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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 18, 2017, Vol. 18, No. 250


                            Headlines


G E R M A N Y

ADLER REAL ESTATE: S&P Alters Outlook to Pos., Affirms 'BB' CCR
BEATE UHSE: Files for Insolvency, Rescue Talks Ongoing
NIKI LUFTFAHRT: Has 7 Days to Agree on Sale, Runway Slots at Risk


I R E L A N D

CARLYLE EURO 2017-3: S&P Assigns Prelim B- Rating to Cl. E Notes
FRANKLIN IRELAND: S&P Assigns Prelim. 'B' Rating to EUR355MM Loan
G HOTEL: Exits Examinership After High Court Okays Rescue Scheme

* S&P Takes Various Positive Rating Actions on Irish Banks


I T A L Y

BANCA CARIGE: Moody's Affirms Caa2 Long-Term Issuer Rating
INTER MEDIA: S&P Assigns Prelim 'BB-' Rating to EUR300MM New Bond


K A Z A K H S T A N

TENGRI BANK: S&P Affirms 'B+/B' Issuer Credit Ratings


L U X E M B O U R G

ALGECO SCOTSMAN: S&P Places 'CCC' CCR on CreditWatch Developing
ATRADIUS FINANCE: Moody's Reviews Ba1 Sub. Notes for Upgrade
AZELIS FINANCE: S&P Affirms 'B' CCR, Outlook Stable
BEFESA SA: Moody's Rates EUR636MM Bank Loans Ba3
BEFESA SA: S&P Assigns 'BB-' Corp Credit Rating, Outlook Stable


N E T H E R L A N D S

JUBILEE CLO 2017-XIX: S&P Assigns B- (sf) Rating to Class F Notes


N O R W A Y

STOREBRAND ASA: Moody's Affirms Ba1 Long-Term Issuer Rating


R U S S I A

PROMSVYAZBANK PJSC: Russia's Central Bank Takes Control


S P A I N

IM SABADELL 11: Moody's Rates EUR332.5MM Series B Notes (P)Caa3


S W I T Z E R L A N D

DARWIN AIRLINE: Declared Bankrupt, Operating License Suspended


T U R K E Y

YASAR HOLDING: Moody's Puts B2 CFR on Review for Downgrade


U N I T E D   K I N G D O M

BYRON BURGERS: More Sites to Close Following Rescue Deal
DIAMOND MIDCO: S&P Affirms 'B' Corp. Credit Rating, Outlook Neg.
INDIVIOR PLC: S&P Assigns 'B+' Rating to Sr. Sec. Credit Facility
SEADRILL PARTNERS: Moody's Affirms Caa2 Rating on $2.9B Sr. Loan
VE INTERACTIVE: Administrators May Pursue Claims in Courts

* S&P Revises Outlook on Four U.K. Project Finance Transactions


X X X X X X X X

* BOND PRICING: For the Week December 11 to December 15, 2017


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G E R M A N Y
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ADLER REAL ESTATE: S&P Alters Outlook to Pos., Affirms 'BB' CCR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on German property
investment company Adler Real Estate AG to positive from stable.
The 'BB' long-term corporate credit rating was affirmed.

S&P said, "We also affirmed our 'BB+' long-term issue rating on
the company's senior unsecured debt. The '2' recovery rating
remains unchanged, reflecting our expectation of 70%-90% recovery
(rounded estimate: 80%) in the event of a payment default.

"Our outlook revision reflects Adler's improved cost of funding
after its issue of two tranches of a EUR500 million senior
unsecured bond maturing in December 2021 and bearing coupon of
1.5% and a EUR300 million bond maturing in February 2024 and
bearing coupon of 2.125%. We understand that management is
currently repurchasing EUR676 million of its Schuldschein loans
with the proceeds of the bond issues. As a result, Adler's cost
of debt (cash interest) will likely improve to 2.7% in 2018 from
3.5%, and we estimate its expense-based interest rate will
slightly exceed 3% in the same year. We project the S&P Global
Ratings-adjusted EBITDA-to-interest ratio will improve to 1.7x in
2018 and 1.8x in 2019, from 1.3x in 2017 (when we exclude
earnings from trading). We also understand that management's
revised financial policy aims to reduce the debt-to-debt plus
equity ratio to less than 55% in the next few years. We expect
improvement in debt-to-debt plus equity, as calculated by S&P
Global Ratings, with this ratio to be in the 60%-65% range in
2017-2018, depending on the scale of positive revaluations of the
company's portfolio. We expect a meaningful positive portfolio
revaluation of 7%-8% in 2017, owing to increasing net rental
income and yield compression and more moderate revaluation of
between 3% and 4% in 2018 and 2019. Following a significant
increase in house prices in primary locations over the past
couple of years, we now expect price growth in Germany will
spread to secondary locations, where most of Adler's assets are
located. We also understand that valuations of most of Adler's
assets are significantly below replacement costs, supporting
further positive revaluation potential.

"In our view, Adler has a sound portfolio of residential
properties in the North and West of Germany, mainly in smaller
cities. Adler is one of the largest property companies in
Germany, managing a portfolio of about 50,000 units valued at
about EUR2.4 billion. The average stay per tenant is long, at 10
years, with a low percentage of tenants leaving each year, in
line with other German residential peers we rate.

"Our assessment of Adler's business risk profile reflects our
view that German residential properties should continue to
benefit from lower volatility in rents and asset values compared
with other European countries and the commercial real estate
sector as a whole. We think that demand from German households
for midsize apartments with midmarket rents will remain stable in
the portfolio's main geographic locations. We believe that rents
will continue to increase steadily in the next two to three
years, due to low levels of new construction. We understand that
the company focuses mostly on renovation of existing properties
in smaller locations but might invest in development projects on
an opportunistic basis, as happened with the acquisition of
Wasserstadt Mitte development project in central Berlin in
November 2017. Still, we believe that development risk is
limited, and the share of assets under development is less than
10% of its total portfolio."

The main constraint to the business risk profile is the smaller
portfolio size than that of other rated German peers, the
relatively high vacancy rate of 10%, exposure to smaller cities
with limited opportunities for employment, and lower rents than
the regional market average. S&P said, "We understand that Adler
is currently in negotiations to dispose of some of its noncore
assets, and this should lead to improvement in its occupancy
ratio, by a couple of percentage points from the current 90%. We
also expect improvement in occupancy because of Adler's strategy
to decrease vacancies through active asset management and a
better tenant proposition through integrating all property
management services in-house."

Although Adler is focusing on smaller cities and secondary
locations, its current strategy is to choose apartment portfolios
in cities with low unemployment and established employers in the
region, or close to large metropolitan areas. S&P understands
that there is some potential rent adjustment at renewal and re-
renting, since Adler's rent levels (EUR5 per square meter) are
below the market average in its focus regions.

S&P said, "The positive outlook indicates that we might upgrade
Adler within the next 12 to 18 months, if its efforts to improve
its operating performance, as well some additional refinancing,
push the company's S&P Global Ratings-adjusted EBITDA interest
coverage ratio to more than 1.8x and debt-to-debt to debt plus
equity to less than 60%. The outlook is also underpinned by our
view of favorable trends in Germany's residential property
market."

An upgrade will hinge on Alder's willingness and ability to
maintain an adjusted ratio of debt-to-debt plus equity lower than
60% and an EBITDA interest coverage ratio materially higher than
1.8x. This might be supported by improving occupancy rates, and
higher indexation, combined with some additional debt repayments.
The company's commitment to its revised financial policy target
of a debt-to-debt plus equity ratio below 55%, and a prudent
approach to acquisitions, would also be important considerations.

S&P could consider revising the outlook to stable if, in
particular, Adler's debt-to-debt plus equity ratio stays higher
than 60% and its EBITDA interest coverage ratio remained below
1.8x because improvements in operating performance and debt
reductions were less pronounced. The company's ability to improve
its vacancy rate and profitability will be key areas to monitor.


BEATE UHSE: Files for Insolvency, Rescue Talks Ongoing
------------------------------------------------------
Maria Sheahan at Reuters reports that German sex shop group Beate
Uhse has filed for insolvency after failing to secure financing
from a group of investors.

The company, started in 1946 by a former female pilot with the
same name, said the insolvency did not apply to its subsidiaries,
which means its shops will remain open as it tries to
restructure, Reuters relates.

According to Reuters, Beate Uhse Chief Executive Michael Specht
said in a statement the company would continue talks with
creditors and potential new investor.


NIKI LUFTFAHRT: Has 7 Days to Agree on Sale, Runway Slots at Risk
-----------------------------------------------------------------
Kirsti Knolle at Reuters reports that Stefan Tankovits, the chief
of Niki's works council, said on Dec. 15 the sale of insolvent
Austrian airline Niki must be agreed within seven days as its
valuable runway slots will be lost afterwards.

So far, former motor racing driver Niki Lauda and tour operator
Thomas Cook have expressed an interest in taking over Niki,
Reuters notes.

According to Reuters, Mr. Tankovits said on ORF radio on Dec. 15
the runway slots, one of Niki's most attractive assets, are still
valid for seven days.

As reported by the Troubled Company Reporter-Europe on Dec. 15,
2017, the management of NIKI Luftfahrt GmbH on Dec. 13 filed with
the local court of Berlin-Charlottenburg a petition for the
opening of insolvency proceedings over the assets of NIKI
Luftfahrt GmbH.

NIKI will discontinue to operate further flights for the time
being.

                         About Air Berlin

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

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

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

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

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



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I R E L A N D
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CARLYLE EURO 2017-3: S&P Assigns Prelim B- Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Carlyle Euro CLO 2017-3 DAC's class A-1, A-2A, A-2B, B-1, B-2, C,
D, and E notes. At closing, the issuer will also issue unrated
subordinated notes.

The preliminary ratings assigned to Carlyle Euro CLO 2017-3's
notes reflect our assessment of:

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

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

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

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

S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the exposure to individual
sovereigns does not exceed the diversification thresholds
outlined in our criteria.

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

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

Carlyle Euro CLO 2017-3 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by European borrowers. CELF Advisors LLP
is the collateral manager.

RATINGS LIST

  Preliminary Ratings Assigned

  Carlyle Euro CLO 2017-3 DAC
  EUR413.8 Million Senior Secured Floating- And Fixed-Rate Notes
  (Including EUR43.7 Million Subordinated Notes)

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

  A-1            AAA (sf)          234.0
  A-2A           AA (sf)            29.5
  A-2B           AA (sf)            15.0
  B-1            A (sf)             26.5
  B-2            A (sf)             10.0
  C              BBB (sf)           20.5
  D              BB (sf)            23.5
  E              B- (sf)            11.1
  Sub.           NR                 43.7

  NR--Not rated.
  Sub.--Subordinated.


FRANKLIN IRELAND: S&P Assigns Prelim. 'B' Rating to EUR355MM Loan
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary long-term corporate
credit rating to Franklin Ireland Topco Limited, the parent of
Ireland-incorporated value-added tax (VAT) refund and payment
solutions provider Fintrax Group (together, Fintrax). The outlook
is stable.

S&P said, "We also assigned our preliminary 'B' issue rating to
the group's proposed EUR355 million term loan B and the proposed
EUR65 million revolving credit facility (RCF). The preliminary
recovery rating on this debt is '4', indicating our expectation
of average recovery prospects (30%-50%; rounded estimate: 45%) in
the event of a payment default.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. 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
timeframe, or if final documentation and final terms of the
transaction depart from materials and terms reviewed, it reserves
the right to withdraw or revise the ratings."

The preliminary rating on Fintrax primarily incorporates its
relatively small scale of operations and its No. 2 market
position in the niche market of tourist VAT refund processing, as
well as its high leverage and financial sponsor ownership.

S&P said, "Fintrax' small scale of operations compared with its
closest peer, Global Blue Acquisition, and lack of geographic
diversification constrains our assessment of the group's business
risk profile. Fintrax derives 84% of its gross profit from the
niche VAT refund processing market, where profitability can
fluctuate based on swings in tourist shopping demand. The VAT
refund processing market is exposed to external shocks in both
outbound and inbound countries, in particular adverse exchange-
rate movements, terrorist attacks, economic downturns, and
changes in taxes and regulations. Together, Global Blue and
Fintrax have 80%-85% of the market, but Fintrax lags behind
Global Blue with a market share of 20%-25%. We also consider that
Fintrax has some earnings concentration in France and in the
U.K., where it derives more than 50% of its total revenues.
However, the proposed Planet Payment acquisition will broaden
Fintrax' EBITDA base, we expect about EUR17 million of reported
EBITDA in 2017. It also diversifies the group's operations away
from Western Europe and increases its exposure to the dynamic
currency conversion segment, enabling international shoppers to
pay in their home currency at point of sale.

"We view positively the underpenetration of the VAT refund
market, where at the moment only 35%-40% of addressable spends in
stores are currently captured. As the market is concentrated, we
understand there is still room for Fintrax to grow in the coming
years, on the back of customers becoming more aware of the
service, more automated procedures, and an expanding middle-class
population in emerging countries. We note that despite the
earnings concentration in France and the U.K., the group has a
more diversified customer base in terms of nationalities, with
Chinese tourists representing about 27% of group sales. Fintrax
currently has a network of about 14,000 merchants covering 28
countries and has achieved constant revenue growth since 2010.
Under our base-case scenario, we expect that Fintrax' credit
metrics will remain in the highly leveraged category over the
next couple of years, with pro forma adjusted debt to EBITDA of
between 6.0x and 6.5x in 2018, after about 7.0x in 2017 for
Fintrax on a stand-alone basis. We exclude the group's preferred
equity certificates from our debt adjustment and treat them as
equity in our calculation.

"Our preliminary rating on Fintrax also reflects our forecast
that the ratio of funds from operations (FFO) to cash interest
will remain at above 2.0x, well within our thresholds for the
current rating level, with positive free operating cash flow
(FOCF) generation of about EUR20 million on average in 2017 and
2018.

"The stable outlook on Fintrax reflects our expectation that its
adjusted leverage will decline to between 6.5x and 6.0x in 2018,
from about 7.0x in 2017 pro forma the acquisition of Planet
Payment. In our stable outlook, we also capture the successful
integration of Planet Payment, coupled with an operating
performance in line with our expectation, leading to pro forma
adjusted EBITDA of between EUR65 million and EUR70 million in
2018 from EUR40 million-EUR45 million in 2017 for stand-alone
Fintrax. This should translate into reported FOCF of EUR20
million on average in 2017-2018. We also expect the group's
liquidity will remain adequate.

"We could downgrade Fintrax over the next 12 months if we saw its
operating performance declining below our base case, an
unsuccessful integration of Planet Payment, or a large working
capital swing prompting reported FOCF to turn negative in 2017
and 2018, pro forma the acquisition. We could also take a
negative rating action following material or transformative debt-
financed acquisitions, or dividend recaps that would push up the
group's leverage.

"We view an upgrade of Fintrax as unlikely. It would hinge on the
group committing to a more conservative financial policy, leading
us to consider the overall likelihood of releveraging to be
remote. We could raise our preliminary rating on Fintrax if S&P
Global Ratings-adjusted debt to EBITDA decreased to below 5.0x on
a sustainable basis, combined with sizable generation of FOCF."


G HOTEL: Exits Examinership After High Court Okays Rescue Scheme
----------------------------------------------------------------
Ann O'Loughlin at Irish Examiner reports that a scheme of
survival allowing seven companies controlled by Galway
businessman Gerry Barrett and employing over 330 people to
survive as going concerns has been approved by the High Court.

Ms. Justice Marie Baker said she was satisfied to approve the
scheme which will see the seven companies connected to businesses
including the Five Star G Hotel, 4-star Meyrick Hotel, apartments
a retail park and the Eye Cinema which are all located in Galway
City formally exit the examinership on Dec. 21 next, Irish
Examiner relates.

The court approved the schemes which were put in place by the
examiner insolvency practitioner Neil Hughes of Baker Tily Hughes
Blake, following lengthy talks between the companies and the
firms' main creditors Deutsche Bank, Irish Examiner discloses.

Paul Gallagher SC for the bank, which had supported the
examiner's proposals, said an agreement had been reached with the
Barretts who were withdrawing their objections to the scheme,
Irish Examiner notes.

The terms of that agreement the court heard are confidential,
Irish Examiner states.

The settlement was welcomed by the Judge, Irish Examiner relays.

The companies sought the protection of the courts last September,
Irish Examiner recounts.  However, the firms opposed the schemes
of arrangement proposed by the examiner on grounds including that
the schemes were unfair to one class of impaired creditors.

The companies, whose directors are Mr. Barrett and Catherine
Barrett of Drimbawn House, Chestnut Lane, Lower Dangan, Galway
sought the protection of the court after Deutsche Bank appointed
a receiver over the firms in late August, Irish Examiner
recounts.

Deutsche Bank (DB), represented in court by Paul Gallagher SC and
Neil Steen SC had supported the scheme, Irish Examiner notes.

The bank which is owed more than EUR690 million by the group
after acquiring its loans from Nama in 2015, had initially
opposed the appointment of an examiner, Irish Examiner discloses.

It had done so on grounds including 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, according to Irish Examiner.

However, following rulings by both the High Court and Court of
Appeal the examiner was appointed to all seven companies, Irish
Examiner relays.

The companies, which are all part of Mr. Barrett's Edward Capital
Group are KHKitty Hall Holdings Ltd, Ml Meyrick Ltd and Mono
Trading Ltd, Edward Leisure Assets Unlimited Company, Niche
Hotels Unlimited Company, Style City Limited and Radical
Properties Unlimited Company, Irish Examiner discloses.

Previously, the court heard that under the scheme, an investor
called Waltzfire Ltd will put EUR89 million, plus an additional
EUR9 million as working capital, into the companies, Irish
Examiner relates.

Afterwards, Mr. Hughes, as cited by Irish Examiner, said that the
approval by the court of the scheme "showed the benefits of the
examinership process."


* S&P Takes Various Positive Rating Actions on Irish Banks
----------------------------------------------------------
S&P Global Ratings said that it took various rating actions on
Irish banks. Specifically, S&P:

-- Affirmed the ratings on non-operating holding company (NOHC)
    Bank of Ireland Group PLC (BOIG) at 'BBB-/A-3' and revised
    the outlook to positive from stable. In addition, we affirmed
    the ratings on its main operating bank, Bank of Ireland, at
    'BBB/A-2' and revised the outlook to positive from stable.

-- Affirmed the ratings on Allied Irish Banks PLC (AIB) at 'BBB-
    /A-3' and revised the outlook to positive from stable. At the
    same time, we affirmed the 'BB+/B' ratings on AIB's U.K.
    subsidiary, AIB Group (U.K.) PLC and revised the outlook to
    positive from stable.

-- Affirmed the 'BBB/A-2' ratings on Ulster Bank Ireland DAC
    (Ulster Bank). The outlook remains positive. Affirmed the
    'B+/B' ratings on NOHC Permanent TSB Group Holdings PLC
    (PTSB) and the 'BB/B' ratings on its main operating bank
    Permanent TSB PLC. The outlook on both entities remains
    positive.

-- Affirmed the 'BBB-/A-3' ratings on KBC Bank Ireland PLC
    (KBCI). The outlook remains positive.

RATIONALE

S&P said, "The positive rating actions reflect our view that the
Irish banking system is successfully working through its past
failings. We believe that its industry risk profile is now less
of a negative outlier relative to other eurozone banking systems.
The banking system's progress since the financial crisis and the
early track record of the Single Supervisory Mechanism under the
leadership of the European Central Bank (ECB) lead us to believe
that past supervisory failings should weigh less upon the
industry risks facing Irish banks. For example, since 2017, banks
have been required to demonstrate a more proactive plan to reduce
their nonperforming exposures. The vast majority of Irish banking
assets are now directly or indirectly supervised by the ECB. In
our view, the failings of the Irish regulator were one of the
main factors that led to the collapse of the Irish banking system
in 2008."

This is not to say that Irish banks don't continue to face
difficulties with the local regulator and politicians. Recently,
Irish banks were scolded by the Minister of Finance over their
handling of some tracker mortgage customers. The banks have been
ordered, in strident terms, to rectify the situation, including
through customer redress. S&P said, "We view this proactive
approach as a jolt to the banking system and evidence that the
required conduct standards have changed permanently. In our view,
they are likely to be embedded in all aspects of their business
activities."

S&P said, "Also supporting our updated industry view are the
improvements that we have observed in Irish banks' funding
profiles, albeit from an extremely weak position at the time of
their recapitalization in 2011. We expect our measure of
systemwide core deposits (including 100% of retail deposits and
50% of corporate deposits) to cover around 76% of systemwide
domestic loans at end-2017. This metric compares well with some
peers, although we note its dramatic improvement (it was 41% at
end-2011) primarily relates to the significant scale of
deleveraging and the recovery from a low base in the confidence
in Irish banks from corporate depositors. We have also seen early
evidence of debt issuance by one Irish NOHC, which will
contribute towards their regulatory requirement for own funds and
eligible liabilities (MREL) requirements."

The improving funding profile has supported recovery in net
interest margins. Future profit growth will likely require better
business volumes and greater progress on operating efficiency.
S&P assumes that further margin expansion is unlikely and the
benefits of provision releases will wane.

S&P said, "At present, we are not overly concerned with the high
house price inflation this year as we don't believe this is a
credit-fuelled bubble and, in our view, Ireland's housing market
is still in recovery following its severe crash. Sustained growth
of more than 10% will eventually give us pause for thought,
however. Nationally, house prices rose by 12.8% over the 12
months to September 2017 according to the Central Statistics
Office, accelerating the previously steady recovery since the
trough in early 2013. House prices are still, on average, around
one-quarter below their 2007 peak.

"Total credit growth has been negative in 2017, for the ninth
straight year by our calculations. We believe that credit growth
will turn positive in 2018, a position which will become more
obvious in 2019. Mortgage loans, which account for the vast
majority of household debt, will be the key factor.

"Against a favorable backdrop of an expanding economy, falling
unemployment, and low rates, we expect domestic systemwide credit
losses to have been exceptionally low in full-year 2017, with net
provision releases in some cases. We assume the systemwide loan
loss rate to be up to 20 basis points (bps) in 2017,
significantly below our assumption in our January 2017 Banking
Industry Country Risk Assessment (BICRA) publication of 30bps in
2017. For 2018 and 2019, we maintain our view of a more normal
level of around 30bps credit losses. These assumptions do not
explicitly factor the impact of the new accounting standard,
International Financial Reporting Standard (IFRS) 9.

"The banking system's large stock of nonperforming loans (NPLs;
we define these as impaired loans, plus loans that are 90 days
past due but are not impaired, and performing forborne loans) and
a still-high level of mortgage arrears (including a meaningful
proportion of very long-term arrears of 720 days plus) remains
among the most significant challenges facing the industry. We
estimate that NPLs will be around 21% of domestic systemwide
loans at end-2017 (down from around 27% at end-2016). While we
expect a further reduction in NPLs (we assume to about 12% by
end-2019) a more material reduction depends on proactive
initiatives by banks.

"As a result the anchor, or starting point, for rating a typical
Irish bank remains at 'bbb-' but has the potential to improve to
'bbb' over the next two years. In particular, we could improve
our funding assessment if the banking system proves able to
maintain a retail funding profile with firmer evidence that our
metric of deposits to loans will remain above 75% on a
sustainable basis as lending growth recovers; and we see further
evidence of wide, affordable access to the wholesale markets. We
would also need to gain confidence that the recovery in pre-
provision profitability will not reverse. With regard to an
improved assessment of economic risk we would need to see
evidence of a substantial further reduction in NPLs before we
could consider this. We note that continued house price inflation
above 10% and any potential risks to Ireland from its close
trading partner, the U.K., leaving the EU may also cause us to
resist a stronger assessment.

"We have incorporated these revised assumptions into our ratings
on five rated Irish banks, as explained further below. The
ratings on Barclays Bank Ireland PLC, a core subsidiary of
Barclays Bank PLC under our group rating methodology, are
unaffected by this review."

BANK OF IRELAND GROUP PLC

S&P said, "The positive outlook on BOIG reflects the at least
one-in-three chance over our two-year outlook horizon that we
could improve our view of Irish banking industry risk. If this
occurs, and at that time we continue to believe that the group is
demonstrating a clear prospect of solid business and earnings
growth, then we could revise upward the unsupported group credit
profile (UGCP) by one notch to 'bbb+' and therefore the ratings.
Less likely, but still plausible over this timeframe, we could
also revise upward the UGCP if BOIG significantly improved its
asset quality metrics to be broadly in line with higher rated
peers, while continuing to demonstrate predictable earnings from
both its Irish and U.K. franchises.

"We could revise the outlook back to stable if our view of Irish
banking industry risk worsened, or if the group's business and
earnings predictability faltered."

BANK OF IRELAND

S&P said, "The positive outlook mirrors the rationale for the
action on BOIG but also incorporates our belief that we could
apply a notch for additional-loss absorbing capacity (ALAC). This
factor would only benefit the ratings on Bank of Ireland because
we do not include notches for ALAC support in the ratings on
NOHCs.

"If we revised upward the anchor and applied a one-notch
adjustment for ALAC, we would not raise the rating on Bank of
Ireland upward by two notches, at least in the near term. This is
because, in our view, its overall creditworthiness is not yet
consistent with 'A' category rated banks.

"We could revise the outlook to stable if our view of Irish
banking industry risk worsened, if we did not believe that
sufficient progress had been made to build ALAC, or if we
believed that a higher rating could not be justified relative to
higher rated peers. This could be the case, for example, if we
believed that the business were in a negative transition."

ALLIED IRISH BANKS PLC

S&P said, "The positive outlook on AIB reflects the at least one-
in-three chance that we could improve our view of Irish banking
industry risk over our two-year outlook horizon. This could lead
us to revise upward AIB's UGCP by one notch to 'bbb', and
therefore raise the ratings.  While less likely in the short
term, we could also upgrade AIB if we included one notch of ALAC
support in the ratings on the bank, or if it continued to make
steady progress in reducing its stock of nonperforming assets
(NPAs) to levels more aligned with those of peers in the coming
18-24 months. The former depends on the bank's MREL and issuance
plans, and the bank's ALAC buffer would need to exceed the
required thresholds of 5% for a bank with a starting point of
'bbb-' or higher.

"We could revise the outlook back to stable if our view of Irish
banking industry risk worsened. We could also revise the outlook
back to stable if AIB's capital management becomes more
aggressive as it gradually returns to full private ownership,
such that we no longer believed its RAC ratio would sustainably
exceed 10%."

The positive outlook on AIB Group (U.K.) PLC, AIB's wholly owned
subsidiary, reflects the positive outlook on AIB.

ULSTER BANK IRELAND DAC

S&P said, "The positive outlook on Ireland-based Ulster Bank
reflects our positive outlook on the main operating entities of
the Royal Bank of Scotland Group PLC (RBS) -- Ulster Bank's
ultimate parent -- that are likely to form the future ring-fenced
part of RBS.  We could upgrade Ulster Bank over the coming 18-24
months if we upgraded RBS' future ring-fenced operating
subsidiaries. Although less likely, we could also consider an
upgrade if Ulster Bank demonstrated an improved operating
performance and risk profile at least in line with that of the
parent, which would enable us to equalize its ratings with RBS'
GCP.

"We would revise our outlook on Ulster Bank to stable if we took
a similar action on the RBS group's future ring-fenced entities.
We could also revise the outlook to stable if we observed that
the Republic of Ireland was becoming less integral to the RBS
group's strategy and the links between Ulster Bank and the RBS
group were weakening as a result.

PERMANENT TSB GROUP HOLDINGS PLC

PTSB's UGCP remains unchanged at 'bb'.

S&P said, "The positive outlook on PTSB reflects the at least
one-in-three chance that our view of Irish banking industry risk
could improve over the coming two years. All other factors
remaining the same, an improved view of the banking industry in
Ireland could lead us to revise upward PTSB's UGCP -- and
therefore raise the ratings -- by one notch, given PTSB's
domestic focus.

"Although less likely over our 12-month horizon, we could raise
the ratings on PTSB if we observed that its NPAs and mortgage
arrears had converged toward levels more in line with those of
its domestic and international peers, while capitalization
remained at a level commensurate with a strong assessment. This
would be measured by our RAC ratio of above 10%. This reflects
our view that PTSB's enhanced focus on reducing NPAs should
support gradual improvements in its asset quality, operating
performance, and earnings capacity.

"We could revise the outlook back to stable if our view of Irish
banking industry risk worsened. We could also revise the outlook
to stable if we considered that PTSB's efforts to reduce NPAs had
derailed its path to earnings recovery and its ability to
maintain capital sustainably above 10%."

PERMANENT TSB PLC

The positive outlook on PTSB, the primary operating company of
the group, mirrors that on Permanent TSB Group Holdings PLC, the
NOHC. S&P could lower or raise the ratings if it revised the UGCP
downward or upward, as explained above.

S&P said, "While less likely in the short term, we could also
raise the ratings if we believed PTSB could build a sufficiently
large ALAC buffer, subject to evidence of issuance. This would
only benefit the ratings on the operating company, Permanent TSB
PLC, because we do not include notches for ALAC support in the
ratings on NOHCs."

KBC BANK IRELAND

KBCI's stand-alone credit profile remains unchanged at 'bb'.
S&P said, "The positive outlook reflects that we could raise the
ratings by one notch in the next 12-24 months if our view of
Irish industry risk improved, or if we thought that on a stand-
alone basis, KBCI would generate recurring and more predictable
statutory earnings, which would indicate its strategic
repositioning was working successfully.

"While less likely, we could also raise the ratings if, for
example, we observed improving performance, successful
developments in KBCI's retail franchise, and profitable
bancassurance operations that were more reflective of KBC Group's
overall business strategy. This could lead us to revise upward
our group status assessment for KBCI.

"While we view KBCI's strategy as logical, we consider
management's attempt to reposition the KBCI franchise as a work
in progress. We could therefore revise the outlook back to stable
if we believed that the bank were lagging its peers in terms of
working through its large stock of NPAs, or if we considered that
management were unlikely to develop KBCI into a retail-focused
bank that could generate solid and sustainable earnings."

  BICRA SCORE SNAPSHOT*
  Ireland
                             To                  From
  BICRA Group                5                   5
  Economic risk              5                   5
  Economic  resilience       Low risk            Low risk
  Economic  imbalances       Intermediate risk  Intermediate risk
  Credit risk in the economy Very high risk     Very high risk

  Industry risk              5                   6
  Institutional framework    Intermediate risk   High risk
  Competitive dynamics       Intermediate risk  Intermediate risk
  Systemwide funding         High risk          High risk

  Trends
  Economic risk trend        Stable              Stable
  Industry risk trend        Positive            Stable

  *Banking Industry Country Risk Assessment (BICRA) economic risk
  and industry risk scores are on a scale from 1 (lowest risk) to
  10 (highest risk).

  Ratings List

  Ratings Affirmed; Outlook Action
                               To                 From
  Bank of Ireland Group PLC
  Counterparty Credit Rating   BBB-/Positive/A-3  BBB-/Stable/A-3

  Bank of Ireland
  Counterparty Credit Rating   BBB/Positive/A-2   BBB/Stable/A-2

  Allied Irish Banks PLC
  Counterparty Credit Rating   BBB-/Positive/A-3  BBB-/Stable/A-3

  AIB Group (U.K.) PLC
  Counterparty Credit Rating   BB+/Positive/B     BB+/Stable/B

  Ratings Affirmed

  Ulster Bank Ireland DAC
   Counterparty Credit Rating             BBB/Positive/A-2
  Permanent TSB Group Holdings PLC
   Counterparty Credit Rating             B+/Positive/B
  Permanent TSB PLC
   Counterparty Credit Rating             BB/Positive/B
  KBC Bank Ireland PLC
   Counterparty Credit Rating             BBB-/Positive/A-3


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


BANCA CARIGE: Moody's Affirms Caa2 Long-Term Issuer Rating
----------------------------------------------------------
Moody's Investors Service affirmed the B3 long-term deposit
ratings and Caa2 long-term issuer rating of Banca Carige S.p.A.
(Carige). At the same time, Moody's upgraded Carige's standalone
baseline credit assessment (BCA) and adjusted BCA to caa1 from ca
and its long-term Counterparty Risk Assessment (CR Assessment) to
B1(cr) from B3(cr). The outlook on the long-term deposit ratings
was changed to negative from developing; the outlook on the long-
term issuer rating was changed to stable from developing.

The bank's short-term deposit rating of Not Prime and its short-
term CR Assessment of Not Prime(cr) were unaffected by today's
rating action.

The rating action reflects (i) Carige's recapitalisation and
planned problem loan reduction; (ii) higher loss-given-failure
for the bank's junior deposits and senior unsecured bonds; and
(iii) Moody's revised view of a low likelihood of government
support.

RATINGS RATIONALE

In Moody's view the steps being taken by Carige will improve the
bank's standalone creditworthiness, leading to a three-notch
upgrade in the BCA to caa1, following the impairment of its
subordinated debt, as reflected in the previous BCA of ca.
Nevertheless, Moody's notes that, even after the restructuring,
Carige's problem loans remain very high, driving the caa1 BCA.

On 6 December the bank effectively completed a EUR500 million
share issue which, together with a completed exchange of
subordinated bonds into senior bonds at a discount generating a
EUR220 million capital gain and ongoing asset disposals (to be
completed in H1 2018) generating a further EUR200 million so far,
will raise about EUR1 billion of capital. The proceeds will
largely be used to write down and then dispose of EUR1.9 billion
of problem loans, EUR1.2 billion of which were already sold and
the remainder is to be disposed of by end-2018.

Carige expects to report a strengthened Common Equity Tier 1
ratio (CET1) of 12.5% (according to the bank's calculation) by
end-2018, compared to its working minimum of 11.9% (comprising
both the ECB's requirement and guidance), and a reduction in its
gross problem loan ratio to 19% by end-2018 (from 32% at end-
September 2017).

Moody's does not however factor into the BCA the full benefit of
the profitability improvements envisaged under the bank's
restructuring plan, i.e. a 6.5% return on tangible equity in 2020
(compared to -9.9% in the first nine months of 2017), which
assumes a cost of risk of 55 bp (compared to 229 bp in the first
nine months of 2017). The rating agency believes that, despite
lower loan loss provisions and significant operating cost
reductions, a return to adequate profitability will be more
gradual. In particular, achieving a cost-to-income ratio of 57%
in 2020, from a very high 95% in the first nine months of 2017
(excluding the losses on the disposal of problem loans) will be
very challenging. Although this only requires a compound annual
growth rate in revenue of 4%, this target will be difficult to
meet while the bank is changing its business model by reducing
its headcount and branches by one fifth.

RATIONALE FOR THE LONG-TERM RATINGS

The affirmation of the B3 deposit rating and Caa2 issuer rating
reflects (i) the upgrade of the BCA to caa1; (ii) the exchange of
subordinated debt into senior debt at a discount and the reducing
stock of bail-in-able debt, which result in higher loss-given-
failure for the bank's junior deposits and senior unsecured
bonds; and (iii) Moody's revised view of a low likelihood of
government support (from moderate previously), which no longer
provides any uplift to the ratings (previously one notch).

Moody's said that, using most recent data and the expected
repayment of bonds maturing in Q4 2017 and 2018, its Loss Given
Failure (LGF) analysis indicates that Carige's rated deposits are
likely to face low loss-given-failure, from extremely low
previously; this provides one notch of uplift from the caa1 BCA,
compared to three notches previously.

Similarly, Moody's LGF analysis indicates that Carige's senior
unsecured instruments are likely to face high loss-given-failure,
from low previously; this reduces the issuer debt rating to one
notch below the caa1 BCA, from one notch of uplift previously.

Moody's previously considered there to be a moderate probability
of government support for Carige's deposits and senior debt,
given similarities with the Veneto banks which recently received
a partial bail-out. However, now that Carige will successfully
raise its own capital, such a rescue is unlikely in the short
term and Moody's believes that in the event of Carige needing
further capital at a later stage, tighter conditions on state aid
will likely apply. Furthermore, the bank's stock of senior debt
is now low and little will remain by 2019; given these
considerations, Moody's now considers the probability of
government support to be low.

RATIONALE FOR THE OUTLOOKS

The outlook on the long-term deposit rating is negative, because
Moody's expects bail-in-able debt to decrease as retail senior
unsecured bonds mature in 2018, which could increase the loss-
given-failure of junior deposits in the absence of new issuance.

The outlook on the long-term issuer rating is stable, reflecting
the rating agency's expectations that a return to adequate
profitability will be gradual and the bank's financials will
remain compatible with a caa1 BCA over the next 12-18 months. The
loss-given-failure of senior debt is already high so no further
increase is possible.

RATIONALE FOR UPGRADING THE CR ASSESSMENT

As part of today's rating action, Moody's has also upgraded to
B1(cr) from B3(cr) the long-term CR Assessment of Carige, three
notches above its adjusted BCA of caa1.

The upgrade of the CR Assessment follows the upgrade of the BCA
of Carige to caa1 from ca. The CR Assessment is driven by the
standalone assessment of Carige; the amount of bail-in-able debt
and junior deposits remains considerable, shielding operating
liabilities from losses, and accounting for three notches of
uplift relative to the BCA. In common with the senior debt and
deposit ratings, the CRA does not include any uplift from
government support.

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's could upgrade Carige's BCA if the bank makes significant
progress towards execution of its restructuring plan, with, in
particular, a meaningful profitability improvement and
significant de-risking, without compromising its target capital
levels. In addition to a higher BCA, Moody's could also upgrade
Carige's deposit or issuer ratings if the issuance of senior or
subordinated debt reduces the loss--given-failure for junior
deposits or senior debt.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Conversely, Moody's could downgrade the BCA if further losses
reduce Carige's capital headroom over its prudential requirement.
In addition to a lower BCA, Moody's could also downgrade Carige's
deposit rating if shrinking senior debt increases the loss-given-
failure for junior deposits.

LIST OF AFFECTED RATINGS

Issuer: Banca Carige S.p.A.

Affirmations:

-- Long-term Bank Deposits, affirmed B3, outlook changed to
    Negative from Developing

-- Long-term Issuer Rating, affirmed Caa2, outlook changed to
    Stable from Developing

Upgrades:

-- Adjusted Baseline Credit Assessment, upgraded to caa1 from ca

-- Baseline Credit Assessment, upgraded to caa1 from ca

-- Long-term Counterparty Risk Assessment, upgraded to B1(cr)
    from B3(cr)

Outlook Action:

-- Outlook changed to Negative(m) from Developing

PRINCIPAL METHODOLOGY

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


INTER MEDIA: S&P Assigns Prelim 'BB-' Rating to EUR300MM New Bond
-----------------------------------------------------------------
S&P Global Ratings said that it has assigned its preliminary
'BB-' long-term issue rating to the EUR300 million proposed
senior secured bond to be issued by Italy-based limited-purpose
vehicle Inter Media and Communication S.p.A. (MediaCo). The
outlook is stable.

S&P said, "The preliminary recovery rating on the proposed bond
due 2022 is '4', indicating our expectation of recovery in the
30%-50% range (rounded estimate 45%) in the event of a payment
default.

"The final issue and recovery ratings will depend upon our
receipt and satisfactory review of all final transaction
documentation, including legal opinions." Accordingly, the
preliminary ratings should not be construed as evidence of the
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, it reserves the
right to withdraw or revise its ratings.

The preliminary issue rating mainly reflects MediaCo's materially
volatile cash flow available for service debt, owing to short-
term contracts linked directly or indirectly to TeamCo's onfield
performance, and substantial exposure to refinancing risk.

MediaCo will service the bonds from TeamCo's assignment of its
share of revenues from the sale by the Italian national football
body (Serie A) of its broadcasting rights and, if TeamCo
qualifies for any European competitions, from broadcasting
revenues from the Union of European Football Associations (UEFA).
Additionally, MediaCo will receive and service the bond via
revenues from sponsorship agreements.

S&P assesses MediaCo's operations phase stand-alone credit
profile (SACP) at 'bb-' to reflect the material volatility of
these revenue sources, in its view. Specifically, TeamCo's
onfield performance can have an impact on MediaCo's media-rights
revenue, which is more pronounced for revenues from UEFA
competitions. Additionally, the contracts underlying these
revenues are exposed to periodical renegotiation, and revenue
distribution can be subject to change.

TeamCo's sporting performance also partly underpins its revenues
from sponsorship contracts. A successful performance track
record, as in TeamCo's case, is the basis for both an attractive
brand and any sponsorship contract. However, the market for
multimillion euro sponsorship deals is highly competitive, and
contracts tend to be short term. Additionally, contracts are
often structured with bonuses or deductions that directly link
revenues to TeamCo's sporting achievements. These factors make
revenues from sponsorship contracts more volatile than
broadcasting revenues, especially those from Serie A, and
therefore to greater market risk.

While TeamCo is one of the most successful Italian and European
football clubs, and S&P expects it will strengthen its brand
recognition and fan base in overseas markets, MediaCo's revenue
growth forecast is based on aggressive expansion assumptions, in
its view, in particular for sponsorship and advertising.

S&P said, "In our base case, we forecast that TeamCo will achieve
at least seventh place in Serie A on average over our forecast
period. The preliminary operations phase SACP is constrained by
our assessment of the post-refinancing period, during which
annual debt service coverage ratios (ADSCRs) are lower than
before 2022, due to our assumption of a higher cost of debt after
refinancing, and lower visibility on revenues in later years. We
assess the preliminary operations phase SACP at 'b+', reflecting
our expectation that MediaCo will generate a minimum ADSCR of at
least 2.5x after refinancing. Before 2022, we project a minimum
ADSCR of 4.5x."

The operations phase SACP of 'bb-' is one notch above the
preliminary operations phase SACP. This reflects the strong
ADSCRs under S&P's downside scenario, whereby it simulates
TeamCo's relegation. However, upside is constrained by the risk
of volatility in the long term and weak visibility of operating
and financial performance, exacerbated by the substantial amount
of debt (91%) exposed to refinancing risk at maturity.

In light of the legal and contractual structure in place, the
rating reflects our assessment of MediaCo on a stand-alone basis.
However, since MediaCo's business is exposed to TeamCo's
performance, S&P assesses the rating as linked to TeamCo's
creditworthiness. The linkage to TeamCo does not currently pose a
constraint to the preliminary rating.

Although the transaction is weak linked to its bank account
provider, that counterparty does not currently constrain the
rating since it is rated higher than the project's debt.

MediaCo was established in 2014 as a limited-purpose entity to
manage its parent's media, broadcast, and sponsorship rights,
historical media archives, and intellectual property rights
relating to the Inter brand and certain employees. Since then,
MediaCo has acted as the sole manager and operator of the
football club's media, broadcast, and sponsorship business.

In connection with its establishment, MediaCo borrowed EUR230
million, secured by the revenues from its media and sponsorship
contracts as well as by cash accumulated in secured accounts.
MediaCo expects to use the proceeds from the proposed issuance,
together with the cash in accounts securing its outstanding loan,
to refinance the debt and upstream the remainder to TeamCo.

S&P said, "The stable outlook reflects our long-term expectation
that TeamCo's onfield performance in Serie A will be no worse
than seventh place, and that MediaCo will renegotiate its
existing broadcasting rights and sponsorship contracts to support
a minimum ADSCR solidly above 2.5x.

"We could lower the preliminary rating if the transaction's
minimum ADSCR under our base case declines below 2.5x. This could
result from TeamCo's weaker-than-expected performance or
declining commercial revenues, for example, if TeamCo were unable
to renew any strategic sponsorship contracts (such as for
jerseys, or technical sponsorships). We could also lower the
preliminary rating if TeamCo's creditworthiness, which MediaCo is
linked to, weakened or if the envisaged establishment of a
Chinese subsidiary prejudiced MediaCo's insolvency protections.

"An upgrade is unlikely in the imminent future. We may consider a
positive rating action if the most recent commercial contracts
prove to be a sustainable and reliable source of funding in the
long term, resulting in a minimum ADSCR solidly above 4x."


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


TENGRI BANK: S&P Affirms 'B+/B' Issuer Credit Ratings
-----------------------------------------------------
S&P Global Ratings said that it affirmed its 'B+/B' long- and
short-term issuer credit ratings on Tengri Bank. The outlook is
negative.

At the same time, S&P affirmed its 'kzBBB-' Kazakhstan national-
scale rating on the bank.

The affirmation reflects S&P's base-case scenario that Tengri
Bank's funding profile is likely to strengthen if it successfully
taps international capital markets in December 2017 with a debut
issue of the Eurobond up to $175 million and expected maturity of
around seven years.

By year-end 2017, Tengri Bank plans to have the following main
funding sources:

-- Eurobond of up to $175 million (thus contributing up to 40%
    of total funding);

-- Customer deposits (about 35%, a decrease from 80% of total
    funding as of Sept. 30, 2017); and

-- Interbank funding (25%), including a 6.6 billion Kazakhstani
    tengi (KZT) ($20 million) fully drawn revolving credit line
    from its shareholder, India-based Punjab National Bank (PNB).

S&P said, "We maintained the one-notch uplift between Tengri
Bank's stand-alone credit profile (SACP) and our long-term rating
to reflect our view that the bank is in a positive transition. If
the bank successfully issues the Eurobond, we expect its funding
profile to strengthen to be in line with peer levels by year-end
2018. Eurobond issuance, if successful, would reduce asset-
liability maturity mismatch on Tengri Bank's balance sheet, while
at the same time possibly aggravating foreign-currency risks. We
also expect the bank will maintain a comfortable liquidity
cushion and stable access to customer deposits. Finally, we would
expect to see that the increased leverage that the bank plans is
matched by shareholders' capital injections in a way that
supports the bank's currently strong capitalization.

"We think that the Eurobond will improve the stability of the
bank's funding base because of its substantially longer maturity
compared with customer deposits. Although globally we view
customer deposits, especially retail, as a more stable funding
source than wholesale funding, in Kazakhstan's banking system
retail deposits have a track record of high volatility. At the
same time, corporate deposits, especially those provided by
government-related entities, are highly confidence- and rating-
sensitive. By regulation, all term deposits can be fully
withdrawn by customers at any point in time, which makes deposit-
based funding more volatile in Kazakhstan than in other
countries."

In addition, the potential Eurobond issue would reduce asset-
liability maturity mismatch, given the predominantly long-term
nature of the bank's loan book and its mainly short-term
liabilities. A negative aspect, however, is that the Eurobond
will increase potential foreign-currency risks. This could
require the bank to bear increased costs of hedging, inflate its
open currency position, or force it to use the proceeds of newly
raised debt to provide foreign-currency denominated loans. In
turn, as shown by several banks raising foreign debt prior to the
crisis of 2008, these risks can be dangerous if not mitigated by
solid underwriting and risk-management systems.

S&P also acknowledges that the Eurobond, if successfully raised,
would immediately significantly increase the bank's leverage
ratio and eventually -- when proceeds are utilized via issuing
new loans -- might have a negative affect on the bank's
capitalization ratios if not supported by an adequate capital
increase.

The bank more than tripled its loan book since the end of 2015
and plans for it to grow by 30%-40% in 2018-2019, provided it
secures the funding. S&P said, "We view such rapid growth as a
risk factor. Such rapid growth might eventually lead to
deterioration of asset quality, as the loan quality has not been
tested over a full economic cycle. We note, however, that the
bank has so far shown very good asset quality, with nonperforming
loans (NPLs; loans over 90 days overdue) constituting 1.5% of
total loans as of Sept. 30, 2017, which has been supported by
rapid loan book growth and an unseasoned portfolio."

S&P said, "We believe that Tengri Bank's growth strategy can be
successful only if accompanied by prudent risk-management
practices and supported by sound capitalization buffers to
provide a cushion for potential asset quality deterioration as
the bank's loans season. We view a new capital injection by
shareholders in 2018 as the only way to support capitalization of
the bank commensurate to its planned asset growth because the
bank's internal profit generation is weak.

"We view Tengri Bank's high capitalization, as measured by our
risk-adjusted capital (RAC) ratio, to be its strength. This is
based on our RAC forecast of slightly above 10% over the next 12
months (10.5% as of Sept. 30, 2017). Our expectation that the
bank's capitalization will remain stable despite strong asset
growth is based on the assumption that its key shareholders,
India-based PNB Bank (49% share in the capital) and the Kazakh
businessman Timur Kuanishev (46% share), will timely inject KZT9
billion capital in 2018 and a similar amount in 2019 to support
strong planned asset growth and maintain capitalization of the
bank at the current levels."

Tengri Bank's planned merger with similar size Capital Bank
Kazakhstan, which was previously expected to take place in early
2018, has been postponed indefinitely. Therefore, we factor in
our analyses Tengri Bank's development on a stand-alone basis.

The ratings on Tengri Bank also take into account S&P's view of
the bank's moderately strategic importance to its parent, PNB.
The one-notch uplift for group support above the SACP reflects
the following factors:

-- S&P's understanding that PNB is committed to the Indian
    government's policy of strengthening ties and trade between
    India and Kazakhstan, and therefore Tengri Bank's development
    will be consistent with group-level aims to expand India-
    related business;

-- PNB's notable level of involvement in Tengri Bank's
    fundamental decision-making processes through its presence in
    all meetings of the management board and board of directors,
    as well as other management bodies;

-- S&P's expectation that PNB would provide additional capital
    in the future to support growth; and

-- S&P's view of PNB as able and willing to provide
    extraordinary support to Tengri Bank if needed.

S&P said, "The negative outlook on Tengri Bank reflects our
expectation that the bank's planned aggressive business expansion
in Kazakhstan's high-risk macroeconomic environment could weaken
its capitalization and asset quality over the next 12 months, if
not supported by adequate capital injections from its
shareholders and prudent risk management policies. It also
reflects the possibility that the bank's funding profile would
not strengthen if the Eurobond is not successful.

"We could lower the long-term rating over the next 12 months if
we observed that the bank's lending expansion in the risky small
and midsize enterprises segment in Kazakhstan is not timely and
proportionately supported by Tier 1 capital injections by
shareholders, thus ultimately weakening the bank's loss
absorption capacity, as demonstrated by our RAC ratio declining
below 10% at any time over the next 12 months. A negative rating
action could also follow if we saw reduced likelihood for the
support from PNB, for example if we observed that PNB's strategy
toward Tengri Bank had changed and the parent's management and
financial support had diminished. Eurobond issuance, without
further developments of the stability and diversification of the
funding profile, would be viewed negatively.

"We would consider revising the outlook on Tengri Bank to stable
over the next 12 months if we saw that the bank is able to manage
its asset growth without compromising its asset quality, while
our forecast RAC ratio remains sustainably above 10% over the
next 12 months. A revision of the outlook to stable would also
require evidence that PNB remains an active and committed
shareholder and that the bank's risk management systems and
practices have been strong."


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


ALGECO SCOTSMAN: S&P Places 'CCC' CCR on CreditWatch Developing
--------------------------------------------------------------
S&P Global Ratings placed all of its ratings, including its 'CCC'
corporate credit rating, on Algeco Scotsman Global S.a.r.l. on
CreditWatch with developing implications.

The CreditWatch developing placement reflects the company's
announcement that a subsidiary has entered into agreements with a
group of lending institutions and other financing providers to
refinance the company's entire capital structure in the first
quarter of 2018.

S&P will resolve the CreditWatch placement when it receives
additional details about the company's refinancing plans.


ATRADIUS FINANCE: Moody's Reviews Ba1 Sub. Notes for Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the A3
Insurance Financial Strength (IFS) rating of Atradius N.V.'s
(Atradius) main operating subsidiaries, including Atradius
Credito y Caucion S.A. (ACyC), Atradius Trade Credit Insurance
Inc. (ATCI, USA) and Atradius Reinsurance DAC (AtradiusRe,
Ireland). In addition, Moody's has placed on review for upgrade
the Ba1(hyb) backed subordinated notes issued by Atradius Finance
B.V.

Moody's said that it expects to conclude its review early in
2018.

Grupo Catalana Occidente (GCO, unrated), the parent of Atradius,
owns 83% of its capital. GCO is a listed Spanish insurance group
with a diversified portfolio of life and non-life insurance
operations, including credit insurance. The group operates
through several insurance entities and brands, including Atradius
which accounted for approximately 41% of GCO's revenue for the
first nine months of 2017.

A complete list of the ratings impacted by this action is
included at the end of this document.

RATINGS RATIONALE

The rating action reflects steady strengthening of Atradius'
financial profile over the past five years, including strong and
consistent profitability, strengthening capital adequacy and
improvements in its reserving practices. In addition, Atradius
has upheld its strong market position as the second largest
global trade credit insurer, and continues to invest in defending
and strengthening its market position. These strengths are
partially offset by Atradius' limited diversification beyond
credit insurance, its meaningful exposure to Spain (Government of
Spain, Baa2 stable), especially in terms of contribution to
profit (21% premiums generated in Iberia -- 9M 2017) via ACyC,
the group's main operating company, domiciled in Spain.

Commenting on Atradius' profitability, Moody's stated that the
group's combined ratio had improved to 77% in 2016 from 84% in
2010, in part driven by the strengthening of the Spanish economy,
but also due to Atradius' improved cost efficiencies and stricter
underwriting. Atradius was also able to avoid some of the recent
losses that some of its peers experienced on their emerging
markets exposures.

Notwithstanding the inherent cyclicality of the credit insurance
sector, Atradius has taken tangible steps to limit the volatility
of its underwriting results, including reducing its exposure to
the Iberian market to approximately 16% as of 3Q 2017 from 24% in
2011. In addition, Atradius has strengthened its underwriting
practices, evaluation of buyer risk, and overall enterprise risk
management, which Moody's expect will contribute to less volatile
profitability through the cycle. Regarding capital, Atradius has
continued to build up its capitalisation, thanks to its
relatively high retained earnings which has allowed the company
to reinvest a significant portion of its profits into the
business. ACyC's Solvency II coverage, based on the standard
formula, was strong at 160% at year-end 2016. In 2017 the College
of Supervisors (Spanish DGSFP and Irish CBI) approved the Partial
Internal Model, allowing GCO to use it for the underwriting risk
requirements of credit and bonding lines of business.

Net underwriting leverage, a measure of insurance premiums
relative to equity, has improved to 0.91x at year-end 2016 from
1.19x at year-end 2012, and remains significantly stronger than
pre-2008 levels. Atradius' solid capitalisation is supported by a
robust reinsurance program, that includes quota-share, excess-of-
loss and stop-loss facilities that protect the group's
profitability and capital in the event of high-loss scenarios.

Atradius has reported reserve releases in the last seven years,
demonstrating meaningful improvement compared to the period after
the 2008 financial crisis when the company had to strengthen
reserves. The group has made significant progress in aligning
reserving policies and practices on its Spanish book, with
Atradius more broadly, which represents a materially more
conservative approach to reserving than had been in place during
the Spanish sovereign crisis.

The A3 IFS ratings of Atradius' main operating entities are
positioned above the credit profile of its parent, GCO, a Spanish
retail insurance group, that is constrained by the Spanish
sovereign rating (Government of Spain, Baa2 stable), because of
its investment concentration in Spanish sovereign bonds. Although
Atradius' ratings are linked to the rating of Spain, the global
nature of its business and minimal exposure to Spanish assets
limits the constraint on Atradius' ratings.

WHAT COULD CHANGE THE RATING UP OR DOWN

Atradius' ratings could be upgraded if the review confirmed the
consistency of Atradius' improvements in profitability,
capitalisation and underwriting risk management.

Conversely, Atradius' ratings would be confirmed at their current
levels if, following the review, Moody's expects a material
deterioration in underwriting performance, or weakening of
capital adequacy relative to current levels.

LIST OF AFFECTED RATINGS

Placed On Review for Upgrade:

Issuer: Atradius Credito y Caucion S.A.

-- Insurance Financial Strength Rating, currently A3

-- ST Insurance Financial Strength Rating, currently P-2

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable

Issuer: Atradius Finance B.V.

-- BACKED Subordinate, currently Ba1(hyb)

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable

Issuer: Atradius Reinsurance DAC

-- Insurance Financial Strength Rating, currently A3

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable

Issuer: Atradius Trade Credit Insurance Inc.

-- Insurance Financial Strength Rating, currently A3

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Trade
Credit Insurers published in April 2016.


AZELIS FINANCE: S&P Affirms 'B' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on Luxembourg-based pan-European specialty chemicals
distributor Azelis Finance S.A. The outlook is stable.

S&P said, "At the same time, we lowered our issue rating to 'B'
from 'B+' on the company's first-lien instruments including the
$109 million (EUR94 million) upsized senior secured revolving
credit facility (RCF) due 2020, the $260 million (or about EUR223
million) senior secured first-lien term loan due 2022, and the
EUR384 million (upsized) senior secured first-lien term loan due
2022. We revised the recovery rating to '3' indicating our
expectation of meaningful recovery prospects in case of default
(50%) from '2' (70%) previously.

"We also affirmed our 'CCC+' issue rating on the $139 million
(EUR119 million) secured subordinated second-lien term loan due
2023. The recovery rating is '6' indicating nil recovery
prospects in case of default (0%).

"We affirmed our 'CCC+' issue rating on the EUR113 million
secured subordinated second-lien term loan due 2023. The recovery
rating is '6'. The ratings on this instrument will be withdrawn
when the instrument is repaid.

"The ratings on the proposed instruments are subject to our
review of the final terms and conditions of the issues, provided
that these are in line with our current assumptions.

"The affirmation reflects our view that Azelis will report
adjusted EBITDA of about EUR128 million (unadjusted EUR115
million) in 2017, on the back of favorable demand, efficiency
gains, and contributions from bolt-on acquisitions including
Ametech (Italy), Ross Organic (U.S.), and LCH (Nordics). This
should translate to about 6.6x S&P Global Ratings-adjusted debt
to EBITDA this year, so at the higher end of the 5.5x-7.0x we
view as commensurate with the 'B' rating. Furthermore, we expect
the company's performance in 2018 to continue benefiting from
gross margin optimization initiatives and additional acquired
businesses, including Chemcolour (Australia/New Zealand) and
George Walther (Switzerland). We expect a prudent approach to
acquisitions in 2018 in order to maintain leverage sustainably
below 7x.

"We view the refinancing transaction as broadly neutral to our
calculated credit metrics, and resulting in interest charge
benefits from 2018 onward, consisting of an estimated EUR3
million-EUR4 million for the October 2017 repricing and around
EUR10 million as part of the contemplated refinancing, including
the repayment of the highly priced euro-denominated second-lien
tranche. We believe nevertheless that the amount of debt in the
structure remains very significant, translating into highly
leveraged credit metrics, which is consistent with our view of
private equity owner APAX Partners' relatively aggressive
financial policies regarding leverage. We also consider the
increase in debt, compared to year-end 2016, reflects a strategic
approach to acquisitive expansion. This has nonetheless been
improving the company's business reach, as shown in EBITDA
growth. We expect further acquisitions to recur in the next few
years, partly absorbing free cash flows, which we expect will be
positive. We also understand that any bigger-than-expected
acquisitions would be supported by the private equity owners.

"Our view of Azelis' business risk profile as fair takes into
account the company's pan-European and North American positions
as a top player in the specialty chemicals distribution business.
Although we view relatively thin margins as inherent to the
activity, we view profitability as having proved relatively
resilient over time, reflecting the fair diversity of the
business by product type, end-uses, and end-markets. We also view
the acquisitive strategy as sound growth-management, given that
the chemicals distribution business grows barely on par with GDP,
in our view. Hence, despite its bolt-on M&As, we continue to view
Azelis' size and scope as relative weaknesses. In addition, we
think some cyclical end-market exposures, as well moderate
customer concentration (the "principals"), could generate
earnings volatility. These factors constrain our business risk
assessment.

"With our forecast of about 6.6x adjusted debt to EBITDA in 2017,
we view the company as highly leveraged although within our
expectations of 5.5x-7.0x for the rating (albeit at the higher
end). Because of the relative resilience of profits and the
relatively low capital intensity of the business, we believe
Azelis can sustainably cope with relatively high leverage. We
take into account the company's focus on working capital
management and capital expenditure (capex) control, which results
in recurring positive free cash flows under our current base
case, offering leeway for the contemplated acquisitions. Our
assessment is constrained by the financial sponsors' ownership
and we note the potential for a more aggressive financial policy
than currently observed--for example through shareholder
distributions that are not currently expected in our base case."

S&P's base case assumes:

-- Close to double-digit growth in revenues in 2017 year-on-
    year, reflecting organic growth at par with GDP, and
    contributions from Ametech, Ross Organic, and LCH. S&P
    expects low- to mid-single-digit growth in 2018, depending on
    acquisition appetite and factoring in contributions from
    Chemcolour and George Walthers.

-- Unadjusted EBITDA margin of about 7% in 2017 and 2018.

-- Volatile, seasonal, and modestly growing working capital
    needs over time.

-- Capex of about EUR5 million per year.

-- An assumption of EUR15 million acquisitions per year.

-- No dividends.

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

-- Positive free cash flows of EUR25 million-EUR50 million,
    depending on working capital swings (calculated after
    interest, taxes, and capex, but excluding acquisitions).

-- Adjusted gross debt to EBITDA of about 6.6x in 2017 and 6.5x-
    7.0x in 2018, after very high about 9.0x in 2016 (or 6.8x
    when adjusted for one-off transformational costs and pro
    forma full year of Ametech).

S&P said, "In our calculation, we do not net cash available from
the reported debt figure. This is because of the private equity
ownership. Our debt adjustments include about EUR40 million for
operating lease obligations, EUR15 million for receivables
factoring (non-recourse), and EUR5 million for pension
obligations. Our main EBITDA adjustment adds back about EUR11
million-EUR12 million corresponding to the operating leases rent.

"The stable outlook reflects our view that market growth,
efficiency gains, and bolt-on acquisitions will help grow EBITDA
such that adjusted debt to EBITDA will remain in the 5.5x-7.0x
range, which we view as commensurate with the rating. The outlook
also factors in the company's financial policy to continuously
deleverage, or to apply excess cash flows to acquiring new
strategic businesses. We understand a bigger acquisition would be
supported by the private equity owners to maintain leverage at a
sustainable level.

"A downgrade would most likely result from depressed EBITDA,
following, say, headwinds in demand, loss of a major customer, or
an inability to achieve integration and synergies and targeted
cost savings. This would alter the deleveraging path, in our
view, such that adjusted debt to EBITDA would rise above 7x. We
could also lower the rating if we saw higher-than-expected debt-
funded acquisitions without an appropriate equity contribution
from the owners."

Upside could stem from faster EBITDA growth than currently
expected, either from winning new contracts, delivering better-
than-expected operational efficiency, or higher synergies. An
upgrade would imply that the company had digested its acquired
businesses such that adjusted debt to EBITDA improved sustainably
to 4.5x-5.5x.


BEFESA SA: Moody's Rates EUR636MM Bank Loans Ba3
------------------------------------------------
Moody's Investors Service assigned definitive Ba3 instrument
ratings to the EUR526 million Term Loan B, the EUR75 million
revolving credit facility, and the EUR35 million guarantee line,
all issued by the Luxembourg based environmental services company
Befesa S.A. (Ba3 corporate family rating (CFR)). The outlook on
the ratings is positive.

Concurrently, Moody's has withdrawn the B2 Corporate Family
rating and B2-PD Probability of Default rating related to Befesa
Holding S.a.r.l. and its subsidiaries. Furthermore, Befesa
Holding S.a.r.l.'s stable outlook has also been withdrawn.

RATINGS RATIONALE

Moody's definitive instrument ratings related to Befesa S.A.
follow the successful debt refinancing within the group, which
was completed on December 07, 2017.

The new debt instruments of Befesa S.A. have been used to
refinance all outstanding debt owed by Befesa Holding S.a.r.l., a
subsidiary of Befesa S.A. As indicated in its press release
published on November 7, 2017, Moody's has now withdrawn the
corporate family ratings and instrument ratings related to Befesa
Holding S.a.r.l., as there is no debt outstanding anymore.

RATING OUTLOOK

The positive outlook on Befesa S.A.'s Ba3 ratings reflects the
ongoing favorable market environment, especially in terms of zinc
prices, as well as expected gradual further de-leveraging on the
back of EBITDA growth in 2018 and 2019. This expectation reflects
an ongoing favourable industry environment as well as existing
zinc price hedges of approximately 70% of expected output in both
years.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could be upgraded if Befesa would demonstrate its
ability to (1) reduce its Moody's adjusted leverage well below
3.5x debt/EBITDA through the cycle; (2) further build a track
record of meaningful free cash flow (FCF) generation as evidenced
by a FCF/debt consistently above 5% and (3) maintain a solid
liquidity.

As evidenced by the positive outlook, there is currently no
negative pressure on the ratings. However, the ratings could be
downgraded if (1) the leverage would deteriorate to a level
higher than 4.0x debt/EBITDA as adjusted by Moody's or (2) the
FCF would turn negative.

COMPANY PROFILE

Befesa S.A. is a Luxembourg based holding company, which owns
100% of Befesa Holding S.a.r.l., a company specialising in the
integral management and recycling of industrial wastes through
its two divisions steel dust recycling services and aluminum salt
slags services. The group is present in 11 countries with a focus
on Europe as well as further expansion in Asia. In 2016, the
group generated revenues of EUR612 million. Befesa S.A. is listed
on the Frankfurt Stock Exchange and had a market capitalization
of approximately EUR1.1 billion on December 11, 2017. Befesa's
main shareholder are funds managed by Triton Capital Partners
(49.5%). Members of the Befesa management and board own 3.2% and
the remainder of 47.4% is free float.

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


BEFESA SA: S&P Assigns 'BB-' Corp Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term corporate credit
rating to environmental recycling service company Befesa S.A.,
the parent company of Bilbao (Luxembourg) S.A. and Befesa Zinc
S.A.U. The outlook is stable.

S&P said, "At the same time, we raised our corporate credit
ratings on core subsidiaries Befesa Zinc and Bilbao (Luxembourg)
to 'BB-' from 'B', equalizing them with the rating on Befesa S.A.
We removed the ratings from CreditWatch positive, where we placed
them on Nov. 6, 2017, and subsequently withdrew them at the
company's request. Following the refinancing completed on Dec. 7,
we understand there is no debt left at the level of these two
entities.

"We also assigned our 'BB-' rating to the two main instruments of
the refinancing package -- the EUR526 million term loan B and a
EUR75 million revolving credit facility (RCF) -- both issued by
Befesa S.A. The recovery rating is '3', indicating our
expectation of meaningful recovery prospects (50%-70%; rounded
estimate: 65%) for creditors in the event of a payment default."

The ratings on Befesa S.A. and its debt are in line with the
preliminary ratings we assigned on Nov. 6, 2017.

On Dec. 7, 2017, Befesa S.A. completed the refinancing of the
company's capital structure with EUR526 million new debt,
redeeming the EUR300 million senior secured notes at the Befesa
Zinc level and the EUR150 million payment-in-kind (PIK) toggle
notes at the Bilbao (Luxembourg) level. The new capital structure
enables the group to have a better flow of cash between the steel
dust and the aluminium salt slags businesses, as well as
improving the maturity profile of the debt and reducing the
group's overall interest expenses.

On Nov. 3, 2017, private equity owner Triton completed a partial
divestment of its Befesa group stake following the completion of
an IPO, reducing its stake to less than 50%. S&P said, "We assume
that Triton will further reduce its holding over time. In our
view, the IPO is a transformative event that may provide better
visibility to the company's strategy and financial policy going
forward. For example, the company adopted a new dividend policy,
which sets a clear framework for future cash outflows, while in
the past we had also considered a scenario of a large dividend
recapitalization. In our view, a further decrease in Triton's
stake is unlikely to lead us to change the rating."

S&P said, "The stable outlook on Befesa S.A. reflects our comfort
in the company's ability to improve its EBITDA while building
some headroom under the rating in the next 12 months. We believe
that Befesa's maturity profile after the refinancing and the
hedges in place provide good visibility on the company's results
over the short term, and allow it to absorb unforeseen shocks.

"We view debt to EBITDA below 4.0x and FFO to debt comfortably
above 20% as commensurate with the current rating. Under our
base-case scenario we forecast adjusted debt to EBITDA of 2.5x-
3.0x in 2017 and in 2018.

"The rating would come under pressure if we projected adjusted
debt to EBITDA increasing above 3x or adjusted debt to EBITDA
falling below 20%. Such a scenario could be triggered if Befesa
S.A. saw a material deterioration in operating performance or if
it deviated from its current financial policy, embarking on
higher capex or pursuing large acquisitions.

"Moreover, we note the ongoing legal proceedings with respect to
the guarantee of Abengoa debt. Any material negative updates in
this respect would lead us to review the rating with potentially
negative implications.

"At this stage, we don't expect to raise the rating in the next
12-18 months. A higher rating would require a stronger business
footprint and a longer track record as a public company
(including its financial policy)."


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


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

The ratings assigned to the notes reflect our assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy
    remote.

S&P said, "We consider that the transaction's documented
counterparty replacement and remedy mechanisms adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"Following the application of our structured finance ratings
above the sovereign criteria, we consider the transaction's
exposure to country risk to be limited at the assigned rating
levels, as the exposure to individual sovereigns does not exceed
the diversification thresholds outlined in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

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

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

  RATINGS LIST

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

  Class                  Rating            Amount
                                         (mil. EUR)

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

  NR--Not rated.


===========
N O R W A Y
===========


STOREBRAND ASA: Moody's Affirms Ba1 Long-Term Issuer Rating
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Storebrand Livforsikring AS (Storebrand Liv) -- the
main operating subsidiary within Storebrand Group, the Norwegian
insurer -- and on Storebrand ASA (Storebrand; the Group). Moody's
also affirmed the Baa1 insurance financial strength rating (IFSR)
on Storebrand Liv and the Ba1 Long Term issuer and Senior
Unsecured debt ratings on Storebrand.

RATINGS RATIONALE

The change in outlook to positive from stable primarily reflects
the improvements in Storebrand's capitalisation and balance sheet
risk over the last three years. The positive outlook is also
underpinned by the expectation of improving profitability over
the next 12-18 months. The insurer also benefits from the
relatively strong macroeconomic environment in Norway, high
demand for defined contribution products and Storebrand's leading
market position in the latter segment.

Storebrand's capitalisation has improved as a result of
management's financial strategy which revolves around two primary
goals: (i) to lower capital requirements from guaranteed
products, which represent a large part of the reserves, and (ii)
to diversify revenues by growing profitable capital-light
businesses (non-guaranteed insurance and savings products; asset
management; retail banking). The issuer is pursuing those goals
by adopting a tighter asset/liability matching for the paid-up
policy book (PUP; Storebrand's longest dated and most capital-
intensive insurance liabilities with estimated duration in excess
of 20 years) and by steadily reducing its guaranteed business
which reduced to 62.4% (9M 2017) of total reserves from 73.3% (9M
2014) over the last three years.

These management actions have helped the Group to report a 160%
SII coverage ratio as at September 30, 2017. This includes
transitional measures on technical liabilities (150% on a fully-
loaded basis) and is within Storebrand's target range of 150%-
180%. While reported sensitivities have also reduced over time,
the high proportion of obligations with minimum guarantees in
excess of 3% still exposes Storebrand's capital position to
decreasing interest rates. At 3Q 2017 the Group estimates that a
50 basis point reduction in interest rates would impact the
fully-loaded SII coverage ratio by a meaningful negative 10
percentage points.

As concerns profitability, Moody's notes that the Group has
maintained a relatively consistent 5-year Return on Capital
(year-end 2016: 3.9%) despite the NOK12.4 billion reserve
strengthening required by K2013, Norway's new dynamic mortality
tables introduced in 2013. The Group expects to complete the
remaining NOK0.3 billion strengthening by year-end 2017. Moody's
expects to see improvements in profitability over the next 12-18
months as the Group continues to shift the liability profile from
guaranteed business to capital-efficient products such as
investment management (annual CAGR for asset under management
since 3Q 2014: c.7.5%), unit-linked premiums (c.14% on the same
basis) and non-guaranteed insurance (c.7% on the same basis).
This transition should in fact result in growing quality of
earnings with a more diversified revenue basis and more
predictable earnings.

RATING DRIVERS

As concerns rating drivers, Moody's said that the following
developments could lead to the ratings being upgraded: (i)
Solvency II coverage ratio consistently above 140% on a fully-
loaded basis and with limited sensitivities; (ii) RoC sustainably
above 4% across the cycle; (iii) continued reduction of
guaranteed business as a proportion of total IFRS technical
liabilities; (iv) adjusted financial leverage remaining below 30%
with earnings coverage consistently above 5x.

Conversely, the ratings could be affirmed with a stable outlook
in the event of: (i) meaningful deterioration in capital adequacy
as reflected in the Group Solvency II coverage ratio falling
consistently below 130%; (ii) RoC remaining below 4%; (iii)
reduced diversification in Storebrand's revenue basis with
continued prevalence of guaranteed business within the Group
balance sheet; (iv) adjusted financial leverage in excess of 30%
with earnings coverage falling below 5x.

The following ratings on the below entities were affirmed:

Storebrand Livsforsikring AS:

- Insurance financial strength: Baa1

- Subordinated debt: Baa3(hyb)

- Preferred stock: Ba1(hyb)

Storebrand ASA:

- Long-term issuer and Senior unsecured ratings: Ba1

The outlooks on these entities have been changed to positive from
stable.

At year-end 2016 Storebrand Group reported NOK519.7 billion of
consolidated assets and NOK27.6 billion of Shareholders' Equity.
For the 12 months ended at December 31, 2016 the Group reported
premium income of NOK25.8 billion and profit after taxes of
NOK2.1 billion.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Life
Insurers published in April 2016.


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


PROMSVYAZBANK PJSC: Russia's Central Bank Takes Control
-------------------------------------------------------
Bloomberg News reports that Russia's central bank stepped in to
take control of Promsvyazbank PJSC, one of the country's
systemically important financial institutions, in the third
rescue of a major non-state lender since August.

Promsvyazbank was placed in temporary administration and will
receive financial support, the Bank of Russia said in a statement
on Dec. 15, adding that the lender won't face a moratorium on
creditor claims, Bloomberg relates.

According to Bloomberg, the central bank's Deputy Governor Vasily
Pozdyshev said Promsvyazbank may need RUR200 billion (US$3.4
billion) of capital.

"We deeply regret the decision, but we can't not accept it.  The
bank is in a constructive dialog with the central bank,"
Bloomberg quotes Promsvyazbank's controlling
shareholders, Dmitry and Alexey Ananiev, as saying in a
statement.

Promsvyazbank added about RUR100 billion to its bad-loan
provisions last week, Bloomberg relays, citing Mr. Pozdyshev.
He also said that the large part of the lender's RUR100 billion
of subordinated debt can't be used to increase capital as it's
already owned by the bank, Bloomberg notes.

Promsvyazbank was Russia's ninth-biggest lender as of Dec. 1,
with assets of RUR1.3 trillion, according to the central bank.



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


IM SABADELL 11: Moody's Rates EUR332.5MM Series B Notes (P)Caa3
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the debts to be issued by IM SABADELL PYME 11, FONDO
DE TITULIZACION (the Issuer):

-- EUR1,567.5M Series A Notes due June 2057, Assigned
   (P)Aa3 (sf)

-- EUR332.5M Series B Notes due June 2057, Assigned (P)Caa3 (sf)

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

IM SABADELL PYME 11, FONDO DE TITULIZACION is a securitisation of
loans granted by Banco Sabadell, S.A. ("Banco Sabadell", Long
Term Deposit Rating: Baa2 Not on Watch /Short Term Deposit
Rating: P-2 Not on Watch; Long Term Counterparty Risk Assessment:
Baa2(cr) Not on Watch /Short Term Counterparty Risk Assessment:
P-2(cr) Not on Watch) and by banks belonging to Banco Sabadell
group, to small and medium-sized enterprises (SMEs) and self-
employed individuals.

RATINGS RATIONALE

The ratings of the notes are primarily based on the analysis of
the credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external
counterparties and the protection provided by credit enhancement.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) granular and diversified pool across
industry sectors; and (ii) a simple structure. However, the
transaction also presents challenging features, such as: (i)
around 7.2% of the pool balance consists of loans not originated
by Banco Sabadell; (ii) the portfolio includes loans whose
purpose is linked to the repayment of existing debt (23.6% of the
pool balance); (iii) there is no interest rate hedge mechanism in
place; and (iv) strong linkage to Banco Sabadell as it holds
several roles in the transaction (originator, servicer and
accounts bank).

- Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 14.8%
over a weighted average life of 3.5 years (equivalent to a B2
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on: (1) the available historical vintage
data, (2) the performance of the previous transactions originated
by Banco Sabadell and (3) the characteristics of the loan-by-loan
portfolio information. Moody's took also into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained above) of 30.7%, as a result of the
analysis of the portfolio concentrations in terms of single
obligors and industry sectors.

Recovery rate: Moody's assumed a stochastic recovery rate with a
40% mean, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 22.3%, that takes
into account the current local currency country risk ceiling
(LCC) for Spain of Aa2.

As of November 2017, the audited provisional asset pool of
underlying assets was composed of a portfolio of 32,282 contracts
amounting to EUR2,568.6 million. The top industry sector in the
pool, in terms of Moody's industry classification, is Beverage,
Food & Tobacco (18.5% of the pool volume). The top borrower group
represents 1% of the portfolio and the effective number of
obligors is 805. The assets were originated mainly between 2015
and 2017 (85.7% of the pool volume) and have a weighted average
seasoning of 2.1 years and a weighted average remaining term of
5.7 years. The interest rate is fixed for 65.2% of the pool while
the remaining part of the pool bears a floating interest rate.
The weighted average spread on the floating portion is 1.8%,
while the weighted average interest on the fixed portion is 3.2%.
Geographically, the pool is concentrated mostly in the regions of
Catalonia (33.2%), Valencia (12.6%) and Madrid (11.8%). Loans
more than 30 days in arrears amount to 0.7% of the pool balance.
At closing, assets for more than 60 days in arrears will be
excluded from the final pool. In addition, refinanced loans will
be limited to 6.5% of the pool balance at closing.

Around 16.5% of the portfolio is secured by mortgages over
different types of properties.

- Key transaction structure features:

Reserve fund: The transaction benefits from a reserve fund which
at closing amounts to EUR93.1 million, equivalent to 4.9% of the
initial balance of the Series A and Series B notes, fully funded
with a subordinated loan by Banco Sabadell. The reserve fund
provides liquidity protection to the notes during the life of the
deal, covering principal payments only by legal maturity.

No hedging arrangement: The portfolio comprises a significant
portion of fixed rate loans (65.2%), while the rated notes pay
three-month Euribor plus a spread. Moody's has applied haircuts
to the portfolio yield to account for the spread compression due
to prepayments and renegotiations, as well as additional haircuts
to address a potential basis mismatch and fixed/floating interest
mismatch between assets and notes.

- Counterparty risk analysis:

Banco Sabadell will act as servicer of the loans for the Issuer,
while Intermoney Titulizacion S.G.F.T., S.A. (not rated) will be
the management company (Gestora) of the transaction.

All of the payments under the assets in the securitised pool are
paid into the collection account at Banco Sabadell. There is a
daily sweep of the funds held in the collection account into the
Issuer account, which is also held at Banco Sabadell, without a
transfer obligation in case of Banco Sabadell downgrade by
Moody's. In its analysis Moody's has neither modelled commingling
nor issuer account risk, as per Moody's counterparty methodology
(see "Moody's Approach to Assessing Counterparty Risks in
Structured Finance", published in July 2017).

- Stress scenarios:

Moody's also tested other sets of assumptions under its Parameter
Sensitivities analysis. For instance, if the assumed default rate
of 14.8% used in determining the initial rating was changed to
19.2% and the recovery rate of 40% was changed to 30%, the model-
indicated rating for Series A and Series B of Aa3 (sf) and Caa3
(sf) would be Baa3 (sf) and Ca (sf) respectively.

- Principal Methodology:

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

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

The notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. The evolution of the
associated counterparties risk, the level of credit enhancement
and Spain's country risk could also impact the notes' ratings.

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


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


DARWIN AIRLINE: Declared Bankrupt, Operating License Suspended
--------------------------------------------------------------
Alan Dron at Air Transport World reports that Swiss regional
carrier Darwin Airline has been declared bankrupt, after attempts
to resolve its financial problems failed.

On Nov. 27, Darwin filed for voluntary insolvency, the Swiss
equivalent of Chapter 11, after a series of external
developments, including the cessation of contracts with Italian
flag carrier Alitalia and the collapse of airberlin, badly
affected its financial situation, ATW relates.  According to ATW,
within 24 hours, Swiss aviation regulator FOCA suspended the
airline's operating license, barring it from flying in its own
right while allowing it to continue to operate wet-lease services
on behalf of other companies.

Darwin had been willing to do this, a FOCA spokesman told ATW
Dec. 15, but little appeared to change in the company's fortunes
over the following two weeks and a judge last week announced the
company's bankruptcy.

"The decision was taken because of the unbearable financial
situation of the company," ATW quotes the spokesman as saying.

Darwin, based for many years in the southeast Swiss city of
Lugano, operated a fleet of six Saab 2000 turboprops and, more
recently, four ATR 72-500s, ATW discloses.  The latter aircraft
are believed to have been leased and have returned to their
lessors, ATW notes.


===========
T U R K E Y
===========


YASAR HOLDING: Moody's Puts B2 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B2 corporate family rating (CFR), the B2-PD probability of
default rating (PDR), as well as the B2 rating on the senior
notes of Yasar Holding A.S. (Yasar), a leading manufacturer of
Turkish consumer products. The outlook is changed to ratings
under review from stable.

"The rating action reflects Moody's view that Yasar's liquidity
profile has weakened as a result of its increased reliance on
short-term debt funding," says Thomas Le Guay, a Moody's analyst.
Moody's will consider the prospects for changes in the company's
financial policy as it enters 2018 and expects to conclude its
review within 90 days.

RATINGS RATIONALE

Moody's considers that Yasar's liquidity profile has weakened as
a result of its increased reliance on short-term debt funding.
The company's short-term debt reached 29% of total reported debt
as of September 30, 2017 and relied to a greater extent on
facilities rolled-over on a short-term basis. While large use of
short-term debt is a common feature for Turkish corporates
because of high domestic interest rates, Yasar's liquidity
profile is characterized by its lack of substantial hard currency
cash balance or backstop facilities that are commonly used to
mitigate liquidity risk. This means that Yasar is particularly
exposed in the event that a sudden lack of market access to
funding should arise.

The review for downgrade will take into consideration any change
in Yasar's financial policies that would entail a reduction of
its reliance on short-term debt funding and cushion its exposure
to a sudden shortage of liquidity or lack of market access.
Evidence of a change could take the form of (1) a reduction in
short-term debt funding to more sustainable levels, (2) the
implementation of commensurate backstop facilities, or (3) the
creation of a commensurate hard currency cash reserve.

Yasar's financial profile has also deteriorated as its operating
performance became more volatile since the second half of 2016,
as the company struggled to pass through increases in input costs
and the strong depreciation in the Turkish lira. Yasar's
leverage, as measured by Moody's-adjusted debt/EBITDA,
deteriorated to 5.6x in the twelve months to June 30, 2017, from
4.7x six months before. This marks a departure from the company's
previously stable financial profile, with debt/EBITDA remaining
in the low 4s for the past ten years. While Moody's expects the
company's leverage to recover to these levels within 12 months, a
renewed decline in consumer confidence, currency depreciation and
increased inflation in Turkey since September 2017 could lengthen
this recovery.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider downgrading Yasar's ratings if it fails to
improve its liquidity profile by reducing its reliance on short-
term debt funding.

Yasar was in breach of the previously-indicated downgrade
triggers in the twelve months to June 30, 2017, with EBIT margin
falling below 6%, debt/EBITDA rising above 5.0x, and
EBIT/interest cover decreasing below 1.0x. However, the company
reported improved operating results in the third quarter of 2017,
and Moody's expects it to recover to its previous levels within
12 months.

Although unlikely in the near-term given today's rating action,
Moody's could consider upgrading Yasar's ratings if there is a
sustained improvement in the company's liquidity profile,
associated with credit metrics commensurate with a B1 CFR such
that Yasar's debt/EBITDA ratio trends towards 4.0x, EBIT margin
is maintained above 8%, and EBIT/interest cover ratio is
maintained above 2.0x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Established in 1945, Yasar is a leading diversified Turkish
consumer products group with major interests in food and beverage
(F&B) and paint coatings, with two leading brands: Pinar and Dyo.
In the year ended December 31, 2016, Yasar reported TRY3.5
billion ($1.2 billion) of sales and TRY296 million ($98 million)
of operating profits, and operated 17 production facilities and
168,000 sales points across Turkey. The company is fully owned
and controlled by the Selcuk Yasar family.


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


BYRON BURGERS: More Sites to Close Following Rescue Deal
--------------------------------------------------------
Bradley Gerrard at The Telegraph reports that under-pressure
burger chain Byron faces more site closures after its owners
struck a rescue deal with two new investors.

Hutton Collins, which bought the business in 2013 in a deal worth
GBP100 million, has sold a majority stake to private equity firm
Three Hills Capital Partners with FPP Asset Management also
becoming a new investor, The Telegraph relates.

According to The Telegraph, a spokesman said this leaves Hutton
Collins, which also owns Wagamama, as a minority owner but
details about the size of its remaining stake and the value of
what it sold are unlikely to be disclosed.

Byron has closed two underperforming sites this year in London's
Rathbone Place and the Metrocentre in Gateshead, The Telegraph
recounts.  It has already said another two will shut but it is
thought the new investors could cut deeper as the chain struggles
to compete against the burgeoning amount of rivals in the casual
dining space, The Telegraph notes.

Byron, which employs 1,800 people, operates predominantly in
London and the south-east, where it has 44 sites, The Telegraph
discloses.  Elsewhere in England, it mainly operates in large
shopping centres, and it has four sites in Scotland, bringing its
total to 70, The Telegraph states.

The deal, first reported by Sky News, is understood to involve a
company voluntary agreement that would pave the way for further
closures, The Telegraph relays.


DIAMOND MIDCO: S&P Affirms 'B' Corp. Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' corporate credit rating on
U.K.-based Diamond Midco Ltd. (d.b.a. Dealogic). S&P removed the
rating from CreditWatch negative. The outlook is negative.

S&P said, "In addition, we assigned our 'B' corporate credit
rating to I-logic Technologies Bidco Limited. The outlook is
negative. We also assigned our 'B' issue-level rating and '3'
recovery rating to the company's $680 first-lien credit facility,
consisting of a $20 million revolver due 2022 and a $660 million
term loan B due in 2024. The '3' recovery rating indicates out
expectation for meaningful (50% to 70%; rounded estimate 55%)
recovery in the event of default.

"Our rating action reflects Dealogic's aggressive financial
policy due to the acquisition, with pro forma trailing 12-month
leverage at Sept. 29, 2017, in the 10x area (prior to realization
of cost savings and combination synergies), up substantially from
the low 5x area. Despite the high initial leverage, we expect
mid- to high-single-digit revenue growth and EBITDA margin
expansion such that leverage could decline to the 8x area over
the next 12 months and free operating cash flow to debt in the
low- to mid-single-digit percent area.

"Our rating action reflects Dealogic's aggressive financial
policy due to the acquisition, with pro forma trailing 12-month
leverage at Sept. 29, 2017, in the 10x area, prior to realization
of standalone cost savings and combination synergies, up
substantially from the low 5x area. Despite the high initial
leverage, we expect mid- to high-single-digit revenue growth and
EBITDA margin expansion such that leverage could decline to the
8x area over the next 12 months and free operating cash flow to
debt in the low- to mid-single-digit percent area.

"Over the next 12 months we could lower the rating if cost
savings don't track to plan, higher than expected market
volatility in financial markets materially weaken transaction and
subscription revenues, or if the company purses debt funded
acquisitions or dividends such that leverage is expected to
remain more than 8x or FOCF to debt in  the low-single-digit
percent area.

"Although unlikely over the next 12 months we could revise the
outlook to stable if the company maintains its high renewal
rates, achieves mid-single-digit percent revenue growth and
expands EBITDA margins such that leverage is sustained below the
low- to mid-7x area and FOCF to debt in the mid-single-digit
percent area."


INDIVIOR PLC: S&P Assigns 'B+' Rating to Sr. Sec. Credit Facility
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to the proposed senior secured credit facility
being issued by Indivior PLC subsidiaries Indivior Finance
S.a.r.l. and RBP Global Holdings Ltd.

The debt consists of a $50 million revolver issued by RBP Global
Holdings Ltd., a $395 million U.S.-dollar denominated term loan
issued by Indivior Finance S.a.r.l. and a $89 million Euro-
denominated term loan issued by Indivior Finance S.a.r.l. The
proposed facility matures in 2022 and the parent company will use
proceeds of the transaction to refinance the existing facility,
which matures in 2019.

S&P said, "Our 'B+' rating and '2' recovery rating on the senior
secured debt indicates our expectations for substantial (70%-90%;
rounded estimate: 80%) recovery in the event of payment default.

"Our corporate credit rating on Indivior remains 'B' with a
stable outlook, reflecting our expectation that the company's
legal efforts to defend its patents on the SUBOXONE film product,
recent introduction of a monthly SUBOXONE depot, and its sizable
cash balance will allow it to maintain leverage below 4x, despite
the potential for increased generic competition."

RECOVERY ANALYSIS

Key analytical factors:

-- S&P's '2' recovery rating on Indivior's senior secured debt
indicates its expectation of substantial (70%-90%; rounded
estimate: 80%) recovery.

-- S&P's simulated default scenario contemplates a payment
default in 2020 as a result of a combination of greater-than-
expected competition for the SUBOXONE film product, and lower-
than-expected sales for new products and products that are
currently under development.

-- S&P has valued the company as a going concern, using a 6x
multiple on our projected emergence EBITDA.

Simulated default assumptions:

-- Simulated year of default: 2020
-- Implied enterprise value multiple: 6x
-- EBITDA at emergence: $80 mil.

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $454 million
-- Obligor/non obligor valuation split: 80%/20%
-- Collateral value available to secured creditors: $422 mil.
-- First-lien secured debt: $536 mil.
   -- Recovery expectations: 70%-90%; rounded estimate: 80%

RATING LIST

  Indivior PLC
   Corporate Credit Rating       B/Stable/--

  New Ratings

  Indivior Finance S.a.r.l.
   Senior Secured
    $89 Mil. Euro-Denominated
     Term Loan                   B+
      Recovery Rating            2 (80%)
    $395 Mil. U.S.-Dollar-Denominated
     Term Loan                   B+
      Recovery Rating            2 (80%)

  RBP Global Holdings Ltd.
   Senior Secured
    $50 Mil. Revolver            B+
     Recovery Rating             2 (80%)


SEADRILL PARTNERS: Moody's Affirms Caa2 Rating on $2.9B Sr. Loan
----------------------------------------------------------------
Moody's Investors Service affirmed Seadrill Partners LLC's (SDLP)
corporate family rating (CFR) and probability of default rating
(PDR) at Caa2 and Caa2-PD, respectively. Concurrently, Moody's
also affirmed the Caa2 rating on the $2.9 billion senior secured
term loan B due 2021, borrowed by Seadrill Operating LP and
Seadrill Partners Finco LLC, subsidiaries of SDLP and the B1
rating on the $100 million first out senior secured revolving
credit facility (RCF) due 2019, borrowed by Seadrill Operating
LP, Seadrill Partners Finco LLC, and Seadrill Capricorn Holdings
LLC, also a subsidiary of SDLP. The outlook on all ratings is
changed to stable from negative.

RATINGS RATIONALE

The change of outlook to stable from negative reflects the
successful amendment of the three credit facilities of SDLP,
resulting in insulation from its parent's, Seadrill Limited
(unrated), debt restructuring plans having entered Chapter 11 in
September 2017. The facilities are now separated such that SDLP
facilities are now secured only by the company's assets without
recourse to its parent or its assets, thereby removing the cross-
defaults and cross-acceleration risks from the debt restructuring
of the parent. Also, Seadrill Limited is now retired from being a
guarantor under any of SDLP's facilities. The stable outlook also
reflects the improved liquidity profile of SDLP as the maturities
under these three facilities were extended by 2.5 years, in turn
reducing the liquidity needs during these times of depressed
market conditions. Moody's would consider this extension of
maturities as a distressed exchange, which is a default as per
Moody's definitions.

SDLP's Caa2 CFR reflects the: (1) the depressed deep offshore
drilling market where operational activity is expected to remain
low over the next 3 years, with no real market recovery expected
before 2020, (2) relatively high consolidated leverage that
Moody's expects at around 7.0x in 2018 and 9.0x in 2019 rising
from 4.0x in 2017 as some rigs may fail to win contracts and any
renewals will have lower day-rates in a weak offshore drilling
market, (3) high degree of structural complexity and the
shareholder friendly nature of the MLP/LLC structure, and (4)
credit and management linkages, with the unrated parent Seadrill
Limited, who is in the process of restructuring its debt,
expected to be completed in April 2018. Given the current weak
industry conditions and high debt burden of Seadrill Limited,
successful completion of its debt restructuring remains an
important rating driver for SDLP.

These negatives were partly mitigated by: (1) the high quality
fleet of rigs and tender barges with an average age of 6.3 years,
(2) longer duration of existing contracts negotiated with high
day-rates running until 2019-2020 in comparison to other offshore
peers, (3) the vast majority of customers being highly rated
investment grade companies such as Chevron Corporation (Aa2,
stable), Exxon Mobil Corporation (Aaa, stable) and BP p.l.c. (A1,
positive), and (4) the lack of construction risk at SDLP, as
vessels are only dropped down from Seadrill Limited once they
have been operating on contract and the parents' large and very
young fleet.

SDLP currently has an order backlog of $1.7 billion as of
November 21, 2017, with average contract duration of 1.3 years.
Based on the company's current fleet status and assuming no new
contracts or extensions, 8 out of 11 rigs are currently
operational and 5 are expected to remain operational in 2019 and
2020. There is a high level of uncertainty around the amount of
capex to be spent by oil companies in deep water exploration with
the risk that new exploration would not materialize or day-rates
remain depressed given the overcapacity in the market.

Moody's anticipates the company's credit metrics will deteriorate
in 2018 and 2019 as the existing contracts roll-off resulting in
declining EBITDA. These rigs will either be stacked if no new
contracts are found or in the best case, re-contracted likely at
significantly lower day-rates. A steady supply of new builds is
expected to depress day-rates and maintain significant stress on
the sector. EBITDA generation in 2018-19 is expected to drop
materially, to around $350-450 million given the low visibility
on revenues, resulting in rising leverage. However, Moody's
expects the company to maintain a good liquidity profile given
its high cash balance of $845 million as of September 2017. The
company is expected to generate positive free cash flow of around
$370 million, $200 million and $120 million in 2017, 2018 and
2019 respectively, despite a fall of the operational activity.
The internal cash flow generation combined with its cash balance
should be sufficient to satisfy the company's limited funding
needs in the coming 12-18 months.

RATING OUTLOOK

The stable outlook mainly reflects the severe industry conditions
for the deep offshore drilling market balanced by insulation from
its parent, Seadrill Limited's debt restructuring and improved
liquidity profile. The stable outlook also reflects the company's
continuing decline in contracted revenues in 2018-19, with
existing contracts winding up and no visibility of return to
better market conditions.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could downgrade the ratings if there is no recovery in
the market conditions resulting in continued deterioration of the
operating performance and/or weakening liquidity position. The
rating could also be downgraded if the debt restructuring at
Seadrill Limited is not implemented successfully, resulting in
deterioration of the credit/liquidity profile of SDLP.

Moody's could consider an upgrade of the CFR if market conditions
recover with revenue visibility resulting in improved operating
performance and demonstrating a sustainable capital structure,
while maintaining a strong liquidity profile. An upgrade would
also require the debt restructuring of the parent, Seadrill
Limited to be successfully completed.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Seadrill Partners LLC, is a Marshall Islands registered company,
with 47% of SDLP LLC's interest owned by Seadrill Limited, with
the remainder held by public unitholders. It is a provider of
offshore drilling services to the oil and gas industry and its
fleet consists of four 6th generation ultra-deepwater semi-
submersibles and four ultra-deepwater drillships, two tender
barges and one semi-tender barge. It generated revenue and
Moody's adjusted EBITDA of $1.2 billion and $927 million
respectively as of last twelve months (LTM) September 2017 and
has a current market capitalisation of approximately $300 million
as of 11th December 11, 2017. Seadrill Limited, which has an
operating agreement with SDLP, has a fleet of 66 units, including
14 under construction. It has a current market capitalisation of
approximately $135 million as of December 11, 2017.


VE INTERACTIVE: Administrators May Pursue Claims in Courts
----------------------------------------------------------
James Titcomb at The Telegraph reports that former bosses at the
collapsed technology "unicorn" Ve Interactive may be pursued in
the courts to retrieve funds owed to creditors.

According to The Telegraph, a report reveals administrators are
weighing up whether funds could be recovered from directors of
the advertising technology company, which owes GBP77 million to
94 creditors.

Ve Interactive was once seen as one of the UK's hottest start-
ups, and valued at up to GBP1.5 billion, but never made a profit
and went under in April, The Telegraph relays.

Parts of the business were rescued in a buy-out that valued it at
just GBP2 million, but administrators are now trying to pick
through its assets in order to recover sums owed to, among
others, Arsenal Football Club and Ronnie Scott's jazz club in
Soho, The Telegraph discloses.

Administrators Smith & Williamson are attempting to retrieve
almost GBP2 million in funds from Ve's US operation, as well as
more than GBP10 million owed by "connected companies" -- separate
entities run by Ve's former bosses including its founder David
Brown, The Telegraph states.

However, the report also reveals that directors may be personally
pursued, The Telegraph notes.

Law firms Edward Coe and Druces have been appointed to advise on
the matter and the report said claims would be brought "if
required", The Telegraph relates.


* S&P Revises Outlook on Four U.K. Project Finance Transactions
---------------------------------------------------------------
S&P Global Ratings revised its outlooks on four U.K. project
finance transactions where Barclays Bank PLC, Lloyds Bank PLC,
and Bank of Scotland PLC act as financial counterparties.

S&P said, "We revised to stable from negative the outlooks on the
'A' S&P underlying ratings (SPURs) on Integrated Accommodation
Services PLC and of Belfast Gas Transmission Financing PLC. We
revised to positive from negative the outlook on the 'A' SPUR on
Exchequer Partnership (No. 2) PLC. At the same time, we affirmed
our 'A' SPURs on these transactions.

"In addition, we revised to stable from negative the outlook on
Alpha Schools (Highland) Project PLC and affirmed our 'A' senior
secured debt ratings."

RATIONALE

S&P said, "The rating actions follow our revisions of the
outlooks on Barclays Bank PLC to stable from negative and on
Lloyds Bank PLC and Bank of Scotland PLC to positive from
negative. The outlook changes on the banks reflect the trend in
economic risk for the U.K. banking sector, which we now regard as
stable, versus negative previously.
"In our analysis of the four project finance transactions, we
assess the impact of the respective roles played by Barclays
Bank, Lloyds Bank, and Bank of Scotland as financial
counterparties."

Counterparty risk is an important consideration in assessing the
credit risk of project finance transactions and the implications
of financial counterparties--including bank accounts, liquidity
or credit support facilities, interest rate swaps, and currency
swaps--on credit quality.

Without the incorporation of replacement mechanisms commensurate
with our counterparty criteria, the rating on a project's debt
would generally be no higher than the issuer credit rating on the
counterparty. In the case of bank account providers, cash is
received or collected from the underlying assets and is typically
deposited with or held by the counterparty pending interest
payment dates. A failure by the counterparty holding such cash
may impede the issuer's ability to meet its payment obligations
to the supported securities in full or on time, notwithstanding
the performance of the underlying assets. Moreover, the bank
account provider generally holds the debt service and operational
reserves in place to enhance or otherwise support the debt. The
counterparty's failure may lead to the loss of such sources of
enhancement and, in turn, to a downgrade of the supported
securities, notwithstanding the performance of the underlying
assets.

ALPHA SCHOOLS (HIGHLAND) PROJECT PLC

S&P said, "The stable outlook reflects our view that all
counterparties will maintain good working relationships, and that
the project will continue to deliver a stable operational and
financial performance. Specifically, we forecast that the project
will maintain a minimum annual debt service coverage ratio
(ADSCR) of at least 1.2x under our base case and an average ADSCR
of around 1.36x."

Downside scenario

S&P said, "We could lower our rating on the project if its
financial profile weakened, leading to a minimum ADSCR below
1.2x; or if the relationship between Alpha Schools and the
council deteriorated, for example, as a result of operational
underperformance or poor life cycle works management, increasing
the potential for higher performance deductions and the risk of
default.

"In addition, we could lower the rating if we lowered our long-
term rating on Barclays Bank to lower than the issue ratings on
the debt, and if Barclays Bank was not replaced as account bank."

Upside scenario

An upgrade is unlikely at this stage, but S&P could consider
raising the rating if it saw a material improvement in Alpha
School's financial profile, leading to a minimum ADSCR of about
1.5x. At the same time, the rating on the account bank provider
would need to be at a level so as to not constrain the senior
secured debt ratings.

BELFAST GAS TRANSMISSION FINANCING PLC

The stable outlook on the SPUR reflects S&P's view of the
strength of the regulatory framework supporting this project, as
well as our stable outlook on Barclays Bank.

The stable outlook on the insured issue rating remains unchanged,
reflecting that on the insurer Assured Guaranty (Europe) plc
(AGE; AA/Stable/--), and will move in line with the outlook on
AGE.

Downside scenario

S&P said, "We could take a negative rating action on our SPUR if
our assessment of regulatory support deteriorated. In particular,
we could lower the SPUR if any regulatory reform undermined the
full recovery of all operating and financial costs, or if,
contrary to our current expectations, the pool of shippers'
bookings reduced drastically." The SPUR could also be affected
negatively if the contracted liquidity sources eroded or the
liquidity facility was at risk of being terminated.

Upside scenario

The likelihood of an upgrade is limited given the regulatory
system, which S&P believes will claw back financial
outperformance through reduced tariffs in the future.

INTEGRATED ACCOMODATION SERVICES PLC

The stable outlook on the monoline-insured debt rating reflects
our stable outlook on AGE.

The stable outlook on Integrated Accommodation Service's SPUR
reflects that S&P continues to expect the project will deliver
steady operational performance, and that the senior ADSCRs,
calculated in accordance with our criteria, will be maintained at
1.20x or above.

Downside scenario

S&P said, "We would lower the SPUR if the project's financial
profile weakened such that the minimum ADSCR fell toward 1.15x,
or if we believed that the project's liquidity had weakened,
affecting its ability to perform under stress conditions.

"Additionally, we could lower the SPUR if the project's exposure
to operational risks increased, or if the relationship between
the parties weakened, which could occur as a result of an
increase in variations or cost savings by the Financial Conduct
Authority.
The SPUR is weak-linked to the rating of the account bank
provider, Lloyds Bank. We would lower the SPUR in line with a
lowering of our rating on the bank, if we lowered it to below the
SPUR."

Upside scenario

S&P said, "We see little rating upside at this time. An increase
in the SPUR would require the minimum ADSCR under our base-case
analysis to be close to 1.40x, which we do not anticipate until
the back-end of the concession, absent any material lifecycle
expenditure re-profiling. At the same time, the rating on the
account bank provider would need to be at a level so as to not
constrain the SPUR. EXCHEQUER PARTNERSHIP (No. 2) PLC The stable
outlook on the 'AA' rating reflects that on AGE.

"The positive outlook on the SPUR reflects our positive outlook
on the long-term rating on Bank of Scotland."

Upside scenario

S&P could raise the SPUR by up to one notch if it raised its
rating on the Bank of Scotland, unless other factors offset this.

Downside scenario

S&P said, "We could lower the SPUR if we lowered our rating on
the Bank of Scotland.

"We could also lower the SPUR if the project company consistently
failed to deliver operational performance to the standard
required under the project agreement and was unable to pass
through resulting deductions to its service providers. We could
also lower the SPUR if the project company failed to comply with
applicable laws and regulations, including fire safety codes.
Given the project's track record to date, however, we currently
consider such developments to be unlikely."

RATINGS LIST

          Alpha Schools (Highland) Project PLC

  Ratings Affirmed; Outlook Action

          Alpha Schools (Highland) Project PLC

  Senior Secured                    A/Stable       A/Negative

          Belfast Gas Transmission Financing PLC

  Ratings Affirmed; Outlook Action

          Belfast Gas Transmission Financing PLC
  Senior Secured SPUR                  A/Stable      A/Negative

            Exchequer Partnership (No. 2) PLC

  Ratings Affirmed; Outlook Action

  Exchequer Partnership (No. 2) PLC
   Senior Secured SPUR                 A/Positive    A/Negative

            Integrated Accommodation Services PLC

  Ratings Affirmed; Outlook Action

            Integrated Accommodation Services PLC

  Senior Secured SPUR                  A/Stable     A/Negative


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


* BOND PRICING: For the Week December 11 to December 15, 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 * * *