TCREUR_Public/170918.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, September 18, 2017, Vol. 18, No. 185



AREVA: Teollisuuden Voima Appeals France's State Aid Decision


BANK OF GEORGIA: Moody's Hikes LT LC Deposit Rating to Ba2


AIR BERLIN: Receives Several Bids from Interested Parties
GRENKE AG: S&P Rates Proposed Additional Tier 1 Capital Notes BB-


ALLEGION PLC: Moody's Hikes Rating on $300MM Sr. Notes from Ba2
G HOTEL: Owes More Than EUR690MM to Deutsche Bank
G HOTEL: High Court Confirms Appointment of Examiner
IARNROD EIREANN: Unions Warn of Potential Strike Action
OZLME II: S&P Assigns B- (sf) Rating to Class F Notes


ANACAP FINANCIAL: S&P Puts 'BB-' Counterparty Credit Rating
AVOLON TLB: Fitch Assigns 'BB+(EXP)' Rating to Secured Term Loan
MILLICOM INT'L: Moody's Rates Proposed USD500MM Senior Notes Ba2
VARNSEN INDUSTRIES: S&P Gives B CCR on Gamut Deal, Outlook Stable


PRINCESS JULIANA: Moody's Cuts USD142.6MM Sr. Notes Rating to Ba1


RUSHYDRO CAPITAL: Fitch Rates Rouble-Denominated Notes 'BB+(EXP)'
RUSHYDRO PJSC: S&P Rates Proposed Loan Participation Notes 'BB+'


BANCO POPULAR: Collapse Sparks Debate Over EU Bank Resolutions

U N I T E D   K I N G D O M

EVRAZ NORTH: S&P Affirms Then Withdraws 'B+' Corp Credit Rating
INTERNATIONAL CAR: S&P Affirms 'B' CCR, Outlook Stable
LISTERS TRADE: Falls Into Administration; 46 Jobs Axed
SEADRILL LTD: Soliciting Alternative Offers for $1B Capital Raise
SEADRILL LTD: Terms of Restructuring and Lock-Up Agreement

SEADRILL LTD: Three Entities Start Bermuda Proceedings
SEADRILL LTD: Unsec. Creditors to Get 15% of New Stock Under Plan
SHINE HOLDCO III: Moody's Assigns (P)B2 CFR, Outlook Stable
SOUTH YORKSHIRE: SFP Completes Pre-pack Sale, 100 Jobs Saved


* BOND PRICING: For the September 11 to September 15, 2017



AREVA: Teollisuuden Voima Appeals France's State Aid Decision
John Murray Brown at The Financial Times reports that
Teollisuuden Voima, Finland's nuclear power company, has appealed
to the European Commission over state aid to a French rival -- in
this instance complaining it is too little.

The Finnish utility, which has been in bitter dispute with Areva
of France over its Olkiluoto 3 nuclear plant in southwest
Finland, said on Sept. 13 it had lodged an appeal with the
Commission against the decision by the French government to give
state aid to Areva, the FT relates.

Normally companies are opposed to state aid to rivals, the FT
notes.  But Anna Lehtiranta, senior vice president of corporate
relations at TVO told the FT: "We are in favor of the state aid
but we think the current aid is not sufficient to ensure Areva
can cope with all of its obligations and liabilities".

The reason for TVO's stance is the two companies have been in
dispute over multibillion-euro legal claims relating to cost
overruns at Olkiluoto 3 for over two years, the FT relays.

According to the FT, TVO says it is concerned the level of state
aid could affect Areva's ability to settle its liabilities.

Talks between the companies collapsed back in June 2016, the FT

Areva then launched an arbitration process in the International
Chamber of Commerce, the FT recounts.

Areva, and its former joint venture partner, Siemens of Germany,
are suing TVO for EUR3.5 billion in the ICC arbitration case,
while the Finnish company is countersuing for EUR2.6 billion, the
FT discloses.

The ICC issued a partial decision in July this year, which TVO
says rejected two of the French company's key contentions, the FT
notes.  A final decision is expected early next year, the FT


BANK OF GEORGIA: Moody's Hikes LT LC Deposit Rating to Ba2
Moody's Investors Service has upgraded JSC Bank of Georgia's
(BoG) and JSC TBC Bank's local-currency deposit ratings to Ba2
from Ba3 and their foreign-currency deposit ratings to Ba3 from
B1. BoG's senior unsecured foreign-currency debt rating was also
upgraded to Ba2 from Ba3. The ratings continue to carry a stable

The banks' short-term deposit ratings were affirmed at Not Prime
and their Counterparty Risk Assessments (CR Assessment) were
affirmed at Ba2(cr)/Not Prime(cr). The banks' standalone Baseline
Credit Assessments (BCA) and adjusted BCAs of ba3 are unaffected
by this action.

The rating action on the Georgian banks is driven by Moody's
upgrade of Georgia's government bond ratings to Ba2 stable from
Ba3 stable on September 11, 2017 and reflects the rating agency's
view that the government's improved creditworthiness enhances its
capacity to provide support to the two banks, in case of need.



The upgrade of BoG's and TBC Bank's local-currency deposit
ratings is primarily driven by the improved capacity of the
government to provide support to the banks in case of need, as
indicated by the upgrade of Georgia's government bond rating to
Ba2 with stable outlook, and Moody's assessment of a high
probability of government support for the two banks. The Ba2
local-currency deposit ratings now benefit from one notch of
government support uplift from the banks' ba3 standalone BCA.

Moody's high support assessment for the two banks derives from
their systemic importance to the national economy and the
functioning of the domestic financial system and despite
constraints on the government's financial flexibility to provide
support to failing institutions because of the high degree of
dollarisation in the economy: BoG's and TBC Bank's share of
client deposits in Georgia was 32% and 40% respectively as of
end-June 2017; their market share of gross loans was 32% and 38%
respectively at the same date.


The upgrade to Ba2 from Ba3 of the foreign-currency rating
assigned to the lari-denominated senior unsecured notes issued by
BoG reflects, similarly to the upgrade of the bank's local-
currency deposit rating, one notch of rating uplift from Moody's
high government support assumption and Georgia's Ba2 government
bond rating.

Ratings assigned to BoG's domestic holding company, JSC BGEO
Group, were unaffected by action. JSC BGEO Group's B1 debt and
issuer ratings are positioned one notch below BoG's unchanged ba3
adjusted BCA to reflect the structural subordination of the
holding company's creditors to those of its operating
subsidiaries. JSC BGEO Group's ratings do not incorporate any
government support uplift because Moody's considers that any
support would flow directly to the bank rather than through the
holding company.


Moody's upgrade of the banks' foreign-currency deposit ratings to
Ba3 from B1 reflects the rise in Georgia's foreign-currency
deposit ceiling to Ba3 from B1. The ceiling remains positioned
one notch below the sovereign rating and therefore continues to
constrain the banks' foreign-currency deposit ratings.


Moody's continues to assess Georgia's Macro Profile (operating
environment for banks) as Weak+. Therefore, Georgian banks'
standalone BCAs were unaffected by the upgrade of the sovereign

The rating agency's assessment incorporates the funding
challenges posed by the large quantity of foreign-currency
deposits, that account for two-thirds of total deposits (mostly
US dollars) and a material amount of non-resident deposits, which
are more confidence sensitive. The system also faces credit risks
related to a high level of foreign-currency lending to borrowers
with no foreign-currency income and Moody's expectation of a
rapid rate of credit growth, above nominal GDP, over the next 12-
18 months. Higher risk-weighting for unhedged foreign-currency
loans and an efficient foreclosure process partially mitigate
these risks.


The stable outlook on the banks' long-term deposit ratings and
BoG's senior unsecured rating is in line with the stable outlook
on the sovereign rating. Furthermore, the stable outlook also
reflects the ratings agency's view that the banks' strong
profitability, adequate capitalisation and liquidity balance the
risks arising from a developing operating environment and the
extensive use of foreign currency.


Moody's has also affirmed BoG's and TBC Bank's long- and short-
term CR Assessments of Ba2(cr)/Not Prime(cr). Moody'sexpects
authorities to honour the operating obligations a CR Assessment
refers to in order to preserve the banks' critical functions and
reduce potential for contagion. Therefore, the CR Assessments are
positioned, prior to support, one notch above the banks' adjusted
BCA of ba3. Consequently, the two banks' CR Assessments do not
benefit from government support uplift because government's
capacity to provide support is limited at its Ba2 rating.


There is limited upward rating pressure for the banks' local-
currency deposit ratings and BoG's senior unsecured debt rating
given that they are already in line with Georgia's sovereign
rating. Upward rating pressure will require both an improvement
in the banks' standalone assessment mainly through improved
operating conditions, such as the evolution and diversification
of the Georgian economy and a substantial reduction in loan and
deposit dollarisation, and an upgrade in the rating of the
Georgian government.

The banks' foreign-currency deposit ratings are constrained by
Georgia's ceiling for foreign-currency deposits and would be
upgraded in the event that the ceiling for such deposits is

Downward pressure on the banks' ratings would develop as a result
of a rise in nonperforming loans, and hence credit costs, well
beyond Moody's current expectations of around 2%, which would
hurt the bank's bottom-line profitability. The ratings could also
be downgraded as a result of a resurgence of political risk that
would lead to significant funding outflows. A material
deterioration in the domestic operating conditions in Georgia, as
described in Moody's Macro Profile for the country, would also
strain the banks' ratings.

There could also be negative pressure on the banks' local-
currency deposit ratings and BoG's senior unsecured rating if
Moody's believes that the government's willingness to provide
support in case of need has diminished.


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


Issuer: JSC Bank of Georgia


-- Long term local-currency deposit rating, upgraded to Ba2 from
    Ba3, stable outlook

-- Long term foreign-currency deposit rating, upgraded to Ba3
    from B1, stable outlook

-- Senior unsecured foreign-currency rating, upgraded to Ba2
    Ba3, stable outlook


-- Short term bank deposits (local & foreign currency), affirmed

-- Long term Counterparty Risk Assessment, affirmed Ba2(cr)

-- Short term Counterparty Risk Assessment, affirmed NP(cr)

Issuer: JSC TBC Bank


-- Long term local-currency deposit rating, upgraded to Ba2 from
    Ba3, stable outlook

-- Long term foreign-currency deposit rating, upgraded to Ba3
    from B1, stable outlook


-- Short term bank deposits (local & foreign currency), affirmed

-- Long term Counterparty Risk Assessment, affirmed Ba2(cr)

-- Short term Counterparty Risk Assessment, affirmed NP(cr)

Outlook Actions:

Issuer: JSC Bank of Georgia

-- Outlook, Remains Stable

Issuer: JSC TBC Bank

-- Outlook, Remains Stable


AIR BERLIN: Receives Several Bids from Interested Parties
Tobias Buck at The Financial Times reports that Air Berlin said
it had received several bids from interested parties on Sept. 15,
as the race to acquire the most desirable assets of the insolvent
German carrier entered the final phase.

Rival airlines and other bidders were asked to table their offers
by Friday, Sept. 15, with a final decision on the sale expected
on Sept. 25, a day after the German elections, the FT relates.

The bidders include Lufthansa, Condor and easyJet who have made
offers for parts of the stricken airline, but declined to provide
details, the FT discloses.

According to the FT, citing people familiar with the process, the
interests of Lufthansa and Condor overlap at least in part, with
both tabling bids for Air Berlin's low-cost airline Niki.

In the case of Condor, a subsidiary of travel company Thomas
Cook, the bid appears to have been made jointly with Niki's
founder -- the Austrian former Formula One racing driver Niki
Lauda, the FT notes.

Mr. Lauda told Austrian media last week that he and Condor were
seeking to take over 38 of Air Berlin's planes and routes for
about EUR100 million, the FT recounts.

Condor itself declined to comment on the bid or its partnership
with Mr. Lauda, the FT relays.

"Lufthansa Group has made an offer to buy parts of Air Berlin
Group," the FT quotes Lufthansa as saying.

EasyJet also confirmed it had submitted a bid for parts of its
short-haul business, the FT states.

                       About Air Berlin

In operation since 1978, Air Berlin PLC & Co. Luftverkehrs KG is
a global airline carrier that is headquartered in Germany and is
the second largest airline in the country.

In 2016, Air Berlin operated 139 aircraft with flights to
destinations in Germany, Europe, and outside Europe, including
the United States, and provided passenger service to 28.9 million
passengers.  Within the first seven months of 2017, the Debtor
carried approximately 13.8 million passengers.  It employs
approximately 8,481 employees.  Air Berlin is a member of the
Oneworld alliance, participating with other member airlines in
issuing tickets, code-share flights, mileage programs, and other
similar services.

Air Berlin has racked up losses of about EUR2 billion over the
past six years, and has net debt of EUR1.2 billion.

On Aug. 15, 2017, Air Berlin applied to the Local District Court
of Berlin-Charlottenburg, Insolvency Court for commencement of an
insolvency proceeding.  On the same day, the German Court opened
preliminary insolvency proceedings permitting the Debtor to
proceed as a debtor-in-possession, appointed a preliminary
custodian to oversee the Debtor during the preliminary insolvency
proceedings, and prohibited any new, and stayed any pending,
enforcement actions against the Debtor's movable assets.

To seek recognition of the German proceedings, representatives of
Air Berlin filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No.
17-12282) on Aug. 18, 2017.  The Hon. Michael E. Wiles is the
case judge.  Thomas Winkelmann and Frank Kebekus, as foreign
representatives, signed the petition.  Madlyn Gleich Primoff,
Esq., at Freshfields Bruckhaus Deringer US LLP, is serving as
counsel in the U.S. case.

GRENKE AG: S&P Rates Proposed Additional Tier 1 Capital Notes BB-
S&P Global Ratings assigned its 'BB-' long-term issue rating to
the perpetual noncumulative fixed to reset rate additional Tier 1
(AT1) notes to be issued by German financial institution Grenke
AG (BBB+/Stable/A-2). The rating is subject to our review of the
notes' final documentation.

S&P said, "The issue rating on Grenke's proposed hybrid notes
reflects our view of the company's credit profile and the terms
and conditions of the expected issuance."

"This is Grenke's second issuance of a perpetual AT1 security,
and it will have the same structure as the existing AT1 issued in
2015 (ISIN: XS1262884171). We understand that this AT1 issuance
will comply with Basel III capital requirements, and that any
distributions on the notes may be cancelled by the issuer or the
competent supervisory authority. Additionally, we understand that
the proposed notes will rank senior to ordinary shares,
subordinated to more senior debt, and pari passu with the exiting

"The 'BB-' rating reflects our analysis of the proposed
instruments and our 'bbb' assessment of Grenke's stand-alone
credit profile (SACP) (see "Bank Hybrid Capital And Nondeferrable
Subordinated Debt Methodology And Assumptions," published
Jan. 29, 2015, on RatingsDirect). We notch down from our SACP
assessment for the bank to derive the rating on the proposed

The 'BB-' issue rating is four notches below S&P's SACP
assessment for Grenke, based on the following:

-- One notch for subordination;
-- Two notches for Tier 1 regulatory capital status; and
-- One notch due to the principal write-down feature.

S&P said, "We do not apply additional notching given the 5.125%
Common Equity Tier 1 (CET1) mandatory write-down trigger at the
Grenke group level, which we consider to be a nonviability
capital trigger. As of December 2016, the relevant CET1 ratio for
the group was 11.3%, based on risk-weighted assets under Basel
III, and we expect this ratio will remain broadly stable over the
next two years.

"We expect to assign intermediate equity content to the proposed
notes. The proposed instruments meet our conditions for
intermediate equity content, because: They are perpetual, with a
call date expected to be five or more years from issuance; They
do not contain a coupon step-up; and They have loss-absorption
features as a going concern, given that Grenke has the
flexibility to suspend the coupon at any time."


ALLEGION PLC: Moody's Hikes Rating on $300MM Sr. Notes from Ba2
Moody's Investors Service upgraded the ratings of Allegion plc to
Baa3, investment grade, following the announcement that the
company closed on a new senior unsecured credit facility due
2022. The company's new senior unsecured credit facility is
assigned at Baa3 and company's senior unsecured notes were
upgraded to Baa3 from Ba2. The new senior unsecured credit
facility consists of a $500 million revolver and a $700 million
term loan A. The rating outlook is stable.

Following is a summary of Moody's rating actions:

Allegion plc:

$500 Senior Unsecured Revolver due 2022, assigned at Baa3;

$700 million Senior Unsecured Term Loan A due 2022, assigned at

$300 million Senior Unsecured Notes due 2023, upgraded to Baa3
from Ba2 (LGD5);

Allegion U.S. Holding Company Inc.:

$300 million Gtd Senior Unsecured Notes due 2021, upgraded to
Baa3 from Ba2 (LGD5);

The rating outlook remains stable.

Note: the CFR, PDR, and SGL were withdrawn because they are
ratings assigned to non-investment grade companies. The senior
secured revolver and secured term loan A due 2020 will be
withdrawn because they were replaced with the new senior
unsecured bank facility rated above.


The ratings upgrade reflects Allegion's transition from a
predominantly secured debt capital structure to a fully unsecured
structure, which has eliminated the contractual subordination
that existed between its former secured bank credit facility and
unsecured notes. The upgrade also reflects Allegion's consistent,
high margins relative to its investment grade peers, as well as
its consistent debt leverage levels at approximately 3.0x and
solid free cash flow generation. The company is committed to its
investment grade ratings, and is willing and able to defend its
ratings in the event of a downturn.

The ratings also benefit from the current positive industry
conditions related to growth in housing and construction and the
company's somewhat diversified revenue streams by end-market as
the company caters to residential, commercial, and institutional
(including government) segments. At the same time, the rating is
negatively impacted by Allegion's reliance on cyclical housing
and construction end markets.

One of Allegion's core strategies is to grow through
acquisitions. Moody'sexpects Allegion to be able to fund much of
its growth through free cash flow. To the extent larger
acquisitions are funded through debt, Moody'sexpects Allegion to
de-lever within 12 months as the company has demonstrated in the
past. Overall, Moody'sexpects adjusted debt-to-EBITDA to be
sustained at approximately 3.0x which is consistent with the
company's historic level.

Moody's views the 2023 notes issued by Allegion plc as having the
same credit support as the 2021 notes issued by Allegion U.S.
Holding Company (Allegion USHC). The 2023 notes are guaranteed by
Allegion USHC and its material domestic subsidiaries. The 2021
notes are guaranteed by Allegion plc and Allegion USHC material
domestic subsidiaries.

The company's liquidity is supported by strong free cash flow
generation, cash-on-hand and its $500 million senior unsecured
revolver. Over the next 12-to-18 months, Allegion is projected to
generate approximately $300 million of free cash flow that will
cover all working capital and maintenance capital expenditure
needs as well as have cash balances in excess of $300 million. As
of June 30, 2017, there were no outstanding borrowings under the
revolver and availability was approximately $480.8 million, net
of letters of credit. Allegion's senior credit facilities are
governed by financial maintenance covenants include a total net
leverage less than or equal to 3.75x and an interest coverage
ratio greater than or equal to 4.0x. Moody'sexpects the company
to be in compliance over the next 12-to-18 months.

The stable outlook is based on Moody's expectation of steady
growth over the next 12-18 months, conservative balance sheet
management, and a good liquidity profile.

Allegion's ratings could be upgraded if revenue growth approaches
$5 billion, along with growth in market presence and product
offerings. The ratings could also be upgraded if the company
maintains its adjusted debt-to-EBITDA below 2.5x and sustains
adjusted free cash flow to debt consistently above 15%.

The ratings could be downgraded if the company's adjusted debt-
to-EBITDA leverage increases and is maintained above 3.50x and
adjusted free cash flow to debt declines below 10%. Additionally,
deterioration in competitive position or liquidity, or adjusted
EBITA margin sustained below 15% could lead to a ratings

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

Allegion plc -- parent of Allegion U.S. Holding Company Inc.
("Allegion") -- is headquartered in Dublin, Ireland. The company
is a global provider of security products and solutions serving
the residential, commercial, government, and institutional
markets. The company generated approximately $2.3 billion in
revenue for the trailing twelve months ending June 30, 2017.

G HOTEL: Owes More Than EUR690MM to Deutsche Bank
The Irish Times reports that Deutsche Bank is owed more than
EUR690 million by a group of companies controlled by Galway
businessman Gerry Barrett, the High Court has heard.

Last month seven companies that form part of the Edward Capital
Group were granted the protection of the High Court after the
bank appointed a receiver over the firms, which employ more than
330 full time and part time staff, The Irish Times relates.

The Irish Times says the companies sought the appointment of an
examiner after the bank appointed a receiver over the companies.

Insolvency practitioner Neil Hughes of Baker Tily Hughes Blacke
was appointed interim examiner over ML Meyrick Ltd, MT Mono
Trading Ltd, Edward Leisure Assets UnLimited Company, Niche
Hotels Unlimited Company, Style City Limited, Radical Properties
Unlimited Company, and Kitty Hall Holdings Limited, the report

The assets of the various firms include the 4-star Meyrick Hotel,
the 5-star G Hotel, the Eye Cinema which are all in Galway. They
also hold various property assets including 38 apartments, a
retail park, a house and sites in the Galway area, the report

The total value of the seven firm's assets has been estimated at
between EUR55 million and EUR60 million, The Irish Times

The other companies in the Lord Edward group are not effected by
the examinership application.

The group's assets include landmark hotels and shopping centres
and it had also operated a successful construction company. It
had previously owned the world famous Ashford Castle Hotel in Co
Mayo, which was sold four years ago.

According to The Irish Times, the companies represented by Gary
McCarthy SC and Ross Gorman sought the appointment of the
examiner as the companies were insolvent and unable to pay their
debts as they fall due.

It sought the appointment of an examiner after Deutsche Bank
appointed a receiver over the seven companies.

The companies whose directors are Gerry Barrett and Catherine
Barrett of Drimbawn House, Chestnut Lane, Lower Dangan, Galway
accept the group is "very significantly indebted" to the bank to
the tune of EUR698 million, The Irish Times discloses.

While the companies can service a certain level they say a large
amount of what is owed can never be repaid.

The companies loans portfolio had been acquired by Nama, but was
sold for an undisclosed sum to Deutsche Bank in 2015.

Since then the group has sold assets it held and refinanced some
of the debt owed to the bank. It has also engaged with the bank's
representatives with a view to coming to an arrangement over the
debts, including the disposal of assets, the report adds.

G HOTEL: High Court Confirms Appointment of Examiner
Aodhan O'Faolain at The Irish Times reports that the High Court
has confirmed the appointment of an examiner to three companies
connected with the four-star Meyrick Hotel in Galway City.

However, Mr. Justice Tony O'Connor said he was not satisfied to
continue the protection of the courts to four related firms
involved in the operation of other Galway-based businesses
including the five star G Hotel and the Eye Cinema, The Irish
Times relates.

All seven companies are part of the Edward Capital Group which is
controlled by businessman Gerry Barrett, The Irish Times notes.

Deutsche Bank, which is owed more than EUR690 million by the
group, had opposed the examinership, The Irish Times recounts.

The bank, represented by Neil Steen SC and Paul Gallagher SC,
argued the examinership application was an abuse of process and
an attempt by the companies to renege on a debt settlement
agreement which would have resulted in the sale of the group's
assets to reduce its debt to the bank, The Irish Times relays.

That was denied by the companies, who argued that Deutsche Bank
had breached the settlement agreement, The Irish Times relates.

Following the court's ruling, Gary McCarthy SC for the companies
said his client would appeal the refusal to grant the four firms
the protection of the courts, The Irish Times discloses.

The court agreed to put a stay in relation to the four companies
it has refused to allow remain in examinership to early this
week, The Irish Times states.

All seven had sought the appointment of an examiner after DB
appointed a receiver over the firms, which employ more than 330
full-time and part-time people, according to The Irish Times.

Last month, the firms secured the protection of the High Court
and insolvency practitioner Neil Hughes -- -- of Baker Tily Hughes Blake was
appointed interim examiner over the companies, The Irish Times

The application was made to have an examiner appointed after the
bank appointed a receiver over the firm's assets, The Irish Times

IARNROD EIREANN: Unions Warn of Potential Strike Action
------------------------------------------------------- reports that unions at Iarnrod Eireann have warned of a
potential all-out strike later this autumn if the company does
not concede a pay increase for staff.

However, the company has signaled that it remains at risk of
insolvency, with accumulated debts of EUR160 million, and losses
for this year forecast at EUR6 million, relates.

According to, arriving for the opening of five weeks of
intensive negotiations at the Workplace Relations Commission,
SIPTU Assistant Industrial Organiser Paul Cullen said staff were
seeking flat pay rises in line with recent increases or between
2.75% and 3% per year elsewhere in the transport sector.

He noted that passenger numbers were up, and that revenue had
also increased, adding that staff had not had an increase in ten
years, and had also taken a pay cut during the economic crisis,
the report says.

He said the National Transport Authority was the "elephant in the
room" -- and that both the NTA and the Department of Transport,
Tourism and Sport would have a role to play.

If the talks failed, he said, unions would seek a mandate for
industrial action, according to relates that National Bus and Rail Union General Secretary
Dermot O'Leary said that Iarnrod Eireann could not continue to
say it has no money for pay rises, yet "fanfare" that it has the
highest passenger numbers ever, and revenue beyond Celtic Tiger

He too warned of strike action if the talks failed, the report

However, Iarnrod Eireann Director of Human Resources Ciaran
Masterson said the company was prepared to review efficiencies
and savings to meet the unions' aspirations for a pay rise.

He acknowledged that an all-out strike would damage customer
confidence but said they had to deal with the simple fact that as
an organisation they remain under threat of insolvency and must
ensure they can continue to pay staff and run services going
forward, adds.

Iarnrod Eireann is the operator of the national railway network
of Ireland.

OZLME II: S&P Assigns B- (sf) Rating to Class F Notes
S&P Global Ratings assigned its credit ratings to OZLME II DAC's
class A-1, A-2, B-1, B-2, C, D, E, and F fixed- and floating-rate
notes. At closing, OZLME II also issued an unrated subordinated
class of notes.

OZLME II is a European cash flow collateralized loan obligation
(CLO), securitizing a portfolio of primarily senior secured euro-
denominated leveraged loans and bonds issued by European
borrowers. Och-Ziff Europe Loan Management Ltd. is the collateral

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following
this, the notes permanently switch to semiannual payments. The
portfolio's reinvestment period ends approximately four years
after closing.

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B+'
rating. We consider that the portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations
(CDOs; see "Global Methodologies And Assumptions For Corporate
Cash Flow And Synthetic CDOs," published on Aug. 8, 2016).

"In our cash flow analysis, we used the EUR400 million target par
amount, a weighted-average spread (3.75%), a weighted-average
coupon (5.00%), and weighted-average recovery rates at each
rating level. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability
rating category. Citibank N.A., London branch is the bank account
provider and custodian. The documented downgrade remedies are in
line with our current counterparty criteria (see "Counterparty
Risk Framework Methodology And Assumptions," published on
June 25, 2013).

"Following the application of our nonsovereign ratings criteria,
we consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels (see
"Ratings Above The Sovereign - Structured Finance: Methodology
And Assumptions," published on Aug. 8, 2016). This is because the
concentration of the pool comprising assets in countries rated
lower than 'A-' is limited to 10% of the aggregate collateral

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

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.


  OZLME II DAC EUR415.250 Million Senior Secured Floating-Rate
    Fixed-Rate Notes And Subordinated Notes

  Class              Rating            Amount
                                     (mil. EUR)

  A-1                AAA (sf)          225.00
  A-2                AAA (sf)           10.00
  B-1                AA (sf)            35.50
  B-2                AA (sf)            20.00
  C                  A (sf)             24.50
  D                  BBB (sf)           20.50
  E                  BB (sf)            23.30
  F                  B- (sf)            11.80
  Sub                NR                 44.65

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


ANACAP FINANCIAL: S&P Puts 'BB-' Counterparty Credit Rating
S&P Global Ratings said it has assigned its 'BB-' long-term
counterparty credit rating to AnaCap Financial Europe S.A. (AFE).
The outlook is stable.

At the same time, S&P assigned its 'BB-' issue rating and
recovery rating of '3' to the proposed senior secured notes
issued by AFE, indicating its expectation of meaningful recovery
(50%-70%; rounded estimate: 60%) in the event of payment default.

These ratings are in line with the preliminary ratings assigned
on July 10, 2017 (see "Debt Purchaser AnaCap Financial Europe
Assigned 'BB-' Preliminary Rating; Outlook Stable," published on

The rating on AFE reflects S&P's view of its lack of operational
track record under the new structure, its limited scale relative
to rated debt purchasing peers, and its narrow business profile.
These weaknesses are mitigated by its good market position in its
primary markets; its ability to leverage the financial services
expertise of AnaCap Financial Partners; and its relatively low
leverage and good debt-servicing.

AFE is a relatively new entity created under a reserved
alternative investment fund (RAIF) structure in Luxembourg.
Assets from existing funds of AnaCap Financial Partners, which
include financial services nonperforming loans and performing
loans, have been transferred into the new group.

AFE is an intermediate nonoperating holding company (NOHC), which
consolidates the activities of the group. AFE is owned by another
intermediate NOHC, AnaCap Financial Holdings ScS(p) (AFH), which
in turn is owned by AnaCap Entities. S&P said, "Our group credit
profile (GCP) captures the restricted group as defined in the
indenture, as well as AFH, AFE's co-investments in Romanian
portfolios, and the impact of its 30% economic interest in Italy-
based Phoenix Asset Management S.p.A., which we reflect in our
assessment of the group's franchise. We do not directly capture
AnaCap Financial Partners in our GCP, which means our issuer
credit rating on AFE does not factor in our view of the
likelihood of extraordinary support. However, we do factor into
the GCP our expectations for the group's financial policy and
overall management, which are influenced by AnaCap Financial
Partners. We do not perceive any material barriers to cash flows
within the group or any significant issues regarding the
fungibility of capital between the parent company, the debt-
issuing company, or the subsidiaries under the new structure.

"We principally compare AFE with other debt collection companies
that we rate, including Arrow Global Group, Cabot Financial,
Garfunkelux Holdco 2 (the holding company of Lowell and GFKL),
Promontoria MCS, and Intrum Justitia. The long-term issuer credit
ratings on these entities range from 'BB+' to 'B+'.

"Our assessment of AFE's business risk profile primarily reflects
its monoline business model focused on purchasing financial
institutions' debt portfolios and maximizing recoveries
exclusively within the financial service industry in Europe. We
consider this business model to be susceptible to the debt-
portfolio selling behaviors of financial services companies or
aggressive actions by its competitors. Although not a part of our
base-case scenario, this has the potential to lead to volume
declines or heightened market risk through uneconomical pricing
of debt in the industry, for example. We consider AFE's revenue
concentration to be more in line with MCS, and less diversified
than Arrow Global, Garfunkelux, and Intrum. Peers that are more
diversified from a revenue perspective have a greater proportion
of fee income in their operating revenues. We view this source of
income as more stable relative to debt purchasing. For example,
we believe revenues from a long-term servicing contract are
generally more predictable relative to collections from debt
portfolios that are purchased at auction. This is reflective of
AFE's lack of in-house servicing capabilities compared with

"Our assessment is also constrained by AFE's limited scale
relative to the peer group. The group's 84-month estimated
remaining collections (what it expects to collect from portfolios
already purchased over the next 84 months) is around EUR500
million, which compares with an average of EUR1.1 billion in the
peer group.

"Our view is balanced by recent evidence of AnaCap Financial
Partners' sound origination capabilities built upon its
relationships with financial institutions. We note AnaCap
Financial Partners has a 12-year track record as a financial
services specialist investor. Through its ownership structure, we
consider AFE's unique relationship as a comparative strength, as
it can benefit from the use of AnaCap Financial Partners' larger
balance sheet, data and operations, and client relationships. We
also believe that AFE's financial services portfolios are more
diversified relative to the unsecured consumer finance-focused
peer group. AFE's portfolios have a balanced mix of unsecured and
secured debt of small and midsize enterprises, mortgage debt, and
consumer loans, which could partially reduce the group's future
earnings volatility."

The company is a market leader in Italy, having acquired nine
portfolios in the country comprising 130,000 accounts with a face
value of EUR7.3 billion and 84-month estimated remaining
collections of EUR360 million as of March 2017. Its revenues come
predominantly from Italy (60%), Spain (15%), and Portugal (15%),
with further contributions from Romania and the U.K. Despite the
concentration in Southern Europe, S&P believes that,
geographically, AFE is more diversified than some of its peers
such as Cabot and MCS, and it doesn't expect AFE to materially
change its footprint.

In a significant departure to its rated peers, AFE operates with
a fully outsourced master-servicing model, which is supported by
AnaCap's proprietary IT platform, rather than retaining in-house
collections. Data mining and analytics support both underwriting
new investments as well as ongoing servicing activities. This
model allows it to maintain sound operating efficiency to
optimize collections and operations across asset classes and
geographies, without heavy fixed costs and with lower costs to
collect. However, entirely outsourcing its collections does
increase its counterparty risk with servicing partners. This is
especially true in the case of AFE's 30% economic interest in
Phoenix Asset Management, which services the majority of AFE's
Italian loan portfolios. AFE has board representation at Phoenix,
and therefore has significant influence over the entity. S&P also
understands that AFE frequently audits its external servicers,
and where necessary only outsources to regulated entities. This
limits the extent of counterparty risk, in its view.

As a RAIF, AFE is not subject to direct supervision by the
"Commission de Surveillance du Secteur Financier" of Luxembourg
(CSSF), but it is overseen by a regulated alternative investment
manager, which is itself regulated by the CSSF. The portfolio
manager and the investment adviser are also regulated by the
Guernsey Financial Services Commission and by the Financial
Conduct Authority, respectively.

S&P said, "Our assessment of AFE's financial risk profile
reflects our expectation for leverage and debt-servicing metrics
after the issuance of its EUR325 million senior secured notes.
The group has a super senior revolving credit facility (SSRCF),
which will support its growth ambitions and liquidity profile.

S&P believes that AFE's existing portfolio and organic growth
will allow the company to maintain stable earnings capacity over
the next year. S&P therefore expects these metrics will remain
within the following ranges over the one-year outlook horizon:

-- Net debt to S&P Global Ratings-adjusted EBITDA of 3x-4x;
-- Funds from operations (FFO) to debt of 20%-30%; and
-- Adjusted EBITDA to interest of 4x-5x.

When calculating our weighted-average ratios for AFE, S&P applies
a 50% weight to both year-end 2017 and year-end 2018 projections.

S&P's projections are based on the following assumptions:

-- S&P anticipates an organic increase in the company's earnings
    capacity through a growing back book of debt portfolios,
    reflecting the availability of good market opportunities.

-- S&P expects single-digit revenue growth over its outlook
    horizon, compared with double-digit average revenue growth in
    the peer group.

-- S&P expects no significant rise in capital expenditures or
    working capital in 2017 and 2018.

The combination of our fair business risk profile and significant
financial risk profile results in a 'bb' anchor.

S&P said, "We apply a one-notch negative adjustment to our 'bb'
anchor to arrive at the issuer credit rating. This reflects some
of the risks associated with the recent creation of the entity
and the lack of an operating track record under the proposed
structure. This adds an element of complexity and operational
risk to the group, in our view. The adjustment also reflects the
risk of the group changing its long-term investment philosophy
toward AFE, deciding to act more as a financial sponsor and
dictating an increase in risk appetite for the entity or a
leverage-driven growth strategy. Moreover, we believe the group
could be exposed to regulatory and operational risks beyond what
we capture in our business risk profile assessment if regulation
or laws governing the collections process materially changed in
Italy, where it possesses most of its acquired portfolios.

"The stable outlook on AFE reflects S&P Global Ratings' view that
the company's leverage and debt-service metrics will remain
within the current financial risk profile category over the next
year. This scenario is predicated on our view that the company
will achieve organic growth in total collections, mainly on well-
known geographies and asset types where there remains a large
market opportunity and where it has proprietary data and
expertise in underwriting/pricing and servicing.

"We could lower the ratings if we saw a material increase in the
shareholder's leverage tolerance, a failure in AFE's control
framework, or adverse changes in the Italian regulatory
environment for debt purchasers or in any other jurisdiction
where the company has material exposures. We could also lower the
ratings if we change our view of the group's long-term investment
philosophy toward AFE due to it acting more as a financial
sponsor, dictating an increase in risk appetite or higher
leverage for the entity.

"Although unlikely in the next 12 months, given the new operating
structure, we could raise our ratings on AFE if we see materially
greater diversification in the franchise that supported the
future stability of earnings, for instance, a broader geographic
presence or diversity in its revenue profile to levels similar to
more-diversified peers." S&P could also raise the ratings if it
believed AFE's credit metrics were likely to remain within the
following ranges on a sustainable basis:

-- Gross debt to adjusted EBITDA of 2x-3x;
-- FFO to total debt of 30%-45%; and
-- Adjusted EBITDA coverage of interest expenses of 6x-10x.

AVOLON TLB: Fitch Assigns 'BB+(EXP)' Rating to Secured Term Loan
Fitch Ratings has assigned an expected rating of 'BB+' to the
secured term loan of co-borrowers Avolon TLB Borrower 1 (US) LLC
and Avolon TLB Borrower 1 (Luxembourg) S.a.r.l. and an expected
rating of 'BB' to the unsecured notes of Park Aerospace Holdings
Limited. The entities are subsidiaries of Avolon Holdings Limited
(Avolon). Avolon intends to use the net proceeds from these
transactions for general corporate purposes, which may include
the purchase of aircraft and the repayment of existing


The secured term loan rating is one notch above Avolon's Long-
Term Issuer Default Rating (IDR) and reflects the aircraft
collateral backing this obligation, which suggests good recovery
prospects. The equalization of the unsecured notes with Avolon's
IDR reflects the firm's modest unsecured debt as a portion of
total debt (18.1% as of June 30, 2017), as well as an assessment
of the pool of unencumbered assets, which provides support to
unsecured creditors and suggests average recovery prospects on
the notes.

Avolon's ratings were last reviewed in conjunction with a broader
aircraft leasing peer review conducted by Fitch on July 24, 2017,
which includes eight publicly rated firms. Avolon's 'BB' IDR
reflects its high quality commercial aircraft portfolio; enhanced
scale following the acquisition of CIT Group Inc.'s (CIT)
aircraft leasing business in April 2017; strong profitability;
robust risk controls; and strong management track record. The
ratings are constrained by Avolon's predominantly secured,
wholesale funded debt profile; elevated leverage; aggressive
growth via its order book and stated acquisition appetite;
qualitative considerations surrounding Avolon's still new
ownership structure; and execution risk related to the ongoing
integration of the CIT commercial aircraft leasing business.

Rating constraints applicable to the aircraft leasing industry
more broadly include the monoline nature of the business;
vulnerability to exogenous shocks; potential exposure to residual
value risk; sensitivity to oil prices; reliance on wholesale
funding sources; and increased competition.

With respect to Avolon's ownership structure, Fitch believes
there is the potential for conflicting objectives or risk
appetites between Avolon, its parent Bohai Capital Holding Co.,
Ltd. (Bohai), and Bohai's majority owner, HNA Group (HNA). Fitch
views this structure as a rating constraint, particularly given
that the interrelationships are still relatively new and
unproven. In addition, in Fitch's opinion, the credit risk
profiles and funding and liquidity needs of Avolon's direct and
indirect owners increase the potential for capital extraction
from Avolon during periods of stress, subject to certain
covenants in Avolon's debt documents that governs the unsecured
notes and term loans. However, Bohai and Avolon have committed to
a separation framework. With respect to corporate governance, the
Avolon Board is comprised of nine directors, including four
independents, resulting in HNA Group and Bohai having a minority
board presence.

The Stable Outlook reflects that Avolon will continue to maintain
scale and strong fleet characteristics, but that execution risk
remains elevated. Fitch will continue to monitor the CIT
integration, adherence to the insulation framework, and leasing
activity. In terms of the CIT integration, staffing levels are
substantially finalized, and combined financial reporting and
risk controls are in place, but the company expects to finalize
core lease and aircraft data migration by the end of the third
quarter 2017. The company has made further progress on leasing,
and as of June 30, 2017, all commitments and lease expirations
are placed in 2017 and 95% were placed in 2018.


The ratings of the senior secured debt and senior unsecured debt
are primarily sensitive to changes in Avolon's IDR and
secondarily to the relative recovery prospects of the

Positive rating momentum would be primarily dependent upon the
successful integration of CIT's commercial aircraft leasing
business without incurring undue costs and/or impairing
relationships with customers, manufacturers or funding providers.
Positive rating momentum will also be conditioned upon execution
on planned deleveraging at Avolon, resulting in debt to tangible
common equity approaching the company's stated leverage target of
2.5x to 3.0x, as well as execution on planned deleveraging at
Bohai, resulting in reduced double leverage.

Negative rating momentum would be primarily driven by an
inability to successfully integrate CIT's commercial aircraft
leasing business resulting in outsized financial costs and/or
impairment of relationships with customers, manufacturers or
funding providers. A sustained increase in gross debt to tangible
common equity above 4.0x, as a result of an increased risk
appetite, asset underperformance or capital extraction by
Avolon's owners, may also result in negative rating momentum.

Additionally, the following may result in negative pressure on
the ratings: a perceived weakening of the structural separation
of Avolon from its direct and indirect owners; a perceived
weakening of the credit risk profiles of Avolon's direct or
indirect owners or inconsistent operational or capital
maintenance practices; higher-than-expected repossession
activity; sustained deterioration in financial performance or
operating cash flows; and/or a material weakening of liquidity
relative to financing needs.

Fitch assigns the following expected ratings:

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.
-- Senior secured debt 'BB+(EXP)'.

Avolon TLB Borrower 1 (US) LLC
-- Senior secured debt 'BB+(EXP)'.

Park Aerospace Holdings Limited
-- Senior unsecured notes 'BB(EXP)'.

Fitch currently rates Avolon:

Avolon Holdings Limited
-- Long-Term IDR 'BB'; Outlook Stable;
-- Senior secured debt 'BB+'.

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.
-- Long-Term IDR 'BB'; Outlook Stable;
-- Senior secured debt 'BB+'.

Avolon TLB Borrower 1 (US) LLC
-- Long-Term IDR 'BB'; Outlook Stable;
-- Senior secured debt 'BB+'.

CIT Aerospace International
-- Senior secured debt 'BB+'.

CIT Aerospace LLC
-- Senior secured debt 'BB+'.

CIT Aviation Finance III Limited
-- Senior secured debt 'BB+'.

CIT Group Finance (Ireland)
-- Senior secured debt 'BB+'.

Park Aerospace Holdings Limited
-- Long-Term Issuer Default Rating 'BB'; Outlook Stable;
-- Senior unsecured notes 'BB'.

Avolon is headquartered in Ireland and is a wholly-owned indirect
subsidiary of the Chinese public company, Bohai Capital Holding
Co., Ltd. Avolon is the world's third largest aircraft leasing
business as of June 30, 2017, with 921 owned, managed and
committed aircraft and total assets of $26.6 billion.

MILLICOM INT'L: Moody's Rates Proposed USD500MM Senior Notes Ba2
Moody's Investors Service assigned a Ba2 rating to the proposed
USD500 million senior unsecured notes due 2028 to be issued by
Millicom International Cellular S.A.  Millicom's existing ratings
and its Ba1 CFR remain unchanged. The ratings outlook is

The issuance is part of Millicom's liability management with the
objective of extending the company's debt maturity profile while
reducing its cost of debt. The new issuance will not affect the
company's leverage metrics since it will replace existing 2021
notes through a tender offer.

The rating of the proposed notes assumes that the issuance will
be successfully completed as planned and will replace the same
value in existing debt, and that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date and assume that these agreements are
legally valid, binding and enforceable.

Rating assigned:

Issuer: Millicom International Cellular S.A.

USD500 million Senior unsecured notes due 2028: Ba2

The company's existing ratings are unchanged:

Issuer: Millicom International Cellular S.A.

Corporate Family Rating: Ba1

Probability of Default Rating: Ba1-PD

Senior Unsecured Regular Bond/Debenture: Ba2

The outlook for all ratings is Negative


Millicom's Ba1 Corporate Family rating reflects its stable
operating performance, solid business model, strong market shares
in key geographies, and a multiregional balance of profits and
cash flow generation. The rating also incorporates regulatory and
other operating risks and limitations in the countries where it
operates, the transition to a lower-margin product mix and
historically negative free cash flow generation. In October 2015,
Millicom self-reported potential improper payments on behalf of
its Guatemalan subsidiary. At this point, there is still little
information regarding the timing of the legal outcome or
estimates of potential monetary penalties.

The Ba2 ratings on Millicom's senior unsecured notes reflect
structural subordination to debt at the operating level as well
as their unguaranteed status. Representing most of the debt at
the holding company level, the unsecured notes are equivalent to
about 32% of consolidated debt as of June 30, 2017 or 27% pro
forma for the call of the 2020 notes finalized in the beginning
of August 2017.

The proceeds raised with the proposed notes will be used in the
repurchase of Millicom's USD658 million notes due 2021 (Ba2
negative) in a tender offer that will be launched in conjunction
with the new notes resulting in no temporary increase in
leverage. The negative outlook reflects the very little
information available regarding the timing and estimates of legal
outcomes or possible monetary fines regarding the potential
improper payments at Millicom's Guatemalan subsidiary. The lack
of information limits perspectives and the impact of future
public disclosures and severity of the allegations are still
unpredictable at this point in time. In addition to monetary
penalties, Moody's also see increased reputational risk, which
could impact investors sentiment and limit their access to
funding. If the resolution of the investigation considers that
allegations are true and severe, there could be a spillover
effect on Millicom's well-regarded Tigo brand, which is used by
the group across the LATAM region. Additionally, Moody's could
expects regulatory scrutiny to increase towards both companies.
If matters are clarified and resolved with limited or manageable
implications to the companies' domestic and international
businesses and to their liquidity profile, the ratings could be

Positive pressure on Millicom's ratings could arise when there is
more clarity surrounding the ongoing investigation. An upgrade
could then occur if the company's gross debt leverage adjusted by
Moody's is reduced to below 2.5 times on an ongoing basis (3.0
times in the LTM ended June 2017), its retained cash flow
improves to above 30% adjusted RCF/gross debt (18.3% in the LTM
ended June 2017), and if the group sustains a strong liquidity
position. An upgrade would also be dependent on an improvement in
the balance of risk across the countries in which Millicom
operates and would require the group to maintain its strong
market positions, a good level of geographical diversification of
cash flows, the continued ability to repatriate dividends from
its subsidiaries and conservative financial policies.

Downward pressure on Millicom's ratings could develop if
liquidity or metrics deteriorate as result of the ongoing
investigation regarding improper payments or as a result of an
elevated gross debt leverage adjusted by Moody's surpassing 3.0
times, higher than anticipated shareholder remuneration, or a
material debt-funded acquisition. The ratings could also be
downgraded if Millicom increases its exposure to riskier
countries, or in case of increased sovereign risk in any of the
countries in which it currently operates.

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

Millicom is a global telecommunications investor focused on
emerging markets with cellular operations and licenses in 11
countries in Latin America and Africa. The company has over 57
million subscribers and derives around 89% of revenues from its
Central and South America operations in El Salvador, Guatemala,
Honduras, Colombia, Bolivia and Paraguay. In Africa, Millicom
operates in Chad, Tanzania, Rwanda, and Ghana. The company also
offers cable and satellite TV services in Central and South
America. During the last twelve months ended June 30, 2017,
revenues reached USD4.4 billion. Millicom is incorporated in
Luxembourg and publicly listed on the Stockholm Stock Exchange.

VARNSEN INDUSTRIES: S&P Gives B CCR on Gamut Deal, Outlook Stable
Varnsen Industries Holdings S.a.r.l., the direct parent of
specialty shop tools and equipment provider JPW Industries
Holding Corp., will be sold to private equity firm Gamut Capital
Management L.P. for approximately $340 million. As part of the
leveraged buyout financing, JPW proposes to arrange a $220
million offering of seven-year senior secured notes.

Accordingly, S&P Global Ratings assigned its 'B' corporate credit
rating to Varnsen Industries Holdings S.a.r.l., the Luxembourg-
domiciled parent of JPW Industries Holding Corp., a La Vergne,
Tenn.-based provider of specialty shop tools and equipment. The
outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue-level
rating to JPW's proposed $220 million senior secured notes due in
2024. The recovery rating is '4', indicating our expectation of
average (30%-50%; rounded estimate: 40%) recovery for lenders in
the event of a payment default."

The company intends to use these debt proceeds, along with an
equity contribution from Gamut Capital Management, to purchase
JPW Industries and pay fees and expenses.

S&P said, "Our ratings on Varnsen reflect our view of the
company's small size in the highly competitive and fragmented $7
billion specialty tools market, high revenue concentration in the
U.S., relatively narrow product offerings (woodworking and
metalworking tools), significant supplier concentration (top 10),
relatively high debt, and potential for aggressive financial
policies stemming from the company's financial sponsor ownership.
In our view, these constraints are only partly mitigated by the
company's long and established portfolio of brands, asset-light
business model, and relatively attractive EBITDA margins.

"The stable outlook on Varnsen reflects our expectation that
relatively stable demand for the company's products will allow
the company to maintain leverage below 6x and a FFO-to-debt ratio
in the high-single-digit to low-teens percentage range through
2018. These credit measures are supported by our expectation for
slight revenue growth due to gradual recovery in the industrial

"We could lower our rating on Varnsen if its S&P Global Ratings-
adjusted debt to EBITDA reaches and remains above 6.5x. This
could occur if there is a significant decline in earnings due to
end-market weakness, loss of key customers, supplier issues, or
difficulty in improving its cost structure. We could also lower
the rating if the company pursues debt-financed acquisitions or
makes sponsor-related payments that would push leverage to above

"An upgrade is unlikely within the next 12 months given our
expectation that leverage will remain high and that the company
is owned by a private equity firm. Nevertheless, we could raise
our rating on Varnsen if stronger-than-expected operating
performance leads to improved credit measures, including leverage
approaching 4x, and the company demonstrates less aggressive
financial policies that support sustaining this level of


PRINCESS JULIANA: Moody's Cuts USD142.6MM Sr. Notes Rating to Ba1
Moody's Investors Service downgraded to Ba1 from Baa2 the rating
of the USD142.6 million (approximate original issuance amount)
Senior Secured Notes issued by Princess Juliana International
Airport Operating Company N.V. ("PJIA") due in 2027. The rating
is under review for further downgrade.

Issuer: Princess Juliana Intl Airport Op Company N.V.


-- Senior Secured Regular Bond/Debenture due 2027, Downgraded to
    Ba1 from Baa2; Placed Under Review for further Downgrade

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable


The rating downgrade reflects Moody's lowering of PJIA's Baseline
Credit Assessment, a measure of the airport's standalone credit
quality, to ba2 from baa3. The rating continues to incorporate
PJIA's status as a Government Related Issuer with Moody's
assessment of "High" default dependence and "Strong" likelihood
of extraordinary support from the Government of St. Maarten (Baa2
stable), the sole owner of PJIA.

Moody's anticipates a profound distortion to St. Maarten's
economy and PJIA's commercial activity from Hurricane Irma over
the next 18-24 months. Throughout the review period, Moody's will
assess the implications of initial reconstruction efforts on
PJIA's commercial operations. Moody's will also review any
potential measure of extraordinary support from the Government of
St. Maarten.

Over the next 18 months, Moody's anticipates that PJIA will have
enough liquidity to meet debt service payments, considering cash
available and a six-month debt service reserve fund
(approximately USD$7 million) in the Note's structure. In
addition, Moody's acknowledges that, as of end of August 2017,
PJIA had USD$ 10 million available in unexpended Note proceeds.
Moody's also notes that PJIA's infrastructure is protected by
insurance coverage of approximately $193 million.


A rating upgrade in the near term is unlikely. Evidence of
support from the government of St. Maarten and/or the sustained
resumption of PJIA's commercial operations could lead to the
stabilization of the rating. A further downgrade would result
from reduced willingness or capacity from the Government of St.
Maarten to support PJIA.

The principal methodology used in this rating was Privately
Managed Airports and Related Issuers published in December 2014.
Other methodologies used include the Government-Related Issuers
methodology published in August 2017.


RUSHYDRO CAPITAL: Fitch Rates Rouble-Denominated Notes 'BB+(EXP)'
Fitch Ratings has assigned RusHydro Capital Markets DAC's rouble-
denominated loan participation notes (LPNs) a 'BB+(EXP)' expected
senior unsecured rating, in line with PJSC RusHydro's Long-Term
Issuer Default Rating (IDR) of 'BB+'/Stable.

RusHydro Capital Markets DAC is an orphan special purpose
financing vehicle. The LPNs will be issued on a limited recourse
basis for the sole purpose of funding a loan to RusHydro. The
noteholders will rely solely and exclusively on RusHydro's credit
and financial standing for the payment of obligations under the
LPNs. RusHydro plans to use the net proceeds from the notes for
general corporate purposes, including the refinancing of upcoming
debt maturities and capex funding.

The final ratings are contingent upon the receipt of final
documentation conforming materially to information already
received and details regarding the amount, coupon rate and

RusHydro's 'BB+' IDR reflects Fitch views that it has improved
its credit metrics and will maintain them at levels commensurate
with the current rating. Fitch forecasts RusHydro's funds from
operations (FFO)-adjusted net leverage will be below 3.0x during
2017-2021 due to strong financial and operational performance in
2016 and within the rating horizon.

RusHydro's IDR incorporates a single-notch uplift for state
support from its standalone rating of 'BB', due to strong
strategic, operational and, to a lesser extent, legal ties
between the company and its majority shareholder, the Russian
Federation (BBB-/Stable).


State Support: RusHydro continues to receive tangible state
support. In 2012-2016 the company received support of more than
RUB173 billion, including a RUB50 billion equity injection for
the construction of four thermal power plants in the Far East in
2012, direct subsidies of RUB68 billion as compensation for low
tariffs in the Far East, and a recent RUB55 billion injection
from state-owned VTB Bank for the repayment of Far East debt.

Nevertheless, the consolidation of financially weaker RAO Energy
System of the East Group (RAO UES East) in 2011 and the
government's decision to increase dividend payments for 2016 to
50% from net income weakened the company's operating and
financial profile, underlining the negative implications of state

Forward Contract With VTB: In March 2017 RusHydro received a
RUB55 billion cash injection from the state, via the 13% share
purchase by VTB. These proceeds were used to repay RAO UES East
debt. VTB has also signed a non-deliverable (with no obligation
on RusHydro to buy back its shares from VTB) five-year forward
contract with RusHydro. Either RusHydro or VTB must compensate
for the difference between the forward value (share price at
which the deal was made) and the value at sale of RusHydro's
shares in five years: that is if the value at sale is below the
forward value, the difference is paid by RusHydro to VTB, and
vice versa.

The company states that the sale of this stake would require
state approval. In Fitch ratings case, Fitch treat this RUB55
billion fully as debt before the expiry of this contract as the
potential liability under this forward contract would rank pari
passu with existing senior unsecured debt and there is no
deferral option on RusHydro's payments to VTB for the duration of
the contract. Fitch will reclassify any amount remaining with
RusHydro after the contract termination as equity, which will
have a positive effect on its credit metrics, other things being
equal. However, the rating is not constrained by Fitch current
treatment of the contract.

Solid Financial Profile: Fitch forecast RusHydro's funds from
operations (FFO)-adjusted net leverage to be below 3.0x during
2017-2021 due to strong financial and operational performance in
2016-1H17 and within the rating horizon. Fitch also forecasts
2017-2021 EBITDA will remain at around RUB98 billion (RUB93
billion in 2016) and the EBITDA margin will stay at around 24%.
This is based on Fitch expectations that tariffs will be
increased below CPI, whereas a large part of the operating costs
(eg fixed costs) will increase at the rate of CPI. The resulting
impact is partially offset by new capacity coming online.

Capex Results in Negative FCF: Fitch expects RusHydro to continue
to generate negative free cash flow (FCF) of around RUB20 billion
on average, owing to its substantial capex programme of RUB344
billion (including VAT) over 2017-2020, which Fitch expects will
be partially debt-funded. Around a third relates to RAO UES East.
This contrasts with positive FCF generation by RusHydro's closest
peers, PJSC Inter RAO (BBB-/Stable), PJSC Mosenergo (BBB-/Stable)
and Enel Russia PJSC (BB+/Stable), which have completed their
expansionary capex programmes.

However, RusHydro has flexibility to cut back its investment
programme if there is a lack of available funding or material
deterioration in its credit metrics, especially in the context of
increased dividend payments from 2016, as demonstrated in the
past. In 2016 capex fell by more than 30% yoy.

'BB' Standalone Rating: RusHydro's standalone rating of 'BB'
reflects the company's strong market position as a leading, low-
cost electricity producer in Russia due to a large portfolio of
hydro power plants with installed electric power capacity of
about 39GW. The standalone profile also reflects its exposure to
regulated tariffs via its RAO UES East division, which will
remain a drag on profitability and cash flows. The standalone
rating also factors in an uncertain regulatory framework in the
medium term and corporate governance limitations in the operating
environment in Russia.


RusHydro is one of the largest power generation companies in
Russia and listed hydroelectric generation companies in the world
by installed capacity. It is also exposed to fossil-fuel
generation via its RAO UES East division, and compares well with
other rated generating companies such as Inter RAO, Mosenergo and
Public Joint Stock Company Territorial Generating Company No. 1
(TGC-1, BB+/Stable) by operational metrics. Peers are also
subject to regulatory uncertainties and low visibility on medium-
term tariff increases, and have large investment programmes.
However, in contrast to RusHydro, Inter RAO, Mosenergo and Enel
Russia generate a large share of their cash flows from capacity
sales under the capacity supply agreements, which supports their
cash-flow stability.

RusHydro's financial profile is weaker than Inter RAO's and
Mosenergo's on FFO-based net leverage, and quite similar to TGC-
1's, varying historically between 2.0x and 3.0x. Fitch assesses
the regulatory framework and general operating environment in
Russia as a rating constraint. RusHydro's IDR incorporates a one-
notch uplift to the company's 'BB' standalone rating for parental
support from the ultimate indirect majority shareholder, the
Russian Federation.


Fitch's key assumptions within Fitch ratings case for the issuer
- moderate domestic GDP growth of 1.6% and inflation increase of
   4.4% in 2017, and by 2.2% and 4.5%, respectively, in 2018;
- electricity and heat tariffs and power prices to increase
   below CPI over 2017-2021;
- dividends at 50% of net income under IFRS for 2017-2021;
- the RUB55 billion VTB cash injection 100% treated as debt;
- capex for 2017, 2018 and 2019 with 20%, 20% and 10% haircuts
   compared with management expectations respectively.


Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Capex and opex moderation resulting in improvement of the
   financial profile (eg generation of positive FCF and FFO net
   adjusted leverage below 2.0x and FFO fixed charge coverage
   above 4x on a sustained basis)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- The inability to maintain FFO adjusted net leverage below 3.0x
   and FFO fixed charge coverage above 3.0x, due to weaker
   financial profile and more ambitious capex programme


Adequate Liquidity: At end-1H17 RusHydro had cash and deposits of
around RUB85 billion (excluding the remaining around RUB3.5
billion cash injection received from the state in December 2012
for financing the RAO UES East projects). In addition to
available uncommitted credit lines totalling around RUB107
billion, including from such large state-owned banks as VTB Bank,
Gazprombank (Joint-stock Company) (BB+/Stable) and Sberbank of
Russia (BBB-/Stable), this is sufficient to cover short-term debt
of RUB55 billion.

Limited FX Exposure: RusHydro has limited exposure to foreign-
currency risks. At end-1H17 around 6% of RusHydro's debt was
denominated in foreign currencies, mainly euros, while almost all
its revenues are in local currency.

Upcoming Eurobond Placement: The LPNs to be issued by RusHydro
Capital Markets DAC are ranked pari passu with other senior
unsecured obligations of RusHydro. The LPNs will have the benefit
of change of control clause if Russia ceases to own or control
(directly or indirectly) in excess of 50% of voting shares,
negative pledge clauses and certain restrictions on mergers,
acquisitions and disposals. Events of default include non-payment
under this issue and non-payment of any other indebtedness
exceeding USD50 million threshold.

RUSHYDRO PJSC: S&P Rates Proposed Loan Participation Notes 'BB+'
S&P Global Ratings said that it has assigned its 'BB+' long-term
issue rating to the proposed loan participation notes (LPNs) of
Russian state-controlled electricity producer PJSC RusHydro
(foreign and local currency BB+/Positive/B). The LPNs will be
issued by Rushydro Capital Markets DAC, an orphan financing
vehicle of RusHydro.

The rating on the proposed LPNs mirrors the long-term local
currency rating on RusHydro. S&P said, "We understand that the
share of priority debt at RusHydro is below 15% of adjusted net
assets, and that the parent operates the group's key cash-
generating hydropower stations, while the most indebted
subsidiary, RAO ES of the East, is the weakest group entity.

"We understand the proposed LPNs are backed by senior unsecured
obligations of RusHydro, with equivalent payment terms, and that
RusHydro Capital Markets DAC is a new strategic financing entity
set up solely to raise debt on behalf of the RusHydro group. We
believe that RusHydro is willing and able to support Rushydro
Capital Markets DAC to ensure full and timely payment of interest
and principal when due on the LPNs, including any of the entity's


BANCO POPULAR: Collapse Sparks Debate Over EU Bank Resolutions
Francesco Guarascio at Reuters reports that European Union rules
on winding down failing banks could increase the risk of bank
runs, a former board member of the European Central Bank said,
reigniting a debate triggered by the collapse of Spain's Banco

EU regulators shut Banco Popular, Spain's sixth largest lender
and saddled with a pile of bad loans, in June after it was
fatally weakened by a sudden withdrawal of deposits, Reuters

Its activities and insured depositors were acquired by rival
Santander for the nominal price of EUR1, Reuters discloses.

That has prompted a debate on whether EU rules on bank
resolutions -- a mild liquidation -- could have worsened
Popular's situation by contributed to the panic among its
depositors, Reuters states.

Popular's case was the first time that the rules, in force for
less than two years, had been applied, Reuters notes.  They
envisage losses for savers with uninsured deposits -- meaning
those over EUR100,000 -- before a failing bank can be rescued,
Reuters says.

"We should reflect on whether the resolution framework can
accelerate bank runs," Jose Manuel Gonzalez-Paramo, an ECB board
member between 2004 and 2012, as cited by Reuters, said in a
contribution to Eurofi magazine, a financial publication.

Weeks after Banco Popular was shut, Italy rescued two regional
lenders, Veneto Banca and Banca Popolare di Vicenza, using
liquidation rules instead of the stricter resolution framework,
Reuters recounts.

"We should avoid a better treatment in liquidation than in
resolution," Reuters quotes Mr. Gonzalez-Paramo as saying.

Regulators are debating whether to exclude uninsured depositors
from the list of bank investors liable for losses in case of a
rescue, Reuters discloses.

In parallel, EU states are also considering measures that would
allow them to temporarily stop people withdrawing money from
their accounts when a bank is in difficulty, Reuters notes.

                       About Banco Popular

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.

As reported in the Troubled Company Reporter-Europe on June 15,
2017, S&P Global Ratings said that it raised its long- and short-
term counterparty credit ratings on Banco Popular Espanol S.A.
to 'BBB+/A-2' from 'B/B'.  The outlook is positive.

In addition, S&P lowered its issue-level ratings on Banco
Popular's outstanding preference shares and subordinated debt to
'D' from 'CC' and 'CCC-', respectively, and S&P subsequently
withdrew them.

The rating actions follow the Single Resolution Board's
announcement on June 7, 2017, that it had taken a resolution
action in respect of Banco Popular.  This resulted from the ECB's
conclusion that the bank was failing or likely to fail as a
result of a significant deterioration in its liquidity position.
The resolution entailed the sale of Banco Popular to Banco
Santander S.A. (A-/Stable/A-2) for EUR1, after absorption of
losses by Banco Popular's shareholders and holders of Tier 1 and
Tier 2 capital instruments.

U N I T E D   K I N G D O M

EVRAZ NORTH: S&P Affirms Then Withdraws 'B+' Corp Credit Rating
S&P Global Ratings affirmed its 'B+' corporate credit rating on
North America-based steel producer Evraz North America Plc.

S&P said, "At the company's request, we subsequently withdrew our
'B+' corporate credit rating on ENA, as well as our 'BB' issue-
level rating and our '1' recovery rating on the company's $350
million 7.5% senior secured notes due 2019 following the early
redemption of its senior secured notes due 2019. The outlook was
stable at the time of the withdrawal.

"At the time of the affirmation and withdrawal, our view of ENA's
business and operating prospects incorporates the competitive and
volatile nature of the North American steel market. Specifically,
ENA operates in the tubular, flat, and long segments, where it
has strong market shares, but its small scale and scope compared
with competitors (United States Steel Corp., AK Steel Corp., and
Steel Dynamics Inc.) contributes to high earnings volatility. As
a result, pronounced price pressure, especially in the tubular
and flat segment, and higher volatility compared with that of
larger peers, weighs on ENA's credit quality and supports our
assessment of ENA's stand-alone credit profile of 'b-', in our

INTERNATIONAL CAR: S&P Affirms 'B' CCR, Outlook Stable
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on U.K.-based car wash services company International Car
Wash Group (ICWG). The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating to
ICWG's proposed US$450 million senior secured first-lien term
facility and $75 million senior secured revolving credit facility
(RCF), with a recovery rating of '3', indicating our expectation
of recovery prospects of around 55%.

"We also assigned our 'CCC+' issue rating to the company's
proposed $200 million senior secured second-lien term facility,
with a recovery rating of '6'."

On Aug. 11, 2017, an affiliate of private equity firm Roark
Capital Group signed an agreement to acquire ICWG. The
acquisition and the refinancing of the existing company's
indebtedness will be financed by $450 million first-lien and $200
million second-lien loans. In addition, the company will also
receive a cash equity injection of $611 million plus $26 million
in the form of preferred equity. S&P said, "In our debt
calculation, we classify the $26 million preferred equity
instruments as debt under our criteria. The transaction will also
be supported by a $75 million RCF, expected to remain undrawn.

"The affirmation reflects our view that ICWG is improving its
market position in the global and fragmented car wash service
industry, and that -- thanks to good operating performance -- it
will generate positive, although limited, free operating cash
flow (FOCF) for the 2017 full-year results.

"Additionally, we believe that ICWG's recent acquisition of Goo-
Goo -- which closed on July 2017 and boosted ICWG's operations by
37 new sites to a total of 109 sites in the U.S. -- is supportive
from a business standpoint. International diversity helps to
mitigate the effects of seasonality and volatility from weather
and regulatory and economic events. Moreover, the integration of
Goo-Goo will help to improve ICWG's margin thanks to generally
higher profitability reported in the U.S. than in other European
markets. Finally, the proposed refinancing transaction will allow
ICWG to extend its debt maturity profile, improving the company's
liquidity profile thanks to the new $75 million RCF.

"The rating on ICWG is also supported by our expectation of
improvements in the company's cash conversion driven mainly by
the underlying growth in its top-line and EBITDA, optimization of
its working capital management, and reduction of capital
investments going forward. Under our base case, we assume the
company will be able to generate positive FOCF.

"ICWG has a clear long-term strategy to diversify its revenue
base, consolidate its position in the very fragmented U.S.
market, and to optimize its service ranges and related pricing
policies. However, we continue to consider the ICWG's small scale
and narrow scope of operations, coupled with exposure to weather
conditions, as the main constraints in our assessment of the
company's business risk profile. The group still relies on three
key markets -- Germany, the U.K., and the U.S. -- for more than
80% of its EBITDA.

"We continue to assess ICWG's financial risk profile as highly
leveraged, reflecting fully S&P Global Ratings-adjusted debt to
EBITDA above 5.0x and its ownership by a financial sponsor."

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

-- Approximately GBP205 million in 2017 and double-single growth
    in sales for 2018, mainly thanks to the newly acquired U.S.
    company Goo-Goo (July 2017) and 2%-3% annual organic growth.

-- Reported EBITDA margin of 33%-35% over the next three years.

-- About GBP30 million of annual capital expenditure (capex) at
    year-end 2017, and a normalized capex of around GBP15 million
    per year afterwards.

-- No dividend payments.

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

-- Adjusted debt to EBITDA of around 7.5x-6.5x over the next two

-- Adjusted funds from operations (FFO) cash interest coverage
    above 3.0x over 2017-2018.

S&P said, "The stable outlook on ICWG reflects our view that the
company will be able to post positive cash flow generation and
improve its top-line base and profitability, supported by the
integration of Goo-Goo and recent new sites opening in Germany
and other continental markets. In our base-case scenario for
2017, we project the company will be able to maintain slightly
positive FOCF despite a higher capex due to site opening and
renovation expenses, and to maintain an adjusted FFO cash
interest coverage ratio above 3.0x over the coming 12-18 months.

"We could consider a negative rating action if the company did
not meet our expectation of positive FOCF generation over 2017-
2018. This could occur from deterioration in its profitability,
caused for example by unfavorable weather conditions, slow
consumer demand in its core markets, or significantly lower-than-
expected performance in the U.S. We could also take a negative
rating action if we saw pressure in ICWG's liquidity or a
material deterioration in its FFO cash interest coverage ratio.

"A positive rating action appears remote at this stage. We could
consider such an action if the company deleveraged significantly
so that its adjusted debt-to-EBITDA fell sustainably below 5.0x,
coupled with a solid track record of positive FOCF generation,
driven for example by an efficient integration of the U.S.
business and higher organic growth in European markets."

LISTERS TRADE: Falls Into Administration; 46 Jobs Axed
------------------------------------------------------ reports that administrators have been forced
to make 46 staff redundant at a Staffordshire manufacturer.

Listers Trade Frames marked its 40th anniversary last year and
was upbeat about the prospects for the window maker and its 120
staff, the report says.

Turnover had grown to around GBP11 million, while its most
recently-published accounts, for 2015, showed pre-tax profits of
GBP260,000, according to

However, Andy McGill of Smith and Williamson and Ian Gould of
Baldwins Restructuring & Insolvency have now been appointed joint
administrators of the Stoke-on-Trent company,

"Listers Trade Frames has an excellent reputation in the market
place and we are already engaged with a number of parties who
have expressed interest in the business," the report quotes Mr.
McGill as saying. "We are optimistic that we will be able to find
a solution and sell the business as a going concern."

SEADRILL LTD: Soliciting Alternative Offers for $1B Capital Raise
To ensure that the $1.06 billion capital commitment from Hemen
Investments Limited, Centerbridge Credit Partners L.P., and a
syndicate of additional financial institutions represents the
best available terms, Seadrill Ltd. has negotiated for a 90-day
"go shop" period under their Investment Agreement.

As part of the Debtors' efforts to solicit alternative proposals,
the Debtors intend to continue their marketing process seeking
alternative proposals from financial and strategic parties.  Due
to operational risks, the Debtors did not reach out to certain
strategic parties, many of whom are significant market
competitors, during the prepetition marketing process.  However,
to explore every viable alternative, the Debtors and their
advisors will reach out to such strategic parties that have been
identified as potential investors during a robust postpetition
marketing process.

Similar to the prepetition process, the Debtors and their
advisors will identify potential interested parties, including
those solicited prepetition (collectively, the "Potential
Interested Parties").  The Debtors' investment bankers, Houlihan
Lokey, will distribute sanitized and publicly available
information to the Potential Interested Parties, which will
describe the transactions.

The Debtors intend to conduct the postpetition marketing process
as a two-step process, consisting of Phase I and Phase II.  As
part of Phase I, each Potential Interested Party -- Phase I
Parties -- will receive access to public information regarding
the restructuring, the Debtors' projections, as well as further
information as the Debtors deem appropriate.  The Debtors will
then request each Phase I Party to submit a preliminary, written,
non-binding offer for an alternative investment proposal.

Phase I Parties will be requested to submit a preliminary,
written, non-binding offer -- Indicative Offer -- for an
Alternative Restructuring Proposal by a date to be determined,
anticipated to be no later than 30 days after the Petition Date.

The Debtors will evaluate Indicative Offers in consultation with
its advisors, and, in their sole discretion, the Debtors may
select a limited number of Phase I Parties to participate in
Phase II.  Phase II Parties will have the opportunity to execute
a non-disclosure agreement to receive confidential information
and other information that is not publicly available to complete
additional diligence to facilitate preparation of final offers.
The Company will request the Phase II Parties to provide final
offers by a certain date, after which the company will evaluate
any alternative investments and determine whether any are higher
or otherwise better than the terms of the Investment Agreement.
Phase II of the Marketing Process will conclude no later than 90
days after the Petition Date.

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor, providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total

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

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017,
Seadrill Limited and 85 affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code in the Bankruptcy Court for the Southern District
of Texas.  The Debtors requested that their Chapter 11 cases be
jointly administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") are commencing liquidation proceedings in Bermuda to
appoint joint provisional liquidators and facilitate recognition
and implementation of the transactions contemplated by the RSA
and Investment Agreement, and Simon Edel, Alan Bloom and Roy
Bailey of Ernst & Young are to act as the joint and several
provisional liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site

SEADRILL LTD: Terms of Restructuring and Lock-Up Agreement
After nearly two years of negotiations and a nearly year-long
process to raise capital, Seadrill Limited, more than 97% of its
bank lenders, 40% of its bondholders and a consortium of
investors led Hemen Holding Ltd. agreed to a consensual
restructuring transaction set forth in a Restructuring Support
Agreement, including a $1.06 billion Capital Commitment embodied
in an Investment Agreement, dated as of Sept. 12, 2017.

Seadrill's consolidated subsidiaries North Atlantic Drilling Ltd.
and Sevan Drilling Limited, together with certain other of
Seadrill's consolidated subsidiaries entered into the RSA
together with Seadrill.

Ship Finance International Limited and three of its subsidiaries
("SFL"), which charter three drilling units to the Company
Parties, also executed the RSA.

The Restructuring Support Agreement is broadly supported across
the Bank Lender group, with percentage support under each of the
12 Bank Facilities breaking down as follows:

  Bank Facilities (in US$ millions)   Principal    % Party to RSA
  ---------------------------------   ---------    --------------
$400 million facility due 2017          $135            100%
$450 million facility due 2017           265            100%
$300 million facility due 2018           144            100%
$1.50 billion facility due 2019        1,125            100%
$1.35 billion facility due 2019          945            100%
$950 million facility due 2019           566            100%
$450 million facility due 2020           122            100%
$440 million facility due 2017            64            100%
$1.45 billion facility due 2018          322            100%
$2.00 billion facility due 2017          908            100%
$360 million facility due 2018           210             87%
$1.75 billion facility due 2018          875             86%

   Total Bank Facilities:                    $5,681 million

A coordinating committee (the "Bank CoCom") that included each of
the administrative agent banks under the Bank Facilities is
constituted by ABN AMRO Bank, Citibank Europe plc UK Branch,
Danske Bank A/S, DNB Bank ASA, ING Bank N.V. Nordea Bank AB
London Branch, Garantiinstituttet for Eksportkreditt, and
Skandinaviska Enskilda Banken AB (publ).

Over the past three years, the Debtors' businesses have been
affected by a sustained downturn in the oil and gas industry.  In
response, the Debtors negotiated and commenced the chapter 11
cases to implement a series of restructuring transactions, set
forth in the Restructuring Support Agreement, that will: (a) re-
profile the Bank Facility obligations to eliminate near-term
amortization obligations and extend maturities; (b) reduce
overall leverage through equitizing the Unsecured Bonds; (c)
result in a $1.06 billion new capital injection; and (d)
reorganize the Seadrill corporate structure to support the re-
profiled Bank Facilities and new capital injection.

The Commitment Parties -- comprised of Hemen Holding, certain
affiliates of Centerbridge Credit Partners L.P., and a syndicate
of additional financial institutions --- have agreed to provide
the Debtors an aggregate $1.06 billion of new capital pursuant to
the Investment Agreement.  The $1.06 billion capital commitment
will be in the form of a $200 million direct equity investment
and a $860 million issuance of new secured notes.

                       Commitment Parties

Hemen Holding and Centerbridge have agreed to fully underwrite
$462,442,000 of the new secured notes issuance.  ARCM Master Fund
III, Ltd., will underwrite US$15 million of the New Secured Notes
issuance.  Fintech Investments Ltd. will underwrite US$25 million
of the new secured notes issuance on the terms set out in the
investment agreement.  Funds managed by or affiliated with
Aristeia Capital LLC, GLG Partners Inc., Saba Capital Management,
LP and Whitebox Advisors LLC -- those funds being the "Select
Commitment Parties" -- will fully underwrite US$357,558,000 of
the New Secured Notes issuance.

The Commitment Parties hold approximately 40% of the Debtors'
unsecured bonds.

Hemen Holding is also Seadrill Limited's principal shareholder,
holding 24.2% of Seadrill Limited's outstanding common shares.

The fact that the Debtors were negotiating with the Commitment
Parties and other stakeholders has been disclosed a number of
times dating back to late 2016.  Therefore, all holders of
Unsecured Bonds have had the opportunity to participate in
negotiations.  All holders of Unsecured Bonds that have become
restricted have signed the Restructuring Support Agreement.  The
Debtors will continue to encourage holders of Unsecured Bonds to
support the proposed restructuring.

In addition to their funded debt obligations, the Debtors
commenced the Chapter 11 cases to restructure four of Seadrill's
14 newbuild contracts (implicating approximately $1.8 billion of
Seadrill's approximately $4 billion in newbuild obligations) and
the $1.1 billion in SFL lease obligations.

Ahead of the Petition Date, the Debtors reached a resolution with
SFL, embodied in the Restructuring Support Agreement, to
restructure the three SFL lease agreements in a manner broadly
consistent with the Bank Deal.  While the Debtors were unable to
reach a comprehensive resolution with their newbuild
counterparties prepetition, they anticipate continuing
discussions postpetition in hopes of securing further delivery
deferrals or implementing another resolution.

Counsel to the consenting lenders under the Bank Facilities:

         Scott Greissman, Esq.
         White & Case LLP
         1221 Avenue of the Americas
         New York, New York 10020
         E-mail: and

              - and -

         David Manson, Esq.
         White & Case LLP
         5 Old Broad Street
         London EC2N 1DW
         United Kingdom
         E-mail: and

Counsel to Hemen and Centerbridge:

         Gregory Petrick, Esq.
         Yushan Ng, Esq.
         Cadwalader, Wickersham & Taft LLP
         Dashwood House, 69 Old Broad Street,
         London EC2M 1QS
         United Kingdom

                - and -

         Brad E. Scheler, Esq.
         Jennifer L. Rodburg, Esq.
         One New York Plaza
         New York, NY 10004

Counsel to certain funds and/or accounts holding Unsecured Notes
that are managed, advised or sub-advised by Aristeia Capital
L.L.C., GLG Partners LP, Saba Capital Management LP and Whitebox
Advisors LLC:

         James Terry, Esq.
         Liz Osborne, Esq.
         Akin Gump LLP
         10 Bishops Square, Eighth Floor
         London E1 6EG
         United Kingdom

               - and -

         Ira Dizengoff, Esq.
         Philip Dublin, Esq.
         Akin Gump Strauss Hauer & Feld LLP
         One Bryant Park
         New York, NY 10036

ARCM Master Fund III, Ltd. can be reached at:

         ARCM Master Fund III, Ltd.
         c/o Asia Research & Capital Management Ltd
         21/F, SCB Tower
         12 Queens Road Central
         Hong Kong

Counsel to ARCM Master Fund III:

         Andrew Rosenberg, Esq.
         Elizabeth McColm, Esq.
         Catherine Goodall, Esq.
         Paul, Weiss, Rifkind, Wharton & Garrison, LLP
         1285 Avenue of the Americas
         New York, NY 10019-6064
         Facsimile: (212) 373-0524

Fintech Investments Ltd. can be reached at:

         Fintech Investments Ltd.
         C/O KENDRIS Ltd.
         Steinengraben 5
         CH-4002 Basel

Counsel to Fintech:

         Andrew Rosenberg, Esq.
         Elizabeth McColm, Esq.
         Catherine Goodall, Esq.
         Paul, Weiss, Rifkind, Wharton & Garrison, LLP
         1285 Avenue of the Americas
         New York, NY 10019-6064
         Facsimile: (212) 373-0524

SFL, to, can be reached at:

         Georgina Sousa
         Ship Finance International Limited
         Par-la-Ville Place
         14 Par-la-Ville Road
         Hamilton HM 08, Bermuda

                 - and -

         Ship Finance Management AS
         Bryggegata 3
         P.O. Box 1327 Vika
         N-0112 Oslo, Norway

A copy of the RSA is available at

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total

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

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017,
Seadrill Limited and 85 affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code for the Southern District of Texas.  The Debtors
have requested that their Chapter 11 cases be jointly
administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") are commencing liquidation proceedings in Bermuda to
appoint joint provisional liquidators and facilitate recognition
and implementation of the transactions contemplated by the RSA
and Investment Agreement, and Simon Edel, Alan Bloom and Roy
Bailey of Ernst & Young are to act as the joint and several
provisional liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site

SEADRILL LTD: Three Entities Start Bermuda Proceedings
In parallel with the chapter 11 cases, Seadrill Limited, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") commenced liquidation proceedings pursuant to sections
161 and 170 of the Bermuda Companies Act 1981 by presenting
"winding up" petitions to the Bermuda Court.  Upon the
application of the Bermuda Debtors, the Bermuda Court will be
requested to appoint joint "provisional liquidators" for each of
the Bermuda Debtors with respect to the restructuring of those
companies in these chapter 11 cases.

The joint provisional liquidators will act as officers of the
Bermuda Court, and will be required under the order to report to
the Bermuda Court from time to time on the progress of the
Bermuda Debtors' chapter 11 proceedings.  The Bermuda Debtors'
application will also seek to limit the joint provisional
liquidators' powers such that the Bermuda Debtors' management
team and boards of directors will remain in control of the
Bermuda Debtors' day-to-day operations and these chapter 11 cases
and the joint provisional liquidators will have the power to
oversee the process, including the review of documents.  Upon the
appointment of joint provisional liquidators in respect of each
of the Bermuda Debtors, a statutory stay of proceedings in
Bermuda against those three entities or their assets will
automatically arise.  On the "return date" for the Bermuda
petitions -- similar to a "second day" hearing in a chapter 11
proceeding -- the Bermuda Debtors will seek to postpone
their petitions for a specified period, while the Debtors
administer these chapter 11 cases.

After the effective date of the Debtors' chapter 11 plan, to
effectuate the issuance of new equity by reorganized Seadrill
Limited and certain other restructuring transactions, the Debtors
will seek a winding up order from the Bermuda Court and the joint
provisional liquidators will assume full powers in respect of the
Bermuda Debtors and proceed with the formal liquidation and
dissolution of the Bermuda Debtors in accordance with Bermuda
law.  The common equity holders of the Bermuda Debtors will not
receive a distribution or otherwise retain any value given that
those entities have no assets as a result of the implementation
of the Debtors' chapter 11 plan.  On or before the effective date
of the Debtors' chapter 11 plan, the Debtors will form "new"
(i.e., reorganized) Seadrill Limited, NADL, and Sevan to hold the
assets of "old" Seadrill Limited, NADL, and Sevan and otherwise
reside in their respective positions in the new IHCo/RigCo/NSNCo
holding structuring.

Seadrill Limited is a publicly-held Bermuda exempted company
listed on the NYSE and the OSE under the symbol "SDRL."   As of
the Petition Date, Seadrill Limited's nonaffiliated public float
represented 75.8% of total shares outstanding, and Seadrill
Limited's principal shareholder, Hemen, held 24.2% of Seadrill
Limited's outstanding common shares.

NADL is a publicly held Bermuda exempted company listed on the
NYSE and the Norwegian over-the-counter exchange under the symbol
"NADL."  As of the Petition Date, Seadrill owned approximately
70.4% of NADL's outstanding common shares.

Sevan is a publicly held Bermuda exempted company listed on the
OSE under the symbol "SEVDR."  Sevan common shares have traded on
the OSE since June 2015.  As of the Petition Date, Seadrill owned
approximately 50.1% of Sevan's outstanding common shares.

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total

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

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017,
Seadrill Limited and 85 affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code in the Bankruptcy Court for the Southern District
of Texas.  The Debtors have requested that their Chapter 11 cases
be jointly administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") are commencing liquidation proceedings in Bermuda to
appoint joint provisional liquidators and facilitate recognition
and implementation of the transactions contemplated by the RSA
and Investment Agreement, and Simon Edel, Alan Bloom and Roy
Bailey of Ernst & Young are to act as the joint and several
provisional liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
restructuring agreement.  Advokatfirmaet Thommessen AS is serving
as Norwegian counsel.  Conyers Dill & Pearman is serving as
Bermuda counsel.  Prime Clerk is the claims agent and maintains
the Web site

SEADRILL LTD: Unsec. Creditors to Get 15% of New Stock Under Plan
As of Sept. 12, 2017, Seadrill Limited and its affiliated Chapter
11 debtors were liable for approximately $8 billion in aggregate
funded-debt obligations.  These obligations arise under the 12
secured bank facilities and the six unsecured bond issuances.
Seadrill Limited is an obligor under each of the 12 bank
facilities, as either a borrower or guarantor.

The secured bank facilities are:

  Bank Facilities (in US$ millions)                   Principal
  ---------------------------------                   ---------
Seadrill Limited Facilities
  $400-mil. facility due 2017 - Jack-Up Facility          $135
  $450 mil. facility due 2017 - West Eminence Facility     265
  $300 mil. facility due 2018                              144
  $1.50 bil. facility due 2019                           1,125
  $1.35 bil. facility due 2019                             945
  $950 mil. facility due 2019                              566
  $450 mil. facility due 2020                              122
  $440 mil. facility due 2017 - Split Facility              64
  $1.45 bil. facility due 2018 - Split Facility            322
NADL Facility (Seadrill Limited Guaranteed)
  $2.00 billion facility due 2017 - NADL Facility          908
AOD Facility (Seadrill Limited Guaranteed)
  $360 million facility due 2018                           210
Sevan Facility (Seadrill Limited Guaranteed)
  $1.75 billion facility due 2018                          875
     Total Bank Facilities                              $5.681

  Unsecured Bonds (in US$ millions)                   Principal
  ---------------------------------                   ---------
Seadrill Limited Bonds
  $1.00 billion bond due 2017 - Maturing Bonds           $843
  NOK 1.80 billion bond due 2018                          211
  SEK 1.50 billion bond due 2019                          168
  $500 million bond due 2020                              479
NADL Bonds
  NOK 1.50 billion bond due 2018                          166
  $600 million bond due 2019                              413
     Total Unsecured Bonds                              $2,280

Danske Guarantee Facility
   Outstanding Obligations                                 $60

     Total Obligations Outstanding                      $8,021

The Debtors have filed a Joint Plan of Reorganization that
provides for terms contemplated by the Restructuring Support
Agreement reached with 97% of the secured bank lenders, 40% of
bondholders and a consortium of investors led by the Debtors'
largest shareholder, Hemen Holding Ltd.

A copy of the Disclosure Statement explaining the terms of the
Plan dated Sept. 12, 2017, is available at:


The Debtors note that the foundation of Seadrill's restructuring
is an extremely valuable agreement with 97% of the bank lenders
under the bank facilities that will extend maturities by an
average of five years, eliminate near term amortization
obligations, and provide significant covenant relief.

The Plan provides these distributions, assuming general unsecured
creditors accept the Plan:

   * purchasers of the new secured notes will receive 57.5% of
the new Seadrill equity, subject to dilution by the primary
structuring fee and an employee incentive plan;

   * purchasers of the new Seadrill equity will receive 25% of
the new Seadrill equity, subject to dilution by the primary
structuring fee and an employee incentive plan;

   * general unsecured creditors of Seadrill, NADL, and Sevan,
which includes Seadrill and NADL bondholders, will receive their
pro rata share of 15% of the new Seadrill common stock, subject
to dilution by the primary structuring fee and an employee
incentive plan, plus certain eligible unsecured creditors will
receive the right to participate pro rata in $85 million of the
new secured notes and $25 million of the new equity, provided
that general unsecured creditors vote to accept the plan; and

   * holders of Seadrill common stock will receive 2% of the new
Seadrill equity, subject to dilution by the primary structuring
fee and an employee incentive plan, provided that general
unsecured creditors vote to accept the plan.

Existing claims against and interests in Seadrill, including the
economic interests in the existing Seadrill common shares, will
be extinguished under the plan.  If Seadrill general unsecured
creditors do not accept the plan, they will receive the minimum
consideration required under chapter 11, and holders of existing
Seadrill common shares will receive no recovery.

The RSA contemplates certain releases and exculpations and
implementation of a customary equity-based employee incentive
plan at closing.  The transactions contemplated by the RSA are
subject to court approval and other terms and conditions.

Based on the analysis by the Debtors' advisors, the value of the
Debtors' estates does not support a significant recovery for
holders of unsecured bonds under a chapter 11 plan.  However, the
Restructuring Support Agreement provides for the prospect of a
better recovery through the equitization of the Unsecured Bonds.
Specifically, the RSA provides that, to the extent holders of
unsecured claims at Seadrill Limited, NADL, and Sevan (which
includes holders of Unsecured Bonds) vote as a class to accept
the Debtors' chapter 11 plan, the holders will receive their pro
rata share of 15 percent of the new equity in reorganized
Seadrill Limited, plus their pro rata share of subscription
rights to participate in up to (a) $85 million of the NSNs
portion of the Capital Commitment and (b) $25 million of the
equity portion of the Capital Commitment.

Under the RSA, so long as holders of unsecured claims at Seadrill
Limited vote as a class to accept the Debtors' chapter 11 plan,
holders of existing equity interests in Seadrill Limited will
receive their pro rata share of 2% of the new equity in
reorganized Seadrill Limited.  On the effective date of the
Debtors' chapter 11 plan, the existing equity interests in
Seadrill Limited will be extinguished. The existing equity
interests in NADL and Sevan will be extinguished on the effective
date of the Debtors' chapter 11 plan and holders of such equity
interest will receive no recovery.

The current version of the Disclosure Statement still has banks
as to the estimated percentage recovery by holders of allowed
general unsecured claims against debtors Seadrill Limited, NADL,
and Sevan.  General unsecured claims against the other Debtors
will be paid in full in cash on the Effective Date or Reinstated
-- thus, the claims are unimpaired and not entitled to vote to
accept or reject the Plan.

The Debtors propose the following schedule (including applicable
Restructuring Support Agreement and Investment Agreement

  Event/Deadline                              Date       T+
  --------------                              ----       --
Petition Date                            Sept. 12, 2017  T+0
Expiration of Go-Shop Period             Dec.11, 2017    T+90
Disclosure Statement Objection Deadline  Dec. 29, 2017   T+108
Disclosure Statement Hearing             Jan. 10, 2018   T+120
Deadline to Send Solicitation Packages   Jan. 17, 2018   T+127
Disclosure Statement Order Milestone     Feb. 9, 2018    T+150
Plan Voting Deadline                     March 9, 2018   T+178
Plan Confirmation Objection Deadline     March 9, 2018   T+178
Plan Confirmation Hearing                March 26, 2018  T+195
Targeted Plan Effective Date             May 10, 2018    T+240
Confirmation Milestone                   June 9, 2018    T+270
Effective Date Milestone                 Aug. 8, 2018    T+330

                        About Seadrill Ltd

Seadrill Limited is a deepwater drilling contractor providing
drilling services to the oil and gas industry.  It is
incorporated in Bermuda and managed from London.  Seadrill and
its affiliates own or lease 51 drilling rigs, which represents
more than 6% of the world fleet.

As of Sept. 12, 2017, Seadrill employs 3,760 highly-skilled
individuals across 22 countries and five continents to operate
their drilling rigs and perform various other corporate

As of June 30, 2017, Seadrill had $20.71 billion in total assets,
$10.77 billion in total liabilities and $9.94 billion in total

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

After reaching terms of a reorganization plan that would
restructure $8 billion of funded debt, on Sept. 12, 2017,
Seadrill Limited and 85 affiliated debtors each filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code in the Bankruptcy Court for the Southern District
of Texas.  The Debtors have requested that their Chapter 11 cases
be jointly administered under Case No. 17-60079.

Together with the chapter 11 proceedings, Seadrill, North
Atlantic Drilling Limited ("NADL") and Sevan Drilling Limited
("Sevan") are commencing liquidation proceedings in Bermuda to
appoint joint provisional liquidators and facilitate recognition
and implementation of the transactions contemplated by the RSA
and Investment Agreement, and Simon Edel, Alan Bloom and Roy
Bailey of Ernst & Young are to act as the joint and several
provisional liquidators.

In the Chapter 11 cases, the Company has engaged Kirkland & Ellis
LLP as legal counsel, Houlihan Lokey, Inc. as financial advisor,
and Alvarez & Marsal as restructuring advisor.  Slaughter and May
has been engaged as corporate counsel, and Morgan Stanley served
as co-financial advisor during the negotiation of the
agreement.  Advokatfirmaet Thommessen AS is serving as Norwegian
counsel.  Conyers Dill & Pearman is serving as Bermuda counsel.
Prime Clerk is the claims agent and maintains the Web site

SHINE HOLDCO III: Moody's Assigns (P)B2 CFR, Outlook Stable
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating (CFR) to Shine Holdco III Limited
(Shine), the holding company established by private equity firm
Roark Capital in connection with its proposed acquisition of
International Car Wash Group Limited (ICWG) the leading operator
of conveyor car washes.

Concurrently, Moody's has assigned a provisional (P)B1 rating to
the proposed senior secured first lien facilities, comprising a
USD450 million term loan and USD75 million revolving credit
facility (RCF), and a (P)Caa1 rating to the proposed USD200
million second lien term loan. The first and second lien term
loans will part fund the acquisition of ICWG and will be co-
borrowed by Shine Acquisition Co Sarl and Boing US Holdco Inc.
The outlook on the ratings is stable.

The rating action follows the announcement on August 11, 2017
that an exclusivity agreement has been signed for a transaction
under which Roark will become the majority owner of ICWG.

The ratings have been assigned on the basis of Moody's
expectations that the transaction will close as expected. Moody's
issues provisional ratings in advance of the final sale of
securities and such ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavour to assign a
definitive CFR and definitive ratings to the first and second
lien facilities. Definitive ratings may differ from provisional

Moody's will withdraw the existing B2 CFR and B2-PD PDR ratings
of Boing Midco Limited and B2 instrument rating of Boing Group
Financing Plc upon consummation of the acquisition and repayment
of the existing debt.


Despite modest absolute scale in a highly fragmented market, the
company's (P)B2 CFR is supported by its large size relative to
most competitors, which results in cost advantages and supports
high margins relative to rated peers. Underlying cash generation
is strong due to a flexible cost base and limited maintenance
capex and working capital needs.

Earnings growth should continue to be underpinned by the
increasing contribution from both refurbished and new sites.
However, the rating will remain constrained by the highly
leveraged capital structure following the change of ownership and
Moody's expectations that deleveraging will be slow due to debt
funded acquisitions.

The proposed funding supporting Roark's acquisition means ICWG
will continue to have a highly leveraged balance sheet. The
significant scale of recent acquisitions means that the normal
last twelve months (LTM) calculation of EBITDA has severe
limitations in assessing leverage and other credit metrics. The
future expected earnings from these acquisitions, and indeed the
expected uplift in earnings from the ongoing refurbishment
program in respect of existing sites, will have been factored in
to Roark's purchase price, but the full impact of these
transactions on underlying full-year earnings is not included in
the LTM results. Therefore, in calculating Moody's-adjusted
leverage pro-forma for the transaction the rating agency has
included an estimate for the annualisation of the contribution of
new and refurbished sites. On this basis Moody's calculates pro-
form adjusted opening leverage of 7.0x and believes this ratio
should improve to around 6.5x by the end of fiscal 2018 assuming
no meaningful change to current site numbers.

With modest working capital and maintenance capex requirements
ICWG's underlying free cash flow is strong. However, under TDR
Capital ownership the company had an established refurbishment
program of its European sites, typically covering around 50 or
more sites a year, as well as developing new greenfield sites and
acquiring more than 100 sites in the US since late 2015. Total
expenditure on European sites has therefore tended to consume
most free cash flow from operations there, while roll-out in the
US has been largely funded by a combination of local debt and
shareholder funding. Moody's expects these growth initiatives
will continue under Roark control albeit the funding structure
now covers both US and non-US activities. The credit
documentation includes the flexibility for unlimited incremental
facilities subject to pro-forma leverage not increasing.
Accordingly, while the timing and quantum of additional debt will
depend on the availability of suitable opportunities, and willing
lenders, the rating agency believes it is likely that
deleveraging will be constrained and delayed in these


The (P)B1 rating (LGD3) of the first lien credit facilities,
comprising the 5 year RCF and 7 year first lien term loan,
reflects their position as secured liabilities ranking ahead of
the 8 year second lien term loan, which is rated (P)Caa1 (LGD5).
The facilities are secured by a package (including both share
pledges and charges over other assets) granted by the co-
borrowers and holding and operating companies that account for at
least 80% of the group's consolidated EBITDA and total assets.


The stable outlook reflects Moody's expectations of earnings
growth as full year contributions from recently acquired sites
are captured in financial statements. Profitability will also
benefit from a higher contribution from refurbished sites and
from cost synergies from recent acquisitions. The rating agency
anticipate that Moody's-adjusted gross leverage will remain in
the mid-6x region and that ICWG will maintain at least adequate


The strategy of acquisition fuelled growth is likely to constrain
any upward rating pressure over the near to medium term. However,
positive pressure could build if Moody's-adjusted gross leverage
was less than 5.5x and there was an expectation of more
conservative financial policies being sustained than currently

Leverage remaining above 6.5x on a sustained basis, due to either
a deterioration in operating performance or more aggressive
financial policies than anticipated could lead to negative rating
pressure. A deterioration in the liquidity profile would also
likely lead to a downgrade.


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


International Car Wash Group Limited (ICWG) is headquartered in
Buckinghamshire, United Kingdom. ICWG operates approximately 900
sites across 12 European countries, Australia, and since 2015,
the US, where it now has over 100 sites. The group uses the IMO
brand at its sites in Europe and Australia and a number of brands
relevant to local markets in the US. In the fiscal year ended
December 31, 2016 the company reported revenue of GBP 163.8
million and EBITDA of GBP 49.9 million.

SOUTH YORKSHIRE: SFP Completes Pre-pack Sale, 100 Jobs Saved
Pat Sweet at CCH Daily reports that insolvency practitioner SFP
has completed a sale of the business and assets of South
Yorkshire Care Ltd, which provided care for elderly and
vulnerable residents and went into administration after falling
into arrears with HMRC, safeguarding 100 jobs and the future of
the homes.

The company began trading in 2009 and had four care homes, two in
Grimsby and others in Harrogate and Lincoln, CCH Daily discloses.
Despite turning over more than GBP1.5 million in 2016, the
company ran into arrears with HMRC which led to a company
voluntary arrangement (CVA) being implemented, CCH Daily

When South Yorkshire Care could not meet the terms of the CVA, a
pre-pack sale was pursued via administration, with SFP directors
Simon Plant -- -- and Daniel Plant -- -- appointed joint administrators, CCH Daily

Following an initial review of the business, the joint
administrators conducted a valuation of the care homes, marketed
them and subsequently looked to carry out a pre-pack sale without
business interruption, to ensure the safety of the residents,
according to CCH Daily.


* BOND PRICING: For the September 11 to September 15, 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 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  Go to order any title today.


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

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

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

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