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        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 31, 2017, Vol. 18, No. 150


                            Headlines


A U S T R I A

CONSTANTIA FLEXIBLES: S&P Puts 'B+' CCR on Watch Positive


A Z E R B A I J A N

INT'L BANK OF AZERBAIJAN: Moody's Hikes LT Deposit Rating to Caa1


B E L A R U S

DEVELOPMENT BANK: S&P Affirms 'B-/B' ICR, Outlook Stable


F R A N C E

CGG SA: Creditors' Committee Approves Safeguard Plan
STX: France to Nationalize Shipyard to Avert Italian Control


I T A L Y

BANCA MONTE: DBRS's B(low) Issuer Rating Still Under Review
BRISCA SECURITISATION: DBRS Assigns B Rating to Class B Notes
DECO 2014 - GONDOLA: DBRS Confirms BB Rating on Class E Notes



L U X E M B O U R G

ATENTO LUXCO: Moody's Assigns Ba3 Rating to Proposed Senior Notes


N E T H E R L A N D S

AURORUS 2017: DBRS Assigns B Rating to Class F Notes
DRYDEN 52 EURO: S&P Assigns B- (sf) Rating to Class F Notes
DUTCH PROPERTY 2017-1: DBRS Assigns BB Ratings to Class E Notes
GLOBAL UNIVERSITY: S&P Affirms 'B+' CCR, Outlook Negative


P O L A N D

PLAY COMMUNICATIONS: S&P Upgrades CCR to 'BB', Outlook Stable


P O R T U G A L

SAGRES SOCIEDADE: DBRS Finalizes Cl. C Notes Rating at 'BB'


R U S S I A

IBA-MOSCOW: Moody's Cuts LT Deposit Rating to B3, Outlook Stable
JUGRA PJSC: Put on Provisional Administration, License Revoked
SUKHOI CIVIL: Fitch Affirms BB- Long-Term IDR, Outlook Stable


S P A I N

BANCO POPULAR: Blackstone Frontrunner to Buy Stake in Assets


S W E D E N

MUNTERS TOPHOLDING: Moody's Withdraws B2 Corporate Family Rating


U K R A I N E

KHRESCHATYK BANK: NBU's Insolvency Decision Unlawful, Court Says
UKREXIMBANK JSC: Fitch Affirms B- Long-Term IDR, Outlook Stable


U N I T E D   K I N G D O M

ALGECO SCOTSMAN: S&P Lowers CCR to 'CCC', Outlook Negative
AMEC FOSTER: S&P Retains 'BB+' CCR, Revises Implications to Pos.
CASTELL 2017-1 PLC: DBRS Finalizes BB Ratings on 2 Note Classes
INTERNATIONAL GAME: S&P Rates New EUR1.5BB Term Loan 'BB+'
PAYSAFE GROUP: Moody's Affirms Ba2 CFR, Outlook Stable

SEADRILL LTD: Again Warns of Chapter 11 as Debt Talks Extended
WEATHERFORD INT'L: Debt Level Hurdle to Fitch Ratings Improvement

* UNITED KINGDOM: 4,547 Firms Enter Insolvency in April-June 2017


U Z B E K I S T A N

TURON BANK: S&P Affirms B-/B Counterparty Credit Ratings


X X X X X X X X

* BOND PRICING: For the Week July 24 to July 28, 2017


                            *********



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A U S T R I A
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CONSTANTIA FLEXIBLES: S&P Puts 'B+' CCR on Watch Positive
---------------------------------------------------------
S&P Global Ratings said that it placed its 'B+' long-term
corporate credit rating on Austria-based packaging and labels
supplier Constantia Flexibles Holding GmbH on CreditWatch with
positive implications. S&P also placed on CreditWatch positive
its 'B' rating on its senior secured debt.

The CreditWatch positive placement follows Constantia's
announcement that it has entered into an agreement to sell its
labels division to Multi-Color Corp. for approximately EUR1.15
billion ($1.3 billion). The majority of the proceeds will be
payable in cash but Constantia will also receive 3.4 million
Multi-Color shares and will become its 16.6% shareholder. Multi-
Color Corp. is a U.S.-based provider of labels for consumer goods
used in the wine and spirits, personal care, and food and
beverage markets, among others.

S&P said, "We expect Constantia to use most of the cash proceeds
for debt reduction and understand that the management and the
shareholders envisage operating at lower financial leverage after
the transaction closes. Incorporating the transaction, we
calculate Constantia's pro forma leverage will reduce to below 3x
at the close of the transaction from 5.4x as of Dec. 31, 2016, on
an S&P Global Ratings-adjusted basis. We also forecast Constantia
to continue generating positive free operating cash flow for the
foreseeable future.

"Despite the labels business contributing about a third of
Constantia's total EBITDA (about EUR100 million in 2016), at this
stage we do not think that the disposal will lead to a change of
our assessment of Constantia's business risk profile. After the
sale, Constantia will remain a global player with good
geographical diversification in its remaining food and pharma
businesses, and we anticipate that the company will continue to
report satisfactory (albeit slightly lower) operating margins.

"Because the labels business is higher-margin (about 17% on a
stand-alone basis) we expect Constantia's S&P Global Ratings-
adjusted EBITDA margin after the transaction to go down slightly
to about 13.5% from 14% currently. Additionally, we believe the
company will continue to embark on bolt-on acquisitions that will
bolster earnings, which should help it regain some of the lost
size and scale over time."

The transaction is expected to be completed in the fourth quarter
of 2017, subject to standard regulatory approvals.

S&P said, "The CreditWatch placement indicates that we could
either affirm the ratings or raise them during the next 90 days.
We will update our CreditWatch placement following the close of
the transaction, which the company expects to occur in the fourth
quarter of 2017. Our review will focus on whether Constantia's
debt reduction will outweigh the lower earnings base after the
sale, leading to an improvement in ratios.

"We are likely to raise the ratings by up to two notches
following the close of the transaction and debt reduction.

"In contrast, we would remove the ratings from CreditWatch and
affirm them if the debt repayment is lower than we currently
anticipate or if we take the view that the company's future
financial policy will not support a sustainable improvement in
ratios."


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


INT'L BANK OF AZERBAIJAN: Moody's Hikes LT Deposit Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign- and
local-currency deposit ratings of International Bank of
Azerbaijan (IBA) to Caa1 from Caa2 and the foreign-currency
senior unsecured debt rating to Caa2 from Caa3. IBA's Baseline
Credit Assessment (BCA) was upgraded to caa3 from ca and the
long-term counterparty risk assessment (CRA) to B3(cr) from
Caa1(cr). The long-term deposit ratings carry a positive outlook,
while the debt ratings carry a stable outlook. Not Prime short-
term deposit ratings and Not Prime(cr) short-term CRA were
affirmed.

The rating action follows the announced agreement by the bank's
creditors' on its debt restructuring.

RATINGS RATIONALE

The rating action concludes Moody's review of IBA's ratings
initiated on 26 May and follows the approval of the bank's
restructuring plan by its creditors, announced at the claimant's
meeting on 18 July. The upgrade of the bank's BCA to caa3 and
deposit ratings to Caa1, with a positive outlook, reflects
Moody's expectation of the improvement in the bank's financial
metrics after completion of its restructuring, but incorporates
the uncertain pace of the bank's rehabilitation. Moody's believes
that the debt restructuring plan (if completed as IBA proposes)
should restore the bank's financial metrics, notably capital,
asset quality, and funding. The restructuring plan will come into
force after obtaining final approval from the regulator -
Financial Market Supervision Authority (FIMSA) and Azerbaijani
Court by 1 September 2017. Although Moody's considers risks to
the legal completion of the deal as low, the rating agency
recognizes that challenges remain in the timely removal of the
additional bad assets, the recovery of the bank's profitability
and the management of its remaining open foreign-currency
position.

As a result of the restructuring, designated foreign-currency
debt of USD3.34 billion will be exchanged under certain terms for
newly-issued bonds of the Republic of Azerbaijan (Ba1, RUR down)
with a maximum proposed haircut of 20% and new IBA bonds with an
extended maturity (up to a maximum of USD1 billion). Upon the
successful completion of debt restructuring, IBA will further
transfer bad assets of AZN4.9 billion to the non-banking state-
owned credit organization Aqrakredit in exchange for promissory
notes of USD3 billion guaranteed by the state. These measures
will help to restore IBA's capital thanks to (1) the gain from
the restructured debt on the bank's balance-sheet with extended
maturity, and (2) a release of loan loss reserves after the asset
transfer with a consequent increase in the bank's paid-in
capital. The bank expects a Tier 1 capital adequacy ratio post-
restructuring to be above the required minimum (at around 13%),
subject to the final debt reallocation, changes in FX rate, and
tax treatment of the operation.

Moody's expects bank's asset quality to improve following the
planned additional tranche of bad assets transfer, which is to be
completed by the end of 2017. Given that around 75% of the bank's
consolidated loan book will be transferred, the rating agency
expects the quality of the remaining part of AZN1.6 billion to be
adequate. However, the bank's future underwriting policy and risk
appetite are unclear, as well as new lending opportunities in the
currently challenging operating conditions in Azerbaijan.

IBA's funding structure will improve following completion of the
debt restructuring. Moody's estimates that market funds/tangible
banking assets will drop to 20% from the current 40%. The bank's
liquidity cushion will remain high, given limited lending
prospects.

Moody's believes that the bank will remain loss-making throughout
2017 and may only return to profitability by the end of 2018,
subject to resuming new lending, which is dependent on the
recovery of economic environment in Azerbaijan. Although the
bank's restructuring of expensive foreign-currency liabilities
will decrease funding costs, its recurring pre-provision income
will still be low given lack of high-yielding assets. In
addition, there are risks stemming from the remaining open short
foreign-currency position (which will amount to around $1.2bln
post restructuring, down from $2.8bln for USD as of end-2016),
rendering the bank's performance vulnerable to currency
fluctuations.

GOVERNMENT SUPPORT

Moody's incorporates a high likelihood of government support for
IBA's deposit ratings, resulting in two notches of uplift from
the caa3 BCA. This is based upon the government's 95.05%
controlling stake in the bank; IBA's significant market share by
assets, being the largest bank in Azerbaijan; and the
government's track record of provided financial support to the
bank's deposit holders. Depositors were not affected by the debt
restructuring.

Moody's does not incorporate government support in the bank's
debt ratings.

FOREIGN-CURRENCY DEBT RATING

The Caa2 senior unsecured debt rating reflects the expected loss
for creditors of not more than 20% under the approved
restructuring plan. This debt will be cancelled as a result of
the debt restructuring in return to newly issued bonds and
Moody's thus assigns a stable outlook to this debt.

When the debt restructuring is completed, Moody's will withdraw
its ratings on foreign currency debt issues and assign new
ratings to any new debt issued by IBA.

WHAT COULD MOVE THE RATINGS DOWN / UP

Moody's may upgrade the bank's ratings following a successful
completion of the foreign-debt restructuring and a transfer of
bad assets with the reported restored capital adequacy above the
minimum regulatory level, and a return to sustainable
profitability.

Negative rating action on the bank's deposit ratings is currently
limited as Moody's has positive outlook on them. If the bank
fails to complete the planned restructuring and/or anticipated
support from the government does not materialize, Moody's will
change the outlook on the bank's ratings to stable.

LIST OF AFFECTED RATINGS

Issuer: International Bank of Azerbaijan

Upgrades:

-- LT Bank Deposits (Local & Foreign Currency), Upgraded to Caa1
    from Caa2, Outlook Changed To Positive From Rating Under
    Review

-- Senior Unsecured Regular Bond/Debenture, Upgraded to Caa2
    from Caa3, Outlook Changed To Stable From Rating Under Review

-- Adjusted Baseline Credit Assessment, Upgraded to caa3 from ca

-- Baseline Credit Assessment, Upgraded to caa3 from ca

-- LT Counterparty Risk Assessment, Upgraded to B3(cr) from
    Caa1(cr)

Affirmations:

-- ST Bank Deposits (Local & Foreign Currency), Affirmed NP

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

-- Outlook, Changed To Positive(m) From Rating Under Review

PRINCIPAL METHODOLOGY

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


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B E L A R U S
=============


DEVELOPMENT BANK: S&P Affirms 'B-/B' ICR, Outlook Stable
--------------------------------------------------------
On July 27, 2017, S&P Global Ratings affirmed its foreign and
local currency long- and short-term issuer credit ratings on the
Development Bank of the Republic of Belarus at 'B-/B'. The
outlook on the long-term ratings is stable.

S&P said, "We rate DBRB under our criteria for government-related
entities (GREs). We continue to believe that there is an almost
certain likelihood that Belarus' government would provide timely
and extraordinary support sufficient to service the bank's
financial obligations, if needed. Our assessment of the
likelihood of extraordinary support is based on our view of
DBRB's:

-- Integral link with the Belarus government, demonstrated by
the state's 100% ultimate ownership, capital injections provided
in the past, and the government's ultimate responsibility for the
payment of the bank's bonds. Key government figures, including
the prime minister, are members of DBRB's supervisory board,
allowing the state to maintain close oversight of the bank's
activities. S&P currently does not expect any of the
aforementioned arrangements to change in the foreseeable future.
-- Critical public policy role as the main institution providing
long-term capital-intensive loans under government programs in
Belarus as well as fulfilling a number of other policy functions.
Accounting for about 6% of GDP in total assets, over 7% of total
banking system assets, and an estimated 50% of total state-
directed corporate lending, DBRB is a key agent in the
implementation of certain projects that the government deems
important for the country.

S&P said, "Although we currently view the government's capacity
to support the GRE sector as doubtful, we believe that DBRB's
importance for achieving several political and social objectives,
as well as the relatively small size of its nongovernment
liabilities (below 2% of GDP as of March 2017), would lead the
government to prioritize support to DBRB ahead of other companies
operating in Belarus.

DBRB was established in 2011 following the International Monetary
Fund's recommendation on reforming Belarus' banking sector, which
had been heavily involved in directed subsidized lending under
vaguely defined government programs. The bank's initial purpose
was to centralize lending under such programs, thereby allowing
state-owned commercial banks to function on market terms. We
believe this goal has only been partially achieved given that
some government-driven lending still remains with other state-
owned banks operating in Belarus, including Belarusbank and
Belagroprombank.

DBRB's mandate has since broadened, and currently includes:

-- Financing capital-intensive long-term investments and
important social projects;
-- Acting as an export bank supporting Belarusian producers
focused on overseas markets;
-- Managing and supervising nonperforming directed loans under
some government programs on behalf of the government;
-- Supporting development and extending investment credit to
small and midsize enterprises (SMEs); and
-- Serving as an agent of the government for managing so-called
"family capital"-- cashless lump sums, introduced in late 2014,
to families with three children or more, which have to be managed
for 18 years to maintain a minimum yield before they can be spent
on housing or education

S&P said, "We also positively view the government's assumption of
ultimate responsibility for the institution's bond-type debt, as
stated in a published presidential decree adopted at the end of
2014. Although the government does not provide a legal guarantee
of a timely payment on a bond in the event of financial distress,
we note the existence of specific procedures and timeframes for
payment on behalf of the government as also specified in the
aforementioned decree. As such, we believe that the government
would have incentives to provide support in a timely fashion
should financial problems emerge at DBRB. That said, we note that
the government does not guarantee or otherwise explicitly promise
a full recovery on other types of DBRB's debt, for example
syndicated loans.

"We continue to assess at 'b-' the DBRB's stand-alone credit
profile (SACP), that is, its creditworthiness on an autonomous
basis without factoring in the potential for extraordinary
government support. The 'b-' SACP reflects our 'b-' anchor for
banks operating solely in the Republic of Belarus, the bank's
adequate business position, adequate capital and earnings,
moderate risk position, and average funding and adequate
liquidity."

The stable outlook on DBRB mirrors the outlook on the Republic of
Belarus.

S& said, "We could raise the ratings on DBRB if we were to take a
positive rating action on Belarus.

"We could lower the ratings on the bank following a negative
rating action on the sovereign. Even if the sovereign rating is
unchanged, we would take a negative action on DBRB if its link
with, or role for, the government weakened over the next 12
months, and we lowered our assessment of its SACP."


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F R A N C E
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CGG SA: Creditors' Committee Approves Safeguard Plan
----------------------------------------------------
CGG and SELARL FHB, represented by Me Helene Bourbouloux, in her
capacity as judicial administrator appointed as such by a ruling
of the commercial court of Paris dated June 14, 2017, on July 28
disclosed that in the framework of the meetings held on July 28,
2017, and convened by the latter, the lenders' committee
unanimously approved the draft safeguard plan, and the bondholder
general meeting at a majority of 93.5% of the creditors who cast
a vote.


                  About CGG Holding (U.S.) Inc.

Paris, France-based CGG Group -- http://www.cgg.com/-- provides
geological, geophysical and reservoir capabilities to its broad
base of customers primarily from the global oil and gas industry.
Founded in 1931 as "Compagnie Generale de Geophysique", CGG
focuses on seismic surveys and other techniques to help energy
companies locate oil and natural-gas reserves. The company also
makes geophysical equipment under the Sercel brand name.

The Group has more than 50 locations worldwide, more than 30
separate data processing centers, and a workforce of more than
5,700, of whom more than 600 are solely devoted to research and
development.  CGG is listed on the Euronext Paris SA (ISIN:
0013181864) and the New York Stock Exchange (in the form of
American Depositary Shares, NYSE: CGG).

After a deal was reached key constituencies on a restructuring
that will eliminate $1.95 billion in debt, on June 14, 2017 (i)
CGG SA, the group parent company, opened a "sauvegarde"
proceeding, the French equivalent of a Chapter 11 bankruptcy
filing, (ii) 14 subsidiaries of CGG S.A. filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 17-11637) in New York, and (iii)
CGG S.A filed a petition under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. Case No. 17-11636) in New York,
seeking recognition in the U.S. of the Sauvegarde as a foreign
main proceeding.

Chapter 11 debtors CGG Canada Services Ltd. and Sercel Canada
Ltd. also commenced proceedings under the Companies' Creditors
Arrangement Act in the Court of Queen's Bench of Alberta,
Judicial District of Calgary in Calgary, Alberta, Canada, to seek
recognition of the Chapter 11 cases in Canada.

United States Bankruptcy Judge Martin Glenn oversees the Chapter
15 case.

CGG's legal advisors are Linklaters LLP and Weil Gotshal & Manges
(Paris) LLP for the Sauvegarde and chapter 15 case. The Debtors
hired Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel.
The company's financial advisors are Lazard and Morgan Stanley,
and its restructuring advisor is AlixPartners, LLP.  Lazard
Freres & Co. LLC, serves as investment banker.  Prime Clerk LLC
is the claims agent in the Chapter 11 cases.

Messier Maris & Associes and Millco Advisors, LP, is the
financial advisors to the Ad Hoc Noteholder Group, and Willkie
Farr & Gallagher LLP and DLA Piper UK LLP, is legal counsel to
the Ad Hoc Noteholder Group.

Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and De
Pardieu Brocas Maffei A.A.R.P.I, serve as counsel to the Ad Hoc
Secured Lender Committee; Zolfo Cooper LLC is the restructuring
advisor; and Rothschild & Co., is the investment banker.

Ashurst serves as counsel to Wilmington Trust (London) Limited as
successor agent to Natixis under the French Revolver.  Latham &
Watkins LLP, serves as counsel to Credit Suisse AG as
administrative agent and collateral agent under the U.S.
Revolver.  Ropes & Gray LLP, serves as counsel to Wilmington
Trust, National Association as administrative agent under the
U.S. Term Loan.

Hogan Lovells U.S. LLP, serves as counsel to the Indenture
Trustee in its separate capacities as indenture trustee under
each of the three series of High Yield Bonds.

Darrois Villey Maillot Brochier and A.M. Conseil represent JG
Capital Management, in its capacity as representative of the
holders of the Convertible Bonds.  Orrick Herrington & Sutcliffe
LLP, represents counsel to DNCA.


STX: France to Nationalize Shipyard to Avert Italian Control
------------------------------------------------------------
Leigh Thomas and Crispian Balmer at Reuters report that France
will nationalize the STX France shipyard to prevent an Italian
firm taking majority control, the economy minister said on
July 27, triggering an angry response from Rome to President
Emmanuel Macron's first big industrial policy decision.

The Italian state-owned shipbuilder Fincantieri had reached an
agreement in May to pay EUR79.5 million (US$93.20 million) for
two-thirds of STX France, which is being sold because of the
collapse of its South Korean parent, STX, Reuters recounts.

Last week it rejected a French government proposal to settle for
50-50 ownership instead, Reuters relates.

That prompted the French state, which had a minority stake, to
exercise pre-emption rights to buy out other shareholders before
those rights expire at the end of the month, in effect giving
Paris more time to come up with another solution, Reuters
discloses.


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


BANCA MONTE: DBRS's B(low) Issuer Rating Still Under Review
-----------------------------------------------------------
DBRS Ratings Limited plans to conclude its rating review of Banca
Monte dei Paschi di Siena SpA (BMPS or the Bank) within the next
few weeks, after the issuance of the Ministerial Decrees which
will implement the burden sharing and precautionary
recapitalisation of the Bank approved by the European Commission
(EC). DBRS currently rates BMPS at B (low), Under Review with
Developing Implications for its Issuer Rating and for Senior
Long-Term Debt & Deposits, while the Short-Term Debt & Deposits
rating is R-5. The Bank's Critical Obligations Ratings remain at
BBB (low) / R-2 (middle), Under Review with Negative
Implications. The State Guaranteed Notes, rated BBB (high) / R-1
(low) Stable trend, in line with the DBRS's ratings on the
Republic of Italy, are unaffected by this action. DBRS does not
rate BMPS's subordinated debt. A full list of rating actions is
included at the end of this press release.

On July 4, 2017, the European Commission approved the provision
of State Aid to BMPS in the form of a precautionary
recapitalisation. This followed the confirmation by the European
Central Bank (ECB) that BMPS is solvent, as well as the binding
commitment from private investors to purchase a significant
amount of the Bank's stock of non-performing exposures (NPEs). As
part of the EU approval, the Bank is also required to undertake a
substantial restructuring plan.

The recapitalisation of BMPS will total EUR 8.1 billion, of which
EUR 3.9 billion will be provided by the Italian Ministry of
Economy and Finance (MEF), whilst the remaining EUR 4.3 billion
will result from the mandatory conversion into equity of the Tier
1 and Tier 2 bonds issued by the Bank, in line with EU rules on
burden-sharing. At the same time, as a form of compensation for
mis-selling, eligible retail investors of the Bank's 2008-2018
Upper Tier II notes will be offered the option to sell their
converted shares to the MEF, in exchange for senior bonds of
BMPS, for a total estimated amount of around EUR 1.5 billion. At
the end of the recapitalisation process, the MEF is expected to
contribute EUR 5.4 billion becoming the majority shareholder of
BMPS with a stake of around 70%.

In line with EU State aid rules, the EC approved restructuring
plan includes commitments to improve the Bank's risk profile and
efficiency as well as simplifying its business model over the
period 2017-2021. A key element of the plan is the disposal of
EUR 26.1 billion in gross bad loans (corresponding to around 57%
of the outstanding NPE stock at March 2017) to a private
securitisation vehicle by June 2018. This transaction will be
partially funded by the Atlante II fund, which has signed a
binding agreement to acquire the junior and mezzanine notes. The
senior notes of the securitisation will be supported by the
Italian State Guarantee scheme (GACS) and sold in the market.

The Italian authorities are expected to implement the burden
sharing and precautionary recapitalization, through Ministerial
Decrees, by the end of July. DBRS therefore expects to conclude
its rating review on BMPS at the end of this process. DBRS views
the recapitalisation of the Bank positively and expects this to
have positive pressure on the Bank's ratings for senior debt and
deposits. However, although DBRS does not rate the Bank's
subordinated bonds, the rating agency expects that the mandatory
conversion of the Tier 1 and Tier 2 bonds will likely result in
the downgrade of the Bank's Issuer Rating to Selective Default
(SD). Following this, DBRS expects to re-assess the Bank's Issuer
Rating to reflect the improved capitalization and the
restructuring plan.

RATING DRIVERS
BMPS' ratings are currently Under Review. DBRS expects to
complete the rating review in the coming weeks.


BRISCA SECURITISATION: DBRS Assigns B Rating to Class B Notes
-------------------------------------------------------------
DBRS Ratings Limited assigned the following ratings to the Class
A and Class B Notes (the Notes) issued by Brisca Securitisation
S.R.L. (the Issuer):

-- EUR 267,400,000 Class A at BBB (high) (sf)
-- EUR 30,500,000 Class B at B (low) (sf)

The Notes are backed by a portfolio of secured and unsecured non-
performing loans originated by Banca Carige S.p.A., Banca Cesare
Ponti S.p.A. and Banca del Monte di Lucca S.p.A. The majority of
loans in the portfolio defaulted between 2007 and 2015 and are in
various stages of the resolution process. The portfolio will be
serviced by Prelios Credit Servicing S.p.A. (Prelios).
Securitisation Services S.p.A. has been appointed as the back-up
servicer at closing and will step in as the master servicer,
should the master servicing agreement be terminated.

As of the cut-off date (31 August 2016), the portfolio consisted
of 5,001 loans to 2,069 borrowers with a total gross book value
of EUR 938.3 million. The Prelios business plan assumes that all
loans will be disposed through a legal foreclosure process and
the collections received will be the principal source of payment
under the Notes. According to the Prelios business plan, gross
disposition proceeds (GDP) totalling EUR 393.0 million are
expected to be collected. The collateral primarily consists of
secured loans backed by residential real estate (63.6% of the
expected Prelios GDP) and secured loans backed by commercial real
estate (30.4% of the expected Prelios GDP). Unsecured loans only
account for 6.0% of the expected Prelios GDP. The collateral is
primarily located in the northern regions of Italy, which is
viewed as a comparable strength of the transaction.

The Class A Notes are eligible to benefit from the GACS guarantee
provided by the Italian Ministry of Finance. However, DBRS's
ratings do not give credit to this guarantee and thus do not
address potential payments under the GACS guarantee to the
noteholders. DBRS did account for the GACS expenses in its cash
flow modelling analysis as these payments rank senior to
principal and interest payments on the Notes. The transaction
benefits from an amortising cash reserve that was fully funded at
closing through collections received between the cut-off date and
the transfer date. The intial cash reserve amount is equal to EUR
11.9 million with a target reserve amount equal to the maximum
between (1) 4.0% of the outstanding balalnce of the Class A Notes
and Class B Notes and (2) zero. The cash reserve may be used to
pay interest due on the Class A Notes and any senior fees and
expenses. The transaction is fully sequential and the Class B
Notes, which represent mezzanine debt, will not be repaid until
the Class A Notes are repaid in full.

Given the nature of the collateral and the defaulted status of
all loans included in the portfolio, the collections received
will be the primary source of payment under the Notes. As a
result, there is a significant reliance on Prelios's ability and
performance as a servicer in executing its business plan. DBRS
positively views the granularity of the portfolio, the cash
reserve and the experience of Prelios as a servicer as mitigating
factors for this risk.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral, the historical
performance and expertise of the Prelios as servicer, the
availability of liquidity to fund interest shortfalls and
special-purpose vehicle expenses, the cap agreement with Banca
IMI S.p.A.and the transaction's legal and structural features. In
its analysis, DBRS assumed that all loans are disposed through an
auction process, which generally has the longest resolution
timeline. Both the DBRS timing and value stresses are based on
the historical repossessions data of the servicer, Prelios.
DBRS's BBB (high) and B (low) ratings assume a haircut of 18.7%
and of 5.5%, respectively, to Prelios's business plan for the
portfolio.


DECO 2014 - GONDOLA: DBRS Confirms BB Rating on Class E Notes
-------------------------------------------------------------
DBRS Ratings Limited confirmed the ratings of the Commercial
Mortgage-Backed Floating-Rate Notes Due February 2026 (the Notes)
issued by Deco 2014 - Gondola S.R.L. as follows:

-- EUR 48.4 million Class A Notes rated AA (high) (sf) with a
    Stable trend,
-- EUR 65 million Class B Notes rated AA (sf) with a Stable
    trend,
-- EUR 30.5 million Class C Notes rated A (sf) with a Stable
    trend,
-- EUR 52.0 million Class D Notes rated BBB (low) (sf) with a
    Negative trend and
-- EUR 21.9 million Class E Notes rated BB (high) (sf) with a
    Negative trend.

The rating confirmations reflect the overall performances of the
loans. Tenancy risks related to the Delphine Loan warrants the
Negative trends on the most junior tranches.

Deco 2014 - Gondola S.R.L. is a securitisation of originally
three commercial real estate loans originated in Italy. Following
the prepayment of the Gateway Loan in 2016, two loans (the
Delphine Loan and the Mazer Loan) are still in the pool. As of
the May 2017 Interest Payment Date (IPD) the total outstanding
note balance has decreased to EUR 217.8 million from EUR 354.9
million at inception and most notably the Class A note balance
has reduced down to EUR 48.4 million from EUR 185.5 million at
issuance thanks to the sequential-payment structure. There is
currently no liquidity facility (LF) drawing outstanding and the
remaining LF commitment (EUR 14.7 million) is sufficient to cover
interest payments for almost two years based on DBRS's stressed
rate.

The trends on the most junior tranches remain Negative due to the
tenancy risk arising from the potential departure of Telecom
Italia from the Parco di Medici (PdM) property in the Delphine
Loan, the second-largest tenant with EUR 7.7 million gross rent
(approximately 22% of the total rental income). The tenant served
noticed in Q4 2016, indicating the intention to vacate the
premises at lease expiration, on 20 July 2018. The Fund Manager
is discussing with Telecom Italia the renewal of the lease and
according to the Servicer it is unlikely that Telecom Italia
would find accommodations elsewhere, given the scarce
availability of "Grade A" office spaces in Rome and the halt to
the development of their new headquarters in Rome. In parallel,
the sponsor is also contemplating leasing the asset to multiple
tenants should Telecom Italia eventually leave the property.

The Delphine Loan borrower has successfully leased up the entire
Block 2 of the Milan office complex to primarily two financial-
sector tenants. Block 2 is the biggest block of the three-block
office complex, which is located in central Milan, just outside
of Milan's central business district.

Despite of the full lease up of the Milan property and the
potential re-letting of the PdM asset after 2018, the projected
gross rental income (GRI) is still expected to decline due to the
higher rent currently paid by Telecom Italia, estimated to be
above the market rent. DBRS also notes that Telecom Italia
departing shortly before the Delphine Loan's maturity date on 15
February 2019 would increase the refinancing risk of the loan.

DBRS has kept its net cash flow (NCF) assumption at EUR 11.5
million, 26% lower than the latest reported GRI or 21% lower than
the net operating income (calculated as GRI minus operating
expenses). DBRS has also tested a scenario where the sponsor,
Blackstone, has to sell the portfolio to repay the loan after
Telecom Italia vacates and concluded that (1) the current income
of RCS buildings, approximately EUR 8 million, would be
sufficient to meet the debt service due on the loan; (2) the
expected value decline of the whole portfolio following the
departure of the tenant would not materially impact the loss
expectations on the Notes (current loan-to-value is 54%); and (3)
no loan covenant would be breached. DBRS recognises, however, the
refinancing risk for the loan is elevated, therefore maintains
the Negative trends for the two most junior classes.

The other remaining loan -- the Mazer Loan -- maintains its GRI
at approximately EUR 19 million despite Arcese having vacated the
Orbassano property on 31 December 2016. This is mainly due to the
lease up of the Oleggio and Tortona properties. The current
occupancy of the Mazer portfolio is at 95.6%. DBRS has updated
its NCF assumption to EUR 14.6 million to account for the non-
recoverable expenses.

DBRS continues to monitor this transaction on a quarterly basis.

The rating assigned to Class E differs from the lower rating
implied by the direct sizing parameters that are a substantial
component of the DBRS "European CMBS Rating and Surveillance"
methodology. DBRS considers a material deviation to be a rating
differential of three or more notches between the assigned rating
and the rating implied by a substantial component of a rating
methodology. In this case, the assigned rating reflects that
positive lease events in one loan could affect net cash flow in
coming quarters.

At issuance, DBRS took the sovereign stress into consideration by
adjusting the sizing hurdles used in its ratings. Recently, on 13
January 2017, DBRS downgraded the Republic of Italy to BBB
(high), and consequently, an additional stress was applied to the
sizing hurdles in this transaction. For a more detailed
discussion of the Italy rating downgrade, please refer to
http://dbrs.com/research/304610.


===================
L U X E M B O U R G
===================


ATENTO LUXCO: Moody's Assigns Ba3 Rating to Proposed Senior Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
senior secured notes to be issued by Atento Luxco 1, irrevocably
and unconditionally guaranteed by Atento S.A. and certain
subsidiaries. Atento's Ba3 corporate family rating remains
unchanged. The outlook for the rating is stable.

The proceeds will be directed to redeem Atento's outstanding
Senior Secured Notes due in 2020 and Debentures due in 2019, and
for general corporate purposes.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings assigned:

-- Issuer: Atento Luxco 1

-- Senior Secured Notes: Ba3 (global scale)

RATINGS RATIONALE

The proposed bond issuance is part of Atento's liability
management strategy that will contribute to an increase in
financial flexibility. Proceeds of the proposed notes will be
used to redeem all outstanding Senior Secured Notes and
Debentures, likely leading to a reduction in overall interest
expenses. As well, average maturity should increase to around 4.2
years from the current 2.4 years.

Atento's Ba3 ratings are supported primarily by its size and
scale, among the top five Business Process Outsourcing ("BPO")
providers globally by revenues, its geographic and product
diversity and leading position in its markets. The ratings also
consider its long-term service contracts, in particular the
service agreement between Atento and its largest client
Telefonica that expires in 2021 for certain countries and in 2023
for Brazil and Spain. The BPO and customer relationship
management ("CRM") industry has a resilient nature and presents
positive growth prospects, especially in Latin America. But
services rendered to Telefonica have been reducing over the last
few years and currently represent a limited expansion potential.

In Moody's views, the ownership of Bain Capital and the IPO of
the ultimate holding company Atento S.A., in 2014, improved the
group's corporate governance with higher degree of transparency,
stricter rules of compliance and internal controls, and increased
ability to operate as an independent company. On the other hand,
the private equity nature of ownership results in some long-term
uncertainty about future divestment strategies and consequent
impact on the company's credit metrics.

The ratings are constrained by the high component of labor in the
cost structure, which is structural to the industry and limits
operating flexibility and potentially generates high contingency
provisions. The industry's fragmented nature also heightens risks
related to M&A activity, although no material acquisition is
anticipated by the company in the short term. In the last few
months the company announced the acquisitions of RBrasil, for USD
8 million, Interfile and Keepcon, along with a strategic
partnership with Ita£, all of which aimed at complementing
Atento's services and digital offerings.

The stable outlook incorporates Moody's expectations that Atento
will continue to benefit from the good prospects of the customer
service industry in Latin America, while the company pursues its
expansion plans towards a more diversified client base and higher
value-added services.

Atento's ratings could be upgraded if the company is able to
diversify its customer base while presenting consistent organic
revenue growth, higher operating margins and gradual
deleveraging. Additionally, the company would need to maintain
Total Adjusted Debt to Ebitda below 3.5x and Free Cash Flow to
Total Adjusted Debt above 8.0% on a consistent basis.

Conversely, the ratings could be downgraded if Atento is unable
to deleverage its balance sheet or if company's profitability
deteriorates considerably. The ratings would suffer downward
pressure if Atento's Total Adjusted Debt to Ebitda increases
above 4.0x on a sustained basis and if company's Free Cash Flow
to Total adjusted Debt remains negative for an extended period of
time. Negative pressures could also arise from high dividend
payouts that result in liquidity shortfalls.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Headquartered in Luxembourg, Atento Luxco 1 was created after the
acquisition of Atento Inversiones y Teleservicios' Customer
Relationship Management business by Bain Capital Partners on
December 12, 2012. Atento Luxco 1 is the holding company of the
"Atento" group, and through its direct and indirect subsidiaries
operates in Latin America, North America and EMEA offering
customer care, telesales and other back office outsourced
services to mainly telecom companies and financial institutions.
Atento Luxco 1 is ultimately owned by Atento S.A., a publicly
listed company since October 2014. The company is the largest
provider of customer relationship management and business process
outsourcing services in Latin America, and among the top five
providers globally, with revenues of USD 1.8 billion in the last
twelve months ended March 2017 and more than 150 thousand
employees.


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


AURORUS 2017: DBRS Assigns B Rating to Class F Notes
----------------------------------------------------
DBRS Ratings Limited assigned the following provisional ratings
to the Class A Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes and Class F Notes (the Rated Notes) to be
issued by Aurorus 2017 B.V. (the Issuer):

-- AAA (sf) to the Class A Notes
-- AA (sf) to the Class B Notes
-- A (sf) to the Class C Notes
-- BBB (sf) to the Class D Notes
-- BB (sf) to the Class E Notes
-- B (sf) to the Class F Notes

Class G Notes and Class X Notes (together with the Rated Notes,
the Notes) are also to be issued in the context of the
transaction, but are not rated.

Subject to pre-funding, the Notes are collateralised by the
receivables of unsecured credit cards, revolving credit
facilities and fixed-rate instalment loans originated by Qander
Consumer Finance B.V. (Qander or the Seller) in the Netherlands.
The receivables are serviced by Qander. Vesting Finance Servicing
B.V. was appointed as the backup servicer at closing.

The ratings are based on DBRS's review of the following
analytical considerations:

-- The sufficiency of available credit enhancement in the form
    of subordination, a cash reserve and excess spread.
-- The ability of the transaction's structure and triggers to
    withstand stressed cash flow assumptions and repay the Rated
    Notes according to the terms of the transaction documents.
-- The Seller's capabilities with respect to originations,
    underwriting and servicing as well as the availability of a
    named backup servicer at closing.
-- The legal structure and presence of legal opinions addressing
    the assignment of the assets to the Issuer and the
    consistency with DBRS's "Legal Criteria for European
    Structured Finance Transactions" methodology.

These ratings are provisional. The ratings will be finalised upon
receipt of an execution version of the governing transaction
documents. To the extent that the documents and information
provided to DBRS as of this date differ from the executed version
of the governing transaction documents, DBRS may assign different
final ratings to the Notes.

The transaction was modelled in DBRS's proprietary cash flow
model.


DRYDEN 52 EURO: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dryden 52 Euro
CLO 2017 B.V.'s class A, B-1, B-2, C-1, C-2, D, E, and F notes.
At the same time, Dryden 52 Euro CLO 2017 issued unrated
subordinated notes.

The ratings assigned to Dryden 52 Euro CLO 2017's notes reflect
S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality
    tests.
-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.
-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.
-- The transaction's legal structure, which bankruptcy remote.

S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria (see "Counterparty Risk Framework
Methodology And Assumptions," published on June 25, 2013).

"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in our criteria (see
"Ratings Above The Sovereign - Structured Finance: Methodology
And Assumptions," published on Aug. 8, 2016).

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria (see "Asset Isolation And Special-Purpose
Entity Methodology," published on March 29, 2017).

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for each class
of notes."

Dryden 52 Euro CLO 2017 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. PGIM Ltd. is the
collateral manager.

RATINGS LIST

Ratings Assigned

  Dryden 52 Euro CLO 2017 B.V.
   EUR415.7 Million Fixed- And Floating-Rate Notes (Including
   Subordinated Notes)

  Class                   Rating          Amount
                                        (mil.  EUR)

  A                       AAA (sf)         237.1
  B-1                     AA (sf)           21.0
  B-2                     AA (sf)           31.6
  C-1                     A (sf)            16.4
  C-2                     A (sf)            10.6
  D                       BBB (sf)          20.0
  E                       BB (sf)           22.0
  F                       B- (sf)           12.5
  Sub. notes              NR                44.5

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


DUTCH PROPERTY 2017-1: DBRS Assigns BB Ratings to Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the notes
issued by Dutch Property Finance 2017-1 B.V. (Issuer) as follows:

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (sf)

Dutch Property Finance 2017-1 B.V. is a bankruptcy-remote
special-purpose vehicle incorporated in the Netherlands. The
issued notes will be used to fund the purchase of Dutch mortgages
the RNHB mortgage business de-merged from FGH Bank N.V. into
Yellow Newco B.V. (currently merged into Vesting Finance
Servicing B.V.) (RNHB). Proceeds of the Class G Notes will be
used to fund the General Reserve Fund.

RNHB is a buy-to-let (BTL) and mid-market real estate lending
business in the Netherlands. It was formed in 2008 when
Rijnlandse Hypotheekbank and Nederlandse Hypotheekbank were
merged by their parent company, FGH Bank, who in turn were owned
by Rabobank. In December 2016 RNHB was acquired by funds managed
or advised by Carval Investors (CarVal) and Arrow Global (Arrow)
in a joint venture. The mortgage portfolio will be serviced by
Vesting Finance Servicing B.V. with Intertrust Administrative
Services B.V. appointed as a replacement servicer facilitator.

As of May 31, 2017, the provisional portfolio consisted of 8,368
loans with a total portfolio balance of circa. EUR 1.5 billion,
net of savings deposits. The average loan is EUR 178,360. The
weighted-average (WA) seasoning of the portfolio is 7.4 years
with a WA remaining term of 4.3 years. The WA current loan-to-
value is comparatively low for a Dutch portfolio at 61.9%. Almost
all the loans included in the portfolio are fixed with future
resets (99.4%) while the Notes pay a floating rate of interest.
To address this mismatch the transaction is structured with a
balance guaranteed interest rate swap that swaps a fixed rate
interest into 3-month Euribor. 3.7% of the portfolio comprises
loans where the borrowers are in arrears (excluding less than one
month in arrears).

Until July 2022, the seller has the ability to grant, and the
Issuer the obligation to purchase, further advances -- subject to
the adherence to asset conditions. The transaction documents
specify criteria which must be complied with during this period
in order for the further advances to be sold to the Issuer. DBRS
has stressed the portfolio in accordance with the asset
conditions to assess the 'worst case' the portfolio
characteristics can migrate to.

Credit enhancement for the Class A Notes is calculated as 25.65%
and is provided by the subordination of the Class B Notes to the
Class F Notes and the general reserve fund. Credit enhancement
for the Class B Notes is calculated as 15.0% and is provided by
the subordination of the Class C Notes to the Class F Notes and
the general reserve fund. Credit enhancement for the Class C
Notes is calculated as 11.05% and is provided by the
subordination of the Class D Notes to the Class F Notes and the
general reserve fund. Credit enhancement for the Class D Notes is
calculated as 6.95% and is provided by the subordination of the
Class E Notes to the Class F Notes and the general reserve fund.
Credit enhancement for the Class E Notes is calculated as 5.0%
and is provided by the subordination of the Class F Notes and the
general reserve fund.

The transaction benefits from a non-amortising cash reserve that
is available to support the Class A to Class E Notes. The cash
reserve will be fully funded at close at 2.0% of the initial
balance of the Class A to the Class F Notes. Additionally, the
Notes will be provided with liquidity support from principal
receipts which can be used to cover interest shortfalls on the
most senior class of notes, provided a credit is applied to the
Principal Deficiency Ledgers (PDLs), in reverse sequential order.

The Issuer has entered into a balance guarantees interest rate
swap with The Royal Bank of Scotland PLC (trading as NatWest
Markets), to mitigate the fixed interest rate risk from the
mortgage loans and the three-month Euribor payable on the Notes.
The swap documents reflect DBRS's "Derivative Criteria for
European Structured Finance Transactions" methodology.

The Issuer Account Bank and Paying Agent is Elavon Financial
Services DAC, UK Branch. The DBRS private rating of the Issuer
Account Bank complies with the threshold for the Account Bank
outlined in DBRS "Legal Criteria for European Structured Finance
Transactions", given the ratings assigned to the Notes.


GLOBAL UNIVERSITY: S&P Affirms 'B+' CCR, Outlook Negative
---------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
corporate credit rating on The Netherlands-incorporated private
provider of higher education, Global University Systems Holding
BV (GUS). The outlook remains negative.

S&P said, "We also affirmed our 'B+' issue rating on GUS' senior
secured debt issued by its subsidiary Lake Bridge International
PLC. The recovery rating on this debt remains unchanged at '3',
reflecting our expectation of meaningful recovery (50%-70%;
rounded estimate 65%) for creditors in the event of a payment
default.

"In addition, we affirmed our 'BB' issue rating on the group's
GBP15 million super senior revolving credit facility (RCF). The
recovery rating on this debt remains unchanged at '1', reflecting
our expectation of very high (90%-100%; rounded estimate 95%)
recovery in the event of a payment default.

"The affirmation balances our view that GUS' current leverage
remains high for the rating and our expectation of only limited
free operating cash flow (FOCF) generation with our projection of
some improvement in the credit metrics over the next 12 months.
"We project that the group's leverage of 5.2x adjusted debt to
EBITDA at year-end 2016 will likely reduce to 4x-5x in fiscal
year 2017 (ending Nov. 30, 2017) and fiscal 2018. This reflects
our expectations of solid organic growth, as well as bolt-on
cash-financed acquisitions adding revenues and EBITDA, but adding
no debt. Our calculation of adjusted debt doesn't take the cash
into consideration. Also, we understand that the group's
financial policy is supportive of improving credit metrics.

"Nevertheless, as the group has had a low cash conversion, we
project that improving operating results will translate into only
marginally positive FOCF. Cash conversion is still constrained by
the growing recruitment business line, which generates around 30%
of revenues. GUS receives a portion of tuition fees from each
student that it refers to one of its partner universities. The
revenue is recognized once the student accepts the offer at the
partner university, but cash is received as late as 24 months
thereafter.

"Also, we understand that the group will continue with its
external growth strategy; however, it is our belief that GUS will
finance new acquisitions with available cash and equity
injections with no recourse to debt. What's more, we think that
GUS will remain committed to its zero shareholder remuneration
policy. The current financial policy framework envisions net
leverage reduction to 2.0x by 2018 from 2.5x in 2017, which is
equivalent to a reduction in S&P Global Ratings-adjusted debt to
EBITDA to 4.0x-4.5x from 5.0x-5.5x.

"In addition, our rating continues to reflect our view of the
group's limited geographic diversification outside the U.K. and
somewhat limited scale and operations in a small market, with a
reported EBITDA of about GBP72 million in fiscal 2016. The U.K.
market for undergraduate and postgraduate offerings primarily
consists of public education providers, with only 3% of
undergraduates and 9% of postgraduates taught by private higher
education institutions. We also factor in the group's exposure to
government funding and regulation. Our view of possible
integration risks should the company pursue an acquisition-based
growth strategy in the future is another restricting factor.

"Nevertheless, we view positively the current integration of
Arden University and IBAT College in Dublin. It is our opinion
that the acquisition of Arden University will expand GUS' reach
in distance learning and the online market segment, while adding
to an already highly diversified portfolio of courses and e-
learning expertise, underpinning GUS' competitive position. We
view as a supporting factor the regulator's recent "Gold" rating
in the "Teaching Excellence Framework" of GUS' University of Law
(ULaw), which ranks ULaw as the top British university in terms
of the quality of undergraduate education. The Gold rating is
valid for two years and it conveys more pricing power, as it
allows ULaw to increase tuition fees in line with inflation,
giving some room for maneuver within the imposed tuition cap by
the U.K. regulator.

"The acquisition of IBAT College in Dublin expands GUS'
international foothold. Ireland could be an alternative
destination for international students deterred by high tuition
costs and more stringent immigration policies in the U.K.

"We believe that the group's strong brands and established
relationships with accrediting bodies and other regulators, as
well as its taught degree-awarding powers and university title
following the ULaw and Arden University acquisitions, will enable
the group to maintain a leading market position in the growing
private higher education market in the U.K. We also view
favorably the group's diversification in terms of disciplines and
student domiciles, reducing its exposure to the economic cycle
and regulatory changes. On the flip side, given that 30.8% of
GUS' students are international (8.2% from the EU, included in
this number), we view elevated risk from Brexit and the possible
more stringent immigration policy or weakening position of London
as a financial center could weigh on international student
enrollment.

"Lastly, we think that the group's brands, flexible timetables,
and digital capabilities will enable it to retain and attract
students, providing some degree of visibility on revenues.

"The negative outlook reflects our expectation that GUS's FOCF
will remain weak over the next 12 months. However, we believe the
company will continue to have solid revenues and EBITDA growth
momentum, which should translate into marginal FOCF, which leaves
limited headroom under the current rating. We expect S&P Global
Ratings-adjusted debt to EBITDA to be below 5x over the next 12
months, together with positive FOCF.

"We could lower the rating if the FOCF turns negative, or if any
debt-funded acquisition or underperformance against our base case
pushes S&P Global Ratings-adjusted debt to EBITDA above 5x over
the next 12 months.

"We could revise the outlook to stable if GUS' cash conversion
improves, such that strong growth translates into positive FOCF
on a sustainable basis, while S&P Global Ratings-adjusted debt to
EBITDA remains comfortably below 5x."


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


PLAY COMMUNICATIONS: S&P Upgrades CCR to 'BB', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit ratings
on Play Communications S.A. (Play; formerly Play Holdings 2
S.a.r.l) and Impera Holdings S.A. (Impera; formerly Play Topco
S.A.) to 'BB' from 'B+'. The outlook is stable.

S&P said, "We also raised our issue rating on Play's senior
secured facilities to 'BB' from 'B+' and our issue rating on the
existing payment-in-kind (PIK) toggle notes to 'B+' from 'B-'.
Upon the completion of the IPO and the subsequent full repayment
of the PIK toggle notes, we will withdraw the issue ratings on
those notes.

"The rating action primarily reflects our expectation that the
group's leverage will fall significantly following the completion
of its IPO and subsequent repayment of the  EUR500 million PIK
toggle notes issued in March 2017 by Impera. In addition, we
expect that leverage will continue to fall in 2018 as a result of
revenue and EBITDA growth, and free cash flow generation. As a
result, S&P Global Ratings' adjusted debt-to-EBITDA is expected
to decrease to significantly below 4x in 2017 and a little over
3x in 2018 (from 3.9x at year-end 2016). We also expect a
meaningful improvement in free operating cash flow generation,
supported by the lower cash interest payments that will follow
the reduction in debt."

Play will be floated on the Warsaw Stock Exchange on July 27,
2017 and according to the company's announcements, the immediate
holding company Play Holdings 1 S.a.r.l will receive all the IPO
proceeds. It will sell an equity stake of 39.0%-48.6%, depending
on the execution of the overallotment option and a further
potential increase in the number of shares being offered. The IPO
was successfully priced at Polish zloty (PLN) 36 on July 14,
2017. At this price, net proceeds are expected to be up to about
PLN4.4 billion (equivalent to about EUR1.03 billion). This amount
is sufficient to fund the full repayment of the PIK toggle notes,
including accrued interest, and settle part of the group's
management incentive plans in cash. Play will not retain any
excess net proceeds; these would be distributed to shareholders.

S&P said, "We view positively the guidance provided around Play's
post-IPO financial policy. In particular, the stated long-term
net leverage target of 2.5x as defined by the company (equivalent
to about 3x on an adjusted basis) signals some scope for further
deleveraging in the future. We also view the appointment of four
independent board directors as positive, and we believe the
existing financial sponsors will effectively relinquish their
control over the company in the medium term."

On the other hand, Play's new post-IPO dividend policy will
likely weigh on expected discretionary cash flows (DCF). The
company intends to pay out about PLN650 million of dividends in
2018 and, in later years, 65%-75% of the previous year's company-
defined free cash flow to equity (after lease payments).

Play's business risk profile continues to reflect its ability to
attract subscribers due to its value-for-money brand, along with
greater monetization of data. Play's market position--it had a
27.6% share of subscribers as of March 31, 2017, behind Orange's
29.4%--and brand name in the Polish telecoms market support its
solid growth trajectory. The company also benefits from market-
leading monthly churn for its postpaid subscribers of about 0.7%,
good spectrum license position, and comparably high 4G coverage
(about 92% of Polish population).

S&P said, "These factors are partly offset by its mobile-only
offering, given that we view fixed-mobile convergence as more of
a key differentiating factor in main cities, where Play's market
share is higher. We view Play's reliance on national roaming
agreements in remote areas as a further constraint. That said,
this risk is set to be mitigated over the next few years--Play is
targeting full national network coverage by 2020."

S&P's base-case scenario for Play assumes:

-- Revenue growth reducing to about 5%-7% annually in 2017 and
    2018 due to declining mobile number portability as market
    churn stabilizes, but still supported by continued growth in
    contract subscribers and mobile broadband subscribers, as
    well as further data monetization;
-- Increase of about 1.5 percentage points in the EBITDA margin
    by 2018 from 31.9% in 2016, supported by continued operating
    leverage and stabilizing subscriber acquisition and retention
    costs as handset unit subsidies reduce;
-- Capex to sales (excluding spectrum license costs) increasing
    to about 9%-10% due to increased investments to allow for
    national network coverage;
-- Net IPO proceeds of PLN4.4 billion are used to repay PIK
    toggle notes and partly settle incentive plan obligations;
    and
-- Shareholder distributions of about PLN4.6 billion in 2017,
    reflecting extraordinary distributions related to excess IPO
    proceeds and the recapitalization in March, decreasing to
    PLN650 million of dividends in 2018.

Based on these assumptions, S&P arrives at the following adjusted
credit measures:

-- Debt to EBITDA of about 3.6x in 2017, reducing to just above
    3x in 2018, from 3.9x in 2016;
-- Funds from operations (FFO) to debt of about 20% in 2017 and
    2018, from 17.4% in 2016; EBITDA interest coverage of about
    5x in 2017 and about 5.5x in 2018, from 3.9x in 2016;
-- Free operating cash flow (FOCF) to debt of about 10.4% in
    2017, increasing to 12%-14% in 2018. This follows over PLN600
    million of negative FOCF in 2016, equivalent to 14.5% of
    positive FOCF to debt, excluding PLN1.7 billion of spectrum
    costs in the year; and
-- DCF to debt of about 4% in 2018, following the extraordinary
    shareholder distributions in 2017.

S&P said, "The stable outlook reflects our expectations that, in
line with our base-case scenario, Play will report continued
revenue and EBITDA margin growth that helps it to reduce adjusted
gross leverage to 3.0x-3.5x, improve FFO-to-debt to 20%-25%, and
maintain FOCF-to-debt above 10% by year-end 2018.

"We could lower the rating if Play failed to sustain its
competitive position and experienced declining revenues and lower
EBITDA margins, for example, due to higher competition from
operators that are offering convergent offerings. Alternatively,
we could also consider a downgrade if adjusted leverage
approaches 4x and FFO-to-debt and FOCF-to-debt remain sustainably
below 20% and 10%, respectively.

"We could raise the rating if adjusted leverage improves to
sustainably below 3x and FOCF-to-debt to above 15%. We would
expect this to be consistent with the company deleveraging to at
least its stated company-defined net leverage target of 2.5x and
in line with better-than-expected profitability and FOCF
generation."


===============
P O R T U G A L
===============


SAGRES SOCIEDADE: DBRS Finalizes Cl. C Notes Rating at 'BB'
-----------------------------------------------------------
DBRS Ratings Limited finalised the following provisional ratings
previously assigned to the notes issued by SAGRES - Sociedade de
Titularizacao de Creditos, S.A. (Ulisses Finance No. 1) (the
Issuer):

-- Class A Notes rated A (sf)
-- Class B Notes rated BBB (sf)
-- Class C Notes rated BB (low) (sf)

The ratings on the Class A, Class B and Class C Notes (the Notes)
address the risk that Issuer will fail to satisfy its financial
obligations according to the terms under which the Notes have
been issued. DBRS has not assigned ratings to the Class D and
Class E Notes issued by Ulisses Finance No. 1.

The transaction represents the issuance of notes backed by a pool
of approximately EUR 141 million receivables related to auto loan
contracts (the receivables or, collectively, the portfolio)
granted by 321 Credito - Instituicao Financeira de Credito, S.A.
(321C or the Originator) to borrowers in the Republic of
Portugal. The securitised portfolio comprises receivables related
to standard amortising, interest bearing loans granted to retail
and commercial customers for the acquisition of either new or
used vehicles. There is no exposure to loan contracts with
balloon payments and there is no direct residual value risk.

The transaction envisages a twelve-month revolving period where
principal collections may be used to purchase new receivables
from the Originator, subject to certain concentration limits that
ensure the portfolio composition remains broadly unchanged,
including restrictions on maximum balance per obligor, loan-to-
value, weighted-average term to maturity, and minimum interest
rate levels. The revolving period will end prematurely following
the occurrence of certain events, including delinquent and
defaulted amounts exceeding certain thresholds, the inability of
the Issuer to fully replenish the Cash Reserve and the insolvency
of the Originator.


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


IBA-MOSCOW: Moody's Cuts LT Deposit Rating to B3, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded IBA-Moscow's (IBAM)
long-term foreign- and local-currency deposit ratings to B3 from
B2, its adjusted baseline credit assessment (BCA) to b3 from b2
and the long-term Counterparty Risk Assessment (CRA) to B2(cr)
from B1(cr). The rating actions reflect the reassessment of
parental support from the International Bank of Azerbaijan (IBA;
LT Bank Deposits Caa1 positive, senior unsecured debt Caa2
stable, BCA caa3). The outlook on IBAM's long-term deposit
ratings is stable.

At the same time, Moody's confirmed the bank's BCA at b3, and
affirmed the Not Prime short-term deposit ratings and the Not
Prime(cr) short-term CRA. These actions conclude the review on
the bank's ratings initiated on May 18, 2017, when IBAM's ratings
were placed on review for downgrade.
RATINGS RATIONALE

The downgrade of the bank's long-term bank deposit ratings and
adjusted BCA by one notch is driven by the reassessment of the
ability and willingness of its parent bank to support IBAM going
forward. Its long-term deposit ratings now incorporate a moderate
probability of parental support from IBA, which intends to
dispose its Russian subsidiary by the end of 2017. There are
still close ties between two banks in terms of funding and
lending activity. In its support assumptions for IBAM, Moody's
has taken IBA's Caa1 supported deposit rating, which results in
no rating uplift for IBAM.

In the rating agency's view, the stable outlook on the long-term
deposit ratings reflects the limited downside risks for IBAM,
which holds a material part of its assets with the parent bank.
The recent approval of IBA's restructuring plan by its creditors,
along with expected transfer of bad assets to state-owned
Aqrakredit, should restore IBA's financial position.

The confirmation of IBAM's BCA is driven by its still robust
capital adequacy along with modest dependence on market funding
largely represented by interbank loans from the parent bank. As
of June 1, 2017, the bank reported a regulatory Tier 1 ratio
(N1.2) and Total Capital Adequacy Ratio (N1.0) of 10.3% and
28.4%, respectively, well above the thresholds of 6% and 8%.
Concurrently, profitability will be subdued in 2017 following
material contraction of its loan portfolio and interest bearing
assets.

Additionally, as of June 1, 2017, IBAM held a significant
liquidity cushion of 75% of its assets placed on Nostro accounts
at IBA, which is currently restructuring its foreign currency
debts. The funding from the parent bank dropped to 18% of IBAM's
liabilities as of the same date compared with 65% at year-end
2015. This underscores the degree of inter-linkages between IBA
and the subsidiary in terms of asset-liability management and
lending activity.

WHAT COULD MOVE THE RATINGS DOWN / UP

There is limited upside to IBAM's long-term deposit ratings given
uncertainty regarding its business model and ownership structure
in the next 12-18 months.

A negative rating action could occur if downside risks stemming
from the parent bank's weak financial standing increase
substantially. This may trigger a review of IBAM's solvency and
liquidity assessments. However, the likelihood of this scenario
materializing is low, in Moody's opinion.

LIST OF AFFECTED RATINGS

Issuer: IBA-Moscow

Downgrades:

-- LT Bank Deposits (Local & Foreign Currency), Downgraded to B3
    from B2, Outlook Changed To Stable From Rating Under Review

-- Adjusted Baseline Credit Assessment, Downgraded to b3 from b2

-- LT Counterparty Risk Assessment, Downgraded to B2(cr) from
    B1(cr)

Confirmations:

-- Baseline Credit Assessment, Confirmed at b3

Affirmations:

-- ST Bank Deposits (Local & Foreign Currency), Affirmed NP

-- ST Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

-- Outlook, Changed To Stable From Rating Under Review

PRINCIPAL METHODOLOGY

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


JUGRA PJSC: Put on Provisional Administration, License Revoked
--------------------------------------------------------------
The Bank of Russia, by its Order No. OD-2138, dated July 28,
2017, with effect from July 28, 2017, revoked the banking license
of Moscow-based credit institution Public Joint-stock Company
Bank Jugra.

In its operations, the credit institution was focused on
attraction of household funds and their placement into inferior
quality assets.  At the same time, the credit institution failed
to set up loss provisions which would be appropriate to the risks
assumed.  The Deposit Insurance Agency State Corporation,
entrusted in accordance with a Bank of Russia order with the
duties of a provisional administration for the credit
institution, conducted an assessment of the bank's financial
position.  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 credit institution's business model was based on the funding
of business projects related to the credit organisation's
beneficiaries, through extending loans to companies with scales
of business inconsistent with the volume of loans issued.  The
credit institution's lending operations to individuals were
effectively immaterial, neither were those to legal entities
unrelated to its owners.  The supervisory body had found, on more
than one occasion, that some of the credit institution's
operations suggested siphoning off of both assets and liquid
collateral, dubious transit transactions, as well as some
instances of misreporting and a purely technical approach towards
the Bank of Russia's improvement orders and violations of the
regulator-introduced limits.  In the course of 2017, the Bank of
Russia six times informed the Prosecutor General's Office of the
Russian Federation of established asset siphoning off; it also
informed Rosfin monitoring twice in connection with dubious
transit transactions the bank was conducting.

The Bank of Russia repeatedly applied supervisory measures to
Public Joint-stock Company Bank Jugra, including restrictions on
household deposit taking.  The credit institution however
continued to pursue an aggressive strategy of attracting
household funds, including through a scheme to circumvent
regulatory requirements (i.e. depositors were granted the bank's
shares).  The credit institution's steps failed to bring about
better financial stability, improve the quality of assets and
were formal in nature, aiming to conceal low quality assets.

In the early days of its operations, the provisional
administration found that the bank's reporting manipulations were
intended to conceal the real financial position.

According to the Deposit Insurance Agency State Corporation
findings, it is not feasible to apply a financial resolution
procedure with the use of funds of the Agency's and the credit
institution's creditors in view of extremely low quality of
assets, the amount of disbalance between the value of assets and
liabilities and considering that Public Joint-stock Company Bank
Jugra is not a systemically important credit institution.

The Bank of Russia does not deem the financial recovery plan
submitted by the bank owner to be realistic from the perspective
of deadlines, volumes and sources of funding; a number of its
items are non-compliant with applicable legislation.

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

The Bank of Russia took this extreme measure in view of the
credit institution's failure to comply with federal banking laws
and Bank of Russia regulations, with equity capital adequacy
ratios being below two per cent, decrease in bank equity capital
below the minimum value of the authorised 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 functions of the
provisional administration to manage Public Joint-stock Company
Bank Jugra, entrusted with the Deposit Insurance Agency State
Corporation in accordance with Bank of Russia Order No. OD-1901,
dated July 7, 2017, with effect from July 10, 2017, are
terminated pursuant to Bank of Russia Order No. OD-2139, dated 28
July 2017.

By its Order No. OD-2140, dated July 28, 2017, the Bank of Russia
appointed a provisional administration to manage the credit
institution 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.

The current development of the bank's status has been detailed in
a press statement released by the Bank of Russia.

Public Joint-stock Company Bank Jugra is a member of the deposit
insurance system. An insured event shall be deemed as occurring
starting from the date of the moratorium on meeting the creditor
claims of Public Joint-stock Company Bank Jugra (July 10, 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 licence, put in force before the
moratorium on meeting creditor claims expires, shall not cancel
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 Public Joint-stock Company Bank
Jugra in accordance with Clause 2 Part 1 Article 8 of the Federal
Law 'On the Insurance of Household Deposits with Russian Banks' -
imposition by the Bank of Russia of the moratorium on meeting
creditor claims.

Information on the authorised agent banks to pay an insurance
indemnity can be found on the official website of the Deposit
Insurance Agency State Corporation (www.asv.org.ru).

According to the financial statements, as of July 1, 2017, Public
Joint-stock Company Bank Jugra ranked 29th by assets in the
Russian banking system.


SUKHOI CIVIL: Fitch Affirms BB- Long-Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Sukhoi Civil Aircraft
JSC's (SCAC) Long-Term Issuer Default Ratings (IDR) at 'BB-' with
a Stable Outlook.

KEY RATING DRIVERS

State Support: In line with Fitch's parent subsidiary linkage
methodology, SCAC's ratings are notched down three levels from
the ratings of the company's ultimate majority shareholder, the
Russian sovereign (BBB-/Stable). The three-notch differential
reflects the company's strong links to the State, supported by
continued equity injections. However, the State does not
guarantee SCAC's debt.

Due to the importance of the company to the government, Fitch
expects SCAC to continue to receive support from the Russian
State over and above what has already been contributed. Any
actual or perceived reduction of that support is likely to lead
to SCAC's ratings being further notched down from those of the
sovereign.

Limited FX Risk: The costs and revenue of SCAC are not entirely
matched in terms of currencies, as the majority (around 95%) of
its revenues are in USD, while only 70% of costs are in foreign
currency. Therefore, SCAC benefits from Fitch's conservative
expectation of a weakening rouble. However, should the rouble
strengthen, it would negatively affect the company's financial
performance. The company does not hedge its foreign currency
exposure.

Delivery Ramp-up: SCAC has regularly struggled to ramp-up
production of the SSJ100 to meet management forecasts regarding.
SCAC delivered only 26 aircraft in 2016 (an increase from 25 in
2015) due to adverse economic conditions in the company's core
market (Russia), as well as poor penetration of the export
markets. Fitch expects deliveries between 2017 and 2020 to range
between 33 and 36. Production could be adjusted downwards in the
short term if no new orders are won.

Reliance on Domestic Sales: Despite SCAC's efforts to diversify
away from Russian-based customers, its domestic market remains
the core source of revenue, with 47% of the company's expected
aircraft deliveries for Russian companies.

Debt to Equity Conversion: In December 2016 SCAC converted its
shareholder's debt (over RUB100 billion) into equity.
Furthermore, Sukhoi Aviation Holdings has bought out the minority
shareholder, Alenia Aeronautica (a subsidiary of Finmeccanica SpA
(BB+/Positive)), and now controls 100% of SCAC. Fitch views this
as a sign of tangible support, which helps underpin the ratings.

DERIVATION SUMMARY

SCAC's ratings are based on Fitch's Parent-Subsidiary Linkage
methodology and are notched down by three levels from the ratings
of the ultimate parent - the Russian Federation due to the
support the company receives from the State in the form of equity
injections and loans from state banks, which demonstrate the
importance of the company to the State and strong links with the
sovereign.

The majority of other Fitch-rated Russian and CIS-based companies
whose ratings incorporate state-support and are notched down from
the sovereign rating, such as KazMunayGas (BBB-/Stable) or Samruk
Energy (BB+/Stable), have ratings which are closer to that of the
parent as they are in sectors, such as natural resources or
utilities, which are perceived as being more strategically
important to the parent.

SCAC's standalone rating profile is seen as very weak at present,
characterised by the company's small size, poor market position
and weak financial metrics. In some respects, the standalone
profile is similar to JSC National Company Kazakhstan Engineering
(BB+/Stable), which is also heavily reliant on the sovereign's
support and notched down by twice from the sovereign rating.
Nevertheless, Fitch believes that SCAC is likely to improve its
financials in the coming years as it continues to increase its
ramp-up and penetration of both domestic and foreign markets.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Aircraft deliveries gradually increase to 36 by 2020;
- Costs gradually decreasing to sustainable levels over 2017-
   2020;
- Capex at around USD50 million over 2017-2020;
- No equity injections from the State.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action:
- Any strengthening of state support, such as a provision of
   written guarantees of SCAC's debt from the Russian Ministry of
   Finance, would likely lead to a closer rating linkage between
   SCAC and the government.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action:
- A weakening of support, such as a reduction in the State's
   shareholding in SCAC, or waning commitment to the company's
   programmes, whether through a change in willingness or
   capacity to provide support, could lead to a widening of the
   rating gap between Russia and SCAC.

For the sovereign ratings of the Russian Federation, Fitch has
the following rating sensitivities as of the rating action
commentary dated 31 March 2017:

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced. Nonetheless,
the following risk factors could, individually or collectively,
trigger positive rating action:

- The rebuilding of fiscal and external savings buffers, for
   example through a sustained recovery in oil prices;
- Adherence to ongoing fiscal reforms and commitment to a
   credible medium-term fiscal framework that supports improved
   macroeconomic stability;
- Implementation of structural reforms that would boost
   potential growth.

The following risk factors could individually or collectively,
trigger negative rating action:
- A weakening of the policy framework that undermines
   macroeconomic and fiscal performance;
- A sharp decline in international reserves;
- A rise in geopolitical tensions or imposition of significantly
   tougher sanctions.

LIQUIDITY

Liquidity Reliant on Russian Government: SCAC continues to be
reliant on financing from the Russian Government and state-owned
banks, as Fitch expects the company to be free cash flow (FCF)-
negative in 2017. As of 1H17 around 55% of the company's debt was
from state-owned banks (Sberbank and VTB), besides which SCAC has
remaining shareholders debt of around USD67 million (11% of total
debt) from JSC United Aircraft Corporatio and Sukhoi Aviation
Holding.

Fitch expects this level of support to continue to underpin the
company's liquidity, alongside SCAC's gradual production and
sales progress, which should lead to positive FCF in the medium-
to long-term. The company's cash position of USD98 million, along
with unused credit facilities from the major Russian banks of
USD390 million should be sufficient to cover the company's short-
term needs.

FULL LIST OF RATING ACTIONS

-- Long-Term Foreign and Local Currency IDRs affirmed at 'BB-';
    Outlook Stable;
-- Short-Term Foreign and Local Currency IDRs affirmed at 'B';
-- Foreign and local currency senior unsecured ratings affirmed
    at 'BB-'


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


BANCO POPULAR: Blackstone Frontrunner to Buy Stake in Assets
------------------------------------------------------------
Manuel Baigorri, Sharon Smyth and Sarah Syed at Bloomberg News
report that Blackstone Group LP is the frontrunner to buy a
majority stake in EUR30 billion (US$35 billion) of Banco Popular
Espanol SA's real estate loans and properties at a discount.

According to Bloomberg, people with knowledge of the matter said
Banco Santander SA, which acquired the assets when it purchased
the Spanish lender for one euro in June, will probably announce
the winning bidder in the coming days.

The people said the deal will probably value the properties and
credit at about EUR10 billion, Bloomberg relates.  No final
decision has been made and private-equity firms including Lone
Star Funds and Apollo Global Management LLC may still adjust
their offers, Bloomberg notes.

                       Legal Action

As reported by the Troubled Company Reporter-Europe on July 18,
2017, The Financial Times related that Banco Popular's investors
are pressing ahead with plans for legal action over the collapse
of the Spanish bank despite a EUR1 billion compensation scheme
launched by rival Santander, which acquired the struggling
lender.  Santander bought Banco Popular last month for a symbolic
EUR1 after Spanish and European regulators judged the lender was
likely to fail, wiping out the bank's shareholders and junior
bondholders, the FT recounted.  According to the FT, Cremades &
Calvo-Sotelo, a Spanish law firm representing about 2,000 of
Banco Popular's investors, welcomed Santander's compensation
scheme, but said that it would not be enough to prevent legal
action against others, which could include European regulators
and Banco Popular's former management.  Just two of its clients
have abandoned plans for legal action since Santander announced
the compensation plan, the FT noted.  The rescue of Banco
Popular, which was saddled with more than EUR30 billion of toxic
property loans, was the first major test of the eurozone's system
for handling failing lenders, the FT stated.  But it angered
shareholders who bought into the bank's capital raising last year
and are the targets of Santander's compensation scheme, according
to the FT.  Investors have raised questions surrounding the
failure, including how Banco Popular was valued and why it ran
out of emergency liquidity so quickly, the FT disclosed.

Banco Popular Espanol SA is a Spain-based commercial bank.  The
Bank divides its business into four segments: Commercial Banking,
Corporate and Markets; Insurance Activity, and Asset Management.
The Bank's services and products include saving and current
accounts, fixed-term deposits, investment funds, commercial and
consumer loans, mortgages, cash management, financial assessment
and other banking operations aimed at individuals and small and
medium enterprises (SMEs).  The Bank is a parent company of Grupo
Banco Popular, a group which comprises a number of controlled
entities, such as Targobank SA, GAT FTGENCAT 2005 FTA, Inverlur
Aguilas I SL, Platja Amplaries SL, and Targoinmuebles SA, among
others.  In January 2014, the Company sold its entire 4.6% stake
in Inmobiliaria Colonial SA during a restructuring of the
property firm's capital.



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


MUNTERS TOPHOLDING: Moody's Withdraws B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings of
Munters Topholding AB, including the company's B2 corporate
family rating (CFR), the B2-PD probability of default rating
(PDR) and its positive outlook. Concurrently, Moody's has
withdrawn the B2 rating of the senior secured credit facility,
issued by Munters Corporation, a subsidiary of Munters Topholding
AB, and its positive outlook.

RATINGS RATIONALE

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

Munters Topholding AB (Munters), headquartered in Stockholm,
Sweden, is a global manufacturer of air treatment and
dehumidification technologies and solutions used in the
industrial, agricultural and other sectors, employing over 3,500
people in more than 30 countries.


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


KHRESCHATYK BANK: NBU's Insolvency Decision Unlawful, Court Says
----------------------------------------------------------------
Ukrainian News Agency reports that the Higher Economic Court of
Ukraine has upheld rulings by courts of lower instances that the
decision of the National Bank of Ukraine to declare Khreschatyk
Bank insolvent was unlawful.

According to Ukrainian News Agency, the Higher Economic Court
arrived at a conclusion that the decision of the NBU to declare
the bank insolvent was premature and unfounded, as the NBU put
the bank in the list of problem banks for 180 days on April 4,
2016, and declared it insolvent on April 5, 2016.

The NBU, as cited by Ukrainian News Agency, said the bank did not
meet the requirement of capital adequacy having allowed to
violate the requirement before.

The Higher Economic Court upheld rulings of the Kyiv
Administrative Court of Appeal of April 20 and the Kyiv District
Administrative Court of Jan. 19, Ukrainian News Agency relates.

The National Bank of Ukraine declared the Khreschatyk bank
insolvent on April 5, 2016, Ukrainian News Agency recounts.

Liquidation of the bank began on June 6, 2016, and it will
continue until June 5, 2018, inclusive, Ukrainian News Agency
discloses.

PJSC "COMMERCIAL BANK "KHRESCHATYK" is an open joint-stock
company established in January 1993.  The Bank is a universal
loan institution providing services to residents and non-
residents, including accepting deposits from public and legal
entities, lending to retail and corporate customers, financing
programmes of the Kyiv Municipal State Administration, conducting
domestic and foreign money transfers, providing foreign exchange
services, as well as offering fund investments and cash and
settlement services to clients.


UKREXIMBANK JSC: Fitch Affirms B- Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign Currency Issuer
Default Ratings (IDRs) of JSC The State Export-Import Bank of
Ukraine (Ukreximbank) and JSC State Savings Bank of Ukraine
(Oschadbank) at 'B-' with Stable Outlooks. Fitch has also
upgraded both banks' Viability Ratings (VRs) to 'b-'from 'ccc'.

KEY RATING DRIVERS
VRs, IDRs, NATIONAL RATINGS AND SENIOR DEBT

The upgrade of the banks' VRs means that their IDRs are now
underpinned by their standalone strength.

The VR upgrades reflect the banks' strengthened capitalisation
and loss absorption capacity following capital injections in
1Q17, and reduced asset quality pressures in the more stable
Ukrainian economy. The VRs are also supported by reasonable
coverage of NPLs (loans more than 90 days overdue) by specific
reserves, the banks' moderate risk appetites since Ukraine's
downturn in 2014, manageable refinancing risks and solid
liquidity cushions.

The VRs remain constrained by the challenging operating
conditions and still large stock of legacy impaired loans,
including exposures not classified as NPLs, which pressure
performance.

Both banks' standalone credit profiles are strongly linked with
that of the sovereign due to their large exposure to sovereign
debt and, more generally, the public sector. At end-1Q17, direct
sovereign exposure (claims on the government and the central
bank) relative to Fitch Core Capital (FCC) stood at 7x at
Ukreximbank (or 50% of assets) and 4x at Oschadbank (48%). Loans
issued to state-owned corporates contributed a further 1.4x FCC
and 1.2x FCC, respectively.

Net loans accounted for a moderate 34% (Ukreximbank) and 29%
(Oschadbank) of assets at end-1Q17. Individually impaired loans
stood at 62%-63% of loans at both banks and were largely
unchanged from end-2016. These included NPLs of 37% of loans with
reasonable 91% coverage by specific reserves at Ukreximbank.
These parameters were 43% and 82%, respectively, at Oschadbank.

On top of NPLs, there were restructured loans equal to 43% of the
portfolio at Ukreximbank and 38% at Oschadbank (including 13% due
from state-owned Naftogaz, CCC), with around half of these
exposures at Ukreximbank and the majority at Oschadbank being
relatively high risk, in Fitch's view, and moderately
provisioned. At the same time, regulatory estimates of expected
losses on these exposures were factored into the banks' recent
recapitalisations and are deducted from Tier 1 regulatory
capital.

Fithc expects asset quality metrics to be quite stable in the
near to medium term as the economy recovers moderately and the
hryvnia is less volatile, although balance sheet clean-ups will
be slow, in part constrained by legal aspects of the borrower
bankruptcy processes.

Post recapitalisation, Ukreximbank had a Tier 1 regulatory
capital adequacy ratio (CAR) of 9.3% and total CAR of 15.3% at
end-1Q17 (end-2016: 4.9% and 9.9%, respectively), which reflected
a deduction of expected losses equivalent to 6% of gross loans.
Oschadbank's regulatory Tier 1 and total CARs were 9.6% and 14.1%
(end-2016: 7.4% and 10.7%, respectively), after deduction of
expected losses of around 9% of gross loans. The available
regulatory capital buffers allowed each of the banks to increase
their loan impairment reserves by an additional 3% (to 48% of
gross loans at Ukreximbank and to 46% at Oschadbank) before their
total CARs would fall to the regulatory limit of 10%.

Ukreximbank's annualised pre-impairment profit (net of revenues
accrued but not paid in cash) was approximately 3% of average
gross loans in 1Q17, offering it additional moderate loss
absorption capacity. Oschadbank just broke even on a pre-
impairment basis in 1Q17 and 2016 (adjusted for unpaid interest
accruals). Fitch understand that no further significant capital
injections are expected in the near term. However, the residual
risks on legacy impaired loans will keep performance under
pressure. Future asset quality trends and a return to growth
remain key for profitability improvements.

Direct FX risks are now moderate as the banks' holdings of
dollar-linked sovereign bonds (treated as Ukrainian hryvnia
assets for open currency positions (OCP) purposes) offset their
large reported short OCP.

External debt is large, at 41% of end-1Q17 liabilities at
Ukreximbank and 21% at Oschadbank (including Eurobonds of 27% and
17%, respectively), while external debt servicing requirements
have moderated markedly for 2017-2018 following the exchange of
the banks' Eurobonds in 2015.

At end-5M17, FX liquidity (comprising cash and short-term
interbank placements and foreign-currency denominated short-term
government bonds) comprised USD2.1 billion at Ukreximbank and
USD1.6 billion at Oschadbank. This is sufficient to comfortably
meet moderate wholesale funding maturities in 2017-1H18, although
the potential withdrawal by the government of material amount of
FX deposits from Oschadbank could represent a significant call on
the latter's FX liquidity.

Wholesale funding maturities will become more significant from
2019 when the banks' restructured Eurobonds start to amortise:
each of the banks has to repay USD1.1 billion in 2019-2021. The
stability of the banks' highly dollarised deposit funding (end-
1Q17: 73% at Ukreximbank and 48% at Oschadbank) and their ability
to convert hryvnia liquidity (mainly supported by holdings of
government debt) into FX will be important drivers of their FX
liquidity. The presence of public sector corporates (end-1Q17:
48% of client funds at Ukreximbank and 21% at Oschadbank) in the
banks' deposit bases make funding flows somewhat more
predictable.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The affirmation of the Support Rating Floors (SRF) at 'B-' and
Support Ratings at '5' reflects Fitch's view of the Ukrainian
authorities' limited ability to provide support to the banks, in
particular in foreign currency, in case of need, as indicated by
the sovereign's 'B-' Long-Term Foreign-Currency IDR. The
propensity to provide support to these two banks remains high, in
Fitch's view, particularly in local currency. This view takes
into account the banks' 100%-state ownership, policy roles, high
systemic importance, and the track record of capital support for
the banks under different governments. The potential sales of
minority stakes in the banks as the first stage of a
privatisation process would be unlikely to result in changes to
the SRFs.

SUBORDINATED DEBT - UKREXIMBANK

Ukreximbank's subordinated debt rating has been upgraded to 'CC'
from 'C', due to the upgrade of the bank's VR. The two-notch
differential between the bank's VR of 'b-' and the subordinated
debt rating of 'CC' reflects one notch for incremental non-
performance risk (resulting from the flexibility to defer coupons
in certain circumstances, for example if the bank reports
negative net income for a quarter) and one notch for potentially
weaker recoveries due to the instrument's subordination.

RATING SENSITIVITIES
VRs, IDRS, NATIONAL RATINGS, SENIOR DEBT, SUPPORT RATINGS AND

SUPPORT RATING FLOORS
The IDRs, National Ratings, senior debt ratings and the SRFs of
Ukreximbank and Oschadbank are highly correlated with the
sovereign's credit profile. The ratings could be downgraded and
SRFs revised downwards in case of a sovereign downgrade. The
banks' IDRs and debt ratings could also be downgraded in case of
restrictions being imposed on their ability to service their
obligations (not currently expected by Fitch). An upgrade of the
sovereign could result in an upgrade of the banks' ratings if
Fitch takes the view that the sovereign's ability to provide
support to the banks in foreign currency has also materially
improved.

Upside for the banks' VRs is currently limited. The VRs could be
downgraded if additional loan impairment recognition undermines
capital positions without sufficient support being provided by
the authorities, or if deposit outflows sharply erode the banks'
liquidity, in particular in foreign currency. Further
stabilisation of the sovereign's credit profile and the country's
economic prospects would reduce risks to the ratings.

SUBORDINATED DEBT - UKREXIMBANK

The rating is sensitive to the same considerations that might
affect the bank's VR and will move in tandem with it.

The rating actions are as follows:
Ukreximbank:
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B-',
Outlook Stable
Senior unsecured debt of Biz Finance PLC: affirmed at 'B-'/
Recovery Rating 'RR4'
Subordinated debt of Biz Finance PLC: upgraded to 'CC' from 'C,
Recovery Rating affirmed at 'RR5'
Short-Term Foreign-Currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'B-'
Viability Rating: upgraded to 'b-' from 'ccc'
National Long-Term rating: affirmed at 'AA(ukr)'; Outlook Stable

Oschadbank:
Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B-',
Outlook Stable
Senior unsecured debt of SSB No.1 PLC: affirmed at 'B-'/ Recovery
Rating 'RR4'
Short-Term Foreign-Currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'B-'
Viability Rating: upgraded to 'b-' from 'ccc'
National Long-Term rating: affirmed at 'AA(ukr)'; Outlook Stable


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


ALGECO SCOTSMAN: S&P Lowers CCR to 'CCC', Outlook Negative
------------------------------- --------------------------
S&P Global Ratings lowered Algeco Scotsman Global S.a.r.l.'s
corporate credit rating to 'CCC' from 'CCC+'.

S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured notes to 'CCC-' from 'CCC' with the
recovery rating remaining unchanged at '5', indicating our
expectation of modest recovery (10-30%; rounded estimate: 25%) in
the event of default.

"We also lowered the issue level rating on the senior unsecured
notes to 'CC' from 'CCC-'; the recovery rating is unchanged at
'6', indicating our expectation of negligible recovery (0-10%;
rounded estimate: 0%) in the event of default.

"We removed all ratings from CreditWatch, where we placed them
with negative implications on August 15, 2016. The outlook is
negative."

The rating revisions are based on the company's substantial debt
maturities over the next 15 months. S&P said, "We believe that
the company will not have sufficient liquidity to repay its $1.1
billion revolving credit facility that matures in July 2018 and
$1.4 billion of senior secured notes that mature in October 2018,
part of which consists of  EUR275 million that are unrated.

"The negative outlook reflects our belief that Algeco's weak
liquidity and substantial upcoming debt maturities leave it
vulnerable to a payment default or anexchange that we would
likely view as a distressed under our criteria.

"We could lower our ratings within the next year if we believe a
default, or its equivalent, is imminent. This includes the
announcement of an exchange offer that we deem to be distressed.

"Although unlikely over the next year, we could revise our
outlook to developing if the company is able to extend the
maturity schedule of its outstanding debt to a point where the
company would no longer experience a liquidity shortfall."


AMEC FOSTER: S&P Retains 'BB+' CCR, Revises Implications to Pos.
----------------------------------------------------------------
S&P Global Ratings said it has maintained its CreditWatch on the
'BB+' long-term corporate credit rating on U.K.-based
engineering, project management, and consultancy company Amec
Foster Wheeler PLC (AFW), but changed the implications to
positive from developing. The rating was originally placed on
CreditWatch with developing implications on March 17, 2017.

S&P said, "The CreditWatch status reflects our view that credit
metrics should remain in line with the rating in 2017-2019 from a
stand-alone perspective, meaning absent a merger with Wood Group,
after a difficult 2016 and despite prolonged challenging market
conditions. We also take into account our continued view that the
recommended merger should not affect the rating at this stage
because the companies plan to complete the process only by the
end of 2017 and because some execution risks exist, particularly
relative to antitrust approvals. Positively, the companies are
getting nearer to closing the deal since their respective
shareholders approved the link-up in June.

A successful merger could enhance AFW's credit profile, all else
being equal. The new group's future leverage could be markedly
lower than at AFW currently. AFW's reported net debt to EBITDA
was about 3.6x at the end of 2016, before any S&P Global Ratings
adjustments.

S&P's change in CreditWatch implications incorporates the
following factors:

-- Pressure on liquidity is now remote since the company
    obtained a favorable reset on its net debt-to-EBITDA
    covenant.
-- S&P believes that the company will have adequate headroom to
    meet the new requirements (specifically, net debt to EBITDA
    of 4.5x through June 2018.
-- S&P thinks a significant downward deviation to our base case
    in 2017, such that funds from operations (FFO) to debt falls
    below 12%, is unlikely since it assumes that AFW's stand-
    alone performance will be generally resilient, including
    lower restructuring costs than in 2016 and supported by large
    disposals of about GBP200 million.

S&P said, "We take into consideration AFW's sizable, albeit
reducing, order book, which represents more than one year of
operations and provides some visibility on the company's
performance over the next few years. We note that the order book
declined modestly in the first half of 2017 from GBP5.4 billion
at the end of 2016 (excluding the Global Power Group (GPG)
business that the company sold in June this year). Moreover,
approximately 70%-80% of the backlog is "cost plus," which should
mitigate potential cost overruns. Further major declines in the
backlog or an increase in fixed-price contracts in AFW's
portfolio could, however, put pressure on the rating.
"Our assessment of AFW's business risk profile reflects the
company's strong geographic and customer diversification, as well
as its order book of GBP5.8 billion at year-end 2016, mostly
comprising cost-plus contracts.

"Our business risk assessment also incorporates the company's
exposure to mostly volatile end markets. In particular, we
foresee that a meaningful share of AFW's clients will likely
continue to cancel or postpone their capital-expenditure (capex)
investments because of low oil prices. We factor into our
forecasts a modest margin of 7%-10%, affected by stiffening
competition in AFW's major markets, including oil and gas and
mining (the company generates about 40% of its revenues in oil
and gas).

"Our financial risk assessment reflects our view that AFW is
capable and committed to maintaining its net debt in future
years, mainly on the back of large asset disposals. We think this
should help AFW maintain its credit metrics over the next couple
of years amid persistently tough market conditions.

"Under our base-case scenario, we expect adjusted EBITDA of
between GBP350 million and GBP400 million annually on average in
2017-2019 (we anticipate reported EBITDA at GBP250 million-GBP300
million in the same period) excluding any potential rights issue.
The rating incorporates a one-notch positive adjustment for AFW's
positive discretionary cash flow (DCF; free operating cash flow
after capex and dividends) and the large proportion of cost-plus
contracts in its backlog compared with peers'. We reflect this
adjustment under our comparable ratings analysis modifier.

"The CreditWatch reflects upside rating potential, into the low
'BBB' category if AFW merges with Wood Group. We think the merger
would result in stronger financials and an enhanced business risk
profile for AFW over time.

"In the coming months, we aim to assess in greater detail the
merger's potential impact on our rating on AFW. We will focus
particularly on our assessment of the pro forma business risk
profile, our forecast credit metrics, and the link between AFW
and Wood Group in the proposed enlarged group."


CASTELL 2017-1 PLC: DBRS Finalizes BB Ratings on 2 Note Classes
---------------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings on the
notes issued by Castell 2017-1 PLC (Issuer) as follows:

-- Class A Notes rated AAA (sf)
-- Class B Notes rated AA (sf)
-- Class C Notes rated A (low) (sf)
-- Class D Notes rated BBB (sf)
-- Class E Notes rated BB (high) (sf)
-- Class F Notes rated BB (low) (sf)

The Class X Notes and Class Z Notes are not rated. DBRS's final
rating on Class B Notes differs from the provisional rating
assigned on 21 June 2017 due to lower than expected spreads on
the Notes, positively affecting the expected amount of excess
spread in the structure.

Castell 2017- 1 Plc is a bankruptcy-remote special-purpose
vehicle incorporated in the United Kingdom. The issued notes will
be used to fund the purchase of UK second-lien mortgage loans
originated by Optimum Credit Limited (Optimum Credit or Seller).
Partial proceeds of the Class Z Notes will be used to fund the
General Reserve Fund. Optimum Credit is a new lender based in
Cardiff, Wales and launched as a specialised provider of second-
charge mortgages in the UK in November 2013. The majority of loan
originations are sourced through brokers all of whom, since March
2016, are regulated by the Financial Conduct Authority under the
Mortgage Code of Conduct and Business. The originator is owned by
Patron Capital Partners, a Western European private equity real
estate fund with its main investment advisor, Patron Capital
Advisers LLP, based in London.

The mortgage portfolio will be serviced by Optimum Credit with
Capita Mortgage Services Limited (Capita) in place as the back-up
servicer. Intertrust Management Limited has been appointed as a
back-up servicer facilitator.

As of 22 June 2017, the portfolio consisted of 6,007 mortgage
loans with a total portfolio balance of GBP 250.9 million. The
average loan per borrower is GBP 41,760. The weighted-average
(WA) seasoning of the portfolio is 11.3 months with a WA
remaining term of 15.9 years. The WA loan-to-value, inclusive of
any prior ranking balances of the portfolio, is 64.0%. Within the
portfolio, 41.0% of the loans are fixed-rate loans reverting to
floating, 14.0% are discount-rate loans, 20.0% are floating-rate
loans linked to Optimum Base Rate and 25.1% are floating-rate
loans linked to one-month Libor. 1.7% of the portfolio comprises
loans originated to borrowers with a prior County Court Judgement
and 0.6% of the borrowers are in arrears.

Credit enhancement for the Class A Notes is calculated as 25.50%
and is provided by the subordination of the Class B Notes to the
Class Z Notes (excluding the Class X notes). Credit enhancement
for the Class B Notes is calculated as 20.50% and is provided by
the subordination of the Class C Notes to the Class Z Notes
(excluding the Class X notes). Credit enhancement for the Class C
Notes is calculated as 14.50% and is provided by the
subordination of the Class D Notes to the Class Z Notes
(excluding the Class X notes). Credit enhancement for the Class D
Notes is calculated as 10.00% and is provided by the
subordination of the Class E Notes to the Class Z Notes
(excluding the Class X notes). Credit enhancement for the Class E
Notes is calculated as 6.26% and is provided by the subordination
of the Class F Notes to the Class Z Notes (excluding the Class X
notes). Credit enhancement for the Class F Notes is calculated as
2.96% and is provided by subordination of the Class Z Notes. The
Class Z notes provide subordination to the extent that they are
collateralised.

The transaction benefits from an amortising cash reserve that is
available to support the Class A to Class F Notes. The cash
reserve is fully funded at close and is required to be funded at
the minimum of 2.0% of the initial balance of the Class A to the
Class Z Notes (excluding the Class X notes) and 4.0% of the
current balance of the Class A to the Class Z Notes (excluding
the Class X notes).

The Notes are provided liquidity support from an amortising
liquidity reserve which is able to support payment of senior fees
and interest on the Class A and Class B Notes. The liquidity
reserve is zero on the closing date and is funded from principal
receipts to 1.5% of the outstanding balance of the Class A and
Class B Notes. Additionally, principal receipts may be used to
also provide liquidty support to payments of senior fees and
interest on the Class A and Class B Notes subject to principal
deficiency ledger conditions.

The Issuer has entered into a fixed-floating swap with The Royal
Bank of Scotland PLC (trading as NatWest Markets), to mitigate
the fixed interest rate risk from the mortgage loans and the
three-month Libor payable on the Notes. The fixed-floating swap
documents reflect DBRS's "Derivative Criteria for European
Structured Finance Transactions" methodology.

The Account Bank, Cash Manager, Principal Paying Agent, Agent
Bank and Registar is Cititbank N.A., London Branch. The DBRS
private rating of the Account Bank complies with the threshold
for the Account Bank outlined in DBRS "Legal Criteria for
European Structured Finance Transactions", given the rating
assigned to the Class A Notes.


INTERNATIONAL GAME: S&P Rates New EUR1.5BB Term Loan 'BB+'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
International Game Technology Plc's (IGT) new EUR1.5 billion term
loan due 2023. The recovery rating is '3', reflecting S&P's
expectation for meaningful recovery (50% to 70%; rounded estimate
65%) for lenders in a payment default.

All other ratings, including S&P's 'BB+' corporate credit rating,
are unchanged.

The company plans to use proceeds from the new term loan to repay
its existing EUR800 million term loan due 2019 and to repay, at
maturity, its EUR500 million 6.625% notes due February 2018. S&P
plans to withdraw its issue-level and recovery ratings on these
pieces of debt once they are fully repaid.

At the same time, IGT amended its existing revolving credit
facility to reduce the U.S. dollar tranche to $1.2 billion, from
$1.8 billion, and the euro tranche to EUR725 million, from
EUR1.05 billion, and to amend certain financial and nonfinancial
covenants. S&P said, "Under our base-case forecast, we expect IGT
will maintain adequate liquidity, notwithstanding the lower
revolver commitments, and we expect the company will maintain at
least a 15% cushion relative to the covenants through 2018."

RECOVERY ANALYSIS

Key analytical factors

S&P's simulated default scenario contemplates a default in 2022,
reflecting a meaningful decline in the installed base of the
company's gaming machines driven by a significant loss in market
share, a loss of major lottery management contracts, and/or a
severe and sustained economic decline resulting in a material
drop in gaming machine yield and purchases of new machines.

IGT's capital structure consists of $1.2 billion and EUR725
million in total revolving credit commitments, a EUR1.5 billion
term loan, and several secured notes tranches, issued at IGT. In
addition, there are also three tranches of notes issued at IGT's
subsidiary, International Game Technology. All of the debt shares
the same guarantors, and the notes issued at International Game
Technology are also guaranteed by IGT. In addition, the
collateral for the debt is a pledge of stock in International
Game Technology and in Lottomatica Holding S.ar.l., a subsidiary
of IGT, and any intercompany loans in excess of $10 million. S&P
said, "Although the notes issued by International Game Technology
only benefit from its, and its subsidiaries, stock and
intercompany notes, we do not view this limitation in the
collateral relative to the rest of the capital structure as
material enough to warrant a distinction in recovery prospects
between the International Game Technology notes and the remaining
debt at IGT. We therefore assume recovery prospects are aligned
for all debt in the capital structure.

"Compared to our prior analysis, we are assuming a modestly lower
level of emergence EBITDA since there is a lower level of debt
assumed at default, and therefore our starting default proxy,
fixed charges, would be lower. Assumed debt at default is now
around $1.3 billion lower as compared to our prior analysis,
which is due largely to lower aggregate revolver commitments, and
since the new term loan amortizes, and will be used to refinance
existing notes. We assume the revolving credit facility is 85%
drawn, in total, at default."

Simplified waterfall Emergence

-- EBITDA: $960 million
-- EBITDA multiple: 6.5x
-- Gross recovery value: $6.2 billion
-- Net recovery value after administrative expenses (5%): $5.9
    billion
-- Value available for secured debt: $5.9 billion
-- Secured debt: $8.6 billion
-- Recovery expectation: 50% to 70% (rounded estimate: 65%)

All debt amounts include six months of prepetition interest.


PAYSAFE GROUP: Moody's Affirms Ba2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has affirmed Paysafe Group Plc's Ba2
corporate family rating (CFR) and Ba3-PD probability of default
rating (PDR). Concurrently Moody's has affirmed the Ba2 rating on
the EUR280 million Term Loan A due 2020, EUR220 million Term Loan
B due 2022, and USD85 million revolving credit facility (RCF) due
2020 issued by Paysafe Holdings UK Limited, a subsidiary of
Paysafe Group Plc. Moody's has also assigned a new provisional
(P)Ba2 rating to the USD380 million incremental term loan B due
2023 to be issued by Paysafe Finance (US) LLC, a subsidiary of
the company. The outlook on the ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon conclusive
review of the final documentation, Moody's will endeavour to
assign a definitive rating to the loans. A definitive rating may
differ from a provisional rating.

RATINGS RATIONALE

The rating action follows Paysafe's announcement on July 21, 2017
that it has agreed to acquire substantially all the assets of
Delta Card Services Inc., the holding company for Merchants'
Choice Payment Solutions (MCPS). MCPS, based in Texas, USA, is a
full service payment processor for independent sales
organizations (ISOs), including Paysafe's processing subsidiary
Meritus, and merchants in North America. The company delivers
card processing services to approximately 60,000 merchants in 50
US states and processes over USD14 billion in sales volume
annually. The acquisition with a consideration of USD470 million
will be funded by a USD380 million incremental loan facility
drawn under the existing senior facility agreement and USD90
million of cash on balance sheet.

"The decision to affirm Paysafe's ratings reflects (1) Moody's
view that MCPS will contribute to reducing the company's high
exposure to online gambling, which is subject to a higher degree
of regulatory risk compared to other verticals, and (2) the
complementarity of MCPS' point-of-sale (POS) activities with the
company's online presence enabling the cross-selling to merchants
of omni-channel solutions although Moody's notes a degree of
integration risk", says Sebastien Cieniewski, Moody's lead
analyst for Paysafe. While Paysafe's pro forma Moody's-adjusted
leverage will increase to 2.8x as of December 31, 2016, Moody's
believes that the good underlying growth of the business as well
as the strong free cash flow generation (FCF) should support a
rapid de-leveraging towards 2.0x within 12 months after the
closing of the transaction expected in Q3 2017.

The relatively high diversification of MCPS' revenues by industry
will contribute to reducing Paysafe's exposure to online gambling
to 35% based on 2016 pro forma revenues from 46% prior to the
transaction while reducing the company's revenue concentration
from its Asia Major Merchant business, to approximately 10% based
on 2016 pro forma revenues from 13%. Moody's notes, however, that
the acquisition of MCPS will have a lower positive impact on the
diversification of earnings due to its relatively lower
profitability with a pro forma EBITDA margin (pro forma for
inter-company transactions with Meritus, before synergies
estimated by management at USD7.5 million on a run-rate basis) of
15% compared with 30.1% as reported by Paysafe in 2016. MCPS'
margin is partly diluted by the fees it pays to ISOs which act as
a distribution channel and to payment platform providers which
supply the processing capacity and also reflects the highly
competitive nature of the ISO market in the US.

Moody's considers that MCPS should benefit from a positive
revenue trend and contribute to grow the enlarged group's pro
forma revenues which reached USD1.3 billion in 2016. Paysafe
experienced a strong performance in 2016 with organic constant
currency revenue growth at 21% compared to the prior year,
supported by all 3 segments, with payment processing growing at
21%, digital wallets at 30%, and prepaid cards at 14%. Organic
revenue growth should return to its longer-term trajectory from
2017 with Moody's projecting growth at high single- or low
double-digit rates.

While pro forma adjusted leverage (as adjusted by Moody's mainly
for capitalized development costs, share-based payments, non-
recurring items, and operating leases) will increase to 2.8x as
of December 31, 2016 from 2.0x prior to the transaction, Moody's
believes that the strong underlying revenue growth and the
company's capacity to generate free cash flow will contribute to
reducing leverage towards 2.5x by the end of 2017 and towards
2.0x by the end of 2018. The rating agency projects that Paysafe
will generate more than USD200 million of FCF per annum over the
coming years representing more than 20% of total adjusted debt.
While part of this FCF could be directed towards debt pre-
payment, Moody's notes that the company should continue
performing acquisitions based on the highly fragmented nature of
the payment solutions market.

Paysafe benefits from a good liquidity position with a pro forma
cash balance of USD125 million and a fully undrawn RCF of USD85
million as of March 31, 2017. Liquidity is further supported by
the company's strong FCF generation and its relatively limited
shareholder distributions which consisted of a modest share buy-
back of approximately GBP25 million (USD32.52 million) aggregated
over Q4 2016 and Q1 2017.

The Ba2 ratings assigned to the EUR500 million of term loans and
the USD85 million of RCF, and the (P)Ba2 rating assigned to the
USD380 million incremental loan facility, at the same level as
the CFR, reflect the absence of significant non-debt liabilities
ranking ahead or below. The instruments benefit from guarantees
representing at least 85% of the company's EBITDA. Aside the loan
facilities, other liabilities essentially consist of trade
payables.

The stable outlook on the ratings reflects Moody's anticipations
that Paysafe will continue benefiting from a high organic growth
in its end markets allowing for the company to maintain strong
credit metrics.

WHAT COULD CHANGE THE RATING - UP/DOWN

Positive pressure on the ratings could develop should Paysafe
succeed in further diversifying its exposure to verticals other
than gambling while maintaining its strong trajectory of organic
growth. Moody's would also expects Paysafe to maintain a
debt/EBITDA ratio (as adjusted by Moody's) below 2.0x. On the
other hand, negative pressure could develop if Paysafe's adjusted
leverage moves sustainably above 3.0x or if changes to financial
policies weaken the company's current strong liquidity profile.
Negative pressure could also develop should disruptive
technologies emerge or if the company's market-positioning
weakens materially.

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

Paysafe is a global provider of online payment solutions and
stored value products. In 2016, the company recorded revenues of
USD1,003 million and an adjusted EBITDA of USD301 million (as
reported by the company excluding exceptional items such as
acquisition costs, restructuring charges, share based payments,
foreign exchange gain and loss, and net fair value gain or loss
on share consideration payable). The company splits its
activities between three main divisions: payment processing,
digital wallets, and prepaid.


SEADRILL LTD: Again Warns of Chapter 11 as Debt Talks Extended
--------------------------------------------------------------
Seadrill Limited said July 26, 2017, it has reached an agreement
with its bank group to extend the comprehensive restructuring
plan negotiating period until Sept. 12, 2017.

The Company has also received lender consent to extend the
maturity date under the US$400 million credit facility from 31
August 2017 until 14 September 2017.  The extension will become
effective upon satisfaction or waiver of customary conditions
precedent.

In relation to the West Eminence facility, the Company has
received the support of lenders representing 84% of the exposure
under the US$450 million credit facility maturing on 15 August
2017 (the "US$450m Facility") to extend the maturity date under
the US$450m Facility to 14 September 2017.  The Company expects
that a scheme of arrangement under section 99 of the Companies
Act 1981 of Bermuda, which requires a majority in number of the
lenders representing 75% in value, will be used to implement the
extension of the US$450m Facility if an acceptable maturity
extension agreement is not reached.

The Company is in advanced discussions with certain third party
and related party investors and its secured lenders on the terms
of a comprehensive recapitalization, which remain subject to
further negotiation, final due diligence, documentation and
requisite approvals.

                         About Seadrill

Seadrill Limited is a deepwater drilling contractor, which
provides drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.

Seadrill reported a net loss of US$155 million on US$3.17 billion
of total operating revenues for the year ended Dec. 31, 2016,
following a net loss of US$635 million on US$4.33 billion of
total operating revenues for the year ended in 2015.

Seadrill had net income of US$57 million on US$569 million of
operating revenue for the three months ended March 31, 2017,
compared with US$149 million of net income on US$891 million of
operating revenue in the same period in 2016.

"[W]e continue to believe that implementation of a comprehensive
restructuring plan will likely involve chapter 11 proceedings,
and we are preparing accordingly. The extension provides
additional time to finalise negotiations and prepare for the
necessary potential implementation filings," Seadrill said in the
July 26 statement.

"It is likely that the comprehensive restructuring plan will
require a substantial impairment or conversion of our bonds, as
well as impairment and losses for other stakeholders, including
shipyards.  As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their
existing shares."

The Company's business operations remain unaffected by these
restructuring efforts and the Company expects to continue to meet
its ongoing customer and business counterparty obligations.

"Over the past year the Company has been engaged in discussions
with its banks, potential new investors, existing stakeholders
and bondholders in order to restructure its secured credit
facilities and unsecured bonds, and in order to raise new
capital.  The Company expects the implementation of a
comprehensive restructuring plan will likely involve commencing
schemes of arrangement in the United Kingdom or Bermuda or
proceedings under Chapter 11 of the United States Bankruptcy
Code," Seadrill said in May 2017 when it released its first
quarter 2017 results.

"Although discussions are well advanced and significant progress
has been made, until such time our restructuring is completed,
uncertainty remains and therefore substantial doubt exists over
the Company's ability to continue as a going concern for twelve
months after the date the financial statements are issued."

Seadrill reported $21.31 billion in assets against $4.732 billion
in current liabilities and $6.473 billion in non-current
liabilities as of March 31, 2017.


WEATHERFORD INT'L: Debt Level Hurdle to Fitch Ratings Improvement
-----------------------------------------------------------------
Weatherford International Plc's (WFT) 'CCC' rating reflects
exposure to the oilfield services sector, a stressed balance
sheet, its fourth place market position amidst challenges with
FCF generation and a lukewarm oilfield services sector recovery,
according to Fitch Ratings.

As the fourth largest oilfield services company in the world, WFT
competes with the top three: Schlumberger Ltd. (SLB), Halliburton
(HAL) and Baker Hughes (BHI), whom have the ability to compete on
scale, which drives pricing power, particularly in a downturn, as
E&P capex budgets are no longer as robust, rig utilization rates
are weaker, and the customer base is even more price sensitive.
While, WFT has strategic initiatives in place such as additional
cost cuts, planned asset sales, and partnering and joint venture
(JV) arrangements that could improve negative operating margins,
and reduce debt levels, Fitch does not expect a change to the
current rating 'CCC' rating absent successful and timely
execution of these initiatives, including permanent debt
reduction and robust FCF growth.

Liquidity remains adequate. WFT had $546 million cash on the
balance sheet as of March 31, 2017, and has an undrawn $1.19
billion unsecured guaranteed credit facility, of which $199
million matures at the end of July 2017. The OneStim joint
venture with SLB will include a one-time upfront $535 million
cash payment at closing in the second half of 2017. With the
declining bank commitment amounts, Fitch expects WFT will
maintain a measured capex budget and seek to maintain robust cash
levels on the balance sheet, in light of forecast weak FCF
generation. Fitch expects WFT will burn $317 million in 2017, and
will be approximately FCF break-even in 2018 and 2019. Credit
metrics remain elevated, with expected Debt/EBITDA of 15.3x in
2017, and to remain elevated in 2018 and 2019 at 8.2x and 5.4x
respectively.

Although diminished, covenant violation risks remain in Fitch's
view, but are mitigated in the near term by recent capital market
transactions and amendments including the $250 million add on
bond issuance to the 9.875% senior unsecured notes of June 2024,
and the April 2017 amendment to the Credit Agreement that will
permit additional add backs to EBITDA calculations.

Fitch does not currently anticipate positive rating action on WFT
as relatively high debt levels, weak FCF generation, and slow
oilfield services sector recovery are key hurdles the company
must overcome to improve its' current credit trajectory. Negative
actions will occur with further credit metrics deterioration, or
renewed concerns around covenant violation risks that further
amplify liquidity risks.

WFTs' 14 product lines provide diverse service offerings compared
with smaller less diversified companies in the high-yield
oilfield services sector. However, its' business model is
governed by long and short term contracts and does not have a
significant backlog of longer-dated contracts that could insulate
the company from demand uncertainty in a pro-longed down turn.

Fitch maintains a negative outlook for the oilfield services
sector, due to low to range bound oil prices, which is a key
driver for oilfield services equipment demand.


* UNITED KINGDOM: 4,547 Firms Enter Insolvency in April-June 2017
-----------------------------------------------------------------
Ben Woods at Press Association reports that focusing on
businesses, 4,547 firms in the United Kingdom entered insolvency
between April and June, rising 12.6% in contrast to the first
quarter.

According to Press Association, the rise was underpinned by a
"one off event", which saw 1,131 connected personal service
companies (PSCs) enter creditors' voluntary liquidation (CVL) in
response to changes to claimable expense rules.

Stripping out the impact of the PSCs, company insolvencies
dropped by 15.4% over the period to a 17-year low, Press
Association discloses.

The Insolvency Services said there were 3,454 CVLs in the second
quarter, a 15% rise in compulsory liquidations to 672 and 421
other insolvencies, Press Association relates.

"For now, lending conditions remain strong and default and
insolvency rates and UK profit warnings are all very low --
indeed, the underlying company insolvency rate is the lowest on
record -- but for how much longer will these benign conditions
last, and when conditions do change, will there be a bump?,"
Press Association quotes Richard Tett --
richard.tett@freshfields.com -- London head of restructuring and
insolvency at Freshfields, as saying.

"The level and terms of the debt currently being taken on by
companies are seen by some as concerning, with European leveraged
debt issuance almost three times greater for the first half of
2017 than for 2016 over the same period.

"Separately, the markets are worried about signs of complacency
around mounting consumer debt."



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


TURON BANK: S&P Affirms B-/B Counterparty Credit Ratings
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-/B' long- and short-term
counterparty credit ratings on Uzbekistan-based Turon Bank. The
outlook remains stable.

The affirmation follows Turon Bank's removal in June 2017 by the
Uzbek government from a list of entities to be privatized. S&P
said, "As such, we think that strategic uncertainty related to
expected changes in the bank's ownership has been largely
resolved at this time and that the bank will continue developing
as a state-owned bank in the medium term.

"We note that, since the beginning of 2017, the government has
provided Turon Bank about Uzbek sum (UZS) 78 billion (about
US$19.5 million) of capital support and increased its stake in
the bank to about 81% from 63%. As a result, we now consider the
bank to be a government-related entity. We believe there is a
strong link between the bank and the government, mainly
reflecting the government's major stake in the bank's capital and
our view that the bank will remain in state ownership in the
medium term.

"Nevertheless, we think that the bank still has a limited
importance for the government, mainly due to its small market
share and modest involvement in state-related projects. This
leads us to anticipate only a moderate likelihood that the
government would provide extraordinary support to the bank if
needed. Given our assessment of the sovereign's creditworthiness,
which is based on publicly available information, our long-term
rating on the bank does not include any uplift for potential
government support.

"We note that this year's capital injection from the government
has materially improved Turon Bank's capitalization. However, we
now expect that the bank will demonstrate much higher asset
growth than before, which will likely be close to 30%-35% in
2017-2018 compared with a 15% average for the past four years. We
also think that the bank's earning capacity will remain low,
mainly due to poor operating efficiency. For example, in 2016 the
bank's cost-to-income ratio reached 91%, and the bank remained
profitable only thanks to its provisions recovery. We believe
that the bank will not be able to support its growth through
internal capital generation alone and will face eroding
capitalization levels if it is unable to receive further capital
injections from the government. We now forecast that the bank's
risk-adjusted capital (RAC) ratio will be in the 4.8%-5.8% range,
as adjusted for the bank's negative earnings buffer. Although
this reflects an improvement from 4.2% at year-end 2016, we still
assess the bank's capital and earnings as weak.

"In our opinion, Turon Bank's business position remains moderate,
pointing to the bank's modest market share and limited pricing
power. These weaknesses are somewhat offset by the relative
stickiness of the bank's customer base, its established presence
in helping to finance the energy and water industry, and its
status as a state-owned bank. In our view, the bank's business
position and revenue base may now benefit from new government-
related clients and state-related projects. However, we see risks
of greater involvement of the government in the bank's decision-
making, which may not always reflect commercial nature of
transactions.

"We assess the bank's risk position as moderate reflecting its
high share of NPAs in the loan portfolio and relatively high
market risk stemming from its equity investments in
unconsolidated and non-core subsidiaries. Positively, we see
lower concentrations and foreign currency denominated exposures
on Turon Bank's balance sheet than those of its domestic peers.
In our view, the bank's funding is average reflecting its good
funding metrics, lack of wholesale funding and relative
stickiness of its customer deposits. We regard the bank's
liquidity as adequate, supported by a high liquidity buffer,
which represented about 33% of the bank's assets as of Dec. 31,
2017.

"The stable outlook reflects our opinion that the capital support
Turon Bank received from the government in 2017 and its likely
greater involvement in government-related projects will help to
preserve the bank's credit profile.

"We could take a negative rating action if we saw that our
forecast RAC ratio drops below 3%, for example, due to
materially-higher-than-expected lending growth. Unexpected
substantial losses coming from the bank's equity investments or
high credit losses, which lead to pronounced capital erosion, may
also prompt us to lower our ratings on the bank.

"A positive rating action is remote at this stage. However,
rating upside could stem from an improvement in the loan book's
credit quality and the borrowers' payment culture. These
supportive factors could lead us to view the bank's risk position
more positively, provided other risks remain adequately managed."


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


* BOND PRICING: For the Week July 24 to July 28, 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
getgoods.de 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 Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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

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

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

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

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

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


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