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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, August 21, 2017, Vol. 18, No. 165


                            Headlines


C R O A T I A

AGROKOR DD: Extraordinary Commissioner to Publish Unique Tables
AGROKOR DD: Sberbank Files Three Arbitration Claims in London


G E R M A N Y

K+S AG: S&P Cuts CCR to 'BB' on Slower-Than-Expected Deleveraging
SOLARWORLD AG: To Sell Assets to Qatari-German Joint Venture


I R E L A N D

ST. PAUL'S CLO V: Fitch Assigns B- Rating to EUR10MM Cl. F Notes


N E T H E R L A N D S

CADOGAN SQUARE IV: Moody's Hikes Rating on Cl. E Notes From Ba3
EA PARTNERS I: Fitch Cuts Rating on US$700MM Sr. Notes to CCC-
PALLAS CDO II: Fitch Raises Rating on Class B Notes to 'BBsf'


R U S S I A

BANK OTKRITIE: Moody's Reviews B2 Sub. Debt Rating for Downgrade
BANK OTKRITIE: S&P Retains B+ CCR on CreditWatch Negative
TATTELECOM PJSC: Fitch Affirms BB Long-Term IDR, Outlook Stable


S E R B I A

FABRIKA AKUMULATORA: Creditors Reject Batagon Acquisition Offer


U N I T E D   K I N G D O M

ARQIVA BROADCAST: Moody's Affirms B1 CFR & B3 Junior Notes Rating
CO-OPERATIVE BANK: Faces CMA Criticism Over Outdated IT Systems
JOHN PRESTON'S: Ceases Trading Following CVA Termination
SOUTHERN SALADS: Cash Flow Pressure Prompts Administration


X X X X X X X X

* BOND PRICING: For the Week August 14 to August 18, 2017


                            *********



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C R O A T I A
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AGROKOR DD: Extraordinary Commissioner to Publish Unique Tables
---------------------------------------------------------------
The Zagreb Commercial Court, on August 17, 2017, issued a decision
and conclusion by which the Extraordinary Commissioner of Agrokor
DD must send to the court a single table of claims filed by
creditors and the table of discretionary and exclusive rights.

The Decision and the Conclusion were made in accordance with the
Extraordinary Administration Submission which required the
extension of the deadline for the publication of the unique tables
of the established claims to cover all the companies that entered
the extraordinary administration process with different court
decisions in a total of four decisions.

Since the court cannot allow the extension of the deadlines
prescribed by law, it has instructed the Extraordinary
Commissioner to act in this situation.

In order for the Extraordinary Commissioner to submit a single
table in accordance with the court's instructions, the deadline
for filing claims of all the 77 companies covered by this process
should expire. Deadline for creditors invited to file claims by a
virtue of a July 13, 2017 court decision will expire on Sept. 11,
2017, and only after the expiration of that deadline will a 60-day
period be allowed for the publication of the unique tables.  The
Extraordinary Administration is also required to deliver it before
expiration of the statutory deadline.

                      About Agrokor DD

Founded in 1976 and based in Zagreb, Croatia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of some
HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities of
HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The rating
actions reflect Agrokor's decision not to pay the coupon scheduled
on May 1, 2017 on its EUR300 million notes due May 2019 at the end
of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.


AGROKOR DD: Sberbank Files Three Arbitration Claims in London
-------------------------------------------------------------
Luca Casiraghi, Jasmina Kuzmanovic and Anna Baraulina at Bloomberg
News report that Sberbank PJSC filed three arbitration claims
against Agrokor d.d. in London, opening a new front in a multi-
country legal fight following the failure of Croatia's largest
company.

According to Bloomberg, people familiar with the matter said the
filings at the London Court of International Arbitration are part
of the Russian bank's efforts to recover EUR1.1 billion (US$1.3
billion) of loans made to the Balkan supermarket operator.  The
people didn't elaborate on the basis of the claims, Bloomberg
notes.

The people, as cited by Bloomberg, said whether arbitration takes
place may depend on the result of Agrokor's ongoing efforts to
shut off all legal action in London.  They said a separate High
Court hearing on the retailer's request for recognition of its
Croatian insolvency proceedings is scheduled for October,
Bloomberg relays.

Agrokor, Bloomberg says, is already fighting court cases with
Sberbank, its largest creditor, in Croatia, Serbia and Slovenia,
after buckling under at least EUR6 billion of borrowing earlier
this year.

The Croatian government blocked debt payments after taking control
of the retailer and foodmaker in April under a new law designed to
deal with the failure of company that generates sales equal to
about 15% of the nation's economy, Bloomberg recounts.

Sberbank stepped up legal challenges against Agrokor after the
retailer last month agreed a EUR530 million super-senior loan from
a group of lenders and hedge funds led by Knighthead Capital
Management, according to Bloomberg.  The Russian bank has said
that the arrangement is illegal and favors distressed-debt
investors over long-term creditors, Bloomberg notes.

The bank is appealing against a Croatian court's decision to
approve the loan, Bloomberg discloses.

                      About Agrokor DD

Founded in 1976 and based in Zagreb, Croatia, Agrokor DD is the
biggest food producer and retailer in the Balkans, employing
almost 60,000 people across the region with annual revenue of some
HRK50 billion (US$7 billion).

On April 10, 2017, the Zagreb Commercial Court allowed the
initiation of the procedure for extraordinary administration over
Agrokor and some of its affiliated or subsidiary companies.  This
comes on the heels of an April 7, 2017 proposal submitted by the
management board of Agrokor Group for the administration
proceedings for the Company pursuant to the Law of Extraordinary
Administration for Companies with Systemic Importance for the
Republic of Croatia.

Mr. Ante Ramljak was simultaneously appointed extraordinary
commissioner/trustee for Agrokor on April 10.

In May 2017, Agrokor dd, in close cooperation with its advisors,
established that as of March 31, 2017, it had total liabilities of
HRK40.409 billion.  The company racked up debts during a rapid
expansion, notably in Croatia, Slovenia, Bosnia and Serbia, a
Reuters report noted.

On June 2, 2017, Moody's Investors Service downgraded Agrokor
D.D.'s corporate family rating (CFR) to Ca from Caa2 and the
probability of default rating (PDR) to D-PD from Ca-PD. The
outlook on the company's ratings remains negative.  Moody's also
downgraded the senior unsecured rating assigned to the notes
issued by Agrokor due in 2019 and 2020 to C from Caa2.  The rating
actions reflect Agrokor's decision not to pay the coupon scheduled
on May 1, 2017 on its EUR300 million notes due May 2019 at the end
of the 30-day grace period. It also factors in Moody's
understanding that the company is not paying interest on any of
the debt in place prior to Agrokor's decision in April 2017 to
file for restructuring under Croatia's law for the Extraordinary
Administration for Companies with Systemic Importance.

On June 8, 2017, Agrokor's Agrarian Administration signed an
agreement on a financial arrangement agreement worth EUR480
million, including EUR80 million of loans granted to Agrokor by
domestic banks in April. In addition to this amount, additional
buffers are also provided with additional EUR50 million of
potential refinancing credit. The total loan arrangement amounts
to EUR1,060 million, of which a new debt totaling EUR530 million
and the remainder is intended to refinance old debt.



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G E R M A N Y
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K+S AG: S&P Cuts CCR to 'BB' on Slower-Than-Expected Deleveraging
-----------------------------------------------------------------
German potash producer K+S AG is successfully ramping up its
Bethune mine, which is expected to make a full earnings
contribution in 2018. However, S&P Global Ratings has revised down
its forecast for the company's adjusted 2017 EBITDA to EUR700
million-EUR720 million from the EUR850 million-EUR900 million the
ratings agency forecasted in April. This reflects ongoing bottom-
of-the-cycle prices of potash, the start-up costs of Bethune, and
higher logistics costs at the German plants due to issues with
water levels and injection permits at the Werra River. As a
result, S&P now forecasts slower recovery in its credit ratios,
with funds from operations to debt of about 14%-15% in 2017,
approaching 21%-22% only in late 2018.

S&P Global Ratings therefore lowered its long-term corporate
credit rating on German potash and salt producer K+S AG to 'BB'.
S&P said affirmed the short-term rating at 'B'. The outlook is
stable.

S&P said, "At the same time, we lowered the issue ratings on its
four senior unsecured bonds due December 2018, December 2021, June
2022, and April 2023 to 'BB'. The recovery ratings on the bonds
are unchanged at '3', reflecting our expectation of meaningful
recovery (50%-70%; rounded estimate 55%) in the event of a payment
default.

"The rating action follows our revised S&P Global Ratings-adjusted
EBITDA forecast for K+S of EUR700-million EUR720 million in 2017,
down from the EUR850 million-EUR900 million we forecast in April.
The downward revision is primarily due to start-up costs for the
greenfield Bethune mine in Canada with targeted annual capacity of
2.86 million tons, higher logistics costs in Germany due to short-
term waste disposal measures at the Werra plants, and ongoing
bottom-of-the-cycle potash prices, which we believe will depress
K+S' earnings this year. As a result, we now forecast a slower
recovery in K+S' credit metrics, with funds from operations (FFO)
to debt of 14%-15% in 2017 (down from 20% that we forecast
previously) and about 21%-22% in 2018 (down from 25%-30%).

"The revision of our forecasts is notwithstanding the successful
execution of the Bethune mine (former Legacy) project, and gradual
recovery in K+S' earnings, which we anticipate in 2018 as Bethune
contributes to earnings and production challenges at German plants
are permanently addressed. In the first quarter of 2017, prolonged
low water levels in the Werra river led to a 25-day outage, but
thanks to waste disposal measures implemented by the company, no
further production days were lost in the second quarter. We
believe that the production limitations in Germany should
significantly reduce in the second half of 2017, but uncertainty
remains as capacity utilization continues to depend on the Werra
River's water levels.

"We anticipate K+S' reported EBITDA to recover in 2018 to about
EUR1.0 billion-EUR1.1 billion, but in our view it will depend on
the successful full ramp-up of the Bethune mine (we note that the
first rail shipments of potash began in July and that management
expects to reach the target production capacity of 2 million tons
in late 2017), no additional production outages at the German
plants, and a supportive price environment for potash. We consider
that the supply-demand dynamics in the industry remain fragile,
with capacity additions outpacing production curtailments, and
prices depending on the major producers' supply discipline. As a
result, we believe prices are unlikely to recover meaningfully
from the current spot levels."

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

-- Growing EBITDA contribution from the potash and magnesium
    business in 2017, and even more so in 2018 due to stable
    prices and improving volumes.

-- Stable volumes in industrial and other salts, but lower
    pricing and margins in de-icing salt due to the mild winter
    and high inventory levels in North America, partly offset by
    healthy volumes in the European de-icing business.

-- The ramp-up of the Bethune mine, with about 600 kilotons of
    product sales in 2017.

-- Capital expenditure (capex) reducing to about EUR900 million
    for 2017 (mainly related to the ramp-up of Bethune), about
    EUR600 million in 2018, and about EUR500 million in 2019,
    which we consider a normalized level.

-- Working capital outflows of about EUR65 million-EUR75 million
    in 2017, increasing to EUR130 million-EUR140 million in 2018,
    primarily due to higher sales from Bethune.

-- An unchanged dividend policy of payout ratios between 40%-50%
    of previous year's net income.

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

-- Reported EBITDA of EUR660 million-EUR680 million in 2017 and
    EUR1.0 billion-EUR1.1 billion in 2018.

-- Adjusted FFO to debt of 14%-15% in 2017, approaching 21%-22%
    in late 2018.

-- Adjusted debt to EBITDA of 5.7x-5.9x in 2017 and 3.7x-3.9x in
    2018.
-- Negative free operating cash flow of more than EUR400 million
    in 2017 and about EUR100 million in 2018.

S&P said, "The stable outlook reflects our view that K+S' reported
EBITDA will recover gradually to EUR660 million-EUR680 million in
2017 and EUR1.0 billion-EUR1.1 billion in 2018, primarily
benefiting from additional volumes from its Canadian Bethune mine,
and notwithstanding the prevailing weakness in global potash
fertilizer prices. At the current rating level, we consider an
adjusted FFO to debt ratio of 12%-20% as commensurate with the
rating.

"We could raise the rating if K+S' adjusted FFO-to-debt ratio
recovers sustainably to above 20% and the company generates
consistent positive free operating cash flow of more than EUR100
million per year. An upgrade would also hinge on our view of the
supply-demand balance in the potash industry, and any prospective
downside risks to prices.

"We see the likelihood of a downgrade of K+S as remote because of
our forecast of improving EBITDA and cash flow generation.
However, a lower rating could become more likely if K+S' adjusted
FFO to debt declined below 12% without near-term prospects of
recovery."


SOLARWORLD AG: To Sell Assets to Qatari-German Joint Venture
------------------------------------------------------------
Tobias Buck at The Financial Times reports that Solarworld, a
former stock market darling that became one of the biggest
casualties of Germany's ill-fated solar boom, has been resurrected
from insolvency with the help of investors from Qatar.

According to the FT, the company has agreed to sell its key
assets, which includes two two manufacturing plants in Germany,
for about EUR100 million to a Qatari-German joint venture set up
by Frank Asbeck, the founder of Solarworld, and Qatar Solar
Technologies.

The new company, Solarworld Industries, was formally unveiled in
Berlin on Aug. 17, the FT relates.

It plans to keep alive the production of photovoltaic panels in
Germany, despite fierce competition from low-cost makers in China
that has decimated the European industry in recent years, the FT
discloses.

The new company will keep only 500 of the formerly 1,700 workers,
but aims to reach the same annual production capacity as
Solarworld -- equivalent to 1GW -- within the next 18 months, the
FT notes.

                        About SolarWorld AG

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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ST. PAUL'S CLO V: Fitch Assigns B- Rating to EUR10MM Cl. F Notes
----------------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO V DAC refinancing notes
final ratings:

EUR1 million Class X notes due 2030: 'AAAsf'; Outlook Stable
EUR201 million Class A notes due 2030: 'AAAsf'; Outlook Stable
EUR36 million Class B-1 notes due 2030: 'AAsf'; Outlook Stable
EUR16 million Class B-2 notes due 2030: 'AAsf'; Outlook Stable
EUR12.5 million Class C-1 notes due 2030: 'A sf'; Outlook Stable
EUR7.5 million Class C-2 notes due 2030: 'Asf'; Outlook Stable
EUR19.5 million Class D notes due 2030: 'BBBsf'; Outlook Stable
EUR23.5 million Class E notes due 2030: 'BBsf'; Outlook Stable
EUR10 million Class F notes due 2030: 'B-sf'; Outlook Stable

The proceeds of this issuance are being used to redeem the old
notes, with a new identified portfolio comprising the existing
portfolio, as modified by sales and purchases conducted by the
manager. The portfolio is managed by Intermediate Capital Managers
Limited. The refinanced CLO envisages a further four-year
reinvestment period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch views the average credit quality of obligors to be in the
'B' range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 33.2, below the indicative maximum covenant
of 34 for assigning the final ratings.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate of the current
portfolio is 68.9%, above the minimum covenant of 66.4%
corresponding to the matrix point of WARF 34 and weighted average
spread 3.7%.

Limited Interest Rate Exposure
Fitch modelled both a 10% and a 0% fixed-rate bucket in its
analysis, and found that the rated notes can withstand the
interest rate mismatch associated with both scenarios.

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

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

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

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of two notches for the rated notes.

A 150% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of five notches for the rated notes.

A 25% reduction in recovery rates would lead to a downgrade of
three notches for the rated notes.

A 50% reduction in recovery rates would lead to a downgrade of
five notches for the rated notes.

A combined stress of default multiplier of 125% and recovery rate
multiplier of 75% would lead to a downgrade of five notches for
the rated notes.



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


CADOGAN SQUARE IV: Moody's Hikes Rating on Cl. E Notes From Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Cadogan Square CLO IV B.V.:

-- EUR22.5M Class C Senior Secured Deferrable Floating Rate
    Notes due 2023, Upgraded to Aaa (sf); previously on Jan 19,
    2017 Upgraded to Aa1 (sf)

-- EUR26.25M Class D Senior Secured Deferrable Floating Rate
    Notes due 2023, Upgraded to Aa1 (sf); previously on Jan 19,
    2017 Upgraded to Baa1 (sf)

-- EUR18.75M Class E Senior Secured Deferrable Floating Rate
    Notes due 2023, Upgraded to Baa2 (sf); previously on Jan 19,
    2017 Affirmed Ba3 (sf)

-- EUR3M (Current outstanding balance of EUR1.2M) Class X
    Combination Notes due 2023, Upgraded to Aaa (sf); previously
    on Jan 19, 2017 Upgraded to Baa1 (sf)

Moody's has also affirmed the ratings on the following notes:

-- EUR25M (Current outstanding balance of EUR11.1M) Class B-1
    Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
    (sf); previously on Jan 19, 2017 Affirmed Aaa (sf)

-- EUR15M (Current outstanding balance of EUR6.6M) Class B-2
    Senior Secured Fixed Rate Notes due 2023, Affirmed Aaa (sf);
    previously on Jan 19, 2017 Affirmed Aaa (sf)

Cadogan Square CLO IV B.V., issued in May 2007, is a
collateralised loan obligation ("CLO") backed by a portfolio of
mostly high-yield European loans. It is predominantly composed of
senior secured loans. The portfolio is managed by Credit Suisse
Asset Management Limited. The transaction's reinvestment period
ended in July 2013.

RATINGS RATIONALE

The upgrades of the notes are primarily the result of the
significant deleveraging of the transaction since the last rating
action in January 2017. On the July 2017 payment date the Class A
Notes were fully repaid and the Class B-1 and B-2 Notes amortised
to a factor of 44.28%. Overcollateralisation (OC) ratios of the
rated notes have increased. As of the July 14, 2017 trustee report
(immediately before the July 2017 payment date), the Class A/B,
Class C, Class D and Class E OC ratios are reported at 200.28%,
159.19%, 128.45%, 129.82% and 112.88% respectively compared with
170.61%, 144.49%, 122.60% and 110.62% in December 2016. Moody's
notes that the July 2017 principal payments are not reflected in
the reported OC ratios.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR112.7M,
defaulted par of EUR6.8M, a weighted average default probability
of 19.89% over a 3.84 years weighted average life (consistent with
a WARF of 3007), a weighted average recovery rate upon default of
43.10% for a Aaa liability target rating, a diversity score of 17
and a weighted average spread of 3.33%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. Moody's generally applies recovery rates for CLO
securities as published in "Moody's Approach to Rating SF CDOs".
In some cases, alternative recovery assumptions may be considered
based on the specifics of the analysis of the CLO transaction. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics of
the collateral pool into its cash flow model analysis, subjecting
them to stresses as a function of the target rating of each CLO
liability it is analysing.

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

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average recovery rate for the
portfolio. Moody's ran a model in which it reduced the weighted
average recovery rate by 5%; the model generated outputs were
unchanged for Classes B-1, B-2 and C and within one notch of the
base-case results for Classes D and E.

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

Additional uncertainty about performance is due to the following:

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

* Around 3.76% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates in
Rated Transactions" published in October 2009 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.

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

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

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


EA PARTNERS I: Fitch Cuts Rating on US$700MM Sr. Notes to CCC-
--------------------------------------------------------------
Fitch Ratings has downgraded EA Partners I B.V.'s senior secured
US$700 million 6.875% notes due 2020 and EA Partners II B.V.'s
senior secured US$500 million 6.75% notes due 2021 to 'CCC-' from
'CCC'. The Recovery Ratings are 'RR2'.

The rating actions are driven by petition filing by Air Berlin,
one of the obligors under the senior secured notes, to open
debtor-in-possession insolvency proceedings. Given the notes'
recourse to each obligor on a several basis, the senior secured
ratings reflect the creditworthiness of the obligor of the weakest
credit quality as well as the recovery prospects for the notes.
Fitch assess that the liquidity pool is not sufficient to cover
the coupon payments of Air Belin and Alitalia, another obligor,
for the whole duration of both transactions.

KEY RATING DRIVERS

Air Berlin's Insolvency Filing: Air Berlin filed a petition for
the opening of debtor-in-possession insolvency proceedings on
August 15, 2017 following Etihad Airways PJSC's decision to remove
further financial support. The German government will provide a
EUR150 million bridge loan to Air Berlin to allow it to continue
operations. Air Berlin's liquidity position was weak and reliant
on uninterrupted financial support from Etihad. The company has
generated negative cash flow from operations (CFO) since 2010. Its
funds from operations (FFO) gross adjusted leverage was
unsustainably high at 38.4x in 2016 with FFO fixed charge cover at
0.2x.

Liquidity Pool: The transactions contain a liquidity pool, their
only cross-collateralised feature (excluding ratchet account
component, which is not cross-collateralised), which is available
to service the interest or principal on the notes, if an obligor
fails to pay interest or principal on their respective debt
obligation when due. Contractually, the liquidity pool does not
have to be replenished if it is used to service the notes. The
utilisation of 100% of the liquidity pool is challenging due to a
75% threshold that triggers a remarketing of the debt obligation
and it is also subject to bondholders' choices.

Insufficient Liquidity: The liquidity pool is not sufficient to
cover all coupon payments of Alitalia and Air Berlin through the
whole duration of the notes under both EA Partners I and II B.V.
Assuming that all other obligors will remain performing, the
amount of the total liquidity pool only covers Alitalia's and Air
Berlin's coupon payments until March 2019 under EA Partners I B.V.
(notes due in September 2020) and until December 2018 under EA
Partners II B.V. (notes due in June 2021).

Remarketing Event: If the liquidity pool is drawn to cure a
default of an obligor to pay interest on their debt obligation and
falls below 75% of the initial deposits, which account for most of
the liquidity pool, this will trigger the remarketing of the
concerned debt obligation. Assuming that all other obligors will
remain performing, the liquidity pool will cover Alitalia's and
Air Berlin's coupon payments until and including December 2017
under EA Partners I B.V. and until and including September 2017
under EA Partners II B.V. before the first remarketing event is
triggered.

If the remarketing agent determines that the funds in the
liquidity pool together with the highest bid received in the debt
obligation remarketing are insufficient to redeem the notes at
par, the remarketing agent shall not consummate the debt
obligation remarketing and the trustee shall give notice of a note
event of default. However, a note event of default can be
triggered at the discretion of bondholders and they can choose for
the bonds to continue performing. In addition, a note event of
default may lead to a remarketing of debt obligations under the
notes and does not trigger cross acceleration.

No Cross Default: The notes do not have a cross-default provision.
This means that a default by one obligor does not constitute an
event of default under other debt obligations incurred under this
transaction by other obligors.

Weakest Obligor Credit: Given the transactions' recourse to each
obligor on a several basis, the ratings for the notes reflect the
creditworthiness of the obligor of the weakest credit quality and
recovery prospects for the notes. This is due to the sole cash
flow for the service and repayment of the notes being the
individual cash flow streams from the obligors under their
respective loans. These transactions' noteholders are thus exposed
to the underlying creditworthiness of each individual obligor.

Recovery Prospect: Fitch currently assess the recovery (given
default) prospect of the notes as superior (71%-90%, 'RR2') based
on the assumptions below.

DERIVATION SUMMARY

The notes' rating reflects Fitch views of the creditworthiness of
the obligor of the weakest credit quality and the recovery
prospects for the notes. The credit quality of the obligors varies
substantially depending on their business profiles and financial
profiles that Fitch generally see as weak compared with peers.
Both Alitalia and Air Berlin filed for insolvency proceedings.
Etihad's 'A' IDR is three notches off the Emirate of Abu Dhabi's.
Fitch will reviews the incorporation of shareholder support for
other obligors on a case-by-case basis in light of the
developments at Alitalia and Air Berlin, but this may not affect
the notes' ratings when recovery prospects are also considered.

KEY ASSUMPTIONS

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

- The proceeds from the notes' issue will be on-lent to
   obligors;

- These transactions' notes are secured over assets that
   represent senior unsecured claims to respective obligors;

- The notes do not have a cross-default provision;

- Etihad Airways or any other non-defaulting obligor may provide
   support to other obligors by purchasing their debt obligations
   through the 'remarketing event', if it takes place upon
   default of another obligor on its payments under the debt
   obligation. However, this can be exercised at Etihad Airways'
   or any other non-defaulting obligor's discretion and is not an
   obligation under these transactions;

- According to the internal debt assumption agreement between
   Alitalia and Etihad Investment Holding Company LLC, Etihad
   Investment Holding Company has agreed that it would assume
   Alitalia's repayment of principal on maturity for EA Partners
   I B.V. and EA Partners II B.V. of USD132 million and USD99.5
   million, respectively.

Key Recovery Rating Assumptions

- Fitch currently assess the recovery (given default) prospect
   of the notes as superior (71%-90%, 'RR2') based on Alitalia's
   entry into administration, Air Berlin's filing of petition for
   the opening of insolvency proceedings, the internal debt
   assumption agreement between Etihad Investment Holding Company
   LLC and Alitalia and assuming the performance of other
   obligors and other features of the transactions.

RATING SENSITIVITIES

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

- Fitch believes positive rating action is highly unlikely given
   the entry into administration by Alitalia and Air Berlin's
   filing of petition for opening the insolvency proceedings.
   Nevertheless, the improvement of the credit quality of the
   obligor with the weakest credit profile may be positive for
   the notes' ratings.

- Sustained improvement of recovery prospects for the senior
   unsecured creditors of the obligor of the weakest credit
   quality, unless there are limitations due to country-specific
   treatment of Recovery Ratings, could also be positive for the
   notes' ratings.

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

- Worsening recovery prospects for the senior unsecured
   creditors of the obligor of the weakest credit quality.

- Deterioration of the credit quality of the obligors.


PALLAS CDO II: Fitch Raises Rating on Class B Notes to 'BBsf'
-------------------------------------------------------------
Fitch Ratings has upgraded Pallas CDO II B.V. class A-1, A-2 and B
notes, and affirmed the others:

Class A-1-a (ISIN XS0268818209): upgraded to 'Asf' from 'BBBsf';
Outlook Stable

Class A-1-d (ISIN XS0271520669): upgraded to 'Asf' from 'BBBsf';
Outlook Stable

Class A-2 (ISINXS0268904546): upgraded to 'BBBsf' from 'BBsf';
Outlook Stable

Class B (ISINXS0268818548): upgraded to 'BBsf' from 'B+sf';
Outlook Stable

Class C (ISIN XS0268818894): affirmed at 'B-sf'; Outlook Stable

Class D-1-a (ISIN XS0268819199): affirmed at 'CCCsf'

Class D-1-b (ISIN XS0268819272): affirmed at 'CCCsf'

Pallas CDO II B.V. is a managed cash arbitrage securitisation of a
diverse pool of assets, including RMBS, CMBS, corporate CDOs and
commercial ABS. The portfolio is managed by M&G Investment
Management Limited.

KEY RATING DRIVERS

The upgrades reflect increases in credit enhancement (CE) across
the capital structure, due to deleveraging of the portfolio, and
overall stable asset performance over the last 12 months. The
available CE for the class A-1-a and A-1-d notes increased to
56.8% over the past year, as a result of the paydown of EUR43.8
million. The last payment date occurred on July 17, 2017.

Asset performance has been stable since August 2016. The credit
quality of the portfolio remained unchanged at 'BBB-'/'BB+'. One
additional asset defaulted over the year, and assets reported as
defaulted by the trustee currently stand at roughly EUR4 million.

The portfolio is concentrated in RMBS assets, representing 60.4%
of the portfolio, up from 56.5%, followed by CMBS unchanged at
21.2%. Other sectors in the portfolio are corporate CDOs with 16%,
down from 18.3%, and ABS assets with 2.4%, down from 4%. The UK is
the largest country exposure with 40.3%, down from 44.1%, followed
by Italy and Spain with 20.3% and 15.8%, up from 16.6% and 13.8%,
respectively.

Obligor concentration has increased as the portfolio amortises.
The largest obligor represents 5% of the portfolio, compared with
4% a year ago. The 10 largest obligors represent 33.4% of the
portfolio, up from 26.2% a year ago. During the same period, the
number of obligors has decreased to 59 from 76.

As of the July 2017 investor report, all the coverage tests are
passing with healthy buffers and the rated notes saw no deferred
interest. The weighted average spread continues to decrease to
currently stand at 1.3%, down from 1.4% a year ago.

The asset manager is able to reinvest unscheduled and sale
proceeds from credit improved and credit impaired obligations.
Over the past 12 months the manager purchased two CLO tranches,
totalling EUR 7 million.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of one notch for the rated notes.

A 25% reduction in recovery rates would not impact the rating of
the notes.



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


BANK OTKRITIE: Moody's Reviews B2 Sub. Debt Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba3 long-term foreign- and local-currency senior unsecured debt
and deposit ratings of Bank Otkritie Financial Corporation PJSC
(BOFC). The bank's subordinated debt ratings at B2, Baseline
Credit Assessment (BCA) at b1, adjusted BCA at b1 and long-term
Counterparty Risk Assessment (CRA) at Ba3(cr) have been also
placed on review for downgrade. In addition, Moody's has affirmed
BOFC's Not prime short-term deposit and Not Prime(cr) short-term
CRA ratings.

RATINGS RATIONALE

The rating action reflects Moody's concerns regarding (1) the
recent elevated volatility of the bank's customer deposits, which
puts pressure on its liquidity position and negatively affects its
funding costs, and (2) BOFC's increased involvement in financing
the large financial and industrial assets of its controlling
shareholder Otkritie Holding (OH; not rated).

Since mid-2017 and following the recent regulatory changes
regarding the placement of non-state pension funds' and state
budget deposits, BOFC has experienced a significant outflow of
customer deposits. In June to July, customer deposits contracted
by RUB435 billion, or 18% of the bank's liabilities as of June 1,
2017, largely driven by material outflows as both non-state
pension funds and several large corporates withdrew funds.

As of August 1, BOFC had an unencumbered liquidity cushion of
25.8% of its assets in the form of cash and cash equivalents, due
from banks and unpledged securities eligible for repo with the
Central Bank of Russia (CBR). Additionally, being one of ten
systemically important Russian banks, BOFC can rely on liquidity
support from the CBR, at the very least. Against the backdrop of
deposits outflows, the bank has attracted expensive funding from
the CBR through repo, which will lead to negative pressure on its
net interest margin (NIM) in H2 2017. While liquidity buffer is
currently adequate, it could deteriorate in case of further
deposit outflows should they occur.

In H1 2017, BOFC's has been involved in financing acquisition and
lending projects for its controlling shareholder OH, which holds
about 65% of the bank's shares. In addition to very high related
party-lending share of 190% of its tangible common equity (TCE) as
of Q1 2017 driven by financing of OH's investment in Russian
Sovereign Eurobonds, BOFC has got material credit exposure that
exceeds a 30% of its TCE to the largest Russian insurer
Rosgosstrakh (RGS; unrated) and its shareholders. Moody's
considers that large part of BOFC's capital is immobilized by non-
core projects, and hence leads to weaker ability to absorb
unexpected losses.

The rating agency will resolve the review for downgrade following
the receipt of further details from the bank on its funding base,
liquidity cushion and related-party projects.

WHAT COULD MOVE THE RATINGS DOWN / UP

A negative rating action could occur if the bank's liquidity is
dramatically damaged as a result of deposits outflow, or if
Moody's concludes that the bank's recent financing of large
related-party projects exposes the bank to high solvency risk.

The ratings and BCA confirmation could occur, if customer deposits
outflow tails off, and/or the risks stemming from related-party
lending are adequately managed by the bank.

LIST OF AFFECTED RATINGS

Issuer: Bank Otkritie Financial Corporation PJSC

Placed on Review for Downgrade:

-- LT Bank Deposits (Local & Foreign Currency), currently Ba3,
    Outlook Changed To Rating Under Review From Negative

-- Senior Unsecured Regular Bond/Debenture (Local & Foreign
    Currency), currently Ba3, Outlook Changed To Rating Under
    Review From Negative

-- Subordinate (Foreign Currency), currently B2

-- Baseline Credit Assessment, currently b1

-- Adjusted Baseline Credit Assessment, currently b1

-- LT Counterparty Risk Assessment, currently Ba3(cr)

Affirmations:

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

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

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Negative

PRINCIPAL METHODOLOGY

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


BANK OTKRITIE: S&P Retains B+ CCR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings kept its 'B+' long-term counterparty credit
rating on Bank Otkritie Financial Co. (BOFC) on CreditWatch with
negative implications, where it was originally placed on Dec. 21,
2016. At the same time, S&P affirmed its 'B' short-term
counterparty credit rating on BOFC.

S&P said, "The decision to keep the ratings on BOFC on CreditWatch
negative reflects our concerns that the bank's liquidity position
may deteriorate and its customer franchise might be damaged if
pressure on the bank's funding persists or intensifies. The
CreditWatch negative status also reflects our view that Otkritie
Holding's capitalization, and hence the wider group credit
profile, might weaken if the group acquires and consolidates the
largest Russian insurer, PJSC Rosgosstrakh.

"In June and July this year, the bank faced high outflow of funds
from corporate accounts. We understand that this was to a large
extent triggered by new regulatory requirements in Russia for the
minimum rating level necessary for a bank to attract pension fund
money and be eligible for short-term placements by the Ministry of
Finance. Since the national scale rating assigned by the Russian
rating agency ACRA in July was below this minimum requirement, the
bank had to repay, according to our estimates, about Russian ruble
(RUB) 115 billion of pension funds (about US$2.6 billion or 4% of
total liabilities). We note, however, that at least some of the
withdrawals by corporate clients was unexpected. We understand
that to mitigate the pressure on its liquidity, BOFC materially
raised the amount of borrowing from the Central Bank of Russia
(CBR), backed by a pledge of securities, and reduced a portfolio
of its reverse repurchase transactions. Thus, the bank's
dependence on funding from the CBR increased to about 22% of the
bank's total liabilities as of Aug. 8, 2017, according to our
estimates.

"We think that as of mid-August, the bank has stabilized the
outflow of corporate funds, while as of Aug. 1, 2017 its liquidity
buffer remained relatively stable with broad liquid assets to
short-term wholesale funding standing at above 120%, while liquid
assets and securities available to pledge amounted to RUB410
billion (19% of total assets). At the same time, in our view, the
bank has yet to demonstrate a sustainable improvement of its
funding and liquidity position through the recovered stability of
its funding base and gradually decreasing dependence on CBR
funding. We understand that the bank does not face material
wholesale repayments of its public debt in the next six months.
Therefore, we still think that BOFC's liquidity position remains
adequate, to a large extent supported by secured funding provided
by the CBR.

"Besides potential pressure on the bank's liquidity and funding
profile, we continue to see risks that capitalization and the
group credit profile of the wider Otkritie group may deteriorate
following the acquisition and potential consolidation of RGS
Holding's assets. We understand that there is a high probability
that Otkritie Holding will finalize the acquisition of RGS
Holding's assets, including PJSC Rosgosstrakh, Russia's largest
insurance company, and Rosgosstrakh Bank (a fairly small bank),
before the end of this year. We expect that Rosgosstrakh will
remain loss-making in 2017 and its financial prospects remain
uncertain thereafter, in our view. In July, BOFC provided
additional support to the insurer, granting another RUB10 billion
in addition to RUB30 billion provided earlier this year to support
RGS's capitalization. We therefore do not exclude the possibility
that BOFC will have to provide more support to RGS, directly or
indirectly, in the future, and this may weigh on BOFC's
creditworthiness. At the same time, there is still uncertainty
about how the acquisition of RGS Holding's assets will be
structured and whether the burden of providing support to the
insurance company will be shared with other investors outside the
Otkritie group.

"In our opinion, BOFC has moderate systemic importance for the
Russian financial system due to its large market share and the
role it plays in the banking sector, servicing corporate and
retail clients across Russia. The bank was included in the list of
10 systemically important banks published by the CBR. We therefore
believe that there is a moderately high likelihood that the bank
will receive extraordinary support from the government if needed.
Consequently, we expect that the bank would be able to secure more
short-term funding support from the CBR should the outflow of
funds intensify. We also think that the bank would have access to
the CBR's uncollateralized credit facilities in such a case.
However, a significant increase in already high dependence on CBR
support would, in our view, indicate a deterioration of the bank's
liquidity position and its funding profile, and, therefore, prompt
us to reassess our view of the bank's funding and liquidity
position.

"We currently apply a one-notch negative adjustment to the rating
on Otkritie Bank to reflect the weaker group credit profile of
Otkritie Holding compared with the stand-alone credit profile of
Bank Otkritie and risks that the group would draw support from the
bank in the case of stress.

"We will closely monitor the bank's funding and liquidity position
over the next few months. We could lower the rating on BOFC if we
saw that the bank's liquidity position was under material
pressure, reflected in progressive decline of the bank's liquid
assets, a failure to stabilize the funding base, continued
customer deposit outflows, and increased dependence on the CBR's
emergency funding.

"We could also take a negative rating action within the next 90
days if Otkritie Holding's capital position sustainably weakens,
evidenced by our forecast risk-adjusted capital ratio for the
consolidated group falling below 3%, or if we believe that the
group's risk position has worsened to such an extent that it
presents a higher risk for the bank.

"We would affirm the ratings if we saw that, within the next 90
days, the funding base had sustainably stabilized while liquidity
buffers remained sufficiently high, and the bank's dependence on
CBR funds had reduced. An affirmation would be possible only if,
in our view, the acquisition of RGS Holding's assets did not
materially weaken the group's capital position and group credit
profile, for example, because of a capital injection at the
holding company."


TATTELECOM PJSC: Fitch Affirms BB Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Russia-based PJSC Tattelecom's (Tattel)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB' and Short-term IDR at 'B'. The Outlook on the Long-Term
IDR is Stable.

The ratings reflect the leading position of Tattel as a fixed-line
incumbent in the Russian Republic of Tatarstan (BBB-/Stable) in
traditional voice telephony, broadband and pay TV segments. Fitch
expects the company's funds from operations (FFO) adjusted net
leverage in 2017-2020 to remain below 2x, leaving comfortable
headroom below the downgrade threshold of 2.5x.

The active development of the mobile segment is likely to continue
to put moderate pressure on margins but which Fitch expects to
ease in the next two to three years. The ratings are constrained
by the company's small size and limited access to capital markets.

KEY RATING DRIVERS

Strong Regional Incumbent Positions

Tattel retains its leading positions in all fixed-line segments in
the Republic of Tatarstan, benefiting from its solid
infrastructure and a strong regional focus. The company at end-
2016 had more than a 75% share of the fixed telephony market,
approximately 60% in the broadband segment and 50% in pay TV by
subscribers. Tattel has demonstrated the ability to gradually
expand its market share and Fitch does not expect any material
changes in its positions in the medium-term.

Fixed-line Market Dynamics

Fitch expects broadband and pay TV revenue growth to continue to
compensate for pressures in the traditional voice segment.
Broadband and pay TV combined contribute more than 50% of revenue
while contribution from fixed-voice telephony declined to 27% in
2016 from 40% in 2013. As the regional broadband market approaches
saturation further growth will likely be driven by upgrades to
higher-speed internet and bundling of services rather than by new
subscriber acquisition. Pay TV remains the fastest-growing segment
for Tattel with a 18% yoy revenue growth in 2016 and is likely to
maintain momentum over the medium term.

Modest Success in Mobile Market

Tattel has seen modest success since its entry into the regional
mobile market in 2013. By end-2016, it has cornered an
approximately 5% market share by subscriber. The company is likely
to continue further aggressive expansion with a price discounter
strategy until it gains substantial scale. A high capacity core
network, which is the foundation of its fixed-line operations,
combined with wide 4G coverage, should support a strong quality
mobile data service offering. However, mobile remains loss-making
and is likely to continue to put pressure on Tattel's margins in
the next two to three years.

CapEx to Decline

As Tattel approaches the completion of the mobile network rollout
capex should gradually decline, easing free cash flow (FCF)
pressures. The company already has the widest 4G coverage in
Tatarstan with presence not only in large cities but also in rural
areas. The existing backbone infrastructure that connects almost
all sites via fibre underpins the superior quality of Tattel's
services. Fitch expects capex intensity to be 22% of revenue in
2017, same as in 2016, before gradually declining to 18% by 2020.
This would represent a significant decrease from the almost 30%
levels during the peak construction phase in 2014-2015, which was
one of the main drivers behind leverage increase during that
period.

Stable Leverage

Fitch expects Tattel's FFO adjusted net leverage to increase
slightly to 1.8x in 2017, from 1.7x in 2016, and remain below 2.0x
in 2018-2020. The company generates stable operating cash flow
which, combined with lower capex, should result in improving pre-
dividend FCF. The company is likely to continue paying stable
dividends of around RUB240 million per year in 2018-2020, which
will constrain deleveraging. Interest rates in Russia are
gradually declining from their peak in 2015, which is supportive
of FFO as the company refinances expensive loans at 1ppt-2ppts
lower rates.

Small Size Constrains

Tattel's small size could limit the financial options the company
faces. Even the smallest bond issue in Russia would create a
substantial bullet refinancing exposure on the company's balance
sheet. Tattel has predominantly relied on bank financing, where
size is less of an issue.

Weak Parental Support

Fitch views operational and strategic ties between the company and
its controlling shareholder, OJSC Svyazinvestneftekhim (SINEK;
BB+/Stable), as weak. Therefore Tattel's ratings primarily reflect
the company's standalone credit profile. However, it is likely
that SINEK would provide liquidity or lobbying support if
necessary.

DERIVATION SUMMARY

Tattel is comfortably positioned in its rating category due to its
strong operating position and comfortable leverage metrics. It is
rated two notches lower than the largest Russian fixed-line
operator PJSC Rostelecom (BBB-/Stable) and one notch lower than
Russian federal mobile operators, PJSC Mobile Telesystems
(BB+/RWN), PJSC MegaFon (BB+/Stable) and VEON Ltd(BB+/Stable), due
to its small size, lack of geographic diversification and limited
access to capital markets. Tattel's ratings are supported by
company's leading positions on the regional market of Tatarstan
where the company at end-2016 held around 60% subscriber market
share in the broadband segment and more than 75% in the fixed-
voice segment. Fitch rates Tattel on a standalone basis and does
not apply any notching for the ownership by the Russian Republic
of Tatarstan (BBB-/Stable) as parent/subsidiary linkage is
assessed as weak.

KEY ASSUMPTIONS

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

- Stable market positions in fixed-line segments;
- Mobile subscriber market share increases to 8% by 2019 from 5%
   at end-2016;
- Annual revenue growth in low-mid single digits in 2017-2020;
- EBITDA margin just below 30% in 2017-2020, due to the drag
   from mobile development and cost inflation;
- Mobile segment to become EBITDA-breakeven in 2020;
- Capex intensity at 22% of revenue in 2017 and gradually
   declining to 18% in 2018-2020;
- Dividend payments of around RUB240 million per year in 2018-
   2020.

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
action include:

- A rise in FFO adjusted net leverage to above 2.5x on a
   sustained basis;
- Cash flow pressures driven by revenue and market share losses,
   particularly in the broadband and mobile segments;
- Deterioration in liquidity or higher refinancing risk.
   Rating upside is constrained by the company's small size, its
   lack of geographical diversification, and limited access to
   capital markets.

LIQUIDITY

Healthy Liquidity: Tattel has a strong liquidity profile with
RUB1.6 billion of available credit lines at end-May 2017, which is
sufficient to cover short-term debt maturities. Tattel maintains a
conservative liquidity policy, which is supported by strong
relationships with local banks. Liquidity risk is also mitigated
by potential support from the controlling shareholder and by the
company's flexibility to reduce capex.



===========
S E R B I A
===========


FABRIKA AKUMULATORA: Creditors Reject Batagon Acquisition Offer
---------------------------------------------------------------
SeeNews reports that the creditors of Serbia's insolvent car
battery maker Fabrika Akumulatora Sombor have rejected a EUR4.5
million (US$5.3 million) acquisition offer made by Swiss-based
Batagon International.

Batagon International has been informed of the decision, news
portal SoInfo quoted the insolvency administrator of FAS, Predrag
Ljubovic, as saying on Aug. 15, according to SeeNews.

"If Batagon gives up, we will look for a new investor,"
Mr. Ljubovic said, SeeNews cites.

SoInfo reported earlier this month Batagon International increased
the price it was offering to pay for FAS after the creditors
rejected a previous EUR3 million offer, SeeNews notes.

In May 2014, the Serbian government agreed to sell FAS to Greek
company DEM Hellas owned by entrepreneur Eftimios Karanasios,
SeeNews recounts.  However, DEM Hellas did not meet its
contractual obligations and the Serbian government called a new
tender for the sale of FAS in October 2016, SeeNews states.  The
tender attracted no bids, SeeNews notes.



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


ARQIVA BROADCAST: Moody's Affirms B1 CFR & B3 Junior Notes Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) and B1-PD probability of default rating of Arqiva
Broadcast Parent Limited. Concurrently, the agency affirmed the B3
rating of the GBP600 million 9.5% notes due 2020 (the 'Junior
Notes') issued by Arqiva Broadcast Finance Plc and unconditionally
and irrevocably guaranteed by its sister company Arqiva Financing
No 2 Limited and its parent company Arqiva Broadcast Parent
Limited. The Junior Notes have a loss given default assessment of
LGD6, reflecting their deep subordination to approximately GBP2.5
billion of senior secured debt raised within the ring-fenced and
highly covenanted financing structure around Arqiva Financing No 1
Limited, a subsidiary of Arqiva Financing No 2 Limited. The
outlook on all ratings remains stable.

RATINGS RATIONALE

The rating action reflects Moody's view that Arqiva's medium-term
business and financial risk profile will continue to position the
company in line with the requirements for its current rating
category. The affirmation takes into account (1) the conclusion of
the refinancing of the bank term loans and credit facilities
within the senior financing structure in November 2016; and (2)
the recent and expected further improvement in financial
performance. Increased cash flow generation could result in debt
de-leveraging, depending on policy with regard to dividend
payments and management of a financial profile against financial
covenants at both the ring-fenced senior secured debt level and at
the Junior Notes level. The continued stable outlook reflects
Moody's base case expectations that Arqiva will manage financial
policy so that debt levels stay aligned with the relevant
financial covenants, e.g. with a consolidated net debt to EBITDA
at the Junior Notes level approaching 7x, and consolidated net
debt to EBITDA at the ring-fenced senior secured debt level of up
to 6x.

Arqiva Broadcast Parent Limited is a holding company in the Arqiva
group of companies. The B1 CFR of Arqiva Broadcast Parent Limited
reflects the combination of (1) a business risk profile of Arqiva
group underpinned by relatively stable and long term contracted
cash flows, and (2) still very high leverage on a consolidated
basis.

Arqiva is the primary UK broadcasting and wireless communications
infrastructure service provider. The business risk profile is
supported by stable and predictable cash flows from the group's
monopoly terrestrial broadcasting services provided under long-
term contracts, which together with associated activities in
digital services for TV and radio stations, accounts for almost
65% of the group's EBITDA. Through its digital broadcasting
platforms, the group leases spectrum capacity to digital
terrestrial broadcasters.

Arqiva is also the largest independent provider of wireless tower
sites to mobile network operators in the UK, where it benefits
from a strong market position in an environment with high barriers
to entry and a strong customer relationship with high barriers to
exit. These activities, coupled with smart metering communication
services, account for almost 30% of EBITDA.

Arqiva's satellite operations, which currently contribute between
5%-10% of EBITDA, are subject to significant competitive pressures
and lower margins than Arqiva's tower activities. Moody's expects
this segment to remain a low margin contributor for the group.

Despite the relatively strong business model, the B1 CFR of Arqiva
Broadcast Parent Limited is constrained by the still very high
leverage of the consolidated group, which is expected to remain
materially above 6x Net Debt/EBITDA, with the terms and conditions
of the Junior Notes allowing the consolidated leverage of the
group to increase up to 7.5x before dividend lock-ups are
triggered.

The B3 rating of the Junior Notes reflects that creditor's claims
are deeply subordinated to claims by senior creditors at the
operating group level that itself has a highly leveraged financing
structure with ring-fencing covenants. This subordination may
result in very high loss severity in the event of default,
particularly in circumstances where any or all of the financings
with higher priority ranking have also defaulted.

Certain terms of the financing arrangements at the operating group
level might be considered of some benefit to holders of the Junior
Notes as, for example, they restrict the Arqiva group's ability to
engage in activities outside of its core business. However, the
occurrence of a trigger event or distribution lock-up at the
senior financing structure would deprive Arqiva Broadcast Finance
Plc of the revenue on which it relies to service the Junior Notes.

RATING OUTLOOK

The stable outlook on the ratings reflects Moody's view that the
leverage of the group will remain very high, with a consolidated
net debt to EBITDA at the Junior Notes level approaching 7x, and
consolidated net debt to EBITDA at the ring-fenced senior secured
debt level of up to 6x. However, the financing structure of the
group is resilient to downside sensitivities, given the
predictability of its long-term contracted cash flows.
Nevertheless, a use of increased cash flow that saw debt leverage
fall materially below the expected levels could result in positive
rating pressure.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure could develop if Arqiva group deleverages
so that Moody's adjusted Net Debt/EBITDA ratio at the Junior Notes
level were to fall to at or below 6x on a sustainable basis, with
increased headroom against distribution lock up levels at the
ring-fenced senior secured debt level. This would likely be
coupled with the maintenance of solid operating performance and
increased free cash flow generation.

Conversely, the ratings could come under downward pressure if
there was (1) a material and adverse change in the industry
structure affecting the viability of terrestrial broadcasting; (2)
a trigger event or dividend lock-up at the senior financing
structure or any other factors that may increase the likelihood of
such events occurring; and/or (3) adverse funding conditions,
which would make it difficult for the Arqiva group to refinance
maturing debt on reasonable terms.

The principal methodology used in these ratings was Global
Communications Infrastructure Rating Methodology published in June
2011.

COMPANY PROFILE

Arqiva Broadcast Parent Limited is a holding company in the Arqiva
group of companies that own and operate a portfolio of
communications infrastructure assets and provide (1) television
and radio transmission services; (2) site sharing to mobile
network operators; (3) media services and radio communications in
the UK; and (4) satellite services in the UK, Continental Europe
and the US. It also provides smart metering and M2M communications
services for gas, electricity and water utilities in different
parts of the UK. In the financial year ended June 30, 2016, Arqiva
Broadcast Parent Limited delivered revenue of around GBP884
million and operating profit (after exceptional items) of GBP276
million on a consolidated basis.

Arqiva Broadcast Finance Plc provides secured funding to Arqiva
Financing No 2 Limited, an intermediate holding company in the
Arqiva group of companies. The principal operating subsidiaries of
the group are held within Arqiva Financing No 1 Limited.

Arqiva is wholly owned by Arqiva Group Limited, which is itself
owned by a consortium of seven shareholder groups, the two largest
being Canada Pension Plan Investment Board with a 48% holding and
Macquarie European Infrastructure Fund 2 with 25%. Various other
Macquarie-managed funds account for approximately 1.5%, Industry
Funds Management holds around 14.8%, Health Super Investments Pty
Ltd holds around 5.4% and Motor Trades Association of Australia
holds around 5.2%.


CO-OPERATIVE BANK: Faces CMA Criticism Over Outdated IT Systems
---------------------------------------------------------------
Tim Wallace at The Telegraph reports that The Co-operative Bank
faces fresh embarrassment after markets watchdogs criticized it
for failing to give customers clear enough information about
overdraft charges.

The institution, which had to be rescued from heavy debts by its
lenders this year, has been slapped on the wrist by the
Competition and Markets Authority (CMA) over its aged IT systems,
The Telegraph relates.

According to The Telegraph, under new rules, banks are required to
tell customers the maximum charge they face each month for
unauthorised use of their overdraft.  Co-op Bank however missed
the August 2 deadline because its computers only generate
quarterly data, The Telegraph notes.

The bank now has six months to update its systems or it faces
being hauled into court, The Telegraph states.

This failure is the latest manifestation of long-running IT
problems at Co-op Bank which included writing off almost GBP150
million when it abandoned an unfinished overhaul, as well as
struggles to satisfy regulators that its systems could recover
from a serious crash, cyber attack or other disaster, The
Telegraph relays.

                    About Co-operative Bank

The Co-operative Bank plc is a retail and commercial bank in the
United Kingdom, with its headquarters in Balloon Street,
Manchester.

In 2013-2014, the Bank was the subject of a rescue plan to
address a capital shortfall of about GBP1.9 billion.  The Bank
mostly raised equity to cover the shortfall from hedge funds.

In February 2017, the Bank's board announced that they were
commencing a sale process for the Bank and were "inviting
offers."

The Troubled Company Reporter-Europe reported on February 17,
2017 that Moody's Investors Service downgraded Co-operative Bank
plc's standalone baseline credit assessment (BCA) to ca from
caa2.  The downgrade of the bank's BCA to ca reflects Moody's
view that the bank's standalone creditworthiness is increasingly
challenged and that the bank will not be able to restore its
declining capital position without external assistance.

TCR-Europe also reported on July 5, 2017 that Moody's placed on
review for upgrade Co-Operative Bank Plc's Ca long-term senior
unsecured debt rating, reflecting the rating agency's expectation
that the bank's recently announced capital raising plan does not
include a liability management exercise on senior unsecured bonds,
reduces the probability of the bank being placed in resolution,
and lowers the risk of loss on these instruments. These
developments are also reflected in Moody's review for upgrade on
the bank's ca standalone baseline credit assessment (BCA), given
the rating agency's expectations that the bank's credit profile
and risk-absorption capacity will improve if the capital raising
plan is implemented as announced.  Moody's has placed on review
direction uncertain the Caa2 long-term deposit ratings, reflecting
a different balance of risks for junior deposit holders, who would
benefit from the recapitalisation but would be at risk of loss in
a resolution, should the plan fail. The short-term deposit ratings
were unaffected by this action and remain at Not Prime.


JOHN PRESTON'S: Ceases Trading Following CVA Termination
--------------------------------------------------------
Tom Earnshaw at Lancashire Post reports that John Preston's Pools
& Spa Services has closed its doors after 18 years of business in
the city.

According to The Post, documents acquired from Companies House
show that in June, the pool and hot tub suppliers filed for
insolvency and agreed a Company Voluntary Arrangement (CVA).

Companies House documents also reveal that GBP224,500 was declared
by John Preston's Pools as owed to HMRC, The Post discloses.  A
further GBP7,057 was also declared as being owed to Rotherham-
based On-Site Pool Linings Ltd., The Post notes.

The CVA was supervised by Jonathan Taylor of Burnley and Leyland-
based insolvency practitioners TH Financial Recovery, The Post
states.  Mr. Taylor has since informed The Post that the CVA
arrangement no longer exists, The Post relays.

The termination of the CVA arrangement has left creditors able to
reclaim monies declared as owed through different pathways, The
Post relates.

The Post visited London Road at 3:30 p.m. on Aug. 14 to find the
building closed and unoccupied.


SOUTHERN SALADS: Cash Flow Pressure Prompts Administration
----------------------------------------------------------
BBC News reports that about 260 people have lost their jobs after
Southern Salad, a company supplying fresh salads to supermarkets,
restaurants and travel chains, went into administration.

Southern Salads, based in Tonbridge, Kent, said the pound's
devaluation since last year's EU referendum vote had made the
business unsustainable, BBC relates.

The family-run firm had been operating for 31 years, BBC
discloses.  It ceased trading "with immediate effect" on Aug. 16,
BBC relays.

Administrators FRP Advisory said a rescue package had not been
possible, BBC notes.

According to BBC, joint administrator and FRP Advisory partner Ian
Vickers -- ian.vickers@frpadvisory.com -- said it had faced "an
unprecedented pressure on cash flow" in the wake of the Brexit
vote.



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


* BOND PRICING: For the Week August 14 to August 18, 2017
--------------------------------------------------------

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



                            *********

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

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

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


                            *********


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

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

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

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

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

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


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