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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, December 11, 2017, Vol. 18, No. 245


                            Headlines


B E L A R U S

EUROTORG LLC: S&P Assigns 'B-/B' Corporate Credit Ratings


C Z E C H   R E P U B L I C

ENERGO-PRO AS: S&P Assigns BB- Corp Credit Rating, Outlook Stable


F R A N C E

BURGER KING FRANCE: S&P Affirms 'B-' CCR, Outlook Stable
PICARD GROUPE: Fitch Rates 6-Yr. EUR1.19BB Sec. Notes 'B+(EXP)'
SFR GROUP: Moody's Affirms B1 CFR & Alters Outlook to Negative


G E R M A N Y

AIR BERLIN: Lufthansa's Asset Acquisition Raises Antitrust Issues
PHOENIX SOLAR: Intends to File for Insolvency This Week


G R E E C E

ALPHA BANK: Moody's Assigns B3 Rating to Mortgage Covered Bonds
CRYSTAL ALMOND: Fitch Affirms B- LongTerm Issuer Default Rating


I R E L A N D

CORDATUS LOAN II: Moody's Hikes Class F2 Notes Rating From B1
G HOTEL: High Court Urged to Approve Survival Schemes


I T A L Y

SESTANTE FINANCE: S&P Cuts Ratings on Series 3 C Notes to D(sf)


K A Z A K H S T A N

FUND OF FINANCIAL: Moody's Assigns Ba2 LT Corporate Family Rating


L U X E M B O U R G

ALTICE INTERNATIONAL: Moody's Affirms B1 Corporate Family Rating
ALTICE LUXEMBOURG: Moody's Affirms B1 CFR & Alters Outlook to Neg
MINERVA LUXEMBOURG: Fitch Rates US$500MM Unsec. Notes 'BB-(EXP)'


N E T H E R L A N D S

MESDAG DELTA: Fitch Affirms BB Rating on EUR2.2MM Class C Notes
SAPPHIRE MIDCO: S&P Assigns Prelim. 'B' CCR, Outlook Stable


P O L A N D

CIECH SA: S&P Affirms Then Withdraws 'BB-' Corp Credit Rating


P O R T U G A L

BANCO COMERCIAL: Fitch Rates 2027 Subordinated Notes 'B+(EXP)'


R U S S I A

ALFA-BANK: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
SISTEMA PJSFC: S&P Lowers CCR to 'B+' on Announced Dividend


U N I T E D   K I N G D O M

BIBBY OFFSHORE: S&P Lowers CCR to 'SD' on Distressed Exchange
EUROSAIL PLC 2006-4NP: S&P Affirms B- Rating on Class E1c Notes
PINEWOOD GROUP: S&P Assigns B+ Corp Credit Rating, Outlook Stable
TOYS R US: Trebled Pay Package to UK Boss Prior to Collapse
TOYS R US: Intends to Keep Hove Branch Open, Seeks Rent Cut


U Z B E K I S T A N

INFINBANK: Moody's Hikes LT Foreign-Currency Deposit Rating to B2


X X X X X X X X

* BOND PRICING: For the Week December 4 to December 8, 2017


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B E L A R U S
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EUROTORG LLC: S&P Assigns 'B-/B' Corporate Credit Ratings
---------------------------------------------------------
S&P Global Ratings said that it assigned its 'B-' long-term and
'B' short-term corporate credit ratings to Belarus-based food
retailer Eurotorg LLC. The outlook is stable.

S&P said, "At the same time, we assigned our 'B-' long-term issue
rating to the 8.75% loan participation notes (LPNs) issued by
special-purpose vehicle Bonitron Designated Activity Co.

"These ratings are in line with the preliminary ratings we
assigned on Oct. 6, 2017."

The ratings reflect the risks related to Eurotorg operating in
volatile emerging markets. More specifically, the company has
geographic concentration in Belarus, elevated leverage, and
foreign currency risks owing to the majority of its borrowings
being denominated in foreign currency, while revenues are
generated in Belarusian rubles. Very high country risks and weak
performance of Belarus' economy also constrain the ratings on
Eurotorg.

At the same time, Eurotorg's creditworthiness is supported by the
company's leading position in Belarus' fragmented food retail
market, where its share exceeds that of the next five competitors
combined, as well as by its broad footprint across the country
and the cash-generative nature of its business. S&P said,
"Likewise, we view as credit positive Eurotorg's meaningful scale
in the local market, which supports its valuable relationship and
negotiating power with suppliers, underpinning the company's
profitability. We also note Eurotorg's beneficial stance toward
local trade legislation, which stipulates that a large share of
certain product groups must be locally produced, thereby
enhancing barriers to entry for international players."

S&P said, "We consider Eurotorg's highly leveraged capital
structure and large exposure to foreign currency risk as the
major rating constraints. The company has used the majority of
the LPN issuance proceeds to refinance its near- and medium-term
secured debt. As such, we don't anticipate meaningful debt
reduction in the coming years. We expect that, over 2017-2019,
the company's S&P Global Ratings-adjusted debt to EBITDA will
remain in the 4.0x-5.0x range and funds from operations (FFO) to
debt at 10%-15%, compared with 5.1x and 10%, respectively, in
2016. We don't net any cash from Eurotorg's debt in our
calculations. Also, we expect that the group's ratio of EBITDA
plus rent (EBITDAR) to cash interest plus rent, a ratio we use to
analyze retail companies, will remain at about 1.8x-1.9x, in line
with the 1.7x Eurotorg posted in 2016."

Following the refinancing, about 81% of Eurotorg's debt is
denominated in foreign currencies, primarily U.S. dollars, while
all of its revenues are generated in Belarusian rubles. The
company does not hedge its foreign currency risk and is fully
exposed to movements in the exchange rate of the Belarusian
ruble, a volatile currency that has depreciated 6.5x since 2010
and lost about 50% of its value since late 2014. The combination
of high leverage and unhedged foreign exchange risk leads S&P to
assess the company's capital structure as negative.

The group plans to mitigate this risk by keeping $40 million of
the LPN proceeds, on top of the cash generated by its operations,
at its bank accounts at all times, and in the original currency.
This amount should serve as a liquidity cushion against sharp,
unexpected movements in exchange rates, which will have a similar
effect on interest expenses. The $40 million represents just
above 50% of the company's post-transaction annual interest
expense, which should provide sufficient support to the group's
reduced cash flow generation caused by higher interest expense,
in case the local currency depreciates sharply.

S&P expects Eurotorg's capital structure will feature elevated
foreign exchange risk for the foreseeable future, since the
company plans to reduce the share of debt secured by asset
pledges. The availability of unsecured debt in local currency
could be limited, in part owing to local regulation, with raising
foreign-currency debt being a more likely option.

S&P said, "In our view, Eurotorg's business risk profile is
primarily constrained by very high country risk in Belarus, where
the company conducts all of its business. We consider Belarus to
have low institutional effectiveness, vulnerable fiscal and
balance of payments positions, and limited effectiveness of the
National Bank of the Republic of Belarus' monetary policy.
Furthermore, Belarus' economy contracted by more than 6.4% in
2015-2016 cumulatively. We expect its economic performance will
be moderate in 2017, and that the generally low GDP per capita
will limit consumer spending and prospects for growth.

"We consider Belarus to be still underpenetrated by modern retail
formats, with the top-five retailers controlling close to 30% of
the market, of which Eurotorg commands about 19%. This provides
opportunities for further growth. Competition from international
players is somewhat limited by local regulation, which requires a
significant share of goods on shelves to be produced in Belarus.
This means new entrants would need to build a local supplier base
from scratch and likely be unable to fully utilize economies of
scale, making the market less attractive to international
retailers."

Apart from its market share and brand recognition, Eurotorg's
competitive advantage also lies in having one of the largest
logistics systems in the country, enabling the company to have a
presence across Belarus. The group is one of the largest
importers of food, part of which it resells as a wholesaler.

The company's business includes Statusbank, a small retail bank
that we deconsolidate from Eurotorg's accounts in making our
calculations. S&P said, "We believe the bank is not a key part of
the company's strategy and could be sold if a suitable
opportunity arises. We expect the company will not be making
material investments in developing the bank's business."

S&P said, "In our base-case scenario, we have updated our
assumptions for Belarus' GDP, inflation, and the exchange rates
of the Belarusian ruble to the U.S. dollar following our
publication on Belarus on Oct. 6, 2017, which occured after we
released our preliminary ratings on Eurotorg. Following the
update, our projected credit measures remain broadly in line with
our original forecast."

In S&P's base case for Eurotorg, it continues to assume:

-- GDP growth in Belarus of 1.8% in 2017, with a moderate 2%
    improvement in 2018 and 2.5% in 2019.

-- Consumer price inflation of 7% per year in 2017-2018 and 6%
    in 2019.

-- An exchange rate of Belarusian ruble (BYN) 1.95 to US$1 at
    year-end 2017, BYN2.05 at year-end 2018, and BYN2.15 at year-
    end 2019.

-- Revenue growth of 7%-9% in 2017-2019, reflecting primarily
    new store openings, market share gains on the back of
    Eurotorg's price leadership position, and relatively high
    food inflation prices.

-- At the same time, S&P expects some revenue cannibalization
    from the newly opened stores.

-- EBITDA margin will improve in 2017 to 8.0%-8.5% as a result
    of Eurotorg's efforts to change terms with its suppliers, by
    way of reducing the purchase price while shortening the
    payment period.

-- The EBITDA margin will decline gradually to 7%-8% in 2018-
    2019 as a result of rising selling expenses.

-- Working capital outflows of up to BYN58 million in 2017 and
    BYN5 million-BYN10 million in 2018-2019.

-- Capital expenditures of BYN45 million-BYN55 million per year
    in 2017-2019.

-- No dividend distributions over the next few years.

-- No acquisitions.

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

-- Adjusted debt to EBITDA of 4x-5x in 2017-2019 compared with
    5.1x in 2016.

-- FFO to debt of 10%-15% in 2017-2019 compared with 10% in
    2016.

-- The ratio of EBITDAR to cash interest plus rent of about
    1.8x-1.9x in 2017-2019, compared with 1.7x in 2016.

S&P said, "The stable outlook on Eurotorg reflects our
expectation that the group will continue to deliver stable
operating results over the next 12 months. We expect that the
group will focus on operating efficiency and utilize its free
operating cash flow (FOCF) to moderately reduce debt. At the same
time, we expect that Eurotorg will proactively negotiate a
covenant reset or waiver should its headroom under any of the
maintenance covenants come under pressure.

"We could lower the rating if Eurotorg's liquidity deteriorates
as a result of sharp exchange rate movements, significantly
weaker operating performance resulting in decreasing cash
generation, lack of access to cash at banks, or inability to
service foreign-currency-denominated debt on time owing to
currency control restrictions. We could downgrade Eurotorg if its
FOCF were to turn negative, or if we considered a covenant breach
likely and the company were unable to reset the covenants or
obtain a waiver in a timely manner."

Upside for the rating is remote over the next 12 months because
the rating is constrained by the limitations of Eurotorg's
capital structure.



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C Z E C H   R E P U B L I C
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ENERGO-PRO AS: S&P Assigns BB- Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB-' long-term
corporate credit rating to Czech electricity multi-utility
ENERGO-PRO a.s.

At the same time, S&P assigned its 'BB-' issue rating to ENERGO-
PRO's EUR370 million senior unsecured bond due 2022.

The ratings are in line with the preliminary ratings S&P assigned
on Oct. 9, 2017.

The rating reflects ENERGO-PRO's exposure to operating risks in
emerging markets where regulatory systems are still evolving and
S&P's expectation of heavy capex limiting free operating cash
flows (FOCF). However, these factors are offset by cost-efficient
hydropower assets and manageable leverage levels.

S&P said, "Our assessment of parent DKHI's 'bb-' group credit
profile (GCP) indicates our expectation of adjusted funds from
operations (FFO) to debt to average 20%-24% in 2018-2019, offset
by weak FOCF. Although we understand that new capex in Turkey is
at the DKHI level, we base our rating on ENERGO-PRO on the GCP of
DKHI. We consider ENERGO-PRO a core subsidiary of DKHI because
the group's strategy is to operate regulated utility and hydro
generation assets."

ENERGO-PRO is predominantly a hydro generation and electricity
distribution network operator, with operations in Georgia (41% of
2016 EBITDA), Bulgaria (41%), and Turkey (18%). The company
currently operates 34 hydro power plants (HPPs), and one gas-
fired thermal power plant which provides ancillary services. In
2016, it derived about 58% of EBITDA from regulated electricity
distribution and supply, 13% from regulated generation, and most
of the remaining 29% from non-regulated electricity generation
activities and, to a much lesser extent, trading activities. At
year-end 2016, ENERGO-PRO posted EBITDA of EUR164 million and
adjusted net debt of EUR510 million, compared with a regulatory
asset base (RAB) of EUR370 million.

The main credit factors for the rating are country risk and the
evolving nature of the regulatory frameworks in the key markets
where ENERGO-PRO operates. Even though electricity distribution
regulatory frameworks in Georgia and Bulgaria aim to achieve cost
recoverability and create incentives to invest, they are subject
to uncertainties, ongoing reforms--mainly in Georgia--and heavy
political influence on regulations in Bulgaria, which remains a
material constraint for the industry. S&P understands that
Georgia is currently undergoing significant regulatory changes
aimed at the liberalization of certain industry segments to be
aligned more with the EU's third energy package, but it sees
substantial uncertainties related to the practical implementation
of this strategy.

S&P said, "Georgia is introducing a new tariff methodology in
2018, and although we view reform as potentially positive for
ENERGO-PRO's cash flow generation, we see substantial
uncertainties related to how the sector reform is implemented. We
understand that Georgia's independent regulator intends to
introduce new parameters in its methodology from 2018, which aim
to increase weighted-average cost of capital (WACC) and gradually
liberalize electricity generation. This should support ENERGO-
PRO's revenues, in our view. The tariffs are set to cover
operating expenditures and capex, while creating efficiency
incentives via "x-factor" (currently 2.0%, with 1.5% forecast in
2018). The WACC is set for 13.5% and is expected to increase to
16.4% from 2018, which we view as relatively high compared to
Eastern and Central European regulated utilities. Still, we take
into account the large historical underinvestment and below-
average operating efficiency of the grid assets, high local
interest rates, historically volatile exchange rate, relatively
low income levels in the country, and significant execution
uncertainties."

The Bulgarian regulatory framework is relatively politicized, in
S&P's view. The regulatory periods don't have a set length and
can last anywhere from two-to-five years, which provides less
predictability. The current framework is a traditional RAB-based
model with revenue caps and runs until June 2018. The tariff is
approved for the given period, but can be adjusted each pricing
period according to certain factors (i.e., inflation rate,
efficiency ratio). WACC is set at 7.04%, which is in line with
other Eastern European peers and aims to attract investments.
That said, significant past tariff deficits weigh on our
assessment of financial stability, even though the World Bank has
taken measures to reduce these.

In S&P's view, ENERGO-PRO's unregulated generation business
(about 30% of EBITDA) is relatively volatile due to its exposure
to hydrology risks -- given the group's main focus on HPPs -- as
well as to power prices and demand risk. With 854 megawatt (MW)
installed capacity, ENERGO-PRO's production is relatively limited
compared to international peers, and has essentially no fuel
diversification. Still, it benefits from the low-cost nature of
hydropower assets, geographical diversification in three
countries, dominant market position in Georgia, and a favorable
renewable subsidy scheme in Turkey (YEKDEM), which applies to all
five of ENERGO-PRO's HPPs and is in place for the first 10 years
of operation.

S&P understands that ENERGO-PRO's share of unregulated activities
will increase in the next three-to-five years (to about 40% of
total EBITDA) as the group intends to strengthen its hydro
position in Turkey by developing three projects, with total
forecast installed capacity of 580MW. Two of these projects are
currently under construction and the third project should obtain
a building permit in 2018. That said, once the group successfully
commissions Turkish hydro assets (presumably between 2019 and
2022), it would also be eligible for the YEKDEM subsidy scheme,
which would have a significantly positive impact on EBITDA.

S&P said, "Our assessment of the group's financial risk profile
mainly reflects our expectation of FFO to debt of 14%-18% in
2017, improving to 20%-24% in 2018-2019; debt to EBITDA of about
4.5x in 2017, improving to 3.5x-4.0x in 2018-2019; and weak free
cash flow generation, largely on the back of sizable investment
projects in Turkey. We expect the group's cash flows to be
volatile due to inherent hydrology risk, mainly in 2017, when we
expect FFO to debt to hit its lowest point. From 2018, we expect
FFO to debt to bounce back to above 20% on average for the next
two-to-three years, assuming average hydrology in all three
countries of operation. An improvement in EBITDA is also expected
as a result of the increase in WACC in Georgia from 2018, coupled
with the deregulation of five HPPs. At the same time, we project
weak FOCF to debt, mainly due to a ramp-up in capex in the next
two-to-four years related to Turkish hydro projects (EUR50
million-EUR80 million annually on the DKHI level), while
remaining capex (about EUR60 million annually on the ENERGO-PRO
level) will be invested mainly in distribution networks in
Georgia and Bulgaria. We expect FOCF to become positive only
after the group successfully commissions Turkish projects."

S&P's base case assumes:

-- Average GDP growth of 5.0% in Georgia, 2.8% in Bulgaria, and
    3.1% in Turkey.

-- Stable foreign exchange (FX) rates in Bulgaria (Bulgarian lev
    [BGN] is pegged to the euro [1.96BGN/EUR]) and Georgia (2.71
    Georgian lari/EUR) but we expect the Turkish lira (TRY) to
    weaken.

-- No FX risk between TRY and the U.S. dollar as the feed-in-
    tariff is denominated in U.S. dollars. That said, the group's
    borrowings are in euros, and we expect the euro to weaken
    toward the U.S. dollar (4.00TRY/EUR in 2017).
-- Average hydrology in all three countries of operation in
    2018-2019. Georgian electricity sector reform proceeds to
    result in WACC increasing to 16.4%, with the new regulatory
    period commencing in January 2018. Partial liberalization of
    HPPs with production below 40MW (five additional HPPs).
    Decrease in supply volumes as high-voltage end-users will be
    obliged to choose a supplier on the free market. Visibility
    of cash flows until the current regulatory period in Bulgaria
    (June 2018). WACC to remain stable at 7.04%. Grid losses to
    decline to  below 9% from 2018.

-- Volatile power prices in Georgia, but to remain at about
    GEL100/MW hours (MWh)--well above regulated prices (average
    GEL28/MWh). All HPPs in Turkey to benefit from feed-in-tariff
    ($73/MWh) until 2021. 20% of total production in Bulgaria
    sold under feed-in-tariff regime until 2024. Weaker EBITDA in
    2017 due to unfavorable hydrology conditions, but remain
    between EUR150 million-EUR170 million until 2020. Total
    annual capex of about EUR110 million-EUR140 million
   (including EUR50 million-EUR80 million annual capex for new
    Turkish hydro projects). No dividend distribution from DKHI
    to the ultimate owner of the group, Mr. Jaromir Tesar. No
    large mergers and acquisitions.

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

-- FFO to debt of 20% on average until 2019. Negative FOCF to
    debt of about 2% in 2018-2019.

-- Debt to EBITDA to remain at about 3.0x-4.0x until 2019.

The stable outlook reflects S&P's expectation of stable
operations in all three key markets, with FFO to debt slightly
above 20%, but with weak FOCF generation on the back of sizable
investments into hydro projects in Turkey and adequate liquidity.

The group's GCP is unlikely to strengthen until the successful
completion of sizable hydro projects in Turkey, which would
result in largely positive FOCF generation. An upgrade would also
depend on the improvement and establishment of a predictable
track record and greater visibility of the Bulgarian and Georgian
regulatory frameworks, without any material negative political
interference or any material deterioration in operating
conditions.

S&P could lower the GCP and subsequently the rating on ENERGO-PRO
if:

-- The group experiences higher volatility on earnings than
    expected, mainly stemming from very poor hydro conditions,
    deteriorating conditions in the key markets (such as
    materially weakening demand or weakening local currency), or
    negative regulatory interventions;

-- The group engages in large-scale, debt-financed acquisition
    which would materially increase its leverage;

-- FFO to debt falls materially below 20% on average, without
    any prospects for near-term recovery; and

-- The group materially overruns on its costs while developing
    three hydro projects in Turkey.



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BURGER KING FRANCE: S&P Affirms 'B-' CCR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on BURGER KING France SAS, the French fast food chain. The
outlook is stable.

S&P said, "We also affirmed our 'B-' issue rating on the senior
secured notes, including the proposed EUR50 million tap, issued
by BURGER KING France. The recovery rating is unchanged at '4',
reflecting our expectation of average (30%-50%; rounded estimate:
30%) recovery prospects in the event of payment default.

"At the same time, we assigned our 'CCC' issue rating to the
proposed EUR210 million payment-in-kind (PIK) notes issued by
NewCo GB SAS, the parent of BURGER KING France. The recovery
rating is '6', reflecting our expectation of negligible (0%-10%;
rounded estimate: 0%) recovery prospects in the event of payment
default.

"The ratings on the proposed tap on the senior secured notes and
the PIK notes are subject to the successful completion of the
transaction, and to our review of the final documentation. If S&P
Global Ratings does not receive the final documentation within a
reasonable timeframe, or if the final documentation departs from
the materials that we have already reviewed, we reserve the right
to withdraw or revise our ratings.

BURGER KING France has announced its plans to issue a EUR50
million tap on its senior secured floating-rate notes due 2023,
and EUR210 million PIK notes. The proceeds would be used mainly
for the following purposes:

-- EUR93 million for acquiring the group's largest franchisees
    BDBK and the investment vehicle.

-- EUR132 million to fully refinance the Euromezzanine
    instrument at NewCo GB, which financed the acquisition of
    Financiere Quick in December 2015 and which we treated as
    debt-like.

-- EUR25 million to be set aside in an escrow account for
    prefunding the future cash interest payment of the proposed
    PIK notes.

BURGER KING France is the exclusive franchise developer of the
Burger King brand in France. The group has been expanding rapidly
since 2013. It acquired French fast food chain Quick in December
2015 and has a target to convert most of the Quick restaurants to
the Burger King brand. The conversion project started in
September 2016 and has since extended the Burger King network to
183 restaurants from 68 on the back of rapid conversion and new
site openings. Management expects that by the end of 2017, the
number of Burger King restaurants in France will be slightly over
200 and the proportion of restaurants in the group's portfolio
under the Burger King and Quick brands will be close to 45:55.
Before this transaction, part of the business conversion was
funded by the previous disposal of Quick's Belgium and Luxembourg
operations (101 Quick restaurants) for EUR132 million in
September 2016, allowing the group to maintain adequate
liquidity.

The announced transaction would enable BURGER KING France to
acquire its largest franchisees BDBK and the investment vehicle,
which comprise 28 restaurants, of which 24 are already operating
under the Burger King brand. After the transaction completes, we
forecast S&P Global Ratings-adjusted debt to EBITDA to reach 8.9x
immediately after the transaction and potentially to improve to
7.8x in 2018 and 7.2x in 2019. Although this is higher than our
previous forecast of 7.0x in 2018 and 6.1x in 2019, we view the
increase in the debt level as largely offset by the higher profit
contribution arising from the ongoing successful conversion to
the Burger King brand. Moreover, the remaining Quick restaurants
have enjoyed average like-for-like systemwide sales growth of
2.6% for the nine months ended September 2017, outperforming the
1% decline in the French quick-service restaurant market.

S&P said, "As Burger King restaurants generate significantly
higher average sales and earnings per site than Quick
restaurants, we view the successful execution of the conversion
plan as vital to the significant EBIDTA growth required to reduce
leverage in the capital structure. Nevertheless, due to the
higher debt level after this transaction, we see minimal headroom
under the current ratings and we would expect the group to
maintain its track record of continued operational execution and
EBITDA growth. Accordingly, our ratings affirmation hinges on the
expectation that BURGER KING France would be able to achieve at
least EUR100 million of EBITDA in 2018, after deducting cash-
based, nonrecurring expenses. We could lower the ratings if the
company did not perform as we expect.

"We also note that the business transition requires substantial
capital expenditure (capex) upfront year-on-year. Therefore, we
forecast that the group's reported free operating cash flow
(FOCF) will remain significantly negative until the conversions
complete in 2020."

The proposed EUR210 million PIK notes issued by NewCo GB SAS are
not guaranteed by any subsidiaries and are therefore structurally
subordinated to the group's senior secured notes and trade
creditors. Due to the high debt level, S&P expects no recoveries
on the PIK notes in the event of default. Nevertheless, the PIK
notes contain a specific feature, whereby EUR25 million of the
proceeds would be reserved in an escrow account to cover future
cash interest payments for the PIK notes.

S&P said, "After the transaction, we forecast our reported
EBITDAR cash interest coverage (reported EBITDA and rent costs
over cash interest and rent costs) would be 1.3x in 2018 and 1.5x
in 2019, from 1.4x in 2017. Excluding the cash interest that
would be prefunded in the escrow account, this ratio would be
slightly higher at 1.5x in 2018 and 1.6x in 2019."

In S&P's base-case scenario, it assumes:

-- Real GDP growth in France of around 1.8% in 2017 and 2018,
    from 1.1% in 2016. France consumer price index inflation
    increasing to 1.2% in 2017 and 1.4% in 2018, from 0.3% in
    2016.

-- S&P expects revenue to grow by 4%-5% per year in 2017 and
    2018. This is mainly driven by the ongoing conversion of
    70-75 restaurants per year, as well as new site openings in
    2017 and 2018, partially offset by earnings lost for
    restaurants implementing conversion. We expect that adjusted
    EBITDA margin will improve to 21.8% in 2017 and 25.5% in
    2018, rising from 18.3% in 2016. In the absence of adjusting
    for operating leases and gain on fixed-asset disposal, our
    reported EBITDA margin would be 12.3% in 2017 and 16.0% in
    2018, rising from 8.5% in 2016. The profit improvement would
    be mainly driven by rising EBITDA as more Quick restaurants
    are being converted to Burger King.

-- Substantial capex of EUR95 million-EUR110 million per year
    for 2017 and 2018. The majority of the capex will be spent
    for accelerating the conversion of Quick restaurants into
    Burger King operations to 70-75 sites per year in 2017 and
    2018, tempered by moderated new restaurants openings.

-- No shareholder distribution in the near term.

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

-- S&P said, "We forecast adjusted debt to EBITDA will reach
    8.9x immediately after the transaction and potentially
    improve to 7.8x in 2018 and 7.2x in 2019. Although this is
    higher than our previous forecast of 7.0x in 2018 and 6.1x in
    2019, we view the increase in the debt level as largely
    offset by the group having established an initial track
    record of successfully executing the conversion during the
    first year of its business transition. Our ratings
    affirmation hinges on our expectation that BURGER KING France
    would be able to achieve at least EUR100 million EBITDA in
    2018, after deducting cash-based, nonrecurring expenses."

-- S&P said, "We forecast our reported EBITDAR cash interest
    coverage (reported EBITDA and rent costs over cash interest
    and rent costs) would be 1.3x in 2018 and 1.5x in 2019, from
    1.4x in 2017. Excluding the cash interest that would be
    prefunded in the escrow account, this ratio would be slightly
    higher at 1.5x in 2018 and 1.6x in 2019.

S&P said, "The stable outlook reflects our expectation that
BURGER KING France will continue to increase its EBIDTA
significantly by robustly executing its business transformation
and new site openings, while maintaining adequate liquidity and
progressively reducing our adjusted leverage to 7.8x over the
next 12 months. For this, we anticipate that BURGER KING France
would be able to achieve at least EUR100 million EBITDA in 2018,
after deducting cash-based, nonrecurring expenses. Furthermore,
in the event of shortfall, management would focus on maintaining
adequate liquidity by significantly cutting capex to postpone its
business transformation and new site openings, without raising
additional debt.

"Considering the high debt level, we could lower the ratings if
the group experienced any meaningful setbacks or difficulties in
its restaurant conversion program, or if its EBITDA did not
increase sufficiently to exceed EUR100 million in 2018, after
deducting cash based non-recurring costs. We could also lower the
ratings if leverage reduction did not meet our base-case
expectations, resulting in adjusted debt to EBITDA remaining at
8x or above; EBITDAR cash interest coverage weakened toward 1x;
or liquidity weakened over the next 12 months. This would likely
lead us to view BURGER KING France's capital structure as
unsustainable in the long term.

"Due to high leverage and execution risk in the four-year
business transition, we view a positive rating action as unlikely
in the next 12 months. Nevertheless, we could consider raising
the ratings if the group actively reduces debt on the back of
sound FOCF generation, and if we perceive that its financial
policy becomes conservative, resulting in adjusted debt to EBITDA
falling toward 5.0x, on a sustainable basis."


PICARD GROUPE: Fitch Rates 6-Yr. EUR1.19BB Sec. Notes 'B+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Picard Groupe SAS's planned six-year
EUR1,190 million senior secured floating-rate notes (FRNs) an
expected rating of 'B+(EXP)'/'RR3' as part of the group's
announced refinancing and dividend recapitalisation. It has also
assigned a 'BB-(EXP)'/'RR2' expected rating to Picard Groupe
SAS's planned 5.5-year EUR30 million revolving credit facility
(RCF), and an expected 'CCC+(EXP)'/'RR6' rating to Picard Bondco
SA's (Picard) planned seven-year EUR310 million senior notes.

The final ratings of the debt instruments are contingent upon
receipt of final documents conforming to information already
received by Fitch.

The new senior secured FRNs and senior notes will repay the
EUR428 million senior secured FRNs currently outstanding at the
same entity, the outstanding EUR722 million senior notes issued
at Picard Bondco S.A.'s level and the EUR232 million PIK notes
issued at Picard PIKco S.A.'s level. Together with existing cash
on balance sheet, the issuance proceeds will also be used to pay
EUR110 million dividends to the shareholders. The new RCF will
replace the existing one for the same amount and will be issued
by the same entity; ie Picard Groupe SAS.

Upon completion of the refinancing, Fitch expects to affirm
Picard's Long-Term Issuer Default Rating (IDR) at 'B', which is
on Stable Outlook.

KEY RATING DRIVERS

Aggressive Financial Policy: Fitch views the sponsors' (Lion
Capital Partners and Aryzta AG) financial policy, which
demonstrates low equity involvement, as aggressive. The
refinancing entails an increase in cash-pay debt by 30% up to
EUR1.5 billion. Together with existing cash the debt issuance
proceeds will be used to repay the group's existing senior
secured FRNs and senior notes for EUR1,150 million, Picard PIKco
SA's PIK notes for EUR232 million and to fund an upstream
dividend of EUR110 million. Fitch expect funds from operations
(FFO)-adjusted net leverage to increase to 8.9x at FYE18
(financial year ending March 2018) from 7.2x at FYE17 and to
remain above 7.5x over the next three years, a level comparable
to 'CCC' rated peers.

High Refinancing Risks: Although Fitch believe that Picard's
deleveraging pace should not be significantly affected by the new
capital structure, due to a strong business model and healthy
cash flow generation capacity, the higher debt levels as a result
of re-leveraging will result in higher refinancing risk. This
acts as a key constraint on the IDR, and results in tight
headroom under the 'B' rating. Any under-performance to Fitch's
rating case would lead to negative rating action.

Robust Business Model: Picard's sales and profitability have
proven resilient to adverse conditions, such as the horse-meat
scandal in 2013 and the current frozen food market decline. Its
low but steady growth reflects the high competitiveness of its
products and services offering. It is by far the leader in its
segment and among the most widely recognised retail brands. As
most of its sales are generated by own-branded products, the
group's profit margins are higher than typical food retailers'.
High profitability, combined with limited working-capital and
capex needs, enable it to consistently generate positive free
cash flow (FCF), distinguishing it from its retail peers.

Strengthening Profitability: Over FY18-FY21 Fitch expects EBITDA
margin to be sustainable at 14.3% (FY17: 14.5%). Strengthening
like-for-like sales growth should result in positive operating
leverage and Fitch also expect falling foreign expansion costs as
a percentage of sales. Initiatives to enhance product offering
and services support like-for-like sales. They include improved
customer relationship management through a newly established
loyalty programme, in-store snack bars, selected wine offers and
a higher frequency of innovation. Management also focuses on
developing models that are quickly profitable in foreign
countries, such as in Japan and Switzerland.

Slow Geographic Diversification: Lack of geographic
diversification is a rating constraint as it lowers the group's
potential for growth. Expansion in Switzerland and Japan looks
promising and operations there are already profitable, but Fitch
do not expect any significant contribution to overall group
EBITDA over the next five years.

On the other hand, in countries which are not yet profitable for
Picard, Fitch expects limited losses due to management's cautious
approach. It has some track record in adapting foreign
operations' business models should they not perform well.
Examples include partnership with a local player in Italy and the
development of a corner-in-shop model in Sweden in parallel to
the own-store model.

Positive FCF: Fitch expects annual FCF to average at least 4% of
sales during FY18-FY21, which is higher than under the previous
debt structure (FY17: 3%). Fitch expects Picard to pay lower
interest costs under the new capital structure despite a higher
amount of cash-pay debt, due to favourable market conditions. In
addition, low cash-flow volatility continues to reflect the
group's resilient gross profit margin and flexibility to scale
back expansion capex (approximately 20% of total capex), without
eroding EBITDA and FFO.

Good Financial Flexibility: Fitch forecast Picard's FFO fixed
charge cover to be stable at 1.8x over the next four years, a
level comparable to 'BB' rated food retailers. It reflects the
group's high profitability. Financial flexibility should also be
supported by Picard's high cash generation capacity, resulting in
comfortable liquidity. At the 'B' rating level this somewhat
compensates for a financial structure comparable to 'CCC' rated
peers.

KEY REVOVERY ASSUMPTIONS

- The recovery analysis assumes that Picard would be considered
a going concern in bankruptcy and that the group would be
reorganised rather than liquidated. Fitch have assumed a 10%
administrative claim in the recovery analysis.

- Picard's recovery analysis assumes a post-reorganisation
EBITDA 25% below FY17 EBITDA of EUR202.3 million. At this level
of EBITDA and after taking corrective measures into account,
Fitch would expect Picard to continue to generate slightly
positive FCF but to have limited deleveraging capacity from a
high level.

- It also assumes a distressed multiple enterprise multiple (EV)
of 6.0x, which is higher than food manufacturer peer Premier
Foods PLC's (B/Negative) 5.0x. In Fitch view Picard's higher
multiple reflects the group's niche positioning and less
vulnerable business profile as a retailer generating sales mostly
through own-branded products.

- Fitch generally assumes a fully drawn RCF in its recovery
analyses since credit revolvers are usually tapped when companies
are under distress. Therefore Fitch assumes Picard's EUR30
million super senior RCF will be fully drawn.

Such assumptions result in high recovery prospects for the super
senior RCF to be issued by Picard Groupe SAS., to which Fitch
have assigned an expected rating of 'BB-(EXP)'/'RR2' (71%-90%
range), two notches above Picard's IDR. The recovery prospects
are capped at 'RR2' due to most of the borrowing group's assets
being in France.

They also result in above-average recovery prospects for the
senior secured FRNs to be issued by Picard Groupe SAS., to which
Fitch have assigned an expected rating of 'B+(EXP)'/'RR3' (51%-
70% range), one notch above Picard's IDR.

Following the payment waterfall, Fitch has assigned the senior
unsecured notes to be issued by Picard Bondco S.A. an expected
recovery rating of 'CCC+(EXP)'/'RR6', indicating recoveries in
the 0%-10% range.

DERIVATION SUMMARY

Compared with food retail peers such as Carrefour SA
(BBB+/Stable) or Casino Guichard-Perrachon SA (BB+/Stable),
Picard is small, and has weak geographic diversification and high
leverage. However, these weak aspects are offset by its strong
competitive position as the leader in a niche market.
Furthermore, its unique business model (food retailer selling
mostly own-brand products) enables it to reach levels of
profitability in line with food manufacturers such as Premier
Foods PLC (B/Negative), and much higher than its immediate
peers'. This supports adequate financial flexibility and
liquidity.

KEY ASSUMPTIONS

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

- Moderate like-for-like sales growth, driven by management's
   initiatives to support French like-for-like sales in a highly
   competitive environment, and cautious expansion pace;

- EBITDA margin sustainable at or above 14.5% over FY18-FY21;

- Capex averaging 3% of sales per annum, reflecting continual
   investments in store remodelling, IT, as well as moderate
   expansion through own stores;

- No dividend payments and no M&A activity; and

- Average annual FCF at 4.3% of sales over FY18-FY21.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

An upgrade of the IDR is unlikely over the rating horizon, as a
meaningful improvement in Picard's financial ratios is reliant on
a significant improvement in the group's operating performance,
which Fitch currently do not foresee. Provided that Picard's
business model and profitability remain resilient, future
developments that may, individually or collectively, lead to
positive rating actions include:

- FFO-adjusted gross leverage below 6.0x (5.5x net of readily
   available cash) on a sustained basis; and

- FFO fixed charge cover above 2.5x (FY17: 1.7x) on a sustained
   basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- FFO-adjusted net leverage above 7.0x (8.0x gross) by end-FY21,
   reflecting a too high level of refinancing risk for the
   current rating on approach to major debt maturities;

- Deterioration in like-for-like sales and EBITDA margin, as
   reflected in FCF generation below 4% of sales; and

- FFO fixed charge cover below 1.5x.

LIQUIDITY

Comfortable Liquidity:  Picard's liquidity is supported by
limited working-capital outflows and low capex. Under the new
debt structure it will remain enhanced by a EUR30 million RCF
maturing in 2023.

FULL LIST OF RATING ACTIONS

Picard Bondco S.A.
-- Planned EUR310 million senior notes: CCC+(EXP)'/'RR6'/0%

Picard Groupe S.A.S:
-- Planned EUR30 million super senior RCF: 'BB-(EXP)'/'RR2'/90%
-- Planned EUR1,190 million senior secured FRNs:
    'B+(EXP)'/'RR3'/66%


SFR GROUP: Moody's Affirms B1 CFR & Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of French fiber, telecommunications and
media content company, SFR Group S.A. Concurrently, Moody's has
affirmed the company's B1 corporate family rating (CFR), B1-PD
probability of default rating (PDR) and the B1 senior secured
debt ratings.

"The decision to change the outlook on SFR's ratings to negative
reflects the considerable challenges faced by new management as
the company struggles to contain customer losses and execute on a
major operational restructuring, in an environment of weakened
liquidity and limited financial covenant headroom," says Colin
Vittery, a Moody's Vice President -- Senior Credit Officer, and
lead analyst for SFR. "Moody's view the renewed management focus
on operations and management commitment to reduce debt through
asset disposals as positive but considerable execution risks
remain and Moody's do not expect positive free cash flow
generation in 2018."

RATINGS RATIONALE

SFR's B1 CFR reflects the significant challenges facing the
business in the highly competitive French telecoms market and
follows the weak Q3 2017 reported results and subsequent
management changes.

Specifically, the rating reflects (1) the need to stabilize
revenues and reduce high levels of customer churn; (2) the need
to deliver the synergies expected from the operational
restructuring in progress; (3) the investment plan to roll-out
network infrastructure, which will lead to a peak in capex in
2017 but which will remain at high levels in coming years; (4)
the high leverage (Moody's adjusted debt/EBITDA of 5.0x) and
expectation that cash flow metrics will remain weak over the next
18 months owing to restructuring costs; and (5) the weakened
liquidity profile given expectations of negative cash flow
generation and limited financial covenant headroom for access to
the revolving credit facility, supported by expected proceeds
from disposals.

SFR's B1 rating also recognizes (1) the scale of the business and
its number two market position in the French market; (2) the high
quality asset base and the progress in capex "catch up" in 2016
and 2017; (3) its ability to provide a convergent product offer;
(4) the group's high margin of 35% (as calculated by Moody's);
(5) the stable regulatory environment; (6) the long-dated debt
maturity profile, with no significant debt maturities until 2022;
and (8) the management's focus on short-term debt reduction,
through an asset disposal strategy to reduce leverage.

Given revenue weakness combined with anticipated restructuring
costs of EUR800 million across 2017 and 2018 and elevated capex
of EUR2.3 billion in 2017 and EUR2.0 billion in 2018, Moody's
expects negative free cash flow generation in 2017 and 2018 and a
weakened liquidity position at SFR. High leverage will mean
increased pressure on the 4.5x maximum leverage test required to
ensure access to the company's EUR1.125 billion revolving credit
facility. Supporting liquidity is the new commitment to sell
towers and non-core assets in 2018.

Whilst management is committed to a "back to basics" strategy
focusing on the operating turnaround of SFR, without further
mergers and acquisitions activity or content acquisition, Moody's
remains concerned by the depth of management. For example, Dexter
Goei has been appointed CEO of Altice NV in addition to his roles
as Chairman and CEO of Altice USA and Dennis Okhuijsen has been
appointed CEO of Altice Europe in addition to his role as CFO of
Altice NV. The stated asset disposal plans in 2018 add to this
management burden.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on the rating considers that SFR's new
management faces multiple challenges, including the need to
stabilize revenues as the high level of customer churn persists
and execute on a complex operating restructuring plan. In
addition, the company needs to monetize its material media
content investments in the very competitive French market and
from a position of weakness in terms of pricing power.

With elevated capex and significant restructuring charges, the
rating agency does not expect material cash flow generation in
the next 12 months but does recognize the good debt maturity
profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Downward pressure on the rating may develop if (1) there is a
failure to sustain revenue stability; (2) a failure to deliver
forecast cost synergies; (3) Moody's adjusted leverage increases
towards 5.5x; (4) there is a deterioration in liquidity; (5)
there is not demonstrable progress towards asset disposals in the
first half of 2018; or (7) there are material new acquisitions,
particularly within the Altice Luxembourg perimeter.

Upward pressure on the rating may arise if (1) Moody's adjusted
leverage is sustained well below 4.5x at SFR Group level; (2)
Moody's adjusted leverage is sustained well below 4.5x at Altice
Luxembourg level; and (3) there is demonstrable and sustained
success in the SFR operational restructuring. Upward rating
pressure is unlikely until there is a track record of stronger
liquidity management and there is visibility on the impact of the
potential push down of debt from Altice Luxembourg into SFR.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: SFR Group S.A.

-- LT Corporate Family Rating, Affirmed B1

-- Probability of Default Rating, Affirmed B1-PD

-- Backed Senior Secured Bank Credit Facility, Affirmed B1

-- Senior Secured Bank Credit Facility, Affirmed B1

-- Backed Senior Secured Regular Bond/Debenture, Affirmed B1

-- Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Issuer: SFR Group S.A.

-- Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

SFR Group S.A. was formed in November 2014 when Numericable Group
S.A., the only large cable operator in France completed the
acquisition of SFR S.A., France's largest alternative
communications provider.

For the year ending December 31, 2016, SFR reported revenue and
adjusted EBITDA (as defined by the company) of EUR11.0 billion
and EUR3.84 billion respectively.

SFR is indirectly owned by Altice NV, an Amsterdam-based company
investing in telecommunications and cable assets. Altice, which
owns its stake in SFR through intermediate holding companies,
including Altice Luxembourg S.A. SFR is ultimately controlled by
French entrepreneur Patrick Drahi.



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


AIR BERLIN: Lufthansa's Asset Acquisition Raises Antitrust Issues
-----------------------------------------------------------------
Rochelle Toplensky at The Financial Times reports that Brussels'
antitrust watchdog has raised concerns that Lufthansa's
acquisition of half the operations of insolvent German rival Air
Berlin will lead to higher prices and less choice for consumers.

European competition officials have launched a market test to
determine if Lufthansa's offer to sell some landing rights has
mitigated the harm to competition of Germany's largest airline
buying assets from its nearest rival, the FT relates.

In October, Lufthansa agreed to buy half of Air Berlin's assets
for about EUR210 million, the FT recounts.  The operations
included Niki, Air Berlin's Austrian holiday airline established
by Formula 1 driver Niki Lauda; its regional carrier LGW; and 20
aeroplanes, the FT discloses.

Separately, easyJet agreed to buy the insolvent airline's
operations at Berlin Tegel airport, the FT notes.

Officials are worried that the sale to the German company will
harm competition in two ways, the FT states.  It would create
monopolies on dozens of routes in Austria, Germany and
Switzerland where Niki and Lufthansa compete, the FT says.  Also,
Lufthansa would cement its strong position at a number of
congested airports, making it difficult for competitors to enter
those locations, according to the FT.

The significant rise in German airline ticket prices in recent
weeks, according to the German Business Travel Association, has
increased concerns, the FT notes.

Late last week, the German carrier offered a package of remedies
that fell short of the regulators' hopes of a full divestment of
Niki.

While Carsten Spohr, Lufthansa chief executive, characterized the
offer as "practically buy(ing) Niki without slots", people
familiar with the matter, as cited by the FT, said officials feel
it leaves too many landing rights with the market leader.

According to the FT, people familiar with the matter said
Lufthansa proposed to buy Niki, LGW and the aeroplanes but also
carve out some landing rights to mitigate the EU commission's
concerns.

                    About Air Berlin

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

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

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

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

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


PHOENIX SOLAR: Intends to File for Insolvency This Week
-------------------------------------------------------
Christoph Steitz at Reuters reports that Phoenix Solar, once one
of Germany's largest solar groups during the sector's heyday, on
Dec. 8 said it would file for insolvency this week after an
unnamed U.S. customer demanded payments that exceed the group's
funds.

"Following the drawdown of project-related letters of credit in
the amount of approximately US$8 million by a large customer of
Phoenix Solar Inc. . . . the parent company Phoenix Solar AG is
obligated to reimburse the issuing banks immediately under its
existing financing agreements," Reuters quotes Phoenix Solar as
saying.

"Attempts by the company's management to find a solution with the
said U.S. customer and the company's banking consortium in
Germany have failed."



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


ALPHA BANK: Moody's Assigns B3 Rating to Mortgage Covered Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 long-term
rating to the second mortgage covered bonds issued by Alpha Bank
AE (the issuer/Alpha Bank, deposits Caa3 positive; adjusted
baseline credit assessment caa2; counterparty risk (CR)
assessment Caa2(cr)), which is governed by Greek covered bond
legislation.

RATINGS RATIONALE

A covered bond benefits from (1) the issuer's promise to pay
interest and principal on the bonds; and (2) following a CB
anchor event, the economic benefit of a collateral pool (the
cover pool). The ratings therefore reflect the following factors:

(1) The credit strength of the issuer and a CB anchor of CR
assessment plus 1 notch.

(2) Following a CB anchor event the value of the cover pool. The
stressed level of losses on the cover pool assets following a CB
anchor event (cover pool losses) for this transaction is 38.5%.

Moody's considered the following factors in its analysis of the
cover pool's value:

a) The credit quality of the assets backing the covered bonds.
The mortgage covered bonds are backed by Greek residential
mortgage loans. The collateral score for the cover pool is 29.6%.

b) The legal framework. Notable aspects of the Greek covered bond
legislation include (i) the holders of the covered bonds will
have the benefit of both unlimited recourse against the issuer
and a statutory pledge over the assets forming part of the cover
pool, (i) the legal segregation of the assets in the cover pool
from any bankruptcy proceedings against the issuer, (iii) the
statutory nominal value test with a maximum asset percentage of
95% and (iv) a legal minimum over-collateralisation (OC) of 5.3%
to be maintained by the issuer on a nominal basis.

c) The contractual structure and provisions contained in the
transaction documents that aim to mitigate various risks such as
(i) covered bonds benefit from a 12 month maturity extension as a
mitigant for refinancing risk; (ii) a general reserve fund held
with an external counterparty rated P-1 to ensure that the
servicer has sufficient funds to pay interest payments due on
covered bonds as well as other senior expenses.

d) The exposure to market risk, which is 18.7% for this cover
pool.

e) The OC in the cover pool is 17.3%, of which the issuer
provides 5.3% on a "committed" basis (see Key Rating
Assumptions/Factors, below).

The TPI assigned to this transaction is "Very improbable", in
line with other Greek soft-bullet covered bonds.

As of September 30, 2017, the total value of the assets included
in the cover pool is approximately EUR1.17 billion, comprising
26,869 residential mortgage loans. The residential mortgage loans
have a weighted-average (WA) seasoning of 110 months and a WA LTV
ratio of 56.6%.

The definitive rating that Moody's has assigned addresses the
expected loss posed to investors. Moody's ratings address only
the credit risks associated with the transaction. Moody's did not
address other non-credit risks, but these may have a significant
effect on yield to investors.

KEY RATING ASSUMPTIONS/FACTORS

Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor); and (2) the stressed losses on the cover
pool assets should the issuer cease making payments under the
covered bonds (i.e., a CB anchor event).

The CB anchor for this programme is CR assessment plus 1 notch.
The CR assessment reflects an issuer's ability to avoid
defaulting on certain senior bank operating obligations and
contractual commitments, including covered bonds.

The cover pool losses for this programme are 38.5%. This is an
estimate of the losses Moody's currently models following a CB
anchor event. Moody's splits cover pool losses between market
risk of 18.7% and collateral risk of 19.8%. Market risk measures
losses stemming from refinancing risk and risks related to
interest-rate and currency mismatches, if any (these losses may
also include certain legal risks). Collateral risk measures
losses resulting directly from cover pool assets' credit quality.
Moody's derives collateral risk from the collateral score, which
for this programme is currently 29.6%.

The issuer provides up to 5.3% OC on a "committed" basis. Under
Moody's COBOL model, the minimum OC level consistent with the B3
rating is 0%, of 0% needs to be in "committed" form to be given
full value. These numbers show that Moody's is not relying on
"uncommitted" OC in its expected loss analysis.

All numbers in this section are based on Moody's most recent
modelling based on data as per September 30, 2017.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.

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

The CB anchor is the main determinant of a covered bond
programme's rating robustness. A change in the level of the CB
anchor could lead to a downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.

Based on the current TPI of "Very Improbable", the TPI Leeway for
this programme is 0 notches. This implies that Moody's might
downgrade the covered bonds because of a TPI cap if it lowers the
CB anchor by 1 notch all other variables being equal.

A multiple-notch downgrade of the covered bonds might occur in
certain circumstances, such as (1) a country ceiling or sovereign
downgrade capping a covered bond rating or negatively affecting
the CB Anchor and the TPI; (2) a multiple-notch downgrade of the
CB Anchor; or (3) a material reduction of the value of the cover
pool.

RATING METHODOLOGY

The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in December 2016.


CRYSTAL ALMOND: Fitch Affirms B- LongTerm Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Crystal Almond Intermediary Holdings
Limited's (Wind Hellas) Long-Term Issuer Default Rating (IDR) at
'B-' with a Stable Outlook. In addition, Fitch has affirmed the
'B'/'RR3' issue rating for Crystal Almond S.a.r.l.'s senior
secured notes.

Wind Hellas has a sustainable business model that has been
supported by investments in its mobile network and fixed-line
offerings. However, its negative free cash flow and the execution
risk related to its capex plan are constraints on the rating.

Wind Hellas has also announced a tap issue of EUR75 million
senior secured notes, which will provide additional liquidity for
the firm. Fitch views the additional leverage as consistent with
the 'B-' rating.

KEY RATING DRIVERS

Improved Operations: Wind Hellas has upgraded its infrastructure,
improved the customer experience, expanded 4G coverage and
reduced costs, and as a result, has seen higher revenues, margins
and market share, particularly over the last three quarters. The
competitive position of Wind Hellas has stabilised and the market
is likely to consolidate into a more rational three-player
market. Future growth can be seen in the increase in data usage
by mobile customers which has doubled, and the selection of
larger data plans by many customers. Mobile remains highly
competitive, but a rising proportion of bundles with fixed and in
the future TV will probably improve retention.

Rapidly Consolidating Market: Cyta Hellas and Forthnet are being
auctioned for sale. There have been press reports that both
Vodafone and Wind Hellas are potential acquirers of each company.
Fixed and mobile in-country consolidation in the Greek market is
strategically rational and Fitch views this as credit-positive.

Fitch believes that an acquisition of Cyta Hellas by Wind Hellas
would make strategic sense and that there would be significant
opportunities to achieve cost synergies. Wind Hellas is likely to
incur integration costs over the first two years of a potential
acquisition with some execution risk. The acquisition of
Forthnet, which has over EUR300 million in revenue would be a
transformational acquisition and would require the raising of
additional debt and lead to higher execution risk.

FCF Remains Negative: Wind Hellas remains FCF negative while
improving from minus EUR85 million in 2015 to minus EUR48 million
in 2016. Fitch expects that Wind Hellas will remain FCF negative
in 2017 and 2018 while trending towards neutral to positive FCF
after 2019. The issuance of a EUR75 million bond and the addition
of a EUR30 million RCF will provide additional liquidity beyond
that provided by improving operating cash flow.

Capex Drives Network Investment: Wind Hellas has been investing
in its mobile network, fibre rollout and its planned launch of TV
offerings in 2018. Wind has agreed with Vodafone to expand its
joint operating agreement from 2G/3G to 4G which is awaiting
regulatory approval.

In addition, the Greek government has divided the country into
three regions and allocated them in phases to OTE, Vodafone and
Wind Hellas. In 2Q17 Wind was awarded 500,000 lines for
development and an additional 35,000 lines were awarded in Q3. A
commercial next-generation network service was launched in
November 2017. Wind has begun testing an IPTV service with a
launch expected in 2018.

Mobile Growth: Wind has seen four quarters of revenue growth in
mobile revenue and three quarters of growth in post-paid revenue.
This has been driven by a significant increase in prepaid
subscribers from 2.3 million Q316 to 2.9 million in Q317 leading
to an increase in total subscribers from 3 million in Q316 to 3.7
million in Q317 and a modest increase in market share. The
subscriber growth has been partially offset by declining prepaid
ARPU which has decreased from EUR3.2 to EUR2.8, probably due to
increased competition. This may be offset by increased data
usage.

DERIVATION SUMMARY

Wind Hellas is the third-largest mobile phone and fixed-line
operator in Greece behind OTE (Cosmote) and Vodafone. Both OTE
and Vodafone are geographically diversified either within Europe
or in emerging markets, but Wind Hellas only operates in Greece.
In addition, they include a more diverse product portfolio with
OTE being the incumbent fixed-line provider in Greece and
Vodafone providing TV services in many markets. Wind's IDR is no
longer constrained by the Greek country ceiling of 'B'.

KEY ASSUMPTIONS

Rating Assumptions

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

- revenue CAGR of 6.3% between 2017 and 2022 driven by growth
   capex and increasing 3G/4G population coverage;
- EBITDA margin expansion towards 27% in 2022 driven by
   extension of network sharing;
- capex plan in line with the updated business plan including
   buildout of the next generation network and Pay-TV
   investments;
- spectrum payments in line with management expectations.

Recovery Assumptions

- The recovery analysis assumes that Wind Hellas would remain a
   going concern in restructuring and that the company would be
   reorganised rather than liquidated. Fitch has assumed a 10%
   administrative claim in the recovery analysis.
- The recovery analysis assumes a 25% discount to Wind Hellas'
   LTM EBITDA as of September 2017, resulting in a post-
   restructuring EBITDA around EUR75.5 million. At this level of
   EBITDA, which assumes corrective measures have been taken,
   Fitch would expect Wind Hellas to generate neutral to negative
   FCF.
- Fitch also assumes a distressed multiple of 4.5x and a fully
   drawn EUR30 million super senior revolving credit facility
   (RCF).
- These assumptions result in a recovery rate for the senior
   secured debt within the 'RR3' range to allow a one-notch
   uplift to the debt rating from the IDR.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Continued maintenance or growth in service revenue market
   share without a further increase in competitive intensity
- A path to sustainable positive free cash flow combined with
   gross FFO adjusted leverage < 4.5x
- Successful execution of the mobile network buildout and
   investments in its next generation network

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- Change in the regulatory or competitive environment which
   would jeopardise the market position of Wind Hellas.
- Fixed charge coverage ratio < 1 or liquidity score < 1
- Persistent negative FCF leading to liquidity below EUR20
   million.
- An inability to generate EBITDA growth from acquisitions or
   deterioration in performance due to high integration costs

LIQUIDITY

Limited Liquidity: Fitch view liquidity as limited given the
increased capex, which under Fitch updated rating case will
extend the negative FCF generation until 2020. Fitch expect the
RCF to remain fully undrawn over the same period.



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


CORDATUS LOAN II: Moody's Hikes Class F2 Notes Rating From B1
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Cordatus Loan Fund II P.L.C.:

-- EUR28.35M Class C Deferrable Secured Floating Rate Notes due
    2024, Upgraded to Aaa (sf); previously on Jun 9, 2017
    Upgraded to Aa1 (sf)

-- EUR27M Class D Deferrable Secured Floating Rate Notes due
    2024, Upgraded to Aaa (sf); previously on Jun 9, 2017
    Upgraded to Baa1 (sf)

-- EUR16.2M Class E Deferrable Secured Floating Rate Notes due
    2024, Upgraded to A1 (sf); previously on Jun 9, 2017 Upgraded
    to Ba2 (sf)

-- EUR5.5M Class F1 Deferrable Secured Floating Rate Notes due
    2024, Upgraded to Baa3 (sf); previously on Jun 9, 2017
    Upgraded to B1 (sf)

-- EUR1.25M Class F2 Deferrable Secured Floating Rate Notes due
    2024, Upgraded to Baa3 (sf); previously on Jun 9, 2017
    Upgraded to B1 (sf)

Moody's also affirmed the ratings on the following notes issued
by Cordatus Loan Fund II P.L.C.:

-- EUR38.7M (EUR26.3M outstanding balance) Class B Deferrable
    Secured Floating Rate Notes due 2024, Affirmed Aaa (sf);
    previously on Jun 9, 2017 Upgraded to Aaa (sf)

Cordatus Loan Fund II P.L.C., issued in July 2007, is a
collateralised loan obligation ("CLO") backed by a portfolio of
high yield European loans denominated in Euro, GBP and USD. It is
predominantly composed of senior secured loans. The portfolio is
managed by CVC Credit Partners Group Ltd. The transaction's
reinvestment period ended in July 2014.

RATINGS RATIONALE

The rating upgrade actions on the notes are primarily a result of
the significant deleveraging of the senior notes following
amortisation of the underlying portfolio since the payment date
in July 2017 and subsequent increases of the
overcollateralization ratios (the "OC ratios") of all classes of
notes. Moody's notes that the Senior Notes and part of Class B
have redeemed by approximately EUR105.67 million at the previous
payment date in July 2017. As a result of the deleveraging the OC
ratios have increased across the capital structure. According to
the October 2017 trustee report, the Classes B, C, D, E and F OC
ratios are 510.95%, 245.86%, 164.55%, 137.30% and 128.44%
respectively compared to levels of the April 2017 trustee report
178.56%, 147.83%, 127.01%, 117.11% and 113.43%.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analysed the underlying collateral pool as having
euro performing par and principal proceeds balance of EUR107.60
million and GBP performing par and principal proceeds of GBP 23.5
million, a weighted average default probability of 20.75%
(consistent with a WARF of 3375 and a weighted average life of
3.21years), a weighted average recovery rate upon default of
36.80% for a Aaa liability target rating, a diversity score of
11.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. Moody's generally applies recovery rates
for CLO securities as published in "Moody's Approach to Rating SF
CDOs". In some cases, alternative recovery assumptions may be
considered based on the specifics of the analysis of the CLO
transaction. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average recovery rate by 5
percentage points; the model generated outputs that were
unchanged from the base-case results for the Classes B, C and D
and within 2 notches for Classes E and F.

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

Additional uncertainty about performance is due to the following:

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

* Foreign currency exposure: All non-EUR denominated liabilities
have been repaid and the current portfolio contains unhedged non-
EUR denominated assets representing approximately 25% of the
portfolio. Volatility in foreign exchange rates will have a
direct impact on interest and principal proceeds available to the
transaction, which can affect the expected loss of rated
tranches.

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


G HOTEL: High Court Urged to Approve Survival Schemes
-----------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court
has been asked to approve survival schemes for seven companies
controlled by Galway businessman Gerry Barrett and employing more
than 330 people.

The schemes have been put in place by insolvency practitioner
Neil Hughes, who was appointed earlier this year as examiner to
the companies, connected to businesses including the G Hotel, the
Meyrick Hotel, the Eye Cinema, apartments and a retail park, all
located in Galway city, The Irish Times relates.

The companies, who had sought the examiner's appointment, are
opposing the proposed schemes of arrangement and their lawyers
will set out the reasons why when the hearing resumes this week,
The Irish Times discloses.

All part of Mr. Barrett's Edward Capital Group, the companies are
KH Kitty Hall Holdings Ltd, Ml Meyrick Ltd, Mono Trading Ltd,
Edward Leisure Assets Unlimited Company, Niche Hotels Unlimited
Company, Style City Limited and Radical Properties Unlimited
Company, The Irish Times states.

The companies, whose directors are Gerry Barrett and Catherine
Barrett, Chestnut Lane, Lower Dangan, Galway, sought court
protection after Deutsche Bank appointed a receiver over the
firms, The Irish Times recounts.

According to The Irish Times, the bank, owed more than EUR690
million by the group after acquiring its loans from the National
Asset Management Agency in 2015, had opposed examinership on
grounds including claims it was an attempt by the companies to
renege on a 2016 debt settlement agreement which would have
resulted in the sale of the group's assets to reduce its debt to
the bank.

The bank is now supporting the proposed survival schemes, The
Irish Times notes.

During a hearing on Dec. 8, Ms Justice Marie Baker was told that
under the schemes an investor, Waltzfire Ltd, has offered to put
EUR89 million into the companies, as well as an additional EUR9
million working capital, The Irish Times relays.



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


SESTANTE FINANCE: S&P Cuts Ratings on Series 3 C Notes to D(sf)
---------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its
credit ratings on Sestante Finance S.r.l. series 3's class C1 and
C2 notes.

The downgrades follow the interest deferral trigger breach of the
class C1 and C2 notes on the October 2017 interest payment date
(IPD).

Cumulative defaults in the pool increased to 12.01%, from 11.5%
on the January 2017 IPD, breaching the interest deferral trigger
for the class C1 and C2 notes. As a result, the class C1 and C2
notes experienced an interest shortfall on the October 2017 IPD.
S&P has therefore lowered to 'D (sf)' from 'CCC- (sf)' its
ratings on the class C1 and C2 notes, in line with its criteria.

S&P's ratings on the other notes in this transaction remain
unaffected.

Sestante Finance series 3 is an Italian residential mortgage-
backed securities (RMBS) transaction backed by a pool of
residential mortgage loans. Meliorbanca SpA originated the loans.

  RATINGS LIST

  Class              Rating
              To              From

  Sestante Finance S.r.l. EUR899.51 Million Asset-Backed
  Floating-Rate Notes Series 3

  Ratings Lowered
  C1          D (sf)          CCC- (sf)
  C2          D (sf)          CCC- (sf)



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


FUND OF FINANCIAL: Moody's Assigns Ba2 LT Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned the Ba2 corporate family
rating (CFR) to Kazakhstan-based Fund of Financial Support for
Agriculture JSC. Simultaneously, Moody's affirmed the company's
long-term local- and foreign-currency issuer ratings and local
currency senior unsecured debt rating at Ba2, short-term local-
and foreign-currency issuer ratings at Not-Prime as well as
(P)Ba2 rating for the local-currency senior unsecured MTN
programme. The outlook on the CFR, long-term issuer ratings and
the overall rating outlook is stable. Moody's also affirmed the
national scale rating at A2.kz.

RATINGS RATIONALE

The Ba2 CFR and affirmation of other ratings reflect the current
balance between the key credit strength and weaknesses of Fund of
Financial Support for Agriculture JSC (FFSA). The affirmation of
the FFSA's issuer and senior unsecured debt ratings reflects the
relevant Loss-Given Default analysis for various debt classes
according to their size and seniority under the Moody's Finance
Companies methodology. FFSA's funding structure consists of only
one class of debt (senior unsecured debt) ensuring its rating to
be equal with the company's CFR.

FFSA benefits from a moderate support from the government while
the individual credit strengths reflect (1) strong
capitalisation, (2) currently good profitability and (3) large
liquidity buffers and low refinancing risks. At the same time,
the credit challenges include rapid loan growth in a risky asset
class, which translates into weak loan performance.

The moderate support from the government reflects FFSA's 100%
ultimate government ownership, the absence of any imminent plans
for privatization and the lack of any legal barriers for timely
support of FFSA. The company has a clear policy role in carrying
out development of rural territories by providing low-cost
microloans to local farmers and the rural population. At the same
time FFSA's economic importance is relatively low.

Moody's expects already modest asset quality to deteriorate
further because FFSA's loan book is seasoning and its
historically rapid loan growth has decelerated. In addition,
lending to agriculture sector elevates risks of asset quality
deterioration due to its cyclical nature. The asset quality has
deteriorated with problem loans reaching 8% of the loan book at
end-2016 from 7% at end-2015 and 5% at end-2014.

The rating agency also expects FFSA's profitability to reduce
following the additional provisioning charges as asset quality
will deteriorate. The reported profitability has been good,
despite its predominantly not-for-profit development mandate.
Annualized pre-provision income and net income as percent of
average managed assets stood at over 9% and 3% in January-
September 2017. The major drivers for such strong earnings were
the company's (1) reliance on capital and low-cost government
funding, and (2) strong commission income, thanks to its
involvement as a government agent in the rural mortgage lending
program.

Moody's expects FFSA's capitalisation to remain strong in the
next 12-18 months despite additional provisioning charge
following deterioration in asset quality. The bank's tangible
common equity/tangible managed assets ratio was 38% at end-2016
according to the International Financial Reporting Standards
report. The capital buffer has a very good loss absorption
capacity especially taking into account the adequate reserve
coverage of 1x of the individually impaired loans at end-2016.

FSSA's liquidity buffer is more than adequate to cover the
repayments of wholesale funding during the next two years. At the
same time Moody's note some volatility of the liquidity cushion
which grew to over 35% of all wholesale funding at end-Q3-2017
from over 13% at end-2015. The company's funding which is all
wholesale is dominated by government funds (from local
governments) which represented over 80% of non-equity funding as
of September 30, 2017 (part of government funding is recognized
in equity, given the funding attracted at lower-than-market
rates).

RATIONALE FOR OUTLOOKS

The stable outlooks mirror the stable outlook on the Kazakhstan's
government rating (Baa3).

WHAT COULD MOVE THE RATINGS UP/DOWN

A sustained track record of strong asset performance and
maintenance of healthy capital and liquidity profiles could have
upward rating implications on FFSA's long-term issuer rating.

Any indication of a weakening of the Kazakh authorities'
willingness to support FFSA, or other state-owned companies that
facilitate development of the agriculture sector, could
negatively affect FFSA's issuer rating. Deterioration in asset
quality and profitability, as well as any evidence of increased
leverage beyond Moody's current expectations, could lead to
downward pressure on the rating.

LIST OF RATINGS

Issuer: Fund Of Financial Support for Agriculture JSC

Assignments:

-- LT Corporate Family Rating, Assigned Ba2 Stable

Affirmations:

-- LT Issuer Rating, Affirmed Ba2, Outlook Remains Stable

-- ST Issuer Rating, Affirmed NP

-- NSR LT Issuer Rating, Affirmed A2.kz

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba2,
    Outlook Remains Stable

-- Senior Unsecured MTN Program, Affirmed (P)Ba2

Outlook Actions:

-- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Finance Companies
published in December 2016, and Government-Related Issuers
published in August 2017.



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


ALTICE INTERNATIONAL: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of multi-national fiber,
telecommunications, content and media company, Altice
International S.a.r.l. as well as on the ratings of its
guaranteed finance subsidiaries Altice Financing S.A. ("Altice
Financing", B1 rating on senior secured debt) and Altice Finco
S.A. ("Altice Finco", B3 rating on senior unsecured debt).
Concurrently, Moody's has affirmed the B1 corporate family rating
(CFR) and B1-PD probability of default rating (PDR) of Altice
International, the B1 senior secured ratings of Altice Financing
and the B3 senior unsecured ratings of Altice Finco.

"The change of outlook to negative on Altice International's
ratings reflects the weaker-than-expected Q3 2017 revenue
performance in Portugal and the subsequent change in wider Altice
group management and strategy, which is now looking to tower and
other asset sales to reduce group leverage," says Colin Vittery,
a Moody's Vice President -- Senior Credit Officer -- and lead
analyst for Altice International. "Moody's believe that there is
now greater pressure on Altice International's cash flows to both
service and reduce leverage at its parent, Altice Luxembourg."

RATINGS RATIONALE

Altice International's B1 CFR reflects (1) the rapid pace of
growth by acquisition in recent years in multiple geographical
markets; (2) its high leverage (Moody's adjusted debt/EBITDA of
4.7x) and complex capital structure; (3) the challenging revenue
environment in Portugal; (4) the high capex investment required;
(4) the material investment in media and content which is
continuing with the proposed acquisition of Media Capital; (5)
the need to maintain adequate liquidity given the dividend
payments made to cover interest obligations at Altice Luxembourg
S.A.; and (6) the need to execute on asset sales to reduce
leverage in the consolidated Altice Luxembourg group, which may
result in the up-streaming of additional dividends.

More positively, the rating acknowledges the focus since 2016 on
the integration and management of operating assets, as well as
the expected improvement in revenue and margin trends in
International's core markets. The rating also reflects (1) the
scale of the business and its geographical diversification; (2)
strong market-leading positions with a convergent product offer;
(3) high quality, fiber-rich infrastructure; (4) evidence of
synergy delivery across the company and particularly in Portugal;
(5) the long-dated debt maturity profile, with no significant
debt maturities until 2023; and (6) the stable regulatory
environment in its main markets.

Given revenue weakness and elevated capex of EUR880 million in
2017 and 2018, Moody's expects weak free cash flow generation in
2017 and 2018. Supporting liquidity is the new commitment to sell
towers and non-core assets in 2018.

Whilst management is committed to a "back to basics" strategy
focusing on its operating assets, without further mergers and
acquisitions activity or content acquisition, Moody's remains
concerned by the depth of management. For example, Dexter Goei
has been appointed CEO of Altice NV in addition to his roles as
Chairman and CEO of Altice USA and Dennis Okhuijsen has been
appointed CEO of Altice Europe in addition to his role as CFO of
Altice NV The stated asset disposal plans in 2018 add to this
management burden.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects increased concern at the revenue
performance in Portugal and the change in management and strategy
at the wider Altice group, which is looking to make asset
disposals to enable the deleveraging of the Altice Luxembourg
consolidated European group.

Moody's expects significant investment in fiber roll-out to limit
free cash flow generation in the next 12 to 18 months but this
should create enhanced future returns, given the higher revenues
expected from fiber customers. The negative outlook also assumes
no material debt financed acquisitions and a satisfactory outcome
to the current EU investigation into alleged pre-clearance
management at the time of the Portugal Telecom acquisition.

WHAT COULD MOVE THE RATING UP/DOWN

Downward rating pressure may develop if (1) leverage increases,
such that Moody's Adjusted Debt/EBITDA exceeds 5.25x for a
sustained period; (2) liquidity deteriorates at either Altice
International or Altice Luxembourg; (3) operating performance
weakens; (4) there are further material debt-financed
acquisitions; (5) there is not demonstrable progress towards
asset disposals in the first half of 2018; and (6) there is a
material negative outcome to the current EU investigation on the
Portugal Telecom merger pre-clearance.

Upward rating pressure may arise if (1) leverage reduces, such
that Moody's Adjusted Debt/EBITDA is sustained well below 4.0x;
(2) given the close relationship with Altice Luxembourg, leverage
at Altice Luxembourg will be sustained well below 4.5x; and (3)
there is a general stability in the activities of the wider
Altice group and particularly within the Altice Luxembourg
perimeter. Upward rating pressure is unlikely until there is a
track record of stronger liquidity management and there is
visibility on the impact of the potential push down of debt from
Altice Luxembourg into Altice International.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Altice International S.a.r.l.

-- Corporate Family Rating, Affirmed B1

-- Probability of Default Rating, Affirmed B1-PD

Issuer: Altice Financing S.A.

-- Senior Secured Bank Credit Facility, Affirmed B1

-- Senior Secured Regular Bond/Debenture, Affirmed B1

-- Backed Senior Secured Regular Bond/Debenture, Affirmed B1

Issuer: Altice Finco S.A.

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

-- Backed Senior Unsecured Regular Bond/Debenture, Affirmed B3

Outlook Actions:

Issuer: Altice International S.a.r.l.

-- Outlook, Changed To Negative From Stable

Issuer: Altice Financing S.A.

-- Outlook, Changed To Negative From Stable

Issuer: Altice Finco S.A.

-- Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Altice International S.a.r.l. is a mulinational fiber,
telecommunications, content and media company, with a presence in
four regions: Dominican Republic, Israel, Western Europe and the
French Overseas Territories. The company's direct corporate
parent is Altice Luxembourg S.A., which itself, through
Amsterdam-listed Altice NV, is controlled by French entrepreneur
Patrick Drahi. Altice NV, through Altice Luxembourg S.A., also
owns the French telecommunications company SFR Group S.A. (B1
negative).

For the year ended December 31, 2016, International generated
EUR4.5 billion in revenue and EUR2.14 billion in management
reported Adjusted EBITDA.


ALTICE LUXEMBOURG: Moody's Affirms B1 CFR & Alters Outlook to Neg
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of Altice Luxembourg S.A. (Altice
Luxembourg) a Luxembourg-based holding company which, through its
subsidiaries in France, Portugal, Israel and Dominican Republic,
provides pay television, broadband Internet and fixed-line
telephony, and mobile telephony services to residential and
corporate customers. Concurrently, Moody's has affirmed Altice
Luxembourg's B1 corporate family rating (CFR), B1-PD probability
of default rating (PDR) and its B3 senior unsecured notes rating.

"The decision to change the outlook to negative on Altice
Luxembourg's ratings reflects the very weak positioning of the
rating and reported revenue weakness in the key markets, France
and Portugal, in Q3 2017," says Colin Vittery, a Moody's Vice
President -- Senior Credit Officer -- and lead analyst for Altice
Luxembourg. "Management changes have come at a critical time for
the French business as it battles high customer churn and
operational restructuring at a time of reduced liquidity and
increasing pressure on financial covenants."

RATINGS RATIONALE

The B1 rating reflects (1) the need to stabilize revenues in
France and Portugal and reduce high levels of customer churn in
France; (2) the need to deliver the synergies expected from the
operational restructuring in progress in France; (3) the
investment plan to roll-out network infrastructure, which will
lead to a peak in capex in 2017 but which will remain at high
levels in the coming years; (4) the high leverage (Moody's
adjusted debt/EBITDA of 5.65x) and expectation that cash flow
metrics will remain weak over the next 18 months owing to
restructuring and content investment costs; and (5) the weakened
liquidity profile given expectations of negative cash flow
generation and limited financial covenant headroom under the
revolving credit facility, supported by expected proceeds from
disposals.

The B1 rating also recognizes (1) the scale of the business and
its strong market positions; (2) the high quality asset base and
the progress in capex "catch up" in 2016 and 2017; (3) its
ability to provide a convergent product offer; (4) the group's
high margin of 39% (as calculated by Moody's); (5) the stable
regulatory environment in core markets; (6) the long-dated debt
maturity profile, with no significant debt maturities until 2022;
and (7) the management's focus on short-term debt reduction,
through an asset disposal strategy to reduce leverage.

Moody's adjusted leverage remains very high for the rating and
the group continues to face significant and complex operational
challenges, particularly in the French market. Moody's expects
Altice Luxembourg to continue to maintain leverage at around
5.5x, before any impact of asset disposals, (using Moody's
standard adjustments) in the next 12 months, as high exceptional
restructuring costs, increased content spend and elevated capex,
limit free cash flow.

Given revenue weakness combined with anticipated restructuring
costs of EUR800 million across 2017 and 2018 and elevated capex
of EUR3.2 billion in 2017 and EUR2.9 billion in 2018, Moody's
expects weak cash flow generation in 2017 and 2018 and a weakened
liquidity position. High leverage will mean increased pressure on
the financial covenants relating to subsidiary revolving credit
facilties. Supporting liquidity is the new commitment to sell
towers and non-core assets in 2018.

Whilst management is committed to a "back to basics" strategy
focusing on the operating turnaround of SFR, without further
mergers and acquisitions activity or content acquisition, Moody's
remains concerned by the depth of management. For example, Dexter
Goei has been appointed CEO of Altice NV in addition to his roles
as Chairman and CEO of Altice USA and Dennis Okhuijsen has been
appointed CEO of Altice Europe in addition to his role as CFO of
Altice NV. The stated asset disposal plans in 2018 add to this
management burden.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that the new
management faces multiple challenges including revenue
stabilization in France and Portugal, customer churn reduction at
SFR, operational turnaround in France and content monetization in
the highly competitive French market. At the same time, group
management will be stretched as the company looks to dispose of
assets to reduce debt, given the lack of free cash flow
generation in 2018.

Moreover, the outlook factors in Moody's expectation that Altice
will focus on executing its operational plans for assets owned
within Altice Luxembourg. The outlook does not contemplate any
material new debt-financed acquisitions before the group has
demonstrated a track record in deleveraging from current levels
and there is evidence of revenue stabilization / growth in the
French and Portuguese telecoms businesses.

WHAT COULD MOVE THE RATING UP/DOWN

Downward pressure on the rating may develop if (1) Moody's
adjusted leverage moves materially above the level of 5.5x
reported in 2016; (2) there is a failure to stabilize revenues in
the French and Portuguese telecoms businesses; (3) there are
material debt-financed acquisitions at either the Altice
Luxembourg or Altice N.V. level; (4) there are signs of a
deterioration in liquidity; (5) there is not demonstrable
progress towards asset disposals in the first half of 2018; or
(6) there are material setbacks in achievement of synergies in
existing company businesses.

Moody's sees no near-term upward pressure on the rating, although
such pressure may develop over time should: (1) Moody's adjusted
leverage be sustained below 4.5x; (2) the company reports
material free cash flow generation; and (3) the company
demonstrates sustained revenue and earnings performance from
underlying assets, in particular, the SFR Group in France. Upward
rating pressure is unlikely until there is a track record of
stronger liquidity management at the different credit pools.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Altice Luxembourg S.A.

-- Corporate Family Rating, Affirmed B1

-- Probability of Default Rating, Affirmed B1-PD

-- Senior Unsecured Regular Bond/Debenture, Affirmed B3

Outlook Actions:

Issuer: Altice Luxembourg S.A.

-- Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Altice Luxembourg S.A is a Luxembourg-based holding company,
which through its subsidiaries Altice International S.a.r.l. and
SFR Group S.A. operates a multinational telecommunications and
cable business. SFR has its operations mainly in France while
Altice International currently has a presence in four regions--
Dominican Republic, Israel, Western Europe and the French
Overseas Territories.

Altice Luxembourg was created in the context of a corporate
reorganization concluded in August 2015, which saw Amsterdam-
listed Altice NV ("Altice" or "the Altice group" ) established as
its corporate parent. The Altice group, which during 2015 also
acquired US cable operators Cequel Communications Holdings I, LLC
("Suddenlink", B2 positive) and Cablevision Systems Corporation
("Cablevision", B1 stable), is ultimately controlled by French
entrepreneur Patrick Drahi. The Suddenlink and Cablevision
acquisitions were financed in credit pools that are separate from
Altice Luxembourg.

Altice Luxembourg generated revenue of EUR15.4 billion in the
year ended December 31, 2016.


MINERVA LUXEMBOURG: Fitch Rates US$500MM Unsec. Notes 'BB-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' rating to Minerva
Luxembourg S.A.'s proposed USD500 million senior unsecured notes.
The proposed senior unsecured global notes will mature in 2028
and will be unconditionally and irrevocably guaranteed by Minerva
S.A.(Minerva) The company expects to use the proceeds for
refinancing existing debt and general corporate purpose.

Minerva's ratings reflect the improving fundamentals for beef in
Brazil due to a better cattle cycle, the company's good
profitability, its strong position in the export market, and
comfortable liquidity. The rating also reflects Fitch
expectations for an improvement in the company's credit profile
over a sustained period. Minerva's rating is tempered by the
volatility of FCF and its rapid expansion.

KEY RATING DRIVERS

Delayed Deleveraging: Fitch expects the recent acquisition of JBS
S.A.'s Mercosul assets will slow Minerva's deleveraging process,
as initially anticipated. Minerva has been growing very fast over
the last four years. Fitch estimate EBITDA contribution from the
acquired plants to be approximately BRL60 million-BRL70 million
in 2017. Annual EBITDA should improve to BRL280 million-BRL330
million by 2020 from increased revenues and higher margins. Fitch
expects Minerva's net debt/EBITDA ratio to be around 4.3x in
2017, including only five months of the acquired plants, and for
it to gradually decline toward 3.5x by 2018, compared to 3.6x in
2016 and 5.0x as of the LTM ended Sept. 30, 2017. Management is
targeting net debt/EBITDA of about 3x.

Product and Region Concentration Risks: Minerva operates solely
in the beef business in South America countries with no presence
in branded packaged food products and is therefore less
diversified from a product standpoint than Brazilian-based
protein companies JBS S.A. and Marfrig S.A. Although the
percentage of live cattle, cattle by-products and distribution of
third-party products in consolidated sales have recently
increased, these revenues are still determined by the same risks
of the meat commodity industry. Among these significant risks are
a downturn in the economy of a given export market, the
imposition of increased tariffs or sanitary barriers, and strikes
or other events that may affect the availability of ports and
transportation.

FCF Negative: Fitch expects Minerva's FCF after interest and
dividends to remain negative in 2017 due to increased capex,
working capital needed because of the recent acquisition, and
increased capacity utilization of its plants due to increased
demand. Fitch expects FCF to normalize in 2018 as these events
wind down.

Stable Margins: Minerva's sales and earnings are subject to
periodic volatility caused by changes in input costs and protein
prices due to supply and demand dynamics of commodity meat. The
company has had the highest EBITDA margin in the beef sector over
the last two years, with EBITDA above 10%. Fitch expects this
margin to remain in the 9.5%-10% range over the next few years.
The expected margin contraction is the result of the ramp-up of
the recent acquisition and the re-opening of a new plant in
Brazil. EBITDA margins should gradually improve in 2018 from
increased synergies, good cattle cycle and improved domestic
demand.

Favorable Operating Outlook: Global beef fundamentals are
expected to remain positive in the next couple years for
Brazilian producers due to steady global demand, limited global
beef supply, ample livestock supply in Brazil and the continued
depreciation of the Brazilian real relative to the U.S. dollar.
Minerva's export revenues, including the Other Division,
represented 59% of total revenues in the LTM. The domestic market
is expected to slowly rebound as the purchasing power of
Brazilian consumers gently improves and the uncertainty as to
political risk clears up.

DERIVATION SUMMARY

Minerva is well positioned to compete in the global protein
industry under its South America operations. Compared to Marfrig
Global Food S.A. (BB-/Stable) and JBS S.A. (BB-/Rating Watch
Negative), Minerva is smaller and less diversified from a product
and geographic standpoint, as the company is mainly a beef
processor in South America. The three companies do operate with a
similar capital structure and liquidity position. Minerva's
competitive advantages include its location in a favorable
cattle-growing environment, large scale, operating efficiency in
line with the industry average, and good relationship with
farmers, customers and distributors. Minerva's rating is tempered
by the volatility of FCF due to its rapid expansion.

KEY ASSUMPTIONS

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

-- Organic revenues growing by mid-single digits in 2017 and 4%
    in the medium term due to slightly higher volume, stable
    domestic and international prices and incremental revenue
    from its recent acquisition of BRL1.3 billion in 2017 growing
    to BRL3.5 billion by 2020;
-- EBITDA margin in the range of 9.5%-10% over the next two
    years;
-- Capex/sales of about 2.5%-2.6% in the medium term;
-- Dividend payment/share buybacks of BRL160 million in 2017.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

-- Improved product mix;
-- Sustainable positive FCF generation;
-- Substantial decreases in gross and net leverage to below 4.5x
    and 3.0x, respectively, on a sustained basis.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

-- A sharp contraction in Minerva's performance;
-- Increased net leverage above 4.0x-4.5x on a sustained basis;
-- A pronounced and sustained liquidity deterioration.

LIQUIDITY

Adequate Liquidity: Fitch considers Minerva's liquidity position
to be adequate. As of Sept. 30, 2017, cash and cash equivalents
totaled BRL3.2 billion, which is sufficient to amortize debt over
2021 and cover ongoing working capital requirements. As of the
same date, total debt was BRL8.3 billion of which 28% was short-
term debt and 78% was denominated in foreign currency, mainly
U.S. dollars. Minerva's cash policy is to hold enough cash to
cover three months of cattle purchase with a minimum of BRL2.5
billion to run the business, considering political uncertainties
in Brazil.

FULL LIST OF RATING ACTIONS

Fitch currently rates Minerva:

Minerva

-- Long-Term Foreign & Local Currency IDR 'BB-'; Outlook Stable;
-- National Long-Term Rating 'A(bra)' ; Outlook Stable.

Minerva Luxembourg S.A.

-- Senior unsecured notes due 2023, 2026, and perpetual notes
    'BB-';

Fitch has assigned the following rating:

Minerva Luxembourg S.A.

-- Senior unsecured notes due 2028 'BB-(EXP)'.



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


MESDAG DELTA: Fitch Affirms BB Rating on EUR2.2MM Class C Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Mesdag (Delta) Repack (also known as
Commercial Mortgage Funding DAC) due 2035:

  EUR21.5 million Class A (XS1150577150) affirmed at 'BBB+sf';
  Outlook Stable

  EUR2.2 million Class B (XS1150578638) affirmed at 'BBBsf';
  Outlook Stable

  EUR2.2 million Class C (XS1150578802) affirmed at 'BBsf;
  Outlook revised to Negative from Stable

The transaction is a securitisation of a EUR25.9 million portion
(the note) of EUR345.6 million Mesdag (Delta) B.V. class A notes
(BBsf/Negative), financed by the issuance of three long-dated
pass-through principal-only notes (the repack notes). Mesdag
(Delta) B.V., which is due in January 2020, is a CMBS financing
of one (now defaulted) loan backed by 55 Dutch properties most
recently valued at EUR538 million (February 2017). Principal and
interest receipts from the CMBS are applied to repay the repack
notes fully sequentially. Currently no interest is being received
under the note as its margin is insufficient to offset the
negative EURIBOR.

KEY RATING DRIVERS

The affirmation reflects the stable performance of the repack
notes, which have amortised by EUR2.1 million since closing in
December 2016. The Negative Outlook on the class C notes mirrors
that on Mesdag (Delta) B.V., reflecting a suspension of property
sales pending resolution of a legal dispute regarding the
application of sales proceeds among the CMBS (sequential versus
pro rata). The delay in asset sales elevates the risk of a forced
sale prior to CMBS maturity, which could weaken credit quality on
the Class C repack notes.

The principal-only format means the repack notes are capable of
defaulting only by remaining outstanding at their legal final
maturity date in January 2035 or upon a loss being incurred on
the note. Fitch's ratings address both possibilities, and do not
hinge on property sales (provided that by 2025, if still
outstanding the CMBS will be in the post-enforcement waterfall,
prioritising principal and interest due on the note over the
other CMBS classes).

RATING SENSITIVITIES

Some or all of the repack notes would be downgraded if the Dutch
courts dealing with the ongoing principal allocation dispute
uphold an appeal and overturn the recent ruling in favour of
sequential pay. Prolonged delays in asset sales may also lead to
a downgrade of the class C repack notes.


SAPPHIRE MIDCO: S&P Assigns Prelim. 'B' CCR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term
corporate credit ratings to Netherlands-domiciled Sapphire Midco
B.V. and its financing subsidiary, Sapphire Bidco B.V. The
outlook on both of these entities is stable.

S&P said, "At the same time, we assigned our preliminary 'B'
issue-level ratings and '4' recovery ratings to Sapphire Bidco's
proposed EUR950 million senior secured first-lien bank term loans
and EUR150 million revolving credit facility (RCF), and our
preliminary 'CCC+' issue-level rating and '6' recovery rating to
its proposed EUR200 million senior secured second-lien term loan.
The '4' recovery rating reflects our expectation of average
recovery prospects of (30%-50%, rounded estimate 35%), while the
'6' recovery rating indicates our expectation of negligible
recovery (0%-5%) in the event of a payment default.

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

On Oct. 27, 2017, TMF Group announced that it had entered into a
binding agreement to be acquired by private equity firm CVC
Capital Partners (CVC). The transaction values TMF Group at about
EUR1.75 billion. Upon closing, the group will have a new parent
company, Netherlands-based Sapphire Midco. To finance the
acquisition, Sapphire Midco plans to issue EUR950 million of
senior secured first-lien term loans and EUR200 million of senior
secured second-lien term loans via its finance subsidiary,
Sapphire Bidco. CVC will contribute a further EUR640 million in
the form of shareholder loans and preference shares.
Based on the initial draft documentation we have received, we
expect to treat these instruments as equity-like. A EUR150
million RCF will also be provided to the group when the
acquisition closes, which is expected to be within the first half
of 2018, subject to regulatory approval.

S&P said, "The preliminary 'B' rating on Sapphire Midco reflects
our view of its business risk profile as fair and its financial
risk profile as highly leveraged. Our assessment of the group's
business risk profile is supported by the group's global
presence, well-diversified client base, moderate barriers to
entry, and flexible cost structure that underpins profitability.
These are counterbalanced by the fragmented nature of the
corporate services market, weaker brand recognition compared with
larger professional services firms, and potential exposure to
litigation and reputation risk." The group serves around 15,000
clients (39,900 client entities) across 83 jurisdictions,
providing corporate services across two broad business lines--
Global Business Services (GBS) and Trust & Corporate Services
(TCS)."

GBS involves helping subsidiaries of large multinational firms to
comply with local regulatory accounting and tax rules,
maintaining HR and payroll services, and managing other
administrative tasks. TCS involves assisting in the build-up and
maintenance of corporate structures, providing structured finance
services to funds and financial institutions, and offering
administrative services to wealth management clients.

S&P said, "Our assessment of the group's financial risk profile
as highly leveraged takes into account the group's aggressive
financial policy and tolerance for high leverage. Following the
acquisition, total cash-pay debt will have materially increased.
We anticipate that S&P Global Ratings-adjusted debt to EBITDA
will stand at about 8.3x when the transaction closes. That said,
this is down from the level we had previously expected in 2017
(around 10x). The 10x figure included about EUR552 million in
shareholder loans under the group's old capital structure, which
carried a high payment-in-kind interest of around 13.7%."

S&P's base case assumes:

-- Global economic expansion to remain supportive of the group's
    growth plans. In particular, S&P expects 2.0%-2.3% GDP growth
    in the EU over the next 12-24 months, 1.4%-2.3% in Latin
    America, and 5.5%-5.6% in Asia-Pacific;
-- Revenue growth of about 5% over the next 12-24 months,
    leading to total revenues of about EUR580 million-EUR590
    million in 2018 and about EUR605 million-EUR615 million in
    2019;

-- Slight improvement in reported EBITDA margins to about 22.5%-
    23.5% over the next 12-24 months, following the dip in 2016
    (22%);

-- Capital expenditure (capex) in the range 4%-5% of total
    revenues;

-- About EUR25 million-EUR30 million of small bolt-on
    acquisitions;

-- Minor working capital requirements of about EUR4 million; and

-- No dividends.

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

-- Adjusted EBITDA margin of about 28.5%-29.0% in 2018 and 2019;

-- Debt to EBITDA of about 7.8x-8.1x in 2018 and 7.4x-7.8x in
    2019;

-- Funds from operations (FFO) to debt of about 6.0%-7.0% in
    2018 and 2019; and

-- FFO cash interest coverage of about 2.5x-3.0x in 2018 and
    2019.

S&P said, "The stable outlook on Sapphire Midco reflects our view
that demand for the group's services will remain steady and the
group will be able to maintain robust EBITDA margins over the
next 12 months. We also anticipate that the group will be able to
maintain FFO cash interest coverage of above 2.0x over the next
12-24 months.

"We could lower the ratings on Sapphire Midco, if we were to
observe material deterioration in EBITDA margins, resulting in a
weakening of credit metrics, with no sign of a rapid recovery.
Under such a scenario, we would likely observe FFO cash interest
coverage falling below 2.0x on a sustained basis. We would also
consider lowering the ratings on Sapphire Midco if we observed a
decline in the company's cash conversion rate, resulting in
weaker liquidity, or any material litigation or reputational
issues arose.

"Although we see limited near-term upside potential to the
ratings given the group's high leverage, we could take a positive
rating action if Sapphire Midco were to materially outperform our
forecasts, such that debt to EBITDA falls below 5.0x on a
sustained basis. Under such a scenario, we would also expect a
strong commitment from the sponsor, CVC, to maintain the credit
metrics at those levels."



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


CIECH SA: S&P Affirms Then Withdraws 'BB-' Corp Credit Rating
-------------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'BB-' long-term
corporate credit rating on Polish chemical producer Ciech SA. We
subsequently withdrew the rating at the company's request. At the
time of the withdrawal, the outlook was stable.

S&P has withdrawn its rating in accordance with the company's
request.



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


BANCO COMERCIAL: Fitch Rates 2027 Subordinated Notes 'B+(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Banco Comercial Portugues, S.A.'s
(Millennium bcp) subordinated notes due 2027 an expected rating
of 'B+(EXP)'.

The assignment of the final rating is contingent on the receipt
of final documents conforming to the information already
received.

KEY RATING DRIVERS

The subordinated notes are notched down once from Millennium
bcp's 'bb-' Viability Rating (VR). The notching reflects the
notes' greater expected loss severity relative to senior
unsecured debt. These securities are subordinated to all senior
unsecured creditors. Fitch did not apply additional notching for
incremental non-performance risk relative to the VR given that
any loss absorption would only occur once the bank reaches the
point of non-viability.

RATING SENSITIVITIES

The subordinated notes' rating is sensitive to changes in
Millennium bcp's VR. The rating is also sensitive to a widening
of notching if Fitch's view of the probability of non-performance
on the bank's subordinated debt relative to the probability of
the group failing, as measured by its VR, increases or if Fitch's
view of recovery prospects changes.



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


ALFA-BANK: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Alfa-Bank's (Alfa) Long-Term Issuer
Default Rating (IDR) at 'BB+' and its Cyprus-based holding
company ABH Financial Limited (ABHFL) at 'BB' with Stable
Outlooks.

KEY RATING DRIVERS

Alfa
The affirmation of Alfa's Viability Rating (VR) and IDR, which
are the highest among Russian privately-owned banks, reflect its
well-developed franchise and access to top tier
borrowers/depositors, sound management, improved asset quality,
moderate profitability, ample liquidity, adequate core
capitalisation and good track record of managing through the
cycle. The ratings also take into account risks relating to the
Russian operating environment, significant cyclicality in the
bank's performance and moderate regulatory capitalisation.

Alfa's asset quality improved in 2016-1H17 with the ratio of non-
performing loans (NPLs; more than 90 days overdue) decreasing to
2.9% at end-1H17 from 7.2% at end-1H17, as a result of
recoveries, collateral foreclosures and write-offs. NPLs were
fully provisioned, while restructured loans were negligible.
Total net corporate loans viewed by Fitch as of potentially
higher risk were USD1.2 billion at end-1H17 (22% of Fitch Core
Capital; FCC), while risks are moderately mitigated by completed
real estate objects pledged against these exposures with
reasonable loan-to-value ratios. Retail loans performance also
improved, reflected in the NPL origination ratio (calculated as
the increase in NPLs plus write-offs to average performing loans,
annualised) decreasing to 4% in 1H17 from 7% in 2016 and 9% in
2015, well below the Fitch-calculated break-even level of about
14%.

Profitability also recovered with a ratio of total comprehensive
income to average equity (annualised) of 20% in 1H17, up from 14%
in 2016 and zero in 2015 due to net interest margin improvement
by about 50bp and a reduction in loan impairment charges due to
foreclosures and NPL recoveries. Impairment charges fell to 1.4%
of average loans in 2016 from 3.2% in 2015, and in 1H17
annualised provision recoveries were equal to 0.5% of average
loans.

Capitalisation is adequate. The consolidated FCC ratio,
calculated at the ABHFL level, was 15.7% at end-1H17, slightly
down from 16.7% at end-2015 (15.9% at end-2016). However, this
and the bank's reported Basel I Tier 1 capital ratio (15.8%)
benefit significantly from the Basel-I-based risk-weighted asset
calculation, which does not include charges for market risk and
operational risk. Adjusting for these, Fitch calculates that core
capital ratios would have been approximately 13%. Regulatory
capitalisation at the bank level is significantly tighter, with a
core Tier 1 ratio of 7.7% (required minimum including buffers is
6.1%) at end-10M17. The Tier 1 ratio was a higher at 8.9% (7.6%)
due to the USD700 million AT1 perpetual bonds placed in 2016, and
the total capital ratio 11% (9.6%).

Liquidity is ample. Liquid assets (cash and equivalents, net of
short-term interbank placements and bonds eligible for repo
funding from the Central Bank of Russia), covered customer
accounts by 47% at end-9M17. Wholesale funding maturing in the
next 12 months at the same date was about USD2 billion, equal to
a moderate 17% of the liquidity cushion.

Given Alfa's broad franchise, in Fitch's view there is a moderate
probability of support from the Russian authorities, as reflected
in the '4' Support Rating and 'B' Support Rating Floor. Alfa's
owners have supported the bank in the past, and in Fitch's view,
would have a strong propensity to do so again, if required. Their
ability to provide support is also likely to be significant, as
they seem to have little debt and significant cash reserves
following past asset sales. However, Fitch does not formally
factor shareholder support into the ratings given the limited
visibility of the shareholders' current financial position and
Alfa's significant size.

ABHFL
The affirmation of ABHFL's ratings reflects Fitch's view that
default risk at the bank and the holding company are likely to be
highly correlated in view of the high degree of fungibility of
capital and liquidity within the group, which is managed as a
single entity. The currently limited volume of holding company
debt to non-related parties also supports the close alignment of
its ratings with Alfa.

The one-notch difference between the bank and holding company
ratings reflects the absence of any regulation of the
consolidated group, the fact that the holding company is
incorporated in a different jurisdiction and the high level of
double leverage at the holding company. The latter, defined by
Fitch as equity investments in subsidiaries divided by holdco
equity, was 156% at end-1H17. However, if all related party
funding was converted into equity, the double leverage ratio
would fall to around 127%, or even lower if some equity
investments were restated at fair value.

DEBT RATINGS

ABHFL and Alfa's unsecured debt is rated in line with their Long-
Term IDRs. Alfa's 'BB' subordinated debt rating is notched down
once from the bank's VR, which incorporates zero notches for
incremental non-performance risk and a notch for higher loss
severity.

Alfa's AT1 perpetual notes are rated 'B', four notches lower than
the bank's VR. The notching comprises two notches for higher loss
severity relative to senior unsecured creditors and a further two
notches for non-performance risk, as Alfa has an option to cancel
at its discretion the coupon payments. The latter is more likely
if the capital ratios fall in the capital buffer zone, although
this risk is somewhat mitigated by Alfa's stable financial
profile.

RATING SENSITIVITIES

Alfa's ratings could be upgraded in case of a further improvement
in the Russian operating environment and consistently robust bank
financial metrics in terms of asset quality, performance and
capitalisation.

An upgrade of the sovereign rating (BBB-/Positive) would be a
pre-requisite for an upgrade of Alfa, as Fitch is likely to
maintain at least a notch difference between the ratings of the
sovereign and the bank. However, a sovereign upgrade would not
automatically result in an upgrade of Alfa, given the still
challenging operating environment.

Alfa's ratings could be downgraded in case of a significant
deterioration of asset quality and erosion of capital without the
latter being replenished by shareholders. A downgrade of the
sovereign (not currently expected given the Positive Outlook on
the rating) would also likely lead to a downgrade of the bank.

Debt ratings are sensitive to changes in Alfa's and ABHFL's
issuer ratings.

The rating actions are:

Alfa-Bank

Long-Term Foreign-Currency IDR: affirmed at 'BB+'; Outlook Stable
Long-Term Local-Currency IDR: affirmed at 'BB+'; Outlook Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb+'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B
Senior unsecured debt: affirmed at 'BB+'
Subordinated debt: affirmed at 'BB'
Senior unsecured debt of Alfa Bond Issuance Public Limited
  Company: affirmed at 'BB+'
Subordinated debt of Alfa Bond Issuance Public Limited Company:
  affirmed at 'BB'
Perpetual subordinated debt of Alfa Bond Issuance Public Limited
  Company: affirmed at 'B'

ABH Financial Limited

Long-Term Foreign-Currency IDR: affirmed at 'BB'; Outlook Stable
Short-Term Foreign-Currency IDR: affirmed at 'B'
Senior unsecured debt of Alfa Holding Issuance plc: affirmed at
  'BB'/'BB (emr)'


SISTEMA PJSFC: S&P Lowers CCR to 'B+' on Announced Dividend
-----------------------------------------------------------
S&P Global Ratings said that it has lowered its long-term
corporate credit rating on Russian investment holding company
Sistema (PJSFC) to 'B+' from 'BB-'. S&P also lowered its issue
rating on Sistema's $500 million senior unsecured notes to 'B+'
from 'BB-'.

S&P said, "At the same time, we placed both ratings on
CreditWatch with developing implications. We originally placed
the ratings on CreditWatch with negative implications on July 18,
2017.

"The downgrade reflects our view that a dividend payout of
RUB6.56 billion (around US$110 million), affirmed at the
extraordinary general meeting of Sistema's shareholders on Nov.
28, 2017, will reduce Sistema's liquidity. We currently assess
Sistema's liquidity as less than adequate, due to the freeze on
dividends on some of the Mobile TeleSystems (MTS) shares it owns,
as a result of Rosneft's $2.3 billion claim. Sistema's right to
receive dividends on 31.76% of its 50.004% stake in MTS, along
with its shares in Bashkirian Grid Company and Medsi, was frozen
in connection with the Rosneft case following the "Enforcement
Ordinance In Relation To Sistema (PJSFC)" on June 26, 2017.

"We placed our rating on Sistema on CreditWatch developing
because our rating decision depends on the court's final ruling
on the Rosneft claim. Appeal hearings commenced on Nov. 13, 2017,
and the next session is scheduled for Dec. 11.

"If Sistema were to raise new debt to cover the $2.3 billion
claim in full, assuming its portfolio composition remains
unchanged, we estimate its loan-to-value (LTV) ratio would
increase significantly, exceeding 50% compared with the current
30%. This would likely lead us to revise our financial risk
profile assessment downward and lower the rating, potentially by
several notches. The current LTV ratio is supported by solid
operational performance at two traded assets, MTS and Detsky Mir,
which together account for more than 50% of Sistema's portfolio.

"We view Sistema's liquidity as less than adequate. Due to the
current freeze of dividend income, we project that its liquidity
sources will cover liquidity uses by close to 1.0x over the 12
months started Sept. 30, 2017.

"We expect to resolve the CreditWatch once we have more clarity
on the implications for Sistema's liquidity and leverage arising
from the Rosneft claim. Depending on how the situation develops,
we could maintain the CreditWatch for longer than our typical
three-month horizon.

"We could lower the rating, by one or potentially several
notches, depending on the final outcome of the court case and the
implications for Sistema's leverage and liquidity.

"If the case is closed with only a moderately negative effect on
Sistema's credit metrics, and Sistema rebuilds a solid liquidity
profile, we could raise the rating."

Proactive liquidity management until the court case is resolved,
as well as the receipt of waivers on the technical defaults,
could support the current rating.



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


BIBBY OFFSHORE: S&P Lowers CCR to 'SD' on Distressed Exchange
-------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Bibby Offshore Holdings Ltd. to 'SD'
(selective default) from 'CC'.

S&P said, "At the same time, we lowered the issue rating on the
company's GBP175 million 7.5% senior secured notes due 2021 to
'D' from 'C'.

"We also affirmed our 'CCC-' issue rating on the company's super
senior revolving credit facility (RCF)."

All the ratings were subsequently withdrawn at Bibby Offshore's
request.

S&P lowered the ratings following Bibby Offshore's announcement
that it had reached an agreement with 80% of noteholders relating
to its recapitalization, which we view as a distressed exchange.
The company is now seeking the approval of the remaining 20%.

The recapitalization plan attributes about GBP65 million value to
the GBP175 million notes, much less than the original promise to
investors. This significant discount reflects the distressed
situation of the company and several quarters of very weak
operating performance, and cash burn initially spurred by the oil
price drop that began in July 2014.

With GBP3 million of cash on the balance sheet at the end of the
third quarter of 2017, the situation has not improved to date,
despite some new contracts, and as such, the coupon payment will
not be made. The transaction is therefore distressed, in our
view, rather than opportunistic, which in S&P's criteria
qualifies as a default.

S&P affirmed the 'CCC-' rating on the RCF because its understand
that it will be repaid in full (including interest) and that the
Bibby Line Group will continue to support it until the
restructuring is effective.


EUROSAIL PLC 2006-4NP: S&P Affirms B- Rating on Class E1c Notes
---------------------------------------------------------------
S&P Global Ratings took various credit rating actions on all
rated classes of notes in Eurosail 2006-4NP PLC.

Specifically, S&P has:

-- Raised to 'A (sf)' from 'A- (sf)' and removed from
    CreditWatch positive its ratings on the class A3a, A3c, M1a,
    M1c, and B1a notes;

-- Raised to 'A (sf)' from 'BBB (sf)' its ratings on the class
    C1a and C1c notes;

-- Raised to 'BBB (sf)' from 'BB (sf)' its ratings on the class
    D1a and D1c notes; and

-- Affirmed its 'B- (sf)' rating on the class E1c 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 part of our ongoing surveillance. Our analysis
reflects the application of our European residential loans
criteria and our current counterparty criteria.

"On Oct. 17, 2017, we raised our long- and short-term issuer
credit ratings (ICRs) on Barclays Bank PLC, the collection
account provider in this transaction. Consequently, on Nov. 10,
2017, we placed on CreditWatch positive our ratings on Eurosail
2006-4NP's class A3a, A3c, M1a, M1c, and B1a notes."

In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed. The servicer's definition
of other amounts owed include (among other items), arrears of
fees, charges, costs, ground rent, and insurance.

S&P said, "We have refined our analysis of these other amounts
owed by using the available reported loan-level data. The new
approach primarily results in a decrease in the weighted-average
loss severity (WALS) in this transaction.

"Since our previous full review, total arrears have declined to
16.4% from 17.8% (see "Various Rating Actions Taken In U.K.
Nonconforming RMBS Transaction Eurosail 2006-4NP Following
Review," published on Dec. 14, 2016)."

The transaction benefits from a large liquidity facility,
currently sized at GBP40.9 million, which is currently not
amortizing due to the cumulative loss trigger breach. It is
modelled as being drawn from Day 1.

The reserve fund (GBP3.7 million) is at its target balance and is
also currently not amortizing due to the breach of several
triggers.

The notes in this transaction are currently amortizing
sequentially, as they have breached the pro rata payment triggers
relating to arrears and cumulative repossessions.

S&P's weighted-average foreclosure frequency (WAFF) assumptions
have decreased for this transaction since its previous review,
primarily due to greater seasoning and lower arrears.

  Rating          WAFF           WALS         Expected

  Level            (%)            (%)         loss (%)
  AAA            32.62          34.92            11.39
  AA             26.47          27.78             7.35
  A              21.55          16.39             3.53
  BBB            17.53          10.40             1.82
  BB             13.03           6.92             0.90
  B              11.16           4.74             0.53

The combination of the higher available credit enhancement,
helped by the sequential payment of the transaction since March
2013, and the pool's decreased credit risk have benefitted the
transaction. S&P said, "Taking these factors into account, we
consider that the available credit enhancement is now
commensurate with higher ratings for the class D1a and D1c notes.
We have therefore raised to 'BBB (sf)' from 'BB (sf)' our ratings
on the class D1a and D1c notes."

The currency swap agreement between the issuer and Barclays Bank
is not in line with our current counterparty criteria. S&P said,
"Accordingly, our ratings on the notes in this transaction are
capped at 'A', the long-term ICR on Barclays Bank. The class A3a,
A3c, M1a, M1c, B1a, C1a, and C1c notes would have obtained higher
ratings without the ratings cap due to the currency swap
provider. Consequently, we have raised to 'A (sf)' from 'A- (sf)'
and removed from CreditWatch positive our ratings on the class
A3a, A3c, M1a, M1c, and B1a notes. At the same time, we have
raised to 'A (sf)' from 'BBB (sf)' our ratings on the class C1a
and C1c notes."

In addition, Danske Bank A/S, which acts as transaction account
provider and guaranteed investment contract (GIC) provider also
caps the ratings in this transaction at Danske Bank's long-term
ICR of 'A', in line with our current counterparty criteria.
S&P said, "In our view, the available credit enhancement for the
class E1c notes is commensurate with our currently assigned
rating. We have therefore affirmed our 'B- (sf)' rating on the
class E1c notes."

Eurosail 2006-4NP is a U.K. nonconforming residential mortgage-
backed securities (RMBS) transaction, which Southern Pacific
Mortgage Ltd., Preferred Mortgages Ltd., and Paratus AMC Ltd.
originated.

  RATINGS LIST

  Class           Rating            To           From

  Eurosail 2006-4NP PLC EUR327.5 Million, GBP496.45 Million, $64
  Million Mortgage-Backed Floating-Rate Notes, Excess-Spread
  Backed Floating-Rate Notes

  Ratings Raised And Removed From CreditWatch Positive

  A3a        A (sf)       A- (sf)/Watch Pos
  A3c        A (sf)       A- (sf)/Watch Pos
  M1a        A (sf)       A- (sf)/Watch Pos
  M1c        A (sf)       A- (sf)/Watch Pos
  B1a        A (sf)       A- (sf)/Watch Pos

  Ratings Raised

  C1a        A (sf)       BBB (sf)
  C1c        A (sf)       BBB (sf)
  D1a        BBB (sf)     BB (sf)
  D1c        BBB (sf)     BB (sf)

  Rating Affirmed

  E1c        B- (sf)


PINEWOOD GROUP: S&P Assigns B+ Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term corporate credit
rating to U.K.-based filming facilities provider Pinewood Group
Ltd. The outlook is stable.

At the same time, S&P assigned its 'BB' issue rating to
Pinewood's senior secured bonds issued by Pinewood Finco PLC.
S&P's recovery rating on this instrument is '1'.

These ratings are in line with the preliminary ratings we
assigned on Nov. 27, 2017.

The Pinewood and Shepperton studios, which are large compared to
other competitors in the movie industry, combine with on-site
infrastructure and service provisions to make the company a
global leader in hosting blockbusters. The company also has a
certain international presence, notably through a 40% equity
interest (50% of voting rights) in a joint venture in a studio in
Atlanta.

S&P said, "While our business risk profile assessment reflects
our view of Pinewood's globally recognized brand and strong
reputation in the movie industry, our rating is constrained by
the company's small scale when compared globally to other rated
real estate companies, its narrow range of activities mainly
focused on its two sites near London, and its limited tenant
diversification (Pinewood's largest tenant represents a
significant share of its revenues).

"That said, we note that the company operates in a supportive
market environment underpinned by growing demand for media
content. Pinewood's business also benefits from a supportive U.K.
tax regime for the creative industry and its performance has
proven resilient to economic downturns. It has not seen any
negative impact from Brexit so far. Rental agreements are usually
for less than 12 months and occupancy levels on the stages have
been historically around 80%. This compares negatively with other
rated commercial real estate companies, but we acknowledge that
is relatively standard for the industry. Pinewood has also
obtained detailed planning permission to develop phase 2 of
Pinewood East and plans to start works in second-quarter 2018,
with the aim of having the site operational in the middle of
2019.

"Our assessment of Pinewood's financial risk profile factors in
the ownership structure, in which funds advised by Aermont
Capital would be the ultimate shareholder. While we see the funds
advised by Aermont Capital as a supportive shareholder, the
investment horizon of the funds (up to 2026) and the lack of
track record in supporting Pinewood preclude us from considering
it a strategic owner. We note, however, Pinewood's robust post-
acquisition performance and moderate post-transaction leverage,
with a net loan-to-value ratio around 36% and EBITDA interest
coverage of more than 3.5x.

"Our base-case assumptions for Pinewood have not changed
materially since we assigned the preliminary rating on Nov. 27,
2017. We incorporate in our final rating the GBP10 million upsize
made by the company, which brings the final amount of the secured
bond to GBP250 million. We project that, after the successful
closing of the transaction, Pinewood's EBITDA interest coverage
should remain above 3.5x, with debt to EBITDA below 7x in the
next 12-24 months.

"The stable outlook reflects our view that Pinewood's assets will
likely continue to generate stable income, supported by the
growing demand for media content. The company's performance will
also continue to benefit from its existing long-term
relationships with the major global studios. We also note the
supportive financial strategy of Aermont Capital, which does not
plan to take any further dividend during Pinewood's expansion
phase. Consequently, we project that Pinewood's EBITDA interest
cover should remain above 3.5x, with debt-to-EBITDA below 7x.

"We could consider a positive rating action on Pinewood if the
ownership structure changes. Rating upside could also come from a
significant increase in its tenant-base diversification or in the
scale and scope of its portfolio.

"We might lower the rating if we saw evidence of deterioration in
Pinewood's rental activities, which could be caused by sluggish
demand linked to a downturn in the media industry. We would also
view negatively a substantial delay in phase 2 of Pinewood East
that would affect the company's performance, or a material change
in the shareholders' financial policy regarding Pinewood."


TOYS R US: Trebled Pay Package to UK Boss Prior to Collapse
-----------------------------------------------------------
Ashley Armstrong at The Sunday Telegraph reports that the UK arm
of struggling retailer Toys R Us more than trebled the pay
package for its boss just one year before the chain's parent
company tumbled into bankruptcy protection, prompting the closure
of a quarter of its UK shops.

Analysis by The Sunday Telegraph of a web of 17 Toys R Us
subsidiary companies has revealed that payments to its UK boss
soared from GBP356,000 in 2014 to GBP1 million in 2015 and
another GBP1.3 million for the year ending January 30, 2016.

That director is understood to be retail veteran Roger Mclaughlan
who led the retailer over the period and now heads garden centre
business Wyevale, The Sunday Telegraph states.

The steep remuneration awards were made despite Toys R Us's UK
business making an operating loss in seven of the eight last
years, The Sunday Telegraph notes.

The UK arm earlier confirmed plans to use a form of insolvency to
close at least 26 of its shops, putting around 800 workers at
risk of redundancy, The Sunday Telegraph recounts.

Toys R US requires 75% of its creditors, including landlords, to
support the company voluntary arrangement (CVA) at a vote four
days before Christmas, The Sunday Telegraph says.  If creditors
do not back the plan Toys R US is at risk of collapse, according
to The Sunday Telegraph.

The company's heavily indebted balance sheet meant that Toys R Us
was unable to invest in its online operations or dated warehouse
stores, which struggle to attract family shoppers, The Sunday
Telegraph discloses.

According to The Sunday Telegraph, Steve Knights, who joined Toys
R Us as managing director in the UK earlier this year, has said
that the retailer's larger shops are now "too big and expensive
to run in the current retail environment."

The retailer has already come under scrutiny from Frank Field MP
after it emerged Toys R Us had waived GBP585.4 million loans to a
holding company in the British Virgin Islands, The Sunday
Telegraph relays.

                       About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.

Merchandise is also sold at e-commerce sites including
Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is now a privately owned entity but still files with
the Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders'
deficit of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada,
including its 255 licensed stores and joint venture partnership
in Asia, which are separate entities, are not part of the Chapter
11 filing and CCAA proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve
as the Debtors' bankruptcy counsel.  The Debtors hired Kutak Rock
LLP as co-counsel; Alvarez & Marsal North America, LLC as
restructuring advisor; Lazard Freres & Co. LLC as investment
banker; Ernst & Young LLP as auditor; KPMG LLP as tax consultant
and internal audit advisor; Prime Clerk LLC as claims and
noticing agent; and A&G Realty Partners, LLC as real estate
advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The committee hired
Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel;
Wolcott Rivers P.C. as local counsel; FTI Consulting Inc. as
financial advisor; and Moelis & Company LLC as investment banker.


TOYS R US: Intends to Keep Hove Branch Open, Seeks Rent Cut
-----------------------------------------------------------
Brighton & Hove News reports that Toys R Us intends to keep its
Hove branch open as the financially troubled company prepares to
close about 25 stores nationwide.

But it wants a rent cut or a smaller sales area as it tries to
reduce its costs, Brighton & Hove News relates.

The Hove branch is one of its most profitable in the whole
country, Brighton & Hove News notes.

The company, which refers to its premises at the Goldstone Retail
Park in Old Shoreham Road, Hove, as its Brighton store, has
reassured staff about their future, Brighton & Hove News
discloses.

According to Brighton & Hove News, the company has asked the
landlords of more than a hundred stores to reduce rents.

It has also asked experts to help sort out its finances under a
company voluntary arrangement (CVA), giving it a measure of
protection from its creditors, Brighton & Hove News relays.

                       About Toys "R" Us

Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area.  Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions.

Merchandise is also sold at e-commerce sites including
Toysrus.com and Babiesrus.com.

On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.

Toys "R" Us is now a privately owned entity but still files with
the Securities and Exchange Commission as required by its debt
agreements.

The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders'
deficit of $1.319 billion as of April 29, 2017.

Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017.

In addition, the Company's Canadian subsidiary voluntarily
commenced parallel proceedings under the Companies' Creditors
Arrangement Act ("CCAA") in Canada in the Ontario Superior Court
of Justice.

The Company's operations outside of the U.S. and Canada,
including its 255 licensed stores and joint venture partnership
in Asia, which are separate entities, are not part of the Chapter
11 filing and CCAA proceedings.

Grant Thornton is the monitor appointed in the CCAA case.

Judge Keith L. Phillips presides over the Chapter 11 cases.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP serve
as the Debtors' bankruptcy counsel.  The Debtors hired Kutak Rock
LLP as co-counsel; Alvarez & Marsal North America, LLC as
restructuring advisor; Lazard Freres & Co. LLC as investment
banker; Ernst & Young LLP as auditor; KPMG LLP as tax consultant
and internal audit advisor; Prime Clerk LLC as claims and
noticing agent; and A&G Realty Partners, LLC as real estate
advisor.

On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors.  The committee hired
Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel;
Wolcott Rivers P.C. as local counsel; FTI Consulting Inc. as
financial advisor; and Moelis & Company LLC as investment banker.



===================
U Z B E K I S T A N
===================


INFINBANK: Moody's Hikes LT Foreign-Currency Deposit Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local and
foreign-currency deposit ratings of Uzbekistan's InFinBank to B2
from B3. The rating agency has also upgraded InFinBank's baseline
credit assessment (BCA) and adjusted BCA to b2 from b3.
Concurrently, Moody's upgraded the bank's long-term Counterparty
Risk Assessment (CR Assessment) to B1(cr) from B2(cr) and
affirmed the short-term local- and foreign-currency deposit
ratings of Not-Prime and its short-term CR Assessment of Not-
Prime(cr).

Outlook on all long term Bank Deposit ratings remains stable.

RATINGS RATIONALE

The upgrade of InFinBank's deposit ratings is driven by the
recent material strengthening of its capital position, following
the large capital injection in September 2017, which boosted the
bank's regulatory capital to around UZS 300 billion from UZS 124
billion at YE2016. As a result, Moody's estimated that its key
capital metric -- the TCE ratio -- increased to around 23% at
end-October 2017 (most recent available data) from around 15% at
end-December 2016. InFinBank also reported a regulatory capital
adequacy ratio of 22.5% at end-October 2017, well above the
required minimum of 12.5% and its cushion against potential
credit losses has strengthened accordingly. Moody's expects
InFinBank's TCE ratio to gradually decline over the next 12-18
months as a result of the expected lending growth, but will
remain above 16% in the long term.

The expected trends in InFinBank's asset quality and
profitability are also supportive of the ratings upgrade. Moody's
estimates that the level of problem loans will remain below 1% of
gross loans over the next 12-18 months because InFinBank was not
directly exposed to the risk related to recent local currency
devaluation as its proportion of FX denominated loans was low at
around 4% of gross loans in Q3 2017. In addition, the bank's
asset quality will benefit from a good diversification of its
loan book with focus on export-oriented corporate clients.

In upgrading the bank's BCA to b2, Moody's also incorporates its
expectation that the bank will maintain good profitability
metrics supported by a healthy net interest margin of above 4%
and robust income stream from fees and commission. For the first
ten months in 2017, InFinBank reported (under local GAAP) net
profit of UZS 22.3 billion compared to UZS 17.6 billion for the
whole 2016, which translates into annualized ROAA of 2% ( 2016:
1.76% IFRS).

WHAT COULD MOVE THE RATINGS UP/DOWN

A longer track record of improving its risk profile, sustained
good loss absorption capacity along with strengthening and
diversification of its business franchise could lead to an
upgrade of InFinBank's long-term ratings. At the same time,
negative pressure could be exerted on the bank's ratings in case
of significant deterioration of its asset quality and/or
liquidity from current levels or if InFinBank's exposure to
related party transactions materially increases.

LIST OF AFFECTED RATINGS

Issuer: InFinBank

Upgrades:

-- LT Bank Deposits, Upgraded to B2 from B3, Outlook Remains
    Stable

-- Adjusted Baseline Credit Assessment, Upgraded to b2 from b3

-- Baseline Credit Assessment, Upgraded to b2 from b3

-- LT Counterparty Risk Assessment, Upgraded to B1(cr) from
    B2(cr)

Affirmations:

-- ST Bank Deposits, Affirmed NP

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

Outlook Actions:

-- Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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



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


* BOND PRICING: For the Week December 4 to December 8, 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 * * *