TCREUR_Public/170814.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, August 14, 2017, Vol. 18, No. 160


                            Headlines


B E L G I U M

SARENS BESTUUR: S&P Alters Outlook to Neg., Affirms BB- LT CCR


F R A N C E

ALCATEL-LUCENT: S&P Withdraws 'BB+/A-3' CCR After Bond Tender


G E R M A N Y

SOLARWORLD AG: Creditors' Assembly Okays Purchase Contract


I R E L A N D

AVOCA CLO V: S&P Affirms CCC- (sf) Rating on Class F Notes


I T A L Y

LAZIO: Voluntary Debt Restructuring Credit Positive, Moody's Says


K A Z A K H S T A N

SAMRUK-ENERGY: S&P Affirms 'B+' LT CCR, Outlook Stable


N E T H E R L A N D S

CLEAR CHANNEL: Moody's Cuts Rating on Senior Note Due 2020 to B3
MAGYAR TELECOM: Moody's Withdraws Caa1 Corporate Family Rating
NORTH WESTERLY CLO III: S&P Cuts Class D Notes Rating to BB-(sf)
WOOD STREET CLO IV: S&P Lowers Class E Notes Rating to BB- (sf)


N O R W A Y

NORSKE SKOG: Deadline to Reach Agreement with Lenders Extended


P O R T U G A L

ARTLANT: Declared Insolvent, Owes EUR628MM to Creditors


R O M A N I A

BRD GROUPE: Moody's Hikes Baseline Credit Assessment to ba3


R U S S I A

GENBANK JSC: Bank of Russia to Invite Sobinbank as Investor
RESO-LEASING: S&P Upgrades Counterparty Credit Rating to 'BB'


S P A I N

DEOLEO SA: S&P Lowers Long-Term CCR to 'CCC+', Outlook Stable


U N I T E D   K I N G D O M

CABLE & WIRELESS: S&P Rates New $700-Mil. Senior Notes 'B'
FRESH HOSPITALITY: Bought Out of Administration, 17 Jobs Saved
PAYSAFE GROUP: Moody's Puts Ba2 CFR Under Review for Downgrade


X X X X X X X X

* BOND PRICING: For the Week August 7 to August 11, 2017


                            *********



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B E L G I U M
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SARENS BESTUUR: S&P Alters Outlook to Neg., Affirms BB- LT CCR
--------------------------------------------------------------
S&P Global Ratings said that it revised its outlook on Belgium-
based heavy crane rental provider Sarens Bestuur N.V. (Sarens) to
negative from stable. We also affirmed our long-term corporate
credit rating at 'BB-'.

S&P said, "At the same time, we affirmed our 'BB-' issue rating
on the group's EUR250 million senior unsecured debt issued by
Sarens Finance Co. N.V. (Sarfin NV). The recovery rating on this
debt instrument is unchanged at '3', indicating our expectation
of meaningful (65%) recovery in the event of a payment default.

"The outlook revision reflects our view that, although Sarens
should benefit from continued demand for its services and exhibit
robust margins due to careful cost control, it currently has
little headroom in the existing 'BB-' rating. Any market
headwinds, project delays, or margin pressure beyond our base
case could result in credit metrics not commensurate with the
current rating. To maintain a 'BB-' rating, we expect Sarens to
exhibit debt to EBITDA trending to less than 4.5x and FFO to debt
trending to more than 16%."

Sarens continues to experience challenging trading conditions and
project delays in some of its end markets, specifically the oil
and gas and commodity industries. This has led to increased
pricing pressure in other industries in which Sarens and its
direct competitors are active.

On the other hand, Sarens continues to build out of the sizable
contract with Chevron, the TCO project, which will ramp up
through 2017 and 2018, resulting in good revenue growth, cash
flow generation, and a return of credit metrics to a level more
comfortably commensurate with a 'BB-' rating. However, any delays
to the ramp up could place pressure on Sarens' thin rating
headroom.

Under the TCO agreement, Sarens is contracted to develop and
operate two transshipment bases, one in Northern Europe with the
location to be confirmed, and one in Bulgaria, where cargo will
be offloaded from ocean-going vessels and reloaded onto smaller
vessels for onward delivery into the Caspian. At the Kazakhstan
building site, Sarens is contracted to offload, store, stack, and
transport the modules to their installation points.

S&P said, "We continue to assess the group's business risk
profile as fair. Sarens is a leading global provider of large
crane equipment, servicing a diverse range of industries and
clients. The group owns one of the world's most extensive fleets
of large cranes and has a strong track record and reputation. We
consider there are high barriers to entry for potential
competitors in this niche market. Sarens is exposed to several
particularly cyclical and volatile end markets, which has
resulted in revenue contraction and absolute EBITDA declines in
the past, when demand has suddenly fallen. The group's recent
rapid expansion into countries that we consider carry higher risk
could increase volatility of demand in the future."

S&P's base case for fiscal 2017 assumes:

-- Revenue growth of about 3% to more than EUR570 million.
-- EBITDA margin of about 23%-24%.

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

-- S&P Global Ratings-adjusted debt to EBITDA of about 4.8x at
    fiscal year-end 2017, improving toward 4.2x at fiscal year-
    end 2018 as the TCO-related revenue stream builds; and
-- FFO to debt of about 14%, trending toward 17% over the same
    period.

S&P said, "We consider Sarens' operating cash flow to be
sufficient to cover debt service, working capital requirements,
and capital spending for maintenance. Historically, the company
has invested heavily to expand its global fleet and meet growing
demand, resulting in negative free operating cash flow (FOCF).
This trend has reversed in the past 12-18 months and we consider
management's ability to pare back capital expenditure (capex)
rapidly when demand slows as an important factor for the rating.
We note that the average useful economic life of Sarens' crane
fleet is about 10 years.

"In terms of its capital structure, Sarens has a well-balanced
and relatively long-dated debt maturity profile. We assess
Sarens' risk-management policies as adequate. The company
generates a large portion of its revenues in foreign currencies,
and hedges its cash flows to protect against foreign exchange
risk. The company's financial obligations are mainly euro-
denominated. As a majority family-owned company, we consider
Sarens' access to equity markets to be restricted.

"Sarens has adequate liquidity, reflecting our expectation that
liquidity sources will exceed uses by 1.2x in the next 12
months."

Over the next 12 months, S&P expects principal liquidity sources
to be:

-- About EUR74 million available under a EUR99 million revolving
    credit facility, maturing November 2019;
-- Cash on balance sheet of about EUR36.6 million as of June 30,
    2017; and
-- FFO of about EUR100 million.

Over the same period, S&P expects the following principal
liquidity uses:

-- Up to EUR90 million of capex;
-- Working capital outflows up to EUR10 million; and
-- Net repayment of the company's global leasing facility and
    bilateral lines over our rating horizon, which Sarens draws
    from and repays throughout the fiscal year as it acquires and
    disposes of cranes for its fleet.

S&P said, "We expect Sarens to exhibit sufficient covenant
headroom for the next 12 months.

"The negative outlook reflects our view that although Sarens
should benefit from continued demand for its services and exhibit
robust margins due to careful cost control, it currently has
little headroom in the existing 'BB-' rating. Any market
headwinds, project delays, or margin pressure beyond our base
case could result in credit metrics not commensurate with current
rating. To maintain a 'BB-' rating, we expect Sarens to exhibit
debt to EBITDA trending to less than 4.5x and FFO to debt
trending to more than 16%.

"We could lower the ratings if Sarens' end market conditions
become more challenging than we expect for the next 12 months or
if it were to experience any delays on major projects,
specifically the ramp up of TCO, resulting in debt to EBITDA and
FFO to debt not recovering to less than 4.5x and more than 16%,
respectively. We could also lower the ratings if Sarens'
liquidity were to weaken beyond our base case, specifically if we
anticipated that liquidity were to become less than adequate or
headroom under covenants were to fall to below 15%.

"We could revise the outlook to stable if Sarens' credit metrics
recover over 2018, specifically if the company were to sustain
debt to EBITDA of less than 4.5x and FFO to debt of more than
16%, and if we believe that near-to-medium term macroeconomic and
industry conditions will support such a recovery."


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F R A N C E
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ALCATEL-LUCENT: S&P Withdraws 'BB+/A-3' CCR After Bond Tender
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/A-3' long- and short-term
corporate credit ratings on Alcatel-Lucent. S&P said, "We also
affirmed our 'BB+' long-term rating on Alcatel-Lucent USA Inc. We
subsequently withdrew the ratings at the group's request. At the
time of withdrawal, the outlook on the long-term ratings was
stable.

"At the same time, we affirmed our 'BB+' issue ratings, with '3'
recovery ratings, on the $300 million senior unsecured notes due
2028 and $1,360 million senior unsecured notes due 2029, issued
by Alcatel-Lucent USA. We also withdrew these ratings at the
group's request."

Alcatel-Lucent and Alcatel-Lucent USA are fully-owned
subsidiaries of Nokia Corp., a Finland-headquartered global
provider of telecommunications network equipment. S&P said, "At
the time of the withdrawal, our ratings on both subsidiaries
reflected our view of the companies' core status within the Nokia
group. In our opinion, these entities play an integral role in
Nokia's operations and strategy, they contribute a significant
portion of Nokia's consolidated revenues, and their business,
product, and customer focus is highly complementary to Nokia's
other operations."

Nokia completed its most recent bond tender offer at the end of
June 2017, reducing the remaining outstanding principal under
Alcatel-Lucent USA's senior unsecured notes due 2028 and senior
unsecured notes due 2029 to $74 million and $206 million,
respectively.


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G E R M A N Y
=============


SOLARWORLD AG: Creditors' Assembly Okays Purchase Contract
----------------------------------------------------------
On August 11, 2017, the creditors' assemblies of SolarWorld AG,
SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH
and SolarWorld Industries Thueringen GmbH approved the closing of
a purchase and transfer agreement comprising substantial assets
of the companies.  On the same day, the Bundeskartellamt (German
Federal Cartel Office) also granted its approval for this
transaction.  The company expects the closing of the transaction
to be finalized during the course of this week.

SolarWorld AG is based in Bonn, Germany.

On August 2, 2017, the local court of Bonn opened insolvency
proceedings on the assets of SolarWorld AG as well as its
subsidiaries SolarWorld Industries Sachsen GmbH, SolarWorld
Industries Thuringen GmbH, SolarWorld Innovations GmbH and
SolarWorld Industries Deutschland GmbH.  Attorney at law, Horst
Piepenburg, Duesseldorf, was appointed as insolvency
administrator.


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I R E L A N D
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AVOCA CLO V: S&P Affirms CCC- (sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings took various credit rating actions on Avoca
CLO V PLC's notes.

Specifically, S&P has:

-- Raised its rating on the class D notes;
-- Affirmed its ratings on the class E and F notes; and
-- Withdrawn its ratings on the class C1 and C2 notes and class
    R combo notes following their full repayment.

S&P said, "The rating actions follow our review of the
transaction's performance by conducting our credit and cash flow
analysis and applying our relevant criteria (see "Related
Criteria").

"Since our previous review, the class B, C1, and C2 notes have
fully repaid (see "Various Rating Actions Taken In CLO
Transaction Avoca CLO V Following Review," published on Nov. 18,
2015). As a result, this has increased the available credit
enhancement for the class D notes. At the same time, however, the
transaction has exhibited defaults and par losses through
discounted asset sales, which has reduced the available credit
enhancement for the class E and F notes.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rates (BDRs)
for each rated class of notes at each rating level. The BDR is a
measure of the maximum level of gross defaults that a tranche can
withstand and still fully repay the noteholders. We have
incorporated a series of cash flow stress scenarios using various
default patterns and levels for each liability rating category,
in conjunction with different interest stress scenarios."

Deutsche Bank AG (A-/Negative/A-2) acts as a bank account
provider and a custodian in the transaction. The downgrade
provisions documented for the bank account provider and custodian
can support a maximum rating of 'A+ (sf)'.

According to the August 2017 payment date report, the class C1
and C2 notes and class R combo have fully repaid. S&P said, "We
have therefore withdrawn our ratings on these classes of notes.

"Based on our credit and cash flow analysis, the available credit
enhancement for the class D notes is commensurate with a higher
rating than that currently assigned. We have therefore raised to
'BBB- (sf)' from 'BB+ (sf)' our rating on the class D notes.

"We have affirmed our 'B- (sf)' rating on the class E notes.
While available credit enhancement is lower than what we observed
at our previous review, it is nonetheless positive. In accordance
with our criteria for assigning 'CCC' category ratings, we do not
believe that the credit enhancement for this class of notes is
commensurate with 'CCC' category rating level (see "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published on
Oct. 1, 2012).

"We have also affirmed our 'CCC- (sf)' rating on the class F
notes as the BDR continues to be lower than the scenario default
rate, at the current rating level, for this class of notes."

Avoca CLO V is a cash flow collateralized loan obligation (CLO)
transaction that closed in June 2006. The collateral is managed
by KKR Credit Advisors (Ireland).

RATINGS LIST

  Class           Rating
            To               From

  Avoca CLO V PLC
  EUR543.25 Million Floating-Rate Notes

  Rating Raised

  D         BBB- (sf)        BB+ (sf)

  Ratings Affirmed

  E         B- (sf)
  F         CCC- (sf)

  Ratings Withdrawn

  C1        NR               A+ (sf)
  C2        NR               A+ (sf)
  R Combo   NR               A+ (sf)

  NR--Not rated.


=========
I T A L Y
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LAZIO: Voluntary Debt Restructuring Credit Positive, Moody's Says
-----------------------------------------------------------------
The Italian region of Lazio's (Ba2 negative) first-of-a-kind
voluntary debt restructuring is credit positive as it will lower
debt service costs, reduce financial complexity and generate
budget flexibility, says Moody's Public Sector Europe (MPSE) in a
report published.

Lazio is seeking to restructure around EUR600 million of SAN.IM.
S.p.A., an old securitization worth EUR927 million, by end-2017
or early 2018.

"Lazio's decision to voluntarily restucture its debt, which is
part of the Italian region's continued efforts to improve its
debt management, is credit positive as it will cut annual debt
servicing costs by around EUR20 million, simplify its debt
structure -- thereby reducing contingent liability risks -- and
enhance budgetary flexibility," says Francesco Zambon, Analyst at
Moody's.

Moody's report, "Lazio, Region of: Debt restructuring is credit
positive as it reduces complexity, adds flexibility and lowers
service costs," is available on www.moodys.com. Moody's
subscribers can access this report via the link provided at the
end of this press release. The rating agency's report is an
update to the markets and does not constitute a rating action.

The restructuring deal will allow the region to convert part of
this debt-like transaction into a potential plain vanilla bond,
which would keep the debt stock neutral and reduce annual debt
servicing costs, due to lower rates and an extended maturity.

The complexity of Lazio's debt portfolio will be materially
reduced by the restructuring, lowering its exposure to
derivatives and reducing the probability that contingent
liabilities may arise that could potentially affect the region's
liquidity.

The current restructuring follows Lazio's previous initiatives
aimed at reducing derivative exposures between 2012 and 2016. The
derivative exposure in the region's debt portfolio fell to 5.4%
in 2016 from 19% in 2012, due to negotiations with banks and
early repayments.

This initiative is part of Lazio's ongoing debt restructuring
program. Moody's expects the region's cumulative debt service
costs to decline to EUR1.28 billion, or 8.4% of operating
revenue, in 2017, from EUR1.62 billion, or 10.6% of operating
revenue, in 2016. As a result, the region will gain additional
headroom for policies aimed at stimulating the local economy by
promoting new investments and lowering taxes.


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


SAMRUK-ENERGY: S&P Affirms 'B+' LT CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term
corporate credit ratings on Kazakhstan-based electricity group
Samruk-Energy and its 'B+' issue rating on the group's $500
million senior unsecured Eurobonds due December 2017. The outlook
on the long-term corporate credit rating is stable.

S&P said, "Also, we raised our Kazakhstan national scale long-
term rating on Samruk-Energy to 'kzBBB' from 'kzBBB-'.

"At the same time, we removed the long-term global and national
scale ratings from CreditWatch, where we had placed them with
negative implications on April 10, 2017.

"The affirmation reflects our view of Samruk-Energy's improved
liquidity, which in our view will likely be sufficient to meet
the group's upcoming maturity of $500 million Eurobonds in
December 2017.

"We understand Samruk-Energy has recently committed additional
lines from local banks and that its committed liquidity sources
are broadly equivalent to its full annual liquidity needs for
2017, including the Eurobond. This has led us to revise upward
our assessment of the group's stand-alone credit profile (SACP)
to 'b-' from 'ccc+'."

The refinancing plan reflects management's efforts and does not
at this stage include any direct support from the government or
Samruk-Energy's shareholder, holding company Samruk-Kazyna.
Although S&P believes Samruk-Energy's status as a government-
related entity (GRE) may support its relationships with banks,
the group has not received any cash infusions from the government
to support redemption of the Eurobond.

S&P understands the committed funding should be enough to cover
the upcoming Eurobond maturity. It includes the following
external lines, totaling about $400 million:

-- EUR100 million from the European Bank for Reconstruction and
    Development (EBRD) committed in December 2016;

-- Kazakhstan tenge (KZT)12 billion (about $35 million) from
    Sberbank committed in December 2016; and

-- KZT82.5 billion of medium- to long-term funding committed
    from different sources, principally on the local market.

S&P said, "We also understand that the group has about KZT49
billion in cash and deposits, and we expect its generation of
funds from operations (FFO) will broadly match capital
expenditure (capex) requirements.

"However, the amount of the refinancing is considerably large and
Samruk-Energy relies predominantly on external funding sources in
the local market. In our view, the banking system in Kazakhstan
is more vulnerable than systems in Europe. The country has also
experienced swings in foreign-exchange rates, so any negative
developments could limit funding available to the group and put
pressure on its liquidity. We include this risk in our SACP
assessment.

"Under the group's now updated refinancing plan, it no longer
relies on the proceeds from disposals of four noncore
subsidiaries for an estimated amount of about $120 million.
Previously, we had expected that auctions of some of these
subsidiaries were close to finalization. However, in our opinion,
the process appears increasingly complex and new timelines are
difficult to estimate. We understand that if these assets are
privatized, Samruk-Energy will likely borrow less on the market
or partially repay existing debt.

"We have observed the gradual decline in the Kazakhstani
government's willingness to provide resources for timely debt
service to GREs, if needed. Also, in our view, the administrative
procedures for receiving extraordinary support could be complex
and time consuming. We note that Samruk-Energy's link to the
government is indirect, via the holding company Samruk-Kazyna,
which itself has relatively high debt and an SACP that we assess
in the 'b' category."

S&P now believes there is a moderately high likelihood that
Samruk-Energy would receive timely and sufficient extraordinary
support from the Kazakh government, likely via Samruk-Kazyna.
This reflects our assessment of Samruk-Energy's:

-- Important role for the government, given its strategic
     position as a leading provider of electricity in Kazakhstan;
     and

-- Strong link with the government, which fully owns Samruk-
     Energy through Samruk-Kazyna. We expect that the government
     will maintain majority ownership of Samruk-Energy for at
     least the next two years, despite the potential privatization
     of a minority stake in the company.

S&P said, "We will monitor Samruk-Energy's fulfilment of its
refinancing plan, as well as any developments with regards to
government support in coming months.

"In our base case for 2017, we expect the group will maintain
profitability, with an EBITDA margin of 35%-40%, and improve its
performance, with debt to EBITDA at 4.5x-5.0x, thanks to higher
tariffs (already approved by the regulator), growing electricity
demand, and increased export sales to Russia."

In addition, Samruk-Energy has already reduced its large capex
program to about KZT45 billion from the historical level of KZT80
billion-KZT100 billion.

S&P said, "We continue to see significant exposure to foreign
currency risk, since about 60% of consolidated debt was
denominated in foreign currencies (primarily U.S. dollars) as of
Jan. 1, 2017.

"The stable outlook reflects our expectation of Samruk-Energy's
prudent liquidity risk management and its ability to cover the
$500 million Eurobond maturing in December 2017 with available
committed bank lines. It also incorporates our expectation of
gradually improving operating performance, with debt to EBITDA of
4.5x-5.0x, and our view of a moderately high likelihood of timely
and sufficient extraordinary government support to the group if
needed.

"We regard ratings upside as limited before Samruk-Energy
refinances its Eurobond due in December 2017."

S&P might consider an upgrade if Samruk-Energy's SACP
strengthened to at least 'b+', which could stem from:

-- A sustainable improvement in credit metrics to our
    significant financial risk category, including debt to EBITDA
    of below 4x and FFO to debt above 20% as a result, for
    example, of successful disposals of noncore subsidiaries,
    with proceeds used to repay existing debt; or

-- An improved capital structure after the Eurobond refinancing,
     with the share of foreign currency debt in the group's
     portfolio at less than 15% and a favorable debt maturity
     profile.

Upside potential would also require healthy liquidity management
and prudent financial policy.

S&P said, "We would take a negative rating action if we see
pressure on Samruk-Energy's liquidity owing to the refinancing of
its Eurobonds and/or if the group doesn't receive timely and
sufficient financial support from the state, if needed, which
would reflect a weakening link to the government.

"Downward rating pressure also might arise if the group adopts
more aggressive financial policies that aren't commensurate with
our current expectations, for example, if increased investments
or disposal of EBITDA-generating assets weakened Samruk-Energy's
financial position, with deterioration of credit measures and
liquidity, or poor covenant compliance in the absence of a bank
waiver."


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


CLEAR CHANNEL: Moody's Cuts Rating on Senior Note Due 2020 to B3
----------------------------------------------------------------
Moody's Investors Service downgraded the rating of Clear Channel
International B.V.'s (CCIBV) senior note due 2020 to B3 from B2
following the proposed upsize of the note. Clear Channel
Worldwide Holdings, Inc.'s (CCW) B3 corporate family rating
(CFR), B2 senior note, and Caa1 senior subordinate note were
affirmed at current levels. The outlook remains negative.

The downgrade of the CCIBV note to B3 is due to the upsize of the
note by $125 million to $350 million and the corresponding
increase in leverage at both the guarantor group and issuer
level. The guarantor subsidiaries account for only 43% of the
issuer's revenue as of LTM Q2 2017 and the proposed upsize
increases pro-forma guarantor leverage to 7.3x from 4.7x as of Q2
2017. The pro-forma issuer leverage (including the add on note
and excluding prior asset sales) including non-guarantor
subsidiaries increases more modestly to 3.8x from 2.4x as of Q2
2017. EBITDA margins at CCIBV issuer are also low at 9% as of Q2
2017 compared to 23% for Clear Channel Outdoor Holdings, Inc.
which includes both the International and Americas divisions.
Leverage at CCOH has continued to increase to 9x (pro-forma for
the transaction and prior asset sales) from 8.8x as of Q2 2017
and is up from 7.6x when Moody's downgraded the CFR to B3 in
December 2015 following the issuance of the $225 million CCIBV
note. Asset sales in Q1 and Q4 2016 have contributed materially
to higher leverage and the company has upstreamed its free cash
flow through its corporate service agreement to help service the
overleveraged balance sheet of its parent company,
iHeartCommunications, Inc. (iHeart).

Summary of Actions:

Issuer: Clear Channel Worldwide Holdings, Inc.

Corporate Family Rating affirmed at B3

Probability of Default Rating affirmed at B2-PD

Speculative Grade Liquidity Rating affirmed as SGL-3

$735.75 million Series A Gtd Senior notes due 2022 affirmed at B2
(LGD3)

$1,989.25 million Series B Gtd Senior notes due 2022 affirmed at
B2 (LGD3)

$275 million Series A Gtd Senior Subordinated notes due 2020
affirmed at Caa1 (LGD6)

$1,925 million Series B Gtd Senior Subordinated notes due 2020
affirmed at Caa1 (LGD6)

Outlook remains Negative

Issuer: Clear Channel International B.V.

$350 million Gtd Senior notes due 2020 downgraded to B3 (LGD4)
from B2 (LGD3)

Outlook remains Negative

RATINGS RATIONALE

CCW's B3 CFR primarily reflects CCOH's very high leverage of 9x
as of Q2 2017 (pro-forma for the $125 million debt increase,
prior asset sales, but excluding Moody's standard lease
adjustment) as well as the upstream or dividend to equity holders
of free cash flow to service iHeart's significant debt levels.
Given iHeart's reliance on CCOH's cash flow to service a material
portion of its debt, CCOH's credit ratings are constrained by the
weak credit conditions at the parent company. The dependence by
iHeart is partially offset by the absence of guarantees between
CCOH and iHeart, effectively relieving CCOH of recourse against
its assets by lenders to the parent company and allows for an up-
notching of CCW's CFR rating by two notches to B3 from iHeart's
Caa2. Additional actions to support iHeart's capital structure
could result in further increases in leverage over time. The
company's debt is also denominated in US dollars and is not
hedged while a significant part of its operations are denominated
in foreign currencies. The strength of the US$ compared to
several international currencies has negatively impacted its
reported results over the past few years, but is less likely to
negatively impact reported performance and may modestly benefit
results at current foreign exchange rate levels. The company
benefits from the high margin Americas division and from its
diverse international operations which cause CCOH to be one of
the largest outdoor advertising companies in the world. The
conversion of traditional billboards to digital is expected to
lead to higher revenue and EBITDA margins over time. Compared to
other traditional media outlets, outdoor advertising is not
likely to suffer from disintermediation and benefits from
restrictions on the supply of additional billboards (particularly
in the US) which helps support advertising rates and high asset
valuations.

CCOH's liquidity profile is expected to be adequate as indicated
by its Speculative Grade Liquidity Rating of SGL-3. The cash
balance was $163 million as of Q2 2017 and the company has a $75
million revolving facility due 2018 ($70 million of letters of
credit issued, which reduces its availability). The company sold
its Australian joint venture stake in October 2016 for cash
proceeds of $196 million and paid a special cash dividend to
shareholders of $282 million in Q1 2017. Interest coverage
(excluding Moody's standard adjustments and net of interest
received from iHeart on its revolving promissory note) is
approximately 1.8x as of Q2 2017.

Moody's anticipates that the company will generate free cash flow
after funding debt service and capital expenditures; however,
CCOH will likely continue to pay out dividends to equity holders
or lend excess cash flow to iHeart through the revolving
promissory note. The amount due CCOH from iHeart was $929 million
as of Q2 2017 which is payable on demand and matures in December
2017 (although the maturity date can be extended). Moody's
expects the amount due to generally remain below $1.15 billion
(given current ownership and shares outstanding) as balances at
approximately that level would likely lead to a demand for a
paydown and a subsequent dividend to all shareholders (iHeart
would receive approximately 90% given their ownership position).
The company benefits from the absence of any material debt
maturities until 2020.

The negative outlook reflects the higher leverage levels that
have occurred over the past several years due to asset sales and
debt issuance as well as CCOH's cash flows to help service
iHeart's capital structure and Moody's expectations that it will
continue until iHeart has a sustainable debt structure. While
Moody's expects low single digit organic revenue growth over the
next twelve months, Moody's expects costs to continue to increase
due in part to license fees to iHeart for the use of Clear
Channel registered trademarks and domain names ($17.2 million in
the first half of 2017).

CCW's corporate family rating is not likely to experience upward
rating pressure due to negative outlook and the very high
leverage at the company and iHeart. The dividend or sweep of
CCOH's residual free cash flow to service the parent's debt and
the potential for additional transactions will also limit credit
improvement. However, a reduction of iHeart's leverage to a more
sustainable level would reduce the likelihood of additional asset
sales or debt at CCOH. If that would occur and leverage declined
to the 8x range, the outlook could be changed to stable.

The rating would be downgraded if it increasingly appeared likely
that iHeart might default on its debt structure due to economic
weakness, poor operating performance, debt maturities, or secular
pressure. A deterioration of liquidity and interest coverage at
CCOH that increased the possibility of default at CCOH would also
lead to a downgrade as could additional debt, asset sales or
economic weakness that increased leverage above current levels.

Clear Channel Worldwide Holdings, Inc. (CCW) is an intermediate
holding company which houses the assets of the international
outdoor advertising operating segment of Clear Channel Outdoor
Holdings, Inc. ("CCOH"). Headquartered in San Antonio, Texas,
CCOH is a leading global outdoor advertising company that
generates LTM revenues of approximately $2.6 billion as of Q2
2017. iHeartCommunications, Inc. (iHeart) owns about 90% of CCOH
and controls 99% of the voting power.

The principal methodology used in these ratings was Media
Industry published in June 2017.


MAGYAR TELECOM: Moody's Withdraws Caa1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Magyar
Telecom B.V., including the company's Caa1 corporate family
rating (CFR) and Caa1-PD probability of default rating (PDR). At
the time of the withdrawal the outlook was negative.

RATINGS RATIONALE

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

In March 2017, Magyar Telecom B.V. sold its holdings in the
Invitel Group to the China CEE Investment Co-operation Fund
(unrated), valuing the Invitel Group at an enterprise value of
EUR202 million. Immediately following the sale, Magyar Telecom
B.V. redeemed in full its outstanding Senior Secured Notes due
2018. The Invitel Group is the third largest fixed-line
telecommunications operator in Hungary. The Invitel Group
provides voice, data and internet access services inside and
outside its own 14 concession areas to residential and business
customers. The Invitel Group also provides capacity to other
telecoms operators on a wholesale basis. As of September 2016,
Magyar Telecom B.V. reported last twelve months operating revenue
of EUR141 million and EBITDA (adjusted for non-recurring items)
of EUR47 million.


NORTH WESTERLY CLO III: S&P Cuts Class D Notes Rating to BB-(sf)
----------------------------------------------------------------
S&P Global Ratings lowered to 'BB- (sf)' from 'BB+ (sf)' its
credit rating on North Westerly CLO III B.V.'s class D notes. S&P
said, "At the same time, we have affirmed our ratings on the
class C, E, and class Q combo notes.

"Today's rating actions follow our analysis of the transaction's
performance and the application of our relevant criteria (see
"Related Criteria").

"Since our previous review of the transaction, the total
collateral (assets and principal cash) held by North Westerly CLO
III decreased by EUR36.84 million (see "Ratings Raised In Cash
Flow CLO Transaction North Westerly CLO III Following Review;
Class D And Q Combo Notes Affirmed," published on Aug, 26, 2016).
Of this amount, EUR34.44 million was used to redeem the rated
notes in sequential order, and approximately EUR2.45 million was
lost in June 2016 due to a debt-for-equity swap of Desmet
Ballestra--a global supplier of plant and equipment for the oil,
detergents, oleochemical, and biodiesel industries. In line with
our corporate collateralized loan obligation (CLO) criteria, we
did not give any credit to the equity received by North Westerly
CLO III as a result of the restructuring (see "Global
Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs," published on Aug. 8, 2016)."

Despite the loss of approximately EUR2.45 million of collateral,
the par coverage of all the rated notes has increased, following
their sequential amortization.

  Class   Current   Amount as at   Current par     Par coverage
           amount       previous      coverage   as at previous
       (mil. EUR)         review           (%)       review (%)
                      (mil. EUR)
  B           N/A          30.45           N/A            73.55
  C         13.01          17.00         73.11            48.22
  D         15.50          15.50         35.30            25.13
  E          7.90           7.90         16.01            13.36
  Sub.      40.80          40.80          0.00             0.00

Par coverage -- [(assets + principal cash) -- senior and pari
passu liabilities] / assets.
N/A--Not applicable.
Sub.--Subordinated.

The principal balance of the class Q combo notes decreased to
EUR2.79 million from EUR2.89 million, since our previous review,
due to the interest distributions from its EUR3.50 million class
D notes component and EUR3.50 million class E notes component.

However, since S&P's previous review, the following factors have
had a negative effect on the credit quality of the notes:

-- The portfolio became more concentrated with only 10 obligors,
    down from 15.

-- Due to the amortization of the portfolio, assets rated in the
    'CCC' category ('CCC+', 'CCC', and CCC-') now represent 24%
    of the total collateral, up from 12%.

-- The weighted-average spread generated by the portfolio
    decreased to 4.31% from 4.38%.

-- S&P's expected weighted-average recoveries on the portfolio
    have decreased as assets with higher recovery assumptions
    amortized.

The manager accepted the new facility from Global Blue due
December 2022, in redemption of the borrower's existing term
loans B and C, and new debt from Nomad Foods due 2024 refinancing
its facility due 2020. As a result, 18% of the portfolio now
matures after the legal maturity of the rated notes. S&P said,
"We have therefore assumed market value risk on these loans.
Following these developments and after the application of our
credit and cash flow analysis, in line with our corporate cash
flow criteria, we believe that the available credit enhancement
to the class C, E, and class Q combo notes is still commensurate
with the currently assigned ratings. We have therefore affirmed
our ratings on these classes of notes.

"Our analysis showed that the increase in the par coverage for
the class D notes was not sufficient to offset the negative
factors cited above. Following the application of our criteria,
we have lowered to 'BB- (sf)' from 'BB+ (sf)' our rating on the
class D notes."

North Westerly CLO III is a cash flow CLO transaction managed by
NIBC Bank N.V. A portfolio of loans to European speculative-grade
corporates backs the transaction. North Westerly CLO III closed
in August 2006 and its reinvestment period ended in October 2012.

RATINGS LIST

  North Westerly CLO III B.V.
  EUR432.8 Million Secured Floating-Rate Notes

  Class             Rating
              To              From

  Rating Lowered

  D           BB- (sf)        BB+ (sf)

  Ratings Affirmed

  C           A+ (sf)
  E           B- (sf)
  Q combo     BB+ (sf)


WOOD STREET CLO IV: S&P Lowers Class E Notes Rating to BB- (sf)
---------------------------------------------------------------
S&P Global Ratings took various credit rating actions in Wood
Street CLO IV B.V.

Specifically, it has:

-- Affirmed its 'AAA (sf)' rating on the class B notes;

-- Raised to 'AAA (sf)' from 'AA+ (sf)' its rating on the class
    C notes; and

-- Lowered to 'A- (sf)' from 'A (sf)' its rating on the class D
     notes and to 'BB- (sf)' from 'BB+ (sf)' its rating on the
     class E notes.

S&P said, "Today's rating actions follow our review of the
transaction's performance. We performed a credit and cash flow
analysis using data from the latest trustee report available to
us.

"Wood Street IV is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans granted to primarily
European speculative-grade corporate firms and is managed by
Alcentra Ltd. Since our previous review on Aug. 1, 2016, the
transaction has continued to deleverage (see "Four Ratings Raised
In Cash Flow CLO Transaction Wood Street CLO IV Following
Performance Review"). Both the class A-1 and A-2 notes have been
fully repaid and the class B notes have amortized by more than
EUR35 million. As a result of this deleveraging, our analysis
shows an increase in available credit enhancement for the class B
and C notes. This is the main factor supporting our affirmation
of our 'AAA (sf)' rating on the class B notes and our raising to
'AAA (sf)' our rating on the class C notes.

"That said, asset amortization and defaults in the portfolio have
caused the portfolio's aggregate collateral balance to decrease
further. As a result, the portfolio has become more concentrated
than it was at our previous review and losses in the transaction
have increased.

"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rates for each rated class of
notes at each rating level. In our analysis, we used the reported
portfolio balance that we considered to be performing; the
current weighted-average spread as stated in the trustee report;
and the weighted-average recovery rates, calculated in line with
our corporate collateralized debt obligation (CDO) criteria (see
"Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs," published on Aug. 8, 2016). We applied various
cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate and
currency stress scenarios.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B notes is commensurate with its
currently assigned rating, and we have therefore affirmed our
'AAA (sf)' rating on the class B notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class C notes is commensurate with a
higher rating than that previously assigned, and so we have
raised to 'AAA (sf)' from 'AA+ (sf)' our rating on the class C
notes.

"For the class D and E notes, our credit and cash flow analysis
indicates that the notes may achieve higher ratings, but applying
our largest obligor default test constrains our ratings on these
notes. In our view, the increase in the pool concentration and
losses in the overall portfolio have affected the results of the
largest obligor default test. As a result, we have lowered to 'A-
(sf)' from 'A (sf)' our rating on the class D notes and to 'BB-
(sf)' from 'BB+ (sf)' our rating on the class E notes."

RATINGS LIST

  Wood Street CLO IV B.V.
  EUR557 Million Senior Secured And Deferrable Floating-Rate
Notes

  Class         Rating
          To              From

  Rating Affirmed

  B       AAA (sf)

  Rating Raised
  C       AAA (sf)        AA+ (sf)

  Ratings Lowered

  D       A- (sf)         A (sf)
  E       BB- (sf)        BB+ (sf)


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


NORSKE SKOG: Deadline to Reach Agreement with Lenders Extended
--------------------------------------------------------------
Norske Skogindustrier ASA has received a well-developed
recapitalization proposal from a substantial number of the
secured holders of the SSN (EUR290 million, 2019) bond and the
NSF (EUR100 million, 2020) loan, as detailed in the July 28,
2017, stock exchange release.  Certain unsecured bondholders have
further provided an alternative proposal.  To further secure the
financial situation of the operating business, Norske Skog is in
the process of receiving a commitment letter for a EUR16 million
liquidity facility from a substantial number of the holders of
the SSN and NSF.

"We are very pleased that key stakeholders are willing to support
the business operations of Norske Skog through liquidity
facilities like the offered loans.  Our paper mills are highly
competitive business units with a prosperous future irrespective
of the final solution to the group's capital structure.  We have
now secured the operating business by both relief on interest
payments and this new financing, and there should be no reason to
question the stability of our operating business through the
refinancing," said Lars P.S. Sperre, President and CEO of Norske
Skog.

To facilitate ongoing discussions with stakeholders and
finalization of revised transaction documentation, the deadlines
for the existing exchange offers and consent solicitations and
the forbearance provided pursuant to the existing short-term
standstill agreements with certain creditors, have been extended
to August 18, 2017.  Both the exchange offers and consent
solicitations and the short-term standstill agreements were due
to expire on August 11, 2017.  The short-term standstill
agreements, entered into with certain holders of the SSN and the
NSF, provide forbearance in respect of the non-payment of
interest payments due in relation to the SSN and NSF, in order to
preserve liquidity for the groups' operating business.  The
forbearance provided pursuant to these short-term standstill
agreements has now been extended to August 18, 2017, by which
time it is expected that longer term standstill agreements will
be entered into.

A strong interest in supporting the group's operating business
has also been expressed by both senior secured creditors and
unsecured creditors, with certain members of both groups offering
liquidity financing of around EUR16 million to Norske Skog AS.
Following discussions and considerations of key terms presented
for such financing the group is in the process of receiving a
commitment letter from certain of its senior secured creditors.

Norske Skog will continue to facilitate concluding stakeholder
discussions for the launch of a revised transaction proposal this
week.

"After months of bondholder discussions, it is envisaged that
this week we will be able to launch a revised transaction
proposal which achieves the main goals set for the
recapitalization process, with support from substantial numbers
of senior creditors, for due consideration by the other
stakeholders of the group.  Crucially, the operating businesses
of Norske Skog should be well protected through the final stages
of the recapitalization process by the provision of fresh
liquidity," said Mr. Lars P.S. Sperre, President and CEO of
Norske Skog.

As announced on August 3, 2017, Norske Skog will hold an
extraordinary shareholder meeting on August 24, 2017, at 13:00
CET, in order to provide the shareholders with, amongst other
things, an update on the financial situation of the group.

                      About Norske Skog

Norske Skogindustrier ASA or Norske Skog, which translates as
Norwegian Forest Industries, is a Norwegian pulp and paper
company based in Oslo, Norway and established in 1962.

                           *   *   *

As reported by the Troubled Company Reporter-Europe on
August 7, 2017, S&P Global Ratings lowered to 'D' (default) from
'C' its issue rating on the unsecured notes due in 2026 issued by
Norwegian paper producer Norske Skogindustrier ASA (Norske Skog).
S&P said, "At the same time, we removed the rating from
CreditWatch with negative implications, where we placed it on
June 6, 2017.  "We also affirmed the long- and short-term
corporate credit ratings on Norske Skog at 'SD' (selective
default) and affirmed our 'D' issue rating on the senior secured
notes maturing in 2019."  The 'C' ratings on the remaining
unsecured debt remain on CreditWatch negative. The recovery
rating on these notes is unchanged at '6', reflecting our
expectation of negligible (0%-10%) recovery in the event of a
conventional default.  The downgrade follows the nonpayment of
the cash coupon due on Norske Skog's 2026 unsecured notes before
the contractual grace period expired on July 30, 2017.

The TCR-Europe reported that on July 24, 2017, Moody's Investors
Service downgraded the probability of default rating (PDR) of
Norske Skogindustrier ASA (Norske Skog) to Ca-PD/LD from Caa3-PD.
Concurrently, Moody's has affirmed Norske Skog's corporate family
rating (CFR) of Caa3.  In addition, Moody's also affirmed the C
rating of Norske Skog's global notes due 2026 and 2033 and its
perpetual notes due 2115, the Caa2 rating of the senior secured
notes issued by Norske Skog AS and downgraded the rating of the
global notes due 2021 and 2023 issued by Norske Skog Holdings AS
to Ca from Caa3.  The outlook on the ratings remains stable.  The
downgrade of the PDR to Ca-PD/LD from Caa3-PD reflects the fact
that Norske Skog did not pay the interest payment on its senior
secured notes issued by Norske Skog AS, even after the 30 day
grace period had elapsed on July 15.  This constitutes an event
of default based on Moody's definition, in spite of the existence
of a standstill agreement with the debt holders securing that an
enforcement will not be made under the secured notes due to non-
payment of interest.  In addition, the likelihood of further
events of defaults in the next 12-18 months remains fairly high,
as the company is also amidst discussions around an exchange
offer that would most likely involve equitisation of debt, which
the rating agency would most likely view as a distressed
exchange.


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


ARTLANT: Declared Insolvent, Owes EUR628MM to Creditors
-------------------------------------------------------
Richard Higgs at PNE reports that Artlant, an ailing European PTA
producer originally set up by the failed Spanish PET packaging
group La Seda de Barcelona, has been declared insolvent with
debts reportedly totaling almost EUR628 million.

The Portuguese company was ordered into insolvency last month by
a Lisbon regional court, PNE recounts.

Two years ago, after LSB went into liquidation in January 2014,
Artlant was the subject of a Special Revitalisation Process
(PER), approved by its creditors, PNE relates.  This mechanism
aims to facilitate negotiation between indebted companies in
financial difficulty and their creditors to avoid the firms
entering insolvency, PNE notes.

However, the latest court ruling follows an insolvency petition
filed against Artlant by the Portuguese plant construction
company Sociedade de Montajes Metalomecanicas, PNE states.  SMM
led the consortium that built the firm's 700,000tpa capacity PTA
plant at Sines, Portugal and is claiming nearly EUR230,000 from
Artlant, PNE discloses.

According to PNE, a published provisional list of Artlant
creditors includes government agencies and identifies the state
banking corporation Caixa Geral de Depositos (CGD) as the leading
creditor with a claim of over EUR520 million.

Other creditors listed include Portugal's government investment
and foreign trade agency AICEP; Portuguese water utility company
Aguas de Santo Andre and Mediterranean Shipping Company Logistics
in Sines, PNE says.  A deadline of 30 days has been reportedly
set for processing of the credit claims, PNE relays.


=============
R O M A N I A
=============


BRD GROUPE: Moody's Hikes Baseline Credit Assessment to ba3
------------------------------------------------------------
Moody's Investors Service has upgraded BRD - Groupe Societe
Generale's (BRD) long-term and short-term local-currency deposit
ratings to Baa2/Prime-2 from Baa3/Prime-3. The bank's Baa3/Prime-
3 long-term and short-term foreign-currency deposit ratings,
constrained by the respective country ceiling for Romania, were
affirmed. The outlook on BRD's local-currency deposit rating
remains positive, whilst on the foreign-currency deposit rating
it is changed to stable from positive. Concurrently, the rating
agency has upgraded the bank's baseline credit assessment (BCA)
to ba3 from b1, its adjusted BCA to ba1 from ba2. The bank's
long-term and short-term Baa2(cr)/Prime-2(cr) Counterparty Risk
Assessment (CRA) were affirmed.

RATINGS RATIONALE

UPGRADE OF THE LONG-TERM LOCAL CURRENCY DEPOSIT RATING

According to Moody's, the upgrade of BRD's local-currency deposit
ratings with a positive outlook was driven by: (1) the upgrade of
the bank's BCA to ba3 from b1; (2) the rating agency's unchanged
high affiliate support assumption from its parent, France's
Societe Generale (SG; LT bank deposits A2 stable; BCA baa2),
resulting in a two-notch rating uplift and a higher adjusted BCA
of ba1 from ba2 previously; and (3) maintaining two notches of
rating uplift from Moody's Advanced Loss Given Failure (LGF)
analysis.

The upgrade of BRD's BCA reflects ongoing improvements in the
bank's asset quality, profitability and capital adequacy. The
bank's non-performing loans (NPL) ratio has declined to 10.1% as
of June 2017 from 17.1% in December 2015 owing to the sale and
write-off of problem loans, restructuring procedures and
increased recoveries as economic conditions improve. Risks
stemming from the still large stock of NPLs are mitigated by a
high level of coverage, with loan loss reserves standing at 92.7%
of the gross loans as of June 2017. BRD's net income almost
doubled in H1 2017 from the same period of 2016, which translated
into a return on assets (RoA) of 2.84% (1.54% in H1 2016). This
improvement was mainly due to a sizable reversal of loan loss
reserves that equaled 42% of the bank's total pre-provision
income, as well as a significant reduction in funding costs.

Improved profitability and reduced risk exposures driven by
balance sheet deleveraging in the past several years have led to
higher capital ratios with the reported Tier 1 ratio of 20.35% as
of December 2016, up from 19.1% as of December 2015. The
aforementioned deleveraging has resulted in a more balanced
funding structure of the bank as the gross loan-to-deposit ratio
gradually declined to 79% as of December 2016 from more than 100%
several years ago.

Despite the considerable strengthening of BRD's risk profile, the
rating agency has taken into account the temporary nature of some
of these improvements. Moody's expects that following the strong
rise in profitability BRD's earnings will moderate at lower,
albeit good levels when credit costs normalise at higher levels
as the bank's recently extended loans season. In addition, the
bank's growing loan book and sizable dividend pay-outs will
likely lead to lower capital ratios over the next few years.
Consequently, the one-notch upgrade of BRD's BCA reflects the
balance between the recent improvements and the rating agency's
forward looking view on the bank's credit profile.

RATIONALE FOR DIVERGING OUTLOOKS ON THE LONG-TERM DEPOSIT RATINGS

The positive outlook on BRD's long-term local-currency deposit
rating reflects Moody's expectation of further improvements in
the bank's credit profile over the next 12-18 months owing to
continued reduction in problem loans and maintaining good level
of capitalisation. The bank's long-term foreign-currency deposit
rating is constrained at the level of the foreign-currency
deposit ceiling for Romania and will not be affected if the
local-currency deposit rating is upgraded.

RATIONALE FOR THE AFFIRMATION OF THE CRA

Moody's has also affirmed BRD's long- and short-term CRAs of
Baa2(cr)/Prime-2(cr), two notches above the adjusted BCA of ba1
(from three notches above the previous adjusted BCA of ba2). CRAs
are typically capped at the level of government debt rating plus
one additional notch unless the bank's adjusted BCA is higher
than the government debt rating.

Consequently, BRD's long-term CRA of Baa2(cr) is capped at that
level, one notch higher than the Romanian government's (Baa3
stable) debt rating.

  -- WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of BRD's local-currency deposit ratings could be
prompted by (a) an upgrade of its BCA, or (b) higher affiliate
support uplift owing to either an upgrade of SocGen's BCA or
higher parental support assumptions, or (c) an increase in uplift
resulting from Moody's LGF analysis. The bank's Baa3 foreign-
currency deposit rating is constrained by the respective country
ceiling for Romania and will be upgraded if the ceiling is
raised. BRD's BCA could be upgraded in the event of a further
material improvement in asset quality while preserving its good
capitalisation and profitability.

A downgrade of BRD's local-currency deposit ratings could be
triggered by a downgrade of its BCA and/or a reduction in rating
uplift as a result of Moody's LGF analysis. The bank's Baa3
foreign-currency deposit rating will not be affected by a one-
notch downgrade of the local currency deposit rating, because it
is rated one notch lower due to the sovereign ceiling constraint.
BRD's BCA could be downgraded in case of a material erosion of
the bank's capital from high loan loss provisions and/or
declining revenues.

LIST OF AFFECTED CREDIT RATINGS

Issuer: BRD - Groupe Societe Generale

Upgrades:

-- LT Bank Deposits (Local Currency), Upgraded to Baa2 from
    Baa3, Outlook Remains Positive

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

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

-- Baseline Credit Assessment, Upgraded to ba3 from b1

Affirmations:

-- LT Bank Deposits (Foreign Currency), Affirmed Baa3, Outlook
    Changed to Stable from Positive

-- ST Bank Deposits (Foreign Currency), Affirmed P-3

-- LT Counterparty Risk Assessment, Affirmed Baa2(cr)

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

Outlook Actions:

-- Outlook, Changed To Stable(m) From Positive

PRINCIPAL METHODOLOGY

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


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


GENBANK JSC: Bank of Russia to Invite Sobinbank as Investor
-----------------------------------------------------------
The Bank of Russia decided to apply measures to enhance financial
stability of the Simferopol-based JSC GENBANK (hereinafter
referred to as the Bank), given that the Bank is important for
the Republic of Crimea and the city of Sevastopol, according to
the press service of the Central Bank of Russia.

In order to sustain the Bank's activity and enhance its financial
stability, the Bank of Russia and the state corporation Deposit
Insurance Agency will invite JSC Sobinbank, a member of BANK
ROSSIYA group, to act as an investor in compliance with Article
189.49 of Federal Law No. 127-FZ, dated 26 October 2002, "On
Insolvency (Bankruptcy)".

By its Order No. OD-2251, dated August 10, 2017, and in
compliance with Articles 189.25, 189.26 and 189.31 of Federal Law
No. 127-FZ, dated 26 October 2002, "On Insolvency (Bankruptcy)",
the Bank of Russia appointed a provisional administration to
manage JSC GENBANK for the period until the Bank is transferred
to the investor in order to insure its uninterrupted operations.
The Bank will continue its operations in a regular mode.

The measures to enhance financial stability will allow the Bank
to expand lending programmes which are of priority importance for
the Crimean economy and population and the scope of its banking
services.

JSC GENABK was founded on September 13, 1993.  The Bank's
infrastructure includes more than 100 structural divisions
operating in almost every town of the peninsula.


RESO-LEASING: S&P Upgrades Counterparty Credit Rating to 'BB'
-------------------------------------------------------------
S&P Global Ratings said that it has raised its long-term
counterparty credit rating on Russia-based RESO-Leasing to 'BB'
from 'BB-'. The outlook is stable.

S&P said, "At the same time, we affirmed our 'B' short-term
counterparty credit rating on the company.

"The upgrade follows that on RESO-Leasing's parent--RESO-
GARANTIA--on July 24, 2017. We continue to view RESO-Leasing as a
strategically important subsidiary of RESO-GARANTIA and therefore
add three notches of uplift to our 'b' assessment of RESO-
Leasing's stand-alone credit profile (SACP), capping the long-
term rating one notch below the group credit profile of 'bb+'.

"We think that, despite RESO-Leasing's relatively small size in
absolute terms, of Russian ruble (RUB) 16 billion (about $285
million) based on total assets on March 31, 2017, and the
challenging operating environment, the company has managed to
maintain its position among the top five car leasing companies in
Russia with a market share of 9.7%."

The company continues to display a prudent approach to
provisioning, with credit costs below 1.5% over the last five
years and stable profits (the five-year average return on equity
exceeded 16%). RESO-Leasing's good earnings generation capacity
is fueled by higher margins than peers' and a high proportion of
relatively stable interest income in the revenue mix.

RESO-Leasing's portfolio consists mainly of financing of
passenger cars and light commercial vehicles (78%), which we view
as relatively liquid assets compared with heavy trucks and
special equipment. The company's business stability also benefits
from its good sales network across the country, as well as
established ties with major car dealers. S&P said, "We see RESO-
Leasing's lease portfolio as relatively well diversified among
single clients, due to its focus on small contracts, with the 20
largest clients accounting for only 3.7% of net investments in
leases as of March 31, 2017, which makes the company less
sensitive to customer outflow.

"We anticipate RESO-Leasing will maintain its position, expanding
by around 10% in line with the market average. Overall, we expect
that in 2017-2018 Russia's leasing market will continue to
recover, which will likely be favorable for business expansion,
while fostering competition among leasing companies.

"We view RESO-Leasing's capital, leverage, and earnings as
strong, due to sound operating results and no dividend
distributions over the past few years, which supported its
capitalization. Although we understand the company might pay
dividends of up to 50% of its annual net income in 2017-2018, we
expect that its capitalization will remain strong, with our risk-
adjusted capital (RAC) ratio above 10% during that period. We
also anticipate that capitalization will be supported by stable
growth of the lease portfolio and strong profitability through to
year-end 2018. We forecast the net interest margin at about 15%
and return on equity at 17%-19%."

The stable outlook on RESO-Leasing mirrors that on its parent,
RESO-GARANTIA. The outlook also reflects the company's solid
capital position and earnings generation capacity as well as its
sustained asset quality and continued ongoing support from its
parent.

S&P said, "We could revise the outlook on RESO-Leasing to
negative within the next 12 months if there were a similar rating
action on the parent. Additionally, we could take a negative
rating action on RESO-Leasing if we believed the company's
importance to its parent had weakened, as shown for instance by a
partial disposal of the company or reduced commitment from the
parent company. "

A significant deterioration of RESO-Leasing's asset-quality
indicators or of its capital and earnings position, with our
forecast RAC ratio falling below 10%, could also trigger a
negative action.

A positive rating action is unlikely in the next 12-18 months,
and will largely depend on an improvement in RESO-Leasing's SACP
combined with an upgrade of RESO-GARANTIA.


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


DEOLEO SA: S&P Lowers Long-Term CCR to 'CCC+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Spanish olive oil bottler Deoleo, S.A. to 'CCC+' from 'B-'.
The outlook is stable.

S&P said, "At the same time, we lowered our issue rating on the
group's first-lien senior secured loan and revolving credit
facility (RCF) maturing in 2021 to 'CCC+' from 'B-'. The recovery
rating remains unchanged at '4', indicating our expectation of
30%-50% (rounded estimate: 35%) recovery in the event of a
payment default. We also lowered our issue rating on the group's
second-lien senior secured loan maturing in 2021 to 'CCC-' from
'CCC'. The recovery rating is '6', indicating our expectation of
0-10% (rounded estimate: 0%) recovery.

"The negative rating action reflects our view that Deoleo's
profitability and cash flow generation over the next 12 months
are likely to be lower than our previous base-case projections if
raw material prices continue to rise. We assume that global olive
oil prices will remain volatile in the short term, based on
divergent volume and yield trends in major producing countries,
including expectations of a weaker crop in Spain in 2017."

Having soared to record highs in 2015, olive oil prices decreased
gradually in 2016 after global production levels settled in line
with historical averages. However, prices started to climb again
nine months ago, mainly driven by the expected markedly-lower-
than-average total production in Europe for 2016-2017, alongside
ongoing increase in demand from mature countries and still-
growing consumption in emerging markets. Like other market
participants, Deoleo has passed on raw material price hikes to
retailers in Spain over the past three years. However, because
olive oil is a commodity product in Spain, with relatively low
pricing power stemming from brands, S&P has started to observe
market attrition and a shift toward less expensive edible oils,
such as sunflower or rapeseed oil."

The global olive oil shortage will likely continue until October
2017, when the next harvest begins. According to the European
Commission's Directorate-General for Agriculture and Rural
Development, production levels in Italy will likely reach
dramatic lows, with an expected 57% decrease in 2017 from the
average of the past five years. Spain, which is still the biggest
producer with 45% of global production, will likely see its
production decrease by less than 10%. The main reasons behind
these low yields are drought and high spring temperatures.
Because Spain and Italy remain the first- and second-largest
olive producers, respectively, their expected crop yields
continue to be the main driver behind fluctuations in global
prices. This supply risk has exacerbated the volatility that
propelled prices toward record highs in 2015: Extra virgin oil
reached EUR4,316 per ton (/ton) on July 31, 2015, compared with
EUR3,154.5/ton at the same time in 2016. The price reached
EUR3,794.7/ton at end-July 2017 following additional
uncertainties, such as weather conditions, on the upcoming
October harvest.

In S&P's opinion, the surge in olive oil prices presents Deoleo
with three main challenges:

-- Complicates the group's ability to pass on price hikes to
    retailers;

-- Causes a decrease in volumes in the group's Spanish market as
    consumers switch to cheaper products; and

-- Most notably, leads to increases in working capital as the
     group's need to secure large quantities of premium quality
     olives in order to pursue its premiumization strategy through
     the recent relaunch of Carapelli.

Despite its large exposure to Southern Europe, Deoleo's important
presence in other markets, especially in the U.S., enables it to
command some pricing power. S&P said, "We do not expect, however,
that the attractive growth prospects in the U.S. will mitigate
the overall shortfall in the near term. We think that the group's
business model, despite its asset light characteristic, exposes
Deoleo to a very volatile agricultural commodity with limited
ability to successfully pass on raw material price hikes in the
near term. This is because the group remains largely exposed to
its domestic market, Spain, where the edible oils market is
congested and brand differentiation is difficult. Moreover,
Deoleo's limited industrial footprint and revenue concentration,
as well as the lack of product diversification--considering its
one main product (olive oils) represents 85% of total sales--
constrains our current assessment of the group's business risk
profile.

"We forecast that the group's S&P Global Ratings-adjusted EBITDA
will remain at EUR45 million this year, leading to higher-than-
anticipated debt to EBITDA at almost 14x at Dec. 31, 2017, and an
overall deterioration of Deoleo's credit metrics. We expect free
operating cash flow generation to remain largely negative in
2017. This follows two years of decreased profitability after
taking into account one-time items. Also, we project that cash
flow coverage metrics for 2017-2019 will weaken, particularly
evident in funds from operations (FFO) cash interest coverage
dropping below 2x on a weighted-average basis, which is our
threshold for a rating in the 'B' category.

"Furthermore, the group's debt to EBITDA markedly exceeds 5x, it
has negative free operating cash flow generation, and its FFO
cash interest coverage is below 2x. As such, we view Deoleo as
vulnerable to the raw material cycle as currently highly
dependent on favorable business conditions to meet its financial
commitments. That said, without a significant improvement in the
group's EBITDA generation, we view its capital structure as
unsustainable over the long term.

"The stable outlook reflects our view that Deoleo should not face
any liquidity crisis or any refinancing risks in the upcoming 12
months, given that the bulk of its debt matures in 2021. This
timeframe gives the group scope to continue its strategic
turnaround program aimed at improving product mix and margins.

"We acknowledge, however, that the group's financial metrics
could feel strain from unfavorable business and economic
conditions in the coming years.

"We could consider an upgrade if Deoleo delivered robust
operating performances, following the implementation of a
successful turnaround strategy that allows the group to return to
profitable growth. In addition, if market trends were to recover
markedly in the next 12 months, such that credit metrics became
commensurate with our 'B' rating--namely sustained strong level
of cash flow coverage, with FFO cash interest coverage above 2x,
and positive free operating cash flow generation--we could
consider a positive rating action.

"We could consider a negative rating action if significant
negative cash flows beyond our base-case scenario weighed
considerably on Deoleo's liquidity, stemming from a more severe-
than-anticipated operating setback in 2017. We believe that such
a scenario could materialize from higher volatility in raw
material prices than currently anticipated, a stronger decline in
Spanish consumption, and increased competition in the most
profitable markets, especially North America."


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


CABLE & WIRELESS: S&P Rates New $700-Mil. Senior Notes 'B'
----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to C&W
Senior Financing Designated Activity Company's proposed $700
million senior notes due 2027. This company is an orphan special
purpose vehicle (SPV) in the Cable & Wireless structure (Cable &
Wireless Communications Limited [CWC]; BB-/Negative/B). The SPV
will give the notes proceeds to Sable International Finance
Limited (SIFL), a CWC's subsidiary, and from there the group will
refinance in full Columbus International's $605 million 7.375%
senior notes due December 2021; pay $45 million in transaction
related premiums, fees and expenses; and keep $40 million for
general corporate purposes.

The issuance will have a neutral impact on CWC's leverage,
because most of the proceeds will be used for debt repayment. S&P
expects a proportionate debt to EBITDA of 4.88x and funds from
operations to debt of 14.34% at the end of 2017 in line with its
current rating. Pro forma average life of debt will increase to
6.8 years.

In S&P's view, the SPV meets the following conditions:

-- All of its debt obligations are backed by equivalent-ranking
     obligations with equivalent payment terms issued by SIFL. As
     a strategic financing entity for CWC, it's set up solely to
     raise debt on behalf of the group; and

-- S&P believes CWC is willing and able to support the SPV to
     ensure full and timely payment of interest and principal on
     its debt, including payment of the SPV's any expenses.

Therefore, S&P rates the SPV's debt relative to other debt
obligations of CWC and treat the contractual obligations of the
SPV as financial obligations of the parent. The issue-level
rating on the proposed new notes is in line with the issue-level
ratings on senior unsecured debt issued by SIFL, reflecting the
pari passu ranking. The rating is constrained by the significant
amount of prior ranking or secured debt in CWC's capital
structure.

RATINGS LIST

  Cable & Wireless Communications Limited
    Corporate credit rating              BB-/Negative/B

  Rating Assigned

  C&W Senior Financing Designated Activity Company
    Senior notes due 2027                B


FRESH HOSPITALITY: Bought Out of Administration, 17 Jobs Saved
--------------------------------------------------------------
Joshua Hammond at Insider Media reports that Fresh Hospitality
Ltd., a catering and hospitality company which began life as a
cafe in central Leeds, has been acquired out of administration in
a job-saving deal arranged by business recovery experts at SFP.

Simon Plant and Daniel Plant from SFP were appointed as joint
administrators of the company on Aug. 1, Insider Media relates.

The catering business, which trades as the Sociable Folk Cafe,
has now been bought from the administrators, saving the jobs of
17 employees in the process, Insider Media discloses.

The business turned over GBP1 million in 2016, but the
administrators said it ran into financial difficulty due to the
loss of a major contract, and the ability to service its long-
term debts while it also fell into arrears to HMRC, Insider Media
relays.

As a consequence, management attempted to enter into a formal
arrangement with its creditors by proposing a Company Voluntary
Arrangement offering a certain pence in the pound, although this
was rejected by the crown, Insider Media recounts.

Upon further instruction of the director, the administrators took
control of the business at the start of this month, Insider Media
states.

Following a review of the business, the joint administrators
maintained trading for several days while they sought a buyer,
marketed it for sale and conducted negotiations for the sale,
Insider Media notes.


PAYSAFE GROUP: Moody's Puts Ba2 CFR Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
the Ba2 corporate family rating (CFR) of Paysafe Group Plc
(Paysafe or the company), Paysafe's Ba3-PD probability of default
rating (PDR), the Ba2 instrument rating on the EUR280 million
Gtd. Term Loan A due 2020, EUR220 million Gtd. Term Loan B due
2022, and USD85 million gtd. revolving credit facility (RCF) due
2020 issued by Paysafe Holdings UK Limited, and the provisional
(P)Ba2 instrument rating on the USD380 million incremental gtd.
term loan B due 2023 to be issued by Paysafe Finance (US) LLC.

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.

On Aug. 4, 2017, the board of Paysafe announced that it has
reached an agreement on the terms of an acquisition of the
company by funds managed by Blackstone and funds managed and/or
advised by CVC via Pi UK Bidco Limited (Bidco), a company
jointly-owned by the private equity firms. The takeover is
intended to be implemented by way of a court-sanctioned scheme of
arrangement, assuming that the offer is accepted by a sufficient
percentage of shareholders.

RATINGS RATIONALE

The action to place all the ratings under review for downgrade
reflects the significant increase in Paysafe's leverage pro forma
for the transaction. Bidco intends to fund the transaction, which
values Paysafe at approximately GBP2.96 billion, with a high
proportion of debt including USD2,090 million of first lien
facilities, of which USD175 million of availability under a new
revolving credit facility (RCF), and USD500 million of second
lien term loan facilities. The proceeds from the raising of these
facilities alongside equity from the private equity sponsors will
be mostly used to fund the acquisition of the company and
refinance its pro forma outstanding debt of USD841 million as of
31 December 2016 (pro forma for the acquisition of Merchants'
Choice Payment Solutions (MCPS) announced in July 2017). Pro
forma adjusted leverage (pro forma for the transaction and the
acquisitions of MCPS as adjusted by Moody's mainly for
capitalized development costs, share-based payments, non-
recurring items, and operating leases and assuming no drawings
under the RCF) will increase to 8.2x as of 31 December 2016 from
2.8x prior to the transaction. Based on the good growth prospects
of the business, Moody's projects de-leveraging to below 7.5x by
the end of 2017.

Upon the completion of the transaction, Paysafe will sell its
Paysafe Merchant Services Limited (PMSL) business through which
it conducts its Asia Gateway business but will retain the
Neteller business of PMSL. Paysafe's Asia Gateway business
generated revenues and EBITDA (as reported by the company) of
approximately USD131 million and USD50 million in 2016,
respectively. The disposal is expected to generate deferred
proceeds of up to USD308 million payable over a six-year period.

Moody's will conclude the review after the closing of the
transaction which is expected to become effective in the fourth
quarter of 2017 subject to shareholders' approval. The
transaction is intended to be implemented by way of a court-
sanctioned scheme of arrangement which requires the approval by a
majority of the company's shareholders accounting for a minimum
of 75% of voting rights. As part of the review Moody's will
evaluate the company's new ownership structure, financial policy,
including the use of the proceeds from the disposal of PMSL, and
strategic objectives. However, given the very likely material
increase in leverage, Moody's currently envisages a potential
multi-notch downgrade, if the transaction closes as contemplated.

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) or approximately USD350 million
pro forma for the contribution of MCPS. The company splits its
activities between three main divisions: payment processing,
digital wallets, and prepaid.


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


* BOND PRICING: For the Week August 7 to August 11, 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.


                 * * * End of Transmission * * *