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

                           E U R O P E

           Monday, October 16, 2017, Vol. 18, No. 205


                            Headlines


B E L A R U S

BELARUSBANK JSC: S&P Upgrades CCR to 'B', Outlook Stable
BELVEB OJSC: S&P Raises CCR to 'B', Outlook Stable
DEVELOPMENT BANK: S&P Raises ICR to 'B', Outlook Stable


F R A N C E

SMCP GROUP: S&P Places 'B' CCR on CreditWatch Positive


G E O R G I A

GEORGIA: Reform Efforts Help Mitigate Key Credit Weaknesses


G E R M A N Y

AIR BERLIN: EasyJet Eyes 25 A320 Aircraft, Talks Ongoing


I R E L A N D

AVOCA CLO VII: Fitch Affirms CCC Rating on Class F Notes
BAIN CAPITAL 2017-1: Moody's Assigns B2(sf) Rating to Cl. F Notes
CHARLEVILLE CREDIT: High Court Appoints Provisional Liquidators
CLOVERIE PLC 2007-52: Fitch Hikes USD10MM Notes Rating from BB+


I T A L Y

ALBA 9: Moody's Assigns (P)Ba2(sf) Rating to Class C Notes
ALITALIA SPA: Italy Extends Further EUR300-Mil. Bridge Loan
BANCA IFIS: Fitch Rates EUR400MM Subordinated Tier 2 Issue 'BB'


L U X E M B O U R G

BELRON SA: S&P Assigns Prelim 'BB' Long-Term Corp Credit Rating
PUMA INTERNATIONAL: Fitch Rates US$600 Million Senior Notes BB


N E T H E R L A N D S

JUBILEE CLO 2015-XV: Moody's Raises Rating on Class F Notes to B1
MARFRIG GLOBAL: Fitch Affirms Long Term IDR at 'BB-'


S E R B I A

FABRIKA AKUMULATORA: Batagon Raises Bid to EUR7 Million


U N I T E D   K I N G D O M

BBH PROPERTY: High Court Winds Up 13 Cos. Involved in Fraud
BOSTON PRIME: Director Banned for 12 Years
GREEN MARINE: Goes Into Liquidation; 46 Jobs Axed
HARRIER FINANCE: Moody's Withdraws C Rating on $2000M MTN Program
MONARCH AIRLINES: Norwegian Air Shuttle Eyes Airport Slots
NOBLE GROUP: UK Subsidiary Expresses Going Concern Doubt


X X X X X X X X

* BOND PRICING: For the Week October 9 to October 13, 2017


                            *********



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B E L A R U S
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BELARUSBANK JSC: S&P Upgrades CCR to 'B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its long-term counterparty credit
ratings on JSC Savings Bank Belarusbank to 'B' from 'B-'. The
outlook is stable. At the same time, S&P said affirmed its 'B'
short-term rating on the bank.

S&P said, "The upgrade follows the similar action on the Republic
of Belarus (see "Belarus Long-Term Ratings Raised To 'B' On
Stronger Growth And Secured External Financing; Outlook Stable,"
published Oct. 6, 2017, on RatingsDirect). We consider
Belarusbank to be a government-related entity (GRE) that is
significantly exposed to the risks of the Belarusian economy. In
addition, we believe there is a moderately high likelihood that
Belarusbank would receive support from the Belarusian government
if needed. We therefore continue to rate Belarusbank at the same
level as the sovereign ratings on Belarus. Our assessment of the
bank's stand-alone credit profile (SACP) remains unchanged at
'b'.

"Our assessment of Belarusbank's 'b' SACP, the highest among the
banks we rate in Belarus, mainly reflects the bank's market-
leading business position and ongoing support from the Belarusian
government. It also incorporates our view of the bank's adequate
risk position and stable funding structure. We acknowledge,
however, that these strengths are offset by Belarusbank's tight
capitalization, domestic geographic concentration, and strong
dependence on regular government support.

"Our view of Belarusbank as a GRE is based on our opinion that
the bank plays a very important role for, and has a limited link
with, the Belarusian government. We believe that the likelihood
of Belarusbank receiving extraordinary support from the
government remains moderately high. We do not apply notches for
government support because the sovereign local currency rating on
Belarus is at the same level as our assessment of the bank's
SACP.

"The stable outlook on Belarusbank reflects our view that there
is a low likelihood that the bank's stand-alone creditworthiness
or its role to the government will change materially over the
next 12-18 months. We also take into account the stable outlook
on Belarus.

"We believe that an upgrade is remote over the next 12-18 months
because the ratings on the bank are capped at the level of the
rating on the sovereign. An upgrade would require a positive
rating action on the sovereign and an improvement of the bank's
own creditworthiness. This is because of Belarusbank's
significant exposure to the risks in its domestic economy, its
government ownership, and reliance on a regular government
support.

"A negative rating action on Belarus would lead to a similar
action on Belarusbank. We could also lower the ratings on
Belarusbank if, contrary to our current expectations, the bank's
capital or risk profile deteriorated markedly while the
government was unable or unwilling to provide capital support."


BELVEB OJSC: S&P Raises CCR to 'B', Outlook Stable
--------------------------------------------------
S&P Global Ratings said that it had raised its long-term
counterparty credit rating on Belarus-based Bank BelVEB OJSC to
'B' from 'B-'. The outlook is stable.

At the same time, S&P affirmed its 'B' short-term counterparty
credit rating on the bank.

S&P said, "The upgrade follows the similar action on Belarus (see
"Belarus Long-Term Ratings Raised To 'B' On Stronger Growth And
Secured External Financing; Outlook Stable," published Oct. 6,
2017, on RatingsDirect). The sovereign upgrade now allows us to
incorporate parental support into our ratings on BelVEB. As a
result, we have added one notch of uplift into our long-term
rating on BelVEB to reflect its status as a strategically
important subsidiary of Russia-based Vnesheconombank (VEB). We
think that BelVEB is unlikely to be sold over the near few years,
and that the VEB group has a strong long-term financial
commitment to the bank. BelVEB shares the parent's brand and has
close links with VEB in terms of reputation and risk management.

"Our ratings on BelVEB are constrained by the foreign currency
sovereign credit ratings on Belarus because the bank operates
exclusively in Belarus and remains highly exposed to country
risks.

"Our assessment of BelVEB's stand-alone credit profile is
unchanged at 'b-'. BelVEB benefits from funding and liquidity
support from the parent, as well as from its somewhat more
flexible business model than that of state-owned Belarusian
peers, which are compelled to lend to strategically important
Belarusian entities. In our view, the bank's ownership positively
affects its management and governance and helps support its
activities in a challenging operating environment. At the same
time, BelVEB's weak capitalization and lack of geographic and
customer diversification remain the weak factors of its
creditworthiness.

"The stable outlook on BelVEB mirrors that on Belarus and
reflects our view that the bank's creditworthiness will likely
remain unchanged over the next 12-18 months.

"An upgrade is remote over the next 12-18 months, since the
sovereign ratings constrain our ratings on BelVEB. An upgrade of
BelVEB is therefore contingent on an upgrade of the sovereign.

"We are unlikely to lower the ratings, but could do so if
BelVEB's creditworthiness deteriorated significantly and it
received no support from VEB. If this occurred, we would likely
no longer regard BelVEB as strategically important to the VEB
group. However, this is not our base-case scenario over the next
12-18 months."


DEVELOPMENT BANK: S&P Raises ICR to 'B', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its long-term foreign and local
currency issuer credit ratings on the Development Bank of the
Republic of Belarus (DBRB) to 'B' from 'B-'. At the same time,
S&P affirmed its 'B' short-term foreign and local currency issuer
credit ratings. The outlook on the long-term ratings is stable.

The upgrade follows the Oct. 6, 2017 upgrade of the long-term
sovereign credit ratings on Belarus to 'B'. S&P said, "We
equalize our ratings on DBRB with those on Belarus because in our
view, there is an almost certain likelihood that Belarus'
government would provide DBRB with timely and extraordinary
support, sufficient to service the bank's financial obligations,
if needed." S&P's assessment of the likelihood of extraordinary
support is based on its view of DBRB's:

-- Integral link with the Belarus government, demonstrated by
    the state's 100% ultimate ownership, capital injections
    provided in the past, and the government's ultimate
    responsibility for the payment of the bank's bonds. Key
    government figures, including the prime minister, are members
    of DBRB's supervisory board, allowing the state to maintain
    close oversight of the bank's activities. S&P does not
    currently expect any of the aforementioned arrangements to
    change.

-- Critical public policy role as the main institution providing
    long-term capital-intensive loans under government programs
    in Belarus, as well as fulfilling a number of other policy
    functions. As of mid-2017, DBRB's total assets were
    equivalent of 5.5% of GDP and constituted close to 9% of
    total banking system assets. DBRB remains a key agent in the
    implementation of certain projects and programs that the
    government deems important for the country.

S&P said, "Although we currently view the government's capacity
to support the government-related entity (GRE) sector as
doubtful, we consider that DBRB's importance for achieving
several political and social objectives, as well as the
relatively small size of its nongovernment liabilities (below 2%
of GDP as of mid-2017), would lead the government to prioritize
support to DBRB ahead of other companies operating in Belarus.

"We note that the government of Belarus assumes ultimate
responsibility for the institution's bond-type debt, as stated in
a published presidential decree adopted at the end of 2014.
Although the government does not provide a legal guarantee of a
timely payment on a bond in the event of financial distress, we
note the existence of specific procedures and timeframes for
payment on behalf of the government as also specified in the
aforementioned decree. As such, we believe that the government
would have incentives to provide support in a timely fashion
should financial problems emerge at DBRB. That said, we note that
the government does not guarantee or otherwise explicitly promise
a full recovery on other types of DBRB's debt, for example,
syndicated loans."

S&P assesses DBRB's stand-alone credit profile at 'b-'.

The stable outlook on DBRB mirrors the outlook on the Republic of
Belarus.

S&P could raise the ratings on DBRB if it was to take a positive
rating action on Belarus.

S&P could lower the ratings on the bank following a negative
rating action on the sovereign. Even if the sovereign rating is
unchanged, S&P could take a negative action on DBRB if its link
with, or role for, the government weakened over the next 12
months. This could be the case if, for example, the bank's
mandate weakened or the government's commitment to provide
support reduced.


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F R A N C E
===========


SMCP GROUP: S&P Places 'B' CCR on CreditWatch Positive
------------------------------------------------------
S&P Global Ratings said that it had placed its 'B' long-term
corporate credit rating on SMCP Group on CreditWatch with
positive implications.

S&P said, "We have also placed on CreditWatch our 'BB-' issue
rating on SMCP Group's super senior revolving credit facility
(RCF) due 2022. Our recovery rating remains '1' on this
instrument, reflecting our expectation of very high recovery (95%
rounded estimate) in the event of default.

"Likewise, we placed on CreditWatch our 'B' issue rating on the
group's EUR434 million senior secured notes. Our recovery rating
remains '3' on this instrument, reflecting our expectation of
average recovery (50%-70%, rounded estimate: 50%) in the event of
default.

"The CreditWatch placement reflects the possibility that we could
raise our ratings on SMCP Group, if the IPO launches and
completes successfully."

The group intends to use part of the IPO proceeds to redeem its
EUR100 million floating senior secured notes due 2022 and up to
EUR111 million of the EUR334 million fixed rate senior secured
notes due 2023 outstanding. For that purpose, the group is
refinancing its EUR70 million RCF with an upsized EUR250 million
one, on which it expects to partially draw upon completion of the
IPO.

S&P said, "We view the IPO and the related debt buybacks, if
successful, as positive from a credit perspective, as they will
allow SMCP Group to deleverage materially, notably because the
group's existing EUR300 million payment in kind instrument will
be extinguished.

"We also believe the proposed evolution of ownership and
corporate governance could have positive implications on our
rating on SMCP Group. At the moment, the 'B' rating on the
broader Shandong Ruyi Group constrains the rating on SMCP Group
at 'B'. After the transaction, we believe that Shandong Ruyi's
influence and weight over SMCP Group's strategy, albeit still
controlling 51%, would be subject to the oversight of the board
of directors that will represent the significant interests of
minority shareholders and employ four independent directors out
of 12 in total.

"Additionally, we consider that the legal framework in France
protects SMCP Group from a bankruptcy of the parent, in
particular due to their distinctly separated capital structures,
no material overlap in lender groups of the two companies, and in
absence of any guarantees or cross-default clauses between the
subsidiary and its parent. Consequently, once SMCP Group is
listed and the new governance structure is in place, we could
consider SMCP Group as an insulated subsidiary, and as such rate
it higher than its parent company Shandong Ruyi.

"That said, in our view, SMCP Group remains a subsidiary with
moderately strategic importance to its ultimate parent, Shandong
Ruyi Group. We view its investment in SMCP Group as beneficial to
Shandong Ruyi Group's longer-term strategy, providing the group
with investment diversification into the European market, while
also providing the potential for some synergies, such as
supporting SMCP Group's continued penetration strategy into
Asia."

SMCP Group reported solid results in 2016. It generated positive
free operating cash flow and achieved a meaningful level of
deleveraging, highlighted by a debt-to-EBITDA ratio of 5.5x on an
S&P Global Ratings-lease-adjusted basis for fiscal 2016 versus
about 6.0x anticipated in S&P's initial base case for 2016.
Nonetheless, under the current capital structure, SMCP Group
remains highly leveraged.

S&P said, "Our view of SMCP Group's operating model is supported
by its brand and geographic diversification, allowing it to cope
with the inherent fashion risk it faces. That diversification,
paired with the group's choice to have a business model weighted
heavily toward directly operated stores representing over 90% of
sales, provides the company with greater control and
responsiveness, allowing it to capitalize on market trends and
meet customer demand. The group's track record of pursuing a
prudent execution strategy and its efficient supply chain are
also key supporting factors.

"However, the fragmented and competitive nature of the accessible
luxury sector is among the constraints to the rating, notably
because of increased online competition leading to greater price
transparency and pressure on margins. We also believe that the
flip side to SMCP Group's important retail network is a high
level of fixed costs that leaves the group with a limited buffer
in case of collection issues. Lastly, the group's limited
diversification into menswear and lack of offer in children's
wear makes it somewhat more subject to volatility swings.

"We view the group's risk management as generally prudent, but
believe bolt-on acquisitions the group could finance thanks to
its increased RCF could erode liquidity.

"We expect to resolve the CreditWatch in conjunction with the
completion of the IPO and sufficient information on the new RCF.
Our initial view is that we could upgrade SMCP Group based on the
prospective capital structure. The upgrade could also stem from
the fact that, once the company is listed and the new governance
structure is in place, we could consider SMCP Group as an
insulated subsidiary, and as such we can rate it higher than its
parent company Shandong Ruyi.

"If the IPO doesn't succeed, or succeeds but in different terms
that what was initially expected, or if we have in the meantime
any material information suggesting that SMCP Group is more
strategic to Shandong Ruyi than what we had anticipated, we could
affirm the rating at the current level."


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G E O R G I A
=============


GEORGIA: Reform Efforts Help Mitigate Key Credit Weaknesses
-----------------------------------------------------------
Moody's Investors Service says that Georgia's (Ba2 stable) reform
programs leading to improved macroeconomic policy, including a
flexible exchange rate, development of trade and investment
relationships and strengthening the supervision of its banking
system contribute to a macroeconomic and institutional framework
that has helped the country's economy and banking sector to
absorb the significant economic, financial and exchange rate
shock affecting the Caucasus region during 2014-2016.

However, material banking sector and external vulnerability risks
continue to constrain the country's rating. Specifically,
Georgia's external vulnerability is due to its large and
persistent current account deficit, and risks in the banking
sector include its high levels of dollarization.

Moody's points out that continuing reforms -- including those
focused on raising savings rates, education, public
administration, fiscal management and financial stability -- will
further strengthen the economy and institutions and help to
mitigate these two key credit weaknesses.

Moody's conclusions are contained in its just-released report
titled "Government of Georgia: FAQ on economic reform, external
financing risks and geopolitical risk".

Moody's report identifies external vulnerability risk as posing
the most significant threat to Georgia's macroeconomic and
financial stability. Its high current account deficit in part is
due to low domestic savings, which in turn reflect low incomes.
As a result, Georgia is highly reliant on external financing for
domestic investment. Policy reforms aim to reduce this
vulnerability, but have so far only served to partially offset
such risk.

As for geopolitical risk, Moody's says that economic relations
between Georgia and its key neighbor, Russia (Ba1 stable), have
been improving since 2012, when the Georgian Dream coalition
replaced the United National Movement of former president,
Mikheil Saakashvili, in parliament. Moody's baseline assumption
is that the status quo will be maintained on political issues
dividing Russia and Georgia, but that progress will be made on
economic and trade issues over the next 12-18 months.


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G E R M A N Y
=============


AIR BERLIN: EasyJet Eyes 25 A320 Aircraft, Talks Ongoing
--------------------------------------------------------
Rahul B at Reuters reports that EasyJet is in talks to take on up
to 25 A320 aircraft that were operated by Germany's insolvent Air
Berlin at Berlin Tegel airport.

EasyJet said in September it had bid for parts of Air Berlin's
short haul business, Reuters recounts.

"If agreement is reached, and subject to obtaining all required
regulatory approvals, the transaction would result in easyJet
operating up to 25 A320 aircraft at Berlin Tegel Airport,"
Reuters quotes easyJet as saying in a statement.

                       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.


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


AVOCA CLO VII: Fitch Affirms CCC Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has upgraded two tranches of Avoca CLO VII plc and
affirmed the others:

Class B (ISIN XS0289565763): affirmed at 'AAAsf'; Outlook Stable
Class C1 (ISIN XS0289566571): upgraded to 'AAAsf' from 'A+sf';
Outlook Stable
Class C2 (ISIN XS0290383412): upgraded to 'AAAsf' from 'A+sf';
Outlook Stable
Class D1 (ISIN XS0289566902): affirmed at 'BBB+sf'; Outlook
revised to Stable from Positive
Class D2 (ISIN XS0290383768): affirmed at 'BBB+sf'; Outlook
revised to Stable from Positive
Class E1 (ISIN XS0289567546): affirmed at 'B+sf'; Outlook revised
to Stable from Positive
Class E2 (ISIN XS0290384493): affirmed at 'B+sf'; Outlook revised
to Stable from Positive
Class F (ISIN XS0289568437): affirmed at 'CCCsf', Recovery
Estimate (RE) 50%

Avoca CLO VII plc is a securitisation of mainly European senior
secured loans, with a total note issuance of EUR711 million
invested in a portfolio of EUR700 million. The portfolio, which
is now EUR137.6 million, is actively managed by KKR Credit
Advisors.

KEY RATING DRIVERS

The rating actions reflect the increase in credit enhancement
(CE) across the capital structure due to the transaction
deleveraging since November 2016. The deleveraging was mainly
driven by the repayment in full of EUR35 million class A2 notes
and EUR14.7 million of class A3 notes and the partial
amortisation of the class B notes of EUR40 million. CE for the
class B notes has increased to 93.8% from 57.8% over the past 12
months, while CE for the class E notes has increased to 14.6%
from 11%.

The affirmation of the class D and E notes and revision of their
Outlooks to Stable reflects excessive obligor concentration in
the portfolio. As the portfolio deleverages the transaction is
becoming more exposed to obligor concentration. The top 10
obligors currently represent 81.7% compared with 59.4% a year ago
and the largest obligor now represents 20.42%, compared with
9.16% previously.

The class D notes may not be fully amortised; while the number of
obligors may reduce to fewer than 10, leading to excessive
obligor concentration. As per its criteria, Fitch may not assign
a rating higher than 'BBB' category for a portfolio with fewer
than 10 obligors rated in the 'B' category. The class E notes
have CE of 21.07% and are dependent on the performance of the top
obligor. In Fitch's view, such excessive obligor concentration
bears too much idiosyncratic risk.

The transaction currently benefits from significant excess
spread. The weighted average spread of the portfolio is 3.15%
while the spread on the rated notes is 2.4%. The portfolio
presents some industry concentration, as the largest industry
represents 31.82%, which is above the current limit of 17.5%. The
weighted-average rating of the portfolio is 'B'/'B-'.

RATING SENSITIVITIES

A reduction in expected recovery rates by 50% may lead to a
downgrade of up to two notches for the rated notes. An increase
in the obligor default probability by 25% may not impact the
ratings of the rated notes.


BAIN CAPITAL 2017-1: Moody's Assigns B2(sf) Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
seven classes of notes issued by Bain Capital Euro CLO 2017-1
Designated Activity Company ("Bain Capital Euro CLO" or the
"Issuer"):

-- EUR206,500,000 Class A Senior Secured Floating Rate Notes due
    2030, Definitive Rating Assigned Aaa (sf)

-- EUR31,500,000 Class B-1 Senior Secured Floating Rate Notes
    due 2030, Definitive Rating Assigned Aa2 (sf)

-- EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
    2030, Definitive Rating Assigned Aa2 (sf)

-- EUR22,000,000 Class C Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned A2 (sf)

-- EUR17,500,000 Class D Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Baa2 (sf)

-- EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned Ba2 (sf)

-- EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2030, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2030. The definitive ratings reflect the risks due
to defaults on the underlying portfolio of assets 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 has sufficient
experience and operational capacity and is capable of managing
this CLO.

Bain Capital Euro CLO is a managed cash flow CLO. The issued
notes are collateralized primarily by broadly syndicated first
lien senior secured corporate loans. At least 90% of the
portfolio must consist of senior secured loans and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans, unsecured obligations, mezzanine obligations and high
yield bonds.

Bain Capital Credit, Ltd (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer during the transaction's four-year
reinvestment period. Thereafter, the Manager may reinvest
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, subject to certain
restrictions.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR37,000,000 of subordinated notes which will
not be rated.

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.

Loss and Cash Flow Analysis:

Moody's modelled 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. As such, Moody's
encompasses the assessment of stressed scenarios.

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

Performing par and principal proceeds balance: EUR350,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 8.5 years

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

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

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the definitive ratings 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 -- increase of 15% (from 2775 to 3191)

Rating Impact in Rating Notches:

Class A Notes: 0

Class B-1 Notes: -2

Class B-2 Notes: -2

Class C Notes: -2

Class D Notes: -2

Class E Notes: -1

Class F Notes: 0

Percentage Change in WARF -- increase of 30% (from 2775 to 3608)

Rating Impact in Rating Notches:

Class A Notes: -1

Class B-1 Notes: -3

Class B-2 Notes: -3

Class C Notes: -4

Class D Notes: -2

Class E Notes: -1

Class F Notes: -2

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.


CHARLEVILLE CREDIT: High Court Appoints Provisional Liquidators
---------------------------------------------------------------
Ann O'Loughlin at Irish Examiner reports that provisional
liquidators have been appointed by the High Court to Charleville
Credit Union due to its distressed financial position.

The court heard the union is not insolvent but various efforts
since 2007 to deal with its problems have not been successful,
Irish Examiner relates.

Central to those problems was its failure to bring reserves up to
the regulatory requirement of 10% of assets, Irish Examiner
discloses.  Its reserves were just 3.5% last June, Irish Examiner
notes.

The Central Bank of Ireland, which applied for the winding up
order to the court, was also unhappy with the credit union's poor
lending policy, its costs-to-income ratio, and its overall
business model, Irish Examiner states.

President of the High Court Mr. Justice Peter Kelly appointed
David O'Connor and Jim Hamilton as joint provisional liquidators
on an ex parte application by Paul Gallagher, for the Central
Bank of Ireland, Irish Examiner relays.

According to Irish Examiner, the liquidators have been given all
the powers of the credit union directors, including to carry on
business if necessary and to employ or sack staff as necessary.
They will have the power to pay depositors from the government-
backed deposit guarantee scheme which guarantees all deposits in
financial institution up to EUR100,000, Irish Examiner says.

The court heard there are no deposits in Charleville Credit Union
in excess of that figure, Irish Examiner notes.  Deposits are to
be repaid within 20 days, according to Irish Examiner.

Mr. Justice Kelly gave liberty to Charleville Credit Union
directors to make any application they may wish to the court in
relation to the winding up, providing it is done by today,
Oct. 16, and the case can return before the court again on
Wednesday, Oct. 18, Irish Examiner relates.


CLOVERIE PLC 2007-52: Fitch Hikes USD10MM Notes Rating from BB+
---------------------------------------------------------------
Fitch Ratings has upgraded the following Cloverie PLC Series
2007-52 rating:

-- USD10,000,000 credit-linked notes to 'BBB-sf' from 'BB+sf'.

The Rating Outlook has been revised to Stable from Negative.

KEY RATING DRIVERS
This rating action follows Fitch's upgrade of the reference
entity, Vale S.A. Fitch monitors the performance of the
underlying risk-presenting entities and adjusts the rating
accordingly through application of its credit-linked note (CLN)
criteria, 'Single- and Multi-name Credit-Linked Notes Rating
Criteria.'

The rating considers the credit quality of Vale S.A.'s current
Issuer Default Rating (IDR) of 'BBB+', Outlook Stable as the
reference entity and Citigroup Inc.'s 'A' IDR with a Stable
Outlook as the swap counterparty and issuer of the qualified
investment.

RATING SENSITIVITIES

The rating remains sensitive to rating migration of each risk
presenting entity. A downgrade of Vale S.A. would likely result
in a downgrade to the notes.

Cloverie 2007-52 is designed to provide credit protection on the
reference entity, Vale S.A., with a reference amount of USD10
million. The credit protection is arranged through a credit
default swap (CDS) between the issuer and the swap counterparty,
Citigroup Global Markets Limited. The CDS is collateralized by
the Citigroup Funding Inc. senior unsecured notes as the eligible
investments issued by Citigroup Inc.


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


ALBA 9: Moody's Assigns (P)Ba2(sf) Rating to Class C Notes
----------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to ABS notes to be issued by Alba 9 SPV S.r.l., (the
"Issuer"):

-- EUR478,600,000 Class A1 Asset-Backed Floating Rate Notes due
    March 2038, Assigned (P)Aa2 (sf)

-- EUR233,800,000 Class A2 Asset-Backed Floating Rate Notes due
    March 2038, Assigned (P)Aa2 (sf)

-- EUR145,800,000 Class B Asset-Backed Floating Rate Notes due
    March 2038, Assigned (P)A2 (sf)

-- EUR100,200,000 Class C Asset-Backed Floating Rate Notes due
    March 2038, Assigned (P)Ba2 (sf)

Moody's has not assigned a provisional rating to the
EUR164,300,000 Class J Asset-Backed Floating Rate Notes due March
2038 which will be issued at closing.

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.

RATINGS RATIONALE

Alba 9 SPV S.r.l. is a cash securitisation of lease receivables
originated by Alba Leasing S.p.A.(NR) and granted to individual
entrepreneurs and small and medium-sized enterprises (SME)
domiciled in Italy mainly in the regions of Lombardia and Emilia
Romagna. Assets are represented by receivables belonging to
different sub-pools: real estate (18.20%), equipment (54.50%) and
auto transport assets (25.84%). A small portion (1.46%) of the
pools is represented by lease receivables whose underlying asset
is an aircraft, a ship or a train. The securitized portfolio does
not include the so-called "residual value instalment", i.e. the
final instalment amount to be paid by the lessee (if option is
chosen) to acquire full ownership of the leased asset. The
residual value instalments are not financed - i.e. it is not
accounted for in the portfolio purchase price - and is returned
back to the originator when and if paid by the borrowers.

According to Moody's, the rating takes into account, among other
factors, (i) the loan-by-loan evaluation of the underlying
portfolio, also complemented by the historical performance
information as provided by the originator and available for
previous transactions; (ii) the structural features of the
transaction, with the inclusion of, inter alia, (a) an amortising
debt service reserve equal to 1% of rated notes , funded at
closing using some of the proceeds of Class J, designed to
provide liquidity coverage over the life of the transaction and
to cover portfolio losses at the maturity of the transaction and
(b) a Class C interest subordination event that is triggered upon
cumulative defaults exceeding 10% of the initial portfolio
balance; and (iii) the sound legal structure of the transaction.

Moody's notes as credit strengths of the transaction its static
nature as well as the structure's efficiency, which provides for
the application of all cash collections to repay the Class A and
B notes should the portfolio performance deteriorate beyond
certain limits (i.e. Class C interest subordination event). Other
credit strengths include (i) the granular portfolio composition
as reflected by low single lessee concentration (with the top
lessee and top 5 lessees group exposure being 0.78% and 2.94%
respectively), (ii) limited industry sector concentration (i.e.
lessees from top 2 sectors represent not more than 30.07% of the
pool with 15.80% in the building and real estate industry
according to Moody's classification) and (iii) no potential
losses resulting from set-off risk as obligors do not have
deposits and did not enter into a derivative contract with Alba
Leasing S.p.A.

Moody's notes that the transaction also features a number of
credit weaknesses, such as: (i) the impact on recoveries upon
originator's default (in Italian leasing securitisations future
receivables not yet arisen, such as recoveries, might not be
enforceable against the insolvency of the originator) ; and (ii)
the potential losses resulting from commingling risk that are not
structurally mitigated but are reflected in the credit
enhancement levels of the transaction. Moody's valued positively
the appointment of Securitisation Services S.p.A. as back up
servicer on the closing date. Finally, Moody's considered a
limited exposure to fixed-floating interest rate risk (2.93% of
the pool reference a fixed interest rate) as well as basis risk
given the discrepancy between the interest rates paid on the
leasing contracts compared to the rate payable on the notes and
no hedging arrangement being in place for the structure.

Portfolio characteristics and key collateral assumptions:

As of the valuation date (September 22, 2017), the portfolio
principal balance amounted to EUR1,113,066,278.92. The portfolio
is composed of 16,075 leasing contracts granted to 10,736
lessees, mainly small and medium-sized companies. The leasing
contracts were originated between 2010 and 2017, with a weighted
average seasoning of 0.97 years and a weighted average remaining
life of approximately 5.67 years. The interest rate is floating
for 97% of the pool while the remaining part of the pool bears a
fixed interest rate. The weighted average spread on the floating
portion is 2.73%, while the weighted average interest on the
fixed portion is 2.32%.

In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this securitised portfolio due to its
level of granularity. The rating agency derived the default
distribution, namely the relevant main inputs such as the mean
default probability and its related standard deviation, via the
analysis of: (i) the characteristics of the loan-by-loan
portfolio information, complemented by the available historical
vintage data and the performance of the precedent transaction
originated by Alba leasing (including the still outstanding Alba
7 SPV S.r.l. and Alba 8 SPV S.r.l.); (ii) the potential
fluctuations in the macroeconomic environment during the lifetime
of this transaction; and (iii) the portfolio concentrations in
terms of industry sectors and single obligors. Moody's assumed
the cumulative default probability of the portfolio to be equal
to 9.1% (equivalent to Ba3/B1) with a coefficient of variation
(i.e. the ratio of standard deviation over mean default rate) of
50%. The rating agency has assumed stochastic recoveries with a
mean recovery rate of 35%, a standard deviation of 20%, and a
10.5% recovery rate mean upon insolvency of the originator. In
addition, Moody's has assumed the prepayments to be 5% per year.
The base case mean loss rate and the CoV assumption correspond to
a portfolio credit enhancement of 20.6% that takes into account
the Italian current local currency country risk ceiling (LCC) of
Aa2.

The transaction is modelled via Moody's ABSROM cash flow model
which evaluates all default scenarios that are then weighted
considering the probabilities of such default scenarios occurring
as defined by the transaction-specific default distribution. On
the recovery side Moody's assumes a stochastic recovery
distribution which is correlated to the default distribution. 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 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. As such, Moody's analysis
encompasses the assessment of stressed scenarios.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal final
maturity. Moody's ratings address only the credit risk associated
with the transaction, other non-credit risks have not been
addressed but may have a significant effect on yield to
investors.

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

Factors or circumstances that could lead to an upgrade of the
ratings affected by action would be (1) the better-than-expected
performance of the underlying collateral and (2) a decline in
Italy's sovereign risk.

Factors or circumstances that could lead to a downgrade of the
rating affected by action would be (1) the worse-than-expected
performance of the underlying collateral; (2) deterioration in
the credit quality of the counterparties, especially Alba Leasing
S.p.A. acting as servicer; and (3) an increase in Italy's
sovereign risk.

Stress Scenarios:

Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. At the time the rating was assigned, the
model output indicated that the Class A would have achieved Aa3
(sf) if the mean default rate was as high as 11.1% with a
recovery rate assumption of 30% (all other factors unchanged).
Additionally Moody's observes that under the same stressed
assumptions Class B and Class C would have achieved respectively
a Baa2 (sf) and a B1 (sf) rating.

Parameter Sensitivities provide a quantitative, model-indicated
calculation of the number of notches that a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather, how
the initial rating of the security might differ as certain key
parameters vary.

Moody's will monitor this transaction on an ongoing basis. For
updated monitoring information, please contact
monitor.abs@moodys.com.

Principal Methodology:

The principal methodology used in these ratings was "Moody's
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2015.


ALITALIA SPA: Italy Extends Further EUR300-Mil. Bridge Loan
-----------------------------------------------------------
Francesca Piscioneri at Reuters reports that Italy on Oct. 13
extended a bridge loan for airline Alitalia, which is in special
administration as state commissioners seek to sell, overhaul or
liquidate the carrier.

Italy's cabinet said in a statement it had passed an emergency
decree to add a further EUR300 million (US$354.36 million) to the
loan of EUR600 million it made to the ailing company in May,
Reuters relates.

According to Reuters, it also extended the deadline for the
repayment of the loan, which was due in November this year, to
Sept. 30, 2018.

The cabined headed by Prime Minister Paolo Gentiloni also
extended the deadline for prospective buyers to present offers to
acquire the national carrier to April 30, 2018, from the previous
deadline of Oct. 16 this year, Reuters discloses.

                          About Alitalia

Alitalia - Societa Aerea Italiana S.p.A., is the flag carrier of
Italy.  Alitalia operates 123 aircraft with approximately 4,200
flights weekly to 94 destinations, including 26 destinations in
Italy and 68 destinations outside of Italy.  It has a strong
global presence, flying within Europe as well as to cities across
North America, South America, Africa, Asia and the Middle East.
During 2016, the Debtor provided passenger service to
approximately 22.6 million passengers.  Its air freight business
also is substantial, having carried over 74,000 tons in 2016.
Alitalia is a member of the SkyTeam alliance, participating with
other member airlines in issuing tickets, code-share flights,
mileage programs and other similar services.

Alitalia previously navigated its way through a successful
restructuring.  After filing for bankruptcy protection in 2008,
Alitalia found additional investors, acquired rival airline Air
One, and re-emerged as Italy's leading airline in early 2009.

Alitalia was the subject of a bail-out in 2014 by means of a
significant capital injection from Etihad Airways, with goals of
achieving profitability during 2017.

After labor unions representing Alitalia workers rejected a plan
that called for job reductions and pay cuts in April 2017, and
the refusal of Etihad Airways to invest additional capital,
Alitalia filed for extraordinary administration proceedings on
May 2, 2017.

On June 12, 2017, Alitalia filed a Chapter 15 bankruptcy petition
in Manhattan, New York, in the U.S. (Bankr. S.D.N.Y. Case No.
17-11618) to seek recognition of the Italian insolvency
proceedings and protect its assets from legal action or creditor
collection efforts in the U.S.  The Hon. Sean H. Lane is the case
judge in the U.S. case.  Dr. Luigi Gubitosi, Prof. Enrico Laghi,
and Prof. Stefano Paleari are the foreign representatives
authorized to sign the Chapter 15 petition.  Madlyn Gleich
Primoff, Esq., Freshfields Bruckhaus Deringer US LLP, is the U.S.
counsel to the Foreign Representatives.


BANCA IFIS: Fitch Rates EUR400MM Subordinated Tier 2 Issue 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned Banca IFIS's (IFIS, BB+/Stable/bb+)
EUR400 million subordinated Tier 2 issue (ISIN: XS1700435453) a
final rating of 'BB'.

The final rating is line with the expected rating, which Fitch
assigned to the notes on October 6, 2017 (see 'Fitch Rates IFIS's
Subordinated Tier 2 Notes 'BB(EXP)'').

The notes have been issued under IFIS's EUR5 billion EMTN
programme and qualify as Basel III-compliant Tier 2 debt. They
contain contractual loss absorption features that will be
triggered only at the point of non-viability of the bank and no
equity conversion feature. The terms of the notes include a
reference to noteholders consenting to be bound by subordination
provisions established by Italian law.

KEY RATING DRIVERS
SUBORDINATED DEBT

The notes are rated one notch below IFIS's 'bb+' Viability Rating
(VR) to reflect the below-average recovery prospects for the
notes in case of a non-viability event. Fitch does not notch the
notes for non-performance risk because there is no coupon
flexibility included in their terms.

RATING SENSITIVITIES
SUBORDINATED DEBT

The notes' rating is primarily sensitive to a change in the
bank's VR, from which it is notched. The notes' rating is also
sensitive to a change in notching should Fitch change its
assessment of loss severity or relative non-performance risk.


===================
L U X E M B O U R G
===================


BELRON SA: S&P Assigns Prelim 'BB' Long-Term Corp Credit Rating
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB' long-term
corporate credit ratings to Luxembourg-based vehicle glass repair
and replacement services company Belron S.A. and its finance
subsidiary Belron Finance Ltd. The outlook is stable.

S&P said, "At the same time, we assigned our preliminary 'BB'
ratings to the group's proposed senior secured EUR200 million
revolving credit facility (RCF) maturing in 2023, and its
proposed EUR1.3 billion equivalent term loan B maturing in 2024.
The recovery rating on these facilities is '3', indicating our
view of meaningful recovery prospects of 55% in the event of a
default.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, we reserve the
right to withdraw or revise our ratings. Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size, and conditions of the loans, financial and other covenants,
security, and ranking."

Belron is the global leader in the vehicle glass repair and
replacement (VGRR) market, reporting sales of EUR3.3 billion in
2016. The company operates in 34 countries across Europe and
North America under seven different brands, including Carglass in
Continental Europe, Safelite in the U.S., and Autoglass in the
U.K.

S&P said, "Our preliminary ratings reflect our satisfactory
business risk assessment, backed by Belron's leading position in
the VGRR market, where it has global market shares of more than
30% and no competitors with a comparable geographical presence
and size. This position is fostered by Belron's brand
recognition, which is somewhat higher than the company's direct
competitors in all major markets worldwide. Furthermore, we
consider that Belron's business model is highly stable and
predictable because it has long-term relationships with most
large insurers globally. These insurers provide about two-thirds
of the company's revenue stream. Belron also sees relatively
stable demand for its core business, which is nondiscretionary in
nature. In our view, it is unlikely to see negative market
conditions -- such as mild weather during winter and summer --
simultaneously, globally, and on a sustained basis.

"On the other hand, the global VGRR market currently represents
96% of Belron's revenues and is showing signs of some structural
decline, which limits the company's growth prospects, in our
view. In addition, the weighting of Belron's customer base toward
insurers increases price-sensitivity relative to peers in some
markets, resulting in lower profitability versus players in the
roadside assistance industry, for instance, although it also
provides a good level of predictability. We consider Belron's
profitability as a restraining factor in our assessment of the
company's business risk. Although we consider that the company's
underlying business is relatively stable in nature, high
variability in EBITDA or margins going forward could result in a
downward revision of Belron's business risk profile assessment,
given the group's below-average profitability.

"We assess financial risk as aggressive, based on Belron's
relatively high leverage, even though we anticipate that cash
flow generation will remain solid. When calculating EBITDA, we
deduct all exceptional costs undertaken to address any
operational needs and competitive challenges, and add back
material adjustments related to operating leases. We forecast
that underlying free operating cash flow (FOCF) generation will
be limited in 2017, improving gradually thereafter to about
EUR150 million on an adjusted basis.

"We anticipate stable EBITDA margins over the forecast period,
supported by increasing business volumes through online channels
over call centers, despite decreasing gross margins. Combined
with increasing cash generation, we expect this to support a
gradual deleveraging of the group, unless there are additional
shareholder distributions."

In its base-case scenario, S&P assumes:

-- Global VGRR market to decline by 1%-2% because of
    structurally declining demand volumes, despite some price
    inflation and increasing volumes in calibration services.

-- Despite this, S&P forecasts Belron's top line to grow by 2%-
    3%, supported by the company's continued marketing efforts
    and increasing weight of ancillary services, as well as
    regular small bolt-on acquisitions.

-- Capital expenditure (capex) of about EUR150 million-EUR200
    million over S&P's forecast period, dedicated to expanding
    and maintaining the company's IT capabilities, vehicle fleet,
    and repair shops.

-- Acquisition spending to be at around EUR20 million-EUR30
    million per year; S&P does not anticipate any material
    mergers or acquisitions.

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

-- Adjusted debt to EBITDA of 4.5x at the close of the
    transaction, slightly improving over the forecast period
    toward 4.0x in 2019.

-- S&P forecasts adjusted funds from operations (FFO) to debt of
    about 13% at the close of the transaction. S&P expects this
    ratio to be at around 17% in 2018 and continue to improve
    gradually thereafter.

-- Adjusted FOCF to debt of 5%-10% going forward, which further
    supports the aggressive financial risk profile.

S&P said, "We assess Belron's liquidity as adequate, as we
anticipate that the company should be able to maintain sufficient
liquidity to meet its obligations over the next 12 months.
Although we consider the ratio of sources of liquidity to uses
qualifies for a stronger assessment, certain qualitative factors
limit our assessment. We do not include the sources and uses
relating to the transaction as they dilute ratios. Instead, we
analyze the company's liquidity situation from the close of the
transaction."

Sources of liquidity over the next 12 months would include:

-- Starting unrestricted cash balance of about EUR13 million;

-- A new committed RCF of EUR200 million that S&P expects to
    remain largely undrawn; and

-- Cash FFO generation of around EUR300 million.

Uses of liquidity would include:

-- Amortization of the U.S. dollar portion of the first-lien
    term loan B (about EUR9 million);

-- Working capital outflows of about EUR100 million, including a
    seasonal swing of EUR60 million;

-- Capex of about EUR175 million; and

-- Bolt-on acquisitions of about EUR20 million-EUR30 million.

The EUR200 million RCF will have springing covenants set at 35%
headroom to opening first-lien leverage, tested when the RCF is
40% drawn. S&P does not forecast any material drawings under the
RCF.

S&P said, "The stable outlook reflects our view that Belron will
continue to grow at a healthy rate of 2%-3% over the next 12
months. It also incorporates our view that 2017 will be a
transition year in which the exceptional costs related to the
refinancing transaction will weigh on credit metrics. Thereafter,
we expect Belron to maintain stable EBITDA margins and material
positive FOCF.

"We could take a negative rating action if Belron or its parent
reported declining revenues and subdued EBITDA margins on a
continued basis, or attempted material debt-funded acquisitions
or shareholder distributions. The ratings could also come under
pressure if we saw difficult conditions in Belron's main markets,
such as increased competition or higher than usual costs relating
to operational restructuring that could bring Belron's FFO-to-
debt ratio below 16%. Similarly, underperformance from other
D'Ieteren subsidiaries that resulted in the parent's FFO-to-debt
ratio falling below 20% could lead to a downgrade. We could lower
the ratings on Belron if D'Ieteren was to change its financial
policy, weakening credit metrics as a result of material debt-
funded acquisitions or shareholder distributions.

"Although we consider it unlikely in the near term, we could
raise our ratings if we anticipated that Belron's EBITDA margins
were likely to improve by significantly more than we currently
expect, while also generating material FOCF with no material
debt-funded acquisitions or shareholder distributions following
the transaction. In particular, we could raise our ratings on
Belron if its credit metrics improved so that FFO to debt
exceeded 20% on a sustained basis, supported by similar trends at
Belron's parent, D'Ieteren, which we would expect to maintain FFO
to debt of above 30%."


PUMA INTERNATIONAL: Fitch Rates US$600 Million Senior Notes BB
--------------------------------------------------------------
Fitch Ratings has assigned Puma International Financing S.A's
recent US$600 million senior notes issue due in 2024 a final
senior unsecured rating of 'BB '. The rating is in line with the
current rating of the 6.75% notes.

The notes are issued by Puma International Financing S.A., a
Luxembourg-based financial vehicle wholly owned by Puma Energy
Holdings Pte Ltd (Puma Energy). They will be unconditionally
guaranteed on a senior unsecured basis and will rank equally in
right of payment with all existing and future senior unsecured
and unsubordinated obligations of Puma Energy. The proceeds of
the issue were used to fund a tender offer for USD590 million of
Puma International Financing S.A.'s existing 6.75% USD1 billion
senior notes due 2021. The transaction should improve Puma
Energy's debt maturity profile and the company's annual interest
cost as the coupon on the new issue is 5.125%.


KEY RATING DRIVERS

1H17 Underperformance: The mid to low single-digit decline in
EBITDA posted by Puma Energy in 1H17 was below Fitch's
expectations and Fitch now no longer expects the improvement in
performance forecast under our previous 2017 base case to
materialise. This is mainly driven by underperformance in Africa
and, more importantly, in South Africa (BB+/Stable) where Puma
Energy's B2B segment has been impacted by the country's weaker
economic environment, particularly in the mining sector. The
other regions have performed more or less in line with our
expectations.

Lower Capex Partly Offsets Underperformance: Our revised base
case now assumes 2017 EBITDA will be in line with 2016's. Cash-
flow generation in 1H17 was also impacted by working-capital
outflows of USD200 million attributed to activity ramp-ups in
Myanmar and Northern Ireland. Fitch assumes that these trends
will normalise in 2H17. The lower EBITDA and higher working-
capital requirements are expected to be partly offset by a
significant reduction in capex.

Under our base case, funds from operations (FFO) readily
marketable inventories (RMI) lease-adjusted net leverage will
weaken to above 4x in 2017 from 3.8x in 2016, before decreasing
to around 3.5x in 2019 as capex remains below the expansionary
levels of the past few years.

Expected Deleveraging Reflects Stable Outlook: After 2017, Fitch
forecast Puma Energy's FFO RMI adjusted leverage to remain below
4x as the historically high investments start to contribute to
EBITDA and working capital reverses in 2018. Fitch has revised
our EBITDA projections downwards for 2018 and 2019, which
reflects our expectation that the operating environment in Africa
will remain difficult. However, this should be offset by a
downwards revision of capex to around USD350 million to USD450
million pa for 2018 and 2019. Failure to maintain FFO RMI
adjusted leverage below 4x will put pressure on the ratings.

Moderate Execution Risk: Between 2012 and 2016 Puma Energy spent
around USD5.7 billion on maintenance, expansionary capex and
acquisitions, while EBITDA only grew to USD718 million in 2016
from USD532 million in 2012. As part of its growth strategy, Puma
Energy's asset base has continued to expand.

We believe that moderate execution risk remains embedded in its
strategy as some of the previous investments have yet to
contribute to EBITDA. It has taken longer for some investments to
come on stream, while at the same time Puma Energy has been
investing in its storage network, which although supportive of
the company's downstream business, has not materially contributed
to EBITDA.

Slower Investment Phase: Fitch forecast that the company has now
entered into a materially lower investment phase and will
continue to spend around USD350 million to USD450 million
annually on investments (down from above USD1 billion pa from
2012 to 2015). Apart from maintenance capex of around USD100
million, the rest will mainly be used on greenfield projects.
This means a potential increase in project risk as they do not
immediately contribute to EBITDA and they could experience
delays.

Currency/End-Market Risk: Puma Energy's unit margins and EBITDA
are not directly affected by oil prices, as evidenced in 2015
when oil prices dropped significantly. The company mainly
operates in semi-regulated and fully regulated markets, where the
government sets a margin over prices for distributors. However,
it is not immune to other factors such as FX and end-market risk.
A steep devaluation in currency against the dollar takes around
three to six months to pass on to consumers, as seen in 2015 and
2016 and pricing pressure affects some of its end- markets, such
as B2B and mining in South Africa.

Diversified with Leading Market Shares: Puma Energy is highly
diversified by business, geography and customer. It has a unique
integrated business model, with no direct peers on a global
basis. However, some of these geographies are correlated, as the
company is highly dependent on emerging markets. Around 14.5% of
its twelve months ended June 30, 2017 EBITDA was generated in
investment-grade countries, and 38.5% from countries rated 'BB+'
to 'BB'. This is a decrease from 2015 when around one-third of
Puma's EBITDA was generated from investment-grade countries and
reflects primarily the downgrade of South Africa's sovereign
rating in 2017.

The ratings reflect Fitch's expectations that oil products will
remain in demand in developing markets due to their essential
nature, therefore enjoying limited price elasticity.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
interest coverage ratios, Fitch excludes debt associated with
financing RMI (such as refined oil products) and reclassifies the
related interest costs as cost of goods sold. The differential
between RMI-adjusted and RMI-unadjusted FFO net leverage is
around 0.5x-1.0x, supporting the IDR at 'BB'.

DERIVATION SUMMARY

Puma Energy operates a unique business model with no directly
comparable peers. The closest competitors are oil majors and
commodity traders with downstream assets, although on typically
lower margins than Puma.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
- volume growth of around 7% pa, after 2017;
- downstream gross profit margin decreasing to around USD60/
   cubic metre by 2019;
- downstream contribution decreasing to around 80% of total
   gross profit by 2019;
- around USD350 million to USD450 million pa outlay for
   acquisitions and capex for 2017 and 2018.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Improved business risk profile reflecting successful
   implementation of growth plans through acquisitions and
   greenfield projects, while maintaining sufficient geographic
   diversification
- Steady profitability and internal cash-flow growth with
EBITDAR
   surpassing USD1 billion
- Free cash flow (FCF) /EBITDAR excluding expansionary capex
   (cash conversion) at or above 35% on a sustained basis (2016:
   35%)
- FFO RMI-adjusted net leverage below 3.0x with evidence of
   deleveraging on a sustained basis
- Maintaining FFO fixed charge coverage above 4.5x (2016: 2.8x)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sharp deterioration in sales volume due to the competitive or
   regulatory environment or reflecting difficulties in
   integrating acquisitions with EBITDAR falling below USD500
   million
- FCF/EBITDAR excluding expansionary capex (cash conversion)
   decreasing to 15% or below on a sustained basis
- Continued debt-funded acquisitions/investments leading to FFO
   RMI-adjusted net leverage remaining above 4.0x on a sustained
   basis

LIQUIDITY

Adequate Liquidity: Puma Energy's liquidity is adequate and will
be enhanced in September 2017 by a new five-year syndicated term
loan facility for USD350 million. The term loan will be used to
pay down short-term debt which, along with the proposed bonds,
will improve the company's maturity profile. As of June 30, 2017,
Puma Energy had cash and cash equivalents of USD391 million and
undrawn credit lines of USD850.7 million (including a USD500
million shareholder revolving credit facility) compared with
USD698 million of short-term debt.


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


JUBILEE CLO 2015-XV: Moody's Raises Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to four classes of refinancing notes issued by by Jubilee
CLO 2015-XV B.V.:

-- EUR252,750,000 Refinancing Class A Senior Secured Floating
    Rate Notes due 2028, Assigned Aaa (sf)

-- EUR60,250,000 Refinancing Class B Senior Secured Floating
    Rate Notes due 2028, Assigned Aa2 (sf)

-- EUR26,000,000 Refinancing Class C Deferrable Mezzanine
    Floating Rate Notes due 2028, Assigned A2 (sf)

-- EUR23,500,000 Refinancing Class D Deferrable Mezzanine
    Floating Rate Notes due 2028, Assigned Baa2 (sf)

Additionally, Moody's has taken rating actions on the following
outstanding notes issued by the Issuer on June 4, 2015 (the
"Original Closing Date"):

-- EUR27,000,000 Class E Deferrable Junior Floating Rate Notes
    due 2028, Affirmed Ba2 (sf); previously on Jun 4, 2015
    Definitive Rating Assigned Ba2 (sf)

-- EUR15,250,000 Class F Deferrable Junior Floating Rate Notes
    due 2028, Upgraded to B1 (sf); previously on Jun 4, 2015
    Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the refinancing notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2028. The ratings reflect the risks due to defaults
on the underlying portfolio of assets, the transaction's legal
structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the collateral
manager, Alcentra Limited ("Alcentra"), has sufficient experience
and operational capacity and is capable of managing this CLO.

The Issuer has issued the Refinancing Class A Notes, the
Refinancing Class B Notes, the Refinancing Class C Notes and the
Refinancing Class D Notes (the "Refinancing Notes") in connection
with the refinancing of the Class A Senior Secured Floating Rate
Notes due 2028, the Class B Senior Secured Floating Rate Notes
due 2028, the Class C Deferrable Mezzanine Floating Rate Notes
due 2028 and the Class D Deferrable Mezzanine Floating Rate Notes
due 2028 ("the Original Notes") respectively, previously issued
on the Original Issue Date. The Issuer will use the proceeds from
the issuance of the Refinancing Notes to redeem in full the
Original Notes that will be refinanced. On the Original Issue
Date, the Issuer also issued two classes of rated notes and one
class of subordinated notes, which will remain outstanding.

Other than the changes to the spreads of the notes, the main
material change to the terms and conditions will involve
increasing the Weighted Average Life Test by approximately 15
months to a total of 6.9 years from the refinancing date. The
length of the reinvestment period will remain unchanged and will
expire on July 12, 2019. Furthermore, the manager is expected to
be able to choose from a new set of collateral quality test
covenants (the "Matrix"). No other material modifications to the
CLO are occurring in connection to the refinancing besides some
updates regarding the optional redemption features of the
transaction.

Moody's rating actions on the Class E Notes and Class F Notes are
primarily a result of the amendments to the transaction documents
and the issuance of the Refinancing Notes.

Jubilee CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds. The underlying portfolio is expected to be 100%
ramped as of the refinancing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

Alcentra 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 remaining 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
restrictions.

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.

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 2.3.2.1 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. As such, Moody's
encompasses the assessment of stressed scenarios.

The key model inputs Moody's used 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. For modelling
purposes, Moody's used the following base-case assumptions:

Performing par, recoveries and principal proceeds balance:
EUR437,775,000

Defaulted par: EUR0

Diversity Score: 34

Weighted Average Rating Factor (WARF): 3045

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon (WAC): 5.75%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 6.9 years

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 5% of the pool would be domiciled in
countries with A3 and a maximum of 5% of the pool would be
domiciled in countries with Baa3 local currency country ceiling
each. The remainder of the pool will be domiciled in countries
which currently have a local or foreign currency country ceiling
of Aaa or Aa1 to Aa3. Given this portfolio composition, the model
was run with different target par amounts depending on the target
rating of each class as further described in the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the Class A notes, 0.50% for the Class B
notes, 0.38% for the Class C notes and 0% for Classes D, E and F.

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

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

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was a
component in determining the ratings assigned to the Refinancing
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 the Refinancing Notes as well as the existing
notes which are not subject to refinancing, (shown in terms of
the number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), assuming that all other factors are held equal.

Percentage Change in WARF -- increase of 15% (from 3045 to 3502)

Rating Impact in Rating Notches:

Refinancing Class A Senior Secured Floating Rate Notes: 0

Refinancing Class B Senior Secured Floating Rate Notes: -2

Refinancing Class C Deferrable Mezzanine Floating Rate Notes: -2

Refinancing Class D Deferrable Mezzanine Floating Rate Notes : 0

Class E Deferrable Junior Floating Rate Notes: 0

Class F Deferrable Junior Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 3045 to 3959)

Rating Impact in Rating Notches:

Refinancing Class A Senior Secured Floating Rate Notes: -1

Refinancing Class B Senior Secured Floating Rate Notes: -4

Refinancing Class C Deferrable Mezzanine Floating Rate Notes: -2

Refinancing Class D Deferrable Mezzanine Floating Rate Notes: -1

Class E Deferrable Junior Floating Rate Notes: -2

Class F Deferrable Junior Floating Rate Notes: -2

Further details regarding Moody's analysis of this transaction
may be found in the related new issue report, published around
the Original Issue Date in June 2015 and available on Moodys.com.

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 31, 2017.


MARFRIG GLOBAL: Fitch Affirms Long Term IDR at 'BB-'
----------------------------------------------------
Fitch Ratings has affirmed Marfrig Global Foods S.A.'s (Marfrig)
Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'BB-' and its National Scale rating at 'A(bra).' Fitch
has also affirmed Marfrig Holdings (Europe) and MARB BondCo PLC's
senior unsecured notes at 'BB-'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Robust Business Position: Marfrig's ratings incorporate the
company's broad product and geographic diversification in the
volatile protein commodity industry. The geographic and product
diversification help to reduce risks related to disease, trade
restrictions and currency fluctuation. The company is structured
in two business units: (i) Marfrig Beef (45% of EBITDA in 2016),
one of the world's largest beef producers, and (ii) Keystone
Foods (55% of EBITDA in 2016), a global supplier to foodservice
restaurant chains (McDonald's represented about 56% of Keystone's
sales in 2016. Marfrig's competitive advantages stem from a
favorable environment to raise cattle in Brazil, large scale of
operations in the beef and poultry industries, and long-term
relationship with farmers, customers, and distributors. Marfrig's
rating is tempered by the volatility of cash flow generation in
the beef commodity business.

Delayed Deleveraging Trajectory: Fitch expects Marfrig's net
leverage to remain high at about 4.3x by the end of 2017, which
negatively compares to 3.9x at end-2016, barring Keystone IPO.
The delay in its deleveraging trajectory is a result of the
additional working capital investments related to the reopening
of its three plants in Brazil. Should Keystone's IPO take place
in 2018, Fitch estimates that the company's net debt/ EBITDA
could improve by 1.0x-1.5x if proceeds are used to repay debt.
Marfrig's near-term net leverage target is 2.5x, but Fitch
believes that the company could aggressively pursue Keystone's
growth, or adopt a higher level of shareholder distribution
policy if its credit metrics materially improve following the
IPO.

Gradual FCF Recovery: Fitch forecasts Marfrig to improve free
cash flow (FCF) from 2018 supported by the increased slaughtering
capacity in the Marfrig Beef division, sustained organic growth
and profitability improvement of Keystone division, and lower
interest expenses following the company's liability management
and the conversion of the convertible bond by BNDES into equity
in 2017. Marfrig's FCF is forecast to remain negative at around
BRL830 million in 2017 due to an increase in working capital
outflow due to the reopening of the slaughtering facilities in
Brazil, high interest expense, and slow domestic market recovery
in Brazil.

Potential Keystone IPO Neutral to Credit: Fitch views the
potential IPO of Keystone in the coming months as neutral for the
ratings, based on the assumption that the company retains the
control of its subsidiary. The introduction of minority
shareholders and a resultant reduction in the company's
flexibility in cash flow transfer within the group should dilute
the positive impact from the IPO on the group's financial metrics
and additional resources to support the Keystone growth.

Favourable Beef Outlook: Global beef fundamentals are expected to
remain positive in the next few years for Brazilian producers due
to an expected improvement in the consumer environment in Brazil,
steady global demand, limited global beef supply and ample
livestock supply in Brazil which should reduce raw material
costs. The domestic market is expected to slowly rebound as the
purchasing power of Brazilian consumers gently improves, and the
uncertainty about political risk clears up. As of the latest 12
months (LTM) ended June 30, 2017, Marfrig beef exports
represented 43% of beef revenues at BRL3.7 billion. Among the
significant industry risks are a downturn in the economy of a
given export market, the imposition of increased tariffs or
sanitary barriers, and strikes or other events that may affect
the availability of ports and transportation.

DERIVATION SUMMARY

Marfrig is well positioned to compete in the global protein
industry. The ratings reflect company's product and geographic
diversification, with its beef business in the South America
(notably Brazil) and Keystone's processed poultry business in the
U.S. and Asia. This compares well to its regional peer Minerva
S.A. (BB-/Stable), which is mainly a beef processor in South
America. This strength is offset by Minerva's higher EBITDA
margin than that of Marfrig thanks to its export-driven model.
JBS S.A. (BB/Rating Watch Negative) boasts a higher level of
scale of operations and diversification than Marfrig, which
mitigates its weaker liquidity compared to Marfrig. In terms of
leverage, the three companies operate with similar capital
structures. There is no parent-subsidiary linkage, and no Country
Ceiling constraint and operating environment influence were in
effect for the ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

Marfrig Beef:
-- Double digit volume growth for beef in 2018 as a result of
    increased capacity in Brazil;
-- EBITDA margin stabilizes below 9%.

Keystone:
-- Volume sales increasing by mid-single digits over the medium
    term;
-- EBITDA margin stabilizes at around 9.6% starting in 2017.

Consolidated:
-- Annual Capex/Revenues of 3.1% in the next four years;
-- Lower interest paid after 2017 reflecting the conversion of
    the convertible bond in January 2017;
-- No dividend payments.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Sustainable and positive FCF;
-- Improved and resilient operating margins in Marfrig Beef;
-- Substantial decrease in gross and net leverage to below 4.5x
    and 3.0x, respectively, on a sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
-- Negative FCF on a sustained basis;
-- Net leverage above 4.5x on a sustainable basis.

LIQUIDITY

Strong Liquidity: Marfrig enjoys a strong liquidity position. The
liquidity was reinforced by the divestment of Moy Park and its
liability management. The company's liquidity benefits from its
comfortable cash on hand and debt amortization profile. As of the
LTM ended June 30, 2017, the group held BRL5.4 billion of cash
and marketable securities against its short-term debt of BRL1.5
billion. The company continues to be actively engaged in
liability management to reduce debt and interest expense. As of
June 30, 2017, around 97% of the company's debt is in U.S.
dollars and foreign currencies (excluding the real) while around
75%-80% of its LTM EBITDA (57% Keystone) is pegged to currencies
other than the Brazilian Real.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Marfrig Global Foods S.A.
-- Long-Term Foreign and Local Currency IDR at 'BB-'; Outlook
    Stable;
-- National Long-Term Rating at 'A(bra)'; Outlook Stable.

Marfrig Holdings (Europe) B.V.
-- Senior unsecured notes due 2018, 2019, 2021, 2023 at 'BB-'.

MARB BondCo PLC
-- Senior unsecured notes due 2024 at 'BB-'.


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


FABRIKA AKUMULATORA: Batagon Raises Bid to EUR7 Million
-------------------------------------------------------
SeeNews reports that Switzerland-based Batagon International has
increased the price it is offering for Serbian insolvent car
battery maker Fabrika Akumulatora Sombor (FAS) to EUR7 million
($8.2 million) from EUR6 million.

The company intends to withdraw from the deal if the creditors of
FAS do not accept the proposal, news portal SoInfo quoted the
insolvency administrator of FAS, Predrag Ljubovic, as saying,
SeeNews relays.

According to SeeNews, Mr. Ljubovic said the bank guarantee on FAS
debts expires on October 19 and creditors are expected to respond
by the end of last week.

According to the report, the creditors of FAS have already
rejected three offers by Batagon International for the assets of
the insolvent company. Batagon International originally offered
EUR3 million for FAS in July and then sweetened their bid to
EUR4 million. In August, the creditors rejected a EUR5.05 million
offer and Batagon International raised the bid to EUR6 million,
SeeNews relates.

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

Fabrika Akumulatora Sombor (FAS) is Serbia-based car battery
maker.


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


BBH PROPERTY: High Court Winds Up 13 Cos. Involved in Fraud
-----------------------------------------------------------
Thirteen companies have been wound up by the High Court in the
public interest following investigations by Company
Investigations of the Insolvency Service.

The companies all traded from an address in Stroud and were all
set up by husband and wife team Matthew and Charlotte Roberts,
who are both bankrupt. They had targeted high net worth
individuals and 'sophisticated investors' for two projects and
succeeded in raising at least GBP7.8 million. Insolvency Service
investigators are now seeking to track down funds and assets but
have warned a significant amount of the money may not be
recoverable.

David Hill, chief investigator with the Insolvency Service, said,

"I am very pleased to see that the Court has called a halt to the
unscrupulous activities of these companies. The Insolvency
Service will continue to investigate and bring to a halt the
activities of companies harming or about to harm the public by
operating in this way.

"The companies have shown no regard for the law."

The 13 companies purported to be involved in two projects. 11
were concerned with a project to acquire and convert a former
convent in Woodchester, near Stroud in Gloucester, into a hotel
and music venue. The remaining two companies were involved in a
second project to acquire and develop a property in Norway to
create an 'eco resort'.

The Matthews raised at least GBP7.8 million from private
investors who were told their investments would be fully asset
backed with the companies in which they purchased shares
acquiring ownership of various land and buildings at the two
sites. In fact none of the land, or buildings was found to be
owned by the companies in which investors had invested.

Investors were invited to buy preference shares in a number of
companies with a particular purpose in defined project on the
promise of annual returns from 10% and guaranteed buybacks up to
150% depending on the length of the investment term which could
be between one, three or five years. They were then told that
their investment was high risk and having certified themselves as
either 'high net worth individuals' or 'sophisticated investors',
they would have no access to the Financial Services Compensation
Scheme.

Both Matthew Roberts and Charlotte Roberts are bankrupt. The
former has been bankrupt since Sept. 3, 2014 and his discharge
has been suspended. The latter was made bankrupt on Aug. 25, 2016
and her discharge is also currently suspended

In respect of the UK project ("The Convent Hotel & Spa"):

* the Court heard that the site of the former convent had been
  acquired by the Roberts and/or HH Property 4 Limited, a company
  under their control, in May and June 2013, through the use of
  bridging loans secured against the properties.

* In the first phase of fund raising investors were encouraged
  to buy shares in Special Purpose Vehicle ("SPV") companies,
  again controlled by the Roberts and which each owned a single
  share in BBH Property 1 Limited. In subsequent fund raising
  phases investors purchased shares directly in BBH Property
  2 Limited, Crowdseed3 Limited and Crowdseed4 Limited. In total
  some GBP5.8 million was raised from investors in the UK
  project.

* Investors were told their funds would be used to enable the
  purchase by those four companies of various buildings at the
  Convent site thus providing security for investors by shared
  ownership of the companies that owned the buildings free from
  debt. The investment companies would then lease the buildings
  to hotel operating companies and receive a dividend based on
  the rent received by the companies plus a guaranteed buy back
  of their shares at 125% of investment after 3 years or 150%
  after five years.

* Investors were given comfort that their monies would be paid
  into solicitor client accounts and held in escrow and only
  released when adequate security was in place. This did not
  happen and funds were released by solicitors on the directions
  of the Roberts and large sums were applied for other purposes,
  or purposes that the investigators could not identify.

* The Court saw evidence that, save for one set of buildings
  known as The Barns, none of the properties were ever
  transferred to the investment companies as purported would
  happen in the brochures and other documents provided to
  investors. The Barns, which the investigators found to be
  derelict outbuildings, were subsequently transferred by BBH
  Property 1 Limited to Thornley Property Stroud Limited without
  the investors' knowledge leaving the investors without any
  security at all. Thornley Property Stroud, which was used by
  Mrs Roberts as a personal management company and latterly as
  the hotel operating company, is recorded as having paid
  GBP300,000 for the purchase of the Barns from BBH
  Property 1. However; the investigators found no evidence that
  any such consideration was ever paid by Thornley Property
  Stroud for The Barns.

* The Court also found that investors monies were not used for
  the purposes for which investors had been led to believe they
  would be and that significant sums were paid to the Roberts,
  Frazer Fearnhead (a former director of BBH Property 1 and BBH
  Property 2), or companies which they controlled.

BBH Property 1 Limited was incorporated on Dec. 11, 2014,
registration number 08675992. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

BBH Property 1 Limited was incorporated on Dec. 11, 2014,
registration number 09012571. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

Crowdseed3 Limited was incorporated on Sept. 15, 2014,
registration number 09217756. The registered office of the
company is at 54 Mallorie Park Drive, Ripon, N Yorkshire, HG4
2QF.

Crowdseed4 Limited was incorporated on Jan. 30, 2015,
registration number 09415203. The registered office of the
company is at 54 Mallorie Park Drive, Ripon, N Yorkshire, HG4
2QF.

HH Property 4 Limited was incorporated on April 2, 2012,
registration number 08016267. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

Convent (Stroud) Limited was incorporated on Sept. 15, 2015,
registration number 09778052. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

Roomco Limited was incorporated on Sept. 3, 2014, registration
number 09200891. The registered office of the company is at The
Convent, Convent Lane, South Woodchester, Stroud,
Gloucestershire, GL5 5HS.

Convent Live Limited was incorporated on Sept. 15, 2014,
registration number 09218722. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

Thornley Property (Stroud) Limited was incorporated on April 25,
2014, registration number 09011046. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

Netgiglive Limited was incorporated on Nov. 20, 2012,
registration number 08300688. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

Music Show Limited was incorporated on Nov. 21, 2016,
registration number 10489610. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

In respect of the Norway Project ("The Convent in the Hills
Investment"):

* Convent in the Hills Limited and Covent in the Hills 2 Limited
  were companies used to raise investment to purchase and develop
  land in Norway to create an eco resort.

* There were two elements to the development the first was a
  proposal to build a central hotel and 224 houses on a plot of
  land. Funds were raised by The Convent in the Hills Limited
  and were used to purchase five plots of land in Mr and Mrs
  Roberts's names, only one of which had planning permission and
  was subsequently transferred into the ownership of a subsidiary
  company of The Convent in the Hills being Convent in the Hills
  AS

* Convent in the Hills AS is a Norwegian company and is currently
  subject to an insolvency process in that country.

* The plot was purchased from Mr and Mrs Roberts for NOK 5
  million (Norwegian Krona), being the same price that they had
  paid for all five plots in the previous year. The Court
  accepted the evidence that a significant proportion of the
  monies raised was paid to Mrs Roberts, or to companies, or
  individuals with whom she was connected, including paying
  expenditure apparently unconnected with the Norwegian Project.

The Convent In The Hills Limited was incorporated on June 3,
2014, registration number 09068955. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

The Convent In The Hills2 Limited was incorporated on July 23,
2014, registration number 09144068. The registered office of the
company is at The Convent, Convent Lane, South Woodchester,
Stroud, Gloucestershire, GL5 5HS.

The winding-up petitions were presented under s124A of the
Insolvency Act 1986. The Official Receiver was appointed as
provisional liquidator of the companies on Aug. 10, 2017 by
Mr. Justice Roth, a Judge of the Chancery Division of the High
Court.

Company Investigations, part of the Insolvency Service, uses
powers under the Companies Act 1985 to conduct confidential fact-
finding investigations into the activities of live limited
companies in the UK on behalf of the Secretary of State for
Business, Energy and Industrial Strategy.

The Insolvency Service, an executive agency sponsored by the
Department for Business, Energy and Industrial Strategy (BEIS),
administers the insolvency regime, and aims to deliver and
promote a range of investigation and enforcement activities both
civil and criminal in nature, to support fair and open markets.
We do this by effectively enforcing the statutory company and
insolvency regimes, maintaining public confidence in those
regimes and reducing the harm caused to victims of fraudulent
activity and to the business community, including dealing with
the disqualification of directors in corporate failures.


BOSTON PRIME: Director Banned for 12 Years
------------------------------------------
George Alex Popescu, director of the FCA-approved prime brokerage
firm, has been disqualified as a director after owing over GBP8
million to creditors.

Boston Prime Ltd went into Special Administration on Feb. 9, 2015
owing over GBP8 million to creditors. Following an investigation
by the Insolvency Service, George Alex Popescu has been
disqualified from acting as a director for 12 years.

A disqualification order was made in the High court on Aug. 2,
2017.

The court found Popescu had breached his fiduciary duties to act
in the best interest of Boston Prime and failed to ensure that
both Boston Prime, and himself individually, as the approved
person, complied with the FCA's rules and guidance, following a
proposed conditional sale of the company to a multinational group
of companies in July 2014, which subsequently did not complete.

The Insolvency Service's investigators discovered that Popescu
relinquished control of Boston Prime's affairs, including control
of its bank accounts and books and records, to the purchaser
following the proposed sale, without informing the FCA of the
sale or change in control and that after he relinquished control.

The investigation also found he caused or allowed adjustments to
be made of over $3 million to client's trading accounts which
were subsequently disputed by clients; caused or allowed the
transfer of $3 million from a trading account of Boston Prime to
that of connected company and caused or allowed payments
totalling $6.2 million to be made to two connected companies.

When asked to explain these transactions by the Insolvency
Service's investigators, Popescu was unable to provide the
precise details or their legitimacy.

Commenting on the disqualification, Robert Clarke, Investigations
Group Leader at The Insolvency Service, said:

"Directors have a duty to ensure that they exercise sufficient
control over company operations to ensure that the company
complies with relevant regulations and that its transactions can
be accounted for."

"This disqualification should serve as a warning to other
directors who fail to fulfil their duties."

When Boston Prime Limited went into Special Administration on
Feb. 9, 2015, the company disclosed assets estimated to realise
GBP770,820, and liabilities to creditors of GBP8,185,981.


GREEN MARINE: Goes Into Liquidation; 46 Jobs Axed
-------------------------------------------------
BBC News reports that Green Marine, involved with leading
yachting events including the Volvo Ocean Race and America's Cup,
has gone into liquidation.  The company has ceased trading with
the loss of 46 jobs, BBC states.

BBC says the company blamed a slowdown in large orders.

According to the report, the company said it had been hoping to
win an order for the hull and superstructure of a superyacht but
this failed to materialise.

BBC relates that insolvency specialist Peter Hall, who was
instructed to place the company into voluntary liquidation, said
it was an "incredibly emotional" time for the family company's
directors and employees.

"It highlights the issues facing companies which rely on a low
number of very high value projects," BBC quotes Mr. Hall as
saying.

Established in 1982, Green Marine has built more than 180 boats
and specialised in manufacturing advanced composite designs.
Green Marine's core business was building custom racing yachts,
high performance superyacht hulls and lightweight components in
carbon fibre composites.


HARRIER FINANCE: Moody's Withdraws C Rating on $2000M MTN Program
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Harrier
Finance Funding Limited and Harrier Finance Funding (U.S.) LLC,
the issuing entities of a structured investment vehicle called
Harrier Finance Limited (a trade name assumed by Rathgar Capital
Corporation).

-- US$5000M Harrier Finance Funding (US) LLC, USD CP Program CP
    Program, Withdrawn (sf); previously on Jul 11, 2017 P-1 (sf)
    Placed Under Review for Possible Downgrade

-- US$5000M Harrier Finance Funding Limited, Euro CP Program CP
    Program, Withdrawn (sf); previously on Jul 11, 2017 P-1 (sf)
    Placed Under Review for Possible Downgrade

-- US$5000M Harrier Finance Funding (US) LLC, US MTN Program MTN
    Program, Withdrawn (sf); previously on Jul 11, 2017 Aa1 (sf)
    Placed Under Review for Possible Downgrade

-- US$5000M Harrier Finance Funding (US) LLC, US MTN Program MTN
    Program, Withdrawn (sf); previously on Jul 11, 2017 P-1 (sf)
    Placed Under Review for Possible Downgrade

-- US$5000M Harrier Finance Funding Limited, Euro MTN Program
    MTN Program, Withdrawn (sf); previously on Jul 11, 2017
    Aa1 (sf) Placed Under Review for Possible Downgrade

-- US$5000M Harrier Finance Funding Limited, Euro MTN Program
    MTN Program, Withdrawn (sf); previously on Jul 11, 2017
    P-1 (sf) Placed Under Review for Possible Downgrade

-- US$2000M Harrier Finance Funding Limited, Income Note Program
    MTN Program, Withdrawn (sf); previously on Dec 18, 2008
    Downgraded to C (sf)

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes
it has insufficient or otherwise inadequate information to
support the maintenance of the ratings.

Harrier is a structured investment vehicle. Most recently, on
July 11, 2017 Harrier's senior debt ratings were placed under
Review for Possible Downgrade. In the period since that rating
action, Moody's has examined existing and proposed legal
documentation and has further explored the level of governance
exercised within the vehicle.

Moody's analysis of Harrier and its senior debt ratings relies in
large part on the legal documentation between the transaction
parties, including the Subscription Agreement and a Standby Asset
Purchase Agreement, as well as the transaction parties'
interpretation and implementation of such documentation. Central
to Moody's analysis is a credit support mechanism, the
effectiveness of which depends upon the future decision making of
the credit support provider.

Moody's understands that the sole noteholder in this transaction
is related to the credit support provider. This creates an
identity of interest between the credit support provider and the
noteholder that has the potential to impact the interpretation
and implementation of the credit support mechanisms.

Due to the nature of the relationship between the transaction
parties and their interactions, Moody's has concluded that it is
unable to effectively assess the creditworthiness of Harrier and
its outstanding debt.


MONARCH AIRLINES: Norwegian Air Shuttle Eyes Airport Slots
----------------------------------------------------------
Alistair Smout and Victoria Bryan at Reuters report that budget
carrier Norwegian Air Shuttle is interested in slots made
available by the collapse of British holiday airline Monarch, its
chief executive told Reuters, but said the process is unclear.

Monarch collapsed earlier this month, stranding thousands of
people, and sparking speculation about what will happen to the
take-off and landing slots it occupied at airports such as London
Gatwick and Luton, Reuters recounts.

"We could very well use the slots, but it's not that easy to
actually transfer slots," Norwegian Air CEO Bjorn Kjos told
Reuters on the sidelines of the CAPA Global Summit.

According to Reuters, Monarch administrators KPMG are hoping they
can raise funds from the sale of the slots and have said they
believe they have the right to sell them.

"It depends on the price.  It's always depending on the price.
But normally, it's not that easy to sell slots," Reuters quotes
Mr. Kjos as saying.

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.


NOBLE GROUP: UK Subsidiary Expresses Going Concern Doubt
--------------------------------------------------------
Jack Farchy at Bloomberg News reports that Noble Group Ltd. has
warned of the risk of bankruptcy at two major subsidiaries,
highlighting the precariousness of the embattled commodity
trader's situation.

Noble subsidiaries in Singapore and the U.K. said in annual
accounts filed during the last few weeks that there was
"significant doubt" about their ability to continue as a going
concern -- the accounting term for a company that is able to
carry on operating, Bloomberg relates.

According to Bloomberg, Noble Resources U.K. Holdings Ltd., a
U.K.-incorporated holding company for subsidiaries of Noble Group
including its gas and power business and much of its oil
business, warned of a "material uncertainty" over its ability to
continue as a going concern in annual accounts for 2016,
published on Oct. 12 at Companies House in London.

In both cases, the subsidiaries' directors, who are also senior
executives at Noble Group, said that under their forecasts the
companies should be able to count on continuing support from
their parent company and therefore continue as going concerns,
Bloomberg notes.  However, the directors and auditors -- in both
cases Ernst & Young LLP -- highlighted "significant doubt" over
the subsidiaries ability to continue as a going concern,
Bloomberg states.

Noble Resources U.K. Holdings Ltd., as cited by Bloomberg, said
its ability to continue as a going concern was dependent on
successfully closing the sale of Noble's gas and power business,
the sale of its oil business, and financial support from the
parent company.

"The Group's ability to provide continuing financial support is
dependent on retaining the confidence and support of its lenders,
the asset monetization plans being carried out successfully, and
execution of group indebtedness reduction plans as part of the
strategic review," Bloomberg quotes the U.K. subsidiary as
saying.

Noble, once Asia's leading commodities trader, has been under
increasing pressure since May, when a surprise trading loss
compounded a long-running crisis that saw its market value
collapse by more than 90% and its bonds tumble to less than 50
cents on the dollar, Bloomberg relays.

It's rushing to sell its prized oil-trading business before the
end of the year in order to pay down borrowings, Bloomberg
discloses.  At the same time, Noble said in August a covenant
waiver from lenders on its revolving credit facility expires on
Oct. 20, Bloomberg recounts.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.



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


* BOND PRICING: For the Week October 9 to October 13, 2017
----------------------------------------------------------

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





                            *********

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *