TCREUR_Public/171009.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 9, 2017, Vol. 18, No. 200



AGROKOR DD: Administrator Optimistic About Deal with Creditors

C Z E C H   R E P U B L I C

RESIDOMO SRO: Moody's Assigns Ba3 Corporate Family Rating
RESIDOMO SRO: S&P Assign Prelim 'BB-' CCR, Outlook Stable


LION/SENECA FRANCE: Moody's Affirms B3 CFR on Bond Issuance


AIR BERLIN: Extends Bid Deadline for Maintenance Division


BLACKROCK EUROPEAN IV: Moody's Rates Class F Notes (P)B2
BLACKROCK CLO IV: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
PB DOMICILE: Deutsche Downgrade No Impact on Fitch B Note Rating


BANCA NAZIONALE: Moody's Affirms ba2 Baseline Credit Assessment
CIRIO: Italy's High Court Upholds Ex-Chair's 4-Year Jail Sentence
CREDITO VALTELLINESE: Moody's Lowers LT Deposit Rating to Ba2


EURASIA INSURANCE: S&P Alters Outlook to Pos. & Affirms BB+ CCR


ARES EUROPEAN III: Moody's Affirms B1 Rating on Class E Notes
E-MAC NL 2007-I: S&P Affirms Rating on Class D Notes to B- (sf)


LUSITANO MORTGAGES NO. 5: S&P Raises Class C Notes Rating to BB-


PROMSVYAZBANK: Moody's Affirms Ba3 Senior Unsecured Debt Ratings
VOZROZHDENIE BANK: Moody's Puts B1 Rating on Review for Upgrade


BBVA 6 FTPYME: Moody's Hikes Rating on Class B Notes to Ba1
CATALONIA: S&P Places 'B+/B' Ratings On CreditWatch Negative


JAMIE'S ITALIAN: Istanbul Restaurant Collapses, Faces Liquidation
TURKIYE KALKINMA: Fitch Affirms 'BB+' LT Foreign-Currency IDR
TURKIYE PETROL: Moody's Assigns Ba1 Rating to Proposed USD Bond
ZIRAAT KATILIM: Fitch Affirms 'BB+' LT Foreign-Currency IDR

U N I T E D   K I N G D O M

AI ROBIN: Moody's Changed to Definitive the B3 CFR
ALNO (UNITED KINGDOM): Goes Into Administration; 160 Jobs Axed
BRITVIC PLC: Plan to Close Norwich Factory; 240 Jobs at Risk
DEEP PURPLE: Former Director Banned for 11 Years
MONARCH AIRLINES: Creditors at Risk of Losing Landing Slots

WESTSIDE POST: Post Production Company Sold Out of Administration


* BOND PRICING: For the Week October 2 to October 6, 2017



AGROKOR DD: Administrator Optimistic About Deal with Creditors
Macedonian Information Agency, citing Hina, reports that
emergency administrator Ante Ramljak said on Oct. 5 that the
operating results of the Agrokor Group's companies in the first
nine months of 2017 gave rise to hope that a settlement could be
reached with the creditors of this debt-laden retail and food

Mr. Ramljak presented the findings of audited financial reports
for Agrokor's major members prepared by PricewaterhouseCoopers,
MIA relates.

According to MIA, Mr. Ramljak told a news conference the
protection provided those companies by the law on emergency
management with the aim of restructuring and business resumption
has made it possible for the reports to be prepared in line with
the principle of unlimited business.

He said, "If the Law on Emergency Receivership in Systemically
Important Companies also known as "Lex Agrokor" had not been
adopted, this private food and retail concern would now have been
on the brink of bankruptcy," MIA relays.

Mr. Ramljak, MIA says, is confident that he will manage to reach
a settlement with the creditors on the back of good business
results in the first nine months of 2017.

Asked by the press whether employees should fear about their
jobs, Mr. Ramljak answered in the negative, MIA notes.

                         About Agrokor DD

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

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

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

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

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

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

C Z E C H   R E P U B L I C

RESIDOMO SRO: Moody's Assigns Ba3 Corporate Family Rating
Moody's Investors Service has assigned a Ba3 Corporate Family
Rating (CFR) to RESIDOMO s.r.o., a rental residential real estate
company in the Czech Republic. Concurrently, Moody's has also
assigned a Ba3 rating to the proposed EUR680 million senior
secured bond issued by RESIDOMO. The outlook on the ratings is

"RESIDOMO's Ba3 rating balances its substantial leverage and
geographic concentration with the company's leadership position
as a key provider of affordable housing in the Moravian-Silesian
region. Good profitability and cash flow generation also underpin
the rating", says Martin Fujerik, Moody's lead analyst for



RESIDOMO's Ba3 CFR is primarily constrained by the company's: (1)
substantial leverage with Moody's adjusted debt/assets ratio of
around 60% pro-forma for the proposed transaction; (2) geographic
concentration with all properties located in the Moravian-
Silesian region (A2 stable) of the Czech Republic (A1 stable)
with unemployment rate above the country average; (3) limited
amount of unencumbered assets constraining liquidity; (4) a
degree of structural vacancy in some cities leading to a vacancy
rate at around 9%, which is higher than other rated residential
peers; (5) its ownership by two private equity sponsors
demonstrating an active financial policy with the contemplated
dividend recapitalization partly mitigated by the company's
commitment to delever to 55% loan to value in the next two years
and hedge the currency risk.

RESIDOMO's Ba3 CFR is primarily supported by (1) the relatively
low risk stemming from managing residential properties with a
somewhat diversified tenant base and a business strategy that
entails no risk of development or acquisitions; (2) high
profitability with Moody's adjusted EBITDA margin over 70%, with
a further potential for rental income and EBITDA growth in the
next 2-3 years driven by still sizable proportion of housing
units gradually converging to market rents; (3) adequate
liquidity profile, supported by long dated debt maturity and high
predictability of cash flows and with prospects of meaningful
free cash flow generation in the next 2-3 years, as the capex
will be comfortably covered by cash flow from operations; (4)
interest cover expected to be above 2.0x.


The Ba3 rating assigned to the EUR680 senior secured notes due in
2024, in line with the CFR, reflects the notes being by far the
largest piece of debt in the capital structure. The size of EUR20
million super senior revolving facility, which ranks ahead of the
bond in a default scenario, is too small to cause notching of the
bond below CFR. The bond is secured, among others, by a mortgage
over substantially all of the real estate properties owned by
RESIDOMO. The instrument and corporate family ratings are also
predicated on the assumption that the foreign exchange risk
deriving from the mismatch between revenues denominated in Czech
Koruna and coupon and debt repayment denominated in EURO will be
substantially hedged.

Based on the draft Offering Memorandum, incurrence financial
covenants contain a fixed charge coverage ratio of 2x and there
is also secured incurrence test of 60% loan to value. Dividends
are limited to 50% of net income.


The stable outlook reflects Moody's expectation that RESIDOMO
will be able and willing to deleverage towards 55% Moody's
adjusted debt/assets in the next 2 years, while maintaining
stable operating performance with growing EBITDA and Moody's
adjusted EBITDA margin above healthy 70%.


Moody's could downgrade RESIDOMO if (1) it fails to reduce
Moody's adjusted gross debt/assets towards 55% in the next 2
years; (2) its operational performance weakens, as indicated by
vacancy rate deteriorating sustainably above 10%; (3) its Moody's
adjusted EBITDA fixed charge coverage reduces below 2.0x; or (4)
its liquidity deteriorates.

The rating agency could upgrade RESIDOMO if its sponsors
demonstrate financial policy leading to Moody's adjusted gross
debt/assets sustainably below 50% and Moody's adjusted EBITDA
fixed charge coverage sustainably above 3.0x, while maintaining
strong operating performance with material positive free cash
flow generation. Greater geographic diversity would also be
required for a higher rating.

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

RESIDOMO is an unlisted real estate company that manages
multifamily residential accommodation located in the city of
Ostrava (A1 stable) and neighbouring cities in the Moravian-
Silesian region of the Czech Republic. With roughly 43 thousand
residential and circa 1,800 commercial units, the company
reported CZK2.2 billion (an equivalent of around EUR80 million)
of revenues from rental income for 12 months to June 2017 period
and CZK28.9 billion (an equivalent of around EUR1.1 billion) of
assets as of end-June 2017. RESIDOMO is privately owned by
Blackstone and Round Hill Capital since 2015.

RESIDOMO SRO: S&P Assign Prelim 'BB-' CCR, Outlook Stable
S&P Global Ratings said that it had assigned its preliminary
'BB-' long-term corporate credit rating to Czech property
investment company RESIDOMO s.r.o. The outlook is stable.

S&P said, "We also assigned a preliminary 'BB-' issue rating to
the EUR680 million proposed senior secured notes.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation for the proposed EUR680 million
senior secured bond issuance and the EUR20 million super senior
secured revolving credit facility. Accordingly, the preliminary
ratings should not be construed as evidence of final ratings. If
we do not receive final documentation within a reasonable time
frame, or if the final documentation departs from materials
reviewed, we reserve the right to withdraw or revise our ratings.
Potential changes include, but are not limited to, utilization of
bond proceeds, maturity, size and conditions of the bonds,
financial and other covenants, security and ranking of the bonds,
and any remaining shareholder loan.

"The preliminary rating reflects RESIDOMO's limited portfolio
size, average asset quality, geographic concentration, and
relatively substantial leverage. These are somewhat offset by the
RESIDOMO's being one of the largest residential property
companies in Central and Eastern Europe, its resilient presence
in a fragmented market, stable operating margins, and improving
occupancy. We also consider that completion of the capital
structure refinancing will lead to leverage measures that we view
as quite high for the industry."

RESIDOMO has a relatively small and geographically concentrated
residential investment property portfolio in the Moravia-Silesia
region of Czech Republic, comprising 43,100 apartments of 2.6
million square meters (sqm) and 1,800 commercial units. The total
appraised value of the apartments was Czech koruna (CZK) 28.4
billion ( EUR1.1 billion) as of June 2017.

Czech Republic has lower GDP per capita than its Western European
neighbors, but the GDP growth rate is better, forecast at 2.8%-
2.4% for 2017-2018. The Moravia-Silesia region is not the most
affluent in the country, but it is highly industrialized focusing
on automotives, machinery and manufacturing, information
technology, and health care, among other sectors, and it
generates 10% of the country's GDP. The region's residential
rental market is quite fragmented, but RESIDOMO is the largest
player, with a share of around 9%.

Deregulation of Czech Republic's residential rental market in
2010-2012 created room for rental rate growth and a liberal
environment, since property owners can now charge rents at market
rates, whereas rents were previously regulated. RESIDOMO did not
raise all its rents immediately but has instead been following a
rent increase program since 2011, agreed upon by 99% of its pre-
deregulation tenants to ensure a smooth transition and maximize
tenant retention. S&P said, "We believe the company still has
significant scope to raise rents over the next three to five
years, since rents on about 42.8% of the portfolio are at the
post-regulated gradually increasing rate and therefore 12% lower
than market rents. We anticipate that this proportion will reduce
to about 30% by 2019-2020, in line with management's guidance. In
addition, residential occupancy has steadily improved, reaching
91% as of June 30, 2017, compared with 89% in 2012, but it
remains lower than the 95% average of European peers. Rents for
RESIDOMO's overall portfolio averaged  EUR3.2 per sqm at midyear

That said, S&P views RESIDOMO's operating dynamics as favorable,
with no reliance on a single asset and a broad tenant base;
tenants stay for more than 12 years on average. Post-deregulation
lease contracts allow for rents to increase in line with the
company's pre-agreed program, irrespective of market indicators
such as GDP. In addition, market-rent leases are inflation
indexed, as they are in most other European countries.

Over the past decade, RESIDOMO has spent CZK9.7 billion on value-
enhancing maintenance and capital expenditures (capex) to
reposition the portfolio for long-term growth through large one-
time upgrade projects. There should therefore be a natural
decline of capex in the future, and we project it at only about
CZK500 million each year.

RESIDOMO's financial risk profile is underpinned by stable
recurring cash flows and sound EBITDA interest coverage, but
offset by relatively high adjusted debt. After the refinancing
transactions, the company's EBITDA interest coverage ratio will
likely exceed 2.0x in 2018-2019, much improved from 1.3x reported
at year-end 2016, and will be a key factor for the rating.
Additionally, after up to CZK4.7 billion ( EUR180 million) of the
existing shareholder loan is repaid by the proceeds of the new
bond, we will classify the remaining CZK1.4 billion ( EUR55
million) shareholder loan as equity and therefore exclude it from
our leverage ratio calculations. S&P assumes the company will
enter into long-term hedging contracts to mitigate foreign
exchange risk, since the proposed bond will be issued in euros,
while revenues are generated in koruna.

Leverage is high, with the adjusted debt-to-debt plus equity
ratio projected at 75% when the transaction closes this year,
improving to only about 70% over the next 12-18 months. However,
we expect the loan-to-value (LTV) ratio will strengthen to
slightly below 60% from 60%-62% over that period. The discrepancy
between the two ratios mainly relates to CZK4.7 billion of
deferred tax liabilities linked to a onetime revaluation of
properties on conversion from Czech generally accepted accounting
principles to International Financial Reporting Standards in

S&P said, "We believe RESIDOMO's ultimate shareholders,
Blackstone and Round Hill Capital, which we consider financial
sponsors, are committed to the company, with no plans for
divestment or dividends in the medium term. Their financial
policy targets an LTV of about 55% in two to three years and
EBITDA interest coverage comfortably above 2.0x at all times.

"The stable outlook incorporates our expectation of increasing
revenues from the residential property portfolio, improving
occupancy rates, and stable operating performance, owing to
healthy macroeconomic trends and RESIDOMO's efforts to reduce the
share of previously regulated apartments to about 30% of the
portfolio in the next two to three years from 42.8% as of June
30, 2017.

"We believe RESIDOMO should be able to maintain EBITDA interest
coverage ratios higher than 1.8x and a debt-to-debt plus equity
ratio of about 70% (excluding deferred tax liabilities). We
project an LTV of 60%-62% at the transaction's close, gradually
improving to slightly below 60% over the next 12-18 months.

"An upgrade would depend on RESIDOMO's ability to reduce leverage
and bring the debt-to-debt plus equity ratio (excluding deferred
tax liabilities) to about 65%, representing an LTV of
approximately 55%, with EBITDA interest coverage ratios staying
comfortably above 2.0x.

"We could lower the rating if we see a prolonged decline in
operating stability, for example due to decreasing occupancy
rates or inability to reduce the share of pre-deregulation rents.
We would also consider a downgrade if RESIDOMO's EBITDA interest
coverage stayed below 1.3x and the debt-to-debt plus equity ratio
(excluding deferred tax liabilities) did not decrease to about
70% or the LTV to about 60%."


LION/SENECA FRANCE: Moody's Affirms B3 CFR on Bond Issuance
Moody's Investors Service has affirmed the B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) of
Lion / Seneca France 2 SAS, a holding company owning 100% of
French optical retailer Afflelou. At the same time, the agency
has assigned a provisional (P)B3 (LGD 4) rating to the proposed
EUR425 million worth of senior secured notes due 2023 (consisting
of fixed and floating rate tranches) to be issued by 3AB Optique
Developpement. The outlook on all ratings is stable.

3AB Optique Developpement, a holding company and a subsidiary of
Lion / Seneca France 2 SAS, is the top entity of the new
restricted group. Upon the successful closing of the bond
transaction, Moody's expects to move the CFR from Lion / Seneca
France 2 SAS to 3AB Optique Developpement. Following completion
of the transaction, Moody's will also withdraw the Caa2 rating on
the EUR75 million worth of Senior Unsecured Notes due 2019 issued
by Lion / Seneca France 2 SAS and the B2 rating on the EUR365
million worth of Senior Secured Notes due 2019 issued by 3AB
Optique Developpement when these instruments are redeemed.

The proceeds from the proposed issuance will be used to (1) repay
existing notes, and (2) pay related refinancing fees and

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the refinancing transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the senior secured
notes. Definitive ratings may differ from provisional ratings.



The affirmation of Afflelou's CFR at B3 reflects Moody's view
that the company's leverage post-closing of the refinancing
transaction will remain high at around 6.1x (gross debt to EBITDA
as adjusted by Moody's) compared to an estimated 6.2x at July 31,
2017. Nevertheless, Moody's estimates that the company's leverage
post-closing of the transaction will translate into a strong
positioning in the B3 rating category. Moody's positively note
that the transaction involves a slight reduction in debt of EUR15

The CFR also incorporates (1) Afflelou's significant presence in
the French optical retail market as fourth largest player (under
the Alain Afflelou banner), (2) its strong brand recognition
through advertising largely based around the founder, (3) its
relatively high profitability compared to rated specialty
retailers derived from the company's franchise model and
improving trading performance recently, and (4) its improving
albeit modest free cash flow generation owing to some
profitability gains and an asset-light expansion model.

However, Afflelou's B3 CFR remains constrained by (1) the
company's limited scale and narrow geographic scope, (2) its
presence in very competitive and fragmented markets where
substantial spending in advertising and promotion are fundamental
to maintaining competitiveness, and (3) its limited organic
growth prospects resulting into slow deleveraging.

Afflelou's B3 CFR also incorporates Moody's assumption that no
major regulatory changes will occur in the French health
insurance system or the optical market in the coming years. The
regulatory environment in France has already tightened in recent
years, notably with a maximum renewal frequency of spectacles
reimbursed by private and public health insurance changed to 2
years from one year. In addition, the Hamon Law passed in 2014
will impose more transparency on prices of optical and audio
products (notably the disclosure of price of services) from
January 2018, which may result into price deflation going
forward. Nevertheless, the French health insurance system remains
overall very favorable because France has the highest optical
spending and shortest renewal cycle in Europe. Moody's also notes
the defensive long-term dynamics of the optical and hearing aid
markets aided by an ageing population in France.

Pro forma for the proposed transaction, Afflelou's liquidity
profile is adequate. The proposed refinancing will leave the
company with a modest opening cash balance of around EUR5
million. However Afflelou has access to a covenanted EUR30
million revolving credit facility ("RCF", maturing in 2022,
unrated) fully available at closing of the transaction. Moody's
expects the company to have a modest but positive free cash flow
generation comprised between EUR10-20 million in the next 12 to
18 months.


The (P)B3 rating (LGD4) assigned to the company's proposed senior
secured notes due 2023 reflects their position behind a committed
EUR30 million super senior RCF and trade payables, which rank
ahead of the senior secured notes in the debt structure. The
proposed notes and the super senior RCF will ultimately benefit
from a similar maintenance guarantor package, including upstream
guarantees from guarantor subsidiaries representing approximately
67% of Afflelou's consolidated adjusted EBITDA. Both instruments
will also be secured, on a first-priority basis, by certain share
pledges, intercompany receivables and bank accounts of
guarantors. However, the notes will be contractually subordinated
to the super senior RCF with respect to the collateral
enforcement proceeds. Moreover, Moody's cautions that there are
significant limitations on the enforcement of the guarantees and
collateral under Luxembourg and French laws.

In addition, the notes will also rank senior to an intercompany
tax group receivable granted to Alain Afflelou Franchiseur, an
operating company, by Afflelou, the top holding entity of the
group. The rating agency considers that this shareholder loan of
EUR10 million does not meet all of the conditions for the
assignment of 100% equity credit and, as such, it has been
treated as a subordinated debt instrument in the structure.

Furthermore, Moody's notes that EUR299 million worth of
convertible bonds were issued outside of the restricted group, at
the level of the top parent entity, Afflelou. This instrument has
not been captured in Moody's CFR and loss-given-default analysis.

The PDR of B3-PD reflects the use of a 50% family recovery
assumption, consistent with a capital structure including a mix
of bond and bank debt. The capital structure has limited
covenants overall with the lenders relying only on incurrence
covenants contained in the senior secured notes indentures as
well as one maintenance covenant defined as a minimum EBITDA
(EUR45 million) with ample headroom at the time of issuance of
the bond. This covenant will only be tested if outstanding
borrowings under the super senior RCF are greater than EUR5


The stable outlook reflects Moody's expectations that Afflelou
will continue to improve its operating performance in the next 12
to 18 months, helped by improving consumer sentiment in France
and positive sales momentum, as seen in recent quarters. The
company's marketing initiatives and increased presence in
preferred care networks should also help improve Afflelou's
revenue and earnings growth, and free cash flow generation.


Positive pressure could arise if (1) Afflelou were to demonstrate
a sustainable improvement in its earnings trend; (2) its ratio of
(gross) debt/EBITDA (as adjusted by Moody's) were to fall
materially below 6.0x on a sustainable basis; and (3) its ratio
of Retained Cash Flow/net debt (as adjusted by Moody's) were to
approach 15%.

On the other hand, downward pressure could arise if (1)
Afflelou's free cash flow were to turn negative; or (2) its ratio
of (gross) debt/EBITDA (as adjusted by Moody's) were to approach
7.0x. Also any weakening of the liquidity profile would exert
downward pressure on the rating.


The principal methodology used in these ratings was Retail
Industry published in October 2015.

Lion / Seneca France 2 SAS is the ultimate parent holding company
of Alain Afflelou group. Headquartered in Paris, France, Afflelou
is, under its Alain Afflelou banner, the fourth largest optical
retailer in the French market by total sales volume and number
one in Spain by number of stores. The company also has smaller
operations in 14 other countries. The company mainly operates a
franchise model mainly under the commercial names "Alain
Afflelou", "Optical Discount", "Optimil" and "Alain Afflelou
Acousticien" and at the end of July 2017, the company had 1,474
stores, of which 1,290 were franchisees and 184 were directly-
owned. In the twelve months to July 31, 2017, the company's
revenues amounted to approximately EUR372 million (against EUR759
million of total sales for the whole store network).


AIR BERLIN: Extends Bid Deadline for Maintenance Division
Klaus Lauer at Reuters reports that Air Berlin has extended the
bid deadline for its maintenance division to allow potential
buyers to adapt their offers depending on the outcome of talks
for its other assets.

The airline filed for insolvency in August and is in talks with
Lufthansa and easyJet over a carve-up of assets such as aircraft,
take-off and landing slots and crew, Reuters relates.

According to Reuters, a spokesman for Air Berlin said those talks
are due to run until Oct. 12 and bids for the maintenance unit
Air Berlin Technik will now be taken in the week beginning
Oct. 16.  Bids for the maintenance business had been due in on
Oct. 6, Reuters notes.

A spokesman, as cited by Reuters, said the maintenance unit has
around 850 full-time equivalent positions, or around 1,200 staff.

Germany family-owned logistics firm Zeitfracht has expressed
interest in the unit, Reuters discloses.

                        About Air Berlin

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

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

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

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

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


BLACKROCK EUROPEAN IV: Moody's Rates Class F Notes (P)B2
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by BlackRock
European CLO IV Designated Activity Company:

-- EUR270,000,000 Class A Senior Secured Floating Rate Notes due
    2030, Assigned (P)Aaa (sf)

-- EUR38,500,000 Class B-1 Senior Secured Floating Rate Notes
    due 2030, Assigned (P)Aa2 (sf)

-- EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2030, Assigned (P)Aa2 (sf)

-- EUR27,000,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)A2 (sf)

-- EUR22,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)Baa2 (sf)

-- EUR25,400,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)Ba2 (sf)

-- EUR13,900,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2030, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.


Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2030. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the Collateral Manager, BlackRock
Investment Management (UK) Limited ("BlackRock"), has sufficient
experience and operational capacity and is capable of managing
this CLO.

BlackRock CLO IV is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be at least 70% ramped up as
of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.

BlackRock will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR48,800,000 of subordinated notes. Moody's
will not assign rating to this class of notes.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Factors that would lead to an upgrade or downgrade of the

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. BlackRock's investment
decisions and management of the transaction will also affect the
notes' performance.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR450,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2800

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.50 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, eligible countries do not have an LCC below A3 and
exposures to countries with LCC of between A1 to A3 cannot exceed
10%. Following the effective date, and given these portfolio
constraints and the current sovereign ratings of eligible
countries, the total exposure to countries with a LCC of A1 or
below may not exceed 10% of the total portfolio. The remainder of
the pool will be domiciled in countries which currently have a
LCC of Aa3 and above. Given this portfolio composition, the model
was run without the need to apply portfolio haircuts as further
described in the methodology.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3220 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Fixed Rate Notes: -2

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3640 from 2800)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

BLACKROCK CLO IV: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
S&P Global Ratings assigned its preliminary credit ratings to
BlackRock European CLO IV DAC's class A, B1, B2, C, D, E, and F
notes. At closing, BlackRock European CLO IV will also issue
unrated subordinated notes.

BlackRock European CLO IV is a cash flow collateralized loan
obligation (CLO) transaction, securitizing a portfolio of
primarily senior secured loans granted to speculative-grade
corporates. BlackRock Investment Management (UK) Ltd. manages the

Under the transaction documents, the rated notes will pay
quarterly interest unless a frequency switch event occurs.
Following such an event, the notes will permanently switch to
semiannual interest payments.

The portfolio's reinvestment period will end approximately four
years after closing, and the portfolio's maximum average maturity
date will be 8.5 years after closing.

S&P said, "On the effective date, we understand that the
portfolio will represent a well-diversified pool of corporate
credits, with a fairly uniform exposure to all of the credits.
Therefore, we have conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow collateralized debt
obligations (see "Global Methodologies And Assumptions For
Corporate Cash Flow And Synthetic CDOs," published on Aug. 8,

"In our cash flow analysis, we have modelled a portfolio target
par amount of  EUR450 million, including 12.5% of assets paying a
fixed rate of interest, a weighted-average spread of 3.70%, a
weighted-average coupon of 5.50% and the expected weighted-
average recovery rates at each rating level.

"We expect that the participants' downgrade remedies at closing
will be in line with our current counterparty criteria (see
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013).

"The issuer is in line with our bankruptcy remoteness criteria
(see "Structured Finance: Asset Isolation And Special-Purpose
Entity Methodology," published on March 29, 2017).

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."


  BlackRock European CLO IV DAC
  EUR414.1 mil secured fixed-rate and floating-rate notes

                                      Prelim Amount
  Class                 Prelim Rating    (mil, EUR)
  A                     AAA (sf)            218.0
  B1                    AA (sf)              38.5
  B2                    AA (sf)              20.0
  C                     A (sf)               27.0
  D                     BBB (sf)             22.5
  E                     BB (sf)              25.4
  F                     B- (sf)              13.9
  Sub                   NR                   48.8
  NR--Not rated

PB DOMICILE: Deutsche Downgrade No Impact on Fitch B Note Rating
Fitch Ratings has downgraded PB Domicile 2006-1's class D notes
to 'BBB+' from 'A-' following a downgrade of Deutsche Postbank
AG's Issuer Default Rating (IDR; BBB+/Stable). The Outlook is
Stable. The class E notes -- rated 'B' -- are unaffected.


The class D and E notes are backed by charged assets, which are
senior unsecured notes issued by Deutsche Postbank AG. As a
result, Fitch caps the ratings of the class D and E notes at
Deutsche Postbank AG's IDR. As the class D notes were at the same
level as Deutsche Postbank AG's, the downgrade of the bank has
resulted in the notes being downgraded.


The notes' ratings are capped at the rating of Deutsche Postbank
AG as issuer of the charged assets and provider of synthetic
excess spread. An upgrade in the rating of Deutsche Postbank AG
will have a direct impact on the class D notes' rating, provided
the underlying asset performance is commensurate with an upgrade.
A downgrade in the rating of Deutsche Postbank AG will lead to an
immediate downgrade of the class D notes' rating.

The class D and E notes are also sensitive to the repayment rate
of the reference portfolio and the timing of potential new
defaults from loans that became performing again after November


BANCA NAZIONALE: Moody's Affirms ba2 Baseline Credit Assessment
Moody's Investors Service downgraded the long-term deposit rating
of Banca Nazionale del Lavoro S.p.A. (BNL) to Baa1 from A3 and
its long-term senior unsecured debt and issuer ratings to Baa3
from Baa2. At the same time, the rating agency affirmed BNL's ba2
standalone baseline credit assessment (BCA) and adjusted BCA of
baa2, the short-term deposit ratings at Prime-2 and the long-term
and short-term CR Assessment at Baa1(cr)/Prime-2(cr). A full list
of affected ratings can be found at the end of this press

The downgrade of the deposit and senior debt ratings reflects
BNL's reducing stock of bail-in-able debt, which results in
higher loss-given-failure for deposits and senior unsecured

The outlook on the long-term deposit ratings is negative, the
outlook on the long-term senior unsecured debt and issuer ratings
was changed to negative from stable.



Moody's affirmed BNL's ba2 standalone BCA and baa2 adjusted BCA,
reflecting the agency's opinion that the bank's financial metrics
remain overall broadly stable. In particular, its capital remains
adequate while its stock of problem loans is still large, its
profitability modest and its reliance on parent funding still

Moody's notes that BNL's problem loan ratio was still very high
at 19% at end-2016, above the Italian banking system's average
ratio (17%). That said, problem loans have stabilized since 2015
and BNL's level of coverage of problem loans is around 55%, above
the 51% system average.

Moody's believes that BNL's adequate capital position makes it
possible for the bank to increase the level of provisions against
problem loans well above the levels achieved by peers. The rating
agency notes however that reducing the carrying value of problem
loans to their likely market value, which would ease disposals in
the market, would put pressure on BNL's standalone capital, which
could require capital support from the parent.

BNL's capital level continues to be driven by the group policies
of its parent BNP Paribas (BNPP, rated Aa3/Aa3 stable, baa1),
even though the bank has to comply with prudential regulations on
a solo basis. In December 2016, BNL reported a phased-in Common
Equity Tier 1 (CET1) ratio of 12.2% (fully phased-in: 12%) and a
fully-loaded leverage ratio of 5.8%.

According to Moody's, BNL's current modest profitability will
improve over the medium term, assuming that the bank will incur
lower loan loss provisions following any extra provisions booked.
In 2016, BNL reported a net profit of EUR125 million, a
substantial improvement from EUR18 million reported in 2015
driven by a 20% reduction in loan losses charges to EUR611

In Moody's opinion, BNL's funding reliance on the parent,
currently 15% of its funding, will remain high. The bank's
funding profile benefits from ongoing support from BNPP, given
BNL's integration with BNPP's consolidated wholesale funding
strategy, which is centralised at parent level.

The affirmation of the adjusted BCA incorporates Moody's
unchanged assumption of a very high probability of support from
BNPP which leads to a three-notch uplift from the BCA. This
reflects the rating agency's view that the Italian subsidiary is
core to the group's strategy.


Moody's said that the downgrade of BNL's deposit and senior debt
rating reflects the bank's reducing stock of bail-in-able debt,
which results in higher loss-given-failure for the bank's junior
deposits and senior unsecured bonds.

In line with a trend common to many Italian banks, BNL has
typically not rolled-over retail bonds maturing in recent years.
The proceeds from these retail bonds have generally been
reinvested by clients in wealth management products and/or
recycled into retail deposits. This trend does not have a
material impact on BNL's overall funding or standalone
creditworthiness, but the reduction of senior debt in favour of
retail deposits reduces the cushion available to protect
wholesale deposits in a resolution scenario, increasing the loss-
given-failure for these liabilities. Similarly, a lower stock of
senior unsecured bonds increases their own loss-given-failure in
a resolution scenario. Moody's said that, using most recent data
and the expected repayment of bonds maturing in 2017 and 2018,
its Loss Given Failure (LGF) analysis indicates that BNL's rated
deposits are likely to face low loss-given-failure, from very low
previously; this provides one notch of uplift from the baa2
adjusted BCA, from two previously.

Similarly, Moody's LGF analysis indicates that BNL's senior
unsecured instruments are likely to face high loss-given-failure,
from moderate previously; this reduces the senior debt rating to
one notch below the baa2 adjusted BCA, from the same level


The outlook on BNL's ratings is negative, reflecting the
possibility of deteriorating capitalisation in response to a
significant increase in provisions, for example if required by
the supervisory authority or initiated by the bank, without a
compensating equity increase.


An upgrade is unlikely given the negative outlook; however over
the medium term Moody's could upgrade BNL's BCA following a
substantial reduction in the stock of problem loans and an
improvement in profitability, while maintaining broadly stable


Conversely, Moody's could downgrade BNL's BCA following a
material deterioration of capital and asset risk, should it not
be offset by support from the bank's parent.

Moody's could downgrade the deposit rating and senior unsecured
debt following a downgrade of the BCA or any reduction in the
probability of support from BNPP.


Issuer: Banca Nazionale Del Lavoro S.p.A.


-- Adjusted Baseline Credit Assessment, affirmed baa2

-- Baseline Credit Assessment, affirmed ba2

-- Short-term Bank Deposits, affirmed P-2

-- Short-term Counterparty Risk Assessment, affirmed P-2(cr)

-- Long-term Counterparty Risk Assessment, affirmed Baa1(cr)


-- Long-term Bank Deposits, downgraded to Baa1 Negative from A3

-- Long-term Issuer Rating, downgraded to Baa3 Negative from
    Baa2 Stable

-- Senior Unsecured Regular Bond/Debenture, downgraded to Baa3
    Negative from Baa2 Stable

Outlook Action:

-- Outlook changed to Negative from Negative(m)


The principal methodology used in these ratings was Banks
published in September 2017.

CIRIO: Italy's High Court Upholds Ex-Chair's 4-Year Jail Sentence
Giulia Segreti at Reuters reports that Italy's highest court on
Oct. 6 upheld a four-year jail sentence on the former chairman of
Generali Cesare Geronzi for his role in the 2003 bankruptcy of
food company Cirio.

The decision, by the Rome-based Court of Cassation, is final and
cannot be appealed, Reuters notes.  However, three of the four
years will be wiped out under a national amnesty and Mr. Geronzi,
a symbol of old-style Italian capitalism, will not actually serve
any jail time because of his age, 82, Reuters states.

In April 2015, an appeals court had handed Mr. Geronzi a four-
year prison sentence for bankruptcy, confirming the previous
sentence in a long court battle that started in 2003, Reuters

Mr. Geronzi's lawyers over the years have argued that he had no
specific powers over Cirio at the time of its bankruptcy, when he
was at the helm of lender Capitalia, and that he had acted
correctly, Reuters relays.

The Rome Court of Cassation also ordered on Oct. 6 a new trial
for Cirio's ex-chief, Sergio Cragnotti, who was handed a sentence
of eight years and eight months in 2015, Reuters discloses.

CREDITO VALTELLINESE: Moody's Lowers LT Deposit Rating to Ba2
Moody's Investors Service downgraded the following ratings and
assessments of Credito Valtellinese S.p.A. (Creval): (1) the
long-term deposit rating to Ba2 from Ba1; (2) the long-term
senior unsecured MTN rating to (P)B1 from (P)Ba2; (3) the
subordinated MTN rating to (P)B3 from (P)B2; (4) the baseline
credit assessment (BCA) and adjusted BCA to b2 from b1; and (5)
the long-term Counterparty Risk Assessment (CR Assessment) to
Ba2(cr) from Ba1(cr). Moody's also placed the ratings on review
for further downgrade.

The bank's short-term deposit rating of Not Prime and its short-
term CR Assessment of Not Prime(cr) were affirmed as part of
rating action.

The downgrades of the bank's BCA and ratings reflect the
deterioration of Creval's credit profile. The bank's capital
position has been eroded because of the need to reduce the
carrying value of its loans. As a result of increasing
provisioning requirements, the bank's profitability has weakened.
Despite a more benign economic environment and the action plan
currently being implemented aimed at reducing Creval's exposures
to problem loans, it will be challenging for the bank to restore
its capital and profitability in the foreseeable future.

In addition to the BCA downgrade, the senior unsecured MTN
downgrade also reflects higher loss given failure for this



The downgrade of Creval's BCA to b2 from b1, while acknowledging
the steps taken by management to reinforce the bank's balance
sheet as part of its 2017-18 action plan, reflects the
deterioration in the bank's credit fundamentals, notably its
capital and profitability. At end-2016, Creval's Board of
Directors approved a plan spanning two years i.e. 2017-18 , which
is aimed at improving the bank's asset risk and profitability.

Creval has improved the coverage of problem loans, which was 41%
at end-June 2017 from 38% at end-June 2016. The recognition of
incurred losses in Creval's loan portfolio resulted in a loss of
EUR194 million during the first half of the year. Consequently
the ratio of tangible common equity to risk-weighted assets fell
materially to 9.3% at end-June 2017, compared to 11.2% at end-

The downgrade of the bank's BCA to b2 reflects this weakened
capitalisation from a much higher level, which will be very
difficult to restore as the bank's profitability is weak and
likely to remain so. Since 2012, the bank has incurred cumulative
losses of about EUR700 million, excluding goodwill impairment.
The bank's plan targets a 3.3% return on equity in 2018 which,
even if achieved, is likely too low for it to be able to further
reduce problem loans without affecting capital.

In downgrading the bank's BCA to b2, Moody's has also taken into
consideration Creval's: (1) still adequate common equity Tier 1
headroom of 305 bp above its prudential minimum requirement of
7.75%; (2) improving asset risk trend despite the still very high
level of problem loans, with gross problem loans representing 22%
of gross loans at end-June 2017, down from 27% at end-2016, and
the bank's projection of 18% by 2018; and (3) satisfactory
liquidity position, underpinned by the bank's large retail
funding base and adequate cushion of liquid assets in the form of
unencumbered ECB-eligible assets.


The downgrade of Creval's long-term deposits to Ba2 reflects the
downgrade of the bank's BCA and adjusted BCA to b2 from b1. The
rating agency continues to incorporate, via its Advanced Loss
Given Failure (LGF) analysis, three notches of uplift for the
deposit rating.

Moody's said that the downgrade of Creval's MTN rating reflects
the bank's reduced stock of bail-in-able debt, which results in
higher loss-given-failure for this instrument.

In line with a trend common to many Italian banks, Creval has
typically not rolled-over retail bonds maturing in recent years.
The proceeds from these retail bonds have generally been
reinvested by clients in wealth management products and/or
recycled into retail deposits. This trend does not have a
material impact on Creval's overall funding or standalone
creditworthiness, but a lower stock of senior unsecured bonds
increases their own loss-given-failure in a resolution scenario.
Moody's said that, using most recent data, its LGF analysis
indicates that Creval's senior debt is likely to face low loss-
given-failure, from very low previously; this provides one notch
of uplift from the b2 adjusted BCA, from two previously.

Moody's maintains its assessment that the probability of
government support for Creval is low, which results in no uplift
for both the deposit and the senior MTN ratings.


As part of rating action, Moody's has also downgraded to Ba2(cr)
from Ba1(cr) the long-term CR Assessment of Creval, three notches
above its adjusted BCA of b2.

The downgrade of the CR Assessment follows the downgrade of the
BCA of Creval to b2 from b1. The CR Assessment is driven by the
standalone assessment of Creval and by the considerable amount of
bail-in-able debt and junior deposits likely to shield operating
liabilities from losses, accounting for three notches of uplift
relative to the BCA.


The review reflects Moody's opinion that the bank's weakened risk
absorption capacity will make it more difficult to further reduce
its still very large stock of problem loans, which may test the
bank's viability as a standalone entity.

During the review period Moody's aims to assess (1) the bank's
plans to reduce its problem loans; (2) its measures aimed at
improving profitability; (3) the bank's capital and funding.


An upgrade in the short term is unlikely given the current review
for downgrade. Over the medium term, Moody's could upgrade
Creval's BCA following a significant improvement in the bank's
asset risk and profitability while the bank would maintain the
same level of capital.


Conversely, Moody's could downgrade Creval's BCA if the bank does
not have credible plans to reinforce its balance sheet and
underpin its long-term franchise and profitability.

As the bank's deposit and senior MTN ratings are linked to the
standalone BCA, any change to the BCA would likely also affect
these ratings.

Moody's could also downgrade Creval's ratings if a reduction in
the volume of senior debt outstanding is not offset by new
issuance of senior and/or subordinated debt to a degree that
preserves current loss-given-failure for these instruments.


Issuer: Credito Valtellinese S.p.A.

Downgraded and placed on review for further downgrade:

-- Long-term Counterparty Risk Assessment, downgraded to Ba2(cr)
    from Ba1(cr)

-- Long-term Bank Deposits, downgraded to Ba2 Rating under
    Review from Ba1 Stable

-- Senior Unsecured Medium-Term Note Program, downgraded to
   (P)B1 from (P)Ba2

-- Subordinate Medium-Term Note Program, downgraded to (P)B3
    from (P)B2

-- Adjusted Baseline Credit Assessment, downgraded to b2 from b1

-- Baseline Credit Assessment, downgraded to b2 from b1


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

-- Short-term Bank Deposits, affirmed NP

-- Other Short Term, affirmed (P)NP

Outlook Action:

-- Outlook changed to Rating under Review from Stable


The principal methodology used in these ratings was Banks
published in September 2017.


EURASIA INSURANCE: S&P Alters Outlook to Pos. & Affirms BB+ CCR
S&P Global Ratings said that it has revised its outlook on
Eurasia Insurance Co. to positive from stable. S&P also affirmed
its 'BB+' long-term counterparty credit and financial strength
ratings and its 'kzAA-' Kazakhstan national scale rating on the

S&P said, "The outlook revision follows our review of Eurasia
Insurance after we revised our outlook on Kazakhstan to stable on
Sept. 8, 2017.

"We now have a more favorable view of the company's investment
quality and liquidity. In addition, we expect Eurasia Insurance
can demonstrate strong operating performance in the next 12-18
months (as it did over the previous year), which will be superior
to that of its local and some international peers.

"We now regard Eurasia Insurance's liquidity position as
exceptional rather than strong, acknowledging its ample liquidity
buffers. A material 31% of the investment portfolio comprised
Kazakhstan sovereign bonds and around 22% securities of foreign
issuers rated 'BBB+' and above on Sept. 1, 2017. The stable
outlook on the sovereign credit rating reduces pressure on the
quality of the company's investments and supports our view on its
ability to cover insurance liabilities in a stress scenario."

Eurasia Insurance is a leading composite insurer in Kazakhstan
with a sizable international reinsurance franchise. While still
relatively small in comparison with international market leaders,
the company has expanded over the past decade, with its
reinsurance portfolio enlarging by about 3.5x. It reported gross
premiums written of Kazakhstani tenge (KZT) 47.4 billion (about
$142 million) in 2016, and now writes business from over 90

The company reported a very low combined (loss and expense) ratio
of around 62% for the first eight months of 2017 compared with
68% in 2016, which compares favorably with the local peer average
of 85% in 2017.

S&P said, "We expect Eurasia Insurance will maintain its leading
positions in Kazakhstan as a primary insurance writer, as well as
its positions in reinsurance globally. The company has a leading
market share in Kazakhstan of about 20% by net premiums generated
in the first eight months of this year. We estimate the company's
exposure to natural catastrophes in the Caribbean, U.S., and
Mexico to be relatively low and do not anticipate that the
company's related losses will exceed KZT3.4 billion in 2017; this
compares with net income of KZT16 billion-KZT18 billion that we
forecast for Eurasia Insurance this year.

"We believe that Eurasia Insurance has very strong capital and
earnings. We note the company's extremely strong risk-based
capital adequacy ratio and the moderate size of capital in
absolute terms ($332 million on Sept. 1, 2017) compared with
larger international peers'. In the context of Kazakhstan,
however, Eurasia Insurance is the best-capitalized insurance
company, representing about 28% of the insurance sector's capital
and exceeding its minimum regulatory solvency margin by 7.6x on
the same date. We note that, thanks to this impressive capital
base, the company does not need to use retrocession.
The positive outlook reflects our opinion that Eurasia Insurance
will maintain its strong competitive position in Kazakhstan's
insurance and reinsurance markets, extremely strong capital
adequacy, and at least less-than-adequate financial risk profile
over the next 12-18 months.

"We could upgrade Eurasia Insurance over that period if it
consistently delivers strong operating results, despite
challenges for global insurers caused by catastrophe events this
year. For a positive rating action, the company's capital and
earnings would need to stay very strong and the financial risk
profile should not deteriorate below less than adequate. We could
revise the outlook to stable in the next 12-18 months if Eurasia
Insurance failed to demonstrate strong operating performance this
year, due for example to large unexpected losses from catastrophe
events or poor underwriting of local risks."


ARES EUROPEAN III: Moody's Affirms B1 Rating on Class E Notes
Moody's Investors Service announced that it has taken rating
actions on the following classes of notes issued by Ares European

-- EUR21M (Current outstanding balance of EUR11.6M) Class B
    Senior Secured Deferrable Floating Rate Notes due 2024,
    Affirmed Aaa (sf); previously on May 11, 2017 Affirmed Aaa

-- EUR21M Class C Senior Secured Deferrable Floating Rate Notes
    due 2024, Affirmed Aaa (sf); previously on May 11, 2017
    Upgraded to Aaa (sf)

-- EUR19M Class D Senior Secured Deferrable Floating Rate Notes
    due 2024, Upgraded to Aa2 (sf); previously on May 11, 2017
    Upgraded to A1 (sf)

-- EUR22M Class E Senior Secured Deferrable Floating Rate Notes
    due 2024, Affirmed B1 (sf); previously on May 11, 2017
    Affirmed B1 (sf)

Ares European CLO III B.V., issued in July 2007, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Ares Management Limited. The transaction's
reinvestment period ended in August 2014.


The rating actions taken on the notes are the result of
deleveraging of the Class A3 notes and Class B notes following
amortisation of the portfolio since the last rating action in May

The Class A3 notes were fully redeemed while the Class B notes
paid down by EUR9.4 million (or 45% of the Class B notes'
original balance) on the August 2017 payment date. As a result of
the deleveraging, over-collateralisation (OC) ratios have
increased. According to the trustee report dated September 2017,
the Class B, Class C, Class D and Class E OC ratios are reported
at 662.83%, 236.13%, 149.22% and 104.63% respectively, compared
to April 2017 levels of 230.62%, 162.80%, 128.59% and 103.43%,

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having a
performing par of EUR68.2 million and GBP 7.3 million, principal
proceeds of EUR0.9 million, zero defaulted par, a weighted
average default probability of 18.05% (consistent with a WARF of
2659 over a weighted average life of 4.16 years), a weighted
average recovery rate upon default of 46.01% for a Aaa liability
target rating, a diversity score of 19 and a weighted average
spread of 3.37%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

Factors that would lead to an upgrade or downgrade of the

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

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

Additional uncertainty about performance is due to the following:

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

2) Foreign currency exposure: The deal has exposures to non-EUR
denominated assets. Volatility in foreign exchange rates will
have a direct impact on interest and principal proceeds available
to the transaction, which can affect the expected loss of rated

3) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Based on the trustee's September 2017
report, securities that mature after the maturity of the notes
currently make up approximately 0.2% of the portfolio. Moody's
assumes that, at transaction maturity, the liquidation value of
such assets will depend on the nature of the assets as well as
the extent to which the assets' maturity lags that of the
liabilities. Liquidation values higher than Moody's expectations
would have a positive impact on the notes' ratings.

4) Around 2.99% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its analysis, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at

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

E-MAC NL 2007-I: S&P Affirms Rating on Class D Notes to B- (sf)
S&P Global Ratings raised its credit ratings on E-MAC Program
B.V. Compartment NL 2007-I's (E-MAC NL 2007-I) class A2 notes and
E-MAC Program II B.V. Compartment NL 2007-IV's (E-MAC NL 2007-IV)
class B and D notes. At the same time, S&P has affirmed its
ratings on E-MAC NL 2007-I's class B, C, D, and E notes and on E-
MAC NL 2007-IV's class A and C notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the transaction and 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).

The collateral performance in both the transactions has been
stable and in line with our expectations since our previous
reviews (see "Various Rating Actions Taken In Dutch RMBS
Transaction E-MAC NL 2007-I Following Application Of Updated
Criteria," published on July 8, 2016, and "Various Rating Actions
Taken In Dutch RMBS Transaction E-MAC Program II Compartment NL
2007-IV Following Criteria Update," published on April 27, 2016).
Total arrears in both transactions have decreased marginally
since our previous reviews, to 2.16% from 2.21% in E-MAC NL 2007-
I and to 2.02% from 2.50% in E-MAC NL 2007-IV.

After applying our European residential loans criteria to these
transactions, the weighted-average foreclosure frequency (WAFF)
at the 'AAA' level has decreased in both transactions since our
previous reviews. The decreases are primarily due to the
transactions' increased seasoning. Since our previous reviews,
the loans' weighted-average seasoning has increased to 125 months
from 110 months in E-MAC NL 2007-I and to 104 months from 95
months in E-MAC NL 2007-IV. Over the same period, the weighted-
average loss severity (WALS) has decreased in both the
transactions due to falls in the current loan-to-value (LTV)

  E-MAC NL 2007-I
  Rating     WAFF      WALS
  level       (%)       (%)
  AAA       18.90     42.38
  AA        13.34     38.88
  A         10.20    32.13
  BBB        7.11     28.47
  BB         4.27     25.91
  B          3.32     23.53

  E-MAC NL 2007-IV
  Rating     WAFF      WALS
  level       (%)       (%)
  AAA       17.71     44.02
  AA        12.25     40.52
  A          9.36     33.74
  BBB        6.34     30.03
  BB         3.59     27.38
  B          2.75     24.90

The overall effect is a decrease in the required credit coverage
for all rating levels in both the transactions.

S&P said, "Under our revised credit and cash flow stresses, E-MAC
NL 2007-I's class A2 notes and E-MAC NL 2007-IV's class B and D
notes are able to support ratings higher than those currently
assigned. We have therefore raised to 'A+ (sf)' from 'A (sf)' our
rating on E-MAC NL 2007-I's class A2 notes and to 'A+ (sf)' from
'A (sf)' and to 'B+ (sf)' from 'B- (sf)' our ratings on E-MAC NL
2007-IV's class B and D notes, respectively.

"Under our current counterparty criteria, in E-MAC NL 2007-I our
rating on the class A2 notes is constrained by our long-term
issuer credit rating (ICR) on the swap provider, The Royal Bank
of Scotland N.V. (BBB+/Stable/A-2). The swap documentation
reflects our current counterparty criteria, but the transaction's
documented collateral posting requirements limit our maximum
potential rating in this transaction at 'A+'.

"Under our current counterparty criteria, in E-MAC NL 2007-IV our
rating on the class A notes is constrained by our long-term ICRs
on Cooperatieve Rabobank U.A. (A+/Positive/A-1) and The Royal
Bank of Scotland, who are the guaranteed investment contract
(GIC) provider and swap provider, respectively. Due to
noncompliance with our current counterparty criteria, the maximum
rating achievable for the class A notes is our long-term ICR on
Cooperatieve Rabobank, or our maximum potential rating limit
because of the documented collateral posting requirement, i.e.,
'A+ (sf)'. We have therefore affirmed our 'A+ (sf)' rating on E-
MAC NL 2007-IV's class A notes.

"We consider the available credit enhancement for E-MAC NL 2007-
I's class B and C notes, and for E-MAC NL 2007-IV's C notes to be
commensurate with our currently assigned ratings. We have
therefore affirmed our ratings on these classes of notes.
E-MAC NL 2007-I's class D notes do not pass our 'B' stressed
rating level scenario based on our cash flow assumptions under
our European residential loans criteria. However, the reserve
fund is fully funded. The asset performance is stable, with a
benign economic environment, including low interest rates,
affordable mortgage payments, and low unemployment. Therefore, we
have affirmed our 'B- (sf)' rating on E-MAC NL 2007-I's class D
notes. We have not lowered our rating on these notes to a 'CCC'
rating level given our expectation of future stable performance
and ongoing timely payment of interest."

E-MAC NL 2007-I's class E notes are not supported by any
subordination or the reserve fund. The full redemption of the
class E notes relies on the full release of the original reserve
fund at the end of the transaction's life, which will follow the
full redemption of the class A2 to D notes. S&P previously
reported that it considers that there is a one-in-two chance of a
default on the class E notes in seven of the E-MAC NL
transactions (see "Ratings Lowered To 'CCC (sf)' On Class E Notes
In Seven E-MAC NL Dutch RMBS Transactions," published on July 12,
2012). Our view on this is unchanged and we have therefore
affirmed our 'CCC (sf)' rating on E-MAC NL 2007-I's class E

In both E-MAC NL 2007-I and E-MAC NL 2007-IV, it was recently
identified that the estimation of prepayment rates used as a
calculation input in the hedging agreement was not compliant with
the transaction documents. Subsequently, the issuer has
instructed the issuer administrator (CMIS Nederland B.V.) to
manage the hedging agreement in accordance with the relevant
documented stipulations. These instructions have resulted in the
relevant swap notional schedules for current and future quarterly
periods being materially adjusted. As a consequence, significant
notional adjustment fees have become due to the swap counterparty
from the issuer. As per the latest investor report, dated July
2017, this amount is  EUR16,412,789.84 in E-MAC NL 2007-I and
EUR21,876,221 in E-MAC NL 2007-IV.

These notional adjustment fees due to the swap counterparty are
payable by the issuer to the swap counterparty at a ranking in
the priority of payments after the replenishment of the reserve
fund. As these amounts are paid junior in the priority of
payments, they do not affect S&P's analysis.

In E-MAC NL 2007-IV, CMIS Nederland had made payments to the swap
counterparty when the issuer did not have sufficient funds to
meet its swap subordinated amounts obligations to the swap
counterparty in full. The payments were made under an indemnity
granted by CMIS Nederland to the swap counterparty. CMIS
Nederland takes the position that as a result of subrogation, it
has a corresponding claim for these amounts against the issuer.
The issuer has not acknowledged this claim. The accrued and
unpaid claim amount is  EUR3,719,118 according to the investor
report dated July 2017. As the issuer has not acknowledged the
claim for this amount, S&P has not taken this amount into
consideration in ita analysis. E-MAC NL 2007-I and E-MAC NL 2007-
IV are Dutch residential mortgage-backed securities (RMBS)
transactions backed by first-ranking mortgage loans originated by
CMIS Nederland (previously GMAC-RFC Nederland).

  Class            Rating
            To                From
  E-MAC Program B.V. Compartment NL 2007-I
   EUR602.7 Million Residential Mortgage-Backed Floating-Rate
   Notes And Excess-Spread-Backed Floating-Rate Notes

  Ratings Affirmed
  B         A- (sf)
  C         BB+ (sf)
  D         B- (sf)
  E         CCC (sf)

  Rating Raised
  A2        A+ (sf)           A (sf)

  E-MAC Program II B.V. Compartment NL 2007-IV
  EUR702.8 Million Residential Mortgage-Backed Floating-Rate

  Ratings Raised
  B         A+ (sf)           A (sf)
  D         B+ (sf)           B- (sf)
  Ratings Affirmed
  A         A+ (sf)
  C         A- (sf)


LUSITANO MORTGAGES NO. 5: S&P Raises Class C Notes Rating to BB-
S&P Global Ratings raised its credit ratings on Lusitano
Mortgages No. 5 PLC's class A, B, and C notes. At the same time,
S&P has affirmed its rating on the class D notes.

S&P said, "The rating actions corrects our error in applying a
higher default stress to the borrowers, which we classified as
non-domestic nationals rather than domestic nationals, and are
based on our credit and cash flow analysis of the most recent
transaction information that we have received as of the July 2017
payment date. Our analysis reflects the application of our
European residential loans criteria, our current counterparty
criteria, and our structured finance ratings above the sovereign
(RAS) criteria (see "Methodology And Assumptions: Assessing Pools
Of European Residential Loans," published on Aug. 4, 2017,
"Counterparty Risk Framework Methodology And Assumptions,"
published on June 25, 2013, and "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published on
Aug. 8, 2016).

"When reviewing this transaction, we previously treated the
borrowers as non-domestic nationals instead of domestic nationals
when applying our European residential loans criteria. Our
European residential loans criteria consider that non-domestic
nationals are more likely to default than domestic nationals. We
have rectified this error in our current review.

"Available credit enhancement, based on nondefaulted loans, has
increased since our previous review to 11.2% from 7.9% for the
class A notes, to 6.5% from 4.1% for the class B notes, and to
2.5% from 0.8% for the class C notes (see "Various Rating Actions
Taken In Portuguese RMBS Transaction Lusitano Mortgages No. 5
Following Criteria Update," published on Sept. 15, 2015). The
undercollateralization for the class D notes has decreased to
2.5% from 3.2% over the same period.

"This transaction features an amortizing reserve fund, which has
been completely depleted since the October 2012 payment date. We
considered this in our cash flow analysis.

"Severe delinquencies of more than 90 days at 0.90% are in line
with our Portuguese residential mortgage-backed securities (RMBS)
index (see "PortugueseRMBS Index Report Q2 2017," published on
Sept. 12, 2017). The transaction's performance has been improving
since our previous review. Prepayment levels remain low at 3.3%
over the past year and the transaction is unlikely to pay down
significantly in the near term, in our opinion.

"After applying our European residential loans criteria to this
transaction, our credit analysis results show a decrease in the
weighted-average foreclosure frequency (WAFF) and a decrease in
the weighted-average loss severity (WALS) for each rating level."

  Rating level    WAFF (%)    WALS (%)
  AAA                22.92       18.16
  AA                 17.08       14.81
  A                  13.96        9.14
  BBB                10.18        6.39
  BB                  6.50        4.65
  B                   5.42        3.22

S&P said, "The decrease in the WAFF figures is primarily due to
our error in previously treating the borrowers as non-domestic
nationals instead of domestic nationals. S&P's European
residential loans criteria consider that non-domestic nationals
are more likely to default than domestic nationals and therefore
apply adjustments to the foreclosure frequency for loans granted
to non-domestic nationals. The WAFF figures also benefit from
higher seasoning and lower arrears. The decrease in the WALS is
primarily due to the decrease in the weighted average current
loan-to-value (CLTV) of the pool and increasing house prices in

"Following the application of our European residential criteria
and our RAS criteria, we have determined that our assigned rating
on each class of notes in this transaction should be the lower of
(i) the rating as capped by our RAS criteria and (ii) the rating
that the class of notes can attain under our European residential
loans criteria.

"In this transaction, our unsolicited foreign currency long-term
sovereign rating on the Republic of Portugal (BBB-/Stable/A-3)
constrains our rating on the class A notes.

"Under our RAS criteria, we applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
Our RAS criteria designate the country risk sensitivity for RMBS
as moderate. Under our RAS criteria, this transaction's notes can
therefore be rated four notches above the sovereign rating, if
they have sufficient credit enhancement to pass a minimum of a
severe stress (see "Understanding Standard & Poor's Rating
Definitions," published on June 3, 2009).

"Our RAS criteria constrain our rating on the class A notes at
'BBB+ (sf)', which is two notches above our 'BBB-' long-term
rating on the sovereign. We have therefore raised to 'BBB+ (sf)'
from 'BB+ (sf)' our rating on the class A notes.

"Our analysis indicates that the available credit enhancement for
the class B and C notes is sufficient to support the stresses
that we apply at the 'BB+' and 'BB-' rating levels, respectively,
under our European residential loans criteria. We have therefore
raised to 'BB+ (sf)' from 'B (sf)' our rating on the class B
notes and to 'BB- (sf)' from 'B- (sf)' our rating on the class C

"The available credit enhancement for the class D notes is
commensurate with our currently assigned rating. Our rating on
the class D notes is based on the undercollateralization they are
experiencing. As the issuer is dependent upon favorable business,
financial, and economic conditions to meet its financial
commitment on the class D notes, we have affirmed our 'CCC (sf)'
rating on this class of notes.

"We also consider credit stability in our analysis (see
"Methodology: Credit Stability Criteria," published on May 3,
2010). To reflect moderate stress conditions, we adjusted our
WAFF assumptions by assuming additional arrears of 8% for one-
and three-year horizons. This did not result in our rating
deteriorating below the maximum projected deterioration that we
would associate with each relevant rating level, as outlined in
our credit stability criteria.

"In our opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and we have
therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our European
residential loans criteria, to reflect this view (see "Outlook
Assumptions For The Portuguese Residential Mortgage Market,"
published on July 28, 2017). We base these assumptions on our
expectation of modest economic growth and continuing high

Lusitano Mortgages No. 5 is a Portuguese RMBS transaction, which
closed in September 2006. It securitizes a pool of first-ranking
mortgage loans that Novo Banco originated. The mortgage loans are
mainly located in the Lisbon region and the transaction comprises
loans granted to prime borrowers.

  Class              Rating
              To                From
   Lusitano Mortgages No. 5 PLC
   EUR1.412 Billion Mortgage-Backed Floating-Rate Notes

  Ratings Raised
  A           BBB+ (sf)         BB+ (sf)
  B           BB+ (sf)          B (sf)
  C           BB- (sf)          B- (sf)

  Rating Affirmed
  D           CCC (sf)


PROMSVYAZBANK: Moody's Affirms Ba3 Senior Unsecured Debt Ratings
Moody's Investors Service has affirmed the Ba3 long-term local
and foreign-currency senior unsecured debt and deposit ratings of

Concurrently, Moody's downgraded the bank's baseline credit
assessment (BCA) to b2 from b1, adjusted BCA to b2 from b1 and
subordinated debt rating to B3/Caa1(hyb) from B2/B3 (hyb).
Promsvyazbank's Not Prime short-term local- and foreign-currency
deposit ratings, and the bank's long and short-term Counterparty
Risk Assessment of Ba2(cr)/Not Prime(cr) respectively were

At the same time Moody's has downgraded to B3 from B2 long term
local- and foreign-currency issuer ratings and affirmed Not Prime
short-term local- and foreign-currency issuer ratings of
Promsvyaz Capital B.V. (Promsvyaz Capital), a Netherlands-based
non-operational holding company with a main focus on the Russian
banking sector, which holds 50.03% equity stake in Promsvyazbank.

The overall outlook on the ratings of Promsvyazbank and Promsvyaz
Capital B.V. remains negative.


The downgrade of Promsvyazbank's BCA to b2 from b1 is driven by
Moody's expectation that its solvency metrics will remain weak
over the next 12-18 months. This is reflected by the bank's large
stock of impaired assets, modest profitability and capital
position which will remain challenged by low provisioning level.

Promsvyazbank persistently reports high level of problem loans
with, in Moody's view, uncertain recovery prospects for some
credit exposures that are insufficiently provisioned; Problem
loans, which include impaired corporate and non-performing retail
loans, accounted for 19% of gross loans as at June 30, 2017
(19.8% in 2015 and 13.3% in 2014). That level is substantially
higher than the average of about 12% for Russian banks. At the
same time, problem loans coverage by Loan Loss Reserves remained
at a low level of 45%, which is below the system average of
around 70%. Any potential increase in provisioning coverage will
exert pressure on the banks profitability and capital.

Moody's expects Promsvyazbank's profitability and capital
position to remain modest over the next 12-18 months. In H1 2017,
Promsvyazbank reported a net profit of RUB 2.9 billion, compared
to RUB 1.6 billion for H1 2016, which translated to a modest
(annualized) return on average assets (RoAA) of around 0.47%.
Although Promsvyazbank's profitability stabilized and marginally
improved in 2016 through H12017, it will remain constrained by
its thin net interest margin which was around 2.5% in H1 2017.

As of H1 2017, Promsvyazvbank reported that Tangible Common
Equity (Moody's key measure of capital) was 7.8% of risk-weighted
assets, and Moody's expects its capital buffer to remain modest
over the next 12-18 months even after the bank recently issued
$500 million Additional Tier 1 Capital Securities.

Promsvyazbank's liquidity and funding has been stable so far and
resilient to the negative publicity surrounding the bank in
recent months. To address potential challenges the bank maintains
a higher liquidity buffer over 20% of its total assets.

The planned merger of Promsvyazbank and Vozrozhdenie Bank
(Vozrozhdenie) was announced on 15 September and is expected to
be completed by the end of 2017, subject to shareholders' final
approval by 26 October. The two banks have been operating as
sister companies since year-end 2015, when Promsvyaz Capital B.V.
acquired a controlling stake in Vozrozhdenie.

Moody's expects that Vozrozhdenie will become part of
Promsyazbank and the combined entity's financial profile to be
similar to that of Promsvyazbank given the relatively small size
of Vozrozhdenie, which equaled 20% of Promsvyazbank's assets and
26% of its shareholders' equity at June 2017. At the same time,
Vozrozhdenie has better solvency metrics than Promsvyazbank,
including asset quality, capital adequacy and profitability,
which will marginally benefit the consolidated bank's profile.


Moody's revised its government support assumption for
Promsvyazbank's deposit and senior unsecured ratings to high from
moderate, resulting in two notches of uplift from the b2 BCA.
This reflects Moody's expectation that the bank will receive a
high level of support from the Central Bank of Russia (CBR)
should it be needed. The CBR has recently introduced and tested
its newly-designed toolkit to provide extraordinary support to
large privately-owned banks, via the Banking Sector Consolidation
Fund (BSCF).


The downgrade of Promsvyaz Capital's issuer ratings to B3 from B2
follows Moody's downgrade of Promsvyazbank's BCA and reflects
Promsvyaz Capital's status as a bank holding company and is
mainly driven by the standalone credit profiles of its Russian
banking subsidiaries Promsvyazbank and Vozrozhdenie Bank. The B3
ratings of the holding company also reflect the structural
subordination of the holding company creditors relative to the
creditors of its operating subsidiaries. As a result, the long-
term ratings of the holding company are positioned one notch
below the b2 weighted-average adjusted baseline credit assessment
(BCA) of both banking subsidiaries. This rating approach is in
line with the rating agency's notching practice for holding
companies, as described in Moody's Banks methodology.


The negative outlook on Promsvyazbank's ratings reflects the
persistent weaknesses in the bank's solvency profile, in
particular, the uncertain recovery prospects for problem loans
that could require additional provisioning. It also reflects
potential implication on the bank's liquidity, funding profile
and profitability from ongoing negative publicity.

The negative outlook on Promsvyaz Capital B.V.'s long-term issuer
ratings is in line with the negative outlook on Promsvyazbank's


Given the negative outlook, any ratings upgrade in the next 12-18
months is unlikely. However, the outlook could be changed to
stable as a result of sustainable positive trend in
Promsvyazbank's asset quality metrics, and if the bank materially
strengthens its loss absorption capacity, i.e. its profitability
and capital position. Conversely, downward pressure on the bank's
standalone BCA could arise if Promsvyazbank's credit profile
weakens as a consequence of a deterioration in its liquidity or
loss absorption capacity.


Issuer: Promsvyazbank


-- Subordinate, Downgraded to B3/Caa1(hyb) from B2/B3(hyb)

-- Subordinate MTN Program, Downgraded to (P)B3 from (P)B2

-- Adjusted Baseline Credit Assessment, Downgraded to b2 from b1

-- Baseline Credit Assessment, Downgraded to b2 from b1


-- LT Bank Deposits, Affirmed Ba3, Outlook Remains Negative

-- ST Bank Deposits, Affirmed NP

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba3,
Outlook Remains Negative

-- Senior Unsecured MTN Program, Affirmed (P)Ba3

-- Other Short Term Program, Affirmed (P)NP

-- LT Counterparty Risk Assessment, Affirmed Ba2(cr)

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

Outlook Actions:

-- Outlook, Remains Negative

Issuer: Promsvyaz Capital B.V.


-- LT Issuer Ratings, Downgraded to B3 from B2, Outlook Remains


-- ST Issuer Ratings, Affirmed NP

Outlook Actions:

-- Outlook, Remains Negative


The principal methodology used in these ratings was Banks
published in September 2017.

VOZROZHDENIE BANK: Moody's Puts B1 Rating on Review for Upgrade
Moody's Investors Service has placed on review for upgrade
Vozrozhdenie Bank's long-term local and foreign-currency deposit
ratings of B1 and long-term Counterparty Risk Assessment (CRA) of
Ba3(cr). This follows the bank's planned merger with
Promsvyazbank (LT Bank Deposits Ba3 negative, BCA b2).
Vozrozhdenie Bank's b1 baseline credit assessment (BCA) and
short-term Not-Prime deposit ratings were left unaffected.

A full list of affected ratings can be found at the end of this
press release.


The placement of Vozrozhdenie Bank's B1 deposit ratings on review
for an upgrade reflects the planned merger with Promsvyazbank, a
systemically important bank (SIB) whose Ba3 deposit rating
incorporates government support uplift above its standalone
baseline credit assessment. Given that Vozrozhdenie will become
part of Promsyazbank, its depositors and senior creditors would
also benefit from the government support.

The planned merger of Promsvyazbank and Vozrozhdenie was
announced on 15 September and is expected to be completed by the
end of 2017, subject to shareholders' final approval by 26
October. The two banks have been operating as sister companies
since year-end 2015, when Promsvyaz Capital B.V. (LT issuer
rating B3 negative) acquired a controlling stake in Vozrozhdenie.

Vozrozhdenie is smaller in size than Promsvyazbank, being equal
to 20% of Promsvyazbank's assets and 26% of its shareholders'
equity, at June 2017. However, Vozrozhdenie has better solvency
metrics than Promsvayzbank, including better asset quality,
capital adequacy and profitability. These can marginally benefit
the consolidated bank's profile.

Vozrozhdenie Bank's BCA is underpinned by its (1) healthy pre-
provision earnings with a high share of stable commission income,
(2) a granular deposits base with limited reliance on market
funding, (3) gradually improving asset quality and sustained,
stable capital adequacy.


Moody's will upgrade Vozrozhdenie Bank's deposit ratings
following completion of the merger.

Moody's will confirm the current ratings of Vozrozhdenie if the
merger doesn't take place, or if PSB's ratings are downgraded
given the negative outlook on its long-term ratings.


Issuer: Vozrozhdenie Bank

Placed On Review for Upgrade:

-- LT Bank Deposits, currently B1, Outlook Changed To Rating
    Under Review From Stable

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

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable


The principal methodology used in these ratings was Banks
published in September 2017.


BBVA 6 FTPYME: Moody's Hikes Rating on Class B Notes to Ba1
Moody's Investors Service has upgraded the ratings of three
tranches in three Spanish ABS-SME deals.


-- EUR50.3M Class B Notes, Upgraded to Ba1 (sf); previously on
    Nov 10, 2015 Upgraded to B1 (sf)

Issuer: BBVA-10 PYME Fondo de Titulizacion

-- EUR183.3M Class B Notes, Upgraded to Ba1 (sf); previously on
    Dec 15, 2015 Definitive Rating Assigned B3 (sf)


-- EUR24.3M Class B Notes, Upgraded to Aa2 (sf); previously on
    Mar 10, 2017 Upgraded to A1 (sf)

The three transactions are ABS backed by small to medium-sized
enterprise (ABS SME) loans located in Spain and originated by
Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") (A3/P-2) in BBVA 6
FTPYME, FTA and BBVA-10 PYME Fondo de Titulizacion and originated
by Banco Espanol de Credito, S.A. ("Banesto"), now part of Banco
Santander S.A. (Spain) (A3/P-2) in FTA PYMES BANESTO 2.


The ratings are prompted by the increase in the credit
enhancement available for the affected tranches due to portfolio

Credit Enhancement levels for Class B notes in BBVA-10 PYME Fondo
de Titulizacion have increased to 12.3% from 5% observed at
closing, a 145% increase in 18 months. In the cases of Class B
notes in BBVA 6 FTPYME, FTA and Class B notes in FTA PYMES
BANESTO 2, Credit Enhancement levels have increased to 36.7% and
38.2%, this compares with the observed Credit Enhancement levels
at latest rating actions taken on these two deals which were at
12.9% and 27.3% respectively.

Revision of key collateral assumptions

As part of the review, Moody's reassessed its default
probabilities (DP) as well as recovery rate (RR) assumptions
based on updated loan by loan data on the underlying pools and
delinquency, default and recovery ratio update. Moody's
maintained its DP on current balance and Recovery rate
assumptions as well as portfolio credit enhancement (PCE) due to
observed pool performance in line with expectations.

Exposure to counterparties

Moody's also took into consideration the exposure to key
transaction counterparties. In BBVA 10 PYME Fondo de
Titulizacion, Banco Bilbao Vizcaya Argentaria, S.A. (A3/P-2)
performs various roles, including Servicer and Issuer Account

In the case of BBVA 6 FTPYME, FTA, the conclusion of Moody's
review also reflects exposure to Societe Generale (A2/P-1) which
acts as Issuer Account Bank and Swap counterparty and to BBVA
which acts as Servicer. In FTA PYMES BANESTO 2, exposure to Banco
Santander S.A. (Spain) (A3/P-2) which acts as Swap counterparty
and Servicer, and Santander UK PLC (Aa3/P-1) which acts as Issuer
Account Bank, have also been reviewed.

Principal Methodology:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating SME Balance Sheet Securitizations"
published in August 2017.

Factors that would lead to an upgrade or downgrade of the

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral
that is better than Moody's expected, (2) deleveraging of the
capital structure, (3) improvements in the credit quality of the
transaction counterparties, and (4) reduction in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) performance of the underlying collateral
that is worse than Moody's expected, (2) deterioration in the
notes' available credit enhancement, (3) deterioration in the
credit quality of the transaction counterparties, and (4) an
increase in sovereign risk.

CATALONIA: S&P Places 'B+/B' Ratings On CreditWatch Negative
On Oct. 4, 2017, S&P Global Ratings placed its ratings on the
Autonomous Community of Catalonia on CreditWatch with negative

The Catalan government's political confrontation with Spain's
central government has escalated following a referendum in
Catalonia on Oct. 1, 2017, on the region's independence.

As a "sovereign rating" (as defined in EU CRA Regulation
1060/2009 "EU CRA Regulation"), the ratings on the Autonomous
Community of Catalonia are subject to certain publication
restrictions set out in Art 8a of the EU CRA Regulation,
including publication in accordance with a pre-established
calendar (see "Calendar Of 2017 EMEA Sovereign, Regional, And
Local Government Rating Publication Dates: Midyear Update,"
published July 10, 2017, on RatingsDirect). Under the EU CRA
Regulation, deviations from the announced calendar are allowed
only in limited circumstances and must be accompanied by a
detailed explanation of the reasons for the deviation. In this
case, the reason for the deviation is the possible implications
of the escalation of political conflict between the government of
Catalonia and Spain's central government. The next scheduled
rating publication on the sovereign rating of the Autonomous
Community of Catalonia will be on Nov. 24, 2017.


S&P aims to resolve the CreditWatch over the next three months.

Downside Scenario

S&P said, "We could lower our ratings on Catalonia by one or more
notches if we believed that escalating political tensions between
Catalonia's government and Spain's central government could put
in question the full and timely refinancing of Catalonia's short-
term debt instruments or undermine the effectiveness of the
central government financial support to Catalonia."

Upside Scenario

S&P said, "Conversely, we could affirm the ratings if we saw
political tensions easing, or if we had a clear indication that
such confrontation would not increase Catalonia's risk of default
beyond what we currently expect."


Catalonia's government held an independence referendum on Oct. 1,
2017. In anticipation, the central government stated that the
vote was legally impermissible and Spain's constitutional court
suspended it. Although the referendum occurred as scheduled,
police reportedly tried to block voting in several locations. In
S&P's view, following these events, social and political unrest
in Catalonia has escalated.

Against this backdrop, Catalonia continues to depend on central
government funds to service its long-term debt and finance its

S&P said, "We understand the central government remains committed
to providing liquidity support to Catalonia. As recently as
Sept. 28, 2017, the government authorized the transfer of EUR7.87
billion of liquidity funding to cover the regional governments'
needs for the fourth quarter of 2017. Of this amount, EUR1.97
billion, or 25% of the total, will go to Catalonia. We understand
this amount is more than sufficient to cover Catalonia's long-
term debt of about EUR1.4 billion maturing by year-end 2017, and
the associated interest; about  EUR365 million correspond to
maturities of Catalonia's market instruments and debt to
commercial banks, while the remainder correspond to central
government liquidity facility loans from previous years.

"In addition to long-term debt repayments, Catalonia has short-
term debt that it needs to roll over or refinance on its own,
since that debt is outside the scope of the central government's
liquidity facilities. We understand that about  EUR290 million of
short-term debt is due in November,with refinancing requiring
central government authorization; a further  EUR540 million is
due in January 2018. Catalonia's creditworthiness has weakened
over the past few years as a result of its rising debt and
financial management, notably including its approach to
refinancing short-term loans (see "Autonomous Community of
Catalonia Downgraded To 'B+' On Weakening Financial Management;
Outlook Negative," published March 18, 2016).

S&P's base-case scenario remains that Catalonia will continue to
be a part of Spain.

However, S&P cannot rule out that the effectiveness of financial
cooperation between the regional and central governments may
weaken over the next several months.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And Research'). At
the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action (see 'Related Criteria and Research').

                                     To               From
  Catalonia (Autonomous Community of)
   Issuer Credit Rating
  Foreign and Local Currency      B+/Watch Neg/B   B+/Negative/B
  Senior Unsecured
  Foreign and Local Currency      B+/Watch Neg        B+
  Foreign and Local Currency      B/Watch Neg         B
  Commercial Paper
  Local Currency                  B/Watch Neg         B


JAMIE'S ITALIAN: Istanbul Restaurant Collapses, Faces Liquidation
Hannah Lucinda Smith at The Sunday Times reports that
Jamie Oliver's Istanbul restaurant has gone bust after its parent
company recorded losses of nearly GBP10 million last year.

The sole Turkish branch of the Jamie's Italian restaurant chain
opened in the upmarket Zorlu shopping center in early 2013, The
Sunday Times recounts.  It quickly ran into financial trouble,
only narrowly avoiding bankruptcy less than two years later, The
Sunday Times relates.  Now the Turkish courts have ruled that the
company must go into liquidation and the restaurant has shut its
doors, The Sunday Times discloses.

The Jamie's Italian franchise, which has 42 restaurants across
the world, has suffered a bad year, with profits plummeting by
78% in 2016, The Sunday Times relays.  Six of its British
branches have closed, including one in central London, according
to The Sunday Times.

TURKIYE KALKINMA: Fitch Affirms 'BB+' LT Foreign-Currency IDR
Fitch Ratings has affirmed Turkiye Kalkinma Bankasi's (TKB),
Turkiye Sinai Kalkinma Bankasi's (TSKB) and Turkiye Ihracat Kredi
Bankasi's (Turk Eximbank) Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) at 'BB+' with Stable Outlooks. At the same
time, Fitch has assigned TSKB a Viability Rating (VR) of 'bb'.

Fitch has assigned TSKB a VR based on Fitch views that TSKB's
operations are sufficiently independent for Fitch to assess the
bank's standalone creditworthiness, notwithstanding its important
policy role, unlike the operations of the other two banks, which
do not have VRs.


The Long-Term IDRs of TKB, TSKB and Turk Eximbank are equalised
with those of the Turkish sovereign. This reflects Fitch's view
that the Turkish authorities would have a high propensity to
support the banks given their longstanding policy roles, Treasury
support of the banks' funding profiles and majority state
ownership of TKB and Turk Eximbank. The Stable Outlooks on the
IDRs reflect that on the sovereign rating.

TKB, the smallest of the three banks, focuses on direct and apex
lending (the latter channelled through commercial banks and
leasing companies) to Turkish SMEs and corporates, in sectors and
regions deemed strategic by the government. The Treasury
increased TKB's paid-in capital in February 2017 to TRY500
million and plans further equity injections in order to support
the bank's ability to fulfil its development bank mandate. .

Turk Eximbank's policy role is well-established as the country's
official credit export agency. It focuses on short-term trade
finance for Turkish exporters, which it typically refinances with
central bank facilities. Turk Eximbank's policy role is
reinforced through regulatory privileges, whereby losses due to
political risks are compensated by the Turkish Treasury and the
bank is exempt from corporate taxes and loan loss reserve

Fitch believes TSKB is strategically important to the Treasury,
despite its 50.7% private-ownership by Turkiye Is Bankasi Group
(Isbank; BB+/Stable), as it has a strong track record in
delivering on its policy role and attracting long-term funding.
TSKB performs a public mission, as defined by its development and
investment bank status, and has built up significant expertise in
development lending, particularly in the energy sector where the
bank has high market shares relative to its size (7% of sector
energy loans at end-1H17).

Treasury-guaranteed funding (all drawn from international
financial institutions, IFIs) made up 97% and 56% of TKB's and
TSKB's non-equity funding at end-1H17, respectively. Central Bank
facilities and Treasury-guaranteed funding (from IFIs) made up
59% of Turk Eximbank's non-equity funding, with the remaining
balance comprising Eurobonds, and bilateral and syndicated loans.
Development banks, alongside other state-owned banks and
enterprises, have access to USD3 billion of Treasury guarantees
(per year), which is allocated based on banks' applications and
funding needs. The three banks had utilised a high 46% of total
outstanding treasury guarantees at end-1H17, reflecting their
important roles in channelling long-term funding into the

However, TSKB has diversified its funding profile in recent years
through issuing three Eurobonds, subordinated debt and also
attracting unguaranteed long-term foreign currency (FC) funding
(from IFIs), in order to fund growth in a wide range of
developmental projects. As a result, the proportion of Treasury-
guaranteed funding has declined gradually. Nevertheless, TSKB is
still sourcing significant volumes of new guaranteed facilities
and Fitch views the proportion of Treasury guaranteed funding at
end-1H17 as still high. The agency also considers new
unguaranteed funds to be contributing to the bank's policy role
rather than funding purely commercial activities.

The 'bb' VR assigned to TSKB reflects its unique position as a
privately-owned development bank, its sound underwriting
standards and solid performance metrics to date. However, the VR
also reflects its specialised focus, small absolute size and loan
concentrations. TSKB accounted for a moderate 0.9% and 1% of
sector assets and loans, respectively at end-1H17, and primarily
offers development lending to corporate, commercial and SME
customers in Turkey. The bank is also active in offering advisory
services to private and public sector entities, in particular in
sustainable investment areas.

TSKB's credit losses have been low to date, in part thanks to its
tight risk controls, and non-performing loans (NPLs; loans
overdue by 90+) were a low 0.3% of the portfolio at end-1H17.
However, a large majority of TSKB's loan book (89% at end-1H17;
including FC-indexed loans) is FC-denominated, which increases
risks given potential further local currency depreciation. These
risks are mitigated by the fact that FC loans are long-term with
amortising repayment structures and any asset-quality problems
should feed through gradually. In addition, a high share of
borrowers in the energy sector benefit from a minimum tariff
mechanism (in US dollars) guaranteed by the Treasury.

We consider capital ratios only adequate (FCC/risk weighted
assets: 13% at end-1H17) in light of the bank's sensitivity to
lira depreciation and loan concentration - the 25 largest
borrowers amounted to 3.3x Fitch Core Capital (FCC) at end-1Q17.
Nevertheless, TSKB's pre-impairment profit (annualised, equal to
4.2% of average loans at end-1H17) provides a solid buffer to
absorb any unexpected losses.

TSKB is mainly funded through long-term IFI funding and debt
issuance primarily in FC, matching its assets. The short-term
portion of TSKB's funding, including syndicated loans and repos,
was limited at end-1H17. Refinancing risk is mitigated by TSKB's
record of market access to date, broad investor base, and usually
long-term tenors of IFI funding. However, FC liquidity could come
under pressure as a result of changes in investor sentiment.


TSKB's 'BB-' subordinated debt rating is now notched down once
from the bank's 'bb' VR. The one notch reflects below-average
recovery prospects in case of default.

However, Fitch also believes support from Isbank would likely be
available for TSKB's creditors, both senior and subordinated, at
a 'BB' level of certainty. This is one notch lower than Isbank's
Long-Term IDR, reflecting moderate uncertainty as to whether
support from Isbank would be forthcoming to TSKB in all cases,
given Isbank's only 51% ownership, and TSKB's separate branding
and operational independence.

Fitch's assessment of the risk of non-performance on TSKB's
subordinated debt has not factored in state support, as the
agency believes this cannot be relied upon to extend to banks'
junior debt obligations in Turkey.


The affirmation of the three banks' National Ratings at
'AAA(tur)' with Stable Outlooks reflects Fitch's view that they
remain among the strongest credits in Turkey, and that their
creditworthiness relative to one another and to other Turkish
issuers remains unchanged.


The ratings of TKB, TSKB and Turk Eximbank are primarily
sensitive to a change in Turkey's sovereign ratings. The banks'
ratings are also sensitive to a material reduction in their
policy roles. This is not Fitch's base case given the Stable

TSKB's ratings could also be downgraded in case of a material
further reduction in the share of Treasury guaranteed funding,
should this be accompanied by a significant increase in the
bank's commercial lending, versus its existing development
lending focus. However, any downgrade would likely be limited to
one notch to 'BB', given the bank's VR and potential support from


TSKB's VR could be downgraded in case of a significant
deterioration in asset quality that puts pressure on capital
ratios and performance. A sharp tightening of liquidity could
also result in pressure on the VR.

Upside potential for the VR is limited given its already high
level and the bank's lending concentrations. However, a material
strengthening of TSKB's franchise and capital buffer, and a
continued track record of successful strategy implementation by
management, could put upward pressure on the rating.


As the notes are notched down from TSKB's VR, the rating is
sensitive to a change in this rating. However, a downgrade of
TSKB's VR would only result in negative action on the notes'
rating if at the same time Fitch believed the ability or
propensity of Isbank to provide support had also weakened. The
notes could be upgraded if Fitch believed Isbank's ability (as
reflected in its LT FC IDR) or propensity to provide support had
strengthened, or if TSKB's VR was upgraded.

The notes' rating is also sensitive to a change in Fitch's
assessment of likely loss severity in case of non-performance.

The rating actions are:

Long-Term Foreign-Currency IDRs: affirmed at 'BB+'; Stable
Long-Term Local-Currency IDRs: affirmed at 'BBB-'; Stable Outlook
Short-Term Foreign-Currency IDRs: affirmed 'B'
Short-Term Local-Currency IDRs: affirmed 'F3'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
National Long-Term Rating: affirmed at 'AAA(tur)'; Stable Outlook
Senior unsecured long-term debt: affirmed at 'BB+'
Senior unsecured short-term debt: affirmed at 'B'
Subordinated debt rating affirmed at 'BB-'
Viability Rating: assigned at 'bb'

TKB and Turk Eximbank
Long-Term Foreign-Currency IDRs: affirmed at 'BB+'; Stable
Long-Term Local-Currency IDRs: affirmed at 'BBB-'; Stable Outlook
Short-Term Foreign-Currency IDRs: affirmed 'B'
Short-Term Local-Currency IDRs: affirmed 'F3'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
National Long-Term Rating: affirmed at 'AAA(tur)'; Stable Outlook
Senior unsecured long-term debt (Turk Eximbank): affirmed at

TURKIYE PETROL: Moody's Assigns Ba1 Rating to Proposed USD Bond
Moody's Investors Service has assigned a Ba1 rating to the
proposed US dollar-denominated senior unsecured bond to be issued
by Turkiye Petrol Rafinerileri A.S.. The rating of the proposed
bond is in line with Tupras' corporate family rating of Ba1. The
outlook is positive.

The proposed notes will rank pari-passu with all other existing
and future unsecured and unsubordinated debt obligations of
Tupras. The issuance proceeds will be used to repay at maturity
the existing $700 million bonds due in May 2018.


Tupras' Ba1 rating reflects (1) the company's dominant position
in the Turkish market being the sole refiner in the country; (2)
exposure to a supportive domestic market with growing demand for
refined products; (3) the improvement in the company's financial
profile following the completion of the Residual Upgrade Program
(RUP) in May 2015 and as a result of healthy refining margins in
2016 and 2017; and (4) a strong liquidity profile underpinned by
TRY4.4 billion of cash as of June 30, 2017. Debt/EBITDA as
adjusted by Moody's decreased to 2.3x as of the last twelve
months (LTM) ending June 30, 2017 from 3.3x as of year-end 2015.

The rating positioning also takes into consideration (1) the
company's exposure to cyclical market conditions inherent to the
refining industry; (2) asset concentration in a single market;
and (3) potential for increased competition and supply/demand
imbalance risk over the medium term, stemming from capacity
addition by international and local players both in Turkey and in
the Middle East region. The rating is constrained for now at the
Ba1 positive level given the Ba1 negative rating of the
government of Turkey.


The positive outlook reflects the improving financial profile of
the company but also takes into consideration the Ba1 negative
rating on Turkey's government bond rating.


Upward pressure on the rating is constrained by the negative
outlook on the Turkey sovereign rating because of Tupras' credit
linkages with Turkey. Should the rating on the sovereign change
to Ba1 stable, Tupras' rating is likely to be upgraded if current
credit metrics are sustained. This includes adjusted debt/EBITDA
maintained below 2.5x and adjusted EBIT/interest cover above
5.0x. As of June 30, 2017 (LTM), the metrics were 2.3x and 5.2x

Ratings could be downgraded if the company fails to maintain
adjusted gross debt/EBITDA below 4.0x and adjusted EBIT/interest
cover above 3.5x.

The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.

The Local Market analyst for this rating is Rehan Akbar, +971
(423) 795-65.

Turkiye Petrol Rafinerileri A.S. (Tupras) is the sole refiner in
Turkey, with a dominant position in the domestic petroleum
product market. The refining business consists of one very high
complexity refinery in Izmit, two medium complexity refineries
located in Izmir and Kirikkale and one simple refinery in Batman,
with a combined annual crude processing capacity of 28.1 million
tonnes. Other core companies include (1) a 40% effective
ownership stake in Opet, Turkey's second-largest oil-products
distribution company as of June 30, 2017, with 1,538 stations
operating under the Opet and Sunpet brands; and (2) an 80% stake
in Ditas, a shipping company which primarily serves Tupras'
logistic needs.

The company was established in 1983 when various state-owned
refineries were combined under the Tupras name. As part of the
privatisation process, 2.5% of its shares were publicly floated
in 1991, which had increased to 49% by 2005. The company was
fully privatised on 26 January 2006 when the remaining 51% stake
was bought by EYAS, a special purpose vehicle owned by a
consortium led by Koc Holding, one of the largest business groups
in Turkey.

Headquartered in Korfez/Turkey, Tupras generated sales of TRY45.2
billion and reported a net profit of TRY3.7 billion as of the
last twelve months ending June 30, 2017.

ZIRAAT KATILIM: Fitch Affirms 'BB+' LT Foreign-Currency IDR
Fitch Ratings has affirmed T.C. Ziraat Bankasi A.S.'s (Ziraat),
Turkiye Halk Bankasi A.S.'s (Halk) and Turkiye Vakiflar Bankasi
T.A.O.'s (Vakifbank) Long-Term Foreign-Currency Issuer Default
Ratings (IDRs) at 'BB+' with Stable Outlooks.

The three banks are fully or majority state-owned, systemically
important banks representing a combined share of roughly 30% of
Turkey's banking sector assets, loans and deposits at end-1H17.

Fitch has also affirmed the ratings of Ziraat's participation
bank subsidiary, Ziraat Katilim A.S., in line with its parent.


The IDRs and senior debt ratings of Ziraat, Halk and Vakifbank
are underpinned both by their 'BB+' Support Rating Floors (SRFs),
reflecting the likelihood of support from the Turkish authorities
in case of need, and the banks' 'bb+' Viability Ratings (VRs),
reflecting their standalone creditworthiness.

The affirmation of the VRs reflects the banks' strong domestic
franchises (with market shares by total assets ranging from 8% to
13%) and reasonable financial metrics, which improved in
2016/1H17 notwithstanding the challenging Turkish operating
environment. The banks also benefit from a higher share of
stable, local currency deposit funding than privately-owned
peers, underpinned by their state ownership, long-standing
franchises and sizeable branch networks.

The affirmation of Halk's VR also reflects Fitch's view that the
ongoing investigation by US authorities relating to former and
existing employees of the bank in respect of the alleged
violation of sanctions has had a limited impact on the bank's
operations to date. However, Halk's access to external market
funding could be affected, in Fitch's view, while a prolonged
period of uncertainty resulting from a protracted investigation
could have a negative impact on the bank's ability to execute its

The three banks' VRs also consider risks to asset quality,
profitability and capitalisation given the concentration of their
operations in the challenging Turkish operating environment and
potential macroeconomic and exchange rate volatility. In
addition, the banks have credit exposure, to varying degrees, to
risky segments and sectors. Capital ratios have been supported,
as for other banks, by regulatory forbearance measures, although
buffers still remain sufficient to absorb moderate shocks.

The banks' VRs further reflect recent rapid loan growth, fairly
significant levels of regulatory group 2 (watch list) and
restructured loans, which could migrate to non-performing loans
(NPLs) as loans season, and high foreign currency (FC) lending. A
high share of FC wholesale funding, some of which is short-term,
also heightens refinancing risk at the banks, as for the sector.

Ziraat was the largest Turkish bank by total assets at end-1H17,
ahead of Halk and Vakif, which were ranked sixth and seventh,
respectively. The bank benefits from its policy role as the sole
provider of subsidised agricultural loans (end-1H17: about 13% of
gross loans). It has a market share in total agro lending of 60%.
Along with a fairly high share of mortgage lending and unsecured
retail loans to payroll customers and pensioners, this supports
the bank's consistently strong, above-sector-average asset
quality ratios.

Halk also benefits from its policy role as the sole provider of
subsidised loans to small businesses (SMEs) through cooperatives
in Turkey (end-1H17: 12% of loans). NPLs in this portfolio are

All three banks have grown rapidly since 2014. Their average loan
growth was 15% in 1H17 (non-annualised) in part reflecting the
Credit Guarantee Fund (CGF) stimulus. Fitch expects growth in
2H17 to slow due to weaker demand and higher Turkish lira funding
costs. Nevertheless, it is likely to exceed 20% at all three
banks in 2017. Profitability in FY17 is likely to remain
reasonable given the CGF uplift, gains from CPI-linked securities
and the banks' reasonable net interest margins, despite expected
margin erosion resulting from higher lira funding costs in 2H17.

Furthermore, Fitch considers near-term asset quality risks at the
three banks to have moderated given the stabilisation of the
Turkish lira in 1H17 and the improving growth outlook in Turkey
compared with 2016. Reported headline asset quality ratios were
reasonable at end-1H17 with NPLs (loans overdue by 90+ days/gross
loans) at a low 1.6% at Ziraat, and a moderate 3.1% and 4.1% at
Halk and Vakifbank, respectively. However, potential problem
exposures also include regulatory group 2 watch-list loans, which
ranged from a low 1.7% of gross loans at Ziraat to a higher 2.5%
at Halk and 3.9% at Vakifbank at end-1H17, some of which are

In addition, FC lending (including FC-indexed loans) at the three
banks remains significant, ranging from 27% to 34% of performing
loans at end-1H17. Asset quality ratios in FC lending have held
up to date, notwithstanding the rapid local currency depreciation
in 2016, although the loans are typically long-term (albeit
amortising) meaning any asset-quality problems should feed
through gradually. Nevertheless, the banks remain exposed to
potential further exchange rate volatility.

The Fitch Core Capital (FCC)/risk-weighted assets ratios of the
three banks ranged from a moderate 12.1% at Vakifbank, and 12.2%
at Halk to a higher 13.3% at Ziraat at end-1H17. The quality of
capital is good and consists mainly of common equity Tier 1.
Vakifbank is the only one of the three banks to have issued
subordinated debt, providing a partial hedge against FC risk-
weighted assets. Capitalisation is supported by low net NPLs
relative to FCC at all three banks. In addition, internal capital
generation is good, although it has lagged loan growth in recent

Pre-impairment operating profit at the three banks (annualised,
equivalent to 4.1% of average loans at Vakifbank, 4.3% at Halk
and 5.4% at Ziraat in 1H17) provides a significant additional
buffer to absorb unexpected losses. Ziraat's relatively stronger
profitability reflects its pricing power, lower funding costs and
stronger cost efficiency and asset quality. Ziraat reported
return on equity of 23.5% in 1H17, compared with 21.8% and 21.4%
at Halk and Vakif, respectively.

Customer deposits make up the majority of the three banks'
funding bases. Nevertheless, they have high loans/deposits ratios
reflecting some reliance on wholesale funding. At end-1H17, FC
wholesale funding ranged from around 15% and 17% of liabilities
at Ziraat and Halk (below that of privately-owned peers) to a
high 22% at Vakifbank (broadly in line with privately-owned
peers). However, the share of short-term FC wholesale funding is
manageable and ranged from around 3% of liabilities at Vakifbank
to 7% and 8% at Halk and Ziraat at end-1H17.

We consider refinancing risk at the banks to be broadly
manageable given their record of market access, broad investor
bases, reasonable diversification of maturities and adequate FC
liquidity. Available FC liquidity - consisting mainly of
unpledged FC government securities, placements in the central
bank's reserve option mechanism (ROM) and maturing FC swaps --
was broadly sufficient at all three banks to cover maturing FC
wholesale funding liabilities due within one year as at end-1Q17.

Nevertheless, the banks, as for the sector, remain sensitive to
potential changes in investor sentiment. Their FC liquidity could
also come under pressure in the event of a prolonged market
closure or as a result of a downturn in investor sentiment. In
particular, the on-going case in the US could heighten
refinancing risk for Halk if the bank's access to FC funding
becomes constrained.


The ratings of Ziraat Katilim are equalised with those of its
100% owner, Ziraat. This reflects a high probability of support
from its parent in case of need given Ziraat Katilim's strategic
importance, as a core subsidiary, to Ziraat. In Fitch's view, the
Turkish authorities would also be likely to provide support to
Ziraat (fully state-owned) to downstream to Ziraat Katilim,
should this be required.

Our view of support from Ziraat reflect Ziraat Katilim's role in
the Ziraat group as the sole provider of Islamic banking products
and services. Ziraat Katilim's board members, risk systems and
branding are all drawn from Ziraat. It also considers the
government's strategic focus on the development of the Islamic
banking sector.

Fitch has not assigned a VR to Ziraat Katilim given the bank's
high level of cooperation with, and support from, Ziraat and the
bank's only limited track record of operation. Ziraat Katilim's
total assets amounted to 2.6% of Ziraat group assets at end-1H17,
or about 25% of equity.


The 'BB+' SRFs and '3' Support Ratings of the three banks reflect
Fitch's view of a high probability of support from the Turkish
authorities, in case of need. The SRFs are aligned with the
sovereign's Long-Term Foreign-Currency IDR and reflect the banks'
(i) ownership structures; (ii) policy roles (Ziraat, Halk); (iii)
systemic importance; and (iv) level of state-related funding.

Nevertheless, Fitch believes that the state's ability to provide
extraordinary support in FC, if required, may be somewhat
constrained given limited central bank reserves (net of
placements from banks) and the banking sector's sizable external
debt, a significant portion of which is short-term. However, any
FC liquidity needs should be manageable for the sovereign in
Fitch views, even in fairly extreme scenarios, considering the
adequate FC liquidity buffers of the three banks.


Vakifbank's 'BB' subordinated debt rating is notched down once
from its VR to reflect below-average recovery prospects in case
of default.


The affirmation of the banks' National Ratings at 'AAA(tur)' with
Stable Outlooks reflects Fitch's view that they remain among the
strongest credits in Turkey, and that their creditworthiness
relative to one another and to other Turkish issuers remains


VR downgrades could result from a marked deterioration in the
operating environment and/or; (i) bank-specific deterioration of
asset quality; (ii) marked erosion of capital ratios; or (iii) a
weakening of the banks' FC liquidity positions. However,
downgrades of the VRs would only result in negative action on the
banks' IDRs if at the same time Fitch believes the ability or
propensity of the Turkish authorities to provide support -- as
reflected in their SRFs -- had also weakened.

Halk's VR could be downgraded or placed on Rating Watch Negative
if the on-going US investigation broadened to directly include
the bank, rather than individuals, or resulted in a weakening of
the bank's standalone profile due to significant reputational
damage, diminished market access or pressures on growth and

Changes in all three banks' SRs and SRFs would likely be linked
to a change in the sovereign's FC IDR. Their SRs could be
downgraded and SRFs revised downward, respectively, if (i) Fitch
believes the ability of the sovereign to provide support in case
of need has markedly reduced; (ii) the banks' FC positions
deteriorate to an extent that might limit the sovereign's ability
to provide them with sufficient extraordinary support in FC; or
(iii) Fitch believes the sovereign's propensity to support the
banks has reduced.

A change of ownership at the banks (including privatisation), or
the introduction of bank resolution legislation in Turkey aimed
at limiting sovereign support for failed banks, could also
negatively impact Fitch's view of support propensity, and hence
the banks' SRs and SRFs, although such developments are not
expected in the near term.

Vakifbank's subordinated debt rating is sensitive to a change in
its VR. The notes' rating is also sensitive to a change in
notching due to a change in Fitch's assessment of the probability
of the notes' non-performance risk relative to the risk captured
in Vakifbank's VR, or in its assessment of loss severity in case
of non-performance.


Ziraat Katilim's ratings are sensitive to a change in Ziraat's
ratings or to a reduction in the parent's ability or propensity
to provide support, for instance due to a change of strategy in
respect to Islamic banking.

The rating actions are:

T.C. Ziraat Bankasi A.S., Turkiye Halk Bankasi A.S. and Turkiye
Vakiflar Bankasi T.A.O.
Long-Term Foreign-Currency IDRs affirmed at 'BB+'; Outlook Stable
Long-Term Local-Currency IDRs affirmed at 'BBB-'; Outlook Stable
Short-Term Foreign-Currency IDRs affirmed at 'B'
Short-Term Local-Currency IDRs affirmed at 'F3'
Viability Ratings affirmed at 'bb+'
Support Ratings affirmed at '3'
Support Rating Floors affirmed at 'BB+'
Long-term senior unsecured ratings affirmed at 'BB+'
Short-term senior unsecured ratings (Ziraat and Vakifbank)
affirmed at 'B'
Subordinated debt rating (Vakifbank): affirmed at 'BB'
National Long-Term Ratings affirmed at 'AAA(tur)'; Outlook Stable

Ziraat Katilim Bankasi
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Short-Term Local-Currency IDR affirmed at 'F3'
Support Rating affirmed at '3'
National Long-Term Rating affirmed at 'AAA(tur)'; Outlook Stable

U N I T E D   K I N G D O M

AI ROBIN: Moody's Changed to Definitive the B3 CFR
Moody's Investors Service has changed to definitive from
provisional the B3 corporate family rating (CFR) and assigned a
B3-PD probability of default rating (PDR) to AI Robin Limited
("group"), a recently incorporated and intermediate holding
company of the merged group of UK-based industrial parts
distributer Brammer Limited (Brammer) and French IPH S.A.S.

Concurrently, Moody's changed to definitive from provisional the
B2 ratings on the new EUR765 million senior secured first-lien
term loan B (maturing 2024) and EUR135 million senior secured
revolving credit facility (RCF, maturing 2023), raised by AI
Robin Finco Limited, a direct subsidiary of the group. The
financing package to fund the acquisition of IPH from PAI
Partners by Advent and to refinance legacy debt at Brammer
further comprises a EUR187 million second lien term loan
(unrated), common equity and GBP140 million of preferred equity.

The outlook on all ratings remains stable.

The action was prompted by the completion of the acquisition of
IPH on September 15, 2017 and follows a conclusive review of the
final financing documentation.


The assigned B3 CFR is constrained by (1) a highly elevated
Moody's-adjusted leverage of around 7.8x debt/EBITDA expected at
year-end 2017 pro forma for the proposed transaction, although
which Moody's expects to decline towards 6.5x over the next 18
months, (2) the group's geographic focus on certain western
European markets such as France, Germany and the UK (together
almost 70% of combined revenues), resulting in some sensitivity
to economic cyclicality, (3) operational issues at the level of
Brammer, which have weighed on profitability in 2016 and need to
be resolved in a timely manner to achieve anticipated
profitability improvements, (4) margin pressure due to higher
customer rebates and price pressure from key accounts in some
regions, also in the context of growing e-businesses, which adds
to price transparency and increased competition in some product
segments, (5) high one-time costs associated with initiated cost
saving measures (e.g. workforce reductions, branch network
optimizations) and the integration of IPH as well as potential
future acquisitions, (6) the challenge to expand e-commerce
capabilities as planned by management, in order to keep up with
online competitors and to meet rising demands of key accounts
(e.g. system-integrated order placements), and (7) risk of debt-
funded strategic acquisitions, which might lead to a delay in
forecast de-leveraging and potentially negative rating pressure.

Conversely, the rating is supported by (1) the combined group's
leading position as number one industrial parts distributor in
Europe, with (2) a dense distribution network across Europe and
large product offering (over 5 million SKUs), which ensures
product availability and fast delivery times, together with
numerous after-sales services resulting in high customer
retention, (3) more stable demand in the group's key maintenance,
repair and operations (MRO) segment (c.75% of group sales), (4)
fairly resilient margins historically and profitability, which
Moody's expects to improve over the next two years as the
operational issues at Brammer are addressed and synergies from
the IPH acquisition realised, (5) entrenched relationship with a
diverse base of customers (local to key accounts) from different
industries (e.g. general industry, automotive, food,
metals/steel, aerospace, packaging), (6) adequate liquidity with
forecast positive free cash flow generation, and (7) an
experienced management team with a strong track record of growing
the business and integrating numerous acquisitions over the last


Moody's views the group's near-term liquidity position as
adequate. Projected funds from operations of more than EUR50
million per annum are sufficient to cover the group's short-term
cash uses, including capital expenditures of about 1% of group
sales (EUR21 million in 2017), minor deferred payments on
previous acquisitions as well as expected seasonal working
capital swings. The liquidity assessment also reflects access to
the new EUR135 million RCF, which was partially drawn (around
EUR44 million) at transaction closing and which Moody's expects
to be occasionally utilized for working capital financing (intra-
year peak-to-trough swings of more than EUR100 million assumed).
The agency further notes that the group has a factoring
arrangement in place with maximum total funding of EUR200 million
to finance trade working capital requirements.

The debt structure is covenant-lite, but benefits from one
springing maintenance covenant (senior secured net leverage
ratio) tested when the RCF is drawn more than 40%.


The ratings could be downgraded, if (1) the group failed to
constantly reduce its Moody's-adjusted leverage towards 6.5x
debt/EBITDA over the next two years, or (2) free cash flow turned
negative resulting in a deterioration of liquidity.

Moody's might consider an upgrade, if (1) Moody's-adjusted
debt/EBITDA declined sustainably below 6x, and (2) cash flow
generation improved with Moody's-adjusted RCF/debt ratios in
excess of 8% (RCF defined as retained cash flow).


The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.

AI Robin Limited, headquartered in London, United Kingdom, is a
leading European distributor of industrial maintenance, repair
and operations (MRO) products and related services. Products
offered include bearings, mechanical power transmission,
pneumatics, hydraulics, tools and health & safety equipment. The
group is active in a range of end-markets, including general
industry, automotive, metals & steel, aerospace, energy, food &
drink and transportation.

In the 12 months ended March 31, 2017, the combined group
generated net sales of more than EUR2.1 billion and company-
adjusted pro-forma EBITDA of around EUR143 million (before
synergies) in over 20 locations across Europe.

ALNO (UNITED KINGDOM): Goes Into Administration; 160 Jobs Axed
Joshua Hammond at Insider Media reports that a supplier of fitted
kitchens headquartered in Leeds has gone into administration with
160 employees being made redundant.

Gareth Harris and Keith Marshall of RSM Restructuring Advisory
have been appointed as joint administrators of Alno (United
Kingdom) Ltd, also trading via the Intoto franchise network, on
Sept. 21, 2017, Insider Media discloses.

According to Insider Media, the company's overseas parent entered
a German 'self-administration' insolvency process on July 12,
2017, but despite raising substantial funds to attempt a
restructure, the parent company entered into a formal insolvency
administration process.

Insider Media relates that the UK company was not part of that
process and has attempted to work with its shareholder to ensure
continuity of service to its UK customers and franchisees.
However, this has proved challenging due to limited supply to the
UK company and additional concerns over the ability of the German
parent to supply UK customers in the long term.

In light of these circumstances, the directors filed a Notice of
Intention (NOI) to appoint Administrators on September 8 and
sought interested parties for a sale of the business. However,
subsequent to the NOI being filed and delayed payment of
outstanding invoices, the directors were unable to continue any
trading. In order to protect the position of creditors, the UK
directors have appointed joint administrators.

Unfortunately 160 employees were immediately made redundant and
their claims will be dealt with by the Redundancy Payments
Service, according to Insider Media.

"The UK directors have worked extremely hard in difficult
circumstances to try and save what was a profitable and highly
respected business," the report quotes Mr. Harris as saying.

"However, the lack of supply from Germany, uncertainty over
future supplies and lack of cash has led to the difficult
decision to appoint administrators.

"We fully appreciate that this will cause significant concern for
those Alno and Intoto customers who have either recently had a
kitchen installed or who have recently placed orders; and we
would advise those customers to contact their local franchise in
the first instance.

"We are currently assessing a number of offers for the business
and assets, and we are hopeful that a deal can be concluded to
protect certain parts of the business in the very near future."

Insider Media relates that Stuart Wellburn, UK director of Alno
UK, added: "We are desperately disappointed for our customers,
loyal staff, suppliers and franchisees, all of whom have stuck by
us over what has been a very challenging few months.

"We have tried to find a solvent solution but ultimately the
combination of circumstances has led to our decision to appoint
the joint administrators.

"We will now work with them to seek an alternative resolution."

Alno (United Kingdom) Ltd supplied quality kitchens, manufactured
in Germany, to both retail and commercial customers throughout
the UK for 43 years. It traded from more than 50 locations in the
UK with its head office in Leeds, and had 171 permanent employees
and two UK directors.

BRITVIC PLC: Plan to Close Norwich Factory; 240 Jobs at Risk
Laurence Kilgannon at Insider Media reports that more than 240
jobs are at risk after Britvic Plc revealed it is planning to
close its Norwich factory and transfer production of Robinsons
squash and Fruit Shoot elsewhere in the country, while Unilever
is also considering the future of its Colman's Mustard plant
which is co-located at the Carrow Works site.

According to the report, Britvic said the proposal followed a
review of its manufacturing sites and distribution network.

Subject to consultation, the site will close towards the end of
2019 with production moving to Britvic's plants in East London,
Leeds and Rugby, Insider Media relates.

Following Britvic's announcement, Unilever said it will be
launching a review of its production facility in Norwich where
where Colman's Mustard has been made since the 1850s and is now
the workplace for more than 110 employees, the report says.

Closure is one of the options under consideration, the consumer
goods giant confirmed, adds Insider Media.

DEEP PURPLE: Former Director Banned for 11 Years
Dipak Rao, former director of Deep Purple (Overseas) Limited
(DPO) and HEC Enterprises Limited (HEC), has been disqualified
from acting as a director for a period of 11 years for
misappropriating company funds of at least GBP2 million.

An investigation by the Insolvency Service found that Rao had
made numerous payments from the company accounts to his personal
accounts between 2008 and 2014.

Rao concealed what he had done by ensuring that the transactions
did not appear in the financial accounts and by restricting
access to the companies' bank statements. He resigned as a
director from both companies on Nov. 24, 2014, which went into
administration on Jan. 19, 2016.

He has now given a director disqualification undertaking to the
Secretary of State for Business, Energy and Industrial Strategy
for 11 years which prevents him from managing or controlling a
company without leave of the court until 2028.

Commenting on the disqualification, Sue Macleod, Chief
Investigator at The Insolvency Service, said:

"Rao misappropriated company funds, causing detriment to the
company and its creditors, to his own personal benefit.

"Company directors should note from this enforcement result that
actions of this kind will lead to serious censure.

"This disqualification is a reminder to others tempted to do the
same that the Insolvency Service will rigorously pursue
enforcement action and seek to remove from them for a lengthy
period, the privilege of trading with limited liability, in order
to protect the public for a lengthy period."

Dipak Rao's was born in January 1948 and he resides in Worcester

Deep Purple (Overseas) Limited was incorporated on June 30, 1971.
HEC Enterprises Limited was incorporated on 8 March 1968. Both
companies traded from 49 South Molton Street, London, W1K 5LH.

MONARCH AIRLINES: Creditors at Risk of Losing Landing Slots
Tanya Powley at The Financial Times reports that Monarch's
creditors risk being stripped of the airline's most valuable
assets -- its take off and landing slots -- which could be worth
as much as GBP60 million.

The UK's fifth-biggest airline entered administration in the
early hours of Oct. 2 after holding emergency talks with
regulators, the FT relates.  All of its 750,000 future bookings
have been cancelled, the FT notes.

According to the FT, questions are being raised over whether
Monarch's administrators, KPMG, have the right to sell the
airline's airport slots, with people briefed on the process
suggesting the issue is subject to fierce debate and legal

Monarch's take-off and landing slots at London Gatwick Airport
are subject to a bidding war between easyJet and British Airways,
the FT relays, citing people close to the discussions.

While Monarch has slots at London Luton, Birmingham and
Manchester, the airline's slots at Gatwick have generated the
most interest because the lack of capacity at peak times, the FT

Airport slots can be extremely lucrative, particularly at
capacity constrained airports, the FT states.

While Monarch is thought to operate about 20 slot pairs a day at
Gatwick, people close to the discussions suggested that a bidding
war had pushed up the value, meaning they could now be worth as
much as GBP60 million, according to the FT.

But aviation lawyers, as cited by the FT, said the question of
whether Monarch's administrators had the right to sell its
airport slots would come down to whether the airline's operating
license had been revoked by the end of October.

While Monarch had its Air Operators Certificate (AOC)
provisionally suspended at 4:00 a.m. on Oct. 2, its AOC and
operating license have not yet been revoked, as this is subject
to a legal process that can take more than a month, the FT

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

WESTSIDE POST: Post Production Company Sold Out of Administration
Damian Webb and Phillip Sykes of RSM Restructuring Advisory LLP
were appointed joint Administrators of Westside Post Production
Limited, trading as Crow TV, on Sept. 27, 2017.

Westside Post Production Limited, with premises in London and
Birmingham, specialises in television post-production, offering
editing, grading, dubbing, online and offline. Following a
challenging period for the business, the director had to make the
decision to enter Administration.

Following the appointment of Joint Administrators, Westside's
trade and certain assets of the business were sold to two new
companies set up by London-based business, Rapid Pictures.

The deal safeguards 15 jobs and ensures continuity of service for
customers. The new business will continue to trade from the
existing Westside premises.

Damian Webb, Restructuring Advisory Partner at RSM, said: 'We are
pleased to have completed this transaction within a tight
timeframe, as it ensures continuity for customers and safeguard's
local jobs. We wish Rapid all the best for the future.'


* BOND PRICING: For the Week October 2 to October 6, 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,
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Joseph Cardillo at

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