TCREUR_Public/171002.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, October 2, 2017, Vol. 18, No. 195



FNAC DARTY: S&P Affirms 'BB' CCR on Sound Operating Performance


DEA GROUP: S&P Assigns 'BB-' Corp Credit Rating, Outlook Stable


NAT'L BANK: Proposed Amendments No Impact on Moody's B3 Ratings


PENTA CLO 3: Fitch Assigns 'B-(EXP)' Rating to Class F Notes


CASSA DI RISPARMIO: Credit Agricole Agrees to Take Over Bank
POPOLARE BARI 2016: DBRS Confirms B(high) Rating on Cl. B Notes


DECO 2015-CHARLEMAGNE: DBRS Confirms BB Rating on Class E Notes


DUTCH PROPERTY 2017-1: DBRS Finalizes BB Rating on Class E Notes

* S&P Declassifies 5 Dutch Utilities as Gov't-Related Entities


SYNTHOS SA: S&P Affirms 'BB' Long-Term CCR, Outlook Stable


* ROMANIA: 3,000 Companies on Brink of Insolvency, CITR Says


POLYUS PJSC: Fitch Assigns BB- Long-Term IDR, Outlook Positive
O1 PROPERTIES: S&P Cuts $350MM Senior Unsecured Debt Rating to B
UC RUSAL: Moody's Revises Outlook to Positive, Affirms Ba3 CFR


NH HOTEL: S&P Affirms 'B' CCR on Sound Operating Performance


DERINDERE TURIZM: S&P Affirms 'B/B' Global Scale Ratings
OJER TELEKOMUNIKASYON: Lenders Seek Gov't Takeover After Default

U N I T E D   K I N G D O M

BIBBY OFFSHORE: Moody's Lowers CFR to Ca, Outlook Negative
CARILLION PLC: Defends Plan to Cut Pensions, Incurs GBP1.15B Loss
CORDATUS LOAN II: S&P Affirms BB+ Ratings on Two Note Classes
DECO 8-UK: DBRS Puts B(low) Rating on IRS Amount Under Review
ELLI INVESTMENTS: Fitch Affirms CC Long-Term IDR

KIN GROUP: Mulls Creditors Voluntary Arrangement to Raise Funds
MONARCH AIRLINES: Seeks CAA License Renewal, Future Uncertain
SOUTHERN PACIFIC 06-A: S&P Raises Class D1 Notes Rating to BB+


* BOND PRICING: For September 25 to September 29, 2017



FNAC DARTY: S&P Affirms 'BB' CCR on Sound Operating Performance
S&P Global Ratings said that it had affirmed its 'BB' long-term
corporate credit rating on France-based consumer electronics and
editorial products retailer Fnac Darty SA. The outlook is stable.

S&P said, "We affirmed our 'BB' rating on the group's EUR650
million senior unsecured notes. We revised up our recovery rating
on this instrument to '3' from '4', indicating our expectation of
meaningful recovery prospects (rounded estimate: 50%).

"Fnac Darty has demonstrated robust operating performance since
acquiring Darty in August 2016. We have adjusted our base case to
reflect stronger-than-expected EBITDA generation in fiscal 2016,
as well as faster-than-anticipated progress in integrating Darty.
As part of the integration and cost management plan, the group
brought forward the  EUR130 million synergies objective by one
year. In addition, the reported results year to date show
evidence of the first benefits of the group's larger scale in
cost reductions, notably thanks to better bargaining power with
suppliers. We also understand further cost synergies should occur
over the coming months, thanks to major logistics optimization

The combined Fnac Darty group's leading market position in
France, its conservatively leveraged capital structure, and
robust cash generation are the main supports for the rating. At
the same time, S&P views the group's relatively modest scale, low
margins relative to peers, and high seasonality of earnings and
cash flows during the year as the main constraints. In addition,
the group has high rent levels, representing about 65%-70% of
EBITDA, which affects our calculation of both operating and
financial leverage.

Fnac Darty benefits from its role as a key retail channel for
consumer electronics manufacturers such as Apple, Sony, Samsung,
and LG Electronics because they do not have a marked store
presence in Europe. The group has a strong online presence
comparable with that of international online retailer Amazon. S&P
said, "We believe that, as the group progresses with the Darty
integration, the online capabilities will foster its sales,
thanks to cross selling initiatives between the two banners, both
by leveraging the omnichannel platforms and via the shop-in-shop
initiative. We view this as a ratings support in the context of
intense competition from internet-based retailers, discounters,
and specialty retailers. High-margin services that complement
product sales in many categories, alongside fast delivery times,
distinguish Fnac Darty among competitors and enhance the group's

The relatively modest scale of the business in the highly
competitive consumer electronics retail market, in which the
company operates, and the group's limited international footprint
are the main limiting factors. In addition, Fnac Darty's modest
like-for-like growth and relatively low operating margin compared
with peers' are still under pressure due to a highly competitive
market environment. Indeed, compared with larger peers, Ceconomy
or Dixons Carphone in Europe, or BestBuy in the U.S., we think
the group's smaller scale weakens its ability to optimize costs
and therefore profitability margins.

S&P said, "In that context, we view Ceconomy's recent purchase of
Artemis' 24.33% stake in Fnac Darty, making it the new reference
shareholder, as potentially beneficial for the group, even if for
the time being, Ceconomy does not intend to increase its stake
further. We believe Ceconomy, the leading European electronics
retailer, formerly part of Metro AG, could help Fnac Darty
reinforce its bargaining power with suppliers. We expect the new
shareholder, alongside the new management team, to influence the
new medium-term strategy that the group will disclose before the
end of this year."

On the financial side, the group's conservatively leveraged
capital structure and good cash conversion is a supporting
element in an industry characterized by rapid changes in consumer
trends and high disruption risk.

S&P said, "Under our base-case operating scenario, we forecast
that the group's adjusted funds from operations (FFO) to debt
will be 35%-45% and adjusted debt to EBITDA will be about 1.5x-
2.5x over the next two years, stable in comparison with what we
had forecast last year, although we anticipate deleveraging on a
reported basis.

"That is because our adjusted debt calculation captures
operating-lease commitments, the net present value of which we
now estimate at about  EUR750 million. This compares with the
EUR528 million operating-lease adjustment we had anticipated for
fiscal 2017 in our previous base case. The increase results from
our extension of the lease schedule for comparability with other
retailers. We believe that our initial lease-adjusted ratios
tended to significantly understate the group's leverage in
comparison with the average rental period of retail stores across
continental Europe and against the operating-lease commitments of
rated comparable peers. As a result, our assumption of Fnac
Darty's operating-lease commitments is now in line with that of

"The stable outlook reflects our expectation of moderate but
continued improvement in Fnac Darty's earnings, underpinned by
the rapid integration of Darty, acceleration of cross-selling
opportunities, and some strengthening in operating margins thanks
to a focus on cost controls and synergies. This is partially
offset by material restructuring costs.

"This should enable Fnac Darty to sustain adjusted debt to EBITDA
of below 2.5x and adjusted FFO to debt of more than 35%. We
expect Fnac Darty to continue to post a robust free cash flow
generation leading to an improvement in both reported and
adjusted leverage ratios.

"We could consider a downgrade if the group's credit metrics
weaken over the next 12 months from the level we anticipate in
our base case. Specifically, we could lower our ratings if Fnac
Darty's FFO-to-debt ratio approached 30%, EBITDAR to cash
interest plus rent were to fall meaningfully below 2x, or free
cash flow generation meaningfully weakened. In our view, this
could occur if fierce competition and soft market demand led to
Fnac Darty's inability to maintain its current market share and
sustain EBITDA margins of 6.5%.

"We continue to view an upgrade as remote at this stage, as the
group's relatively modest scale, alongside high intrayear
seasonality of earnings and cash flows and tight margins limit
Fnac Darty's ability to cushion any unexpected operating
setbacks. However, we could consider a positive rating action if
Fnac Darty were to materially and sustainably improve its credit
metrics, in particular if FFO to debt sustainably exceeded 45%,
with consistent EBITDAR cash interest plus rents coverage of at
least 2.5x. Any upgrade would hinge on our view that the risk of
re-leveraging is low, based on our assessment of the group's
financial policy."


DEA GROUP: S&P Assigns 'BB-' Corp Credit Rating, Outlook Stable
S&P Global Ratings assigned its 'BB-' long-term corporate credit
rating to Germany-based oil and gas company DEA Group (L1E
Finance GmbH & Co. KG).

S&P said, "At the same time, we affirmed our 'BB-' long-term
corporate credit rating on DEA Group's wholly owned subsidiary
Deutsche Erdoel AG (DEA). The outlook on both entities is stable.
"Finally, we raised the issue rating on the  EUR400 million
senior unsecured notes due in 2022 issued by DEA Finance SA and
guaranteed by DEA Group to 'BB-' from 'B+'. The recovery rating
is now '4', indicating our expectation of average recovery
prospects to be in 30%-50% range (rounded estimate 35%).

"The rating actions reflect the company's growth prospects in the
coming years, with modest increase in its absolute debt, as well
as adequate liquidity. In our view, after completing the
investment program the company will enjoy a stronger and more
diversified portfolio. Under our base-case scenario, we expect
the company to maintain an S&P Global Ratings-adjusted FFO to
debt of about 20% in 2017 and 2018. In addition, we believe the
company's current hedges and selling contracts mitigate some of
the risks of a further drop in the oil prices.

"The rating on DEA Group mirrors that on its fully owned
subsidiary DEA. We view DEA as a core subsidiary, owning the
group's entire oil and gas operations. We note that DEA Group has
no other operations besides its full ownership of DEA. We
understand that DEA Group will continue to exercise effective
control of DEA for the foreseeable future.

"In the first half of 2017, the company saw a decline of about 3%
in its production to 134,000 boe/d from 138,000 boe/d in 2016.
That said, higher realized oil prices and lower production costs
strengthened earnings in the first half, with EBITDAX (EBITDA
excluding exploration costs) of EUR490 million as adjusted by S&P
Global Ratings. We expect that the second half of the year will
be slightly weaker, driven mainly by lower volumes. We believe
the current hedges and fixed-price contracts in place create more
visibility over the short-term while oil prices remain volatile
at the current low level.

"DEA's management plans to achieve 200,000 boe/d or more by 2020,
compared to 138,000 boe/d in 2016. The ambitious target becomes
even more aggressive if taking into account the company's natural
depletion (about 30,000 boe/d by 2020). Going into 2018, we
expect production to be about 125,000 boe/d-130,000 boe/d.

As part of the strategy execution, the company is currently
progressing seven different projects (including some yet to be
sanctioned projects) that will come online in the coming years.
The required capital expenditure (capex) is about $1 billion a
year. A successful development will improve the company's
portfolio breakeven point, but would also increase the company's
exposure to more risky countries (about 25% of the EBITDAX will
come from its African assets). The company is planning to fund
the projects from its cash flows with some support from

Earlier this year, the company commenced gas production from its
West Nile Delta (WND) project in Egypt, exceeding planned
production rates capacity and ahead of schedule and below budget.
Thanks to this project, production from North African assets will
weigh slightly more than 50% by 2020, while EBITDAX contribution
will reach about 25%.

Another potential area of growth is acquisitions. As of today,
the company did relatively small acquisitions (for example,
increasing its interests in the Norwegian projects), but we
cannot rule out a more transformational transaction. According to
management, any acquisition will be subject to maintaining its
financial policy--namely reported net debt to EBITDAX typically
less than 2.5x, or with some support from its shareholder.
Recently, the company was awarded a small exploration project in
Mexico, a preliminary step toward expanding the company's
footprint outside its traditional regions.

S&P said, "Under our base-case scenario, we expect the company to
record adjusted EBITDAX of above  EUR800 million in 2017 and
between  EUR750 million- EUR800 million in 2018. This compares to
EUR727 million in 2016 and half-year 2017 of about  EUR490

"Our base-case scenario will translate into an adjusted FFO to
debt slightly above 20% both in 2017 and 2018, which is in line
with the current rating. In addition, we calculate a negative
free operating cash flow (FOCF) of about $425 million-$475
million over the period. In practice, we expect the company to
limit the spike in the debt, either by divesting some non-core
assets or adjusting somewhat the speed of development.

"We understand management is committed to maintaining reported
net debt to EBITDAX typically less than 2.5x. As of Dec. 31,
2016, this ratio was 2.3x when looking at management figures, and
is expected to reach the middle leverage range of 2.0x-2.5x in

"As of Dec. 31, 2016, DEA Group had adjusted debt of  EUR2.3
billion, comprising  EUR2.4 billion of financial debt (including
the shareholder loan),  EUR205 million asset retirement
obligations,  EUR106 million operating lease adjustment,  EUR103
million pensions, and  EUR72 million excess cash that we deducted
from our adjusted debt. We excluded from our debt computation the
EUR537 million shareholder loan that we treat as equity.

"The stable outlook reflects the company's growth prospects in
the coming years, without compromising its credit metrics, as
well as adequate liquidity.

"Under our base-case scenario, we forecast an adjusted debt to
EBITDA comfortably below 4x and FFO to debt slightly above 20%
both in 2017 and in 2018. Those ratios can slightly improve if
the company decided to scale back its current ambitious capex
program or to fund some of it with disposals.

"We could downgrade the company if it abandoned its financial
policy, resulting in much higher debt. In this respect, we would
see an adjusted FFO to debt well below 20% or debt to EBITDA were
over 4x for a protracted period to be a trigger for a downgrade,
for example, if DEA entered into a large acquisition funded by

"Further sustained reductions in oil prices below our price deck
could also increase the risk of a downgrade unless sufficiently
offset by cost reductions or lower capital investment.
In a less likely scenario, a decision to cut the capex budget
could result in a meaningfully declining production profile,
which could negatively affect our assessment of the business
assets and also lead us to lower the ratings.

"We see limited likelihood of an upgrade over the coming 12-18
months given the company negative free operating cash flow and
execution risks.

"Over the longer term, we could upgrade DEA if the company
sustainably reduces leverage to below 3x with FFO to debt above
30%. Such a rating action should be also supported by an increase
in the scale and diversification of the reserves and producing


NAT'L BANK: Proposed Amendments No Impact on Moody's B3 Ratings
Moody's Investors Service announced that the proposed amendments
to the National Bank of Greece S. A. -- Global Mortgage Covered
Bonds made on or around 26th of September 2017 would not, in and
of themselves and at this time, result in a reduction or
withdrawal of the current B3 ratings of the notes issued by
National Bank of Greece S.A. (NBG) under its Global Mortgage
Covered Bonds programme.

The proposed amendment to the cover pool eligibility criteria
would now allow for the inclusion of loans to employees up to 10%
and subsidised mortgage loans up to 15%.

Moody's has determined that the amendments, in and of themselves
and at this time, will not result in the downgrade or withdrawal
of the current B3 ratings of the notes issued by the Issuer.
However, Moody's opinion addresses only the credit impact
associated with the proposed amendments, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of note holders and/or

This publication does not announce a credit rating action. For
any credit ratings referenced in this publication


PENTA CLO 3: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
Fitch Ratings has assigned Penta CLO 3 DAC expected ratings:

Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.

Penta CLO 3 DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. A total note issuance of EUR413
million will be used to fund a portfolio with a target par of
EUR400 million. The portfolio will be actively managed by
Partners Group (UK) Management Limited.


'B' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors to be in
the 'B' category. The Fitch-weighted average rating factor (WARF)
of the identified portfolio is 32.6, below the indicative maximum
covenanted WARF of 33 for the expected ratings.

High Recovery Expectations
At least 90% of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
identified portfolio is 66.3%, above the minimum covenant of

Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while interest due on the rated notes is based on a floating
index. Expected ratings are based on Fitch Test Matrix with a
maximum fixed-rate exposure at 5% and reflect Fitch views that
the rated notes can withstand excess spread compression in a
rising interest rate environment.

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


A 25% increase in the obligor default probability would lead to a
downgrade of up to two notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.


CASSA DI RISPARMIO: Credit Agricole Agrees to Take Over Bank
Valentina Za at Reuters reports that Italy solved one of its
remaining banking headaches on Sept. 29 as France's Credit
Agricole agreed to take over three small ailing banks for EUR130
million (US$153 million).

The sale is part of a rescue deal that sees Italy's healthy
lenders shoulder the bulk of its cost, replicating a scheme
applied earlier this year when UBI Banca and BPER Banca took over
four small troubled banks, Reuters notes.

Italian banks have been weakened by a deep recession that ended
in 2014 as the country's industrial production shrank by a
quarter and thousands of businesses went bankrupt, Reuters

According to Reuters, Credit Agricole said it had agreed to buy
95% of savings banks Cassa di Risparmio di Rimini, Cassa di
Risparmio di Cesena and Cassa di Risparmio di San Miniato only
after they shed impaired loans with a face value of EUR3 billion.

Separately, Italian bank support fund Atlante, which is financed
by the country's healthy lenders, said it would invest EUR500
million to buy a portion of the three banks' bad debts repackaged
as securities, Reuters relays.

Investment fund Algebris will buy their remaining problematic
loans, worth EUR286 million, Reuters discloses.

To help the three savings banks shoulder the losses from
writedowns necessary to ease the loan disposals, they will
receive a capital injection of EUR470 million, Reuters says.

This is necessary to ensure a core capital ratio of 10.7%
post-writedowns, another condition set by Credit Agricole,
according to Reuters.  The fresh capital comes from contributions
Italian banks paid into a voluntary rescue scheme associated with
the country's FITD depositors' guarantee fund, Reuters says.

POPOLARE BARI 2016: DBRS Confirms B(high) Rating on Cl. B Notes
DBRS Ratings Limited confirmed the ratings on the Class A and
Class B Asset-Backed Floating-Rate Notes due December 2036 (the
Notes) issued by Popolare Bari NPLS 2016 S.r.l. (the Issuer) as

-- EUR126,500,000 Class A at BBB (high) (sf)
-- EUR14,000,000 Class B at B (high) (sf)

The rating confirmation reflects the stable performance of the
transaction since its issuance on August 12, 2016 (the Issue

Popolare Bari NPLS 2016 S.r.l. was the first public Italian non-
performing loan securitisation transaction executed since 2007.
The transaction envisaged the issuance of Class A (approximately
26.4% of total gross book value (GBV), Class B (approximately
2.9% of GBV) and Class J (approximately 2.1% of GBV) at Issue
Date. The Notes are backed by a mixed pool of Italian non-
performing loans originated by Banca Popolare di Bari S.p.A. (BPB
or the Seller), Banca Tercas S.p.A. and Banca Caripe S.p.A. In
July 2016, Banca Tercas S.p.A. and Banca Caripe S.p.A. were
merged into BPB. BPB sold to the Issuer a portfolio of non-
performing loans for a total gross book value equal to
approximately EUR 480 million. The securitised portfolio consists
of both secured and unsecured non-performing loans. The secured
loans are collateralised by residential properties, commercial
properties (industrial, office, retail and hotel) and land. The
loans comprised in the portfolio defaulted between 2000 and 2015,
with the majority of the loans being classified as defaulted
between 2012 and 2014 (approximately 59.3% of initial GBV). Most
of the secured loans included in the portfolio are backed by
properties primarily concentrated in the southern regions of
Italy, which typically have a longer bankruptcy and settlement
process. In its analysis, DBRS assumed that all loans are
disposed through the auction process, which generally has the
longest resolution timeline.

As of the June 2017 Investor Report, the transaction outstanding
principal balance of Class A and Class B is equal to EUR 115.4
million and EUR 14.0 million, respectively. The transaction
structure is fully sequential and the Class A current balance
amortised ca. 8.0% since issuance. Class B, which represents
mezzanine debt, will not be repaid until Class A is repaid in
full, and Class J does not receive any issuer available funds
until Class A and Class B are repaid in full. The current
aggregated transaction balance is EUR 138.4 million.

The portfolio is serviced by Prelios Credit Servicing S.p.A.
(Prelios or PRECS). At issuance, PRECS prepared the business plan
assuming a judicial procedure for each borrower. The servicer's
initial business plan, as reported in the most recent semi-annual
servicing report dated 19 June 2017, assumed cumulative gross
disposition proceeds (GDP) of EUR 13.8 million from the period
between the closing date and Q2 2017. Based on the same report,
the servicer's reported actual cumulative GDP collections equal
to EUR 16.7 million, which is 17.5% higher than initially

According to the most recent semi-annual servicing report, the
servicer reports an updated business plan, which estimates
increased cumulative GDP collections compared to its initial
business plan. Specifically, the expected cumulative GDP for the
next 18 months (to Q4 2018) is EUR 50.6 million, or 10.3% more
than the initial expectation of EUR 45.8 million for the same
period. The reported servicing fees for the first semester were
equal to EUR 672,210 and in line with the servicing fees as per
the initial business plan. Since closing and because of the
disposal of residential and commercial properties as well as
unsecured loans, the total GBV of the portfolio has been reduced
by EUR 17.8 million, or by 3.7% compared with the initial GBV.
The most recent reported GBV as at May 2017 is equal to EUR 462.0
million (EUR 479.8 million at issuance). The portfolio continues
to be mainly concentrated in the same regions as at issuance: the
region of Abruzzo still has the largest concentration of assets
in the pool being 27.8% by GBV (27.0% at issuance). As reported
in the semi-annual servicing report of June 2017, the cumulative
collection ratio and net present value cumulative profitability
ratio are 176.3% and 168.0%, respectively. A subordination event
would occur if any of the two ratios is lower than 90%.

The transaction benefits from a Cash Reserve of EUR 4.2 million
fully funded at closing through a limited recourse loan and an
Additional Cash Reserve of EUR 2.5 million funded with
collections. According to the most recent Payment Report of June
2017, the outstanding balance of the Cash Reserve amount is EUR
4.0 million, which has been reduced in proportion to the
transaction's collateral reduction, as the Cash Reserve Target
amount is equal to 3% of the Class A and Class B principal
outstanding amount. The Additional Cash Reserve current balance
remains at EUR 2.5 million.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral; the historical
performance and expertise of the servicer, Prelios; the
availability of liquidity to fund interest shortfalls and
special-purpose vehicle expenses; the cap agreement with J.P.
Morgan Securities plc; and the transaction's legal and structural
features. DBRS's BBB (high) (sf) and B (high) (sf) ratings assume
a portfolio aggregated GDP haircut of 24.03% and 17.45%,
respectively, to Prelios's initial business plan for the
portfolio. The transaction's final maturity date is in December

Notes: All figures are in euros unless otherwise noted.


DECO 2015-CHARLEMAGNE: DBRS Confirms BB Rating on Class E Notes
DBRS Ratings Limited confirmed all ratings of the Commercial Real
Estate Loan Backed Floating-Rate Notes Due April 2025 (the Notes)
issued by DECO 2015-Charlemagne S.A. as follows:

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)

All trends are Stable.

The rating confirmation reflects the sound performance of the
overall transaction as per the July 2017 interest payment date
(IPD) investor report. All three of the securitised loans have
reported an increase in gross rental income (GRI) as a result of
new leases, reduced vacancy rates and the indexation of existing
leases. All three loans have been amortising and have seen
improvements in their loan-to-value and debt service coverage

The Windmill loan, which has a current securitised balance of EUR
145.1 million, increased its total GRI to EUR 25.1 million in
July 2017 through robust leasing activity and rental indexations
on existing leases. Additionally, in early 2017 the nine
remaining properties securing the loan, eight office buildings
and one shopping centre in the Netherlands, were revalued at EUR
276.8 million. This represents a 12.5% increase in the value of
these nine properties since issuance.

The Mstar loan, which is secured by 19 industrial properties in
the Netherlands and Germany, has a current securitised balance of
EUR 82.4 million and has also seen improvements in performance.
The servicer reported that GRI increased to EUR 15.8 million in
July 2017, which is an increase of 26.3% since issuance. The
current portfolio valuation of EUR 130.4 million dates back to
June 2014; however, an updated valuation is currently being
finalised and the new value is expected to be disclosed in the
next reporting period.

The Pegasus loan, the third and smallest loan with a current
securitised balance of EUR 53.5 million, is secured by eight
office buildings in the Pegasus Business Park in Brussels,
Belgium. The loan reported GRI of EUR 10.1 million in July 2017,
approximately EUR 1.2 million higher than at issuance. Like the
Mstar loan, a new valuation is in the process of being completed
and is expected to be reported in the next quarter.

Despite the improving performance of all three securitised loans,
DBRS did not receive any additional data to further analyse the
underlying cashflows of the assets. DBRS has maintained its
underwriting assumptions from the last review.

The transaction's Note balance, as of July 2017, is EUR 281.0
million, which represents an 11.1% principal reduction since
issuance. The Notes have been repaid through the scheduled
amortisation of all three securitised loans and from the disposal
of the Karperstraat property in the Windmill loan in Q4 2015. On
each IPD, 50% of the Principal Distribution Amount has been
allocated on a pro rata basis and 50% on a sequential basis.

The final legal maturity of the Notes is in April 2025, five
years beyond the maturity of the Windmill loan in April 2020 and
four-and-a-half years beyond the maturities of both the Mstar and
Pegasus loans in October 2019.

DBRS continues to monitor this transaction on a quarterly basis.

All figures are in euros unless otherwise noted.


DUTCH PROPERTY 2017-1: DBRS Finalizes BB Rating on Class E Notes
DBRS Ratings Limited has finalised the provisional ratings on the
notes issued by Dutch Property Finance 2017-1 B.V. (the Issuer)
as follows:

-- EUR 649,000,000 Class A notes rated AAA (sf)
-- EUR 90,500,000 Class B notes rated AA (sf)
-- EUR 33,600,000 Class C notes rated A (sf)
-- EUR 34,850,000 Class D notes rated BBB (sf)
-- EUR 16,550,000 Class E notes rated BB (sf)

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

RNHB is a buy-to-let and mid-market real estate lending business
in the Netherlands. It was formed in 2008 when Rijnlandse
Hypotheekbank and Nederlandse Hypotheekbank were merged by their
parent company, FGH Bank, who in turn were owned by Rabobank. In
December 2016, RNHB was acquired by funds managed or advised by
CarVal Investors and Arrow Global in a joint venture.

The mortgage portfolio will be serviced by Vesting Finance
Servicing B.V. with Intertrust Administrative Services B.V.
appointed as a replacement servicer facilitator.

As of May 31, 2017, the portfolio consisted of 8,368 loans with a
total portfolio balance of approximately EUR 1.5 billion, net of
savings deposits. The average loan is EUR 178,360. The weighted-
average (WA) seasoning of the portfolio is 7.4 years with a WA
remaining term of 4.3 years. The WA current loan-to-value is
comparatively low for a Dutch portfolio at 61.9%. Almost all the
loans included in the portfolio are fixed with future resets
(99.4%) while the notes pay a floating rate of interest. To
address this mismatch the transaction is structured with a
balance guaranteed interest rate swap that swaps a fixed interest
rate for a three-month Euribor. Of the portfolio, 3.7% is
comprised of loans where the borrowers are in arrears (excluding
less than one month in arrears). The closing pool is as of June
30, 2017, with an outstanding balance of EUR 850,065,784.

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

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

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

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

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

The rating of the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date, the ratings of the Class B notes to the
Class E notes address the ultimate payment of interest and
principal on or before the legal final maturity date. DBRS based
the ratings primarily on the following:

-- The transaction capital structure, form and sufficiency of
available credit enhancement and liquidity provisions.

-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection activities. DBRS
calculated portfolio default rates (PDRs), loss given default
(LGD) and expected loss outputs on the mortgage loan portfolio.

-- The ability of the transaction to withstand stressed cash
flow assumptions and repay the rated notes according to the terms
of the transaction documents. The transaction cash flows were
modelled using PDRs and LGD outputs provided by the European RMBS
Insight Model. Transaction cash flows were modelled using INTEX

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.

-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the Terms and
Conditions of the notes.

-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the Issuer and consistency with
DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.

* S&P Declassifies 5 Dutch Utilities as Gov't-Related Entities
S&P Global Ratings said that it has affirmed its ratings on five
Dutch utilities: Alliander N.V., PZEM N.V., Stedin Holding N.V.,
Enexis Holding N.V., and N.V. Eneco Beheer.

S&P said, "The affirmation follows our decision to no longer
consider these five Dutch utilities to be government-related
entities (GREs), despite public ownership by local and regional
governments (LRGs).

"Pursuant to our methodology, "Rating Government-Related
Entities: Methodology And Assumptions," published on March 25,
2015, GREs are entities that could receive extraordinary
government intervention during periods of stress or be negatively
affected by their owners. As part of our ongoing surveillance
under a sector review, we have concluded that these companies are
unlikely to benefit from timely extraordinary government support
from either local or central governments in The Netherlands,
based on their numerous ownerships and a track record of low
intervention. We believe that these companies individually have
limited links and limited importance to their respective LRGs, as
defined per our criteria, even though the regulated operations
are important in their respective areas, especially as they can
help energy transition. This is because, under our criteria, we
distinguish between support from the government that mostly
targets the continuation of the GRE's activities and/or the
safeguarding of employment and support aimed at ensuring the full
and timely payment of bondholders when assessing the importance
of a GRE's role."


S&P said, "Even though we think that Alliander, Enexis Holding,
and Stedin Holding's operations are important to their provinces
and municipality owners as monopoly providers of gas and
electricity distribution services in their license areas, we
don't expect that any extraordinary support is likely to be put
in place in a timely manner. This is mainly because of the very
diverse ownership:

-- Alliander is owned primarily by Gelderland (45%), Friesland
    (13%), Noord-Holland (9%), and the municipality of Amsterdam

-- Enexis Holding's largest owners are the provinces of Noord
    Brabant (31%), Overijssel (19%), and Limburg (16%), as well
    as other provinces and 100 municipalities in the region.

-- Stedin Holding's owners are the municipalities of Rotterdam
    (31.69%), The Hague (16.55%), Dordrecht (9.05%), and 50 other
    small local authorities, each with less than 4% ownership.

By the same token, the possibility for negative intervention is
remote as this would require an agreement between numerous
entities, which we think would be difficult to achieve given
potentially contradictory interests. In addition, the regulated
networks of Alliander, Stedin Holding, and Enexis Holding are
regulated by an independent regulatory body, the Autoriteit
Consument & Markt. This isolates them from the risk of negative
intervention as S&P views the regulatory framework as very
supportive, one feature of which is the independence of the
regulator from both the local and national government.


Eneco Beheer and PZEM are unregulated companies resulting from
the forced unbundling of the former Eneco Holding N.V. and Delta
N.V. As such, we think that their importance to their LRGs is
less strategic than that of Alliander, Stedin Holding, and Enexis
Holding. They also face diverse ownership that would make any
extraordinary support difficult to put in place:

-- PZEM is owned by Zeeland, 16 municipalities, and two other
    provinces with a very small amount of shares.

-- Eneco Beheer's owners are the same as Stedin.


Alliander (AA-/Stable/A-1+)

S&P said, "The ratings on Alliander reflect our view of the
company's predictable cash flow and earnings supported by
transparent regulatory framework and low-risk business, good
operating performance, conservative financial policy, strong debt
coverage ratios and cost of capital aligned with regulatory
assumptions used to set rates.

"Our outlook on Alliander is stable, reflecting our view that
Alliander will be able to sustain S&P Global Ratings-adjusted
funds from operations (FFO) to debt of 25% or better given
slightly higher-than-expected regulated returns and lower
interest expense in the next two years. The weighted-average cost
of capital in regulated tariffs will decline each year until 2021
and we expect higher-than-average capital expenditure (capex) as
the company rolls out smart meters. Nevertheless, the company
should be able to maintain this level of coverage beyond our
outlook period, despite negative discretionary cash flows (DCF),
and given plans to allow the recovery of sufferance tax paid to
municipalities (about  EUR130 million per year) proceeds.

"We would likely lower the ratings if our forecast credit ratios
fell consistently below 23% FFO to debt. Although we don't expect
them to occur, factors that could potentially trigger this in the
next two years include a decision by the company to recapitalize
its balance sheet closer to its publicly-stated financial policy
(minimum requirement of FFO to debt of 20%) or a material decline
in margins.

"We consider an upgrade highly unlikely in light of the
relatively predictable but challenging tariffs set by the
regulator, and the company's large capex plan and dividend
policy. That said, we would consider an upgrade if we thought
Alliander was able to sustain an adjusted FFO-to-debt ratio of
more than 30%, assuming an unchanged business risk profile and no
negative impact from Alliander's public sector shareholder

Enexis Holding (A+/Stable/A-1)

S&P said, "The ratings on Enexis (Enexis Holding N.V. and Enexis
B.V.) reflect our view of predictable cash flow and earnings
supported by a transparent regulatory framework and an
intermediate financial risk.

"The stable outlook reflects our expectation that Enexis will
sustain S&P Global Ratings-adjusted FFO to debt of about 22%-23%
in 2017-2019 as it continues to lower its cost of debt. This
should mitigate the declining weighted-average cost of capital
(WACC) used by the regulator to determine tariffs.

"We could lower the ratings if we expected FFO to debt to decline
and remain below 18%. In our view, this is unlikely, but could
occur either through further distribution network consolidation
or a debt-financed extraordinary dividend.

"We could raise the ratings if we thought it likely that Enexis
could sustain adjusted FFO to debt comfortably above 23% with no
deterioration in business risk. This could result from an
increase in return on capital allowed or a change in management's
financial policy."

Stedin Holding (A-/Stable/A-2)

S&P said, "The ratings on Stedin (Stedin Holding N.V. and Stedin
Netbeheer B.V.) reflect our view of predictable cash flow and
earnings from low-risk regulatory network activities, accounting
for 95% of EBITDA, supported by a transparent regulatory
framework. We view the financial risk as higher than its larger
Dutch peers.

"The stable outlook on Stedin reflects the group's excellent
business risk profile and our expectation that Stedin Holding
will maintain credit metrics in line with the rating, namely FFO
to debt consistently above 11% (we forecast 11.5%-13.0% over the
medium term under our base case). Robust earnings from the stable
distribution networks support the current ratings, even though we
expect profitability to be affected by additional costs from the
unbundling process. We also expect the contribution from
unregulated ancillary activities to remain below 10% of the
group's total EBITDA.

"We could lower the ratings on Stedin if the group's adjusted FFO
to debt fell below 11%, combined with declining profitability. In
our view, the regulatory reset risk in the new regulatory period,
starting in 2022, poses the main potential uncertainty to
profitability. In our view, a negative rating action could also
materialize from potential integration risk or additional costs
following the acquisition of ZNH.

"We consider an upgrade unlikely in the near term given the
company's current leverage. This said, we would consider an
upgrade if Stedin Holding maintained FFO to debt sustainably
above 15%."

Eneco Beheer (BBB+/Stable/A-2)

S&P said, "The ratings on Eneco Beheer reflect our view of the
company's strong cash flow generation thanks to stable earnings
from renewables generation and heating and cooling, exposure to
fairly competitive markers in its retail and supply activities,
and very healthy financial position.

"The stable outlook on Eneco reflects our view of the company's
financial headroom after unbundling. Eneco has embarked on a
significant capex program to increase the size of its renewable
fleet and maintain its heating networks. In addition, Eneco has
ramped up its acquisition activities by pursuing expansions of
its retail and generation businesses. We think Eneco will
maintain FFO to debt above 50% on average, keeping a prudent
hedging strategy, and therefore reducing cash flow volatility."

The ratings could come under pressure if the company struggled to
maintain FFO to debt above 50%. This could occur, for example, if
the heating and cooling networks failed to deliver stable cash
flows; if the company fails to exploit synergies in recent
acquisitions; if the output of the wind fleet was much lower than
currently anticipated, for example, due to operational issues; or
if the company lost significant market share in its retail

Eneco aims to strengthen its business risk profile through
diversification and expanding operations. S&P said, "In our view,
the possibility of an upgrade is currently limited as it will
depend on the execution and development of this current strategy.
We don't expect the company's pursuit of growth and
diversification to materially change its business profile over
the coming 18 months, but we expect to have a clearer picture of
the strategy's outcomes in 2019. We could consider a one-notch
upgrade if ratios improved clearly, such that FFO to debt rises
well above 60% on a sustained basis and the company maintains or
improves its asset base."

PZEM (BB/Stable/--)

The rating on PZEM reflects that most of PZEM's cash flow comes
from its power generation activity -- 37% of its capacity is
nuclear, 36% gas, and 27% renewable (through wind power purchase
agreements and a small biomass plant). PZEM's remaining cash flow
is generated from a 50% share in Evides, which supplies drinking
water and industrial water services in the Netherlands. We assume
Evides will continue to pay PZEM a dividend of about  EUR20
million- EUR25 million per year.

S&P said, "The stable outlook on PZEM reflects our expectation
that the company will keep its very large cash balances on
balance sheet until market conditions improve. Because they are
hedged until 2018, market conditions are unlikely to affect cash
flow generation before 2019 or 2020. The stable outlook also
indicates that Evides is expected to continue to pay PZEM regular
dividend contributions. We currently expect power prices to
improve from the very low levels in 2015 and 2016 toward
EUR30/megawatts per hour (MWh).

"We would likely lower our rating on PZEM if the company's
financial policy results in dividend payments or acquisitions
before its power generation division returns to profit, if the
recovery in market prices to  EUR30/MWh does not materialize
after 2018, or if Evides' operating performance deteriorates.

"We see an upgrade as unlikely at this stage given the
vulnerability of PZEM's business mix in the current market
conditions. We would only upgrade PZEM if the power generation
market returned to profitability, which would require a
significant increase in the power price beyond  EUR40- EUR50/MWh
which we don't see as likely at present."


Ratings Affirmed

  Alliander N.V.
   Corporate Credit Rating                AA-/Stable/A-1+
   Senior Unsecured                       AA-
   Junior Subordinated                    A
  Enexis Holding N.V.
   Corporate Credit Rating                A+/Stable/A-1
   Senior Unsecured                       A+
  Enexis B.V.
   Corporate Credit Rating                A+/Stable/--
  N.V. Eneco Beheer
   Corporate Credit Rating                BBB+/Stable/A-2
   Commercial Paper                       A-2
   Corporate Credit Rating                BB/Stable/--
  Stedin Holding N.V.
   Corporate Credit Rating                A-/Stable/A-2
   Junior Subordinated                    BBB
   Commercial Paper                       A-2
  Stedin Netbeheer B.V.
   Corporate Credit Rating                A-/Stable/--


SYNTHOS SA: S&P Affirms 'BB' Long-Term CCR, Outlook Stable
S&P Global Ratings said it had affirmed its 'BB' long-term
corporate credit rating on Poland-based producer of synthetic
rubbers and styrenics Synthos S.A. The outlook is stable.

S&P said, "At the same time, we affirmed our 'BB' issue rating on
the  EUR400 million 4% senior unsecured notes due 2021 issued by
Synthos Finance A.B. and guaranteed by key operating subsidiaries
of the group. We assigned a recovery rating of '4' to the senior
unsecured notes because Poland's jurisdiction is now covered
under our recovery criteria. The '4' recovery rating on the notes
indicates our expectation of recovery prospects in the 30%-50%
range (rounded estimate: 35%) in the event of a payment default.

"We also assigned our 'BB' corporate credit rating to Synthos
Finance A.B., considered as core to the Synthos S.A. group since
it is issuing the group's unsecured instruments, which are
guaranteed by key operating subsidiaries of the group. The
outlook is stable.

"The affirmation reflects our view that Synthos should be able to
strengthen its credit metrics over the next 12-18 months. We
expect Synthos to generate adjusted EBITDA of around Polish zloty
(PLN) 1 billion (about  EUR234 million) and improve its adjusted
debt to EBITDA to around 2.0x in 2017-2018, after 2.4x in 2016.
This should occur thanks to the rise in feedstock prices in 2017,
including for butadiene, which we expect to remain high in the
next few years, although possibly normalizing over the medium
term. We also continue to factor in efficient pass-through
clauses in a material portion of the company's selling contracts,
in rubbers notably, translating into margin upside. In addition,
the company resumed production based on supply from its steam
cracker in the Czech Republic in the fourth quarter of 2016 after
an almost 12-month outage, which has resulted in a higher
backward integration into key monomers and an enhanced EBITDA
margin. In addition, Synthos' styrenics business has
substantially grown, owing to the acquisition of the expandable
polystyrene (EPS) business from Ineos in the second half of last

"On the back of supportive market fundamentals, in synthetic
rubbers notably, the company plans to focus its investments on
expanding advanced products capacities, for which we factor in
high capital expenditures (capex) of around PLN450 million in
2017-2018. We expect Synthos to use these capex to expand higher-
margin businesses like extruded EPS (InVento) and expand its
neodymium polybutadiene rubber (NdBR) production capacity.
Despite high capex, we expect free operating cash flow to remain
positive at about PLN300 million-PLN350 million in 2017 and
2018, thanks to the company's track record of healthy internal
cash flow generation. However, discretionary cash flow (DCF) is
likely to remain negative, in our view, driven by our high
dividend assumptions in accordance with the company's track
record. This reflects the absence of a clearly stated dividend
policy, although we take into account Synthos' overall
conservative financial policy to maintain leverage below 2.0x
unadjusted net debt to EBITDA.

"The ratings on Synthos continue to reflect our view of its
moderate size and limited portfolio diversification, its highly
commoditized production profile, the high volatility of
profitability driven by raw materials derived from crude oil, and
exposure to volatile end markets, such as tire production and
construction. These risks are partly mitigated by the company's
strong market position as one of Europe's leading rubber and
styrene producers. Moreover, Synthos benefits from a partially
integrated production process, a large share of rubber sales
contracted with a cost-plus-fee schedule, and low operating
leverage, all of which leads to higher cost efficiency and
stronger EBITDA margins than those of most of its peers.

"The stable outlook reflects our view that Synthos will balance
its substantial investment spending and dividends in 2017-2018
against internal cash generation, while maintaining adjusted debt
to EBITDA of 2.0x-2.5x, which we view as commensurate with the
current rating. We also factor in our view of the company's
adequate liquidity, despite large capex and shareholder

"We could consider a negative rating action if we observed
deterioration in Synthos' credit metrics, such as adjusted debt
to EBITDA deteriorating toward 3x or above, resulting from
further cyclical downside in polystyrene markets, accelerated
substitution by end users of the company's emulsion styrene
butadiene rubbers (eSBR), or a significant drop in butadiene
prices. Unexpectedly high investments or shareholder
distributions would also pressure the rating.

"We don't currently envisage an upgrade, given the commodity-like
nature of Synthos' products and the structural challenges in the
European emulsion rubber market. Stronger product and asset
diversification and a commitment to low leverage which may be
supported by a clarified dividend policy, could be potential
contributors to an upgrade."


* ROMANIA: 3,000 Companies on Brink of Insolvency, CITR Says
------------------------------------------------------------ reports that Cristina Ienciu, head of legal
at local insolvency firm CITR, said on Sept. 27 at a conference
organized by that Romania had over 20,000 companies with
assets of over EUR1 million at the end of 2015, and about 3,000
of them were on the verge of insolvency.

Daniel Barbu, representative of the National Institute for
Training Insolvency Practitioners (INPPI), said at the same
conference that the number of companies that become insolvent
will naturally go down, but companies choose insolvency when it's
too late, relates.

"Why are there so few reorganizations? Because companies get into
insolvency very late.  You can't reorganize when the debt level
is very high," quotes Mr. Barbu as saying.


POLYUS PJSC: Fitch Assigns BB- Long-Term IDR, Outlook Positive
Fitch Ratings has assigned PJSC Polyus a Long-Term Issuer Default
Rating (IDR) of 'BB-' with Positive Outlook and a Short-Term IDR
of 'B'. Polyus is the Russian holding and reporting company for
the assets belonging to Polyus Gold International Limited (PGIL),
following the latter's delisting in 2015.

Accordingly Fitch has withdrawn PGIL's 'BB-' rating with Positive
Outlook and Short-Term IDR of 'B' and will no longer provide
ratings or analytical coverage for this entity. The senior
unsecured guaranteed notes issued by PGIL, including USD750
million notes due 2020, USD500 million notes due 2022 and USD800
million notes due 2023, were transferred to UK-based Polyus
Finance plc, an indirect 100%-owned subsidiary of Polyus, as part
of the reorganisation and have been affirmed at 'BB-'.

The Positive Outlook reflects Fitch expectations that incremental
production from Polyus' Natalka's mine and brownfield expansions
will support the deleveraging necessary for an upgrade, ie, funds
from operations (FFO) gross leverage below 3x by end-2019 (vs.
3.7x expected at end-2017 and 3.2x at end-2018). The company's
significant cash balances and management's commitment to reduce
leverage also underpin the Positive Outlook.

Polyus is Russia's leading gold producer benefiting from large
and increasing output, low production costs and a high reserve


Natalka Launch Cements Growth: Natalka, the group's key
development mine, was launched in September 2017. Fitch expects
Natalka to gradually ramp up in 2018-2019, and together with
brownfield expansions to result in 9% CAGR for the group's total
gold production between 2016 and 2020. Fitch base case assumes
that Polyus' production will reach 2,160k oz in 2017, 2,300k oz
in 2018 and 2,700k oz in 2019.

Polyus reported further production growth of 12% yoy to 938k oz
in 1H17, following similar increases in 2016 to 1,968k oz of
metal. The Olimpiada, Blagodatnoe, Kuranakh and Verninskoye mines
accounted for most of the increase due to higher processing
volumes and better recoveries. The group intends to concentrate
on streamlining and improving capacity on its key producing

Elevated Debt till 2019: Polyus' mostly debt-funded USD3.4
billion share buyback in 1H16 resulted in a material increase in
leverage, driving Fitch-calculated FFO adjusted gross leverage to
4.4x at end-2016, from 2.6x at end-2015. Fitch base case assumes
annual dividend payments of USD550 million in 2017-2019, in line
with the minimum level stipulated in the agreement with the
Chinese consortium led by Fosun International Ltd. This is
subject to the closure of the transaction through which the
consortium will acquire a 10% stake in Polyus. Therefore, Fitch
expects absolute debt levels to remain elevated, albeit reducing,
at least until 2019.

Expected Positive Free Cash Flow: Higher production from Natalka
and most of the existing mines should support deleveraging and
help Polyus generate solid positive post-dividend free cash flow
(FCF) by end-2019. Fitch expects Polyus' FFO gross leverage to
remain above 3x in 2017-2018 before decreasing to just above 2.3x
by end-2019. Fitch forecasts FFO net leverage to remain around
0.5x-0.8x below the FFO gross leverage throughout the same period
due to Polyus' large cash balances.

Strong Cost Position and Reserves: Polyus continues to be a
strong gold producer with good-quality reserves and large
efficient open pit assets, which place it in the first quartile
of the global cost curve by total cash costs (TCC). In 2016, TCC
declined 8% yoy to USD389/oz. This was mainly driven by the
rouble devaluation against the US dollar as well as operational
improvements, e.g., higher processing volumes and better gold
recovery rates. In 1H17 TCC fell a further 3% to USD379/oz.
Although Fitch forecasts stable rouble-dollar exchange rates in
2017-2020 and low-single-digit rouble inflation, Fitch expects
Polyus to maintain competitive TCC and solid profitability over
the next three years due to operating efficiencies. Polyus ranks
among the lowest-cost producers globally and Fitch-rated gold

At end-2016, Polyus had proved and probable (P&P) gold ore
reserves of 71 million oz, excluding Sukhoi Log, and measured,
indicated and inferred (MI&I) resources of 193 million oz,
indulging Sukhoi Log as at 31 January 2017. It ranks second
globally by attributable gold reserves and third by attributable
gold resources.

Corporate Governance: A new corporate framework was implemented
in April 2016 at Polyus, including independent director
representation. Fitch views the group's corporate governance as
broadly in line with its peer group of major Russian corporates.
Similar to Russian peers, Fitch apply a two-notch discount to
Polyus' rating, relative to international peers to reflect
higher-than-average systemic risks associated with the Russian
business and jurisdictional environment as well as Fitch
assessment of corporate governance practices. Fitch understand
from management that Polyus is working on increasing the non-
executive director representation on its Board (three currently,
including the Chairman, out of nine) and would positively view
steps aimed at strengthening the group's corporate governance.


Fitch applies a two-notch discount to Polyus' standalone rating
of 'BB+' relative to international peers to reflect higher-than-
average systemic risks associated with the Russian business and
jurisdictional environment. This is also valid for Russia-based
Nord Gold SE (Nordgold, BB-/Positive).

Polyus' standalone rating of 'BB+' reflects an operating profile
better than or comparable to North American peers such as
Goldcorp Inc. (BBB/Stable), Kinross Gold Corporation (BBB-
/Stable) and Yamana Gold Inc. (BBB-/Stable). Polyus has
comparable market position, while its higher leverage is
partially offset by significantly lower production costs.
Goldcorp and Kinross have a higher proportion of mines located in
stable countries but also a number of their mines are in Latin
America (Goldcorp) and Russia/West Africa (Kinross). Yamana is
smaller in terms of scale and most of its assets are located in
South America. Nordgold is smaller than Polyus by gold production
and revenue, but its all-in sustaining costs (AISC) are higher
than Polyus' at lower leverage levels.

No Country Ceiling, parent/subsidiary impact the rating.


Fitch's key assumptions within Fitch ratings case for the issuer
- No cash upstreamed through share buybacks in 2017-2020;
- Dividends in line with Polyus' dividend policy: the greater of
   30% of EBITDA if net debt/EBITDA is under 2.5x and minimum
   annual dividend payments of USD550 million for each of 2017,
   2018 and 2019 and USD650 million for each of 2020 and 2021,
   following the expected closure of the Fosun deal;
- Average gold price of USD1,193/oz in 2017, USD1,207/oz in 2018
   and USD1,200/oz afterwards, based on Fitch's conservative gold
   price deck adjusted to reflect company's hedges;
- USD/RUB exchange rate of 59 in 2017, 60 in 2018, 58 in in 2019
   and 57 thereafter;
- Natalka project gradually ramping up throughout 2018 and
   reaching full capacity in 2019;
- Operating efficiencies at the existing mines as per
   management's expectations.


Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Expected FFO adjusted gross leverage below 3.0x by end-2019
- FFO adjusted net leverage below 2.5x by end-2019.
- Sustained positive FCF generation.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Higher-than-expected dividend payments or other shareholder
   distributions leading to weaker liquidity and sustained high
- FFO adjusted gross leverage above 4.0x or FFO adjusted net
   leverage above 3.0x sustained till end-2019.
- Sustained negative FCF generation.


Polyus' liquidity position as of end-1H17 was strong, with cash
of USD1.48 billion (of which USD76 million unutilised balance of
the government grant is treated by Fitch as restricted) and RUB40
billion (USD677 million) of undrawn committed facilities. This
covers comfortably short-term maturities of around USD50 million
and negative FCF of around USD173 million under Fitch base case
in the 18 months to end-2018.

O1 PROPERTIES: S&P Cuts $350MM Senior Unsecured Debt Rating to B
S&P Global Ratings said that it has reviewed its issue ratings on
the $350 million senior unsecured debt of O1 Properties Finance
plc and the Russian ruble (RUB) 15 billion and RUB6 billion
senior unsecured debt of O1 Properties Finance JSC, which were
labeled as "under criteria observation" (UCO) after publishing
its revised criteria "Reflecting Subordination Risk In Corporate
Issue Ratings," on Sept. 21, 2017.

S&P said, "With our criteria review complete, we are removing the
UCO designation and lowering the issue ratings to 'B' from 'B+'.
These rating actions stem solely from the application of our
revised issue rating criteria and do not reflect any change in
our corporate credit ratings on O1 Properties Ltd.

"Our rating action takes into consideration O1 Properties Ltd.'s
capital structure, which consisted of $2,141 million of secured
debt and $885 million of unsecured debt as of June 30, 2017. We
have arrived at the following analytical conclusion: The $350
million unsecured debt issued by O1 Properties Finance plc and
the RUB15 billion and RUB6 billion unsecured debt issued by O1
Properties Finance JSC, which are all guaranteed by O1 Properties
Ltd. are rated 'B', one notch below the corporate credit rating,
because they rank behind a significant amount of secured debt in
the capital structure."

UC RUSAL: Moody's Revises Outlook to Positive, Affirms Ba3 CFR
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of the world's second-largest aluminium
producer United Company RUSAL Plc (RUSAL). Concurrently, Moody's
has affirmed RUSAL's Ba3 corporate family rating (CFR), Ba3-PD
probability of default rating (PDR) and the B1 (LGD 5) senior
unsecured ratings assigned to the notes issued by Rusal Capital
D.A.C., a wholly owned subsidiary of RUSAL.

"Our decision to change the outlook on RUSAL's ratings to
positive mainly factors in the company's deleveraging since the
beginning of this year, as improved aluminium prices pushed
earnings higher and the company received significant dividend
inflows," says Artem Frolov, a Vice President - Senior Credit
Officer at Moody's.


The change of RUSAL's outlook to positive and affirmation of its
ratings primarily reflect the decline in the company's leverage
to 3.6x Moody's-adjusted gross debt/EBITDA (calculated including
annualised dividends from MMC Norilsk Nickel, PJSC (Norilsk
Nickel; Ba1 stable)) at 30 June 2017 from 4.9x at year-end 2016,
on the back of improved pricing environment for the company's
main products, as well as healthy dividends from Norilsk Nickel.

The rating action also reflects Moody's expectation that RUSAL
will (1) continue to reduce its leverage to solidly below 3.5x,
provided there is no major decline in aluminium prices and/or
expected dividend stream from Norilsk Nickel; (2) pursue a
balanced financial policy with a focus on gross debt reduction;
(3) generate sustainable positive free cash flow; and (4) retain
healthy liquidity.

Moody's could consider an upgrade of RUSAL's ratings if its
leverage were to decline sustainably below 3.5x, accompanied by
the reduction in gross debt level. However, the company's
leverage is sensitive to the volatile prices of aluminium, as
well as rouble exchange rate to US dollar and amount of dividends
paid by Norilsk Nickel which may vary by year. The decline in
leverage at June 30, 2017 was driven primarily by the increase in
the company's last-12-month Moody's-adjusted EBITDA by $350
million to $1.9 billion, due to higher aluminium prices in the
first half of 2017, as well as $623 million of dividends from
Norilsk Nickel. If prices were to materially decrease or rouble
to strengthen, or dividend inflow from Norilsk Nickel to decline
materially, RUSAL's leverage could grow towards or above 4.0x
over the next 12-18 months, reducing the possibility for an

RUSAL's Ba3 CFR also factors in the company's (1) status as the
second-largest aluminium producer globally and the monopoly
position in Russia; (2) low cash costs of aluminium production,
80% self-sufficiency in bauxite and 100% self-sufficiency in
alumina; (3) long-term contracts with affiliated power plants,
which somewhat reduces RUSAL's energy costs and provides
stability for its supplies; (4) geographic diversification of
mining assets and aluminium sales; (5) large share of nearly 50%
of higher-margin value-added products in total sales; (6) fairly
high Moody's-adjusted EBITDA margin of 21.0% as at 30 June 2017,
backed by the increased aluminium prices, the weak rouble and
completed operational reorganisation; (7) ownership of a 27.82%
stake in Norilsk Nickel, which generates a significant dividend
cash inflow; (8) balanced financial policy aimed at deleveraging
and reducing total debt; (9) positive free cash flow generation
supported by sustainable dividend inflow from Norilsk Nickel,
moderate and flexible capital spending and moderate dividend
payouts; and (10) healthy liquidity.

At the same time, the rating takes into account (1) the high
sensitivity of RUSAL's earnings and leverage to the volatile
price of aluminium and rouble exchange rate; (2) geographic
concentration of RUSAL's aluminium plants in Russia; (3) the
company's exposure to a single commodity, aluminium, although
mitigated by continuing robust global demand for the metal; and
(4) the heightened business, political and event risks in the
countries where the company mines bauxite and produces alumina,
primarily Guyana, Guinea, Jamaica and Ukraine.


The positive outlook reflects the company's strong positioning
within the current rating category and the possibility of an
upgrade over the next 12-18 months if the company reduces its
total debt and leverage on a sustainable basis.


Moody's could upgrade RUSAL's ratings if the company were to (1)
reduce its total debt and Moody's-adjusted debt/EBITDA below 3.5x
(calculated including annualised dividends from Norilsk Nickel)
on a sustainable basis; (2) continue to generate positive free
cash flow; (3) maintain healthy liquidity; and (4) pursue a
balanced financial policy.

Moody's could downgrade the ratings if the company's (1) Moody's-
adjusted debt/EBITDA were to rise above 4.5x (calculated
including annualised dividends from Norilsk Nickel) on a
sustained basis; (2) operating performance were to weaken
materially; or (3) liquidity and liquidity management were to
deteriorate materially. However, a rating downgrade is currently
unlikely given the positive outlook.


The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Headquartered in Russia, RUSAL is the world's second-largest
integrated aluminium producer, with aluminium output of 3.7
million tonnes for 2016. In the last 12 months to 30 June 2017,
the company generated revenue of $8.9 billion and Moody's-
adjusted EBITDA of $1.9 billion. RUSAL's major shareholder, EN+
Group holds 48.13% of its share capital. Other shareholders
include Onexim Holdings (6.7%), Sual Partners (22.8%), Amokenga
Holdings (8.75%; ultimately controlled by Glencore). RUSAL is
listed on the Hong Kong Stock Exchange, Moscow Exchange and
Euronext Paris, with 13.37% of its shares in free float,
including GDRs. The remaining 0.25% of shares is owned by the
company's management.


NH HOTEL: S&P Affirms 'B' CCR on Sound Operating Performance
S&P Global Ratings said it has affirmed its 'B' long-term
corporate credit rating on Spain-based NH Hotel Group S.A. (NH).
The outlook is stable.

S&P said, "At the same time, we affirmed our 'BB-' issue ratings
on the group's EUR400 million senior secured notes and  EUR100
million equivalent senior secured notes. The recovery rating is
'1', indicating our expectation of very high (90%-100%; rounded
estimate: 95%) recovery prospects in the event of a payment

"The affirmations reflect our expectation that NH will continue
to post strong operating performance over the next 12 months with
the reported EBITDA margin increasing to above 14% as a result of
favorable industry and macroeconomic conditions, particularly in
Spain and the Benelux region.

"We have revised upward our assessment of NH's business risk
profile to reflect the progress of its successful repositioning
plan, which has proved the company's ability to increase average
daily rate (ADR) and resulted in higher revenue per available
room (RevPAR). An increase in reported EBITDA margins, which are
now more in line with peers', has also been a supportive factor.
Additionally, even though NH's portfolio is still reliant on
owned or leased hotels (about 75% of total rooms), which in our
opinion contributes to a high and relatively inflexible fixed-
cost base and greater constraints on the group's earnings in a
cyclical downturn, we appreciate that NH is moving toward a more
asset-light business model. We acknowledge that the company is
now focusing on growing through management contracts and has
renegotiated over 100 leasing agreements in order to achieve more
flexible terms, for example, by minimizing the fixed rent in
unprofitable markets and introducing the variable component in
the rent payment. Considering the above-mentioned improvements,
together with NH's already solid brand recognition and its
relatively high barriers to entry given that many of its
properties are located in prime real estate markets, we think
that NH has strengthened its competitive position.

"However, we continue to see NH's business constrained by its
limited activities outside Europe (about 90% of total revenues),
as well as its limited format diversification with a still
significant reliance on the mid-scale hotels where NH currently
has a strong position. We note that the company's strategy is to
continue increasing its presence in the upper scale category,
which should contribute to a higher RevPar and thus improved
profitability. Moreover, we factor in some key business risks in
our assessment such as the company's high level of profit
volatility over the lodging cycle given the high fixed cost base
of its owned hotels; the cyclical, fragmented and competitive
nature of the lodging industry; and exposure to discretionary
consumer spending. We also think that the growing Airbnb market
could weigh on NH, although we recognize that NH's proposition is
different and targets more affluent customers, often with a
business profile and for a shorter average stay.

"The group's credit metrics have improved as a result of improved
financial results, however, we still expect S&P Global Ratings-
adjusted debt to EBITDA to be above 6.0x in 2017 versus 7.0x as
of Dec. 31, 2016, and FFO to debt of about 8.0% versus 6.9% as of
Dec. 31, 2016. We note that a large share (about 75%) of the
group's adjusted debt stems from our operating-lease adjustment.
In addition, NH generated negative free operating cash flows
(FOCF) over the last five years and this trend is only expected
to be reversed in full-year (FY) 2017. NH has publicly stated its
intention to deleverage by repaying the  EUR100 million debt
maturing in 2019, as well as relying on the potential  EUR250
million bond conversion into equity in November 2018.

In S&P's base case, it assume:

-- GDP growth expectations in NH's main countries of operations
    -- Spain (2%-3%), Italy (about 1%), The Netherlands (about
    2%), Belgium (1%-2%), and Germany (about 2%) -- should
    support group revenue growth over the next two years.

-- A strong outlook for the lodging industry, which NH is well
    positioned to benefit from.

-- Revenue growth of about 4%-5% for future years with a
    moderate impact on the number of rooms. Growth is mainly
    coming from its ongoing refurbishment plans leading to higher
    ADR and RevPar.

-- Reported EBITDA margin expected to grow steadily to 15% by
    FY2018 thanks to cost efficiency measures and refurbishment

-- S&P's assumption is supported by the current trend, with the
    EBITDA margin already increasing to 13.5% in H1 2017 from
    10.5% in H1 2016.

-- Capital expenditure (capex) of about  EUR100 million in the
    next two years.

-- Already paid dividends of  EUR17 million in 2017, increasing
    progressively over the following years.

-- S&P assumes  EUR100 million in debt repayments in 2019 (which
    comprises a high yield bond maturing in November 2019,
    callable from November 2017).

-- S&P does not assume the bond conversion in November 2018, as
    there is still a lot of uncertainties with regards to future
    share price of the company (conversion price:  EUR4.919).

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

-- Adjusted debt to EBITDA of 6.0x-7.0x in 2017 and 2018,
    decreasing to below 6.0x in 2019.

-- Adjusted FFO to debt of 7%-9% over the next three years.

-- Adjusted EBITDA interest coverage improving to 2.6x by 2019
    from about 2.1x in 2017.

-- Positive FOCF of about  EUR30 million- EUR40 million over the
    Next two years.

S&P said, "The stable outlook reflects our expectation that NH
will improve its solid operating performance over the next 12
months with the reported EBITDA margin increasing to above 14%.
We expect this to happen through top-line organic growth of about
4%-5% thanks to the repositioning plan implemented by the
company, as well as several cost efficiency measures. Our stable
outlook also reflects our view that the company will gradually
reduce debt, which should continue to strengthen the group's
credit metrics over the next 12 months. In our base-case
forecast, we expect leverage to decline to 6.0x-7.0x, FFO to debt
to increase to about 8%, and FOCF to turn positive by the end of

"We could raise our ratings over the next 12 months if the
company continues to generate strong EBITDA above our base-case
projections and it continues reducing debt, such that adjusted
leverage declines toward 5.0x. This could happen if the company
takes measures not included in our base case to considerably
deleverage. In addition, we would consider a positive rating
action if NH generated meaningful positive FOCF on a sustainable
basis and we had more visibility on the conversion of the  EUR250
million convertible bond due in November 2018.

"We could lower the ratings if NH's operating performance is
materially worse than our current base case due to macroeconomic,
geopolitical event risks, or competition resulting in substantial
decline in RevPar performance and EBITDA margin moving below 10%.
In this scenario, a significant profit decline could weaken cash
flow, resulting in negative FOCF, leading to weakening liquidity,
a covenant cushion below 15%, or adjusted EBITDA interest below
1.5x. We could also take a negative rating action if the group
distributes dividends that are significantly higher than we
currently anticipate, undertakes debt-financed acquisitions, or
moves toward a considerably capital-intensive business model."


DERINDERE TURIZM: S&P Affirms 'B/B' Global Scale Ratings
S&P Global Ratings affirmed its 'B/B' long- and short-term global
scale ratings on Turkey-based operational leasing firm Derindere
Turizm Otomotiv Sanayi ve Ticaret A.S. (DRD). The outlook is

Derindere Turizm Otomotiv Sanayi ve Ticaret A.S. (DRD) is
experiencing strong growth amid volatile economic conditions in

This growth is funded mostly with new bank debt, since rapid
depreciation of the Turkish lira, which translated into high
foreign currency losses, hurt DRD's internal capital generation.

S&P said, "We also affirmed our 'trBBB/trA-3' long- and short-
term Turkish national scale ratings on the entity.

"The affirmation reflects our expectation that DRD will expand
its fleet by about 15% to 20% in 2017 and 2018 and maintain its
market position among the top 5 players in Turkey's fleet leasing
segment. Factors supportive of its competitive position include,
but are not limited to, its good name recognition, and its
average track record of operational performance, albeit with some
volatility. The growth is partly attributable to an increasing
contribution from a new segment, namely car leasing to
individuals. While we see this as positive in terms of the
granularity of leasing receivables, this product is new to Turkey
and its resilience to economic downturns remains to be seen.
Additionally, we still view DRD's business model as monoline."

At the same time, as with the rest of the Turkish fleet leasing
industry, DRD is funding this rapid growth with new bank debt,
mostly in euros. As the amount of bank borrowings in euros exceed
those of lease receivables -- the difference being the book value
of cars under lease but in Turkish lira -- DRD carries a large
open position. Since prices in the second-hand car market adjust
to euro rates with a time lag, DRD continues to incur a high
amount of foreign currency losses stemming from the deprecation
of the Turkish lira (TRY) against hard currencies, and the
company's internal capital generation remains weak. Consequently,
S&P does not anticipate a reduction in its leverage (debt to
EBITDA), a key weakness for the ratings.

Owing to the aforementioned foreign currency translation losses,
DRD posted TRY91.8 million (about  EUR24.7 million) of net loss
in 2016, and a TRY32.9 million (about  EUR8.2 million) loss for
the first half of 2017. In 2016, gross profits were only up 25%,
as there is a lag in the contribution from the enlarged fleet. In
the first half of 2017, gross revenues were up by 50% compared to
half-year 2016. S&P said, "We expect DRD to post a marginal loss
in 2017, and return to profitability in 2018. Our expectation
hinges on our assumption that the company will sell a higher
number of used cars over this period in the second-hand market,
and recover temporary foreign currency losses as secondary market
values, linked to the euro, correct to the depreciation of the
lira. In addition, profits should improve due to increased demand
for second-hand car sales following the introduction of a special
consumption tax for brand new cars in late 2016. Indeed, we note
that DRD reported net profit on its comprehensive income
statements for June 30, 2017 (TRY3.9 million) and Dec. 31, 2017
(TRY33.9 million), merely reflecting the expected revaluation

"We expect DRD's adjusted EBITDA margins to remain slightly above
25% in 2017 and 2018 versus a 26% margin in 2016. Of note,
incurred and potential foreign currency losses are excluded from
our EBITDA because we consider these temporary and
nonoperational. Positively, the company's receivables are mostly
in euro, and therefore there is minimal risk of a mismatch for
revenues and interest coverage.

"The stable outlook on DRD reflects our expectation that its
competitive position and revenue diversity will not improve
meaningfully, despite the increasing contribution from its
individual car leasing segment, and that its indebtedness as a
proportion of its earnings measured by EBITDA will continue to
constrain the ratings. Positively, we anticipate that DRD will
continue to expand its fleet by leveraging growth opportunities
in Turkey's underpenetrated fleet leasing and management sector
and maintain its market position as one of the country's five-
largest car fleet managers.

"Over the outlook horizon through year-end 2018, we anticipate
that DRD's leverage -- measured as debt to EBITDA -- will be
above 5x and remain a key constraint for the ratings. Given its
pure focus in Turkey, and its monoline business model, DRD
remains vulnerable to swings in Turkey's volatile economy and
demand for automobiles. Likewise, the company's high level of
exposure to foreign currency risk heightens this volatility and
further constrains our expectations regarding the company's
financial resilience.

"Significant deterioration of liquidity -- for example a sudden
drop in available credit limits at the expense of the growth of
business -- could lead us to lower the rating. Likewise, a
slowdown in second-hand car sales or a sharp deterioration in the
value of such sales could trigger a negative rating action if
this weakens DRD's debt repayment capacity. While we note that
during recent turbulence such impact was manageable, a sharp drop
in the coverage of interest payments by EBITDA below 2x could
also trigger a downgrade.

"To warrant a positive rating action, we would look for DRD's
debt to EBITDA to drop below 5x on a sustainable basis. This
would hinge on improved internal capital generation and new
equity funding growth rather than pure debt. Other rating factors
that might trigger an upgrade mostly pertain to the company's
business risk profile, where we see limited chances for
improvement over the outlook horizon."

OJER TELEKOMUNIKASYON: Lenders Seek Gov't Takeover After Default
Ercan Ersoy, Kerim Karakaya and Matthew Martin at Bloomberg News
report that banks that provided a US$4.75 billion loan to the
owner of Turk Telekomunikasyon AS see a government takeover of
the operator's management as the best way of resolving Turkey's
largest debt default.

According to Bloomberg, three people familiar with the matter
said lenders favor this outcome to another proposal of a cash
injection into Ojer Telekomunikasyon AS (Otas), which owns 55% of
Turk Telekom and has missed two payments on the loan it took out
in 2013.

Turkey's Treasury, which owns 25% in Ankara-based Turk Telekom,
has the right to dismiss existing board members if Otas cannot
agree to a restructuring plan with the banks, Bloomberg notes.

The people, as cited by Bloomberg, said having Turk Telekom's
management under the single control of Treasury may facilitate an
ownership change in the country's largest telecommunications
company and make it easier to handle any potential talks with
future investors over the stake held by Otas.

Other people have said Turkey's Treasury in June gave Otas until
early October to resolve the issue, or face losing control of the
board, Bloomberg relays.

Otas, a special-purpose vehicle based in Ankara, missed two
payments worth US$580 million in the past year, Bloomberg

U N I T E D   K I N G D O M

BIBBY OFFSHORE: Moody's Lowers CFR to Ca, Outlook Negative
Moody's Investors Service downgraded Bibby Offshore Holdings
Ltd's Corporate Family Rating (CFR) to Ca from Caa2 and the
Probability of Default Rating (PDR) to Ca-PD from Caa2-PD.
Concurrently, Moody's also downgraded the rating of Bibby
Offshore Services Plc GBP175 million senior secured notes due
2021 to Ca from Caa2. The outlook on all ratings is negative.


The rating action reflects the heightened stress on the company's
liquidity with decreasing cash on hand year on year, negative
free cash flow (FCF) generation and limited access to the
revolving credit facility (RCF) despite the support from its
shareholder Bibby Line Group Limited (unrated). The company
operating performance has continued to deteriorate this year with
Bibby reporting negative EBIT and EBITDA in the first half of
2017. Moody's expects an adjusted EBITDA close to breakeven this
year (including Moody's standard adjustment for operating
leases). The low profitability resulted in negative funds from
operations (FFO) and negative FCF of approximately GBP55 million
at the end of 2016 on a Moody's adjusted basis and GBP58 million
for the LTM to end of June 2017. Cash on hand has reduced to a
historically low amount of GBP7.2 million at the end of June
2017, from GBP37 at the end of 2016 and GBP97 million at the end
of 2015. Moody's believes that cash generation will remain
negative in 2017 with limited visibility for next year.

Moody's expects Bibby Offshore market environment to remain also
difficult next year, with lack of visibility around an eventual
recovery of prices. While the company has been able to secure new
contracts, day rates have remained low. Moody's expects further
improvements in volumes next year but the rating agency believes
that Bibby Offshore will continue to face pricing pressure as
customers want to maintain their lower cost base.

Bibby's capital structure has become unsustainable, with a
Moody's adjusted leverage of 28.2x at the end of 2016, increasing
from 4.1x at the end of 2015. The company's management has
announced that it has appointed EY to explore a recapitalization
of the company. Moody's believes that the company's CFR recovery
prospects may fall towards the lower end of the 35%-65% range
associated with the Ca CFR and that the recovery prospect for the
senior secured notes is likely to be around 35%, meaning that a
Ca rating is appropriate for the instrument.

The company has a GBP20 million Revolving Credit Facility (RCF).
Under the original terms and because of restriction under the
financial covenant, drawdown was limited to GBP5 million.
However, Bibby Offshore currently benefits from the support of
its shareholder, and the availability under its RCF has been
increased to GBP13.125 million from GBP5 million. The additional
GBP8.125 million is available until the end of November 2017.
Bibby Line Group has confirmed its agreement to extend its
support into 2018 and is engaged in discussions with its banks.
Failure to secure continued access to the additional GBP8.125
million cash headroom could result in the company not making its
interest payment due in December of approximately GBP6 million.


The negative outlook reflects the uncertainties arising from the
weakened liquidity situation and restructuring prospects, which
creates downside risk for the recovery rate of the bondholders.


A ratings upgrade is unlikely unless the debt is reduced
significantly to result in an improved capital structure with
adequate liquidity.


Moody's could downgrade the ratings if (1) the company is not
able to secure external liquidity in the form of committed
revolving credit facility; (2) in the event of further
deterioration in operating performance and liquidity that could
force the company into insolvency or missed interest payment (3)
a debt restructuring that would result in a recovery rate of less
than 35%.


The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May

Bibby Offshore Holdings Ltd, headquartered in Aberdeen, UK, is a
leading provider of offshore and subsea services in the UK North
Sea. For the financial year ended 31 December 2016, Bibby
Offshore reported revenues of approximately GBP155 million. Bibby
Offshore is wholly owned by Bibby Line Group Limited, a
diversified group of companies with international interests in
shipping, marine services, logistics, financial services,
offshore services and retailing, with revenue of GBP1.2 billion
for the year ended 31 December 2016.

CARILLION PLC: Defends Plan to Cut Pensions, Incurs GBP1.15B Loss
Rhiannon Bury at The Daily Telegraph reports that the boss of
Carillion has defended plans to cut pensions and jobs at the
troubled outsourcer after revealing the company made a loss of
GBP1.15 billion in the past six months.

Chief among Carillion's problems is its giant pension deficit and
the fact that it has had to make huge writedowns related to
contracts that have soured, The Daily Telegraph notes.

Keith Cochrane, the company's chief executive, said there needed
to be a "change of culture" if the company was to come back from
a dire two-month period during which its market capitalization
has plunged by almost 80%, The Daily Telegraph relates.

He outlined measures to help stabilize the business, which
included making GBP75 million of cost-cutting by 2019 and
changing its pension plan, The Daily Telegraph relays.

According to The Daily Telegraph, on Sept. 29, Carillion
announced a further GBP200 million of writedowns for its support
services business.

The company's net debt for the year is expected to be between
GBP825 million and GBP850 million, The Daily Telegraph discloses.
Carillion has continued to win contracts in the past few months,
despite concerns about its ability to continue trading, The Daily
Telegraph notes.

Carillion plc is a construction and support services firm.

CORDATUS LOAN II: S&P Affirms BB+ Ratings on Two Note Classes
S&P Global Ratings raised its credit ratings on Cordatus Loan
Fund II PLC's class B, C, D, and E notes. At the same time, S&P
has affirmed its ratings on the class F1 and F2 notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction using data from the latest available
trustee report and the application of our relevant criteria (see
"Related Criteria").

"Upon publishing our updated criteria for analyzing foreign
exchange risk in global structured finance transactions, we
placed those ratings that could potentially be affected under
criteria observation (see "Ratings On European Cash Flow CLOs
Placed Under Criteria Observation Due To Revised Foreign Exchange
Risk Criteria," published on April 21, 2017). Following our
review of this transaction, our ratings that could potentially be
affected by the criteria change are no longer under criteria

The trustee report shows that the transaction's
overcollateralization tests are passing at higher levels than at
our previous review and that the reported weighted-average spread
has remained relatively stable since then (see "All Ratings
Raised In Cordatus Loan Fund II Following Performance Review,"
published on Sept. 12, 2016).

S&P said, "From our analysis, we have observed a decrease in the
portfolio's weighted-average maturity and a positive ratings
migration within the portfolio. As a result, our analysis
indicates that overall developments have resulted in lower
scenario default rates across all rating levels. Since our
previous review, the transaction has experienced significant
deleveraging, with the class VFN, EuroA1 DDN, Euro A1, and
Sterling A2 notes paying in full, and a more than  EUR10 million
repayment on the class B notes. As a result, available credit
enhancement has increased for all of the outstanding classes of

"We subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate for each rated
class. In our analysis, we used the portfolio balance that we
considered to be performing (i.e., of assets rated 'CCC-' or
above), the reported weighted-average spread, and the weighted-
average recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for each class of notes, in conjunction with
different interest-rate and exchange-rate stress scenarios.

"Additionally, as part of our analysis and in accordance with our
criteria, we have applied our supplemental tests to address event
and model risk. In accordance with paragraph 21 of our corporate
collateralized debt obligation criteria, as the transaction
employs excess spread, for the structured finance asset in the
portfolio we have applied the supplemental test by running our
cash flows using the forward interest rate curve, including the
highest loss from the largest obligor test net of their
recoveries (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Aug. 8,

"Based on our analysis, we now consider that the available credit
enhancement for all classes of notes is commensurate with higher
ratings than previously assigned. We have therefore raised our
ratings on the class B, C, D, and E notes.

"Although our credit and cash flow analysis indicates higher
ratings for the class F1 and F2 notes, the results of our largest
obligor default test (one of our supplemental stress tests)
constrains these ratings at their current rating levels. As a
result, we have affirmed our ratings on the class F1 and F2

Cordatus Loan Fund II is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in July
2007 and is managed by CVC Cordatus Group Ltd.


  Class                    Rating
                    To               From

  Cordatus Loan Fund II PLC
   EUR416.25 Million And GBP22.83 Million Secured Floating-Rate
  Notes And Subordinated Notes

  Ratings Raised

  B                 AAA (sf)         AA (sf)
  C                 AAA (sf)         A+ (sf)
  D                 A+ (sf)          A- (sf)
  E                 BBB+ (sf)        BB+ (sf)

  Ratings Affirmed

  F1                BB+ (sf)
  F2                BB+ (sf)

DECO 8-UK: DBRS Puts B(low) Rating on IRS Amount Under Review
DBRS Ratings Limited has placed the B (low) (sf) rating on the
potential interest rate swap (IRS) termination amount that may be
owed by Deco 8 - UK CONDUIT 2 P.L.C. (the Issuer or Deco 8) to
Deutsche Bank AG (Deutsche Bank or the Swap Counterparty) Under
Review with Negative Implications. The IRS references the
Fairhold loan and is set to expire in 2036.

This rating action follows two notices to noteholders (RNS
number: 8015M and RNS number: 9287M) on August 1, 2017 and
August 2, 2017, respectively, in which the Swap Counterparty has
informed the Issuer of an event of default (EOD) as the full
periodic IRS amount due was not paid on July 27, 2017. The
notices also explained that such failure to pay the Swap
Counterparty was due to the liquidity facility provider rejecting
to fund part of the liquidity drawing request amounting to
approximately five million pounds. Likewise, amid the rejected
liquidity drawing request, the Issuer failed to pay the full
interest due on Class A2 of the CMBS, causing a note EOD.

After the note EOD, should the noteholders decide to direct the
trustee to serve a note acceleration notice, the transaction
payment priority would switch to the post-enforcement priority of
payment, in which the DBRS-rated swap termination payments would
rank pro rata and pari passu with Class A2 principal and
interests. Given the current workout progress on the loans
securing Deco 8, property valuations and the recent outcome of
the Swiftgold loan, it is highly likely that there would be a
shortfall between the recovery proceeds and total amounts due to
Class A2 noteholders (principal and interest) and the Swap
Counterparty, hence causing a loss for the Swap Counterparty. As
such, a Class A2 note acceleration would very likely cause a
downgrade of the IRS.

As outlined in more detail in DBRS's press release dated April 7,
2017 (DBRS Downgrades Remaining Swap Rating for Deco 8 - UK
Conduit 2 Plc), there is still a possibility for the Swap
Counterparty to be paid in full if the Class A2 notes were not
accelerated, and if the Fairhold loan was worked out before the
maturity date of the Class A2 note in April 2018. However,
following the July 2017 payment date, this scenario has become
less likely, resulting in the Under Review with Negative
Implications rating action.

The IRS in the commercial mortgage-backed security (CMBS) is an
Issuer-level swap that provides for a fixed-rate payment to
Deutsche Bank in exchange for a floating-rate (LIBOR) payment by
Deutsche Bank to the bond. The swaps were intended to protect the
individual loans and the capital structure in the CMBS against
rises in interest rates. As part of its rating analysis, DBRS
considers the adequacy of the collateral backing the respective
loan and the CMBS to cover the swap termination payments, the
performance of the collateral and the quality of the legal and
financial structure. When rating swap termination payments, DBRS
is assessing the ability of the securities to make the swap
termination payments to the counterparty by the legal final
maturity date of the transaction. DBRS also takes into account
the position of swap payment in the pre- and post-enforcement
priorities of payment. DBRS uses its "European CMBS Rating and
Surveillance Methodology" to assess the recoverability of the
value of the swap termination fees to determine if there is
sufficient coverage to make these termination payments by the
legal final maturity of the CMBS. To calculate the swap
termination payments, DBRS first derives the net swap cash flow
for each period by comparing (1) the fixed stream of payments
from the notes to the swap counterparty against (2) the LIBOR
payments that the counterparty would expect to pay to the notes.
Next, DBRS aggregates the net swap cash flow for all future
periods to derive the total potential swap termination payments.
A rating is only assigned when, under such rating scenario, there
is sufficient coverage of collateral to ultimately pay the swap
termination payments should the notes default on swap payment
obligations on any distribution date. The rating does not address
(1) the likelihood that a swap termination event occurs on or
before the swap termination date, (2) the payment of any swap
termination payment owed by Deutsche Bank to the bond and (3)
termination payments owed by the bond to Deutsche Bank if it is
the defaulting party.

Notes: All figures are in British pounds unless otherwise noted.

ELLI INVESTMENTS: Fitch Affirms CC Long-Term IDR
Fitch Ratings has affirmed Elli Investments Ltd.'s (Elli) Long-
Term Issuer Default Rating (IDR) at 'CC'. Elli is a leading UK-
based care home provider trading under the following names: Four
Seasons Health Care, The Huntercombe Group and brighterkind.

The affirmation at 'CC' reflects the lack of progress in debt
restructuring negotiations between the company and its lenders
since Fitch last rating action in September 2016. Notwithstanding
improvement in trading, Elli continues to face sustained
operational challenges, excessive leverage and liquidity


Operational Challenges: Fitch views Elli's business model as
being challenged by constraints affecting profitability and cash
flow generation. This is due to pressure on its cost base
associated with an increase in the national living wage and
shortage of nurses in the UK, leading to a reliance on agency
workers. Although the 'social care' levy introduced by the UK
Treasury to increase funding for care has been adopted by the
majority of local authorities and has led to a moderate increase
in rates during 2016, this has so far been insufficient to fully
restore profitability. Staffing costs, including an increasing
use of agency workers, represent around 70% of the cost base of
care home operators.

Unsustainable Capital Structure: Fitch believes that the decline
experienced in Elli's profitability is structural, leading to
impaired operational cash flow, which in return yields an
unsustainable capital structure based on current debt levels.
Fitch estimates Elli's EBITDA margin at around 8.5% in 2017,
compared with around 13% in 2013. Fitch calculates funds from
operations (FFO)-adjusted net leverage to remain around 9.6x in
2017, and FFO fixed charge cover around 1.0x.

Short-term Liquidity Pressure: Elli has completed the
segmentation of its estate across three brands, including
disposal of underperforming assets, as well as improving the
quality of care. As a result, the group's care quality
assessments have been improving and occupancy rates continue to
gradually increase. Importantly, without cash generation from
asset disposals, Fitch expects operational cash generation will
be insufficient to cover the interest payments of GBP55 million
and repay the GBP40 million term loan due in December 2017,
leading to liquidity shortfall by the end of the year.

Volatile Outlook for UK Social Care: Fitch expects the UK social
care market will remain difficult and face short-term volatility,
due to further expected wage inflation and potentially widening
labour shortage as a result of greater focus on limiting

Fitch observes some easing of the immediate funding pressure as
local authorities are now able to raise the social care council
tax precept, which - as it is applied cumulatively over years -
has alleviated the most imminent funding shortages. We, however,
view this additional tax-based funding only as a short to medium-
term solution for UK social care funding. Several reviews from
government and regulatory bodies are expected to publish
recommendations and discussion papers over the next six months to
facilitate the debate about funding models and best industry
practices for the long term.

Significant Asset Base: Elli's recovery prospects are underpinned
by ownership of over 50% of the group's registered properties.
Total freehold assets were valued at GBP505 million in April
2016, which give Elli operating flexibility due to lower rental
costs, and underpin Fitch expectations of outstanding recoveries
for the 'CCC+' rated super senior secured loan, three notches
above the IDR. Fitch bases its recovery analysis on the
underlying asset values, applying a liquidation approach.


Fitch has observed significant rating pressure in the UK
leveraged care home sector stemming from a reduction of local
authorities' fee rates in real terms, increasing costs due to
higher national living wage from April 2016 and growing use of
agency due to a shortage of nurses. This has led to weak
profitability across the sector as cost inflation could not be
passed on to payers, which now threatens care operators' business
model and makes leveraged capital structures increasingly

The resilience of operators against these external pressures
varies according to their exposure to public vs. private payers
and their position on the acuity care spectrum. Care companies at
the higher end of the dependency spectrum such as Voyage Bidco
Limited (B-/Stable) with a larger share of disability care, have
been comparatively resistant to funding cuts of local authorities
but are facing strategic challenges as the care model evolves
towards assisted living schemes. Care homes more at risk are
those catering to residents with less complex needs such as Elli
and Care UK.

The business models of these three key players are also
different, with Care UK operating an asset-light structure,
leasing most of its care facilities, whereas Voyage and Elli own
the majority of their assets. This leads to a differentiation in
Fitch's recovery approach, as Fitch apply a liquidation scenario
to Voyage and Elli, while Care UK's recoveries are based on a
going-concern scenario.


Fitch's key assumptions within Fitch ratings case for the issuer
for 2017 include:
- Revenue decline of 3.2% due to reduction on the number of
   effective beds following asset disposals;
- EBITDA of GBP58 million in line with that for LTM-June 2017;
- Capex to reduce to less than 5% of sales;
- Disposals of uneconomic care homes for GBP47 million. YTD June
   2017 results showed GBP23.4 million of disposals;
- Exceptional cash flow of GBP15 million expected in 2017.

Recovery Assumptions
- In its recovery analysis, Fitch assumes that a liquidation of
   Elli's assets will provide higher recoveries for lenders than
   a going concern restructuring scenario. This is primarily due
   to Elli's freehold and long-leasehold properties.
- Fitch applied a 35% discount to the estimated current market
   value of remaining property assets following disposals of
   GBP485 million.
- Fitch's recovery expectations for the super senior term loan
   (CCC+) remain high, at 100%, in line with a 'RR1' Recovery
   expectations on the senior secured notes (CCC) and the senior
   unsecured notes (C) remain unchanged, at 'RR2'/82% and
   'RR6'/0% respectively.


Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- A restructuring of the group's capital structure, leading to
   improving liquidity and maturity profiles, and debt service
   coverage ratios.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Announcement of a default or a distressed debt exchange.


Poor Liquidity: As of end-June 2017, Elli's cash balance was
GBP26.1 million. Elli currently has no other available or
committed liquidity buffers. Fitch views the group's liquidity as
insufficient for the upcoming maturity of the GBP40 million term
loan in December 2017. Fitch has assumed GBP5 million of
restricted cash required to run the operations and absorb
periodic working capital swings.


Elli Investments Limited
-- Long-Term IDR: affirmed at 'CC'
-- Senior unsecured notes: affirmed at 'C'/RR6/0%
    Elli Finance (UK) plc
-- Super senior term loan: affirmed at 'CCC+'/'RR1'/100%
-- Senior secured notes: affirmed at 'CCC'/'RR2'/82%

KIN GROUP: Mulls Creditors Voluntary Arrangement to Raise Funds
Proactive Investors reports that Kin Group Plc has said it needs
current debts of approximately GBP2.27 million to be capitalized
ahead of a possible placing.

According to Proactive Investors, to facilitate this, Kin is
exploring the possibility of seeking a creditors' voluntary
arrangement (CVA), which will need the approval of at least 75%
of the company's unsecured creditors.

If a CVA is approved and additional funds can be raised, an
application would then be made to AIM for the suspension to be
lifted and trading in Kin shares to resume, Proactive Investors

Without a CVA and placing, Kin, as cited by Proactive Investors,
said in a statement on Sept. 28 it may have to seek liquidation.

Losses in the half year to June were GBP1.69 million (GBP1.65
million), Proactive Investors discloses.

Kin Group Plc (AIM: KIN) is the AIM-quoted digital wellness
provider for corporate organizations.

MONARCH AIRLINES: Seeks CAA License Renewal, Future Uncertain
Anna Isaac at The Daily Telegraph reports that Monarch, the UK's
fifth largest airline, was on Oct. 1 granted a one-day extension
to its license after emergency talks with regulators.

According to The Daily Telegraph, Monarch's ATOL license is due
to expire, but its bosses were trying to convince the Civil
Aviation Authority (CAA) to grant it a renewal.

With the airline's future in doubt, the CAA, as cited by The
Daily Telegraph, said it would provide a "daily update" on the
status of its ability to operate its package holiday arm.

This temporary arrangement comes amid concerns that the airline's
losses were spiralling out of control, The Daily Telegraph notes.

If left without its CAA granted licence the company could have to
call in administrators for its package holiday arm, and leave up
to 100,000 holidaymakers uncertain about their homeward travel
across the EU and Turkey, The Daily Telegraph states.

A source close to the airline also told The Daily Telegraph the
CAA had raised concerns over the company's substantial recent
losses.  These potentially fatal conditions for the company have
come amid "bloodbath" trading for short-haul airlines, the source
said, as terrorism attacks and security concerns in traditionally
strong sales areas such as Tunisia and Turkey have hit consumer
demand, The Daily Telegraph relates.

Ahead of its license renewal last September, the airline had to
seek a cash injection of GBP165 million from investors Greybull,
its fourth in as many years, The Daily Telegraph recounts.  This
action helped Monarch required a 12-day extension before its ATOL
license was renewed, The Daily Telegraph says.

According to The Daily Telegraph accounts filed by the company in
August, for the year up to October 2016, showed a loss of GBP219
million, down from a profit of GBP26.9 million in 2015.

Monarch Airlines, also known as and trading as Monarch, is a
British airline based at Luton Airport, operating scheduled
flights to destinations in the Mediterranean, Canary Islands,
Cyprus, Egypt, Greece and Turkey.

SOUTHERN PACIFIC 06-A: S&P Raises Class D1 Notes Rating to BB+
S&P Global Ratings raised its credit ratings on Southern Pacific
Financing 06-A PLC's class C and D1 notes. At the same time, S&P
has affirmed its ratings on the class A, B, and E notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the most recent information that we have received for
this transaction (dated June 2017). Our analysis reflects the
application of our European residential loans criteria and our
current counterparty criteria (see "Methodology And Assumptions:
Assessing Pools Of European Residential Loans," published on Aug.
4, 2017, and "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013)."

In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed. The servicer's definition
of other amounts owed includes (among other items), arrears of
fees, charges, costs, ground rent, and insurance. Delinquencies
include principal and interest arrears on the mortgages, based on
the borrowers' monthly installments. Amounts outstanding are
principal and interest arrears, after payments by borrowers are
first allocated to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal. From a borrowers' perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and then to other amounts owed. This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies.

S&P has refined its analysis of these other amounts owed by using
the available reported loan-level data. The new approach results
in a minor increase in the weighted-average foreclosure frequency
(WAFF) and a decrease in the weighted-average loss severity

Acenden references the level of amounts outstanding to determine
the level of 90+ days arrears. The transaction pays principal
sequentially because the 90+ days arrears trigger of 22.5%
remains breached.

Available credit enhancement has continued to increase. This is a
result of the reserve fund not amortizing as well as sequential
note amortization.

S&P has decreased its WAFF assumptions. This is primarily due to
an increase in seasoning and lower severe (90+ days) arrears. S&P
has decreased its WALS assumptions because of the lower current
loan-to-value ratio and lower stresses due to other amounts owed.

  Rating        WAFF       WALS
  level          (%)        (%)
  AAA          38.60      32.62
  AA           32.94      25.51
  A            27.70      14.40
  BBB          23.20       8.81
  BB           18.51       5.52
  B            16.24       3.71

The combination of lower credit coverage and transaction
deleveraging has resulted in stronger cash flow results.

S&P said, "Although our cash flow modeling shows that the class A
to C notes pay timely interest and repay principal at rating
levels above 'A-', our current counterparty criteria limit the
notes' maximum achievable rating at our 'A-' long-term issuer
credit rating on Barclays Bank PLC.

"We have therefore affirmed our 'A- (sf)' ratings on the class A
and B notes and raised to 'A- (sf)' from 'BBB+ (sf)' our rating
on the class C notes.

"Our analysis also indicates that the class D1 notes can
withstand the stresses that we apply at a higher rating than that
currently assigned. We have therefore raised to 'BB+ (sf)' from
'B (sf)' our rating on the class D1 notes.

"Taking into account the results of our credit and cash flow
analysis, we consider the available credit enhancement for the
class E notes to be commensurate with our currently assigned
rating. Furthermore, we do not expect this class of notes to
experience interest shortfalls in the next 12 to 18 months, as
the reserve fund is at its required amount and the liquidity
facility would also be available to cover potential interest
shortfalls. We have therefore affirmed our 'B- (sf)' rating on
the class E notes.

"Our credit stability analysis indicates that the maximum
projected deterioration that we would expect at each rating level
over one- and three-year periods, under moderate stress
conditions, are in line with our credit stability criteria (see
"Methodology: Credit Stability Criteria," published on May 3,

This transaction is backed by nonconforming U.K. residential
mortgages originated by Southern Pacific Mortgage Ltd.


  Class              Rating
              To                From

  Southern Pacific Financing 06-A PLC
  GBP427.425 Million Mortgage-Backed Floating-Rate Notes Plus An
  Overissuance Of Mortgage-Backed Floating-Rate Notes

  Ratings Raised

  C           A- (sf)           BBB+ (sf)
  D1          BB+ (sf)          B (sf)

  Ratings Affirmed

  A           A- (sf)
  B           A- (sf)
  E           B- (sf)


* BOND PRICING: For September 25 to September 29, 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
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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

                 * * * End of Transmission * * *