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

                           E U R O P E

          Monday, November 27, 2017, Vol. 18, No. 235


                            Headlines


C Y P R U S

IG SEISMIC: S&P Withdraws 'CCC+' Corporate Credit Rating


F R A N C E

FCT SAPPHIREONE 2017-1: Moody's Rates Class E Notes '(P)Ba1'
SFR GROUP: S&P Revises Outlook to Negative & Affirms B+ CCR


G E R M A N Y

MUEHL PRODUCT: Insolvency Proceedings Suspended
RAFFINERIE HEIDE: Moody's Assigns B3 CFR, Outlook Stable


I R E L A N D

BLACKROCK EUROPEAN IV: Moody's Assigns B2 Rating to Class F Notes
BLACKROCK EUROPEAN IV: S&P Assigns B-(sf) Rating to Cl. F Notes
MAGELLAN MORTGAGES 3: S&P Raises Class D Notes Rating to BB(sf)


K A Z A K H S T A N

KAZAKHSTAN ELECTRICITY: S&P Alters Outlook to Pos., Affirms BB CCR
KAZMUNAYGAS: S&P Lowers CCR to 'BB-' on Weakening State Support


N E T H E R L A N D S

ALTICE NV: S&P Revises Outlook to Negative & Affirms 'B+' CCR


P O L A N D

BUMECH SA: Opts for File for Restructuring Proceedings
VISTAL GDYNIA: Unit Obtains Court Order to Pay PLN9MM PKO Debt


R U S S I A

PETROPAVLOVSK PLC: S&P Raises CCR to 'B', Off CreditWatch Positive


S P A I N

TDA SABADELL 4: Moody's Assigns Prov. B3 Rating to Class B Notes


U N I T E D   K I N G D O M

ALLIANCE AUTOMOTIVE: S&P Withdraws 'B+' LT Corp Credit Rating
CELSA: Reaches Debt Restructuring Deal with Spanish Lenders
DEBENHAMS PLC: S&P Alters Outlook to Negative & Affirms BB- CCR
FOUR SEASONS: Allen & Overy Removed as Restructuring Adviser
MAPLIN: Insurers Cast Doubt on Future After Profits Fall

MONARCH AIRLINES: Gatwick Chief Sees Pent-Up Demand for Slots
MONARCH AIRLINES: Thomas Cook Bids for Gatwick Airport Slots


X X X X X X X X

* BOND PRICING: For the Week November 20 to November 24, 2017


                            *********



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C Y P R U S
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IG SEISMIC: S&P Withdraws 'CCC+' Corporate Credit Rating
--------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' long-term corporate credit
ratings on Cyprus-headquartered IG Seismic Services PLC and its
Russia-domiciled core subsidiary GEOTECH Seismic Services JSC at
the company's request.

At the time of the withdrawal, the outlooks on the ratings were
stable.



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F R A N C E
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FCT SAPPHIREONE 2017-1: Moody's Rates Class E Notes '(P)Ba1'
------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by FCT SapphireOne Auto 2017-1:

-- Euro [ ] million Class A Asset-Backed Floating Rate Notes due
    January 2034, Assigned (P)Aaa (sf)

-- Euro [ ] million Class B Asset-Backed Floating Rate Notes due
    January 2034, Assigned (P)Aa1 (sf)

-- Euro [ ] million Class C Asset-Backed Floating Rate Notes due
    January 2034, Assigned (P)A1 (sf)

-- Euro [ ] million Class D Asset-Backed Floating Rate Notes due
    January 2034, Assigned (P)Baa2 (sf)

-- Euro [ ] million Class E Asset-Backed Floating Rate Notes due
    January 2034, Assigned (P)Ba1 (sf)

Subordinated and unrated Euro [ ] million Class F Asset-Backed
Fixed Rate Notes due January 2034 will also be issued.

RATINGS RATIONALE

The transaction is a static cash securitisation of auto loans,
auto leases and related residual value cash flows extended by
Societe Reunionnaise de Financement S.A. ("Sorefi") (not rated)
with operations in the French departements of La Reunion, and
Somafi-Soguafi S.A. ("Somafi-Soguafi") (not rated) with operations
in the French departements of Guadeloupe, Martinique and French
Guiana, both originators are ultimately owned by My Money Bank
S.A. ("MMB") (not rated) located in Paris, France. The obligors
are located in the four departements previously mentioned.

As at September 30, 2017, the pool cut shows 39,122 non-delinquent
loan and lease contracts with a weighted average seasoning of 18
months. Principal portfolio cash flows are auto loan instalments
(63.6%), auto lease instalments (28.5%) and residual value cash
flows related to auto lease contracts (7.9%). The portfolio is
collateralized by approximately 83.7% new car and 16.3% used car
loans or leases related to a number of different manufacturers,
the top three being Peugeot (17.8%), Renault (10.8%) and
Volkswagen (9.8%). The loans in the portfolio are fully amortising
loans.

According to Moody's, the transaction benefits from credit
strengths such as (i) static structure, (ii) granularity of the
portfolio and (iii) application of French law in the overseas
territories of the portfolio. However, Moody's notes that the
transaction features some credit challenges such as (i) small
unrated originators, (ii) a high degree of linkage to the
originating and servicing subsidiaries of MMB, (iii) regional
concentrations in four small regions and (iv) residual value risk.

Various mitigants have been put in place in the transaction
structure, such as credit enhancement provided through
subordination of classes of notes, excess spread and an amortising
reserve also available to cover portfolio losses at maturity of
the transaction. Residual value risk is mitigated by (i) the
portfolio composition and (ii) additional credit enhancement.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of receivables; (ii)
historical performance of defaults and recoveries from Q2 2010 to
Q2 2017; (iii) the credit enhancement provided by subordination
(26.0% for Class A, 19% for Class B, 12% for Class C, 8% for Class
D, 5% for Class E), excess spread and cash reserve; (iv) the
liquidity support available in the transaction by way of the cash
reserve, principal to pay interest, and (v) the legal and
structural aspects of the transaction.

The public and political debate about the future of diesel engines
has heated up in continental Europe over the recent months due to
new proposals restricting diesel cars in various metropolitan
areas in Europe, including France but has less been in the focus
of the public discussion in the overseas regions that are relevant
for this securitisation. Still as a consequence, diesel cars have
recently shown signs of diminished attractiveness through declines
in new car registrations and a softening in the residual value
premiums of diesel over petrol cars. Moody's is closely monitoring
developments, but at this time believes that these recent trends
are captured in current rating assumptions, i.e. recovery rate and
residual value haircuts.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime mean default rate of
6.0%, a fixed recovery rate of 35% and Aaa portfolio credit
enhancement ("PCE") of 24.0% related to loan and lease
receivables. The mean default rate captures Moody's expectations
of performance considering the current economic outlook, while the
PCE captures the loss Moody's expect the portfolio to suffer in
the event of a severe recession scenario. Mean default rate and
PCE are parameters used by Moody's to calibrate its lognormal
portfolio default distribution curve and to associate a
probability with each potential future default scenario in its
ABSROM cash flow model to rate Auto ABS.

The mean default and recovery rates result in a portfolio expected
loss of 3.9% which is higher than with the EMEA Auto ABS average
and is based on Moody's assessment of the lifetime expectation for
the pool taking into account (i) historical performance of the
loan book of the originator, (ii) benchmark transactions, and
(iii) other qualitative considerations.

PCE of 24.0% is higher than the EMEA Auto ABS average and is based
on Moody's assessment of the pool which is mainly driven by (i)
scenario analysis taking into account geographical concentration
in small regions with increased natural disaster risk and sector
concentration and (ii) benchmarking. The PCE level of 24.0%
results in an implied coefficient of variation ("CoV") of 48.1%.

Residual value risk credit enhancement ("RV CE")

Moody's determined the Aaa RV CE of 2.1% to account for the
residual value market risk. RV CE captures additional portfolio
losses, which would arise on the securitised RV receivables
following a decline in the market prices of used cars in a severe
recession environment in case payments from the guarantor are not
available (e.g. dealer or originator insolvency). Lease contracts
permit lessees to return their vehicle at the end of the lease in
lieu of the final payment, which is not a default and thus is not
captured in the loss assumptions for the lease receivables
described in the previous section. The sum of the RV CE and the
credit enhancement for the lessee/borrower receivables, as
described above, determines the total credit enhancement that is
needed to be consistent with each class of notes' rating.

In deriving the RV CE, Moody's assumes a haircut to the portfolios
forecasted used car prices of 45% for the Aaa (sf) rated notes
taking into account (i) robustness of RV setting, and (ii)
portfolio composition. The haircut is in line with the EMEA Auto
ABS average and is based on Moody's assessment which is mainly
driven by (i) the originators' limited sophistication to set
residual values, (ii) the diversity of the manufacturers, and
(iii) the good distribution of RV cash flows over the life of the
transaction.

METHODOLOGY

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

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

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

Factors that may cause an upgrade of the ratings include a
significantly better than expected performance of the pool
together with an increase in credit enhancement of the notes.
Factors that may cause a downgrade of the ratings of the notes
include a worsening in the overall performance of the pool, or a
meaningful deterioration of the credit profile of the servicer or
originator.

LOSS AND CASH FLOW ANALYSIS:

Moody's used its cash-flow model Moody's ABSROM as part of its
quantitative analysis of the transaction. Moody's ABSROM model
enables users to model various features of a standard European ABS
transaction -- including the specifics of the default distribution
of the assets, their portfolio amortisation profile, yield as well
as the specific priority of payments, swaps and reserve funds on
the liability side of the ABS structure.

STRESS SCENARIOS:

In rating auto ABS, mean default rate and recovery rate are two
key inputs that determine the transaction cash flows in the cash
flow model. Due to the limited exposure to RV risk scenarios with
changes in RV CE have not been considered here. Parameter
sensitivities for this transaction have been calculated in the
following manner: Moody's tested 9 scenarios for the Class A notes
to Class E notes derived from the combination of mean default
rate: 6.0% (base case), 6.5% (base case + 0.5%), 7.0% (base case +
1%) and recovery rate: 35% (base case), 30% (base case - 5%), 25%
(base case - 5%). The 6.0%/35% scenario would represent the base
case assumptions used in the initial rating process.

At the time the ratings were assigned, the model output indicated
that the Class A Notes would have achieved Aa1 (sf) if the mean
default rate was as high as 7.0% with a recovery rate as low as
25% (all other factors unchanged). For sensitivity results of
Class B notes to Class E notes.

Parameter sensitivities provide a quantitative/model indicated
calculation of the number of notches that a Moody's rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged. It is not intended to measure how the
rating of the security might migrate over time, but rather how the
initial model output for Class A notes to Class E notes might have
differed if the two parameters within a given sector that have the
greatest impact were varied. Results are model outputs, which are
one of many inputs considered by rating committees, which take
quantitative and qualitative factors into account in determining
actual ratings.

PROVISIONAL RATINGS

Moody's issues provisional ratings in advance of the final sale of
securities and the above ratings reflect Moody's preliminary
credit opinions regarding the transaction only. Upon a conclusive
review of the final documentation and the final note structure,
Moody's will endeavor to assign a definitive ratings to the above
notes. A definitive ratings may differ from a provisional ratings.
Please note that the actual definitive issuance amounts of the
rated classes may change from those stated above given confirmed
capital structure and final portfolio levels. However, this aspect
should not fundamentally impact the ratings as credit enhancement
and portfolio credit features are expected to be consistent.


SFR GROUP: S&P Revises Outlook to Negative & Affirms B+ CCR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on French cable and
telecommunications company SFR Group S.A. and its subsidiary Ypso
Holding Sarl, to negative from stable.

S&P said, "At the same time, we affirmed our 'B+' long-term
corporate credit rating on both companies.

"We also affirmed our 'B+' issue ratings on SFR's senior secured
revolving credit facilities (RCFs), notes, and term loans. The
recovery rating remains at '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate: 60%) in the event
of a payment default."

The outlook revision to negative follows SFR's downward revision
of its revenue and EBITDA expectation for 2017 and 2018 to a low-
single-digit decline, reportedly stemming from management and
operational setbacks. These included a disruptive rate increase
during the summer that resulted in increased customer losses
during the third quarter, as well as network quality issues. In
addition, a lack of management focus and significant cost-cutting
have negatively affected customer service, leading to significant
customer churn (particularly in ADSL) and resulting in continuing
revenue and EBITDA erosion for consecutive quarters, offsetting
moderate, although sustained, higher-value customer acquisition
(mobile postpaid, fiber broadband). S&P said, "As a result, we
anticipate reported EBITDA will decline by 2.5% on average over
2016-2018, compared with our previous forecast of 3% growth.
Despite the full-year cost benefits of substantial layoffs, we no
longer expect a significant rebound of S&P Global Ratings-adjusted
EBITDA after restructuring costs." A number of factors are
responsible: time to remedy operational missteps; fierce price
competition from more commercially successful fixed broadband
competitors; potential customer retention costs to reduce churn;
and spending to accelerate fiber-based broadband take-up, in order
to offset lost ADSL customers.

S&P said, "We have lowered our assessment of SFR's stand-alone
credit profile (SACP) to 'b+' from 'bb-' to reflect our
anticipation that SFR will have persistently higher adjusted
leverage (S&P Global Ratings-adjusted debt to EBITDA), at about
5.4x in 2017 and 4.8x in 2018, compared with our previous
expectations of about 4.5x over the same period. After
restructuring costs, we anticipate higher S&P Global Ratings-
adjusted EBITDA, with growth of about 12% in 2018, because heavy
restructuring costs incurred in 2017 will not recur. That said, we
believe that reported EBITDA (before restructuring costs) will
remain constrained by likely additional costs to improve client
service and acquire and retain customers, as well as revenue
pressures. We expect this, combined with heavy debt service and
ongoing capital outlays to further the fiber roll-out, to
translate into weaker S&P Global Ratings-adjusted free operating
cash flow (FOCF) to debt, at about 0.4% in 2017 and 2.2% in 2018,
compared with above 4% in our previous assumptions."

In the longer term, moreover, in the absence of a significant
recovery in the capital markets' perception of SFR, the company's
cost of debt could significantly rise and further weaken credit
quality when the group addresses heavy future debt maturities. The
currently undrawn EUR1,125 million RCF needs to be renewed by May
2021 and about EUR5.0 billion of senior secured notes mature in
May 2022.

Governance issues, including consistency of financial policy and
strategic priorities, and the breadth, capacity, and execution
ability of senior management, have surfaced following the
announced departure of SFR Group's CEO, a reshuffling of top
management, and the return of the founder of parent company,
Altice, as the group's President of the Board. S&P said, "While
these changes show a refocus on operations, we believe the
acknowledged management issues will take time to remedy and may
continue to negatively affect operational performance in 2018. We
will continue to monitor progress toward operational and financial
targets."

SFR's business risk profile still reflects the group's resilience,
given its established No. 2 position in mobile, No. 1 position in
high-speed broadband, and our expectation of still positive FOCF
and adequate liquidity, despite recent management setbacks and
high churn for consecutive quarters. S&P said, "We also
acknowledge the company's product and customer diversity, which
enables it to provide quadruple-play services (including mobile,
fixed-line voice, TV subscriptions, and internet services) to
consumers and businesses, and to provide wholesale services to
other telecommunications operators. We view SFR's integrated
telecom networks as key to its competitive position in the highly
convergent French telecoms market. These strengths are somewhat
offset by the very intense mobile and fixed-line competition in
France, which we regard as one of the most competitive in Europe.
SFR's strategy to curb its high churn rates and improve customer
perception will therefore take more time to realize than
anticipated, in our view."

S&P said, "We assess SFR as a core subsidiary of Altice N.V. We
think it's unlikely to be sold because of its meaningful scale
within the group, and because in our view France is a core market
for Altice's majority shareholder. In addition, Altice has a track
record of increasing its stake in SFR. We do not view SFR as an
insulated group subsidiary because holding company, Altice
Luxembourg, is able to extract cash and because SFR is exposed to
debt at Altice Luxembourg. As a result, we cap the rating on SFR
at 'B+', in line with our group credit profile on Altice.

"The negative outlook reflects the potential for a downgrade over
the next 12 months if revenues further decline and we no longer
expect SFR will reduce adjusted leverage to below 5.0x and
generate positive cash flows, in line with our base-case FOCF to
debt of above 2% in 2018.

"We could lower the rating if the group deviates significantly
from our base-case expectations. This could result, for example,
from weaker-than-expected margins and FOCF to debt declining
toward zero if the company is unable to restore operations and
reduce our adjusted leverage to less than 5.0x. In particular, we
would view inability to improve customer service and significantly
reduce customer churn, combined with materially softer client
acquisition in the mobile postpaid and high-speed broadband
activities, as negative signals for future operating performances.
We would view these events as evidence of heightened business,
management, and governance risks. In addition, we could downgrade
SFR if we were to downgrade its parent company, Altice N.V.

"We could revise the outlook to stable, if SFR's management
addresses the various operational challenges, including regaining
customers' trust, evidenced by materially lower attrition rates
and delivering on its differentiation strategy. Credit metrics
including FOCF to debt of more than 3% and adjusted leverage of
about 4.5x could support an outlook revision to stable."



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G E R M A N Y
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MUEHL PRODUCT: Insolvency Proceedings Suspended
-----------------------------------------------
Reuters reports that Muehl Product & Service AG's insolvency plan
procedure was successful and insolvency proceedings were
suspended.

Muehl Product & Service AG is a Germany-based supplier of
materials to the construction industry.  It provides a wide
variety of products: construction supplies, such as masonry
systems, wall and ceiling systems, concrete and steel, drainage
tank systems, concrete products and concrete paving; roofing
products, including clay roof tiles, concrete roof tiles,
corrugated sheets, gutters, and insulation solutions; plaster and
drywall products, such as interior plasters, noise and fire
protection elements, ceilings and wall and floor systems; tiles
and sanitary products, including mosaic, wall and floor tiles,
natural stone and sanitary ware fittings, as well as other
components, such as doors and frames, glass doors, laminate
flooring, garage doors and operators, and house doors.


RAFFINERIE HEIDE: Moody's Assigns B3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a first-time B3 Corporate
Family Rating (CFR) to Raffinerie Heide GmbH (Heide), a refining
company in North Germany. Concurrently, Moody's assigned a B3-PD
Probability of Default Rating (PDR) and a (P)B3 rating to the
proposed EUR250 million senior secured notes due 2022. The notes
are guaranteed by all the operating subsidiaries. The outlook on
all ratings is stable.

The rating on the senior secured notes is provisional, as it is
based on the review of draft documentation. After conclusive
review of the final documentation, Moody's will assign a
definitive rating to the notes. Definitive rating may differ from
provisional rating.

RATINGS RATIONALE

The assignment of a B3 CFR reflects Heide's (1) good quality
refinery with Nelson Complexity Index of 9.9 in line with other
rated European refineries and a high grade product slate with 50%
production of high margin middle distillates (2) ability to
process different types of crude oil leading to pricing and
sourcing benefits (3) strategic location of the refinery which
provides competitive advantage in North Germany and benefits from
inland price premium with 75%-80% products sold domestically (4)
integrated infrastructure business model with midstream assets
having access to 9 owned pipelines, leased harbour terminal
resulting in efficient supply of products to and from the
refinery, 5.9 million barrels of owned tank storage capacity and
ownership of 48.5 MW power plant for captive use and (5) exposure
to a benign refining market environment.

The rating remains constrained by (1) small scale of the business
with crude distillation capacity of 92 kbbl per day and exposure
to a single refining asset which implies high production and
geographic concentration (2) low profitability of the company with
EBITDA margin expected between 4.5%-6% in 2017-2019 (3) exposure
to volatile refining industry and fluctuation in crude oil prices
which results in volatility in EBITDA and cash flow generation,
mitigated to some extent by hedging practices (4) limited free
cash flow (FCF) generation expected in 2018-19 even in benign
refining market conditions (5) deterioration of the financial
profile in 2018-19 with adjusted debt/EBITDA increasing to range
between 5.5x-6.0x from 3.2x in 2017 mainly due to expected
normalisation in refining margins from 2017 levels (6) adequate
liquidity profile with no access to long term committed facility,
mitigated to some extent by around EUR70 million undrawn under the
receivables factoring facility and (7) management's focus on
returning capital to shareholders.

Looking ahead, Moody's assumes the refining margins to normalise
in 2018-19 to around $8.0-8.5/bbl from the high levels in 2017 of
around $9.0/bbl. However, margins would remain supported by the
margin improvement initiatives implemented by the company.
Adjusted EBITDA is expected to peak in 2017 at around EUR120
million but drop to around EUR70-80 million in 2018-19. Free cash
flow generation is expected to be negative in 2017 at around -
EUR225 million after EUR65 million of dividends already paid and
EUR200 million of planned special dividend, which will be largely
funded by the expected bond issuance of EUR250 million. FCF is
expected to be neutral to marginally positive in 2018-19, assuming
no dividend payments. Adjusted debt/EBITDA is expected to range
between 5.5x-6.0x in 2018-19 from 3.2x in 2017 under these
assumptions. The company's financial performance is highly
dependent on the refining margin outlook and can result in
volatility in the EBITDA.

The company demonstrates an adequate liquidity profile. Cash
balance of the company amounted to EUR100 million reported and not
pro forma as of September 2017, after excluding EUR10 million of
restricted cash. The company does not have access to committed
long term undrawn facility. Moody's expects the internal cash
generation combined with its cash balance should be sufficient to
cover the funding needs in the coming 12-18 months, in benign
refining market conditions. The company had around EUR70 million
undrawn under its uncommitted factoring facility.

STRUCTURAL CONSIDERATIONS

The (P)B3 rating assigned to the proposed EUR250 million senior
secured notes to be issued by Raffinerie Heide GmbH takes into
account that the proceeds of the bond will be used to fund EUR200
million distribution to shareholders, cash collateral, general
corporate purposes and transaction expenses. The (P)B3 rating on
the proposed senior secured notes is in line with the CFR as there
is no other debt instrument in the capital structure. The notes
are senior secured obligations guaranteed by all operating
subsidiaries.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects that Heide should be able to
demonstrate consistent operating performance in the longer term,
assuming a fairly benign refining environment despite some margin
deterioration in 2018-19. The outlook also reflects that the
company should be able to maintain an adequate liquidity profile
and conservative financial policy with support from its
shareholder for any organic or inorganic growth plans.

WHAT COULD CHANGE THE RATING -- UP

The rating could be upgraded to B2 if Heide maintains adjusted
debt/EBITDA below 4.5x and RCF/debt above 10% on a sustained
basis, while maintaining an adequate liquidity profile.

WHAT COULD CHANGE THE RATING -- DOWN

The rating could be downgraded to Caa1 if there is a deterioration
in the financial profile of the company with adjusted debt/EBITDA
rising above 6.0x and RCF/Debt falling below 5% on a sustained
basis. The rating could also be downgraded if the liquidity
profile weakens.

The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.

CORPORATE PROFILE

Raffinerie Heide is a small-sized German refining company, which
owns a fully integrated refinery and petrochemical complex located
north of Hamburg, Germany, north of the Elbe river, which includes
a refinery, pipelines, tankage, a costal terminal operation and a
captive power plant. The company's purpose is to refine crude oil
and other hydrocarbons to produce mineral oil products and by-
products including petrochemical products such as gasoline,
diesel, aromatics and olefins and to buy and sell mineral oil
products and by-products. Heide reported revenues of EUR2.1
billion and adjusted EBITDA of EUR121 million as of last twelve
months (LTM) September 2017.

The refinery has a crude distillation capacity of 33.5 million
barrels per year (91,700 barrels per day). The company was
acquired by the Klesch group (unrated) in 2010 from Shell
Deutschland Oil GmbH. Klesch group is a European strategic
investor in industrial and commodity-related businesses and is
ultimately owned by Mr. A. Gary Klesch.



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BLACKROCK EUROPEAN IV: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by BlackRock European CLO IV Designated
Activity Company (the "Issuer" or "BlackRock CLO IV"):

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

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

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

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

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

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

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

RATINGS RATIONALE

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

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

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

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR48,800,000 of Subordinated Notes. Moody's will
not assign rating to this class of notes.

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

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

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR450,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2860

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 43.00%

Weighted Average Life (WAL): 8.64 years

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

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3289 from 2860)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: 0

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3718 from 2860)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Methodology Underlying the Rating Action:

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


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

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

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

The portfolio's reinvestment period will end 4.2 after closing,
and the portfolio's maximum average maturity date is 8.6 years
after closing.

S&P said, "On the effective date, we understand that the portfolio
will represent a well-diversified pool of corporate credits, with
a fairly uniform exposure to all of the credits. Therefore, we
have conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations.

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

"The participants' downgrade remedies are in line with our current
counterparty criteria.

"The issuer is in line with our bankruptcy remoteness criteria.

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

RATINGS LIST

BlackRock European CLO IV DAC
EUR466.1 mil secured fixed-rate and floating-rate notes

                                   Amount
  Class           Rating        (mil, EUR)
  A               AAA (sf)         270.0
  B1              AA (sf)          38.5
  B2              AA (sf)          20.0
  C               A (sf)           27.0
  D               BBB (sf)         22.5
  E               BB (sf)          25.4
  F               B- (sf)          13.9
  Sub             NR               48.8

  NR--Not rated.


MAGELLAN MORTGAGES 3: S&P Raises Class D Notes Rating to BB(sf)
---------------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on Magellan Mortgages No. 3 PLC's class A, B,
and C notes. At the same time, S&P has raised its rating on the
class D notes.

S&P said, "The rating actions follow our credit and cash flow
analysis of the most recent transaction information that we have
received as of the August 2017 payment date. We have applied our
European residential loans criteria, our structured finance
ratings above the sovereign (RAS) criteria, and our current
counterparty criteria (see "Methodology And Assumptions: Assessing
Pools Of European Residential Loans," published on Aug. 4, 2017,
"Ratings Above The Sovereign - Structured Finance: Methodology And
Assumptions," published on Aug. 8, 2016, "Criteria - Structured
Finance - General: Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013).

"On Oct. 10, 2017, we placed on CreditWatch positive our ratings
on Magellan Mortgages No. 3's class A, B, and C notes following
our Sept. 15, 2017 upgrade of Portugal."

Since S&P's previous full review, available credit enhancement has
increased for all classes of notes.

  Class         Available credit
                 enhancement (%)
  A                         9.55
  B                         6.76
  C                         5.46
  D                         2.42

This transaction features a nonamortizing reserve fund, which is
at its required level of EUR9 million. The notes are currently
amortizing pro rata.

S&P said, "Severe delinquencies of more than 90 days (including
defaults) are at 5.45%, and are higher than our Portuguese
residential mortgage-backed securities (RMBS) index. Defaults are
defined as mortgage loans in arrears for more than 360 days in
this transaction. Unlike other Portuguese RMBS transactions that
we rate, the servicer does not report gross cumulative defaults.
The prepayment level, at about 4.42%, is also higher than our
Portuguese RMBS index.

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

  Rating level     WAFF (%)   WALS (%)
  AAA                 12.91       9.62
  AA                   9.54       7.13
  A                    7.73       3.43
  BBB                  5.68       2.00
  BB                   3.58       2.00
  B                    2.97       2.00

S&P said, "The WAFF decreased since our previous review mainly
because it benefitted from the pool's high seasoning and the lower
arrears level. The WALS decreased mainly due to the application of
our updated market value decline assumptions. The overall effect
is a decrease in the required credit coverage for each rating
level.

"Under our RAS criteria, this transaction's notes can be rated up
to six notches above the sovereign rating, subject to credit
enhancement being sufficient to pass an extreme test. As our
unsolicited foreign currency long-term sovereign rating on the
Republic of Portugal is 'BBB-', our RAS criteria cap at 'AA- (sf)'
our rating on the class A notes. For all other classes of notes,
the maximum potential rating is 'A'.

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

"During our previous full review, we applied an incorrect swap
margin into our cash flow assumptions. As the swap margin is
minimal, this error had no impact on the ratings on the notes.
Taking into account the results of our updated credit and cash
flow analysis and the application of our RAS criteria, we consider
that the available credit enhancement for the class A, B, and C
notes is commensurate with higher ratings than those currently
assigned. Although the class A, B, and C notes can pass at higher
rating levels under our standard assumptions, our ratings on these
classes of notes are constrained by the rating on the sovereign.
We have therefore raised to 'A (sf)' and removed from CreditWatch
positive our ratings on these classes of notes.

"We consider that the available credit enhancement for the class D
notes is commensurate with a higher rating than that currently
assigned. We have therefore raised to 'BB (sf)' from 'B+ (sf)' our
rating on the class D notes.

"In our opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and we have
therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our European
Residential loans criteria, to reflect this view."

Magellan Mortgages No. 3 is a Portuguese RMBS transaction, which
closed in June 2005 and securitizes first-ranking mortgage loans
that Banco Commercial Portugues originated.

  RATINGS LIST

  Class           Rating
            To             From

  Magellan Mortgages No. 3 PLC
  EUR1.52 Billion Mortgage-Backed Floating-Rate Notes

  Ratings Raised And Removed From CreditWatch Positive
  A         A (sf)         A- (sf)/Watch Pos
  B         A (sf)         A- (sf)/Watch Pos
  C         A (sf)         BB+ (sf)/Watch Pos

  Rating Raised
  D         BB (sf)        B+ (sf)



===================
K A Z A K H S T A N
===================


KAZAKHSTAN ELECTRICITY: S&P Alters Outlook to Pos., Affirms BB CCR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan Electricity
Grid Operating Co. (JSC) to positive from stable. The 'BB' long-
term corporate credit rating was affirmed.

S&P said, "At the same time, we affirmed our 'BB' issue rating on
KEGOC's senior unsecured bank loan from the European Bank For
Reconstruction And Development (EBRD).

"The outlook revision reflects our view that KEGOC's credit ratios
could strengthen in the next 12 months, owing to the favorable
tariffs set for 2016-2020 and efficient cost management. We expect
the company will continue generating stable operating cash flows
that suffice for gradual debt repayment. We forecast funds from
operations (FFO) to debt will increase to more than 30% in 2017
and to 33%-35% in 2018, from about 26% in 2016.

"We also note that the appetite for dividends of KEGOC's parent,
100% state-owned national welfare fund Samruk-Kazyna, is likely to
increase to up to 100% of net income -- in line with the existing
dividend policy -- compared with moderate 40% payouts on average
in the past. This, together with still-significant capital
expenditure (capex) needs, will lead to negative discretionary
cash flow in the next few years."

The company is gradually changing the structure of its debt
portfolio by repaying old U.S. dollar- and euro-denominated loans
with Kazakhstan tenge (KZT) instruments issued on the local
market. As of June 30, 2017, about half of the debt portfolio was
denominated in dollars and euros, versus 100% at the end of 2015.

S&P said, "We view this as a positive trend that reduces the risk
of a negative impact from foreign currency fluctuations, albeit
without removing it completely. We factor this risk into our
assessment of KEGOC's stand-alone credit profile (SACP) at 'b+'.

"We continue to regard KEGOC's business risk profile as
constrained by the tariff system, which lacks transparency and
does not guarantee either full or timely cost recovery. We do not
consider that the mechanism allows for full pass-through of costs.
In addition, the regulator's lack of independence from the
government aggravates this risk because the government often uses
utilities' tariffs as a social or macroeconomic instrument (as is
the case with tariff caps, for example).

"Still, we note that the current tariffs set for 2016-2020 enable
the company to generate cash flows sufficient to cover operating
costs and capex, and to gradually repay its debt and reduce
leverage.

"We regard KEGOC as a government-related entity (GRE). We now
think there's a high likelihood of extraordinary government
support. KEGOC's continues to hold a very important role for
Kazakhstan's government, given the company's strategic importance
as the monopoly provider of essential electricity infrastructure
and its status as a system operator. Still, we think the Kazakh
government generally tolerates relatively high leverage at various
GREs. Moreover, support mechanisms via Samruk-Kazyna are
relatively complex and time consuming, as we have seen with other
Kazakh GREs, and we cannot rule out negative interventions from
higher-than-expected dividends or regulatory pressures."

The positive outlook on KEGOC reflects the increased likelihood
that KEGOC can sustainably exceed our upgrade thresholds through
solid performance and continued debt reduction. S&P thinks the
current favorable tariffs can support KEGOC's cash flow generation
and enable the company to gradually reduce its debt, with FFO to
debt sustainably above 30% in the absence of negative regulatory
or dividend pressures.

S&P said, "We could raise the ratings if we saw that KEGOC's
financial metrics improved, with FFO to debt comfortably above 30%
on a sustainable basis. An upgrade would also hinge on KEGOC
maintaining adequate liquidity, and no downward changes in our
assessment of a high likelihood of extraordinary state support for
KEGOC, or lowering of our sovereign rating on Kazakhstan.

"We could revise the outlook to stable if KEGOC failed to achieve
stronger results and leverage ratios, or if, in contrast with our
base case, higher capex or excessive dividends mitigated the
positive developments in tariffs."

A downgrade of Kazakhstan by one notch, or the likelihood of
support falling to moderately high, would also offset the
positives stemming from the strengthening of the financial risk
profile.


KAZMUNAYGAS: S&P Lowers CCR to 'BB-' on Weakening State Support
---------------------------------------------------------------
S&P Global Ratings lowered to 'BB-' from 'BB' its rating on
Kazakhstan's 100% state-controlled national oil company NC
KazMunayGas (KMG) and its core subsidiary KMGEP. The outlook is
stable.

S&P also lowered its national scale rating on KMG to 'kzA-' from
'kzA'.

S&P said, "The downgrade reflects our view that the likelihood of
timely extraordinary government support for KMG has reduced,
similarly to some other government-related entities (GREs).
Government support procedures via Samruk-Kazyna (SK) are complex
and time-consuming, in our view, and could be further complicated
by potential pressures from SK and by the potential privatization
of a minority stake in KMG. We believe that the Kazakh government
generally tolerates relatively high leverage at KMG, as well as at
some other GREs, and has provided only limited support to the
company since the 2015 downturn. The uncertainty related to KMG's
option to buy-back the Kashagan stake from the parent remains
unresolved, in our view, despite the potentially significant
impact on KMG's leverage and liquidity.

"The government controls KMG via SK, which we think makes
government support mechanisms complex. We continue to believe that
the government, rather than SK, is the ultimate decision maker
regarding state support to KMG and that the government ultimately
influences the structure, asset composition, and strategy of SK.
We view SK as the government's instrument for managing state-
controlled assets in various sectors rather than a stand-alone
industrial group."

KMG is large compared to other SK assets (about 60% of group
EBITDA), which means the group's resources are hardly sufficient
for KMG's funding requirements and any support would hinge on the
government. S&P said, "Therefore, our rating on KMG continues to
be based on government support rather than group support. We
observe uncertainties around SK's strategy to repay material debt
to banks and bondholders at the parent level, with large
maturities in 2019-2020."

In late 2015, KMG sold 50% of Kashagan BV (which holds a 16.8%
interest in Kashagan) to its shareholder SK. S&P said, "We
understand that to fund the $4.5 billion asset price, SK raised
about $2 billion debt from banks and bondholders, and the rest was
a bond issued to the National Fund. Although this helped to
temporarily reduce KMG-level consolidated reported debt, S&P
understands that KMG holds an option to buy the asset back in
2018-2020, which management intends to extend to 2020-2022. Before
SK finds any alternative ways of repaying or refinancing parent-
level debt to third parties, S&P can't rule out the possibility of
KMG exercising the option. If the option is exercised and funded
with debt, this would materially pressure KMG's leverage and
liquidity and reduce covenant headroom unless offset by state
support or other sources (such as converting the government's loan
to SK into KMG's equity). The asset value is roughly equivalent to
KMG's EBITDA for two years. Also, S&P understands that KMG
provided loans to SK in the past to address amortization of
Kashagan-related debt, and may provide Kashagan-related financing
to SK in 2018, which pressures KMG's stand-alone financials.

S&P said, "We understand that the government is planning the
privatization of a minority stake in KMG in the coming years.
Although we expect the government to retain control, we believe
privatization would make it more difficult for the government to
provide timely support, including if KMG needs to exercise the
option. At this stage, the timing of privatization is unclear, and
it remains to be seen whether the privatization proceeds could be
used to reduce KMG's debt or partially fund the Kashagan
repurchase.

"Our rating on KMG factors in our expectation of a high likelihood
of extraordinary government support, resulting in a two-notch
uplift above our assessment of the company's 'b' stand-alone
credit profile (SACP), the highest we currently have for
government-related corporates held via SK. KMG is the government's
main asset in the strategic hydrocarbon industry, with priority
access to new assets and stakes in all significant oil ventures in
the country. It is a large exporter, taxpayer, employer, and
supplier of fuel to the domestic market at low prices. In our
view, KMG's default would have significant reputational
repercussions for the government and other government-related
entities. The Kazakh government's financial capacity to support is
underpinned by the 'BBB-' sovereign rating. Still, KMG is only
responsible for 28% of the country's oil production (12% if only
majority-owned production is included), with only minority stakes
in the country's largest and most profitable internationally-led
projects.

"We believe that KMG's SACP is stabilizing at 'b'. We expect KMG's
EBITDA to be above $2 billion, after our adjustments. KMG's mature
and relatively high-cost oil production assets are profitable
under our oil price scenario, with about $0.7 billion EBITDA. The
contribution from oil and gas pipeline business remains robust, as
it is sufficiently resilient to oil price fluctuations. We expect
that, despite TCO's largescale expansion capex, KMG will receive
modest dividends on its 20% stake in TCO at least in 2017, thanks
to relatively favorable oil prices. We also expect a higher-than-
usual dividend from MMG in 2017. After the start of commercial oil
production at Kashagan in November 2016, we do not expect any
material dividends on KMG's 8.4% stake before Kashagan-level debt
is repaid. At this stage, our base case does not include any
material increase in refining and marketing profits after
modernization capex is completed. We understand that KMG's group
structure has stabilized, and disposals of Kazakh refineries are
unlikely. We expect KMGI's deconsolidation to be completed in
coming months, and possible disposals of small assets won't
significantly influence KMG's performance.

"We expect KMG's FOCF (as defined under S&P Global Ratings'
methodology) to turn positive in 2018, after major capex in
refinery modernization and gas pipeline Beineu-Bozoy-Shymkent is
completed. We also factor in possible loans to SK to fund
Kashagan-related debt repayments in 2018. Still, KMG's adjusted
debt remains high at above $13 billion, following several years of
negative FOCF, and we expect any deleveraging to be only gradual,
with expected FFO to debt of 9%-12% in 2017-2019. In our
calculation of adjusted debt, we include prepayments for oil
exports and only exclude cash at the parent level held with
foreign banks. This is because we believe that large cash reserves
at 63%-owned KMGEP are not immediately available to repay the
group's debt, and because we continue to view the Kazakh banking
system as relatively weak.

"Our base case scenario for the rating does not imply the exercise
of the Kashagan option. Because KMG's leverage is already high, we
believe that even if KMG decided to exercise it, the impact on the
rating would be driven more by liquidity than by any further
increase in leverage, which is already high. Having said that,
even if KMG's leverage were to improve, our assessment of the
company's SACP would factor in uncertainty related to this
option."

Assumptions

-- Brent at $50/bbl in 2017-2018, $55 in 2019, in line with
    S&P's oil price assumptions.

-- KZT/USD of 320:325, in line with S&P's base case for the
    sovereign.

-- Majority-owned oil production to gradually decline but cost
    and tax structure to remain broadly stable; midstream assets
    (KTO, KTG) to continue stable operations;

-- In S&P's base case, it does not factor in any material
    increase in refining profits because of market uncertainties.

-- Only limited dividends from joint ventures, because TCO
    focuses on large expansion capex and Kashagan uses its cash
    to repay debt before paying any dividends to KMG.

-- EBITDA to increase to above $2.4 billion in 2017 on one-off
    dividends from MMG and TCO, and stabilize at about $2 billion
    or slightly above in 2018-2019.

-- Capex of $1.5 billion-$1.7 billion in 2017, down to $0.9
    billion in 2018-2019.

-- KMGI to be deconsolidated in 2017-2018. S&P does not include
    any proceeds from the asset sale because of ongoing
    litigation uncertainty in Romania.

-- In S&P's base case, it treats cash at parent-level foreign
    banks as surplus cash. In S&P's view, sizeable cash balances
    at the level of 63%-controlled KMGEP are not immediately
    available for debt service. S&P also believes that KMG is
    exposed to Kazakhstan's weak banking system.

-- KMG to pay only modest dividends to SK.

-- In S&P's base case scenario, it does not include the Kashagan
    option, privatization proceeds, or any material upstreaming
    of cash from 63%-controlled KMGEP.

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

-- FFO to debt of 9%-12% in 2017-2019.

-- Debt to EBITDA above 5x.

-- Negative FOCF in 2017 as KMG finalizes its key capex
    projects.

    Moderately positive FOCF starting in 2018 when major capex is
    completed, and only limited debt reduction after that.

The stable outlook reflects S&P's expectation of stabilizing
EBITDA, FFO to debt of about 9%-12%, FOCF turning positive in
2018, and only gradual deleveraging given already-high debt. Even
if FFO to debt is somewhat above 12% thanks to profits from recent
investments or higher-than-expected oil prices, the uncertainty
about the Kashagan option would still constrain any upside. The
stable outlook also incorporates our expectation of continuing
high likelihood of government support.

Rating upside could be triggered by an improvement in the stand-
alone credit profile via a material reduction in consolidated
adjusted leverage (with FFO to debt consistently above 20%),
consistently positive FOCF, sustainable liquidity, and no risk of
a debt-financed Kashagan buyback.

Rating upside could also result from a sovereign upgrade.

Rating downside could result from a material weakening in
liquidity or leverage, for example if KMG has to exercise its
Kashagan option or undertake large debt-financed investments
without sufficient offsetting state support, or if significantly
lower oil prices undermine the company's sustainable EBITDA
generation. Downside could also stem from SK's pressuring KMG to
repay parent-level debt, for example via intragroup loans or the
Kashagan option. Given S&P's expectation of high likelihood of
state support, KMG's SACP would have to deteriorate to 'ccc+' or
lower to trigger rating downside. These are not S&P's base-case
scenarios for the rating, however.



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


ALTICE NV: S&P Revises Outlook to Negative & Affirms 'B+' CCR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on cable and
telecommunications holding company Altice N.V. and its rated
subsidiaries Altice International S.a.r.l. and Altice Luxembourg
SA to negative from stable.

S&P said, "At the same time, we affirmed our 'B+' long-term
corporate credit ratings on Altice N.V. and its subsidiaries, as
well as all related issue ratings."

The outlook revision follows the downward revision by management
of its EBITDA growth expectation for 2017 to about 6% organically
at group level from high-single digits, primarily due to weaker-
than-expected operations in France -- where the group generates
about 40% of its consolidated EBITDA -- which reportedly stem from
management and operational setbacks. S&P said, "Coupled with a
continued very competitive environment and our view that the
group's differentiation strategy with content and network
investments has not proved its effectiveness yet, we have lowered
our expectations for EBITDA growth in France to -2.5% on average
for 2016-2018 from more than +3%." In addition, the outlook
revision also reflects the recent collapse in the group's market
capitalization and deterioration in credit market confidence,
which, if not restored through a credible debt-reduction plan and
operational turnaround in France, could result in higher funding
costs in the medium term.

S&P said, "The affirmation reflects our belief that Altice's
telecom business enjoys some underlying resilience, based on its
sound U.S. cable assets, its diverse and large-scaled fixed and
mobile infrastructures in France, Portugal, and Israel in
particular, and on-going investments to further 4G coverage and
its fiber footprint. The affirmation also reflects our view that
the recent management reshuffling, renewed focus on operational
execution, and deleveraging in the group's European division will
translate into operational stabilization in France and
strengthened key credit metrics in 2018, with an adjusted debt to
EBITDA ratio sustainably dropping to less than 6x from our
forecast 6.4x in 2017. Lastly, the affirmation also reflects our
view of the group's adequate liquidity profile, with significant
debt maturities arising only from 2021, and our anticipation of
positive generation of free operating cash flow (FOCF) of close to
EUR1 billion in 2017 and more than EUR1.5 billion in 2018 in our
base case.

"We believe management has failed to deliver on its goal of
trimming reported debt leverage in its European entities so far:
reported debt leverage was 5.1x in Europe at end-September 2017,
up from 5.0x at end-June, compared with management's 4x target. In
our view, on-going spending on media content, some acquisition
activity (such as the pending acquisition of Media Capital in
Portugal), and the (now suspended) EUR1 billion share buyback
introduced last summer have been contradicting financial policy
parameters.

"Still, in the currently adverse capital environment, management
has publicly indicated that deleveraging is now a near-term
priority and that it is considering implementing asset sales. We
view as positive, at this stage, that positive free cash flow
generation complemented by potential asset sales, combined with
our expectation of the group's better financial discipline on the
spending side, would likely support timely and sustained debt
reduction. This, together with increasing EBITDA in the U.S. and
the nonrecurring nature of the massive restructuring costs in
2017, should translate into our adjusted leverage falling to less
than 6x in 2018.

"At the Altice group level, in our updated base case, we foresee
about 4% reported EBITDA growth annually before restructuring
costs in 2017-2018 on average, with a higher contribution than we
previously expected from the U.S. mitigated by lower EBITDA in
France than we had foreseen. We now think that in 2018, despite
the full-year cost benefits of massive layoffs, reported EBITDA in
France will not rebound as we previously anticipated, due to a
number of factors. These include time to remedy operational
missteps; fierce price competition from more commercially
successful fixed broadband competitors; potential customer
retention costs to reduce the churn; and spending to accelerate
fiber-based broadband take-up, in order to improve SFR Group's
fixed-division performances.

"The recent concerns and uncertainty about management and
governance weigh on the ratings. We are concerned by recent
management turnover, our perception of relatively narrow
managerial resources relative to the group's size and complexity,
as well as our view that decisions taken in the past months,
including heavy spending on media content and the share buyback
program, were contradicting the deleverage objectives set forth by
management. At this stage, it remains to be seen whether recent
changes in senior management and a refocus on operations and debt
reduction will prove effective. We also see some lingering
strategic uncertainty, given that the prioritization of debt
reduction may translate into a significant shift from the prior
strategy that aimed at differentiating from competitors based on
aggressive content acquisition.

"The negative outlook reflects various execution risks that could
prevent the group from sustaining its market positions in the core
French market, reducing debt, and restoring market confidence. We
see potential execution risks related to management's aim to
stabilize operations in France, given a fiercely competitive
environment and in the wake of the massive headcount reduction at
the SFR Group level and recent management turnover. We also see
potential execution risk pertaining to management's objective to
cut debt at its European entities, through asset sales in
particular, on the back of a weak deleveraging track record so
far.

"We could lower the rating by one notch in the next year if
management fails to restore sounder operations in France, such as
achieving better customer retention and reducing turnover in
senior management, or if it fails to trim absolute debt so that
consolidated S&P Global Ratings' adjusted leverage drops to less
than 6.0x in 2018 and FOCF to debt strengthens above 3%.

"In addition, we could lower the rating in case of renewed
management and governance concerns, or if adverse capital market
perception were to persist, and we came to anticipate that the
group's future free cash flow generation could be materially
impacted by a higher cost of funding.

"We could revise the outlook to stable if management succeeds in
executing various on-going operational and financial objectives,
leading to stabilized operations in France, resolved management
and governance concerns, increasing FOCF, continued proactive
refinancing, and stronger credit metrics. These would include
consolidated S&P Global Ratings' adjusted leverage dropping to
less than 6.0x in 2018 and FOCF to debt strengthening above 3%."



===========
P O L A N D
===========


BUMECH SA: Opts for File for Restructuring Proceedings
------------------------------------------------------
Reuters reports that Bumech SA said on Nov. 23 that it has decided
to file for opening restructuring proceedings, in the form of
accelerated arrangement proceedings.

According to Reuters, the filing is aimed at avoiding bankruptcy.

The company is confident that the restructuring will be successful
as it has active contracts for over PLN80 million in Poland and
abroad, Reuters discloses.

At the operating level, the company currently has positive cash
flow allowing for successive repayment of outstanding liabilities
and ongoing operation, Reuters relates.

Bumech S.A. provides services in the area of drilling underground
headings in coal mines.  It also engages in the service,
operational maintenance, and overhauling of mining machinery and
auxiliary equipment.  In addition, the company manufactures,
sells, and leases heading machines, as well as offers auxiliary
equipment for heading machines, such as drilling extensions and
push-plate feeder conveyors.  Further, it provides heading machine
cutting heads; and other services.  Bumech S.A. is based in
Katowice, Poland.


VISTAL GDYNIA: Unit Obtains Court Order to Pay PLN9MM PKO Debt
--------------------------------------------------------------
Reuters reports that Vistal Gdynia SA's unit, Vistal Stocznia
Remontowa, obtained a court order to pay its PLN9.0 million debt
to PKO Bank Polski SA.

As reported by the Troubled Company Reporter-Europe on Oct. 6,
2017, Reuters related that Vistal Gdynia filed for bankruptcy.
According to Reuters, the company said it is in talks with
business partners to solve the difficult situation of its group.

Founded in 1991 and based in Gdynia, Poland, Vistal Gdynia S.A.
produces steel structures for the civil, energy, shipbuilding, and
off-shore industries in Poland and internationally. The company
operates as a general contractor of bridges; manufactures steel
constructions and steel bridge structures; and builds
telecommunication towers, cranes, road acoustic screens,
production or sport halls, industrial constructions, and other
structures.



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


PETROPAVLOVSK PLC: S&P Raises CCR to 'B', Off CreditWatch Positive
------------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating on
Russia-based gold exploration and production company Petropavlovsk
PLC to 'B' from 'B-'.

S&P said, "We also raised our issue rating on the recently issued
US$500 million senior unsecured eurobond issued by Petropavlovsk
2016 Ltd., a finance vehicle wholly owned by Petropavlovsk PLC to
'B' from 'B-'.

"We have removed both ratings from CreditWatch, where we had
placed them with positive implications on Oct. 24, 2017. The
outlook is stable.

"We understand that Petropavlovsk has now used the US$500 million
funds raised from the notes to prepay the outstanding loans with
its two core lenders Sberbank and VTB. This is in line with our
conditions for an upgrade to 'B' from 'B-' (see "Russian Gold
Producer Petropavlovsk Rated 'B-' And Placed On CreditWatch
Positive," published on Oct. 24, 2017, on RatingsDirect). The
company now has minimal outstanding bank debt."

The upgrade reflects Petropavlovsk's improved capital structure
after the above-noted transactions. The company now has no debt
maturities in 2018-2019 and the next debt maturity is US$100
million convertible notes due in March 2020. S&P said, "We note
that the US$234 million outstanding principal of iron ore producer
IRC Ltd.'s project finance facility, which is guaranteed by
Petropavlovsk, remains outstanding. We think that this change in
capital structure is supportive of the company's credit quality,
helping to mitigate the currently high leverage and execution
risks on the landmark POX project."

S&P said, "We continue to assess Petropavlovsk's liquidity as less
than adequate, because while there are no debt maturities in 2018-
2019, the company continues to operate with no committed backup
liquidity lines and minimal cash balances, and will remain reliant
on operating cash flow generation to support capital expenditure
(capex) and any unforeseen working capital outflows.

"The stable outlook reflects an expected improvement in leverage
metrics in 2018 and 2019, mainly due to higher volumes, supportive
gold prices, and progress on its important capex projects (the POX
facility and partial transition to underground mining). We expect
the company to sustainably maintain a funds from operations (FFO)-
to-debt ratio of above 20% for our current 'B' rating.

"We could consider an upgrade to 'B+' once the POX facility is
fully operational and the partial transition to underground
production is completed, and if the company is able to maintain
FFO to debt above 30% sustainably over the cycle. An upgrade would
also require a continued good operating performance with total
cash costs in line with our base-case assumption. An upgrade would
also require a material improvement in the liquidity profile,
which we currently consider less than adequate due to limited
backup liquidity and developments concerning its guarantee
obligations toward IRC.

"We could downgrade Petropavlovsk if the company faces operational
issues or there are delays or cost overruns in the commissioning
of the POX facility, which would affect the company's liquidity or
lead to a substantial increase in leverage with FFO to debt below
20%. A lower gold price could also weigh on the ratings, although
this risk is mitigated by the company's hedging of about 40% of
the 2017-2019 production at $1,252/oz. The rating does not factor
in any dividends or material merger and acquisition-related event
risk that would lead to a substantial increase in leverage."



=========
S P A I N
=========


TDA SABADELL 4: Moody's Assigns Prov. B3 Rating to Class B Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional rating to two
classes of notes to be issued by TDA SABADELL RMBS 4, FONDO DE
TITULIZACION:

-- EUR[5,430]M Class A Notes due [November 2063], Assigned
    (P)Aa2 (sf)

-- EUR[570]M Class B Notes due [November 2063], Assigned
    (P)B3 (sf)

TDA SABADELL FONDO DE TITULIZACION is a securitisation of first-
ranking mortgage loans that Banco Sabadell, S.A. ("Banco
Sabadell") (Baa3/P-2/Baa2(cr)/P-2(cr)), granted to individuals
backed by properties located in Spain. Banco Sabadell will be
acting as the servicer of the loans, while Titulizacion de
Activos, S.G.F.T., S.A. will be acting as the management company.

RATINGS RATIONALE

The provisional ratings take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the Moody's Individual Loan Analysis Credit Enhancement ("MILAN
CE") assumption and the portfolio's expected loss.

The key drivers for the portfolio's expected loss of [3.5]% are
(i) performance of the originator's preceding transactions, (ii)
benchmarking with comparable transactions in the Spanish RMBS
market, (iii) analysis of the static information on delinquencies
and recoveries received from Banco Sabadell; and (iv) current
economic environment in Spain.

The key drivers for the [14.0]% MILAN CE number, which is above
the average for Spanish RMBS, are (i) the current weighted-average
loan-to-value ("LTV") ratio of [73.4]% calculated taking into
account the original full property valuations for the majority of
the loans (around 5% of the pool has updated valuations); (ii)
high seasoning of around [7.9] years and high concentration to
2006, 2007 and 2008 vintages; (iii) the fact that [3.85]% of the
borrowers in the pool are not Spanish nationals; (vi) [3.94]% of
the loans in the pool are currently in arrears less than 30 days,
[0.68]% less than 60 days in arrears, [82.7]% have never been in
arrears more than 30 days; and (viii) [2.64]% of restructured, or
renegotiated loans in the pool.

Moody's considers that the deal has the following credit
strengths: (i) the full subordination of the Class B, equivalent
to [9.5]% of the original balance of the notes; (ii) a reserve
fund, which will be funded at closing and will be equal to [4.9]%
of the original balance of the notes; the reserve fund covers
potential shortfalls in the Class A's interest and principal
during the life of the transaction (and subsequently, once the
Class A has fully amortised, covers the principal and interest of
the Class B); and (iii) the transaction also benefits from an
excess margin of [50] bps provided through an interest rate swap
agreement.

The portfolio mainly contains floating-rate loans linked to 12-
month EURIBOR, [19.63]% fixed rate loans and Indices de Referencia
de Prestamos Hipotecarios, conjunto entidades de credito (IRPH);
whereas the notes are linked to three-month EURIBOR and reset
quarterly. The transaction is protected by an interest rate swap
provided by Banco Sabadell. The SPV will pay the interest actually
received from the loans while Banco Sabadell will pay the weighted
average coupon on the notes plus [50] bppa, over a notional equal
to the outstanding amount of performing loans.

Banco Sabadell will continue servicing the securitised loans. Even
if there is no back-up servicer in the transaction, the management
company acts as back-up servicer facilitator and independent cash
manager.

The reserve fund provides liquidity support and is sufficient to
cover almost [10] quarters of interest payments and senior
expenses.

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

Factors that may lead to an upgrade of the ratings include a
significantly better-than-expected performance of the pool
combined with an increase of the Spanish Local Currency Country
Risk Ceiling.

Factors that may cause a downgrade of the ratings include
significantly different realised losses compared with Moody's
expectations at closing due to either (i) a change in economic
conditions from Moody's central forecast scenario; or (ii)
idiosyncratic performance factors that would lead to rating
actions.

Finally, a change in Spain's sovereign risk may also result in
subsequent rating actions on the notes.

Stress Scenarios:

At the time the provisional ratings were assigned, the model
output indicated that the notes would have achieved an Aa3 (sf) if
the expected loss was as high as [5.3]% and the MILAN CE remained
at [14]%, and all other factors were constant.

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 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 typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework," published in
September 2017.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

The provisional ratings address the expected loss posed to
investors by legal final maturity. 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 date, and ultimate payment of interest and
principal with respect to Classes B by legal final maturity.
Moody's provisional ratings only address the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a 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 rating to the notes. A definitive rating may differ
from a provisional rating. Moody's will disseminate the assignment
of any definitive rating through its Client Service Desk.



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


ALLIANCE AUTOMOTIVE: S&P Withdraws 'B+' LT Corp Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term corporate credit
rating on Alliance Automotive Holding Ltd, the parent company of
Alliance Automotive Group (AAG).

S&P said, "We also withdrew the related issue and recovery ratings
on the group's debt.

"We have withdrawn our rating on Alliance Automotive Holding Ltd
at the group's request."

This follows the completion of the acquisition of AAG by U.S.-
based Genuine Parts Company (unrated) and the full redemption of
the EUR640 million senior secured notes issued by Alliance
Automotive Finance Plc, as well as the EUR65 million super senior
revolving credit facility borrowed by Alliance Automotive
Investment Ltd on Nov. 2, 2017.


CELSA: Reaches Debt Restructuring Deal with Spanish Lenders
-----------------------------------------------------------
Alan Tovey at The Telegraph reports that hundreds of Welsh steel
jobs have been safeguarded after Spanish steel giant Celsa Group
to agreed a multi-billion debt refinancing.

Celsa, which employs about 600 workers making steel at its Cardiff
base and has a further 1,400 UK staff, has agreed to a deal that
will almost halve its debt load, easing pressure on the company's
finances, The Telegraph relates.

According to The Telegraph, Celsa has reached a deal with a
consortium of Spanish lenders that will cut its debt pile from
EUR2.67 billion (GBP2.4 billion) to EUR1.43 billion over five
years.

The remaining EUR1.24 billion will be taken off the company's
balance sheet until it matures in 2023, giving Celsa the breathing
space it needs to continue, The Telegraph discloses.

There had been speculation this summer that the debt mountain
would force Celsa into a painful round of cost cuts, job losses
and disposals as lenders piled on the pressure, The Telegraph
notes.

Celsa had avoided reductions in staff and the sale or closure of
sites that many of Britain's steel makers were forced into two
years ago as the sector was plunged into crisis by a combination
of a flood of mainly Chinese imports, rising raw material costs
and high energy prices, The Telegraph relays.

The company, as cited by The Telegraph, said the deal would
"normalize its financial situation" and it led it to upgrade its
forecasts for the year.

Celsa Group now expects turnover of EUR4.5 billion this year and
pre-tax earnings of EUR450 million, increases of 30% and 50%
respectively.


DEBENHAMS PLC: S&P Alters Outlook to Negative & Affirms BB- CCR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K. department store
retailer Debenhams PLC to negative from stable.

S&P said, "At the same time, we affirmed our 'BB-' long-term
corporate credit rating on Debenhams and our issue-level ratings
on the company's GBP225 million senior unsecured notes (of which
GBP200 million remain outstanding). The recovery rating on the
notes remains unchanged at '3', reflecting our expectation of
meaningful recovery prospects (50%-70%; rounded estimate: 65%) in
the event of default.

"We expect the challenging macroeconomic conditions of the past
several quarters to continue in the remainder of 2017 and through
2019, weighing on Debenhams' topline, margins, and cash
generation. We think that the current weak operating trends in the
U.K. retail sector are the result of cyclical headwinds
exacerbated by the Brexit vote -- which we expect to hamper near-
term consumer confidence and discretionary spending -- and a
secular change in spending habits as consumers continue to shift
their purchases online and toward entertainment-based spending.
This, coupled with pressure from value and discount retailers who
continue to gain market share as consumers seek ever-greater
value, continues to weigh on traditional retailers' operating
performance. We expect further growth-related spending and
restructuring costs, incurred as a part of the "Debenhams
Redesigned" strategy, to compound these profitability pressures,
resulting in a material weakening of the group's cash flows. Under
such a scenario, if the group were to continue paying dividends at
a comparable rate to the GBP42 million paid in FY2017, this could
further erode the group's credit quality, in our opinion."

At the same time, Debenhams continues to implement a number of
initiatives focused on increasing footfall, in-store capacity
utilization, and online revenues. Its modest on-balance-sheet
financial debt, focus on working capital management, and ability
to scale capex and dividends to match earnings expectations should
support cash conversion and financial flexibility, in S&P's
opinion.

S&P said, "We think that Debenhams will maintain its solid mid-
market position as one of the U.K.'s largest department store
retailers, aided by its strong brand awareness and leading market
shares in several product subsegments, such as premium beauty
products and handbags. The holiday trading period, which
encompasses "Black Friday" and Christmas, drives performance in
Debenhams' most earnings- and cash-generative fiscal semi-annual
period ending February, and could provide upside to the company's
credit metrics in the near term.

"To date, the significant impact of the group's operating lease
commitments on our calculation of leverage and coverage metrics,
such as debt to EBITDA and funds from operations (FFO) to debt,
has been somewhat offset by robust reported free operating cash
flow (FOCF) generation in excess of dividend payments. Against a
backdrop of short-term profitability constraints, we think that
Debenhams' ambitious capex program -- which is primarily aimed at
systems and logistics improvements to support online sales growth,
but also includes a significant amount for store modernizations --
could constrain reported FOCF generation over the next two years.
This deterioration in cash flow generation could result in credit
metrics that are no longer commensurate with our current 'BB-'
rating. Moreover, if Debenhams' earnings come under further
pressure, it could constrain headroom under the company's
maintenance financial covenants -- and its fixed charge cover
covenant in particular given the relatively high absolute amount
of rental expenses -- and affect the company's liquidity position.

"That said, the absolute drop in reported EBITDA commensurate with
the risk of a formal breach to become material remains
significant, and such a large fall is not part of our current base
case.

"We expect gross margins to come under further pressure over the
course of the next 12 months as the roll-off of pre-Brexit hedging
contracts could lead to significant inflation on about 25% of the
group's input costs following the weakening of the pound sterling
against the U.S. dollar. We also expect a continued shift in the
company's sales mix toward lower margin non-clothing categories
such as beauty and gifting, along with National Living Wage
increases, and moderate rental expense inflation to contribute to
a further near-term contraction in reported EBITDA margins.

"Although we expect initiatives to reduce markdown sales will
somewhat offset these gross margin pressures, this strategy may be
challenged as soft market conditions cause further promotional
activity among discretionary goods retailers. We continue to view
cost reduction efforts, coupled with new product lines, service
initiatives, and the growth of its online and omnichannel sales,
as crucial for Debenhams to protect its top line and margins, and
strengthen its market position in a highly competitive industry.

"While we expect Debenhams' e-commerce business to continue to
expand, we anticipate that these investments will take time to
bear fruit, limiting short-term cash flow generation. We continue
to expect the group's e-commerce revenues to grow at a slower pace
than pure online players such as Asos and Zalando. As such, we
expect that like-for-like (LFL) declines at physical stores will
continue to at least neutralize any near-term improvements to the
group's e-commerce revenues. We still view the group's own brand
products and growing multi-channel capabilities as key mitigating
factors to the risk of product substitution posed by online
competitors. At the same time, we expect the company's focus on
working capital management and operating cost efficiencies to
allow it to generate positive reported FOCF."

Assumptions:

-- Moderate U.K. real GDP growth of 1.4% in 2017 and 0.9% in
    2018, along with consumer price inflation (CPI) of 2.6% in
    2017 and 2.2% in 2018, with the latter supported by exchange
    rate pressures, some of which will be passed on to consumers
    and suppliers;

-- Mild underperformance in the U.K. retail sector in 2017 and
    2018 relative to nominal GDP, as real wages begin to contract
    and consumer spending continues to shift toward entertainment
    and away from more traditional retail propositions;

-- Modest declines in statutory revenues in both financial year
    (FY) 2017 and FY2018, as online and international LFL sales
    fail to offset declines in U.K. LFL store sales. However, S&P
    do factor in some benefits from increases in U.K. CPI, the
    company's aim to increase sales density within U.K. stores,
    and favorable foreign exchange translation gains on the
    group's international sales;

-- Moderate (50-100 basis points) contraction in reported EBITDA
    margins in FY2018 as staffing and lease-expense increases
    compound gross margin pressures. S&P expects these margins to
    stabilize in FY2018 at this new lower level, before beginning
    to increase again in FY2019 as capex and strategic
    initiatives begin to bear fruit;

-- Capex of up to GBP150 million over the next 12 months as the
    group steps up its investment in mobile platforms. However,
    we think a large part of this spend remains discretionary and
    expect it to be scaled down if not supported by cash flow
    generation; and

-- Stable dividends of about GBP40 million-GBP45 million per
    year, and no share buybacks in the near term.

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

-- Adjusted EBITDA of GBP385 million-GBP395 million in FY2018,
    compared with the GBP407 million generated in FY2017;

-- Adjusted debt to EBITDA of 6.0x-7.0x in FY2018 and FY2019;

-- Adjusted funds from operations (FFO) to debt of 7%-10% in
    both FY2018 and FY2019;

-- Reported FOCF generation of up to GBP40 million annually in
    FY2018 and FY2019;

-- Adjusted FOCF-to-debt of 4%-5% in FY2018 and FY2019, before
    picking up sustainably to above 5% from FY2020 onward;

-- Neutral to marginally negative reported discretionary cash
    flow (DCF) in both FY2018 and FY2019; and

-- Adjusted EBITDAR coverage (defined as reported EBITDA plus
    rent over cash interest plus rent) of 1.7x-1.8x in FY2018,
    improving to about 1.8x in 2018.

S&P said, "The negative outlook reflects our expectation of
increasingly challenging trading conditions for U.K. discretionary
goods retailers, which could constrain Debenhams' operating
performance and cash generation over the next 12 months.

"Management's track record of proactively managing its capex to
match earnings declines historically, underpins our forecast of
positive FOCF generation in the near term. We expect adjusted FOCF
to debt to remain close to 5% over our forecast horizon.

"We could lower the rating if Debenhams fails to make timely
adjustments to its cost base or its financial policy--particularly
with respect to investments and shareholder returns--to respond to
pressures on operating performance brought about by soft market
conditions. Without these adjustments, reported FOCF could weaken
to such an extent that it is no longer sufficient to cover
dividend payments, resulting in materially negative reported DCF.

"We could consider a negative rating action if Debenhams' adjusted
FOCF-to-debt ratio fell consistently and materially below 5% or if
its EBITDAR coverage weakened significantly beyond the 1.7x level
implied by our current base case.

"We could also lower the ratings if we thought Debenhams'
liquidity position had weakened, for example, due to a tightening
of covenant headroom that could limit the group's access to its
committed facilities.

"We could revise the outlook back to stable as a result of a
sustained improvement in trading, better profitability, or capex
reductions, Debenhams substantially improved its FOCF generation
so that it materially exceeded forecast dividends. As such, we
would likely expect a return to material positive reported DCF and
adjusted FOCF to debt sustainably above 5%.

"Any positive rating action would also be contingent on Debenhams'
competitive standing remaining robust and management maintaining
stronger credit metrics than our base case currently suggests,
while using DCF for debt reduction."


FOUR SEASONS: Allen & Overy Removed as Restructuring Adviser
------------------------------------------------------------
Christopher Williams at The Telegraph reports that the Magic
Circle law firm Allen & Overy has been removed as a restructuring
adviser to the troubled care homes operator Four Seasons amid
conflict of interest concerns.

A&O is also acting for Four Seasons in a High Court action against
its lenders over a major error the law firm says it made drawing
up debt documents, The Telegraph discloses.

The row is proving to be a roadblock to a restructuring deal for
Four Seasons, which is due to miss a GBP26 million interest
repayment next month, The Telegraph states.  Its private equity
owner Terra Firma has turned to the High Court in an attempt to
regain control of a group of 24 care homes worth GBP136 million
that were effectively signed over to bondholders by A&O, The
Telegraph relates.

According to The Telegraph, a spokesman for Four Seasons confirmed
A&O had been removed as an adviser on restructuring following a
handover to City rival Linklaters.

The holder of the majority of the GBP525 million bond debt, H/2
Capital, on Nov. 21 urged Four Seasons to agree to a proposed
standstill on its interest repayment to avoid default, The
Telegraph notes.  The US hedge fund has tabled a rescue bid that
includes taking ownership of the disputed homes "as an essential
component" but said it believed its plan had been rejected, The
Telegraph relays.

Terra Firma has said it is unable to drop its claim on the 24
homes, according to The Telegraph.

Four Seasons, as cited by The Telegraph, said it was encouraged by
the developments and that it had "not rejected any proposal" but
that the H/2 proposal would require agreement from Terra Firma.

                About Four Seasons Health Care

With over 350 care homes, Four Seasons Health Care provides
residential care throughout UK.


MAPLIN: Insurers Cast Doubt on Future After Profits Fall
--------------------------------------------------------
Rhiannon Bury at The Telegraph reports that high street electrical
chain Maplin is scrambling to reassure suppliers about its future
in the run-up to Christmas after credit insurers cut their
exposure to the retailer.

QBE pulled cover last month, while fellow insurers Euler Hermes
and Atradius are also understood to have scaled back their
exposure, having been spooked by falling profits, and concerns
about struggling sales and the wider retail downturn, The
Telegraph recounts.

It means some suppliers could struggle to insure their debts with
Maplin to enable them to continue supplying it with goods, The
Telegraph cites.

The chain's owners, Rutland Partners, are set to meet credit
insurers later this week to update them about the company's
performance in a bid to reassure them that it can continue
trading, The Telegraph discloses. A source close to the investor
said that another credit insurer had recently doubled its exposure
to the firm and that Maplin had credit insurance available and was
trading within its banking facilities, according to the report.

It has been denied that the owner would be forced to carry out a
cash injection in the coming weeks to keep Maplin trading through
the potentially lucrative Christmas period, The Telegraph relays.

Maplin has 211 stores in the UK, employing around 2,600 people.


MONARCH AIRLINES: Gatwick Chief Sees Pent-Up Demand for Slots
-------------------------------------------------------------
Bradley Gerrard at The Telegraph reports that appetite from rival
airlines for defunct carrier Monarch Airlines' slots has "shone a
light" on the pent-up demand from airlines to run flights out of
Gatwick, the airport's boss has claimed.

KPMG, administrators for the fallen carrier, won the right to sell
take-off and landing slots at Gatwick and Luton airports in the
Court of Appeal last week, The Telegraph relates.  Several
airlines, including easyJet and British Airways owner IAG, are
understood to be considering bids for the slots, which are
estimated to be worth roughly GBP60 million, The Telegraph notes.

According to The Telegraph, Gatwick chief executive Stewart
Wingate said he had been able to identify the level of demand for
the assets during the legal battle.

"We have seen very clearly that there is significant pent-up
demand for European and long-haul routes," The Telegraph quotes
Mr. Wingate as saying.

"That gives us even more confidence in our case for expansion."

Although the Airports Commission backed the third runway scheme at
Heathrow, Mr. Wingate, as cited by The Telegraph, said he would be
continuing to push for his "fully privately-funded" second runway
at Gatwick as part of the Government's wider aviation strategy for
the South East.

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


MONARCH AIRLINES: Thomas Cook Bids for Gatwick Airport Slots
------------------------------------------------------------
Alistair Smout at Reuters reports that travel firm Thomas Cook has
bid for failed rival Monarch Airlines' landing and take-off slots
at London Gatwick airport, two sources close to discussions said,
after Monarch's administrator secured rights to sell the slots.

Earlier last week, the administrator won an appeal against a
previous London High Court ruling that Monarch had lost any rights
over the potentially valuable slots since it was no longer capable
of operating any flights, Reuters relates.

The administrator now hopes to recover money for creditors by
transferring rights to use the slots at London's Gatwick and Luton
airports, Reuters discloses.

"We've expressed an interest," one source, as cited by Reuters,
said, confirming that Thomas Cook had bid for slots at Gatwick but
not at Luton.

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



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


* BOND PRICING: For the Week November 20 to November 24, 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 * * *