/raid1/www/Hosts/bankrupt/TCREUR_Public/171030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, October 30, 2017, Vol. 18, No. 215


                            Headlines


F R A N C E

CREDIT AGRICOLE: S&P Alters Outlook to Pos. on Improving Capital


G E R M A N Y

AIR BERLIN: EasyJet Agrees to Buy Part of Tegel Operations
AIR BERLIN: Last Flight Landed in Berlin Tegel Airport
INEOS STYROLUTION: Moody's Hikes CFR to Ba2, Outlook Stable
TELE COLUMBUS: Moody's Revises Outlook to Pos., Affirms B2 CFR


G R E E C E

ELLAKTOR SA: S&P Alters Outlook to Positive & Affirms 'B-/B' CCR


I C E L A N D

HOUSING FINANCING: S&P Raises LT Issuer Credit Rating to 'BB+'


I R E L A N D

ADAGIO IV: Fitch Corrects October 16 Rating Release
ST. PAUL'S CLO IV: Fitch Rates EUR14.3MM Class E Notes B-


I T A L Y

BANCA POPOLARE DEL'ALTO: DBRS Rates EUR100MM Sub. Notes 'BB'
LEONARDO SPA: Fitch Hikes Long-Term IDR From BB+, Outlook Stable
MOSSI GHISOLFI: U.S. Assets Under Ch.11 Attract Series of Buyers
SIENA PMI 2016: Fitch Raises Rating on Class C Notes from B-


N E T H E R L A N D S

BABSON EURO 2015-1: Moody's Hikes Class F Sr. Notes Rating to B1
BABSON EURO 2015-1: Fitch Affirms B- Rating EUR12.4MM Cl. F Notes
JUBILEE CLO 2017-XIX: S&P Assigns Prelim B- Rating to Cl. F Notes
NORTHERN LIGHTS III: Moody's Cuts US$1BB Notes Rating to B2


P O R T U G A L

HEFESTO STC: Moody's Assigns (P)Caa3 Rating to Class B Notes
NOVO BANCO: DBRS Assigns New CCC(high) Long-Term Issuer Rating


R O M A N I A

OLTCHIM: Assets Put Up for Sale for RON590.6 Million


R U S S I A

ACRON PJSC: Fitch Affirms BB- IDR, Revises Outlook to Stable
RUSSIAN STANDARD: S&P Raises ICR to 'B-/B', Outlook Stable


S W E D E N

LM ERICSSON: Moody's Lowers CFR to Ba2, Outlook Negative


S W I T Z E R L A N D

SCHMOLZ + BICKENBACH: S&P Affirms B+ CCR, Outlook Stable


U N I T E D   K I N G D O M

BIO-KINETIC EUROPE: In Administration, 50 Jobs at Risk
BUTTON FARM: Enters Administration, 14 Jobs Affected
COLONNADE GLOBAL 2017-3: DBRS Rates Tranche K Prov. BB (high)
ELLI INVESTMENTS: S&P Downgrades CCR to CC on Debt Restructuring


X X X X X X X X

* BOND PRICING: For the Week October 23 to October 27, 2017


                            *********



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F R A N C E
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CREDIT AGRICOLE: S&P Alters Outlook to Pos. on Improving Capital
----------------------------------------------------------------
S&P Global Ratings revised to positive from stable its outlook on
France-based Credit Agricole S.A. (CASA) and Groupe Credit
Agricole's (GCA's) other core entities, which consist primarily
of French regional banks (Caisses Regionales de Credit Agricole)
and CASA's subsidiaries, including Credit Lyonnais (LCL), CA
Consumer Finance (CACF), Credit Agricole Corporate and Investment
Bank (CACIB), CACEIS, Credit Agricole Assurances (CAA), Predica
Assurance Vie, and Pacifica IARD.

S&P said, "At the same time, we affirmed our 'A/A-1' long- and
short-term issuer credit ratings on CASA -- the central body of
GCA's cooperative network and a core entity of the group--and
GCA's other core banking entities. We also affirmed our 'BBB+'
long-term issuer credit rating on CAA and 'A-' long-term issuer
credit ratings on Predica Assurance Vie and Pacifica IARD."

The outlook revision takes into account GCA's ongoing
strengthening, reflected in improving capitalization and balance
sheet de-risking, and low risk profile, which if sustained could
lead to a higher rating over the next 18-24 months.

The group's capitalization continues to strengthen, supported by
satisfactory, stable, and diversified earnings (despite the
prevailing very-low-interest-rate environment), and limited
shareholder distribution, a trend that S&P thinks will likely
continue. Also, GCA has reinforced its diversification and the
internationalization of its revenues stream. Earlier in 2017, the
group asset manager Amundi acquired Pioneer Investments from
Unicredit, while in late September, its Italian subsidiary
Cariparma announced that it has signed an agreement to purchase
three small Italian saving banks to reinforce the group's
presence in its second home market.

At the same time, credit risk remains contained, bearing the
fruits of the de-risking strategy pursued in prior years. Credit
costs are low, despite coverage levels outperforming those of
domestic peers, and the bank's overall risk profile benefits from
good granularity.

In March 2016, the group presented its medium-term plan
(Strategic Ambition 2020), which focuses largely on leveraging
its existing strengths and improving efficiency and cross-
selling. We believe that this plan supports the sustainability of
GCA's business model and underpins a low and stable risk
appetite. While the group is delivering on its strategic plan,
which is primarily focused on organic growth and synergies, S&P
believes that it also demonstrates increased confidence and, as
the recovery in Europe kicks in, a more opportunistic approach to
expanding its credit loan book and reinforcing its leadership
positions. Its strategy focuses primarily on organic growth and
on its areas of expertise, and not on businesses that would
increase risks.

Provisioning levels remain strong, while GCA continues to
demonstrate a contained risk appetite on the back of its
refocused activities and strategic plan. Furthermore, the
granularity of risks supports a low risk profile and better
resilience of the business model to more adverse conditions.

S&P's ratings on Credit Agricole also reflect:

-- The strength of GCA's business position. The current very-
    low-interest-rate environment and required investment in
    digital offerings in S&P's view continues to represent a
    complex operating environment that could weigh on the bank's
    earnings generation, particularly in retail banking
    activities. Retail margins in France will continue to suffer
    from the impact of housing loans renegotiations. These
    renegotiations bring a short-term pick-up in fee income, but
    as loan rates are renegotiated downward, there is recurring
    pressure on net interest income after the fees have been
    booked. However, S&P believes that GCA benefits from the good
    diversification of the group's activities, a strong customer
    franchise, its opportunities for improved cross-selling and
    cost containment, and a low shareholder distribution because
    of its mutual status.

-- S&P said, "Our neutral assessment of capital and earnings.
    Our risk-adjusted capital (RAC) ratio stood at 7.8% at end-
    2016 under our revised risk-adjusted framework. Our new
    methodology for calculating the RAC ratio had a one-time
    approximate 40 basis-point (bp) negative impact on GCA's pro
    forma RAC ratio. This ratio remains well within our 7%-10%
    bucket for a neutral assessment of capital under our
    criteria. A large portion of the negative 40-bp impact of the
    new methodology comes from our view of the
    undercapitalization of insurance operations. Going forward,
    we expect a continued, long-term strengthening in the group's
    capitalization, with our projected group RAC ratio before
    diversification improving to 8.25%-8.75% by end-2018, and
    hovering around 9% in 2019. We base our projections
    on strong retained earnings and a modest increase in risk
    exposures, among other factors."

-- A successful de-risking and declining cost of risk. In the
    past few years, GCA's asset quality indicators have gradually
    improved. The bank's cost of credit risk decreased to 21 bps
    as of June 30, 2017, notably because of a continuing decline
    in Italy and specialized financing, alongside a decrease in
    doubtful loans. S&P expects the bank's impairment charges to
    be marginally lower in 2017 versus the previous year. S&P
    regards Italy, GCA's second home market, as the group's main
    risk exposure, although risks there are abating. At end-2016,
    GCA's outstanding loans in Italy represented around 10% of
    corporate and around 8% of retail exposures. Cariparma
    accounts for the majority of these loans. Cariparma's net
    profit (group share) increased by 11.5% year on year in June
    2017, supported mainly by a sharp reduction in loan
    impairment charges on the back of the continued recovery of
    the Italian economy and the group's focus on the economically
    stronger northern and central regions of Italy. S&P believes
    that impaired loans at Cariparma are still high, at 12.5% of
    customer loans as of end-June 2017, although they compare
    favorably with most Italian peers and are 48.2% covered by
    provisions.

-- S&P's view that the group has significantly improved its
    structural funding and liquidity position, as part of the
    deleveraging plan it has carried out since the middle of
    2011.

The long-term ratings on GCA's core banking entities currently
include additional loss-absorbing capacity (ALAC) support. The
bank continues to issue significant amounts of subordinated debt
and, more recently, senior nonpreferred debt. Last month, Credit
Agricole indicated to the market that it was planning to issue
about EUR4 billion to EUR5 billion in bail-in-able debt yearly
for 2018 and 2019, which supports our expectation that the group
will continue building a large enough buffer of loss-absorbing
instruments, justifying the one-notch rating uplift we
incorporate in our rating. We also note that GCA already meets
its 2019 total loss-absorbing capital expected requirement
without including senior preferred notes in its calculation, and
that the group targets a 22.0% total loss-absorbing capacity
ratio by end-2019 excluding eligible senior debt. As of year-end
2016, the group's ALAC ratio stood at around 3.4%, and will, in
our opinion, grow by year-end 2018 to above our threshold of
4.75%.

S&P said, "Following the revision of our RAC framework
methodology, the insurance operations, which we expect would lie
outside the scope of required bail-in capitalization, do not
contribute as significantly to the S&P Global Ratings' RWA used
in our ALAC calculation as they previously did. For this reason,
we have revised to negative 25 percentage-point (from previously
negative 50 percentage-point) the qualitative adjustment we apply
to our threshold for including one notch of ALAC support. We use
a 4.75% threshold for GCA (rather than the usual 5.0%) because we
qualitatively adjust for our assumption of the
undercapitalisation of GCA's insurance operations as we estimated
it in respect of an 'A' stress, which contributes to increase our
S&P Global Ratings' risk-weighted assets amount."

The outlook revision to positive on insurance subsidiaries CAA,
Predica, and Pacifica indicates that a change to GCA's
unsupported GCP would also benefit these entities.

S&P said, "We have reviewed the group status of Banque Saudi
Fransi to nonstrategic from moderately strategic, and of FCA Bank
SpA to strategic from moderately strategic.

"The positive outlook reflects our view that we may raise our
long-term ratings on the core entities of GCA in the next two
years if we see further strengthening of the group's
capitalization, combined with a continued low risk profile, and
strong diversification and granularity of risk exposures.

"This could be the case if GCA further reduces areas of higher
risks, such as those remaining in Italy, while maintaining
disciplined underwriting standards in its refocused businesses,
supporting overall credit losses that are durably and materially
below its peers, while maintaining its superior coverage of
impaired assets. We will also take into account the integration
of Pioneer or other acquisitions such as the recently announced
Italian saving banks, and to what extent these support increased
resilience of GCA's businesses to more adverse conditions. An
upgrade would also be predicated on the group's continued buildup
of ALAC to a level exceeding 4.75% by end-2018.

"We could revise the outlook to stable if the group's capacity to
generate capital underperforms our expectations of improvement,
or if asset quality was insufficient to translate into a
continued low risk profile. This could occur, for instance, if
cost savings and cross-selling initiatives proved insufficient to
reduce the impact of negative rates on retail banking or
insurance activities, or if risk exposures increased faster than
we expect. A change in strategy that resulted in expansion or
significant acquisitions into riskier businesses such as
investment banking or riskier countries would likely change our
view on the group risk profile after what we consider a
successful refocusing of activities in recent years."


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


AIR BERLIN: EasyJet Agrees to Buy Part of Tegel Operations
----------------------------------------------------------
Victoria Bryan at Reuters reports that EasyJet has strengthened
its position in Germany by agreeing to buy part of Air Berlin's
operations at Berlin Tegel airport, ending uncertainty over the
fate of the failed airline's remaining assets.

EasyJet said on Oct. 27 it would enter into leases for up to 25
A320 aircraft, acquire take-off and landing slots, and offer jobs
to staff, making the announcement shortly after Air Berlin's
final flight landed at Tegel, Reuters relates.

According to Reuters, the purchase price is EUR40 million
(US$46.43 million), but this does not include any transition
costs and because Air Berlin planes are leased, those will have
to be funded separately.

Air Berlin said on Oct. 28 that the deal meant it had
successfully closed all negotiations for its carve-up, Reuters
notes.

"This will enable easyJet to operate the leading short haul
network at Tegel connecting passengers to and from destinations
across Germany and the rest of Europe," Reuters quotes easyJet as
saying in a statement.

The deal with easyJet, subject to regulatory approval, could help
to ease some of the worries with the Lufthansa deal, because it
gives Lufthansa a competitor in the domestic German market,
Reuters states.

                        About Air Berlin

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

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

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

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

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


AIR BERLIN: Last Flight Landed in Berlin Tegel Airport
------------------------------------------------------
Victoria Bryan and Klaus Lauer at Reuters report that
Air Berlin's last flight landed in its home city on the night of
Oct. 27, greeted by a traditional water cannon salute and
bringing to an end almost four decades of flying.

Flight AB6210, with the special call sign BER4EVR, departed
Munich at 2035 GMT and landed in Berlin Tegel at 2145 after
carrying out a farewell tour over the city, Reuters relates.

According to Reuters, the plane's arrival at the airport was
watched by 1,600 staff and aviation fans from a packed viewing
platform in Berlin, while several hundred staff gathered on the
apron to welcome the crew and passengers.

The company has agreed to sell a large part of its airline assets
to domestic rival Lufthansa, and just after the final flight said
it had clinched a deal with Britain's easyJet for some operations
at Berlin Tegel, Reuters discloses.

Others are eyeing the gap left by Air Berlin, Reuters states.
IAG, which owns British Airways, said it saw opportunities for
its Vueling budget brand in Germany, Reuters relays.

Air Berlin's first flight took off from Tegel airport for Palma
de Mallorca on April 28, 1979, Reuters recounts.

                        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.


INEOS STYROLUTION: Moody's Hikes CFR to Ba2, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded INEOS Styrolution Holding
Limited's (Styrolution) Corporate Family Rating (CFR) to Ba2 from
Ba3 and Probability of Default Rating (PDR) to Ba2-PD from Ba3-
PD. Concurrently, the rating agency upgraded to Ba2 from Ba3 the
ratings of the outstanding term loan B facilities due March 2024,
borrowed by INEOS Styrolution Group GmbH and INEOS Styrolution US
Holding LLC. The outlook on all ratings is stable.

RATINGS RATIONALE

The upgrade acknowledges the improved operating performance of
Styrolution over the last 18 months, the improvement in debt
protection metrics, low leverage of about 1.2x pro forma for the
repayment of the EUR250 million borrowed from INEOS Group
Holdings SA (INEOS), and solid liquidity position.

Styrolution's improved earnings and cash flow profile is driven
by the strong market fundamentals close to top of the cycle for
styrene monomers and pricing improvement across Styrolution's
product chain. The company's Moody's adjusted EBITDA margin
remains high at 16.6% at the end of June 2017, even if slightly
under the historically strong margin of 18.9% achieved in 2016.
Styrolution is also focusing more on specialized products as
evidenced from the acquisition of K-Resin in South Korea closed
in March this year, which will further strengthen the company's
market share in the region. The development of the specialized
products portfolio is a strategic axe and should somewhat reduce
the EBITDA volatility in the future from the more commoditised
products. The company's profitability is also supported by
management's focus on costs, which places Styrolution as one of
lower cost producer globally.

While the styrene monomer market saw some capacity
rationalization and industry consolidation over the past decade,
the market is currently seen as being close to top of the cycle
and Moody's expects that Styrolution's profitability will soften
next year because of pressure on prices. Styrene is a cyclical
commodity widely produced globally and prices remain the main
differentiating factor. Moody's expects the company's adjusted
EBITDA to be around EUR690 million in 2018, compared to EUR846
million achieved in 2016 and top of cycle EBITDA of between
EUR850 and EUR870 million expected for this year. Moody's
considers that specifics issues such as outages and supply
concerns which benefitted the company during 2016 and in the
first quarter of 2017 will not reoccur next year and that the
market will normalise.

Moody's believes that the company's free cash flow (FCF) will
remain solid in 2018 at about EUR175 million, compared to EUR149
million in 2016 and despite the expected lower Moody's adjusted
EBITDA. FCF will however be down from the historically high level
expected this year of approximately EUR300 million, before any
effect of the proposed INEOS loan repayment. Compared to 2016,
the company's cash generation will benefit this year from savings
on the interests estimated at about EUR50 million following the
repayment of the expensive PIK loan and repayment of EUR100
million of the term loan made at the end of 2016. Cash savings on
the service of the debt also come from the successive rounds of
debt re-pricings and proposed debt repayment to INEOS. FCF should
however be constrained by the higher anticipated capital
expenditures next year due to various product portfolio or
capacity increase projects.

Styrolution's Moody's adjusted gross debt to EBITDA at the end of
June 2017 was low at 1.5x, down from 2.2x at the end of 2016.
Styrolution's reduced its leverage mostly because of stronger
EBITDA. In line with Moody's expectations of lower EBITDA and pro
forma of the debt repayment to INEOS, Moody's adjusted leverage
should marginally increase to around 1.6x in 2018.

Stryrolution's credit metrics are currently solid for the Ba2
rating category. However this reflects the top of cycle
conditions for the cyclical and commoditized styrene monomer
market. Moody's expects that the company will be able to defend
the headroom built over the last 18 months with the rating agency
expectation that the Ba2 rating could be maintained in weaker
market conditions. The rating also reflects the benefits from the
integration into the INEOS chemical group.

Styrolution's Ba2 CFR is supported by (1) the company's strong
operating performance since 2015, expected to remain robust in
the next 12 to 18 months, supporting positive cash flow
generation; (2) low leveraged and prudent financial policy of net
leveraged of under 2x through the cycle; (3) leading global
market share in the styrenics market based on capacity, combined
with a global operational footprint; (4) cost leadership
position, improved because of cost reductions associated with the
restructuring programs in place; and (5) benefit from integration
in the wider INEOS Limited chemical group of companies.

The CFR rating is constrained by (1) Styrolution's exposure to
economic cycles and feedstock price volatility, with its large
exposure to cyclical industries such as the automotive,
construction and electronics; (2) lack of product
diversification, focused on the styrenics chain; and (3)
substitution threat for its polystyrene and most standard ABS
products from other plastic types.

LIQUIDITY

Moody's views Styrolution's liquidity profile as solid and
underpinned by positive cash generation and EUR295 million of
cash on the balance sheet at end of June. Styrolution's cash
generation should also benefit from the lower annual cash
interest from the re-pricing of the term loan facilities and debt
repayment.

In addition to the positive FCF, the company can access a EUR500
million securitization program to support its working capital
swings. At the end of June 17, EUR290 million were available.
However the company does not have any committed revolving
facilities, which is seen as a negative in Moody's liquidity
assessment.

The company's maturity profile is long and apart from the
securitization program due in March 2019, the first maturity is
the term loan B due in March 2024.

RATING OUTLOOK

The stable outlook incorporates Moody's expectation that the
company will maintain a strong financial profile over the next 18
months. Additionally, the outlook contemplates that Styrolution
will remain free cash flow generative and continue to strengthen
its balance sheet, in line with its financial policy.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the company's size and its exposure to a cyclical industry,
Moody's considers any further upgrade unlikely in the short term,
unless the company is able to improve its product mix towards
specialties products, leading to a more stable Moody's adjusted
EBITDA through the cycle. Moody's could also consider an upgrade
if Styrolution maintains an adjusted gross debt to EBITDA below
2x through the cycle and the company develops a track record of a
conservative financial policy.

Conversely, ratings could be downgraded if performance
deteriorates such that (1) the company's adjusted EBITDA margin
trends sustainably around 10%; (2) its Moody's adjusted gross
debt to EBITDA rises above 3.0x on a sustained basis; and (3) the
company's financial policy deteriorates notably with increased
dividends or a material change in the company's relationship with
the wider INEOS Limited group of companies.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

INEOS Styrolution Holding Limited, with management based in
Frankfurt, Germany, is a leading global styrenics supplier (based
on revenues), especially in Europe and North America. INEOS
Styrolution is focused on the production and sale of polystyrene,
acrylonitrile butadiene styrene (ABS), styrene monomer, and other
styrenic specialities. The group is a wholly owned subsidiary of
INEOS AG (unrated). In 2016, INEOS Styrolution's revenues and
Moody's-adjusted EBITDA were EUR4.5 billion and EUR846 million,
respectively.


TELE COLUMBUS: Moody's Revises Outlook to Pos., Affirms B2 CFR
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Tele
Columbus AG including the B2 corporate family rating (CFR), the
B2-PD probability of default rating (PDR) and the company's B2
senior secured bank facility ratings. At the same time, Moody's
changed the ratings outlook to positive from stable.

"The change in outlook to positive takes into account the
continued healthy operating momentum in Tele Columbus' business
since the acquisitions of primacom and pepcom in H2 2015. The
company has been able to maintain a stable homes connected base
and remains on track to achieve its robust revenue and Normalised
EBITDA guidance for 2017," says Gunjan Dixit, a Moody's Vice
President -- Senior Credit Officer and lead analyst for Tele
Columbus.

"The rating action also reflects Moody's expectations for Moody's
adjusted gross debt/ EBITDA for Tele Columbus to trend towards
the threshold defined for upward ratings pressure of below 4.5x
in the next 12-18 months," adds Ms. Dixit.

RATINGS RATIONALE

The acquisitions of primacom and pepcom continue to support the
achievement of mid-single-digit revenue growth in percentage
terms targeted for 2017. In H1 2017, Tele Columbus' normalised
EBITDA growth was up 7% from H1 2016and the company is on track
to achieve its guided c 10% Normalised EBITDA growth for 2017.

Moody's acknowledges the potential for further margin increase as
the company realizes synergies from the integration of pepcom and
primacom, and continues to extend its share of homes connected
and upgraded for two-way communication. The company is targeting
synergies related to operating costs and capital spending of
around EUR40 million run rate by 2018, out of which EUR25 million
are expected to be achieved in 2017 with the completion of the
core IT systems integration.

Tele Columbus' reported net debt/normalised EBITDA stood at 4.9x
for the 12 months ended June 31, 2017 compared with around 4.3x
as of March 2015, prior to the acquisitions of primacom and
pepcom. The company's leverage is currently exceeding its own
publicly stated medium term net debt/normalised EBITDA target of
3.0x-4.0x, but it aims to return to its target corridor in the
next 12-24 months. Moody's-adjusted Gross debt/ EBITDA for Tele
Columbus stood at 5.1x for the last twelve months ending June 30,
2017. Moody's expects the company to remain focused on achieving
deleveraging such that its Gross debt/ EBITDA ratio (as adjusted
by Moody's) trends below 4.5x in the next 12-18 months.

As of June 2017, 64% of total homes connected of Tele Columbus'
network were fully upgraded to two-way communication, and the
company continues to invest toward its medium-term target of 71%.
In line with the company's investment strategy, Moody's expects
its reported capital spending/sales to remain high at 33%-35% for
2017, after which it will gradually decline toward the historical
industry average of around 20%-25%. The reduction in capex should
enable the company to generate positive free cash flow (after
capex) from 2018 onwards. Whilst the company currently does not
pay dividends, Moody's expects that growing free cash flow
generation will increase pressure to establish a dividend policy,
which the agency believes will have to balance shareholder and
creditor interests, within the limits of the company's net
leverage target of between 3.0x and 4.0x.

Tele Columbus's B2 CFR continues to reflect the (1) company's
solid market position in core eastern German territories as well
as key cities such as Hamburg, Berlin, Leipzig and Munich; (2)
high quality of the fully owned and upgraded network; (3)
significantly increased financial and operational flexibility
after its IPO in January 2015; (4) company's well defined growth
strategy for the medium term; and (5) its good cost control,
supporting overall Normalised EBITDA growth.

However, the rating also remains cognizant of (1) the relatively
small scale of company's operations compared with other rated
peers; (2) intense competition mainly from telecoms (in
particular Vodafone) especially for large housing association
contracts; (3) high reported leverage, above the company's
medium-term target; and (4) capital spending peak through in 2017
limits free cash flow generation.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's view that the company
remains on track to achieve its medium term revenue and
Normalised EBITDA growth guidance of mid-to-high single digit and
high single digit, respectively. The agency would also expect the
company to have future dividend policy that allows it to operate
within its stated leverage policy target ratio of 3.0x-4.0x on a
sustained basis.

In addition, the positive outlook assumes that the company will
pursue opportunities for consolidation of smaller German cable
companies and that those will be funded without a material
increase in leverage.

WHAT COULD CHANGE THE RATING - UP/DOWN

Upgrade ratings pressure is likely to develop with (1) steady
operating progress including a continued growth in in the share
of homes connected and upgraded for two-way communication while
maintaining a stable homes connected base; and (2) Moody's
adjusted gross debt/EBITDA ratio is maintained sustainably below
4.5x together with positive free cash flow generation (after
capex and dividends).

Downward pressure for the rating or outlook could ensue in case
of (1) a more than temporary deterioration of Tele Columbus'
Moody's adjusted gross debt/EBITDA leverage ratio to a level
above 5.5x; (2) a failure in strategy execution e.g. RGU per
subscriber and ARPU growth stall; or (3) the company begins to
experience a material deterioration in the "homes connected"
base.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in January 2017.

LIST OF AFFECTED RATINGS

Affirmations:

-- Corporate Family Rating, Affirmed B2

-- Probability of Default Rating, Affirmed B2-PD

-- Senior Secured Bank Credit Facility, Affirmed B2

Outlook Actions:

-- Outlook, Changed To Positive From Stable

Tele Columbus AG is a holding company, which through its
subsidiaries offers basic cable television services (CATV),
premium TV services and, where the network is migrated and
upgraded, Internet and telephony services in Germany where it is
the third largest cable operator. The company is based in Berlin,
Germany and reported revenue of EUR486 million and EBITDA of
EUR257 for the last twelve months period to June 30, 2017.


===========
G R E E C E
===========


ELLAKTOR SA: S&P Alters Outlook to Positive & Affirms 'B-/B' CCR
----------------------------------------------------------------
S&P Global Ratings said that it revised its outlook on Greek
concessions and construction group Ellaktor S.A. to positive from
stable. At the same time, we affirmed our long- and short-term
corporate credit ratings on Ellaktor at 'B-/B'.

The rating affirmation reflects further improvement in Ellaktor's
operating performance -- its mature toll road concession Attiki
Odos has seen traffic growth of 2% and construction revenues rose
by about 26% in the first half of 2017. Ellaktor's construction
backlog has declined steadily since 2013, when it covered
revenues by 3.3x, but it had managed to secure a backlog of
EUR2.4 billion at June 30, 2017 (1.7x of revenues), with an
additional EUR240 million of contracts to be signed. These
positive developments are supported by a recovering economy in
Greece, boosted by a European Stability Mechanism (ESM)
disbursement of EUR0.8 billion (0.4% of GDP) in July 2019 for
arrears clearance.

S&P said, "In our base case, we forecast that Ellaktor's ratios
will strengthen over 2017-2019 on the back of higher cash flow
generation in concessions. We expect the declining EBITDA in
construction to be partly offset by contributions from newly
constructed wind farms. As a result, the S&P Global Ratings-
adjusted debt to EBITDA is predicted to fall to 4.5x-5.0x over
2018-2019 from 6.5x at year-end 2016.

"Our downside forecasts could arise if the construction business
cannot maintain profit margins at historical levels or if the
concession business underperforms, for example, if the operating
cash flows, including subsidies for the recently restructured
concession Moreas, are insufficient to cover the concession
costs. Ellaktor's high financial leverage is one of the key
constraints on our rating on the group. The group reported total
debt of about EUR1.43 billion as of June 30, 2017, which is
broadly in line with that reported at year-end 2016. Furthermore,
the use of cash is subject to restrictions at the concession
level; we understand that three of the five toll road concessions
that Ellaktor concluded in 2016-2017 (Moreas, Aegean motorway,
and Olympia) are not expected to pay a dividend in the next
decade."

The ratings on Ellaktor remain constrained by the very high
country risk and adverse, albeit improving, economic conditions
in Greece. The profitability of construction projects in Greece
has become less predictable because of the extended period of
macroeconomic uncertainty. S&P said, "We estimate that Ellaktor
generates around 80%-90% of its normalized EBITDA in Greece and
the group relies on government and bank funding from the country.
We also see the quality of its concession assets as lower than
peers because its most cash-generative asset, Attiki Odos,
expires in 2024 and the recently constructed toll road Moreas
requires government subsidies to cover structurally lower
traffic."

That said, the capital controls imposed since June 29, 2015, are
being relaxed. In May 2017, Greece outlined a map for the gradual
lifting of capital controls. The limit on cash withdrawals for
Greek depositors increased to EUR1,800 a month from EUR840 every
two weeks. Payments of invoices domestically via bank transfer or
checks have been normalized and there is more flexibility with
regards to international payments, although these are still
subject to appropriate documentation. There is also more
flexibility with regards to re-exporting money brought into the
Greek system.

In S&P's base case for Ellaktor, it assumes:

-- Real GDP growth in Greece of 1.5% in 2017, 2.0% in 2018, and
    2.7% thereafter.

-- Construction revenues will decline as the current backlog of
    EUR2.4 billion covers revenues only by 1.7x.

-- Concession revenues at the mature toll road Attiki Odos to
    grow by about 4% in 2017, reflecting performance in the first
    half of the year, followed by 2% thereafter. The contracts
    allow some scope for tariff increases, which S&P has factored
    into its forecast.

-- Capital expenditure (capex) of about EUR150 million over
    2017-2018 to complete 145MW of wind farms under construction,
    and limited maintenance expenditure in other segments.

-- Working capital outflow over time to pay a fine imposed by
    the Competition Commission. The company reported that it had
    made provisions for this of EUR40 million at year-end 2016.

-- No dividend payments, apart from a small dividend to minority
    shareholders in Attiki Odos.

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

-- Debt to EBITDA declining below 5.0x from 2018 onward.

-- Neutral to positive free cash flow for the business over the
    next year, assuming no further material acquisitions or
    expansions in other areas.

S&P said, "The positive outlook reflects our expectation that
Ellaktor's debt to EBITDA will decline below 5x by 2018 and that
funds from operations to debt will improve to 10%-12% in the next
couple of years. Our base case assumes that the group will
maintain strong traffic growth in concessions, improved margins
in construction, a healthy replenishment of the contract backlog,
and a prudent financial policy.

"We could raise our rating on Ellaktor if its financial leverage,
measured as debt to EBITDA, improves to below 5x and it maintains
adequate liquidity. We could also consider raising the rating if
our assessment of Greece's very high country risk moderated. This
would depend on the lifting of capital controls and improved
economic prospects.

"We do not consider that the sovereign rating constrains the
rating on Ellaktor, which could be rated up to two notches above
the sovereign as long as it continues to pass the sovereign
stress test. We consider Ellaktor to have high country risk
sensitivity as a predominantly transportation infrastructure
group.

"We could revise the outlook to stable if Ellaktor does not
reduce its leverage because of worse-than-expected macroeconomic
conditions, because its construction or concession business
underperforms, or because of credit-dilutive acquisitions that we
have not factored in our forecasts."


=============
I C E L A N D
=============


HOUSING FINANCING: S&P Raises LT Issuer Credit Rating to 'BB+'
--------------------------------------------------------------
S&P Global Ratings said that it has raised its long-term issuer
credit ratings on Iceland-based Arion Bank, Islandsbanki hf, and
Landsbankinn hf. to 'BBB+' from 'BBB', and affirmed its 'A-2'
short-term ratings on the banks. The outlooks are stable.
In a related rating action, S&P raised its long-term issuer
credit rating on Housing Financing Fund Ibudalanasjodur (HFF) to
'BB+' from 'BB', and affirmed the 'B' short-term rating. The
outlook remains positive.

S&P said, "We have published individual research updates on the
four lending institutions to provide more detail on the rationale
behind each rating action.

"The rating actions follow our review of Iceland's banking
sector. In our view, overall economic risk has reduced, although
economic imbalances are increasing. We are therefore revising the
anchor that starts our ratings on Icelandic banks to 'bbb' from
'bbb-'. In turn, this has led us to raise our ratings on the four
entities.

"We believe Iceland's economy will continue to strengthen over
the next year, with per capita income remaining high and
institutional arrangements comparatively strong. Robust tourist
flows continue to underpin the macroeconomic and external
improvements. Last year's current account surplus of 8% of GDP
was one of Iceland's highest over the past 20 years. Large
service-sector inflows have allowed the Central Bank of Iceland
(CBI) to accumulate significant reserves, which we forecast at
about $7 billion (30% of GDP) at year-end 2017. We believe these
factors have increased Iceland's economic resilience, reducing
the likelihood of credit losses for banks in a potential
downturn. Nevertheless, the relatively small economy remains
vulnerable to potential adverse changes in the terms of trade."

Amid the improving domestic economic conditions, household and
corporate debt is declining in relation to GDP. Household credit
to GDP is now in line with that in peer countries such as Sweden
and Belgium, and savings have increased, which is positive for
banks' credit risks. A large share of loans remain linked to the
consumer price index, so an unexpected spike in inflation could
quickly increase bank debt. However, S&P considers double-digit
inflation unlikely in the near term, and that single-digit
inflation wouldn't affect debt levels significantly over the next
two years.

S&P said, "Despite the declining private-sector leverage, we are
concerned about widening economic imbalances. We anticipate a
real increase in house prices of 20% this year. But disposable
incomes are not increasing as quickly, making households more
sensitive to interest rate changes. In our view, a general
housing shortage, owing to the tourism boom and years of low
construction activity, is fueling house price growth. As
construction accelerates, we expect house price growth will slow
considerably in 2018, continuing the trend of the past few
months.

"We anticipate headline real GDP growth in Iceland will slow to a
still sizable 4% in 2017 from 7.4% in 2016. We expect output
expansion will moderate further, averaging 2.5% annually through
2020, partly due to a gradual slowdown of growth in tourism as
the sector reaches full capacity.

"At the same time, we have a more negative view of systemwide
funding because banks' reliance on external funding has been
increasing since they regained access to foreign debt capital
markets. The refinancing of foreign currency-denominated debt to
the banks' estates has increased the share of external funding.
This remains a concern, since the banks require access to foreign
currency-denominated funding for their relatively large share of
foreign currency loans to domestic companies, such as fisheries.
We believe, however, that Icelandic banks have sound commercial
practices, and regulation is proactive, restricting foreign
currency lending and balances.

"In that regard, we have a more positive view on the regulatory
framework, which now has a more established track record. In our
view, significant and necessary changes to the institutional
framework will likely avoid a repeat of the financial crisis in
Iceland. The recent lifting of capital controls and restructuring
of legacy banks has been well managed. In addition, the CBI and
the Icelandic Financial Supervisory Authority (FSA) have taken
proactive measures to reduce the impact of potential economic
volatility, such as high capital requirements and strict funding
and liquidity requirements in each currency. To curb increasing
imbalances, the FSA has introduced a loan-to-value cap of 85% for
mortgage loans this year, which applies to banks and non-banks.
Furthermore, the CBI has introduced a so-called capital-flow
management tool to reduce the attractiveness of carry trades that
attempt to benefit from the interest rate differential between
Iceland and other developed economies.

"We now see the trend for economic risk in Iceland as stable
rather than positive over our 24-month horizon. This reflects our
expectations that house prices will continue to rise, but that
the real growth will slow from about 20% in 2017 to single digits
next year, and stay at about 7% in 2019 as construction catches
up with demand. We do not expect a substantial decrease in house
prices over the next two years, due to the absence of credit
growth, a persistent housing shortage, and low vacancy rates at
hotels. However, we think substantially increased construction
activity could lead to oversupply. Yet Iceland's improved fiscal
position implies stronger economic resilience that, in our view,
will provide a more stable operating environment for banks and
investors.

"We view the trend for industry risk in the Icelandic banking
sector as positive, owing to the increasing depth of the domestic
debt capital markets. In our view, Icelandic banks are relatively
new in the domestic covered bond market, but systemwide funding
could strengthen over the next two years if investor confidence
increases under the current regulation."

ARION BANK, ISLANDSBANKI HF, AND LANDSBANKINN HF.

The raising of the anchor for Icelandic banks to 'bbb' from
'bbb-' also had a significant positive impact on the banks' risk-
adjusted capital (RAC) ratios by reducing the capital required
for domestic exposures. The resulting stronger RAC ratios provide
a greater buffer to our 15% threshold for an assessment of very
strong capital and earnings.

In addition, the timing of a potential sale of the two
government-owned banks, Landsbankinn and Islandsbanki, remains
unclear, although the government seems committed to privatizing
the two banks partly or fully in the longer term. S&P said, "As
such, we expect the capital optimization process will take longer
than we anticipated and believe all three banks will maintain RAC
ratios well above 15% over the next two years. Kaupthing,
currently the majority owner of Arion Bank, has reduced its stake
in Arion and will likely reduce it further within the next two
years. Although we expect Arion may be sold before that, we
anticipate that the bank will maintain very strong capital
through 2019.

"Despite our higher RAC ratio forecasts, we continue to assess
the Icelandic banking market as having limited diversification by
international standards and believe that the capital and risk
positions of all three Icelandic commercial banks are well
reflected in our 'BBB+' ratings, especially given our current
projections of capital reductions."

HOUSING FINANCING FUND IBUDALANASJODUR (HFF)

S&P said, "In addition to the upgrade, the raising of our anchor
to 'bbb' from 'bbb-' led to an increase in HFF's RAC ratio at
year-end 2016 to 7.7% from 5.9% by reducing the capital required
for domestic exposures. The higher anchor also boosts our RAC
ratio forecast, which remains in the 7%-10% range over the next
two years. HFF's revenues are more concentrated than that of the
three commercial banks, and its future revenue structure and
profitability remain uncertain, limiting their positive impact on
the ratings."

OUTLOOKS

ARION BANK

S&P said, "The stable outlook on Arion Bank reflects our view
that the bank's improved capital generation and progress in
reducing its equity position has prepared it well for a potential
near-term IPO. We believe that the bank will materially reduce
capital over the next three to four years as it recalibrates its
capital base, but that it is unlikely to reduce its RAC ratio
below 15%.

"We could lower the rating if we saw signs of material
deterioration of asset quality for Arion Bank or the market as a
whole, especially in combination with our projections of reduced
equity capital. Such a development could result in us revising
downward our assessment of the bank's anchor or no longer viewing
its combined capital and risk as positive for the rating. We
could also lower the rating if the pending sale results in
unforeseen weakening of the bank's risk profile.

"We currently consider a positive rating action unlikely, because
we see limited room for an improved view of the Icelandic banking
market and expect Arion Bank's outstanding capital strength and
leverage position to reduce materially in the coming years."

ISLANDBANKI

S&P said, "The stable outlook on Islandsbanki reflects our
expectation that the bank's RAC ratio will remain sustainably
above 16%, even while the bank prepares for an eventual sale over
the next two years, and optimizes its capital base by paying
extraordinary dividends and issuing capital instruments. We view
the bank's asset quality as in line with the risks in the
Icelandic market and commensurate with domestic peers'. The
stable outlook further balances our view of strong economic
development in Iceland with the relatively concentrated and
volatile nature of the Icelandic economy and increasing economic
imbalances.

"We could take a negative rating action if Islandsbanki's RAC
ratio declined more than expected, if there are unforeseen
developments in connection with an eventual change in ownership,
or if loan asset quality deteriorated materially, requiring
significant, unexpected additional provisioning. In addition, we
could lower our ratings if we saw signs of weakening economic and
regulatory stability in Iceland.

"We currently consider a positive rating action as unlikely
because we see limited room for improvements in the Icelandic
banking market and expect the outstanding capital strength of the
bank to reduce materially in the next few years."

LANDSBANKINN
S&P said, "The stable outlook on Landsbankinn reflects our
expectations that its RAC ratio will remain above 15% over the
next two years, despite high dividend payments and share buy-back
programs. We view the bank's asset quality as in line with the
risks in the Icelandic market and with domestic peers'. The
stable outlook further balances our view of strong economic
development in Iceland against the relatively concentrated and
volatile nature of the Icelandic economy and increasing economic
imbalances.

"We could lower the rating if Landsbankinn's RAC ratio declined
more than expected, or if loan asset quality deteriorated
materially, requiring significant unexpected additional
provisioning. This could follow from a quicker-than-expected sale
to owners we view as more aggressive, for instance, private
equity companies.

"We do not currently expect to raise the rating as we see limited
room for an improved view of the Icelandic banking market. In
addition, we expect the bank's outstanding capital strength and
leverage ratios to reduce materially in the coming years."

HOUSING FINANCING FUND IBUDALANASJODUR

S&P said, "The positive outlook on HFF reflects our expectations
that the fund's new public policy role could lead to stronger and
more stable earnings. We also expect that HFF will maintain an
adequate capital level in the next year. We do not anticipate
that Iceland's economic development and operating environment
will improve significantly, but expect that HFF's new credit
losses will remain low as its legacy nonperforming loans are
rapidly worked through and new lending is limited.

"We could raise the ratings if we expected that HFF's new role
would result in stronger and more stable earnings, most likely
based on significant and predictable fee income. This assessment
could follow more commitment and clarity from the government on
the future role of HFF, including the scale and scope of its
different functions, business model, and compensation structure.
We could also consider raising the ratings if we perceived
significant improvements in risk metrics and funding structure.

"We could revise the outlook to stable if we saw signs of
Iceland's strong economic developments weakening, or if we
believed that the increasing economic imbalances would lead to
larger credit losses and nonperforming assets for HFF. Moreover,
we could revise the outlook if we concluded that the effects of a
potential HFF default for the government and the capital markets
had reduced, which would reduce the incentive for the government
to provide timely extraordinary support to HFF."

  BICRA SCORE SNAPSHOT* Iceland
                            To                   From

  BICRA Group               4                    5

   Economic risk            4                    5
    Economic resilience     Intermediate risk    High risk
    Economic imbalances     High risk           Intermediate risk
    Credit risk in the economy     Low risk     Intermediate risk

   Industry risk           5                    5
  Institutional framework  Intermediate risk    High risk
    Competitive dynamics   Intermediate risk    Intermediate risk
    Systemwide funding     High risk            Intermediate risk

   Trends
    Economic risk trend     Stable               Positive
    Industry risk trend     Positive             Positive

*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to
10 (highest risk). For more details on our BICRA scores on
banking industries across the globe, please see "Banking Industry
Country Risk Assessment Update," published monthly on
RatingsDirect.

Ratings List

  Arion Bank

  Upgraded; Ratings Affirmed
                                 To                 From
  Arion Bank
   Counterparty Credit Rating    BBB+/Stable/A-2  BB/Positive/A-2
   Senior Unsecured              BBB+               BBB


  Islandsbanki hf
  Upgraded; Ratings Affirmed
                                 To                 From
  Islandsbanki hf
   Counterparty Credit Rating   BBB+/Stable/A-2  BBB/Positive/A-2
   Senior Unsecured             BBB+               BBB

  Landsbankinn hf.
  Upgraded; Ratings Affirmed
                                 To                 From
  Landsbankinn hf.
   Counterparty Credit Rating   BBB+/Stable/A-2  BBB/Positive/A-2
   Senior Unsecured             BBB+               BBB

  Housing Financing Fund Ibudalanasjodur
  Upgraded; Ratings Affirmed
                                 To                 From
  Housing Financing Fund Ibudalanasjodur
   Counterparty Credit Rating    BB+/Positive/B     BB/Positive/B
   Senior Unsecured              BB+                BB


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ADAGIO IV: Fitch Corrects October 16 Rating Release
---------------------------------------------------
This commentary corrects the version published on Oct. 16, 2017
to include more information in the data adequacy section.

Fitch Ratings has assigned Adagio IV CLO DAC's refinancing notes
final ratings and affirmed the others as follows:

EUR200.5 million class A-1-R notes: assigned 'AAAsf'; Outlook
Stable
EUR5 million class A-2-R notes: assigned 'AAAsf'; Outlook Stable
EUR39.2 million class B-1-R notes: assigned 'AAsf'; Outlook
Stable
EUR7 million class B-2-R notes: assigned 'AAsf'; Outlook Stable
EUR18 million class C-R notes: assigned 'Asf'; Outlook Stable
EUR18.6 million class D-R notes: assigned 'BBBsf'; Outlook Stable
EUR25.2 million class E-R notes: assigned 'BBsf'; Outlook Stable
EUR11.7 million class F notes: affirmed at 'B-sf'; Outlook Stable

Adagio IV CLO Limited is an arbitrage cash flow collateralised
loan obligation (CLO). Net proceeds from the notes have been used
to refinance the current outstanding A-1 to E notes.

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. The agency has public ratings or credit opinions
on all of the obligors in the identified portfolio. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 31.11, below the covenanted maximum of 32.

High Recovery Expectations
At least 90% of the portfolio comprise senior secured
obligations. Fitch has assigned Recovery Ratings (RRs) to most of
the assets in the identified portfolio. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
67.7%, above the covenanted minimum for assigning final ratings
of 54.7%.

Partial Interest Rate Hedge
Between 0% and 5% of the portfolio can be invested in fixed-rate
assets, while fixed-rate liabilities account for 3.4% of the
target par amount. Therefore, the transaction is partially hedged
against rising interest rates.

Extended Weighted Average Life (WAL)
The issuer has extended the WAL covenant by one year to seven
years as part of the refinancing of the notes and updated the
Fitch matrix. Fitch tested all the points in the Fitch matrix
based on the extended WAL covenant.

TRANSACTION SUMMARY

Adagio IV CLO DAC (formerly Adagio IV CLO Limited) closed in
September 2015 and is still in in its reinvestment period, which
is set to expire in October 2019. The issuer is now issuing new
notes to refinance part of the original liabilities. The
refinanced class A-1, A-2, B-1, B-2, C, D and E notes have been
redeemed in full as a consequence of the refinancing

The refinancing notes bear interest at a lower margin over
EURIBOR than the notes being refinanced. The remaining terms and
conditions of the refinancing notes (including seniority) are the
same as the refinanced notes.

In its analysis, Fitch has applied a 15bps haircut to the
weighted average spread calculation. In this transaction, the
aggregate funded spread calculation for floating rate collateral
debt obligation with a Euribor floor is artificially inflated by
the negative portion of Euribor.

RATING SENSITIVITIES

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


ST. PAUL'S CLO IV: Fitch Rates EUR14.3MM Class E Notes B-
---------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO IV DAC refinancing
notes final ratings, as follows:

EUR3.5 million class X: 'AAAsf'; Outlook Stable
EUR289.5 million class A-1: 'AAAsf'; Outlook Stable
EUR31.5 million class A-2A: 'AAsf'; Outlook Stable
EUR22.5 million class A-2B: 'AAsf'; Outlook Stable
EUR29 million class B: 'Asf'; Outlook Stable
EUR24.6 million class C: 'BBBsf'; Outlook Stable
EUR30.25 million class D: 'BBsf'; Outlook Stable
EUR14.3 million class E: 'B-sf'; Outlook Stable
EUR43.41 million subordinated notes: not rated

St. Paul CLO IV DAC is a cash flow collateralised loan obligation
(CLO). The proceeds of this issuance are being used to redeem the
old notes, with a new identified portfolio comprising the
existing portfolio, as modified by sales and purchases conducted
by the manager. The portfolio is managed by Intermediate Capital
Managers Limited. The refinanced CLO envisages a further four-
year reinvestment period and an 8.5 year weighted average life
(WAL).

KEY RATING DRIVERS

B' Portfolio Credit Quality
Fitch views the average credit quality of obligors to be in the
'B' range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 32.7, below the indicative maximum covenant
of 34 for assigning the ratings.

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
current portfolio is 68.8%, above the minimum covenant of 64% for
assigning the ratings.

Limited Interest Rate Exposure
Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 4.7% of the target par.
Fitch modelled both 0% and 10% fixed-rate buckets and found that
the rated notes can withstand the interest rate mismatch
associated with each scenario.

Diversified Asset Portfolio
The transaction includes two Fitch matrices that the manager may
choose from, corresponding to top 10 obligors limited at 21.5%
and unlimited. The covenanted maximum exposure to the top 10
obligors for assigning the rating is 21.5% of the portfolio
balance.

TRANSACTION SUMMARY

The issuer has amended the capital structure and reset the
maturity of the notes as well as the reinvestment period. The
transaction features a four-year reinvestment period, which is
scheduled to end in 2021.

The issuer has introduced the new class X notes, ranking pari
passu and pro-rata to the class A-1 notes. Principal on these
notes is scheduled to amortise in six equal instalments starting
from the second payment date. Class X notional is excluded from
the over-collateralisation tests calculation, but a breach of
this test will divert interest and principal proceeds to the
repayment of the class X notes.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a
downgrade of up to four notches for the rated notes.


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


BANCA POPOLARE DEL'ALTO: DBRS Rates EUR100MM Sub. Notes 'BB'
-------------------------------------------------------------
DBRS Ratings Limited assigned a BB rating, with a Negative Trend,
to the EUR100 million Subordinated Notes to be issued on October
6, 2017, by Banca Popolare dell'Alto Adige S.p.A, (BPAA or the
Bank), in the form of Tier 2 instruments (XS1694763142), under
its EUR1,000,000,000 Euro Medium Term Note Programme (EMTN
Programme).

The BB rating assigned to the Subordinated Notes is two notches
below the Bank's intrinsic assessment (IA) of BBB (low), in line
with the Debt Obligations Framework set out in DBRS's Global
Banking Methodology (May 2017).

RATING DRIVERS

The rating is sensitive to any change in BPAA's IA which is
currently at BBB (low).


LEONARDO SPA: Fitch Hikes Long-Term IDR From BB+, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has upgraded Italy-based aerospace and defence
company Leonardo S.p.A.'s Long-Term Issuer Default Rating (IDR)
and senior unsecured bonds to 'BBB-' and Short-Term IDR to 'F3'.
The Outlook is Stable.

The upgrade reflects the improvement in business profile and
resilience following the repositioning of the company's portfolio
away from non-core areas, as well as improvements in the
financial profile. The FY16 funds from operation (FFO) margin was
maintained at 10.8%, and the FCF margin was strong at 5.6%,
despite significant market headwinds in the core helicopter
division; this demonstrates the improvement in business profile,
which Fitch now consider consistent with an investment-grade
rating.

KEY RATING DRIVERS
Refocused Portfolio: Over recent years the company has
successfully exited a number of non-core businesses, principally
the group's energy and transportation divisions, in order to
create a business concentrated on their key competencies of
helicopters, aerospace, defence, security and space. Though
diversification has been reduced somewhat, Fitch believe the
business portfolio is less exposed to large unexpected losses.
Restructuring at the remaining businesses has also resulted in
cash generation which is less dependent on the helicopter
business, improving resilience of the group's earnings.

Operating Performance Improving: As Leonardo has exited its most
cash-absorbing operations and restructured those in which
profitability was poor, the group has made significant progress
in improving its profitability, which is now largely in line with
levels seen at investment-grade peers. The EBITDAR margin has
improved to 12% in 2016 from 6.2% in 2013, while the FFO margin
has improved to 10.8% from 6.6% over the same period. Fitch
expect both ratios to remain at least at these levels in the
short to medium term. The company has also maintained positive
free cash flow (FCF) despite sustained working capital outflows.

Further Leverage Decline Expected: Despite deleveraging stalling
in 2016 as a result of weakness in the helicopter market,
Leonardo has shown material progress in reducing net debt as a
result of improved cash generation, investment discipline and
disposals. LTM FFO adjusted net leverage at 1H17 of 3.1x is
consistent with Fitch expectations for the 'BBB' category, and
Fitch expect an improvement to around 2.3x at end-2017.

Weak Helicopter Market: The slump in oil price since mid-2014 as
well as generally reduced investment sentiment has resulted in a
significant decline in orders in the helicopter business, as well
as increased price competition. While the company is now less
reliant than in the past on the helicopter division, failure of
order intake to demonstrate a recovery could put cash generation
and the ratings under pressure.

Helicopters represented 29% of 2016 sales and 30% of EBITA. As
recently as 2014 the helicopter segment represented 30% of sales
but over half of group earnings: by far the group's most
important cash generator. The ability of the group to withstand
the financial impact of the material decline in this division
demonstrates the improvement in overall business profile that has
resulted from the company's portfolio restructuring and cost
saving measures across the remainder of the group.

Diversified A&D Player: Leonardo is a large, diversified
aerospace and defence company, with a strong balance between
military and civil sales. The company has relatively strong
geographical diversification: Italy accounted for 18% of 2016
revenue, North America 25%, the UK 13%, the rest of Europe 27%,
and the rest of the world 17%. Leonardo is one of the world's
leading helicopter manufacturers, is a key partner in a number of
strategic defence programmes, including Eurofighter, and is 25%
owner of missile manufacturer MBDA. Leonardo maintains exposure
to growth areas of civil aerospace, both as a supplier and as a
50% stakeholder in turboprop regional aircraft manufacturer ATR.

Kuwaiti Eurofighters Support Backlog: In April 2016, Leonardo, as
lead contractor, signed an EUR8 billion contract to supply 28
Eurofighter aircraft to Kuwait, with the bulk of deliveries to be
made over 2019-2023. Eurofighter is a consortium formed of BAE
Systems, Airbus and Leonardo, and as Leonardo will act as prime
contractor under this contract, it will earn around 60% of the
contract value; the remaining 40% will be a revenue pass-through
to Eurofighter partners and suppliers. The contract not only
provides material earnings for the group, but also demonstrates
management's ability to secure large international export
contracts, topping up an order book that has become slightly
depleted in recent years and guaranteeing some medium-term
stability.

DERIVATION SUMMARY

Leonardo operates as both prime contractor and supplier in the
aerospace and defence industry, and its helicopter business
AgustaWestland is considered top-tier. Its scale and visibility
in the defence sector are lower that at BAE Systems plc
(BBB/Stable) and Northrop Grumman Corporation (BBB/Stable),
making it less likely to lead the largest scale projects;
however, the company has good positions in major programmes,
including Eurofighter and MBDA via joint ventures and
partnerships. The group has a strong balance between military and
civil sales, and good geographical diversification compared to US
defence contractors, where the majority of sales are US focused.

The geographies Leonardo is exposed to however have less robust
growth expectations. As Leonardo has progressed in exiting its
most cash-absorbing operations and restructuring those in which
profitability was poor, the group has made significant progress
in improving its profitability, which is now largely in line with
levels seen at investment-grade peers. Credit metrics are
comparable to Orbital ATK, Inc. (BB+/RWP), with Leonardo
possessing better diversification and scale; however, Orbital is
in the process of being acquired by Northrop Grumman. Harris
Corporation (BBB-/Stable) has stronger through-the cycle margins
than Leonardo, and diversification is comparable, but leverage
remains high following its acquisition of Exelis Inc. in 2015.
No country-ceiling, parent/subsidiary or operating environment
aspects impact the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Approximately flat revenues in 2017, low single digit growth
   thereafter.
- FFO margin expected to remain around 11% in 2017, then
   increasing towards 12% on marginal cost improvements and
   reduced restructuring and extraordinary costs.
- Capex returning to around EUR650 million; dividends increasing
   to around EUR100 million by 2019.
- Total working capital cash outflow over 2017-2020 on Kuwaiti
   Eurofighter advance payment consumption and generally reduced
   advance payment levels.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- FFO margin sustainably above 11% (2016: 10.8%, 2017 forecast:
   11.2%).
- FCF/revenue consistently around 3% (2016: 5.6%, 2017 forecast:
   3.6%).
- FFO adjusted net leverage sustainably below 2.0x (2016: 2.8x,
   2017 forecast: 2.3x).

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- FFO margin below 9% .
- FCF margin consistently around zero.
- Further material cash restructuring charges.
- FFO-adjusted net leverage above 2.5x on a sustained basis.

LIQUIDITY

Adequate Liquidity: At end-1H17 Leonardo held cash of EUR1.8
billion. Net lease-adjusted debt was EUR5.7 billion (end-2016:
EUR5.3 billion), although EUR510 million of this is related-party
debt owed to JVs. Committed bank lines total EUR2.0 billion
(undrawn at 1H17), with expiry in July 2020. Fitch adjusts
historical year-end cash balances by EUR500 million to account
for operational cash requirements and seasonal working capital.
For future periods the restriction has been reduced to EUR350
million, to reflect reduced intra-year working capital
volatility.

FULL LIST OF RATING ACTIONS

Leonardo S.p.A.
- Long-Term IDR: Upgraded to 'BBB-/Outlook Stable' from
   'BB+/Outlook Positive'
- Short-Term IDR: Upgraded to 'F3' from 'B'
- Senior unsecured debt: Upgraded to 'BBB-' from 'BB+'

Leonardo US Holding, Inc.
- Senior unsecured debt: Upgraded to 'BBB-' from 'BB+'


MOSSI GHISOLFI: U.S. Assets Under Ch.11 Attract Series of Buyers
----------------------------------------------------------------
Arno Schuetze and Stephen Jewkes at Reuters report that Italian
plastics multinational Mossi Ghisolfi has attracted interest from
a series of buyers, including plastics maker Indorama, for its
U.S. assets placed under Chapter 11 restructuring, sources close
to the situation said.

According to Reuters, one of the sources said the assets, which
include one of the world's largest plastic bottle production
plant projects, could fetch up to US$1 billion, though a sale
could take some time.

The sources said Rothschild is running the proceedings, Reuters
relates.

The unexpected death of former managing director Guido Ghisolfi
in 2015 and big cost overruns at its Corpus Christi PET plant in
the United States have hit business, Reuters discloses.

Last year, M&G Finanziaria, the holding company owned by the
Ghisolfi family, had a 90% fall in operating profits to EUR6.9
million (US$8 million) on revenues of EUR1.7 billion, Reuters
relays.  Debt stood at around EUR2.5 billion, Reuters states.

M&G -- which in Italy owns Beta Renewables, the first plant in
the world to produce second-generation ethanol -- recently said
it had filed for creditor protection for units in Italy, Reuters
recounts.

"The companies are studying a proposal for an arrangement that
will allow their overall activities to continue as a going
concern, although they cannot exclude alternative solutions at
the end of the ongoing technical assessments," Reuters quotes the
company as saying on its website.

Italian investment bank Mediobanca is leading the process in
Italy, a different source, as cited by Reuters, said, adding a
series of private equity and industrial players had expressed
early interest.

The source declined to say how much the Italian operations could
be worth but said it could be "several hundred millions", Reuters
notes.

Mossi Ghisolfi, founded by the Ghisolfi family in 1953, is famous
for introducing PET, a plastic used for soft drink bottles, in
Italy and across Europe.


SIENA PMI 2016: Fitch Raises Rating on Class C Notes from B-
------------------------------------------------------------
Fitch Ratings has upgraded Siena PMI 2016 S.r.l.'s class B and C
notes and affirmed the others:

EUR3.7 million class A1 notes affirmed at 'AAsf'; Outlook Stable
EUR400 million class A2 notes affirmed at 'AAsf'; Outlook Stable
EUR150 million class B notes upgraded to 'AAsf' from 'A-sf';
Outlook Stable
EUR313 million class C notes upgraded to 'BBBsf' from 'B-sf';
Outlook Positive

The transaction is a granular cash flow securitisation of
mortgage and non-mortgage loans granted to small- and medium-
sized enterprises (SME) located in Italy. The transaction is
still in its revolving period, scheduled to end in February 2018.
The underlying loans were originated by Banca Monte dei Paschi di
Siena S.p.A. (B/Stable).

KEY RATING DRIVERS
No Subsequent Purchases Quickens Deleveraging
The transaction will be in its revolving period until February
2018, but no subsequent portfolios were sold to the issuer after
closing. This has led to a fast amortisation of the notes with
the class A1 expected to be repaid in full on the next payment
date and the class A2 notes having reached 69.3% of credit
enhancement (CE). The substantial build-up in CE across the
structure is the main driver of the upgrades.

Improved Loan Book Performance
Updated data received by the originator shows a continued trend
of improvement in the bank loan book performance. This led Fitch
to revise its bank benchmark to 6% from 7.1%, compared with a
country benchmark of 4.75%. The benchmark revision led to
slightly lower probability of default (PD) assumptions for the
loan-by-loan analysis Fitch performed using the internal ratings
assigned by the originator. However, the lower PDs are offset by
the negative rating migration the pool has undergone since
closing so that Fitch's final loss assumptions for this review
are not far from its initial assumptions.

Pool Performance Within Expectations
Cumulative defaults, including loans bought back by the
originator and then rolled to default status, account for 0.7% of
the initial pool. However, the loan-by-loan data show some loans
that while not yet in arrears for more than 300 days or not
classified as sofferenza, have an internal PD of 100%, implying
an imminent default. If Fitch consider these positions as
defaulted the cumulative default rate of the transaction would be
1.75%, which is within Fitch's expectations.

Capped Ratings
The class A and B ratings are subject to the cap on Italian
structured finance transactions, six notches above the rating of
the Republic of Italy (BBB/Stable/F2). The class C notes are
capped at the 'Asf' category because they would have no liquidity
coverage once they become the most senior notes. Given the
current default rate and the cumulative default trigger at 22.5%,
Fitch tested the transaction at 'BBBsf' and find that interest is
not deferred in this scenario so that deferability is not an
issue and no cap applies.

RATING SENSITIVITIES

As the class A and B notes are capped at 'AAsf', increasing the
default assumption by 25%, or decreasing the recovery assumption
by 25% would not result in a downgrade of the notes. For the
class C notes the same sensitivities would result in a rating in
the 'BBsf' category.


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


BABSON EURO 2015-1: Moody's Hikes Class F Sr. Notes Rating to B1
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to six
classes of notes (the "Refinancing Notes") issued by Babson Euro
CLO 2015-1 B.V., (the "Issuer"):

-- EUR206,700,000 Refinancing Class A-1R Senior Secured Floating
    Rate Notes due 2029, Definitive Rating Assigned Aaa (sf)

-- EUR5,300,000 Refinancing Class A-2R Senior Secured Fixed Rate
    Notes due 2029, Definitive Rating Assigned Aaa (sf)

-- EUR32,600,000 Refinancing Class B-1R Senior Secured Floating
    Rate Notes due 2029, Definitive Rating Assigned Aa2 (sf)

-- EUR10,600,000 Refinancing Class B-2R Senior Secured Fixed
    Rate Notes due 2029, Definitive Rating Assigned Aa2 (sf)

-- EUR22,000,000 Refinancing Class CR Senior Secured Deferrable
    Floating Rate Notes due 2029, Definitive Rating Assigned A2 \
    (sf)

-- EUR21,600,000 Refinancing Class DR Senior Secured Deferrable
    Floating Rate Notes due 2029, Definitive Rating Assigned Baa2
    (sf)

Moody's has also affirmed the ratings on the following existing
notes issued by the Issuer on the original issuance date (the
"Original Closing Date"):

-- EUR26,400,000 Class A-3 Senior Secured Fixed/Floating Rate
    Notes due 2029, Affirmed Aaa (sf); previously on Sep 8, 2015
    Definitive Rating Assigned Aaa (sf)

-- EUR31,200,000 Class E Senior Secured Deferrable Floating Rate
    Notes due 2029, Affirmed Ba2 (sf); previously on Sep 8, 2015
    Definitive Rating Assigned Ba2 (sf)

Additionally, Moody's has upgraded the ratings on the existing
Class F notes issued by the Issuer on the original issuance date:

-- EUR12,400,000 Class F Senior Secured Deferrable Floating Rate
    Notes due 2029, Upgraded to B1 (sf); previously on Sep 8,
    2015 Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the notes address the expected loss
posed to noteholders. 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.

The Issuer will issue the Refinancing Class A-1R Notes, the
Refinancing Class A-2R Notes, the Refinancing Class B-1R Notes,
the Refinancing Class B-2R Notes the Refinancing Class CR Notes
and the Refinancing Class DR Notes (the "Refinancing Notes") in
connection with the refinancing of the Class A-1 Senior Secured
Floating Rate Notes due 2029, the Class A-2 Senior Secured Fixed
Rate Notes due 2029, the Class B-1 Senior Secured Floating Rate
Notes due 2029, the Class B-2 Senior Secured Fixed Rate Notes due
2029, the Class C Senior Secured Deferrable Floating Rate Notes
due 2029 and the Class D Senior Secured Deferrable Floating Rate
Notes due 2029 ("the Original Notes") respectively, previously
issued on September 8, 2015 (the "Original Closing Date"). The
Issuer will use the proceeds from the issuance of the Refinancing
Notes to redeem in full the Refinanced Notes. On the Original
Closing Date, the Issuer also issued three classes of rated notes
and one class of subordinated notes, which will remain
outstanding.

Other than the changes to the spreads and coupon of the notes,
the main material change to the terms and conditions will involve
increasing the Weighted Average Life Test by 18 months to a total
of 7.5 years from the refinancing date. The length of the
reinvestment period will remain unchanged and will expire on
October 25, 2019. Furthermore, the manager is expected to be able
to choose from a new set of collateral quality test covenants
(the "Matrix") and Euribor floors are introduced to all floating
rate notes except for Class A-1. No other material modifications
to the CLO are occurring in connection to the refinancing.

Moody's rating actions on Class A-3, Class E and Class F Notes
are primarily a result of the amendments to the transaction
documents and the issuance of the Refinancing Notes.

Babson Euro CLO 2015-1 B.V.is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated
first lien senior secured corporate loans. At least 90% of the
portfolio must consist of senior secured loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second lien loans, mezzanine obligations, high
yield bonds and/or first lien last out loans. The underlying
portfolio is expected to be 100% ramped as of the refinancing
date.

Barings (U.K.) Limited, (the "Manager") manages the CLO. It
directs the selection, acquisition, and disposition of collateral
on behalf of the Issuer. After the reinvestment period, which
ends in October 2019, the Manager may reinvest unscheduled
principal payments and proceeds from sales of credit improved and
credit risk obligations, 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.

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.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017.


The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. 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 modeling
purposes, Moody's used the following base-case assumptions:

Performing par, recoveries and principal proceeds balance:
EUR400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 4.00%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 39.80%

Weighted Average Life (WAL): 7.5 years

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 (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 3100 to 4030)

Rating Impact in Rating Notches:

Refinancing Class A-1R Senior Secured Floating Rate Notes: -1

Refinancing Class A-2R Senior Secured Fixed Rate Notes: -1

Class A-3 Senior Secured Fixed Rate Notes: -1

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

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

Refinancing Class CR Senior Secured Deferrable Floating Rate
Notes: -2

Refinancing Class DR Senior Secured Deferrable Floating Rate
Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 2800 to 3640)

Rating Impact in Rating Notches:

Refinancing Class A-1R Senior Secured Floating Rate Notes: -1

Refinancing Class A-2R Senior Secured Fixed Rate Notes: -1

Class A-3 Senior Secured Fixed Rate Notes: -1

Refinancing Class B-1R Senior Secured Floating Rate Notes: -4

Refinancing Class B-2R Senior Secured Fixed Rate Notes: -4

Refinancing Class CR Senior Secured Deferrable Floating Rate
Notes: -4

Refinancing Class DR Senior Secured Deferrable Floating Rate
Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -2

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

Methodology Underlying the Rating Actions:

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


BABSON EURO 2015-1: Fitch Affirms B- Rating EUR12.4MM Cl. F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Babson Euro CLO 2015-1 B.V.'s
refinancing notes final ratings and affirmed the others:

EUR206.7 million class A-1R notes: assigned 'AAAsf'; Outlook
Stable
EUR5.3 million class A-2R notes: assigned 'AAAsf'; Outlook Stable
EUR26.4 million class A-3 notes: affirmed at 'AAAsf'; Outlook
EUR32.6 million class B-1R notes: assigned 'AAsf'; Outlook Stable
EUR10.6 million class B-2R notes: assigned 'AAsf'; Outlook Stable
EUR22 million class C-R: assigned 'Asf'; Outlook Stable
EUR21.6 million class D-R: assigned 'BBBsf'; Outlook Stable
EUR31.2 million class E: affirmed at 'BBsf'; Outlook Stable
EUR12.4 million class F: affirmed at 'B-sf'; Outlook Stable

Babson Euro CLO 2015-1 B.V. is a cash flow collateralised loan
obligation securitising a portfolio of mainly European leveraged
loans and bonds. Net proceeds from the issue of the notes were
used to refinance the current outstanding notes. The portfolio is
managed by Barings (UK) Limited.

KEY RATING DRIVERS

'B' Portfolio Credit Quality
Fitch places the average credit quality of obligors in the
'B'/'B-' range. The Fitch weighted average rating factor (WARF)
of the current portfolio is 33.3, below the covenanted maximum
for assigning the final ratings of 35.

High Recovery Expectation
The portfolio will comprise a minimum of 90% senior secured
obligations. The weighted average recovery rate of the current
portfolio is 64.7%, above the covenanted minimum for assigning
final ratings of 55.3%, corresponding to the matrix WARF of 35
and weighted average spread of 4%.

Extended Weighted Average Life
On the refinancing date, the issuer extended the weighted average
life (WAL) covenant to 7.5 years from the current 6.2 years, as
part of the refinancing and to update the Fitch matrix. Fitch has
analysed the refinancing notes in line with the extended WAL
covenant.

Diversified Asset Portfolio
This transaction contains a covenant that limits the top 10
obligors in the portfolio to 20% of the portfolio balance. This
ensures that the asset portfolio is not exposed to excessive
obligor concentration.

Limited Interest Rate Risk
Between 0% and 15% of the portfolio can be invested in fixed-rate
assets, while fixed-rate liabilities account for 11% of the rated
note balance. As the majority of fixed-paying liabilities are
senior in the structure and the class A-3 notes switch to
floating after three years, the proportion of fixed-rate
liabilities will reduce after the reinvestment period. Therefore,
the transaction is partially hedged against rising interest
rates.

Documentation Amendments
The transaction documents may be amended, subject to rating
agency confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyse the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If, in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers a confirmation to be
given if Fitch declines to comment.

TRANSACTION SUMMARY

Babson Euro CLO 2015-1 B.V. closed in September 2015 and is still
in in its reinvestment period, which is set to expire in October
2019. The issuer issued new notes to refinance part of the
original liabilities. The refinanced class A-1, A-2, B-1, B-2, C
and D notes have been redeemed in full as a consequence of the
refinancing.

The refinancing notes bear interest at a lower margin over
EURIBOR than the refinanced notes.

In addition to the lower margin, the WAL covenant will be
extended to 7.5 years from the refinancing date. The remaining
terms and conditions of the refinancing notes (including
seniority) are the same as the refinanced notes.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes.

A 25% reduction in recovery rates would lead to a downgrade of up
to three notches for the rated notes.


JUBILEE CLO 2017-XIX: S&P Assigns Prelim B- Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Jubilee CLO 2017-XIX B.V.'s class X, A-1, A-2, B, C, D, E, and F
notes. At closing, the issuer will also issue unrated
subordinated notes.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

-- The diversified collateral pool, which consists primarily of
    broadly syndicated speculative-grade senior secured term
    loans and bonds that are governed by collateral quality
    tests.

-- The credit enhancement provided through the subordination of
    cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect
    the performance of the rated notes through collateral
    selection, ongoing portfolio management, and trading.

-- The transaction's legal structure, which we expected to be
    bankruptcy remote.

S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria (see "Counterparty Risk Framework
Methodology And Assumptions," published on June 25, 2013).

"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in our criteria (see "Ratings Above The Sovereign -
Structured Finance: Methodology And Assumptions," published on
Aug. 8, 2016).

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria (see
"Structured Finance: Asset Isolation And Special-Purpose Entity
Methodology," published on March 29, 2017).

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

Jubilee CLO 2017-XIX is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, which comprises euro-denominated senior secured
loans and bonds issued mainly by speculative-grade borrowers.
Alcentra Ltd. is the collateral manager.

RATINGS LIST

  Jubilee CLO 2017-XIX B.V.
  EUR463.55 Million (Including EUR42.8 Million Equity) Secured
  Fixed- And Floating-Rate Notes

  Class                  Prelim.          Prelim.
                         rating            amount
                                       (mil. EUR)

  X                      AAA (sf)           2.250
  A-1                    AAA (sf)         231.000
  A-2                    AAA (sf)          30.000
  B                      AA (sf)           66.375
  C                      A (sf)            28.125
  D                      BBB (sf)          21.375
  E                      BB (sf)           28.125
  F                      B- (sf)           13.500
  Subordinated           NR                42.800

  NR--Not rated.


NORTHERN LIGHTS III: Moody's Cuts US$1BB Notes Rating to B2
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating on Repack
notes of Northern Lights III B.V. Series 2012-1:

-- US$1,000,000,000 Loan Participation Notes due August 2019
    Series 2012-1, Downgraded to B2; previously on May 4, 2016
    Downgraded to B1

RATINGS RATIONALE

Moody's explained that the rating action taken is the result of a
rating action on the Government of Angola, which was downgraded
to B2 from B1 on October 20, 2017.

The issue proceeds from the notes were used to fund a loan
facility agreement ("the Loan Agreement") made between Northern
Lights III B.V. ("the Issuer") as lender and the Government of
Angola through its Ministry of Finance as borrower. Payments
received by the Issuer under the Loan Agreement are used to make
payments due under the Notes.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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

This rating is essentially a pass-through of the rating of the
underlying loan. Noteholders are exposed to the credit risk of
the Government of Angola and therefore the rating moves in lock-
step.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credit in the
transaction could have a direct impact on the repackaged
transaction.


===============
P O R T U G A L
===============


HEFESTO STC: Moody's Assigns (P)Caa3 Rating to Class B Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to the following notes to be issued by Hefesto,
STC, S.A.:

EUR[123,000,000] Class A Asset Backed Floating Rate Notes due
[November 2037], Assigned (P) Baa3(sf)

EUR[19,500,000] Class B Asset Backed Floating Rate Notes due
[November 2037], Assigned (P) Caa3(sf)

Moody's has not assigned any rating to EUR[29,548,000] Class J
Asset Backed Variable Return Notes due [November 2037] and
EUR[4,275,000] Class R Notes due [November 2037].

This is the first transaction backed by non-performing loans
"NPLs" rated by Moody's with loans originated by a Portuguese
bank (Caixa Economica Montepio Geral, Caixa Economica Bancaria,
S.A. ("CEMG") ((P)B3 LT Senior Unsecured / B3 LT Bank Deposit /
B1 (cr)). The assets supporting the notes are NPLs with a gross
book value ("GBV") of EUR[580.6] million and an unpaid principal
balance of EUR[414.4] million. The total issuance of Class A,
Class B and Class J Notes is equal to EUR[172,0] million, [29.6]%
of the GBV. The NPLs consist of defaulted mortgage loans, equal
to EUR[271.2] million, which are backed by residential and/or
commercial properties located in Portugal. The mortgage loans
were extended both to individuals as well as companies. Of the
EUR[271.2] million GBV of the defaulted mortgage loans, EUR[63.6]
million are backed by mortgages that are of a second or lower
ranking lien. The pool further contains unsecured defaulted
loans, for an amount equal to around EUR[309.4] million, extended
to individuals, as well as companies.

The secured portfolio will be serviced by Whitestar Asset
Solutions, S.A. ("Whitestar", NR) and the unsecured portfolio
will be serviced by HG PT, Unipessoal, Lda. ("Hipoges", NR) in
their role as special servicers. The servicing activities
performed by both servicers are monitored by the monitoring
agent.

EAM -- Evora Asset Management, S.A. (NR) has been appointed as
asset manager at closing. The asset manager will be a limited
liability company with the exclusive purpose of managing and
promoting the disposal of the properties to third parties from
enforcement on the mortgage loans. The asset manager will not
benefit from the statutory segregation and the privileged credit
entitlement foreseen in the Portuguese Securitisation Law.
However, a number of contractual mechanisms have been put in
place to mitigate the risk of the asset manager's insolvency and
mitigate the risk of third party claims being made against the
asset manager.

RATINGS RATIONALE

Moody's ratings reflect an analysis of the characteristics of the
underlying pool of defaulted loans, sector-wide and originator-
specific performance data, protection provided by credit
enhancement, the roles of external counterparties and the
structural integrity of the transaction.

In order to estimate the cash flows generated by the pool Moody's
used a model that, for each loan, generates an estimate of: (i)
the timing of collections; and (ii) the collected amounts, which
are used in the cash flow model that is based on a Monte Carlo
simulation.

Collection Estimates: The key drivers for the estimates of the
collections and their timing are: (i) the historical data
received from the special servicers, which shows the historical
recovery rates and timing of the collections for secured and
unsecured loans; (ii) the portfolio characteristics and (iii)
benchmarking with comparable EMEA NPL transactions.

Portfolio is split: (i) [34.9]% in terms of GBV of the defaulted
borrowers are individuals, while the remaining [65.1]% are
companies; (ii) loans representing around [53.3]% of the GBV are
unsecured loans, while the remaining [46.7]% of the GBV are
secured loans whereof about [11.0]% in terms of GBV are secured
with a second or lower ranking lien; (iii) of the secured loans,
[74]% are backed by residential properties, and the remaining
[26]% by different types of non-residential properties.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the notes
would not be offset with higher collections from the pool. The
transaction therefore benefits from an interest rate cap, linked
to six-month EURIBOR, with J.P. Morgan AG (Aa2(cr)/P-1(cr)) as
cap counterparty. The cap will have a strike of [0.50]%. The
interest rate cap will terminate in May 2030.

Transaction Structure: The transaction benefits from an
amortising liquidity reserve equal to [3.0]% of the rated notes
balance (equivalent to EUR[4.275] million at closing), which will
be funded through a Note R retained by the seller. However,
Moody's notes that the cash reserve is not available to cover
Class B notes' interest and that unpaid interest on Class B notes
is deferrable and accruing interest on interest. Additional
secured and unsecured expense accounts will be opened in the name
of the issuer and the amounts standing to the credit of these
accounts will be available to cover senior costs and expenses
relating to the secured and unsecured loans, respectively. At
closing, these accounts will be funded at EUR[3] million and
EUR[0.28] million, respectively.

Servicing Disruption Risk: Moody's has reviewed procedures and
practices of Whitestar and Hipoges and found these parties
acceptable in the role of special servicers. The monitoring agent
will help the issuer to replace the servicer(s) in case the
servicing agreement with either Whitestar or Hipoges is
terminated. The reserve fund together with the expenses accounts
should be sufficient to pay around 12 months of interest on the
Class A notes and items senior thereto, calculated at the strike
price for the cap. The limited liquidity in conjunction with the
lack of a back-up servicer means that continuity of note payments
is not ensured in case of servicer disruption. This risk is
commensurate with the rating assigned to the most senior note.

True Sale and Transfer of Security: the assignment of the secured
loans can only be deemed effective against third parties
following registration of such assignment on behalf of the issuer
and the asset manager. Registration will allow the issuer and the
asset manager to request the substitution of CEMG as creditor in
the proceedings. Once the registration is completed the
assignment is valid from the date the application of registration
was accepted. Moody's expects to assign definitive ratings once
the registration application is accepted by the land registry for
the whole secured mortgage pool.

Cash Flow Modeling: Moody's used its NPL cash-flow model as part
of its quantitative analysis of the transaction. Moody's NPL
model enables users to model various features of a European NPL
ABS transaction - including recovery rates under different
scenarios, yield as well as the specific priority of payments and
reserve funds on the liability side of the ABS structure.

Moody's Parameter Sensitivities: The model output indicates that
if price volatility were to be increased to 11.52% from 9.60% for
residential properties and to 14.40% from 12.00% for commercial
properties and it would take an additional 18 months to go
through the foreclosure process the Class A notes rating would
move to Ba1 (sf) assuming that all other factors remained
unchanged. Moody's Parameter Sensitivities provide a
quantitative/model-indicated calculation of the number of rating
notches that a Moody's 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 and 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 have differed if key rating input parameters were
varied. Parameter Sensitivities for the typical EMEA ABS
transaction are calculated by stressing key variable inputs in
Moody's primary rating model.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Securitisations Backed by Non-Performing and
Re-Performing Loans" published on August 2, 2016.

The preliminary 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 Class A notes
by the legal final maturity. Other non-credit risks have not been
addressed, but may have significant effect on yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk. Moody's will monitor this transaction on an ongoing
basis. For updated monitoring information, please contact
monitor.rmbs@moodys.com.

FACTORS THAT WOULD LEAD TO A UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may lead to an upgrade of the ratings include that
the recovery process of the defaulted loans produces
significantly higher cash flows/collections in a shorter time
frame than expected. Factors that may cause a downgrade of the
ratings include significantly less or slower cash flows generated
from the recovery process compared with Moody's expectations at
close due to either a longer time for the courts to process the
foreclosures and bankruptcies, a change in economic conditions
from Moody's central scenario forecast, or idiosyncratic
performance factors. For instance, should economic conditions be
worse than forecasted and the sale of the properties would
generate less cash flows for the issuer or it would take a longer
time to sell the properties, all these factors could result in a
downgrade of the ratings. Additionally counterparty risk could
cause a downgrade of the rating due to a weakening of the credit
profile of transaction counterparties. Finally, unforeseen
regulatory changes or significant changes in the legal
environment may also result in changes of the ratings.


NOVO BANCO: DBRS Assigns New CCC(high) Long-Term Issuer Rating
--------------------------------------------------------------
DBRS Ratings Limited has taken various rating actions on Novo
Banco, S.A. (NB or the Bank) following the announcement on
October 4, 2017 of the results of the senior debt liability
management exercise (LME). This includes downgrading the Long-
Term Senior Debt ratings to Default (D) and the Long-Term Issuer
Rating to Selective Default (SD). Following these actions, DBRS
has withdrawn these ratings. Subsequently, DBRS has assigned to
NB a new CCC (high) Long-Term Issuer Rating and a new CCC (high)
Long-Term Senior Debt rating and both ratings are Under Review
Positive.

NB's Long-Term Senior Debt rating has been downgraded to D to
reflect the fact that DBRS views the LME to be a distressed
exchange. Given the weak position of the Bank, DBRS considers
that a failure to receive the capital injection generated by the
LME alongside the Lone Star acquisition, would have meant the
Bank not complying with minimum regulatory capital requirements.
Subsequently, it could have led to the application of resolution
measures to NB, and have had negative implications for the Bank
and senior bondholders. DBRS recognises that the Bank, the
Resolution Fund and Lone Star also had the flexibility to go
ahead with the LME transaction even if it did not meet the
minimum bondholder acceptance level, as was ultimately the case.
However, DBRS considers that the possibility of the Bank being
resolved if the LME and Lone Star acquisition failed to be
completed, represented in itself a sufficient degree of coercion
to bondholders for DBRS to consider the LME a distressed
exchange.

At the same time, the downgrade of the Long-Term Issuer Rating to
SD reflects the fact that as a result of the Distressed Exchange
and in accordance with DBRS's Default Definitions, the Issuer has
failed to satisfy an obligation on a debt issue, but DBRS
considers this to be "Selective" as the issuer is expected to
continue to meet its obligations on other classes of securities.
The CCC (high) Long-Term Deposits rating, and the R-5 Short-Term
Deposits, Short-Term Debt and Short-Term Issuer ratings have been
confirmed as these ratings were not affected by the LME.

DBRS also confirmed NB's Critical Obligations Ratings (COR) at BB
(low) / R-4, with a Stable Trend. The confirmation reflects DBRS'
expectation that, in the event of a resolution of the Bank,
certain liabilities related to critical activities (such as
payment and collection services, obligations under covered bond
program, payment and collection services, etc.) have a greater
probability of avoiding being bailed-in and would be included in
a going-concern entity.

With the assignment to NB of a new CCC (high) Long-Term Issuer
Rating and a new CCC (high) Long-Term Senior Debt rating all of
the Bank's senior ratings are now at the same level as they were
prior to the announcement of the LME exercise, reflecting DBRS's
view of the limited impact of the LME on NB's franchise, and the
expected sale of the Bank to the American fund, Lone Star. The
Intrinsic Assessment is also CCC (high) and the Support
Assessment remains SA3.

DBRS has also placed the Bank's Long and Short-Term Issuer, Debt
and Deposit ratings Under Review with Positive Implications. The
review will focus on the impact of any potential changes in the
Bank's fundamentals and strategy as a result of the impending
sale to Lone Star, including the planned EUR 750 million capital
injection which was an integral part of the acquisition
agreement. On October 11, 2017 the European Commission approved,
under EU State aid rules, Portuguese aid for the sale of Novo
Banco. Following this, the completion of the sale of a 75% stake
of the Bank to Lone Star is expected to take place in the near
future.

The completion of the LME was one of the conditions to move
forward with the agreement signed by Lone Star to acquire 75%
stake in the Bank. On October 4, 2017, NB published the results
of the Tender Offer on various senior bonds issued by the Bank.
The transaction is expected to generate around EUR 500 million of
capital in the form of capital gains and interest savings. NB
announced that Lone Star and the Resolution Fund have agreed that
the final outcome satisfied the completion of the LME conditions,
despite the minimum participation conditions not being met.
Around 57% of bondholders accepted to exchange the bonds. DBRS
notes that the senior bondholders were offered cash, as well as
the possibility to deposit that cash in 3-5 years fixed-term
deposit accounts.

RATING DRIVERS

The ratings are currently Under Review with Positive
Implications. During this period, DBRS will review the completion
of the acquisition by Lone Star and its potential implications
for NB's franchise, profitability, funding and capital. A key
factor in the review will be the impact on the Bank's asset
quality as a result of the contingent capital mechanism being
provided by the Resolution Fund to a portfolio of assets for up
to EUR3.9 billion.

The sources of information used for this rating include SNL
Financial, the European Central Bank (ECB), the European Banking
Authority (EBA), company reports and the Bank of Portugal. DBRS
considers the information available to it for the purposes of
providing this rating to be of satisfactory quality.

DBRS does not audit the information it receives in connection
with the rating process, and it does not and cannot independently
verify that information in every instance.

Generally, the conditions that lead to the assignment of a
Negative or Positive Trend are resolved within a twelve month
period. DBRS's outlooks and ratings are under regular
surveillance

This rating is under review. Generally, the conditions that lead
to the assignment of reviews are resolved within a 90 day period.
DBRS reviews and ratings are under regular surveillance.

The other entities rated are:

NB Finance Ltd.
Novo Banco Cayman Islands
Novo Banco London Branch
Novo Banco Luxembourg Branch
Novo Banco Madeira Branch

A list of the Affected Ratings is available at

                       http://bit.ly/2zeiuai


=============
R O M A N I A
=============


OLTCHIM: Assets Put Up for Sale for RON590.6 Million
----------------------------------------------------
SeeNews reports that the judicial administrator of Romania's
insolvent chemicals producer Oltchim said on Oct. 27 the price of
assets to be sold to Chimcomplex Borzesti and Dynamic Selling
Group totals RON590.6 million (US$149.4 million/EUR128.4 million)
plus VAT.

Chimcomplex Borzesti and Dynamic Selling Group were picked as
buyers under a preliminary selection procedure, SeeNews
discloses.  According to SeeNews, the statement said discussions
with other bidders are still ongoing and the completion of
transactions under the two contracts is subject to certain
conditions to be met.  The contracts need final approval by the
general meeting of Oltchim creditors, who will also have the
final say in the selection of winning bidders, SeeNews notes.

Oltchim expects to finalize the asset sale process in the first
half of 2018, SeeNews states.

On Oct. 18, the administrator said it has selected three
companies to which it might sell the company's assets, SeeNews
relays.  The three companies were selected from a total of nine
which had submitted bids in the sale process, according to
SeeNews.

Besides Chimcomplex and Dynamic Selling Group, investment fund
White Tiger Wealth Management Ltd was in the race too, but
subsequently withdrew, SeeNews recounts.



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


ACRON PJSC: Fitch Affirms BB- IDR, Revises Outlook to Stable
------------------------------------------------------------
Fitch Ratings has revised Russian fertiliser group PJSC Acron's
Outlook to Stable from Positive while affirming the Long-Term
Issuer Default Rating (IDR) at 'BB-'.

The Outlook change reflects weaker-than-expected fertiliser
prices and intensifying capex from 2018, particularly into
enhancing the phosphate-based and nitrogen-based fertiliser
product portfolio as well as expansion into phosphates and
potash. Acron's demonstrated capex flexibility during 2016-1H17
was offset by an increased dividend payout, thus preventing
leverage from falling below Fitch's positive rating guidelines.

Conversely, Acron's leverage is also unlikely to sustainably
exceed the negative guideline level as capex remains highly
flexible, while scope remains for dividend cut and the potential
divestment of a minority stake in Grupa Azoty.

KEY RATING DRIVERS

Investment Appetite Returns: Fitch expect Acron to intensify its
annual investments up to around RUB16 billion in 2018-2019, from
RUB12 billion in 2016, with a focus on extending its phosphate-
based and complex fertiliser portfolio by 2022, due to the
company's expected spare ammonia and phosphate concentrate
production. This capex also incorporates the development of
underground phosphate mining but excludes the potash project,
which Fitch assume will be financed with a limited recourse to
Acron. Coupled with price pressure and a dividend payout of 40%,
Fitch expect higher capex to drive marginally negative free cash
flow (FCF) until 2020 when capex-driven enhancement of funds from
operations (FFO) and lower capex will drive deleveraging.

Leverage Comfortable for Rating: Acron's FFO-adjusted net
leverage reached 2.3x at end-2016 from 1.3x at end-2015 as
nitrogen and complex fertilisers prices faced stronger-than-
expected pressure, particularly during 2H16, coupled with record
dividend payment of RUB13 billion, despite a weaker rouble and
capex moderation. Fitch expect dividends to moderate as capex
increases, which coupled with continued medium-term price
pressure, should translate into net leverage of around 2.4x
during 2018-2019, which is comfortably below Fitch current 3x
negative rating guideline.

Financial Investments Significant: Acron owns almost a 20% stake
in Polish nitrogen fertiliser Grupa Azoty, having divested almost
40% of its potash project. Significant changes in these stakes
may affect Acron's leverage profile. For instance, Acron's
divestment of Grupa Azoty close to its end-1H17 market value
could bring its leverage down by around 1x while Acron's re-
consolidation of the divested 40% stake in the potash project
could drive its leverage higher by a comparable amount. Fitch
believe that both options are unlikely to materialise over the
next two years and that Acron could still compensate the negative
effect of potash re-consolidation by divesting Grupa Azoty's
stake.

Limited Recourse Financing for Potash: Fitch assume Acron will
succeed in arranging the limited recourse debt financing for its
potash project after 2017, which means that Verkhnekamsk Potash
Company's (VPC) debt, cash and equity are deconsolidated from
Acron's accounts. Based on the above Fitch forecast Acron to
contribute a further RUB6 billion (equivalent to USD100 million)
in cash, while the rest of potash capex by 2020 will be funded by
other equity holders and through limited recourse funding. Fitch
treatment of potential limited recourse funding is based on
current expectations and might be revised once the final project
financing documentation is assessed for the level of exposure and
recourse it creates to Acron.

Pricing to Bottom out in 2018: For 2018 Fitch conservatively
forecast prices across Acron's key fertiliser products to decline
from 3Q17 highs. Fitch expect nitrogen fertilisers to remain
moderately above 2016 lows while complex fertilisers to reset
more than 10% below 2016 levels, as their price premium to the
commodity fertiliser basket moderates to almost 20% from the 30%-
40% highs in 2016. Beyond 2018, Fitch expect mid-single digit
price recovery in nitrogen fertilisers and low-single digit price
recovery in complex fertilisers, as EMEA and global capacity
additions settle down after the 2017-2018 peak and Chinese
government's efforts to optimise nitrogen and phosphate
capacities take effect.

DERIVATION SUMMARY

Acron is broadly on a par with its Russian fertiliser peers PJSC
PhosAgro (BB+/Positive), EuroChem Group AG (BB/Negative) and PJSC
Uralkali (BB-/Negative) in global cost position, backward
integration, and significant presence in at least two regions but
falls behind in terms of operational scale and diversification.
Acron's financial profile remains far stronger than that of most
peers except PhosAgro, although the leverage gap will narrow, but
not disappear, as capex-driven leverage is expected to rise while
peers deleverage.

No Country Ceiling or parent/subsidiary aspects affect the
ratings. The operating environment aspect is incorporated into
the two-notch corporate governance discount applied to most
Russian corporates with concentrated ownership and exposure to
Russia's business, regulatory and legal environment.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Nitrogen fertilisers 2018 pricing to stay moderately above
   2016 lows with mid single-digit growth thereafter;
- Complex fertilisers 2018 pricing to stay more than 10% below
   2016 levels with low single-digit growth thereafter;
- Fertiliser output to demonstrate incremental growth until
   2020;
- USD/RUB rebased at 58 from 2018 onwards;
- Capital intensity up to 17%-18% in 2018-2019 on further
   nitrogen and phosphate-based fertiliser expansion;
- Dividend payout moderating towards 40% of net IFRS income from
   2018;
- VPC's limited recourse funding in 2018 leads to Acron's
   restricted cash at VPC level approaching RUB6 billion by 2020;
   and
- No material M&A activities over the next three years.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- An enhanced operational profile as a result of larger scale
   and/or product diversification.
- FFO adjusted net leverage below 2x and continued prudent
   financial investments.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Aggressive capex or dividends resulting in leverage being
   sustained above 3x.
- Sustained materially negative FCF (excluding funding of the
   potash project).
- Sharp deterioration in market conditions or cost position
   driving EBITDA margin sustainably below 20% (2016: 30%).

LIQUIDITY

Liquidity Improved in 1H17: Acron's USD580 million (around RUB38
billion) pre-export facility raised in 2Q17 led to material
improvement in liquidity and sharply reduced the company's short-
term debt to RUB4 billion at end-1H17 from RUB40 billion at end-
2016. This RUB4 billion short-term debt and marginally negative
FCF is covered by a RUB14 billion cash buffer at end-1H17. Over
RUB20 billion in committed credit lines add comfort to Acron's
liquidity.

The minority stake in Grupa Azoty, valued at around RUB20
billion-value, could provide a further buffer if divested;
however, Fitch exclude this amount from the liquidity
calculation.

FULL LIST OF RATING ACTIONS

PJSC Acron
-- Long-Term Local and Foreign Currency IDRs affirmed at 'BB-';
    Outlook revised to Stable from Positive
-- National Long-term Rating affirmed at 'A+ (rus)'; Outlook
    revised to Stable from Positive
-- Short-Term Foreign Currency IDR affirmed at 'B'
-- Local currency senior unsecured rating affirmed at 'BB-'


RUSSIAN STANDARD: S&P Raises ICR to 'B-/B', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long- and short-term issuer credit
ratings on Russian Standard Bank JSC (RSB) to B-/B' from
'CCC+/C'. The outlook is stable.

S&P said, "In our opinion, RSB improved its liquidity buffer and
our concerns about the bank's reliance on business, financial,
and economic conditions to meet its financial commitments have
therefore diminished.

"We believe that RSB has sufficient resources to meet its
financial obligations over the next 12 months. The bank has an
accumulated liquidity buffer containing cash placements and
interbank accounts of about 6% of the bank's total assets as of
Oct. 1, 2017. Furthermore, the bank has no outstanding wholesale
or bilateral funding, except for customer deposits and
subordinated debt totaling Russian ruble (RUB) 4.8 billion (US$
83 million) from Vnesheconombank maturing in December 2019.

"The upgrade also reflects our belief that RSB's deep strategic
restructuring and management's efforts over the past two years to
improve the bank's financial profile could enable it to restore
sustainability of the bank's franchise and earnings capacity. At
the same time, we note that the bank's financial and business
profiles still remain vulnerable to unsteady credit costs and
high competition, and that the recent improvements in its
financial profile could potentially be unsustainable."

After pronounced deleveraging from 2014 to the first half of
2017, RSB's gross loan book has fallen by about 2.8x to RUB102
billion (about $1.7 billion). Nevertheless, S&P thinks RSB has
retained good brand recognition in Russia's unsecured consumer
finance market, servicing a large and wide domestic customer base
with a considerable branch network.

RSB's business niche is concentrated on unsecured consumer
finance. In S&P's opinion, the bank's competitive position has
materially deteriorated in the past few years due to extremely
high reported losses, which squeezed its capital buffer and
constrained the bank's future business development and hindered
its position in the highly competitive Russian banking system.
The bank's regulatory capital adequacy metrics stood at 12.8%
(N1.0) and 9.5% (N1.1) as of Oct. 1, 2017.

With a 1.2% share in systemwide retail loans, RSB, which
pioneered the Russian consumer finance market, holds the No. 5
position in the credit card market, with a market share of about
7%.

RSB has accumulated a client base of about 37 million retail
customers and operates through a wide distribution network
covering 77 Russian regions. Over the coming 12 months, the bank
aims to focus on maintaining its credit and debit card business
and transaction banking operations, as well as increase point-of-
sale lending to return to a leading market position. The
granularity of the client base and the depth of the retail
franchise still support the bank's business model. Still, S&P
anticipates that the current tough competition on the Russian
consumer finance market could complicate further improvement of
the bank's financial performance. Following the recent
stabilization of the loan book, we expect RSB to demonstrate a
rebound of about 10%-15% loan growth in 2018.

Over the past five years the bank's ability to generate positive
earnings has declined. Specifically, a squeeze on margins and
mounting credit costs have undermined the bank's ability to
generate resilient returns in line with those of its peers. S&P
said, "We view positively signs of operational stability, but the
bank's new senior management team lacks a track record of
sustaining a profitable business. Moreover, we think that
internal capital generation remains a constraint on the bank's
credit quality, because we do not believe earnings' retention
alone will boost capitalization in 2017-2018 to much above the
2013 level (under International Financial Reporting Standards
[IFRS]). In our base case, we expect that the bank's
profitability will improve moderately, thanks to lower funding
costs and stabilized provisioning and cost optimization.
Nonperforming loans stabilized at about 11% by mid-year 2017 from
22% at end-2015."

Pressure on margins also eased in the first half of 2017, largely
on the back of reduced funding costs and curbed credit costs. We
also note recovery of the net interest margin recovered to 8.2%
from 3.8% in 2015. In addition, the bank demonstrated net profit
of RUB304 million for the same period, after cumulative losses of
RUB33.2 billion over 2014-2016. At the same time, RSB posted a
net profit of RUB6.2 billion for the first half of 2017 under
Russian GAAP, which supports its regulatory capital adequacy
metics. S&P anticipates that the bank will post net profit of
RUB1.0 billion-RUB1.5 billion for 2017 under IFRS. Further
recovery is likely to take the form of a resumption of lending,
stabilized provisioning, and cost optimization. But, although
RSB's earnings metrics will likely improve over the next two
years, they will probably continue to fall short of pre-2013
levels.

RSB's ultimate shareholder is Russian businessman Mr. Roustam
Tariko, who also owns Roust Corp. through Roust Trading Ltd., one
of the world's largest vodka producers. S&P said, "We note that a
49% stake in the bank is secured under the agreed terms of
restructuring the bank's two subordinated notes in 2015. We note
that as of June 30, 2017, loans granted to related parties and
associates comprised about 10% of RSB's gross loan book.
Additionally, as of the first six months of 2017, the bank held
shares of the parent company totaling about RUB6.3 billion, or
43% of reported common equity (under IFRS), and had investments
in associated companies totaling RUB20.6 billion, with RUB1.1
billion share in losses. Although we don't anticipate that the
bank could be used by the wider group to channel financial flows
and increase its exposure further, we note that these
transactions add some vulnerability to the bank's risk profile."

The stable outlook balances the bank's wide customer franchise,
and granular funding profile against the potential challenges it
may face while restoring its market footprint, especially
potential pressure on the bank's currently weak loss-absorption
capacity, under our classification.

S&P said, "We could take a negative rating action in the next 12
months if the bank's risk profile weighs substantially on RSB's
profits and capitalization, especially if its margins were to
weaken and credit costs were to increase much faster than we
anticipate. A deeper involvement in the Roust Group's operations,
including its financial exposure, or a higher-than-anticipated
share in losses of associated companies, could also lead us to
consider a negative rating action. A more challenging operating
environment could also further complicate management's capacity
to sustainably turn around the business. We could also take a
negative rating action if the bank suffers material constraint on
its liquidity buffer.

"We consider a positive rating action to be remote over the next
12 months because we expect operating conditions to remain
challenging for the bank. Over the longer term, a substantial
improvement of loss-absorption capacities, either through higher
capitalization or stronger pre-provision earnings could make us
consider an upgrade."



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


LM ERICSSON: Moody's Lowers CFR to Ba2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating (CFR) of Telefonaktiebolaget LM Ericsson
(Ericsson), a leading global provider of telecommunications
equipment and related services to mobile and fixed network
operators, while changing the ratings outlook to negative from
stable.

Concurrently, Moody's has downgraded Ericsson's probability of
default rating (PDR) to Ba2-PD from Ba1-PD, the senior unsecured
long-term ratings to Ba2 from Ba1 and the senior unsecured medium
term note (MTN) program rating to (P)Ba2 from (P)Ba1.

"The downgrade to Ba2 with a negative outlook reflects Moody's
expectation that Ericsson's operating profit and free cash flow
in 2017 and 2018 will continue to be negative, due to rising
restructuring charges and provisions," says Alejandro Nunez, a
Moody's Vice President -- Senior Analyst and lead analyst for
Ericsson. "We believe that the turnaround of Ericsson's business
and operating performance will take longer than previously
anticipated with no expectation of a meaningful recovery until
late 2018 at the earliest."

RATINGS RATIONALE

The downgrade reflects Moody's view that the company's turnaround
period will extend well into 2018 and will be longer than
previously anticipated. It also reflects the sustained negative
near- and medium-term financial implications that will arise in
2017-2018 from the company's restructuring charges and
provisions, as announced by the company in the first half of
2017, as well as the continued weakness in operating profits that
Moody's anticipates over the next year.

Following Ericsson's Q3 2017 results, Moody's expects sustained
(reported) revenue declines of around 10% in 2017 and in the mid-
single digits in 2018 in percentage terms (contrasted with a 10%
contraction in 2016 and 8% reported revenue growth in 2015),
along with negative free cash flow generation for a fourth
consecutive year in 2018. During its Q3 2017 results, the company
announced that its restructuring program expenses for full-year
2017 would be in the range of SEK9.0 billion - SEK10.0 billion,
up from the SEK3.0 billion of restructuring charges for full-year
2017 announced in January 2017.

Although Moody's expects that Ericsson's operating margin
(Moody's-adjusted, including restructuring charges and
provisions) will continue to be negative in 2018 (at just below
zero), the pace of decline in the company's key credit metrics
over the coming year should diminish. Assuming a constant debt
level and including the effects of the recently announced
restructuring and provisions charges, Ericsson's gross debt-to-
EBITDA ratio (Moody's-adjusted) will decline in 2018 to around 4x
from 15x in 2017. However, credit metrics could weaken further if
additional provisions or restructuring charges materialize since
only 13 out of 42 underperforming contracts (primarily in Managed
Services) have been renegotiated to date.

While recognizing that the company's turnaround phase will
persist during most of 2018 meaning there will be further
weakness in operating and credit metrics during that period,
Moody's views positively the fact that the company continues to
invest in R&D for the long term in key areas -- such as Networks
and IT & Cloud -- in order to remain sustainably competitive
particularly before the advent of the 5G cycle.

Despite the company's publicly stated financial policies, its
relatively high exposure to the competitive wireless networking
equipment market without sufficiently offsetting earnings
contribution from other market segments, coupled with its revenue
headwinds and uncompetitive cost structure, will continue to
hamper Ericsson's ability to exhibit credit characteristics
consistent with an investment-grade profile over the next two
years.

The Ba2 ratings reflect: (1) Moody's expectation that the
company's revenue and earnings growth will remain negative in
2017 and 2018, driven by soft market demand during a cyclical
trough, as well as intense competition amid gradual structural
shifts in the telecom networking equipment market's competitive
and technological landscape; (2) the revenue and earnings drag
from the company's sub-scale IT & Cloud and Media divisions that
further reduces the cyclically weak earnings in the Networks
division; (3) the structural challenge that Ericsson faces
because of its high exposure to the wireless networking equipment
market which is unlikely to see material growth before 2020 as
the next technology investment cycle (5G) is expected to ramp up
more significantly around 2020; and (4) the company's weakening
financial profile, due to its relatively high cost base and
declining revenue, leading to significantly lower operating
earnings and continued negative free cash flow generation.
Furthermore, the unpredictable development of pending questions
from US authorities regarding Ericsson's anti-corruption program
and specific cases represents an event risk that further
constrains the rating in the short to medium term.

These negative considerations are offset by: (1) Moody's
expectation that the company's cost-saving activities will help
stabilize its operating earnings by 2019; (2) the company's good
liquidity position; (3) financial policies (including dividend
payments) within the limits of the company's free cash flow
generation and liquidity resources; and (4) a track record of
shareholder support. Moody's considers Ericsson's good liquidity
and main shareholders' support to be the company's two principal
supportive credit factors during this period of cyclical and
structural challenges.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's views and expectations
that:

(1) Ericsson's core market weakness is likely to extend into 2018
following Moody's expectation of a 10% (reported) revenue
contraction in 2017;

(2) This weakness will likely translate into additional
restructuring charges and/or provisions, beyond those announced
to date, that would require further cash outflows over the next
two years;

(3) The company will report high gross leverage in 2017 of around
15x (Moody's-adjusted), which is expected to improve in 2018
toward the 4x area;

(4) Operating margins (Moody's-adj., including restructuring
charges and provisions) and free cash flows will be negative in
2017 and 2018.

WHAT COULD CHANGE THE RATING UP/DOWN

Negative pressure could be exerted on Ericsson's ratings if: (1)
the company reported a 2018 negative operating margin (Moody's-
adjusted, including restructuring charges and provisions) similar
to or worse than the 2017 level (-6%); and/or (2) there were no
material improvement in gross leverage in 2018 from the 2017
level (15x); and/or (3) the company's competitive position
diminished, particularly in the core Networks division, as the 5G
investment cycle approaches; and/or (4) the company registered a
further material decline in its internal liquidity sources;
and/or (5) a material fine were to be imposed as a result of
pending questions from US authorities.

Given the negative outlook, a rating upgrade over the short to
medium term is unlikely. However, over time, upward rating
pressure could develop if: (1) the announced restructuring
program were to start yielding results, leading to a sustainable
recovery in the company's operating performance such that its
operating margin were to consistently be at least in the high
single-digit percentage range; (2) the company were to better
diversify its earnings base, which is currently highly exposed to
the cyclical and highly competitive wireless networking equipment
market; (3) Ericsson demonstrated a sustainably robust
competitive position and technological leadership; (4) end-market
demand were to rebound quicker than currently anticipated, into
the positive revenue growth territory over a 12-month horizon;
(5) free cash flow were to be materially and sustainably
positive; and (6) Ericsson's own liquidity sources were to
improve materially from currently projected 2018 levels such that
the company reported a higher net cash position (including
pension deficit) and reduced gross leverage from the currently
high levels.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Diversified
Technology Rating Methodology published in December 2015.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Telefonaktiebolaget LM Ericsson

-- LT Corporate Family Rating, Downgraded to Ba2 from Ba1

-- Probability of Default Rating, Downgraded to Ba2-PD from Ba1-
    PD

-- Senior Unsecured Medium-Term Note Program, Downgraded to
    (P)Ba2 from (P)Ba1

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
    from Ba1

Outlook Actions:

Issuer: Telefonaktiebolaget LM Ericsson

-- Outlook, Changed To Negative from Stable

Telefonaktiebolaget LM Ericsson (Ericsson) is a world-leading
provider of telecommunication equipment and related services to
mobile and fixed-network operators globally. The company's
equipment is used by over 1,000 networks in more than 180
countries and around 40% of the global mobile traffic passes
through its systems. In the nine months to September 30, 2017,
the company's Networks division represented 74.4% of group
revenue, followed by IT & Cloud at 21.3% and Media at 4.3%. The
company's revenue is geographically well diversified across all
major regions, with North America, Europe & Latin America, Asia
and Middle East/Africa/Other each representing approximately 25%
of group revenues. The company's revenues in the last twelve
months (LTM) to September 30, 2017 were SEK209.3 billion. The
company's largest shareholders are Investor AB and AB
IndustrivÑrden, with voting rights of 22.2% and 15.2%,
respectively.



=====================
S W I T Z E R L A N D
=====================


SCHMOLZ + BICKENBACH: S&P Affirms B+ CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings revised its outlook on Swiss specialty steel
producer Schmolz + Bickenbach AG (S+B) to stable from negative.
S&P also affirmed its 'B+' long-term corporate credit rating on
the company.

At the same time, S&P affirmed its 'B+' issue rating on the
EUR200 million senior secured notes due 2022 issued by Schmolz +
Bickenbach Luxembourg Finance S.A. The recovery rating on the
notes is '4', indicating its expectation for average (30%-50%;
rounded estimate: 35%) recovery in the event of a payment
default.

"The outlook revision to stable from negative reflects our
expectation that market conditions in the second half of 2017
will remain broadly favorable and lead to a full-year adjusted
EBITDA of about EUR215 million, exceeding our previous estimate
of EUR170 million," said S&P Global Ratings credit analyst Lena
Liacopoulou Staad.

Leverage metrics would consequently improve to adjusted debt to
EBITDA of about 3.8x and funds from operations (FFO) to debt of
about 20%, from 7.4x and 7%, respectively in 2016, a year that
combined weak industry conditions and high restructuring costs at
S+B. S&P now sees a favorable trend for both of these factors,
and it also views positively the proactive capital structure
management undertaken earlier this year, which has led to strong
liquidity, increased covenant headroom, and reduced interest
expense.

S&P said, "The stable outlook reflects our expectation that the
company will achieve adjusted EBITDA of over EUR200 million in
2017 supported by performance improvement measures within a
broadly favorable market environment, leading to adjusted debt to
EBITDA falling below 4.0x and FFO to debt of about 20%. The
stable outlook is also supported by the company's strong
liquidity, resulting from the refinancings completed earlier this
year.

"We could consider an upgrade if the company shows stronger-than-
expected EBITDA growth, such that debt to EBITDA improves to
below 3.0x and FFO to debt to above 30% on a sustainable basis.
We would expect the company to maintain strong liquidity and show
positive free cash flow generation.

"We could lower the rating if adjusted Debt to EBITDA were to
move closer to or above 4.0x and FFO to debt significantly below
20% or alternatively due to a strongly negative free cash flow.
This could result from weaker market conditions, materializing
through a sharp decline in realized prices, volume contraction,
or an inflationary cost structure. A downgrade could also emanate
from aggressive financial policy initiatives, such as debt-funded
acquisitions, dividend payments, or higher-than-expected capex."


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


BIO-KINETIC EUROPE: In Administration, 50 Jobs at Risk
------------------------------------------------------
Margaret Canning at Belfast Telegraph reports that around 50 jobs
are at risk after Bio-Kinetic Europe went into administration,
blaming the cancellation of clinical projects.

The Belfast drug trial company employed around 50 people from its
base in Great Victoria Street, carrying out trials into
treatments for conditions such as asthma, arthritis and diabetes,
Belfast Telegraph discloses.

But on Oct. 25, insolvency specialist HNH Group announced it had
been appointed administrators to the company, Belfast Telegraph
relates.

"The late cancellation of a number of key clinical trial
projects, for reasons beyond the control of management, has
resulted in significant working capital pressures within the
business," Belfast Telegraph quotes James Neill, managing
director of HNH, as saying.  "The directors have subsequently had
to make the difficult decision to place the company into
administration."

A spokeswoman, as cited by Belfast Telegraph, said the company
"had been at the forefront of early phase drug development for
over 20 years".


BUTTON FARM: Enters Administration, 14 Jobs Affected
----------------------------------------------------
John Mulgrew at Belfast Telegraph reports that around 14 staff
have been let go at Button Farm Mushrooms after it entered
administration.

The company was placed into administration earlier this month,
Belfast Telegraph recounts.

It's now understood administrator PwC is in discussions with a
number of other businesses about buying the now-closed firm's
assets, Belfast Telegraph discloses.

According to Belfast Telegraph, following the insolvency, 14
staff were sent home after the business closed its doors -- they
have since been made redundant.

The Co Armagh business had has been selling mushrooms for the
last three years, Belfast Telegraph notes.  But following the
loss of a major contract, along with increased raw material
costs, the firm's directors took the decision to place it into
administration, Belfast Telegraph relates.


COLONNADE GLOBAL 2017-3: DBRS Rates Tranche K Prov. BB (high)
-------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to 11 tranches
of an unexecuted unfunded financial guarantee (the senior
guarantee) regarding a portfolio of corporate loans and credit
facilities (the Colonnade Global 2017-3 portfolio) originated or
managed by Barclays Bank PLC (Barclays) and its affiliates as
follows:

-- USD 1,364,423,529 Tranche A at AAA (sf)
-- USD 22,070,588 Tranche B at AA (high) (sf)
-- USD 8,564,706 Tranche C at AA (sf)
-- USD 10,211,765 Tranche D at AA (low) (sf)
-- USD 19,764,706 Tranche E at A (high) (sf)
-- USD 5,929,412 Tranche F at A (sf)
-- USD 15,482,353 Tranche G at A (low) (sf)
-- USD 21,411,765 Tranche H at BBB (high) (sf)
-- USD 7,082,353 Tranche I at BBB (sf)
-- USD 9,552,941 Tranche J at BBB (low) (sf)
-- USD 22,564,706 Tranche K at BB (high) (sf)

The ratings address the likelihood of a reduction to the
respective Tranche Notional Amounts resulting from Borrower
Defaults within the Guaranteed Portfolio of the notional Loan
Portfolio Financial Guarantee within the eight-year Credit
Protection Period. The borrower default events are limited to
failure to pay, bankruptcy and restructuring events.

The ratings take into consideration only the creditworthiness of
the reference portfolio. The ratings do not address either
counterparty risk or the likelihood of any event of default or
termination events under the agreement occurring.

The transaction is a synthetic balance-sheet collateralised loan
obligation structured in the form of a financial guarantee. The
loans were originated by Barclays' investment banking division
over their regular course of business.

Barclays bought protection under a similar financial guarantee
for the first loss piece but has not executed the contracts
relating to the rated tranches. Under the unexecuted guarantee
agreement, Barclays will transfer the remaining credit risk (from
8.5% to 100%) of the same USD 1,647 million portfolio.

The ratings assigned by DBRS are expected to remain provisional
until the underlying agreements are executed. Barclays may have
no intention of executing the senior guarantee. DBRS will
maintain and monitor the provisional ratings throughout the life
of the transaction or while it continues to receive performance
information.

Under the senior guarantee, Barclays will buy protection against
principal losses as well as, prior to the occurrence of a credit
event, interest accrued and unpaid on the reference portfolio for
a period of eight years. The transaction has a three-year
replenishment period during which Barclays can add new reference
obligations or increase the notional amount of existing reference
obligations. The replenishment will follow rules-based selection
guidelines that are designed to ensure the new reference
obligations are not adversely selected. In addition, the new
reference obligations also need to comply with the eligibility
criteria and portfolio profile tests that are established to
ensure that the credit quality of new reference obligations
proposed are similar or better than that of the reference
obligations they replace.

The credit facilities under the reference portfolio can be drawn
in various currencies but any negative impact from currency
movements is neutralised and therefore movements in the foreign
exchange rate should not have a negative impact on the rated
tranches.

However, each reference obligation can reference a broad number
of interest rate indices around the world. The interest rate
index, spread and interest payment frequency will determine the
amount of additional risk that the guarantee has to cover. To
address this risk, DBRS has calculated stressed interest rates
based on its "Unified Interest Rate Model for European
Securitisations" methodology as well as the spread and weighted-
average (WA) payment frequency covenants defined as part of the
transaction's portfolio profile tests. DBRS also took comfort
from the portfolio profile test that limits to only 2% the
guaranteed obligations that can be denominated in a currency
other than the U.S. dollar, sterling, Japanese yen, Canadian
dollar, euro, Swedish krone, Norwegian krone, Danish krone and
Australian dollar (such other currency a Minority Currency). DBRS
assumed a stressed interest rate index of 6.85% for the
obligations denominated in eligible currencies (other than
Japanese yen), 34.25% for obligations denominated in minority
currencies and 12.97% for the obligations denominated in Japanese
Yen. The analysis was used to haircut the standard recovery rate
assumptions applied. For example, at the AAA (sf) stress level,
the unsecured recovery rate for an obligor in a DBRS recovery
Tier 1 country was reduced to 24.7% from 28.5%. This adjustment
was made to account for the additional risk posed by the accrual
interest coverage of the guarantee.

For the recovery rate, DBRS applied the senior secured and senior
unsecured recovery rates defined in its "Rating CLOs and CDOs of
Large Corporate Credit" methodology. The portfolio can reference
obligations from obligors based in Australia, Austria, Belgium,
Brazil, Canada, the Cayman Islands, Chile, Czech Republic,
Denmark, Finland, France, Germany, Ireland, the Isle of Man,
Italy, Japan, Jersey, Luxembourg, Mexico, the Netherlands, New
Zealand, Norway, Poland, Portugal, Romania, South Korea, Spain,
Sweden, Switzerland or the United Kingdom. DBRS applies different
recovery rates depending on the recovery tier and seniority. All
of the eligible borrowers will be based in countries with a DBRS
recovery Tier 1 (higher recovery) to recovery Tier 5 (lower
recovery).

The portfolio WA recovery rate was calculated based on the worst-
case concentration allowed under the portfolio profile tests and
adjusted as per the analysis mentioned above.

DBRS used the CLO Asset Model to determine expected default rates
for the portfolio at each rating level. To determine the credit
risk of each underlying reference obligation, DBRS relied on
either public ratings or a ratings mapping to DBRS ratings of
Barclays' internal ratings models. The mapping was completed in
accordance with DBRS's "Mapping Financial Institution Internal
Ratings to DBRS Ratings for Global Structured Credit
Transactions" methodology.

The eligibility criteria excludes obligations that are either
subordinated, defined as either project finance, structured
finance or currently in credit watch with a value of "2" or
worse. The maximum single borrower group concentration allowed
will be 2.7% for borrower groups with the better internal rating
score, with lower single borrower concentration limits for
borrower groups with lower internal rating scores.


ELLI INVESTMENTS: S&P Downgrades CCR to CC on Debt Restructuring
----------------------------------------------------------------
S&P Global Ratings said that it has lowered its long-term
corporate credit rating on U.K.-based health and social care
provider Elli Investments Ltd. to 'CC' from 'CCC-'.

S&P said, "At the same time, we lowered our issue rating on
Elli's GBP40 million super-senior term loan to 'CCC+' from 'B-'.
The recovery rating is '1+', indicating our expectation of full
(100%) recovery in the event of a payment default.

"We also lowered our issue rating on Elli's GBP350 million senior
secured notes, due in 2019, to 'CC' from 'CCC-'. The recovery
rating is '3' indicating our expectation of 50% recovery
prospects in the event of a payment default.

"In addition, we affirmed our 'C' issue rating on Elli's GBP175
million senior notes due 2020. The recovery rating remains '6',
indicating our expectation of low recovery prospects of 0%-10% in
the event of a payment default."

The downgrade stems from Elli's announcement on Oct. 17 of a
proposed debt and leasehold estate restructuring that the company
intends to implement in November this year. In S&P's view, the
restructuring of financial debt constitutes a distressed debt
exchange, since the holders of both the senior secured notes and
senior notes will receive less than under the original terms of
the debt instruments after the restructuring is completed.
Following the completion of the exchange and downgrade to
default, we plan to reassess the company's capital structure,
liquidity, and earnings profile and update the recovery ratings
profile.

The company announced that it will launch the proposal via a U.K.
arrangement in November, and has invited creditors to provide
feedback on the proposal before then. The restructuring agreement
would encompass Terra Firma injecting GBP136 million into Four
Seasons Health Care (FSHC)'s business in the form of 24
additional care homes. Those additional homes would bring an
EBITDA increase of GBP18.9 million, based on the figures for the
12 months to June 30, 2017. Additionally, holders of the GBP350
million 8.75% secured notes, due 2019, will be asked to exchange
those notes for GBP350 million of new secured notes due on an
extended maturity date, with half of the interest converted to
payment in kind and the other half due in cash.

The proposal would also imply that more junior holders of the
GBP175 million of 12.25% unsecured notes due 2020 take a GBP115
million haircut in return for a 20% stake in the restructured
business by exchanging the notes into GBP60 million of new
unsecured notes. The GBP10.7 million interest payment on those
notes, due in December, would also be unpaid as part of the
restructuring.

The company will also benefit from an extra cash buffer, which we
estimate at about GBP10 million, from an additional GBP70 million
loan that it will use to repay GBP32 million of net financial
debt (secured on the 24 additional homes) outside the non-high-
yield bond group; pay the GBP15.3 million cash interest coupon on
its senior secured notes in December 2017; and meet additional
transaction fees. Elli has also announced that it refinanced its
GBP40 million term loan on Oct. 16, and it now matures in March
2019, with a similar interest rate and covenant features as the
previous instrument.

S&P said, "The negative outlook indicates that, once the
transaction is initiated, we expect to lower the corporate credit
rating to 'SD' (selective default) and the issue ratings on the
senior secured notes and senior notes to 'D' (default). According
to our criteria, we view the proposed debt exchange of both
senior secured and senior notes as distressed and, hence, a de
facto restructuring and a default on the company's obligations.
Following the completion of the exchange and downgrade to
default, we plan to reassess the company's capital structure,
liquidity, and earnings profile and update the recovery ratings
profile."


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


* BOND PRICING: For the Week October 23 to October 27, 2017
-----------------------------------------------------------

Issuer                       Coupon   Maturity  Currency  Price
------                       ------   --------  --------  -----
Bank Otkritie Financial Cor   10.00   4/26/2019    USD    23.30
Vallourec SA                   4.13   10/4/2022    EUR     6.98
New Look Secured Issuer PLC    6.50    7/1/2022    GBP    61.32
HSH Nordbank AG                7.25                USD    45.14
Agrokor dd                     9.88    5/1/2019    EUR    25.88
Genfit                         3.50  10/16/2022    EUR    29.44
HSH Nordbank AG/Luxembourg     1.99                EUR    32.57
Air Berlin PLC                 8.25   4/19/2018    EUR     3.36
New Look Senior Issuer PLC     8.00    7/1/2023    GBP    40.00
Air France-KLM                 2.03   2/15/2023    EUR    13.31
FIGEAC-AERO                    1.13  10/18/2022    EUR    25.17
Ensco PLC                      5.75   10/1/2044    USD    68.20
Oi Brasil Holdings Cooperat    5.75   2/10/2022    USD    35.50
Intelsat Luxembourg SA         7.75    6/1/2021    USD    63.17
Offshore Drilling Holding S    8.38   9/20/2020    USD    40.49
Air Berlin PLC                 6.75    5/9/2019    EUR     3.82
Portugal Telecom Internatio    5.00   11/4/2019    EUR    34.52
Agrokor dd                     9.13    2/1/2020    EUR    25.52
Mitsubishi UFJ Investor Ser    4.17  12/15/2050    EUR    61.80
Portugal Telecom Internatio    4.38   3/24/2017    EUR    33.60
Mitsubishi UFJ Investor Ser    3.92  12/30/2099    EUR     3.79
Intelsat Luxembourg SA         8.13    6/1/2023    USD    60.97
Banca Carige SpA               7.32  12/20/2020    EUR    63.40
Portugal Telecom Internatio    4.50   6/16/2025    EUR    34.08
Portugal Telecom Internatio    6.25   7/26/2016    EUR    33.83
Santander International Pre    2.00                USD    68.26
Ageasfinlux SA                 1.02                EUR    62.25
Pacific Drilling SA            5.38    6/1/2020    USD    34.51
Agrokor dd                     8.88    2/1/2020    USD    25.66
CGG SA                         5.88   5/15/2020    EUR    44.95
New Look Secured Issuer PLC    4.50    7/1/2022    EUR    59.59
Portugal Telecom Internatio    5.88   4/17/2018    EUR    33.50
Banca Carige SpA               8.34                EUR    28.00
Privatbank CJSC Via UK SPV    10.25   1/23/2018    USD    18.48
Oi Brasil Holdings Cooperat    5.63   6/22/2021    EUR    37.02
Air Berlin PLC                 5.63    5/9/2019    CHF     3.56
OAS Investments GmbH           8.25  10/19/2019    USD     8.00
Bank Otkritie Financial Cor   10.00  12/17/2019    USD     9.13
Solarworld AG                 11.00   2/24/2019    EUR    73.38
Rickmers Holding AG            8.88   6/11/2018    EUR     2.62
Frigoglass Finance BV          8.25   5/15/2018    EUR    51.00
Korian SA                      2.50                EUR    43.17
Grupo Isolux Corsan SA         0.25  12/30/2021    EUR     0.32
Grupo Isolux Corsan SA         3.00  12/30/2021    EUR     0.91
Banco Espirito Santo SA        2.63    5/8/2017    EUR    29.67
Johnston Press Bond Plc        8.63    6/1/2019    GBP    73.88
Neopost SA                     3.38                EUR    59.18
Banco Espirito Santo SA        7.13  11/28/2023    EUR     1.19
CGG SA                         1.75    1/1/2020    EUR     1.75
Eramet                         4.00                EUR    70.97
Immigon Portfolioabbau AG     10.00                EUR    14.64
Mriya Agro Holding PLC         9.45   4/19/2018    USD     2.50
Pierre & Vacances SA           3.50   10/1/2019    EUR    44.91
Banco Espirito Santo SA        4.00   1/21/2019    EUR    30.13
GNB - Cia de Seguros de Vid    3.17                EUR    59.88
Avangardco Investments Publ   10.00  10/29/2018    USD    21.93
Capital Raising GmbH           7.50                EUR    49.87
WPE International Cooperati   10.38   9/30/2020    USD    16.75
Scandinavian Airlines Syste    0.63                CHF    25.76
Alitalia-Societa' Aerea Ita    5.25   7/30/2020    EUR     6.31
Norske Skog Holding AS         8.00   2/24/2021    EUR     5.88
Scholz Holding Gmbh            8.50  12/31/2019    EUR     4.01
NTRP Via Interpipe Ltd        10.25    8/2/2017    USD    25.50
ADLER Real Estate AG           2.50   7/19/2021    EUR    15.41
Elli Investments Ltd          12.25   6/15/2020    GBP    67.63
Banca Carige SpA               2.77   6/19/2018    EUR    64.92
UkrLandFarming PLC            10.88   3/26/2018    USD    26.88
Bibby Offshore Services PLC    7.50   6/15/2021    GBP    35.04
Aligera Holding AB publ        5.00    5/7/2019    SEK    25.83
Alno AG                        8.50   5/14/2018    EUR     2.65
Yuksel Insaat AS               9.50  11/10/2015    USD    20.00
Banca Carige SpA               1.67  12/29/2018    EUR    65.72
Banco Espirito Santo SA        4.75   1/15/2018    EUR    30.00
IMMOFINANZ AG                  4.25    3/8/2018    EUR     4.47
CGG SA                         6.50    6/1/2021    USD    44.13
CGG SA                         1.25    1/1/2019    EUR    21.50
Bilt Paper BV                  9.64                USD    24.38
Cooperatieve Rabobank UA       0.50  11/26/2021    ZAR    70.39
CGG SA                         6.88   1/15/2022    USD    44.99
Virgolino de Oliveira Finan   10.50   1/28/2018    USD     6.75
3W Power SA                   10.00   8/29/2019    EUR    15.13
GNB - Cia de Seguros de Vid    1.87  12/19/2022    EUR    70.00
Nexity SA                      0.13    1/1/2023    EUR    71.05
Afren PLC                      6.63   12/9/2020    USD     0.04
Veneto Banca SpA               9.50   12/1/2025    EUR     0.29
Banca Popolare di Vicenza      9.50   9/29/2025    EUR     1.00
Lambay Capital Securities P    6.25                GBP     1.77
Solarworld AG                 11.00   2/24/2019    EUR    49.13
Espirito Santo Financial Gr    6.88  10/21/2019    EUR     0.17
Privatbank CJSC Via UK SPV    11.00    2/9/2021    USD     8.76
Norske Skogindustrier ASA      7.00  12/30/2026    EUR     2.45
OSX 3 Leasing BV              13.00   3/20/2015    USD    30.00
Aralco Finance SA             10.13    5/7/2020    USD     8.50
Allied Irish Banks PLC        12.50   6/25/2035    GBP    72.24
Waste Italia SpA              10.50  11/15/2019    EUR     7.13
Hybrid Raising GmbH            6.63                EUR    52.49
Uppfinnaren 1 AB              10.00                SEK    64.48
KTG Agrar SE                   7.13    6/6/2017    EUR     3.27
BIM SAS                        2.50  11/13/2020    EUR    28.14
Barclays Bank PLC              2.23   7/31/2034    USD    73.50
BNP Paribas SA                 2.69   4/30/2033    USD    68.50
Beate Uhse AG                  7.75    7/9/2019    EUR    21.63
Norske Skogindustrier ASA      2.00  12/30/2115    EUR     1.22
New World Resources NV         4.00   10/7/2020    EUR     1.14
Lloyds Bank PLC                1.99  11/27/2033    USD    70.25
Fred Olsen Energy ASA          3.79   2/28/2019    NOK    51.00
Mobylife Holding A/S           7.25   5/23/2020    SEK    28.75
Hamon & CIE SA                 5.50   1/30/2020    EUR    63.13
OGX Austria GmbH               8.50    6/1/2018    USD     0.01
Cie de Financement Foncier     0.98   8/11/2046    EUR    72.53
BOA OCV AS                     9.75  12/31/2020    NOK    56.25
Inside Secure SA               6.00   6/29/2022    EUR     3.50
Pescanova SA                   8.75   2/17/2019    EUR     2.40
Barclays Bank PLC              2.03   1/27/2031    USD    72.60
Orient Express Bank PJSC vi   10.00                USD    55.13
Virgolino de Oliveira Finan   11.75    2/9/2022    USD     7.25
Barclays Bank PLC              1.70  11/29/2030    USD    73.00
Etablissements Maurel et Pr    1.63    7/1/2019    EUR    16.35
New Look Senior Issuer PLC     8.00    7/1/2023    GBP    40.50
Credit Lyonnais SACA           0.44                EUR    74.00
Tonon Luxembourg SA            9.25   1/24/2020    USD     4.50
Praktiker AG                   5.88   2/10/2016    EUR     0.84
Afren PLC                     10.25    4/8/2019    USD     0.11
Barclays Bank PLC              2.10  12/23/2033    USD    74.30
Privatbank CJSC Via UK SPV    10.88   2/28/2018    USD    19.01
Lehman Brothers UK Capital     3.88                EUR     3.35
Lehman Brothers UK Capital     5.75                EUR     2.19
Cattles Ltd                    7.13    7/5/2017    GBP     0.24
Deutsche Bank AG/London        3.00   2/23/2035    EUR    55.00
Agrokor dd                     8.88    2/1/2020    USD    27.57
Eniro AB                       6.00   4/14/2020    SEK    10.41
Air Berlin Finance BV          6.00    3/6/2019    EUR     3.82
Lloyds Bank PLC                0.12   1/31/2033    USD    58.85
Afren PLC                     11.50    2/1/2016    USD     0.01
Dexia Credit Local SA          1.40                EUR     6.34
Banco Espirito Santo SA        2.32                EUR     0.22
Barclays Bank PLC              0.40   5/31/2033    USD    58.50
Mriya Agro Holding PLC        10.95   3/30/2016    USD     4.79
Smart Solutions GmbH           8.00   12/3/2018    EUR     6.50
Dexia SA                       1.45                EUR     7.78
PNE Wind AG                    3.75  10/10/2019    EUR     3.52
Barclays Bank PLC              1.33   3/21/2031    USD    67.76
New World Resources NV         8.00    4/7/2020    EUR     3.68
Lehman Brothers UK Capital     5.13                EUR     1.98
Cirio Holding Luxembourg SA    6.25   2/16/2004    EUR     0.98
Royal Bank of Scotland PLC/    1.35  12/30/2030    USD    70.38
Mox Telecom AG                 7.25   11/2/2017    EUR     2.43
Barclays Bank PLC              1.35   9/30/2031    USD    67.63
Electromagnetic Geoservices    6.80   6/27/2019    NOK    70.38
Agrokor dd Via Aquarius + I    4.92    8/8/2017    EUR    24.00
Breeze Finance SA              6.71   4/19/2027    EUR    29.05
Norske Skogindustrier ASA      7.13  10/15/2033    USD     2.42
UniCredit Bank Austria AG      0.19   8/20/2033    EUR    69.92
City of Kiev Ukraine Via CS    8.00   11/6/2015    USD    66.00
Espirito Santo Financial Gr    3.13   12/2/2018    EUR     0.09
Veneto Banca SpA               6.41                EUR
Belfius Bank SA/NV             1.62                FRF    73.00
Bulgaria Steel Finance BV     12.00    5/4/2013    EUR     0.57
RENE LEZARD Mode GmbH          7.25  11/25/2017    EUR    22.30
Kaupthing ehf                  7.63   2/28/2015    USD    17.63
Bank Nederlandse Gemeenten     0.50   7/12/2022    ZAR    65.73
Manchester Building Society    6.75                GBP    17.00
Deutsche Bank AG/London        1.75   6/30/2034    USD    68.50
Afren PLC                      6.63   12/9/2020    USD     0.11
Alno AG                        8.00   3/21/2019    EUR     2.25
Stichting Afwikkeling Onder    6.25  10/26/2020    EUR     4.12
Air Berlin Finance BV          8.50    3/6/2019    EUR     3.61
Norske Skogindustrier ASA      7.13  10/15/2033    USD     1.33
EDOB Abwicklungs AG            7.50    4/1/2012    EUR     0.36
Bank Nadra via NDR Finance     8.25   7/31/2018    USD     0.16
Sequa Petroleum NV             5.00   4/29/2020    USD    69.50
Steilmann SE                   7.00   9/23/2018    EUR     1.76
Pescanova SA                   5.13   4/20/2017    EUR     2.87
ESFIL-Espirito Santo Financ    5.25   6/12/2015    EUR     0.45
Decipher Production Ltd       12.50   9/27/2018    USD     1.91
Barclays Bank PLC              1.54  12/30/2030    USD    67.25
Barclays Bank PLC              1.04   3/28/2034    USD    66.20
Norske Skog Holding AS         8.00   2/24/2023    USD    12.25
Geotech Seismic Services PJ   11.50  10/16/2019    RUB    50.29
LBI HF                         6.10   8/25/2011    USD     7.88
Oi Brasil Holdings Cooperat    5.75   2/10/2022    USD    34.88
BLT Finance BV                 7.50   5/15/2014    USD     2.05
Atari SA                       0.10    4/1/2020    EUR     5.70
Abengoa Finance SA             7.75    2/1/2020    USD     1.42
KPNQwest NV                    7.13    6/1/2009    EUR     0.06
Societe Generale SA            0.81                EUR    70.50
International Finance Facil    0.50   6/24/2024    ZAR    52.80
Pacific Drilling SA            5.38    6/1/2020    USD    35.41
Barclays Bank PLC              0.46   3/21/2033    USD    65.00
Intelsat Luxembourg SA        12.50  11/15/2024    USD    61.79
Ideal Standard Internationa   11.75    5/1/2018    EUR     4.83
Havila Shipping ASA            5.29   11/7/2020    NOK    69.25
GEWA 5 to 1 GmbH & Co KG       6.50   3/24/2018    EUR    31.38
New Look Secured Issuer PLC    6.50    7/1/2022    GBP    61.27
Bank Otkritie Financial Cor   10.00   4/26/2019    USD    18.75
Steilmann SE                   6.75   6/27/2017    EUR     5.38
More & More AG                 8.13   6/11/2018    EUR    59.38
Barclays Bank PLC              1.87   7/28/2031    USD    65.60
Echo Investment SA             4.31   4/23/2018    PLN     0.01
Phones4u Finance PLC           9.50    4/1/2018    GBP    73.88
Windreich GmbH                 6.50   7/15/2016    EUR    14.63
Vneshprombank Ltd via VPB F    9.00  11/14/2016    USD     0.53
Deutsche Bank AG/London        2.39  11/26/2034    USD    70.50
Virgolino de Oliveira Finan   10.50   1/28/2018    USD     7.25
Barclays Bank PLC              0.30   3/28/2033    USD    61.00
Vimpel-Communications PJSC     1.00   10/3/2025    RUB    80.66
Espirito Santo Financial Gr    9.75  12/19/2025    EUR     1.28
Stichting Afwikkeling Onder   11.25                EUR     0.49
Deutsche Bank AG/London        2.56  10/31/2034    USD    71.00
Petrol AD                      5.50   1/26/2022    EUR    29.25
Offshore Drilling Holding S    8.38   9/20/2020    USD    40.64
Touax SA                       6.00   7/10/2020    EUR    17.79
Virgolino de Oliveira Finan   10.88   1/13/2020    USD    25.00
Lloyds Bank PLC                0.43   2/22/2033    USD    58.07
Barclays Bank PLC              1.54  12/30/2030    USD    71.13
Montepio Holding SGPS SA       5.00                EUR    50.00
Barclays Bank PLC              1.84   11/1/2031    USD    67.10
SAir Group                     0.13    7/7/2005    CHF    12.13
International Industrial Ba    9.00    7/6/2011    EUR     0.45
Solon SE                       1.38   12/6/2012    EUR     0.33
DEMIRE Real Estate AG          6.00  12/30/2018    EUR     4.00
Enterprise Holdings LTD        7.00   3/30/2020    EUR     3.46
getgoods.de AG                 7.75   10/2/2017    EUR     0.23
Societe Generale SA            0.15   4/29/2033    USD    65.00
German Pellets GmbH            7.25  11/27/2019    EUR     1.15
JZ Capital Partners Ltd        6.00   7/30/2021    GBP    10.50
Minaya Capital AG              7.00    8/1/2018    EUR
Lloyds Bank PLC                2.35   7/26/2033    USD    69.38
Lehman Brothers UK Capital     6.90                USD     1.89
Etablissements Maurel et Pr    2.75    7/1/2021    EUR    10.66
Northland Resources AB         4.00  10/15/2020    USD     0.45
Deutsche Bank AG/London        0.41   3/15/2033    USD    60.00
IT Holding Finance SA          9.88  11/15/2012    EUR     2.45
Alpine Holding GmbH            6.00   5/22/2017    EUR     0.35
Sazka AS                       9.00   7/12/2021    EUR     0.50
Santander Finance Capital S    2.00                EUR    61.00
Tonon Luxembourg SA           10.50   5/14/2024    USD    40.50
Bank Otkritie Financial Cor   10.00  12/17/2019    USD     9.13
Agrokor dd                     9.88    5/1/2019    EUR    25.75
Portugal Telecom Internatio    5.24   11/6/2017    EUR    33.70
Banca Carige SpA               5.70   9/17/2020    EUR    64.60
Barclays Bank PLC              1.35   9/30/2031    USD    66.62
CRC Breeze Finance SA          6.11    5/8/2026    EUR    51.88
World Wide Supply AS           7.75   5/26/2017    USD    15.38
Barclays Bank PLC              1.42   2/25/2031    USD    66.15
Portigon AG                    7.46  12/31/2019    EUR    28.50
New Look Secured Issuer PLC    4.50    7/1/2022    EUR    59.75
KTG Agrar SE                   7.25  10/15/2019    EUR     3.49
Banco Espirito Santo SA        6.88   7/15/2016    EUR    30.26
Sidetur Finance BV            10.00   4/20/2016    USD     4.96
BNP Paribas SA                 0.13   4/30/2033    USD    61.25
HSH Nordbank AG                3.21    5/6/2030    EUR    74.30
German Pellets GmbH            7.25    7/9/2018    EUR     1.56
UniCredit Bank Austria AG      0.17  12/31/2031    EUR    71.92
Gebr Sanders GmbH & Co KG      8.75  10/22/2018    EUR    28.38
PA Resources AB                3.00  12/27/2017    NOK     0.05
Norske Skog Holding AS         8.00   2/24/2021    EUR     5.88
Lehman Brothers Treasury Co    7.25   10/5/2035    EUR     8.50
Cooperatieve Rabobank UA       0.50   2/26/2029    HUF    61.79
Banco Pinto & Sotto Mayor      0.64                EUR    38.01
Corporate Commercial Bank A    8.25    8/8/2014    USD     0.94
Depfa Funding II LP            6.50                EUR    58.03
Vseukrainsky Aktsinerny Ban   10.90   6/14/2019    USD     0.10
Santander Finance Capital S    2.00                EUR    61.23
Cirio Finance Luxembourg SA    7.50   11/3/2002    EUR     5.03
Otkritie Holding JSC          12.00   4/25/2028    RUB    22.03
Rem Offshore ASA               5.00   12/8/2024    NOK    35.76
Intesa Sanpaolo SpA            5.63   3/18/2024    GBP    63.35
EFG International AG           1.14                EUR    61.62
Rudolf Woehrl AG               6.50   2/12/2018    EUR     6.20
Finmek International SA        7.00   12/3/2004    EUR     5.63
Tonon Luxembourg SA           10.50   5/14/2024    USD    40.50
Steilmann SE                   7.00    3/9/2017    EUR     1.76
Sairgroup Finance BV           4.38    6/8/2006    EUR     8.75
Lehman Brothers Treasury Co    6.00   11/2/2035    EUR     8.50
SeaBird Exploration Finance    6.00   6/30/2020    USD    20.13
Kaupthing ehf                  5.75   10/4/2011    USD    17.63
Waste Italia SpA              10.50  11/15/2019    EUR     7.13
OGX Austria GmbH               8.38    4/1/2022    USD     0.90
Far Eastern Shipping Co PLC   12.25  11/28/2017    RUB    60.00
Rosneft Oil Co PJSC            7.95  12/11/2023    RUB    73.02
OGX Austria GmbH               8.38    4/1/2022    USD     0.90
Region of Abruzzo Italy        0.13   11/7/2036    EUR    62.15
KPNQwest NV                   10.00   3/15/2012    EUR     0.06
Frey                           6.00  11/15/2022    EUR    23.11
OGX Austria GmbH               8.50    6/1/2018    USD     0.93
Phosphorus Holdco PLC         10.00    4/1/2019    GBP     1.29
Cirio Finanziaria SpA          8.00  12/21/2005    EUR     0.35
Lehman Brothers Treasury Co    7.00   5/17/2035    EUR     8.50
Norske Skog Holding AS         8.00   2/24/2023    USD     4.51
UniCredit Bank Austria AG      0.02   1/25/2031    EUR    73.18
Lloyds Bank PLC               1/29/2034    USD    73.80
SeniVita Sozial gemeinnuetz    7.00                EUR    74.00
MPS Capital Services Banca     4.33   3/14/2024    EUR    49.05
Royal Bank of Scotland PLC/    1.42  11/16/2030    USD    68.25
Deutsche Bank AG               0.10   6/28/2033    USD    60.61
German Pellets GmbH            7.25    4/1/2016    EUR     1.32
Afren PLC                     10.25    4/8/2019    USD     0.02
CBo Territoria                 6.00    1/1/2020    EUR     4.10
Alpine Holding GmbH            5.25    7/1/2015    EUR     0.31
Lloyds Bank PLC                2.18    7/5/2033    USD    66.41
Enterprise Holdings LTD        7.00   9/26/2017    EUR     3.42
Hellas Telecommunications L    8.50  10/15/2013    EUR     0.24
Dannemora Mineral AB          11.75   3/22/2016    USD     0.13
IVG Immobilien AG              5.50                EUR     2.13
IM Skaugen SE                 10.15    4/6/2018    USD    35.63
Stichting Afwikkeling Onder    2.42                EUR     0.49
Koninklijke Luchtvaart Maat    0.75                CHF    36.60
Wild Bunch AG                  8.00   3/23/2019    EUR    50.05
Tonon Luxembourg SA            9.25   1/24/2020    USD    11.13
OAS Investments GmbH           8.25  10/19/2019    USD     7.50
Barclays Bank PLC              0.24    4/9/2028    USD    67.25
Rena GmbH                      8.25   7/11/2018    EUR     9.38
BBVA International Preferre    1.27                GBP    63.20
CGG SA                         6.50    6/1/2021    USD    45.23
Cooperatieve Rabobank UA       0.50   7/30/2043    MXN    12.27
Windreich GmbH                 6.50    3/1/2015    EUR    14.63
Otkritie Holding JSC          11.00    8/9/2018    RUB    21.73
PA Resources AB               13.50    3/3/2016    SEK     0.05
Cirio Del Monte NV             7.75   3/14/2005    EUR     1.25
Stroika Finance Ltd Via Eme    9.90   6/25/2019    RUB    10.00
Pescanova SA                   6.75    3/5/2015    EUR     2.58
3W Power SA                    5.50  11/11/2020    EUR    15.00
Golden Gate AG                 6.50  10/11/2014    EUR    56.68
Deutsche Bank AG/London        1.39   8/28/2034    USD    67.00
APP International Finance C   11.75   10/1/2005    USD     0.44
Abengoa Finance SA             7.75    2/1/2020    USD     1.20
Manchester Building Society    8.00                GBP    25.25
International Industrial Ba   11.00   2/19/2013    USD     0.22
Banco Espirito Santo SA        6.90   6/28/2024    EUR    28.00
Barclays Bank PLC              1.11   4/25/2034    USD    68.75
Teksid Aluminum Luxembourg    11.38   7/15/2011    EUR     0.11
Lehman Brothers Treasury Co    8.25   3/16/2035    EUR     8.50
Barclays Bank PLC              1.33   6/17/2033    USD    65.40
Artea                          6.00    8/4/2019    EUR    14.52
Afren PLC                     11.50    2/1/2016    USD     0.01
Depfa Funding IV LP            1.54                EUR    50.00
DOF ASA                        7.83   9/12/2019    NOK    40.00
Santander Issuances SAU        4.35   12/1/2026    EUR    73.43
Del Monte Finance Luxembour    6.63   5/24/2006    EUR     5.13
Barclays Bank PLC              3.57   9/13/2028    USD    70.57
ADLER Real Estate AG           6.00  12/27/2018    EUR    14.00
Lloyds Bank PLC                0.09   4/26/2033    USD    51.00
Agrokor dd                     9.13    2/1/2020    EUR    26.13
Banco Comercial Portugues S    5.00                EUR    65.00
HPI AG                         3.50                EUR     3.20
Svensk Exportkredit AB         0.50   8/28/2020    TRY    70.41
UniCredit Bank Austria AG      0.15  12/27/2031    EUR    70.38
Tatfondbank OAO via TFB Fin    8.50  11/12/2019    USD     1.22
Rosneft Oil Co PJSC            8.60   1/18/2021    RUB    60.01
Rio Forte Investments SA       4.00   7/22/2014    EUR     8.38
Virgolino de Oliveira Finan   11.75    2/9/2022    USD     7.25
Abanka Vipa DD Via Afinance    1.57                EUR     2.26
Accentro Real Estate AG        6.25   3/27/2019    EUR     7.75
Havila Shipping ASA            4.82   11/7/2020    NOK    48.38
Rena GmbH                      7.00  12/15/2015    EUR     9.38
Minicentrales Dos SA           4.81  11/29/2034    EUR    65.75
CGG SA                         5.88   5/15/2020    EUR    45.63
Orient Express Bank PJSC      13.60    8/9/2018    RUB    68.00
SAG Solarstrom AG              7.50   7/10/2017    EUR    33.63
Lehman Brothers Treasury Co    5.00   2/16/2015    EUR     8.50
Alpine Holding GmbH            5.25   6/10/2016    EUR     0.31
BNP Paribas SA                 0.50   9/29/2029    AUD    60.99
Atari SA                       7.50   2/17/2020    EUR     0.41
Royal Bank of Scotland PLC/    1.42   2/25/2031    USD    71.00
FPK OAO                        9.95    6/4/2026    RUB   103.40
Minicentrales Dos SA           6.45   4/14/2028    EUR    65.75
Cooperatieve Rabobank UA       0.50  10/30/2043    MXN    12.08
Azubu Investments SA           5.00   8/25/2018    EUR    60.00
A-TEC Industries AG            8.75  10/27/2014    EUR     0.10
Popular Capital SA             4.00                EUR     2.76
Elli Investments Ltd          12.25   6/15/2020    GBP    67.63
Lehman Brothers Treasury Co    5.10    5/8/2017    HKD     8.50
A-TEC Industries AG            5.75   11/2/2010    EUR     0.10
Northland Resources AB        15.00   7/15/2019    USD     1.88
Sachsen Bank                   0.07   1/22/2041    EUR    74.80
Otkritie Holding JSC          10.00   4/20/2028    RUB    19.53
Landesbank Hessen-Thueringe    0.06   4/23/2041    EUR    68.68
Svensk Exportkredit AB         0.50   4/24/2029    AUD    63.11
MS Deutschland Beteiligungs    6.88  12/18/2017    EUR     5.33
Region of Molise Italy         0.13  12/15/2033    EUR    66.99
Finance and Credit Bank JSC    9.25   1/25/2019    USD     0.62
A-TEC Industries AG            2.75   5/10/2014    EUR     0.10
Golden Energy Offshore Serv    5.00  12/31/2017    NOK    45.63
Veneto Banca SpA               6.95   2/25/2025    EUR     1.00
International Finance Facil    0.50   6/29/2027    ZAR    38.21
Virgolino de Oliveira Finan   10.88   1/13/2020    USD    25.00
Alpha Bank AE                  2.50   6/20/2022    EUR    41.06
Banca Meridiana                1.25  11/12/2017    EUR     0.80
Delamare Finance PLC           1.54   2/19/2029    GBP    64.10
Sairgroup Finance BV           6.63   10/6/2010    EUR    11.00
Grupo Isolux Corsan SA         0.25  12/30/2018    EUR     0.11
KPNQwest NV                    8.88    2/1/2008    EUR     0.06
Mriya Agro Holding PLC         9.45   4/19/2018    USD     5.00
Governo Portugues Consolida    2.75                EUR    70.53
Kommunekredit                  0.50   7/30/2027    TRY    33.67
CGG SA                         6.88   1/15/2022    USD    45.63
Johnston Press Bond Plc        8.63    6/1/2019    GBP    73.88
Bulgaria Steel Finance BV     12.00    5/4/2013    EUR     0.57
Cooperatieve Rabobank UA       0.50  10/29/2027    MXN    44.36
Stichting Afwikkeling Onder    6.63   5/14/2018    EUR     3.00
Activa Resources AG            0.50  11/15/2021    EUR    18.50
Deutsche Agrar Holding GmbH    7.25   9/28/2018    EUR     2.25
Barclays Bank PLC              2.95  10/30/2034    USD    73.65
Rosneft Oil Co PJSC            8.90    2/6/2024    RUB   101.02
Laurel GmbH                    7.13  11/16/2017    EUR     8.63
Credit Agricole Corporate &    5.65  10/31/2022    INR    74.85
La Veggia Finance SPA          7.13  11/14/2004    EUR     1.96
Mifa Mitteldeutsche Fahrrad    7.50   8/12/2018    EUR     2.15
KPNQwest NV                    8.13    6/1/2009    USD     0.06
Espirito Santo Financial Po    5.13   5/30/2016    EUR     0.52
Banco Espirito Santo SA        1.22   5/27/2018    EUR     1.19
Oi Brasil Holdings Cooperat    5.63   6/22/2021    EUR    37.00
Otkritie Holding JSC          12.70   9/30/2027    RUB    40.78
SAir Group                     6.25   4/12/2005    CHF    11.75
Intelsat Luxembourg SA        12.50  11/15/2024    USD    61.79
Svensk Exportkredit AB         0.50   3/15/2022    ZAR    67.40
Rosneft Oil Co PJSC            9.90   12/3/2020    RUB    62.01
Hamburgische Landesbank-Gir    0.05   1/22/2041    EUR    62.83
Salvator Grundbesitz-AG        9.50                EUR    18.50
LBI HF                         7.43                USD     0.00
SiC Processing GmbH            7.13    3/1/2016    EUR     2.52
UkrLandFarming PLC            10.88   3/26/2018    USD    26.88
Santander Finance Capital S    2.00                USD    62.56
Lehman Brothers Treasury Co    5.00   9/22/2014    EUR     8.50
Frigoglass Finance BV          8.25   5/15/2018    EUR    51.00
Exane Finance SA               5.00  12/20/2019    SEK
Espirito Santo Financial Gr    5.05  11/15/2025    EUR     0.64
Svensk Exportkredit AB         0.50   6/29/2029    AUD    62.80
Podkarpacki Bank Spoldzielc    5.81    7/2/2020    PLN    70.50
Talvivaara Mining Co PLC       9.75    4/4/2017    EUR     1.24
PSN Pm OOO                    12.00   8/31/2027    RUB    60.46
Municipality Finance PLC       0.50   6/19/2024    ZAR    55.06
Svensk Exportkredit AB         0.50   8/29/2029    AUD    63.81
Institut Catala de Finances    0.87   9/18/2024    EUR    73.73
Barclays Bank PLC              0.50   4/24/2023    MXN    62.30
Northland Resources AB         4.00  10/15/2020    NOK     0.16
Otkritie Holding JSC          11.25  12/10/2026    RUB    24.50
Otkritie Holding JSC          11.50   7/14/2027    RUB    27.00
Hamburgische Landesbank-Gir    0.05  10/30/2040    EUR    64.77
Norske Skogindustrier ASA      2.00  12/30/2115    EUR     1.22
Otkritie Holding JSC          10.25   9/17/2027    RUB    20.65
Barclays Bank PLC              3.09   4/16/2029    USD    66.25
Lehman Brothers Treasury Co    6.00   3/14/2011    EUR     8.50
Anglian Water Services Fina    0.76   1/26/2057    GBP    73.29
HSBC France SA                 1.03                EUR    71.00
Societe Generale SA            0.28   6/28/2033    USD    70.75
State of Berlin Germany        0.50   6/19/2047    EUR    73.62
Banco Pastor SAU               2.07                EUR     1.14
SAG Solarstrom AG              6.25  12/14/2015    EUR    33.63
UBS AG/London                  7.93  12/30/2021    USD    10.45
United Aircraft Corp PJSC      8.00   3/17/2020    RUB    80.00
Alpha Bank AE                  2.50   6/20/2022    EUR    41.07
Promsvyazbank PJSC            10.50   4/19/2021    RUB    70.10
Veneto Banca SpA               6.94   5/15/2025    EUR     0.39
UniCredit Bank AO             12.00  11/20/2019    RUB    67.00
AKB Peresvet ZAO              13.50  10/16/2020    RUB    19.35
Marine Subsea AS               9.00  12/16/2019    USD     0.41
SAir Group                     5.50   7/23/2003    CHF    11.57
Talvivaara Mining Co PLC       4.00  12/16/2015    EUR     1.79
Aralco Finance SA             10.13    5/7/2020    USD     4.34
Finans-Avia OOO                9.00   7/31/2022    RUB    73.95
SPORTTOTAL AG                  6.00   3/17/2019    EUR     3.90
BLT Finance BV                12.00   2/10/2015    USD    10.50
Banca del Monte di Lucca-Sp    2.43   6/29/2020    EUR    64.50
Barclays Bank PLC              1.33   8/31/2031    USD    71.25
Rosneft Oil Co PJSC           14.90   12/3/2020    RUB    65.67
Kamaz PJSC                    11.24   7/18/2030    RUB    70.01
Barclays Bank PLC              2.41   5/30/2034    USD    73.20
BNP Paribas SA                 0.50   7/20/2021    BRL    68.94
MegaFon PJSC                   9.90   5/29/2026    RUB    63.88
Petromena ASA                 10.85  11/19/2017    USD     0.61
UniCredit Bank Austria AG      0.06   1/24/2031    EUR    71.51
SG Issuer SA                   6.00   6/30/2022    USD    73.89
Otkritie Holding JSC          10.00   12/8/2027    RUB    24.00
MPS Capital Services Banca     3.73   3/30/2022    EUR    58.26
SAir Group                     6.25  10/27/2002    CHF    11.78
Landesbank Hessen-Thueringe    0.08    5/3/2041    EUR    66.47
Dexia Kommunalbank Deutschl    5.63  12/31/2017    EUR    13.13
Banco Espirito Santo SA       10.00   12/6/2021    EUR     1.19
Bibby Offshore Services PLC    7.50   6/15/2021    GBP    35.25
Astana Finance BV              7.88    6/8/2010    EUR    16.88
Lehman Brothers Treasury Co    4.00   2/16/2017    EUR     8.50
New World Resources NV         8.00    4/7/2020    EUR     3.68
Lehman Brothers Treasury Co    5.00   2/27/2014    EUR     8.50
SAir Group                     5.13    3/1/2003    CHF    13.00
Bank Nederlandse Gemeenten     0.50    6/7/2022    ZAR    65.34
Russian Railways JSC           4.00   4/29/2043    RUB    60.06
Rosneft Oil Co PJSC            8.50   7/14/2027    RUB    67.97
Agroton Public Ltd             6.00   7/14/2019    USD    14.38
Norske Skogindustrier ASA      7.00  12/30/2026    EUR     2.45
SAir Group                     2.13   11/4/2004    CHF    11.75
Privatbank CJSC Via UK SPV    10.88   2/28/2018    USD    19.13
Otkritie Holding JSC          11.50    8/5/2025    RUB    20.50
Kommunalbanken AS              0.50   5/27/2022    ZAR    67.53
SAir Group                     2.75   7/30/2004    CHF    11.75
Oravita City Council           2.89   6/15/2027    RON    74.01
Rosneft Oil Co PJSC            8.50   7/14/2027    RUB    67.97
Two Capitals Highway OOO      13.45   5/10/2030    RUB    62.57
Oberbank Hybrid 1 GmbH         0.87                EUR    48.22
OGK-2 PJSC                    11.50  11/17/2020    RUB   101.72
Espirito Santo Financial Gr    5.05  11/15/2025    EUR     0.64
Svensk Exportkredit AB         0.50   1/31/2022    ZAR    68.50
Lehman Brothers Treasury Co    5.55   3/12/2015    EUR     3.81
WPE International Cooperati   10.38   9/30/2020    USD    16.25
Lehman Brothers Treasury Co    7.80   3/31/2018    USD     3.81
EFG International Finance G    6.00  11/30/2017    EUR     0.19
Gazprom PJSC                   5.10  10/21/2043    RUB    60.06
New World Resources NV         4.00   10/7/2020    EUR     1.14
City of Kiev Ukraine Via CS    8.00   11/6/2015    USD    66.00
Rusfinans Bank OOO             8.05   10/2/2018    RUB    60.36
OGK-2 PJSC                    11.50  11/17/2020    RUB    62.07
Metalloinvest Holding Co OA    0.01    3/7/2022    RUB    65.00
BNP Paribas SA                 0.50    5/6/2021    MXN    74.23
SAir Group                     4.25    2/2/2007    CHF    11.75
ENEL RUSSIA PJSC              12.10   9/28/2018    RUB    70.01
Agentstvo po Ipotechnomu Zh    8.20   9/15/2020    RUB    74.20
Lehman Brothers Treasury Co    2.88   3/14/2013    CHF     8.50
City of Moscow Russia          7.50   5/18/2021    RUB    65.00
Lehman Brothers Treasury Co    7.00    6/6/2017    EUR     3.81
Heta Asset Resolution AG       4.35  12/31/2023    EUR    34.63
Salvator Grundbesitz-AG        9.50  12/31/2021    EUR     7.70
Metalloinvest Holding Co OA    0.01    3/7/2022    RUB    75.00
Pierer Industrie AG            5.75                EUR    69.13
Royal Bank of Scotland PLC/    1.39   8/26/2031    USD    68.70
Gazprom PJSC                   5.10  10/21/2043    RUB    60.06
Polski Bank Spoldzielczy w     4.81   6/18/2020    PLN    50.00
SAir Group                     2.75   7/30/2004    CHF    11.75
Agentstvo po Ipotechnomu Zh   10.90   11/1/2022    RUB    61.01
Lehman Brothers Treasury Co    4.00   3/10/2011    EUR     3.81
Gazprombank JSC                9.00   4/27/2048    RUB   101.45
Bank Nederlandse Gemeenten     0.50   8/15/2022    ZAR    64.47
Lloyds Bank PLC                2.11   4/25/2034    USD    70.13
HSH Nordbank AG                2.30    2/1/2036    EUR    69.86
Biomed-Lublin Wytwornia Sur    7.31   9/22/2019    PLN    72.01
Bilt Paper BV                  9.64                USD    24.38
Kaupthing ehf                  5.75   10/4/2011    USD    17.63
Banca Popolare di Vicenza      9.50   10/2/2025    EUR     0.75
Russian Railways JSC           8.65    2/4/2032    RUB    62.90
Solarwatt GmbH                 7.00   11/1/2015    EUR    15.50
Main Road JSC                  7.50  10/30/2028    RUB    65.00
WEB Windenergie AG             6.25                EUR    74.89
UmweltBank AG                  2.85                EUR    53.30
Barclays Bank PLC              1.33   7/28/2034    USD    72.77
Rosneft Oil Co PJSC           11.90   12/3/2020    RUB    71.55
Northland Resources AB        15.00   7/15/2019    USD     1.88
Cooperatieve Rabobank UA       0.50   1/31/2033    MXN    26.77
Two Capitals Highway OOO      13.25   6/19/2030    RUB    67.96
Rosselkhozbank JSC            17.00  12/13/2024    RUB    60.57
Bank Nederlandse Gemeenten     0.50   5/12/2021    ZAR    72.87
Kaupthing ehf                  5.25   7/18/2017    BGN    17.63
Santander Finance Capital S    2.00                USD    62.00
Bank Nederlandse Gemeenten     0.50    8/9/2022    MXN    68.97
Svensk Exportkredit AB         0.50   2/22/2022    ZAR    67.75
Plaza Centers NV               6.00    7/1/2020    ILS    78.00
ML 33 Invest AS                7.50                NOK    68.75
Lehman Brothers Treasury Co    1.46   2/19/2012    JPY     8.50
Lehman Brothers Treasury Co    5.00   8/16/2017    EUR     8.50
HSBC Bank PLC                  0.50  10/30/2026    NZD    70.62
Societe Generale SA            1.60    1/9/2020    GBP     1.13
Gold-Zack AG                   7.00  12/14/2005    EUR    12.58
IT Holding Finance SA          9.88  11/15/2012    EUR     2.45
Hypo Vorarlberg Bank AG        5.87                EUR    45.88
Lehman Brothers Treasury Co    6.00   3/18/2015    USD     8.50
Lehman Brothers Treasury Co   23.30   9/16/2008    USD     3.81
Societe Generale SA            0.37   2/28/2033    USD    67.10
SG Issuer SA                   6.65  10/10/2021    EUR    74.03
United Engine Corp JSC         8.80   4/17/2023    RUB    60.01
Krakowski Bank Spoldzielczy    5.11   9/20/2023    PLN    67.00
Rosbank PJSC                   9.35   9/29/2025    RUB    60.78
Pongs & Zahn AG                8.50                EUR     0.04
Rosbank PJSC                   9.80  12/20/2026    RUB    62.35
Lehman Brothers Treasury Co    5.00    5/2/2022    EUR     3.81
Heta Asset Resolution AG       0.43  12/31/2023    EUR    34.63
State Transport Leasing Co    14.30  12/10/2024    RUB    72.41
NRW Bank                       0.28   10/4/2026    EUR    57.35
Windreich GmbH                 6.75    3/1/2015    EUR    14.63
Lehman Brothers Treasury Co    5.00   3/18/2015    EUR     8.50
Leonteq Securities AG         15.60  12/19/2017    CHF    60.58
Muehl Product & Service AG     6.75   3/10/2005    DEM     0.21
Rio Forte Investments SA       4.75  11/10/2015    EUR     8.38
Lehman Brothers Treasury Co    6.65   8/24/2011    AUD     8.50
Ideal Standard Internationa   11.75    5/1/2018    EUR     4.83
Bank Nederlandse Gemeenten     0.50   6/22/2021    ZAR    72.07
Kaupthing ehf                  6.13   10/4/2016    USD    17.63
Leonteq Securities AG/Guern    9.00   5/29/2018    EUR    56.43
Kaupthing ehf                  9.00                USD     0.12
Cooperatieve Rabobank UA       0.50  12/29/2027    MXN    42.98
Grupo Isolux Corsan SA         3.00  12/30/2021    USD     0.92
State of Rhineland-Palatina    0.60  10/24/2046    EUR    73.13
EFG International Finance G    2.10   3/23/2018    EUR    21.18
Heta Asset Resolution AG       0.24  12/31/2023    EUR    34.63
Cooperatieve Rabobank UA       0.50  11/30/2027    MXN    42.58
Beluga Group PJSC              9.75   5/28/2020    RUB    61.00
Rostelecom PJSC                8.40   5/20/2025    RUB    60.06
Lehman Brothers Treasury Co    1.28   11/6/2010    JPY     8.50
Otkritie Holding JSC          11.50   7/20/2028    RUB    31.05
Astana Finance BV              9.00  11/16/2011    USD    16.88
Raiffeisen Schweiz Genossen    8.99   7/22/2019    EUR    25.13
Barclays Bank PLC              0.50   1/28/2033    MXN    28.01
Lehman Brothers Treasury Co    4.87   10/8/2013    USD     3.81
Bank Nederlandse Gemeenten     0.50   9/20/2022    ZAR    63.78
Lehman Brothers Treasury Co    8.25   12/3/2015    EUR     8.50
Podkarpacki Bank Spoldzielc    5.01   10/6/2021    PLN    64.00
Russian Railways JSC           9.85   4/26/2041    RUB    69.69
Oberoesterreichische Landes    0.32   11/6/2030    EUR    73.28
Kerdos Group SA                8.00  12/15/2017    PLN
Lehman Brothers Treasury Co    6.45   2/20/2010    AUD     3.81
Lehman Brothers Treasury Co    7.00  11/26/2013    EUR     8.50
United Engine Corp JSC        11.50   6/26/2024    RUB    60.01
Phones4u Finance PLC           9.50    4/1/2018    GBP    73.88
Orient Express Bank PJSC      18.00   5/28/2020    RUB    50.00
Credito Padano Banca di Cre    3.10                EUR    33.86
Lehman Brothers Treasury Co    4.60  10/11/2017    ILS     8.50
Penell GmbH Elektrogroshand    7.75   6/10/2019    EUR     5.00
Union Technologies Informat    0.10    1/1/2020    EUR     5.50
Credit Europe Bank Ltd        10.00   9/14/2018    RUB    62.03
National Developing Co PAO    16.00   4/15/2021    RUB     0.01
Svensk Exportkredit AB         0.50   6/28/2022    ZAR    65.46
Eiendomskreditt AS             4.10                NOK    55.30
Mriya Agro Holding PLC        10.95   3/30/2016    USD     5.00
Rusfinans Bank OOO            10.05   6/10/2019    RUB    61.12
Municipality Finance PLC       0.50    5/8/2029    AUD    63.10
Deutsche Bank AG/London        0.50   10/5/2021    IDR    66.68
Sidetur Finance BV            10.00   4/20/2016    USD     4.96
Barclays Bank PLC              2.49   2/28/2034    USD    73.70
Rosselkhozbank JSC            12.87  12/21/2021    RUB    66.78
UniCredit Bank AG              0.37  11/19/2029    EUR    64.30
Atomenergoprom JSC            11.10  12/12/2025    RUB    70.62
Russian Railways JSC           5.10  11/29/2028    RUB    60.06
Commerzbank AG                10.00    3/2/2020    EUR    42.15
Bank Nederlandse Gemeenten     0.50   9/20/2022    MXN    68.35
Credit Suisse AG/London        9.50  11/15/2019    USD     5.66
Cooperatieve Rabobank UA       0.50   8/21/2028    MXN    40.48
Metalloinvest Holding Co OA    0.01   3/10/2022    RUB    60.00
Orient Express Bank PJSC      11.70   7/17/2018    RUB    60.31
Rusfinans Bank OOO             8.05   6/30/2020    RUB    60.17
AKB Peresvet ZAO              12.50    9/6/2017    RUB    18.53
Lillestroem Sparebank          4.29                NOK    60.74
Lehman Brothers Treasury Co    6.00   9/20/2011    EUR     3.81
Polski Bank Spoldzielczy w     5.31   9/14/2027    PLN    50.20
HSBC Bank PLC                  0.50  12/29/2026    AUD    69.49
Lehman Brothers Treasury Co    7.50    5/2/2017    EUR     3.81
VEB-Leasing OAO                8.71    9/1/2025    RUB    60.06
Kommunekredit                  0.50   5/11/2029    CAD    71.59
ENEL RUSSIA PJSC              12.10   5/22/2025    RUB    67.00
UniCredit Bank Austria AG      0.12   1/22/2031    EUR    74.58
Moscow United Electric Grid   10.00   5/26/2026    RUB    60.06
ECM Real Estate Investments    5.00   10/9/2011    EUR    10.38
VEB-Leasing OAO                8.65   1/16/2024    RUB    60.06
Lehman Brothers Treasury Co    5.00   12/6/2011    EUR     3.81
RGS Nedvizhimost OOO          12.50  12/11/2017    RUB    11.00
Lehman Brothers Treasury Co    3.00   6/23/2009    EUR     8.50
Societe Generale SA            1.00  12/22/2017    GBP     0.98
Municipality Finance PLC       0.50   4/26/2022    ZAR    66.51
Lehman Brothers Treasury Co    1.75    2/7/2010    EUR     3.81
Lehman Brothers Treasury Co    4.00   7/20/2012    EUR     3.81
City of Siret Romania          3.21    3/1/2028    RON    50.00
RGS Nedvizhimost OOO          12.50   9/14/2021    RUB     0.01
Sviaz Bank OAO                 9.00   3/24/2018    RUB    60.17
Oberoesterreichische Landes    0.30   4/25/2042    EUR    61.37
Vnesheconombank                8.35  11/24/2020    RUB    60.07
Podkarpacki Bank Spoldzielc    5.11   5/28/2023    PLN    62.00
Podkarpacki Bank Spoldzielc    5.81   3/31/2025    PLN    61.01
Bayerische Landesbank          2.60   3/29/2018    EUR    66.88
Kommunalbanken AS              0.50  12/16/2020    TRY    70.27
Bank Intesa AO                 8.25   6/10/2018    RUB    60.04
Credit Suisse AG/London       11.70   4/20/2018    USD    10.73
Absolut Bank PAO              12.00  12/25/2018    RUB    60.01
Espirito Santo Financial Po    5.63   7/28/2017    EUR     0.39
Windreich GmbH                 6.25    3/1/2015    EUR    14.63
Kaupthing ehf                  7.50    2/1/2045    USD     0.26
LBI HF                         2.25   2/14/2011    CHF     7.13
Phosphorus Holdco PLC         10.00    4/1/2019    GBP     1.29
TPGK-Finance ZAO              12.75   9/13/2018    RUB     0.03
Lehman Brothers Treasury Co    7.59  11/22/2009    MXN     8.50
LBI HF                         7.43                USD     0.00
Russian Railways JSC           9.70   5/22/2046    RUB    60.06
RGS Nedvizhimost OOO          12.00   6/21/2021    RUB     4.15
HSBC Bank PLC                  0.50   2/24/2027    NZD    69.50
Credit Suisse AG/London        8.00  11/29/2019    USD     6.39
LBI HF                         6.10   8/25/2011    USD     7.88
TM-energo finance OOO          8.00   8/29/2019    RUB    92.00
Main Road JSC                  7.50  11/22/2028    RUB    65.02
BNP Paribas Emissions- und     9.00   6/21/2018    EUR    57.18
State of Saxony-Anhalt         0.65    7/3/2028    EUR    58.00
ECA                            2.50    1/1/2018    EUR    16.00
Federal Grid Co Unified Ene    5.40   6/30/2048    RUB    73.25
German Pellets GmbH            8.00                EUR     0.05
Banca delle Marche SpA         6.00   6/12/2018    EUR     1.93
BLT Finance BV                 7.50   5/15/2014    USD     2.05
Lehman Brothers Treasury Co    8.25    2/3/2016    EUR     3.81
BTV Hybrid I GmbH              6.50                EUR    38.55
Sviaz Bank OAO                 9.00   4/13/2022    RUB    57.78
TransFin-M PAO                13.00    9/3/2025    RUB    62.45
BNP Paribas Emissions- und     7.00  12/21/2017    EUR    78.27
Lehman Brothers Treasury Co    5.50   6/22/2010    USD     8.50
Kaupthing ehf                  7.63   2/28/2015    USD    17.63
BNP Paribas SA                 0.50  11/16/2032    MXN    33.20
HSBC Bank PLC                  0.50   6/23/2027    MXN    45.27
Lehman Brothers Treasury Co    2.30   4/28/2014    JPY     3.81
Federal Grid Co Unified Ene    4.00   4/27/2048    RUB    73.25
AKB Peresvet ZAO               2.63    9/2/2020    RUB    16.45
HSBC Bank PLC                  0.50   6/10/2021    BRL    68.87
Lehman Brothers Treasury Co   16.00   10/8/2008    CHF     3.81
Municipality Finance PLC       0.50   5/31/2022    ZAR    65.87
OOO SPV Structural Investme    0.01    9/1/2023    RUB    69.00
Fonciere Volta SA              4.50   7/30/2020    EUR     2.30
Agrokompleks OOO               0.10   7/29/2019    RUB     4.00
Russian Railways JSC           5.10   5/20/2044    RUB    65.00
Russian Railways JSC           5.30  10/11/2038    RUB    60.06
Credit Europe Bank Ltd        11.00    6/5/2018    RUB    60.06
Grupo Isolux Corsan SA         0.25  12/30/2021    USD     0.24
TPGK-Finance ZAO              10.63   9/30/2021    RUB     0.01
DekaBank Deutsche Girozentr    0.01   6/29/2046    EUR    52.46
Lehman Brothers Treasury Co    5.00   4/24/2017    EUR     3.81
Municipality Finance PLC       0.50   7/30/2029    AUD    69.96
City of Predeal Romania        1.50   5/15/2026    RON    60.00
UniCredit Bank AG              4.30  10/17/2018    EUR    65.05
Polski Bank Spoldzielczy w     4.81   6/22/2021    PLN    55.00
Societe Generale SA            0.50   5/30/2023    MXN    64.50
Russian Railways JSC           4.00   9/19/2033    RUB    60.06
Bank Julius Baer & Co Ltd/G    8.25   4/19/2018    USD    55.15
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    72.56
SG Issuer SA                   5.50   4/10/2021    EUR    66.77
Credit Suisse AG/London        7.00  11/15/2019    USD     7.90
Svensk Exportkredit AB         0.50   8/25/2021    ZAR    70.55
Investpro OOO                 11.50  10/13/2020    RUB     0.02
Lehman Brothers Treasury Co   13.50  11/28/2008    USD     3.81
Province of Brescia Italy      0.03   6/30/2036    EUR    65.87
Kreditanstalt fuer Wiederau    0.25   10/6/2036    CAD    40.93
Societe Generale SA            0.50    8/4/2021    BRL    68.70
Eurocent SA                    8.50   9/15/2018    PLN    20.00
Russian Railways JSC           4.00   2/28/2040    RUB    60.06
Credit Suisse AG/London        7.00    7/1/2024    USD    10.00
TPGK-Finance ZAO              10.83   9/17/2021    RUB     0.01
Heta Asset Resolution AG       5.27  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co    6.00   2/19/2023    USD     3.81
Heta Asset Resolution AG       5.92  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co   11.00    7/4/2011    CHF     3.81
Hellenic Republic Governmen    2.09   7/25/2057    EUR    39.25
Russian Railways JSC           5.10    6/8/2028    RUB    60.06
Barclays Bank PLC              1.44   8/15/2033    USD    66.25
Russian Railways JSC           6.40   5/30/2040    RUB    60.06
COFIDUR SA                     0.10  12/31/2024    EUR    24.75
Federal Grid Co Unified Ene    4.00    9/7/2048    RUB    73.25
Russian Railways JSC           6.40   2/28/2040    RUB    60.06
Malahit AO                    15.00   7/14/2025    RUB     0.01
Heta Asset Resolution AG       7.50  12/31/2023    ATS    34.63
BELLAGIO Holding GmbH          2.18                EUR    48.65
Lehman Brothers Treasury Co    7.00   9/20/2011    USD     3.81
Lehman Brothers Treasury Co   13.00  12/14/2012    USD     3.81
Sibur Holding PAO              9.65   9/16/2026    RUB    60.06
Nota-Bank OJSC                13.50    4/1/2016    RUB    31.50
Barclays Bank PLC              0.50   3/13/2023    RUB    69.08
RGS Nedvizhimost OOO          12.00  10/19/2020    RUB     0.09
Lehman Brothers Treasury Co    4.60   11/9/2011    EUR     8.50
Lehman Brothers Treasury Co    3.50  12/20/2027    USD     3.81
Lloyds Bank PLC                0.50   7/26/2021    BRL    68.83
Russian Railways JSC           4.00   5/29/2035    RUB    60.06
Agrokompleks OOO               0.10   12/8/2022    RUB     3.05
Eiendomskreditt AS             5.05                NOK    65.38
Lehman Brothers Treasury Co    7.60   1/31/2013    AUD     3.81
Sviaz Bank OAO                 9.25   2/26/2018    RUB    60.27
Svensk Exportkredit AB         0.50   3/28/2029    AUD    69.76
Region Invest OOO             10.48   4/20/2021    RUB    70.14
Lehman Brothers Treasury Co   10.00    1/3/2012    BRL     3.81
Rusfinans Bank OOO             9.95   8/22/2019    RUB    60.78
Leonteq Securities AG         14.00    8/2/2018    USD    58.60
Municipiul Timisoara           0.76   5/15/2026    RON    63.00
Raiffeisen Centrobank AG       7.04   3/20/2018    EUR    66.48
Federal Grid Co Unified Ene    4.90  10/30/2048    RUB    73.25
Commerzbank AG                30.00   6/30/2020    USD     1.87
Kaupthing ehf                  7.00   7/24/2009    ISK    17.63
Lehman Brothers Treasury Co    5.00   2/15/2018    EUR     3.81
HSBC Bank PLC                  0.50    6/9/2023    MXN    64.38
AKB Peresvet ZAO              12.75   7/24/2018    RUB    21.00
BNP Paribas Emissions- und     7.00   3/22/2018    EUR    78.35
Podkarpacki Bank Spoldzielc    5.81  10/24/2024    PLN    60.50
BNP Paribas Emissions- und     3.00  10/12/2018    EUR    65.73
Credit Suisse AG/London        7.00    8/5/2019    USD    10.03
Bayerische Landesbank          2.70    7/6/2018    EUR    76.34
Lehman Brothers Treasury Co    5.00    8/1/2025    EUR     3.81
Credit Suisse AG/London        3.00  11/15/2025    ZAR    64.42
Lehman Brothers Treasury Co    0.80  12/30/2016    EUR     3.81
Lehman Brothers Treasury Co   11.00   6/29/2009    EUR     3.81
Digital Invest OOO            10.22  10/22/2020    RUB    65.00
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     8.50
Communaute Francaise de Bel    0.50   6/27/2046    EUR    67.69
Kaupthing ehf                  3.75   2/15/2024    ISK    17.63
Lehman Brothers Treasury Co   15.00   3/30/2011    EUR     3.81
Commerzbank AG                 0.10  12/27/2018    RUB     3.30
UBS AG/London                 16.00   1/19/2018    USD    65.85
Bank Julius Baer & Co Ltd/G    6.30   5/11/2018    USD    74.45
Northland Resources AB        12.25   3/26/2016    USD     1.88
Russian Post FGUP              2.75   12/6/2023    RUB    80.00
Lehman Brothers Treasury Co   10.60   4/22/2014    MXN     3.81
IDGC of Centre PJSC            9.32   8/14/2026    RUB    70.01
Lehman Brothers Treasury Co   11.75    3/1/2010    EUR     3.81
Raiffeisenbank AO             11.35   6/11/2018    RUB    70.01
Lehman Brothers Treasury Co    8.88   1/28/2011    HKD     8.50
HSBC Bank PLC                  0.50   12/8/2020    BRL    72.35
Lehman Brothers Treasury Co    7.60   5/21/2013    USD     3.81
Lehman Brothers Treasury Co    3.00    6/3/2010    EUR     3.81
HSBC Bank PLC                  0.50   1/29/2027    NZD    69.58
UBS AG/London                  9.50   12/4/2017    EUR    60.05
Federal Grid Co Unified Ene    5.40   6/30/2048    RUB    73.25
Fininvest OOO                 13.00   11/9/2018    RUB
Landesbank Hessen-Thueringe    4.50  11/28/2017    EUR    51.89
Polski Bank Spoldzielczy w     4.81  11/26/2024    PLN
Podkarpacki Bank Spoldzielc    5.81   2/23/2025    PLN    50.00
Transgazservice LLP           10.50   11/8/2019    RUB     0.10
Oberbank AG                    7.40                EUR    71.60
Center-Invest Commercial Ba    9.20   5/22/2019    RUB    67.01
Digital Invest OOO            11.00    3/8/2021    RUB    75.00
Nuova Banca delle Marche Sp    8.00   6/30/2018    EUR     1.24
Lehman Brothers Treasury Co    7.00   4/14/2009    EUR     3.81
Lehman Brothers Treasury Co    4.95  10/25/2036    EUR     3.81
Digital Invest OOO            12.00   11/3/2020    RUB    71.00
KPNQwest NV                    8.88    2/1/2008    EUR     0.06
Finans-Avia OOO                0.01   7/31/2027    RUB    20.00
Deutsche Bank AG               6.50  12/19/2017    EUR    70.49
Bank VTB 24 JSC                9.00   9/15/2044    RUB
Bank Julius Baer & Co Ltd/G   13.00  12/21/2017    USD    36.70
Lehman Brothers Treasury Co    4.00   2/28/2010    EUR     3.81
Svensk Exportkredit AB         0.50   6/20/2029    AUD    69.21
HSBC Bank PLC                  0.50   4/11/2023    MXN    65.20
Societe Generale SA            0.50   4/30/2023    RUB    68.28
Landesbank Baden-Wuerttembe    3.25  12/22/2017    EUR    64.91
Bank VTB 24 JSC                9.00    9/1/2044    RUB
Lehman Brothers Treasury Co    7.63   7/22/2011    HKD     3.81
Lehman Brothers Treasury Co    5.25    4/1/2023    EUR     3.81
Lehman Brothers Treasury Co    4.00  11/24/2016    EUR     3.81
Lehman Brothers Treasury Co    7.00   2/15/2012    EUR     3.81
Rusfinans Bank OOO             8.75   9/29/2020    RUB    60.26
Credit Suisse AG/London        9.00   4/27/2020    USD     9.51
Municipiul Timisoara           0.76   5/15/2026    RON    64.00
UBS AG/London                  1.38   5/29/2020    USD    10.00
Araratbank OJSC                7.00   12/2/2017    USD    25.35
Bank Julius Baer & Co Ltd/G    9.00  11/16/2017    USD    32.65
Araratbank OJSC                7.25   6/27/2018    USD    25.55
UBS AG                        13.00  12/22/2017    EUR    68.94
Lehman Brothers Treasury Co   10.44  11/22/2008    CHF     3.81
TPGK-Finance ZAO              10.83   9/17/2021    RUB     0.01
Lehman Brothers Treasury Co    8.00   2/16/2016    EUR     3.81
Lehman Brothers Treasury Co    4.05   9/16/2008    EUR     3.81
Lehman Brothers Treasury Co    0.50    8/1/2020    EUR     3.81
Lehman Brothers Treasury Co    6.00   2/15/2035    EUR     8.50
Lehman Brothers Treasury Co   10.00   6/17/2009    USD     3.81
Lehman Brothers Treasury Co    0.50    6/2/2020    EUR     3.81
Societe Generale SA            0.50   5/22/2024    MXN    59.57
BAWAG PSK Versicherungs AG     0.92                EUR    59.97
Lehman Brothers Treasury Co   13.50    6/2/2009    USD     3.81
Heta Asset Resolution AG       4.88  12/31/2023    EUR    34.63
Royal Bank of Scotland PLC/    1.33  10/26/2018    GBP     1.10
Russian Railways JSC           4.90   8/18/2033    RUB    60.06
Araratbank OJSC                8.00   6/10/2018    USD    25.74
Sviaz Bank OAO                 9.75   12/9/2021    RUB    60.27
Barclays Bank PLC              1.00   5/10/2019    JPY    71.44
RGS Nedvizhimost OOO          12.50   1/19/2021    RUB     1.00
Lehman Brothers Treasury Co    4.05   9/16/2008    EUR     3.81
Lehman Brothers Treasury Co    6.00  10/24/2008    EUR     3.81
Lehman Brothers Treasury Co    3.86   9/21/2011    SGD     8.50
Lehman Brothers Treasury Co    5.00   5/12/2011    CHF     3.81
Cerruti Finance SA             6.50   7/26/2004    EUR     1.32
Lehman Brothers Treasury Co   11.00  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    4.00   7/27/2011    EUR     3.81
Lehman Brothers Treasury Co    2.50   8/23/2012    GBP     3.81
Portugal Telecom Internatio    4.63    5/8/2020    EUR    34.00
Russian Railways JSC          10.30    4/3/2026    RUB    60.06
BNP Paribas Emissions- und    17.00  11/23/2017    EUR    68.18
Commerzbank AG                 5.00    2/9/2018    EUR    40.90
Araratbank OJSC                7.00   6/18/2019    USD    25.87
Zurcher Kantonalbank Financ    4.75  12/11/2017    CHF    68.71
HSBC Bank PLC                  0.50   12/8/2026    AUD    71.67
Banca delle Marche SpA         6.00    5/8/2018    EUR     1.93
IDGC of the North Caucasus    13.00   4/22/2021    RUB    60.00
HSBC Bank PLC                  0.50   7/21/2021    BRL    68.11
Zurcher Kantonalbank Financ    7.82    8/6/2018    EUR    60.02
Landesbank Baden-Wuerttembe    2.60   8/23/2019    EUR    67.12
Bayerische Landesbank          2.60  10/19/2018    EUR    73.59
Bayerische Landesbank          2.70    7/6/2018    EUR    64.12
Zurcher Kantonalbank Financ    6.50   4/10/2018    CHF    64.53
Bayerische Landesbank          3.20   7/27/2018    EUR    66.01
Bayerische Landesbank          2.90   6/22/2018    EUR    68.78
Landesbank Baden-Wuerttembe    3.50   7/27/2018    EUR    62.47
Bayerische Landesbank          2.40   7/20/2018    EUR    71.17
IDGC of Centre PJSC           11.58  11/11/2025    RUB    70.01
Petromena ASA                  9.75   5/24/2016    NOK     0.61
Solomenskij Lesozavod ZAO     10.00   9/29/2021    RUB    60.00
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Barclays Bank PLC              0.50   3/26/2021    MXN    73.59
Autonomous Community of Cat    2.97    9/8/2039    JPY    69.24
Raiffeisen Centrobank AG       7.54  12/28/2018    EUR    52.32
Deutsche Bank AG               7.20  12/19/2017    EUR    67.70
Lehman Brothers Treasury Co    6.60   5/23/2012    AUD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Center-Invest Commercial Ba    8.90   7/20/2018    RUB    67.01
UBS AG/London                  3.81  10/28/2017    USD    62.70
UniCredit Bank AG             14.60   6/22/2018    EUR    68.71
DekaBank Deutsche Girozentr    3.00   6/27/2018    EUR    50.41
BKS Hybrid alpha GmbH          7.35                EUR    60.24
IDGC of Centre PJSC           11.80  11/11/2025    RUB    70.01
Lehman Brothers Treasury Co    7.50   9/13/2009    CHF     3.81
Lehman Brothers Treasury Co    3.85   4/24/2009    USD     3.81
Lehman Brothers Treasury Co    7.50    8/1/2035    EUR     3.81
Nuova Banca delle Marche Sp    7.75   6/30/2018    EUR     1.24
Nuova Banca delle Marche Sp    7.20   6/30/2018    EUR     1.24
Heta Asset Resolution AG       0.13  12/31/2023    EUR    34.63
Deutsche Bank AG               7.20  12/19/2017    EUR    73.50
Deutsche Bank AG               7.20  12/19/2017    EUR    70.50
Deutsche Bank AG               7.20   3/20/2018    EUR    72.10
Deutsche Bank AG               7.20   6/19/2018    EUR    73.70
Deutsche Bank AG               7.20   3/20/2018    EUR    72.70
Deutsche Bank AG               7.20   6/19/2018    EUR    71.70
Deutsche Bank AG               6.20  12/19/2017    EUR    70.70
Deutsche Bank AG               6.20   3/20/2018    EUR    72.30
Deutsche Bank AG               6.20   6/19/2018    EUR    74.40
Deutsche Bank AG               6.20   6/19/2018    EUR    71.10
Vontobel Financial Products    9.55   3/23/2018    EUR    73.80
Vontobel Financial Products    6.00   6/22/2018    EUR    74.15
Vontobel Financial Products    8.00   6/22/2018    EUR    72.15
Vontobel Financial Products   11.00   6/22/2018    EUR    69.66
BNP Paribas Emissions- und    10.00   6/21/2018    EUR    74.56
DZ Bank AG Deutsche Zentral    5.25   4/27/2018    EUR    58.72
BNP Paribas Emissions- und    11.00   6/21/2018    EUR    72.84
BNP Paribas Emissions- und    14.00   6/21/2018    EUR    71.43
DZ Bank AG Deutsche Zentral    8.00  12/22/2017    EUR    68.70
DZ Bank AG Deutsche Zentral    8.00   3/23/2018    EUR    70.69
BNP Paribas Emissions- und    15.00  11/23/2017    EUR    70.82
BNP Paribas Emissions- und     7.50  12/21/2017    EUR    73.68
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    71.04
BNP Paribas Emissions- und    11.00  12/21/2017    EUR    68.66
BNP Paribas Emissions- und    14.00  12/21/2017    EUR    65.44
BNP Paribas Emissions- und     7.50   3/22/2018    EUR    74.32
BNP Paribas Emissions- und    15.00  11/23/2017    EUR    68.76
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    69.70
BNP Paribas Emissions- und    12.00   3/22/2018    EUR    72.07
BNP Paribas Emissions- und    13.00   6/21/2018    EUR    70.81
BNP Paribas Emissions- und     8.00   3/22/2018    EUR    71.88
BNP Paribas Emissions- und     9.50   3/22/2018    EUR    69.98
BNP Paribas Emissions- und    12.00   3/22/2018    EUR    67.51
BNP Paribas Emissions- und    15.00   3/22/2018    EUR    65.53
BNP Paribas Emissions- und     6.50   6/21/2018    EUR    74.82
BNP Paribas Emissions- und     8.00   6/21/2018    EUR    73.29
BNP Paribas Emissions- und     8.50   6/21/2018    EUR    71.25
BNP Paribas Emissions- und    13.00   6/21/2018    EUR    67.74
BNP Paribas Emissions- und    14.00   6/21/2018    EUR    66.48
BNP Paribas Emissions- und    15.00   6/21/2018    EUR    65.34
BNP Paribas Emissions- und    11.00   3/22/2018    EUR    74.22
BNP Paribas Emissions- und    14.00   6/21/2018    EUR    71.28
BNP Paribas Emissions- und    16.00   2/22/2018    EUR    67.98
BNP Paribas Emissions- und     6.00   3/22/2018    EUR    77.80
BNP Paribas Emissions- und     8.50   3/22/2018    EUR    74.57
BNP Paribas Emissions- und    10.00   3/22/2018    EUR    72.54
BNP Paribas Emissions- und    16.00   3/22/2018    EUR    68.97
BNP Paribas Emissions- und    19.00   3/22/2018    EUR    67.01
BNP Paribas Emissions- und     9.50   9/27/2018    EUR    73.92
BNP Paribas Emissions- und    13.00   9/27/2018    EUR    71.00
BNP Paribas Emissions- und     6.00   1/25/2018    EUR    78.06
BNP Paribas Emissions- und     9.50   1/25/2018    EUR    74.35
BNP Paribas Emissions- und    12.00   1/25/2018    EUR    72.16
BNP Paribas Emissions- und    13.00   1/25/2018    EUR    69.81
BNP Paribas Emissions- und    18.00   1/25/2018    EUR    67.42
BNP Paribas Emissions- und     6.00   2/22/2018    EUR    77.98
BNP Paribas Emissions- und     9.50   2/22/2018    EUR    74.69
Landesbank Hessen-Thueringe    7.77   7/15/2021    EUR    70.60
BNP Paribas Emissions- und     6.00   9/27/2018    EUR    79.00
BNP Paribas Emissions- und     7.50   9/27/2018    EUR    76.68
BNP Paribas Emissions- und     7.00   1/25/2018    EUR    78.29
BNP Paribas Emissions- und     8.50   1/25/2018    EUR    74.11
BNP Paribas Emissions- und     8.50   2/22/2018    EUR    74.38
BNP Paribas Emissions- und    10.00   2/22/2018    EUR    72.15
BNP Paribas Emissions- und    13.00   2/22/2018    EUR    70.55
BNP Paribas Emissions- und     6.00  12/31/2018    EUR    79.67
BNP Paribas Emissions- und     8.00  12/31/2018    EUR    76.24
BNP Paribas Emissions- und     8.50  12/31/2018    EUR    74.68
BNP Paribas Emissions- und    10.00  12/31/2018    EUR    73.39
HSBC Trinkaus & Burkhardt A    4.50  12/28/2018    EUR    66.04
HSBC Trinkaus & Burkhardt A    4.50  12/28/2018    EUR    65.90
HSBC Trinkaus & Burkhardt A    5.00   6/22/2018    EUR    67.54
BNP Paribas Emissions- und    15.00   1/25/2018    EUR    70.28
BNP Paribas Emissions- und    18.00   2/22/2018    EUR    68.60
BNP Paribas Emissions- und     7.50   6/21/2018    EUR    75.02
BNP Paribas Emissions- und     9.00   6/21/2018    EUR    73.54
Vontobel Financial Products    7.00   3/23/2018    EUR    74.86
Vontobel Financial Products   13.00   3/23/2018    EUR    67.50
Vontobel Financial Products    7.50   6/25/2018    EUR    71.36
DZ Bank AG Deutsche Zentral    8.50   6/22/2018    EUR    73.47
HSBC Trinkaus & Burkhardt A    5.55   1/26/2018    USD    60.75
HSBC Trinkaus & Burkhardt A    7.79   5/28/2018    EUR    71.02
Leonteq Securities AG         17.60  12/19/2017    USD    60.85
Leonteq Securities AG         10.00  12/27/2017    USD    43.89
Raiffeisen Schweiz Genossen   15.00  12/27/2017    CHF    69.17
Vontobel Financial Products    8.30    1/8/2018    EUR    73.57
Vontobel Financial Products    9.50   9/28/2018    EUR    73.70
Vontobel Financial Products   10.00   3/23/2018    EUR    66.30
Vontobel Financial Products   12.00   6/25/2018    EUR    67.95
Vontobel Financial Products    9.70   6/25/2018    EUR    66.45
Vontobel Financial Products    7.55   6/22/2018    EUR    71.54
Goldman Sachs & Co Wertpapi   13.00  12/20/2017    EUR    70.36
Goldman Sachs & Co Wertpapi    6.00  12/20/2017    EUR    72.80
Goldman Sachs & Co Wertpapi   11.00  12/20/2017    EUR    58.10
UBS AG/London                  4.50  12/22/2017    EUR    72.70
UBS AG/London                  7.00  12/22/2017    EUR    57.68
UBS AG/London                  4.00  12/22/2017    EUR    72.45
UBS AG/London                  9.00  12/22/2017    EUR    50.92
UBS AG/London                  5.75  12/22/2017    EUR    64.17
UBS AG/London                  5.00  12/22/2017    EUR    69.65
UBS AG/London                  7.75  12/22/2017    EUR    63.96
UBS AG/London                  6.25  12/22/2017    EUR    61.91
UBS AG/London                 14.50  12/22/2017    EUR    71.05
Uginvestgerion OOO            12.10    4/1/2020    RUB     0.01
Credit Suisse AG/Nassau        5.25   5/14/2018    CHF    74.01
Landesbank Baden-Wuerttembe    3.05   6/22/2018    EUR    69.65
Goldman Sachs & Co Wertpapi   10.00  12/20/2017    EUR    60.05
Goldman Sachs & Co Wertpapi   11.00  12/20/2017    EUR    56.15
Landesbank Baden-Wuerttembe    3.00   5/25/2018    EUR    67.66
UBS AG                         4.50  12/22/2017    EUR    52.48
Vontobel Financial Products    4.00   11/9/2017    EUR    60.23
UBS AG                        10.25  12/22/2017    EUR    56.71
UBS AG                        11.75  12/22/2017    EUR    64.08
UBS AG                         7.75  12/22/2017    EUR    72.32
UBS AG                         8.25  12/22/2017    EUR    42.83
UBS AG                        11.25  12/22/2017    EUR    72.54
UBS AG                         6.50  12/22/2017    EUR    48.36
BNP Paribas Emissions- und    12.00  12/21/2017    EUR    41.61
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    47.51
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    45.33
Landesbank Baden-Wuerttembe    3.30   6/22/2018    EUR    64.07
UniCredit Bank AG              4.30  12/22/2017    EUR    53.95
DekaBank Deutsche Girozentr    3.30   2/26/2018    EUR    48.89
UBS AG                         5.00  12/22/2017    EUR    59.94
DekaBank Deutsche Girozentr    3.40    4/9/2018    EUR    52.97
Raiffeisen Schweiz Genossen    6.50    7/2/2018    USD    53.69
Deutsche Bank AG               6.50  12/19/2017    EUR    70.49
Deutsche Bank AG               4.50  12/19/2017    EUR    70.20
Deutsche Bank AG               4.50  12/19/2017    EUR    70.20
Deutsche Bank AG               6.50  12/19/2017    EUR    65.83
Deutsche Bank AG               6.50  12/19/2017    EUR    65.83
Deutsche Bank AG               6.50  12/19/2017    EUR    65.83
Deutsche Bank AG               4.50  12/19/2017    EUR    65.54
Deutsche Bank AG               4.50  12/19/2017    EUR    65.54
AKB Peresvet ZAO              13.50   6/23/2021    RUB    20.00
DZ Bank AG Deutsche Zentral    8.70  12/22/2017    EUR    39.91
DZ Bank AG Deutsche Zentral   10.10  12/22/2017    EUR    37.46
Deutsche Bank AG               6.50  12/19/2017    EUR    70.49
Deutsche Bank AG               4.50  12/19/2017    EUR    70.20
Deutsche Bank AG               4.50  12/19/2017    EUR    65.54
Driver & Bengsch AG            8.50  12/31/2027    EUR     0.00
DZ Bank AG Deutsche Zentral   11.00  12/22/2017    EUR    69.33
Commerzbank AG                 4.00    7/6/2018    EUR    48.33
DZ Bank AG Deutsche Zentral    8.80   3/23/2018    EUR    63.93
HSBC Trinkaus & Burkhardt A    5.80   3/23/2018    EUR    58.94
DZ Bank AG Deutsche Zentral    7.25  12/22/2017    EUR    68.68
DZ Bank AG Deutsche Zentral   11.00  12/22/2017    EUR    62.45
DZ Bank AG Deutsche Zentral    6.75   1/26/2018    EUR    65.30
DZ Bank AG Deutsche Zentral    5.50   1/26/2018    EUR    70.78
Vontobel Financial Products    7.00  12/22/2017    EUR    54.24
Vontobel Financial Products   13.00  12/22/2017    EUR    46.91
Vontobel Financial Products   12.00  12/22/2017    EUR    47.95
Vontobel Financial Products    8.00  12/22/2017    EUR    52.82
Deutsche Bank AG               6.20  12/19/2017    EUR    73.94
Deutsche Bank AG               6.20  12/19/2017    EUR    73.94
Deutsche Bank AG               6.20  12/19/2017    EUR    73.94
Deutsche Bank AG               6.20   6/19/2018    EUR    74.11
Deutsche Bank AG               6.20   6/19/2018    EUR    74.11
Deutsche Bank AG               6.20   6/19/2018    EUR    74.11
BNP Paribas Emissions- und    10.00   6/21/2018    EUR    55.31
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    71.45
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    68.52
BNP Paribas Emissions- und     6.00   6/21/2018    EUR    73.75
DZ Bank AG Deutsche Zentral   10.25   1/26/2018    EUR    68.64
DZ Bank AG Deutsche Zentral   12.25   1/26/2018    EUR    59.18
DZ Bank AG Deutsche Zentral    5.75   6/22/2018    EUR    67.24
DZ Bank AG Deutsche Zentral    9.50   3/23/2018    EUR    72.07
Commerzbank AG                15.50  12/21/2017    EUR    71.91
Commerzbank AG                14.25   1/25/2018    EUR    72.96
Commerzbank AG                13.25   2/22/2018    EUR    73.71
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    78.58
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    78.72
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    74.43
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    71.98
BNP Paribas Emissions- und    19.00  12/21/2017    EUR    69.74
BNP Paribas Emissions- und     8.00   3/22/2018    EUR    78.74
BNP Paribas Emissions- und    11.00   3/22/2018    EUR    75.66
BNP Paribas Emissions- und    15.00   3/22/2018    EUR    72.10
BNP Paribas Emissions- und    18.00   3/22/2018    EUR    69.82
BNP Paribas Emissions- und     9.50   9/27/2018    EUR    78.74
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    73.14
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    74.27
BNP Paribas Emissions- und    10.00  11/23/2017    EUR    78.10
BNP Paribas Emissions- und    18.00  11/23/2017    EUR    70.92
HSBC Trinkaus & Burkhardt A    9.30   4/27/2018    EUR    54.76
BNP Paribas Emissions- und    10.00   3/22/2018    EUR    71.22
BNP Paribas Emissions- und    12.00   3/22/2018    EUR    69.42
Vontobel Financial Products    6.50   3/23/2018    EUR    67.72
Raiffeisen Centrobank AG       9.85  12/20/2017    EUR    52.36
Commerzbank AG                 8.50   2/22/2018    EUR    58.43
Commerzbank AG                12.00   2/22/2018    EUR    53.34
Commerzbank AG                 7.25   2/22/2018    EUR    72.13
Commerzbank AG                 9.00   2/22/2018    EUR    69.88
HSBC Trinkaus & Burkhardt A   13.80  12/22/2017    EUR    44.00
HSBC Trinkaus & Burkhardt A   11.90  12/22/2017    EUR    45.80
HSBC Trinkaus & Burkhardt A    4.60  12/22/2017    EUR    57.42
HSBC Trinkaus & Burkhardt A   10.20  11/24/2017    EUR    47.11
DZ Bank AG Deutsche Zentral    8.70  12/22/2017    EUR    48.73
Raiffeisen Schweiz Genossen   10.64   1/23/2018    USD    68.42
HSBC Trinkaus & Burkhardt A   12.10   3/23/2018    EUR    48.77
HSBC Trinkaus & Burkhardt A   11.30   3/23/2018    EUR    49.57
HSBC Trinkaus & Burkhardt A    8.30   3/23/2018    EUR    53.49
HSBC Trinkaus & Burkhardt A   10.40  11/24/2017    EUR    48.37
Raiffeisen Centrobank AG      13.01  12/20/2017    EUR    50.93
Raiffeisen Centrobank AG       6.23  12/28/2018    EUR    55.66
Commerzbank AG                 5.75   2/22/2018    EUR    65.39
Commerzbank AG                15.75   2/22/2018    EUR    49.55
Commerzbank AG                 5.75   2/22/2018    EUR    74.70
Vontobel Financial Products   12.80   12/8/2017    EUR    74.49
Vontobel Financial Products   14.55    3/9/2018    EUR    74.44
Vontobel Financial Products    9.45    3/9/2018    EUR    73.18
BNP Paribas Emissions- und    15.00   3/22/2018    EUR    73.33
Bank Julius Baer & Co Ltd/G    5.25   3/14/2018    CHF    73.55
UBS AG/London                 14.00  12/22/2017    EUR    70.41
UBS AG/London                  7.30  12/22/2017    EUR    74.37
UBS AG/London                 12.50   2/23/2018    EUR    72.02
UBS AG/London                 11.40  12/22/2017    EUR    75.82
UBS AG/London                 13.40   2/22/2018    EUR    72.44
UBS AG/London                 12.10   6/22/2018    EUR    76.51
UBS AG/London                 15.30  12/22/2017    EUR    70.78
UBS AG/London                 12.80   6/22/2018    EUR    77.11
Vontobel Financial Products    8.05  12/22/2017    USD    38.52
DZ Bank AG Deutsche Zentral    5.70  12/22/2017    EUR    74.82
DZ Bank AG Deutsche Zentral    7.10  12/22/2017    EUR    51.15
DZ Bank AG Deutsche Zentral    5.25   7/27/2018    EUR    69.47
Vontobel Financial Products    5.00  12/22/2017    EUR    74.02
Vontobel Financial Products   11.50   3/23/2018    EUR    69.71
DZ Bank AG Deutsche Zentral   11.50  12/22/2017    EUR    54.14
Vontobel Financial Products    7.50   3/23/2018    EUR    71.99
UBS AG/London                  1.38   5/29/2020    USD    10.18
HSBC Trinkaus & Burkhardt A    3.00   6/22/2018    EUR    70.86
UBS AG/London                 15.30   6/21/2018    EUR    74.22
DZ Bank AG Deutsche Zentral    8.75   6/22/2018    EUR    71.28
Vontobel Financial Products    5.00   6/22/2018    EUR    69.95
DZ Bank AG Deutsche Zentral   10.00  12/22/2017    EUR    60.10
Leonteq Securities AG         16.60    5/7/2018    USD    51.18
Vontobel Financial Products    7.00  12/22/2017    EUR    70.79
Vontobel Financial Products    9.05  12/22/2017    EUR    68.28
Vontobel Financial Products    5.50  12/22/2017    EUR    73.61
UBS AG/London                  6.50   1/25/2018    CHF    70.60
HSBC Trinkaus & Burkhardt A   10.10   2/23/2018    EUR    53.47
HSBC Trinkaus & Burkhardt A   11.60   3/23/2018    EUR    52.12
HSBC Trinkaus & Burkhardt A    8.40   3/23/2018    EUR    56.57
HSBC Trinkaus & Burkhardt A    5.60   3/23/2018    EUR    62.74
HSBC Trinkaus & Burkhardt A    7.70   3/23/2018    EUR    70.20
Commerzbank AG                 6.25   1/25/2018    EUR    65.27
Commerzbank AG                 9.25   1/25/2018    EUR    58.02
Commerzbank AG                12.75   1/25/2018    EUR    52.64
Commerzbank AG                16.50   1/25/2018    EUR    48.58
Commerzbank AG                 5.75   1/25/2018    EUR    73.95
Commerzbank AG                 7.25   1/25/2018    EUR    71.26
Commerzbank AG                 9.00   1/25/2018    EUR    68.90
Societe Generale SA           17.00   1/31/2018    USD
Vontobel Financial Products   13.35    3/9/2018    EUR    70.12
Bank Julius Baer & Co Ltd/G    7.75    2/9/2018    USD    40.60
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    61.29
Vontobel Financial Products   10.40   12/8/2017    EUR    66.23
Vontobel Financial Products   14.50  12/22/2017    EUR    71.05
HSBC Trinkaus & Burkhardt A   10.10   1/26/2018    EUR    52.72
HSBC Trinkaus & Burkhardt A    8.20  12/22/2017    EUR    71.18
Bank J Safra Sarasin AG/Gue   12.75    2/1/2018    USD    68.30
Deutsche Bank AG               5.20  12/19/2017    EUR    67.40
Deutsche Bank AG               5.20   3/20/2018    EUR    68.50
Deutsche Bank AG               7.20   3/20/2018    EUR    69.30
Deutsche Bank AG               7.20   6/19/2018    EUR    71.00
Deutsche Bank AG               5.20   6/19/2018    EUR    69.70
BNP Paribas Emissions- und     4.00  12/21/2017    EUR    70.14
BNP Paribas Emissions- und     8.00  12/21/2017    EUR    70.67
BNP Paribas Emissions- und     6.00  12/31/2018    EUR    73.95
Vontobel Financial Products   16.00  12/22/2017    EUR    45.15
Vontobel Financial Products    5.00   3/23/2018    EUR    60.41
Vontobel Financial Products    6.00   3/23/2018    EUR    57.19
Vontobel Financial Products    7.50   3/23/2018    EUR    54.60
Vontobel Financial Products    9.00   3/23/2018    EUR    52.37
Vontobel Financial Products   10.50   3/23/2018    EUR    50.41
Vontobel Financial Products   12.50   3/23/2018    EUR    48.91
Vontobel Financial Products   14.50   3/23/2018    EUR    47.61
Vontobel Financial Products   13.50  12/22/2017    EUR    71.91
Vontobel Financial Products   11.00   3/23/2018    EUR    74.38
Vontobel Financial Products   14.50   3/23/2018    EUR    71.12
Vontobel Financial Products    6.50  12/22/2017    EUR    55.83
Vontobel Financial Products    5.50  12/22/2017    EUR    57.46
Vontobel Financial Products   14.00  12/22/2017    EUR    45.93
Vontobel Financial Products   11.00  12/22/2017    EUR    49.06
Vontobel Financial Products   10.00  12/22/2017    EUR    50.24
Vontobel Financial Products    9.00  12/22/2017    EUR    51.49
UniCredit Bank AO              9.00    8/6/2019    RUB    67.01
Raiffeisen Centrobank AG      12.34  12/20/2017    EUR    68.99
Raiffeisen Centrobank AG       9.78  12/28/2018    EUR    71.13
Raiffeisen Centrobank AG      15.30  12/20/2017    EUR    69.37
Raiffeisen Centrobank AG      17.49  12/20/2017    EUR    67.56
Raiffeisen Centrobank AG       9.88   6/19/2018    EUR    69.97
Raiffeisen Centrobank AG      10.72  12/28/2018    EUR    67.34
Raiffeisen Centrobank AG      11.84   6/19/2018    EUR    69.06
Raiffeisen Centrobank AG       8.94  12/28/2018    EUR    73.45
Raiffeisen Centrobank AG      11.14   6/19/2018    EUR    66.28
Raiffeisen Centrobank AG      13.02   6/19/2018    EUR    67.46
Raiffeisen Centrobank AG       9.89  12/28/2018    EUR    69.46
HSBC Trinkaus & Burkhardt A   10.50   3/23/2018    EUR    71.57
HSBC Trinkaus & Burkhardt A   10.90   6/22/2018    EUR    71.64
HSBC Trinkaus & Burkhardt A    9.80   6/22/2018    EUR    73.24
DZ Bank AG Deutsche Zentral    5.75   3/23/2018    EUR    57.41
Societe Generale SA           15.00   3/21/2018    USD
Bank Julius Baer & Co Ltd/G   11.00   3/29/2018    USD    65.30
Vontobel Financial Products    8.10   12/8/2017    EUR    65.99
HSBC Trinkaus & Burkhardt A    8.30  12/22/2017    EUR    68.40
Commerzbank AG                12.75  11/23/2017    EUR    52.98
UBS AG/London                 10.60  12/29/2017    EUR    50.86
UBS AG/London                  7.00  12/29/2017    EUR    56.35
UBS AG/London                  8.80  12/29/2017    EUR    53.43
UBS AG/London                 12.60  12/29/2017    EUR    48.64
UBS AG/London                  5.40  12/29/2017    EUR    59.73
Bank Julius Baer & Co Ltd/G    5.40  12/20/2017    CHF    71.70
Vontobel Financial Products    4.50  12/22/2017    EUR    59.20
Vontobel Financial Products    7.00  12/22/2017    EUR    52.67
Vontobel Financial Products   12.00  12/22/2017    EUR    45.64
Vontobel Financial Products   16.00  12/22/2017    EUR    42.22
Vontobel Financial Products   20.00  12/22/2017    EUR    38.00
HSBC Trinkaus & Burkhardt A   14.20  12/22/2017    EUR    48.46
HSBC Trinkaus & Burkhardt A    5.60  12/22/2017    EUR    63.64
HSBC Trinkaus & Burkhardt A   10.50  11/24/2017    EUR    52.57
Societe Generale SA           19.68  12/19/2017    USD
HSBC Trinkaus & Burkhardt A   10.10  11/24/2017    EUR    54.10
BNP Paribas Emissions- und    15.00  11/23/2017    EUR    47.12
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    50.59
BNP Paribas Emissions- und    16.00  12/21/2017    EUR    46.12
BNP Paribas Emissions- und    13.00  11/23/2017    EUR    49.58
HSBC Trinkaus & Burkhardt A    8.95  12/22/2017    EUR    49.93
Landesbank Hessen-Thueringe    4.00   5/16/2018    EUR    60.24
DZ Bank AG Deutsche Zentral    9.75  12/22/2017    EUR    54.18
HSBC Trinkaus & Burkhardt A   13.70  12/22/2017    EUR    52.35
HSBC Trinkaus & Burkhardt A   12.70  12/22/2017    EUR    53.67
HSBC Trinkaus & Burkhardt A    9.00  12/22/2017    EUR    59.98
HSBC Trinkaus & Burkhardt A    5.90  12/22/2017    EUR    68.11
HSBC Trinkaus & Burkhardt A   11.00  11/24/2017    EUR    55.84
Credit Suisse AG               9.00   1/12/2018    USD
Leonteq Securities AG/Guern   16.20  11/30/2017    USD    10.98
UBS AG/London                 10.50  11/13/2017    CHF    75.90
UBS AG/London                 11.60  12/29/2017    EUR    37.33
UBS AG/London                  5.30  12/29/2017    EUR    45.04
Deutsche Bank AG               6.20  11/22/2017    EUR    73.70
Landesbank Baden-Wuerttembe    3.50  11/24/2017    EUR    71.99
Landesbank Baden-Wuerttembe    5.00  11/24/2017    EUR    70.10
Landesbank Baden-Wuerttembe    4.00  11/24/2017    EUR    72.70
Vontobel Financial Products    8.95    3/9/2018    EUR    73.20
DZ Bank AG Deutsche Zentral    8.00   6/22/2018    EUR    74.54
BNP Paribas Emissions- und    11.00  11/23/2017    EUR    73.39
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    69.20
BNP Paribas Emissions- und     9.50   3/22/2018    EUR    75.09
BNP Paribas Emissions- und    13.00   3/22/2018    EUR    71.33
BNP Paribas Emissions- und     7.00   6/21/2018    EUR    79.07
BNP Paribas Emissions- und     8.50   6/21/2018    EUR    76.09
Vontobel Financial Products   13.00  12/22/2017    EUR    48.10
Vontobel Financial Products    7.50  12/22/2017    EUR    55.98
Vontobel Financial Products   11.00  12/22/2017    EUR    50.38
HSBC Trinkaus & Burkhardt A    8.84  12/22/2017    EUR    56.30
DZ Bank AG Deutsche Zentral    6.25   4/27/2018    EUR    75.80
DZ Bank AG Deutsche Zentral    6.50   3/23/2018    EUR    55.03
Commerzbank AG                16.75  11/23/2017    EUR    48.02
Commerzbank AG                 6.00  11/23/2017    EUR    67.48
Commerzbank AG                 9.25  11/23/2017    EUR    59.31
HSBC Trinkaus & Burkhardt A   13.80  12/22/2017    EUR    49.65
BNP Paribas Emissions- und    12.00   6/21/2018    EUR    53.71
BNP Paribas Emissions- und    14.00  12/21/2017    EUR    71.97
Bank Julius Baer & Co Ltd/G   12.15    5/4/2018    USD    46.55
Commerzbank AG                12.50   1/25/2018    EUR    74.12
DZ Bank AG Deutsche Zentral    5.00   5/25/2018    EUR    75.48
UniCredit Bank AG             14.00  12/22/2017    EUR    69.96
Vontobel Financial Products   14.00    6/8/2018    EUR    71.03
Vontobel Financial Products    7.00    6/8/2018    EUR    66.50
Bank Julius Baer & Co Ltd/G   10.45   5/11/2018    USD    66.20
DZ Bank AG Deutsche Zentral   12.25  11/24/2017    EUR    54.38
DZ Bank AG Deutsche Zentral   11.25  11/24/2017    EUR    65.68
Deutsche Bank AG               7.20  12/19/2017    EUR    74.30
Deutsche Bank AG               5.20  12/19/2017    EUR    74.00
Deutsche Bank AG               5.20  12/19/2017    EUR    70.50
Deutsche Bank AG               7.20  12/19/2017    EUR    70.80
Deutsche Bank AG               5.20  12/19/2017    EUR    65.90
Deutsche Bank AG               7.20  12/19/2017    EUR    66.20
Credit Suisse AG/London        8.50   3/13/2018    USD    64.41
Vontobel Financial Products   13.00  12/22/2017    EUR    73.72
Commerzbank AG                11.00   2/21/2018    EUR    66.57
Leonteq Securities AG         10.20  10/24/2018    EUR    52.08
Vontobel Financial Products   12.00  12/22/2017    EUR    70.69
Bank Julius Baer & Co Ltd/G    7.00   11/1/2017    CHF    71.80
HSBC Trinkaus & Burkhardt A    7.50  12/22/2017    EUR    74.11
BNP Paribas Emissions- und     8.00  12/21/2017    EUR    56.01
BNP Paribas Emissions- und     8.00   6/21/2018    EUR    59.70
BNP Paribas Emissions- und    13.00   6/21/2018    EUR    52.05
Landesbank Baden-Wuerttembe    3.15   6/22/2018    EUR    62.51
UBS AG                         5.25  12/22/2017    EUR    56.17
UBS AG                         7.75  12/22/2017    EUR    70.08
UBS AG                        11.75  12/22/2017    EUR    32.06
UBS AG                        10.25  12/22/2017    EUR    70.74
UBS AG                         7.50  12/22/2017    EUR    44.90
UBS AG                         6.75  12/22/2017    EUR    48.52
UBS AG                        10.50  12/22/2017    EUR    67.73
UBS AG                         6.25  12/22/2017    EUR    48.32
UBS AG                         8.25  12/22/2017    EUR    62.11
UBS AG                         4.50  12/22/2017    EUR    60.95
UBS AG                        10.50  12/22/2017    EUR    63.73
Lehman Brothers Treasury Co   10.00  10/23/2008    USD     3.81
Lehman Brothers Treasury Co    7.50   2/14/2010    AUD     3.81
Lehman Brothers Treasury Co   10.00  10/22/2008    USD     3.81
UNGP-Finance OOO              10.00   4/20/2021    RUB     0.02
Lehman Brothers Treasury Co    8.00  10/17/2014    EUR     3.81
Lehman Brothers Treasury Co    5.00   3/13/2009    EUR     3.81
Lloyds Bank PLC                0.50   7/26/2028    MXN    33.19
Lehman Brothers Treasury Co   16.20   5/14/2009    USD     3.81
Lehman Brothers Treasury Co    1.00    5/9/2012    EUR     3.81
Lehman Brothers Treasury Co   16.00   11/9/2008    USD     3.81
MIK OAO                       15.00   2/19/2020    RUB     2.09
Lehman Brothers Treasury Co   16.00  10/28/2008    USD     3.81
Kaupthing ehf                  7.50   12/5/2014    ISK    17.63
Lehman Brothers Treasury Co    2.30   6/27/2013    USD     3.81
Lehman Brothers Treasury Co    9.00    5/6/2011    CHF     3.81
Lehman Brothers Treasury Co    2.37   7/15/2013    USD     3.81
Lehman Brothers Treasury Co    3.50   6/20/2011    EUR     3.81
Lehman Brothers Treasury Co   10.00   5/22/2009    USD     3.81
Lehman Brothers Treasury Co   15.00    6/4/2009    CHF     3.81
Lehman Brothers Treasury Co    7.60    3/4/2010    NZD     3.81
Sviaz Bank OAO                10.00    4/7/2022    RUB    60.17
Lehman Brothers Treasury Co    9.75   6/22/2018    USD     3.81
Lehman Brothers Treasury Co    3.60   3/19/2018    JPY     3.81
Lehman Brothers Treasury Co    4.60    8/1/2013    EUR     3.81
Lehman Brothers Treasury Co    8.00   5/22/2009    USD     3.81
Kaupthing ehf                  6.50   10/8/2010    ISK    17.63
Lehman Brothers Treasury Co    5.50   4/23/2014    EUR     3.81
Lehman Brothers Treasury Co    3.45   5/23/2013    USD     3.81
Lehman Brothers Treasury Co    6.00    3/4/2015    USD     3.81
Lehman Brothers Treasury Co    7.15   3/21/2013    USD     3.81
Lehman Brothers Treasury Co    7.05    4/8/2015    USD     3.81
Lehman Brothers Treasury Co    9.50    4/1/2018    USD     3.81
Lehman Brothers Treasury Co    8.00   3/19/2012    USD     3.81
Lehman Brothers Treasury Co    6.25  11/30/2012    EUR     3.81
LBI HF                         5.08    3/1/2013    ISK     7.13
Lehman Brothers Treasury Co    1.00   2/26/2010    USD     3.81
Lehman Brothers Treasury Co   10.00   2/16/2009    CHF     3.81
LBI HF                         8.65    5/1/2011    ISK     7.13
Bashneft PJSC                 12.00   5/19/2025    RUB    60.06
Lehman Brothers Treasury Co   11.00   2/16/2009    CHF     3.81
Lehman Brothers Treasury Co    7.00   2/15/2010    CHF     3.81
Lehman Brothers Treasury Co    5.38    2/4/2014    USD     3.81
Lehman Brothers Treasury Co    8.00   3/21/2018    USD     3.81
Heta Asset Resolution AG       0.38  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co    4.10   5/20/2009    USD     3.81
Lehman Brothers Treasury Co   13.43    1/8/2009    ILS     3.81
Lehman Brothers Treasury Co    5.50    7/8/2013    EUR     3.81
Lehman Brothers Treasury Co    7.75    1/3/2012    AUD     3.81
Lehman Brothers Treasury Co    3.82  10/20/2009    USD     3.81
Lehman Brothers Treasury Co    0.50    7/2/2020    EUR     3.81
Lehman Brothers Treasury Co    2.50   8/15/2012    CHF     3.81
Lehman Brothers Treasury Co    5.00  11/22/2012    EUR     3.81
Lehman Brothers Treasury Co    6.00    8/7/2013    EUR     3.81
Lehman Brothers Treasury Co    3.10    6/4/2010    USD     3.81
Lehman Brothers Treasury Co   16.80   8/21/2009    USD     3.81
Lehman Brothers Treasury Co    2.75  10/28/2009    EUR     3.81
Lehman Brothers Treasury Co    6.25    9/5/2011    EUR     3.81
Lehman Brothers Treasury Co    1.95   11/4/2013    EUR     3.81
Lehman Brothers Treasury Co    5.25    7/8/2014    EUR     3.81
HSBC Bank PLC                  0.50   4/27/2027    NZD    68.82
Lehman Brothers Treasury Co    4.00   8/11/2010    USD     8.50
Lehman Brothers Treasury Co    2.30    6/6/2013    USD     3.81
Lehman Brothers Treasury Co   14.10  11/12/2008    USD     3.81
EDOB Abwicklungs AG            7.50    4/1/2012    EUR     0.36
Lehman Brothers Treasury Co    4.30    6/4/2012    USD     3.81
Lehman Brothers Treasury Co    7.50   5/30/2010    AUD     3.81
Lehman Brothers Treasury Co    4.00    6/5/2011    USD     3.81
Lehman Brothers Treasury Co    3.03   1/31/2015    EUR     3.81
Lehman Brothers Treasury Co   11.00    5/9/2020    USD     3.81
Societe Generale SA            0.50    4/4/2024    MXN    60.24
Lehman Brothers Treasury Co    5.20   3/19/2018    EUR     3.81
Lehman Brothers Treasury Co    0.01   9/20/2011    USD     3.81
Lehman Brothers Treasury Co    6.60   2/22/2012    EUR     3.81
Lehman Brothers Treasury Co    5.00   2/28/2032    EUR     3.81
Credit Suisse AG               0.50  12/16/2025    BRL    46.53
Lehman Brothers Treasury Co    3.50  10/31/2011    USD     3.81
Lehman Brothers Treasury Co    5.25  11/21/2009    USD     3.81
Heta Asset Resolution AG       5.03  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co   12.00    7/4/2011    EUR     3.81
Lehman Brothers Treasury Co    5.22    3/1/2024    EUR     3.81
Lehman Brothers Treasury Co   17.00    6/2/2009    USD     3.81
Lehman Brothers Treasury Co   12.40   6/12/2009    USD     3.81
Lehman Brothers Treasury Co    2.00   6/28/2011    EUR     3.81
Lehman Brothers Treasury Co    2.00   5/17/2010    EUR     3.81
Lehman Brothers Treasury Co   16.00  12/26/2008    USD     3.81
Lehman Brothers Treasury Co   11.00    7/4/2011    USD     3.81
Lehman Brothers Treasury Co   13.15  10/30/2008    USD     3.81
Lehman Brothers Treasury Co    4.82  12/18/2036    EUR     3.81
Lehman Brothers Treasury Co    3.50   9/19/2017    EUR     3.81
Vontobel Financial Products   10.20   12/8/2017    EUR    71.03
Vontobel Financial Products   13.55   12/8/2017    EUR    66.72
Landesbank Hessen-Thueringe    2.75  12/28/2017    EUR    75.00
Deutsche Bank AG               4.20  11/22/2017    EUR    73.60
HSBC Trinkaus & Burkhardt A    6.50   1/29/2018    EUR    44.11
UBS AG/London                  6.40   12/8/2017    EUR    40.84
UBS AG/London                  9.60   12/8/2017    EUR    36.40
DekaBank Deutsche Girozentr    3.00   8/16/2019    EUR    74.38
Vontobel Financial Products    4.00  12/21/2018    EUR    64.50
Landesbank Baden-Wuerttembe    2.90   7/27/2018    EUR    65.91
Vontobel Financial Products   10.60   12/8/2017    EUR    70.07
Vontobel Financial Products   19.60   12/8/2017    EUR    59.78
Royal Bank of Scotland PLC/    6.20    9/7/2018    GBP     1.04
SG Issuer SA                   0.82    8/2/2021    SEK    61.13
Commerzbank AG                20.00   5/28/2018    SEK    59.81
Deutsche Bank AG               4.20   6/19/2018    EUR    73.10
Deutsche Bank AG               4.20   6/19/2018    EUR    69.80
Deutsche Bank AG               4.20   9/25/2018    EUR    74.20
Deutsche Bank AG               4.20  12/27/2018    EUR    71.90
DZ Bank AG Deutsche Zentral   10.00  12/22/2017    EUR    59.32
DZ Bank AG Deutsche Zentral   11.80  12/22/2017    EUR    56.88
DZ Bank AG Deutsche Zentral    7.70   3/23/2018    EUR    60.85
DZ Bank AG Deutsche Zentral    9.60   3/23/2018    EUR    58.93
DZ Bank AG Deutsche Zentral    7.40  12/22/2017    EUR    72.32
UBS AG                         1.38   5/20/2019    USD     9.01
Vontobel Financial Products    8.00   6/22/2018    EUR    71.94
Vontobel Financial Products    9.50   6/22/2018    EUR    70.64
HSBC Trinkaus & Burkhardt A    6.28  12/22/2017    EUR    75.00
Vontobel Financial Products   10.10    6/8/2018    EUR    73.10
Vontobel Financial Products   13.10   9/14/2018    EUR    74.07
UBS AG                         5.04   10/4/2018    USD    11.84
Vontobel Financial Products    3.00    6/8/2018    EUR    64.07
Vontobel Financial Products    7.80    6/8/2018    EUR    66.99
DZ Bank AG Deutsche Zentral    8.40   3/23/2018    EUR    73.14
DZ Bank AG Deutsche Zentral    6.80   6/22/2018    EUR    74.24
DZ Bank AG Deutsche Zentral    8.20   6/22/2018    EUR    72.34
DZ Bank AG Deutsche Zentral    6.50  12/22/2017    EUR    73.75
DZ Bank AG Deutsche Zentral    8.70   6/22/2018    EUR    73.34
DZ Bank AG Deutsche Zentral    9.50   6/22/2018    EUR    72.19
UBS AG/London                 12.50    4/5/2018    USD    66.50
Vontobel Financial Products   12.45   12/8/2017    EUR    66.45
Vontobel Financial Products    6.55    3/9/2018    EUR    67.48
BNP Paribas Emissions- und     7.00  11/23/2017    EUR    77.93
BNP Paribas Emissions- und    14.00  11/23/2017    EUR    70.68
BNP Paribas Emissions- und    11.00  12/21/2017    EUR    74.16
HSBC Trinkaus & Burkhardt A    8.80   9/28/2018    EUR    72.09
Deutsche Bank AG               4.20   6/19/2018    EUR    73.10
Deutsche Bank AG               4.20   9/25/2018    EUR    74.20
Deutsche Bank AG               4.20  12/19/2017    EUR    70.40
Deutsche Bank AG               4.20   3/20/2018    EUR    71.50
Deutsche Bank AG               4.20   9/25/2018    EUR    70.90
Deutsche Bank AG               5.20  11/22/2017    EUR    70.20
Deutsche Bank AG               5.20   1/24/2018    EUR    71.10
Deutsche Bank AG               5.20   2/21/2018    EUR    71.40
Vontobel Financial Products    6.50   6/22/2018    EUR    73.36
Vontobel Financial Products   11.00   6/22/2018    EUR    69.46
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    74.66
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    73.14
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    60.83
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    58.07
BNP Paribas Emissions- und    23.00  12/21/2017    EUR    63.70
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    44.28
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    68.23
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    61.15
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    62.38
BNP Paribas Emissions- und    23.00  12/21/2017    EUR    44.83
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    52.45
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    44.39
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    71.80
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    57.31
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    63.16
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    60.05
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    68.10
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    70.21
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    66.54
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    56.31
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    30.70
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    18.05
BNP Paribas Emissions- und    15.00  12/21/2017    EUR    53.24
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    64.62
BNP Paribas Emissions- und    25.00  12/21/2017    EUR    38.04
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    35.67
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    47.25
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    70.51
BNP Paribas Emissions- und    19.00  12/21/2017    EUR    64.21
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    47.80
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    37.66
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    59.40
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    49.84
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    64.18
UniCredit Bank AG              4.00   6/26/2018    EUR    55.78
Landesbank Baden-Wuerttembe    3.25   1/26/2018    EUR    60.15
Landesbank Baden-Wuerttembe    3.00   2/23/2018    EUR    60.40
DZ Bank AG Deutsche Zentral    5.25  11/24/2017    EUR    73.17
Vontobel Financial Products    7.00  11/24/2017    EUR    72.42
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    57.32
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    57.88
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    57.75
BNP Paribas Emissions- und    29.00  12/21/2017    EUR    51.86
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    70.29
BNP Paribas Emissions- und    24.00  12/21/2017    EUR    67.81
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    37.55
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    55.46
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    56.09
BNP Paribas Emissions- und    29.00  12/21/2017    EUR    51.84
BNP Paribas Emissions- und    22.00  12/21/2017    EUR    72.46
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    60.87
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    48.95
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    65.58
BNP Paribas Emissions- und    26.00  12/21/2017    EUR    55.49
BNP Paribas Emissions- und     6.00  12/21/2017    EUR    37.48
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    26.91
BNP Paribas Emissions- und     7.00  12/21/2017    EUR    71.10
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    65.18
BNP Paribas Emissions- und    27.00  12/21/2017    EUR    66.04
BNP Paribas Emissions- und    28.00  12/21/2017    EUR    69.71
BNP Paribas Emissions- und    19.00  12/21/2017    EUR    66.04
Landesbank Hessen-Thueringe    4.00   1/16/2018    EUR    48.05
Goldman Sachs & Co Wertpapi    9.00  12/20/2017    EUR    73.14
SG Issuer SA                   0.80  11/30/2020    SEK    55.09
EFG International Finance G    6.48   5/29/2018    EUR     4.55
Leonteq Securities AG/Guern    5.00  12/27/2019    EUR    68.92
EFG International Finance G    7.35  12/28/2017    CHF    65.47
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    71.14
UBS AG                         4.09  12/28/2018    USD    57.55
UBS AG                         4.92  12/28/2018    USD    60.64
HSBC Trinkaus & Burkhardt A    7.80  12/22/2017    EUR    54.48
HSBC Trinkaus & Burkhardt A    9.70  11/24/2017    EUR    51.03
Commerzbank AG                12.25  12/21/2017    EUR    50.07
Societe Generale SA            7.00  10/20/2020    USD
UBS AG/London                  6.90   6/22/2018    EUR    53.48
UBS AG/London                  9.40   6/22/2018    EUR    50.30
Leonteq Securities AG         10.00  10/30/2017    EUR    60.92
Vontobel Financial Products   11.50   3/23/2018    EUR    69.37
Vontobel Financial Products   10.00   3/23/2018    EUR    71.18
Vontobel Financial Products    8.50   3/23/2018    EUR    73.14
UniCredit Bank AG             11.80   6/22/2018    EUR    74.38
Commerzbank AG                 6.50   7/27/2018    EUR    73.56
Commerzbank AG                13.50  12/20/2017    EUR    46.71
Norddeutsche Landesbank Gir    3.00  10/30/2018    EUR    58.81
Bank Julius Baer & Co Ltd/G    5.60   1/12/2018    USD    66.85
DZ Bank AG Deutsche Zentral    5.75   1/26/2018    EUR    65.06
Leonteq Securities AG          7.00   11/6/2017    CHF    34.60
Bank Julius Baer & Co Ltd/G    5.50   11/6/2017    CHF    68.30
Vontobel Financial Products   11.00   3/23/2018    EUR    68.66
HSBC Trinkaus & Burkhardt A    9.70  12/22/2017    EUR    71.78
Vontobel Financial Products   10.50  12/22/2017    EUR    71.75
Vontobel Financial Products   12.50  12/22/2017    EUR    69.35
Vontobel Financial Products   14.50  12/22/2017    EUR    67.15
Vontobel Financial Products   13.00   3/23/2018    EUR    67.64
Vontobel Financial Products    9.00   6/22/2018    EUR    72.59
Vontobel Financial Products   11.50   6/22/2018    EUR    69.78
HSBC Trinkaus & Burkhardt A   13.40  12/22/2017    EUR    47.16
HSBC Trinkaus & Burkhardt A    4.80  12/22/2017    EUR    61.05
Commerzbank AG                 5.50  12/21/2017    EUR    62.94
Commerzbank AG                 8.50  12/21/2017    EUR    55.59
Commerzbank AG                16.25  12/21/2017    EUR    45.80
Commerzbank AG                 9.50  12/21/2017    EUR    74.81
UBS AG/London                  8.20   6/22/2018    EUR    51.80
DekaBank Deutsche Girozentr    3.50  10/28/2019    EUR    65.83
Landesbank Baden-Wuerttembe    2.80  11/23/2018    EUR    73.81
UniCredit Bank AG             13.30  12/22/2017    EUR    73.61
UniCredit Bank AG             10.80   6/22/2018    EUR    73.90
UniCredit Bank AG             15.00   6/22/2018    EUR    70.70
UniCredit Bank AG             13.90   6/22/2018    EUR    72.35
UniCredit Bank AG             12.80   6/22/2018    EUR    72.05
UniCredit Bank AG             13.00   6/22/2018    EUR    72.74
UniCredit Bank AG             14.20   6/22/2018    EUR    71.39
UniCredit Bank AG             14.30  12/22/2017    EUR    72.94
Commerzbank AG                 8.25   4/26/2018    EUR    73.75
Commerzbank AG                10.25   4/26/2018    EUR    71.26
UniCredit Bank AG             13.10   6/22/2018    EUR    73.98
UniCredit Bank AG             13.20   6/22/2018    EUR    70.77
UniCredit Bank AG             12.10   6/22/2018    EUR    73.84
UniCredit Bank AG             11.30  12/22/2017    EUR    70.89
UniCredit Bank AG             13.50   3/23/2018    EUR    69.24
UniCredit Bank AG             12.70   3/23/2018    EUR    71.07
UniCredit Bank AG             10.60   6/22/2018    EUR    73.37
UniCredit Bank AG              9.30  12/22/2017    EUR    73.40
UniCredit Bank AG             13.90   6/22/2018    EUR    69.22
UniCredit Bank AG             14.30   6/22/2018    EUR    73.82
Commerzbank AG                12.00   4/26/2018    EUR    68.95
UniCredit Bank AG             11.90   6/22/2018    EUR    72.26
UniCredit Bank AG             11.90   3/23/2018    EUR    70.93
UniCredit Bank AG             10.20   3/23/2018    EUR    72.73
BNP Paribas Emissions- und    13.00  12/21/2017    EUR    73.97
BNP Paribas Emissions- und     5.00  12/21/2017    EUR    46.97
BNP Paribas Emissions- und     6.00  12/21/2017    EUR    44.80
BNP Paribas Emissions- und     9.00  12/21/2017    EUR    41.21
BNP Paribas Emissions- und    10.00  12/21/2017    EUR    68.45
Deutsche Bank AG               6.20  12/19/2017    EUR    74.20
Deutsche Bank AG               4.20  12/19/2017    EUR    73.90
UBS AG/London                  6.30  12/29/2017    EUR    43.11
DZ Bank AG Deutsche Zentral    8.25   3/23/2018    EUR    70.73
DZ Bank AG Deutsche Zentral    6.00   6/22/2018    EUR    59.82
Landesbank Baden-Wuerttembe    3.40   9/28/2018    EUR    69.15
Deutsche Bank AG               4.20  11/22/2017    EUR    69.40
Deutsche Bank AG               3.20  11/22/2017    EUR    66.50
Deutsche Bank AG               3.20  11/22/2017    EUR    69.50
Deutsche Bank AG               3.20  11/22/2017    EUR    65.20
Noyabrskaya Pge OOO            8.50  11/10/2020    RUB    60.00
Promnefteservis OOO           10.50  11/21/2019    RUB     1.12
DekaBank Deutsche Girozentr    0.12   6/23/2034    EUR    72.32
Leonteq Securities AG          3.00   9/19/2019    CHF    58.18
Raiffeisen Schweiz Genossen    3.00   9/22/2020    CHF    69.38
EFG International Finance G    7.00  11/27/2019    EUR    14.78
Goldman Sachs International    1.00   12/5/2017    SEK    19.74
Societe Generale SA            8.00   2/14/2022    USD
Commerzbank AG                14.00   1/24/2018    EUR    48.09
EFG International Finance G    6.21   7/22/2019    EUR    71.97
EFG International Finance G    7.20   7/29/2020    EUR    23.84
Leonteq Securities AG          5.00    9/4/2018    CHF    67.88
DZ Bank AG Deutsche Zentral    8.20   3/23/2018    EUR    55.07
DZ Bank AG Deutsche Zentral    9.60  12/22/2017    EUR    74.35
DZ Bank AG Deutsche Zentral    7.90   3/23/2018    EUR    76.07
DZ Bank AG Deutsche Zentral    7.40  12/22/2017    EUR    54.72
DZ Bank AG Deutsche Zentral    6.00  12/22/2017    EUR    66.96
Vontobel Financial Products    7.55  12/22/2017    EUR    69.89
Vontobel Financial Products   10.50   3/23/2018    EUR    68.11
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    69.39
DZ Bank AG Deutsche Zentral    7.40   3/23/2018    EUR    56.51
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    70.18
DZ Bank AG Deutsche Zentral    6.10   3/23/2018    EUR    71.85
DZ Bank AG Deutsche Zentral    7.70   3/23/2018    EUR    69.13
Vontobel Financial Products    8.55   3/23/2018    EUR    67.33
DZ Bank AG Deutsche Zentral    5.00  12/22/2017    EUR    71.21
DZ Bank AG Deutsche Zentral    6.50   2/23/2018    EUR    67.87
DZ Bank AG Deutsche Zentral    5.25   2/23/2018    EUR    71.12
HSBC Trinkaus & Burkhardt A    7.00   3/23/2018    EUR    72.70
Commerzbank AG                 1.00   2/19/2020    USD    40.92
UniCredit Bank AG              4.40   9/19/2018    EUR    66.02
UBS AG                         9.50  12/22/2017    EUR    74.67
UBS AG                        11.75  12/22/2017    EUR    61.32
UBS AG                        10.25  12/22/2017    EUR    36.23
UBS AG                         5.00  12/22/2017    EUR    60.09
UBS AG                         8.50  12/22/2017    EUR    40.88
UBS AG                         4.00  12/22/2017    EUR    67.08
UBS AG                         5.75  12/22/2017    EUR    52.81
UBS AG                         9.50  12/22/2017    EUR    69.30
BNP Paribas Emissions- und     6.50  12/21/2017    EUR    71.03
DZ Bank AG Deutsche Zentral    5.00    2/6/2018    EUR    76.81
UniCredit Bank AG              3.75    9/7/2020    EUR    67.17
UniCredit Bank AG              5.00   6/25/2019    EUR    56.71
EFG International Finance G    7.20   2/25/2019    EUR    10.88
UniCredit Bank AG              3.75   10/2/2020    EUR    64.00
Landesbank Hessen-Thueringe    4.00    4/8/2019    EUR    70.88
UniCredit Bank AG              4.60    7/2/2018    EUR    52.87
Raiffeisen Schweiz Genossen    4.50   3/27/2018    EUR    62.33
Leonteq Securities AG          3.50   4/10/2018    EUR    64.46
DekaBank Deutsche Girozentr    2.70   3/16/2018    EUR    67.66
Landesbank Hessen-Thueringe    4.00   4/30/2019    EUR    66.79
Raiffeisen Schweiz Genossen    4.20   4/10/2018    EUR    68.32
Raiffeisen Switzerland BV      9.00    4/1/2019    EUR    16.34
Landesbank Baden-Wuerttembe    3.40  11/24/2017    EUR    75.04
Landesbank Baden-Wuerttembe    3.50   1/26/2018    EUR    68.33
Landesbank Baden-Wuerttembe    3.00   6/28/2019    EUR    64.35
Landesbank Baden-Wuerttembe    2.50   6/28/2019    EUR    75.77
Landesbank Baden-Wuerttembe    3.50   6/22/2018    EUR    73.21
DekaBank Deutsche Girozentr    3.25   4/20/2018    EUR    54.07
Raiffeisen Schweiz Genossen    4.00    5/8/2018    CHF    68.70
DekaBank Deutsche Girozentr    2.75  10/29/2018    EUR    55.25
EFG International Finance G    7.19    5/6/2019    EUR    12.12
DekaBank Deutsche Girozentr    3.00   4/30/2019    EUR    75.34
EFG International Finance G    6.26    5/7/2018    EUR    64.15
UniCredit Bank AG              5.00   7/30/2018    EUR    65.01
Landesbank Baden-Wuerttembe    4.00   6/22/2018    EUR    61.35
Landesbank Baden-Wuerttembe    3.60   6/22/2018    EUR    74.06
UBS AG                         7.40   5/17/2021    CHF    59.39
Landesbank Baden-Wuerttembe    3.00   7/26/2019    EUR    71.54
DekaBank Deutsche Girozentr    2.80   5/13/2019    EUR    71.13
Landesbank Baden-Wuerttembe    2.35  12/22/2017    EUR    72.00
Landesbank Hessen-Thueringe    8.90   10/6/2020    EUR    75.27
Landesbank Baden-Wuerttembe    3.40   7/27/2018    EUR    78.30
UniCredit Bank AG              3.80   7/23/2020    EUR    65.05
UniCredit Bank AG              4.40   7/13/2018    EUR    60.27
UBS AG/London                 16.00   8/30/2018    CHF    58.50
Lehman Brothers Treasury Co    6.85  12/22/2008    EUR     3.81
Lehman Brothers Treasury Co    7.60   3/26/2009    EUR     3.81
Lehman Brothers Treasury Co    7.55  12/29/2008    USD     3.81
SpareBank 1 Nordvest           3.58   3/11/2099    NOK    71.62
Lehman Brothers Treasury Co    1.60   6/21/2010    JPY     3.81
Lehman Brothers Treasury Co    2.40   6/20/2011    JPY     3.81
Lehman Brothers Treasury Co    8.28   3/26/2009    USD     3.81
Lehman Brothers Treasury Co    3.63    3/2/2012    EUR     3.81
Kaupthing ehf                  9.75   9/10/2015    USD    17.63
Lehman Brothers Treasury Co    0.75   3/29/2012    EUR     3.81
Barclays Bank PLC              0.50   3/19/2021    MXN    74.10
Lehman Brothers Treasury Co    7.32   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    8.28   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    8.60   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    7.50   7/31/2013    GBP     3.81
Lehman Brothers Treasury Co    4.50    3/7/2015    EUR     3.81
Lehman Brothers Treasury Co    6.70   4/21/2011    USD     3.81
Lehman Brothers Treasury Co    6.00   7/28/2010    EUR     3.81
Lehman Brothers Treasury Co    6.00   7/28/2010    EUR     3.81
Lehman Brothers Treasury Co    4.90   7/28/2020    EUR     3.81
Lehman Brothers Treasury Co    7.00   7/11/2010    EUR     3.81
Lehman Brothers Treasury Co    4.50  12/30/2010    USD     3.81
Lehman Brothers Treasury Co    4.00   12/2/2012    EUR     3.81
Municipality Finance PLC       0.25   6/28/2040    CAD    31.36
Lehman Brothers Treasury Co    4.50    3/6/2013    CHF     3.81
Lehman Brothers Treasury Co    6.50   7/24/2026    EUR     3.81
HSBC Bank PLC                  0.50  11/25/2025    BRL    46.13
Lehman Brothers Treasury Co   12.00   7/13/2037    JPY     3.81
Lehman Brothers Treasury Co   10.00   6/11/2038    JPY     3.81
Lehman Brothers Treasury Co    2.25   5/12/2009    USD     3.81
Lehman Brothers Treasury Co    4.00   5/30/2010    USD     3.81
Lehman Brothers Treasury Co    7.39    5/4/2017    USD     3.81
Lehman Brothers Treasury Co    4.50    5/2/2017    EUR     8.50
Lehman Brothers Treasury Co    4.25   5/15/2010    EUR     3.81
Lehman Brothers Treasury Co    1.68    3/5/2015    EUR     3.81
Lehman Brothers Treasury Co    2.48   5/12/2009    USD     3.81
Lehman Brothers Treasury Co    6.00   5/23/2018    CZK     3.81
Lehman Brothers Treasury Co    4.00   5/17/2010    USD     3.81
Lehman Brothers Treasury Co    6.75    4/5/2012    EUR     3.81
Lehman Brothers Treasury Co    9.00   5/15/2022    USD     3.81
Credit Agricole Corporate &    0.50    3/6/2023    RUB    69.29
Credit Suisse AG/London        0.50    1/8/2026    BRL    45.42
Lehman Brothers Treasury Co    8.00    8/3/2009    USD     3.81
Lehman Brothers Treasury Co    7.50  10/24/2008    USD     3.81
Lehman Brothers Treasury Co    0.25   7/21/2014    EUR     3.81
Lehman Brothers Treasury Co    4.00   4/13/2011    CHF     3.81
Lehman Brothers Treasury Co   10.00   3/27/2009    USD     3.81
Lehman Brothers Treasury Co    7.75   1/30/2009    EUR     3.81
Lehman Brothers Treasury Co    5.25   5/26/2026    EUR     3.81
Lehman Brothers Treasury Co    9.00   3/17/2009    GBP     3.81
Kaupthing ehf                  6.13   10/4/2016    USD    17.63
Lehman Brothers Treasury Co    4.00   4/24/2009    USD     3.81
Lehman Brothers Treasury Co    7.25   10/6/2008    EUR     3.81
Lehman Brothers Treasury Co    9.00   6/13/2009    USD     3.81
Lehman Brothers Treasury Co    7.38   9/20/2008    EUR     3.81
Lehman Brothers Treasury Co    4.35    8/8/2016    SGD     8.50
Lehman Brothers Treasury Co    4.50    8/2/2009    USD     3.81
Lehman Brothers Treasury Co    4.60    7/6/2016    EUR     3.81
Lehman Brothers Treasury Co    5.10   6/22/2046    EUR     3.81
Lehman Brothers Treasury Co    3.00   9/13/2010    JPY     8.50
Lehman Brothers Treasury Co    7.00  11/28/2008    CHF     3.81
Lehman Brothers Treasury Co   10.50    8/9/2010    EUR     3.81
Lehman Brothers Treasury Co    4.50   7/24/2014    EUR     3.81
Lehman Brothers Treasury Co    5.75   6/15/2009    CHF     3.81
Bank ZENIT PJSC                8.50   6/14/2024    RUB    60.07
Lehman Brothers Treasury Co    8.00   5/22/2009    USD     3.81
Horus Finance ZAO             13.00    3/6/2019    RUB
Lehman Brothers Treasury Co    4.10   8/23/2010    USD     3.81
Lehman Brothers Treasury Co    1.50  10/25/2011    EUR     3.81
Lehman Brothers Treasury Co    7.25   6/20/2010    USD     3.81
Lehman Brothers Treasury Co    8.50    7/6/2009    CHF     3.81
Societe Generale SA            0.50    4/3/2023    RUB    68.84
Lehman Brothers Treasury Co   14.90  11/16/2010    EUR     3.81
Lehman Brothers Treasury Co    2.00   6/21/2011    EUR     3.81
Lehman Brothers Treasury Co    8.05  12/20/2010    HKD     3.81
Lehman Brothers Treasury Co    2.50   11/9/2011    CHF     3.81
Lehman Brothers Treasury Co    6.72  12/29/2008    EUR     3.81
Lehman Brothers Treasury Co    6.00  10/30/2012    USD     3.81
Lehman Brothers Treasury Co    5.50  11/30/2012    CZK     3.81
KIT Finance Capital OOO       10.60   5/21/2027    RUB   100.00
Center-Invest Commercial Ba    8.70  11/13/2018    RUB    67.01
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Lehman Brothers Treasury Co    4.00    1/4/2011    USD     3.81
Lehman Brothers Treasury Co    9.30  12/21/2010    EUR     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    USD     3.81
Lehman Brothers Treasury Co    3.00   12/3/2012    EUR     3.81
Lehman Brothers Treasury Co    7.06  12/29/2008    EUR     3.81
Lehman Brothers Treasury Co    6.00  10/30/2012    EUR     3.81
Lehman Brothers Treasury Co   11.00  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Heta Asset Resolution AG       5.73  12/31/2023    EUR    34.63
Lehman Brothers Treasury Co    0.50  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    8.00  12/31/2010    USD     3.81
Lehman Brothers Treasury Co    6.60    2/9/2009    EUR     3.81
Lehman Brothers Treasury Co    6.00   6/21/2011    EUR     3.81
Lehman Brothers Treasury Co   11.00  12/20/2017    AUD     3.81
Lehman Brothers Treasury Co    8.80  12/27/2009    EUR     3.81
Lehman Brothers Treasury Co   13.00   2/16/2009    CHF     3.81
Lehman Brothers Treasury Co    6.30  12/21/2018    USD     3.81
Lehman Brothers Treasury Co    3.00   9/12/2036    JPY     8.50
Lehman Brothers Treasury Co    4.68  12/12/2045    EUR     3.81
KIT Finance Capital OOO        8.00   9/16/2026    RUB    60.01
Lehman Brothers Treasury Co    3.50   9/29/2017    EUR     3.81
Lehman Brothers Treasury Co    5.00    9/1/2011    EUR     3.81
Lehman Brothers Treasury Co   10.00    1/4/2010    USD     3.81
Lehman Brothers Treasury Co    3.00    8/8/2017    EUR     3.81
Hellas Telecommunications L    8.50  10/15/2013    EUR     0.24
Lehman Brothers Treasury Co    3.00   8/15/2017    EUR     3.81
Lehman Brothers Treasury Co    4.15   8/25/2020    EUR     3.81
Lehman Brothers Treasury Co    6.50   5/16/2015    EUR     3.81
Lehman Brothers Treasury Co    6.00   12/6/2016    USD     3.81
Societe Generale SA            0.50    7/6/2021    BRL    69.22
Lehman Brothers Treasury Co    2.50  12/15/2011    GBP     3.81
Lehman Brothers Treasury Co    5.50   6/15/2009    CHF     3.81
Lehman Brothers Treasury Co    4.00  10/24/2012    EUR     3.81
Lehman Brothers Treasury Co   11.00  12/19/2011    USD     3.81
Lehman Brothers Treasury Co    5.12   4/30/2027    EUR     3.81
Lehman Brothers Treasury Co    7.75   2/21/2016    EUR     3.81
Lehman Brothers Treasury Co    5.00  10/24/2008    CHF     3.81
Europlan Leasing Co           12.00   2/20/2019    RUB    60.01
Lehman Brothers Treasury Co    6.00  12/30/2017    EUR     3.81
KPNQwest NV                    7.13    6/1/2009    EUR     0.06
KPNQwest NV                    7.13    6/1/2009    EUR     0.06
Lehman Brothers Treasury Co    3.00   8/13/2011    EUR     3.81
Lehman Brothers Treasury Co   13.00   7/25/2012    EUR     3.81
Lehman Brothers Treasury Co   10.00    8/2/2037    JPY     3.81
Upravlenie Otkhodami ZAO       4.00   4/29/2027    RUB    70.50
Nutritek International Corp    8.75  12/11/2008    USD     2.00
Lehman Brothers Treasury Co    7.50   6/15/2017    USD     3.81
HSBC Bank PLC                  0.50  12/22/2025    BRL    45.84
Lehman Brothers Treasury Co    4.10   6/10/2014    SGD     8.50
Lehman Brothers Treasury Co    3.35  10/13/2016    EUR     3.81
Kaupthing ehf                  5.00    1/4/2027    SKK    17.63
Lehman Brothers Treasury Co    4.20   12/3/2008    HKD     8.50
Lehman Brothers Treasury Co    8.00  12/27/2032    JPY     3.81
Lehman Brothers Treasury Co    1.50    2/8/2012    CHF     3.81
Lehman Brothers Treasury Co    6.00   5/12/2017    EUR     3.81
Lehman Brothers Treasury Co    6.00   2/14/2012    EUR     3.81
Lehman Brothers Treasury Co    4.69   2/19/2017    EUR     3.81
Province of Brescia Italy      0.11  12/22/2036    EUR    65.20
Center-Invest Commercial Ba    8.40   8/17/2018    RUB    67.01
Lehman Brothers Treasury Co    4.10   2/19/2010    EUR     3.81
Lehman Brothers Treasury Co    0.25  10/19/2012    CHF     3.81
Lehman Brothers Treasury Co    3.50  10/24/2011    USD     3.81
Lehman Brothers Treasury Co   14.90   9/15/2008    EUR     3.81
Russkiy Mezhdunarodnyi Bank   12.00  11/14/2021    RUB     6.05
Societe Generale SA            0.50   6/12/2023    RUB    67.70
Lehman Brothers Treasury Co   12.22  11/21/2017    USD     3.81
Lehman Brothers Treasury Co    4.80  11/16/2012    HKD     3.81
KPNQwest NV                    8.88    2/1/2008    EUR     0.06
Lehman Brothers Treasury Co    3.40   9/21/2009    HKD     3.81
Lehman Brothers Treasury Co    4.00  10/12/2010    USD     3.81
Lehman Brothers Treasury Co    7.00  10/22/2010    EUR     3.81
Lehman Brothers Treasury Co    8.00  10/23/2008    USD     3.81
Lehman Brothers Treasury Co    1.50  10/12/2010    EUR     3.81
ECM Real Estate Investments    5.00   10/9/2011    EUR    10.38
Lehman Brothers Treasury Co   18.25   10/2/2008    USD     3.81
Credit Europe Bank Ltd        10.00    4/6/2018    RUB    60.17
Lehman Brothers Treasury Co    9.25   6/20/2012    USD     3.81
Lehman Brothers Treasury Co    2.00  11/16/2009    EUR     3.81
Lehman Brothers Treasury Co    8.00   4/20/2009    EUR     3.81
Lehman Brothers Treasury Co    4.70   3/23/2016    EUR     3.81
Lehman Brothers Treasury Co    4.70   3/23/2016    EUR     3.81
Lehman Brothers Treasury Co    3.70    6/6/2009    EUR     3.81
Lehman Brothers Treasury Co    4.25   3/13/2021    EUR     3.81
Lehman Brothers Treasury Co    6.00   3/17/2011    EUR     3.81
Lehman Brothers Treasury Co    0.50   2/16/2009    EUR     3.81
RGS Nedvizhimost OOO          12.50   7/22/2021    RUB     0.09



                            *********

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 * * *