TCREUR_Public/170828.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, August 28, 2017, Vol. 18, No. 170


                            Headlines


A Z E R B A I J A N

STATE OIL: Moody's Issues Correction to August 24 Rating Release


C Y P R U S

GLOBAL PORTS: Fitch Affirms BB Rating on US$700MM Secured Notes


D E N M A R K

ROY MIDCO/BIDCO: S&P Assigns 'B' CCR Following Financing


G E R M A N Y

DEUTSCHE LUFTHANSA: Moody's Withdraws Ba1 CFR, Outlook Stable


I R E L A N D

AWAS AVIATION: Moody's Hikes Issuer Rating to Ba3, Outlook Stable


I T A L Y

SIENA MORTGAGES 07-5: Fitch Hikes Rating on Class C Notes to 'B'


N E T H E R L A N D S

AIR BERLIN FINANCE: Files for Suspension of Payments in Amsterdam
TOPBONUS: Files for Insolvency Following Air Berlin Collapse


N O R W A Y

NORSKE SKOGINDUSTRIER: Shareholder Name Sveaas as New Chairman


R U S S I A

OTKRITIE: Russians Regulators Prepare Rescue Package


S P A I N

BANCO POPULAR ESPANOL: Bondholders Face Long Wait for CDS Payouts
FTPYME BANCAJA 3: S&P Affirms 'CCC' Rating on Class D Notes


S W E D E N

FASTIGHETS AB: S&P Rates EUR350MM Subordinated Notes 'BB+'
SAGAX AB: Moody's Assigns First-Time Ba1 CFR, Outlook Positive


U N I T E D   K I N G D O M

CABOT FINANCIAL: S&P Affirms 'B+' CCR on Proposed Refinancing
ENTU PLC: Board Intends to Appoint Administrators
THOMAS COOK: Fitch Hikes Long-Term IDR to B+, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week August 21 to August 25, 2017


                            *********


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A Z E R B A I J A N
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STATE OIL: Moody's Issues Correction to August 24 Rating Release
----------------------------------------------------------------
Moody's Investors Service issued a correction to the Aug. 24
rating release on State Oil Company of the Azerbaijan Republic
(SOCAR).

On August 25, 2017, the press release was corrected as follows: In
the methodology paragraph, the date of publication for the
Government-Related Issuers methodology was changed to August 2017.

The revised release follows:

Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating (CFR), to Ba2-PD from Ba1-PD the
probability of default rating (PDR) and to Ba2 from Ba1 the senior
unsecured notes rating of State Oil Company of the Azerbaijan
Republic (SOCAR). Concurrently, Moody's has lowered SOCAR's
baseline credit assessment (BCA) to b1 from ba3. The outlook on
the ratings is stable.

"Our decision to downgrade SOCAR follows the recent downgrade of
the sovereign, to which the company is linked, as well as its
weaker standalone credit profile on the back of growing debt and
elevated capital spending," says Denis Perevezentsev, Vice
President - Senior Credit Officer at Moody's.

"However, SOCAR's rating, which is on par with the sovereign,
continues to benefit from its status of a 100% state-owned entity,
strategically important for the Republic of Azerbaijan, with a
high level of state support."

The rating action concludes the review for downgrade of SOCAR's
ratings initiated by Moody's on May 23, 2017 and follows Moody's
downgrade of Azerbaijan's government bond rating to Ba2 from Ba1
with a stable outlook on August 18, 2017. For additional
information on the sovereign rating action, please refer to the
related announcement: https://www.moodys.com/research/--PR_370180

RATINGS RATIONALE

Given that SOCAR is 100% state-owned, Moody's determines its CFR
by applying the methodology for government-related issuers (GRIs).
SOCAR's Ba2 CFR incorporates: (1) a BCA, which indicates the
company's standalone credit strength, of b1; (2) the Ba2 local-
currency debt rating of the government of Azerbaijan, with a
stable outlook; (3) very high default dependence between the state
and the company; and (4) Moody's assumptions of a high level of
support from the state in case of need.

SOCAR's Ba2 rating takes into account: (1) the key role that the
company plays in the oil and gas sector of Azerbaijan and the
national economy; (2) Moody's estimates of SOCAR's stable oil and
gas production in 2017-18; (3) robust liquidity profile
underpinned by substantial cash balances and comfortable debt
maturity schedule; and (4) close linkages with the Azerbaijan's
government, which has accumulated substantial reserves and should
be in a position to provide financial support to the company if
needed.

The rating also reflects Moody's conservative view on (1)
potential challenges in maintaining stable production in the
longer term; (2) the company's expanding trading operations, which
negatively impact its operating cash flow and leverage; and (3)
the sensitivity of the company's metrics to oil prices and local
currency exchange rate, which are likely to remain volatile over
the next 12-18 months.

Moody's decision to lower SOCAR's BCA to b1 from ba3 mainly
reflects (1) weaker cash flow generation and growing debt amid
expanded trading operations and manat depreciation; (2) the
increase in capital spending in 2016, which is likely to remain
elevated and will continue to put pressure on the company's free
cash flows in 2017-18; and (3) exposure to Southern Gas Corridor
CJSC (SGC) projects, which, although not likely to have material
impact on SOCAR as per the current funding structure of SGC, could
potentially lead to higher debt levels if external funding is not
raised for SGC on favourable terms.

Despite the significant and long-lasting weakening of Azerbaijan's
fiscal and economic strength, Moody's assumptions regarding the
government's willingness and ability to provide extraordinary
support to SOCAR remain unchanged. Azerbaijan consistently renders
support to SOCAR through adjustments to regulated prices, direct
equity injections, financing of key investment projects and
provision of loans by the Ministry of Finance.

The line between the State Oil Fund of Azerbaijan (SOFAZ), state
budget and SOCAR is blurred. SOCAR transfers proceeds from the
sales of its pro-rata share of profit oil from its joint ventures
and associates, mainly Azeri Chirag Guneshli (ACG) to SOFAZ
(annual transfers of about AZN8 billion - AZN9 billion) and gets
transfers from SOFAZ for capital spending and borrowings from the
Ministry of Finance of the Republic of Azerbaijan. During 2016 the
government of Azerbaijan contributed AZN921 million to the charter
capital of SOCAR, which offset the company's contributions to the
charter capital of South Caucasus Pipeline (SCP) and SGC during
the same period. There was about AZN0.9 billion borrowings from
the Ministry of Finance outstanding as of end-June 2017. Such
interlinks between the sovereign and SOCAR underscore the
strategic importance of SOCAR for Azerbaijan as the largest
employer, taxpayer and exporter. Moody's expects that these
interdependencies and regular transfers from SOFAZ will help SOCAR
to minimise its direct exposure to the projects of economic and
geopolitical importance for the Republic of Azerbaijan (e.g. SCP,
TAP, TANAP), where the company has non-controlling stakes.

SOCAR's ratings and outlook also reflect the fact that its
liquidity has not been materially affected by the restructuring of
International Bank of Azerbaijan (IBA, Caa1 bank deposits,
Positive(m)) which used to hold a significant share of SOCAR's
cash and which is likely to continue providing a liquidity line to
the company once IBA's debt restructuring is complete. SOCAR keeps
sizeable cash and deposits at PASHA Bank OJSC and Kapital Bank
OJSC (Ba3 negative). Moody's assumes the company's cash reserves
will continue to be fully accessible, as they are one of the major
funding sources of the company's investments and debt service and
underpin its assessment of SOCAR's good liquidity profile.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on SOCAR's ratings is in line with the stable
outlook for the sovereign rating and reflects Moody's view that
company-specific credit factors, including operating and financial
performance, market position and liquidity, will remain
commensurate with its ratings on a sustainable basis.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could upgrade SOCAR's ratings if it were to upgrade
Azerbaijan's sovereign rating, if accompanied by corresponding
improvement in the company-specific factors, including its
operating and financial performance and leverage provided there
are no negative changes in Moody's assessment of state support
and/or liquidity.

Moody's could downgrade the ratings if (1) there is a downgrade of
Azerbaijan's sovereign rating; (2) SOCAR's standalone financial
profile deteriorates further, such that RCF/net debt falls
consistently below mid-teens and EBIT/interest expense remains
below 3.0x on a sustained basis; (3) there is evidence that the
government's capacity and willingness to provide support to SOCAR
is becoming more limited; (4) the state imposes measures that
would seriously impair SOCAR's credit profile; and/or (5) SOCAR's
liquidity profile deteriorates materially.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Global Integrated Oil
& Gas Industry published in October 2016, and Government-Related
Issuers published in August 2017.

State Oil Company of the Azerbaijan Republic is a 100% state-
owned, vertically integrated national oil and gas company
headquartered in Baku, Azerbaijan. The company has a monopoly
position supplying oil and gas products to the domestic market and
is the state's official representative in all oil and gas projects
in Azerbaijan, including all international consortia. In addition
to Azerbaijan, SOCAR operates in Turkey, United Arab Emirates,
Georgia, Switzerland, Romania, Ukraine and other countries. For
the year ended December 31, 2016, SOCAR reported revenue of
AZN51.9 billion ($32.5 billion) and its Moody's-adjusted EBITDA
amounted to AZN4.0 billion ($2.5 billion). In 2016, SOCAR produced
7.5 million tonnes of oil and 6.3 billion cubic meters of gas.



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C Y P R U S
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GLOBAL PORTS: Fitch Affirms BB Rating on US$700MM Secured Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Global Ports Finance PLC's USD700
million senior secured notes (Eurobonds) at 'BB' and upgraded
Global Ports Investments Plc's (GPI) Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) and RUB15 billion senior
unsecured notes issued by JSC First Container Terminal (FCT) to
'BB' from 'BB-' with a Negative Outlook.

Global Ports' (the group) consolidated profile benefits from its
dominant position in the container market, albeit with potentially
increasing competition, limited expansion requirements on the low
capacity utilisation rates, and a mostly bullet maturity debt
structure with covenants currently restricting dividend
distributions. In 2016 Fitch lease-adjusted net debt/EBITDAR
(leverage) was 4.5x, in line with Fitch ratings case expectation.
Fitch ratings case projects average 2018-2020 leverage at 4.8x.

The Eurobond ratings are aligned with GPI's consolidated profile,
as the key consolidated operating companies and the holdco
unconditionally and irrevocably guarantee the Eurobonds.

Fitch has upgraded GPI's IDRs and the ratings of the Russian
rouble bonds, guaranteed by GPI, to 'BB' from 'BB-', as the
structural subordination has significantly reduced. Bond issuances
in 2016 refinanced the majority of opco level covenanted debt. The
remaining covenanted bank debt ringfences around 40% of the cash
flows, will amortise latest by 2019, and has been repeatedly
subject to covenant loosening.

The Negative Outlook reflects both uncertainties about the Russian
Federal Antimonopoly Service (FAS) 2016 allegation that GPI's
stevedoring pricing breached antimonopoly laws and GPI's
adjustment of its pricing policy following a drastic market share
loss in 2015/2016 in stabilising and regaining market share.

KEY RATING DRIVERS

Exposure to High Price Elasticity and Competition - Volume Risk:
Midrange

GPI retains a dominant position with container handling terminals
in the Baltic and Far East, the largest Russian marine gateways,
each with good modal connectivity. In Fitch views, GPI is exposed
to high price elasticity of demand, as GPI's price-over-volume
strategy has reduced its competitive position in a market with
spare capacity, and has resulted in severe container throughput
volume losses over 2015 and 2016. Fitch believes competition could
increase as new entrants seek to gain market share, supported by
the recent rebound in Russia's economy.

Unregulated US Dollar Tariffs - Price Risk: Midrange

The regulation of container tariffs in Russia has been gradually
liberalised since 2010, while recent FAS initiatives to re-
introduce elements of tariff regulation in 2016 were dropped after
independent studies concluded the market was competitive. GPI does
not benefit from long-term rent-like contracts.

Substantial Spare Capacity - Infrastructure Development & Renewal:
Stronger

The company's capacity utilisation was below 40% in 2016. On-site
connecting infrastructure is well developed and does not need
upgrading. GPI benefits from a strong liquidity position in case
of need. The company expects to spend on average USD25 million to
USD35 million annually on maintenance. Fitch views this as
manageable as it is entirely self-funded through free cash flow
generation. Shareholder APM Terminals, one of the world-largest
terminal operators, brings operational expertise and mitigates the
risk of cost overrun on capital spending.

Back-Ended Bullet Debt - Debt Structure: Midrange

GPI, the holdco, is currently free of debt. As of December 2016,
USD1.1 billion of outstanding and consolidated debt was senior,
fixed rate, post-swap USD-denominated, and 88% of it was bullet
debt. The remaining bank loan at FCT level is structured as
secured amortising corporate debt, enhanced with default and lock-
up covenants at the FCT and group levels. The USD119 million cash
held on balance sheet as of end 2016 mitigates the lack of
committed liquidity lines. Fitch liquidity analysis suggests that
debt is serviced until end-2020. Fitch considers the presence of
APM Terminals a well-reputed sponsor with a strong but informal
commitment to GPI as a supporting factor in GPI's refinancing
process.

FINANCIAL PROFILE

Under its base and rating cases, Fitch expects GPI's average
leverage in 2018-2020 to reach 4.3 and 4.8x, respectively. The
rating case does not factor in any shareholder distributions, in
line with GPI's stated zero dividend policy. A sensitivity stress
on a hypothetical EBITDA margin reduction to 40% under Fitch's
base case scenario shows that projected leverage will increase
further by around 2x the following year.

PEER GROUP

GPI and DeloPorts are both rated 'BB' on a consolidated basis.
GPI's container throughput is over 5x greater than Deloport. GPI
has a dominant position in the Russian container market and more
transparent corporate governance, as it is listed on the LSE.
However, Deloport benefits from lower 2017-2019 leverage at 2.4x
and exhibits a more balanced export/import mix with grain exports
partially offsetting the import-oriented container business.

Mersin (BBB-/Stable) is of a similar size to GPI and also plays a
dominant role in its home market. Its cargo import and export mix
is more balanced than GPI. Mersin's rating case gross leverage in
2020 is 2.4x, nearly half that of GPI's.

RATING SENSITIVITIES

Future development that could lead to negative rating action on
GPI, FCT and the GPI Finance notes include:

- Fitch-adjusted GPI's consolidated debt/EBITDA remaining above
   5x over 2018-2020 under the Fitch rating case.

- Unfavourable resolution of the current litigation process,
   resulting in a major fine pay-out or introduction of a tariff
   policy.

- A change in shareholder structure with the co-controlling
   shareholder APMT disposing partly or entirely of its stake in
   GPI, which may affect Fitch analysis of some rating factors
   such as refinancing risk and potentially GPI's ratings.

Future development that could lead to positive rating action on
GPI, FCT and the GPI Finance notes include:

- GPI's leverage firmly on a downward path with lease-adjusted
   net debt-to-EBITDA falling below 4x over a three-year horizon

The Outlook could be revised to Stable if the litigation process
is resolved in GPI's favour and GPI maintains a deleveraging trend
in line with Fitch's rating case forecast.

CREDIT UPDATE

Performance Update
In 2016, GPI witnessed continued throughput and market share
contraction as container volumes declined 19% year on year (YoY)
despite the Russian container market growing 1%. Fitch expects
GPI's growth in 2017 to remain sluggish at 2% despite a strong
rebound of the Russian container market of 16% in 1H17. GPI's
total throughput volumes benefited from a record level of 2,210
thousand tonnes in marine bulk throughput in 2016, 67% higher than
in 2015. The portion of GPI's non-containerised revenue increased
to 19% in 2016. Strong performance continued in 1H17 as export
coal, scrap metal and other export cargo handling grew.

GPI Tariffs
GPI's revenue per twenty-foot equivalent unit (TEU) in GPI's
Russian ports decreased by 3% in 2016. Fitch forecasts the average
revenue per TEU to decline to USD204/TEU in 2017 as GPI adjusts
its pricing to gain volumes. Additionally, to improve its
competitive position GPI has introduced rouble-based tariffs for
Russian clients, which resulted in growth of RUB-based revenues.
Fitch does not view a growing portion of RUB-based revenue as a
risk as it offsets company's predominantly RUB-based operating
costs; however this proportion will be monitored closely.

Competition Could Intensify
Fitch believes that competition for container terminals in the
Baltic Basin could intensify over the coming years. For example,
Container Terminal Saint Petersburg is expanding capacity to 1.2
million TEUS by 2022. The Port Bronka, outside the Big Port of
Saint Petersburg, has added 500,000 TEUS of spare capacity and is
actively ramping-up volumes. Fitch believes these port operators
are similarly well connected to the hinterland and the
differentiating factor will be mainly price.

Fitch Cases
Fitch's base case assumes 2% yoy growth of volumes in line with
Fitch's Russian GDP forecast; average revenues per TEU to remain
flat at USD204/TEU from 2017, yoy EBITDA margin reduction of 1%
from 59% in 2017 to 55% in 2021 to reflect inflation; a 25%
haircut to GPI assumptions on dividends received from
subsidiaries; and a flat 58RUB/USD exchange rate through the
forecast period. In 2017-2019 capex stress includes a 15% increase
on top of management's projections, while Fitch apply higher
stresses in 2020 to achieve at least USD25 million capex.

Fitch's rating case assumes 1% yoy growth of volumes from 2018;
base case average revenues per TEU in 2017 and then flat
USD200/TEU from 2018; base case EBITDA margin; a 50% haircut to
GPI assumptions on dividends received from subsidiaries; base case
exchange rate. In 2017-2019 capex stress includes 20% increase and
Fitch apply a higher stress in 2020 to achieve at least USD30
million capex.

FULL LIST OF RATING ACTIONS

Global Ports (Finance) PLC
-- USD350 million senior unsecured notes due January 2022
    affirmed at 'BB'; Outlook Negative.

Global Ports Investments PLC
-- Long-Term Foreign- and Local-Currency IDRs upgraded to 'BB'
    from 'BB-'; Outlook Negative.

JSC First Container Terminal
-- RUB5 billion senior unsecured notes due December 2020
    upgraded to 'BB' from 'BB-'; Outlook Negative;
-- RUB5 billion senior unsecured notes due February 2021
    upgraded to 'BB' from 'BB-'; Outlook Negative;
-- RUB5 billion senior unsecured notes due March 2021 upgraded
    to 'BB' from 'BB-'; Outlook Negative.

Asset Description

GPI is a holding company and the leading container terminal
operator serving Russian cargo flows in the Baltic and the Far-
East basins. The group's main business is container handling. In
addition, the group handles a number of other types of cargo,
including cars and other types of roll-on roll-off cargo and bulk
cargoes. Its three main subsidiaries are the container terminals
FCT, Petrolesport and Vostochnyj, which are 100% owned by the
group.



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D E N M A R K
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ROY MIDCO/BIDCO: S&P Assigns 'B' CCR Following Financing
--------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' long-term
corporate credit ratings to Roy Midco ApS and Roy Bidco ApS, the
holding companies of Denmark-based plastic packaging company
Faerch Plast Group A/S. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' rating to the
senior secured facilities issued by Roy Bidco ApS, comprising a
EUR300 million term loan B1,  EUR110 million term loan B2, and a
EUR65 million revolving credit facility (RCF). The recovery rating
on these facilities is '4', indicating our view of meaningful
recovery prospects (30%-50%; rounded estimate 45%) in the event of
a default.

"The ratings reflect our view of Faerch Plast's small size,
relatively narrow scope, high leverage as a result of an
aggressive financial policy, and growth-oriented strategy. These
constraints are only partly mitigated by strong profitability
stemming from a well-invested asset base and successful innovation
strategy.

"Our base-case assumptions for Faerch Plast have not changed
materially since we assigned the preliminary rating on July 19,
2017 (see "Faerch Plast Group Holding Companies Roy Midco And Roy
Bidco Rated Preliminary 'B'; Outlook Stable," published on
RatingsDirect). We continue to anticipate organic revenue growth
of 6%-7% and an S&P Global Ratings-adjusted EBITDA margin of about
24%. We continue to forecast adjusted debt to EBITDA of about
7.5x, funds from operations (FFO) to debt of about 7.0%-7.5%, and
adjusted EBITDA to interest of 2.6x-2.8x in 2017.

"The stable outlook reflects our expectation that Faerch Plast
will continue to achieve organic sales growth and strong margins,
which will enable it to increase EBITDA and generate excess cash
flows to gradually reduce adjusted leverage toward 7.0x in 2018.
Although we expect the company will remain acquisitive, we do not
expect the leverage ratio will rise beyond the high levels at the
closing of the transaction.

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

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

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



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G E R M A N Y
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DEUTSCHE LUFTHANSA: Moody's Withdraws Ba1 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 long term issuer
rating to Deutsche Lufthansa Aktiengesellschaft (Lufthansa) and
has withdrawn the Ba1 corporate family rating (CFR) and the Ba1-PD
probability of default rating (PDR) of Lufthansa.

Concurrently, Moody's has upgraded Lufthansa's senior unsecured
instrument rating to Baa3 from Ba1, the short term rating to P-3
from NP, the senior unsecured rating on the company's medium-term
notes (MTN) programme to (P)Baa3 from (P)Ba1 and its short-term
rating to (P)P-3 from (P)NP. The outlook on all the ratings is
stable.

"Our decision to upgrade Lufthansa follows the company's positive
evolution of its operating profitability which improved markedly
in the first half of 2017 and Moody's expectations that its full-
year profits and operating cash flow will continue to strengthen
on the back of strong demand and cost reductions," says Sven
Reinke, a Moody's Senior Vice President and lead analyst for
Lufthansa. "Lufthansa has significantly improved its cost base
over the last few years, strengthening its competitive profile. In
addition, rising profitability and a one-off cash injection into
its pension schemes will reduce year-end leverage materially."

RATINGS RATIONALE

The rating action reflects Lufthansa's strongly improved operating
profit generation with the company achieving an adjusted EBIT of
EUR2,265 million during the last 12 months to June 2017. As a
result, Lufthansa's Moody's-adjusted retained cash flow/net debt
ratio increased to 25.7% in Q2 2017 from 18.6% at FYE2016. Gross
adjusted leverage improved to 4.3x in Q2 2017, from 4.6x at
FYE2016 and Moody's expects that it will decrease to approximately
3.5x by the end of 2017, driven by a combination of a lower
pension deficit and higher earnings. As a result, both key metrics
will be within the previously defined guidance for a Baa3 rating.

The rating upgrade also reflects the substantial strategic
progress Lufthansa has made during the last couple of years in
terms of (1) strengthening its market position with the
acquisition of 100% of Brussels Airlines in January 2017 and the
wet-lease transaction with Air Berlin, which was agreed in
September 2016; (2) the company's improved cost competitiveness
following the transition of its point-to-point traffic to
Eurowings, which enables it to better compete with successful low-
cost airlines such as EasyJet Plc (Baa1 stable) and Ryanair (not
rated); and (3) agreements with the workforce to transition to
defined contribution pension schemes for most employees.

Following the likely liquidation of Air Berlin, Moody's expects
that Lufthansa's competitive position in its domestic German
market will strengthen. Lufthansa confirmed that it is in
negotiations to acquire parts of Air Berlin's business in addition
to the already in the November 2016 agreed wet-lease transaction
that has increased Lufthansa's capacity in Germany considerably.
The potential increase in market share would allow Lufthansa to
better utilise its capacity and achieve scale effects. However,
Moody's does not expect that such a transaction would have a
severe adverse effect on its capital structure.

Following the strong results for H1 2017 with an increase of the
adjusted EBIT by 97.0% to EUR1,042 million compared with EUR529
million in H1 2016 and much improved operating cash flow
generation of EUR3.2 billion compared with EUR2.2 billion in H1
2016, Moody's expects that Lufthansa's profitability will
strengthen further in 2017. Such strong results would affirm the
positive trend of the last couple of years when the company was
able to substantially improve its profitability compared with the
lower level prior to 2015. In addition, Moody's expects the
company's gross adjusted leverage to fall to around 3.5x at the
end of 2017 driven by rising profitability and a EUR1.6 billion
one-off cash injection into the pension schemes. The high pension
deficit which increased to EUR8.4 billion in 2016 compared with
EUR4.7 billion in 2013 owing to a material decline of the discount
rates is the main reason for Lufthansa's relatively high gross
adjusted leverage over the last couple of years.

Lufthansa's Baa3 ratings also reflect its leading position in the
European airline sector, its diversified route network, the
diversity of its business segments and its solid liquidity
position. In particular, Lufthansa's maintenance segment, which
generates the majority of its revenues from third party customers,
provides diversification to the group, distinguishing it from
other airlines. This segment partially mitigates the exposure to
the more volatile passenger airlines and logistics (cargo)
segments. However, Moody's rating also reflects the improved but
still relatively low level of operating profitability when
compared with other investment grade rated airlines and the
exposure to external shock events that are characteristic for the
passenger airlines industry.

Moody's considers that Lufthansa's liquidity is solid, with a
balance of cash and equivalents and liquid securities of EUR6.1
billion and undrawn committed short-term credit lines of EUR855
million which compares strongly with the low short-term debt of
EU659 million as at the end of Q2 2017. The rating agency expects
Lufthansa's liquidity to remain solid despite the anticipated
decline of the company's liquidity buffer following the upcoming
EUR1.6 billion cash injection into the pension schemes. Moody's
notes that Lufthansa retains a minimum liquidity target of EUR2.3
billion.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the ratings reflects Moody's view that
Lufthansa's financial profile will gradually strengthen further
over the next 12 -- 18 months, supported by strong demand in the
European airline market and the benefits from Lufthansa's
structural progress in terms of cost reductions and the
transformation of the point-to-point traffic. The outlook also
reflects Moody's expectation that Lufthansa's financial policy
will continue to prioritize an investment grade financial profile
over shareholder returns.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's does not expect positive rating pressure over the next 12-
18 months as a higher rating would likely require a prolonged
period of proven resilience and sustainable performance through
the industry cycle. Quantitatively, there could be positive rating
pressure for Lufthansa if it strengthens its liquidity and if:

1) gross adjusted leverage falls below 2.5x;

2) the retained cash flow (RCF)/net debt metric increases
   materially above 30%; and

3) the adjusted EBITDA margin moves towards 20%, indicating
   resilience to competitive pressures.

The rating could come under negative pressure if Lufthansa fails
to continue to make progress towards Moody's expectation of gross
adjusted leverage falling towards 3.5x, as a leverage closer to
4.0x would position Lufthansa weakly in the Baa3 rating category.
In addition, the rating could come under negative pressure if the
RCF/net debt metric were to fall below 25% on a continued basis or
if Lufthansa's liquidity weakens materially.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Passenger Airlines published in May 2012.

Deutsche Lufthansa Aktiengesellschaft, headquartered in Cologne,
Germany, is the leading European airline in terms of revenues. In
FY2016 it reported revenues and an adjusted EBIT of EUR31.7
billion and EUR1,752 million respectively.



=============
I R E L A N D
=============


AWAS AVIATION: Moody's Hikes Issuer Rating to Ba3, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded the issuer rating of AWAS
Aviation Capital D.A.C. (AWAS) to Ba3 from B1 and upgraded the
secured debt ratings of AWAS Finance Luxembourg S.A. and AWAS
Finance Luxembourg 2012 S.A. to Ba1 from Ba2. The outlook for the
ratings is stable. This follows the August 20, 2017 announcement
by Dubai Aerospace Enterprise (DAE) Ltd. (Ba2 stable) that it has
completed its acquisition of the AWAS group of companies. This
concludes Moody's review of AWAS' ratings first initiated on April
26, 2017.

RATINGS RATIONALE

The rating upgrades reflect Moody's expectation that AWAS'
acquisition by DAE will improve AWAS' ownership stability, a
credit concern since Terra Firma began to reduce its investment in
the company two years ago. Furthermore, the transaction
strengthens the combined entity's competitive positioning, as it
is now one of the top ten largest leasing companies globally, with
a total owned, managed and committed fleet of approximately 400
aircraft and 117 airline customers. The combined company emerges
with moderate leverage, adequate liquidity and good prospects for
profitable performance, given the recent operating history of both
firms and continued growth in aircraft demand.

Moody's has withdrawn AWAS' corporate family rating, in lieu of
the Ba2 stable corporate family rating assigned to DAE.

The Ba1 ratings of AWAS' two secured term loans (both mature in
2018) are one notch above DAE's Ba2 corporate family rating. These
ratings reflect terms and covenants that provide improved creditor
protection as well as the proportion of this class of secured
recourse debt in DAE and AWAS' total debt capitalization. AWAS'
Issuer rating is one-notch lower than DAE's CFR, reflecting the
high proportion of secured debt in AWAS' capital structure and
limited unencumbered assets.

Moody's could upgrade AWAS' ratings if the ratings of parent DAE
are upgraded. DAE's ratings could be upgraded if DAE: 1) further
diversifies its funding to significantly reduce reliance on
secured debt and accumulate unencumbered aircraft, resulting in a
ratio of secured debt to tangible assets of 35% or less; 2)
increases alternate liquidity, resulting in a 24-month coverage
ratio of more than 70%; 3) sustainably reduces its post-
acquisition leverage, resulting in a ratio of debt to tangible net
worth of between 2.5x and 3.0x; and 4) generates post-acquisition
profitability that compares well with peers.

Moody's could downgrade AWAS' ratings if DAE's ratings are
downgraded. DAE's ratings could be downgraded if DAE: 1)
encounters integration challenges that negatively affect
profitability prospects; 2) increases its reliance on secured
debt; 3) weakens 24-month liquidity coverage to less than 50%; or
4) increases Debt/Tangible Net Worth leverage to greater than
4.0x.

The principal methodology used in these ratings was Finance
Companies published in December 2016.



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


SIENA MORTGAGES 07-5: Fitch Hikes Rating on Class C Notes to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded the class C notes of Siena Mortgages
07-5 S.p.A. (SM07-5) and Siena Mortgages 07-5 S.p.A. Series 2
(SM07-5 Series 2), as follows:

SM07-5
Class C (ISIN IT0004304249): upgraded to 'Bsf' from 'B-sf'; off
Rating Watch Evolving (RWE); Outlook Stable

SM07-5 Series 2
Class C (ISIN IT0004353824): upgraded to 'Bsf' from 'B-sf'; off
RWE; Outlook Stable

The two prime Italian RMBS transactions were originated and are
serviced by the Banca Monte dei Paschi di Siena group (BMPS;
B/Stable/B).

KEY RATING DRIVERS

Ratings Linked to Swap Party
In February 2017, Fitch linked the ratings of the junior class C
notes in both transactions to the Issuer Default Rating (IDR) of
the swap provider (BMPS) as their ratings depend on cash flows
under the swap agreement (see "Fitch Takes Rating Actions on Siena
Mortgage Series", dated February 2017 at www.fitchratings.com).

Rating Watch Resolution on Swap Party
Fitch has resolved the RWE following the resolution of the RWE on
BMPS.

RATING SENSITIVITIES

Changes to BMPS's Long-Term IDR will trigger rating action on the
class C notes.



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


AIR BERLIN FINANCE: Files for Suspension of Payments in Amsterdam
-----------------------------------------------------------------
Further to the filing of a petition for the opening of debtor-in-
possession insolvency proceedings by Air Berlin PLC with the local
court of Berlin-Charlottenburg on August 15, Air Berlin Finance
B.V. disclosed that it has filed for suspension of payments with
the competent court in Amsterdam on Aug. 25.

Air Berlin Finance B.V. is headquartered in Amsterdam,
Netherlands.


TOPBONUS: Files for Insolvency Following Air Berlin Collapse
------------------------------------------------------------
Nicholas Megaw at The Financial Times reports that
Topbonus, the frequent flyer program that Air Berlin sold to
Etihad, has followed the troubled German carrier in filing for
insolvency, leaving its 4.5 million customers unable to use their
points despite government intervention to keep Air Berlin's planes
in the air.

The frequent flyer scheme has been a separate company 70% owned by
Etihad since 2012, when Air Berlin sold a majority stake in an
attempt to bolster its balance sheet, the FT discloses.  However,
in a statement released on Aug. 25, Topbonus said it had "no other
option" but to file for insolvency after Etihad refused to
continue funding Air Berlin earlier this month, the FT relates.



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


NORSKE SKOGINDUSTRIER: Shareholder Name Sveaas as New Chairman
--------------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that Norwegian investor
and forestry tycoon Christen Sveaaswashas has been elected
chairman of Norske Skogindustrier ASA, putting him in position to
steer a board review of the papermaker's debt-restructuring plans.

According to Bloomberg, a statement said the owner of investment
company Kistefos was among five directors voted onto Norske Skog's
board by shareholders on Aug. 24.  There are also three employee-
elected board members, Bloomberg discloses.

Mr. Sveaas recently increased his stake in Norske Skog to more
than 10%, making him the largest shareholder in a company
struggling under a US$1 billion debt pile and a slump in newspaper
readership, Bloomberg relates. Norske Skog delayed publication of
a revised debt-restructuring plan on Aug. 23 so the proposal could
be reviewed by the new board, Bloomberg notes.

Jon-Aksel Torgersen, chief executive officer of shipping-services
provider Astrup Fearnley AS, was also named to the Norske Skog
board, Bloomberg relays.

Norske Skog started revising its debt plans after two groups of
creditors rejected a proposal to swap unsecured debt into equity,
Bloomberg recounts.  Any agreement needs to be approved by a
majority of creditors and by two-thirds of shareholders, Bloomberg
states.

                       About Norske Skog

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

                           *   *   *

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

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



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


OTKRITIE: Russians Regulators Prepare Rescue Package
----------------------------------------------------
Max Seddon at The Financial Times reports that Russian regulators
are preparing a rescue package that would allow them to intervene
to save Otkritie, the country's largest privately held lender, if
it succumbs to a growing liquidity crisis.

Otkritie has lost RUR611 billion (US$10.4 billion) in deposits --
20% of its balance sheet -- in the last two months, the FT
discloses.

According to the FT, if the central bank did have to intervene, it
would mark the first time one of the 10 Russian banks listed as
"systemically important" had failed.

The country introduced a "bail-in" regime in May that allows the
central bank to take control of a failing bank through a newly
created fund and impose losses on its investors and creditors, the
FT recounts.

Four bankers familiar with the plans said the central bank has not
decided whether to act, but if it did, it would likely place
Otkritie under temporary administration and take control of it
through the fund, the FT notes.

Otkritie's founder Vadim Belayev said the bank is not negotiating
with the central bank about relinquishing control to the new fund,
the FT relates.

Three of the bankers said Otkritie had a balance sheet hole
comparable to the one found at the Bank of Moscow in 2011, which
required a US$14 billion bailout, the FT relays.

One of the bankers, as cited by the FT, said Otkritie's financial
problems could require a similar-sized intervention.

Three of the bankers said Otkritie's large shareholders --
including Mr. Belyaev; lender VTB; Lukoil, Russia's second-largest
oil company; and the oligarchs Alexander Nesis and Alexander Mamut
-- do not plan to inject additional funds into the bank, according
to the FT.

The central bank has already financed Otkritie with RUR330 billion
in repo loans and an emergency line of unsecured credit in recent
weeks, the FT states, citing Otrkritie's accounts and people
briefed on the actions.



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


BANCO POPULAR ESPANOL: Bondholders Face Long Wait for CDS Payouts
-----------------------------------------------------------------
Katie Linsell and Tom Beardsworth at Bloomberg News report that
wiped-out Banco Popular Espanol SA bondholders will have to wait
even longer for payouts on credit-default swaps, extending weeks
of wrangling over the handling of the contracts.

The International Swaps & Derivatives Association's Determinations
Committee on Aug. 25 said it will wait for a valuation of what the
Spanish bank's junior creditors may be owed before derivatives
contracts insuring those notes pay out, Bloomberg relates.

European rules require that creditors who take losses following
regulatory intervention must receive at least what they would have
got had the bank been liquidated, Bloomberg discloses.

ISDA said in a statement an assessment of that value, which
regulators are responsible for providing, is expected to be
published soon, Bloomberg notes.

ISDA, as cited by Bloomberg, said outstanding contracts covered a
net US$143 million of Banco Popular's debt as of July 28.  That
compares with about EUR800 million (US$950 million) of Banco
Popular Tier 2 notes that were eliminated in June when the
European Union's Single Resolution Board executed a forced sale of
the lender to Banco Santander SA for EUR1, Bloomberg states.

ISDA's panel decided to trigger Banco Popular swaps on June 9,
Bloomberg relays.  The committee of market participants has since
met 10 times to discuss how to pay credit-default swap holders and
plan another meeting in a month's time, Bloomberg states.

The delay highlights how the swaps market is struggling to keep
pace with banking regulators' efforts to shift risk onto investors
from taxpayers, even after the contracts were overhauled in 2014,
Bloomberg notes.

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


FTPYME BANCAJA 3: S&P Affirms 'CCC' Rating on Class D Notes
-----------------------------------------------------------
S&P Global Ratings raised to 'AA- (sf)' from 'BBB+ (sf)' its
credit rating on FTPYME Bancaja 3, Fondo de Titulizacion de
Activos' class C notes. At the same time, S&P has affirmed its
'CCC (sf)' rating on the class D notes.

FTPYME Bancaja 3 is a single-jurisdiction cash flow collateralized
loan obligation (CLO) transaction securitizing a portfolio of
small and midsize enterprise (SME) loans that Caja de Ahorros de
Valencia, Castell¢n y Alicante (merged into Bankia S.A. in
December 2010) originated in Spain. The transaction closed in
October 2004.

CREDIT ANALYSIS

S&P has applied its European SME CLO criteria to assess the
portfolio's average credit quality (see "European SME CLO
Methodology And Assumptions," published on Jan. 10, 2013)." In
S&P's opinion, the credit quality of the portfolio is 'ccc', based
on the following factors:

-- S&P's qualitative originator assessment on Bankia is
    moderate."Spain's Banking Industry Country Risk Assessment
    (BICRA) is 5 (see "Banking Industry Country Risk Assessment
    Update: February 2017," published on Feb. 1, 2017).

-- S&P received only limited information on the credit quality
    of the originator's entire loan book.

-- S&P used our 'ccc' average credit quality assessment of the
    portfolio to generate our 'AAA' scenario default rate (SDR)
    of 86%.

S&P said, "We have calculated the 'B' SDR, based primarily on our
analysis of historical SME performance data and our projections of
the transaction's future performance. We have reviewed the
portfolio's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness. As a result of this analysis, our 'B' SDR is
16%.

"We interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with our European SME CLO criteria."

RECOVERY RATE ANALYSIS

S&P said "At each liability rating level, we assumed a weighted-
average recovery rate (WARR) by taking into consideration, the
asset type (secured/unsecured) and the country recovery grouping
(see table 7 in our European SME CLO criteria) and observed
historical recoveries.

"As a result of this analysis, our WARR assumption in a 'AAA'
rating scenario was 31.50%. The recovery rates at more junior
rating levels were higher (as outlined in our European SME CLO
criteria)."

CASH FLOW ANALYSIS

S&P said, "We used the portfolio balance that the servicer
considered to be performing, the current weighted-average spread,
and the WARRs that we considered to be appropriate. We subjected
the capital structure to various cash flow stress scenarios,
incorporating different default patterns and interest rate curves,
to determine the rating level, based on the available credit
enhancement for each class of notes under our European SME CLO
criteria."

COUNTRY RISK

S&P's foreign currency long-term sovereign rating on the Kingdom
of Spain is 'BBB+'.

S&P said, "The results of our credit and cash flow analysis
indicate that the class C notes have sufficient credit enhancement
to withstand higher defaults, and are able to pass the severe
sovereign default stress test in our structured finance ratings
above the sovereign (RAS) criteria (see "Ratings Above The
Sovereign - Structured Finance: Methodology And Assumptions,"
published on Aug. 8, 2016). Under these criteria, we can rate a
securitization up to four notches above our foreign currency
rating on the sovereign if the tranche can withstand severe
stresses. Taking into account the results of our credit and cash
flow analysis and the application of our RAS criteria, we have
raised to 'AA- (sf)' from 'BBB+ (sf)' our rating on the class C
notes.

"Our analysis indicates that the available credit enhancement for
the class D notes is commensurate with the currently assigned
rating. We have therefore affirmed our 'CCC (sf)' rating on this
class of notes."

RATINGS LIST

  Class              Rating
            To                 From

  FTPYME Bancaja 3, Fondo de Titulizacion de Activos
   EUR900 Million Floating-Rate Notes

  Rating Raised

  C           AA- (sf)           BBB+ (sf)

  Rating Affirmed

  D           CCC (sf)



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


FASTIGHETS AB: S&P Rates EUR350MM Subordinated Notes 'BB+'
----------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' long-term
issue rating to the EUR350 million notes maturing in 2078 issued
by Fastighets AB Balder (BBB/Stable/--). The notes are optionally
deferrable, subordinated hybrids.

Balder plans to use the proceeds to replace its existing
preference shares.

S&P said, "We classify the notes as having intermediate equity
content until their first call dates in 2023. This is because they
meet our criteria in terms of their subordination, permanence, and
optional deferability during this period (see "Hybrid Capital
Handbook: September 2008 Edition," published on Sept. 15, 2008, on
RatingsDirect).

"Consequently, in our calculation of Balder's credit ratios, we
will treat 50% of the principal outstanding and accrued interest
under the hybrids as equity rather than debt. We will also treat
50% of the related payments on these notes as equivalent to a
common dividend. Both treatments are in line with our hybrid
capital criteria."

S&P arrive at its 'BB+' issue rating on the notes by deducting two
notches from its 'BBB' long-term rating on Balder, specifically:

-- One notch for the subordination of the notes, because the
    rating on Balder is investment grade (that is, 'BBB-' or
    above); and

-- An additional notch for payment flexibility to reflect that
    the deferral of interest is optional.

S&P said, "We deduct one notch only because we consider that there
is a relatively low likelihood that Balder will defer interest
payments. Should our view on this likelihood change, we may
significantly increase the number of notches we deduct to derive
the issue rating."


SAGAX AB: Moody's Assigns First-Time Ba1 CFR, Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to AB Sagax, a Stockholm-based commercial real
estate company. The outlook on the rating is positive.

"Sagax's Ba1 rating reflects its strong market position in the
warehouse and light industrial sector in Sweden and Finland, and
an experienced management team with a good track record and
commitment to a financial policy that will further strengthen the
company's credit profile" says Ramzi Kattan, a Moody's VP - Senior
Analyst and lead analyst for Sagax.

RATINGS RATIONALE

Sagax's Ba1 corporate family rating (CFR) reflects the company's
leading market position in the Nordic warehouse and light
industrial real estate sector. The company's well-executed
business model focused on diversified, long dated rental cash
flows from credit-worthy tenants is a key strength that underpins
the portfolio's stability. The company is a disciplined and
opportunistic buyer that can grow through value accretive
acquisitions in the various countries where it operates, and
enjoys good access to debt and equity capital. Other strengths
include moderate leverage as measured by net debt/EBITDA compared
to many European real estate peers, and a strong fixed charge
coverage. Favourable macro-economic and property market
fundamentals will sustain the company's cash flows and values.

Counterbalancing these strengths is a short-dated debt maturity
profile of around three years and a 65% reliance on secured
lending in its funding mix. Moody's expects the company's limited
unencumbered asset pool to grow as it increases unsecured bond
issuance. The company operates in a relatively less liquid and
less transparent sector of the property market. The limited
alternative use for some of the company's properties, especially
outside major urban areas, is a potential long-term risk.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that in the next
12 to 18 months the company will focus on a financial policy that
will lead to lower leverage and also increase reliance on
unsecured lending leading to an expansion of unencumbered assets.
The outlook also incorporates Moody's expectation that the company
will continue to generate stable cash flows and maintain good
liquidity while keeping high occupancy levels, a long-dated lease
maturity profile, and a balanced growth strategy. The outlook also
reflects a favourable operating environment.

FACTORS THAT COULD LEAD TO AN UPGRADE

The company could be upgraded if it brings its leverage ratios in
line with its recently updated financial policy such that:

-- leverage is below 50% from its current 53.9% level as
    measured by Moody's-adjusted gross debt/assets, and
    maintaining financial policies that support the lower
    leverage

-- Sustaining Moody's net debt/EBITDA ratio below 8x from its
    current 8.7x level, and maintaining a long average lease term
    to maturity

An upgrade will also require:

-- Sustaining Moody's Fixed charge coverage ratio above 3x from
    its current 3.2x level

-- Improving the debt maturity profile and more reliance on
    senior unsecured lending leading to an increase in
    unencumbered assets

FACTORS THAT COULD LEAD TO A DOWNGRADE

-- Moody's-adjusted gross debt/assets sustained above 55%

-- Fixed charge coverage ratio sustained below 2.25x

-- Moody's net debt/EBITDA ratio persistently above 10x

-- Failure to maintain an adequate debt maturity profile or a
    balanced funding mix

-- Excessive use of short-term commercial paper funding,
    especially if it is no longer fully backed by longer-dated
    committed undrawn credit facilities

PRINCIPAL METHODOLOGY

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



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


CABOT FINANCIAL: S&P Affirms 'B+' CCR on Proposed Refinancing
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term counterparty credit
rating on U.K.-based debt collection company Cabot Financial Ltd.
The outlook is stable.

S&P said, "At the same time, we affirmed our 'B+' issue rating on
the group's senior secured notes issued by Cabot Financial
(Luxembourg) S.A., and Cabot Financial (Luxembourg) II S.A. The
recovery rating remains at '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate 55%) in the event
of a payment default."

Cabot's newly created asset-backed loan facility, proposed
acquisition, and refinancing plans do not affect S&P's ratings or
the group's financial risk profile. This reflects S&P's view that
the transactions will lead to an incremental increase in debt and
a modest reduction in the company's interest expense on the back
of lower debt repayments. These expected changes to Cabot's credit
metrics remain in line with its current expectations, namely:

-- Gross debt to S&P Global Ratings-adjusted EBITDA of 4x-5x
   (adjusted EBITDA is gross of portfolio amortization);

-- Funds from operations (FFO) to total debt of 12%-20%; and

-- Adjusted EBITDA coverage of interest expense of 3x-6x.

S&P said, "In our base-case scenario, we assume these metrics will
remain within these ranges over our one-year outlook horizon. We
believe Wescot has the potential to complement Cabot's position in
the U.K. As a debt-collection agency, we expect that, over time,
Wescot will help Cabot's revenue profile become more in line with
the average for its peer group. However, the concentration of
Cabot's revenue in the U.K. will remain broadly unchanged.

"Although we believe that Cabot's available liquidity and the
tenor of its debt support its ambitions to continue expanding into
mainland Europe, we expect the pace of this will be gradual. We
therefore expect the company will continue to seek growth
opportunities, in particular through bolt-on acquisitions of
smaller servicers. However, we do not believe this will have a
material impact on our business risk or financial risk profile
assessments over the next year.

"Our forward-looking analysis of the company's financial risk
profile applies a 20% weight to year-end 2016 results and a 40%
weight to year-end projections for both 2017 and 2018."

In February 2017, Cabot's owners announced their intention to exit
the company through a potential IPO. S&P's analysis does not
factor in any impact on Cabot's financial risk profile from the
potential IPO.

S&P said, "The stable outlook reflects our expectation that
Cabot's leverage and debt-servicing metrics will remain in line
with our current assessment. This reflects our base-case scenario,
which is predicated on an increase in Cabot's earnings capacity,
continued growth in total collections, and no material increase in
debt."

S&P could lower the rating if Cabot was unable to maintain
stronger credit ratios. Such a scenario could unfold if we saw
signs that Cabot was returning to a more aggressive financial
policy by, for example, raising additional debt to fund a large
acquisition. Specifically, S&P could lower the rating if Cabot's
leverage or debt-service metrics were weaker than those
commensurate with an aggressive financial risk profile, namely:

-- A ratio of gross debt to adjusted EBITDA above 5x; FFO to
    gross debt lower than 12%; or

-- Adjusted EBITDA coverage of gross cash interest expenses
    below 2x.

S&P said, "We could also lower the rating if we observed material
declines in total collections, or an unanticipated rise in costs
that leads to a reduction in the group's earnings capacity.

"Given Cabot's current ownership structure and business
concentrations, we consider an upgrade unlikely at present. We
could consider raising the rating if Cabot deleveraged
significantly more than we currently expect. We could also raise
the rating if Cabot established diverse geographic and business
revenue streams, thereby reducing concentrations and, in turn, the
inherent regulatory and operational risks of operating solely in
the U.K."


ENTU PLC: Board Intends to Appoint Administrators
-------------------------------------------------
The Board Board of Entu (UK) plc, on August 25, 2017, has
concluded that the Company's holding company is no longer able to
continue trading as a going concern while pursuing a sale of the
business and has filed notice of intention to appoint
administrators to the Company.

On August 24, 2017, Entu's ordinary shares were suspended from
trading pending clarification of its financial position.

Unless financial circumstances change, and in accordance with
statutory requirements, the Board intend to appoint administrators
within 10 business days.  The secured creditor can, however,
appoint administrators without the requirement for notice.

The Company will make further announcements in due course.

Entu (UK) PLC is engaged in the sale of replacement windows,
double glazing, entrance doors, patio doors and exterior
improvement products within the United Kingdom.


THOMAS COOK: Fitch Hikes Long-Term IDR to B+, Outlook Stable
------------------------------------------------------------
Fitch Ratings has upgraded Thomas Cook Group Plc's (TCG) Long-Term
Issuer Default Rating to 'B+' from 'B'. The senior unsecured notes
have also been upgraded to 'BB-'/'RR3' from 'B+'/'RR3' for both
TCG and Thomas Cook Group Finance plc. The Outlook is now Stable
(previously Positive).

The upgrade reflects TCG's sustainably improved business profile,
which has demonstrated increasing resilience to external events
over the years. This together with the group's focus on cutting
costs and improving operating margins has helped to strengthen the
business model, while the efforts made to turn around the German
airlines business are now becoming evident, resulting in an
overall improved credit profile. TCG has demonstrated a strong
commitment to generating positive free cash flow and to reducing
leverage, resulting in enhanced financial flexibility and limited
refinancing risks consistent with a higher rating.

KEY RATING DRIVERS

More Robust Business Model: Fitch expects TCG to improve its EBIT
margin towards 4% on a sustained basis by the financial year
ending September 2018 (FY18), reaching 4.5% by FY20. Such profit
margin would be comparable to pre-2008 levels (4.2%), despite the
level of competition from other tour operators (some online). The
improvement is due to continuing efforts to strengthen the group's
business profile, cut costs, improve its product offering and
diversify its customer base resulting in enhanced competitiveness.
The group is also expanding geographically under its partnership
with Fosun into China.

Increasing Resilience: TCG benefits from a strong and trusted
brand and is the world's second-largest tour operator. The ratings
reflect the high risk inherent in the tour operator sector, but
the group has consistently demonstrated its flexibility in coping
with external shocks and high competition.

Brexit Uncertainty Mitigated by Diversification: TCG has also
demonstrated revenue resilience since the UK's vote to leave the
EU, with bookings continuing to grow. Some uncertainties regarding
future demand remain, but reported like-for-like (LfL) sales
continued to increase by 11% in the UK in Q3FY17. In Fitch
forecasts case Fitch assumes LfL sales growth in the UK will fall
to 8% in FY17, and then reducing sequentially to 1% by FY19.

TCG's diversity of end destinations has been a differentiating
factor, with some customers now buying more "value" options, as
seen with a return to growth for Turkey and Egypt. It has
increased its diversification of source markets while the UK
business contributes only about one third to the group's operating
profit. Given that TCG does not hedge profits in euros and Swedish
krona, the group's profit can benefit from the depreciation of the
pound given roughly two-thirds of revenue is earned elsewhere.

Condor Turnaround Materialising: Management recently announced an
action plan to turn around the German airlines business, and its
benefits were finally seen in Q3FY17 results, showing a GBP16
million improvement in underlying EBIT on the previous year. Fitch
now forecast that the division will have a neutral operating EBIT
in FY17, before returning to profitability from FY18 onwards. The
group has also benefited from the difficult operating environment
for other airlines in Germany, reducing capacity in this market.
However, Fitch remains cautious on the future profitability of
this division, and forecast EBIT to remain significantly below
historical levels during the rating horizon.

In addition, the other airlines operated by the group are
performing reasonably well as they benefit from a much larger
proportion of seats loaded by TCG's tour operator business.

Exposure to External Risks: As a tour operator, TCG's business
remains vulnerable to a high level of risks and events, most
notably geopolitical events, macroeconomic pressure and changing
weather patterns. These underlying risks are reflected in the 'B'
category rating. Fitch expects TCG to continue to increase its
flexibility to respond to such developments, which together with
increased diversification of source markets and destinations,
should help mitigate their impact, underlying the improvement in
the business risk profile.

Steady Cash-Flow Generation: Fitch expects funds from operations
(FFO) as a percentage of revenue to improve to 4.6% by FY19,
recovering after past one-off and other costs associated with the
NUMO programme. Management is introducing a modest dividend policy
linked to earnings performance. However, Fitch expects its FCF
margin to remain positive, growing towards 2% of revenues over the
rating horizon, having averaged just over 1% between 2013 and
2016. TCG's FCF capability is above the rating median for peers at
the 'B' rating level and strong relative to airline peers.

High Seasonality: Working capital is highly seasonal and typically
increases in the first quarter of the company's financial year
(between October and December) when TCG pays its hotels and other
suppliers after the busy summer season. Given the September year-
end, cash balances typically build up during the third and fourth
quarters and are paid out in the first quarter of the following
financial year.

Commitment to Deleveraging: Fitch forecasts that FFO adjusted
leverage will fall towards 4.9x in FY18 and 4.7x by FY19 (from
5.7x at FYE16), which is below Fitch sensitivity guidance for an
upgrade, more in line with a 'B+' IDR. In addition, TCG's
deleveraging capacity benefits from the group's strong FCF
generating ability and management's focus on maintaining a more
conservative balance sheet policy.

DERIVATION SUMMARY

TCG is the second-largest tour operator in the world, behind TUI
AG based on revenues. It is less geographically diverse than TUI,
with group EBITDA margin of 6.6% behind TUI's 7.9%, due to TUI
having a more diverse product base including cruise ships. TCG's
FFO adjusted gross leverage is also about 1.0x higher than TUI's.
TCG's operating margin is lower than Expedia Inc's (BBB-/Stable)
or hotel operators. Moreover, TCG's business risk is higher than
an internet or a hotel operator due to the necessity to
efficiently manage its cost base (fuel costs, FX because of its
own fleet of aircraft) and seasonality during the year. However,
TCG's business risk is much lower than airline companies' thanks
to its flexible model (more asset-light than an airline company,
flexibility in reducing capacity, re-routing customers and a
multi-channel operator).

KEY ASSUMPTIONS

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

- revenue of about GBP8.7 billion in FY17, followed by low
   single digit like-for-like growth thereafter;

- EBIT margin of about 3.7% in FY17, improving towards 4.5% in
   FY20;

- capex about GBP200 million per annum;

- Cash outflows from dividends continuing annually, targeting
   roughly 30% of profits after tax;

- FCF margin of about 1% in FY17 increasing towards 2%
   thereafter;

- reduction of fixed-term debt by a further GBP200 million by
   FY18, achieved through part redemption of the 2021 notes,
   possibly offset by additional drawings under the RCF in the
   future.

Key Recovery Assumptions:

- Fitch recovery analysis assumes that TCG would be treated as a
   going concern in a restructuring and that the company would be
   reorganised rather than liquidated. Fitch has assumed a 10%
   administrative claim.

- TCG's going-concern EBITDA is based on 2016 EBITDA of EUR512
   million, to which Fitch apply a 25% discount. Given the going
   concern assumption, Fitch also deduct the present value of
   finance leases payable at FY16 of GBP42m as well as interest
   payable of GBP16 million.

- After these deductions, Fitch arrives at an estimated post-
   restructuring EBITDA available to creditors of EUR326 million.

- Fitch then apply a conservative distressed EV/EBITDA multiple
   of 4.5x, resulting in an EV of GBP1,467 million.

- In terms of distribution of value, unsecured debtholders
   (including bonds and pension obligations) would recover 63% in
   the event of default consistent with an 'RR3' and an
   instrument rating of 'BB-', one notch above the assigned IDR.

RATING SENSITIVITIES

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

- Continued improvements in business model, and profit
   resilience resulting in EBIT margin remaining above 5% on a
   sustained basis, and continuing positive FCF margin

- Maintenance of conservative capital allocation policy
   reflected in FFO lease adjusted gross leverage (including
   additional GBP200 million RCF drawing) falling consistently
   below 4.0x

- A reduction in overall interest expenses and enhanced
   profitability leading to FFO fixed charge coverage rising to
   above 2.5x on a sustained basis

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

- Competitive pressures or deterioration in airlines
   profitability resulting in EBIT margins remaining continually
   below 4%

- FFO-adjusted gross leverage remaining above 5.0x on a
   sustained basis

- Weakening financial flexibility measured as FFO fixed charge
   cover staying below 2.0x on a sustained basis or liquidity
   headroom below GBP250 million

LIQUIDITY
Adequate Liquidity: At FYE16, TCG had sufficient liquidity,
comprising GBP212 million of readily available cash (Fitch views
GBP1 billion as restricted for seasonal working-capital purposes
and also cash pooling balances) and GBP481 million undrawn under
its revolving credit facility, comfortably above the minimum
threshold of GBP250 million that Fitch expects TCG to maintain at
any given time. The next material debt maturity is the GBP800
million credit facility due 2019, and Fitch expects refinance risk
to be manageable.

Management has stated its intention to reduce fixed-term debt by
GBP300 million by FY18, of which GBP100 million has been repaid so
far, ultimately improving the group's debt maturity profile as
well as reducing interest expense.



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


* BOND PRICING: For the Week August 21 to August 25, 2017
---------------------------------------------------------

Issuer                  Coupon   Maturity  Currency  Price
------                  ------   --------  --------  -----
Air Berlin PLC           8.25   4/19/2018  EUR       9.09
New Look Secured Issu    6.50    7/1/2022  GBP      67.68
Air Berlin PLC           6.75    5/9/2019  EUR       8.87
Air Berlin PLC           5.63    5/9/2019  CHF       8.89
Agrokor dd               9.88    5/1/2019  EUR      28.14
New Look Senior Issue    8.00    7/1/2023  GBP      49.43
New Look Secured Issu    4.50    7/1/2022  EUR      63.64
Co-Operative Bank PLC   11.00  12/20/2023  GBP      46.51
Ensco PLC                5.20   3/15/2025  USD      74.10
Ensco PLC                4.50   10/1/2024  USD      72.08
Intelsat Luxembourg S    7.75    6/1/2021  USD      62.29
Ensco PLC                5.75   10/1/2044  USD      63.02
Oi Brasil Holdings Co    5.75   2/10/2022  USD      34.00
Agrokor dd               9.13    2/1/2020  EUR      27.51
Offshore Drilling Hol    8.38   9/20/2020  USD      40.25
Holdikks SAS             6.75   7/15/2021  EUR      60.86
Agrokor dd               8.88    2/1/2020  USD      22.35
Intelsat Luxembourg S    8.13    6/1/2023  USD      59.79
Air Berlin Finance BV    8.50    3/6/2019  EUR      10.63
Mitsubishi UFJ Invest    4.17  12/15/2050  EUR      57.41
Air France-KLM           2.03   2/15/2023  EUR      13.29
CGG SA                   5.88   5/15/2020  EUR      33.88
OAS Investments GmbH     8.25  10/19/2019  USD       5.90
HSH Nordbank AG/Luxem    1.99              EUR      15.64
Ageasfinlux SA           1.02              EUR      59.76
Banca Carige SpA         7.32  12/20/2020  EUR      69.92
Pacific Drilling SA      5.38    6/1/2020  USD      42.06
Frigoglass Finance BV    8.25   5/15/2018  EUR      54.63
Korian SA                2.50              EUR      42.11
Grupo Isolux Corsan S    3.00  12/30/2021  EUR       1.16
Solarworld AG           11.00   2/24/2019  EUR      56.00
CGG SA                   6.50    6/1/2021  USD      34.03
Johnston Press Bond P    8.63    6/1/2019  GBP      68.50
Banca Carige SpA         8.34              EUR      25.00
Portugal Telecom Inte    4.38   3/24/2017  EUR      32.80
Rickmers Holding AG      8.88   6/11/2018  EUR       2.39
Mitsubishi UFJ Invest    3.92  12/30/2099  EUR       7.75
Far East Capital Ltd     8.00    5/2/2018  USD      72.38
Grupo Isolux Corsan S    0.25  12/30/2021  EUR       0.34
Alitalia-Societa' Aer    5.25   7/30/2020  EUR       5.53
CGG SA                   6.88   1/15/2022  USD      32.25
HSH Nordbank AG          7.25              USD      21.01
Rothschilds Continuat    1.69              USD      74.07
Brighthouse Group PLC    7.88   5/15/2018  GBP      70.38
Portugal Telecom Inte    4.50   6/16/2025  EUR      32.99
UkrLandFarming PLC      10.88   3/26/2018  USD      28.50
Air Berlin Finance BV    6.00    3/6/2019  EUR      10.63
WPE International Coo   10.38   9/30/2020  USD      15.80
Santander Internation    2.00              USD      67.97
Norske Skogindustrier    7.00  12/30/2026  EUR       5.38
CGG SA                   1.75    1/1/2020  EUR       1.98
Oi Brasil Holdings Co    5.63   6/22/2021  EUR      33.98
Bibby Offshore Servic    7.50   6/15/2021  GBP      31.50
Portugal Telecom Inte    5.88   4/17/2018  EUR      33.13
Norske Skog Holding A    8.00   2/24/2021  EUR      11.63
Banco Espirito Santo     4.00   1/21/2019  EUR      30.00
Avangardco Investment   10.00  10/29/2018  USD      22.33
Alno AG                  8.50   5/14/2018  EUR       8.75
Privatbank CJSC Via U   10.25   1/23/2018  USD      20.56
BIM SAS                  2.50  11/13/2020  EUR      27.51
Banco Espirito Santo     2.63    5/8/2017  EUR      29.67
Portugal Telecom Inte    6.25   7/26/2016  EUR      32.46
Bourbon Corp             4.70              EUR      48.50
Banca Popolare di Vic    2.82  12/20/2017  EUR       0.59
Co-Operative Bank PLC    8.50    7/1/2025  GBP      46.25
Solarworld AG           11.00   2/24/2019  EUR      59.00
Privatbank CJSC Via U   11.00    2/9/2021  USD       9.67
Mriya Agro Holding PL    9.45   4/19/2018  USD       5.00
Banco Espirito Santo     7.13  11/28/2023  EUR       0.30
Immigon Portfolioabba   10.00              EUR      14.10
Neopost SA               3.38              EUR      59.94
Yuksel Insaat AS         9.50  11/10/2015  USD      20.00
Bilt Paper BV            9.64              USD      26.26
Nexity SA                0.13    1/1/2023  EUR      67.11
NTRP Via Interpipe Lt   10.25    8/2/2017  USD      25.00
Novo Banco SA/Luxembo    3.50    1/2/2043  EUR      65.15
Scholz Holding Gmbh      8.50  12/31/2019  EUR       2.24
Veneto Banca SpA         9.50   12/1/2025  EUR       0.79
Banca Carige SpA         2.77   6/19/2018  EUR      59.25
Banca Popolare di Vic    9.50   9/29/2025  EUR       0.57
BNP Paribas SA           1.15              EUR      74.50
CGG SA                   1.25    1/1/2019  EUR      22.00
Beate Uhse AG            7.75    7/9/2019  EUR      32.00
OGX Austria GmbH         8.50    6/1/2018  USD       0.03
Banco Espirito Santo     4.75   1/15/2018  EUR      28.38
KTG Agrar SE             7.13    6/6/2017  EUR       1.93
Virgolino de Oliveira   10.50   1/28/2018  USD       6.63
Veneto Banca SpA         0.72   9/17/2017  EUR       0.48
Waste Italia SpA        10.50  11/15/2019  EUR       7.50
IMMOFINANZ AG            4.25    3/8/2018  EUR       4.50
3W Power SA              8.00   8/29/2019  EUR      45.00
Cooperatieve Rabobank    0.50  11/26/2021  ZAR      71.21
ADLER Real Estate AG     2.50   7/19/2021  EUR      15.63
Agrokor dd Via Aquari    4.92    8/8/2017  EUR      19.75
Lambay Capital Securi    6.25              GBP       0.03
Eramet                   4.00              EUR      56.69
ATF Capital BV           8.77              USD      73.00
Mobylife Holding A/S     7.25   5/23/2020  SEK      30.63
Pierre & Vacances SA     3.50   10/1/2019  EUR      44.82
Capital Raising GmbH     7.50              EUR      35.67
Allied Irish Banks PL   12.50   6/25/2035  GBP      70.62
Scandinavian Airlines    0.63              CHF      24.55
New World Resources N    8.00    4/7/2020  EUR       5.38
Far East Capital Ltd     8.75    5/2/2020  USD      72.38
Sanha GmbH & Co KG       7.75    6/4/2018  EUR      65.63
Aligera Holding AB pu    5.00    5/7/2019  SEK      31.12
New Look Senior Issue    8.00    7/1/2023  GBP      49.94
Espirito Santo Financ    6.88  10/21/2019  EUR       0.11
International Bank of    6.17   5/10/2017  USD      42.75
New Look Secured Issu    6.50    7/1/2022  GBP      67.91
Orient Express Bank P   12.00   5/29/2019  USD      55.63
Novo Banco SA/Luxembo    3.50   1/23/2043  EUR      65.18
Norske Skogindustrier    7.13  10/15/2033  USD       6.00
Dexia SA                 1.45              EUR       8.29
New World Resources N    4.00   10/7/2020  EUR       0.18
Barclays Bank PLC        2.42   2/25/2031  USD      67.85
Societe Generale SA      0.81              EUR      67.35
Pescanova SA             8.75   2/17/2019  EUR       2.62
Elli Investments Ltd    12.25   6/15/2020  GBP      69.25
Stichting Afwikkeling    6.25  10/26/2020  EUR       3.49
Lehman Brothers UK Ca    5.13              EUR       1.51
Eniro AB                 6.00   4/14/2020  SEK      11.33
Novo Banco SA            3.00   6/21/2022  USD      72.07
Novo Banco SA            5.00   3/15/2022  EUR      75.18
Phones4u Finance PLC     9.50    4/1/2018  GBP      72.50
Royal Bank of Scotlan    1.54  12/30/2030  USD      73.88
Lloyds Bank PLC          0.74   1/31/2033  USD      62.00
Espirito Santo Financ    3.13   12/2/2018  EUR       0.29
Lehman Brothers UK Ca    6.90              USD       2.65
Alno AG                  8.00   3/21/2019  EUR       7.50
OSX 3 Leasing BV        13.00   3/20/2015  USD      33.50
Hybrid Raising GmbH      6.63              EUR      24.03
GNB - Cia de Seguros     3.17              EUR      49.75
Hamon & CIE SA           5.50   1/30/2020  EUR      71.06
Privatbank CJSC Via U   10.88   2/28/2018  USD      20.59
Novo Banco SA            5.00   2/24/2022  EUR      75.08
Afren PLC               11.50    2/1/2016  USD       0.02
Bank Nadra via NDR Fi    8.25   7/31/2018  USD       0.15
Tonon Luxembourg SA      9.25   1/24/2020  USD      11.00
Pescanova SA             5.13   4/20/2017  EUR       2.86
GEWA 5 to 1 GmbH & Co    6.50   3/24/2018  EUR      31.38
Novo Banco SA/Luxembo    3.50   2/19/2043  EUR      65.27
Aralco Finance SA       10.13    5/7/2020  USD       3.00
Credit Lyonnais SACA     0.44              EUR      73.50
Koninklijke Luchtvaar    0.75              CHF      36.50
Fred Olsen Energy ASA    3.89   2/28/2019  NOK      50.33
Rudolf Woehrl AG         6.50   2/12/2018  EUR       5.60
New Look Secured Issu    4.50    7/1/2022  EUR      64.00
Golden Gate AG           6.50  10/11/2014  EUR      56.56
GNB - Cia de Seguros     1.87  12/19/2022  EUR      61.75
Lloyds Bank PLC          2.45  11/27/2033  USD      70.22
Norske Skogindustrier    2.00  12/30/2115  EUR       4.19
Dexia Credit Local SA    1.40              EUR       7.13
Banca Carige SpA         1.67  12/29/2018  EUR      40.00
Praktiker AG             5.88   2/10/2016  EUR       0.21
Klarna Bank AB           5.25              SEK      72.40
Agrokor dd               8.88    2/1/2020  USD      27.09
Vseukrainsky Aktsiner   10.90   6/14/2019  USD       0.54
Lloyds Bank PLC          2.75  12/27/2028  USD      73.76
Novo Banco SA/Luxembo    3.50   3/18/2043  EUR      65.17
BNP Paribas SA           0.69   4/30/2033  USD      58.68
Norske Skog Holding A    8.00   2/24/2023  USD      16.38
Offshore Drilling Hol    8.38   9/20/2020  USD      38.75
Barclays Bank PLC        0.40   5/31/2033  USD      54.00
Virgolino de Oliveira   11.75    2/9/2022  USD       6.92
EDOB Abwicklungs AG      7.50    4/1/2012  EUR       0.72
Kaupthing ehf            7.63   2/28/2015  USD      17.63
Stichting Afwikkeling    1.96              EUR       0.24
Barclays Bank PLC        1.65   4/25/2034  USD      69.25
Mriya Agro Holding PL   10.95   3/30/2016  USD       5.72
Azubu Investments SA     5.00   8/25/2018  EUR      60.00
Deutsche Bank AG/Lond    0.34   3/15/2033  USD      63.00
ESFIL-Espirito Santo     5.25   6/12/2015  EUR       0.39
Barclays Bank PLC        1.94   9/30/2031  USD      69.45
Deutsche Bank AG/Lond    2.84  11/26/2034  USD      67.75
Sequa Petroleum NV       5.00   4/29/2020  USD      70.75
Corporate Commercial     8.25    8/8/2014  USD       0.94
SeaBird Exploration F    6.00   6/30/2020  USD      20.50
Banco Espirito Santo     2.32              EUR       0.27
KTG Agrar SE             7.25  10/15/2019  EUR       2.72
Abanka Vipa DD Via Af    1.57              EUR       1.64
Barclays Bank PLC        2.59   2/28/2034  USD      75.00
Tonon Luxembourg SA     10.50   5/14/2024  USD      40.00
HSBC France SA           1.03              EUR      71.50
Etablissements Maurel    1.63    7/1/2019  EUR      16.18
Norske Skog Holding A    8.00   2/24/2021  EUR      11.63
Lloyds Bank PLC          0.43   2/22/2033  USD      59.38
Havila Shipping ASA      4.82   11/7/2020  NOK      48.75
PNE Wind AG              3.75  10/10/2019  EUR       3.45
LBI HF                   6.10   8/25/2011  USD       9.50
JZ Capital Partners L    6.00   7/30/2021  GBP      11.30
Touax SA                 6.00   7/10/2020  EUR      17.31
Norske Skogindustrier    7.13  10/15/2033  USD       3.79
Deutsche Bank AG/Lond    3.32  10/31/2034  USD      65.67
Alpine Holding GmbH      6.00   5/22/2017  EUR       0.39
OGX Austria GmbH         8.38    4/1/2022  USD       0.03
Manchester Building S    6.75              GBP      17.13
Havila Shipping ASA      5.35   11/7/2020  NOK      69.63
Smart Solutions GmbH     8.00   12/3/2018  EUR      29.13
Decipher Production L   12.50   9/27/2018  USD       1.85
Sidetur Finance BV      10.00   4/20/2016  USD       4.86
City of Kiev Ukraine     8.00   11/6/2015  USD      63.38
Gebr Sanders GmbH & C    8.75  10/22/2018  EUR      28.50
Lloyds Bank PLC          0.24   4/26/2033  USD      59.95
Hellenic Republic Gov    2.09   7/25/2057  EUR      41.50
Veneto Banca SpA         6.95   2/25/2025  EUR       0.60
Barclays Bank PLC        0.55   3/28/2033  USD      61.75
APP International Fin   11.75   10/1/2005  USD       0.56
KPNQwest NV              7.13    6/1/2009  EUR       0.09
Deutsche Agrar Holdin    7.25   9/28/2018  EUR       1.57
Geotech Seismic Servi   12.00  10/16/2019  RUB      64.42
Sazka AS                 9.00   7/12/2021  EUR       0.50
Sairgroup Finance BV     4.38    6/8/2006  EUR      12.50
Cirio Holding Luxembo    6.25   2/16/2004  EUR       0.87
Espirito Santo Financ    9.75  12/19/2025  EUR       1.05
More & More AG           8.13   6/11/2018  EUR      50.00
Abengoa Finance SA       7.75    2/1/2020  USD       2.76
getgoods.de AG           7.75   10/2/2017  EUR       0.15
Orco Property Group S    7.00   11/7/2019  EUR      68.13
Lehman Brothers Treas    6.00   11/2/2035  EUR       8.00
Vneshprombank Ltd via    9.00  11/14/2016  USD       0.40
Cooperatieve Rabobank    0.50   2/26/2029  HUF      58.31
Barclays Bank PLC        1.84   11/1/2031  USD      68.10
Banca Carige SpA         5.70   9/17/2020  EUR      55.01
Far Eastern Shipping    14.75   2/27/2018  RUB      68.19
Laurel GmbH              7.13  11/16/2017  EUR       3.93
Barclays Bank PLC        1.28   3/28/2034  USD      68.14
Barclays Bank PLC        1.54  12/30/2030  USD      71.13
Intelsat Luxembourg S   12.50  11/15/2024  USD      69.83
Pacific Drilling SA      5.38    6/1/2020  USD      40.00
Oi Brasil Holdings Co    5.75   2/10/2022  USD      34.75
Far Eastern Shipping    12.25  11/28/2017  RUB      60.00
Barclays Bank PLC        2.31  12/23/2033  USD      71.60
Ideal Standard Intern   11.75    5/1/2018  EUR       4.63
OGX Austria GmbH         8.50    6/1/2018  USD       0.03
UniCredit Bank Austri    0.19   8/20/2033  EUR      64.92
EFG International AG     0.97              EUR      68.00
Norske Skog Holding A    8.00   2/24/2023  USD      21.75
World Wide Supply AS     7.75   5/26/2017  USD      15.25
BBVA International Pr    1.16              GBP      62.30
Barclays Bank PLC        2.85   5/30/2034  USD      70.90
Orient Express Bank P   13.60    8/9/2018  RUB      68.00
IT Holding Finance SA    9.88  11/15/2012  EUR       2.44
Barclays Bank PLC        0.66   3/21/2033  USD      59.50
Finmek International     7.00   12/3/2004  EUR       5.63
Rena GmbH                8.25   7/11/2018  EUR       9.38
RENE LEZARD Mode GmbH    7.25  11/25/2017  EUR      12.00
Wild Bunch AG            8.00   3/23/2019  EUR      50.05
German Pellets GmbH      7.25  11/27/2019  EUR       0.72
Mox Telecom AG           7.25   11/2/2017  EUR       3.31
MPS Capital Services     4.36   3/14/2024  EUR      40.51
Tonon Luxembourg SA     10.50   5/14/2024  USD      40.00
Enterprise Holdings L    7.00   3/30/2020  EUR       3.33
PA Resources AB          3.00  12/27/2017  NOK       0.16
Rena GmbH                7.00  12/15/2015  EUR       9.38
Stichting Afwikkeling   11.25              EUR       0.53
CBo Territoria           6.00    1/1/2020  EUR       3.96
Barclays Bank PLC        2.03   1/27/2031  USD      69.50
Portigon AG              7.46  12/31/2019  EUR      27.00
Barclays Bank PLC        1.44   8/15/2033  USD      70.72
Northland Resources A    4.00  10/15/2020  USD       0.07
Petrol AD                5.50   1/26/2022  EUR      42.13
Phosphorus Holdco PLC   10.00    4/1/2019  GBP       1.09
Etablissements Maurel    2.75    7/1/2021  EUR      10.56
Barclays Bank PLC        1.70  11/29/2030  USD      69.90
PA Resources AB         13.50    3/3/2016  SEK       0.22
Teksid Aluminum Luxem   11.38   7/15/2011  EUR       0.34
KPNQwest NV             10.00   3/15/2012  EUR       0.08
Pescanova SA             6.75    3/5/2015  EUR       2.91
Cooperatieve Rabobank    0.50  10/30/2043  MXN      12.66
Banco Espirito Santo     6.88   7/15/2016  EUR      29.67
Barclays Bank PLC        1.33   6/17/2033  USD      63.75
Agrokor dd               9.13    2/1/2020  EUR      27.68
Barclays Bank PLC        3.81   9/13/2028  USD      71.00
Belfius Bank SA/NV       1.62              FRF      69.63
Waste Italia SpA        10.50  11/15/2019  EUR       7.50
Afren PLC                6.63   12/9/2020  USD       0.01
Barclays Bank PLC        1.87   7/28/2031  USD      74.20
Kaupthing ehf            5.75   10/4/2011  USD      17.63
Royal Bank of Scotlan    1.50  12/13/2028  USD      65.69
Lehman Brothers UK Ca    5.75              EUR       2.75
A-TEC Industries AG      2.75   5/10/2014  EUR       0.63
Lehman Brothers Treas    7.25   10/5/2035  EUR       9.63
Dannemora Mineral AB    11.75   3/22/2016  USD       0.28
CGG SA                   6.50    6/1/2021  USD      34.38
German Pellets GmbH      7.25    7/9/2018  EUR       1.56
International Industr   11.00   2/19/2013  USD       0.22
Barclays Bank PLC        0.48   4/19/2033  USD      59.00
Lehman Brothers Treas    8.25   3/16/2035  EUR       8.00
Tatfondbank OAO via T    8.50  11/12/2019  USD       0.13
DOF ASA                  7.82   9/12/2019  NOK      40.00
Steilmann SE             7.00    3/9/2017  EUR       1.81
Northland Resources A   15.00   7/15/2019  USD       0.32
Bulgaria Steel Financ   12.00    5/4/2013  EUR       4.31
Frey                     6.00  11/15/2022  EUR      23.00
Hellas Telecommunicat    8.50  10/15/2013  EUR       0.72
Barclays Bank PLC        3.87   4/16/2029  USD      70.21
Sibur Holding PAO        9.65   7/22/2026  RUB      62.12
HSH Nordbank AG          2.30    2/1/2036  EUR      70.31
Steilmann SE             7.00   9/23/2018  EUR       1.81
Transneft PJSC           9.30   8/25/2026  RUB      63.01
Cooperatieve Rabobank    0.50   7/30/2043  MXN      12.89
Lloyds Bank PLC          1.95   7/29/2033  USD      70.00
Bank Norwegian AS        6.12              NOK      68.91
OGX Austria GmbH         8.38    4/1/2022  USD       0.03
Breeze Finance SA        6.71   4/19/2027  EUR      29.05
Barclays Bank PLC        2.82   9/29/2034  USD      74.25
Agrokor dd               9.88    5/1/2019  EUR      28.01
Virgolino de Oliveira   10.88   1/13/2020  USD      26.38
UniCredit Bank Austri    0.17  12/31/2031  EUR      67.31
Veneto Banca SpA         6.94   5/15/2025  EUR       0.39
Cirio Finanziaria SpA    8.00  12/21/2005  EUR       0.65
Rosneft Oil Co PJSC     10.90  11/28/2024  RUB      64.01
Popular Capital SA       4.00              EUR       2.76
FPK OAO                  9.95    6/4/2026  RUB     102.25
Windreich GmbH           6.50   7/15/2016  EUR      11.00
Stroika Finance Ltd V    9.90   6/25/2019  RUB      10.00
Nationwide Building S    0.78              GBP      74.00
OAS Investments GmbH     8.25  10/19/2019  USD       5.25
Grupo Isolux Corsan S    0.25  12/30/2018  EUR       0.80
Cirio Del Monte NV       7.75   3/14/2005  EUR       1.47
Santander Finance Cap    2.00              EUR      27.13
Johnston Press Bond P    8.63    6/1/2019  GBP      68.50
Deutsche Bank AG/Lond    0.49   1/31/2033  USD      61.10
Rem Offshore ASA         5.00   12/8/2024  NOK      30.00
Norske Skogindustrier    7.00  12/30/2026  EUR       5.38
Mifa Mitteldeutsche F    7.50   8/12/2018  EUR       2.26
Banco Pinto & Sotto M    0.64              EUR      33.35
Cirio Finance Luxembo    7.50   11/3/2002  EUR       4.69
Deutsche Bank AG/Lond    1.85   8/28/2034  USD      62.25
3W Power SA              5.50  11/11/2020  EUR      30.00
Del Monte Finance Lux    6.63   5/24/2006  EUR       5.30
Hamburgische Landesba    0.05   1/22/2041  EUR      62.57
Dexia Kommunalbank De    5.63  12/31/2017  EUR      13.13
Manchester Building S    8.00              GBP      25.25
Enterprise Holdings L    7.00   9/26/2017  EUR       3.33
Assystem                 4.50              EUR      34.06
Banco BPI SA             1.78              EUR
Lehman Brothers Treas    7.00   5/17/2035  EUR       8.00
Royal Bank of Scotlan    1.84   8/26/2031  USD      71.25
Delamare Finance PLC     1.50   2/19/2029  GBP      63.41
Veneto Banca SpA         1.67   5/15/2019  EUR       0.47
Alpine Holding GmbH      5.25    7/1/2015  EUR       0.36
Barclays Bank PLC        2.57   3/21/2031  USD      66.19
Royal Bank of Scotlan    1.42  11/16/2030  USD      70.50
Lehman Brothers Treas    6.00   2/15/2035  EUR       8.00
SAG Solarstrom AG        7.50   7/10/2017  EUR      33.63
Oceanic Champion AS      8.00   2/20/2020  USD      74.71
CNP Assurances           2.00              EUR      74.00
Kaupthing ehf            5.75   10/4/2011  USD      17.63
Steilmann SE             6.75   6/27/2017  EUR       5.38
CRC Breeze Finance SA    6.11    5/8/2026  EUR      56.00
German Pellets GmbH      7.25    4/1/2016  EUR       1.07
Barclays Bank PLC        1.80   7/24/2028  USD      72.00
Solon SE                 1.38   12/6/2012  EUR       0.33
Electromagnetic Geose    6.86   6/27/2019  NOK      70.13
International Finance    0.50   6/24/2024  ZAR      54.68
Sairgroup Finance BV     6.63   10/6/2010  EUR      12.75
Banco Pastor SAU         2.07              EUR       0.99
Finance and Credit Ba    9.25   1/25/2019  USD       0.56
Lloyds Bank PLC          2.77   7/26/2033  USD      67.75
State of Berlin Germa    0.50   6/19/2047  EUR      75.09
A-TEC Industries AG      5.75   11/2/2010  EUR       0.81
Rosneft Oil Co PJSC     11.40   12/3/2020  RUB      62.01
KPNQwest NV              8.88    2/1/2008  EUR       0.07
Artea                    6.00    8/4/2019  EUR      14.64
Tikehau Capital SCA      1.63    1/1/2022  EUR
Barclays Bank PLC        1.54  12/30/2030  USD      66.00
Barclays Bank PLC        1.87   7/28/2034  USD      65.65
Uppfinnaren 1 AB        10.00              SEK      63.76
Lehman Brothers Treas    5.00   9/22/2014  EUR       8.00
Abengoa Finance SA       7.75    2/1/2020  USD       2.76
CGG SA                   6.88   1/15/2022  USD      34.88
Portugal Telecom Inte    5.24   11/6/2017  EUR      33.00
Bibby Offshore Servic    7.50   6/15/2021  GBP      31.50
Banco Espirito Santo     1.22   5/27/2018  EUR       2.83
Virgolino de Oliveira   10.50   1/28/2018  USD       6.63
Mriya Agro Holding PL    9.45   4/19/2018  USD       6.50
Municipality Finance     0.50   6/19/2024  ZAR      56.44
SiC Processing GmbH      7.13    3/1/2016  EUR       2.70
Lehman Brothers Treas    5.00   2/16/2015  EUR       8.00
Accentro Real Estate     6.25   3/27/2019  EUR       7.20
Stichting Afwikkeling    2.42              EUR       0.53
Svensk Exportkredit A    0.50   6/29/2029  AUD      62.49
Agroton Public Ltd       6.00   7/14/2019  USD      14.75
Governo Portugues Con    2.75              EUR      65.00
IVG Immobilien AG        5.50              EUR       2.13
Heta Asset Resolution    0.43  12/31/2023  EUR      36.63
Svensk Exportkredit A    0.50   8/29/2029  AUD      63.76
UniCredit Bank Austri    0.15  12/27/2031  EUR      67.10
SAG Solarstrom AG        6.25  12/14/2015  EUR      33.63
Svensk Exportkredit A    0.50   4/24/2029  AUD      62.75
Petromena ASA           10.85  11/19/2017  USD       0.61
Talvivaara Mining Co     4.00  12/16/2015  EUR       1.29
Banca del Monte di Lu    2.43   6/29/2020  EUR      55.75
KPNQwest NV              8.13    6/1/2009  USD       0.08
A-TEC Industries AG      8.75  10/27/2014  EUR       0.98
Agrokompleks OOO         0.10   7/29/2019  RUB       4.05
DEMIRE Real Estate AG    6.00  12/30/2018  EUR       3.60
ADLER Real Estate AG     6.00  12/27/2018  EUR      14.00
CGG SA                   5.88   5/15/2020  EUR      33.88
Afren PLC               10.25    4/8/2019  USD       0.01
Windreich GmbH           6.50    3/1/2015  EUR      11.00
Region of Abruzzo Ita    0.13   11/7/2036  EUR      61.54
MS Deutschland Beteil    6.88  12/18/2017  EUR       5.51
Banco Comercial Portu    5.00              EUR      61.00
Credit Bank of Moscow    9.15   7/10/2019  RUB      59.59
Banca Meridiana          1.25  11/12/2017  EUR       1.00
Alpine Holding GmbH      5.25   6/10/2016  EUR       0.36
Intelsat Luxembourg S   12.50  11/15/2024  USD      68.47
Lloyds Bank PLC          2.38    7/5/2033  USD      66.00
Municipality Finance     0.50    5/8/2029  AUD      62.70
Landesbank Hessen-Thu    0.09   4/23/2041  EUR      71.23
Golden Energy Offshor    5.00  12/31/2017  NOK      45.63
Holdikks SAS             6.75   7/15/2021  EUR      61.00
Rosneft Oil Co PJSC     14.90   12/3/2020  RUB      63.23
Landesbank Hessen-Thu    0.08    5/3/2041  EUR      66.35
New World Resources N    4.00   10/7/2020  EUR       0.18
Banco Espirito Santo    10.00   12/6/2021  EUR       0.30
Espirito Santo Financ    5.05  11/15/2025  EUR       0.12
UniCredit Bank Austri    0.02   1/25/2031  EUR      69.87
Municipality Finance     0.50   4/26/2022  ZAR      67.84
Svensk Exportkredit A    0.50   6/28/2022  ZAR      66.73
Bank Nederlandse Geme    0.50    6/7/2022  ZAR      67.11
Rosbank PJSC            10.40   5/27/2026  RUB      61.33
Hamburgische Landesba    0.05  10/30/2040  EUR      64.20
BLT Finance BV          12.00   2/10/2015  USD      10.50
AKB Peresvet ZAO        13.00   10/7/2017  RUB      61.74
BNP Paribas SA           0.50   9/29/2029  AUD      61.87
Minicentrales Dos SA     6.45   4/14/2028  EUR      65.75
BNP Paribas SA           0.50   7/20/2021  BRL      67.99
Societe Generale SA      2.26  10/31/2033  USD      74.00
Rosbank PJSC             7.50   10/7/2024  RUB      60.35
Barclays Bank PLC        1.94   9/30/2031  USD      60.59
Ideal Standard Intern   11.75    5/1/2018  EUR       4.63
Atari SA                 7.50   2/17/2020  EUR       0.42
Europlan Leasing Co     11.50   8/23/2021  RUB      60.54
Kaupthing ehf            9.00              USD       0.13
Deutsche Bank AG/Lond    1.94   6/30/2034  USD      57.77
Afren PLC               11.50    2/1/2016  USD       0.02
Agentstvo po Ipotechn    8.80   2/15/2020  RUB      65.37
Freight One JSC         11.80  10/23/2025  RUB      65.56
Grupo Isolux Corsan S    3.00  12/30/2021  USD       1.16
Elli Investments Ltd    12.25   6/15/2020  GBP      69.25
Bilt Paper BV            9.64              USD      27.63
Santander Finance Cap    2.00              EUR      27.42
SAir Group               0.13    7/7/2005  CHF      14.75
Norske Skogindustrier    2.00  12/30/2115  EUR       4.19
Kommunalbanken AS        0.50   5/27/2022  ZAR      68.48
UniCredit Bank AG        0.37  11/19/2029  EUR      63.75
MPS Capital Services     3.76   3/30/2022  EUR      50.19
Barclays Bank PLC        0.50   4/24/2023  MXN      61.64
Cooperatieve Rabobank    0.50   1/31/2033  MXN      27.64
Lehman Brothers Treas    5.55   3/12/2015  EUR       3.92
Kaupthing ehf            5.25   7/18/2017  BGN      17.63
Santander Finance Cap    2.00              USD      58.91
wige MEDIA AG            6.00   3/17/2019  EUR       3.20
Minicentrales Dos SA     4.81  11/29/2034  EUR      65.75
Tonon Luxembourg SA      9.25   1/24/2020  USD      11.00
New World Resources N    8.00    4/7/2020  EUR       5.38
AKB Peresvet ZAO        13.50  10/16/2020  RUB      20.16
Lehman Brothers Treas    5.00   2/27/2014  EUR       8.00
Vorarlberger Landes-     5.87              EUR      45.68
Oi Brasil Holdings Co    5.63   6/22/2021  EUR      34.00
DekaBank Deutsche Gir    3.40    4/9/2018  EUR      52.97
UkrLandFarming PLC      10.88   3/26/2018  USD      29.25
Burovoya Kompaniya Eu   10.25   6/21/2019  RUB     103.10
Societe Generale SA      0.57   2/28/2033  USD      70.24
Afren PLC               10.25    4/8/2019  USD       0.01
Banca Popolare di Vic    9.50   10/2/2025  EUR       0.19
Lehman Brothers Treas    6.00   3/18/2015  USD       8.00
Rosbank PJSC             9.80  12/20/2026  RUB     102.71
State of Rhineland-Pa    0.60  10/24/2046  EUR      74.85
Depfa Funding II LP      6.50              EUR      56.88
Espirito Santo Financ    5.13   5/30/2016  EUR       0.28
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
SUEK Finance OOO        12.50   8/19/2025  RUB      98.26
Cattles Ltd              7.13    7/5/2017  GBP       0.51
Fonciere Volta SA        4.50   7/30/2020  EUR       2.54
Rostelecom PJSC          9.20   9/10/2026  RUB      64.10
Muehl Product & Servi    6.75   3/10/2005  DEM       2.40
Rosbank PJSC             9.80  12/20/2026  RUB      62.07
Far East Capital Ltd     8.00    5/2/2018  USD      71.26
Afren PLC                6.63   12/9/2020  USD       0.01
Brighthouse Group PLC    7.88   5/15/2018  GBP      70.38
Lehman Brothers Treas    5.10    5/8/2017  HKD       9.63
Depfa Funding IV LP      1.54              EUR      56.00
Aralco Finance SA       10.13    5/7/2020  USD       2.65
SUEK Finance OOO        12.50   8/19/2025  RUB      99.14
Marine Subsea AS         9.00  12/16/2019  USD       0.39
Societe Generale SA      1.60    1/9/2020  GBP       1.12
United Engine Corp JS    8.00   4/24/2020  RUB      70.31
Kamaz PJSC              11.24   7/18/2030  RUB      60.00
Barclays Bank PLC        2.28   8/31/2031  USD      68.85
Region of Molise Ital    0.13  12/15/2033  EUR      66.65
Privatbank CJSC Via U   10.88   2/28/2018  USD      20.88
Heta Asset Resolution    4.35  12/31/2023  EUR      36.63
Oberbank Hybrid 1 Gmb    0.87              EUR      48.58
Alpha Bank AE            2.50   6/20/2022  EUR      39.69
State of Saxony-Anhal    0.65    7/3/2028  EUR      99.00
Activa Resources AG      0.50  11/15/2021  EUR      18.12
Virgolino de Oliveira   11.75    2/9/2022  USD       6.63
Santander Finance Cap    2.00              USD      62.21
Phones4u Finance PLC     9.50    4/1/2018  GBP      72.50
Finans-Avia OOO          0.01   7/31/2027  RUB      21.37
Metalloinvest Holding    0.01    3/7/2022  RUB      61.28
Salvator Grundbesitz-    9.50  12/31/2021  EUR       9.30
Banco Espirito Santo     6.90   6/28/2024  EUR      28.63
Rossiysky Capital OJS   13.00  11/22/2019  RUB      70.01
Rosselkhozbank JSC      12.87  12/21/2021  RUB      60.01
Credito Padano Banca     3.10              EUR      33.39
HPI AG                   3.50              EUR       6.00
HSBC Bank PLC            0.50   6/10/2021  BRL      71.10
Deutsche Bank AG/Lond    0.50   10/5/2021  IDR      66.31
International Industr    9.00    7/6/2011  EUR       0.47
BLT Finance BV           7.50   5/15/2014  USD       2.48
Credit Suisse AG/Lond    8.00  11/29/2019  USD       5.27
RESO-Garantia Insuran   12.00   9/13/2022  RUB      60.27
Heliocentris Energy S    4.00   1/16/2019  EUR      12.67
EFG International Fin    6.00  11/30/2017  EUR       1.57
Svensk Exportkredit A    0.50   1/31/2022  ZAR      69.62
Societe Generale SA      6.00   8/31/2017  USD      33.50
Lloyds Bank PLC          2.65   4/25/2034  USD      70.00
AKB Peresvet ZAO        13.25   4/25/2018  RUB      64.47
United Aircraft Corp     8.00   3/17/2020  RUB      60.06
Biomed-Lublin Wytworn    7.31   8/14/2018  PLN      73.30
Cooperatieve Rabobank    0.50  10/29/2027  MXN      45.57
Alpha Bank AE            2.50   6/20/2022  EUR      39.69
WPE International Coo   10.38   9/30/2020  USD      15.13
Vnesheconombank          9.75   8/16/2029  RUB      60.00
UniCredit Bank Austri    0.16  10/31/2031  EUR      67.70
Podkarpacki Bank Spol    5.81   3/31/2025  PLN      51.00
Gazprom PJSC             5.10  10/21/2043  RUB     115.00
Northland Resources A    4.00  10/15/2020  NOK       0.09
IKB Deutsche Industri    0.66   5/25/2031  EUR      67.36
Transneft PJSC           9.45    8/3/2023  RUB      63.22
WEB Windenergie AG       6.25              EUR      73.30
Ekotechnika AG           9.75   5/10/2018  EUR       9.50
Rossiysky Capital OJS   10.50   1/20/2020  RUB      70.02
La Veggia Finance SPA    7.13  11/14/2004  EUR       1.87
Bank Nederlandse Geme    0.50   7/12/2022  ZAR      66.74
Talvivaara Mining Co     9.75    4/4/2017  EUR       1.04
OGK-2 PJSC              11.50  11/17/2020  RUB     102.15
ROSSETI PJSC            11.25  11/14/2025  RUB      62.66
ML 33 Invest AS          7.50              NOK      69.02
Lehman Brothers Treas    4.00   2/16/2017  EUR       8.00
AKB Metallinvestbank    11.00   5/21/2020  RUB      60.43
SAir Group               6.25  10/27/2002  CHF      14.79
Grupo Isolux Corsan S    0.25  12/30/2021  USD       0.25
EFG International Fin    2.10   3/23/2018  EUR      24.29
Rosneft Oil Co PJSC      8.60    5/8/2025  RUB      74.13
Agrokompleks OOO         0.10   12/8/2022  RUB       2.66
Bulgaria Steel Financ   12.00    5/4/2013  EUR       4.31
UBS AG                   5.60    3/4/2019  EUR      70.66
Lehman Brothers Treas    3.00   6/23/2009  EUR       8.00
Anglian Water Service    0.76   1/26/2057  GBP      73.24
Vnesheconombank          8.35  11/24/2020  RUB      64.10
Lehman Brothers Treas    2.88   3/14/2013  CHF       8.00
Societe Generale SA      1.00  12/22/2017  GBP       0.98
EFG International Fin    8.99    9/4/2017  EUR       0.72
Kardan NV                6.78    2/2/2020  ILS      75.01
Stichting Afwikkeling    6.63   5/14/2018  EUR       3.48
Bank Nederlandse Geme    0.50   9/20/2022  ZAR      65.19
SAir Group               6.25   4/12/2005  CHF      14.75
DekaBank Deutsche Gir    0.01   6/29/2046  EUR      54.11
City of Siret Romania    2.32    3/1/2028  RON      50.00
Vnesheconombank          9.76  12/17/2021  RUB      64.11
SAir Group               5.50   7/23/2003  CHF      14.75
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
AKB Peresvet ZAO        12.50    9/6/2017  RUB      35.00
Orient Express Bank P   11.70   7/17/2018  RUB      99.10
Cooperatieve Rabobank    0.50  11/30/2027  MXN      43.75
UmweltBank AG            2.85              EUR      53.62
Lehman Brothers Treas    1.46   2/19/2012  JPY       8.00
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
Lehman Brothers Treas    5.00    5/2/2022  EUR       3.92
Salvator Grundbesitz-    9.50              EUR      19.10
Deutsche Bank AG         0.20   6/28/2033  USD      56.46
Solarwatt GmbH           7.00   11/1/2015  EUR      14.50
Reso-Leasing OOO        13.25  10/30/2025  RUB      62.21
Kaupthing ehf            6.13   10/4/2016  USD      17.63
Pierer Industrie AG      5.75              EUR      66.69
SAir Group               4.25    2/2/2007  CHF      14.75
UniCredit Bank AO       12.35   9/16/2020  RUB     103.75
Transneft PJSC           8.75   4/14/2027  RUB      78.01
Barclays Bank PLC        3.18   3/27/2029  USD      69.15
International Finance    0.50   6/29/2027  ZAR      39.76
Kaupthing ehf            6.13   10/4/2016  USD      17.63
Societe Generale SA      0.28   6/28/2033  USD      71.38
Mriya Agro Holding PL   10.95   3/30/2016  USD       6.00
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      60.01
BNP Paribas Emissions    3.00  10/12/2018  EUR      68.29
VEB-Leasing OAO         12.50    9/1/2025  RUB      60.01
Lehman Brothers Treas    5.00   8/16/2017  EUR       8.00
Russian Post FGUP        9.50  10/18/2019  RUB      90.01
Lehman Brothers Treas    6.00   9/20/2011  EUR       3.92
BF Garant-Invest OOO    13.00   5/27/2019  RUB      60.00
ENEL RUSSIA PJSC        12.10   9/28/2018  RUB      70.01
Banca delle Marche Sp    6.00    5/8/2018  EUR       1.91
Heta Asset Resolution    0.13  12/31/2023  EUR      36.63
Far East Capital Ltd     8.75    5/2/2020  USD      71.63
Sidetur Finance BV      10.00   4/20/2016  USD       4.86
Espirito Santo Financ    5.05  11/15/2025  EUR       0.06
Russian Railways JSC    11.20  10/16/2025  RUB      63.63
UniCredit Bank Austri    0.06   1/24/2031  EUR      67.55
Lehman Brothers Treas    9.30  12/21/2010  EUR       3.92
HSH Nordbank AG          3.21    5/6/2030  EUR      73.72
HSBC Bank PLC            0.50  12/29/2026  AUD      68.29
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Fininvest OOO           13.00   11/9/2018  RUB       0.50
Driver & Bengsch AG      8.50  12/31/2027  EUR       0.00
Rosneft Oil Co PJSC      9.10   1/18/2021  RUB      90.00
Pongs & Zahn AG          8.50              EUR       0.08
Lehman Brothers Treas    4.00   7/27/2011  EUR       3.92
Rusfinans Bank OOO       9.65   2/26/2021  RUB      60.16
Avangard-Agro OOO       11.50  10/10/2017  RUB      65.01
SG Issuer SA             0.78   6/15/2020  SEK      66.51
Cie de Financement Fo    0.98   8/11/2046  EUR      72.22
City of Moscow Russia    7.50   5/18/2021  RUB      65.00
Dresdner Bank AG         0.34  11/19/2029  EUR      65.48
Heta Asset Resolution    0.24  12/31/2023  EUR      36.63
Vontobel Financial Pr    8.05  12/22/2017  USD      52.36
Atari SA                 0.10    4/1/2020  EUR       5.16
Lehman Brothers Treas    3.86   9/21/2011  SGD       9.63
City of Kiev Ukraine     8.00   11/6/2015  USD      63.38
MKB-Leasing OOO         12.50  10/21/2021  RUB      60.30
Heta Asset Resolution    7.50  12/31/2023  ATS      36.63
Rossiysky Capital OJS   10.50   1/16/2020  RUB      70.01
Krakowski Bank Spoldz    5.11   9/20/2023  PLN      69.06
BLT Finance BV           7.50   5/15/2014  USD       2.48
Portugal Telecom Inte    5.00   11/4/2019  EUR      33.25
Beluga Group PJSC       12.90   4/29/2020  RUB      65.00
Windreich GmbH           6.75    3/1/2015  EUR      11.00
OGK-2 PJSC              11.50  11/24/2020  RUB      62.06
EDOB Abwicklungs AG      7.50    4/1/2012  EUR       0.66
Institut Catala de Fi    0.87   9/18/2024  EUR      71.07
Lehman Brothers Treas    7.00  11/26/2013  EUR       8.00
Lehman Brothers Treas    4.60  10/11/2017  ILS       8.00
RESO-Garantia Insuran   11.75   3/24/2023  RUB      62.01
Lehman Brothers Treas    8.25   12/3/2015  EUR       8.00
Svensk Exportkredit A    0.50   6/20/2029  AUD      69.94
Rusfinans Bank OOO      10.05   6/10/2019  RUB      60.78
Societe Generale SA     17.00   1/31/2018  USD      55.60
Reso-Leasing OOO        11.00   10/3/2025  RUB     100.00
Barclays Bank PLC        3.95   1/31/2029  USD      72.00
AKB Peresvet ZAO        12.75   7/24/2018  RUB      26.15
Astana Finance BV        9.00  11/16/2011  USD      16.88
Russian Railways JSC     9.85   4/26/2041  RUB      64.33
Lehman Brothers Treas    6.00   3/14/2011  EUR       8.00
Moscow United Electri   10.00   5/26/2026  RUB      62.00
Lehman Brothers Treas    3.50  10/24/2011  USD       3.92
Barclays Bank PLC        0.50   3/19/2021  MXN      73.80
Finstone OOO             9.25   1/10/2019  RUB      60.00
State Transport Leasi   14.30  12/10/2024  RUB      68.42
O1 Properties Finance   13.00   10/2/2020  RUB      70.01
UniCredit Bank AO       12.00  11/20/2019  RUB     100.00
Rosselkhozbank JSC      10.60   7/14/2025  RUB      95.01
Beluga Group PJSC        9.75   5/28/2020  RUB      61.00
Rosselkhozbank JSC      12.87  12/22/2021  RUB     100.01
Societe Generale SA      8.00   2/14/2022  USD
PromSvyazCapital AO     11.75   4/10/2026  RUB     100.60
Lehman Brothers Treas    5.00   3/18/2015  EUR       8.00
Lehman Brothers Treas    4.68  12/12/2045  EUR       3.92
BNP Paribas SA           0.50    5/6/2021  MXN      73.33
Russian Post FGUP        9.35  10/18/2019  RUB      70.00
Bank Nederlandse Geme    0.50   8/15/2022  ZAR      65.86
Rusfinans Bank OOO       8.05   6/30/2020  RUB      60.12
Rosintrud OOO           11.25    2/5/2021  RUB      61.01
Freight One JSC         12.00  10/15/2025  RUB      62.88
SAir Group               2.75   7/30/2004  CHF      14.75
Lehman Brothers Treas    7.60   1/31/2013  AUD       3.92
Lehman Brothers Treas    8.00   5/22/2009  USD       3.92
Virgolino de Oliveira   10.88   1/13/2020  USD      26.38
Heta Asset Resolution    4.88  12/31/2023  EUR      36.63
BELLAGIO Holding GmbH    2.18              EUR      49.14
Cooperatieve Rabobank    0.50  12/29/2027  MXN      43.95
Podkarpacki Bank Spol    5.81    7/2/2020  PLN      74.50
Polski Bank Spoldziel    4.81  11/26/2024  PLN
PromSvyazCapital AO     12.00  11/13/2026  RUB     100.00
Metalloinvest Holding    0.01   3/10/2022  RUB      60.00
Oberoesterreichische     0.32   11/6/2030  EUR      69.59
MegaFon PJSC             9.90   5/29/2026  RUB      61.62
Astana Finance BV        7.88    6/8/2010  EUR      16.88
EFG International Fin   12.86  10/30/2017  EUR       0.90
Two Capitals Highway    13.45   5/10/2030  RUB      74.13
Raiffeisen Switzerlan   22.20    9/1/2017  USD      64.53
Bashneft PJSC           12.00   5/19/2025  RUB      60.00
Lehman Brothers Treas    7.00   4/14/2009  EUR       3.92
Lehman Brothers Treas    6.00    3/4/2015  USD       3.92
Autonomous Community     2.97    9/8/2039  JPY      64.64
Leonteq Securities AG   20.00  10/25/2017  CHF      52.35
Transbaltstroi OOO       9.50  11/26/2020  RUB      95.00
Expobank LLC            12.50   7/12/2019  RUB     100.00
Admiral Boats SA         8.50   9/18/2017  PLN      25.01
Gold-Zack AG             7.00  12/14/2005  EUR      12.61
Russian Railways JSC     6.40   5/30/2040  RUB
ENEL RUSSIA PJSC        12.10   5/22/2025  RUB      60.01
Heta Asset Resolution    5.92  12/31/2023  EUR      36.63
Severo-Zapadnaya Konc    7.60   9/26/2031  RUB     100.00
Phosphorus Holdco PLC   10.00    4/1/2019  GBP       1.09
HSBC Bank PLC            0.50   7/21/2021  BRL      67.90
KPNQwest NV              7.13    6/1/2009  EUR       0.09
BNP Paribas Emissions    3.25  11/24/2017  EUR      64.87
SAir Group               5.13    3/1/2003  CHF      15.00
Bank Nederlandse Geme    0.50    8/9/2022  MXN      69.37
Lehman Brothers Treas    5.00   3/13/2009  EUR       3.92
Kommunekredit            0.50   7/30/2027  TRY      34.44
Barclays Bank PLC        0.50   1/28/2033  MXN      27.04
German Pellets GmbH      8.00              EUR       0.05
TransFin-M PAO          13.00    9/3/2025  RUB      60.02
Vimpel-Communications   11.90   10/3/2025  RUB      60.01
AKB Peresvet ZAO        13.50   6/23/2021  RUB      20.52
Credit Europe Bank Lt    8.88   9/14/2018  RUB      61.80
EFG International Fin    7.19    5/6/2019  EUR      11.14
Municipiul Timisoara     0.76   5/15/2026  RON      70.00
Union Technologies In    0.10    1/1/2020  EUR       4.45
Federal Grid Co Unifi    4.90    9/7/2048  RUB      70.32
Lehman Brothers Treas    4.00   4/13/2011  CHF       3.92
Lehman Brothers Treas    6.65   8/24/2011  AUD       9.63
LBI HF                   2.25   2/14/2011  CHF       7.13
Lehman Brothers Treas    8.00   3/19/2012  USD       3.92
HSBC Bank PLC            0.50    6/9/2023  MXN      63.59
Heta Asset Resolution    5.03  12/31/2023  EUR      36.63
IT Holding Finance SA    9.88  11/15/2012  EUR       2.44
Russian Post FGUP        2.75   12/6/2023  RUB      74.13
UBS AG/London            7.93  12/30/2021  USD      10.28
Credit Suisse AG/Lond    3.00  11/15/2025  ZAR      67.86
Societe Generale SA      0.50   5/30/2023  MXN      63.72
Lehman Brothers Treas    5.00   5/12/2011  CHF       3.92
Rusfinans Bank OOO       9.95   8/22/2019  RUB      60.67
Sankt-Peterburg Telec   10.70   1/31/2022  RUB      62.67
Lehman Brothers Treas    3.60   3/19/2018  JPY       4.19
Severo-Zapadnaya Konc    7.60   9/26/2031  RUB     100.00
Societe Generale SA      0.50    4/3/2023  RUB      66.32
Barclays Bank PLC        0.50   3/26/2021  MXN      73.21
Lehman Brothers Treas    6.00  10/30/2012  USD       3.92
Lehman Brothers Treas   11.00  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Lehman Brothers Treas   23.30   9/16/2008  USD       3.92
IDGC of Centre PJSC     12.42   5/23/2025  RUB      71.01
Moscow United Electri   11.00   9/12/2024  RUB      60.35
ECM Real Estate Inves    5.00   10/9/2011  EUR      10.38
Credit Suisse AG/Lond    8.00    4/6/2022  USD       9.77
Federal Grid Co Unifi    5.40   3/23/2050  RUB      70.32
Federal Grid Co Unifi    5.40   3/23/2050  RUB      70.32
VEB-Leasing OAO         12.50   8/18/2025  RUB      62.00
Federal Grid Co Unifi    5.10  10/30/2048  RUB      70.32
Federal Grid Co Unifi    5.10  10/30/2048  RUB      70.32
Bank Julius Baer & Co   12.15    5/4/2018  USD      60.30
Federal Grid Co Unifi    5.40   6/30/2048  RUB      70.31
Federal Grid Co Unifi    5.40   6/30/2048  RUB      70.31
LBI HF                   6.10   8/25/2011  USD       9.50
Municipality Finance     0.50   5/31/2022  ZAR      67.12
Upravlenie Otkhodami     4.00   4/29/2027  RUB      68.29
Digital Invest OOO      12.00    4/7/2021  RUB      60.40
Windreich GmbH           6.25    3/1/2015  EUR      11.00
Lehman Brothers Treas   11.00    7/4/2011  CHF       3.92
Lehman Brothers Treas    0.50    8/1/2020  EUR       3.92
KPNQwest NV              8.88    2/1/2008  EUR       0.07
Lillestroem Sparebank    4.34              NOK      60.12
Lehman Brothers Treas    5.50   6/22/2010  USD       8.00
Societe Generale SA     11.50   10/3/2017  USD      48.10
Rinol AG                 5.50  10/15/2006  DEM       0.00
ECA                      2.50    1/1/2018  EUR
Raiffeisen Schweiz Ge    8.99   7/22/2019  EUR      24.58
Svensk Exportkredit A    0.50   2/22/2022  ZAR      68.89
Lehman Brothers Treas    8.25    2/3/2016  EUR       3.92
Lehman Brothers Treas    7.50   5/30/2010  AUD       3.92
Lehman Brothers Treas   16.80   8/21/2009  USD       3.92
Lehman Brothers Treas    6.25    9/5/2011  EUR       3.92
Vegarshei Sparebank      4.85              NOK      64.51
Podkarpacki Bank Spol    5.01   10/6/2021  PLN      65.12
Eurocent SA              8.50   9/15/2018  PLN      15.80
Rusfinans Bank OOO      10.90   10/2/2018  RUB      60.26
Lehman Brothers Treas    7.00   2/15/2010  CHF       3.92
LBI HF                   7.43              USD       0.00
Glavnyi Centr Special   13.00   8/22/2019  RUB      70.31
Kerdos Group SA          8.00  12/15/2017  PLN
COFIDUR SA               0.10  12/31/2024  EUR      27.00
VEB-Leasing OAO          8.65   1/16/2024  RUB      62.00
Lehman Brothers Treas    2.50  12/15/2011  GBP       3.92
Lehman Brothers Treas    2.30   6/27/2013  USD       3.92
Lehman Brothers Treas    2.37   7/15/2013  USD       3.92
Lehman Brothers Treas    7.50    5/2/2017  EUR       3.92
Penell GmbH Elektrogr    7.75   6/10/2019  EUR       5.00
KPNQwest NV              7.13    6/1/2009  EUR       0.09
Municipality Finance     0.50   7/30/2029  AUD      70.77
Barclays Bank PLC        0.50   3/13/2023  RUB      66.56
Cerruti Finance SA       6.50   7/26/2004  EUR       1.19
Heta Asset Resolution    5.73  12/31/2023  EUR      36.63
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Lehman Brothers Treas    5.10   6/22/2046  EUR       3.92
Lehman Brothers Treas    1.28   11/6/2010  JPY       8.00
UBS AG                   7.40   5/17/2021  CHF      56.09
MIK OAO                 15.00   2/19/2020  RUB       0.14
Polski Bank Spoldziel    4.81   6/18/2020  PLN      51.00
Podkarpacki Bank Spol    5.81   2/23/2025  PLN      60.00
Main Road OJSC           3.90  11/22/2028  RUB      60.01
Lehman Brothers Treas    3.00    8/8/2017  EUR       3.92
HSBC Bank PLC            0.50   6/23/2027  MXN      45.20
Lehman Brothers Treas    3.03   1/31/2015  EUR       3.92
Municipality Finance     0.25   6/28/2040  CAD      32.25
Lehman Brothers Treas    0.50    7/2/2020  EUR       3.92
Kaupthing ehf            7.63   2/28/2015  USD      17.63
Lehman Brothers Treas    8.00  10/17/2014  EUR       3.92
BAWAG PSK Versicherun    1.06              EUR      59.58
Russian Railways JSC     5.10   5/20/2044  RUB
KB MIA AO                9.90    3/7/2025  RUB      59.01
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Hellas Telecommunicat    8.50  10/15/2013  EUR       0.72
Bank Nederlandse Geme    0.50   6/22/2021  ZAR      72.95
Lehman Brothers Treas    4.60    7/6/2016  EUR       3.92
BTV Hybrid I GmbH        6.50              EUR      40.05
Lehman Brothers Treas   14.90   9/15/2008  EUR       3.92
Nuova Banca delle Mar    8.00   6/30/2018  EUR       1.24
Commerzbank AG          10.00    3/2/2020  EUR      45.21
EFG International Fin    6.26    5/7/2018  EUR      67.85
Cooperatieve Rabobank    0.50   8/21/2028  MXN      41.45
Svensk Exportkredit A    0.50   8/28/2020  TRY      72.81
Leonteq Securities AG    5.20   8/14/2018  CHF      73.66
UniCredit Bank AG        3.75   10/2/2020  EUR      65.08
Leonteq Securities AG   29.61  10/26/2017  EUR      15.44
UBS AG/London           16.00   1/19/2018  USD      54.25
Landesbank Hessen-Thu    5.00  10/17/2017  EUR      52.99
Leonteq Securities AG   16.20  11/30/2017  USD      23.30
Podkarpacki Bank Spol    5.11   5/28/2023  PLN
HSBC Bank PLC            0.50  11/25/2025  BRL      45.83
Lehman Brothers Treas    6.25  11/30/2012  EUR       3.92
Svensk Exportkredit A    0.50   3/28/2029  AUD      70.49
Avangard Bank PJSC       9.75   2/20/2026  RUB      70.31
Bank Nederlandse Geme    0.50   9/20/2022  MXN      68.77
Heta Asset Resolution    0.41  12/31/2023  EUR      36.63
Lehman Brothers Treas   10.00   6/17/2009  USD       3.92
Oberbank AG              7.40              EUR      71.42
Lehman Brothers Treas    6.00   5/23/2018  CZK       3.92
Absolut Bank PAO        12.00  12/25/2018  RUB      60.01
Lehman Brothers Treas    6.00  12/30/2017  EUR       3.92
Lehman Brothers Treas    4.05   9/16/2008  EUR       3.92
Lehman Brothers Treas   10.00    8/2/2037  JPY       3.92
Leonteq Securities AG    4.40   8/28/2017  CHF      71.83
Raiffeisen Schweiz Ge    5.04   8/28/2017  CHF      74.68
Raiffeisen Schweiz Ge    6.50    7/2/2018  USD      48.40
Bank Julius Baer & Co    9.00  11/16/2017  USD      44.60
SAir Group               2.13   11/4/2004  CHF      14.75
DekaBank Deutsche Gir    2.80   7/22/2019  EUR      70.70
UniCredit Bank AG        4.00   6/26/2018  EUR      57.76
EFG International Fin    6.48   5/29/2018  EUR       5.89
Podkarpacki Bank Spol    5.81  10/24/2024  PLN
SAir Group               2.75   7/30/2004  CHF      14.75
Rusfinans Bank OOO       8.75   9/29/2020  RUB      60.16
Polbrand sp zoo          9.00   10/2/2017  PLN      50.00
Royal Bank of Scotlan    6.20    9/7/2018  GBP       1.06
Transneft PJSC           8.00    7/3/2025  RUB      62.00
Northland Resources A   12.25   3/26/2016  USD       0.32
Province of Brescia I    0.03   6/30/2036  EUR      63.91
Espirito Santo Financ    5.63   7/28/2017  EUR       0.27
Lehman Brothers Treas    3.50   9/29/2017  EUR       3.92
Lehman Brothers Treas    3.00   8/15/2017  EUR       3.92
IDGC of Centre PJSC     11.80  11/11/2025  RUB      72.61
Lehman Brothers Treas    5.00  11/22/2012  EUR       3.92
IDGC of the North Cau   13.00   4/22/2021  RUB      60.00
Lehman Brothers Treas    4.00  10/24/2012  EUR       3.92
Lehman Brothers Treas    7.59  11/22/2009  MXN       8.00
Societe Generale SA      0.50   5/22/2024  MXN      58.74
Solomenskij Lesozavod   10.00   9/29/2021  RUB      60.00
MRSK Urala PJSC         11.58  11/11/2025  RUB      70.31
Heta Asset Resolution    5.27  12/31/2023  EUR      36.63
Kaupthing ehf            7.50    2/1/2045  USD       0.15
Lehman Brothers Treas    1.00    5/9/2012  EUR       3.92
Lehman Brothers Treas    6.00    8/7/2013  EUR       3.92
Lehman Brothers Treas    7.55  12/29/2008  USD       3.92
Noyabrskaya Pge OOO      8.50  11/10/2020  RUB      60.00
Promnefteservis OOO     10.50  11/21/2019  RUB       1.70
Bank Julius Baer & Co   11.00   3/29/2018  USD      64.20
Mcib Bank LLC           14.50    9/1/2023  RUB
KPNQwest NV              8.88    2/1/2008  EUR       0.07
Eiendomskreditt AS       4.15              NOK      54.79
Societe Generale SA      0.50    4/4/2024  MXN      59.40
Lehman Brothers Treas    7.06  12/29/2008  EUR       3.92
Lehman Brothers Treas   11.75    3/1/2010  EUR       3.92
Lehman Brothers Treas    5.00   4/24/2017  EUR       3.92
Lehman Brothers Treas    6.00   3/17/2011  EUR       3.92
Lloyds Bank PLC          0.50   7/26/2028  MXN      46.49
Lehman Brothers Treas    4.00   12/2/2012  EUR       3.92
IDGC of Centre PJSC     11.58  11/11/2025  RUB      70.31
Lehman Brothers Treas    5.25   5/26/2026  EUR       3.92
Communaute Francaise     0.50   6/27/2046  EUR      66.84
Lehman Brothers Treas    3.50  10/31/2011  USD       3.92
Lehman Brothers Treas    6.75    4/5/2012  EUR       3.92
Bank Nederlandse Geme    0.50   5/12/2021  ZAR      74.69
Lehman Brothers Treas    4.50    5/2/2017  EUR       8.00
Lehman Brothers Treas    5.00   2/28/2032  EUR       3.92
Province of Brescia I    0.11  12/22/2036  EUR      63.25
Societe Generale SA      0.50    8/4/2021  BRL      67.75
ECM Real Estate Inves    5.00   10/9/2011  EUR      10.38
IDGC of Centre PJSC      9.32   8/14/2026  RUB      70.31
Lloyds Bank PLC          0.50   7/26/2021  BRL      67.89
MRSK Urala PJSC          9.32   8/14/2026  RUB      70.31
Lehman Brothers Treas    1.75    2/7/2010  EUR       3.92
Barclays Bank PLC        8.00   12/8/2017  USD
AKB Peresvet ZAO         2.56    9/2/2020  RUB      15.88
BNP Paribas Emissions   27.00  12/21/2017  EUR      53.17
Lehman Brothers Treas    2.00  11/16/2009  EUR       3.92
SpareBank 1 Nordvest     3.66   3/11/2099  NOK      64.32
HSBC Bank PLC            0.50   2/24/2027  NZD      70.94
Northland Resources A   15.00   7/15/2019  USD       0.32
Lehman Brothers Treas    3.00   12/3/2012  EUR       3.92
Lehman Brothers Treas    6.00   7/28/2010  EUR       3.92
Transgazservice LLP     10.50   11/8/2019  RUB       0.04
Lehman Brothers Treas   10.00   6/11/2038  JPY       3.92
Lehman Brothers Treas   12.00   7/13/2037  JPY       3.92
Lehman Brothers Treas    5.25  11/21/2009  USD       3.92
UniCredit Bank Austri    0.12   1/22/2031  EUR      71.28
Lehman Brothers Treas    8.00   2/16/2016  EUR       3.92
Lehman Brothers Treas    2.00   6/28/2011  EUR       3.92
Lehman Brothers Treas    7.60    3/4/2010  NZD       3.92
Lehman Brothers Treas    4.25   3/13/2021  EUR       3.92
Lehman Brothers Treas    4.70   3/23/2016  EUR       3.92
HSBC Bank PLC            0.50   4/27/2027  NZD      70.34
Lehman Brothers Treas    5.12   4/30/2027  EUR       3.92
Polski Bank Spoldziel    4.81   6/22/2021  PLN
Credit Suisse AG/Lond    8.50   9/18/2017  USD      33.76
EFG International Fin    6.21   7/22/2019  EUR      70.70
Lehman Brothers Treas   11.00  12/19/2011  USD       3.92
HSBC Bank PLC            0.50   4/11/2023  MXN      64.43
Landesbank Baden-Wuer    3.25   1/26/2018  EUR      60.10
BNP Paribas Emissions   29.00  12/21/2017  EUR      54.79
DZ Bank AG Deutsche Z    7.10  12/22/2017  EUR      69.18
Lehman Brothers Treas    4.50    3/6/2013  CHF       3.92
BKS Hybrid alpha GmbH    7.35              EUR      60.82
Lehman Brothers Treas    7.00    6/6/2017  EUR       3.92
Kreditanstalt fuer Wi    0.25   10/6/2036  CAD      40.89
Center-Invest Commerc    8.70  11/13/2018  RUB      99.90
Lehman Brothers Treas   10.00   2/16/2009  CHF       3.92
Portugal Telecom Inte    4.63    5/8/2020  EUR      33.01
Lehman Brothers Treas    0.50  12/20/2017  AUD       9.63
UBS AG                   4.00  12/22/2017  EUR      67.73
UBS AG/London            6.00   10/5/2017  CHF      42.90
OOO SPV Structural In    0.01    9/1/2023  RUB      66.65
Banca delle Marche Sp    6.00   6/12/2018  EUR       1.92
Lehman Brothers Treas    4.00   7/20/2012  EUR       3.92
Nutritek Internationa    8.75  12/11/2008  USD       2.00
Landesbank Baden-Wuer    3.00   5/25/2018  EUR      67.32
Leonteq Securities AG   15.20  10/11/2017  CHF      68.55
Leonteq Securities AG    7.00   11/6/2017  CHF      36.24
Credit Suisse AG/Lond    0.50    1/8/2026  BRL      45.07
DZ Bank AG Deutsche Z    8.70  12/22/2017  EUR      54.63
DZ Bank AG Deutsche Z   10.10  12/22/2017  EUR      51.59
UBS AG/London           12.50   9/22/2017  EUR      47.89
HSBC Trinkaus & Burkh   12.70   9/22/2017  EUR      50.07
HSBC Trinkaus & Burkh   10.30   9/22/2017  EUR      54.31
HSBC Trinkaus & Burkh    7.50   9/22/2017  EUR      60.92
UBS AG/London            9.50   9/22/2017  EUR      52.77
Zurcher Kantonalbank     8.50  10/16/2017  CHF      66.24
Raiffeisen Schweiz Ge    8.00  10/20/2017  CHF      68.42
BNP Paribas Emissions   12.00   9/21/2017  EUR      69.61
BNP Paribas Emissions   12.00  12/21/2017  EUR      57.29
BNP Paribas Emissions   16.00   9/21/2017  EUR      48.33
BNP Paribas Emissions    9.00  12/21/2017  EUR      64.61
BNP Paribas Emissions   10.00  12/21/2017  EUR      61.90
Landesbank Baden-Wuer    4.50   8/25/2017  EUR      71.03
Landesbank Baden-Wuer    3.00   8/25/2017  EUR      63.87
Landesbank Baden-Wuer    4.00   8/25/2017  EUR      59.47
Landesbank Baden-Wuer    5.00   8/25/2017  EUR      56.03
Landesbank Baden-Wuer    3.00   8/25/2017  EUR      74.99
Landesbank Baden-Wuer    4.00   8/25/2017  EUR      70.65
EFG International Fin    7.20   7/29/2020  EUR      23.34
Landesbank Baden-Wuer    3.40   9/28/2018  EUR      68.85
DZ Bank AG Deutsche Z    3.45   8/25/2017  EUR      65.75
Leonteq Securities AG    5.40   8/28/2017  CHF      59.93
Leonteq Securities AG    5.00    9/4/2018  CHF      62.47
Leonteq Securities AG    5.60    9/4/2017  CHF      64.51
DZ Bank AG Deutsche Z    3.60   9/15/2017  EUR      71.07
Leonteq Securities AG    5.60   9/11/2017  CHF      60.44
Bayerische Landesbank    3.00   10/5/2018  EUR      74.48
Deutsche Bank AG         4.20  11/22/2017  EUR      69.60
Deutsche Bank AG         3.20  11/22/2017  EUR      66.50
Deutsche Bank AG         3.20  11/22/2017  EUR      66.50
Deutsche Bank AG         3.20  11/22/2017  EUR      62.50
City of Predeal Roman    1.50   5/15/2026  RON      60.00
UBS AG/London            9.50    9/4/2017  CHF      26.75
Goldman Sachs & Co We   13.00   9/20/2017  EUR      72.67
Goldman Sachs & Co We   12.00   9/20/2017  EUR      55.39
Goldman Sachs & Co We   12.00   9/20/2017  EUR      53.56
Landesbank Hessen-Thu    5.00   3/27/2019  EUR      62.53
Landesbank Hessen-Thu    4.00    4/8/2019  EUR      59.03
UniCredit Bank AG        4.60    7/2/2018  EUR      54.44
Leonteq Securities AG    7.00   9/20/2017  CHF      68.03
Bayerische Landesbank    2.60  10/19/2018  EUR      62.97
Raiffeisen Schweiz Ge    4.50   3/27/2018  EUR      55.17
DZ Bank AG Deutsche Z    5.25    3/6/2018  EUR      71.59
DekaBank Deutsche Gir    2.75    2/2/2018  EUR      67.75
UniCredit Bank AG        5.00   6/25/2019  EUR      57.85
Bayerische Landesbank    2.60   3/29/2018  EUR      66.91
EFG International Fin    7.20   2/25/2019  EUR      12.12
Commerzbank AG           5.80   10/8/2017  EUR      67.67
DZ Bank AG Deutsche Z    5.60    9/8/2017  EUR      68.85
Landesbank Hessen-Thu    6.75   4/17/2020  EUR      73.24
Leonteq Securities AG    3.50   4/10/2018  EUR      54.80
Landesbank Hessen-Thu    6.20   7/24/2020  EUR      72.72
DZ Bank AG Deutsche Z    5.00    2/6/2018  EUR      65.94
DekaBank Deutsche Gir    2.70   3/16/2018  EUR      66.72
Raiffeisen Schweiz Ge    4.20   4/10/2018  EUR      57.24
Landesbank Baden-Wuer    3.00  10/27/2017  EUR      67.51
Landesbank Baden-Wuer    5.00  10/27/2017  EUR      60.47
Landesbank Baden-Wuer    5.00  10/27/2017  EUR      58.73
Landesbank Baden-Wuer    6.00  10/27/2017  EUR      73.89
Landesbank Baden-Wuer    3.60   9/22/2017  EUR      65.56
Landesbank Baden-Wuer    3.05   8/25/2017  EUR      68.87
Landesbank Baden-Wuer    3.55   8/25/2017  EUR      70.22
Landesbank Baden-Wuer    3.75   9/22/2017  EUR      70.95
Landesbank Baden-Wuer    3.00   6/28/2019  EUR      63.79
Landesbank Baden-Wuer    3.00   6/28/2019  EUR      68.64
Landesbank Baden-Wuer    3.25   8/25/2017  EUR      63.62
Bayerische Landesbank    2.70   7/27/2018  EUR      70.29
Landesbank Baden-Wuer    3.00   6/28/2019  EUR      69.55
DekaBank Deutsche Gir    3.25   4/20/2018  EUR      53.83
Raiffeisen Schweiz Ge    4.00    5/8/2018  CHF      58.74
DekaBank Deutsche Gir    2.75  10/29/2018  EUR      54.76
Vontobel Financial Pr    4.00   11/9/2017  EUR      58.04
Goldman Sachs & Co We   12.00  12/20/2017  EUR      70.20
Goldman Sachs & Co We   10.00  12/20/2017  EUR      71.74
Goldman Sachs & Co We   13.00  12/20/2017  EUR      64.52
Goldman Sachs & Co We    6.00  12/20/2017  EUR      73.66
Goldman Sachs & Co We   10.00  12/20/2017  EUR      61.84
Goldman Sachs & Co We   11.00  12/20/2017  EUR      58.16
Goldman Sachs & Co We   11.00  12/20/2017  EUR      60.09
DekaBank Deutsche Gir    2.75   9/18/2018  EUR      71.26
Landesbank Hessen-Thu    4.00   4/30/2019  EUR      66.09
DekaBank Deutsche Gir    3.25   5/18/2018  EUR      66.05
Raiffeisen Switzerlan    9.00    4/1/2019  EUR      17.21
DekaBank Deutsche Gir    3.25   3/29/2018  EUR      74.33
Bayerische Landesbank    2.70    7/6/2018  EUR      64.10
Bayerische Landesbank    2.70    7/6/2018  EUR      65.19
EFG International Fin    6.40    4/9/2020  EUR      71.92
Zurcher Kantonalbank     6.50   4/10/2018  CHF      58.20
DekaBank Deutsche Gir    3.25   5/30/2018  EUR      70.73
Landesbank Baden-Wuer    3.00  10/27/2017  EUR      71.05
Landesbank Baden-Wuer    4.00  10/27/2017  EUR      63.09
Landesbank Baden-Wuer    3.70   8/25/2017  EUR      66.37
Landesbank Baden-Wuer    3.70   9/22/2017  EUR      59.45
Landesbank Baden-Wuer    3.90   9/22/2017  EUR      68.05
Landesbank Baden-Wuer    3.20   9/22/2017  EUR      58.36
Landesbank Baden-Wuer    3.40  11/24/2017  EUR      73.12
Landesbank Baden-Wuer    3.50   1/26/2018  EUR      69.66
Landesbank Baden-Wuer    2.50   6/28/2019  EUR      65.89
Landesbank Baden-Wuer    3.50   6/22/2018  EUR      58.93
Landesbank Baden-Wuer    4.00   8/25/2017  EUR      67.44
Bayerische Landesbank    3.20   7/27/2018  EUR      66.00
Commerzbank AG           4.40   4/29/2019  EUR      69.65
DekaBank Deutsche Gir    3.10   4/20/2018  EUR      74.62
Landesbank Hessen-Thu    4.00    6/5/2019  EUR      68.01
DekaBank Deutsche Gir    3.00   4/30/2019  EUR      67.21
UniCredit Bank AG        3.75    9/7/2020  EUR      68.17
Landesbank Baden-Wuer    3.85   8/25/2017  EUR      62.55
Commerzbank AG          20.00   5/28/2018  SEK      51.10
HSBC Trinkaus & Burkh    2.80   9/22/2017  EUR      67.40
Landesbank Baden-Wuer    3.25  12/22/2017  EUR      64.81
Landesbank Hessen-Thu    4.00   1/16/2018  EUR      51.34
Leonteq Securities AG    5.00  12/27/2019  EUR      69.01
Landesbank Baden-Wuer    3.00   2/23/2018  EUR      60.29
Raiffeisen Switzerlan    3.50   8/25/2017  CHF      71.56
Vontobel Financial Pr    9.05   9/22/2017  EUR      69.84
Vontobel Financial Pr   13.50   9/22/2017  EUR      62.92
Vontobel Financial Pr   16.05   9/22/2017  EUR      60.05
Vontobel Financial Pr   16.00  12/22/2017  EUR      58.58
Vontobel Financial Pr   20.00  12/22/2017  EUR      53.61
HSBC Trinkaus & Burkh   14.20  12/22/2017  EUR      66.45
HSBC Trinkaus & Burkh   11.20   8/25/2017  EUR      71.74
HSBC Trinkaus & Burkh   13.80  12/22/2017  EUR      60.45
HSBC Trinkaus & Burkh   11.90  12/22/2017  EUR      62.60
HSBC Trinkaus & Burkh   10.70   8/25/2017  EUR      64.20
HSBC Trinkaus & Burkh   10.20  11/24/2017  EUR      64.37
DZ Bank AG Deutsche Z   11.25   1/26/2018  EUR      73.06
Vontobel Financial Pr   14.00  12/22/2017  EUR      63.24
Vontobel Financial Pr   13.00  12/22/2017  EUR      64.43
Vontobel Financial Pr   12.00  12/22/2017  EUR      65.68
Vontobel Financial Pr   11.00  12/22/2017  EUR      67.03
Vontobel Financial Pr   10.00  12/22/2017  EUR      68.46
Vontobel Financial Pr    9.00  12/22/2017  EUR      69.98
Vontobel Financial Pr    8.00  12/22/2017  EUR      71.61
HSBC Trinkaus & Burkh   13.40   9/22/2017  EUR      61.42
HSBC Trinkaus & Burkh   12.10   3/23/2018  EUR      65.60
HSBC Trinkaus & Burkh   11.30   3/23/2018  EUR      66.63
HSBC Trinkaus & Burkh    8.30   3/23/2018  EUR      71.66
HSBC Trinkaus & Burkh   11.00   8/25/2017  EUR      65.94
HSBC Trinkaus & Burkh   10.40  11/24/2017  EUR      66.09
Commerzbank AG          16.75  11/23/2017  EUR      66.99
UBS AG/London            9.30   9/29/2017  EUR      69.69
UBS AG/London           10.60  12/29/2017  EUR      68.59
UBS AG/London            8.80  12/29/2017  EUR      71.66
UBS AG/London           11.70   9/29/2017  EUR      66.20
UBS AG/London           12.60  12/29/2017  EUR      65.97
UBS AG/London           14.30   9/29/2017  EUR      63.09
DekaBank Deutsche Gir    2.75   6/24/2019  EUR      66.98
Landesbank Baden-Wuer    5.00   9/22/2017  EUR      70.35
Landesbank Baden-Wuer    6.00   9/22/2017  EUR      66.59
Landesbank Baden-Wuer    5.00   9/22/2017  EUR      69.42
Leonteq Securities AG    6.00  10/12/2017  CHF      65.76
UniCredit Bank AG        4.50   9/19/2017  EUR      47.17
Landesbank Hessen-Thu    4.50  11/28/2017  EUR      57.30
Bank VTB 24 JSC          9.00    9/1/2044  RUB
Polski Bank Spoldziel    5.31   9/14/2027  PLN      41.00
DZ Bank AG Deutsche Z   11.50  12/22/2017  EUR      66.69
HSBC Trinkaus & Burkh    3.00   6/22/2018  EUR      62.70
DZ Bank AG Deutsche Z   13.00   9/22/2017  EUR      62.07
UBS AG/London           14.00  12/22/2017  EUR      72.86
UBS AG/London           12.50   2/23/2018  EUR      74.00
UBS AG/London           15.30  12/22/2017  EUR      73.50
Credit Suisse AG/Lond    8.50   3/13/2018  USD      60.99
Vontobel Financial Pr   10.65    9/8/2017  EUR      71.24
Vontobel Financial Pr   12.35    9/8/2017  EUR      68.49
Bank VTB 24 JSC          9.00   9/15/2044  RUB
National Capital JSC    10.50   9/15/2020  RUB      60.00
Soyuz AKB OAO           11.00  11/22/2019  RUB     100.04
Soyuz AKB OAO           13.00  11/22/2019  RUB      99.00
DZ Bank AG Deutsche Z    5.25   4/27/2018  EUR      69.65
HSBC Trinkaus & Burkh    3.00   3/23/2018  EUR      71.85
Commerzbank AG          30.00   6/30/2020  USD       2.35
Bank Julius Baer & Co    8.25   4/19/2018  USD      70.20
SG Issuer SA             5.50   4/10/2021  EUR      68.13
Goldman Sachs & Co We   15.00   9/20/2017  EUR      67.25
UBS AG/London           10.50  11/13/2017  CHF      73.90
HSBC Trinkaus & Burkh    6.50   1/29/2018  EUR      59.52
Zurcher Kantonalbank     4.75  12/11/2017  CHF      67.23
Landesbank Baden-Wuer    5.00  11/24/2017  EUR      70.28
UBS AG/London            6.40   12/8/2017  EUR      54.99
UBS AG/London            9.60   12/8/2017  EUR      49.70
Commerzbank AG           1.00   2/19/2020  USD      32.36
Commerzbank AG          14.00   1/24/2018  EUR      65.74
DZ Bank AG Deutsche Z    6.00  12/22/2017  EUR      73.22
Royal Bank of Scotlan    1.33  10/26/2018  GBP       1.04
Landesbank Baden-Wuer    2.90   7/27/2018  EUR      65.56
SG Issuer SA             0.80  11/30/2020  SEK      55.48
EFG International Fin    7.35  12/28/2017  CHF      66.06
BNP Paribas Emissions   25.00  12/21/2017  EUR      71.97
BNP Paribas Emissions   28.00  12/21/2017  EUR      69.54
BNP Paribas Emissions   26.00  12/21/2017  EUR      63.57
BNP Paribas Emissions   23.00  12/21/2017  EUR      65.92
BNP Paribas Emissions   28.00  12/21/2017  EUR      50.57
BNP Paribas Emissions   21.00  12/21/2017  EUR
BNP Paribas Emissions   15.00  12/21/2017  EUR      72.52
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   29.00  12/21/2017  EUR      50.32
BNP Paribas Emissions   10.00  12/21/2017  EUR      71.96
BNP Paribas Emissions   29.00  12/21/2017  EUR      74.14
BNP Paribas Emissions   27.00  12/21/2017  EUR      54.59
BNP Paribas Emissions   25.00  12/21/2017  EUR      62.72
BNP Paribas Emissions   27.00  12/21/2017  EUR      64.50
BNP Paribas Emissions   22.00  12/21/2017  EUR
BNP Paribas Emissions   26.00  12/21/2017  EUR      57.95
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   27.00  12/21/2017  EUR      61.02
BNP Paribas Emissions   10.00  12/21/2017  EUR      42.47
BNP Paribas Emissions   24.00  12/21/2017  EUR      72.33
BNP Paribas Emissions   28.00  12/21/2017  EUR      57.67
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   25.00  12/21/2017  EUR      48.25
BNP Paribas Emissions   25.00  12/21/2017  EUR      71.05
BNP Paribas Emissions   28.00  12/21/2017  EUR      64.98
BNP Paribas Emissions   15.00  12/21/2017  EUR      75.43
BNP Paribas Emissions   27.00  12/21/2017  EUR      47.42
BNP Paribas Emissions   28.00  12/21/2017  EUR      45.06
BNP Paribas Emissions   23.00  12/21/2017  EUR
BNP Paribas Emissions   22.00  12/21/2017  EUR
BNP Paribas Emissions   28.00  12/21/2017  EUR      60.36
BNP Paribas Emissions   28.00  12/21/2017  EUR      60.28
BNP Paribas Emissions   16.00  12/21/2017  EUR      72.31
BNP Paribas Emissions   24.00  12/21/2017  EUR      58.19
BNP Paribas Emissions   24.00  12/21/2017  EUR      71.85
BNP Paribas Emissions   27.00  12/21/2017  EUR      43.16
BNP Paribas Emissions   22.00  12/21/2017  EUR      72.85
BNP Paribas Emissions   24.00  12/21/2017  EUR      70.92
BNP Paribas Emissions   28.00  12/21/2017  EUR      55.34
BNP Paribas Emissions   26.00  12/21/2017  EUR      65.46
BNP Paribas Emissions   13.00  12/21/2017  EUR      37.87
BNP Paribas Emissions   25.00  12/21/2017  EUR      27.84
BNP Paribas Emissions   15.00  12/21/2017  EUR      68.23
BNP Paribas Emissions   27.00  12/21/2017  EUR      45.87
BNP Paribas Emissions   27.00  12/21/2017  EUR
BNP Paribas Emissions   22.00  12/21/2017  EUR
Goldman Sachs & Co We   16.00   9/20/2017  EUR      73.34
Goldman Sachs & Co We   16.00   9/20/2017  EUR      69.67
BNP Paribas Emissions   27.00  12/21/2017  EUR      67.41
BNP Paribas Emissions   26.00  12/21/2017  EUR      58.27
BNP Paribas Emissions   28.00  12/21/2017  EUR      58.79
BNP Paribas Emissions   26.00  12/21/2017  EUR      56.63
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   26.00  12/21/2017  EUR
BNP Paribas Emissions   23.00  12/21/2017  EUR      49.19
BNP Paribas Emissions   27.00  12/21/2017  EUR      57.39
BNP Paribas Emissions   22.00  12/21/2017  EUR      49.13
BNP Paribas Emissions   16.00  12/21/2017  EUR      73.82
BNP Paribas Emissions   25.00  12/21/2017  EUR
BNP Paribas Emissions   28.00  12/21/2017  EUR      60.25
BNP Paribas Emissions   28.00  12/21/2017  EUR      56.90
BNP Paribas Emissions   21.00  12/21/2017  EUR
BNP Paribas Emissions   25.00  12/21/2017  EUR      61.72
BNP Paribas Emissions   24.00  12/21/2017  EUR      70.73
BNP Paribas Emissions   22.00  12/21/2017  EUR      70.16
BNP Paribas Emissions   25.00  12/21/2017  EUR      72.72
BNP Paribas Emissions    6.00  12/21/2017  EUR      50.90
BNP Paribas Emissions   24.00  12/21/2017  EUR
BNP Paribas Emissions   27.00  12/21/2017  EUR      70.42
BNP Paribas Emissions   19.00  12/21/2017  EUR      64.40
BNP Paribas Emissions   28.00  12/21/2017  EUR      50.76
BNP Paribas Emissions   19.00  12/21/2017  EUR      67.14
BNP Paribas Emissions   22.00  12/21/2017  EUR      61.36
BNP Paribas Emissions   28.00  12/21/2017  EUR      66.97
Goldman Sachs & Co We   15.00  12/20/2017  EUR      73.40
Exane Finance SA         5.00  12/20/2019  SEK
Commerzbank AG          14.25  10/26/2017  EUR      52.59
Commerzbank AG           7.25  10/26/2017  EUR      63.84
Commerzbank AG          10.50  10/26/2017  EUR      57.50
UBS AG/London            7.00   9/22/2017  EUR      59.04
UBS AG/London           11.60  12/29/2017  EUR      50.98
UBS AG/London           13.00   9/27/2017  EUR      48.11
UBS AG/London            5.30  12/29/2017  EUR      60.20
Vontobel Financial Pr   19.60   12/8/2017  EUR      73.72
UBS AG/London           12.50   9/22/2017  EUR      67.88
Vontobel Financial Pr   13.00  12/22/2017  EUR      66.02
Vontobel Financial Pr   13.50   9/22/2017  EUR      66.37
Vontobel Financial Pr   11.00  12/22/2017  EUR      68.76
HSBC Trinkaus & Burkh   13.40  12/22/2017  EUR      64.60
HSBC Trinkaus & Burkh   10.40   8/25/2017  EUR      69.69
HSBC Trinkaus & Burkh    9.70  11/24/2017  EUR      69.53
Commerzbank AG          12.25  12/21/2017  EUR      68.66
Commerzbank AG          16.25  12/21/2017  EUR      63.55
Societe Generale SA      7.00  10/20/2020  USD
UBS AG/London            6.90   6/22/2018  EUR      70.11
UBS AG/London            8.20   6/22/2018  EUR      67.98
UBS AG/London            7.40   9/22/2017  EUR      65.55
UBS AG/London            9.90   9/22/2017  EUR      62.36
UBS AG/London            9.40   6/22/2018  EUR      66.10
BNP Paribas Emissions   12.00  10/26/2017  EUR      71.12
BNP Paribas Emissions   15.00  10/26/2017  EUR      64.39
BNP Paribas Emissions   19.00  10/26/2017  EUR      62.30
BNP Paribas Emissions   19.00   9/21/2017  EUR      60.20
Bank Julius Baer & Co   13.00  12/21/2017  USD      49.75
Commerzbank AG          15.50   9/20/2017  EUR      61.12
Commerzbank AG          13.50  12/20/2017  EUR      64.29
DZ Bank AG Deutsche Z    6.00   6/22/2018  EUR      70.62
DekaBank Deutsche Gir    3.00   6/27/2018  EUR      50.37
DZ Bank AG Deutsche Z   12.25   1/26/2018  EUR      72.26
Bank Julius Baer & Co   10.45   5/11/2018  USD      64.50
SG Issuer SA             0.82    8/2/2021  SEK      60.80
EFG International Fin    6.89  12/28/2017  CHF      64.31
Raiffeisen Centrobank    7.20   9/20/2017  EUR      67.57
Goldman Sachs & Co We    9.00  12/20/2017  EUR      74.54
HSBC Trinkaus & Burkh   13.80  12/22/2017  EUR      67.98
HSBC Trinkaus & Burkh   10.80   8/25/2017  EUR      73.70
BNP Paribas Emissions   15.00  11/23/2017  EUR      65.47
BNP Paribas Emissions   13.00  12/21/2017  EUR      69.26
BNP Paribas Emissions   16.00  12/21/2017  EUR      63.86
BNP Paribas Emissions   12.00   6/21/2018  EUR      71.23
BNP Paribas Emissions   13.00   6/21/2018  EUR      69.14
BNP Paribas Emissions   13.00  11/23/2017  EUR      68.36
BNP Paribas Emissions   15.00   9/21/2017  EUR      73.20
Vontobel Financial Pr    9.00   3/23/2018  EUR      70.23
Vontobel Financial Pr   12.50   3/23/2018  EUR      65.91
Commerzbank AG           5.00    2/9/2018  EUR      52.89
Vontobel Financial Pr   16.00  12/22/2017  EUR      62.47
Vontobel Financial Pr   10.50   3/23/2018  EUR      67.77
Vontobel Financial Pr   14.50   3/23/2018  EUR      64.33
Vontobel Financial Pr    4.80   5/14/2018  EUR      69.36
Deutsche Bank AG         5.20   3/20/2018  EUR      74.70
Deutsche Bank AG         7.20  12/19/2017  EUR      74.20
Deutsche Bank AG         5.20  12/19/2017  EUR      73.50
DZ Bank AG Deutsche Z   10.00   1/26/2018  EUR      73.33
DZ Bank AG Deutsche Z   12.25  11/24/2017  EUR      67.33
DZ Bank AG Deutsche Z    7.10   9/22/2017  EUR      67.57
DZ Bank AG Deutsche Z    8.70  12/22/2017  EUR      66.24
HSBC Trinkaus & Burkh    7.90   9/22/2017  EUR      56.65
HSBC Trinkaus & Burkh    5.40   9/22/2017  EUR      62.32
HSBC Trinkaus & Burkh    2.90   9/22/2017  EUR      71.47
Vontobel Financial Pr   12.30    9/8/2017  EUR      72.19
Lehman Brothers Treas    7.25   10/6/2008  EUR       3.92
Lehman Brothers Treas    4.00   4/24/2009  USD       3.92
Lehman Brothers Treas    7.25   6/20/2010  USD       3.92
Lehman Brothers Treas    4.50   7/24/2014  EUR       3.92
Lehman Brothers Treas    7.00   9/20/2011  USD       3.92
Lehman Brothers Treas    4.95  10/25/2036  EUR       3.92
Lehman Brothers Treas    0.25   7/21/2014  EUR       3.92
Lehman Brothers Treas    7.50  10/24/2008  USD       3.92
Lehman Brothers Treas   10.00   3/27/2009  USD       3.92
Lehman Brothers Treas    5.75   6/15/2009  CHF       3.92
Lehman Brothers Treas    6.50   7/24/2026  EUR       3.92
Lehman Brothers Treas    4.50    8/2/2009  USD       3.92
Lehman Brothers Treas    7.38   9/20/2008  EUR       3.92
Lehman Brothers Treas    3.85   4/24/2009  USD       3.92
Lehman Brothers Treas   10.50    8/9/2010  EUR       3.92
Lehman Brothers Treas    8.00   5/22/2009  USD       3.92
Lehman Brothers Treas    9.00   3/17/2009  GBP       3.92
Lehman Brothers Treas    9.00   6/13/2009  USD       3.92
Lehman Brothers Treas    7.00  11/28/2008  CHF       3.92
Lehman Brothers Treas    4.35    8/8/2016  SGD       9.63
Lehman Brothers Treas    6.00  10/24/2008  EUR       3.92
Lehman Brothers Treas    5.00  10/24/2008  CHF       3.92
Petromena ASA            9.75   5/24/2016  NOK       0.61
Lehman Brothers Treas    6.50   5/16/2015  EUR       3.92
Lehman Brothers Treas    5.00    9/1/2011  EUR       3.92
Lehman Brothers Treas    3.50   9/19/2017  EUR       3.92
Lehman Brothers Treas    3.00   9/12/2036  JPY       8.00
Lehman Brothers Treas   10.00    1/4/2010  USD       3.92
Lehman Brothers Treas    6.70   4/21/2011  USD       3.92
Lehman Brothers Treas    8.60   7/31/2013  GBP       3.92
Lehman Brothers Treas    8.28   7/31/2013  GBP       3.92
Lehman Brothers Treas    7.50   7/31/2013  GBP       3.92
HSBC Bank PLC            0.50   12/8/2020  BRL      72.22
Lehman Brothers Treas   12.00    7/4/2011  EUR       3.92
Lehman Brothers Treas   16.00  12/26/2008  USD       3.92
Lehman Brothers Treas   11.00    7/4/2011  USD       3.92
Lehman Brothers Treas    5.50    7/8/2013  EUR       3.92
Lehman Brothers Treas   13.15  10/30/2008  USD       3.92
Lehman Brothers Treas    3.63    3/2/2012  EUR       3.92
Kommunekredit            0.50   5/11/2029  CAD      73.00
Lehman Brothers Treas    5.25    7/8/2014  EUR       3.92
Lehman Brothers Treas    2.50   8/15/2012  CHF       3.92
Lehman Brothers Treas   12.40   6/12/2009  USD       3.92
Lehman Brothers Treas    3.00    6/3/2010  EUR       3.92
Lehman Brothers Treas    8.00    8/3/2009  USD       3.92
Lehman Brothers Treas    4.00  11/24/2016  EUR       3.92
Lehman Brothers Treas    1.50  10/25/2011  EUR       3.92
Lehman Brothers Treas    7.75   1/30/2009  EUR       3.92
Lehman Brothers Treas   11.00   6/29/2009  EUR       3.92
Lehman Brothers Treas    5.50   6/15/2009  CHF       3.92
Kommunalbanken AS        0.50  12/16/2020  TRY      72.61
Barclays Bank PLC        1.99   12/1/2040  USD      72.96
Lehman Brothers Treas   13.00  12/14/2012  USD       3.92
Lehman Brothers Treas    7.32   7/31/2013  GBP       3.92
Lehman Brothers Treas    6.00   12/6/2016  USD       3.92
Lehman Brothers Treas    4.15   8/25/2020  EUR       3.92
Lehman Brothers Treas    4.00    6/5/2011  USD       3.92
Lehman Brothers Treas    4.50  12/30/2010  USD       3.92
Lehman Brothers Treas    2.30    6/6/2013  USD       3.92
Lehman Brothers Treas    4.30    6/4/2012  USD       3.92
Lehman Brothers Treas   11.00   2/16/2009  CHF       3.92
Lehman Brothers Treas    6.30  12/21/2018  USD       3.92
Kaupthing ehf            7.50   12/5/2014  ISK      17.63
Kaupthing ehf            6.50   10/8/2010  ISK      17.63
HSBC Bank PLC            0.50   12/8/2026  AUD      71.93
Lehman Brothers Treas    6.00   2/19/2023  USD       3.92
Lehman Brothers Treas    8.00   3/21/2018  USD       3.92
Lehman Brothers Treas   13.00   2/16/2009  CHF       3.92
Lehman Brothers Treas    1.00   2/26/2010  USD       3.92
Lehman Brothers Treas    6.00   6/21/2011  EUR       3.92
Lehman Brothers Treas    3.10    6/4/2010  USD       3.92
Lehman Brothers Treas    7.75    1/3/2012  AUD       3.92
Lehman Brothers Treas    0.50    6/2/2020  EUR       3.92
Lehman Brothers Treas    5.00   12/6/2011  EUR       3.92
Lehman Brothers Treas   13.43    1/8/2009  ILS       3.92
Lehman Brothers Treas   10.00  10/23/2008  USD       3.92
Lehman Brothers Treas    6.60   5/23/2012  AUD       3.92
Lehman Brothers Treas   10.00   5/22/2009  USD       3.92
Lehman Brothers Treas    4.60    8/1/2013  EUR       3.92
Lehman Brothers Treas    5.00   2/15/2018  EUR       3.92
Lehman Brothers Treas    9.75   6/22/2018  USD       3.92
Lehman Brothers Treas   10.60   4/22/2014  MXN       3.92
Lehman Brothers Treas   16.00   11/9/2008  USD       3.92
Lehman Brothers Treas   16.20   5/14/2009  USD       3.92
Lehman Brothers Treas    4.87   10/8/2013  USD       3.92
Lehman Brothers Treas    7.05    4/8/2015  USD       3.92
Lehman Brothers Treas    7.15   3/21/2013  USD       3.92
Lehman Brothers Treas    7.80   3/31/2018  USD       3.92
Lehman Brothers Treas    2.30   4/28/2014  JPY       3.92
Lehman Brothers Treas    4.00   2/28/2010  EUR       3.92
Lehman Brothers Treas    2.00   5/17/2010  EUR       3.92
Lehman Brothers Treas    4.10   5/20/2009  USD       3.92
Lehman Brothers Treas    6.45   2/20/2010  AUD       3.92
Lehman Brothers Treas    4.00   3/10/2011  EUR       3.92
Lehman Brothers Treas   10.00  10/22/2008  USD       3.92
Lehman Brothers Treas   16.00  10/28/2008  USD       3.92
Lehman Brothers Treas    5.50   4/23/2014  EUR       3.92
Lehman Brothers Treas    8.88   1/28/2011  HKD       9.63
Kaupthing ehf            7.00   7/24/2009  ISK      17.63
Lehman Brothers Treas   11.00  12/20/2017  AUD       3.92
Lehman Brothers Treas    4.00    1/4/2011  USD       3.92
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  AUD       3.92
Oberoesterreichische     0.30   4/25/2042  EUR      55.14
Lehman Brothers Treas    4.50    3/7/2015  EUR       3.92
Lehman Brothers Treas   14.10  11/12/2008  USD       3.92
Lehman Brothers Treas    4.00   8/11/2010  USD       8.00
BNP Paribas SA           0.50  11/16/2032  MXN      31.71
Lehman Brothers Treas    0.75   3/29/2012  EUR       3.92
Kaupthing ehf            9.75   9/10/2015  USD      17.63
Lehman Brothers Treas    7.50    8/1/2035  EUR       3.92
Lehman Brothers Treas    4.90   7/28/2020  EUR       3.92
Lehman Brothers Treas   11.00    5/9/2020  USD       3.92
Lehman Brothers Treas    7.00   7/11/2010  EUR       3.92
Lehman Brothers Treas    6.00   7/28/2010  EUR       3.92
Svensk Exportkredit A    0.50   3/15/2022  ZAR      68.56
Lehman Brothers Treas    4.69   2/19/2017  EUR       3.92
Lehman Brothers Treas    7.60   3/26/2009  EUR       3.92
Lehman Brothers Treas   15.00   3/30/2011  EUR       3.92
Lehman Brothers Treas    6.00   5/12/2017  EUR       3.92
Lehman Brothers Treas    4.10   2/19/2010  EUR       3.92
DekaBank Deutsche Gir    0.12   6/23/2034  EUR      70.89
Landesbank Hessen-Thu    4.00   5/16/2018  EUR      61.20
UBS AG/London           12.50    4/5/2018  USD      64.65
DZ Bank AG Deutsche Z    6.50   3/23/2018  EUR      66.14
DZ Bank AG Deutsche Z    5.75   3/23/2018  EUR      68.62
UniCredit Bank AG        4.40   9/19/2018  EUR      67.24
UBS AG                  10.50  12/22/2017  EUR      70.83
UBS AG                  10.25  12/22/2017  EUR      50.11
UBS AG                   8.50  12/22/2017  EUR      42.49
UBS AG                  11.75  12/22/2017  EUR      62.41
UBS AG                   7.50  12/22/2017  EUR      46.30
UBS AG                   5.75  12/22/2017  EUR      53.84
UBS AG                   7.75  12/22/2017  EUR      60.84
UBS AG                   5.75  12/22/2017  EUR      73.02
UBS AG                  13.00  12/22/2017  EUR      62.74
UBS AG                   9.50  12/22/2017  EUR      71.86
UBS AG                   7.75  12/22/2017  EUR      71.16
UBS AG                  10.50  12/22/2017  EUR      64.63
Landesbank Baden-Wuer    3.15   6/22/2018  EUR      62.34
UBS AG                   9.50  12/22/2017  EUR      71.77
UBS AG                   5.25  12/22/2017  EUR      57.10
UBS AG                  11.75  12/22/2017  EUR      58.99
UBS AG                  10.25  12/22/2017  EUR      38.19
UBS AG                   5.00  12/22/2017  EUR      60.97
UBS AG                  11.75  12/22/2017  EUR      34.32
UBS AG                  10.25  12/22/2017  EUR      68.30
UBS AG                   6.75  12/22/2017  EUR      49.76
UBS AG                   8.25  12/22/2017  EUR      44.38
UBS AG                   6.25  12/22/2017  EUR      49.46
UBS AG                  11.25  12/22/2017  EUR      64.15
UBS AG                   9.00  12/22/2017  EUR      70.85
UBS AG                   8.25  12/22/2017  EUR      61.45
UBS AG                   4.50  12/22/2017  EUR      61.72
UBS AG                  10.50  12/22/2017  EUR      61.82
UBS AG                   9.50  12/22/2017  EUR      65.86
UBS AG                   6.50  12/22/2017  EUR      49.55
HSBC Trinkaus & Burkh    9.00   9/22/2017  EUR      72.88
HSBC Trinkaus & Burkh    8.30  12/22/2017  EUR      74.59
HSBC Trinkaus & Burkh    2.50   9/22/2017  EUR      63.74
Leonteq Securities AG   10.20  10/24/2018  EUR      56.85
DZ Bank AG Deutsche Z   11.00  10/27/2017  EUR      62.31
Commerzbank AG          15.50   8/23/2017  EUR      64.84
Credit Suisse AG/Lond   11.50   4/25/2018  USD      73.47
Bank Julius Baer & Co    5.40  12/20/2017  CHF      71.55
Vontobel Financial Pr    7.00  12/22/2017  EUR      71.27
Vontobel Financial Pr   12.00  12/22/2017  EUR      62.58
HSBC Trinkaus & Burkh   10.50  11/24/2017  EUR      71.70
Lehman Brothers Treas    3.00   8/13/2011  EUR       3.92
Lehman Brothers Treas    1.50    2/8/2012  CHF       3.92
Lehman Brothers Treas   12.22  11/21/2017  USD       3.92
Lehman Brothers Treas    3.50  12/20/2027  USD       3.92
Lehman Brothers Treas    8.05  12/20/2010  HKD       3.92
Kaupthing ehf            3.75   2/15/2024  ISK      17.63
Lehman Brothers Treas   14.90  11/16/2010  EUR       3.92
Lehman Brothers Treas    6.00  10/30/2012  EUR       3.92
Lehman Brothers Treas   16.00   10/8/2008  CHF       3.92
Lehman Brothers Treas    5.50  11/30/2012  CZK       3.92
Lehman Brothers Treas    4.80  11/16/2012  HKD       3.92
United Confectioners    10.50    4/3/2023  RUB      99.96
RGS Nedvizhimost OOO    12.50   2/25/2021  RUB      60.00
Lehman Brothers Treas    7.63   7/22/2011  HKD       3.92
TransFin-M PAO          14.50   2/26/2025  RUB      60.01
Lehman Brothers Treas    6.72  12/29/2008  EUR       3.92
RGS Nedvizhimost OOO    12.50   1/19/2021  RUB      99.91
RGS Nedvizhimost OOO    12.50   7/22/2021  RUB      99.80
Nota-Bank OJSC          13.50    4/1/2016  RUB      31.50
TransFin-M PAO          12.50   8/11/2025  RUB     100.00
Lehman Brothers Treas    2.50   11/9/2011  CHF       3.92
Svensk Exportkredit A    0.50   8/25/2021  ZAR      71.51
LBI HF                   5.08    3/1/2013  ISK       7.13
Lehman Brothers Treas    8.00  12/31/2010  USD       3.92
Lehman Brothers Treas    4.05   9/16/2008  EUR       3.92
LBI HF                   8.65    5/1/2011  ISK       7.13
Lehman Brothers Treas    8.80  12/27/2009  EUR       3.92
Lehman Brothers Treas   11.00  12/20/2017  AUD       3.92
Lehman Brothers Treas    0.50  12/20/2017  USD       3.92
Lehman Brothers Treas    7.50   2/14/2010  AUD       3.92
Lehman Brothers Treas    5.22    3/1/2024  EUR       3.92
Lehman Brothers Treas    3.50   6/20/2011  EUR       3.92
Lehman Brothers Treas    3.45   5/23/2013  USD       3.92
Lehman Brothers Treas    1.95   11/4/2013  EUR       3.92
Lehman Brothers Treas    2.00   6/21/2011  EUR       3.92
Lehman Brothers Treas    5.38    2/4/2014  USD       3.92
Lehman Brothers Treas    9.50    4/1/2018  USD       3.92
Lehman Brothers Treas    2.75  10/28/2009  EUR       3.92
Lehman Brothers Treas    7.60   5/21/2013  USD       3.92
Societe Generale SA      0.50   6/12/2023  RUB      65.18
Lehman Brothers Treas    9.00    5/6/2011  CHF       3.92
Lehman Brothers Treas   15.00    6/4/2009  CHF       3.92
HSBC Bank PLC            0.50   1/29/2027  NZD      70.95
Lehman Brothers Treas   13.50    6/2/2009  USD       3.92
Lehman Brothers Treas   17.00    6/2/2009  USD       3.92
Lehman Brothers Treas   10.44  11/22/2008  CHF       3.92
RGS Nedvizhimost OOO    12.00  10/19/2020  RUB      99.81
Lehman Brothers Treas    3.82  10/20/2009  USD       3.92
Lehman Brothers Treas    7.75   2/21/2016  EUR       3.92
Credit Suisse AG         0.50  12/16/2025  BRL      46.17
Lehman Brothers Treas    5.00    8/1/2025  EUR       3.92
Lehman Brothers Treas    9.25   6/20/2012  USD       3.92
Lehman Brothers Treas    0.01   9/20/2011  USD       3.92
Lehman Brothers Treas    2.48   5/12/2009  USD       3.92
Lehman Brothers Treas    4.00   5/17/2010  USD       3.92
Lehman Brothers Treas    7.50   6/15/2017  USD       3.92
Lehman Brothers Treas    4.00   5/30/2010  USD       3.92
Lehman Brothers Treas    2.25   5/12/2009  USD       3.92
Lehman Brothers Treas    0.80  12/30/2016  EUR       3.92
Lehman Brothers Treas   10.00    1/3/2012  BRL       3.92
Societe Generale SA      0.50    7/6/2021  BRL      68.24
Credit Agricole Corpo    0.50    3/6/2023  RUB      66.61
Lehman Brothers Treas    4.10   6/10/2014  SGD       9.63
Barclays Bank PLC        1.00   5/10/2019  JPY      64.99
Lehman Brothers Treas    0.50   2/16/2009  EUR       3.92
Lehman Brothers Treas    8.00   4/20/2009  EUR       3.92
Lehman Brothers Treas    1.60   6/21/2010  JPY       3.92
Lehman Brothers Treas    2.40   6/20/2011  JPY       3.92
Lehman Brothers Treas    4.70   3/23/2016  EUR       3.92
Lehman Brothers Treas    8.50    7/6/2009  CHF       3.92
Lehman Brothers Treas    7.50   9/13/2009  CHF       3.92
Lehman Brothers Treas    5.25    4/1/2023  EUR       3.92
Lehman Brothers Treas    4.82  12/18/2036  EUR       3.92
HSBC Bank PLC            0.50  12/22/2025  BRL      45.54
Lehman Brothers Treas    3.70    6/6/2009  EUR       3.92
Eiendomskreditt AS       5.10              NOK      65.50
Lehman Brothers Treas    5.20   3/19/2018  EUR       3.92
Lehman Brothers Treas    6.00   2/14/2012  EUR       3.92
Lehman Brothers Treas    0.25  10/19/2012  CHF       3.92
Lehman Brothers Treas    1.68    3/5/2015  EUR       3.92
Lehman Brothers Treas    8.00  12/27/2032  JPY       3.92
Lehman Brothers Treas   13.50  11/28/2008  USD       3.92
Lehman Brothers Treas    9.00   5/15/2022  USD       3.92
Lehman Brothers Treas    7.39    5/4/2017  USD       3.92
Lehman Brothers Treas    6.60   2/22/2012  EUR       3.92
Lehman Brothers Treas    8.28   3/26/2009  USD       3.92
Lehman Brothers Treas    6.85  12/22/2008  EUR       3.92
Lehman Brothers Treas    7.00   2/15/2012  EUR       3.92
Kaupthing ehf            5.00    1/4/2027  SKK      17.63
Lehman Brothers Treas    4.20   12/3/2008  HKD       9.63
Lehman Brothers Treas   13.00   7/25/2012  EUR       3.92
Lehman Brothers Treas    4.00  10/12/2010  USD       3.92
Lehman Brothers Treas    7.00  10/22/2010  EUR       3.92
Lehman Brothers Treas    1.50  10/12/2010  EUR       3.92
Lehman Brothers Treas    4.60   11/9/2011  EUR       8.00
Nuova Banca delle Mar    7.20   6/30/2018  EUR       1.24
Nuova Banca delle Mar    7.75   6/30/2018  EUR       1.24
LBI HF                   7.43              USD       0.00
Lehman Brothers Treas    8.00  10/23/2008  USD       3.92
Lehman Brothers Treas    3.40   9/21/2009  HKD       3.92
Lehman Brothers Treas   18.25   10/2/2008  USD       3.92
Lehman Brothers Treas    2.50   8/23/2012  GBP       3.92
Artug OAO               15.00   7/14/2025  RUB       1.40
Lehman Brothers Treas    4.25   5/15/2010  EUR       3.92
Lehman Brothers Treas    3.35  10/13/2016  EUR       3.92
Raiffeisen Centrobank    9.85  12/20/2017  EUR      66.16
Raiffeisen Centrobank   13.01  12/20/2017  EUR      63.48
Raiffeisen Centrobank    7.54  12/28/2018  EUR      63.93
Raiffeisen Centrobank    6.23  12/28/2018  EUR      68.78
Commerzbank AG          12.00   2/22/2018  EUR      72.27
Commerzbank AG          15.75   2/22/2018  EUR      67.63
BNP Paribas Emissions   16.00   9/21/2017  EUR      46.52
BNP Paribas Emissions    6.00  10/26/2017  EUR      59.85
BNP Paribas Emissions   13.00  10/26/2017  EUR      49.32
BNP Paribas Emissions    5.00  12/21/2017  EUR      63.29
BNP Paribas Emissions    6.00  12/21/2017  EUR      60.59
BNP Paribas Emissions    9.00  12/21/2017  EUR      56.30
BNP Paribas Emissions    6.00   9/21/2017  EUR      59.30
BNP Paribas Emissions    9.00   9/21/2017  EUR      54.19
BNP Paribas Emissions   13.00  10/26/2017  EUR      68.93
UBS AG/London           12.50  12/22/2017  EUR      69.53
UBS AG/London            5.00  12/22/2017  EUR      70.48
UBS AG/London            7.75  12/22/2017  EUR      63.13
Bank Julius Baer & Co    5.20   9/25/2017  EUR      67.10
Leonteq Securities AG    3.00   9/19/2019  CHF      56.06
Raiffeisen Schweiz Ge    5.00    6/6/2018  CHF      73.32
Raiffeisen Schweiz Ge    5.00   6/13/2018  CHF      72.66
Raiffeisen Schweiz Ge    5.00   7/25/2018  CHF      73.90
HSBC Trinkaus & Burkh    7.50   9/22/2017  EUR      71.86
EFG International Fin   14.00    3/8/2018  CHF      73.16
UBS AG/London            4.50  12/22/2017  EUR      73.38
UBS AG/London            7.00  12/22/2017  EUR      58.96
UBS AG/London            4.00  12/22/2017  EUR      73.02
UBS AG/London            9.00  12/22/2017  EUR      52.60
UBS AG/London            5.75  12/22/2017  EUR      65.18
UBS AG/London           11.00  12/22/2017  EUR      74.65
UBS AG/London            6.25  12/22/2017  EUR      63.03
UBS AG/London           14.50  12/22/2017  EUR      68.94
UniCredit Bank AG        5.00   9/25/2017  EUR      73.78
Credit Suisse AG/Nass    5.25   5/14/2018  CHF      71.26
Raiffeisen Schweiz Ge    4.50   5/23/2018  CHF      73.25
UniCredit Bank AG        4.30  10/17/2018  EUR      66.35
Landesbank Baden-Wuer    3.30   6/22/2018  EUR      63.89
UniCredit Bank AG        4.30  12/22/2017  EUR      58.87
DekaBank Deutsche Gir    3.30   2/26/2018  EUR      48.77
UBS AG                   4.50  12/22/2017  EUR      53.26
UBS AG                   5.00  12/22/2017  EUR      60.81
Landesbank Baden-Wuer    3.05   6/22/2018  EUR      69.20
DekaBank Deutsche Gir    3.00   4/16/2018  EUR      73.09
Leonteq Securities AG   10.00  12/27/2017  USD      57.17
Raiffeisen Schweiz Ge   15.00  12/27/2017  CHF      68.36
HSBC Trinkaus & Burkh    8.95  12/22/2017  EUR      67.80
DZ Bank AG Deutsche Z    8.30   9/22/2017  EUR      51.26
HSBC Trinkaus & Burkh    1.75   8/25/2017  EUR      59.67
Deutsche Bank AG         6.20   9/19/2017  EUR      72.10
Deutsche Bank AG         6.20  12/19/2017  EUR      73.60
UBS AG/London            6.30  12/29/2017  EUR      57.87
HSBC Trinkaus & Burkh    4.80   9/22/2017  EUR      59.18
HSBC Trinkaus & Burkh   13.70  12/22/2017  EUR      71.56
Vontobel Financial Pr   11.50   9/22/2017  EUR      72.98
HSBC Trinkaus & Burkh    8.40   9/22/2017  EUR      51.63
HSBC Trinkaus & Burkh    3.00   9/22/2017  EUR      65.55
UBS AG                  24.10   9/28/2017  EUR      49.75
HSBC Trinkaus & Burkh   14.10   9/22/2017  EUR      70.33
Leonteq Securities AG    7.00  10/19/2017  CHF      68.31
Norddeutsche Landesba    3.00  10/30/2018  EUR      57.81
DZ Bank AG Deutsche Z   10.00  12/22/2017  EUR      72.42
DZ Bank AG Deutsche Z   11.80  12/22/2017  EUR      69.94
DZ Bank AG Deutsche Z    7.70   3/23/2018  EUR      72.58
DZ Bank AG Deutsche Z    9.60   3/23/2018  EUR      70.87
Leonteq Securities AG   15.60  12/19/2017  CHF      70.78
Leonteq Securities AG   17.60  12/19/2017  USD      70.94
Vontobel Financial Pr   18.40   9/11/2017  EUR      70.33
Commerzbank AG           4.00    7/6/2018  EUR      50.88
HSBC Trinkaus & Burkh    4.50  12/28/2018  EUR      73.88
HSBC Trinkaus & Burkh    4.50  12/28/2018  EUR      74.08
HSBC Trinkaus & Burkh   10.07   6/22/2018  EUR      74.26
HSBC Trinkaus & Burkh    5.00   6/22/2018  EUR      66.20
UBS AG/London            3.81  10/28/2017  USD      57.15
HSBC Trinkaus & Burkh   10.10   2/23/2018  EUR      71.98
HSBC Trinkaus & Burkh   11.60   3/23/2018  EUR      70.03
Commerzbank AG          12.75   1/25/2018  EUR      71.73
Commerzbank AG          16.50   1/25/2018  EUR      66.79
Leonteq Securities AG   16.60    5/7/2018  USD      57.48
Vontobel Financial Pr    9.05  12/22/2017  EUR      74.74
UBS AG/London            6.50   1/25/2018  CHF      70.60
Goldman Sachs & Co We   10.00   9/20/2017  EUR      72.43
Goldman Sachs & Co We   14.00   9/20/2017  EUR      63.70
DekaBank Deutsche Gir    3.50  10/28/2019  EUR      64.59
Bank Julius Baer & Co    5.50   11/6/2017  CHF      62.35
Bank Julius Baer & Co    7.75    2/9/2018  USD      53.20
HSBC Trinkaus & Burkh   10.90  10/27/2017  EUR      69.05
HSBC Trinkaus & Burkh   10.10   1/26/2018  EUR      71.26
Raiffeisen Schweiz Ge    3.00   9/22/2020  CHF      67.24
UniCredit Bank AG        3.50   1/29/2020  EUR      74.37
EFG International Fin    7.00  11/27/2019  EUR      16.81
Goldman Sachs Interna    1.00   12/5/2017  SEK      15.60
Bayerische Landesbank    2.70   7/13/2018  EUR      69.11
UniCredit Bank AG        3.80   7/23/2020  EUR      66.13
UniCredit Bank AG        4.40   7/13/2018  EUR      61.78
Bayerische Landesbank    2.40   7/20/2018  EUR      70.79
Norddeutsche Landesba    3.00   7/16/2018  EUR      64.69
Landesbank Baden-Wuer    3.00   7/26/2019  EUR      73.09
EFG International Fin    5.30   6/24/2019  EUR      73.28
Landesbank Baden-Wuer    3.70   7/27/2018  EUR      67.14
UniCredit Bank AG        5.00   7/30/2018  EUR      66.43
Landesbank Baden-Wuer    3.55   8/25/2017  EUR      67.59
Landesbank Baden-Wuer    4.00   6/22/2018  EUR      62.05
Landesbank Baden-Wuer    3.60   6/22/2018  EUR      59.56
DekaBank Deutsche Gir    3.00   5/13/2019  EUR      73.93
Bayerische Landesbank    2.90   6/22/2018  EUR      68.68
Landesbank Baden-Wuer    2.50  12/22/2017  EUR      73.83
Landesbank Baden-Wuer    3.50   7/27/2018  EUR      62.89
Landesbank Baden-Wuer    3.40   7/27/2018  EUR      63.11
Landesbank Baden-Wuer    3.00   7/26/2019  EUR      70.69
DekaBank Deutsche Gir    2.80   5/13/2019  EUR      61.23
Bayerische Landesbank    2.70   6/22/2018  EUR      70.67
Landesbank Baden-Wuer    2.60   8/23/2019  EUR      66.33
Lehman Brothers Treas    4.10   8/23/2010  USD       3.92
Lehman Brothers Treas    3.00   9/13/2010  JPY       8.00
Lehman Brothers Treas    6.60    2/9/2009  EUR       3.92
Societe Generale SA      0.50   4/30/2023  RUB      65.76
HSBC Bank PLC            0.50  10/30/2026  NZD      71.86



                            *********

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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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

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

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


                 * * * End of Transmission * * *