TCREUR_Public/170724.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, July 24, 2017, Vol. 18, No. 145



HYPO TIROL: Moody's Ups Backed Sr. Sub. Debt Ratings from Ba1


ROY MIDCO: S&P Assigns Preliminary 'B' Corporate Credit Rating


THOM EUROPE: Moody's Affirms B2 CFR Following Refinancing


METRO WHOLESALE: Moody's Converts (P)Ba1 CFR to Definitive Ba1
PROVIDE GEMS 2002-1: Fitch Affirms 'Dsf' Rating on Class E Notes


GREECE: IMF Urges Creditors to Provide Realistic Budget Targets


AQUILAE CLO II: Moody's Hikes Rating on Class E Notes from Ba2
GLG EURO I: Fitch Affirms 'B-sf' Rating on Class F Notes
HOUSE OF EUROPE: Moody's Raises Rating on Cl. A2 Notes to Caa3
OAK HILL III: Fitch Assigns B- Rating to Class F-R Notes
TORO EUROPEAN CLO 4: Moody's Assigns B2 Rating to Class F-R Notes


* Sweden Weighs EU Membership Following Italy Bank Rescues


HALYK SAVINGS: S&P Affirms 'BB/B' Counterparty Credit Ratings


AI AQUA: S&P Affirms 'B' Corporate Credit Rating, Outlook Stable


CONTEGO CLO II: Fitch Rates EUR10.8MM Class F-R Notes 'B-'
JUBILEE CDO V: S&P Lowers Ratings on 2 Note Classes to 'B+ (sf)'


NORSKE SKOG: Moody's Cuts Probability of Default Rating to Ca-PD


BANK VTB: Profitability Set to Improve, Moody's Says
INTERNATIONAL BANK: S&P Affirms 'B-' Counterparty Credit Rating
SISTEMA PJSFC: S&P Puts BB CCR on Watch Neg. on Liquidity Woes
SPURT JSC: Put On Provisional Administration, License Revoked


SWISSPORT FINANCING: Moody's Rates EUR460MM Term Loan B 'B1'

U N I T E D   K I N G D O M

ANNINGTON LIMITED: Moody's Puts B1 CFR Under Review for Upgrade
CYRENIANS CYMRU: Ex-Boss Jailed for Five Years for Fraud
HOLIDAY INN: Cairn Buys Two Hotels in Aberdeen, 125 Jobs Saved


* BOND PRICING: For the Week July 17 to July 21, 2017



HYPO TIROL: Moody's Ups Backed Sr. Sub. Debt Ratings from Ba1
Moody's Investors Service has upgraded Hypo Tirol Bank AG's (Hypo
Tirol) long-term senior unsecured debt and deposit ratings by one
notch to Baa2 from Baa3, and upgraded the ratings of Hypo Tirol's
backed senior unsecured debt and deposit instruments that benefit
from a deficiency guarantee of the State of Tyrol (unrated) to A3
from Baa1; the outlook on these ratings was changed to positive
from stable. Moody's also upgraded Hypo Tirol's subordinate MTN
program rating to (P)Ba2 from (P)Ba3, the backed subordinate debt
ratings to Baa3 from Ba1, as well as the bank's short-term
deposit ratings to P-2 from P-3. The rating agency affirmed Hypo
Tirol's backed short-term deposit ratings at P-2 and its short-
term CR Assessment at P-2(cr).

Concurrently, Moody's upgraded the bank's Baseline Credit
Assessment (BCA) and adjusted BCA to ba1 from ba2 and its long-
term Counterparty Risk (CR) Assessment to Baa1(cr) from Baa2(cr).

The rating upgrade reflects the continued strengthening of the
bank's financial fundamentals, in particular the improvement of
its asset quality, capitalisation and liquidity profile. The
positive outlook reflects Moody's expectation that Hypo Tirol
will be able to further reduce its stock of nonperforming loans,
strengthen its capitalisation and maintain a sufficient stock of
senior unsecured liabilities to underpin the current results of
Moody's Advanced Loss Given Failure Analysis.



The upgrade of the BCA to ba1 from ba2 reflects the bank's
accelerated progress in reducing risks related to its Italian
legacy loan portfolio combined with ongoing improvement in the
bank's capitalisation levels. Moody's believes that the bank's
significant investments to improve its control over the Italian
legacy loan portfolio are increasingly paying off. Losses from
the Italian business segment have leveled off over the past years
and the bank's nonperforming loan ratio is on an improving
trajectory. Some earnings retention and, more significantly, a
decline in risk-weighted assets have led to rising capital
ratios, since the expiry in 2015 of the cap on capital imposed by
the European Commission following the bank's state aid

The ba1 BCA is also based on Moody's view that Hypo Tirol has
successfully prefunded its highly concentrated September 2017
bond maturities, and will exhibit a more balanced maturity
profile and better diversified funding going forward. With
sufficient cash reserves following its latest EUR250 million
mortgage covered bond issuance in May 2017 and with additional
issuance leeway under its covered bond programs, Hypo Tirol will
meet its remaining 2017 maturities, which peak in September due
to the expiry of most of the bank's deficiency-guaranteed debts.


The one-notch upgrade of Hypo Tirol's long-term ratings to Baa2
reflects the one-notch upgrade of the bank's BCA and adjusted BCA
to ba1 from ba2 while the result of Moody's Advanced Loss Given
Failure (LGF) analysis, which takes into account the severity of
loss faced by the different liability classes in resolution,
provides an unchanged rating uplift to Hypo Tirol's long-term
instrument classes.

Hypo Tirol has prefunded its upcoming maturities for the third
quarter of 2017, which will help to smoothen its maturity profile
and improves its funding structure. Year-to-date issuance
patterns show a reasonably diversified approach by Hypo Tirol to
replacing these debt maturities, despite a clear concentration on
secured refinancing sources. Therefore, Moody's now anticipates
that the results of its Loss Given Failure Analysis remain
unaffected by the change in Hypo Tirol's liability structure
during the outlook period.


The positive outlook on the long-term senior unsecured debt and
deposit ratings of Hypo Tirol incorporates Moody's expectation
that Hypo Tirol's long-term rating may be further upgraded in
2018 depending on an improvement of the BCA. This could result
from: (1) the ability of Hypo Tirol to sustain the reduction of
nonperforming loans, as Moody's would expect based on the
advanced stage of work-out proceedings for several of Hypo
Tirol's larger single exposures; and (2) the bank's continued
progress in retaining earnings and strengthening capital based on
positive underlying business trends and a moderate dividend


Upward pressure on Hypo Tirol's BCA and its long-term ratings
could result from: (1) a sustained meaningful reduction of
nonperforming loans and (2) improving capital ratios and (3)
sustainably positive net income trends.

Hypo Tirol's ratings could be downgraded if the bank's liability
structure's dependence on secured funding sources were to
increase beyond the rating agency's current expectations, at the
expense of bail-in-able senior unsecured and subordinated debt
components. The ratings could also be downgraded if Hypo Tirol's
financial strength unexpectedly and significantly deteriorated
following: (1) renewed signs of asset quality weakness,
particularly if the current provisioning levels for the bank's
Italian exposures proved insufficient to support further progress
in portfolio reduction; and/or (2) a material reduction of its



-- LT Bank Deposits (Local & Foreign Currency), Upgraded to Baa2
    from Baa3, Outlook Changed to Positive from Stable

-- ST Bank Deposits (Local & Foreign Currency), Upgraded to P-2
    from P-3

-- Senior Unsecured (Local), Upgraded to Baa2 from Baa3, Outlook
    Changed to Positive from Stable

-- Senior Unsecured MTN (Local Currency), Upgraded to (P)Baa2
    from (P)Baa3

-- Subordinate MTN (Local Currency), Upgraded to (P)Ba2 from

-- Backed LT Bank Deposits (Local & Foreign Currency), Upgraded
    to A3 from Baa1, Outlook Changed to Positive from Stable

-- Backed Senior Unsecured (Local & Foreign Currency), Upgraded
    to A3 from Baa1, Outlook Changed to Positive from Stable

-- Backed Senior Subordinate (Local Currency), Upgraded to Baa3
    from Ba1

-- Backed Subordinate (Local Currency), Upgraded to Baa3 from

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

-- Baseline Credit Assessment, Upgraded to ba1 from ba2

-- LT Counterparty Risk Assessment, Upgraded to Baa1(cr) from


-- Backed ST Bank Deposits (Local & Foreign Currency), Affirmed
    at P-2

-- ST Counterparty Risk Assessment, Affirmed at P-2(cr)

Outlook Actions:

-- Outlook, Changed to Positive from Stable


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


ROY MIDCO: S&P Assigns Preliminary 'B' Corporate Credit Rating
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit ratings to Roy Midco ApS and Roy Bidco ApS, the
holding companies of Faerch Plast Group A/S. The outlook is

S&P said, "At the same time, we assigned our preliminary 'B'
rating to the proposed senior secured facilities to be issued by
Roy Bidco ApS, comprising a EUR300 million term loan, EUR110
million term loan B2, and a EUR65 million revolving credit
facility (RCF). The recovery rating on these facilities is '4',
indicating our view of meaningful recovery prospects (30%-50%;
rounded estimate 45%) in the event of a default.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size, and conditions of the loans, financial and other covenants,
security, and ranking.

"The preliminary ratings reflect our view of Faerch Plast's small
size, relatively narrow scope, high leverage as a result of an
aggressive financial policy, and growth-oriented strategy. These
constraints are only partly mitigated by strong profitability
stemming from a well-invested asset base and successful
innovation strategy. Faerch Plast is a Denmark-based producer of
plastic trays used for ready meals, food to go, and fresh meat,
with production at six facilities in Western Europe. In 2016, the
company reported sales of Danish krone (DKK) 2.1 billion (about
EUR280 million)."

Faerch Plast was taken over by private equity group Advent
International in June 2017 after being owned by EQT for three
years, during which the company's sales increased to DKK2.1
billion in 2016 from DKK1.1 billion in 2013. S&P said, "While we
consider the proposed financing to be aggressive, with leverage
expected at around 7.4x at the end of 2017, we think that the
company has a positive track record of strong margins and
flexible capital spending, which should ensure positive free
operating cash flow generation in the coming years. We
acknowledge that the company has complemented internally
generated growth with acquisitions in the past and expect this
will continue in the future. The company is exposed to a degree
of foreign exchange risk with a large proportion of sales in the
U.K. This is, however, mitigated by increased local production
following recent acquisitions in the country, and by active
pricing strategy to offset any short-term volatility in exchange

The company's business risk profile is constrained by its narrow
size, scope, and diversification. Despite rapid growth since
2009, the company is somewhat smaller than other rated packaging
producers. In addition, its production is limited to six plants,
resulting in some degree of asset concentration.

Partly offsetting these weaknesses is Faerch Plast's strong
operating efficiency, stemming from a well-invested asset base,
lean processes, high degree of product innovation, and an
attentive pricing strategy where a large proportion of contracts
are covered by mechanisms to adjust prices for volatile input
costs. This has resulted in above-average profitability: an
average S&P Global Ratings-adjusted EBITDA margin of about 23%
and a return on capital of around 10% for the past three years.
S& said, "We also view positively the underlying favorable demand
trends for Faerch Plast's products and expect demand will
increase faster than GDP, supported by positive demographic
trends as well as an increasing focus on food safety and value-
adding packaging.

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

-- Organic sales growth clearly above GDP growth rates at about
6%-7% for the coming years, supported by demographic, safety, and
urbanization trends as well as higher volumes fueled by new
product development.
-- An adjusted EBITDA margin of about 24% in 2017 and 2018
compared with 23%in 2016, owing to higher volumes, strategic
operational initiatives, and positive pricing measures, but
somewhat offset by the time lag related to the pass-through of
higher resin costs.
-- Modest working capital requirements. Capital expenditures
(capex) of about DKK210 million-DKK220 million annually.
-- No acquisitions or dividends.

Based on these assumptions, S&P arrives at the following credit
measures for 2017 and 2018, respectively:

-- Pro forma adjusted debt to EBITDA of about 7.5x and 7.0x;
-- Funds from operations (FFO) to debt of about 7.0%-7.5% and
    8.0%-8.5%; and
-- EBITDA cash interest coverage of 2.6x-2.8x and 2.8x-3.0x.The
    stable outlook reflects our expectation that Faerch Plast
    will continue to achieve organic sales growth and strong
    margins, which will enable it to increase EBITDA and generate
    excess cash flows to gradually reduce adjusted leverage
    toward 7.0x in 2018.

S&P said, "Although we expect the company will remain
acquisitive, we do not expect the leverage ratio will rise beyond
the high levels at closing of the transaction.

"We could lower the rating if Faerch Plast's credit metrics did
not improve as we expect under our base case, such that debt to
EBITDA remains at about 7.5xin 2018. This could, for example,
materialize if the company did not deliver on its plan to
increase volumes and at least maintain margins; or if it lost
market share due to a sharp shift to another packaging substrate,
inability to pass on rising raw material costs to its customers,
or weakening of the pound sterling that depressed earnings
generated in the U.K. Any large debt-funded acquisition activity
or unexpected shareholder remuneration could also lead to a

"Ratings upside is highly unlikely in the coming two years, due
to Faerch Plast's high leverage and growth-oriented strategy. We
do not expect any deleveraging to 5.0x to be sustainable, due to
the company's private equity shareholders, whose financial
policies are unlikely to support sustainably stronger credit
metrics, in our view.

"However, we could consider a positive rating action if the
adjusted leverage ratio were to fall below 5.0x on a sustainable
basis, and we believed that financial policy could support such
stronger ratios over the longer term."


THOM EUROPE: Moody's Affirms B2 CFR Following Refinancing
Moody's Investors Service has affirmed French jewelry retailer
THOM Europe S.A.S.'s corporate family rating (CFR) at B2
following the company's proposed refinancing of its existing bond
and the payment of a one-off dividend to its shareholders.

Concurrently Moody's has assigned a B2 (LGD 4) rating to the new
EUR670 million worth of senior secured term loan B (due 2024) and
a B2 (LGD 4) to the EUR90 million worth of senior secured
revolving credit facility (RCF) issued by THOM Europe. At the
same time, the agency has downgraded the B1-PD probability of
default rating (PDR) to B2-PD. The outlook for all ratings is

Upon successful closing of the proposed refinancing transaction
and full redemption of THOM's exiting notes, Moody's will
withdraw the B2 rating assigned to THOM's EUR537 million worth of
senior secured notes due July 2019.


The affirmation of THOM's CFR at B2 reflects Moody's view that
the company's leverage post-closing of the transaction will be
high leading to a weaker positioning in the B2 rating category
but that it will reduce over time. The transaction involves
incremental debt of EUR133 million. Also, as part of this
transaction, the company will make a sizeable cash distribution
of around EUR105 million to its ultimate shareholders via partial
repayments of its existing convertible bonds. At closing of the
refinancing and proforma for the acquisition of E'Oro and Piery,
Moody's estimates that the company's leverage ratio (defined as
gross Debt/EBITDA with Moody's adjustments) will stand at around
5.6x at end-June 2017, unchanged compared to March 31, 2017.

Moody's expects THOM's Moody's-adjusted leverage ratio will trend
towards 5.0x over the next 12 to 18 months notably through
continued profitability improvement on the back of top line
growth in the low to mid-single range (in percentage terms)
supported by both store openings and a modest like-for-like
growth, gross margin improvement aided by the achievement of cost
synergies with Stroili, a large Italian jeweller acquired in late

The refinancing transaction will also lead to an improvement in
THOM's interest coverage reflecting the significantly lower
margin under the new EUR670 million term loan B compared with the
existing Notes. Moody's estimates that EBIT-to-interest (as
adjusted by Moody's) will improve to above 2.0x from 1.7x prior
to the transaction as of March 31, 2017.

THOM's B2 CFR further reflects (1) its small scale in a
fragmented and moderately competitive industry, (2) its exposure
to the cyclical jewelry industry, and (3) its high dependence on
the Christmas season. The CFR also captures THOM's appetite for
external growth which entails some integration risks, and can
constrain free cash flow generation and the pace of deleveraging
going forward. Moody's nevertheless believes that the company's
good operational execution and the experience gained from the
past integration of Marc Orian and smaller regional chains
alleviate somewhat these concerns. In addition, Moody's
recognises that a portion of the funding of Stroili's acquisition
consisted of equity. In this regards, the integration of Stroili
is progressing broadly according to company's plans though some
adjustments had to be made lately.

The rating also factors in THOM's (1) well-known brand names, (2)
its position as a market leader, albeit with a moderate market
share, (3) its large product range covering gold, silver and
costume jewelry as well as watches, and a moderate exposure to
fashion risk, (4) its higher profitability compared to other
rated specialty retailers, and (5) its good cash flow generation.

Proforma for the proposed transaction, THOM's liquidity profile
is adequate but exhibits limited room of maneuver initially,
reflecting the high working capital consumption at this time of
the year. The proposed refinancing will leave the company with
around EUR29 million of cash (pro-forma as at June 2017). The
company has access to an undrawn revolving credit facility (RCF)
worth EUR90 million maturing in July 2023 (undrawn as of 30 June
2017 pro forma for the July 2017 loan borrowing except for a
small amount mobilised for letters of credit). This mitigates the
company's large working capital requirements caused by the high
seasonality of THOM's and Stroili's operations, notably due to
Christmas sales and promotional periods. The peak drawing under
the RCF tends to occur in October - early December each year
reflecting the inventory build-up ahead of the holiday season.

However, Moody's assessment of THOM's liquidity factors in
expected positive free cash flow in the next 12 to 18 months and
unimpeded access to the covenanted RCF. The RCF only contains one
maintenance covenant of maximum net leverage of 7.7x (vs. 5.0x at
closing) which will only be tested if drawings under the RCF are
equal to or greater than EUR36 million (40% of the overall


The CFR is assigned at THOM Europe S.A.S. which is a holding
company and top entity of the restricted group. The capital
structure will consist of a EUR670 million senior secured term
loan B maturing in July 2024. This loan is rated B2 with a loss
given default assessment of 4 (LGD4). The facilities also include
a RCF rated B2. Under the terms of the loan agreement and the
intercreditor agreement, the RCF and term loan rank pari passu.
These facilities benefit from a guarantee from guarantors
representing not less than 80% of group EBITDA. Both instruments
are secured, on a first-priority basis, by certain share pledges,
intercompany receivables, bank accounts and certain trademarks.
However, Moody's cautions that there are significant limitations
on the enforcement of the guarantees and collateral under French

The PDR of B2-PD reflects the use of a 50% family recovery
assumption, reflecting a capital structure including bank debt
and loose covenants, with RCF lenders relying on a single and not
restrictive maintenance net leverage covenant. This covenant will
only be tested if outstanding borrowings under the RCF are equal
to or greater than 40% of the overall commitment.


The stable rating outlook reflects Moody's expectation that THOM
will maintain its currently high operating margins and a positive
free cash flow generation supported by gradually and modestly
improving macroeconomic conditions in France and Italy.

Moody's also anticipates a continued smooth integration of
Stroili and that the planned moderate amount of synergies will
materalise over time as expected. In addition, the B2 CFR factors
in the maintenance of an adequate liquidity profile.


Upward rating pressure could develop if THOM (1) continues to
grow and record above-peer profitability on the back of more
favorable economic conditions and high quality execution of its
store network expansion and recent acquisitions and (2) increases
substantially its free cash flow generation. Quantitatively,
stronger credit metrics such as a Moody's-adjusted (gross)
debt/EBITDA trending sustainably towards 4.5x could trigger an

Conversely, negative rating pressure could develop if THOM's free
cash flow generation turns negative for a prolonged period of
time as a result of a weakened operating performance or higher-
than-expected capital expenditures. Quantitatively, a Moody's-
adjusted (gross) debt/EBITDA ratio sustainably close to 6.0x
could exert pressure on the rating.


The principal methodology used in these ratings was Retail
Industry published in October 2015.

Headquartered in France (Paris), THOM is one of the leading
jewelry and watches retail chains in Europe with 999 directly
operated stores, proforma revenues of EUR647 million and adjusted
EBITDA (as defined by the group) of around EUR120 million in the
12 months ended March 31, 2017. THOM's business model is based on
directly operated stores mostly located in shopping malls, in
particular in large catchment areas. THOM's main banners,
Histoire d'Or, Marc Orian, Stroili, have a long established
history in France as generalist jewelry retailers.

After a leverage buyout in 2014, the company has been owned by a
consortium comprising private equity firms Bridgepoint (59%),
Apax Partners (25%) and Qualium (6%). The management also owns 9%
of the share capital (as at 30 June 2017).


METRO WHOLESALE: Moody's Converts (P)Ba1 CFR to Definitive Ba1
Moody's Investors Service has converted the provisional (P)Ba1
corporate family rating (CFR) of METRO Wholesale & Food
Specialist AG (MWFS) into a definitive Ba1 CFR. Concurrently,
Moody's assigned a Ba1-PD probability of default rating (PDR) to
MWFS. The rating action follows the completion of the demerger of
Metro AG which was announced on July 12, 2017. The outlook is


On June 27, 2017, Moody's assigned a provisional (P)Ba1 CFR to
MWFS and stated that the rating will be transitioned into a
definitive rating at the conclusion of the demerger.


The principal methodology used in these ratings was Retail
Industry published in October 2015.

MWFS, based in Dusseldorf, Germany, is one of the world's largest
food wholesale companies and also operates the fifths largest
German food retailer, Real. In the financial year 2016, the
company reported revenues and EBIT (before special items) of
EUR36.5 billion and EUR1,106 million.

PROVIDE GEMS 2002-1: Fitch Affirms 'Dsf' Rating on Class E Notes
Fitch Ratings has affirmed Provide Gems 2002-1-plc:

EUR2,212,822.49 class D notes (XS0145701875) at 'Csf'; Recovery
Estimate (RE): not calculated (NC)

EUR140 class E notes (XS0145702170) at 'Dsf'; Recovery Estimate
(RE): NC

The transaction is a synthetic residential mortgage backed
security referencing German second-lien mortgages loans. The debt
instruments were originated by Rheinische Hypothekenbank AG (WD)
and are serviced by Commerzbank AG (BBB+/Stable/F2).

The transaction was called in 1Q16 with only the class D and E
notes left outstanding in an amount equal to the outstanding
overdue reference claims on the call date. As the reference pool
was left unchanged, new losses from the total portfolio of EUR48
million are possible.


No Write-ups on Notes Expected
Substantial losses of EUR7.1 million have already been written
against the class D notes. As no late recoveries and unjustified
loss allocations have been made at least since the call and given
Fitch's expectation of further losses being written against the
notes, losses are unlikely be reversed and a default on the class
D notes is inevitable, in Fitch views. This is reflected in their
affirmation at 'Csf'.

Uncertain Timing of Principal Allocation
Potential principal amounts that could be attributed to the class
D notes depend on further removal of ineligible delinquent loans,
foreclosure proceeds or cures of defaulted loans. However, since
the share of delinquent reference claims with few instalments
overdue compared with all delinquent reference claims has
decreased, Fitch expects only a few loans will become re-

Fitch has affirmed the class E notes at 'Dsf' as the repayment to
noteholders is strictly sequential and therefore Fitch does not
expect the write-down against the notes to be reversed to any

Fitch did not calculate a Recovery Estimate for either of the
note classes since the principal redemption depends mainly on the
timing of loans becoming re-performing as opposed to new
delinquencies, but no significant redemptions are expected.

Expected Future Performance
The notes' ratings are both below 'Bsf' reflecting distress,
while Fitch's EMEA RMBS rating criteria and its German
Residential Addendum do not address these rating scenarios.
Therefore, in line with its Global Structured Finance Rating
Criteria, Fitch has made projections of the portfolio's expected
future performance based on the current circumstances, without
applying any additional stress.

Fitch has made projections for each variable individually
affecting the return of funds to noteholders. Late recoveries and
unjustified loss allocations are forecast to remain at zero as
observed since the call implying that allocated realised losses
to class D cannot be reversed. Further realised loss expectations
are based on the increasing share of longer outstanding
delinquencies also implying a lower chance for these loans to
return to performing. The new default potential remains
significant despite the seasoning of the pool, because the
reference pool is at EUR48 million compared with the class D
notes volume of EUR2.2 million.


Only funds from late recoveries and unjustified loss allocations
in the amount of previously allocated realised losses, while no
new losses are allocated, could lead to an upgrade of the class D
or E notes.


GREECE: IMF Urges Creditors to Provide Realistic Budget Targets
Mehreen Khan at The Financial Times reports that the
International Monetary Fund is keeping the pressure on in Greece.

According to the FT, having approved "in principle" a largely
symbolic cash injection for the country, the IMF is pressuring
its eurozone partners to provide more realistic budget targets
and ambitious debt relief as its price for involvement in the
Greek bailout.

Late on July 20, the IMF's executive board voted to give a
precautionary green light to a "standby arrangement" for Greece,
the FT relates.  This could see the fund provide EUR1.6 billion
to the country if it receives more guarantees over the
sustainability of its debt pile, the FT states.

The move was designed to reassure EU creditors of the fund's
continued involvement in the debtor country after seven years of
bailouts, according to the FT.

But the IMF repeated its long-standing warning that Greece's debt
remains "unsustainable", the FT notes.  The fund called for
"specific and credible assurances" from the eurozone about
measures to restructure Greece's debt pile, which stands at 180%
of GDP, the FT discloses.

Christine Lagarde, IMF managing director urged eurozone creditors
to scale down their demands on Greece, urging Brussels to reduce
an "ambitious" budget surplus target from 3.5% to 1.5% "as soon
as possible", the FT relays.

"As we have said many times, even with full program
implementation, Greece will not be able to restore debt
sustainability and needs further debt relief from its European
partners", Ms. Lagarde, as cited by the FT, said.  "Debt strategy
anchored in more realistic assumptions needs to be agreed".

The vote was widely expected to pass after the standby
arrangement was agreed between Ms Lagarde and eurozone finance
ministers in June, the FT notes.  Another board vote will need to
be held in order to release the funds, the FT says.


AQUILAE CLO II: Moody's Hikes Rating on Class E Notes from Ba2
Moody's Investors Service has upgraded the following notes issued
by Aquilae CLO II plc:

-- EUR15.3M Class D Deferrable Floating Rate Notes, due 2023,
    Upgraded to Aaa (sf); previously on Feb 2, 2017 Upgraded to
    Aa2 (sf)

-- EUR15M Class E Deferrable Floating Rate Notes, due 2023,
    Upgraded to A3 (sf); previously on Feb 2, 2017 Affirmed Ba2

Moody's has also affirmed the following notes:

-- EUR21.6M (Current outstanding balance of EUR8.0M) Class B
    Floating Rate Notes, due 2023, Affirmed Aaa (sf); previously
    on Feb 2, 2017 Affirmed Aaa (sf)

-- EUR17.1M Class C Deferrable Floating Rate Notes, due 2023,
    Affirmed Aaa (sf); previously on Feb 2, 2017 Affirmed
    Aaa (sf)

-- EUR8M Class Y Combination Notes, due 2023, Affirmed Aaa (sf);
    previously on Feb 2, 2017 Affirmed Aaa (sf)

-- EUR1.5M Class Z Combination Notes, due 2023, Affirmed Aaa
    (sf); previously on Feb 2, 2017 Affirmed Aaa (sf)

Aquilae CLO II p.l.c. issued in November 2006, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield senior secured European loans. The
portfolio is managed by Henderson Global Investors Ltd. The
transaction's reinvestment period ended in January 2013.


The rating actions on the notes are primarily the result of the
expected deleveraging of Classes B, C and D notes at the next
payment date later this month, using the cash that has
accumulated since last rating action. The expected repayment of
the notes will lead to a full repayment of Classes B and C and
higher over-collateralisation (OC) levels of Classes D and E.
According to June 2017 trustee report the OC ratios of Class B,
C, D and E are 775.2%, 247.2%, 153.5% and 112.0%, compared to
275.7%, 176.1%, 133.1% and 107.4% in January 2017.

The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the
Class Z notes, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date plus a
rated coupon of 0.13% per annum, accrued on the rated balance on
the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal. For the Class Y 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 trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR32.9M, principal proceeds balance of EUR27.1
million, defaulted par of EUR5.5 million a weighted average
default probability of 15.43% over a 3.7 weighted average life
(consistent with a WARF of 2472), a weighted average recovery
rate upon default of 48.1% for a Aaa liability target rating, a
diversity score of 6 and a weighted average spread of 3.5%.

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

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the

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

* 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.

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

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

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.

GLG EURO I: Fitch Affirms 'B-sf' Rating on Class F Notes
Fitch Ratings has assigned GLG Euro CLO I DAC's refinancing notes
final ratings and affirmed others as follows:

EUR181.0 million Class A1-R: assigned 'AAAsf'; Outlook Stable
EUR5.0 million Class A2-R: assigned 'AAAsf'; Outlook Stable
EUR18.1 million Class B1-R: assigned 'AAsf'; Outlook Stable
EUR12.0 million Class B2-R: assigned 'AAsf'; Outlook Stable
EUR19.0 million Class C-R: assigned 'Asf'; Outlook Stable
EUR14.8 million Class D-R: assigned 'BBBsf'; Outlook Stable
EUR19.2 million Class E: affirmed at 'BBsf'; Outlook Stable
EUR7.0 million Class F: affirmed at 'B-sf'; Outlook Stable

GLG Euro CLO I DAC is a cash flow collateralised loan obligation
securitising a portfolio of mainly European leveraged loans and
bonds. The transaction closed in April 2015 and is still in its
reinvestment period, which is set to expire in April 2019. The
portfolio is managed by GLG Partners LLP.

The issuer has issued new notes to refinance part of the original
liabilities. The refinancing notes bear interest at a lower
margin over EURIBOR than the notes being refinanced. The original
notes have been redeemed in full as a consequence of the

In addition, the issuer has extended the weighted average life
(WAL) covenant to 6.75 years (rounded to the nearest quarter)
from 5.75 years and updated the Fitch test matrix. The remaining
terms and conditions of the refinancing notes, including
seniority, are the same as the refinanced notes. Fitch has
analysed the transaction in line with the new WAL covenant and
the ratings assigned to the non-refinanced notes have not been
impacted by this amendment and have therefore been affirmed.


Reduced WAL
The current portfolio WAL is 5.40 years, but the maximum WAL test
has been extended to 6.75 years compared with the WAL covenant of
8 years set at closing, lowering Fitch's default assumptions at
all rating stresses. In combination with the key rating drivers
discussed below this has led to lower breakeven recovery rates in
the Fitch Test Matrix.

Reduced Cost of Funding
The lower liability spreads have resulted in a lower weighted
average cost of funding and as a result the transaction benefits
from higher excess spread.

'B'/'B-' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the
underlying portfolio to be in the 'B'/'B-' range. The Fitch
weighted average rating factor of the current portfolio is 34.2,
below the maximum covenant of 34.

High Recovery Expectations
The portfolio comprises a minimum 90% senior secured obligations.
The weighted average recovery rate (WARR) of the current
portfolio is 66.2%, above the current WARR covenant of 65.4%.

Limited Interest Rate Risk
Interest rate risk is naturally hedged for most of the portfolio,
as fixed-rate liabilities and assets represent 5.5% and between
0% and 10% of the target par amount, respectively.


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

HOUSE OF EUROPE: Moody's Raises Rating on Cl. A2 Notes to Caa3
Moody's Investors Service has upgraded the ratings on notes
issued by House of Europe Funding IV PLC:

EUR 740,000,000 Class A1 House of Europe Funding IV PLC Floating
Rate Notes due 2090 (current outstanding balance of

EUR43,247,390.46), Upgraded to Aaa (sf); previously on December
22, 2016 Upgraded to Aa1 (sf)

EUR 130,000,000 Class A2 House of Europe Funding IV PLC Floating
Rate Notes due 2090, Upgraded to Caa3 (sf); previously on
March 22, 2010 Downgraded to Ca (sf)

House of Europe Funding IV PLC, issued in September 2005, is a
collateralized debt obligation backed primarily by a portfolio of
European RMBS, CMBS and CDOs originated in 2002-2008.


These rating actions are due primarily to the deleveraging of the
senior notes and an increase in the transaction's over-
collateralization (OC) ratios since December 2016. The Class A1
notes have paid down by approximately 40.8%, or EUR 29.8 million,
since that time. Based on Moody's calculation, the OC ratios for
the Class A1 and A2 notes improved to 371.28% and 92.68%,
respectively, versus 255.44% and 91.93% in December 2016.

Nevertheless, the credit quality of the portfolio has
deteriorated since December 2016. Based on Moody's calculation,
the weighted average rating factor (WARF) of the portfolio is
currently 1879 compared to 1427 in December 2016.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs," published in June 2017.

Factors That Would Lead To an Upgrade or Downgrade of the

This transaction is subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade
of the ratings, as described below:

1) Macroeconomic uncertainty: Primary causes of uncertainty about
assumptions are the extent of any deterioration in either
consumer or commercial credit conditions and in the commercial
and residential real estate property markets. Commercial real
estate property market is subject to uncertainty about general
economic conditions including commercial real estate prices,
investment activities, and economic performances. The residential
real estate property market's uncertainties include housing
prices; the pace of residential mortgage foreclosures, loan
modifications and refinancing; the unemployment rate; and
interest rates.

2) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from principal proceeds, recoveries from
defaulted assets, and excess interest proceeds will continue and
at what pace. Faster than expected deleveraging could have a
significantly positive impact on the notes' ratings.

3) Amortization profile assumptions: Moody's modeled the
amortization of the underlying collateral portfolio based on its
assumed weighted average life (WAL). Regardless of the WAL
assumption, due to the sensitivity of amortization assumption and
its impact on the amount of principal available to pay down the
notes, Moody's supplemented its analysis with various sensitivity
analysis around the amortization profile of the underlying
collateral assets.

4) Recovery of defaulted assets: The amount of recoveries
received from defaulted assets reported by the trustee and those
that Moody's assumes as having defaulted as well as the timing of
these recoveries create additional uncertainty. Moody's analyzed
defaulted assets assuming limited recoveries, and therefore,
realization of any recoveries exceeding Moody's expectation in
the future would positively impact the notes' ratings.

Loss and Cash Flow Analysis:

Moody's applies a Monte Carlo simulation framework in Moody's
CDROM(TM) to model the loss distribution for SF CDOs. The
simulated defaults and recoveries for each of the Monte Carlo
scenarios define the reference pool's loss distribution. Moody's
then uses the loss distribution as an input in the CDOEdge(TM)
cash flow model.

In addition to the base case analysis, Moody's also conducted
sensitivity analyses to test the impact of a number of default
probabilities on the rated notes. Below is a summary of the
impact of different default probabilities (expressed in terms of
WARF) on all of the rated notes (by the difference in the number
of notches versus the current model output, for which a positive
difference corresponds to lower expected loss):

Ba1 and below ratings notched up by two rating notches (1158):

Class A1: +1

Class A2: 0

Class B: 0

Class C: 0

Class D: 0

Class E: 0

Ba1 and below ratings notched down by two notches (2290):

Class A1: 0

Class A2:0

Class B: 0

Class C: 0

Class D: 0

Class E: 0

OAK HILL III: Fitch Assigns B- Rating to Class F-R Notes
Fitch Ratings has assigned Oak Hill European Credit Partners III
Designated Activity Company refinancing notes final ratings,:

EUR1.5 million class X: 'AAAsf'; Outlook Stable
EUR222.2 million class A-1R: 'AAAsf'; Outlook Stable
EUR15.8 million class A-2R: 'AAAsf'; Outlook Stable
EUR25.5 million class B-1R: 'AAsf'; Outlook Stable
EUR15.8 million class B-2R: 'AAsf'; Outlook Stable
EUR8.7 million class B-3R: 'AAsf'; Outlook Stable
EUR22.5 million class C-R: 'Asf'; Outlook Stable
EUR20 million class D-R: 'BBBsf'; Outlook Stable
EUR28 million class E-R: 'BBsf'; Outlook Stable
EUR12 million class F-R: 'B-sf'; Outlook Stable

Oak Hill European Credit Partners III Designated Activity Company
is a cash flow collateralised loan obligation (CLO) securitising
a portfolio of mainly European leveraged loans and bonds. Net
proceeds from the issue of the notes are being used to refinance
the current outstanding notes. The portfolio is managed by Oak
Hill Advisors (Europe), LLP.


'B'/'RR3' Average Credit Quality
The average credit quality of the current portfolio is in the 'B'
category, as based on Fitch ratings and credit opinions on the
obligors currently in the pool. The Fitch weighted average rating
factor (WARF) of the current portfolio is 32.7, below the maximum
covenant for ratings of 35. The Fitch weighted average recovery
rate (WARR) of the current portfolio is 68.45, which is in line
with an average 'RR3' Recovery Rating, and above the minimum
covenant of 64.1.

No Top 10 Obligor Limit
The transaction does not include a limit to top 10 obligor
concentration. However, it includes limits to the largest
industry exposure (17.5%) and top three largest industry
exposures (40%), which is in line with the market standard.

Partial Interest Rate Hedge
Between 0% and 12.5% of the portfolio can be invested in fixed-
rate assets, while fixed-rate liabilities account for 7.9% of
target par at closing. Two years after closing, the class A-2R
notes will start paying a floating rate of interest, reducing the
share of fixed-rate liabilities to 4% of target par. The
transaction is thus partially hedged against rising interest

Unhedged Non-Euro Assets Exposure
The transaction is allowed to invest up to 2.5% of the portfolio
in unhedged non-euro-denominated assets, subject to principal
haircuts. The manager can only invest in unhedged assets if,
after the applicable haircuts, the aggregate balance of the
assets is above the reinvestments target par balance. The manager
is also allowed to invest up to 30% of the portfolio in non-euro-
denominated assets but only if hedged with perfect asset swaps.


The issuer has amended the capital structure and introduced the
new class X notes, ranking pari passu and pro-rata to the class
A-R notes. Principal on these notes is scheduled to amortise in
equal instalments during the first four payment dates. Class X
notional is excluded from the over-collateralisation tests
calculation, but a breach of these tests will divert interest and
principal proceeds to the repayment of the class X notes.

The transaction features a four-year reinvestment period, which
is scheduled to end in July 2021. The legal final maturity is
July 2030.


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

TORO EUROPEAN CLO 4: Moody's Assigns B2 Rating to Class F-R Notes
Moody's Investors Service has assigned definitive ratings to nine
classes of notes (the "Refinancing Notes") issued by Toro
European CLO 4 Designated Activity Company ("Toro 4" or the
"Issuer"), formerly known as Toro European CLO 1 Designated
Activity Company:

-- EUR 1,750,000 Class X-R Secured Floating Rate Notes due 2030,
    Definitive Rating Assigned Aaa (sf)

-- EUR 240,000,000 Class A-R Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR 19,500,000 Class B-1-R Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 13,000,000 Class B-2-R Secured Fixed Rate Notes due 2030,
    Definitive Rating Assigned Aa2 (sf)

-- EUR 15,000,000 Class B-3-R Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR 25,000,000 Class C-R Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR 20,750,000 Class D-R Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR 26,500,000 Class E-R Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR 10,500,000 Class F-R Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned B2 (sf)


Moody's ratings of the notes address the expected loss posed to
noteholders. The ratings reflect the risks due to defaults on the
underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.

The Issuer has issued the Refinancing Notes in connection with
the refinancing of the following classes of notes: Class A Notes,
Class B Notes, Class C Notes, Class D Notes, Class E Notes and
Class F Notes due 2028 (the "Original Notes"), previously issued
on September 12, 2014 (the "Original Closing Date"). On the
Refinancing Date, the Issuer will use the proceeds from the
issuance of the Refinancing Notes to redeem in full its
respective Original Notes. On the Original Closing Date, the
Issuer also issued one class of subordinated notes totalling
EUR33M, which will remain outstanding. On the Refinancing Date,
an additional class of subordinated notes totalling EUR5.3M was
also issued.

Toro 4 is a managed cash flow CLO with a target portfolio made up
of EUR 400,000,000 par value of mainly European corporate
leveraged loans. At least 90% of the portfolio must consist of
senior secured loans, senior secured bonds and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans, unsecured loans, mezzanine obligations and high yield
bonds. The portfolio may also consist of up to 10% of fixed rate
obligations. The portfolio is expected to be 78% ramped up as of
the closing date and to be comprised predominantly of corporate
loans to obligors domiciled in Western Europe.

Chenavari Credit Partners LLP (the "Manager") manages the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the
transaction's four-year reinvestment period. Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk and
credit improved obligations, and are subject to certain

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

Loss and Cash Flow Analysis:

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

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

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

Performing par and principal proceeds balance: EUR400,000,000

Diversity Score: 36

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4% and 5.00%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8 years

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the

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

Stress Scenarios:

Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the 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% (from 2900 to 3335)

Rating Impact in Rating Notches:

Class X-R Notes: 0

Class A-R Notes: 0

Class B-1-R Notes: -2

Class B-2-R Notes: -2

Class B-3-R Notes -2

Class C-R Notes: -2

Class D-R Notes: -2

Class E-R Notes: -1

Class F-R Notes: 0

Percentage Change in WARF -- increase of 30% (from 2900 to 3770)

Rating Impact in Rating Notches:

Class X-R Notes: 0

Class A-R Notes: -1

Class B-1-R Notes: -3

Class B-2-R Notes: -3

Class B-3-R Notes -3

Class C-R Notes: -4

Class D-R Notes: -2

Class E-R Notes: -2

Class F-R Notes: -2


* Sweden Weighs EU Membership Following Italy Bank Rescues
Frances Schwartzkopff at Bloomberg News reports that as Sweden
weighs the pros and cons of joining Europe's banking union, the
Nordic country says Italy's decision to involve taxpayers isn't

After months of deliberations, Italy said in June it will tap
state coffers to pay for the wind-down of Banca Popolare di
Vicenza SpA and Veneto Banca SpA, Bloomberg recounts.  Italy is
also using a provision in Europe's new resolution rules to
channel public money into Banca Monte dei Paschi di Siena SpA,
Bloomberg discloses.

In Sweden, banks face some of the region's strictest requirements
on passing losses on to unsecured bondholders, Bloomberg notes.

"There is a concern in Sweden that if we are joining, we would
have to take responsibility for banks and financial sectors in
other countries where perhaps we feel that the actors haven't
taken the responsibility we have in Sweden," Bloomberg quotes
Per Bolund, Sweden's financial markets minister, as saying in a
phone interview.  "There are quite substantial risks with non-
performing loans in central, and above all, southern Europe."

Mr. Bolund, as cited by Bloomberg, said Spain's application of
Europe's Bank Recovery and Resolution Directive was a step in the
right direction, but still left Sweden with concerns about
Italy's taxpayer-funded approach.  He also cautioned against
interpreting Sweden's review of bank-union membership as a first
step toward ditching the krona, Bloomberg relays.

"This doesn't mean that Sweden is re-evaluating its position
toward euro membership," Bloomberg quotes Mr. Bolund as saying.
"That is not a discussion that is on the table in Sweden at the

Mr. Bolund says his country won't join Europe's banking union if
it means being saddled with others' failures to deal with non-
performing loans in a timely fashion, Bloomberg discloses.

According to Bloomberg, Sweden's government said it will review
the merits of joining the banking union, in part to cope with
risks stemming from Nordea Bank AB.


HALYK SAVINGS: S&P Affirms 'BB/B' Counterparty Credit Ratings
S&P Global Ratings affirmed its 'BB/B' long- and short-term
counterparty credit ratings on Halyk Savings Bank of Kazakhstan
(Halyk Bank). The outlook is negative. S&P said, "We also
affirmed our 'kzA' Kazakhstan national scale rating on the bank.

"At the same time, we raised our long-term counterparty credit
rating on Kazkommertsbank JSC (KKB) to 'B+' from 'B-'. The
outlook is negative. We affirmed 'B' short-term counterparty
credit rating on KKB. We also raised our Kazakhstan national
scale rating on the bank to 'kzBBB-' from 'kzB+'.

"We removed all the ratings on Halyk Bank and KKB from
CreditWatch, where they were placed on June 14, 2017 (see
"Kazakhstan-Based Halyk Bank And Kazkommertsbank Ratings Now On
CreditWatch On Very High Likelihood Of Acquisition," published on

The rating actions follow the completion of Halyk Bank's
acquisition of 96.8% of KKB's common shares on July 5, 2017.
Halyk Bank now has control over KKB.


S&P said, "Our upgrade of KKB reflects our view that the
acquisition has strengthened its capitalization and that the bank
now has a strategically important status within Halyk Group. We
believe Halyk Bank would provide support to KKB in case of need.

"We believe that KKB's capital and earnings profile has
strengthened, despite the creation of significant additional
provisions in June-July 2017, based on a number of measures that
include the following: a Kazakhstani tenge (KZT) 185 billion
($0.6 billion) capital injection by Halyk Bank on July 12, 2017;
the significant reduction of its risk-weighted assets following
repayment by JSC BTA Bank of its KZT2.4 trillion loan to KKB due
to the government funds received by BTA from the Problem Loans
Fund (PLF); and recording a capital gain of KZT170 billion due to
revision of the terms of the PLF deposit (including extension of
its maturity and lowering the interest).

"As a result of the abovementioned measures, we have revised our
assessment of KKB's capital and earnings to weak from very weak.
We expect our risk-adjusted capital (RAC) ratio to be about 3.5%-
4.0% following the acquisition and to possibly increase to
slightly above 4% by year-end 2018. We expect KKB to still have
limited capital buffers in the next two years, due to weak
internal earnings generation and no further capital injections
currently planned by Halyk Bank despite our expectation of a
likely contracting balance sheet. Consequently, KKB's ability to
absorb future loan losses remains restricted, especially in view
of its high single-name concentrations and high concentrations in
real estate construction and development.

"We continue to assess KKB's business position as moderate. This
assessment balances its market position as the second-largest
bank in Kazakhstan by loans and retail deposits, with market
shares of about 11% and 16% and 223 branches, with its less
certain new strategy under Halyk Bank's ownership and the
untested track record of its new management team (in place since
July 2017) in turning around the bank. The management team
appointed by Halyk Bank inherited the bank with the long track
record of unsuccessfully struggling with a large amount of legacy
problem loans. These were generated through excessive involvement
in financing speculative investments in construction and real
estate prior to the 2008 crisis by KKB itself and BTA, a failed
bank that KKB acquired in 2014. Despite several changes of
management in the past 10 years and a change of ownership in
2014, KKB has not managed to meaningfully recover its problem
loans. Turning the bank around will be a serious test for the
newly appointed management team and Halyk Bank.

"We consider KKB's risk position weak, compared with other banks
in countries with the same economic risk as Kazakhstan,
reflecting the bank's high exposure to construction and real
estate on its loan books at about one-third of total loans, high
single-name concentrations, and a very high share of
nonperforming loans (NPLs; loans over 90 days overdue) at above
40% of the total remaining loan book, according to our estimates.
The NPLs were covered by specific provisions by about 82%. We
believe that Halyk Bank will unlikely need to create significant
additional provisions in the next 12 months because the bank
considers that KKB was adequately provisioned at acquisition."

At the same time, S&P positively views the following changes to
the bank's risk position, which happened as part of the

BTA repaid its KZT630 billion and $5.6 billion credit line. KKB
wrote off the remaining BTA exposure of KZT64.8 billion. BTA
exposure accounted for about 58% of KKB's gross loans prior to
the acquisition. Repayment substantially decreased KKB's risk-
weighted assets, which had a positive impact on the capital
requirements at KKB. KKB acknowledged the low asset quality of
its loan book and created large additional provisions increasing
the provisioning levels to about 55% of total loans. S&P said,
"We view Halyk Bank together with newly acquired KKB as having
high systemic importance in Kazakhstan, and we consider the
government to be supportive of the domestic banking sector. Our
assessment of the systemic importance of the combined entity
reflects its size as the largest banking group by assets and by
retail deposits, and the important role the combined bank plays
in financing the economy and servicing a significant number of
corporate and retail clients. We therefore think that the
government will likely provide support to Halyk Bank and KKB in
case of need to maintain stability of the banking sector. For
KKB, we believe that such support would be provided through Halyk

"We view KKB as a strategically important subsidiary of Halyk
Bank, taking into account its significant size and franchise,
especially in retail business, as well as cross-default
provisions in Halyk Bank's Eurobonds documentation with regards
to its material subsidiaries. We therefore expect Halyk Bank to
provide support to its newly acquired subsidiary in the case of
need. We believe that KKB will more likely receive support from
the group rather than directly from the government, and not from
both. Thus, we incorporate three notches above KBB's stand-alone
credit profile (SACP) into its ratings to reflect the potential
group support."

Halyk Bank

S&P said, "The affirmation of our ratings on Halyk Bank following
the acquisition of KKB reflects our expectation that the pressure
on its SACP immediately after the acquisition will be largely
offset by the government support provided as a part of the
acquisition agreement between the government and all parties
involved. Additionally, we expect that the government will likely
provide additional support to the combined group in case of need
in order to maintain stability of the banking sector, given its
high systemic importance in the banking system of Kazakhstan.

"We revised our assessment of Halyk Bank's SACP to 'bb-' from
'bb', reflecting pressure on its capitalization from the
acquisition of undercapitalized KKB, deterioration of its risk
profile due to acquisition of KKB, a bank with significantly
weaker credit quality, as well as further integration risks.

"We still see Halyk Bank's business position as strong, supported
by solid market shares of the combined group that we currently
estimate at around 38% by total assets, loans, and retail
deposits, and a wide network of more than 700 branches (combined,
Halyk and KKB) throughout the country. However, we believe that
the integration of KKB may be a challenge for Halyk Bank, taking
KKB's much weaker credit standing into account and the still-weak
economic conditions in Kazakhstan. Halyk Bank's management has
yet to demonstrate that it is able to establish sound internal
control and risk-management systems in KKB, and turn it into a
sustainable profit generating business. We could revise our
assessment of Halyk Bank's business position downwards if we
considered that the group's currently strong profitability and
business stability deteriorates materially due to the

"We revised our assessment of Halyk Bank's capital and earnings
assessment to moderate from adequate to reflect the pressure on
consolidated group's capital adequacy from the acquisition of
undercapitalized KKB. We therefore now forecast that the group's
RAC ratio will be in the range of 5.5%-6.5% during the next 12-18
months, down from 9.3% that Halyk Bank had at the end of 2016. We
expect the group's credit costs to be around 2.3%-2.5% in the
next 12-18 months, assuming that additional provisions created as
part of the deal are sufficient to address KKB's asset quality.
We anticipate no lending growth for the group in 2017, since we
assume that the two banks will be busy with the integration
process. We think that the group might restart some lending, with
loan growth of about 3%-5% per year in 2018-2019, which is in
line with the projected sector average. Although we expect the
group to show positive financial results in 2017, its return on
equity will likely decline from the 22% it posted in 2016,
however, staying above 10%.

"We also believe that Halyk Bank's risk profile weakened
following the acquisition, reflecting the risks related to KKB's
high exposure to the problem real estate and construction sector,
high single-name exposures, and substantially worse asset
quality. We estimate consolidated group's NPLs at about 23%-25%
of total loans. To some extent, this is mitigated by the overall
provisions coverage levels of 118%-127% (post-acquisition). We
understand that Halyk Bank will aim to bring down consolidated
NPLs. We expect the share of NPLs to decrease to around 15% of
total loans in the next two years through writing down and
restructuring problem loans at KKB.

"We believe that Halyk Bank's consolidated funding profile
remains strong. The group's joint market share in retail deposits
was around 38% as of June 1, 2017. We estimate that around 80% of
the group's consolidated funding comes from customer deposits,
including around KZT700 billion (around 9% of total funding)
provided by state organizations under state development programs.
We expect both retail deposits and government-related funding to
remain stable due to the strong brand recognition, solid market
positions of the banks, and established connections with cash-
rich government-related entities (GREs).

"We expect Halyk Bank's liquidity to remain adequate, since the
group has ample liquidity buffers combining liquid assets of
Halyk Bank and currently excess liquidity at KKB following the
repayment of BTA loan. We estimate that consolidated liquid
assets amounted to one-half of consolidated total assets
following the acquisition. We assume that the group will utilize
this liquidity gradually to repay the most expensive liabilities
and moderately increasing lending starting from next year.

"We view Halyk Bank (together with newly acquired KKB) as having
high systemic importance in Kazakhstan, and therefore include one
notch of uplift in the ratings above its SACP."


S&P said, "The negative outlook on KKB reflects the negative
outlook on its parent, Halyk Bank, and our view that Halyk Bank's
ability to provide support to KKB may reduce if Halyk Bank's own
creditworthiness deteriorates significantly. It also reflects
pressure on KKB's capitalization from possible creation of
significant additional provisions in the next 12 months. We could
take a negative rating action in the next 12 months if we
observed material deterioration in KKB's asset quality, creation
of significant additional provisions, or fast asset growth not in
line with its capitalization levels. This could significantly
weaken its capital buffers, resulting in the projected RAC ratio
declining to below 3%. Weaker-than-expected ties with Halyk Bank
and potential support could also cause us to review KKB's group
status and reduce the notches of group support that we current
factor in our ratings on KKB. We could revise the outlook to
stable in the next 12 months if we revise the outlook on Halyk
Bank to stable, assuming that at the same time KKB's credit
profile does not deteriorate and Halyk Bank's support does not
diminish. We would view positively significant improvements in
KKB's asset quality closer to peers' levels through recovery,
write off, or sale of its legacy problem loans, and improvements
in its profitability through improved interest received, net
interest margin, and costs optimization.

"A substantial strong track record of financial and management
support from Halyk Bank and the successful integration of KKB
coupled with performance in line with our expectations might lead
us to revise upward our assessment of KKB's group status, which
could positively impact our ratings on the bank, all else
remaining equal."

Halyk Bank

S&P said, "The negative outlook on Halyk Bank reflects the risks
related to integration of KKB, which we envisage to be
particularly challenging in the next 12 months in view of KKB's
significantly weaker credit profile and the tight operating
conditions for banks in Kazakhstan.

"We would lower our ratings on Halyk Bank in the next 12 months
if we considered that the combined banking group is unable to
work out KKB's legacy problem assets reasonably quickly,
resulting in significant pressure on Halyk Bank's profitability
and stability of its earnings. We would also take a negative
rating action if Halyk Bank were to create loan-loss provisions
significantly above the level that we currently anticipate or
incurred other unexpected losses that would lead to our RAC ratio
falling below 5% on a consolidated basis.

"We could revise the outlook on Halyk Bank to stable in the next
12 months if the combined bank demonstrated the ability to turn
around KKB and maintain sound operating performance, resulting in
a RAC ratio sustainably above 7%. We would also need to see
sustainable improvement of the asset quality of KKB and of Halyk
Bank on a consolidated level, with NPLs gradually decreasing to
levels comparable with peer banks, that is to below 15% of total
loans on a consolidated basis."


AI AQUA: S&P Affirms 'B' Corporate Credit Rating, Outlook Stable
S&P Global Ratings affirmed its 'B' corporate credit rating on
Luxembourg-based parent company AI Aqua The outlook is

S&P said, "At the same time, we assigned our 'B' issue-level
rating and '3' recovery rating to the company's proposed US$335
million incremental first-lien term loan due 2023. The '3'
recovery rating indicates our expectation for meaningful (50%-
70%; rounded estimate 60%) recovery in the event of a payment

"In addition, we affirmed the 'B' issue-level rating on the
company's existing first-lien financing (comprising a $75 million
revolver due 2021, a $300 million term loan due 2023, and a
EUR70.4 million term loan due 2023). The recovery rating remains

"Also, we affirmed the 'CCC+' issue-level rating to the second-
lien term loandue 2024. The recovery rating remains '6',
indicating our expectation for negligible (0%-10%; rounded
estimate 0%) recovery in the event of a payment default.

"AI Aqua expects to use proceeds from the debt offering as well
as an equity infusion from former sponsor owner Centerbridge
Partners to buy Zip Holdings Ltd., repay outstanding revolver
borrowings, refinance the first-lien euro tranche, and pay
estimated fees and expenses.

"Pro forma for this offering, we estimate the company will have
roughly $865 million in total reported debt outstanding at the
close of the transaction.

"The 'B' rating reflects our view of AI Aqua's capital structure
following its acquisition of Zip Holdings. We estimate pro forma
debt leverage for this transaction at near 7.5x at closing,
remaining above 7x at the end of fiscal 2017, and improving to
less than 7.0x by the end of fiscal 2018, primarily from organic
EBITDA growth as well as the additional growth from the Zip
Holdings acquisition. The acquisition expands the company's
geographic presence into Australia, New Zealand, and the U.K.
while also expanding its product offerings with Zip's flagship
HydroTap, as well as increasing penetration into commercial and
consumer end-markets. However, the company's business still
remains narrowly focused in water treatments, albeit with leading
positions and good brand awareness across several geographies,
participation in a highly competitive industry with other
regional players,and exposure to economic cycles and
environmental water concerns.

"The outlook is stable. We forecast credit measures to improve
modestly as profitability grows organically from increased
franchise and industrial business revenues as well as increased
market penetration through its acquisition of Zip, resulting in
leverage of less than 7x by fiscal year-end 2018.

"We could consider a lower rating if operating performance
deteriorates, resulting in debt to EBITDA above 8x. Such a
scenario could occur if the company loses successful dealers and
the associated royalty streams, or in case of increased
competition in its fragmented markets. Gross margins would need
to decline over 200 basis points for leverage to rise to 8x.
Leverage above 8x could also be the result of a debt-financed
acquisitions or shareholder distributions.

"We could raise the ratings if the company successfully reduced
leverage tobelow 5x and demonstrated a commitment to maintaining
such levels. Such an event is unlikely giving the majority
ownership of financial sponsor Advent International."


CONTEGO CLO II: Fitch Rates EUR10.8MM Class F-R Notes 'B-'
Fitch Ratings has assigned Contego CLO II B.V. refinancing notes
expected ratings:

EUR209.5 million Class A-R: 'AAA(EXP)sf'; Outlook Stable
EUR37.6 million Class B-R: 'AA(EXP)sf'; Outlook Stable
EUR24.25 million Class C-R: 'A(EXP)sf'; Outlook Stable
EUR16.25 million Class D-R: 'BBB(EXP)sf'; Outlook Stable
EUR23.4 million Class E-R: 'BB(EXP)sf'; Outlook Stable
EUR10.8 million Class F-R: 'B-(EXP)sf'; Outlook Stable

Contego CLO II B.V. is a cash flow collateralised loan obligation
securitising a portfolio of mainly European leveraged loans and
bonds. The transaction closed in November 2014 and is still in
its reinvestment period, which is set to expire in November 2018.
The portfolio is managed by Five Arrows LLP, a subsidiary of N.M.

The issuer will issue new notes to refinance the original
liabilities. The refinancing notes bear interest at a lower
margin over EURIBOR than the notes being refinanced. The original
notes will be redeemed in full as a consequence of the

In addition, the issuer will extend the weighted average life
(WAL) covenant to seven years (rounded to the nearest quarter)
from 5.25 years and update the Fitch Test Matrix. The remaining
terms and conditions of the refinancing notes, including
seniority, will remain the same as the refinanced notes.

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


Reduced Weighted Average Life
While the current portfolio WAL is 5.57 years, the maximum WAL
test has been extended to seven years compared with the WAL
covenant of eight years set at closing, thus resulting in lower
Fitch default assumptions at all rating stresses. In combination
with the key rating drivers below this has led to lower breakeven
recovery rates in the Fitch Test Matrix.

Reduced Cost of Funding
Lower liability spreads have resulted in a lower weighted average
cost of funding and as a result the transaction benefits from
higher excess spread.

'B'/'B-' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the
underlying portfolio to be in the 'B'/'B-' range. The Fitch
weighted average rating factor (WARF) of the current portfolio is
31.6, below the current maximum covenant of 34.

High Recovery Expectations
The portfolio comprises a minimum of 90% senior secured
obligations. The weighted average recovery rate (WARR) of the
current portfolio is 67.7%, compared with a breakeven WARR at the
indicative pricing point of 63.5%.

Limited Interest Rate Risk
Interest rate risk is naturally hedged for most of the portfolio
as fixed-rate assets represent only between 0% and 2.5% of the
target par amount.


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

JUBILEE CDO V: S&P Lowers Ratings on 2 Note Classes to 'B+ (sf)'
S&P Global Ratings lowered its credit ratings on Jubilee CDO V
B.V.'s class C, D-1, and D-2 notes. S&P said, "At the same time,
we have affirmed our rating on the class B notes.

"The rating actions follow our review of the transaction's
performance since our Aug. 25, 2016 review (see "Various Rating
Actions Taken In Cash Flow CLO Transaction Jubilee CDO V
Following Review"). In that time, the transaction has repaid the
outstanding class A-1B and A-2 notes, and partially amortized the
class B notes.

"We performed a credit and cash flow analysis and assessed the
support that each participant provides to the transaction by
applying our current counterparty criteria (see "Counterparty
Risk Framework Methodology And Assumptions," published on June
25, 2013).

"In performing our analysis, we excluded an "Obligations
Remboursables en Actions" (ORA) bond issued by Novartex and two
loan tranches issued by Van Gansewinkel Groep B.V. (also known as
Blue Waste B.V.), based on our analysis of their terms and
conditions. As was the case in our previous review, we have
treated exposures to Truvo N.V.--and its operating subsidiary
Talon PIKco N.V.--as well as Fraiken Groupe, as defaulted.

"Our review of the transaction highlighted that, although the
portfolio has amortized, the available credit enhancement for the
class D-1 and D-2 notes has fallen since our previous review. In
addition, concentration in the portfolio has significantly
increased, in terms of both the number of assets and exposure to
the largest positions. Due to amend-to-extend activity, we now
calculate that the portfolio has 17.6% exposure to assets that
mature beyond the transaction's final maturity date.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes at each rating level. In our analysis, we used the reported
portfolio balance that we considered to be performing (EUR110
million, down from EUR174 million in our previous review), the
weighted-average spread, and the weighted-average recovery rates
for the performing portfolio. We applied various cash flow stress
scenarios, using our standard default patterns in conjunction
with different interest stress scenarios for each liability
rating category."

Non-euro-denominated assets comprise 2% of the performing
collateral balance. These assets are hedged by a cross-currency
swap agreement. S&P said, "In our opinion, the documentation does
not fully reflect our current counterparty criteria. While we
have taken this into account in our cash flow modeling, given the
relatively small proportion of assets, this is not a rating

Due to repayments and defaults, the portfolio now comprises only
15 assets. As noted above, concentration in the largest assets is
relatively high, with the largest asset now making up 9.5% of the
performing asset balance (excluding cash) and the top five assets
contributing 38%. S&P said, "To take account of this
concentration risk, we have applied our standard supplemental
tests, including giving credit for excess spread, in line with
paragraphs 15-36 of our corporate collateralized debt obligation
(CDO) criteria (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Aug. 8,

"The results of our supplemental tests show that the class C, D-
1, and D-2 notes are significantly exposed to the concentration
risk in this transaction.

"The results of our credit and cash flow analysis indicate that
the available credit enhancement for the class B notes is
commensurate with the currently assigned rating of 'AAA (sf)'. We
have therefore affirmed our rating on this class of notes.

"Our cash flow analysis shows that the class C notes can support
a rating significantly higher than currently assigned. However,
the application of the supplemental tests implies a rating cap of
'BB+ (sf)' for this class of notes. That said, considering the
results of our cash flow analysis and the available credit
enhancement, we have made a one notch qualitative adjustment to
the supplemental test results, lowering to 'BBB- (sf)' from 'BBB+
(sf)' our rating on this class of notes.

"The class D-1 and D-2 notes are particularly sensitive to our
application of the supplemental tests, which imply a maximum
rating of 'CCC- (sf)' for both classes. However, given the
available credit enhancement and results of our cash flow
analysis, we consider a three-notch (one rating category)
downgrade as sufficient to reflect the increased concentration
and defaults experienced by the transaction. Accordingly, we have
lowered to 'B+ (sf)' from 'BB+ (sf)' our ratings on these classes
of notes."

Jubilee CDO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans granted to primarily European
speculative-grade corporate firms. Alcentra Ltd. manages the
transaction. The transaction closed in June 2005 and entered its
amortization period in August 2011.


  Class                Rating
               To                From

  Jubilee CDO V B.V.
  EUR555 Million Secured Floating- And Fixed-Rate Notes

  Rating Affirmed

  B            AAA (sf)

  Ratings Lowered

  C            BBB- (sf)         BBB+ (sf)
  D-1          B+ (sf)           BB+ (sf)
  D-2          B+ (sf)           BB+ (sf)


NORSKE SKOG: Moody's Cuts Probability of Default Rating to Ca-PD
Moody's Investors Service has downgraded the probability of
default rating (PDR) of Norske Skogindustrier ASA (Norske Skog)
to Ca-PD/LD from Caa3-PD. Concurrently, Moody's has affirmed
Norske Skog's corporate family rating (CFR) of Caa3. In addition,
Moody's has also affirmed the C rating of Norske Skog's global
notes due 2026 and 2033 and its perpetual notes due 2115, the
Caa2 rating of the senior secured notes issued by Norske Skog AS
and downgraded the rating of the global notes due 2021 and 2023
issued by Norske Skog Holdings AS to Ca from Caa3. The outlook on
the ratings remains stable.


The downgrade of the PDR to Ca-PD/LD from Caa3-PD reflects the
fact that Norske Skog did not pay the interest payment on its
senior secured notes issued by Norske Skog AS, even after the 30
day grace period had elapsed on 15 July. This constitutes an
event of default based on Moody's definition, in spite of the
existence of a standstill agreement with the debt holders
securing that an enforcement will not be made under the secured
notes due to non-payment of interest. In addition, the likelihood
of further events of defaults in the next 12-18 months remains
fairly high, as the company is also amidst discussions around an
exchange offer that would most likely involve equitisation of
debt, which the rating agency would most likely view as a
distressed exchange.

The affirmation of the Caa3 CFR reflects uncertainties about the
future evolution of Norske Skog's business and its capital
structure over the next 12 months, with options ranging from
filing for bankruptcy to a consensual restructuring that would
include a material reduction of its debt burden primarily through
the equitisation of debt. In the liquidation scenario the rating
agency expects that the family recovery could be below average
assumption of 50%, which would speak for a lower than Caa3 CFR.
In the consensual restructuring scenario more than a notch
upgrade from Caa3 CFR could be possible, if there is material
deleveraging to a more sustainable levels. The Caa3 CFR balances
that wide range of possible outcomes.

The C rating of Norske Skog's global notes due 2026 and 2033 and
its perpetual notes due 2115, the Caa2 rating of the senior
secured notes issued by Norske Skog AS and the Ca rating for the
global notes due 2021 and 2023 issued by Norske Skog Holdings AS
reflect their strength of security and relative ranking in the
loss given default waterfall, also taking into account
uncertainty around whether Norske Skog is able to restructure its
debt and to implement a more sustainable capital structure within
the next 12 months.


Upward pressure on the rating could arise should (i) Norske Skog
sustainably improve profitability at group level to aid the
deleveraging process, (ii) improve liquidity levels through
consistent and meaningful free cash flow generation through 2017-

Downward pressure over the ratings horizon could result from (i)
adverse market developments or operational problems resulting in
deteriorating financial performance, (ii) free cash flow
generation becoming negative; (iii) a weakened liquidity profile
including inability to procure liquidity resources (e.g. renewal
of securitization facilities), resulting in a heightened default



Issuer: Norske Skogindustrier ASA

-- LT Corporate Family Rating, Affirmed Caa3

-- Senior Subordinated Regular Bond/Debenture, Affirmed C

-- Senior Unsecured Regular Bond/Debenture, Affirmed C

Issuer: Norske Skog AS

-- Senior Secured Regular Bond/Debenture, Affirmed Caa2


Issuer: Norske Skog Holdings AS

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
from Caa3

Issuer: Norske Skogindustrier ASA

-- Probability of Default Rating, Downgraded to Ca-PD/LD from

Outlook Actions:

Issuer: Norske Skog AS

-- Outlook, Remains Stable

Issuer: Norske Skog Holdings AS

-- Outlook, Remains Stable

Issuer: Norske Skogindustrier ASA

-- Outlook, Remains Stable

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.


BANK VTB: Profitability Set to Improve, Moody's Says
Profitability at Bank VTB, JSC (LT LC bank deposits Ba1, stable)
is set to improve, as the Russian lender lowers its funding costs
through the increased use of retail deposits, says Moody's
Investors Service in a new report. A decline in provisioning
charges will also help earnings.

The report, "Bank VTB, JSC - Profitability to Improve as Funding
Costs and Provisioning Charges Ease," is now available on Moody's subscribers can access this report via
the link at the end of this press release. The research is an
update to the markets and does not constitute a rating action.

"VTB has benefited from a flight to quality among Russian
corporate and retail depositors, who have moved their accounts
from smaller banks to bigger, systemically important institutions
in recent years," said Petr Paklin, an Associate Vice President
at Moody's.

The lender is currently targeting an increase in the share of
retail deposits to 39% of liabilities by 2019, up from 27% at the
end of 2016 and, as a result of its efforts, VTB's funding costs
are currently falling faster than the yields on its interest-
bearing assets. The bank is shifting its funding away from more
costly central bank and interbank sources.

Moody's believes the trend will continue through 2017, supporting
the bank's net interest margin and boosting it to 3.7% this year,
from 3.4% in 2016.

VTB's loan book quality has also stabilized, as the Russian
economy has recovered, improving the operating environment for
its corporate clients. As a consequence, Moody's expects a steady
decline in the bank's overall problem loan ratio over the next 12
to 18 months.

The bank's capital buffer also remains robust following
government support in mid-2015 and late 2014. Moody's does not
expect any large-scale recapitalization measures this year given
these already robust buffers, and Russia's improving economy.

Nonetheless, VTB's risk profile remains negatively affected by
the relatively high single-name concentrations in its loan book,
reflecting its focus on corporate lending. This is a
characteristic the bank shares with its Russian peers. VTB's
total outstanding loans to its 20 largest borrowers stood at 250%
of the bank's Tier 1 capital at the end of 2016, compared with
the Russian sector average of 243%.

INTERNATIONAL BANK: S&P Affirms 'B-' Counterparty Credit Rating
S&P Global Ratings affirmed its 'B-' long-term counterparty
credit rating on International Bank of Saint-Petersburg (IBSP).
The outlook is negative.

S&P said, "At the same time, we raised our short-term
counterparty credit rating on IBSP to 'B' from 'C' and removed
the UCO designation following our criteria review. We placed the
rating under criteria observation on April 7, 2017, after we
published our revised methodology for linking long- and short-
term ratings.

"We affirmed the long-term rating because, in our view, the
recent and expected additional strengthening of IBSP's
capitalization balances the bank's failure to materially bolster
its business profile. Recent conversion of Russian ruble (RUB)
1.1 billion (about $19.5 million) of subordinated debt into
equity, and planned capital injections of an additional RUB1
billion in 2017-2018, are likely to keep the projected risk-
adjusted capital ratio above 6.3%. We consider this represents a
sufficient buffer against the bank's poor earnings capacity. As a
result, we now regard IBSP's capital and earnings as moderate
rather than weak.

"We note, however, that the risk of regulatory action remains
material, since the bank maintains exposure to nonresident
commodity traders, a type of exposure frowned upon by the Russian
Central Bank. Although we understand the bank plans to decrease
these exposures, failure to do so may result in additional
provisioning requirements in the medium term.

"Contrary to our earlier expectations, IBSP still has not
revitalized its business model owing to competitive pressure from
larger banks. Consequently, the bank's net interest margin stood
at -2.8% in 2016, and improved only modestly in the first half of
2017. Even if we add interest-like gains from swap operations,
the margin was barely positive as of June 30, 2017. We do not
expect profitability will strengthen significantly over the next
two years, and have therefore revised our assessment of IBSP's
business position to weak from moderate.

"Even though we still view IBSP's liquidity position as moderate,
predominantly due to relatively low coverage of short-term
customer deposits and a high share of available liquidity
concentrated in bonds of nonresident banks, we do not consider
liquidity to be an immediate threat. In particular, we note that
the bank has been slowly, but steadily building its liquidity
buffer, and its contingent liquidity sources have been steady
even during times of stress. We view the bank's funding profile
as average, although its concentrated deposit base could be a
source of risk in the next 12 months should there be considerable

The negative outlook on IBSP reflects the vulnerability of the
bank's franchise, concentrated lending and funding base, and
dependence on its owner's commitment to inject additional

S&P said, "We could lower the ratings in the next 12 months if
the expected capital increase of RUB1 billion does not
materialize in 2017 or 2018, if deposit outflows weaken the
bank's already moderate liquidity profile, or if the bank fails
to reduce its exposure to nonresident commodity traders or the
latter generates additional problem loans and provisioning needs.

"We could revise the outlook to stable in the next 12 months if
we see a material strengthening of IBSP's business profile, such
as through broader lending diversification, reduction of exposure
to nonresident risk, and recovery of profitability metrics. We
could also revise the outlook to stable if the bank's liquidity
strengthened significantly, and it reduced concentration in its
funding profile."

SISTEMA PJSFC: S&P Puts BB CCR on Watch Neg. on Liquidity Woes
S&P Global Ratings placed its 'BB' long-term corporate credit
rating on Russian investment holding company Sistema (PJSFC) on
CreditWatch with negative implications.

S&P said, "At the same time, we placed on CreditWatch Negative
our 'BB' issue rating on Sistema's $500 million senior unsecured

"The CreditWatch placement reflects our view that Sistema's
liquidity and leverage might weaken as a result of a Russian
ruble (RUB) 170 billion (about $3 billion) claim from Rosneft
related to Sistema's previous holding of a 79% stake in Bashneft
(not rated). Bashneft, currently owned by Rosneft, is a Russian
vertically integrated oil company that was Sistema's second-
largest asset in 2010-2014, along with telecom operator Mobile
TeleSystems (MTS). Rosneft is claiming the recovery of damages --
which it alleges were incurred as a result of reorganization of
Bashneft -- from Sistema and its subsidiary Sistema-Invest during
Sistema's ownership. The claim amounts to RUB170.6 billion
(adjusted for ruble depreciation).

"We acknowledge that there is still no certainty regarding the
outcome and timing of this court hearing. However, if the case
were decided in Rosneft's favor and damages paid in full, the
resulting $3 billion cash outflow, which is roughly equivalent to
one-third of the S&P Global Ratings' estimated value of Sistema's
portfolio (almost 40% of which is attributable to the MTS stake),
could create considerable pressure on Sistema's credit profile
and result in a multi-notch downgrade. We understand that Sistema
does not have sufficient liquidity on its balance sheet to meet
the full claim. We assume that, to do so, Sistema might need to
incur additional debt or sell some assets. Currently Sistema has
limited leeway to increase its loan-to-value (LTV) ratio within
the existing rating level, with the LTV currently in the 25%-30%
range, as per our estimates. If Sistema were to take on
additional debt or its value were to decrease, for example, as a
result of asset divestments, we would most likely revise our
financial risk profile assessment downward."

As of March 31, 2017, Sistema's reported debt (excluding the debt
of its investees) totaled RUB94.3 billion (about $1.6 billion),
40% of which comprised loans, 35% domestic bonds, and 25% the
outstanding amount (around $400 million) of the company's $500
million Eurobond due in May 2019. S&P said, "We also factor in
that Sistema had a liability of about $0.6 billion related to its
Indian asset Sistema Shyam TeleServices Ltd., and some
contingent liabilities. As of the same date, Sistema had
approximately RUB20.5 billion (around $340 million) in cash on
its balance sheet.

"We also foresee near-term pressure on Sistema's liquidity from a
potential reduction of dividend income. This might result from
the freeze of Sistema's 31.76% stake in MTS (out of the total
direct holding of 48.9% and an effective holding of 50.004%), its
100% stake in Medsi Group (a medical clinics chain), and its
90.47% of stake in Bashkir Power Grid Co., as part of the
security for the lawsuit filed by Rosneft. Sistema has appealed
the freeze under the court decision as well as the freeze over
dividends under the bailiff's decision, but it still does not
have access to the shares and the dividend stream from these
assets. In our estimates, the suspension of dividends from the
frozen shares would decrease the dividend flow to around $250-
million-$300 million from around $500 million per year, which are
currently mainly from MTS.

"We understand that the freezing of shares has also triggered
technical violation of nonfinancial covenants under some of
Sistema's debt instruments. Sistema said in its statement that
the current amount of these instruments is RUB3.9 billion ($65
million), and we understand the creditors now have a right to
trigger early repayment under some of them. We also cannot
exclude the likelihood of similar claims under some of Sistema's
other nonpublic debt. We understand that as of now Sistema has
sufficient cash to honor the existing claims even if the early
repayment clause is triggered by the lenders. As such, we
currently assume there will be no acceleration to other, more
material debt instruments. Sistema has announced that it is
servicing its obligations in a timely manner and in full, and
plans to continue doing so in the future.

"We expect to resolve the CreditWatch on Sistema when there is
more clarity about the implications of Rosneft's claim on
Sistema's liquidity and leverage. Depending on how the Rosneft's
claim situation develops, we could maintain the CreditWatch for
longer than our typical three-month horizon.

"We could lower the rating, potentially by several notches, in
case of any material pressure on Sistema's liquidity or financial
risk profile.

"If the case is closed with limited or zero implications for
Sistema, we will likely affirm the rating."

SPURT JSC: Put On Provisional Administration, License Revoked
The Bank of Russia, by its Order No. OD-2071, dated July 21, 2017
with effect from July 21, 2017, revoked the banking license of
Moscow-based credit institution Joint-stock Commercial Bank Spurt
Joint-stock Company, according to the press service of the
Central Bank of Russia.  According to the financial statements,
as of 1 July 2017, the credit institution ranked 183th by assets
in the Russian banking system.

With its assets being of poor quality, the credit institutions
failed to adequately assess the risks assumed.  The Deposit
Insurance Agency State Corporation, acting as provisional
administration for the credit institution, conducted an
assessment of the credit institution's financial standing.
Following this assessment, the fair presentation of asset value
in the credit institution's financial statements showed a full
loss of its equity capital.  The situation as it stands is a
result of low diversified assets of the credit institution, with
a substantial part of its loan portfolio dedicated to fund a
major investment project of companies controlled by the bank's
beneficiary, with their current financial standing found to be

The Bank of Russia took supervisory action against the credit
institution on more than one occasion.  However, the credit
institution's management and owners failed to take effective
measures to normalize its activities.

According to the Deposit Insurance Agency State Corporation
findings, it is not feasible to apply a financial resolution
procedure involving the Agency and the credit institution's
creditors, in view of extremely low asset quality, the amount of
disbalance between the value of assets and liabilities and the
credit institution's inability to meet its creditors' claim at
any time thereafter.

Under these circumstances, the Bank of Russia performed its duty
on the revocation of the banking license of the credit
institution in accordance with Article 20 of the Federal Law "On
Banks and Banking Activities".

The Bank of Russia took this measure because of the credit
institution's failure to comply with federal banking laws and
Bank of Russia regulations, equity capital adequacy ratios below
two per cent, decrease in bank equity capital below the minimum
value of the authorized capital established as of the date of the
state registration of the credit institution, and given the
repeated application within a year of measures envisaged by the
Federal Law "On the Central Bank of the Russian Federation (Bank
of Russia)".

Following banking license revocation, the operations of the
provisional administration to manage the credit institution (the
Deposit Insurance Agency State Corporation acting in this
capacity in accordance with Bank of Russia Order No. OD-1136,
dated April 28, 2017) were ceased in accordance with Bank of
Russia Order No. OD-2072, dated July 21, 2017.

The Bank of Russia, by its Order No. OD-2073, dated July 21,
2017, appointed a provisional administration for the period until
the appointment of a receiver pursuant to the Federal Law "On
Insolvency (Bankruptcy)" or a liquidator under Article 23.1 of
the Federal Law "On Banks and Banking Activities".  In accordance
with federal laws, the powers of the credit institution's
executive bodies have been suspended.

Joint-stock Commercial Bank Spurt is a member of the deposit
insurance system.  An insured event shall be deemed as occurring
starting from the date the moratorium on meeting the creditor
claims of the credit institution (28 April 2017), which shall
also be the date used for calculation of insurance indemnity for
the bank's liabilities in foreign currency.

The revocation of the banking license, put in force before the
moratorium on meeting creditor claims expires, shall not cancel
the legal implications it involves including the obligation of
the Deposit Insurance Agency State Corporation to pay out
insurance indemnity.

The Agency will continue to pay out insurance indemnity for
deposits (deposit accounts) with Joint-stock Commercial Bank
Spurt in accordance with Clause 2 Part 1 Article 8 of Federal Law
No. 177-FZ, dated 23 December 2003, "On the Insurance of
Household Deposits with Russian Banks" -- imposition by the Bank
of Russia of the moratorium on meeting creditor claims.

Information on agent banks authorized to pay an insurance
indemnity can be found on the official website of the Deposit
Insurance Agency State Corporation (


SWISSPORT FINANCING: Moody's Rates EUR460MM Term Loan B 'B1'
Moody's Investors Service has assigned a B1 rating on the new
EUR460 million term loan B ("new TLB"), a B1 rating on the new
EUR400 million senior secured notes ("new SSN"), and a Caa1
rating on the new EUR280.5 million senior unsecured notes ("new
SN") to be issued by Swissport Financing S.a r.l..

Concurrently, Moody's has affirmed the B3 corporate family rating
("CFR") and B3-PD probability of default rating of Swissport
Group S.a r.l. (Swissport). Moody's has also affirmed the B1
rating of the existing EUR660 million term loan B ("existing
TLB"), the B1 rating of the existing EUR400 million senior
secured notes ("existing SSN"), and the Caa1 rating of the
existing EUR290 million senior unsecured notes ("existing SN")
issued by Swissport Investments S.A.. Moody's has also affirmed
the B1 rating of the CHF110 million revolving credit facility
(RCF) issued by Swissport International AG.

The outlook on the ratings has been changed to stable from

This follows the company's announcement that it intends to
refinance the existing TLB with proceeds from the new TLB and
cash on hand primarily originating from EUR718 million equity
contribution from the HNA Group, as well as exchange the existing
SSN and SN with the issuance of new SSN and SN. The ratings on
the existing TLB, SSN, and SN will be withdrawn upon closing of
the transaction, subject to a successful exchange offer and a
full repayment of the existing debt instruments.

"Moody's decision to change the outlook to stable reflects the
expectation that the company's intention to issue new debt
instruments within a new restricted group that is ring-fenced
from the HNA share pledges will effectively resolve the covenant
breach that resulted in a technical default. While the partial
repayment of the existing TLB with cash will decrease leverage
and improve Swissport's credit profile, the Moody's adjusted
leverage is expected to remain within the levels for a B3 rating
category, which explains Moody's decision to affirm Swissport's
B3 CFR." says Emmanuel Savoye, a Moody's Assistant Vice President
and lead analyst for Swissport.

A full list of affected ratings can be found at the end of this
Press Release.


On 3rd May 2017 the company announced a technical breach of
covenant in the TLB/RCF credit facility agreement (the "Credit
Agreement"). The covenant breach emerged as part of a process by
HNA Group to inject a large amount of equity into Swissport in
excess of EUR700 million. On 8th May 2017, Moody's changed the
outlook to developing from stable to reflect the uncertainty
regarding the outcome of the debt restructuring aimed at curing
the breach of covenant, lack of clarity on the transaction that
has led to the share pledge in breach of the lien covenant
provisions and the delay in the publication of the 2016 audited

The company's announcement on 11th July to refinance the existing
debt instruments within a new restricted group ring-fenced from
the HNA share pledges is credit positive, because it cures the
covenant default and removes uncertainty for the TLB lenders and
the bondholders. The partial repayment and repricing of the TLB
is also positive because it reduces leverage and interest

Following the equity injection and pro-forma for the transaction,
Swissport benefits from excellent liquidity with available cash
in excess of EUR550 million. In addition, access to the RCF will
be reinstated following the resolution of the covenant breach. In
the absence of further debt repayment, the considerable cash
position gives options to the company to invest in new growth
opportunities or acquisitions in the next 12-18 months. Moody's
understands that while the majority of the cash from the equity
injection is not currently within the new restricted group, this
should be done upon closing of the transaction, as it is a
commitment under the financing documents.

The B3 corporate family rating (CFR) assigned to Swissport
reflects the company's leading market positions in ground
handling and cargo, its geographical diversification, and the
growth opportunities from more profitable emerging markets,
particularly China, following the acquisition by HNA Group in

However, the B3 CFR also takes into account the limited free cash
flow generation because of pressure on profitability from
airlines, and the Moody's adjusted leverage of 6.0x as of March
31, 2017 pro-forma for the transaction. Positively, Moody's
adjusted debt-to-EBITDA decreased compared to 6.7x as of December
31, 2016, although it remains within expectations for the B3

Swissport registered a decrease in EBITDA in Q1 2017 compared to
Q1 2016 driven primarily by economic recession in Brazil, some
restructuring costs in the US and start-up costs for
international expansion in particular in Saudi Arabia, offset by
minor positive improvements in de-icing, cargo volume growth in
certain regions and new business gained in the UK. Moody's
expects the company's performance to improve in 2017 due to a
significant loss reduction in Saudi Arabia, cost reduction
initiatives, and improved airline traffic and cargo activity.


The stable outlook reflects Moody's expectation that the debt
restructuring will cure the event of default and that the Moody's
adjusted debt-to-EBITDA will decline to 6.0x pro-forma for the
transaction. It also assumes that the company will continue to
successfully achieve organic growth while renewing existing
contracts, and focus on measures aimed at improving profitability
across its network.


Upward pressure on the ratings would develop if Moody's adjusted
debt to EBITDA falls sustainably below 5.5x and Moody's
EBITA/Interest increases above 1.5x.

Downward pressure on the ratings would develop in case of a
deterioration in liquidity or substantially negative free cash
flows. A failure to resolve the covenant breach would also result
in negative rating pressure.

List of affected ratings:


Issuer: Swissport Group S.a r.l.

-- LT Corporate Family Rating, Affirmed B3

-- Probability of Default, Affirmed B3-PD

Issuer: Swissport Investments S.A.

-- Senior Secured Term Loan, Affirmed B1

-- Backed Senior Secured Regular Bond/Debenture, Affirmed B1

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Issuer: Swissport International AG

-- Senior Secured Bank Credit Facility, Affirmed B1


Issuer: Swissport Financing S.a r.l.

-- Senior Secured Term Loan, Assigned B1

-- Backed Senior Secured Regular Bond/Debenture, Assigned B1

-- Backed Senior Unsecured Regular Bond/Debenture, Assigned Caa1

Outlook Actions:

Issuer: Swissport Group S.a r.l.

-- Outlook, Changed to Stable from Developing

Issuer: Swissport Investments S.A.

-- Outlook, Changed to Stable from Developing

Issuer: Swissport International AG

-- Outlook, Changed to Stable from Developing

Issuer: Swissport Financing S.a r.l.

-- Outlook, Changed To Stable From Rating Withdrawn

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

Headquartered in Zurich, Swissport is the world's largest
independent ground handling services company, based on revenue
and number of ground handling stations, and ranks first globally
in terms of metric tonnes of cargo handled. In 2016, Swissport
handled approximately 4.1 million flights and around 4.3 million
tonnes of cargo, for approximately 800 passenger airlines and
freight carriers.

Ground handling represented 82% of Swissport's 2016 revenue, with
cargo revenues contributing the remainder. For the FY 2016 ending
December 31, 2016, Swissport generated revenues and management
adjusted EBITDA of EUR2.7 billion and EUR206 million,

U N I T E D   K I N G D O M

ANNINGTON LIMITED: Moody's Puts B1 CFR Under Review for Upgrade
Moody's Investors Service has placed under review for upgrade the
B1 corporate family rating (CFR) and B3-PD probability of default
rating (PDR) of Annington Limited. The Caa1 rating of the PIK
toggle notes maturing in 2023 issued by Annington Finance No. 5
plc is unchanged and Moody's expects to withdraw this rating
shortly after its intended full repayment on 22 July 2017.

The action follows the announced GBP3.4 billion refinancing of
Annington Limited's debt. The refinancing greatly improves the
company's credit fundamentals and financial flexibility, and will
likely result in a multi notch upgrade to investment grade. The
key credit benefits include a vastly improved fixed charge
coverage, transitioning to a largely unencumbered asset base,
collapsing the restricting securitisation structure, and a much
healthier debt maturity profile that removes the cliff refinance
risk in 2021.

Moody's review will focus on the terms of the refinancing, its
full impact on credit metrics, an assessment of the company's
growth and financial policy, and potential outcome of the
upcoming site review starting in 2021.


Annington Ltd's B1 corporate family rating (CFR) is underpinned
by reliable cash flows from around 40,000 residential units let
to the UK's Ministry of Defence (MoD). Moody's believes the
company has a special role as the MoD's primary landlord,
benefiting from stable, long-term, contracted rental income that
is strengthened by the government's high credit quality. The
rating also reflects an experienced management team with a well-
established track record of achieving rental increases, and
realising the upside value from released MoD units. Moody's
expects a still resilient and structurally undersupplied UK
housing market to sustain the company's rental and asset values.
Counterbalancing these strengths is the uncertainty from the MoD
option to release as many units as it wants by giving six months

List of affected ratings:

On Review for Upgrade:

Issuer: Annington Limited

-- LT Corporate Family Rating, Placed on Review for Upgrade,
    currently B1

-- Probability of Default Rating, Placed on Review for Upgrade,
    currently B3-PD

Outlook Actions:

Issuer: Annington Limited

-- Outlook, Changed To Rating Under Review From Stable


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

CYRENIANS CYMRU: Ex-Boss Jailed for Five Years for Fraud
BBC News reports that Robert Mark Davies, 50, who worked for
Swansea-based Cyrenians Cymru, has been jailed for five years.

Mr. Davies, who took GBP1.3 million from a homeless charity to
fund a lavish lifestyle, admitted fraud by abuse of position,
BBC relates.

According to BBC, the charge related to a six-year period between
June 4, 2008, and November 11, 2014, when he forged invoices.

Cardiff Crown Court heard he spent GBP100,000 on boats, GBP26,000
on airfares and GBP80,000 staying at The Savoy, London, BBC

The deception involved a total of GBP1,343,074 and since an
investigation was launched into the lost money, it has been
forced to declare itself insolvent, BBC discloses.

It went into administration in February 2015 after 42 years
helping the homeless and people living in poverty in west Wales,
with 20 jobs affected, BBC states.

Det Sgt Stuart Prendiville of South Wales Police, as cited by
BBC, said he had "a lavish lifestyle" which included "extravagant
holidays and the purchase of several boats".

He added: "This ultimately was a factor which led to the charity
becoming insolvent and the tragic loss of a number of support
services provided to the homeless and vulnerable people of

HOLIDAY INN: Cairn Buys Two Hotels in Aberdeen, 125 Jobs Saved
Gareth Mackie at The Scotsman reports that administrators for two
Holiday Inn hotels in Aberdeen have found a buyer for the venues,
safeguarding 125 jobs.

The hotels, previously owned by European Development Company
(EDC), have been acquired by Cairn Group, a Newcastle-based chain
that has 31 sites across the UK, including the Station Hotel in
Aberdeen, Cairn Hotel in Edinburgh and Stirling's The Highland
Hotel, The Scotsman relates.

According to The Scotsman, along with the 86-room Holiday Inn
Aberdeen Westhill, Cairn has bought the 155-room Holiday Inn
Express Aberdeen City Centre on the city's Chapel Street for an
undisclosed sum.

FRP Advisory partners Iain Fraser --
-- and Tom MacLennan -- -- were
appointed as joint administrators for EDC in November after the
Aberdeen-based company fell victim to "severe cash flow problems"
sparked by the downturn in the oil and gas sector, along with
"intense" price competition from new entrants to the Granite
City's hotel market, The Scotsman recounts.


* BOND PRICING: For the Week July 17 to July 21, 2017

Issuer                      Coupon   Maturity  Currency Price
------                      ------   --------  -------- -----
Agrokor dd                   9.88    5/1/2019    EUR    21.08
Korian SA                    2.50                EUR    40.23
New Look Secured Issuer PL   6.50    7/1/2022    GBP    70.92
CGG SA                       5.88   5/15/2020    EUR    31.03
QGOG Constellation SA        6.25   11/9/2019    USD    78.50
Co-Operative Bank PLC       11.00  12/20/2023    GBP    48.00
HSH Nordbank AG              7.25                USD    19.01
Banca Carige SpA             7.32  12/20/2020    EUR    71.33
Agrokor dd                   9.13    2/1/2020    EUR    21.03
Alno AG                      8.50   5/14/2018    EUR     9.75
Air Berlin PLC               6.75    5/9/2019    EUR    52.13
Holdikks SAS                 6.75   7/15/2021    EUR    57.67
Mitsubishi UFJ Investor Se   3.92  12/30/2099    EUR     8.34
Grupo Isolux Corsan SA       3.00  12/30/2021    EUR     1.41
HSH Nordbank AG/Luxembourg   1.99                EUR    14.31
Ensco PLC                    5.75   10/1/2044    USD    65.67
Banca Monte dei Paschi di    0.67  11/30/2017    EUR    45.83
Banca Monte dei Paschi di    5.00   4/21/2020    EUR    45.28
Air France-KLM               2.03   2/15/2023    EUR    12.82
Frigoglass Finance BV        8.25   5/15/2018    EUR    50.00
Banca Monte dei Paschi di    2.25   5/15/2018    EUR    45.90
CGG SA                       6.50    6/1/2021    USD    31.75
Agrokor dd                   8.88    2/1/2020    USD    20.00
Banca Carige SpA             8.34                EUR    23.88
Offshore Drilling Holding    8.38   9/20/2020    USD    36.70
Lehman Brothers UK Capital   6.90                USD     1.77
Oi Brasil Holdings Coopera   5.75   2/10/2022    USD    34.50
Intelsat Luxembourg SA       7.75    6/1/2021    USD    59.90
Rickmers Holding AG          8.88   6/11/2018    EUR     2.36
Banca Monte dei Paschi di    5.60    9/9/2020    EUR    43.63
Air Berlin PLC               5.63    5/9/2019    CHF    52.09
Co-Operative Bank PLC        8.50    7/1/2025    GBP    47.20
Santander International Pr   2.00                USD    65.52
Brighthouse Group PLC        7.88   5/15/2018    GBP    73.13
CGG SA                       1.75    1/1/2020    EUR     2.01
Mitsubishi UFJ Investor Se   4.17  12/15/2050    EUR    55.55
Ageasfinlux SA               1.02                EUR    59.08
Banca Carige SpA             2.77   6/19/2018    EUR    58.51
Grupo Isolux Corsan SA       0.25  12/30/2021    EUR     0.31
New Look Secured Issuer PL   4.50    7/1/2022    EUR    68.22
OAS Investments GmbH         8.25  10/19/2019    USD     6.05
Far East Capital Ltd SA      8.00    5/2/2018    USD    71.50
Banca Popolare di Vicenza    9.50   9/29/2025    EUR     0.80
Alitalia-Societa' Aerea It   5.25   7/30/2020    EUR     5.57
CGG SA                       6.88   1/15/2022    USD    32.25
Portugal Telecom Internati   4.63    5/8/2020    EUR    33.50
Veneto Banca SpA             9.50   12/1/2025    EUR     0.85
Portugal Telecom Internati   4.38   3/24/2017    EUR    33.33
Intelsat Luxembourg SA       8.13    6/1/2023    USD    58.00
Portugal Telecom Internati   6.25   7/26/2016    EUR    33.75
Banca Popolare di Vicenza    2.82  12/20/2017    EUR     0.68
Bibby Offshore Services PL   7.50   6/15/2021    GBP    32.75
Banco Espirito Santo SA      2.63    5/8/2017    EUR    28.48
Portugal Telecom Internati   5.00   11/4/2019    EUR    33.53
Norske Skogindustrier ASA    7.00  12/30/2026    EUR     5.63
Pacific Drilling SA          5.38    6/1/2020    USD    40.50
Immigon Portfolioabbau AG   10.00                EUR    14.22
Norske Skog Holding AS       8.00   2/24/2021    EUR    12.75
Lehman Brothers UK Capital   5.13                EUR     0.28
Aligera Holding AB publ      5.00    5/7/2019    SEK    31.12
Avangardco Investments Pub  10.00  10/29/2018    USD    22.00
Alno AG                      8.00   3/21/2019    EUR     7.00
Oi Brasil Holdings Coopera   5.63   6/22/2021    EUR    35.14
Neopost SA                   3.38                EUR    60.56
Banca Monte dei Paschi di    7.00    3/4/2019    EUR    44.57
Nexity SA                    0.13    1/1/2023    EUR    68.01
Portugal Telecom Internati   4.50   6/16/2025    EUR    33.51
Banca Monte dei Paschi di    0.67   1/15/2018    EUR    45.36
Scholz Holding Gmbh          8.50  12/31/2019    EUR     1.78
International Bank of Azer   6.17   5/10/2017    USD    43.14
Allied Irish Banks PLC      12.50   6/25/2035    GBP    71.50
Banco Espirito Santo SA      4.00   1/21/2019    EUR    28.00
Privatbank CJSC Via UK SPV  10.25   1/23/2018    USD    20.01
WPE International Cooperat  10.38   9/30/2020    USD    15.50
SOITEC                       6.75   9/18/2018    EUR     3.37
Banco Espirito Santo SA      7.13  11/28/2023    EUR     0.07
CGG SA                       1.25    1/1/2019    EUR    23.75
Portugal Telecom Internati   5.88   4/17/2018    EUR    33.75
Rothschilds Continuation F   1.69                USD    68.55
Bilt Paper BV                9.64                USD    28.01
BNP Paribas SA               1.15                EUR    69.21
UkrLandFarming PLC          10.88   3/26/2018    USD    28.50
Sanha GmbH & Co KG           7.75    6/4/2018    EUR    65.63
Scandinavian Airlines Syst   0.63                CHF    24.56
Banca Carige SpA             1.67  12/29/2018    EUR    39.99
ADLER Real Estate AG         2.50   7/19/2021    EUR    15.61
Yuksel Insaat AS             9.50  11/10/2015    USD    20.27
IMMOFINANZ AG                4.25    3/8/2018    EUR     4.47
Banco Espirito Santo SA      4.75   1/15/2018    EUR    28.50
Virgolino de Oliveira Fina  10.50   1/28/2018    USD     5.00
NIBC Bank NV                 0.91                EUR    71.33
Capital Raising GmbH         7.50                EUR    28.00
Privatbank CJSC Via UK SPV  11.00    2/9/2021    USD     6.63
Cooperatieve Rabobank UA     0.50  11/26/2021    ZAR    70.42
KTG Agrar SE                 7.13    6/6/2017    EUR     1.79
Mriya Agro Holding PLC       9.45   4/19/2018    USD     6.75
TES Finance PLC              5.29   7/15/2020    GBP    71.47
Lambay Capital Securities    6.25                GBP     0.20
Tonon Luxembourg SA          9.25   1/24/2020    USD    11.50
Banca Monte dei Paschi di    2.79  10/31/2018    EUR    44.66
BIM SAS                      2.50  11/13/2020    EUR    28.30
Privatbank CJSC Via UK SPV  10.88   2/28/2018    USD    20.75
Tonon Luxembourg SA         10.50   5/14/2024    USD    42.70
Hybrid Raising GmbH          6.63                EUR    24.25
Pierre & Vacances SA         3.50   10/1/2019    EUR    45.32
syncreon Group BV / syncre   8.63   11/1/2021    USD    74.76
Far East Capital Ltd SA      8.75    5/2/2020    USD    70.74
Beate Uhse AG                7.75    7/9/2019    EUR    30.75
OSX 3 Leasing BV            13.00   3/20/2015    USD    35.00
Fred Olsen Energy ASA        3.89   2/28/2019    NOK    52.75
Norske Skogindustrier ASA    2.00  12/30/2115    EUR     4.88
Johnston Press Bond Plc      8.63    6/1/2019    GBP    64.63
Touax SA                     6.00   7/10/2020    EUR    17.11
Eramet                       4.00                EUR    52.57
Elli Investments Ltd        12.25   6/15/2020    GBP    70.00
Montepio Holding SGPS SA     5.00                EUR    50.15
Novo Banco SA                3.50    1/2/2043    EUR    62.49
Aralco Finance SA           10.13    5/7/2020    USD     3.00
New World Resources NV       8.00    4/7/2020    EUR     5.75
OGX Austria GmbH             8.50    6/1/2018    USD     0.01
3W Power SA                  8.00   8/29/2019    EUR    46.13
ATF Capital BV               8.77                USD    72.00
Waste Italia SpA            10.50  11/15/2019    EUR     8.13
PNE Wind AG                  3.75  10/10/2019    EUR     3.45
Norske Skog Holding AS       8.00   2/24/2023    USD    12.75
Lloyds Bank PLC              0.43   2/22/2033    USD    60.61
Bank Nederlandse Gemeenten   0.50    6/7/2022    ZAR    66.43
Credit Lyonnais SACA         0.44                EUR    71.00
Societe Generale SA          0.81                EUR    70.00
Novo Banco SA                3.50   1/23/2043    EUR    62.18
IKB Deutsche Industriebank   5.63    8/1/2017    EUR    34.25
Agrokor dd Via Aquarius +    4.92    8/8/2017    EUR    19.00
OP Corporate Bank plc        0.84                EUR    74.00
Wild Bunch AG                8.00   3/23/2019    EUR    50.00
Novo Banco SA                5.00   2/24/2022    EUR    75.30
Ideal Standard Internation  11.75    5/1/2018    EUR     4.70
Deutsche Agrar Holding Gmb   7.25   9/28/2018    EUR     1.23
Banco Espirito Santo SA      2.32                EUR     0.27
New World Resources NV       4.00   10/7/2020    EUR     0.08
GEWA 5 to 1 GmbH & Co KG     6.50   3/24/2018    EUR    31.38
Orient Express Bank PJSC v  12.00   5/29/2019    USD    55.88
Norske Skogindustrier ASA    7.13  10/15/2033    USD     6.00
Afren PLC                   11.50    2/1/2016    USD     0.15
Hamon & CIE SA               5.50   1/30/2020    EUR    70.64
CNP Assurances               2.00                EUR    74.00
Veneto Banca SpA             6.41                EUR
Virgolino de Oliveira Fina  11.75    2/9/2022    USD     7.13
EFG International AG         0.97                EUR    67.60
Barclays Bank PLC            1.94   9/30/2031    USD    72.10
More & More AG               8.13   6/11/2018    EUR    52.75
Lloyds Bank PLC              2.75  12/27/2028    USD    73.75
KTG Agrar SE                 7.25  10/15/2019    EUR     2.05
Barclays Bank PLC            2.85   1/27/2031    USD    67.00
NTRP Via Interpipe Ltd      10.25    8/2/2017    USD    24.82
New Look Senior Issuer PLC   8.00    7/1/2023    GBP    56.17
Sequa Petroleum NV           5.00   4/29/2020    USD    68.25
Banco Pastor SAU             2.07                EUR     1.51
Veneto Banca SpA             6.95   2/25/2025    EUR     1.00
Pescanova SA                 8.75   2/17/2019    EUR     2.38
Espirito Santo Financial G   6.88  10/21/2019    EUR     0.08
Praktiker AG                 5.88   2/10/2016    EUR     0.21
Pescanova SA                 5.13   4/20/2017    EUR     2.68
Cirio Holding Luxembourg S   6.25   2/16/2004    EUR     0.91
Rena GmbH                    8.25   7/11/2018    EUR     9.38
Dexia Credit Local SA        1.40                EUR     7.25
Klarna Bank AB               5.25                SEK    72.30
Lehman Brothers Treasury C   7.25   10/5/2035    EUR     9.63
A-TEC Industries AG          8.75  10/27/2014    EUR     0.97
Smart Solutions GmbH         8.00   12/3/2018    EUR    38.00
Lloyds Bank PLC              0.41   1/31/2033    USD    59.50
Banca Carige SpA             5.70   9/17/2020    EUR    55.59
Dexia SA                     1.45                EUR     7.88
German Pellets GmbH          7.25    7/9/2018    EUR     1.42
Orco Property Group SA       7.00   11/7/2019    EUR    66.38
Deutsche Bank AG/London      3.19  10/31/2034    USD    72.25
Stichting Afwikkeling Onde   6.25  10/26/2020    EUR     4.07
Agrokor dd                   8.88    2/1/2020    USD    19.38
Rudolf Woehrl AG             6.50   2/12/2018    EUR     7.01
Corporate Commercial Bank    8.25    8/8/2014    USD     0.94
Bank Nadra via NDR Finance   8.25   7/31/2018    USD     0.34
Enterprise Holdings LTD      7.00   3/30/2020    EUR     2.76
IKB Deutsche Industriebank   4.70    8/1/2017    EUR    32.00
Barclays Bank PLC            1.65   4/25/2034    USD    66.00
Popular Capital SA           4.00                EUR     2.76
Grupo Isolux Corsan SA       0.25  12/30/2018    EUR     4.22
Steilmann SE                 7.00   9/23/2018    EUR     2.32
ESFIL-Espirito Santo Finan   5.25   6/12/2015    EUR     0.29
Phones4u Finance PLC         9.50    4/1/2018    GBP    72.38
Royal Bank of Scotland PLC   1.54  12/30/2030    USD    65.13
Norske Skogindustrier ASA    7.13  10/15/2033    USD    25.00
City of Kiev Ukraine Via C   8.00   11/6/2015    USD    62.38
Mobylife Holding A/S         7.25   5/23/2020    SEK    53.25
Novo Banco SA                3.00   6/21/2022    USD    71.91
Royal Bank of Scotland PLC   1.85  11/16/2030    USD    70.50
Lloyds Bank PLC              2.45  11/27/2033    USD    70.00
Offshore Drilling Holding    8.38   9/20/2020    USD    35.88
Novo Banco SA                3.50   3/18/2043    EUR    62.17
A-TEC Industries AG          2.75   5/10/2014    EUR     0.61
Banco Pinto & Sotto Mayor    0.64                EUR    39.00
UniCredit Bank Austria AG    0.19   8/20/2033    EUR    64.90
Decipher Production Ltd     12.50   9/27/2018    USD     1.24
Air Berlin Finance BV        1.50   4/11/2027    EUR    50.00
Eniro AB                     6.00   4/14/2020    SEK    11.56
Sairgroup Finance BV         4.38    6/8/2006    EUR    12.50
Lloyds Bank PLC              0.24   4/26/2033    USD    48.00
Novo Banco SA                3.50   2/19/2043    EUR    62.22
BOA Offshore AS              7.64  12/18/2018    NOK    27.50
BNP Paribas SA               0.38   4/30/2033    USD    52.25
Breeze Finance SA            6.71   4/19/2027    EUR    29.05
LBI HF                       6.10   8/25/2011    USD     8.88
New Look Secured Issuer PL   6.50    7/1/2022    GBP    70.64
Vseukrainsky Aktsinerny Ba  10.90   6/14/2019    USD     0.64
Manchester Building Societ   6.75                GBP    17.38
OGX Austria GmbH             8.38    4/1/2022    USD     0.03
ChelPipe PJSC                8.95    6/8/2027    RUB    99.55
Far East Capital Ltd SA      8.00    5/2/2018    USD    70.88
Alpine Holding GmbH          6.00   5/22/2017    EUR     0.45
Intelsat Luxembourg SA      12.50  11/15/2024    USD    68.00
GNB - Cia de Seguros de Vi   1.87  12/19/2022    EUR    58.38
Banco Espirito Santo SA      6.88   7/15/2016    EUR    28.08
Norske Skog Holding AS       8.00   2/24/2021    EUR    12.75
Barclays Bank PLC            1.54  12/30/2030    USD    67.15
Espirito Santo Financial G   3.13   12/2/2018    EUR     0.32
Santander Finance Capital    2.00                USD    56.26
Barclays Bank PLC            0.66   3/21/2033    USD    52.59
Havila Shipping ASA          5.35   11/7/2020    NOK    69.25
ADLER Real Estate AG         6.00  12/27/2018    EUR    14.00
Finmek International SA      7.00   12/3/2004    EUR     6.50
Barclays Bank PLC            3.81   9/13/2028    USD    72.00
Barclays Bank PLC            2.72   7/28/2031    USD    66.10
Etablissements Maurel et P   1.63    7/1/2019    EUR    16.23
Hellenic Republic Governme   2.09   7/25/2057    EUR    41.50
UniCredit Bank Austria AG    0.17  12/31/2031    EUR    67.25
Heta Asset Resolution AG     2.75  12/31/2023    CHF    89.25
GNB - Cia de Seguros de Vi   3.17                EUR    44.13
Cirio Finance Luxembourg S   7.50   11/3/2002    EUR     4.54
International Industrial B  11.00   2/19/2013    USD     0.27
Barclays Bank PLC            1.70  11/29/2030    USD    67.50
RENE LEZARD Mode GmbH        7.25  11/25/2017    EUR     9.25
Stichting Afwikkeling Onde  11.25                EUR     0.46
Deutsche Bank AG/London      1.85   8/28/2034    USD    62.25
German Pellets GmbH          7.25  11/27/2019    EUR     0.78
Sazka AS                     9.00   7/12/2021    EUR     0.42
Minicentrales Dos SA         4.81  11/29/2034    EUR    60.25
SAG Solarstrom AG            7.50   7/10/2017    EUR    33.63
CBo Territoria               6.00    1/1/2020    EUR     4.04
Dexia Kommunalbank Deutsch   5.63  12/31/2017    EUR    13.13
CGG SA                       6.50    6/1/2021    USD    32.00
International Finance Faci   0.50   6/24/2024    ZAR    54.06
Agrokor dd                   9.88    5/1/2019    EUR    21.25
HSBC France SA               1.03                EUR    68.50
KPNQwest NV                  7.13    6/1/2009    EUR     0.28
Abanka Vipa DD Via Afinanc   1.57                EUR     1.17
TradeDoubler AB              6.75  12/20/2018    SEK    69.90
Autonomous Community of Ca   2.97    9/8/2039    JPY    64.40
Steilmann SE                 6.75   6/27/2017    EUR     5.38
DEMIRE Real Estate AG        6.00  12/30/2018    EUR     3.60
Koninklijke Luchtvaart Maa   0.75                CHF    38.00
Oi Brasil Holdings Coopera   5.75   2/10/2022    USD    34.75
Hellas Telecommunications    8.50  10/15/2013    EUR     0.77
IT Holding Finance SA        9.88  11/15/2012    EUR     1.89
OAS Investments GmbH         8.25  10/19/2019    USD     5.75
Rena GmbH                    7.00  12/15/2015    EUR     9.38
Santander Finance Capital    2.00                EUR    27.71
PA Resources AB              3.00  12/27/2017    NOK     0.14
Dannemora Mineral AB        11.75   3/22/2016    USD     0.39
Lehman Brothers Treasury C   5.00   2/16/2015    EUR     8.25
Sidetur Finance BV          10.00   4/20/2016    USD     3.78
Vneshprombank Ltd via VPB    9.00  11/14/2016    USD     0.52
Gebr Sanders GmbH & Co KG    8.75  10/22/2018    EUR    27.88
Espirito Santo Financial G   9.75  12/19/2025    EUR     1.34
A-TEC Industries AG          5.75   11/2/2010    EUR     0.79
JZ Capital Partners Ltd      6.00   7/30/2021    GBP    11.30
OGX Austria GmbH             8.50    6/1/2018    USD     0.03
Cirio Del Monte NV           7.75   3/14/2005    EUR     1.97
HSH Nordbank AG              3.21    5/6/2030    EUR    74.89
Norske Skog Holding AS       8.00   2/24/2023    USD    21.75
Far Eastern Shipping Co PL  12.25  11/28/2017    RUB    60.00
Cirio Finanziaria SpA        8.00  12/21/2005    EUR     0.31
Northland Resources AB       4.00  10/15/2020    USD     0.19
KPNQwest NV                 10.00   3/15/2012    EUR     0.24
Northland Resources AB      15.00   7/15/2019    USD     0.37
Mriya Agro Holding PLC      10.95   3/30/2016    USD     5.93
Pacific Drilling SA          5.38    6/1/2020    USD    48.50
Barclays Bank PLC            2.42   2/25/2031    USD    65.75
EDOB Abwicklungs AG          7.50    4/1/2012    EUR     0.55
New Look Secured Issuer PL   4.50    7/1/2022    EUR    68.52
Veneto Banca SpA             6.94   5/15/2025    EUR     0.90
Etablissements Maurel et P   2.75    7/1/2021    EUR    10.62
Tonon Luxembourg SA         10.50   5/14/2024    USD    40.00
Geotech Seismic Services P  12.00  10/16/2019    RUB    69.41
Belfius Bank SA/NV           1.62                FRF    70.38
Petrol AD                    5.50   1/26/2022    EUR    29.13
Tikehau Capital SCA          1.63    1/1/2022    EUR
Marfin Investment Group Ho   7.00   7/29/2019    EUR     0.98
Landesbank Hessen-Thuering   0.08    5/3/2041    EUR    66.21
Finance and Credit Bank JS   9.25   1/25/2019    USD     0.58
Deutsche Bank AG/London      0.18   1/31/2033    USD    60.73
CGG SA                       5.88   5/15/2020    EUR    32.25
Phosphorus Holdco PLC       10.00    4/1/2019    GBP     1.27
CGG SA                       6.88   1/15/2022    USD    31.88
Agrokor dd                   9.13    2/1/2020    EUR    21.01
APP International Finance   11.75   10/1/2005    USD     0.01
Pescanova SA                 6.75    3/5/2015    EUR     3.30
Virgolino de Oliveira Fina  10.88   1/13/2020    USD    28.50
Teksid Aluminum Luxembourg  11.38   7/15/2011    EUR     0.51
Kaupthing ehf                7.63   2/28/2015    USD    17.63 AG               7.75   10/2/2017    EUR     0.05
Afren PLC                    6.63   12/9/2020    USD     0.08
Lehman Brothers Treasury C   6.00   2/15/2035    EUR     8.25
Laurel GmbH                  7.13  11/16/2017    EUR     3.22
Lehman Brothers Treasury C   5.00   9/22/2014    EUR     8.25
Grupo Isolux Corsan SA       3.00  12/30/2021    USD     2.51
Lehman Brothers Treasury C   6.00   3/18/2015    USD     8.25
Golden Energy Offshore Ser   5.00  12/31/2017    NOK    40.00
Barclays Bank PLC            0.40   5/31/2033    USD    56.75
Cooperatieve Rabobank UA     0.50  10/29/2027    MXN    43.27
Barclays Bank PLC            2.76   7/31/2034    USD    70.50
Del Monte Finance Luxembou   6.63   5/24/2006    EUR     5.44
CRC Breeze Finance SA        6.11    5/8/2026    EUR    56.00
Portigon AG                  7.46  12/31/2019    EUR    27.00
Lehman Brothers Treasury C   6.00   11/2/2035    EUR     8.25
Tatfondbank OAO via TFB Fi   8.50  11/12/2019    USD     0.10
Royal Bank of Scotland PLC   1.50  12/13/2028    USD    65.69
Lehman Brothers Treasury C   7.00   5/17/2035    EUR     8.25
Frey                         6.00  11/15/2022    EUR    23.00
Mox Telecom AG               7.25   11/2/2017    EUR     3.43
Minicentrales Dos SA         6.45   4/14/2028    EUR    67.25
Deutsche Bank AG             0.20   6/28/2033    USD    56.46
Assystem                     4.50                EUR    34.53
Golden Gate AG               6.50  10/11/2014    EUR    45.30
Enterprise Holdings LTD      7.00   9/26/2017    EUR     2.76
World Wide Supply AS         7.75   5/26/2017    USD    15.75
Barclays Bank PLC            3.18   3/27/2029    USD    69.15
Cooperatieve Rabobank UA     0.50   7/30/2043    MXN    12.42
Hamburgische Landesbank-Gi   0.05   1/22/2041    EUR    62.47
Sairgroup Finance BV         6.63   10/6/2010    EUR    13.13
La Veggia Finance SPA        7.13  11/14/2004    EUR     1.83
Barclays Bank PLC            1.84   11/1/2031    USD    63.52
Belfius Bank SA/NV           5.35                EUR    64.74
Heta Asset Resolution AG     0.24  12/31/2023    EUR    39.88
Tonon Luxembourg SA          9.25   1/24/2020    USD    11.50
Oceanic Champion AS          8.00   2/20/2020    USD    72.89
MS Deutschland Beteiligung   6.88  12/18/2017    EUR     5.50
Norske Skogindustrier ASA    7.00  12/30/2026    EUR     5.63
Santander Finance Capital    2.00                EUR    29.08
Veneto Banca SpA             1.67   5/15/2019    EUR    36.38
Sistema PJSC FC             10.90  10/31/2025    RUB    62.51
Havila Shipping ASA          4.82   11/7/2020    NOK    48.13
Bulgaria Steel Finance BV   12.00    5/4/2013    EUR     2.46
Banca Popolare di Vicenza    9.50   10/2/2025    EUR     0.80
Windreich GmbH               6.50   7/15/2016    EUR    11.00
Credit Suisse AG/London     10.50   8/20/2024    USD    10.22
Eirles Two DAC               1.84   9/30/2046    USD    12.70
SeaBird Exploration Financ   6.00    3/3/2018    USD    20.63
Banco BPI SA                 1.78                EUR    55.00
Lehman Brothers Treasury C   8.25   3/16/2035    EUR     8.25
Rem Offshore ASA             5.00   12/8/2024    NOK    36.10
Manchester Building Societ   8.00                GBP    25.25
Banco Espirito Santo SA      6.90   6/28/2024    EUR    27.63
Barclays Bank PLC            0.55   3/28/2033    USD    56.50
Banco Espirito Santo SA      1.22   5/27/2018    EUR     2.76
Bibby Offshore Services PL   7.50   6/15/2021    GBP    32.75
Brighthouse Group PLC        7.88   5/15/2018    GBP    73.13
Deutsche Bank AG/London      1.94   6/30/2034    USD    66.00
OGX Austria GmbH             8.38    4/1/2022    USD     0.03
Atari SA                     7.50   2/17/2020    EUR     0.39
Lehman Brothers Treasury C   2.88   3/14/2013    CHF     8.25
SAG Solarstrom AG            6.25  12/14/2015    EUR    33.63
DOF ASA                      7.83   9/12/2019    NOK    40.00
IVG Immobilien AG            5.50                EUR     0.41
AKB Peresvet ZAO            13.50  10/16/2020    RUB    13.00
PA Resources AB             13.50    3/3/2016    SEK     0.14
Institut Catala de Finance   0.87   9/18/2024    EUR    69.67
Alpine Holding GmbH          5.25   6/10/2016    EUR     0.38
Stichting Afwikkeling Onde   2.42                EUR     0.46
Waste Italia SpA            10.50  11/15/2019    EUR     8.13
Lloyds Bank PLC              2.65   4/25/2034    USD    71.00
Petromena ASA               10.85  11/19/2017    USD     0.57
Barclays Bank PLC            0.48    4/9/2028    USD    67.10
Steilmann SE                 7.00    3/9/2017    EUR     2.32
Sibur Holding PAO            9.65   7/22/2026    RUB   102.60
Municipality Finance PLC     0.50    5/8/2029    AUD    60.67
New World Resources NV       4.00   10/7/2020    EUR     0.08
Svensk Exportkredit AB       0.50   8/29/2029    AUD    62.56
Barclays Bank PLC            0.48   4/19/2033    USD    61.23
Banca Meridiana              1.25  11/12/2017    EUR    21.00
KPNQwest NV                  8.88    2/1/2008    EUR     0.28
RusHydro PJSC                8.20   6/12/2020    RUB    61.00
Virgolino de Oliveira Fina  10.50   1/28/2018    USD     6.88
Svensk Exportkredit AB       0.50   4/24/2029    AUD    61.48
German Pellets GmbH          7.25    4/1/2016    EUR     1.04
Mriya Agro Holding PLC       9.45   4/19/2018    USD     6.75
Rosneft Oil Co PJSC         11.40   12/3/2020    RUB    62.01
MegaFon PJSC                 9.90   5/29/2026    RUB    61.62
Depfa Funding IV LP          1.54                EUR    57.13
Electromagnetic Geoservice   6.86   6/27/2019    NOK    70.50
Barclays Bank PLC            2.85   5/30/2034    USD    69.29
Agentstvo po Ipotechnomu Z  10.30   7/15/2023    RUB
Grupo Isolux Corsan SA       0.25  12/30/2021    USD     0.23
Barclays Bank PLC            1.54  12/30/2030    USD    68.40
Afren PLC                   11.50    2/1/2016    USD     0.19
Banca del Monte di Lucca-S   2.43   6/29/2020    EUR    44.97
Alpine Holding GmbH          5.25    7/1/2015    EUR     0.38
Marfin Investment Group Ho   6.30   7/29/2020    EUR     0.93
Kaupthing ehf                5.75   10/4/2011    USD    17.63
Afren PLC                   10.25    4/8/2019    USD     0.01
Lehman Brothers Treasury C   5.00   2/27/2014    EUR     8.25
Portugal Telecom Internati   5.24   11/6/2017    EUR    33.88
Nationwide Building Societ   0.82                GBP    72.00
Talvivaara Mining Co PLC     4.00  12/16/2015    EUR     0.27
Windreich GmbH               6.50    3/1/2015    EUR    11.00
Svensk Exportkredit AB       0.50   6/29/2029    AUD    61.23
Accentro Real Estate AG      6.25   3/27/2019    EUR     9.00
Far Eastern Shipping Co PL  14.75   2/27/2018    RUB    68.85
Barclays Bank PLC            2.82   9/29/2034    USD    73.90
State of Berlin Germany      0.50   6/19/2047    EUR    73.12
Banco Comercial Portugues    5.00                EUR    65.00
Credito Padano Banca di Cr   3.10                EUR    41.27
Holdikks SAS                 6.75   7/15/2021    EUR    57.96
3W Power SA                  5.50  11/11/2020    EUR    30.00
Barclays Bank PLC            1.80   7/24/2028    USD    72.00
Solon SE                     1.38   12/6/2012    EUR     0.33
Lehman Brothers Treasury C   4.00   2/16/2017    EUR     8.25
UniCredit Bank Austria AG    0.16  10/31/2031    EUR    67.69
Barclays Bank PLC            3.87   4/16/2029    USD    63.75
Barclays Bank PLC            1.33   6/17/2033    USD    66.25
Northland Resources AB       4.00  10/15/2020    NOK     0.23
Vimpel-Communications PJSC  11.90   10/3/2025    RUB    62.00
Stroika Finance Ltd Via Em   9.90   6/25/2019    RUB    12.00
Depfa Funding II LP          6.50                EUR    57.63
Volga Capital PAO           12.00   6/27/2022    RUB    99.00
Kommunekredit                0.50   7/30/2027    TRY    34.42
Kaupthing ehf                5.75   10/4/2011    USD    17.63
Sankt-Peterburg Telecom OA  10.70   1/31/2022    RUB   102.75
BLT Finance BV              12.00   2/10/2015    USD    10.50
WGF Westfaelische Grundbes   6.35    8/1/2017    EUR     0.11
Barclays Bank PLC            2.28   8/31/2031    USD    68.85
UniCredit Bank Austria AG    0.02   1/25/2031    EUR    69.72
Cooperatieve Rabobank UA     0.50  10/30/2043    MXN    12.20
Barclays Bank PLC            1.81   7/28/2034    USD    65.65
Kommunalbanken AS            0.50   5/27/2022    ZAR    67.79
Orient Express Bank PJSC    13.60    8/9/2018    RUB    63.00
Cooperatieve Rabobank UA     0.50   1/31/2033    MXN    26.53
Espirito Santo Financial G   5.05  11/15/2025    EUR     0.27
Banco Espirito Santo SA     10.00   12/6/2021    EUR     0.07
KPNQwest NV                  8.13    6/1/2009    USD     0.26
Lehman Brothers Treasury C   6.00   3/14/2011    EUR     8.25
RESO-Garantia Insurance PJ  12.00   9/13/2022    RUB    60.26
Barclays Bank PLC            1.28   3/28/2034    USD    63.40
UniCredit Bank Austria AG    0.15  12/27/2031    EUR    67.03
Bilt Paper BV                9.64                USD    28.13
Atari SA                     0.10    4/1/2020    EUR     5.70
SiC Processing GmbH          7.13    3/1/2016    EUR     2.42
Royal Bank of Scotland PLC   1.84   8/26/2031    USD    65.60
Svensk Exportkredit AB       0.50   6/28/2022    ZAR    66.04
Gazprom PJSC                 5.10  10/21/2043    RUB    60.01
Lehman Brothers Treasury C   4.00   4/13/2011    CHF     2.67
ROSSETI PJSC                11.25  11/14/2025    RUB   104.27
Kamaz PJSC                  11.24   7/18/2030    RUB    62.00
Uppfinnaren 1 AB            10.00                SEK    63.71
Societe Generale SA         20.10  10/31/2017    USD    68.20
UniCredit Bank AG            0.37  11/19/2029    EUR    63.74
Municipality Finance PLC     0.50   4/26/2022    ZAR    67.15
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.43
Karlie Group GmbH            5.00   6/25/2021    EUR     3.00
International Finance Faci   0.50   6/29/2027    ZAR    39.19
Rusfinans Bank OOO           8.90   4/24/2018    RUB    66.72
Rosneft Oil Co PJSC         14.90   12/3/2020    RUB    68.67
New World Resources NV       8.00    4/7/2020    EUR     5.75
Privatbank CJSC Via UK SPV  10.88   2/28/2018    USD    20.75
Virgolino de Oliveira Fina  11.75    2/9/2022    USD     7.13
Societe Generale SA          1.60    1/9/2020    GBP     1.12
Agroton Public Ltd           6.00   7/14/2019    USD    14.00
Agentstvo po Ipotechnomu Z   8.80   2/15/2020    RUB    70.93
Elli Investments Ltd        12.25   6/15/2020    GBP    70.00
Evrofinansy-Nedvizhimost O  11.00  10/23/2020    RUB    60.00
MPS Capital Services Banca   4.36   3/14/2024    EUR    40.51
Barclays Bank PLC            2.57   3/21/2031    USD    68.00
Alpha Bank AE                2.50   6/20/2022    EUR    39.16
Bank Nederlandse Gemeenten   0.50   7/12/2022    ZAR    66.05
Lloyds Bank PLC              1.84   7/29/2033    USD    70.00
Lehman Brothers Treasury C   5.10    5/8/2017    HKD     9.63
Rossiysky Capital OJSC      13.00  11/22/2019    RUB    70.01
Governo Portugues Consolid   2.75                EUR    69.00
BNP Paribas SA               0.50   7/20/2021    BRL    67.21
Landesbank Hessen-Thuering   0.09   4/23/2041    EUR    70.65
Aralco Finance SA           10.13    5/7/2020    USD     2.07
Barclays Bank PLC            2.59   2/28/2034    USD    72.10
Salvator Grundbesitz-AG      9.50                EUR    19.30
Ekotechnika AG               9.75   5/10/2018    EUR     9.50
Vnesheconombank             11.60   2/17/2025    RUB    70.27
Alpha Bank AE                2.50   6/20/2022    EUR    39.16
Santander Finance Capital    2.00                USD    56.26
Societe Generale SA          0.28   6/28/2033    USD    73.40
AKB Metallinvestbank PAO    11.00   5/21/2020    RUB    65.56
Far East Capital Ltd SA      8.75    5/2/2020    USD    71.00
Region of Abruzzo Italy      0.13   11/7/2036    EUR    61.42
Afren PLC                   10.25    4/8/2019    USD     0.01
ML 33 Invest AS              7.50                NOK    68.85
Freight One JSC             11.80  10/23/2025    RUB   109.00
Cooperatieve Rabobank UA     0.50  11/30/2027    MXN    42.81
Artea                        6.00    8/4/2019    EUR    14.64
SAir Group                   0.13    7/7/2005    CHF    14.75
Hamburgische Landesbank-Gi   0.05  10/30/2040    EUR    64.33
Stichting Afwikkeling Onde   6.63   5/14/2018    EUR     0.73
WPE International Cooperat  10.38   9/30/2020    USD    14.63
Finans-Avia OOO              0.01   7/31/2027    RUB    21.10
United Aircraft Corp PJSC    8.00   3/17/2020    RUB    60.11
Deutsche Bank AG/London      0.34   3/15/2033    USD    59.30
Mifa Mitteldeutsche Fahrra   7.50   8/12/2018    EUR     1.02
Lehman Brothers Treasury C   5.55   3/12/2015    EUR     2.67
Cie de Financement Foncier   0.98   8/11/2046    EUR    70.73
TES Finance PLC              5.29   7/15/2020    GBP    71.48
Eurocent SA                  8.50   9/15/2018    PLN    12.75
Kaupthing ehf                5.25   7/18/2017    BGN    17.63
Talvivaara Mining Co PLC     9.75    4/4/2017    EUR     0.92
FPK OAO                      9.95    6/4/2026    RUB    62.00
ROSSETI PJSC                 9.15   8/18/2026    RUB    60.06
BNP Paribas SA               0.50    5/6/2021    MXN    72.93
Johnston Press Bond Plc      8.63    6/1/2019    GBP    64.63
Eiendomskreditt AS           4.15                NOK    55.41
DekaBank Deutsche Girozent   0.01   6/29/2046    EUR    52.09
Societe Generale SA          1.00  12/22/2017    GBP     0.98
Lehman Brothers Treasury C   6.00  10/24/2008    EUR     2.67
Russian Post FGUP           10.00    5/7/2026    RUB   102.20
BLT Finance BV               7.50   5/15/2014    USD     2.48
Afren PLC                    6.63   12/9/2020    USD     0.08
Agentstvo po Ipotechnomu Z  10.75    3/1/2033    RUB    62.10
Intelsat Luxembourg SA      12.50  11/15/2024    USD    68.00
Lehman Brothers Treasury C   7.00    6/6/2017    EUR     2.67
Virgolino de Oliveira Fina  10.88   1/13/2020    USD    28.53
Lloyds Bank PLC              2.38    7/5/2033    USD    72.26
AKB Peresvet ZAO            12.50    9/6/2017    RUB    21.55
Lehman Brothers Treasury C   5.00   3/18/2015    EUR     8.25
International Industrial B   9.00    7/6/2011    EUR     0.65
Cattles Ltd                  7.13    7/5/2017    GBP     0.32
Bank Norwegian AS            6.12                NOK    68.50
Transneft PJSC               8.00    7/3/2025    RUB    62.00
Marine Subsea AS             9.00  12/16/2019    USD     0.40
Rossiysky Capital OJSC      10.50   1/20/2020    RUB    70.01
Rosneft Oil Co PJSC         10.65   12/3/2020    RUB    73.57
Rusfinans Bank OOO           8.05   6/30/2020    RUB    60.11
Krakowski Bank Spoldzielcz   5.11   9/20/2023    PLN    69.05
Svensk Exportkredit AB       0.50   2/22/2022    ZAR    68.23
Activa Resources AG          0.50  11/15/2021    EUR    17.50
Oberoesterreichische Lande   0.32   11/6/2030    EUR    69.22
Muehl Product & Service AG   6.75   3/10/2005    DEM     2.40
Pongs & Zahn AG              8.50                EUR     0.08
Municipality Finance PLC     0.50   7/30/2029    AUD    68.96
Rosbank PJSC                10.40   5/27/2026    RUB   102.45
SUEK Finance                12.50   8/19/2025    RUB   100.00
Mechel PJSC                  8.00    2/9/2021    RUB    60.00
State of Rhineland-Palatin   0.60  10/24/2046    EUR    73.37
Lehman Brothers Treasury C   7.00  11/26/2013    EUR     8.25
Lehman Brothers Treasury C   8.25   12/3/2015    EUR     8.25
PromSvyazCapital AO         11.75   4/10/2026    RUB    61.21
COFIDUR SA                   0.10  12/31/2024    EUR    24.25
Lehman Brothers Treasury C   5.25    7/8/2014    EUR     2.67
Cooperatieve Rabobank UA     0.50  12/29/2027    MXN    42.62
HSBC Bank PLC                0.50   6/10/2021    BRL    68.70
EFG International Finance    6.00  11/30/2017    EUR     5.34
wige MEDIA AG                6.00   3/17/2019    EUR     3.00
Municipality Finance PLC     0.50   6/19/2024    ZAR    55.80
Espirito Santo Financial G   5.05  11/15/2025    EUR     0.68
Deutsche Bank AG/London      2.84  11/26/2034    USD    60.63
Kaupthing ehf                9.00                USD     0.13
Main Road OJSC               4.40  11/22/2028    RUB    60.07
Lehman Brothers Treasury C   1.46   2/19/2012    JPY     8.25
SUEK Finance                12.50   8/19/2025    RUB   100.00
Barclays Bank PLC            3.84   1/31/2029    USD    72.00
Vnesheconombank              9.75   8/16/2029    RUB    60.00
BNP Paribas SA               0.50   9/29/2029    AUD    61.32
Atomenergoprom JSC          11.10  12/12/2025    RUB    70.01
Rusfinans Bank OOO           9.65   2/26/2021    RUB   100.10
Deutsche Bank AG/London      0.50   10/5/2021    IDR    67.37
syncreon Group BV / syncre   8.63   11/1/2021    USD    74.76
Heliocentris Energy Soluti   4.00   1/16/2019    EUR    15.04
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.40
Kaupthing ehf                6.13   10/4/2016    USD    17.63
Societe Generale SA          8.00   2/14/2022    USD
Delamare Finance PLC         1.50   2/19/2029    GBP    63.26
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.41
Svensk Exportkredit AB       0.50   1/31/2022    ZAR    68.97
LBI HF                       7.43                USD     0.00
ROSSETI PJSC                 9.15   8/18/2026    RUB    60.06
Svensk Exportkredit AB       0.50   3/15/2022    ZAR    67.90
Barclays Bank PLC            3.86  10/10/2029    USD    74.57
Oi Brasil Holdings Coopera   5.63   6/22/2021    EUR    35.50
Sibur Holding PAO            9.65   9/16/2026    RUB    60.06
Societe Generale SA          0.57   2/28/2033    USD    68.70
PromSvyazCapital AO         12.00  11/13/2026    RUB   100.00
Lehman Brothers Treasury C   6.00   9/20/2011    EUR     2.67
UniCredit Bank Austria AG    0.06   1/24/2031    EUR    67.36
Ideal Standard Internation  11.75    5/1/2018    EUR     4.70
VEB-Leasing OAO              8.65   1/16/2024    RUB    62.00
German Pellets GmbH          8.00                EUR     0.05
Agentstvo po Ipotechnomu Z  10.90   11/1/2022    RUB   101.17
Gazprom PJSC                 5.10  10/21/2043    RUB    60.00
VEB-Leasing OAO             12.50    9/1/2025    RUB    62.00
Communaute Francaise de Be   0.50   6/27/2046    EUR    65.01
Espirito Santo Financial P   5.13   5/30/2016    EUR     0.94
Norske Skogindustrier ASA    2.00  12/30/2115    EUR     4.88
Vorarlberger Landes- und H   5.87                EUR    52.11
Bank Intesa AO               8.25   6/10/2018    RUB    60.07
Lehman Brothers Treasury C  14.90  11/16/2010    EUR     2.67
National Capital JSC         9.50   7/25/2018    RUB   100.00
O1 Properties Finance ZAO   13.00   10/2/2020    RUB   107.00
Leonteq Securities AG       17.00   8/17/2017    CHF    59.45
Russian Railways JSC         6.40   5/30/2040    RUB
Fonciere Volta SA            4.50   7/30/2020    EUR     2.54
Lehman Brothers Treasury C   5.00    5/2/2022    EUR     2.67
RVK-Finans LLC              13.50  12/21/2020    RUB    61.00
RESO-Garantia Insurance PJ  11.75   3/24/2023    RUB    62.01
ROSSETI PJSC                10.29  10/31/2045    RUB    60.07
Vnesheconombank              9.76  12/17/2021    RUB    69.62
UkrLandFarming PLC          10.88   3/26/2018    USD    28.38
Svensk Exportkredit AB       0.50   8/28/2020    TRY    71.17
ENEL RUSSIA PJSC            12.10   5/22/2025    RUB    62.27
Vnesheconombank              8.35  11/24/2020    RUB    69.61
BKS Hybrid alpha GmbH        7.35                EUR    61.20
City of Kiev Ukraine Via C   8.00   11/6/2015    USD    62.38
Pierer Industrie AG          5.75                EUR    62.61
MPS Capital Services Banca   3.76   3/30/2022    EUR    49.48
Rossiysky Capital OJSC      10.50   1/16/2020    RUB    70.01
State of Saxony-Anhalt       0.65    7/3/2028    EUR    69.00
Anglian Water Services Fin   0.87   1/26/2057    GBP    72.56
UmweltBank AG                2.85                EUR    62.94
UBS AG/London               16.00   1/19/2018    USD    60.45
Delta Credit Bank JSC       10.29  11/24/2021    RUB   105.20
Lehman Brothers Treasury C   4.05   9/16/2008    EUR     2.67
Bank Nederlandse Gemeenten   0.50    8/9/2022    MXN    69.08
EFG International Finance    2.10   3/23/2018    EUR    19.41
Lehman Brothers Treasury C   6.65   8/24/2011    AUD     9.63
Oberoesterreichische Lande   0.30   4/25/2042    EUR    55.26
Lehman Brothers Treasury C   8.00  12/27/2032    JPY     2.67
Heta Asset Resolution AG     0.43  12/31/2023    EUR    39.88
Gazprombank JSC              9.87   2/19/2021    RUB   100.60
HSH Nordbank AG              2.30    2/1/2036    EUR    71.09
Lehman Brothers Treasury C   0.50    8/1/2020    EUR     2.67
Penell GmbH Elektrogroshan   7.75   6/10/2019    EUR     5.00
Lehman Brothers Treasury C  11.00   6/29/2009    EUR     2.67
Bashneft PJSC               12.00   5/19/2025    RUB    60.00
HPI AG                       3.50                EUR     6.00
Podkarpacki Bank Spoldziel   5.81   3/31/2025    PLN    60.00
Podkarpacki Bank Spoldziel   5.11   5/28/2023    PLN    51.00
Lehman Brothers Treasury C  14.90   9/15/2008    EUR     2.67
Dresdner Bank AG             0.34  11/19/2029    EUR    65.80
Banca delle Marche SpA       6.00    5/8/2018    EUR     1.85
Lehman Brothers Treasury C   7.50  10/24/2008    USD     2.67
SAir Group                   5.50   7/23/2003    CHF    14.74
Delta Credit Bank JSC       12.40  10/20/2025    RUB    63.06
Municipality Finance PLC     0.50   5/31/2022    ZAR    66.43
Lehman Brothers Treasury C   4.87   10/8/2013    USD     2.67
Region of Molise Italy       0.13  12/15/2033    EUR    66.72
Oberbank Hybrid 1 GmbH       0.87                EUR    48.59
TransFin-M PAO              11.00    7/5/2024    RUB   100.00
Commerzbank AG              30.00   6/30/2020    USD     4.18
Rosbank PJSC                 7.50   10/7/2024    RUB    60.11
Lehman Brothers Treasury C   5.00   8/16/2017    EUR     8.25
Cerruti Finance SA           6.50   7/26/2004    EUR     1.17
HSBC Bank PLC                0.50   7/21/2021    BRL    69.79
Metalloinvest Holding Co O   0.01   3/10/2022    RUB    60.00
State Transport Leasing Co  14.30  12/10/2024    RUB    73.75
VEB-Leasing OAO             12.50   8/18/2025    RUB    62.00
SG Issuer SA                 5.50   4/10/2021    EUR    68.07
Kamaz PJSC                   9.63   12/2/2031    RUB    62.00
UBS AG                       5.60    3/4/2019    EUR    67.49
EFG International Finance   12.86  10/30/2017    EUR     0.99
Podkarpacki Bank Spoldziel   5.81    7/2/2020    PLN    72.03
Svensk Exportkredit AB       0.50   6/20/2029    AUD    68.99
Bank Nederlandse Gemeenten   0.50   8/15/2022    ZAR    65.17
Nuova Banca delle Marche S   8.00   6/30/2018    EUR     1.24
SAir Group                   4.25    2/2/2007    CHF    14.75
Kreditanstalt fuer Wiedera   0.25   10/6/2036    CAD    40.87
Lehman Brothers Treasury C   5.00   5/12/2011    CHF     2.67
Russian Railways JSC        11.20  10/16/2025    RUB   105.75
Metalloinvest Holding Co O   0.01    3/7/2022    RUB    73.01
Petromena ASA                9.75   5/24/2016    NOK     0.78
UNGP-Finance OOO            10.00  12/16/2020    RUB   100.00
Rosneft Oil Co PJSC         10.40   12/3/2020    RUB    62.01
Kardan NV                    6.78    2/2/2020    ILS    72.84
Lehman Brothers Treasury C   5.00   2/28/2032    EUR     2.67
Lehman Brothers Treasury C   3.35  10/13/2016    EUR     2.67
Lehman Brothers Treasury C   8.00   3/19/2012    USD     2.67
Delta Credit Bank JSC        9.65   10/1/2024    RUB   102.85
Bulgaria Steel Finance BV   12.00    5/4/2013    EUR     2.46
Europlan Leasing Co         11.50   8/23/2021    RUB    60.44
Credit Europe Bank Ltd       8.88   9/14/2018    RUB   103.00
Phones4u Finance PLC         9.50    4/1/2018    GBP    72.38
Lehman Brothers Treasury C   5.00   4/24/2017    EUR     2.67
KPNQwest NV                  7.13    6/1/2009    EUR     0.28
Lehman Brothers Treasury C   7.06  12/29/2008    EUR     2.67
Salvator Grundbesitz-AG      9.50  12/31/2021    EUR     9.80
HSBC Bank PLC                0.50  12/29/2026    AUD    67.59
SAir Group                   5.13    3/1/2003    CHF    15.00
Rosselkhozbank JSC          12.87  12/22/2021    RUB    70.01
AKB Peresvet ZAO            13.00   10/7/2017    RUB    22.50
UNGP-Finance OOO            10.00   4/20/2021    RUB   100.00
Credit Suisse AG/London      3.00  11/15/2025    ZAR    66.90
Phosphorus Holdco PLC       10.00    4/1/2019    GBP     1.27
Solarwatt GmbH               7.00   11/1/2015    EUR    14.50
SAir Group                   6.25   4/12/2005    CHF    14.75
Lehman Brothers Treasury C   6.50   5/16/2015    EUR     2.67
LBI HF                       6.10   8/25/2011    USD     8.88
AKB Peresvet ZAO            13.25   4/25/2018    RUB    23.49
Rinol AG                     5.50  10/15/2006    DEM     0.00
Rosselkhozbank JSC          12.87  12/21/2021    RUB    60.01
Moscow United Electric Gri  10.00   5/26/2026    RUB    62.00
Bank Nederlandse Gemeenten   0.50   5/12/2021    ZAR    73.08
Lehman Brothers Treasury C  10.00   6/11/2038    JPY     2.67
Rosneft Oil Co PJSC          9.85   1/18/2021    RUB    60.40
Main Road OJSC               4.40  10/30/2028    RUB    56.07
IKB Deutsche Industriebank   0.66   5/25/2031    EUR    66.11
Lehman Brothers Treasury C   4.25   3/13/2021    EUR     2.67
ENEL RUSSIA PJSC            12.10   5/22/2025    RUB    60.06
Svensk Exportkredit AB       0.50   3/28/2029    AUD    69.54
SAir Group                   2.75   7/30/2004    CHF    14.75
Province of Brescia Italy    0.03   6/30/2036    EUR    64.52
Lehman Brothers Treasury C   3.00   6/23/2009    EUR     8.25
IT Holding Finance SA        9.88  11/15/2012    EUR     1.89
BLT Finance BV               7.50   5/15/2014    USD     2.48
Lehman Brothers Treasury C   4.00   7/27/2011    EUR     2.67
Lehman Brothers Treasury C   3.63    3/2/2012    EUR     2.67
TransFin-M PAO              11.00  12/31/2024    RUB   100.00
Fininvest OOO               13.00   11/9/2018    RUB     0.30
SAir Group                   6.25  10/27/2002    CHF    14.79
Bank Nederlandse Gemeenten   0.50   6/22/2021    ZAR    72.30
HSBC Bank PLC                0.50   6/23/2027    MXN    43.88
Lehman Brothers Treasury C   4.35    8/8/2016    SGD     9.63
Artug OAO                   15.00   7/14/2025    RUB   100.00
AKB Peresvet ZAO            13.50   6/23/2021    RUB    12.49
Barclays Bank PLC            0.50   4/24/2023    MXN    61.03
RGS Nedvizhimost OOO        12.00  10/18/2017    RUB    59.95
Sidetur Finance BV          10.00   4/20/2016    USD     3.78
Lehman Brothers Treasury C  10.00   6/17/2009    USD     2.67
HSBC Bank PLC                0.50   2/24/2027    NZD    67.68
Natixis Structured Issuanc  11.70   12/8/2023    EUR    69.84
Promnefteservis OOO         10.50  11/21/2019    RUB     1.19
National Developing Co PAO  12.00   7/19/2018    RUB
BELLAGIO Holding GmbH        2.18                EUR    49.41
Kommunekredit                0.50   5/11/2029    CAD    72.26
TransFin-M PAO              13.00    9/3/2025    RUB   100.02
TransFin-M PAO              10.50   4/11/2019    RUB   100.00
Astana Finance BV            7.88    6/8/2010    EUR    16.88
Lehman Brothers Treasury C   4.82  12/18/2036    EUR     2.67
Lehman Brothers Treasury C   4.60    7/6/2016    EUR     2.67
Bank Nederlandse Gemeenten   0.50   9/20/2022    MXN    68.45
Lenta Center OOO             9.75  10/14/2020    RUB    96.18
Agrokompleks OOO             0.10   12/8/2022    RUB     3.71
Agrokompleks OOO             0.10   7/29/2019    RUB     4.05
Rosneft Oil Co PJSC          9.10   1/18/2021    RUB    60.40
Espirito Santo Financial P   5.63   7/28/2017    EUR     0.99
Lloyds Bank PLC              0.50   7/26/2021    BRL    67.11
Lehman Brothers Treasury C  11.00  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   8.25    2/3/2016    EUR     2.67
Lehman Brothers Treasury C   7.60   1/31/2013    AUD     2.67
Societe Generale SA          0.50   5/30/2023    MXN    62.88
DekaBank Deutsche Girozent   0.12   6/23/2034    EUR    69.84
Raiffeisen Schweiz Genosse   6.50    7/2/2018    USD    48.39
City of Siret Romania        2.32    3/1/2028    RON    50.00
Agentstvo po Ipotechnomu Z  10.83    2/1/2034    RUB   100.00
Lehman Brothers Treasury C   4.60  10/11/2017    ILS     8.25
UniCredit Bank Austria AG    0.12   1/22/2031    EUR    71.23
KPNQwest NV                  8.88    2/1/2008    EUR     0.28
Lehman Brothers Treasury C   2.50  12/15/2011    GBP     2.67
Lehman Brothers Treasury C   4.20   12/3/2008    HKD     9.63
Lehman Brothers Treasury C   1.28   11/6/2010    JPY     8.25
Barclays Bank PLC            1.94   9/30/2031    USD    68.55
Russian Post FGUP            5.07  11/17/2023    RUB    70.01
Mriya Agro Holding PLC      10.95   3/30/2016    USD     6.38
Nuova Banca delle Marche S   7.20   6/30/2018    EUR     1.24
Credit Agricole Corporate    0.50    3/6/2023    RUB    63.61
Rusfinans Bank OOO           9.95   8/22/2019    RUB   101.00
Bank ZENIT PJSC              8.50   6/14/2024    RUB    99.77
Main Road OJSC               4.40  10/30/2029    RUB    69.66
Bayerische Landesbank        3.20   7/27/2018    EUR    72.34
Kamaz PJSC                  10.39   12/5/2030    RUB    62.00
Lehman Brothers Treasury C   1.75    2/7/2010    EUR     2.67
Lehman Brothers Treasury C   5.25  11/21/2009    USD     2.67
Lehman Brothers Treasury C   3.03   1/31/2015    EUR     2.67
Lehman Brothers Treasury C   4.50    3/7/2015    EUR     2.67
Astana Finance BV            9.00  11/16/2011    USD    16.88
Freight One JSC             12.00  10/15/2025    RUB   104.50
Svensk Exportkredit AB       0.50   8/25/2021    ZAR    70.86
Bank Nederlandse Gemeenten   0.50   9/20/2022    ZAR    64.51
Societe Generale SA          0.50    7/6/2021    BRL    67.47
Er-Telekom Holding ZAO      10.85   12/1/2021    RUB    60.06
Lehman Brothers Treasury C   0.50    7/2/2020    EUR     2.67
Barclays Bank PLC            0.50   3/13/2023    RUB    63.63
Northland Resources AB      15.00   7/15/2019    USD     0.37
Lehman Brothers Treasury C  11.00    7/4/2011    CHF     2.67
Societe Generale SA         11.50   10/3/2017    USD    48.10
Rostelecom PJSC              8.40   5/20/2025    RUB    60.07
Societe Generale SA         17.00   1/31/2018    USD    65.53
Raiffeisen Schweiz Genosse   3.00   9/22/2020    CHF    69.08
Bayerische Landesbank        2.60   3/29/2018    EUR    73.68
Lehman Brothers Treasury C   4.00   7/20/2012    EUR     2.67
Banca delle Marche SpA       6.00   6/12/2018    EUR     1.85
Societe Generale SA          0.50   5/22/2024    MXN    57.68
TransFin-M PAO              10.00   9/30/2024    RUB   100.00
SAir Group                   2.13   11/4/2004    CHF    14.75
Lehman Brothers Treasury C   7.00   2/15/2010    CHF     2.67
Lehman Brothers Treasury C   4.70   3/23/2016    EUR     2.67
Kaupthing ehf                7.63   2/28/2015    USD    17.63
Lehman Brothers Treasury C   3.50   6/20/2011    EUR     2.67
Nutritek International Cor   8.75  12/11/2008    USD     2.00
Lehman Brothers Treasury C   5.25   5/26/2026    EUR     2.67
Credit Suisse AG             0.50  12/16/2025    BRL    45.04
Rusfinans Bank OOO           8.75   9/29/2020    RUB   100.10
TransFin-M PAO              10.50   6/17/2024    RUB   100.00
TransFin-M PAO              14.50   2/26/2025    RUB   100.00
AKB Derzhava OJSC           15.00   9/12/2025    RUB   100.00
Kerdos Group SA              8.00  12/15/2017    PLN
Union Technologies Informa   0.10    1/1/2020    EUR     4.45
Stroytemp CJSC               9.00  11/13/2019    RUB    92.70
Bank VTB 24 JSC              9.00    9/1/2044    RUB
Podkarpacki Bank Spoldziel   5.01   10/6/2021    PLN    70.00
AKB Peresvet ZAO            12.75   7/24/2018    RUB    19.74
Raiffeisen Schweiz Genosse   8.99   7/22/2019    EUR    25.03
Raiffeisen Switzerland BV   22.20    9/1/2017    USD    61.74
ECA                          2.50    1/1/2018    EUR
Credit Suisse AG/London      8.00  11/29/2019    USD     6.05
EFG International Finance    8.99    9/4/2017    EUR     1.44
HSBC Trinkaus & Burkhardt    6.50   1/29/2018    EUR    60.57
Polski Bank Spoldzielczy w   4.81   6/18/2020    PLN    51.00
Kommunalbanken AS            0.50  12/16/2020    TRY    72.53
Lehman Brothers Treasury C  13.50  11/28/2008    USD     2.67
Barclays Bank PLC            0.50   1/28/2033    MXN    26.64
Lehman Brothers Treasury C  12.00   7/13/2037    JPY     2.67
TransFin-M PAO              10.50   9/17/2019    RUB   100.03
Lehman Brothers Treasury C  10.00    1/3/2012    BRL     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   3.00   12/3/2012    EUR     2.67
Lehman Brothers Treasury C   6.00  10/30/2012    USD     2.67
Lehman Brothers Treasury C   5.50   6/22/2010    USD     8.25
Lehman Brothers Treasury C  11.75    3/1/2010    EUR     2.67
Kaupthing ehf                5.00    1/4/2027    SKK    17.63
Lehman Brothers Treasury C   5.00  11/22/2012    EUR     2.67
SAir Group                   2.75   7/30/2004    CHF    14.75
Municipality Finance PLC     0.25   6/28/2040    CAD    31.60
Lehman Brothers Treasury C   4.50  12/30/2010    USD     2.67
HSBC Bank PLC                0.50   4/27/2027    NZD    67.00
Lehman Brothers Treasury C   2.00  11/16/2009    EUR     2.67
Lehman Brothers Treasury C   8.00   3/21/2018    USD     2.67
Lehman Brothers Treasury C   2.00   6/28/2011    EUR     2.67
Lehman Brothers Treasury C   5.50    7/8/2013    EUR     2.67
Podkarpacki Bank Spoldziel   5.81   2/23/2025    PLN    60.00
EFG International Finance    7.20   7/29/2020    EUR    27.08
UBS AG                      12.10   4/26/2019    USD     9.02
UBS AG                       5.75  12/22/2017    EUR    59.74
UniCredit Bank AG            3.75    9/7/2020    EUR    73.05
Bayerische Landesbank        2.60  10/19/2018    EUR    67.48
Bayerische Landesbank        2.70    7/6/2018    EUR    70.36
Bayerische Landesbank        2.70    7/6/2018    EUR    69.97
SG Issuer SA                 0.82    8/2/2021    SEK    71.72
Barclays Bank PLC            1.88   8/15/2033    USD    63.20
Lehman Brothers Treasury C   3.00   9/13/2010    JPY     8.25
Lehman Brothers Treasury C   7.50    5/2/2017    EUR     2.67
Lloyds Bank PLC              0.50   7/26/2028    MXN    45.95
Nuova Banca delle Marche S   7.75   6/30/2018    EUR     1.24
Lehman Brothers Treasury C   4.60   11/9/2011    EUR     8.25
ECM Real Estate Investment   5.00   10/9/2011    EUR    10.38
BAWAG PSK Versicherungs AG   1.06                EUR    60.04
Lehman Brothers Treasury C   7.59  11/22/2009    MXN     8.25
Lehman Brothers Treasury C   5.12   4/30/2027    EUR     2.67
Lehman Brothers Treasury C   4.05   9/16/2008    EUR     2.67
Cooperatieve Rabobank UA     0.50   8/21/2028    MXN    40.17
Lehman Brothers Treasury C  16.20   5/14/2009    USD     2.67
Lillestroem Sparebank        4.34                NOK    57.79
Kamaz PJSC                   9.92  11/24/2031    RUB    62.01
Eiendomskreditt AS           5.10                NOK    66.18
SpareBank 1 Nordvest         3.66   3/11/2099    NOK    61.86
Lehman Brothers Treasury C   6.60    2/9/2009    EUR     2.67
HSBC Bank PLC                0.50   4/11/2023    MXN    63.63
Lehman Brothers Treasury C  23.30   9/16/2008    USD     2.67
Lehman Brothers Treasury C   3.60   3/19/2018    JPY     2.67
Landesbank Hessen-Thuering   4.00   5/16/2018    EUR    70.39
Leonteq Securities AG       15.60  12/19/2017    CHF    66.12
Royal Bank of Scotland PLC   6.20    9/7/2018    GBP     1.06
OOO SPV Structural Investm   0.01    9/1/2023    RUB    65.90
Lehman Brothers Treasury C   5.38    2/4/2014    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Windreich GmbH               6.25    3/1/2015    EUR    11.00
Lehman Brothers Treasury C   6.00   2/19/2023    USD     2.67
Lehman Brothers Treasury C   8.00  10/17/2014    EUR     2.67
Lehman Brothers Treasury C   4.00   12/2/2012    EUR     2.67
HSBC Bank PLC                0.50   1/29/2027    NZD    67.73
Vegarshei Sparebank          4.85                NOK    62.98
UniCredit Bank AO           12.00  11/20/2019    RUB   100.00
Delta-Finance OOO           10.00  12/17/2020    RUB   100.00
Polbrand sp zoo              9.00   10/2/2017    PLN    50.00
Bank VTB 24 JSC              9.00   9/15/2044    RUB
Russian Railways JSC         5.10   5/20/2044    RUB
Polski Bank Spoldzielczy w   4.81   6/22/2021    PLN    42.00
UBS AG/London                7.93  12/30/2021    USD    10.28
Leonteq Securities AG/Guer  16.20  11/30/2017    USD    31.71
Raiffeisen Schweiz Genosse   6.70   7/24/2017    EUR    74.63
Landesbank Baden-Wuerttemb   3.00   9/28/2018    EUR    66.99
UniCredit Bank AG            3.75   10/2/2020    EUR    69.97
Lehman Brothers Treasury C   4.50    5/2/2017    EUR     8.25
Lehman Brothers Treasury C   6.00   5/23/2018    CZK     2.67
Lehman Brothers Treasury C  15.00   3/30/2011    EUR     2.67
Russian Post FGUP            2.75   12/6/2023    RUB    72.54
Lehman Brothers Treasury C   4.00  10/24/2012    EUR     2.67
Kaupthing ehf                6.13   10/4/2016    USD    17.63
Lehman Brothers Treasury C   7.00   4/14/2009    EUR     2.67
Lehman Brothers Treasury C   5.75   6/15/2009    CHF     2.67
Lehman Brothers Treasury C   1.50  10/25/2011    EUR     2.67
Lehman Brothers Treasury C  10.00    8/2/2037    JPY     2.67
Lehman Brothers Treasury C   1.00    5/9/2012    EUR     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C   2.50   11/9/2011    CHF     2.67
LBI HF                       2.25   2/14/2011    CHF     7.13
HSBC Bank PLC                0.50  10/30/2026    NZD    68.77
IDGC of the North Caucasus  13.00   4/22/2021    RUB    60.00
Credit Suisse AG/London      0.50    1/8/2026    BRL    43.92
Hellas Telecommunications    8.50  10/15/2013    EUR     0.77
Lehman Brothers Treasury C   0.50    6/2/2020    EUR     2.67
Lehman Brothers Treasury C   2.00   5/17/2010    EUR     2.67
Polski Bank Spoldzielczy w   4.81  11/26/2024    PLN
Vontobel Financial Product   4.65   7/24/2017    EUR    72.30
Commerzbank AG               4.00    7/6/2018    EUR    57.79
UBS AG                      24.10   9/28/2017    EUR    68.20
UBS AG/London                5.00   8/14/2017    CHF    55.30
Bank Julius Baer & Co Ltd/   5.50   11/6/2017    CHF    62.75
Podkarpacki Bank Spoldziel   5.81  10/24/2024    PLN
Lehman Brothers Treasury C   3.50  10/31/2011    USD     2.67
Soyuz AKB OAO               10.50   6/11/2020    RUB    60.00
MIK OAO                     15.00   2/19/2020    RUB     3.33
Societe Generale SA          0.50    8/4/2021    BRL    66.97
ECM Real Estate Investment   5.00   10/9/2011    EUR    10.38
Lehman Brothers Treasury C   7.00  10/22/2010    EUR     2.67
BTV Hybrid I GmbH            6.50                EUR    41.23
Lehman Brothers Treasury C   3.86   9/21/2011    SGD     9.63
Lehman Brothers Treasury C   5.50   4/23/2014    EUR     2.67
Societe Generale SA          0.50    4/3/2023    RUB    63.37
Lehman Brothers Treasury C   6.00  10/30/2012    EUR     2.67
Windreich GmbH               6.75    3/1/2015    EUR    11.00
Barclays Bank PLC            0.50   3/26/2021    MXN    72.77
Lehman Brothers Treasury C  10.44  11/22/2008    CHF     2.67
HSBC Bank PLC                0.50   12/8/2026    AUD    71.04
Syntagma OOO                16.50   5/10/2022    RUB     0.01
DekaBank Deutsche Girozent   3.00   6/27/2018    EUR    56.10
City of Predeal Romania      1.50   5/15/2026    RON    60.00
Admiral Boats SA             8.50   9/18/2017    PLN    25.50
Kaupthing ehf                7.50    2/1/2045    USD     0.22
Lehman Brothers Treasury C   5.00  10/24/2008    CHF     2.67
New Look Senior Issuer PLC   8.00    7/1/2023    GBP    55.58
Landesbank Baden-Wuerttemb   3.00   9/22/2017    EUR    68.97
Leonteq Securities AG        6.00  10/12/2017    CHF    65.47
UniCredit Bank AG            4.50   9/19/2017    EUR    57.82
Landesbank Hessen-Thuering   5.00  10/17/2017    EUR    70.47
Landesbank Hessen-Thuering   4.50  11/28/2017    EUR    72.41
Commerzbank AG              15.50   8/23/2017    EUR    63.03
Bank Julius Baer & Co Ltd/   5.40  12/20/2017    CHF    71.20
Vontobel Financial Product   9.05   9/22/2017    EUR    71.38
Vontobel Financial Product   7.00  12/22/2017    EUR    72.69
Vontobel Financial Product  20.00  12/22/2017    EUR    55.78
Vontobel Financial Product  13.50   9/22/2017    EUR    64.73
Vontobel Financial Product  16.05   9/22/2017    EUR    62.01
Vontobel Financial Product  12.00  12/22/2017    EUR    64.40
Vontobel Financial Product  16.00  12/22/2017    EUR    60.65
Driver & Bengsch AG          8.50  12/31/2027    EUR     0.00
Vontobel Financial Product  10.65    9/8/2017    EUR    70.40
Vontobel Financial Product  12.35    9/8/2017    EUR    67.83
Commerzbank AG              16.75  11/23/2017    EUR    69.00
HSBC Trinkaus & Burkhardt    8.70   9/22/2017    EUR    75.58
UBS AG/London               11.70   9/29/2017    EUR    67.11
UBS AG/London               12.60  12/29/2017    EUR    67.07
UBS AG/London                9.30   9/29/2017    EUR    70.51
UBS AG/London               10.60  12/29/2017    EUR    69.52
UBS AG/London                7.00  12/29/2017    EUR    75.80
UBS AG/London                8.80  12/29/2017    EUR    72.45
UBS AG/London               14.30   9/29/2017    EUR    64.18
Commerzbank AG               1.00   2/19/2020    USD    33.86
Commerzbank AG              14.00   1/24/2018    EUR    67.47
Commerzbank AG              12.75  11/23/2017    EUR    74.61
Deutsche Bank AG             7.20  12/19/2017    EUR    73.30
Deutsche Bank AG             5.20  12/19/2017    EUR    72.50
Deutsche Bank AG             5.20   3/20/2018    EUR    73.60
BNP Paribas Emissions- und   4.00   9/21/2017    EUR    74.41
HSBC Trinkaus & Burkhardt   10.90  10/27/2017    EUR    70.55
HSBC Trinkaus & Burkhardt   10.10   1/26/2018    EUR    72.63
Vontobel Financial Product  16.00  12/22/2017    EUR    64.59
Vontobel Financial Product   7.50   3/23/2018    EUR    74.60
Vontobel Financial Product   9.00   3/23/2018    EUR    71.93
Vontobel Financial Product  10.50   3/23/2018    EUR    69.57
Vontobel Financial Product  12.50   3/23/2018    EUR    67.84
Vontobel Financial Product  14.50   3/23/2018    EUR    66.38
HSBC Trinkaus & Burkhardt   14.20  12/22/2017    EUR    68.15
HSBC Trinkaus & Burkhardt   11.20   8/25/2017    EUR    70.85
HSBC Trinkaus & Burkhardt   10.50  11/24/2017    EUR    73.16
UBS AG/London                7.10   9/29/2017    EUR    74.35
DZ Bank AG Deutsche Zentra   8.20   3/23/2018    EUR    74.90
Lehman Brothers Treasury C  10.00   2/16/2009    CHF     2.67
Lehman Brothers Treasury C  11.00  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   8.00  12/31/2010    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C  11.00  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    USD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     9.63
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   9.30  12/21/2010    EUR     2.67
Lehman Brothers Treasury C   5.50  11/30/2012    CZK     2.67
Lehman Brothers Treasury C   8.88   1/28/2011    HKD     9.63
Kaupthing ehf                7.00   7/24/2009    ISK    17.63
LBI HF                       5.08    3/1/2013    ISK     7.13
LBI HF                       8.65    5/1/2011    ISK     7.13
Lehman Brothers Treasury C  11.00   2/16/2009    CHF     2.67
Lehman Brothers Treasury C   6.30  12/21/2018    USD     2.67
Lehman Brothers Treasury C  16.00   10/8/2008    CHF     2.67
Lehman Brothers Treasury C   8.00   4/20/2009    EUR     2.67
Lehman Brothers Treasury C   6.00   3/17/2011    EUR     2.67
Lehman Brothers Treasury C   6.70   4/21/2011    USD     2.67
Lehman Brothers Treasury C   3.50   9/29/2017    EUR     2.67
Oberbank AG                  7.40                EUR    67.80
Barclays Bank PLC            1.99   12/1/2040    USD    74.19
Lehman Brothers Treasury C   8.60   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   8.28   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   7.32   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   5.00    9/1/2011    EUR     2.67
Lehman Brothers Treasury C   3.00    8/8/2017    EUR     2.67
Lehman Brothers Treasury C   3.50   9/19/2017    EUR     2.67
Lehman Brothers Treasury C   9.50    4/1/2018    USD     2.67
Lehman Brothers Treasury C   7.05    4/8/2015    USD     2.67
Lehman Brothers Treasury C   7.80   3/31/2018    USD     2.67
Lehman Brothers Treasury C   2.30   6/27/2013    USD     2.67
Lehman Brothers Treasury C   6.00    3/4/2015    USD     2.67
Kaupthing ehf                6.50   10/8/2010    ISK    17.63
Kaupthing ehf                7.50   12/5/2014    ISK    17.63
Lehman Brothers Treasury C   7.50   2/14/2010    AUD     2.67
Lehman Brothers Treasury C  16.00  10/28/2008    USD     2.67
Lehman Brothers Treasury C   1.95   11/4/2013    EUR     2.67
Lehman Brothers Treasury C   3.45   5/23/2013    USD     2.67
Lehman Brothers Treasury C   1.00   2/26/2010    USD     2.67
Lehman Brothers Treasury C   6.00   6/21/2011    EUR     2.67
Lehman Brothers Treasury C  10.00  10/23/2008    USD     2.67
Lehman Brothers Treasury C   6.45   2/20/2010    AUD     2.67
Lehman Brothers Treasury C  10.00  10/22/2008    USD     2.67
Nota-Bank OJSC              13.50    4/1/2016    RUB    31.50
Barclays Bank PLC            0.50   3/19/2021    MXN    73.40
Lehman Brothers Treasury C  13.00   7/25/2012    EUR     2.67
Barclays Bank PLC            1.64    6/3/2041    USD    75.16
Lehman Brothers Treasury C   7.50   6/15/2017    USD     2.67
Lehman Brothers Treasury C   0.01   9/20/2011    USD     2.67
Lehman Brothers Treasury C   4.10   6/10/2014    SGD     9.63
Lehman Brothers Treasury C   6.00  12/30/2017    EUR     2.67
Lehman Brothers Treasury C   5.25    4/1/2023    EUR     2.67
Lehman Brothers Treasury C   6.50   7/24/2026    EUR     2.67
Lehman Brothers Treasury C   4.68  12/12/2045    EUR     2.67
Lehman Brothers Treasury C   5.10   6/22/2046    EUR     2.67
Lehman Brothers Treasury C  13.00  12/14/2012    USD     2.67
Lehman Brothers Treasury C   3.00   9/12/2036    JPY     8.25
Lehman Brothers Treasury C   7.50   9/13/2009    CHF     2.67
Lehman Brothers Treasury C   8.50    7/6/2009    CHF     2.67
Lehman Brothers Treasury C   3.70    6/6/2009    EUR     2.67
HSBC Bank PLC                0.50    6/9/2023    MXN    62.75
Province of Brescia Italy    0.11  12/22/2036    EUR    63.94
Lehman Brothers Treasury C   2.50   8/15/2012    CHF     2.67
Lehman Brothers Treasury C  13.43    1/8/2009    ILS     2.67
Russkiy Mezhdunarodnyi Ban  12.00  11/14/2021    RUB    61.00
Lehman Brothers Treasury C   7.60    3/4/2010    NZD     2.67
Lehman Brothers Treasury C  14.10  11/12/2008    USD     2.67
Lehman Brothers Treasury C   7.00   7/11/2010    EUR     2.67
Lehman Brothers Treasury C  10.00    1/4/2010    USD     2.67
Lehman Brothers Treasury C   4.70   3/23/2016    EUR     2.67
Lehman Brothers Treasury C   7.50   7/31/2013    GBP     2.67
Lehman Brothers Treasury C   0.50   2/16/2009    EUR     2.67
Lehman Brothers Treasury C   4.50    8/2/2009    USD     2.67
Lehman Brothers Treasury C   4.50    3/6/2013    CHF     2.67
Lehman Brothers Treasury C   5.00   3/13/2009    EUR     2.67
Lehman Brothers Treasury C  13.00   2/16/2009    CHF     2.67
Lehman Brothers Treasury C   4.00    1/4/2011    USD     2.67
Lehman Brothers Treasury C   4.10   5/20/2009    USD     2.67
Lehman Brothers Treasury C   3.82  10/20/2009    USD     2.67
Lehman Brothers Treasury C   6.00    8/7/2013    EUR     2.67
Lehman Brothers Treasury C  15.00    6/4/2009    CHF     2.67
Societe Generale SA          0.50   4/30/2023    RUB    62.80
Lehman Brothers Treasury C  11.00    7/4/2011    USD     2.67
Lehman Brothers Treasury C   5.22    3/1/2024    EUR     2.67
Lehman Brothers Treasury C  16.00  12/26/2008    USD     2.67
Lehman Brothers Treasury C  13.15  10/30/2008    USD     2.67
Lehman Brothers Treasury C   2.30   4/28/2014    JPY     2.67
Lehman Brothers Treasury C   4.00   2/28/2010    EUR     2.67
Lehman Brothers Treasury C   7.60   5/21/2013    USD     2.67
Lehman Brothers Treasury C   3.00    6/3/2010    EUR     2.67
Lehman Brothers Treasury C  12.00    7/4/2011    EUR     2.67
Lehman Brothers Treasury C  12.40   6/12/2009    USD     2.67
Lehman Brothers Treasury C   7.75    1/3/2012    AUD     2.67
Lehman Brothers Treasury C   3.10    6/4/2010    USD     2.67
TransFin-M PAO              12.50   8/11/2025    RUB   100.00
BNP Paribas SA               0.50  11/16/2032    MXN    31.40
Center-Invest Commercial B   8.70  11/13/2018    RUB    59.01
Societe Generale SA          0.50   6/12/2023    RUB    62.18
Societe Generale SA          0.50    4/4/2024    MXN    58.37
Lehman Brothers Treasury C   5.00   12/6/2011    EUR     2.67
Lehman Brothers Treasury C   2.75  10/28/2009    EUR     2.67
DZ Bank AG Deutsche Zentra   9.25   7/28/2017    EUR    74.54
UBS AG/London                9.50   9/22/2017    EUR    53.65
UBS AG/London               12.50   9/22/2017    EUR    49.02
Raiffeisen Switzerland BV    3.50   8/25/2017    CHF    71.04
Leonteq Securities AG       12.20    8/4/2017    CHF    74.24
BNP Paribas Emissions- und  16.00  12/21/2017    EUR    68.13
BNP Paribas Emissions- und  18.00  12/21/2017    EUR    65.40
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    63.55
BNP Paribas Emissions- und  12.00  12/21/2017    EUR    58.90
BNP Paribas Emissions- und   9.00   9/21/2017    EUR    62.55
BNP Paribas Emissions- und  10.00   9/21/2017    EUR    59.71
BNP Paribas Emissions- und  12.00   9/21/2017    EUR    54.85
BNP Paribas Emissions- und  16.00   9/21/2017    EUR    50.12
BNP Paribas Emissions- und   9.00  12/21/2017    EUR    66.26
BNP Paribas Emissions- und  10.00  12/21/2017    EUR    63.56
Vontobel Financial Product   4.00   11/9/2017    EUR    66.61
Goldman Sachs & Co Wertpap  12.00  12/20/2017    EUR    72.08
Goldman Sachs & Co Wertpap  13.00  12/20/2017    EUR    67.61
Goldman Sachs & Co Wertpap  10.00  12/20/2017    EUR    68.94
Goldman Sachs & Co Wertpap  11.00  12/20/2017    EUR    64.92
Goldman Sachs & Co Wertpap  11.00  12/20/2017    EUR    67.06
Uginvestgerion OOO          12.10    4/1/2020    RUB   100.00
UBS AG/London                1.31   5/29/2020    USD     9.75
HSBC Trinkaus & Burkhardt    3.00   6/22/2018    EUR    62.63
Leonteq Securities AG       20.00  10/25/2017    CHF    50.87
DZ Bank AG Deutsche Zentra   8.70  12/22/2017    EUR    55.95
DZ Bank AG Deutsche Zentra  10.10  12/22/2017    EUR    52.97
HSBC Trinkaus & Burkhardt   12.70   9/22/2017    EUR    51.53
HSBC Trinkaus & Burkhardt   10.30   9/22/2017    EUR    55.64
HSBC Trinkaus & Burkhardt    7.50   9/22/2017    EUR    62.09
EFG International Finance    6.89  12/28/2017    CHF    71.17
SG Issuer SA                 0.80  11/30/2020    SEK    65.95
EFG International Finance    7.35  12/28/2017    CHF    66.04
HSBC Trinkaus & Burkhardt    7.50   9/22/2017    EUR    73.14
HSBC Trinkaus & Burkhardt    9.30   4/27/2018    EUR    74.24
Gold-Zack AG                 7.00  12/14/2005    EUR    12.58
Transgazservice LLP         10.50   11/8/2019    RUB     0.04
Noyabrskaya Pge OOO          8.50  11/10/2020    RUB    60.00
Polski Bank Spoldzielczy w   5.31   9/14/2027    PLN    50.00
Deutsche Bank AG             3.20  11/22/2017    EUR    71.70
DekaBank Deutsche Girozent   3.10    8/4/2017    EUR    54.15
DZ Bank AG Deutsche Zentra  10.00  12/22/2017    EUR    75.46
UBS AG/London                9.50    9/4/2017    CHF    28.10
Goldman Sachs & Co Wertpap   9.00   9/20/2017    EUR    73.32
Goldman Sachs & Co Wertpap  12.00   9/20/2017    EUR    62.24
Goldman Sachs & Co Wertpap  12.00   9/20/2017    EUR    60.21
AKB Peresvet ZAO             2.56    9/2/2020    RUB    11.34
Leonteq Securities AG        6.77   8/17/2017    CHF    59.94
Leonteq Securities AG        5.40   8/28/2017    CHF    59.82
Leonteq Securities AG        5.00    9/4/2018    CHF    62.22
Leonteq Securities AG        5.60    9/4/2017    CHF    63.91
Leonteq Securities AG        5.60   9/11/2017    CHF    60.33
UBS AG/London                8.25    8/7/2017    EUR    71.70
DZ Bank AG Deutsche Zentra   3.45   8/25/2017    EUR    73.10
Raiffeisen Centrobank AG     9.85  12/20/2017    EUR    66.62
Raiffeisen Centrobank AG    13.01  12/20/2017    EUR    63.89
Raiffeisen Centrobank AG     7.54  12/28/2018    EUR    64.26
Raiffeisen Centrobank AG     6.23  12/28/2018    EUR    69.09
Commerzbank AG              12.00   2/22/2018    EUR    73.90
Commerzbank AG              15.75   2/22/2018    EUR    69.55
Landesbank Baden-Wuerttemb   2.60   8/23/2019    EUR    71.97
Landesbank Baden-Wuerttemb   3.00   8/25/2017    EUR    68.44
Landesbank Baden-Wuerttemb   4.00   8/25/2017    EUR    63.81
Landesbank Baden-Wuerttemb   5.00   8/25/2017    EUR    60.19
Landesbank Baden-Wuerttemb   4.00   8/25/2017    EUR    71.95
UBS AG/London                8.00   7/31/2017    CHF    72.35
EFG International Finance   14.00    3/8/2018    CHF    72.59
DZ Bank AG Deutsche Zentra   7.40   3/23/2018    EUR    76.54
DZ Bank AG Deutsche Zentra   6.00  12/22/2017    EUR    72.65
DZ Bank AG Deutsche Zentra   7.40  12/22/2017    EUR    75.25
Bank Julius Baer & Co Ltd/  11.00   3/29/2018    USD    72.60
Commerzbank AG              11.50   7/26/2017    EUR    47.43
Exane Finance SA             5.00  12/20/2019    SEK
Commerzbank AG               7.25  10/26/2017    EUR    65.11
Commerzbank AG              10.50  10/26/2017    EUR    58.99
Commerzbank AG              14.25  10/26/2017    EUR    54.32
UBS AG/London                7.00   9/22/2017    EUR    59.69
UBS AG/London               11.60  12/29/2017    EUR    52.06
UBS AG/London               13.00   9/27/2017    EUR    49.35
UBS AG/London                5.30  12/29/2017    EUR    60.86
Leonteq Securities AG       17.60  12/19/2017    USD    66.29
Vontobel Financial Product  18.40   9/11/2017    EUR    63.34
Goldman Sachs & Co Wertpap   6.00   8/23/2017    EUR
Raiffeisen Schweiz Genosse  15.00  12/27/2017    CHF    60.91
UBS AG/London               12.50   9/22/2017    EUR    69.05
Vontobel Financial Product  13.00  12/22/2017    EUR    67.92
Vontobel Financial Product   8.50   9/22/2017    EUR    75.64
Vontobel Financial Product  13.50   9/22/2017    EUR    68.21
Vontobel Financial Product  11.00  12/22/2017    EUR    70.47
Commerzbank AG              15.50   9/20/2017    EUR    63.04
Commerzbank AG              13.50  12/20/2017    EUR    65.99
HSBC Trinkaus & Burkhardt   13.40  12/22/2017    EUR    66.23
HSBC Trinkaus & Burkhardt    7.80  12/22/2017    EUR    74.81
HSBC Trinkaus & Burkhardt   10.40   8/25/2017    EUR    68.79
HSBC Trinkaus & Burkhardt    9.70  11/24/2017    EUR    70.92
Commerzbank AG               8.50  12/21/2017    EUR    76.74
Commerzbank AG              12.25  12/21/2017    EUR    70.35
Commerzbank AG              16.25  12/21/2017    EUR    65.52
Societe Generale SA          7.00  10/20/2020    USD
UBS AG/London                6.90   6/22/2018    EUR    70.77
UBS AG/London                8.20   6/22/2018    EUR    69.04
UBS AG/London                7.40   9/22/2017    EUR    66.21
UBS AG/London                9.90   9/22/2017    EUR    63.12
UBS AG/London                9.40   6/22/2018    EUR    67.08
HSBC Trinkaus & Burkhardt   13.80  12/22/2017    EUR    69.66
HSBC Trinkaus & Burkhardt   10.80   8/25/2017    EUR    72.73
HSBC Trinkaus & Burkhardt   10.10  11/24/2017    EUR    75.10
BNP Paribas Emissions- und  15.00  11/23/2017    EUR    67.43
BNP Paribas Emissions- und   8.00  12/21/2017    EUR    77.23
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    71.30
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    67.33
BNP Paribas Emissions- und  16.00  12/21/2017    EUR    65.98
BNP Paribas Emissions- und  12.00   6/21/2018    EUR    72.88
BNP Paribas Emissions- und  13.00   6/21/2018    EUR    70.95
BNP Paribas Emissions- und  13.00  11/23/2017    EUR    70.21
BNP Paribas Emissions- und  10.00  10/26/2017    EUR    76.57
BNP Paribas Emissions- und  12.00  10/26/2017    EUR    72.81
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    67.85
BNP Paribas Emissions- und  15.00  10/26/2017    EUR    66.28
BNP Paribas Emissions- und  19.00  10/26/2017    EUR    64.47
BNP Paribas Emissions- und  10.00   9/21/2017    EUR    74.03
BNP Paribas Emissions- und  12.00   9/21/2017    EUR    70.20
BNP Paribas Emissions- und  19.00   9/21/2017    EUR    62.26
Bank Julius Baer & Co Ltd/   7.85   7/28/2017    USD    47.45
Commerzbank AG              10.25   7/27/2017    EUR    50.11
Commerzbank AG               7.00   7/27/2017    EUR    56.21
Commerzbank AG              14.25   7/27/2017    EUR    45.43
HSBC Trinkaus & Burkhardt    7.90   9/22/2017    EUR    57.81
HSBC Trinkaus & Burkhardt    5.40   9/22/2017    EUR    63.35
HSBC Trinkaus & Burkhardt    2.90   9/22/2017    EUR    72.40
BNP Paribas Emissions- und  16.00   9/21/2017    EUR    48.29
BNP Paribas Emissions- und   5.00  10/26/2017    EUR    62.27
BNP Paribas Emissions- und   6.00  10/26/2017    EUR    61.01
BNP Paribas Emissions- und   9.00  10/26/2017    EUR    55.15
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    50.82
BNP Paribas Emissions- und   5.00  12/21/2017    EUR    64.64
BNP Paribas Emissions- und   6.00  12/21/2017    EUR    61.94
BNP Paribas Emissions- und   9.00  12/21/2017    EUR    57.68
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    50.04
BNP Paribas Emissions- und   5.00   9/21/2017    EUR    61.60
BNP Paribas Emissions- und   6.00   9/21/2017    EUR    60.45
BNP Paribas Emissions- und   9.00   9/21/2017    EUR    55.43
BNP Paribas Emissions- und  13.00   9/21/2017    EUR    48.75
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    71.75
BNP Paribas Emissions- und  13.00   9/21/2017    EUR    72.73
BNP Paribas Emissions- und  13.00  10/26/2017    EUR    73.77
BNP Paribas Emissions- und   9.00  12/21/2017    EUR    71.99
UBS AG/London               12.50    4/5/2018    USD    66.45
Commerzbank AG              20.00   5/28/2018    SEK    52.17
DZ Bank AG Deutsche Zentra   9.75  12/22/2017    EUR    75.09
HSBC Trinkaus & Burkhardt   14.10   9/22/2017    EUR    72.10
HSBC Trinkaus & Burkhardt   13.70  12/22/2017    EUR    73.24
HSBC Trinkaus & Burkhardt   12.70  12/22/2017    EUR    74.78
HSBC Trinkaus & Burkhardt   11.90   8/25/2017    EUR    75.27
HSBC Trinkaus & Burkhardt    8.95  12/22/2017    EUR    69.05
Credit Suisse AG/London      8.50   9/18/2017    USD    62.96
HSBC Trinkaus & Burkhardt   13.80  12/22/2017    EUR    62.07
HSBC Trinkaus & Burkhardt   11.90  12/22/2017    EUR    64.10
HSBC Trinkaus & Burkhardt   10.70   8/25/2017    EUR    63.46
HSBC Trinkaus & Burkhardt   10.20  11/24/2017    EUR    65.77
HSBC Trinkaus & Burkhardt   13.40   9/22/2017    EUR    63.04
HSBC Trinkaus & Burkhardt   12.10   3/23/2018    EUR    67.10
HSBC Trinkaus & Burkhardt   11.30   3/23/2018    EUR    68.07
HSBC Trinkaus & Burkhardt    8.30   3/23/2018    EUR    72.83
HSBC Trinkaus & Burkhardt   11.00   8/25/2017    EUR    65.17
HSBC Trinkaus & Burkhardt   10.40  11/24/2017    EUR    67.52
DZ Bank AG Deutsche Zentra   7.10   9/22/2017    EUR    68.95
DZ Bank AG Deutsche Zentra   7.10  12/22/2017    EUR    70.56
Landesbank Baden-Wuerttemb   2.90   7/27/2018    EUR    72.25
Leonteq Securities AG        6.20   7/24/2018    CHF     0.15
Leonteq Securities AG        5.20   7/24/2018    CHF     0.01
Leonteq Securities AG        7.00   11/6/2017    CHF    44.78
Leonteq Securities AG        7.00  10/19/2017    CHF    67.70
Norddeutsche Landesbank Gi   3.00  10/30/2018    EUR    65.81
DZ Bank AG Deutsche Zentra   8.30   9/22/2017    EUR    52.53
HSBC Trinkaus & Burkhardt    1.75   8/25/2017    EUR    58.02
Deutsche Bank AG             6.20  12/19/2017    EUR    73.30
Deutsche Bank AG             6.20   9/19/2017    EUR    74.80
Deutsche Bank AG             6.20   9/19/2017    EUR    71.80
UBS AG/London                6.30  12/29/2017    EUR    58.43
EFG International Finance    6.48   5/29/2018    EUR     5.97
Landesbank Baden-Wuerttemb   3.00   2/23/2018    EUR    67.00
Vontobel Financial Product   7.00  12/22/2017    EUR    74.72
Vontobel Financial Product   6.50  12/22/2017    EUR    76.65
Vontobel Financial Product   8.00  12/22/2017    EUR    73.09
Vontobel Financial Product  14.00  12/22/2017    EUR    65.22
Vontobel Financial Product  13.00  12/22/2017    EUR    66.32
Vontobel Financial Product  12.00  12/22/2017    EUR    67.51
Vontobel Financial Product  11.00  12/22/2017    EUR    68.77
Vontobel Financial Product  10.00  12/22/2017    EUR    70.12
Vontobel Financial Product   9.00  12/22/2017    EUR    71.56
Vontobel Financial Product   9.05  12/22/2017    EUR    74.33
UBS AG/London                6.50   1/25/2018    CHF    70.50
BNP Paribas Emissions- und  10.00   6/21/2018    EUR    74.89
Municipiul Timisoara         0.80   5/15/2026    RON    70.00
UBS AG                      11.41   4/26/2019    USD     9.86
HSBC Trinkaus & Burkhardt   10.10   2/23/2018    EUR    73.33
HSBC Trinkaus & Burkhardt   11.60   3/23/2018    EUR    71.49
HSBC Trinkaus & Burkhardt    8.40   3/23/2018    EUR    76.76
Commerzbank AG              12.75   1/25/2018    EUR    73.43
Commerzbank AG              16.50   1/25/2018    EUR    68.77
Leonteq Securities AG       15.20  10/11/2017    CHF    63.80
Vontobel Financial Product  11.50   9/22/2017    EUR    72.71
UBS AG/London                6.00   10/5/2017    CHF    52.05
BNP Paribas Emissions- und   8.00   9/21/2017    EUR    73.66
BNP Paribas Emissions- und  13.00   9/21/2017    EUR    66.64
BNP Paribas Emissions- und  14.00   9/21/2017    EUR    72.49
HSBC Trinkaus & Burkhardt    9.00   9/22/2017    EUR    72.49
HSBC Trinkaus & Burkhardt    8.30  12/22/2017    EUR    74.12
HSBC Trinkaus & Burkhardt    2.50   9/22/2017    EUR    64.57
Leonteq Securities AG       10.20  10/24/2018    EUR    64.64
Landesbank Baden-Wuerttemb   3.25  12/22/2017    EUR    72.06
UniCredit Bank AG            4.00   6/26/2018    EUR    67.38
Landesbank Baden-Wuerttemb   3.25   1/26/2018    EUR    66.83
Landesbank Hessen-Thuering   4.00   1/16/2018    EUR    63.86
Leonteq Securities AG/Guer   5.00  12/27/2019    EUR    69.17
Landesbank Baden-Wuerttemb   3.15   6/22/2018    EUR    68.88
UBS AG                       4.50  12/22/2017    EUR    59.06
Credit Suisse AG/Nassau      5.25   5/14/2018    CHF    71.70
DekaBank Deutsche Girozent   3.15   5/18/2018    EUR    73.60
Raiffeisen Schweiz Genosse   5.00   6/13/2018    CHF    72.75
UBS AG                       5.00  12/22/2017    EUR    67.39
DekaBank Deutsche Girozent   3.40    4/9/2018    EUR    59.97
Raiffeisen Schweiz Genosse   4.50   5/23/2018    CHF    73.39
Raiffeisen Schweiz Genosse   5.00    6/6/2018    CHF    73.45
Raiffeisen Schweiz Genosse   5.00   7/25/2018    CHF    73.89
UBS AG/London                7.00  12/22/2017    EUR    65.44
UBS AG/London               12.50  12/22/2017    EUR    70.20
UBS AG/London                9.00  12/22/2017    EUR    58.50
UBS AG/London                5.75  12/22/2017    EUR    72.21
UBS AG/London                6.25  12/22/2017    EUR    69.88
UBS AG/London                7.75  12/22/2017    EUR    54.43
UBS AG/London               14.50  12/22/2017    EUR    69.80
Raiffeisen Schweiz Genosse   5.00   8/29/2018    CHF    75.17
Leonteq Securities AG/Guer   4.40   8/28/2017    CHF    62.86
Raiffeisen Schweiz Genosse   5.04   8/28/2017    CHF    72.39
Leonteq Securities AG/Guer   4.68   8/29/2017    CHF    74.11
Leonteq Securities AG/Guer   5.99   9/11/2017    EUR    69.51
Bank Julius Baer & Co Ltd/   5.20   9/25/2017    EUR    66.45
UniCredit Bank AG            4.00  10/14/2019    EUR    71.23
DZ Bank AG Deutsche Zentra  13.00   9/22/2017    EUR    64.19
UBS AG                       9.50  12/22/2017    EUR    63.43
UBS AG                       5.25  12/22/2017    EUR    63.32
UBS AG                      10.25  12/22/2017    EUR    42.63
UBS AG                       8.00  12/22/2017    EUR    70.62
UBS AG                      11.75  12/22/2017    EUR    55.53
UBS AG                      13.00  12/22/2017    EUR    63.50
UBS AG                       7.75  12/22/2017    EUR    61.24
UBS AG                       6.25  12/22/2017    EUR    54.93
UBS AG                      11.25  12/22/2017    EUR    67.08
UBS AG                       9.00  12/22/2017    EUR    71.23
UBS AG                      10.50  12/22/2017    EUR    54.86
UBS AG                       9.50  12/22/2017    EUR    63.02
Landesbank Baden-Wuerttemb   3.30   6/22/2018    EUR    70.54
UBS AG                      11.75  12/22/2017    EUR    56.77
UBS AG                       7.75  12/22/2017    EUR    65.77
UBS AG                      10.25  12/22/2017    EUR    54.47
UBS AG                       5.00  12/22/2017    EUR    67.57
UBS AG                       8.50  12/22/2017    EUR    47.31
UBS AG                      11.75  12/22/2017    EUR    38.42
UBS AG                       8.75  12/22/2017    EUR    66.79
UBS AG                      10.25  12/22/2017    EUR    60.47
UBS AG                       7.50  12/22/2017    EUR    51.48
UBS AG                       6.75  12/22/2017    EUR    55.28
UBS AG                       9.50  12/22/2017    EUR    68.68
UBS AG                       8.25  12/22/2017    EUR    49.39
UBS AG                      10.50  12/22/2017    EUR    61.96
UBS AG                       8.25  12/22/2017    EUR    53.07
UBS AG                       4.50  12/22/2017    EUR    68.36
UBS AG                       6.50  12/22/2017    EUR    55.04
UniCredit Bank AG            4.30  12/22/2017    EUR    72.74
DekaBank Deutsche Girozent   3.30   2/26/2018    EUR    54.66
Credit Suisse AG/London      8.50   3/13/2018    USD    61.21
DekaBank Deutsche Girozent   3.50  10/28/2019    EUR    71.01
DekaBank Deutsche Girozent   7.15  10/27/2017    EUR    65.93
EFG International Finance    7.00  11/27/2019    EUR    17.45
Goldman Sachs Internationa   1.00   12/5/2017    SEK    17.85
DekaBank Deutsche Girozent   3.00  12/17/2018    EUR    70.78
Leonteq Securities AG        6.00   1/23/2019    CHF     0.01
DZ Bank AG Deutsche Zentra   5.00    2/6/2018    EUR    70.84
Landesbank Baden-Wuerttemb   5.00  10/27/2017    EUR    67.49
Landesbank Baden-Wuerttemb   5.00  10/27/2017    EUR    63.77
Landesbank Baden-Wuerttemb   4.00  10/27/2017    EUR    68.41
Landesbank Baden-Wuerttemb   3.60   9/22/2017    EUR    73.03
Landesbank Baden-Wuerttemb   3.25   7/28/2017    EUR    72.31
Landesbank Baden-Wuerttemb   3.90   7/28/2017    EUR    70.79
Landesbank Baden-Wuerttemb   3.05   8/25/2017    EUR    71.12
Landesbank Baden-Wuerttemb   3.25   7/28/2017    EUR    74.50
Landesbank Baden-Wuerttemb   3.55   8/25/2017    EUR    60.34
Landesbank Baden-Wuerttemb   3.70   9/22/2017    EUR    68.06
Landesbank Baden-Wuerttemb   3.75   9/22/2017    EUR    58.25
Landesbank Baden-Wuerttemb   3.90   9/22/2017    EUR    56.76
Landesbank Baden-Wuerttemb   3.20   9/22/2017    EUR    65.01
Landesbank Baden-Wuerttemb   3.85  10/27/2017    EUR    64.67
Landesbank Baden-Wuerttemb   3.40  11/24/2017    EUR    61.73
Landesbank Baden-Wuerttemb   3.00   6/28/2019    EUR    69.85
Landesbank Baden-Wuerttemb   2.50   6/28/2019    EUR    70.39
Landesbank Baden-Wuerttemb   3.50   6/22/2018    EUR    65.38
Landesbank Baden-Wuerttemb   4.00   8/25/2017    EUR    57.94
Landesbank Baden-Wuerttemb   3.75  10/27/2017    EUR    67.13
Landesbank Baden-Wuerttemb   3.25   8/25/2017    EUR    68.20
DekaBank Deutsche Girozent   3.25   4/20/2018    EUR    60.24
Raiffeisen Schweiz Genosse   4.00    5/8/2018    CHF    62.66
DekaBank Deutsche Girozent   2.75  10/29/2018    EUR    61.75
EFG International Finance    7.19    5/6/2019    EUR    13.47
DekaBank Deutsche Girozent   3.00   4/30/2019    EUR    73.27
Landesbank Baden-Wuerttemb   3.55   8/25/2017    EUR    69.84
Landesbank Baden-Wuerttemb   4.00   6/22/2018    EUR    70.74
Landesbank Baden-Wuerttemb   3.60   6/22/2018    EUR    66.12
UBS AG                       7.40   5/17/2021    CHF    53.82
DekaBank Deutsche Girozent   2.80   5/13/2019    EUR    68.77
Landesbank Baden-Wuerttemb   3.50   7/27/2018    EUR    71.35
Landesbank Baden-Wuerttemb   3.40   7/27/2018    EUR    70.03
UniCredit Bank AG            3.80   7/23/2020    EUR    71.23
UniCredit Bank AG            5.00   6/25/2019    EUR    63.30
EFG International Finance    7.20   2/25/2019    EUR    12.67
Landesbank Hessen-Thuering   4.00    4/8/2019    EUR    65.25
UniCredit Bank AG            4.60    7/2/2018    EUR    61.73
Leonteq Securities AG        7.00   9/20/2017    CHF    74.09
Commerzbank AG               5.80   10/8/2017    EUR    68.91
DZ Bank AG Deutsche Zentra   5.60    9/8/2017    EUR    70.41
Raiffeisen Schweiz Genosse   4.50   3/27/2018    EUR    58.96
Leonteq Securities AG        3.50   4/10/2018    EUR    58.75
Landesbank Hessen-Thuering   4.00   4/30/2019    EUR    73.02
DekaBank Deutsche Girozent   3.25   5/18/2018    EUR    71.59
Raiffeisen Schweiz Genosse   4.20   4/10/2018    EUR    59.58
Raiffeisen Switzerland BV    9.00    4/1/2019    EUR    18.67
Zurcher Kantonalbank Finan   6.50   4/10/2018    CHF    62.15
UniCredit Bank AG            4.40   7/13/2018    EUR    70.18
Norddeutsche Landesbank Gi   3.00   7/16/2018    EUR    70.81
DZ Bank AG Deutsche Zentra  11.00  10/27/2017    EUR    64.25
HSBC Trinkaus & Burkhardt    2.80   9/22/2017    EUR    68.28
Leonteq Securities AG/Guer  29.61  10/26/2017    EUR    26.34
Landesbank Baden-Wuerttemb   3.85   8/25/2017    EUR    67.25
Credit Suisse AG/London      8.00   9/28/2021    USD     9.94
HSBC Trinkaus & Burkhardt    8.40   9/22/2017    EUR    52.78
HSBC Trinkaus & Burkhardt    4.80   9/22/2017    EUR    60.14
HSBC Trinkaus & Burkhardt    3.00   9/22/2017    EUR    66.43
DZ Bank AG Deutsche Zentra   8.70  12/22/2017    EUR    67.72
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    67.25
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    57.87
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    71.00
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    71.07
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    67.10
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    66.47
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    72.23
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    67.72
BNP Paribas Emissions- und   6.00  12/21/2017    EUR    52.05
BNP Paribas Emissions- und  10.00  12/21/2017    EUR    43.70
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    39.32
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    30.02
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    69.79
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    61.74
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    60.96
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    67.70
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    49.27
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    47.11
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    72.89
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    67.06
BNP Paribas Emissions- und  24.00  12/21/2017    EUR    71.74
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    66.26
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    72.07
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    68.97
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    54.38
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    49.14
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    45.53
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    45.37
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    68.87
BNP Paribas Emissions- und  13.00  12/21/2017    EUR    71.89
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    60.86
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    49.34
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    44.42
BNP Paribas Emissions- und  19.00  12/21/2017    EUR    67.56
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    62.13
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    59.38
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    54.49
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    65.08
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    54.24
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    69.57
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    71.39
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    65.05
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    61.14
BNP Paribas Emissions- und  23.00  12/21/2017    EUR    69.23
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    51.05
BNP Paribas Emissions- und  23.00  12/21/2017    EUR    71.55
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    62.53
BNP Paribas Emissions- und  15.00  12/21/2017    EUR    70.93
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    58.52
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    68.08
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    62.86
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    66.47
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    61.19
BNP Paribas Emissions- und  24.00  12/21/2017    EUR    61.76
BNP Paribas Emissions- und  26.00  12/21/2017    EUR    58.57
BNP Paribas Emissions- und  29.00  12/21/2017    EUR    53.95
BNP Paribas Emissions- und  23.00  12/21/2017    EUR    55.37
BNP Paribas Emissions- und  29.00  12/21/2017    EUR    69.78
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    59.84
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    70.40
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    56.23
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    49.67
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    59.46
BNP Paribas Emissions- und  22.00  12/21/2017    EUR    63.96
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    72.57
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    65.93
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    60.92
BNP Paribas Emissions- und  28.00  12/21/2017    EUR    55.79
BNP Paribas Emissions- und  21.00  12/21/2017    EUR    72.11
BNP Paribas Emissions- und  25.00  12/21/2017    EUR    65.15
BNP Paribas Emissions- und  29.00  12/21/2017    EUR    58.29
BNP Paribas Emissions- und  27.00  12/21/2017    EUR    68.55
Goldman Sachs & Co Wertpap  14.00   9/20/2017    EUR    67.01
Credit Suisse AG             9.00   1/12/2018    USD    10.29
Deutsche Bank AG             5.20   7/26/2017    EUR    73.10
UBS AG/London                6.40   12/8/2017    EUR    55.60
UBS AG/London                9.60   12/8/2017    EUR    50.51
Goldman Sachs & Co Wertpap  15.00   9/20/2017    EUR    69.46
Deutsche Bank AG             7.20   7/26/2017    EUR    73.20
Deutsche Bank AG             9.20   7/26/2017    EUR    73.20
Zurcher Kantonalbank Finan   4.75  12/11/2017    CHF    66.95
Royal Bank of Scotland PLC   1.33  10/26/2018    GBP
Vontobel Financial Product   5.50   7/28/2017    EUR    74.86
Bank Julius Baer & Co Ltd/  10.45   5/11/2018    USD    72.90
Leonteq Securities AG        3.00   9/19/2019    CHF    58.91
HSBC Trinkaus & Burkhardt    4.50  12/28/2018    EUR    72.96
HSBC Trinkaus & Burkhardt    4.50  12/28/2018    EUR    73.17
HSBC Trinkaus & Burkhardt    5.00   6/22/2018    EUR    68.22
Northland Resources AB      12.25   3/26/2016    USD     0.37
Lehman Brothers Treasury C   9.25   6/20/2012    USD     2.67
National Capital JSC         9.25   4/22/2019    RUB   100.00
Lehman Brothers Treasury C   7.39    5/4/2017    USD     2.67
Lehman Brothers Treasury C   4.25   5/15/2010    EUR     2.67
Lehman Brothers Treasury C   4.10   8/23/2010    USD     2.67
Lehman Brothers Treasury C   1.68    3/5/2015    EUR     2.67
Lehman Brothers Treasury C   6.75    4/5/2012    EUR     2.67
National Capital JSC         9.25   4/22/2019    RUB   100.00
Lehman Brothers Treasury C   9.00   5/15/2022    USD     2.67
Lehman Brothers Treasury C   3.50  10/24/2011    USD     2.67
Lehman Brothers Treasury C   0.25  10/19/2012    CHF     2.67
Lehman Brothers Treasury C   5.20   3/19/2018    EUR     2.67
Lehman Brothers Treasury C   4.69   2/19/2017    EUR     2.67
Lehman Brothers Treasury C   4.10   2/19/2010    EUR     2.67
Lehman Brothers Treasury C   6.00   2/14/2012    EUR     2.67
Lehman Brothers Treasury C   6.60   2/22/2012    EUR     2.67
HSBC Bank PLC                0.50  11/25/2025    BRL    48.66
Lehman Brothers Treasury C   1.50    2/8/2012    CHF     2.67
HSBC Bank PLC                0.50  12/22/2025    BRL    48.37
Kaupthing ehf                3.75   2/15/2024    ISK    17.63
Lehman Brothers Treasury C   4.00  10/12/2010    USD     2.67
Lehman Brothers Treasury C   3.00   8/13/2011    EUR     2.67
Lehman Brothers Treasury C   3.40   9/21/2009    HKD     2.67
Lehman Brothers Treasury C  18.25   10/2/2008    USD     2.67
Lehman Brothers Treasury C   8.05  12/20/2010    HKD     2.67
Lehman Brothers Treasury C   6.85  12/22/2008    EUR     2.67
Lehman Brothers Treasury C   7.60   3/26/2009    EUR     2.67
Lehman Brothers Treasury C   8.00  10/23/2008    USD     2.67
LBI HF                       7.43                USD     0.00
KPNQwest NV                  8.88    2/1/2008    EUR     0.28
Lehman Brothers Treasury C   1.50  10/12/2010    EUR     2.67
Lehman Brothers Treasury C  12.22  11/21/2017    USD     2.67
Lehman Brothers Treasury C   8.28   3/26/2009    USD     2.67
Lehman Brothers Treasury C   7.55  12/29/2008    USD     2.67
Lehman Brothers Treasury C   4.80  11/16/2012    HKD     2.67
Lehman Brothers Treasury C   6.72  12/29/2008    EUR     2.67
KIT Finance Capital OOO     12.00  12/21/2020    RUB    99.98
Lehman Brothers Treasury C   3.50  12/20/2027    USD     2.67
EDOB Abwicklungs AG          7.50    4/1/2012    EUR     0.55
Lehman Brothers Treasury C   0.75   3/29/2012    EUR     2.67
Lehman Brothers Treasury C  16.80   8/21/2009    USD     2.67
Lehman Brothers Treasury C   4.00   8/11/2010    USD     8.25
Lehman Brothers Treasury C   7.50   5/30/2010    AUD     2.67
Lehman Brothers Treasury C   6.00   7/28/2010    EUR     2.67
Lehman Brothers Treasury C  11.00    5/9/2020    USD     2.67
Lehman Brothers Treasury C   4.30    6/4/2012    USD     2.67
Lehman Brothers Treasury C   3.00   8/15/2017    EUR     2.67
Lehman Brothers Treasury C   6.25    9/5/2011    EUR     2.67
Lehman Brothers Treasury C   4.90   7/28/2020    EUR     2.67
Lehman Brothers Treasury C   4.15   8/25/2020    EUR     2.67
Lehman Brothers Treasury C   6.00   12/6/2016    USD     2.67
HSBC Bank PLC                0.50   12/8/2020    BRL    73.54
Lehman Brothers Treasury C   5.00    8/1/2025    EUR     2.67
Lehman Brothers Treasury C   2.30    6/6/2013    USD     2.67
Lehman Brothers Treasury C   6.00   7/28/2010    EUR     2.67
Lehman Brothers Treasury C   7.50    8/1/2035    EUR     2.67
Lehman Brothers Treasury C   4.00    6/5/2011    USD     2.67
Kaupthing ehf                9.75   9/10/2015    USD    17.63
Lehman Brothers Treasury C   7.75   1/30/2009    EUR     2.67
Barclays Bank PLC            1.00   5/10/2019    JPY    62.39
Lehman Brothers Treasury C   4.95  10/25/2036    EUR     2.67
Lehman Brothers Treasury C   0.25   7/21/2014    EUR     2.67
Lehman Brothers Treasury C   8.00    8/3/2009    USD     2.67
Lehman Brothers Treasury C   5.50   6/15/2009    CHF     2.67
Lehman Brothers Treasury C  10.00   3/27/2009    USD     2.67
Lehman Brothers Treasury C   4.00  11/24/2016    EUR     2.67
Lehman Brothers Treasury C   2.40   6/20/2011    JPY     2.67
Lehman Brothers Treasury C   4.50   7/24/2014    EUR     2.67
Lehman Brothers Treasury C   7.00  11/28/2008    CHF     2.67
Lehman Brothers Treasury C   3.85   4/24/2009    USD     2.67
Lehman Brothers Treasury C   7.25   10/6/2008    EUR     2.67
Lehman Brothers Treasury C  10.50    8/9/2010    EUR     2.67
Lehman Brothers Treasury C   9.00   3/17/2009    GBP     2.67
Lehman Brothers Treasury C   4.00   4/24/2009    USD     2.67
Lehman Brothers Treasury C   7.38   9/20/2008    EUR     2.67
Lehman Brothers Treasury C   8.00   5/22/2009    USD     2.67
Lehman Brothers Treasury C   9.00   6/13/2009    USD     2.67
Lehman Brothers Treasury C   1.60   6/21/2010    JPY     2.67
Lehman Brothers Treasury C   7.00   9/20/2011    USD     2.67
Upravlenie Otkhodami ZAO     4.00   4/29/2027    RUB    66.14
Lehman Brothers Treasury C  11.00  12/19/2011    USD     2.67
Lehman Brothers Treasury C   7.25   6/20/2010    USD     2.67
Lehman Brothers Treasury C   2.25   5/12/2009    USD     2.67
Lehman Brothers Treasury C   4.00   5/17/2010    USD     2.67
Lehman Brothers Treasury C   2.48   5/12/2009    USD     2.67
Lehman Brothers Treasury C   7.75   2/21/2016    EUR     2.67
Lehman Brothers Treasury C   4.00   5/30/2010    USD     2.67
Lehman Brothers Treasury C   0.80  12/30/2016    EUR     2.67
Lehman Brothers Treasury C   6.00   5/12/2017    EUR     2.67
Lehman Brothers Treasury C   7.00   2/15/2012    EUR     2.67
Lehman Brothers Treasury C   2.50   8/23/2012    GBP     2.67
Lehman Brothers Treasury C   7.63   7/22/2011    HKD     2.67
Lehman Brothers Treasury C   0.50  12/20/2017    AUD     2.67
Lehman Brothers Treasury C   8.80  12/27/2009    EUR     2.67
Lehman Brothers Treasury C   8.00   2/16/2016    EUR     2.67
Lehman Brothers Treasury C   4.00   3/10/2011    EUR     2.67
KPNQwest NV                  7.13    6/1/2009    EUR     0.28
Lehman Brothers Treasury C   9.75   6/22/2018    USD     2.67
Lehman Brothers Treasury C   7.15   3/21/2013    USD     2.67
Lehman Brothers Treasury C   2.37   7/15/2013    USD     2.67
Lehman Brothers Treasury C   6.60   5/23/2012    AUD     2.67
Lehman Brothers Treasury C   9.00    5/6/2011    CHF     2.67
Lehman Brothers Treasury C  10.60   4/22/2014    MXN     2.67
Lehman Brothers Treasury C  16.00   11/9/2008    USD     2.67
Lehman Brothers Treasury C   5.00   2/15/2018    EUR     2.67
Lehman Brothers Treasury C  10.00   5/22/2009    USD     2.67
Lehman Brothers Treasury C   4.60    8/1/2013    EUR     2.67
Lehman Brothers Treasury C   8.00   5/22/2009    USD     2.67
Lehman Brothers Treasury C   2.00   6/21/2011    EUR     2.67
Lehman Brothers Treasury C   6.25  11/30/2012    EUR     2.67
Lehman Brothers Treasury C  17.00    6/2/2009    USD     2.67
Lehman Brothers Treasury C  13.50    6/2/2009    USD     2.67
TransFin-M PAO              10.50  11/11/2024    RUB   100.00
PKVIT OOO                    9.75  10/14/2020    RUB    96.18
National Capital JSC        10.50   9/15/2020    RUB   100.00


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

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

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


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

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

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

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

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

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

                 * * * End of Transmission * * *