability in that year with a further
weakening projected in 2017 due to increases in the costs of
quality. Berendsen's management expects profitability to recover
from 2018 supported by the increased investment plan.

Moody's projects that the acquisition of Berendsen will have a
moderately negative impact on Elis' leverage profile. This results
from the fact that a significant proportion of the consideration
for Berendsen will be funded with new Elis' shares as well as the
proceeds from the cash placing to CPPIB. Moody's projects pro
forma adjusted leverage at around 3.9x-4.0x by the end of 2017
with a gradual decline to below 3.8x over 2018. Moderate de-
leveraging will be supported by the revenue growth for the group
projected by Moody's at 2-3% with relatively flat margins as
synergies from the integration of Berendsen, estimated at EUR40
million on a run-rate basis, will be partly offset by pricing
pressure in the group's mature markets, including France.

Moody's considers that Elis benefits from a good pro forma
liquidity position supported by a combined cash balance of
c.EUR436 million as of December 31, 2016 and availability under
Elis' committed credit lines, including a EUR500 million RCF,
which was undrawn as of December 31, 2016. As part of the
transaction, Elis' bridge facility will be partly used to
refinance Berendsen's debt which consisted mainly as of December
31, 2016 of private placement notes of GBP433.9 million and
GBP77.9 million of drawings under a EUR510 million revolving
credit facility. The Elis syndicated loan and bridge term
facilities contain a leverage covenant with ample headroom.

The Ba2 instrument rating on Elis' EUR800 million senior unsecured
notes reflects their pari passu ranking with the EUR1,150 million
syndicated loans and the EUR1,920 million bridge term facility and
the absence of any significant liabilities ranking above or
behind. The EUR800 million senior unsecured notes, the new
syndicated loans, and the bridge term facility benefit from the
same guarantee package as the existing syndicated loans, which are
provided by a group of subsidiaries that represented approximately
54% of the company's EBITDA (as adjusted by the company) and 98%
of assets as of December 31, 2014 (latest available information).

The stable outlook reflects Moody's expectation that Elis' pro
forma revenues will continue growing at above 2% on an organic
basis over the next 3 years while maintaining the EBITDA margin
(as reported by the company) at above 30%. In addition, Moody's
expects Elis to maintain a conservative financial policy with net
leverage (as reported by the company) at around 3.0x and a good
liquidity position by generating a positive FCF from 2018. The
stable outlook also assumes that Elis will refinance the bridge
facility drawings well in advance of its 2 year maturity (assuming
extensions are exercised) with longer-dated facilities
significantly extending the group's maturity profile.


Positive pressure on the Ba2 rating could develop if Elis's
operating performance continues to improve, allowing for the
company's leverage, measured by Moody's adjusted debt/EBITDA, to
move towards 3x with a retained cash flow (RCF)/ Net Debt ratio
remaining above 20%. On the other hand, negative pressure could
develop if Elis's leverage remains above 4.0x for a sustained
period of time or if Moody's becomes concerned about the company's
liquidity. Negative pressure would also arise if the company was
to revise its firm offer for the acquisition of Berendsen with an
increased debt contribution.

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

Elis is a France-based multiservice provider of flat linen,
garment and washroom appliances, water fountains, coffee machines,
dust mats and pest control services. The company operates
throughout 14 countries and splits its revenues between 3
segments: flat linen (49% of 2016 revenues), workwear (30%), and
hygiene and well-being (21%). For the financial year ended
December 31, 2016 it reported total revenues of EUR1.513 billion
and adjusted EBITDA (as reported by the company) of EUR468


NITROGENMUVEK ZRT: Fitch Revises Outlook to Neg., Affirms B+ IDR
Fitch Ratings has revised Hungary-based fertiliser company
Nitrogenmuvek Zrt's Outlook to Negative from Stable, and
simultaneously affirmed the Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B+'. Fitch has also affirmed its senior
unsecured rating at 'B+' with a Recovery Rating of 'RR4'.

The Outlook revision reflects the issuer's large increase in
leverage and longer than previously anticipated deleveraging from
a funds from operations (FFO) adjusted net leverage (leverage)
peak of 6.6x at end-2016. Fitch does not expects nitrogen
fertiliser prices to recover to pre-2016 levels in the medium term
as the market is oversupplied. This, despite lower capex and
positive free cash flow (FCF), would result in around 4x net
leverage during 2017-2018 before going below 2.5x from 2019 as
fertiliser prices recover. The IDR affirmation reflects reduced
capex-related risks, higher output as investments complete, and a
strong liquidity profile up to 2020.


Capex, Pricing and Shutdowns: End-2016 leverage reached 6.6x as
the company had a 58-day long ammonia plant shutdown mainly due to
construction works, combined with nitrogen fertiliser prices
hitting a five-year low and translating into weak FFO generation.
Fitch does not expects further unplanned shutdowns as most
construction works are complete. However, nitrogen oversupply will
put pressure on medium-term fertiliser prices, implying a rebased
issuer financial profile with leverage at around 4x over 2017-
2018. This is despite low maintenance capex and nil dividends,
which translate into positive but moderate FCF and deleveraging
over several years.

Absolute Debt Under Control: Gross debt peak at around HUF95
billion in 2016, in line with Fitch previous expectations as capex
outflows were largely pre-funded with a seven-year 7.875% USD200
million senior unsecured bond raised in 2013 and the eleven-year
EUR93 million bank loan raised in 2016. Weak 2016 FFO and
significant working-capital outflows pulled down the cash cushion
to HUF27 billion, but the 2017 output-driven FFO recovery, planned
destocking, lower capex and assumed nil dividends mean that the
company will shift to neutral-to-positive FCF generation and
reduce its gross debt.

The extent of the recovery in fertiliser prices will however
determine the pace of deleveraging.

New Businesses Supress Margins: Nitrogenmuvek continues to expand
its lower-margin grain, pesticide and seed trading operations,
boosting direct sales to farmers and enhancing its presence in
central Europe through bolt-on acquisitions. Fitch believes that
the expansion into new business segments will boost sales but will
have a dilutive impact on the EBITDA margin. The expansion will,
however, help improve Nitrogenmuvek's brand names and market
coverage, which will lead to higher volumes and realised sales
prices in the longer term.

Large Domestic Market Share: Nitrogenmuvek is the only producer of
nitrogen fertilisers in Hungary with a significant market share.
Barriers to entry include the extent of the return on investment
given the small regional market, the lead time of four to five
years for new plant construction, high transportation costs for
importers (Hungary is a landlocked country) and import tariffs for
non-EU producers.

Long-Term Demand Fundamentals: The global fertiliser sector's
long-term demand outlook remains strong despite medium-term
supply-driven pressure, being supported by declining arable land,
a growing population and meat consumption, and biofuel production.
Nitrogenmuvek is also expected to benefit from the higher growth
potential of central European countries where nitrogen fertiliser
use per hectare remains below that of mature agricultural markets,
especially calcium ammonium nitrate as it suits Europe's
environmental regulations for fertilisers and is easy to store.

High Exposure to Price Volatility: Nitrogenmuvek lacks the product
and geographical diversification of its international peers, and
is located on the upper part of the ammonia cost curve, which
leaves it substantially exposed to nitrogen price volatility. The
company is also exposed to volatile natural gas prices, its main
raw material, although this is partly mitigated by its access to
spot and short-term purchases on European gas hubs and contracts
based on spot prices.

FX Risk: Nitrogenmuvek has no US dollar-denominated revenues,
which exposes it to convertibility and translation risk on its
USD200 million notes. Therefore, a strong appreciation of the US
dollar and a strong depreciation of the forint or euro could
result in deterioration in the group's credit metrics due to the
mismatch between operating cash flows and the US dollar-
denominated debt.


Nitrogenmuvek has smaller scale, higher product concentration and
a weaker cost position than Fitch-rated EMEA nitrogen fertiliser
players Acron (BB-/Positive) and EuroChem (BB/Negative). This is
partly mitigated by Nitrogenmuvek's dominant share within its
landlocked domestic market of Hungary, its strong and increasing
share of direct sales to farmers as well as its strong liquidity.
It also benefits from having a near-complete investment cycle with
positive free cash-flow generation expected to start from 2H17. No
country ceiling, parent/subsidiary, operating environment aspects
or other factors impact the rating.


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

- fertiliser prices to grow in the low single digits from 2016
   lows until a stronger recovery from 2019;

- fertiliser sales volumes to rebase at 1,300-1,400kt with
   calcium ammonium nitrate (CAN)-focused production from 2017
   as new capacity is launched;

- non-fertiliser segment to increase sales in the double digits
   but to have flat margins over the next three years;

- 2017-2020 capex totalling at around HUF15 billion.

Fitch's key assumptions for bespoke recovery analysis include:

- post-restructuring EBITDA is HUF11.2 billion, or equal to 2016
   EBITDA, reflecting a hypothetical downturn that would provoke
   a default as well as Fitch's expectation of the company's
   corrective actions;

- 4.0x distressed multiple reflects the typical multiple applied
   to small-scale chemical producers;

- Fitch has applied standard discounts to end-2016 property,
   plant and equipment (50%), receivables (25%) and inventories

- 10% administrative claims are deducted from the liquidation
   enterprise value;

- USD200 million bonds rank pari passu with all the remaining
   senior unsecured debt in the waterfall.


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

- (Outlook Stabilisation) Positive FCF translating into FFO net
   adjusted leverage sustained below 2.5x, or gross leverage
   below 3.0x

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

- Dividends, aggressive capex or unexpected maintenance leading
   to FFO adjusted net leverage maintained above 2.5x, or gross
   leverage above 3x, by 2019

- Sustained drop in the EBITDA margin of core fertiliser
   operations to below 20%


Liquidity Comfortable: With HUF27 billion cash and cash
equivalents covering HUF4 billion short-term loans and borrowings
at end-2016, the liquidity position looks comfortable throughout
2017 and Fitch expects it to remain so until the next significant
repayment represented by HUF59 billion (USD200 million) Eurobonds
due in May 2020. Positive free cash flow generation from 2017
onwards is driven by capex moderation and adds comfort to the
company's liquidity position.


AURIUM CLO I: Moody's Affirms B2(sf) Rating on Cl. F Senior Notes
Moody's Investors Service announced that it has upgraded the
ratings of the following classes of notes issued by Aurium CLO I
Designated Activity Company:

-- EUR 33,500,000 Class B-R Senior Secured Floating Rate Notes
    due 2029, Upgraded to Aa1 (sf); previously on May 2, 2017
    Definitive Rating Assigned Aa2 (sf)

-- EUR 18,000,000 Class C-R Senior Secured Deferrable Floating
    Rate Notes due 2029, Upgraded to A1 (sf); previously on
    May 2, 2017 Definitive Rating Assigned A2 (sf)

-- EUR 15,500,000 Class D-R Senior Secured Deferrable Floating
    Rate Notes due 2029, Upgraded to Baa1 (sf); previously on May
    2, 2017 Definitive Rating Assigned Baa2 (sf)

Moody's Investor Service has also affirmed the ratings of the
following classes of notes of Aurium CLO I:

-- EUR 179,500,000 Class A-R Senior Secured Floating Rate Notes
    due 2029, Affirmed Aaa (sf); previously on May 2, 2017
    Definitive Rating Assigned Aaa (sf)

-- EUR 21,000,000 Class E Senior Secured Deferrable Floating
    Rate Notes due 2029, Affirmed Ba2 (sf); previously on Mar 27,
    2015 Definitive Rating Assigned Ba2 (sf)

-- EUR 10,750,000 Class F Senior Secured Deferrable Floating
    Rate Notes due 2029, Affirmed B2 (sf); previously on Mar 27,
    2015 Definitive Rating Assigned B2 (sf)

Aurium CLO I, issued in March 2015, is a collateralised loan
obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by Spire Partners LLP.
The transaction's reinvestment period ends in April 2019.


The Issuer has issued the Refinancing Notes in connection with the
refinancing of the following classes of Original Notes: Class A,
Class B, Class C and Class D Notes due 2029 (the "Original
Notes"), previously issued on March 26, 2015 (the "Original
Closing Date"). On April 26, 2017, the refinancing date, the
Issuer has used the proceeds from the issuance of the Refinancing
Notes to redeem in full its respective Original Notes. On the
Original Closing Date, the Issuer also issued the Class E Notes
and the Class F Notes as well as one class of subordinated notes,
which remain outstanding.

The rating upgrades on Classes B-R, C-R and D-R is primarily a
result of the increase in the excess spread available to the
transaction resulting from the refinancing of Class A, Class B,
Class C and Class D Notes.

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

Loss and Cash Flow Analysis:

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

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

Performing par and principal proceeds balance: EUR300,000,000

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3341

Weighted Average Spread (WAS): 4.72%

Weighted Average Coupon (WAC): 6.25%

Weighted Average Recovery Rate (WARR): 44.46%

Weighted Average Life (WAL): 5.92 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with a local currency
country risk bond ceilings (LCC) of A1 and lower. Given the
portfolio constraints and the current local currency country
ceilings ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below Baa3
cannot exceed 0%. As a result and in conjunction with the current
local country ceiling ratings of the eligible countries, as a
worst case scenario, a maximum 10% of the pool would be domiciled
in countries with Baa2 local currency country ceiling. The
remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling above A1. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class of
notes as further described in Appendix 13 of the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes and
amount to 1.5% for the Class A-R Notes, 1% for the Class B-R
Notes, 0.75% for the Class C-R Notes and 0% for the Class D-R
Notes, Class E Notes and Class F Notes.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the 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 the notes (shown
in terms of the number of notch difference versus the current
model output, whereby a negative difference corresponds to higher
expected losses), assuming that all other factors are held equal.

Percentage Change in WARF -- increase of 15% (to 3842 from 3341)

Rating Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: 0

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

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

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

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF -- increase of 30% (to 4343 from 3341)

Rating Impact in Rating Notches:

Class A-R Senior Secured Floating Rate Notes: 0

Class B-R Senior Secured Floating Rate Notes: -3

Class C-R Senior Secured Deferrable Floating Rate Notes: -3

Class D-R Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -1

Methodology Underlying the Rating Actions:

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


ASR MEDIA: S&P Affirms 'BB+' Rating on Amended Loan Facility
S&P Global Ratings revised its outlook on the amended and extended
loan facility issued by ASR Media and Sponsorship S.r.l. (MediaCo)
to negative from stable.  At the same time, S&P affirmed its 'BB+'
long-term issue rating on the loan.  The recovery rating remains
unchanged at '2', indicating S&P's expectation of substantial
recovery (70%-90%; rounded estimate 85%) in the event of a payment

The outlook revision follows MediaCo's increase of its borrowing
under its existing loan facility to EUR230.0 million from EUR161.4
million, alongside an extension of the maturity to 2022 from 2020.
The negative outlook points to S&P's view of the project's weaker
credit profile following the increase in debt.  S&P believes the
rating could come under pressure if the broadcasting rights'
contracts for 2018-2021 are not renegotiated upward or if the
project fails to sign new sponsorship contracts (such as the
jersey sponsor), as incorporated into S&P's current base case.
Finally, S&P notes that the jump in debt has eroded the buffer
previously in place to mitigate interest rate increases.

The 'BB+' issue rating on the loan continues to reflect MediaCo's
minimum annual debt service coverage ratio (ADSCR) of 4x, under
S&P's base case.  However, following the amendments to the
existing loan, the project's credit profile has weakened, in S&P's
view, with the ADSCR falling to a minimum of 4x and to an average
around 5x up until 2022, compared with a minimum solidly above 4x
and an average above 6x up until 2020 before amendment.
Positively, MediaCo's resilient performance under S&P's downside
case -- including significant stresses on sporting performance,
with two relegations forecast before 2023, and subdued sponsorship
revenues -- continues to support the rating.  Under these
assumptions, S&P expects the ADSCR to remain at or above 1x,
supported by committed liquidity.

In conjunction with the increase in outstanding debt, MediaCo and
its lenders executed a set of amendments to the loan agreement,
including a new loan's principal repayment profile that resulted
in an outstanding balance of EUR172.0 million to be refinanced in
June 2022, instead of EUR128.4 million under the loan's previous
terms, which increased refinancing risk.  All the lenders under
the amended and restated facility will rank pari passu and benefit
from the same security extended under newly executed deeds.

The negative outlook reflects S&P's expectation that, following
the debt increase, the project's minimum ADSCR coverage may fall
below 4x unless its revenues are supported by a combination of
favorable contract renegotiations (such as the Serie A and UEFA
broadcasting rights contracts for 2018?2021) or the acquisition of
new sponsorship contracts (such as the jersey sponsor).
Additionally, an increase in interest rates beyond current market
expectations could intensify pressure on the 4x minimum ADSCR
required to support the current rating.

S&P could revise our outlook to stable following a favorable
renegotiation of the upcoming broadcasting rights contracts, upon
signing of a jersey sponsor, or the acquisition of additional
contracted revenues that support a minimum ADSCR solidly and
sustainably above 4x.

S&P could lower its rating if the project's minimum ADSCR falls
below 4x.  This could happen if the tender of the Serie A and UEFA
broadcasting rights contracts for 2018-2021 do not lead to the
assumed upward adjustment.  S&P could also lower the rating if the
project fails to boost the contracts underpinning its sponsorship
revenues or if debt service increases following an unexpected
interest rates spike.

The project is not delinked from its bank account provider,
UniCredit SpA, but the rating on Unicredit does not currently
constrain the rating on the MediaCo's debt.  Nevertheless, S&P
could lower the rating if it downgrades UniCredit to lower than
the rating on the debt and MediaCo does not replace the provider.

Fitch Ratings has downgraded Credito Valtellinese's Long-Term
Issuer Default Rating (IDR) to 'BB-' from 'BB' and Viability
Rating (VR) to 'bb-' from 'bb' and removed them from Rating Watch
Negative (RWN). The Outlook is Negative.


The downgrade reflects Fitch's view that unreserved impaired loans
are putting pressure on capitalisation and that internal
capitalisation has weakened as Creval's operating performance has
deteriorated. The Negative Outlook reflects execution risks around
Creval's strategic plan in a weak operating environment. Creval's
strategy aims to address the bank's key weaknesses in asset
quality, through non-performing loan (NPL) reductions, cost
efficiency and to recover an adequate and sustainable internal
capital generation from its core activities.

Although the bank's fully loaded CET1 and total capital ratios at
11.1% and 12.2% at end-1Q17 are above minimum regulatory
requirements, Fitch views capitalisation as not commensurate with
the risk arising from the bank's large stock of impaired loans.
Unreserved impaired loans accounted for about 170% of its Fitch
Core Capital (FCC) at end-1Q17. Fitch expects capital to remain
under pressure from high levels of unreserved impaired loans even
after the bank's planned reduction in NPLs. Fitch also see the
risk that the capital management initiatives envisaged in Creval's
strategic plan might not be sufficient to relieve pressure on
capital levels if the bank achieves the planned impaired loan
disposals (around gross EUR1.8 billion by end-2018) and at current
market prices. Additionally, internal capital generation from core
activities remains weak.

Creval's operating profitability suffers from a less diversified
business model that leaves the bank more vulnerable to interest
rate and economic cycles. Creval's profitability is under pressure
from the low interest rate environment and modest new lending. The
need to reduce its large stock of impaired loans might leave it
vulnerable to possible increases in provisioning to achieve the
planned NPL sales. The bank's recent wholesale debt issuance has
demonstrated that the cost for the bank to access the wholesale
markets has increased, which might have an impact on its net
interest income in the future if wholesale funding issuance
attract more expensive rates.

Asset quality is weak but has been stabilising in recent quarters,
reflecting tighter credit standards and risk controls and an
improved approach to address its large portfolio of impaired loans
by more efficient workout and larger disposals than other medium
sized banks in Italy. Creval has sold about EUR610 million
impaired loans since end-2015, which together with a reduced
inflow of new impaired loans and higher recoveries resulted in a
reduction in the stock of impaired loans by almost 3% at end-1Q17.
Nonetheless, impaired loans remain high at 26% of gross loans. The
disposal of around EUR1.5 billion gross loans through a planned
securitisation in 2H17 will reduce the ratio to close to 20%,
which still remains above the domestic industry average. Net
impaired loans will continue to represent well above 100% of FCC
following the transaction.

Creval targets an 18.4% gross problem loan ratio, including past
due exposures, by end-2018. Fitch believes this could be achieved,
but Fitch see executions risk if the operating environment
deteriorates further.

The assessment of funding and liquidity reflects Fitch views that
while these are generally stable, risk has heightened regarding
access to funding, particularly from wholesale sources and in
periods of market stress might be less certain for Creval than for
stronger peers. Funding sources are currently adequately
diversified. Creval's overall liquidity is underpinned by access
to central bank facilities and commensurate with the bank's
ratings, with liquidity coverage and net stable funding ratio
above 100%.


The bank's Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch views that following the introduction of Bank
Recovery and Resolution Directive, the likelihood of Creval being
supported, in case of need, by the Italian authorities has reduced
substantially. Fitch therefore no longer rely on the possibility
of such support in Fitch ratings.


Creval's subordinated debt is rated one notch below the bank's VR,
comprising one notch for loss severity relative to senior
unsecured creditors and zero notches for incremental non-
performance risk relative to the VR.


The Negative Outlook reflects Fitch views that the bank's VR,
Long-Term IDR and debt ratings would be downgraded if
capitalisation declines from current levels as a result of losses
caused by sales of impaired loans if the bank fails to build up
capital. The ratings would also be downgraded if the bank fails to
achieve the planned reduction in impaired loans or if underlying
profitability does not improve.

Fitch could revise the Outlook to Stable if the bank makes
progress in disposing impaired loans while maintaining adequate
capitalisation, manifested in a steady reduction in unreserved
impaired loans as a share of FCC. A Stable Outlook would also
require a recovery in operating profitability to sustainable


An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support Creval. While not impossible, this is highly unlikely, in
Fitch's view.


The rating of the notes is sensitive to a change in the bank's VR.
The rating is also sensitive to a change in the notes' notching,
which could arise if Fitch changes its assessment of their loss
severity or their non-performance relative to the risk captured in
the VR.

The rating actions are as follows:

Long-Term IDR: downgraded to 'BB-' from 'BB', removed from RWN;
Outlook Negative
Short-Term IDR: affirmed at 'B'
Viability Rating: downgraded to 'bb-' from 'bb', removed from RWN
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
EMTN Long-term rating: downgraded to 'BB-' from 'BB', removed from
EMTN Short-Term Rating: affirmed at 'B'
Subordinated notes: downgraded to 'B+' from 'BB-', removed from

NUOVO TRASPORTO: Fitch Assigns BB Rating to EUR550MM Sr. Bond
Fitch Ratings has assigned Nuovo Trasporto Viaggiatori S.p.A.
(NTV)'s EUR550 million senior secured bond a final rating of 'BB'.
The Issuer Default Rating is 'BB-' with a Stable Outlook.

The uplift for the bonds compared to the IDR reflects the Recovery
Rating of 'RR2', which is driven by the meaningful residual value
of the company's assets in case of default and the secured nature
of the transaction.

The rating reflects NTV's sound operating performance, high
profitability and sizeable market share; this is in the context of
a regulatory framework set by an independent regulator, increasing
demand for high-speed railway services and high barriers to entry.
Constraints on the rating include the limited size and record of
the company, the exclusive focus on Italy and high leverage with
some execution risk related to reducing that level.

Fitch expects FFO adjusted net leverage to approach 4.5x in 2019
from 6.7x at year-end 2016. Fitch expects NTV to generate positive
free cash flow (FCF) after the spike in capex in 2016-18 related
to the new fleet of 12 high-speed trains to be delivered starting
from November 2017.


Private High-Speed Train Operator: NTV has been operating high-
speed trains in Italy since 2012 under the brand name Italo and is
the first private high-speed operator in the European passenger
rail industry. NTV's only direct competitor is Trenitalia, owned
by the incumbent Ferrovie dello Stato Italiane (FS, BBB/Stable).
As of 2016, NTV had a 35% share of the markets it operates in. It
has a fleet of 25 high-speed trains offering 56 daily services
with a focus on the strategic routes Naples-Rome-Milan-Turin and
Naples-Rome-Venice/Verona. An additional 12 trains are due to be
delivered by mid-2018.

Experienced Shareholder Base: Its shareholder base is mainly
composed of Italian entrepreneurs (almost 60%) and financial
institutions (Banca Intesa, 'BBB-'/Stable, and Assicurazioni
Generali S.p.A., 'A-'/Stable, in total representing almost 40%).
The shareholders are discussing the potential addition of a new
shareholder with a stake of up to 30%.

Regulatory Framework Improving: The Italian independent authority
for transport (ART, Attivita di Regolazione dei Trasporti) became
fully operational in 2014, which led to a substantial improvement
of the regulatory environment. The new methodology defined by ART
for the period 2016-2021 resulted in lower access fees for the use
of the infrastructure by NTV (36% year-on-year reduction in 2015).
In 2016 access and electricity costs (also regulated) represented
almost 40% of the company's cost base. While the establishment of
the independent regulator provides a foundation for the
development of the competitive environment, ART's track record in
the implementation of its policies is limited.

Successful Repositioning in 2015: NTV launched a new strategy in
2015, which included gaining access to the three most important
railway stations in Italy, optimisation of maintenance schedules,
minimisation of time from train arrival to departure, increased
frequency on the Milan-Rome key route, launch of an intermodal
train-bus service, and the introduction of a new pricing system.

These initiatives led to an increase of services offered (in terms
of seat per kilometre) and a decrease of the average price. Lower
ticket prices were more than compensated for by the substantial
increase in load factor to 76.4% in 2016 from 51.7% in 2014.
Combined with reduced access fees, this drove EBITDA to EUR96
million in 2016 (25% of revenues) from a negative value of EUR18
million in 2014.

Competitive Landscape: NTV has a market share of 24% in the total
high-speed long-haul market in Italy and 35% in its reference
market. The entrance of a second player was a key driver for the
market growth registered in Italy in the last years (CAGR 2012-
2016 of 7.6%). Prices for high-speed trains in Italy are quite low
when compared with other EU countries and there is room for
additional penetration, since the high-speed train solution is
gaining market share compared to traditional train and airlines,
while bus operators are generally small. Fitch believes that
barriers to entry are significant, both in terms of capital and
time needed to approach the market.

Fleet Expansion: NTV will benefit from the expanding fleet as it
increases scale, frequencies and geographic footprint throughout
the rail network. On the other hand, it adds execution risk to the
business plan. The introduction of the 12 new trains will be
gradual until mid-2018 and will allow the company to increase
daily services to 88 from 56. All the additional services (with
related routes and times) have been approved by the regulator. At
year-end 2016 NTV had already paid EUR99 million of the EUR282
million total related investments.

Deleverage Factored into the Rating: NTV currently has a high
leverage (FFO net adjusted leverage at 6.7x in 2016) deriving both
from its ramp-up phase and the investments for the new fleet.
Fitch forecasts material improvement in credit ratios by 2019 when
the new fleet will fully contribute to cash flow. Fitch expects
FFO net adjusted leverage to approach 4.5x in 2019 and FFO fixed-
charge cover at 3.7x, which is reflected in the 'BB-' IDR.

NTV has a rigid cost structure. But its capacity to sustainably
generate positive free cash flow from 2018 is enhanced by low
maintenance capex (around EUR10 million per year) and potential
cash generation from working capital, also related to some
expected VAT reimbursements.

Positive Current Trading: The company is performing well in 2017,
with LTM EBITDA at March 2017 of EUR106 million and a budget for
the full year of EUR120 million. In Fitch ratings case Fitch
expects EBITDA of EUR113 million in 2017, rising to EUR140
million-EUR150 million from 2019.


NTV is rated below transport peers such as Stagecoach Group plc
(BBB/Stable), FirstGroup plc (BBB-/Stable) and National Express
Group Plc (BBB-/Stable) mainly due to its higher net leverage
(trending towards 4.5x compared to averages of 2.5x for
Stagecoach, 3.4x for FirstGroup and 3.6x for National Express),
limited scale and lack of diversification. However, it is rated
one notch higher than airline peers at 'B+' with similar financial
profiles, including Public Joint Stock Company Aeroflot - Russian
Airlines and LATAM Airlines Group S.A., due to Fitch expectations
of deleveraging for NTV and a more solid business profile. The
company benefits from a solid and growing market share, less
competition and high barriers to entry. No country-ceiling,
parent/subsidiary or operating environment aspects impacts the


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

- average load factor at 73.4% throughout the 2017-21 business
- yield increasing at a CAGR of 0.8%
- cash generation from working capital at around EUR80 million
   across the plan
- total capex of around EUR260 million over the 2017-2021
   period, of which more than 70% in the first two years
- dividends maximisation consistently with permitted payments
   (50% pay-out with net debt/EBITDA higher than 3.5x, 100% if
   lower), but no utilisation of the general restricted payments
   basket (EUR40 million)


Future developments that may potentially lead to positive rating
action include:
- FFO-adjusted net leverage below 4.0x and FFO fixed charge
   coverage above 3.0x on a sustained basis
- Sustained neutral to positive free cash flows

Future developments that could lead to negative rating action

- FFO-adjusted net leverage above 4.5x and FFO fixed charge
   coverage below 2.5x on a sustained basis due to, for example,
   a more aggressive dividend policy compared to Fitch current
   assumption in the rating case

- Negative FCF due to, for example, a worse than expected market
   scenario or failure to successfully implement the company's

- Adverse regulatory changes impacting on the company's cash flow


Adequate Liquidity: NTV has refinanced its existing debt with a
six-year EUR550 million floating rate note (FRN) and a five-year
term loan of EUR140 million, of which 45% is amortising. The FRN
was increased by EUR50 million due to investor demand and the loan
decreased by an equivalent amount. NTV also has a EUR20 million
revolving credit facility, completely undrawn at refinancing. All
debt is pari passu and secured against the shares in NTV. The bank
loan includes financial covenants based on leverage (net
debt/EBITDA), gradually decreasing to 3.7x in 2019 and 3.5x in
2020, and coverage (rising to 3x in 2019, then flat).

Fitch expects NTV's available cash to stand at around EUR21
million-EUR36 million at the end of 2017 (depending on potential
dividends distribution throughout the year), with the RCF
completely undrawn. Fitch forecasts consistently positive free
cash flows from 2018.

* ITALY: RMBS 60+ and 90+ Day Delinquencies Slightly Drop in Feb.
According to the latest indices published by Moody's Investors
Service the 60+ day delinquencies in the Italian residential
mortgage-backed securities (RMBS) market marginally decreased to
1.8% in February 2017 from 1.9 % in November 2016, while the 90+
day delinquency index slightly declined to 1.3 % in February 2017
from 1.5% in November 2016.

The index of cumulative defaults almost remained stable around
5.0% in February 2017.

The prepayment rate index increased to 5.8% in February 2017 from
5.4% in November 2016.

As of February 2017, Moody's rated 102 transactions in the Italian
RMBS market, with a total outstanding pool balance of EUR 51.9
billion a slight increase from EUR 51.8 billion in November 2016.

As of February 2017, the reserve funds of 32 transactions, 10 of
which are fully drawn, were below their target levels.

On February 2017 an increase in bank mortgage lending has
considerably bolstered the Italian mortgage market, as a
consequence of a surge in housing demand. Italian house prices are
expected to grow close to 2% next year. The origination of new
loans in the Italian market could approach pre-crises levels if
mortgage lending activity will keep increasing at the current


CANYON COS: S&P Revises Outlook to Stable & Affirms 'B' CCR
S&P Global Ratings revised its rating outlook on Luxembourg-based
Canyon Cos. (doing business as Cision) to stable from
negative and affirmed its 'B' corporate credit rating on the

The company plans to use the $325 million capital contribution
from its merger with Capitol Acquisition Corp. III to pay down
approximately $300 million of its $370 million second-lien term

S&P's outlook revision is based on its expectation that Canyon
will pay down $300 million of its second-lien debt using the
$325 million in capital infusion from its merger with Capitol
Acquisition.  As a result, S&P forecasts adjusted leverage of
5.8x-6.0x and free operating cash flow (FOCF) to debt of 6%-7% in
2017.  These ratios are above our previous upside scenario for the
company, where S&P had set a threshold to revise the outlook to
stable if adjusted leverage declined below 7.0x and FOCF to debt
improved to the mid-single-digit percentage area.  S&P also
expects the realization of synergies and other cost-efficiencies
to result in adjusted leverage declining further to the 5.4x-5.6x
range in 2018.

S&P's corporate credit rating also incorporates its view of
Canyon's good market position and contracted revenue profile with
high retention rates, the highly fragmented competitive
environment in the niche public relations (PR) software solutions
market, and the integration risks associated with the company's
acquisitions over the past three years.

The outlook reflects S&P's expectation that Canyon's leverage will
decline to the low-6.0x area, its FOCF to debt will increase to
about 6%-7% in 2017, and the company will successfully integrated
its acquisitions and realize expected synergies.

S&P could lower the corporate credit rating if the company's
operating performance deteriorates such that S&P expects leverage
to remain elevated in the high-6.0x area or if its cash flow
deteriorates such that FOCF to debt declines below 5% on a
sustained basis.  These scenarios could occur if Canyon's
operational performance deteriorates such that its EBITDA growth
is significantly lower than S&P expects because the company, for
example, is unable to effectively integrate its acquisitions and
realize expect synergies.

S&P could raise the rating if the company is able to lower
leverage below 5.0x on a sustained basis while maintaining
adequate liquidity.  This could occur through continued debt pay
down and/or successful cross-selling strategies that materially
increase EBITDA and cash flow.

LECTA SA: S&P Affirms 'B/B' CCRs Following Postponed IPO
S&P Global Ratings affirmed its 'B/B' long- and short-term
corporate credit ratings on Luxembourg-registered paper producer
Lecta S.A.  The outlook is stable.

S&P also affirmed the 'B' issue rating on Lecta's senior secured
debt.  The '4' recovery rating remains unchanged, indicating S&P's
expectation of average recovery (45%) in the event of a payment

S&P removed the ratings from CreditWatch positive, where it placed
them on May 29, 2017.

The affirmation and the removal of the CreditWatch placement
follow Lecta's announcement on June 21, 2017, that it has decided
not to list shares on the Madrid, Barcelona, Bilbao, and Valencia
stock exchanges at this time.  As a result, S&P do not expect the
company's financial leverage to improve meaningfully in the near

The stable outlook reflects S&P's expectation of modest
improvements in Lecta's operational performance in 2017-2018 that
will advance the company's credit metrics only somewhat.  While
S&P expects slightly increasing EBITDA generation due to a higher
proportion of specialty paper products, S&P do not think that cash
flow generation will be strong enough to have a substantial impact
on Lecta's overall performance metrics.

S&P considers that a downgrade is remote in the coming 12 months,
thanks to Lecta's comfortable liquidity profile and S&P's forecast
of slightly improving EBITDA generation.  S&P could, however,
lower the rating if operating performance deteriorated
significantly below S&P's base?case projections, in turn weakening
credit metrics.  A downgrade could for example follow a protracted
decrease in funds from operations (FFO) to debt to below 6%.

An upgrade is unlikely in the coming 12 months, unless Lecta
successfully executes an IPO in line with the recently postponed
plans.  This is because, in the absence of materially lower
leverage and a marked strengthening in cash flow generation, a
tough industry environment for core coated, wood-free paper will
markedly hinder improvements in Lecta's credit metrics.  Over
time, S&P could consider a higher rating if it was to forecast FFO
to debt at sustainably above 12%.  In addition, any ratings upside
would hinge on a commitment from Lecta's owners to maintain
stronger credit metrics.

TAGUS SOCIEDADE: Moody's Assigns (P)Ba2 Rating to Class B Notes
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Tagus -- Sociedade de
Titularizacao de Creditos, S.A.:

-- EUR [.] million Class A Asset Backed Floating Rate Notes due
    June 2035, Assigned (P)A3 (sf)

-- EUR [.] million Class B Asset Backed Floating Rate Notes due
    June 2035, Assigned (P)Ba2 (sf)

Moody's has not assigned a rating to the EUR [.] million Class C
Notes, which are also to be issued at the closing of the


This transaction is a 18 months revolving securitization
transaction originated by Montepio Credito - Istitucao Financeira
de Credito S.A. (NR) ("Montepio Credito"), ultimately owned by
Caixa Economica Montepio Geral (B3/NP/B1 (cr)/NP (cr))
("Montepio"). The assets supporting the notes consist of secured
and unsecured loan, leasing, rental and long term rental
agreements. The financing are mainly entered into for the purpose
of financing cars and commercial trucks (90%) to corporate
obligors (60.8%) and private individuals (39.2%) in Portugal.

As of May 5, 2017, the provisional pool was around EUR 193.2
million and shows 22,159 non-delinquent contracts with a weighted
average seasoning of around 18 months. The financing in the
portfolio finance commercial trucks (31.8%), new cars (31%) and
used cars (27.2%) to corporate obligors and private individuals.
Financing are 97.7% amortizing, the remaining 2.3% are bullet.

Under the leasing and rental agreements (60.9%), the
originator/issuer has the right to sell the related vehicle to the
relevant supplier should the obligor not exercise its purchase
option at maturity, the benefit of such proceeds from the
suppliers obligation to purchase ("Promissory Agreements") is part
of the financing agreement and is passed to the issuer under the
transfer agreement. Promissory Agreements represents 14.4% of the
portfolio at closing and cannot increase to more than 16.5% during
the revolving period.

The originator will also act as the servicer of the portfolio
during the life of the transaction; a backup servicer is appointed
at closing and will step in should the servicer defaults. The
transaction also envisages an independent cash manager. This is
the sixth public transaction originated by Montepio Credito, the
second rated by Moody's.


The ratings of the notes are based on an analysis of the
characteristics of the underlying pool, sector wide and originator
specific performance data, protection provided by credit
enhancement, the cash reserve, the roles of external
counterparties and the structural integrity of the transaction.

According to Moody's, the transaction benefits from credit
strengths such as (i) a backup servicer: Whitestar Asset Solution,
S.A. is appointed at closing as back up servicer and will step in
should the servicer default; (ii) Promissory Agreements: under the
Promissory Agreements the Issuer has the option to sell the
related asset to the supplier at a pre agreed price. Moody's has
considered this obligation in the residual value analysis; (iii)
short WAL of the corporate exposure: the corporate portion of the
pool have a shorter WAL than the individual portion, 1.4 years vs
4.2 years, as such the riskier commercial exposure will reimburse
earlier than the individual portion. During the revolving period,
WAL and obligors limits prevent the portfolio to change
substantially; (iv) A non-amortising cash reserve of 5% of the
Class A Notes is fully funded at closing. This reserve will
provide liquidity during the life of the transaction to pay senior
expenses, coupons on Class A Notes and to clear Class A notes
principal deficiency ledger; will be available also to interest of
Class B Notes once Class A Notes are fully amortized. In addition,
the contractual documents will include the obligation of the
calculation agent to estimate amounts due to Class A notes
interest payments in the event that a servicer report is not
available. This reduces the risk of any technical non-payment of
interest on the Notes.

However, Moody's notes that the transaction features some credit
weaknesses such as (i) corporate exposure and concentrations:
60.8% of the pool is exposed to corporates, and among them there
is a high concentration to the top 10 borrowers and to the
Transportation sector, 19% and 51.9% of the corporate exposure
respectively. Moody's has considered the concentrations when
deriving the default probability and PCE assumption for the
transaction, as further described below.; (ii) exposure to
affiliates: 4.1% of the pool is exposed to affiliates of the
originator (i.e. corporates connected to the originator), out of
which 3.4% are partially mitigated through Promissory Agreements
and 0.74% are solely exposed to the affiliate. These affiliate
exposures create a linkage between the originator and the pool
since should the originator default it increases the likelihood
that the affiliates will also default on their obligations.; (iii)
revolving period: the pool is revolving for 18 months which could
lead to an asset quality drift although this is mitigated to some
extent by the portfolio concentration limits; (iv) unhedged
transaction: the pool is comprised of 41.3% fixed rate loans and
58.7% floating rate loans, mostly paying monthly (99.8)%. The
notes are floating rate and pay a monthly coupon linked to EURIBOR
3M. Although the transaction is unhedged, the note coupons have an
in-built cap at a EURIBOR rate of 5%, i.e. the note coupons are
linked to EURIBOR 3M until it reaches 5%. When stressing the yield
vector in analysis Moody's has considered the asset liability
mismatch up to this cap.

Moody's analysis focused, among other factors, on (i) an
evaluation of the underlying portfolio of financing agreements;
(ii) the macroeconomic environment; (iii) historical performance
information; (iv) the credit enhancement provided by
subordination, non-amortizing reserve and excess spread; (v) the
liquidity support available in the transaction, by way of
principal to pay interest and the reserve fund; and (vi) the legal
and structural integrity of the transaction.


In its quantitative assessment and because of the relative high
industry concentration and the low granularity of the securitised
portfolio, Moody's assumed a custom default distribution for this
securitised portfolio.

The rating agency derived the default distribution, namely the
relevant main inputs such as the mean default probability and its
related standard deviation, via the analysis of: (i) the
characteristics of the loan-by-loan portfolio information,
complemented by the available historical vintage data; (ii) the
potential fluctuations in the macroeconomic environment during the
lifetime of this transaction; and (iii) the portfolio
concentrations in terms of industry sectors and single obligors.

Moody's assumed the mean cumulative default probability of the
portfolio to be equal to around 7.2% with a coefficient of
variation (i.e. the ratio of standard deviation over mean default
rate) of around 59.7%.

The rating agency has assumed stochastic recoveries with a mean
recovery rate of 26%, a standard deviation of 30% and a weighted
average recovery time of around 18 months after the default
occurrence. In addition, Moody's has assumed the prepayments to be
5% per year. The base case mean loss rate and the coefficient of
variation assumption results in a portfolio credit enhancement
("PCE") of around 22.4%.

Portfolio expected defaults of 7.2% are higher than the EMEA Auto
Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) SME
obligors exposure and their concentration to the top 10 obligors
and the Transportation sector; (ii) historic performance of the
financing book of the originator, (iii) benchmarking against
comparable transactions, and (iv) other qualitative
considerations, such as the 18 months revolving period.

Portfolio expected recoveries of 26% are in lower than EMEA Auto
Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

PCE of 22.4% is higher than the EMEA Auto Loan ABS average and is
based on Moody's assessment of the pool which is mainly driven by
(i) the SME exposure and their concentration to the top 10
positions and Transportation sector; and (ii) benchmarking against
comparable transactions.

The transaction is also exposed to potentially higher losses in a
stressed environment due to Residual Value ("RV") risk included in
the portfolio stemming from the leasing and rental agreements. As
described above, in case the obligor does not exercise its option
to purchase the related asset and the supplier default on their
Promissory Agreements, the transaction is exposed to RV risk. RV
losses are additional to the cumulative mean net loss assumptions
for borrower receivables detailed in the previous section.
Promissory Agreements receivables constitute 14.4% of the
principal balance of the securitised portfolio and can rise to
16.5% during the revolving period.

Moody's assumes an A1 haircut for the RV exposure in the portfolio
of 57% for the Class A Notes and an Ba2 haircut for RV exposure of
27% for the Class B Notes, taking into account (i) the maturity
distribution of RV payments, and (ii) the fact that the RV
exposure is mainly linked to trucks.. The final results also take
into account the benefit given to the Promissory Notes agreements
based on the creditworthiness of the suppliers granting it. The
analysis results in an RV credit enhancement of 5.9% for the (P)
A3 (sf) rated Class A Notes and 2.9% for the (P) Ba2 (sf) rated
Class B Notes. The RV credit enhancement is added to the
calculated credit enhancement for the obligor credit risk for each
tranche of notes.


The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease Backed ABS"
published in October 2016.

Please note that on March 22, 2017, Moody's released a Request for
Comment, in which it has requested market feedback on potential
revisions to its Approach to Assessing Counterparty Risks in
Structured Finance. If the revised Methodology is implemented as
proposed, the Credit Ratings on Aqua Finance No. 4 are not
expected to be affected. Please refer to Moody's Request for
Comment, titled " Moody's Proposes Revisions to Its Approach to
Assessing Counterparty Risks in Structured Finance," for further
details regarding the implications of the proposed Methodology
revisions on certain Credit Ratings.

The rating addresses the expected loss posed to investors by the
legal final maturity of the Notes. In Moody's opinion the
structure allows for timely payment of interest and for ultimate
payment of principal at par on or before the rated final legal
maturity date for Class A Notes and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date for Class B Notes. Moody's ratings address only the
credit risks associated with the transaction. Other non-credit
risks have not been addressed but may have a significant effect on
yield to investors.

Moody's issues provisional ratings in advance of the final sale of
securities and the above rating reflects Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation and the final note structure,
Moody's will endeavor to assign a definitive rating to the Notes.
A definitive rating may differ from a provisional rating.


Factors that may lead to and upgrade of the ratings of the notes
include significantly better than expected performance of the pool
and an increase in credit enhancement of the notes due to

Factors that may lead to a downgrade of the ratings of the notes
include (i) a decline in the overall performance of the pool (ii)
a significant deterioration of the credit profile of the
originator/servicer or other key transaction counterparties.


Moody's used its cash-flow model Moody's ABSROM as part of its
quantitative analysis of the transaction. Moody's ABSROM model
enables users to model various features of a standard European ABS
transaction - including the specifics of the loss distribution of
the assets, their portfolio amortization profile, yield as well as
the specific priority of payments, swaps and reserve funds on the
liability side of the ABS structure.


In rating auto loan ABS, default rate and recovery rate are two
key inputs that determine the transaction cash flows in the cash
flow model.

If the expected recovery rate decreased to 20% from 26% the model
output indicates that the Class A notes would achieve A3 assuming
that all other factors remained unchanged. Class B would achieve a
Ba3. Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied. Parameter
Sensitivities for the typical EMEA ABS Auto loan transaction are
calculated by stressing key variable inputs in Moody's cash flow

Parameter sensitivities provide a quantitative/model indicated
calculation of the number of notches that a Moody's rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather how the
initial model output for the Notes might have differed if the two
parameters within a given sector that have the greatest impact
were varied.


MONTENEGRO: Rising Debt & Volatile Growth Pose Credit Challenges
Montenegro's B1 rating with a negative outlook is constrained by
its rising government debt, small economy, volatile growth and
strong reliance on foreign funding, Moody's Investors Service said
in a new report.

The annual update, "Government of Montenegro -- B1 Negative Annual
Credit Analysis", is now available on The research
is an update to the markets and does not constitute a rating

"Montenegro's credit challenges include its large fiscal and
external imbalances and a high debt ratio, which limits the
country's shock absorption capacity," said Rita Babihuga-Nsanze, a
Moody's Vice President -- Senior Analyst and co-author of the
report. "The country's debt-to-GDP ratio increased to 67% in 2016,
more than double the 2008 level of 28.4%."

Moody's expects that Montenegro's fiscal metrics will deteriorate
further because of the cost of building a major new highway to the
coastal town of Bar, which will push government debt to above 80%
of GDP by 2018.

The deficit is expected to deteriorate to 8.7% of GDP in 2017,
higher than the authorities' forecasts, due to the acceleration of
the implementation of the highway project and continued pressure
on current spending.

Overall, Moody's believes that the fiscal expansion pursued over
the past two years will limit options for any adjustment, coupled
with an already rigid spending structure: pensions and wages
account for around half of overall expenditure.

Moody's forecasts full-year real GDP growth of 3.3% in 2017 as
construction work on the new highway and other investment projects
continues. However, risks stemming from possible future delays to
construction works persist. Private and public consumption should
moderate following the introduction of fiscal consolidation
measures at the end of 2016.

Montenegro's credit strengths include its relatively high per-
capita GDP wealth levels compared with similarly rated peers;
progress in the country's EU accession strategy and a growth
outlook supported by large inflows of foreign direct investment
(FDI), with projects in tourism and renewable energy.

The negative outlook on the rating reflects risks associated with
the government's debt-funded growth strategy. Evidence that fiscal
or external metrics have continued to deteriorate, or signs of
reduced access to international capital markets, would put
downward pressure on the rating. Weaker growth due to project
delays, declining FDI or tourism would also be credit-negative.

Conversely, fiscal consolidation that puts the country's debt
trajectory on a sustained downward trend, a reduction in
contingent liabilities, improvements in external competitiveness
and a material decline in external vulnerabilities would support
Montenegro's creditworthiness.


WOOD STREET IV: Moody's Raises Rating on Cl. E Notes from Ba1(sf)
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Wood Street

-- EUR46.75M (current outstanding balance EUR11.27M) Class B
    Senior Secured Floating Rate Notes due 2022, Affirmed Aaa
    (sf); previously on Nov 29, 2016 Affirmed Aaa (sf)

-- EUR44M Class C Senior Secured Deferrable Floating Rate Notes
    due 2022, Affirmed Aaa (sf); previously on Nov 29, 2016
    Upgraded to Aaa (sf)

-- EUR24.75M Class D Senior Secured Deferrable Floating Rate
    Notes due 2022, Upgraded to Aaa (sf); previously on Nov 29,
    2016 Upgraded to A2 (sf)

-- EUR19.25M (current outstanding balance EUR16.15M) Class E
    Senior Secured Deferrable Floating Rate Notes due 2022,
    Upgraded to A2 (sf); previously on Nov 29, 2016 Upgraded to
    Ba1 (sf)

-- EUR7M Class X Combination Notes due 2022, Affirmed Aaa (sf);
    previously on Nov 29, 2016 Upgraded to Aaa (sf)

Wood Street CLO IV B.V., issued in January 2007, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans managed by
Alcentra Limited. The transaction's reinvestment period ended in
March 2013.


According to Moody's, the rating actions taken on the notes are
the result of deleveraging of the Class A-2 and Class B notes
following amortisation of the portfolio since the last rating
action in November 2016.

Class A-2 paid down its full outstanding balance of EUR 55.00
million and Class B notes paid down by EUR 35.47 million (76.05%
of closing balance) on the March 2017 payment date. As a result of
the deleveraging, over-collateralisation (OC) ratios have
increased across the capital structure. According to the trustee
report dated May 2017, Class A/B, Class C, Class D, and Class E OC
ratios are reported at 1162.25%, 237.02%, 163.72%, and 136.22%
respectively, compared to October 2016 levels of 234.67%, 154.49%,
129.58%, and 117.25% respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds of EUR 97.67 million,
defaulted par of EUR 11.94 million, a weighted average default
probability of 23.16% (consistent with a WARF of 3527 over a
weighted average life of 3.63 years), a weighted average recovery
rate upon default of 49.00% for a Aaa liability target rating, a
diversity score of 11 and a weighted average spread of 4.28%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

The rating of the combination notes addresses the repayment of the
rated balance on or before the legal final maturity. For the Class
X notes, the 'rated balance' at any time is equal to the principal
amount of the combination note on the issue date minus the sum of
all payments made from the issue date to such date, of either
interest or principal. The rated balance will not necessarily
correspond to the outstanding notional amount reported by the

Methodology Underlying the Rating Action:

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

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

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

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

Additional uncertainty about performance is due to the following:

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

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

3) Around 17.60% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit Estimates
in Rated Transactions," published in October 2009 and available at

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

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


BANCO BPI: Fitch Affirms B+ Preference Shares Rating
Fitch Ratings has revised the Outlooks on Santander Totta SGPS,
S.A. and Banco BPI, S.A's Long-Term Issuer Default Ratings (IDR)
to Positive from Stable and affirmed the IDRs at 'BBB' and
'BBB-', respectively.

The revision of the Outlook on the banks' institutional support-
driven Long-Term IDRs follows the revision of Portugal's Outlook
to Positive.


The IDRs of Santander Totta and its fully-owned bank subsidiary,
Banco Santander Totta, S.A. (BST), reflect Fitch's view that there
is a high probability of support from its Spanish parent, Banco
Santander, S.A. (Santander; A-/Stable) if needed. This is because
Santander Totta's activities in Portugal are strategically
important to the group and its management and corporate culture
are highly integrated with those of its parent. This is reflected
in the Support Ratings (SR) of '2'.

The Long-Term IDRs of both entities are 'BBB' and capped at two
notches above that of the Portuguese sovereign (BB+/Positive), in
line with the limitations on notching banks above the sovereign,
as per Fitch's criteria. The Positive Outlooks mirror that on the

Available support from the parent is reflected in the higher of
the two possible Short-Term IDRs for banks with a Long-Term IDR of


Banco BPI's IDRs, senior debt ratings and SR reflect a high
probability of support from its ultimate parent, Caixabank
(BBB/Positive), in case of need. Fitch believes Portugal is a
strategically important market for Caixabank as demonstrated by
the long-standing investment in Banco BPI and recent control take
in February 2017 increasing its stake to 84.5%.

Banco BPI's Long-Term IDR is capped at one notch above that of
Portugal because Fitch believes Caixabank's propensity to support
Banco BPI is linked to Portugal's operating environment, since
this affects the attractiveness of Banco BPI to the group and
Banco BPI's impact on Caixabank's overall risk and returns
profile. Banco BPI's Outlook is Positive mirroring that on its
parent bank.


The ratings of Banco BPI's subordinated debt and other hybrid
capital reflect potential support from Caixabank. Subordinated
debt is notched down once from Banco BPI's IDR for loss severity.
Banco BPI's preference shares are capped at the level assigned to
equivalent securities issued by the parent.


Banco Portugues de Investimento's (BPI) ratings are equalised with
those of its 100% parent, Banco BPI. As well as its 100% ownership
by Banco BPI, BPI's integration with and role within its parent
bank mean there is a high probability of it being supported. Fitch
believes support from Caixabank would be allowed to flow through
to BPI. Fitch does not assign a VR to this institution as the
agency does not view it as an independent entity.


The IDRs of Santander Totta and BST are sensitive to a change in
the sovereign rating. The IDRs and the SR are also sensitive to a
change in Fitch's assumptions around Santander's propensity or
ability to support its Portuguese subsidiary. In a higher
sovereign rating environment, these would likely be notched down
once from the parent's IDR, underpinned by the strategic
importance of the subsidiaries, but also supported by common
branding, strong synergies and integration with the parent, and a
wide range of shared risk management and operational policies and


The Positive Outlook reflects that Banco BPI's Long-Term IDR and
senior debt ratings could be upgraded if the Long-Term IDRs of
both Portugal and Caixabank are upgraded.

Banco BPI's IDRs and senior debt ratings and SR would likely be
downgraded if Portugal is downgraded, or if Fitch has reason to
believe that Banco BPI has become less strategically important to


Banco BPI's subordinated and hybrid instruments are ultimately
sensitive to a change in Caixabank's IDR.


BPI's ratings are sensitive to rating actions on Banco BPI's IDRs.

The rating actions are:

Santander Totta:
Long-Term IDR: affirmed at 'BBB'; Outlook revised to Positive from
Short-Term IDR: affirmed at 'F2'
Viability Rating: unaffected
Support Rating: affirmed at '2'

Long-Term IDR: affirmed at 'BBB'; Outlook revised to Positive from
Short-Term IDR: affirmed at 'F2'
Viability Rating: unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB'
Commercial paper: affirmed at 'F2'

Banco BPI:
Long-Term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-Term IDR: affirmed at 'F3'
Viability Rating: unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB-'
Senior unsecured debt short-term rating: affirmed at 'F3'
Lower Tier 2 subordinated debt: affirmed at 'BB+'
Preference shares: affirmed at 'B+'

Banco Portugues de Investimento:
Long-Term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-Term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'

PORTO CITY: Fitch Revises Outlook to Positive, Affirms BB+ IDR
Fitch Ratings has revised the Outlook on the City of Porto's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to
Positive from Stable and affirmed the IDRs at 'BB+'. Fitch has
affirmed the Short-Term Foreign-Currency IDR at 'B'.

Under EU credit rating agency (CRA) regulation, the publication of
sovereign (including by CRA definition regional or local
authorities of a state) reviews is subject to restrictions and
must take place according to a published schedule, except where it
is necessary for CRAs to deviate from this in order to comply with
their legal obligations. In this case the deviation was caused by
the revision of the Outlook on Portugal's IDRs on June 16, 2017.

Fitch interprets this provision as allowing us to publish a rating
review in situations where there is a material change in the
creditworthiness of the issuer that Fitch believes makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status. In this case the
deviation was caused by the revision of the Outlook on the
sovereign's IDRs to Positive from Stable.

Following the sovereign change of Outlook Fitch has taken similar
rating action on Porto as its ratings are constrained by the


The revision in the Outlook on Porto's IDR reflects the following
key rating drivers and their relative weights:


The Outlook revision reflects the revision of Portugal's Outlook
to Positive from Stable.

Porto's ratings remain constrained by the Portuguese sovereign
(BB+/Positive), in accordance with Fitch's criteria. As with other
Portuguese cities, Porto's accounts and budgets are overseen by
the central government and its financial liabilities are approved
by the national Court of Accounts. The limited role of the
intermediate tiers of government (province and region) in Portugal
strengthens the link between the central government and cities.

Porto's intrinsic credit profile is stronger than its ratings
indicate, due to the city's healthy budgetary performance and its
moderate debt, as well as the strong oversight by the central
government. Prudent administration and Porto's role as service
centre in north Portugal are also credit-positive.

Porto's 'BB+' IDRs also reflect the following key rating drivers:

Porto has maintained high operating margins through the cycle, at
above 17% since 2009. Combined with capex flexibility, this has
allowed the city to report a surplus before debt variation every
year over the same period. The 2016 accounts confirm the city's
consistent performance with an operating margin of 24%, partly
driven by one-off tax and fee revenue. Direct tax revenues of
EUR105.1 million in 2016 were up 21.3% year on year.

The 2017 draft budget presents a moderate operating revenue
forecast of EUR153.1 million. It includes a property tax reduction
of 10%, with a marginal effect on overall operating revenue.
Nevertheless, it allocates higher opex and capex mostly to street
and housing refurbishment, as well as fostering local economic
activity. Fitch's base case scenario expects softer, albeit still
robust, budgetary indicators for Porto in 2017, with an operating
margin around 15% and the capital account partly funded with debt.

Porto reduced its outstanding debt to EUR33.3 million in 2016,
from EUR80.1 million in 2015, following a EUR28.7 million
expropriation settlement used to redeem debt ahead of schedule.
Debt-to-current revenue was at a record low of 18% at end-2016,
and the administration plans to take on new debt in 2017 of around
EUR20 million, to fund rehabilitation of housing and public
infrastructure. Fitch expects gradual debt growth, towards 50% of
current revenues over the medium-term, after several years of

Porto has no contingent liabilities and retains control of the
public sector, which posted a surplus in 2016.

Elections are scheduled in October 2017, and Fitch expects a
continuation of the city's prudent financial policy. Disclosure of
information is satisfactory and precise, including the annual
financial results of all public bodies within its scope.

With an estimated population of 214,000 in 2015, Porto is the
second-largest cultural, administrative and economic Portuguese
centre, providing services to a greater metropolitan area of 14
municipalities with 1.7 million inhabitants. GDP resumed growth in
2014, and is expected to grow around 1.5%-2% per year over the
next two years, driven by the healthy performance of the external
and hospitality sectors.

Porto's intrinsic credit profile is well above the sovereign's,
and will continue to be strong under Fitch base case scenario.
However, Porto's IDRs are constrained by the sovereign's IDRs and
are therefore sensitive to changes to the sovereign rating.


CREDIT BANK: Fitch Cuts Long-Term IDRs to BB-, Outlook Stable
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of Credit Bank of Moscow (CBM) to 'BB-' from 'BB'. Fitch
has also affirmed Bank Saint-Petersburg's (BSPB) Long-Term IDRs at
'BB-'. The Outlooks on both banks are Stable.


The downgrade of CBM mainly reflects the increased volume of
exposures that Fitch considers to be potentially high risk. The
downgrade also reflects significant double leverage at the level
of CBM's holdco, which may mean upstreaming of dividends and/or
liquidity from the bank is required to help service the holdco's
debt. Given these risks, Fitch believes the bank's credit profile
is more commensurate with a 'BB-' rating.

The two banks' IDRs continue to be driven by their intrinsic
financial strength, as reflected in their Viability Ratings (VR)
of 'bb-'. The VRs in turn reflect the banks' significant
franchises, adequate performance and capital adequacy, and
comfortable funding and liquidity profiles. However, the ratings
also take into account potential weaknesses in the banks' asset
quality and the still challenging operating environment.


CBM's reported asset quality metrics are adequate: non-performing
loans (NPLs; 90 days overdue) were a low 2% at end-1Q17. However,
Fitch also identified a significant volume (RUB127 billion at end-
2016, equal to 1.2x end-1Q17 Fitch Core Capital (FCC)) of
potentially risky loans, reverse repos, interbank and bond
placements, which are currently performing, although some were
restructured. These increased from RUB74 billion at end-1Q16,
mostly due to Fitch's reassessment of the riskiness of some
exposures, but also due to moderate additional net issuance.

These potentially risky exposures include:
- RUB57 billion (52% of FCC at end-1Q17) of high risk corporate
loans to borrowers with high leverage/weak financial performance
- RUB17 billion (16%) related-party construction exposure
- RUB31 billion (29%) of weak reverse repo exposures with high
counterparty risks and/or weak, illiquid collateral with limited
- RUB22 billion (20%) of blank interbank and bond exposures to
weak Russian financial institutions, which could be fiduciary in
nature; according to CBM, this exposure reduced to RUB5 billion
(5%) in June 2017

Of somewhat lower credit risk, are exposures (through loans,
reverse repos and interbank placements) to two large Russian banks
and two property developers of a combined RUB65 billion (61% of
FCC at end-1Q17). Some of these exposures may be fiduciary, in
Fitch's view.

CBM's ability to absorb losses on these exposures is significant,
driven primarily by its robust pre-impairment profit, which was
equal to about RUB44 billion (or 6% of average gross loans) in
2016. Loan impairment charges have also been significant (equal to
4.7% of loans in 2016, and an annualised 2.9% in 1Q17), but net
income has remained sound (ROE of 11% in 2016 and 17.6%
(annualised) in 1Q17).

CBM's regulatory core capital buffer is moderate. At end-May 2017,
the regulatory core Tier 1 and Tier 1 ratios were 7.1% and 10.5%
(the latter boosted by the USD700 million perpetual AT1 issue in
May), exceeding the regulatory minimum levels (including capital
conservation buffer) by 1.4pts and 3.3pp, respectively. The FCC
ratio was a more solid 10.8% at end-1Q17, supported mainly by
lower provisioning in IFRS as opposed to regulatory accounts.

CBM's capitalisation should also be viewed in the context of
significant 1.6x double-leverage at the level of the bank's
holding company, Concern ROSSIUM, which also holds stakes in non-
financial businesses. The holdco had around RUB40 billion of debt
at end-1Q17 and is largely reliant on upstreaming of liquidity and
dividends to service this, potentially representing a significant
burden for CBM.

Liquidity risk is reasonably well managed, despite significant
balance sheet concentrations, because lumpy placements are covered
with related asset exposures and liquidity. Thus large customer
deposits placed by CBM's biggest corporate client and most of
short-term direct repo funding are used to fund a large reverse
repo exposure collateralised by quasi-sovereign bonds and some
corporate loans.

Fitch estimates that even if the largest customer leaves CBM, at
end-1Q17 the bank's remaining liquidity buffer net of refinancing
needs for 2017 (these include mostly short-term money market
placements and put options on local bonds) would be sufficient to
repay 15% of other customer deposits. Fitch conservatively deducts
from the liquidity buffer some of CBM's short-term interbank and
reverse repo placements equalling to RUB92 billion (4% of end-1Q17
liabilities) as in the agency's view these are long-term credit
exposures rather than short-term money market placements.


BSPB's asset quality is reasonable given reserve and collateral
coverage of problem exposures. NPLs accounted for 5% of gross
loans at end-1Q17, while restructured exposures made up a further
10%. NPLs were fully covered by reserves. The coverage of NPLs and
restructured loans was 79%, which is reasonable as most
restructured exposures are performing and secured by revenue-
generating real estate with reasonable LTVs of about 60%.

Capitalisation is satisfactory. The FCC ratio rose slightly to 13%
at end-1Q17 from 12% at end-2016 due to deleveraging. The
regulatory Tier 1 ratio was a lower 9.5% at end-4M17 (compared
with the minimum 7.25%, including the capital conservation
buffer), mainly due to higher provisions in local GAAP. BSPB is
planning a RUB3 billion equity injection in 3Q17, which would
boost capital ratios by about 0.6pp.

BSPB's net interest margin has remained reasonable at around 4%
over the credit cycle. Commission and trading income has also been
rather stable at 1%-2% of average assets in 2013-1Q17. These
underpin BSPB's pre-impairment profit, which has been
approximately equal to a solid 5% of average gross loans, enabling
the bank to absorb credit losses and remain profitable. The bank's
ROE was 7% in 2016 and the target for 2017 is 10%, which seems
achievable based on 1Q17 results.

The bank is mainly funded by customer accounts, which made up 79%
of funding net of direct repos at end-1Q17. Customer funding is
diversified, with 60% being rather granular retail accounts and
the 20 largest depositors (mainly corporate) making up only 15% of
the total. Repo funding is sizable (17% of liabilities) and used
to finance carry trades in short-term market instruments. BSPB has
an adequate cushion of liquid assets, which net of market funding
maturing within one year covered customer accounts by a
comfortable 22% at end-4M16.


The '5' Support Ratings of CBM and BSPB reflect Fitch's view that
support from the banks' private shareholders cannot be relied
upon. The Support Ratings and Support Rating Floors of 'No Floor'
also reflect that support from the Russian authorities, although
possible given the banks' significant deposit franchises, cannot
be relied upon due to their still small size and lack of overall
systemic importance.


CBM's senior unsecured debt is rated in line with the bank's Long-
Term IDRs. The banks' subordinated debt ratings are notched down
once from the banks' VRs, which incorporates zero notches for
incremental non-performance risk and one notch for higher loss
severity relative to senior unsecured debt holders.

The rating of CBM's perpetual additional Tier 1 notes has been
affirmed at 'b-' and is now three notches below the bank's 'bb-'
VR. The affirmation reflects reduced notching of these instruments
at low rating levels. The notching reflects (i) incremental non-
performance risk relative to the bank's VR due to the option to
cancel coupon payments at CBM's discretion; and (ii) likely high
loss severity in case of non-performance due to the instrument's
deep subordination.


Upside potential for CBM's ratings would require a marked
improvement of its asset quality and a strengthening of
capitalisation through higher core capital ratios and/or reduced
risks stemming from double leverage at the holdco level. An
upgrade of BSPB's ratings would require a strengthening of its
franchise and credit metrics.

Negative rating pressure for both banks may stem from a sharp
asset quality deterioration resulting in material capital erosion
or a significant liquidity squeeze.

The rating actions are:

Credit Bank of Moscow
Long-Term Foreign- and Local-Currency IDRs: downgraded to 'BB-',
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: downgraded to 'bb-' from 'bb'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: downgraded to 'BB-' from 'BB' and to 'BB-
(exp)' from 'BB(exp)'

CBOM Finance Plc (Ireland)
Senior unsecured debt: downgraded to 'BB-' from 'BB'
Subordinated debt: downgraded to 'B+' from 'BB-'
Hybrid capital instrument: affirmed at 'B-'

Bank Saint Petersburg PJSC
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB-',
Outlooks Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Subordinated debt (issued by BSPB Finance plc): affirmed at 'B+'


CAIXABANK CONSUMO 2: Fitch Affirms B+ Rating on Class B Notes
Fitch Ratings has upgraded CaixaBank Consumo 2, FT's class A notes
and affirmed the class B notes:

EUR958.9 million class A notes: upgraded to 'A+sf' from 'Asf';
Outlook Stable

EUR130 million class B notes: affirmed at 'B+sf'; Outlook Stable

This transaction is a securitisation of unsecured loans and real
estate-secured consumer loans. All the loans are originated and
serviced by CaixaBank (BBB/Positive/F2), which is also the account
bank counterparty.


Stable Asset Performance
The collateral balance has amortised to EUR987 million as of 31
March 2017 from EUR1,300 million at closing. Delinquent loans
(three month plus arrears) have been building up and currently
stand at 1.7%. The share of assets backed by real estate (RE) has
increased to 31% in end-March 2017 compared with 25% at closing,
while the share of assets paying fixed rate has decreased from
closing to 61.7% from 71.8% at closing. The shift is within
Fitch's initial expectations and reflects the longer average
maturity of the RE secured consumer loans.

Residual Interest Rate Risk
A portion of the assets pay a fixed interest rate while the notes
pay variable rates. The transaction is not hedged, but Fitch found
that the notes' ratings were able to withstand an increasing
interest rate stress derived in accordance with its criteria for
interest rate stresses in structured finance transactions, without
the ratings being impacted.

Counterparty Dependency Caps Rating
CaixaBank acts as originator, servicer, bank account provider and
paying agent. CaixaBank's rating sufficiently mitigates payment
interruption risk for a note rating up to 'Asf' category.
CaixaBank will post a reserve upon the loss of a 'BBB' rating to
address commingling risk.

The rating of the notes is capped at 'A+sf' as the rating trigger
upon which the account bank would be replaced is set at 'BBB'.
Class B credit enhancement is entirely provided by the reserve
fund deposited in CaixaBank, hence the notes would not withstand a
sudden default resulting in a loss of all amounts held within


Expected impact on the note ratings of increased defaults (class
Current ratings: 'A+sf'/'B+sf'
Increase base case defaults by 25%: 'A+sf'/'B+sf'

Expected impact on the note ratings of reduced recoveries (class
Current ratings: 'A+sf'/'B+sf'
Reduce base case recovery by 25%: 'A+sf'/'B+sf'

Expected impact on the note ratings of increased defaults and
reduced recoveries (class A/B):
Current ratings: 'A+sf'/'B+sf'
Increase default base case 25%; reduce recovery base case by 25%:

FONCAIXA FTGENCAT 4: Fitch Corrects May 26 Rating Release
This commentary replaces the version dated May 26, 2017 to clarify
that the sensitivities to a 0.75x recovery rate multiplier to all
assets in the portfolio would result in a downgrade of up to three
notches rather than two.

Fitch Ratings, London, May 26 2017: Fitch Ratings has upgraded
Foncaixa FTGENCAT 4 FTA's class A(G), B and C notes:

Class A(G) notes (ISIN ES0338013016): upgraded to 'A+sf' from
'BBBsf', Outlook Stable
Class B notes (ISIN ES0338013024): upgraded to 'BBBsf' from
'BB+sf', Outlook Positive
Class C notes (ISIN ES0338013032): upgraded to 'BBBsf' from 'BB-
sf', Outlook Positive
Class D notes (ISIN ES0338013040): affirmed at 'CCCsf', Recovery
Estimate 0%
Class E notes (ISIN ES0338013057): affirmed at 'CCsf', Recovery
Estimate 0%


The upgrades reflect increased credit enhancement (CE) as a result
of natural portfolio amortisation of the senior and mezzanine
notes. CE for the class A(G) notes has increased by 3.1% to 22.4%
and for the class C notes by 1.3% to 9.1%.

The ratings of class B and C notes are capped by the rating of the
swap counterparty CaixaBank (BBB/Positive/F2). The transaction
features an unusual swap whereby on a net basis, the issuer
receives interest on defaulted loans. The swap could be
collateralised if necessary, but Fitch considers it fairly
illiquid and have not given any credit to the receipt of interest
payments from defaulted assets in rating stresses above the swap
counterparty rating.

The transaction also includes 66% flexible loans, which allow
borrowers to redraw amounts up to a agreed maximum. As any redraws
will not form part of the securitisation, but are ranked pari
passu with the securitised amount in a default event, Fitch
treated all flexible loans as fully drawn and adjusted the
collateral backing the respective securitised loans accordingly.

The average delinquency over 90 days has stabilised at around 4%
over the last three years. The annual default probability
assumption is unchanged at 4.3%. The performance since the last
review has been mixed. Delinquencies over 90 days have increased
to 4.7% from 4.0% but the weighted average recovery rate has
increased substantially to 67% from 59%. The portfolio factor is
15% from 19%. Increases in portfolio concentration have been
marginal over the past 12 months with respect to the top 10
obligors, which represent 6.1% of the performing portfolio,
compared with 5.5% at the previous review.


Applying a 1.25x default rate multiplier to all assets in the
portfolio would result in a downgrade of up to one notch for all
of the notes in both transactions. Applying a 0.75x recovery rate
multiplier to all assets in the portfolio would result in a
downgrade of up to three notches for all of the notes in both


ARCELIK AS: Fitch Affirms BB+ Long-Term IDR, Outlooks Stable
Fitch Ratings has affirmed Arcelik A.S.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'BB+' and National
Long-Term rating at 'AA(tur)'. The Outlooks are Stable. Fitch has
also affirmed Arcelik's senior unsecured rating at 'BB+'.

The affirmation reflects Fitch's expectation that Arcelik will
maintain FFO adjusted net leverage below 1.5x in the medium term
despite increased expansion efforts, which will keep FCF
generation under pressure until the end of 2018. Fitch believes
that the current expansion plans into ASEAN markets will reduce
the company's exposure to the Turkish market, but Arcelik's
exposure to emerging markets continues to be higher than its


Weak FCF Generation: Arcelik has accelerated its investments in
ASEAN markets to improve its geographic diversification, which has
historically been focused on Turkey and Europe. Increased capex in
new factories and investments had an impact on FCF margins in 2016
(-0.2%), and Fitch expects this to continue through 2017 (-3.2%)
as well. Fitch expects capex to normalise after the current
investment phase, and forecast the company to turn FCF positive
from end-2018 (0.2%).

Leverage Commensurate with Ratings: Arcelik has financed its new
investments internally by releasing cash through better working-
capital management and asset sales, keeping leverage metrics in
line with the current ratings. Fitch forecasts that FFO adjusted
(for receivables) net leverage will remain below 1.5x until 2020,
staying below its negative rating sensitivities. Arcelik's FCF
generation is still weak compared with its peers' in spite of
stable leverage metrics, and a sustainable improvement would be
needed for a positive rating action.

Emerging-Market Exposure: The recent investment/expansion plans in
the ASEAN region are a positive step towards reducing Arcelik's
exposure to the Turkish economy, which has been a constraint on
its ratings. Arcelik has become a more geographically diverse
white-goods manufacturer in the past 10 years, with revenues from
the domestic market declining to 40% in 2016 from 50% in 2008,
backed by solid market share gains in Europe and expansion into
new emerging markets. However, Arcelik's emerging-market presence
is still high compared with peers like Whirlpool and Electrolux,
which remains a credit concern.

Growing Market Shares: Arcelik has achieved strong international
revenue growth in the past few years, by taking advantage of the
more price-conscious consumers in western Europe and by
capitalising on its strong marketing and distribution network,
allowing it to become one of the top-three white-goods
manufacturers in Europe. Fitch believes that Arcelik will be able
to maintain and build on its market shares further, through its
low-cost manufacturing, strong R&D, and solid product line. Fitch
expects international revenue growth to be the main revenue driver
beyond 2017, as Arcelik has targeted markets where appliance
penetration rates are lower than in the rest of the world.

Expanding into India: In May 2017 Arcelik signed a deal with
Voltas, part of the Tata Group, India's largest conglomerate, to
establish a joint venture in India. The JV, with an equity capital
of USD100 million, will launch a refrigerator production facility
which is aimed at being operational by the end of 2018. The JV
will also sell other major domestic appliances in India, produced
in various Arcelik facilities around the world. The partnership
will leverage the Beko brand and its expertise in the major
domestic appliance sector across the globe, as well as Voltas'
strong brand presence and wide sales and distribution network in

Financial Services Adjustments: Arcelik's reported leverage is
affected by its higher than average working-capital needs, as a
significant portion of durable goods are sold on credit in Turkey.
This is partly financed by Arcelik, but the consumer credit risk
is covered by banks' letters of credit and mortgages. Fitch
assumes approximately 120 days of domestic receivables come from
this business practice in Turkey and adjusts debt accordingly to
reflect a more accurate peer comparison. Based on its financial
services criteria, Fitch applies a 3x debt/equity multiple for
these receivables.


Arcelik has strong market shares in Turkey and Europe, which drive
stable EBITDA (around10.5%) and FFO margins ( around 8%), that are
commensurate with a 'A' rating median in Fitch capital-goods
Navigator, and are also in line with higher-rated peers like
Whirlpool (BBB) and Panasonic (BBB). However, these strengths are
mitigated by weak FCF generation, driven by intense capex in new
markets, and the structurally high working-capitall needs of the
company. Despite the current investment phase, Arcelik's leverage
metrics adjusted for financial services remain below its negative
rating sensitivities and conform to a 'A' rating median in Fitch
capital-goods Navigator.

Arcelik's technological content and R&D record are more or less in
line with Whirlpool, Electrolux and the broad white-goods
industry. However, compared to higher-rated white-goods
manufacturers, Arcelik's revenues are mainly derived from emerging
markets. Arcelik is expanding its geographical diversification
away from Turkey, but the company remains vulnerable to
macroeconomic, political and FX risks in emerging markets.


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

- double-digit revenue growth in international markets;
- short term growth in domestic market supported by government
- stable profitability margins in line with historical
- sizeable capex outlay for 2017 and 2018, in line with
   acquisition and expansion plans;
- additional financing to fund M&A and expansion activities;
- financial services adjustment, assuming 120 days of domestic
   receivables, (see working-capital and financial services
   adjustments sections)


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

- Receivable-adjusted FFO net leverage ratio below 1.5x. (1.3x
- FFO margins consistently above 10%. (10.6% end-2016)
- FCF margin above 2% on a sustainable basis. (-0.2% end-2016)

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

- Receivable-adjusted FFO net leverage ratio above 2.5x.
- FFO margin below 8%.
- Consistently negative FCF.


Low Liquidity Score:  Historically, Arcelik's liquidity score has
been below 1x, as a result of the use of short-term debt to
finance its high working-capital needs. Cash on the balance sheet
(TRY2,120 million as of end- 2016) matches short-term debt of
TRY2,181 million for 2017, but it falls short of covering Fitch
minus TRY577 million FCF forecast for 2017. Fitch believes that
this risk is mitigated by Arcelik's comfortable (uncommitted)
lines from Turkish banks which were available even in 2008-2009.
The liquidity score of below 1x is not considered adequate for the
current rating levels, but the risk is partly mitigated by
customer receivables financing that is deemed self-liquidating.

U N I T E D   K I N G D O M

ARGON CAPITAL: Moody's Ups Rating on Perpetual Sec. Notes to Ba3
Moody's Investors Service has upgraded the rating on the following
notes issued by Argon Capital Public Limited Company:

-- Series 100 GBP750,000,000 Perpetual Non-Cumulative Securities
    Notes, Upgraded to Ba3; previously on Jun 1, 2015 Upgraded to


The rating action on Series 100 Notes is the result of the upgrade
to Ba3 (hyb) from B1 (hyb) on June 15, 2017 of the Pref. Stock
Non-cumulative of The Royal Bank of Scotland Group plc.

The Series 100 Notes are a repackaging of the Pref. Stock Non-
cumulative of The Royal Bank of Scotland Group plc.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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

This rating of the Series 100 Notes is essentially a pass-through
of the rating of the Pref. Stock Non-cumulative of The Royal Bank
of Scotland Group plc. Noteholders are exposed to the credit risk
of the preference shares of The Royal Bank of Scotland Group plc
and therefore the rating moves in lock-step.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
rating of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged

PREMIER OIL UK: June 26 Senior Scheme Creditors Meeting Set
The Court of Session in the instance of Premier Oil UK Limited,
under sanction of a Scheme of Arrangement under Part 26 of the
Companies Act 2006, have ordered that a meeting be summoned
between the Company and the senior scheme of creditors for the
purpose of considering and, if thought fit, approving, with or
without modification, the Scheme for the Company.

As authorized by the Order, the directors of the Company have
fixed the Meeting of the Senior Scheme Creditors to be held at the
offices of Slaughter and May, at One Bunhill Row, London, EC1Y 8YY
on June 26, 2017, at 11:15 a.m., at which time and place all of
the Senior Scheme Creditors are requested to attend in person or
by proxy.

Each Senior Scheme Creditor or his proxy or his corporate
representative will be required to register his attendance at the
Meeting prior to its commencement.  Registration will commence at
10:45 a.m.

In order for a person to have the right to vote, as a Senior
Scheme Creditor, at the Meeting (or any adjournment of it), they
must, at the Record Time (which is defined in the Scheme as 5:00
p.m. on June 22, 2017), be in the class of Senior Scheme Creditors
and must be admitted by the chairman of the Meeting to vote, in
respect of their Scheme Claim (which is the right of a Scheme
Creditor against the Company, and so the obligations which the
Company owes to them) at the Record Time.

Senior Scheme Creditor may vote in person at the Meeting or they
may appoint another person (whether a Senior Scheme Creditor or
not) as their proxy to attend and vote in their place.  Senior
Scheme Creditors are requested to complete and sign their Election
Form and their Form of Proxy or Account Holder Letter (as
applicable) (each defined in the Explanatory Statement), in
accordance with the instructions which are in the Explanatory
Statement and printed on the Election Form, Form of Proxy and
Account Holder Letter, and to submit their Election Form, Form of
Proxy and Account Holder Letter to Lucid Issuer Services Limited,
the information agent appointed by the Company in relation to the
Scheme by email in PDF form to before 5:00
p.m. on June 22, 2017 (or, if the Meeting is adjourned, two
business days before that adjourned meeting).  However, if those
forms are not so sent they may, if properly completed and signed,
be handed to the Information Agent, on behalf of the Chairman,
before the start of the Meeting.  The Chairman shall have the
power to accept an Election Form, Form of Proxy and Account Holder
Letter which does not comply with those requirements.
Furthermore, the company will have discretion as to whether to
accept an Election Form that is delivered after 5:00 p.m. on June
22, 2017, but before the Election Adjustment Deadline.

A Senior Scheme Creditors which is a corporation has the right to
attend, speak and vote at the Meeting by one or more corporate
representatives, who has been appointed in writing, provided that:
(a) no more than one corporate representative may be appointed in
respect of the same Scheme Claim; and (b) that only one corporate
representative is to be counted in determining, under section
899(1) of the 2006 Act, whether a majority in number of the Senior
Scheme Creditors has approved the Scheme. The Chairman may require
a corporate representative to produce to the Information Agent, on
his behalf, his written authority to attend and vote at the
Meeting at any time before the start of the Meeting.

The quorum at the Meeting (or at any adjourned meeting) shall be
two Senior Scheme Creditors who are present in person (including,
in the case of a Senior Scheme Creditor which is a corporation, by
a corporate representative), or by proxy.

A copy of the Scheme and a copy of the Explanatory Statement,
together with an Election Form as well as a Form of Proxy and
Account Holder Letter (as applicable) for use at the Meeting by
the Senior Scheme Creditors and a registration form will be
circulated to Senior Scheme Creditors.  Copies of these documents,
as well as forms of proxy and registration forms, are available on
request from the Information Agent (via

By the Order, the Court has authorised the Meeting to appoint
Richard Rose, a director of the Company, or, failing him,
Andy Gibb, a director of the Company, or failing him Tom Vickers,
a partner at the Company's solicitors, to act as Chairman and has
directed the Chairman to report the results of the Meeting to the

For more information, one may visit

Premier Oil UK Limited is a public company incorporated under the
Companies Acts (Company No. SC048705) and with its registered
office at Saltire Court, 20 Castle Terrace, EH1 2EN.

The solicitors of the Company are:

     CMS Cameron McKenna Nabarro Olswang LLP
     Saltire Court
     20 Castle Terrace
     EH1 2EN


* BOND PRICING: For the Week June 19 to June 23, 2017

Issuer                      Coupon     Maturity  Currency Price
------                      ------     --------  -------- -----Air
Berlin PLC             6.75    5/9/2019      EUR     57.71
Rickmers Holding AG        8.88    6/11/2018     EUR     3.33
New Look Senior Issuer PLC 8.00    7/1/2023      GBP     59.88
Air Berlin PLC             5.63    5/9/2019      CHF     55.68
Agrokor dd                 9.13    2/1/2020      EUR     14.74
Intelsat Luxembourg SA     7.75    6/1/2021      USD     54.65
Ensco PLC                  4.50    10/1/2024     USD     74.52
Holdikks SAS               6.75    7/15/2021     EUR     55.76
Agrokor dd                 8.88    2/1/2020      USD     17.00
CGG SA                     5.88    5/15/2020     EUR     41.49
New Look Secured Issuer PLC4.50    7/1/2022      EUR     71.48
Intelsat Luxembourg SA     8.13    6/1/2023      USD     51.39
Ensco PLC                  5.75    10/1/2044     USD     63.33
Oi Brasil Holdings Cooperat5.75    2/10/2022     USD     35.02
Banca Popolare di Vicenza  2.82    12/20/2017    EUR     1.13
Brighthouse Group PLC      7.88    5/15/2018     GBP     66.54
Norske Skog Holding AS     8.00    2/24/2021     EUR     15.01
Veneto Banca SpA           9.50    12/1/2025     EUR     1.25
Offshore Drilling Holding S8.38    9/20/2020     USD     34.50
Casino Guichard Perrachon S1.68                  EUR     72.07
Portugal Telecom Internatio4.63    5/8/2020      EUR     33.49
Banca Popolare di Vicenza  9.50    9/29/2025     EUR     3.99
Aegon NV                   0.53                  EUR     71.74
CGG SA                     6.50    6/1/2021      USD     40.33
Ageasfinlux SA             1.02                  EUR     59.15
Far East Capital Ltd SA    8.00    5/2/2018      USD     73.00
Frigoglass Finance BV      8.25    5/15/2018     EUR     55.00
CGG SA                     1.75    1/1/2020      EUR     1.43
Portugal Telecom Internatio4.38    3/24/2017     EUR     33.25
Bibby Offshore Services PLC7.50    6/15/2021     GBP     39.00
VistaJet Malta Finance PLC 7.75    6/1/2020      USD     73.23
Alitalia-Societa' Aerea Ita5.25    7/30/2020     EUR     15.07
QGOG Constellation SA      6.25    11/9/2019     USD     69.88
Banca Monte dei Paschi di S5.00    4/21/2020     EUR     30.88
Mitsubishi UFJ Investor Ser4.17    12/15/2050    EUR     54.63
TES Finance PLC            6.75    7/15/2020     GBP     72.22
Co-Operative Bank PLC      11.00   12/20/2023    GBP     36.38
Banca Carige SpA           7.32    12/20/2020    EUR     49.50
Avangardco Investments Publ10.00   10/29/2018    USD     22.00
OAS Investments GmbH       8.25    10/19/2019    USD     3.50
Portugal Telecom Internatio5.00    11/4/2019     EUR     33.54
Banco Espirito Santo SA    2.63    5/8/2017      EUR     28.50
Santander International Pre2.00                  USD     67.00
International Bank of Azerb6.17    5/10/2017     USD     99.78
Bremer Landesbank Kreditans8.50                  EUR     72.51
Air France-KLM             2.03    2/15/2023     EUR     12.74
CGG SA                     6.88    1/15/2022     USD     44.46
Oi Brasil Holdings Cooperat5.63    6/22/2021     EUR     35.03
UkrLandFarming PLC         10.88   3/26/2018     USD     23.63
Portugal Telecom Internatio4.50    6/16/2025     EUR     33.71
Immigon Portfolioabbau AG  10.00                 EUR     15.25
Neopost SA                 3.38                  EUR     60.34
Portugal Telecom Internatio5.88    4/17/2018     EUR     34.38
Banca Monte dei Paschi di S0.67    11/30/2017    EUR     32.08
Alno AG                    8.50    5/14/2018     EUR     46.00
Pierre & Vacances SA       3.50    10/1/2019     EUR     47.96
Banca Monte dei Paschi di S2.25    5/15/2018     EUR     27.39
Banca Monte dei Paschi di S5.60    9/9/2020      EUR     29.48
Banca Carige SpA           8.34                  EUR     24.25
ADLER Real Estate AG       2.50    7/19/2021     EUR     16.13
HSH Nordbank AG/Luxembourg 2.10                  EUR     18.33
Portugal Telecom Internatio6.25    7/26/2016     EUR     32.65
Algeco Scotsman Global Fina10.75   10/15/2019    USD     74.09
SOITEC                     6.75    9/18/2018     EUR     3.82
HSH Nordbank AG            7.25                  USD     26.26
Allied Irish Banks PLC     12.50   6/25/2035     GBP     69.75
Bremer Landesbank Kreditans9.50                  EUR     73.91
CGG SA                     1.25    1/1/2019      EUR     21.56
BIM SAS                    2.50    11/13/2020    EUR     28.50
Mitsubishi UFJ Investor Ser3.92    12/30/2099    EUR     3.76
Co-Operative Bank PLC      8.50    7/1/2025      GBP     31.50
KTG Agrar SE               7.13    6/6/2017      EUR     1.61
Sanha GmbH & Co KG         7.75    6/4/2018      EUR     65.75
Banco Espirito Santo SA    4.00    1/21/2019     EUR     28.75
Rothschilds Continuation Fi1.69                  USD     67.63
Pacific Drilling SA        5.38    6/1/2020      USD     43.00
WPE International Cooperati10.38   9/30/2020     USD     17.00
IMMOFINANZ AG              4.25    3/8/2018      EUR     4.47
Privatbank CJSC Via UK SPV 10.25   1/23/2018     USD     20.42
Novo Banco SA              3.50    1/2/2043      EUR     61.96
Bilt Paper BV              9.64                  USD     29.52
Mriya Agro Holding PLC     9.45    4/19/2018     USD     5.44
Scholz Holding Gmbh        8.50    12/31/2019    EUR     2.00
Aligera Holding AB publ    5.00    5/7/2019      SEK     51.25
Banco Pastor SAU           2.07                  EUR     1.85
Nexity SA                  0.13    1/1/2023      EUR     70.00
Paragon Offshore PLC       6.75    7/15/2022     USD     23.00
Johnston Press Bond Plc    8.63    6/1/2019      GBP     63.88
BNP Paribas SA             1.15                  EUR     72.01
Far East Capital Ltd SA    8.75    5/2/2020      USD     69.00
Banco Espirito Santo SA    7.13    11/28/2023    EUR     0.71
Agrokor dd Via Aquarius + I4.92    8/8/2017      EUR     18.75
Banco Espirito Santo SA    4.75    1/15/2018     EUR     28.63
Sydbank A/S                1.01                  EUR     73.83
Waste Italia SpA           10.50   11/15/2019    EUR     15.00
Norske Skogindustrier ASA  7.13    10/15/2033    USD     7.72
Lambay Capital Securities P6.25                  GBP     1.27
Norske Skog Holding AS     8.00    2/24/2023     USD     17.67
Virgolino de Oliveira Finan10.50   1/28/2018     USD     7.04
Popular Capital SA         4.00                  EUR     2.76
OGX Austria GmbH           8.50    6/1/2018      USD     0.03
Aralco Finance SA          10.13   5/7/2020      USD     2.90
Privatbank CJSC Via UK SPV 11.00   2/9/2021      USD     6.75
Tonon Luxembourg SA        10.50   5/14/2024     USD     42.70
Norske Skogindustrier ASA  2.00    12/30/2115    EUR     4.56
Banca Monte dei Paschi di S7.00    3/4/2019      EUR     30.88
Elli Investments Ltd       12.25   6/15/2020     GBP     70.00
IKB Deutsche Industriebank 5.63    8/1/2017      EUR     34.00
Yuksel Insaat AS           9.50    11/10/2015    USD     20.00
Banca Popolare di Vicenza  4.60    12/15/2017    EUR     14.35
Klarna AB                  5.25                  SEK     70.69
Pescanova SA               5.13    4/20/2017     EUR     3.27
ATF Capital BV             8.77                  USD     73.00
TES Finance PLC            5.29    7/15/2020     GBP     69.17
Beate Uhse AG              7.75    7/9/2019      EUR     24.00
Credit Lyonnais SACA       0.44                  EUR     68.35
Banca Carige SpA           2.77    6/19/2018     EUR     36.61
Greene King Finance PLC    2.37    3/15/2036     GBP     74.34
Eramet                     4.00                  EUR     48.71
Capital Raising GmbH       7.50                  EUR     27.38
New Look Secured Issuer PLC6.50    7/1/2022      GBP     74.95
Norske Skog Holding AS     8.00    2/24/2021     EUR     14.75
OSX 3 Leasing BV           13.00   3/20/2015     USD     35.00
Agrokor dd                 8.88    2/1/2020      USD     40.25
Pescanova SA               8.75    2/17/2019     EUR     3.04
Hybrid Raising GmbH        6.63                  EUR     23.25
Veneto Banca SpA           6.95    2/25/2025     EUR     4.86
Banco Pinto & Sotto Mayor  0.64                  EUR     40.00
Deutsche Bank AG/London    2.46    6/30/2034     USD     57.77
Lloyds Bank PLC            0.41    1/31/2033     USD     61.50
Paragon Offshore PLC       7.25    8/15/2024     USD     23.25
New Look Senior Issuer PLC 8.00    7/1/2023      GBP     60.78
Lloyds Bank PLC            0.43    2/22/2033     USD     57.66
New World Resources NV     8.00    4/7/2020      EUR     5.13
PNE Wind AG                3.75    10/10/2019    EUR     3.40
Alno AG                    8.00    3/21/2019     EUR     37.00
Belfius Bank SA/NV         4.61                  EUR     59.77
Banca Monte dei Paschi di S0.67    1/15/2018     EUR     31.35
Novo Banco SA              3.50    1/23/2043     EUR     62.16
Intelsat Luxembourg SA     12.50   11/15/2024    USD     68.47
Norske Skogindustrier ASA  7.13    10/15/2033    USD     14.57
Barclays Bank PLC          1.94    9/30/2031     USD     68.50
Tonon Luxembourg SA        9.25    1/24/2020     USD     11.13
3W Power SA                8.00    8/29/2019     EUR     40.00
Barclays Bank PLC          1.70    11/29/2030    USD     65.25
Novo Banco SA              3.50    2/19/2043     EUR     62.19
Lloyds Bank PLC            2.75    12/27/2028    USD     76.00
Novo Banco SA              5.00    2/24/2022     EUR     74.65
Smart Solutions GmbH       8.00    12/3/2018     EUR     38.63
Banco Espirito Santo SA    2.32                  EUR     0.26
Banca Monte dei Paschi di S2.79    10/31/2018    EUR     31.05
NIBC Bank NV               0.91                  EUR     70.13
Privatbank CJSC Via UK SPV 10.88   2/28/2018     USD     20.42
Dexia Credit Local SA      1.40                  EUR     7.81
Cooperatieve Rabobank UA   0.50    11/26/2021    ZAR     69.59
OP Corporate Bank plc      0.84                  EUR     73.18
Espirito Santo Financial Gr6.88    10/21/2019    EUR     0.08
Province of Milan Italy    0.03    12/22/2033    EUR     69.63
Ideal Standard Internationa11.75   5/1/2018      EUR     4.86
Dexia Kommunalbank Deutschl5.63    12/31/2017    EUR     63.54
Banca Popolare di Vicenza  8.50    12/28/2018    EUR
German Pellets GmbH        7.25    11/27/2019    EUR     0.81
City of Kiev Ukraine Via CS8.00    11/6/2015     USD     62.38
Afren PLC                  11.50   2/1/2016      USD     0.15
Barclays Bank PLC          0.66    3/21/2033     USD     59.50
Stichting Afwikkeling Onder6.25    10/26/2020    EUR     4.13
Scandinavian Airlines Syste0.63                  CHF     24.32
Lehman Brothers UK Capital 5.13                  EUR     0.28
GEWA 5 to 1 GmbH & Co KG   6.50    3/24/2018     EUR     31.38
World Wide Supply AS       7.75    5/26/2017     USD     15.75
Sidetur Finance BV         10.00   4/20/2016     USD     3.85
Orient Express Bank PJSC vi12.00   5/29/2019     USD     55.38
Banca Carige SpA           1.67    12/29/2018    EUR     40.60
VistaJet Malta Finance PLC 7.75    6/1/2020      USD     73.90
Alpine Holding GmbH        6.00    5/22/2017     EUR     0.40
Agrokor dd                 9.88    5/1/2019      EUR     15.26
NTRP Via Interpipe Ltd     10.25   8/2/2017      USD     25.17
Decipher Production Ltd    12.50   9/27/2018     USD     1.20
Novo Banco SA              3.50    3/18/2043     EUR     62.14
Barclays Bank PLC          2.94    8/28/2029     USD     78.00
Bank Nadra via NDR Finance 8.25    7/31/2018     USD     0.31
Brighthouse Group PLC      7.88    5/15/2018     GBP     66.38
New World Resources NV     4.00    10/7/2020     EUR     0.09
TradeDoubler AB            6.75    12/20/2018    SEK     70.00
Action SA                  3.21    7/4/2017      PLN     89.12
Air Berlin Finance BV      1.50    4/11/2027     EUR     50.00
Touax SA                   6.00    7/10/2020     EUR     16.91
KTG Energie AG             7.25    9/28/2018     EUR     1.41
Wild Bunch AG              8.00    3/23/2019     EUR     50.00
Tikehau Capital SCA        1.63    1/1/2022      EUR     64.70
Mriya Agro Holding PLC     10.95   3/30/2016     USD     6.31
Oceanteam ASA              12.40   10/24/2017    USD     40.00
SeaBird Exploration Finance6.00    3/3/2018      USD     22.63
Phones4u Finance PLC       9.50    4/1/2018      GBP     73.13
UniCredit Bank Austria AG  0.17    12/31/2031    EUR     66.98
Novo Banco SA              3.00    6/21/2022     USD     70.81
Dexia SA                   1.45                  EUR     7.88
Royal Bank of Scotland PLC/1.85    11/16/2030    USD     69.98
Oi Brasil Holdings Cooperat5.75    2/10/2022     USD     32.38
ESFIL-Espirito Santo Financ5.25    6/12/2015     EUR     0.31
Lloyds Bank PLC            0.24    4/26/2033     USD     56.30
More & More AG             8.13    6/11/2018     EUR     39.25
Sequa Petroleum NV         5.00    4/29/2020     USD     68.25
Manchester Building Society6.75                  GBP     17.50
Novo Banco SA              5.00    3/15/2022     EUR     74.57
Fred Olsen Energy ASA      3.89    2/28/2019     NOK     51.00
GNB - Cia de Seguros de Vid3.17                  EUR     42.88
GNB - Cia de Seguros de Vid1.87    12/19/2022    EUR     55.00
Norske Skog Holding AS     8.00    2/24/2023     USD     21.75
Espirito Santo Financial Gr3.13    12/2/2018     EUR     0.31
Deutsche Bank AG/London    0.34    3/15/2033     USD     59.25
Lloyds Bank PLC            2.45    11/27/2033    USD     70.38
Bank Nederlandse Gemeenten 0.50    6/7/2022      ZAR     65.78
Havila Shipping ASA        4.82    11/7/2020     NOK     47.38
Phosphorus Holdco PLC      10.00   4/1/2019      GBP     1.28
Praktiker AG               5.88    2/10/2016     EUR     0.20
Pescanova SA               6.75    3/5/2015      EUR     3.52
OGX Austria GmbH           8.38    4/1/2022      USD     0.00
Mobylife Holding A/S       7.25    5/23/2020     SEK     53.00
New Look Secured Issuer PLC4.50    7/1/2022      EUR     71.68
Barclays Bank PLC          2.72    7/28/2031     USD     67.74
Pacific Drilling SA        5.38    6/1/2020      USD     47.50
Virgolino de Oliveira Finan11.75   2/9/2022      USD     7.04
Hellas Telecommunications L8.50    10/15/2013    EUR     0.77
Enterprise Holdings LTD    7.00    3/30/2020     EUR     2.70
Steilmann SE               7.00    9/23/2018     EUR     2.35
UniCredit Bank Austria AG  0.19    8/20/2033     EUR     64.64
Orco Property Group SA     7.00    11/7/2019     EUR     66.75
Sairgroup Finance BV       4.38    6/8/2006      EUR     11.50
CGG SA                     6.50    6/1/2021      USD     48.31
Kaupthing ehf              7.63    2/28/2015     USD     17.63
Espirito Santo Financial Gr9.75    12/19/2025    EUR     1.22
Cirio Holding Luxembourg SA6.25    2/16/2004     EUR     1.44
Etablissements Maurel et Pr1.63    7/1/2019      EUR     16.55
Banco Espirito Santo SA    6.88    7/15/2016     EUR     28.88
CBo Territoria             6.00    1/1/2020      EUR     4.06
Offshore Drilling Holding S8.38    9/20/2020     USD     43.25
Koninklijke Luchtvaart Maat0.75                  CHF     38.10
Mox Telecom AG             7.25    11/2/2017     EUR     3.29
Frey                       6.00    11/15/2022    EUR     23.50
Barclays Bank PLC          1.94    9/30/2031     USD     68.60
Corporate Commercial Bank A8.25    8/8/2014      USD     0.94
Havila Shipping ASA        5.43    11/7/2020     NOK     69.50
Vseukrainsky Aktsinerny Ban10.90   6/14/2019     USD     0.73
LBI HF                     6.10    8/25/2011     USD     8.50
Royal Bank of Scotland PLC/1.94    12/30/2030    USD     71.75
KTG Agrar SE               7.25    10/15/2019    EUR     2.21
Assystem                   4.50                  EUR     34.26
German Pellets GmbH        7.25    7/9/2018      EUR     1.34
KPNQwest NV                10.00   3/15/2012     EUR     0.48
Vneshprombank Ltd via VPB F9.00    11/14/2016    USD     0.49
ADLER Real Estate AG       6.00    6/30/2017     EUR     9.00
BOA Offshore AS            7.64    12/18/2018    NOK     25.13
HSBC France SA             1.03                  EUR     69.00
Hellenic Republic Governmen2.09    7/25/2057     EUR     40.13
Afren PLC                  6.63    12/9/2020     USD     0.00
Barclays Bank PLC          2.59    2/28/2034     USD     70.10
Golden Energy Offshore Serv5.00    12/31/2017    NOK     40.25
3W Power SA                5.50    11/11/2020    EUR     30.00
Barclays Bank PLC          2.76    7/31/2034     USD     73.00
Agrokor dd                 9.13    2/1/2020      EUR     14.63
EDOB Abwicklungs AG        7.50    4/1/2012      EUR     0.56
Paragon Offshore PLC       7.25    8/15/2024     USD     20.75
Barclays Bank PLC          2.85    1/27/2031     USD     67.38
Lloyds Bank PLC            1.84    7/29/2033     USD     70.00
IT Holding Finance SA      9.88    11/15/2012    EUR     1.63
Petrol AD                  5.50    1/26/2022     EUR     28.63
BNP Paribas SA             0.38    4/30/2033     USD     56.85
Lehman Brothers UK Capital 6.90                  USD     0.97
Barclays Bank PLC          3.87    4/16/2029     USD     66.88
Sazka AS                   9.00    7/12/2021     EUR     0.26
JZ Capital Partners Ltd    6.00    7/30/2021     GBP     11.30
Belfius Bank SA/NV         1.62                  FRF     69.75
Barclays Bank PLC          1.33    6/17/2033     USD     67.65
Lehman Brothers Treasury Co6.00    2/15/2035     EUR     8.75
Barclays Bank PLC          1.81    7/28/2034     USD     65.65
Cirio Finanziaria SpA      8.00    12/21/2005    EUR     0.41
Portugal Telecom Internatio5.24    11/6/2017     EUR     33.88
Banca Popolare di Vicenza  9.50    10/2/2025     EUR     3.96
Cirio Finance Luxembourg SA7.50    11/3/2002     EUR     4.49
Stichting Afwikkeling Onder11.25                 EUR     0.54
Cirio Del Monte NV         7.75    3/14/2005     EUR     1.94
Teksid Aluminum Luxembourg 11.38   7/15/2011     EUR     0.40
Belfius Bank SA/NV         5.35                  EUR     64.89
Veneto Banca SpA           6.94    5/15/2025     EUR     1.25
CGG SA                     6.88    1/15/2022     USD     42.13
Far Eastern Shipping Co PLC12.25   11/28/2017    RUB     60.00
Barclays Bank PLC          2.96    9/29/2034     USD     73.90
International Industrial Ba11.00   2/19/2013     USD     0.33
Kommunalbanken AS          0.50    5/27/2022     ZAR     67.18
OGX Austria GmbH           8.50    6/1/2018      USD     0.03 AG             7.75    10/2/2017     EUR     0.05
Finmek International SA    7.00    12/3/2004     EUR     5.25
Santander Finance Capital S2.00                  EUR     60.11
UniCredit Bank Austria AG  0.15    12/27/2031    EUR     66.76
Waste Italia SpA           10.50   11/15/2019    EUR     15.00
Abanka Vipa DD Via Afinance1.57                  EUR     1.57
Tonon Luxembourg SA        10.50   5/14/2024     USD     40.00
AXA Bank Europe SA         4.60                  EUR     73.29
Windreich GmbH             6.50    3/1/2015      EUR     11.00
Windreich GmbH             6.50    7/15/2016     EUR     11.00
Breeze Finance SA          6.71    4/19/2027     EUR     29.05
Eniro AB                   6.00    4/14/2020     SEK     13.80
Etablissements Maurel et Pr2.75    7/1/2021      EUR     10.72
Barclays Bank PLC          2.31    12/23/2033    USD     71.75
CGG SA                     5.88    5/15/2020     EUR     40.25
Grupo Isolux Corsan SA     0.25    12/30/2018    EUR     4.29
SAG Solarstrom AG          6.25    12/14/2015    EUR     33.63
Rena GmbH                  8.25    7/11/2018     EUR     9.38
QGOG Constellation SA      6.25    11/9/2019     USD     70.11
Uppfinnaren 1 AB           10.00                 SEK     63.63
Laurel GmbH                7.13    11/16/2017    EUR     4.77
Lehman Brothers Treasury Co6.00    11/2/2035     EUR     8.75
Far East Capital Ltd SA    8.00    5/2/2018      USD     70.77
KPNQwest NV                7.13    6/1/2009      EUR     0.53
Rudolf Woehrl AG           6.50    2/12/2018     EUR     15.10
German Pellets GmbH        7.25    4/1/2016      EUR     1.03
Banco Espirito Santo SA    6.90    6/28/2024     EUR     27.75
Cooperatieve Rabobank UA   0.50    7/30/2043     MXN     12.62
Del Monte Finance Luxembour6.63    5/24/2006     EUR     5.25
A-TEC Industries AG        8.75    10/27/2014    EUR     2.00
EFG International AG       0.97                  EUR     68.00
OAS Investments GmbH       8.25    10/19/2019    USD     3.94
RENE LEZARD Mode GmbH      7.25    11/25/2017    EUR     8.25
Bulgaria Steel Finance BV  12.00   5/4/2013      EUR     2.46
Geotech Seismic Services PJ12.75   10/16/2019    RUB     69.30
Manchester Building Society8.00                  GBP     25.25
Steilmann SE               6.75    6/27/2017     EUR     4.72
International Finance Facil0.50    6/24/2024     ZAR     53.63
Gebr Sanders GmbH & Co KG  8.75    10/22/2018    EUR     27.88
Lehman Brothers Treasury Co7.25    10/5/2035     EUR     9.63
Barclays Bank PLC          2.42    2/25/2031     USD     67.75
Oceanic Champion AS        8.00    2/20/2020     USD     70.76
Veneto Banca SpA           1.67    5/15/2019     EUR     36.38
Region of Abruzzo Italy    0.13    11/7/2036     EUR     61.29
PA Resources AB            3.00    12/27/2017    NOK     0.10
Barclays Bank PLC          2.28    8/31/2031     USD     65.94
Deutsche Bank AG/London    3.19    10/31/2034    USD     67.50
DOF ASA                    7.85    9/12/2019     NOK     40.00
A-TEC Industries AG        2.75    5/10/2014     EUR     2.00
Barclays Bank PLC          2.62    12/30/2030    USD     64.00
Algeco Scotsman Global Fina10.75   10/15/2019    USD     74.64
Banca Popolare di Vicenza  5.20    3/28/2024     EUR     70.78
Banco Comercial Portugues S5.00                  EUR     60.00
Intelsat Luxembourg SA     12.50   11/15/2024    USD     68.47
CRC Breeze Finance SA      6.11    5/8/2026      EUR     55.13
Barclays Bank PLC          2.57    3/21/2031     USD     70.13
Barclays Bank PLC          0.40    5/31/2033     USD     54.50
Societe Generale SA        0.57    2/28/2033     USD     69.42
IKB Deutsche Industriebank 4.70    8/1/2017      EUR     32.00
Golden Gate AG             6.50    10/11/2014    EUR     46.10
Lehman Brothers Treasury Co5.10    5/8/2017      HKD     9.63
PA Resources AB            13.50   3/3/2016      SEK     0.10
Royal Bank of Scotland PLC/1.50    12/13/2028    USD     72.31
KPNQwest NV                8.13    6/1/2009      USD     0.50
Afren PLC                  10.25   4/8/2019      USD     0.01
Barclays Bank PLC          2.62    12/30/2030    USD     67.00
Lloyds Bank PLC            2.70    10/25/2033    USD     72.50
Electromagnetic Geoservices6.86    6/27/2019     NOK     70.33
Finance and Credit Bank JSC9.25    1/25/2019     USD     0.55
Municipality Finance PLC   0.50    5/8/2029      AUD     62.09
KPNQwest NV                8.88    2/1/2008      EUR     0.61
Tonon Luxembourg SA        9.25    1/24/2020     USD     11.13
Depfa Funding IV LP        1.54                  EUR     57.33
Virgolino de Oliveira Finan10.88   1/13/2020     USD     28.50
OGX Austria GmbH           8.38    4/1/2022      USD     0.03
Bibby Offshore Services PLC7.50    6/15/2021     GBP     39.00
Banca Meridiana            1.25    11/12/2017    EUR     21.00
SAir Group                 0.13    7/7/2005      CHF     13.13
Karlie Group GmbH          5.00    6/25/2021     EUR     3.20
Sairgroup Finance BV       6.63    10/6/2010     EUR     10.75
Barclays Bank PLC          1.70    4/25/2034     USD     71.49
Northland Resources AB     4.00    10/15/2020    USD     0.19
Nationwide Building Society0.82                  GBP     72.00
Russian Railways JSC       8.70    5/18/2032     RUB     61.21
Alpha Bank AE              2.50    6/20/2022     EUR     37.73
Governo Portugues Consolida3.00                  EUR     71.40
CNP Assurances             2.00                  EUR     74.49
Banca Carige SpA           5.70    9/17/2020     EUR     50.02
Holdikks SAS               6.75    7/15/2021     EUR     56.31
Lloyds Bank PLC            2.39    7/5/2033      USD     72.26
Alpine Holding GmbH        5.25    6/10/2016     EUR     0.31
Barclays Bank PLC          1.84    11/1/2031     USD     68.00
Cooperatieve Rabobank UA   0.50    10/30/2043    MXN     12.39
Afren PLC                  11.50   2/1/2016      USD     0.17
Espirito Santo Financial Po5.13    5/30/2016     EUR     0.90
Talvivaara Mining Co PLC   9.75    4/4/2017      EUR     0.97
Svensk Exportkredit AB     0.50    4/24/2029     AUD     62.65
Societe Generale SA        11.50   10/3/2017     USD     48.10
Lehman Brothers Treasury Co5.00    9/22/2014     EUR     8.75
A-TEC Industries AG        5.75    11/2/2010     EUR     2.00
Enterprise Holdings LTD    7.00    9/26/2017     EUR     2.46
Rosneft Oil Co PJSC        10.65   12/3/2020     RUB     74.21
Deutsche Bank AG/London    0.18    1/31/2033     USD     55.35
Stichting Afwikkeling Onder2.42                  EUR     0.54
Solon SE                   1.38    12/6/2012     EUR     0.33
Lehman Brothers Treasury Co8.25    3/16/2035     EUR     8.75
Autonomous Community of Cat1.06    9/8/2024      EUR     74.07
Espirito Santo Financial Gr5.05    11/15/2025    EUR     0.71
Kaupthing ehf              5.75    10/4/2011     USD     17.63
Dannemora Mineral AB       11.75   3/22/2016     USD     0.40
Santander Finance Capital S2.00                  EUR     62.93
Svensk Exportkredit AB     0.50    8/29/2029     AUD     63.73
Bank Nederlandse Gemeenten 0.50    7/12/2022     ZAR     65.38
Orient Express Bank PJSC Vi8.17    6/27/2017     USD     50.00
Mifa Mitteldeutsche Fahrrad7.50    8/12/2018     EUR     2.82
Banco Espirito Santo SA    10.00   12/6/2021     EUR     0.73
Heta Asset Resolution AG   0.43    12/31/2023    EUR     39.88
Russian Railways JSC       8.20    3/21/2028     RUB     63.87
Svensk Exportkredit AB     0.50    6/29/2029     AUD     62.24
Rosneft Oil Co PJSC        11.40   12/3/2020     RUB     63.87
Hypo Tirol Bank AG         0.12    7/23/2026     EUR     64.21
Anglian Water Services Fina0.87    1/26/2057     GBP     72.72
Rosbank PJSC               9.80    12/20/2026    RUB     62.63
Tatfondbank OAO via TFB Fin8.50    11/12/2019    USD     0.18
Rosneft Oil Co PJSC        10.90   11/28/2024    RUB     64.03
Cooperatieve Rabobank UA   0.50    12/29/2027    MXN     43.36
Northland Resources AB     4.00    10/15/2020    NOK     0.23
APP International Finance C11.75   10/1/2005     USD     0.56
Gazprombank JSC            9.87    2/19/2021     RUB     63.87
IVG Immobilien AG          5.50                  EUR     1.08
BLT Finance BV             12.00   2/10/2015     USD     10.50
UBS AG/London              16.00   1/19/2018     USD     58.50
Banca Popolare di Vicenza  4.97    4/20/2027     EUR     61.13
wige MEDIA AG              6.00    3/17/2019     EUR     3.10
Hamburgische Landesbank-Gir0.05    1/22/2041     EUR     62.37
Rem Offshore ASA           5.00    12/8/2024     NOK     34.36
SAG Solarstrom AG          7.50    7/10/2017     EUR     33.63
Novo Banco SA              3.00    12/16/2021    EUR     64.46
DEMIRE Real Estate AG      6.00    12/30/2018    EUR     3.70
SiC Processing GmbH        7.13    3/1/2016      EUR     2.84
WPE International Cooperati10.38   9/30/2020     USD     15.88
Municipality Finance PLC   0.50    4/26/2022     ZAR     66.44
Steilmann SE               7.00    3/9/2017      EUR     2.35
Autonomous Community of Cat2.97    9/8/2039      JPY     64.40
Sberbank of Russia PJSC    0.01    4/26/2019     RUB     93.50
Alpine Holding GmbH        5.25    7/1/2015      EUR     0.31
Societe Generale SA        0.30    6/28/2033     USD     67.64
Minaya Capital AG          7.00    8/1/2018      EUR     65.00
Governo Portugues Consolida2.75                  EUR     63.20
Svensk Exportkredit AB     0.50    6/28/2022     ZAR     65.69
Virgolino de Oliveira Finan10.50   1/28/2018     USD     7.25
Accentro Real Estate AG    6.25    3/27/2019     EUR     10.00
Svensk Exportkredit AB     0.50    1/31/2022     ZAR     68.76
Santander Finance Capital S2.00                  USD     56.39
Hamburgische Landesbank-Gir0.05    10/30/2040    EUR     64.42
Eirles Two DAC             1.69    9/30/2046     USD     11.88
Lehman Brothers Treasury Co5.00    2/16/2015     EUR     8.75
Barclays Bank PLC          3.18    3/27/2029     USD     69.50
Paragon Offshore PLC       6.75    7/15/2022     USD     23.00
Lehman Brothers Treasury Co2.88    3/14/2013     CHF     8.75
Talvivaara Mining Co PLC   4.00    12/16/2015    EUR     0.27
SAir Group                 5.50    7/23/2003     CHF     13.99
Minicentrales Dos SA       6.45    4/14/2028     EUR     67.25
SAir Group                 4.25    2/2/2007      CHF     14.00
TES Finance PLC            6.75    7/15/2020     GBP     72.41
La Veggia Finance SPA      7.13    11/14/2004    EUR     0.39
Gazprom PJSC               5.10    10/21/2043    RUB     60.06
International Finance Facil0.50    6/29/2027     ZAR     39.10
Aralco Finance SA          10.13   5/7/2020      USD     2.10
MS Deutschland Beteiligungs6.88    12/18/2017    EUR     5.81
Stroika Finance Ltd Via Eme9.90    6/25/2019     RUB     12.00
Barclays Bank PLC          3.84    1/31/2029     USD     67.15
Oi Brasil Holdings Cooperat5.63    6/22/2021     EUR     35.75
Landesbank Hessen-Thueringe0.08    5/3/2041      EUR     71.62
ML 33 Invest AS            7.50                  NOK     68.91
Veneto Banca SpA           2.40    4/7/2020      EUR     75.85
Municipality Finance PLC   0.50    6/19/2024     ZAR     54.91
Elli Investments Ltd       12.25   6/15/2020     GBP     70.00
New World Resources NV     8.00    4/7/2020      EUR     5.13
Heta Asset Resolution AG   0.24    12/31/2023    EUR     39.88
UniCredit Bank Austria AG  0.02    1/25/2031     EUR     69.58
Rusfinans Bank OOO         10.10   6/30/2020     RUB     60.17
HSBC Bank PLC              0.50    6/23/2027     MXN     44.27
Rosbank PJSC               7.50    10/7/2024     RUB     60.13
Lehman Brothers Treasury Co6.65    8/24/2011     AUD     9.63
Montepio Holding SGPS SA   5.00                  EUR     50.20
Marfin Investment Group Hol7.00    7/29/2019     EUR     1.01
AKB Peresvet ZAO           13.50   10/16/2020    RUB     13.00
Petromena ASA              10.85   11/19/2017    USD     0.53
Lehman Brothers Treasury Co4.00    2/16/2017     EUR     8.75
Lloyds Bank PLC            2.70    4/25/2034     USD     67.50
Agroton Public Ltd         6.00    7/14/2019     USD     14.00
Santander Finance Capital S2.00                  USD     56.39
Northland Resources AB     15.00   7/15/2019     USD     0.41
Vorarlberger Landes- und Hy5.87                  EUR     51.28
Kaupthing ehf              6.13    10/4/2016     USD     17.63
New World Resources NV     4.00    10/7/2020     EUR     0.09
Portigon AG                7.46    12/31/2019    EUR     25.00
UkrLandFarming PLC         10.88   3/26/2018     USD     23.75
Banco BPI SA               1.78                  EUR     58.03
Marfin Investment Group Hol6.30    7/29/2020     EUR     1.01
Barclays Bank PLC          4.33    9/27/2028     USD     66.00
Fonciere Volta SA          4.50    7/30/2020     EUR     2.59
Far East Capital Ltd SA    8.75    5/2/2020      USD     71.60
Barclays Bank PLC          1.88    8/15/2033     USD     63.20
Rusfinans Bank OOO         8.90    4/24/2018     RUB     65.07
Rosbank PJSC               9.35    9/29/2025     RUB     60.16
Cooperatieve Rabobank UA   0.50    1/31/2033     MXN     27.07
Espirito Santo Financial Gr5.05    11/15/2025    EUR     0.74
Artea                      6.00    8/4/2019      EUR     15.00
Privatbank CJSC Via UK SPV 10.88   2/28/2018     USD     20.63
UBS AG                     24.10   9/28/2017     EUR     66.50
Veneto Banca SpA           5.41    5/25/2023     EUR     69.26
Agentstvo po Ipotechnomu Zh10.90   11/1/2022     RUB     102.00
Oberbank Hybrid 1 GmbH     0.87                  EUR     47.49
Depfa Funding II LP        6.50                  EUR     57.25
Kaupthing ehf              5.75    10/4/2011     USD     17.63
Landesbank Hessen-Thueringe0.09    4/23/2041     EUR     71.19
ADLER Real Estate AG       6.00    12/27/2018    EUR     13.75
Deutsche Bank AG/London    1.85    8/28/2034     USD     59.17
Virgolino de Oliveira Finan11.75   2/9/2022      USD     7.25
Virgolino de Oliveira Finan10.88   1/13/2020     USD     25.63
Barclays Bank PLC          0.48    4/19/2033     USD     56.00
MegaFon PJSC               9.90    5/29/2026     RUB     62.06
UBS AG                     5.60    3/4/2019      EUR     59.78
Oberoesterreichische Landes0.32    11/6/2030     EUR     69.77
UBS AG/London              1.29    5/29/2020     USD     9.75
Mriya Agro Holding PLC     9.45    4/19/2018     USD     4.00
Lehman Brothers Treasury Co7.00    6/6/2017      EUR     2.85
Societe Generale SA        0.28    6/28/2033     USD     74.13
Stichting Afwikkeling Onder6.63    5/14/2018     EUR     2.95
City of Moscow Russia      7.50    5/18/2021     RUB     60.01
Moscow United Electric Grid11.00   9/12/2024     RUB     62.00
International Industrial Ba9.00    7/6/2011      EUR     0.59
Lehman Brothers Treasury Co7.00    5/17/2035     EUR     8.75
Alpha Bank AE              2.50    6/20/2022     EUR     37.74
Rosneft Oil Co PJSC        14.90   12/3/2020     RUB     65.01
Kaupthing ehf              6.13    10/4/2016     USD     17.63
TES Finance PLC            5.29    7/15/2020     GBP     68.92
Norske Skogindustrier ASA  2.00    12/30/2115    EUR     4.56
Kaupthing ehf              5.25    7/18/2017     BGN     17.63
UniCredit Bank Austria AG  0.06    1/24/2031     EUR     67.49
Afren PLC                  10.25   4/8/2019      USD     0.01
United Engine Corp JSC     10.75   6/10/2026     RUB     110.00
Lloyds Bank PLC            2.52    7/26/2033     USD     67.38
BLT Finance BV             7.50    5/15/2014     USD     2.31
Rosneft Oil Co PJSC        9.85    1/18/2021     RUB     63.90
Vnesheconombank            9.76    12/17/2021    RUB     73.86
Kaupthing ehf              9.00                  USD     0.12
SAir Group                 6.25    4/12/2005     CHF     14.00
Veneto Banca SpA           5.15    1/25/2023     EUR     69.46
ENEL RUSSIA PJSC           12.10   5/22/2025     RUB     62.34
Vimpel-Communications PJSC 11.90   10/3/2025     RUB     63.06
WGF Westfaelische Grundbesi6.35    8/1/2017      EUR     0.51
Afren PLC                  6.63    12/9/2020     USD     0.05
United Aircraft Corp PJSC  8.00    3/17/2020     RUB     60.06
Veneto Banca SpA           2.40    3/31/2020     EUR     75.99
ING Bank Eurasia JSC       10.45   3/30/2021     RUB     101.32
Activa Resources AG        8.00    11/15/2017    EUR     17.90
Leonteq Securities AG      15.60   12/19/2017    CHF     65.90
Orient Express Bank PJSC   13.60   8/9/2018      RUB     65.00
Johnston Press Bond Plc    8.63    6/1/2019      GBP     63.88
Kreditanstalt fuer Wiederau0.25    10/6/2036     CAD     40.87
Lehman Brothers Treasury Co5.55    3/12/2015     EUR     2.85
Veneto Banca SpA           2.40    4/2/2020      EUR     75.95
Marine Subsea AS           9.00    12/16/2019    USD     0.44
German Pellets GmbH        8.00                  EUR     0.13
Lehman Brothers Treasury Co4.20    12/3/2008     HKD     9.63
Rena GmbH                  7.00    12/15/2015    EUR     9.38
SUEK Finance               12.50   8/19/2025     RUB     100.00
Kommunekredit              0.50    7/30/2027     TRY     34.46
Cattles Ltd                7.13    7/5/2017      GBP     0.27
City of Kiev Ukraine Via CS8.00    11/6/2015     USD     62.38
Moscow United Electric Grid10.00   5/26/2026     RUB     62.00
Synergy PJSC               9.75    5/28/2020     RUB     61.01
Atomenergoprom JSC         11.10   12/12/2025    RUB     70.01
Pierer Industrie AG        5.75                  EUR     63.71
Lehman Brothers Treasury Co5.00    2/27/2014     EUR     8.75
Rosneft Oil Co PJSC        10.40   12/3/2020     RUB     63.87
Veneto Banca SpA           2.40    4/1/2020      EUR     75.97
Agentstvo po Ipotechnomu Zh10.30   7/15/2023     RUB     73.86
Phones4u Finance PLC       9.50    4/1/2018      GBP     73.13
Muehl Product & Service AG 6.75    3/10/2005     DEM     2.35
Lehman Brothers Treasury Co3.50    6/20/2011     EUR     2.85
Lehman Brothers Treasury Co3.40    9/21/2009     HKD     2.85
SAir Group                 5.13    3/1/2003      CHF     15.00
Polski Bank Spoldzielczy w 4.81    6/22/2021     PLN     54.00
Sibur Holding PAO          9.65    9/16/2026     RUB     60.06
Bank Nederlandse Gemeenten 0.50    8/15/2022     ZAR     64.52
Banco Espirito Santo SA    1.22    5/27/2018     EUR     0.73
BKS Hybrid alpha GmbH      7.35                  EUR     60.82
Lehman Brothers Treasury Co7.00    11/26/2013    EUR     8.75
Svensk Exportkredit AB     0.50    3/15/2022     ZAR     67.16
Rossiysky Capital OJSC     10.50   1/20/2020     RUB     98.00
Bank Intesa AO             8.25    6/10/2018     RUB     60.17
Bilt Paper BV              9.64                  USD     30.75
Salvator Grundbesitz-AG    9.50    12/31/2021    EUR     9.80
Lenenergo PJSC             9.80    7/9/2025      RUB     60.01
EFG International Finance G2.10    3/23/2018     EUR     26.59
Bulgaria Steel Finance BV  12.00   5/4/2013      EUR     2.46
Lehman Brothers Treasury Co6.00    9/20/2011     EUR     2.85
Northland Resources AB     12.25   3/26/2016     USD     0.41
UmweltBank AG              2.85                  EUR     61.76
SAir Group                 2.13    11/4/2004     CHF     14.00
Lehman Brothers Treasury Co1.46    2/19/2012     JPY     8.75
Minicentrales Dos SA       4.81    11/29/2034    EUR     60.25
Nutritek International Corp8.75    12/11/2008    USD     2.00
Vnesheconombank            8.35    11/24/2020    RUB     73.86
EFG International Finance G6.00    11/30/2017    EUR     12.21
Municipality Finance PLC   0.50    7/30/2029     AUD     70.86
Russian Post FGUP          5.07    11/17/2023    RUB     70.01
Northland Resources AB     15.00   7/15/2019     USD     0.41
Delta Credit Bank JSC      9.65    10/1/2024     RUB     102.90
Delta Credit Bank JSC      10.55   6/5/2024      RUB     60.07
Main Road OJSC             4.10    11/22/2028    RUB     73.06
Rossiysky Capital OJSC     13.00   11/22/2019    RUB     70.01
Metalloinvest Holding Co OA0.01    3/7/2022      RUB     50.02
UniCredit Bank Austria AG  0.16    10/31/2031    EUR     67.31
Evrofinansy-Nedvizhimost OO11.00   10/23/2020    RUB     100.00
EFG International Finance G8.99    9/4/2017      EUR     2.15
Lehman Brothers Treasury Co5.00    5/2/2022      EUR     2.85
Svensk Exportkredit AB     0.50    3/28/2029     AUD     71.21
AKB Peresvet ZAO           13.25   4/25/2018     RUB     23.49
LBI HF                     7.43                  USD     0.00
Heliocentris Energy Solutio4.00    1/16/2019     EUR     18.13
Credit Suisse AG/London    8.00    11/29/2019    USD     6.05
HSBC Bank PLC              0.50    12/29/2026    AUD     68.20
BNP Paribas SA             0.50    5/6/2021      MXN     73.42
Bank Nederlandse Gemeenten 0.50    5/12/2021     ZAR     73.22
Svensk Exportkredit AB     0.50    6/20/2029     AUD     70.65
Lehman Brothers Treasury Co4.00    4/13/2011     CHF     2.85
Lehman Brothers Treasury Co4.60    10/11/2017    ILS     8.75
Lehman Brothers Treasury Co1.28    11/6/2010     JPY     8.75
SpareBank 1 SR-Bank ASA    4.00    12/21/2030    EUR     75.36
Finans-Avia OOO            0.01    7/31/2027     RUB     21.30
Ideal Standard Internationa11.75   5/1/2018      EUR     4.86
Russian Post FGUP          2.75    12/6/2023     RUB     60.06
Lehman Brothers Treasury Co6.00    3/14/2011     EUR     8.75
EFG International Finance G7.20    2/25/2019     EUR     12.88
BLT Finance BV             7.50    5/15/2014     USD     2.31
Lehman Brothers Treasury Co1.68    3/5/2015      EUR     2.85
SAir Group                 6.25    10/27/2002    CHF     14.00
Banca del Monte di Lucca-Sp2.48    6/29/2020     EUR     42.02
Rusfinans Bank OOO         10.90   10/2/2018     RUB     60.56
Lehman Brothers Treasury Co9.25    6/20/2012     USD     2.85
Lehman Brothers Treasury Co3.86    9/21/2011     SGD     9.63
Region of Molise Italy     0.13    12/15/2033    EUR     66.57
HPI AG                     3.50                  EUR     6.00
Royal Bank of Scotland PLC/1.84    8/26/2031     USD     65.60
Societe Generale SA        0.50    5/30/2023     MXN     62.85
Podkarpacki Bank Spoldzielc5.81    7/2/2020      PLN     70.04
SAir Group                 2.75    7/30/2004     CHF     13.88
Delta Credit Bank JSC      12.40   10/20/2025    RUB     63.77
Loan Portfolio Securitizati8.50    12/14/2018    USD     11.97
BELLAGIO Holding GmbH      2.18                  EUR     47.58
Lehman Brothers Treasury Co7.00    9/20/2011     USD     2.85
Kommunekredit              0.50    5/11/2029     CAD     75.06
Lehman Brothers Treasury Co5.00    5/12/2011     CHF     2.85
Oberoesterreichische Landes0.30    4/25/2042     EUR     54.76
BNP Paribas SA             0.50    9/29/2029     AUD     62.36
Leonteq Securities AG/Guern29.61   10/26/2017    EUR     29.86
Bank Nederlandse Gemeenten 0.50    9/20/2022     ZAR     63.87
BNP Paribas SA             0.50    7/20/2021     BRL     65.96
Atari SA                   7.50    2/17/2020     EUR     0.41
Transneft PJSC             0.01    10/9/2024     RUB     60.06
Polski Bank Spoldzielczy w 4.81    6/18/2020     PLN     51.00
Transneft PJSC             8.00    7/3/2025      RUB     62.00
Lehman Brothers Treasury Co11.00   12/20/2017    AUD     2.85
Barclays Bank PLC          0.55    3/28/2033     USD     59.70
Bank Nederlandse Gemeenten 0.50    6/22/2021     ZAR     71.48
HSBC Bank PLC              0.50    1/29/2027     NZD     69.11
UVS-Finance OOO            14.50   9/10/2019     RUB     63.91
Bank Nederlandse Gemeenten 0.50    9/20/2022     MXN     68.47
Atari SA                   0.10    4/1/2020      EUR     5.01
VEB-Leasing OAO            12.50   9/1/2025      RUB     62.00
Bank Nederlandse Gemeenten 0.50    8/9/2022      MXN     69.09
KPNQwest NV                8.88    2/1/2008      EUR     0.61
Rosintrud OOO              10.50   2/5/2021      RUB     60.00
Agentstvo po Ipotechnomu Zh9.80    7/15/2024     RUB     60.00
Freight One JSC            12.00   10/15/2025    RUB     100.00
Deutsche Bank AG/London    0.50    10/5/2021     IDR     67.68
Lehman Brothers Treasury Co5.00    8/16/2017     EUR     8.75
Solarwatt GmbH             7.00    11/1/2015     EUR     14.50
ECM Real Estate Investments5.00    10/9/2011     EUR     10.38
Kaupthing ehf              7.50    2/1/2045      USD     0.33
Hellas Telecommunications L8.50    10/15/2013    EUR     0.77
Barclays Bank PLC          7.12    10/4/2017     USD     37.01
Barclays Bank PLC          0.61    4/9/2028      USD     67.10
Raiffeisen Versicherung AG 2.02                  EUR     31.84
Sidetur Finance BV         10.00   4/20/2016     USD     3.85
Credit Suisse AG           0.50    12/16/2025    BRL     49.18
Societe Generale SA        1.60    1/9/2020      GBP     1.11
Lehman Brothers Treasury Co7.00    2/15/2010     CHF     2.85
Vegarshei Sparebank        4.99                  NOK     61.50
Barclays Bank PLC          0.50    4/24/2023     MXN     60.71
Lehman Brothers Treasury Co10.00   5/22/2009     USD     2.85
Podkarpacki Bank Spoldzielc5.01    10/6/2021     PLN     69.00
Rosselkhozbank JSC         12.87   12/21/2021    RUB     60.06
Agentstvo po Ipotechnomu Zh11.50   9/25/2018     RUB     70.00
Bank ZENIT PJSC            8.50    6/14/2024     RUB     60.07
LBI HF                     2.25    2/14/2011     CHF     7.13
Lehman Brothers Treasury Co8.00    3/19/2012     USD     2.85
LBI HF                     6.10    8/25/2011     USD     8.50
Municipiul Timisoara       0.80    5/15/2026     RON     68.00
Rinol AG                   5.50    10/15/2006    DEM     0.00
HSBC Bank PLC              0.50    6/10/2021     BRL     68.32
Freight One JSC            11.80   10/23/2025    RUB     65.11
Astana Finance BV          9.00    11/16/2011    USD     16.88
Lehman Brothers Treasury Co5.00    3/18/2015     EUR     8.75
Credit Agricole Corporate &0.50    3/6/2023      RUB     65.12
National Capital JSC       9.50    7/25/2018     RUB     60.06
Lehman Brothers Treasury Co4.00    7/27/2011     EUR     2.85
Er-Telekom Holding ZAO     10.85   12/1/2021     RUB     60.06
Kaupthing ehf              7.63    2/28/2015     USD     17.63
Russkiy Mezhdunarodnyi Bank12.00   11/14/2021    RUB     65.00
Polski Bank Spoldzielczy w 5.31    9/14/2027     PLN     50.00
Rosneft Oil Co PJSC        9.10    1/18/2021     RUB     63.87
Rostelecom PJSC            8.40    5/20/2025     RUB     60.06
Rossiysky Capital OJSC     10.50   1/16/2020     RUB     70.01
Nuova Banca delle Marche Sp7.75    6/30/2018     EUR     1.24
AKB Peresvet ZAO           13.00   10/7/2017     RUB     22.50
Espirito Santo Financial Po5.63    7/28/2017     EUR     1.04
Rosneft Oil Co PJSC        9.85    1/18/2021     RUB     63.87
Barclays Bank PLC          4.13    10/10/2029    USD     74.57
VEB-Leasing OAO            12.50   8/18/2025     RUB     62.00
Lehman Brothers Treasury Co6.00    10/24/2008    EUR     2.85
Lehman Brothers Treasury Co8.25    12/3/2015     EUR     8.75
Lehman Brothers Treasury Co8.00    2/16/2016     EUR     2.85
Landes-Hypothekenbank Steie0.06    3/7/2043      EUR     52.81
Metalloinvest Holding Co OA0.01    3/10/2022     RUB     60.02
BNP Paribas SA             0.50    11/16/2032    MXN     32.43
Rosneft Oil Co PJSC        9.85    1/18/2021     RUB     63.87
Raiffeisen Schweiz Genossen8.99    7/22/2019     EUR     27.98
Noyabrskaya Pge OOO        8.50    11/10/2020    RUB     60.00
SpareBank 1 Nordvest       3.66    3/11/2099     NOK     61.70
Lehman Brothers Treasury Co7.60    1/31/2013     AUD     2.85
Lehman Brothers Treasury Co10.00   6/17/2009     USD     2.85
Lehman Brothers Treasury Co6.00    3/18/2015     USD     8.75
Agrokompleks OOO           0.10    7/29/2019     RUB     4.65
Municipality Finance PLC   0.50    5/31/2022     ZAR     65.73
IDGC of the North Caucasus 13.00   4/22/2021     RUB     60.00
UniCredit Bank AO          12.00   11/20/2019    RUB     90.00
SG Issuer SA               5.50    4/10/2021     EUR     66.90
Leonteq Securities AG      5.20    8/14/2018     CHF     72.94
Salvator Grundbesitz-AG    9.50                  EUR     19.15
Pongs & Zahn AG            8.50                  EUR     0.11
Penell GmbH Elektrogroshand7.75    6/10/2019     EUR     5.00
AKB Peresvet ZAO           13.50   6/23/2021     RUB     12.49
Eiendomskreditt AS         4.15                  NOK     54.65
Barclays Bank PLC          0.50    1/28/2033     MXN     26.49
Lehman Brothers Treasury Co11.00   6/29/2009     EUR     2.85
Agentstvo po Ipotechnomu Zh15.30   11/1/2029     RUB     115.00
OOO SPV Structural Investme0.01    9/1/2023      RUB     65.24
Barclays Bank PLC          1.00    5/10/2019     JPY     59.42
Fininvest OOO              13.00   11/9/2018     RUB     1.56
UBS AG/London              3.81    10/28/2017    USD     69.05
Podkarpacki Bank Spoldzielc5.81    2/23/2025     PLN     60.00
Vnesheconombank            9.75    8/16/2029     RUB     60.00
Russian Railways JSC       13.90   5/30/2040     RUB
EFG International Finance G7.19    5/6/2019      EUR     13.66
Lehman Brothers Treasury Co0.50    12/20/2017    AUD     2.85
Phosphorus Holdco PLC      10.00   4/1/2019      GBP     1.28
Lloyds Bank PLC            0.50    7/26/2021     BRL     68.19
Lehman Brothers Treasury Co7.59    11/22/2009    MXN     8.75
Mriya Agro Holding PLC     10.95   3/30/2016     USD     6.38
Lehman Brothers Treasury Co4.50    12/30/2010    USD     2.85
Ekotechnika AG             9.75    5/10/2018     EUR     9.50
Araratbank OJSC            7.00    12/2/2017     USD     25.40
AKB Peresvet ZAO           12.75   7/24/2018     RUB     19.74
Lehman Brothers Treasury Co0.50    12/20/2017    AUD     2.85
Banca delle Marche SpA     6.00    5/8/2018      EUR     2.00
Lehman Brothers Treasury Co5.00    10/24/2008    CHF     2.85
Lehman Brothers Treasury Co4.25    3/13/2021     EUR     2.85
Lehman Brothers Treasury Co8.00    5/22/2009     USD     2.85
Agentstvo po Ipotechnomu Zh9.25    10/15/2030    RUB     100.00
MIK OAO                    15.00   2/19/2020     RUB     3.33
Araratbank OJSC            7.25    6/27/2018     USD     26.10
Societe Generale SA        7.00    10/20/2020    USD
COFIDUR SA                 0.10    12/31/2024    EUR     24.25
SUEK Finance               12.50   8/19/2025     RUB     100.00
Rusfinans Bank OOO         10.05   6/10/2019     RUB     61.07
DekaBank Deutsche Girozentr0.01    6/29/2046     EUR     54.79
Lehman Brothers Treasury Co13.50   11/28/2008    USD     2.85
Lehman Brothers Treasury Co14.90   9/15/2008     EUR     2.85
EDOB Abwicklungs AG        7.50    4/1/2012      EUR     0.56
BAWAG PSK Versicherungs AG 1.06                  EUR     54.32
Lehman Brothers Treasury Co7.60    5/21/2013     USD     2.85
AKB Peresvet ZAO           12.50   9/6/2017      RUB     21.55
Svensk Exportkredit AB     0.50    2/22/2022     ZAR     67.48
Leonteq Securities AG      17.00   8/17/2017     CHF     75.50
Rosneft Oil Co PJSC        9.85    1/18/2021     RUB     63.91
Union Technologies Informat0.10    1/1/2020      EUR     4.95
Atomenergoprom JSC         9.33    11/2/2026     RUB     63.87
Podkarpacki Bank Spoldzielc5.11    5/28/2023     PLN     56.00
EFG International Finance G6.48    5/29/2018     EUR     5.94
Societe Generale SA        0.50    7/6/2021      BRL     68.50
HSBC Bank PLC              0.50    4/11/2023     MXN     63.60
Lehman Brothers Treasury Co4.05    9/16/2008     EUR     2.85
Svensk Exportkredit AB     0.50    8/28/2020     TRY     69.92
Lehman Brothers Treasury Co10.00   1/3/2012      BRL     2.85
UniCredit Bank AG          0.37    11/19/2029    EUR     62.57
Lehman Brothers Treasury Co6.00    12/6/2016     USD     2.85
Lehman Brothers Treasury Co5.00    12/6/2011     EUR     2.85
Rusfinans Bank OOO         9.95    8/22/2019     RUB     100.50
Agrokor dd                 9.88    5/1/2019      EUR     15.11
Windreich GmbH             6.25    3/1/2015      EUR     11.00
Communaute Francaise de Bel0.50    6/27/2046     EUR     68.14
HSBC Bank PLC              0.50    4/27/2027     NZD     68.54
HSBC Bank PLC              0.50    2/24/2027     NZD     69.13
City of Siret Romania      2.32    3/1/2028      RON     50.00
Municipiul Timisoara       0.80    5/15/2026     RON     75.00
TGC-1 PJSC                 5.60    2/14/2022     RUB     60.07
ECA                        2.50    1/1/2018      EUR
Exane Finance SA           5.00    12/20/2019    SEK
Credit Suisse AG/London    10.00   6/28/2017     USD     61.35
Landesbank Baden-Wuerttembe4.00    8/25/2017     EUR     64.69
Lehman Brothers Treasury Co1.75    2/7/2010      EUR     2.85
EFG International Finance G12.86   10/30/2017    EUR     2.32
Leonteq Securities AG/Guern5.00    12/27/2019    EUR     69.02
UBS AG                     5.75    12/22/2017    EUR     57.67
Societe Generale SA        8.00    2/14/2022     USD     9.00
Societe Generale SA        0.50    8/4/2021      BRL     68.06
Lehman Brothers Treasury Co7.50    6/15/2017     USD     2.85
Municipality Finance PLC   0.25    6/28/2040     CAD     31.59
Lehman Brothers Treasury Co4.35    8/8/2016      SGD     9.63
Atomenergoprom JSC         9.33    12/3/2026     RUB     63.87
Lehman Brothers Treasury Co4.87    10/8/2013     USD     2.85
Lehman Brothers Treasury Co3.60    3/19/2018     JPY     2.85
Kommunalbanken AS          0.50    12/16/2020    TRY     72.54
HSBC Bank PLC              0.50    12/8/2026     AUD     72.59
Credit Suisse AG/Nassau    7.13    6/26/2017     CHF     66.24
HSBC Trinkaus & Burkhardt A6.50    1/29/2018     EUR     53.41
Eurocent SA                8.50    9/15/2018     PLN     24.01
Center for Cargo Container 9.40    9/16/2021     RUB     74.27
Lehman Brothers Treasury Co11.00   12/19/2011    USD     2.85
Lehman Brothers Treasury Co6.00    2/19/2023     USD     2.85
Lehman Brothers Treasury Co0.50    12/20/2017    AUD     9.63
Lehman Brothers Treasury Co7.00    10/22/2010    EUR     2.85
Lehman Brothers Treasury Co7.06    12/29/2008    EUR     2.85
Credit Suisse AG/London    0.50    1/8/2026      BRL     48.21
ENEL RUSSIA PJSC           12.10   9/28/2018     RUB     70.01
SAir Group                 2.75    7/30/2004     CHF     14.00
Rusfinans Bank OOO         8.75    9/29/2020     RUB     60.16
Raiffeisen Switzerland BV  3.50    8/25/2017     CHF     65.91
Societe Generale SA        1.00    12/22/2017    GBP     0.98
Orient Express Bank PJSC   11.70   7/17/2018     RUB     60.00
Lehman Brothers Treasury Co4.10    6/10/2014     SGD     9.63
Lehman Brothers Treasury Co13.43   1/8/2009      ILS     2.85
Lehman Brothers Treasury Co4.60    11/9/2011     EUR     8.75
Lehman Brothers Treasury Co8.25    2/3/2016      EUR     2.85
Lehman Brothers Treasury Co11.75   3/1/2010      EUR     2.85
IT Holding Finance SA      9.88    11/15/2012    EUR     1.63
Lehman Brothers Treasury Co4.95    10/25/2036    EUR     2.85
Windreich GmbH             6.75    3/1/2015      EUR     11.00
Driver & Bengsch AG        8.50    12/31/2027    EUR     0.00
ENEL RUSSIA PJSC           12.10   5/22/2025     RUB     60.06
Bayerische Landesbank      2.70    6/22/2018     EUR     73.13
Araratbank OJSC            8.00    6/10/2018     USD     25.88
Rosselkhozbank JSC         10.60   7/14/2025     RUB     62.01
Erste Group Bank AG        9.25    6/29/2017     EUR     53.55
Bayerische Landesbank      2.70    7/6/2018      EUR     67.59
Landesbank Baden-Wuerttembe3.40    11/24/2017    EUR     68.34
Western High-Speed Diameter10.44   5/13/2031     RUB     73.87
Lehman Brothers Treasury Co0.25    10/19/2012    CHF     2.85
Lehman Brothers Treasury Co11.00   12/20/2017    AUD     2.85
Lehman Brothers Treasury Co4.05    9/16/2008     EUR     2.85
IKB Deutsche Industriebank 0.66    5/25/2031     EUR     63.19
Agentstvo po Ipotechnomu Zh10.83   2/1/2034      RUB     100.00
UBS AG/London              5.00    8/14/2017     CHF     52.00
VEB-Leasing OAO            8.65    1/16/2024     RUB     62.00
Societe Generale SA        0.50    4/3/2023      RUB     64.96
Cerruti Finance SA         6.50    7/26/2004     EUR     1.10
Lehman Brothers Treasury Co7.50    10/24/2008    USD     2.85
Lehman Brothers Treasury Co5.10    6/22/2046     EUR     2.85
Lehman Brothers Treasury Co7.75    1/3/2012      AUD     2.85
Barclays Bank PLC          1.99    12/1/2040     USD     74.21
Barclays Bank PLC          4.70    3/27/2029     USD     74.25
Russian Railways JSC       5.10    5/20/2044     RUB
TGC-1 PJSC                 5.60    12/14/2021    RUB     60.07
HSBC Bank PLC              0.50    11/25/2025    BRL     45.34
Kerdos Group SA            8.00    12/15/2017    PLN
Polski Bank Spoldzielczy w 4.81    11/26/2024    PLN     45.00
Leonteq Securities AG      15.20   10/11/2017    CHF     67.47
Landesbank Baden-Wuerttembe3.55    8/25/2017     EUR     66.96
Province of Brescia Italy  0.11    12/22/2036    EUR     63.41
Lehman Brothers Treasury Co2.50    11/9/2011     CHF     2.85
Kaupthing ehf              5.00    1/4/2027      SKK     17.63
UniCredit Bank AG          4.60    6/30/2017     EUR     51.50
Russian Railways JSC       9.85    4/26/2041     RUB     106.84
Expobank LLC               12.50   7/12/2019     RUB     60.05
Upravlenie Otkhodami ZAO   4.00    4/29/2027     RUB     67.58
UBS AG                     4.50    12/22/2017    EUR     56.89
AKB Peresvet ZAO           2.54    9/2/2020      RUB     11.34
Leonteq Securities AG      11.00   4/20/2018     USD     67.98
Lehman Brothers Treasury Co4.50    5/2/2017      EUR     8.75
UniCredit Bank Austria AG  0.15    1/22/2031     EUR     71.73
Kaupthing ehf              3.75    2/15/2024     ISK     17.63
Lehman Brothers Treasury Co0.50    6/2/2020      EUR     2.85
Lehman Brothers Treasury Co1.50    10/25/2011    EUR     2.85
Lehman Brothers Treasury Co4.00    10/24/2012    EUR     2.85
Lehman Brothers Treasury Co4.50    3/6/2013      CHF     2.85
Lehman Brothers Treasury Co5.25    5/26/2026     EUR     2.85
Lehman Brothers Treasury Co6.50    7/24/2026     EUR     2.85
Lehman Brothers Treasury Co4.60    7/6/2016      EUR     0.14
Lehman Brothers Treasury Co11.00   7/4/2011      CHF     2.85
Lehman Brothers Treasury Co0.50    7/2/2020      EUR     2.85
Lehman Brothers Treasury Co4.00    12/2/2012     EUR     2.85
Lehman Brothers Treasury Co10.44   11/22/2008    CHF     2.85
Kaupthing ehf              9.75    9/10/2015     USD     17.63
Lehman Brothers Treasury Co3.03    1/31/2015     EUR     2.85
Lehman Brothers Treasury Co0.50    8/1/2020      EUR     2.85
Lehman Brothers Treasury Co5.50    4/23/2014     EUR     2.85
Lehman Brothers Treasury Co2.00    6/28/2011     EUR     2.85
Lehman Brothers Treasury Co1.00    5/9/2012      EUR     2.85
HSBC Bank PLC              0.50    6/9/2023      MXN     62.73
Credit Suisse AG/London    3.00    11/15/2025    ZAR     67.49
Main Road OJSC             4.10    10/30/2029    RUB     73.87
Admiral Boats SA           8.50    9/18/2017     PLN     25.01
Commerzbank AG             30.00   6/30/2020     USD     3.64
Bayerische Landesbank      2.60    10/19/2018    EUR     65.24
Bayerische Landesbank      2.70    7/27/2018     EUR     72.73
Bayerische Landesbank      2.70    7/13/2018     EUR     71.55
Raiffeisen Switzerland BV  9.00    4/1/2019      EUR     19.39
Landesbank Baden-Wuerttembe3.75    9/22/2017     EUR     65.93
Landesbank Baden-Wuerttembe3.90    9/22/2017     EUR     63.81
LBI HF                     7.43                  USD     0.00
HSBC Bank PLC              0.50    10/30/2026    NZD     70.01
DekaBank Deutsche Girozentr2.75    2/2/2018      EUR     72.76
Credit Suisse AG/Nassau    5.25    5/14/2018     CHF     71.42
DekaBank Deutsche Girozentr3.40    4/9/2018      EUR     57.94
Barclays Bank PLC          0.50    3/13/2023     RUB     65.20
Kommunekredit              0.50    12/14/2020    ZAR     74.69
Lehman Brothers Treasury Co4.00    3/10/2011     EUR     2.85
Lehman Brothers Treasury Co10.60   4/22/2014     MXN     2.85
HSBC Bank PLC              0.50    12/22/2025    BRL     45.03
Cooperatieve Rabobank UA   0.50    11/30/2027    MXN     43.17
Cooperatieve Rabobank UA   0.50    10/29/2027    MXN     44.71
BNP Paribas Emissions- und 24.00   12/21/2017    EUR     66.01
Royal Bank of Scotland PLC/6.20    9/7/2018      GBP     1.07
Lehman Brothers Treasury Co6.30    12/21/2018    USD     2.85
Bashneft PJSC              12.00   5/19/2025     RUB     60.00
Agentstvo po Ipotechnomu Zh9.50    1/15/2029     RUB     100.00
Leonteq Securities AG      3.00    9/19/2019     CHF     52.19
Barclays Bank PLC          0.50    3/19/2021     MXN     73.04
Barclays Bank PLC          0.50    3/26/2021     MXN     72.37
Cooperatieve Rabobank UA   0.50    8/21/2028     MXN     40.86
Lehman Brothers Treasury Co4.00    7/20/2012     EUR     2.85
LBI HF                     8.65    5/1/2011      ISK     7.13
Lehman Brothers Treasury Co13.50   6/2/2009      USD     2.85
DZ Bank AG Deutsche Zentral8.20    3/23/2018     EUR     66.31
DZ Bank AG Deutsche Zentral7.40    12/22/2017    EUR     66.08
DZ Bank AG Deutsche Zentral7.40    3/23/2018     EUR     67.70
World of Building Technolog9.90    6/25/2019     RUB     0.44
HSBC Trinkaus & Burkhardt A13.80   12/22/2017    EUR     62.18
HSBC Trinkaus & Burkhardt A10.80   8/25/2017     EUR     63.92
HSBC Trinkaus & Burkhardt A10.10   11/24/2017    EUR     66.34
BNP Paribas Emissions- und 16.00   12/21/2017    EUR     59.06
BNP Paribas Emissions- und 8.00    6/21/2018     EUR     70.65
BNP Paribas Emissions- und 15.00   11/23/2017    EUR     60.09
BNP Paribas Emissions- und 8.00    12/21/2017    EUR     67.65
BNP Paribas Emissions- und 13.00   12/21/2017    EUR     63.20
BNP Paribas Emissions- und 15.00   12/21/2017    EUR     61.50
BNP Paribas Emissions- und 9.00    6/21/2018     EUR     68.21
BNP Paribas Emissions- und 12.00   6/21/2018     EUR     65.23
BNP Paribas Emissions- und 13.00   6/21/2018     EUR     63.64
BNP Paribas Emissions- und 13.00   11/23/2017    EUR     62.25
Leonteq Securities AG/Guern8.00    6/28/2018     CHF     0.40
Commerzbank AG             15.50   9/20/2017     EUR     56.06
Commerzbank AG             13.50   12/20/2017    EUR     58.96
Ashinskiy metallurgical wor5.60    6/17/2024     RUB     65.01
Commerzbank AG             14.00   1/24/2018     EUR     60.52
EFG International Finance G14.00   3/8/2018      CHF     66.08
UBS AG/London              12.50   9/22/2017     EUR     61.98
Vontobel Financial Products13.00   12/22/2017    EUR     60.47
Vontobel Financial Products13.50   9/22/2017     EUR     60.24
BNP Paribas Emissions- und 12.00   10/26/2017    EUR     64.30
BNP Paribas Emissions- und 19.00   9/21/2017     EUR     55.78
BNP Paribas Emissions- und 10.00   10/26/2017    EUR     67.37
BNP Paribas Emissions- und 13.00   10/26/2017    EUR     61.62
BNP Paribas Emissions- und 15.00   10/26/2017    EUR     58.97
BNP Paribas Emissions- und 19.00   10/26/2017    EUR     57.89
BNP Paribas Emissions- und 10.00   9/21/2017     EUR     66.82
BNP Paribas Emissions- und 12.00   9/21/2017     EUR     63.52
Vontobel Financial Products8.50    9/22/2017     EUR     66.19
Vontobel Financial Products7.50    12/22/2017    EUR     67.84
Vontobel Financial Products11.00   12/22/2017    EUR     62.41
Leonteq Securities AG/Guern9.00    6/29/2018     CHF     0.38
Kubanenergo PJSC           12.63   11/11/2025    RUB     60.01
Eiendomskreditt AS         5.10                  NOK     65.36
YamalStroiInvest           14.25   4/24/2021     RUB     65.70
Promcapital                7.00    7/30/2019     RUB     93.10
National Capital JSC       9.25    4/22/2019     RUB     60.06
Sankt-Peterburg Telecom OAO10.70   1/31/2022     RUB     62.63
Center-Invest Commercial Ba8.70    11/13/2018    RUB     59.00
HSBC Bank PLC              0.50    7/21/2021     BRL     68.80
Lehman Brothers Treasury Co1.60    6/21/2010     JPY     2.85
Lehman Brothers Treasury Co2.40    6/20/2011     JPY     2.85
Societe Generale SA        0.50    6/12/2023     RUB     63.84
National Capital JSC       9.25    4/22/2019     RUB     60.06
Lloyds Bank PLC            0.50    7/26/2028     MXN     46.22
Commerzbank AG             1.00    2/19/2020     USD     27.62
Raiffeisen Schweiz Genossen5.00    6/6/2018      CHF     73.15
Raiffeisen Schweiz Genossen6.50    7/2/2018      USD     52.44
BNP Paribas Emissions- und 15.00   12/21/2017    EUR     69.49
BNP Paribas Emissions- und 16.00   12/21/2017    EUR     65.88
BNP Paribas Emissions- und 18.00   12/21/2017    EUR     63.45
BNP Paribas Emissions- und 9.00    9/21/2017     EUR     56.48
BNP Paribas Emissions- und 10.00   9/21/2017     EUR     54.01
Bank VTB 24 JSC            9.00    9/15/2044     RUB
Vesta ZAO                  12.50   12/4/2026     RUB     99.40
Bank VTB 24 JSC            9.00    9/1/2044      RUB
Agrokompleks OOO           0.10    12/8/2022     RUB     4.60
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     51.89
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     75.14
BNP Paribas Emissions- und 26.00   12/21/2017    EUR     65.71
BNP Paribas Emissions- und 26.00   12/21/2017    EUR     64.82
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     53.38
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     66.88
BNP Paribas Emissions- und 15.00   12/21/2017    EUR     72.34
BNP Paribas Emissions- und 26.00   12/21/2017    EUR     61.91
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     70.75
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     65.68
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     70.82
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     65.49
BNP Paribas Emissions- und 26.00   12/21/2017    EUR     62.79
BNP Paribas Emissions- und 29.00   12/21/2017    EUR     58.13
BNP Paribas Emissions- und 23.00   12/21/2017    EUR     55.14
BNP Paribas Emissions- und 29.00   12/21/2017    EUR     72.21
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     65.11
BNP Paribas Emissions- und 22.00   12/21/2017    EUR     59.00
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     52.63
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     61.32
BNP Paribas Emissions- und 22.00   12/21/2017    EUR     67.22
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     71.60
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     64.79
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     59.65
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     71.34
BNP Paribas Emissions- und 29.00   12/21/2017    EUR     64.13
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     71.43
BNP Paribas Emissions- und 22.00   12/21/2017    EUR     71.73
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     62.25
BNP Paribas Emissions- und 26.00   12/21/2017    EUR     73.91
BNP Paribas Emissions- und 19.00   12/21/2017    EUR     73.91
BNP Paribas Emissions- und 26.00   12/21/2017    EUR     69.72
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     66.22
BNP Paribas Emissions- und 6.00    12/21/2017    EUR     45.77
BNP Paribas Emissions- und 10.00   12/21/2017    EUR     39.16
BNP Paribas Emissions- und 13.00   12/21/2017    EUR     35.71
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     29.26
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     63.79
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     62.39
BNP Paribas Emissions- und 13.00   12/21/2017    EUR     73.88
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     55.83
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     53.47
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     73.51
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     72.48
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     72.24
BNP Paribas Emissions- und 15.00   12/21/2017    EUR     61.78
BNP Paribas Emissions- und 19.00   12/21/2017    EUR     53.04
BNP Paribas Emissions- und 22.00   12/21/2017    EUR     48.26
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     45.03
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     42.82
BNP Paribas Emissions- und 13.00   12/21/2017    EUR     70.97
BNP Paribas Emissions- und 19.00   12/21/2017    EUR     60.78
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     50.39
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     45.16
BNP Paribas Emissions- und 19.00   12/21/2017    EUR     68.92
BNP Paribas Emissions- und 22.00   12/21/2017    EUR     63.73
BNP Paribas Emissions- und 25.00   12/21/2017    EUR     59.87
BNP Paribas Emissions- und 27.00   12/21/2017    EUR     56.49
BNP Paribas Emissions- und 28.00   12/21/2017    EUR     72.18
Credit Suisse AG/London    9.20    10/28/2019    USD     9.82
UBS AG                     11.41   4/26/2019     USD     9.86
UBS AG                     12.10   4/26/2019     USD     9.02
Commerzbank AG             15.50   8/23/2017     EUR     55.86
Vontobel Financial Products5.00    9/22/2017     EUR     69.63
Vontobel Financial Products9.05    9/22/2017     EUR     62.55
Vontobel Financial Products13.50   9/22/2017     EUR     57.24
Vontobel Financial Products16.05   9/22/2017     EUR     55.13
Vontobel Financial Products4.50    12/22/2017    EUR     70.54
Vontobel Financial Products7.00    12/22/2017    EUR     63.87
Vontobel Financial Products12.00   12/22/2017    EUR     57.27
Vontobel Financial Products16.00   12/22/2017    EUR     54.55
Vontobel Financial Products20.00   12/22/2017    EUR     50.89
HSBC Trinkaus & Burkhardt A8.70    9/22/2017     EUR     66.32
HSBC Trinkaus & Burkhardt A14.20   12/22/2017    EUR     60.92
HSBC Trinkaus & Burkhardt A11.20   8/25/2017     EUR     62.35
HSBC Trinkaus & Burkhardt A10.50   11/24/2017    EUR     64.68
UBS AG/London              7.10    9/29/2017     EUR     66.30
BNP Paribas Emissions- und 19.00   12/21/2017    EUR     61.76
BNP Paribas Emissions- und 12.00   12/21/2017    EUR     52.54
BNP Paribas Emissions- und 12.00   9/21/2017     EUR     49.80
BNP Paribas Emissions- und 16.00   9/21/2017     EUR     44.92
BNP Paribas Emissions- und 9.00    12/21/2017    EUR     58.36
BNP Paribas Emissions- und 10.00   12/21/2017    EUR     56.19
SG Issuer SA               0.80    11/30/2020    SEK     63.22
Raiffeisen Schweiz Genossen6.50    7/11/2017     CHF     67.86
Raiffeisen Schweiz Genossen6.00    7/11/2017     CHF     67.95
EFG International Finance G7.35    12/28/2017    CHF     69.79
Credit Suisse AG/Nassau    7.25    7/13/2017     CHF     65.37
PA Urals Optical & Mechanic14.25   12/25/2018    RUB     70.01
Vontobel Financial Products4.00    11/9/2017     EUR     67.57
Kubanenergo PJSC           10.44   11/21/2025    RUB     60.01
Goldman Sachs & Co Wertpapi13.00   12/20/2017    EUR     71.56
Goldman Sachs & Co Wertpapi10.00   12/20/2017    EUR     66.79
Goldman Sachs & Co Wertpapi11.00   12/20/2017    EUR     63.05
Goldman Sachs & Co Wertpapi11.00   12/20/2017    EUR     65.09
HSBC Trinkaus & Burkhardt A13.40   9/22/2017     EUR     55.92
HSBC Trinkaus & Burkhardt A12.10   3/23/2018     EUR     60.16
HSBC Trinkaus & Burkhardt A11.30   3/23/2018     EUR     60.88
HSBC Trinkaus & Burkhardt A8.30    3/23/2018     EUR     64.63
HSBC Trinkaus & Burkhardt A5.80    3/23/2018     EUR     70.14
HSBC Trinkaus & Burkhardt A11.00   8/25/2017     EUR     57.41
HSBC Trinkaus & Burkhardt A10.40   11/24/2017    EUR     59.75
Deutsche Bank AG           5.20    7/26/2017     EUR     72.00
Deutsche Bank AG           7.20    7/26/2017     EUR     72.20
Deutsche Bank AG           9.20    7/26/2017     EUR     72.30
Zurcher Kantonalbank Financ4.75    12/11/2017    CHF     69.76
Goldman Sachs & Co Wertpapi15.00   9/20/2017     EUR     73.09
Goldman Sachs & Co Wertpapi14.00   9/20/2017     EUR     71.18
DekaBank Deutsche Girozentr3.50    10/28/2019    EUR     67.84
Bank Julius Baer & Co Ltd/G5.50    11/6/2017     CHF     59.25
SG Issuer SA               0.82    8/2/2021      SEK     68.71
EFG International Finance G17.00   8/3/2018      USD     69.54
Leonteq Securities AG      7.00    11/6/2017     CHF     45.74
BNP Paribas Emissions- und 8.00    9/21/2017     EUR     66.36
Vontobel Financial Products7.00    12/22/2017    EUR     65.62
Vontobel Financial Products5.50    12/22/2017    EUR     68.82
Vontobel Financial Products13.00   12/22/2017    EUR     59.03
Vontobel Financial Products11.00   12/22/2017    EUR     60.89
Vontobel Financial Products10.00   12/22/2017    EUR     61.94
Vontobel Financial Products9.00    12/22/2017    EUR     63.08
Vontobel Financial Products6.50    12/22/2017    EUR     67.29
Vontobel Financial Products14.00   12/22/2017    EUR     58.20
Vontobel Financial Products12.00   12/22/2017    EUR     59.92
Vontobel Financial Products8.00    12/22/2017    EUR     64.30
UBS AG/London              6.50    1/25/2018     CHF     74.05
BNP Paribas Emissions- und 13.00   9/21/2017     EUR     60.40
BNP Paribas Emissions- und 10.00   6/21/2018     EUR     66.62
HSBC Trinkaus & Burkhardt A10.10   2/23/2018     EUR     65.21
HSBC Trinkaus & Burkhardt A11.60   3/23/2018     EUR     63.93
HSBC Trinkaus & Burkhardt A8.40    3/23/2018     EUR     68.18
Commerzbank AG             9.25    1/25/2018     EUR     70.67
Commerzbank AG             12.75   1/25/2018     EUR     65.56
Commerzbank AG             16.50   1/25/2018     EUR     61.98
Bank Julius Baer & Co Ltd/G6.00    7/24/2017     CHF     74.10
Commerzbank AG             8.50    12/21/2017    EUR     67.79
Commerzbank AG             12.25   12/21/2017    EUR     62.58
Commerzbank AG             16.25   12/21/2017    EUR     58.88
UBS AG/London              7.40    9/22/2017     EUR     59.12
UBS AG/London              9.40    6/22/2018     EUR     60.84
Corner Banca SA            20.00   7/10/2018     CHF     70.66
DZ Bank AG Deutsche Zentral7.10    9/22/2017     EUR     60.12
DZ Bank AG Deutsche Zentral7.10    12/22/2017    EUR     61.86
Polbrand sp zoo            9.00    10/2/2017     PLN     50.00
Commerzbank AG             11.50   7/26/2017     EUR     43.05
Barclays Bank PLC          10.00   9/15/2017     USD
UBS AG/London              6.40    12/8/2017     EUR     49.81
UBS AG/London              9.60    12/8/2017     EUR     45.72
BNP Paribas Emissions- und 16.00   9/21/2017     EUR     43.33
BNP Paribas Emissions- und 5.00    10/26/2017    EUR     56.01
BNP Paribas Emissions- und 6.00    10/26/2017    EUR     53.43
BNP Paribas Emissions- und 9.00    10/26/2017    EUR     49.96
BNP Paribas Emissions- und 13.00   10/26/2017    EUR     45.46
BNP Paribas Emissions- und 5.00    12/21/2017    EUR     56.42
BNP Paribas Emissions- und 6.00    12/21/2017    EUR     54.25
BNP Paribas Emissions- und 9.00    12/21/2017    EUR     51.09
BNP Paribas Emissions- und 13.00   12/21/2017    EUR     45.87
BNP Paribas Emissions- und 5.00    9/21/2017     EUR     55.34
BNP Paribas Emissions- und 6.00    9/21/2017     EUR     52.87
BNP Paribas Emissions- und 9.00    9/21/2017     EUR     48.90
BNP Paribas Emissions- und 13.00   9/21/2017     EUR     44.42
BNP Paribas Emissions- und 13.00   10/26/2017    EUR     71.87
BNP Paribas Emissions- und 13.00   12/21/2017    EUR     73.83
BNP Paribas Emissions- und 13.00   9/21/2017     EUR     70.34
BNP Paribas Emissions- und 13.00   10/26/2017    EUR     71.39
City of Predeal Romania    1.50    5/15/2026     RON     60.00
Landesbank Baden-Wuerttembe2.90    7/27/2018     EUR     69.47
Raiffeisen Centrobank AG   13.01   12/20/2017    EUR     57.24
Raiffeisen Centrobank AG   7.54    12/28/2018    EUR     57.93
HSBC Trinkaus & Burkhardt A7.50    9/22/2017     EUR     64.09
HSBC Trinkaus & Burkhardt A9.30    4/27/2018     EUR     66.21
Credit Suisse AG/London    8.50    3/13/2018     USD     72.79
HSBC Trinkaus & Burkhardt A8.40    9/22/2017     EUR     46.52
HSBC Trinkaus & Burkhardt A4.80    9/22/2017     EUR     52.56
HSBC Trinkaus & Burkhardt A3.00    9/22/2017     EUR     57.83
Credit Suisse AG/London    8.00    9/28/2021     USD     9.94
UBS AG/London              6.00    10/5/2017     CHF     53.05
Araratbank OJSC            7.00    6/18/2019     USD     25.98
UBS AG/London              6.90    6/22/2018     EUR     63.84
UBS AG/London              8.20    6/22/2018     EUR     62.27
UBS AG/London              9.90    9/22/2017     EUR     56.72
Commerzbank AG             4.00    7/19/2017     EUR     52.95
Bank Julius Baer & Co Ltd/G7.85    7/28/2017     USD     49.00
UBS AG/London              14.50   7/20/2017     USD     49.70
Leonteq Securities AG      20.00   10/25/2017    CHF     60.57
Commerzbank AG             7.25    10/26/2017    EUR     57.17
Commerzbank AG             10.50   10/26/2017    EUR     52.22
Commerzbank AG             14.25   10/26/2017    EUR     48.59
UBS AG/London              11.60   12/29/2017    EUR     47.41
UBS AG/London              5.30    12/29/2017    EUR     54.37
UBS AG/London              7.00    9/22/2017     EUR     53.29
UBS AG/London              13.00   9/27/2017     EUR     44.69
Royal Bank of Scotland PLC/1.33    10/26/2018    GBP     1.06
UniCredit Bank AG          4.60    7/2/2018      EUR     59.21
Commerzbank AG             5.80    10/8/2017     EUR     72.63
DZ Bank AG Deutsche Zentral5.60    9/8/2017      EUR     73.34
Raiffeisen Schweiz Genossen4.50    3/27/2018     EUR     57.66
DekaBank Deutsche Girozentr2.70    3/16/2018     EUR     70.82
Leonteq Securities AG      7.00    9/20/2017     CHF     73.00
Leonteq Securities AG      3.50    4/10/2018     EUR     57.37
Leonteq Securities AG      7.00    10/19/2017    CHF     72.75
Norddeutsche Landesbank Gir3.00    10/30/2018    EUR     62.20
Landesbank Baden-Wuerttembe3.25    8/25/2017     EUR     65.67
Bayerische Landesbank      3.20    7/27/2018     EUR     69.68
Landesbank Baden-Wuerttembe3.00    6/28/2019     EUR     72.38
Commerzbank AG             4.40    4/29/2019     EUR     72.72
DekaBank Deutsche Girozentr3.25    4/20/2018     EUR     58.27
Landesbank Hessen-Thueringe4.00    6/5/2019      EUR     70.86
Raiffeisen Schweiz Genossen4.00    5/8/2018      CHF     61.37
DekaBank Deutsche Girozentr2.75    10/29/2018    EUR     59.36
DekaBank Deutsche Girozentr3.00    4/30/2019     EUR     69.77
UniCredit Bank AG          5.00    7/30/2018     EUR     71.25
Landesbank Baden-Wuerttembe3.55    8/25/2017     EUR     73.40
Landesbank Baden-Wuerttembe4.00    6/22/2018     EUR     67.44
Landesbank Baden-Wuerttembe3.60    6/22/2018     EUR     64.01
UBS AG                     7.40    5/17/2021     CHF     46.79
Raiffeisen Schweiz Genossen4.20    5/22/2019     CHF     74.42
Landesbank Baden-Wuerttembe3.00    7/26/2019     EUR     73.46
DekaBank Deutsche Girozentr2.80    5/13/2019     EUR     64.40
Bayerische Landesbank      2.90    6/22/2018     EUR     72.45
Bank Julius Baer & Co Ltd/G23.00   8/4/2017      USD     69.50
Commerzbank AG             7.00    7/27/2017     EUR     50.53
Commerzbank AG             10.25   7/27/2017     EUR     45.25
Commerzbank AG             14.25   7/27/2017     EUR     41.14
Vontobel Financial Products4.65    7/24/2017     EUR     66.90
Raiffeisen Schweiz Genossen6.70    7/24/2017     EUR     69.17
DZ Bank AG Deutsche Zentral8.70    12/22/2017    EUR     59.58
Credit Suisse AG/London    11.70   4/20/2018     USD     10.21
Gold-Zack AG               7.00    12/14/2005    EUR     12.58
UBS AG/London              7.00    7/17/2017     CHF     53.80
HSBC Trinkaus & Burkhardt A4.30    9/22/2017     EUR     71.89
HSBC Trinkaus & Burkhardt A13.40   12/22/2017    EUR     59.15
HSBC Trinkaus & Burkhardt A7.80    12/22/2017    EUR     65.94
HSBC Trinkaus & Burkhardt A10.40   8/25/2017     EUR     60.49
HSBC Trinkaus & Burkhardt A9.70    11/24/2017    EUR     62.63
HSBC Trinkaus & Burkhardt A3.90    9/22/2017     EUR     67.24
HSBC Trinkaus & Burkhardt A10.70   8/25/2017     EUR     55.90
HSBC Trinkaus & Burkhardt A8.84    12/22/2017    EUR     68.38
HSBC Trinkaus & Burkhardt A13.80   12/22/2017    EUR     55.59
HSBC Trinkaus & Burkhardt A11.90   12/22/2017    EUR     57.10
HSBC Trinkaus & Burkhardt A10.20   11/24/2017    EUR     58.22
HSBC Trinkaus & Burkhardt A4.60    12/22/2017    EUR     68.35
Podkarpacki Bank Spoldzielc5.81    3/31/2025     PLN     68.10
DekaBank Deutsche Girozentr0.12    6/23/2034     EUR     71.88
Promnefteservis OOO        10.50   11/21/2019    RUB     1.15
Transgazservice LLP        10.50   11/8/2019     RUB     0.07
Podkarpacki Bank Spoldzielc5.81    10/24/2024    PLN     66.00
Landesbank Baden-Wuerttembe3.40    9/28/2018     EUR     73.23
UBS AG/London              9.25    6/26/2017     CHF     67.20
UBS AG/London              7.00    6/26/2017     EUR     63.00
Landesbank Baden-Wuerttembe3.70    7/27/2018     EUR     71.76
UBS AG/London              9.40    6/30/2017     EUR     48.15
EFG International Finance G7.20    6/26/2017     GBP     1.79
Zurcher Kantonalbank Financ8.50    7/17/2017     CHF     58.49
Zurcher Kantonalbank Financ9.00    7/17/2017     EUR     71.00
UBS AG/London              7.50    7/3/2017      EUR     60.75
Banque Cantonale Vaudoise  7.25    7/3/2017      CHF     55.65
Landesbank Baden-Wuerttembe2.60    8/23/2019     EUR     69.21
Landesbank Baden-Wuerttembe4.50    8/25/2017     EUR     73.65
Landesbank Baden-Wuerttembe5.00    8/25/2017     EUR     58.13
UBS AG/London              8.00    7/31/2017     CHF     70.70
Landesbank Baden-Wuerttembe3.00    8/25/2017     EUR     65.89
Landesbank Baden-Wuerttembe4.00    8/25/2017     EUR     61.53
Landesbank Baden-Wuerttembe4.00    8/25/2017     EUR     75.89
EFG International Finance G7.20    7/29/2020     EUR     27.67
Credit Suisse AG/Nassau    5.50    8/3/2017      EUR     71.65
BNP Paribas Emissions- und 3.25    11/24/2017    EUR     73.07
Landesbank Baden-Wuerttembe3.50    7/27/2018     EUR     67.97
Landesbank Baden-Wuerttembe3.40    7/27/2018     EUR     67.73
UniCredit Bank AG          3.80    7/23/2020     EUR     68.26
UniCredit Bank AG          4.40    7/13/2018     EUR     66.75
Bayerische Landesbank      2.40    7/20/2018     EUR     74.29
Raiffeisen Schweiz Genossen6.50    6/26/2017     EUR     65.59
Norddeutsche Landesbank Gir3.00    7/16/2018     EUR     71.94
Landesbank Hessen-Thueringe4.00    4/30/2019     EUR     69.38
DekaBank Deutsche Girozentr3.25    5/18/2018     EUR     74.06
Raiffeisen Schweiz Genossen4.20    4/10/2018     EUR     59.44
Bayerische Landesbank      2.70    7/6/2018      EUR     67.70
EFG International Finance G6.40    4/9/2020      EUR     73.22
Zurcher Kantonalbank Financ6.50    4/10/2018     CHF     60.85
Landesbank Baden-Wuerttembe3.00    10/27/2017    EUR     71.34
Landesbank Baden-Wuerttembe5.00    10/27/2017    EUR     65.17
Landesbank Baden-Wuerttembe5.00    10/27/2017    EUR     62.43
Landesbank Baden-Wuerttembe4.00    10/27/2017    EUR     66.85
Landesbank Baden-Wuerttembe3.60    9/22/2017     EUR     70.37
Landesbank Baden-Wuerttembe3.25    7/28/2017     EUR     73.56
Landesbank Baden-Wuerttembe3.00    7/28/2017     EUR     74.46
Landesbank Baden-Wuerttembe3.25    7/28/2017     EUR     69.62
Landesbank Baden-Wuerttembe3.70    8/25/2017     EUR     72.25
Landesbank Baden-Wuerttembe3.70    9/22/2017     EUR     65.42
Landesbank Baden-Wuerttembe3.20    9/22/2017     EUR     62.61
Landesbank Baden-Wuerttembe3.00    6/28/2019     EUR     66.79
Landesbank Baden-Wuerttembe2.50    6/28/2019     EUR     68.67
Landesbank Baden-Wuerttembe3.00    6/28/2019     EUR     71.48
Landesbank Baden-Wuerttembe3.50    6/22/2018     EUR     63.31
UBS AG/London              8.25    8/7/2017      EUR     70.75
Lehman Brothers Treasury Co3.50    10/31/2011    USD     2.85
Lehman Brothers Treasury Co5.00    2/28/2032     EUR     2.85
Lehman Brothers Treasury Co3.50    10/24/2011    USD     2.85
Lehman Brothers Treasury Co6.00    2/14/2012     EUR     2.85
Lehman Brothers Treasury Co15.00   3/30/2011     EUR     2.85
Lehman Brothers Treasury Co10.00   2/16/2009     CHF     2.85
Kaupthing ehf              7.50    12/5/2014     ISK     17.63
Lehman Brothers Treasury Co6.25    11/30/2012    EUR     2.85
Lehman Brothers Treasury Co1.00    2/26/2010     USD     2.85
Lehman Brothers Treasury Co2.37    7/15/2013     USD     2.85
Lehman Brothers Treasury Co2.30    6/27/2013     USD     2.85
Lehman Brothers Treasury Co5.38    2/4/2014      USD     2.85
Kaupthing ehf              6.50    10/8/2010     ISK     17.63
Lehman Brothers Treasury Co13.00   2/16/2009     CHF     2.85
Lehman Brothers Treasury Co11.00   2/16/2009     CHF     2.85
Lehman Brothers Treasury Co0.50    12/20/2017    USD     2.85
Lehman Brothers Treasury Co0.50    12/20/2017    USD     2.85
Lehman Brothers Treasury Co8.80    12/27/2009    EUR     2.85
Lehman Brothers Treasury Co11.00   12/20/2017    AUD     2.85
Lehman Brothers Treasury Co4.00    1/4/2011      USD     2.85
Lehman Brothers Treasury Co0.50    12/20/2017    USD     2.85
Lehman Brothers Treasury Co0.50    12/20/2017    AUD     2.85
Lehman Brothers Treasury Co9.30    12/21/2010    EUR     2.85
Lehman Brothers Treasury Co0.50    12/20/2017    AUD     2.85
Lehman Brothers Treasury Co14.90   11/16/2010    EUR     2.85
Lehman Brothers Treasury Co6.00    10/30/2012    USD     2.85
Lehman Brothers Treasury Co5.50    11/30/2012    CZK     2.85
Lehman Brothers Treasury Co6.00    10/30/2012    EUR     2.85
LBI HF                     5.08    3/1/2013      ISK     7.13
Lehman Brothers Treasury Co2.00    6/21/2011     EUR     2.85
Lehman Brothers Treasury Co5.00    3/13/2009     EUR     2.85
Lehman Brothers Treasury Co3.00    12/3/2012     EUR     2.85
KPNQwest NV                8.88    2/1/2008      EUR     0.61
Lehman Brothers Treasury Co3.00    8/13/2011     EUR     2.85
Lehman Brothers Treasury Co8.05    12/20/2010    HKD     2.85
Lehman Brothers Treasury Co8.00    10/23/2008    USD     2.85
Lehman Brothers Treasury Co12.22   11/21/2017    USD     2.85
Lehman Brothers Treasury Co4.80    11/16/2012    HKD     2.85
Lehman Brothers Treasury Co16.00   10/8/2008     CHF     2.85
Lehman Brothers Treasury Co6.72    12/29/2008    EUR     2.85
Lehman Brothers Treasury Co6.60    2/9/2009      EUR     2.85
Lehman Brothers Treasury Co18.25   10/2/2008     USD     2.85
Lehman Brothers Treasury Co5.12    4/30/2027     EUR     2.85
Lehman Brothers Treasury Co7.75    2/21/2016     EUR     2.85
Lehman Brothers Treasury Co8.00    12/27/2032    JPY     2.85
RGS Nedvizhimost OOO       12.50   7/22/2021     RUB     60.10
RGS Nedvizhimost OOO       12.50   1/19/2021     RUB     99.80
TransFin-M PAO             12.50   8/11/2025     RUB     100.00
UniCredit Bank AG          4.50    9/19/2017     EUR     54.25
Landesbank Hessen-Thueringe5.00    10/17/2017    EUR     64.04
Landesbank Hessen-Thueringe4.50    11/28/2017    EUR     66.60
UniCredit Bank AG          4.00    6/26/2018     EUR     63.54
Reso-Leasing OOO           13.25   10/30/2025    RUB     61.00
Societe Generale SA        0.50    5/22/2024     MXN     57.75
Svensk Exportkredit AB     0.50    8/25/2021     ZAR     70.06
Leonteq Securities AG      5.00    9/4/2018      CHF     58.65
Leonteq Securities AG      5.60    9/4/2017      CHF     67.00
Leonteq Securities AG      5.60    9/11/2017     CHF     56.40
DekaBank Deutsche Girozentr2.80    7/22/2019     EUR     73.89
Leonteq Securities AG      6.77    8/17/2017     CHF     56.43
Ekspatel OOO               18.00   8/22/2018     RUB     66.01
Leonteq Securities AG      5.40    8/28/2017     CHF     55.89
Raiffeisen Centrobank AG   9.85    12/20/2017    EUR     59.30
Raiffeisen Centrobank AG   6.23    12/28/2018    EUR     62.04
Commerzbank AG             8.50    2/22/2018     EUR     70.76
Commerzbank AG             12.00   2/22/2018     EUR     66.01
Commerzbank AG             15.75   2/22/2018     EUR     62.71
Raiffeisen Switzerland BV  22.20   9/1/2017      USD     63.31
DZ Bank AG Deutsche Zentral8.30    9/22/2017     EUR     46.05
HSBC Trinkaus & Burkhardt A1.75    8/25/2017     EUR     57.31
Deutsche Bank AG           6.20    9/19/2017     EUR     73.80
Leonteq Securities AG/Guern16.20   11/30/2017    USD     24.87
HSBC Trinkaus & Burkhardt A8.95    12/22/2017    EUR     61.03
HSBC Trinkaus & Burkhardt A11.90   8/25/2017     EUR     66.24
HSBC Trinkaus & Burkhardt A9.50    9/22/2017     EUR     70.78
HSBC Trinkaus & Burkhardt A13.70   12/22/2017    EUR     65.29
HSBC Trinkaus & Burkhardt A12.70   12/22/2017    EUR     66.52
DZ Bank AG Deutsche Zentral9.75    12/22/2017    EUR     66.22
HSBC Trinkaus & Burkhardt A14.10   9/22/2017     EUR     63.84
HSBC Trinkaus & Burkhardt A11.00   11/24/2017    EUR     68.64
Barclays Bank PLC          1.85    7/24/2028     USD     71.50
TransFin-M PAO             13.00   9/3/2025      RUB     63.87
National Capital JSC       10.50   9/15/2020     RUB     60.06
Commerzbank AG             20.00   5/28/2018     SEK     46.20
Landesbank Baden-Wuerttembe3.85    8/25/2017     EUR     64.61
Societe Generale Effekten G4.00    6/26/2017     EUR     51.01
Landesbank Baden-Wuerttembe3.25    12/22/2017    EUR     69.34
Landesbank Baden-Wuerttembe3.25    1/26/2018     EUR     64.36
Landesbank Hessen-Thueringe4.00    1/16/2018     EUR     59.26
Landesbank Baden-Wuerttembe3.00    2/23/2018     EUR     64.47
Credit Suisse AG/London    2.75    1/29/2019     SEK     73.17
Landesbank Baden-Wuerttembe3.15    6/22/2018     EUR     66.21
UniCredit Bank AG          4.40    9/19/2018     EUR     71.77
UBS AG                     9.50    12/22/2017    EUR     67.42
UBS AG                     5.25    12/22/2017    EUR     61.04
UBS AG                     8.25    12/22/2017    EUR     70.47
UBS AG                     11.75   12/22/2017    EUR     52.43
UBS AG                     7.75    12/22/2017    EUR     64.75
UBS AG                     10.25   12/22/2017    EUR     53.87
UBS AG                     10.25   12/22/2017    EUR     41.74
UBS AG                     5.00    12/22/2017    EUR     65.08
UBS AG                     8.50    12/22/2017    EUR     46.05
UBS AG                     11.75   12/22/2017    EUR     37.86
UBS AG                     8.75    12/22/2017    EUR     70.88
UBS AG                     4.00    12/22/2017    EUR     71.96
UBS AG                     10.25   12/22/2017    EUR     64.36
UBS AG                     11.75   12/22/2017    EUR     59.25
UBS AG                     7.50    12/22/2017    EUR     49.94
UBS AG                     13.00   12/22/2017    EUR     67.32
UBS AG                     6.75    12/22/2017    EUR     53.50
UBS AG                     9.50    12/22/2017    EUR     62.87
UBS AG                     7.75    12/22/2017    EUR     67.75
UBS AG                     8.25    12/22/2017    EUR     48.01
UBS AG                     10.50   12/22/2017    EUR     56.95
UBS AG                     6.25    12/22/2017    EUR     53.11
UBS AG                     11.25   12/22/2017    EUR     70.80
UBS AG                     8.25    12/22/2017    EUR     58.80
UBS AG                     4.50    12/22/2017    EUR     65.78
UBS AG                     10.50   12/22/2017    EUR     58.54
UBS AG                     9.50    12/22/2017    EUR     57.77
UBS AG                     6.50    12/22/2017    EUR     53.24
EFG International Finance G10.15   8/2/2017      CHF     69.46
Leonteq Securities AG      10.20   10/24/2018    EUR     68.03
HSBC Trinkaus & Burkhardt A2.50    9/22/2017     EUR     56.17
Vontobel Financial Products4.80    5/14/2018     EUR     73.05
Landesbank Hessen-Thueringe4.00    5/16/2018     EUR     66.51
HSBC Trinkaus & Burkhardt A10.90   10/27/2017    EUR     62.33
HSBC Trinkaus & Burkhardt A10.10   1/26/2018     EUR     64.46
Vontobel Financial Products16.00   12/22/2017    EUR     57.92
Vontobel Financial Products5.00    3/23/2018     EUR     71.70
Vontobel Financial Products6.00    3/23/2018     EUR     68.43
Vontobel Financial Products7.50    3/23/2018     EUR     65.97
Vontobel Financial Products9.00    3/23/2018     EUR     63.83
Vontobel Financial Products10.50   3/23/2018     EUR     62.00
Vontobel Financial Products12.50   3/23/2018     EUR     60.81
Vontobel Financial Products14.50   3/23/2018     EUR     59.86
DZ Bank AG Deutsche Zentral5.00    2/6/2018      EUR     69.61
UniCredit Bank AG          3.75    9/7/2020      EUR     70.15
UBS AG/London              9.30    9/29/2017     EUR     63.06
UBS AG/London              5.30    6/30/2017     EUR     73.04
UBS AG/London              5.20    9/29/2017     EUR     69.99
UBS AG/London              7.70    6/30/2017     EUR     68.55
UBS AG/London              14.00   6/30/2017     EUR     61.11
UBS AG/London              10.60   12/29/2017    EUR     62.72
UBS AG/London              10.60   6/30/2017     EUR     64.60
UBS AG/London              7.00    12/29/2017    EUR     67.82
UBS AG/London              8.80    12/29/2017    EUR     65.09
UBS AG/London              11.70   9/29/2017     EUR     60.48
UBS AG/London              12.60   12/29/2017    EUR     60.77
UBS AG/London              5.40    12/29/2017    EUR     71.29
UBS AG/London              17.90   6/30/2017     EUR     58.01
UBS AG/London              14.30   9/29/2017     EUR     58.10
Commerzbank AG             12.75   11/23/2017    EUR     66.25
Commerzbank AG             16.75   11/23/2017    EUR     61.81
HSBC Trinkaus & Burkhardt A2.80    9/22/2017     EUR     59.41
First Collection Bureau OJS15.00   10/15/2021    RUB     100.00
UniCredit Bank AG          5.00    6/25/2019     EUR     60.96
Landesbank Hessen-Thueringe5.00    3/27/2019     EUR     68.62
Bayerische Landesbank      2.60    3/29/2018     EUR     70.60
UniCredit Bank AG          3.75    10/2/2020     EUR     67.18
Landesbank Hessen-Thueringe4.00    4/8/2019      EUR     62.49
UBS AG/London              7.00    12/22/2017    EUR     63.24
UBS AG/London              12.50   12/22/2017    EUR     74.33
UBS AG/London              9.50    12/22/2017    EUR     73.51
UBS AG/London              7.75    12/22/2017    EUR     60.28
Leonteq Securities AG/Guern4.40    8/28/2017     CHF     62.61
Raiffeisen Schweiz Genossen5.04    8/28/2017     CHF     64.64
Leonteq Securities AG/Guern4.68    8/29/2017     CHF     66.63
UBS AG/London              9.00    12/22/2017    EUR     56.80
UBS AG/London              5.75    12/22/2017    EUR     69.58
UBS AG/London              6.25    12/22/2017    EUR     67.41
UBS AG/London              14.50   12/22/2017    EUR     70.81
Raiffeisen Schweiz Genossen5.00    8/29/2018     CHF     74.60
Raiffeisen Schweiz Genossen5.00    6/13/2018     CHF     72.61
UBS AG                     9.00    7/3/2017      CHF     67.65
Bank Julius Baer & Co Ltd/G5.20    9/25/2017     EUR     69.65
DekaBank Deutsche Girozentr7.15    10/27/2017    EUR     71.50
EFG International Finance G7.00    11/27/2019    EUR     17.64
Goldman Sachs International1.00    12/5/2017     SEK     22.22
UniCredit Bank AG          4.30    10/17/2018    EUR     70.83
Landesbank Baden-Wuerttembe3.30    6/22/2018     EUR     67.81
UniCredit Bank AG          4.30    12/22/2017    EUR     67.77
DekaBank Deutsche Girozentr3.30    2/26/2018     EUR     52.96
Landesbank Baden-Wuerttembe3.00    5/25/2018     EUR     71.50
UBS AG                     5.00    12/22/2017    EUR     64.90
Landesbank Baden-Wuerttembe3.05    6/22/2018     EUR     73.04
Raiffeisen Schweiz Genossen4.50    5/23/2018     CHF     73.21
Raiffeisen Schweiz Genossen3.00    9/22/2020     CHF     63.47
DZ Bank AG Deutsche Zentral3.45    8/25/2017     EUR     70.28
DekaBank Deutsche Girozentr2.75    6/24/2019     EUR     70.36
Vontobel Financial Products8.00    9/29/2017     EUR     68.98
Landesbank Baden-Wuerttembe6.00    9/22/2017     EUR     71.81
Landesbank Baden-Wuerttembe3.00    9/22/2017     EUR     71.08
Leonteq Securities AG      6.00    10/12/2017    CHF     62.79
Goldman Sachs & Co Wertpapi9.00    9/20/2017     EUR     66.27
BNP Paribas Emissions- und 3.00    10/12/2018    EUR     71.42
Goldman Sachs & Co Wertpapi12.00   9/20/2017     EUR     60.44
Goldman Sachs & Co Wertpapi12.00   9/20/2017     EUR     58.51
UBS AG/London              9.50    9/4/2017      CHF     26.45
Deutsche Bank AG           3.20    11/22/2017    EUR     70.80
Deutsche Bank AG           4.20    11/22/2017    EUR     74.20
Deutsche Bank AG           3.20    11/22/2017    EUR     72.60
DekaBank Deutsche Girozentr3.10    8/4/2017      EUR     52.33
HSBC Trinkaus & Burkhardt A3.00    6/22/2018     EUR     66.44
HSBC Trinkaus & Burkhardt A7.90    9/22/2017     EUR     50.85
HSBC Trinkaus & Burkhardt A5.40    9/22/2017     EUR     55.40
HSBC Trinkaus & Burkhardt A2.90    9/22/2017     EUR     62.99
DZ Bank AG Deutsche Zentral9.25    7/28/2017     EUR     63.26
UBS AG/London              9.50    9/22/2017     EUR     48.13
UBS AG/London              12.50   9/22/2017     EUR     44.33
DZ Bank AG Deutsche Zentral8.70    12/22/2017    EUR     49.36
DZ Bank AG Deutsche Zentral10.10   12/22/2017    EUR     46.96
HSBC Trinkaus & Burkhardt A12.70   9/22/2017     EUR     45.89
HSBC Trinkaus & Burkhardt A10.30   9/22/2017     EUR     49.20
HSBC Trinkaus & Burkhardt A7.50    9/22/2017     EUR     54.52
Credit Suisse AG/London    8.50    9/18/2017     USD     64.41
Deutsche Bank AG           6.20    9/19/2017     EUR     74.80
UBS AG/London              6.30    12/29/2017    EUR     52.35
Raiffeisen Schweiz Genossen15.00   12/27/2017    CHF     59.81
Leonteq Securities AG      10.00   4/20/2018     CHF     67.95
Leonteq Securities AG      17.60   12/19/2017    USD     66.25
Vontobel Financial Products18.40   9/11/2017     EUR     62.15
Nuova Banca delle Marche Sp7.20    6/30/2018     EUR     1.24
Nuova Banca delle Marche Sp8.00    6/30/2018     EUR     1.24
Societe Generale SA        0.50    4/30/2023     RUB     64.41
Lillestroem Sparebank      4.44                  NOK     56.32
Nota-Bank OJSC             13.50   4/1/2016      RUB     31.50
Univer Capital LLC         12.00   3/6/2019      RUB     97.07
Indre Sogn Sparebank       5.84                  NOK     55.77
Societe Generale SA        0.50    4/4/2024      MXN     58.43
Lehman Brothers Treasury Co8.28    3/26/2009     USD     2.85
Lehman Brothers Treasury Co7.55    12/29/2008    USD     2.85
Lehman Brothers Treasury Co6.85    12/22/2008    EUR     2.85
Lehman Brothers Treasury Co7.60    3/26/2009     EUR     2.85
Banca delle Marche SpA     6.00    6/12/2018     EUR     2.00
Lehman Brothers Treasury Co5.25    11/21/2009    USD     2.85
Lehman Brothers Treasury Co4.10    8/23/2010     USD     2.85
Lehman Brothers Treasury Co1.50    2/8/2012      CHF     2.85
Lehman Brothers Treasury Co0.01    9/20/2011     USD     2.85
Lehman Brothers Treasury Co4.69    2/19/2017     EUR     2.85
Lehman Brothers Treasury Co6.00    5/12/2017     EUR     2.85
Lehman Brothers Treasury Co7.00    2/15/2012     EUR     2.85
KPNQwest NV                7.13    6/1/2009      EUR     0.53
Lehman Brothers Treasury Co7.39    5/4/2017      USD     2.85
KPNQwest NV                7.13    6/1/2009      EUR     0.53
Lehman Brothers Treasury Co3.35    10/13/2016    EUR     2.85
Lehman Brothers Treasury Co0.80    12/30/2016    EUR     2.85
Lehman Brothers Treasury Co6.75    4/5/2012      EUR     2.85
Lehman Brothers Treasury Co4.25    5/15/2010     EUR     2.85
Lehman Brothers Treasury Co5.00    4/24/2017     EUR     2.85
Lehman Brothers Treasury Co13.00   7/25/2012     EUR     2.85
Lehman Brothers Treasury Co10.00   8/2/2037      JPY     2.85
Lehman Brothers Treasury Co2.25    5/12/2009     USD     2.85
Lehman Brothers Treasury Co4.00    5/30/2010     USD     2.85
Astana Finance BV          7.88    6/8/2010      EUR     16.88
Lehman Brothers Treasury Co6.00    5/23/2018     CZK     2.85
Lehman Brothers Treasury Co12.00   7/13/2037     JPY     2.85
Lehman Brothers Treasury Co10.00   6/11/2038     JPY     2.85
Lehman Brothers Treasury Co9.00    5/15/2022     USD     2.85
Lehman Brothers Treasury Co5.20    3/19/2018     EUR     2.85
Lehman Brothers Treasury Co7.50    5/2/2017      EUR     2.85
Lehman Brothers Treasury Co6.60    2/22/2012     EUR     2.85
Lehman Brothers Treasury Co4.10    2/19/2010     EUR     2.85
Lehman Brothers Treasury Co2.48    5/12/2009     USD     2.85
Lehman Brothers Treasury Co4.00    5/17/2010     USD     2.85
Lehman Brothers Treasury Co6.00    12/30/2017    EUR     2.85
Lehman Brothers Treasury Co7.63    7/22/2011     HKD     2.85
Lehman Brothers Treasury Co1.50    10/12/2010    EUR     2.85
ECM Real Estate Investments5.00    10/9/2011     EUR     10.38
Lehman Brothers Treasury Co2.50    12/15/2011    GBP     2.85
Lehman Brothers Treasury Co7.25    6/20/2010     USD     2.85
Lehman Brothers Treasury Co4.00    11/24/2016    EUR     2.85
Province of Brescia Italy  0.14    6/30/2036     EUR     64.07
Lehman Brothers Treasury Co4.82    12/18/2036    EUR     2.85
Lehman Brothers Treasury Co4.50    3/7/2015      EUR     2.85
Lehman Brothers Treasury Co0.75    3/29/2012     EUR     2.85
Municipality Finance PLC   0.50    11/25/2020    ZAR     74.97
Lehman Brothers Treasury Co6.00    7/28/2010     EUR     2.85
Lehman Brothers Treasury Co12.00   7/4/2011      EUR     2.85
Lehman Brothers Treasury Co3.50    12/20/2027    USD     2.85
Kaupthing ehf              7.00    7/24/2009     ISK     17.63
Lehman Brothers Treasury Co0.25    7/21/2014     EUR     2.85
Lehman Brothers Treasury Co5.50    6/15/2009     CHF     2.85
Lehman Brothers Treasury Co7.25    10/6/2008     EUR     2.85
Lehman Brothers Treasury Co10.50   8/9/2010      EUR     2.85
Lehman Brothers Treasury Co5.75    6/15/2009     CHF     2.85
Lehman Brothers Treasury Co4.50    7/24/2014     EUR     2.85
Lehman Brothers Treasury Co10.00   3/27/2009     USD     2.85
Lehman Brothers Treasury Co7.00    4/14/2009     EUR     2.85
Lehman Brothers Treasury Co7.75    1/30/2009     EUR     2.85
Lehman Brothers Treasury Co8.00    8/3/2009      USD     2.85
Lehman Brothers Treasury Co9.00    6/13/2009     USD     2.85
Lehman Brothers Treasury Co2.50    8/23/2012     GBP     2.85
Lehman Brothers Treasury Co7.50    9/13/2009     CHF     2.85
Lehman Brothers Treasury Co8.50    7/6/2009      CHF     2.85
Lehman Brothers Treasury Co5.25    4/1/2023      EUR     2.85
Lehman Brothers Treasury Co4.00    4/24/2009     USD     2.85
Lehman Brothers Treasury Co4.50    8/2/2009      USD     2.85
Lehman Brothers Treasury Co7.00    11/28/2008    CHF     2.85
Lehman Brothers Treasury Co8.00    5/22/2009     USD     2.85
Lehman Brothers Treasury Co3.00    9/13/2010     JPY     8.75
Lehman Brothers Treasury Co9.00    3/17/2009     GBP     2.85
Lehman Brothers Treasury Co3.85    4/24/2009     USD     2.85
Lehman Brothers Treasury Co7.38    9/20/2008     EUR     2.85
Lehman Brothers Treasury Co2.00    11/16/2009    EUR     2.85
Lehman Brothers Treasury Co3.70    6/6/2009      EUR     2.85
Lehman Brothers Treasury Co13.00   12/14/2012    USD     2.85
Petromena ASA              9.75    5/24/2016     NOK     0.53
Lehman Brothers Treasury Co4.68    12/12/2045    EUR     2.85
Lehman Brothers Treasury Co6.70    4/21/2011     USD     2.85
Lehman Brothers Treasury Co3.00    9/12/2036     JPY     8.75
Lehman Brothers Treasury Co6.00    6/21/2011     EUR     2.85
Lehman Brothers Treasury Co4.00    10/12/2010    USD     2.85
Lehman Brothers Treasury Co8.88    1/28/2011     HKD     9.63
Lehman Brothers Treasury Co7.00    7/11/2010     EUR     2.85
Lehman Brothers Treasury Co6.00    7/28/2010     EUR     2.85
HSBC Bank PLC              0.50    12/8/2020     BRL     72.96
Lehman Brothers Treasury Co11.00   7/4/2011      USD     2.85
Lehman Brothers Treasury Co7.50    8/1/2035      EUR     2.85
Lehman Brothers Treasury Co16.00   12/26/2008    USD     2.85
Lehman Brothers Treasury Co8.60    7/31/2013     GBP     2.85
Lehman Brothers Treasury Co4.15    8/25/2020     EUR     2.85
Lehman Brothers Treasury Co5.50    7/8/2013      EUR     2.85
Lehman Brothers Treasury Co7.50    7/31/2013     GBP     2.85
Lehman Brothers Treasury Co7.32    7/31/2013     GBP     2.85
Lehman Brothers Treasury Co8.28    7/31/2013     GBP     2.85
Lehman Brothers Treasury Co5.00    8/1/2025      EUR     2.85
Lehman Brothers Treasury Co4.90    7/28/2020     EUR     2.85
Lehman Brothers Treasury Co3.10    6/4/2010      USD     2.85
Lehman Brothers Treasury Co8.00    4/20/2009     EUR     2.85
Lehman Brothers Treasury Co4.70    3/23/2016     EUR     2.85
Lehman Brothers Treasury Co6.00    3/17/2011     EUR     2.85
Lehman Brothers Treasury Co4.70    3/23/2016     EUR     2.85
Lehman Brothers Treasury Co7.60    3/4/2010      NZD     2.85
Lehman Brothers Treasury Co15.00   6/4/2009      CHF     2.85
Lehman Brothers Treasury Co17.00   6/2/2009      USD     2.85
Lehman Brothers Treasury Co5.00    11/22/2012    EUR     2.85
Lehman Brothers Treasury Co4.00    8/11/2010     USD     8.75
Lehman Brothers Treasury Co4.30    6/4/2012      USD     2.85
Lehman Brothers Treasury Co0.50    2/16/2009     EUR     2.85
Oberbank AG                7.40                  EUR     67.39
Province of Rovigo Italy   0.06    12/28/2035    EUR     65.08
Lehman Brothers Treasury Co10.00   1/4/2010      USD     2.85
Lehman Brothers Treasury Co6.00    8/7/2013      EUR     2.85
Lehman Brothers Treasury Co6.50    5/16/2015     EUR     2.85
Lehman Brothers Treasury Co2.50    8/15/2012     CHF     2.85
Lehman Brothers Treasury Co3.50    9/29/2017     EUR     2.85
Lehman Brothers Treasury Co3.00    8/8/2017      EUR     2.85
Lehman Brothers Treasury Co5.00    9/1/2011      EUR     2.85
Lehman Brothers Treasury Co5.25    7/8/2014      EUR     2.85
Lehman Brothers Treasury Co2.30    6/6/2013      USD     2.85
Lehman Brothers Treasury Co11.00   5/9/2020      USD     2.85
Lehman Brothers Treasury Co4.00    6/5/2011      USD     2.85
Lehman Brothers Treasury Co6.25    9/5/2011      EUR     2.85
Lehman Brothers Treasury Co3.50    9/19/2017     EUR     2.85
Lehman Brothers Treasury Co16.80   8/21/2009     USD     2.85
Lehman Brothers Treasury Co3.00    8/15/2017     EUR     2.85
Lehman Brothers Treasury Co13.15   10/30/2008    USD     2.85
Lehman Brothers Treasury Co7.80    3/31/2018     USD     2.85
Lehman Brothers Treasury Co5.22    3/1/2024      EUR     2.85
Lehman Brothers Treasury Co9.50    4/1/2018      USD     2.85
Lehman Brothers Treasury Co8.00    10/17/2014    EUR     2.85
Lehman Brothers Treasury Co7.05    4/8/2015      USD     2.85
Lehman Brothers Treasury Co6.00    3/4/2015      USD     2.85
Lehman Brothers Treasury Co7.15    3/21/2013     USD     2.85
Lehman Brothers Treasury Co2.00    5/17/2010     EUR     2.85
Lehman Brothers Treasury Co2.30    4/28/2014     JPY     2.85
Lehman Brothers Treasury Co7.50    2/14/2010     AUD     2.85
Lehman Brothers Treasury Co4.00    2/28/2010     EUR     2.85
Lehman Brothers Treasury Co4.10    5/20/2009     USD     2.85
Lehman Brothers Treasury Co4.60    8/1/2013      EUR     2.85
Lehman Brothers Treasury Co9.75    6/22/2018     USD     2.85
Lehman Brothers Treasury Co8.00    3/21/2018     USD     2.85
Lehman Brothers Treasury Co10.00   10/22/2008    USD     2.85
Lehman Brothers Treasury Co6.45    2/20/2010     AUD     2.85
Lehman Brothers Treasury Co3.82    10/20/2009    USD     2.85
Lehman Brothers Treasury Co10.00   10/23/2008    USD     2.85
Lehman Brothers Treasury Co6.60    5/23/2012     AUD     2.85
Lehman Brothers Treasury Co3.45    5/23/2013     USD     2.85
Lehman Brothers Treasury Co16.00   10/28/2008    USD     2.85
Lehman Brothers Treasury Co5.00    2/15/2018     EUR     2.85
Lehman Brothers Treasury Co2.75    10/28/2009    EUR     2.85
Lehman Brothers Treasury Co9.00    5/6/2011      CHF     2.85
Lehman Brothers Treasury Co5.50    6/22/2010     USD     8.75
Lehman Brothers Treasury Co0.50    12/20/2017    USD     2.85
Lehman Brothers Treasury Co8.00    12/31/2010    USD     2.85
Lehman Brothers Treasury Co1.95    11/4/2013     EUR     2.85
Lehman Brothers Treasury Co3.63    3/2/2012      EUR     2.85
Lehman Brothers Treasury Co3.00    6/3/2010      EUR     2.85
Lehman Brothers Treasury Co12.40   6/12/2009     USD     2.85
Lehman Brothers Treasury Co16.00   11/9/2008     USD     2.85
Lehman Brothers Treasury Co16.20   5/14/2009     USD     2.85
Lehman Brothers Treasury Co23.30   9/16/2008     USD     2.85
Lehman Brothers Treasury Co14.10   11/12/2008    USD     2.85
Lehman Brothers Treasury Co7.50    5/30/2010     AUD     2.85
Lehman Brothers Treasury Co3.00    6/23/2009     EUR     8.75


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

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *